2.2(1)The Lieutenant-Governor in Council shall appoint a Chair of the board of directors of the Holding Corporation and a Vice-Chair of its board of directors from among the directors referred to in paragraph 2.12(2)(b).

2.2(2)A Chair or Vice-Chair shall hold office as such for a term fixed by the Lieutenant-Governor in Council and may be reappointed for a second or subsequent term of office.

2.2(3)Subject to subsection (4), the Chair, or in the Chair’s absence, the Vice-Chair, shall preside at meetings of the board of directors of the Holding Corporation.

2.2(4)If the Chair and Vice-Chair are absent from a meeting of the board of directors of the Holding Corporation, the directors present may elect from among themselves a person to preside at the meeting.

2.2(5)In the case of a temporary absence or inability to act of the Chair or Vice-Chair, the Lieutenant-Governor in Council may appoint from among the directors referred to in paragraph 2.12(2)(b) a substitute for the Chair or Vice-Chair for the period of the temporary absence or inability to act.

2.2(6)Despite subsection (2), if the Chair or Vice-Chair ceases to be a director of the Holding Corporation, they cease to be the Chair or the Vice-Chair, as the case may be.

2.2(7)Despite subsection (2), but subject to subsection (6), the Chair or Vice-Chair shall remain in office until they resign or are reappointed or replaced.

2.2(8)The resignation of the Chair or Vice-Chair becomes effective at the time a written resignation is received by the Holding Corporation, or at the time specified in the resignation, whichever is later.