64
Power of
company to arrange for different
No. 1. THE ORDINANCES OF HONGKONG : [A.D. 1865.
Calls upon Shares.
55. Nothing in this Ordinance shall be deemed to prevent any company under this Ordinance, if authorized to do so by its regulations as originally framed or as altered by special resolution, from doing any of the following things; namely,--
amounts being paid on one or more of the shares.
30 & 31 Vict. c. 131 s. 24.
Manner in which shares are to be issued and held. Ib. s. 25.
(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; and
(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.
56. Subject to the provisions of the next succeeding section, 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 has been otherwise determined by a contract duly made in writing, and filed with the Registrar of Companies at or before the issue of the share.
Power of the Court to grant relief for non-compliance with s. 56. 61 & 62 Vict. c. 26 ss. 1, 2.
57.(1.) Whenever any shares in the capital of any company under this Ordinance, credited as fully or partly paid up, are issued for a consideration other than cash, and at or before the issue of such shares no contract or no sufficient contract is filed with the Registrar of Companies, in compliance with the last preceding section, the company, or any person interested in such shares or any of them, may apply to the Court for relief, and the Court, if satisfied that the omission to file a contract or sufficient contract was accidental or due to inadvertence, or that for any reason it is just and equitable to grant relief, may make an order for the filing with the Registrar of a sufficient contract in writing, and directing that, on such contract being filed within a specified period, it shall, in relation to such shares, operate as if it had been duly filed with the Registrar before the issue of such shares.
(2.) Any such application may be made in the manner in which an application to rectify the register of members may be made under section 42, and either before or after an order has been made or an effective resolution has been passed for the winding-up of the company, and either before or after the commencement of any proceedings for enforcing the liability on such shares consequent on the omission aforesaid, and any such application shall, if not made by the company, be served on the company.
64
Power of
company to arrange for different
No. 1. THE ORDINANCES OF HONGKONG : [A.D. 1865.
Calls upon Shares.
55. Nothing in this Ordinance shall be deemed to prevent any com- pany under this Ordinance, if authorized to do so by its regulations as originally framed or as altered by special resolution, from doing any being paid on one or more of the following things; namely,--
amounts
shares.
30 & 31 Fiet.
e. 131 s. 24.
Manner in
are to be
(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; and
(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.
56. Subject to the provisions of the next succeeding section, every which shares 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 has been otherwise determined by a contract duly made in writing, and filed with the Registrar of Companies at or before the issue of the share.
issued and held. Ib. s. 25.
Power of the
Court to grant
relief for non- compliance with s. 56. 61 & 62 Fict, c. 26 ss. 1. 2.
57.(1.) Whenever any shares in the capital of any company under this Ordinance, credited as fully or partly paid up, are issued for a con- sideration other than cash, and at or before the issue of such shares no contract or no sufficient contract is filed with the Registrar of Companies. in compliance with the last preceding section, the company, or any person interested in such shares or any of them, may apply to the Court for relief, and the Court, if satisfied that the omission to file a contract or sufficient contract was accidental or due to inadvertence, or that for any reason it is just and equitable to grant relief, may make an order for the filing with the Registrar of a sufficient contract in writing, and directing. that, on such contract being filed within a specified period, it shall, in relation to such shares, operate as if it had been duly filed with the Registrar before the issue of such shares.
(2.) Any such application may be made in the manner in which an application to rectify the register of members may be made under section 42, and either before or after an order has been made or an effective resolution has been passed for the winding-up of the company, and either before or after the commencement of any proceedings for enforcing the liability on such shares consequent on the omission aforesaid, and any such application shall, if not made by the company, be served on the
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