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Financial Assistance by a Corporation: Section 42, The Business Corporations Act (Alberta), Final Report 54

Section 42 of the Alberta Business Corporations Act (as it was at the time of the writing of this report) made it illegal for a corporation to provide financial assistance to: – a shareholder or director of that corporation or an affiliated corporation; – an associate of any or the above; or – a purchaser of shares of that corporation or an affiliated corporation if that corporation was not “solvent” as defined by the ABCA. […]

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FILE fr054.pdf

Business Corporations Act, SA 2000, c 10, s. 2 (now RSA 2000, c B-9, s 45).

August 1, 1989