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CANADA

CONSOLIDATION CODIFICATION

Bank of Canada Act Loi sur la Banque du Canada

R.S.C., 1985, c. B-2 L.R.C. (1985), ch. B-2

Current to April 12, 2017 jour au 12 avril 2017

Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016

Published by the Minister of Justice at the following address: Publi par le ministre de la Justice ladresse suivante :
http://laws-lois.justice.gc.ca http://lois-laws.justice.gc.ca
OFFICIAL STATUS CARACTRE OFFICIEL
OF CONSOLIDATIONS DES CODIFICATIONS

Subsections 31(1) and (2) of the Legislation Revision and Les paragraphes 31(1) et (2) de la Loi sur la rvision et la
Consolidation Act, in force on June 1, 2009, provide as codification des textes lgislatifs, en vigueur le 1er juin
follows: 2009, prvoient ce qui suit :

Published consolidation is evidence Codifications comme lment de preuve


31 (1) Every copy of a consolidated statute or consolidated 31 (1) Tout exemplaire d'une loi codifie ou d'un rglement
regulation published by the Minister under this Act in either codifi, publi par le ministre en vertu de la prsente loi sur
print or electronic form is evidence of that statute or regula- support papier ou sur support lectronique, fait foi de cette
tion and of its contents and every copy purporting to be pub- loi ou de ce rglement et de son contenu. Tout exemplaire
lished by the Minister is deemed to be so published, unless donn comme publi par le ministre est rput avoir t ainsi
the contrary is shown. publi, sauf preuve contraire.

Inconsistencies in Acts Incompatibilit lois


(2) In the event of an inconsistency between a consolidated (2) Les dispositions de la loi d'origine avec ses modifications
statute published by the Minister under this Act and the origi- subsquentes par le greffier des Parlements en vertu de la Loi
nal statute or a subsequent amendment as certified by the sur la publication des lois l'emportent sur les dispositions in-
Clerk of the Parliaments under the Publication of Statutes compatibles de la loi codifie publie par le ministre en vertu
Act, the original statute or amendment prevails to the extent de la prsente loi.
of the inconsistency.

NOTE NOTE

This consolidation is current to April 12, 2017. The last Cette codification est jour au 12 avril 2017. Les
amendments came into force on December 15, 2016. Any dernires modifications sont entres en vigueur
amendments that were not in force as of April 12, 2017 le 15 dcembre 2016. Toutes modifications qui n'taient
are set out at the end of this document under the heading pas en vigueur au 12 avril 2017 sont nonces la fin de
Amendments Not in Force. ce document sous le titre Modifications non en
vigueur .

Current to April 12, 2017 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
TABLE OF PROVISIONS TABLE ANALYTIQUE

An Act respecting the Bank of Canada Loi concernant la Banque du Canada

Short Title Titre abrg


1 Short title 1 Titre abrg

Interpretation Dfinitions
2 Definitions 2 Dfinitions

Constitution of the Bank Constitution de la banque


3 Bank constituted 3 Dnomination
4 Head office 4 Sige social

Management Gestion
5 Board of Directors 5 Conseil dadministration
6 Governor and Deputy Governor 6 Gouverneur et sous-gouverneur
7 Additional Deputy Governors 7 Sous-gouverneurs supplmentaires
8 Powers of Governor 8 Attributions du gouverneur
9 Directors 9 Administrateurs
10 Selection of directors 10 Choix des administrateurs
10.1 Disclosure of conflict 10.1 Communication relative au conflit
11 Directors fees 11 Honoraires
12 Chair 12 Prsident du conseil

Executive Committee Comit de direction


13 Constitution of Executive Committee 13 Constitution

Government Directive Instructions du gouvernement


14 Consultations 14 Consultations

Bank Staff Personnel de la banque


15 Officers and employees 15 Nomination

Secrecy Secret
16 Oath of directors and staff 16 Serment ou dclaration solennelle

Capital and Shares Capital-actions


17 Capital 17 Capital

Current to April 12, 2017 iii jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
TABLE OF PROVISIONS TABLE ANALYTIQUE

Business and Powers of the Bank Oprations de la banque


18 Powers and business 18 Pouvoirs
18.1 Policy established by Governor 18.1 Politique tablie par le gouverneur
19 Publication 19 Publication
20 Acquisition of collateral securities 20 Acquisition de srets
21 Publication of minimum interest rates on loans 21 Publication des taux minimaux dintrt sur les prts
22 Time limit for unpaid debts 22 Prescription applicable une dette
22.1 Inspection 22.1 Inspection
23 Prohibited business 23 Interdictions
24 Fiscal agent of Canadian Government 24 Agent financier du gouvernement canadien
24.1 Definition of financial institution 24.1 Dfinition de institution financire

Note Issue mission de billets


25 Sole right of note issue 25 Droit exclusif

Redemption of Notes Other than Rachat dautres billets


Those of the Bank
26 Liability for notes 26 Obligation

Reserve Funds Fonds de rserve


27 Reserve fund 27 Constitution
27.1 Special reserve fund unrealized valuation losses 27.1 Fonds de rserve spcial : pertes non ralises

Audit Vrification
28 Appointment of auditors 28 Nomination de vrificateurs

Returns Documents prsenter


29 Weekly financial information 29 tat hebdomadaire
30 Fiscal year 30 Exercice

Liability Immunit
30.1 No liability if in good faith 30.1 Immunit judiciaire

Offences and Punishment Infractions et peines


31 Holding office when ineligible 31 Occupation illgale de poste
32 Verifying false statement, account or list 32 Apurement de faux compte, tat ou liste
33 Contravention of Act 33 Infraction gnrale

Liquidation or Winding-up Liquidation ou dissolution


34 Insolvency and winding-up 34 Prrogative du Parlement

Current to April 12, 2017 iv jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
TABLE OF PROVISIONS TABLE ANALYTIQUE

By-laws Rglements administratifs


35 By-laws 35 Objets

SCHEDULE ANNEXE

SCHEDULES II AND III ANNEXES II ET III

Current to April 12, 2017 v jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
R.S.C., 1985, c. B-2 L.R.C., 1985, ch. B-2

An Act respecting the Bank of Canada Loi concernant la Banque du Canada

Preamble Prambule
WHEREAS it is desirable to establish a central bank in Considrant quil est opportun dinstituer une banque
Canada to regulate credit and currency in the best in- centrale pour rglementer le crdit et la monnaie
terests of the economic life of the nation, to control dans lintrt de la vie conomique de la nation, pour
and protect the external value of the national mone- contrler et protger la valeur de la monnaie natio-
tary unit and to mitigate by its influence fluctuations nale sur les marchs internationaux, pour attnuer,
in the general level of production, trade, prices and autant que possible par laction montaire, les fluc-
employment, so far as may be possible within the tuations du niveau gnral de la production, du com
scope of monetary action, and generally to promote merce, des prix et de lemploi, et de faon gnrale
the economic and financial welfare of Canada; pour favoriser la prosprit conomique et financire
du Canada,

THEREFORE, His Majesty, by and with the advice and Sa Majest, sur lavis et avec le consentement du S-
consent of the Senate and House of Commons of nat et de la Chambre des communes du Canada,
Canada, enacts as follows: dicte :

Short Title Titre abrg


Short title Titre abrg
1 This Act may be cited as the Bank of Canada Act. 1 Loi sur la Banque du Canada.
R.S., c. B-2, s. 1. S.R., ch. B-2, art. 1.

Interpretation Dfinitions
Definitions Dfinitions
2 In this Act, 2 Les dfinitions qui suivent sappliquent la prsente
loi.
authorized foreign bank has the meaning assigned to
that expression by section 2 of the Bank Act; (banque administrateur Membre du conseil dadministration,
trangre autorise) autre que le gouverneur, le sous-gouverneur ou le
membre titre consultatif prvu par le paragraphe 5(2).
Bank means the Bank of Canada; (Banque) (director)

bank means a bank listed in Schedule I or II to the Bank Banque La Banque du Canada. (Bank)
Act; (banque)
banque Banque figurant aux annexes I ou II de la Loi sur
les banques. (bank)

Current to April 12, 2017 1 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Interpretation Dfinitions
Sections 2-5 Articles 2-5

Board or Board of Directors means the Board of Direc- banque trangre autorise Sentend au sens de lar-
tors of the Bank; (conseil) ticle 2 de la Loi sur les banques. (authorized foreign
bank)
Deputy Governor in sections 5, 6, 8, 13, 15, 30 and 31
means the Deputy Governor appointed under section 6; billets Billets destins circuler au Canada. (notes)
(sous-gouverneur)
conseil Le conseil dadministration de la Banque. (Board
director means a member of the Board of Directors other or Board of Directors)
than the Governor or the Deputy Governor or the mem-
ber acting by virtue of subsection 5(2); (administrateur) gouverneur Le gouverneur de la Banque en titre ou par
intrim. (Governor)
Governor means the Governor of the Bank or the person
acting for the Governor pursuant to this Act; (gouver- ministre Le ministre des Finances. (Minister)
neur)
sous-gouverneur Dans le cadre des articles 5, 6, 8, 13,
Minister means the Minister of Finance; (ministre) 15, 30 et 31, le sous-gouverneur nomm en application de
larticle 6. (Deputy Governor)
notes means notes intended for circulation in Canada. L.R. (1985), ch. B-2, art. 2; 1999, ch. 28, art. 93; 2001, ch. 9, art. 185.
(billets)
R.S., 1985, c. B-2, s. 2; 1999, c. 28, s. 93; 2001, c. 9, s. 185.

Constitution of the Bank Constitution de la banque


Bank constituted Dnomination
3 (1) There is hereby established a bank to be called the 3 (1) Est institue une banque sous la dnomination de
Bank of Canada. Banque du Canada.

Body corporate Personnalit morale


(2) The Bank is a body corporate. (2) La Banque est dote de la personnalit morale.
R.S., c. B-2, s. 3. S.R., ch. B-2, art. 3.

Head office Sige social


4 (1) The head office of the Bank shall be in the city of 4 (1) Le sige social de la Banque est fix Ottawa.
Ottawa.

Branches and agencies Succursales et agences


(2) The Bank may establish branches and agencies and (2) La Banque peut ouvrir des bureaux rgionaux et lo-
appoint agents or mandataries in Canada and may also, caux et nommer des mandataires au Canada. Pour le
with the approval of the Governor in Council, establish faire ltranger, il lui faut lapprobation du gouverneur
branches and appoint agents or mandataries elsewhere en conseil.
than in Canada. L.R. (1985), ch. B-2, art. 4; 2004, ch. 25, art. 5(A).
R.S., 1985, c. B-2, s. 4; 2004, c. 25, s. 5(E).

Management Gestion
Board of Directors Conseil dadministration
5 (1) The Bank shall be under the management of a 5 (1) La Banque est dirige par un conseil dadministra-
Board of Directors composed of a Governor, a Deputy tion compos du gouverneur, du sous-gouverneur et de
Governor and twelve directors appointed in accordance douze administrateurs.
with this Act.

Current to April 12, 2017 2 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Management Gestion
Sections 5-6 Articles 5-6

Deputy Minister of Finance to be member of Board Sous-ministre des Finances


(2) In addition to the members of the Board as constitut- (2) Le sous-ministre des Finances sige aussi au conseil,
ed by subsection (1), the Deputy Minister of Finance or, mais avec voix consultative seulement. En cas dabsence
if he or she is absent or unable to act or the office is va- ou dempchement, ou de vacance de son poste, il est
cant, such other officer of the Department of Finance as remplac par le fonctionnaire du ministre des Finances
the Minister may nominate, is a member of the Board but que dsigne le ministre.
does not have the right to vote. L.R. (1985), ch. B-2, art. 5; 2001, ch. 9, art. 186(A).
R.S., 1985, c. B-2, s. 5; 2001, c. 9, s. 186(E).

