Acts and Regulations

B-9.1 - Business Corporations Act

Section 132
Disposition versions

Full text
Reorganization
132(1)In this section, “reorganization” means a court order made under
(a) section 166;
(b) the Bankruptcy and Insolvency Act (Canada) or the Companies’ Creditors Arrangement Act (Canada) approving a proposal; or
(c) any other Act that affects the rights among the corporation, its shareholders and creditors.
132(2)If a corporation is subject to a reorganization, its articles may be amended by such order to effect any change that might lawfully be made by an amendment under section 113.
132(3)Where a reorganization is made, the Court may also
(a) authorize the issue of debt obligations of the corporation, whether or not convertible into shares of any class or series or having attached any rights or options to acquire shares of any class or series, and fix the terms of the obligations; and
(b) appoint directors in place of or in addition to all or any of the directors then in office.
132(4)After a reorganization has been made, articles of reorganization shall be sent to the Director in the form provided by the Director together with the documents required by sections 17 and 71, if applicable.
132(5)Upon receipt of articles of reorganization, the Director shall issue a certificate of amendment.
132(6)A reorganization becomes effective on the date shown in the certificate of amendment and the articles are amended accordingly.
132(7)A shareholder is not entitled to dissent under section 131 if an amendment to the articles is effected under this section.
2014, c.50, s.11; 2023, c.2, s.98; 2023, c.2, s.155
Reorganization
132(1)In this section, “reorganization” means a court order made under
(a) section 166;
(b) the Bankruptcy Act, Chapter B-3 of the Revised Statutes of Canada, 1970, approving a proposal; or
(c) any other Act that affects the rights among the corporation, its shareholders and creditors.
132(2)If a corporation is subject to a reorganization, its articles may be amended by such order to effect any change that might lawfully be made by an amendment under section 113.
132(3)Where a reorganization is made, the Court may also
(a) authorize the issue of debt obligations of the corporation, whether or not convertible into shares of any class or having attached any rights or options to acquire shares of any class, and fix the terms thereof; and
(b) appoint directors in place of or in addition to all or any of the directors then in office.
132(4)After a reorganization has been made, articles of reorganization shall be sent to the Director in the form provided by the Director together with the documents required by sections 17 and 71, if applicable.
132(5)Upon receipt of articles of reorganization, the Director shall issue a certificate of amendment.
132(6)A reorganization becomes effective on the date shown in the certificate of amendment and the articles of incorporation are amended accordingly.
132(7)A shareholder is not entitled to dissent under section 131 if an amendment to the articles of incorporation is effected under this section.
2014, c.50, s.11
Reorganization
132(1)In this section, “reorganization” means a court order made under
(a) section 166;
(b) the Bankruptcy Act, Chapter B-3 of the Revised Statutes of Canada, 1970, approving a proposal; or
(c) any other Act that affects the rights among the corporation, its shareholders and creditors.
132(2)If a corporation is subject to a reorganization, its articles may be amended by such order to effect any change that might lawfully be made by an amendment under section 113.
132(3)Where a reorganization is made, the Court may also
(a) authorize the issue of debt obligations of the corporation, whether or not convertible into shares of any class or having attached any rights or options to acquire shares of any class, and fix the terms thereof; and
(b) appoint directors in place of or in addition to all or any of the directors then in office.
132(4)After a reorganization has been made, articles of reorganization in prescribed form shall be sent to the Director together with the documents required by sections 17 and 71, if applicable.
132(5)Upon receipt of articles of reorganization, the Director shall issue a certificate of amendment.
132(6)A reorganization becomes effective on the date shown in the certificate of amendment and the articles of incorporation are amended accordingly.
132(7)A shareholder is not entitled to dissent under section 131 if an amendment to the articles of incorporation is effected under this section.
Reorganization
132(1)In this section, “reorganization” means a court order made under
(a) section 166;
(b) the Bankruptcy Act, Chapter B-3 of the Revised Statutes of Canada, 1970, approving a proposal; or
(c) any other Act that affects the rights among the corporation, its shareholders and creditors.
132(2)If a corporation is subject to a reorganization, its articles may be amended by such order to effect any change that might lawfully be made by an amendment under section 113.
132(3)Where a reorganization is made, the Court may also
(a) authorize the issue of debt obligations of the corporation, whether or not convertible into shares of any class or having attached any rights or options to acquire shares of any class, and fix the terms thereof; and
(b) appoint directors in place of or in addition to all or any of the directors then in office.
132(4)After a reorganization has been made, articles of reorganization in prescribed form shall be sent to the Director together with the documents required by sections 17 and 71, if applicable.
132(5)Upon receipt of articles of reorganization, the Director shall issue a certificate of amendment.
132(6)A reorganization becomes effective on the date shown in the certificate of amendment and the articles of incorporation are amended accordingly.
132(7)A shareholder is not entitled to dissent under section 131 if an amendment to the articles of incorporation is effected under this section.