|
CAP. 32]
(s. 46 cont.]
22 of 1950, Schedule.
Statement in balance
sheet as to commissions
19 & 20 Geo. 5, c. 23, s. 44.
Companies.
(3) Nothing in this section shall affect the power of any company to pay such brokerage as it has heretofore been lawful for a company to pay.
(4) A vendor to, promoter of, or other person who receives payment in money or shares from, a company shall have and shall be deemed always to have had power to apply any part of the money or shares so received in payment of any commission, the payment of which, if made directly by the company, would have been legal under this section.
(5) If default is made in complying with the provisions of this section relating to the delivery to the Registrar of the statement in the prescribed form, the company and every officer of the company who is in default shall be liable to a fine of one thousand dollars.
[45
47. (1) Where a company has paid any sums by way of commission in respect of any shares or debentures or and discounts. allowed any sums by way of discount in respect of any debentures, the total amount so paid or allowed, or so much thereof as has not been written off, shall be stated in every balance sheet of the company until the whole amount thereof has been written off.
Prohibition of provision
of financial
assistance by
purchase of
its own
(2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine.
[46
48. (1) Subject as provided in this section, it shall not be lawful for a company to give, whether directly or company for indirectly, and whether by means of a loan, guarantee, the provision of security or otherwise, any financial assistance for
19 & 20 Geo. 5,
the purpose of or in connexion with a purchase made or to be made by any person of any shares in the company: Provided that nothing in this section shall be taken to prohibit-
shares.
c. 23, s. 45.
(a) where the lending of money is part of the ordinary business of a company, the lending of money by the company in the ordinary course of its business;
(b) the provision by a company, in accordance with any scheme for the time being in force, of money for the purchase by trustees of fully-paid shares in the company to be held by or for the benefit of employees of the company;
42
Page 30
Page 31
|
CAP. 32]
(s. 46 cont.]
22 of 1950, Schedule.
Statement in balance
sheet as to commissions
19 & 20 Geo. 5, c. 23, s. 44.
Companies.
(3) Nothing in this section shall affect the power of any company to pay such brokerage as it has heretofore been lawful for a company to pay.
(4) A vendor to, promoter of, or other person who receives payment in money or shares from, a company shall have and shall be deemed always to have had power to apply any part of the money or shares so received in pay- ment of any commission, the payment of which, if made directly by the company, would have been legal under this section.
(5) If default is made in complying with the provisions of this section relating to the delivery to the Registrar of the statement in the prescribed form, the company and every officer of the company who is in default shall be liable to a fine of one thousand dollars.
[45
47. (1) Where a company has paid any sums by way of commission in respect of any shares or debentures or and discounts. allowed any sums by way of discount in respect of any debentures, the total amount so paid or allowed, or so much thereof as has not been written off, shall be stated in every balance sheet of the company until the whole amount thereof has been written off.
Prohibition of provision
of financial
assistance by
purchase of
its own
(2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine.
[46
48. (1) Subject as provided in this section, it shall not be lawful for a company to give, whether directly or company for indirectly, and whether by means of a loan, guarantee, the provision of security or otherwise, any financial assistance for 19 & 20 Geo. 5, the purpose of or in connexion with a purchase made or to be made by any person of any shares in the company: Povided that nothing in this section shall be taken to prohibit-
shares.
c. 23, s. 45.
(a) where the lending of money is part of the ordinary business of a company, the lending of money by- the company in the ordinary course of its business; (b) the provision by a company, in accordance with any scheme for the time being in force, of money for the purchase by trustees of fully-paid shares in the company to be held by or for the benefit of em-
42
Page 30Page 31
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