Judgment Recovery (N.S.) Ltd Act

Short title

1 This Act may be cited as the Judgment Recovery (N.S.) Ltd Act.

Judgment Recovery (N.S.) Ltd

2 Donald McInnes, Wilfred Shakespeare, George Robertson, all of Halifax, in the County of Halifax, and Edward H.S. Piper of Montreal, in the Province of Quebec, and such other persons as, pursuant to this Act, become members of the Company constituted by this Act, are hereby constituted a body corporate under the name of Judgment Recovery (N.S.) Ltd herein referred to as the "Company". 1958, c. 6, s. 1.

Objects and powers

3 The objects of the Company are and it has power to

(a) pay unsatisfied judgments arising out of automobile accidents to the limits and on the terms and conditions prescribed in the Motor Vehicle Act;

(b) defend, if it considers it desirable, uncontested third party liability actions arising out of automobile accidents in accordance with the provisions of the Motor Vehicle Act;

(c) negotiate agreements with claimants and obtain consent judgments referred to in the Motor Vehicle Act;

(d) take and exercise subrogation of the rights of judgment creditors in respect of whose judgments the Company has made payment on such terms and conditions as may be prescribed from time to time in the Motor Vehicle Act;

(e) generally, ensure that victims of uninsured or otherwise financially irresponsible motorists are expeditiously indemnified to the extent and on such terms and conditions as may be prescribed from time to time in the Motor Vehicle Act;

(f) enter into such financial or other agreements or arrangements with the Government of Nova Scotia as may be necessary to accomplish its objects;

(g) borrow, from time to time, from any chartered bank in Canada such sum or sums of money as the Company shall think fit;

(h) draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange and other negotiable or transferable instruments. 1958, c. 6, s. 2; 1960, c. 55, s. 1.

Acquisition and alienation of property

4 The Company shall have the power to rent, purchase, acquire, receive, own and hold such office space and equipment, buildings or lands as it considers necessary for the carrying out of its aims, objects and purposes, and to sell the same. 1958, c. 6, s. 3.

Members

5 The Company shall consist only of those persons named in Section 2 or their successors (hereinafter referred to as "Group One") and insurers that may from time to time be licensed to issue a policy of motor vehicle liability insurance in the Province (hereinafter referred to as "Group Two"). 1958, c. 6, s. 4.

Action by and against Company

6 The Company may sue or be sued in its corporate name and may defend and prosecute actions in connection with or relative to its objects or the carrying out of any of the provisions of this Act. 1958, c. 6, s. 5.

Directors

7 (1) The affairs of the Company shall be managed by Directors.

Number

(2) There shall be not fewer than four nor more than six Directors. 1960, c. 55, s. 2.

Election and term of office

8 Each Director holds office until such appointment is terminated by the death, resignation, refusal or inability to act of the Director or by a vote by the representatives of Group Two members present at a meeting or by proxy. 1986, c. 20, s. 1.

Casual vacancy

9 (1) Any vacancy in the office of a Director may be filled by a person appointed by the representatives of Group Two members present at a meeting or by proxy.

Vacancy for more than thirty days

(2) Notwithstanding subsection (1), where a vacancy exists for more that thirty days such vacancy may be filled by a person appointed by the Regional Vice- president, Atlantic, of the Insurance Bureau of Canada. 1986, c. 20, s. 2.

By-laws

10 The Directors shall have power to make, amend or repeal by-laws not inconsistent with this Act or with the laws of the Province relating to matters connected with the management of the Company. 1958, c. 6, s. 9.

Annual meetings

11 (1) Subject to Section 13, annual meetings shall be held each year at a time and place to be determined by the Directors.

Special meetings

(2) Special meetings of the Company may be called by the Directors or any two of them or by the petition of twenty or more members of Group Two presented to the Directors at the chief address of the Company.

Notice

(3) The Directors shall notify all members of the Company of the time and place of an annual or special meeting. 1958, c. 6, s. 10; 1986, c. 20, s. 3.

Quorum

12 A majority of Group Two members represented by proxy or otherwise shall constitute a quorum. 1958, c. 6, s. 11.

Annual meeting not mandatory

13 The Company shall not be bound to hold an annual meeting unless it is resolved so to do at a special meeting of the Company. 1958, c. 6, s. 12.

Cheques

14 The Directors shall have power and authority to draw cheques signed by any two of them. 1958, c. 6, s. 13.

Operating costs

15 The cost of operating the Company, together with any obligations it may assume, shall be shared by all members of Group Two rateably in proportion to each such members share of the total motor vehicle liability insurance premiums written in the Province. 1958, c. 6, s. 14.

Assessment of member

16 (1) The Directors shall assess members of Group Two as set out in Section 15 at such times as they see fit.

Failure to pay

(2) Should any such member or members fail to pay the Company the amount or amounts so assessed, the Company shall have a right of action to recover such amount or amounts together with costs against such member or members. 1958, c. 6, s. 15.

Default of payment by member

17 In the event that the Company is unable to recover the amount or amounts assessed against any member or members of Group Two, the Directors may require that the total of such amount or amounts be contributed by the other members of Group Two in the manner set out in Section 15 of this Act. 1958, c. 6, s. 16.

Power of Insurance Bureau of Canada

18 If the Directors fail to make and collect sufficient assessments under Sections 16 and 17, the General Manager of Insurance Bureau of Canada shall do so and he shall have all the rights and powers of the Directors in this regard. 1958, c. 6, s. 17; 1977, c. 21, s. 2.

Power of Attorney General

19 If the General Manager of Insurance Bureau of Canada fails to make and collect sufficient assessments under Sections 16 and 17, the Attorney General shall have the power and authority to assume the rights therein provided. 1958, c. 6, s. 18; 1977, c. 21, s. 3.

Exemption from fee and tax

20 The fees payable under the Companies Act and the Corporations Registration Act and for the incorporation of companies under a special Act or any other Provincial fees or taxes under any other Acts of the Legislature shall not be payable by the Company. 1958, c. 6, s. 19; 1977, c. 21, s. 4.

Cessation of operation

21 (1) The Company shall have the power and authority to cease operations in the Province upon giving the Attorney General six months notice in writing expiring at the end of any calendar year.

Liability

(2) The Company shall be liable in respect of judgments for which it would ordinarily be responsible arising from causes of action which occur on or before the date of expiry of such notice. 1958, c. 6, s. 20.