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Companies capable of being registered,
ORDINANCE No. 3 of 1866.
Registration of Companies.
(4.) No company that is not a joint-stock company as herein-after defined, shall in pursuance of this Ordinance register as a company limited by shares.
purpose.
(5.) No company shall register in pursuance of this Ordinance unless an assent to its so registering is given by a majority of such of its members as may be present, personally or by proxy, in cases where proxies are allowed by the regulations of the company at some general meeting summoned for the
(6.) Where a company not having the liability of its members limited by Ordinance or letters patent is about to register as a limited company, the majority required to assent as aforesaid shall consist of not less than three-fourths of the members present, personally or by proxy, at such last mentioned general meeting.
(7.) Where a company is about to register as a company limited by guarantee the assent to its being so registered, shall be accompanied by a resolution declaring that each member undertakes to contribute to the assets of the company, in the event of the same being wound up, during the time that he is a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before the time at which he ceased to be a member, and of the costs, charges, and expenses of winding up the company and for the adjustment of the rights of the contributories amongst themselves, such amount as may be required not exceeding a specified amount.
In computing any majority under this section when a poll is demanded regard shall be had to the number of votes to which each member is entitled, according to the regulations of the company of which he is a member.
3. With the above exceptions, and subject to the foregoing regulations, every company existing at the time of the commencement of "The Companies Ordinance 1865," consisting of seven or more members, and any company thereafter formed in pursuance of any Ordinance other than "The Companies Ordinance 1865," or of letters patent or being