2206
No. 58 of 1911.
COMPANIES.
the existing shares to which they are entitled. The offer shall be made by notice specifying the number of shares offered, and limiting a time within which the offer, if not accepted, will be deemed to be declined, and, after the expiration of that time, or on the receipt of an intimation from the person to whom the offer is made that he declines to accept the shares offered, the directors may dispose of the same in such manner as they think most beneficial to the company.
The directors may likewise so dispose of any new shares which (by reason of the ratio which the new shares bear to shares held by persons entitled to an offer of new shares) cannot, in the opinion of the directors, be conveniently offered under this article.
43. The new shares shall be subject to the same provisions with reference to the payment of calls, lien, transfer, transmission, forfeiture, and otherwise as the shares in the original share capital.
44. The company may, by special resolution—
(a) consolidate and divide its share capital into shares of larger amount than its existing shares :
(b) by subdivision of its existing shares, or any of them, divide the whole, or any part, of its share capital into shares of smaller amount than is fixed by the memorandum of association, subject, nevertheless, to the provisions of paragraph (d) of section 42(1) of the Companies Ordinance, 1911;
(c) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person;
(d) reduce its share capital in any manner and with, and subject to, any incident authorised, and consent required, by law.
General Meetings.
45. The statutory general meeting of the company shall be held within the period required by section 66 of the Companies Ordinance, 1911.
46. A general meeting shall be held once in every year at such time (not being more than 15 months after the holding of the last preceding general meeting) and place as may be prescribed by the company in general meeting, or, in default, at such time in the month following that in which the anniversary of the company's incorporation occurs, and at such place, as the directors shall appoint. In default of a general meeting being so held, a general meeting shall be held in the month next following, and may be convened by any 2 members in the same manner as nearly as possible as that in which meetings are to be convened by the directors.
47. The above-mentioned general meetings shall be called ordinary meetings; all other general meetings shall be called extraordinary.
48. The directors may, whenever they think fit, convene an extraordinary general meeting, and extraordinary general meetings shall
* As amended by No. 43 of 1912 Supp. Sched.