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C-38 - Companies Act
Section 142
Disposition versions
142. The company shall not use any of its funds in the purchase of stock in any other company unless and until the directors have been expressly authorized by a by-law passed by them for the purpose and sanctioned by a vote of not less than two-thirds in value of the shares represented by the shareholders present at a general meeting of the company called for considering the subject of the by-law; but if the charter authorizes such purchase it shall not be necessary to pass such by-law.
This section shall not apply to a company constituted for the purpose of carrying on the business of buying, selling or dealing in shares, as to shares bought with the intention of reselling them.
142. The company shall not use any of its funds in the purchase of stock in any other company unless and until the directors have been expressly authorized by a by-law passed by them for the purpose and sanctioned by a vote of not less than two-thirds in value of the shares represented by the shareholders present at a general meeting of the company called for considering the subject of the by-law; but if the charter authorizes such purchase it shall not be necessary to pass such by-law.
This section shall not apply to a company incorporated for the purpose of carrying on the business of buying, selling or dealing in shares, as to shares bought with the intention of reselling them.
