4(1)The Director may, by letters patent, grant a charter to any number of persons, not less than three, who apply therefor, constituting such persons and others who become shareholders in the company thereby created, a body corporate and politic for any of the purposes or objects to which the authority of this Legislature extends, except the construction and working of railways, the management of trades unions, friendly societies, building societies, trust companies, loan companies, or other associations of like character.

4(2)Except as provided in Part II, a charter may not be granted for the purposes or objects of conducting the business of an insurer.

4(3)The Director may grant to a company that applies therefor, supplementary letters patent modifying its special Act, letters patent or prior supplementary letters patent, if any.

4(4)Letters patent and supplementary letters patent under this Act may be issued by the Director.

4(5)Nothing in this Act shall be construed to prevent any company from exchanging with any other companies or persons reciprocal contracts of indemnity against loss by fire, or otherwise, under the plan known as inter-insurance or reciprocal insurance.

4(1)The Director may, by letters patent, grant a charter to any number of persons, not less than three, who apply therefor, constituting such persons and others who become shareholders in the company thereby created, a body corporate and politic for any of the purposes or objects to which the authority of this Legislature extends, except the construction and working of railways, the management of trades unions, friendly societies, building societies, trust companies, loan companies, or other associations of like character.

4(2)Except as provided in Part II, a charter may not be granted for the purposes or objects of conducting the business of an insurer.

4(3)The Director may grant to a company that applies therefor, supplementary letters patent modifying its special Act, letters patent or prior supplementary letters patent, if any.

4(4)Letters patent and supplementary letters patent under this Act may be issued by the Director.

4(5)Nothing in this Act shall be construed to prevent any company from exchanging with any other companies or persons reciprocal contracts of indemnity against loss by fire, or otherwise, under the plan known as inter-insurance or reciprocal insurance.