906. In the case of securities listed and traded on a recognized stock exchange, the application is accompanied with the security listing section of two newspapers published on the last Friday preceding the date of the application, or with a report from a brokerage firm.
In the case of over-the-counter securities, the application must be accompanied with attestations of the recognized value supplied by two brokerage firms. Each attestation states the list price of the security at the close of the market for the same date.
In the case of other securities, the appraisal is made by an independent accountant who determines their fair market value, unless the securities are subject to a shareholders’ agreement which includes an appraisal formula which applies to the sale of such securities.
1965 (1st sess.), c. 80, a. 906; 1992, c. 57, s. 411.