When the details of the Respondent's
share purchase agreement reached the Board of Directors of Wi2Wi, the reaction of its members triggered his resignation as Chief Executive Officer of Wi2Wi.
it is not possible to retroactively cancel an issuance of
shares by way of simple oral consent; issuance of
shares can be cancelled only if (a) the corporation's articles are amended or (b) the corporation
reaches an
agreement to
purchase the
shares, which requires the directors pass a resolution, the shareholder in question gives his or her express consent and the tests of solvency and liquidity are met