Governor and Deputy Governor Gouverneur et sous-gouverneur


6 (1) The Governor and Deputy Governor shall be ap- 6 (1) Le gouverneur et le sous-gouverneur sont nomms
pointed by the directors with the approval of the Gover- par les administrateurs avec lagrment du gouverneur
nor in Council. en conseil.

Qualifications Qualits requises


(2) The Governor and Deputy Governor shall be persons (2) Le gouverneur et le sous-gouverneur sont choisis
of proven financial experience and shall devote the whole parmi les personnalits ayant une comptence financire
of their time to the duties of their offices under this Act reconnue. Ils se consacrent temps plein la charge que
or any other Act of Parliament. leur confre la prsente loi ou toute autre loi fdrale.

Tenure and remuneration Mandat et rmunration


(3) The Governor and Deputy Governor (3) Le gouverneur et le sous-gouverneur :

(a) shall each be appointed for a term of seven years a) sont nomms titre inamovible pour un mandat de
during good behaviour; sept ans;

(b) are eligible for re-appointment on the expiration b) peuvent tre reconduits dans leur mandat;
of their terms of office; and
c) sous rserve de lapprobation du gouverneur en
(c) subject to the approval of the Governor in Council, conseil, reoivent le traitement fix par les administra-
shall be paid such salaries as the directors determine, teurs, leur rmunration ne pouvant toutefois prendre
but no such remuneration shall be in the form of a la forme dune commission ni tre calcule en fonction
commission or be computed by reference to the in- du revenu ou des bnfices de la Banque.
come or profits of the Bank.

Disqualifications Conditions de nomination


(4) No person is eligible to be appointed or to continue (4) Pour exercer la charge de gouverneur ou de sous-
as Governor or Deputy Governor who gouverneur, il faut remplir les conditions suivantes :

(a) is not a Canadian citizen; a) tre citoyen canadien;

(b) is a member of the Senate or House of Commons b) ne pas tre membre du Snat ou de la Chambre des
or a member of a provincial legislature; communes, ni dune lgislature provinciale;

(c) is employed in any capacity in the federal public c) ne pas occuper un emploi au sein dune administra-
administration or the public service of a province or tion publique, fdrale ou provinciale, ou un poste r-
holds any office or position for which any salary or munr avec des fonds publics;
other remuneration is payable out of public moneys;
or d) sauf autorisation prvue sous le rgime dune loi
fdrale, ne pas tre administrateur, associ, diri-
(d) except as authorized by or under any Act of Parlia- geant, employ ou actionnaire de lune des institutions
ment, is a director, partner, officer, employee or suivantes :
shareholder of
(i) un membre de lAssociation canadienne des
paiements,

Current to April 12, 2017 3 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Management Gestion
Sections 6-8 Articles 6-8

(i) a member of the Canadian Payments Associa- (ii) une chambre de compensation ou un tablisse-
tion, ment participant, au sens de larticle 2 de la Loi sur
la compensation et le rglement des paiements,
(ii) a clearing house or participant, as defined in
section 2 of the Payment Clearing and Settlement (iii) les agences de courtage soccupant du place-
Act, ment initial des nouvelles valeurs du gouvernement
du Canada,
(iii) an investment dealer that acts as a primary
distributor of new Government of Canada securi- (iv) les institutions qui contrlent une de celles
ties, or mentionnes aux sous-alinas (i) (iii) ou qui sont
contrles par elle.
(iv) an institution that controls or is controlled by
an institution referred to in any of subparagraphs e) [Abrog, 2007, ch. 6, art. 392]
(i) to (iii).

(e) [Repealed, 2007, c. 6, s. 392]

Prohibitions federal credit union Restrictions cooprative de crdit fdrale


(5) Neither the Governor nor the Deputy Governor shall (5) Ni le gouverneur ni le sous-gouverneur ne peuvent :

(a) directly or indirectly hold any interest or right in a) avoir de droit ou dintrt direct ou indirect titre
membership shares of a federal credit union, within de membre dans une cooprative de crdit fdrale, au
the meaning of section 2 of the Bank Act, in excess of sens de larticle 2 de la Loi sur les banques, sauf le
the minimum number of membership shares of the nombre minimal de parts sociales requis pour tre
federal credit union that is required for membership; membre;
or
b) exercer les droits dcoulant de leur statut de
(b) exercise any right he or she has as a member of membre dune cooprative de crdit fdrale lexcep-
such a federal credit union, except any right that he or tion de ceux quils exercent titre de client de celle-ci.
she has as a customer of the federal credit union. L.R. (1985), ch. B-2, art. 6; 1997, ch. 15, art. 94; 2001, ch. 9, art. 187; 2003, ch. 22, art.
93(A); 2007, ch. 6, art. 392; 2010, ch. 12, art. 2110.
R.S., 1985, c. B-2, s. 6; 1997, c. 15, s. 94; 2001, c. 9, s. 187; 2003, c. 22, s. 93(E); 2007, c.
6, s. 392; 2010, c. 12, s. 2110.

Additional Deputy Governors Sous-gouverneurs supplmentaires


7 (1) The Board may appoint one or more additional 7 (1) Le conseil peut nommer un ou plusieurs sous-gou-
Deputy Governors who shall perform such duties as are verneurs supplmentaires et leur assigner des fonctions
assigned to them by the Board. bien prcises.

Not members of Board Statut


(2) A Deputy Governor appointed under this section is (2) Le ou les sous-gouverneurs nomms en vertu du pr-
not a member of the Board. sent article ne sont pas membres du conseil.
R.S., c. B-2, s. 7. S.R., ch. B-2, art. 7.

Powers of Governor Attributions du gouverneur


8 (1) The Governor of the Bank is the chief executive of- 8 (1) Le gouverneur est le premier dirigeant de la
ficer of the Bank and on behalf of the Board has the di- Banque; ce titre et au nom du conseil, il en assure la di-
rection and control of the business of the Bank with au- rection et a pleine autorit sur ses activits. Il est investi
thority to act in connection with the conduct of the cet effet des pouvoirs qui ne sont pas expressment r-
business of the Bank in all matters that are not by this servs par la prsente loi ou les rglements administratifs
Act or by the by-laws of the Bank specifically reserved to de la Banque, au conseil ou au comit de direction.
be done by the Board or by the Executive Committee.

Current to April 12, 2017 4 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Management Gestion
Sections 8-10 Articles 8-10

Absence, etc., of Governor Intrim


(2) If the Governor is absent or unable to act or the office (2) En cas dabsence ou dempchement du gouverneur
is vacant, the Deputy Governor has all the powers and ou de vacance de son poste, lintrim est assur, avec
functions of the Governor. plein exercice de ses pouvoirs et fonctions, par le sous-
gouverneur.

Absence, etc., of Governor and Deputy Choix dun autre intrimaire


(3) The Board may authorize one of the directors or one (3) En cas dabsence ou dempchement des gouverneur
of the persons appointed under section 7 to act as the et sous-gouverneur ou de vacance de leur poste, le
Governor in the event that the Governor and Deputy conseil peut autoriser lun des administrateurs ou lun
Governor are absent or unable to act or the offices are va- des sous-gouverneurs nomms au titre de larticle 7
cant, but no such person has authority to act as Governor exercer provisoirement les fonctions de gouverneur; la
for a period exceeding one month without the approval of dure de lintrim est, sauf prorogation accorde par le
the Governor in Council. gouverneur en conseil, limite un mois.
R.S., 1985, c. B-2, s. 8; 2001, c. 9, s. 188. L.R. (1985), ch. B-2, art. 8; 2001, ch. 9, art. 188.

Directors Administrateurs
9 (1) The Minister, with the approval of the Governor in 9 (1) Avec lagrment du gouverneur en conseil, le mi-
Council, shall appoint directors to hold office, during nistre nomme les administrateurs titre inamovible en
good behaviour, subject to removal by the Governor in remplacement des administrateurs dont le mandat a ex-
Council at any time for cause, to replace the directors pir; chaque administrateur est nomm pour un mandat
whose terms of office have expired. The term of a director commenant la date de sa nomination et se terminant
begins on the day he or she is appointed and ends imme- la veille du 1er mars qui survient trois ans aprs lexpira-
diately before March 1 of the year that is three years after tion du mandat de son prdcesseur. Les administrateurs
the year in which the term of office of the directors pre- peuvent tout moment faire lobjet dune rvocation mo-
decessor expired. tive de la part du gouverneur en conseil.

Continuation in office Maintien en poste


(1.1) If, on the expiry of a directors term of office, no (1.1) Si un administrateur nest pas remplac aprs lex-
new director is appointed, the director whose term of of- piration de son mandat, il peut rester en poste jusqu ce
fice expired may continue in office until a director is ap- quun administrateur soit nomm conformment au pa-
pointed under subsection (1). ragraphe (1).

Vacancy Vacance en cours de mandat


(2) If a person ceases to be a director during the term for (2) Parmi les personnes qualifies, le ministre dsigne,
which he or she was appointed, the Minister shall, with pour le reste du mandat et avec lagrment du gouver-
the approval of the Governor in Council, appoint a quali- neur en conseil, le successeur de ladministrateur qui
fied person to hold office for the remainder of the term. nexerce pas son mandat jusqu son terme.

Votes Nombre de voix


(3) In the transaction of the business of the Bank, each (3) Dans la conduite des oprations de la Banque,
director has one vote. chaque administrateur dispose dune voix.

Re-appointment Reconduction du mandat


(4) A director on the expiration of the directors term of (4) Le mandat des administrateurs peut tre reconduit.
office is eligible for re-appointment. L.R. (1985), ch. B-2, art. 9; 2001, ch. 9, art. 189.
R.S., 1985, c. B-2, s. 9; 2001, c. 9, s. 189.

Selection of directors Choix des administrateurs


10 (1) The directors shall be selected from various occu- 10 (1) Les administrateurs sont choisis au sein de pro-
pations. fessions diverses.

Current to April 12, 2017 5 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Management Gestion
Section 10 Article 10

Ineligible persons Incompatibilit


(2) No person is eligible to be appointed or to continue (2) Les fonctions dadministrateur sont incompatibles
as a director if the person is a director, a partner, an offi- avec la qualit dadministrateur, dassoci, de dirigeant
cer or an employee of any of the following institutions: ou demploy de lune des institutions suivantes :

(a) a direct clearer as defined in the by-laws of the a) les adhrents au sens des rglements administratifs
Canadian Payments Association; de lAssociation canadienne des paiements;

(b) a clearing house of a clearing and settlement sys- b) une chambre de compensation dun systme de
tem designated under subsection 4(1) of the Payment compensation et de rglement assujetti la partie I de
Clearing and Settlement Act; la Loi sur la compensation et le rglement des paie-
ments au titre du paragraphe 4(1) de cette loi;
(c) a participant in the Large Value Transfer System,
or its successor, operated by the Canadian Payments c) les tablissements participant au systme de trans-
Association; fert de paiements de grande valeur exploit par lAsso-
ciation canadienne des paiements;
(d) an investment dealer that acts as a distributor of
new Government of Canada securities; or d) les agences de courtage soccupant du placement
des nouvelles valeurs du gouvernement du Canada;
(e) an institution that controls, or is controlled by, an
institution referred to in any of paragraphs (a) to (d). e) les institutions qui contrlent une de celles men-
tionnes aux alinas a) d) ou qui sont contrles par
elle.

