293(1)If a society does not comply with the requirement of the Superintendent within the time allowed, the Superintendent shall appoint a readjustment committee of three persons, of whom at least one shall be an actuary, who shall without delay investigate the assets, liabilities, rates of contribution and plans of insurance of the society and prepare a report containing the amendments to the society’s constitution and rules reducing the benefits payable under its contracts or some of them or increasing the rates of contribution payable by its members as a whole or some class or classes of members, or making any other changes that are considered necessary to provide for the payment of all its contracts as they mature.

293(2)The readjustment committee shall file its report in the office of the Superintendent and deliver to the society a certified copy thereof whereupon the amendments contained therein shall be and become part of the constitution and rules of the society and shall be valid and binding upon its members, their beneficiaries, the legal personal representatives of any of them and all persons deriving legal right from any member or beneficiary.

293(3)The readjustment committee shall in the amendments fix a date not more than six months after the date of filing of the report when the reduction of benefits or increase in the rate of contribution, provided for by such amendments, shall come into force.

293(4)The society shall furnish the readjustment committee with any required information, and bear the expense of the investigation and report.

293(1)Where a society does not, within the time allowed, comply with the requirement of the Minister, the Superintendent shall report the default to the Minister, who shall thereupon appoint a readjustment committee of three persons, of whom at least one shall be an actuary, who shall forthwith investigate the assets, liabilities, rates of contribution and plans of insurance of the society and prepare a report containing such amendments to the society’s constitution and rules reducing the benefits payable under its contracts or some of them or increasing the rates of contribution payable by its members as a whole or some class or classes thereof, or making such other changes as are deemed necessary to provide for the payment of all its contracts as they mature.

293(2)The readjustment committee shall file its report in the office of the Superintendent and deliver to the society a certified copy thereof whereupon the amendments contained therein shall be and become part of the constitution and rules of the society and shall be valid and binding upon its members, their beneficiaries, the legal personal representatives of any of them and all persons deriving legal right from any member or beneficiary.

293(3)The readjustment committee shall in the amendments fix a date not more than six months after the date of filing of the report when the reduction of benefits or increase in the rate of contribution, provided for by such amendments, shall come into force.

293(4)The society shall furnish the readjustment committee with any required information, and bear the expense of the investigation and report.