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 1 2 3 
 
 1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
V.l .im-i'-i'-f m-i wmi 
 
COMPANY PRECEDENTS. 
 
 ELEVENTH EDITION. 
 
 Part I. 
 GENERAL FORMS. 
 
OPINIONS OF THE PRESS ON PREVIOUS EDITIONS. 
 
 •'Despite lii» mauy comiwtitorH, Mr. Palmer -HoIdK wileljr w>vt'rvif(n sway and 
 mnKterdoni,' and he dw« no l>y reaxoii of bin thoroughnexd. hi» practical good Hen»e, 
 iiii.i hin familiarity with the himinem an well 8» the leifHl side of hii« "ubject."— taw 
 Qtiai'terly Jin-inc. 
 
 " Mr. I'almer'H work« on Companv Law are all Iwvond iritii-ism. He kiiow« more 
 ot tlie Kubjtrt than, i)erhapM, any other member of the loffal profeiwiou. HIh boolu 
 have for iiany practical purposen lieeu treated an beintf, in fai-t, the very law itself. 
 It in a Niibject for conifratiilation of all concerned that thi» book ban been bnmirht up 
 to date. '<na that the important statute Ui & til Vict. o. 4«— upon which Mr. I'almer 
 
 ban 
 Mr 
 
 .„_ imp 
 »ep«rate treatiwe— i:< now considered throughout the text."- 
 
 Law 
 
 ■K will form the Htiindard authority on the particular aspect of < 'om- 
 «hich they deal It in not often that the liraftsman finds that 
 
 ,ir clo not contain what he requires, whilst the Notes are admitted 
 i, to contain a mine of information on the detaiU of Company Law." — 
 
 P" . 
 Palmei 
 on all h 
 I.iiv ,7 'nr4h'. 
 
 "The new edition of Mr. Palmer's work is a distinit impro%einint even upon its 
 excellent and unrivalled prede<»'ssors, and we can confidently recommend it t.i the 
 profession and to all others interested in Company Law."— /.«" Timi-n 
 
 " This e<litii'ii of the indispensable ' Palmer ' lieant many traces of the care which 
 has bwii biKtowed upon it, both in the way of re-arrangement, of the introduction of 
 New Forms and other fresh matter. Company drafting is the lart development of 
 Conveyancing, and Mr. Palmer, who has had so large a share in its development, 
 spares' no pains to make the results suggested by recant experience acicssible to the 
 
 Profession Mr. Palmer's work is of the highest utility as a book of Precedents, 
 
 and it is interesting also by reason of his discussion of important questions in Company 
 Law." — Soliiilom' Journal. 
 
 "The sixth edition of this work is one more evidence of the high appreciation in 
 which this classic of the Companies Acta is \ie\i."—Fmanciiil Sews. 
 
 "To estimate the value of Mr. Palmer's book, we have only to picture to ourselves 
 what would be the condition of Company promoters, directors, vendors, syndicates and 
 
 other such persons without it The value of the l«)ok is too well recognized 
 
 both in the Profession and out of it to need any recommendation It would be 
 
 difficult to name any law book which h;'.s been more successful- and deservedly suc- 
 I'essful— than these Company Precedents of Mr. Palmer. The flowing tide of company 
 enterprise floated him into popularity, and Mr. Palmer knew how to take advantage 
 of it. It is bv the care which he has bestowed upon every edition, and by his ready 
 adaptatiim of his forms to the gnjwing wants of the commercial world -not by any 
 mere good luck— that he has maintained and maintains his prestige as a company 
 lawyer." — The Lniv Quaitnly. 
 
 " We can confidently recommend Mr. Palmer's book to the large c-lass whom it 
 concerns." — Tiimt. 
 
 " Not only draftsmen, but secretaries, managing directors, and other officials, will 
 find in this volume varied preicdents and forms which cannot fail to be of the greatest 
 service." — Law Magazine. 
 
COMPANY PEECEDENTS 
 
 FOR r»B IN RELATION TO 
 
 COMPANIES 
 
 SUBJECT TO THE COMPANIES (CONSOLIDATION) ACT, 1908. 
 
 Part I. 
 
 PROMOTERS. 
 PR08PECTUSk«. 
 UNDERWRITING. 
 AGREEMENTS. 
 
 ARRASnF.rt AS FOI.LOlfS: 
 NOTICES. 
 I RESOLUTIONS. 
 CERTIFICATES. 
 POWERS OF ATTORNEY. 
 
 MEMORANDA & ARTICLES BANKING & ADVANCE 
 OF ASSOCIATION. SECURITIES. 
 
 PRIVATE COMPANIES. PETITIONS. 
 
 EMPLOYES' BENEFITS. WRITS. 
 
 PLEADINGS. 
 
 JUDGMENTS AND 
 ORDERS. 
 
 APPEALS TO HOUSE 
 
 OF LORDS. 
 RECONSTRUCTION. 
 AMALGAMATION. 
 ARRANGEMENTS. 
 
 Wa\\ Copious ftotfjj, 
 
 AM> AN 
 
 APPENDIX CONTAINING ACTS AND RULES. 
 
 ELEVENTH EDITION. 
 
 UY 
 
 SIR FRANCIS BEAUFORT PALMER. 
 
 Beneher of Ike Imier TrmpU; 
 AS8ISTEI) BT 
 
 The Hon. CHARLES MACNAGHTEN, K.C., 
 
 EDWARD MANSON, 
 
 Of the Uidiilr Temple, Bairinlrr-al-Lau-. 
 
 ^ 7' • 
 
 LONDON : 
 
 STEVENS AND SONS, LIMITED, 
 119 & 120, CHANCERY LANE. 
 
 TORONTO: CANADA lAW BOOK COMPANY, LIMl O. 
 PHILADELPHIA: OROMAP.TY LAW BOOK COMPANY. 
 
 1912. 
 
wm 
 
 BY THE SAME AUTHOR. 
 
 Twenty-Savanth Edit. D«my lamo. 1911. Pric. a..ed. n.t, Cloth. 
 
 THE 
 
 SHAREHOLDERS, DIRECTORS, AND VOLUNTARY 
 
 LlQl'lDATORS' LEGAL COMPANION. 
 
 A Manual of Everjday Law and Praotioe for rromofn, Shan-hoUer. 
 Din-'on, S«;ret8ri«., Credituw, 8..1idtoT., an.l Voluntary Liqui.latun. uf 
 Comp«n"e» under the Comi«iuie>. (C«n»olidation) Act, ia()H, wit], App'odix 
 of uiwful Furnu. 
 • TnTilumbl. to rtarehoWer..dlreo'o.ii,iecn!t.ri»..«n<I.olidto«of comp«ni€^-in fact, 
 to .U pSoS whohare any ounn«ti..n. or dealing! with companiw."- A«««<"1 ^'<t'- 
 
 Twenty-Sixth Edition. Demy ISntio. 1912. Price le. net. 
 
 PRIVATF COMPANIES: 
 
 THEIR FOUmATION AND ADVANUQES. 
 
 Bting a Concwe Popular Statement of tbe Mode of Conv.rtinK a BuainoHH 
 
 into a Private Company, with Notes on Liinitt>d Partnerahipa. 
 
 '•rramnied from end to md with knowledge unefnl to the partie. to whom it ii. 
 ■peciaUyaddiemied."— *'i«<in.wi Timti. 
 
 STFVEKS .\ND SONS, LlMITK.l), 119 & Wt, CHASCKRY l.ANE, LONDON, W.C. 
 
PREFACE 
 
 TO RLEVENTn KDITION. 
 
 Whej* upwards of thirty years ajjo Company Precfdoiits 
 — in a volume of 8on)o 700 pajjes — first appeared, the 
 Author by ni> mciins t,,r(-;iw the future of the work. 
 He trusted tha' t \vo\ild ■ be f. und practically useful 
 to members o' both bi ..oIk-" ■ he Profession," and 
 the outcome lias surpassfl hi,M Kst suiiguine expecta- 
 tions. 
 
 Many judges, law ottifcr 
 of the High Court, aiul nuiu^ 
 branches of the I'rofessiou, 
 testified to the utility of tlu 
 editions, and thousands of ustn 
 clients of the Author. 
 
 flui Ci .vti. ofHciaU 
 
 ■emlors of both 
 
 a^rain and again 
 
 ik, in its various 
 
 f it have become 
 
 Moreover a large proporti-ii 
 registered since the publication of 
 their constitution, regulations, com 
 and proceedings, the influence of ti 
 hand of the Author, and often the vi 
 advocated in the work have prevailed in i 
 
 When the work was first publish* 
 paid-up capital of companies under the 
 to 1877 was about 307,000,000/., when 
 capital under the Companies (Const 
 1908, now exceeds 2,222,000,000/. (a), • 
 
 ^he 'Tipanie* 
 
 =v<)rk siiow. m 
 
 >e< urities 
 
 H he 
 
 r.- 
 
 . .M, 
 
 Ik' 
 
 Itfl-I^ 
 
 
 Act, 
 
 idc 
 
 vhich 
 
 («) The late Viscount Goschen in his Etuuiys i. i Addrofweo. 19(»5, 
 refers to the wonderful deTelopment of the company system betwoen 1K77 
 
VI 
 
 PREFACE TO ELEVKNTH EDITION. 
 
 the (lebentureH uiid dcb-turo stock of such com- 
 pnnioH r»>j»re«ent, it i« bolio* J, a further sum of 
 50(>,00(»,000/. 
 
 The Author took part in tho various Committees 
 ap|H)inted by the Board of Trade, which resulted in 
 tlie Companies Acts of 1000 ai.d li)07, and in the 
 Consolidation Act of 1908. It has been a pleasure 
 to bring this part of the w«>rk up to dak>, and the 
 Author trusts that the result of his labours will merit 
 that kindly consideration which has beet w liberally 
 accorded to former editions. 
 
 Cordial thanks are due from the Auilioi *o rho 
 Honourable Charles Macnaohtei'', K.C., . Mr. 
 Edward Manson. and to Mr. RoBt •' Morris, uil of 
 the Chancery Bur, for kind assistance in passing the 
 work through the press, and preliminary thereto, and 
 to many members of both branches of the Profession, 
 as well at home as abroad, for valuable communica- 
 tions and suggestions. 
 
 F. B. P. 
 
 fi, New Square, Lincoln's Inn, 
 May, 1912. 
 
 aiid 1903, when the paid-up capital amounted to 1,850,000,000/., and 
 says, "Surely such stupendous amounts are instructive, as showing by 
 thuir magnitude how large a proportion of the business of the country is 
 concentrated in the hands of joint stock companies. . . . The number of 
 shareholdors has grown even in a much larger ratio than the colossal 
 growth of the aggregate capital ; the profits and risks of nearly every 
 kind of business have been spread from year to year over fresh thousands 
 of individuals, and the middle class with modenito incomes are more and 
 more participating in that accumulation of wealth, from busin'.- ■ of every 
 description, which formerly built up the fortunes of individua. traders, 
 or of bankers, or of single families." 
 
( vii ) 
 
 TAHLi: OF FORMS. 
 
 Chaptbk I.-l'RRT^MlNARY (pp. 1— U9) [">-.<«...< ,w for,,,,-]. 
 
 Chaptbk II.-I'BOMOTEES (pp. 181-188). 
 r«ni p»o» 
 
 1. Agreeiiiont by pr«nioter« to puy pn-liminary p'penBes in tun 
 
 NiileratioD of vendor'* Hharcii . . . 
 
 8. Agrei>inent to pay preliminary oxponsng in eon.Hidoration of com 
 
 missiong . . . . ■ 
 
 8. Agreement for sale of concession to promoter who is to form 
 
 company . . . . - 
 
 4. Agreement to contribute to a preliminary expanses fund 
 8. Syndicate agreement for purchaao and ro-sale of mines 
 8. Agreement by sharehc'derw to pool their »haro« and have 
 
 sold by trustees .... 
 
 7. Another ..... 
 
 1S:{ 
 IM 
 
 156 
 187 
 
 leo 
 
 163 
 
 riiAFiEK 111.— PR08PECTUSKS (pp. 168-874). 
 
 8. Skeleton prospectus ..... 247 
 
 9. Application for shares ..... 257 
 
 10. Bankers' receipt ..... 257 
 
 11. AdT-ertisement as to prospectus .... 258 
 
 12. Resolution to xign nud file pro8pectu^ . . 260 
 18a. Notice ayoiuing allotment in contravention of .sect. 4 of the 
 
 Act of 19(K) . . . '261 
 
 Statement in lieu of prospectus .... 264 
 
 Chapter IV.-UNDERWBITINa (pp. 876-319). 
 
 13. Underwriters' application .... Z96 
 
 14. Underwriting letter with signed application and deposit . 300 
 14«. Acceptance of underwriting proposal . . . 302 
 16. Sub-underwriting letter .... 302 
 
 16. Underwiiting letter to trustee for company about to be formed. 303 
 
 17. UndcrwritiDg lottor where application not to be made till list 
 
 closed ...... 304 
 
VUl 
 
 TABLE OF FORMS. 
 
 18. Underwriting contract with the company where oommismon 
 
 paid out of profit 
 10. Agreement to procure underwriting for a lump sum 
 
 20. Underwriting of :i debenture issue 
 
 21. Another . • • • 
 21a. Certificate of right to call for allotment of shares 
 
 22. Underwriting clauses in memorandum of association 
 
 23. Authority to subscribe . . • 
 
 24. Agreement for underwriting shares : A. for underwriters, and 
 
 B. for ])ropo»ed company . • • • 
 
 28. Agreemeut to allot paid-up shares in satisfaction of commission 
 
 26. Underwriting contract as to . Mituro stock before company 
 
 formed . • • ■ 
 
 27. Agreement to undeiTfrite debenture stock . 
 
 28. Notice to underwriters . 
 
 29. Ueading to draft prospectus 
 80. Another 
 
 3U5 
 306 
 307 
 309 
 311 
 312 
 313 
 
 313 
 314 
 
 315 
 317 
 318 
 318 
 31» 
 
 Chafteb V.-AGREEMENTS (pp. 321-446). 
 
 31. Agreemout to sell business to new company. General form . 
 
 32. Guarantee of profits by vendor . • • 
 
 33. Vendors' shares deferred . • • ■ 
 84. Another .•••■' 
 88. Option to vendor to subscribe for shares at par 
 
 36. Exclusion of objectionable assets . • • • 
 
 37. Vendor may pay promoter syndicate 
 
 38. Arbitration .••••" 
 
 39. Guarantee of certain assets . . • ■ 
 
 40. Agreement with agent or trustee for intended company 
 
 41. Agreement by company adopting contract made on its behalf 
 
 before its incorpf)ration . • • 
 
 42. Agreement by company adopting with modifications contract 
 
 made before its incorporation . ■ • • 
 
 43. Agreement by company for sale of its entire business as a going 
 
 concern ..•••• 
 
 44. Memorandum of ratification . . . • 
 46. Agreement for transfer of life assurance business 
 
 46. Clauses upon transfer of assurance business for special funds in 
 
 hands of the transferee company 
 
 47. Agreement forsale of patents. Consideration: Cash and founders' 
 
 shares ...••■ 
 
 48. Agreement to grant license to company to manufacture goods 
 
 for licensor ...••• 
 
 49. Agreement for sale to company of foreign mines 
 
 60. Option to buy concession . . . . 
 
 61. Agreement for sale of ship to single ship company . 
 52. Satisfaction of part of price in paid-up shares 
 
 34S 
 
 303 
 365 
 365 
 365 
 366 
 366 
 367 
 367 
 367 
 
 369 
 
 370 
 
 371 
 373 
 374 
 
 377 
 
 378 
 
 382 
 :W4 
 388 
 387 
 3H8 
 
TABLE OF FOKMS. 
 
 IX 
 
 Form 
 
 63. Ifwue of paid-up shares to Tendor 8 nominees 
 
 84. Agrc'inoiit to iss\u< paid-up shares in satisfaction of dot)t duo 
 
 by rompany . . • • ■ 
 
 SB. Aprt'omt' nt by subscriber to momorandum of association to w^U 
 
 his share and hold in triist . . ■ • 
 
 56. Contract to take qualifii-ation in proposed company. Sect. 72 of 
 
 Act of litOS ... • ■ 
 
 66a. Contract with trustee to take (jualification in proposed company 
 66b. Agreement to take quulification shares by director not appointed 
 
 by articles but uame<l in prospectus 
 67. .\Kreiinent on behalf of ordinary shareholders for sale t<j another 
 
 company of all ordinary shares subject to rutitication 
 87a. A|;ri«ment for transfer of lightinjr order to new (•umpany 
 68. 
 88u 
 
 Hejjistered debenture one of series 
 
 Agreement for funding arrears of dividend on prefeniiee shares 
 
 (no clause in articles of association for modifying rights of 
 
 any chiss of shareholders) . . . • 
 
 „_. Funding certificate ..... 
 
 60. Agreement for satisfying preference dividends for a term by the 
 
 issue of debenture stock where a majority clause is in articles 
 
 Agreement by del)enturo holders to extend time for payment . 
 
 Agreement by deljonture holders allowing creation of i)rior lion 
 debentures and making interest payable out of protits only 
 (majority clause) . . . ■ • 
 
 Agreement to satisfy declared bonus in paid-up ahan-s 
 
 pAax 
 
 ■.m 
 
 ;i94 
 
 ;i!M 
 :19» 
 
 4(10 
 
 69. 
 
 61. 
 62. 
 
 «3 ^ 
 
 64. Agreement as to reciuisition and general meeting 
 
 404 
 40H 
 
 407 
 40!» 
 
 411 
 413 
 414 
 
 68 
 
 66. 
 67. 
 
 68. 
 
 69 
 
 70 
 
 71. 
 72. 
 
 fill of 
 
 Iteiiuisition for extraordinary general meeting. Sect. 
 
 Act of 190H ...... 
 
 itoud deposit agreement . . . • 
 
 Agreement that directors shall take up leases and shall grant 
 
 sub-leases to company . . ■ • 
 
 Agreement as to sale of goods by a manufacturing company to 
 
 a firm as intermediary for supplying retail traders and the 
 
 public : minimum prices .... 
 
 Agreement by cold-stoi-age keepers to pool gross earnings and 
 
 fix minimum rates for storage of prmluce during a term of 
 
 years ..■•■• 
 
 Agreement for sale of debenture stock to capitalists who may 
 
 offer same for public subscription 
 Agreement for the appointment of a manager by a company 
 Agreement for the. appointment of a secretary by a company 
 
 73. Commission on surplus protits . . . • 
 
 74. Commission ou dividends .... 
 76. Agency agreement for foreign country 
 
 76. Agreement to employ agent to go abroad and examine title and 
 
 character of mining property .... 
 Agreement continuing appointment of person who has l)eeu 
 
 editor of a company's newspaper and has become a director . 
 Agr.ement to appoint two directors as general managers- - 
 
 delegation of powers— to share new business remuneration 
 
 of managers, &c. . 
 
 77. 
 
 78. 
 
 4lt> 
 120 
 
 4->l 
 
 42.5 
 
 42H 
 
 4;{o 
 
 431 
 432 
 432 
 
 433 
 
 434 
 436 
 
 4!i» 
 
TABLE OF FORMS. 
 
 Chaptir VI. -memoranda OF ASSOCIATION (pp. 447—590). 
 
 Tom 
 79. 
 80. 
 81. 
 
 8S. 
 83. 
 84. 
 
 Memorandum of company limit<Hl by shares 
 Memorandum of company limited by guarantee 
 Memorandum of association of a company limited by ^ruarantec 
 and registered pursuant to sect. 20 of the Companies Act of 
 1908 (sect. 23 of Act of 1867) . . . . 
 
 Licence of Board of Trade .... 
 
 Notice of Board of Trade .... 
 
 Memorandum of unlimited company 
 
 PAOK 
 
 490 
 492 
 
 195 
 499 
 .500 
 .W.i 
 
 ■d\. 
 
 Object 
 
 Form 
 
 85. To acquire a business . 
 
 86. To acquire undortakipg 
 
 of another company . 
 
 87. 88. To acquireand amal- 
 
 gamate other concerns 
 
 89. To acquire mines 
 
 90. To acquire patents 
 
 91. To acquire concession . 
 
 92. To adopt agreement with 
 
 trustee for company . 
 
 93. To acquire and amalga- 
 
 mate other concerns . 
 
 94. To enter into a contract 
 85. To acquire, &c., and to 
 
 enter into three con- 
 tracts 
 96. To acquire undertaking 
 and shares therein 
 
 Common Forms. 
 
 97. To carry on other busi- 
 
 nesses 
 
 98. To purchase other biisi- 
 
 nesses 
 
 99. To purchase patents 
 100. 
 
 Claiuei. 
 
 To enter into jiartner- 
 ship, take shares, &c. 
 
 To take shares in other 
 companies . 
 
 To make arrangements 
 with authorities 
 
 103. To benefit employes, &c. 
 
 104. To promote companies . 
 
 101. 
 
 102. 
 
 PiOE 
 
 Form 
 
 
 504 ' 
 
 105. To purchase property. 
 
 
 
 &c. 
 
 508 
 
 5m 
 
 106. To build, &c. 
 
 508 
 
 1 
 
 107. To construct works 
 
 508 
 
 504 ; 
 
 108. To invest 
 
 509 
 
 504 
 
 109. To receive money or 
 
 
 504 
 
 lend and guarantee 
 
 509 
 
 .M)5 ; 
 
 110. To borrow on mortgage. 
 
 
 ' 
 
 &c. 
 
 509 
 
 505 
 
 111. To remunerate 
 
 509 
 
 
 112. Tu accept bills, &c. 
 
 509 
 
 505 
 
 113. To act as trustee 
 
 510 
 
 505 
 
 114. Sale of undertaking 
 
 115. To advertise product- of 
 
 511 
 
 
 company 
 
 512 
 
 505 
 
 lie. To obtain Acts 
 
 512 
 
 
 117. Foreign registration 
 
 512 
 
 506 
 
 118. To sell, &c. . 
 
 119. To act through trustees. 
 
 512 
 
 
 &c. 
 
 513 
 
 
 120. General words 
 
 513 
 
 
 121. Interpretation clause . 
 
 513 
 
 506 
 
 Additional Object Clausei. 
 
 
 122, 123. To build on and 
 
 
 506 
 
 improve land 
 
 513 
 
 506 
 
 124. Amalgamation 
 
 514 
 
 
 125. To divide assets in Hpca'e 
 
 514 
 
 506 
 
 126. To obtain Act of incor- 
 
 
 
 poration 
 
 515 
 
 507 
 
 127. Toacquirethecompany's 
 
 
 
 own shares . 
 
 515 
 
 507 
 
 128. Labour difficulties 
 
 516 
 
 507 
 
 129. Special for guarantee 
 
 
 50H 
 
 companies 
 
 516 
 
 iObjectt of Specific Companiei.— Forms 130 -209, pp. 518-574.] 
 
TABLE OF FOBM8. 
 
 XI 
 
 Capital ClauMt. pp. 876- B90. 
 
 Term 
 
 910. Cu. lulativo preference shurew . • • • 
 
 211. Power to alter without roference to the articles 
 
 211a. Power to alter . . • . • 
 
 213. Non-cumvilative preference shares 
 
 313. Preference shares fixed dividend and to participat<f p'iri I'ustii 
 
 in surplus . . • • • 
 
 314. Preference shares Bxeil dividend and half surplus profits 
 316, 216. Preferonci! shares 
 217,218,219. " IJ " shares conferring special rights 
 
 220. Management shares . . • . • 
 
 221. Preference and management shares 
 221a. Life governor's share . . • • ■ 
 
 222. 223, 223a. Ordinary and deferreil; the former taking all 
 
 profits till 1(>0 per cent, paid . . ''**•'' 
 
 224. .Special voting power to holders of founders' shares . 
 226. Ee.serve capital . ■ • • • 
 
 226. Statement of capital and shares where compiiny formed to 
 
 acquire mining property in France (Stamp duty lessened) 
 
 PAOB 
 
 678 
 579 
 379 
 
 oS(> 
 
 . 580 
 
 .>80, 581 
 
 581, 582 
 
 . 5sa 
 
 . 583 
 . 584 
 
 58K 
 .787 
 589 
 
 58!> 
 
 CiiAPTEK VII.-UN THE t'OXSTKUCTION OU INTERPRETATION 
 OF MKMORANDl'M ANIJ AUTICLKS OF A.SS0('1AT10N 
 (pp. 691—604). 
 
 Sect. 8" 
 
 I 
 
 CHAPTER VIII.-REGISTRATION OF CcmPANIES-CONTRACTS 
 MORTGAGES -NOTICES, &c. (pp. 606-627) 
 
 227. Statutory declaration on registration of company 
 
 228. Consent to act as director 
 
 229. Consent to act and be named in prospectus as director 
 
 230. Consent to name in prospectus merely 
 
 231. List of persons consenting to bo directors . 
 832. Application to registrar when no directors named 
 232a. Statutoiy declaration before commencing business 
 
 of Act of 1908 . . • 
 
 233. Another where statement in lieu of prospectus is tiled 
 233a. Return of allotments ... 
 
 234. Notice of situation of office 
 234a. Notice of change of name 
 236. Notice of increase of capital 
 
 236. Copy of special re8olution(8) 
 236a. Copy of extraordinary resolutions 
 
 237. Report to be sulnnitted to statutory meeting. Stect 
 
 Act of 1908 ... 
 
 888. List of memb.is to be submitted to statutory meeting 
 Sect. 65 of Act of 1908 
 
 6." of the 
 
 005 
 006 
 007 
 607 
 607 
 608 
 
 608 
 609 
 filO 
 612 
 612 
 61» 
 
 6i:t 
 
 614 
 614 
 615 
 
xu 
 
 TABLE OF FORMS. 
 
 Form 
 
 939. Particulars of mortgages and chargeit 
 
 340. ParticulurB of debentures or debenture stock 
 
 S41. First isttue . . . • 
 
 34S. Certificate of registration of debentures . 
 
 S43. Registration under sub-sect. 3 of sect. 93 of Act 
 
 243a. Certificate of registration of trust deed . 
 
 244. Memorandum of satisfaction 
 
 246. Copy of register of directors or managers . 
 
 246. Annual summary and list 
 
 247. Kesolution for registration of existing company 
 
 248. Application for registration with limited liability 
 
 249. Ajipliciition for registration as unlimited company 
 260. List of persons holding shares, &r. 
 260a. .Statement of capital, &c. 
 260b. Stitutory declaration on registration 
 260c. Resolution for registration with provisions for increawi 
 
 capital .... 
 260d. Resolutions for filing 
 
 of 
 
 PAQB 
 61» 
 
 619 
 619 
 620 
 620 
 620 
 021 
 621 
 622 
 624 
 624 
 H-'6 
 625 
 626 
 626 
 
 627 
 627 
 
 I 
 
 Chapteu 1X.-A1{T1CL'':s ok ASiSOiIATION (pp. 629-908). 
 
 261. Articles of a company limited by .shares (general form) 
 
 262. Whore Table A to apjdy .... 
 253. Articles of association of a company limited by guarantee 
 
 without share capital. Council 
 264. Articles of association of society limited by guarantee without 
 
 a share capifcil. Committee of management 
 266. Company limited by guarantee (no share capital) . 
 
 266. C^>mpany limited by guanintoe and not having a capital 
 
 divided into shares. Participation certificates to be iosued 
 to members ..... 
 
 267. Articles of association of uii unlimited company not having a 
 
 capital divided into shares . . • • 
 
 268. E'rovision in articles of an unlimited company as to member- 
 
 ship ...... 
 
 269. 260. Power to acquire business 
 
 261. Capital divided into cumulative preference shares and ordinary 
 
 shares (simple form) .... 
 
 262. Non -cumulative dividend with no right to participate in 
 
 surjdus .... 
 
 263. Preference and ordinary shares (non-cumulative preference 
 
 shares) ...... 
 
 264. Preferred ordinary shares and deferred ordinary shares 
 266. Preference shares with further right* 
 
 266. Preference dividend c d quarter surplus reducible . 
 
 267. Guarantee preference a id ordinary shares. Contingent ter- 
 
 mination oi pref"ronce .... 
 
 268. 289, 370. Clauses providing for appropriution of profits . S23, 
 271. Percentage of directors, &c. .... 
 
 642 
 
 78!> 
 
 798 
 
 801 
 802 
 
 8(H 
 
 810 
 
 810 
 811 
 
 820 
 
 820 
 
 821 
 821 
 822 
 822 
 
 823 
 
 , 824 
 824 
 
TABLK OF FORMS. 
 
 Xlll 
 
 '72! Special form aa to division of part of profits to some members 
 
 only . • • • 
 
 873. Conversion of preference into ordinary shares 
 S73a. Power of holders of certain shares to convert others into 
 
 preference shares 
 a74. Conversion of preference into ordinary shares and ricf rerm 
 274a. Provision for securing British control 
 a74b. Shares to bo transferred to company's nominees 
 376. Management of one comiuiny by another company 
 276a. Another 
 
 276,277. 1 )ebi;nture direct*>rs 
 fl73. Power for trustees of a will of a former owner of the biismess 
 
 taken over by company to appoint a permanent direct<ir - 
 
 279. Power for class of shareholders to appoint and remove directors 
 
 280. Alternate or substituted directors 
 
 281. Assistant directors 
 
 282. Share of surplus profits to directors 
 
 283. Commission to directors 
 
 284. Directors to have percontatje of profits 
 
 286. Managers 
 
 286. Appointment of first manager . 
 
 287. Cotnmon seal 
 
 288. Custody of securities . 
 
 289. Appointment of ships' husbands . 
 
 290. I'rovisions for managers and committee 
 ''lecutive comuattee . 
 
 jial provisions as to debentures 
 . o-laws for club 
 Remuneration for promoter 
 
 Memliers inventions, &c. Company to have right of pre- 
 emption . • • • 
 
 296. Single account • • • , , » j 
 
 297. 298. Separate capital and revenue account to be iept and 
 
 dividends payable out of latter 
 
 299. How profits to 1)6 ascertainet' 
 
 300. Differences to Ix^ referred 
 300a. balance sheet not to be submitted to meeting 
 
 301. Winding-up— how sundus assets to be distributed 
 
 302. Winding-up-prefennce to holder of "A" sharce 
 
 303. Winding-up — foundeis' shares . 
 
 304. Winding-up— distribution of surplus assets (special) 
 
 291 
 
 29; 
 
 291- 
 
 294. 
 
 296. 
 
 rAos 
 
 H'i-I 
 b24 
 
 825 
 
 H-J6 
 82S 
 H2» 
 H3() 
 8»0 
 
 83t 
 
 831 
 
 832 
 
 832 
 
 832 
 
 832 
 
 833 
 
 833 
 
 833 
 
 833 
 
 834 
 
 834 
 
 835 
 
 83<> 
 
 837 
 
 837 
 
 838 
 
 , 839 
 840 
 
 841 
 
 841 
 
 842 
 
 842 
 
 843 
 
 843 
 
 843 
 
 843 
 
 CUAPTKR X.-PEIVATE COMPANIES (pp. 900-1016). 
 306. Agreement by partners to conve-. t their business into a private 
 
 company (simple form) . ■ • • " 
 
 306, 307. Agreement for sale of business . . .956 
 
 308. Introductory note to articles ot association . • 960 
 
 309, 310. Restriction on issue of shares . . »««). 961 
 
^1 
 
 XIT 
 
 TABLE OF FORMS. 
 
 VOTK 
 
 311. Clauie in article* aii to d«e<i of covenant to make cerUiu clauses 
 in articles unultorablo . . . • 
 
 318. Rostrictivp right of transfer 
 
 313. Fair value of shares to be declprod by jjeneml meetings 
 313a. Fair value of shart- estimated by reference to amount jMiid 
 
 up and to past dividendn . 
 
 314. Preferential offer of sharcf to directors and then to other 
 
 uieiubers .••■•■ 
 
 316. 316. Preferential offer of shares to specified individuals and 
 
 then to directors . . ■ • • 
 
 317. Preferential offer of shares to larger holders and then to other 
 
 holders ...■•• 
 
 318. llow shares to be offered . . ■ • 
 318a. Special transfer clauses 
 
 319. Executors or administrators to transfer to approved nominees 
 
 or bo deemed to serve transfer notice 
 
 3S0, 321. Ketirement of dismissed employr 
 
 332, 323. Forfeiture where mombi'r interested in competing con- 
 cern ..••■• 
 
 324, 328. Compulsory retirement • • 
 
 326. Option in founder or his directors to purchase outstanding 
 shares ..•••• 
 
 827. Option in sxirviving founder to buy shares of deceased founder 
 
 828. Compulsory retirement in case of bankruptcy 
 
 829. On death, suiTivors to buy ordinary shares of deceased 
 
 330. Forfeiture where interested in rival concern 
 
 331. Retiring member not to compete .... 
 
 332. Over-rilling powers of two-thirds majority in value of share- 
 
 holders ...••• 
 
 333. Conversion of ordinary into preference shai-os and vice ivrtii . 
 
 334. Votes of members, restriction on preference shares . 
 338. Power to give irrevocable proxies in respect of particular 
 
 shares ..•••• 
 336, 337. Governing directors . . . ■ 
 
 338. Appointment of directors when governing director vacates 
 
 339. Two governing directors . . . ■ 
 
 340. Permanent directors . . • • • 
 Founders, while specially qualified to be directors but with 
 
 power to appoint new directors 
 Permanent governing director, power to resign and resume 
 
 office ...••■ 
 
 Power for governing director to appoint successors . 
 Permanent directorship in right of shares held by another 
 
 party ...••• 
 346. Directors to be appointed by trustees of will 
 
 346. Power for managers to act in own names . 
 
 347. Power to appoint other directors 
 
 348. Directors' proxies . . . . • 
 
 349. Power for meeting to appoint managing director 
 360, 361, 368. KemuUBiatiou of directors 
 
 863. Employment of directors . . . . 
 
 rAos 
 
 962 
 962 
 906 
 
 966 
 
 96" 
 
 967 
 
 96H 
 968 
 ''d9 
 
 970 
 970 
 
 971 
 971 
 
 972 
 973 
 974 
 97 & 
 977 
 977 
 
 977 
 978 
 980 
 
 341. 
 
 342. 
 
 343. 
 344. 
 
 982 
 986 
 985 
 986 
 
 986 
 
 987 
 
 989 
 
 990 
 990 
 990 
 991 
 991 
 991 
 992 
 992 
 
TABLK or F0BM8. 
 
 XT 
 
 304. Instructii)!! uf H<>n . ■ ■ ■ 
 
 388. What time directors to give 
 
 866. '^"ntinuancc of directorx in offico 
 
 887. voting at ilirectors' mi'ctingH 
 
 388. (^hainnun ami deputy chaimian . 
 
 880. When chairman abgont from mectinff 
 
 860, 361. How (i\iostion8 at board meetings decided 
 
 388. Another. I'rovision for votes aa per xhareN 
 
 368. Provision for ])roxiow . . . • 
 
 364. .\l)sence from hoard mi»'titig« .... 
 
 868. I'owerw of directors limited . • ■ • 
 
 366. Interest on unpaid shares . . . • 
 
 867. Italance sheet . . • • • 
 
 Minutes of first meeting of directors 
 
 Minutes of second meeting .... 
 
 Power in will for tnistoes to convert testator's business into a 
 company . . . • • 
 
 Special clauses whore sanction of Court requisite 
 
 Originating summons to obtain sanction of Court to conver- 
 sion . . • • • 
 873, 374. 374a. Forms of originating summons to obtain sanction 
 
 of Court to conversion . • • KHM, UK)5 
 
 378. Affidavit in support of application for sanction of reconstruc- 
 
 tion ....•• "HW 
 
 376. Another affidavit in support of a scheme of conversion . 1008 
 
 377. Order . ■ 1"'" 
 878. Proposal taken into chambers for conversion of business . 1011 
 
 379. Order on above originating summons . . • 1012 
 
 380. 380a. 381. Orders for the sanction of a conversion . 101'2- -1015 
 
 368. 
 860. 
 870. 
 
 871. 
 37S. 
 
 nam 
 
 ms 
 
 99» 
 
 993 
 
 993 
 
 994 
 
 994 
 
 !K)4 
 
 995 
 
 99« 
 
 997 
 
 , 997 
 
 . 997 
 
 . 997 
 
 . 998 
 
 . 999 
 
 1002 
 1004 
 
 CiiAFrEKXI.-EMl'I-OYES- BENEFITS (pp. 1017- 1046). 
 
 382. Employes' shares . . • • • 
 
 383. Co-operativo fund . • • • • 
 
 384. Provision in articles as to deposits made by employes with a 
 
 company ..•••• 
 388. Acquisition of shares by employes out of earnings . 
 386. Profit sharing scheme . . • • • 
 
 887. Agreement by employe for re-transfer of shares 
 388. Participation certificato, aa if payee were the holder of a 
 
 specified number of shares . . . • 
 
 380. Trust deed constituting superannuation fund 
 
 300. Miscellaneoiis clauses in articles as to empioye directors 
 
 301. Trust deed constituting pension fund 
 
 308. Trust deed constituting guarantee fund {re a banking com- 
 pany) ...••• 
 383. Bond for faithful service . . . • 
 
 1027 
 1028 
 
 1028 
 1030 
 1031 
 1033 
 
 1034 
 103» 
 1039 
 1040 
 
 1041 
 1044 
 
XVI 
 
 TABLE OF F0RM8. 
 
 VOTB 
 
 394. 
 895. 
 396. 
 397. 
 398. 
 398a. 
 
 CilAPTEK XII.— N(»TICKH(pp. 1047-1090). 
 
 Allotment letter 
 Lt'tter of rofjret 
 
 AUotnu'iit (by wuy of uflers ut a premium) 
 Kructiciniil cortificuto . 
 Uu(|uost to allot 
 Allotment liv way of offer 
 
 399. Ciroulur uifeiing shares (tenders) 
 
 400, 401. Applicntion annexed to above 
 
 405. Tender for nhures 
 
 403. Application for debcutureB 
 
 404. Application for debenture Btock . 
 
 406. Letter of allotment of debentures 
 
 406. Minutes as to bonun shares 
 
 407. Allotment litter of Ihhiuw shares pursuant to aboye 
 
 408. Fraetionul eertiticatc I's above 
 
 400, 410. Instiilmeiit reminder . KHJO, 
 
 411. Notice thut certificate is ready . 
 4ia, 413, 414, 41S. Notice uf call 
 416. 417. Receipt of call ... 
 418, 419. Uaukers' receipts 
 
 480. Notice under mt. «6 of Act of 1908, avoiding allotment 
 421. Notice avoiding allotment whore contract induced by mis 
 
 representation 
 
 423. Circular when misrepresentation discovered 
 428. To Im! used with the above 
 
 424. Another, in lieu of reminder 
 
 425. Notice with a view to investigation 
 
 426. Receipt on deposit of transfer . 
 
 427. Notice of pres. uition of transfer 
 
 428. Balance ticket 
 420. Notices where shareholder dead 
 429a. Other notices where shareholder dead 
 
 430. Ijetter to executors 
 
 431. liOtter from executors . 
 
 432. Notice before fnrfeituro for non-payment of call 
 
 433. Notice of ordinary general meeting 
 
 434. 438. Notice of extraordinary general meeting 
 
 436. Notice of extraordinary general meeting for passing special 
 
 resolution 
 
 437. Notice of meeting to confirm special resolution 
 
 438. Notice of ordinary and extraordinary general meetings to be 
 
 held on same day . 
 430. Notice of meeting to alter articles 
 
 440. Notice of confirmatory meeting 
 
 441. Rciiuisition of members for a general meeting 
 
 442. 443, 444. Notice of members calling meeting 
 446, 446, 447, 448. Notice of ilividuud and warrant U)S5 
 440. -Dividend .notice and warrant 
 
 PAOB 
 
 lOAK 
 
 1053 
 
 1053 
 
 1055 
 
 1055 
 
 1056 
 
 1058 
 
 1059 
 
 1059 
 
 lOflO 
 
 KMil 
 
 1061 
 
 l(Mi3 
 
 10(H 
 
 1065 
 
 1007 
 
 lOtiH 
 
 1068 
 
 1070 
 
 1071 
 
 1072 
 
 1073 
 1073 
 1074 
 1074 
 1075 
 1076 
 1076 
 1077 
 1078 
 1078 
 1078 
 1078 
 1079 
 1080 
 1080 
 
 1081 
 1082 
 
 1082 
 1083 
 1083 
 1083 
 1084 
 , 1036 
 1085 
 
TABLE OF FORMS. 
 
 xni 
 
 Vdftt 
 
 450, 451. Direction l>y shuroholder to pay divi(lcnili< into a bank 
 
 458. l)i>bonturo stock intorent 
 
 458. Authority to bank to pay diTidontls to a third party 
 
 454. Power of attorney to re<>i'ivo dividend!4 
 
 4S4a. Notice an to the appointment of a receiver or manaf^'r 
 
 465. Conitent to now company naints name of old 
 
 456, 457. Advertiaomentu as to liiot certificate . 
 
 ruam 
 lORS 
 
 l(W9 
 t09(> 
 
 , inm> 
 
 Chapter XI11.-UE.S0LUT10NS (pp. 1091-1138). 
 
 458. Alteration of iirticlofi . • • • • 
 
 459. New regulations . • • • • 
 
 460. Modification of Table .\. . • • • 
 460a. Increased capital . . • • ■ 
 
 461. Ordinary sharen iit a premium . . • • 
 
 462. New shares ut par and Imjiius to l)e paid . 
 
 463. Contingent power to directors and advonturt>rs 
 
 464. Preference shares. Cumulative 
 466. Another form. Non-cumulative 
 
 466. Another f -rm . . • • • 
 
 467. Variaticm ..•••• 
 
 468. Preference shares ; power to issue more . 
 
 469. Second preference shares . . • • 
 
 470. Conversion of preference into ordinary shares 
 
 471. Another. {As soon us aggrepite dividends amount to nominal 
 
 value of preference shares.) . . • • 
 
 472. Preference shares ; power to issue further 
 
 472a. Authority to directors to convert into preferred and deferrt-d 
 stock ..•■•' 
 
 478. Converting ordinary shares into preferred ordinary and 
 creating new ordinary . . . • 
 
 474. Capitalisation of profits (bonus and corresponding new shares) . 
 
 476. Creation of debentures and special preference shares. Deben- 
 tures offered to members ut discount subject to their 
 subscribing now shares . . . • 
 
 476. Conversion of shares into stock . . • • 
 
 477. Another ...••• 
 
 478. Consolidation of shares . ■ ■ • 
 470. Division of shares . . ■ " . . . " 
 
 480. Subdivision ami reduction. Renumbering and further division 
 
 into preferred and deterred shares 
 
 481. Division of existing shares into classes (Power in memorandum. 
 
 Preference shares free from restrictions in articles as to 
 transfer^, ...-•• 
 
 1102 
 
 no;{ 
 
 1103 
 
 tl(M 
 
 IKM 
 
 1105 
 
 1105 
 
 110ft 
 
 1I0«> 
 
 1107 
 
 U0» 
 
 llOS 
 
 no!» 
 
 tllO 
 
 lll(» 
 nil 
 
 lUl 
 
 1112 
 1112 
 
 ni:( 
 
 1114 
 1114 
 1114 
 
 lll.> 
 
 Ulft 
 
 p. 
 
 /. 
 
XVUl 
 
 TABLK OF KOKMS. 
 
 retm 
 
 48fl. Another . • • • ' 
 
 483. »'iinvt)r»iQii "f Khiircn into profernil and <loleiT«l ntock 
 
 484. SulnliviHidn iiit" iirefon'nt* unil orilinttry shure» 
 48ft. Simplo MiilMlivision 
 
 486. Sulxlivmion with diiPition an to portion unpaid 
 
 487. Htihutidn of c apitul. I'ltynient off out of profitx . 
 
 488. .Vnothtr. Ufdiictiou of liability 
 
 489. Iteturn of ciipitjil . • • • ' 
 4B0. Itfturn liubl<' to itHiiU . • • • ■ 
 401. Canii'lliuK loot nipital . . • • ' 
 403. Itoiliicinft milinary ■'hurew .•xcliicively . • • 
 
 403. Uwluition of capital by paying off and oxtiuKuinhing specified 
 
 ordinary and foiindofM' wharen 
 
 404. CancoUiug' lost capital by I'xtiiitfiiishint? two clnf^-s of xharoo 
 
 and part of capital paid up nn a third claw 
 
 406. 406. Cunci'llint,' purch»i«i'd »hur<'8 
 
 407. Contimiing prnt returns, &c. 
 
 408. lJ.-<lucing onlinary -hares and prcwrvinjf aiioars of calU 
 400. UfMluition wh.T." sovcral classis in accordance with agrconionts 
 SCO. llfducing without pn^judic- to liability for unpaid calls 
 801. CancoUation of uniNnuinl shines . • • ■ 
 002. Cancellation of shares and consolidatint; others 
 503. Reduction by payment off of one of two clasMCs 
 604. Reduction by payment off and issue of debentures . 
 606. Cancellation of issued shares . . . • 
 
 606. Cancellation of shares . . . • • 
 
 607. Paying off capital out of profits . . . • 
 
 608. Provision for issue of income certificates in respect of anx-ars 
 
 of preference dividend . . • ■ 
 
 608a. Resolution for re-organisation of capital . 
 600. Resolution cancelling founders' shares 
 
 610. I'rovisional agreement for cincellii\g founders' shares 
 
 611. Reserve liability . . • ■ • 
 618. ( 'hange of name . • • • • 
 813. Borrowing on debenture stock. Extension of directoi-s" iK)Wer 
 614, 816. Creation of debentures to pay off old debentures 
 616. -Vuthority to directors to acquire by amalgamation anothtr 
 
 concern, and sanction of provisional agreement, and when 
 latter absolute to increase capital 
 
 817. Division in specie in a winding-up 
 
 818. Resolution of debenture holders sanctioning agreement for 
 
 modification of rights . . . . 
 
 810. Resolution of nienilwrs for acquiring new Memorandum and 
 
 Articles under seet. "ifH . . . . 
 
 820. Resolution for extension of objects under sect. 9 
 
 621. Another ...••• 
 
 622. Resolutions appointing a local board in Ireland 
 
 MM 
 1116 
 1117 
 1117 
 1117 
 1117 
 1117 
 1117 
 UlN 
 IU8 
 1118 
 
 1120 
 11 JO 
 11 '.'0 
 
 ll'il 
 
 1121 
 
 na-j 
 11 '."J 
 11 -i^ 
 ii2:< 
 
 1123 
 1123 
 
 ir24 
 
 1124 
 
 11-24 
 1125 
 ll'JS 
 ll'2fi 
 11 -27 
 1127 
 1127 
 112N 
 
 1128 
 11*29 
 
 1129 
 
 1130 
 1130 
 1130 
 li:<0 
 
TABLK or I'ORMd. 
 
 XIV 
 
 Tarioot BaMlationt. 
 
 Y*ra 
 
 588. Tfi Houl iigrMtmi'iit 
 594. S80. Tn allot . 
 B36. To allot {laiil-up xharr^ 
 637. To appoint -oliritom 
 897u. To open hiinking ac- 
 count 
 
 688. To approTe prospertiiR 
 
 689. To ailopt cumtnon mhiI 
 630. To mako call . 
 840. U4.»olution of divoctorx Kivinjf instructioiin to bankorx aa to 
 
 mode of vompany'H ileiilin)^ with thorn . 
 641. llflHolutionK lis to comlitions for issue of nhiiri' warrantH i^ 
 
 648. Adoption of ForpMl TrHn«fer» A(•t^ f^** 
 
 I'AOK 
 
 rom 
 
 
 r** 
 
 n»i 
 
 681. 
 
 To jrirf notiii- hpfort" 
 
 
 113-.' 
 
 
 forfnitiiro . 
 
 ll:i 
 
 iia-2 
 
 638. 
 
 To foi-feit HhnroM 
 
 ID 
 
 i!:i'.> 
 
 633. 
 
 To apiMiint (•ominittiM' 
 
 
 
 634. 
 
 To ai'popt offor 
 
 
 li:»J 
 
 636. 
 
 To olTpr 
 
 
 11. ■« 
 
 636, 
 
 637. To Heal aKri>oniRnt 
 
 
 ItlU 
 
 638. 
 
 To call mwtiiig 
 
 
 li:):( 
 
 689. 
 
 To pay iuti'rim dividend 
 
 
 • iiAi lEK XIV.— CEBXIFK'ATEH pp. 1139-1164) 
 
 643. Ordinary sharo cortittcati' • .114:1 
 
 644. < 'ertificato of proforenwi «haro» .... 1144 
 
 646. 646. Provisional cprtiticatpd whero inHtalment . 1144, 1144 
 
 647. CortiBcate of stock • 1H« 
 
 648. Certificate of dobcnturo stock . .1146 
 
 649. Pertificat*! to boamr, (provihional) debenture ^tock . . 1 146 
 649a. Form of interest coupon . . " • 1147 
 550. Provisional certificate— di'bcntui-e stock to rtigicterod holder . 1147 
 851. Provisional certificate to iKiarur for debentures to boarrr . 1147 
 558. Certificate in f.ivour of linuidatorK . 1149 
 653. Fomi of share warrant . -1 1 JO 
 554. Coup<in to share warrant .... 1161 
 565. Voucher for fresh coupons .... 1141 
 656. Letter of Indemnity in issue of fresh certificate . . UAl 
 567. Certificate of incorporation . ■ 1 1*2 
 658. Certificat*" of registration under Part VII. of Act of 1862 . 1162 
 569. Ccrtifieuto of shares held in trust by American Corporation . 116'J 
 560. Certificate of registration of order of Court confinning altera- 
 tion of obje<t« or form of constitution . . . 1164 
 
 Chaptkr XV. -powers OF .VTTOUNET (p].. 1155-1178). 
 
 661. Power to manage pi'operty abroad (ordinary) . 1161 
 
 668. Power under sect. 79 (Companies' Seab Act, 1864) . . 1162 
 
 563. Power in relation to mining property in Now Zealand . 1163 
 
 664. Power of attorney to local board . .1166 
 
 565. Power from reconstructed English company to obtain inooiTX)- 
 
 ratiou and carry on business in South Africa . . 1 166 
 
 666. Power from an Englishman going abroad ; and agreement for 
 
 side of projwrty to a company to be carried out . .1167 
 
 b'i 
 
zx 
 
 for* 
 567. 
 
 ees. 
 
 660. 
 
 670. 
 671. 
 
 67C. 
 
 678. 
 
 674. 
 678. 
 676, 
 677 
 
 TABLE or P0KM8. 
 
 Pow. r ..f miu...»wnw ir-ifK <^bnmA U, c.ucur in cniiv«rting 
 
 jMirtneriihip bu»ine«i into a company . 
 Power from KngU.h rompany to oxe<»to d«be..turf ^e^imty 
 
 in I'll iR' Colony • ■ . ' 
 
 Power from inimng owner abroad (..r promotiuK comp~.y »> 
 
 EngUiiJ to purchuKw projierty 
 Power to locttl boiinl in colony (wiilf) • " , <. J 
 
 Pow.i from the n-cmver un.l mauuKi-r under onler of Lourt 
 
 for carryinn on the bu-ine.« of the ooiupany ubn^d (de- 
 
 Ix'nturo holdiTii' uction) . • • " 
 
 Power from liciuidator nppointinK thr... i«r-..n. to carry on 
 
 the liUHinotw in Bombay . • • . ' 
 
 Powor from shun-holder for att..mi.v to appoint pn.xwH at 
 
 mitttingM • • ■ . ■ 
 
 pow.r from shun'hoUlor to fill up blank* in proxies 
 N'oturj'H fcrtiticutc of exet-utiou . • 
 
 876a. Notiir\'«ccititiiato cf dwluratioii . • 
 
 Notary-^ statutory .leclaration of oxwution "f l-o'--'- "' 
 
 attomtn' 
 
 rxom 
 
 IIW 
 
 Uri» 
 
 1170 
 1172 
 
 1174 
 
 1176 
 
 1176 
 117ft 
 1177 
 1177 
 
 Chapter XVI. HAXKINO AND A1.VAN( K sFCUUITll-^s 
 (pp. 1179-1363). 
 
 678. ABre..n,t.nt tor deponit subj.ct to bank".- u^ual cluu^e^ (>«t 
 
 out) [applicable to land] . • • ' 
 
 679. Memorandum in shape of Ittttr . . " ,. vi . 
 
 680. Agreement for deposit similar t.. I'onn 57H. but applicable to 
 
 rtgistcred Hharea, Btocks, debentures. &o. 
 
 681. Affidavit for distringas 
 
 682. Distringux uotice annexed to atlidavit 
 
 683. Notice iw to addrOHs . • • • " 
 683a. Withdrawal notiii' • ' 
 884. Proposal for dep<J8it in order to obtain overdraft 
 688. Power of attorney to execute mort(JraKe 
 586. Ajjrecraent for deposit of securitien to b.-arer 
 
 687. General deposit security . • • " 
 
 688. Agreement for deposit of goods warrants . ' , ', 
 
 689. 690. Agreemert for deposit of securities to secure loan of 
 
 specified sum 
 891. Advances on debentures payable on demand . • 
 
 69«. Memorandum as to deposit of deNntures to secure current 
 
 account . • ■ ■ ■ 
 
 693 Another, where debentures put into names of trustees . 
 
 694. Mortgage of uncalled capital to secure a sum advanced by 
 
 bitnk . • • ■ ■ . ' 
 
 595 MortgHr- "' '"^'al'"' <«pit«l ^r '"^ "* continuing security . 
 
 596 Socuritv for a loan on debentures and charge on undertaking . 
 697 Sec- "t^ of bank on bills, and by deposit of debentures m 
 
 lilft 
 1218 
 
 l.;18 
 1221 
 1221 
 1222 
 1222 
 1222 
 1223 
 1223 
 1223 
 1224 
 
 1220 
 1228 
 
 .22» 
 123(> 
 
 123* 
 123S 
 1236 
 
 1239- 
 
 i 
 
TABtK or roKMS. 
 
 XXI 
 
 ttm 
 
 »98. 
 699. 
 600. 
 
 eoi. 
 eoa. 
 
 003. 
 
 eo4. 
 
 «0A. 
 
 MortKi»K« of dccuritip* for X>r,%> . fiitur* advancr- 
 
 l)..benturoii to n-uiiitP ■' :<l boarer 
 
 Joint II ml wtvpral (?nan. ^..ncnil cUiiw*) 
 
 Irf'tt«r on footing of n\m\ -nndition* 
 
 ('httr(p> by xurcty . . • • • 
 
 I^jtter on uIkjvi- oonilitiiiim . • • • 
 
 l)w(l of inili<ninity from compuny to (Umotow, uml anothfi 
 
 for bcconiinK «un!ti< -i for comj>«ny to bank 
 Uooolutiuii approving of propoowl det-tl of indi-mnity 
 
 1241 
 
 1244 
 
 1244 
 
 124t 
 
 12A0 
 
 12.M> 
 
 IJ51 
 li.V1 
 
 600. 
 
 607. 
 608. 
 600. 
 610. 
 611. 
 
 6ia. 
 
 614. 
 615. 
 
 616. 
 618. 
 619. 
 620 
 621. 
 633. 
 623. 
 634. 
 62S. 
 
 626. 
 627. 
 627a 
 
 628. 
 620. 
 630. 
 631. 
 633. 
 633. 
 634. 
 63S. 
 636. 
 637. 
 638. 
 
 .'lUPTKK XVll.- WKTITIOXHd)].. 1366-18381. 
 
 I'otitioii for 1 oinpiiny'.- niiuclliit'ou of lupital lost or -nropr"- 
 wnti'd ...••• 
 
 Di»iR'ni«ttion ord<n- II:- til " iiiul niduoxl " . 
 
 Xotico dispfiininK with . . . • 
 
 SummouM for dispoiiMitioii orilor 
 
 Order diaptiiwiug with '• mid reduced ' 
 
 Sumiiious to tix II <Uy for lieuring, &f. 
 
 Order on npt<i-iul «\iminou8 . . . ■ 
 
 Forni of udverti»ement . • • • 
 
 Affidavit in «upiH)rt of petition for rpductioii by ciincUinn 
 lost capital . . • • • 
 
 617. <'iiu8e«of lossof cupitttl . . • l^"''- 
 
 liows by fire inMuraiice coniiMiny . . • • 
 
 Actuary's affidavit. Insurance office 
 
 Accountant's affld"- f i^ unnort 
 
 . y ;x- ivi ; ., ..1 Calling of me^)tlug^< 
 rodii-.'on '•. .: •'.c. ' ing lost capital 
 , jler i> '?i!<;iiit^ '.apit'.' . 
 
 • .-.in 
 
 ,i(ii' I under .Vet of 
 
 ,i!i<>i:tedl 
 
 ■I.I-, A. 
 
 Affidavit by socr. 
 0:der confinnini 
 Advertisement ol 
 KeasonH for iwi. 
 Petition to con'. ' i i 
 
 [where creditt • ■• 
 Sunimoiih for diret 
 Order for inijuiry an • 
 , Heduction of capital. ' • 
 
 tion, list of creditors, is.. 
 Advertisement of petition 
 Sp«K-ial notice 
 
 Affidavit where no creditors- 
 Affidavit verifying Unt of creditors 
 Notice to creditors 
 
 Hunimons for order to serve by advortiHoinent 
 Advertisement as to list of creditors 
 Notice where no crinlitors 
 Af,.drvit of it-sult 
 Notice to prove 
 Affidavit proving debt . 
 
 IHtiT 
 
 lebtrt, notice of presentn- 
 
 V2m 
 
 vi'.a 
 
 1271 
 1272 
 1273 
 1272 
 1273 
 1274 
 
 1275 
 1277 
 1277 
 I'.'SO 
 12W0 
 I2M1 
 12«1 
 1-283 
 12H-J 
 
 12»N 
 I2!M) 
 12WI 
 
 1290 
 1291 
 1291 
 1292 
 1292 
 r.'92 
 1292 
 1292 
 1293 
 1294 
 1294 
 1294 
 
zxu 
 
 TABLE OF FOKMS. 
 
 Wtim fAuE 
 
 689. MusUts certificate ..... 1296 
 
 640. Certificate whove no creditoi'M .... I'Z'M 
 
 641. Note that loitificuto has liocomo bindiu}; . . . 1296 
 648. Advertisoiui'iit of day fixed for heariug . . . 1296 
 
 643. Notice of intention to aj>])ear and opjiose . . . 1297 
 
 644. Order tonfirmiug leductiou .... 1297 
 
 645. Order where uHsots dLstributeil — payment inti> bank foi' secu- 
 
 rity of nou-eonsenting creditors . . . 12'.>T 
 
 646. Another lodgment in court where creditor.s do not uonseut . l;«K) 
 
 647. Rediution of capital by cuncfllation (if paid-up sliaros and 
 
 substitution of debnuturev for same . 13(iO 
 
 647a. Redeeming' ti>undei>' shares .... l.'fOl 
 
 647b. Order eonfirminfr reduction (A'< "/'»/.-, IJmlil. . . VMi 
 
 648. .Vdvertisement of order, cScc. . l:Slt6 
 648a. Article providing for issue of surjilus certilicatos on reduction 
 
 of capital ..... l:t06. l.JdT 
 
 649. Order on abandonment of procoe<liu{;K . . . i;i()8 
 660. Reduction of capital. Order stayinj; proceedinffs . l,'i()8 
 660a. Reduction plus arranseniont . . . .1 :?09 
 681. Petition to confirm extension of objects (sect. 9 of Act; . KJlo 
 
 662. Another. [Power to acquire other business] . . !317 
 
 663. Petition for obtaining' memorandum and articles under sect. 2(H 
 
 of Act ...... l:ilH 
 
 664. Summons for declaratiim as to cre<litors being: unaffected by 
 
 extension, and for fixing date of hearing petition . llfjl 
 
 686. Order in chamlxTs for petition to be heard, and advertisement . VAl'Z 
 
 666. Another . .1322 
 
 667. Master's certificate as to creditors and notices . . 132.'5 
 
 668. Advertisement notice as to presentation and intended heariug 
 
 of petition ..... Vi'Z'i 
 
 969. Another (debenture holders^ .... 1323 
 
 660. Order on petition ..... 1324 
 
 661. ( )rder for adoption of memorandum and articles in substitution 
 
 for deeil of settlement (sect. 2(i4) . . . 1328 
 
 662. Au<ither ...... 132.) 
 
 663. Order extending objects under sect. 9 of Act . . 132f> 
 663a. Advertisement of order made on petition . 1328 
 663b. Certilicat« of registration .... 1328 
 
 664. Petition to confirm transfer of life assurance business . 1332 
 666. Petition for restoration to register under sect. 242 of Act . 1335 
 
 687. Order on petition of restoration .... 1337 
 
 ■H" 
 
 tmmmmmtuti 
 
 Mmjumaum 
 
 wm 
 
TABLK OK FORMS. 
 
 xxni 
 
 (-"iiAi-TKK XVIII - WlilTS OV SUMMONS (pj,. 1339—1364; 
 Form 
 
 668. Common form of writ ..... 
 689. Spocial for call ..... 
 
 670. Coiii|iatiy'.>i claim f.ir cull- and iiitei(>>t 
 
 671. Claims whore whaics forfpitcil .... 
 
 672. ( 'laim for call • • . . . 
 
 673. Notion by advortiHomcnt to dofondant 
 
 874. Claim for recovery of deposit wlicri' appliintion for >«harcs 
 withdrawn 1 .for" allotment . . . . 
 
 678. liOscis.sion of contract to take shares 
 
 676. RcHcisfsion and damajreH (fraud alle);cd 
 
 677. Damapcs for fraud • • . . . 
 
 678. Compensation under the Directors' Inability Act, l."S!t(l 
 
 679. Damafjes under sect. (SI of the Act 
 
 680. Specific performance of af;rt>ement to allot shares . 
 680.1. liescission of contract for salo of mine to company. 
 
 681. Uribe to directors 
 
 682. Promoter's sectret profit • . . . 
 
 683. Debenture foreclosur'' ■ . . . . 
 
 684. Ultra cir'.t agreement ■ . . . . 
 684a. Action against personal rejaescutative of deciased .shareholiler 
 
 who has transferred jiroperty to avoid jiaymc'it of calK 
 
 685. Debenture trust deed . 
 
 686. I'lfni n'na resolution • . . . . 
 
 687. Cltni rirr!* business .... 
 888. Dividend iji prejudice of preference shui-es 
 
 689. J>ividend out of capital • . . . 
 
 690. Eecovery of dividends improperly paid 
 
 691. To enforce residutiou of company 
 
 692. E.Kclusion of director ..... 
 
 693. To restrain (/(■/irr^. directors from actiu},' . 
 
 694. Tnterroffatories ..... 
 
 i.'ni) 
 13:19 
 
 1343 
 i:i»3 
 1343 
 
 i:u) 
 
 l.HJ 
 1345 
 
 i:i43 
 
 I34!» 
 13,)(> 
 1.150 
 135» 
 13.)1 
 1352 
 1352 
 1352 
 13.-)2 
 
 13.)3 
 1354 
 13.54 
 1354 
 1355 
 1355 
 13.)(i 
 1356 
 1357 
 1357 
 13)14 
 
 Chaitek XIX. -1'U;ADINOS(pp. 1366—1386). 
 
