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Bank Act

Version of section 732 from 2003-01-01 to 2006-11-27:


Marginal note:Shareholder’s proposal

  •  (1) A shareholder entitled to vote at an annual meeting of shareholders of a bank holding company may

    • (a) submit to the bank holding company notice of any matter that the shareholder proposes to raise at the meeting; and

    • (b) discuss at the meeting any matter in respect of which the shareholder would have been entitled to submit a proposal.

  • Marginal note:Circulation of proposal

    (2) A bank holding company shall attach any proposal of a shareholder submitted for consideration at a meeting of shareholders to the notice of the meeting.

  • Marginal note:Shareholder’s statement

    (3) If so requested by a shareholder who submits a proposal to a bank holding company, the bank holding company shall attach to the notice of the meeting a statement by the shareholder of not more than two hundred words in support of the proposal and the name and address of the shareholder.

  • Marginal note:Nominations for directors

    (4) A proposal may include nominations for the election of directors if the proposal is signed by one or more holders of shares representing in the aggregate not less than 5 per cent of the shares or 5 per cent of the shares of a class of shares of the bank holding company entitled to vote at the meeting to which the proposal is to be presented.

  • Marginal note:Conditions precedent for proposals

    (5) A bank holding company is not required to comply with subsections (2) and (3) if

    • (a) the proposal is not submitted to the bank holding company at least ninety days before the anniversary date of the previous annual meeting of shareholders;

    • (b) it clearly appears that the proposal is submitted by the shareholder primarily for the purpose of enforcing a personal claim or redressing a personal grievance against the bank holding company or its directors, officers or security holders, or primarily for the purpose of promoting general economic, political, racial, religious, social or similar causes;

    • (c) the bank holding company, at the shareholder’s request, attached a proposal to the notice of a meeting of shareholders held within two years preceding the receipt of the request, and the shareholder failed to present the proposal, in person or by proxy, at the meeting;

    • (d) substantially the same proposal was submitted to shareholders in a dissident’s proxy circular relating to, or was attached to the notice of, a meeting of shareholders held within two years preceding the receipt of the shareholder’s request and the proposal was defeated; or

    • (e) the rights conferred by subsections (1) to (4) are being abused to secure publicity.

  • Marginal note:Immunity for proposal and statement

    (6) No bank holding company or person acting on behalf of a bank holding company incurs any liability by reason only of circulating a proposal or statement in compliance with subsections (2) and (3).

  • 2001, c. 9, s. 183
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