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A-32 - Act respecting insurance

Section 93.249
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93.249. A guarantee fund may acquire and hold fully paid preferred shares issued by a legal person constituted in Canada and carrying on business in Québec
(1)  if the legal person which issued the shares has, in each of the five years preceding the acquisition, earned and paid on the issued and non-redeemed preferred shares a dividend at least equal to the rate specified for the shares;
(2)  if the legal person has, in each of the five years preceding the acquisition, earned and paid on its common shares a dividend of at least 4% of their book value; and
(3)  if the preferred shares are listed on a recognized Canadian Stock Exchange.
1985, c. 17, s. 6; 1996, c. 63, s. 80, s. 81; 1999, c. 40, s. 33.
93.249. A guarantee fund may acquire and hold fully paid preferred shares issued by a legal person incorporated in Canada and carrying on business in Québec
(1)  if the legal person which issued the shares has, in each of the five years preceding the acquisition, earned and paid on the issued and non-redeemed preferred shares a dividend at least equal to the rate specified for the shares;
(2)  if the legal person has, in each of the five years preceding the acquisition, earned and paid on its common shares a dividend of at least 4 % of their book value; and
(3)  if the preferred shares are listed on a recognized Canadian Stock Exchange.
1985, c. 17, s. 6; 1996, c. 63, s. 80, s. 81.
93.249. A corporation may acquire and hold fully paid preferred shares issued by a corporation incorporated in Canada and carrying on business in Québec
(1)  if the corporation which issued the shares has, in each of the five years preceding the acquisition, earned and paid on the issued and non-redeemed preferred shares a dividend at least equal to the rate specified for the shares;
(2)  if the corporation has, in each of the five years preceding the acquisition, earned and paid on its common shares a dividend of at least 4% of their book value; and
(3)  if the preferred shares are listed on a recognized Canadian Stock Exchange.
1985, c. 17, s. 6.
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