Trust and Loan Companies Act
Marginal note:Common shares
63 (1) A company shall have one class of shares, to be designated as “common shares”, which are non-redeemable and in which the rights of the holders thereof are equal in all respects, and those rights include
Marginal note:Designations of shares
(2) No company shall designate more than one class of its shares as “common shares” or any variation of that term.
(3) [Repealed, 2012, c. 5, s. 164]
Marginal note:Continued company
(4) A body corporate continued as a company under this Act that is not in compliance with subsection (2) on the date letters patent continuing it as a company are issued shall, within twelve months after that date, redesignate its shares to comply with that subsection.
(5) Subsections (1) and (2) do not apply in respect of a former-Act company whose shareholders are confined to entities incorporated or formed by or under an Act of Parliament or of the legislature of a province that are, in the opinion of the directors, operating as credit unions or cooperative associations.
- 1991, c. 45, s. 63
- 2012, c. 5, s. 164
- Date modified: