58
CAP. 32]
Companies
[1984 Ed.
Prohibition of provision of financial assistance by company for purchase of its own shares. 1929 c. 23, s. 45.
Construction of references to offering shares or debentures to the public.
1948 c. 38, s. 55.
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 $5,000. (Amended, 22 of 1950, Schedule and 6 of 1984, s. 259)
47. [Repealed, 80 of 1974, s. 3]
48. (1) Subject as provided in this section, it shall not be lawful for a company to give, whether directly or indirectly, and whether by means of a loan, guarantee, the provision of security or otherwise, any financial assistance for the purpose of or in connection 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-
(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, 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) [Deleted, 80 of 1974, s. 4]
(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 $2,000. (Amended, 22 of 1950, Schedule)
Construction of References to offering Shares or Debentures to the Public
48A. (1) Any reference in this Ordinance to offering shares or debentures to the public shall, subject to any provision to the contrary contained therein, be construed as including a reference to offering them to any section of the public, whether selected as members or debenture holders of the company concerned or as clients of the person issuing the prospectus or in any other manner,
58
CAP. 32]
Companies
[1984 Ed.
Prohibition of provision of financial assistance by company for purchase of its own shares. 1929 c. 23, s. 45.
Construction of references to offering shares or debentures to the public.
1948 c. 38, s. 55.
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 $5,000~ (Amended, 22 of 1950, Schedule and 6 of 1984, s. 259)
47. [Repealed, 80 of 1974, s. 3]
48. (1) Subject as provided in this section, it shall not be law- ful for a company to give, whether directly or indirectly, and whether by means of a loan, guarantee, the provision of security or otherwise, any financial assistance for the purpose of or in connexion with a pur- chase 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-
(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, 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) [Deleted, 80 of 1974, s. 4]
(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 $2,000: (Amended, 22 of 1950, Schedule)
Construction of References to offering Shares or Debentures to the Public
48A. (1) Any reference in this Ordinance to offering shares or debentures to the public shall. subject to any provision to the contrary contained therein, be construed as including a reference to offering them to any section of the public, whether selected as members or debenture holders of the company concerned or as clients of the person issuing the prospectus or in any other manner,
:)
(
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