Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
288 Requisitioned meetings
issued and outstanding shares of a provincial company that carry
the right to vote at a meeting sought to be held may requisition the
directors to call a meeting of shareholders or participating
policyholders and shareholders for the purposes stated in the
requisition.
RSA 2000
(2) At least 100 participating policyholders or 10% of the total
number of those policyholders, whichever is fewer, may requisition
the directors to call a meeting of participating policyholders or
participating policyholders and shareholders for the purposes stated
in the requisition.
(3) A requisition referred to in subsection (1) or (2)
(a) must state the business to be transacted at the meeting and
must be sent to each director and to the provincial
company's head office, and
(b) may consist of several documents of similar form, each
signed by one or more participating policyholders or
shareholders.
(4) The requisitioner must give notice to the Minister of a
requisition made under subsection (1) or (2).
(5) On receipt of a requisition referred to in subsection (1) or (2),
the directors must call a meeting of participating policyholders or
shareholders to transact the business stated in the requisition,
unless
(a) a record date has been fixed under section 269(3) or (7) and
notice of the record date has been given under section
269(9),
(b) the directors have called a meeting of participating
policyholders or shareholders and have given notice of the
meeting under section 270, or
(c) the business of the meeting as stated in the requisition
includes matters described in section 274(5)(b) to (d) and
(g).
(6) If the directors do not call a meeting within 21 days after
receiving a requisition referred to in subsection (1) or (2), any
participating policyholder or shareholder who signed the
requisition may call the meeting.
(7) A meeting called under this section must be called as nearly as
possible in the manner in which meetings are to be called pursuant
to the bylaws and this Act.
RSA 2000
(8) Unless the participating policyholders or shareholders
otherwise resolve at a meeting called under subsection (6), the
provincial company must reimburse the participating policyholders
or shareholders for any expenses reasonably incurred by them in
requisitioning, calling and holding the meeting.
1999 cI-5.1 s288