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The SAC was established in 1996 on a voluntary basis and was formalized in the Canadian Payments Act in 2001. [12] The SAC provides advice to the Payments Canada Board of Directors on payment, clearing, and settlement matters, and contributes input on proposed initiatives, including by-laws, policy statements, and rules that affect third parties.
In the United States, prompt payment of federal government supplier debts is enshrined in Title 31 of the United States Code, chapter 39 being known as the 'Prompt Payment Act'. The California Legislature has implemented a comprehensive series of laws known as the 'prompt payment statutes'.
Bourinot's Rules of Order is a Canadian parliamentary authority originally published in 1894 by (the younger) Sir John George Bourinot, Clerk of the House of Commons of Canada under the title A Canadian Manual on the Procedure at Meetings of Shareholders and Directors of Companies, Conventions, Societies, and Public Assemblies generally.
A detailed examination of the Court's language [in BCE Inc. v. 1976 Debentureholders] reveals that the duty of directors in Canada to 'act honestly and in good faith with a view to the best interests of the corporation' is an implied three-part fiduciary duty, which operationalizes the principle of fair treatment. [42]
The Financial Administration Act (French: Loi sur la gestion des finances publiques) ('The Act') is legislation enacted by the Parliament of Canada, governing financial administration of the government, public assets, the estimates process, the Department of Finance, the Treasury Board of Canada and Crown Corporations.
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The Treasury Board was originally established in 1886 as a committee of the Cabinet of Ontario. Prior to 1950, the board met infrequently and had no permanent staff. Its primary role during this period was to review and approve Special Warrants and Treasury Board Orders to meet shortfalls in departmental estimates.
The CPAB has two governing bodies. The Council of Governors consists of six members: the Superintendent of Financial Institutions, the Chair of the Ontario Securities Commission, the Chair of the Autorité des marchés financiers, the Chair of the Canadian Securities Administrators, [a] a Governor selected by the CSA, and public accountant that has audit oversight regulatory experience ...