 698. Action for calls. Htutemeiit of claim 
 
 696. Defence to action for calls 
 
 697. Defence to action for calls. Sinjcially indorned writ 
 
 698. Another . . 
 
 699. Misstatements in prospectus. Claim to rescind contract 
 
 take shares .... 
 
 700. Defence to action for rescission . 
 
 701. Summons for further particulars 
 
 708. Action for rescission .... 
 708. Another, framed under sect. 10 of the Companies Act, IWMI 
 704. Defence to 703 .... 
 
 706. Sect. 84 of Act 
 
 to 
 
 13ti5 
 1367 
 1.368 
 I.'ITO 
 
 1372 
 1373 
 137* 
 1375 
 1.377 
 1378 
 137(» 
 
XXIV 
 
 TABLE OK FORMS. 
 
 Tom 
 706. 
 
 707. 
 708. 
 709. 
 710. 
 7H. 
 
 Action under Hwt. :W of the Companie.- Av 
 
 Directors' Lin>..lity Act, 1H90 
 Dofonce to the n' jve . 
 Action to recover bribe f»iven to directors . 
 Defence to T()8 . 
 
 Ottra rirra contract. Injunction 
 Defence to 710 
 
 1867, and under 
 
 712. Action for iiltrn nrm p\irchu.-c of shares 
 
 PAGB 
 
 1378 
 1381 
 1383 
 1383 
 1384 
 1385 
 13Nd 
 
 »;HAPrERXX.-JUDGMENT.S AXD ORDERS (pp. 1387- 
 
 1426). 
 
 . 1392 
 
 713. Usual ' 'Tin- to rectify 
 
 714. Koticc of motion to rectify register . ■ • '392 
 716. Order rectifying register of members . . • 1393 
 
 716. Rectification where invalid forfeiture . . • 1393 
 
 717. Motion to be placed in non- witness list . . • 1394 
 
 718. Whe'-e contract not filed under sect. L'o of Act of 1«67 . 1394 
 710. Another . . ■ .1395 
 720. Order rescinding contract to punhase shares from compiiny . 1395 
 781. Another . . • • 139B 
 
 722. Test action order • • . 1 397 
 
 723. Judgment sotting aside sale of concession and ordering repay- 
 
 ment ...... 1398 
 
 724. font-act for sale of mine set aside . • 1399 
 786. Setting aside < )ntract for sale and conveyance where liqui- 
 dator sold to company in which he was largely interested . 1400 
 
 726. Director ordered ;. J pay value of shares . . . 1401 
 
 727. Order for directors to pay over moneys to company . . 1401 
 
 728. Directors ordered to make good broach of trust . . 1402 
 720. Another .1403 
 
 730. Order against promoters to refund illegal profit . . 1403 
 
 731. Itestr.ilning threatened forfeitures . . 1404 
 
 732. Injunction restraining forfeiture of shares . . 1404 
 
 733. Judgment granting periK'tual injunction against forfcitui-e . 1405 
 
 734. Injunction to restrain exclusion of director . . 1406 
 736. Order restraining directors from holding meeting at improper 
 
 period ...... 1406 
 
 Restraining directors from improperly rejecting votes . 1407 
 
 Restf . ^ confirmation of irregular resolution . . 1407 
 
 ( )ri? . I- on appeal from restriiiuing order. Costs only to bo paid 1407 
 
 11 
 
 736. 
 787. 
 738. 
 730. Amalgamation declared ultra rirts and restrained . . 1407 
 
 740. Sale of assets declai-ed "/<m /■)>»« and restrained . . 1408 
 
 741. Order restraining issue of preference shares . . 1408 
 748. Rights of preference stockliolders dcolartid and infringements 
 
 restrained ..... 1409 
 
 748. Declaration as to rights of founders" shares . . 1409 
 
 744. Payment of dividend out of capital restrained . . 1410 
 
 748. Payment of dividends out of capitJil . .1410 
 
 M 
 
TABLt: OF FOKM>4. 
 
 XXV 
 
 Fonn 
 
 746. Injunction refused . . . . . 
 
 747. Ordur resti-aining cumpauy from purchuoing ita own !«hareH . 
 
 748. Order restraining presontatiuu of winding-up petitionA 
 
 749. Order restraining bankruptcy prococdiii,^ agtiiust company in 
 
 France ...... 
 
 760. Injunction against infringement of patent 
 
 781. Order restraining use of name . . . . 
 
 782. Perjietual injunction against running omnibus 
 
 783. Another ...... 
 
 764. Perpetual injunction. Infriiigerai-nt of trade iiiark, sale of 
 
 goods, imblishiiig illustrations 
 784a. Injunction — trade .secret .... 
 
 766. Injunction against telephonic trespass and obstruction 
 
 766. Injunction against publishing libel on bank 
 
 767. Injunction against breach of covenant giving option 
 
 788. Interim order restraining company from enforcing regulation 
 
 as to transfer of bankrupt's shares 
 
 789. Order for plaintiff company to give security 
 
 760. Order for plaintiff company to furnish security for costs 
 
 761. .Vnother, more modern .... 
 
 762. Anothi r. Fund to be paid into a bank 
 
 763. Order dismissing ..... 
 
 764. Order of foreclosure of ordinary mortgage 
 766. Appointment of receiver and manager of theatre 
 
 766. Liberty to add word " limito<l " to old trade-marks . 
 
 767. Memorandum approved by the Court of Appeal in Drutton c. 
 
 Bumey, (1901) 1 Ch. (M.'J .... 
 
 768. Notice of motion to extend time for regis . n -i.>n of mortgage 
 
 or charge ...... 
 
 769. Order extending time ..... 
 
 770. Extension of time under sect. 1,> of .-Vet of l9<Mt 
 
 PAUB 
 
 1410 
 1411 
 1411 
 
 1412 
 1412 
 1412 
 1413 
 1413 
 
 1413 
 1414 
 1414 
 1415 
 1413 
 
 141a 
 14It> 
 1417 
 1417 
 1417 
 1418 
 1418 
 1419 
 1419 
 
 1420 
 
 1424 
 1426 
 1426 
 
 CiiAPTEK XXI.— APPEALti TO HOUSE OF LORDS 
 (pp. 1427—1429). 
 
 770a. Form of petition and case 
 
 1427 
 
 IHAPTER XXII.— HEt'ONSTUlJCTION (pii. 1431—1480). 
 
 77\. Agreement with a v'ew to reconstruction . 
 
 '< ^"J. Special provision as to distribution of shares 
 
 7V3. Power to rescind subject to a consideration 
 
 774. Notice and resolutions with a view to reconstruction 
 
 776. Circidar ..... 
 
 776. Scheme ..... 
 
 777. Another ..... 
 
 778. Supplemental agreement — specifying shares 
 
 14o9 
 1466 
 1463 
 1463 
 1467 
 1467 
 1468 
 1469 
 
XXVI 
 
 TAI<L£ <>F KORMS. 
 
 Form 
 
 779. Liquidators' dimction to allot 
 
 780. Circular .... 
 
 781. Notice of allotment 
 788. Reply to last 
 
 7?3. Fractional certificate . 
 
 7c.'i. Bequest for allotment of shares in exchange for 
 
 certificates 
 786. Request for allotment to »i>ecified periions 
 
 786. Letter of allotment 
 
 787. Resolution for sale of uiulei'takin^ 
 
 788. Notice of dissent pursuant to sprt, Kil 
 780. Reconstruction on 8p<'ci:il lines . 
 
 700. Affreement for exchange of shares 
 
 701. Circular as to distribution in specie 
 708. Fonn of request for allotment 
 
 fractional 
 
 PAOB 
 
 1469 
 1470 
 1471 
 1472 
 
 1472 
 
 1472 
 147» 
 147a 
 1474 
 1474 
 M74 
 M7« 
 147N 
 14S0 
 
 Chapter XXlll. - AMALOAMATKJN (pp. 1481-1401). 
 AERANQEMENT^^ AND COMPROMI.'=iES (pp. 1408—1680). 
 
 703. Agreement with a view to amalgamation . . 148t* 
 
 704. Resolution for amalgamation .... 148» 
 706. Resolution for the amalgamation of two companies with a 
 
 thii-d ...... 1491 
 
 706. Resolution for amalgamatiou to be effected by the foimation 
 
 of a new company ..... 1491 
 
 707. Summons for meetings .... 1505 
 
 708. Scheme of arrangement .... ISOo 
 700. Another . . .1506 
 
 800. Another . .1507 
 
 801. Order for meetings . .1508 
 808. Another . . .1509 
 
 803. Notice of meetings . .1510 
 
 804. Resolution ...... 1511 
 
 806. Form of proxy . 1511 
 
 806. Report of chairman .... 1512 
 
 807. Petition (skeleton) .... 1513 
 808 -810. Orders confirming scheme . 1514— lolK 
 
 APPENDIX. 
 
( xxvii ) 
 
 TABLE OF CASES. 
 
 A. 
 
 A— A^g PAUK 
 
 A. Company, i,lNit4) 2 t'h. ;J4}« .... -1411 
 
 A 1 UiHcuit Co.. W. N. (l)Sit9) llj - - - - . 724 
 
 Aaron's Reels, Ltd. c. Twiss. (1S96) A. t". 273, 2N4; «o I,. J. l>. 0. 
 
 o4 : 74 I.. T. 704 - 143, 144, 174, 177, UH. 1S8, 19«, 19H, 20a, 204, 
 
 212, 224, 240, 241, «til, l;JH(i 
 A. 1!., Ji^. W, N. (1899) 2;« - - - - - 949 
 
 Abbotsford Hotel -•. Kingham, 102 I,. T. 108 (C. A.) - UN, (i»J6, 1408 
 Abbott V. Middleton (1858). 7 H. I,. ('. 8S - - . :,9h, 1158 
 
 Abbott .". Stratten, -i Jo. & Ijit. 013 - - - - 11,58 
 
 Abel Morrcll. Ltd. -•. T. ItcMsin * Co., 19 U. }'. C. dB7 - - 4.54 
 
 Aberaman Ironworks Co. 1; Wirkonx, 4 Oh. 1(H • 20 I, T 89- 17 
 
 W. P. 211 - - - - - . ■ . 14(M» 
 
 Abordoen Hail. Co. ,-, ISlaikic. 1 Macq. 401 ; 23 I,. T. 315 ; 2 Vai. K. 
 
 1281 l;j8. 
 
 Abraham & Sons, (19021 1 Cli. fiO.') : 71 I,. .1. Ch. 307 • S6 L.T. 290- 
 
 50 W. H. 284 - - 
 
 Abrath <•. O. K. Eail. Co., U A. C. 247 ; 32 W. K. .lO; 
 Accidental In*. Co. r. Va.vU, 15 T,. T. 182 - 
 
 Acland >: t^cwis. 1 K. & O. 334 ; 30 f,. C. P. 29 ; 9 C. 1!. N. S. 32 - 
 Actiessolnkabt Damskl Hercules r. Orand Trunk Pacific Rail. Co. 
 
 732 
 
 617. 018, 1423 
 i-> I,. T. 63 - .38 
 - 656 
 28 
 
 28 T. L. H. 28 ; 105 L. T. 695 
 Adair v. Young, 12 C. I>. 13 : 41 1,. T. 361 ; 28 \V. H. 85 - 
 Adams c. G. W. Rail. Co., 6 H, & N. 404 ; 4 I;. & 8. 326 - 
 Adams r. Newbigging, 13 Ann. Ca«. 308 ; 57 1.. J. Ch. 1066: 
 
 L. T. 267 ; 37 W. B. 97 
 Adamson's Case. 18 Eq. 670; 44 L. J. Ch. 125; 22 \V. B. 820 - 
 Addie >:. The Western f. mk of Scotland. 1 H. L. Sc. 143, 167 
 Addinell's Case, 1 Eti. 225; .35 L. .1. I'h. 75: 13 L. T. 436 • 
 
 W. R. 72 •- 
 
 Addison v. Nos.s. 9 T. I.. It. 607 - - - - 
 
 Addlestonc linoleum Co., /le, 37 C. D. 191 ; 36 W. B. 57 - 
 Aerators, Ltd. --.Toilit, (1902)2 Ch. 319; 71 L. J. Ch. 727 ; 86 L. T. 
 
 631 ; .W W. R. 584 451, 4,i2 
 
 African Association >: Allen, (1910) 1 K. H. .'i!"; ; 102 I.. T. 129- 79 
 
 L. J. K. H. 259 - - . . . . - 441 
 
 Agar !'. Atheneeum Societv, 3 C. It. N. H. 725 : 27 L. J. C. P 95 • 
 
 4Jiir.N.S. 211 ■ - - - . . ■ 79,761 
 
 Agoncy fAnd and Fiiianee Co. t.f Australia, 20 T. L. R. 41 - (j58 
 
 Agge 1: Nicholson, 1 H. & N. 165 : 25 L. J. Ex. 348 - - :i.34 
 
 86, 1341 
 
 - .-wi 
 
 - 8ft 
 59 
 
 - 1400 
 732, 733 
 
 - 41 
 14 
 
 - .50 
 
 - 364 
 60, 478 
 
 »-« 
 
XXVlll 
 
 TABLE OF CA8E8, 
 
 y 
 
 :! 
 
 I 
 
 ▲grr— Aim Moc 
 
 Agra and Ma.stennan'« Hank, Rr, Er jmrtf Asiatic Hanking Ciirporu- 
 tion. 12 Va\. ^m■. 2 Oh 397 ; 30 I.. .1. (Ti. 222 ; IH L. T. 162; 
 15 W. P.. 414:^8 L. T. 114 - . - - -1452 
 
 Airey, Re, Airey ". StnpLton, (1H97) 1 Ch. \M\ 6»! T,. J. Ch. 152: 
 
 76 Ti. T. 151 ; 45 W. E. 280 - - - - -1159 
 
 Ajello ('. W„..sley, (1898) 1 Ch. 274 ; 77 I-. T. 783 ; 46 W. H. 245 - 445 
 
 Alabama New Orleans Co.. (1891) 1 Ch. 24.i - 1493, 1496, 1497, 1500, 
 
 15(11, 1502 
 
 Albion Artsuranco Society. .Sw Winston's Case. 
 
 Albert I<ife Assurance Co., L. R. 6 Ch. 381 : 40 L. .1. I'h. .lOJ; 24 
 
 L. T. N. S. 768; 19W. B. 670- - - - 1332,1497 
 
 Albnrt, liife AsHurance Co., Re Taifs Claim, 16 Sol. J. 46 - - 443 
 
 Albion, &e. Co. .•. Martin, 1 C. D. 580; 45 L. .1. Ch. 173; ,13 L. T. 
 
 660 ; 24 W. R. 1;M .)94, 732 
 
 Alcock, lie, rrescott r. Phipps, 23 C. D. 372 ; 49 L. T. 240 - - 1193 
 
 Aiaorson V. MaddiHon, 5 Ex. D. 293; 8 App. Ca«. 467; 52 L. J. 
 
 (i. It. 737 ; 43 L. T. 249 ; 49 L. T. 303 ; 29 W. E. 105 - 187, 3.37 
 
 Alexander v. Automatic Co., (1900) 2 Ch. 56, 59, 63; 69 L. J. (T\\. 
 
 428 ; 82 L. T. 400; 43 W. R. 546 (C. A.) 
 
 Alexander t\ Simpson, 43 (^. D. 139, 147 
 L. T. 708 : 38 W. R. 161 ; 1 Meg. 457 
 
 22, 46, 47, 75, 485, 603, 
 654, 656, 704, 1356, 1360 
 59 L. J. Ch. 137 ; 61 
 
 - 692, 693, 696, 1047, 
 1049, 1081 
 
 40L.T. 758; 27\V. B. 
 
 - 666 
 
 Alexander Mitchell's Case, 4 App. Cas. 567 
 
 873 - - . . 
 
 Alexandra Palace Co. (1882), 21 C. D. 149, 159 ; 30 W. R. 771 ; 46 
 
 L. T. 730 ; 51 L. J. Ch. 655 - 714, 766, 787, 860, 871, 872, 902 
 Alexandria Co. v. Miisffrove, 11 (i. B. D. 174 - 90, 93, 98, 100 
 
 Alianza Co. v. Itell, (1904) 2 K. B. 666; 21 T. L. E. 134; 73 L. J. 
 
 K. B. 755 ; 91 1,. T. 463 ; 53 W. B. 23 ; 20 T. L. R. 634 ; (1906) 
 
 A. C. 18 - 101 
 
 Alkaline Reduction Syndicate, Rt, 45 W. E. 10 ; 12 T. L. R. 534 - 60 
 Allen, Re, Adcock <•. Evans, (1896) 2 Ch. 345; 65 L. J. Ch. 760; 75 
 
 L. T. 136; 44 W. E. 644 . - . . -1247 
 
 Allen and DriscoU's Contract, (1904) 2 Ch. 226 ; 52 W. B. 681 ; 20 
 
 T. L. B. 605 - - - - - - - 355 
 
 Allen I'. Flood, (1898) A. C. 1 ; 67 L. J. Q. B. 119 ; 77 L. T. 77 ; 
 
 46 W. H. 268 445 
 
 Allen ('. Gold Reefs of West Africa, (1900) 1 Ch. 656 ; 69 L. J. C^. 
 
 266 ; 82 L. T. 210; 58 W. E 452 ; 7 Mans. 417 - 479, 575, 589, 
 630, 636, 639, 658, 662, 677, 692, 704. 779, 781, 818, 819, 1050, 
 
 1078, 1080, 1102 
 Alkiiv. Taylor, 19 W. B. 25; 24li. T. 249 - - - 358 
 
 Alliance Bank c Broom, 34 L. .1. Ch. 256 : 2 Dr. & Sm. 289 - 1180, 1182 
 ABiance Marine Ass. Co., (1892) 1 <::h. 300; 61 L. J. Ch. 176; 65 
 
 L. T. 554 ; 40 W. B. 329 - - - - - 1311 
 
 ABsopp & Sons, Ltd., 51 W. B. 644 ; W. N. (1903) 132 - 1124, 1259 
 Alma Spinning Co., Rt, 16 C. D. 681 ; 29 W. E. 133 ; 43 I-. T. 620 ; 
 
 .■53 L. J. Ch. 167 - - . . 738, 740, 742 
 
 Almada and Tirito Co., Re, 38 C. D. 415, 423; 57 L. J. Ch. 706; 59 
 
 L. T. 159; 36 W. R. 593 ; 1 Meg. 28 - - 60, 63, 465, 478 
 
 Alman v. Oppert. (1901) 2 K. H. .576; 70 L. J. K. B. 745; 84 L. T. 
 
 828 (C. A.) 218. 1379 
 
TABLE OF CASES. 
 
 XXIX 
 
 Alt— Apt PAU 
 
 Alton Urban Council r. Hpic.T. (1904) I K. B. «7n ; M<» L. T. JT« ; 
 
 da W. H. 624 lOtt 
 
 Aluminium Co , W. N. (1M!»4> li - _ . . l'J(i6, 12(i»i 
 
 Amalgunmted Hyndicatos, Jir, (1NH7) 'i Ch. 600 ; (Itt L. J. Ch. 7S.t ; 
 
 77 L. T. 431, 432 ; 4 Mansou, 30« - - 470, 600. (i02 
 
 Amborgate l{ail. Co. v. Noroliffo, 6 Kx. 629 ; 20 L. J. Ex. 234 - V,o!i 
 Ambrotw Lako Tin Co., 14 C. D. 3it0; 2S \V. F.. 7«3 : 42 1-. T. «(M ; 
 
 49 L. .r. Ch. 457 
 .Vuieriniu Puxtoral Co., 62 L. T. 625 
 American Surety Co. m. WrijfhtHon. 27 T. L. R. 01 
 Ameritiin Thread Co. <•. Joyce. 2H T. L. R. 233 
 Amor V. Tesson, 9 A. & K. 34N 
 Amos r. Chiidwick. 4 C. I). 8(i9 
 Anderwm's Case, 7 C. T). 73. 102: 26 W. R. 442: 
 
 L. J. Ch. 273 - - - . 
 
 Anderson'H (^ase, 17 C. D. 373 
 Anderson c. Auder8<m, (1895) 1 Q. b. 749: 64 1 
 
 L. T. 313; 43 W. R. 322 ; 14 R. 367 (C. A.) 
 Andi-ews i: Abertillory Urbuu Council, (1911) 2 Ch. 398 
 Andrews r. Gas Meter Co., (1897) 1 Ch. 361 ; 66 L. J. Ch 
 
 I,. T. 132: 45 W. R. .121 
 
 - I.J3 
 1119, 1259, 1283 
 
 - 521 
 - 93, 95. 1 19 
 
 - 442 
 
 - 1397 
 37 L. T. 360: 47 
 
 - 62. 63, 143. 240, 592 
 
 - 1389 
 J.«. H. 457; 72 
 
 - 601 
 
 - 537 
 :46: 76 
 
 479. 481, 575, 637, 639. 818, 819, 
 1102, 1105. 1106 
 AncbewK r. Moikford. (1896) 1 ^l 15. ,372, 378; 65 L. J. 807: 55 
 
 L. .1. Ch. 579 - - - - 180, 204, 1350, 1373 
 
 Andrews c. Rumsny & Co., (1903) 2 l\. It. 635; 72 I,. ,F. K. H. 805- 
 
 89 1.. T. 450: "52 W. If. 126 ---.'. 7,w 
 Anglo-African Steamship Co., 32 C. D. 348, 350; 54 L. T. 807; 55 
 
 L. J. Ch. 579 782 
 
 Anglo-American, &c. Co.. Re, (1898) 1 Ch. 100; 67 L. J. Ch. 45 - 
 
 1312, 1337 
 Anglo-Continental, &c. Corporation, (1898) 1 Ch. 327, 333; 78 L. T. 
 
 157 ------ - 637, 784 
 
 .\nglo-Dauubiun, &c. Co., lie, 20 Eq. 339, .'Ml ; 23 W. R. 783 ; 33 
 
 L. T. 118 ; 44 h. J. Ch, 502 - - - - 686, 688. 747 
 
 Anglo-French Co-operative Society, He, 21 C. D. 492 ; 31 W. R. 
 
 177 ; 47 L. T. 638; (1902) 2 Ch. 845, 831 - 715, 788, 8;J8, 1262 
 
 .\ngIo-Fivnch E.xplomtion Co.. (1902) 2 Ch. 84v ; 71 I.. J. Ch. 800; 
 
 51 W. R. 8 .' n;« 
 
 Anglo-French Society, /te, 21 Ch. D. 301 . - . . 1403 
 
 Anglo-French Exploration Coi-poration, (1902) 2 Ch. 846; 71 I,. J. 
 
 Ch. 800; 31 W. R. 8 - - - . . -1236 
 
 Anglo-Italian Hank v. De Rosaz, L. R, 2 Q. B. 432 - - 1474 
 
 Anglo-Oriental Carpet Co., (1903) 1 Ch. 914; 72 L. J. Ch. 438; 88 
 
 I.. T. 391 ; 51 W. R. 634 . - . . 618, 1424 
 
 Angus V. Clifford, (1891) 2 Ch. 449 ; 60 L. J. Ch. 433 ; 65 I,. T. 274 • 
 39 W. R. 498 (C. A.) : reversing 63 L. T. 684 ; 39 W. R. 252 - 193. 
 
 205, 213, 216 
 Anthony »'. Se«?er, 1 Hagg. Consist. 913 - . - 700, 701 
 
 Appleyard's ( ase, 18 C. D. 687; 30 W. B. 147 ; 45 L. T. 552; 30 
 
 L. J. Ch. 534 - - - - - - 391, «17 
 
 Appleyard v. New London and Suburban Co., (1908) 1 Oh. 621 ; 98 
 
 L. T. 663; 15 Mans. 154 - - - . - 617 
 
 Apthorpe r. Peter Bchoenhofen Brewery Co., 80 L. T. 383 (C. A.) -96, 9X 
 
■XXX 
 
 tabij: of cases. 
 
 76R 
 99 
 
 io\ 
 •229 
 
 Are-Att ■•'"'■ 
 
 Archor'H ("a^e, llr North AuHtrnlian Torritoiy C"., (1«92) 1 Ch. a22 : 
 
 «1 L. J. Ch. 129: IW I-. T. 8(M»; 4(> W. K. 212 (C. A.I - - 142, 
 
 71.'>. 720, 721, 722 
 
 Anliujf f. l-«)max(lHM), 24 I.. J. Ex. SO - - - 442 
 
 Argus l.ifo Ass. Co., 39 C. U. 671 ; r,H I,. .1. Cli. Ititi: M I.. T. i!H!t; 
 
 .•17 W. K. 215 - - - - 7H, .511, •!;»i. r,;i9, (iio, i;k9 
 
 Argylp, &c. Co., /?»■. 54 I,. T. 2."J7 - - - - 17. 484 
 
 Arizoim CoppiT Co. -•. Smil.s, '29 I,. R. Sc. l:i4 - - - lOO 
 
 Arkwri-ht r. Nowlxaa, 17 C. D. 1)22; 2N W. H. V.Ml; 29 W. R. 153; 
 
 44 r.. T. 393 • .W T.. .1. Ch. 372 - 172, 189, 190, ^203, '204. 208, 
 
 215, 228 
 
 Annitaffi- -■. Oani.itt, /{< Armitugo, (1893) 3 Ch. 337; «i3 1.. J. Ch. 
 
 110; fiO 1.. T. 019; 7 U. 2iM) - - - - 754 
 
 Annitape «•. Moore, (IPOO) 2 tl. I!. 303 . - - - 
 
 Army mid Navy Co-operative Society r. Aniiy, Navy, and Civil 
 
 Service Co-operative Society of South Africa, 19 R. 1'. C. 575 - 
 .\nny. &c. Soc. r. Craig, N T. L. 11. 227 - - - 227 
 
 Amisou ,: .Smith, 40 C. I>. 50" ; 41 C. I). 348, :i72 ; 01 L. T. 03 ; 37 
 
 \V. R. 739 ; 1 .Meg. 3NS - iS9, 190, 192, 193, 195, 203, •2<t5. •208, 
 
 213, 215, 221, ^244, 281. l;547 
 
 Ariiot's Case, 3'j C. D. 702 ; 57 K. J. Ch. 195 ; 57 L. T. .•(53 - 54 
 
 Arnot V. Unite<l African Unds, (1901) 1 Ch. 318 ; 70 I-. J. Ch. 300 ; 
 
 S4 L. T. 309; 49 W. IX. 322 : H Man«. 179 - - 26, 1099 
 
 Artizans' Und and Mortgage Co., (1904) 1 Ch, 796; 73 L. J. Ch. 
 
 581 ; 52 W. I{. 330 - - - - 770, 1257. 1305 
 
 .VHhanti Development Co., ^27?. I.. R. 498 - - - - r274 
 
 .\shburuer i\ Sewell, (1891) 3 Ch. 405 ; 00 I.. .1. < 'h. 7N4 ; 0.5 I,. T. 
 
 5'24 ; 40 W. R. 109 - - - - - - ;J51 
 
 Ashbiirv Railway, &v. Co. .. Riche, I.. R. 7 H. L. 053: 33 I,. T. 
 
 451': 44 I.. J. Ex. 185; 9 Ex. 203 - 30, 31, 42, 75, 76, 459, 460, 462, 
 461, 406. 472, 479, 480, 588, 592, 600, 031, 694, 712, 11(»2 
 Ashbury <•. Watson, ;iO C. D. 376; 33 W. R. 182 ; 34 L. T. 27 ; 54 
 
 L. J, Ch. 985 - 30. 70, 481, 570. 588, 592, 031. 038, 811, 817, 818, 
 
 1102, 1495 
 
 Anhby r. Costin, 59 I.. T. 224 - - - - - 077 
 Ashley's Case, 9 Eq. 263, '208, •20'l ; IS W. R. 393; 22 L. T. 83; 39 
 
 h. J. Ch. 354 19". 198 
 
 Ashton -'. Dalton, 2 Coll. 568 - - - - - 1183 
 
 XahUm Gas Co. <•. Att.-Geu, (1906) A. C. 10 - - - 102 
 
 Ashiirst r. Mason, 20 E.). 225 ; 23 W. R. 50<i - - 788, 1403 
 
 Askews Case, 9 Ch. 664 ; 22 W. R. 833; 31 L. T. 55 - - 1390 
 Astley .-. New TivoU, (1899) 1 Ch. 151 ; 68 L. J. Cn. 90 ; 79 L. T. 
 
 541; 47 W. R. 326; 6 Mans. 04 - - - - 729 
 Atkin r. Wardle, 61 I-. T. 23 - - - - 510, 752 
 
 Atkinson /•. Hutchinson, 3 V. Wms. 258 - - - - 603 
 Atkinson v. Newcastle and Gateshead Waterworks Co., 2 Ex. D. 
 
 441 . . - - - - - - 176 
 
 Attenborough c. Jay, 14 T. L. R. 365 - - - - 44 
 
 .Vtt.-Gon. V. Alexander, 10 Ex. 428 - - - - - 94 
 
 Att.-Grn. V. Ashton Gas Co., (1904) 2 Ch. 621 : 73 L. J. Ch. 673 ; 
 
 53 W. R. 49 765 
 
 Att.-Qen. *. Bauwens, 4 M. & W. 171 - - - - 342 
 
TABLE OK CASES. 
 
 XXXI 
 
 r.\OB 
 
 - IKK 
 
 - .W7 
 74, 1100 
 
 - 4H7 
 
 465 
 44 
 
 Jtio 
 
 •-'20 
 
 4(M 
 512 
 
 ▲tt Bad 
 
 Att.-Clon. r. Calodonian Hail. Co., 27 T. 1,. U. .>.'i7 - 
 Att.-O.-ii. I-. ("orporiition nf I*i«Mtor, (lltlo' 2 Cli. .I")!! 
 Att.-O.ii. ,: Duy. 2 Atk. 212 - '. . . 
 
 Att.-Gen. /•. Oii» Lijj-ht untl Coko Co., 1,> T. I.. 1!. .'in 
 Aft.-(ieu. /■. O. E. Rail, (^i., 11 C. I). U9; :, .\pi.. (',.«. K.J; 27 W. H 
 
 73!»: 2K W. 1{. 7«9; 10 I,. T. 2»i5 : 42 I.. T. NIO; 4K I,. J. Ch. 
 
 42i»: 49 I,. J. Ch. .Ho - - - 41(0. 461, 4«7. 471, K34 
 
 Att.-Oon. i: (i. X. Rail. Co., I Dr. & Sm. 21:t 
 .Vft.-fJon. c. Cii'orfto (Smith. I,til.. (IDOK) 2 Ch. 5:14 - 
 .\tt.-(!cii r. IlanwiU I'. I). C,, (llioil) 2 Ch. 377 - 
 .Vtt.-(i<>ii. r. Jameson. (l!t(H) 2 Ir. R.p. K. I!. I>. ti44 - 927 
 
 Att.-Oon. r. LnckwiMxI. 9 M. & \V. :i7N .... 
 
 Att.-Oon. '•. Manchistoi- Corporation. (IIMM)"! I Ch. «4:j : J4 \V 1! 
 
 a07 ; 22 T. I.. 1{. 201 ■-'-..'. 
 Att.-Oi'n. '•. Mayor of Ilnvon, IOC, 1 ». ;;()4 ... 
 
 Att.-(h'n. r. Now York Urowcrifs Co.. 'IH'.IH\ I H. U. ;juj • 07 I, ,| 
 
 U. M. Mi; 7N L. T. 01 ; 40 W. !{. 19;! -' - '- 40. (J7s 
 
 Att.-Oon. ?•. N. K. Rail. Co., (19(Mn I Ch. 07 j • !l,-i L T .»1'>- •>■> 
 
 T. L. R. 09,-) - - . . . '. ■■ " 
 
 .Vtt.-(ion. r. North Metropolitan Tnimwavs Co., i'lMn2) :( Cli 7o ■ 
 
 01 I,. .1. Ch. 09:J: 72 I.. T. .140- "- '- . 1 
 
 Att.-Oon, «■. Ray, 9 1 'h. App. 402, n. - - . . 
 
 Att.-Oeu. f. Ronont'« Canal and Dork Co.. (1904) 1 K. R. ''OH- 73 
 
 L. J. K. n. oO ; 52 W. R. 211 - - - . ' . 
 
 Att.-Oen. c. Swansea Corporation, (189S) 1 Ch. <i02 • 07 L J Ch 
 
 .««; 7S L, T. 412; 40 W. R. 534 ; 02 J. P. 408 
 Att.-Oen. V. Till, (1910) A. C. JO ; 70 L. .J. K. B. 141 : 101 L. T 
 
 »1« 094 
 
 Attwootl 1: Munnings, 7 !'. & C. 278; 1 M. & O. 0(i - - 1157 
 
 .Vtwool r. M.'rrywoathor, 5 K(|. 404 - - 04(», 703. 1157, 1.(58, 1.(00 
 
 Austin's ('»«;, 24 L. T. 9; 2 - - - - . -054 
 
 Australian, &c. Co. r. Mounsoy, 4 K. i*!: .J. 733; W. R. 731; 31 
 
 L. T. O. S. 240 - -' - . 473, 509, 68oi 08^. 
 
 .\ustralian Kstates, &c. Co., (1910) 1 Ch. 411 ; 79 I,. J. Ch. 202; 102 
 
 I- '!'• ^'^'t ----- 1204* 'l 28.3, 1,J20 
 
 Australian United Gold Miniii}; Co., W. N. (1877) 3," - - I4(i2 
 
 Austrian Lloyd Stoamship Co. «■. Grcsliani Lifo Assuranco .Sx-iotv 
 
 (1903) I K. R •J49; 72 I,. J. K. li. 211 ; 88 L. T. ; 51 W.R 
 
 «'»'-i (*-'• A.) •. .344 
 
 Automatic Self-(."leanHin(f Filter (\i. <•. Cunninifhamo. (1906) 2 Ch 
 
 34 : 94 L. T. 051 ; 22 T. L. R. 378 (C. A) - .' 75, 730, 747 
 
 .Vveling c. Wood. (1891) 1 Ch. 115 - - - . -1205 
 
 Ayre -■. Sholsoy'8 .Vdamant Cement Co., 21 T. L. R. 464 - 1096 IIOO 
 
 40ti 
 
 400 
 213 
 
 487 
 
 512 
 
 B. 
 
 Hadgor, AV, Mansell r. Viscount Cobham, (1905) 1 Ch. 508 - 473 
 
 Kadisoho Aiiilin *c. c. Isler, ,1906) 1 Cii. 605; 94 L. T. 307- •'•' 
 
 ■r.l-.n.liit '3"8"o,424 
 
 Radische AnUin, 4c. v. Schott, (lfc92) 3 Oh. 417 ; 01 L. ,J. Ch 6"»8 ■ 
 
 «'L.T.281 • 35. 3j^ 
 
XXXIl 
 
 TABLE OF CA8EH. 
 
 FAOB 
 
 : J I 
 
 -•. HiwlP CUoinical Work*, (189H) 
 
 tU2 
 
 B»d— Ban 
 
 Badischx Anilin and S<>d.» Fubrik 
 
 A. C. 200 
 
 Wai{l«>hol.-, A'x /«ir/f , 1 Rose, 43'J - - ' ^' .„, I,"** 
 
 B..KnalU..^CaHton. « C. ... .7, ; .« W. H- «3 = ,3^ VJ. ^<.H. =^47^^^^ 
 
 onappottl (Dec.. 1901). IH T. L. R. 161 : (19»«) 1 CL 
 
 .(> 
 
 ;j2'i, 
 ;j8i 
 •>5»a 
 
 B. jH4; 37 L 
 
 .J. Ch. HI; 77 I.. T. 323 
 
 147 
 323, 
 290, 
 
 J. 
 
 - «"4 
 
 - 0A5 
 335. ;J36 
 46 
 
 49, 73. 200 
 
 - 442 
 J. ("h. 
 
 ..ahi.i uis I'lanbitioii^ -•. Griffin, 14 T. I,. R. 139 
 B'lhitt iind Sail Francixco Rail. Co., li. R. 3 d 
 
 U. B. 176 ; 1« 1- T. 467 : 16 W. R. S62 
 Bailey -•. Birkenhead Co.. 12 Beay. 433 : 19 I.. J. Ch. 377 
 Bailey v. Hweoting. 9 C. B. N. S. B43 
 Baillio's Cast-. (18!W) 1 Ch. UO ; (17 I- 
 
 W. R. 1N7 : 4 Mans. 393 
 Baillio r. Koll, 4 lling. N. C. ti3« - - - " 
 
 Bain-bridge ... Sn.ith, 4. C. D. .H2 ; 60 U T. 879^37 ^^^■^^^.^^. ^^ 
 
 Raines ,•. Geary. 35 C. D. 154 ; 36 I. J. Ch. 935 ; 56 L. T. 567 : 36 
 
 W. B. 98 : 51 J. P. 628 - - - 
 
 BaineH v. Swaiuscu, 4 B. * S. 270 - 
 Baird'8 Case, (1899) 2 Ch. 593 ; 68 L 
 
 W. R. 695 ; 5 Ch. 725 - 
 Baker v. Iledgecock, 39 C. I). 520 - 
 B»ker i: I'laskit, 5 C. B. 262 
 Balaghat Gold Mining Co., (19()1) 2 
 
 70 L. J. K. B. 866 ; 85 L. T. 8 ; 49 W. R. <.25 (t. A.) 
 Balchin .'. Ebury (Lord). 22 L. T. R. 60 
 
 - 357 
 
 - 1208, 1209 
 
 J. Ch. 521; SOL. T. 870; 47 
 
 - 58, 495, 520, 678. 913, 919 
 
 - 358 
 
 - 122 
 
 K. B. 665; 17 T. L. R. 660; 
 
 1, 688, 771 
 
 - 1022 
 
 124B 
 749 
 669 
 
 Balfour V. Crace, (1 ")'l Ch. 733 ; 86 L. T. 144 ; 71 L. J. Ch. .358 - 
 Balgoolie Distillery Co., 17 Irish L. R. Kq. 263 
 Balkis Co.. W. N. (1888) 3 ; 38 L. T. 300 ; 36 W. R. 392 - 
 Balkis (New) Kersteling Randt Gold Mining Co., (1904) A. C 165 ; 
 73 L J. K. B. 3> I ; 90 L. T ^94 ; o2 W. R. 561 (U. L., L.) - 
 Bangor, &c. Co., Be, 20 Eq. 5P .2 L. T. 389 ; 23 W. R. 785 ^^ - ^ ^^ 
 
 Bank of Airica v. Salisbury Gold Mining Co., (1892) A. C. 281 ; 61 
 
 L. J. 1'. C. 34 ; 66 L. T. 237 ; 41 W. R. 47 - 
 
 Bank of Bengal r. Macleod, 7 Moo. P. C 35, 74 - 
 Hank of England -. Cutler, (1907) 1 K. U. nm-.{^'^»J ^?t"'i^"r 
 
 96 L. T. 636; 98 L. T. 336; 23 T. L. R. 3.4; 24 T. L. K. 
 
 518 ----- ■ " ' 
 
 Bank of England r. Vagliano, (18911 A. C. 144 ; 60 1,. J. U- H. 145; 
 
 64 L. T. 353; 39 W. R. 657 - - - " ^*^ 
 
 Bank of Hindustan v. Alison, U R. 6 C. P. 73 ; 19 W. R '.05 ; 23 
 
 L. T. 616; 40 L. J. C. P. I 
 
 Bank of Ireland c. Evans' Trustees, 5 H. \j. C. 389 
 
 Bank of London -•. Tyrrell, 10 li. L. C. 26 ; 31 L. J. Ch. 369 ; 8 Jur. 
 
 N. S. 849 
 
 663 
 578. 
 
 664 
 1158 
 
 1159 
 . 1204 
 
 28 
 83 
 
 1.">T 
 
TABLE OF CASES. 
 
 ZXXIU 
 
 -Bftr 
 
 Hunk of Mexico i'. Apothnriw, (>4 I,. T. 41H 
 
 Blink of Now «<.iith Walo-. -. (JouUKiiirn Valley Co.. (1902) A. ('. 
 
 M3-, 71 I-. J. I'. ('. IIJ; H7 I,. T. HH; HI W. K. ;«i7 (P. ('.) - 
 lUink of (tuotlunil >: Morriiion (1911), S. ( '. 3!t;( (Vt. of .'^om. ) 
 Hunk of South AiiHtralia, /Ir, (\H\tr,) 1 Ch. .i7s ; m I,. J. «'h. aU7 • 
 
 72 l~ T. •.•7.1; -IJI W. R. ;i.i!t; U' 11. IWl - . '. 
 
 Hank of Hjriu. /(>, (19(M() •> Ch. 21 i : Ki I^ T. Iti... 547 ; i'J W. R. 
 
 urn -.-..... 
 
 PjIOE 
 
 I19:i 
 IIWI 
 
 1439 
 
 Hank of Tiiikoy r. Ottoman Co., 2 Ki|. Mi'.t : 14 W. U. sl!» ; 1 1 1,. T. 
 
 .54 j. SS4 - . . . - '_ .iio r 
 
 714 
 
 34 C. 1». 
 
 :i!t, 74(« 
 •.'H7 ; .'1.5 W. 11. 
 - HIS. N7!». 111!». 1238 
 R. H44; 41 I,. T. IWO: .W 
 
 • 141 
 719. 738 
 
 14S7 
 
 11H4 
 
 733 
 
 j(»7 
 603 
 140 
 
 759 
 
 759 
 
 5S 
 
 .lO, 
 
 545, SH4 
 Hannatvno r. Pirwt Spanish CaWo Co 
 125:35 I,. T. 71«; 5tl I.. .1. Ch. 1(>7 
 Hanner i'. H.-rriilK«, IN C. I>. 251 ; 2!l W 
 
 I,. .1. Ch. (l.M» - 
 Harbcr'.-! Cbmo, 5 C. D. (Xi.l ; 2ti W. It. 3 
 
 Harin);-(}(>ultl /•. Shjirpin^ton C,iniliin<Hl I'irk ami Shovel Syndicate. 
 
 (IN99) 2 Ch. NO; ON I,. J. Ch. 42!l: no I,. T. 73U; 47 W. U. .itM 
 
 (C. A.) - - 147, 148,031, 73.f, ..is, 7N(i, 1445. 144tJ, 14.17. 
 
 Harkworth c. Youns. 4 Drow. 1 - ... . 
 
 HurnaiKi v. Clerk. (1000) 1 U. It. 27!l .... 
 
 Haiu.dS. Hanking Co., 3 Ch. 105; 16 \V. R. 193; 17 I.. T. '."iO; .17 
 
 I.. .I.Ch. Nl . - - . ;m. 45, S2, 45<i! IliT 
 
 Harnes, A,'.!' /»l»■^•. (l.S!»(i) A. C. 140 . - - . . 
 
 Haruea i: Addy, » Ch. I). 244 - ... . 
 
 Harnett c. .South [jondon Tramwiivn Co., IN H. 11. I). n15 ■ '.i'l W R 
 
 640; 37 L. T. 436 ; 5fi I,. .1. U. it. 452 - - ' . ' 41 
 
 Harnton Hotel Co. r. Cook (1N0(»), 3(5 Sc. I,. 1!. ftJIH - 
 Uanni de Itcville'n CaHo (18(iS), 7 E<i. 11 .... 
 Uaroness Wenlock r. River Dee Co., ,36 C. I». 683; 10 A. C. 3.W 
 
 4(i0, 509, 1455 
 HaroneHH Wenlook r. River Dee Co. (No. 2), 19 Q. It. D. 1,55 . 4;j, 
 
 6N(i, Unn, 111*9 
 Hurrett's Cane, 4 De G. .1. & S. 416; 12 L. T. 193; lit W. R. 5.i9 . 4N 
 Harrow's Cuho, 14 C. D. 433; 42 I.. T. 901 ; 49 I,. J I'h. 49N- -'N 
 
 W. R. 341 ' - 759 
 
 HaiTow Hematite Co., 39 C. D. 582 ; 58 I,. J. Ch. 148 • 59 L. T. 5(H) • 
 
 37 W. R. 249 ; (1!MH)) 2 Ch. 846 - 79, (!.«», N43, 805, N(i7, 876, 
 
 1119, 1258, 1262, 12b,3, 129H 
 ltarrow-in-Kumo88 Investment Co., 14 i'. D. 403 . - - 68 
 
 Harrow v. Isimcs, (1N91) 1 Q. B. 417; (io I,. J. U. U. 179- 64 f, T 
 
 686; 39 W. R. 3^8; 55 J. 1'. 517 (C. A.) - . 1 jr,:, 
 
 Barrow ». Paringha Mines. (1909) 2 Ch. 638 - 289, 1440, 1450 
 
 Harry ti. (Voskoy, 2 J. & II. 117 - - . - . ^04 
 
 Harry v. Halifax Commereial Haukiu'? Co., (1900) 1 Ch. 188 - 1193 
 
 Uartholomay Bri'werv Co. c. Wyatt, (1893) 2 (i. H. 499; (;■» I, .) 
 
 U. H. 525 ; 69 L. T. 561 ; 42 \V. R. 173 ; 5 R. 564 
 
 Rarton'M Trunts, 5 Eq. 238 --.-.. 
 
 Barton i'. Fitzj;»!rald , 15 East. 540 ..... 
 
 Barton f. L. & N.-W. Rail. Co., 24 U. U. D. 77; 59 L. J. Q. H. 33- 
 
 62 L. T. 164 ; 38 W. R. 197 ; 38 C. D. 149 - 34, 667, 674 
 
 (i-N, 
 
 Barton i: North Staffordshire Rail. Co., 38 C. D. 458; 57 L. J. Ch. 
 
 800 ; 58 L. T. 349 ; 36 W. R. 734 - . 674. 678, 77ft 
 
 P- . e 
 
 93 
 76» 
 394 
 
 , (;73, 
 
 1142 
 
ZXXIV 
 
 TABLE OF CASES. 
 
 H 
 
 Bar— B«n 
 
 BaiwiiV r. Eii(fli«h Joint Stock Hunkinf? I'o., I< 
 
 (Kx. •b.); M I'. J. Ex. U7 - 
 Basnott. /le, ■> MuiiH. 171 
 
 B. 
 
 PAdl 
 
 •2 Ex. 239 
 
 ;i(i, 4U, 41 
 - 7il 
 
 lltttanl -•. lluwe., 'i K. & H. 2n7 ; a 11. 4 It. '^77 ; W 1-. J. U. »• 44:« : 
 17Jur. 11J4 
 
 ilatimun r. Mid-WuloM Kuil. C... I- U. 1 f. !'• ^90: " W. U. «7-.'; 
 ;r. I,. J. ('. 1'. -'"J ; la Jur- N- ^- •*•' - ■ ' ' 
 
 Httth« CuM). N !■. 1). ;i:t4 ; it} W. U. 441 ; M U. T. ;J«7 : 47 1.. J. Vh. 
 
 001 - - - - •'■'• *^^- ••*^'> ■•*'''• ■'"^' "*"• 
 
 Uiith r. Stuii.Uia UhhI Co., (lltll) 1 til. tils 
 
 Buty «•. KcKwkk, H3 L. T. H 
 
 ll.w.lei. ,■. l.-.ii,l.m. Kainburuh and Olan^'ow ('..„ (1N!>J) 2 Q. B. 534 - 
 
 Bum. r . . I<n.»:- . " M. & <>• 210 : H Si-. N. IJ. 1019 
 
 Buxter f. HoUUworth, (1899) 1 U. 11. 266 ; ON I,. J. Q. li 1''4 ; 47 
 
 W. H. 17!t (C. A.) 
 
 Baxter , . Uiidon iind C'oimty I'rintii.s Work^ (1H99) 1 Q. 1«. !MI1 - 
 
 BuyU-y-VVorthiugton and Coht-n'H Contract, (11K)9) 1 Ch. 048 ; W. N. 
 
 (liH«t)68 ...---- 
 
 Boar.l <■. I.wulon GcM.oral Omiiibti. Co.. (IIHK)) 2 (i. B. -ViO; 09 
 
 I,. J. a. H. H9J ; s;) I,. T. ;102 ; 48 W. U. fiSS (C. A.) - .17, 41 
 
 Ik^utti... r. I...r.i Kbury, 7 ih. 777 ; 20 W. U. 994 ; 27 K. T. U-JS; 41 
 
 1, J, Ch. K(I4 - 
 Itramort (Uuke of) f. Neidd. 12 CI. & Fiii. 24.S 
 Bichuanaluud Exploration Co. r. J^>udon Trading Hank, (1898) 
 
 2 U. B. 058 ; 07 L. J. Q. B. 986; 79 1.. T. 270 
 B«M;kett c. Addyman (1882), 9 «. B. D. 783 
 
 Beckct I'. Towt^r Bridge AsKCsstueut Committee, (1891) 1 Q. B. 
 638 ------ " 
 
 Bc( kford i: Wade, 17 Ve». 9" - - - " " 
 
 Beckwith, AV ,,artf, (1898) 1 Ch. 324 ; 46 W. R. 376; 07 f;. J. Ch. 
 
 104 ; 78 L. T. 135 ; 3 Mans. 108 - - 441, 630, 724, 739 
 
 Beer v. I/)ndon and Paris Hotel Co., 2(t E.]. 412 ; 32 L. T. 713 - 334 
 Beenton I'noumutic Tjro Co.. 14 T. L. U. 378; W. N. (1898) 34 - 1442 
 Belfast Banking Co., 1 Ir. C. h. R. 693 - - - - 1247 
 
 elhaveu'n (Urd) Case, 3 D. J. & 8. 41 - - - - "•!« 
 
 Bell Itrothers, He, 03 L. T. 245 ; 7 T. I.. R. 689 (Chitty, J ) - 071, 672 
 
 bell r. National Provincial Bank of England, (1904) 1 K. B. 149 ; 73 
 
 L. J. K. B. 142; 90 L. T. 2; 52 W. R. 106; 20 T. L. R. 97 (C. A.) - 103 
 Bellairs v. Tucker, 13 Q. B. D. 562 - - - 187, 192, 195, 203 
 
 B.;llamy v. Brickenden, 2 J. & U. 137 - - - 1^16, 1217 
 
 Bellerby v. Rowland and Marwood'» Steamship Co., (1902) 2 Ch. 14 
 (C A.); (1901) 2 Oh. 265; 17 T. L. R. 510; 70 L. J. Ch. 016; 
 84 L. T. 051 - - - 515, 749, 750, 1389, 1390, 1411 
 
 Bellhou«e i'. Mellor. 28 L. J. Ex. 141 - - - - 718 
 
 Beuett r. Wyndham. 4 Do O. E. & J. 259 - - - 787,921 
 
 Bennett v. Brumfit, L. R. 3 C. P. 28; 10 W. R. 131 ; 17 L. T. 218; 
 
 37 L. .1. 0. P. 35 ; 1 H. & P. 407 - - - 781.1047 
 
 Bennett r. Cooper, 9 Beav. 252 H"^ 
 
 Bennett Bros., Ltd. o. I^wis, 48 8. J. 14 - - "l". "28. 736 
 
 Bennett-Clarke .'. White. (1899) 1 Ch. 316; 68 U J. Ch. 104; 47 
 
 W. R. 406 **'* 
 
 149 
 
 510 
 
 751 
 
 712 
 
 289 
 
 42 
 
 27 
 
 1362 
 442 
 
 ;t54 
 
 187 
 293 
 
 1243 
 1246 
 
 1248 
 141 
 
 u.. 
 
TABLE OF CA8E8. 
 
 XXXV 
 
 B«n— Bia rMa 
 
 Ik-mi.-tt r. I/.rd Bury. S C. P. I», :J39; Pun. Hi. Pr. 7th od. IfllO; 
 
 S.ton, fith fd. N:t3 ...... i:(97 
 
 HfMu-tt, ffr, MitHonic and Oenoral Ijfn Afwumnrp To. c Shiirpp, 
 
 (IHBJ) 1 Ch. I.'>4; «I I,. J. Ch. l».l; 8,^ I,. T. SIKI; III \V. |{. 
 
 lill (P. A.) 
 
 Wi, H7I 
 
 UrniiPtt c. StoiiP. il(Mt.1) 1 Ch. .-lOtt; 72 I,. .T. fTl. '.'10; NM I.. T. :!.') : 
 
 .'<l W. u. ;i;w (('. A.); (1 !«•.>; i ch. '."Jii 
 ll.'rithiim Mills S|iiiiiuiiK (',,., /,V, 11 C, O. 90(); UN W. R. 20; M 
 
 .•).'>4 
 
 J,. T. 10; 18 I., .r. {'h. (171 
 H'litiiick i: Fi'iiM, 12 App. Cuh. (i.VJ 
 
 t«72, <179 
 1.17, 13H 
 
 lt.iitiiick .-. I/.u.loii .loiiit Stock Honk, (1893) 2 Ch. 120; 02 I,. .I,('h. 
 
 :i.>H; «M I,. T. ;nj; 42 W. H. NO; 3 K. 120 
 lltntley r. Uliick, 1» T. I,. 1{. ,-|H0 
 
 - 11N7 
 ins. li»3 
 
 ll-iitloy (Heni'j) .\: (\)., «!» I,. T. 204 - - - - KM 
 
 H<Tk»'l<-v c. Staiidanl Disiinuit Cri., l;H'. I), 117 ... l;jti3 
 IkTiv "•. Hiilifux Ciimmonial llnnk, (1!M)1) 1 Ch. INS; 70 I,. .1. Cli. 
 
 s.'>; s;i I,. T. (»;:>: m \V. li. itn . - . . pjiit 
 
 HiTtit' i: Wiiltlmmstow Ovni*oi>i. OS .1, 1>. ^^.•, ; 2 I.. O. R. 1 17S - I((j» 
 ll.'th.'ll -■. Tri'Mih Tiitwl.'si Co., (IWMl) 1 Ch. 40S ; 09 I,. .1. Ch. 213; 
 
 S2 1.. T. 247; 4S W. R. 310 (C. A.) - - 693, (».-.. 849 
 
 lU'tU ,: (iibbinM, 2 A. & K. .-17 ; 4 N. & M. 04 - . - 226 
 
 licttx, r-td. '■. Macnaghtou. (1910) 1 Ch. 430; 2D T. I.. R. o.52 - 692, 
 
 7(K», 849, 1097, 1449 
 Rfctt« 11. Wilmot, I,. R. 6 Ch. 239 . . - - - 381 
 
 li<vun i: W(.bl>, (iy<ll) 2 Ch. .J9; 84 L. T. 609; 49 W. R. J4S . 71 
 
 U<'yfu8 r. Mttstors, .39 C. I). 110 - . - - . .161 
 
 Hidwell l!ri>thers, I,iniit«d, (1893) 1 Ch. 003; 62 L. .1. Ch. 349; 68 
 
 I-. T. .342; 41 W. 1!. 363; 3 R. 377 - - - 699, 1098 
 
 liiggiTstiiff i: Rowatt's Wharf, (1896) 2 Ch. 93; tij L. J. Ch. 536; 
 
 74 1,. T. 473; 44 W. R. j.{6 . . - 79, 81, 686, 710, 739 
 
 l'.ij.'g'« Case, 1 K(|. 309; 14 W. U. 244 ; 13 L. T. 627 - . O.V) 
 
 Hinnt'.v i-. luce Hall Coal Co., 35 li. J. Ch. 363; 14 li. T. 392 - 651, 
 
 754, 871 
 Hirch i: Cropper, 14 App. Ca». 545 - - 578, 578, 588, 704, 783, 784, 
 
 816, 843, 1439 
 liiiil i: Hird's Patent Deodori.sing, &c. Co., 9 Ch. 358 ; 30 I,. T. 281 ; 
 
 43 I-. J. Ch. 399 1408, 14.39 
 
 Rirkbtwk Permanent Building Soi'inty, 28 T. I/. R. 46 - - 1201 
 
 Ilirmingham Hanking Co., 36 I.. J. Ch. 150 ... 7S2 
 
 Birmingham lirowerios v. Janu -on, W. N. (1898) 15 ; 46 W. R. 375 ; 
 
 67 \,. J. Ch. 403 ; 78 L. T. 512 - - - - 359 
 
 Bisgood I). Henderson's Tninsvaal Estates Co., (1908) 1 Ch. 743; 98 
 
 L. T. 809; 24 T. L. R. 510 (C. A.) 
 
 .373, 457, 511, 786, 1434, 
 1445, 1454, 1455, 1457, 1458, 1483 
 
 Bidgood r. Nile Valley Co., (1906) 1 Ch. 747; 94 L. T. 304; 51 
 
 W. B. 397 
 
 Bishop V. Balkis Co 25 Q. U. D. 512; 59 L. J. Q. B. 566; 63 h.T. 
 
 - 1457 
 
 601 ; 39 W. 
 
 1*9 ; 2 M( 
 
 eg. _ J« 
 
 Bishop V. Smyrna and Cassaba Rail. Co., (1896) 2 Ch. 266 ; 72 L. T. 
 
 - 676 
 
 773 
 
 784 
 
XXXVl 
 
 TABLE OF CASKtJ. 
 
 Bla— Boo 
 
 Bliick r. Ilomorshuu., 4 Ex. U. 'H : 48 I,. .». Ex. 79 ; :J9 (.. T. (>71 ; 
 27 \V. I!. 171 
 
 Black ('. Mttlluluf, J Jur. N. S. 1018 ; 7 W. B. 303 ; 33 I,. T. -Hil - 
 
 687. 73'i 
 
 lilutkbuin lluildiuK 8uc-. -■. ( unliffe, llrooks &C(j., 9 App. C'as. 857 ; 
 
 '>■> Ch. I), til ; 31 M". E. 98; 48 I,. T. 33: J2 1.. .1. Oh. 92: 33 
 
 W. E. 309 
 
 lilackbuin '. Vif?(>is. 12 Ajip. ('as. ."i31 
 
 Hlurkfonl '■. Davix, 4('h. 304 
 
 Ulackic .-. Osiiiaston. 28C. 1). 123 - - - - 
 
 Hlttibiiffaiul Al.iahiims. /^, (1899) 2 Vh. 340 
 
 HlaiK-rj; -■. Keuv.-s, (1900) 2 Ch. 17.5: 9.j 1,. T. 412: 54 W. li. 4.-.1 
 
 HlakoV Ciisc. 34 I'.raiv. ti39: 13 W. H. 4S() - 
 
 lllak.- -•. White, 1 Y. & < '. li.xch. (i20 
 
 liliikfkv, A'., 9 Morr. li. R. 173 - 
 
 Itlak.ly Ordnance Co.. /fr, 3('h. 159: 1(! W. H. 5.33; 18 I,. T. 132 
 
 68 
 
 (i8<i 
 
 - 1051 
 1216, 1217 
 
 - 1375 
 
 - ;i51 
 (50 
 
 191. 199 
 
 - 1247 
 
 - 1248 
 
 37 I.. .1. Ch. 230 
 
 - 748 
 
 UlaiiaV Caw (W.'stiiiorrlanil Green, &e. Co.), (1893) 2 Ch. 012 : 02 
 
 L. J. Ch. 975 ; 66 I.. T. 370; 07 L. T. 7(M): 2 E. .J09 (C. A.) - 645 
 lllaiul c. Kuchaimn, (1901)2 K. n. 75 - - - - ^'^ 
 
 Wo<xl. AV/«irff. 9 K.|. 649 ----- -1448 
 
 Hlomiieiithal -■. Ford, (1897) A. C. 156; 66 I.. .1. <'h. 2.)3: 76 I,. T. 
 
 205: 45 \V. E. 449; 4 Mausoii, l.')6 - - 4-'. '174, 1141 
 
 lUiixam, A'.. ;«///>, 33 Heav. 529a - - - • 48,898 
 
 liodipi Co., (1904) 1 Ch. 276; 73 I,. .). Ch. 198 ; N9 L. T. 694 : .•»2 
 
 ■\V'. E. 249 ----- 662, 727, 728, 731 
 
 Eoden & < o. v. Overseers of Chard, and Oifford, Fox & V<>. r. Same, 
 
 7 T. L. E. 431 (July. 1890) ----- 1*'" 
 
 Uoehm r. Goodall, (1911) 1 Ch. 135 »■»» 
 
 Helton Partners -•. l^mbert, 41 V. D. 295: .58 I,. .1. Ch. 425: 60 
 
 L. T. 687 ; 37 W. E. 434 - - - - 644, 741 
 
 Holton I-. Uiukincham, (1891) 1 U- H. 278; 60 I.. .1. Q. 1!. 261 : 64 
 
 L. T. 778 ; 39 W. E. 293 (C. A.) - - - -»-■*' 
 
 lloltou .-. Natal, &c. Co., (1892) 2 Ch. 124 : 61 I.. .1. Ch. 281 : 65 
 
 L. T. 786 '^•'■' 
 
 Holton .•. Salmon, (1891) 2 111. 48; 60 L. .1. Ch. 239 : 64 1.. T. 222 ; 
 
 ;i9 W. E. 589 ------- !-•*•' 
 
 ISombav Ituiinah Trading Corporation r. Dorabji Cursetji Shroff, 
 
 (1905) A. C. 213 (1'. C); 91 L. T. 812; 12 Manson, 169, 
 
 !>.('.- - - - - - - - ''"^ 
 
 Homoi".- lioad (No. 9), ll.. (1H06) 1 Ch. 359; 94 L. T. 408 ; 54 W. B. 
 
