to make any proper entry therein, or to exhibit the same or Access to allow the same to be inspected and extracts to be taken there. books and from shall be guilty of an offence, and, being convicted thereof, shall be imprisoned with or without hard labour in the Central Prison or any gaol of the Province, for a period not exceeding three months. 50 V. c. 26, s. 141. papers. pears unsafe. 143.-(1) If it appears to the Inspector that the assets of Provision if any company are insufficient to justify its continuance of busi- company apness, or unsafe for the public to effect insurance with it, he shall make a special report on the affairs of the company to the Treasurer. pany. (2) After full consideration of the report and a reasonable Suspending time being given to the company to be heard, and if, after such license of comfurther inquiry and investigation (if any), as he may see proper to make, the Treasurer reports to the Lieutenant-Governor in Council that he agrees with the Inspector in the opinion expressed in his report, then, if the Lieutenant-Governor in Council also concurs in such opinion, an Order in Council may issue, suspending or cancelling the license of the company, and prohibiting the company from doing any further business, and thereafter it shall not be lawful for the company to do any further business in Ontario, until the suspension or prohibition is removed by the Lieutenant-Governor in Council. 50 V. c. 26, s. 142. 144. Notice of the suspension or cancelling of any license Notice of susand prohibition from doing any further business, shall be pub- pension of license. lished in the Ontario Gazette; and thereafter any person transacting any business in behalf of the company, except for winding up its affairs pursuant to section 7, shall be deemed to have contravened sections 55 and 56, and shall be liable for each offence to the penalty enacted in section 56. 50 V. c. 26, s. 143. 145-(1) If it appears to the Inspector that a company Company aswhich has not been incorporated by special Act of the Legisla- other comsuming name ture has assumed the name of a previously established company, pany. or any name liable to be unfairly confounded therewith, or otherwise on public grounds objectionable, he shall make a report thereof to the Treasurer. (2) And such name may, upon the written recommendation of the Inspector, be changed by the Lieutenant-Governor in Council, pursuant to section 20. 50 V. c. 26, s. 144. books and papers. 146. In order to facilitate the inspection of an insurance Inspection of company's books and papers the company may be required by the Inspector to produce the said books and papers at the County town of the county in which the head office of the insurance company is situated, or at such other convenient place as the Inspector may direct. 50 V. c. 26, s. 145. Examination affairs. 147. Whenever the affairs of any insurance company doing of company's business in Ontario appear to require the same, the Inspector of Insurance, with the approval of the Provincial Treasurer, may, at the expense of the company, have abstracts prepared of its books and vouchers and a valuation made of the assets and liabilities; and the certificate of the Inspector approved of by the Provincial Treasurer, shall be conclusive as to the expenses to be paid by the company in respect thereof. 50 V. c. 26, s. 146. Inspector and officers not to be interested in any company. Contribution from companies to expenses. Mode of determining the amount of contribution to expenses. Time and manner of payment. Certified copies of documents in in spector's office. Voluntary liquidation. 148. The Inspector of Insurance, or any officer under him shall not be interested as shareholders, directly or indirectly with any insurance company doing business in Ontario. 50 V. c. 26, s. 147. 149.—(1) Towards defraying the expenses of the office of the Inspector, a sum not exceeding $3,000 shall be annually contributed by the companies required to be licensed under this Act. (2) The amount to be annually contributed by the insurance companies under the provisions of the last preceding sub-section shall be assessed pro rata and based on the gross amount at risk as shewn by the books of the several companies on the 31st day of December next preceding. (3) All sums under this Act payable to the Treasurer shall be so paid before the issue of the license, and the Treasurer's certificate, or approval of an account certified by the Inspector, shall as to the amount so payable by each or any company be held conclusive. 50 V. c. 26, s. 148. 150. A copy of any document in the office of the Inspector, certified by him to be a true copy and sealed with the seal of his office, shall be held to be authentic, and shall be prima facie evidence of the same legal effect as the original in any Court or elsewhere. 50 V. c. 26, s. 149. LIQUIDATION AND WINDING UP OF COMPANIES 151. When a company proposes to go into voluntary liquidation, at least one month's notice in advance shall be given to the Treasurer and to the Inspector; the like notice shall also be published by the company in two consecutive issues of the Ontario Gazette, and in some other newspaper should the Inspector so require; and the notice shall state the date at which contracts shall cease to be taken by the company, also the name and address of the company's liquidator, or the intention of the company to apply on a stated day for the appointment of a liquidator. 50 V. c. 26, s. 150. reserve at 152.