COMPANIES.
No. 58 of 1911.
2023
(e) convert all or any of its paid up shares into stock, and reconvert that stock into paid up shares of any denomination; (d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;
(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.
(2) The powers conferred by this section with respect to sub-division of shares must be exercised by special resolution.
(3) Where any alteration has been made under this section in the memorandum of a company, every copy of the memorandum issued after the date of the alteration shall be in accordance with the alteration.
Every company which makes default in complying with this provision shall be liable to a fine not exceeding ten dollars for each copy in respect of which default is made; and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
(4) A cancellation of shares in pursuance of this section shall not be deemed to be a reduction of share capital within the meaning of this Ordinance.
43. Where a company having a share capital has consolidated and divided its share capital into shares of larger amount than its existing shares, or converted any of its shares into stock, or reconverted stock into shares, it shall give notice to the Registrar of Companies of the consolidation, division, conversion, or reconversion specifying the shares consolidated, divided, converted, or the stock reconverted.
44. Where a company having a share capital has converted any of its shares into stock, and given notice of the conversion to the Registrar of Companies, all the provisions of this Ordinance which are applicable to shares only shall cease to apply to the stock.
* As amended by Law Rev. Ord., 1924.
COMPANIES.
No. 58 of 1911.
2023
(e) convert all or any of its paid up shares into stock, and reconvert that stock into paid up shares of any denomination; (d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, how- ever, that in the sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;
(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.
(2) The powers conferred by this section with respect to sub-division of shares must be exercised by special resolu- tion.
(3) Where any alteration has been made under this section in the memorandum of a company, every copy of the memo- randum issued after the date of the alteration shall be in accordance with the alteration.
Every company which makes default in complying with this provision shall be liable to a fine not exceeding ten dollars for each copy in respect of which default is made; and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
(4) A cancellation of shares in pursuance of this section shall not be deemed to be a reduction of share capital within the meaning of this Ordinance.
Companies of
43. Where a company having a share capital has consoli- Notice to dated and divided its share capital into shares of larger Registrar of amount than its existing shares, or converted any of its consolidation shares into stock, or reconverted stock into shares, it shall of share give notice to the Registrar of Companies of the consolida- version of tion, division, conversion, or reconversion specifying the shares into shares consolidated, divided, converted, or the stock recon- $ Edw. 7. verted.
capital, con-
stuck, etc.
c. 69, s. 12.
44. Where a company having a share capital has con- Effect of verted any of its shares into stock, and given notice of the conversion conversion to the Registrar of Companies, all the provisions into stock. of this Ordinance which are applicable to shares only shall & Edw. 7.
* As amended by Law Rev. Ord., 1924,
of shares
e. 69, s. 13.
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