A-32.1 - Insurers Act

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263. A mutual company must, in its by-laws, determine, for each class of shares prescribed in the by-laws,
(1)  the contribution required per share for its issue;
(2)  the maximum interest that may be paid on the shares;
(3)  the conditions on which and manner in which shares may be transferred;
(4)  the redemption terms, if applicable;
(5)  the order in which shares are repaid in the event of liquidation or dissolution; and
(6)  other rights, privileges and restrictions attached to the shares.
The mutual company must send the Authority a copy of its by-laws.
2018, c. 23, s. 32018, c. 23, s. 3.
In force: 2019-06-13
263. A mutual company must, in its by-laws, determine, for each class of shares prescribed in the by-laws,
(1)  the contribution required per share for its issue;
(2)  the maximum interest that may be paid on the shares;
(3)  the conditions on which and manner in which shares may be transferred;
(4)  the redemption terms, if applicable;
(5)  the order in which shares are repaid in the event of liquidation or dissolution; and
(6)  other rights, privileges and restrictions attached to the shares.
The mutual company must send the Authority a copy of its by-laws.
2018, c. 23, s. 32018, c. 23, s. 3.