1984 Ed.]
Companies
[CAP. 32
69
effect with respect to his claim, not entered on the list of creditors, and, after the reduction, the company is unable, within the meaning of the provisions of this Ordinance with respect to winding up by the court, to pay the amount of his debt or claim, then-
(a) every person who was a member of the company at the date of the registration of the order for reduction and minute, shall be liable to contribute for the payment of that debt or claim an amount not exceeding the amount which he would have been liable to contribute if the company had commenced to be wound up on the day before the said date; and
(b) if the company is wound up, the court, on the application of any such creditor and proof of his ignorance as aforesaid, may, if it thinks fit, settle accordingly a list of persons so liable to contribute, and make and enforce calls and orders on the contributories settled on the list, as if they were ordinary contributories in a winding up.
(2) Nothing in this section shall affect the rights of the contributories among themselves.
63. If any officer of the company-
Penalty for concealing name
(a) wilfully conceals the name of any creditor entitled to object to the reduction; or
(b) wilfully misrepresents the nature or amount of the debt or claim of any creditor; or
(c) aids, abets or is privy to any such concealment or misrepresentation as aforesaid,
he shall be guilty of an offence and liable
(i) on conviction upon indictment to a fine of $50,000 and to imprisonment for 2 years; and
(ii) on summary conviction to a fine of $10,000 and to imprisonment for 6 months.
(Replaced, 6 of 1984, s. 30)
Variation of Shareholders' Rights
63A. (1) Where, in the case of a company the share capital of which is divided into different classes of shares, special rights are attached to any such class of shares otherwise than by the memorandum and the articles do not provide for the variation of those rights, the articles shall be deemed to contain provision that such rights shall not be varied except with the consent in writing of the holders of three-fourths in nominal value of the issued shares of the class in question or with the sanction of a special resolution passed at a separate general meeting of the holders of that class.
(2) Where, in the case of a company the share capital of which is divided into different classes of shares, special rights are attached
1948 c. 38, s. 71.
Variation of rights attached to special classes of shares.
(cf. 1980 c. 22, s. 32.)
1984 Ed.]
Companies
[CAP. 32
69
effect with respect to his claim, not entered on the list of creditors, and, after the reduction, the company is unable, within the meaning of the porvisions of this Ordinance with respect to winding up by the court, to pay the amount of his debt or claim, then-
(a) every person who was a member of the company at the date of the registration of the order for reduction and minute, shall be liable to contribute for the payment of that debt or claim an amount not exceeding the amount which he would have been liable to contribute if the company had commenced to be wound up on the day before the said date; and
(b) if the company is wound up, the court, on the application of any such creditor and proof of his ignorance as afore- said, may, if it thinks fit, settle accordingly a list of persons so liable to contribute, and make and enforce calls and orders on the contributories settled on the list, as if they were ordinary contributories in a winding up.
(2) Nothing in this section shall affect the rights of the con- tributories among themselves.
63. If any officer of the company-
Penalty for concealing name
(a) wilfully conceals the name of any creditor entitled to object of creditor.
to the reduction; or
(b) wilfully misrepresents the nature or amount of the debt or
claim of any creditor; or
(c) aids, abets or is privy to any such concealment or misrepre-
sentation as aforesaid,
he shall be guilty of an offence and liable
(i) on conviction upon indictment to a fine of $50,000 and to
imprisonment for 2 years; and
(ii) on summary conviction to a fine of $10,000 and to im-
prisonment for 6 months.
(Replaced, 6 of 1984, s. 30)
Variation of Shareholders' Rights
63A. (1) Where, in the case of a company the share capital of which is divided into different classes of shares, special rights are attached to any such class of shares otherwise than by the memoran- dum and the articles do not provide for the variation of those rights, the articles shall be deemed to contain provision that such rights shall not be varied except with the consent in writing of the holders of three-fourths in nominal value of the issued shares of the class in question or with the sanction of a special resolution passed at a separate general meeting of the holders of that class.
(2) Where, in the case of a company the share capital of which is divided into different classes of shares, special rights are attached
1948 c. 38, s. 71.
Variation of rights attached to special classes of shares.
(cf. 1980 c. 22, s. 32.]
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