193437-1932-Supplementary-Draft-Bill--Companies — Page 115

Application of Order to companies

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295. This Ordinance shall apply to every unlimited company registered as a limited company in pursuance re-registered of section fifty-eight of the Companies Ordinance, 1911, in the game manner as it applies to an un- limited company registered in pursuance of this Ordinance as a limited company :

under former

Companies Ordinance.

Ordinance No. 58 of 1911.

19 & 20 Geo.

5, c. 23, 8 318

Provided that reference, express or implied, to the date of registration shall be construed as a reference to the date at which the company was registered as a united company under the said section of the Companies Ordinance, 1911.

Companies capable of being registered.

19 & 20 Geo. 5, c. 23. s 321

COMPANIES

NOT

PART IX.

FORMED UNDER THIS ORDINANCE AUTHORISED TO REGISTER UNDER THIS ORDINANCE,

296—(1) With the exceptions and subject to the provisions contained in this section, any company formed whether before or after the commencement of this Ordinance, in pursuance of any Ordinance other than this Ordinance, or of letters patent. or being otherwise duly constituted according to law, and consisting of seven or more members, may at any time register under this Ordinance as an unlimited 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:

Provided that--

A company registered under the Companies Ordinance, 1865, or the Companies Ordinance, 1911, shall not register in pursuance of this section:

(i) A company having the liability of its mem- bers limited by Ordinance, Act of Parliament or letters patent, and not being a joint stock company as hereinafter defined, shall not register in pursuance of this section :

A company having the liability of its mem- hers limited by Ordinance, Act of Parliament or letters patent shall not register in pursu- ance of this section as an unlimited company or as a company limited by guarantee: (iv) A company that is not a joint stock company as hereinafter defined shall not register in pursuance of this section as company limited by shares :

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

purpose:

(vi) Where a company not having the liability of its members limited by Ordinance, Act of Parliament or letters patent 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 OF by proxy at the meeting:

(vii) Where a company is about to register as

company limited by guarantee, the assent to its being so registered shall be accompanied by a resolution declaring that each member undertakes 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 after he ceases to be a member. for payment

(

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