Marginal note:Limits on power to delegate
207 The directors of a company may not delegate any of the following powers, namely, the power to
(a) submit to the shareholders or policyholders a question or matter requiring the approval of the shareholders or policyholders;
(b) fill a vacancy among the directors or a committee of directors or in the office of auditor or actuary of the company;
(c) issue or cause to be issued securities except in the manner and on terms authorized by the directors;
(d) declare a dividend on shares or a policy dividend, bonus or other benefit payable to policyholders, other than a dividend on a group policy that is a participating policy;
(e) authorize the redemption or other acquisition by the company pursuant to section 75 of shares issued by the company;
(f) authorize the payment of a commission on a share issue;
(g) approve a management proxy circular;
(h) except as provided in this Act, approve the annual statement of the company and any other financial statements issued by the company; or
(i) adopt, amend or repeal by-laws.
- 1991, c. 47, s. 207
- 1997, c. 15, s. 212
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