170
Prohibition of partner- ships with
more than twenty members.
19 & 20 Geo.
5, c. 23,
8. 357.
Prohibition of banking partnerships with more
than twenty meinhers.
19 & 20 Geo. 5, c. 23, $.358.
Liability of bank of issue un- limited in respect of notes.
19 & 20 Geo. 5, c. 23, $. 360.
Frivileges of banks
making
annual
return.
19 & 20 Geo. 5, c. 23,
8. 361.
Ordinance
No. 2 of
1889.
130
be void, and, where it makes any such order, may give such consequential directions as it thinks proper for the repayment of any money or the retransfer of any shares.
Where the court makes an order under this sub- section (whether with or without consequential directions) an appeal against the order and the consequential directions, if any, shall lie to the Full Court.
PART XIII.
MISCELLANEOUS.
Prohibition of Partnerships with more than Twenty
Members,
331. No company, association, or partnership con- sisting of more than twenty persons shall be formed for the purpose of carrying on any business (other than the business of banking) that has for its object the acquisition of gain by the company, association, or partnership, or by the individual members thereof, unless it is registered as a company under this Ordin- ance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent
Provisions relating to Banks.
332. Similarly, no company, association, or part- nership consisting of more than twenty persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under th's Ordinance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent.
333. (1) A bank of issue registered under this Ordinance as a limited company shall not be entitled to limited liability in respect of its notes, and the members thereof shall be liable in respect of its notes in the same manner as if it had been registered as unlimited,
Provided that, if, in the event of the company being wound up, the general assets are insufficient to satisfy the claims of both the note-holders and the general creditors, then the members, after satisfying the re- maining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note-holders out of the general assets.
(2) For the purposes of this section, the expression "the general assets" means the funds available for payment of the general creditor as well as the note- holder.
(8) Any bank of issue registered under this Ordin- ance 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 notes in the same manner as if it had been registered as an unlimited company.
the
334.-(1) Where a company carrying on business of bankers has duly forwarded to the registrar of companies the annual return required by section one hundred and seven this Ordinance and has added thereto a statement of the names of the several places where it carries on business, the company shall be deemed to be a "bank" and "bankers' within the meaning of the Evidence Ordinance, 1889.
131
(2) The fact of the said annual return and statement having been duly forwarded may be proved in any legal proceedings by the certificate of the registrar.
Miscellaneous Offences.
2.
335. If any person in any return, report, certificate, Penalty for balance sheet, or other document, required by or for false state- the purposes of any of the provisions of this Ordinance ment.
19 & 20 Geo. specified in the Tenth Schedule hereto, wilfully 5, c. 23, makes a statement false in any material particular, 362. knowing it to be false, he shall be guilty of a misdemeanor, and shall be liable on summary con- viction to imprisonment for a term not exceeding four months, and to a fine in lieu of or in addition to such imprisonment not exceeding one thousand dollars,
Provided that nothing in this section shall affect Ordinance the provisions of the Perjury Ordinance, 1922.
No. 21 of 1922.
336. If any person or persons trade or carry on Penalty for business under any name or title of which Limited, improper
•
,,
"Limited."
or any contraction or imitation of that word, is the use of word last word, or under any name or title of which the 19 & 20 Geo. Chinese characters A form part, that person 5, c. 23,
or those persons shall, unless duly incorporated with s. 364 limited liability, be liable to a fine not exceeding fifty dollars for every day upon which that name or title has been used.
General Provisions as to Offences.
337.-(1) Where by any enactment in this Ordin- Provision ance it is provided that a company and every officer with respect of the company who is in default shall be liable to a to default
fines and default fine, the company and every such officer shall,
meaning of for every day during which the default, refusal or "officer in contravention continues, be liable to a fine not ex- default." ceeding such amount as is specified in the said enact- 19 & 20 Geo. ment, or, if the amount of the fine is not so specified, 5, 25, to a fine not exceeding fifty dollars.
(2) For the purpose of any enactment in this Ordinance which provides that an officer of a company who is in default shall be liable to a fine or penalty, the expression "officer who is in default" means any director, manager, secretary or other officer of the company, who knowingly and wilfully authorises
or permits the default, refusal or contravention men- tioned i the enactment.
8. 36.5.
338. All offences under this Ordinance made Prosecution
of offences punishable by any fine may be prosecuted under the punishable Magistrates Ordinance 1890 or any Ordinance amend- by fine. ing or substituted for the same.
19 & 20 Geo.
5, c. 23,
s. 366.
339. The court or magistrate imposing any fine un- Application der this Ordinance may direct that the whole or any of fines. part thereof shall be applied in or towards payment of 19 & 20 Geo.
5, c. 23, the costs of the proceedings, or in or towards
3. 367. rewarding the person on whose information or at whose suit the fine is recovered, and subject to any such direction all fines under this Ordinance shall, not- withstanding anything in any other Ordinance, be paid into the Treasury.
340.--(1) If any company fails to pay the whole or Penalty for any part of any fine or penalty imposed by a court failure to or magistrate under this Ordinance within one month pay fine. of the day on which the said fine or penalty was imposed, the registrar of companies shall publish n the Gazette and send to the company by post a notice that at the expiration of two months from the date of such notice the name of the company mentioned
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