Control Contrle
(2.1) For the purpose of paragraph (2)(e), (2.1) Pour lapplication de lalina (2)e), a le contrle
dune institution :
(a) an institution controls a body corporate if securi-
ties of the body corporate to which are attached more a) dans le cas dune personne morale, linstitution qui
than fifty per cent of the votes that may be cast to elect a la proprit effective de titres de celle-ci lui conf-
directors of the body corporate are beneficially owned rant plus de cinquante pour cent des droits de vote
by the institution and the votes attached to those secu- dont lexercice lui permet dlire la majorit des admi-
rities are sufficient, if exercised, to elect a majority of nistrateurs de la personne morale;
the directors of the body corporate;
b) dans le cas dune fiducie, dun fonds, dune socit
(b) an institution controls a trust, fund or partnership de personnes, lexception dune socit en comman-
(other than a limited partnership) or an unincorporat- dite, dune organisation ou association non dote de la
ed association or organization, if more than fifty per personnalit morale, linstitution qui en dtient, titre
cent of the ownership interests, however designated, de vritable propritaire, plus de cinquante pour cent
into which the trust, fund, partnership, association or des titres de participation quelle quen soit la dsi-
organization is divided are beneficially owned by the gnation et qui a la capacit den diriger tant lactivi-
institution and the institution is able to direct the t commerciale que les affaires internes;
business and affairs of the trust, fund, partnership, as-
sociation or organization; and c) dans le cas dune socit en commandite, le com-
mandit.
(c) the general partner of a limited partnership con-
trols the limited partnership.

Restriction on share ownership Restrictions


(3) Any person who beneficially owns a share in an insti- (3) Ladministrateur qui dtient, titre de vritable pro-
tution referred to in any of paragraphs (2)(a) to (e) at the pritaire, des actions dans une des institutions vises au
time of being appointed director of the Bank shall dis- paragraphe (2) doit sen dpartir dans les trois mois qui
pose of that beneficial ownership interest within three suivent sa nomination. Ladministrateur ne peut autre-
months after the appointment. A director of the Bank ment tre le vritable propritaire dune action dans une
shall not otherwise beneficially own a share of an institu- des institutions vises au paragraphe (2).
tion referred to in any of those paragraphs.

Current to April 12, 2017 6 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Management Gestion
Sections 10-10.1 Articles 10-10.1

Restriction membership shares of federal credit Restrictions cooprative de crdit fdrale


union
(3.1) If a federal credit union is an institution referred to (3.1) Ladministrateur qui, titre de membre dune co-
in any of paragraph (2)(a) to (e), any person who, at the oprative de crdit fdrale, au sens de larticle 2 de la
time of being appointed director of the Bank, directly or Loi sur les banques, vise au paragraphe (2), a tout droit
indirectly holds any interest or right in more than the ou tout intrt direct ou indirect qui excde le nombre
minimum number of membership shares of the federal minimal requis de parts sociales de celle-ci se dpartit,
credit union, within the meaning of section 2 of the Bank dans les trois mois qui suivent sa nomination, du nombre
Act, that is required for membership shall, within three de parts sociales excdant ce nombre minimal.
months after the appointment, dispose of all member-
ship shares that exceed that minimum number.

Restriction rights of members Restrictions droits dun membre


(3.2) If a federal credit union is an institution referred to (3.2) Ladministrateur qui est membre dune cooprative
in any of paragraph (2)(a) to (e), no director of the Bank de crdit fdrale, au sens de larticle 2 de la Loi sur les
who is a member of a federal credit union, within the banques, vise au paragraphe (2), ne peut plus exercer
meaning of section 2 of the Bank Act, shall exercise any les droits dcoulant de son statut de membre partir de
right that the director has as a member of the federal sa nomination, lexception de ceux quil exerce titre de
credit union, except any right that the director has as a client de celle-ci.
customer of the federal credit union.

Disqualifications Conditions de nomination


(4) No person is eligible to be appointed or to continue (4) Pour occuper le poste dadministrateur, il faut rem-
as director who plir les conditions suivantes :

(a) is not a Canadian citizen ordinarily resident in a) tre citoyen canadien et rsider habituellement au
Canada; or Canada;

(b) is employed, on a full-time basis, in any capacity b) ne pas occuper, plein temps, un emploi au sein
in the federal public administration or the public ser- dune administration publique, fdrale ou provin-
vice of a province or holds any office or position, other ciale, ou un poste rmunr avec des fonds publics au
than as a part-time member of any board or advisory sein dune commission ou dun organisme consultatif
body of an agency or department of the government of dun ministre ou dune autre institution fdrale ou
Canada or a province, for which any salary or other re- provinciale, tant entendu quil est possible pour lad-
muneration is payable out of public moneys, except ministrateur de fournir au gouvernement du Canada
that a director may perform temporary services for the ou dune province des services temporaires pour les-
government of Canada or a province for which that di- quels il peut tre rembours des frais de dplacement
rector may be reimbursed actual travel and living ex- et de sjour rellement engags.
penses.
c) [Abrog, 2007, ch. 6, art. 393]
(c) [Repealed, 2007, c. 6, s. 393]

(5) [Repealed, 2001, c. 9, s. 190] (5) [Abrog, 2001, ch. 9, art. 190]
R.S., 1985, c. B-2, s. 10; 1992, c. 1, s. 142; 1997, c. 15, s. 95; 1999, c. 28, s. 94; 2001, c. 9, L.R. (1985), ch. B-2, art. 10; 1992, ch. 1, art. 142; 1997, ch. 15, art. 95; 1999, ch. 28, art.
s. 190; 2003, c. 22, s. 94(E); 2007, c. 6, s. 393; 2010, c. 12, s. 2111; 2014, c. 39, s. 374(F). 94; 2001, ch. 9, art. 190; 2003, ch. 22, art. 94(A); 2007, ch. 6, art. 393; 2010, ch. 12, art.
2111; 2014, ch. 39, art. 374(F).

Disclosure of conflict Communication relative au conflit


10.1 (1) A director shall disclose to the Bank, in writing 10.1 (1) Doit communiquer par crit la Banque, ou
or by requesting to have it entered in the minutes of a demander que soient portes au procs-verbal dune
meeting of the Board, the nature and extent of the direc- runion du conseil dadministration, la nature et lten-
tors interest if the director due de ses intrts ladministrateur qui, selon le cas :

(a) is a party to a material contract or transaction, or a) est partie une opration ou un contrat impor-
proposed material contract or transaction, with the tants ou un projet dopration ou de contrat impor-
Bank; tants avec la Banque;

Current to April 12, 2017 7 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Management Gestion
Sections 10.1-12 Articles 10.1-12

(b) is a director or an officer of, or has a material in- b) est administrateur ou dirigeant dune personne
terest in, any person who is a party to a material con- partie de tels contrat, opration ou projet ou dtient
tract or transaction, or proposed material contract or un intrt important auprs de celle-ci;
transaction, with the Bank;
c) est ou serait vraisemblablement touch de manire
(c) is or is likely to be materially affected by any ac- importante par une mesure que prend ou se propose
tion taken or proposed to be taken by the Bank or the de prendre la Banque ou le gouverneur dans le cadre
Governor under the Payment Clearing and Settlement de la Loi sur la compensation et le rglement des
Act; or paiements;

(d) is a director or an officer of, or has a material in- d) est administrateur ou dirigeant dune personne qui
terest in, any person who is or is likely to be materially est ou serait vraisemblablement touche de manire
affected by any action taken or proposed to be taken importante par une mesure que prend ou se propose
by the Bank or the Governor under the Payment de prendre la Banque ou le gouverneur dans le cadre
Clearing and Settlement Act. de la Loi sur la compensation et le rglement des
paiements ou dtient un intrt important auprs de
cette personne.

Time of disclosure Dlai


(2) The disclosure shall be made as soon as the director (2) Ladministrateur doit effectuer la communication vi-
becomes aware of the contract, transaction or action. se au paragraphe (1) ds quil a connaissance du contrat,
de lopration ou de la mesure.

Restriction on voting Vote


(3) A director who is required to make a disclosure shall (3) Ladministrateur vis au paragraphe (1) ne peut par-
not vote on any resolution to approve the contract, trans- ticiper au vote sur la rsolution prsente pour faire ap-
action or action, unless it relates to directors fees. prouver le contrat, lopration ou la mesure que sil sagit
de ses honoraires en qualit dadministrateur.

Continuing disclosure Communication gnrale


(4) For the purpose of this section, a general notice to (4) Pour lapplication du prsent article, constitue une
the Board by a director, declaring that he or she is a di- communication suffisante de ses intrts lavis gnral
rector or officer of or has a material interest in a person, que donne un administrateur au conseil dadministration
and that he or she is to be regarded as interested in a et o il dclare quil est administrateur ou dirigeant dune
contract or transaction entered into with that person or personne ou dtient auprs delle un intrt important et
an action that affects that person, is a sufficient declara- doit tre considr comme ayant un intrt dans tout
tion of interest in relation to a contract or transaction contrat ou toute opration conclus avec elle ou comme
with that person or action that affects that person. pouvant tre touch par une mesure qui la toucherait.
2001, c. 9, s. 191. 2001, ch. 9, art. 191.

Directors fees Honoraires


11 The directors are entitled to receive for attendance at 11 Les administrateurs reoivent, pour leur prsence
directors meetings and Executive Committee meetings aux runions du conseil et du comit de direction, les ho-
such fees as may be fixed by the by-laws of the Bank. noraires fixs par rglement administratif.
R.S., c. B-2, s. 11; 1980-81-82-83, c. 40, s. 46. S.R., ch. B-2, art. 11; 1980-81-82-83, ch. 40, art. 46.

Chair Prsident du conseil


12 The Governor is Chair of the Board of Directors. 12 Le gouverneur est le prsident du conseil.
R.S., 1985, c. B-2, s. 12; 2001, c. 9, s. 192(E). L.R. (1985), ch. B-2, art. 12; 2001, ch. 9, art. 192(A).

Current to April 12, 2017 8 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Executive Committee Comit de direction
Sections 13-14 Articles 13-14

Executive Committee Comit de direction


Constitution of Executive Committee Constitution
13 (1) There shall be an Executive Committee of the 13 (1) Est constitu un comit de direction du conseil,
Board consisting of the Governor, the Deputy Governor compos du gouverneur, du sous-gouverneur et de deux
and not less than two or more than four directors select- quatre administrateurs choisis par le conseil.
ed by the Board.

Deputy Minister of Finance to be member of Sous-ministre des Finances


Executive Committee
(2) In addition to the members of the Executive Commit- (2) Le sous-ministre des Finances, ou la personne qui le
tee as constituted by subsection (1), the person who is a remplace aux termes du paragraphe 5(2), sige au comit
member of the Board by virtue of subsection 5(2) is a de direction, mais avec voix consultative seulement.
member of the Executive Committee, but that person
does not have the right to vote.

Powers of Executive Committee Comptence


(3) The Executive Committee is competent to deal with (3) Le comit de direction a qualit pour statuer sur
any matter within the competence of the Board and shall toute question du ressort du conseil; il dpose chaque
keep minutes of its proceedings, which shall be submit- runion de celui-ci le procs-verbal de ses travaux depuis
ted to the Board at its next meeting. la runion prcdente.
R.S., c. B-2, s. 13; 1980-81-82-83, c. 40, s. 47. S.R., ch. B-2, art. 13; 1980-81-82-83, ch. 40, art. 47.

