Marginal note:Resident Canadian majority
819 (1) The directors of an insurance holding company shall not transact business at a meeting of directors or of a committee of directors unless
(a) in the case of an insurance holding company that is the subsidiary of a foreign institution, at least one half, and
(b) in the case of any other insurance holding company, a majority
of the directors present are resident Canadians.
Marginal note:Exception
(2) Despite subsection (1), the directors of an insurance holding 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.
- 2001, c. 9, s. 465
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