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A-32 - Act respecting insurance

Section 159
Disposition versions

Full text
159. (Repealed).
1974, c. 70, s. 159; 1985, c. 17, s. 20.
159. The board of directors may also, instead of making a new assessment during any year in which it has availed itself of section 158, borrow for a term not exceeding twelve months, the sums of money required to settle losses and related expenditures; the amount of such loans shall not however exceed one-fifth of the unassessed balance of the subscription notes.
Repayment of the capital and interest on these loans shall be assessed only on the subscription notes in force at the time of the loss in question.
Such loans must not be made by an issue of bonds.
1974, c. 70, s. 159.
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