1535
(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.
(2) Where two or more persons hold one or more shares in a company jointly, they shall, for the pur- poses of this section, be treated as a single member.
29.--(1) If a company, being a private company, Cireum- alters its articles in such manner that they no longer stances in include the provisions which, under the last foregoing which com- section of this Ordinance, are required to be included any ceases in the articles of a company in order to constitute it enjoy
to be, or to a private company, the company shall, as on the date privileges of, of the alteration, cease to be a private company and a private shall, within a period of fourteen days after the said company. date, deliver to the registrar of companies for registra- 19 & 20 Geo. tion a prospectus or a statement in lieu of prospectus
5, c. 23, s. 27. in the form and containing the particulars set out in "Third the Third Schedule to this Ordinance.
(2) If default is made in complying with sub-section (1) of this section, the company and every officer of the company who is in default shall be liable to a default fine of five hundred dollars.
(3) Where the articles of a company include the provisions aforesaid but default is made in complying with any of those provisions, the company shall cease to be entitled to the privileges and exemptions con- ferred on private companies under the provisions contained in section thirty, subsection (3) of section one hundred and nine, subsection (1) of section one hundred and twenty nine and paragraph (4) of section one hundred and sixty-three of this Ordinance, and thereupon the said provisions shall apply to the com- pany as if it were not a private company:
Provided that the court, on being satisfied that the failure to comply with the conditions was accidental or due to inadvertence or to some other sufficient cause, or that on other grounds it is just and equitable to grant relief, may, on the application of the company or any other person interested and on such terms and conditions as seem to the court just and expedient, order that the company be relieved from such con- sequences as aforesaid.
Reduction of Number of Members below Legal Minimum.
Schedule."
30. If at any time the number of members of a Prohibition company is reduced, in the case of a private company, of carrying below two, or, in the case of any other company, below on business seven, and it carries on business for more than six months while the number is so reduced, every person or, in the who is a member of the company during the time case of a that it so carries on business after those six months private
with fewer than seven
and is cognisant of the fact that it is carrying on company,
two seven members.
business with fewer than two members, or members, as the case may be, shall be severally 19 & 20 Geo. liable for the payment of the whole debts of the com- 5, c. 23, pany contracted during that time, and may be s. 28. severally sued therefor.
Contracts, &c.
31.-(1) Contracts on behalf of a company may be Form of made as follows:-
contracts.
(a) A contract which if made between private 19 & 20 Geo. persons would be by law required to be in 5, 23, writing, and if made according to English law
s. 29.
A
No comments yet.
Private notes are available after approval.