C-38 - Companies Act

Section 123.130 Disposition versions

1999-10-22

123.130. Subsidiaries all of whose shares are held by the same legal person may, if the shares issued by the subsidiary whose shares are not cancelled are without par value, amalgamate without conforming to Division II if their board of directors adopts a resolution providing that

(1)  the shares of the subsidiaries, except those of one of them, will be cancelled, without reimbursement of the capital represented by these shares;

(2)  the articles of amalgamation will be identical to the constituting act of the subsidiary whose shares are not cancelled, taking account, however, of this Part and the regulations of the Government;

(3)  the issued and paid-up share capital account of the amalgamated subsidiaries will be added, to the extent that the subsidiaries determine, to the account of the subsidiary whose shares are not cancelled.

1980, c. 28, s. 14; 1987, c. 5, s. 10; 1999, c. 40, s. 70.

1987-03-23

123.130. Subsidiaries all of whose shares are held by the same corporation may, if the shares issued by the subsidiary whose shares are not cancelled are without par value, amalgamate without conforming to Division II if their board of directors adopts a resolution providing that

(1)  the shares of the subsidiaries, except those of one of them, will be cancelled, without reimbursement of the capital represented by these shares;

(2)  the articles of amalgamation will be identical to the deed of incorporation of the subsidiary whose shares are not cancelled, taking account, however, of this Part and the regulations of the Government;

(3)  the issued and paid-up share capital account of the amalgamated subsidiaries will be added, to the extent that the subsidiaries determine, to the account of the subsidiary whose shares are not cancelled.

1980, c. 28, s. 14; 1987, c. 5, s. 10.

1981-02-16

123.130. Subsidiaries all of whose shares are held by the same corporation may, if their shares are without par value, amalgamate without conforming to Division II if their board of directors adopts a resolution providing that

(1)  the shares of the subsidiaries, except those of one of them, will be cancelled, without reimbursement of the capital represented by these shares;

(2)  the articles of amalgamation will be identical to the deed of incorporation of the subsidiary whose shares are not cancelled, taking account, however, of this Part and the regulations of the Government;

(3)  the issued and paid-up share capital account of the amalgamated subsidiaries will be added, to the extent that the subsidiaries determine, to the account of the subsidiary whose shares are not cancelled.

1980, c. 28, s. 14.