(3) Where an insurance holding
company has granted privileges to convert any securities issued by the insurance holding company into shares, or into shares of another class or series, or ha
s issued or granted options or rights to acquire shares, if the by-laws limit the number of authorized shares, the insurance holding company shall reserve and continue to reserve sufficient authorized shares to meet t
he exercise of such conversion privilege ...[+++]s, options and rights.(3) La société de portefeuille d’assurances dont les règlements administratifs limitent le nombre d’actions qu’elle est autorisée à émettre doit conserver un nombre suffisant d’actions pour assurer l’exercice des privilèges, options ou droits qu’elle octroie.