Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
327 Circulation of statement
director's statement referred to in section 326(1) relating to a
matter referred to in section 326(1)(b) or (c), or a director's
statement referred to in section 326(2), send a copy of the director's
statement
(a) to all other directors, and
(b) unless the directors of the company consider on reasonable
grounds that sending the statement would materially and
adversely affect the financial viability of the company, to
each participating policyholder and shareholder entitled to
receive notice of meetings under section 270(1)(a) or (b)
and to the Minister, unless the statement is attached to a
notice of a meeting.
(2) Where the directors decide, under subsection (1)(b), not to send
a copy of the statement to the participating policyholders and
shareholders, they must forthwith notify the Minister in writing to
that effect, and the Minister may, despite that decision, order the
provincial company to send the statement to the participating
policyholders and shareholders entitled to receive notice of
meetings under section 270(1)(a) or (b).
(3) No provincial company or person acting on its behalf incurs
any liability by reason only of circulating a director's statement in
compliance with subsection (1).
1999 cI-5.1 s327
RSA 2000