A.D. 1865.]
COMPANIES.
[No. 1.
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the time at which he ceased to hold such office shall exceed the amount, if any, which he is liable to contribute as an ordinary member of the company; and (4.) subject to the provisions contained in the regulations of the company, no contribution required from any director or manager shall exceed the amount, if any, which he is liable to contribute as an ordinary member, unless the Court deems it necessary to require such contribution in order to satisfy the debts and liabilities of the company and the costs, charges, and expenses of the winding-up.
director with
82. In the event of the winding-up of any limited company, the Court may,
if it thinks fit, make to any director or manager of such company whose liability is unlimited the same allowance by way of set-off as under section 149 it may make to a contributory where the company is not limited.
30 & 31 Vict. c. 131 s. 6.
Notice to be given to
director on
will be unlimited.
83.-(1.) In any limited company in which, in pursuance of this Ordinance, the liability of a director or manager is unlimited, the directors or managers of the company, if any, and the member who proposes any election that his liability person for election or appointment to such office, shall add to such proposal a statement that the liability of the person holding such office will be unlimited, and the promoters, directors, managers, and secretary, if any, of such company, or one of them, shall, before such person accepts such office or acts therein, give him notice in writing that his liability will be unlimited.
(2.) If any director, manager, or proposer makes default in adding such statement, or if any promoter, director, manager, or secretary makes default in giving such notice, he shall be liable to a penalty not exceeding five hundred dollars, and shall also be liable for any damage which the person so elected or appointed may sustain from such default, but the liability of the person elected or appointed shall not be affected by such default.
84.--(1.) Any limited company under this Ordinance, whether formed before or after the 21st day of June, 1877, may, by a special resolution, if authorized to do so by its regulations as originally framed or as altered by special resolution, from time to time modify the conditions contained in its memorandum of association so far as to render unlimited the liability of its directors or managers or of the managing director.
(2.) Such special resolution shall be of the same validity as if it had been originally contained in the memorandum of association, and a copy thereof shall be embodied in or annexed to every copy of the memorandum of association which is issued after the passing of the resolution; and any default in this respect shall be deemed to be a default in complying with the provisions of this Ordinance.
Ib. s. 7.
Power for existing company, by special resolution, to make liability of directors
unlimited. Ib. s. 8.
Page 25
Page 26
A.D. 1865.]
COMPANIES.
[No. 1.
73
the time at which he ceased to hold such office shall exceed the amount, if any, which he is liable to contribute as an ordinary member of the company; and (4.) subject to the provisions contained in the regulations of the company, no contribution required from any director or man- ager shall exceed the amount, if any, which he is liable to con- tribute as an ordinary member, unless the Court deems it necessary to require such contribution in order to satisfy the debts and liabilities of the company and the costs, charges, and expenses of the winding-up.
director with
82. In the event of the winding-up of any limited company, the Right of Court may,
if it thinks fit, make to any director or manager of such set-off of company whose liability is unlimited the same allowance by way of set- unlimited off as under section 149 it may make to a contributory where the com- 30 & 31 Fiet.
liability. pany is not limited.
c. 131 s. 6.
Notice to be given to
director on
will be unlimited.
83.-(1.) In any limited company in which, in pursuance of this Or- dinance, the liability of a director or manager is unlimited, the directors or managers of the company, if any, and the member who proposes any election that
his liability person for election or appointment to such office, shall add to such pro- posal a statement that the liability of the person holding such office will be unlimited, and the promoters, directors, managers, and secretary, if any, of such company, or one of them, shall, before such person accepts such office or acts therein, give him notice in writing that his liability will be unlimited.
(2.) If any director, manager, or proposer makes default in adding such statement, or if any promoter, director, manager, or secretary makes default in giving such notice, he shall be liable to a penalty not exceed- ing five hundred dollars, and shall also be liable for any damage which the person so elected or appointed may sustain from such default, but the liability of the person elected or appointed shall not be affected by such default.
84.--(1.) Any limited company under this Ordinance, whether formed before or after the 21st day of June, 1877, may, by a special resolution, if authorized to do so by its regulations as originally framed or as alter- ed by special resolution, from time to time modify the conditions con- tained in its memorandum of association so far as to render unlimited the liability of its directors or managers or of the managing director.
(2.) Such special resolution shall be of the same validity as if it had been originally contained in the memorandum of association, and a copy thereof shall be embodied in or annexed to every copy of the memoran- dum of association which is issued after the passing of the resolution; and any default in this respect shall be deemed to be a default in com-
Ib. s. 7.
Power for existing com- pany, by special reso lution, to make liability of directors
unlimited. Ib. s. 8.
Page 25Page 26
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