Issue of shares
23(1)Subject to section 27, the articles or by-laws of the corporation or a unanimous shareholder agreement, shares may be issued at such times and to such persons or class of persons as the directors may determine.
23(2)A share with par value shall not be issued except for a consideration at least equal to the par value thereof.
23(3)Shares without par value shall not be issued except for such consideration as is fixed by the directors.
23(4)Shares issued by a corporation are non-assessable and the holders are not liable to the corporation or to its creditors in respect thereof.
23(5)A share shall not be issued until it is fully paid in money or in property or past services that are not less in value than the fair equivalent of the money that the corporation would have received if the share had been issued for money.
23(6)In determining whether property or past services is the fair equivalent of money consideration, the directors may take into account reasonable charges and expenses of organization and re-organization and payments for property and past services reasonably expected to benefit the corporation.
2023, c.2, s.18; 2023, c.2, s.155