COMPANIES.
No. 58 of 1911.
2083
pense with
'charitable
21.—(1) Where it is proved to the satisfaction of the Governor Power to dis- that an association about to be formed as a limited company is to be formed for promoting commerce, art, science, religion, charity, or any other useful object, and intends to apply its profits (if any) and other income in promoting its objects, and to prohibit the payment of any dividend to its members, the Governor may by licence direct that the association be registered as a company with limited liability, without the addition of the word "Limited" to its name, and the association may be registered accordingly.
(2) A licence by the Governor under this section may be granted on such conditions and subject to such regulations as the Governor may think fit, and those conditions and regulations shall be binding on the association, and shall, if the Governor so direct, be inserted in the memorandum and articles, or in one of those documents.
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(3) The association shall on registration enjoy all the privileges of limited companies, and be subject to all their obligations, except those of using the word "Limited" as any part of its name, and of publishing its name, and of sending lists of members and directors and managers to the Registrar of Companies.
(4) A licence under this section may at any time be revoked by the Governor, and upon revocation the Registrar shall enter the word "Limited" at the end of the name of the association upon the register, and the association shall cease to enjoy the exemptions and privileges granted by this section.
Provided that before a licence is so revoked the Governor shall give to the association notice in writing of his intention, and shall afford the association an opportunity of being heard in opposition to the revocation.
Companies limited by Guarantee.
Provision as to companies limited by guarantee.
22.—(1) In the case of a company limited by guarantee and not having a share capital, and registered on or after the date of the commencement of this Ordinance, every provision in the memorandum or articles or in any resolution of the company purporting to give any person a right to participate in the divisible profits of the company otherwise than as a member shall be void.
(2) For the purpose of the provisions of this Ordinance relating to the memorandum of a company limited by guarantee and of this section, every provision in the memorandum or articles, or in
* As amended by No. 17 of 1912.
**
COMPANIES.
No. 58 of 1911.
2083
pense with
'charitable
21.—(1) Where it is proved to the satisfaction of the Governor Power to dis- that an association about to be formed as a limited company is to be "Limited” formed for promoting commerce, art, science, religion, charity, in name of or any other useful object, and intends to apply its profits (if any) and other or other income in promoting its objects, and to prohibit the pay- 8 Edw. 7
companies. ment of any dividend to its members, the Governor may by licence c. 69 s. 20. direct that the association be registered as a company with limited liability, without the addition of the word "Limited" to its name, and the association may be registered accordingly.
(2) A licence by the Governor under this section may be granted on such conditions and subject to such regulations as the Governor may think fit, and those conditions and regulations shall be binding on the association, and shall, if the Governor so direct, be inserted in the memorandum and articles, or in one of those documents.
39
(3) The association shall on registration enjoy all the privileges of limited companies, and be subject to all their obligations, except those of using the word "Limited as any part of its name, and of publishing its name, and of sending lists of members and directors and managers to the Registrar of Companies.
(4) A licence under this section may at any time be revoked by the Governor, and upon revocation the Registrar shall enter the word "Limited at the end of the name of the association upon the register, and the association shall cease to enjoy the exemptions and privileges granted by this section.
Provided that before a licence is so revoked the Governor shall give to the association notice in writing of his intention, and shall afford the association an opportunity of being heard in opposition to the revocation.
Companies limited by Guarantee.
Provision as limited by to companies
ib. s. 21.
22.-(1) In the case of a company limited by guarantee and not having a share capital, and registered on or after the date of the commencement of this Ordinance, every provision in the memor- guarantee. andum or articles or in any resolution of the company purporting to give any person a right to participate in the divisible profits of the company otherwise than as a member shall be void.
(2) For the purpose of the provisions of this Ordinance relating to the memorandum of a company limited by guarantee and of this section, every provision in the memorandum or articles, or in
* As amended by No. 17 of 1912.
**
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