2122
(s. 227 conti.]
Ordinance
No. 58 of 1911.
(2) Provided as follows:---
COMPANIES.
(a) a company having the liability of its members limited, and not being a joint-stock company as hereinafter defined, shall not register in pursuance of this section;
(b) a company having the liability of its members limited shall not register in pursuance of this section as an unlimited company or as a company limited by guarantee;
(c) a company that is not a joint-stock company as hereinafter defined shall not register in pursuance of this section as a company limited by shares;
(d) a company shall not register in pursuance of this section without the assent of a majority of such of its members as are present in person or by proxy (in cases where proxies are allowed by the regulations of the company) at a general meeting summoned for the purpose;
(e) where a company not having the liability of its members limited is about to register as a limited company, the majority required to assent as aforesaid shall consist of not less than three-fourths of the members present in person or by proxy at the meeting;
(f) where a company is about to register as a company limited by guarantee, the assent to its being so registered shall be accompanied by a resolution declaring that each member undertakes to contribute to the assets of the company, in the event of its being wound up while he is a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before he ceased to be a member, and of the costs and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding a specified amount.
(3) In computing any majority under this section when a poll is demanded, regard shall be had to the number of votes to which each member is entitled according to the regulations of the company.
(4) A company registered under the Companies Ordinance, No. 1 of 1865, shall not be registered in pursuance of this section.
2122
(s. 227 conti.]
Ordinance
No. 58 of 1911.
(2) Provided as follows:---
COMPANIES.
(a) a company having the liability of its members limited, and not being a joint-stock company as hereinafter defined, shall not register in pursuance of this section;
(b) a company having the liability of its members limited shall not register in pursuance of this section as an un- limited company or as a company limited by guarantee;
(e) a company that is not a joint-stock company as herein- after defined shall not register in pursuance of this section as a company limited by shares ;
(d) a company shall not register in pursuance of this section without the assent of a majority of such of its mem- bers as are present in person or by proxy (in cases where proxies are allowed by the regulations of the company) at a general meeting summoned for the purpose;
(e) where a company not having the liability of its mem- bers limited is about to register as a limited company, the majority required to assent as aforesaid shall consist of not less than three-fourths of the members present in person or by proxy at the meeting;
(f) where a company is about to register as a company limited by guarantee, the assent to its being so registered shall be accompanied by a resolution declaring that each member undertakes to contribute to the assets of the com- pany, in the event of its being wound up while he is a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before he ceased to be a member, and of the costs and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding a specified amount.
(3) In computing any majority under this section when a poll is demanded, regard shall be had to the number of votes to which each member is entitled according to the regula- tions of the company.
(4) A company registered under the Companies Ordinance, No. 1 of 1865, 1865, shall not be registered in pursuance of this section.
No comments yet.
Private notes are available after approval.