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A-32 - Act respecting insurance

Section 194
Disposition versions

Full text
194. A legal person may be converted in accordance with this Act into another legal person by by-law of the legal person seeking the conversion.
Such by-law shall set forth:
(a)  the name of the new legal person;
(b)  the head office of the new legal person;
(c)  the classes of insurance to be transacted;
(d)  the names, occupations and domiciles of its first directors;
(e)  the mode of election of subsequent directors;
(f)  if the new legal person is to be a capital stock company, the number of shares constituting its capital, the par value of each share, where such is the case, and the mode of conversion of the capital stock;
(f.1)  where the new legal person is to be a capital stock company, the name, occupation and place of residence of every natural person who, from conversion, would hold, alone or with his associates within the meaning of section 49, 10% or more of the voting rights attached to the shares in the company, and the name and place of constitution or continuance of every legal person that, from conversion, would hold, alone or with its associates within the meaning of section 49, 10% or more of the voting rights attached to the shares in the company, and the name of the shareholder who holds a controlling interest in the legal person;
(g)  if the new legal person is to be a mutual insurance company, the number of members of the legal person and the amount of insurance they are to subscribe to the legal person or, as the case may be, the payments or other guaranteed benefits;
(h)  if the new legal person is to be a mutual insurance association, the number of members, the amount of the capital stock necessary to finance the operations of the association and to maintain an excess amount of assets over liabilities equal to or greater than the amount required under section 275, and the name of the federation that has undertaken to admit the association as a member.
No legal person may be converted into a mutual benefit association.
1974, c. 70, s. 194; 1985, c. 17, s. 24; 1990, c. 86, s. 23; 1996, c. 63, s. 80, s. 83, s. 88; 1999, c. 40, s. 33; 2002, c. 70, s. 74; 2009, c. 52, s. 513.
194. A legal person may be converted in accordance with this Act into another legal person by by-law of the legal person seeking the conversion.
Such by-law shall set forth:
(a)  the name of the new legal person;
(b)  the head office of the new legal person;
(c)  the classes of insurance to be transacted;
(d)  the names, occupations and domiciles of its first directors;
(e)  the mode of election of subsequent directors;
(f)  if the new legal person is to be a joint stock company, the number of shares constituting its capital, the par value of each share, where such is the case, and the mode of conversion of the capital stock;
(f.1)  where the new legal person is to be a joint stock company, the name, occupation and place of residence of every natural person who, from conversion, would hold, alone or with his associates within the meaning of section 49, 10% or more of the voting rights attached to the shares in the company, and the name and place of constitution or continuance of every legal person that, from conversion, would hold, alone or with its associates within the meaning of section 49, 10% or more of the voting rights attached to the shares in the company, and the name of the shareholder who holds a controlling interest in the legal person;
(g)  if the new legal person is to be a mutual insurance company, the number of members of the legal person and the amount of insurance they are to subscribe to the legal person or, as the case may be, the payments or other guaranteed benefits;
(h)  if the new legal person is to be a mutual insurance association, the number of members, the amount of the capital stock necessary to finance the operations of the association and to maintain an excess amount of assets over liabilities equal to or greater than the amount required under section 275, and the name of the federation that has undertaken to admit the association as a member.
No legal person may be converted into a mutual benefit association.
1974, c. 70, s. 194; 1985, c. 17, s. 24; 1990, c. 86, s. 23; 1996, c. 63, s. 80, s. 83, s. 88; 1999, c. 40, s. 33; 2002, c. 70, s. 74.
194. A legal person may be converted in accordance with this Act into another legal person by by-law of the legal person seeking the conversion.
Such by-law shall set forth:
(a)  the name of the new legal person;
(b)  the head office of the new legal person;
(c)  the classes of insurance to be transacted;
(d)  the names, occupations and domiciles of its first directors;
(e)  the mode of election of subsequent directors;
(f)  if the new legal person is to be a joint stock company, the number of shares constituting its capital, the par value of each share, where such is the case, and the mode of conversion of the capital stock;
(f.1)  where the new legal person is to be a joint stock company, the name, occupation and place of residence of every natural person who, from conversion, would hold, alone or with his associates within the meaning of section 49, 10 % or more of the voting rights attached to the shares in the company, and the name and place of constitution or continuance of every legal person that, from conversion, would hold, alone or with its associates within the meaning of section 49, 10 % or more of the voting rights attached to the shares in the company, and the name of the shareholder who holds a controlling interest in the legal person;
(g)  if the new legal person is to be a mutual insurance company or a mutual benefit association, the number of members of the legal person and the amount of insurance they are to subscribe to the legal person or, as the case may be, the payments or other guaranteed benefits;
(h)  if the new legal person is to be a mutual insurance association, the number of members, the amount of the capital stock necessary to finance the operations of the association and to maintain an excess amount of assets over liabilities equal to or greater than the amount required under section 275, and the name of the federation that has undertaken to admit the association as a member.
1974, c. 70, s. 194; 1985, c. 17, s. 24; 1990, c. 86, s. 23; 1996, c. 63, s. 80, s. 83, s. 88; 1999, c. 40, s. 33.
