2096
Notice of increase of share capital.
or of mem- bers.
8 Edw. 7 c. 69 s. 44.
Reorganisa- tion of
No. 58 of 1911.
COMPANIES.
company, and the list of members to be forwarded to the Registrar, shall show the amount of stock held by each member instead of the amount of shares and the particulars relating to shares hereinbefore required by this Ordinance.
45.-(1) Where a company having a share capital, whether its shares have or have not been converted into stock, has increased its share capital beyond the registered capital, and where a company not having a share capital has increased the number of its members beyond the registered number, it shall give to the Registrar of Companies, in the case of an increase of share capital, within 28 days after the passing, or in the case of a special resolution the confirmation, of the resolution authorising the increase, and in the case of an increase of members within 15 days after the increase was resolved on or took place, notice of the increase of capital or members, and the Registrar shall record the increase.
(2) If a company makes default in complying with the requirements of this section it shall be liable to a fine not exceeding 50 dollars for every day during which the default continues, and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
46. (1) A company limited by shares may, by special resolution confirmed by an order of the Court, modify the conditions contained in its memorandum so as to reorganise its share capital, whether by the consolidation of shares of different classes or by the division of its shares into shares of different classes:
ib. s. 45.
Provided that no preference or special privilege attached to or belonging to any class of shares shall be interfered with except by a resolution passed by a majority in number of shareholders of that class holding three-fourths of the share capital of that class and confirmed at a meeting of shareholders of that class in the same manner as a special resolution of the company is required to be confirmed, and every resolution so passed shall bind all shareholders of the class.
(2) Where an order is made under this section an office copy thereof shall be filed with the Registrar of Companies within 7 days after the making of the order, or within such further time as the Court may allow, and the resolution shall not take effect until such a copy has been so filed.