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Bank Act

Version of section 179.1 from 2012-12-19 to 2020-03-05:


Marginal note:Additional directors

  •  (1) The directors of a bank that is not a federal credit union may appoint one or more additional directors if the by-laws of the bank allow them to do so and the by-laws determine the minimum and maximum numbers of directors.

  • Marginal note:Term of office

    (2) A director appointed under subsection (1) holds office for a term expiring not later than the close of the next annual meeting of shareholders of the bank.

  • Marginal note:Limit on number appointed

    (3) The total number of directors appointed under subsection (1) may not exceed one third of the number of directors elected at the previous annual meeting of shareholders of the bank.

  • 1997, c. 15, s. 18
  • 2010, c. 12, s. 1980
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