Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
Assented to 2010-07-12
2018. (1) The portion of subsection 308(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Annual financial statement
308. (1) The directors of a bank must place before the shareholders or members, as the case may be, at every annual meeting
(2) Paragraph 308(1)(c) of the Act is replaced by the following:
(c) any further information respecting the financial position of the bank and the results of its operations required by the by-laws of the bank to be placed before the shareholders or members at the annual meeting.
(3) Paragraph 308(2)(d) of the Act is replaced by the following:
(d) a statement of changes in shareholders’ equity for the financial year, if the bank is not a federal credit union, or a statement of changes in the members’ and shareholders’ equity of the bank for the financial year, if it is a federal credit union,
(4) Subsection 308(3) of the Act is amended by striking out “and” at the end of paragraph (a) any by adding the following after paragraph (a):
(a.1) in the case of a federal credit union, a statement that sets out
(i) the number of its members at the end of the financial year,
(ii) the percentage of financial services that during the financial year were transacted with members on the basis of the gross revenue of the federal credit union for the financial year,
(iii) the percentage of its members who are natural persons at the end of the financial year, and
(iv) whether the federal credit union was organized and carrying on business on a cooperative basis at the end of the financial year in accordance with section 12.1; and
2019. Subsection 310(2) of the Act is replaced by the following:
Marginal note:Examination
(2) Subject to this section, the shareholders and members of a bank and their personal representatives may, on request, examine the statements referred to in subsection (1) during the usual business hours of the bank and may take extracts from those statements free of charge.
2020. Subsections 311(1) and (2) of the Act are replaced by the following:
Marginal note:Distribution of annual statement
311. (1) A bank must, not later than 21 days before the date of each annual meeting or before the signing of a resolution under paragraph 152(1)(b) in lieu of the annual meeting, send to each shareholder or, in the case of a federal credit union, to each member and shareholder, if any, at their recorded address a copy of the documents referred to in subsections 308(1) and (3), unless that time period is waived by the shareholder or member, as the case may be.
Marginal note:Exception
(2) A bank is not required to comply with subsection (1) with respect to a person who has informed the bank, in writing, that the person does not wish to receive the annual statement.
Marginal note:2001, c. 9, s. 93
2021. (1) Subsection 312(1) of the English version of the Act is replaced by the following:
Marginal note:Copy to Superintendent
312. (1) Subject to subsection (2), a bank must send to the Superintendent a copy of the documents referred to in subsections 308(1) and (3) not later than 21 days before the date of each annual meeting of shareholders or members of the bank.
Marginal note:2001, c. 9, s. 93
(2) Subsection 312(2) of the Act is replaced by the following:
Marginal note:Later filing
(2) If a bank’s shareholders or members sign a resolution under paragraph 152(1)(b) in lieu of an annual meeting, the bank must send a copy of the documents referred to in subsections 308(1) and (3) to the Superintendent not later than 30 days after the signing of the resolution.
2022. Section 314 of the Act is replaced by the following:
Marginal note:Appointment of auditors
314. (1) The shareholders of a bank, or the members of a federal credit union, must, by ordinary resolution at the first meeting of shareholders or members, as the case may be, and at each succeeding annual meeting, appoint a firm of accountants to be the auditor of the bank until the close of the next annual meeting.
Marginal note:Auditors
(2) The shareholders of a bank, or the members of a federal credit union, may, by ordinary resolution at the first meeting of shareholders or members, as the case may be, and at each succeeding annual meeting, appoint two firms of accountants to be the auditors of the bank until the close of the next annual meeting.
Marginal note:Remuneration of auditors
(3) The remuneration of the auditor or auditors may be fixed by ordinary resolution of the shareholders or members of the federal credit union but, if not so fixed, must be fixed by the directors.
2023. Subparagraph 315(2)(b)(ii) of the Act is replaced by the following:
(ii) beneficially owns or controls, directly or indirectly, a material interest in the shares or membership shares of the bank or of any affiliate of the bank, or
2024. Subsection 317(1) of the Act is replaced by the following:
Marginal note:Revocation of appointment
317. (1) The shareholders of a bank or the members of a federal credit union may, by ordinary resolution at a special meeting, revoke the appointment of an auditor.
2025. Paragraph 318(1)(b) of the Act is replaced by the following:
(b) the appointment of the auditor is revoked by the Superintendent or by the shareholders or, if the bank is a federal credit union, by the members.
2026. Subsections 320(1) to (3) of the Act are replaced by the following:
Marginal note:Right to attend meetings
320. (1) The auditor or auditors of a bank are entitled to receive notice of every meeting of shareholders and, if the bank is a federal credit union, every meeting of its members and, at the expense of the bank, to attend and be heard at the meeting on matters relating to the duties of the auditor or auditors.
Marginal note:Duty to attend meeting
(2) If a director, shareholder or member of a bank, whether or not that person is entitled to vote at the meeting, gives written notice, not less than 10 days before the meeting, to an auditor or former auditor of the bank that the director, member or shareholder wishes the auditor’s attendance at the meeting, the auditor or former auditor must attend the meeting, at the expense of the bank, and answer questions relating to the auditor’s or former auditor’s duties as auditor.
Marginal note:Notice to bank
(3) The person who gives notice under subsection (2) must send concurrently a copy of the notice to the bank and the bank must, without delay, send a copy of it to the Superintendent.
2027. (1) Paragraphs 321(1)(b) and (c) of the Act are replaced by the following:
(b) receives a notice or otherwise learns of a meeting of shareholders, or, if the bank is a federal credit union, of a meeting of members, called for the purpose of revoking the appointment of the auditor, or
(c) receives a notice or otherwise learns of a meeting of directors or shareholders, or, if the bank is a federal credit union, of a meeting of members, at which another firm of accountants is to be appointed in its stead, whether because of the auditor’s resignation or revocation of appointment or because the auditor’s term of office has expired or is about to expire,
Marginal note:2005, c. 54, s. 73
(2) Subsection 321(2) of the Act is replaced by the following:
Marginal note:Statements to be sent
(2) The bank must send a copy of the statements referred to in subsections (1) and (1.1) without delay to every shareholder, or, if the bank is a federal credit union, to every member, entitled to vote at the annual meeting of shareholders or of members and to the Superintendent.
2028. Subsection 323(1) of the Act is replaced by the following:
Marginal note:Auditors’ examination
323. (1) The auditor or auditors of a bank must make any examination that the auditor or auditors consider necessary to enable the auditor or auditors to report on the annual statement and on other financial statements required by this Act to be placed before the shareholders or, if the bank is a federal credit union, the members, except any annual statements or parts of those statements that relate to the period referred to in subparagraph 308(1)(a)(ii).
2029. Subsection 325(2) of the Act is replaced by the following:
Marginal note:Special examination
(2) The Superintendent may, in writing, require that the auditor or auditors of a bank make a particular examination relating to the adequacy of the procedures adopted by the bank for the safety of its creditors and shareholders and, if the bank is a federal credit union, for the safety of its members, or any other examination as, in the Superintendent’s opinion, the public interest may require, and report to the Superintendent.
2030. Subsection 326(1) of the Act is replaced by the following:
Marginal note:Auditors’ report
326. (1) The auditor or auditors must, not less than 21 days before the date of the annual meeting of the shareholders of the bank or, if the bank is a federal credit union, of the annual meeting of the members, make a report in writing to the shareholders or members, as the case may be, on the annual statement referred to in subsection 308(1).
2031. Section 327 of the Act is replaced by the following:
Marginal note:Report on directors’ statement
327. (1) The auditor or auditors of a bank must, if required by the shareholders or, if the bank is a federal credit union, by the members or shareholders, if any, audit and report to the shareholders or members, as the case may be, on any financial statement submitted by the directors to the shareholders or members, and the report must state whether, in their opinion, the financial statement presents fairly the information required by the shareholders or members.
Marginal note:Making of report
(2) A report of the auditor or auditors made under subsection (1) must be attached to the financial statement to which it relates and a copy of the statement and report must be sent by the directors to the Superintendent, to every shareholder and, if the bank is a federal credit union, to every member and shareholder, if any.
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