64. Shares of a Québec company shall not be issued until they are fully paid up in cash, except in the case of
(1) the invoking of a right of conversion attaching to other securities of the company;
(2) shares issued as dividends;
(3) shares issued under an amalgamation agreement;
(4) shares issued pursuant to a conversion or a continuance;
(5) shares issued pursuant to a transfer or a purchase of the assets of a company authorized under Chapter XII of this Act.
Where the directors of a Québec company authorize the issue of shares as consideration for the assets of a company, they are jointly and severally liable towards the company for the difference between the market value of such assets and the equivalent cash amount the company would have been entitled to receive.
1987, c. 95, s. 64; 2009, c. 52, s. 697.