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A-32 - Act respecting insurance
Section 285.12
Disposition versions
285.12. (Repealed).
285.12. Every director or officer of an insurer must, within three months of his appointment or election and, subsequently, every year, disclose in writing and under oath to the board of directors of the insurer any interest held by him in any undertaking.
No director or officer may discharge the duties of his office until he has fulfilled his obligations under this section. The vote of a director who discharges his duties in contravention of this section shall not be decisive.
However, no disclosure of interest is required where the holding of a person and his associates within the meaning of section 49 amounts to less than 10 % of the shares issued by a legal person or of the voting rights attached to such shares.
285.12. Every director or officer of an insurer must, within three months of his appointment or election and, subsequently, every year, disclose in writing and under oath to the board of directors of the insurer any interest held by him in any undertaking.
No director or officer may discharge the duties of his office until he has fulfilled his obligations under this section. The vote of a director who discharges his duties in contravention of this section shall not be decisive.
However, no disclosure of interest is required where the holding of a person and his associates within the meaning of section 49 amounts to less than 10 % of the shares issued by a corporation or of the voting rights attached to such shares.
