45. Shares with par value shall not be issued as fully paid, save for a consideration payable in cash to the total par value of the shares so issued, or for a consideration payable in property or services which the directors determine by resolution to be, in all the circumstances of the transaction, the fair equivalent of cash to the total par value of the shares so issued.
The consideration for the issue of shares without par value shall be determined in accordance with subsection 5 of section 13.
The amount of the paid-up shares shall be published annually in the report to the shareholders.
R. S. 1964, c. 271, s. 42.