2124
No. 58 of 1911.
Statement in balance sheet as to com-
COMPANIES.
of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares of the company, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the company, whether the shares or money be so applied by being added to the purchase money of any property acquired by the company or to the contract price of any work to be executed for the company, or the money be paid out of the nominal purchase money or contract price, or otherwise.
(3) Nothing in this section shall affect the power of any company to pay such brokerage as it has heretofore been lawful for a company to pay, and a vendor to, promoter of, or other person who receives payment in money or shares from, a company shall have and shall be deemed always to have had power to apply any part of the money or shares so received in payment of any commission, the payment of which, if made directly by the company, would have been legal under this section.
92. Where a company has paid any sums by way of commission in respect of any shares or debentures, or allowed any sums by way of discount in respect of any debentures, the total amount so paid or allowed or so much thereof as has not been written off, shall be separately stated in every balance sheet of the company until the whole amount thereof has been written off.
commissions and discounts.
8 Edw. 7 c. 69 s. 90.
Power of company to pay interest out of capital in certain cases. ib. s. 91.
*
Payment of Interest out of Capital.
93. Where any shares of a company are issued for the purpose of raising money to defray the expenses of the construction of any works or buildings or the provision of any plant which cannot be made profitable for a lengthened period, the company may pay interest on so much of that share capital as is for the time being paid up for the period and subject to the conditions and restrictions in this section mentioned, and may charge the same to capital as part of the cost of construction of the work or building, or the provision of plant:
Provided that—
(1) no such payment shall be made unless the same is authorised by the articles or by special resolution;
(2) no such payment, whether authorised by the articles or by special resolution, shall be made without the previous sanction of the Court;
* As amended by No. 16 of 1912.
Page 50
Page 51
2124
No. 58 of 1911.
Statement in balance sheet
as to com-
COMPANIES.
of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares of the company, or procuring or agree- ing to procure subscriptions, whether absolute or conditional, for any shares in the company, whether the shares or money be so applied by being added to the purchase money of any property acquired by the company or to the contract price of any work to be executed for the company, or the money be paid out of the nominal purchase money or contract price, or otherwise.
(3) Nothing in this section shall affect the power of any company to pay such brokerage as it has heretofore been lawful for a company to pay, and a vendor to, promoter of, or other person who receives payment in money or shares from, a company shall have and shall be deemed always to have had power to apply any part of the money or shares so received in payment of any commission, the payment of which, if made directly by the company, would have been legal under this section.
92. Where a company has paid any sums by way of commission in respect of any shares or debentures, or allowed any sums by way missions and of discount in respect of any debentures, the total amount so paid or allowed or so much thereof as has not been written off, shall be separately stated in every balance sheet of the company until the whole amount thereof has been written off.
discounts.
8 Edw. 7 c. 69 s. 90.
Power of company to
pay interest out of capital
in certain
cases. ib. s. 91.
*
Payment of Interest out of Capital.
93. Where any shares of a company are issued for the purpose of raising money to defray the expenses of the construction of any works or buildings or the provision of any plant which cannot be made profitable for a lengthened period, the company may pay interest on so much of that share capital as is for the time being paid up for the period and subject to the conditions and restrictions in this section mentioned, and may charge the same to capital as part of the cost of construction of the work or building, or the provision of plant:
Provided that—
(1) no such payment shall be made unless the same is authorised by the articles or by special resolution;
(2) no such payment, whether authorised by the articles or by special resolution, shall be made without the previous sanction of the Court;
* As amended by No. 16 of 1912.
Page 50Page 51
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