28
"Court and show cause against the confirmation of such "special resolution.
"The limits and conditions above referred to are:-
(1) That where the alteration has relation to the objects "of the company expressed in its memorandum, the new or "extended objects be cognate with or ancillary to the principal objects of the company expressed in its memorandum "of association or some of them. (2) That the application "for the proposed alteration be based upon circumstances "which have arisen since the registration of the company.
"That inasmuch as a considerable interval may elapse before "such general law be passed, and it would not be right in "the meantime to place an absolute barrier in the way of "obtaining an alteration in the memorandum of association "of a company, the foregoing recommendations should afford "the guide as to the method in which Bills for that purpose "should be dealt with by Parliament, subject to the following conditions:- (1) That every bill promoted by a company "incorporated under the Companies' Acts for an alteration "of its memorandum of association, be approved by a special "resolution of the Company, and the Standing Orders of the "two Houses of Parliament be in other respects complied with. (2) That if the bill be read a second time, and there are "any debentures or debenture stock charged on the undertaking "of the Company, the bill be not further proceeded with, "unless and until notice of the application has been or be given to the holders of such debentures or debenture "stock, and that such debentures or debenture stock holders "be allowed to petition against and be heard in opposition to
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Page 31
28
"Court and show cause against the confirmation of such
"special resolution.
"The limits and conditions above referred to are:-
(1) That where the alteration has relation to the objects
*of the company expressea in its memoranqua, the new Or
บ
extended objects be cognate with or ancillary to the prin-
"cipal objects of the company expressed in its memorandum
"of association or some of them. (2) That the application
"for the proposed alteration be based upon circumstances
*which have arisen since the registration of the company.
*That inasmuch as a considerable interval may elapse before
"such general law be passed, and it would not be right in
to "the meantime be place an absolute barrier in the way of
"obtaining an alteration in the memorandum of association
"of a company, the foregoing recommendations should afford
"the guide as to the method in which Bills for that purpose
"should be dealt with by Parliament, subject to the follow-
*ing conditions:- (1) That every bill promotea by a company
"incorporated under the Companies' Acts for an alteration
"of its memorandum of association, be approved by a special
"resolution of the Company, and the Standing Oruers of the
"two Houses of Parliament be in other respects complied with
*(2) That if the bill be read a second time, and there are
N any debentures or debenture stock charged on the undert.
dertaking
"of the Company, the bill be not further proceeded with,
unless midh and until notice of the application has been
or be given to the holders of such debentures or debenture
stock, and that such debentures or debenture stock holders
"be allowed to petition against and be heard in opposition
"to
Page 30Page 31
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