Companies. [Ch. 31. No. 1.

(2) If default is made in holding a meeting of the
company in accordance with the provisions of this section,
the company, and every director or manager of the company
who is knowingly a party to the default shall be liable to a
fine of two hundred and fifty dollars.

(3) If default is made as aforesaid, the Court may,
on the application of any member of the company, call,
or direct the calling of, a general meeting of the company.

111. (1) Every company limited by shares and every
company limited by guarantee and having a share capital
shall, within a period of not less than one month nor more
than three months from the date at which the company
is entitled to commence business, hold a general mecting
of the members of the company, which shall be called
“ the statutory meeting.”

(2) The directors shall, at least seven days before
the day on which the mecting is held, forward a report (in
this Ordinance referred to as “ the statutory report ’’) to
every member of the company.

(3) The statutory report shall be certified by not
less than two directors of the company, or, where there are
less than two directors, by the sole director and manager,
and shall state —

(a) the total number of shares allotted, distinguishing
shares allotted as fully or partly paid up otherwise than
in cash, and stating in the case of shares partly paid up
the extent to which they are so paid up, and in either
case the consideration for which they have been
alotted ;

(b) the total amount of cash received by the company
in respect of all the shares allotted, distinguished as
aforesaid;

(c) an abstract of the receipts of the company and
of the payments made thereout, up to a date within
seven days of the date of the report, exhibiting under
distinctive headings the receipts of the company from
shares and debentures and other sources, the payments
made thereout, and particulars concerning the balance
remaining in hand, and an account or estimate of. the
preliminary expenses of the company ;

26 (2)

403

Statutory
meeting and
statutory
report.