123.54. A company may acquire fully paid-up shares it has issued and that, under its articles, it must redeem on demand of a shareholder or on a fixed date or a date that may be fixed, for a price determined in its articles or computed in accordance with the method provided in the articles.
In no case, however, may a company pay for the shares where 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 aggregate of its liabilities and the sums necessary for the payment, in case of redemption or winding-up, of the shares payable by preference or concurrently.
1979, c. 31, s. 27; 1980, c. 28, s. 14.