Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
315 Election and Tenure of Directors Number of directors
provincial company must, by bylaw, determine the number of
directors or the minimum and maximum number of directors, but
no bylaw that decreases the number of directors shortens the term
of an incumbent director.
(2) Subject to sections 311(1) and 320, if a provincial company has
common shares and participating policyholders, the directors of the
company must by bylaw determine the number of directors, or the
minimum and maximum number of directors, who are to be elected
by the shareholders and the number, or the minimum and
maximum number, who are to be elected by the participating
policyholders.
(3) A bylaw made pursuant to subsection (1) or (2) that provides
for a minimum and maximum number of directors may provide
that the number of directors, shareholders' directors or participating
policyholders' directors to be elected at any annual meeting of the
participating policyholders and shareholders is to be the number
fixed by the directors prior to the annual meeting.
(4) The number of shareholders' directors and the number of
participating policyholders' directors, whether determined by
RSA 2000
bylaw or fixed by the directors, must each be at least 1/3 of the
total number of directors.
(5) If the shareholders of a mutual provincial company are entitled
to elect one or more directors of the company, not more than 1/3 of
the directors may be elected by the shareholders.
1999 cI-5.1 s315