COMPANIES.
No. 58 of 1911.
2123
company.
*
228. For the purposes of this Part, as far as relates to registration of companies as companies limited by shares, a joint-stock company means a company having a permanent paid up or nominal share capital of fixed amount divided into shares, also of fixed amount, or held and transferable as stock, or divided and held partly in one way and partly in the other, and formed on the principle of having for its members the holders of those shares or that stock, and no other persons; and such a company when registered with limited liability under this Ordinance shall be deemed to be a company limited by shares.
unlimited in
notes.
*K
229.—(1) A bank of issue registered under this Ordinance as a limited company shall not be entitled to limited liability in respect of its notes; and the members thereof shall be liable in respect of its notes in the same manner as if it had been registered as unlimited; but if, in the event of the company being wound up, the general assets are insufficient to satisfy the claims of both the note-holders and the general creditors, then the members, after satisfying the remaining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note-holders out of the general assets.
(2) For the purposes of this section, "the general assets" means the funds available for payment of the general creditor as well as the note-holder.
(3) Any bank of issue registered under this Ordinance as a limited company may state on its notes that the limited liability does not extend to its notes, and that the members of the company are liable in respect of its notes in the same manner as if it had been registered as an unlimited company.
230. Before the registration in pursuance of this Part of a joint-stock company, there shall be delivered to the Registrar of Companies the following documents:--
(1) a list showing the names, addresses, and occupations of all persons who on a day named in the list, not being more than six clear days before the day of registration, were members of the company, with the addition of the shares or stock held by them respectively, distinguishing, in cases where the shares are numbered, each share by its number;
* As amended by Law Rev. Ord., 1924.
for registration by joint-stock companies.
8 Edw. 7, c. 69, s. 250.
Edw. 7, c. 69, s. 251.
6 Edw. 7, s. 252.
COMPANIES.
No. 58 of 1911.
2123
company.
*
228. For the purposes of this Part, as far as relates to Definition of registration of companies as companies limited by shares, joint-stock a joint-stock company means a company having a permanent 8 Edw. 7, paid up or nominal share capital of fixed amount divided 69, s. 250. into shares, also of fixed amount, or held and transferable as stock, or divided and held partly in one way and partly in the other, and formed on the principle of having for its members the holders of those shares or that stock, and no other persons; and such a company when registered with limited liability under this Ordinance shall be deemed to be a com- pany limited by shares.
unlimited in
notes.
*K
229.-(1) A bank of issue registered under this Ordi- Liability of nance as a limited company shall not be entitled to limited bank of issue liability in respect of its notes; and the members thereof respect of shall be liable in respect of its notes in the same manner as Edw. 7. if it had been registered as unlimited; but if, in the event c. 69, s. 251. of the company being wound up, the general assets are insufficient to satisfy the claims of both the note-holders and the general creditors, then the members, after satisfying the remaining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note- holders out of the general assets.
(2) For the purposes of this section, "the general assets means the funds available for payment of the general credi- tor as well as the note-holder.
(3) Any bank of issue registered under this Ordinance as a limited company may state on its notes that the limited liability does not extend to its notes, and that the members of the company are liable in respect of its notes in the same manner as if it had been registered as an unlimited company.
230. Before the registration in pursuance of this Part Requirements of a joint-stock company, there shall be delivered to the Registrar of Companies the following documents:--
(1) a list showing the names, addresses, and occupations of all persons who on a day named in the list, not being more than six clear days before the day of registration, were members of the company, with the addition of the shares or stock held by them respectively, distinguishing, in cases where the shares are numbered, each share by its number;
* As amended by Law Rev. Ord., 1924.
for registra- tion by joint- stock com- panies.
Edw. 7 6, s. 252.
c.
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