Canadian Payments Act

Marginal note:Ineligibility

• 9 (1) No person is eligible to be a director if they are

  • (a) a director, officer or employee of the Bank of Canada;

  • (b) employed in any capacity in the federal public administration or the public service of a province or hold any office or position for which any salary or other remuneration is payable out of public moneys; or

  • (c) a member of the Senate or House of Commons or a member of a provincial legislature.

• Marginal note:Restriction

  (2) When a director, officer or employee of a member is a director of the Association, no other director, officer or employee of that member, or of an affiliate of that member, is eligible to be a director of the Association.

• Marginal note:Affiliates

  (3) For the purposes of this section,

  • (a) one corporation is affiliated with another corporation if one of them is the subsidiary of the other or both are subsidiaries of the same corporation or each of them is controlled by the same person; and

  • (b) if two corporations are affiliated with the same corporation at the same time, they are deemed to be affiliated with each other.

• Marginal note:Definition of control

  (4) In paragraph (3)(a), control means control in any manner that results in control in fact, whether directly through the ownership of securities or indirectly through a trust, agreement or arrangement, the ownership of any corporation or otherwise.