Marginal note:Common shares
60 (1) A bank that is not a federal credit union must have one class of shares, to be designated as “common shares”, which are non-redeemable and in which the rights of the holders of those common shares are equal in all respects, and those rights include
Marginal note:Designations of shares
(2) No bank shall designate more than one class of its shares as “common shares” or any variation of that term.
(3) [Repealed, 2012, c. 5, s. 4]
Marginal note:Continued bank
(4) A body corporate continued as a bank under this Act that is not in compliance with subsection (2) on the date letters patent continuing it as a bank are issued shall, within twelve months after that date, redesignate its shares to comply with that subsection.
- 1991, c. 46, s. 60
- 2010, c. 12, s. 1930
- 2012, c. 5, s. 4
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