Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
325 Removal of director
participating policyholders or shareholders of a provincial company
may by resolution at a special meeting remove any director or all
the directors from office.
(2) A shareholders' director may be removed only by a resolution
of the shareholders at a meeting of shareholders or participating
policyholders and shareholders.
(3) A participating policyholders' director may be removed only
by a resolution of the participating policyholders at a meeting of
participating policyholders or participating policyholders and
shareholders.
(4) Where the holders of any class or series of shares of a
provincial company have the exclusive right to elect one or more
directors, a director so elected may be removed only by a resolution
at a meeting of the shareholders of that class or series.
(5) A vacancy created by the removal of a director may be filled at
the meeting of the participating policyholders or shareholders at
which the director is removed or, if not so filled, may be filled
under section 328.
1999 cI-5.1 s325