Page:Statutes of Canada, Victoria 31, Part 2.djvu/137

130 or, if disputed, after final judgment and tender of a legal valid discharge and (in either case) after notice thereof to the Minister of Finance; and the distribation of the proceeds of such stock may, if applied for in the Province of Ontario, or of Nova Scotia, or of New Brunswick, be made by order in Chancery, or in Equity, or if applied for in the Province of Quebec, may be made, by judgment or order of distribution of the Superior Court within the district where the Chief Agency is situated; Provided that in any case when a claim for loss is by the terms of the policy payable on proof of such loss, without any stipulated delay, the notice to the Minister of Finance under this section shall not be given until after the lapse of sixty days from the time when the claim becomes due.

17. For the purposes of such distribution the Court may order that the stock of the Company so Insolvent be transferred to and inscribed in the Government stock books, at or nearest to the place of the Chief Agency, and within the jurisdiction of the Court, if such stock be not already inscribed there, and may order that no further interest on such stock be thereafter paid to the Company, and that such stock or any part thereof be sold in such manner and after such notice and formalities as the Court may appoint.

18. Whenever any Company entitled to make the deposits required by this Act by instalments, fails to pay any such instalment when due,—or if any Company fails to pay to the Receiver General the proper balance of its premiums as required by this Act, and at the time required by it,—or whenever notice has been given to the Minister of Finance under the next preceding section but one, so that the amount of the stock representing the deposit of such Company is liable to be reduced by sale of any portion thereof, the license of such Company shall ipso facto be null and void and shall be deemed to be withdrawn; but such License may, in the case last mentioned, be renewed and the Company may again transact business, if within sixty days after notice to the Minister of Finance of the Company's failure to pay any undisputed claim, or the amount of any final judgment, as provided in the said section, undisputed claims or final judgments upon or against the Company in Canada, are paid and satisfied and the Company's deposit is restored to the amount required by this Act.

19. After any Company has ceased to transact business in Canada, and given the notice required by this Act to that effect, it shall be lawful for the Governor in Council on the report of the Treasury Board, to authorize the whole or any portion of the stock or other securities so held in deposit for any Company as aforesaid, to he released and transferred to the Company upon being satisfied that it has no liabilities upon policies issued in Canada, and that no suit or legal proceedings are penditig against the Company therein, or on proper proof on oath of the state of its affairs being given, that such Company has ample assets to meet all its liabilities; and upon