DOMINION LEGISLATION—CANADA 829

S.
3

Fr

aU

Every company must at all times have an office in
the city or town in which its chief place of
business in Canada is situate which place shall
oe the legal domicile of the company in Canada.

n extension or reduction of powers contained in
the company’s letters patent or supplementary
letters patent may be sought by the directors
provided a resolution for such variation has been
passed by a two-thirds majority of shareholders.

Authorises the directors of any company to make
by-laws consolidating any shares of less par
value than one hundred dollars, into shares of a
larger par value; but no such consolidated share
shall exceed the par value of one hundred
dollars. The section also contains powers to
subdivide existing shares.

Empowers the directors of any company to make a
by-law to increase the capital stock of the
company to any amount which they consider
requisite.

No such by-law as mentioned in the last two
sections shall have any effect unless sanctioned
by a two-thirds majority of shareholders at a
special general meeting called for considering that
particular matter.

Confers similar rights on the directors to reduce the
capital of a company with the reservation that
any by-law for such a purpose must be con-
firmed by supplementary letters patent.

Not less than ten per cent. of the allotted shares of a
company shall be called up and made payable
within one year from the incorporation of the
company.

Renders shareholders liable to pay interest at the
rate of six per cent. on overdue calls. The
company, on the other hand, are empowered to
allow interest not exceeding eight per cent. on
calls paid in advance.

Transfers of shares not fully-paid can only be made
subject to the consent of the directors.

Luthorises directors to deduct from dividends
payable, any money due from a particular
shareholder to the company, whether on account
of calls or otherwise.

There must be at least three directors of a company.

Shareholders who hold one quarter in value of the
subscribed stock of a company may at any time
by written requisition and notice call a special
meeting of the company