Common use of COUNCIL OF MINISTERS DECISION MAKING PROCESS Clause in Contracts

COUNCIL OF MINISTERS DECISION MAKING PROCESS. The Participating Jurisdictions agree to the following: 5.1 Voting on the Appointments of Board of Directors and Tribunal Members and an Interface with Non-Participating Jurisdictions (a) at least 50 per cent of all members of the Council of Ministers; (b) the member of the Council of Ministers from each Major Capital Markets Jurisdiction; and (c) the Minister of Finance of Canada. 5.2 Voting on a Regulation made by the Board of Directors (a) A regulation made by the Board of Directors subsequent to the Initial Regulations will be put before the Council of Ministers before it comes into force. Unless the Council of Ministers has asked that the Board of Directors reconsider the regulation or the Council of Ministers has decided to reject the regulation within a specified period, the regulation will be considered to have been approved by the Council of Ministers. (b) The Council of Ministers must request that the Board of Directors reconsider a regulation before the Council of Ministers makes a decision to reject the regulation. (c) A request by the Council of Ministers to the Board of Directors to reconsider a regulation must be approved by: (i) at least 50 per cent of all members of the Council of Ministers; and (ii) any one of the members of the Council of Ministers from the Major Capital Markets Jurisdictions and from Canada taken together. (d) A decision to reject a regulation that has been reconsidered by the Board of Directors at the request of the Council of Ministers and once again put before the Council of Ministers before it comes into force must be approved by: (i) at least 50 per cent of all members of the Council of Ministers; and (ii) a majority of the members of the Council of Ministers from the Major Capital Markets Jurisdictions and from Canada taken together. 5.3 Voting on a Request to CMRA to consult on and consider making a Regulation (a) at least 50 per cent of all members of the Council of Ministers; and (b) any one of the members of the Council of Ministers from the Major Capital Markets Jurisdictions and from Canada taken together.