70
Power to
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1865.
71.-(1.) Any company limited by shares may, 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 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.
reduce capital by cancelling unissued shares.
40 & 41 Vict. c. 26 s. 5.
Registration of unlimited company as limited.
42 & 43 Vict. c. 70 s. 4.
Power of unlimited company to provide for reserve capital on re-registration.
Ib. s. 5.
Reserve liability of limited company.
20.
Application
(2.) The preceding provisions of this Ordinance relating to the reduction of capital shall not apply to any reduction of capital made in pursuance of this section.
Unlimited Company becoming Limited.
72.-(1.) Subject as is hereinafter provided, any company registered under this Ordinance as an unlimited company may register under this Ordinance as a limited company, or any company already registered as a limited company may re-register under the provisions hereinafter contained.
(2.) The registration of an unlimited company as a limited company shall not affect or prejudice any debts, liabilities, obligations, or contracts incurred or entered into by, to, with, or on behalf of such company prior to such registration as aforesaid, and such debts, liabilities, obligations, and contracts may be enforced in manner provided by law in the case of a company registering in pursuance of this Ordinance or otherwise.
73.-(1.) An unlimited company may, by the resolution passed by the members when assenting to registration as a limited company, and for the purpose of such registration or otherwise, increase the nominal amount of its capital by increasing the nominal amount of each of its shares: Provided that no part of such increased capital shall be capable of being called up, except in the event of and for the purposes of the company being wound up.
(2.) In any case where no such increase of nominal capital is resolved upon, an unlimited company may, by such resolution as aforesaid, provide that a portion of its uncalled capital shall not be capable of being called up except in the event of and for the purposes of the company being wound up.
74. A limited company may by a special resolution declare that any portion of its capital which has not been already called up shall not be capable of being called up except in the event of and for the purposes of the company being wound up, and thereupon such portion of capital shall not be capable of being called up, except in the event of and for the purposes of the company being wound up.
75. On the registration in pursuance of section 72 of a company