Issue of shares
57(1)A by-law authorizing the issue or allotment of any portion of the unissued stock of the company for the payment of the president or any director is valid if the by-law has been confirmed at an annual meeting or a general meeting duly called for the purpose.
57(2)A by-law authorizing the issue, allotment or sale of any part of the unissued stock of the company to a dealer registered under the
Securities Act at a discount is valid if the by-law has been confirmed at an annual meeting or a general meeting of the shareholders duly called for the purpose, and if the amount of the discount has been approved by the Executive Director of Securities appointed under the
Financial and Consumer Services Act.
R.S., c.33, s.57; 2004, c.S-5.5, s.221; 2006, c.E-9.18, s.94; 2013, c.31, s.6