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Insurance Companies Act

Version of section 771 from 2003-01-01 to 2006-11-27:

Marginal note:Refusal of proposal

  •  (1) If an insurance holding company refuses to attach a proposal to the notice of the meeting, the insurance holding company shall, within ten days after receiving the proposal, notify the shareholder submitting the proposal of its intention not to attach the proposal to the notice of the meeting and send to the shareholder a statement of the reasons for the refusal.

  • Marginal note:Appeal to court

    (2) On the application of a shareholder claiming to be aggrieved by an insurance holding company’s refusal under subsection (1), a court may restrain the holding of the meeting at which the proposal is sought to be presented and make any further order it thinks fit.

  • Marginal note:Appeal to court

    (3) An insurance holding company or any person claiming to be aggrieved by a proposal may apply to a court for an order permitting the insurance holding company not to attach the proposal to the notice of the meeting, and the court, if it is satisfied that subsection 770(5) applies, may make such order as it thinks fit.

  • Marginal note:Notice to Superintendent

    (4) An applicant under subsection (2) or (3) shall give the Superintendent written notice of the application and the Superintendent may appear and be heard at the hearing of the application in person or by counsel.

  • 2001, c. 9, s. 465

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