Canada Business Corporations Act (R.S.C., 1985, c. C-44)

Marginal note:Corporation holding its own shares

• 30 (1) Subject to subsection (2) and sections 31 to 36, a corporation

  • (a) shall not hold shares in itself or in its holding body corporate; and

  • (b) shall not permit any of its subsidiary bodies corporate to acquire shares of the corporation.

• Marginal note:Subsidiary holding shares of its parent

  (2) Subject to section 31, a corporation shall cause a subsidiary body corporate of the corporation that holds shares of the corporation to sell or otherwise dispose of those shares within five years from the date

  • (a) the body corporate became a subsidiary of the corporation; or

  • (b) the corporation was continued under this Act.