Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
319 Determining election of directors
for cumulative voting, the individuals who receive the greatest
number of votes at an election of directors of a company, up to the
number authorized to be elected, are the directors of the company.
(2) If a provincial company has common shares and participating
policyholders, a shareholder of the company
(a) is not entitled to vote for the participating policyholders'
directors if the shareholder is not a participating
policyholder, and
(b) is not entitled to vote any shares for the policyholders'
directors.
(3) If a provincial company has common shares and participating
policyholders, a participating policyholder of the company
(a) is not entitled to vote for the shareholders' directors if the
participating policyholder is not a shareholder, and
(b) is not entitled to vote as a participating policyholder for the
shareholders' directors.
(4) If at any election of directors referred to in subsection (1) 2 or
more persons receive an equal number of votes and there are not
sufficient vacancies remaining to enable all the individuals
receiving an equal number of votes to be elected, the directors who
receive a greater number of votes, or the majority of those
directors, must, in order to complete the full number of directors,
determine which of the persons receiving an equal number of votes
are to be elected.
1999 cI-5.1 s319