 ;„.2 ...---- 112, 1328 
 
 liompas i: King, 33 C. D. 279 '-l" 
 
 llond, /tf. I'aroH r. Att.-Oen.. (1901) 1 Ch. 15 - - 112 
 
 Hond r. Harrow Ha-niatite Co., (1902) 1 Ch. .353. 362 - 588. 754. 
 
 765, 765, 766, 814, 840, 866, 872, 874, 884, 889, 89,> 
 Honomi r. Hackhouse, 9 U. J-. C. 503 . - - - 221 
 
 Itonser r. Cox, 4 Iteav. 379 - - - - - - l^"*** 
 
 Uonzi r. Stewart, 4 M. & G. 295 . . , - -1212 
 
 iUiurtl r. Aliicttii Consolidated, &c. Co^ (lS9b) 1 Ch. 596; 77 L. T. 
 
 653 : 46 W. E, 160 71,688,771 
 
 ,«! , 
 
TABLE OF CASES. 
 
 XXXVll 
 
 Boo^Bra paqb 
 
 fl..(.th r. Xow Afrikander Mininff Co., (1903) 1 Th. 293; 72 L. J. 
 
 f'h. 12.5; 87 I,. T. .509; .51 W. I!. IPH (O. X.) - 12. H, 280, 28;5. 
 
 2S,S, ,511. 048, 1449, 14.50 
 l$iK)th ' . Wiilkdeii Spinning Co., (1909) 2 K. 1!. ;i(iS - . 1498 
 
 liontlc Cold Storiific, W. N. (1901) 54 - - - -142:i 
 
 ISootlc OvcrsTOiw '■. Ijvi'rpool Waichousinjr Co.. 8.5 I,. T. 1.5; ().5 
 
 ■'• !'■ 740 --..-- ]o,s. 109 
 
 IJonix Co.. /iV, Fostoi- r. liorax Co., (1901) 1 Ch. :!2ti; 70 I,. .1. <'h. 
 
 1li2 ; 8;{ 1,. T. 638 : 49 W. H. 212 (C. A.) - Hi8, .511, .51 1 
 
 liiirliuiir.sTrustci's i: Stvol IJros. & Co., (1901) 1 Cli. -.'79; 70 I,. .1. 
 
 Ch. .51 ; 49 W. 1!. 120 - - (i,51, (179, 949, 902, 9(>9, l'7;i, 1410 
 
 ]iovonpli ( 'oiiimcicial mid Uiiildiiij; 8or., (1H9.1) 2 ( 'li. 242 ; 02 I.. .1. 
 
 Ch. 4.50; 69 I,. T. 9li ; 41 \V. R. .{IJi. .i R. :i.i9 - 407, .51,5, ,5.51. 810 
 Hosr. ll.Wiam, I,. R. 2 Ex. 72 : 1.5 W. R. 2.59; 1.5 I,. T. 481 : .il! 
 
 1.. .1. Kx. 20; 4 II. & C. 642 ----- ;J49 
 lk)s;iiuiii.t, &c. i: St. .John dtd Rov (1897), 77 I,. T. 207 - 766, .St(4, 889 
 Hoschook rroprictiiiy (^>. .•. Kiike, (1906^ 1 Ch. 148; 91 I,. T. .•i98 : 
 
 J4 W. R. ;i.59 - - - -091,720.725,727,741,744 
 
 Bo.stoii licip.S(u Co. /•. AnscU. :!9 C. I). .■i:i9; .59 I.. T. ;!45 - '.17, .•i70, 
 
 442, 71 ■. 722, 7.12, 7.i;i 
 Boston -■. .ViiM-ll. .(9 c. It. .■i;{9 - - - . i:i.-,2. 1400 
 
 Bonch .-. Sproiilc, 12 A])p. Ciis. .185; ;{;i W. It. 621 ; .57 I.. T. .•i4.5 ; 
 
 .56 I,. .J. Ch. 10;{7 - - . . 4C)_ 7-,4 -(;- -f-g 
 
 Boiiltor .-. I'oplow. 9 V. li. 493 - - . . . ] (9 
 
 Bound ' . Uwremi', (1892) 1 U- R. 226 ; 61 I,. J. M. C. 21 ; 65 I,. T. 
 
 844 ; 40 \V. R. 1 : 56 J. 1'. 118 (C. A.) - - - - Kt^l 
 
 BoviU 1: Endle. (1896) 1 t'h. 648; 65 I,. J. Ch. 512; 44 W. R. 
 
 523 -----... i|;,3 
 
 Bowater and Sou.h i: Mirror of Life Co., 50 W. R. 381 - - .347 
 
 Bowen '•. Dofrios iV Co., (1904) 1 Ch. ;!7 ; 73 I,. J. Ch. 1 : 52 W. R. 
 
 ^J3 ------ - 618, 1124 
 
 Bowfn r. Hall, 6 Q. 1!. P. 339 ; 29 \V. R. .367 ; 44 I,. T. 75 ; 50 I,. .1. 
 
 Q. M. 305 ----... 144 
 
 Bowor '■. Marris, 1 Cr. & Ph. 351 ----- n92 
 BowcH. /,'., 33 C. I). 586 ---... 1194 
 Bowes •-. Shand. 2 App. t'as. 468 - - - - .-,95. 596 
 
 Bowles ,: Att.-Oen., (1912) 1 Ch. 123; Tinii's, December, 1911 - 104 
 Bowles -•. Mayer, 19 C. I!. X. .'«. 7(> - - - - l-.)47 
 
 Bowy.T .■. I'erey .'<upper Club. (1893) 2 H. li. 154; 69 I.. T. 447: 
 
 42 W. R. 29; 57.1. r. 470; 5 K. 472 - - - - .-,(J7 
 
 Boyle'.s Case, 3:i W. R. 4.50; 52 I.. T. .501 ; 54 I.. ,1. C)i. 550 - .54, 258 
 Jiiadford Assossment Committee /. White, (1898) 2 Q. li. fi:i0 - 107 
 
 Bradfoixl Itank v. Ilriggs, 12 App. Can. 29 ; 35 W. R. 521 ; 56 I,. T. 
 
 62 ; 56 L. J. Ch. .364 - - - 632, 650, (iJl, 662, 663, 664 
 
 Bradley -•. Carritt. (1903) A. C. 253 ; 72 I,. .1. K. U. 471 ; 88 1,. T. 
 
 6,33; 51 W. R. 636(11. I.., K.) - - - - -1239 
 
 Biadloy <■. Rhodesia Consolidated, (1910) 2 Ch. 95 - - - 1443 
 
 Bramah r. RobertM, 3 Ring. N. C. 963 ; 1 Scott, ;150 ; 3 I), 1'. C. ;{92 - 510 
 Biandao .■. Itarnett, 12 CI. & Fin. 787 - - . 1194^ 1195 
 
 Bnmksea Island Co. (No. 1), Hr, 1 Meg. C. R. 12 - - . 757 
 
 limy r. Kord, (1896) A. C. 44 ; 65 L. J. Q. 11. 213; 73 I,. T. 609; 
 
 12 T. I,. B. 119 .-,01, 7;j2. 7.3.3, 1400 
 
XXXVIU 
 
 TABLE OF CASES. 
 
 It- 
 
 r, r 
 
 lOO 
 
 Bra-Bri '»*" 
 
 Hraziliau Hiibl>or Plantations, (1911) 1 Ch. 4'25 - 127, 130, 134, 148. 
 152. 178. -I-lo. 231. 3'Jfi, 3(12. 044, 645. 710, 713, 714, 748. 788 
 Brazilian Siibinarino Telegraph Co.. Limited, /?«'. 63 L. T. 275; 39 
 
 W. li. ,-)5 "58 
 
 Hreav /•. Roval liritish Nurses' Ass., (1897) 2 Ch. 272: 66 L. J. <'h. 
 
 .W7 : 7(i I,. T. 7:t5 ; 46 W. I?. 86 ... - 469 
 
 Un-tt r. East In.li... &c. C... 2 H. & M. 404; 12 \V. R. .-.!I6: Id I.. T. 
 
 1.S7: 3N. R. 68,s - - - - - -HI 
 
 Hrirk ami Stcno Co.. /!>: W. N. (1878^ 140 : 22 S. .1. 625 - 691, 717. 
 
 737, 1098 
 
 lirickw(H)d /■. R.'vnoMs, (189K) 1 Q. H. 95; 77 I<. T. 456; 46 \V. R. 
 
 130 - ■ - 
 
 BiiJtrei's Cas R. 5 Ch. 305; 39 1,. J. Ch. 478 ; 22 I.. T. 737 ; 
 
 IM \V. R. 412 - 55 
 
 BriilfTcr ami NeiirrCasos( 1869), L. R '66 - - - 661 
 
 Hiidffewatoi- Xavif.'ation Co., (1891) 1 ( .2 Ch. 317 ; 64 I.. T. 
 
 576l,C. A.) - - - - - 755,784 
 
 Bridpuit liivworv Co., /!<■, 2 Ch. 191; .- \V. R. 291: 15 [.. T. 
 
 (H3 . ■ . - - - - - 692,722 
 
 Brigps, Er i.nrtf. 1 E<(. 4H;i ; 14 I.. T. .39 ; :i5 1.. J. Ch. 320 ; 12 .riir._ 
 
 ;J22 - - - - - - - ^"' '-^ 
 
 Brin's Oxygon Co., W. N. (1899) 44 . . - - 1315 
 
 Briusnicad (T. E.) & Sons. (1897) 1 Ch. 406: 66 T,. J. (^h. 290; 76 
 
 I.. T. 100; 4Mans. 70: 13T. 1-. R. 3 - - - - 602 
 
 Bristol Unitod Breweries .. Abbot, (1908) 1 Ch. 279; 98 I.. T. 22: 
 
 24 T. L. 11. 91 - - "15 
 
 BritanmaMillsCo.. W.N. (1888)103 - - - -1283 
 
 British and Amcriian Trustee. &c. Corporation v. Couper, (1894) 
 
 A. C. ;199; 63 T-. J. Ch. 425: 70 L. T. 882: 42 W. R. 632; 
 
 1 Manson, 256: 6 R. 652 (11. L.) - 30, 405, 482. 515, 6:17, 
 
 684, 731, 1117, 1119. 1256, 1259, 1260, 1305, 1495 
 
 British Asbostos <^o. ■•. Bovd, (liK)3) 2 Ch. 4.39 - 691, 728, 729, 
 
 730, 740, 744 
 
 Britisli Assoc, of Glass Bottle Manufacturers i\ Nettlefold, 27 
 
 T. I,. R. 527 26,116 
 
 British Building Stone Co., (1908) 2 Ch. 450; 99L.T.608; 77 L. J. 
 
 Ch. 752 I'*'" 
 
 British Burmah Co., W. N. (1887) 101; 56 I,. T. 815; 4 T. L. E. 
 
 (j31 . . . - - 190, 194, 195, 200, 213 
 
 British Columbian Exploitation and Gold Estates, W. N. (1899) 32 - 1388 
 British Empire Match Co., 39 L. T. 292 - - - 728, 740 
 
 British Equitable Assurance Co. i: Baily, (1906) a.. C. 35 ; 94 L. T. 
 
 1 : -22 T. li. R. 152 ... - - 639, HI 8 
 
 British and Fonign Cork Co. See l^ifchild's Case. 
 
 British Guiana Bank <•. British Guiana Ice Co., 104 L. T. 754 - 1192 
 
 British India Steam Navigation Co. v. f^lie, 17 T. L. K. 104 - 100 
 British I-and and Mortgage Co. of America, W. N. (1885) 205 - 1270 
 
 British Marine, &c. Co. v. Jenkins, (1900) 1 U. B. 299 - - "96 
 
 British Mutual Co. v. Chamwood Forest Bail. Co., 18 Q. B. D. 714 ; 
 
 33 W. R. 590 : 55 L. J. Q. B. 399 ; 36 L. .1. Q. B. 449 - 37, 41, 739 
 British National Life Assurance Association, Ex parte, 8 C. D. 679 ; 
 
 27 W. B. 88 ; 39 L. T. 136 ; 48 1.. J. Ch. 118 - 456, 465, oOT 
 
TABLE OF CASKS. 
 
 XXXIZ 
 
 Pidl 
 
 Bri— Bro 
 
 British SoainlesH Paper Hox Co., ffr. 17 (". D. 4(i7 ; 29 W. K. i>W; 
 
 44 I.. T. -IHS; ,j() L. J. Ph. 497 - i;!5, t)45, 8:i!>. 909, 1384, 1402 
 
 Mritixli .■'hiireCo., /Ji-. I,. T. -Jl,. ----- 701 
 liriti-h South Afri.a C. ,: ]),■ |!,...rs. (litlO' 2 Ch. Mi - M. ;i44 
 
 liriti^h Sugar l{ftinin<; To., /?-•, 3 K. & .1. 40S - - - f)!t2 
 
 I!riti-<h Vacuum Clianor Co. r. New Vacuum f'loancr Co., (1907) 
 
 ■-' Ch. ;tl2 ; 97 li. T. 201 ; 2:1 T. I,. K. .VS7 - - 4.51, 4d2 
 
 British Wa^'ou Co. /■. Gray, (189()) 1 (i. li. ;!.-i ; fij T-. .1. U. I!. 75; 
 
 7:{ I-. T. 49H; 44 \V. 1!. 118; 12 T. L. 1!. (H - - .•{0:5, 782 
 
 British Wafion Co. --. 1/a. a Q. B. D. 149 - - - - UOO 
 
 Briton, iVc. Co.. ao \V. H. 8():{ - . . . -1330 
 
 Briton Mwliial, 37 W. R. o2 : 39 C. It. 01 ; -,-, I,. J. Ch. 874 ; 59 
 
 I,. T. 134 - - - . 024. 090, 703, 1330, 1332 
 
 Briton Me.lical Co. r. Jones. 01 I,. T. 384 - - - 722. 744 
 
 Broad Street r.iiilflin',' Co.. /^, W. N. (18S7) 149 - - -1395 
 
 Bi-oiid r. Munton. 12 C. I). 131 - - - . 232,3.50 
 
 Broderip r. Salomon, (189.)) 2 Ch. 323 ; 43 W. 1!. 012 (C. A.) - 27, 96, 
 
 940. 942 
 Bromley r. Holland, 7 Ves. 'JK - - - - - 11,58 
 
 Brooke. W', Oi I,. I. Ch. 27 - ----- ;j40 
 
 Brookes r. llaiiHen, (1900) 2 Ch. 129; 94 I.. T. 72s ; 54 W. R. 502 - 
 
 170. 254 
 Brooks. Jenkins & Co. v. Mayor of Torquay, (1902) 1 K. B. 601 ; 85 
 
 I,. T. 7W; 00 J. 1'. 293 - - - - - 512 
 
 Broome i: Speak. (1903) 1 Ch. 5,tO : 72 L. J. Ch. 251 ; 88 L. T. 580; 
 
 51 W. H. 258 (C. A.) - - - 211,215,227,228,229 
 
 Broughton Coal Co. v. Kirkpatrick, 14 (t. B. I). 491 - 100. 103 
 
 Brown's Caw. 9 Ch. 102 ; 22 W. R. 171 ; 29 1,. T. 502 : 43 L. J. Ch. 
 
 153 .----. 719, 720, 721 
 
 Brown- Bayley's Steel Works, 21 T. L. R. 375 - - - 1338 
 
 Brown & Co. r. Brown, 35 L. T. 54 ; 30 L. T. 272 - - 364, 381 
 
 Rrown V. Croft. 6 C. & P. 16 - - - - - 442 
 
 Brown r. Dale, 9 C. D. 78 - - - - - - 112 
 
 Brown v. Haig, W. N. (1905) 120; 74 I.. J. Ch. 591 ; 93 1,. T 99 - 1302 
 Brown i: \,. & N. W. Rail. Co., 4 I!. & S. 320 - - - 86 
 
 Brown r. Rotherham Assessment Committee, 83 L, T. 193 - - 106 
 
 Brown, Shipley & Co. r. Commissioners of Inland Revenue, (1895) 
 
 2 U. B. 598 ; 66 L. J. M. C. 241 ; 73 1.. T. 377 ; 14 R. 661 - 106, 
 
 1215 
 Brown and 'fucker's Cases, 41 L. J. Ch. 157 - - - 50 
 
 Browne r. FurUido, (1903) I K. B. 723; 88 I,. T. 309; 07 J. P. 
 
 161 ----.-.. 106 
 
 Browne r. F-a Trinidad Co., 37 C. 1). 1 ; 36 W. R. 289; 57 1,. J. Ch. 
 
 292; 58 I.. T. 137 - - . 147, 148. 441, 6.13, 6.35, 090, 
 
 736, 740, 741, 1405 
 Browne »'. liockhart, 10 Sim. 4'20 - - - - -1193 
 
 Brownfield's Guilds Pottery See., \V. N. (1898) 80 - - -1499 
 
 Browning v. Great Central Mining Co., 5 H. & N. 856 ; 29 L. J. Kx, 
 
 399 ------ - 3.(4, 441 
 
 Brownhe /•. Campbell. 5 App. Cas. 950 - - 190. 206, 240 
 
 Brownlie, Petitioner (Scottish Heritage Co.) (1898), 6 8. L. T. 
 
 326 -------- 62 
 
TABLE OF CASES. 
 
 I 
 
 Bru-But ''*'^*' 
 
 linn o <•. Hunter, 3 Camp. 407 - - - - -1193 
 
 BniiiiT '•. Mociic, -20 T. I.. R. VIo o2 
 
 Hriiner v. Moore, (1!HM) 1 Ch. UOJ ; 73 I.. J. Ch. :J77 ; »9 L. T. 738; 
 
 :>i W. 1{. 'J'JJ - - - - - - •'-• •"-• "**" 
 
 bniiiswick, &c. Co. ''. MuKgeridgo, 1 Dr. & Sm. ;i83 - - IHJ 
 
 Brussels I'lilace, &c. v. PnK.-kter, 13 T. h. R. 72 - - 294, 297 
 
 Bruttonand liurnev. Limited, lie. (1901) 1 Ch. 037; 70 L. J. Ch. 
 
 309; Hi I.. T. l"30; 49 W. 1{. 360 (C. A.) - - - 1421 
 
 Brvaut .-. liaiKiuodu reuplo, (1M93J A. C. 170; 02 L. J. P. C. 6H; 
 " tiS L. T. 34H; 41 W. R. «(«); 1 U. 3;j(i(ll. I,.) - (iHfi, 1157, 1159 
 
 - 1099 
 173, J09 
 
 - 678 
 
 - 1460 
 
 - (iSO 
 
 - 1J06 
 
 - 63 
 76 
 734, 829 
 
 - 768 
 
 - 1298 
 
 - jlO 
 
 Brjnmawr Coal Co., W. N. (1877) 45 
 
 l!ry.>ii r. Metropolitan, &c. Omuibus Co.. 3 Do G. & J. 123 - 
 I'.uihan'B Case, 4 App. Cas. 580 . - - - 
 
 Buckland i . Papillou, 2 Ch. (i7 - - - - 
 
 Buddeu ,: Roberts, 12 C. D. 288 . - - - 
 
 But'uos Ayres Water Co., 66 D. T. 408 . . - 
 
 Burs' .s Case, 2 Dr. & Sin. 4.59 - - - - 
 
 Bulawayo Market Co., (1907) 2 Ch. 458; 23 T. I,. R. 714; 
 
 L. J. »'h. 073 ------ 
 
 Bulkeley '■. Stephens, (1896) 2 Ch. 241 
 
 Bull Hotel Company, liimited, 27 S. J, 134 
 
 Bull >•. Morrell, 12 Ad. & E. 745 - - - - 
 
 Bullock i: Jxjndon Vr. O. Co., (1907) 1 K. li. 264 ; 95 1.. T. 905 ; 23 
 
 T. L. R. 62 
 
 Bultfontein Sun, &c. Mine, 12 T. L. R. 461 
 
 Burihell I'. Wilde, (1900) 1 Ch. 551 - 
 
 Burdott-Coutts r. True Blue (Hanuan's) Gold Mine, (1899) 2 Ch. 
 
 616- 68 I,. J. Ch. 692: 81 L T. 29; 48 W. R. 1 (C. A.) - 1440, 
 
 1444, 1457 
 
 Burdetti'. Standard Exploration Co., 16 T. L. R. 112 - 634,653 
 
 Burfiess's Case, 15 C. D. 307 ; 28 W. R. 792; 43 L. T. 45; 49 I>. J. 
 
 Ch. 541 - 
 Burke c. Amalttamated Society of Dyers, (1906) 2 K. It. 583; 75 
 
 L. J. K. B. 533 
 
 Burkinshaw i: NichoUs, 3 App. ( as. 1(K)4 ; 2(i W. R. 819; ,39 I>. T. 
 
 ;i08; 48 L. J. Ch. 179 . - - - 42,1140,1141 
 
 Burland -•. Earlo, 85 L. T. 553 (P. C. 1901) ; (1902) A. C. 83 - 29, 
 
 75, 137, 588, 633, 640, 703, 712, 715, 724, 7.34, 754, 
 
 755, 766, . 14, 86!;, 1355, 1358, 1360 
 
 Burn V. London 4 S. Wales Coal Co., W N. (1890) 209; 7 T. I,. R. 
 
 118 771,772 
 
 Bume.s .-. PounoU, 2 H. L. Cm. 497 ; 13 Jur, 897 - 668, 766, 857, 872, 873 
 Burnley Equitable Society v. Casson, (I'.'li) 1 Q. B. 73; 60 L. J. 
 
 M. C. 59 ; 63 L. T. 632 ; 39 W. R. 124 ; 55 J. P. 166 - - .36 
 
 Bunows V. Matabele Gold Reefs, (1901) 2 Ch. 23 ; 70 D. J. Ch. 434 ; 
 
 84 L. T. 478 ; 49 W. R. 428 (C. A.) - - 13, 280, 284, 1450 
 
 Burton -•. Bevan, (1908) 2 Ch. 240 ; 99 D. T. 342 ; 15 Mans. 272 - 11. 13, 
 
 18, 19, 22, 23, 69, 258, 261, 648, 1072 
 
 Burton r. Gray, 8 Ch. 932 1186 
 
 Burton r. St. Gilea-in-the-Fields, (1901) 1 K. B. 630 - 106, 109 
 
 Bury 1'. Famatina Co., (1909) 1 Ch. 764 - - - 63, 466 
 
 Bush's Case, 6 Ch. 246 ; 19 W. R. 393; 24 L. T. 1 ; 40 L. J. Ch. 205 - 672 
 Bute's Case, 13 E<i. 366; (1892) 2 Ch. 101 - - - 48,714 
 
 1378 
 290, 294 
 - 453 
 
 199 
 115 
 
TABLE OF CASES. 
 
 xH 
 
 But— Can tum 
 
 liiitlcr r. Miinchester and Shoffipld Kail., Jl Q. li. D. 2(»7 - - ;J8 
 
 liutlcv r. Northern Tcnitorios Minex. !»H 1,. T. 41 ; 23 T. L. R. ITil - 
 
 170, fiOl 
 llvnio r. Viin Tionhovon, J C. V. I). ;}44 - - - 4«, 2.iS 
 
 , (iMit9) 1 a 
 
 W. R. 1-JL' : 
 
 174, •J27. 22M 
 
 22!i 
 
 , -IM 
 
 - 
 
 - 
 
 lUi 
 
 1>3 W. R, 40S 
 
 •<i 
 
 1411 
 
 - 
 
 - 
 
 (>u2 
 
 1!. (i43; tiS 1.. J. 
 
 H Asp. M. ('. 51« 
 
 12(1.'), 12(17, 
 
 I'JtW 
 
 Ciiekott i: Keswick, (1902) 2 (.'h. 4.)(i ; (1901), .")0 W. K. 10 ; «j 1.. T. 
 
 14 ----- " " 
 
 Cadf /•. Daly, [1910) Ir. R. UO(i 
 Cudiz Waterworks Co. '•. Itarnott, 19 E(|. 1S2; 
 
 I-. T. 040; 44 L. J. Vh. ,->29 
 I'udogau, &v. Co., W. X. (ISMi) 91 - 
 Cahn c. Pockott'a Itristol, &c. Co. 
 
 (i. H. jlj; 80 I,. T. 209; 47 
 
 (C.A.) - - 
 
 Caledonian Railway Co. r. Solway Junction, 49 L. T. 520 ; :i2 W. li. 
 
 I(i4 ; 2.1 W. R. Iu4 - 
 Calpiry -■. lldmonton Umd Co., oO S. J. 120 : (1900) 1 Ch. 141 
 
 l;«>4, 
 Calluo Urn Co., /.'., 42 C. Div. 109 ; oS I.. J. Ch. 826 ; fil 1,. T. i5;t4 ; 
 
 ;}8 W. R. 21 ; 1 Mef<. 201 ; W. N. (1900) 44 - 
 Callao His Miniuj; Co. o. Ronaldson. \V. N. (18K7) 170 
 Cullanl .-. Tayloi, 3 T. I,. R. 698 - 
 Callo c. Mrounclear, 4 C. & 1'. jl8 - 
 Caloric Engine Co., /iV, 52 Ij. T. 84() 
 Calthorpo c. Trechmanu and Macl.oay 
 
 I.. T. 68 ; o4 W. R. 305 
 Calthrop, B ■■' Ch. 252 - - - - 
 
 Calton II. 1 „', 15 East, 223 ... - 
 
 Cl.^.v I. utordon, 3 Man. & Ry. 124 
 
 Cambeford v. Chapman, 19 U. li. I). 229 - - . 
 
 Camberwell Assessment Committei" r. Ellis, (1900) A. C. 510 
 
 L. J. (J. R. 828 ; 83 L. T. 201 (II. L., E.) ; affimiinK 48 W. R 
 
 162 (C. A.); 10 T. L. R. 504; i,'l9(K)) 1 Q. U. 68 
 Cambrian Co., /le, 48 h. T. 114 
 Cambrian, &c. Co., W. N. (1875) 0; 31 1,. T. 773; 23 W. R. 
 
 405 ---..- (i98, 708, 1095, 
 
 CammoU, /■> piirte (l"rinting Telegraph, &c. Co. of Agonce Ilava.s), 
 
 (1894) 2 Ch. 392; 63 L. J. Ch. 536; 70 E. T. 705; 1 Maiison, 
 
 274 ; 7 R. 191 (C. A,) - - . - 083,719,720 
 
 Campbell's Cas.', 9 Ch. 1 ; 22 W. R. 113; 29 L. T. 519 ; 43 E. J. 
 
 512 
 
 1305 
 
 Tail, (1906) A. C. 24 : 
 
 51, 
 
 1461 
 
 - 
 
 1461 
 
 - 
 
 368 
 
 - 
 
 442 
 
 - 
 
 699 
 
 94 
 
 
 227 
 
 . 230 
 
 - 
 
 751 
 
 - 
 
 IlWl 
 
 - 
 
 1246 
 
 - 
 
 1250 
 
 69 
 
 
 R. 
 
 
 - 
 
 108 
 
 - 
 
 1452 
 
 1096 
 
 723 
 
 Ch. 1 
 
 78, 240, 694, 1048, 1097, 
 
 Campbell's Case, 4 C. D. 470 ; 25 W. R. 299 ; 35 E. T. 900 - 
 Campbell r. E'leming, 1 A. & B. 40 - 
 
 Campbell v. Maund, 5 A. & E. 865; 1 N. & P. 558; 2 H. * 
 457 ------ - 
 
 Cann r. WiUson, 39 C. D. 39 .... 
 
 Oauuing Jarruh Timber Co., (1900) 1 Ch. 7tt8 
 Cannock v. Edwards, (1896) 2 Ch. 679 - 
 
 Cannon v. Trask, 20 Eq. 669 ; 44 L. J. Ch. 772 
 
 103, 
 
 1104 
 
 - 
 
 687 
 
 - 
 
 201 
 
 W. 
 
 
 700 
 
 . 701 
 
 - 
 
 213 
 
 - 
 
 1503 
 
 - 
 
 112 
 
 i6«i. 
 
 i4(m 
 
zlii 
 
 TABLE OF CAOES. 
 
 i'l 
 
 Cap— Oat 
 
 Cape lireton Co., Rr, 29 0. I). 795; 3.i W. H. 788; 33 L. T. 181 ; 
 
 .M I,. .1. rh. H-2-i (f. A.) ; 12 App. Cus. e52 (II. L.) - 133, 137. 
 
 713, 732, 1247 
 
 Capel i: Ilutler, 2 S. & 8. 437 1247 
 
 Capcl i: Sims" Ships' Composition Co., W. N. (1888) 97 ; 57 L. J. 
 
 Vh. 713; 3(i W. It. G89; 58 L. T. 807 - 153, 183, 191, 192, 228 
 
 Capital und Counties Hank (The) v. Tho Governor and Company of 
 
 the Uank of England, 61 L. T. 31(i - - . - 
 
 Capital Fire Insuranoo Association, te, 24 C D. 408; 32 W. K. 2(H); 
 
 49 1,. T. t>97 ; 53 L. J. Ch. 71 - 
 Capper's Case, 3 Ch. 458 - - - - 45, 57, 072 
 
 Caratal New Mines, Ltd., (1902) 2 Ch. 498; 71 Ti. J. Ch. 883; 87 
 
 953 
 
 771 
 
 I,. T. 437 ; 50 W. R. 
 Cardiff Workmen's I'ottago, (1900) 2 Ch. 027 
 T. L. H. 7!«» - - - - 
 
 700, 1100 
 
 95 !i. T. 069; 22 
 
 017 
 43 
 
 788 
 
 Carez, J{>, Rep. I'at. Cas. 532 - - - - - 
 
 Cargill r. Hower, 10 C. I). .502 - - - 203, 714 
 
 Caridad Copper Mining Co. c. Swallow, (1902) 2 K. li. 44 ; 71 I.. J. 
 
 K. li. iOl; 86 T,. T. 099; 30 W. R. 505 - - - 7:'i 
 
 Carlill r. ( arbolic, &c. Co., (1893) 1 U- H- 250 ; 02 L. J. Q. B. 257 : 67 
 
 L. T. 837 ; 41 W. H. 210; 57 J. P. 325 : 4 R. 176 - 51, 290, :{38, 1182 
 Carling's Ca>e, 1 C. D. 115 ; 24 W. B. 165 ; 33 L. T. 645 ; 45 L. J. 
 
 Ch. 5 - - - - - - 68, 722, 733, 1352 
 
 Carliug r. Ix)ndon and l^eeds Liunk. 3(i L. J. Ch. 321 ; 56 \i. T. 115 ; 
 
 35W. R. 344 .... - 191, 19.>, 199, 205 
 
 Carhsh v. Salt, (1906) 1 Ch. 335 - . - - - 331 
 
 Carmichael, Ex jxirte, lie Ilannau's Empress, &c. Co., (1896) 2 Ch. 
 
 643; 65 L. J. Ch. 902 ; 73 L. T. 43 - - 292, 293, 29» 
 
 Carpenter <•. Patent lioat Co., 1 Meg. C. R. 26 - - - 1338 
 
 Carriage Co.operative Association, 27 C. D. 322 - - 714, 841 
 
 Carriage Sujiply Association, 27 C. 1), 322 ... 715, 722 
 
 Carter >: Rigby, (1896) 2 Q. B. 113; 65 L. J. Q. B. 537 ; 74 h. T. 
 
 744 ; 44 W. R. 566 ; 60 J. P. 581 (C. A.) - - - 1347 
 
 Carter v. St. Mary Abbott's Vestry, (1900) 64 J. P. 548 - . 204 
 
 Carter r. Wake, 4 C. U. 605 - - - - -1188 
 
 Carter f. White, 25 C. D. 666 - - 292, 298, 708, 1138, 124. 
 
 Cartmell's Case, !i Ch. 691 . - - - - 37, 739, 833 
 
 Cartwright v. Sculcoates Union, (1900) A. C. 150; 69 L. J. Q. 13. 
 
 403 ; 82 L. T. 157 : 48 W. R. 394 ; 64 J. P. 229 (II. I-., E.) - 108 
 Cams. Wilson, He, 18 Q. 1' D.I: 56 L. J. Q. B. 530 ; 55 L. T. 864 ; 
 
 35 W. R. 43 - - - - - - . 349 
 
 Cary.Elwes Contract, He, (1906) 2 Ch. 143 ; 94 L. T. 845 ; 54 W. K. 
 
 480 . . - . . - - .694 
 
 Casey e. Bentley, (1902) 1 I. B. 376- . - - - 66ft 
 
 Cash (J. & J.), Ltd. v. Cash. Times, May '26, 1900; 82 !i. T. 655 ; 
 
 86L. T. 211 . - . - . . .451 
 
 Clastcll and Brown. Ltd., Re, (1898) 1 Ch. 315 ; 78 L. T. 109 ; 46 W. H. 
 
 248 . . . . . . - - 401 
 
 CasteUain .'. Preston, 11 a R. D. 380 . . . .361 
 
 Castelli c. Middleton(1901), 17T. L. R. 373 . - .358 
 
 Castlehow, He, (1903) 1 Ch. 352 - - - - . 911 
 
 Catt V. Tourle, 4 Ch. App. 655 ; 38 L. J. Ch. 663 ; 21 L. T. 188 . 339, 441 
 Cattewater Harbour v. Plympton Union, 63 J. P. 297 - - 106 
 
TABLE OF CABK8. 
 
 xliii 
 
 \o L. 
 
 Cst-Oit MM 
 
 Cattle.'. Thorpe. W. N. (1U0O)h;J .V'S 
 
 f'avei'. t'ave, isr. D. «i:f9'- ... - 111, lO'il 
 
 Cavondi-h i». (rrcaves, 24 Heav. IfiJi- .... 123.> 
 
 CawUn- & Co.. 4i C. I). 209; .>N li. J. Ch. ti:i;t ; <!1 L. T. tiol : .tT 
 
 \V. H. H!t2; 1 Meg. 'lol - <>.">■'>, tiOi, (iiH!, ml, liT.i, "2'.', lUtW 
 
 Central De Kaap Gold Milieu, W. N. (1N99) 216; 69 I-. J. Ch. 18; 
 
 7 Minis. «2 ------ - 72« 
 
 Coiitial Klondyke Qold Co., Thomson's Case, o Mans. 282 - - 199 
 
 Ceiitnil Kail. ("«.. of Vonozuola r. Kisch. I.. R. 2 II. L. 9!»: 1.5 W. U. 
 
 821 ; 16 I,. T. o(M); Mi L. .J. Ch. 849 - T;t, ISj, UIO, l!i:f, 106, 
 
 197, 198, 200. 2:i!l, 240 
 Cerclo IJi'stauraiit v. Ijivnny, 18 Ch. I). o57 . . - HU 
 
 Cesicna Sulphur Co. i: Nicholson, 1 K.\. D. 428 (1876) - - 93 
 
 Coylon I-ind and Produco Co., 7 T. I,, li. <>92 - - - 672 
 
 Chuc 'Paraguay) Ijind Co.. \V. N. (1901) 124 - - - l;W7 
 
 Child k V. Uritish Honth Africa Co., (1896) 2 (i. B. l,j:J; 6i 1,. J. 
 
 (. !. 6:i,j ; 74 I,. T. 7.W ; 44 W. U. ()J8 (('. .\.) 
 Chaiiitierlain \Miarf y. Smith. (1!K)2) 2 Ch. 60.i ; 69 1.. J. <h. 7s;t; 
 
 Ki I.. T. 238 ; 49 W. 1{. 91 (C. A.) - - - - 
 
 Chambers c. Manchester and Milt'ord Bail., o ]i. & S. 588 - 
 Chapleo r. Brunswick. &c. Soiictv, 6(1. B. D. 696; 29 W. I{. J29 
 
 44 L. T. 449; 50 L. J. Q. B. 372 - - 687. 710. 1198, 
 
 Chapman's Case, 1 Eq. 346 ; 12 Jur. N. S. 44 
 Chapman and Barker's Case. 3 Eq. 361 ; 13 W. R. 334 ; 
 
 528 ----- - 
 
 Chapman i\ Sraethurst, (1909) 1 K. B. 727 - 
 Charitable (^ri)oration i: Sutton, 2 Atk. 405 
 Charles Deuham & Co., 32 W. R. 920; 53 L. J. Ch. 1113 
 
 570 : 25 ('. D. 7.i2 ... - 714,788,873, 
 
 Charlesworth r. Mills, (1892) A. (\ 231 : 25 Q. B. D. 425 - 
 Chase V. Box, Freem. Rep. 261 ..... 
 Chaytor, fie, W. N. (1904) 195: (1905) 1 Ch.233; 74 L.J. Ch. 106; 
 
 92 I-. T. 290 ; 53 AV. R. 251 - 
 Chesterfield and Boythorpe Co. v. Black, 26 W. K. 207 
 Chesterfield Brewery Co. v. Inland Revenue, (1899) 2 Q. It. 
 
 L. J. Q. 15. 204 ; 79 L. T. 559; 47 W. R. 329 - 
 Chida Mines, Ltd. v. Anderson. 22 T. I,. R. 27 
 ChiUington Iron Co., fie, 29 C. D. 159 ; 33 W. R. 442 ; 52 1,. " 
 
 54 h. J. Ch. 624 701, 
 
 Chivers, S., & Sons v. S. Chivers & Sons, Ltd., 17 R. 1". C. 420 
 
 Churchward v. The Queen, L. R. 1 Q. B. 173 
 
 Citizens* Bank v. First National Bank, L. R. 6 II. L. 360; 43 L. J. 
 
 Ch. 269 ; 22 W. H. 194 
 
 Citizens' Life Ass. Co. c. Brown, (19i)4) A. C. 423; 73 L. J. P. C. 
 102 ; 90 L. T. 739 ; 53 W. H. 176 ; 20 T. L. R. 497 (P. C.) 
 
 41. 
 
 City Bank Case, 3 D. F. & J. 629 - 
 
 City Bank, Kx jmrte, 3 Ch. 758 ; 16 W. R. 919 ; 18 L. T. 457 
 
 City and County Investment Co., Rf. 13 C. P. 475; 28 W. R. 933; 
 
 42 L. T. 303 - - - - 1440, 1446, 1447, 1487 
 
 City Discount Co. v. McLean, L. R. 9 C. P. 692 - - 1191, 1192 
 
 City Ijinds Investment Corporation, W. N. (1897) 162 - - 1337 
 
 City of London Brewery Co, i;. Pennant, 9 Ch. 212, 216 - - 3S 
 
 - 1363 
 
 117 
 1155 
 
 1199 
 144 
 ,T. 
 63, 652 
 
 - 334 
 
 711,713, 714 
 
 51 L. T. 
 
 1401 
 
 i;l6 
 
 1190 
 
 919 
 145, 732 
 : 68 
 
 341, 1477 
 667, 75» 
 -.04 ; 
 
 855 
 450 
 443 
 
 188 
 
 .38, 
 , 546 
 1194 
 
Hir 
 
 xHv 
 
 TABLE or OASES. 
 
 Oit— Ool PiU 
 
 rify »f I/mdnn Kloctric Ijghtin); ( 'o. i\ Mayor of lionilon, (UK):)) 
 A. r. r.H; TJ I.. J. fh. 7;i7; 81» I,. T. aiO; .-.2 W. U. l.W: 07 
 
 J. I'. 4.17 til. 1... K.) :;n 
 
 Oit.v iif Mii'H.dw Ous Co. r. Intpnmtioiml Finuncial Socirtv, 7 t'h. 
 
 tl I.. J. 
 
 • /Kirtf, 
 
 I 'h, 
 Clark, h'r /Hirtr, 7 Ki|. 
 Clurk * Co. (liMI), S. 
 
 ■•l.»(i: -M I,. T. :177 : L'<l \V. 1!. am 
 .Mt», L'd I,. T. 774: ;i.S 1,. J. Ch. MI 
 
 c. 'r.i. ct. of s... 
 
 '•. ISurlfv, 41 C. 1). 4'.'.! 
 
 '■. Clurki'. W. N. (I Sit!)) l:m - 
 
 '•. IHiksoii. K. H. & K. I4H - 
 
 .■. Hurt, li II. I,, c. (iaa 
 
 '•. ll.'iity. a Y. & c. ^'Ex.; is; 
 
 i: Iiiiii.riiil (las, &e. Co., 4 It. & \i\. 
 
 - I4lti 
 
 - 44a 
 
 70(t. lOlCJ. 1110 
 
 - 1247 
 
 - !a84 
 
 - 17 
 
 - (i,»S 
 
 - 1247 
 
 - 8;) 
 
 Cliirk.' 
 Cl.irko 
 
 Clillkr 
 
 Clarkr 
 
 Clurkp 
 
 Cliirko r. Iiiiiiiriiil (las, &e. Co., 4 It. & \i\. ai.) 
 
 Clarkt' i: IjiikIoii and County Hunk, (ISitT) 1 «i. It. .').i2 ; (Mi I,. .1. 
 
 H. It. .t.u: 70 I,. T, 2ita: 4j W. K, .iK.i . . . hot 
 
 Clarke ••. SiinhufRt l^olil Co., 12 T. L. 1!. 411 - - -1401 
 
 Cliiy r. Crofts, 20 I,. J. Kx. aOl - . . . . .i.is 
 
 Clay i: liiillonl. ,") !).• O. & S. 7tiS ; M Huro, 2SI : li» L. ,1. Ch. 2U j ; 
 
 14 .lur. NOa - - - . - - . ,)11 
 
 Claytou'H Case (Devnynes .■. Xobli'), 1 Mi'r. ''^'>\ TiulorV I,. <'. 
 
 Mi-ri', ard «d. 1 , i.j - - - - - IHM 
 
 Clayton r. I,w(h, 41 C. D. loa - . . . . 
 
 Cli'Sj; I- lIiiudH, 44 C, I>. 50a - - - . . 
 
 Ckfjf,' i: Rowland, a K<i. ai8 
 
 Cliriciil Medical. Ac. Co. i: Carter, 22 (i. It. D. 411 
 Clergy Oi-})han Corporation, (1H94) 3 Ch. 143 
 
 Cleveland Iron Co.. 15 W. R. i)5 - - - . . 
 
 Clirtonl (liord de), (liMK)) 2 Ch. 707 - 
 Clinun <•, ( '<K)k, 1 8. & li. 40 
 Clinch c, Finuncial Corporation, .» K([. 4H1 ; 4 Ch. 11^ 
 
 \ill ; M I,. ,r. Ch. 281 - 472, 694, 695, 848, 1097, 
 
 1192 
 
 - .151 
 
 - a59 
 
 - ti79 
 
 - 102 
 
 - 190 
 
 - 200 
 715, 1402 
 
 - 1185 
 ; IS ],. T. 
 laOO, 1408, 14a», 
 
 1443, 1445, 1487 
 
 - 147 
 
 ClintonV Cluiin, (1908) 2 Ch. 515 - 
 
 (lough .-. L. & N. W. Railway, I,, il. 7 Kx. 30 
 
 Coalj)crt China Co.. Jtf. (1895; 2 Ch. 404 
 
 Coiusters, (1911) I Ch. 80; loal,. T. 0.32 - - . . 
 
 Coates r. Coate8, 33 Heav. 249 - - - . . 
 
 Coates V. Ixindon, Sc. Ruil. Co., 41 L. T. 553 ; 44 J. P. 154 
 
 CoatH, Limited r. Chadwick, limited, (1894) 1 Ch. 347 ; 03 1-. J. Ch. 
 
 328; 70 L. T. 228: 42 W. R. 328; 8 R. 159 - 
 Coats, J. . f,t<l. tl. t 'onnnissionoro of Inland Revenue, (1897) 2 O. H. 
 
 423 - - - - . . . 
 
 Coats, J. 1'., I,td. i: CrosMland, 20 T. I,. R. 800 
 
 Cobb r. Bocke, (i, H. 9,36 ----- 
 
 CotkwV Case, 3 t . I). II; ;{5 L. T. 290; 45 1,. J. Ch. 822 - 
 
 Cohen, «r. (1!I05) 2 K. It. 704; W. N. (1905) 138 - 
 
 Coker, A'.r imrtt; 10 Ch. 052 ----- 
 
 Coll! f. North Western Hunk, L. R. 10 C. P. 309 - 
 
 Coleman .'. Rucks, &c. Bank, (1897) 2 Ch. 243; 00 L. J, Ch. 564; 
 
 7U L. T. 084 ; 45 \V. R. 610 - 
 Cules c. Bank of England, 10 Adolph. & Ellis, 437 - 
 Collen r. Wright, 7 E. & B. 301 ; 8 E. & B. 047 
 
 - 201 
 047. 071 
 
 - 072 
 
 - 1247 
 1141 
 
 43 
 
 15, 
 
 1478 
 1352 
 
 - 743 
 
 - 1.329 
 
 - 080 
 207, 222 
 
 1208, 1212 
 
 1192 
 - 075 
 334, 335, 087, 
 710, 711 
 
TABLE OF CA8E8. 
 
 
 Col— Con 
 
 Collio's ( 'Inini, 12 E<i. W8 : 19 \V. It. 1(»21' ; '25 I,. T. .VJb: 40 I,. J. 
 
 Oil. .)ti7 - - - - - - - 744 
 
 Collin r. ThompHon's TruHtt-flH, 4 Miicq. 424 - - - 713 
 
 Collins -■. Harkor, (IHit.)) 1 Ch. •)78 ; »i2 I-.. I. Ch. :Uii: «« K. T. j72, 
 
 41 W. R. 442; ;) 1{. 2:t7 . . . - - ii7S» 
 
 Collinn r. Ilinninifhiim HrcworirH, 13 I.. T. R. 1M<I - . - ,"i8(i 
 
 Collins,-. llrown(lNJ7), .IK. &. I. 42.'i - . - - 43;» 
 
 Collins c. Collinx, 2<i IWuv. .-KWi ; 7 W. R. 115; .T2 I.. T. 2.(3; 2H 
 
 I,. .1. Ch. 1N4 : .-I .lur. N. S. ;10 :J4lt 
 
 CriUinn ,-. f,(ick(', 4 .V]!]). CiiH. <>74 ----- 117 
 Colli«>n -'. Wairon, (liH)l) 1 Ch. 812; 7ll I.. .1. fh. ;tM2 ; H4 1,. T. 
 
 482 (C. A.) ------ - I3T3 
 
 Colman <•. K. C. R«il. Co., 10 IWav. 1 ; 8 I,. T. (». S. ,j;«); Ifi 1,. J. 
 
 (N. S.) Ch. 73; 11 .lur. 74 : 4 Ry. Ca». J13 - - 4-.!t, 4(i5 
 
 (^hner, l,t.l. (James), (1897) 1 Ch. 524 - - <i30, 1102, 1118 
 
 Colonial liank r. Cady and Williams, 13 .Vpp. Ciis, 2(i7 ; (i3 I,. T. 
 
 27; :)!» W. K. 17 "TO 
 
 Colonial I'.aiik .•. Whinney, 11 App. (as. 430; 34 W. R. 703; 35 
 
 I,. T. 3»i3; 3(i 1,. J. Ch. 43; 3 M. It. R. 207 - 651, 1142, 1U3 
 
 Colonial Lifti .\ssurancK Co. r. The Homo anil I'olonial AsKuranco 
 
 Co.. Limited, 33 IWv. .V»8 ; 12 W. R. 783; 10 T,. T. 448; 33 
 
 ].. J. Ch. 741 432 
 
 Colquhoun <•. ItnHiks (18Sil), 14 Ai)p. Cas. 493, 310 - - !»3, 97 
 
 Coltmnn c. Coltman, 19 C. I>. 65 ----- 46* 
 Coltness Iron Vo. v. Hlaok, 6 App, Cas. 329; 29 W. R. 717; 43 
 
 I,. T. 143; 40 J. P. 20 - - - - UK), 103, 881 
 
 Columbian Firoprooflns Co., (1910) 2 Ch. 120 - - - 616 
 
 Combo c. Woidfo, 1 M. & S. 241 ; 8 Bin};. 156 - - - 1247 
 
 Commercial Bank of Tasmania i'. Jones, (1893) A. C. 313; 62 1j. J. 
 
 I'. C. 104; 68 I,. T. 776; 37 J. P. <i44 ; 1 R. 367 - - 1247 
 
 Commissioners of Income Tax r. I'enisel, (1891) A. C. 331 ; 55.1. P. 
 
 803; 61 I,. J. (I. H. 265; 63 1,. T. 621 - - - - 103. 
 
 Commissioners of Inland Revenue i: Angus, 23 Q. 1!. 1). 579 : 38 
 
 \V. H. 3 !>37, 1464 
 
 Common Petroleum Ensiue I o., (1895) 2 Ch. 739 ; 63 L. J. Ch. 70 ; 
 
 73 h. T. 338 ; 2 Munson, 398 ; 13 R. 840 - - - (W 
 
 Compat^io QeneraleTransatlantique, (1899) A. C. 431 - - 1311 
 
 Compania Sansiuena r. Houlder, (1910) 2 K. 1!. 334; 79 h. J. 
 
 K. li. 1094 ; 103 I,. T. 333 (C. A.) . - - - 1349 
 
 Components Tube Co. v. Naylor, (1900) 2 I. E. 1 - - 186, 192 
 
 Concessions Trust, ^1896) 2 Ch. 737 - - - - - 676 
 
 Connolly Hros., (1911) 1 Ch. 731 1419 
 
 Conquest's Case, 1 C. Div. 334 : 43 L. J. Ch. 336 ; 33 L. T. 7(>2 - 
 
 311, 1448 
 
 Cousett Iron Co., (1901) 1 Ch. 236 ; 70 L. J. Ch. 198 ; 84 h. T. 258 - 
 
 loll* lollfi 
 
 Consolidated Telephone Co., 33 W. E. 408 - - - -1271 
 
 Consort Deep U-vel Gold Minw, (1897) 1 Ch. 573; fit! T.. J. Ch. 
 
 122 ; -iC L. T. 300 ; 45 W. E. 227 - 275, 289, 290, 293, 297, 
 
 303, 1311, 1312, 1313, 1389 
 
xlvi 
 
 TABLE OP CASES. 
 
 
 i' 
 
 
 ' 
 
 ; l 
 
 1 " ,: 
 
 n 
 
 \l 
 
 H 
 
 i ': \ 
 
 :■ i . .1 
 
 1 * ■! 
 
 i 
 
 
 Oon-Oou ,4„ 
 
 Coiitiiioiitil Union flan Co., 7 T. I,. B. 4!W - - . . (139 
 
 Cook I'. North Metropolitan t^o., H ti. 11. I). ti8.') - . 1021 
 
 «'<".k r. Waril, 'J C. I'. I>. W3 - . . . . 74.3 
 
 <'(M.kf p. Midland G. W. Bly. of Ireland, (1909) A. U. 22»: W. N. 
 
 (IWHt) J«> ----... ;|7 
 
 (.'ooku i: Welby, UJ C. D. 709 - - - . - 11J8 
 t'o,.lpiir(lio, *c. Miii.,'» {1W»7), 70 I,. T. 269 ; 14 T. L. R. 2'H - 470, «100 
 
 <oolpinlieOoldFi.'l(l«, (ItMXi) irh.475; N2 L. T. 23; 4N W. U. 4<il - 1301 
 
 Coonibt'. h'.j- imrti-. 17 VVn. ;t(ill - - . . . nyg 
 
 Co<)|Hjr, t'oofnT & JuhuNun, 51 W. U. 314 - - . . 1504 
 
 303 
 
 «i Mans. 320 
 
 «J«L. T. 
 
 o9<J, 720 
 
 - 1U64 
 
 - 674 
 
 - 1311 
 ;J62, 782 
 
 1311, 1315 
 
 - 86 
 701; 
 
 - (H9 
 J. C. P. 
 
 221, 649 
 
 - 474 
 73 
 
 140 
 
 616, 617 
 42 
 
 229 
 
 Cooper c. (iriffin, (1N»2) I Q. B. 740 ; 01 L. J. Q. B 
 
 660; 40 \V. U. 420(('. A.) - 
 
 Cnopor /•. JohiiHon (liHJ3), 31 VV. B. 314 
 t'opiiipo Mining Co., T. L. B. 615- 
 Copiupo Mining Co. (No. 2), W. N. (1899) 25 
 Copin V. Adammn, 1 Ex. I>. 17 
 Copper Mines Tinplato Co., \V. N. (1897) 20 
 Corlwtt c. Gfni'ral Steam Navisntion Co.. 4 H. & N. 482 - 
 Cordova Union (!oId Co., /.'., (1891J 2 Cli. 580; 60 L. J. Ch, 
 
 64 L. T. 722 ; 39 W. B. 536 - - - . 
 
 Cork and Bandou Bail. Co. v. Ooode, 13 C. B. 826; 22 L 
 
 198; 17 Jnr. 600 - - . ' . 
 
 Cork and Youghall Bail. Co., 4 Cu. 748 - 
 Com brook v. Law Debenture Corporation, (1904) 1 Ch. 103 
 
 L. J. Ch. 121; 89 L. T. 680; 52 W. B. 242; 20 T. L. B. 
 
 (<-'. A.) 
 
 Cornell V. Hay, L. B. 8 C. P. 328; 21 W. B. 580; 28 L. T. 475 
 
 li. J. C. P. 136 - 
 Cornford .■. Carlton Bank. (1899) 1 Q. B. 392 ; 68 L. J. Q. B. 196 ■ 
 
 and affirmed, (1900) 1 Q. B. 22 ; 68 L. J. Q. B. 1020 ; 82 L T 
 
 •♦'^(C. A.) 3^,548 
 
 Cornish v. Hark. 14 Eq. 184 - . . . . 1334 
 
 Cornwall Minerals Co., (1897) 2 Ch. 74 ; 66 L. J. Ch. 361 ■ 76 L T 
 
 832 ; 46 W. R. 5 ^^0 
 
 <V)mwall Mining Co. v. Bwnnett, 5 H. A N. 423 ; 29 L. J. Ex. 157 • 
 
 fiJur. N.S. 539 655,637 
 
 Cory 4 Son v. Harrison, (1906) A. C. 274 ; 93 L. T. 818 ; 75 L J 
 
 Ch. 714 
 
 Cory Brothers v. Owners of the SS. Mecca, (1897) A. C. 286 ; 66 L. J. 
 
 P. 86; 76L. T. 579; 45 W. B. 667 - - '. 1190" 
 
 Costa Rica Bail. Co. t'. Forwood, (1900) 1 Ch. 756; 69 L. J. Ch. 408; 
 
 83 L. T. 19 ; 48 W. B. 553 ; on appeal, (1901) 1 Ch. 746 - 732, 733 
 
 Cottam V. Eastern Counties Bail. Co., 1 J. & H. 243 . , 1140 
 
 Cotterell ». Stratton, 8 Ch. 295 - - . . -1217 
 
 Cotton V. Imperial, Ac. Co., (1892) 3 Ch. 454; 61 L. J. Ch. 684 CT 
 
 L. T. 342 - 373, 457, 468, 511, 1453. 1454, 1455, Uj6, 1437 
 
 Couch V. Steel, 2 E. & B. 402 - - . . - 264 
 
 Coulthard t'. Clementson, 3 Q. B. 42 - - . _ 1040 
 
 Council of Law Reporting, Re, 22 Q. B. D. 279 - . . 104 
 
 County of Durham, 4c. ». Inland BeTenue Commismoners, (1909) 2 
 
 K. B. fl04; 78L. J. K.B. 1138; lOlL. T. 51- - . 345 
 
 338 
 
 1191 
 
TABLE OF CABEfl. 
 
 xlvii 
 
 Oon— Oro pam 
 
 ('oiiiity (if niouccfiter Bank •: Iluclry, &c. Co., (189,1) 1 Oh. (129; 
 
 )i» I,. J. Ch. ^31 - 7(t, HI, S4, '.'40, two, 710, HI. 7tM), TBI, 834 
 
 (■..uiity I.if« Ahk. C.i., lie, 5 Ch. 'ZHH ; IH \V. 11. 31M»; 'ii I.. T. .^:17 : 
 
 ;il» L. J. Ch. 471 - - 7h, 7!l, SI, n:i. 710, 7K. 7tiO, 7<1I 
 
 CwntrvH Catw (Britannia Fire A»*or.. Ii>\ (|M9I) 1 Ch. W.»; fX) 
 
 I,. J. Ch. 1W(C. A.) --.'-.- 48 
 
 Covoutry'«Cuw. U C. I>. (HHI .... . l.J,i7 
 
 Covintiy, vli'. Co. c Ornit Ka«firn [luil. Co., 11 H. li. D. 77tl - Vi 
 
 Covi iitrv ami Dixon's Caw, 1 1 C, D. Blit); 2H W. R. 77'>; 42 I.. T. 
 
 .).•)!»" ........ 720 
 
 Cowl.'y /■. Ncwmarkut l/)cal Hoard, ^1N!»2) A. C. :i4J - - 176 
 
 Cowi«T r. Smith, 4 M. & W. ,M» 1247 
 
 Cox <•. Bishop, N Ih- (i. M. & G. si,-. ; .j W. K. 437 ; 2'J I,. T. H ; 
 
 .t Jur. N'. S. 4!l!»; 2t> I,. .1. Ch. :1SI» .... 328 
 
 Cox and Nevo's CiOf, (l«!»l) 2 Ch. 1()!»; fM 1,. T. 733; MtW. I!. 412 - 3.-iO 
 Coxoii i: C.orst. (ISltl) 2 f'h. 73: lio 1,. .1. Ch, :m2: •>4 L. T. 114; 
 
 3<J \V. U. fMM) ..... Ill, HJH.N73, 1451 
 
 Crai'.', II-, Balfour -■. Cnicc, (1002) 1 Ch. 73.1 ; H« I,. T. 144 ; 71 I- ,1. 
 
 Ch. 3.-,8 .--.--- 11 as. 1246 
 Cradock '•. Scottish l'r..viiuial. &o. Co.. ti!» L. T. .10 - - IIHO 
 
 CragiM) c. Jont's, L. U. N Kx. Nl - . - - - 1247 
 
 Crawloy'H Case, 4 Ch. 322 - - 17, .VJ, J4, oli, 200, 290 
 
 Cniwshuy. «», tiO I,. T. 357 - - - - 951, 1003 
 
 Cnmra <■. Huiitor, 19 U. It. I). ;J45 ... - -1182 
 
 Crt-avor Wheal Mining I'o., 8 Ch. 45 .... C72 
 
 CrtMlit Assurance Corporation. (19(»i) 2 Ch. 601 ; 71 L. J. Ch. 775; 
 
 87 L. T. 216; 51 W. U. 20 (C. A.) - 1119. 1121, 1258, lliJl* 
 
 Credit Fonder, Re, llEii- 356; lOW. R. 403; 23 L. T. 801; 40 
 
 I,. ,J. Ch. 187 ------ - 1298 
 
 Croo i: .Son\orvail, 4 A. C. 648 - - - - - 63 
 
 Cruwe r. Cumininf(8(1888), 21 (1. B. D. 420 - - -1423 
 
 Oroyko's Case, 5 Ch. 63 ; 18 W. R. 103 ; 21 L. T. 572 ; 39 \,. .1. Ch. 
 
 124 - - - - - - - - 661 
 
 Crichton'sOil Works. He, (1901) : Ch. 184; 70 L. J. Ch. 639; 84 
 
 I,. T. 864 ; 49 W. R. 556 ; (1902) 2 Ch. 86, 93 - 755. 784, 817 
 
 Crickmirs Case, 10 Ch. 614 ; 24 W. R. 2J9; 46 L. J. Ch. 870 - 484, 1141 
 Crockett -•. Northampton Union, 18 T. L. R. 451 - - 106, 107 
 
 Crockett v. Nottingham Assessment Committee, 72 L. J. K. B. 
 
 320 ------ - 106, 107 
 
 Croft V. Day, 7 Beav. 84 - - - - - 450, 453 
 
 ■Crook V. Corporation of Seaford, 6 Ch. 551 ; 19 W. R. 938 ; 25 li. T. 1 - 42 
 Ui-ookhaven Mining Co. , 3 E<i. 69 ----- 1451 
 
 Crookson v. Inland Revenue, (1911) S. C. 217 (Ct. of Soss.) - 94, 119 
 
 Orosbie-Hill v. Sayer, (1908) 1 Ch. 866; 99 L. T. 267 ; 24 T. L. B. 
 
 442 ------- - 1201 
 
 Ooskey v. Bank of Wales, 4 Giff. 314 ; 8 L. T. 301 ; 2 Jur. N. S. 
 
 593 ------ 636, 748, 838 
 
 CroM, St, 20 C. D. 109 ; 30 W. R. 376; 45 L. T. 777 ; 41 L. J. Ch. 
 
 645 141 
 
 CroM V. FicJiei, (1892) 1 Q. B. 467; 61 L. J. Q. B. 609; 66 L. T. 
 
 +18; 40 W. R. 265; 36 J. P. 372 (C. A.) . . - 1200 
 
 CroHskiU v. Bower, 32 Beav. 66 - - • . . 1193 
 
xlviii 
 
 TABLK OK CA8K8. 
 
 n 
 
 Oro-D'A' ,.»nK 
 
 Cnwdli.y (.Icpliii) * Son*. W. N. ;iNl»2) .55 - - . .Uwa 
 
 Ciouih .'. Stcl. .1 K. A; U. Wi - - . . - I7ft 
 
 Cmwii Ituiik. AV, H ('. I>. »!;H : J!» I,. .1. Ch. 7;ti» . (12 L. T. H'l'A; .(N 
 
 \V. 1!. (>(>(i - - - . . 470. (MM), |;),v', 
 
 <'ri>wii l,i(iw' I'niprii'tury Co., 14 T. I.. I!. J. - . 21»1. iiM 
 
 Crfiwthir .-. TIloiI. V, .12 \V. U. -lao: .)ti I.. T. (.1 - - - 111 
 
 rniiii I. niiklwiik Co. s Ainp. Cii.'-. (ij: -IS 1,. T. .i.t; - 631. N1& 
 
 Cuff r. UmilimiinilC.iiiity I^iiiiil, '1!»12) 1 C. I). 440 ; aS W. R. JIS . 777 
 
 Ciillfu, A.V ,«irl,, (1H<)1) 2 H. li. IJI : (Ui 1,. .). il. 1!. ,-;)i7; (i4 I.. T. 
 
