Government of Canada / Gouvernement du Canada
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Canadian Payments Act

Version of section 22 from 2002-12-31 to 2015-06-03:

Marginal note:Directors to prepare operating budget

  •  (1) The Board shall cause an operating budget to be prepared in respect of each period consisting of a fiscal year and the four months following the fiscal year and shall submit the budget to the members for consideration at the annual meeting of members.

  • Marginal note:Voting on budget

    (2) Where the operating budget referred to in subsection (1) is submitted to the members at an annual meeting, every member is entitled, on a resolution to approve or amend the budget or any part thereof, to one vote for each dollar that the member is required to contribute as dues under the by-laws.

  • Marginal note:Variation in budget

    (3) The members may, when approving the operating budget referred to in subsection (1), authorize the Board to make, subject to any terms that the members set out in the resolution approving the budget, minor variations in the operating budget.

  • 1980-81-82-83, c. 40, s. 76

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