I
J
(2) All fees paid to the registrar in pursuance of this Ordinance shall be paid to the Colonial Treasurer.
PART VI
APPLICATION OF ORDINANCE TO COMPANIES
FORMED AND REGISTERED UNDER
FORMER ORDINANCES.
former
Ordinances.
225. In the application of this Ordinance to existing Application companies, it shall apply in the same manner in the case of Ordinance of a limited company, other than a company limited by to companies guarantee, as if the company had been formed and registered formed nuder ander this Ordinance as a company limited by shares in the case of a company limited by guarantee, as if the com- b. s. 245. pany had been formed and registered nuder this Ordinance as a company limited by gaurantee; and in the case of a company other than a limited company, as if the company had been formed and registered under this Ordinance as an nulimited company:
Provided that reference, express or implied, to the date of registration shall be construed as a reference to the date
at which the company was in fact registered.
228. This Ordinance shall apply to every company Application registered but not formed under the Companies Ordinance, of Ordinance 1865, or the Companies (Registration) Ordinance, 1566, in to companies the same manner as it is hereinafter in this Ordinanco registered declared to apply to companies registered but not forniel ander former
Companies under this Ordinance.
Ordinances.
Provided that reference, express or implied, to the date of registration shall be construed as a reference to the date. at which the company was registered under the Companies Ordinance. 1865, or the Companies (Registration) Ordin- ance, 1866 as the case may be.
PART VII.
COMPANIES AUTHORISED TO REGISTER UNDER THIS ORDINANCE.
227.--(1) With the exceptions and subject to the provisions mentioned and contained in this section,--
1. 8, 246.
Companies
more
capable of being regis tered.
9 Edw. 7o.
() any company consisting of seven
members, which was formed for the purpose of earrying on the business of banking, and which 69 8. 249. was in existence at the time of the commence- ment of this Ordinance;
(i) any company consisting of seven
or mure
members, which was in asistence on the first day of May eighteen nudred and sixty-five; (i) any company formed after the date aforesaid,
whether before or after the commencement of this Ordinance in pursuance of any Ordinance other than this Ordinance, or being otherwise duly constituted by law, and consisting of seven ar more members;
may at any time register under this Ordinance as an un- limited company, or as a company limited by shares, or as
a company limited by guarantee; and the registration shall
not be invalid by reason that it has taken place with a view to the company being wound up.
(2) Provided as follows :--
(4) A company having the liability of its members limited, and not being a joint stock company as hereinafter defined, shall not register in pursmanee of this section:
(b) A company having the liability of its members limited, shall not register in pursuance of this section as an unlimited company or as a conu- pany limited by guarantee:
(e) A company that is not a joint stock company
as hereinafter defined shall not register in paraunnce of this section as a company limited by shores:
Definition of joint stock company. 8 Etiw. 7 e 69 s. 250.
respect of notes.
Ib. s. 251.
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(d) A company shall not register in pursuance of this section without the assent of a majority of such of its members as are present in person or ly proxy (in cases where proxies are allowed by the regulations of the company) at a general meeting summoned for the purpose:
(e) Where a company not having the liability of its members limited is about to register as a limited company, the majority required to assent as aforesaid shall consist of not less than three- fourths of the members present in person or by proxy at the meeting:
() Where a company is about to register as a company limited by guarantee, the assent to its being so registered shall be accompanied by a resolution declaring that cuch meniber under- takes to contribute to the assets of the company, in the event of its being wound up while he is a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before be ceused to be a mombor, and of the costs and expenses of wind- ing up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding specified amount.
2
(3) In computing any roajority under this section when a poll is demanded regard shali he had to the number of votes to which each member is entitled according to the regulations of the company.
(4) A company registered under the Companies Ordin- ance, 1865, or the Companies Registration Ordinance, 1866, shall not be registered in pursuance of this section.
228. For the purposes of this Part of this Ordinance, as far as relates to registration of companies as companies limited by shares, a joint stock company means a company having a permanent paid-up or nominal share capital of fixed amount divided into shares, also of fixed amount, or held and transferable as stock, or divided and hold partly in one way and partly in the other, and formed on the principle of having for its members the holders of those shares or that stock, and no other persons; and such a company when registered with limited liability under this Ordinance shall be deemed to be a company limited by shares.
Liability of 229.-(1) A bank of issue registered under this Ordin- bank of issae auce as a limiter! company shall not be entitled to limited unlimited in liability in respect of its notes; and the members thereof shall be liable in respect of its notes in the same inauer as if it had been registered us nulimited; but if, in the eveut of the company being wound up, the general assets are insufficient to satisfy the eluims of both the more-holders and the general creditors, then the members, after satisfy- ing the remaining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general crolitors a sum equal to the amout received by The note-holders ont of the general assets.
Bequire- ments for registration
by joint stock com- panies. Ib. B. 252.
(2) For the purposes of this section the expression "The general assets means the fands available for payment of the general creditor as well as the note-holder.
(3) Any bank of issue registered under this Ordinance as a limited company may state on its uotes that the limited liability does not extend to its notes, and that the members of the company are liable in respect of its notes in the same manner as if it had been registered as au unlimited company.
230. Before the registration in pursuance of this Part of this Ordinance of a joint stock company there shall be delivered to the registrar the following documents (that is to say) :-
(1) A list showing the uames, addresses, and occupa- tions of all persons who on a day named in the list, not being more than six clear days before the day of registration, were members of the
337