S-31.1 - Business Corporations Act

Section 410 Disposition versions

2011-02-14

410. On an irrevocable judgment setting the fair value of the dissenting shareholders’ shares to which the take-over bid relates, an offeror must pay or transfer the additional money or consideration to the corporation.

If it has the money or other consideration, the corporation must

(1)  send to the dissenting shareholders, except, if applicable, those who have not returned their share certificates to the corporation, the money or other consideration they are entitled to;

(2)  if applicable, send to the dissenting shareholders who have not returned their share certificates a notice stating that

(a)  the court has rendered an irrevocable judgment setting the fair value of their shares to which the take-over bid relates;

(b)  the corporation holds in trust for them the money or other consideration they are entitled to; and

(c)  the corporation will send that money or other consideration as soon as it receives their share certificates; and

(3)  reimburse any amount remaining to the offeror.

2009, c. 52, s. 410.