Royal Canadian Mint Act

An Act respecting the Royal Canadian Mint Short title This Act may be cited as the Royal Canadian Mint Act. Definitions In this Act, base metal means any metal other than precious metal; (métal commun) base metal coin[Repealed, 1999, c. 4, s. 1] Board means the Board of Directors of the Mint appointed under this Act; (conseil) circulation coin means a coin composed of base metal that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for use in day-to-day transactions; (monnaie de circulation) Master means the Master of the Mint; (président) Minister[Repealed, 2005, c. 38, s. 129] Mint means the Royal Canadian Mint established by this Act; (Monnaie) non-circulation coin means a coin composed of base metal, precious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) precious metal means gold, silver, platinum or any of the platinum group of metals. (métal précieux) precious metal coin[Repealed, 1999, c. 4, s. 1] Power of Governor in Council The Governor in Council may designate a member of the Queen’s Privy Council for Canada to be the Minister for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. Incorporation 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. Objects The objects of the Mint are to mint coins in anticipation of profit and to carry out other related activities. [Repealed, 2016, c. 12, s. 117] Head office The head office of the Mint shall be in the National Capital Region as described in the schedule to the National Capital Act. Authorized capital The authorized capital of the Mint is forty million dollars, divided into four thousand shares of ten thousand dollars each. 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. 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. Limitation No shares of the Mint may be issued otherwise than as expressly authorized by this Act. Redemption of shares 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. 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. Powers In carrying out its objects, the Mint has the rights, powers and privileges and the capacity of a natural person and may if necessary procure the incorporation, dissolution or amalgamation of subsidiaries and acquire or dispose of any shares in them; acquire and dispose of any interest in any entity by any means; produce and arrange for the production and supply of coins of the currency of Canada; produce and arrange for the production of coins of the currency of countries other than Canada; make medals, plaques, tokens and other objects; melt, assay and refine gold, silver and other metals; lease or acquire gold, silver and other metals; lend, lease or dispose of gold, silver and other metals; 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; securely store and securely ship coins, gold, silver and other metals or arrange for their secure storage and shipment; market minting equipment developed by, or on behalf of, the Mint; acquire or provide consulting services relating to any activity referred to in paragraphs (c) to (k); 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); engage in marketing, promotion and research and in development activities relating to any activity referred to in paragraphs (c) to (k); do any of the activities referred to in paragraphs (d) to (f) and (j) on behalf of any person or entity; and 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. Additional powers In addition to the powers under section 21 of the Interpretation Act, the Mint may acquire, hold and alienate real property or any interest therein; and 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. Agent of Her Majesty The Mint is for all its purposes an agent of Her Majesty in right of Canada. [Repealed, 1999, c. 4, s. 3] Issue of coins The Governor in Council may authorize the issue of non-circulation coins of a denomination listed in Part 1 of the schedule. Amendment 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. Characteristics The Mint may determine the characteristics, other than the design, of any denomination of a non-circulation coin. Design The Minister may determine the design of any denomination of a non-circulation coin. $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. The Governor in Council may, by order, authorize the issue of circulation coins of a denomination listed in Part 2 of the schedule. The order must specify the characteristics for that issue of coin. The Governor in Council may determine the design of any circulation coin to be issued. Amendment 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. Coins to be delivered to Minister of Finance 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. 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. 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. [Repealed, 1999, c. 4, s. 4] [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 6] Board 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. Chairperson 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. Appointment of Master of the Mint 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. [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 8] 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. 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. Appointment 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. [Repealed, 2016, c. 12, s. 120] 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 the production or distribution of copper, copper alloy, nickel or precious metals; the purchase, production, distribution or sale of coins or coin operated devices; or the vending of goods and services by means of coin operated devices. 