GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 559
Realizations 559 (1) Despite anything in this Act, a society may acquire (a) an investment in a body corporate, (b) an interest in an unincorporated entity, or (c) an interest in real property, if the investment or interest is acquired through the realization of a security interest held by the society or any of its subsidiaries. Disposition (2) If a society acquires control of, or acquires a substantial investment in, an entity by way of the realization of a security interest held by the society or any of its subsidiaries, the society shall, within five years after the day on which control or the substantial investment is acquired, do all things necessary, or cause its subsidiary to do all things necessary, as the case may be, to ensure that the society no longer controls the entity or has a substantial investment in the entity. Transitional (3) Despite subsection (2), if a society that was in existence immediately before June 1, 1992 had an investment in an entity on September 27, 1990 that is a substantial investment within the meaning of section 10 and the society later increases that substantial investment by way of a realization of a security interest under subsection (1), the society shall, within five years after increasing the substantial investment, do all things necessary to ensure that its substantial investment in the entity is no greater than it was on September 27, 1990. Extension (4) The Superintendent may, in the case of any particular society that makes an application under this subsection, extend the period of five years referred to in subsection (2) or (3) for any further period or periods, and on any terms and conditions, that the Superintendent considers necessary. Exception (5) If, under subsection (1), a society acquires control of, or acquires or increases a substantial investment in, an entity that it would otherwise be permitted to acquire or increase under section 554, the society may retain control of the entity or continue to hold the substantial investment for an indeterminate period if the approval in writing of the Minister is obtained before the end of the period referred to in subsection (2) or (3), including any extension of it granted under subsection (4). 1991, c. 47, s. 559; 1997, c. 15, s. 293; 2001, c. 9, s. 437
Insurance Companies Act — I-11.8 560
Regulations restricting ownership 560 The Governor in Council may make regulations restricting the ownership under sections 554 to 559 by a society of shares of a body corporate or of ownership interest in an unincorporated entity and imposing terms and conditions applicable to societies that own such shares or interests. 1991, c. 47, s. 560; 2001, c. 9, s. 437
Insurance Companies Act — I-11.8 561
Exclusion from portfolio limits 561 (1) The value of all loans, investments and interests acquired by a society and any of its prescribed subsidiaries as a result of a realization of a security interest or pursuant to section 558 shall not be included in calculating the value of loans, investments and interests of the society and its prescribed subsidiaries under sections 562 to 566 (a) for a period of twelve years following the day on which the interest was acquired, in the case of an interest in real property; and (b) for a period of five years after the day on which the loan, investment or interest was acquired, in the case of a loan, investment or interest, other than an interest in real property. Extension (2) The Superintendent may, in the case of any particular society, extend any period referred to in subsection (1) for such further period or periods, and on such terms and conditions, as the Superintendent considers necessary. 1991, c. 47, s. 561; 1997, c. 15, s. 294
Insurance Companies Act — I-11.8 562
Lending limit 562 A society shall not, and shall not permit its prescribed subsidiaries to, (a) make or acquire a commercial loan or a loan to a natural person, or (b) acquire control of a permitted entity that holds commercial loans or loans to natural persons where the aggregate value of all such loans held by the society and its prescribed subsidiaries exceeds, or the acquisition or making of the loan or the acquisition of control of the body corporate would cause the aggregate value of all such loans held by the society and its prescribed subsidiaries to exceed, the prescribed percentage of the total assets of the society. 1991, c. 47, s. 562; 2001, c. 9, s. 438
Insurance Companies Act — I-11.8 563
Limit on total property interest 563 A society shall not, and shall not permit its prescribed subsidiaries to, (a) purchase or otherwise acquire an interest in real property, or (b) make an improvement to any real property in which the society or any of its prescribed subsidiaries has an interest if the aggregate value of all interests of the society in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, an amount determined in accordance with the regulations. 1991, c. 47, s. 563; 2001, c. 9, s. 439
Insurance Companies Act — I-11.8 564
