A-32 - Act respecting insurance

Section 66.2 Disposition versions

2011-02-14

66.2. The transfer of all the shares of an insurance company constituted under the laws of Québec to a holding company, in return for shares of the holding company, must be ordered by way of a by-law approved by 2/3 of the votes cast by the shareholders of the insurance company at a special meeting, pursuant to the procedure provided for in the by-law.

To achieve such restructuring, the holding company must be constituted under the Business Corporations Act (chapter S-31.1) for the sole purposes of

(1)  holding all the shares of the insurance company;

(2)  holding all or part of the shares of subsidiaries that are legal persons the control of which by an insurer is authorized under this Act;

(3)  holding all or part of the interests in a partnership which an insurer may control pursuant to section 244.1; or

(4)  holding all or part of the shares of subsidiaries that provide services to the insurance company and to other subsidiaries.

The transfer of shares must, on pain of nullity, be authorized by the Minister, who shall obtain the opinion of the Authority on the restructuring.

The application for authorization must be filed with the documents and information prescribed by government regulation.

2002, c. 70, s. 38; 2003, c. 1, s. 5; 2004, c. 37, s. 90; 2009, c. 52, s. 508.

2004-12-17

66.2. The transfer of all the shares of an insurance company constituted under the laws of Québec to a holding company, in return for shares of the holding company, must be ordered by way of a by-law approved by 2/3 of the votes cast by the shareholders of the insurance company at a special meeting, pursuant to the procedure provided for in the by-law.

To achieve such restructuring, the holding company must be constituted under the Companies Act (chapter C‐38) for the sole purposes of

(1)  holding all the shares of the insurance company;

(2)  holding all or part of the shares of subsidiaries that are legal persons the control of which by an insurer is authorized under this Act;

(3)  holding all or part of the interests in a partnership which an insurer may control pursuant to section 244.1; or

(4)  holding all or part of the shares of subsidiaries that provide services to the insurance company and to other subsidiaries.

The transfer of shares must, on pain of nullity, be authorized by the Minister, who shall obtain the opinion of the Authority on the restructuring.

The application for authorization must be filed with the documents and information prescribed by government regulation.

2002, c. 70, s. 38; 2003, c. 1, s. 5; 2004, c. 37, s. 90.

2003-06-21

66.2. The transfer of all the shares of an insurance company constituted under the laws of Québec to a holding company, in return for shares of the holding company, must be ordered by way of a by-law approved by 2/3 of the votes cast by the shareholders of the insurance company at a special meeting, pursuant to the procedure provided for in the by-law.

To achieve such restructuring, the holding company must be constituted under the Companies Act (chapter C‐38) for the sole purposes of

(1)  holding all the shares of the insurance company;

(2)  holding all or part of the shares of subsidiaries that are legal persons the control of which by an insurer is authorized under this Act;

(3)  holding all or part of the interests in a partnership which an insurer may control pursuant to section 244.1; or

(4)  holding all or part of the shares of subsidiaries that provide services to the insurance company and to other subsidiaries.

The transfer of shares must, on pain of nullity, be authorized by the Minister, who shall obtain the opinion of the Agency on the restructuring.

The application for authorization must be filed with the documents and information prescribed by government regulation.

2002, c. 70, s. 38; 2003, c. 1, s. 5.

2003-02-12

66.2. The transfer of all the shares of an insurance company constituted under the laws of Québec to a holding company, in return for shares of the holding company, must be ordered by way of a by-law approved by 2/3 of the votes cast by the shareholders of the insurance company at a special meeting, pursuant to the procedure provided for in the by-law.

To achieve such restructuring, the holding company must be constituted under the Companies Act (chapter C‐38) for the sole purposes of

(1)  holding all the shares of the insurance company;

(2)  holding all or part of the shares of subsidiaries that are legal persons the control of which by an insurer is authorized under this Act;

(3)  holding all or part of the interests in a partnership which an insurer may control pursuant to section 244.1; and

(4)  holding all or part of the shares of subsidiaries that provide services to the insurance company and to other subsidiaries.

The transfer of shares must, on pain of nullity, be authorized by the Minister, who shall obtain the opinion of the Agency on the restructuring.

The application for authorization must be filed with the documents and information prescribed by government regulation.

2002, c. 70, s. 38.