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