Business Corporations Act s. 206

(1) If the take-over bid is an offer by a corporation to
repurchase its own shares section 196(2) does not apply, and
section 197(2) does not apply, but the corporation shall comply
with section 198(1) within 20 days after it sends an offeror's notice
under section 196(1).
(2) Subsection (3) applies if
(a) the take-over bid is an off er by a corporation to repurchase
its own shares, and
(b) the corporation is prohibited by section 34
(i) from depositing or placing the consideration for the
shares pursuant to section 198(1), or
(ii) paying the amount for the shares fixed by the Court
pursuant to section 202.
(3) If the conditions referred to in subsection (2) are met, the
corporation
(a) shall re-issue to the dissen ting offeree the shares for which
the corporation is not allowed to pay, and
(b) is entitled to use for its own benefit any money or
consideration deposited or placed under section 198(1), and
the dissenting offeree is reinstated to the offeree's full rights, as a
shareholder.
1981 cB-15 s199

CPA Condominium Property Act

206 Corporation's offer to repurchase its own shares