1450
Company may have some shares fully paid, and others
ORDINANCE No. 1 OF 1877.
Companies.
The licence by the Governor may be granted upon such conditions 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.
23. Nothing contained in the principal Ordinance shall be deemed to prevent any company under that Ordinance, if authorized by its regulations as originally framed-or as altered by special resolution, from doing any one or more of the following things; namely,
Manner in which shares are to be issued and
(1.) Making arrangements on the issue of shares for a difference between the holders of such shares in the amount of calls to be paid, and in the time of payment 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.
24. Every share in any company shall be deemed and 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.
Transfer of shares.
25. 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.
1450
Company may have some shares fully paid, and others
ORDINANCE No. 1 OF 1877.
Companies.
The licence by the Governor may be granted upon such conditions 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.
23. Nothing contained in the principal Ordinance shall be deemed to prevent any company under that Ordinance, if authorized by its regu- lations as originally framed-or as altered by special resolution, from not. [sec, 24.] doing any one or more of the following things; namely,-
Manner in
which shares are to be issued and
(1.) Making arrangements on the issue of shares for a difference between the holders of such shares in the amount of calls to be paid, and in the time of payment 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.
24. Every share in any company shall be deemed and taken to have been issued and to be held subject to the payment of the whole amount held. [sec.25.1 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.]
Transfer of shares.
25. 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.
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