1912_COMPANIES_ORDINANCE__1911 — Page 25

COMPANIES.

No. 58 of 1911.

2099

the date of the registration deemed to be paid up on each share, shall register the order and minute.

(2) On the registration, and not before, the resolution for reduc- ing share capital as confirmed by the order so registered shall take effect.

(3) Notice of the registration shall be published in such manner as the Court may direct.

(4) The Registrar shall certify under his hand the registration of the order and minute, and his certificate shall be conclusive evidence that all the requirements of this Ordinance with respect to reduction of share capital have been complied with, and that the share capital of the company is such as is stated in the minute.

memoran-

53.—(1) The minute when registered shall be deemed to be sub- Minute to stituted for the corresponding part of the memorandum of the form part of company, and shall be valid and alterable as if it had been originally dun. contained therein; and must be embodied in every copy of the memorandum issued after its registration.

(2) If a company makes default in complying with the require- ments of this section 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.

8 Edw. 7 c. 69 s. 52.

members in respect of

shares.

54. A member of the company, past or present, shall not be liable Liability of in respect of any share to any call or contribution exceeding in amount the difference (if any) between the amount paid, or (as reduced the case may be) the reduced amount, if any, which is to be deemed ib. s. 53. to have been paid, on the share and the amount of the share as fixed by the minute :

Provided that if any creditor, entitled in respect of any debt or claim to object to the reduction of share capital, is, by reason of his ignorance of the proceedings for reduction, or of their nature and effect with respect to his claim, not entered on the list of creditors, and, after the reduction, the company is unable, within the meaning of the provisions of this Ordinance with respect to winding up by the Court, to pay the amount of his debt or claim, then-

(i) every person who was a member of the company at the date of the registration of the order for reduction and minute, shall be liable to contribute for the payment of that debt or claim an amount not

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