Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
238 Changes to Shares Changing shares
or repeal any bylaws
(a) to change the maximum numb er, if any, of shares of any
class that the company is authorized to issue,
(b) to create new classes of shares,
RSA 2000
(c) to change the designation of any or all of the company's
shares and add, change or remove any rights, privileges,
restrictions and conditions, including rights to accrued
dividends, in respect of any or all of the company's shares,
whether issued or unissued,
(d) to change the shares of any class or series, whether issued or
unissued, into a different number of shares of the same class
or series or into the same or a different number of shares of
other classes or series,
(e) to divide a class of shares, whether issued or unissued, into
series and fix the maximum number of shares, if any, in
each series and the rights, privileges, restrictions and
conditions attached to the shares in each series,
(f) to authorize the directors to divide any class of unissued
shares into series and fix the maximum number of shares, if
any, in each series and the rights, privileges, restrictions and
conditions attached to the shares in each series,
(g) to authorize the directors to change the rights, privileges,
restrictions and conditions attached to unissued shares of
any series, and
(h) to revoke, diminish or enlarge any authority conferred under
clause (f) or (g).
(2) The directors must submit a bylaw, or an amendment to or a
repeal of a bylaw, that is made under subsection (1) to the
participating policyholders and shareholders, and the policyholders
and shareholders may, by special resolution, confirm, amend or
reject the bylaw, amendment or repeal.
(3) A bylaw, or an amendment to or a repeal of a bylaw, made
under subsection (1) is not effective until it is
(a) confirmed or confirmed as amended by the policyholders
and shareholders under subsection (2), and
(b) approved by the Minister.
(4) Where a special resolution referred to in subsection (2) so
states, the directors may, before it is submitted to the Minister for
approval and without further approval of the policyholders or
shareholders, revoke the special resolution.
1999 cI-5.1 s238
RSA 2000