GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank of Canada Act — B-2 4
Head office 4 (1) The head office of the Bank shall be in the city of Ottawa. Branches and agencies (2) The Bank may establish branches and agencies and appoint agents or mandataries in Canada and may also, with the approval of the Governor in Council, establish branches and appoint agents or mandataries elsewhere than in Canada. R.S., 1985, c. B-2, s. 4; 2004, c. 25, s. 5(E)
Bank of Canada Act — B-2 5
Board of Directors 5 (1) The Bank shall be under the management of a Board of Directors composed of a Governor, a Deputy Governor and twelve directors appointed in accordance with this Act. Deputy Minister of Finance to be member of Board (2) In addition to the members of the Board as constituted by subsection (1), the Deputy Minister of Finance or, if he or she is absent or unable to act or the office is vacant, such other officer of the Department of Finance as the Minister may nominate, is a member of the Board but does not have the right to vote. R.S., 1985, c. B-2, s. 5; 2001, c. 9, s. 186(E)
Bank of Canada Act — B-2 6
Governor and Deputy Governor 6 (1) The Governor and Deputy Governor shall be appointed by the directors with the approval of the Governor in Council. Qualifications (2) The Governor and Deputy Governor shall be persons of proven financial experience and shall devote the whole of their time to the duties of their offices under this Act or any other Act of Parliament. Tenure and remuneration (3) The Governor and Deputy Governor (a) shall each be appointed for a term of seven years during good behaviour; (b) are eligible for re-appointment on the expiration of their terms of office; and (c) subject to the approval of the Governor in Council, shall be paid such salaries as the directors determine, but no such remuneration shall be in the form of a commission or be computed by reference to the income or profits of the Bank. Disqualifications (4) No person is eligible to be appointed or to continue as Governor or Deputy Governor who (a) is not a Canadian citizen; (b) is a member of the Senate or House of Commons or a member of a provincial legislature; (c) is employed in any capacity in the federal public administration or the public service of a province or holds any office or position for which any salary or other remuneration is payable out of public moneys; or (d) except as authorized by or under any Act of Parliament, is a director, partner, officer, employee or shareholder of (i) a member of the Canadian Payments Association, (ii) a clearing house or participant, as defined in section 2 of the Payment Clearing and Settlement Act , (iii) an investment dealer that acts as a primary distributor of new Government of Canada securities, or (iv) an institution that controls or is controlled by an institution referred to in any of subparagraphs (i) to (iii). (e) [Repealed, 2007, c. 6, s. 392] Prohibitions — federal credit union (5) Neither the Governor nor the Deputy Governor shall (a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act , in excess of the minimum number of membership shares of the federal credit union that is required for membership; or (b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union. R.S., 1985, c. B-2, s. 6; 1997, c. 15, s. 94; 2001, c. 9, s. 187; 2003, c. 22, s. 93(E); 2007, c. 6, s. 392; 2010, c. 12, s. 2110
Bank of Canada Act — B-2 7
Additional Deputy Governors 7 (1) The Board may appoint one or more additional Deputy Governors who shall perform such duties as are assigned to them by the Board. Not members of Board (2) A Deputy Governor appointed under this section is not a member of the Board. R.S., c. B-2, s. 7
Bank of Canada Act — B-2 8
Powers of Governor 8 (1) The Governor of the Bank is the chief executive officer of the Bank and on behalf of the Board has the direction and control of the business of the Bank with authority to act in connection with the conduct of the business of the Bank in all matters that are not by this Act or by the by-laws of the Bank specifically reserved to be done by the Board or by the Executive Committee. Absence, etc., of Governor (2) If the Governor is absent or unable to act or the office is vacant, the Deputy Governor has all the powers and functions of the Governor. Absence, etc., of Governor and Deputy (3) The Board may authorize one of the directors or one of the persons appointed under section 7 to act as the Governor in the event that the Governor and Deputy Governor are absent or unable to act or the offices are vacant, but no such person has authority to act as Governor for a period exceeding one month without the approval of the Governor in Council. R.S., 1985, c. B-2, s. 8; 2001, c. 9, s. 188
Bank of Canada Act — B-2 9
Directors 9 (1) The Minister, with the approval of the Governor in Council, shall appoint directors to hold office, during good behaviour, subject to removal by the Governor in Council at any time for cause, to replace the directors whose terms of office have expired. The term of a director begins on the day he or she is appointed and ends immediately before March 1 of the year that is three years after the year in which the term of office of the director’s predecessor expired. Continuation in office (1.1) If, on the expiry of a director’s term of office, no new director is appointed, the director whose term of office expired may continue in office until a director is appointed under subsection (1). Vacancy (2) If a person ceases to be a director during the term for which he or she was appointed, the Minister shall, with the approval of the Governor in Council, appoint a qualified person to hold office for the remainder of the term. Votes (3) In the transaction of the business of the Bank, each director has one vote. Re-appointment (4) A director on the expiration of the director’s term of office is eligible for re-appointment. R.S., 1985, c. B-2, s. 9; 2001, c. 9, s. 189
Bank of Canada Act — B-2 10
r a province for which that director may be reimbursed actual travel and living expenses. (c) [Repealed, 2007, c. 6, s. 393] (5) [Repealed, 2001, c. 9, s. 190] R.S., 1985, c. B-2, s. 10; 1992, c. 1, s. 142; 1997, c. 15, s. 95; 1999, c. 28, s. 94; 2001, c. 9, s. 190; 2003, c. 22, s. 94(E); 2007, c. 6, s. 393; 2010, c. 12, s. 2111; 2014, c. 39, s. 374(F)
Bank of Canada Act — B-2 10.1
Disclosure of conflict 10.1 (1) A director shall disclose to the Bank, in writing or by requesting to have it entered in the minutes of a meeting of the Board, the nature and extent of the director’s interest if the director (a) is a party to a material contract or transaction, or proposed material contract or transaction, with the Bank; (b) is a director or an officer of, or has a material interest in, any person who is a party to a material contract or transaction, or proposed material contract or transaction, with the Bank; (c) is or is likely to be materially affected by any action taken or proposed to be taken by the Bank or the Governor under the Payment Clearing and Settlement Act ; or (d) is a director or an officer of, or has a material interest in, any person who is or is likely to be materially affected by any action taken or proposed to be taken by the Bank or the Governor under the Payment Clearing and Settlement Act . Time of disclosure (2) The disclosure shall be made as soon as the director becomes aware of the contract, transaction or action. Restriction on voting (3) A director who is required to make a disclosure shall not vote on any resolution to approve the contract, transaction or action, unless it relates to directors’ fees. Continuing disclosure (4) For the purpose of this section, a general notice to the Board by a director, declaring that he or she is a director or officer of or has a material interest in a person, and that he or she is to be regarded as interested in a contract or transaction entered into with that person or an action that affects that person, is a sufficient declaration of interest in relation to a contract or transaction with that person or action that affects that person. 2001, c. 9, s. 191
Bank of Canada Act — B-2 11
Directors’ fees 11 The directors are entitled to receive for attendance at directors’ meetings and Executive Committee meetings such fees as may be fixed by the by-laws of the Bank. R.S., c. B-2, s. 11; 1980-81-82-83, c. 40, s. 46
Bank of Canada Act — B-2 12
Chair 12 The Governor is Chair of the Board of Directors. R.S., 1985, c. B-2, s. 12; 2001, c. 9, s. 192(E)
Bank of Canada Act — B-2 13
Constitution of Executive Committee 13 (1) There shall be an Executive Committee of the Board consisting of the Governor, the Deputy Governor and not less than two or more than four directors selected by the Board. Deputy Minister of Finance to be member of Executive Committee (2) In addition to the members of the Executive Committee as constituted by subsection (1), the person who is a member of the Board by virtue of subsection 5(2) is a member of the Executive Committee, but that person does not have the right to vote. Powers of Executive Committee (3) The Executive Committee is competent to deal with any matter within the competence of the Board and shall keep minutes of its proceedings, which shall be submitted to the Board at its next meeting. R.S., c. B-2, s. 13; 1980-81-82-83, c. 40, s. 47
Bank of Canada Act — B-2 14
