Bank Act (S.C. 1991, c. 46)
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Act current to 2026-09-30 and last amended on 2026-09-01. Previous Versions
Marginal note:Minimum number of directors
159 (1) A bank shall have at least seven directors.
Marginal note:Residency requirement
(2) At least one half of the directors of a bank that is a subsidiary of a foreign bank and a majority of the directors of any other bank must be, at the time of each director’s election or appointment, resident Canadians.
- 1991, c. 46, s. 159
- 2001, c. 9, s. 69
- 2007, c. 6, s. 12
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