54. (1) A company, if so authorized by its constituting act, and subject to the provisions thereof, may, with respect to any fully paid-up shares, issue under its seal a warrant stating that the bearer of the warrant is entitled to the share or shares therein specified, and may provide, by coupons or otherwise, for the payment of the future dividends on the share or shares included in the warrant hereafter termed a share warrant.
(2) A share warrant shall entitle the bearer thereof to the shares therein specified, and the shares may be transferred by delivery of the warrant.
(3) The bearer of a share warrant shall, subject to the provisions and regulations respecting share warrants contained in the constituting act, be entitled, on surrendering it for cancellation, to have his name entered on the books of the company as the holder of the shares specified in such share warrant, and the company shall be responsible for any injury sustained by any person by reason of the company entering on the books of the company the name of the bearer of a share warrant in respect of the shares therein specified without the warrant being surrendered and cancelled.
(4) The bearer of a share warrant may, if the provisions and regulations respecting share warrants so provide, be considered to be a shareholder of the company either to the full extent or for any purposes defined by such regulations. In no case however, shall the bearer of a share warrant be qualified in respect of the shares specified in the warrant for being a director of the company.
(5) On the issue of a share warrant the company shall remove from its books the name of the shareholder then entered therein as holding such share or shares, as if he had ceased to be a shareholder, and shall enter in such books the following particulars, namely:
(a) the fact of the issue of the warrant;
(b) a statement of the shares included in the warrant; and
(c) the date of the issue of the warrant.
(6) Until the warrant is surrendered, the above particulars shall be deemed to be the particulars required by this Part to be entered in the books of the company in respect of such share or shares, and, on the surrender, the date of the surrender shall be entered as if it were the date at which a person ceased to be a shareholder.
(7) Unless the bearer of a share warrant is entitled to attend and vote at general meetings, the shares represented by such share warrant shall not be counted as part of the stock of the company for the purposes of a general meeting.