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45. (1) |
Where the name of a corporation recognized
by order to be or no longer to be an approved telecommunications common carrier
is added to Schedule I or deleted from that Schedule, as the case may be, any
common shares of the company held by approved telecommunications common
carriers cease to be outstanding and are cancelled and the capital stock of the
company is reduced accordingly.
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(2) |
The Board
shall, forthwith on the cancellation of common shares of the company pursuant
to subsection (1), issue a number of common shares, equal to the number of the
shares so cancelled, to the approved telecommunications common carriers named
in Schedule I after the issuance of the order that resulted in the
cancellation, and the capital stock of the company shall be deemed to be
increased accordingly.
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(3) |
Common
shares of the company issued under subsection (2) shall be allotted among
approved telecommunications common carriers in proportions approved by the
Minister after consultation with the approved telecommunications common
carriers.
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(4) |
An
approved telecommunications common carrier or a corporation that was an
approved telecommunications common carrier whose holdings of common shares of
the company are reduced or eliminated pursuant to this section shall be
reimbursed therefor, pro rata by the approved telecommunications common
carriers whose holdings of common shares of the company are increased pursuant
to this section,
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(a)
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at a rate
per share agreed on by it and those approved telecommunications common
carriers; or
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(b)
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in the
absence of agreement pursuant to paragraph (a) within thirty days after the issue of shares under subsection
(2), at a rate per share equal to what the fair market value of each such
share would have been on the day of that issue of the shares if they were
shares of the company issued to persons who fulfilled the statutory
conditions.
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(5) |
An amount
to which a corporation is entitled as reimbursement under subsection (4) is a
debt due to it by each approved telecommunications common carrier, to the
extent of its liability therefor as determined in accordance with that
subsection, and is recoverable in any court of competent jurisdiction. R.S., c.
T-4, s. 44.
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