370 Ch. 31. No. 1.] Compantes.

 

increased its share capital beyond the registered capital, it
shall within fifteen days after the passing of the resolution
authorising the increase, give to the Registrar notice of the
increase, and the Registrar shall record the increase.

(2) The notice to be given as aforesaid shall include
such particulars as may be prescribed with respect to the
classes of shares affected and the conditions subject to which
the new shares have been or are to be issued, and there shall
be forwarded to the Registrar together with the notice a
printed copy of the resolution authorising the increase.

(3) If default is made in complying with this section,
the company and every officer of the company who is in
default shall be liable to a default fine.

Power of 55. An unlimited company having a share capital may,

conte to by its resolution for registration as a limited company in

provide for pursuance of this Ordinance, do either or both of the

captaton re. 40lowing things, namely—

registauion. (1) increase the nominal amount of its share capital
by increasing the nominal amount of each of its shares,
but subject to the condition that no part of the increased
capital shall be capable of being called up except in
the event and for the purposes of the company being
wound up;

(2) provide that a specified portion of its uncalled
share capital shall not be capable of being called up
except in the event and for the purposes of the company
being wound up.

Power of 56. (1) Where any shares of a company are issued for the
pay interest’. Purpose of raising money to defray the expenses of the
put ofcapital Construction of any works or buildings or the provision of
cas. any plant which cannot be made profitable for a lengthened
period, the company may pay interest on so much of that
share capital as is for the time being paid up for the period
and subject to the conditions and restrictions in this
section mentioned, and may charge the sum so paid by
way of interest to capital as part of the cost of construction

of the work or building, or the provision of plant:

Provided that—
(a) no such payment shall be made unless it is
authorised by the articles or by special] resolution ;