The BANK OF CANADA ACT revised statues of 1967…

(1) The Minister and the Governor shall consult regularly on monetary policy and on its relation to general economic policy.

(2) If, not withstanding the consultations provided for in section (1), there should emerge a difference of opinion between the Minister and the Bank concerning the monetary policy to be followed, the Minister may, after consultation with the Governor and with the approval of the Governor in Council, give to the Governor a written directive concerning monetary policy, in specific terms and applicable for a specified period, and the Bank shall comply with that directive.

(3) A directive given under this section shall be published forthwith in the Canadian Gazette and shall be laid before Parliament within fifteen days after the giving thereof, or, if Parliament is not then sitting, on any of the first fifteen days next thereafter that either House of Parliament is sitting.
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