193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 64

Limiled company may have directors with un- limited liability. 19 & 20 Goo. 5, c. 23, s. 146.

Special re-

solution of limited company making liability of

directors

unlimited.

1590

(b) the expression "christian name" includes a

forename;

(c) the expression "initials" includes

abbreviation of a christian name;

recognised

(d) In the case of a peer or person usually known by a title different from his surname, the expression "surname" means that title; (e) references to a former christian name or sur-

name do not include--

(i) in the case of a peer or a person usually known by a British title different from his surname, the name by which he was known previous to the adoption of or succession to the title; or

(ii) in the case of natural born British subjects, a former christian name or sur- name where that name or surname was changed or disused before the person bear- ing the name attained the age of eighteen years; or

(iii) in the case of a married woman, the name or surname by which she was known previous to the marriage;

(the expression "showcards” means cards containing or exhibiting articles dealt with, or samples or representations thereof.

145.-(1) In a limited company the liability of the directors or managers, or of the managing director, may, if so provided by the memorandum, be un- limited,

(2) In a limited company in which the liability of a director or manager is unlimited, the directors or managers of the company, if any, and the member who proposes a person for election or appointment to the office of director or manager, shall add to that proposal a statement that the liability of the person holding that office will be unlimited, and the promoters, directors, managers, and secretary, if any, of the company, or one of them, shall, before the person accepts the office or acts therein, give him notice in writing that his liability will be unlimited.

(3) If any director, manager, or proposer makes default in adding such a statement, or if any promoter, director, manager, or secretary makes default in giving such a notice, he shall be liable to a fine not exceeding one thousand dollars, and shall also be liable for any damage which the person so elected or appointed may sustain from the default, but the liability of the person elected or appointed shall not be affected by the default.

146.-(1) A limited company, if so authorised hy its articles, may, by special resolution, aiter its memorandum so as to render unlimited the liability of its directors, or managers, or of any managing

director.

(2) Upon the passing of any such special resolution 19 & 20 Geo. the provisions thereof shall be as valid as if they had

been originally contained in the memorandum.

5, c. 23, s. 147.

Statement as to re- muneration of directors to be fur- nished to share- holders.

147.-(1) Subject as hereinafter provided, the directors of a company shall, on a demand in that behalf made to them in writing by members of the company entitled to not less than one-fourth of the aggregate number of votes to which all the members of the company are together entitled, furnish to all the members of the company within a period of one 19 & 20 Geo. month from the receipt of the demand a statement, certified as correct, or with such qualifications as may be necessary, by the auditors of the company, show- ing as respects each of the last three preceding years

5, c. 23, B. 148.