(1) The articles of a company may authorise the issue of any class of shares in one or more series, and may authorise the directors to fix the number of shares in and to determine the designation, rights, privileges, restrictions and conditions attaching to the shares of each series, subject to the limitations set out in the articles.
(2) If any cumulative dividends or amounts payable on return of capital in respect of a series of shares are not paid in full, the shares of all series of the same class participate rateably in respect of accumulated dividends and return of capital.
(3) Rights, privileges, restrictions or conditions attached to a series of shares authorised under this section shall not confer upon the series a priority in respect of dividends or return of capital over any other series of shares of the same class that are then outstanding.
(4) Before the issue of shares of a series authorised under this section, the directors shall send to the Registrar articles of amendment in the prescribed form to designate a series of shares.
(5) Upon receipt from a company of articles of amendment designating a series of shares, the Registrar shall issue to the company a certificate of amendment in accordance with section 511.
(6) The articles of a company are amended accordingly on the date shown in the certificate of amendment issued under subsection (5).