Business Development Bank of Canada Act

The Bank of Canada Act grants various powers to the Board and officers of the Bank. The President may act on their own authority in certain circumstances, but must not do so for more than 180 days without approval from the Governor in Council.

The Act also allows the Bank to employ necessary officers and employees, as well as hire agents or mandataries, advisers, and consultants. The Board may delegate powers and specify duties to any officer, employee, or agent of the Bank.

Directors, officers, and employees must take an oath or solemn affirmation of office and confidentiality before commencing their duties. The Act also provides for the remuneration of directors, including the Chairperson and President, as well as other officers and employees.

The Bank is authorized to make loans, investments, and guarantees to individuals or organizations, subject to certain criteria and limitations. These services are intended to fill out or complete services available from commercial financial institutions. The Act also allows the Bank to acquire and deal with property in certain circumstances.

Additionally, the Act defines key terms such as "Canadian" and "voting interest," which are used in determining eligibility for loans, investments, and guarantees.