Bill S-27
If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.
S-27
First Session, Thirty-seventh Parliament,
49-50 Elizabeth II, 2001
SENATE OF CANADA
BILL S-27
An Act to authorize The Imperial Life Assurance Company of Canada to apply to be continued as a company under the laws of the Province of Quebec
AS PASSED
BY THE SENATE
MAY 31, 2001
MAY 31, 2001
2504
Summary
This enactment authorises the Imperial Life Assurance Company, which was incorporated under the federal Insurance Companies Act, to apply to be continued as a corporation under the laws of the Province of Quebec. Upon continuation under those laws, it ceases to be governed by the Insurance Companies Act.
Available on the Parliament of Canada Web Site at the following address:
http://www.parl.gc.ca
http://www.parl.gc.ca
1st Session, 37th Parliament,
49-50 Elizabeth II, 2001
senate of canada
BILL S-27
An Act to authorize The Imperial Life Assurance Company of Canada to apply to be continued as a company under the laws of the Province of Quebec
Preamble
WHEREAS The Imperial Life Assurance Company of Canada (hereinafter referred to as the “Company”), having its principal place of business in the City of Toronto, in the Province of Ontario, has set out in its petition:
(a) that the Company was incorporated on April 23, 1896 by a Special Act of the Parliament of Canada, being chapter 50 of the Statutes of Canada, 1896;
(b) that, by chapter 18 of the Statutes of Canada, 1962-63, the name of the Company in the French version of its Act of incorporation was changed to L’Impériale, Compagnie d’Assurance-Vie;
(c) that, by letters patent issued on April 12, 1979 under section 7 (then section 4.3) of the Canadian and British Insurance Companies Act, the Company’s Special Act was replaced and the Company was continued as a company incorporated by letters patent pursuant to that Act;
(d) that the Company, which is now governed by the Insurance Companies Act, wishes to be continued as a body corporate under the laws of the Province of Quebec;
(e) that the participating policyholders of the Company have, by a majority vote at the Company’s annual meeting, authorized the Company to apply to be continued as a body corporate under the laws of the Province of Québec; and
(f) that there is no legislative provision authorizing an insurance company incorporated under the laws of Canada to apply to be continued as a body corporate under the laws of a province;
AND WHEREAS the Company has, by its petition, prayed that it be enacted as set forth in this Act, and it is expedient to grant the prayer of the petition;
NOW, THEREFORE, Her Majesty, by and with the advice and consent of the Senate and the House of Commons of Canada, enacts as follows:
Authorization
1. The Company may apply to be continued as a body corporate under the laws of the Province of Quebec as if it had been incorporated under those laws.
Effect of continuation
2. On the day on which it is continued as a body corporate under the laws of the Province of Quebec, the Company ceases to be governed by the Insurance Companies Act.
Repeal of S.C. 1896, c. 50 and S.C. 1962-63, c. 18
3. Chapter 50 of the Statutes of Canada, 1896 and chapter 18 of the Statutes of Canada, 1962-63 are repealed.
Published under authority of the Senate of Canada