Acts and Regulations

C-13 - Companies Act

Section 147
Disposition versions

Full text
Letters patent
147(1)Upon receipt by the Director of the petition and documents, and a sum sufficient for the payment of all fees, and upon the certificate of the Superintendent that the proceedings for the incorporation of the company have been in compliance with sections 142 and 143 and the Insurance Act, and that the subscriptions are made in good faith and by persons possessing property to insure, the Director may issue letters patent incorporating the applicants and others who thereafter become members in the company thereby created a company for the objects and purposes set forth in this Part and the Insurance Act.
147(2)The letters patent shall limit the powers of the company thereby created to undertaking contracts of insurance against loss by fire, lightning or explosion upon farm and other non-hazardous property upon the premium note plan or under the Mutual Insurance Guarantee Fund established under the Insurance Act subject to the provisions of and the regulations under this Part and the Insurance Act.
147(3)Notwithstanding subsection (2), a company incorporated under this Part shall have and shall be deemed to have had since the time of the issue of its letters patent, in addition to the power to undertake contracts of insurance against loss by fire, lightning and explosion on farm and other non-hazardous property, the power to undertake contracts of
(a) insurance against loss or damage by perils referred to in subsection 24(6) of the Insurance Act or prescribed by regulation under that Act,
(b) theft and livestock insurance, and
(c) other classes of insurance that have been approved by the Superintendent,
in respect of farm and other non-hazardous property.
R.S., c.33, s.145; O.C. 64-312; 1978, c.D-11.2, s.7; 1982, c.32, s.4; 1985, c.40, s.1; 1986, c.23, s.5; 2002, c.29, s.3
Letters patent
147(1)Upon receipt by the Director of the petition and documents, and a sum sufficient for the payment of all fees, and upon the certificate of the Superintendent that the proceedings for the incorporation of the company have been in compliance with sections 142 and 143 and the Insurance Act, and that the subscriptions are made in good faith and by persons possessing property to insure, the Director may issue letters patent incorporating the applicants and others who thereafter become members in the company thereby created a company for the objects and purposes set forth in this Part and the Insurance Act.
147(2)The letters patent shall limit the powers of the company thereby created to undertaking contracts of insurance against loss by fire, lightning or explosion upon farm and other non-hazardous property upon the premium note plan or under the Mutual Insurance Guarantee Fund established under the Insurance Act subject to the provisions of and the regulations under this Part and the Insurance Act.
147(3)Notwithstanding subsection (2), a company incorporated under this Part shall have and shall be deemed to have had since the time of the issue of its letters patent, in addition to the power to undertake contracts of insurance against loss by fire, lightning and explosion on farm and other non-hazardous property, the power to undertake contracts of
(a) insurance against loss or damage by perils referred to in subsection 24(6) of the Insurance Act or prescribed by regulation under that Act,
(b) theft and livestock insurance, and
(c) other classes of insurance that have been approved by the Superintendent,
in respect of farm and other non-hazardous property.
R.S., c.33, s.145; O.C.64-312; 1978, c.D-11.2, s.7; 1982, c.32, s.4; 1985, c.40, s.1; 1986, c.23, s.5; 2002, c.29, s.3