1912_COMPANIES_ORDINANCE__1911 — Page 21

COMPANIES.

No. 58 of 1911.

2095

(c) convert all or any of its paid-up shares into stock, and recon- vert that stock into paid-up shares of any denomination ;

(d) subdivide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived ;

(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

(2) The powers conferred by this section with respect to sub- division of shares must be exercised by special resolution.

(3) Where any alteration has been made under this section in the memorandum of a company, every copy of the memorandum issued after the date of the alteration shall be in accordance with the alteration.

If a company makes default in complying with this provision it shall be liable to a fine not exceeding 10 dollars for each copy in respect of which default is made; and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.

(4) A cancellation of shares in pursuance of this section shall not be deemed to be a reduction of share capital within the meaning of this Ordinance.

43. Where a company having a share capital has consolidated and Notice to

Registrar of divided its share capital into shares of larger amount than its existing consolidation shares, or converted any of its shares into stock, or reconverted of share stock into shares, it shall give notice to the Registrar of Companies version of of the consolidation, division, conversion, or reconversion specifying shares into the shares consolidated, divided, converted, or the stock reconverted. 8 Edw. 7

capital, cou.

stock, etc.

c. 69 s. 42.

of shares

44. Where a company having a share capital has converted any Effect of of its shares into stock, and given notice of the conversion to the conversion Registrar of Companies, all the provisions of this Ordinance which into stock. are applicable to shares only shall cease as to so much of the share capital as is converted into stock; and the register of members of the

ib. s. 43.