S-29.02, r. 1 - Regulation under the Trust Companies and Savings Companies Act

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3. The resolution of the board of directors shall indicate:
(1)  the aggregate amount of bonds, debt securities or subordinated loans that may be issued or accepted;
(2)  the rate of interest and the term that must be fixed or could be fixed and any right to redemption before term;
(3)  any privilege of conversion or exchange into shares of the company, where bonds or other debt securities are involved;
(4)  any right to redemption in shares of the company where subordinated loans are involved;
(5)  any conditions for redemption.
O.C. 719-88, s. 3.