the-ordinances-of-the-legislative-counci-1890v3 — Page 171

1454 ORDINANCE No. 1 of 1877 .


Companies.


(2. ) Any contract which —if made between private persons
would be by law required to be in writing, and signed
by the parties to be charged therewith, may be made on
behalf of the company in writing signed by any person
acting under the express or implied authority of the
company, and such contract may in the same manner be
varied or discharged :

( 3. ) Any contract which —if made between private persons
would by law be valid although made by parol only,
and not reduced into writing, may be made by parol
on behalf of the company by any person acting under
the express or implied authority of the company, and
such contract may-in the same way-be varied or
discharged :

And all contracts made according to the provisions herein contained
shall be effectual in law, and shall be binding upon the company and their
successors and all other parties thereto, their heirs , executors , or
administrators , as the case may be.

Prospectus, 37. Every prospectus of a company, and every notice inviting
&c.; to
specify dates persons to subscribe for shares in any joint stock company, shall specify
and names
of any parties the dates and the names of the parties to any contract entered into by the
to any
contract made company, or the promoters , directors , or trustees thereof, before the issue
prior to
issue of such of such prospectus or notice, whether subject to adoption by the directors
prospectus .
[sec. 38. ] or the company , or otherwise ; and any prospectus or notice not specifying
the same shall be deemed fraudulent on the part of the promoters ,
directors and officers of the company knowingly issuing the same, as
regards any person taking shares in the company on the faith of such
prospectus , unless he shall have had notice of such contract.


Meetings.


Company to 38. Every company formed under the principal Ordinance after the
hold meeting
within four commencement of this Ordinance, shall hold a general meeting within
months after
registration. four months after its memorandum of association is registered ; and if
[sec. 39. ]
such meeting is not held-the company shall be liable to a penalty not

exceeding twenty-five dollars a day for every day after the expiration of
such four months until the meeting is held ; and every director or manager