Government Directive Instructions du gouvernement


Consultations Consultations
14 (1) The Minister and the Governor shall consult reg- 14 (1) Le ministre et le gouverneur se consultent rgu-
ularly on monetary policy and on its relation to general lirement sur la politique montaire et sur les rapports
economic policy. de celle-ci avec la politique conomique gnrale.

Ministers directive Instructions du ministre


(2) If, notwithstanding the consultations provided for in (2) En cas de divergence dopinion sur la politique mo-
subsection (1), there should emerge a difference of opin- ntaire suivre, le ministre peut, aprs consultation du
ion between the Minister and the Bank concerning the gouverneur et avec lagrment du gouverneur en conseil,
monetary policy to be followed, the Minister may, after donner par crit au gouverneur des instructions ponc-
consultation with the Governor and with the approval of tuelles et obligatoires pour la Banque sur la politique mo-
the Governor in Council, give to the Governor a written ntaire appliquer pendant une priode donne.
directive concerning monetary policy, in specific terms
and applicable for a specified period, and the Bank shall
comply with that directive.

Publication and report Publication et dpt


(3) A directive given under this section shall be pub- (3) Le texte des instructions est publi sans dlai dans la
lished forthwith in the Canada Gazette and shall be laid Gazette du Canada et dpos devant le Parlement dans
before Parliament within fifteen days after the giving les quinze jours qui suivent leur communication ou, si le
thereof, or, if Parliament is not then sitting, on any of the Parlement ne sige pas, dans les quinze premiers jours de
first fifteen days next thereafter that either House of Par- sance ultrieurs de lune ou lautre chambre.
liament is sitting. S.R., ch. B-2, art. 14.
R.S., c. B-2, s. 14.

Current to April 12, 2017 9 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Bank Staff Personnel de la banque
Sections 15-17 Articles 15-17

Bank Staff Personnel de la banque


Officers and employees Nomination
15 (1) Such officers and employees may be employed as 15 (1) Peut tre nomm le personnel que le comit de
in the opinion of the Executive Committee may be neces- direction estime ncessaire.
sary.

Pension fund Caisse de retraite


(2) The Board may by by-law establish a pension fund (2) Le conseil peut, par rglement administratif, insti-
for the officers and employees of the Bank and their de- tuer une caisse de retraite pour les cadres et employs de
pendants and may contribute to it out of the funds of the la Banque et leurs personnes charge et en prvoir les
Bank. The pension fund shall be invested in such manner modalits de placement; il peut cotiser la caisse sur les
as may be provided by the by-laws of the Bank. fonds de la Banque.

By-laws respecting Governor and Deputy Governor Pensions de retraite du gouverneur et du sous-
gouverneur
(3) A by-law made under subsection (2) that provides for (3) La validit de tout rglement administratif prvoyant
or relates to the payment of a pension in respect of the le paiement dune pension de retraite au gouverneur ou
retirement of the Governor or Deputy Governor other- au sous-gouverneur pour dautres raisons que lge ou
wise than by reason of age or disability does not take ef- linvalidit est subordonne lapprobation du gouver-
fect unless it is approved by the Governor in Council. neur en conseil.
R.S., 1985, c. B-2, s. 15; 1997, c. 15, s. 96(E). L.R. (1985), ch. B-2, art. 15; 1997, ch. 15, art. 96(A).

Secrecy Secret
Oath of directors and staff Serment ou dclaration solennelle
16 Before a person starts to act as a director, an officer 16 Avant dentrer en fonctions, les administrateurs,
or an employee of the Bank, he or she shall take an oath, cadres et employs de la Banque sont tenus de prter le
or make a solemn affirmation, of fidelity and secrecy, in serment de fidlit et de secret professionnel, ou de faire
the form set out in the schedule, before a commissioner la dclaration solennelle, figurant lannexe, devant un
for taking affidavits. commissaire aux serments.
R.S., 1985, c. B-2, s. 16; 1997, c. 15, s. 97; 2001, c. 9, s. 193. L.R. (1985), ch. B-2, art. 16; 1997, ch. 15, art. 97; 2001, ch. 9, art. 193.

Capital and Shares Capital-actions


Capital Capital
17 (1) The capital of the Bank shall be five million dol- 17 (1) Le capital de la Banque est de cinq millions de
lars but may be increased from time to time pursuant to a dollars; il peut tre augment sur agrment, par le gou-
resolution passed by the Board of Directors and ap- verneur en conseil et le Parlement, dune rsolution du
proved by the Governor in Council and by Parliament. conseil.

Shares Actions
(2) The capital shall be divided into one hundred thou- (2) Le capital est divis en cent mille actions dune valeur
sand shares of the par value of fifty dollars each, which nominale de cinquante dollars chacune, mises et attri-
shall be issued to the Minister to be held by the Minister bues au ministre, pour le compte de Sa Majest du chef
on behalf of Her Majesty in right of Canada. du Canada.

Registration Enregistrement
(3) The shares issued to the Minister shall be registered (3) Dans ses livres Ottawa, la Banque enregistre, au
by the Bank in the name of the Minister in the books of nom du ministre, les actions mises.
the Bank at Ottawa. S.R., ch. B-2, art. 17.
R.S., c. B-2, s. 17.

Current to April 12, 2017 10 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Section 18 Article 18

Business and Powers of the Oprations de la banque


Bank
Powers and business Pouvoirs
18 The Bank may 18 La Banque peut :

(a) buy and sell gold, silver, nickel and bronze coin or a) acheter et vendre de la monnaie, notamment dor,
any other coin and gold and silver bullion; dargent, de nickel et de bronze, ainsi que des lingots
dor et dargent;
(b) buy and sell foreign currencies and maintain de-
posit accounts with banks or foreign banks, either in b) acheter et vendre des devises trangres et avoir
or outside Canada, to facilitate such operations; cet effet des comptes de dpts au Canada ou ltran-
ger, dans des banques ou des banques trangres;
(c) buy and sell securities issued or guaranteed by
Canada or any province; c) acheter et vendre des valeurs ou titres mis ou ga-
rantis par le Canada ou une province;
(d) buy and sell securities issued or guaranteed by the
Government of the United States of America or Japan d) acheter et vendre des valeurs ou titres mis ou ga-
or the government of a country in the European rantis par le gouvernement des tats-Unis dAm-
Union; rique, du Japon ou dun pays de lUnion europenne;

(e) [Repealed, 2001, c. 9, s. 194] e) [Abrog, 2001, ch. 9, art. 194]

(f) buy and sell special drawing rights issued by the f) acheter et vendre des droits de tirage spciaux du
International Monetary Fund; Fonds montaire international;

(g) for the purposes of conducting monetary policy or g) dans le cadre de la conduite de sa politique mon-
promoting the stability of the Canadian financial sys- taire ou en vue de favoriser la stabilit du systme fi-
tem, nancier canadien :

(i) buy and sell from or to any person securities and (i) acheter et vendre des titres et autres instru-
any other financial instruments other than in- ments financiers lexception de ceux attestant
struments that evidence an ownership interest or un droit, un intrt ou une participation dans une
right in or to an entity that comply with the poli- entit qui satisfont la politique tablie par le
cy established by the Governor under subsection gouverneur cet gard en vertu du paragraphe
18.1(1), and 18.1(1),

(ii) if the Governor is of the opinion that there is a (ii) si le gouverneur estime quune tension grave et
severe and unusual stress on a financial market or exceptionnelle sexerce sur un march financier ou
the financial system, buy and sell from or to any le systme financier, acheter et vendre tous titres et
person any securities and any other financial in- autres instruments financiers dans la mesure n-
struments, to the extent determined necessary by cessaire selon lui;
the Governor;
g.1) [Abrog, 2008, ch. 28, art. 146]
(g.1) [Repealed, 2008, c. 28, s. 146]
h) consentir, pour une priode dau plus six mois, des
(h) make loans or advances for periods not exceeding prts ou avances aux tablissements membres de lAs-
six months to members of the Canadian Payments As- sociation canadienne des paiements en grevant
sociation on taking security in any property that the dune sret des biens que ltablissement qui le prt
institution to which the loan or advance is made is au- ou lavance sont consentis est autoris dtenir;
thorized to hold;
i) consentir des prts ou avances, pour des priodes
(i) make loans or advances for periods not exceeding dau plus six mois, au gouvernement du Canada ou
six months to the Government of Canada or the gov- dune province en grevant dune sret des valeurs
ernment of a province on taking security in readily

Current to April 12, 2017 11 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Section 18 Article 18

marketable securities issued or guaranteed by Canada mobilires facilement ngociables, mises ou garanties
or any province; par le Canada ou cette province;

(j) make loans to the Government of Canada or the j) consentir des prts au gouvernement du Canada ou
government of any province, but such loans outstand- dune province, condition que, dune part, le mon-
ing at any one time shall not, in the case of the Gov- tant non rembours des prts ne dpasse, aucun mo-
ernment of Canada, exceed one-third of the estimated ment, une certaine fraction des recettes estimatives du
revenue of the Government of Canada for its fiscal gouvernement en cause pour lexercice en cours un
year, and shall not, in the case of a provincial govern- tiers dans le cas du Canada, un quart dans celui dune
ment, exceed one-fourth of that governments estimat- province et que, dautre part, les prts soient rem-
ed revenue for its fiscal year, and such loans shall be bourss avant la fin du premier trimestre de lexercice
repaid before the end of the first quarter after the end suivant;
of the fiscal year of the government that has contract-
ed the loan; k) [Abrog, 2008, ch. 28, art. 146]

(k) [Repealed, 2008, c. 28, s. 146] l) accepter des dpts effectus par le gouvernement
du Canada et verser des intrts leur gard;
(l) accept deposits from the Government of Canada
and pay interest on those deposits; l.1) accepter des dpts effectus par une banque ou
une banque trangre autorise qui ne fait pas lobjet
(l.1) accept deposits from any bank, authorized for- des restrictions et exigences vises au paragraphe
eign bank that is not subject to the restrictions and re- 524(2) de la Loi sur les banques ou par un tablisse-
quirements referred to in subsection 524(2) of the ment membre de lAssociation canadienne des paie-
Bank Act or other member of the Canadian Payments ments;
Association;
l.2) verser des intrts lgard des dpts viss la-
(l.2) pay interest on the deposits referred to in para- lina l.1), lorsque ceux-ci sont destins servir de
graph (l.1) if the money deposited is to be used for the prts ou davances au titre de lalina h);
purpose of making loans or advances referred to in
paragraph (h); l.3) accepter des dpts effectus par le gouverne-
ment dune province ou par une socit ou un orga-
(l.3) accept deposits from the government of any nisme dtat fdral;
province or from any corporation or agency of the
Government of Canada; m) ouvrir des comptes dans une banque centrale
trangre ou dans la Banque des rglements interna-
(m) open accounts in a central bank in any other tionaux, accepter des dpts pouvant porter intrt
country or in the Bank for International Settlements, de banques centrales trangres, de la Banque des
accept deposits from central banks in other countries, rglements internationaux, du Fonds montaire inter-
the Bank for International Settlements, the Interna- national, de la Banque internationale pour la recons-
tional Monetary Fund, the International Bank for Re- truction et le dveloppement et de tout autre orga-
construction and Development and any other official nisme financier international officiel, et leur servir de
international financial organization, act as agent or mandataire, dpositaire ou correspondant;
mandatary, or depository or correspondent for any of
those banks or organizations, and pay interest on any m.1) agir titre de dpositaire de lactif financier de
of those deposits; la Socit dassurance-dpts du Canada et de lactif
financier de la Socit canadienne dhypothques et de
(m.1) act as a custodian of the financial assets of the logement;
Canada Deposit Insurance Corporation and of those of
the Canada Mortgage and Housing Corporation; n) acqurir, louer et dtenir des immeubles ou biens
rels, et en disposer;
(n) acquire, hold, lease or dispose of real property or
immovables; o) accepter les dpts transfrs conformment une
loi fdrale, verser les intrts correspondants et faire
(o) accept deposits of money that are authorized or les paiements prvus par cette loi;
required by an Act of Parliament to be transferred to

Current to April 12, 2017 12 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Sections 18-21 Articles 18-21

the Bank, and, in accordance with that Act, pay inter- p) exercer les autres activits commerciales autorises
est on money so deposited and pay out money to any ou exiges par la prsente loi ou lies son applica-
person entitled to it under that Act; and tion.
L.R. (1985), ch. B-2, art. 18; 1992, ch. 1, art. 142; 1997, ch. 15, art. 98; 1999, ch. 28, art.
(p) carry on any business activity that is incidental to 95; 2001, ch. 4, art. 58, ch. 9, art. 194; 2004, ch. 25, art. 6(A); 2008, ch. 28, art. 146; 2014,
ch. 20, art. 108; 2016, ch. 12, art. 123.
or consequential on something the Bank is allowed or
required to do by this Act.
R.S., 1985, c. B-2, s. 18; 1992, c. 1, s. 142; 1997, c. 15, s. 98; 1999, c. 28, s. 95; 2001, c. 4,
s. 58, c. 9, s. 194; 2004, c. 25, s. 6(E); 2008, c. 28, s. 146; 2014, c. 20, s. 108; 2016, c. 12, s.
123.

