Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
237 Shareholder's pre-emptive right
right attached to a class of shares in which no shares of that class
may be issued unless the shares to be issued have first been offered
to each shareholder holding shares of that class
(a) in an amount that is in proportion to their holdings of the
shares of that class, and
(b) at a price and on the same terms as those shares are to be
offered to others.
(2) The shares of a provincial company do not have a pre-emptive
right unless the instrument of incorporation or the bylaws provide
for a pre-emptive right.
(3) A pre-emptive right does not apply in respect of shares to be
issued
(a) for a consideration other than money,
(b) as a share dividend, or
(c) pursuant to the exercise of conversion privileges, options or
rights previously granted by the provincial company.
1999 cI-5.1 s237