 Niil ; ;i!i W. U. .-.4:1: hM. 1:. K. 171 .... 70.-, 
 
 CiiU.ii .. lUwiii, <i(> 1,. T. vlO; 2(1 T. I.. 1!. 4iM) - - ii;i. 11(1 
 
 Culli'ii Thi.iiii)«wr« Trustwv, 4 Man|. 424; (> I,. T. N7(i; !» Jur. 
 
 N. S. S.5 - - . . . . . ,-,j,j 
 
 CulliTiio I-. Uiiiilon and Subuihim S<x>., 2.1 U- 1!. I>. 48j - - 7kn 
 
 Cuniiiiin(,'8 c. Stiwurt (liHK)). 1 Ir. If. 2;l(i - . . . ;i7!) 
 
 Cuminl .St.am--hiii Co. -■. Cdulsmi, (INIMC 1 Q. ll.N«.V HH I, ,) (^ |i 
 
 j.)4 ; H(l I,. T. ,1211 - - ' - . . '. \m 
 
 Ciinunl ."<tiiiinwhii) Cd. /. IIopwoiMl, (lit(»N) 2 Cli. ,)(;4 - 017, til.s 
 
 Cuiiiiy I'. I.iiiilMiy, .'1 A. C. 4.)0 - - - . 49, 20(> 
 
 ("uiilitT.' ltri")k> \ Co. ,-. lilnckburn Ituilding S<k>.. 1 App. Com. 
 
 "■'' ----- |i!»N, 11!W, 1200 
 
 CuiminKhiUn, 1(. N.. /.V, :,H I,, 'f. Hi: :)(! C. I). .■);i2 : ,57 1,. J. Ch. 
 
 ••"* ------- 510, 710 
 
 Curl r.roN.. I.til. r. Wt;b«ter. (1!M>4) 1 Ch. (iNj; 7.'t I,. J. Ch. 540- 
 
 W) L. T. 479; .-.2 W. K. 41;) - - - . - 337 
 
 Currin r. Mina. L. U. 10 Ex. I(i2 - - - . 1180,1194 
 
 Curry v. KiUmHor, 3 T. E. .J24 - . . . . 1214 
 
 CurtiHV Caw. (i Yjf\. 4j.j --..-. 072 
 CuthWt 1: RdliurtH, Lubbock A Co., 2.) T. I.. E. .•|8:t ; W. N. {UK>9) 
 
 U, I2o - ...... 1194 
 
 Cutli.T r. Southiiu, 1 WniM. .Siuiid. 11 j - - . . 124ft 
 
 Cyclists' TounugClub, (liM(7) 1 Ch. 2<!!l ; 9(i ],. T. 7H(» ; 23 1. 1,. B. 
 
 2''W ------ - 102(i, 1312 
 
 I>. 
 
 w • 
 
 Daimler Motor Co. <•. Hritieh Motor Tractidn Co,, IN R. P. C. 465 - 4,j3 
 Dale 1: riant, 43 C. I). 255; 61 L. T. 209 ; 1 M,.j». ;i:l8 - 147, ;t2;f. 725. 
 
 739, 759 
 Dale's Case, (i <i. li. D. 483 --.-.. 1205 
 Dalton .-. Mi.lluiid Hail. Co., 13 C. li. 47N; IJudl.-y. 437 - - 7(>o 
 
 l»ttItou Tiuio I/)ck (."o. r. Dalton, (i(> L. 'f. 704 (C. A.) - - 46 
 
 Damieiitt c. Motlem Soc, 27 T. 1.. 1{. 174 - . . . i;j5o 
 
 Dauby, In ,;■, A,'.. ,,artt liroughaui, (1911) 1 K. li. 95 - 126, 954, 1384 
 Danby V. Coutts, 29 C. D. 500; ,-,4 I,. J. Ch. 577; 52 L. T. 401 ■ ;t.i 
 
 W. H. 559 ' . 1137 
 
 Daimbiau Sugar Fuctorit-s I-. Inlaudjltcvonue, (1901) 1 U li. 245- 
 
 70 L. J. U. K. 211 ; 84 I-. T. lolj; «5 J. P 212 (C. .V.) - 340, 342 
 
 D'Arcy 1-. The Tamar, &c. Bail. Co., L. K. - Ex. 158 4 II. & C. 
 
 463; 36 L. J. Ex. 37 - - - . . 710,74* 
 
 I. 
 
TABLE OF CA8E8. 
 
 xHx 
 
 Dar— !)•• 
 
 Diirloy Main Co. r, Mitchell, II App. ('!»», ll'T 
 
 DarliiiKt"" F<.rK"'<'o., AV. 34 C D. dT2 , :W W. B. .■.;tT , .'.« I.. T. 
 
 «27; 3(1 1,. .(. eh. 7.«> --.... 
 I luvid i: Fniiid, I My. & K. 2()!i ..... 
 DiiTid &Miitlhow». (iwm) I eh. ;i7H; tW I.. .1. Ch. \h:>: so I,. T. 
 
 7.); 47 W. U. ;il:i 
 
 I>ttvi(l ruync & Co., (1904) i Cli. «W : JOT. I,. U. 51Ht : 7.1 I,. .1. Ch. 
 
 MO ----- . Ml'. tiNtj. 710. 
 
 I laridsou )■. Tulloch, .3 Macq. 7fi;i - - . . . 
 
 Duvi.M !•. ]{. Itdtdii & Co., (1N04; :! Ch. «7H ; «3 I,. J. Ch. 74:i: 71 
 
 L. T. ;t.m: 4.1 \V. 11. 171 ; h II. Bn.5 - h\. n,(, «h6, 71(t. 7fi«, 761, 
 Davien r. Itiiniott, (l!t02) I K. It. fifKi; 71 L. .1. K. H. Hjj: Hd I,. T. 
 
 .">ii.j ; jO W. It. 301 ---... 
 
 DaviM (. Dnviog. 3»! C. D. 359; ;J«W. V Hti; .j»U,.T. 401 ; a«I,, .1. 
 Cli. 4H1 - 
 
 Davir.i <: DaWes, (1N9^') 3 Ch. »i3 : lil I,. ,1. Ch. J9.i ; ti7 I,. T. 54H ; 
 
 •«1 W. U. 13 ,i77, 
 
 Davic'H 1'. Ebbw Vale Urban Council, ;!7 T. I .. li. 543 
 Davioei v. Ou.t Light and Cokr Co., (1909) I Ch. '.'I.v 
 DavicM r. Loiiilon & l'n>v. Co., H C. \), 47,') .... 
 Daviod, TuniiT & Co. i: Lowcii, t>4 L. T. f!3.) ... 
 
 Ouvif* '•. liiink of England. '2 Iting. 393 ... ti(i7 
 
 Duvisr. I'orciiiiin, 43 W. K. I(W ..... 
 Davison c Ihincim, 7 K. & IS. 'Jlilt . - . - . 
 
 Davison <■. GillioH, 1« CD. 347, n. (INNO); 44 L. T. 92, n. ; 50 
 
 L. J. Ch. 192, n. .... HH), N73, s7N 
 
 Davorrcn r. Wotton, (1900) 1 I. R. 273 . . . iio7 
 
 Davy i: AValkor, 81 1,. T. 107 - - - - . 
 
 Dtw c. Terrt'll, ,33 IWav. 21S . . . . . 
 
 DawcB' CaHO, 6 Ei). 2.32 : 37 L. J. Ch. i«)l : H! \V. II. mo - ,jN 
 
 Dawkiiis r. Antrobus, 17 C. I), tild ; 29 W. K. Jll : 44 L. T. 5.'>7 - 
 Dawkins v. Hadnor, 3 Dow. 53.'i . - . . _ 
 
 Dawson & Jenkins' Contract, (1904) 2 Ch. 219 . - 1157, 
 
 DawRon t'. African Consolid:ited ( 'o., (189H) I ( 'h. li : 4f) W. R. 132 - 
 
 730, 
 Duwson r. Itoeson, 22 Ch. oO.j - - - . . 
 
 Dawson r. Islo, (1900) 1 Ch. ()33 ; 9j I,. T. 385 ; o4 W. R. 4.52 
 Day. //., 1 C. D. 699 
 
 Day r. lirownrigg, 10 C. D. .304 : 27 W. R. 217 ; 39 L. T. 553 • 48 
 L. J. Ch. 173 
 
 I>iy r. Singleton, (1899) 2 ch. 320; 08 L. ,J. Ch. S93 ; M I,. T 
 30(i; 48 W. R. 18 (C. A. ..... 
 
 Deano r. Wilson. (1906) 2 Ir. R. 405, K. B. D. 
 
 Dearie v. Hull. ,3 Russ. 1 ..... . 
 
 Do lieers Consolidated Mines r. Howe. (1905) 2 K. \',. 612 (C. A ■ 
 
 54 W. R. !i ; 22 T. L. R. 756; (1906) A. C. 455 - 95, 
 
 Debenham r. Sawbridgo, (1901) 2 Ch. 98 - . . . 
 
 Do Bouchont c. Qoldsmid, 5 Ves. 213 ... 1157, 
 
 1)B Bussche ". Alt. 8 C. D. 3(M) - . . . 73;' 
 
 Do Clifford (Ix)ra). Jle, (1900) 2 ( h. 707 ; 23 [,. T. 160 ; 69 I,. J. Ch. 
 
 828 715, 
 
 Deeley v. Lloyds Hank, (1910) 1 Ch. t>48 ... 1190, 
 
 rum 
 »1 
 
 1395 
 679 
 
 ;t57 
 
 , 778 
 208 
 
 8.(4 
 
 .367 
 
 .3.'. 7 
 
 , i>78 
 
 442 
 
 71 
 
 II9<i 
 ;158 
 
 , 671 
 141 
 
 697 
 
 , 907 
 
 222 
 
 1157 
 
 1 185 
 
 . 661 
 
 658 
 
 718 
 
 11.58 
 
 , 711 
 345 
 
 617 
 
 110 
 
 152 
 
 355 
 
 I02(» 
 
 651 
 
 1341 
 
 351 
 
 115i» 
 
 73" 
 
 1402 
 1191 
 
 ■sf 
 
 T-BR 
 
TABLE OF CASES. 
 
 FAOB 
 
 1^ ^ 
 
 U} -i 
 
 G18, H24 
 
 - 1417 
 
 78 J.. T. 430 ; 46 
 
 - 352 
 - 1257, 1259 
 
 - 1400 
 405, ti64 
 
 T. 523 ; 32 W. R. 
 
 Bef-Dit 
 
 Defries & Co., hi n. (1904) 1 Ch. 37 ; 73 L. J. Ch. 1 ; 52 W. R. 
 
 253 
 
 De Uart i: Stevenson. 1 Q. B. D. 313 
 IJeighton & Harris's Contract, (1898) 1 Ch. 458 
 
 W. R. 341 . - - - 
 
 DelaRue&Co., (1911)2Ch. 361 - 
 Delves <■. Gray, (1902) 2 Ch. 606; Soton, 2.'J33 
 De Mattos »•. Gibson, 4 Do O. & J. 276 
 Denham & Co., Charles, Re, 25 C. D. 752 ; 50 L 
 
 487 : 25 C. D. 76fi ; 32 W. B. 920 ; 53 K. .1. Ch. 1113 ; 51 I.. T. 
 
 570 185, 714, 765, 872, 904, 906 
 
 1 >ent V. [.ondon Tramways Co. (1880). 16 C. D. 344 - 860, 879 
 
 Dent's Case, 8 Ch. 768 - - - - - - *^* 
 
 Denton v. MacneU, 2 Eq. 352, 356 ; 14 W. B. 813 ; 14 L. T, 721- 189, 192 
 Denton i'. I'addison, 68 I.. T. 409 - - - - - 1246 
 
 Denver Hotel Co., Re, (1893) 1 Ch. 495 ; 62 L. J. Ch. 450 ; 68 L. T. 
 
 8; 41 W. R. 339; 2 R. 330 (C. A.) - - - 751, 1495 
 
 Denver United Breweries, W. N. (1890) 143 ; 63 I.. T. 96 - - 1393 
 
 De Pass' Case, 4 D.> O. & .1. 544 ; 7 W. H. 0S2 ; 28 I,. J. Ch. 769 - 665 
 Derby Canal Co. c. Wilmot, 9 Kast, 359 - - - - S4 
 
 Derinatine /■. Axhworth, 21 T. I.. R. .MO - - 510, 711, 752 
 
 De Rosaz's Case, 21 I.. T. 10 - - - - - 51 
 
 De Rosaz i: AnKlo-ltuhun Hank, 4 Q. li. 462; 17 W. B. 724; 38 
 
 L. J. a. IJ. 161 1444, 1446, 1474 
 
 Derrv <: Peek, 14 App. Cas. 337 ; 58 I.. J. Ch. 864 ; 61 L. T. 265 ; 
 
 38 W. R. 33; 1 Jleir. 292 - 186, 187, 189, 192, 203, 2(H, 205, 
 
 206, 216, 224 
 De Buvignes Case, 5 C. D. 306 ; 25 W. R. 476 ; 36 L. T. 329 ; 40 
 
 L. J. Ch. 36<1 - - - - 306. 714, 718, 722, 1352 
 
 Devalu Mining Co.. Rf, 22 C. D.. 593 ; 31 W. R. 425 ; 48 L. T. 259 ; 
 
 52 L. J. Ch. 434 190, 192 
 
 Development Company of Central Africa, (1902) 1 Ch. 547 ; 71 li. J. 
 
 Ch. 310 ; 86 1-. T. ,123; 50 W. R. 456 - - - 1259, 1263 
 
 Dever>p» .-. Sandeman, Clark & Co., (19(k') 1 Ch. 579; 71 I.. .1. Ch. 
 
 328; 86 1.. T. 269; 50 \V. R. 404 (C. A.) - - 1142, 1220 
 
 Dexiue Patent Packing & Rubber Co., W. N. (190.3)82 - -1264 
 
 Dexter i\ United (Jold, &c. Ste Hilda c. Dexter. 
 Diamond Fuel Co., 13 1'. D. 400 - . - - 
 
 Dicido Pier Co., (1891) 2 l h. 3,'54 ; 64 I.. T. 095 ; .i9 W. R. 486 
 
 821, 1119, 1123, 
 
 Dickenson i: Valpy, 10 li. & C. 128; J M. & R. 126 
 Dickin, Ex fnirtf, 20 Fxj. 767 . - . - - 
 Dickinson r. Harrow, (19(M) 2 Ch. 339; 73 I,. .1. Ch. 701 , 91 I.. T. 
 161 
 
 IHck.'^m r. Uw, (189.-) 2 Ch. 62; 64 1.. .1. Ch. 490; 72 I.. T. *iS0 ; 
 
 43 W. H. 596; 13 R. 431 ... - - 1;141 
 
 Didisheim r. 1 ^mdon & ^V ■■stminster Bank, (1900) 2 Ch. 15- 667. 680 
 
 Dimes r. <irand .luni'tiou Canil, 3 H. I,. C. 759 - - - 731 
 
 Direct Spanish Telegraph Co., Rr. 34 •'. D. 3(»7 ; 35 W. R. 209; 55 
 
 h. T. 804 ; 56 I,. .1. Ch. 353 - - 879, 1119, 1258, 1261, 1283 
 
 Discoverpw' FinanceCo., (^ooper's Case, (1908) 1 Ch. 141 ; I andler's 
 
 Cas.', (1910) 1 Ch. 212 - - - - - 665, 666 
 
 Ditcham i: Worrall, 5 C. P. 1». 410; 29 VV. R. 59; 43 L. T. 286; 
 
 4»I„ .1. <'. P. 688; 44 J. P. 799 .... 672 
 
 1416 
 754, 
 1258 
 510 
 1192 
 
 337 
 
TABLE OK CA8E8. 
 
 u 
 
 Div— Duk Moa 
 
 Dive, ft, 1) TO <■. Roebuck, (1909) 1 Ch. :J28 - - - 715 
 
 Dixon r. F«ins, 5 II. r,. 606 .... 751,756 
 
 Dixon 1'. 'Jonnaway & Co., (1900) 1 Ch. M)3: tf9il,. .1. Oh. 501 ; 82 
 
 I,. T. 327; 7 Mans. 44f. - - - - -1141 
 
 Dixon I. Muckleston, 8 Ch. 155 - - - - - 1186 
 
 Pobso'. .-. bin.l, S IIii. 216 - - - - - - 1217 
 
 Dodd i: Chuiton, (1897) 1 Q. 1!. 5ti2 ; 66 I.. J. Q. 1!. 477 ; 76 L. T. 
 
 |38 ; 45 \V. B. 490 - - - - - - 3S» 
 
 DcK.ds, Rf, Ex jHirte Brown & Coates, 64 1,. T. 476 - - - 668 
 
 D'dds c. South Shields Union, (1895) 2 Q. H. 133; 64 L. .1. i\. li. 
 
 508; 72 L. T. 645; 43 W. R. 532; 59 .1. P. 452; 14 R. 422 
 
 (C.A.) 108 
 
 Doman's Case, 3 C. D. 21 ; 34 L. T. 929; 45 I,. .1. Ch. 801 - 511, 636. 
 
 639, 640, 1481 
 Dombov r. I'layfair lirothcr.s, (1SU7) I U. 1!. 368 : 66 L. J. Q. 1!. 328 ; 
 
 751,. T. 676 1342 
 
 Dominion liiewoiy Co. r. Foster, 77 L. T. 507 - - - 1416 
 
 Dominion of Canada Oeneral Trading Syndicate r. itrigstock, (1911) 
 
 2 K. 1!. ti48 - - 280, 282, 916, 1449, 1430, 1499, 1503 
 
 Donald t>. Suckling, L. R. 1 Q. H. 585 - - - -1195 
 
 Dore Gallery, Rf, W. N. (1890) 62 ; 62 L. T. 758 ; 38 W. R. 491 - 1391 
 DorW^ r. South African Super- Aeration (1904), 20 T. L. R. 425 
 
 (Div. C.) ----- - 690, 763 
 
 Dougan'8 (^asp, S Ch. 545 ; 21 W. B. 496; 28 L. T. 649 ; 42 L. J. 
 
 Ch. 460 - - - - - - - 514, 1481 
 
 Douglass i: Rowland, 24 Wendell, 35 - - - - 1249 
 
 Dover Coalfields Extension, ;?«, (1908) 1 Ch. 65 ; 98 1.. T. 31; 21 
 
 T. L. R. 52 - - - - - - 728, 734 
 
 Dovcy I'. Corv, (1901) A. C. 25: 70 L. ,J. Ch. 753; 85 L. T. 237 - 713, 
 714, 766, 777, 864, 865, 892, 897, 899, 904, 906 
 Downes c. Ship, 1.. R. 3 H. L. 359; 19 1.. T. 471; 37 L. J. (^h. 
 
 642 - - - - - 52, 1K4, 196, 242, 238 
 
 Dowses Case, 3 C. D. 384 ; 35 !.. T. 633 ; 46 1.. J. ( h. 402 - 1329 
 
 Dowson, /<^ W.N. (1889)222 - - - . -1391 
 
 Dowsonand Jenkins' Contract, (1904) 2 Ch. 219 - - -1138 
 
 Doyle and O'Uara's Contract (1899), 1 Ir. Rep. 113 (C. A.) - - 334 
 
 Drant v. Brown, 3 B. & C. 666 - - - - - .338 
 
 Driffield Gas Ijght Co., (1898) 1 Ch. 451 ; 76 J-. T. 162 - 657, 785 
 
 Drincqbior -•. Wood. (1899) 1 Ch. 393; 68 L. J. Ch. 181 ; 79 L. T. 
 
 548; 47 W. R. 252; 6 Mans. 76 - - 192. 217, 259, 1347 
 
 Drum Slate Co., R-; Mil^ean's Case, 53 L. T. 250; 55 L. J. Ch. 36- 
 
 142, 1401 
 Drummond's Case, 4 Ch. 772 - - - - - 39 
 
 Du Houluv r. Dm Boulav, L. R. 2 C. P. 441 ; 17 W. R. 594 : 38 I,. ,1. 
 
 C. P.'35 - " - - - - - - 452 
 
 Duck i: Bates, 12 (J. B. D. 79; on appeal, 13 <1. B. I). 843 - 44 
 
 Duck V. Tower Oalvauiziug Co., (1901) 2 K. B. 314 ; 70 L. J. K. 11. 
 
 314 ; 84 L. T. 847 - - - - - - 81 
 
 Duckott r. Gover, 6 C. D. 82; 23 W. R. 334 ; .6 L. .1. Ch. 407 - 74, 
 
 1359, l:)60 
 Dnffin r. Mnxiraii, &r. Co., W. N. (1890) 116 - - -1:591 
 
 Duke's Case, 1 C. D. 620 - - - - - 479, 483 
 
 Dukr of Beaufort c. Neeld( 1843), 12 II. & F. 248 - - . 293 
 
 ,12 
 
r 
 
 lii 
 
 TABLE OF CASES. 
 
 ^:i 
 
 S'i' 
 
 Dun— Eaa 
 
 Duncan, Re, Terry v. Sweeting, (18W) 1 Ch. 387 ; 68 L. J. Ch. 253 ; 
 
 80 L. T. 322 ; 47 W. B. 379 - 
 Duncan, Fox & Co. v. North and South Wales Bank, G App. Can. I - 
 Duncuft V. Albrecht, 12 Sim. 189 - 
 DunkleyV Case, 7 T. I-. R. 234 
 Dunlop f. Dunlop, 21 C. I). oK3 - 
 
 DuFlop /•. Iliggins, 1 H. L. C. 381 
 
 Dunlop Pneumatic Tyro Co. c Action Ooxellschaft fijr Motor, &c., 
 
 (1902) 1 K. B. 342, 349 ------ 
 
 I>uune f. English, 18 Eq. 524 : 31 I>. T. 75 - 
 
 Itunstor's Case fOlory Paper Mills Co.), (1894) 3 Ch. 473 : 03 L. J. 
 
 Ch. 885 ; 71 I,. T. 528 : 43 W. fi. 104 ; 1 Mans-on, 438 ; 7 1!. 450 
 
 (C. A.) - - 47 
 
 Dunston r. Imperial, &C. Co., 3 B. & Ad. 125 - - 29 
 
 Durham County Society, 12Eq.516 
 
 Duthy and .lesson's Contract, (1898) 1 Ch. 419 : 67 L. .1. Ch. 218 ; 
 
 78 L. T. 223 ; 46 W. B. 300 - 
 Dutton V. Marsh, 6 Q. B. 361 
 
 Dural I. Cans, (1904) 2 K B. 685 ; 91 L. T. .iON ; 53 W. B. 106 - 
 Duvall Ceylon Estates r. I'-u Ceylon Eubber Estates. 103 L. T. 410 
 Dyotfs Case. 43 L. T. 85 . - - - 1440,1441, 
 
 Dvmotk r. Showell's Brew.TV Co., 15 T. I.. K. 13: 79 1,. T. 329 
 
 (C.A.) - - -■ 
 
 D>TievorCo". ,. 11 ('. D. OO.j - - 1490,1497. 
 
 DjT>anion, i V\\. 223 . - - - - 
 
 PAM 
 
 207 
 
 1247 
 
 1350 
 
 197 
 
 058 
 
 48 
 
 1.341 
 733 
 
 , 485 
 , 724 
 1199 
 
 353 
 51(1 
 :M4 
 4.J2 
 1464 
 
 355 
 1503 
 OOS 
 
 £. 
 
 I i i 
 I i .1 
 
 E. W. A., Re, (1901) 2 K. li. 042 : 85 L. T. 31 ; 40 W. E. 042 - 1245 
 Eagle Co., Ex pcirU , 4 K. cS: J. 549 ; 6 W. B. 779 - - 79. 701 
 
 EaglesfieW v. Marquis of lx)ndonderry, 4 C. Div. 693; 25 W. K. 
 
 190 : 35 L. T. 822 . - - - 187,194,1190 
 
 Eales V. Cunilwrlaud ISlackload Co., <i II. & N. 481 : 3 L. T. OKI - 
 
 442, 729 
 
 Eurl of Jersey «. Uuardiuiis uf l'(K>r of Nuath, 22 U. li. 1>. 555 - 470, 
 
 002. 004 
 
 Earl .if Sti-aftord i: Maples, (1890) 1 <'h. 235; 05 L. J. Ch. 124: 
 
 73L. T. 586; 44\V. B. 259(C. A.) . - - - ;l.H 
 
 Earl BusKoll (Trial of), (1901) A. C. 440; n5 1.. T. 253; 70 I.. J. 
 
 K. H. 998 ------- OW) 
 
 Earl's Trust. 4 K. & J. .300 - . - - - -1158 
 
 1-jiKt -•. IWnuett Bros., (1911) 1 Ch. 103 - - - 579,698 
 
 East Anglian Bail. Co. v. l-lastom Counties Hiiil. <'o., 11 C. 11. 775; 
 
 21 I,. .1. <'. P. 23; 16 Jur. 249 - - - - 460, 465 
 
 East Anglian Bail. Co. r. Lythgoe, 2 1.. M. & P. 221 - - 442 
 
 East Pant, &c. Co. c. Merryweather, 2 U. & M. 354 ; 13 W. U. 210 ; 
 
 10 Jur. N. S. 1231 ; 4 N. B. 641 - - - 703, 1301 
 
 East Wheal. &c. Co.. .33 Heav. 119 - - - - - 675 
 
 .it*,^! 
 
TABLE or CASES. 
 
 Kii 
 
 lta«-EU MOB 
 
 Eastern and Australian Steamship Co,, I<imitc-d and B«duced, 68 
 
 U T, ,32J ; 41 W. B. 373 - - - 784, 768, 1262 
 
 Eastern Counties Ry. v. Broome, 6 Ex. 314 ... 38 
 
 Eastern Counties By. c. Marriage, 9 11. I,. C. 32 - - - 603 
 
 Eastern Telegraph Co. r. Dent, (1899) 1 Q. H. 8.15; 68 I,. J. Q. It. 
 
 564 : 80 L. T. 439 (C. A.) - - - - - 355 
 
 Eaton r. BoU, 5 h. & Al. 34 - - - - -1193 
 
 Ebbett « Case, 5 Ch. 302 - - - - - - 37 
 
 Ebbw Vale Steel Co., 4 C. Div. S27 (1877): 36 L. T. 308 ; 46 
 
 L. J. Ch. 241 - - - 477, 839, 878, 887, 893, 1253, 1258 
 
 EddyHtone Marine Ins. Co., limited, (1892) 2 Ch. 123 - - 60 
 
 Eddystone Marine Ins. Co., limited, (1893) 3 Ch. 9 ; 61 1.. J. Ch. 
 
 362, 423; 66 I-. T. 370 ; 40 W. R. 441 - - - 465, 478 
 
 Edolstein v. Schuler, (1902) 2 K. B. 144 ; 87 I,. T. 204 ; 50 W. R. 
 
 493 ------- - 1243 
 
 Edon M. Ridsdale's Co., 23 U. B. I). 368 ; 58 I,. J. U- B. 579 : 61 
 
 I,. T. 444; :{8 W. R. 53- . - . - 733,1352 
 
 Edgor I'. Knapp, 7 Jur. 583 (C. P.) ; 5 M. & O. 753 - - 149 
 
 Edgington r. Fitzmaurice, 29 C. Div. 439; 33 W. R. 911 ; 53 I-. T. 
 
 369 ----- 188, 189, 195, 203, 205 
 
 Edinburgh American I^nd Co. i: Icing's Trustees (1909), S. C. 488 
 
 (Ct. ofSess.) ------ 1494.1503 
 
 Edinburgh and District Aerated Water, &c. Assoc, v. JcnkiuKon, 5 
 
 F. 115n(Ct. of .Sess.) 115 
 
 Edmondson !•. Copeland, (1911)2Ch. .301 - - - -1226 
 
 EdmundF .-. Foster, 45 T.. J. M. C. 41 ; 24 W. B. .S6.S ; 33 L. T. 
 
 690 ----- - 624, 690, 763 
 
 Edmundsou i . Render, (1905) 2 Ch. 320 ; 74 T.. J. Ch. 385 ; 93 L. T. 
 
 124 ; 53 W. R. 632 : W. N. (1905) 121 - - - - .358 
 
 Edwards.. Godfrey. (1899) 2 Q. B. 333 - - - - 1»M5 
 
 Edwards c. Midland Rail. Co., 6 Q. B. D. 287 ; 29 W. R. 609 ; 43 
 
 I.. T. 091 ; 50 I,. J. Q. B. 281 ; 45 J. P. 374 - - 38, ,>46 
 
 Ehrman r. Bartholomew, (1898) 1 Ch. 671 ; 67 L. J. Ch. 319; 78 
 
 L. T. 646 ; 46 W. R. 509 - - - - -358 
 
 Ehrmann Brother^ (1906) 2 Ch. 697 ; 54 W. R. 555; 22 T. L. 1!. 
 
 734 ------ - 617, 1424 
 
 Eichbaum ,: City of Chicago Co., (1891 ) 3 Ch. 139 ; 61 I,. J. Ch. 28 ; 
 
 40 W. R. 153 - - - - - 750, 751 
 
 Elder /•. Now ZcaUnd Und Co., W. N. (1874) 83 ; 30 L. T. 285 - 646 
 Eldert-lifi Steamship Co. ,•. Borthwick, (1905) A. C. 96 ; 92 I.. T. 274 ; 
 
 74 I,. J. K. B. 3;« : 53 W. R. 401 (H. L., E.) - - - 594 
 
 Electromobile Co. v. British Electromobile Co., 97 L. T. 196 ; 98 L. T. 
 
 258 ------ - 451, 452 
 
 Eley .-. Pofsitive Government, &c. Co., 1 Ex. Div. 20, 88; 24 W. R. 
 
 338; .H 1,. T. 190; 45 1.. J. Ex. 431 - 147, 148, 441, 633, 6.34, 
 
 6;i5, 643, 728, 748, 758, 838 
 Klkington's Case, 2 Ch. 511 ; 15 W. B. tMiJ ; 16 L. T. 301 ; 36 L. J. 
 
 Ch. 593 - 
 EUerbyV Claim, 2 W. R 855 
 
 ElIeBmBre Brnwery Co, >•, Cixipflr, (IMJW ! O. B, 'S 
 EUiman, Sons & Co. i: Carrington, (190n 2 <%. 275 
 Elliott c. Turquand. App. Ca«. 79- 
 
 - ii; 
 
 55, 257 
 
 - 1149 
 
 - t24A 
 , 358, 424 
 
 - UM 
 
Kt 
 
 TABLE OF CASK8. 
 
 PAW 
 709 
 
 .181 
 
 1021 
 1497 
 768 
 121(> 
 U47 
 
 XU— Eup 
 
 Ellin V. Ilarfleld, W . N. (18D1) 84 
 
 EUis .'. Dodwii, 00 I,. J. Ch. 353 ; 7 T. I.. H. 318 - 
 
 Ellis r. Josevh EUis & Co., (1905) 1 K. H. 324 : 74 L. J. K. It. 229; 
 
 92 1,. T. 718; o3W. R. 311 (C. A.) - - . - 
 
 Ellis r. McUenry, 6 L. B. C. r 228 . . . - 
 
 Ellis V. Kowbothum, (litOO) 1 Q. IS. 740 - - - - 
 
 Ellison r. Wright, .'t Buss, 4.')0 . . - - - 
 
 Elphinstoiio (I/>i-<r '■• Monkliiud. 11 App. <'as, 332 - 
 Ely, Jir. Trustw, /■> jiarfi. 82 1.. T. JOl : iiffirmetl 48 W, B. t>9;! 
 
 (C. A.) "*' 
 
 Emma MininL' Co. v. Grant, 11 (\ 1). 918 ; 40 l„ T, 804 : 17 C D. 
 
 l''> • 29 W. R. 4H1 : .50 1,. .1. Ch. 449 - 122, 123, 131, 13.3, 138, 1 «», 
 
 207, 14(K) 
 
 Eu.nmMiningCo.r. Lewis, 4r, 1>, D. 396; 27 W, B.836; 40 L. T. 
 
 168 ; 48 L, .1. C. r. 2J7 - - lli^, 123, 125, 133, 1;K» 
 
 Emmeni. r, I'ottle, 16Q. IS. I>. 334 - . - - - .J46 
 
 Empire I if.-, 31 C. T). 78 - - - - - - 1-198 
 
 Empire Mining Co., Wc 44 C. I). 402 - 1493, 1490, 1497, 1501, 1502 
 
 Empress Kngino. ring Co., 10 C. I). 125 : 29 \V, B. 342 ; 43 L. T. 742 
 
 67, . 322, .323, 324, 306. 370, 441, 044, 1149 
 
 Engletieia ColUery ( ..., 8 V. P. 388 ; .38 L, T. 112 - 715, 722, 748, 
 
 88. 839, 1403 
 T. 580 ; 
 748, 759, 839 
 514. 786 
 
 - 1229 
 
 - 1(H) 
 
 English and Colonial Produce Co., (19<10) 2 Ch. 4.35 : 95 L. 
 
 22 T. L. B. 009 - - 139, 117, 14s, 32.3, 301, 
 
 English and Foreign Cnnlit Co., 1 Times L. B. ji. 1 
 English Hunk of Biver HaU-, 0!t L. T. 14 - 
 English Crown Spelter Co, '•. Baker, 99 L. T, 353 - 
 English, Scottish, and Australian Bank, (1895) 3 I'h. 385 - 707, 1497, 1602 
 Englishman (Tlio) and AustraUa (The), (1895) P. 212 ; 04 L. J. P. 
 
 74 : 72 L. T. 203 ; 43 W. B. 070 : 11 B. 757 ; 7 Asp. M. C. 005 
 
 Ennis, He, (1893) 3 Ch. 242 
 
 Equitable Life Assurance Society of the United .'^tat^s r. Itishop. 
 
 (19(M>) 1 Q, H, 177 - - - - 
 
 Era Assuraneo Co,'s Case, 30 I., J. Ch. 137 : 32 L. .1. Ch 
 
 J. & S. 29 : 11 W. B. 59 ; 7 1.. T. UM - 
 Erichsiii )•. l^ast, 8 Q, 11, 1>. 414 - 
 
 1247 
 1245 
 
 101 
 
 207 ; 1 I). 
 
 514, 1481 
 94, 119 
 
 Erlungiir r. New Sombrero Co., 3 App, ( 'as, 1218 : 27 AV. B. (i5 ; 39 
 
 i: T. 209; 48 L. J. Ch. 73 - 33, 12, 121, 131, 132, 1.33, l:t4, 
 
 136, 137, 13,s, 141, 143, 239, 645 
 
 Ernest r. CroysdiU (1800), 2 1>. F. & J. 175 - - 712, 1350 
 
 Ernest i: Ixima Gold Mines, (1897) 1 Ch. 1 ; <>0 J-. .1. Ch, 17 ; 75 
 
 L. T. 317 : 45 W, B. 8(i - 698, 099, 705, 708, 1090, 1098 
 
 Ernest V. NichoUs, (i IL li, C. 401 ; 8 C, 1». 679; 3 Jur. N. S. !tl9- "s, 
 
 239, 450, 400, 500, 'i 10 
 
 Bsdaile f. I,a Nan/e, 1 Y. & C. 394 1157 
 
 Esparto Trading Co., «f, 12 C. I). 191 . - - 47 
 
 Eepuola I-and and Cattle Co., W. N. (1900) 139 ; 48 W, B, 684 
 
 ^ 814, 817, 
 
 Easex and Suffolk Equitable Insurance Society, W. N, (1909) 102 - 
 
 Estates Investment Co., 27 S. J. 585 . . . - 
 
 Euphrates aad Tigris Stoam Navigation Co., (1904) 1 Ch. 360 ; 73 
 
 L. J. Ch. 175 ; 90 L. T. 56 ; W. N. (1904) 23 - - 1311, 131* 
 
 058 
 096, 
 1081 
 1319 
 1337 
 
TABLE or CASES. 
 
 Eup- Fau 
 
 Eupion Fuol uud Oas Co., W. N. (ls7a) 1(» - 
 
 European Hank, !{•■, Agra Bank Claim, H Ch. 41 - 11 
 
 European < 'o. r. Bailoliffo, 7 Ch. H. 73.'{ 
 
 Evans's Caso (1S07), 2 Ch. 420 ; ;i6 I,. .). Ch. .Wl : 16 I..T, 
 
 W. R. u4:t 
 
 Evans c Itoattie, 3 E»p. 2<> - - - - 
 
 EvunH c. Hrown (18-I3), 5 lloav. 114 
 Evans r. Chapman, 8(! I.. T. .381 : IS T. I.. R. .Wfi - 
 Evans v. Coventry, S De G. M. & G. K.'Jd; 5 W. I!. 4;t(i; 
 
 O. S. 118; 20 \.. .1. I'h. 400 - 
 Evans r. Hearts of Oak Society, 12 .lur. N. ."*. 163 - 
 Evans v. Rival Granite Quariiis, (li)lO) 2 K. 1!. 97il 
 Evans i: Smallcombe, I.. R. .1 11. I.. 24!» - 
 Evans i'. Truman, 1 Moo. & R. 10 - 
 Everitt r. Automatic Weighing Machine Co., (1H92} .i Ch. 
 
 r,. T. :i4!i: 62 1.. .1. 1 11.241 - 
 K. W. A. ,/?<■, (1901)2 K. 15. 642 - 
 Ewing r. Ewing, 8 App. Cas. 822 . - - 
 
 E.xchange Draper^- Co., 3s C, I). 171 
 Kxchiinge Tnist, Limited, I Jirkworthy 's Case, (1903) 1 Ch, 
 
 !.. .1. Ch. 387: 88 I.. T. 56 - 
 Exeter and Crediton Rail. Co. v. ItuUor, j l!y. Cas. 211 
 
 J27 ----- - 
 
 Exploring I ..and and Minerals Co., 94 I.. T. 234 
 Expre.ss Fuel Co., «., \S. N. (isio) 10 
 
 - 1401 
 92, 119J, UO.j 
 
 - 1354 
 232; 13 
 
 - 16, 47, 484 
 
 - 1248 
 
 - 112 
 
 - <i41 
 
 29 r,. T. 
 
 . 833 
 
 - 1406 
 
 - 6l« 
 
 - 42 
 
 - 1210 
 ,)06; 67 
 
 664, 663 
 
 - 1245 
 
 - 602 
 658, 783, 784 
 
 .711; 72 
 
 - 6t>0 
 ; 11 Jur. 
 
 - 74, 75. 1360 
 
 - 714 
 
 - 87.^ 
 
 Kairbairn Engineering Co. (Ej- />"W.' Ijidd). (1893) 3 Cli. \M . 63 
 
 I.. .1. Ch. 8 : 69 I.. T. 413 : 8 R. 16 
 Fairbrother i: England, 40 W. R. 220 
 Famatina Va. v. liury, (1910) A. C. 439 
 Family Endowment (^o., 5 Ch. 118 - 
 Farley, /■■> imrtf, 1 M. 1). Jt De G. 683 
 Farmer v. Pitt, (1902) 1 Ch. 934 ; 50 W. U. 43:{ ; 71 I.. .1, 
 
 655, 638 
 
 - 3.>8 
 
 - 1125 
 
 - 1448 
 
 - 1186 
 Ch. 5(H) -1185, 
 
 1186, 1217 
 
 - 98 
 (i. li. 
 
 Fanner c. Scottish American Co., (1912^ A. C. US - 
 
 Farmer & Co. -•. Inland Revenue, (189S)2 H. li. 141 : 67 L.J. 
 
 773: 79 I.. T. 32 
 
 Fai-nham Flint, &c. Co. v. Famham L'uiou, (1901) 1 U. B. 272; 16 
 
 T. L. B. 199 - 
 Faruham v. MilwarJ, (1895) 2 Ch. 735 . . . - 
 
 Farrar v. Farrars, 40 C. 1>. 395: 58 1.. .1. Ch. 183: 60 I.. T. 121 : 
 
 37 W. R. 196 
 
 Farrer <•. liary, llHrtland ^ C..., 25 C, Tl. K.W 
 
 Faure Accumulator Co., 40 U. D. 141 ; 58 L. J. Ch. l.S: 59 L. T. 
 
 91S; ;17 W. R. 118; 1 Meg. 99 - 30, 277, 466, 587, 672, 712. 7S» 
 
 - 340 
 
 106 
 680 
 
 29 
 !217 
 
•if 
 
 ■; ! 
 
 iTi 
 
 TABLE OF CASES. 
 
 !W, 
 
 J I 
 
 H 
 
 '••—For PAOE 
 
 Paure Accumulator Co. r. Phillipart, 38 L. T. o24 - «34, HSB, 661, 728, 
 
 740, 744, 1342 
 Federal Supply and Cold Storage r. AugeMen, 103 U T. 150 - 442 
 
 Felix Uadley & Co. v. Hadley, 77 f.. T. 136; (1898) 2 Ch. 680 - 42, 
 
 62, 135, ;M7, 948 
 Pell f. Ooslin, 7 Ex. 185 - - - - - - 1243 
 
 Penwick v. Schmalz, L. R. 3 C. P. 313 - - - - 601 
 
 Fenwick, Stobart & Co., (1902) 1 Ch. 507; 71 U. J. Ch. 321 ; 86 I,. T. 
 
 193 ----- - 142, 759, lOil 
 
 Furguson r. WUflon (1866), 2 Ch. 77; 15 \V. E. 27 - 29, 36, 57, 710, 
 
 711, 723, 789, 1351 
 Forgusson c. Pyffe, 8 C. & F. 121 - - - - -1193 
 
 Fernandez's Executora, 5 Ch. 314 . . - - . 678 
 
 Fielding and Bimington's Case, 2 Ch. 714 - - - 477,1113 
 
 Filby V. Hounsell, (1896) 2 Ch. 737 - - . . ,335 
 
 Finance and Issue, T^imitod v. Canadian Produce Coi'pDration, (1!)05) 
 
 1 Ch. 3; ; 73 L. J. Ch. 751 ; 91 L. T. 685; 53 W. R. 170 - 11, 18 
 Financial Corporation, 27 S. J. 199 - - - - 1337 
 
 Financial Corporation, In re (Ooodson's Claim), 28 W. R. 760; 
 
 W.N. (1880)88 - - . . 467,507,314,787 
 
 Pinck V. Tranter, (1905) 1 K. B. 427 ; 92 I. T. 297 ; 74 L. .1. K. H. 
 
 345 ----.-. . 1186 
 
 Firbank's Executors v. Humphreys, 18 Q. B. i). 54 ; 5C I,. .1. Q. B. 
 
 57 ; 56 L. T. 36 ; 35 W. R. 92 - - .iSS, 687, 710, 711, 741, 
 
 1141, 1199 
 Finnstone's Case, 20 Eq. 524 ; 23 W. K. 867 ; 44 I-. J. Ch. 617 - 484 
 Fisher's Case, 31 C. D. 120; 36 L. J. Ch. 497, 597; 53 L. T. 832; 
 
 34 W. E. 49, 335 55, ^57 
 
 Fisher i-. Block and White Publishing Co., (1901) 1 Ch. 174; 70 
 
 L. J. Ch. 175; 84 L. T. 305; 49 W. R. 310; 8 Mans. 184 
 
 (C. A.) - - - - (M3, 76c, 766, 790. 814. 866, 871 
 
 Fisher r. Hull and Barnsley Rail. Co., 25 S. J. 353 - - 871 
 
 FitzGeorge, In re, (1905) 1 K. B. 462 - - - - 1250 
 
 Fitzgerald, He, (1903) 1 K. B. 462 - - - - . 1250 
 
 Fitzgerald's Trustee v. MoUersh, (1892) 1 Ch. 385 ; 61 L. J. Ch. 231 ; 
 
 66L. T. 178; 40W. R. 251 1193 
 
 Fitzroy Bessemer Co., He, 32 W. R. 475; 32 W. R. 312; 60 U T. 
 
 154 - - ... - 141, 144^ 1401 
 
 Flatau I'. Cullen, 81 J^. T. 402; W. N. (1899) 206; 48 W. R. :t6 
 
 (C. A.) 1341 
 
 Fleetwood Estate Co., W. N. (1897) 20 - - - 1311,1313 
 
 Fleming r. Bank of New Zealand, (1900) A. C. 577 - 644, 741, 1180 
 
 Fletcher v. Oalland, 90 L. T. Notes, 278 - - - - 313 
 
 Flitcroft's Case, 21 C. D. 519 ; 31 W. R. 174 ; 48 I,. T. 86 ; 52 L. J. 
 
 Ch. 217 - - 27, 28. 30, 150, 463, 712, 714, 715, 766, 860, 
 
 871, 872, 873, 1311, 1313, 1356 
 Floating Dock of St. Thomas, (1893) 1 Ch. 691 - 389, 1120, 1269 
 
 Florence Ijind and Public Works Co., limited, 10 C. I). 330- 27 
 
 W. R. 236; 39L. T. 589; 48L. J. Ch. 137 - 401,616,1180 
 
 Forbes' ("aae, SCh. 7aH; 42 1.. .1. Ch. S57 (C. A.) - - - 476 
 
 Forbea and Judd's Case, He Heyford Ironworks Co., 5 Ch. 273; 39 
 
 L. J. Ch. 422 ; 22 1.. T. N. S. 187 ; 18 W. R. 302 - - 61 
 
TABLE OF CA8E8. 
 
 Ivii 
 
 Tor-Fri '*" 
 
 Forbos V. Jackson, 1» C. D. 615 ; 51 1-. J. Ch. 690 ; 48 L. T. 722 : 
 
 ;» W. R. 632 1^47 
 
 Fonler .-. Handyside. 1 Ex. D. 233 ; 43 T-. J. Ex. 809 ; 35 L. T. 62 ; 
 
 24 W. E. 764 100 
 
 Fore Street Warehouse Co., 39 L. T. 214; W. N. (1888) 155; 1 
 
 Meg. 67 .... - 1118, 1257, 1306 
 
 Foreim and Col. 4c. Co., (1891) 2 Ch. .395 ; 63 1.. T. 78 ; 39 W. K. 
 
 699 1311, 1312 
 
 ForcHt of Dean, &c. Co., limited (1879). 10 C. I). 430: 27 W. R. 
 
 594 ; 40 L. T. 287 . - - - 712,713,714,789 
 
 Forrest B. Manchester Rail. Co., 30 IJcav. 40 - - 4f«8 
 
 Fo9» >: Hurbottle. 2 \ldv>\ 461 - 74, 75, 633, l3io, 1357. 13J3, 
 
 I.T/i 1360 
 
 Foster i: JJorax Co., (1901) 1 Ch. 326; 70 1,. J. Ch. lt>2: 83 L. T. 
 
 638; 49W. E. 212(C. A.) - - - - 457,1447 
 
 Foster r. Coles, 22 T. L. R. 555 - - - - - 813 
 
 Foster i'. Inland Revenue Commissioners, (1894) 1 Q. li. 516; 6.3 
 
 L. J. Q. ]{. 173; 69 L. T. 817 ; 42 W. R. 259 : 58 J. P. 444 ; 9 
 
 R. 161 (C. A.) 27, 29, 939, 956 
 
 Foster v. IJTerpool Athenaeum, 97 L. T. 692 - - - 106 
 
 Foster i-. L. C. &, D. Rail., (1895) 1 Q. 15. 711 - - - 467 
 
 Poster ('. New Trinidad Lake Aaphalte Co., (1901) 1 Ch. 2!is; 70 
 
 I.. J. Ch. 123 ; 49 W. H. 119 ; 8 Mans. 47 - 286, 765, 706, 865, 
 
 871, 873, 880, 88!». 896 
 
 Foster c Pontoons and Drj' Dock Co., 9 T. L. R. 450; (i3 I.. J. 
 
 Q. H. 50 - - - - - - - 674 
 
 Fothergill's Case, 8 Ch. 282 ; 21 W. R. 301 ; 27 L. T. 124 ; 42 L. J. 
 
 Ch. 481 484 
 
 Foulkes V. Quartz HiU Co. (1884), 1 C. & E. 136; Em. Dig. 1884, 
 
 p. 102 201 
 
 Fowler v. Uroad's Patent, &c. Co., (1893) 1 Ch. 724 ; 62 L. J. Ch. 
 
 373 ; 68 L. T. 576 ; 41 W. E. 247 ; 3 H. 293 - - 649, 689 
 
 Fox's Case, 6 Ch. 183 ; 24 L. T. 336 ; 40 L. J. Ch. 433 - 75, 786, 
 
 1335, 1444, 1445, 1448, 1451, 1486. 1487 
 Foxton V. Manchester, 4c. Bank, 44 L. T. N. S. 406 - - 1192 
 
 Frames v. Uultfontein Mining Co., (1891) 1 Ch. 140; 60 L. J. Ch. 
 
 99 ; 64 L. T. 12 ; 39 W. R. 134 ; 2 Meg. 374 - - 432, 723 
 
 France v. Clark, 26 C. D. 257 ; 32 W. R. 466 ; 50 L. T. 1 ; 53 L. .». 
 
 Ch. 515 - . . - . 652, 669, 670, 70K, 1142 
 
 Frankenburg v. Great Horseless Carriage Co., (1900) 1 Q. B. 504 ; 
 
 69 L. J. Q. B. 147 ; 81 L. T. 684 ; 7 Mans. 347 (C. A.) - 222, 1.346. 1348 
 Frank MiUs Mining Co., 23 C. D. 32, 56 - - - 7t>, 878 
 
 Frasor r. Whallcy, 2 H. & M. 10 - - - - 655, 1408 
 
 Frazer v. Jordan, 26 L. J. Q. B. 288 ; 8 El. & Bl. 303 - - 1247 
 
 Freehold Land Co. i: Spargo, W. N. (1868) 94 - - - 1418 
 
 Freehold Land Co. f. Suffleld, (1897) 2 Ch. 608 - - - 83 
 
 Freeman v. Appleyard, 32 L. J. Ex. 173 - - - - 1207 
 
 Freeman v. Cooke, 2 Ex. 654 ; 6 D. 4 L. 187 ; 18 L. J. Kx. 114 - 1140 
 Freeman v. Fairlie, 3 Nev. 40 - - - - - 771 
 
 Freeman v. Green, 1 J. & W. 133 ----- 771 
 Freeman v. Pope, 5 Ch. 338 ----- 1364 
 
 Fftiweu Co., /?r, 60 L. T. 953 ----- (579 
 
 Friend v. Young, (1897) 2 Ch. 421 ; 66 L. J. Ch. 737 ; 77 L. T. 50; 
 
 46 W. R. 139 - - - - - - - 1190 
 
Iviii 
 
 TABLE OK CA8E8. 
 
 71 I,. J. C'h. 433: 86 L. T 
 !»3; a» L. J. C. 1'. «3; 19 
 
 Vri— Oen 
 
 Frith f. Frith, (IWW) A. C. I'M : 94 L. T. 383; 34 W. B. 618 
 Frost (S.) & Co., (1899) 2 Ch. 207 ; ti8 L. .1. Ch. i44 : 80 L. T 
 
 48 W. U. 39 (0. A.) 
 
 Fryer v. Ewort, (1902) A. ('. 187 
 
 ,H. L., K.) - 
 Fuontes r. Montie. L. R. 4 ('. P 
 
 3M: 17 W. K. 20N .... 
 FuUor r. McMahon, (1900) 1 Ch. 173 
 FuUrr v. Whito Feather Reward, ;iOOti) 1 Ch. S23 
 
 22 T. L. R. 4(K) - - 
 Fullerton <■. I'rovincml Itank of Irolanil, (1903) A. C. 309 ; 72 
 
 1'. C. 79; 89 L. T. 79 (U. L., 1.) - - . 
 
 Fumi'KK Rail. r. C(>miiiis»iiinprs, 33 L. .1. Ex. 173 - 
 Fumival r. Ciiombcs, 5 U. & Or. 73t> ; (i Sc. N. R 
 
 C. r. 2fi.i ; 7 .liir. 3911 - - .. . 
 
 PAOE 
 tlA8 
 
 849; 
 . 242 
 L. T. 
 
 9.-. I,. T. 
 
 101 ; 
 1437 
 I,. .1. 
 
 . o22; 12 L. .1. 
 
 1458 
 
 1211 
 679 
 
 14.i8 
 
 1181 
 070 
 
 328 
 
 Oadd .-. llouphton, I Kx. I>. 357 ; 24 W. R. 875; 35 L. T. 222 ; 4(i 
 
 li. J. Ex. 71 - 334,711 
 
 Galloway r. Hchill, .Sobohni Ji Co., W. N. (1912) 131 - - fi24 
 
 Gallsworthy -•. Si'lby I»ain Commissioners, (1892) 1 U- H. 348; «1 
 
 L. J. (i. li. 372; 66 1,. T. 17: 8T. I,. R. 60 . - - 37 
 
 Gaudy c. Gandy, .30 C. I). 57; :13 \V. R. 803; 53 L, T. 306; ,J4 
 
 1,. .T. Ch. 1154 - - - - - 149, 323 
 
 Garden Gully, &o. Co. r. Mc Lister, 1 App. ( as. 39 ; 24 W. R. 744 ; 
 
 So L. T. 408 - - - - - 6.')4, 058, fi»H), 73(» 
 
 Gardner - , Indalo, (1912) 1 Ch. 700 [«<r Addenda] - - - 689 
 
 Gardner <•. London, Chatham & Dover Rail. Co.. 2 Ch. 201 ; 13 W. R. 
 
 324 ; 15 L. T. 494, 552 : 36 L. d. Ch. 323 . - 474, rttm 
 
 Gamett 1-. M'Kewan, L. R. 8 Ex. 10 . - - 1192,1195 
 
 Gas Light & Coke Co. v. Cannon Hrewory Co., (1903) 1 K. H. 393: 
 
 72 L, .1. K. H. 308; 88 L. T. 314 ; 51 W. R. 565 (C. A.^ - ;»49 
 
 Gatoy c. Fr)-, 2 Ex. I>. 265 - - . - - - TOS 
 
 Gatling Gan Co., «-, 43 C. 1).«28: 59 L. .f. Ch. 279; 62L.T. 312: 
 
 38 W. R. 317; 2 Meg. 114 - - - - -1119 
 
 Oaussen . . Morton, 10 H. & C. 731 - - - - - 292 
 
 Oelly Deg Colliery I o., 38 L. T. 440 . - - - ;{64 
 
 General Accident Asaurnnce Corporation /■. McGowan, (1908) A. C. 
 
 207 ; 9S L. T. 734 ; 24 T. L. R. 533 (H. L.) - - - 101 
 
 General Accident Amuranco Corporation r. Webster, (1902) 1 K. H. 
 
 377 ; 71 L. J. K. H. 2;{6; 86 L. T. 355 : 50 W. R. 381 - - 330 
 
 General Accident Assurance Corporation, (1904) 1 Ch. 147 ; 73 L. .1. 
 
 Ch. .W7 ; 52 W. U. fi02 - - - - - - 112 
 
 General Auction, &r. Co. i-. Smith, (1891) 3 Ch. 432 - 467, 473, 509 
 
 General Hank, 17 W. R. 3(M - - - - - 1293 
 
 General Mill Posting Co. r. Atkinson, (1908) 1 Ch. 537 - - 359 
 
TABLE OF L'AU£S. 
 
 lis 
 
 0«n-01e '•»<»* 
 
 Ooniral ( riHlit Co., W. N (IN«1) 133; (1002) :! (I tiOl - 12«;f, l^H 
 UommlEHtatoKCo., //<>, ;M"h. 76a ----- ■'•lO 
 (K'ucral Kxi'hanK<' Hunk, I'rtvton'i* Cueo. 4 K<i. 13»; .'17 I.. •!• Ch. 
 
 (;1H: I(i W. H. 10«7 - . - - 141. Ml', TJl 
 
 tU>'.' 
 IliOiV 
 
 :,H9 
 
 4ii L. T, 
 
 Opuoriil KxchiinRu Itank, I.. If. « «^h. 81h - 
 
 Oeiicrul Inilustritw Duvelopmont Syndicatf, W. N. (11HI7) 211 
 
 Uiiitnil l'hoH|.hat« Co. c. IIorrockH, N T. I-. K. a.V) - 
 
 OiMierul I'ropoitv Co. -■. Miithosou's Trust<e«, Iti C. of S. Cu-. 'JN-i 
 
 ■'Sc.) -"- 
 (Jen.ial liail. H^•ndicute, Whitolrys Cu«c, (l^iKt) 1 Ch. 770 ; 8(» I.. T. 
 
 H«H; HH 1,. .1. Ch. 305 ------ 
 
 Oeutl.- r. luulknei, (19(K)) 2 (i. 11.207; ()!• I,. .1. U. B. 777; S2 
 
 J.. T. 70N (C. A.) 
 
 (Jf<). N.winau & Co., l«»j) 1 Ch. »i7l ; tU 1.. J. Ch. 407 : 72 L. T. 
 
 <i!»7 ; 4a \V. R. 483 ; 2 Man«. 267 : 12 H. 228 'C. A.) - 27, 71:., 724, 
 
 723, 9<)!t, 1002 
 (ioor^i' '■. Skivinj^u, I.. K. o Ex. 1 - - - - 213 
 
 Oeor-,"' Whitwhurcli. Limit<Ml c. Cavanagh, «j L. T. 34!» ; {mvl 
 
 A. 1.117 
 (i.rmaii Date Co., J!r, 20 ( '. H. Ui» ; 30 W. R. 71 
 
 jl li. J. Ch. 4»i4 
 Oiniiau Mining Co., 4 Pe <i. M. iV O. 19 - 
 
 Gorson r. Siiuiwon, (1903) 2 K. H. 1!»7 (C. A.) - - - 
 
 OibbH r. Guild, !» Q. I!. U. M ; ol L. J. Q. li. 31;t ; 4t! L. T. 248 : 
 
 ;«) W. R. ,W1 ------ - 
 
 tliblis r. SocieU- dc» Mi-Uiux, 2J Q. II. I). 399 
 Gibbs and Wots Case, 10 E.|. 312; 18 W. R. 970 
 
 39 I,. .J. Ch. 6»i7 - - - . 
 
 Oiblan /•. National Amalgamated Ijibourors' Union, (1903) 2 K. B. 
 
 tXH) : 72 \s. .1. K. B. 907 : 89 1,. T. :m (i '. A.) - - - 445 
 
 OibUn ,: McMuUon, L. R. 2 V. C. 317 - - - - 713 
 
 (iibson -•. Barton, h. R. 10 Q. B. 329 : 23 W. R. 838 ; 32 L. T. 396 ; 
 
 44 L. J. M. C.81 - - - - 441, 624, 090, 763 
 
 Gibson c. HoUand, L. R. 1 C. 1". 1 - - - ;!3.j, 336, 1184 
 
 Gibson '•. JoyeM, 6 Ves. 278 - - - - - - 138 
 
 Gittord -■. Willoughby's Mashonaland ExiHjditioii Co., H>T. 1.. 1{. 24- 125 
 (iilbtif-s Ca.si;, 3 Ch. 339; 18 W. R. 9;t8; 23 L. T. 341 ; 39 L. J. 
 
 463 
 
 199 
 
 334 
 
 743. 7.j» 
 
 327: 
 470, t>(M) 
 
 - 787 
 
 - 22ti 
 
 20«> 
 - 1 197 
 
 i3 li. T. 330 : 
 
 509, 686 
 
 724. 747 
 
 - 190 
 
 - 496 
 
 - 1195 
 
 - 1216 
 
 - 100 
 
 Ch. 837 - - - 603, 654, 655, 037, 665, 7 
 
 Uill>er» .-. Endean, 9 C. D. 260 ; 27 W. R. 232 ; 39 L. T. 404 
 Oikhrist, (1893) ICh. 367 - - - - - 
 
 Giles r. I'likins, 9 East, 14 - 
 Gill i: Downing, 17 Eq. 317 - 
 GiUatM and Wutts -■. Colquhoun, 33 W. R. 238 
 GiUetipie c. .Vlexander, 2 Ruas. C. C. 136 - 
 Gillingham .•. Bi^ddow, (1900)2 Ch. 242 ; 69 J,. J.Ch.527 ; 82 L. T. 
 
 791 ; (H J. P. 617 - 
 
 GUmanV (^asc, 31 C. D. 420 
 
 GIamorgan.-.hiro Canal Co. v. Merthyr Tydtil Union, 89 I,. T. 85 - 
 Glamorganshire Quarter SesBions r. Wilson, (1910) 1 K. B. 723 
 Olaagow V. Independent Printing C.i., (1901) 2 I. R. 278 - 
 Glasier <•. Rollr., 42 C. D. 436; 38 L. J. Ch. 820; 62 L. T. 133; 38 
 
 W. R. 113 - - - - - 1**. 191. 203. ^'l 
 
 Glenton and Saunder«, lie. 53 1.. T. 434 (C. A.) - - - 352 
 
 679 
 
 ;{37 
 485 
 106 
 102 
 1020 
 
TABLE or CA8E8. 
 
 
 V. 
 
 Olo— Or» 
 
 Olory Paper MiU« Co. (Uun«tcr> Case), (I8W) 3 (."h. 473 : 63 L. J. 
 Ch. HS3 ; 7t L. T. 528 ; 4d W. R. 164 ; I Muiaon, 438 ; 7 H. 
 
 MM 
 
 iA» (C. A.) 
 
 OlOHSOp I 
 
 610 
 
 16N, 721 
 
 tllodsop, (19<>7) 2 Ch. TO: 97 I.. T. 372; 76 I,. J. Ch. 
 
 24 
 38 
 
 Ulouccstcr Municipal Election Petition, (19U1) 1 U. U. 683 • 
 
 Glover r. Giles, 18 C. D. 180; 80 I,. J. Ch. 368; 43 K T. 344 ; 29 
 
 W. H. 603 - . - . - . . ia 
 
 GluckBtein r. l»ame«, (IflOO) A. C. a40; 69 I,. .J. Ch. 38.-» ; 82 ]» T. 
 
 393; 7 Muni. 321 (H. L, E.) - 131, 132, 134. 135, 136, 138, 141. 
 
