![]() Article Directors Liable For Authorizing Dividends Where Company In DistressJune 1, 2012 Authors Nathan J. ShaheenPartner Maureen M. WardPartner Canadian corporate statutes permit companies t6 pay dividends to shareholders in money, property or by the issuance of paid shares of the corporation. Subject to any restrictions in a company's articles of incorporation, the payment of dividends is in the discretion of the company's board of directors. Published in Carswell's Legal Alert, Volume 31, Number 3. Republishing Requests For permission to republish this or any other publication, contact Amrita Kochhar at kochhara@bennettjones.com. For informational purposes only This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors. AuthorsNathan J. Shaheen, Partner Toronto • 416.777.7306 • shaheenn@bennettjones.com Maureen M. Ward, Partner Toronto • 416.777.4630 • wardm@bennettjones.com |