1923_COMPANIES_ORDINANCE__1911 — Page 21

COMPANIES.

No. 58 of 1911.

2021

Personation.

8 Edw. 7,

*

39. Every person who falsely and deceitfully personates any owner of any share or interest in any company, or of any . 69, s. 38. share warrant or coupon, issued in pursuance of this Ordi- nance, and thereby obtains or endeavours to obtain any such share or interest or share warrant or coupon, or receives or endeavours to receive any money due to any such owner, as if the offender were the true and lawful owner, shall be guilty of felony, and shall be liable to imprisonment for life.

40. A company, if so authorised by its articles, may do Power of any one or more of the following things: namely,

(1) make arrangements on the issue of shares for a differ- ence between the shareholders in the amounts and times of payment of calls on their shares;

(2) accept from any member who assents thereto the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up ;

(3) pay dividend in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others.

company to arrange for different amounts

being paid on

shares.

8 Edw. 7, c. 69, s. 39.

accumulated

41.--(1) When a company has accumulated a sum of Power to undivided profits, which with the sanction of the shareholders return may be distributed among the shareholders in the form of a profits in dividend or bonus, it may, by special resolution, return reduction of

paid up the same, or any part thereof, to the shareholders in share capital. reduction of the paid up capital of the company, the unpaid & Edw. capital being thereby increased by a similar amount.

(2) The resolution shall not take effect until a memorandum, showing the particulars required by this Ordinance in the case of a reduction of share capital, has been produced to and registered by the Registrar of Companies, but the other provisions of this Ordinance with respect to reduction of share capital shall not apply to a reduction of paid up capital under this section.

(3) On a reduction of paid up capital in pursuance of this section, any shareholder, or any one or more of several joint shareholders, may within one month after the passing of the resolution for the reduction, require the company to retain, and the company shall retain accordingly, the whole of the

*As amended by No. 11 of 1922 and Law Rev, Ord., 1921.

7,

c. 69, s. 10.

i

i

i