Part 5 — Capital Structure Division 1 Membership Capital
110 Shares in series
out in them and subject to subsection (2), the issue of any class of
investment shares in one or more series and may
(a) fix the number of investmen t shares in, and determine the
designation, rights, privileges, restrictions and conditions
attaching to the investment shares of, each series, or
(b) authorize the directors to fix the number of investment
shares in, and to determine the designation, rights,
privileges, restrictions and conditions attaching to the
investment shares of, each series.
(2) If any cumulative dividends or amounts payable on return of
capital in respect of a series of investment shares are not paid in
full, the investment shares of all series of the same class must
participate rateably in respect of accumulated dividends and return
of capital.
(3) No rights, privileges, restrictions or conditions attaching to a
series of investment shares authorized under this section confer a
priority in respect of dividends or return of capital on a series over
any other series of investment shares of the same class that are then
outstanding.
(4) If the directors exercise their authority under subsection (1)(b),
they must, before the issue of investment shares of the series, send
to the Registrar articles of amendment in the form that the Registrar
sets to designate a series of investment shares.
(5) On receipt of articles of amendment designating a series of
investment shares under subsection (4), the Registrar must issue a
certificate of amendment.
2001 cC-28.1 s110;2022 c16 s3(91)