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Insurance Companies Act

Version of section 207 from 2003-01-01 to 2006-11-27:

Marginal note:Limits on power to delegate

 The directors of a company may not delegate any of the following powers, namely, the power to

  • (a) submit to the shareholders or policyholders a question or matter requiring the approval of the shareholders or policyholders;

  • (b) fill a vacancy among the directors or a committee of directors or in the office of auditor or actuary of the company;

  • (c) issue or cause to be issued securities except in the manner and on terms authorized by the directors;

  • (d) declare a dividend on shares or a policy dividend, bonus or other benefit payable to policyholders, other than a dividend on a group policy that is a participating policy;

  • (e) authorize the redemption or other acquisition by the company pursuant to section 75 of shares issued by the company;

  • (f) authorize the payment of a commission on a share issue;

  • (g) approve a management proxy circular;

  • (h) except as provided in this Act, approve the annual statement of the company and any other financial statements issued by the company; or

  • (i) adopt, amend or repeal by-laws.

  • 1991, c. 47, s. 207
  • 1997, c. 15, s. 212

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