304

Ch. 31. No. 1.| Companies.

Statement in
balance sheet
as to com-
missions aud
discounts,

 

registration, and, where a circular or notice, not
being a prospectus, inviting subscription for the
shares is issued, also disclosed in that circular
or notice; and

(@) the number of shares which persons have agreed
for a commission to subscribe absolutely is disclosed
mo manner aforesaid.

(2) S aforesaid, no company shall apply any
of its shares or capital money either directly or indirectly
In payment of any commission, discount, or allowance, to
any person in consideration of his subseribing or agreeing
to subseribe, whether absolutely or conditionally, for any
shares in the co Mpany, er procuring or agreeing to procure
sulseriptions, whether absolute or conditional, for any
shares in the company whether the shares or money be so
applied by being added to the purchase money of any
property acquired by the company or to the contract price
of anv work to be executed for the company, or the money
be paid out of the nominal pureh = money or contract
price or otherwise.

(3) Nothing im this section shall affeet the power of
any company to pay such brokerage as it has heretofore
been dawtul for a company to pay.

(4) A vendor te, promoter of, or other person who
receives payment money or sharcs from, a company shall
have and shall be deemed always to have had power to
apply any part of the money or shares so received in payment
of any ccnunission, the payment of which, if made directly
by the company, would have been legal under this section.

(5) HW default is made in complying with the pro-
visions of this section relating to the delivery to the Registrar
of the statement in the prescribed form, the company and
every officer of the company who is in default shall be liable
to a fine of one hundred and twenty dollars.

46. (1) Where a company has paid any sums by way of
commission in respect of anv shares or debentures, or
allowed any sums by way of discount in respect of any
debenture. the total amount paid or allowed, or so
much thereof as has not been written off, shall be stated