Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 338 from 2003-01-01 to 2012-12-18:

Marginal note:Application to rectify records

  •  (1) If the name of a person is alleged to be or to have been wrongly entered or retained in, or wrongly deleted or omitted from, the securities register or any other record of a bank, the bank, a security holder of the bank or any aggrieved person may apply to a court for an order that the securities register or record be rectified.

  • Marginal note:Notice to Superintendent

    (2) An applicant under this section shall give the Superintendent notice of the application and the Superintendent may appear and be heard in person or by counsel at the hearing of the application.

  • Marginal note:Powers of court

    (3) In connection with an application under this section, the court may make any order it thinks fit including, without limiting the generality of the foregoing,

    • (a) an order requiring the securities register or other record of the bank to be rectified;

    • (b) an order restraining a bank from calling or holding a meeting of shareholders or paying a dividend before the rectification;

    • (c) an order determining the right of a party to the proceedings to have the party’s name entered or retained in, or deleted or omitted from, the securities register or records of the bank, whether the issue arises between two or more security holders or alleged security holders, or between the bank and any security holder or alleged security holder; and

    • (d) an order compensating a party who has incurred a loss.

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