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Bank Act

Version of section 60 from 2012-12-19 to 2020-09-09:


Marginal note:Common shares

  •  (1) A bank that is not a federal credit union must have one class of shares, to be designated as “common shares”, which are non-redeemable and in which the rights of the holders of those common shares are equal in all respects, and those rights include

    • (a) the right to vote at all meetings of shareholders except where only holders of a specified class of shares are entitled to vote;

    • (b) the right to receive dividends declared on those shares; and

    • (c) the right to receive the remaining property of the bank on dissolution.

  • Marginal note:Designations of shares

    (2) No bank shall designate more than one class of its shares as “common shares” or any variation of that term.

  • (3) [Repealed, 2012, c. 5, s. 4]

  • Marginal note:Continued bank

    (4) A body corporate continued as a bank under this Act that is not in compliance with subsection (2) on the date letters patent continuing it as a bank are issued shall, within twelve months after that date, redesignate its shares to comply with that subsection.

  • 1991, c. 46, s. 60
  • 2010, c. 12, s. 1930
  • 2012, c. 5, s. 4
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