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A-32.1 - Insurers Act
FrançaisArticle 263
Versions de la disposition
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.
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.
