CO129-175 - Sir Kennedy - 1876 [9-12] — Page 252

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Furthe

Provided, that in the subdivision of the existing shares the pro- portion between the amount which is paid and the amount (if any) which is unpaid on each share of reduced amount shall be the same as it was in the case of the existing share or shares from which the share of reduced amount is derived.

of association.

XXI. The statement of the number and amount of the shares Special resolu into which the capital of the company is divided, contained in tion to be every copy of the memorandum of association issued after the embodied in passing of any such special resolution, shall be in accordance with memorandum such rosolution; and any company which makes default in com- [se. 22]. plying with the provisions of this section shall incur a penalty ont exceeding five dollare for each copy in respect of which such de- fault is made; and every director and manager of the company who knowingly or wilfully authorises or permits such default shafi incur the like poualty.

Associations not for Profit.

'associations

XXII. Where any association is about to be formed under the special provi- principal Ordinazee as a limited company, if it proves to the slons as to Governor that it is formed for the purpose of promoting com- fr merce, art, science, religion, charity, or any other useful object, purposes not and that it is the intention of such association to apply the profits, of gain. if any, or other income of the association, in promoting its objects, [me. 23.] and to prohibit the payment of any dividend to the members of the association, the Governor may, by licence under his band, direct such association to be registered with limited liability, without the addition of the word limited to its name, and such association may be registered accordingly, and upon registration shall enjoy all the privileges and be subject to the obligations by this Ordinance limposed on limited companies, with the excep tions that none of the provisions of this Ordinance that require a limited company to use the word limited as any part of its name, or to publish its name, or to send a list of its members, directors, or managers to the Registrar, shall apply to an association sú registered.

The licence by the Governor may be granted upon such con- ditions and subject to such regulations as the Governor thinks fit to impose, and such conditions and regulations shall be hinding on the association, and may, at the option of the Governor, be inserted in the memorandun and articles of association, or in both or one of such documents.

Calls upon Shures-Payment.

XXIII. Nothing contained in the principal Ordinance shall be Company may deemed to prevent any company under that Ordinance, if untho have some rised by its regulations as originally frmned, or as altered by share fully

paid, and special resolution, from doing any one or more of the following others ut. things, namely:

(1.) Making arrangements on the issue of shares for a dif ference between the holders of sneb shares in the amount of calls to be paid, and in the time of payments of such calls.

(2.) Accepting from any member of the company who assents thereto the whole or a part of the amount remaining uupaid on any share or shares held by him, either in discharge of the amount of a call payable in respect of any other share or shares held by him, or without any call having been made.

(3.) Paying dividend in proportion to the amount paid up on each share in cases where a larger amount is paid up on snrue shares than on others.

XXIV. Every share in any company shall be deemed and Manner in taken to have been issued and to be held subject to the payment which shares of the whole amount thereof in cash, unless the same shall have and and

ísented been otherwise determined by a contract duly made in writing, held. and filed with the Registrar of Companies at or before the issue of suck shares.

Trausfor my

Transfer of Shares. XXV. A company shall, on the application of the transferor be registered of any share or interest in the company, enter in its register of at request of members the name of the transferce of such share or interest, in transierer. the same manner and subject to the same conditions as if the [bec. 201. application for such entry were made by the transferee.

Share Warrants to Bearer,

may be insured

XXVI. In the case of a company limited by shares, the com- Warrant of pany, if authorised so to do by its regulations as originally framed, limited res or as altered by special resolution, and subject to the provisions fully paid ap of such regulations, way, with respect to any share which is fully in Dame of paid up or with respect to stock, issue under their common Seal bearer.

warrant stating that the bearer of the warrant is entitled to the soc, 271. share or shares or stock therein specified, and may provide, by coupons or otherwise, for the payment of the future dividends on the share or shares or stock included in such warrant, hereinafter referred to as a share warrant.

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