A-32 - Act respecting insurance

Section 93.46 Disposition versions

2003-02-12

93.46. No mutual insurance association may repay a common share if the repayment would, contrary to section 275 or 275.3, cause its capital base or liquid assets to become inadequate.

The directors who authorize the repayment of a common share contrary to the first paragraph are jointly and severally liable for the sums thus repaid and not recovered.

1985, c. 17, s. 6; 2002, c. 70, s. 45.

1985-09-11

93.46. No mutual insurance association may repay a common share if the repayment would result in reducing the excess amount of assets over liabilities to a lesser amount than the minimum amount required under section 275 or in reducing its liquid assets to a lesser amount than that established pursuant to the written directives of the Inspector General.

The directors who authorize the repayment of a common share contrary to the first paragraph are jointly and severally liable for the sums thus repaid and not recovered.

1985, c. 17, s. 6.