Royal Canadian Mint Act

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Sections107

• 1Short title

  This Act may be cited as the Royal Canadian Mint Act.

• 2Definitions

  In this Act,

• 2[p2]

  base metal means any metal other than precious metal; (métal commun)

• 2[p3]Repealed

  base metal coin[Repealed, 1999, c. 4, s. 1]

• 2[p4]

  Board means the Board of Directors of the Mint appointed under this Act; (conseil)

• 2[p5]

  circulation coin means a coin composed of base metal that is listed in Part 2 of the schedule and that is put into circulation in Canada for use in day-to-day transactions; (monnaie de circulation)

• 2[p6]

  Master means the Master of the Mint; (président)

• 2[p7]Repealed

  Minister[Repealed, 2005, c. 38, s. 129]

• 2[p8]

  Mint means the Royal Canadian Mint established by this Act; (Monnaie)

• 2[p9]

  non-circulation coin means a coin composed of base metal, precious metal or any combination of those metals that is not intended for circulation and that is listed in Part 1 of the schedule; (monnaie hors circulation)

• 2[p10]

  precious metal means gold, silver, platinum or any of the platinum group of metals. (métal précieux)

• 2[p11]Repealed

  precious metal coin[Repealed, 1999, c. 4, s. 1]

• 2.1Power of Governor in Council

  The Governor in Council may designate a member of the Queen’s Privy Council for Canada to be the Minister for the purposes of this Act.

• 3Incorporation
• 3(1)

  The Master of the Mint and such other persons as constitute the Board of Directors of the Mint are hereby incorporated as a body corporate under the name of the Royal Canadian Mint.

• 3(2)Objects

  The objects of the Mint are to mint coins in anticipation of profit and to carry out other related activities.

• 3(2.1)Repealed

  [Repealed, 2016, c. 12, s. 117]

• 3(3)Head office

  The head office of the Mint shall be in the National Capital Region as described in the schedule to the National Capital Act.

• 3.1Authorized capital
• 3.1(1)

  The authorized capital of the Mint is forty million dollars, divided into four thousand shares of ten thousand dollars each.

• 3.1(2)Purchase of shares

  The Governor in Council may, by order, approve the purchase by the Minister of shares of the Mint and the payment therefor out of the Consolidated Revenue Fund.

• 3.1(3)Shares

  The shares of the Mint are not transferable and when issued to the Minister in accordance with this Act shall be registered in the books of the Mint in the name of the Minister and held by the Minister in trust for Her Majesty in right of Canada.

• 3.1(4)Limitation

  No shares of the Mint may be issued otherwise than as expressly authorized by this Act.

• 3.2Redemption of shares
• 3.2(1)

  The Mint shall, at the request of the Minister after consultation with the Board, redeem such number of shares issued to the Minister in accordance with this Act as the Minister may direct.

• 3.2(2)Redemption price

  The price to be paid for each share redeemed by the Mint pursuant to subsection (1) is the issue price of the share.

• 4Powers
• 4(1)

  In carrying out its objects, the Mint has the rights, powers and privileges and the capacity of a natural person and may if necessary

• 4(1)(a)

  procure the incorporation, dissolution or amalgamation of subsidiaries and acquire or dispose of any shares in them;

• 4(1)(b)

  acquire and dispose of any interest in any entity by any means;

• 4(1)(c)

  produce and arrange for the production and supply of coins of the currency of Canada;

• 4(1)(d)

  produce and arrange for the production of coins of the currency of countries other than Canada;

• 4(1)(e)

  make medals, plaques, tokens and other objects;

• 4(1)(f)

  melt, assay and refine gold, silver and other metals;

• 4(1)(g)

  lease or acquire gold, silver and other metals;

• 4(1)(h)

  lend, lease or dispose of gold, silver and other metals;

• 4(1)(i)

  issue, promote, deal in or trade in financial services and products relating to gold, silver and other metals, subject to the approval of the Minister and in a manner consistent with the Mint’s last corporate plan as approved under section 122 of the Financial Administration Act;

• 4(1)(j)

  securely store and securely ship coins, gold, silver and other metals or arrange for their secure storage and shipment;

• 4(1)(k)

  market minting equipment developed by, or on behalf of, the Mint;

• 4(1)(l)

  acquire or provide consulting services relating to any activity referred to in paragraphs (c) to (k);

