Version of section 159 from 2003-01-01 to 2007-04-19:
Marginal note:Minimum number of directors
159 (1) A bank shall have at least seven directors.
Marginal note:Residency requirement
(2) At least one half of the directors of a bank that is a subsidiary of a foreign bank and at least two thirds of the directors of any other bank must be, at the time of each director’s election or appointment, resident Canadians.
- 1991, c. 46, s. 159
- 2001, c. 9, s. 69
- Date modified: