Desire the Governor to pass the General Ordinance, but to modify the 38th section of The English Acts, by which the Prospectus of a new Company is to specify any contract made therein.
request to Inform Sir John Jardine that the Governor has considered his protest, and thanks him for his observations. His Lordship has noted that as Chief Justice of the Court, he asserts that the Court could not effectively carry out the provisions as in England. But that his Lordship's attention has been drawn to the sections of the English Act, particularly the 13th, which the court would apply. The Court would refuse to make an order confirming the reduction, unless The Company seeking The Winding-Up produced the consent of some Debenture-holder, in proof that all claims upon every Debenture have been discharged & held harmless; or have been Secured; if they fail to show who are the holders, then that the Bill be dismissed. His Lordship also observes that warrants Beaver are only to be issued in respect of Fully paid up shares or stock and not otherwise.
The Court also notes that the auditors of the company have a liability to the public, and under these circumstances, His Lordship does not think it prudent to infringe the disastrous consequences, which Sir John Jardine anticipated, arising from the Clauses; while on the other hand, warrants passing from hand to hand do seem to protect the vendors whose purchasers have again transferred. Both have not registered the transfer, under which state of circumstances, The Holder remains liable for all claims on the Shares.
Further, that the Companies Ordinance now in force permits the formation of Companies with shares of £1, but that His Lordship has not been able to detect from the list of shareholders forwarded by Sir John Jardine any indication that the Community wishes to indulge in small shares for the purposes of gambling. The lowest shares are £5 sterling, and the Boot and Bakery Company has shares at £10 Sterling. Apart from these, the striking shares in no instance appear to be less than £20 sterling or of a nominal value of £100.
In deference, however, to Sir John Jardine's long local experience, and to the position which he occupies directly under the Governor, an Invitation is made at the end of the first Paragraph of the 21st Section of the English Act - that the
Page 235
Desire the Governor to pass the Generne. Ordinance, but to mouch the 38th dection of The English Acts, by which the Prospective of a new
Company
the Joone
is to specify any contract mach firin
f
Juch prospectus -
request
kärm.
to Inform Sie John Imal that dow (amarim
considered his protest, and thanks has not Jailul to obseron that as Chief Juches of the Couch he, assets that the Couch could wish effectualty Carry out the Invisions (In redning capital) as Hingland". But that his Lordship's attention has bem da to the dections of the English Ach, frund
#13th
epparentl which the court would apply the bound to refuse
A
tho make an only confirming the reduction, unless The Company decking The Woolen Juoduced the consent of sory
of a Dice Machamer, in proof that all dains upon evry Kill oplachange have bum dischagne
& holdn
hand
determine, or
have Year Secund; if thinson they
therfore failul to show who am the hold, then that the Bill
Los Recur
Haut
of Hill
it amere sum a simple rejection of the
Jetition comble for the only duty insprance
J
The Court
Also that his Lords pics obseurs that than warrants Beaver are only be issued in respect of Folly paid up shares or stock in tailing mo qother-
from the o
of the auditors of the company,
liability to the publien
that under these circumns Tamen His Lostip dons such persis thaly
infrunter the disastions consegnemes, esult, Which Sir John Mule entrifate,
cam such from theand Clauses : while on the other hand, 5s have warrants
passing from hand Bhand do siron to protect the
سيسات
wooly vendors whose Junchasers have again hausfand
235
to other, both have not registered the transfer, under which state of circumstances, The Hooter Zellyn
The register
de whose name remains m
Continimas liable for all claims in no furt
Shares
Further that the Companies Dublinanen Now in foren Permits the formation of Confais Стрий with shores of #p! - but that his Lord hich has and not be able to detect from the list offenpaine
but fails to detech
forwarded lys in John make any motivation That the Community wishes doft has indelgel in small shares for the pumpoms fambling=
Thor of a Rice Company at
A
the lowest shares are Fails 20 equal to at least, £5 sterling, & the Boot Rest a Bakebay Compung
quel to
キ
with Shares at 750 £10 Sterling. Apart from
appear to be
These the Stroking shares in no mstance of
£20 sturly.
less Nominal value that of 100
To
In deference however to Sie Isten Simales tong local experience, a to the position which de occupies direct the Gorman Dinsect an Invviso ad the end of the first Garagraphe ofthe 21th Dection of the English Act - that the
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