A-32.1 - Insurers Act

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352. Despite section 323 of the Business Corporations Act (chapter S-31.1), the remaining property of a mutual company may not be distributed among the mutual members; it must be remitted to the federation of which the mutual company is a member for the federation to pay into its guarantee fund or, if the mutual company is not a member of a federation, to a mutual company designated by the mutual members. In the absence of such a designation, the remaining property is remitted to the Minister of Finance.
2018, c. 23, s. 32018, c. 23, s. 3.
In force: 2019-06-13
352. Despite section 323 of the Business Corporations Act (chapter S-31.1), the remaining property of a mutual company may not be distributed among the mutual members; it must be remitted to the federation of which the mutual company is a member for the federation to pay into its guarantee fund or, if the mutual company is not a member of a federation, to a mutual company designated by the mutual members. In the absence of such a designation, the remaining property is remitted to the Minister of Finance.
2018, c. 23, s. 32018, c. 23, s. 3.