Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
350 Delegation
their powers, except for the powers specified in subsection (2).
(2) The directors of a provincial company must not delegate the
power
(a) to submit to the participating policyholders or shareholders a
question or matter requiring the approval of the participating
policyholders or shareholders,
(b) to fill a vacancy among th e directors or a committee of
directors or in the office of auditor or actuary of the
company,
(c) to issue or cause to be issued securities, except in the
manner and on terms authorized by the directors,
(d) to declare a dividend on shares or a policy dividend, bonus
or other benefit payable to participating policyholders, other
than a dividend on a group policy that is a participating
policy,
(e) to authorize the redemption or acquisition of shares issued
by the company pursuant to section 245, 246 or 247,
(f) to authorize the payment of a commission on a securities
issue,
(g) to approve a management proxy circular,
(h) to approve the annual fina ncial statements of the company
and any other financial statements issued by the company,
(i) to approve the annual return of the company, or
(j) to adopt, amend or repeal bylaws.
1999 cI-5.1 s350