 112, 143, 144, 150, 174, 192, 241, 645, 839 
 
 Godfrey v. Watson, 3 Atk. 517 - 
 
 Ooert ACo. V. BelH1904)2K. It. l;«; 73 i-. J. K. U. 448; 90 1, 
 
 675 ; 53 W. B. 64 
 Gold Co., He, 11 C. D. 719 - 
 
 Gold Hill C V 03 C. D. 210 ; 31 W. B. 853; 49 L. T. 66 - 
 Gold Om» ,1 luction Co. ••. Parr, (1892) 2 Q. B. 14 ; 61 L. J. Q, 
 
 522 ; 66 U T. 687 ; 40 W. R. 526 - 
 
 <Jol(l Beefs of Western Auntralia r. Dawaon, (1897) 1 Ch. 115 
 Goldburg, Ju le, Kx /wrte Silyoratono, (1912) 1 K. U. 384, rorersed 
 
 on uppeal - - - - . - }»4" 
 
 Goldschmidt v. Jonoa, 22 L. T. 221 - 
 Gonty 1: Manchester, &v. Bail. Co., (1896) 2 U. B. 43!) 
 Gooch V. ixindon Banking Ass., 32 C. D. 41 
 
 Gooch'c Cawe, 8 Ch. 266; 21 W. B. 181 ; 28 L. T. 148; 42 I,. .J. Ch. 
 
 381 ------- . 
 
 Goodwin r. Roberts, 1 App. Cae. 476 - . . . 
 
 Goodwin f. Saturley, 16 T. L. B. 437 - 
 
 Gophir Diamond Co. r. Wood, (1902) I Ch. 430; 86 1,. T. 801 ; 50 
 
 W. B. 603 - 
 
 Gorely, Ex parte, 4 De O. J. & 8. 477 
 
 Gorrissen'H Case, 8 Ch. App. 519 - - - - . 
 
 Gogs V. Ixjrd Nugent, 3 B. & Ad. 65 - - - - 
 
 Goulton ('. Ix)ndon Architectural Co., W. N. (18(7) 141 
 Gourand r. Edison, »9 L. T. 813; W. N. (1888) 194; 57 L. .1. Ch. 
 
 498 - - - - . - 
 
 Gourlay v. Duke of Homemet, 30 Ves. Jun. 43<> - - . 
 
 Oover's Case, 1 C. D. 182: 24 W. R. 123; oJ i.. T. 619; 45 L. J. 
 
 tTi. S3 - - - - - 132, 142, 193, 227, 229 
 
 Goremment Stock, 4c. C«. v. Manila Rail. Co., (1897) A. 0. 81 ; 66 
 
 li. J. Ch. 102 ; 75 L. T. 553 ; 43 W. R. 353 (II. L., E.) - 616, 718 
 
 Government Stock Investment Co. (No. 2), (1892) 1 Ch. 597 ; 61 L. J. 
 
 Ch. 381; 66L. T. 608; 40W. B. 3K7 - - - -1313 
 
 Gower v. Couldridge, (1898) 1 Q. W. 348 - - - 1348, 1349 
 
 Graff V. Evans, 8 Q. B. D. 373; 51 I,. J. M. C. 25; 46 L. T. 347; 
 
 30 W. R. 380; 46 J. P. 262 - - - - - 367 
 
 Graham f. Van Dieman's l,and Co., 26 L. J. Ex. 73 ; 1 H. & N. 
 
 ^'1 638,692 
 
 Grai'ger u. Aynsley. 6 U. U. D. 832 - - - . io21 
 
 Grainger c. Gough, (1896) A. C. .325 - . . 94,119 
 
 Gramophone and Typewriter v. Stanley, (1908) 2 K. B. 89; 99 L. T. 
 
 39; 24T. L.B. 480 - . . . 75,96,736,747 
 
 Granite Supply Association v. Inland Revenue, 8 F. 55 (Ct. of Sesa.) 101 
 
 - 1216 
 T. 
 
 - 93 
 26, 1099 
 
 - 1411 
 II. 
 
 - l:t42 
 
 - 1361 
 
 :, 934 
 
 672 
 
 467 
 
 1447 
 
 672 
 
 1149 
 
 335 
 
 358 
 361 
 200 
 593 
 658 
 
 771 
 34» 
 
 «L*^^ 
 
TABLE or CA8BH. 
 
 Ixt 
 
 Or*^ Or* '*»• 
 
 Qnat V. Gold Explown., 4c. Syndicate. (1900) 1 U- B. 233 ; «0 L. J. 
 
 Q. Jl. 180; 82UT. 4: 48 \V. B. 280(0. A.) - 134, Ul. 733, UOtI 
 Oimnt V. iMugton, (1900) A. C. 383 10* 
 
 Or«nt V. United Switchb«:k Rail., 40 C. D. 134; 38 U J. Ch. 211 ; 
 
 37 W. H. 318 ; 80 L. T. 524 : 1 Mag. 1 17 - 37, 74, 447, 411. H02, 
 6iH, 711, 732, 741, 1048, I04H, 1100, UJ4 
 Oruy I. Ford. (1896) A. 0. 44 . . . - - 
 
 Grey V. .lohnson, I-. R. 3 II. L. 1 - 
 Oray v. l^wit, H Ph. 1040: 21 W. U. 923: 29 L. T. 12: 43 L. .1. 
 
 rh. 281- .... 2!l, 141, 040, 1344, 
 
 (Jray •■. Poareon, 6 II. L. C. Itm - - - - 4»4 
 
 Oray r. Stone and FunnoU, 89 L. T. 282; W. N. (1893) 133: 3 R. 
 
 «i)2 ------- 
 
 fire.it Hritain Mutual. 20 r. D. 341 ; .«) W. R. 374; 46 1,. T. 816; 
 
 41 L. J. Ch. 7, 406; 1« C. D. 246; 19 C". D. 39 - 
 (iroat Eastern Rail. Co. v. Turner, 8 Ch. 142; 21 W. R. 163: 27 
 
 1,. T. 697 ; 42 I.. J. Ch. 83 - - 27. 484. 711. 712, 
 
 Great Northern Salt, 44 C. D. 472 ; 49 L. J. Ch. 288 ; 62 L. T. 231 ; 
 
 2 Meg. 48 - - - - 717. 734. 742. 744, 744 
 
 (ireat North-We»t Central Rail. -•. Charlcbois, (1899) A. C. 114: 68 
 
 L. J. P. C. 24 : 79 I,. T. 34 (P. C.) - - - 30. 42 
 
 Oreut Western Rail, i: Rushout, 4 Do O. & S. 290 - 
 Oroiit WeBtern Steamship Co., 34 W. R. 144 
 Great Wheal PolKo<ith. Ilr. 32 W. H. 107 : 49 L. T. 20; 43 L. .1. Ch. 
 
 42;47J. P. 710 
 
 Greavesv. Tofield, 14 0. I). 471 - . - - - 
 
 Ort<n i: London General Omnibus Co.. 7 C. 1!. N. S. 290; 29 L. J. 
 
 ('. P. 13; 1 H. *C. 426 
 
 Green r. St. John's Mansions. \V. N. (19(K») 9 - - - 
 
 Green v. Wright. 1 C. P 1). 492 
 
 Green r. Wynn, 4 Ch. 204 - 
 
 Oreenwell .•. Porter, (1902) 1 Ch. 430 ; 71 L. .1. Ch. 213; 86 L. T. 
 
 220 ------ 7»M. 
 
 Greenwich Pier Co. v. Thumet< Conservators, 21 T. T,. R. 669 
 (ireenwood's Case, 3 I>e O. M. & G. 449 - . - 
 
 Oreon-.v(,od r. Frane.is, (1899) 1 (*. B. 312: 68 L. .1. U. H. 228 ; 7S» 
 
 1 r. 624 ; 47 W. U. 230 (C. A.) ... - 
 
 Grwmwood r. Humber & Co. (Portugal), W. N. (1898) 162 - 207 
 
 Greenwood v. Leather Shod WTieel Co., (1900) 1 Ch. 421 ; SI L. T. 
 
 494 : 69 L. .1. Ch. 131 ; 7 Mans. 21(» (C. A.) - 174, 192, 214, 
 
 227, 230 
 Gregory i . Patchott. 33 Beav. 394 - 
 Oregson, Itt, (1893) 3 Ch. 233 ; li2 I.. J. Ch. 764 ; 69 1,. T. 73 ; 41 
 
 W. R. 641 (0. A.) 
 
 Greshain Life, Re, 8 Ch. 449; 42 L. J. Ch. 183; 2N L. T. 140; 21 
 
 W. R. 186 - - - - - - 737 
 
 Gresham life Assurance Co. v. Bishop. (1901) 1 Q. B. 143; 70 !,. J. 
 
 Q. n. 298 ; r.;l L. T. 654 ; 65 J. P. 1 (C. A.) ; (1902) A. C. -'a? - 
 Greaham lifo Soe. -•. Styles, (1892) A. C. 309; 62 L. J. Q. I!. 41 ; 
 
 67 L. T. 479 ; 41 W. B. 270 ; 46 J. P. 709 - - 97. 98- 
 
 r.HO 
 1192 
 
 134K 
 . .W7 
 
 - 6«^f 
 
 - 1331 
 
 1346 
 
 746 
 
 , 2«3 
 
 412 
 
 1283 
 
 126 
 1204 
 
 38 
 
 1362 
 
 441 
 
 1247 
 
 IS, 734 
 
 - 46(i 
 
 91. -t 
 
 1247 
 222 
 
 216, 
 , 232 
 
 H9S 
 
 668 
 
 .747 
 
 101 
 
Ixu 
 
 lARLK ly PASEf. 
 
 tl 
 
 Orejrmouth Point, v.'. f'o,, (liuki; | eh. i^i : T.J I., i I'h. M 
 
 VMS 
 
 T;i. 740. 
 
 74t, 7»-- 
 
 T. 
 
 "143. > 
 
 • triffltl.. Hj jKtrU. I:- Wilkinwm, .';! r. i. «» 
 ( Tiffitii ,■. Pnm-t, j 1. j I sfM «i i ■. I), | ; gs W. \^ .'.I'S • 
 Ul : 4« I- .1. Ch. »i».i - Ttl, 7s J.I, i:«», JtW. 7H«, : 
 
 ■ WH, l,4t. Ifti, 1 ita. US;:. I47<5. I 
 <iritUth i: Tho Earl o( Iiii.Hi>y t» (< I;. ]' '-iT; ,," : ?, Q, Jt. .M.i; 
 
 47 I,. T. 10; :«» \v. l; 7!(; «<; i. i'. i .1 jojl' 
 
 Orilfith lycleCorp. f. Ul; j«r. (iNi*** l" I!. 41« >1 T. aiu W 
 
 I.. J.Q. 1). aw . . 330 
 
 Grill I-. Oon-ral. i . Co., . i;. 1 (' ,•!; j, I,. U. ;JC. '. 
 
 476; :W !,. J. 1 . P. 324 . , ' . ^ ;,;, 
 
 •irimwailo, f^x jKir- /f^ Tonnont. 17 j. I! 1). . ^ - . i;{67 
 Oniirtley, /ff, Clews 'IriniUcj-, Ih'JW) . t 'h. . "^i.i • ;» |,. T 10-5 • 
 
 47\V. K.53 . ' ;,5. 1402 
 Ori-««U -i Cane, 1 Ch. .>2« . i ' , K. 101.5 : U i X. «4 : 3i I-. J. 
 
 Oh. 7i2 - - . ... Ml 
 
 Oroven .. Wimbonii , (1 tH) 2 li. li. i 'i i f, r. 2H4 47 \V. H. 
 
 H7 
 
 Oiiiiidy r HrigifM. I'JIO} 1 i h. 444 - 
 Uuardiui: ir« 4 Li!=' Aiwiranco Co. v. ftiattitan >' Qr 
 ..mv ,.. \A T r. 781: •,. I.. J. Ch. im;! 
 uudiaiin of M. i.,-<.ii-irds . i'mTiklin. 31' r. !). 377 
 * saenwo >■ -- do. :( H. & Ad. ' - 
 ■uest. K' Wr!^ ' '< r. ' 
 
 /uinii"H-i Tr.i irk, 
 
 ijuimwitw r. i aid Corj* ition 
 
 1 7«, 2(i4 
 lUH, 721 
 Inaur- 
 
 - 4W 
 
 44 
 
 - 1157 
 101, 117 
 
 346 
 
 341; 47 T. -'7: 
 
 .1. 
 
 ;. i,19\' I K. I!. 713 - 
 
 p. Pat I i< ,18 
 
 Inland. L"' < . U. 34!' , :11 W. 1{. 
 i '7 7''. M», 476, 482. 59., 
 
 li i TM. N61, 871, 873 
 
 - 31 
 
 - 1207 
 
 - 713 
 21 L. T I -Hi; 3s L. .1, 
 
 - (172 
 mg (1822), o H. & .\ld. <,28 - . . nui 
 
 liros., 24T. T,. H. 515 - - . 675,1143 
 
 Oiivot ' Hi. .,u, (1894) .'! I'h. 388; 64 I,. J. Ch. .'ii ; 71 U T. 
 
 .!81 
 
 <iinin s CaHo, :i i '> ; as I,. T ' 
 • rtmn '•. lk)lckow. \ tiighan & ( 
 f'Mrn.' A: Co. i, (Ml, 5 H. I,. 4N(1 
 •Oa !ai. !t Caw. 8 Eq. 438; 17 W. K 
 
 Ch. 610 
 <iu irii! r. A 
 Ouy V. Water 
 
 lOt I 
 
 416 
 
 n. 
 
 Hi. 
 
 HttgK 
 
 llagg! 
 llagui' 
 
 ..Htle Gold Mines, (I'.HH)) 2 fh. 419; <59 L. J. Ch. 031 ; 
 
 . 400 
 
 •<•!, Br, W. N. (1868) 8(i ; IS I,. T. 144 - 
 .Miff, 5 I). M. & O. 910 - 
 
 L'omptoir d'Kucompto de Paris, 23 U. B D. 51!l - 
 , DanderBon, 2 Ex. 741 ; 1" I<. J. E-x. 269 - 
 llalbot f. Long, (1901) 1 Ch. 344 .... 
 Halifax Commercial Bank and Woo<l, 47 W. R. 194- 79 I T I83 
 
 (^^ A.) : ■ . 350 
 
 20, 1«*9 
 
 - 14.'. 
 ■ \lin 
 
 - J41 
 .(12 
 
 ;i3« 711 
 
TABLE or CAtiM. 
 
 Ixui 
 
 I'j 
 
 I,. T. .V. H 
 
 770 
 1. 2.SH. ,^^ 
 
 )t|-<l. 1141 
 
 - 7M. Tsj, 817 
 
 601 
 
 .1 
 
 Manx 
 
 1« 
 
 ;6 I,. 
 
 I!»l, 1 
 ' 1IJ7. 
 
 
 II 
 
 727 
 
 If 
 
 
 VaUKltar 
 71 ],. T. 
 Wiitwon, 
 
 'is^ t\'i 
 
 H R. 7J4i 
 
 ,1 I.. 
 
 ianih 
 
 i! 
 
 - «72 
 
 - 11B7 
 
 r. 1 ; 
 
 113 
 
 Hal lUr 
 
 lliilifiix ^uL' r lUtiuiiiK to. r. Fruiiklyii, tl: 
 
 •)9 1.. .;. ih. 5(»1 ; 1' M.K. 12(1 - 
 lUII A W.) & r.,,. Limit.).!, :t7 <■. D. 712: i7 I.. ' 
 
 ■Vt 
 Hall , * Co.. (llhW) 1 Ch. .121 ; W. N. (HHWI 4» 
 
 H»llu> . Blackburn. 17 r. II. N. S. «7'. - 
 BttUet* Rt, ,' I- /»/)■(• N'atiimul Iniiuraiice I'or^ 
 H.-iUidu •. a. is!«t- ;i I a»9 
 llailmaiiHCaw 9 ' I ,-'9 
 H»ll.ivn> Foruw. 3 h. 177 ; 10 W. li. h7;) 
 
 •'h, Jfl7 - . . . H 
 
 IUini/n> >•. Bim, ii<l ;km) •-' K. B. 10 
 II»ini!ri>n'!< i^in: .mU .ibb, H (h. 54H - 
 IfiiM, Hrogii, .v. (INOl) .W; <;0l 
 
 rnii. &c. Co.. (ls!»4) . 
 Ct \V. I!. 12« 
 1. \ F. Ut!» 
 ' ... ,•. Taliik.T lUntillery, (1^94) A. i. :'' 
 .>40 (H. L.. Sc.) 
 iVixkI. (1N91> 2Q. It. I'^H; m I„ ,1. n. n. T.i4: lij ],. T. 
 
 W, R. 24 
 
 112 I4. T. «0H - . . . . 
 
 1(1 Co., (1806) 2 Ch. 747 : (;-J L. J. Ch. HttO; 7.'. L. T. 
 •. R. 136 - - 1 1-', (W«i, 692 69ti, 710, 77H, 1051 
 
 , neo'n Patent Caii.llo Co., ir> L. .1. Ch. 437 ; 34 L. T. 
 fJl , -^t W. R. 754 - 7o. t4«i, ,JOM, «H6, 6S8, 747, 765, 1023 
 
 lamptot Urban Council /■. S itliwarK and Vauxhall Water Co., 
 (19(Hr A. C. 3; 16 T. L. 1!. 60; ffli I,. J. Q. H. 72; >*! L. T. 
 .)47 ; 4N W. R. 2(KI : 64 .(. 1'. 260 II L., E.) - 
 llunu.i .-. Ehrlich, (1911) 2 K. B. IO06 ... - 
 
 Ilanlmry '. Cumly, .J8 L. T. 135 ----- 
 il iiinan'H Empress, fit . 1 'o., A,> imrU Curmiehael, (ISWl) 2 Ch 
 
 65 I.. .1. Ch. MO- , 7) L. T . 45 - 
 llauimn%. Km\r, &. . Co . 14 T. L. It. .iM - - - 
 
 Uan ins I^akf Xinw ('«iitT!l <-. Annstrnni;, 16 T. 1,. E. i; ' 
 llarlx-n r. I'hiUips. 23 C. I". 14; ;l ''.V. l!. 173; IS I,. T 
 633. 705, 7'. :40, 744, l;556, 1357. 
 llurbur^- India Rubber Co. i-. Martin, (1902) 1 K. V. 11^ 
 
 K. li. 529 ; N6 1.. T. ..'■); 5(1 W. R. 449 (C. A.) 
 lUidoon V. Belilios, 1!K)1 A. ''. 118; 70 L. J. P. C. 'j 
 573 ; 4r> W. H. 209 V. C.) - 63, 323, 652, 661 
 llarc'.- Case, 4 Ct.. 563 : 17 \V. R. 62S : 20 L. T. 157 
 llan.Tt;aVfx (.loseph), Limited. (1900) 2 < h. 347 
 iliirsrov... A> fiarle. ' Ch. 12: 23 W. Ij. ;:;)»; ;12 I.. T. T. 
 
 L. .1. Ch. 569 - - - - 
 
 Harman'g Ciino, If.!' .•)26 ; l.i I,, .i . ( h. :)32 ; .ii I,. T. 760 
 Uan. tn <■. Ain^lw, ^194H) 1 K. '■ «1«n : 7.( I-. .1. !\. li. mm : 90 T,. T. 
 ti24 ; 32 \V. R. 613 - 
 
 'i:tt&irf '■. '■'OHi---:-. O '". H. N --. 2-'-- - - . - 
 
 Harper -■. (}od»oll, 5 U. B. 422 . 39 L. .J H. B. 1N5 ; l.S W. U. 934 - 
 Harper r. I'upet --.... 
 
 Harrington ■. Victv.na Dmk, ii 1, H. 1>. .V19 - - 733, 
 
 I OH 
 441 
 
 :i58 
 
 MM 
 
 :,-'!) 
 
Ixiv 
 
 TABLE OF CA8Ba. 
 
 Ch. 687 ; 20 \V. B. 690 : -'6 h. T. 781 
 
 Ill 
 
 41 L. J. Ch. 
 52, 258, 739 
 
 27 I,, .i. »1i. 
 
 874, 
 
 44 1,. .1. 
 
 (12 I.. .I.U. H.75; ti7 I-. T. 
 
 Har— Hem 
 
 Harris' Case 
 621 - 
 
 Harris .-. Fawcett, « Ch. 866 
 
 Harris r. IrTinn Corporation. W. N. (1901) 18 - - " 
 
 Harris ». North Devon Rail. Co., 20 Beav. 384 
 Harri:*on, A> /-ar^, 26 ('. I). 522 - " ■ ' ' 
 
 Harrison, Ainsleo 4 Co. v. Morrow-in-Furnosf Corp., 63 L. T. Hi - 
 Harrison v. Mexican Rail. Co.. 19 Vai- 358; 23 W. R. 403; 32 I.. T. 
 82 ; 44 h. J. Ch. 403 - - - - 480. 575. 637, 
 
 Harrogate Estates, Limited, (1903) 1 Ch. 4"^ • : 72 L. J. Ch. 313 : 88 
 I,. T. 82 : 31 W. R. 334 - - - - ' 
 
 Harrow .-. Plnntv, a901) 2 Ch. 314 ; 70 I,. .I.Ch. ^{2 : 83 I,. T. 45; 
 
 4'.» W. R. 646 - 
 Hart V. Clarke. 6 H. I.. Cas. 633 ; 32 L. T. O. S. 380: 2 
 
 613 ----- ■ 
 
 Hart 1-. Frontino Co., L. R. 5 Ex. 11 1 
 Hartf. Hart, 18 C. D. 683 - - - - 
 
 Hartley's Case, 10 Ch. 137 ; 23 W. R. 203 : 32 I.. T. IW 
 
 Ci. 240 
 
 Ilarrey, fcV piirtr, 4 !>. M. & O. 801 
 Harvey l*wi«" Cii8«>, 26 1,. T. 673 - 
 Hastings r. Po-irson. (1893) 1 (i. «. 62 
 
 5.>3; 41 W. E. 127 - - - " 
 
 Hatfield f. Phillips, 9 M. & W. 047 - 
 Hattersley f. Shelbume, 10 W. R. 881 
 Haven Gold Co.. 20 C. D. 181 ; :«) W. R. 389 : 46 I.. T 
 
 I,. J. Ch. 242 
 
 Hawke .-. Hulton, (1909) 2 K. H. 93; W. N. ;1909) 88 
 Hawkes, Ackern.an r. IxM'khart, (1898) 2 Ch. 1 : 67 1.. 
 
 78 !,. T. 336 ; 46 W. R. 443 (C. A.) - 
 Hawkos i>. Eastcni Counties Rail. Co., •'> II. l- C. 331 : 
 
 609; 24 U J. (Ti. «i01 - - " " 
 
 Hawkins r. Rutt, Prake, 186: U«ke, 897 - 
 Httwk^l.v V. Outram, (1892) 3 Ch. 3.)9 : 02 I,. •(. < h. 213 
 
 804 (C. A.), reversinR 61 I,. J. Ch. 429 : tMi I.. T. 763 - 
 Hay'H Case, 10 Ch. 593. 604 : 33 1.. T. 4»i« : 14 1.. J. Ch. 721 
 Haycralt Oold Reduction and Mining Co., (1900)2 Ch. 2:«); 
 I, J Ch 497 ; 83 I.. T. 180; 7 Mann. 243 - 30, 691 
 Haynes r. Uomau. (1899) 2 Ch. 13: 68 L. J. Ch. 419; 80 I,. T. 369 
 (C. A.) - - - - - ■ 
 
 Heap I'. Hartley, 42 C. D 
 
 W. R. 136 
 
 Heather, ll>; (19<«i) 2 Ch. 2:K); 93 I,. T. 332 : 75 I.. J. Ch. .568 - 
 Hebbs Cas.., 4 F.,. 9 ; 36 I.. J. 11.. 748: 16 1.. T. X. S. 3(« : 13 
 
 W. R. 7.-)4 - ■"'• '^ 
 
 Ueffleld i: Meadows, !.. R. 4 C P. 593 - - - * 
 
 Helby'B Case, 2 Eq. 173; 14 W. R. 417 ; 14 I,. T. 47 
 
 Helby .•. Matthews, (1893) A. C. 471 ; 64 L. .1. U. B. 465 ; 72 K T. 
 
 sm : 43 W. n. 361 
 
 Hehnore r. Smith (No. 2), 33 C. D. 449 - - - - 
 
 Hemans r. Hotchkis. Onlnance Co., (1899) 1 Ch. 113 ; 68 I,. J. Ch 
 90 ; 79 I.. T. 681 : 47 W. R. 276 : 6 Maus. 32 
 
 TkOm 
 
 ,743 
 1246 
 103 
 650 
 679 
 335 
 
 1106 
 
 617 
 
 1186 
 
 658 
 
 1140 
 
 :H9 
 
 s 
 
 1247 
 
 723 
 
 1206 
 1212 
 1339 
 
 322: 31 
 469, 600, 
 
 •I.Ch. 284: 
 
 3 W. 
 
 R. 
 
 431 
 
 67 1,. T. 
 
 69 
 740 
 
 , 461 ; 38 I.. .1. Ch. 790; 61 I,. T. 3:i.s : 38 
 
 700 
 44 
 
 771 
 
 ;io 
 
 770 
 
 11. >8 
 722 
 
 , 744 
 
 :»57 
 
 381 
 769 
 
 , 290 
 1246 
 
 878 
 
 1212 
 442 
 
 - 68.> 
 
TABLK OK CASES. 
 
 IXT 
 
 H*in— Hig 
 
 TlomininK i-. Miiddick, 7 Ch. :W'i - - - - ••' 
 
 Homl.rBoirsNijrelCo., 103 t.. T. H70 - - - H<^ 
 
 llenileiH,.!. r. Ajlwiir.1, (liHW) A. C. ir.:i - - - - 
 
 Henderwm '•. Hunk of Austmla^ia (PoiiRi.m Tnsp). 40 P. P. 170; 5H 
 
 L. .1. th. Iit7 : Jit I.. T. So(i; :»7 W. U. liM - -46., uOs. 
 
 II.iulers„ii , . lt«nk of Auntrulia, 45 ('. 1». .WO ; 59 L. J. Oh. 794 : \! 
 
 iivSi.Mn ••"-• 
 
 II..„dor«.n ,-. I^con. r, E.,. 249 : 1.! W. B. :.2«: '',1;; T^;»;,., ,J,. 
 
 ilen.Iiick. .-. Montagu, 17 C I>. <i.W : -lO W. R. lt!0 ; 44 I..T. N79 : 
 
 50 1.. .1. Ch. 4.V! •♦'''■ 
 
 llonnik.r r. Wipg. 4 (i. «. 79J 
 
 IleuriqucH i'. Oonoral Privilfj^ol Kutch Co., 'J Kiiym. l.'i:« - 
 
 Ilunry Itoutley 4 Co. (A> ;«,7, Harrison;, 09 1.. T. iM - 48. 
 
 Henn- Clay ami lUxk & <o., /?., (1892) UCh. .-.49; 67 F.. T. 014; 
 
 02 1,. .1. ch. I4;i: :il{. 29 - - - - - 
 
 ircnrv-. Or.M.tNorth..ni Itail. Co., 1 T)e O. &.I. 0(Hi; :tO l..'^ O. S. 
 
 141 ; 27 K. .1. Ch. 1 : :» .liir. N. S. 11X1 - «>.<. 81.j. 
 
 Ilontlion. -•. Kn.^r, (1892) 2 Ch. 27; 01 I.. J. Ch :t7:»j «•;••• T. 
 
 4.19; 40 \V. K. 4:W - - " <«■ "-• -'•"• -•»^- ''*"• 
 
 llwhort <1»M Co. ,: lluycraft, C. A., 27 March. 1!M»1 ; Timt.-, 28 
 
 March. liH)l ------ '•^"' 
 
 Hcrb.'rt r. Suliohiiry, vtc. Co., 2 K<\. 221 - 
 
 lU-rcyni-i < opper Co. (Hithard»ou'» C.!^), (1894) 2 Ch. 4(>3 ; 03 I.. .1. 
 
 Ch. 507 ; 7(» 1.. T. 7(« ; 42 W. B. 593; 1 Maim. 286 ; . R. 214 
 
 (c. A.; 
 
 Iler.liii.m c. WliooW. (liK)2) 1 K. H. .Mil ; 7« I- J. K. 15. 2.0; 86 
 
 I.. T. 48; .iO W. H. .100 - - - - - 
 
 norefor.1, &c. Wagp.n Co.. AV, 2 C Div. 021 ; 24 W. B. 9.V1 ; 
 
 :I5 1,. T. 40; 45 I,. .1. Ch. 401 - - - - '^'*' 
 
 llcrewar,! (The), (1895^ 1'. 284 : M I... I. 1'. 87 ; 72 1..T. 90;); 11 K. 
 
 798 •^'*' 
 
 lleritiifTP's Cane, 9 Kq. 5 ------ 
 
 llnrt'HCase, 1 C. 1>. :t07 ------ 
 
 Herts and Kone.x Wat.rwork.- ( o., W. N. (19(»9) 45 - 
 
 Hesketh r. Bray, 21 Q. U. 1». 444 - 
 
 Hester & Co., Kr. 44 U J. (N. S.) Ch. 757 - 1439. 1441, 1445 
 
 HetlinR and MertonR < ontract. (1893) 3 Ch. 209 ; 62 L. .1. Ch. -83 ; 
 
 69 I.. T. 200; 42 W. R. 19 - - - " - 
 
 Hewai'd V. Heatlev, 3 I»o O. M. * C. 028 - - - - 
 
 Hewlett .•. Allen, (IW"') A. C. 383 ; 02 I.. .1. U- H. 008 ; 71 I.. T. 94 ; 
 
 42 W. R. 670 : 58 ,1. P. 7tK> . H. 175 (H. 1..) - 
 lleyl-ltiae. l-MmundH.\V,N. (1899)222 - 
 lieymau r. Kuropean Central Co., 7 &(. 154 
 Hibblewhito i . McMorine, 6 M. & \V. 2(K) - 
 
 HiKpi"*'. f<»tt, 2 n. & Ad. 413 - - - - 
 
 HigKinson and Dean, «-. (18W») 1 U- H. 323; 68 h. J. H. H 
 
 79 L. T. 673 ; 47 W. B. 285 ; 5 Man«. 289 
 Highett »ud Hird's Coutract, (liHW) 1 Ch. 287 ; 72 1,. J Ch 
 
 H7 I.. T. 697 ; 31 \V. B. 227 (C. A.) 
 P. 
 
 186 
 
 652 
 
 14 ;4, 1481, 
 
 198; 
 
 112, 
 
 220; 
 
 , ti52 
 1 (51 
 1217 
 
 1025 
 
 , 095 
 185, 
 , 213 
 
 , 453 
 
 1191 
 
 119 
 
 292, 
 
 , 294 
 
 :t46 
 
 . 814 
 
 1401 
 
 , 670 
 1223 
 
 723 
 768 
 
 8;t.8 
 
 559 
 57 
 <H0 
 618 
 100 
 1487 
 
 .354 
 58 
 
 1019 
 
 . !;;•{ 
 
 , 009 
 1483 
 1194 
 
 1.3.*W 
 
 3«& 
 
Ixvi 
 
 rABI.K OK CASES. 
 
 Hii Hon '•^<« 
 
 iliWii'rt (St.) lncoriK.ruto<l CoUpgf. ' 1!H)1) 1 Ch. oM - Kill, l:»I4 
 
 ililil.T c. l»oxt<r, (liWJ^ A. C. 47»: 71 I-. J. Ch. Twl ; «7 1,. T. Jill 
 
 (II. 1... K.) - - l:), 'J7!<, •-•H'J. :iH3, 2HJ, .•n;J, .'.hT, .WM, (i4i 
 
 Mill-ruse! 20 ICi. .W.-.; JJJ W. R. (Hti ; :« 1-. T. 747; 44 1,. .1. <'h. 
 
 4J3 . . . - - - 47t>, •>a(). »)77 
 
 llilli* WateifuU, &c. Co.. (IMUO) 1 Ch. !»47 ; •!.') L.J. Ch. 476; 74 
 
 I,. T. :i4l 
 
 Hill & Co. ,. Uill, •■.J K. T. 7iii>; :i.5 W. If. 1;17 ; jl J. 1'. •J4ti 
 
 Hill .-. Muiichoster, &v. Co., ."> U. & Ad. StHi 
 
 lliltou f. Ikkersley, <i K. & U. 17 - 
 
 Huulliy's Cuw. (1M»«) -i Ch. iL'l ; <i.» I.. .1. Ch. .Wl ; 74 I.. T. Ii2 
 
 H W. U. <i.tl» 
 
 Knee Bros., (imto) 1 K. B. 1 ; 74 L. J. K 
 
 - 1440 
 
 - ;|.>8 
 
 - Ha 
 iia. 117 
 
 It. fiS ; itJ 
 
 7:1:1, 11J7 
 
 Hiiii>i!>l<'y I'. 
 
 I,. T. JO 
 Hinim Maxim Ump Co., (19(»:l) 1 • h. 70 ; 7J I,. J. Ch. 18 ; 17 I-. T. 
 
 72!»; Jl W. K. 74 l^^M 
 
 Himh & Co. .-. Burns, 77 ... T. :J77 (H. I,., K.) - :««i, 381, 44:J 
 
 Uimhcf. HiiuH, (1M94^ A. C. <i.->4 - - - - - 114'J 
 
 Hirst .-. Wfrt HidiiiK Union Itankiii;.' Co., (liK»l) i K. B. .><iO ; 70 
 
 I,. .). K. B. n-in ; 85 I,. T. 3 ; lit W. M. 71.) (C. A.) - - 44 
 
 Hirth. //., /•> i«irl>' Offiriul Kir.iver. (IWIO) 1 (J. H. <il2; NO I- T. 
 
 li:i : (18 I.. .1. U. B. -is- ; 47 W. 1!. 24.1; Miuin. 101 (C. A.) - it4« 
 Hitohuni I. Congnvo. lliiiNs. & My. I.»0 - - - 1:51,133 
 
 Hitchcock . . Humfrey, J M. Jc U. .VJ» ... - 1245 
 
 Uoure & Co., (1904) 2 Ch. 208 ; 73 L. J. Ch. (iOl ; 91 I.. T. 113; J3 
 
 W K. .">1 (C. A.) - - '00. 8Hj, 807, 870, Ui2, 12j8, 
 
 1201, 1262, VHa, 1277 
 
 Uobbx 1'. Wayit, ;lti C. 1). 256 - - - - - «"» 
 
 Hob«.n 1: Ba«>, 6 Ch. 792 VHH 
 
 Hobeon r.Gorring.', (1897) 1 Ch. 182 .... .343 
 
 Umkoy f. Clydesdale Bank, .36 Sc. I.. R. 120 - - - 40 
 
 H(Kk«y ,: Westtm, (1898) 1 Ch. 3oO ; 67 I.. J. Ch. 166 ; 78 I.. T. 1 ; 
 
 46 W. U. 312 (C. A.) 652 
 
 HwlgBon . . B.II, 24 Q. L' '■ ■\! 1205 
 
 Hogg f. Smith, 2 'fuunt. :'' - - - - - 1158 
 
 Holbr«M)kK, Limitcil, 18 U. .. .. I'ns. 447 - - - - 346 
 
 Holland r. Bygrave, 6 M. & . . 653 ----- 1195 
 
 Holland <•. Dickson, 37 C. D. 669 - - - - - 771 
 
 Holland K. HolUnd, 4 Ch. 449 - - . - . 770 
 
 Hollinwood Ksteto Co.. limited, W. N. (1887) 17 ; 31 H. J. 125 - 1337 
 Holmes' Cagp, 2 Ch. 714 - - . . . -1115 
 
 Holin.s .•. Hi(fpn«, 1 B. 4 C. 74 - - - - - 149 
 
 HolmtM -•. Newcastle. &c. Co., 1 C. 1>. 682 ; 24 W. R. 505 ; 45 I,. .1. 
 
 Ch. 383 ------- 872. l:!(M) 
 
 Holroyd r. Mar«hnll, 10 H. I,. C. I'll - - . -1183 
 
 Holt V. Collier, 16 C. I). 720 ----- 595 
 
 Holt' a Ca«j, 1 C. D. 307 - - - - - - 636 
 
 Hon. T District Co., 39 C. D. 546; 5S I,. J. Ch. 134; fiO li. T. 97 - .lO, 
 
 710, 741, 1311, 1389 
 HonK Kontr and China Uaa Co.. W.N. (1898)158; W. N. (1 899)25- 1311 
 Honig I. BlaikettH Min.i>, 49 S. J. 770 - - - - 511 
 
 Uuuuur i>. lUiuitablo Life, (1900) 1 Cb. 852 - - - - 1418 
 
I'ABLE OF CAHE8. 
 
 Ixvii 
 
 Hoo-Hoy ""; 
 
 II,kh1 & Moore's Htoros i: Joiu.-, HI I-. T. 1«!< ; -2 T. F.. U. l.".! - M> 
 lI,K,lc ,: G. W. Kail. ••.... -.iCh. •J.il' ; 1« W. R. JH«; IT l- T. «3 T^.. 
 
 i)l4. juN, HMl,J 
 
 H,«,W -•. Speuk. (liMM) J fh. T:f.'; 7;t I.. J. <h. 719; !M I. T. is:t, 
 
 2«T. I., n.tll!' 22S, -.^t 
 
 ll.H.lev. //-■. 0«i«») •■; »i- B- •■'"": '" '" '^- •'»"■ **''^ ' • ^- ^^ ^'- *"*•',•., ««, 
 
 r, Mans. KM - - - - ' ''••''*" 
 
 |l,M,i,,r -•. ll.rtN (llMKi) 1 Cli. .-H!*: IM I- T. ;i2J ; 04 W. B. .iit> - 070 
 
 »»1, 741). 
 
 7-II. 7Af» 
 
 8 143^ 
 
 - .WT 
 
 W. l: 
 
 Jl„„i».r '■. KoiT. Stiiart &(',.., 45 S. .1. l:«»: h:! I.. T. 7L'n 
 
 l|.K>ppi- .. We.-tern i nuntiex, \. . «'<>., 41 W. If. Hii ; tiH !,. T 
 II,,.,iM.r ■. Willif. 94 I,. T. ti-J4 - - - - 
 
 ll„p.. ,. CioTCi-m Tniii.wa.vs, (iwm} 1 Ch. :«« 
 Jl.iiw .■. Int^niBtioiial Financial Sociotj-. 4 ''. I>. a'J7 : -' 
 
 :■(•.■< ; ;i.'< F.. T. '."24 : 4« I.. J. ' '!■• -'••> - •>•■•!•. ««*>. 7MI, .ol , IJMiti .41 ! 
 Jlopkms.. I,iw#vp.- 1-t.J . 101 li. T. H3« - - - - :J71t 
 
 Hopkins' Tni«t. IN K.]. •*«: t;l L. J. fh. 722: M\ I- T. (127 : -It 
 
 \V. 1!. «H7 - - - - " ' ■ '^ 
 
 llopkin^on . . Rolt, ;» II. L. '■. :>\ » : :*4 L. J. rii. 4«H - ««{. .i«4. 1 Ifla 
 Horbury liri.ip, Co., U < . D MH* : 27 W. U. 433 40 I. T jWa ; 48 
 
 Ij J rh. 341 - - - - •'*'^'- •>™'. 701. iOlC, 105<»> 
 
 Ilomw y School o( Art -■. lidmaaton t 'luon. 94 1.. T. 20;i ; 4 1.. G. H. 
 
 I7N; 70 J. 1'. 121 - - - - - - "^ 
 
 ilorsev EHtatfi, I.ta. c. Steiger. . il«l»H i U. B. 25W: 67 L. J. d. B. 
 
 "4" ' "() ITllrt - * " " ~ ' Woo 
 
 Ilort's CW, /('. D. 307 ; 33 I.. 1. 7fi6 10 L. .1. (.'h. 321 - - 1329 
 
 llorton & Son c. Walsall Asscssi-.cnf t '..uiuijttee, ( 1S98) 2 (i. B. 239 ; 
 
 1(7 \.. J. (X. B. 8(H : 78 I<.'r.<i84 : 4(i W. \\ tiOT ; 62 J. V. 43i - 
 Uotol iiiul O.noral Advertisint? Co. '•. W iekcnden, 14 T. L. B. 480 - 
 ll.)tpl Mctri;]x.Ie (Bli«kp«)cil) Case. Kinuncinl News, 7 Aur. IWK) - 
 Ho Tung c. Man On Insuranco Co.. (liM»2) A. ('. (P. C.) 232; 71 
 
 I,. J. r. ('. 4<i; 8oL. T. (il7 - - - - " 
 
 llonl(Uworth r. City of Glasgow Bank, .> App. Ca^. 320; 28 W. H. 
 
 077: 42 I,. T. 1!»4 - - - - 30. 41, i(>, 203 
 
 10i> 
 443 
 
 70 
 
 lIouMsworth >■. Yorkshire Wooicombors, (1903J 2 Ch. 2ti4 ; 72 L. J. 
 Ih. 035; 88 L. T. 811 (C. A.); (mM) A. C. Mo 
 
 617 
 
 Hou8.hoia Fire Inmiranco Co., lU, 4 Ex. D. 210; 27 W. B. 858j 41 
 
 L. T. 208; 48 L. J. Ex. o77 - - - o2, io., 258, i80 
 
 Hovonden & Co. c. Millhofl (1!«»0). 10 T. L. B. 500; 83 L. T. 41 
 
 (C. A.) '••'■ "''^ 
 
 Uoward'8 Case, 1 Ch. 561 ; 14 W. U. 942; 14 L. T. 747 ; 30 I-. J. 
 
 Ch. 42 "^^^ "•■*» 
 
 liowanl c. I'atent Ivory Co., 38 C. I). 150; 57 I,. J. Ch. 878 ; 58 
 
 L. T. 395: :W W, B. 801 - - 81, 324, .10, .22, .49, ,61 
 
 llowar.1 .•. Sadler. (1893) ' U. B. 1 : •» L. T. 120: 41 W. R. 120: 
 
 5 li. 45 '2« 
 
 llowbnach Coal Co. . . Toagne, ;. ll. 4 N. ISl : 29 1-. J. Ex. J3J ;_s _ 
 
 W. K. "204 ----- 654, .1.. 730, .44 
 
 llovlakoUail. Co., «f, 9Ch. 297 *«» 
 
 llovlo & Jackion i-. OWham Union, (1894) 2 (i. B. 372; 63 L. J. 
 
 M. C. 178 ; 70 L. T. '^ll ; 58 J. 1'. 009 : 9 U. 287 - - 109 
 
 Hoylo r. Uuylc-. ;i«5':i) 1 Ch. .H4 ; 62 T.. J. Ch. 182 : 67 L. T, 074 : 
 
 41 W. B. 81 : 2 B. U.'i (C. A.) - - - 335, 336. 1184 
 
 el 
 
Ixviii 
 
 TABLE OF CASES. 
 
 Hub— Inc 
 
 Hubbard, A'xjwrt*. 17 Q.B. D.B90 - . - . 
 HuKgett r. Miff, 5 D. M. 4 O. 910 
 
 Uug^DS r. Tomptoir d'Ewompto, 23 Q. B. I*. S!9 . - - 
 
 Hughes and Ashley's Contract. (1900) 2 Ch. 595 ; 83 L. T. 390 ; 49 
 
 W. B. «7 
 
 Hughes I'. Morris, L' De G. M. & O. 35« - 
 
 Hughes i: Pump House Hotel Co. (No. 2), (HH>2) 2 K. H. 485 
 
 Uugueniu >\ Baseloy, 14 Ves. 273 - - - • - 
 
 Hulkes, llf, 33 0. I). 552 
 
 Hume r. Ilentley, 5 De O. & S. 520 
 
 Hume V. Rticitl Boijm Jubilee Synd.. 80 I,. T. 404 
 
 Hume r. Uundell, 2 K. & H. 177 ; 7 U. L. C. S9 - 
 
 liunniiigM I'. Williamsor, 11 li. It. I). 533 - - - - 
 
 Hunt, lie, (1900) 2 Ch. 54 
 
 Hunt's Claim, W. N. (1872) .53; 20 W. R. 435 ; 26 I,. '£. 384 
 
 Hunt t: Great Northern Kailway, (1891) 1 Q. B. 601 
 
 Hutchinson's Case. (1895) 1 Ch. 226; 64 I,. J. Ch. 131: 71 I,. T. 
 
 667 : 43 W. R. 267 : 13 R. 56 - 
 Huth r. ( larke, 63 L. T. :M8 ; 25 Q. B. 1). .litl ; 59 I.. ,1. M. C. 120 ; 
 
 59 W. R. 655 - 
 Huttly .-. Simmons, (1898) 1 Q. H. 181 ; 67 K. J. Q. H. 213 
 Hutton i: Scarborough < lift. *<•. Co. ( IH65), 4 Do G. .1 . & S. (i72 ; 2 
 
 Dr. & Sm. 514 ; 13 W. B. 1059 ; 13 L. T. 87 ; ;{4 L. J. Ch. 643 : 
 
 11 .lur. N. S. .'jol - 480. 481. 4S2, ■'>75, 637, 6;J8, 639 
 
 Hutton r. Vfimt Cork Bail. Co., 23 C. l». 654 ; .V2 1-. J. Ch. 689; 49 
 
 I,. T. 420 ; 31 W. B. 827 - - 76, 4««i, 508. 1025, 
 Hyde c. New Asbestos Co., 8 T. I,. B. 121 - 
 Hyderabad Doccan Co. (1896), 76 L. T. 23 - 
 Hyslop V. Morel, 7 T. I.. R. 263 
 
 PAoa 
 516 
 
 um 
 
 KMl 
 
 350 
 
 1185 
 
 1348 
 
 1.18 
 
 142 
 
 3.'iO 
 
 110 
 
 597 
 
 728 
 
 (i67 
 
 787 
 
 1021 
 
 723 
 
 743 
 445 
 
 , 8I9' 
 
 102'5 
 192 
 
 1261 
 185. 
 
 I. 
 
 I 
 
 Hfracombe Huildiug Society. (1901) 1 Ch. 102: 70 1,. .1. Ch. 66: 84 
 
 I.. T. 146 no 
 
 llUngsworthr. Houldsworth. (l'.K)4) A. r. 35.-. - - - 616 
 
 lllustrao'dNewKpaperCorp., 16T. r,. R. I.'i7 - - - 441 
 
 Imperial As^urance t: Coleman, 6 Ch. 568 ; 19 \V. B. 481 ; 24 I-. T. 
 
 290; 40 1,. J. Ch. 262 ; I.. H. 6 H. I,. 190 - 173. 710, 732. 733 
 Imperial Bank of China. 4c. v. Bank of Hindustan, &c., 6 Eq. 91 - 1097. 
 
 1448, I486 
 
 93 
 
 100 
 
 Imperial Continental Gas Co. i: Nicholson. 37 I,. T. 717 
 Imperial Fire Ins. Co.. 35 L. T. 371 ... 
 
 Imperial Hytlropathic Co. i'. Ilampoon, 23 C. D. 1 • 632, 633. 634, 695, 
 
 7.35. 736. 1102. 1357. U06 
 
 Imperial Inctitiite v. St. Mary Abbot. . Times. 7 March, 1895 - 108 
 
 Imperial Mercantile Credit Association, 12 Eq. 504 : 41 I.. J. Ch. 
 
 113 - - - - - 140, 1441, 1445, 1474. 1487 
 
 '.icp Hal! C.-i., fe, 3:1 C. 1). 845. n. - - - - - 478 
 
 Inohbald t>. The Wotitem Neilghirry Co., 17 C. B. N. S. V33; 13 
 
 W. B. 94; 11 I. T. 345; !« L. J. C.P. 18 - - - 44.1 
 
 Inchiquin'8(Ii0rd)C««e. (1891)3Ch. 28 - - 719,720. 
 
TABLK OF CASES. 
 
 Ixix 
 
 Inc -Jac TAOg 
 
 lutorporatod Council of Ijiw Reporting, 22 Q. 1!. D. 279 - - 601 
 
 Indcrwick -•. Snell, 2 M. & O. 216 ; 2 II. ft Tw. 412 ; 19 I,. .1. (N. S.) 
 
 I'h. 542: UJiir. 727 - .... 7:17 
 
 Intlinn Mechanical. &c. Co.. (1891) ., Ch. 53« ; «1 I,. .1. ' h. 31 ; 40 
 
 W. 1!. IM; \V. N. (1891) 153 - - - - 1311.1312 
 
 lii.lmii/.«(lone(.'o.. 2«C. D. 70 - - - tiiKt, 701, 7iw. 74H 
 
 IngliH r. .lohn HutU-ry & Co.. 3 App. <'»». 5.J4 - - - ■VIA 
 
 InjfliH r. Uobertgon. (1N98) A. C. Hl« ; 67 1-. .1. 1'. C. lOH; 79 L. T. 
 
 224-11. 1-. (Sc.) .... 12«m, 1207. 1212 
 
 lulttiul Itovcnm^ 1. Fonost, I5A. C. 334 - - - 104 
 
 Iiiliiml Revenue 1: Miiller & Vo.'n Marganne, limitetl. (19(»1) A. C. 
 
 217; 70 h. .). K. 11. 077; M4 1,. T. 729; 49 W. R. tM)3-lI. I.. 
 
 (E.) ..---. 340, 341, ;H2 
 
 Imuttu .•. Ackroy.l 4 llest, (1901) 1 K. 11.813; S4 L. T. 344 : 70 
 
 I.. J. K. I!. 1.M) ; 49 W. 1!. 3«9 (( '. A.) ; H2 I.. T. ti20 - 7 
 
 2,). 726, 
 727. 728 
 .-.1 
 
 02, l;t.'. 
 
 - 749 
 72,'i. 7'>7 
 
 Iniiw. & ( o., (1903) 2 Ch. J.V* ; 72 I.. .1. < h. 043 ; S9 I,. T. 142 ; 
 
 W. K. J14(C. A.) 
 
 liiiiBofCoiu-t Hotel Co., 6 hij. 82 - - - . 
 
 Iiifernatiouul • able Co., (Mi 1,. T. 253 - 441, llliO, 721, 
 
 International ( onti'act Co., W. \. (1809) 24 ; 17 W. 1\. 4.V1 ; 20 
 
 i„ I' 100 ... - - KiH, 507, :m 
 
 IntcrnHtiunal Conversion Trust. W. X. (1892) 100 - - -1283 
 
 Intomutional .Society of .Vuctionm'rH, itaillie'^ Cane, (189^) I Ch. 
 
 110; 77 L. T. 523; 4«W. R. 187 - - - - 48 
 
 Internationiil Sponge Importers r. Watt. (191 1) A. C. 279(11. 1,. .Sc. 1- 1 158 
 Inland .•. Hart. (1902^ 2 Ch. .527 ; 71 I.. .1. Ch. 270 : 8« I.. T. ;m5; 
 
 50 W. R. 315 . - - - - «.'»2, etiti. mi 
 
 Iron Ship, &c. Co. .. lUuut, L. R. 3 C. I'. 484; 10 W. R. s6N ; .ii 
 
 I„ J. V. P. 273 - - - - - 442, 654. 729, 730 
 
 Iron Shipbuilding Vo., /;., .14 Beay. 597 - - - - 1391 
 
 Irrigation Co. of France, A'r /i«r(f Fox, 6 Ch. 183 - - - 1439 
 
 Irviuu ■■. Union llank of .\u^t^ulia, 2 App. Cat*. 306; 25 \\. II. 082; 
 
 37 L. T. 176; 46 L. J. I'. C. 87 - 37,82,686,710,711,761 
 
 Ifdiic'ti Case, III- Anglo-Aiiirtnun Printing Co., (1892) 2 Ch. 158; 61 
 
 L. J. Ch. 481 ; 66 1,. T. 593 ; 40 W. R. 518 (C. A.) - 636, 723, 724 
 iMmcM c. Royal Insurance, 1-. R. 5 Ex. ;t90 ... 718 
 
 Isuac« '. Towell, (1898) 2 Ch. 285; 07 L. J. Ch. .108; 78 I.. T. 619 . 333 
 I».le of Wight Rail. <■. Tahourdin, 2.) C. I). 320; 32 W. R. 297 ; 50 
 
 L. T. 132; 33 L. J.Ch. 353 - - - 091,692,691,736 
 
 Islington and General Electric Supply, W. X. (1892) 81 - 1 123. 1261, 1263 
 IsHue To., (1893) 1 Ch. 226; 71 I-. T. 667 ; 43 W. R. 267 - - 720 
 
 IxionTyr.'Co. r. apil»bury, (1898)2Ch. 484 - - - 381 
 
 J.* J.Caahi. Cash, 86 I,. T. 211 460 
 
 Jackson & Co., (1«9«) 1 Ch. 348; 68 L. J. Ch. liKI; 79 L. T. 662; 
 
 OMsns. IW ._.--- 617. 1422 
 
 JackTOUHCaBe, 18W. R. 804 197 
 
 Jackson .■. Dickinstm, (1903) 1 Ch. 947; 72 I.. J. Ch. 761 ; 88 L. T. 
 
 507 "8», 140,1 
 
 JtM'^'^^^'Am 
 
Ixx 
 
 TABLK OF CASES. 
 
 Mil 
 
 IMQK 
 
 9J L. T. 591 : M AV . U. 4'.'K : (!«<»«) I • h. 41i ^ ^^ ^^ 
 
 Jackwiii r. Turquan<l, L. K. 4 H. I- .«••' - " " "j,^^. 
 
 Jacobx. f> /""•'<•. 10 •'h-2>' " ' " ' iai '.'Ai 
 
 ..,« ,.. (Vdit I.yonnai., VI Q. B- »• ;!«• - " •^;'- 
 
 •J(il • "0 1.. J-' n- '^•>; "* ^'" '■• . .' 
 
 1 Ch. 
 
 - i;hi 
 
 •Iac< 
 
 J„o.,W - ^Tjs (190.| M n^ - -.^ri^rHm .- 1157. 1.58 
 
 Jacbv -. Whitnu.ro. 4fl L. T. :«:. ; 3-- W. U. .H: IS ... V. ..-. -_.H..^J5J 
 Jtt..R.n. &c. Co. .. Valloi,. 7. L. T. .S(l - • 
 
 Jamaica Rail. C • Colonial Itenk. (1!H)5; 1 Ch- »' > : '^ I- J- '^■ 
 
 410 : »V> L. T. 54H : 5'» W. T!. .'64 (C. A.) - - " 
 
 .Iam«. Colmer. Kimitol (.s97) 1 Ch. 324; 66 L.J. Ch. .-b. _^a. L.^l^. ^^^^ 
 
 Jamif r^ lluol "^nll, *>• ^-W-t"- (»«»"^ ' ^''- ^'" ^ 1'' ''• 'l .iM 
 Ch. JM ; 74 L. T. 1 : 44 W . U. -t.a - 
 
 JainoH I. Ev.'. I.. R. 11. li. .»1.> - . , ..^ , t .,.,3. .,4 
 Jamvs .-. ln.stitut.. "f Charter... Accuntont*. m 1,. 1. -.0. -4 
 T. 1-. li. -^ 
 
 362, im 
 
 James.'. May, 1.. U.«n. I.. :42N - " " " ; 
 
 Jara.« > . Smith, 1 Ua. 4;! - - .„"^ -..Lx ,.„, 
 
 Jam.« W.ngato & Co. .•. Commu»iou«r«, ^^ • N. (1898) l-H. 
 Ja.nii«.u ,-. Jami.*>n. io Rop. I'at. Ca«. 19:i - - 
 
 Jarrah Tin.UT and W0..I PaviuB •'°7'"^"";/»^^ •^, ^ ^ 33-, • 
 Jay ,-. Bud.., (.8»H) 1 Q. B. 12: 66 I.. J. U. B. 8«,J; .< l.T. 33... 
 
 4«l W. R. :m (C. A.) - - * „ ..„ .., , T tuv\ 
 
 Jay AV r.Hr. Ur HarriHon, .4 C. D. 19 : 2S W. R. 449 ; 42 L. T. 6(K) 
 
 •>3 T I.. R- •«•**•• -•* T. 1.. R. <» - ■ . , , 
 
 JennerVCa^.. 7 C. D. i:.2:_26 W. R. 291 :_37 I.. T. 807; 4. U J 
 
 JoJor liute of Prevent^.. Medicine .St. O^rgesW^^^^^ 
 Committee, 69 U J. Q- B- «H ; 83 I.. 1- M* , 10 u. ^ 
 
 787 
 
 1031 
 
 1U2 
 
 430 
 
 12;» 
 i;mi 
 
 679 
 1193 
 
 - 333 
 
 71» 
 
 Committee, 
 
 444 - " " " " 
 
 JenninK- .•■ Broughtou. .-. D. M. & O 126 ; 17 Boav. 234 
 
 441 : 22 li. J. Ch. 383 - - - - 
 
 Jennings .•. Hammon.1, 9 U. B. ly'i'ib: .11 SV. R. 40: .1 1 
 
 Jen.2iji'.'^'!ienuing», (1898) 1 Ch. 378; 67 L. J. Ch. 190; 77 ! 
 
 786- 46 W. R. 344 - - " " ' 
 
 Jen-^y (Earl of) r. Ouardiann of N..«th Poor, 22 H. B. 1 .. 3.',3 
 
 287 ; 99 L. T. 243 
 
 109, 1U81 
 
 1 W. E. 
 
 194, 201 
 
 J. 
 
 - 110 
 
 T. 
 ■ 337 
 
 - 470, 
 602, 60S 
 
 - 679 
 
 - 1212 
 24 
 
 - .312 
 68. 147 
 
 - 1337 
 
 Jervi» .-. Wolferstan, 18 Eq. 18 
 Jewan r. Wliitworth, 2 Eq. 692 
 Jewish Coloniimtion Trurt, (1908) 2 Ch. 
 
 T 1.. B. .'i95 - - - - 
 
 Johannesburg Hotel Co.. (1891) iCh. 119 - - - 
 
 Johanneeburg Mining and OenerHl Syndicate. W. N- V»90yjl« 
 
 ^«n?t?^9'^)fcir--"-^^^^ 
 
 JohJiLn 2 Co. .."Bother^am Union, 83 I. T. 193; 64 J. 1'. 380 - lOJ 
 
 John Cro«.ley & Son., /?., W. N. (1892) 3.-, - - - " >"S3 
 
T.VBLK OF (JA8KS. 
 
 Ixxi 
 
 Joh-Kel 
 
 John M.-rluy Ituil.ling ( o. ,• Ha.n... ^IHHlj J < h. :lN.i ; .«. I- ; •.• h 
 
 John* -■. isalfour, 5 T. K. a. :iHJt ^«3 
 
 .).,lm«... & I'o. (J. CO. (1!K)2) 2 Ch. KM (< '. A.) - •.IT. 1 m, 1 »2;l, H|i4 
 .lohuxon f. <V'lit I.yoimaiH Co.. 3C. I'. l>. :« - " - 12»W 
 
 .I„hMs.,n ,-. l,vttl.,V Iron Aj^-mcy. .-, <'. I). .iH" : i5 W. If. .M « ; ^ 
 
 I T V'f • »(i I.. .1. <^h. 7H<i - - im. ti.i5, b..H, 6u!». hWI, lis 
 
 John«.n r. Ronton, !• Eq. IHl ; IS W. U. "JW ; 22 I,. T. (H) : 3!. I.. J. 
 
 Ch. :«to "^" 
 
 Johnston K..r.-i^ I'at-nU C-.. : 11K.4) 2 fh. 2;H ; 73 1.. •'; <''• /Y' 
 
 Jtl I-. T. 124; .W W. U. m> (C. A.I - - ^J. 4"'. '"'•• '•"' 
 
 Johnrton .-. Toronto (ijan C»n-um.T«' Co.. (IWW) A. C. 447 : <i7 1,. J. 
 
 1'. C. 33; THI,. T. 270 (1'. C.) 
 Joint Stock Di«. Co. »'. Ilmwn. N E<i. 
 (1H2. «44 ; 3 Eq. 1 jt» - 
 
 , <.I3 
 
 Jonon '■. Cwmorthcn Slnto Co., i Kx. I >n 
 JoncH 1-. Oorclon, 2 App. Cum. (iUi - 
 J.>no« f. Hottv.ns, 4 C. 1). 036; io W. H. 4(M) 
 J.moH -•. Paciiyu Rubber Co., (1911) 1 K, B. 4.T 
 Jon<>s 1'. IVppen'orne, Johnx. 43() ; "N L. J. < 1 
 JonoB V. St. I>ungtun Ovorstwrs, 94 I'- T. 7N' 
 
 L. O. R. 147 - - - - 
 
 JoncH -•. Scottish Accident Insuninco Co. (18N6}. 17 Q. li. 1'. 421 - 86 
 Jom-sr. VanoouYorUnaCo., (1910)A.C. 317 - - •«9, 660 
 
 Jom« -■. VicU.riu On.vinp IKnik Co., 2 (i. H. D. 314 ; 25 W. ». 34H ; 
 
 176 
 :W1: 17 W. R. 1037; 20 I,. T. 
 
 - 4.»ti. 4(i(>, 471, J07, .'(ON, 712, 
 710. 7.V5, 7.-.!l, 7H!», 1103 
 
 - 103 
 - 1210, 1211 
 
 - 3.>8 
 19.S, (i.>8 
 
 l.W - - 1194 
 
 23 T. I,. R. 13: .-. 
 
 - 109 
 
 :J6L. T. 144; 46L. J.U. n. 219 
 Jomni'ujoy <•. Watson, 9 App. Cus. 561 
 Joplin Urewery, (1902) 1 Ch. 79 ; 50 W. R. 75 
 Jordan v. Money, 5 H. L. C. 352 - 
 Jo8t.ph llarp-eav«w. Limited, (IWM)) 2 Ch. ;H7 
 
 336, 141. 1184 
 
 - 1147 
 
 617, H23. 1424 
 
 188 
 
 . 104 
 
 K. 
 
 Kaltenbach I'. liuwia, 10 App. Cas. 617 . - - - 
 
 KarberK's Vr^, (-892) 3 Ch. I ; .HI L. T. IM ,-„,_'.;*,• '.f^j'^^ 
 
 Kave .■. Croydon Tramwav«, (1898) 1 Ch. 358; 67 L.J. Ch. 222; 7k 
 L. T 237 ; 46 W. R. •;03 (C. A.) - 694. 696, 732. 1(M8, 1449, 
 Keatingo r. Puringu ConsoUdatod Mines, W. N. (1902) 15 - 
 Keoton r. SheBiold ( W Co., (1901) I d. U. 26 ; 70 L. J. K. H. 374 ; 
 84 L. T. 387 ; 49 W. R. 349 ; 65 J. P. :»41 - - 
 
 K^iKhloy, Maxtc<l & Co. r. Dunint. (1901) A. C. 240 
 Koliock r. Knthoven, L. R. 9 U. B. 241; 22 W. B. 322; 43 i.. -K 
 
 Q. B. 9(t 
 
 (1901) 2 Ch. 76:1 
 
 R. m 
 
 p. 174; 15 \V. R. 278 
 
 Kelly's i>irr«toTi« -, <l»vin, 
 Kelly .'.Larking, (1910) 2 L 
 Kelner v. Baxter, L. R. 2 C. 
 36 L. J. C. P. 94 
 
 1211 
 191, 
 
 , 289 
 
 1486 
 282 
 
 109 
 741 
 
 668 
 
 l;J78 
 
 366 
 
 16L. T. 313; 
 147. 322. 326, 
 
 ;J27 
 
Ixxii 
 
 TABLE OF CASKS. 
 
 1i 
 
 fi 
 
 ill 
 
 l'\UK 
 
 - 3^9 
 ■ H6U 
 
 - 1207 
 
 - 119A 
 
 X«m— Kno 
 
 Kt-iable r. Karren, fJ Hing. 1 - - - - 
 
 Kemp V. lUonelman, (190«) i K. H. tHM ; 7i L. J. K. B. 873 
 Kemp f. Falk, 7 App. < 'ai*. 680 .... 
 Kt'mp I'. Walbrook, 1 Vck. 'i'"* . . . - 
 
 KmitVCaw. 39 C. I». W9 ; .■>7 L. J. ( h. 977; ;«i W. R. HIS; ,-,9 
 
 T,. T. 449 ; 19 Meg. H9 391. «.'i7 
 
 Kei? jtti Exploration < 'o. .•. Murtiti, 1« T. L. B. 486 - - 1349 
 
 Kont (^oalfioMs SvmUcate, (189H) «1. B. 744 ; 14 T. L. B. 77 ; 67 
 L. J. (i. B. MW; 7H L. T. 443; 4« W. H. 453; 3 Man». »« 
 (C. .V.) - - - - - - - 71, «NN, 772 
 
 K«itOntcropCoal('o., W.N. (1912) 2(1 [«f. Addenda] - - 'W9 
 
 Kent V. Freehold I^nd Co.. 4 Ecj. .W« ; 3 ( h. 493 ; 17 L. T. 77 - 17. 
 
 190. 191. 193, 197. 1»!», -MtO, 281 
 
 K< pitigulla Bubber t^taten i'. National Bank of India, 2o T. L. K. 
 
 402 - - - - - - - - 759 
 
 K.t1v. /?', (11K)1) 1 Ch. 4ti7 ; 70 L. J. f'h. 1H9; 83 T.. T. 099; 49 
 
 \v. R. 211 (('..V.) i;««i 
 
 KeiT V. JoneH. 1 Dow. j3n ..---- 718 
 Kpv & Son, Ltd.. (19021 1 Ch. 407 ; 71 L. J. Oh. 264 : 86 L. T. 374 ; 
 
 oOW. R. 2:M - ' - - - - 70. (WO, 1139 
 
 Koynshum Blue Lian Co. . . Ilurkor. 2 II. & C. 729, 733 - - h7 
 
 Klmraxkhomu Svndiciito, (18»7) 2 Ch. 4 jl ; OH L.J. Ch. 675; 77 
 
 L. T. s2 : 1(! W. I!. 37 «<> 
 
 Kiinhorloy Co.. K>. 58 L. T. 305 - - - - - 6tJ9 
 
 Kimberloy North Blof -. Diamond Mining Co.. W. N. (1888) 126; 59 
 
 L. T. 579 (C. A.) 1390 
 
 King I-. Howpll. 27 T. L. R. M4 1160 
 
 King. The r. Do Boron({ur iinJ othirs .... 234 
 
 Kiugilon r. Kirk. 37 C. I). 141 1340 
 
 Kingsbury C».llieric«, ;i9ti7'> 2 Ch. 259; 96 L. T. 829; 23 T. K R. 
 
 497 - - - - - - 457,467.474 
 
 Kingston, Br j,artr. 6 Ch. 632 . - . . 1 lie.!, 1195 
 
 Kingston. Miller & Co. ••. Thomaw Kingston & Co., (1912) 1 Ch. 67*;. 
 
 Srr Addenda, 
 ungston Cotton Co., (1896; 2 Ch. 284; 63 L. J. Ch. 673; 74 L. T. 
 
 568; 3Man». 171 .... 775, 776. 777. H64 
 
 Kiunaird (r»rf) v. .Snlt.iiin (Ijuly) (181(i). 1 Madd. 227 - - 1188 
 
 Kinnaird p. Wobster. 11) ( . n, tiw - - - - -1191 
 
 Kintrwi, AV j^iHf, 5 Ch. 95 ; 18 W. R. 197 ; 21 L. T. 688 ; 39 L. J. 
 
 Oh. 193 • - • - - - - 19G, i:t89 
 
 Kirhy'g Cano, 46 L. T. 682 - - - - - 68 
 
 Kirby v. Duke of Marlborough. 2 M. & S. 18 - - 1 190, 1246 
 
 Kirby v. Uunnlet, (1906) A. C. 43 - - - - - 106 
 
 Kirk I'. Bell, 10 U. B. 290 - - - - - 740 
 
 Knight's Case, 2 Ch. 321 ; 15 W. B. 2fr! ; 15 L. T. 546 ; 36 L. J. Ch. 
 
 317 - - - - - - - - 659 
 
 Knight V. liulkoley , ri I.. X . 7 ; 3 Jiir. N. 8. 817 ; Storey on Agency, 
 
 s. 475 -.--.--- 705 
 Knight, fif. (IMW) 1 Ch. 257 ; «: L. J. f'h. 130; 77 L. T. 773; 4fl 
 
 W. B.289(( . A.) ..... 680,745 
 
 Knowles v. MoAdam. ': Rx. D. 23 ; 47 L. J. Ex. 139 : 37 L. T. 795; 
 
 26W. B. 114 - - - - - - .881 
 
TABLE OK CA8M. 
 
 Ixxiii 
 
 K„.,wl.« .. Scott. (INOI) 1 fh. TIT : («» li. J. Ch. 2M ; IM L. T. Vi 
 ;J9 W. B. S.'.J 
 
 Knox -•. Havmtti.. «T 1,. T. UJT - - i>^. ll>2. lit.".. 
 
 K,-lak. l-tcl. .•. Clark. {\«0H) 1 K. B. .V»'i : T'.' L. J. K- »■ 
 L. T. 1.V-. ; 51 W. B. 4J» (•'. A.) 
 
 K(.tTvf"iifein MineB v. M.^-eloy, (191 1) A. C 4(«t - 
 
 Krtw '•. John-on. (IHON) 2 ({. M. i»l : liT L. J. «1. H- TKJ : 
 iMT ; 4t> W. U. «:«); tH' J. 1'. 4')»; 1» <'ox, C. »'. 103 
 
 KvKho I'. AltHitw., :«« W. R. 4WJ 
 
 .'l«U< : 
 
 TH I, 
 
 I'tQE 
 111 
 
 •.'o;i. '.'OS 
 ;•<;. 9* 
 
 - IKU 
 
 r. 
 
 - T.>5 
 
 - Ht).i 
 
 1.. 
 
 J. I'. 1(H; !S0 L. T. HJJ; 
 
 - 1341 
 
 SS; .,.. 1,. J. 
 741. 13.jt>. liiiil 
 
 1413 
 
 357 
 
 1185 
 1392 
 
 I,.i ««urgo|nie, (If*!*) A. f. 431 ; H« I 
 
 HA-p. M. »•. 55(t; (iNiW) 1 1'. 1- 
 Iji ( 'oiniwL'nie <!<' Mayvill>- -■. Whitlt-y, (iwm) 1 «-'li 
 
 Ch. T29; T4 I,. T. 441 ; 44 \V. R. .^W - 
 1,11 So<i.-ti-. &c. I'nnhnnl -■. Panhiiixl, Ac, (19()1) 2 t'h. .'il.t 
 
 W. K. 75 
 
 Ijiboucheri. r. DaWHot,. 13 K(i. 322: 20 W. R. .««• ; 2:. L. T. s»4 ; 
 
 41 I<. J. Ch. 42T ...--- 
 
 IjuiiIi '•. All>'ii, 3 Prew. .)T» . . - - - 
 
 L. I.. Svndicuto. I.ta.. W. N. (IWK)) KM - 
 l^iidi.V Drew. AwKR-iatioii -. 1'ulbr.Mjk, (IIHJO) 2 U. B. 370 ; «» l- J. 
 
 il. II. 7(13 ; 49 W. U. ti ; T Muiis. 465 (C. A.) - - 25, tWil. 12.S5 
 
 Lu.lv Fom-st (Miirchison) Oold Miuo. (19«1) 1 Ch. 582, M I.. T. 
 
 -.-,«,, . - - . - - 134. 13N, 14<> 
 
 UilvwoU Mininj? • Brookes, 35 C. I). 4(K) : 35 W. U. TS5 : u»i 
 
 L. T. 677 : 56 I.. J. Ch. tW4 - - - l^^. la^. 137 
 
 Utunas Nitrate Co. .■. UifjuuaK Nitrate Syn.licatp, (1n99) 2 Ch. 
 
 392 ■ 6» I,. J. Ch. 699 : Nl I.. T. 334 : 4H W. U. 74 (C. A.) - 37, 
 123, 127. 134, 1.16, 142, 144. 145, I5(t, IWt, 1S4, 192. 211, 713, «39 
 Ugunas Nitrate- Co. .-. SchroedtT ri"«>n 17 T. L. R. 625 ; M I,. T. 
 
 22 - - - - - - 7l»5, 
 
 I^ing r. Overseors of liiBhopweannouih, 3 Q. H. I). 299 - 106. 
 
 I*kr. View Kxtendod Gold Co., W. X. (1900) 44 - 
 
 Uiiib r. Evans. (1.S93) 1 Ch. 218 - 
 
 Umb r. Great Northern Rail. Co., (1H91) 2 Q. B. 2S1 ; 60 1,. J. (1. II. 
 
 4^9 : 65 L. T. 225 : 39 W. R. 47.-. ; 56 J. 1'. 22 
 Jjiinb .. Samba.. Rubber, (190H) 1 Ch. .S45 ; 98 L. T. 633 : 77 I.. J. 
 
 eh.386 198, «,-.8 
 
 Umbert i'. Nt>rthern, &c. Co.. 18 \V. R. 180 - - 725. 737 
 
 Ijiiiison, &c. Co.. lie, (1895) 2 Ch. 726; 64 1,. J. Ch. 777 ; 73 I.. T. 
 
 311 ; 44 W. R. 42 Vm, 1290 
 
 Uni»on Pueumatic Tube Co. .. ThilUps. W. N. (1904) 134 : 91 I.. T. 
 
 *i3 ------- - ;'*" 
 
 Uno»«hire Banking Co., W. N. (1897) 3 - - - 1311. 1315 
 
 J,uuciiBhire Innurauce Co. r. Inland Revenue ; Vulcan Boiler i: Same, 
 
 (1899) 1 U. n. 353 ; 68 I.. J. U. B. H3 ; 79 1,. T. 731 ; 47 W. R. 
 
 396: 63 J. P. 21 424 
 
 Uncaahire Plate OUi*.. 105 L. T. S70 - - - - 1331 
 
 i.ancashire Telephone Co. .■. Overseers, 14 U. B. I). 267 - - 108 
 
 767 
 
 !07 
 
 1462 
 
 442 
 
 1020 
 
 /:•«<:! .-^alfei^ai^. 
 
Ixxiv 
 
 TABL.E OK CA»M. 
 
 
 J. 1'. ('. 49: 76 
 - «H, «0, 13d, 391 
 
 til(i 
 
 XiMi— !<•• 
 
 I^nciuter, tU i^,rU, A r. D. »ll ; iJ W. K .W9; 36 I. T. 674 ; 46 
 h. J. Itttllk. 90 - 700 
 
 Uncanter Hunkiiig Co.. W. N. (1897) 3 ; 7S L. T. «H7 - 1311, 1;)14. 
 
 Una CKl.t (■..: of IreUnd. «-, 4 Oh. 469: 17 W. «• 8«»=%1'- T- 
 tUl ; ;t!< L. J. l"h. 389 - - - 79, 334, 410, ,39, 741 
 
 land Oodit Co. of Indund -•. I/>nl Fermoy (1870), 4 f"|i- '22 _- 
 
 4w, 7H, tO"> 
 
 I*nd Credit Co. r. M»rkirell, 21 W. R. 34 - 
 lender and Walfonl'- Contract. W. N. (1900) 1S3 - 
 r..nd-< .\llot,n..nt Co.. (1894) I Ch. 61.! ; «3 L J. CL. 291 70 K. T. 
 •.•S(i : 42 W. n. 404 ; 1 Mann. 107 ; 7 R. 114 - WI. 446, .1 J, 
 
 nfii, K7Z, 
 
 I^an.'-Caw, 1 U. J. * S. ,>09 - - - ' " 
 
 UHRtr-. l'a«3, 37 L. J. Ch. 292 : \H !,. T. 67 ; W. N. (186») H - 
 I.*n«tou Moiiotyp. <■■ .Vn.l.Tsou, (1911) 2 K. H. 1.) 
 Iatimimio r. Boauchemin, (1897) A. C. 34R 66 I, 
 
 L. T. 473 ; 44 W. H. 039 
 Iia»t .-. I<ondon Asuurani ■ Co.. 10 App. (V. 438 
 Lnthiini >: Chartered llauk. 17 Kq. 20J 
 1-auglilau r. Millor. F. 413 
 
 Laughton v. Hi»hop of S<Klor and Man. 4 P. C. 494 
 Uuri." - . Scholofield, L. K. 4 C. P. 622 
 liaw Car and Oonoral InHUruncc Co., 44 S. J. 40. 
 law Courts Chambpr» Co.. 61 L. T. H<}9 - - - " 
 
 Law (hmnint.>o Society «. l»ank of England. 24 U. B. D. 408 62 
 
 L. T. 496; 3S W. U. 493 : 44 J. P. 682 
 T*w .-. l-ocal hoard of Redditch. (1892) 1 Q. H. 127 ; 61 L. J. M. H. 
 
 172 : 66 1-. T. 76 ; 40 J. P. 292 (C. A.) - 
 I,iiwe'» Case. 1 1>p G. M. & O. 430 - 
 
 lawTence-M'a«e,2CTi.412; 16 L. T. 222 : :«i L. J. Ch. 490- 72 
 Uwrence & Bullcn, Ltd., W. N. (1901) 14K 
 lawronr.) r. Wj-nn, 4 M. & W. 345 - - ' „ " . 
 
 I^xon & Co., AV (No. 2), (1892) 3 Ch. 445; 61 L. J. th 66, ; 
 
 L. T N4 ; 40 W. 1{. 621 - - " 
 
 Laythorix' ''• Bryant, 3 Scott. 250 - - - 
 
 Ii.'ach -■. Jay, 9 "c. D. 45 - 
 Leatbaui ,-. Craip. 2 Ir. R. 667 
 
 Lti- ,■. .M«xander (1883), 8 App. Ca«. 843 (H. L., Sc.) 
 L«e /•. iiutler, (1893) 2 Q. B. 318 - 
 I^ V. Oaskell, 1 Q. «• D. 700 - 
 
 Lee r. Haley, 4 Ch. 161 ; 18 W. E. 242 ; 22 L. T. 241 ; :« 
 
 284 
 
 Lee f. Jones. 14 C. B. N. a 386 - " " ' ' 
 
 Lee ,. Neuchatol Co., 41 C. D. 1 : -.7 L. J. .fh.«a2 ! *» J^' „^.*^^^' 
 4H L J Ch. 408 ; 37 W. H. 321 - 766, 840, 862, 863, 86o, 866, 
 * •'• '»•"'• -^'^ g. „7g f(„o „S4^ „a9, H90, 892, 893. 894, 
 
 897, 898, 901 
 
 I/wda Bauking Co., Ex i<arte Barrett, 2 Dr & Sm. 416 ; 8 D. J. 4S. 
 
 ;«» ; 34 L. J. CU. 658 - - " " " 
 
 1*«1« Banking Co., Matthewman's Case, 3 Eq. 781 
 
 LeodB Estate Building Society ■;. Shepherd, 36 C. !>• '«"^: *^,^-,«^ 
 
 Ch 46 57 L. T. 684 ; 36 W. B. 322 - 712, 724, 743, 7^, 
 
 "'•*^' 777,862,891,898,904,906, 
 
 p^a 
 
 , 708 
 1328 
 
 , 761 
 
 203, 
 
 1402 
 
 679 
 
 343 
 
 746, 
 
 1402 
 
 746 
 
 668 
 
 101 
 
 . 484 
 101 
 
 1247 
 716 
 
 1246 
 ,617 
 1448 
 
 672 
 - 369 
 
 , 242 
 
 :, 268 
 
 1283 
 
 666 
 
 67 
 26, 26, 44 
 
 IL. J. Ch 
 451 
 
 , 483 
 1180 
 496 
 446 
 696 
 1212 
 343 
 
 , 462 
 1197 
 
 867, 
 , 894, 
 1, iKl3 
 
 46 
 
 776, 
 HS6 
 
 <»i.%iT>i''rt>>. 
 
 -S^TSS-i 
 
TABLE OK <JA8E». 
 
 IXXT 
 
 U^. .nd lUnl.,. Th^tr.. of V.r.utie.. ^^^ ;^'^^,^^^^C^i '^ 
 
 ■>:u) .------- 
 
 L«.ko'« CuKi- (JHTO), 1 1 K.I. tWt : e Ch. '89 - - - - 
 
 L,.» «n«k SpinninKCo.. /« rr. (1906) i Ch. SW ; 9a L. T. 34 : 3j 
 
 W. It. 503 ----- " '"'• 
 
 I^« !■. Martiu, 17 Eq. 224 
 
 I,..K'«1 und Oi-nerul Investment Co.. W. X. (1901) TJ - 1391, 
 
 l„.i...rter Club Co.. Itr, M C. D. 6'.t»: J5 I. J. Ch. 20«; *» W. H. 
 
 n:.-i.i I,. T. :mo - - - - - 
 
 I/'ifchild .« Cam, Rr British and ForeiK'n Cork Co., '. Va\. 'iA\ ; ':» 
 
 I,. T. 207 ; 14 W. R. 22 
 
 Ix-ith < 'ouncil f. l,«ith Harbour CominiHHionpr», (181t(t) A. < . Mn - 
 U,th Hull, 4c. Co. .•. Mu»g«v.-, W. N. (1900) 210; 1 Kriiwr. 
 
 1117 
 
 l*n.uxr. Brown; 1852). l-'^'- »•*«*> • ' ' ' 
 
 l/»t*r .'. Koxoroft. 1 Coll. P. C 108; 1 Wh. * Tu. L. C. Eq. 76« - 
 l/thebv ' . Christopher, Limitwl (Jones' Caw), (1904) 1 Cli. si j ; 73 
 ■ •'- ■ ■■ ■ ■" "•■ S2W. R. 4B0 - - •«' 
 
 12-i» 
 59 
 
 130A 
 1194 
 1424 
 
 726 
 
 467 
 
 ,->r2 
 
 11H5 
 
 1,.'J. rh. 509; 90 1-. T. 774 
 U-vpr'sCiuM,, W. N. (1«7»)204 - - - " 
 
 LvT.T Hro«. .'. lledingtield, 80 L. T. 1(K» - 
 Lcv.r -■. KoWer. (1901) ICh. o4:i - - - - 
 
 l/'vi i\ Ayros, 3 App. Cas. 852 - - - " 
 
 (/.vita s Case. I.. R. 3 Ch. 3«; 17 L. T. 337 : W W. B. 9o - 
 U.v,t..« (O. H.) Ca8.>, L. B. 5 Ch. 489 - 
 
 I^vy I . Walkor, 10 (\ Kiv. 436 : 27 W. K. 370 ; 39 L. T. 654 ■ 
 I^wis. Rr, 6 Ch. HIH; 19 W. B. 791 ; 24 1.. T. 787; 40 I.. J 
 
 129 - - - - - ■ " 
 
 l^wis .-. Nicholson, 18 Q. B. 403 - 
 U'vliiiid and Taylor's Contract, (1900) 2 Ch. 625 ; t>9 L 
 
 ■ N3 I T. 380; 49 W. B. 17 (C. A.) 
 Liberiun Oovemment Conoeawons, 9 T. L. B. 136 - 
 licensed VictuaUers' AssocUtion, Rf, 42 C. P. 1 ; 58 L. J. Ch 
 
 60 L. T. 684 ; 37 W. B. 674 ; 1 Meg. 180 - - 2(5, i. 
 
 Life and Health Ausur. Assoc., (1910) 1 Ch. 458 - 
 TJmiuer Asphalte Co. v. Commrs. of I. B., L. R. 7 Ex. 211 
 
 J. Ch. 
 
 669, 671 
 
 - 483 
 
 - 450 
 
 - 337 
 
 - 668 
 
 - ^H 
 4H, 51 
 
 450, 453 
 Ch. 
 662, <<64 
 
 - 59* 
 M : 
 
 192, \»<. 
 
 467; 
 
 8, 298 
 
 - 52U 
 
 - ;«*! 
 
 limpuft I'. London General Omnibus Co. 
 Ex.34 - 
 
 1 H, & C. 526; 39 L.J. 
 
 .221 
 
 Undsay Petroleum Co. v. Uurd. I* B. 5 P. C 
 
 lindus I'. Melrose, 3 U. 4 N. 177 - 
 
 lion Insurance Co. v. Tucker, 12 Q. B. D. 276 
 
 Liquidators of Imperial Mercantile Cn^t Aswx:. e. Colemau, L. B 
 
 6 H. L, 189 
 
 Lister & Co. v. Stubbs, 45 C. I>. 1 - 
 
 Liverpool, 4c. Co. v. Houghton, 23 W. K. 93 
 
 Liverpool Corporation v. Birkenhead Union, 94 L. T. 509; 4 L. O. B 
 
 273 ----- ■ 
 
 ravercoo! CorpoRitimi v. Llsmfvllin Absm"*, (>m., (1899) 2 U. B. 14 ; 
 
 <W L. J. Q. B. 762 ; 80 L.'T. 667 ; 63 J. P. 452 (C. A.) 
 Uverpool Guarantee Co., 30 W. B. 378 ; 46 L. T. 54 
 Liverpool Household Stores, 62 L. T. 876 ; 59 L. J. Ch. 616; 1 M^. 
 
 Sa ----- 646, 697, 739, (43 
 
 38, 41 
 13» 
 711 
 476 
 
 142 
 141 
 
 7S0 
 
 - 108 
 
 108 
 657 
 
 78» 
 
i - .<■«• 
 
 XXVI 
 
 TABLE or CA«P«. 
 
 If^ 
 
 if^ 
 
 d i 
 
 .3 
 
 II 
 
 I.ivorpool II(>ii»i<hoUi Stonm >•. Smith, :)7 ('. It. I To 
 riiv«>rp<K.l, I^.nil.111 & Oloh^ .•. Ilnmtt. (lUfJ; J K. I!, 
 r Jewi-Uin r. Hrown, { 19»x)) I < "h. IH9 ; «B I.. J. ('h. 2;U 
 
 4H W. n. •»«! : «M J. I'. r«7 - 
 LloytlV K*tatP. (1!»H} I Ir. H. I.Vt (C. A.) - 
 r.l.iyil'K .'. llarjHr, Iti C. I>. -'«». ;im» 
 I.loyil ■• l.lny.l (IH.17), 1' My. .* Ci. I!f.' 
 lilynvi. Toii.iii, Ac Co., «! W. R. .Vc 37 I-. T. .(73 
 Uwk ''. (liiiM'ii-iliiiiiI Iiivtwtmi'iit *'<)., IMIMi) A. t'. AIM 
 
 41 - 
 
 ; Hi L.T. ^;«: 
 
 1411 
 
 11)2 
 
 W«» 
 IlkH 
 
 .w- 
 
 I2M 
 
 •. H71 
 1 :>()«> 
 443 
 744 
 4(i» 
 191 
 442 
 
 lUU, 1IJ3, 
 
 Ho L. J. ch. 
 
 7UM : 75 li. T. 3 . 4 ■ W. I! flj - - 4.m, 50;», WI3. fW 
 
 Irfx k .•. WriRli-y. » (J. It. T). 397 - ... - 
 
 r,.Mkctt <•. Ukiuiiui Nitnito <'o.. Tho Tim"*. -27 Mar. HKH» - 
 I^Kklmrt r. MolilttC«)tt, .5T. I,. K. .!ii7 .... 
 
 [rf>okw.i«d .. Hop Kittm-H Co., .1 T K. «9H - 
 r^).lwiik i: Kurl of IVrtli, I T. I,. I!. 7tl - 
 jAtgixu, Kr /HirU. 9 K<|. 14l» IS W. If. -213 : '.'I I,. T. 742 - 
 iMnan r. Bank of Scotlmid "4) 2 K. B. 411.); 73 L. J. K. B. '•: : 
 
 !•! I . T. 232; n-vtrwui In I. I*., 21 Uv. UKW . • ! ..'h 
 
 LoKiiii •■. (.'(lurtnwii (»-Jir!), 13 l(,uv. 22; 2«l 1,. J. Ch. 347 - ■ ■:,, H -<i 
 T^.Kuii (Thoiniw) I,t<l., . I)uvi», 104 L. T. 914 - 73t!, -; .x." 
 
 l.'.n<loii ..'id nri({ht.>n K. 1. 1'. Fitirclough, 2 M. & O. 074 - ilj 
 
 I-..ii(lon .iikI ( lawloiiiuu Co. 1H79), 11 C. I). 140; 27 W. B. '. 
 
 4(» L. T. (WH - - - - - - .... 14 ; 
 
 Loii'liiii unil c.4iiiii)iun T^iin, &c. Co. i'. hu^gaii, (llS9;i) A. C. MHi; 
 
 «3 I-. J. P. C. 14 : 1 R. 413 (P. (".) .... 070 
 l-<indon and City l^nd and Building Co., W. X. (INM) 137 - 1270 
 
 Tiiindon and (.'olonial Fiuunc«^ (\>r)ioi'ntion. 77 L. T. I4ti; 13 T. L. R. 
 
 57ti{C. A.) ....... .WM, 467 
 
 London and Connty Banking Co. r. Uoddard, (lSil7) 1 Ch. 042; »»» 
 
 L. J. Ch. 2»il : 7rt h. T. 277 ; 45 W. R. 310 - - - 1217 
 
 liondon and County BankinR Co. r. I ..wis, 21 C. I». 490 - - 1190 
 
 Iiondon and County Bankin^t Co. '■. :;adcliffe, I! A. C. 722 - .1191 
 
 London Coiintv <'onncil c. Attnri;- y-Oeneral. (1901) A. C. 20; 
 
 70 L J. U". B. 77 ; H3 !-. T. no., : 49 W. R. »W6; 65 J. 1'. 227 
 
 {H. I,., E.) - - - - NN, !»2, 101, 102 
 
 London and Kantom Counties, &c. Co. <■. Cmu^^y, W. N. (1897) 4N - 346 
 I^iondon and Edinburgh Shipping Co, (1909), - C. I Ct. of Sem. . 1313 
 lAindon and OoDunil Bank (No. I) (auditor ai. .IHcer), (1895) 2 Ch. 
 
 l.i«i, 673; 63 L. J. Ch, S53 ; 43 W. R. 481 ; 72 L. T. Hll 714 
 
 I-on.lon and (Kiicral Bank (No. 2). (1895) 2 Ch, 673 ; «4 L. J. Ch. 
 
 .S6»i; 73 1.. T. ;«M; 44 W. R. 80; 2 MaiiM, .V.5; 12 I! .Vit* 
 
 (C. A.) -.---- 863, H: 2, 898, 906 
 I-ondon and General Bank (No. 3), (1895) 2 Ch. 073 - 775, 777 
 
 Ixmdon liii.I niob« Finanw Corp., (10O3) I Ch. 728 : 88 L. T. 194; 
 
 51 V>. \i. 651 -----. 873, 1401 
 Tendon and India 1 looks .'. Poplar L'nion, 83 L. T. 371 - 100,108 
 
 liondon and MaNhoualand Co. v. New Maohonaland Co.. ^V. N. 
 
 (1801) 165 ..-.-.- 734 
 
 J,ondon and Mrrcantilo Diwount Co., //., 1 Vai. 277 ; 14 W. R. 219; 
 
 13 I-. 1'. 665 - - - - - - - 7(W 
 
 Irf>ndon and Midland liunk ''. Mitchell, (18!)9) 2 Ch. 161 ; 68 L. J 
 
 Ch. .J68: HI L. T. 263; 47 W. R. 602 - - 1186, 1187, 1 194 
 
 ^[^f^aBSi. . 
 
I ABLIC OK C'ABKH. 
 
 Uxvii 
 
 Lon-^Lon '^^ 
 
 l,..i»li)ii aii.1 NVw York liivi-»lnii-iit > o.. (1hW.>) 2 ( h. N«i .37. 711, IJM 
 lomlnii «iul NiTth.iii IWiik. K< ,,,irtr ianw. (l«Mt) I i'h •,-2«: «» 
 
 I.. .1. Ch. i* ; "1 I- T. .MJ : 7 Mann. Wl - IN, .VJ, W7, 7H»I 
 
 b,i,<lMi> ar«l N.)rth-W«.t.Tii lUil. r.i. r. I'rict., H «i. II. 1>. 4H.5 - 4«H 
 l,„n,l.,M uii.l l'n.TiiH ml ('..., /.v, .) f, I>. :,i:,: :>^ I.. T. <i70 - 411, liOl, tn,". 
 I,..ii.luii ami I'niviuciul Ijtw Aiwuruii"' S<M;iel.\ r. Umd«m anil I'li- 
 
 vmcml. *c- <'<>•. 1" 1" J- 'h- •!' . . - - 
 
 U.iiiloii ituil H<nitl«Tii CouutiiH Uiiil to., :tl C. 1). 'J'.';!: ;»4 VV. It. 
 
 li>;i, .-.4 I.. T. ^^ ; J3 I.. J. ^'h. 2*24 . . - - 
 
 I ouiliiii uuil '^""tl'*'"''' t" '"""'"" "•"* Ijtnciwhirf. if NV. II. !>*<•>. 
 
 4.' I.. T. 217 
 
 Un.l.m una Staffonl-hir.' • u., H C. !>. 14!»; ;U W. U. 7.S1 ; 4H 1.. T. 
 
 ll.Vi ; .-i:} I.. J. • li. 7H - - - IW. im, lUO, -'4J, law* 
 
 Uii.l.m anil W.«ttiuiuiit«-r Bank r. Smitb, tW .1. I', ttia ; k7 I.. X. 
 
 224; ti7 .1. 1'. :i-*!» 
 
 londoii anil \Vt>»tniinstm Bi»a<l io., /.V, W, N. (IWM)) ;» : .j» 1,. J. 
 
 <h, IJ.-. ; «2 I. T. 224. :iH\V. H. a77;2MeK. ;«• - 144.1, 
 
 l.iutlon and V'Tkbhin' Itauk i'. ('i)«.|>er, U H. B. 1>. 7 
 Ij.ndoii .\K8iirani«. ! Virjioratiou '. Thi' I/iiulon and W cMiniuRt*'! 
 
 A^snrallCB i '(>i|.iiratioii, I.-uiit«l. '.» Jur. N. S. N4a 
 b.ndon llunk uf M-xir., .■. A| . .orpe. (1N»1) 2 n. B. a7N 
 
 IJ. H. tija; 0.> I. T. M\ ; :i» W. H. JtH (0, A,) - 
 Und..n rhurU'TOd Bank .. White, 4 App. <'tt». 422 ^J. C) 
 Undon County Council '•. Att.-(ien., tl!HI2) A. C. ItU 
 liond.iii Couut y t 'ounoil c. Churcuwardou> ol Erith, (lM9a) A, 
 
 J62; 42 W. I!, aat); J7 J. 1'. >*2l ; « 11.. Feb. Ut (II. h.J 
 Ixiudon, dto. Electric lanhting Co., iO I.. T. ti'O - - - 
 
 Uudon Financial A«8oc. -•. Kelk. 26 C. D. 107; iOE. T. 492; 53 
 
 I,. J. Ch. 102J ----- 42, 46». j(t, 
 Loudon Founders' AHHociatJon i: Clarke, 20 Q. B. 1>. o70 - 
 Uudon Freehold, &c. Co. .•. Suttield, (IM97) 2 Ch. (KIN; m L. .J. 
 
 (i. B. 7l<0; 77 L. T. 445: 4« W. H. 102 - - (*3, N4 
 
 lA)iidou lieueraH imnibua Co. r. IjivoU, (1901) 1 Ch. 135 - - 453 
 
 Undon ln.li» Kubber Co., 5 E4. 5lit ; 10 W. K. 334 ; 17 I.. T. 530; 
 
 :i7 L. J. Ch. 235 - - - - 577, 7M, 810, 843 
 
 Undon Joint i^tovU Bunk 1: Simmons, (1892) A. C. 201 - 1142, 1187, 
 
 1210, 1211 
 liondon Marine Awociatiou, />, « E) 170 ; 20 T,. T, 943 ; 17 W. R, 
 
 7H4 ----- • 
 
 Ixjudon (Mayor of) and Tubbs' Contract, ,1894) 2 Ch. jj! , s^ L. J. 
 
 Ch. 580; 70 I.. T. 719 - 
 Ixindon, I'aris, .*<•. Anaociation, Re, 1» T L. 11. 669 
 Undon Wnting Alliance v. Cox, (1891) 3 Ch. 291 - 
 Undon .steamboat C..., 31 W. B. 781 ; W. N. (1883) 123 - 1284, 
 Undon and ^J. W. Canal, (1911) 1 Ch, 341 - 168, .•J92, 670, 715, 722, 
 London I'nitwl Tramways 1. Brentford 1 uion, 96 L. T. 528; 5 
 
 L. (i. E. 682 
 
 I«)ug ■'. AndroTTB, 25 T. L. E. 93 - 
 
 Ungdale, Re, (1901) I Ch. 3 
 
 Ungnuin >: Bath Electric Tramways, (1905) 1 Ch. 646; 74 li. J. 
 Ch. 424 ; 92 L. T. 743 ; 53 W. B. 480 (C. A.) - 
 
 4.Vi 
 
 ;i7 
 
 13:10 
 
 105 
 
 1474 
 1363 
 
 - 152 
 <io L, J. 
 
 9.1 
 
 - 1194 
 464, 465, 406 
 
 C. 
 ■ lu» 
 
 - 197 
 
 778 
 666 
 
 110 
 
 354 
 275 
 381 
 1308 
 1402 
 
 108 
 :f57 
 667 
 
 - 676 
 
Ixxviii 
 
 TABLE OK CA8K8. 
 
 I! 
 
 VKOM 
 
 l,..iillW<lhaven«CMe. al). J-*-*' _ . ,i>i9 
 
 I«„l (%u.le ll«milt..n'» C.«o H < h .,4N - ^ ,,,^ 
 
 |,»r.l Imhi-iuiiiV CiHO. l""!) < 1 h. -« . 'h . .^^ .^^^ 
 
 U.rii.K.. l)«vi«.:«<'I>«'« - - . 32 
 
 U.rraino'HdiBe, 2»'h. '.'7 - - ii Jur. N. S. (Mil : i:i 
 
 W. It. hs:j 
 
 I^.uiH r. John. !• Sim. :«Mi - - 
 
 I>,„..ianu ana SoutWru Stat-. *o. to.. jm<) . 
 
 I...v..n ...a .ViKtma. ,. WaU. (!«««) A. U. 4.i; m U T. h.'- 
 
 ;:::;:lr:;•£;/::u^::a(.-).-^>':-^,-^ 
 
 . 1444 
 
 - lilH 
 
 - 44J 
 
 12tiJ, 1271. 
 I.j7(i, l'.!77 
 
 - i,a. 
 
 11!», :i3H 
 7n:{, 7«5 
 
 - 7'J7 
 . til 
 
 . .•IKti, 7<i.>. «'w, **«**• 
 SrtM, H7il, NWI. X'MK 1411 
 
 - 7(1.^ 
 
 I.U.-.W, AV, 17 Jut. 11'*6 - - ■ ' . ,49 
 
 ,,,,„,..»..a.h. lMa...&«lr.417;4Ju,....M - ^^^ 
 
 r.ma-.. 1»-Trieii, 7Taunt. 2.N - " :«7. H«8 
 
 l,„..a, ,■. Kit/p>raia .1!H.:»}, JO T. L. It. !♦. - ,^5.^ 
 
 l.uckvOun"'. I-i«nit.-a. 70 L. r. 7'i2 - - _ ^^^ 
 
 ,,„„W ,. Gy.., .! K. * 11. Jl« - - - . . „, 
 
 LmiwlViiKfa*-, 4('h. :I4 - - .,„ , -rr ,173 . - !«« 
 
 i.vamy ana wwh-i. 4c • ;■•••»'"'• '' '; ,V;,, ,.>,, lici. \m, r.-. jsa 
 
 .. c !•.. ^Ha(t^ I I'h 17>< ; •'•^ ''• ■'■ 
 
 Ivn.l-,. AnK>..-ltaU..MlI..ml'.A'^-'"- ^'**"« ""■ _ . ^m 
 
 (li. Hfl; 7:11-. T. 5«»2 --■'_. ,9.2 
 I.yH,.Khl. «.I.y«i(il.tr. Ly'>aKht.(lSW)M''" • .,_^ ,„, 
 
 eh. lili; - - ■ ' 
 
 i 
 
TABI.K OF CASKS. 
 
 Ixxix 
 
 Kac Xad 
 
 Miir.lnnuM i: l.«w rmou liiMiniiuf < o. ,l«T:t), I,. K. J U. H. •!-'«: 
 
 ■JJ W. 11. .WO; .«• I,. T. oli; la I.. J. <i. 1». l:ll 
 
 ti.'il. WW 
 
 Ua.doiml.l, S.,iiH *(•«... (1H94^ 1 Tli. N!) ; (!.J i,. J. Q. 11. liC! : li!l 
 
 1.. T. .-.(iT; I MiiiiBoti. .int; T R. .T.'L'iC. .\.) - - - IJ 
 
 Ma<l)..iiKiill '■. Oar<lin.T. I (.'. b. lU; JlW. It. US; U I,. J. Ch. 
 
 j: - jv, ;i:i, 74, tw-', <>;w. <>mk rm. nn. \-w>'. i.i.»h. i;ijn, iiiw 
 
 .Ma(Iln«i.ir«<';i«', .T.'f. n. :l»i(i - - - - - 444 
 
 Mii.ilufT '. Maitluff. (IWW} jrh. 4.-il - - - - 4im 
 
 Mii( farlaiii' ''. iMiinbiiitoii Sti-ambouts Co., .'Mi .S^'. 1.. R. 771 - Uo" 
 
 MarksfUim, W. N. liMXl) lU - - - - - 730 
 
 Ma.kav, /.V, (lilUn rli. .XMt - - - - -715 
 
 Mai kuv ' . < omiiirn ial liaiik, .-. I', i '. :t!»4 ; J'J W. R. 47.t ; .10 I.. T. 
 
 ISO: 43 1.. J. 1'. r. ai 
 
 Ma. kl.-vH (•»«.•, 1 ('. 1). -241 : l.> I,. J. (1i. 1.-.M; .W I.. T. 4<iO : ^4 
 
 \V"U. »•-' 
 
 Ma.l.'av .•. Tait, Calthnrin- .. Tncliiriaii, (liKMi> A. f. '.M ; 04 I,. T. 
 
 41 
 
 (iS; .'14 \V. 1(. -ili. 
 
 Mailiin-, /■'.' i-iiff. .^ t'li. 
 W. It. 1122 
 
 174. 177. 17S. I!»4, 20,1. 214. 227, 220, 
 2:tO, 232 
 
 :iOF,. .1. 111. OK,-,: 23 I,. T. iw.-| : |m 
 
 Ma.iiim.ln, It.. I'.iili.'ld .•. Maomimlo. W. N. (1H!»2) 73 
 
 Ma.X. 
 
 , OiJiNt. 4 1'^. 31.') 
 
 Mcfolliii .•. (iilpiii. .» il '.I. II. 3!>0 - 
 
 MiCoiiiii'll't. Ca^o, (1901) 1 »h. 72«: 70 1.. J. <li. 251: K4 I,. T. 
 
 3(il. 443 
 
 - ti«4 
 
 - 1212 
 
 - 711 
 
 :>:>. 7211, 730 
 
 Mctoim.'ll r. \Viij,'lit. (liioa) I I'll. .-.40; 72 1.. J. < li. 347 ; hh L. T. 
 
 200. 211. 212, 211. 2iri, 220, 
 227, 220, 1350 
 
 4)1 : .il W. R. Wil (<'. A. 
 
 Mr» ulluiii, /•'. ;i!H»l} 1 I'h. 113 - 
 
 M.li.Mi«ttll .-. ,I,.i,iey IiiiiMTia! llot.l I'..., 2 II. At M. .VJH; 12 W. R. 
 
 21 Mi 
 
 1142; 10 L. T. H43: 34 I-. J. fli. 
 
 •il6, N.j7, N73, 13<>0 
 
 M.Karhaiii ■. I'.iltoii, ,1!M12] A. C MM : 71 i.. J. P. C 20; s.'i L. T. 
 
 .•i!t| IM .) - - - - - - - a,M 
 
 NMiiiith.r .. I'il.'h.-r, ; MHH) 2 Ch. .loti: .-.:< W. It. 13n; 20 T. I.. 1!. 
 
 M. lv.T'rt CttK.. 5 Ch. 121 - 
 
 Ml Kays Ca«r (No. 1). 2 C. I». 1 ; 24 W. R. 4!M> : :13 I,. T. .>17 : 4.-. 
 
 nrtH. r.'4 
 
 - N17 
 
 L. J. ch. liM 
 
 130, 7.W, 1362 
 
 M.K<' 
 
 IW>ii.l.iiil. I', v.ril <i<-ur Co., ti.-. I,. ,1. Ch. T.C. : 74 I.. T. 
 
 712; 4.) W. K. I.Vi .--... 
 MiK">w., ,. Joint stcM'k liistitiitf. I.imiti.l. (INKO Ml,. 071: i>x 
 
 I' 
 
 I,. J Ch. ;iiMi : m L. T. 041 ; li M ill'.. ;:.i>» 
 
 M.Mall. 
 
 //.. h'ull.r i: M. Mahoii. ;i!HMi 1 i),. I7:i: liti |,. ,J, I'l,. 
 
 '1 I. r. 7i:i: 7 Ma 
 
 MiMillau l"Uoi M 
 
 null); I 
 
 W - 
 
 .llKMij 1 Ch. .331 
 
 lN»i 
 
 701 
 
 .M. Mull.'ii r. >ir .\ltnd Hiikmaii SUtiin-hip Co., 71 I.. .1. C|, 
 
 IH r. I., li. 0,^> 
 MNiol!\ Caw. 10 K..|. 
 
 .'UH. 707, 7t»N. M54 
 
 IS \V. I! no.', ll-.'i!: '.'3 I.. T. 207 
 
 39 
 
 1.. ,1. < h. N22 
 
 IS« 
 
 Madili 
 
 »>»cr, /if 
 
 27 c. II. j::a 
 
 M»ild»"n !•. Ahler.Hoii, H Apfi. i an. 4'I7 ; .V.' 1,. .1. (J. H, 7.37 ; 40 I.. T. 
 
 \V U. sji,: 47 .1. !• 
 
 1^:. lh^ 
 
Ixxx 
 
 TABLK OF CASES. 
 
 If 
 
 I: 
 
 Kkd-Kar r*w 
 
 Mwlnix Irrijjation (',.., \V. N. (1881) 12(1 - - - - 14B9 
 
 Madriil Hunk H', Kr /i./i7^ Willium«, '.' Kq. Jlti; M W. It. 708; U 
 
 li. T. 4.V» :;«!,. J. Ch. 474 . ; . . . m,i 
 
 MHdri.l IJunk r. I'.lly. •> E(|. 216; 14 W. R. 70«; 14 I,. T. 4.'iti ; :i.i 
 
 I-. J. Ch. 474 : 7 Eq. 442 - - - . 838, 839 
 
 Mafpw, Ar. la Q. B. T). .-m - .... -1148 
 
 MaKnolia Motal ('o.'« Tnulr Murku, (1897^ 2 (li. :171 : tl« I-. J. Ch. 
 
 .>!»S; 7(i I,. T. (172 - - - - . - ;l4(i 
 
 Miihoiioy >. fjist Ilolyf(ml <"o., I,. H. 7 II. I,. 869; ;V.i I,. T. 'iHA - 78, 79, 
 
 SI, 8:j, ««ll. 719. 74;i, 7.W, 7ti<). 7fil 
 MaiiilAiid '. U{i,ii>hii. 41 ('. Ii. 120 - - . . . i'.>;{i) 
 
 Mair .•. llinmiavii T.at'o.. 1 h*^. 411 ; 14 W.I{. l»i.); I:{ I,. T. J8(i ; 
 
 11 Jur. lOl.l - . - - . . - 441 
 
 Malam <•. Hitchonn, (1894) ;i Ch. iJ7N ; ti;i I,. J. Cli. 41 : «9I,.T. 
 
 778: .W J. 1'. 148; 17 Vox. C. <•. 7(M ; 1.1 B. Jan. 17n - 49. 7li8, 7ti9 
 Mallumm i\ G)>iii>ral Minoial i'utfiit Svnilicat>\ I.imitiil. M8941 
 
 :M'h. .VJ8: K\ I<. J. Ch. 8H8 ; ,1 L. 'I'. 47fi; 4H W. II. 41: 1.) 
 
 K. Jan. 29fi ----... 4;,;, 
 
 Mallpwn (. Xatiiiusl liiMirniico <'».. (18911 I Ch. 20l»; «;« \.. J. Ch. 
 
 JHii: 70 L. T. 1J7: 42 W. U. 249; 1 Miin*ii., 249; s U. 91 - .i,s9. 
 
 t>:to, (i:i*!, 1102 
 Malvirii I'rban Dintriet Council i. Malv««iii Link tJa* Co.. s;i I,. T. 
 
 ••'-'« :M»1 
 
 .Mani'ht>Nti'r anil Ijouilon liifc AHMiirtinoi Co., Z^-, 9 K<| . »>49 - - 1418 
 
 MwnchesUT and ( )ldham UaLJi, W. \. ( 1 88,5) 1 K9 ; 44 fi. J. Ch. 92(> - 1 ;j«9 
 Mancht>Ht«'r Hri'Wpry Co. v. Ciximlw, hi T. f.. H. 291»: 82 1,. T. :I47 : 
 
 (1901. 2 Ch. (H>8- --.... 
 
 Manolu'Mtcr Ilrew«ry Co. >■. North Chi'«hirc and Manohei'tfr Browcn- 
 
 Co.. (18(»») A. C. 8:{ - 
 M»niho«tflr C(.iiM)nition .. Williamit, (1891 , I (i. 11,94; tio |,. J. 
 
 1.1 1». 2.1 ; 03 I,. T. 80,-. : .)» W. K. 302 ; .VI J. 1'. 712- 
 Manrheator TniM r. Fiinioiw, (1893) 2 (J. U. 539 ; *H I.. J. (J. I!. 7Wi ; 
 
 73 1,. T. 110; 44 W. R. 447 fjll 
 
 .ManchiMtcr Union Itauk <•. liooch, 34 L. J. Kx. VXi- - - J'.m; 
 
 Manns Caw. 3 Ch. 459, n. - - - - - . »j72 
 
 Mann r. F^linburfth Northeni Tr-aui*. Co., (1893, A. C. «9 02 \. 1 
 
 I'. C. 74; tW I,. T. iW; 57 J. 1'. 245; 1 li. 8(1 (II. L.. S - 134.278. 
 
 MHnniT* ' St. David'H. &c. Miu<M. ;19(M) 2 Ch ,i(t3 ; 
 
 7rt«: 91 I,. T. 277 - - - 
 
 Mant .■. Smith. 4 II. * N. .124 : :12 I.. T. 319 
 Majili' A Co. r. U'ilwm, »» W. H. 070; 8,-) I,. T. 229 
 March . . Martiu ^not rf|>t>rt<jd j - - . . . 
 
 .Marm Aiinu Co.. C. 0.447 - . . . 
 
 .Vianii" Miih-iionN Co.. 4 lv|. mil : :I7 I,, ,J. Ch. Il:i 
 .VIiiriiH' Mutiml i\ YoiinK. 43 I,, 'f. 44! ... 
 
 Mariiio'it ( 'nK... 2 ' I1. J9« ---... 
 Murkhani and l>iirt«r'o < '„f. ,1899'! 1 < h. 4 H (is I,. J, ( 'h. 21.1 ; 80 
 
 I.. T. 28.V 47 W K. .•,«»; tiMan«. 84 . . . . l||| 
 
 MM-k« ■•. Samuel. > ImH J K. H. 287 90 1,. T,.rf«» ; 53 W. H. HM . flH7 
 Mariiior, I,td. iv AloXimUtr (IMHC. S, f, 78 Ct. of ,"<,«,. . 7^5, T4.5 
 
 Marnhani .. Weaver, 80 !,, T 41.' - . . _^,,-, 
 
 ;J.i9 
 
 4.11 
 
 33 
 
 283 
 73 I,..) Ch 
 
 1457, HHI! 
 
 - Hv 
 \W, 
 
 - .114 
 »7« 
 
 - .'Mm 
 
 .•20 
 
 m^H 
 
TABLE OF TAffiR. 
 
 Ixxxi 
 
 M»r—m»g i-'Hi 
 
 Murf(iii- of Hiite'i* Cam' < iirdiff S«Tiujti» H«nk .'IHOr 2 Hi. UXl; 
 
 HI i.. .1 Ph. .'MT : <«! L. T. 317 44 W. U. (.IN - - - 711 
 
 Man* ' Thomp«>n, Hii T. T. 7,W - - - - - 111 
 
 MHradan HwBsim. 'JX W. 1!. HS4 - - - - 3.W 
 
 Manrnft^. *<■. <"o., 7 I h. 1«1 - 142, 710. 744. 77S, lo.'.l 
 
 M!<r»h»ll A Salt s Couti-Bct. l!Km .' <li. 202 ; «• L. J. til. .VIJ h:{ 
 
 h. r 147 IN W. H. .>0K - . - - 3oo 
 
 Mur<liiili . itliitiioruniii li'm -inil loaJfu., 7 i;i|. i;t7 - - 7!> 
 
 Miii»hall r. Soiilh SulTonUhirf Tr«mwavs ( ,.. (IHHi) 2 Ch. :«! ; 72 
 
 i.. T. .-.42 - ..... .irt« 
 
 ManiaJls iJmitMl -•. l-»k. 17 T. I.. U. 2f! - - - - .'HT 
 
 Uanwoiiii V'ulToGewOo. •>. Muttiiiu!;, Wttiillo & *',>.. ,I!M«^ I I'li. 
 
 JS7 - - - - - 7.'>, 737 747. i:i.">l». IIWI 
 
 Man.U««HininTill<, /fr, 24 ( . 1'. 17 - - - 3.iM 
 
 Martiii-t'iuMt. 2 H. 4c M. (Hi'.* . . - - -1444 
 
 Ifctrtii. .. lt."id, 11 C. 11. N. S. 7:«i - - - - llii.i 
 
 JtMtiu . S».upi)i-«^r. SI !.. T. 117 - - - - (i«.f 
 
 Wmf/^V-i- Cum-. .'S W. U. J4I . 42 I.. 1. JHC ; W. N'. ISNII .Kl I.Vl. 
 
 71.".. 7+». 7Xi» 
 
 Ji»-«m's ( JM-, .ai \V. |{. .■17.H - - - - - 727 
 
 M,-Mi, A- !««♦>)' *'h. '^T. •'»"<' ----- km; 
 SS.«-.ti . . ai*rn«, 1 1 I . 1 ». »7 - - - IHO. 7o.i l.Mio 
 
 M««m .. Botor Tmftioii >'i.., [VMKk I < h. 41H: 74 I.. J. I'li. 27:t . 
 
 112 I,. T 2:»4 . - . . .Ml. 1440, 1487 
 
 .\lii«mi.iu)d <Ttiitnil I.if.- r.i. .■. Shinj.., ^1H»2; I rh. 154 - - 712 
 
 Miiiiimi. . V.-lt», 4(i I.. T. 4H7 (C \ - - 1»0, li'4. 1147 
 
 .\fnf!li.w« .-. tin-at X.^tln'ni liail. f.i.. JN I,. J. « h. 37.", - - Nl;t 
 
 .MitttU-w» ••. llHli.r. Ml,. T. .'142 - - - . . .I.j.-i 
 
 MuikIj'x ^..Mw.. (i Ch. :>l 1« \V I!. 1 l.i ; 2:i I.. ! 74». 4*» I.. J. <l, 
 
 21 - - - - - 7«. nS0*. 7«4. 7m:1. 7M 
 
 Mtttiitd . . MoiiinoiithBhir- ' ;niiil Co.. 4 M. iV (n 4.V2 ; 3 Wv. (')«■. 
 
 l.W: Ciir. & M. MHl. .' It. \. S. 1 1:! . .i S,-.itt. X. U. 4i'i7 liJiir 
 
 >.t:l2 ..------ ;i7 
 
 Mttxiiii X-wdrafrldt .-. .NimLnfoldt. IMHi A. c. jaA: tw I,. J. c|i 
 
 ms: 71 I,. T. 4WI: II H. Jan. I (il. 1.) - - - :C't 
 
 Ifcwm. Wt«,t..n C.,., VV. N. (1SN.S)2I1 - - 1270.1272 
 
 JfcM'imnlV LimitPd, (IMm) 1 Ch. jli; ti7 I.. .1. C\\. IKfi '« I. T. 
 
 ■ !^: m W. l{. ;mi: 77 I,. T. l.j« - . . l;«#5 
 
 MxvniMM .-. . .m-olidat".! K.-nf ('..lliiri. - Corim., (190.1) 2 K. H. 121 ; 
 
 '-.Zl.JIk n. Oftl ; sM I.. T. tl7ti; .•)2 W. It. 1 17 c A. -•ti«7. 
 
 iMiK, «7". H72 
 Maj.irof »'.»1-m..uth .. .•<mith. It> .\. <'. :iti4 - - - WW 
 
 Mav<«- of .'*h1*.^ >■. Ia-m-t, IMII) I H. li. ^<^s - 1(4, 141, 7*t. 14W* 
 
 Mbvw of the i*t«j,|.. . Ilmik ..r KnsflaiMl, 21 H. II. !>. HWI «:S 742 
 
 Mt'ur" ' WVxIirii Cuiiiuta I'lilp ami Tafn'r Cn., IWhj 2 i ii. Uau . 
 
 74 I.. J Ch. JMl ; l»:U, T. I.W^C. A.; - - l.i, «4« 
 
 M.am.nw Hr.» ■. Inland l{«viiiu.>, H2 I-. T (iWt - - - MA 
 
 Mi'iMiif-^ IJr<*., Ltd. •: M. u»ur»», litlO: 2 ' h. 24>t 442. 44:i. T.W, 1#77 
 M.-.-.-i»(Th.\ (1N»7) A. C. -(«■ - - - - - ll»l 
 
 M.ili'W"- Tniat, 2ti lt«a\. .)hft - - - ll»l 
 
 Mi'ic .iiid ViitfifrV Ctt*', W. \. ;187.> 20>» - - - tiii 
 
 V. I 
 
ixxxii 
 
 TABLE OK CASKS. 
 
 Mivruth/. (Jraj, L. B.ttt'. r-:il« - " " ' '^*' 
 
 Mtlbourno Tramway* Co. v. Fiteroy Corp., (1901) A. C. 153 - 108 
 
 Molhiulo .•. Hamilton, 20 L. T. N. S. .KH ; IX W. B. 019 - - HW 
 
 MclbH.lo ,: IN.ito Alenre Riil. C... L. U. » C. P. 503; 23 W. B. 57 ; 
 
 ill I.. T. a- ; 43 L. J. C. P. 253 - - H». «»•*• **» 
 
 Mellor .. South AuHtralian Uml, (1907) 1 Oh. 72: 95 L. T. 724: 
 
 7(iL.J. Ch. « 665, Ci« 
 
 M.Iw.hkI .-. Thatihor (1S92). 2 T. L. K. Nl - - - " **'^ 
 
 M. nitr ,•. n.K>mT-.-. Ttl.-jrraph W..rk», 'J Ch. :{.M); 22 W. B. 39«: 30 
 
 I.. T. 2(»!t: •»;! I,. J('l . 3.10 - 75, 5W). fMO, 7(»3. KIH, 1349, 1360 
 Mercantile, &c Ck. ,•. Intcmiitiuual <'ompuni<-» of Mexico, (1893) 
 
 1 Ch. 4K4 - - - - - - - •*'** 
 
 Mercautilu Hank of Sydncv 
 
 741 (P. C.) 
 Menor . . Whall {:h45), 5 Q. H. 447 - - - " 
 
 Morcnunt HankiiiK C«. of Ix>n<lnii <• Mtrchants', 4c. Bank, 9 C. D. 
 
 MH) : ■-'•■ W. H. S47 : 47 K. J. < h. H2K - - 450, 451. 452 
 
 Mcrchaiiti.' ItmikinR Co. •. Pha-iiix l!^■^•«>Iller Steel Co.,.^ C. 1).216: 
 
 25 W. H. 457 : 3ti L. T. 3».); 4ti 1,. J. <'h. 4IM - - 42, 43, 1207 
 
 Menhant* Fire Oiliw .•. ArmstmnK, 17 1,. T. H. 709; W. N. (1901) _ 
 
 lU .14.-25 
 
 Merchi-tou Steauinhij, i ... - . Tiiin.i, (1910) 2 K. II. 923 - - 102 
 
 Merwlith. fl,, «7 I,. J < h. 409 : 7S 1,. T. 492 
 
 M(nTvw».itber - IfcuBrn, (l^wa) 2 Ch. 51- til !.. J. Ch. 505; H« 
 
 f ., '•. 719 ■KtW.li. f40 
 »Mw>v itoeki. ttoni ••■ Birkenhsad A»How>mont Com.. (19011 .\. C. 
 
 Taylor, (1H93) A. C. 317: 57 J. P. 
 
 . . - 1245. 1247 
 
 442 
 
 6H 
 
 442 
 
 m:, 
 
 L. 93; 14 W. U. (*72; l! 
 
 Hoimv I><ickH >■. Oiblw. I.. B. 1 It 
 
 t>T7: 12 Jur. 571 - - - ■ " 
 
 lllormv I Hicks v. I.uni., H App. C^^. si)| 
 Monii'm an.l .Atfauu ( C, /Ir, o T. L. K. HHO ; 1 Meg. :I41 - 
 .\l..U«lfe« t'aae. 13 C. IHv. HIS: 49 L. J. Ch. :I47 ; 42 1.. T 
 
 2« \V. n. 435 - 
 Matniimlitan .VKviumw ilrntnl 
 
 too 
 
 I.. T. 
 
 .17. 42 
 'JH. 103 
 It).".. M71 
 17N; 
 l;j9, 14(1, 714, 
 KiMKliam, OT. L. U. 217 - 
 
 !352 
 Ml 
 r71 
 
 24 
 
 M«!l 
 
 i:»>.i 
 
 M.tr.)p«litau. &v. Bank. /••> i-"''- l»«»vi», 1« W. K. H«K 
 Metropolitttu Bank .. Heiron, 5 Kx. liiv. 319; JH W. E. 370; 43 
 
 L.T..i70 - - - - 42.141.144. 
 
 MetroiK.litan Coal Con»uni<>r«' ."VHwHaatioii '. SnmuKour. (IH95} 
 
 2 U. 11. 'KM ; «5 K. J. U- It. 22 - - - 27H. 2H4, 400 
 
 Metropolitan Ci.al Conaumen" Co.. Wainwrif**'" < aae, W. N. 
 
 ;IH9«))3 ..---- 
 
 Metn.jioUtan Klw^triu Supply -•. (linder, (IWIl) 2 <^h 799 ; s4 1.. T 
 
 h\H; 49 W H. .'.ON . . - - 
 
 lletr .politan Klettric Tniinway.* . . Tottenham Crli»n HiiAnct. 2K 
 
 T. I,. H. 234 
 
 Hawkins, 4 II. & N. !HI 
 (1!HH)2 K. B. H«7 ■ 
 . . Chumherii, 4 Ch. ;«« 
 
 , (lf*0,i) I Ch. 207. n. ; 74 L. T. 714 - 14».i. m* 
 MiilluiKl t '.lUnti.'H District .■. Attw.Mj.1. , l!«i5) 1 l h. 3."<7 ; 74 L. J. Ch. 
 
 ■>m\: i»2 I.. T. 'MM .... - 113,444 
 
 MidUiii.l l!.«il. Co. . .Vtt.-Oen.. (1902) A. >. 171, 71 1.. J. K. U. 
 
 ;il4; m h. T. 206: 50 W. U. 433 (H. 1... E.) - - ■ *»'• 
 
 Mi'tnipolitan Sal nm •■ 
 Mii'hael >'. Hart « Co. 
 Mi<llaii<l ItiiikinK C... 
 MkUiii.IC.uiI. &!• C.I., 
 
 - 441 
 
 l(IK 
 
 ;i.i 
 i;i.-.i 
 
I'ABLE OF CAHE*. 
 
 Ixxxiii 
 
 15W. H. 
 
 : ,->« I.. T. 
 
 - HO 
 
 - 124S 
 til. Mtl ; 
 
 651, 11H2 
 
 - I UK) 
 
 ; inw.K. 
 
 h.W, s7:» 
 
 - 8ia 
 
 I'rotcction Society 
 
 .•H9 
 
 IDi 
 
 1.114 
 
 :H4 
 
 666 
 .1.17 
 3S7 
 
 - 666 
 
 Kig-Kor 
 
 Mip>tti'» Cwi, i Eq. -JSK ; :I6 L. J. Ch. .>31 ; 16 L.T. 271 
 
 7ai - 
 
 Milan Tramway (,'o., Limitol, id <M». .■>N7 ; 32 W. B.601 
 
 .V»5; .VtT,. J. til. 1068- 
 Mil<*, Hr l-i'l-^. 1 I>« O. 'US 
 Mil.H -■. N.w ZeuIaiiTl, &c. Co., :12 T. I>. .'fiS; .m T,. .T, 
 
 .il I.. T. r>H-2: 34 W. H. 669 - 
 MilU "•. Fi.wkiw, 5 UinK. N. C. 4J5 - 
 Milln !•. The Northom BailwHy of Uueww Aynxi, a <Ti. 621 
 
 171; 23L. T. 719 - -. -. - 
 
 Milmuii >■. Thatcher, 2 T. U. Si 
 Mihi '■. Arijsona Copper Co., 36 S. L. H. 741 
 Milne* v. (Jory, 14 Vue. 406 - 
 MiniTiil \Vut»>r llottlo Kx<'hiin);<> and Trad- 
 
 Itooth. 36 C. I). 465 (C. A.) - - - - - 
 
 MminK Sharps lnvo«tment Co.. (1»93~| 2 Ch. 660; 62 L. J. t'h. IIM ; 
 6,H I,. T. J7«: 41 W. K. 376; 3 U. 4N0 - - - I26.V 
 
 MiKwiuri Sti'unmhip Co., 42 C. U. 321 .... 
 
 Mitrhill's Ca»> (.Uex.), 4 App. Can. .567 . - - - 
 
 Mif.h.'U i: HoynoldH, 1 Sm. I,. C. 43<» - - - - 
 
 Mo.iiich .'. Kf'iiestre, 67 L. T. 7()« - 
 Moffat '■. Farquhar, 7 < '. D. .Wl : 26 W. B. 522 ; :« L. T. 18 ; 47 
 
 I,. J. Ch. 355 - 
 
 Mopil St.'ttui8hip Co. r. McOn-Kor, Oow & Co., (1K92) A. C. 25 - 114, 117 
 Molinpanx «•. Ixindon, &e. Inmiramv Co., (liM)J) 2 K. H. 5H9 ; 71 
 
 I,. J. K. B. 818; 87 L. T. 324 ; ..l W. B. 36 (C. A.) - 720, 721, 
 
 723, 724, 7:»0 
 Molvn.ux r. Hawtny, (l!t03) 2 K. It. 4S7 ; 72 L. J. K. 11. 873; 89 
 
 I,. T. 3.50; M \V. B. 23 (C. A.^ - - - - .131, 'Wi 
 
 Mulyneux -. Bichif-1, (llMHi) I Ch. ;14 ; i»3 U. T. 698 ; 54 W. B. 177 - :J55 
 MoiiryiM-nny r. Mum-yimnny, 9 H. L. C. 146 
 Monro '■. Taylor, 8 lla. .»l - 
 
 MontaiKnac' r. Shitta, 15 .\pp. Can. 357 ... 
 MonUttiorr 1. Gut<Ulln, (1901) 1 Ch. 435 
 MontRomery •>. Ijpbt'nthal. (1898) 1 H. B. 487; 78 L. 
 
 (<". A.)' 
 
 .Montreal I.itho(,Taphinfr Co. i: Sabigton, (1899) A. C. 610; 68 I, 
 
 i\ V. 121: 81 L.T. 13.; (A. C.) 
 Moorn HroB. & Co., Hi. Itartholmni'wV CafM'. 7!» I.. T. 70 
 MiHiro c. Kxplomvcs '"<).. 56 L, J. Ch. 235 . - - 
 
 Moori' r. North VV..«t Bank. (1891 i 2 Ch. oIW ; CO L. J. Ch. 627 : 
 
 I,. T. 4,-xi: 40 W. H. !i3 ..... 
 
 M'">ri' • VoiiKhton. Stark. 4S7 . . . . - 
 
 M.>id<\ , f'arn.-y & ('..., Ltd and Bim1uc.-.1, 51 I.. T. 736 
 M..i(f.ui» BivworvCo. i: Cro>u<kill, 1902) I Ch. 898; 71 K. J. Ch. 
 .'iKt - " - 
 
 Morpin (. l/>nd. den. n,nnih>ig Co.. 13 »i. H. D. 8.32 (C. A.) 
 MoriHon .. Thompwm, I,. B. (J. B. 480; 22 W. U. 859; 30 1.. T. 
 wy 43 I. J. Q. 1!. 215 ..... 
 
 - ,J94 
 
 - 595 
 
 - 1159 
 
 - 769 
 T. 406 
 
 362, 782 
 J. 
 
 451, I.W 
 IN8, 189 
 
 - 192 
 61 
 
 - 6.52 
 
 - 119.-J 
 
 - l;!0« 
 
 &H 
 1021 
 
 733 
 
Ixzxiv 
 
 TABLE OK CASES. 
 
 
 9 
 
 Kor— Xut fAOk 
 
 llunvU >'. Oxford Portlaml Cuioeiit ( <>.. M T. I.. B. HH'i - TH, 72A, 728 
 
 MorriB r. MorrtH, W. N. (IH77) B - - - - - KWl 
 
 MorriMin, Br, Morriiioii >: MomMm. (I9UI) I Cb. 701 ; 7U L. J.Ch. 
 
 ■.im : HI L. T. -JM ; iV W. U. ^41 ; 8 Man*. 210 - 940. lOOJ 
 
 MuiTiMiii r. Trufcteen, *c. Cor]>oration, «N L. J. t'h. U ; "!♦ L. T. 
 
 iHtS ..... ~ . -6m 
 
 tiortitafcv IiiHiiraiiCf Corjioratioti >'. Canadian Agricultural, &c. Co., 
 
 (nM)l)2('h. .177 ...... 1364 
 
 Morton » . Copeland, 1« C. U. .i:i5 .... - 1(M7 
 
 Moi-iuh ConsoU, *r. Co.. ■• Ch. Div. 1 ; 24 W. I!. 490 ; H.l I,. T. .>17 : 
 
 4,5 T.. J. ("h. 14N ...... T:i;| 
 
 Mcwl.'v <•. Crwwv'H r^m.lon Co., 1 ]-.,\. iM: 14 W. K. '.MH - - I« 
 Mowl.y .. Koffyf.mtein Mini*(i;, (HHil) •.» Ch. 10« ; 7.J I,. J. Cli. 
 
 Wit ; !»l L. T. '.'«', : :>:i W. K. 1 »l> - fiO, n.!, 4<M, 4«5, 4<MI, 47H, Tj:i 
 
 Mo«'!.-v I', KofTjfontcin Mint-w Co. (2), I!»I1) A. C. 40!l - - (W.J 
 
 Mo»N, A;>/«ir^, .t l»o«J. & Sm. JiW - - . - - 118« 
 Mosta. «f. fIIHM> 2 K. H. 307; TJ L. J. K. ». 7tH ; !>2 I-. T. 777; 
 
 43 W. K. 558 - . - - - - - \-iMt 
 
 Mouuft, /{i; (!s(t«) I Ch. 831 ; 8() L. T. 400; 47 W. R. 40fl . - 1;J.V4 
 Moud.-t -•. Coll.. r.. K. s Ex. .r.': 21 W. K. 17.-.; 27 I,. T. «7n : ^2 
 
 L. J. Kx. H - - . - - . - ;i J8 
 Mount Moiffan, •>« 1.. T. ti22 ... - 191,200 
 
 MountHt<>]>Iif-n >'. Lakenian, L. U. 5 U. li. UI3; 7 li. I.. 17 - - 1248 
 
 Mowatt r. Ca«tlr> .Sti-ol. 4c. Co., 34 C. I». .58; 53 L. T. (WJ - - fij 
 
 Moxlmiit •. <irant, (1900} 1 U. \i. 88 : 119 h. J. n. H. 97 ; 7 Mum. 
 
 ti.i(('. A.) .... 712. 787, S't4, 872, l:).Vi 
 
 Mo/.Ipv i: Alston, 1 I'h. 790; Hi 1.. .1. Ch. 217 ; II Jar. 315; 4 Ifjiil. 
 
 ("a.-. (WO .... 2>». 74, l;!57. l;t,w. 135it 
 
 Miiir r. Citv of Glasgow Bank, 4 Apji. Cii«. 337 ; 27 W. K. <>03 ; 40 
 
 J,. T. .139 - - - - - ~ - 652 
 
 Mullen >■. I,. ('. C, 51 Sol. J. H2 .... .1:178 
 
 Mullpr « Cn.'ri Margarine r. Inlunil Revenue, (19(M)) 1 U- IS. 310; 
 
 09 I,. J. (}. B. 291 ; SI I,. T. 6<17 (»'. A ) ; (IfM)l) A. C. 217 - 310 
 Mnllett r. I'nitp-.l Frenrh I'dlwhcrf" So«!i«jtv, 91 L. T. 133; 20 
 
 T. I,. U. 59.-, - - - -" - - .115 
 
 Mur.ioiiMil FmhoM, &i: Co. r. IVIlington, 59 I,. J. Ch. 7;t4 : fKl 
 
 r,. T. 23S ; 2 Nfpjf. ;«)7 - - . - 72.3, 7f!0. 871, 872 
 
 Mnnicipality of i'i.toii .■. (Wilnrt, (IH93> .\. C. .V.'4 - - - I7i> 
 
 Munroe, Kr ,„i,U, 1 (J. H. !). 724 - . - - - i!7 
 
 Muiister V. CaniintU Co., 21 C. U. 18c ,0 W. R. 312; 47 I.. T. 44 . 
 
 51 T4. J. Ch. 731 .... 7;i,i, 7:1;, i;|,i7, hoa 
 
 Munt I'. Shrfwnliuri- and Chtn«t«r Rail. Co., 13 Btav. 1 - 33, 457, 405 
 Muntz Metal Co., A. rf, 18 W. R. imn ... - 7(W 
 
 Muris /■,■> /"ir/.. 2 Cox. 07 - - - - - 705 
 
 Mumiv 1: IliiHh. t; II. 1,. ,)3: 22 W. R. 280; 29 I,. T. 217; 42 L. J. 
 
 cfi. .■.><(! - ..... «70, 7.'2, 744, n7« 
 
 Mnrnv .■. Flavill, 2.') C. I»iv. s!i; .Vl I.. .1. Ch. is.-i; 19 I,. T. r90; 
 
 .12 \V. li. 102 - - - - - - - 149 
 
 Murray .. Scott. 9 App. Ca». 519 - - - 003, 1 198, 1H«J 
 
 Muto»co|M. and Hiogniph Syndicatf, 181W) I Ch. 8(8!; 08 L. J. Ch. 
 
 417 ; 81 L. T. 22: 17 W. R .V.'d : fi ManK. 29« - . 755, 7'<4 
 
 Mutf<'r 1'. Ku«f4'iu. 4r. Co.. 3'l C. I». 92 - - «8N. 771 
 
 Mutton i\ Peat, (1900} 2 I'h. 79: 82 I,. T. 440; 4N W. R, 480 . 1192 
 
 
 91 
 
 IWTh 
 
I'AHLE UK CAHE8. 
 
 xxxv 
 
 Miitonl Aia 1'. B. Buililing ScK., Ht, 2« i h. li. 182- - - 1198 
 
 Mutual Ij-au Sockty .'. liUiUow, i l'. B. N. 8. M9 - - - 1247 
 
 Mutual Kewrve Fire i: New York lafe, 75 L. T. 52N - - 441 
 Mv'xk '■ Heataon, 13 (". U. 3HS; 2M W. H. 31»; 42 L. T. 141 ; 49 
 
 ■ I.. J. Ch. 127 I4t>0 
 
 M.v.'i> .•. Saril, :» El. 4 Kl. .MW .^96 
 
 Myliim I Market Ilarborounh Ailv.-itmnn Co., (19<W) 1 K. B. 7()H - KM 
 Mvx.r.' W.wt Ool.l Mining t'o.. /fr. 42 ('. I>. 53*; .W L. J. fh. 711 ; 
 
 111 L. T. 453 : 37 W. K. 7»4 ; 1 Me^. :H7 - - - 1444 
 
 2ti W. U. 
 124, 13!t, 142, 7Iti, 13,i2, 
 i-evi'i-uHl bv li. !<.. l.j !)««■., 
 177, 211.'). 214 
 
 T. 376; I Mutl^. 4.)«; 10 It. 
 
 '•. I'auliiie Syn\.u 
 Hi,. T. 07S(1'. f.1 
 
 .icat«, (IWMl A. ('. 120; 73 
 
 N. 
 
 Niiiit-v-<41o and Klaiiia Iron Work* c. Onive, 12 f. 1>. 73.>> 
 
 .■MM; ;1HL. T. 345 - - "" '"" "' 
 
 Niwh .. Calthonw, (1»«5) 2 »1i. 237 
 
 lWt5 . . - - 
 
 .^■u^NiU riioniiliat.- Co., 2 C. [>. 210 - 
 N8-*uu SU'iiii. I'lftw ■ . Tyler, 70 L 
 
 .)H2 
 Niiliil \mui\. &< . C< 
 
 I,. J. 1'. C. 22; «» I.. T. 07S( 
 Natiou.)! Anns Cc. W. N. 11897) 31 
 Nath.iiul Hank of Chimt, Timen, Fob. 14, ItMiu 
 N,iti(.iml Bunk ..f WuUw, (18»») 2 Ch. H^Sl : am»7j 
 
 r,. J. Ch. 222; 7(i L. T. 1 ; 45 W. H 401 - _. . . 
 
 8«4. K'i. 874, N79. SS4, N8!> 
 
 NatKitiiil, &<•. Btink -■. (liiiuu.., 31 C. I). .J82 - - - 12111, 
 
 NatioMul Bi.il.r luHurMnce Co.. (1892) 1 Ch. 3tM, . 'il L. J. Ch. MH ; 
 
 ti5 L. T. H49 ..----- 
 National Coftw I'ab.ce, Vr, 24 C. U. 307 ; 32 \V. B. 23ti ; M I.. T. 
 
 :W: .-i3I,. J. Ch. 57 '^^*^ 
 
 Niitional TM»iituw Coqx.ration, «c. (IXitI) 2 Ch. 505 ; (K> I,. J. Ch. 
 
 .«3; tH li. T. 512; 30W. H. 707 . . . - 
 
 National PwolliliK" S<h.. /» r-. 7« I.. T. 144 
 
 " " rh. 
 
 Il<l| 
 
 183 
 .-.10 
 
 147. .122, 32:l. 370 
 
 - 12m» 
 
 - 1120 
 
 1 t 'h. 2tt8 ; (Mi 
 lMi2, )Hi8, 713, 
 
 National I)w.>Uini{« .Sicietv t-. HvkeH, (1894} 3 Ch. 139; »i3 L. J. C 
 
 mm. 42 W. II. fWi ; rManH.457; W. N. ;i894) 127 : s R. 75s 
 National KxrhanRO Co. /'. l>nw. 2 MmMj. I(W ; 25 L. T. 223 - 41 
 
 National l-unil't AsMjranco Co.. 10 < '. 1>. I IH ; 27 W. U. Mr2 ; ;«» 1,. T. 
 
 420 ; 48 L. .! . < h. Ui;t - - - 714, 7Hfl, 787. 859 
 
 National Motor Mail « (MMih < "., 1 1908) 2 « h. 228 ; 99 L. T. 3;«4 ; 77 
 
 I-. J. Ch. 7Wl - - 15. 18. 19. 139, 148, 149, 199, 25^. 
 
 322, 323, 3«ll. t>18, 748, 7.i9, 8;i!». 
 
 National i'. B. B. Hoci.ty, //f, 5 Ch. :KH» . - - 
 
 National rhono^raph Co. of A'l-tmlia r. Mnnck, 27 T. I.. K. 2Ji» - 
 
 National I'honoftranh Co. r. l->liH.n Bi-ll C,,.. (lOOK) 1 Ch. 33.i ; !•« 
 
 L. T. 291 ; 24 T. li. R. 201 - - - —158. 424 
 
 National I'lovimia! Bank ami Mar«l», ^1895) 1 Ch. 190 
 Naitonal IroTiucial Brnik, Kx purtt, Itc R<»!H, 17 C. JJ. 98 - 
 National I'mviucial Bank, lU fxiHt, Itr iituM. 1S9«^ 2 W. B. I?, iw 
 
 I.. J. U. B. 481 ; 74 L. T. :t8.i; 44 \V. 1!. 588; 3 Mani.. 1 ..> - 
 Nutiunal l-roriniial Bank -•. Mai-hall, \V. N. (|892) 34; 40 C. 1' 
 
 •.12 - 
 
 7»W, 
 
 897 
 1217 
 
 Kilt 
 
 T41 
 
 25 
 !2A9 
 
 Tirj 
 , 772 
 
 '. ^72 
 
 ■JSI , 
 11172 
 
 !I»8 
 
 ;UH 
 
 .444 
 350 
 I24M 
 
 1J48 
 
 Mm 
 
IXXXTI 
 
 TABLK or CABKH. 
 
 Pi 
 
 M 
 
 ?r 
 
 J-' 
 
 (1900) aril. 2HI) - 
 • ii-to 
 
 Vat Haw 
 
 N.itioiiul SM'uty for Diiitnbutuiii, »V( . i . Oibl)- 
 Natioiiul S|K.rtiiiK Club r. Cojh', 4H VV. K. 44« 
 Xittiniiul Stiinilitnl Life IiiHurmiiM' Co., 'JT T. L. ii. Jil 
 Nutiiiiiul ri'l('|ihc>ii(' Co. I'. I. It. Comiiiiniiiont-n, 
 
 «! I.. T. jiti; 47 VV. U. 247 - 
 National Trui>t«H> lit .^ui-tniluHiii r. Oi'iicral Fiiianrs Co.. (11(04) A. I". 
 
 ;t7:J: W L. T. 7:»i: >i \V. H. I - - - - 71.>. 
 
 NuvuMium- .•. Bn.wnriKJf. 2 DrU. M. A «i. 419 - - 12<W. 
 
 N.ul. . 'iiimiiiKliumTmiiiirBynCo., (nUOV.'Ch. »»« lllit, 
 
 Nttutli UiiiMiiii{.S.K. r. I.uic. 4;J C. It. l.)N - 
 N.iith lliirlKnir Work-. :« W. H. H27 - - - - 
 
 N.iir»Ciu«. I.-. W. U. «H ...... 
 
 N.ilwrti r. IkttH. L. R. a II. I,. I - 
 
 Nfll .-. .\lluiiU. &.-. C.I.. 11 T. L. K. 4i»T . . - - 
 
 NcUoii i: .Aii|;li>-.\iii('ri(^iii I und MortKiM(<'-VK<*i"'V Co., ^1NU7) 1 Cli. 
 
 l.K): H<l I,. J. Ch. 112: 7.i I.. T. 4N2 ; Jj \V. H. 171 - tWH 
 
 NcU.li * Co.. 11K)5 1 Ch. 551 : 74 I,. J. Ch. 'JWl : !»2 L. T. 404 ; 
 
 .V» W. I(. ;t«l ; 22 T. I,. K. 4('<i - - - .V.Mi, 
 
 Nelwiii * <'o. r. llounl ..f Triwlr. 4!t W. R. .%W. N I,. T. 5«» 
 N< Um MitrhrM >■. < 'ity nf Oluaf^ow Kunk. 4 .\|i|>. • ^nl^. 021 - 
 Npttlc«hi|i, A'j /-«.fr, 2 M. 1>. & l>«»i. 124 - . . . 
 
 NptiI r. I'liio ArU Insuraiiic Co., Limited. {1N95) 2 Q. 15. 40 ; 72 
 
 L. T. 52.-> ..... :iH. 
 
 New, /;.. /.V I,oitvtn, lit Morlev, ..IHOI) 2 Ch. .»34 . 
 N<'W llalki^ K<'n-t< Vwtt >. Huii'lt (i .hi Mining; Co , (1904) A. C. 4(M; 
 
 7.t I.. J. K. B. .' . ; >M !.. T. 194 ; .V2 W. H. 3«l - 060, ««1. 
 
 New ItniiiHit ilk r. MugtfurMli^, , 1 Dr. 4 Mm. IlHIi . 
 Npw KruuKwick Rail. Co. i'. Conylwurc, t» II. I,. C. 711 ; III W. R. 
 
 :«».), i; L. T. UY.i . ;u L. J. cb "'7 - 41. 1n7, i«2, -.mo, 
 
 New Chile ( o., 4.-I C. I>. olW ; 0:i I,. 1'. 344 : •«• \V. I!. .W - CMI. 
 
 mi 
 N<« ' t»iliunlt Co.. 4.J C. D. ;1N : .W W. R. 97 - 
 Nrw Kix'iiix CoiapttKiiio 1'. (leiioml Areident Corji.. (1911) 2 K. U. 
 B19 .-...-. . 
 
 N6W FU->»affCo.. /;»•, W. N. (1NH9) 12a - - 1445, 14.>1, 
 
 Npw I.OII iou and lit i/iliaii Bank '-. Lrocklebuiik. 21 C. 1>. 302 ; •'<() 
 
 W. R. 422 ; 47 L. T. 3 : 51 I,. J. Ch. 711 - 051. B«2. WW 
 
 N»w Ori.nfal Bank «.'«•. 41 W. R. 1« 
 N» w Qu 'liruitu Co., Fontifex'ii d «". 15 '-V. 1(. 965 : IV-mbei-toii 
 
 <«i!i: W X. ;i:.HN)233- .... :27o, 
 
 K-w l!n-rCo r llprifonl Union. (1901)2 K. U. tw»: 70l,. J.K B. 
 
 7411; N5 L. T. 1.12; 49 W. It. r,Ui . 1902) 2 K. B. .V>7 - 
 Nvw Smiliroro Phosphatp Co. .■. Erluii){pr. '> C, |t. 7;i ; ;J App. Ca». 
 
 121S; 25 W. R. 436; 27 W. R. «)>; .W I..T. 222, .19 1,.T. 2H9; 
 
 4H L. J. Oh. 425 ; 4H T, J. Ch. 73 
 
 123, 139. 142, 143, 
 229, 240, 241, 742. 1351. 
 
 NpwTranmaal Co.. (1H9«) 2Ch. 7.>ti . . . . 
 
 Npw Univpniit.v nub. 1» (i. B. I). 720 - 
 
 Nrvr Wpi«tminntpr Urewory Co., 5« S. .1. ! M 
 
 Npw York Bn-werien Co. i: Attomev-Ucnpral, (1N99) A. C. 02 ; UK 
 I.. J. U. B. 135; 79 L. T. iW: 48 W. R. .32; 63 J. I'. 179 
 (U. L., K.) 42 
 
 New York Bwurity and Tnut Co. r. Keyner, (1901) 1 Ch. tHH> 
 
 ;!7» 
 
 .i67 
 1441 
 
 :is| 
 
 1402 
 1210 
 i 258 
 I .'<XI 
 71« 
 
 \m 
 
 .'Ml 
 
 724 
 
 771 
 
 l.t.« 
 520 
 
 IISH 
 
 54« 
 
 <(50 
 
 »W5 
 57 
 
 77a 
 
 «7 
 
 1417 
 14M 
 
 !M9 
 WMi 
 
 108 
 
 207, 
 
 1,398 
 
 78ft 
 
 to* 
 
 1312 
 
 .«i7S 
 ti80 
 
TABLK OF CA«K«. 
 
 Ixxxvii 
 
 Kew Mor 
 
 N. w Y.rK ■ s»jlr«, H Ap].. I'liH. Wl 
 
 New /.«l.u..l <1„1.1 l'.xtru.ti.m <»., ;IH1M) I H. 11. fW.' 
 
 N..W /...il.ii.l &c. <•„. .. JVm.Hk, (IHlMj 1 (i. n. <U;|; «:i l- J- U. II 
 
 rjkOi 
 101 
 
 THl 
 
 •J-'T : T<i I.. T. 1 10 ; '• H "^'O ','' A- 
 
 Nrw /.•hL.i.iI Jciiii St.«k, j:i T. 1.. 1!. 'JIW - 
 \..» /.iiUihI 1-ni.ii r,,. .. Morrinoii, (!«!"<' ^ 
 
 Vi W. It. aSH - - - 
 
 N.w /.iilttiiil HhippiuK • '"• »• f^tojiKoc- . ; • ' 
 N.w /.iiliiiiil Tru-t uiid r^Miii <'i>.. Z^', i '•''''•>. 
 
 i'„. JflJ ; «S 1,. r'.-.n:!; M W. U. ij" ■ ' 
 N.wMw"' *'"■*''"• •■• Arni-<ti"ii){, tlH . '■ !<: 
 N.wi.y '■. Van ni.]Nii. I.. II. 7 <<. H. 71»o 
 N. wlmviii l,(Kiil IJiuinl .. Xfwiiiivoii t^ch ' I in 
 
 37.1 l>7. All, «>:i, tiW. 
 
 «77, U:i». UVt. I I.Vi 
 
 - II IN 
 
 :MH; 77 1,.T. «<•:«: 
 
 - Ul»7 
 
 !. 
 
 17'.' 
 Cli. 4tt ! 
 l.'il 
 
 ni I, .1. 
 
 1.'>4H 
 
 'i.'i 
 
 I .-Ml 
 l.MI 
 
 ,10 r. f». ;m:» 
 
 4(i7 
 
 111, 744 
 
 - :i.>h 
 •.1)7. •-•■.i'.' 
 
 72 
 
 . 765 
 
 - MI'S 
 
 - :»() 
 ■ill 
 
 N.wliiiK '• \>',UU. 1» 1.. T, ION; UN I.. J. fh. Ill - 
 
 N.wiiian. /.', A. /""•'. lti.H.k.% M C I>. 4!tl - 
 
 N.wiiiun rCiwMKiJ *•'"••(''"'•'') ' <'h. •«•">; 'H I.. •' <'1> 
 
 I,. T. ii»7 : 4;i W. It. 4M.I - - - 
 
 Niwimm '. <>,i(tlitini, (lllll; 1 K. H. 7!t2 
 N.wtim r. llirinii>(.'limn SiniiU Xrmx *'».. (1!<«I) l' ''h •i''* - 
 Kicholl .-. K\.-iliunlt. til I.. T. 4S1I - - - - 
 
 Nuhol'. «ii<l Vttii J<H I'x ' •■.i.tr.i.t, (ISMC) 1 Ch. l;l - 
 Ni(h.il«iii '•. I'onnrilidiit.il K.nl » oUiori.*. Tiuiis, litth .\|ir. lWl.i 
 Ni.l..a-.n .'. Ith.Kl.xU r.... (1S97; 1 Ch. 4114 : «i I-. J. <'h. «1 ; 
 
 N...»lC .W (I). .1 IX. O. & ,1. ;W7 - - Wi. IW. '^W. -HM. 71t» 
 
 N.ix.r. < w (2), 2» r. 1 .. 4^1 ; :,i U. T. ii;J,i - 4'.'. ■!:•. j«. < • . ^5!: 
 
 \i>;.l r. (l.ii.iul Uni..ii of (),!. Tutiv.. iuiiKiil.n., 10:1 I.. T. 4.> - 113 
 
 NiK-i M.i. l.rtiifH . . Capi^r, IH V. I). ^J7, t.. • J.'. W. U. m'J - Ul I 
 
 Ni...l« t aii.l 1 '..«•■< I'.mtroct. AV. IWt.i^ 1 ili .WI - - :110, :«1 
 
 Nitiu-l'h.wphaU'l .W. N. (!«>» 41 
 Nixun'» NavigBtion (\>.. (1»97) I h. NT:' ; «»M. 
 
 7tt 
 
 7)U 
 
 .1. ('!). Iitti 
 
 - 1311 
 
 ■ ii-ia. 
 
 1J.>7. VMi 
 UN). 101 
 
 ! . M> 
 
 - \1-J» 
 '.Hi. 07 
 
 Xi/aiu Ifail. r... r Wyatt, IM (i. U- I> VJ-* 
 
 N...,k.H .-. Itir.., ilSMfJ) S. V. •>\ -! K .;. <\\. i;i!': Mi 1. " ■•- 
 
 W. 1!. :i4i.-nll. I.., v..) . - - ■ • 
 
 N.>l«t I>yi.ainit.' Tni»t f... <-. \Vy«t lNt»3] \' W i<. <tW - 
 Nob. r» kxpltwivr »•... .-. Jomw, « App. i a^ .'> :il W. U. .i^-- -- 
 
 L T. 400; ,>aL. J. ("h. 1»» ..... 
 NonLiifililt (Maxim) ••. NoH.uMilt. [IHM] A. * .WA ; i... !. ). ' h. 
 
 WW ; 71 L. T. 4H9 , 1 1 n. Jan. 1 H. L. 
 
 Nonuaii, «., \V. X. (IW'O) tJ» 
 
 Noiiiiun . . Mitcholl, 10 lUniv. ■J7h ; d Ih- O. M. i U. MH : 2 W. B 
 
 ■J47, (WO - - - '"•'• '**■ 
 
 Norniaiidv --. iiul, <'.".|m' & «'".. (HHW; i < li. h4 ; 97 L. 1 H7a ; 24 
 
 r. I,." U. 47 - ■ 21>, 75, ti»l. 724, 72ti, 7:12, WMJO. 1 140. HH« 
 
 North llrazilian Supir Factiirien l'<>.. 37 ('. I»i». "^7 : M t.. T. TZi>: 
 
 w. N. (IHN7) ;i - - - - - "2- '••'" 
 
 North Hriti-h, Ac. «'o. '. l.U.yd. 10 Ex, 42.1 - - 1106, UIW 
 
 North llritwh Rail. Co. r. T.id, 12 <1. 4 Fin. 722 - - ■ IM 
 
 347 
 
 ia«2 
 
 14«M> 
 
IxxxTiii 
 
 TABLE or CAMEM. 
 
 M«n<h«w«<r, *c. Bui. fo.. U A. »'. 
 
 (IIH 
 
 •JHO 
 
 l*N4:i 
 
 Xor— Oci 
 
 North t'tntwl Wajnton d 
 
 444 ------ - 
 
 NorUi<l»rterl»nd(o., I3T. L. B.80 . . - - 
 
 North Chc.hirB •nd Mamht^rter Bn<wery to. >'. Maniho»U)r 
 
 Hrew«i7 Co., (1890) A. C. HH : AH 1.. .1. iTi. 74 ; :» I.. T. t»:> 
 
 (H. L., E.) *i'i,m 
 
 North of EnKland Sti>amihip Co.. (IflOa) 2 Ch. 4.'.; 74 L. J. 11>. 
 
 4()4 : 9.1 I.. T. 1 : i3 W. U. 499 (C. A.) - «9«. »M». ><W1. 
 
 North of KuBlund Iron St«aiii*hip Iiwuranco Aiikoc., (1900) t(^. 
 
 4N1 : m h. J. Ch. 211 : Hi L. T. A»8: 4S W. B. 604; 7 Maw. 
 
 3fl4 ..---■• 1311. l.llJ, IJM 
 
 North Sydnov IiiTortmont and Tramwuy Co. i-. IliKKi""- (1WH») 
 \. C. 2fla: (W I,. J. P. C. 42; HO I,. T. ;H)3; 47 W. K. 4Hl : 
 
 H Muni. 321 (P. C.) - - - - OH. tl9. U7. 322. :J23 
 
 North r. P.nival, (IH«H) 2 I'h. 12H ; tl7 I.. J. <"h. 321 ; 78 L. T. «14 ; 
 
 4« W. K. M2 •"* 
 
 Northern Awtuinincc • o. /•. Inliind llovmiie, 20 Sc. L. B. :».'K» - 0» 
 
 Northem C.miitin* l»ank, 31 W. E. i4<l - - - '*73, 1401 
 
 Northampton Coal. Ai: Co. r. Midland Wajion Co.. 7 C. IJ. MKI ; 26 
 
 W. U. 4SS ; 3H I,. T. H2 - - - - -1418 
 
 Northumberland Avenue Hotel Co., Kr, 33 C. O. 1«; 34 I-. T. 777 - 147, 
 
 322, 327, 32H, 370, ti44 
 
 North-W..»t .\rfientine Bail. Co.. (1900) 2 Ch. H82; 70 L.J. Ch. 
 
 9;49W. R. 1:M - . - - 1442. 1443. 1. MS 
 
 North-W<wt Trannportation Co. .-. Beatty, 12 App. Can. .W9 : .W L. J. 
 
 V. C. 102: 57 L. T. 42« ; 3« W. E. 647 - - 29. 703, 731 
 
 North-WoHtorn, *c. Co., Rr. :Jrd ed. of thin work, p. 603 - 
 Norwich E<|uitablo. Itf. 47 U. T. 241 . - - - 
 
 Norwich Union Firo .-. Ma(feo, 44 W. R. 3M ; 3 Tux. Cue. 457 
 Norwich Yarn Co., 22 Uoav. 143 - - - - - 
 
 Nottingham Brewery Co., 1 T. L. R. 429 - - - '•-'<!-'. 
 
 NoweU 1'. Nowell, 7 Kq. 53« 
 
 Nutley and Finn. //..W.N. (1894) <H . . - - 
 
 Nye »'. Macdonald. 3 P. C. :W1 . - . - - 
 
 Hii3 
 4«« 
 102 
 7H7 
 
 1.394 
 888 
 346 
 
 ll.'iu 
 
 O. 
 
 I 1 
 
 «»akbank Oil Co. r. Crum, « App. Ca*. iU;. 48 L. T. 537 - - 76, 
 
 77. 78, 79. O04. 597, 598, 599, t!02, 
 764, 781, 1(H8 
 
 Uuko« .-. Tmiiujind. L. R. 2 11. L. 325 : 16 L. T. 8(W ; M I,. J. Ch. 
 
 949 17, 18. 25, 28, 54, 72, 76, 197, 198, 1!«i, 2tHt. 244, 1388 
 
 (Tcpan dueeu Steamship Co., (1893) 2 Ch. 066 ; «3 L. J. i .. 193 ; 68 
 
 I-. T. 828; 41 W. ft. 573; 3 R. 62.^ - - - 1265, 1298 
 
 Odema Tramn Co. r. Mendel, 8 C. I». 216 ; 26 W. R. 887 ; :W I,. T. 
 
 731 ; 17 L. J. Ch. 405 - - - - J7. «155, l;J50 
 
 «»de«iaWaterwork., W.N. (1897) 166; (190l)2»'h. lUO, n. - 7.Vi, 784 
 Uedens. Limited ». Nolaoi , and al«) v. Telford. (1905) A. C. 1(»9 
 
 (U. L., E.) ; 74 L. J. K. H. 433 ; 92 L. T. 478 ; 43 W. B. 497 - 443 
 Oflord ». DaWea. 12 C. B. N. 8. 748 - - - - 11»7 
 Ofilvie.. Curric, 37L. J. Ch. 541 I»7 
 
IaBU-: ok CA8EH. 
 
 Ixxxix 
 
 IVJ 
 
 (Ijfilvi.- '. InUnil KfVfiiue. ^IWIN) S. C. KKKI, Tt. of S«w. 
 
 t Udemhaw r. King, 'i H. 4 N. .M», ilT 
 
 Oliv-r r. lUnk of Kuglund, (11H»1) 1 fh. Wi 
 
 W. 11. 391 - - - - 
 
 oljmpi.1, Limite.1, TN K. T. lilt; U T. L. 11. 
 
 INI - - - - - 
 
 > hiiuii '■. Ilonion, 4 II. L. C. 1W7 
 (hnniiiiii I n Vi-otnu-iit Co., (INOJ) 2 til. \2' - 
 OiiK mill .Ml 8iiku(<« Akhoc., W T. 1.. ». •174 
 IhihloWH I'luin, i" L. J. Ch. 33» • 
 mininiiii to. r. KowT. (IHU?' A. C. 124; «1 L. J. Ch. ;i;i7 ; iMi L.T. 
 
 U- ; 41 \V. B. IK) ;H. I..) - .W, «», «l. <W. '.J'", ^^- •"•'• •'•* 
 
 (»pp.nht'iiii.i, /fr.(m»7\ 1 Ch. im. m i.. T.<i i ; :u l. J. ch. •-••s; 
 
 I'tUC 
 
 . l»i 
 
 I INI, llNVl 
 H4 I,. T. iM , 4» 
 334, ««7, 710, 7)1, Ua» 
 
 •JJIH; .I.SHH) -J (1l. 
 
 I4.'i. •.':«», :tiij 
 IIU7 
 
 rj7fi, i.Ti-J 
 ■ III 
 
 . 7I» 
 
 7ti7, 7<W 
 
 Op|H>nh.>im«r ,: AtteiihowuKh. (1IX«) 1 K. "t. Til ; !W I..T. »4 ; •.24 
 
 T. I.. II. 114 '**■ •-"' 
 
 ( )liIK uhi-mior i-. Uritish iiud Fomin< Co., <t C. I). 744 
 (1l>j«iih.iiii.T .'. Kiazer, (IW)"} '.' K. B. .M» : '•7 I,. T. .1 
 
 i't T. 
 
 110 
 
 1147 
 .. 1{. 
 
 I20», I'JIO 
 - I KM 
 
 tl.W 
 
 - 1247 
 
 i;i.'Ki 
 i:ill 
 
 47, 
 
 Olrou Mortgajr. Co.. ll»>0) S. C. IHH. Ot. of 8..W.. - 
 
 Orii'iiUl Hank Corporation, 2» C. K. «43 ; 42 I-. T. 170. 172: .H 
 
 I.. J. Ch. ;K7 
 
 Orintiil Finamiul Corji. r. OveT^>u<l, (lurney * Co., I.. W. T < h. 1 12 : 
 
 (,. K. 7 H. I.. :MH: 2.-> I.. T. N. H. HVi; 41 I,. J. Ch. .a: 
 Ori. htul Inland SteHm Co. ,: Hriitgn, 2 J. & II. 024 ; 4 I), (i. V. & J. 
 
 m : tn I,. J. Ch. 241 ; 10 W. It. 125 - - - '7. 
 
 OriM.tulT.U'phonoCo., W. N. (IBOI) IJU . - - - 
 
 Orl.un-MoU.rCo., (lllll)2Ch. 41 - - - - "l". 
 
 C)nn.r.Hr« Cane (Hur\ey'B Oydti-rCo.), (1894) 2 Ch. 474 ; 03 L. J. Ch. 
 
 :,:h- 70 I,. T. 704; 12 W. H. 701 ; I Mant' I.W: H R. 715 
 
 2h!t. 2m 
 
 Oniani.iiUl WcMKlwork Co. ,-. lirown, 2 II. & C. <M : 11 W. 11. 0(H) : 
 
 <• Jur. N. H. 470; 8 L. T. 500; 32 L. J. Kx. 1!H) 
 
 thntt. Ex jnrtt, 3 M. A A. 153 - 
 
 OrtiK<»« I'. Hrown, 31s L. T. H44 . - - - - 
 
 Orion .■. ClevfUnd Firobrick Co., 3 H. ,t C. 'i"J^\ 13 W. It. 800: II 
 
 .lur. N. S. .'131 - - - ... 
 
 0»lH.rne .. Auialgaiii»U<d Hw. of Railway Scrrt»nt-, (U)l I) 1 Ch. 
 
 .■•40 .----- - 
 
 0»go<Ml .'. Nelson, I,, n. 5 H. \.. 030 - . - - 
 
 (Mto KltH-tric Manufacturing Co., Jenkinn Ctwe, (IWlfl) 2 Ch. 3!I0 ; 
 
 •JjL. T. 141; 54 W II. «01 - - - -'3, .124, :tu'0, 3.!2 
 
 Ottoman Bank r. Farley, 17 W. H. 701 - - - - 733 
 
 (Hton Kopje Diainoiul Miii.'K. lit, (1S!»3) 1 ^•'i\. OiS; .12 1-. J. I'h. 
 
 IWl; m I,. T. 13M: 41 W. B. 24.'<; 2 H. .'47 (I . A.;; S.-ton, 
 
 IjllN .... 052, <i6«. (»«7, 074, 1140, l:«»I 
 
 Outran! c. Uinilon Kvmiiiig Newspaper Co., 27 T. 1.. I'i. 231 - l,'>2 
 
 nvcreua, Ouniey & Co. .■. <iibb, L. U. 5 H. L. INO, 42 I.. J. 
 
 Ch. 07 . - - - - 144, 327. .-.(Ki, 74H, IH»2 
 
 Overond, (Junioy & Co. !■. (iuniey, 4 Ch. 7ol - - - ''ll 
 
 <)won and Aahwi.rUrH Ckim, (1900) 2 Ch. 272; t^•^ L. T. 105; 09 
 
 U J.Ch. 412; reversed or afflrmod in part in (1901) ! Ch. lli; 
 
 H3 I.. T. 547 ; 49 W. B. KM) (C. A.) • 79, 240. 72K. 730, T.Ht, 740, 
 
 742, 700. H.i4 
 
 010 
 IIHH 
 
 W>N 
 
 113 
 737 
 
 ttl4lf-l^. 
 
J 
 
 xe 
 
 TABLE OF CASKS. 
 
 FIOS 
 
 1200 
 1020 
 
 Owe- Pat 
 
 Owen V. Roberta, 57 L. T. nI 
 
 Owner.', lloopor, 89 L.T.i;iO - " ^^ ^^_ .. 
 
 Oxfora IS.iil.ling Sr°7-,?r' 7 •' 7^^ 7r.(!, Sfil, 871, Hi)K, 90<i 
 
 T,. T. 'lOH: :t.'i W. B. ll" - .1-. ' 
 
 I'. 
 
 
 ;it» W. K. 
 
 HO, 111 
 - 2ttO 
 
 ,JH I-. T. t)4 : 
 71 L.T, ItiJ; 
 3it 
 
 I'artstow Total l.os> Ansuranc- •V'^"^i''t^''' • -" ' • ' ''V ''' 
 ■.m: J5L. T. 774: ol h. J. ( h. ..44 - 
 
 Paige's Caso, LJ W. 1!. s9-2 - " .',,,,. ",,^ ,.■ {, :j.,.5 
 
 Pain., r. ( V..k C,,., (l!«H)) 1 Ch, :iOS ; H-> 1.. 1. 44 , IN ^\ • U- -i-' 
 Pttinef. M.Uor, ti V.s. :!»!» - - " 
 
 Pake.. Thoativ Liiuitoa ^Simpson ■•.), bJ 1- 4- •" 
 PalmiT <•. Eiui-mm, (1911) 1 Ch. 7i.K 
 
 Palmer -•. Johi.s<m, 13 (i. U- !>• ^^l " " 
 
 Palm.T .-. Mulk'tt, :5.i C. D- 411 : o. 1- J- <-!>■ -'-'' 
 
 Pain ..r r. Wick StoumshippiuK Co. . ,mi) A, < . .ilK 
 Pan;;!l-<t:'l.i.,.tea,.C,::n8;i;W.R:44.;22L.T.^24 
 
 Pa„:; '.S'i i;>cific C;. ... maia Rubber Co., 10 CU, 51. - 73:. 1400 
 Paudoni Theatre, 2H S. J. 23H 
 
 Pane- ('. Att.-Geu., (1901) 1 Ch. IJ ' ' .., t T -nfi • 
 
 Su^vC Case, (..mi) 1 Ch. .00 : .5 L. J. Ch. 104 : -3 L. T. O06 . 
 44 "W. R. 107 - - - ' _ . 
 
 Parish r. I'urish, oi I-. T. 37 - " " 
 
 Park C.ate Wupp.n ^''-'/^^-^H-.f " '. ". 0-4, 690. 763 
 
 Park V. Lawt.m, (.911) 1 K. B. oSH 
 
 Park .-. Rovulties Svndicate, (1912) 1 K. B. 3.iO 
 
 Parker, 7v;/".'(s 2 Ch. 685: 15W. U. 121. 
 
 Parker ,■. Guiuess f;^-^;. ^,;';;.-b. ,,,;, .,, j,. T. 199 - 
 
 j::t:::S:;::'o"rAp;."is:23w.R.27i:3iL,T.7:^^ 
 
 44 1>. J. <h. 425 
 Parker r. Smith. 16 Kast, :{82 
 I'arnubv .'. Lancaster Canal, 11 Ad. & K. 223 
 Pa„-s i?anki«R Co. -•. Yates. (1898) 2 Q. li. 460 
 
 47 W. R. 42 - 
 Parrott, 64 I,. T. 801 - " " ' 
 
 T'arson-s < 'ase. 8 K-l. 656 : 39 I.. J. Ch. 64 - 
 Parson., II'. (1893) 2 Q. B. 122 - ; 
 
 Parsons r. Siirgev. 4 Fost. & Kin. N. P. 24i - 
 
 P rt k. &c. G^Co. .. Taylor, IH C. of S, <;-, j;" .^"^^ ^ j, 
 Patent Kile Co., f^^- ^ ^ ^^ ^^'^I'^-^J'-^l^, nm 
 
 ^"'' " ',. n 'u r niv 166- 55 L. J. Ch. 924: 53 
 
 Patent Invert Sugar (V. «',■»! C. Uiv. 16b. 
 
 I.. T. 698 : ;« W. R. 169 - 
 
 Patent Ventilating Co.. /(., 12 C. D. 2.^4: 2< W. R 8.V 
 82 : 48 L. J. Ch. 728 - 
 
 :t81 
 361 
 1407 
 715 
 351 
 
 358 
 
 788 
 
 616 
 
 719 
 112 
 
 1141 
 1185 
 1451 
 
 624, 910, 959 
 
 - i;'90 
 
 - 1190 
 
 - 733 
 
 :{2, 1160, 14<HI 
 
 - 1158 
 
 - »7 
 67 T,.J. a. B. 851: 
 
 1192, 1198, 1246 
 
 - 705 
 
 - 672 
 
 - 1423 
 
 - 697 
 755 
 
 i:l8, 7.2. 715 
 
 1103, 1264 
 
 41 L. T. 
 
 . .298, 129» 
 
TABLE OF CASES. 
 
 XCl 
 
 Pau — Pen paob 
 
 Paul lioyfr, Liiniteil r. Edwards, 7 T. L. U. Ki - - - 290 
 
 Piiviliou (Newoastlc-upiin-Tyni;;, W. N. (1911) :;;ij - - "81 
 
 Pawlos Case, 4 Ch. 497 ; 17W. U. o99 ; 20 L. T. •>N9 : 3S L. J. Ch. 
 
 412 ------ . 19H, 199 
 
 Paxtoii r. IJaiid, (1X93) 1 Q. U. lliU ; 02 L. J. Q. U. ITfi; 07 L. T. 
 
 ti2;{; 41 W. B. US; oR. 129 - - - - -1342 
 
 raxtou & «'o. i: Siu'lliu^r, Lumpard & Co., (I'.IOIJ A. (.'. 30, 311 - 4,j3 
 Payuf (David) & Co., (1904) 2 Ch. UOK ; 73 L. J. Ch. 849 (( . A.) - (i86 
 Payne r. Cork Co.. (1900) 1 Ch. 308 - 031. 080. 7Nti. 1440. 1457, 1487 
 Pcabody Miinufr Co., W. X. (1897) 171' - - - 583, 78,i 
 
 i'liik nil! Coldtield, Ltd.. K.i i>'<r1i, I A Dobtor, (1909^ 1 K. U. 
 
 430 - - 13(!8 
 
 IVarci' i: Foster, 17 Q. B. Div. 53(i ; Jo L. J. Q. B. 300: 54 L. T. 
 
 0fi4 : 34 W. R. 002 ; 51 J. 1'. 213 - . . . 44^ 
 
 Pearks. O'lnston & Tec, Limitwl »'. ThctDPsoii, Talmcv & Co. (1901'. 
 
 18 R. P. C. 185 - - - - ■ - . 4,-,.} 
 
 I'oarks, (riiiij-ton & Tec, Iiiiiiit<>d c. Ward. TiiiU'K, 24 April, 1902- 
 
 (1902)2K. B. 1; 87L. T. 50 - - - - - 44 
 
 Pearl r. Deacon, 24 lieav. 1S6; 1 Do O. & J. 401 - - - 1192 
 
 Pearson'H CaHe, 4 C. D. 222 ; 5 C. D. 3.30 ; 25 AV. R. 018 ; 40 L. .1. 
 
 Ch. .339- .... 139, 714, 722, 7.33. 13,)2 
 
 Pearson r. Pearson, 27 C. Div. 145; 32 W. R. 1000; 51 T.. T. 311 ; 
 
 54 L. J. Ch. .32 - - - - - - - 3j7 
 
 Pea.se i: Courtney, (1904) 2 Ch. 503; 91 L. T. 341 ; 53 W. E. 75 - 355 
 Peat <■. Chiyton, (1900) 1 Ch. 059 ; 94 L. T. 465 ; 54 W. R. 410 - fi52 
 Pedlar r. Road Block Co., (1905) 2 Ch. 427 . - - 470, 601 
 
 Peek /•. Derry, 37 C. Div. 541 ; 57 L. J. Ch. ;i47 ; 59 L. T. 78; 36 
 
 W. R. 899; 14 App. Cas. 337 - 20, 189, 195, 203, 205, 206, 207, 
 
 208, 210, 215, 229, 240, 1350 
 Peek V. Uunuy, L. R. 6 H. I,. 401; 22 W. R. 29; 43 L. J. Ch. 
 
 1!» - - - 142, 180, 185, 186, 188. 197, 203, 204 
 
 Peel's Case, 2 Ch. 674 ; 15 W. K. 1100; 16 L. T. 780 ; .36 L. J. Cl\. 
 
 7.»" - - - 24, 25, 77, 196, 197, 239, 242, 471, 598 
 
 Peel V. L. & N. W. Rail. Co., (1907) 1 Ch. 5; 95 L. T. 897; 23 
 
 T. li. R. 85 - - - - . 469, 705. 708, 8,i5 
 
 Pe^ge /■. Neath District Tramways Co.. (1898) 1 Ch. 183; 40 W. R. 
 
 -'^=' - - - 1240 
 
 Pell's Case, 5 Ch. 11 ; 39 L. J. Ch. 120; 21 L. T. 412; 18 W. R. 
 
 'i\ - - - - 59, 60, 02, 331, 478, 485, 94.> 
 
 Pellatt's Ca.so. 2 Ch. 527 ; 15 Vy. R. 726 ; 10 I,. T. 442 ; 36 L. J. Ch. 
 
 61:5 51,25- 
 
 Polly and Jacobs' Contract, 80 L. i. 45 - . - . 354 
 
 Pelly's Ca.so, 21 C. D. 4 .' 712 
 
 Penarth Pontoon Co., \t. ^1911) 240 . - . -1095 
 
 Pender i\ Lushington, 6 C D. 70 ; 46 L. J. Ch. 317 - 633, 006. 7ol 703, 
 
 704, 1356, 1357, 1300,' 1,361 
 Peninsula Co. f. Fleming, 27 L. T. N. S. 93 ... 47fj 
 
 Peninsular and Oriental Co. r. Leslie, 82 L. T. 137 ; 79 L. T. 118 - 100 
 Peninsular and Oriental Co. v. Tsune Kijima, (1895) A. C. 66'. - 1,347 
 Penney, Hx jiarte, 8 Ch. 452 ; 21 W. R. 186 ; 28 L. T. l.iO ; 42 L. J. 
 
 Ch- 1H3 ----.. G47. 671, 1390 
 
 Penney ?■. I'ickwick, 16 Beav. 240 . - . . . 770 
 
 Penrose v. Martvr, P,. B. & P, 499 ; 2.S L. J. Q. B. 2S 3 Jur N S 
 
 :<«a - " ' - ".MO. 7.W 
 
xcu 
 
 TABLE OF CASKS. 
 
 n 
 
 r ' . 
 
 B 
 
 Pep- Pie PAOB 
 
 Pi'pe c. rity and Suburban I'prmanont Building Society, (1893) CCh. 
 
 •f" - - - - - - " - tiSg, 640 
 
 I'lTcival .. Wright, (1!M)L>) ■> Ch. 4l'l ; 71 L. J. Ch. 840; 51 W. 1!. 
 
 •"------ .588, 647, 712, 747 
 
 I'irkins, /,'., AV /mrte Mcxiciin Santa Uuibaru Mining Co., 24 
 
 n. n. 1). <!i:i ; .-.9 L. J. II H. •j'jc, : ;iK \V. R. 710; •_> Meg. 1!»7 : 
 
 7M. H. H. ;i2 «,M,(iti2, titJU 
 
 Perl.v ,■. SaallVld, (1N«2) 2 Ch. 149 ; fil L, J. t'h. 409 ; (Mi L. T. 6t>(i; 
 
 40 W.Ii. .-,48 (C, A.) 358 
 
 I'i'iTins /•. n.-llamy- (1899) 1 Ch. 797: 80 I,. T. 478: 17 W. K. 
 
 ■*•'------- 715, 1402 
 
 r>riys Ca.-e, 34 L. T. 717 - - - - . - 714 
 
 riny .-. liarnett, lo(i. B. D. .iSS - - . . - (>69 
 
 I'.rry .•. I'loviucial Ba.nk of Kngland, (litlO) 1 Ch. 264 - - 1247 
 
 Peruvian Guano Co., «c Kemp, (1894) Jt (^h. 090; 03 L. J. Ch. 818; 
 
 71 T.. T. 611 ; 43 W. J?. 170; 1 Manson, 423 ; 8 B, 544 - 724, 824 
 
 Peruvian Hailwa.vs Co. ,■. Thames, &v. Co., AV Peruvian Railways 
 
 Co., 2 Ch. 617; 15 W. R. 1(^2; 16 'j. T. 644; 36 L, J. Ch. 
 
 »M - - - - ■ 457, 471, 306, 507, 510, 747 
 
 IVtcrs '■. Audor.son, 5 Taunt. 59(i - - . . . uoo 
 
 PevevilOold Minois. (1898) 1 Ch. 223; li. W. R. 198; 77 I,. T. 
 
 '"'■' - - - - 381, 593, 631, 640, 786, 1445, 1457 
 
 I'liarniaceutical .Society r. London Supply Ass., 5 App. Cas. 802 ; 49 
 
 1,. J. (1. H. 736 : 43 I,. T. :m ; 28 W. R. 957 ; 45 J. P. 20 - 44, 210 
 Phillips /■. Homfray, 24 C. I). 439; .52 L. J. Ch. 833; 49 L. T. 5- 
 
 •■*^ W. R. 6 14.2, 207, 222 
 
 Pha'nix Bessemer Co.'s Case, 44 L. J. Ch. 683; 32 L. T. 854; 1 
 
 *-'• I>- 1.>1 - - - - - . 4(i8, 1.500 
 
 Phionix Electrie Light and Power Co., /{e, 48 L. T. 260- 31 W. R. 
 
 ••i9^ 700 
 
 Phosphate of Lime Co. r. Green, li. R. 7 C. P. 4;j - . . 42 
 
 Phosphate Sewage Co. r. Ilartmont, 5 C. I). 394; 37 L. T. 9- 47 
 
 L. .1. Ch. 661 ---.-.. 7;ja 
 
 Photograi)hic Co., He, 23 C. D. 370 ; 31 W. K. 509 ; 48 L. T. 454 ; 
 
 52 I.. J. Ch. 654 - - - . . - 1416 
 
 i'iekard r. Sears, 6 Ad. & K. 469; 2 X. & P. 488 - - - 1110 
 
 Pickering ,: Stephenson, 14 Kq. 322 ; 20 W. R. 654 ; 26 L. T. 608 • 
 
 41 L. J. Ch. 493 - - - . . - 789 
 
 Pidcock '•. Bishop, 3 I J. & C. ()05 - - . . . 1197 
 
 Piercy, In n, [IHdl) 1 Ch. 289 - - - . . 1257 
 
 Piggot c. Cubley, 15 C. IS. N. S. 701 - - - - 1195 
 
 Pike .-. Ongley, 15 U. B. D. 710 - - - . . ■j:;4 
 
 Pimlico, &c. Tramway Co. r. A8Kes>ment Committee of Greenwich 
 
 Cnion. 9 (i. B. 9 - - . . . . ]o,ij 
 
 Pincknry & Sons' Steanisliip Co., (1892) 3 Ch. 125 - - - 1283 
 
 PinetetCie. -•. Maison Louis Pinet, Limited, (1898) 1 Ch. 179; 67 
 
 L. .1. Ch. 41 ; 77L. T. 613; 4(i\V. E. 506 - - - 431 
 Pinkett r. Wright, 2 Ila. 120; 12 Ct. * Fin. 764; 12 L. J. Ch. 119; 
 
 6,)ur. 1102 I ,j«2 
 
 Pinto .Silver Mining Co., 8 1'. D. 273: 26 W. R. 622- .38 L T, 366 
 
 47 L. .J. Ch. ,591 Ill', 1451 
 
 Pitturd r. Oliver, (1901) 1 Q. li. 474 - . . 097 
 
 Plaiiitow Wurkiug Men's Club ••. llarrod, (1910) 1 K. H. 582 - .567 
 
 Pledge r. Buss, Johns. 663 
 
 1247 
 
TABLE OF CASES. 
 
 xcni 
 
 PAUE 
 
 - 20/5 
 
 - lis; 
 
 Pol— Pry 
 
 rolhill I. Walter, ;j H. \- Al.1. 1 H - . . . 
 
 rollard, Kj /larle, 4 J)eac. L'T - - . 
 
 rominory and Oreno i: Apfhoipr (1N.S6,\ :>!'> L. T. Jl 
 
 Poole, .liuksoii and White's Caw (187.S), i) di. D. :'.22 
 
 I'oolo i: National Hank of China, (liidT) A. C •>•><(• "i(i 1 x nn'i" 
 
 •-•KT. I,. 11. -,<;; . 11,7, ,,,9, ,^.,; ,^.;^ l:i'i<,,ijoo; ,2,;^, 
 
 „ , T. ■ . ,, , '-"1, I'ill' 
 
 I'lxiloy r. Driver, ■) C. 1). -|,-,H 
 
 I'op..,-.nawtroj.lTT.I..l!.71T;.5I..T.20:i " '. u,iH. vZ 
 
 roplmm c. I'cckhiini, 7 II. & X. ,sill . . . ,., - 
 Popular I.ifo A>sun.nc<'{'o., //, ,-., (19()») 1 Ch. H(l ... y...[ 
 
 I'oital /. Kniinons, 1 C. V. I). I'Ol, (KH . . _ ' ''' 
 
 Portulis /■. Totloy, ,-. C. Eq. ,-HO - . . ' !l"„- 
 
 PortufTii.s.. C.pjKT Minix Co., IJ ( ■. J)iv. Kil : .is |,. .1. rli Nl.i" 
 
 lAI^K. .4(, - - - . 50, 710, 7)0, 741, I.W 
 
 1 osta-o Stamp Automatic Delivery Co., (189l> .-J Ch ,ViO • (il I I 
 
 ,. .1'!^ '''V ''"/'• '^- '' = " ^^- "• -" - "'•^- •'«^- «'^. TU. 722. I;i52 
 lostl.'thwait.. -■. I'„i-tI'hilipCo.,4;f C. I). 4.-.2: ,•,!! I. .( el, o,,, . ,j„ 
 
 I.. T. 00.- ;m W. It. 24.i; 2 .M,.;r. 10 - 1440. 1441, 14 ('i, 144." 1487 
 Potter '■. Kdwurds, 20 I,. .1. Cli. 4liS . . . ,„ 
 
 Powell an.l Thomas ,■. Kvaii .l<,nes ,^C„., (Mfoj) 1 K. M. II . T.n n,':,', 
 Powell >•. Itrodhurst, (I'Mii; 2 Ch. 100 . . _ ' — 
 
 Powell .. |,„nd. \- I'rov. Itank. (IHiCIl 1 CIi. Old: (!,s!t;i) L> Ch. ,■„-,,-, - <i'-,o' 
 
 Powell r. X.arshall, Parkes .\i („., {\m>) 1 (i. )!. 710- (Jn | I ,. f 
 
 477 : ,s.. I.. T. ,->o.. : 47 W. It. 419 : Man.,'. 1 "7'(. M'.) iVi 
 
 Power r. lloey, 19 W. R. 910 
 
 PowiT '■. O'Connor, 19 W. 1{. 92.'t - - . I *" 
 
 Powers ,: Fooks, 17 (i. li. 1». ,-,.i7 - - . ! ' 'iT> 
 
 Prefoutuine ,-. (Jrenier, ;i907) A. C. lol ; 9,} L. T. 02;i ; S.i T. I,. U 
 
 Premier ( yeUi ( 'o. -■. Prenjier Tuhe ( o.. 12 T. I,. P. (m . ' | -,1 
 
 Premier Indu.strial Hank --. Carlton Manufaeturinf; Co.. f 19091 I CI," 
 
 107: (1909)1 K. p. n,n . . - . "■„ -,.. 
 
 Premier Imlnstrial IJank. Ltd. ,•. .1. * W. Crahtr ':, T 1! l"- ' ' " 
 
 ,1909)1 K. li. io(i . . . . •- -.j^'-.Jj'^; j^._^ 
 
 PiV5.eutt. Dimsdale ,»i ('„. ,, lj„„l, „,■ K„^,l,„„i, (,sj,:j) j ^^ ,,' 'j]. j' _' ,^i'., 
 I're^eivatiou Synrlioate, (189.); 2 <li, 70.S : 04 L. ,1. Ch. 72;i ; 7.i 
 
 J-ifstov.'s Case, 10 AV. It. 008 . . . '_ i-k''"!!' 
 
 Price r, Anderson, l.i Sim. 47,J . . _ ' '.'' 
 
 "ric,. .. Green, 10 M. & W. ;(4(i : !•; L. ,). Kx. 108 :"9 .lur 88(. " '(-s 
 . -mce.ss of lieuss ,-. l!os, L. I!. .-, ir. I,. 176; j.j j^. j ,,,, ,, . 
 
 li. T. 041 - . . . _ .,'.'. 
 
 Print. r.s' Society, (1809) 2 Ch. Is I . . . '_ -''•'''■ •'•''! 
 
 Printing,. &o. <'o. /•. 8ampsuii. 19 Kc,. loi; • o.i W P Kil- ■'■« r r 
 
 ;iJ4; 14 I.. .1. Ch. 70.-. - - . • • • • ■^- ■'• '• 
 
 Pritchard's Ca.se, 8 Ch. 9.50 : 29 I,. T. 303 ; 42 I,. J. ( 'h. IHs '. i|.ji,* 
 
 Pntchett -•. En.-lish and Clonial .'^yud., (1899) 2 U I! 4-'8 iii-' 
 
 Prudential Mortgage ( „. ,-. Marylebone Borough ( 'ouncil's I. G. It' ' 
 
 201 
 
 i i 
 
 #H 
 
 Pryce, /^, Kt pirte Eensburg, 4 C. 1>. 08.j - 
 
 - Ol») 
 
 - IISO 
 
XCIV 
 
 I'ABLK OF CASES. 
 
