Insurance Companies Act

Marginal note:Exception

• 415 (1) Where a company fails to comply with section 411 as the result of

  • (a) a distribution to the public of voting shares of the company,

  • (b) a redemption or purchase of voting shares of the company,

  • (c) the exercise of any option to acquire voting shares of the company, or

  • (d) the conversion of any convertible securities into voting shares of the company,

  section 412 shall not apply in respect of that company until the expiration of six months after the day the company failed to comply with section 411.

• Marginal note:Shares acquiring voting rights

  (2) Where, as the result of an event that has occurred and is continuing, shares of a company acquire voting rights in such number as to cause the company to no longer be in compliance with section 411, section 412 shall not apply in respect of that company until the expiration of six months after the day the company ceased to be in compliance with section 411 or such later day as the Minister may, by order, specify.

• (3) and (4) [Repealed, 2005, c. 54, s. 295]

• Marginal note:Mutualization

  (5) Where the Minister approves a proposal to convert a company into a mutual company under section 226, section 412 does not apply in respect of the company until the expiration of the period that the Minister may fix.