• (d) the members register referred to in subsection 254.1(1).

• Marginal note:Access to central securities register

  (3) Shareholders and creditors of a bank and their personal representatives — and, if the bank is a federal credit union, its members and their personal representatives — may examine the central securities register during the usual business hours of the bank and may take extracts from it free of charge or have copies of it made on payment of a reasonable fee. If the bank is a distributing bank, any other person may, on payment of a reasonable fee, examine the central securities register during the usual business hours of the bank and take extracts from it or have copies of it made.

Members Register

Marginal note:Members register

• 254.1 (1) A federal credit union must maintain a members register in which it must record

  • (a) the names, alphabetically arranged, and latest known addresses of the members and former members of the federal credit union;

  • (b) the number of membership shares held by each member; and

  • (c) the date and particulars of the issue and transfer of each membership share.

• Marginal note:Similar registers

  (2) For the purposes of subsection (1), “members register” includes similar registers required by law to be maintained by a body corporate that was continued, or amalgamated and continued, as a federal credit union before the continuance or amalgamation and continuance.

• Marginal note:Access to members register

  (3) Members, shareholders and creditors of a federal credit union, and their personal representatives, may examine the members register during the usual business hours of the federal credit union and may take extracts from it free of charge or have copies of it made on payment of a reasonable fee. If the federal credit union is a distributing bank, any other person may, on payment of a reasonable fee, examine the members register during the usual business hours of the bank and take extracts from it or have copies of it made.

• Marginal note:Electronic access

  (4) The federal credit union may make the information contained in the members register available by any mechanical or electronic data processing system or other information storage device that is capable of reproducing it in intelligible written form within a reasonable time.

• Marginal note:Affidavit and undertaking

  (5) A person who wishes to examine the members register, take extracts from it or have copies of it made must provide the federal credit union with an affidavit containing their name and address — or, if they are an entity, the name and address for service of the entity — and an undertaking that the information contained in the register will not be used except in the same way as a list of shareholders or members may be used under section 242. In the case of an entity, the affidavit is to be sworn by a director or officer of the entity or a person acting in a similar capacity.

• Marginal note:Supplementary information

  (6) A person who wishes to examine a members register, take extracts from it or have copies of it made may, on payment of a reasonable fee, if they state in the accompanying affidavit that supplementary information is required, request the federal credit union or its agent to provide supplementary information setting out any changes made to the register.

• Marginal note:When supplementary information to be provided

  (7) A federal credit union or its agent must provide the supplementary information within

  • (a) 10 days after the day on which the members register is examined if the changes take place before that day; and

  • (b) 10 days after the day to which the supplementary information relates if the changes take place on or after the day on which the members register is examined.

Marginal note:Branch members registers

254.2 A federal credit union may establish as many branch members registers as it considers necessary.

Marginal note:Agents

254.3 A federal credit union may appoint an agent to maintain its members register and each of its branch members registers.

Marginal note:Location of members register

• 254.4 (1) The members register of a federal credit union is to be maintained by the federal credit union at its head office or at any other place in Canada designated by the federal credit union’s directors.

• Marginal note:Location of branch members register

  (2) A branch members register of a federal credit union may be kept at any place in or outside Canada designated by the directors of the federal credit union.

Marginal note:Particulars in branch members register

• 254.5 (1) A branch members register must contain only particulars of the membership shares issued or transferred at the branch for which that register is established.

• Marginal note:Particulars in members register

  (2) Particulars of each issue or transfer of a membership share registered in a branch members register of a federal credit union must also be kept in the members register of the federal credit union.

Marginal note:Cancelled membership share certificates

254.6 A federal credit union, its agent or a trustee within the meaning of section 294 is not required to produce a cancelled membership share certificate in registered form after six years from the day on which it is cancelled.

• (c) a membership share.

• Marginal note:Examination

  (2) Subject to this section, the shareholders and members of a bank and their personal representatives may, on request, examine the statements referred to in subsection (1) during the usual business hours of the bank and may take extracts from those statements free of charge.

Marginal note:Distribution of annual statement

• 311. (1) A bank must, not later than 21 days before the date of each annual meeting or before the signing of a resolution under paragraph 152(1)(b) in lieu of the annual meeting, send to each shareholder or, in the case of a federal credit union, to each member and shareholder, if any, at their recorded address a copy of the documents referred to in subsections 308(1) and (3), unless that time period is waived by the shareholder or member, as the case may be.

• Marginal note:Exception

  (2) A bank is not required to comply with subsection (1) with respect to a person who has informed the bank, in writing, that the person does not wish to receive the annual statement.

Marginal note:Appointment of auditors

• 314. (1) The shareholders of a bank, or the members of a federal credit union, must, by ordinary resolution at the first meeting of shareholders or members, as the case may be, and at each succeeding annual meeting, appoint a firm of accountants to be the auditor of the bank until the close of the next annual meeting.

• Marginal note:Auditors

  (2) The shareholders of a bank, or the members of a federal credit union, may, by ordinary resolution at the first meeting of shareholders or members, as the case may be, and at each succeeding annual meeting, appoint two firms of accountants to be the auditors of the bank until the close of the next annual meeting.

• Marginal note:Remuneration of auditors

  (3) The remuneration of the auditor or auditors may be fixed by ordinary resolution of the shareholders or members of the federal credit union but, if not so fixed, must be fixed by the directors.

• (ii) beneficially owns or controls, directly or indirectly, a material interest in the shares or membership shares of the bank or of any affiliate of the bank, or

Marginal note:Revocation of appointment

• 317. (1) The shareholders of a bank or the members of a federal credit union may, by ordinary resolution at a special meeting, revoke the appointment of an auditor.

• (b) the appointment of the auditor is revoked by the Superintendent or by the shareholders or, if the bank is a federal credit union, by the members.

Marginal note:Right to attend meetings

• 320. (1) The auditor or auditors of a bank are entitled to receive notice of every meeting of shareholders and, if the bank is a federal credit union, every meeting of its members and, at the expense of the bank, to attend and be heard at the meeting on matters relating to the duties of the auditor or auditors.

• Marginal note:Duty to attend meeting

  (2) If a director, shareholder or member of a bank, whether or not that person is entitled to vote at the meeting, gives written notice, not less than 10 days before the meeting, to an auditor or former auditor of the bank that the director, member or shareholder wishes the auditor’s attendance at the meeting, the auditor or former auditor must attend the meeting, at the expense of the bank, and answer questions relating to the auditor’s or former auditor’s duties as auditor.

• Marginal note:Notice to bank

  (3) The person who gives notice under subsection (2) must send concurrently a copy of the notice to the bank and the bank must, without delay, send a copy of it to the Superintendent.