2054
Failure to obtain a certificate to commence business.
**
No. 58 of 1911.
COMPANIES.
(3) Any contract made by a company before the date at which it is entitled to commence business shall be provisional only, and shall not be binding on the company until that date, and on that date it shall become binding.
(4) Nothing in this section shall prevent the simultaneous offer for subscription or allotment of any shares and debentures or the receipt of any money payable on application for debentures.
(5) If any company commences business or exercises borrowing powers in contravention of this section, every person who is responsible for the contravention shall, without prejudice to any other liability, be liable to a fine not exceeding five hundred dollars for every day during which the contravention continues.
[(6), rep. No. 33 of 1923.]
(7) Nothing in this section shall apply to a private company or to a company registered before the commencement of this Ordinance.
89A.--(1) If a company (other than a private company) fails to obtain a certificate to commence business within one year of the date of its incorporation, the Registrar of Companies shall send by registered post to the company at its registered office a letter calling upon the company to apply for the said certificate.
(2) If the company fails to obtain the said certificate within one month of the posting of the said letter, the Registrar of Companies shall publish in the Gazette a notice to the effect that the company will be struck off the register if it fails to obtain the said certificate within two months after the publication of the said notice.
(3) If the company fails to obtain the said certificate within two months of the publication of the said notice, the Registrar of Companies shall strike the company off the register and shall publish in the Gazette a notification to the effect that the company has been struck off the register.
(4) Upon the publication in the Gazette of the said notification, the company shall be deemed to be dissolved.
* As amended by No. 33 of 1923.
2054
Failure to obtain a certificate to
comnience
business.
**
No. 58 of 1911.
COMPANIES.
(3) Any contract made by a company before the date at which it is entitled to commence business shall be provisional only, and shall not be binding on the company until that date, and on that date it shall become binding.
(4) Nothing in this section shall prevent the simultaneous offer for subscription or allotment of any shares and debentures or the receipt of any money payable on applica- tion for debentures.
(5) If any company commences business or exercises borrowing powers in contravention of this section, every person who is responsible for the contravention shall, with- out prejudice to any other liability, be liable to a fine not exceeding five hundred dollars for every day during which the contravention continues.
[(6), rep. No. 33 of 1923.]
(7) Nothing in this section shall apply to a private com- pany or to a company registered before the commencement of this Ordinance.
89A.--(1) If a company (other than a private company) fails to obtain a certificate to commence business within one year of the date of its incorporation, the Registrar of Companies shall send by registered post to the company at its registered office a letter calling upon the company to apply for the said certificate.
(2) If the company fails to obtain the said certificate with- in one month of the posting of the said letter, the Registrar of Companies shall publish in the Gazette a notice to the effect that the company will be struck off the register if it fails to obtain the said certificate within two months after the publication of the said notice.
(3) If the company fails to obtain the said certificate within two months of the publication of the said notice, the Registrar of Companies shall strike the company off the register and shall publish in the Gazette a notification to the effect that the company has been struck off the register.
(4) Upon the publication in the Gazette of the said notification, the company shall be deemed to be dissolved.
* As amended by No. 33 of 1923.
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