Marginal note:Suspension of voting rights held by governments
955. (1) Notwithstanding section 775, where any voting shares of an insurance holding company are beneficially owned by
(a) Her Majesty in right of Canada or of a province or any agency of Her Majesty in either of those rights, or
(b) the government of a foreign country or any political subdivision thereof, or any agency thereof,
no person shall, in person or by proxy, exercise the voting rights attached to those shares.
(2) Subsection (1) does not apply to a foreign institution that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the shares referred to in subsection (1) are beneficially owned by the foreign institution or by an entity controlled by the foreign institution.
Marginal note:Exception — eligible agent
(3) Subsection (1) does not apply in respect of the exercise of voting rights attached to any share referred to in subsection 954(3).
Marginal note:Consequence of suspension of approval
(4) If an approval referred to in subsection 954(3) is suspended, the eligible agent shall not exercise, in person or by proxy, any voting rights attached to any share of the insurance holding company that is beneficially owned by the eligible agent.
- 2001, c. 9, s. 465;
- 2012, c. 5, s. 157, c. 19, s. 349, c. 31, s. 150.
Marginal note:Disposition of shareholdings
956. (1) If, with respect to any insurance holding company, a person contravenes subsection 927(1), (4) or (6) or section 930, 931, 932 or 933 or fails to comply with an undertaking referred to in subsection 943(2) or with any term or condition imposed under section 948, the Minister may, if the Minister considers it in the public interest to do so, by order, direct that person and any person controlled by that person to dispose of such number of shares of the insurance holding company beneficially owned by any of those persons as the Minister specifies in the order, within such time as the Minister specifies therein and in such proportion, if any, as between the person and the persons controlled by that person as is specified in the order.
(2) No direction shall be made under subsection (1) unless the Minister has provided each person to whom the direction relates and the insurance holding company concerned with a reasonable opportunity to make representations in respect of the subject-matter of the direction.
(3) Any person with respect to whom a direction has been made under subsection (1) may, within thirty days after the date of the direction, appeal the matter in accordance with section 1020.
- 2001, c. 9, s. 465.
- Date modified: