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

Marginal note:Final order

• 570.2 (1) If the court approves the final accounts rendered by a liquidator, the court shall make an order

  • (a) directing the society to apply to the Minister for letters patent dissolving the society;

  • (b) directing the custody or disposal of the documents, records and registers of the society; and

  • (c) discharging the liquidator except in respect of the duty of a liquidator under subsection (2).

• Marginal note:Delivery of order

  (2) The liquidator shall without delay send a certified copy of the order referred to in subsection (1) to the Superintendent.

Marginal note:Right to distribution of money

• 570.21 (1) A member or incorporator may apply to the court for an order requiring the distribution of the remaining property of a society to be in money if, in the course of the liquidation of the society, the members resolve to, or the liquidator proposes to,

  • (a) exchange all or substantially all of the remaining property of the society for securities of another entity that are to be distributed to the members or to the incorporators; or

  • (b) distribute all or part of the remaining property of the society to the members or to the incorporators in kind.

• Marginal note:Powers of court

  (2) On an application under subsection (1), the court may order

  • (a) all of the remaining property of the society to be converted into and distributed in money; or

  • (b) the claim of any member or incorporator applying under this section to be satisfied by a distribution in money.

• Marginal note:Order by court

  (3) Where an order is made by a court under paragraph (2)(b), the court

  • (a) shall fix a fair value on the share of the property of the society attributable to the member or incorporator;

  • (b) may in its discretion appoint one or more appraisers to assist the court in fixing a fair value in accordance with paragraph (a); and

  • (c) shall render a final order against the society in favour of the member or incorporator for the amount of the share of the property of the society attributable to the member or incorporator.

Marginal note:Dissolution by letters patent

• 570.22 (1) On an application made under an order under paragraph 570.2(1)(a), the Minister may issue letters patent dissolving the society.

• Marginal note:Society dissolved

  (2) A society in respect of which letters patent are issued under subsection (1) is dissolved and ceases to exist on the date of the issuance of the letters patent.