2071
No. 58 of 1911.
COMPANIES.
Rights of preference shareholders etc., as to receipt and inspection of
(5) In the case of a banking company--
(a) if the company has branch banks beyond the limits of the Colony, or, in the case of a China company if the company has branch banks beyond the limits of the consular district wherein such company has its registered office, it shall be sufficient if the auditor is allowed access to such copies of and extracts from the books and accounts of any such branch as have been transmitted to the office of the company in the Colony, or, in the case of a China company, to the registered office of the company within the limits of the China Orders in Council; and
(b) the balance sheet must be signed by the secretary or manager (if any), and where there are more than three directors of the company by at least three of those directors, and where there are not more than three directors by all the directors.
115. (1) Holders of preference shares and debentures of a company shall have the same right to receive and inspect the balance sheets of the company and the reports of the auditors and other reports as is possessed by the holders of ordinary shares in the company.
8 Edw. 7, c. 69, s. 114. [cf. s. 122A and Fifth Schedule.]
Prohibition of carrying on business with fewer than seven or, in the case of a private company, two members. 8 Edw. 7, c. 69, s. 115. [cf. s. 122A and Fifth Schedule.]
(2) This section shall not apply to a private company, nor to a company registered before the commencement of this Ordinance.
Carrying on business with less than the legal minimum of numbers.
116. If at any time the number of members of a company is reduced, in the case of a private company, below two, or, in the case of any other company, below seven, and it carries on business for more than six months while the number is so reduced, every person who is a member of the company during the time that it is so carrying on business after those six months, and is cognizant of the fact that it is carrying on business with fewer than two members, or seven members, as the case may be, shall be severally liable for the payment of the whole debts of the company contracted during that time, and may be sued for the same, without joinder in the action of any other member.
2071
No. 58 of 1911.
COMPANIES.
Rights of preference shareholders etc., as to receipt and inspection of
(5) In the case of a banking company--
(a) if the company has branch banks beyond the limits of the Colony, or, in the case of a China company if the company has branch banks beyond the limits of the consular district wherein such company has its registered office, it shall be sufficient if the auditor is allowed access to such copies of and extracts from the books and accounts of any such brauch as have been transmitted to the office of the company in the Colony, or, in the case of a China company, to the registered office of the company within the limits of the China Orders in Council; and
(b) the balance sheet must be signed by the secretary or manager (if any), and where there are more than three directors of the company by at least three of those directors, and where there are not more than three directors by all the directors.
115. (I) Holders of preference shares and debentures of a company shall have the same right to receive and inspect the balance sheets of the company and the reports of the auditors and other reports as is possessed by the holders of reports, etc. ordinary shares in the company.
8 Edw. 7,
c. 69, s. 114.
[ef. s. 122A and Fifth Schedule.]
Prohibition
of carrying on business with fewer than seven or, in the case of a
private com- pany, two members. 8 Edw. 7,
c. 69, s. 115. [cf. s. 122A and Fifth Schedule.]
(2) This section shall not apply to a private company, nor to a company registered before the commencement of this Ordinance.
Carrying on business with less than the legal minimum of numbers.
116. If at any time the number of members of a company is reduced, in the case of a private company, below two, or, in the case of any other company, below seven, and it carries on business for more than six months while the number is so reduced, every person who is a member of the company during the time that is so carrying on business after those six months, and is cognizant of "the fact that it is carrying on business with fewer than two members, or seven members, as the case may be, shall be severally liable for the pay- ment of the whole debts of the company contracted during that time, and may be sued, for the same, without joinder in the action of any other member.
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