Consultations 14 (1) The Minister and the Governor shall consult regularly on monetary policy and on its relation to general economic policy. Minister’s directive (2) If, notwithstanding the consultations provided for in subsection (1), there should emerge a difference of opinion between the Minister and the Bank concerning the monetary policy to be followed, the Minister may, after consultation with the Governor and with the approval of the Governor in Council, give to the Governor a written directive concerning monetary policy, in specific terms and applicable for a specified period, and the Bank shall comply with that directive. Publication and report (3) A directive given under this section shall be published forthwith in the Canada Gazette and shall be laid before Parliament within fifteen days after the giving thereof, or, if Parliament is not then sitting, on any of the first fifteen days next thereafter that either House of Parliament is sitting. R.S., c. B-2, s. 14
Bank of Canada Act — B-2 15
Officers and employees 15 (1) Such officers and employees may be employed as in the opinion of the Executive Committee may be necessary. Pension fund (2) The Board may by by-law establish a pension fund for the officers and employees of the Bank and their dependants and may contribute to it out of the funds of the Bank. The pension fund shall be invested in such manner as may be provided by the by-laws of the Bank. By-laws respecting Governor and Deputy Governor (3) A by-law made under subsection (2) that provides for or relates to the payment of a pension in respect of the retirement of the Governor or Deputy Governor otherwise than by reason of age or disability does not take effect unless it is approved by the Governor in Council. R.S., 1985, c. B-2, s. 15; 1997, c. 15, s. 96(E)
Bank of Canada Act — B-2 16
Oath of directors and staff 16 Before a person starts to act as a director, an officer or an employee of the Bank, he or she shall take an oath, or make a solemn affirmation, of fidelity and secrecy, in the form set out in the schedule, before a commissioner for taking affidavits. R.S., 1985, c. B-2, s. 16; 1997, c. 15, s. 97; 2001, c. 9, s. 193
Bank of Canada Act — B-2 17
Capital 17 (1) The capital of the Bank shall be five million dollars but may be increased from time to time pursuant to a resolution passed by the Board of Directors and approved by the Governor in Council and by Parliament. Shares (2) The capital shall be divided into one hundred thousand shares of the par value of fifty dollars each, which shall be issued to the Minister to be held by the Minister on behalf of Her Majesty in right of Canada. Registration (3) The shares issued to the Minister shall be registered by the Bank in the name of the Minister in the books of the Bank at Ottawa. R.S., c. B-2, s. 17
Bank of Canada Act — B-2 18
oration; (n) acquire, hold, lease or dispose of real property or immovables; (o) accept deposits of money that are authorized or required by an Act of Parliament to be transferred to the Bank, and, in accordance with that Act, pay interest on money so deposited and pay out money to any person entitled to it under that Act; and (p) carry on any business activity that is incidental to or consequential on something the Bank is allowed or required to do by this Act. R.S., 1985, c. B-2, s. 18; 1992, c. 1, s. 142; 1997, c. 15, s. 98; 1999, c. 28, s. 95; 2001, c. 4, s. 58, c. 9, s. 194; 2004, c. 25, s. 6(E); 2008, c. 28, s. 146; 2014, c. 20, s. 108; 2016, c. 12, s. 123; 2017, c. 33, s. 185 2018, c. 12, s. 220
Bank of Canada Act — B-2 18.01
For greater certainty 18.01 For greater certainty, for the purposes of paragraphs 18(c), (d) and (g), the Bank may enter into a repurchase, reverse repurchase or buy-sellback agreement. 2024, c. 17, s. 231
Bank of Canada Act — B-2 18.02
No invalidity 18.02 No act of the Bank, including a transfer of property, is invalid by reason only that the Bank was without the capacity or power to so act. 2024, c. 17, s. 231
Bank of Canada Act — B-2 18.1
Policy established by Governor 18.1 (1) The Governor shall establish a policy for the purposes of subparagraph 18(g)(i). Publication (2) The Bank shall publish the policy and any amendment to it in the Canada Gazette and the policy or the amendment comes into force seven days after the day on which the Bank publishes it or on any later day specified by the Governor. 2008, c. 28, s. 147
Bank of Canada Act — B-2 19
Publication 19 If the Bank takes any action under subparagraph 18(g)(ii), the Bank shall cause a notice to be published in the Canada Gazette that the Governor has formed an opinion that there is a severe and unusual stress on a financial market or the financial system. The notice is to be published as soon as the Governor is of the opinion that its publication will not materially contribute to the stress to which the notice relates. R.S., 1985, c. B-2, s. 19; 1991, c. 46, s. 581; 1997, c. 15, s. 99; 2001, c. 9, s. 195; 2008, c. 28, s. 147
