Marginal note:Requisitioned meeting
153 (1) Shareholders who together hold not less than 5 per cent of the issued and outstanding shares of a bank that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition.
(2) A requisition referred to in subsection (1)
Marginal note:Directors calling meeting
(3) On receipt of a requisition referred to in subsection (1), the directors shall call a meeting of shareholders to transact the business stated in the requisition, unless
(a) a record date has been fixed under paragraph 137(5)(c) and notice of it has been given under subsection 137(7);
(b) the directors have called a meeting of shareholders and have given notice thereof under section 138; or
(c) the business of the meeting as stated in the requisition includes matters described in paragraphs 143(5)(b) to (e).
Marginal note:Shareholders’ power
(4) If the directors do not call a meeting within twenty-one days after receiving the requisition referred to in subsection (1), any shareholder who signed the requisition may call the meeting.
(5) A meeting called under this section shall be called as nearly as possible in the manner in which meetings are to be called pursuant to the by-laws and this Act.
(6) Unless the shareholders otherwise resolve at a meeting called under subsection (4), the bank shall reimburse the shareholders for any expenses reasonably incurred by them in requisitioning, calling and holding the meeting.
- 1991, c. 46, s. 153
- 2005, c. 54, s. 25
- Date modified: