193569-1932-Supplementary-Bill-read-a-first-time--Companies — Page 8

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company limited by guarantee and registered on or after the date aforesaid, purporting to divide the under- taking of the company into shares or interests shall be treated as a provision for a share capital, notwithstand- ing that the nominal amount or number of the shares or interests is not specified thereby.

dum or

24. Notwithstanding anything in the memorandum Alterations or articles of a company, no member of the company in memoran- shall be bound by an alteration made in the memo- randum or articles after the date on which he became

articles a member, if and so far as the alteration requires him liability to increasing to take or subscribe for more shares than the number contribute held by him at the date on which the alteration is to share

to bind

made, or in any way increases his liability as at that capital not date to contribute to the share capital of, or otherwise existing to pay money to. the company :

members without

consent.

Provided that this section shall not apply in any 19 & 20 Geo. case where the member agrees in writing, either before 5, c. 23, or after the alteration is made, to be bound thereby. s. 22.

25.—(1) A company shall, on being so required by Copies of any member, send to him a copy of the memorandun memoran- and of the articles, if any, and a copy of any Ordin- dum and ance which alters the memorandum, subject to pay- be given to

articles to ment, in the case of a copy of the memorandum and members. of the articles, of one dollar or such less sum as the 19 & 20 Geo. company may prescribe, and, in the case of a copy 5, c. 23. of an Ordinance, of such sum not exceeding the

$. 23. published price thereof as the company may require.

(2) If a company makes default in complying with this section, the company and every officer of the company who is in default shall be liable for each offence to a fine not exceeding ten dollars.

26.-(1) Where an alteration is made in the memo- Issued randum of a company, every copy of the memorandum copies of issued after the date of the alteration shall be in memoran- accordance with the alteration.

dum to embody alterations.

(2) If, where any such alteration has been made, the 19 & 20 Geo. company at any time after the date of the alteration 5, . 23, issues any copies of the memorandum which are not in

s. 24. accordance with the alteration, it shall be liable to a fine not exceeding ten dollars for each copy so issued, and every officer of the company who is in default shall be liable to the like penalty.

Membership of Company.

27.—(1) The subscribers of the memorandum of a Definition company shall be deemed to have agreed to become of member. members of the company, and on its registration shall 19 & 20 Geo. 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.

Private Companies.

5, c. 23, s. 25.

28.-(1) For the purposes of this Ordinance, the Meaning of expression "private company" means a

which by its articles—

company private

company." 19 & 20 Geo.

(a) restricts the right to transfer its shares; and 5, c. 23,

(b) limits the number of its members to fifty, not including persons who are in the employment of the company and persons who, having been formerly in the employment of the company, were while in that employment, and have continued after the determination of that employment to be, members of the company: and

(c) prohibits any invitation to the public to sub- scribe for any shares or debentures of the com-

pany.

$. 26.