Definition of
joint stock company.
8 Edw. 7 c.
69 s. 250.
Liability of
respect of notes. Ib, s. 251.
522
228. For the purposes of this Part of this Ordinance, as far as relates to registration of companies as companies limited by shares, a joint stock company means a company having a permanent paid-up or nominal share capital of fixed amount divided into shares, also of fixed amount, or held and transferable as stock, or divided and held partly in one way and partly in the other, and formed on the principle of having for its members the holders of those shares or that stock, and no other persons; and such a company when registered with limited liability under this Ordinance shall be deemed to be a company limited by shares.
229.-(1) A bank of issue registered under this Ordin- bank of issue ance as a limited company shall not be entitled to limited unlimited in liability in respect of its notes; and the members thereof shall be liable in respect of its notes in the same manner as if it had been registered as unlimited; but if, in the event of the company being wound up, the general assets are insufficient to satisfy the claims of both the note-holders and the general creditors, then the members, after satisfy- ing the remaining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note-holders out of the general assets,
Require- ments for registration by joint stock com-
panies.
Ib. s. 252.
Require- nents for
registration by other than joint stock com- panies. Ib, s. 253.
(2) For the purposes of this section the expression "the general assets means the funds available for payment of the general creditor as well as the note-holder.
(3) Any bank of issue registered under this Ordinance as a limited company may state on its notes that the limited liability does not extend to its nores and that the members of the company are liable in respect of its notes in the same mammer as if it had been registered as an unlimited company.
230. Before the registration in pursuance of this Part of this Ordinance of a joint stock company there shall be delivered to the registrar the following documents (that is to say):-
(1) A list showing the names, addresses, and occupa- tious of all persons who on a day named in the list, not being more timu six clear days before the day of registration, were members of the company, with the edilition of the shares or stock held by them respectively, distinguishing, in cases where the shares are numbered, each share by its number;
(2) A copy of any Act of Parliament, Ordinance, royal charter, letters patent. deed of settlement, contract of copariuery, cost book regulations, or other instrument constituting or rulating the company; and
(3) If the company is intended to be registered as a limited company, a statement specifying the following particulars (that is to say) :
:-
(a) The nominal share capital of the com- pany and the number of shares into which it is divided, or the amount of stock of which it consists;
(b) The number of shares taken and the amount paid on each share;
(c) The name of the company, with the addition of the word imited" as the last word thereof; and
(d) In the case of a company intended to be registered as a company limited by guar- antee, the resolution declaring the amount of the guarantee.
231. Before the registration in pursuance of this Part of this Ordinance of any company not being a joint stock company, there shall be delivered to the registrar-
(1) A list showing the names, addresses, and occupa- tions of the directors or other managers (if any) of the company; and
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