Marginal note:Common shares
60 (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(3) [Repealed, 2012, c. 5, s. 4]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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