Bank Act

Marginal note:Disqualified persons

160 The following persons are disqualified from being directors of a bank:

• (a) a person who is less than eighteen years of age;

• (b) a person who is of unsound mind and has been so found by a court in Canada or elsewhere;

• (c) a person who has the status of a bankrupt;

• (d) a person who is not a natural person;

• (e) a person who is prohibited by section 392 or 401.3 or subsection 156.09(9) from exercising voting rights attached to shares of the bank;

• (f) a person who is an officer, director or full time employee of an entity that is prohibited by section 392 or 401.3 or subsection 156.09(9) from exercising voting rights attached to shares of the bank;

• (f.1) a person who is an officer, director, employee or agent of — or any other person acting on behalf of — an eligible agent within the meaning of subsection 370(1);

• (g) [Repealed, 2013, c. 40, s. 161]

• (h) a minister of Her Majesty in right of Canada or in right of a province;

• (i) a person who is an agent or employee of the government of a foreign country or any political subdivision thereof; and

• (j) if the bank is a federal credit union, a person who fails to meet any of the qualification requirements set out in its by-laws.