Policy established by Governor Politique tablie par le gouverneur


18.1 (1) The Governor shall establish a policy for the 18.1 (1) Le gouverneur tablit une politique pour lap-
purposes of subparagraph 18(g)(i). plication du sous-alina 18g)(i).

Publication Publication
(2) The Bank shall publish the policy and any amend- (2) La Banque publie la politique, y compris toute modi-
ment to it in the Canada Gazette and the policy or the fication, dans la Gazette du Canada; elle prend effet sept
amendment comes into force seven days after the day on jours aprs sa publication ou la date ultrieure prcise
which the Bank publishes it or on any later day specified par le gouverneur.
by the Governor. 2008, ch. 28, art. 147.
2008, c. 28, s. 147.

Publication Publication
19 If the Bank takes any action under subparagraph 19 Si elle prend des mesures dans le cadre du sous-ali-
18(g)(ii), the Bank shall cause a notice to be published in na 18g)(ii), la Banque fait publier un avis dans la Ga-
the Canada Gazette that the Governor has formed an zette du Canada nonant que le gouverneur estimait
opinion that there is a severe and unusual stress on a fi- quune tension grave et exceptionnelle sexerce sur un
nancial market or the financial system. The notice is to march financier ou le systme financier. Lavis est pu-
be published as soon as the Governor is of the opinion bli ds que le gouverneur estime que la publication nau-
that its publication will not materially contribute to the ra pas pour effet daugmenter de faon importante la ten-
stress to which the notice relates. sion.
R.S., 1985, c. B-2, s. 19; 1991, c. 46, s. 581; 1997, c. 15, s. 99; 2001, c. 9, s. 195; 2008, c. L.R. (1985), ch. B-2, art. 19; 1991, ch. 46, art. 581; 1997, ch. 15, art. 99; 2001, ch. 9, art.
28, s. 147. 195; 2008, ch. 28, art. 147.

Acquisition of collateral securities Acquisition de srets


20 The Bank may 20 La Banque peut :

(a) acquire from any bank or authorized foreign bank a) acqurir dune banque ou banque trangre autori-
that is not subject to the restrictions and requirements se qui ne fait pas lobjet des restrictions et exigences
referred to in subsection 524(2) of the Bank Act and vises au paragraphe 524(2) de la Loi sur les banques
hold any property held by the bank or authorized for- et dtenir les biens que la banque ou la banque tran-
eign bank as security under Part VIII of the Bank Act; gre autorise dtient titre de garantie dans le cadre
and de la partie VIII de cette loi;

(b) exercise every right and remedy in respect of any b) exercer, leur gard, les droits et recours quaurait
security acquired under paragraph (a) that could have pu exercer la banque ou la banque trangre autorise.
been exercised by the bank or authorized foreign L.R. (1985), ch. B-2, art. 20; 1992, ch. 1, art. 142; 1999, ch. 28, art. 96; 2001, ch. 9, art.
195.
bank.
R.S., 1985, c. B-2, s. 20; 1992, c. 1, s. 142; 1999, c. 28, s. 96; 2001, c. 9, s. 195.

Publication of minimum interest rates on loans Publication des taux minimaux dintrt sur les prts
21 The Bank shall at all times make public the minimum 21 La Banque rend public le taux minimal dintrt de
rate at which it is prepared to make loans or advances. ses prts et avances.
R.S., c. B-2, s. 18. S.R., ch. B-2, art. 18.

Current to April 12, 2017 13 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Section 22 Article 22

Time limit for unpaid debts Prescription applicable une dette


22 (1) The Bank is not liable in respect of any unpaid 22 (1) Les actions visant la dette impaye pour laquelle
debt in respect of which a federal financial institution has un versement a t effectu la Banque par une institu-
made a payment to the Bank under the relevant Act in re- tion financire fdrale en application de la loi pertinente
spect of the federal financial institution if se prescrivent par quarante ans si la somme verse tait
infrieure mille dollars, le point de dpart de cette p-
(a) the amount paid to the Bank was less than $1,000; riode tant la date de la dernire opration inscrite aux
and livres de linstitution fdrale en question ou, si celle-ci
lui est postrieure, la date o le crancier a pour la der-
(b) at least 40 years have gone by since the later of nire fois soit demand un tat de compte, soit accus r-
ception de celui-ci.
(i) the last time a transaction took place on the
books of the federal financial institution in respect
of the unpaid debt, and

(ii) the last time a statement of account was re-


quested of or acknowledged to the federal financial
institution by the former creditor in respect of the
unpaid debt.

Time limit for instruments Prescription applicable un effet


(1.1) The Bank is not liable in respect of any instrument (1.1) Les actions visant leffet impay pour lequel un ver-
in respect of which a federal financial institution has sement a t effectu la Banque par une institution fi-
made a payment to the Bank under the relevant Act in re- nancire fdrale en application de la loi pertinente se
spect of the federal financial institution if prescrivent par quarante ans si la somme verse tait in-
frieure mille dollars et si durant cette priode, com-
(a) the amount paid to the Bank was less than $1,000; menant la date dmission ou dacceptation des effets,
and aucun versement na t fait son gard.

(b) no payment has been made in respect of the in-


strument for at least 40 years after the day the instru-
ment was issued or accepted.

Time limit for liquidation claims Prescription applicable une crance contre le
liquidateur
(1.2) The Bank is not liable in respect of any claim (1.2) Les actions visant une crance recouvrable contre
against a liquidator in respect of the winding-up of a fed- le liquidateur dans le cadre de la liquidation dune insti-
eral financial institution if tution financire fdrale pour laquelle un versement a
t effectu la Banque par le liquidateur par linterm-
(a) the amount of the claim has been paid to the Min- diaire du ministre en application de la loi pertinente se
ister and by the Minister to the Bank under the rele- prescrivent par quarante ans si la somme verse tait in-
vant Act in respect of the federal financial institution; frieure mille dollars, le point de dpart de cette p-
riode tant la date de la dernire opration inscrite aux
(b) the amount paid to the Bank was less than $1,000; livres de linstitution fdrale en question ou, si celle-ci
and lui est postrieure, la date o le crancier a pour la der-
nire fois, soit demand un tat de compte, soit accus
(c) at least 40 years have gone by since the later of rception de celui-ci.
(i) the last time a transaction took place on the
books of the federal financial institution in respect
of the subject-matter of the claim, and

(ii) the last time a statement of account was re-


quested of or acknowledged to the federal financial
institution by the former creditor in respect of the
subject-matter of the claim.

Current to April 12, 2017 14 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Section 22 Article 22

Time limit for returned payments Prescription applicable un paiement retourn


(1.21) The Bank is not liable in respect of any returned (1.21) Les actions visant un paiement retourn, au sens
payment as defined in section 2 of the Canada Deposit de larticle 2 de la Loi sur la Socit dassurance-dpts
Insurance Corporation Act in respect of which the Cana- du Canada, pour lequel un versement a t effectu la
da Deposit Insurance Corporation has made a payment Banque au titre du paragraphe 14.01(1) de cette loi se
to the Bank under subsection 14.01(1) of that Act if prescrivent par quarante ans si la somme verse tait in-
frieure mille dollars, le point de dpart de cette p-
(a) the amount paid to the Bank was less than $1,000; riode tant la date applicable vise par le paragraphe
and 14(2.9) de cette loi.

(b) at least 40 years have gone by since the applicable


date referred to in subsection 14(2.9) of that Act.

Limitation of Banks liability Limite de responsabilit de la Banque


(1.3) The Bank is not liable in respect of a debt referred (1.3) Si la somme verse la Banque est gale ou sup-
to in subsection (1), an instrument referred to in subsec- rieure mille dollars, les actions visant la dette, leffet, la
tion (1.1), a claim referred to in subsection (1.2) or a re- crance ou le paiement retourn se prescrivent par cent
turned payment referred to in subsection (1.21) if the ans, le point de dpart de cette priode tant la date du
amount paid to the Bank in respect of the debt, instru- versement.
ment, claim or returned payment was $1,000 or more and
at least 100 years have gone by since the payment was
made to the Bank.

Application Application
(1.4) For greater certainty, subsections (1) to (1.3) also (1.4) Les paragraphes (1) (1.3) sappliquent galement
apply in respect of amounts paid to the Bank before the aux versements qui ont t effectus la Banque avant
coming into force of this subsection. lentre en vigueur du prsent paragraphe.

No liability where claims paid Non-responsabilit


(2) The Bank is not liable in respect of (2) La Banque ne peut tre tenue pour responsable des
dettes impayes ou des effets pour lesquels elle a reu un
(a) any unpaid debt or any instrument in respect of versement de la part dune institution financire fdrale,
which a federal financial institution has paid an en application de la loi pertinente ni du montant non dis-
amount to the Bank in accordance with the relevant tribu de la liquidation dune institution que lui a vers le
Act in respect of the federal financial institution, or liquidateur par lintermdiaire du ministre aux termes de
la loi pertinente, dans le cas o elle a remis au crancier,
(b) any claim against a liquidator in respect of the conformment celle-ci, selon le cas, ou au receveur g-
winding-up of a federal financial institution the nral en application du paragraphe (3), les sommes qui
amount of which claim has been paid to the Minister lui ont t ainsi verses.
and by the Minister to the Bank under the relevant Act
in respect of the federal financial institution,
where an amount equal to the amount so paid has been
paid by the Bank to the creditor in accordance with the
relevant Act in respect of the federal financial institution
or to the Receiver General under subsection (3).

No liability where claims paid returned payments Non-responsabilit : paiement retourn


(2.1) The Bank is not liable in respect of any returned (2.1) La Banque ne peut tre tenue pour responsable du
payment as defined in section 2 of the Canada Deposit paiement retourn, au sens de larticle 2 de la Loi sur la
Insurance Corporation Act in respect of which the Cana- Socit dassurance-dpts du Canada, lgard duquel
da Deposit Insurance Corporation has paid an amount to la Socit dassurance-dpts du Canada a vers un paie-
the Bank under subsection 14.01(1) of that Act if an ment la Banque, au titre du paragraphe 14.01(1) de
amount equal to the amount so paid has been paid by the cette loi, si une somme gale ce paiement a t verse

Current to April 12, 2017 15 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Sections 22-22.1 Articles 22-22.1

Bank to a claimant under subsection 14.01(4) of that Act au demandeur au titre du paragraphe 14.01(4) de cette loi
or to the Receiver General under subsection (3). ou au receveur gnral en application du paragraphe (3).

