392
THE HONGKONG GOVERNMENT GAZETTE, 23RD SEPTEMBER, 1876.
Company may have some
shares fully paid, and others not.
Manner in
are to be issued and held.
tions that none of the provisions of this Ordinance that require a limited company to use the word limited 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 apply to an association so registered.
The licence by the Governor may be granted upon such con- ditions and subject to such regulations as the Governor thinks fit to impose, and such conditions and regulations shall be binding on the association, and may, at the option of the Governor, be inserted in the memorandum and articles of association, or in both or one of such documents.
Calls upon Shares-Payment.
XXIII. Nothing contained in the principal Ordinance shall be deemed to prevent any company under that Ordinance, if autho- rised by its regulations as originally framed, or as altered by special resolution, from doing any one or more of the following things, namely:
(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 payments 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 some shares than on others.
XXIV. Every share in any company shall be deemed and which shares taken to have been issued and to be held subject to the payment of the whole amount thereof in cash, unless the same shall have been otherwise determined by a contract duly made in writing, and filed with the Registrar of Companies at or before the issue of such shares.
Transfer may be registered at request of
transferor. [sec. 26].
Warrant of
limited shares fully paid up may be issued in name of bearer. [sec. 27].
Effect of share warrant.
[sec. 28].
Re-registra-
of a share
Transfer of Shares.
XXV. A company shall, on the application of the transferor of any share or interest in the company, enter in its register of members the name of the transferee 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.
Share Warrants to Bearer,
XXVI. In the case of a company limited by shares, the com- pany, if authorised so to do by its regulations as originally framed, or as altered by special resolution, and subject to the provisions of such regulations, may, with respect to any share which is fully paid up, or with respect to stock, issue under their common seal a warrant stating that the bearer of the warrant is entitled to the 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 entitle the bearer of such war- rant to the shares of stock specified in it, and such shares or stock may be transferred by the delivery of the share warrant.
XXVIII. The bearer of a share warrant shall, subject to the tion of bearer regulations of the company, be entitled, on surrendering such war- rant for cancellation, to have his name entered as a member in the register of members, and the company shall be responsible for any loss incurred by any person by reason of the company 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 register. [sec. 29].
Regulation of the company
may make the bearer of a
share warrant a member. [sec. 30].
Entries in register where share warrant issued. [sec. 31].
XXIX. The bearer of a share warrant may, if the regulations of the company so provide, be deemed to be a member of the com- pany within the meaning of the principal Ordinance, either to the full extent or for such purposes as may be prescribed by the regulations:
Provided that the bearer of a share warrant shall not be quali- fied in respect of the shares or stock specified in such warrant for being a director or manager 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 or stock, the company shall strike out of its register of members the name of the member then entered therein as holding such share or stock as if he had ceased to be a member, and shall enter 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, distinguishing each share by its number.
(3.) The date of the issue of the warrant.
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