459
14. Subject to the provisions of this Ordinance and to Alteration of the conditions contained in its memorandum, a company articles by may by special resolution alter or add to its articles; and special reso any alteration or addition so made shall be as valid as if 8 Edw. 7 e. originally contained in the articles, and be subject in like 69 s. 13. manner to alteration by special resolution.
General Provisions.
lution.
articles.
15.-(1) The memorandum and articles shall, when re- Effect of gistered, bind the company and the members thereof to the memoran- same extent as if they respectively had been signed and dum and sealed by each member, and contained covenants on the part 1, s. 14. of each member, his heirs, excentors, and administrators, to observe all the provisions of the memorandum and of the articles, subject to the provisions of this Ordinance.
(2) All money payable by any member to the company under the memorandum or articles shall be a debt due from him to the company, and shall be of the nature of a specialty debt.
16. The memorandum and the articles (if any) shall be Registration delivered to the registrar of companies, and he shall retain of memoran- and register them,
dum and articles. 1b, s. 15.
17.-(1) On the registration of the memorandum of a Effect of company the registrar shall certify under his hand that the registration. company is incorporated, and in the case of a limited b. s. 16. company that the company is limited.
(2) From the date of incorporation mentioned in the certificate of incorporation, the subscribers of the memor- andum together with such other persons as may from time to time become members of the company, shall he a body corporate by the name contained in the memorandum, capable forthwith of exercising all the functions of an incorporated company, and having perpetual succession and a common seal, with power to hold lands, but with such Hiability on the part of the members to contribute to the assets of the company in the event of its being wound up as is mentioned in this Ordinance,
corporation.
18.—(1) A certificate of incorporation given by the Conclusive- registrar in respect of any association shall be conclusive Dess of cer- evidence that all the requirements of this Ordinance in tificate of in- respect of registration and of matters precedent and 73, s. 17. incidental thereto have been complied with, and that the association is a company authorised to be registered and duly registered under this Ordinance,
(2) A statutory declaration by a solicitor engaged in the formation of the company, or by a person named in the articles as a director or secretary of the company, of compliance with all or any of the said requirements shall be produced to the registrar, and the registrar may accept such a declaration as sufficient evidence of compliance.
19.-(1) Every company shall send to every member, copies of at his request, and on payment of fifty cents or such less memoran- sum as the company may prescribe, a copy of the memor- andum and of the articles (if any),
(2) If a company makes default in complying with the requirements of this section, it shall be liable for each offence to a fine not exceeding ten dollars.
Associations not for Profit.
dum and articles to be given to members. b. s. 18.
20. A company formed for the purpose of promoting Restriction art, science, religion, charity, or any other like object, not on charitable
and other involving the acquisition of gain by the company or by its
Companies individual members, shall not, without the licence of the holding land. Governor, hold more than two acres of land; but the 7, s. 19. Governor may by licence empower any such company to hold lands in such quantity, and subject to such conditions, as he may think fit.
21-(1) Where it is proved to the satisfaction of the Power to dis- Governor that an association about to be formed as a penso with limited company is to be formed for promoting commerce, in name of ** Limited" art, science, religion, charity, or any other useful object, charitable" and intends to apply its profits (if any) or other income in and other
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