Registration
of order of
confirmation,
No. 1.] THE ORDINANCES OF HONGKONG : [A.D. 1865.
of persons whose interests will, in the opinion of the Court, be affected by the proposed alterations; and
(b.) that, with respect to every creditor who, in the opinion of the Court, is entitled to object, and who signifies his objection in manner directed by the Court, either his consent to the alteration has been obtained or his debt or claim has been discharged, or has determined, or has been secured to the satisfaction of the Court:
Provided that the Court may, in the case of any person or class of persons, for special reasons dispense with the notice required by this section.
(3.) An order confirming any such alteration may be made on such terms and subject to such conditions as to the Court may seem fit, and the Court may make such orders as to costs as it may deem proper.
(4.) The Court shall, in exercising its discretion under this section, have regard to the rights and interests of the members of the company or of any class of those members, as well as to the rights and interests of the creditors, and may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of the dissentient members; and the Court may give such directions and make such orders as it may think expedient for the purpose of facilitating any such arrangement or carrying the same into effect: Provided always that it shall not be lawful to expend any part of the capital of the company in any such purchase.
(5.) The Court may confirm, either wholly or in part, any such alteration as aforesaid with respect to the objects of the company if it appears that the alteration is required in order to enable the company-- (a.) to carry on its business more economically or more efficiently;
Or
(b.) to attain its main purpose by new or improved means; or (c.) to enlarge or change the local area of its operations; or (d.) to carry on some business or businesses which, under existing circumstances, may conveniently or advantageously be combined with the business of the company; or
(e.) to restrict or abandon any of the objects specified in the memorandum of association or deed of settlement.
15.-(1.) Where a company has altered the provisions of its memorandum of association or deed of settlement with respect to the objects of the company, or has altered the form of its constitution by substituting a memorandum and articles of association for a deed of settlement, and such alteration has been confirmed by the Court, an office copy of the order confirming such alteration, together with a printed copy of the memorandum as altered or substituted memorandum and articles,
Page 5
Page 6
A.D. 1865.]
لان
Registration
of order of
confirmation,
No. 1.] THE ORDINANCES OF HONGKONG : [A.D. 1865.
of persons whose interests will, in the opinion of the Court, be affected by the proposed alterations; and
(b.) that, with respect to every creditor who, in the opinion of the Court, is entitled to object, and who signifies his objection in manner directed by the Court, either his consent to the alteration has been obtained or his debt or claim has been discharged, or has determined, cr has been secured to the satisfaction of the Court:
Provided that the Court may, in the case of any person or class of persons, for special reasons dispense with the notice required by this section.
(3.) An order confirming any such alteration may be made on such terms and subject to such conditions as to the Court may seem fit, and the Court may make such orders as to costs as it may deem proper.
(4.) The Court shall, in exercising its discretion under this section, have regard to the rights and interests of the members of the company or of any class of those members, as well as to the rights and interests of the creditors, and may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of the dissentient members; and the Court may give such directions and make such orders as it may think expedient for the purpose of facilitating any such arrangement or carry- ing the same into effect: Provided always that it shall not be lawful to expend any part of the capital of the company in any such purchase.
(5.) The Court may confirm, either wholly or in part, any such alteration as aforesaid with respect to the objects of the company if it appears that the alteration is required in order to enable the company-- (a.) to carry on its business more enonomically or more efficiently;
Or
(5.) to attain its main purpose by new or improved means; or (c.) to enlarge or change the local area of its operations; or (d.) to carry on some business or businesses which, under existing circumstances, may conveniently or advantageously be combined with the business of the company; or
(e.) to restrict or abandon any of the objects specified in the memo-
randum of association or deed of settlement.
15.-(1.) Where a company has altered the provisions of its memo- randum of association or deed of settlement with respect to the objects together with of the company, or has altered the form of its constitution by substitu- ting a memorandum and articles of association for a deed of settlement, and such alteration has been confirmed by the Court, an office copy of the order confirming such alteration, together with a printed copy of
memorandum
as altered or substituted memorandumi and articles,
Page 5Page 6
A.D. 1865.]
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