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I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 28.35
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28.35. Directors of an authorized Québec deposit institution who agree to a contravention of section 28.31 are held solidarily liable for any resulting losses to the deposit institution.
A director cannot be held liable under the first paragraph if the director acted with a reasonable degree of prudence and diligence in the circumstances.
Furthermore, for the purposes of the first paragraph, the court may, after considering all the circumstances and on the terms the court considers appropriate, relieve a director, either wholly or partly, from the liability the director would otherwise incur if it appears to the court that the director has acted reasonably, honestly and loyally, and ought fairly to be excused.
2018, c. 23, s. 353.
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