C-19 - Cities and Towns Act

Section 465.10 Disposition versions

2019-06-13

465.10. For the application of the Insurers Act (chapter A-32.1) to a legal person, the latter is considered to be a mutual company. However, unlike such a company,

(a)  the legal person is prohibited from pursuing any other object than that provided for in section 465.1;

(b)  despite Division II of Chapter VIII of Title III of that Act, the legal person does not have capital stock;

(c)  despite Chapter XII of Title III of that Act, the legal person’s letters patent are to be amended only under this subdivision; and

(d)  despite Chapters XIII and XIV of Title III of that Act, the legal person may not be continued under any other Act or amalgamate with another mutual company.

Despite section 23 of the Insurers Act, the Authority may grant its authorization to a legal person that does not have at least $5,000,000 in capital. In addition, the legal person is not required, in its investments, to comply with sections 84 and 85 of that Act.

Despite section 352 of that Act, in the case of the winding-up of the legal person, persons who were mutual members in any of the three years preceding the commencement of the winding-up shall share the legal person’s remaining property in proportion to the sums they paid over the course of those years.

1992, c. 27, s. 7; 1999, c. 40, s. 51; 2002, c. 70, s. 179; 2009, c. 52, s. 543; 2018, c. 23, s. 733.

2011-02-14

465.10. The provisions of the Act respecting insurance (chapter A‐32) apply, adapted as required, to a legal person as if it were a mutual damage insurance company and an insurer, with the exception of sections 33.1 to 33.3, 88.1, 93.1, 175 to 200.0.14, 210, 244.1 to 245.0.1, 246, 247.1 and 406.2.

Section 35.3 of the said Act applies to a legal person as if it were constituted by a special Act.

For the purposes of section 319 of the said Act, the number of members required shall not be fewer than 10% of the membership.

Section 404.1 of the said Act applies to a legal person.

1992, c. 27, s. 7; 1999, c. 40, s. 51; 2002, c. 70, s. 179; 2009, c. 52, s. 543.

2003-02-12

465.10. The provisions of the Act respecting insurance (chapter A‐32) apply, adapted as required, to a legal person as if it were a mutual damage insurance company and an insurer, with the exception of sections 33.1 to 33.3, 88.1, 93.1, 175 to 200.0.14, 210, 244.1 to 245.0.1, 246, 247.1 and 406.2.

The second paragraph of section 35 and section 35.3 of the said Act apply to a legal person as if it were constituted by a special Act.

For the purposes of section 319 of the said Act, the number of members required shall not be fewer than 10% of the membership.

Section 404.1 of the said Act applies to a legal person.

1992, c. 27, s. 7; 1999, c. 40, s. 51; 2002, c. 70, s. 179.

1999-10-22

465.10. The provisions of the Act respecting insurance (chapter A‐32) apply, adapted as required, to a legal person as if it were a mutual damage insurance company and an insurer, with the exception of sections 33.1 to 33.3, 88.1, 93.1, 175 to 200, 210, 223 to 242, 245, 245.0.1, 246 to 247.1 and 406.2.

The second and third paragraphs of section 35 of the said Act apply to a legal person as if it were constituted by a special Act.

For the purposes of section 319 of the said Act, the number of members required shall not be fewer than 10 % of the membership.

Section 404.1 of the said Act applies to a legal person.

1992, c. 27, s. 7; 1999, c. 40, s. 51.

1999-04-01

465.10. The provisions of the Act respecting insurance (chapter A-32) apply, adapted as required, to a corporation as if it were a mutual damage insurance company and an insurer, with the exception of sections 33.1 to 33.3, 88.1, 93.1, 175 to 200, 210, 223 to 242, 245, 245.0.1, 246 to 247.1 and 406.2.

The second and third paragraphs of section 35 of the said Act apply to a corporation as if it were incorporated by a special Act.

For the purposes of section 319 of the said Act, the number of members required shall not be fewer than 10 % of the membership.

Section 404.1 of the said Act applies to a corporation.

1992, c. 27, s. 7.