the-ordinances-of-the-legislative-counci-1890v3 — Page 167

1450 ORDINANCE No. 1 of 1877.


Companies.


The licence by the Governor may be granted upon such conditions
and subject to such regulations as the Governor thinks fit to impose, and
such conditions and regulations shall be binding on the association , and
may, at the option of the Governor, be inserted in the memorandum and
articles of association, or in both or one of such documents.


Calls upon shares - Payment.

Company 23. Nothing contained in the principal Ordinance shall be deemed
may have
some shares to prevent any company under that Ordinance, if authorized by its regu
fully paid,
and others lations as originally framed-or as altered by special resolution , from
not . [sec . 24. ] doing any one or more of the following things ; namely,

( 1. ) Making arrangements on the issue of shares for a difference
between the holders of such shares in the amount of

calls to be paid, and in the time of payment of such
calls.


(2. ) Accepting from any member of the company who assents
thereto the whole or a part of the amount remaining
unpaid on any share or shares held by him, either in
discharge of the amount of a call payable in respect of
any other share or shares held by him -or without any
call having been made.

(3. ) Paying dividend in proportion to the amount paid up on
each share in cases where a larger amount is paid up on
some shares than on others .

Manner in 24. Every share in any company shall be deemed and taken to have
which shares
are to be been issued and to be held subject to the payment of the whole amount
issued and
held . [sec. 25. ] thereof in cash , unless the same shall have been otherwise determined by

a contract duly made in writing, and filed with the Registrar of Companies
at or before the issue of such shares.


Transfer of shares.

Transfer may 25. A company shall-on the application of the transferor of any
be registered
at request of share or interest in the company -enter in its register of members the
transferor.
[sec . 26. ] name of the transferee of such share or interest, in the same manner and

subject to the same conditions as if the application for such entry were
made by the transferee.