Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
331 Class vacancy
the holders of any class or series of shares of a provincial company
have an exclusive right to elect one or more directors and a vacancy
occurs among those directors,
(a) the remaining directors elected by the holders of that class
or series may fill the vacancy except a vacancy resulting
from an increase in, or a failure to elect, the number or
minimum number of directors for that class or series,
(b) if there are no such remainin g directors and, by reason of the
vacancy, the number of directors or the composition of the
board of directors fails to meet any of the requirements of
sections 311, 314(2) and (3) and 315(4), the other directors
may fill that vacancy, and
(c) if there are no such remain ing directors and clause (b) does
not apply, any holder of shares of that class or series may
call a meeting of the holders of those shares for the purpose
of filling the vacancy.
1999 cI-5.1 s331