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

Section 13 Disposition versions

1977-12-31

13. In the event of a change in the limits of a municipality, each member of the company whose real estate is not then taxable is entitled to the reimbursement of his share of contribution to the reserve fund, upon the condition, however, that such property-owner has been insured in the company for at least five years on the 31st of December preceding the changing of the limits of such municipality.

In order to determine the portion then repayable to each member, the secretary-treasurer must divide the total insurance in force by the total of the reserve fund, including the interest accrued on the 31st of December preceding, and deliver, within a period of three months, to the member contemplated by the preceding paragraph of this section, his share of reimbursement in proportion to the amount of insurance which he had in the company on the 31st of December preceding the date of the reimbursement.

This section shall not apply to changes of limits made before the 19th of February, 1932.

R. S. 1964, c. 295, s. 52.