S-31.1 - Business Corporations Act

Section 156 Disposition versions

2011-02-14

156. Directors of a corporation who vote for or consent to a resolution authorizing any of the following are solidarily liable to restore to the corporation any amounts involved and not otherwise recovered by the corporation:

(1)  a payment of a commission contrary to section 58;

(2)  a transfer of not fully paid shares contrary to section 83;

(3)  a purchase, redemption or other acquisition of shares contrary to section 94, 95 or 96;

(4)  a payment of a dividend contrary to section 104;

(5)  a payment of an indemnity contrary to section 160; or

(6)  a payment to a shareholder contrary to the second paragraph of section 451.

2009, c. 52, s. 156.