55. (1) The directors of the company may, at any time, make a by-law:
(a) To subdivide the existing shares into shares of a smaller amount;
(b) To change the authorized shares with a par value, whether issued or not, into shares without par value, save in the case of preferred shares having preferential rights as to the principal;
(c) To change the authorized shares without par value, whether issued or not, into shares with a par value.
(2) The directors may also, at any time, whenever the par value of the existing shares of the company is less than $100 each, make a by-law consolidating them into shares of a greater par value; but no such consolidated share shall exceed the par value of $100.
(3) For the purpose of such consolidation, the company may purchase fractions of shares, and the company shall sell any such shares held by them, within a delay of two years.