Bank Act (S.C. 1991, c. 46)

Act current to 2015-08-04 and last amended on 2015-06-23. Previous Versions

Marginal note:Auditor’s attendance
  •  (1) The auditor of a bank holding company is entitled to receive notice of every meeting of the audit committee of the bank holding company and, at the expense of the bank holding company, to attend and be heard at that meeting.

  • Marginal note:Attendance

    (2) If so requested by a member of the audit committee, the auditor shall attend every meeting of the audit committee held during the member’s term of office.

  • 2001, c. 9, s. 183.
Marginal note:Calling meeting
  •  (1) The auditor of a bank holding company or a member of the audit committee may call a meeting of the audit committee.

  • Marginal note:Right to interview

    (2) The chief internal auditor of a bank holding company or any officer or employee of the bank holding company acting in a similar capacity shall, at the request of the auditor of the bank holding company and on receipt of reasonable notice, meet with the auditor.

  • 2001, c. 9, s. 183.
Marginal note:Notice of errors
  •  (1) A director or an officer of a bank holding company shall forthwith notify the audit committee and the auditor of the bank holding company of any error or misstatement of which the director or officer becomes aware in an annual statement or other financial statement on which the auditor or any former auditor has reported.

  • Marginal note:Error noted by auditor

    (2) If the auditor or former auditor of a bank holding company is notified or becomes aware of an error or misstatement in an annual statement or other financial statement on which the auditor reported and in the opinion of the auditor the error or misstatement is material, the auditor or former auditor shall inform each director of the bank holding company accordingly.

  • Marginal note:Duty of directors

    (3) When under subsection (2) the auditor or former auditor of a bank holding company informs the directors of an error or misstatement in an annual statement or other financial statement, the directors shall

    • (a) prepare and issue a revised annual statement or financial statement; or

    • (b) otherwise inform the shareholders and the Superintendent of the error or misstatement.

  • 2001, c. 9, s. 183.
Marginal note:Qualified privilege for statements

 Any oral or written statement or report made under this Part by the auditor or former auditor of a bank holding company has qualified privilege.

  • 2001, c. 9, s. 183.

Remedial Actions

Marginal note:Sections 334 to 338 apply

 Sections 334 to 338 apply in respect of bank holding companies, subject to the following:

  • (a) references to “bank” in those sections are to be read as references to “bank holding company”; and

  • (b) references to “this Act” in those sections are to be read as references to “this Part”.

  • 2001, c. 9, s. 183.