Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
323 Incomplete Elections and Director Vacancies Void election or appointment
policyholders or shareholders, the incumbent directors continue in
office until their successors are elected.
(2) If a meeting of participating policyholders or shareholders fails
to elect the number of directors required by this Act or the bylaws
by reason of disqualification or the incapacity or death of one or
more candidates, the directors elected at that meeting, if they
constitute a quorum, may exercise all the powers of the directors of
the provincial company pending the holding of a meeting of
participating policyholders or shareholders in accordance with
subsection (3).
(3) If there is not a quorum of directors, or if there has been a
failure to elect the number or minimum number of directors
required by this Act or the bylaws, the directors then in office must
forthwith call a special meeting of participating policyholders or
shareholders, as the case may be, to fill the vacancy or vacancies,
and if they fail to call a meeting or if there are no directors then in
office, any participating policyholder or shareholder may call the
meeting.
1999 cI-5.1 s323