Insurance Companies Act

Marginal note:Suspension of voting rights held by governments

• 955 (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).

• Marginal note:Consequence of suspension of approval

  (4) If an approval referred to in subsection 954(3) is suspended, the eligible agent shall not exercise, in person or by proxy, any voting rights attached to any share of the insurance holding company that is beneficially owned by the eligible agent.