124. Conversion to a mutual company
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(1) Despite anything in its memorandum of association or other instrument of incorporation or in its articles of association or other rules, or in this Act, a company may, with the approval of the Registrar, establish and implement a plan in accordance with this Part.
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(2) In this section and in sections 125 to 130—
“company” means a company incorporated in Saint Lucia which has a share capital and is registered under this Act to transact long-term insurance business, whether alone or in combination with any other class of insurance business;
“plan” means a plan for the conversion of a company into a mutual company by the purchase of shares and their conversion into debentures.