46. The board of directors, if authorized by by-law, may issue preferred shares to any person or partnership.
The board shall determine the amount of and the preferences, rights and restrictions attached to the shares and the conditions of their redemption, repayment or transfer.
Such shares may be issued in series of the same class. The interest rate may be different for each series.
1982, c. 26, s. 46; 1995, c. 67, s. 26; 2003, c. 18, s. 24.