Insurance Companies Act — I-11.8 250
Joint application to Minister 250 (1) Subject to subsection (2), unless an amalgamation agreement is terminated in accordance with subsection 248(6), the applicants shall, within three months after the approval of the agreement in accordance with subsection 248(5) or the approval of the directors in accordance with subsection 249(1) or (2), jointly apply to the Minister for letters patent of amalgamation continuing the applicants as one company or society. Conditions precedent to application (2) No application for the issue of letters patent under subsection (1) may be made unless (a) notice of intention to make such an application has been published at least once a week for a period of four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where the head office of each applicant is situated; and (b) the application is supported by satisfactory evidence that the applicants have complied with the requirements of this Part relating to amalgamations. Application of sections 23 to 26 (3) If two or more bodies corporate, none of which is a company or society, apply for letters patent under subsection (1), sections 23 to 26 apply in respect of the application with any modifications that the circumstances require. Matters for consideration (4) Before issuing letters patent of amalgamation continuing the applicants as one company or society, the Minister shall take into account all matters that the Minister considers relevant to the application, including (a) the sources of continuing financial support for the amalgamated company or society; (b) the soundness and feasibility of the plans of the applicants for the future conduct and development of the business of the amalgamated company or society; (c) the business record and experience of the applicants; (d) the reputation of the applicants for being operated in a manner that is consistent with the standards of good character and integrity; (e) whether the amalgamated company or society will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution; (f) the impact of any integration of the operations and businesses of the applicants on the conduct of those operations and businesses; (g) if one of the applicants is a converted company in respect of which the Minister has issued an order under subsection 407(8) or a converted company in respect of which subsection 407(11) applied at any time, or a body corporate that controls, within the meaning of paragraph 3(1)(d), such a company, the opinion of the Superintendent regarding the extent to which the proposed corporate structure of the amalgamated company and its affiliates may affect the supervision and regulation of the amalgamated company, having regard to (i) the nature and extent of the proposed financial services activities to be carried out by the amalgamated company and its affiliates, and (ii) the nature and degree of supervision and regulation applying to the proposed financial services activities to be carried out by the affiliates of the amalgamated company; and (h) the best interests of the financial system in Canada. Restriction (5) The Minister may not, before January 1, 2002, issue letters patent under section 251 amalgamating a converted company in respect of which subsection 407(4) or (11) applies, a company to which subsection 407(5) or (12) applies or an insurance holding company to which subsection 407(6) or (13) applies with any other body corporate. Restriction (6) If one of the applicants for letters patent of amalgamation is a converted company in respect of which subsection 407(4) applies, or a company to which subsection 407(5) applies or an insurance holding company to which subsection 407(6) applies, the Minister may not issue the letters patent of amalgamation unless the amalgamated company is (a) widely held; or (b) controlled, within the meaning of paragraph 3(1)(d), by a co