1950_COMPANIES_ORDINANCE — Page 57

Companies.

(5) If a director, manager, or officer of a company, or any person on its behalf—

(a) uses or authorizes the use of any seal purporting to be a seal of the company whereon its name is not so engraven as aforesaid; or

(b) issues or authorizes the issue of any notice, adver- tisement, or other official publication of the com- pany, or signs or authorizes to be signed on behalf of the company any bill of exchange, promissory note, indorsement, cheque, or order for money or goods, wherein its name is not mentioned in manner aforesaid; or

(c) issues or authorizes the issue of any bill of parcels,

invoice, receipt, or letter of credit of the company, wherein its name is not mentioned in manner afore- said;

[САР. 32

Schedule.

he shall be liable to a fine of one thousand dollars and 22 of 1950, shall further be personally liable to the holder of the bill of exchange, promissory note, cheque, or order for money or goods, for the amount thereof, unless it is duly paid by the company.

Restrictions on Commencement of Business.

on, com-

of business.

94. (1) Where a company having a share capital has Restrictions issued a prospectus inviting the public to subscribe for its mencement shares, the company shall not commence any business exercise any borrowing powers unless-

or

(a) shares held subject to the payment of the whole amount thereof in cash have been allotted to an amount not less in the whole than the minimum subscription; and

(b) every director of the company has paid to the com- pany, on each of the shares taken or contracted to be taken by him and for which he is liable to pay in cash, a proportion equal to the proportion payable on application and allotment on the shares offered for public subscription; and

(c) there has been delivered to the Registrar for regis- tration a statutory declaration by the secretary or one of the directors, in the prescribed form, that the aforesaid conditions have been complied with.

69

19 & 20 Geo. 5,

c. 23, s. 94.