Marginal note:Resident Canadian majority
(2) Notwithstanding subsection (1), the directors of a bank may transact business at a meeting of directors or of a committee of directors without the required proportion of directors present who are resident Canadians if
(a) a director who is a resident Canadian unable to be present approves, in writing or by telephonic, electronic or other communications facilities, the business transacted at the meeting; and
(b) there would have been present the required proportion of directors who are resident Canadians had that director been present at the meeting.
- 1991, c. 46, s. 183
- 2001, c. 9, s. 75
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