Budget Implementation Act, 1998

Marginal note:Board of Directors

• 8 (1) There shall be a Board of Directors of the Foundation that shall supervise the management of the business and affairs of the Foundation and, subject to the by-laws of the Foundation, exercise all its powers.

• Marginal note:Appointment of directors

  (2) Subject to subsection (3), the Board consists of

  • (a) a Chairperson of the Board appointed by the Governor in Council on the recommendation of the Ministers;

  • (b) five persons, one of whom shall be a student attending an eligible institution, appointed by the Governor in Council on the recommendation of the Ministers; and

  • (c) nine persons appointed by the members, in accordance with the by-laws of the Foundation, after taking reasonable steps to consult with the provincial ministers and with representatives of post-secondary educational and learning organizations in Canada that the members consider appropriate.

• Marginal note:Eligibility for directors

  (3) A person is not eligible to be appointed a director if the person

  • (a) is a member of the Senate, the House of Commons or the legislature of a province;

  • (b) is an employee or agent of Her Majesty in right of Canada or a province;

  • (c) does not reside in Canada; or

  • (d) does not meet the qualifications set out in subsection 105(1) of the Canada Business Corporations Act.

• Marginal note:Initial organization

  (4) If the Chairperson is appointed before directors have been appointed under paragraph (2)(c), the Chairperson and the other directors, if any, that may have been appointed under paragraph (2)(b) constitute the Board until directors are appointed under paragraph (2)(c), and they may

  • (a) undertake the organization of the Foundation including the appointment of officers and employees;

  • (b) make banking arrangements for the Foundation;

  • (c) enact organizational by-laws for the Foundation; and

  • (d) receive on behalf of the Foundation any moneys paid to the Foundation.

• Marginal note:Limitation on initial organization

  (5) Until directors are appointed under paragraph (2)(c), the Foundation shall not grant any scholarships from or out of the funds of the Foundation.

• Marginal note:Foundation not owned by Crown

  (6) The operation of the Foundation under subsection (4) by the Chairperson and directors, if any, appointed under paragraph (2)(b) shall not, notwithstanding subsection 83(2) of the Financial Administration Act, result in the Foundation being considered, for the purposes of Part X of that Act or for any other purpose, to be wholly owned directly by Her Majesty in right of Canada.