A-32 - Act respecting insurance

Section 45 Disposition versions

1999-10-22

45. Every application for authorization made to the Minister must indicate

(1)  the names, occupations and places of residence, where the persons concerned are natural persons;

(2)  the names, places of constitution or continuance and the name of the shareholder holding a controlling interest, where the persons concerned are legal persons;

(3)  the number and characteristics of the shares in the insurance company or the legal person that controls it held by each person concerned;

(4)  the number and characteristics of the shares being allotted or transferred, together with the name of the acquirer of the shares and, where applicable, the name of the seller.

1974, c. 70, s. 45; 1984, c. 22, s. 15; 1990, c. 86, s. 4; 1996, c. 63, s. 80, s. 83, s. 88; 1999, c. 40, s. 33.

1996-12-23

45. Every application for authorization made to the Minister must indicate

(1)  the names, occupations and places of residence, where the persons concerned are natural persons;

(2)  the names, places of incorporation or continuance and the name of the shareholder holding a controlling interest, where the persons concerned are legal persons;

(3)  the number and characteristics of the shares in the insurance company or the legal person that controls it held by each person concerned;

(4)  the number and characteristics of the shares being allotted or transferred, together with the name of the acquirer of the shares and, where applicable, the name of the seller.

1974, c. 70, s. 45; 1984, c. 22, s. 15; 1990, c. 86, s. 4; 1996, c. 63, s. 80, s. 83, s. 88.

1991-03-15

45. Every application for authorization made to the Minister must indicate

(1)  the names in full, occupations and places of residence, where the persons concerned are natural persons;

(2)  the corporate names, places of incorporation or continuance and the name of the shareholder holding a controlling interest, where the persons concerned are corporations;

(3)  the number and characteristics of the shares in the insurance company or the corporation that controls it held by each person concerned;

(4)  the number and characteristics of the shares being allotted or transferred, together with the name of the acquirer of the shares and, where applicable, the name of the seller.

1974, c. 70, s. 45; 1984, c. 22, s. 15; 1990, c. 86, s. 4.

1984-06-20

45. The directors and officers of an insurance company must refrain from allotting voting shares and refuse to register any transfer of voting shares of the company in favour of a non-resident,

(a)  if the non-resident and the persons related to him already hold, directly or indirectly, at least 10 per cent of the issued voting shares of the company, or to the extent that the effect of the transfer or allotment may be to increase the number of their voting shares beyond that percentage; or

(b)  if non-residents together already hold, directly or indirectly, at least 25 per cent of the issued voting shares of the company or to the extent that the effect of the transfer or allotment may be to increase the number of their voting shares beyond that percentage.

This section does not apply to insurance companies in which a percentage of voting shares greater than the percentages contemplated in the first paragraph were owned by non-residents on 20 October 1976 provided that the percentage is not increased and until such time as it is reduced to the percentage contemplated in subparagraph a or b, as the case may be.

1974, c. 70, s. 45; 1984, c. 22, s. 15.

1977-12-31

45. The directors and officers of an insurance company must refrain from allotting shares and refuse to register any transfer of shares of the company in favour of a non-resident,

(a)  if the non-resident and the persons related to him already hold, directly or indirectly, at least 10 per cent of the issued shares of the company, or to the extent that the effect of the transfer or allotment may be to increase the number of their shares beyond that percentage; or

(b)  if non-residents together already hold, directly or indirectly, at least 25 per cent of the issued shares of the company or to the extent that the effect of the transfer or allotment may be to increase the number of their shares beyond that percentage.

This section does not apply to insurance companies in which more than 50 per cent of the shares were owned by non-residents on 20 October 1976, until such time as the percentage of the shares in such companies held by non-residents is reduced to 50 per cent.

1974, c. 70, s. 45.