COMPANIES.
No. 58 of 1911.
2029
thereto as the court may think expedient with a view to give proper information to the public, and, if the court thinks fit, the causes which led to the reduction.
reduction of
57. A company limited by guarantee and registered on or after the date of the commencement of this Ordinance, if it has a share capital, and is so authorised by its articles, may increase or reduce its share capital in the same manner and subject to the same conditions in which a company limited by shares may increase or reduce its share capital under the provisions of this Ordinance.
Increases and reduction of share capital in case of a company limited by guarantee having a share capital. 8 Edw. 7, c. 69, s. 56.
Registration of unlimited company as limited. 8 Edw. 7, c. 69, s. 57.
58.-(1) Subject to the provisions of this section, any company registered as unlimited may register under this Ordinance as limited, or any company already registered as limited may re-register under this Ordinance, but the registration of an unlimited company as a limited company shall not affect any debts, liabilities, obligations, or contracts incurred or entered into by, to, with, or on behalf of the company before the registration, and those debts, liabilities, obligations, and contracts may be enforced in manner provided by Part VII in the case of a company registered in pursuance of that Part.
(2) On registration in pursuance of this section, the Registrar of Companies shall close the former registration of the company, and may dispense with the delivery to him of copies of any documents with copies of which he was furnished on the occasion of the original registration of the company, but, save as aforesaid, the registration shall take place in the same manner and shall have the same effect as if it were the first registration of the company under this Ordinance, and as if the provisions of the Ordinance or Ordinances under which the company was previously registered and regulated had been contained in different Ordinances from those under which the company is registered as a limited company.
59. An unlimited company having a share capital may, by its resolution for registration as a limited company in pursuance of this Ordinance, do either or both of the following things, namely:-
* As amended by Law Rev. Ord., 1924.
Power of unlimited company to reserve share capital on registration.