Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
235 Capital account
account for each class and series of shares it issues.
(2) Unless the Minister approves otherwise, a provincial company
must add to the appropriate capital account in respect of any shares
RSA 2000
it issues the full amount of the consideration it receives for the
shares.
(3) On the issue of a share, a provincial company must not add to a
capital account in respect of the share an amount greater than the
amount referred to in subsection (2).
(4) If a provincial company proposes to add any amount to a
capital account it maintains in respect of a class or series of shares
and
(a) the amount to be added was not received by the company as
consideration for the issue of shares, and
(b) the company has issued outsta nding shares of more than one
class or series,
the addition to the capital account must be approved by special
resolution unless all the issued and outstanding shares are shares of
not more than 2 classes of convertible shares referred to in section
250(5).
(5) Where, in the case of a proposed addition of an amount to a
capital account in a situation where a special resolution is required
under subsection (4), a class or series of shares of a provincial
company would be affected differently from how any other class or
series of shares of the company would be affected by such action,
the holders of shares of the differently affected class or series are
entitled to vote separately as a class or series, as the case may be,
on the proposal to take the action, whether or not such shares
otherwise carry the right to vote.
1999 cI-5.1 s235