Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
316 Changing number of directors
of a provincial company may make, amend or repeal any bylaw to
increase or decrease the number of directors or the minimum or
maximum number of directors, directors who are to be elected by
the shareholders or directors who are to be elected by the
participating policyholders.
(2) The directors must submit a bylaw, or an amendment to or a
repeal of a bylaw, that is made under subsection (1) to the
participating policyholders and shareholders, and the policyholders
and shareholders may, by special resolution, confirm, amend or
reject the bylaw, amendment or repeal.
(3) A bylaw, or an amendment to or a repeal of a bylaw, made
under subsection (1) is not effective until it is confirmed or
confirmed as amended by the policyholders and shareholders under
subsection (2).
(4) Where a special resolution referred to in subsection (2) so
states, the directors may, without further approval of the
policyholders or shareholders, revoke the special resolution.
1999 cI-5.1 s316