the-ordinances-of-the-legislative-counci-1890v3 — Page 165

1443 ORDINANCE No. 1 OF 1877 .


Companies.


the registration of the order and minute relating to the reduction of the
capital of the company, shall be liable to contribute for the payment of
such 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 prior to such registration , and on the company
being wound-up, the Court, on the application of such creditor, and on
proof that he was ignorant of the proceedings taken with a view to the
reduction , or of their nature and effect with respect to his claim, may ,

if it think fit, settle a list of such contributories accordingly , and make
and enforce calls and orders on the contributories settled on such list in

the same manner in all respects as if they were ordinary contributories
in a winding-up ; but the provisions of this section shall not affect the
rights of the contributories of the company among themselves .

Copy of 17. A minute -when registered - shall be embodied in every copy
registered
minute . of the memorandum of association issued after its registration ; and if
sec. 18. ]
any company makes default in complying with the provisions of this
section -it shall incur a penalty not exceeding five dollars for each copy
in respect of which such default is made, and every director and manager

of the company who shall knowingly and wilfully authorize or permit
such default shall incur the like penalty.

Penalty on 18. If any director, manager, or officer of the company wilfully
concealment
of name of conceals the name of any creditor of the company who is entitled to
Creditor.
sec. 19. ] object to the proposed reduction or wilfully misrepresents the nature or
amount of the debt or claim of any creditor of the company, or if any
director or manager of the company aids or abets in or is privy to any
such concealment or misrepresentation as aforesaid , every such director,
manager, or officer shall be guilty of a misdemeanour .

Power to 19. The powers of making rules concerning winding- up conferred
make rules
extended to by the one hundred and fifty-eighth section of the principal Ordinance ,
making rules
concerning shall extend to making rules concerning matters under this Ordinance,
matters in
this Ordi and until such rules are made -the practice of the Court in matters of
nance.
the same nature, shall , so far as the same is applicable, be followed .
[ sec. 20. ]
Subdivision of shares.

Shares may 20. Any company limited by shares may-by special resolution
be divided
into shares so far modify the conditions contained in its memorandum of association,
of smaller
amount. if authorized so to do by its regulations as originally framed or as altered
[sec. 21. ]
by special resolution, as by subdivision of its existing shares or any of