2122
No. 58 of 1911.
COMPANIES.
Return as to allotments. 8 Edw. 7 c. 69 s. 88.
*
Registrar shall not give such certificate unless a statement in lieu of a prospectus has been filed with him.
(3) Any contract made by a company before the date at which it is entitled to commence business shall be provisional only, and shall not be binding on the company until that date, and on that date it shall become binding.
(4) Nothing in this section shall prevent the simultaneous offer for subscription or allotment of any shares and debentures or the receipt of any money payable on application for debentures.
(5) If any company commences business or exercises borrowing powers in contravention of this section, every person who is responsible for the contravention shall, without prejudice to any other liability, be liable to a fine not exceeding 500 dollars for every day during which the contravention continues.
(6) Nothing in this section shall apply to a private company or to a company registered before the commencement of this Ordinance which does not issue a prospectus inviting the public to subscribe for its shares.
90. (1) Whenever a company limited by shares makes any allotment of its shares, the company shall within 6 weeks thereafter file with the Registrar of Companies,
(a) a return of the allotments, stating the number and nominal amount of the shares comprised in the allotment, the names, addresses, and descriptions of the allottees, and the amount (if any) paid or due and payable on each share; and
(b) in the case of shares allotted as fully or partly paid up otherwise than in cash, a contract in writing constituting the title of the allottee to such allotment together with any contract of sale, or for services or other consideration in respect of which such allotment was made, such contracts being duly stamped, and a return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for which they have been allotted.
(2) Where such a contract as above mentioned is not reduced to writing, the company shall within one month after the allotment file with the Registrar of Companies the prescribed particulars of the contract stamped with the same stamp duty as would have been payable if the contract had been reduced to writing, and those
* As amended by No. 16 of 1912.
2122
No. 58 of 1911.
COMPANIES.
Return as to allotments. 8 Edw. 7
c. 69 s. 88.
*
Registrar shall not give such certificate unless a statement in lieu of a prospectus has been filed with him.
(3) Any contract made by a company before the date at which it is entitled to commence business shall be provisional only, and shall not be binding on the company until that date, and on that date it shall become binding.
(4) Nothing in this section shall prevent the simultaneous offer for subscription or allotment of any shares and debentures or the receipt of any money payable on application for debentures.
(5) If any company commences business or exercises borrowing powers in contravention of this section, every person who is res- ponsible for the contravention shall, without prejudice to any other liability, be liable to a fine not exceeding 500 dollars for every day during which the contravention continues.
(6) Nothing in this section shall apply to a private company or to a company registered before the commencement of this Ordinance which does not issue a prospectus inviting the public to subscribe for its shares.
90. (1) Whenever a company limited by shares makes any allot- ment of its shares, the company shall within 6 weeks thereafter file with the Registrar of Companies,-
(a) a return of the allotments, stating the number and nominal amount of the shares comprised in the allotment, the names, addresses, and descriptions of the allottees, and the amount (if any) paid or due and payable on each share; and
(b) in the case of shares allotted as fully or partly paid up other- wise than in cash, a contract in writing constituting the title of the allottee to such allotment together with any contract of sale, or for services or other consideration in respect of which such allotment was made, such contracts being duly stamped, and a return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for which they have been allotted.
(2) Where such a contract as above mentioned is not reduced to writing, the company shall within one month after the allotment file with the Registrar of Companies the prescribed particulars of the contract stamped with the same stamp duty as would have been payable if the contract had been reduced to writing, and those
* As amended by No. 16 of 1912.
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