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

Section 33 Disposition versions

1994-01-01

33. (1)  Where a company has redeemed any bonds or other titles of indebtedness previously issued, such company shall have power to keep such bonds or other titles of indebtedness alive for the purpose of reissue; provided that the conditions of issue do not expressly indicate the contrary, and that the bonds or other titles of indebtedness have not been redeemed in pursuance of an obligation upon the company so to do. The latter proviso, however, shall not apply if such obligation be one enforceable only by the person to whom such bonds or other titles of indebtedness were issued, or his assigns.

(2)  Where a company has exercised the power mentioned in the foregoing subsection, such company shall have power to reissue the bonds or other titles of indebtedness, either by reissuing the same bonds or other titles of indebtedness or by issuing others in their place; and upon such a reissue the person entitled to the bonds or other titles of indebtedness shall have the same rights and privileges as if the bonds or other titles of indebtedness had not been previously issued.

(3)  Where, with the object of keeping bonds or other titles of indebtedness alive for the purpose of reissue, they have been transferred to a nominee of the company, a transfer from such nominee shall be deemed to be a reissue for the purposes of this Division.

(4)  Where a company has deposited any of its bonds or other titles of indebtedness to secure advances on current account or otherwise, the bonds or other titles of indebtedness shall not be held to have been redeemed by reason only of the fact that the company may have ceased to be indebted whilst such bonds or other titles of indebtedness remained so deposited.

(5)  The reissue of a bond or other title of indebtedness, or the issue of another bond or of another title of indebtedness in its place, shall not be considered to be the issue of a new bond or new title of indebtedness for the purposes of a provision limiting the amount or number of bonds or of other titles of indebtedness to be issued.

R. S. 1964, c. 275, s. 28; 1992, c. 57, s. 646.

1977-12-31

33. (1)  Where a company has redeemed any bonds or debentures previously issued, such company shall have power to keep such bonds or debentures alive for the purpose of reissue; provided that the conditions of issue do not expressly indicate the contrary, and that the bonds or debentures have not been redeemed in pursuance of an obligation upon the company so to do. The latter proviso, however, shall not apply if such obligation be one enforceable only by the person to whom such bonds or debentures were issued, or his assigns.

(2)  Where a company has exercised the power mentioned in the foregoing subsection, such company shall have power to reissue the bonds or debentures, either by reissuing the same bonds or debentures or by issuing others in their place; and upon such a reissue the person entitled to the bonds or debentures shall have the same rights and privileges as if the bonds or debentures had not been previously issued.

(3)  Where, with the object of keeping bonds or debentures alive for the purpose of reissue, they have been transferred to a nominee of the company, a transfer from such nominee shall be deemed to be a reissue for the purposes of this Division.

(4)  Where a company has deposited any of its bonds or debentures to secure advances on current account or otherwise, the bonds or debentures shall not be held to have been redeemed by reason only of the fact that the company may have ceased to be indebted whilst such bonds or debentures remained so deposited.

(5)  The reissue of a bond or debenture or the issue of another in its place shall not be treated as the issue of a new bond or debenture for the purposes of any provision limiting the amount or number of bonds or debentures to be issued.

R. S. 1964, c. 275, s. 28.