820 SECRETARIAL PRACTICE .
Shares on which calls remain unpaid 14 days after the due
date are absolutely forfeited without any further formality,
and must be sold by public auction: but if the sum bid is insuffi-
cient to cover the sum due from the shareholder and expenses,
the directors may dispose of the shares in any way they think fit.
They may also at any time before the auction annul the forfeiture
by paying the amount due with expenses.

A no-liability company must at least once a year present to
the members in general meeting a balance sheet in a prescribed
form.
S. 274. Reconstructed Companies. On the recénstruction of an
old company, the assets can be vested in the new company by
the Governor's proclamation, made on the recommendation of
the Chief Judge, or Judge in Equity.

Notable omissions from the principal Act as compared with the
English Companies Act, 1929, are the distinction between a public
and a private company, and the filing of an annual statement in
the form of a balance sheet.

Companies Acts Amendment Act, No. 47 of 1900. This short
Act merely empowers the court to permit the filing of a contract
in regard to shares issued for consideration other than cash where
‘he omission to file the contract was accidental or reasonable.
Companies Acts Amendment Act, No. 22 of 1906. Ss. 3-6
adopt the provisions of the English law as to alteration of the
objects of a company.

Ss. 7-14. Foreign Companies. A foreign company is one
formed or incorporated outside New South Wales and carrying on
business in New South Wales. Such a company must register
its name, a copy of its memorandum and articles, a balance sheet
shewing its assets and liabilities at a date not more than twelve
months before registration, the name and address of its agent,
and the situation of its principal office in New South Wales.
It must also, before commencing business. obtain a certificate
from the local Registrar.
Companies Acts Amendment Act, No. 9 of 1907. This Act
amends the provisions of the previous Act so as to make it obliga-
tory for foreign companies to file an annual list of members and a
list of debentures, stock or other charges on the property of the
company.

Companies (Death Duties) Act, No. 30 of 1907. By this Act
every company incorporated outside New South Wales for the
purpose of mining or of carrying on an agricultural industry in
New South Wales is bound to have a registered office in the
State, and every such company is to be liable to the Government
of New South Wales for the payment of death duties on the death
of a member of the company wherever such member may be
domiciled. But no duty is payable where the value of the shares
held by the member at the time of his death does not exceed £1000.