2100
No. 58 of 1911.
COMPANIES.
Penalty on concealment
of name of creditor. 8 Edw. 7
c. 69 s. 54.
Publication
of reasons for reduction. ib. s. 55.
Increases and
reduction of share capital in case of a
company limited by guarantee having a
share capital. ib. s. 56.
Registration of unlimited
company as limited. ib. s. 57.
exceeding the amount which he would have been liable to contribute if the company had commenced to be wound up on the day before that registration; and
(ii) if the company is wound up, the Court, on the application of any such creditor, and proof of his ignorance as aforesaid may, if it thinks fit, settle accordingly a list of persons so liable to contribute, and make and enforce calls and orders on the contributories settled on the list as if they were ordinary contributories in a winding up.
Nothing in this section shall affect the rights of the contributories among themselves.
55. If any director, manager, or officer of the company wilfully conceals the name of any creditor entitled to object to the reduction, or wilfully misrepresents the nature or amount of the debt or claim of any creditor, or if any director or manager of the company aids or abets in or is privy to any such concealment or misrepresentation as aforesaid, every such director, manager, or officer shall be guilty of a misdemeanor.
56. In any case of reduction of share capital, the Court may require the company to publish as the Court directs the reasons for reduction, or such other information in regard thereto as the Court may think expedient with a view to give proper information to the public, and, if the Court thinks fit, the causes which led to the reduction.
57. A company limited by guarantee and registered on or after the date of the commencement of this Ordinance, may, if it has a share capital, and is so authorised by its articles, increase or reduce its share capital in the same manner and subject to the same conditions in and subject to which a company limited by shares may increase or reduce its share capital under the provisions of this Ordinance.
Registration of Unlimited Company as Limited.
58.-(1) Subject to the provisions of this section, any company registered as unlimited may register under this Ordinance as limited, or any company already registered as a limited company, may re-register under this Ordinance, but the registration of an unlimited company as a limited company shall not affect any debts, liabilities,
* As amended by No. 17 of 1912.
2100
No. 58 of 1911.
COMPANIES.
Penalty on concealment
of name of creditor. 8 Edw. 7
c. 69 s. 54.
Publication
of reasons for reduction. ib. s. 55.
Increases and
reduction of share capital in case of a
company limited by guarantee having a
share capital. ib. s. 56.
*
Registration of unlimited
company as limited. ib. s. 57.
*
exceeding the amount which he would have been liable to contribute if the company had commenced to be wound up on the day before that registration; and
(ii) if the company is wound up, the Court, on the application of any such creditor, and proof of his ignorance as aforesaid may, if it thinks fit, settle accordingly a list of persons so liable to con- tribute, and make and enforce calls and orders on the contributories settled on the list as if they were ordinary contributories in a winding up.
Nothing in this section shall affect the rights of the contributories among themselves.
55. If any director, manager, or officer of the company wilfully conceals the name of any creditor entitled to object to the reduc- tion, or wilfully misrepresents the nature or amount of the debt or claim of any creditor, or if any director or manager of the com- pany aids or abets in or is privy to any such concealment or misrepresentation as aforesaid, every such director, manager, or officer shall be guilty of a misdemeanor.
56. In any case of reduction of share capital, the Court may require the company to publish as the Court directs the reasons for reduction, or such other information in regard thereto as the Court may think expedient with a view to give proper information to the public, and, if the Court thinks fit, the causes which led to the reduction.
57. A company limited by guarantee and registered on or after the date of the commencement of this Ordinance, may, if it has a share capital, and is so authorised by its articles, increase or reduce its share capital in the same manner and subject to the same con- ditions in and subject to which a company limited by shares may increase or reduce its share capital under the provisions of this Ordinance.
Registration of Unlimited Company as Limited.
58.-(1) Subject to the provisions of this section, any company registered as unlimited may register under this Ordinance as limited, or any company already registered as a limited company, may re- register under this Ordinance, but the registration of an unlimited company as a limited company shall not affect any debts, liabilities,
* As amended by No. 17 of 1912.
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