A-32.1 - Insurers Act

Section 281 Disposition versions

2019-06-13

281. Directors of a mutual company who vote for or consent to a resolution authorizing any of the following are solidarily liable to restore to the mutual company any amounts involved and not otherwise recovered by the company:

(1)  the payment of an unreasonable commission to a person in consideration of the person’s purchasing or agreeing to purchase shares or other securities of the mutual company from the company, or agreeing to procure purchasers for any such shares or securities;

(2)  the payment of interest contrary to section 264;

(3)  the redemption of a share contrary to the first paragraph of section 265 or the payment of a share contrary to the second paragraph of that section; or

(4)  the payment of an indemnity contrary to section 160 of the Business Corporations Act (chapter S-31.1).

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

281. Directors of a mutual company who vote for or consent to a resolution authorizing any of the following are solidarily liable to restore to the mutual company any amounts involved and not otherwise recovered by the company:

(1)  the payment of an unreasonable commission to a person in consideration of the person’s purchasing or agreeing to purchase shares or other securities of the mutual company from the company, or agreeing to procure purchasers for any such shares or securities;

(2)  the payment of interest contrary to section 264;

(3)  the redemption of a share contrary to the first paragraph of section 265 or the payment of a share contrary to the second paragraph of that section; or

(4)  the payment of an indemnity contrary to section 160 of the Business Corporations Act (chapter S-31.1).

2018, c. 23, s. 3.