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CHAPTER 26
STATUTORY COMPANIES.

A statutory company may issue fully paid-up original shares at a discount. (11) It cannot, however, issue preference shares unless it is authorised by its special Act. (12)

Increase of Capital.-Any power to increase the capital must be given in the special Act, as the Companies Clauses Acts give no power to increase capital. The Acts, however, deal with two cases of increasing the capital: (1) when fresh capital is raised in lieu of borrowing, and (2) when the special Act authorises an increase of capital.
1. If the company is authorised to borrow money, it may, instead of exercising its borrowing powers, raise the sum which it is authorised to borrow, or part of it, by an issue of new shares, or it may issue new shares to pay off money which it has borrowed. Such issues require the previous authority of the general meeting of the company. If, at the time of the new issue, the existing shares are at premium, the sum to be raised is to be divided into shares of such amount as will conveniently allow them to be apportioned among the existing shareholders in proportion to the shares they hold. The shares are then offered to the existing shareholders, and, if any shareholder does not accept his shares within a month of their being offered to him, the company can dispose of them as it deems to be for the company's advantage. If the existing shares are not at a premium, the new shares can be offered in such manner and on such terms as the company thinks fit.(13) They can be issued at a discount.
2. If authorised by its special Act, a company may raise additional capital with the sanction of such proportion of the votes of its shareor stockholders given at a meeting specially convened for the purpose as the special Act prescribes or, if no proportion is prescribed, of three-fifths of the votes. (14) The shares, if at a premium, are to be offered to the existing shareholders in the same way as in the case of an issue of capital in lieu of borrowing. (15) If they are not at a premium they can be offered to such persons, on such terms and conditions and in such manner as the directors think advantageous to the company. (16)

11 Statharra v. Brighton Marine Co., [1899] 1 Ch. 199, doubted in Newburgh and North Fife Ry. v. North British Ry., [1913] S. C. 1166.
12 Sturge v. Eastern Union Ry. (1855); 7 De G. M. & G. 158.
13 Companies Clauses Act, 1845, ss. 56-60.
14 Companies Clauses Act, 1863, s. 12.
15 Ibid., ss. 17-20. 16 Ibid., s. 21.

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where is HTML where is HEAD where is TITLE A statutory company may issue fully paid-up original shares at a discount. (11) It cannot, however, issue preference shares unless it is authorised by its special Act. (12) Increase of Capital.-Any power to increase what is capital must be given in what is special Act, as what is Companies Clauses Acts give no power to increase capital. what is Acts, however, deal with two cases of increasing what is capital: (1) when fresh capital is raised in lieu of borrowing, and (2) when what is special Act authorises an increase of capital. 1. If what is company is authorised to borrow money, it may, instead of exercising its borrowing powers, raise what is sum which it is authorised to borrow, or part of it, by an issue of new shares, or it may issue new shares to pay off money which it has borrowed. Such issues require what is previous authority of what is general meeting of what is company. If, at what is time of what is new issue, what is existing shares are at premium, what is sum to be raised is to be divided into shares of such amount as will conveniently allow them to be apportioned among what is existing shareholders in proportion to what is shares they hold. what is shares are then offered to what is existing shareholders, and, if any shareholder does not accept his shares within a month of their being offered to him, what is company can dispose of them as it deems to be for what is company's advantage. If what is existing shares are not at a premium, what is new shares can be offered in such manner and on such terms as what is company thinks fit.(13) They can be issued at a discount. 2. If authorised by its special Act, a company may raise additional capital with what is sanction of such proportion of what is votes of its shareor stockholders given at a meeting specially convened for what is purpose as what is special Act prescribes or, if no proportion is prescribed, of three-fifths of what is votes. (14) what is shares, if at a premium, are to be offered to what is existing shareholders in what is same way as in what is case of an issue of capital in lieu of borrowing. (15) If they are not at a premium they can be offered to such persons, on such terms and conditions and in such manner as what is directors think advantageous to what is company. (16) 11 Statharra v. Brighton Marine Co., [1899] 1 Ch. 199, doubted in Newburgh and North Fife Ry. v. North British Ry., [1913] S. C. 1166. 12 Sturge v. Eastern Union Ry. (1855); 7 De G. M. & G. 158. 13 Companies Clauses Act, 1845, ss. 56-60. 14 Companies Clauses Act, 1863, s. 12. 15 Ibid., ss. 17-20. 16 Ibid., s. 21. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 270 where is strong CHAPTER 26 STATUTORY COMPANIES. where is p align="justify" A statutory company may issue fully paid-up original shares at a discount. (11) It cannot, however, issue preference shares unless it is authorised by its special Act. (12) Increase of Capital.-Any power to increase what is capital must be given in what is special Act, as what is Companies Clauses Acts give no power to increase capital. what is Acts, however, deal with two cases of increasing what is capital: (1) when fresh capital is raised in lieu of borrowing, and (2) when what is special Act authorises an increase of capital. 1. If what is company is authorised to borrow money, it may, instead of exercising its borrowing powers, raise what is sum which it is authorised to borrow, or part of it, by an issue of new shares, or it may issue new shares to pay off money which it has borrowed. Such issues require what is previous authority of what is general meeting of what is company. If, at what is time of what is new issue, what is existing shares are at premium, what is sum to be raised is to be divided into shares of such amount as will conveniently allow them to be apportioned among what is existing shareholders in proportion to what is shares they hold. what is shares are then offered to what is existing shareholders, and, if any shareholder does not accept his shares within a month of their being offered to him, what is company can dispose of them as it deems to be for the company's advantage. If what is existing shares are not at a premium, what is new shares can be offered in such manner and on such terms as what is company thinks fit.(13) They can be issued at a discount. 2. If authorised by its special Act, a company may raise additional capital with what is sanction of such proportion of what is votes of its shareor stockholders given at a meeting specially convened for what is purpose as what is special Act prescribes or, if no proportion is prescribed, of three-fifths of what is votes. (14) what is shares, if at a premium, are to be offered to what is existing shareholders in what is same way as in what is case of an issue of capital in lieu of borrowing. (15) If they are not at a premium they can be offered to such persons, on such terms and conditions and in such manner as what is directors think advantageous to what is company. (16) 11 Statharra v. Brighton Marine Co., [1899] 1 Ch. 199, doubted in Newburgh and North Fife Ry. v. North British Ry., [1913] S. C. 1166. 12 Sturge v. Eastern Union Ry. (1855); 7 De G. M. & G. 158. 13 Companies Clauses Act, 1845, ss. 56-60. 14 Companies Clauses Act, 1863, s. 12. 15 Ibid., ss. 17-20. 16 Ibid., s. 21. where is Server.Execute("_SiteMap.asp") %

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