A-32 - Act respecting insurance

Section 93.53 Disposition versions

2003-02-12

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

The directors who authorize the redemption or repayment of a preferred share contrary to the first paragraph are jointly and severally liable for the sums involved and not recovered.

1985, c. 17, s. 6; 2002, c. 70, s. 46.

1985-09-11

93.53. No mutual insurance association may redeem or repay a preferred share if the redemption or 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 according to the written directives of the Inspector General.

The directors who authorize the redemption or repayment of a preferred share contrary to the first paragraph are jointly and severally liable for the sums involved and not recovered.

1985, c. 17, s. 6.