Marginal note:Classes of shares
705. (1) The by-laws of a bank holding company may provide for more than one class of shares and, if they so provide, shall set out
(a) the rights, privileges, restrictions and conditions attaching to the shares of each class; and
(b) the maximum number, if any, of shares of any class that the bank holding company is authorized to issue.
Marginal note:Shareholder approval
(2) Where a by-law referred to in subsection (1) is made, the directors of the bank holding company shall submit the by-law to the shareholders at the next meeting of shareholders.
Marginal note:Effective date
(3) A by-law referred to in subsection (1) is not effective until it is confirmed or confirmed with amendments by special resolution of the shareholders at the meeting referred to in subsection (2).
- 2001, c. 9, s. 183.
Marginal note:Shares issued in series
706. (1) The by-laws of a bank holding company may, subject to any limitations set out in them, authorize the issue of any class of shares in one or more series and may
(a) fix the maximum number of shares in each series and determine the designation, rights, privileges, restrictions and conditions attaching to them; and
(b) authorize the directors to do anything referred to in paragraph (a).
Marginal note:Series participation
(2) If any cumulative dividend or amounts payable on return of capital in respect of a series of shares are not paid in full, the shares of all series of the same class participate rateably in respect of accumulated dividends and return of capital.
Marginal note:Voting rights
(3) Where voting rights are attached to any series of a class of shares, the shares of every other series of that class shall have the same voting rights.
Marginal note:Restriction on series
(4) No rights, privileges, restrictions or conditions attached to a series of shares authorized under this section confer on the series a priority in respect of dividends or return of capital over any other series of shares of the same class that are then outstanding.
Marginal note:Material to Superintendent
(5) If the directors exercise their authority under paragraph (1)(b), the directors shall, before the issue of shares of the series, send to the Superintendent particulars of the series of shares and a copy of the by-law that granted the authority to the directors.
- 2001, c. 9, s. 183;
- 2005, c. 54, s. 86;
- 2007, c. 6, s. 110(E).
Marginal note:One share, one vote
707. Where voting rights are attached to a share of a bank holding company, the voting rights may confer only one vote in respect of that share.
- 2001, c. 9, s. 183.
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