Canadian Payments Act

Marginal note:Composition

• 8 (1) There shall be a Board of Directors of the Association consisting of the following 13 directors:

  • (a) the President;

  • (b) three directors who are directors, officers or employees of members that, in the normal course of business, maintain a settlement account at the Bank of Canada;

  • (c) two directors who are directors, officers or employees of members other than those described in paragraph (b); and

  • (d) seven directors who are independent of the Association and of its members.

• Marginal note:Election of directors

  (2) The directors referred to in paragraphs (1)(b) to (d) are to be elected by the members.

• Marginal note:Quorum

  (3) At a meeting of the Board, the directors present constitute a quorum if at least seven directors are present and a majority of the directors present are directors referred to in paragraph (1)(d).