S-31.1 - Business Corporations Act

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87. Despite section 86, a corporation may hold its own shares after exercising its confiscation right under this Act.
As well, a corporation may hold its own shares and, without being subject to the 30-day limit, shares of its parent legal person if it holds them in the capacity of administrator of the property of others, mandatary or hypothecary creditor.
Voting rights attached to shares held by a corporation under this section may only be exercised at the request of the shareholder and following the shareholder’s instructions. However, no voting rights may be exercised with respect to confiscated shares until the corporation disposes of them in accordance with this Act.
2009, c. 52, s. 87.