2.42(1)The Lieutenant-Governor in Council shall appoint a President and Chief Executive Officer of the Holding Corporation for a term not exceeding five years.

2.42(2)The President and Chief Executive Officer shall be appointed from among those persons nominated by the board of directors of the Holding Corporation in accordance with subsection (7).

2.42(3)The President and Chief Executive Officer is, subject to the direction of the board of directors of the Holding Corporation, charged with the general direction, supervision and control of the business of the Holding Corporation and may exercise any other powers and duties conferred on them by the by-laws of the Holding Corporation or by this Act.

2.42(4)The President and Chief Executive Officer shall be paid the remuneration that the Lieutenant-Governor in Council determines, and the payment shall be made out of the funds of the Holding Corporation.

2.42(5)In determining the remuneration of the President and Chief Executive Officer, the Lieutenant-Governor in Council shall consider any recommendation made by the board of directors of the Holding Corporation.

2.42(6)Before making nominations under this section, the board of directors of the Holding Corporation shall advise the Lieutenant-Governor in Council of the skills and qualification requirements for nominees for the position of President and Chief Executive Officer.

2.42(7)In making nominations under this section, the board of directors of the Holding Corporation shall

2.42(8)A President and Chief Executive Officer may be reappointed for a second or subsequent term of office not exceeding five years, but subsection (2) does not apply to a President and Chief Executive Officer who is reappointed before or immediately after the expiry of their previous term.

2.42(9)In the case of a temporary absence or inability to act of the President and Chief Executive Officer, the board of directors of the Holding Corporation may, despite anything else in this section, appoint a substitute for them for the period of the temporary absence or inability to act.

2.42(10)On the recommendation of the board of directors of the Holding Corporation, the Lieutenant-Governor in Council may remove the President and Chief Executive Officer from office in accordance with a contract of employment between the Holding Corporation and the President and Chief Executive Officer or in accordance with applicable law.

2.42(11)Despite subsection (10), the Lieutenant- Governor in Council may remove the President and Chief Executive Officer from office in the circumstances set out in the regulations.

2.42(12)If the President and Chief Executive Officer is removed under subsection (10) or (11), the board of directors of the Holding Corporation may, despite anything else in this section, appoint a substitute to hold office until a new President and Chief Executive Officer is appointed under this section.

2.42(13)Despite subsections (1) and (8) and subject to subsections (10) and (11), the President and Chief Executive Officer shall remain in office until they resign or are reappointed or replaced.

2.42(14)The resignation of the President and Chief Executive Officer 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.