150(1)Each subscriber to the subscription books for the organization of the company shall within three weeks from the date of the incorporation of the company, or within such further period as may be allowed by the Superintendent, apply to the company in accordance with its by-laws, for a contract of insurance in an amount not less than the amount subscribed for by him, and any subscriber who fails to make an application within such time is guilty of an offence and liable to a penalty of fifty dollars, to be recovered under the
Summary Convictions Act on information laid by an officer or agent of the company.