• 4(1)(m)

  obtain, acquire, license, sell, or otherwise make available or dispose of any patent, copyright, industrial design, trademark or other similar property right, or any licence to any of them, relating to any activity referred to in paragraphs (c) to (k);

• 4(1)(n)

  engage in marketing, promotion and research and in development activities relating to any activity referred to in paragraphs (c) to (k);

• 4(1)(o)

  do any of the activities referred to in paragraphs (d) to (f) and (j) on behalf of any person or entity; and

• 4(1)(p)

  subject to the approval of the Minister and in a manner consistent with the Mint’s last corporate plan as approved under section 122 of the Financial Administration Act, engage in any other activity.

• 4(2)Additional powers

  In addition to the powers under section 21 of the Interpretation Act, the Mint may

• 4(2)(a)

  acquire, hold and alienate real property or any interest therein; and

• 4(2)(b)

  make grants in lieu of taxes to any municipality in Canada in amounts not exceeding the taxes that might be levied by that municipality in respect of real property under the administration and control of the Mint if the Mint were not an agent of Her Majesty.

• 5Agent of Her Majesty

  The Mint is for all its purposes an agent of Her Majesty in right of Canada.

• 5.1 to 5.3Repealed

  [Repealed, 1999, c. 4, s. 3]

• 6Issue of coins

  The Governor in Council may authorize the issue of non-circulation coins of a denomination listed in Part 1 of the schedule.

• 6.1Amendment to Part 1 of the schedule

  The Governor in Council may, by order, amend Part 1 of the schedule by adding or deleting a denomination of a non-circulation coin.

• 6.2Characteristics

  The Mint may determine the characteristics, other than the design, of any denomination of a non-circulation coin.

• 6.3Design

  The Minister may determine the design of any denomination of a non-circulation coin.

• 6.31$350 non-circulation coins

  Non-circulation coins of the currency of Canada in the denomination of $350 that are dated 1999, 2000, 2001, 2002, 2003, 2004, 2005 or 2006 are current and legal tender in Canada as of the year that they are dated.

• 6.4Issue of coins
• 6.4(1)

  The Governor in Council may, by order, authorize the issue of circulation coins of a denomination listed in Part 2 of the schedule.

• 6.4(2)Characteristics

  The order must specify the characteristics for that issue of coin.

• 6.5Design

  The Governor in Council may determine the design of any circulation coin to be issued.

• 6.6Amendment to Part 2 of the schedule

  The Governor in Council may, by order, amend Part 2 of the schedule by amending any characteristic of a circulation coin.

• 7Coins to be delivered to Minister of Finance
• 7(1)

  All coins of the currency of Canada that are produced at or supplied by the Mint shall be delivered to the Minister of Finance or such person as the Minister of Finance may designate.

• 7(2)Storage, preparation and movement of coins

  The Mint shall comply with such instructions as the Minister of Finance may give respecting the storage of coins of the currency of Canada or the preparation and movement of shipments of such coins to or from the Mint.

• 7(3)Payments to Mint to be made from C.R.F.

  Payments for the production, storage, preparation or movement of coins of the currency of Canada shall be made out of the Consolidated Revenue Fund on the authorization of the Minister of Finance.

• 7(4)Repealed

  [Repealed, 1999, c. 4, s. 4]

• 7(5)Repealed

  [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 6]

• 8Board of Directors

  The Board of Directors of the Mint shall consist of not less than nine and not more than eleven directors, including the Chairperson and the Master.

• 9Chairperson

  The Chairperson shall be appointed by the Governor in Council to hold office during pleasure for any term that the Governor in Council considers appropriate.

• 10Appointment of Master of the Mint
• 10(1)

  The Master shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

• 10(2)Repealed

  [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 8]

• 10(3)Master

  The Master is the chief executive officer of the Mint and shall devote the whole of his time to the business of the Mint.

• 10(4)Acting Master

  The Board may authorize one of its directors or an officer of the Mint to act as Master in the event that the Master is absent or incapacitated or if the office of Master is vacant but no person so authorized shall act as Master for a period exceeding sixty days without the approval of the Governor in Council.

• 11Appointment of directors

  Each director, other than the Chairperson and the Master of the Mint, shall be appointed by the Minister, with the approval of the Governor in Council, to hold office during pleasure for a term not exceeding four years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors.

