P-16 - Act respecting the special powers of legal persons

Section 13 Disposition versions

1999-10-22

13. Any company constituted by special statute may, by by-law, reduce its share capital in any way, and, in particular, without prejudice to the generality of the foregoing power, may:

(1)  extinguish or reduce the liability on any of its shares in respect of share capital not paid-up; or

(2)  either with or without extinguishing or reducing liability on any of its shares, cancel any paid-up share capital which is lost or unrepresented by available assets; or

(3)  either with or without extinguishing or reducing liability on any of its shares, pay off any paid-up share capital which is in excess of the wants of the company;

and may reduce the amount of its share capital and of its shares accordingly.

R. S. 1964, c. 275, s. 12; 1999, c. 40, s. 214.

1977-12-31

13. Any company incorporated by special statute may, by by-law, reduce its share capital in any way, and, in particular, without prejudice to the generality of the foregoing power, may:

(1)  Extinguish or reduce the liability on any of its shares in respect of share capital not paid-up; or

(2)  Either with or without extinguishing or reducing liability on any of its shares, cancel any paid-up share capital which is lost or unrepresented by available assets; or

(3)  Either with or without extinguishing or reducing liability on any of its shares, pay off any paid-up share capital which is in excess of the wants of the company;

and may reduce the amount of its share capital and of its shares accordingly.

R. S. 1964, c. 275, s. 12.