362

kKetarn as to
adlotments

Ch. 31. No. 1.] Companies.

the allotment, and not later, and shall be so voidable not-
withstanding that the company is in course of being wound
up.

(2) If any director of a company knowingly contra-
venes, or permits or authorises the contravention of any of
the provisions of the said sections with respect to allotment,
he shall be liable to compensate the company and the allottee
respectively for any loss, damages, or costs which the
company or the allottee may have sustained or incurred
thereby:

Provided that proceedings to recover any such loss,
damages, or costs shall not be commenced after the expira-
tion of two vears from the date of the allotment.

44. (1) Whenever a company limited by shares or a
company limited by guarantee and having a share capital
makes any allotment of its shares, the company shall
within one month thereafter deliver to the Registrar for
registration—

(a) areturn of the allotments, stating the number and
nominal amount of the shares comprised in the allot-
ment, the name., addresses, and descriptions of the
alottee. and the amount, if anv paid or due and
pavable on each share; and

(b) in the case of shares allotted as fully or partly
paid up otherwise than m cash, a contract in writing
constituting the title of the allottee to the allotment
together with any contract of sale, or for services or
other consideration in respect of which that allotment
was made, such contracts being duly stamped, and a
return stating the number and nominal amount of
shares so allotted, the extent to which they are to be
treated as paid up, and the consideration for which
they have been allotted.

(2) Where such a contract as above mentioned is not
reduced to writing, the company shall within one month
after the allotment deliver to the Registrar for registration
the prescribed particulars of the contract stamped with the
same stamp duty as would have been payable if the contract
had been reduced to w riting, and those particulars shall be
deemed to be an instrument within the meaning of the Stamp