1890_COMPANIES_ORDINANCE__1877 — Page 7

ORDINANCE No. 1 OF 1877.

Companies.

them, to divide its capital, or any part thereof, into shares of smaller amount than is fixed by its memorandum of association :

Provided, [that the amount in which each share is so reduced shall, in no case, be less than one fourth part of the amount of the original. share, and, Repealed by Ordinance No. 3 of 1883] that in the subdivision of the existing shares the proportion between the amount which is paid and the amount (if any) which is unpaid on each share of reduced amount shall be the same as it was in the case of the existing share or shares from which the share of reduced amount is derived.

1449

Special reso- lution to be

memorandum of association. [sec. 22.]

21. The statement of the number and amount of the shares into which the capital of the company is divided-contained in every copy of embodied in the memorandum of association issued after the passing of any such special resolution, shall be in accordance with such resolution; and any company which makes default in complying with the provisions of this section shall incur a penalty not exceeding five dollars for each copy

in respect of which such default is made; and every director and manager of the company who knowingly or wilfully authorizes or permits such default shall incur the like penalty.

Associations not for profit.

visions as to associations formed for

of gain.

[sec. 23.]

22. Where any association is about to be formed under the principal Special pro- Ordinance as a limited company, if it proves to the Governor that it is formed for the purpose of promoting commerce, art, science, religion, purposes not charity, or any other useful object, and that it is the intention of such association to apply the profits, if any, or other income of the association, in promoting its objects, and to prohibit the payment of any dividend to the members of the association, the Governor may-by licence, under his hand, direct such association to be registered with limited liability without the addition of the word limited to its name, and such association may be registered accordingly, and upon registration shall enjoy all the privileges and be subject to the obligations by this Ordinance imposed on limited companies, with the exceptions that none of the provisions of this Ordinance that require a limited company to use the word limited as any 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.

part