1901_COMPANIES_ORDINANCE__1865 — Page 2

A.D. 1865.]

COMPANIES.

[No. 1.

49

The Court" means the Supreme Court:

The Registrar of Companies" or "the Registrar" means the officer appointed for the registration of companies under this Ordinance.

3. For the purposes of this Ordinance, a company that carries on the Definition of business of insurance in common with any other business or businesses shall be deemed to be an insurance company.

4.

insurance company. 25 & 26 Tiet. c. 89 s. 3.

ships exceed- ing certain

of partner-

number.

4. No company, association, or partnership consisting of more than Prohibition twenty persons shall be formed after the commencement of this Ordi- nance for the purpose of carrying on any business that has for its object the acquisition of gain by the company, association, or partnership, or by 16. s. 4. the individual members thereof, unless it is registered as a company under this Ordinance, or is formed in pursuance of some other Ordi- nance, or of a charter of incorporation, or of letters patent: Provided always that nothing in this Ordinance shall apply to or affect any com- pany, association, or partnership formed for the purpose of carrying on the business of banking.

5. This Ordinance is divided into Parts as follows :-- Part 1-Constitution and Incorporation.

Part 2. Distribution of Capital and Liability of Members.

Part 3.-Management and Administration.

Part 4.Winding-up.

Part 5.-Registration Office.

Part 6.Miscellaneous Provisions.

Arrangement of the Ordi-

nance.

I. s. 5.

PART I.

CONSTITUTION AND INCORPORATION.

Memorandum of Association.

corporated

6. Any seven or more persons associated for any lawful purpose, Mode of except that of carrying on the business of banking, may, by subscribing forming in- their names to a memorandum of association and otherwise complying company. with the requisitions of this Ordinance in respect of registration, form an incorporated company, with or without limited liability.

7. The liability of the members of a company formed under this Or- dinance may, according to the memorandum of association, be limited either to the amount, if any, unpaid on the shares respectively held by them, or to such amount as the members may respectively undertake by the memorandum of association to contribute to the assets of the com- pany in the event of its being wound up.

Ib. s. 6.

Mole of limit- ing liability

of members.

Ib. s. 7.

8. Where a company is formed on the principle of having the Memorandum liability of its members limited to the amount unpaid on their shares, of association