Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
161 Minister's approval
participating policyholders' and shareholders' approval under
section 163, the agreement must be submitted to the Minister for
approval, and any participating policyholders' or shareholders'
approval under section 163 is invalid if it is obtained prior to the
Minister's approval.
(2) An amalgamation agreement submitted to the Minister for
approval must be accompanied with the report of an independent
actuary on the agreement.
(3) The Minister must not approve the amalgamation agreement
unless the Minister is satisfied that
(a) the agreement meets the requirements of the regulations,
(b) the laws of the jurisdiction in respect of each company that
is proposing to amalgamate permit the proposed
RSA 2000
amalgamation, and the proposed amalgamation has obtained
the approvals required under the laws of those jurisdictions,
and
(c) the requirements of the regulations for amalgamation have
been met.
1999 cI-5.1 s161