Insurance Companies Act

Marginal note:Contents of letters patent

• 28 (1) There shall be set out in the letters patent incorporating a company or society

  • (a) the name of the company or society;

  • (b) the place in Canada where the head office of the company or society is to be situated;

  • (c) the date that the company or society came, or is to come, into existence; and

  • (d) in the case of letters patent incorporating a company, whether the company is to be a mutual company.

• Marginal note:Fraternal benefit societies

  (2) In addition to the information required to be included under subsection (1), there shall be set out in the letters patent of a society

  • (a) the criteria for membership in the society;

  • (b) the manner in which the capital of the society is to be acquired; and

  • (c) the disposition to be made of the property of the society on liquidation.

• Marginal note:Provisions in letters patent

  (3) The Minister may set out in the letters patent incorporating a company or society any provision not contrary to this Act that the Minister considers advisable in order to take into account the particular circumstances of the proposed company or society.

• Marginal note:Terms and conditions

  (4) The Minister may impose such terms and conditions in respect of the issuance of letters patent incorporating a company or society as the Minister considers necessary or appropriate.