Common use of Lien on Shares Clause in Contracts

Lien on Shares. If the articles provide that the Corporation has a lien on shares registered in the name of a shareholder or the shareholder’s personal representative for a debt of that shareholder to the Corporation, subject to the Act, any other provision of the articles and any unanimous shareholder agreement, the Corporation may enforce the lien by selling the shares affected by it or by any other means permitted by law.

Lien on Shares. If the articles provide that the The Corporation has a lien on the shares registered in the name of a shareholder or the shareholder’s personal their legal representative for a debt of that shareholder to the Corporation, subject provided that such lien shall be released in respect of shares transferred by such shareholder (or their legal representative) as permitted pursuant to the Act, any other provision terms of the articles and any unanimous shareholder agreement, the Corporation may enforce the lien by selling the shares affected by it or by any other means permitted by lawthese Articles.