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Bank Act

Version of section 208 from 2012-12-19 to 2020-03-05:


Marginal note:Contribution

  •  (1) A director who has satisfied a judgment in relation to the director’s liability under section 207 is entitled to contribution from the other directors who voted for or consented to the unlawful act on which the judgment was founded.

  • Marginal note:Recovery

    (2) A director who is liable under section 207 is entitled to apply to a court for an order compelling a shareholder, member or other person to pay or deliver to the director

    • (a) any money or property that was paid or distributed to the shareholder, member or other person contrary to section 71, 75, 79 or 212; or

    • (b) an amount equal to the value of the loss suffered by the bank as a result of any transaction contrary to Part XI.

  • Marginal note:Court order

    (3) Where an application is made to a court under subsection (2), the court may, where it is satisfied that it is equitable to do so,

    • (a) order a shareholder, member or other person to pay or deliver to a director any money or property that was paid or distributed to the shareholder, member or other person contrary to section 71, 75, 79 or 212 or any amount referred to in paragraph (2)(b);

    • (b) order a bank to return or issue shares or membership shares to a person from whom the bank has purchased, redeemed or otherwise acquired shares or membership shares; or

    • (c) make any further order it thinks fit.

  • 1991, c. 46, s. 208
  • 2010, c. 12, s. 1993
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