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company.
COMPANIES.
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(3.) Any such order may be made on such terms and conditions as the Court may think fit, and the Court may make such order as to costs as it may deem proper, and may direct that an office copy of the order shall be filed with the Registrar, and the order shall in all respects have full effect.
(4.) Where the Court in any such case is satisfied that the filing of the requisite contract would cause delay or inconvenience or is impracticable, it may, in lieu thereof, direct the filing of a memorandum in writing, and in a form approved by the Court, specifying the consideration for which the shares were issued, and may direct that, on such memorandum being filed within a specified period, it shall, in relation to such shares, operate as if it were a sufficient contract in writing within the meaning of the last preceding section, and had been duly filed with the Registrar before the issue of such shares. The memorandum shall, before the filing thereof, be stamped with the same amount of ad valorem stamp duty as would be chargeable upon the requisite contract, unless the contract has been produced to the Registrar duly stamped, or unless the Registrar is otherwise satisfied that the contract was duly stamped.
(5.) The jurisdiction given to the Court by this section is not by implication to curtail or derogate from its jurisdiction to grant relief in any such case under section 42 or otherwise.
Liability of Members.
past members of company. c. 89 s. 38. See also s. 81 25 & 26 Vict.
58. In the event of a company formed under this Ordinance being wound up, every present and past member of the company shall be liable to contribute to the assets of the company to an amount sufficient for the payment of the debts and liabilities of the company and the costs, charges, and expenses of the winding-up, and for the payment of such sums as may be required for the adjustment of the rights of the contributories amongst themselves, with the qualifications following; that is to say,
(1.) no past member shall be liable to contribute to the assets of the company if he has ceased to be a member for a period of one year or upwards prior to the commencement of the winding-up;
(2.) no past member shall be liable to contribute in respect of any debt or liability of the company contracted after the time at which he ceased to be a member;
(3.) no past member shall be liable to contribute to the assets of the company unless it appears to the Court that the existing members are unable to satisfy the contributions required to be made by them in pursuance of this Ordinance;
(4.) in the case of a company limited by shares, no contribution shall be required from any past or present member exceeding the amount (if any) unpaid on the shares in respect of which he is liable as a past or present member.
post.
A.D. 1865.
company.
COMPANIES.
[No. 1.
65
(3.) Any such order may be made on such terms and conditions as the Court may think fit, and the Court may make such order as to costs as it may
deem
proper, and may direct that an office copy of the order shall be filed with the Registrar, and the order shall in all respects have full effect.
(4.) Where the Court in any such case is satisfied that the filing of the requisite contract would cause delay or inconvenience or is imprac- ticable, it may, in lieu thereof, direct the filing of a memorandum in writing, and in a form approved by the Court, specifying the considera- tion for which the shares were issued, and may direct that, on such memorandum being filed within a specified period, it shall, in relation to such shares, operate as if it were a sufficient contract in writing within the meaning of the last preceding section, and had been duly filed with the Registrar before the issue of such shares. The memorandum shall, before the filing thereof, be stamped with the same amount of ad valorem stamp duty as would be chargeable upon the requisite contract, unless the contract has been produced to the Registrar duly stamped, or unless the Registrar is otherwise satisfied that the contract was duly stamped.
(5.) The jurisdiction given to the Court by this section is not by implication to curtail or derogate from its jurisdiction to grant relief in any such case under section 42 or otherwise.
Liability of Members.
past members
of company. c. 89 s. 38. See also s. 81
25 & 26 Fiet.
58. In the event of a company formed under this Ordinance being Liability of wound up, every present and past member of the company shall be present and liable to contribute to the assets of the company to an amount sufficient payment of the debts and liabilities of the company and the costs, charges, and expenses of the winding-up, and for the payment of such sums as may be required for the adjustment of the rights of the contrib- utories amongst themselves, with the qualifications following; that is
to say,
(1.) no past member shall be liable to contribute to the assets of the company if he has ceased to be a member for a period of one year or upwards prior to the commencement of the winding-up; (2.) no past member shall be liable to contribute in respect of any debt or liability of the company contracted after the time at which he ceased to be a member
(3.) no past member shall be liable to contribute to the assets of the company unless it appears to the Court that the existing members. are unable to satisfy the contributions required to be made by them in pursuance of this Ordinance;
(4.) in the case of a company limited by shares, no contribution shall
post.
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