Bank Act

Marginal note:Statement of auditor

• 321 (1) An auditor of a bank that

  • (a) resigns,

  • (b) receives a notice or otherwise learns of a meeting of shareholders called for the purpose of revoking the appointment of the auditor, or

  • (c) receives a notice or otherwise learns of a meeting of directors or shareholders at which another firm of accountants is to be appointed in its stead, whether because of the auditor’s resignation or revocation of appointment or because the auditor’s term of office has expired or is about to expire,

  shall submit to the bank and the Superintendent a written statement giving the reasons for the resignation or the reasons why the auditor opposes any proposed action.

• Marginal note:Statement to be sent to shareholders

  (2) Where a bank receives a written statement referred to in subsection (1) that relates to a resignation as a result of a disagreement with the directors or officers of the bank or that relates to a matter referred to in paragraph (1)(b) or (c), the bank shall forthwith send a copy of the statement to each shareholder who is entitled to vote at the annual meeting of shareholders.