Companies.
company and persons who, having been formerly in the employment of the company, were while in that employment, and have continued after the determination of that employment to be, members of the company; and
(c) prohibits any invitation to the public to subscribe
for any shares or debentures of the company.
(2) Where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this section, be treated as a single member.
[28
30. (1) If a company, being a private company, alters its articles in such manner that they no longer include the provisions which, under the last foregoing section, are required to be included in the articles of a company in order to constitute it a private company, the company shall, as on the date of the alteration, cease to be a private company and shall, within a period of fourteen days after the said date, deliver to the Registrar for registration a prospectus or a statement in lieu of prospectus in the form and containing the particulars set out in the Third Schedule.
(2) If default is made in complying with subsection (1) of this section, the company and every officer of the company who is in default shall be liable to a default fine of five hundred dollars.
(3) Where the articles of a company include the provisions aforesaid but default is made in complying with any of those provisions, the company shall cease to be entitled to the privileges and exemptions conferred on private companies under the provisions contained in section 31, subsection (3) of section 109, subsection (1) of section 129 and paragraph (d) of section 162, and thereupon the said provisions shall apply to the company as if it were not a private company : Provided that the court, on being satisfied that the failure to comply with the conditions was accidental or due to inadvertence or to some other sufficient cause, or that on other grounds it is just and equitable to grant relief, may, on the application of the company or any other person interested and on such terms and conditions as seem to the court just and expedient, order that the company be relieved from such consequences as aforesaid.
[29
29
[CAP. 32
stances in
pany ceases
enjoy
Circum- which com- to be, or to privileges of, company. c. 23, s. 27.
a private
19 & 20 Geo. 5,
Third Schedule.