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. Re-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. Temporary 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. Vacancy 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. Salary and benefits 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. 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. Officers and employees The Mint may appoint such officers, agents and employees as are necessary for the proper conduct of the work of the Mint. Remuneration The remuneration of officers, agents and employees of the Mint shall be a charge against the revenues of the Mint. Master, officers and employees not part of federal public administration 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. 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. 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. By-laws The Board may make by-laws respecting the duties and conduct of officers, agents and employees of the Mint; the conditions of employment and the fixing of the remuneration of officers, agents and employees of the Mint; 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 generally the conduct and management of the affairs of the Mint. Borrowing power 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. Government loans The Minister of Finance may lend money to the Mint from the Consolidated Revenue Fund. 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. [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 14] Auditor The Auditor General of Canada is the auditor of the Mint. 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. Denominations One million dollars One hundred thousand dollars Two thousand five hundred dollars One thousand two hundred and fifty dollars One thousand dollars Five hundred dollars Three hundred and fifty dollars Three hundred dollars Two hundred and fifty dollars Two hundred dollars One hundred and seventy-five dollars One hundred and fifty dollars One hundred and twenty-five dollars One hundred dollars Seventy-five dollars Fifty dollars Thirty dollars Twenty-five dollars Twenty dollars Fifteen dollars Ten dollars Eight dollars Five dollars Four dollars Three dollars Two dollars One dollar Fifty cents Twenty-five cents Ten cents Five cents Three cents One cent A two dollar coin of which the composition is for the inner core, aluminum bronze (copper, aluminum and nickel), and for the outer ring, pure nickel; the standard weight is 7.30 grams; and the margin of tolerance with respect to weight is 42.38 grams per kilogram of 137 pieces. for the inner core, multi-ply brass-plated aluminium bronze, and for the outer ring, multi-ply nickel-plated steel; the standard weight is 6.92 grams; and the margin of tolerance with respect to weight is ±30.45 grams per kilogram of 145 pieces. A one dollar coin of which the composition is bronze plated nickel; the standard weight is 7.0 grams; and the margin of tolerance with respect to weight is 21.38 grams per kilogram of 143 pieces. the composition is brass plated nickel; the margin of tolerance with respect to weight is ±21.38 grams per kilogram of 143 pieces. the composition is multi-ply brass-plated steel; the standard weight is 6.27 grams; and the margin of tolerance with respect to weight is ±30.4 grams per kilogram of 160 pieces. A fifty cent coin of which the composition is pure nickel; the standard weight is 8.1 grams; and the margin of tolerance with respect to weight is 12.81 grams per kilogram of 123 pieces. the composition is nickel, copper and nickel-plated steel; the standard weight is 6.9 grams; and the margin of tolerance with respect to the weight is ±30.39 grams per kilogram of 144 pieces. A twenty-five cent coin of which the standard weight is 5.05 grams; and the margin of tolerance with respect to weight is 14.26 grams per kilogram of 198 pieces. the standard weight is 4.4 grams; and the margin of tolerance with respect to the weight is ±29.66 grams per kilogram of 227 pieces. A ten cent coin of which the standard weight is 2.07 grams; and the margin of tolerance with respect to weight is 21.44 grams per kilogram of 483 pieces. the standard weight is 1.75 grams; and the margin of tolerance with respect to the weight is ±34.43 grams per kilogram of 571 pieces. A five cent coin of which the composition is cupronickel (75 parts copper and 25 parts nickel); the standard weight is 4.6 grams; and the margin of tolerance with respect to weight is 39.77 grams per kilogram of 217 pieces. the standard weight is 3.95 grams; and the margin of tolerance with respect to the weight is ±30.51 grams per kilogram of 253 pieces. A one cent coin of which the composition is bronze (copper, tin and zinc); the standard weight is 2.5 grams; and the margin of tolerance with respect to weight is 44.96 grams per kilogram of 400 pieces. the composition is CPZ (copper plated zinc); the standard weight is 2.25 grams; and the margin of tolerance with respect to weight is 26.72 grams per kilogram of 444 pieces. the composition is CPS (copper plated steel); the standard weight is 2.35 grams; and the margin of tolerance with respect to weight is 25.5 grams per kilogram of 425 pieces. Royal 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.