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S-31.1 - Business Corporations Act

Section 54
Disposition versions

Full text
54. Consideration for the shares issued by a corporation is payable in money, or in property or past services determined by the board of directors to be the fair equivalent of the money consideration, considering all the circumstances.
A promissory note or a promise to pay made by a person to whom shares are issued, or a person who does not deal at arm’s length, within the meaning of that expression in the Taxation Act (chapter I-3), with a person to whom shares are issued does not constitute consideration for the shares.
2009, c. 52, s. 54.
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