Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
155 Regulations
(a) respecting demutualization proposals and procedures and
requirements that must be met before a mutual provincial
company may be converted into a provincial company with
common shares;
(b) governing the ownership of shares issued by a mutual
provincial company that has been converted into a
provincial company with common shares.
RSA 2000
(2) A regulation made under this section may provide that the
Minister may, by order, on such terms and conditions as the
Minister considers appropriate, exempt a provincial company from
prescribed requirements of that regulation.
(3) The Minister may, on such terms and conditions as the
Minister considers appropriate, exempt a mutual provincial
company from any requirement of this Act or the regulations if
(a) the company is applying to convert the company into a
company with common shares, and
(b) the Minister is of the opinion that the company is, or is
about to be, in financial difficulty and that the exemption
would help to facilitate an improvement in the financial
condition of the company.
1999 cI-5.1 s155