72
Information to be given by company as to profits retained and profits returned. 43 Vict. c. 19 s. 6.
Power for limited company to have
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1865.
in such securities as may be authorized by the Court, and on the moneys so invested, or on so much thereof as from time to time exceeds the amount of calls subsequently made upon the shares in respect of which such moneys have been retained, the company shall pay such interest as may be received by it from time to time on such securities.
(3.) The amount so retained and invested shall be held to represent the future calls which may be made to replace the capital so reduced on those shares, whether the amount obtained on sale of the whole or such proportion thereof as represents the amount of any call when made produces more or less than the amount of such call.
79. From and after such reduction of capital the company shall specify in the annual lists of members, to be made by it in pursuance of section 30, the amounts which any of the shareholders of the company have required the company to retain, and the company has retained accordingly, in pursuance of the last preceding section, and the company shall also specify in the statements of account laid before any general meeting of the company the amount of the undivided profits of the company which has been returned to the shareholders in reduction of the paid-up capital of the company under section 77.
Unlimited Liability of Directors.
80. Where after the 21st day of June, 1877, a company is formed as a limited company under this Ordinance, the liability of the directors or managers of such company, or the managing director, may, if so provided by the memorandum of association, be unlimited.
30 & 31 Vict. c. 131 s. 4.
Liability of director, past and present, where liability is unlimited. Th. s. 5.
81. The following modifications shall be made in section 58 with respect to the contributions to be required in the event of the winding-up of a limited company under this Ordinance from any director or manager whose liability is, in pursuance of this Ordinance, unlimited; that is to say,
(1.) subject to the provisions hereinafter contained, any such director or manager, whether past or present, shall, in addition to his liability, if any, to contribute as an ordinary member, be liable to contribute as if he were, at the date of the commencement of the winding-up, a member of an unlimited company;
(2.) no contribution required from any past director or manager who has ceased to hold such office for a period of one year or upwards prior to the commencement of the winding-up shall exceed the amount, if any, which he is liable to contribute as an ordinary member of the company;
(3.) no contribution required from any past director or manager in respect of any debt or liability of the company contracted after
72
Information
to be given by company as to profits retained and profits re- turned. 43 Pict.
c. 19 s. 6.
Power for
limited com-
pany to have
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1865.
in such securities as may be authorized by the Court, and on the moneys so invested, or on so much thereof as from time to time exceeds the amount of calls subsequently made upon the shares in respect of which such moneys have been retained, the company shall pay such interest as may be received by it from time to time on such securities.
(3.) The amount so retained and invested shall be held to represent the future calls which may be made to replace the capital so reduced on those shares, whether the amount obtained on sale of the whole or such proportion thereof as represents the amount of any call when made duces more or less than the amount of such call.
-סינון
79. From and after such reduction of capital the company shall specify in the annual lists of members, to be made by it in pursuance of section 30, the amounts which any of the shareholders of the company have required the company to retain, and the company has retained accord- ingly, in pursuance of the last preceding section, and the
company shall also specify in the statements of account laid before any general meeting of the company the amount of the undivided profits of the company which has been returned to the shareholders in reduction of the paid-up capital of the company under section 77.
Unlimited Liability of Directors.
80. Where after the 21st day of June, 1877, a company is formed as a limited company under this Ordinance, the liability of the directors directors with or managers of such company, or the managing director, may, if so
provided by the memorandum of association, be unlimited.
unlimited
liability.
30 & 31 Fict. c. 131 s. 4.
Liability of director, past and present, where liabil- ity is
unlimited. Th. s. 5.
81. The following modifications shall be made in section 58 with respect to the contributions to be required in the event of the winding- of a limited company under this Ordinance from any director or manager whose liability is, in pursuance of this Ordinance, unlimited; that is to say,
up
(1.) subject to the provisions hereinafter contained, any such director or manager, whether past or present, shall, in addition to his liability, if any, to contribute as an ordinary member, be liable to contribute as if he were, at the date of the commencement of the winding-up, a member of an unlimited company; (2.) no contribution required from any past director or manager who has ceased to hold such office for a period of one year or upwards prior to the commencement of the winding-up shall exceed the amount, if any, which he is liable to contribute as an ordinary member of the company;
(3.) no contribution required from any past director or manager in respect of any debt or liability of the company contracted after
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