S-31.1 - Business Corporations Act

Section 73 Disposition versions

2011-02-14

73. On a conversion or exchange of issued shares of a class or series, a corporation

(1)  deducts from the issued and paid-up share capital account maintained for the class or series of shares converted or exchanged an amount equal to the result obtained by multiplying the issued and paid-up share capital account for the shares of that class or series by the number of shares of that class or series converted or exchanged, divided by the number of issued shares of that class or series immediately before the conversion or exchange; and

(2)  adds the result obtained under paragraph 1 and any additional consideration received as a result of the conversion or exchange to the issued and paid-up share capital account maintained for the new class or series of shares.

2009, c. 52, s. 73.