ORDINANCE No. 1 OF 1865.
Companies, &c. (Part III. Management, &c.)
(7.) No sum due to any member of a company, in his character of a member, by way of dividends, profits, or otherwise, shall be deemed to be a debt of the company, payable to such member in a case of competition between himself and any other creditor not being a member of the company; but any such sum may be taken into account, for the purposes of the final adjustment of the rights of the contributories amongst themselves.
PART III.
LIABILITY OF BANKING COMPANIES ISSUING NOTES.
691
Proviso as to banking company.
38. No banking company registered under this Ordinance issuing notes in this Colony shall be entitled to limited liability in respect of such issue, but shall be subject to unlimited liability in respect thereof, and, if necessary, the assets shall be marshalled for the benefit of the general creditors, and the members shall be liable for the whole amount of the issue, in addition to the sum for which they would be liable as members of a limited company. [Repealed by Ordinance No. 2 of 1866.]
NOTE.-The following part and sections were re-numbered as indicated in brackets by Ordinance No. 2 of 1866.
PART IV. (III.)
MANAGEMENT AND ADMINISTRATION OF COMPANIES AND ASSOCIATIONS UNDER THIS ORDINANCE.
Provisions for Protection of Creditors.
39. (38.) Every company under this Ordinance shall have a registered office to which all communications and notices may be addressed: If any company under this Ordinance carries on business without having such an office, it shall incur a penalty not exceeding fifty dollars for every day during which business is so carried on.
Registered office of company.
Situation of registered office.
40. (39.) Notice of the situation of such registered office, and of any change therein, shall be given to the Registrar, and recorded by him: until such notice is given the company shall not be deemed to have complied with the provisions of this Ordinance with respect to having a registered office.
Publication of name by a limited company.
41. (40.) Every limited company under this Ordinance, whether limited by shares or by guarantee, shall paint or affix, and shall keep painted or affixed, its name on the outside of every office or place in
ORDINANCE No. 1 OF 1865.
Companies, &c. (Part III. Management, &c.)
(7.) No sum due to any member of a company, in his character of a member, by way of dividends, profits, or otherwise, shall be deemed to be a debt of the company, payable to such member in a case of competition between himself and any other creditor not being a member of the company; but any such sum may be taken into account, for the purposes of the final adjustment of the rights of the con- tributories amongst themselves.
PART III.
LIABILITY OF BANKING COMPANIES ISSUING NOTES.
691
Proviso as to banking com-
38. No banking company registered under this Ordinance issuing notes in this Colony shall be entitled to limited liability in respect of such issue, but shall be subject pany. to unlimited liability in respect thereof, and, if necessary, the assets shall be marshalled for the benefit of the general creditors, and the members shall be liable for the whole amount of the issue, in addition to the sum for which they would be liable as members of a limited company. [Repealed by Ordinance No. 2 of 1866.]
NOTE.-The following part and sections were re-numbered as indicated in brackets by Ordinance No. 2 of 1866.
PART IV. (III.)
MANAGEMENT AND ADMINISTRATION OF COMPANIES AND ASSOCIATIONS UNDER THIS ORDINANCE.
Provisions for Protection of Creditors.
39. (38.) Every company under this Ordinance shall have a registered office to which all communications and notices may be addressed: If any company under this Ordinance carries on business without having such an office, it shall incur a penalty not exceeding fifty dollars for every day during which business is so carried on.
Registered office of com- pany.
situation of registered office.
40. (39.) Notice of the situation of such registered office, and of Notice of any change therein, shall be given to the Registrar, and recorded by him: until such notice is given the company shall not be deemed to have complied with the provisions of this Ordinance with respect to having a registered office.
Publication of name by a
41. (40.) Every limited company under this Ordinance, whether limited by shares or by guarantee, shall paint or affix, and shall keep limited com- painted or affixed, its name on the outside of every office or place in
pany.
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