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

Section 17 Disposition versions

1977-12-31

17. (1)  Twenty-five freeholders residing in any parish or local municipality in Québec, five of whom shall be provisional directors of an association formed with the view of establishing a mutual fire insurance company, may, until 20 October 1976 establish such company for the purpose of insuring the property situated within such parish or local municipality, and also the properties outside the limits thereof, provided they be situated entirely within the county in which is situated the chief place of business of the company in the said parish or municipality, the farm live stock, as well as the grain, hay, fodder, agricultural implements and furniture in or upon the properties aforesaid, which insurance company shall be known under the name of “The Mutual Fire Insurance Company of the parish of (or of the local municipality of ” as the case may be).

(2)  In the case, however, of a change in the limits of the county in which a company is in regular operation, all policies then issued by such company to insure property situated outside the new limits of the county shall remain in force until the expiration of the term of five years from the date of the issue thereof, but subject to the right of cancellation provided by law.

(3)  All the provisions respecting mutual fire insurance associations contained in the Act respecting insurance (chapter A-32) shall apply to such companies in so far as they are not inconsistent with the provisions of this division.

R. S. 1964, c. 295, s. 56; 1974, c. 70, s. 433.