66
Power to company to reduce capital.
30 & 31 Vict. c. 131 s. 9.
See also s. 69 post.
Addition to name of company of words "and reduced."
Ib. s. 10;
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1865.
be required from any member exceeding the amount, if any, un-paid on the shares in respect of which he is liable as a present or past member: (5.) in the case of a company limited by guarantee, no contribution shall be required from any member exceeding the amount of the undertaking entered into on his behalf by the memorandum of association;
(6.) nothing in this Ordinance shall invalidate any provision contained in any policy of insurance or other contract whereby the liability of individual members on any such policy or contract is restricted, or whereby the funds of the company are alone made liable in respect of such policy or contract; and
(7.) no sum due to any member of the company, in his character of a member, by way of dividends, profits, or otherwise, shall be deemed to be a debt of the company payable to such member in a case of competition between himself and any other creditor not being a member of the company; but any such sum may be taken into account for the purposes of the final adjustment of the rights of the contributories amongst themselves.
Reduction of Capital.
59. Any company limited by shares may, by special resolution, so far modify the conditions contained in its memorandum of association, if authorized to do so by its regulations as originally framed or as altered by special resolution, as to reduce its capital; but no such resolution for reducing the capital of any company shall come into operation until an order of the Court is registered by the Registrar of Companies as is hereinafter mentioned.
40 & 41 Vict. c. 26 s. 4 in part.
Application to the Court for confirming order.
60. The company shall, after the date of the passing of any special resolution for reducing its capital, add to its name, until such date as the Court may fix, the words "and reduced," as the last words in its name, and those words shall, until such date, be deemed to be part of its name within the meaning of this Ordinance: Provided that where such reduction of capital does not involve either the diminution of any liability in respect of unpaid capital or the payment to any shareholder of any paid-up capital, it shall not be necessary before the presentation of the petition for confirming the reduction to add, and the Court may, if it thinks it expedient to do so, dispense altogether with the addition of, the words "and reduced."
61. A company which has passed a special resolution for reducing its capital may apply to the Court by petition for an order confirming the reduction, and, on the hearing of the petition, the Court, if satisfied...