17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 75

Continuation

of existing actions.

8 Edw. 7 c. 69 s. 262.

Effect of registration. Ib. s. 263.

524

240. All actions and other legal proceedings which at the time of the registration of a company in pursuance of this Part of this Ordinance are pending by or against the company, or the public officer or auy member thereof, may be continued in the same manner as if the registration had not taken place; nevertheless execution shall not issue against the effects of any individual member of the company on any judgment, decrce, or order obtained in any such action or proceeding; but, in the event of the property and effects of the company being insufficient to satisfy the judgment, decree, or order, an order may be obtained for winding up the company.

241. When a company is registered in pursuance of this Part of this Ordinance--

(i) All provisions contained in any Act of Parlia- ment, Ordinance, deed of settlement, contract of copartnery, cost book regulations, letters patent, or other instrument constituting or regulating the company, including, in the case of a company registered as a company limited by guarantee, the resolution declaring the amount of the guarantee, shall be deemed to be conditions and regulations of the company, in the same manner and with the same incidents as if so much thereof as would, if the company had been formed under this Ordinance, have been required to be inserted in the memorandum, were con- tained in a registered memorandum, and the residue thereof were contained in registered articles :

(2) All the provisions of this Ordinance shall apply to the company, and the members, contributories, and creditors thereof, in the same manner in all respects as if it had been formed under this Ordinance, subject as follows (that is to say) :—

(a) The regulations in Table A. in the First Schedule to this Ordinance shall not apply unless adopted by special resolution ;

(b) The provisions of this Ordinance re- lating to the numbering of shares shall not apply to any joint stock company whose shares are not numbered ;

(e) Subject to the provisions of this section the company shall not have power to alter any provision contained in any Act of Parliament or Ordinance relating to the company;

(d) Subject to the provisions of this sec- tion the company shall not have power, withom the sanction of the Governor, to alter any provision contained in any lotters patent relating to the company ;

(e) The company shall not have power to alter any provision contained in a royal charter or letters patent with respect to the objects of the company;

(f) In the event of the company being wound up, every person shall be a contributory, in respect of the debts and liabilities of the company contracted before registration, who is liable to pay or contribute to the payment of any debt or liability of the company contracted before registration, or to pay or contribute to the payment of any sum for the adjustment of the rights of the members aming themselves in respect of any such debt or liability; or to pay or contribute to the payment of the costs and expenses of winding up the company, s0 far as relates to such debts or Habillities as aforesaid; and every contributory shall be Hable to contribute to the assets of the company, in the course of the winding up, all sums due from him in respect of any such liability as aforesaid; and, in the event of the death, bankruptey, or insolvency, of any contributory, or marriage of any female contributory, the provisions of this Ordinance with respect to

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