Marginal note:Power of Governor in Council

2.1 The Governor in Council may designate a member of the Queen’s Privy Council for Canada to be the Minister for the purposes of this Act.

Marginal note:Incorporation

• 3. (1) The Master of the Mint and such other persons as constitute the Board of Directors of the Mint are hereby incorporated as a body corporate under the name of the Royal Canadian Mint.

• Marginal note:Objects

  (2) The objects of the Mint are to mint coins in anticipation of profit and to carry out other related activities.

• Marginal note:Head office

  (3) The head office of the Mint shall be in the National Capital Region as described in the schedule to the National Capital Act.

Marginal note:Authorized capital

• 3.1 (1) The authorized capital of the Mint is forty million dollars, divided into four thousand shares of ten thousand dollars each.

• Marginal note:Purchase of shares

  (2) The Governor in Council may, by order, approve the purchase by the Minister of shares of the Mint and the payment therefor out of the Consolidated Revenue Fund.

• Marginal note:Shares

  (3) The shares of the Mint are not transferable and when issued to the Minister in accordance with this Act shall be registered in the books of the Mint in the name of the Minister and held by the Minister in trust for Her Majesty in right of Canada.

• Marginal note:Limitation

  (4) No shares of the Mint may be issued otherwise than as expressly authorized by this Act.

Marginal note:Redemption of shares

• 3.2 (1) The Mint shall, at the request of the Minister after consultation with the Board, redeem such number of shares issued to the Minister in accordance with this Act as the Minister may direct.

• Marginal note:Redemption price

  (2) The price to be paid for each share redeemed by the Mint pursuant to subsection (1) is the issue price of the share.

Marginal note:Powers

• 4. (1) In carrying out its objects, the Mint has the rights, powers and privileges and the capacity of a natural person and may in particular

  • (a) procure the incorporation, dissolution or amalgamation of subsidiaries and acquire or dispose of any shares in them;

  • (b) acquire and dispose of any interest in any entity by any means; and

  • (c) generally do all things that are incidental or conducive to the exercise of its powers with respect to

    • (i) coins of the currency of Canada,

    • (ii) coins of the currency of countries other than Canada,

    • (iii) gold, silver and other metals, and

    • (iv) medals, plaques, tokens and other objects made or partially made of metal.

• Marginal note:Additional powers

  (2) In addition to the powers under section 21 of the Interpretation Act, the Mint may

  • (a) acquire, hold and alienate real property or any interest therein; and

  • (b) make grants in lieu of taxes to any municipality in Canada in amounts not exceeding the taxes that might be levied by that municipality in respect of real property under the administration and control of the Mint if the Mint were not an agent of Her Majesty.