2nd Session, 62nd General Assembly
64 Elizabeth II, 2015
First Reading: November 13, 2015 (LINK TO BILL AS INTRODUCED)
Second Reading: November 17, 2015
Third Reading: November 27, 2015
Royal Assent: November 30, 2015
WHEREAS The Pictou County Farmers' Mutual Fire Insurance Company was incorporated under the Mutual Insurance Companies Act on September 22, 1904;
AND WHEREAS the Mutual Insurance Companies Act does not provide for the continuance of a mutual insurance company under the laws of another jurisdiction;
AND WHEREAS the board of directors of The Pictou County Farmers' Mutual Fire Insurance Company wishes to have the Company continued under the laws of another jurisdiction for the purpose of amalgamating with another mutual insurance company under the laws of that jurisdiction;
THEREFORE be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the Discontinuance of The Pictou County Farmers' Mutual Fire Insurance Company Act.
2 In this Act,
(a) "Company" means The Pictou County Farmers' Mutual Fire Insurance Company, also known as Pictou County Farmers' Mutual Fire Insurance Company, a body corporate incorporated under the Mutual Insurance Companies Act and Chapter 145 of the Acts of 1905, An Act respecting The Pictou County Farmers' Mutual Fire Insurance Company;
(b) "Registrar" has the same meaning as in the Companies Act;
(c) "special resolution" means a resolution passed by a majority of not less than two thirds of the votes cast by the members of the Company who voted in person at any general meeting of which at least 14 days' notice specifying the intention to propose the resolution as a special resolution has been duly given;
3 (1) The Company may, if it is authorized by special resolution, and if it establishes to the satisfaction of the Superintendent that its proposed continuance in another jurisdiction will not adversely affect creditors or members of the Company, apply to the appropriate official or public body of another jurisdiction requesting that the Company be continued as if it had been incorporated under the laws of that other jurisdiction.
(3) Upon receipt of notice satisfactory to the Registrar that the Company has been continued under the laws of another jurisdiction, the Registrar shall file the notice and issue a certificate of discontinuance.
(5) Where a certificate of discontinuance is issued by the Registrar in respect of the Company, the following Acts cease to apply to the Company as of the date shown on the certificate of discontinuance: