C-38 - Companies Act

Section 77 Disposition versions

1999-10-22

77. (1)  If authorized by by-law, sanctioned by a vote of not less than two-thirds in value of the shares represented by the shareholders present at a general meeting called for considering the by-law, the directors may, when they deem it expedient,

(a)  borrow money upon the credit of the company;

(b)  issue debentures or other securities of the company, and pledge or sell the same for such sums and at such prices as may be deemed expedient;

(c)  (paragraph repealed);

(d)  hypothecate the property or otherwise encumber the movable property of the company.

(1.1)  The by-law may provide that the powers mentioned in subsection 1 shall be exercised, to the extent determined in the by-law, by one or more directors or officers designated by the directors or by the by-law.

The by-law may also provide that the powers so delegated may be amended, to the extent determined in the by-law, by a by-law subject to the provisions of subsection 3 of section 91.

(2)  The limitations and restrictions contained in this section shall not apply to the borrowing of money by the company on bills of exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the company.

R. S. 1964, c. 271, s. 74; 1987, c. 5, s. 1; 1992, c. 57, s. 513; 1999, c. 40, s. 70.

1999-04-01

77. (1)  If authorized by by-law, sanctioned by a vote of not less than two-thirds in value of the shares represented by the shareholders present at a general meeting called for considering the by-law, the directors may, when they deem it expedient,

(a)  Borrow money upon the credit of the company;

(b)  Issue debentures or other securities of the company, and pledge or sell the same for such sums and at such prices as may be deemed expedient;

(c)  (Paragraph repealed).

(d)  Hypothecate the immovable and movable or otherwise affect the movable property of the company.

(1.1)  The by-law may provide that the powers mentioned in subsection 1 shall be exercised, to the extent determined in the by-law, by one or more directors or officers designated by the directors or by the by-law.

The by-law may also provide that the powers so delegated may be amended, to the extent determined in the by-law, by a by-law subject to the provisions of subsection 3 of section 91.

(2)  The limitations and restrictions contained in this section shall not apply to the borrowing of money by the company on bills of exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the company.

R. S. 1964, c. 271, s. 74; 1987, c. 5, s. 1; 1992, c. 57, s. 513.

1987-03-23

77. (1)  If authorized by by-law, sanctioned by a vote of not less than two-thirds in value of the shares represented by the shareholders present at a general meeting called for considering the by-law, the directors may, when they deem it expedient,—

(a)  Borrow money upon the credit of the company;

(b)  Issue debentures or other securities of the company, and pledge or sell the same for such sums and at such prices as may be deemed expedient;

(c)  Notwithstanding the provisions of the Civil Code, hypothecate, mortgage or pledge the moveable or immoveable property, present or future, of the company, to secure any such debentures, or other securities, or give part only of such guarantee for such purposes; and constitute the hypothec, mortgage or pledge above mentioned, by trust deed, in accordance with sections 28 and 29 of the Special Corporate Powers Act (chapter P-16), or in any other manner;

(d)  Hypothecate or mortgage the immoveable property of the company, or pledge or otherwise affect the moveable property, or give all such guarantees, to secure the payment of loans made otherwise than by the issue of debentures, as well as the payment or performance of any other debt, contract or obligation of the company.

(1.1)  The by-law may provide that the powers mentioned in subsection 1 shall be exercised, to the extent determined in the by-law, by one or more directors or officers designated by the directors or by the by-law.

The by-law may also provide that the powers so delegated may be amended, to the extent determined in the by-law, by a by-law subject to the provisions of subsection 3 of section 91.

(2)  The limitations and restrictions contained in this section shall not apply to the borrowing of money by the company on bills of exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the company.

R. S. 1964, c. 271, s. 74; 1987, c. 5, s. 1.

1977-12-31

77. (1)  If authorized by by-law, sanctioned by a vote of not less than two-thirds in value of the shares represented by the shareholders present at a general meeting called for considering the by-law, the directors may, when they deem it expedient,—

(a)  Borrow money upon the credit of the company;

(b)  Issue debentures or other securities of the company, and pledge or sell the same for such sums and at such prices as may be deemed expedient;

(c)  Notwithstanding the provisions of the Civil Code, hypothecate, mortgage or pledge the moveable or immoveable property, present or future, of the company, to secure any such debentures, or other securities, or give part only of such guarantee for such purposes; and constitute the hypothec, mortgage or pledge above mentioned, by trust deed, in accordance with sections 28 and 29 of the Special Corporate Powers Act (chapter P-16), or in any other manner;

(d)  Hypothecate or mortgage the immoveable property of the company, or pledge or otherwise affect the moveable property, or give all such guarantees, to secure the payment of loans made otherwise than by the issue of debentures, as well as the payment or performance of any other debt, contract or obligation of the company.

(2)  The limitations and restrictions contained in this section shall not apply to the borrowing of money by the company on bills of exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the company.

R. S. 1964, c. 271, s. 74.