A-32 - Act respecting insurance

Section 420.2 Disposition versions

2003-02-12

420.2. The Government may, by regulation and notwithstanding any provision of any special Act applicable to a mutual insurance company, prescribe the conditions subject to which a mutual insurance company may convert into a capital stock company and in particular prescribe any measure concerning

(1)  the estimation and distribution of the value of the mutual insurance company and any participating business surplus;

(2)  the conversion of shares, other securities, rights or property belonging to or beneficially owned by the members;

(3)  the fair and equitable treatment of the members of the mutual insurance company under a demutualization proposal;

(4)  the description of the capital stock and the amount of contributed surplus which must be paid;

(5)  the ownership of shares issued by a mutual insurance company that has been converted into a capital stock company;

(6)  the term of office of the members of the first board of directors of the company resulting from the demutualization;

(7)  the application for authorization referred to in section 200.0.4;

(8)  the documents that must be filed with the articles of demutualization under section 200.0.9;

(9)  the necessary or transitional provisions to complete the conversion and ensure the organization or management of the company resulting from the demutualization.

2002, c. 70, s. 151.