12. The directors of a company incorporated by special statute may make a by-law for increasing the capital stock to an amount which they may consider requisite for the attainment of its objects.
Such by-law shall declare the number of the shares of the new stock, and may prescribe the manner in which the same shall be allotted; and, in default of its so doing, the control of such allotment shall be held to vest absolutely in the directors.
R. S. 1964, c. 275, s. 11; 1965 (1st sess.), c. 73, s. 1.