Winding-up and Restructuring Act
Marginal note:Transfer of funds and securities to the liquidator
164 (1) The funds and securities of the company in Canada that may be on deposit with any government in Canada or with trustees or otherwise held for the company or for the protection of the policyholders of the company of the class or classes that are affected by the winding-up order shall, on order of the court having jurisdiction, be transferred to the liquidator.
Marginal note:Assets on deposit outside Canada
(2) Where the company is a Canadian company that has deposited with the government of any state or country outside Canada, or with any trustee or other person in that state or country, any of its funds or securities for the protection of the company’s policyholders in that state or country, the liquidator may request that government, trustee or other person to transfer those funds and securities to the liquidator and on the transfer being made, those funds and securities shall be used for the benefit of all the company’s policyholders in the same manner as any other assets of the company.
Marginal note:Consequence of non-transfer of assets
(3) Where a government, trustee or other person referred to in subsection (2) does not transfer the funds and securities deposited with it within such period commencing with the date of the liquidator’s request therefor as the Court may fix, the policyholders of the company, for whose protection the deposit was made, are deemed to have refused the reinsurance, if any, arranged by the liquidator, and, whether transfer or reinsurance has been arranged or not, to have forfeited all right and claim to any share of the assets of the company other than the funds or securities so deposited for their protection outside Canada.
- R.S., 1985, c. W-11, s. 164
- 1996, c. 6, s. 161
- Date modified: