91(1)Where a fraternal society, incorporated under the law of the Province, transacts endowment or expectancy insurance and has an endowment fund separate and distinct from its life insurance fund, the society may, by resolution passed at a general meeting after at least one month’s notice of such intended resolution, determine that the endowment or expectancy insurance be discontinued and that the endowment or expectancy fund be distributed among the members then in good standing who are contributing to the fund, to each member pro rata according to his total contribution.

91(2)After the resolution is assented to by and filed with the Superintendent, the executive officers may proceed to ascertain the persons entitled to rank upon the fund and may distribute the fund among those entitled, and such distribution discharges the society and all executive officers thereof from all liability in respect of the fund and of the endowment or expectancy contracts undertaken by the society.

91(3)If all the members interested in the endowment or expectancy fund are also interested as holders of life insurance contracts, the general meeting, instead of determining that the endowment or expectancy fund be distributed, may determine that the fund be converted into or merged in a life insurance fund, and after the resolution is so assented to and filed, the endowment or expectancy fund shall become and be a life insurance fund.

91(1)Where a fraternal society, incorporated under the law of the Province, transacts endowment or expectancy insurance and has an endowment fund separate and distinct from its life insurance fund, the society may, by resolution passed at a general meeting after at least one month’s notice of such intended resolution, determine that the endowment or expectancy insurance be discontinued and that the endowment or expectancy fund be distributed among the members then in good standing who are contributing to the fund, to each member pro rata according to his total contribution.

91(2)After the resolution is assented to by the Superintendent and filed with the Minister of Finance, the executive officers may proceed to ascertain the persons entitled to rank upon the fund and may distribute the fund among those entitled, and such distribution discharges the society and all executive officers thereof from all liability in respect of the fund and of the endowment or expectancy contracts undertaken by the society.

91(3)If all the members interested in the endowment or expectancy fund are also interested as holders of life insurance contracts, the general meeting, instead of determining that the endowment or expectancy fund be distributed, may determine that the fund be converted into or merged in a life insurance fund, and after the resolution is so assented to and filed, the endowment or expectancy fund shall become and be a life insurance fund.