C-38 - Companies Act

Full text
56. The by-law ordering the change contemplated by paragraph c of subsection 1 of section 55 must mention what the capital of the company shall be in future. For such purpose, the shares issued without par value and replaced by shares with a par value shall be considered as fully paid, but their aggregate par value shall not exceed the value of the net assets of the company as represented by the shares without par value issued before the change.
R. S. 1964, c. 271, s. 53.