Marginal note:Recovery by action
76 (1) If any money or property was paid or distributed to a shareholder, member or other person as a consequence of a reduction of capital made contrary to section 75, a creditor of the bank may apply to a court for an order compelling the shareholder, member or other person to pay the money or deliver the property to the bank.
Marginal note:Shares and membership shares held by personal representative
(2) No person holding shares or membership shares in the capacity of a personal representative and registered on the records of the bank as a shareholder or member and described in those records as the personal representative of a named person is personally liable under subsection (1), but the named person is subject to all the liabilities imposed by that subsection.
Marginal note:Limitation
(3) An action to enforce a liability imposed by subsection (1) may not be commenced more than two years after the date of the act complained of.
Marginal note:Remedy preserved
(4) This section does not affect any liability that arises under section 207.
- 1991, c. 46, s. 76
- 2010, c. 12, s. 1941
- Date modified: