Definition of
joint steck
company.
8 Edw. 7 c. 69 4, 250,
Liability of
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(4) A company shall not register in pursuance of this section without the ascent of a majority of suel of its members as are present in person or by proxy (in cases where proxies are allowed by the regulations of the company) at a general meeting sin mened for the purpose:
assent
(c) Where a company not having the liability of its members limited is about to register as a limited company, the majority required to atoresaid shall consist of not less than thee. fourths of the members present in person or by proxy at the meeting:
() Where a company is about to register as a company limited by guaramec, the assent to its being so registered shall be accompanied by a resolution declaring that each member umier- takes to contribute to the assets of the company, in the event of his being wound up while he is a member, or within one year afterwards, for payment of the debts nud liabilities of the company contracted before he ceased to be a ember, and of the custs and expenses of wind- ing up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding a specified amount.
(3) In computing any majority under this section when apoll is demandest regard shalt be had to the number of votes to which euch number is entitled areording to the regulations of the company,
(4) A company registered under the Companies Ordin- ance, 1865, or the Companies Registration Ordinance, 1866, shall not be registered in pursuutee of this section.
228. For the purposes of this Part of this Ordinature, as far as relates to registration of companies as companies. Hmited by shares, a joint stock company menus à company having a permaneur paid-up or amal share capital of fixed amount divided into shares, also of fixed amount, held and transferable as stock, or divide i and bold parily in one way and partly in the other, and formed on the principle of having for its members the holders of those shares or that stock, and no other persons; aud such a Company when registered with limited liablity under this Ordinice shall be deoured to be a company limited by
shares.
229.-1) A bank of issue registered under this Ordin- bank of issue ance as a limited company shall not be emitled to limited unlimited in liability in respect of its notes; and the members thereof respect of
shall be table in respect of its notes in the same manner as
notes.
b. s. 251.
Require ments for registration by joint sinck com- panies.
ft. s. 252.
if it had been registered as unlimited; hm it, in the eveur of the company being wound up, the gouerní assets are sufficient to satisfy the claims of both the note-holders and the general creditors, then the members, after satisfy- ing the remaining demands of the note-holders, shall be liabic to contrine towards payment of the debts of the general creditors a sum equal to the amount received by site note-holders out of the general assets.
(2) For the purposes of this section the expression "the general assets cans the funds available for payment of
the general creditor as well as the notc-bukier.
(5) Any bank of issue registered under this Ordinance
as a limited company may state on its notes that the limited liability does not extend to its notes, and that the members of the company are liable in respect of its unies in the same manner as if it had been registered as an unlimited company.
230. Before the registration in parsundee of this Part of this Ordinance of a joint stock company there shall be delivered to the registrar the following documents that is to say) -
(1) A list showing the numes, addresses, and occupa- tions of all persons who on a day named in the fist, not being more than six vicar days before the day of registration, were members of the
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company, with the addition of the shares or stock held by them respectively, distinguishing, in cases where the shares are numbered, cach sbare by its number;
(2) A copy of any Act of Parliament, Ordinance, royal charter, letters patent, dead of settlement, contract of eopartnery, cost book regulations, or other instrument constituting or rgulating the Company; and
(3) If the company is intended to be registered as a limited company, a statement specifying the following particulars (that is to say) -
(a) The nominal share capital of the com- pany and the number of shures into which it is divined, or the amount of stock of which it couxists;
(b) The number of shares taken mod the amount paid on each share ;
(e) The name of the company, with the addition of the word “limited" as the lust word thereof; anl
(7) In the case of a company intended to be registered as a company limited by guar- autee, the resolution declaring the amount of the guarantee.
281. Before the registration in pursuance of this Part Require-
of this Ordinance of any company not being joint stock ments for company, there shall be delivered to the registrar-----
registration by other (1) A list showing the mames, addresses, and ocenpas than joint tions of the directors or other managers (if any) stock com-
panies. of the company; and
8 Edw. 7 e. (2) A ropy of any Act of Parliament, Ordinance, 60 s. 253.
letters patent, deed of settlement, contract of other copartnery, cost book regulations, or instrument constituting or regulating the com- pany and
(3) In the case of a company lutended to be registered as a company limited by gurantee, a copy of the resulation declaring the amount of the guarantee.
232. The lists of cubers and directors and any other Authentica- particulars relating to the company required to be delivered. tion of state- to the registrar shall be verified by a statmory declaration of ments of any two or more directors or other principal officers of the existing
companies. IV., 254. company.
233. The registrar any require such evidence as he Registrar thinks necessary for the purpose of satisfying himself may repire whether any company proposing to be registered is or is evidence as not a joint stock company as herciabefore delined,
to mature af company. Jb. 8. 255.
£84-(1) Where a banking company which was in on registe existence at the time of the commencement of this Or- tion of bank- dinance proposes to
register as a limited company, it tog company shall, at least thirty days before so registering, give notice with itel
Bability, of its intention so to register to every person who bus a notico lu be banking accostat with the company, either by delivery of given to cus- the notice to him, or by posting it to him at, or deliver- tomers, ing it at, his last known address.
(2) If the company omits to give the notice required by this section, then as between the company and the person for the time being interested in the recount in respect of which the notice ought to have been given, and so far as respects the account down to the time at which orice is given, but not further or otherwise, the certificate of registration with limited ability shall have to operation,
1h, s. 256.
235. No fees shall be charged in respeer of the regis- Exemption trution in pursuance of this Part of this Ordinance of a of certain company if it is not registered as a limited company, or if companies from pay- before its registration as a limited company the fiability of ment of fees. the shareholders was limited by some other Ordinance, Act 1, s. 157. of Parliament or terers parent.
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