C-38 - Companies Act

Section 123.49 Disposition versions

1999-10-22

123.49. A company that issues shares without par value may pay into the issued and paid-up share capital account the whole or a part of the consideration received, if the shares are issued

(1)  in exchange for property of a person with whom, at the time of the exchange, it is not dealing at arm’s length within the meaning of the Taxation Act (chapter I-3);

(2)  in exchange for property of a legal person with which, at the time of the exchange or immediately afterwards, it is not dealing at arm’s length within the meaning of the said Act; or

(3)  to shareholders of an amalgamating company that receives the shares in addition to or instead of securities of the company resulting from the amalgamation in accordance with section 123.122.

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

1981-02-16

123.49. A company that issues shares without par value may pay into the issued and paid-up share capital account the whole or a part of the consideration received, if the shares are issued

(1)  in exchange for property of a person with whom, at the time of the exchange, it is not dealing at arm’s length within the meaning of the Taxation Act (chapter I-3);

(2)  in exchange for property of a corporation with which, at the time of the exchange or immediately afterwards, it is not dealing at arm’s length within the meaning of the said act; or

(3)  to shareholders of an amalgamating company that receives the shares in addition to or instead of securities of the company resulting from the amalgamation in accordance with section 123.122.

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

1980-01-30

123.49. A company wishing to reduce its issued share capital shall make a by-law in accordance with section 123.45.

1979, c. 31, s. 27.