I-13.2.2 - Deposit Institutions and Deposit Protection Act
28.45. The audit committee and the ethics committee of an authorized Québec deposit institution must each be composed of at least three directors, a majority of whom are not
(1) officers or employees of the deposit institution;
(2) members of both the ethics committee and the audit committee;
(3) directors, officers or other mandataries or employees of a group of which the deposit institution is the holder of control; or
(4) holders of a significant interest in the deposit institution or in a business corporation affiliated with the deposit institution.