1656
be void, and, where it makes any such order, may give such consequential directions as it thinks proper for the repayment of any money or the retransfer of any shares.
Where the court makes an order under this sub- section (whether with or without consequential directions) an appeal against the order and the consequential directions, if any, shall lie to the Full Court.
Prohibition of partner. ships with more than twenty
nembers.
PART XIII.
MISCELLANEOUS,
Prohibition of Partnerships with more than Twenty Members.
331. No company, association, or partnership con- sisting of more than twenty persons shall be formed for the purpose of carrying on any business (other than the business of banking) that has for its object the acquisition of gain by the company, association, 19 & 20 Geo. or partnership, or by the individual members thereof, unless it is registered as a company under this Ordin- ance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent.
5, c. 23, s. 357.
Prohibition of banking partnerships with more
than twenty
members.
19 & 20 Geo.
5, c. 23, s.358.
Liability of bank of issue un-
limited in respect of notes.
19 & 20 Geo. 5. c. 23, s. 360.
Frivileges of banks making
annual
return.
19 & 20 Geo. 5, c. 23,
s. 361. Ordinance
No. 2 of 1889.
Provisions relating to Banks,
332. Similarly, no company, association, or part- nership consisting of more than twenty persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Ordinance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent,
333.—(1) A bank of issue registered under this Ordinance as a limited company shall not be entitled to limited 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.
Provided that, 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 satisfying the re- maining 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.
(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 Ordin- ance as a limited company may state on its notes that the limited liability does not extend to its notes, and that the members of the company are liable in respect of its notes in the same manner as if it had been registered as an unlimited company.
the
334.-(1) Where Я company carrying on business of bankers has duly forwarded to the registrar of companies the annual return required by section one hundred and seven this Ordinance and has added thereto a statement of the names of the several places where it carries on business, the company shall be deemed to be a "bank" and "bankers" within the meaning of the Evidence Ordinance, 1889.
Page 130Page 131
;