Marginal note:Limits on power to delegate
785 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 or a committee of directors or in the office of the auditor of the bank holding company;
(c) issue or cause to be issued securities except in the manner and on terms authorized 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
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