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A-32 - Act respecting insurance
Section 69
Disposition versions
69. Conversion into a mutual company shall be ordered by a by-law that must be approved by the vote of at least the majority in value of the shares represented by the shareholders present at a meeting called for that purpose and by the vote of the majority of the participating policyholders attending such meeting.
Such by-law must establish the terms and conditions of the conversion and in particular indicate the price the company offers its shareholders for the purchase of their shares.
