150(1)Each subscriber to the subscription books for the organization of the company shall within three weeks from the date of the incorporation of the company, or within such further period as may be allowed by the Superintendent, apply to the company in accordance with its by-laws, for a contract of insurance in an amount not less than the amount subscribed for by him.

150(3)During such period no act of the company shall be rendered void or inoperative nor shall its incorporation be prejudiced or affected, by reason of the company not having obtained the minimum membership nor made contracts of insurance to the minimum aggregate amount required by this Part.

150(4)No subscriber shall be deemed to have a contract of insurance with the company until an application for a contract has been made by him to the company and a policy of insurance issued by the company to him.

150(5)Notwithstanding anything in this section, until the minimum membership and minimum aggregate amount of insurance required by this Part has been obtained, each subscriber to the subscription books who has not taken out insurance in the company shall be deemed a provisional member of the company.

150(1)Each subscriber to the subscription books for the organization of the company shall within three weeks from the date of the incorporation of the company, or within such further period as may be allowed by the Superintendent, apply to the company in accordance with its by-laws, for a contract of insurance in an amount not less than the amount subscribed for by him.

150(3)During such period no act of the company shall be rendered void or inoperative nor shall its incorporation be prejudiced or affected, by reason of the company not having obtained the minimum membership nor made contracts of insurance to the minimum aggregate amount required by this Part.

150(4)No subscriber shall be deemed to have a contract of insurance with the company until an application for a contract has been made by him to the company and a policy of insurance issued by the company to him.

150(5)Notwithstanding anything in this section, until the minimum membership and minimum aggregate amount of insurance required by this Part has been obtained, each subscriber to the subscription books who has not taken out insurance in the company shall be deemed a provisional member of the company.

150(1)Each subscriber to the subscription books for the organization of the company shall within three weeks from the date of the incorporation of the company, or within such further period as may be allowed by the Superintendent, apply to the company in accordance with its by-laws, for a contract of insurance in an amount not less than the amount subscribed for by him, and any subscriber who fails to make an application within such time is guilty of an offence and liable to a penalty of fifty dollars, to be recovered under the Summary Convictions Act on information laid by an officer or agent of the company.

150(1.1)Proceedings in respect of an offence under subsection (1) shall be commenced by an officer or agent of the company.

150(2)All penalties recovered under this section shall be paid to the company.

150(3)During such period no act of the company shall be rendered void or inoperative nor shall its incorporation be prejudiced or affected, by reason of the company not having obtained the minimum membership nor made contracts of insurance to the minimum aggregate amount required by this Part.

150(4)No subscriber shall be deemed to have a contract of insurance with the company until an application for a contract has been made by him to the company and a policy of insurance issued by the company to him.

150(5)Notwithstanding anything in this section, until the minimum membership and minimum aggregate amount of insurance required by this Part has been obtained, each subscriber to the subscription books who has not taken out insurance in the company shall be deemed a provisional member of the company.