the-ordinances-of-the-legislative-counci-1890v3 — Page 164

ORDINANCE No. 1 OF 1877. 1447


Companies.


upon the validity of such debt or claim, and the amount

for which the company may be liable in respect thereof,
in the same manner as if the company were being wound
up by the Court, and the amount fixed by the Court on

such inquiry and adjudication shall be set apart and
appropriated.
Order and
14. The Registrar of Companies, upon the production to him of an minute to be
order of the Court confirming the reduction of the capital of a company, registered.
[sec. 15. ]
and the delivery to him of a copy of the order and of a minute ( approved
by the Court ) , showing with respect to the capital of the company,

altered by the order, the amount of such capital , the number of shares
in which it is to be divided , and the amount of each share , shall register
the order and minute, and on the registration the special resolution
confirmed by the order so registered shall take effect.
Notice of such registration shall be published in such manner as
the Court may direct .

The Registrar shall certify under his hand the registration of the
order and minute, and his certificate shall be conclusive evidence that

all the requisitions of this Ordinance with respect to the reduction of
capital have been complied with , and that the capital of the company is
such as is stated in the minute.
Minute to
15. The minute- when registered - shall be deemed to be substituted
form part of
for the corresponding part of the memorandum of association of the memorandum
of association.
company, and shall be of the same validity, and subject to the same [sec. 16. ]

alterations—as if it had been originally contained in the memorandum of
association and , subject—as in this Ordinance mentioned, no member of
the company , whether past or present, shall be liable in respect of any

share to any call or contribution exceeding in amount the difference
(if any) between the amount which has been paid on such share and the
amount of the share as fixed by the minute.
16. If any creditor who is entitled in respect of any debt or claim Saving of
rights of
to object to the reduction of the capital of a company under this Ordi creditors who
are ignorant
nance is , in consequence of his ignorance of the proceedings taken with of proceed
ings.
a view to such reduction , or of their nature and effect with respect to his [ sec. 17. ]
claim, not entered on the list of creditors, and after such reduction the

company is unable , within the meaning of the seventy -eighth section of
the principal Ordinance, to pay to the creditor the amount of such debt
or claim, every person who was a member of the company at the date of