COMPANIES.
No. 58 of 1911.
2079
been continued or commenced against it by its former name may be continued or commenced against it by its new name.
10.-(1) Subject to the provisions of this section a company may, by special resolution, alter the provisions of its memorandum with respect to the objects of the company, so far as may be required to enable it—
(a) to carry on its business more economically or more efficiently;
(b) to attain its main purpose by new or improved means; or
(c) to enlarge or change the local area of its operations; or
(d) to carry on some business which under existing circumstances may conveniently or advantageously be combined with the business of the company; or
(e) to restrict or abandon any of the objects specified in the memorandum.
(2) The alteration shall not take effect until and except in so far as it is confirmed on petition by the Court.
(3) Before confirming the alteration the Court must be satisfied— (a) that sufficient notice has been given to every holder of debentures of the company, and to any persons or class of persons whose interests will, in the opinion of the Court, be affected by the alteration; and
(b) that, with respect to every creditor who in the opinion of the Court is entitled to object, and who signifies his objection in manner directed by the Court, either his consent to the alteration has been obtained or his debt or claim has been discharged or has determined, or has been secured to the satisfaction of the Court:
Provided that the Court may, in the case of any person or class, for special reasons, dispense with the notice required by this section.
(4) The Court may make an order confirming the alteration either wholly or in part, and on such terms and conditions as it thinks fit, and may make such order as to costs as it thinks proper.
(5) The Court shall, in exercising its discretion under this section, have regard to the rights and interests of the members of the company or of any class of them, as well as to the rights and interests of the creditors, and may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the satisfaction of the creditors.
CL 69 s. 9.
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COMPANIES.
No. 58 of 1911.
2079
been continued or commenced against it by its former name may be continued or commenced against it by its new name.
10.-(1) Subject to the provisions of this section a company may, Alteration of by special resolution, alter the provisions of its memorandum,with objects of respect to the objects of the company, so far as may be required 8 Edw. 7 to enable it—
or
(a) to carry on its business more economically or more efficiently;
(b) to attain its main purpose by new or improved means; or
(c) to enlarge or change the local area of its operations; or
(d) to carry on some business which under existing circumstances may conveniently or advantageously be combined with the busi- ness of the company; or
(e) to restrict or abandon any of the objects specified in the memorandum.
(2) The alteration shall not take effect until and except in so far as it is confirmed on petition by the Court.
(3) Before confirming the alteration the Court must be satisfied- (a) that sufficient notice has been given to every holder of deben- tures of the company, and to any persons or class of persons whose interests will, in the opinion of the Court, be affected by the altera- tion; and
(b) that, with respect to every creditor who in the opinion of the Court is entitled to object, and who signifies his objection in manner directed by the Court, either his consent to the alteration has been obtained or his debt or claim has been discharged or has determined, or has been secured to the satisfaction of the Court :
Provided that the Court may, in the case of any person or class, for special reasons, dispense with the notice required by this sec-
tion.
(4) The Court may make an order confirming the alteration either wholly or in part, and on such terms and conditions as it thinks fit, and may make such order as to costs as it thinks proper.
(5) The Court shall, in exercising its discretion under this section, have regard to the rights and interests of the members of the company or of any class of them, as well as to the rights and interests of the creditors, and may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the
company.
CL 69 s. 9.
Page 5Page 6
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