The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies. The Company believes that the provision is considered to be good corporate governance. The purpose is to foster a variety of interests of the shareholders and the Company by ensuring that all shareholders, including those participating in a meeting by proxy rather than in person, receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Advance Notice By-Law should assist in facilitating an orderly and efficient meeting process, provides shareholders, directors and management of the Company with a clear framework for nominating directors. Specifically, the Advance Notice By-law requires advance notice to the Company in circumstances where nominations of persons for election as a director of EFT are made by shareholders other than pursuant to a "proposal" made in accordance with the provisions of the Business Corporations Act (
In the case of an annual meeting of shareholders, notice to the Corporation must be given not less than 30, and not more than 65 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be given not later than the close of business on the 10th day following the notice date.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Corporation must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of the meeting was made.
The Advance Notice By-law is effective immediately. Shareholders of EFT will be asked to ratify and confirm the Advance Notice By-law at the next meeting of shareholders to be held on
Founded in 2003 and headquartered in
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein. Neither
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