Bank of Canada Act — B-2 20
Acquisition of collateral securities 20 The Bank may (a) acquire from any bank or authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Bank Act and hold any property held by the bank or authorized foreign bank as security under Part VIII of the Bank Act ; and (b) exercise every right and remedy in respect of any security acquired under paragraph (a) that could have been exercised by the bank or authorized foreign bank. R.S., 1985, c. B-2, s. 20; 1992, c. 1, s. 142; 1999, c. 28, s. 96; 2001, c. 9, s. 195
Bank of Canada Act — B-2 21
Publication of minimum interest rates on loans 21 The Bank shall at all times make public the minimum rate at which it is prepared to make loans or advances. R.S., c. B-2, s. 18
Bank of Canada Act — B-2 22
so paid has been paid by the Bank to the creditor in accordance with the relevant Act in respect of the federal financial institution or to the Receiver General under subsection (3). No liability where claims paid — returned payments (2.1) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has paid an amount to the Bank under subsection 14.01(1) of that Act if an amount equal to the amount so paid has been paid by the Bank to a claimant under subsection 14.01(4) of that Act or to the Receiver General under subsection (3). Amounts to be paid to Receiver General (3) An amount equal to the amount paid to the Bank in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) shall, within two months after the end of the calendar year in which the applicable 40-year period expired, be paid by the Bank without interest to the Receiver General and the Bank may destroy all records relating to the debt, instrument, claim or returned payment. Amounts part of C.R.F. (4) Any amount paid by the Bank to the Receiver General under subsection (3) shall form part of the Consolidated Revenue Fund. Definitions (5) For the purposes of this section, federal financial institution means a bank, an authorized foreign bank, a company to which the Trust and Loan Companies Act applies or an association to which the Cooperative Credit Associations Act applies; ( institution financière fédérale ) relevant Act in respect of a federal financial institution means (a) in the case of a bank or authorized foreign bank, the Bank Act , (b) [Repealed, 1999, c. 28, s. 97] (c) in the case of a company to which the Trust and Loan Companies Act applies, that Act, and (d) in the case of an association to which the Cooperative Credit Associations Act applies, that Act. ( loi pertinente ) R.S., 1985, c. B-2, s. 22; 1991, c. 46, ss. 582, 583, c. 48, s. 494; 1997, c. 15, s. 100; 1999, c. 28, s. 97; 2001, c. 9, s. 196; 2007, c. 6, s. 394; 2012, c. 5, s. 183 2021, c. 23, s. 140
Bank of Canada Act — B-2
federal financial institution means a bank, an authorized foreign bank, a company to which the Trust and Loan Companies Act applies or an association to which the Cooperative Credit Associations Act applies; ( institution financière fédérale )
Bank of Canada Act — B-2 (a)
relevant Act in respect of a federal financial institution means (a) in the case of a bank or authorized foreign bank, the Bank Act , (b) [Repealed, 1999, c. 28, s. 97] (c) in the case of a company to which the Trust and Loan Companies Act applies, that Act, and (d) in the case of an association to which the Cooperative Credit Associations Act applies, that Act. ( loi pertinente )
Bank of Canada Act — B-2 22.1
Inspection 22.1 (1) The Bank may require that the Superintendent of Financial Institutions perform, for a specified purpose, an inspection of any financial institution within the meaning of the Office of the Superintendent of Financial Institutions Act . Costs (2) Where an inspection is made under subsection (1), such costs incurred in relation thereto as in the opinion of the Superintendent of Financial Institutions are extraordinary shall be borne by the Bank. R.S., 1985, c. 18 (3rd Supp.), s. 85
Bank of Canada Act — B-2 23
Prohibited business 23 The Bank shall not, except as authorized by this Act, (a) engage or have a direct interest in any trade or business whatever; (b) purchase, or make loans on the security of, its own shares or the shares or membership shares of any bank, except the Bank for International Settlements; (c) lend or make advances on the security of any real property or immovable, except that, in the event of any claims of the Bank being in the opinion of the Board endangered, the Bank may secure itself on any real property, or obtain security on any immovable, of the debtor or any other person liable and may acquire that property, which shall be resold as practicable after the acquisition; (d) make loans or advances without security; (e) pay interest on any money deposited with the Bank; or (f) allow the renewal of maturing bills of exchange, promissory notes or other similar documents purchased or discounted by or pledged to the Bank, except that the Board may make regulations authorizing in special circumstances not more than one renewal of any such bill of exchange, promissory note or other document. R.S., 1985, c. B-2, s. 23; 1997, c. 15, s. 101(E); 2001, c. 4, s. 59; 2010, c. 12, s. 2112
