I-13.2.2 - Deposit Institutions and Deposit Protection Act

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28.39. A director designated in accordance with section 28.38 or the committee provided for in that section, as the case may be, must, on becoming aware of a situation that is likely to appreciably deteriorate the authorized deposit institution’s financial position, of another situation that is contrary to sound and prudent management practices or of a situation that is contrary to sound commercial practices, notify the board of directors in writing.
The board of directors must then see to it that the situation is promptly remedied.
2018, c. 232018, c. 23, s. 353.