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paid to Com

in arrear or overdue.

be allowed

not made at less than the prescribed Interval, if any, and that the aggregate Amount of Calls made in any One Year do not exceed the prescribed Amount, if any: and every Shareholder shall be liable to pay the Amount of the Calls so made, in respect of the Shares held by him, to the Persons and at the Times and Places from Time to Time appointed by the Company.

23. If, before or on the Day appointed for Payment, Interest to be any Shareholder do not pay the Amount of any Call to pany on Calls which he is liable, then such Shareholder shall be liable une to pay Interest for the same at the Rate allowed by Law from the Day appointed for the Payment thereof to the Time of the actual Payment.

24. It shall be lawful for the Company, if they think Interest may fit, to receive from any of the Shareholders willing to by Company advance the same, all or any Part of the Monies due in advance of upon their respective Shares beyond the Sums actually Calls. called for; and upon the Principal Monies so paid in advance, or so much thereof as from Time to Time shall exceed the Amount of the Calls then made upon the Shares in respect of which such Advance shall be made, the Company may pay Interest at such Rate, not exceeding the legal Rate of Interest for the Time being, as the Shareholder paying such Sum in advance and the Company shall agree upon.

25. If at the Time appointed by the Company for the Enforcement Payment of any Call, any Shareholder fail to pay the Interest, by Amount of such Call, it shall be lawful for the Company to sue such Shareholder for the Amount thereof, in any Court of Law or Equity having competent Jurisdiction, and to recover the same, with lawful Interest, from the Day on which such Call was payable".

26. In any Action or Suit to be brought by the Com-Form of pany against any Shareholder to recover any Money in Action or due for any Call, it shall not be necessary to set forth Callao the special Matter, but it shall be sufficient for the Com

* And shares may be forfeited, whether the Company have so sued or not; ste $ 29 et seq.

shares in respeway pay Intentere

of Calls, with

Action or

Action order to recovery to set fort



ufficient" to set for en

Matters required to be proved in Action for Calls.

pany to declare that the Defendant is the Holder of One Share or more in the Company (stating the Number of Shares), and is indebted to the Company in the Sum of Money to which the Calls in arrear shall amount, in respect of One Call or more upon One Share or more (stating the Number and Amount of each of such Calls), whereby an Action hath accrued to the Company by virtue of this and the special Act.

27. On the Trial or Hearing of such Action or Suit, it shall be sufficient to prove that the Defendant at the Time of making such Call was a Holder of One Share or more in the Undertaking, and that such Call was in fact made, and such Notice thereof given as is directed by this or the special Act; and it shall not be necessary to prove the Appointment of the Directors who made such Call, nor any other Matter whatsoever; and there. upon the Company shall be entitled to recover what shall be due upon such Call, with Interest thereon, unless it shall appear either that any such Call exceeds the prescribed Amount, or that due Notice of such Call was not given, or that the prescribed Interval between Two successive Calls had not elapsed, or that Calls amounting to more than the Sum prescribed for the total Amount of Calls in One Year had been made within that Period'.

28. The Production of the Register of Shareholders Proprietor- shall be primâ facie Evidence of such Defendant being

a Shareholder, and of the Number and Amount of his Shares.

And with respect to the Forfeiture of Shares and

Non-payment of Calls, be it enacted as follows: Forfeiture of 29. If any Shareholder fail to pay any Call payable Nonpayment by him, together with the Interest, if any, that shall

Proof of


Nonpay. ment of Calls.

Shares for

of Calls for 2 months,

Defendant : “ Defender,” in Scotch Act, referred to in section 164 : see note on that section, p. 116.

given before

have accrued thereon, the Directors, at any Time after the Expiration of Two Months from the Day appointed for Payment of such Call, may declare the Share in respect of which such Call was payable forfeited, and that whether the Company have sued for the Amount of such Call or not.

