Bank Act (S.C. 1991, c. 46)

Act current to 2015-08-30 and last amended on 2015-06-23. Previous Versions

Marginal note:Notice of meeting
  •  (1) Notice of the time and place of a meeting of shareholders of a bank holding company shall be sent within the prescribed period to

    • (a) each shareholder entitled to vote at the meeting;

    • (b) each director;

    • (c) the auditor of the bank holding company; and

    • (d) the Superintendent.

  • Marginal note:Exception

    (1.1) In the case of a bank holding company that is not a distributing bank holding company, notice may be sent within any shorter period specified in its by-laws.

  • Marginal note:Number of eligible votes

    (2) A bank holding company with equity of twelve billion dollars or more shall set out in the notice of a meeting the number of eligible votes, as defined under subsection 156.09(1), that may be cast at the meeting as of the record date for determining those shareholders entitled to receive the notice of meeting, or if there are to be separate votes of shareholders at the meeting, the number of eligible votes, as defined in that subsection, in respect of each separate vote to be held at the meeting.

  • Marginal note:Publication in newspaper

    (3) In addition to the notice required under subsection (1), where any class of shares of a bank holding company is publicly traded on a recognized stock exchange in Canada, notice of the time and place of a meeting of shareholders shall be published once a week for at least four consecutive weeks before the date of the meeting in a newspaper in general circulation in the place where the head office of the bank holding company is situated and in each place in Canada where the bank holding company has a transfer agent or where a transfer of the bank holding company’s shares may be recorded.

  • 2001, c. 9, s. 183;
  • 2005, c. 54, s. 93;
  • 2007, c. 6, s. 132;
  • 2012, c. 5, s. 78.
Marginal note:Notice not required
  •  (1) A notice of a meeting is not required to be sent to shareholders who are not registered on the records of the bank holding company or the bank holding company’s transfer agent on the record date fixed under paragraph 726(5)(c) or determined under paragraph 726(6)(a).

  • Marginal note:Effect of default

    (2) Failure to receive a notice of a meeting of shareholders does not deprive a shareholder of the right to vote at the meeting.

  • 2001, c. 9, s. 183;
  • 2005, c. 54, s. 94.
Marginal note:Notice of adjourned meeting
  •  (1) If a meeting of shareholders is adjourned for less than thirty days, it is not necessary, unless the by-laws otherwise provide, to give notice of the adjourned meeting, other than by announcement at the earliest meeting that is adjourned.

  • Marginal note:Notice where adjournment is longer

    (2) If a meeting of shareholders is adjourned by one or more adjournments for a total of thirty days or more, notice of the continuation of the meeting shall be given as for an original meeting but, unless the meeting is adjourned by one or more adjournments for a total of more than ninety days, subsection 156.04(1) does not apply.

  • 2001, c. 9, s. 183.