1547
it shall within one month after so doing give notice thereof to the registrar of companies specifying, as the case may be, the shares consolidated, divided, -converted, subdivided, redeemed or cancelled, or the
stock re-converted.
(2) If default is made in complying with this sec- tion, the company and every officer of the company who is in default shall be liable to a default fine.
54.-(1) Where a company having a share capital, Notice of whether its shares have or have not been converted increase into stock, has increased its share capital beyond the of share registered capital, it shall within fifteen days after capital. the passing of the resolution authorising the increase, 5, c. 23, give to the registrar of companies notice of the s. 52. increase, and the registrar shall record the increase.
(2) The notice to be given as aforesaid shall include such particulars as may be prescribed with respect to the classes of shares affected and the conditions subject to which the new shares have been or are to be issued, and there shall be forwarded to the registrar of companies together with the notice a printed copy of the resolution authorising the increase.
(3) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default' fine.
19 & 20 Geo.
55. An unlimited company having a share capital Power of may, by its resolution for registration as a limited unlimited company in pursuance of this Ordinance, do either or company to both of the following things, namely:-
provide for
reserve share (1) Increase the nominal amount of its share
capital on capital by increasing the nominal amount of re-registra- each of its shares, but subject to the condition tion. that no part of the increased capital shall be 19 & 20 Geo. capable of being called up except in the event 5, c. 23, and for the purposes of the company being wound up;
(2) Provided that a specified portion of its un- called share capital shall not be capable of being called up except in the event and for the purposes of the company being wound
up.
s. 53.
56. (1) Where any shares of a company are issued Power of for the purpose of raising money to defray the company to expenses of the construction of any works or buildings pay interest
out of or the provision of any plant which cannot be made
capital in profitable for a lengthened period, the company may certain pay interest on so much of that share capital as is cases. for the time being paid up for the period and subject 19 & 20 Geo.
5, c. 23, to the conditions and restrictions in this section
s. 54. mentioned, and may charge the sum so paid by way of interest to capital as part of the cost of construction of the work or building, or the provision of plant:
Provided that
(a) No such payment shall be made unless it is authorised by the articles or by special resolution :
(b) No such payment, whether authorised by the articles or by special resolution, shall be made without the previous sanction of the court. (c) Before sanctioning any such payment the court may, at the expense of the company, appoint a person to inquire and report to them as to the circumstances of the case, and may, before making the appointment, require the company to give security for the payment of the costs of the inquiry: