2152
No. 58 of 1911.
COMPANIES.
[First Schedule
Table A contd.]
44. The company may, by special resolution-
(a) consolidate and divide its share capital into shares of larger amount than its existing shares;
(b) by sub-division of its existing shares, or any of them, divide the whole, or any part, of its share capital into shares of smaller amount than is fixed by the memorandum of association, subject, nevertheless, to the provisions of section 42(1)(d) of the Companies Ordinance, 1911:
(c) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person:
(d) reduce its share capital in any manner and with, and subject to, any incident authorised, and consent required, by law.
General meetings.
45. The statutory general meeting of the company shall be held within the period required by section 66 of the Companies Ordinance, 1911.
46. A general meeting shall be held once in every year at such time (not being more than fifteen months after the holding of the last preceding general meeting) and place as may be prescribed by the company in general meeting, or, in default, at such time in the month following that in which the anniversary of the company's incorporation occurs, and at such place, as the directors shall appoint. In default of a general meeting being so held, a general meeting shall be held in the month next following, and may be convened by any two members in the same manner as nearly as possible as that in which meetings are to be convened by the directors.
47. The above-mentioned general meetings shall be called ordinary meetings; all other general meetings shall be called extraordinary.
48. The directors may, whenever they think fit, convene an ordinary general meeting, and extraordinary general meetings shall also be convened on such requisition, or, in default, may be convened by such requisitionists, as provided by section 67 of the Companies Ordinance, 1911. If at any time there are not in the place where the company has its head office sufficient directors capable of acting to form a quorum, any director or any two members of the company may convene an extraordinary general meeting in the same manner as nearly as possible as that in which meetings may be convened by the directors.
Proceedings at general meetings.
49. Seven days' notice at the least (exclusive of the day on which the notice is served or deemed to be served, but inclusive of the day for which notice is given) specifying the place, the day, and the hour of meeting and, in case of special business, the general nature of that business shall be given in manner hereinafter mentioned, or in such other manner, if any, as may be prescribed by the company in general meeting, to such persons as are, under the regulations of the company, entitled to receive such notices from the company; but the non-receipt of the notice by any member shall not invalidate the proceedings at any general meeting.
2152
No. 58 of 1911.
COMPANIES.
[First Schedule
Table A contd.]
44. The company may, by special resolution-
(4) consolidate and divide its share capital into shares of larger amount than its existing shares ;
(b) by sub-division of its existing shares, or any of them, divide the whole, or any part, of its share capital into shares of smaller amount than is fixed by the memorandum of association, subject. nevertheless, to the provisions of section 42 (1) (d) of the Companies Ordinance, 1911 :
(c) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person :
(d) reduce its share capital in any manner and with, and subject to, any incident authorised, and consent required, by law.
General meetings,
45. The statutory general meeting of the company shall be held within the period required by section 66 of the Companies Ordinance, 1911.
46. A general meeting shall be held once in every year at such time (not being more than fifteen mouths after the holding of the last preceding general meeting) and place as may be prescribed by the company in general meeting, or, in default, at such time in the month following that in which the anniversary of the company's incorporation occurs, and at such place, as the directors shall appoint. In default of a general meeting being so held, a general meeting shall be held in the month next following, and may be convened by any two members in the same manner as nearly as possible as that in which meetings are to be convened by the directors.
47. The above-mentioned general meetings shall be called ordinary meetings all other general incetings shall be called extraordinary.
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2:11 extra-
48. The directors may, whenever they think fit, convenc ordinary general meeting, and extraordinary general meetings shall also be convened on such requisition, or, in default, may be convened by such requisitionists, as provided by section 67 of the Companies Ordinance, 1911. If at any time there are not in the place where the company has its head office sufficient directors capable of acting to form a quorum, auy director or any two members of the company may convene an extraordinary general meeting in the same manner as nearly as possible as that in which meetings may be convened by the directors,
Proceedings at general meetings.
49. Seven days notice at the least (exclusive of the day on which the notice is served or deemed to he served, but inclusive of the day for which notice is given) specifying the place, the day, and the hour of meeting and, in case of special business, the general nature of that business shall be given in manner hereinafter mentioned, or in such other manner, if any, as may be prescribed by the company in general meeting, to such persons as are, under the regulations of the company, entitled to receive such notices from the company; but the non-receipt of the notice by any member shall not invalidate the proceedings at any general meeting.
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