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A-32 - Act respecting insurance

Section 29
Disposition versions

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29. Every subscription to the capital stock of an insurance company made before a licence is issued to it must be made with the stipulation that no amount shall be used for commission, organization or constitution expenses in excess of a determined percentage which must not exceed 15% of the amount paid.
The remainder of the amounts so paid must be deposited in a bank appearing in Schedules I and II to the Bank Act (Statutes of Canada, 1991, chapter 46) and registered with the Canada Deposit Insurance Corporation or trust company in Québec, or in a financial services cooperative that is a registered institution within the meaning of the Deposit Insurance Act (chapter A‐26), for as long as the Authority has not issued the licence sought.
1974, c. 70, s. 29; 1982, c. 52, s. 80; 1999, c. 40, s. 33; 2000, c. 29, s. 625; 2002, c. 70, s. 11; 2002, c. 45, s. 243; 2004, c. 37, s. 90.
29. Every subscription to the capital stock of an insurance company made before a licence is issued to it must be made with the stipulation that no amount shall be used for commission, organization or constitution expenses in excess of a determined percentage which must not exceed 15 per cent of the amount paid.
The remainder of the amounts so paid must be deposited in a bank appearing in Schedules I and II to the Bank Act (Statutes of Canada, 1991, chapter 46) and registered with the Canada Deposit Insurance Corporation or trust company in Québec, or in a financial services cooperative that is a registered institution within the meaning of the Deposit Insurance Act (chapter A‐26), for as long as the Agency has not issued the licence sought.
1974, c. 70, s. 29; 1982, c. 52, s. 80; 1999, c. 40, s. 33; 2000, c. 29, s. 625; 2002, c. 70, s. 11; 2002, c. 45, s. 243.
29. Every subscription to the capital stock of an insurance company made before a licence is issued to it must be made with the stipulation that no amount shall be used for commission, organization or constitution expenses in excess of a determined percentage which must not exceed 15 per cent of the amount paid.
The remainder of the amounts so paid must be deposited in a bank appearing in Schedules I and II to the Bank Act (Statutes of Canada, 1991, chapter 46) and registered with the Canada Deposit Insurance Corporation or trust company in Québec, or in a financial services cooperative that is a registered institution within the meaning of the Deposit Insurance Act (chapter A‐26), for as long as the Inspector General has not issued the licence sought.
1974, c. 70, s. 29; 1982, c. 52, s. 80; 1999, c. 40, s. 33; 2000, c. 29, s. 625; 2002, c. 70, s. 11.
29. Every subscription to the capital stock of an insurance company made before a licence is issued to it must be made with the stipulation that no amount shall be used for commission, organization or constitution expenses in excess of a determined percentage which must not exceed 15 per cent of the amount paid.
The remainder of the amounts so paid must be deposited in a bank or trust company in Québec, or in a financial services cooperative that is a registered institution within the meaning of the Deposit Insurance Act (chapter A‐26), for as long as the Inspector General has not issued the licence sought.
1974, c. 70, s. 29; 1982, c. 52, s. 80; 1999, c. 40, s. 33; 2000, c. 29, s. 625.
29. Every subscription to the capital stock of an insurance company made before a licence is issued to it must be made with the stipulation that no amount shall be used for commission, organization or constitution expenses in excess of a determined percentage which must not exceed 15 per cent of the amount paid.
The remainder of the amounts so paid must be deposited in a bank or trust company in Québec, or in a savings and credit union that is a registered institution within the meaning of the Deposit Insurance Act (chapter A‐26), for as long as the Inspector General has not issued the licence sought.
1974, c. 70, s. 29; 1982, c. 52, s. 80; 1999, c. 40, s. 33.
29. Every subscription to the capital stock of an insurance company made before a licence is issued to it must be made with the stipulation that no amount shall be used for commission, organization or incorporation expenses in excess of a determined percentage which must not exceed 15 per cent of the amount paid.
The remainder of the amounts so paid must be deposited in a bank or trust company in Québec, or in a savings and credit union that is a registered institution within the meaning of the Deposit Insurance Act (chapter A-26), for as long as the Inspector General has not issued the licence sought.
1974, c. 70, s. 29; 1982, c. 52, s. 80.
29. Every subscription to the capital stock of an insurance company made before a licence is issued to it must be made with the stipulation that no amount shall be used for commission, organization or incorporation expenses in excess of a determined percentage which must not exceed 15 per cent of the amount paid.
The remainder of the amounts so paid must be deposited in a bank or trust company in Québec, or in a savings and credit union that is a registered institution within the meaning of the Deposit Insurance Act (chapter A-26), for as long as the Superintendent has not issued the licence sought.
1974, c. 70, s. 29.
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