Minute to form part of
memorau -
lum.
8 Eiw. 7.
Taubility of members in respect of reluced sinres. Tb - 3
of mune of cralitor. th. 34.
470
(3) Notice of the registration shall be published in such manner as the court may direct.
(4) The registrar shall certify under his hand the regis- tration of the order and minute, and his certficate shall be conclusive evidence that all the requirements of this Or- dinance with respect to reduction of share capital have been complied with, and that the share capital of the company is such as is stated in the minute,
53.--(1) The minute when registered shall be deemed to be substituted for the corresponding part of the memor- andum of the company, and shall be valid and alterable as if it had been originally contained therein; and must be embodied in every copy of the memorandum issued after its registration,
(2) If a company makes default in complying with the requirements of this section it shall be liable to a fine mot exceeding ten dollars for each copy in respect of which defnuit is made, and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
54. A member of the company, past or present, -ball not be liable in respect of any share to any call or contri- bution exceeding in amonu the difference (if any) between the amount paid, or (as the case may be) the redneed amount, if any, which is to be deemed to have been paid, ou the share and the amount of the share as fixed by the sui-
mute :
Provided that if any creditor, entitled in respect of any debt or claim to object to the reduction of share capital, is. by reason of his ignorance of the proceedings for reduction, or of their nature and effect with respect to his claim, not entered on the list of creditors, and, after the reduction, the company is unable, within the meaning of the provisions of this Ordinance with respect to winding up by the court, to pay the amount of his debt or claim, then-
every person who was a member of the company at the date of the registration of the order for reduction and minute, shall be liable to constri- bate for the payment of that debt or claim an amomt not exceeding the amount which be would have been liable to contribute if the com- pany had commenced to be wound up on the day before that registration; and
(90) if the company is wound up, the court, on the application of any such creditor, and proof of his ignorance as aforesaid may, if in thinks fit, settle accordingly a list of persous so liable to contribute, and make and enforce calls and orders on the contributories sertled on the list as if they were ordinary contributories in a winding up.
Nothing in this section shall affect the rights of the contributories among themselves.
Venuity on
55. If any director, manager, or officer of the company Postcealment wilfully conécals the name of any creditor entitled to abjeet to the reduction, or wilfully misrepresents the nature or amount of the debt or claim of any creditor, or if any director or manager of the company aids or abets in or is privy to any such concealment or misrepresentation as aforesaid, every such director, manager, or officer shall be guilty of a misdemeanor,
Fabications
of reasons for reduction.
1b. 8. 55.
56. In any ease of reduction of shate capital, the court may require the company to publish as the court directs the reasons for reduction, or such other information in regard thereto as the court may think expedient with a view to give proper information to the public, aud, if the court thinks fir, the cases which led to the reduction.