771 (1) Subject to section 772, the number of directors referred to in subsection (2) constitutes a quorum at any meeting of directors or a committee of directors and, notwithstanding any vacancy among the directors, a quorum of directors may exercise all the powers of the directors.
(2) The number of directors constituting a quorum at any meeting of directors or a committee of directors shall be
(a) a majority of the minimum number of directors required by this Part for the board of directors or a committee of directors; or
(b) such greater number of directors than the number calculated pursuant to paragraph (a) as may be established by the by-laws of the bank holding company.
Marginal note:Director continues to be present
(3) Any director present at a meeting of directors who is not present at any particular time during the meeting for the purposes of subsection 790(1) shall be considered as being present for the purposes of this section.
- 2001, c. 9, s. 183
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