Bill C-41
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49-50 ELIZABETH II |
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CHAPTER 4 |
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An Act to amend the Canadian Commercial
Corporation Act
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[Assented to 21st March, 2002]
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| R.S., c. C-14
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1. (1) The definition ``President'' in the
English version of section 2 of the Canadian
Commercial Corporation Act is repealed.
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(2) The definition ``Board'' in section 2 of
the Act is replaced by the following:
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| ``Board'' « conseil »
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``Board'' means the Chairperson, the
President and the other directors of the
Corporation;
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| R.S., c. 1 (4th
Supp.), s. 44
(Sch. II, item
7)(E)
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2. Section 3 of the Act is replaced by the
following:
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| Corporation
established
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3. There is hereby established a corporation
to be known as the Canadian Commercial
Corporation consisting of a Chairperson, a
President and not more than nine or less than
five other directors.
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| Appointment
of
Chairperson
and President
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3.1 (1) The Chairperson and the President
shall be appointed by the Governor in Council
to hold office during pleasure for any term that
the Governor in Council considers
appropriate.
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| Remunera- tion of Chairperson and President
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(2) The remuneration of the Chairperson
and the President, if they are not members of
the public service of Canada, shall be fixed by
the Governor in Council and paid by the
Corporation.
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| Appointment
of directors
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(3) Each director of the Corporation, other
than the Chairperson and the President, shall
be appointed by the Minister, with the
approval of the Governor in Council, to hold
office during pleasure for any term not greater
than three years that will ensure, as far as
possible, the expiry in any one year of the
terms of office of not more than one-half of the
directors.
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| Duties of
Chairperson
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3.2 (1) The Chairperson shall preside at all
meetings of the Board and shall perform any
other duties that are assigned by the by-laws or
by resolution of the Board.
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| Absence of
Chairperson
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(2) If the Chairperson is absent from a
meeting, the directors that are present at the
meeting shall choose a director to preside at it.
For that purpose, the director has all the
powers and duties of the Chairperson.
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| Duties of
President
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(3) The President is the chief executive
officer of the Corporation and has on behalf of
the Board the direction and management of
the business of the Corporation. The President
shall perform any other duties that are
assigned by the by-laws or by resolution of the
Board.
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| Absence or
incapacity of
President
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(4) If the President is absent or unable to act
or the office of President is vacant, the Board
may appoint a director or an officer of the
Corporation to act as President and shall fix
the remuneration and terms and conditions of
the appointment. No person may be appointed
for a term of more than 90 days without the
approval of the Governor in Council.
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3. Subsection 7(3) of the Act is repealed.
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4. Subsection 8(1) of the French version
of the Act is replaced by the following:
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| Personnel
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8. (1) La Société peut employer les
dirigeants et le personnel qu'elle estime
nécessaires à l'exercice de ses activités et
fixer leurs conditions d'emploi et leur
rémunération.
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5. (1) Subsection 11(2) of the Act is
replaced by the following:
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| Borrowing
power
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(1.1) The Corporation may borrow moneys
from the Consolidated Revenue Fund or any
other source for any purpose for which the
Corporation was established, but the total
amount outstanding on all of those loans at any
time shall not exceed $90 million or any
greater amount that may be specified in an
appropriation Act.
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| Loans to the
Corporation
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(2) The Minister of Finance may lend
moneys from the Consolidated Revenue Fund
to the Corporation on any terms and
conditions that the Minister of Finance may
determine.
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(2) Subsection 11(4) of the Act is replaced
by the following:
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| Charges
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(4) The Corporation may charge any
amount that it considers appropriate for
providing services to a person, department or
agency, including an amount to cover the risk
of any loss that the Corporation may incur as
a result of a default or failure by that person,
department or agency in respect of a
transaction entered into with any of them.
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| Coming into
force
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6. This Act comes into force on a day to be
fixed by order of the Governor in Council.
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