C-38 - Companies Act

Full text
123.51. A company that acquires shares or fractions of shares it has issued shall reduce its issued and paid-up share capital account
(1)  by the product obtained by multiplying the par value of the shares by the number of shares or fractions of shares acquired, or
(2)  by the product obtained by multiplying, in the case of shares without par value, the amount being the average of the amounts received by or credited to the account, as the case may be, for the shares, at the time of issue of the shares of the class or series concerned, by the number of shares or fractions of shares acquired.
1979, c. 31, s. 27; 1980, c. 28, s. 14.
123.51. Upon receipt of the articles reducing the issued share capital, of the fees prescribed by regulation of the Government and of the report of the auditor contemplated in section 123.50, the Director shall deliver a certificate attesting that reduction in accordance with the procedure established in section 123.10.
1979, c. 31, s. 27.