886
obligations incurred
previously to registration.
Continuation
of existing
actions and suits.
Effect of
registration
in pursuance of this Ordinance.
ORDINANCE No. 3 OF 1866.
Registration of Companies.
or any contract entered into, by, to, with, or on behalf of such company previously to such registration.
17. All such actions, suits, and other legal proceedings as may at the time of the registration of any company registered in pursuance of this Ordinance have been commenced by or against such company, or the public officer or any member thereof, may be continued in the same manner as if such registration had not taken place; nevertheless, execution shall not issue against the effects of any individual member of such company upon any judgment, decree, or order obtained in any action, suit or proceeding so commenced as aforesaid; but in the event of the property and effects of the company being insufficient to satisfy such judgment, decree or order, an order may be obtained for winding up the company.
18. When a company is registered in pursuance of this Ordinance, all provisions contained in any Ordinance, deed of settlement, contract of copartnery, letters patent, or other instrument constituting or regulating the company, including, in the case of a company registered as a company limited by guarantee, the resolution declaring the amount of the guarantee, shall be deemed to be conditions and regulations of the company, in the same manner and with the same incidents as if they were contained in a registered memorandum of association and articles of association; and all the provisions of "The Companies Ordinance 1865" shall apply to such company and the members, contributories and creditors thereof, in the same manner in all respects as if it had been formed thereunder, subject to the provisions following; that is to say:
(1.) That table A, in the first schedule to "The Companies Ordinance 1865" shall not, unless adopted by special resolution, apply to any company registered in pursuance of this Ordinance:
(2.) That the provisions of "The Companies Ordinance 1865” relating to the numbering of shares shall not apply to any joint-stock company whose shares are not numbered:
(3.) That no company shall have power to alter any provision contained in any Ordinance relating to the company: