A-32.1, r. 1 - Regulation under the Act respecting insurance

Section 56 Disposition versions

2012-09-01

56. The resolution required by section 55 must indicate

(1)  the rate of interest on the bonds or other evidences of indebtedness or the fact that the rate may be determined by the board of directors;

(2)  the due date and, if applicable, the possibility of pre-payment;

(3)  the privilege, if applicable, to convert bonds into shares of the capital stock or that the board of directors is authorized to grant such a privilege;

(4)  if the resolution authorizes the issue of one or more series of unsecured bonds, their designation, the rights and the conditions attached to each of them or, as the case may be, that each series has the same rights and conditions as the bonds of any other series, with the exception of the rate of interest, the payment of interest and the dates of issue and redemption for each series; and

(5)  the total par value of the series or various series or, in the absence of such a value, the total par value of the unsecured bonds that the insurer proposes to issue immediately, with a statement that the amount may be exceeded only if the insurer is authorized to do so by a new resolution.

O.C. 887-2009, s. 56.