Government of Canada / Gouvernement du Canada
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Insurance Companies Act

Version of section 955 from 2012-06-29 to 2012-12-13:

Marginal note:Suspension of voting rights held by governments

  •  (1) Notwithstanding section 775, where any voting shares of an insurance holding company are beneficially owned by

    • (a) Her Majesty in right of Canada or of a province or any agency of Her Majesty in either of those rights, or

    • (b) the government of a foreign country or any political subdivision thereof, or any agency thereof,

    no person shall, in person or by proxy, exercise the voting rights attached to those shares.

  • Marginal note:Exception

    (2) Subsection (1) does not apply to a foreign institution that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the shares referred to in subsection (1) are beneficially owned by the foreign institution or by an entity controlled by the foreign institution.

  • Marginal note:Exception — eligible agent

    (3) Subsection (1) does not apply in respect of the exercise of voting rights attached to any share referred to in subsection 954(3).

  • 2001, c. 9, s. 465
  • 2012, c. 5, s. 157, c. 19, s. 349
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