62. Reduction of shareholder liability to be a distribution

alters its articles; or

acquires shares issued by it or redeems shares under section 67, in a manner which cancels or reduces the liability of a shareholder to the company in relation to a share held prior to that alteration, acquisition, or redemption, as the case may be, the cancellation or reduction of liability shall be treated, for the purposes of subsection (1) and subsection (3) of section 61, as if it were a distribution of the amount by which the liability was reduced.

greater than the liability of that shareholder to the amalgamated company in relation to a share or shares into which that share is converted; or

cancelled by the cancellation of that share in the amalgamation, the reduction of liability effected by the amalgamation shall be treated for the purposes of subsection (1) and subsection (3) of section 61, as a distribution by the amalgamated company to that shareholder of the amount by which that liability was reduced.