Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
171 Participating policyholder and shareholder approval
agreement referred to in section 169 must submit the proposed
agreement for approval at a meeting of the participating
policyholders and shareholders and, subject to subsection (3), to the
holders of each class or series of shares.
(2) Each share of the provincial company carries the right to vote
in respect of a proposed agreement whether or not the share
otherwise carries the right to vote.
(3) The holders of shares of a class or series of shares of a
provincial company are entitled to vote separately as a class or
series in respect of a proposed agreement submitted under
subsection (1) if the effect of the agreement on the shares of the
class or series is different from the effect on the shares of another
class or series.
(4) Participating policyholders are entitled to vote separately from
shareholders in respect of an agreement.
(5) For the purpose of subsection (1), and subject to subsections
(3) and (4), an agreement is approved when the participating
policyholders and shareholders have approved the agreement by
special resolution.
1999 cI-5.1 s171