Bank Act (S.C. 1991, c. 46)

Act current to 2014-12-08 and last amended on 2014-06-19. Previous Versions

Marginal note:Circulation of statement
  •  (1) A bank that is not a federal credit union must without delay on receipt of a director’s statement referred to in subsection 174(1) relating to a matter referred to in paragraph 174(1)(b) or (c), or a director’s statement referred to in subsection 174(2), send a copy of it to each shareholder entitled to receive a notice of meetings and to the Superintendent, unless the statement is included in or attached to a management proxy circular required by subsection 156.05(1).

  • Marginal note:Circulation of statement — federal credit union

    (2) A federal credit union must, without delay on receipt of a director’s statement referred to in subsection 174(1) relating to a matter referred to in paragraph 174(1)(b) or (c), or a director’s statement referred to in subsection 174(2), send a copy of it to the Superintendent, to each member and, if the director was elected by the holders of shares of a class, to those shareholders.

  • Marginal note:Immunity for statement

    (3) No bank or person acting on its behalf incurs any liability by reason only of circulating a director’s statement in compliance with subsection (1) or (2).

  • 1991, c. 46, s. 175;
  • 1997, c. 15, s. 17;
  • 2010, c. 12, s. 1978.
Marginal note:Shareholders filling vacancy
  •  (1) The by-laws of a bank that is not a federal credit union may provide that a vacancy among the directors is to be filled only

    • (a) by a vote of the shareholders; or

    • (b) by a vote of the holders of any class or series of shares having an exclusive right to elect one or more directors if the vacancy occurs among the directors elected by the holders of that class or series.

  • Marginal note:Filling vacancy — federal credit union

    (2) The by-laws of a federal credit union may provide that a vacancy among its directors is to be filled by election or appointment by members only or by an election or appointment by persons having an exclusive right to elect or appoint one or more directors if the vacancy occurs among the directors appointed or elected by those persons.

  • 1991, c. 46, s. 176;
  • 2010, c. 12, s. 1978.
Marginal note:Directors filling vacancy
  •  (1) Despite section 183 but subject to subsection (2) and sections 176 and 178, a quorum of directors may fill a vacancy among the directors except a vacancy resulting from a change in the by-laws by which the number or the minimum or maximum number of directors is increased or from a failure to elect the number or minimum number of directors provided for in the by-laws.

  • Marginal note:Where composition fails

    (2) Notwithstanding sections 176 and 183, where by reason of a vacancy the number of directors or the composition of the board of directors fails to meet any of the requirements of section 159, subsection 163(1) and section 164, the directors who, in the absence of any by-law, would be empowered to fill that vacancy shall do so forthwith.

  • 1991, c. 46, s. 177;
  • 2005, c. 54, s. 34.