28(1)Upon application being made for a licence by an insurer incorporated under the laws of the Province after the commencement of this Act, the insurer shall submit to the Superintendent a sworn statement setting forth the several sums of money paid in connection with its incorporation and organization, and therein a list of all unpaid liabilities, if any, arising out of such incorporation and organization.

28(2)Until the licence is granted, no payment on account of such expenses shall be made by the insurer out of the money paid in by shareholders, except reasonable sums for the payment of clerical assistance, legal services, office rental, advertising, stationery, postage and expenses of travel, if any.

28(3)The Superintendent shall not issue the licence until he is satisfied that all requirements of this Act and of any other Act as to subscriptions of stock, payment of money by shareholders on account thereof, election of directors and other preliminaries have been complied with, and that the expenses of incorporation and organization including the commission payable for the sale of the stock are reasonable.

28(1)Upon application being made for a licence by an insurer incorporated under the laws of the Province after the commencement of this Act, there shall be submitted to the Superintendent a sworn statement setting forth the several sums of money paid in connection with its incorporation and organization, and therein a list of all unpaid liabilities, if any, arising out of such incorporation and organization.

28(2)Until the licence is granted, no payment on account of such expenses shall be made out of the money paid in by shareholders, except reasonable sums for the payment of clerical assistance, legal services, office rental, advertising, stationery, postage and expenses of travel, if any.

28(3)The Superintendent shall not issue the licence until he is satisfied that all requirements of this Act and of any other Act as to subscriptions of stock, payment of money by shareholders on account thereof, election of directors and other preliminaries have been complied with, and that the expenses of incorporation and organization including the commission payable for the sale of the stock are reasonable.