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Bank Act

Version of section 314 from 2012-12-19 to 2020-09-09:


Marginal note:Appointment of auditors

  •  (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.

  • 1991, c. 46, s. 314
  • 2010, c. 12, s. 2022
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