A toolholder assembly includes a toolholder having a toolholder shank with a non-circular cross-section, a base member having a bore with a non-circular cross-section that receives the toolholder shank, a canister positioned in the base member, a lock rod positioned in the canister, a locking ball for cooperating with the lock rod, the canister and/or the toolholder shank and an actuating element configured for cooperation with the lock rod for moving the lock rod between a locked position and an unlocked position.