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own vote. True it is that the reduction is to be confirmed by the court. No right to enquire and decide as to the propriety of any such reduction is given to the Court but there is a provision for ascertaining assenting creditors. This out will subject and providing for the Court to the labour of ascertaining who are creditors at the time which in the larger proportion of a company's debts would be on Bills of Exchange - the holders of which it is impossible to ascertain. As Chief Judge of the Court I assert that the Court could not effectually carry out these provisions as they stand.
Clauses 20 and 21 authorise every company to subdivide its shares it may be even down to $1 a share without any external control and without notice to the world in general. This is most objectionable. Credit is properly given to character as much as to capital and when shares are of $5,000 or even $100 each men of the lowest means are excluded but when shares are greatly reduced men of no means can speculate elect the Directors and influence all the Company's transactions.
Clauses 26 to 35 provide for the issue of share warrants vesting the property in a share without...
me. 776 & 8 18154