392

Restrictions
ou com-
mencement
of business.

Ch. 31. No. 1.] Compantes.

to be a seal of the company whereon its name is not so
engraven as aforesaid, or

(b) issues or authorises the issue of any notice,
advertisement, or other official publication of the
company, or signs or authorises to be signed on behalf
of the company any bill of exchange, promissory note,
endorsement, cheque, or order for money or goods,
wherein its name is not mentioned in manner aforesaid ;
or

(c) issues or authorises the issue of any bill of parcels,
invoice, receipt, or letter of credit of the company,
wherein its name is not mentioned in manner
aforesaid,

he shall be liable to a fine of two hundred and fifty dollars,
and shall further be personally liable to the holder of the
bill of exchange, promissory note, cheque, or order for
money or goods, for the amount thereof, unless it is duly
paid by the company.

Restrictions on commencement of business.

94. (1) Where a company having a share capital has
issued a prospectus inviting the public to subscribe for its
shares, the company shall not commence any business or
exercise any borrowing powers unless—

(a) shares held subject to the payment of the whole
amount thereof in cash have been allotted to an
amount not less in the whole than the minimum
subscription, and

(6) every director of the company has paid to the
company, on each of the shares taken or contracted to
be taken by him and for which he is liable to pay in
cash, a proportion equal to the proportion payable on
application and allotment on the shares offered for
public subscription, and

(c) there has been delivered to the Registrar for
registration a statutory declaration by the secretary
or one of the directors, in the prescribed form, that the
aforesaid conditions have been complied with.

(2) Where a company having a share capital has not
issued a prospectus inviting the public to subscribe for its