342

SECRETARIAL PRACTICE

that no such liability shall accrue unless the
company has been sued for the debt within one
year after it has become due and the company
has within that period gone into liquidation or
has been ordered to be wound up.
Ss. ror-112. Deal with the issue of prospectuses: the provisions
 contained therein approximate to the
requirements of the English Act of 1929.
S. 119. The provisions regarding the holding of a statutory
meeting are the same as those contained in the
English Act of 1929. ;
default of the company in general meeting
appointing auditors, the Provincial Secretary
may appoint on the application of any member
of the company.
Every company incorporated under the laws of
Ontario, and every company carrying on
business in Ontario must deliver an annual
return to the Provincial Secretary on or before
the 1st February in each year.
Ss. 153-160. Special provision for mining companies. A
mining company may issue its shares at a discount,
 or at any other rate provided it is
authorised to do so by the by-laws.
No shareholder is personally liable for calls
oeyond the amount agreed to be paid for the
shares.
The words ‘no personal liability’ must be
added to the name of the company wherever
used, and its shares must be marked ‘subject to
call’ or ‘not subject to call’ as the case may be.
Ss. 161-179. Special provisions for co-operative corporations.

3s. 180-193. Special provisions for Municipal and Public
[Utility Companies.
These fourteen sections apply to companies
who may require to erect any permanent
structure on any highway, stream or navigable
waters. The annual returns of such companies
must include a statement as to the cost of the
work, plant and undertaking of the company,
and a detailed description of any extension or
improvement of the works or any new works
proposed to be undertaken during the current
year with an estimate thereof.
Ss. 194-234. Winding-up. Ss. 196-213 voluntarily, and
ss. 214-234 under an order of the Court.
S. 196. A corporation may be wound up voluntarily where
the period, if anv, fixed for its duration has

3S. 138.