In what circumstances will a court order that a dividend be paid to the shareholders of a company that is not a publicly listed company?
Ontario, Canada
The following excerpt is from Toronto Hydro-Electric System Ltd. v. Ontario (Energy Board), 2008 CanLII 89827 (ON SCDC):
In Flatley v. Algy Corp. (c.o.b. Mezzrow's), [See Note 28 below] the court also held: [page397] The decision whether to order the payment of a dividend is normally within the discretion of the board of directors, and courts are very reluctant to interfere with their exercise of discretion.
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