C-38 - Companies Act

Section 58 Disposition versions

1977-12-31

58. A company may by by-law reduce its share capital in any way, and in particular, without prejudice to the generality of the foregoing power, may,—

(1)  extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or

(2)  either with or without extinguishing or reducing liability on any of its shares, cancel any paid-up share capital which is lost or unrepresented by available assets; or

(3)  either with or without extinguishing or reducing liability on any of its shares, pay off any paid-up share capital which is in excess of the wants of the company;

and may reduce the amount of its share capital and of its shares accordingly.

R. S. 1964, c. 271, s. 55.