Canadian Payments Act — C-21 358
Meeting of members to be held 358 (1) Within 30 days after the day on which section 337 comes into force, the Board of Directors of the Canadian Payments Association shall cause a meeting of the members to be held at which a new Board of Directors shall be established. Former directors cease to hold office (2) The persons who hold office as directors of the Board of the Canadian Payments Association on the day on which section 337 comes into force cease to hold office at the close of the meeting of the members referred to in subsection (1). New Board of Directors (3) Despite subsections 8(2) and 9.1(1) of the Canadian Payments Act , the directors of the new Board of Directors, other than the President of the Association, shall be appointed under subsection (4) or elected under subsection (5) for the terms of office provided for under those subsections. Appointment of directors (4) At the commencement of the meeting of the members referred to in subsection (1), the Board of Directors shall appoint (a) two directors from among the directors in office who represent the classes described in subsection 9(3) of the Canadian Payments Act , as it read immediately before the coming into force of section 337 , to act as directors described in paragraph 8(1)(b) or (c) of the Canadian Payments Act for a term of one year; (b) one director from among the directors in office who represent the classes described in subsection 9(3) of the Canadian Payments Act , as it read immediately before the coming into force of section 337 , to act as a director described in paragraph 8(1)(b) or (c) of the Canadian Payments Act for a term of two years; (c) two directors from among the directors in office who were appointed by the Minister under subsection 9(1.1) of the Canadian Payments Act , as it read immediately before the coming into force of section 337 , to act as directors described in paragraph 8(1)(d) of the Canadian Payments Act for a term of one year; (d) one director from among the directors in office who were appointed by the Minister under subsection 9(1.1) of the Canadian Payments Act , as it read immediately before the coming into force of section 337 , to act as a director described in paragraph 8(1)(d) of the Canadian Payments Act for a term of two years; and (e) one director from among those described in paragraph 8(1)(d) of the Canadian Payments Act for a term of three years. Election of directors (5) Immediately after seven directors have been appointed under subsection (4), the members shall elect (a) one director from among those described in paragraph 8(1)(b) or (c) of the Canadian Payments Act , for a term of two years; (b) one director from among those described in paragraph 8(1)(b) or (c) of the Canadian Payments Act , for a term of three years; (c) one director from among those described in paragraph 8(1)(d) of the Canadian Payments Act , for a term of two years; and (d) two directors from among those described in paragraph 8(1)(d) of the Canadian Payments Act , for a term of three years. List of qualified candidates (6) For the purposes of the election of directors under paragraph (5)(a) or (b), the Board shall endeavour to identify candidates that are broadly representative of the diversity of the membership of the Association and, at least 15 days before the meeting of the members referred to in subsection (1), the Board shall provide to members a list of qualified candidates. Chairperson (7) Despite subsection 15(1) of the Canadian Payments Act , as enacted by section 339 of this Act, the directors appointed under subsection (4) or elected under subsection (5) shall elect a Chairperson of the Board from among those who were appointed under paragraph (4)(d) or (e) or elected under (5)(c) or (d). Deeming (8) For the purposes of the Canadian Payments Act , the directors appointed under subsection (4) or elected under subsection (5) are deemed to be directors who have been elected under subsection 8(2) of that Act. For greater c