SS · Business Corporations Act
Part 15 — Corporate Reorganization and Arrangements
192 Articles of reorganization resulting from court order
of the Court made under
(a) section 242,
( b ) t h e Bankruptcy and Insolvency Act (Canada) approving a
proposal, or
(c) any other Act of the Parlia ment of Canada or an Act of the
Legislature that affects the rights among the corporation, its
shareholders and creditors.
(2) If a corporation is subject to an order for reorganization, its
articles may be amended by the order to effect any change that
might lawfully be made by an amendment under section 173.
(3) If the Court makes an order for reorganization, the Court may
also
(a) authorize the issue of debt obligations of the corporation,
whether or not convertible into shares of any class or having
attached any rights or options to acquire shares of any class,
and fix the terms of those debt obligations, and
(b) appoint directors in place of or in addition to all or any of
the directors then in office.
RSA 2000
(4) After an order for reorganization has been made, articles of
reorganization in the form required by the Registrar shall be sent to
the Registrar together with the documents required by sections 20
and 113, if applicable.
(5) On receipt of articles of reorganization, the Registrar shall
issue a certificate of amendment in accordance with section 267.
(6) An order for reorganization becomes effective on the date
shown in the certificate of amendment and the articles of
incorporation are amended accordingly.
(7) A shareholder is not entitled to dissent under section 191 if an
amendment to the articles of incorporation is effected under this
section.
RSA 2000 cB-9 s192;2021 c18 s73