Marginal note:Defence — due diligence
211 (1) A director, officer or employee of a bank is not liable under section 207 or 210 or subsection 506(1) and has fulfilled their duty under subsection 158(2) if they exercised the care, diligence and skill that a reasonably prudent person would have exercised in comparable circumstances, including reliance in good faith on
(a) financial statements of the bank that were represented to them by an officer of the bank or in a written report of the auditor or auditors of the bank fairly to reflect the financial condition of the bank; or
(b) a report of a person whose profession lends credibility to a statement made by them.
Marginal note:Defence — good faith
(2) A director or officer of a bank has fulfilled their duty under subsection 158(1) if they relied in good faith on
(a) financial statements of the bank that were represented to them by an officer of the bank or in a written report of the auditor or auditors of the bank fairly to reflect the financial condition of the bank; or
(b) a report of a person whose profession lends credibility to a statement made by them.
- 1991, c. 46, s. 211
- 2001, c. 9, s. 78
- 2005, c. 54, s. 44
- Date modified: