S-31.1 - Business Corporations Act

Full text
101. A corporation may, if authorized to do so by special resolution, reduce the amount of its issued share capital, in particular to reduce or extinguish the shareholders’ obligation to pay for the shares issued, or to repay any part of the issued share capital exceeding its needs to the shareholders.
However, a corporation may not reduce the amount of its issued share capital if there are reasonable grounds for believing that it is, or would after the reduction be, unable to pay its liabilities as they become due.
2009, c. 52, s. 101.