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Page 276

CHAPTER 26
STATUTORY COMPANIES.

If payment of all arrears of calls, interest and expenses is made before the meeting for cancellation is held, the shares revert to the person who owned them before the forfeiture.
Notwithstanding the forfeiture, the former owner remains liable for all arrears of calls, interest and expenses due before the date of cancellation. If, however, the company attempts to enforce its claim to these sums, it must first deduct from them the value of the shares at the time of cancellation.(37)
Shares may also be cancelled without going through the formalities set out above if, after forfeiture, or while any sum payable on the shares remains unpaid, the company with the consent in writing of the registered holder and with the sanction of a general, meeting, resolves to cancel the shares. (38)
Surrender of Shares.-A company may accept a surrender of shares not fully paid up on such terms as it thinks fit. It must not, however, pay or refund any money for either surrender or cancellation. (39) There is no power to accept a surrender of fully paid shares, and the company cannot purchase its own shares. (40)
Re-Issue of Surrendered or Cancelled Shares.-New shares can be issued, in place of shares surrendered or cancelled, on such terms as may be resolved upon at any ordinary or extraordinary meeting of the company. The aggregate nominal amount of the new shares must not exceed the aggregate nominal amount of the shares cancelled or surrendered, after deducting the amount actually paid up on those shares. (41)

DIRECTORS
The first directors are appointed by the special Act, and they hold office until the first ordinary meeting of the company, when the directors are elected. Subject to any provision to the contrary in the special Act, one-third of the directors retire each year after the first ordinary meeting has been held and are eligible for re-election. The number of the directors is prescribed in the special Act. (42)

37 Companies Clauses Act, 1863, ss. 4-7.
38 Ibid., s. 8.
39 Ibid., ss. 9. 10.
40 Per Lord Macnaghten, in Trevor v. Whitworth (1887), 12 App. Cas. at p. 439. 41 Companies Clauses Act, 1863. s. 11.
42 Companies Clauses Act, 1845, ss. 81-84.

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where is HTML where is HEAD where is TITLE If payment of all arrears of calls, interest and expenses is made before what is meeting for cancellation is held, what is shares revert to what is person who owned them before what is forfeiture. Notwithstanding what is forfeiture, what is former owner remains liable for all arrears of calls, interest and expenses due before what is date of cancellation. If, however, what is company attempts to enforce its claim to these sums, it must first deduct from them what is value of what is shares at what is time of cancellation.(37) Shares may also be cancelled without going through what is formalities set out above if, after forfeiture, or while any sum payable on what is shares remains unpaid, what is company with what is consent in writing of what is registered holder and with what is sanction of a general, meeting, resolves to cancel what is shares. (38) Surrender of Shares.-A company may accept a surrender of shares not fully paid up on such terms as it thinks fit. It must not, however, pay or refund any money for either surrender or cancellation. (39) There is no power to accept a surrender of fully paid shares, and what is company cannot purchase its own shares. (40) Re-Issue of Surrendered or Cancelled Shares.-New shares can be issued, in place of shares surrendered or cancelled, on such terms as may be resolved upon at any ordinary or extraordinary meeting of what is company. what is aggregate nominal amount of what is new shares must not exceed what is aggregate nominal amount of what is shares cancelled or surrendered, after deducting what is amount actually paid up on those shares. (41) DIRECTORS what is first directors are appointed by what is special Act, and they hold office until what is first ordinary meeting of what is company, when what is directors are elected. Subject to any provision to what is contrary in what is special Act, one-third of what is directors retire each year after what is first ordinary meeting has been held and are eligible for re-election. what is number of what is directors is prescribed in what is special Act. (42) 37 Companies Clauses Act, 1863, ss. 4-7. 38 Ibid., s. 8. 39 Ibid., ss. 9. 10. 40 Per Lord Macnaghten, in Trevor v. Whitworth (1887), 12 App. Cas. at p. 439. 41 Companies Clauses Act, 1863. s. 11. 42 Companies Clauses Act, 1845, ss. 81-84. 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 276 where is strong CHAPTER 26 STATUTORY COMPANIES. where is p align="justify" If payment of all arrears of calls, interest and expenses is made before what is meeting for cancellation is held, the shares revert to what is person who owned them before what is forfeiture. Notwithstanding what is forfeiture, what is former owner remains liable for all arrears of calls, interest and expenses due before the date of cancellation. If, however, what is company attempts to enforce its claim to these sums, it must first deduct from them what is value of what is shares at what is time of cancellation.(37) Shares may also be cancelled without going through what is formalities set out above if, after forfeiture, or while any sum payable on what is shares remains unpaid, what is company with what is consent in writing of what is registered holder and with what is sanction of a general, meeting, resolves to cancel what is shares. (38) Surrender of Shares.-A company may accept a surrender of shares not fully paid up on such terms as it thinks fit. It must not, however, pay or refund any money for either surrender or cancellation. (39) There is no power to accept a surrender of fully paid shares, and what is company cannot purchase its own shares. (40) Re-Issue of Surrendered or Cancelled Shares.-New shares can be issued, in place of shares surrendered or cancelled, on such terms as may be resolved upon at any ordinary or extraordinary meeting of what is company. what is aggregate nominal amount of what is new shares must not exceed what is aggregate nominal amount of what is shares cancelled or surrendered, after deducting what is amount actually paid up on those shares. (41) DIRECTORS what is first directors are appointed by what is special Act, and they hold office until what is first ordinary meeting of what is company, when what is directors are elected. Subject to any provision to what is contrary in what is special Act, one-third of what is directors retire each year after what is first ordinary meeting has been held and are eligible for re-election. what is number of what is directors is prescribed in the special Act. (42) 37 Companies Clauses Act, 1863, ss. 4-7. 38 Ibid., s. 8. 39 Ibid., ss. 9. 10. 40 Per Lord Macnaghten, in Trevor v. Whitworth (1887), 12 App. Cas. at p. 439. 41 Companies Clauses Act, 1863. s. 11. 42 Companies Clauses Act, 1845, ss. 81-84. where is Server.Execute("_SiteMap.asp") %

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