Bank Act

Marginal note:Full disclosure

• 279 (1) A prospectus shall provide full, true and plain disclosure of all material facts relating to the securities to be distributed and shall contain or be accompanied by such financial statements, reports or other documents as are required by any regulations made under subsection 275(1).

• Marginal note:Certificate

  (2) A prospectus shall include a certificate in prescribed form signed

  • (a) by the chief executive officer and the chief financial officer of the bank making the distribution or, in the event of the absence or inability to act of either of those officers, any other officer of the bank authorized by the directors to sign in the stead of the officer who is absent or unable to act, and such other persons as are prescribed, and

  • (b) in the case of an initial distribution of shares of a bank, by each person who is a promoter of the bank,

  to the effect that, according to the person’s information, knowledge and belief, the disclosure required by subsection (1) and by any regulations made under subsection 275(1) has been provided.

• Marginal note:Promoter

  (3) For the purposes of subsection (2) and section 281, “promoter” means an applicant for letters patent to incorporate a bank or a director named in the application for letters patent, but such an applicant or director is a promoter only for the period of two years following the application.