283. The members of an insurance company are (1) in the case of a business corporation,
(a) its shareholders, and
(b) if the holder of control of the corporation is a mutual company and the corporation is authorized to carry on activities in the same class as the latter, the persons who, if the corporation were a mutual company, would be mutual members; and
(2) in the case of a mutual company, the mutual members, that is,
(a) each of the holders of an insurance contract underwritten by the company, except a subrogated holder, if any, and
(b) if applicable, the client for a group insurance contract underwritten by the company and each of the participants.
Until they become mutual members or terminate their undertaking, the persons referred to in section 206 who undertook to enter into an insurance contract underwritten by a mutual company or to enroll in such an insurance contract within the year after the Authority grants its authorization to that mutual company are deemed, for the year, to be mutual members.