A-32 - Act respecting insurance

Section 254 Disposition versions

1984-06-20

254. (Repealed).

1974, c. 70, s. 254; 1982, c. 52, s. 80; 1984, c. 22, s. 49.

1983-04-01

254. An insurer may also, to secure total or partial payment of any amount owed to it, acquire the real estate which secures its payment. Nevertheless, it must dispose of the real estate so acquired within a delay of seven years unless such delay is extended by the Inspector General.

Every director of an insurer which fails to so dispose of such real estate is liable to the insurer and to third persons, up to the amount of the losses sustained from such failure by the insurer, for all the debts of the insurer contracted from the date of such failure.

The director may relieve himself of his liability only if he has his objection registered in the minutes of the first meeting of the board of directors at which he is present after the expiry of the delay allotted for disposal.

1974, c. 70, s. 254; 1982, c. 52, s. 80.

1977-12-31

254. An insurer may also, to secure total or partial payment of any amount owed to it, acquire the real estate which secures its payment. Nevertheless, it must dispose of the real estate so acquired within a delay of seven years unless such delay is extended by the Superintendent.

Every director of an insurer which fails to so dispose of such real estate is liable to the insurer and to third persons, up to the amount of the losses sustained from such failure by the insurer, for all the debts of the insurer contracted from the date of such failure.

The director may relieve himself of his liability only if he has his objection registered in the minutes of the first meeting of the board of directors at which he is present after the expiry of the delay allotted for disposal.

1974, c. 70, s. 254.