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A-32.1 - Insurers Act
Section 259
Disposition versions
259. Shares entitle their holder, in the event of liquidation or dissolution, to the reimbursement of the contribution paid for their issue, if the liquidator has performed the mutual company’s other obligations, obtained forgiveness of those obligations or otherwise made provision for them.
Unless otherwise provided in the by-laws,
(1) shares are not redeemable; or
(2) if shares are redeemable, the redemption price of a share is the amount of the contribution paid for its issue and the interest declared but not yet paid.
In force: 2019-06-13
259. Shares entitle their holder, in the event of liquidation or dissolution, to the reimbursement of the contribution paid for their issue, if the liquidator has performed the mutual company’s other obligations, obtained forgiveness of those obligations or otherwise made provision for them.
Unless otherwise provided in the by-laws,
(1) shares are not redeemable; or
(2) if shares are redeemable, the redemption price of a share is the amount of the contribution paid for its issue and the interest declared but not yet paid.