Regulations 564 For the purposes of this Part, the Governor in Council may make regulations (a) defining the interests of a society in real property; (b) determining the method of valuing those interests; and (c) respecting the determination of an amount for the purpose of each of sections 563, 565 and 566. 1991, c. 47, s. 564; 2001, c. 9, s. 439
Insurance Companies Act — I-11.8 565
Limits on equity acquisitions 565 A society shall not, and shall not permit its prescribed subsidiaries to, (a) purchase or otherwise acquire any participating shares of any body corporate or any ownership interests in any unincorporated entity, other than those of a permitted entity in which the society has, or by virtue of the acquisition would have, a substantial investment, or (b) acquire control of an entity that holds shares or ownership interests referred to in paragraph (a), if the aggregate value of (c) all participating shares, excluding participating shares of permitted entities in which the society has a substantial investment, and (d) all ownership interests in unincorporated entities, other than ownership interests in permitted entities in which the society has a substantial investment, beneficially owned by the society and its prescribed subsidiaries exceeds, or the purchase or acquisition would cause that aggregate value to exceed, an amount determined in accordance with the regulations. 1991, c. 47, s. 565; 1993, c. 34, s. 84(F); 1997, c. 15, s. 295; 2001, c. 9, s. 439
Insurance Companies Act — I-11.8 566
Aggregate limit 566 A society shall not, and shall not permit its prescribed subsidiaries to, (a) purchase or otherwise acquire (i) participating shares of a body corporate, other than those of a permitted entity in which the society has, or by virtue of the acquisition would have, a substantial investment, (ii) ownership interests in an unincorporated entity, other than ownership interests in a permitted entity in which the society has, or by virtue of the acquisition would have, a substantial investment, or (iii) interests in real property, or (b) make an improvement to real property in which the society or any of its prescribed subsidiaries has an interest if the aggregate value of (c) all participating shares and ownership interests referred to in subparagraphs (a)(i) and (ii) that are beneficially owned by the society and its prescribed subsidiaries, and (d) all interests of the society in real property referred to in subparagraph (a)(iii) exceeds, or the acquisition or the making of the improvement would cause that aggregate value to exceed, an amount determined in accordance with the regulations. 1991, c. 47, s. 566; 1997, c. 15, s. 296; 2001, c. 9, s. 439
Insurance Companies Act — I-11.8 567
Divestment order 567 (1) The Superintendent may, by order, direct a society to dispose of, within such period as the Superintendent considers reasonable, any loan, investment or interest made or acquired in contravention of this Part. Idem (2) Where (a) a society (i) fails to provide or obtain within a reasonable time the undertakings referred to in section 556, or (ii) is in default of an undertaking referred to in section 556 and the default is not remedied within ninety days after the day of receipt by the society of a notice from the Superintendent of the default, or (b) a body corporate referred to in section 556 is in default of an undertaking referred to in section 556 and the default is not remedied within ninety days after the day of receipt by the society of a notice from the Superintendent of the default, the Superintendent may, by order, require the society, within such period as the Superintendent considers reasonable, to do all things necessary to ensure that the society no longer has a substantial investment in the body corporate to which the undertaking relates.
Insurance Companies Act — I-11.8 568
Deemed temporary investment 568 If a society controls or has a substantial investment in an entity as permitted by this Part and the society becomes aware of a change in the business or affairs of the entity that, if the change had taken place before the acquisition of control or of the substantial investment, would have caused the entity not to be a permitted entity or would have been such that approval for the acquisition would have been required under subsection 554(5), the society is deemed to have acquired, on the day the society becomes aware of the change, a temporary investment in respect of which section 557 applies. 1991, c. 47, s. 568; 1997, c. 15, s. 297; 2001, c. 9, s. 440
Insurance Companies Act — I-11.8 570
Saving 570 Nothing in this Part requires (a) the termination of a loan or a commitment to make a loan or investment or to increase a loan or investment, or (b) the disposal of an investment made before the coming into force of this Part but, if the loan or investment would be precluded or limited by this Part, the amount of the loan or investment shall not, except as provided in sections 557, 558 and 559, or pursuant to a commitment referred to in paragraph (a), be increased after the coming into force of this Part.
