Power of company to arrange for different
amounts being paid
on shares.
8 Edw. 7 C. 69 s. 39.
Power to
166
or to receive any dividend or money payable in respect thereof, knowing the warrant, coupon, or document to be forged or altered; or (7) falsely and deceitfully personates any owner of any share or interest in any company, or of any share warrant or coupon, issued in pursuance of this Ordinance, and thereby obtains or endea- yours to obtain any such share or interest or share warrant or coupon, or reccives or enden- Yours to receive any money due to any such owner, as if the offender were the true and lawful owner,
he shall be guilty of felony, and being convicted thereof shall be liable, at the discretion of the court, to imprison- ment with hard labour for life or for any term not less than three years.
(2) If any person without lawful authority or excnse, proof whereof shall lie on him, engraves or makes on any plate, wood. stone, or other material any share warrant or coupon purporting to be a share warrant or coupon issued or made by any particular company in pursuance of this Ordinance, or to be a blank share warrant or coupou so issued or made, or to be a part of such a share warrant or coupon, or uses any such plate, wood, stone, or other material for the making or printing of any such share war- rant or coupon, or of any such blank share warrant or coupon, or any part thereof respectively, or knowingly has in his custody or possession any snel plate, wood, stone, or other material, he shall be guilty of felony, and being con- victed thereof shall be liable, at the discretion of the court, to imprisonment with har! labour for any term not exceed- ing fourteen years and not less than three years.
40. A company, if so authorised by its articles, may do any one or more of the following things; namely,-
(1) Make arrangements on the issue of shares for a difference between the shareholders in the amounts and times of payment of calls on their shares:
(2) Accept from any member who assents thereto the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up: (3) Pay dividend in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others.
41.-(1) When a company has accumulate! a sum of return ac- undivided profits, which with the sanction of the share- cumulated
holders may be distributed among the shareholders in the profits in
form of a dividend or bonus, it may, by special resolution, reduction of paid-up
return the same, or any part thereof, to the shareholders in share capital. reduction of the paid-up capital of the company, the unpaid
capital being thereby increased by a similar amount.
Ib. s. 10.
(2) The resolution shall not take effect until a memoran- dum, showing the particulars required by this Ordinance in the case of a reduction of share capital, has been pro- duced to and registered by the registrar of companies, but the other provisions of this Ordinance with respect to reduction of share capital shall not apply to a reduction of paid-up share capital under this section.
(3) On a reduction of paid-up capital in pursuance of this section any shareholder, or any one or more of several joint shareholders, may within one month after the passing of the resolution for the reduction, require the company to retain, and the company shall retain accordingly, the whole of the money actually paid on the shares held by him either alone or jointly with any other person, which, in consequence of the reduction, would otherwise be returned to him or them, and thereupon those shares shall, as regards the payment of dividend, be deemed to be paid up to the same extent only as the shares on which payment has been accepted by the shareholders in reduction of paid-up, capital, and the company shall invest and keep invested the money so retained in such securities authorised for investment by trustees as the company may determine, and on the money so invested or on so much thereof as from