193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 20

Power of company to arrange for different

amounts

being paid on shares. 19 & 20 Geo. 5, c. 23,

8. 48.

Reserve liability of limited

company.

19 & 20 Geo. 5, c. 23, 9. 49.

Power of company limited by shares to alter its

share

capital.

19 & 20 Geo.

5, c. 23,

- s. 50.

Notice to registrar of consolida- tion of share capital, conversion of shares into stock, &c.

19 & 20 Geo. 5, c. 23,

s. 51,

1546

Miscellaneous Provisions as to Share Capital. 50. A company, if so authorised by its articles, may do any one or more of the following things-

(1) Make arrangements on the issue of shares for a difference between the shareholders in the amounts and times of payment of calls on their shares :

(2) Accept from any member the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up:

(3) Pay dividend in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others.

51. A limited company may by special resolution determine that any portion of its share capital which has not been already called up shall not be capable of being called up, except in the event and for the purposes of the company being wound up, and there- upon that portion of its share capital shall not be capable of being called up except in the event and for the purposes aforesaid.

52.-(1) A company limited by shares or a company limited by guarantee and having a share capital, if so authorised by its articles, may alter the conditions of its memorandum as follows, that is to say, it

may

(a) increase its share capital by new shares of

such amount as it thinks expedient;

(b) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;

(c) convert all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares of any denomination;

(d) subdivide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, $0, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;

(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

(2) The powers conferred by this section must be exercised by the company in general meeting.

(3) A. cancellation of shares in pursuance of this section shall not be deemed to be a reduction of share capital within the meaning of this Ordinance.

53.-(1) If a company having a share capital

has-

(a) consolidated and divided its share capital into shares of larger amount than its existing shares; or

(b) converted any shares into stock; or

(c) re-converted stock into shares; or

(d) subdivided its shares or any of them; or (e) redeemed any redeemable preference shares;

or

(f) cancelled any shares, otherwise than in con- nection with a reduction of share capital under section fifty-seven of this Ordinance,

:

*

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