Insurance Companies Act (S.C. 1991, c. 47)

Marginal note:Saving

570. Nothing in this Part requires

• (a) the termination of a loan or a commitment to make a loan or investment or to increase a loan or investment, or

• (b) the disposal of an investment

made before the coming into force of this Part but, if the loan or investment would be precluded or limited by this Part, the amount of the loan or investment shall not, except as provided in sections 557, 558 and 559, or pursuant to a commitment referred to in paragraph (a), be increased after the coming into force of this Part.

Marginal note:Saving

570.001 A loan or investment referred to in section 570 is deemed not to be prohibited by the provisions of this Part.

Definition of “court”

570.01 In sections 570.02 to 570.3, “court” means a court having jurisdiction in the place where the society has its head office.

Marginal note:Application of sections 570.03 to 570.3

• 570.02 (1) Sections 570.03 to 570.3 do not apply to a society that is insolvent within the meaning of the Winding-up and Restructuring Act.

• Marginal note:Staying proceedings on insolvency

  (2) Any proceedings taken under sections 570.04 to 570.3 to dissolve or to liquidate and dissolve a society shall be stayed if the society is at any time found to be insolvent within the meaning of the Winding-up and Restructuring Act.

Marginal note:Returns to Superintendent

570.03 A liquidator appointed under this Part to wind up the business of a society shall provide the Superintendent with such information relating to the business and affairs of the society as the Superintendent requires, in such form as the Superintendent requires.

Marginal note:No property and no liabilities

• 570.04 (1) A society that has no property and no liabilities may, if authorized by a special resolution or, if there are no members, by a resolution of the society’s supreme governing body, apply to the Minister for letters patent dissolving the society.

• Marginal note:Dissolution by letters patent

  (2) Where the Minister has received an application under subsection (1) and is satisfied that all the circumstances so warrant, the Minister may issue letters patent dissolving the society.

• Marginal note:Effect of letters patent

  (3) A society in respect of which letters patent are issued under subsection (2) is dissolved and ceases to exist on the day stated in the letters patent.