(
1984 Ed.]
Companies
[CAP. 32
79
(2) Such a warrant as aforesaid is in this Ordinance termed a share warrant.
(3) A share warrant shall entitle the bearer thereof to the shares therein specified, and the shares may be transferred by delivery of the warrant.
73A. (1) A company may have, for use for sealing securities issued by the company and for sealing documents creating or evidencing securities so issued, an official seal which is a facsimile of the common seal of the company with the addition on its face of the word "securities".
(2) A company which was incorporated before the commencement* of the Companies (Amendment) Ordinance 1984 and which has such an official seal as is mentioned in subsection (1) may use the seal for sealing such securities and documents as are there mentioned notwithstanding anything in any instrument constituting or regulating the company or in any instrument made before such commencement which relates to any securities or documents if they are sealed with that seal.
(Added, 6 of 1984, s. 40)
74. (1) Every company having a share capital shall have power to make compensation by a cash payment out of its funds, for any loss arising from a transfer of any shares in the company in pursuance of a forged transfer or of a transfer under a forged power of attorney, and, where the shares or stock of a company have by amalgamation or otherwise become the shares or stock of another company, that other company shall have the same power under this section as the original company would have had if it had continued.
(2) Every company may provide, by insurance or reservation of capital or accumulation of income, a fund to meet claims for such compensation.
(3) For the purpose of providing such compensation, any company may borrow on the security of its property.
(4) A company may, for the purposes of this section, impose such reasonable restrictions on the transfer of shares in the company, or with respect to powers of attorney for the transfer thereof, as it may deem necessary for guarding against losses arising from forgery.
(5) Where a company compensates any person under this section for any loss arising from forgery, the company shall, without prejudice to any other rights or remedies, have the same rights and remedies against the person liable for the loss as the person compensated would have had.
(Added, 6 of 1984, s. 40)
Official seals for sealing share certificates etc. 1976 c. 47. s. 2.
(6 of 1984.) [*31.8.84.]
Power to make compensation for losses from forged transfers.
[cf. 1891 c. 43, s. 1; and 1892 c. 36, s. 4.]
(
1984 Ed.]
Companies
[CAP. 32
79
(2) Such a warrant as aforesaid is in this Ordinance termed a share warrant.
(3) A share warrant shall entitle the bearer thereof to the shares therein specified, and the shares may be transferred by delivery of the warrant.
73A. (1) A company may have, for use for sealing securities issued by the company and for sealing documents creating or evidencing securities so issued, an official seal which is a facsimile of the common seal of the company with the addition on its face of the word "securities".
(2) A company which was incorporated before the commence- ment* of the Companies (Amendment) Ordinance 1984 and which has such an official seal as is mentioned in subsection (1) may use the seal for sealing such securities and documents as are there mentioned notwithstanding anything in any instrument constituting or regulat- ing the company or in any instrument made before such commence- ment which relates to any securities or documents if they are sealed with that seal.
(Added, 6 of 1984, s. 40)
74. (1) Every company having a share capital shall have power to make compensation by a cash payment out of its funds. for any loss arising from a transfer of any shares in the company in pursuance of a forged transfer or of a transfer under a forged power of attorney, and, where the shares or stock of a company have by amalgamation or otherwise become the shares or stock of another company, that other company shall have the same power under this section as the original company would have had if it had continued.
(2) Every company may provide, by insurance or reservation of capital or accumulation of income, a fund to meet claims for such compensation.
(3) For the purpose of providing such compensation, any company may borrow on the security of its property.
(4) A company may, for the purposes of this section, impose such reasonable restrictions on the transfer of shares in the com- pany, or with respect to powers of attorney for the transfer thereof, as it may deem necessary for guarding against losses arising from forgery.
(5) Where a company compensates any person under this section for any loss arising from forgery, the company shall, without prejudice to any other rights or remedies, have the same rights and remedies against the person liable for the loss as the person compen- sated would have had.
(Added, 6 of 1984, s. 40)
Official seals for sealing share certificates etc. 1976 c. 47. s. 2.
(6 of 1984.) [*31.8.84.]
Power to make compensation for losses from forged transfers.
[cf. 1891 c. 43, s. 1; and 1892 c. 36, s. 4.]
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