Marginal note:Authority of directors and officers
20 (1) No bank and no guarantor of an obligation of a bank may assert against a person dealing with the bank or against a person who has acquired rights from the bank that
(a) the bank’s incorporating instrument or any by-laws of the bank have not been complied with;
(b) the persons named as directors of the bank in the most recent return sent to the Superintendent under section 632 are not the directors of the bank;
(c) the place named in the incorporating instrument or by-laws of the bank is not the place where the head office of the bank is situated;
(d) a person held out by the bank as a director, officer or representative of the bank has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the bank or usual for a director, officer or representative; or
(e) a document issued by any director, officer or representative of the bank with actual or usual authority to issue the document is not valid or not genuine.
Marginal note:Exception — knowledge
(2) Subsection (1) does not apply in respect of a person who has or ought to have knowledge of a situation described in that subsection by virtue of their relationship to the bank.
- 1991, c. 46, s. 20
- 1999, c. 28, s. 8
- 2005, c. 54, s. 6
- Date modified: