Acts and Regulations

C-13 - Companies Act

Section 64
Disposition versions

Full text
Decrease in number of shares
64(1)The directors may, at any time, make a by-law for reducing the capital stock of the company to any amount that they consider advisable and sufficient for the due carrying out of the undertaking of the company.
64(2)Such by-law shall declare the number and value of the shares of the stock as so reduced, and the allotment thereof, or the manner in which the same shall be made.
64(3)The liability of the shareholders to persons who were, at the time of the reduction of the capital, creditors of the company remains the same as if the capital had not been reduced.
R.S., c.33, s.63
Decrease in number of shares
64(1)The directors may, at any time, make a by-law for reducing the capital stock of the company to any amount that they consider advisable and sufficient for the due carrying out of the undertaking of the company.
64(2)Such by-law shall declare the number and value of the shares of the stock as so reduced, and the allotment thereof, or the manner in which the same shall be made.
64(3)The liability of the shareholders to persons who were, at the time of the reduction of the capital, creditors of the company remains the same as if the capital had not been reduced.
R.S., c.33, s.63