Anglo Canada General Insurance Company Act, 1996
EXPLANATORY NOTE
The purpose of the Bill is set out in the Preamble.
Bill Pr451996
An Act respecting Anglo Canada
General Insurance Company
Preamble
Anglo Canada General Insurance Company, referred to in this Act as the company, has applied for special legislation to allow it to apply for continuation under the jurisdiction of the Parliament of Canada. The company represents that it was incorporated by letters patent under the law of Ontario as Anglo Canada Fire & General Insurance Company and that supplementary letters patent have been issued to, among other things, change its name to Anglo Canada General Insurance Company.
It is appropriate to grant the application.
Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:
Application for continuation authorized
1. Subject to authorization by special resolution under the Corporations Act, the company may apply to the Minister of Finance of Canada or such other Minister of Canada responsible therefor for letters patent continuing the company as if it had been incorporated under an Act of the Parliament of Canada and providing, among other things, that all rights and interests of the shareholders, policyholders and creditors of the company in, to or against the property, rights and assets of the company and all liens upon the property, rights and assets of the company are unimpaired by such continuation.
Items to be filed
2. Upon the issue of the federal letters patent, the company shall file with the Minister of Consumer and Commercial Relations a notice of the issue of the letters patent together with a copy of the letters patent certified by the Office of the Superintendent of Financial Institutions Canada and, on and after the date of the filing of the notice, the Corporations Act ceases to apply to the company.
Minister's certificate
3. The Minister of Consumer and Commercial Relations may, on receipt of the notice and certified copy of the federal letters patent, issue a certificate to the company confirming the date of the filing.
Commencement
4. This Act comes into force on the day it receives Royal
Assent.
Short title
5. The short title of this Act is the Anglo Canada General Insurance Company Act, 1996.