A-32 - Act respecting insurance

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69. Conversion into a mutual company shall be ordered by a by-law that must be approved by the vote of at least the majority in value of the shares represented by the shareholders present at a meeting called for that purpose and by the vote of the majority of the participating policyholders attending such meeting.
Such by-law must establish the terms and conditions of the conversion and in particular indicate the price the company offers its shareholders for the purchase of their shares.
1974, c. 70, s. 69.