Canada Gazette, Part I, Volume 155, Number 49: MISCELLANEOUS NOTICES
December 4, 2021
ICICI BANK CANADA
REDUCTION OF STATED CAPITAL
As required under subsection 75(5) of the Bank Act, notice is hereby given that ICICI Bank Canada (the Bank) intends to apply to the Superintendent of Financial Institutions for approval to reduce the stated capital of the common shares of the Bank in accordance with the special resolution passed by the sole shareholder of the Bank on November 25, 2021, a copy of which is set out below.
“RESOLVED AS A SPECIAL RESOLUTION that
- Subject to the approval of the Superintendent of Financial Institutions (Canada), and in accordance with section 75 of the Bank Act (Canada), the stated capital of the Bank be reduced by an amount of up to $235 million (the “Authorized Limit”) by reducing the stated capital account maintained for its common shares, such amount to be distributed to the sole shareholder of the Bank;
- The directors and officers of the Bank are hereby authorized and directed to apply under section 75 of the Bank Act (Canada) for approval of this resolution and such reduction of stated capital;
- The Bank’s Chief Executive Officer shall determine the amount of any such reduction of stated capital within the Authorized Limit; and
- Any two officers or directors of the Bank are authorized and directed, for and on behalf of the Bank, to execute and deliver all such documents and to do such other acts or things as may be determined to be necessary or advisable to give effect to this resolution, the execution of any such document or the doing of any such other act or thing being conclusive evidence of such determination.”
The publication of this notice should not be construed as evidence that approval will be issued for the reduction of capital. The granting of the approval will be dependent upon the normal Bank Act (Canada) review process and the discretion of the Superintendent of Financial Institutions.
Toronto, December 4, 2021
ICICI BANK CANADA