Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
232 Classes of shares
company, must have a class of shares designated as common
shares.
(2) The rights of the holders of common shares are equal in all
respects and include
(a) the right to vote at all meetings of shareholders except
where only holders of a specified class of shares, or
participating policyholders, are entitled to vote,
(b) the right to receive dividends of the provincial company if
declared on those shares, and
(c) the right to receive the remaining property of the provincial
company on dissolution.
(3) No provincial company may designate more than one class of
its shares as common shares or confer all of the characteristics of a
common share described in subsection (2) on more than one class
of shares.
RSA 2000
(4) A provincial company may have classes of shares in addition to
common shares, and in that case the rights, privileges, restrictions
and conditions attaching to the shares of each class must be set out
in the bylaws.
(5) Subject to section 236, if a provincial company has more than
one class of shares, the rights of the holders of the shares of a class
are equal in all respects.
1999 cI-5.1 s232