30. Before declaring any Share forfeited; the Direc- Notice to be tors shall cause Notice of such Intention to be left at or Forfeiture ; transmitted by the Post to the usual or last Place of Abode of the Person appearing by the Register of Shareholders to be the Proprietor of such Share; and if the Holder of any such Share be abroad, or if his usual or last Place of Abode be not known to the Directors, by reason of its being imperfectly described in the Shareholders' Address Book', or otherwise, or if the Interest in any such Share shall be known by the Directors to have become transmitted otherwise than by Transfer; as herein-before mentioned', but a Declaration of such Transmission shall not have been registered as aforesaid, and so the Address of the Parties to whom the same may have been transmitted, or may for the Time being belong, shall not be known to the Directors, the Directors shall give public Notice of such Intention in the in Gazette,

London or Dublin Gazette, according as the Company's before declaprincipal Place of Business shall be situate in England fati or Ireland'], and also in some Newspaper, as after mentioned'; and the several Notices aforesaid shall be given Twenty-one Days at least before the Directors shall make such Declaration of Forfeiture. "

31. The said Declaration of Forfeiture shall not take forfeiture by effect so as to authorize the Sale or other Disposition of to take effect any Share, until such Declaration have been confirmed till. confir

ration of For

Directors not

med by a

- 25.

D$ 9, 10, egi8, 19.

Instead of the words here printed in (brackets), the words “the Edinburgh Gazette" are substituted in the Scotch Act referred to in § 164 : see note on that section, in p. 116.

• § 138.

Meeting i

Time and Notice thereof.

Sale of forfeited Shares.


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General at some General Meeting of the Company, to be held

after the Expiration of Two Months at the least from the Day on which such Notice of Intention to make such Declaration of Forfeiture shall have been given; and it shall be lawful for the Company to confirm such Forfeiture at any such Meeting, and by an Order at such Meeting, or at any subsequent General Meeting, to direct the Share so forfeited to be sold or otherwise dis

posed of. Sale of for 32. After such Confirmation as aforesaid, it shall be

lawful for the Directors to sell the forfeited Share, either by public Auction or private Contract; and if there be more than One such forfeited Share, then either separately or together, as to them shall seem fit; and any

Shareholder may purchase any forfeited Share so sold. Evidence as 33. A Declaration in Writing, by some credible

Person not interested in the Matter, made before any Justice, or before any Master or Master Extraordinary of the High Court of Chancery, that the Call in respect of a Share was made, and Notice thereof given, and that Default in Payment of the Call was made, and that the Forfeiture of the Share was declared and confirmed in manner herein-before required', shall be sufficient Eviros dence of the Facts therein stated; and such Declaration,

and the Receipt of the Treasurer of the Company for

the Price of such Share, shall constitute a good Title Certificate of to such Share; and a Certificate of Proprietorship shall Proprietor

our be delivered to such Purchaser, and thereupon he shall

be deemed the Holder of such Share, discharged from all Calls due prior to such Purchase: and he shall not be bound to see to the Application of the Purchase Money, nor shall his Title to such Share be affected by any Irregularity in the Proceedings in reference to such

Sale. No more 34. The Company shall not sell or transfer more of faulting the Shares of any such Defaulter than will be sufficient,

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as nearly as can be ascertained at the Time of such Sale, Shareholder to pay the Arrears then due from such Defaulter on tha account of any Calls, together with Interest, and the cient for Expenses attending such Sale and Declaration of For- Calls, with feiture; and if the Money produced by the Sale of any Expenses :: such forfeited Shares be more than sufficient to pay all Surplus, if Arrears of Calls and Interest thereon due at the Time paik over to of such Sale, and the Expenses attending the Declaration of Forfeiture and Sale thereof, the Surplus shall, on Demand, be paid to the Defaulter.

35. If Payment of such Arrears of Calls and Interest But if the and Expenses be made before any Share so forfeited and her vested in the Company shall have been sold, such Share tho forfeited shall revert to the Party to whom the same belonged are to rovert. before such Forfeiture, in such Manner as if such Calls had been duly paid.

And with respect to the Remedies of Creditors of the Remedies of Company against the Shareholders, be it enacted as fol- against lows:

36. If any Execution, either at Law or in Equity, Execution shall have been issued against the Property or Effects Shareholders of the Company, and if there cannot be found sufficient to whereon to levy such Execution, then such Execution Shares in may be issued against any of the Shareholders, to the paid up : Extent of their Shares respectively in the Capital of the Company not then paid up: Provided always, that no Provisos. such Execution shall issue against any Shareholder except upon an Order of the Court in which the Action, Suit, or other Proceeding shall have been brought or instituted, made upon Motion in open Court after sufficient Notice in Writing to the Persons sought to be charged; and upon such Motion such Court may order Register to Execution to issue accordingly; and for the Purpose of Execution ascertaining the Names of the Shareholders, and the Croditors. Amount of Capital remaining to be paid upon their respective Shares, it shall be lawful for any Person


Execution against

to the Extent of their

Capital not

be open to

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