If the President is absent or unable to act, or if the office of President is vacant, the Board may authorize an officer or employee of the Bank to act as President, but that person may not act as President for a period of more than days without the approval of the GIC. If the Chairperson is absent or unable to act or the office of Chairperson is vacant, the Board may authorize one of the other directors to act as Chairperson, but that person is not authorized to act as Chairperson for a period of more than days without the approval of the GIC.
No individual is eligible to be appointed or to continue as President, Chairperson or a director if the individual is: neither a Canadian citizen nor a permanent resident, within the meaning of subsection 2 1 of the Immigration and Refugee Protection Act ; a Canadian citizen who is not ordinarily resident in Canada; 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; a member of the Senate or House of Commons or a member of the legislature of a province; or employed in the public service of a province.
The Financial Administration Act requires that before an officer-director of a parent Crown corporation is appointed, the Minister shall consult the Board of Directors of the Corporation with respect to the appointment. A majority of the directors present at a meeting, one of whom shall be the President or any person who is authorized for the time being to exercise the powers and functions of the President. Article 3 of By-Law No. The auditor of a Crown Corporation shall be appointed annually by the Governor in Council, after the appropriate Minister has consulted the Board of Directors of the corporation, and may be removed at any time by the Governor in Council, after the appropriate Minister has consulted the Board.
The Auditor General of Canada shall be appointed by the Governor in Council as the auditor, or a joint auditor, of each Crown Corporation, unless the Auditor General waives the requirement of being so appointed.
If an auditor of a Crown Corporation is not appointed to take office on the expiration of the appointment of an incumbent auditor, the incumbent auditor continues in office until a successor is appointed. A person is disqualified from being appointed or re-appointed or continuing as an auditor of the corporation if that person is not independent of the corporation, any of its affiliates, or the directors or officers of the corporation or any of its affiliates.
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What Is a Crown Corporation? A crown corporation is a corporation that is established and regulated by a country's state or government—mainly Commonwealth nations.
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