Bank Act

Marginal note:Consent and other requirements

• 995 (1) Despite anything in this Part, but subject to subsections (3) and (4), a requirement under this Act or the regulations to provide a notice, document or other information is not satisfied by providing an electronic document unless

  • (a) the addressee consents and designates an information system for the receipt of the electronic document;

  • (b) the electronic document is, unless otherwise prescribed, provided to the designated information system; and

  • (c) the prescribed requirements are complied with.

• Marginal note:Consent and notice in electronic form

  (1.1) Despite subsection (1), the requirements referred to in paragraph (1)(c) may provide that the consent referred to in paragraph (1)(a) and any notice related to that consent may be provided in electronic form.

• Marginal note:Regulations — revocation of consent

  (2) The Governor in Council may make regulations respecting the revocation of the consent referred to in paragraph (1)(a).

• Marginal note:Notice-and-access — distributing institutions

  (3) Subsection (1) does not apply in respect of the provision of a document or other information, including a proxy circular, to shareholders of a distributing bank or of a distributing bank holding company for use in connection with a meeting for which notice referred to in subsection 138(1) or 727(1) is sent if

  • (a) a notice of availability of documents or other information for use in connection with the meeting is sent in accordance with the rules governing notice-and-access set out in NI 51-102 or NI 54-101;

  • (b) the notice is accompanied by any form of proxy and written request for voting instructions that are required to be sent under this Act; and

  • (c) the document or other information is made available as an electronic document in accordance with the rules governing notice-and-access set out in NI 51-102 or NI 54-101.

• Marginal note:Notice-and-access — institutions that are not distributing

  (4) Subsection (1) does not apply in respect of the provision of a document or other information, including a proxy circular, to shareholders or members of a bank that is not a distributing bank, of a bank holding company that is not a distributing bank holding company or of a federal credit union for use in connection with a meeting for which notice referred to in subsection 138(1) or 727(1) is sent if

  • (a) a notice of availability of documents or other information for use in connection with the meeting is sent to the shareholders or members that contains only

    • (i) the time and place of the meeting,

    • (ii) a statement that the documents or other information for use in connection with the meeting are available as electronic documents on the website of the bank, bank holding company or federal credit union,

    • (iii) the address of the website of the bank, bank holding company or federal credit union on which the documents or other information are available,

    • (iv) a statement that no paper copies of any document or other information for use in connection with the meeting will be sent unless they are requested,

    • (v) instructions on how to request the paper copies,

    • (vi) a description of the matters to be voted on during the meeting, and

    • (vii) a description of the voting procedures;

  • (b) the notice is accompanied by any form of proxy and written request for voting instructions that are required to be sent under this Act; and

  • (c) the document or other information is made available to shareholders or members as an electronic document on the website of the bank, bank holding company or federal credit union.

• Marginal note:Documents available on website

  (5) For the purposes of paragraph (4)(c), a document or other information is considered to be available as an electronic document only if

  • (a) it is available on the website on or before the day on which the notice referred to in paragraph (4)(a) is sent;

  • (b) it remains available on the website for at least one year; and

  • (c) it is in an accessible, printable and searchable format.

• Marginal note:Requests for paper copies

  (6) On the request of a shareholder or member of a bank that is not a distributing bank, of a bank holding company that is not a distributing bank holding company or of a federal credit union, paper copies of the following documents or other information must be sent by prepaid mail addressed to, or delivered personally to, the shareholder or member at their latest address as shown in the records of the bank, bank holding company or federal credit union, or of its transfer agent:

  • (a) any document or other information made available under subsection (4) before the request is made; or

  • (b) all documents and other information made available under subsection (4) after the request is made.

• Marginal note:Documents already made available

  (7) A document or other information referred to in paragraph (6)(a) must be sent or delivered

  • (a) within three business days after the day on which the request is received, if it is received before the day of the meeting; or

  • (b) within 10 days after the day on which the request is received, if it is received on or after the day of the meeting.

• Marginal note:For greater certainty

  (8) For greater certainty, a document or other information that is required under this Act or the regulations to be sent to a specific place and that is made available under paragraph (3)(c) or (4)(c) is not required to be sent to an information system designated by the addressee.