Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
234 Issue of shares
bylaws, shares of a provincial company may be issued at the times,
to the persons and for the consideration determined by the
directors.
(2) Shares issued by a provincial company are non-assessable and
the shareholders are not liable to the company or to its creditors in
respect of them.
(3) A provincial company must not issue a share until the
consideration for the share is fully paid in money and received by
the company.
(4) The requirement in subsection (3) that the consideration be
money does not apply
(a) when a share is issued as part of an amalgamation, or
(b) when the Minister has given prior approval to the
consideration's being other than money.
1999 cI-5.1 s234