Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
357 Avoidance standards
more of its directors or officers, or between a provincial company
and another entity of which a director or an officer of the company
is a director or an officer, or between a provincial company and a
person in which the director or officer has a material interest, is
neither void nor voidable
(a) by reason only of that relationship, or
(b) by reason only that a director with an interest in the contract
is present at or is counted to determine the presence of a
quorum at the meeting of directors or the committee of
directors that authorized the contract,
if the director or officer disclosed the interest in accordance with
section 354(2), (3) or (4) or section 356 and the contract was
approved by the directors or the participating policyholders and
shareholders and the contract was reasonable and fair to the
company at the time it was approved.
1999 cI-5.1 s357