194. A legal person may be converted in accordance with this Act into another legal person by by-law of the legal person seeking the conversion.
Such by-law shall set forth:
(a)  the name of the new legal person;
(b)  the head office of the new legal person;
(c)  the classes of insurance to be transacted;
(d)  the names, occupations and domiciles of its first directors;
(e)  the mode of election of subsequent directors;
(f)  if the new legal person is to be a joint stock company, the number of shares constituting its capital, the par value of each share, where such is the case, and the mode of conversion of the capital stock;
(f.1)  where the new legal person is to be a joint stock company, the name, occupation and place of residence of every natural person who, from conversion, would hold, alone or with his associates within the meaning of section 49, 10 % or more of the voting rights attached to the shares in the company, and the name and place of incorporation or continuance of every legal person that, from conversion, would hold, alone or with its associates within the meaning of section 49, 10 % or more of the voting rights attached to the shares in the company, and the name of the shareholder who holds a controlling interest in the legal person;
(g)  if the new legal person is to be a mutual insurance company or a mutual benefit association, the number of members of the legal person and the amount of insurance they are to subscribe to the legal person or, as the case may be, the payments or other guaranteed benefits;
(h)  if the new legal person is to be a mutual insurance association, the number of members, the amount of the capital stock necessary to finance the operations of the association and to maintain an excess amount of assets over liabilities equal to or greater than the amount required under section 275, and the name of the federation that has undertaken to admit the association as a member.
1974, c. 70, s. 194; 1985, c. 17, s. 24; 1990, c. 86, s. 23; 1996, c. 63, s. 80, s. 83, s. 88.
194. A corporation may be converted in accordance with this act into another corporation by by-law of the corporation seeking the conversion.
Such by-law shall set forth:
(a)  the corporate name of the new corporation;
(b)  the head office of the new corporation;
(c)  the classes of insurance to be transacted;
(d)  the names in full, occupations and domiciles of its first directors;
(e)  the mode of election of subsequent directors;
(f)  if the new corporation is to be a joint stock company, the number of shares constituting its capital, the par value of each share, where such is the case, and the mode of conversion of the capital stock;
(f.1)  where the new corporation is to be a joint stock company, the name in full, occupation and place of residence of every natural person who, from conversion, would hold, alone or with his associates within the meaning of section 49, 10 % or more of the voting rights attached to the shares in the company, and the corporate name and place of incorporation or continuance of every corporation that, from conversion, would hold, alone or with its associates within the meaning of section 49, 10 % or more of the voting rights attached to the shares in the company, and the name of the shareholder who holds a controlling interest in the corporation;
(g)  if the new corporation is to be a mutual insurance company or a mutual benefit association, the number of members of the corporation and the amount of insurance they are to subscribe to the corporation or, as the case may be, the payments or other guaranteed benefits;
(h)  if the new corporation is to be a mutual insurance association, the number of members, the amount of the capital stock necessary to finance the operations of the association and to maintain an excess amount of assets over liabilities equal to or greater than the amount required under section 275, and the name of the federation that has undertaken to admit the association as a member.
1974, c. 70, s. 194; 1985, c. 17, s. 24; 1990, c. 86, s. 23.
194. A corporation may be converted in accordance with this act into another corporation by by-law of the corporation seeking the conversion.
Such by-law shall set forth:
(a)  the corporate name of the new corporation;
(b)  the head office of the new corporation;
(c)  the classes of insurance to be transacted;
(d)  the names in full, occupations and domiciles of its first directors;
(e)  the mode of election of subsequent directors;
(f)  if the new corporation is to be a joint stock company, the number of shares constituting its capital, the par value of each share, where such is the case, and the mode of conversion of the capital stock;
(g)  if the new corporation is to be a mutual insurance company or a mutual benefit association, the number of members of the corporation and the amount of insurance they are to subscribe to the corporation or, as the case may be, the payments or other guaranteed benefits;
(h)  if the new corporation is to be a mutual insurance association, the number of members, the amount of the capital stock necessary to finance the operations of the association and to maintain an excess amount of assets over liabilities equal to or greater than the amount required under section 275, and the name of the federation that has undertaken to admit the association as a member.
1974, c. 70, s. 194; 1985, c. 17, s. 24.
194. A corporation may be converted in accordance with this act into another corporation by by-law of the corporation seeking the conversion.
Such by-law shall set forth:
(a)  the corporate name of the new corporation;
(b)  the head office of the new corporation;
(c)  the classes of insurance to be transacted;
(d)  the names in full, occupations and domiciles of its first directors;
(e)  the mode of election of subsequent directors;
(f)  if the new corporation is to be a joint stock company, the number of shares constituting its capital, the par value of each share, where such is the case, and the mode of conversion of the capital stock;
(g)  if the new corporation is to be a mutual association, the number of members of the corporation and the amount of insurance they are to subscribe to the corporation or, as the case may be, the payments or other guaranteed benefits.
1974, c. 70, s. 194.
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