A-32 - Act respecting insurance

Section 70 Disposition versions

1984-06-20

70. Conversion into a mutual company shall be authorized by the Minister only if:

(a)  the paid-up capital of the company is no longer required to protect the insured, having regard to the financial condition of the company and its volume of business;

(b)  the shareholders have offered to sell to the company at least 50 per cent of its issued and allotted shares at the price fixed by the by-law;

(c)  the offer contemplated in paragraph b is irrevocable for a period of at least six months;

(d)  the company has at its disposal the sums required to purchase at least 25 per cent of all its issued and allotted shares immediately upon the authorization of the Minister contemplated in section 68;

(e)  the price fixed for the purchase of the shares is reasonable in the opinion of the Minister.

1974, c. 70, s. 70; 1984, c. 22, s. 29.

1977-12-31

70. Conversion into a mutual company shall be authorized by the Government only if:

(a)  the paid-up capital of the company is no longer required to protect the insured, having regard to the financial condition of the company and its volume of business;

(b)  the shareholders have offered to sell to the company at least 50 per cent of its issued and allotted shares at the price fixed by the by-law;

(c)  the offer contemplated in paragraph b is irrevocable for a period of at least six months;

(d)  the company has at its disposal the sums required to purchase at least 25 per cent of all its issued and allotted shares immediately upon the authorization of the Government contemplated in section 68;

(e)  the price fixed for the purchase of the shares is reasonable in the opinion of the Government.

1974, c. 70, s. 70.