C-38 - Companies Act

Section 55 Disposition versions

1999-10-22

55. (1)  The directors of the company may, at any time, make a by-law:

(a)  to subdivide the existing shares into shares of a smaller amount;

(b)  to change the authorized shares with a par value, whether issued or not, into shares without par value, save in the case of preferred shares having preferential rights as to the principal;

(c)  to change the authorized shares without par value, whether issued or not, into shares with a par value.

(2)  The directors may also, at any time, whenever the par value of the existing shares of the company is less than $100 each, make a by-law consolidating them into shares of a greater par value; but no such consolidated share shall exceed the par value of $100.

(3)  For the purpose of such consolidation, the company may purchase fractions of shares, and the company shall sell any such shares held by them, within two years.

R. S. 1964, c. 271, s. 52; 1999, c. 40, s. 70.

1999-04-01

55. (1)  The directors of the company may, at any time, make a by-law:

(a)  To subdivide the existing shares into shares of a smaller amount;

(b)  To change the authorized shares with a par value, whether issued or not, into shares without par value, save in the case of preferred shares having preferential rights as to the principal;

(c)  To change the authorized shares without par value, whether issued or not, into shares with a par value.

(2)  The directors may also, at any time, whenever the par value of the existing shares of the company is less than $100 each, make a by-law consolidating them into shares of a greater par value; but no such consolidated share shall exceed the par value of $100.

(3)  For the purpose of such consolidation, the company may purchase fractions of shares, and the company shall sell any such shares held by them, within a delay of two years.

R. S. 1964, c. 271, s. 52.