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

Marginal note:Effect of letters patent

• 865 (1) On the day provided for in the letters patent issued under section 863,

  • (a) the amalgamation of the applicants and their continuance as one insurance holding company become effective;

  • (b) the property of each applicant continues to be the property of the amalgamated insurance holding company;

  • (c) the amalgamated insurance holding company continues to be liable for the obligations of each applicant;

  • (d) any existing cause of action, claim or liability to prosecution is unaffected;

  • (e) any civil, criminal or administrative action or proceeding pending by or against an applicant may be continued to be prosecuted by or against the amalgamated insurance holding company;

  • (f) any conviction against, or ruling, order or judgment in favour of or against, an applicant may be enforced by or against the amalgamated insurance holding company;

  • (g) if any director or officer of an applicant continues as a director or officer of the amalgamated insurance holding company, any disclosure by that director or officer of a material interest in any contract made to the applicant shall be deemed to be disclosure to the amalgamated insurance holding company; and

  • (h) the letters patent of amalgamation are the incorporating instrument of the amalgamated insurance holding company.

• Marginal note:Minutes

  (2) Any deemed disclosure under paragraph (1)(g) shall be recorded in the minutes of the first meeting of directors of the amalgamated insurance holding company.