C-38 - Companies Act

Section 13 Disposition versions

1999-10-22

13. (1)  The authorized capital of a company, except redeemable shares or shares having priority as to capital, may consist in whole or in part of shares without par value.

(2)  When the authorized capital of a company includes shares without par value, its paid-up capital, with respect to such shares, shall be an amount equal to the aggregate of the consideration received by the company for such of such shares as are issued.

(3)  Each share without par value shall be equal to every other similar share of the capital stock, subject to the preferred or special rights, conditions or limitations attaching to any class of shares.

(4)  Every certificate for shares without par value shall state on its face, in legible written or printed characters, the number of shares which it represents and the number of such shares which the company is authorized to issue, and such certificate shall not mention any par value for such shares.

(5)  In the absence of other provisions in that respect in the constituting act or by-laws of the company, the shares without par value may be issued and allotted from time to time for such consideration, payable in cash, property or services, as may be fixed by the board of directors of the company; and all shares so issued shall be deemed fully paid upon receipt by the company of the consideration for their issue and allotment, and the holder of such shares shall not be liable to the company or its creditors in respect thereof.

R. S. 1964, c. 271, s. 13; 1979, c. 31, s. 8; 1999, c. 40, s. 70.

1980-01-30

13. (1)  The authorized capital of a company, except redeemable shares or shares having priority as to capital, may consist in whole or in part of shares without par value.

(2)  When the authorized capital of a company includes shares without par value, its paid-up capital, with respect to such shares, shall be an amount equal to the aggregate of the consideration received by the company for such of such shares as are issued.

(3)  Each share without par value shall be equal to every other similar share of the capital stock, subject to the preferred or special rights, conditions or limitations attaching to any class of shares.

(4)  Every certificate for shares without par value shall state on its face, in legible written or printed characters, the number of shares which it represents and the number of such shares which the company is authorized to issue, and such certificate shall not mention any par value for such shares.

(5)  In the absence of other provisions in that respect in the deed of incorporation or by-laws of the company, the shares without par value may be issued and allotted from time to time for such consideration, payable in cash, property or services, as may be fixed by the board of directors of the company; and all shares so issued shall be deemed fully paid upon receipt by the company of the consideration for their issue and allotment, and the holder of such shares shall not be liable to the company or its creditors in respect thereof.

R. S. 1964, c. 271, s. 13; 1979, c. 31, s. 8.

1977-12-31

13. (1)  The authorized capital of a company, except redeemable shares or shares having priority as to capital, may consist in whole or in part of shares without par value.

(2)  When the authorized capital of a company includes shares without par value, its paid-up capital, with respect to such shares, shall be an amount equal to the aggregate of the consideration received by the company for such of such shares as are issued.

(3)  Each share without par value shall be equal to every other similar share of the capital stock, subject to the preferred or special rights, conditions or limitations attaching to any class of shares.

(4)  Every certificate for shares without par value shall state on its face, in legible written or printed characters, the number of shares which it represents and the number of such shares which the company is authorized to issue, and such certificate shall not mention any par value for such shares.

(5)  In the absence of other provisions in that respect in the letters patent, supplementary letters patent or by-laws of the company, the shares without par value may be issued and allotted from time to time for such consideration, payable in cash, property or services, as may be fixed by the board of directors of the company; and all shares so issued shall be deemed fully paid upon receipt by the company of the consideration for their issue and allotment, and the holder of such shares shall not be liable to the company or its creditors in respect thereof.

R. S. 1964, c. 271, s. 13.