What Bank Act (S.C. 1991, c. 46) - Part VI, Corporate Governance - Requisitioned and Court-Ordered Meetings requires
This regulation outlines the obligations for a bank's directors to call a meeting upon requisition by shareholders or members, the procedures for such meetings, and the recourse available through the courts for ordering meetings or resolving election disputes.
Pillar: Banking & Global Finance · Authority: Government of Canada · Version: 1.0.1 · Last updated:
Primary source: https://laws-lois.justice.gc.ca/eng/acts/B-1.01/page-16.html
SHA-256 integrity: 17e4f7cd9588fc4a82b97f411b77c08fa7dd965383758c8416d7537e7fd4ec1c
Primary Citations — 7 traced to source
- Section 153(1): Shareholders who together hold not less than 5 per cent of the issued and outstanding shares of a bank that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition.
- Section 153(2): The requisition (a) must state the business to be transacted at the meeting and must be sent to each director and to the head office of the bank; and (b) may consist of several documents of like form, each signed by one or more shareholders or members, as the case may be.
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