• 12
• 12(1)Repealed

  [Repealed, 2016, c. 12, s. 120]

• 12(2)Outside interests

  A person is not eligible to be appointed or to continue as a director of the Mint if the person is not a Canadian citizen ordinarily resident in Canada or if, directly or indirectly, the person is engaged in any undertaking involving or associated with

• 12(2)(a)

  the production or distribution of copper, copper alloy, nickel or precious metals;

• 12(2)(b)

  the purchase, production, distribution or sale of coins or coin operated devices; or

• 12(2)(c)

  the vending of goods and services by means of coin operated devices.

• 12(3)Disposing of interest

  Where any interest prohibited by subsection (2) vests in a director by will or succession for his own benefit, the director shall, within three months thereafter, absolutely dispose of the interest.

• 13Re-appointment of director

  A director on the expiration of his term of office is eligible for re-appointment to the Board in the same or another capacity.

• 14Temporary substitute director

  The Governor in Council may, on such terms and conditions as the Governor in Council may prescribe, appoint a temporary substitute director if a director, other than the Master, is unable at any time to perform the duties of office by reason of absence or incapacity.

• 15Vacancy on Board

  Where the office of a director becomes vacant during the term of the director appointed thereto, the Governor in Council may appoint a director for the remainder of that term.

• 16Salary and benefits
• 16(1)

  The directors shall be paid such salary as is fixed by the Governor in Council and shall receive such benefits as are fixed by the Board.

• 16(2)Expenses

  Each director is entitled to be paid by the Mint such travel and other expenses incurred by the director while absent from his ordinary place of residence in the course of his duties under this Act as may be fixed by by-law of the Mint.

• 17Officers and employees
• 17(1)

  The Mint may appoint such officers, agents and employees as are necessary for the proper conduct of the work of the Mint.

• 17(2)Remuneration

  The remuneration of officers, agents and employees of the Mint shall be a charge against the revenues of the Mint.

• 18Master, officers and employees not part of federal public administration
• 18(1)

  The Master, officers and employees of the Mint are not part of the federal public administration but shall be deemed to be employed in the federal public administration for the purposes of the Government Employees Compensation Act and any regulations made pursuant to section 9 of the Aeronautics Act.

• 18(2)Master and employees deemed employed in public service

  The Master, officers and employees of the Mint shall be deemed to be employed in the public service for the purposes of the Public Service Superannuation Act, and the Mint shall be deemed to be a Public Service corporation for the purposes of that Act.

• 18(3)Contracting powers not limited by collective agreements

  No collective agreement entered into by the Mint with its employees pursuant to Part I of the Canada Labour Code shall prohibit or limit the power of the Mint to enter into contracts with any person to provide for the procurement by the Mint of any goods or services from that person or the minting of coins by that person.

• 19By-laws

  The Board may make by-laws respecting

• 19(a)

  the duties and conduct of officers, agents and employees of the Mint;

• 19(b)

  the conditions of employment and the fixing of the remuneration of officers, agents and employees of the Mint;

• 19(c)

  the time and place for the holding of meetings of the Board, the quorum at those meetings and the procedure in all business at those meetings; and

• 19(d)

  generally the conduct and management of the affairs of the Mint.

• 20Borrowing power
• 20(1)

  The Mint may, for the attainment of its objects, borrow money from the Consolidated Revenue Fund or any other source, but the total amount outstanding at any time may not exceed 75 million dollars or such greater amount as may be specified in an appropriation Act.

• 20(2)Government loans

  The Minister of Finance may lend money to the Mint from the Consolidated Revenue Fund.

• 20(3)Conditions of borrowing

  The Mint shall not enter into any particular transaction to borrow money pursuant to subsection (1) without the approval of the Minister of Finance with respect to the time and the terms and conditions of the transaction.

• 21 to 25Repealed

  [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 14]

• 26Auditor
• 26(1)

  The Auditor General of Canada is the auditor of the Mint.

• 26(2)Inspection of stores and metals

  The Auditor General of Canada shall inspect the inventories of stores and metals of the Mint at least once in each year.

• 29Royal Canadian Mint Act

  The Minister of National Revenue is the Minister for the purposes of the Royal Canadian Mint Act until another member of the Queen’s Privy Council for Canada is designated under section 2.1 of that Act, as enacted by section 130 of this Act.