326(1)The insurer shall form a reserve fund to consist of all money that remains on hand at the end of each year after payment of expenses and losses; and in addition shall levy an annual assessment, not exceeding twenty-five per cent, and not less than five per cent, on the premium notes held by the insurer until such reserve reaches the sum of five hundred dollars for every one hundred thousand dollars of the first one million dollars insurance in force, and three thousand dollars for each additional one million dollars or part thereof in force, up to which minimum level it shall be maintained.

326(2)To maintain the reserve if it becomes less than subsection (1) requires, the insurer shall, with the Superintendent’s approval,

326(3)Such reserve fund may, from time to time, be applied by the board to pay off such liabilities of the insurer as are not provided for out of the ordinary receipts for the same or any succeeding year.

326(4)The reserve fund is the property of the insurer as a whole and no member has a right to claim any share or interest therein in respect of any payment contributed by him towards it; nor shall such fund be applied or dealt with by the insurer or the board other than in paying its creditors, except on the order of the Tribunal.

326(1)The insurer shall form a reserve fund to consist of all money that remains on hand at the end of each year after payment of expenses and losses; and in addition shall levy an annual assessment, not exceeding twenty-five per cent, and not less than five per cent, on the premium notes held by the insurer until such reserve reaches the sum of five hundred dollars for every one hundred thousand dollars of the first one million dollars insurance in force, and three thousand dollars for each additional one million dollars or part thereof in force, up to which minimum level it shall be maintained.

326(2)To maintain the reserve if it becomes less than subsection (1) requires, the insurer shall, with the Superintendent’s approval,

326(3)Such reserve fund may, from time to time, be applied by the board to pay off such liabilities of the insurer as are not provided for out of the ordinary receipts for the same or any succeeding year.

326(4)The reserve fund is the property of the insurer as a whole and no member has a right to claim any share or interest therein in respect of any payment contributed by him towards it; nor shall such fund be applied or dealt with by the insurer or the board other than in paying its creditors, except on the order of the Lieutenant-Governor in Council.