Mutualisation

Notwithstanding anything in its memorandum or other instruments of incorporation or in its articles or other rules, or in this Act, a company incorporated in Belize that has a share capital and that is licensed under this Act to transact insurance business, may, with the permission of the Supervisor, establish and implement a plan for the conversion of the company into a mutual company by the purchase of shares of the company or the conversion of the shares into debentures in accordance with such conditions as may be prescribed by Regulations made under this Act. documents, etc.