17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 72

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PART VII.

COMPANIES AUTHORISED TO REGISTER UNDER

THIS ORDINANCE.

to

the Companies

capable of being regis.

227.--(1) -With the exceptions and subje t provisions mentioned and contained in this section,--

() any company consisting of Seven or more tered,

members, which was formed for the purpose of carrying on the business of banking, and which was in existence at the time of the commence- ment of this Ordinance :

(77) any company consisting of seven Or more members, which was in existence on the first day of May eighteen hundred and sixty-five; (27) any company formed after the date aforesaid, whether before or after the commencement of this Ordinance in pursuance of any Ordinance other than this Ordinance, or being otherwise duly constituted by law, and consisting of seven or more members;

may at any time register under this Ordinance as an un- limited company, or as a company limited by shares, or as a company limited by guarantee: and the registration shall not be invalid by reason that it has taken place with a view to the company being wound up.

(2) Provided as follows:------

(a) A company having the liability of its members limited, and not being a joint stock company as hereinafter defined, shall not register in pursuance of this section;

(b) A company having the liability of its members limited shall not register in pur-uance of this section as an unlimited company or as a com- pany limited by guarantee:

(c) A company that is not a joint stock company as hereinafter defined shall not register in pursuance of this section as a company limited by shares:

(d) A company shall not register in pursuance of this section without the assent of a majority of such of its members as are presont in person or by proxy (in cases where proxies are allowed by the regulations of the company) at a general meeting summoned for the purpose:

(e) Where a company not having the liability of its members limited is about to register as a limited company, the majority required to assent as aforesaid shall consist of not less than three- 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 guarantee, the assent to its being so registered shall be accompanied by a resolution declaring that each member under- takes to contribute to the assets of the company, in the event of its being wound up while he is a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before he ceased to be a member, and of the costs and expeases 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 a poll is demanded regard shall be had to the number of votes to which each member is entitled according 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 pursuance of this section,

8 Edw. 7 c.

69 §. 249.