Insurance Companies Act
Marginal note:No payments before order
54 (1) Subject to subsection (2), until an order approving the commencement and carrying on of business is made for a company or society, the company or society shall not make any payment on account of incorporation or organization expenses out of moneys received from the paid-in capital of the company or society and interest thereon, except reasonable sums
(a) for the remuneration of not more than two officers;
(b) for the payment of costs related to the issue of shares of the company; and
(c) for the payment of clerical assistance, legal services, accounting services, office accommodation at one location, office expenses, advertising, stationery, postage and travel expenses.
(2) Subsection (1) does not apply in respect of any company incorporated for the sole purpose of insuring risks in the class of marine insurance.
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