C-38 - Companies Act

Section 123.56 Disposition versions

1981-02-16

123.56. In all other cases, a company may acquire fully paid-up shares it has issued, but in no case may it pay for the shares where there is reasonable ground to believe that, as a consequence,

(1)  it could not discharge its liabilities when due, or

(2)  the book value of its assets would be less than the sum of its liabilities and its issued and paid-up share capital account.

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

1980-01-30

123.56. Two copies, signed by one of the directors, of the articles confirming a compromise or arrangement shall be filed with the Director.

1979, c. 31, s. 27.