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Purchase or 41. (1) A corporation, subject to any restrictions contained in
redemption by its articles of incorporation, may purchase its own shares or
corporation of redeem its redeemable shares out of surplus except when
its own shares currently the corporation is insolvent or would thereby be
made insolvent.
(2) A corporation may purchase its own shares out
of stated capital except when currently the corporation is
insolvent or would thereby be made insolvent, if the
purchase is made for the purpose of:
(i) Eliminating fractions of shares;
(ii) Collecting or compromising indebtedness to the
corporation: or
(iii) Paying dissenting shareholders entitled to
receive payment for their shares under Parts IX or
X.
(3) A corporation, subject to any restrictions
contained in its articles of incorporation, may redeem or
purchase its redeemable shares out of stated capital except
when currently the corporation is insolvent or would
thereby be made insolvent and except when such
redemption or purchase would reduce net assets below the
stated capital remaining after giving effect to the
cancellation of such redeemable shares.
(4) When its redeemable shares are purchased by a
corporation within the period of redeemability, the
purchase price thereof shall not exceed the applicable
redemption price stated in the articles of incorporation.
Upon a call for redemption, the amount payable by the
corporation for shares having a cumulative preference on
dividends may include the stated redemption price plus
accrued dividends to the next dividend date following the
date of redemption of such shares.