Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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COMPANIES ACT, 1929 595 The payment shall be made only for such period as may be determined by the Board of Trade, and that period shall in no case extend beyond the close of the half year next after the half year during which the works or buildings have been actually completed or the plant provided: The rate of interest shall in no case exceed four per cent. per annum or such other rate as may for the time being pe prescribed by Order in Council: The payment of the interest shall not operate as a reduction of the amount paid up on the shares in respect of which it is paid: The accounts of the company shall show the share capital on which, and the rate at which, interest has been paid out of capital during the period to which the accounts relate: Nothing in this section shall affect any company to which 57 & 58 Vict the Indian Railways Act, 1894, as amended by any cia. ’ subsequent enactment, applies. (2) If default is made in complying with proviso (g) to sub- section (1) of this section, the company and every officer of the company who is in default shall be liable to a fine not exceeding fifty pounds. Reduction of Share Capital. 55.—(1) Subject to confirmation by the court, a company limited by shares or a company limited by guarantee and having a share capital may, if so authorised by its articles, by special resolution reduce its share capital in any way, and in particular, without prejudice to the generality of the foregoing power, may— {a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or either with or without extinguishing or reducing liability on any of its shares, cancel any paid-up share capital which is lost or unrepresented by available assets; or either with or without extinguishing or reducing liability on any of its shares, pay off any paid-up share capital which is in excess of the wants of the company, and may, if and so far as is necessary, alter its memorandum by reducing the amount of its share capital and of its shares accordingly. (2) A special resolution under this section is in this Act refer to as ‘‘a resolution for reducing share capital.” 56.—(1) Where a company has passed a resolution for reducing share capital, it may apply by petition to the court for an order confirming the reduction. (2) Where the proposed reduction of share capital involves either diminution of liability in respect of unpaid share capital or the payment to any shareholder of any paid-up share capital, and in any other case if the court so directs, the following provisions shall have effect, subject nevertheless to the next following sub-section ;(— special resolu- ion for reduc- tion of share capital. Application to court for con- firming order, objections by creditors, and settlement of list of objecting creditors.

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