THE HONGKONG GOVERNMENT GAZETTE, 26TH MAY, 1877.
"Subdivision of Shares.
smaller
XX. Any company limited by shares may, by special resolu- Shares may be tion, so far modify the conditions contained in its memorandum of divided into association, if authorised so to do by its regulations as originally shares of framed or as altered by special resolution, as by subdivision of its amount. existing shares or any of them, to divide its capital, or any part [sec. 21]. thereof, into shares of smaller amount than is fixed by its meino- randum of association:
Provided that the amount in which each share is so reduced shall, in no case, be less than one-fourth part of the amount of the original share, and that in the subdivision of the existing shares the proportion between the amount which is paid and the amount (if any) which is unpaid on each share of reduced amount shall be the same as it was in the case of the existing share or shares from which the share of reduced amount is derived.
embodied in
XXI. The statement of the number and amount of the shares Special resolu- into which the capital of the company is divided, contained in tion to be every copy of the memorandum of association issued after the memorandum passing of any such special resolution, shall be in accordance with of association. such resolution; and any company which makes defalt in com- [sec, 22]. plying with the provisions of this section shall incur a penalty not exceeding five dollars for cash copy in respect of which such de fault is made; and every director and mannger of the company who knowingly or wilfully authorises or permits such default shall incur the like penalty.
Associations not for Profit.
associations
XXII. Where any association is about to be formed under the Special provi principal Ordinance as a limited company, if it proyes to the sions as to Governor that it is formed for the purpose of promoting com- formed for merce, art, science, religion, charity, or any other useful object, purposes not and that it is the intention of such association to apply the profits, of gain. if any, or other income of the association, in promoting its objects, [sre. 2:3), and to prohibit the payment of any divideud to the members of the association, the Governor may, by licence under his hand, direct such association to be registered with limited liability, without the addition of the word limited to its name, and such association may be registered accordingly, and upon registration shall enjoy all the privileges and be subject to the obligations by this Ordinance imposed on limited companies, with the excee tions that none of the provisions of thus Ordinance that require a limited company to use the word hunited as any part of its name, or to publish its name, or to send a list of its members, directors, or managers to the Registrar, shall upply to an association so registered.
The licence by the Governor may be granted upon such con- ditions and subject to such regulation: as the Governor thinks fit to impose, and such conditions and regulations shall be bindang on the association, and may, at the option of the Governor, be inserted in the memorchia, un articles of association, or in both or one of such documents.
Calls upon Shares-Payment.
XXIII. Nothing contained in the principal Ordinance shall be Company may deemed to prevent any company under thai Ordinance, if autho- have some
shares fully rised by its regulations as originally framel, or as altered by
paid, and special resolution, from doing any one or more of the following others not. things, namely:-
[sec. 24].
(1.) Making arrange
gements on the issue of shares for a dif
ference between the holders of such shures in the amount of calls to be paid, and in the time of payments of such calls. (2.) Accepting from sy member of the company who assents thereto the while or a part of the most remaining unpaid on any share or khures held by him, either in discharge of the amount of a call payable in respect of any other share or shares held by him, or without ang call having been made.
(3.) Paying dividend in proportion to the amount paid up on each share in cases where a larger amount is paid up on
some shares than on others.
payment
which shares
XXIV. Every share in any company shall be deemed and Manner in taken to have been issued and to be held subject to the of the whole amount thereof in cash, unless the same shall have are to be been otherwise determined by a contract duly made in writing, held. and filed with the Registrar of Companies at or before the issue of [sec. 25]. such shares.
Transfer of Shares.
isued and
21. megistered
XXV. A company shall, on the application of the transferor Transfer may of any share or interest in the com, wuf, txt:
in r members the name of the trans! of such share or interest, in the same manner and subject to the same conditions as if the application for such entry were made by the transferee.
af request of transferor. [sec. 26],
267
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