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Bank Act

Version of section 785 from 2006-11-28 to 2021-03-23:


Marginal note:Limits on power to delegate

 The directors of a bank holding company may not delegate any of the following powers, namely, 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 706, except in accordance with any authorization made by the directors;

  • (d) declare a dividend;

  • (e) authorize the redemption or other acquisition by the bank holding company pursuant to section 715 of shares issued by the bank holding company;

  • (f) authorize the payment of a commission on a share issue;

  • (g) approve a management proxy circular;

  • (h) except as provided in this Part, approve the annual statement of the bank holding company and any other financial statements issued by the bank holding company; or

  • (i) adopt, amend or repeal by-laws.

  • 2001, c. 9, s. 183
  • 2005, c. 54, s. 109
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