Marginal note:Authority of directors and officers
20 A bank or a guarantor of an obligation of a bank may not assert against a person dealing with the bank or with any person who has acquired rights from the bank that
(a) the bank’s incorporating instrument or any by-laws of the bank have not been complied with,
(b) the persons named as directors of the bank in the most recent return sent to the Superintendent under section 632 are not the directors of the bank,
(c) the place named in the incorporating instrument or the by-laws of the bank is not the head office of the bank,
(d) a person held out by the bank as a director, an officer or a representative of the bank has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the bank or usual for such director, officer or representative, or
(e) a document issued by any director, officer or representative of the bank with actual or usual authority to issue the document is not valid or not genuine,
except where the person has or ought to have by virtue of the person’s position with or relationship to the bank knowledge to that effect.
- 1991, c. 46, s. 20
- 1999, c. 28, s. 8
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