2048
No. 58 of 1911.
Obligations where no prospectus is issued.
$ Edw. 7,
COMPANIES.
(7) This section shall not apply to a circular or notice inviting members or debenture holders of a company to subscribe either for shares or for debentures of the company, whether with or without the right to renounce in favour of other persons, but, subject as aforesaid, this section shall apply to any prospectus whether issued on or with reference to the formation of a company or subsequently.
(8) The requirements of this section as to the memorandum and the qualification, remuneration, and interest of directors, the names, descriptions, and addresses of directors or proposed directors, and the amount or estimated amount of preliminary expenses, shall not apply in the case of a prospectus issued more than one year after the date at which the company is entitled to commence business.
(9) Nothing in this section shall limit or diminish any liability which any person may incur under the general law or this Ordinance apart from this section.
84.-(1) A company which does not issue a prospectus on or with reference to its formation, shall not allot any of its shares or debentures unless before the first allotment of either shares or debentures there has been filed with the Registrar of Companies a statement in the English language in lieu of prospectus, signed by every person who is named therein as a director or a proposed director of the company or by his agent authorised in writing, in the form and containing the particulars set out in the Second Schedule.
* Second Schedule, Restriction of contracts
(2) This section shall not apply to a private company or to a company which has allotted any shares or debentures before the commencement of this Ordinance.
85. A company shall not previously to the statutory meeting vary the terms of a contract referred to in the prospectus or statement in lieu of prospectus, except subject to the approval of the statutory meeting.
8 Edw. 7, c. 69, s. 83.
Liability for statements in prospectus. 8 Edw. 7, c. 69, s. 84.
86.-(1) Where a prospectus invites persons to subscribe for shares in or debentures of a company, every person who is a director of the company at the time of the issue of the prospectus, and every person who has authorised the naming of him and is named in the prospectus as a director or as
* As amended by No. 22 of 1913.
2048
No. 58 of 1911.
Obligations
where no prospectus
is issued.
$ Edw. 7,
COMPANIES.
(7) This section shall not apply to a circular or notice inviting members or debenture holders of a company to subscribe either for shares or for debentures of the company, whether with or without the right to renounce in favour of other persons, but, subject as aforesaid, this section shall apply to any prospectus whether issued on or with reference to the formation of a company or subsequently.
(8) The requirements of this section as to the memorandum and the qualification, remuneration, and interest of directors, the names, descriptions, and addresses of directors or proposed directors, and the amount or estimated amount of preliminary expenses, shall not apply in the case of a prospectus issued more than one year after the date at which the company is entitled to commence business.
(9) Nothing in this section shall limit or diminish any liability which any person may incur under the general law or this Ordinance apart from this section.
84.-(1) A company which does not issue a prospectus of companies on or with reference to its formation, shall not allot any of its shares or debentures unless before the first allotment of either shares or debentures there has been filed with the c. 69, s. 82. Registrar of Companies a statement in the English language in lieu of prospectus, signed by every person who is named therein as a director or a proposed director of the company or by his agent authorised in writing, in the form and containing the particulars set out in the Second Schedule.
*
Second Schedule,
Restriction
of contracts
(2) This section shall not apply to a private company or to a company which has allotted any shares or debentures before the commencement of this Ordinance,
85. A company shall not previously to the statutory on alteration meeting vary the terms of a contract referred to in the prospectus or statement in lieu of prospectus, except subject in prospectus. to the approval of the statutory meeting.
mentioned
8 Edw. 7,
c. 69, s. 83.
Liability for statements
in prospectus. 8 Edw. 7, c. 69, s. 84.
86.-(1) Where a prospectus invites persons to subscribe for shares in or debentures of a company, every person who is a director of the company at the time of the issue of the prospectus, and every person who has authorised the naming of him and is named in the prospectus as a director or as
* As amended by No. 22 of 1913.
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