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Bank Act

Version of section 213 from 2006-04-27 to 2019-07-01:


Marginal note:Directors’ and officers’ insurance

 A bank may purchase and maintain insurance for the benefit of any person referred to in section 212 against any liability incurred by the person

  • (a) in the capacity of a director or an officer of the bank, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the bank; or

  • (b) in the capacity of a director or officer of another entity or while acting in a similar capacity for another entity, if they act or acted in that capacity at the bank’s request, except if the liability relates to a failure to act honestly and in good faith with a view to the best interests of the entity.

  • 1991, c. 46, s. 213
  • 2005, c. 54, s. 45
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