35. In the absence of a special provision in this act, Part I of the Companies Act (chapter C-38) applies mutatis mutandis to any company incorporated under chapter I of this title or under Division I of the Insurance Act (Revised Statutes, 1964, chapter 295) replaced by chapter 70 of the statutes of 1974, subject to the contrary provisions of this act.
In the absence of corresponding provisions in the special Act governing an insurance company, section 88, paragraph 3 of section 89 and sections 89.1 to 89.4 of Part I and the provisions of Part II of the Companies Act, except section 181 and paragraph 3 of section 182, apply, mutatis mutandis, to that company, subject to the contrary provisions of this Act.
For the application of the Act respecting insurance or Part I or II of the Companies Act and in respect of a mutual insurance company, the word “shareholder” means a member of a mutual insurance company. In addition, where a provision of one of those Acts requires the vote of shareholders representing a fixed proportion of the capital stock of a company, the provision is considered to require the vote of a number of members equal to the proportion determined in value.
1974, c. 70, s. 35; 1984, c. 22, s. 11; 1985, c. 17, s. 3.