A-32 - Act respecting insurance

Section 93.244 Disposition versions

1996-12-23

93.244. A guarantee fund may, to provide assistance to a member, acquire from the latter preferred shares that the mutual insurance association may redeem. Notwithstanding section 93.52, the guarantee fund may at all times, obtain the repayment of its preferred shares.

The amount of the shares so repaid or redeemed in a year shall, however, be limited to one of the following amounts, whichever is less:

(1)  the balance of the non-redeemed preferred shares;

(2)  50% of the net profit of the member in the fiscal year;

(3)  the amount greater than the amount by which the assets of the member exceeds its liabilities, required under section 275.

1985, c. 17, s. 6; 1996, c. 63, s. 81.

1985-09-11

93.244. A corporation may, to provide assistance to a member, acquire from the latter preferred shares that the mutual insurance association may redeem. Notwithstanding section 93.52, the corporation may at all times, obtain the repayment of its preferred shares.

The amount of the shares so repaid or redeemed in a year shall, however, be limited to one of the following amounts, whichever is less:

(1)  the balance of the non-redeemed preferred shares;

(2)  50% of the net profit of the member in the fiscal year;

(3)  the amount greater than the amount by which the assets of the member exceeds its liabilities, required under section 275.

1985, c. 17, s. 6.