Amounts to be paid to Receiver General Versement au receveur gnral


(3) An amount equal to the amount paid to the Bank in (3) La Banque remet au receveur gnral le montant de
respect of a debt referred to in subsection (1), an instru- la dette, de leffet, de la crance ou du paiement retourn
ment referred to in subsection (1.1), a claim referred to in viss aux paragraphes (1) (1.21), sans intrt, dans les
subsection (1.2) or a returned payment referred to in sub- deux mois qui suivent la fin de lanne civile au cours de
section (1.21) shall, within two months after the end of laquelle a expir la priode de quarante ans et peut ds
the calendar year in which the applicable 40-year period lors dtruire tous documents relatifs ceux-ci.
expired, be paid by the Bank without interest to the Re-
ceiver General and the Bank may destroy all records re-
lating to the debt, instrument, claim or returned pay-
ment.

Amounts part of C.R.F. Trsor


(4) Any amount paid by the Bank to the Receiver Gener- (4) Les montants pays par la Banque au titre du para-
al under subsection (3) shall form part of the Consolidat- graphe (3) sont verss au Trsor.
ed Revenue Fund.

Definitions Dfinitions
(5) For the purposes of this section, (5) Les dfinitions qui suivent sappliquent au prsent
article.
federal financial institution means a bank, an autho-
rized foreign bank, a company to which the Trust and institution financire fdrale Banque, banque tran-
Loan Companies Act applies or an association to which gre autorise, socit rgie par la Loi sur les socits de
the Cooperative Credit Associations Act applies; (institu- fiducie et de prt ou association rgie par la Loi sur les
tion financire fdrale) associations coopratives de crdit. (federal financial
institution)
relevant Act in respect of a federal financial institution
means loi pertinente Loi qui rgit chacune des institutions fi-
nancires fdrales suivantes :
(a) in the case of a bank or authorized foreign bank,
the Bank Act, a) banques ou banques trangres autorises, la Loi
sur les banques;
(b) [Repealed, 1999, c. 28, s. 97]
b) [Abrog, 1999, ch. 28, art. 97]
(c) in the case of a company to which the Trust and
Loan Companies Act applies, that Act, and c) socits rgies par la Loi sur les socits de fiducie
et de prt, cette mme loi;
(d) in the case of an association to which the Coopera-
tive Credit Associations Act applies, that Act. (loi per- d) associations rgies par la Loi sur les associations
tinente) coopratives de crdit, cette mme loi. (relevant Act)
R.S., 1985, c. B-2, s. 22; 1991, c. 46, ss. 582, 583, c. 48, s. 494; 1997, c. 15, s. 100; 1999, c. L.R. (1985), ch. B-2, art. 22; 1991, ch. 46, art. 582 et 583, ch. 48, art. 494; 1997, ch. 15,
28, s. 97; 2001, c. 9, s. 196; 2007, c. 6, s. 394; 2012, c. 5, s. 183. art. 100; 1999, ch. 28, art. 97; 2001, ch. 9, art. 196; 2007, ch. 6, art. 394; 2012, ch. 5, art.
183.

Inspection Inspection
22.1 (1) The Bank may require that the Superintendent 22.1 (1) La Banque peut demander au surintendant des
of Financial Institutions perform, for a specified purpose, institutions financires de procder linspection dune
an inspection of any financial institution within the institution financire, au sens de la Loi sur le Bureau du
meaning of the Office of the Superintendent of Financial surintendant des institutions financires, pour un motif
Institutions Act. dtermin.

Current to April 12, 2017 16 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Sections 22.1-24 Articles 22.1-24

Costs Frais
(2) Where an inspection is made under subsection (1), (2) Les frais occasionns par linspection et qui, de lavis
such costs incurred in relation thereto as in the opinion du surintendant des institutions financires, constituent
of the Superintendent of Financial Institutions are ex- des dpenses extraordinaires sont imputs la Banque.
traordinary shall be borne by the Bank. L.R. (1985), ch. 18 (3e suppl.), art. 85.
R.S., 1985, c. 18 (3rd Supp.), s. 85.

Prohibited business Interdictions


23 The Bank shall not, except as authorized by this Act, 23 Sauf dans les cas permis par la prsente loi, il est in-
terdit la Banque :
(a) engage or have a direct interest in any trade or
business whatever; a) de sengager ou davoir un intrt direct dans un
commerce ou une entreprise quelconque;
(b) purchase, or make loans on the security of, its own
shares or the shares or membership shares of any b) dacheter ses propres actions ou les actions ou les
bank, except the Bank for International Settlements; parts sociales dune banque, la Banque des rglements
internationaux excepte, ou de consentir des prts sur
(c) lend or make advances on the security of any real la garantie de ces actions;
property or immovable, except that, in the event of
any claims of the Bank being in the opinion of the c) de prter ou de consentir des avances sur la garan-
Board endangered, the Bank may secure itself on any tie dimmeubles ou de biens rels, rien ne sopposant
real property, or obtain security on any immovable, of toutefois ce que, pour protger une crance que le
the debtor or any other person liable and may acquire conseil estime compromise, elle grve dune sret les
that property, which shall be resold as practicable af- immeubles ou biens rels du dbiteur ou dun autre
ter the acquisition; oblig et sen porte acqureur, condition de les re-
vendre quand les circonstances sy prtent;
(d) make loans or advances without security;
d) de faire des prts ou avances non garantis;
(e) pay interest on any money deposited with the
Bank; or e) de payer des intrts sur des fonds dposs la
Banque;
(f) allow the renewal of maturing bills of exchange,
promissory notes or other similar documents pur- f) de permettre le renouvellement deffets arrivant
chased or discounted by or pledged to the Bank, ex- chance, notamment lettres de change et billets
cept that the Board may make regulations authorizing ordre, quelle a achets ou escompts ou qui lui ont t
in special circumstances not more than one renewal of remis en gage, le conseil pouvant toutefois autoriser,
any such bill of exchange, promissory note or other par rglement, le renouvellement pour une seule fois
document. deffets dans des circonstances spciales.
R.S., 1985, c. B-2, s. 23; 1997, c. 15, s. 101(E); 2001, c. 4, s. 59; 2010, c. 12, s. 2112. L.R. (1985), ch. B-2, art. 23; 1997, ch. 15, art. 101(A); 2001, ch. 4, art. 59; 2010, ch. 12,
art. 2112.

Fiscal agent of Canadian Government Agent financier du gouvernement canadien


24 (1) The Bank shall act as fiscal agent of the Govern- 24 (1) La Banque remplit les fonctions dagent financier
ment of Canada. du gouvernement du Canada.

Charge for acting Honoraires


(1.1) With the consent of the Minister, the Bank may (1.1) La Banque peut, avec le consentement du ministre,
charge for acting as fiscal agent of the Government of exiger des honoraires pour remplir de telles fonctions.
Canada.

To manage public debt Gestion de la dette publique


(2) The Bank, if and when required by the Minister to do (2) Sur demande du ministre, la Banque fait office de
so, shall act as agent for the Government of Canada in mandataire du gouvernement du Canada pour la gestion
the payment of interest and principal and generally in re- de la dette publique, notamment pour le paiement des in-
spect of the management of the public debt of Canada. trts et du principal de celle-ci.

Current to April 12, 2017 17 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Business and Powers of the Bank Oprations de la banque
Sections 24-25 Articles 24-25

(2.1) If the Minister may, under any other Act of Parlia- (2.1) Lorsquune autre loi fdrale prvoit expressment
ment that expressly authorizes him or her to do so, lend, que le ministre peut, la demande dune socit man-
at the request of an agent corporation as defined in sub- dataire au sens du paragraphe 83(1) de la Loi sur la ges-
section 83(1) of the Financial Administration Act, money tion des finances publiques, consentir, aux conditions
out of the Consolidated Revenue Fund to that corpora- quil fixe, des prts sur le Trsor, le ministre peut autori-
tion on any terms and conditions that he or she may fix, ser, aux conditions quil fixe, la Banque grer en son
the Minister may authorize the Bank to manage the lend- nom les prts cette socit mandataire.
ing of money to that corporation on his or her behalf, on
any terms and conditions that he or she may establish.

Canadian Government cheques to be paid or Encaissement des chques du gouvernement


negotiated at par canadien
(3) The Bank shall not make any charge for cashing or (3) La Banque ne peut exiger de frais pour lencaisse-
negotiating a cheque drawn on the Receiver General or ment ou la ngociation de chques tirs sur le receveur
on the account of the Receiver General, or for cashing or gnral ou pour son compte et dautres effets autorisant
negotiating any other instrument issued as authority for des paiements sur le Trsor, ni pour le dpt au Trsor
the payment of money out of the Consolidated Revenue de chques faits lordre du gouvernement du Canada ou
Fund, or on a cheque drawn in favour of the Government dun ministre fdral.
of Canada or any of its departments and tendered for de- L.R. (1985), ch. B-2, art. 24; 1997, ch. 15, art. 102; 2001, ch. 9, art. 197(A); 2016, ch. 12,
art. 124.
posit in the Consolidated Revenue Fund.
R.S., 1985, c. B-2, s. 24; 1997, c. 15, s. 102; 2001, c. 9, s. 197; 2016, c. 12, s. 124.

Definition of financial institution Dfinition de institution financire


24.1 (1) In this section, financial institution has the 24.1 (1) Pour lapplication du prsent article, institu-
same meaning as in section 3 of the Office of the Superin- tion financire sentend au sens de larticle 3 de la Loi
tendent of Financial Institutions Act. sur le Bureau du surintendant des institutions finan-
cires.

Information requirement Information demande par la Banque


(2) A financial institution shall provide the Bank with (2) Linstitution financire fournit la Banque, aux dates
such information as the Bank may require, at such times et en la forme prcises, les renseignements quelle exige.
and in such form as the Bank may require.

Limitation Exception
(3) A financial institution shall not be required under (3) Elle ne peut tre requise, aux termes du prsent ar-
subsection (2) to provide the Bank with information ticle, de fournir des renseignements concernant les
about the accounts or affairs of any particular person. comptes ou affaires dun particulier.
1997, c. 15, s. 103. 1997, ch. 15, art. 103.

Note Issue mission de billets


Sole right of note issue Droit exclusif
25 (1) The Bank has the sole right to issue notes and 25 (1) La Banque est seule habilite mettre des
those notes shall be a first charge on the assets of the billets; les dtenteurs de ces billets sont les premiers
Bank. cranciers de la Banque.

Arrangements for issue Obligations relatives lmission


(2) It is the duty of the Bank to make adequate arrange- (2) Il incombe la Banque de prendre les mesures indi-
ments for the issue of its notes in Canada and to supply ques pour lmission, en quantit suffisante, de ses
those notes as required for circulation in Canada. billets au Canada.

Current to April 12, 2017 18 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Note Issue mission de billets
Sections 25-27 Articles 25-27

Denominations Coupures
(3) Notes of the Bank shall be in such denominations (3) Les coupures des billets de la Banque, de mme que
and shall be printed and signed or otherwise executed as leurs modalits dimpression et de validation, sont dter-
the Governor in Council by regulation determines. mines par rglement du gouverneur en conseil.

