CO129-520-7 Public Utility companies- acquisition by foreign groups 4-12-1929 - 26-1-1930 — Page 62

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How shares

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original capital of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the payment of calls, and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.

15. The amount payable on application on each to be paid on share offered to the public for subscription shall not be application. less than five per cent, of the nominal amount of the

share.

How

16. The Company shall pay dividend or bonus in dividends on respect of any existing or new shares of the Company in proportion to the amount paid upon each share where a larger amount is paid up on some shares than on others.

new shares

to be

ich.

Restrictions

as to allot- ment.

may pay

17. The Directors shall observe the restrictions as to allotment contained in Section 87 of the Ordinances, and as regards all allotments from time to time made the Directors shall duly comply with Section 90 of the Companies' Ordinance 1911 as amended by Section 13 of the Companies' Amendment Ordinance 1913.

18. The Company may at any time pay a com- Company

mission not exceeding 10 per cent to any person for commission. subscribing or agreeing to subscribe (whether absolutely or conditionally) for any shares in the Company, or procuring or agreeing to procure subscriptions (whether absolute or conditional) for any shares in the Company, but so that if the commission shall be paid or payable out of capital the conditions and requirements of the Ordinances shall be observed and complied with, and the commission shall not exceed ten per cent. in each case on the shares subscribed or to be subscribed.

Shares may be issued subject to different conditions as to calls, etc. Allotment of new shares payable by instalments,

19. The Company may make arrangements on the issue of shares for a difference between the holders of such shares in the amount of calls to be paid and the time of payment of such calls.

20. If by the conditions of allotment of any shares the whole or part of the amount or issue price thereof shall be payable by instalments, every such instalment

19

shall, when due, be paid to the Company by the person who for the time being shall be the registered holder of the shares.-"

21. Save as aforesaid, the Directors shall not apply Prohibition. any of the shares or capital money of the Company, either directly or indirectly, in the payment of any commission, discount or allowance to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares of the Company, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the Company, whether the shares or money be so applied by being added to the purchase money of any property acquired by the Company or to the contract price of any work to be executed for the Company, or the money be paid out of the nominal purchase money or contract price, or otherwise: Provided however that Brokerage. the foregoing prohibition shall not affect the power of the Company to pay lawful brokerage.

to be

22. Where the Company has paid any sums by way Commission of commission in respect of any shares or debentures, or included in allowed any suns by way of discount in respect of any Balance debentures, such statement thereof shall be made in the Sheet. balance sheet as is required by section 92 of the Ordinances.

23. (a) The Company may, from time to time, by Reduction of special resolution, reduce its capital by paying off capital, capital. or cancelling capital which has been lost or is unrepre- sented by available assets, or reducing the liability on the shares, or otherwise, as may seem expedient, and capital may be paid off upon the footing that it may be called up again or otherwise and paid up capital may be cancelled as aforesaid without reducing the nominal amount of the shares by the like amount to the intent that the unpaid and callable capital shall be increased by the like amount.

Sub-division of sbares,

(b) The Company may also from time to time, by special resolution, sub-divide or by ordinary resolu- Consoli- tion, consolidate its shares or any of them.

dation of shares.

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