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Canada Business Corporations Regulations, 2001

Version of section 38 from 2006-03-22 to 2010-06-09:

 For the purpose of subsection 31(6) of the Act, the prescribed consequences are that within 30 days after one of the conditions described in section 36 or 37 is not met or ceases to be met, the corporation shall

  • (a) cancel the delivery share, on condition that if the articles of the corporation limit the number of authorized shares, the delivery shares may be restored to the status of authorized but unissued shares;

  • (b) return the consideration received by the corporation for the delivery shares to the particular subsidiary; and

  • (c) cancel the entry for the consideration in the corporation’s stated capital account.

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