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S-31.1 - Business Corporations Act

Section 97
Disposition versions

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97. A corporation may not be compelled to pay for shares of its share capital that it has acquired if it shows that by doing so it would contravene section 95 or 96.
In such a case, the former holder of the shares becomes a creditor of the corporation and is entitled to be paid as soon as the corporation may legally do so or, in the event of liquidation, to be collocated ahead of the shareholders of the same class and of equal-ranking classes, but behind the other creditors of the corporation.
The corporation must provide an evidence of indebtedness to the former shareholder.
2009, c. 52, s. 97.
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