66(1)The directors shall, with the application, produce a copy of the by-law, under the seal of the company, and signed by the president or vice-president and the secretary or other authorized officer, and establish to the satisfaction of the Director the due passage and approval of the by-law and the expediency and
bona fide character of the increase or reduction of capital or conversion or subdivision or consolidation of shares, as the case may be, thereby provided for.