Trust and Loan Companies Act
222 (1) The directors of a company may make, amend or repeal any by-laws, in the manner set out in subsections (2) and (3) and sections 223 to 227, to
(a) change the maximum number, if any, of shares of any class that the company is authorized to issue;
(b) create new classes of shares;
(c) change the designation of any or all of the company’s shares, and add, change or remove any rights, privileges, restrictions and conditions, including rights to accrued dividends, in respect of any or all of the company’s shares, whether issued or unissued;
(d) change the shares of any class or series, whether issued or unissued, into a different number of shares of the same class or series or into the same or a different number of shares of other classes or series;
(e) divide a class of shares, whether issued or unissued, into series and fix the maximum number of shares, if any, in each series and the rights, privileges, restrictions and conditions attached thereto;
(f) authorize the directors to divide any class of unissued shares into series and fix the maximum number of shares, if any, in each series and the rights, privileges, restrictions and conditions attached thereto;
(g) authorize the directors to change the rights, privileges, restrictions and conditions attached to unissued shares of any series;
(h) revoke, diminish or enlarge any authority conferred under paragraphs (f) and (g);
(i) increase or decrease the number of directors or the minimum or maximum number of directors, subject to subsection 163(1) and section 172;
(i.1) change the name of the company; or
(j) change the province in which the head office of the company is situated.
Marginal note:Shareholder approval
(2) The directors shall submit a by-law, or an amendment to or a repeal of a by-law, that is made under subsection (1) to the shareholders, and the shareholders may, by special resolution, confirm, amend or reject the by-law, amendment or repeal.
Marginal note:Effective date of by-law
(3) A by-law, or an amendment to or a repeal of a by-law, made under subsection (1) is not effective until it is confirmed or confirmed as amended by the shareholders under subsection (2) and, in the case of by-laws referred to in paragraph (1)(i.1), approved by the Superintendent.
- 1991, c. 45, s. 222
- 2001, c. 9, s. 507
- 2005, c. 54, s. 411
- Date modified: