1112
THE HONGKONG GOVERNMENT GAZETTE, 27TH NOVEMBER, 86.
Power to
reduce
capital by the Cancelling of ubissued shares. [Ibil, s. 5.]
Reception as legal evidence of certified copies. [Ibid, s. 6.]
Accumulated profits may be returned to Shareholders in reduction of paid-up capital.
[43 V. c. 19, ĕ. 3.1
No resolution to take effect till particu lars have been registered.
[43 V. c. 19, B. 4.]
Power to any
Shareholder within one month after passing of
resolution to require Company to retain moneys paid upon shares held by such person. [43 V. c. 19, 8. 5.1
The minute required to be registered in the case of re- duction of capital shall show, in addition to the other particulars required by law, the amount (if any) at the date of the registration of the minute proposed to be deemed to have been paid up on each share.
6 Any company limited by shares may so far modify the conditions contained in its memorandum of Association, if authorised so to do by its regulations as originally framed or as altered by special resolution, as to reduce its capital by cancelling any shares which, at the date of the passing of such resolution, have not been taken or agreed to be taken by any person; and the provisions of "the Companies Ordinance, 1877" shall not apply to any reduction of capital made in pursuance of this section.
7. And whereas it is expedient to make provision for the reception as legal evidence of certificates of incorpora- tion other than the original certificates, and of certified copies of and extracts from any documents filed and regis- tered under the Companies Ordinances 1865 to 1886: Be it enacted, that any certificate of the incorporation of any company given by the Registrar of Companies shall be received in evidence as if it were the original certificate; and any copy of or extract from any of the documents or part of the documents kept and registered at the office for the registration of joint Stock Companies within the Colony, if duly certified to be a true copy under the hand of the Registrar of Companies and whom it shall not be necessary to prove to be such Registrar, shall, in all legal proceedings, civil or criminal, and in all cases whatsoever, be received in evidence as of equal validity with the original document.
PART IV.
Accumulated Profits.
8. When any company has accumulated a sum of un- divided profits, which with the consent of the shareholders may be distributed among the shareholders in the form of a dividend or bonus, it shall be lawful for the company, by special resolution, to return the same, or any part thereof, to the shareholders in reduction of the paid up capital of the company, the unpaid capital being thereby increased by a similar amount. The powers vested in the directors of making calls upon the shareholders in respect of moneys unpaid upon their shares shall extend to the amount of the unpaid capital as augmented by such reduction.
9. No such special resolution as aforesaid shall take effect until a memorandum, showing the particulars re- quired by law in the case of a reduction of capital by order of the Court, shall have been produced to and registered by the Registrar of Companies.
10. Upon any reduction of paid up capital made in pur- suance of this Ordinance, it shall be lawful for any share- holder, or for any one or more of several joint shareholders, within one month after the passing of the special resolution for such reduction, to require the company to retain, and the company shall retain accordingly, the whole of the moneys actually paid upon the shares held by such person, either alone or jointly with any other person or persons, and which, in consequence of such reduction, would other- wise be returned to him or them, and thereupon the shares in respect of which the said moneys shall be so retained shall, in regard to the payment of dividends thereon, be deemed to be paid up to the same extent only as the shares on which payment as aforesaid has shareholders in reduction of their company shall invest and keep in retained in such securities, as may Supreme Court, and upon the money so
accepted by the apital, and the he moneys so thorised by the invested, or upon
so much thereof as from time to time exceeds the amount of calls subsequently made upon the shares in respect of which such moneys shall have been retained, the com- pany shall pay such interest as shall be received by them from time to time on such securities, and the amount so retained and invested shall be held to represent the future calls which may be made to replace the capital so reduced on those shares, whether the amount obtained on sale of the whole or such proportion thereof as represent the amount of any call when made, produces more or less than the amount of such call.
ገ
1