Marginal note:Requisitioned meeting
153. (1) Shareholders who together hold not less than 5 per cent of the issued and outstanding shares of a bank that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition.
Marginal note:Requisitioned meeting — members
(1.1) At least two members entitled to vote at a meeting of a federal credit union that is sought to be held, or one per cent of the total number of members entitled to vote at a meeting of a federal credit union that is sought to be held, whichever is greater, may requisition the directors to call a meeting of members, or of members and shareholders, for the purposes stated in the requisition.
(2) The requisition
(a) must state the business to be transacted at the meeting and must be sent to each director and to the head office of the bank; and
(b) may consist of several documents of like form, each signed by one or more shareholders or members, as the case may be.
Marginal note:Directors calling meeting
(3) On receipt of the requisition, the directors must call a meeting of shareholders or members, as the case may be, to transact the business stated in the requisition, unless
(a) a record date has been fixed under paragraph 137(5)(c) and notice of it has been given under subsection 137(7);
(b) the directors have called a meeting of shareholders or members, as the case may be, and have given the notice required by section 138; or
(c) the business of the meeting as stated in the requisition includes matters described in paragraphs 143(5)(b) to (e) or 144.1(8)(b) to (e).
Marginal note:Power of others to call meeting
(4) If the directors do not call a meeting within 21 days after receiving the requisition, any person who signed the requisition may call the meeting.
(5) A meeting called under this section shall be called as nearly as possible in the manner in which meetings are to be called pursuant to the by-laws and this Act.
(6) Unless the shareholders or members, as the case may be, otherwise resolve at a meeting called under subsection (4), the bank must reimburse the shareholders or members for any expenses reasonably incurred by them in requisitioning, calling and holding the meeting.
- 1991, c. 46, s. 153;
- 2005, c. 54, s. 25;
- 2010, c. 12, s. 1963.
Marginal note:Court may order meeting to be called
154. (1) A court may, on the application of a director of a bank, a person who is entitled to vote at a meeting of shareholders or members of a bank or the Superintendent, order a meeting to be called, held or conducted in the manner that the court directs if
(a) it is impracticable to call the meeting within the time or in the manner in which it is to be called;
(b) it is impracticable to conduct the meeting in the manner required by this Act or the by-laws; or
(c) the court thinks that the meeting ought to be called, held or conducted within the time or in the manner that it directs for any other reason.
Marginal note:Varying quorum
(2) Without restricting the generality of subsection (1), a court may order that the quorum required by the by-laws or this Act be varied or dispensed with at a meeting called, held and conducted pursuant to this section.
Marginal note:Valid meeting
(3) A meeting called, held and conducted under this section is for all purposes a meeting of shareholders or members, as the case may be, of the bank duly called, held and conducted.
- 1991, c. 46, s. 154;
- 2005, c. 54, s. 26;
- 2010, c. 12, s. 1964.
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