S-25.1 - Act respecting the sociétés d’entraide économique

Section 53 Disposition versions

1983-12-22

53. In no case, however, may the company pay for shares it has acquired under section 52 if there are reasonable grounds to believe that by reason of that fact

(1)  it would not be able to discharge its liabilities when due;

(2)  the book value of its assets would be less than the aggregate of its liabilities and the sums representing the consideration for the issued shares of its share capital; and

Not in force

(3)  deposit liability would no longer be within the limits applicable to the company pursuant to Division II of Chapter XI.

1981, c. 31, s. 53; 1983, c. 54, s. 81.

1982-03-01

53. In no case, however, may the company pay for shares it has acquired under section 52 unless, after that payment,

(1)  it can discharge its liabilities when due;

(2)  the book value of its assets is greater than the aggregate of its liabilities and the sums representing the consideration for the issued shares of its share capital; and

Not in force

(3)   its deposit liability is within the limits applicable to the company pursuant to Division II of Chapter XI.

1981, c. 31, s. 53.