C-39 - Act respecting certain mutual companies of insurance against fire, lightning and wind

Section 12 Disposition versions

1977-12-31

12. The council may, if authorized by the majority of the insured present at the meeting mentioned in section 5, levy $0.25 per $100 of the amount insured, to establish a reserve fund, and shall levy annually an amount sufficient to meet all the damages, the amount of which shall have then been established and to pay all the obligations and matured debts of the company.

This amount shall be levied by means of a tax imposed upon each building insured, in proportion to the amount of its valuation and of that of the valuation of its contents, as shown on the valuation roll, or in porportion to the amount of the insurance thereon, as the case may be.

The tax imposed in virtue of this section is assimilated to municipal taxes. It shall have the same privilege and the same rank without registration being required, and the amount, with legal interest from the time it has become due, shall be recoverable by the secretary-treasurer in the same manner as municipal taxes.

R. S. 1964, c. 295, s. 51.