Marginal note:Limits on power to delegate
198 The directors of a bank that is not a federal credit union may not delegate the power to
(a) submit to the shareholders a question or matter requiring the approval of the shareholders;
(b) fill a vacancy among the directors, on a committee of directors or in the office of auditor, or appoint additional directors;
(c) issue or cause to be issued securities, including an issue of shares of a series that is authorized in accordance with section 62, except in accordance with any authorization made by the directors;
(d) declare a dividend;
(e) authorize the redemption or other acquisition by the bank pursuant to section 71 of shares issued by the bank;
(f) authorize the payment of a commission on a share issue;
(g) approve a management proxy circular;
(h) except as provided in this Act, approve the annual statement of the bank and any other financial statements issued by the bank; or
(i) adopt, amend or repeal by-laws.
- 1991, c. 46, s. 198
- 1997, c. 15, s. 25
- 2005, c. 54, s. 38
- 2010, c. 12, s. 1987
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