Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Bank Act

Version of section 178 from 2012-12-19 to 2019-07-01:


Marginal note:Class vacancy

 Despite section 183, if a class of persons have an exclusive right to elect one or more directors and a vacancy occurs among those directors, then, subject to section 176,

  • (a) the remaining directors elected by those persons may fill the vacancy except one resulting from an increase in the number or the minimum or maximum number of directors who may be elected by that class from a failure to elect the number or minimum number of directors provided for in the by-laws for that class;

  • (b) if there are no such remaining directors and, by reason of the vacancy, the number of directors or the composition of the board of directors fails to meet any of the requirements of section 159, subsection 163(1) and section 164, the other directors may fill that vacancy; and

  • (c) if there are no such remaining directors and paragraph (b) does not apply, any person of that class may call a meeting of the class for the purpose of filling the vacancy.

  • 1991, c. 46, s. 178
  • 2005, c. 54, s. 35
  • 2010, c. 12, s. 1979
Date modified: