Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
201 Right to distribution of money
the shareholders resolve, or the liquidator proposes,
(a) to exchange all or substantially all of the remaining property
of the company for securities of another body corporate that
are to be distributed to the shareholders or to the
incorporators, or
(b) to distribute all or part of the remaining property of the
company to the shareholders or to the incorporators in kind,
a shareholder or incorporator may apply to the Court for an order
requiring the distribution of the remaining property of the company
to be in money.
(2) On an application under subsection (1), the Court may
determine whether any shareholder or incorporator of the
provincial company is opposed to the resolution or proposal and, if
so, join that shareholder or incorporator as a party and may order
(a) that all of the remaining property of the company is to be
converted into and distributed in money, or
(b) that the claim of any share holder or incorporator applying
under this section is to be satisfied by a distribution in
money.
(3) Where an order is made by the Court under subsection (2)(b),
the Court
(a) must fix a fair value on the share of the property of the
provincial company attributable to the shareholder or
incorporator,
RSA 2000
(b) may in its discretion appoint one or more appraisers to assist
the Court in fixing a fair value in accordance with clause (a),
(c) must render a final order ag ainst the provincial company in
favour of the shareholder or incorporator for the amount of
the share of the property of the company attributable to the
shareholder or incorporator, and
(d) must fix the time within which the liquidator must pay the
amount referred to in clause (c) to a shareholder or
incorporator, which payment in the case of a shareholder
may occur only after delivery of the shareholder's shares to
the liquidator.
1999 cI-5.1 s201