A-32 - Act respecting insurance

Section 55 Disposition versions

1977-12-31

55. In a life insurance company that transacts insurance with participation in the profits, at least one-third of the members of the board of directors must be elected, each person having one vote, by the participating policyholders present at the general meeting for election of the directors.

Notwithstanding any other provision of law, this section applies to every insurance company transacting insurance with participation in profits on 20 October 1976.

1974, c. 70, s. 55.