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

Act current to 2013-05-20 and last amended on 2012-12-19. Previous Versions

Marginal note:Court may fix fair value

  • 313. (1) If a dissenting offeree has elected to demand payment of the fair value of their shares under paragraph 310(b), the offeror may, within 20 days after it has paid the money or transferred the other consideration under subsection 311(1), apply to a court to fix the fair value of the shares of that dissenting offeree.

  • Marginal note:Idem

    (2) If an offeror fails to apply to a court under subsection (1), a dissenting offeree may apply to a court for the same purpose within a further period of twenty days.

  • Marginal note:Venue

    (3) An application under subsection (1) or (2) shall be made to a court having jurisdiction in the place at which the head office of the company is situated or in the province in which the dissenting offeree resides if the company carries on business in that province.

  • Marginal note:No security for costs

    (4) A dissenting offeree is not required to give security for costs in an application made under subsection (1) or (2).

  • 1991, c. 47, s. 313;
  • 2005, c. 54, s. 280.
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Marginal note:Parties and notice

314. On an application under subsection 313(1) or (2),

  • (a) all dissenting offerees who have made elections to demand payment under paragraph 310(b) and whose shares have not been acquired by the offeror shall be joined as parties and are bound by the decision of the court; and

  • (b) the offeror shall notify each affected dissenting offeree of the date, place and consequences of the application and of the dissenting offeree’s right to appear and be heard in person or by counsel at the hearing of the application.

  • 1991, c. 47, s. 314;
  • 2005, c. 54, s. 281.
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Marginal note:Powers of court

  • 315. (1) On an application to a court under subsection 313(1) or (2), the court may determine whether any other person is a dissenting offeree who should be joined as a party, and the court shall then fix a fair value for the shares of all dissenting offerees.

  • Marginal note:Appraisers

    (2) A court may in its discretion appoint one or more appraisers to assist the court in fixing a fair value for the shares of a dissenting offeree.

  • Marginal note:Final order

    (3) The final order of a court shall be made against the offeror in favour of each dissenting offeree and for the amount for each dissenting offeree’s shares as fixed by the court.

  • Marginal note:Additional powers of court

    (4) In connection with proceedings under subsection 313(1) or (2), a court may make any order it thinks fit and, without limiting the generality of the foregoing, may

    • (a) fix the amount of money or other consideration that is deemed to be held in a fiduciary capacity under subsection 311(2) or section 311.1;

    • (b) order that the money or other consideration is to be held in trust by a person other than the offeree company;

    • (c) allow a reasonable rate of interest on the amount payable to each dissenting offeree from the date the dissenting offeree sends the share certificates required under section 310 until the date of payment; or

    • (d) order that any money payable to a shareholder who cannot be found be paid to the Receiver General.

  • Marginal note:Recovery

    (5) If at any time a person establishes an entitlement to any moneys paid to the Receiver General under this section, the Receiver General shall pay an equivalent amount to that person out of the Consolidated Revenue Fund.

  • 1991, c. 47, s. 315;
  • 2005, c. 54, s. 282.
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