Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
341 Bylaws Bylaws
provincial company may by resolution make, amend or repeal any
of the company's bylaws.
(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 at the next meeting of
participating policyholders and shareholders, and the participating
policyholders and shareholders may, by resolution, confirm, amend
or reject it.
(3) Unless this Act or the instrument of incorporation otherwise
provides, a bylaw, or an amendment to or a repeal of a bylaw, is
effective from the date of the resolution of the directors under
subsection (1) until it is confirmed, confirmed as amended or
RSA 2000
rejected by the participating policyholders and shareholders under
subsection (2) or until it ceases to be effective under subsection (4)
and, where the bylaw is confirmed, or confirmed as amended, it
continues in effect in the form in which it was so confirmed.
(4) If a bylaw, or an amendment to or a repeal of a bylaw, is
rejected by the participating policyholders and shareholders, or is
not submitted to the participating policyholders and shareholders
by the directors as required under subsection (2), the bylaw,
amendment or repeal ceases to be effective from the date of its
rejection or the date of the next meeting of participating
policyholders and shareholders, as the case may be, and no
subsequent resolution of the directors to make, amend or repeal a
bylaw having substantially the same purpose or effect is effective
until it is confirmed, or confirmed as amended, by the participating
policyholders and shareholders.
1999 cI-5.1 s341