A.D. 1865.]
COMPANIES.
[No. 1.
relating to registering.
71
which has been already registered, the Registrar of Companies shall make provision for closing the former registration of the company, and may dispense with the delivery to him of copies of any documents with which he was furnished on the occasion of the registration of the company; but, save as aforesaid, the registration of such a company shall take place in the same manner and have the same effect as if it were the first registration of that company under this Ordinance.
42 & 43 Vict. c. 76 s. 9.
re-registration
76. A company authorized to register under the preceding provisions may register thereunder, and avail itself of the privileges conferred by the said provisions, notwithstanding any provisions contained in any Ordinance, deed of settlement, or contract of co-partnery constituting or regulating the company.
Accumulated Profits.
constitution
77.—(1.) When a company has accumulated a sum of undivided profits, which, with the consent of the shareholders, may be distributed among the shareholders in the form of a dividend or bonus, it shall be lawful for the company, by special resolution, to return the same, or any part thereof, to the shareholders in reduction of the paid-up capital of the company, the unpaid capital being thereby increased by a similar amount.
(2.) The powers vested in the directors of making calls upon the shareholders in respect of moneys unpaid upon their shares shall extend to the amount of the unpaid capital as augmented by such reduction.
(3.) No such special resolution shall take effect until a memorandum, showing the particulars required by this Ordinance in the case of a reduction of capital by order of the Court, has been produced to and registered by the Registrar of Companies.
43 Vict. c. 19 ss. 3, 4.
shareholder to require company to retain moneys paid upon shares held by him.
78.—(1.) On any reduction of paid-up capital made in pursuance of the last preceding section, it shall be lawful for any shareholder, or for any one or more of several joint shareholders, within one month after the passing of the special resolution for such reduction, to require the company to retain, and the company shall retain accordingly, the whole of the moneys actually paid upon the shares held by such person, either alone or jointly with any other person or persons, and which, in consequence of such reduction, would otherwise be returned to him or them, and thereupon the shares in respect of which the said moneys are so retained shall, in regard to the payment of dividends thereon, be deemed to be paid up to the same extent only as the shares on which payment as aforesaid has been accepted by the shareholders in reduction of their paid-up capital.
(2.) The company shall invest and keep invested the moneys so retained
A.D. 1865.]
COMPANIES.
[No. 1.
relating to
registering.
71
which has been already registered, the Registrar of Companies shall make of provisions provision for closing the former registration of the company, and may registration to dispense with the delivery to him of copies of any documents with copies company re- of which he was furnished on the occasion of the registration of the 42 & 43 Fict. company; but, save as aforesaid, the registration of such a company shall take place in the same manner and have the same effect as if it were the first registration of that company under this Ordinance.
c. 76 s. 9.
re-registration
76. A company authorized to register under the preceding provisions Privileges of may register thereunder, and avail itself of the privileges conferred by available not- the said provisions, notwithstanding any provisions contained in any withstanding Ordinance, deed of settlement, or contract of co-partnery constituting of company, or regulating the company.
Accumulated Profits.
constitution
Zb. s. 10.
return accu-
profits to
shareholders
77.--(1.) When a company has accumulated a sum of undivided Power to profits, which, with the consent of the shareholders, may be distributed mulated among the shareholders in the form of a dividend or bonus, it shall be lawful for the company, by special resolution, to return the same, or any part thereof, to the shareholders in reduction of the paid-up capital of the company, the unpaid capital being thereby increased by a similar
amount.
(2.) The powers vested in the directors of making calls upon the shareholders in respect of moneys unpaid upon their shares shall extend to the amount of the unpaid capital as augmented by such reduction.
(3.) No such special resolution shall take effect until a memorandum, showing the particulars required by this Ordinance in the case of a reduction of capital by order of the Court, has been produced to and registered by the Registrar of Companies.
in reduction of paid-up capital.
43 Fit.
c. 19 ss. 3, 4.
shareholder to
require com- pany to retain moneys paid upon shares held by him.
Ib. s. 5.
78.-(1.) On any reduction of paid-up capital made in pursuance of Power to the last preceding section, it shall be lawful for any shareholder, or for any one or more of several joint shareholders, within one month after the passing of the special resolution for such reduction, to require the company to retain, and the company shall retain accordingly, the whole of the moneys actually paid upon the shares held by such person, either alone or jointly with any other person or persons, and which, in conse- quence of such reduction, would otherwise be returned to him or them, and thereupon the shares in respect of which the said moneys are so retained shall, in regard to the payment of dividends thereon, be deemed to be paid up to the same extent only as the shares on which payment as aforesaid has been accepted by the shareholders in reduction of their paid-up capital.
(2.) The company shall invest and keep invested the moneys so retained
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