Marginal note:No payments before order
54 (1) Subject to subsection (2), until an order approving the commencement and carrying on of business is made for a company or society, the company or society shall not make any payment on account of incorporation or organization expenses out of moneys received from the paid-in capital of the company or society and interest thereon, except reasonable sums
(a) for the remuneration of not more than two officers;
(b) for the payment of costs related to the issue of shares of the company; and
(c) for the payment of clerical assistance, legal services, accounting services, office accommodation at one location, office expenses, advertising, stationery, postage and travel expenses.
Marginal note:Exception
(2) Subsection (1) does not apply in respect of any company incorporated for the sole purpose of insuring risks in the class of marine insurance.
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