Section 30 — Canada Business Corporations Act: Corporation holding its own shares

Subject to subsection (2) and sections 31 to 36, a corporation shall not hold shares in itself or in its holding body corporate; and shall not permit any of its subsidiary bodies corporate to acquire shares of the corporation. Subject to section 31, a corporation shall cause a subsidiary body corporate of the corporation that holds shares of the corporation to sell or otherwise dispose of those shares within five years from the date the body corporate became a subsidiary of the corporation; or the corporation was continued under this Act.