C-38 - Companies Act

Section 123.45 Disposition versions

1999-10-22

123.45. A company that becomes the subsidiary of a legal person must sell, within five years after the change, the shares it holds of its parent legal person.

In no case may the company exercise the voting rights attached to the shares while it continues to hold them.

1979, c. 31, s. 27; 1980, c. 28, s. 14; 1999, c. 40, s. 70.

1981-02-16

123.45. A company that becomes the subsidiary of a corporation must sell, within five years after the change, the shares it holds of its parent corporation.

In no case may the company exercise the voting rights attached to the shares while it continues to hold them.

1979, c. 31, s. 27; 1980, c. 28, s. 14.

1980-01-30

123.45. The by-law contemplating the amendment of the articles of the company must be confirmed by the vote of at least two-thirds in value of the shares represented by the shareholders present at a special general meeting called by a notice setting out the proposed amendment.

The by-law must authorize one of the directors to sign the articles of amendment.

The board of directors may, if so authorized by the by-law provided for in this section, annul the by-law before it is acted upon.

1979, c. 31, s. 27.