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2005 Legislative Session: 6th Session, 37th Parliament

FIRST READING

The following electronic version is for informational

purposes only.

The printed version remains the official version.

MR. RALPH SULTAN

BILL Pr 404 – 2005

WESTCO INSURANCE COMPANY ACT, 1966

REPEAL ACT, 2005

Contents

Section

Definitions

Westco Insurance Company Act, 1966 repealed

Effect of repeal

Rights

Commencement

WHEREAS John Gill of the City of Vancouver, in the Province of British Columbia, has by his petition represented that

(

a) Westco Insurance Company (the "Company") was incorporated by a private Act of the Legislative Assembly, namely the Westco Insurance Company Act, 1966 , S.B.C. 1966, c. 71,

(

b) although the Company has been in operation since 1966 in the insurance business in British Columbia, the Company has in recent years been a dormant company,

(

c) Industrial-Alliance Pacific Life Insurance Company (the "shareholder") is the sole shareholder of the Company,

(

d) the Company has no assets, debts, liabilities or other obligations, the same having been distributed to or assumed by the shareholder,

(

e) the shareholder of the Company wishes to dissolve the Company, and

(

f) there are no legislative provisions available to the Company to allow it to dissolve voluntarily and therefore such dissolution is not possible without a special Act of the Legislature of British Columbia;

AND

WHEREAS John Gill has by his petition requested that it be enacted as follows, and it is expedient to grant the request in the petition;

THEREFORE, HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Definitions

1 In this Act:

"Company" means Westco Insurance Company;

"shareholder" means Industrial-Alliance Pacific Life Insurance Company.

Westco Insurance Company Act, 1966 repealed

2 The Westco Insurance Company Act, 1966 , S.B.C. 1966, c. 71, is repealed.

Effect of repeal

3 On the repeal of the Westco Insurance Company Act, 1966 ,

(

a) the Company is dissolved and disestablished,

(

b) the appointment of each member of the board of directors of the Company is rescinded,

(

c) all of the rights, property and assets of the Company are transferred to and vested in the shareholder, and

(

d) all of the debts, liabilities, obligations and covenants of the Company are transferred to and vested in the shareholder.

Rights

4 Nothing in

section 2 prejudices the rights of any person that were acquired before this Act comes into force.

Commencement

5 This Act comes into force on March 31, 2005.

Copyright

© 2005: Queen's Printer, Victoria, British Columbia, Canada