Judgment Recovery (N.S.) Ltd Act

Link to law: http://nslegislature.ca/legc/statutes/judgment.htm
Published: 2016-01-05

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Judgment Recovery (N.S.) Ltd Act


An Act to Incorporate
Judgment Recovery (N.S.) Ltd

Short title
1 This Act may be cited as the Judgment Recovery (N.S.) Ltd Act.

Judgment Recovery (N.S.) Ltd
2 Donald McInnes, Wilfred Shakespeare, George Robertson, all ofHalifax, in the County of Halifax, and Edward H.S. Piper of Montreal,in the Province of Quebec, and such other persons as, pursuant to thisAct, become members of the Company constituted by this Act, arehereby constituted a body corporate under the name of JudgmentRecovery (N.S.) Ltd herein referred to as the "Company". 1958, c. 6,s. 1.

Objects and powers
3 The objects of the Company are and it has power to

(a) pay unsatisfied judgments arising out of automobileaccidents to the limits and on the terms and conditions prescribedin the Motor Vehicle Act;

(b) defend, if it considers it desirable, uncontested third partyliability actions arising out of automobile accidents in accordancewith the provisions of the Motor Vehicle Act;

(c) negotiate agreements with claimants and obtain consentjudgments referred to in the Motor Vehicle Act;

(d) take and exercise subrogation of the rights of judgmentcreditors in respect of whose judgments the Company has madepayment on such terms and conditions as may be prescribed fromtime to time in the Motor Vehicle Act;

(e) generally, ensure that victims of uninsured or otherwisefinancially irresponsible motorists are expeditiously indemnified tothe extent and on such terms and conditions as may be prescribedfrom time to time in the Motor Vehicle Act;

(f) enter into such financial or other agreements or arrangementswith the Government of Nova Scotia as may be necessary toaccomplish its objects;

(g) borrow, from time to time, from any chartered bank inCanada such sum or sums of money as the Company shall thinkfit;

(h) draw, make, accept, endorse, discount, execute and issuepromissory notes, bills of exchange and other negotiable ortransferable instruments. 1958, c. 6, s. 2; 1960, c. 55, s. 1.

Acquisition and alienation of property
4 The Company shall have the power to rent, purchase, acquire,receive, own and hold such office space and equipment, buildings orlands as it considers necessary for the carrying out of its aims, objectsand purposes, and to sell the same. 1958, c. 6, s. 3.

5 The Company shall consist only of those persons named in Section2 or their successors (hereinafter referred to as "Group One") andinsurers that may from time to time be licensed to issue a policy ofmotor vehicle liability insurance in the Province (hereinafter referred toas "Group Two"). 1958, c. 6, s. 4.

Action by and against Company
6 The Company may sue or be sued in its corporate name and maydefend and prosecute actions in connection with or relative to its objectsor the carrying out of any of the provisions of this Act. 1958, c. 6, s. 5.

7 (1) The affairs of the Company shall be managed by Directors.

(2) There shall be not fewer than four nor more than six Directors. 1960, c. 55, s. 2.

Election and term of office
8 Each Director holds office until such appointment is terminated bythe death, resignation, refusal or inability to act of the Director or by avote by the representatives of Group Two members present at a meetingor by proxy. 1986, c. 20, s. 1.

Casual vacancy
9 (1) Any vacancy in the office of a Director may be filled by aperson appointed by the representatives of Group Two members presentat a meeting or by proxy.

Vacancy for more than thirty days
(2) Notwithstanding subsection (1), where a vacancy exists for morethat thirty days such vacancy may be filled by a person appointed by theRegional Vice- president, Atlantic, of the Insurance Bureau of Canada. 1986, c. 20, s. 2.

10 The Directors shall have power to make, amend or repeal by-lawsnot inconsistent with this Act or with the laws of the Province relatingto matters connected with the management of the Company. 1958, c. 6,s. 9.

Annual meetings
11 (1) Subject to Section 13, annual meetings shall be held eachyear at a time and place to be determined by the Directors.

Special meetings
(2) Special meetings of the Company may be called by the Directorsor any two of them or by the petition of twenty or more members ofGroup Two presented to the Directors at the chief address of theCompany.

(3) The Directors shall notify all members of the Company of the timeand place of an annual or special meeting. 1958, c. 6, s. 10; 1986, c. 20,s. 3.

12 A majority of Group Two members represented by proxy orotherwise shall constitute a quorum. 1958, c. 6, s. 11.

Annual meeting not mandatory
13 The Company shall not be bound to hold an annual meeting unlessit is resolved so to do at a special meeting of the Company. 1958, c. 6,s. 12.

14 The Directors shall have power and authority to draw chequessigned by any two of them. 1958, c. 6, s. 13.

Operating costs
15 The cost of operating the Company, together with any obligationsit may assume, shall be shared by all members of Group Two rateablyin proportion to each such members share of the total motor vehicleliability insurance premiums written in the Province. 1958, c. 6, s. 14.

Assessment of member
16 (1) The Directors shall assess members of Group Two as set outin Section 15 at such times as they see fit.

Failure to pay
(2) Should any such member or members fail to pay the Company theamount or amounts so assessed, the Company shall have a right of actionto recover such amount or amounts together with costs against suchmember or members. 1958, c. 6, s. 15.

Default of payment by member
17 In the event that the Company is unable to recover the amount oramounts assessed against any member or members of Group Two, theDirectors may require that the total of such amount or amounts be contributed by the other members of Group Two in the manner set out inSection 15 of this Act. 1958, c. 6, s. 16.

Power of Insurance Bureau of Canada
18 If the Directors fail to make and collect sufficient assessmentsunder Sections 16 and 17, the General Manager of Insurance Bureau ofCanada shall do so and he shall have all the rights and powers of theDirectors in this regard. 1958, c. 6, s. 17; 1977, c. 21, s. 2.

Power of Attorney General
19 If the General Manager of Insurance Bureau of Canada fails tomake and collect sufficient assessments under Sections 16 and 17, theAttorney General shall have the power and authority to assume the rightstherein provided. 1958, c. 6, s. 18; 1977, c. 21, s. 3.

Exemption from fee and tax
20 The fees payable under the Companies Act and the CorporationsRegistration Act and for the incorporation of companies under a specialAct or any other Provincial fees or taxes under any other Acts of theLegislature shall not be payable by the Company. 1958, c. 6, s. 19;1977, c. 21, s. 4.

Cessation of operation
21 (1) The Company shall have the power and authority to ceaseoperations in the Province upon giving the Attorney General six monthsnotice in writing expiring at the end of any calendar year.

(2) The Company shall be liable in respect of judgments for which itwould ordinarily be responsible arising from causes of action whichoccur on or before the date of expiry of such notice. 1958, c. 6, s. 20.