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A-32.1 - Insurers Act
Section 263
Disposition versions
263. A mutual company must, in its by-laws, determine, for each class of shares prescribed in the by-laws,
(1) the contribution required per share for its issue;
(2) the maximum interest that may be paid on the shares;
(3) the conditions on which and manner in which shares may be transferred;
(4) the redemption terms, if applicable;
(5) the order in which shares are repaid in the event of liquidation or dissolution; and
(6) other rights, privileges and restrictions attached to the shares.
The mutual company must send the Authority a copy of its by-laws.
In force: 2019-06-13
263. A mutual company must, in its by-laws, determine, for each class of shares prescribed in the by-laws,
(1) the contribution required per share for its issue;
(2) the maximum interest that may be paid on the shares;
(3) the conditions on which and manner in which shares may be transferred;
(4) the redemption terms, if applicable;
(5) the order in which shares are repaid in the event of liquidation or dissolution; and
(6) other rights, privileges and restrictions attached to the shares.
The mutual company must send the Authority a copy of its by-laws.
