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A-32 - Act respecting insurance

Section 93.1
Disposition versions

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93.1. The board of directors may, if so authorized by a by-law of the company and with the prior approval of the Authority, issue preferred equity shares to the amount by which the assets exceed the liabilities of the company.
The by-law must indicate the number of shares that the company is authorized to issue, the amount of the issue and the privileges, rights and restrictions applicable to the shares.
The by-law must be approved by the vote of not less than 2/3 of the members present at a special meeting and be subsequently ratified by the Authority.
No preferred equity share may be reimbursed or redeemed before the expiry of a five-year period from its issuance nor may it entitle its holder to be present or vote at meetings.
Sections 146, 156 and 157 of the Companies Act (chapter C-38) apply, with the necessary changes, to preferred equity shares, to the extent to which those sections are consistent with this section.
1984, c. 22, s. 34; 2002, c. 45, s. 243; 2004, c. 37, s. 90.
93.1. The board of directors may, if so authorized by a by-law of the company and with the prior approval of the Agency, issue preferred equity shares to the amount by which the assets exceed the liabilities of the company.
The by-law must indicate the number of shares that the company is authorized to issue, the amount of the issue and the privileges, rights and restrictions applicable to the shares.
The by-law must be approved by the vote of not less than two-thirds of the members present at a special meeting and be subsequently ratified by the Agency.
No preferred equity share may be reimbursed or redeemed before the expiry of a five-year period from its issuance nor may it entitle its holder to be present or vote at meetings.
Sections 146, 156 and 157 of the Companies Act (chapter C‐38) apply, with the necessary changes, to preferred equity shares, to the extent to which those sections are consistent with this section.
1984, c. 22, s. 34; 2002, c. 45, s. 243.
93.1. The board of directors may, if so authorized by a by-law of the company and with the prior approval of the Inspector General, issue preferred equity shares to the amount by which the assets exceed the liabilities of the company.
The by-law must indicate the number of shares that the company is authorized to issue, the amount of the issue and the privileges, rights and restrictions applicable to the shares.
The by-law must be approved by the vote of not less than two-thirds of the members present at a special meeting and be subsequently ratified by the Inspector General.
No preferred equity share may be reimbursed or redeemed before the expiry of a five-year period from its issuance nor may it entitle its holder to be present or vote at meetings.
Sections 146, 156 and 157 of the Companies Act (chapter C-38) apply, with the necessary changes, to preferred equity shares, to the extent to which those sections are consistent with this section.
1984, c. 22, s. 34.
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