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(b) to attain its main purpose by new or improved
means; oT
(c) to enlarge or change the local area of its opera-
tions; or
(d) to carry on some business that under existing cir- cumstances may couveniently or advantageously be combined with the business of the company; or (e) to restrict or abandon any of the objects specified
in the memorandum: or
(A) to sell or dispose of the whole or any part of the
undertaking of the company; or
(g) to amalgamate with any other company or body
of persons:
Provided that, if an application is made to the court in accordance with this section for the alteration to be annulled, the alteration shall not have effect except in so far as it is confirmed by the court.
(2) An application under this section may be made- (a) by the holders of not less in the aggregate than fifteen per cent in nominal value of the company's issued share capital or any class thereof or, if the company is not limited by shares, not less than fifteen per cent of the company's members; or (b) by the holders of not less than fifteen per cent of the company's debentures entitling the holders to object to alterations of its objects.
(3) An application under this section shall be made within twenty-one days after the date on which the resolu- tion altering the company's objects was passed, and may be made on behalf of the persons entitled to make the applica- tion by such one or more of their number as they may appolot in writing for the purpose.
(4) On an application under this section the court may make an order confirming the alteration either wholly or in part and on such terms and conditions as it thinks ft, and may, if it thinks Ht, adjourn the proceedings in order that an arrangement may be made to the satisfaction of the court for the purchase of the interests of dissentient mem- bers, and may give such directions and make such orders as It may think expedient for facilitating or carrying into effect any such arrangement;
Provided that no part of the capital of the company shall be expended in any such purchase.
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(5) The debentures entitling the holders to object to alterations of a company's objects shall be any debentures secured by a floating charge that were issued or first issued before the 15th day of February, 1963, or form part of the same series as any debentures so issued, and a special resolution altering a company's objects shall require the same notice to the holders of any such debentures as to members of the company.
In default of any provisions regulating the giving of notice to any such debenture holders, the provisions of the company's articles regulating the giving of notice to mem- bers shall apply.
(6) In the case of a company that is, by virtue of a licence from the Governor, exempt from the obligation to use the word "Limited" as part of its name, a resolution altering the company's objects shall also require the same notice to the Governor as to members of the company.
(7) Where a company passes a resolution altering its objects-
(a) if no application is made with respect thereto under this section, it shall within fifteen days after the end of the period for making such an applica- tion deliver to the Registrar a printed copy of its memorandum as altered; and
(b) if such an application is made it shall-
forthwith give notice of that fact to the Registrar; and
(ii) within fifteen days after the date of any order annulling or confirming the alteration, de- liver to the Registrar an office copy of the order and, in the case of an order confirming the altera- tion, a printed copy of its memorandum as altered. The court may by order at any time extend the time for the delivery of documents to the Registrar under para- graph (6) of this subsection for such period as the court may think proper,
(8) If a company makes default in giving notice or delivering any document to the Registrar as required by subsection (7), the company and every officer of the com- pany who is in default shall be liable to a default fine of one hundred dollars a day for every day during which the default continues.