Restrictions on the transfer of shares
A corporation shall not impose restrictions on the transfer of shares except such restrictions as are authorized by the articles.
A corporation that has imposed restrictions on the transfer or ownership of a class or series of its shares shall not offer any of its shares of that class or series, or any shares convertible into shares of that class or series, to the public unless the restrictions are necessary
by or under any Act of Canada or New Brunswick as a condition of the obtaining, holding or renewal of authority to engage in any activity necessary to its undertaking; or
for the purpose of achieving or preserving its status as a Canadian corporation for the purpose of any Act of Canada or New Brunswick.
A corporation that violates or fails to comply with subsection (2) commits an offence punishable under Part II of the Provincial Offences Procedure Act
as a category E offence.
2008, c.11, s.4; 2023, c.2, s.39; 2023, c.2, s.155