Business Development Bank of Canada Act

Marginal note:Appointment of Chairperson

• 6 (1) The Chairperson is to be appointed by the Governor in Council to hold office during pleasure for a term that the Governor in Council considers appropriate.

• Marginal note:Appointment of President

  (2) Notwithstanding subsection 105(5) of the Financial Administration Act, the President is to be appointed by the Governor in Council to hold office during good behaviour for a term that the Governor in Council considers appropriate and may be removed for cause.

• Marginal note:Reappointment

  (3) The President is eligible for reappointment on the expiration of his or her term of office.

• Marginal note:Appointment of directors

  (4) The other directors are to be appointed by the Designated Minister, with the approval of the Governor in Council, for a term not exceeding four years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than half of the directors.

• Marginal note:Acting directors

  (5) The Governor in Council may appoint an individual to act as a director if a director is absent or unable to act.

• Marginal note:Eligibility

  (6) No individual is eligible to be appointed or to continue as President, Chairperson or a director if the individual is

  • (a) neither a Canadian citizen nor a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act;

  • (b) a Canadian citizen who is not ordinarily resident in Canada;

  • (c) a permanent resident, within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act, who has been ordinarily resident in Canada for more than one year after first becoming eligible to apply for Canadian citizenship;

  • (d) a member of the Senate or House of Commons or a member of the legislature of a province; or

  • (e) employed in the public service of a province.