Form and material Forme et matire


(4) The form and material of the notes of the Bank shall (4) Les billets de la Banque sont imprims en franais et
be subject to approval by the Minister, but each note en anglais. Leur forme et leur matire doivent tre ap-
shall be printed in both the English and French lan- prouves par le ministre.
guages.

Notes previously printed Anciens billets


(5) Notwithstanding anything contained in this section, (5) Les billets de la Banque imprims avant le 23 juin
each note of the Bank printed before June 23, 1936, 1936 doivent, indpendamment de leur date dmission,
whether issued before, on or after that date, is a valid and tre honors par la Banque.
binding obligation of the Bank.

Distinction Distinction
(6) Notes of the Bank are neither promissory notes nor (6) Les billets de la Banque ne sont ni des billets ni des
bills of exchange within the meaning of the Bills of Ex- lettres au sens de la Loi sur les lettres de change.
change Act. L.R. (1985), ch. B-2, art. 25; 2001, ch. 9, art. 198.
R.S., 1985, c. B-2, s. 25; 2001, c. 9, s. 198.

Redemption of Notes Other Rachat dautres billets


than Those of the Bank
Liability for notes Obligation
26 (1) The Bank is responsible for the redemption of 26 (1) La Banque est tenue au rachat des billets
notes payable to bearer on demand that were issued and payables sur demande au porteur qui taient en circula-
outstanding on March 11, 1935 and immediately prior to tion le 11 mars 1935 et qui, avant cette date, constituaient
that day constituted a direct liability of Canada, and such une obligation directe du Canada; ces billets continuent
notes are and continue to be legal tender. davoir cours lgal.

Idem Billets des banques canadiennes


(2) The Bank is responsible for the redemption of notes (2) La Banque est tenue au rachat des billets mis par les
of the Canadian banks listed in Schedule R of the Bank banques canadiennes figurant lannexe R de la Loi sur
Act, chapter B-1 of the Revised Statutes of Canada, 1970, les banques, chapitre B-1 des Statuts reviss du Canada
that were issued prior to January 1, 1950 and intended de 1970, avant le 1er janvier 1950 et destins circuler au
for circulation in Canada. Canada.
R.S., c. B-2, s. 22; 1980-81-82-83, c. 40, s. 50. S.R., ch. B-2, art. 22; 1980-81-82-83, ch. 40, art. 50.

Reserve Funds Fonds de rserve


Reserve fund Constitution
27 The Bank shall establish a reserve fund and, after 27 La Banque constitue un fonds de rserve. Laffecta-
making the provision that the Board thinks proper for tion ce fonds de lexcdent constat de ses oprations
bad and doubtful debts, depreciation in assets, pension au cours de chaque exercice, aprs les provisions habi-
funds and all other matters that are properly provided for tuelles en matire bancaire juges utiles par le conseil,
by banks, the ascertained surplus available from the op- notamment pour crances irrcouvrables ou douteuses,
erations of the Bank during each financial year is to be dprciation de lactif et caisses de retraite, se fait selon
applied by the Board as follows: les rgles suivantes :

Current to April 12, 2017 19 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Reserve Funds Fonds de rserve
Sections 27-28 Articles 27-28

(a) if the Banks reserve fund is less than the paid-up a) le tiers de lexcdent est affect au fonds de rserve,
capital, one third of the surplus is to be allocated to quand celui-ci est infrieur au capital vers, le reliquat
the reserve fund, and the residue is to be paid to the tant vers au Trsor par le canal du receveur gnral;
Receiver General and form part of the Consolidated
Revenue Fund; b) le cinquime de lexcdent est affect au fonds de
rserve, quand le montant de celui-ci se situe entre le
(b) if the reserve fund is not less than the paid-up cap- capital vers et son quintuple, le reliquat tant vers
ital, one fifth of the surplus is to be allocated to the re- au Trsor par le canal du receveur gnral;
serve fund until the reserve fund reaches an amount
five times the paid-up capital, and the residue is to be c) si le fonds de rserve est gal ou suprieur au quin-
paid to the Receiver General and form part of the Con- tuple du capital vers, lexcdent est vers en entier au
solidated Revenue Fund; and Trsor par le canal du receveur gnral.
L.R. (1985), ch. B-2, art. 27; 2007, ch. 6, art. 395(A).
(c) if the reserve fund is not less than five times the
paid-up capital, the whole of the surplus is to be paid
to the Receiver General and form part of the Consoli-
dated Revenue Fund.
R.S., 1985, c. B-2, s. 27; 2007, c. 6, s. 395(E).

Special reserve fund unrealized valuation losses Fonds de rserve spcial : pertes non ralises
27.1 (1) Despite section 27, the Bank may establish a 27.1 (1) Malgr larticle 27, la Banque peut tablir un
special reserve fund and may, pursuant to a resolution fonds de rserve spcial et, conformment une rsolu-
passed by the Board, allocate to the fund out of the ascer- tion adopte par le conseil, y affecter une somme sur les
tained surplus available from the operations of the Bank excdents constats de ses oprations au cours de chaque
during each financial year an amount to offset unrealized exercice afin de compenser les pertes non ralises lies
valuation losses due to changes in the fair value of the in- des changements dans lvaluation la juste valeur du
vestment portfolio of the Bank. portefeuille dinvestissement de la Banque.

Maximum Maximum
(2) The amount that may be held in the fund shall not be (2) La somme maximale qui peut tre conserve dans ce
more than $400,000,000 at any time. fonds est de quatre cent millions de dollars.
2007, c. 6, s. 396. 2007, ch. 6, art. 396.

Audit Vrification
Appointment of auditors Nomination de vrificateurs
28 (1) The Governor in Council shall, on the recommen- 28 (1) Sur recommandation du ministre, le gouverneur
dation of the Minister, appoint two firms of accountants en conseil nomme, pour la vrification des comptes de la
eligible to be appointed as auditors of a bank to audit the Banque, deux cabinets de comptables aptes exercer les
affairs of the Bank. fonctions de vrificateurs auprs des banques.

Term of office Mandat


(2) Every firm of accountants appointed after November (2) Les cabinets nomms aprs le 30 novembre 1980
30, 1980 shall be appointed to perform annual audits for couvrent les cinq exercices qui suivent leur nomination,
the five fiscal years following the year of its appointment sauf dans le cas dun des deux premiers cabinets nomms
except that one of the first two firms of accountants ap- aprs cette date, pour lequel il est limit aux trois pre-
pointed after November 30, 1980 shall be appointed to miers exercices.
perform annual audits for the three years following the
year of its appointment.

Vacancies Vacance
(3) Where any vacancy occurs in the office of auditor of (3) En cas de vacance dun des postes de vrificateur, la
the Bank, notice thereof shall forthwith be given by the Banque en avise sans dlai le ministre, qui procde ds
Bank to the Minister who thereupon shall appoint some lors la nomination, pour le reste du mandat, dun autre

Current to April 12, 2017 20 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Audit Vrification
Sections 28-30 Articles 28-30

other firm of accountants eligible to be appointed under cabinet remplissant les conditions prvues au prsent ar-
this section to audit the affairs of the Bank for the bal- ticle.
ance of the term of the firm of accountants so replaced.

Persons who may not act Conditions de nomination


(4) No firm of accountants of which a director is a mem- (4) Les fonctions de vrificateur sont incompatibles avec
ber is eligible for appointment as an auditor and no audi- lappartenance un cabinet de comptables dont fait par-
tor of the Bank is eligible for appointment for a second tie un administrateur; par ailleurs, elles ne sont pas re-
successive term. conductibles.

Reports to Minister Rapport au ministre


(5) The Minister may from time to time require the audi- (5) Le ministre peut demander aux vrificateurs de lui
tors to report to the Minister on the adequacy of the pro- faire rapport sur la justesse des mthodes adoptes par la
cedure adopted by the Bank for the protection of its cred- Banque pour la protection de ses cranciers ou action-
itors or shareholders and the sufficiency of their own naires, ainsi que sur celle de leurs propres mthodes de
procedure in auditing the affairs of the Bank, and the vrification des affaires de la Banque; il peut en outre, sil
Minister may, at his discretion, enlarge or extend the lestime justifi par lintrt public, largir la porte de la
scope of the audit or direct that any other procedure be vrification, faire adopter dautres mthodes ou faire pro-
established or that any other examination be made by the cder tous autres examens.
auditors as the public interest may seem to require.

Copies of reports to be sent to Minister Transmission au ministre


(6) A copy of every report made by the auditors to the (6) Les vrificateurs adressent simultanment au mi-
Bank under this section shall be transmitted to the Min- nistre un exemplaire de tout rapport quils adressent, en
ister by the auditors at the same time as that report is application du prsent article, la Banque.
transmitted to the Bank. S.R., ch. B-2, art. 24; 1980-81-82-83, ch. 40, art. 51.
R.S., c. B-2, s. 24; 1980-81-82-83, c. 40, s. 51.

Returns Documents prsenter


Weekly financial information tat hebdomadaire
29 (1) The Bank shall, as soon as practicable after the 29 (1) Dans les meilleurs dlais aprs le dernier jour ou-
last business day of each week, post on its website finan- vrable de la semaine, la Banque affiche sur son site Web
cial information about its assets and liabilities. les renseignements financiers sur ses actifs et ses passifs.

Monthly balance sheet tat mensuel


(2) The Bank shall, as soon as practicable after the last (2) Dans les meilleurs dlais aprs le dernier jour ou-
business day of each month, post on its website its bal- vrable du mois, la Banque affiche sur son site Web son
ance sheet as at the close of business on that day. The bilan lheure de fermeture de ce jour; ce bilan doit com-
balance sheet shall set out information regarding the prendre des renseignements sur ses placements en va-
Banks investments in securities issued or guaranteed by leurs ou ses titres mis ou garantis par le gouvernement
the Government of Canada. du Canada.
R.S., 1985, c. B-2, s. 29; 1997, c. 15, s. 104; 2001, c. 9, s. 199; 2007, c. 6, s. 397; 2012, c. L.R. (1985), ch. B-2, art. 29; 1997, ch. 15, art. 104; 2001, ch. 9, art. 199; 2007, ch. 6, art.
5, s. 184. 397; 2012, ch. 5, art. 184.

Fiscal year Exercice


30 (1) The fiscal year of the Bank shall be the calendar 30 (1) Lexercice de la Banque concide avec lanne ci-
year. vile.

Current to April 12, 2017 21 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Returns Documents prsenter
Sections 30-31 Articles 30-31

Financial statements to Minister tat de compte


(2) Within two months after the end of each financial (2) Dans les deux premiers mois de chaque exercice, la
year, the Bank shall send to the Minister its audited fi- Banque fait parvenir au ministre, en la forme prescrite
nancial statements for the financial year, in the form par rglement administratif, un tat de compte certifi
prescribed by the by-laws of the Bank. pour lexercice prcdent.

Signing of statements Signature


(2.1) The financial statements must be signed by the (2.1) Ltat de compte est sign par le gouverneur ou le
Governor or the Deputy Governor and the Chief Accoun- sous-gouverneur et par le chef comptable ou son sup-
tant or Acting Chief Accountant of the Bank. plant.

Other information Autres renseignements


(2.2) The financial statements must be accompanied by (2.2) Il est assorti ventuellement des rsums ou rap-
any summary or report by the Governor that the Gover- ports que le gouverneur peut juger opportun de prsenter
nor considers desirable or that is required by the Minis- ou que le ministre peut exiger et, une fois sign et certi-
ter. A copy of the signed and audited financial statements fi, il est publi sans dlai dans la Gazette du Canada.
must without delay be published in the Canada Gazette.

