[CAP. 32
Companies.
member of the public by reason only that he is a holder of shares in the company or a purchaser of goods from the company.
(8) Where any person is convicted of having made an offer in contravention of the provisions of this section, the court before which he is convicted may order that any contract made as a result of the offer shall be void, and, where it makes any such order, may give such consequential directions as it thinks proper for the repayment of any money or the retransfer of any shares. Where the court makes an order under this subsection (whether with or without consequential directions) an appeal against the order and the consequential directions, if any, shall lie to the Full Court.
[330
PART XIII.
MISCELLANEOUS.
Prohibition of Partnerships with more than Twenty Members.
Prohibition of partnerships with more than twenty members.
330. No company, association, or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any business (other than the business of banking) that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company under this Ordinance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent.
[331
Provisions relating to Banks.
Prohibition of banking partnerships with more than twenty members.
331. Similarly, no company, association, or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Ordinance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent.
[332
332. (1) A bank of issue registered under this Ordinance as a limited company shall not be entitled to limited liability in respect of its notes, and the members thereof shall be liable in respect of its notes in the same manner as if it had been registered as unlimited. Provided that,
19 & 20 Geo. 5, c. 23, s. 360.
Page 195
Page 196
!
1¦
[CAP. 32
Companies.
member of the public by reason only that he is a holder of shares in the company or a purchaser of goods from the company.
(8) Where any person is convicted of having made an offer in contravention of the provisions of this section, the court before which he is convicted may order that any con- tract made as a result of the offer shall be void, and, where it makes any such order, may give such consequential directions as it thinks proper for the repayment of any money or the retransfer of any shares. Where the court makes an order under this subsection (whether with or with- cut consequential directions) an appeal against the order and the consequential directions, if any, shall lie to the Full Court.
[330
PART XIII.
MISCELLANEOUS.
Prohibition of Partnerships with more than Twenty
Members.
Prohibition of with more
partnerships
than twenty members.
19 & 20 Geo. 5,
330. No company, association, or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any business (other than the business of banking) that has for its object the acquisition of gain by c. 23, s. 357. the company, association or partnership, or by the individual inembers thereof, unless it is registered as a company under this Ordinance, or is formed in pursuance of some other Ordinance, Act of Parliament, or of letters patent. [331
Provisions relating to Banks.
of banking partnerships with more than twenty members.
331. Similarly, no company, association, or partnership Prohibition consisting of more than twenty persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Ordinance, or is 19 & 20 Geo. 5, formed in pursuance of some other Ordinance, Act of Par- liament, or of letters patent.
[332
e. 23, s. 358.
bank of issue unlimited in respect of notes.
332. (1) A bank of issue registered under this Ordin- Liability of ance as a limited company shall not be entitled to limited liability in respect of its notes, and the members thereof shall be liable in respect of its notes in the same manner as if it had been registered as unlimited. Provided that,
207
19 & 20 Geo. 5, c. 23, s. 360.
Page 195Page 196
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