the-ordinances-of-the-legislative-counci-1890v3 — Page 166

ORDINANCE No. 1 OF 1877 . 1449


Companies.


them , to divide its capital, or any part thereof, into shares of smaller
amount than is fixed by its memorandum of association :

Provided, [ that the amount in which each share is so reduced shall, in
no case, be less than one fourth part of the amount of the original share,
and, Repealed by Ordinance No. 3 of 1883 ] that in the subdivision of
the existing shares the proportion between the amount which is paid and
the amount (if any ) which is unpaid on each share of reduced amount
shall be the same as it was in the case of the existing share or shares
from which the share of reduced amount is derived.

21. The statement of the number and amount of the shares into Special reso
lution to be
which the capital of the company is divided-contained in every copy of embodied in
memorandum
the memorandum of association issued after the passing of any such of association.
[sec. 22.]
special resolution , shall be in accordance with such resolution ; and any
company which makes default in complying with the provisions of this
section shall incur a penalty not exceeding five dollars for each copy in
respect of which such default is made ; and every director and manager
ofthe company who knowingly or wilfully authorizes or permits such
default shall incur the like penalty.



Associations not for profit.


22. Where any association is about to be formed under the principal Special as
visions proto
associations
Ordinance as a limited company, if it proves to the Governor that it is formed for
formed for the purpose of promoting commerce, art, science , religion , purposes not
of gain.
charity, or any other useful object, and that it is the intention of such [sec. 23. ]

association to apply the profits, if any, or other income of the association ,
in promoting its objects , and to prohibit the payment of any dividend to

the members of the association , the Governor may -by licence, under
his hand , direct such association to be registered with limited liability
without the addition of the word limited to its name, and such association
.
may be registered accordingly, and upon registration shall enjoy all the
Privileges and be subject to the obligations by this Ordinance imposed

on limited companies , with the exceptions that none of the provisions of
this Ordinance that require a limited company to use the word limited as
any part of its name, or to publish its name or to send a list of its

members , directors , or managers to the Registrar, shall apply to an
association so registered .