Insurance Companies Act
Marginal note:Requisitioned meeting
780 (1) Shareholders who together hold not less than 5 per cent of the issued and outstanding shares of an insurance holding company that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition.
(2) A requisition referred to in subsection (1)
(a) must state the business to be transacted at the meeting and must be sent to each director and to the head office of the insurance holding company; and
(b) may consist of several documents of like form, each signed by one or more shareholders.
Marginal note:Directors calling meeting
(3) On receipt of a requisition referred to in subsection (1), the directors shall call a meeting of shareholders to transact the business stated in the requisition, unless
(a) a record date has been fixed under subsection 766(2) and notice thereof has been given under subsection 766(5);
(b) the directors have called a meeting of shareholders and have given notice thereof under section 767; or
(c) the business of the meeting as stated in the requisition includes matters described in paragraphs 770(5)(b) to (e).
Marginal note:Shareholders’ power
(4) If the directors do not call a meeting within twenty-one days after receiving a requisition referred to in subsection (1), any shareholder who signed the requisition may call the meeting.
(5) A meeting called under this section shall be called as nearly as possible in the manner in which meetings are to be called pursuant to the by-laws and this Part.
(6) Unless the shareholders otherwise resolve at a meeting called under subsection (4), the insurance holding company shall reimburse the shareholders for any expenses reasonably incurred by them in requisitioning, calling and holding the meeting.
- 2001, c. 9, s. 465
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