Alteration of Capital, Objects and Powers
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34. (1) |
Subject to confirmation by letters patent
in accordance with this section, the company may, when authorized by by-law
sanctioned by at least two-thirds of the votes cast at a special general
meeting of the shareholders called for the purpose,
(a)
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extend the
objects of the company to include any objects, other than broadcasting, for
which a company may be incorporated under the Canada Corporations Act, chapter C-32 of the Revised Statutes of
Canada, 1970;
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(b)
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reduced,
limit, amend or vary the objects or powers of the company;
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(c)
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reduce the
number of shares authorized;
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(d)
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increase,
decrease or otherwise alter the authorized capital of the company; or
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(e)
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cancel any
shares of the company that, at the date of the enactment of the by-law, have
not been subscribed for or agreed to be issued, and diminish the amount of
the authorized capital of the company by the amount of the shares so
cancelled.
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(2) |
The member
of the Queen's Privy Council for Canada charged with the administration of the Canada Corporations Act, chapter C-32 of
the Revised Statutes of Canada, 1970, may issue letters patent for the purpose
of this section and the letters patent shall be laid before Parliament not
later than fifteen days after their issue or, if Parliament is not then sitting,
on any of the first five days next thereafter that either House of Parliament
is sitting.
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(3) |
The
letters patent referred to in subsection (2) become effective on the thirtieth
sitting day after they have been laid before Parliament unless before that day
either House of Parliament resolves that the letters patent shall be annulled,
in which case the letters patent are thereupon annulled and of no effect. R.S.,
c. T-4, s. 33.
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