a limited
banking
company
12
(2) Where with the object of keeping debentures alive for the purpose of re-issue they have either before or after the passing of this Ordinance been transferred to a nomines of the company, a transfer from that nominee shall be decmed to be a re-issue for the parposes of this section.
(3) Where a company has either before or after the passing of this Ordinance deposited any of its debentures to secure advaneos from time to time on current acconut or otherwise, the debentures shall not be deemed to have heen redeemed by reason only of the account of the company having ceased to be in debit whilst the debentures remained so deposited.
(4) The re-issue of a debenture or the issue of another debenture in its place under the power by this section, given to, or deemed to have been possessed by, a conspany, whether the re-issue was made before or after the passing of this Ordinaure, shall be treated as the issue of a new debenture for the purposes of stamp duty, bon it shall not he so treated for the purposes of any provision limiting the amount or number of debentures to be issued:
Provided that any person finding money on the security of a debenture re-issued mder this section which appears to be duly stamped may give the debenture in evidence in any proceedings for euforring his security without payment of the stamp duty or any penalty in respect thereof, unless he had notice or, but for his negligence, might have dis- covered, that the debenture was not duly stamped, but in any such case the company shall be liable to pay the proper stamp duty and penalty.
(5) Nothing in this sertion shall prejudice-
(a) the operation of any judgment or order of a euurt of competent jurisdiction prononuced or made before the date of the coming into operation of this Ordinance as between the parties to the proceedings in which the judg- ment was pronounced"" or the order made, and any appeal from any such judgment or order shall he decided as if this Ordinance had not been passed; or
(4) my power to issue debeutres in the place of any debentures paid off or otherwise satisfied
er extinguished, reserved to a company by
its debeunes or the securities for the same.
10%. A contrnet with a company to take up and pay specific per- for any debentures of the company may be enforced by an formance of order for specific performancA,
contract to
subscribe for debentures.
8 Edw. 7 c. 49 s. 105.
feating
108.-(1) Where either a receiver is appointed on Payments of behalf of the bolders of any debentures of a company certain debts secured by a Boating charge, or possession is taken by or out of assets on behalf of these deboutare holders of any property com- subject to prised in or subject to the charge, then, if the company change in is not at the time lu course of being wound up, the debis priority to which in every winding-up are under the provisions of claim under Part IV of this Ordinance relating to preferential pay 7. 6, 107.
the charge. ments to be paid in priority to all other debts, shall be paid forthwith our of any assets coming to the hands of the receiver or other peisou taking possession as aforesaid in priority to any clito for principal or interest in respect of the debentures.
(2) The periods of time mentioned in the said provisions of Part IV of this Ordinance shall be reckoned from tho date of the appointment of the receiver or of possession being taken as aforesaid, as the enso may be.
(3) Any payments made under this section shall Le recouped as far as may be out of the assets of the company available for payment of general creditors,
Statement to be published by Banking and certain other Companies,
statement in
109.—(1) Every company being[] an insurance company Certain or a deposit, provident, or benefit Society shall, before it
companies commences business, and also on the first Monday in te publish February and the first Tuesday in August in every year schedule. during which it carries on business, make a statement in 7, 2, 108, the form marked C in the First Schedule to this Ordinance as near thereto as circumstanece will admit.
Investiga.
tion of Aahs of
43
(2) A copy of the slurement shall be put up in a con- spicuous place in the registered office of the company, and in every branch office or place where the business of the company is carriel on,
(3) Every member and every creditor of the company eball be entitled to a copy of the statement, on payment of a smo not exceeding twenty-five cents.
(4) If defanit is made in compliance with this section, the company shall be liable to a fiue not exceeding fifty dollars for every day during which the default continnes; and every director and manager of the company who know- ingly and wilfully authorises or permits the default shall be liable to the like penalty.
(5) For the purposes of this Ordinanec a company that earries on the business of insurance in common with any other business or businesses shall be deemed to be an insurance company.
(6) This section shall not apply to any Life Insurance Company to which the provisions of the Life Insurance Companies Ordinances 1907 ami 1909, as to the ammoni statement to be made by such a company, apply with or without modifications, if the company complies with those provisions.
Inspection and Audit.
110-() The [Governor] way appoint one or more Court competent inspectors to investigate the affairs of any vom- company by pany and to report thereon in such manner as the [Governor] Court
inspectors.
1. 8. 109.
directs
(i) In the case of a banking company having a share capital, on the application of members holding nor less than one third of the shares issued:
(i) In the ease of any other company having a share capital, on the application of members holding not less than one tenth of the shares issued:
(i) In the case of a company not having a share capital, ou the application of not less than one fifth in number of the persons on the company's register of members,
(2) The application shall he supported by such evidenen
as the [Governor may require for the purpose of showing that Court
the applicants have good reason for, and are not actuated
by malicious motives in requiring, the investigation; and
the Governor] may, before appointing an inspector, require Court the applicants to give security for payment of the costs of the inquiry.
(3) It shall be the duty of all oflicers anal agents of the company to produce to the inspectors all books and doen- ments in their custody or power.
(4) An inspector may examine on oath the offieers and agents of the company in relation to its business, and may administer an oath necordingly.
(5) If any officer or agent refuses to produce any book or document which under this section it is his duty to produce, or to answer any question relating to the affairs of the company, be shall be liable to a fine not exceeding fifty dollars in respect of each offeuco.
(6) On the conclusion of the investigation the inspectors
shall report their opinion to the [Governor], and a copy of Court the report shall be forwarded by the [Colonial Secretary] to Registrar
the registered office of the company, and a further copy of the shall, at the request of the applicans for the investigation, Court he delivered to them.
The report shall be written or printed, as the [Governor] Court may direct.
(7) All expenses of and incidental to the investigation shall be defrayed by the applicants, unless the court direer the same to be paid by the company, which the court is hereby authorised to do.
322