Power to pay
484
(b) in the case of shares allotted as fully or partly paid up otherwise than in cash, a contract in writing constituting the title of the allottee to such allotment together with any contract of sale, or for services or other cousideration in respect of which such allotment was made, such contracts being duly stamped, and a return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for
which they have been allotted.
(2) Where such a contract as above mentioned is not reduced to writing, the company shall within one mouth after the allotment file with the registrar of companies the prescribed particulars of the contract stamped with the same stamp duty as would have been payable if the contruer had been reduced to writing, and those particulars shall be deemed to be an instrument within the meaning of the Stamp Ordinance, 1901, or any Ordinance amending the same and the registrar may, as a condition of filing the particulars, require that the duty payable thereon be ad- judicated under section 9 of that Ordinance.
(3) If default is made in complying with the requirements. of this section, every director, manager, secretary, or other officer of the company, who is knowingly a party to the default, shall be liable to a fine not exceeding five hundred dollars for every day during which the default continues :
Provided that, in case of default in filing with the regis- trar of companies within six weeks after the allotment any document required to be flied by this section, the company, or any person liable for the default, may apply to the court for relief, and the court, if satisfied that the omission to file the document was accidental or due to inadvertence or that it is just and equitable to grant relieť, may make an order extending the time for the filing of the document for such repiod as the court may think proper.
Commissions and Discounts.
90.-(1) It shall be lawful for a company to pay a com- certain commission to any person in consideration of his subscribing or missions, and
agreeing to subscribe, whether absolutely or conditionally, prohibition of payment
for any shares in the company, or procuring or agreeing to of all other proeuro subscriptions, whether absolute or conditional, for commis.
any shares in the company, if the payment of the commis- sions, dis-
sion is authorised by the articles, and the commission paid counts, &c.
or agreed to be paid does not execed the amount or rate so authorised, and if the amount or rate per cent. of the com- mission paid or agreed to be paid is-
& Edw. 7 c. 69 s. 89.
(a) In the cases of shares offered to the public for
subscription, disclosed in the prospectus; or (6) In the case of shares not offered to the public for subscription, disclosed in the statement in lieu of prospectus, or in a statement in the prescribed form signed in like manner as B statement in lieu of prospectus and filed with the registrar of companies, and, where a circular or notice, not being a prospectus, inviting sub- scriptions for the shares is issued, also disclosed in that circular or notice.
(2) Save as aforesaid, no company shall apply any of its shares or capital money either directly or indiretly in payment of any commission, discount, or allowance, to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally for any shares of the company, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the company, whether the shares or money be so applied by being added to the purchase money of any property acquired by the company or to the contract price of any work to be executed for the company, or the money be paid out of the nominal purchase money or contract price, or otherwise.
(3) Nothing in this section shall affect the power of any company to pay such brokerage as it has heretofore been lawful for a company to pay, and a vendor to, promoter of, or other person who receives payment in money or shares
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