C-38 - Companies Act

Section 123.57 Disposition versions

1999-04-01

123.57. In no case may a company be required to pay for a share of its share capital that it has acquired if it shows that by paying for the share at its book value it would contravene sections 123.54 to 123.56.

The person who held the share then becomes a creditor of the company and is entitled to be paid as soon as the company may legally do so or, in the case of a winding-up, to be collocated by preference to the shareholders of the class of the shares he held, but after the creditors.

1979, c. 31, s. 27; 1980, c. 28, s. 14.

1980-01-30

123.57. Upon receipt of the articles confirming a compromise or arrangement, of a copy of the judgment or order, and of the fees prescribed by regulation of the Government, the Director shall issue a certificate attesting the amendment in accordance with the procedure established in section 123.10.

1979, c. 31, s. 27.