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Canadian Payments Act

Version of section 11 from 2015-06-04 to 2022-07-13:


Marginal note:Vacancies

  •  (1) If a vacancy among the elected directors occurs, the directors shall cause a meeting to be held of the members for the purpose of electing a director to fill the vacancy for the remainder of the term of the director whose departure resulted in the vacancy.

  • Marginal note:Election by the Board

    (2) If the meeting is called and there is no quorum or the meeting fails to elect a director to fill the vacancy, the Board shall elect a director for the remainder of the term of the director whose departure from the Board resulted in the vacancy.

  • R.S., 1985, c. C-21, s. 11
  • 2014, c. 39, s. 338
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