—(1) At the winding up of a mutual or cash-mutual Disposal of fire insurance company, after notice has been given as required winding up of by section 51, it shall be lawful for the directors of said company. company to re-insure out of the reserve fund the unexpired contracts for which premiums or premium notes have been taken. (2) The said re-insurance shall be effected in some company Reinsuring licensed to transact business in the Province, and approved by companies. the Treasurer. 50 V. c. 26, s. 151. premiums. 153. When any company is wound up, each person con- Unearned tracted with on the cash plan shall be entitled to a refund from the company of the unearned proportion of the cash premium calculated from the date at which the company, according to the notice in section 151, ceased to undertake contracts; but this shall not destroy or defeat any other remedy such person may have against the company in respect thereof or for any other cause. 50 V. c 26, s. 152. statements. 154. Every receiver, assignee or liquidator of a company Receiver to file shall, until the affairs of the company are wound up and the accounts are finally closed, within seven days after the close of each month, file with the Court or other authority appointing him, and also with the Inspector of Insurance, detailed schedules shewing, in such form as may be required, receipts and expenditures, also assets and liabilities and he shall, whenever by the authority appointing him, or by the Inspector of Insurance, so required to do, exhibit the company's books, and vouchers, and furnish such other information respecting the company's affairs as may be required; and any receiver, assignee or liquidator refusing or neglecting to furnish such information, shall, for each offence, be subject to a penalty of not less than $50 nor more than $200, to be recovered on behalf of Her Majesty for the use of this Province; and he shall in addition render himself liable to be dismissed or removed. 50 V. c. 26, s. 153. 155.-(1) The provisions of the statute passed in the 14th Acts repealed. year of the reign of His Majesty King George the Third and chaptered 78, shall be deemed not to be in force in regard to property in this Province. (2) The Acts and portions of Acts mentioned in the Schedule hereto, are hereby repealed. 50 V. c. 26, s. 154. SCHEDULE OF ACTS REPEALED. TITLE OF ACT. R.S.O. 1877, c. 160, An Act respecting Insurance Companies R.S.O. 1877, c. 161, An Act respecting Mutual Fire Insurance R.S.O. 1877, c. 162, An Act to secure Uniform Conditions in 41 V. c. 8, An Act to make certain amendments in the 42 V. c. 25, An Act to provide for the Inspection of Insurance Companies. Extent of The whole except as mentioned in section 40 of this Act. The whole. The whole. Section 17. The whole. 43 V. c. 20, An Act respecting the Expenses of Inspecting Insurance Companies. The whole. 44 V. c. 20, An Act to give increased stability to Mutual Fire Insurance Companies The whole. 45 V. c. 20, An Act to extend the application of the Fire Insurance Policy Act . The whole. 46 V. c. 15, An Act relating to the Law of Insurance. The whole. 47 V. c. 6, An Act respecting Securities vested in the Treasurer of the Province The whole. 47 V. c. 28, An Act respecting Supplementary Licenses to Mutual Fire Insurance Companies The whole. 48 V. c. 35, An Act to amend the Act respecting Mutual Fire Insurance Companies... The whole. 48 V. c. 36, An Act to regulate the Election of Directors of Mutual Fire Insurance Companies The whole. 50 V. c. 26, s. 154. 3. LOAN SOCIETIES. CHAP. 168.-LOAN COMPANIES OUT OF ONTARIO, p. 1607. CHAPTER 168. An Act to authorize Corporations and Institutions incorporated out of Ontario to lend and invest moneys therein. ER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: Great Britain or of Canada on business in 1. Where any institution or corporation duly incorporated, Certain institutions incorunder the laws of the Parliament of Great Britain and Ireland, porated by the or of the Dominion of Canada, for the purpose of lending Parliament of or investing moneys, is authorized by its statute, charter or instrument of incorporation to lend money in this Province, may receive a such institution or corporation may apply for and receive license to carry a license from the Provincial Secretary authorizing it to Ontario. carry on business within Ontario, to transact loaning business of any description whatever (except the business of banking) within Ontario, in its corporate name, and to take and hold mortgages of real estate, and railway, municipal or other bonds of any kind whatsoever, and on the security of which it may lend its money, and whether the said bonds form a charge on real estate within this Province or not, and also to hold such mortgages in its corporate name, and to sell and transfer the same at its pleasure, and in all respects to have and enjoy the same powers and privileges with regard to lending its moneys and transacting its business within this Province as a private individual might have and enjoy, so far as is within the legislative authority of this Province. R. S. O. 1877, c. 163, s. 1. re-sold within 2. The corporation shall sell or dispose of real estate Property ac to which it may acquire a title in fee simple by foreclosure or quired to be by the release of the equity of redemption therein, within five five years from years from the date of the foreclosure or release, and any real acquisition. estate which is not within the said period disposed of as herein before required shall be forfeited to and become vested in the Crown. R. S. O. 1877, c. 163, s. 2. VOL IL-12 |