1st Session, 58th General Assembly
Nova Scotia
48 Elizabeth II, 1999
The Honourable Jane S. Purves
Halifax Citadel
First Reading: October 20, 1999
Second Reading: November 8, 1999
Third Reading: November 16, 1999 (NO AMENDMENTS)
Royal Assent: November 23, 1999
Be it enacted by the Governor and Assembly as follows:
1 Chapter 96 of the Acts of 1986, The Maritime Life Assurance Company Act, is amended by adding immediately after Section 8 the following Section:
8A (1) In this Section,
(a) "policyholder who is entitled to vote" means the holder of one or more participating policies issued by the Company;
(b) "special resolution" means a resolution passed by a majority of not less than two thirds of the votes cast by or on behalf of shareholders and policyholders who are entitled to vote who voted in respect of that motion.
(2) For the purpose of this Section, a person is a shareholder of the Company if, according to the share register of the Company, the person is the owner of one or more shares of the Company or is entitled to be entered in the share register as the owner of the share or shares.
(3) Notwithstanding anything contained in this Act, the Company, where so authorized by a special resolution, may apply to the Minister of Finance for Canada for letters patent under the Insurance Companies Act (Canada) continuing the Company as a company under that Act.
(4) On the date set out in the letters patent under the Insurance Companies Act (Canada) continuing the Company as a company under that Act, this Act ceases to apply to the Company.
(5) A policyholder who is entitled to vote is entitled to
(a) one vote regardless of the number of participating policies held by that policy holder; and
(b) vote separately from shareholders in respect of the special resolution referred to in this Section.