Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
360 Liability for other matters
consent to a resolution of the directors authorizing the issue of a
share in contravention of section 234(3) or the issue of
subordinated indebtedness in contravention of section 241 for a
consideration other than money are jointly and severally liable to
the company to make good any amount by which the consideration
received is less than the fair equivalent of the money that the
company would have received if the share or subordinated
indebtedness had been issued for money on the date of the
resolution.
(2) The directors of a provincial company who vote for or consent
to a resolution of the directors authorizing
(a) a purchase, redemption or acquisition of shares in
contravention of section 245, 246 or 247,
(b) a reduction of share capital in contravention of section 249,
(c) a payment of a dividend in contravention of section 253,
(d) a payment of an indemnity in contravention of section 365,
or
(e) any transaction in contravention of Subpart 12,
are jointly and severally liable to restore to the company any
amounts so distributed or paid and not otherwise recovered by the
company and any amounts in relation to any loss suffered by the
company.
1999 cI-5.1 s360
RSA 2000