Auditor General Act
(a) shares of the corporation to which are attached more than fifty per cent of the votes that may be cast to elect directors of the corporation are held, otherwise than by way of security only, by, on behalf of or in trust for that municipality or government; and
(b) the votes attached to those shares are sufficient, if exercised, to elect a majority of the directors of the corporation.
(2) For the purpose of paragraph (f) of the definition recipient corporation in section 2, a corporation without share capital is controlled by a municipality or government if it is able to appoint the majority of the directors of the corporation, whether or not it does so.
- 2005, c. 30, s. 33.
- Date modified: