1912_COMPANIES_ORDINANCE__1911 — Page 49

COMPANIES.

No. 58 of 1911.

2123

particulars shall be deemed to be an instrument within the meaning of the Stamp Ordinance, 1901, and the Registrar may, as a con- No. 16 of dition of filing the particulars, require that the duty payable thereon be adjudicated under section 9 of that Ordinance.

(3) If default is made in complying with the requirements of this section, every director, manager, secretary, or other officer of the company, who is knowingly a party to the default, shall be liable to a fine not exceeding 500 dollars for every day during which the default continues :

Provided that, in case of default in filing with the Registrar of Companies within 6 weeks after the allotment any document required to be filed by this section, the company, or any person liable for the default, may apply to the Court for relief, and the Court, if satisfied that the omission to file the document was accidental or due to inadvertence or that it is just and equitable to grant relief, may make an order extending the time for the filing of the document for such period as the Court may think proper.

Commissions and Discounts.

1901.

certain coin- missions, and

of all other

sions, dis-

91.—(1) It shall be lawful for a company to pay a commission Power to pay to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares in the prohibition company, or procuring or agreeing to procure subscriptions, whether of payment absolute or conditional, for any shares in the company, if the pay- ment of the commission is authorised by the articles, and the com- counts, etc mission paid or agreed to be paid does not exceed the amount or rate so authorised, and if the amount or rate per cent. of the com- mission paid or agreed to be paid is-

(a) in the cases of shares offered to the public for subscription, disclosed in the prospectus; or

(b) in the case of shares not offered to the public for subscription, disclosed in the statement in lieu of prospectus, or in a statement in the prescribed form signed in like manner as a statement in lieu of prospectus and filed with the Registrar of Companies, and where a circular or notice, not being a prospectus, inviting subscrip- tions for the shares is issued, also disclosed in that circular or notice.

(2) Save as aforesaid, no company shall apply any of its shares or capital money either directly or indirectly in payment of any commission, discount, or allowance, to any person in consideration

8 Edw. 7 c. 69 s. 89

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