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Bank Act

Version of section 198 from 2012-12-19 to 2024-05-28:


Marginal note:Limits on power to delegate

 The directors of a bank that is not a federal credit union may not delegate the power to

  • (a) submit to the shareholders a question or matter requiring the approval of the shareholders;

  • (b) fill a vacancy among the directors, on a committee of directors or in the office of auditor, or appoint additional directors;

  • (c) issue or cause to be issued securities, including an issue of shares of a series that is authorized in accordance with section 62, except in accordance with any authorization made by the directors;

  • (d) declare a dividend;

  • (e) authorize the redemption or other acquisition by the bank pursuant to section 71 of shares issued by the bank;

  • (f) authorize the payment of a commission on a share issue;

  • (g) approve a management proxy circular;

  • (h) except as provided in this Act, approve the annual statement of the bank and any other financial statements issued by the bank; or

  • (i) adopt, amend or repeal by-laws.

  • 1991, c. 46, s. 198
  • 1997, c. 15, s. 25
  • 2005, c. 54, s. 38
  • 2010, c. 12, s. 1987

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