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A-32.1 - Insurers Act
FrançaisArticle 397
Versions de la disposition
397. A majority of the directors of a federation must be elected from among the directors who are mutual members of member companies and auxiliary companies.
The federation’s by-laws prescribe the manner in which all members of the board of directors are to be elected. They may prescribe the maximum number of elected directors who are mutual members of auxiliary companies, which must be less than the number of directors elected from among the mutual members of the member companies. They may also provide that the general managers of the member companies and any person exercising a similar function within an auxiliary company may be elected as federation directors. However, such managers may not make up more than one-third of the federation’s board of directors.
397. A majority of the directors of a federation must be elected from among the directors of its member mutual companies who are mutual members.
The federation’s by-laws prescribe the manner in which all members of the board of directors are to be elected. They may provide that the general managers of the member companies may be elected as federation directors. However, such managers may not make up more than one-third of the federation’s board of directors.
In force: 2019-06-13
397. A majority of the directors of a federation must be elected from among the directors of its member mutual companies who are mutual members.
The federation’s by-laws prescribe the manner in which all members of the board of directors are to be elected. They may provide that the general managers of the member companies may be elected as federation directors. However, such managers may not make up more than one-third of the federation’s board of directors.
