Marginal note:Stated capital of continued bank
67 (1) Where a body corporate is continued as a bank under this Act, the bank shall record in the stated capital account maintained for each class and series of shares then outstanding an amount that is equal to the aggregate of
(a) the aggregate amount paid up on the shares of each class and series of shares immediately before the body corporate was so continued, and
(b) the amount of the contributed surplus of the bank that is attributable to those shares.
Marginal note:Contributed surplus entry
(2) The amount of any contributed surplus recorded in the stated capital account pursuant to paragraph (1)(b) shall be deducted from the contributed surplus account of the bank.
Marginal note:Shares issued before continuance
(3) Any amount unpaid in respect of a share issued by a body corporate before it was continued as a bank under this Act and paid after it was so continued shall be recorded in the stated capital account maintained by the bank for the shares of that class or series.
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