1890_COMPANIES_ORDINANCE__1865 — Page 16

694

Promissory notes and bills

of exchange.

Prohibition against carrying on business with less than

8Oven members.

General meeting of company.

Power to

alter regula- tions by special resolution.

ORDINANCE No. 1 or 1865.

Companies, &c. (Part III. Management, &c.)

any change that takes place in such directors or managers, such delinquent company shall incur a penalty not exceeding fifty dollars for every day during which such default continues, and every director and manager of the company who shall knowingly and wilfully authorize or permit such default shall incur the like penalty.

47. (46.) A promissory note or bill of exchange shall be deemed to: have been made, accepted, or endorsed on behalf of any company under this Ordinance, if made, accepted, or endorsed in the name of the company by any person acting under the authority of the company, or if made, accepted, or endorsed by, or on behalf, or on account of, the company, by any person acting under the authority of the company.

48. (47.) If any company under this Ordinance carries on business when the number of its members is less than seven for a period of six months after the number has been so reduced, every person who is a member of such company during the time that it so carries on business after such period of six months, and is cognizant of the fact that it is so carrying on business with fewer than seven members, shall be severally liable for the payment of the whole debts of the company contracted. during such time, and may be sued for the same, without the joinder in the action or suit of any other member.

Provisions for Protection of Members.

49. (48.) A general meeting of every company under this Ordinance shall be held once at the least in every year.

50. (49.) Subject to the provisions of this Ordinance, and to the con- ditions contained in the memorandum of association, any company formed under this Ordinance may, in general meeting, from time to time, by passing a special resolution in manner hereinafter mentioned, alter all or any of the regulations of the company contained in the articles of association or in the table marked A in the first schedule, where such table is applicable to the company, or make new regulations to the exclusion of or in addition to all or any of the regulations of the company; and any regulations so made by special resolution shall be deemed to be regulations of the com- pany of the same validity as if they had been originally contained in the articles of association, and shall be subject in like manner to be altered or modified by any subsequent special resolution.