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Bank Act

Version of section 45 from 2012-12-19 to 2024-05-28:


Marginal note:First directors’ meeting

  •  (1) After letters patent incorporating a bank that is not a federal credit union are issued, a meeting of the directors of the bank must be held at which the directors may, subject to this Part,

    • (a) make by-laws;

    • (b) adopt forms of share certificates and corporate records;

    • (c) authorize the issue of shares of the bank;

    • (d) appoint officers;

    • (e) appoint, pursuant to subsection 314(1), an auditor or auditors to hold office until the first meeting of shareholders;

    • (f) make banking arrangements; and

    • (g) deal with any other matters necessary to organize the bank.

  • Marginal note:Calling directors’ meeting

    (2) An incorporator or a director named in the application for letters patent may call the meeting referred to in subsection (1) by giving, subject to subsection 181(2), no fewer than five days notice of the purpose, time and place of the meeting to each director of the bank.

  • 1991, c. 46, s. 45
  • 2010, c. 12, s. 1921

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