43. If authorized by the by-laws, the board of directors may issue in the name of the association preferred shares of one or more classes, the certificates for which shall state the amount, the conditions of redemption and the preferences, rights and restrictions thereof.
The holders of preferred shares shall not be entitled, as such, to receive notice of general meetings, to attend or vote thereat or to hold any office in the association.
R. S. 1964, c. 292, s. 37; 1970, c. 58, s. 13.