Marginal note:Classes of shares
61 (1) The by-laws of a bank that is not a federal credit union may provide for more than one class of shares and, if they so provide, they must set out
(a) the rights, privileges, restrictions and conditions attaching to the shares of each class; and
(b) the maximum number, if any, of shares of any class that the bank is authorized to issue.
Marginal note:Shareholder approval
(2) Where a by-law referred to in subsection (1) is made, the directors of the bank shall submit the by-law to the shareholders at the next meeting of shareholders.
Marginal note:Effective date
(3) A by-law referred to in subsection (1) is not effective until it is confirmed or confirmed with amendments by special resolution of the shareholders at the meeting referred to in subsection (2).
- 1991, c. 46, s. 61
- 2001, c. 9, s. 60
- 2010, c. 12, s. 1932
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