€
898
44. The company may, by special resolution---
(4) Consolidate and divide its share capital into shares of larger amount than its existing shares : (b) By subdivision of its existing shares, or any of them, divide the whole, or any part, of its share capital into shares of smaller amount than is fixed by the memorandum of association, subject, nevertheless, to the provisions of para- graph (d) of subsection (1) of section 42 of the Companies Ordinance, 1911:
(e) Cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person:
(d) Reduce its share capital in any manner and with, and subject to, any incident authorised, and consent required, by law.
General Meetings.
45. The statutory general meeting of the company shall be held within the period required by section 65 of the Companies Ordinance, 1911. ·
46. A general meeting shall be held once in every year at such time (m-1 being more than fifteen months after the holding of the last preceding general meeting) and place as may be prescribed by the company in general meeting, or, in default, at such time in the month following that in which the anniversary of the company's incorporation occurs, and at such place, as the directors shall appoint. In default of a general meeting being so held, a general meeting shall be held in the mouth next following, and may be convened by any two members in the same manner as nearly as possible as that in which meetings are to be
ouvened by the directors,
47. The above-mentioned general meetings shall be called orinary meetings; all other general meetings shall be caled extraordinary.
48. The directors may, whenever they think fit, convene an extrerary general meeting, and extraordinary genera[ weerings si ii also be convened on such requisition, or, in d.lault, may be convened by such requisitionists, as provided by section 67 of the Companies Ordinance, 1911. If any time there are not in the place where the company has its head office sufficient directors capable of acting to form a quorum, any director or any two mem- bers of the company may couveue an extr¡ordinary general meeting in the same manner as nearly as possible as that n which meetings may be convened by the directors.
Proceedings at General Meeting.
49. Seven days' notice at the least (exclusive of the day on which the notice is served or deemed to be served, but inclusive of the day for whieb notice is given) specifying the pince, 1 e day, and the hour of meeting and, in case of special busi (88, the general nature of that business shall be given in manner hereinafter mentioned, or in such other manner, if any, as may be prescribed by the company in general meeting, to such persons as are, under the regula- tions of al company, entitled to receive such notices from the company; but the non-receipt of the notice by any member shall not invalidate the proceedings at any general meeting.
50. All business shall be deemed special that is trans- acted at an extraordinary meeting, and all that is trans- acted ar an ordinary meeting, with the exception of sanctioning a dividend, the consideration of the accounts, Talunce-sleuts, and the cadinary report of the directors and auditors, the election of direcurs and other officers in the place of these retiring by rotation, and the fixing of the remuneration of the auditors,
51. No bajsiness shall be transacted at any general meet- ing unless a quorum of members is present at the time when the meeting proceeds to business; save as herein otherwise provided, three members personally present shall be a querum.