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Share 40. (1) A corporation may make pro rata distribution of its
dividends. authorized but unissued shares to holders of any class or
series of its outstanding shares subject to the following
conditions:
(i) If a distribution of shares having a par value is
made, such shares shall be issued at not less than
the par value thereof and there shall be transferred
to stated capital at the time of such distribution an
amount of surplus equal to the aggregate par value
of such shares; and
(ii) If a distribution of shares without par value is
made, the amount of stated capital to be represented
by each such share shall be fixed by the board,
unless the articles of incorporation reserved to the
shareholders the right to fix the consideration for
the issue of such shares; and there shall be
transferred to stated capital at the time of such
distribution an amount of surplus equal to the
aggregate stated capital represented by such shares.
(2) Unrealized appreciation of assets, if any, shall
not be included in the computation of surplus available for
a share dividend.
(3) Upon the payment of a dividend payable in shares,
notice shall be given to the shareholders of the amount per
share transferred from surplus.
(4) No dividend payable in shares of any class shall
be paid unless the share dividend is specifically authorized
by the vote of two-thirds of the shares of each class that
might be adversely affected by such a share dividend.
(5) A split-up or division of the issued
shares of any class into a greater number of shares of the
same class without increasing the stated capital of the
corporation shall not be construed to be a share dividend
within the meaning of this section..