I-13.2.2 - Deposit Institutions and Deposit Protection Act

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28.38. The board of directors must ensure that the authorized deposit institution adheres to sound commercial practices and sound and prudent management practices.
To that end, it must entrust certain directors it designates or a committee of such directors with the responsibility of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected.
Within three months after the closing date of the authorized deposit institution’s fiscal year, the directors or the committee, as the case may be, shall report to the board of directors on the performance of the responsibility entrusted to them or it and, if applicable, on the other activities they or it carries on for the authorized deposit institution.
2018, c. 232018, c. 23, s. 353.