5. (1) If applied for in the petition for the incorporation of the company or for supplementary letters patent, it shall be stated in the letters patent that the shareholders incur no personal responsibility in excess of the amount of the price paid or agreed to be paid to the company for its shares.
Such limitation of liability shall thereafter exist if no share of the company be issued under par or for a price different from that previously determined by the company; or if, being issued at a discount or at a different rate, such discount or rate and all other terms and conditions, if any, of the issue, be authorized by a by-law of the company, and a duly certified copy of such by-law be sent by registered or certified letter, within thirty days of its having been passed, to the Minister of Consumer Affairs, Cooperatives and Financial Institutions.
(2) Such by-law must be ratified at a meeting of the shareholders, called by a notice specifying the terms of the proposed issue.
(3) Every stock certificate issued in accordance with this section shall bear, under or after the name of the company, the words, in red ink, “Incorporated under the Mining Companies Act” and also the words “Subject to call”, if the certificate refer to a share subject to call, or the words “Not subject to call”, if it refer to a share not subject thereto.
(4) The charter, prospectus, stock certificates, bonds, contracts, agreements, notices, advertisements and other official publications of such company, bills of exchange, promissory notes, endorsements, cheques, orders for money or goods, signed for or by the company, and all invoices, receipts and the seal of the company, shall bear, after or under the name of the company, the words “No personal liability”.