Marginal note:Shareholders filling vacancy
176 (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
- Date modified: