3. A body for the supervision and control of trading in securities is constituted under the name of “Commission des valeurs mobilières du Québec”.
Such body is composed of not more than seven commissioners including a chairman and two vice-chairmen, appointed by the Government, which shall fix their remuneration.
The chairman and the two vice-chairmen are appointed for a fixed period which shall not exceed ten years. Once their terms of office and the amounts of their remuneration are fixed, they cannot be reduced. However, the Government may dismiss any commissioner from office before the expiry of his term on a report by the Court of Appeal after an inquiry upon a request from the Minister.
The four other commissioners are appointed for a fixed period which shall not exceed three years. They shall hold office during pleasure.
On the expiry of their terms of office, the commissioners remain in office until reappointed or replaced.
R. S. 1964, c. 274, s. 2; 1971, c. 77, s. 2; 1973, c. 67, s. 3; 1977, c. 5, s. 14.