690613-1877-Companies-Amendment-Ordinance- — Page 5

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THE HONGKONG GOVERNMENT GAZETTE, 23RD JUNE, 1877.

Calls upon Shares-Payment.

XXIII. Nothing contained in the principal Ordinance shall be Company may deemed to prevent any company under that Ordinance, if autho- have some rized by its regulations as originally framed-or as altered by

shares fully special resolution, from doing any one or more of the following others not.

paid, and things; namely,

[sec, 24], (1.) Making arrangements on the issue of shares for a dif

ference between the holders of such shares in the amount of calls to be paid, and in the time of payment of such calls.

(2.) Accepting from any member of the company who assents thereto the whole or a part of the amount remaining unpaid on any share or shares 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 any 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

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some shares than on others.

XXIV. Every share in any company shall be deemed and Manner in taken to have been issued and to be held subject to the payment) which shares of the whole amount thereof in cash, unless the same shall have are to he 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,

issued and

XXV. A company shall-

1-on the application of the transferor Transfer may of any share or interest in the company-enter in its register of be registered members the name of the transferee of such share or interest, in at request of the same manner and subject to the same conditions as if the transferor. application for such entry were made by the transferee,

Share Warrants to Bearer,

[sec. 26].

may be issued

XXVI. In the case of a company limited by shares--the com- Warrant of pany, if authorized so to do by its regulations as originally framed limited shares

or as altered by special resolution, and subject to the provisions fully paid up of such regulations, may, with respect to any share which is fully in name of paid up, or with respect to stock, issue under their common seal bearer. a warrant stating that the bearer of the warrant is entitled to the [sec. 27]. share or shares or stock therein specified, and may provide, by coupons or otherwise, for the payment of the future dividends on the share or shares or stock included in such warrant, hereinafter referred to as a share warrant.

XXVII. A share warrant shall ent 3 the bearer of such war- Effect of share rant to the shares otock specified in it, and such shares or stock warrant. may be transferred by the delivery of the share warrant.

[sec. 28]. XXVIII. The bearer of a share warrant shall, subject to the Re-registra regulations of the company, be entitled, on surrendering such war- tion of hearer rant for cancellation, to have his name entered as a member in of a share the register of members, and the company shall be responsible register. for

any loss incurred by any person by reason of the company (sec. 29]. entering in its register of members the name of any bearer of a share warrant in respect of the shares or stock specified therein without the share warrant being surrendered and cancelled.

warrant in the

XXIX. The bearer of a share warrant may, if the regulations Regulation of of the company so provide, be deemed to be a member of the com- the company pany within the meaning of the principal Ordinance, either to the may make the full extent or for such purposes as may be prescribed by the share warrant regulations:

bearer of a

a member.

Provided that the bearer of a share warrant shall not be quali- [sec. 30]. fied in respect of the shares or stock specified in such warrant for being a director or inanager of the company in cases where such

a qualification is prescribed by the regulations of the company.

XXX. On the issue of a share warrant in respect of any share Entries in

issued.

or stock-the company shall strike out of its register of members register where the name of the member then entered therein as holding such share warrant share or stock as if he had ceased to be a member, and shall enter [sec. 31). in the register the following particulars :-

(1.) The fact of the issue of the warrant.

(2.) A statement of the shares or stock included in the war-

rant, distinguishir each share by its number.

(3.) The date of the issue of the warrant.

And until the warrant is surrendered-the above particulars shall be deemed e the particulars which are required by the twenty- fourth section of the principal Ordinance to be entered in the register of members of a company; and on the surrender of a warrant the date of such surrender shall be entered as if it were the date at which a person ceased to be a member.

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