Amendment
Eltich Schedule.
4.
issue, there shall out of profits which would otherwise have been available for dividend be transferred to a reserve fund, to be called the capital redemption reserve fund, a sum equal to the nominal amount of the shares redeemed, and the provisions of this Ordin. ance relating to the reduction of the share capital of a company shall, except as pro- vided in this section, apply as if the capital redemption reserve fund were paid-up share capital of the company.
(2) Subject to the provisions of this section, the redemption of preference shares thereunder may be effected on such terms and in such manner as may be provided by the articles of the company.
(3) The redemption of preference shares under this section by a company shall not be taken as reduc- ing the amount of the company's authorized share capital.
(4) Where in pursuance of this section a com- pany has redeemed or is about to redeem any pre- ference shares, it shall have power to issue shares up to the nominal amount of the shares redeemed or to be redeemed as if those shares had never been issued, and accordingly the share capital of the company shall not for the purposes of the Eighth Schedule be deemed to be increased by the issue of shares in pursuance of this subsection:
Provided that, where new shares are issued before the redemption of the old shares, the new shares shall not, so far as relates to the Eighth Schedule, be deemed to have been issued in pursuance of this sub- section unless the old shares are redeemed within one month after the issue of the new shares.
(5) The capital redemption reserve fund may, notwithstanding anything in this section, be applied by the company in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares.",
Section 50 of the principal Ordinance is amended in
of section 50. subsection (3)-
7
(a) by deleting "and every balance sheet issued by the com-
pany subsequently to the issue of the shares":
(b) by deleting "document in question" and substituting the
following-
"prospectus".
9.
Section 57 of the principal Ordinance is amended- (a) in subsection (1) by deleting paragraph (g);
Amendment
of section 57.
(b) by deleting subsection (2).
10. Section 77 of the principal Ordinance is amended by Amendment deleting subsection (3).
of section 77.
11. Section 109 of the principal Ordinance is amended by Amendment deleting subsection (3) and substituting the following new sub- of section sections-
*(3) Except where the company is a private company, the annual return shall include...
(a) a copy, certified by a director or the manager or the secretary of the company to be a true copy. of every balance sheet laid before the company in general meeting during the period to which the return relates (including every document required by law to be annexed to the balance sheet); and (b) a copy, certified as aforesaid, of the report of the auditors on, and of the report of the directors ac- companying. each such balance sheet:
and where any such balance sheet, document or report is not in the English language, there shall be annexed to that balance sheet a translation in English of the balance sheet, document or report, certified in the prescribed manner to be a correct translation.
(34) If any such balance sheet as aforesaid or document required by law to be annexed thereto did not comply with the requirements of the law as in force at the date of the audit with respect to the form of balance sheets or documents aforesaid, as the case may be, there shall be made such ad- ditions to and corrections in the copy as would have been required to be made in the balance sheet or document in order to make it comply with the said requirements, and the fact that the copy has been so amended shall be stated thereon.".
109.