February 11, 1948 (20th Parliament, 4th Session)


Mr. MAYHEW: (Parliamentary Assistant to the Minister of Finance)


1. Section 11 (1) of the Foreign Exchange Control Act which came into force on January 1, 1947, provides that "The foreign
exchange control board shall consist of the persons who from time to time hold or are acting in the offices of governor of the Bank of Canada, deputy minister of finance, Undersecretary of State for External Affairs, deputy minister of trade and commerce, director of operations, Post Office Department and deputy minister of national revenue for customs and excise." The present holders of these positions (who have held office since January 1, 1947), are G. F. Towers, W. C. Clark, L. B. Pearson, M. W. Mackenzie, L. Germain and D. Sim, respectively.
Section 11 (3) provides that "The governor of the Bank of Canada shall be chairman of

the board" and section 11 (4) provides that "The governor in council may at any time and from time to time appoint an alternate to act in the place and stead of any member of the board and the alternate shall have the same powers when so acting as the member." The following alternates have been appointed, effective from the date indicated: L. Ras-minsky, chairman (alternate) January 1, 1947 and A. Lalonde, alternate to the director of operations, Post Office Department, January 23, 1947.
2. See answer to No. 1.
3. Section 11 (2) provides that "The members of the board shall serve in that capacity without remuneration."

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