(1) Subject to subsection (2), a society may issue shares at any time and for any consideration that the directors consider appropriate.
(2) Subject to the by-laws, a society shall sell its shares at their par value.
(3) A member is not liable to a society or its creditors beyond the fully paid shares and the sum remaining unpaid on the member's subscription for shares.
(4) A society shall not issue a share until it is fully paid—
(a) in money; or
(b) in property that, in the opinion of the directors, is the fair equivalent of the money that the society would have received if the share had been issued for money.
(5) For the purposes of subsection (4)(b), when determining whether property is the fair equivalent of a money consideration, the directors may take into account reasonable charges and expenses of organization and reorganization and payment for property reasonably expected to benefit the society.
(6) For the purposes of this section “property” does not include a promissory note or a promise to pay.