companies. s Edw. 7 c. 69 s. 20,
Provision as
to companies limited by guarantee. 11. - 21.
460
promoting its objects, and to prohibit the payment of any dividend to its members, the Governor may by licence direct that the association be registered as a company with limited liability, without the addition of the word “Limited " to its name, and the association may be registered accord- ingly.
(2) A licence by the Governor under this section may be granted on such conditions and subject to such regulations as the Governor may think fit, and those conditions and regulations shall be binding on the association, and shall if the Governor so direct, be inserted in the memorandum and articles, or in one of those documents.
as
(3) The association shall on registration enjoy all the privileges of limited companies, and be subject to all their obligations, except those of using the word "Limited any part of its name, and of publishing its name, and of sending lists of members and directors and managers to the registrar of companies.
(4) A licence under this section may at any time be revoked by the Governor, and upon revocation the registrar shall enter the word "Limited" at the end of the name of the association upon the register, and the association shall cease to enjoy the exemptions and privileges granted by this section:
Provided that before a licence is so revoked the Governor shall give to the association notice in writing of his intention, and shall afford the association an opportunity of being heard in opposition to the revocation.
Companies limited by Guarantee.
22.—(1) In the ease of a company limited by guarantee and not having a share capital, and registered on or after the date of the coming into operation of this Ordinance, every provision in the memorandum or articles or in any resolution of the company purporting to give any person a right to participate in the divisible profits of the company otherwise than as a member shall be void,
(2) For the purpose of the provisions of this Ordinance relating to the memorandum of a company limited by guarantee and of this section, every provision in the memorandum or articles, or in any resolution, of any company limited by guarantee and registered on or after the date of the coming into operation of this Ordinance, purporting to divide the undertaking of the company into shares or interests shall be treated as a provision for a share capital, notwithstanding that the nominal amount or number of the shares or interests is not specified thereby.
Nature of ahares. Th, s. 22.
Certificate of shares or stock.
Th. s. 23.
Befinition of member.
Zb. 8, 24.
PART II.
DISTRIBUTION AND REDUCTION OF SHARE CAPITAL, REGISTRATION OF UNLIMITED COMPANY AS LIMITED, AND UNLIMITED
LIABILITY OF DIRECTORS.
Distribution of Share Capital.
23. (1) The shares or other interest of any member in a company shall be personal estate, transferable in manner provided by the articles of the company, and shall not be of the nature of real estate.
(2) Each share in a company having a share capital shall be distinguished by its appropriate number.
24. A certificate, under the common seal of the company, specifying any shares or stock held by any member, shall be prima facie evidence of the title of the member to the
shares or stock.
25.—(1) The subscribers of the memorandum of a com- pany shall be deemed to have agreed to become members of the company, and on its registration shall be entered as members in its register of members.
(2) Every other person who agrees to become a member of a company, and whose name is entered in its register of members, shall be a member of the company,
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