17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 36

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from, a company shall have and shail be deemed always to have had power to apply any part of the money or shares No received in payment of any commission, the payment of which, if made directly by the company, would have been legal under this section.

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91. Where a company has paid any sums by way of Statement in commission in respect of any shares or debentures, or balance sheet allowed any sums by way of disconni in respect of any missions and debentures, that total amount so paid or allowed, or so discounts. wuch thereof as has not been written of shall be stated in 8 Edw. 7 e, every balance sheet of the company nutil the whole amount 69 s. 90. thereof has been written off.

Payment of Late, est out of Capital,

92. Where any shares of a company are issued for the Power of purpose of raising money to defray the expenses of the con- company to struction of any works or buildings or the provision of any pay interest plant which cannot be made profitable for a lengthened in certain

out of capital period, the company may pay interest on so much of that Cases. share capital as is for the time being paid up for the Th, s. 91. period and subject to the conditions and restrictions in this section mentioned, and may charge the same to capital as part of the cost of construction of the work or building, or the provision of plant:

Provided that-

(1) No such payment shall be made unless the same is authorised by the articles or by special resolution :

(2) No such payment, whether anthorised by the articles or by special resolution, shati be made without the previous sanction of the court: (3) Before sanctioning any such payment the court may, at the expense of the company, appoint a person to inquire and report to them as to the cirenumstances of the ease, and may, before making the appointment, require the company to give security for payment of the costs of the inquiry: (4) The payment shall be made only for such period as may be determined by the court; and such period shall in no case extend beyond the close of the half year next after the half year during which the works or buildings have been actually completed or the plaut provided:

(5) The rate of interest shall in no case exceed six per cent. per annum or such lower rate as may for the time being be prescribed by the

court:

(6) The payment of the interest shall not operate as a reduction of the amount paid up on the shares in respect of which it is paid:

(7) The accounts of the company shall show the share capital on which, and the rate at which, interest has been paid out of capital during the period to which the accounts relate.

Certificates of Shares, &c.

93.-(1) Every company shall, within two months after the allotment of any of its shares, deboutures, or debenture stock, and within two months after the registration of the transfer of any such shares, debentures, or debenture stock, complete and have ready for delivery the certificates of all shares, debentures, and the certificates of all debenture stock allotted or transferred, unless the conditions of issue of the shares, debentures, or debenture stock other- wise provide.

(2) If default is made in complying with the require- ments of this section, the company, and every director, manager, secretary, and other officer of the company who is knowingly a party to the default, shall be liable to a fine not exceeding fifty dollars for every day during which the default continues.

Limitation

of time for issue of cer-

tificates. Ib. s. 92.