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

Act current to 2013-04-29 and last amended on 2012-12-19. Previous Versions

Marginal note:Prepayment protected

  • 542.12 (1) A society shall not make a loan to a natural person if the loan would be repayable in Canada and the terms would prohibit prepayment of the money advanced or any instalment of that money before its due date.

  • Marginal note:Non-application of subsection (1)

    (2) Subsection (1) does not apply in respect of a loan

    • (a) that is secured by a mortgage on real property; or

    • (b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed.

  • 1997, c. 15, s. 285.

Corporate Governance

Marginal note:Majority to reside in Canada

543. A majority of the members of the supreme governing body of every society shall at the time of their election or appointment be individuals who are resident in Canada.

Marginal note:Head office

  • 544. (1) A society shall at all times have a head office in the province specified in its incorporating instrument or by-laws.

  • Marginal note:Change of head office — different province

    (2) Despite anything contained in its incorporating instrument, any society may, by by-law passed and approved by the votes of at least two thirds of the members entitled to vote by the by-laws of the society who are present or represented at a special meeting duly called for considering the by-law, change the head office of the society from one province to another.

  • Marginal note:Change of head office — within a province

    (2.1) The supreme governing body of a society may, by resolution passed and approved by at least two thirds of the votes cast at a meeting, change the address of the head office within the province specified in the society’s by-laws.

  • Marginal note:Notice of change of address

    (2.2) If there is a change of address of the head office of a society, the society shall send a notice of the change to the Superintendent within fifteen days after the change.

  • Marginal note:Maximum period

    (3) A society shall establish by by-law the maximum period of time within which meetings of the society shall be held.

  • 1991, c. 47, s. 544;
  • 1997, c. 15, s. 286;
  • 2005, c. 54, s. 298.
Previous Version
Marginal note:Change of name

  • 544.1 (1) Despite anything contained in its incorporating instrument, a society may, by by-law passed and approved by the votes of at least two thirds of the members entitled to vote by the by-laws of the society who are present or represented at a special meeting duly called for considering the by-law, change the name of the society.

  • Marginal note:Effective date

    (2) A by-law referred to in subsection (1) is not effective until the Superintendent approves it.

  • 2001, c. 9, s. 436.