Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 354 from 2003-01-01 to 2006-04-26:

Marginal note:Reliance on statements

 A liquidator is not liable if the liquidator relies in good faith on

  • (a) financial statements of the bank represented to the liquidator by an officer of the bank, or on a written report of the auditor or auditors of the bank, to reflect fairly the financial condition of the bank; or

  • (b) an opinion, a report or a statement of a lawyer, a notary, an accountant, an appraiser or other professional adviser retained by the liquidator.

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