193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 16

Return

as to allotments.

19 & 20 Geo. 5, c. 23,

S. 42.

Ordinance

No. 8 of 1921.

1542

Provided that proceedings to recover any such loss, damages, or costs shall not be commenced after the expiration of two years from the date of the allot-

ment.

44. (1) Whenever a company limited by shares or a company limited by guarantee and having a share capital makes any allotment of its shares, the company shall within eight weeks thereafter deliver to the registrar of companies for registration—

(a) a return of the allotments, stating the number and nominal amount of the shares comprised in the allotment, the names, addresses, and descriptions of the allottees, and in the case of Chinese allottees their names both in English and in Chinese characters and the amount, if any, paid or due and payable ou each share; and

(b) in the case of shares allotted as fully or partly paid up otherwise than in cash, a contract in writing constituting the title of the allottee to the allotment together with any contract of sale, or for services or other consideration in respect of which that allotment was made, such contracts being duly stamped, and s return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for which they have been allotted,

(2) Where such a contract as above mentioned is not reduced to writing, the company shall within eight weeks after the allotment deliver to the registrar of companies for registration the prescribed particulars of the contract stamped with the same stamp duty as would have been payable if the contract had been reduced to writing, and those particulars shall be deemed to be an instrument within the meaning of the Stamp Ordinance, 1921, and the registrar may, as a condition of filing the particulars, require that the duty payable thereon be adjudicated under section fourteen of that Ordinance.

(3) If default is made in complying with this section, every director, manager, secretary, or other officer of the company, who is knowingly a party to the default, shall be liable to a fine not exceeding five hundred dollars for every day during which the de- fault continues:

Provided that, in case of default in delivering to the registrar any document within eight weeks after the allotment any document required to be delivered by this section, the company, or any person liable for the default, may apply to the court for relief, and the court, if satisfied that the omission to deliver the document was accidental or due to inadvertence or that it is just and equitable to grant relief, may make an order extending the time for the delivery of the document for such period as the court may think proper.

Power to pay certain commis- sions, and prohibition of payment of all other commis- sions, dis- counts. &c. 19 & 20 Geo. 5, c. 23, B. 43.

Commissions and Discounts.

45.-(1) It shall be lawful for a company to pay a commission to any person in consideration of his subscribing or agreeing to subscribe, whether absolute- ly or conditionally, for any shares in the company, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the company if

(a) the payment of the commission is authorised

by the articles; and