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

Act current to 2014-10-15 and last amended on 2014-06-19. Previous Versions

PART VCAPITAL STRUCTURE

Share Capital

Marginal note:Power to issue shares
  •  (1) Subject to this Act and the by-laws of the company, shares of a company may be issued at such times and to such persons and for such consideration as the directors of the company may determine.

  • (2) and (3) [Repealed, 1997, c. 15, s. 180]

  • Marginal note:Shares

    (4) Shares of a company shall be in registered form and shall be without nominal or par value.

  • Marginal note:Shares of former-Act company

    (5) Shares with nominal or par value of a former-Act company are deemed to be shares without nominal or par value.

  • Marginal note:Shares of continued company

    (6) Where a body corporate is continued as a company under this Act, shares with nominal or par value issued by the body corporate before it was so continued are deemed to be shares without nominal or par value.

  • Marginal note:Deemed share conditions

    (7) Where any right of a holder of a share with nominal or par value of a former-Act company or a body corporate continued as a company under this Act, other than a voting right, was stated or expressed in terms of the nominal or par value of the share immediately before the coming into force of this Part or the continuance under this Act, as the case may be, that right is thereafter deemed to be the same right stated or expressed without reference to the nominal or par value of the share.

  • 1991, c. 47, s. 63;
  • 1997, c. 15, s. 180.
Marginal note:Common shares
  •  (1) A company, other than a mutual company, shall have one class of shares, to be designated as “common shares”, which are non-redeemable and in which the rights of the holders thereof are equal in all respects, and those rights include

    • (a) the right to vote at all meetings of shareholders except where only holders of a specified class of shares, or policyholders, are entitled to vote;

    • (b) the right to receive dividends declared on those shares; and

    • (c) the right to receive the remaining property of the company on dissolution that pertains to shareholders.

  • Marginal note:Designations of shares

    (2) No company shall designate more than one class of its shares as “common shares” or any variation of that term.

  • (3) [Repealed, 2012, c. 5, s. 124]

  • Marginal note:Continued company

    (4) A body corporate continued as a company under this Act that is not in compliance with subsection (2) on the date letters patent continuing it as a company are issued shall, within twelve months after that date, redesignate its shares to comply with that subsection.

  • 1991, c. 47, s. 64;
  • 2012, c. 5, s. 124.