1890_COMPANIES_ORDINANCE__1877 — Page 3

ORDINANCE No. 1 OF 1877.

Companies.

If any director, manager, or proposer make default in adding such statement, or if any promoter, director, manager, or secretary, make default in giving such notice, he shall be liable to a penalty not exceeding five hundred dollars, and shall also be liable for any damage which the person so elected or appointed may sustain from such default, but the liability of the person elected or appointed shall not be affected by such default.

$

8. Any limited company under the principal Ordinance, whether formed before or after the commencement of this Ordinance, may, by a special resolution, if authorized so to do by its regulations, as originally framed-or as altered by special resolution, from time to time modify the conditions contained in its memorandum of association so far as to render unlimited the liability of its directors or managers, or of the managing director; and such special resolution shall be of the same validity as if it had been originally contained in the memorandum of association, and a copy thereof shall be embodied in or annexed to every copy of the memorandum of association which is issued after the passing of the resolution, and any default in this respect shall be deemed to be a default in complying with the provisions of the fifty-third section of the principal Ordinance, and shall be punished accordingly.

Reduction of capital and shares.

9. Any company limited by shares may, by special resolution, so far modify the conditions contained in its memorandum of association if authorized so to do by its regulations as originally framed-or as altered by special resolution, as to reduce its capital; but no such resolution for reducing the capital of any company shall come into operation until an order of the Court is registered by the Registrar of Companies, as is hereinafter mentioned.

1445

Existing limited com-

pany may, by special reso-

lution, make directors

liability of

unlimited.

[sec. 8.]

Power to company to reduce capital. [sec. 9.]

10. The company shall, after the date of the passing of any special Company to resolution for reducing its capital, add to its name, until such date as the Court may fix, the words "and reduced, as the last words in its name, and those words shall, until such date, be deemed to be part of the name of the company within the meaning of the principal Ordinance.

11. A company which has passed a special resolution for reducing its capital, may apply to the Court by petition for an order confirming

add" and reduced to its name for a limited period. [sec. 10.]

Company to Court for an

apply to the