hordruma/ontario_laws_and_regs huggingface dataset:
Fire and Casualty Corporation Shares
4. (1) The terms and conditions under which a life company may, under clause 433 (8) (c) of the Act, invest its funds in the fully paid shares of a fire and casualty corporation are as follows, (a) the life company shall not make an investment in the shares of a fire and casualty corporation unless it has control, or as a result of the investment will acquire control of the corporation; (b) the life company shall deposit with the Superintendent within two weeks after making an investment in the shares of a fire and casualty corporation an undertaking by that corporation that, while it is controlled by the life company, the corporation will not, (i) make an investment that the life company is prohibited from making by section 436 of the Act, or (ii) except for a fire and casualty corporation, acquire or hold shares of any corporation incorporated to undertake contracts of insurance; (c) the life company shall not at any time hold an investment in the shares of a fire and casualty corporation under clause 433(8) (c) of the Act unless it controls the corporation; (d) the common shares of the fire and casualty corporation owned by the life company shall be taken into account in the annual statement of the life company at a value not greater than the amount obtained by multiplying, (i) an amount equal to the excess of the assets of the corporation over the sum of its liabilities and its issued and paid in preferred capital shares, by, (ii) the proportion that the number of common shares of the corporation owned by the life company bears to the total number of the issued and outstanding common shares of the corporation; and (e) where the life company has made an investment in the shares of one or more fire and casualty corporations under clause 433 (8) (c) of the Act, the aggregate of, (i) the amounts invested by the life company in the shares of the corporations, (ii) the amounts advanced, lent or in any way contributed by the life company to the corporations, and (iii) the amounts, other than the amounts referred to in subclause (ii), owing to the life company by the corporations, shall not at any time, except with the approval of the Superintendent, exceed 2 per cent of the book value of the total assets of the life company. R.R.O. 1990, Reg. 671, s. 4 (1); O. Reg. 306/98, s. 2. (2) For the purposes of clause (1) (d), the values of the assets and the amounts of the liabilities and preferred capital shares of the fire and casualty corporation shall be those shown in its most recent annual statement, but the total value of the securities included in the assets shall not exceed the total of the market values shown for those securities in that annual statement. R.R.O. 1990, Reg. 671, s. 4 (2). Real Estate Corporation Shares