348
349
for "Great Britain"
do
for "hundred pounds"
for "hundred pounds"
for "Act"
do
" in England" omitted
130
-
(c) the authorised share capital of the company and the amount thereof which has been issued, the classes into which it is divided and the rights of each class of shareholders in respect of capital, dividends and voting:
(d) the dividends, if any, paid by the company on each class of shares during each of the three financial years immediately preceding the offer, and if no dividend has been paid in respect of shares of any particular class during any of those years, a statement to that effect;
(e) the total amount of any debentures issued by the company and outstanding at the date of the statement, together with the rate of interest payable thereon;
the names and addresses of the directors of the
company:
(g) whether or not the shares offered are fully paid up, and, if not, to what extent they are paid up:
(h) whether or not the shares are quoted on, or permission to deal therein has been granted by, any recognised stock exchange in the Colony or elsewhere, and, if so, which, and, if not, a statement that they are not so quɔted or that no such permission has been granted;
(1) where the offer relates to units, particulars of the names and addresses of the persons in whom the shares represented by the units are vested, the date of and the parties to any document defining the terms on which those shares are held, and an address in the Colony where that document or a copy thereof can be inspected,
In this subsection the expression "company'' means the company by which the shares to which the statement relates were or are to be issued.
(5) If any person acts, or incites, causes or procures any person to act, in contravention of this section, he shall be liable to imprisonment for a term not exceed- ing six months or to a fine not exceeding two thousand dollars or to both such imprisonment and fine, and in the case of a second or subsequent offence to imprisonment for a term not exceeding twelve months or to a fine not exceeding five thousand dollars, or to both such imprisonment and fine.
(6) Where a person convicted of an offence under this section is a company (whether a company within the meaning of this Ordinance or not), every director and every officer concerned in the management of the company shall be guilty of the like offence unless he proves that the act constituting the offence took place without his knowledge or consent.
(7) In this section, unless the context otherwise requires, the expression "shares" means the shares of a company, whether a company within the meaning of this Ordinance or not, and includes debentures and units, and the expression "unit" means any right or interest (by whatever name called) in a share, and for the purposes of this section a person shall not in relation to a company be regarded as not being a member of the public by reason only that he is a holder of shares in the company or a purchaser of goods from the company.
(8) Where any person is convicted of having made an offer in contravention of the provisions of this spe- tion, the court before which he is convicted may order that any contract made as a result of the offer shall
131
be void, and, where it makes any such order, may give such consequential directions as it thinks proper for the repayment of any money or the retransfer of any shares.
Where the court makes an order under this sub- section (whether with or without consequential directions) an appeal against the order and the consequential directions, if any, shall lie to the Full Court.
for "High Court"
PART XIII.
MISCELLANEOUS.
Prohibition of Partnerships with more than Twenty
Members.
331. No company, association, or partnership con- Prohibition sisting of more than twenty persons shall be formed of partner- ships with for the purpose of carrying on any business (other more than than the business of banking) that has for its object twenty the acquisition of gain by the company, association, members. or partnership, or by the individual members thereof, 19 & 20 Geo.
5, c. 23, unless it is registered as a company under this Ordin- ance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent
Provisions relating to Banks.
3. 357.
for "Act". added reference to Stanneries
omitted.
"partnerships
332. Similarly, no company, association, or part. Prohibition added. nership consisting of more than twenty persons shall of banking be formed for the purpose of carrying on the business with more of banking, unless it is registered as a company under than twenty this Ordinance, or is formed in pursuance of some members. other Ordinance, Act of Parliament. or of letters 5, c. 23, patent.
for "ten" Sie No. 53 of 1911, S. 2,
for "Act" added. Section 359 of Ast
19 & 20 Geo.
$.358.
issue un-
333. (1) A bank of issue registered under this Liability of Ordinance as a limited company shall not be entitled bank of to limited liability in respect of its notes, and the limited in members thereof shall be liable in respect of its notes respect of in the same manner as if it had been registered as notes.
19 & 20 Geo. unlimited.
5, c. 23, s. 360.
Provided that, if, in the event of the company being wound up, the general assets are insufficient to satisfy the claims of both the note-holders and the general areditors, then the members, after satisfying the re- maining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note-bolders out of the general assets.
(2) For the purposes of this section, the expression "the general assets" means the funds available for payment of the general creditor as well as the note- bolder.
(3) Any bank of issue registered under this Ordin- ance es a limited company may state on its notes 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 an unlimited company.
annual
834. (1) Where * company carrying on the Frivileges business of bankers has duly forwarded to the registrar of banks of companies the annual return required by section making one hundred and seven of this Ordinance and lins return. added thereto a statement of the names of the several 19 & 20 Geo.
5. c. 23, places where it carries on business, the company shall be deemed to be a "bank" and "bankers 3.361. within the meaning of the Evidence Ordinance, 1889. No. 2 of
omitted.
for "Act"
for "test".
for "eight of this Act" Ordinance peragraph (a) omitted. for "Banker Books "Evidence Act, 1849"
1889.
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