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8 Edw. 7, c. 69, s. 58.
Reserve liability of limited company. 8 Edw. 7, c. 69, s. 59.
Limited company may have No. 58 of 1911.
COMPANIES.
(a) increase the nominal amount of its share capital by increasing the nominal amount of each of its shares, but subject to the condition that no part of the increased capital shall be capable of being called up except in the event and for the purposes of the company being wound up;
(b) provide that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up.
Reserve liability of limited company.
60. A limited company may by special resolution determine that any portion of its share capital which has not been already called up shall not be capable of being called up, except in the event and for the purposes of the company being wound up, and thereupon that portion of its share capital shall not be capable of being called up except in the event and for the purposes aforesaid.
Unlimited liability of directors.
61. (1) In a limited company the liability of the directors or managers, or of the managing director, may, if so provided by the memorandum, be unlimited.
directors with unlimited liability. 8 Edw. 7, c. 69, s. 60.
(2) In a limited company in which the liability of a director or manager is unlimited, the directors or managers of the company (if any), and the member who proposes a person for election or appointment to the office of the director or manager, shall add to that proposal a statement that the liability of the person holding that office will be unlimited, and the promoters, directors, managers, and secretary (if any) of the company, or one of them, shall, before the person accepts the office or acts therein, give him notice in writing that his liability will be unlimited.
(3) Every director, manager, or proposer who makes default in adding such a statement, and every promoter, director, manager, or secretary who makes default in giving such a notice, shall be liable to a fine not exceeding one thousand dollars, and shall also be liable for any damage which the person so elected or appointed may sustain from the default, but the liability of the person elected or appointed shall not be affected by the default.
* As amended by Law Rev. Ord., 1924.
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