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C-38 - Companies Act

Section 42
Disposition versions

Full text
42. No person holding stock in the company as a liquidator of a succession, administrator, tutor, guardian or trustee of or for any person named in the books of the company as being so represented by him, shall be personally subject to liability as a shareholder; but the property and funds in the hands of such person shall be liable in like manner, and to the same extent, as the testator or intestate, or the minor or a person of full age under tutorship, or the person interested in such trust fund would be, if living and competent to act and holding such stock in his own name; and no person holding such stock as collateral security shall be personally subject to such liability, but the person pledging such stock shall be considered as holding the same, and shall be liable as a shareholder accordingly.
R. S. 1964, c. 271, s. 39; 1989, c. 54, s. 161; 1999, c. 40, s. 70; 2020, c. 11, s. 254.
42. No person holding stock in the company as a liquidator of a succession, administrator, tutor, curator, guardian or trustee of or for any person named in the books of the company as being so represented by him, shall be personally subject to liability as a shareholder; but the property and funds in the hands of such person shall be liable in like manner, and to the same extent, as the testator or intestate, or the minor or a person of full age under tutorship or curatorship, or the person interested in such trust fund would be, if living and competent to act and holding such stock in his own name; and no person holding such stock as collateral security shall be personally subject to such liability, but the person pledging such stock shall be considered as holding the same, and shall be liable as a shareholder accordingly.
R. S. 1964, c. 271, s. 39; 1989, c. 54, s. 161; 1999, c. 40, s. 70.
42. No person holding stock in the company as an executor, administrator, tutor, curator, guardian or trustee of or for any person named in the books of the company as being so represented by him, shall be personally subject to liability as a shareholder; but the estate and funds in the hands of such person shall be liable in like manner, and to the same extent, as the testator or intestate, or the minor or a person of full age under tutorship or curatorship, or the person interested in such trust fund would be, if living and competent to act and holding such stock in his own name; and no person holding such stock as collateral security shall be personally subject to such liability, but the person pledging such stock shall be considered as holding the same, and shall be liable as a shareholder accordingly.
R. S. 1964, c. 271, s. 39; 1989, c. 54, s. 161.
42. No person holding stock in the company as an executor, administrator, tutor, curator, guardian or trustee of or for any person named in the books of the company as being so represented by him, shall be personally subject to liability as a shareholder; but the estate and funds in the hands of such person shall be liable in like manner, and to the same extent, as the testator or intestate, or the minor, ward or interdicted person, or the person interested in such trust fund would be, if living and competent to act and holding such stock in his own name; and no person holding such stock as collateral security shall be personally subject to such liability, but the person pledging such stock shall be considered as holding the same, and shall be liable as a shareholder accordingly.
R. S. 1964, c. 271, s. 39.
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