S-31.1 - Business Corporations Act

Section 416 Disposition versions

2011-02-14

416. Before ruling on an application for approval, the court may, if the corporation so requests, subject the arrangement to a procedure that is different from that provided by law for the action or actions included in the arrangement; the court is not bound by any procedure proposed by the corporation.

The court may also, before ruling on the application for approval, make any order it thinks fit in order, among other things, to protect the rights of interested persons, including

(1)  an order determining the notice to be given to those persons or dispensing with notice to any person;

(2)  an order appointing an advocate, at the corporation’s expense, to defend the rights of those persons;

(3)  an order requiring the corporation to call a meeting of those persons in the manner the court directs;

(4)  an order directing the arrangement proposed be submitted to those persons for authorization, in the manner directed by the court, in particular as regards the vote required for that purpose; and

(5)  an order allowing the exercise by those persons of the right to demand the repurchase of their shares, on the terms determined by the court.

2009, c. 52, s. 416.