Insurance Companies Act — I-11.8 570.001
Saving 570.001 A loan or investment referred to in section 570 is deemed not to be prohibited by the provisions of this Part. 2001, c. 9, s. 441
Insurance Companies Act — I-11.8 570.01
Definition of court 570.01 In sections 570.02 to 570.3, court means a court having jurisdiction in the place where the society has its head office. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.02
Application of sections 570.03 to 570.3 570.02 (1) Sections 570.03 to 570.3 do not apply to a society that is insolvent within the meaning of the Winding-up and Restructuring Act . Staying proceedings on insolvency (2) Any proceedings taken under sections 570.04 to 570.3 to dissolve or to liquidate and dissolve a society shall be stayed if the society is at any time found to be insolvent within the meaning of the Winding-up and Restructuring Act . 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.03
Returns to Superintendent 570.03 A liquidator appointed under this Part to wind up the business of a society shall provide the Superintendent with such information relating to the business and affairs of the society as the Superintendent requires, in such form as the Superintendent requires. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.04
No property and no liabilities 570.04 (1) A society that has no property and no liabilities may, if authorized by a special resolution or, if there are no members, by a resolution of the society’s supreme governing body, apply to the Minister for letters patent dissolving the society. Dissolution by letters patent (2) Where the Minister has received an application under subsection (1) and is satisfied that all the circumstances so warrant, the Minister may issue letters patent dissolving the society. Effect of letters patent (3) A society in respect of which letters patent are issued under subsection (2) is dissolved and ceases to exist on the day stated in the letters patent. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.05
Proposing liquidation 570.05 (1) The voluntary liquidation and dissolution of a society, other than a society referred to in subsection 570.04(1), (a) may be proposed by its supreme governing body; or (b) may be initiated by way of a proposal made in accordance with the society’s by-laws by a member who is entitled to vote at a meeting of the society’s members at which the proposal may be voted on. Terms must be set out (2) A notice of any meeting of members at which the voluntary liquidation and dissolution of a society is to be proposed shall set out the terms of the proposal. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.06
Members’ resolution 570.06 Where the voluntary liquidation and dissolution of a society is proposed, the society may apply to the Minister for letters patent dissolving the society if authorized by a special resolution. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.07
Approval of Minister required 570.07 (1) No action directed toward the voluntary liquidation and dissolution of a society shall be taken by a society, other than as provided in sections 570.05 and 570.06, until an application made by the society under section 570.06 has been approved by the Minister. Conditional approval (2) If the Minister is satisfied, on the basis of an application made under section 570.06, that the circumstances warrant the voluntary liquidation and dissolution of a society, the Minister may, by order, approve the application. Effect of approval (3) If the Minister approves an application made under section 570.06 with respect to a society, the society shall not carry on business except to the extent necessary to complete its voluntary liquidation. Liquidation process (4) If the Minister approves an application made under section 570.06 with respect to a society, the society shall (a) cause notice of the approval to be sent to each known claimant, except members, against the society and to each known creditor of the society; (b) publish notice of the approval once a week for four consecutive weeks in the Canada Gazette and once a week for two consecutive weeks in one or more newspapers in general circulation in each province in which the company transacted any business within the preceding twelve months; (c) proceed to collect its property, dispose of property that is not to be distributed in kind to its members, discharge or provide for all its obligations and do all other acts required to liquidate its business; and (d) after giving the notice required under paragraphs (a) and (b) and adequately providing for the payment or discharge of all its obligations, distribute its remaining property, either in money or in kind, among its members according to their respective rights. 1997, c. 15, s. 298; 2012, c. 5, s. 143
Insurance Companies Act — I-11.8 570.08
Dissolution instrument 570.08 (1) Unless a court has made an order in accordance with subsection 570.09(1), the Minister may, if satisfied that the society has complied with subsection 570.07(4) and that all the circumstances so warrant, issue letters patent dissolving the society. Society dissolved (2) A society in respect of which letters patent are issued under subsection (1) is dissolved and ceases to exist on the day stated in the letters patent. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.09
Application for court supervision 570.09 (1) The Superintendent or any interested person may, at any time during the liquidation of a society, apply to a court for an order for the continuance of the voluntary liquidation under the supervision of the court in accordance with this section and sections 570.1 to 570.21. On that application, the court may so order and make any further order it thinks fit. Application to state reasons (2) An application under subsection (1) to a court to supervise a voluntary liquidation shall state the reasons, verified by an affidavit of the applicant, why the court should supervise the liquidation. Notice to Superintendent (3) Where a person, other than the Superintendent, makes an application under subsection (1), the person shall give the Superintendent notice of the application and the Superintendent may appear and be heard in person or by counsel at the hearing of the application. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.1
Court supervision 570.1 (1) If a court makes an order under subsection 570.09(1), the liquidation of the society shall continue under the supervision of the court. Beginning of liquidation (2) The supervision of the liquidation of a society by the court under an order made under subsection 570.09(1) begins on the day the order is made. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.11
