A-32.1 - Insurers Act

Section 9 Disposition versions

2019-06-13

9. For the purposes of this Act, “holder of control” of the following groups means,

(1)  in the case of a business corporation, the holder of shares conferring more than 50% of the voting rights or whoever can otherwise choose the majority of its directors;

(2)  in the case of a federation of mutual companies, its member mutual companies;

(3)  in the case of a partnership that is a limited partnership, the general partner, and in the case of any other partnership, the partner who can determine the outcome of collective decisions, if applicable;

(4)  in the case of a trust, the trustee;

(5)  in the case of co-owners in indivision, the manager or, in the absence of a manager, if one of the co-owners can determine the outcome of collective decisions made by majority vote, that co-owner; and

(6)  in the case of the legal person constituted by the Act respecting Promutuel réassurance (1985, chapter 62), amended by chapter 86 of the statutes of 1995 and by chapter 23 of the statutes of 2018, the federation that appoints its board of directors.

No one is the holder of control of a financial services cooperative, of a mutual company or of any other group that confers voting rights on a one member, one vote basis.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

9. For the purposes of this Act, “holder of control” of the following groups means,

(1)  in the case of a business corporation, the holder of shares conferring more than 50% of the voting rights or whoever can otherwise choose the majority of its directors;

(2)  in the case of a federation of mutual companies, its member mutual companies;

(3)  in the case of a partnership that is a limited partnership, the general partner, and in the case of any other partnership, the partner who can determine the outcome of collective decisions, if applicable;

(4)  in the case of a trust, the trustee;

(5)  in the case of co-owners in indivision, the manager or, in the absence of a manager, if one of the co-owners can determine the outcome of collective decisions made by majority vote, that co-owner; and

(6)  in the case of the legal person constituted by the Act respecting Promutuel réassurance (1985, chapter 62), amended by chapter 86 of the statutes of 1995 and by chapter 23 of the statutes of 2018, the federation that appoints its board of directors.

No one is the holder of control of a financial services cooperative, of a mutual company or of any other group that confers voting rights on a one member, one vote basis.

2018, c. 23, s. 3.