Canada Foundation for Sustainable Development Technology Act

Marginal note:Continuation of board of directors of corporation

• 9 (1) The board of directors of the corporation ceases to exist and 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 (4), the board consists of

  • (a) the Chairperson of the board appointed by the Governor in Council on the Minister’s recommendation;

  • (b) six persons appointed by the Governor in Council on the Minister’s recommendation; and

  • (c) eight persons appointed by the members in accordance with subsection 13(5) and the by-laws of the Foundation.

• Marginal note:Eligibility for directors

  (3) A person is not eligible to be appointed as 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 in right of a province;

  • (c) does not ordinarily reside in Canada; or

  • (d) is disqualified under 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 any other directors that may have been appointed under paragraph (2)(b) constitute the board until directors are appointed under paragraph (2)(c) and 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

  (5) Until directors are appointed under paragraph (2)(c), the Foundation shall not provide any funding from the funds of the Foundation or enter into any agreements or arrangements, or review any applications, for or in respect of funding to be provided from 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 any directors appointed under paragraph (2)(b) shall not, despite 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.