On a petition to cancel a number of shares in a property development the Court found as follows:
I agree with the respondents that the petitioners have not met their onus of demonstrating, on a balance of probabilities, that the true intention of the parties differed from what is recorded in the companies’ central securities registers. In my view, the evidence indicates the petitioners’ representatives’ clear intention to allocate the shares to the respondents and good faith commercial reasons for doing so. The petitioners have no evidence from anyone involved at the time that the shares were bestowed in error or for anything other than good faith business reasons. The shares should therefore not be cancelled under s 230.
Read about the ruling: https://www.bccourts.ca/jdb-txt/sc/26/17/2026BCSC1735.htm