856 SECRETARIAL PRACTICE
has received from the Government a loan which remains unrepaid
in whole or part and that mismanagement renders judicial
management desirable.

Licences.—Every company, including every foreign company,
must obtain from the Receiver of Revenue of the district in
which the principal office of the company is situated a licence in
respect of each and every year. The licence will cost five shillings
for each £1,000, or part thereof, of capital subscribed, subject to
a minimum payment of £1. If a company is registered on or
after the 1st July in any year, half duty only will be charged in
respect of the licence for that year. The licence duty chargeable
will not exceed £5 in respect of any year during which no active
dSperations in connection with the principal business of a company
are carried on within the Union, or during which the only business
carried om is the registration of transfers of shares in the company.
An application for a licence must be accompanied by a declaration
setting out the subscribed capital of the company as at the first
day of January of the year in respect of which the licence is to be
issued, or, in the case of registration after the first day of January,
or in the case of a foreign company within one month from the
date when it establishes a place of business in the Union, the
subscribed capital at the date when the company first commenced
dusiness within the Union or first established a place of business
therein as the case may be. Every company failing to take out a
licence before the 31st January in any year or within a month
of the day in which it commenced business within the Union will
be obliged to pay as additional licence duty a further amount
calculated at the rate of 10 per cent. of the annual licence duty for
each month or part of the month for which the company is in
default. All licence moneys due under this section will be a debt
due to the Government of the Union. Associations not for
profit will be exempt from the duty chargeable under this section.
There is no similar provision regarding licences in the English
Act of 1929.
SOUTHERN RHODESIA.
The law relating to joint stock companies in Southern Rhodesia
is contained in a principal Ordinance No. 2 of 1895—and the
following amending Ordinances:—Companies Amendment Ordin-
ances, Nos. 11 of 1907, 11 of 1910, High Commissioners’ Notice,
No. 7 of 1915, Nos. 8 of 1918, and 4 of 1920.