Report to Parliament Rapport au Parlement


(3) The Minister shall lay the copy of the accounts and (3) Le ministre dpose un exemplaire de ltat de compte
Governors report mentioned in subsection (2) before et du rapport du gouverneur devant le Parlement dans
Parliament on any of the first twenty-one days that either les vingt et un premiers jours de sance de lune ou
House of Parliament is sitting after the Minister receives lautre chambre qui suivent leur rception.
it. L.R. (1985), ch. B-2, art. 30; 1997, ch. 15, art. 105.
R.S., 1985, c. B-2, s. 30; 1997, c. 15, s. 105.

Liability Immunit
No liability if in good faith Immunit judiciaire
30.1 No action lies against Her Majesty, the Minister, 30.1 Sa Majest, le ministre, les administrateurs, les
any officer, employee or director of the Bank or any per- cadres ou les employs de la Banque ou toute autre per-
son acting under the direction of the Governor for any- sonne agissant sous les ordres du gouverneur bnficient
thing done or omitted to be done in good faith in the ad- de limmunit judiciaire pour les actes ou omissions com-
ministration or discharge of any powers or duties that mis de bonne foi dans lexercice autoris ou requis
under this Act are intended or authorized to be executed des pouvoirs et fonctions confrs par la prsente loi.
or performed. 2001, ch. 9, art. 200.
2001, c. 9, s. 200.

Offences and Punishment Infractions et peines


Holding office when ineligible Occupation illgale de poste
31 Every person who holds office or continues to hold 31 Quiconque occupe le poste de gouverneur, celui de
office as the Governor or as a Deputy Governor or direc- sous-gouverneur ou lun des postes dadministrateur de
tor of the Bank, knowing that he or she is not eligible for la Banque tout en sachant quil ne rpond pas ou plus
that office, is guilty of an offence and liable on summary aux conditions de nomination commet une infraction
conviction to a fine of not more than one hundred thou- et est passible, sur dclaration de culpabilit par proc-
sand dollars or to imprisonment for a term of not more dure sommaire, dune amende maximale de 100 000 $ et
than six months or to both. dun emprisonnement maximal de six mois, ou de lune
R.S., 1985, c. B-2, s. 31; 2001, c. 9, s. 201. de ces peines.
L.R. (1985), ch. B-2, art. 31; 2001, ch. 9, art. 201.

Current to April 12, 2017 22 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
Offences and Punishment Infractions et peines
Sections 32-35 Articles 32-35

Verifying false statement, account or list Apurement de faux compte, tat ou liste
32 Every director, officer or auditor of the Bank who 32 Ladministrateur, le cadre ou le vrificateur de la
verifies any statement, account or list required to be fur- Banque qui apure un compte, un tat ou une liste trans-
nished to the Minister pursuant to this Act, or who has to mettre au ministre aux termes de la prsente loi, ou qui
do with the delivering or transmitting of that statement, intervient un titre quelconque dans leur transmission
account or list to the Minister, knowing it to be false in au ministre, tout en sachant quil est faux sur un point
any material particular, is guilty of an offence and liable important, commet une infraction et est passible, sur d-
on summary conviction to a fine of not more than one claration de culpabilit par procdure sommaire, dune
hundred thousand dollars or to imprisonment for a term amende maximale de 100 000 $ et dun emprisonnement
of not more than six months or to both. maximal de six mois, ou de lune de ces peines.
R.S., 1985, c. B-2, s. 32; 2001, c. 9, s. 201. L.R. (1985), ch. B-2, art. 32; 2001, ch. 9, art. 201.

Contravention of Act Infraction gnrale


33 Any officer of the Bank or any officer of a bank or any 33 Quiconque omet de se conformer la prsente loi
other person who fails or omits to comply with any provi- commet une infraction et, sauf disposition contraire de
sion of this Act is guilty of an offence and, unless other- celle-ci, est passible, sur dclaration de culpabilit par
wise provided by this Act, liable on summary conviction procdure sommaire, dune amende maximale de
to a fine of not more than one hundred thousand dollars 100 000 $ et dun emprisonnement maximal de six mois,
or to imprisonment for a term of not more than six ou de lune de ces peines.
months or to both. L.R. (1985), ch. B-2, art. 33; 2001, ch. 9, art. 201.
R.S., 1985, c. B-2, s. 33; 2001, c. 9, s. 201.

Liquidation or Winding-up Liquidation ou dissolution


Insolvency and winding-up Prrogative du Parlement
34 No statute relating to the insolvency or winding-up of 34 La Banque est soustraite lapplication des lois
any corporation applies to the Bank and in no case shall concernant linsolvabilit ou la liquidation des personnes
the affairs of the Bank be wound up unless Parliament so morales, et seul le Parlement peut dcider sa liquidation;
provides, but if provision is made for winding up the le cas chant, les dtenteurs de ses billets sont les pre-
Bank the notes of the Bank outstanding are the first miers cranciers privilgis.
charge on the assets. S.R., ch. B-2, art. 30.
R.S., c. B-2, s. 30.

By-laws Rglements administratifs


By-laws Objets
35 (1) The Board, with the approval of the Governor in 35 (1) Dans le cadre de la prsente loi et avec lagr-
Council, may make by-laws with respect to ment du gouverneur en conseil, le conseil peut, par rgle-
ment administratif, prvoir :
(a) the calling of meetings of the Board and of the Ex-
ecutive Committee and what number of persons shall a) la convocation de ses runions et de celles du comi-
constitute a quorum in each case, and how questions t de direction, la fixation de leur quorum et les moda-
considered at those meetings shall be determined; lits relatives la prise de dcisions lors de ces
runions;
(b) the fees of directors;
b) les honoraires des administrateurs;
(c) the duties and conduct of officers and employees
of the Bank; c) les fonctions et les rgles de conduite du personnel
de la Banque;
(d) the form of the annual statement of accounts; and
d) la prsentation de ltat de compte annuel;
(e) generally, the management and disposition of the
stock, property and undertakings of the Bank. e) de faon gnrale, la gestion et la disposition du ca-
pital-actions, des biens et des affaires de la Banque.

Current to April 12, 2017 23 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
By-laws Rglements administratifs
Section 35 Article 35

Publication Publication
(2) Every by-law and every amendment or repeal thereof (2) Les rglements administratifs ainsi que leurs modifi-
shall take effect when published in the Canada Gazette. cations ou leur abrogation prennent effet ds leur publi-
R.S., 1985, c. B-2, s. 35; 1997, c. 15, s. 106(E); 2001, c. 4, s. 60(F). cation dans la Gazette du Canada.
L.R. (1985), ch. B-2, art. 35; 1997, ch. 15, art. 106(A); 2001, ch. 4, art. 60(F).

Current to April 12, 2017 24 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
SCHEDULE ANNEXE

SCHEDULE ANNEXE
(Section 16) (article 16)

Oath or Solemn Affirmation of Serment professionnel ou d-


Office claration solennelle
I, ..................., do solemnly swear (or affirm) that I will Moi, ..................., je jure (ou dclare solennellement) que
faithfully and to the best of my judgment and ability per- je remplirai bien et fidlement les fonctions attaches
form the duties that relate to any office or position in the lemploi (ou au poste) que joccupe la Banque du
Bank held by me. Canada.
I also solemnly swear (or affirm) that I will not Je jure (ou dclare solennellement) en outre que je ne
communiquerai, ni ne laisserai communiquer, aucun ren-
communicate or allow to be communicated, to any
seignement confidentiel sur les affaires ou les activits de
person not entitled to it, any confidential informa-
la Banque que jaurai obtenu en raison de lexercice de
tion that relates to the business or affairs of the
ces fonctions quiconque ny a pas droit, que je nutilise-
Bank that I may learn in the course of performing
rai un tel renseignement que pour lexercice de ces fonc-
those duties;
tions et que je ne permettrai quiconque ny a pas droit
use any such information for any purpose other laccs aux documents appartenant la Banque ou en sa
than to perform those duties; or possession, et se rapportant ses affaires ou ses activi-
ts.
allow any person to inspect or have access to any
L.R. (1985), ch. B-2, ann. I; 1997, ch. 15, art. 107; 2001, ch. 9, art. 202.
books and records that belong to or that are in the
possession of the Bank and that relate to the busi-
ness or affairs of the Bank, unless the person is
legally entitled to inspect them or to have access to
them.
R.S., 1985, c. B-2, Sch. I; 1997, c. 15, s. 107; 2001, c. 9, s. 202.

Current to April 12, 2017 25 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
SCHEDULES II AND III ANNEXES II ET III

SCHEDULES II AND III ANNEXES II ET III


[Repealed, 2001, c. 9, s. 202] [Abroges, 2001, ch. 9, art. 202]

Current to April 12, 2017 26 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016
Bank of Canada Banque du Canada
AMENDMENTS NOT IN FORCE MODIFICATIONS NON EN VIGUEUR

AMENDMENTS NOT IN FORCE MODIFICATIONS NON EN


VIGUEUR
2014, c. 39, s. 266 2014, ch. 39, art . 266

2001, c. 9, s. 194(2) 2001, ch. 9, par. 194(2)

266 Paragraph 18(h) of the Bank of Canada Act is 266 Lalina 18h) de la Loi sur la Banque du Canada
replaced by the following: est remplac par ce qui suit :

(h) subject to section 19.1, make loans or advances for pe- h) sous rserve de larticle 19.1, consentir, pour une p-
riods not exceeding six months to members of the Canadi- riode dau plus six mois, des prts ou avances aux tablis-
an Payments Association on taking security in any proper- sements membres de lAssociation canadienne des paie-
ty that the institution to which the loan or advance is made ments en grevant dune sret des biens que
is authorized to hold; ltablissement qui le prt ou lavance sont consentis est
autoris dtenir;

2014, c. 39, s. 267 2014, ch. 39 , a rt. 267

267 The Act is amended by adding the following af- 267 La mme loi est modifie par adjonction, aprs
ter section 19: larticle 19, de ce qui suit :

Provincial members tablissement provincial


19.1 The Bank may make a loan or advance under para- 19.1 La Banque ne peut, aux termes de lalina 18h),
graph 18(h) to a central cooperative credit society or local co- consentir des prts ou avances une socit cooprative de
operative credit society, as those expressions are defined in crdit centrale ou une socit cooprative de crdit locale,
subsection 2(1) of the Canadian Payments Act, only if au sens du paragraphe 2(1) de la Loi canadienne sur les paie-
ments, que dans lune ou lautre des situations suivantes :
(a) a province has agreed in writing to indemnify the Bank
for any loss that the Bank could incur as a result of the a) une province a consenti, par crit, indemniser la
loan or advance; or Banque pour les pertes, dcoulant du prt ou de lavance,
que celle-ci pourrait subir;
(b) the loan or advance is made to a participant in a clear-
ing and settlement system, as defined in section 2 of the b) le prt ou lavance est consenti un tablissement par-
Payment Clearing and Settlement Act, operated by the ticipant un systme de compensation et de rglement, au
Canadian Payments Association and it is made for the sole sens de larticle 2 de la Loi sur la compensation et le rgle-
purpose of enabling the participant to settle its clearing ment des paiements, mis en uvre par lAssociation cana-
balance in the system. dienne des paiements et est consenti dans le seul but de
permettre au participant de rgler son solde de compensa-
tion dans le systme.

Current to April 12, 2017 27 jour au 12 avril 2017


Last amended on December 15, 2016 Dernire modification le 15 dcembre 2016