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

Act current to 2014-09-29 and last amended on 2014-06-19. Previous Versions

Marginal note:Addition to stated capital account

 On a conversion of any debt obligation of a company into shares of a class or series of shares, the company shall

  • (a) deduct from the liabilities of the company the nominal value of the debt obligation being converted; and

  • (b) record the result obtained under paragraph (a) and any additional consideration received for the conversion in the stated capital account maintained or to be maintained for the class or series of shares into which the debt obligation has been converted.

Marginal note:Declaration of dividend
  •  (1) The directors of a company may declare and a company may pay a dividend by issuing fully paid shares of the company or options or rights to acquire fully paid shares of the company and, subject to subsection (4), the directors of a company may declare and a company may pay a dividend in money or property, and, if a dividend is to be paid in money, the dividend may be paid in a currency other than the currency of Canada.

  • Marginal note:Notice to Superintendent

    (2) The directors of a company shall notify the Superintendent of the declaration of a dividend at least 15 days before the day fixed for its payment.

  • Marginal note:Share dividend

    (3) If shares of a company are issued in payment of a dividend, the company shall record in the stated capital account maintained or to be maintained for the shares of the class or series issued in payment of the dividend the declared amount of the dividend stated as an amount of money.

  • Marginal note:When dividend not to be declared

    (4) The directors of a company shall not declare and a company shall not pay a dividend if there are reasonable grounds for believing that the company is, or the payment would cause the company to be, in contravention of subsection 515(1), any regulation made under subsection 515(2) or any order made under subsection 515(3).

  • (5) [Repealed, 2007, c. 6, s. 199]

  • (6) to (8) [Repealed, 1997, c. 15, s. 184]

  • 1991, c. 47, s. 83;
  • 1997, c. 15, s. 184;
  • 2001, c. 9, s. 369;
  • 2007, c. 6, s. 199.

Restrictions Specific to Shares of Mutual Companies

Marginal note:Definitions

 The definitions in this section apply in this section and in sections 83.02 to 83.11.

“participating share”

« action participante »

“participating share” means a share issued by a mutual company that confers on the holder of the share the right to receive remaining property of the company on the dissolution of the company.

“participating shareholder”

« actionnaire participant »

“participating shareholder” means the holder of a participating share.

“participating shareholder account”

« compte des actionnaires participants »

“participating shareholder account” means an account that a mutual company is required by section 83.04 to maintain.

  • 1997, c. 15, s. 185.