Bank of Canada Act — B-2 24
Fiscal agent of Canadian Government 24 (1) The Bank shall act as fiscal agent of the Government of Canada. Charge for acting (1.1) With the consent of the Minister, the Bank may charge for acting as fiscal agent of the Government of Canada. To manage public debt (2) The Bank, if and when required by the Minister to do so, shall act as agent for the Government of Canada in the payment of interest and principal and generally in respect of the management of the public debt of Canada. (2.1) If the Minister may, under any other Act of Parliament that expressly authorizes him or her to do so, lend, at the request of an agent corporation as defined in subsection 83(1) of the Financial Administration Act , money out of the Consolidated Revenue Fund to that corporation on any terms and conditions that he or she may fix, the Minister may authorize the Bank to manage the lending of money to that corporation on his or her behalf, on any terms and conditions that he or she may establish. Canadian Government cheques to be paid or negotiated at par (3) The Bank shall not make any charge for cashing or negotiating a cheque drawn on the Receiver General or on the account of the Receiver General, or for cashing or negotiating any other instrument issued as authority for the payment of money out of the Consolidated Revenue Fund, or on a cheque drawn in favour of the Government of Canada or any of its departments and tendered for deposit in the Consolidated Revenue Fund. R.S., 1985, c. B-2, s. 24; 1997, c. 15, s. 102; 2001, c. 9, s. 197; 2016, c. 12, s. 124
Bank of Canada Act — B-2 24.1
Definition of financial institution 24.1 (1) In this section, financial institution has the same meaning as in section 3 of the Office of the Superintendent of Financial Institutions Act . Information requirement (2) A financial institution shall provide the Bank with such information as the Bank may require, at such times and in such form as the Bank may require. Limitation (3) A financial institution shall not be required under subsection (2) to provide the Bank with information about the accounts or affairs of any particular person. 1997, c. 15, s. 103
Bank of Canada Act — B-2 25
Sole right of note issue 25 (1) The Bank has the sole right to issue notes and those notes shall be a first charge on the assets of the Bank. Arrangements for issue and removal (2) It is the duty of the Bank to make adequate arrangements for (a) the issue of its notes in Canada and the supply of those notes as required for circulation in Canada; and (b) the removal from circulation in Canada of (i) its notes that are worn or mutilated, and (ii) its notes that are the subject of an order made under paragraph 9(1)(b) of the Currency Act , regardless of whether the order has come into force. Denominations (3) Notes of the Bank shall be in such denominations and shall be printed and signed or otherwise executed as the Governor in Council by regulation determines. Form and material (4) The form and material of the notes of the Bank shall be subject to approval by the Minister, but each note shall be printed in both the English and French languages. Notes previously printed (5) Notwithstanding anything contained in this section, each note of the Bank printed before June 23, 1936, whether issued before, on or after that date, is a valid and binding obligation of the Bank. Distinction (6) Notes of the Bank are neither promissory notes nor bills of exchange within the meaning of the Bills of Exchange Act . R.S., 1985, c. B-2, s. 25; 2001, c. 9, s. 198; 2018, c. 12, s. 226
Bank of Canada Act — B-2 26
Liability for notes 26 (1) The Bank is responsible for the redemption of notes payable to bearer on demand that were issued and outstanding on March 11, 1935 and immediately prior to that day constituted a direct liability of Canada, and such notes are and continue to be legal tender. Idem (2) The Bank is responsible for the redemption of notes of the Canadian banks listed in Schedule R of the Bank Act , chapter B-1 of the Revised Statutes of Canada, 1970, that were issued prior to January 1, 1950 and intended for circulation in Canada. R.S., c. B-2, s. 22; 1980-81-82-83, c. 40, s. 50