Board Resolution (Declaring In-Specie Dividend) (OBCA)

Summary

This precedent is a resolution of the director(s) of an Ontario corporation declaring an in-specie dividend pursuant to s. 38(1) of the Ontario Business Corporations Act, which is a distribution of a share in a form other than cash. While such distribution could include property, equipment or other assets, this example provides for the issuance of fully paid shares. For information on corporate resolutions for an Ontario corporation, see the Corporate Resolution Resource Kit (ON).