1454
Prospectus, &c., to specify dates and names of any contract made prior to issue of such prospectus. [sec. 38.]
ORDINANCE No. 1 OF 1877.
Companies.
(2.) Any contract which if made between private persons would be by law required to be in writing, and signed by the parties to be charged therewith, may be made on behalf of the company in writing signed by any person acting under the express or implied authority of the company, and such contract may in the same manner be varied or discharged:
(3.) Any contract which if made between private persons would by law be valid although made by parol only, and not reduced into writing, may be made by parol on behalf of the company by any person acting under the express or implied authority of the company, and such contract may in the same way be varied or discharged:
And all contracts made according to the provisions herein contained shall be effectual in law, and shall be binding upon the company and their successors and all other parties thereto, their heirs, executors, or administrators, as the case may be.
37. Every prospectus of a company, and every notice inviting persons to subscribe for shares in any joint stock company, shall specify the date and the names of the parties to any contract entered into by the company, or the promoters, directors, or trustees thereof, before the issue of such prospectus or notice, whether subject to adoption by the directors or the company, or otherwise; and any prospectus or notice not specifying the same shall be deemed fraudulent on the part of the promoters, directors and officers of the company knowingly issuing the same, as regards any person taking shares in the company on the faith of such prospectus, unless he shall have had notice of such contract.
Company to hold meeting within four months after registration. [sec. 39.]
Meetings.
38. Every company formed under the principal Ordinance after the commencement of this Ordinance, shall hold a general meeting within four months after its memorandum of association is registered; and if such meeting is not held the company shall be liable to a penalty not exceeding twenty-five dollars a day for every day after the expiration of such four months until the meeting is held; and every director or manager...