Insurance Companies Act
Marginal note:Shares issued in series
Marginal note:Series participation
(2) If any cumulative dividend or amounts payable on return of capital in respect of a series of shares are not paid in full, the shares of all series of the same class participate rateably in respect of accumulated dividends and return of capital.
Marginal note:Voting rights
(3) Where voting rights are attached to any series of a class of shares, the shares of every other series of that class shall have the same voting rights.
Marginal note:Restriction on series
(4) No rights, privileges, restrictions or conditions attached to a series of shares authorized under this section confer on the series a priority in respect of dividends or return of capital over any other series of shares of the same class that are then outstanding.
Marginal note:Material to Superintendent
(5) If the directors exercise their authority under paragraph (1)(b), the directors shall, before the issue of shares of the series, send to the Superintendent a copy of the by-law authorizing the directors to fix the rights, privileges, restrictions and conditions of those shares and shall provide the Superintendent with particulars of the proposed series of shares.
- 1991, c. 47, s. 66
- 2005, c. 54, s. 220
- Date modified: