DOMINION LEGISLATION—UNION OF S. AFRICA 835
ss. 99 (3) and 100) entitle all shareholders and debenture holders
equally to be furnished with copies of their balance sheets and
auditors’ reports on payment of an amount not exceeding one
shilling for every hundred words. The English Act of 1929
's. 130) gives the same right, but enacts that no charge shall be
made.
Private Companies must add the word ‘ Proprietary,’ before the
word limited. With the sanction of a special resolution and
subject to confirmation by the Court, a public company may
~onvert itself into a private company. Any existing company
shall, upon satisfying the Registrar within six months after the
commencement of the Act that it has altered its articles so as to
omply with the provisions of the Act be deemed in all respects to
be a private company. The provisions of s. 130 of the English
Act of 1929 that any member of a private company ‘shall be
entitled to be furnished within 7 days after request with a copy
of the balance sheet and auditor’s report at a charge not exceeding
5d. per 100 words is not reproduced in the Union Act where
members and debenture holders of private companies have the
same rights in this respect as those of public companies (see above,
under ‘ Auditors and Balance Sheets.)
Winding-up.—A company may be wound up by the Court, if
75 per cent. of the paid-up share capital of the company has been
lost or become useless for the business of the company. There is
no provision for winding up subject to the supervision of the
Court as in the English Act of 1929. An order for winding up
shall operate in favour of all the creditors and contributories of the
company as if the petition had been presented by them jointly.
A winding-up of a company by the Court shall be deemed to
commence at the time of the presentation of the petition. No
person may be appointed a liquidator if he is insolvent, a minor
or otherwise under legal disability, a person residing out-side
the Union, a company or corporation, a person declared by the
Court for certain specified reasons to be incapacitated (so long as
the incapacity lasts), or a person removed by the Court from an
office of trust on account of misconduct.
Judicial Management instead of Winding Up.—Some novel
provisions appear in the Act for the placing of a company under
judicial management instead of winding it up. This step may
be adopted if the Court is of opinion that, notwithstanding any
present inability on the part of the company to meet itsobligations,
there is reasonable probability that if placed under judicial
management it will be enabled to meet its obligations, The order
to this effect may be granted for a period stated in the Order
or for an indefinite period. It may also be granted on application
by any shareholder or creditor of the company, if the Court
considers that, owing to mismanagement or other cause, such a
measure is desirable; and on the application of any Minister of
State or of the Master, if it appears to the Court that the company