Marginal note:Vesting in Crown

570.27 Subject to subsection 570.24(1) and sections 570.28 and 570.29, property of a society that has not been disposed of at the date of the dissolution of the society vests in Her Majesty in right of Canada.

Marginal note:Unclaimed money on winding-up

• 570.28 (1) Where the business of a society is being wound up under this Part, the liquidator or the society shall pay to the Minister on demand, and in any event before the final winding-up of that business, any amount that is payable by the liquidator or the society to a creditor, member or incorporator of the society and that has not, for any reason, been paid.

• Marginal note:Records

  (2) If a liquidator or a society makes a payment to the Minister under subsection (1) with respect to a creditor, member or incorporator, the liquidator or society shall at the same time forward to the Minister all documents, records and registers in the possession of the liquidator or society that relate to the entitlement of the creditor, member or incorporator.

• Marginal note:Payment to Receiver General

  (3) The Minister shall pay to the Receiver General all amounts paid to the Minister under subsection (1).

• Marginal note:Liquidator and company discharged

  (4) Payment by a liquidator or a society to the Minister under subsection (1) discharges the liquidator and the society in respect of which the payment is made from all liability for the amount so paid, and payment by the Minister to the Receiver General under subsection (3) discharges the Minister from all liability for the amount so paid.

Marginal note:Recovery

570.29 If at any time a person establishes an entitlement to any money paid to the Receiver General under this Part, the Receiver General shall pay an equivalent amount to that person out of the Consolidated Revenue Fund.

Marginal note:Custody of records after dissolution

570.3 A person who has been granted custody of the documents, records and registers of a dissolved society shall keep them available for production for six years after the date of the dissolution of the society or until the end of such shorter period as may be ordered by the court when it orders the dissolution.

Marginal note:Definitions

571. In this Part,

“association”

« association »

“association” means an association of persons formed in a foreign country on the plan known as Lloyd’s, whereby each member of the association participating in a policy becomes liable for a stated, limited or proportionate part of the whole amount payable under the policy;

“chief agency”

« agence principale »

“chief agency” means the principal office of a foreign company in Canada;

“chief agent”

« agent principal »

“chief agent”, in respect of a foreign company, means the natural person appointed pursuant to subsection 579(3) and named as such in the power of attorney referred to in paragraph 579(1)(b);

“exchange”

« groupe d’échange »

“exchange” means a group of persons formed in a foreign country for the purpose of exchanging reciprocal contracts of indemnity or inter-insurance with each other through the same attorney, where the principal office of the exchange is in a foreign country;

“foreign entity”

« entité étrangère »

“foreign entity” means an entity incorporated or formed by or under the laws of a country other than Canada, and includes an association and an exchange;

“foreign fraternal benefit society”

« société de secours étrangère »

“foreign fraternal benefit society” means a fraternal benefit society incorporated outside Canada;

“foreign life company”

« société d’assurance-vie étrangère »

“foreign life company” means a foreign company that is authorized to insure risks that fall within the class of life insurance;

“foreign marine company”

« société d’assurance maritime étrangère »

“foreign marine company” means a foreign company that is authorized to solely insure risks within the class of marine insurance;

“foreign property and casualty company”

« société d’assurances multirisques étrangère »

“foreign property and casualty company” means a foreign company other than a foreign life company or a foreign marine company;

“fraternal benefit society”

“fraternal benefit society”[Repealed, 1997, c. 15, s. 299]