840 SECRETARIAL PRACTICE

There have been but few amendments to these Acts of 1927,
those affecting the Companies Act being Nos. 33 of 1928, 49 and
50 of 1929 and 37 of 1930. The first three all deal with the
furnishing of further information by companies, and the last
refers to share warrants and contains a few minor amendments
dealing with auditors. The main provisions of No. 218 of 1927 are
as follows :—

3, 1. ‘Company’ means a company having a share
capital. Corporation includes a company with or
without share capital.

¢. Incorporation is obtained by application,to the
Lieutenant-Governor for letters patent by not
less than five persons for any lawful objects,
except those of a railway or of corporations
within the meaning of the Loan and Trust
Corporations Act.

5. Any or all of the shares of any company may be
issued without any nominal or par value, pro-
vided sufficient statements are made in the
letters patent.
private company may be converted into a public
company by supplementary letters patent if
resolved by a two-thirds majority of share-
holders and if the company files with the
Provincial Secretary a statement in lieu of
prospectus.

3. 16. The capital of a company shall not be increased by
the granting of supplementary letters patent by
the Lieutenant-Governor, until ninety per cent.
of the authorised capital has been subscribed
and fifty per cent. paid thereon.

3. 23. Contains many ‘general powers’ which a company
shall be deemed to possess unless definitely
withheld in letters patent or supplementary
letters patent.

5. 37. Every private company shall have the words
‘private company’ on its seal, and upon every
share certificate issued, the same words shall
either be printed or written.

2. 47. The annual meeting of a company shall be held at
such place and time as the regulations of the
company provide. In default of any provision,
the meeting shall be held on the first Wednesday
in January in every year.

59. Transfers of partly paid shares are not permitted
without the consent of the directors, who are
jointly and severally liable if they permit such
transfers to persons without means.