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Bank Act

Version of section 175 from 2012-12-19 to 2024-04-01:


Marginal note:Circulation of statement

  •  (1) A bank that is not a federal credit union must without delay on receipt of a director’s statement referred to in subsection 174(1) relating to a matter referred to in paragraph 174(1)(b) or (c), or a director’s statement referred to in subsection 174(2), send a copy of it to each shareholder entitled to receive a notice of meetings and to the Superintendent, unless the statement is included in or attached to a management proxy circular required by subsection 156.05(1).

  • Marginal note:Circulation of statement — federal credit union

    (2) A federal credit union must, without delay on receipt of a director’s statement referred to in subsection 174(1) relating to a matter referred to in paragraph 174(1)(b) or (c), or a director’s statement referred to in subsection 174(2), send a copy of it to the Superintendent, to each member and, if the director was elected by the holders of shares of a class, to those shareholders.

  • Marginal note:Immunity for statement

    (3) No bank or person acting on its behalf incurs any liability by reason only of circulating a director’s statement in compliance with subsection (1) or (2).

  • 1991, c. 46, s. 175
  • 1997, c. 15, s. 17
  • 2010, c. 12, s. 1978

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