C-38 - Companies Act

Full text
123.70. In no case may a company declare or pay a dividend if there is reasonable ground to believe that, as a consequence,
(1)  it could not discharge its liabilities when due, or
(2)  the book value of its assets would be less than the sum of its liabilities and its issued and paid-up share capital account.
1979, c. 31, s. 27; 1980, c. 28, s. 14.
123.70. The Director shall publish a notice of the issue of a certificate of continuance in the Gazette officielle du Québec.
1979, c. 31, s. 27.