Insurance Companies Act
Marginal note:Resident Canadian majority
(a) in the case of a company that is the subsidiary of a foreign institution, at least one half, and
(b) in the case of any other company, a majority
of the directors present are resident Canadians.
(2) Notwithstanding subsection (1), the directors of a company may transact business at a meeting of directors or of a committee of directors without the required proportion of directors who are resident Canadians if
(a) a director who is a resident Canadian unable to be present approves, in writing or by telephonic, electronic or other communications facilities, the business transacted at the meeting; and
(b) there would have been present the required proportion of directors who are resident Canadians had that director been present at the meeting.
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