Powers of court 570.11 In connection with the liquidation and dissolution of a society, if the court is satisfied that the society is able to pay or adequately provide for the discharge of all its obligations and to make satisfactory arrangements for the protection of its policyholders, the court may make any order it thinks fit, including (a) an order to liquidate; (b) an order appointing a liquidator, with or without security, fixing a liquidator’s remuneration and replacing a liquidator; (c) an order appointing inspectors or referees, specifying their powers, fixing their remuneration and replacing inspectors or referees; (d) an order determining the notice to be given to any interested person, or dispensing with notice to any person; (e) an order determining the validity of any claims made against the society; (f) an order, at any stage of the proceedings, restraining the directors and officers of the society from (i) exercising any of their powers, or (ii) collecting or receiving any debt or other property of the society, and from paying out or transferring any property of the society, except as permitted by the court; (g) an order determining and enforcing the duty or liability of any present or former director, officer or member (i) to the society, or (ii) for an obligation of the society; (h) an order approving the payment, satisfaction or compromise of claims against the society and the retention of assets for that purpose, and determining the adequacy of provisions for the payment, discharge or transfer of any obligation of the society, whether liquidated, unliquidated, future or contingent; (i) with the concurrence of the Superintendent, an order providing for the disposal or destruction of the documents, records or registers of the society; (j) on the application of a creditor, an inspector or the liquidator, an order giving directions on any matter arising in the liquidation; (k) after notice has been given to all interested parties, an order relieving the liquidator from any omission or default on such terms as the court thinks fit and confirming any act of the liquidator; (l) subject to sections 570.18 to 570.2, an order approving any proposed, interim or final distribution to members, if any, or to incorporators, in money or in kind; (m) an order disposing of any property belonging to creditors, members and incorporators who cannot be found; (n) on the application of any director, officer, member, incorporator or creditor or the liquidator, (i) an order staying the liquidation proceedings on such terms and conditions as the court thinks fit, (ii) an order continuing or discontinuing the liquidation proceedings, or (iii) an order to the liquidator to restore to the society all of its remaining property; and (o) after the liquidator has rendered the liquidator’s final account to the court, an order directing the society to apply to the Minister for letters patent dissolving the society. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.12
Cessation of business and powers 570.12 (1) Where a court makes an order for the liquidation of a society, (a) the society continues in existence but shall cease to carry on business, except the business that is, in the opinion of the liquidator, required for an orderly liquidation; and (b) the powers of the directors and members, if any, are vested in the liquidator and cease to be vested in the directors or members, except as specifically authorized by the court. Delegation by liquidator (2) A liquidator may delegate any of the powers vested by paragraph (1)(b) to the directors or members, if any. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.13
Appointment of liquidator 570.13 When making an order for the liquidation of a society or at any later time, the court may appoint any person, including a director, an officer or a member of the society or any other society, as liquidator of the society. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.14
Vacancy in liquidator’s office 570.14 Where an order for the liquidation of a society has been made and the office of liquidator is or becomes vacant, the property of the society is under the control of the court until the office of liquidator is filled. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.15
Duties of liquidator 570.15 (1) A liquidator shall (a) without delay after appointment, give notice of the appointment to the Superintendent and to each claimant and creditor of the society known to the liquidator; (b) without delay after appointment, publish notice of the appointment once a week for four consecutive weeks in the Canada Gazette and once a week for two consecutive weeks in one or more newspapers in general circulation in each province in which the society has transacted any business within the preceding twelve months, requiring (i) any person indebted to the society to render an account and pay to the liquidator at the time and place specified in the notice any amount owing, (ii) any person possessing property of the society to deliver it to the liquidator at the time and place specified in the notice, and (iii) any person having a claim against the society, whether liquidated, unliquidated, future or contingent, other than a policyholder having an unliquidated claim, to present particulars of the claim in writing to the liquidator not later than sixty days after the first publication of the notice; (c) take into custody and control the property of the society; (d) open and maintain a trust account for the money received by the liquidator in the course of the liquidation of the society; (e) keep accounts of the money received and paid out by the liquidator in the course of the liquidation of the society; (f) maintain separate lists of each class of creditors, members and other persons having claims against the society; (g) if at any time the liquidator determines that the society is unable to pay or adequately provide for the discharge of its obligations, apply to the court for directions; (h) deliver to the court and to the Superintendent, at least once in every twelve-month period after the liquidator’s appointment or more often as the court requires, the society’s financial statements prepared in such manner as the liquidator thinks proper or as the court requires; and (i) after the final accounts are approved by the court, distribute any remaining property of the society among the members, if any, or incorporators, according to their respective rights. Powers of liquidator (2) A liquidator may (a) retain actuaries, lawyers, notaries, accountants, appraisers and other professional advisers; (b) bring, defend or take part in any civil, criminal or administrative action or proceeding in the name of, and on behalf of, the society; (c) carry on the business of the society as required for an orderly liquidation; (d) sell by public auction or private sale any property of the society; (e) do all acts and execute documents in the name of, and on behalf of, the society; (f) borrow money on the security of the property of the society; (g) settle or compromise any claims by or against the society; and (h) do all other things necessary for the liquidation of the society and distribution of its property. 1997, c. 15, s. 298