COMPANIES.
No. 58 of 1911.
2101
obligations, or contracts incurred or entered into by, to, with, or on behalf of the company before the registration, and those debts, liabilities, obligations, and contracts may be enforced in manner provided by Part VII of this Ordinance in the case of a company registered in pursuance of that Part.
(2) On registration in pursuance of this section the Registrar shall close the former registration of the company, and may dispense with the delivery to him of copies of any documents with copies of which he was furnished on the occasion of the original registration of the company, but, save as aforesaid, the registration shall take place in the same manner and shall have the same effect as if it were the first registration of the company under this Ordinance, and as if the provisions of the Ordinance or Ordinances under which the company was previously registered and regulated had been contained in different Ordinances from those under which the company is registered as a limited company.
unlimited company to provide for reserve share
59. An unlimited company having a share capital may, by its resolution for registration as a limited company in pursuance of this Ordinance, do either or both of the following things, namely:
(a) increase the nominal amount of its share capital by increasing the nominal amount of each of its shares, but subject to the condition that no part of the increased capital shall be capable of being called up except in the event and for the purposes of the company being wound up;
(b) provide that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up.
Reserve Liability of Limited Company.
capital on registration. 8 Edw. 7 c. 69 s. 58.
*
60. A limited company may by special resolution determine that any portion of its share capital which has not been already called up shall not be capable of being called up, except in the event and for the purposes of the company being wound up, and thereupon that portion of its share capital shall not be capable of being called up except in the event and for the purposes aforesaid.
Unlimited Liability of Directors.
ib. s. 59.
company
61.-(1) In a limited company the liability of the directors or managers, or of the managing director, may, if so provided by the memorandum, be unlimited.
* As amended by No. 43 of 1912 Supp. Sched.
may have directors with unlimited liability. ib. s. 60.
COMPANIES.
No. 58 of 1911.
2101
obligations, or contracts incurred or entered into by, to, with, or on behalf of the company before the registration, and those debts, liabilities, obligations, and contracts may be enforced in manner provided by Part VII of this Ordinance in the case of a company registered in pursuance of that Part.
(2) On registration in pursuance of this section the Registrar shall close the former registration of the company, and may dis- pense with the delivery to him of copies of any documents with copies of which he was furnished on the occasion of the original registration of the company, but, save as aforesaid, the registration shall take place in the same manner and shall have the same effect as if it were the first registration of the company under this Ordi- nance, and as if the provisions of the Ordinance or Ordinances under which the company was previously registered and regulated had been contained in different Ordinances from those under which the company is registered as a limited company.
unlimited
company to provide for reserve share
59. An unlimited company having a share capital may, by its re- Power of solution for registration as a limited company in pursuance of this Ordinance, do either or both of the following things, namely :
(a) increase the nominal amount of its share capital by increasing the nominal amount of each of its shares, but subject to the con- dition that no part of the increased capital shall be capable of being called up except in the event and for the purposes of the company being wound up;
(b) provide that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up.
Reserve Liability of Limited Company.
capital on registration. 8 Edw. 7 c. 69 s. 58.
*
60. A limited company may by special resolution determine that Reserve liability any portion of its share capital which has not been already called up of limited shall not be capable of being called up, except in the event and for company. the purposes of the company being wound up, and thereupon that portion of its share capital shall not be capable of being called up except in the event and for the purposes aforesaid.
Unlimited Liability of Directors.
ib. s. 59.
company
61.-(1) In a limited company the liability of the directors or Limited managers, or of the managing director, may, if so provided by the memorandum, be unlimited.
* As amended by No. 43 of 1912 Supp. Sched.
may have
directors with unlimited
liability. ib, s. 60.
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