S-31.1 - Business Corporations Act

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96. A corporation may not make any payment to purchase or redeem shares
(1)  if the corporation is not a reporting issuer and the payment would make it unable, in the event of liquidation, to repay shares ranking higher than or equally with the shares so purchased or redeemed, taking into account any waiver of repayment by the higher-or equal-ranking shareholders; or
(2)  if the corporation is a reporting issuer and there are reasonable grounds for believing that it is or would, after the payment, be unable to pay, when due, the entire redemption price of its redeemable shares.
2009, c. 52, s. 96; 2013, c. 18, s. 100.
96. A corporation may not make a payment to purchase or redeem shares if the payment would make it unable, in the event of liquidation, to repay shares ranking higher than or equally with the shares so purchased or redeemed, taking into account any waiver of repayment by the higher- or equal-ranking shareholders.
2009, c. 52, s. 96.