Preference Share Clause Samples

Preference Share. In the event the corporation shall at any time declare or pay any dividend on the Common Shares payable in Common Shares, or effect a subdivision or combination or consolidation of the outstanding Common Shares (by reclassification or otherwise than by payment of a dividend in Common Shares) into a greater or lesser number of Common Shares, then in each such case the amount of the quarterly dividend which holders of Series II Preference Shares were entitled immediately prior to such event pursuant to the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event.

Preference Share. The "Adjustment Number" shall initially be 1000. In the event the Company shall at any time after December 1, 1998 (the "Rights Declaration Date") (i) declare and pay any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares or (iii) combine the outstanding Common Shares into a smaller number of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator of which is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event.

Preference Share. If, upon the occurrence of a liquidation, the assets and funds distributed among the holders of the Class D Preference Shares are insufficient to permit the payment to such holders of such amounts specified in the foregoing sentence per Class D Preference Share held, then the remaining assets and funds of the Company shall be distributed ratably among the holders of the Class D Preference Shares in proportion to the amount of such Class D Preference Shares owned by each such holder.

Preference Share. Evidence that Shell Capital Limited has executed such document or documents as are necessary under the terms of the Warrant Agreement to effect a transfer of the Warrants to the Buyer.

Preference Share. If any fractional interest in a Common Share would, except for the provisions of this Section, be deliverable upon the conversion of any Series A Preference Share, the Corporation shall issue or cause to be issued to the Holder of such surrendered Series A Preference Share a non-voting and non-dividend-bearing scrip certificate or certificates transferable by delivery entitling the Holder thereof and of other similar certificates aggregating one full Common Share, upon surrender of such certificates for consolidation at such place in Canada as may be designated therein, to obtain from the Corporation a full Common Share and to receive a share certificate therefor, as well as a further scrip certificate representing the excess, if any, over one full Common Share of the scrip certificates surrendered for consolidation. Such scrip certificates shall be in such form and shall be subject to such terms and conditions as the Corporation may determine and shall provide that the same shall be null and void on and after a date to be fixed by the Directors, but no such date shall be less than one year following the date of issue of the scrip certificate concerned.

Preference Share. Conditions of the Offer for The Offer shall be subject to the following conditions only, each of which shall be for the the Shares: exclusive benefit of the Offeror and may be waived only in writing by the Offeror in its sole discretion. The failure by the Offeror at any time to exercise any of the following conditions shall not be deemed a waiver of any such condition, the waiver of any such condition with respect to particular facts and other circumstances shall not be deemed a waiver with respect to any other facts and circumstances, and each such condition shall be deemed an ongoing condition that may be asserted at any time and from time to time by the Offeror. Any determination by the Offeror concerning any event or other matter described in the following conditions shall be final and binding upon all Securityholders and the depositary.