Ministère de l'Emploi et de la Solidarité sociale
Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

A-32 - Act respecting insurance

Section 44
Disposition versions

Full text
44. (Repealed).
1974, c. 70, s. 44; 1982, c. 52, s. 80; 1984, c. 22, s. 15; 1990, c. 86, s. 4; 1996, c. 63, s. 80; 1999, c. 40, s. 33; 2002, c. 70, s. 23.
44. Except with the written authorization of the Minister, no insurance company may allot its voting shares or register any transfer of voting shares where the effect of the allotment or transfer is to permit non-residents and their associates to hold, directly or indirectly, any percentage superior to 30 % of the voting rights.
Where an allotment of voting shares or registration of a transfer of voting shares by a legal person that controls an insurance company and which is constituted or continued under an Act of the Parliament of Canada or of a Canadian province has the effect of permitting non-residents and their associates to hold, directly or indirectly, any percentage superior to 30 % of the voting rights, the legal person shall cease to be entitled to exercise the voting rights attached to the shares of the insurance company, unless it obtains written authorization from the Minister.
However, the authorization of the Minister is not required where non-residents and their associates already control the insurance company or the legal person that controls it.
1974, c. 70, s. 44; 1982, c. 52, s. 80; 1984, c. 22, s. 15; 1990, c. 86, s. 4; 1996, c. 63, s. 80; 1999, c. 40, s. 33.
44. Except with the written authorization of the Minister, no insurance company may allot its voting shares or register any transfer of voting shares where the effect of the allotment or transfer is to permit non-residents and their associates to hold, directly or indirectly, any percentage superior to 30 % of the voting rights.
Where an allotment of voting shares or registration of a transfer of voting shares by a legal person that controls an insurance company and which is incorporated or continued under an Act of the Parliament of Canada or of a Canadian province has the effect of permitting non-residents and their associates to hold, directly or indirectly, any percentage superior to 30 % of the voting rights, the legal person shall cease to be entitled to exercise the voting rights attached to the shares of the insurance company, unless it obtains written authorization from the Minister.
However, the authorization of the Minister is not required where non-residents and their associates already control the insurance company or the legal person that controls it.
1974, c. 70, s. 44; 1982, c. 52, s. 80; 1984, c. 22, s. 15; 1990, c. 86, s. 4; 1996, c. 63, s. 80.
44. Except with the written authorization of the Minister, no insurance company may allot its voting shares or register any transfer of voting shares where the effect of the allotment or transfer is to permit non-residents and their associates to hold, directly or indirectly, any percentage superior to 30 % of the voting rights.
Where an allotment of voting shares or registration of a transfer of voting shares by a corporation that controls an insurance company and which is incorporated or continued under an Act of the Parliament of Canada or of a Canadian province has the effect of permitting non-residents and their associates to hold, directly or indirectly, any percentage superior to 30 % of the voting rights, the corporation shall cease to be entitled to exercise the voting rights attached to the shares of the insurance company, unless it obtains written authorization from the Minister.
However, the authorization of the Minister is not required where non-residents and their associates already control the insurance company or the corporation that controls it.
1974, c. 70, s. 44; 1982, c. 52, s. 80; 1984, c. 22, s. 15; 1990, c. 86, s. 4.
44. The prior notice provided for in section 43 must indicate the names and addresses of the parties, the number of voting shares that each wishes to acquire or alienate, and the particulars of such shares.
On receipt of the prior notice, the Inspector General shall make a report to the Minister, who may prohibit the transfer or allotment of voting shares or authorize it on certain conditions determined by him.
1974, c. 70, s. 44; 1982, c. 52, s. 80; 1984, c. 22, s. 15.
44. The prior notice provided for in section 43 must indicate the names and addresses of the parties to the transfer or allotment of shares, the number of shares that each wishes to acquire or alienate, and the particulars of such shares.
On receipt of the prior notice provided for in section 43, the Inspector General shall make a report to the Government, who may by order prohibit the transfer or allotment of shares on pain of nullity.
1974, c. 70, s. 44; 1982, c. 52, s. 80.
44. The prior notice provided for in section 43 must indicate the names and addresses of the parties to the transfer or allotment of shares, the number of shares that each wishes to acquire or alienate, and the particulars of such shares.
On receipt of the prior notice provided for in section 43, the Superintendent shall make a report to the Government, who may by order prohibit the transfer or allotment of shares on pain of nullity.
1974, c. 70, s. 44.
© Gouvernement du Québec