1950_COMPANIES_ORDINANCE — Page 31

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Companies.

ployees of the company, including any director holding a salaried employment or office in the company;

(c) the making by a company of loans to persons, other than directors, bona fide in the employment of the company with a view to enabling those persons to purchase fully-paid shares in the company to be held by themselves by way of beneficial ownership.

(2) The aggregate amount of any outstanding loans made under the authority of provisos (b) and (c) to sub-section (1) shall be shown as a separate item in every balance sheet of the company.

[CAP.32

(3) If a company acts in contravention of this section, the company and every officer of the company who is in default shall be liable to a fine of two thousand dollars. [47 & 22 of 1950.

Issue of Redeemable Preference Shares and Shares at Discount.

49. (1) Subject to the provisions of this section, a company limited by shares may, if so authorized by its articles, issue preference shares which are, or at the option of the company are to be liable, to be redeemed: Provided that-

(a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption;

(b) no such shares shall be redeemed unless they are fully paid;

(c) where any such shares are redeemed otherwise than out of the proceeds of a fresh issue, there shall out of profits which would otherwise have been available for dividend be transferred to a reserve fund, to be called the capital redemption reserve fund, a sum equal to the amount applied in redeeming the shares, and the provisions of this Ordinance relating to the reduction of the share capital of a company shall, except as provided in this section, apply as if the capital redemption reserve fund were paid-up share capital of the company;

(d) where any such shares are redeemed out of the proceeds of a fresh issue, the premium, if any, payable on redemption shall be provided for out of the profits of the company, or out of the company’s share premium account, before the shares are redeemed.

43 Schedule.

Power to issue redeemable preference shares.

19 & 20 Geo. 5, c. 23, s. 46.

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Companies. ployees of the company, including any director holding a salaried employment or office in the company; (c) the making by a company of loans to persons, other than directors, bona fide in the employment of the company with a view to enabling those persons to purchase fully-paid shares in the company to be held by themselves by way of beneficial ownership. (2) The aggregate amount of any outstanding loans made under the authority of provisos (b) and (c) to sub-section (1) shall be shown as a separate item in every balance sheet of the company. [CAP.32 (3) If a company acts in contravention of this section, the company and every officer of the company who is in default shall be liable to a fine of two thousand dollars. [47 & 22 of 1950. Issue of Redeemable Preference Shares and Shares at Discount. 49. (1) Subject to the provisions of this section, a company limited by shares may, if so authorized by its articles, issue preference shares which are, or at the option of the company are to be liable, to be redeemed: Provided that- (a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption; (b) no such shares shall be redeemed unless they are fully paid; (c) where any such shares are redeemed otherwise than out of the proceeds of a fresh issue, there shall out of profits which would otherwise have been available for dividend be transferred to a reserve fund, to be called the capital redemption reserve fund, a sum equal to the amount applied in redeeming the shares, and the provisions of this Ordinance relating to the reduction of the share capital of a company shall, except as provided in this section, apply as if the capital redemption reserve fund were paid-up share capital of the company; (d) where any such shares are redeemed out of the proceeds of a fresh issue, the premium, if any, payable on redemption shall be provided for out of the profits of the company, or out of the company’s share premium account, before the shares are redeemed. 43 Schedule. Power to issue redeemable preference shares. 19 & 20 Geo. 5, c. 23, s. 46.
Baseline (Original)
Companies. ployees of the company, including any director holding a salaried employment or office in the company; (c) the making by a company of loans to persons, other than directors, bona fide in the employment of the company with a view to enabling those persons to purchase fully-paid shares in the company to be held by themselves by way of beneficial ownership. (2) The aggregate amount of any outstanding loans made under the authority of provisos (b) and (c) to sub- section (1) shall be shown as a separate item in every balance sheet of the company. [CAP. 32 (3) If a company acts in contravention of this section, the company and every officer of the company who is in default shall be liable to a fine of two thousand dollars. [47 22 of 1950. Issue of Redeemable Preference Shares and Shares at Discount. 49. (1) Subject to the provisions of this section, a com- pany limited by shares may, if so authorized by its articles, issue preference shares which are, or at the option of the company are to be liable, to be redeemed: Provided that- (a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption; (b) no such shares shall be redeemed unless they are fully paid; (c) where any such shares are redeemed otherwise than out of the proceeds of a fresh issue, there shall out of profits which would otherwise have been available for dividend be transferred to a reserve fund, to be called the capital redemption reserve fund, a sum equal to the amount applied in redeeming the shares, and the provisions of this Ordinance relating to the reduction of the share capital of a company shall, except as provided in this section, apply as if the capital redemption reserve fund were paid-up share capital of the company; . (d) where any such shares are redeemed out of the proceeds of a fresh issue, the premium, if any, pay- 43 Schedule. Power to deemable shares. issue re- preference 19 & 20 Geo. 5, c. 23, s. 46.
2026-05-03 19:16:06 · Baseline
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Companies.

ployees of the company, including any director holding a salaried employment or office in the company;

(c) the making by a company of loans to persons, other than directors, bona fide in the employment of the company with a view to enabling those persons to purchase fully-paid shares in the company to be held by themselves by way of beneficial ownership.

(2) The aggregate amount of any outstanding loans made under the authority of provisos (b) and (c) to sub- section (1) shall be shown as a separate item in every balance sheet of the company.

[CAP. 32

(3) If a company acts in contravention of this section, the company and every officer of the company who is in default shall be liable to a fine of two thousand dollars. [47 22 of 1950.

Issue of Redeemable Preference Shares and Shares

at Discount.

49. (1) Subject to the provisions of this section, a com- pany limited by shares may, if so authorized by its articles, issue preference shares which are, or at the option of the company are to be liable, to be redeemed: Provided that- (a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption;

(b) no such shares shall be redeemed unless they are

fully paid;

(c) where any such shares are redeemed otherwise than out of the proceeds of a fresh issue, there shall out of profits which would otherwise have been available for dividend be transferred to a reserve fund, to be called the capital redemption reserve fund, a sum equal to the amount applied in redeeming the shares, and the provisions of this Ordinance relating to the reduction of the share capital of a company shall, except as provided in this section, apply as if the capital redemption reserve fund were paid-up share capital of the company;

.

(d) where any such shares are redeemed out of the proceeds of a fresh issue, the premium, if any, pay-

43

Schedule.

Power to deemable shares.

issue re-

preference

19 & 20 Geo. 5, c. 23, s. 46.

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