 Pry-fttii PAOB 
 
 riyoo.l.moB '•. Williams, (I'JOJ) •-' eh. .51 : - - - - 112 
 
 'A-yco -•. IJuiy, -2 Ihow. 42 - - - - - - llH.- 
 
 riickloV, ( 'use, I.. J. N. (". (1N7J) 19 ... - ti7] 
 
 I'ligh iinil Shiiniiiiu's Case, !:» E(|. lilili ; 11 I,. J. Ch. .'iSO ; 2fi I.. T. 
 
 271 ..-..- . 1,5, JK 
 
 I'ulbrook r. New Civil Sei vice Co., 2(> W. R. 11 . - 4(iH, ,')H 
 
 Pulbidok '-. KichinDiid ( 'o,, il ( ', D, filO : 27 W, 1{. :i77 ; is \,. ,1, ( h, 
 
 f).> - - - .j!M ii;i:i, 72(1, 7:!7, i:i.J7, i;is<», iJi'ji, 11(1.') 
 
 PiilNfnid -•. I),.voni>h, (100:() 2 Ch. i,.',); J2 W. U. 7:i - - 1448 
 
 I'uiit i: Symona * Co., (1000) 1 Ch. tiJC; (190.f) 2 Ch. oiW - ti30, »«(), 
 
 040, t)47, ti.J5, 704, 747, 1408 
 I'uicoll '•. Fowler, 2C. P. I). 2i;) . - - - . 697 
 
 Pure Spiiit Co. r. Fowler, 25 Q. B. I). 2;?.i ; .18 W. II. 680 - .1416 
 
 Purvis, Itf. (1904) 1 Ch. ;!7a; 90 L. T. :i94 ; 73 I,. J. Ch. 281 . 680 
 
 Pjlc Works (No. 1) (1890), 44 Ch. J). 534 ; 59 L. .1. Ch. 489; 62 
 
 L. T. 887 - - - - - - - 657 
 
 Pyle Works (No. 2), (1891) 1 (^h. 173; 60 I-. J. Ch. 114 ; 63 I,. T. 
 
 628 : 39 W. R. 235 - 657. 686. 688, 74t>. 747. 753. 787. 788 
 
 [hi ■ 
 
 Uuartz Hill Co. -•. Iteiill, 20 C. D. 508 ; 30 W. R. 5S3 ; 46 L. T. 740 ; 
 
 51 L. J. Ch. 874 ..... ;J3, 697 
 
 Uuartz Hill Gold Mining Co. ,: Kyre (No. 1), 11 (i. R. ]). 674; 
 
 (\o. 2), 50 I,. T. 274 - . - . - . 1411 
 
 Qufbrada Land Co., 40 C. I). .363; 58 L. J, Ch. 332: 60 I,. T 482; 
 
 1 Me-. 122 ..... 1119,1283,1494 
 
 (iueen )•. Abney Park Cemetery Co., 8 Q. li. 515 ... 106 
 Queen i\ A^l)inalI, 2 d. B. D. 48; 25 W. R. 283; 36 L. T. 297 ; 46 
 
 h. J. M. C. 145 ...... 238 
 
 (iueen r. Cooper, 5 Q. B. 457 - - . . . 701 
 
 Queen I'. General Council of Mediiiiie, (1897) 2 Q. B. 203 . - 708 
 
 Queen r. Government Stock Investment Co., 3 (i. B. 1). 442; 39 
 
 \. T. 230; 47L. J. Q. B. 478 1406 
 
 Queen r. Oumey and others, Finluson's Report, 254 - 233, 873 
 
 Queen (The) v. The Justices of Kent, L. R. 8 (i. B. 305 - - 1047 
 
 Queen r. Morton, I,. R. 2 C. C. R. 22 ; 21 W. R. 629 ; 18 L. T. 452 ; 
 
 42 L. J. M. I'. 58 ..... 1142,1143 
 
 (iueen -■. Reed (.*<ir Charles). 5 Q. B. D. 483; 28 W. R. 787; 42 
 
 L. T. 835 ; 49 L. J. (i. B. 60O ; 45 J. P. 6S3 - . - 473 
 
 Queen V. Silvcrloek, (1894)2 Q. B. 766 .... 2.38 
 Queen 1'. Thomas, 11 Q. ]}. I). 282 - . - . - 701 
 
 (iueen 1: Tyler, (1891) 2 (I. B. 588 - . - .38, 39, 2.36 
 
 (iueensland Lnnd, &e. Co.. Ite. Davis v. Martin, (1894) 3 Ch. 181 ; 
 
 63 L. J. Ch. SIO; 71 r..T 115: 42 W. R.6OO; 1 Manson,355; 
 
 8 R. 476 :)■!.;. ILMO 
 
 duin & Axtens f. Salmon, (1909) A. C. 443 - . 73, 694 
 
 ■Quinion ,: llorne, (1906) 1 Ch. S96; 64 W. R. 344; 75 h. J. Ch. 
 
 I 
 
 293 
 
 - 352 
 
I'ABLE OF CASES). 
 
 xcv 
 
 B. 
 
 »»*-»•» I>AO> 
 
 Ruilwiiy ami El.-rtni: Aiipliuncc Co., Itf, MV. I), sy; • :,- 1; j (h 
 
 l<t27 ; oi( L. T. ..'2 ; 3li W. K. 73o - - - - 443 
 
 liailwuy Slcpcrs Supply Co., 29 0. I). 2(M - (io(i. 7«1, 1049, 10»2. lOUtt 
 Kuilwuy Timo Tabli; Co., 42 C. I). 98; 5N L. J. Cli. ,J04 • 61 i, T 
 
 94 ; 37 W. If. 531 ; 1 Mog. 2(t8 - - jG, «3, 73. 4tij,' 4(i(;, 47M 
 
 Kjiiii.r«Cuso, 4 T. L. li. 303; (iCh. 191 - - . 465,871 
 
 lliiiiifonl r. Jniaes Keith & Co., (1905) 2 Ch. U7 • 74 L J Cli 531 • 
 
 92 1,. T. -,m (c. .v.; - - - . ■ ' 
 
 UuUiiiid /■. Hurt, ]i. II. 6 Ch. 6.sl 
 
 Kamel r. Syudicute, Ltil.. (191 1) 1 Ch. 740 - 
 
 liiiiusay c. Miir},'ri'tt, (lWi4) 2 U. IJ. IN 
 
 Kaiii.sj,'ute Uottd Co. c. Mout«(ioie, L. li. 1 Kx. 109 
 
 lfain>kill c. Kdwards, 31 C. It. 100; .(4 W. U. 96; 53 L. T. 949 ; 55 
 
 L. .1. Ch. 81 - - . . . 140, 142,788, 1403 
 
 Rancors Case, 6 Ch. 104 ; 19 W. K. 291 ; 23 J.. T. 828 ; 50 I.. J. (h. 
 
 -" " " - - - 714, 767, 85S, 887, 898, !M)4 
 
 Itiindall, Ltd. r. liritish and .Vinoricaii Shoo Co., (1902) •> Ch ;J51 ■ 
 
 71 J.. J. Ch. ti8;j; 87 L. T. 142; 50W. }{. 697 - " - 453 
 
 liaiidt (iold Minin-Co. ,•. AVaiiiwrijfht, (1901) I Ch. 18|- 70 ], J 
 
 Ch. 90; 84 I,. T. 348; 8 Mans. 61 - - (;«,)', (i7„, 7„h, ] „»4 
 
 l{aiidt(J(ddMiiiingCo.,(1904)2Ch, 468; 73 L. J. Ch. 598; 91 L T 
 174; 53 \V. H. 90 ... 
 
 Eanilagh c. Uayus, 1 Ve8. 189 
 
 Riugir -■. (ireat Wostcrii Rail. Co., 5 II. L. C. «(i 
 
 Raphael r. Bank of England, 17 C. U. 161 - 
 
 Rapier c. London Tramways Co., 69 L. T. .361 
 
 467, 674, 1142, 1143 
 
 - 1051 
 583, 786 
 
 - 616 
 54 
 
 RawlinH .■. Wickhaui, 3 D. & J. .304 ; 28 L. J. Ch. 188 ; 5 Jiir. X. S. 
 
 660, 661 
 - 1246 
 36, 40 
 ■ 1187 
 38 
 
 .'78 
 
 195, 213 
 
 - 921 
 
 - 106 
 
 - 361 
 
 - 221 
 
 - 1197 
 
 145 
 450 
 
 Raybould, lt<; (1900) I Ch. 199 
 
 liayu.r ,-. Jlruwitt, 82 L. T. 718 - 
 
 Rayiiov r. I'rcston, 18 C. 1). 1 - . . . _ 
 
 Read '•. Hrort'n, 22 <i. B. I). 12S - 
 
 Reml, AV /«,)•<., AV I'aiue, (1897) 1 (i. li. 122 
 
 Read r. Friendly Society of t»])erativo Stonemasons 1 19(C') '' K B 
 
 732; 71 ],. J. K. B. 994; 87 L. T. 193 ; 51 \V. R. I I5"(C. A.l - 
 Reddaway r. .Vhli is, 1!( R. 1'. C. 12- 
 Reddaway c. Banhaiu, (1896) .V. (\ 199; 65 L.J U B 381- 74 
 
 L, T. 289; 44 W. R. 638 - . . . 4^0, 4^.. 
 
 Redgrave r. llurd, 20 C. I). 23; 30 W. R. 251 ; 45 L. T. 485- :,\' 
 
 L. J. Ch. 113 .... 14.3, 196, 20.j, 241. 1.(47 
 
 R>'es r. I'.errington, 2 \es. jun. .540 - - . . . 1040 
 
 Reese River Co. c. Atwell. 7 K(i. 347 - . . . |JJ,y, 
 
 Reesi! River Silver Mining Co.. 2 Ch. .\pp. 611 - . 1U7, 213 
 
 Ree.se^ liiver Silver Mining ( o. /■. Smith, L. R. 4 II. L. 64 ; 39 L. J 
 
 ^''' ***" - - - - 1". 71, 73, 190, 197, 198,199, 200 
 
 87 L. T. 308 
 
 Reeve i. Berridge, 20 (i. B. I). 523 
 lieeve I'. Jennings, (I9I11) 2 K. B. 522 
 lioeves «-. Lisle, (1902^ .V. C. 461; 71 L. J. Ch. 768 
 (ILL., Iv) ..... 
 
 R«'ginfs Caual I'o., Itt, W. N. (1837) 79 - 
 
 lieg«'nfs Canai Iron Works Co., It . ;i C. D. 43; 24 W I! 687 • •!> 
 L. T. 288 ; 45 L. J. Cli. 620 - - . ■_>■'' 
 
 3.-16 
 441 
 
 1239 
 743 
 
 687 
 
IW^ 
 
 XCVl 
 
 TABLE OF CASES. 
 
 Heg— Hei paof. 
 
 Rg. '■. Armiiid, i) U. U. «(K> ; Hi L. J. (i. II. ,')0 ; U Jiir. 2T!t - ■>», 53H 
 R<>f,'. - . AHpinall. 2 (J. B. D. 4N, J9 - - - - - 131 
 
 Rug. I'. Iliriniughiim nml Olouci'Mti-r Biiil. Cii.. .'i (i. IJ. J2."i ; !• t'ur. 
 
 & P. -»«!» ...... au, 42, 44 
 
 Hfg. c. Urightwell, 10 A. & E. 17fi ..... T.J.) 
 Hej:. '•. Catholic fiifi". &i-. Assui-anii" Institution. 4M L. T. <!"•» : 47 
 
 J. 1'. JO:! ..... 
 
 Keg. '■. ClifstPr, 1 A. & K. y4L' 
 
 Ucg. f. city anil County Invf atmont Co., 13 Ch. I). 4Nl 
 Ifi'jr. '•. CiiuiinissioncTH of luconir Tax, :.'l U. B. I>. :ii;{ 
 Keg. -■. DOyloy. 12 A. & E. i:«t . 
 H.'g. '■. Ewlailc", 1 K. & v. •Jia 
 
 «!«•. TtiJi 
 
 - 7(il 
 
 - I4.T.I 
 
 - 103 
 701. 702 
 
 im. Hoi. S72 
 Reg. '•. Oi.v.innient Stock Co.. ;i Q. B. P. 443; 47 L. J. U. B. 47H; 
 .39 J,. T. 2.30 ...-.-.. 
 
 Beg. c. OraLain, il \V. R. 73K - - - - . 
 
 Ei'g. r. Oroat North of Englunil Rail. Co. (1840), i» Q. B. 31.") ; 
 
 . Ouust, 7 Ji. J. M. C. 38 : 7 A<1. & E. Ool - 
 Hall, (iH'tl) 1 (i. B. 747 - 
 
 Rfg. 
 Rog. 
 Reg. 
 Rog. 
 Ri'g. 
 Reg. 
 Rog. 
 
 Uaslain. 17 <1. B. 220 
 Iloilgo.-, 12 .v. & E. l.W 
 Ju.M, 37 W. R. 143 - 
 , l,anih»th. N A. & E. 3.jli 
 . Langhoine, G N. & M. 203 
 
 Rog. c. Loo Overseers, L. R. 1 H B. 211 
 lie 
 
 (HI 
 
 ■ 701 
 3<», 42 
 
 10(i 
 
 - 23.-) 
 
 ■ 107 
 
 - 701 
 
 ■ .)4»! 
 
 - 701 
 
 ■ ()'J7 
 
 ■ ION 
 c. Mariiiuita. i&c. Co., 1 E. & E. 280 ; 23 L. J. (J. B. t)7 ; .■> Jur. 
 
 N. S. 72J - - . - - - - 771 
 
 Reg. i: Maj-or of Iiiver])ool. 3 Eact, 80 . - . .42 
 
 Reg. f. Mayor. &c. of Ijondon, B. & C. 1 - - . - 702 
 
 Rog. -•. Mayor of Wigan, 14 Q. B. 1). 008 . - - 724. 731 
 
 Reg. - . Morton. L. R. 2 C. C. R. 22 - - - - 84 
 
 Rog. '•. Xowtou, 48 L. J. .\r. C. 77 . - - - - 763 
 
 Rog. -•. Ployov, 2 B. & A. 707 ..... 73.-, 
 
 Rog. r. I'rio.-, 11 A. & E. 727 - - - - - 23.') 
 
 Rog. r. Registrars of Joint Stock Companio:*. (1891) 2 (i. B. .398; 
 
 21 a B. 1). 131 - - - - - - 1(MI2 
 
 Rog. r. Saddlor- Co., 10 LI. L. C. 404 .... 72O 
 
 Reg. ,: St. I'auoras, 11 A. & E. 15 - - . - . 701 
 
 Reg. 1: Towkosburv, L. R. 3 Q. B. (i.tj ; 1(> \V. R. 12(Kt; 9 B. & S. 
 
 (183 ; 18 J.. T. 80I ; 37 I,. J. Q. B. 288 - - - 73.i 
 
 Rog. .■. Tidy, 2 (J. B. 17!" - - - - - - 442 
 
 Rog. 1: Tyler. Ac. Co., i,1891) 2 Q. B. 588; 01 I,. J. M. C. 38; 6.) 
 
 L. T. (i«2; .)(> J. V. 118 (C. A.) . - 42, 181, 235. 230, 624, 7(i3 
 
 Rog. '•. West Middlesex Water Works, 1 E. .<; E. 716 - . 108 
 
 Reg. '•. Wimbledon Local Board. 8 (i. 1!. D. 459; 51 L. J. (I. B. 
 
 219; 30 W. R. 402; 46 L. T. 47 - - 593. 700. 701 
 
 Reid's Brewery Co. ,: Male, (1891) 2 U. H. 1 ; 60 \.. J. (i. B. 340; 
 
 64 L. T. 294 ; 39 W. R. 459 ; 55 J. P. 216 - - 99, 539 
 
 Reid V. Explosives Co., 19 (i. B. D. 264; 36 L. J. (i. B. 388; 57 
 
 L. T. 439 ; 35 W. R. 509 . . - - - 444 
 
 Reid '•• London A SfafYordshii-e (^>., .32 W, R, 04 ; 49 L, T. 468 ; Hi 
 
 I,. J. Ch. 361 - 
 Eeidpath's Case, 1 1 Eq. 86 - 
 
 2(KV 
 
TAHI.K OF UAMM. 
 
 xcvn 
 
 Bern— Sis 
 
 l!.iiimiii;.'t<)ii '•. .S(h.i]i.s, iNitT) .' Ch. I : (it; I,. J. el,. ,-,L'(i- :« \,. [• 
 
 liiiT: l.'i W. I!, .wo . . . . ■_ ' ,.,.„ 
 
 Iiinsh.i« &(',,., W. \. (MtON) u'Ki - - . . . ,j|^ 
 
 n.iWM r. I!,,., j II. I,. I7,i .'..._ L>ti. 4,-,. ,-,,•>!» 
 
 R'UHK '. I'i.ltKlry, r,. H. 1 Kx. .■jii' - - - ,t;i.-i, :{:«)" .ws. 11 s4 
 
 Itivcll /•. K(linl.iiif.'li I.itf Insuniiici- Cii., .-, Tux. Cu-. JiM . . i(v.> 
 
 Krvcr-iioiiiiiy Int'ii'Mf Socicfy. {\HK) 1 Ch. (ilo: til F,. J. Ch. ;(7!t : 
 
 m L. T. VH) ; 40 W. 1{. :ivj ; W. \. ( |H!)L>) (io - . mi'j, i:ii;» 
 
 Kcx ' Aluahuiri-, ;i!HM} 'J K. It. sVJ; jil [,. f. iji.-j . .j,, -p [_ |. 
 
 (i.sl 
 
 - 1:.'0.» 
 
 - I OH 
 
 - !»9 
 
 - l.-)l 
 
 - 702 
 
 - lOH 
 lllMi 
 
 Rix .-. Uri-hton (iiislijjht Co., .") H. ,t ('. |(i(i 
 
 Idx ■. ('niiiniissidiicrs. !»1 I,. T. !i| - 
 
 IJcx .-. I If I', r<ii;;,.r, ;i M. & S. (>; - 
 
 Ut'.x c. rnil)(niau, 11 ICust, 77 - - - . . 
 
 Hi'x r. V . . <t2 L. T. (My ..... 
 
 H'x '•■ nice Co.. ,j I!. \- AM. ."sdU 
 
 iii-Kr. • .,ver. (IIIOU) 1 K. n. liliS; 7J L. J. K. li. ■JlO; 
 
 '^Xi'- ■ - - - . . . 7(i„, 701 
 
 Ili'X '•. ^Icrri.uM Taylors' Co., L' li. iV Ad. 11.'. - . - 771 
 
 Uc'X r, Miii(.i-, ( ,,w|). (jl!» ---... |,„.j 
 Ifix '■. Miiinhiy. 1' Cow|). .ViO - - . . _ yjj.^ 
 
 1!'X '. liiH-hdiili' WiitiTwoiks, 1 M. i\; .~^. (i.ll ... loj^ 
 
 R.'X '•. Sul..)., .s A. & K. 17;i . . . . . )„4(, 
 
 lii'X '•. Wilts unci Berks Canal Co., :j Ad. A: Kl. 477; n A<1. \: Kl. 
 
 !•<•! - . . . . . ' ' ., 
 
 iJhodi's ,•. Forwood, 1 App. Ciis. L>.J7 ; •.'( W. 1{. 107.'^ • .(4 h T .sflo- 
 
 ■17 L. J. Kx. .)[).! ;j,:, ,^.. 
 
 IfhiHli'siau rrop.rtii's, \V. N. (liioi) l;ill .... -,;q 
 Ificlmrd Mills \- Co. (Itri.rliy llill\ \V. \. (190..) .ili . - 112 
 
 Billiards & Co., /,',, 11 0. I). (>7(> . 1 . . . ]-,„.] 
 
 liichards ,-. Home .VssuraiKo Assoriatioii. I,. 1!. ti C. I'. Ml . -,> 
 
 liicliards 1-. Kiddcniiiu.sttr Ovorsoers, (l.silii) ■> Ch. 'IVl : ti.) I,. J. Ch. 
 Ml ; 74 L. T. 4.s;i ; 44 W. 1{. jo.j - . . ' ,' 
 
 HichanlsouV Case, 19 Kq. .WS ..... 
 
 liichimlson -•. Mothlcy School Hoard, (iHil.l) :) Ch. olO; (!•_> L. ,J. Ch 
 '.HI!; Ii9 L. T. ;(fl,s ; 4'i W. 11. 127 : li R.'7t(l - . . 
 
 Richardson v. Smith, b Ch. 64.S - - . . . 
 
 Richardson c. Stormont, TtMld & Co., (1!)()(|) 1 (i. Ij. 7()i 
 Richardsijn r. 'Willianison, I,. 1!. (i (i. 1!. 27tj ; 40 L. ,1. (i. R. 14j . 
 
 T4I, iim> 
 
 Richmond's Case, 4 K. & J. :i2.') ..... -^- 
 
 Ridfiway --. IlunKcrford Maikct Co., .f A. & E. 171 - . . 442 
 
 Rid'.'way r. Wharton, (i II. L. C. 2!)U .... ;j.)i 
 
 Ridley 1: I'lymouth d.. 2 Kx. 711 ; 17 I.. J. Ex. io'l ; 12 Jiir. ,542 - 71^0 
 
 Ridout c. Eowler, (liKH) 1 C (i5N ; 90 L. T. 147 ; 73 I,. J. ( 'h. 32 j . :i49 
 Rilcys, Limited, (1903) 2 Ch. .J90; 72 E. J. Ch. *!78 •. 89 T.. T. .v>9 ■ 
 
 5 W. B. 681 - . . . . ' . n 
 Bipley >: Paper Bottle Co., J7 E. J. Ch. 327 . . .658 
 Eisdon Iiou auJ Locomotive Works r. Fumess. (190(i) 1 K B 49 • 
 
 (190o) 1 K. B. 304 ; 74 E. J. K. H. 243 : 93 L. T. *W7 ; 54 W. R.' 
 
 324 ...... . ,jy_ g^ 
 
 9 
 
 44 
 
 4H 
 
 73() 
 349 
 (>St» 
 
 f -■ 1 
 
x«;vni 
 
 TAHLK OK CAHKR. 
 
 IliJ 
 
 !*" 
 
 ! s 
 
 
 ilia— Boy 
 
 l{inlitoii r. UrixiwU, j Eij. {J20 - . . . 
 
 I'itHo's Ciiw, J ('. I». 7N1.' ----.. 
 
 KoM) ,. Orroii, (isilj) •_> H. 1». 1, ;n,>; VV. N. (1W»5) II j - 
 
 l{..l»rt- r. Cn.ff, -.M lirav. 22:t; !• Di. O. & J. I 
 
 BiUrtH r. Neurit)- Co., (INJC) 1 <i. U. Ill; t;« I. .(.(,). Ij. 11!); Tj 
 
 I-. T. .i.il ; ^o W. II. >U (C. A.) - - . . 
 
 R«l.eit«m ". Willuiott, I'j T. I-. R. (W;f . . . . 
 
 Bi>b<y '■. Snaufull Co., 20(1. It. I>. I.Vi - - . . 
 
 Biibiiisou's t'lisi'. 4 Ch. ;):)(); ■.>(» L. T. !«! ; IT \V. K. ioi 
 H<>I>i i«'iii <■. A:-hti)u. L'(t Km. 2h ; :i;t W. 1!. (iTi ; ;t:) L. T .>SN ■ 44 I, ,1 
 
 Ch. r,v> - - - . . -'.''. 
 
 Kulnii^m i: !!l,,ml, 1 \V, HI. "i.W - . . . . 
 
 RobinMin c (iirroy. V (i. H. I). -470- - - . . 
 
 Rdliinsm ,-. llaikin, (lH!»r,> 2 <'li. -lI,-); (ia F,. J. Ch. 773- 7J I, T 
 
 77V ; 44 W. R. 7(»2 - - . . . 
 
 RnbiiiNoii i\ Mi'ntgiimi'iy Hrewon- > '.., (t8!Mi) -j Ch. N41 ; (i.j L. J. 
 
 i.taK 
 
 , 888 
 
 47 
 
 44^ 
 
 118« 
 
 >4 
 
 .f,i8 
 
 :»44 
 
 jl 
 
 .ST8 
 344 
 219 
 
 - 7S8 
 
 42 
 1209, 
 
 .>2 I,. J. Ch. 
 (>!»M. lOHo, 
 
 Ch. 91,i; 3 Manwm. 279 
 
 Robinson ,•. R.'Htill. 12 T. L. R. 174- 
 
 Roddy '•. KitzffiTald, (i H. T.. ( '. n7(; 
 
 Riij;ii>' Casn, 3 Ch. ti33 - - . . 
 
 Rojiirs' Case, Harrison's Case - . . 
 
 Rogers -■. Dniry, 3(i W. li. 4»t> ; .")7 I,. J. Ch. ,">04 - 
 
 Roknpr r. Andorson, .1 Ksp. 23o - . . 
 
 Eomford Canal Co., AV, 24 C. I). 85 ; 49 L. T 118 • 
 729 
 
 Rmey's Case, 4 D. J. & S. I2(); 12 W. R. 815, 894; 10 L T 770 
 33 L. J. Ch. 731 ----- 057 
 
 Roi .y '■. Stanton, 17 T. L. R. 272 - - . . . 
 
 RiM.ts r. AViUiamson, 38 ' JJ. 485; 57 L. J. Ch. 995 ; 58 L T 802- 
 •"'W.R. 7,-,8 ,.,5,65^, 
 
 RommiIkt^ r. Northumberland Land liuilding Society, 22 (J. H. h. 
 373 ; (iO I.. T. 558 ; 37 W". R. 368 - . " " . ,);}(,'_ 
 
 Ross r. Kstates Invostnu-nt Co., 3 Eo. 1.34 ; 3 Ch. 689 ■ 15 W R 
 104; 16\V. R. 1151 ; 15 L. T. 272: 19 L. T. 61 ; .16 L J Ch" 
 54 ; 37 r,. J. Ch. 873 - - . 155, i8,j^ 190 oj;) 
 
 Riissiter I. Trafalgar Co., 27 Beav. .380 - - . . 
 
 RothiThani Alum, &•■. Co., /fr, 25 C. I). 103- 3' W R 131 • io 
 
 L. T. 219; 53 L. J. Ch. 290 - 147, 148, 149, 323^ 366,'441, 
 
 745, 740, 748, 758 
 Bouse «•. Rradionl Banking ( 'o., (1894) A. ( '. 58ii ; 63 L. J. Ch. 890 • 
 
 71 L. T. 522 ; 43 W. R. 7S ; 6 R. ;i49 - - . 1 
 
 BouHxell r. Hurnham, (1909) 1 Ch. 127 11, 12, 16, 230, 256, 259 
 
 Rowf, H,. vl904) 2 K. B. 489; 73 L. J. K. B. 594; 91 L T ■>'()■ 
 
 52 W. R. 028 (C. A.) .... ea",,:^ 
 
 Rowo's Tnistof 's Claim, (1906) 1 Ch. 1 ; (1905) 1 Ch. 597 - (i55 
 
 Ror.liind's Cas.\ 42 L. T. 785 ; W. N'. (1880) 80 - 
 Iwiwland <•. Chai)man, W. X. (1901) 153 - 
 
 Ro.^burgho c. Co.\. 17 C. D. 520 (C. A.) - . . . 
 
 Roxburfihe Tress, (1899) 1 Ch. 310; 68 L. J. Ch. Ill ; ,>,0 L. T. 280- 
 
 47 W. R. 281 ; 6 Mans. 57 - ... .' 
 
 lloyal Bank of India's Caoe, 4 Ch. 252; 17 \V. R. 359; 11* L. 1'. 
 
 ^^ 334, 507, 
 
 686 
 
 1210 
 
 .594 
 
 55 
 
 .55 
 
 359 
 
 442 
 
 1096 
 
 , 745 
 1440 
 
 . 666 
 
 1205 
 
 , 281 
 7.39 
 
 633, 
 
 , 838 
 
 1249 
 . 2»iO 
 
 , 662 
 , 785 
 1141 
 734 
 1195 
 
 1390 
 
I'ABLK UF CASES. 
 
 ZCIZ 
 
 Roy— Sdl 
 
 li'vil It ink of S,,,tl,,n.l 
 
 Tcittnntmn. IHHJ; 2 U ». 715 : fll L. J. 
 
 U. II. !»!•: 71 I,. T. KiS; .|;| W. R. ■>:•; ji U. vii»''('. A. 
 y.il llriti-«h lUiik i: Tiirqiiiiml, li K. & H. ,l-.'7 ; n h, J. n, n. ;ii 
 
 r*oi 
 
 708 
 
 1 Jur. \. S. losii 
 
 Knyiil Coll.'u'c of MiiMic ,-. St. Miii"ar.t'-< <)v 
 >*(•!»; (iT I, J. (^ li. :yii). 7,s I, T 4,1 
 
 H. xo. h;). (ii(i, 710, ;ii_ 7,i|_ j,,.-,,, jj.,^ 
 
 c'lxoirs, (1S9H1 1 Q. 11. 
 •i-- ■!. I*. X'. A 
 
 UhviiI f'olli'pof Sur'Ttoiis, (lh9!») 1 ({, II. .s;i ; (i7 1-. .1. U. 11. Td.-j 
 
 109 
 
 ■» li. T. HU 
 
 lio.vnl Inxuranco To. -■. ■Wutoon, (ISOT) A. ('. I : «« L. J. (J. H. 1 
 
 ".■J Ij. T. ;134 - - - . 
 
 liovai Soti.'ty of F.ondoii -•. Thnm|won. 17 C I). 
 IJuK 
 
 1U4, 10« 
 
 'II i: Unat Fiiipill Co., (litlKi) \. ( '. .(.jy 
 
 107 
 
 100 
 
 - 4'Mi 
 - 41, Si. N.l, (i7l.';7(i, 
 
 7oi>, 7(io, 701 . N.i), mo 
 
 - l.J'IO 
 
 ■m-. H'> I.. T. •.',-,(! : 
 
 351 
 
 - ll'J 
 I ■-'•»>. i;ti4 
 
 - 114!) 
 llHj 
 
 Uiil^.v ( 'oiiM)li(liiUHl Miiiiiij{ Co.. 4.') I.. .1. Ch. 03.1 
 Itii.M .-. r,a-<vlloH. (1!»(H») 1 Ch. MU: <!!» I,. J. Ch 
 
 4S W. 1!. oHO - 
 Rii(l'liii};toii r,aii(I, KHI 1.. T. <UH 
 liiipliy (ias Co., W. N. ;',S!l!t; 127 - 
 liiiuili.ill r, .M,.tro|><,litiiii Bunk, !M1. H. I), im 
 l!iis„l ,. Uiisstl, 1 15,o, C, C. l'»i!», 1 Wh.& Tu. L. C. 074 - 
 Hii>s..ll r. AiiialBiimut(',l Socifty of Ciirpnntorc, (1910) 1 K 15 500- 
 
 ,m^) W. N. 7!.; -'H T. L. R. i:;,; (II. L.) . . ,,,.,, ,i,,_ ,,„ 
 
 liii-*ll, li-mlof Karl, (1»01) A. C. 440 - . , . (j,^ 
 
 liiHw-ll ,■. Ka.t Aiifrliau Rail. Co., 3 Mac. & li. 125 - - 407, 473 
 
 liussoU -•. Waketicld Waterworks, 20 Eq. '74 • •>3 W R 887 • )' ' 
 
 I-. T. 085 ; 44 L. J. Ch. 4!»0 - 29, 712. 872. 135,3. 1355, 13,5o" 13.-.9, 
 „. ,, laoo, 1402 
 
 UUijsi'll s hxpCutorsCas*?, 15 .^. J. 7!l<» - . . . j-q 
 
 li.vau r. Mutual Tonfiiic, &c. Anwk'., (I8<»3) I Ch. 110- 0' J, J rh 
 
 2o: ; 07 L. T. 820; 41 W. R. 140; 2 '. 156 - . '. 44, 
 
 Ityhopo Colliery Co. r. Foyer. 7 U. U. D. s .5 - . 2i», 102, lli3 
 
 UylaiwU (ilass Kiifriaviiifr Co. ,-. I'liGonix Co., (JUU) 2 Ir. R. 532 -"l31o 
 
 ""'"'nTl'l'la k' V/'m;™'"''"' •*""*"■''' ^"" "<'J"'1«" Actienposell^rhaft, 
 
 (1!»11)2 K. li, 510 
 Hacrhariti Corp. v. Rcitrneyor & Co., (1900) 2 Ch. 059 
 .Si.lffrovf. r. liiydeii, (1907) 1 Ch. 318; 90 L. T. .301 
 
 255 - . . . _ 
 
 .^aa., r r. (J. W. Rail. Co., (1890) ,V. C. 450 - 
 Safety ExplosircB Ltd., (1904) 1 Ch. 226 
 Sahty (Jil (• , . W. N. (1892) l;i3 - 
 Sahlj.Teen and Carrall's Case, 3 Ch. 323; 10 W. R. 49 
 Sailing Ship •• Kentmero " Co., W. N. (1897) 58 - 
 •alainan v. Warner. 04 L. T. 598 - - . . 
 
 Sale Botanical Gardens. /;,, 78 J,. T. 368 - ]•;"- 
 
 Sale Hat,.], *o. (■„.. W. N, (IS!.-) 174 ; 77 L. T. 6S1 ; 78 L.'t SOS-"* 
 •low. R. 314; W.N. (1898) 40- - . ^^^y 
 
 Salford (Mnyor of) v. T,ever. (1891) 1 Q. B. 188 - 134, iji, 7;i;i 
 
 HO, 
 
 :3 T. h. R. 
 705 
 
 - 1.348. 
 
 lL'88, 1294, 
 »>I5 
 
 - 002, 091 
 
 1341 
 119 
 
 708 
 1.349 
 1422 
 1305 
 , 75B 
 ,737 
 151 
 , 839 
 
 , 143 
 1400 
 
"i 
 
 w 
 
 TABLK OP CABKH. 
 
 .'I, 
 
 :h 
 
 J*aliHl)iirv, iVc. Co. r. liuthoru. (IWtT; A. C. •^Ii« ; 0« I,. J. 1'. c. «2 • 
 
 7« I-. T. Jia; 43 W. li. 391 -...'. 70,. 
 
 Siilmliiirj-JiiniH and Diili'V rii«', //, liolton ift (n., (iHiM) a Cli .li^i- 
 
 <M r,. J. < h. I'V ; V2 I,. T. 171 - . - 57. ti.W. 720. 72.t 
 
 Siill.' I. Fii IJ. ,) T. H. Jl j - . . . . . IIJN 
 
 Salmciii ,-. Uuiii;* Axtciis, (tmMj^ | c),. :til ; (|ihi9) A. <'. 442 - 7.) 
 
 7;«), 7-17 
 
 Siildtmm .■. Suloiiiciii A Co., flSOT A. C. 21'; (l8IMr2Ch. 2:)7 ■ (i« 
 
 I.. J. CJi. ,|.j: 7,^ I,, 'r. 10,1 . _,,-, ^y I!. 1!».) . 'jr, 2(1 27 2K •><) l:|,-, 
 l.W. Kid, 221. til.-). !HI!I, HI.-., !I21. IMO, !M2. !H7. l(ti>3. I'lW.' H.v'i 
 
 S:ll(imnli, r. f^iiillK. 12 Mi^llV. AW - - . . . 4,j,( 
 
 ■Silt r. XorthiiiM|it()n, IN!»2" .\. C. 1 . .... p^;}., 
 
 Saltnii ,•. N,.w H.'CMtoii Cvcl,. ('„. (J), ^lj«KI) I Cli. r.i; «!• I,. J. Vh. 
 
 2(1 HI I,. T. VM : IN W. I{. I»2 : 7 M.u.h. 74 - 112. 72ii. 727. 1 1,M 
 Suiim.lAllwppiPit.SiiiB, 31 \V. It. (i-U; W. X.;i!Hi;r 1:J2; lit T. Fi. It. 
 
 *•■*' - - - - - - ' 12(il, 12(i3, 12ii7 
 
 Sail I'aulci Uiiiziliaii Uuil. Co. .'. Cmtir. (lSi(.>) 1 (J. H. 3S0 7'' 
 
 h. T. 211: isiiti) A. c. :tl - - - . ' .,;,, 1,4 
 
 SuiuUmkIi .Hinl KdnioiKUoii, /fr. ;iN!ll) 1 (1,. mt : (Ml I,. J. Cli lio- 
 
 •;:} I,. T. 7! 7 : :i!» W. I{. Kt.l (C. A.) - - - ' ' .!.-,(► 
 
 Suiiil..iNoii .•. Itlvtli ThiMtiiB. (liHKll 2 K. It. :,Xi: 7' r,. J K It 
 
 7lil ; ,s<l L. T. 139; 32 W. I!. .-(.J (C. .\.} . . '. i:t7s 
 
 SaniliTaml Wiilford's Ciiiitriict. W. X. (I!M)0) 1n:1: ,s;( t,. T. :tl(l - ;i3.j 
 SiiiiffsfiT ,-. Xift.r. !)T. I,. I{. 411 . - . - - 294 
 
 Siinitiu • CiuImiii Co.. /,V. ^V. X. (ISSO) 22;i - - . . (ioH 
 
 Saiitlry ,: V.Md... (18!K») 2 Cli. J77 ; SI L. T. ;!!i;i; 4h W. 1(. m - 11<»4 
 Surp'Miit, A. /..(/^. I lioll. 1,-,:; . . . -ii!),-, 
 
 Sargi-iit, i:.r ,,„,t, . 17 i:ci. -T:) : ■:'. \V. li. Slj ; 4:i L. J. Ch. 423 - (Mill, 
 
 l:t8!t 
 Saunders 4 Co., /.-..{litONJlCh. 413- 98 L. T. 3;« ; 24 T. L. I!. 2(iU - »17s 
 Saunders r. Ilolbom Flistrict P^ard of Works. (18931 1 (i. 1! (i4 ■ 
 
 •H T;. .;. U. 1!. 101 : 71 I.. T. 319; 4;i W. li. 26 ; ,-.9 J. P. 45:i' 
 
 1» «•-'•■' 17H 
 
 Savigny'sCaM'. W. X. (1H99) 1; 3 Maii«. ;!;«i - - - 4S 
 
 .^^uvovOver^-oeixc. Art Union of London, (IH9HWA. C.) "ilfi- tio L J 
 
 M. C. Kil : 74 I.. T. 497 : (io J. 1'. (Win ^ll'. 1,., ]•;.) ". . ,„«, 
 
 SuxMiii.r '■. Ajiolliniiris Co., ;i,S97) 1 Cli. HW.i : (i(i 1,. J. Ch. .ij.'i • 
 7(i I.. T. (il7 -.-.... 
 Sax. Hi. Uanmrd S:ix. (Is9.i" (iM L. T. s4!t 
 Siaddin}; /■. I.i.raiit. .i II. T,. C. 41S - 
 
 iScarf r. Jardine. 7 Ajip. < as. ."(43. Heo ... 
 
 Schill. Sriboliin & Co.. Ltd. (Galloway <•.}, W. N. (1912) l.il 
 S. Chivers & .Sons r. S. Chivirs & Co., Ltd., 17 R. P. C. 420 
 S( holey .-. ( '. iitrul Rail. Co., 9 Ecj. 2(j(i ; ;i2 L. J. ( h. ;J34 - 
 
 Scholficld, A'.i /«(r<f, 12 t'. D. ;i:i7 .... 
 SehooiuT Pond Coal Co.. W. X. (1H88j 70 - 
 
 Schroder's Cusp, 11 Eq. IHI ---... 
 Siott and Alvarez's Contruet. (1893) 1 Ch. 39fi; 72 I.. T. 453 ■ on 
 
 apiieal, (1,893)2 Ch. ti03 . - . . ' . aj(, 
 
 Scott V. Rrown, C >) 2 U. R. 724 ; 61 L. J. Q. B. 738 ; 41 W. I!. 
 
 431 
 
 - 93;i 
 69 J. 702 
 
 - 201 
 
 - 624 
 
 - 4.50 
 17, 197. 
 
 200, 243 
 
 - 1193 
 
 - 1431 
 
 (>:< 
 
 116; 67 I 
 
 .82: 57 J. P. 21.J: 4 R. 42 (V. A.^ 
 
 Scott /'. Corporation of Liv 
 
 236 ; 3 Jiir. N. S. 104 - 
 
 rerpool, A De O. & J. 360 ; 28 L. J. Ch. 
 
 150 
 
 359, 594 
 
TABI.K or VASIJI. 
 
 8co 8ha 
 
 >H.<)tt -•. Fn.i.klin. 1,-, h-Mi,t. UN . . J'JI)!^ 
 
 S<ott ^. l,.inl Kbtirv, I.. U. '.' I'. I'. I'.i.i I,", V it M" i-. i t 
 
 .VMi: :«1 I,. J. .••. |.. i,„ : '■ '■.' ^' •"-•''■ 1< I- r. ^ _ 
 
 S<..tt ■•. S.iv.l.T. &,.r„ m I,. T. on;|; „lllni...l »IT I.. T. I.M r. A." 
 
 NottwIiKTOnoiMh- I,if..AKHUmiir,. Society, >•;.. ,..,,/. l,", . I) -o 
 
 <•<• I<. .1. ' h. U ; m I.. T. II2(!; .W \f. U. HNl - '. ' "•„• |j „ 
 
 SoltHh lMv.ttn..Mt Tiu,t .■. Surv-vor, 21 Sot. S...., , •„„., ill,' 
 NiiM's. 2h'2 - _ _ ■ 11" 
 
 S,„tfi,l, Mnrt^ap, .'„. of M.xuo -. M. Krlvi... 2fi Sr I, It ,hT ■ •' 
 
 lux. ( in. I(i.i - . . . . 
 
 Srottjih l'..t.»l,.um Co., /.',. j:i ( . K. 4i:j; .n w. U. ,s4(i 4!) j i 
 
 •'*■ „ - , - •'• ■•'• •!'!• I!«i. I!'T. Ii«», JiK», (il(i, 7i!S, Till, lo::i 
 soai c, lloiiw l'ioi»Ttv and Invostinrnt ^;ocil■tv, 10 t '. U. :!sT . .i,-,,-, 
 
 Sutnii ,: ItuniiiiHl, ^I'Mio; A. C. l:l,i; (i!» J,. J^ ,. i, .„,,,. .(„ . 
 
 i!<i.); .) Com. Tas. l<(,s{ll. I,., K ~ - . - i- ^ ^^^_ 
 
 '""':"n; '^w:'ii' w (c!';.) • ■'*- • "^ '•:•'■ ''■ "■ "'^' ^ ^" '- 'f' , ,,; 
 
 S.o„ml !■:«,, I.,dwi.l, 7l,l^th_st,„r-li.,wk,.tt lluiMm. SoW-tv. <,s "'" 
 I.. .1. ( h. I!)(,; ,!. I,. T. Tli«; IT W. 1!. JON - TC.Ilf 
 
 Strrctarv tor Iiulia I. Scol.li.. arncr ». C ■"tfl- :•> i r i .i- 
 
 M» I.. T. I : ,M W. K. (i7.-;(ll. J., K.j . ' '" [- ■'• "'': „„ 
 
 Sfcuntii-- IiiMiraiiic. Soci.ty. '!> .) - W. H. •.'7.1 - . i (i,s 
 
 t<HMoii ,-. \nrth KM>t.Tii Salt Co., (DM),-, 1 c|,. .i-.,; ■ 71 r I CI, 
 
 1!H"; ill I.. T. 7ii.i: j,j\V. 1{. •.>,)•.' . .' ." ' ^ .,„,- 
 
 .Sflby «. WhittukiT, ti C. I). J,'}!* . . . _ !' 
 
 S. If-actiii- Sowing Macluiu' Co., H L. T. tiTfi; :H \V. li. 7jH '. 719 
 
 SHinnian r. |'rin«. & Co.. Limitc.1, II T. L. 1!. 47:i C'.lJuni., |h<..V ■ 
 
 nsiiji uch. tii7 -....; . 
 
 S.'Vi.rn an,l Wy,., &e. Itiiil. Co.. (IStMi) 1 Cli. ,-,ai» ; (i,) L. J. Ch 400- 
 
 7^ I-. T. Jl!»: 44 W. R. ;U7 .... -(;'-,--„ 
 
 Sru.lls Cns,., .1 Ch. lai : IK I,. T. J : Di W. U. .tsl . 72. 77,V7li, 
 
 ^ „ ., i''- iii4«, rin,'i4Vi 
 
 Nymour .•. Itri,!-,.. II ti. M. 1). 4,jo . _ _ 
 
 Svmonr,.. I'iokott, (liNl,", 1 K. B. 7l.i; 7J I,. J. K. H ll.i- <<■> 
 
 I-. T. .-,!!» (C. A.) - . ' " .. 
 
 ShiickMcnl, Ford & C„. ,•. 1 imifr.Tli.'ld, I,. K. :( c. I'. 107 . . yy,-, 
 
 Shand '■. StuiisHild, Si'toii, 1711'.' - . ,," 
 
 Slur],, 4.) C. I). I'sii . . . ' " '**** 
 
 sharj, ,-. ]),iw..s, 2 (i. 1!. j .. -'r,- j.-, w. n. ,;,) . ;(,; ,_ -j- ysf<'ir,T J "" 
 
 (J. li. lot - - ' .. 
 
 Sharp.., /;<., MuM.nic ,,nd to.n.n.l I,ilo As.s. Co. r. .shaipo, (Is!)-) 
 
 ^, '•'•'•'■^^ ^ - - HI. -'O;?. T14, 76<i, S72,'s7.% .sm,H«7 
 
 Miarpli y /•. LoutL and East Coa^t Ruil. Co., •> C D 033 ■ ii I T 
 
 71;4(iL.J.ni.2,M. - - . • : n;;,,;:-2oo. ,H« 
 
 shaws. Uryaiit&Co. W. X. ;i')oni.!4 - - ->--», 
 
 ShawVCase, IH L. T. 71j- - '- . . '-i. '-iJ 
 
 Sliaw, F.x imrli. 2 (J. IS. 1 1. 4().{ . . . _ 
 
 Shiiw .-. Arnott, L' Stark, '.'.jfi - . . . 
 Shaw -. lifiisn!,, 11 (J. p,. ]\ ,-,(;;j 
 Hhaw , . Foster, L. K. j 11. 1,. ;i21 . 
 
 - i;wi) 
 
 - 442 
 
 - 110 
 
 list! 
 
ClI 
 
 TABLE OF CASKS. 
 
 M 
 
 ! ■ ^ * 
 I 
 
 t 
 
 iN<- 
 
 Sha— Sim 
 
 Shaw ,■. r.jit I'lulip liolJCo., l:m. I!. 1). l():i; aj W. R. 771 
 
 L. T 
 
 yi L. J. (i. H. ;i»ji) 
 
 j(» 
 
 Sh, 
 
 iw /■. liowlov, I! M. & W. MIO 
 
 Shiiw ;•. A\'flli-slcy, () CI. i- Kin. :f.j:i 
 Shaw /■. WiUdu, !) CI. & Fin. ;t,Jo - 
 Shi'.irirnin's ( 'um', 
 Shofficl. 
 
 i L. T. :).S.) ; (i(i L. J. Ch. >:> 
 
 ri, 761, lUO 
 
 - <!6o 
 
 - 594 
 
 - Jl»7 
 17, 200 
 
 rjioiutidii of) r. Itiirclity, I!t(l,j) .\. ('. .iOi : 74 L. .T. 
 
 Vm-2, (i»i7, t!T4 
 
 K. li. 717 : !l.i \j. T. h:j (II. L., H.) : ,-)4 W. M. lit 
 Sli.lli.1,1 1'. I!. B. Sdfioty, /iV, -Jl (i. B. I). :i()l 
 Shmfiild, Ac. Soc. I. Ai4fWf>o(l. 44 C. II. 41U': -jil 1.. .1. (^h. .'M : Cr> 
 
 L. T. (i7N --.-.. 4(j<(_ 7nf» 
 
 Slioflifld (Kail of) -■. London Joint Stoik Hank, l;i Ap]). ('as. ;!;i;j • 
 
 .■)7 I,. .]. eh. Osii; ,)N I,. T. 7;J.'.: .■i7 \V. K. ;);i - \]r>, n.W, 
 
 1In7, IJli 
 Shi'lticld & South Yorkshiw I'ciin. Hldfr. Soc. M,'.iL'(J. H. 1 1. 47()- 
 
 ■Vs r.. J. (i. J!. L'(i,j ; m I,. T. lf<() : .-.:! J. 1'. -.i::, . . 27 
 
 ShiHiWd Nick.l Co. r. I'nwin, '.' (i. H. I>. 214: 'Jj W. 1!. 4!».( • -((i 
 
 K. T. i:l»j; 41! 1,. J. li. H. -jiii) . - . . - :j(i4 
 
 Sheil. A'./ /«ir/.. 4 C. I», 7lS!» - - - . . ny)<t 
 
 Shi'pard '■. Jones. 21 I.'. I). 47(1 - - - . . 1217 
 
 Shcplioaiil .-. liroomo. niM)4'! .\. ( '. :i4l.' ; IH L. J. Ch. (iO.s • yi L T 
 
 17s: ,-,.! W. K. HI ^11. L.. K.] - -.'11. 215, 210, 217', 227, 229, 1;J47 
 Shcphcnl .-. ('ri)lt. (lillO) 1 Ch. o2I - - - - - a51 
 
 Shippiird r. Union Hank, 7 H. & W. tiiil - - . \2tM, 1209 
 
 Sherman. A'l /«(//', linch. 402 - - . . . Ufj^ 
 
 Shelly. /.',. 2.->C. I >. (i!l2 - - - Uim, 1191, 1192, I24tj 
 
 Sherwell r. Coiuhiiiptl Iiuandrstent .Mantles Synd., 23 T. L. 1!. 4K2 
 
 12, IMI 
 Ship's e'aso, 2 l)v U. J. & S. ,544 ; 1:5 W. 1!. ,J99 : 12 I,. T. 2jti : 1 1 
 
 Jur. \. S. yyi - . - . . . ' . ijjjj 
 
 .Ship f. Cios.>kill, 10 H,|, 7;i: .i'Jl..J. Ch. O.JO ; 22 I,. T. 31.i- IH 
 
 W. K. (ils - . . . . . • . ^,,3 
 
 Shipley r. Marshall, 14 C. li. X. S. ,)(i() - - . - til 7 
 
 Shipway -■. Hroadwood. (Ih99) 1 Q. 15. ;jti9 ; OK I„ J. u. B. 3(>0 • SO 
 
 I-'l''li«'-A.) ' - 733 
 
 Shirrell's Case, 14 Kq. 117 : 20 AV. R. 900: 42 L. J. Ch. .i - 442, 444 
 
 Shrewsbury Kail. Co. ,. X. W. Hail. Co., II. L. C. 113- 29 L. T 
 
 IHO; 26 Ij. J. Ch. 4ti2 - - - - '. . 4e(> 
 
 Shropsliire Union, v<£c. Co. v. The Uuc«n, I,. R. 7 H. L. 490 ; 23 
 
 W. U. 709 ; 32 L. T. 283 ; 45 L. J. Q. li. 3 - 006, l'l,i9, 1 140 
 
 Siddall, //., 29 C. I). 1 : 33 W. R. 509 ; .J2 L. T. 114 ; 54 L. J. Ch 
 
 «>■*•-' Ill 
 
 Silber Light Co., 12 C. D. 717; 27 \V. R. 427: 40 [.. T. 90; 48 
 
 L. J. Ch. 385 . ,466 
 
 Silkstonu and Ilaigh Moor Co. 0. Edey. (1900) 1 Ch. 107 : 09 L. J. 
 
 ''h. 73; 48 W. R. 137 - .' - . - -1438 
 
 Silvester, It,, Midland Rail. ,: Silvo-stor, (1895) 1 Ch. 573 ; 64 L. J. 
 
 Cli. 390 : 72 L. T. 283 ; 43 W. R. 443 - - - . 1245 
 
 Simm V. Anglo-Aiiioricau Telegraph Co., 5 Q. B. I). 188 ; 28 W. R. 
 
 290 ; 42 L. T. 37 ; 49 L. J. (i. B. .392 ; 44 J. P. 280 - 075, 1141 
 SiiiimonM I. London Joint St<.rk Brtnt ■'ma-)\ A f -iir i..,,„ 
 
 Simms 
 
 Registra 
 
 82 L. T. 433 (P. C.) 
 
 ; Prohates, (1900) A. C. 323 : 09 L. J. P. C. 51 
 
 - 937 
 
TAHt.K OF CASES. 
 
 ClU 
 
 Sim-Smi ,.^og 
 
 Siiiii.Miu's ('.i«c. 4 Ch. IH4: IT \V. H. 42); .«• L. J. cii. 121 - 257 
 
 Simpson i: livuisim, 1(1 Ha. 51 - . - . 7,-, (,-,7 
 
 Siiii|)-on .'. ICbliw Vul.> Co., (I!)(i,.) 1 K. U. 4Vi ; 71 I,. J. K. |! ;u: 
 
 ll>> I 'V 00.1 . ••> Al* 11 ../v,i '^-» t \ 
 
 !I2 I,. T. 2S2 : :>n W. 1:, :m) V. A.) 
 
 1021 
 
 Simpson ,-. rulucc Thoativ ISiP.i). (i!) I„ T. 70; 2 li. 4.'j1 (C. A.I 
 
 1411, 117K 
 Simiisoii .-. Wistiriiustir I'alaci' Hotel ('..., N M. I,. C. 712,- li Jul. 
 
 ^'- ^- "**■' - - "•■'. •■n.i. 4.-.7, Kil, 4li7. 171. l.f.V., IliliO 
 
 Simsoii ;•. Iiifrham, 2 1!. & ('. (i.'i - - . . - 1191 
 
 Siirmjfani'diis Ciildiir rriiitiri^ Syml. r, l^'owerakcv. (IllOl) 1 K. li. 
 
 T71 - - . . . . '. . ,._^^ 
 
 Siiijfir irachiiio )•. Wilson. :> Apji. ( 'as. ;{7(1 ; 2i) W. R. (!(i4 ■ .'is L T 
 
 •lO.i: 47 L. J. Ch. 4H1 - . . . '- ' '. ^m 
 
 .Sissoll iV Co. /■. .Sissons, .■)4 S. .1. ,S()2 - - . . 7;(() 
 
 Skcat's .Scttli'mcnt. 42 C. I ). 522 - - . . . 7;(g 
 
 Skclton's Caso, »i,s L. T. 210 - . . . _ ]y7 
 
 Skinner, /■.■.'■/"(/■/-, 1 I). ,V C. 4(K! - . . . - 1in7 
 
 Skinnor -•. City of London, Arc. Co., 14 U- !!• I >. >*n2 : .'Ci W. 1{. (J2M • 
 
 .WI,. T. l!)l ; ,-,4T,. J. (i. H. 4,J7 - - . ' ' ,j,i,j 
 
 ."Viator's Case, .i.", IVav. ;iill ; 12 Jur. X. S. 242: ^i.". I,. ,T. Cli. H04 ■ 
 
 II \V. li. 44(1; 14 I,. T. X. S, (I,-, - . . .' ,;,;,; 
 
 Sl(.ij:li .-. Glasirow anil Transvaal Options. C, V. 420 (Ct. of .«li-ss.', - 12, 
 
 l.SO, 2.S0 
 .Slator r. liarlaston ^■.■cl Co., W, X. (1.H77) l.iil - I4!i:i, 14mi, 14<I7, \r,[n 
 Sloboflinsk i . fir, Kj /«irti Moore, (liKCJ" 2 IC. li. .•|17: 7' I, J K 1! 
 
 NN.i: s!t ],. T. lilO; :,'2 AV. li. ir,i\ ' . . . ' ',,^-^ t,,^^ 
 
 Sly, Spink & Co., (lilll) 2 Ch. 4.iO, - - - 717, 72,s' 740 
 
 Small r. Darley, 2 11. L. C. 7.S!) - . . . ' "'77c) 
 
 Hmedloy and Kletcher. Kr /.ml,, W. \. (IiS(i7) 2,'i!» - - . ,^'> 
 
 Snieltinjr Co. of Australia .•. Connnissioners of Inland Hov<iiuc 
 
 (1.SH7) 1 «i. IS. 17o : ()(> L. J. Q. IS. I;i7 ; 7,-, I,. T. ,j;i4 4,-, W It' 
 
 •J«:J; .!1J. ]Ml(i(C. A.) - - . -;i4i;;i42..i02 
 
 Smith's Case, 2 Ch. WM ; L, I{. 4 II, X,. 7!!; I.') W. K. H82 : 1(! L. T. 
 
 .")49 ; ;jr> L. J. Ch. (>1« ; ;!'.» h. J. Ch. S4<> - l!)n. lit,-,, 1;{S!( 
 
 Smith, Knight & Co., 4 Ch. 671 - - - . .' mf^ 
 
 Smith, Smith and Lowis, /iV, (1902) 2 Ch. tJ(i7 • 71 I, J Ch s.s.j ■ 
 
 51W. R. 11 --....; ,,.^, 
 
 Sunlli, //,, Smith r. Thompson, 71 T,. .T. Ch. 411 ; 8(1 I,. T. 401 
 
 71.j, 1402 
 Smith 1: Anderson. l.'> < '. 1). 247: 29 W. li. 21 : 4.t I,. T. ;i29 ; 50 
 
 ''• J- f'h- '''9 110,111,535,711 
 
 Smith 1: Hetty, (190.1) 2 K. Ij. ai7 : 72 L. J. K. B. H5:t : 89 J,. T. 
 
 258; 52 W. R. 1.17 ;C. A 1 .... -119« 
 
 Smith 1: Chadwick (1884), 20 C. I). 45 ; 9 Ann. Ca.x. 187 • ;iO \\ U 
 
 fitil : 32 W. B. 687 ; 4H L. T. 702 : 50 T,. T. «97 : 61 L. J. Ch! 
 
 597 ; 53 li. J. Ch. 873 - 144, 177, 189, 193, 194, 195, 197. 202, 203, 205 
 Smith V. Duke of Manchester, 24 C. D. (ill ; 32 W, 1(. 83 - 751,' 7s7 
 
 Smith V. Hull (ilass Co., 11 C. B, 897; 21 L. J. C. I'. KmI; 7 Ry 
 
 Ca..287 - - - . . -■ ■■ 761 
 
 Smith I', Lion lirowery Co.. 1 19(19) 2 K. H, 912: fU'lH A. C. 150- 
 
 lOI T,. T. 145 - - . . . . ' 9'9_ loy 
 
 Smith 1: Nealo, 2 V. 11. X. S. (17 - - - . . ' ;j3n 
 
 Smith 1: Packhurst, .t Atkins. 13H - . . . . g„.j 
 
<'1V 
 
 TABLE OF CASKS. 
 
 Smi— Sou '^' '■ 
 Smith r. I'ariiiL'ii Mini's. 'IDOo) 2 fh. 1!»3; !H L. T. o7l ; 7J I.. J. 
 
 Ch. 702- - - - - - - - '''•"• 
 
 Smith -•. IVtcrs, I'O Eq. all - ----- i)!) 
 
 Smith -•. Richmimd, (1N99) A. < '. 44N ; si I,. T. -im-, iH W. U. llo- loii 
 
 Smith -■. liobiiison, 13 ('. D. I-IN ----- ;i5(l 
 
 Smith -•. Thompson, 71 !,. J. fh. 411 : S(i I,. T. 401 - 71.-.. 1402 
 
 Smitli r. Tom|ison. H <'. IJ. 44 - - - - - •''- 
 
 Smith -■. Wallace, lH!»j) 1 Ch. :!«) - ... - :{.V-' 
 
 Smurthwait.' '. llannav. (lMt4) A. < '. 4',)4 ; li:! I.. J. U- 15. 737; 71 
 
 L. T. 1J7; 43 \V. it. 113; OK. 2!t9(H. L.,K.) - 1347, l..i^ 
 
 Smyth r. Darloy. 2 il. L. r. 7Wt - - - - (in2, (i!»7 
 
 Snook f. Solf-.^ctin-Co., 3Timi'sI,. 1!. ()30 - - - 1!»1 
 
 Sociuti' (li'S ^[anufactiiriw do Ohiii" --. Tilnhraiiu's Co., 2.) ('. I). 1 ; 
 
 J3 T.. J. ( li. 1 ; 32 \V. It. 71 ; 49 L. T. 151 ; 4H J. 1'. f.M - :W1 
 
 Sofii,-.ti' O.m. '■. Walkrv. 11 .Vpp. ('as. 2(1; 34 W. It. (i02 ; J4 L. T. 
 
 ;i,S9: jj 1.. J. I'h. Iti9 - - <iJO. <1')1, fWi"). '><)7, 070, 1110, 1143 
 
 Sociitr I'anhaid ': I'aiihanl Lovii-xir To.. (19011 2 <li. .">13: S5 I,. T. 
 
 20; JO W. 1!. 74 - - - - - 4.>1. 4.J3 
 
 Society of I'nictiial Knowlcd^'o '■. Abbott. -' li.'av. 007 - - 27 
 
 Solway Steamship Co., 01 I,. T. 0o9 - - - 1270, IJN.i 
 
 Somerset '•. Land Socuriti.'s Co,, \V. X. (1S97) 29 - - OS.s. 072 
 
 .SomeiHet .-, Wade, (1H94) 1 li. I!. o74 ; 03 L. J. M. ( '. 120 : 12 \V. l!. 
 
 (1894) 399; 70L. T. 4.J2; lOK. 10,) - - - - 3.-)f< 
 
 Somervail r. Cree, 4 App. i'aa. 04H ----- Oo2 
 South African ISreweiieH --. KinR, (19tM») 1 Ch. NS, 273; '1^99; 2 Cli. 
 
 173; 09 L. J. Ch. 171 ; n2 L. T. 32 ; 48 W. li. 2.S9 (C. A.) - .341 
 South African Supidv and <'old Storatre Co.. (1904) 2 Ch. 2«H ; 73 
 
 I,. J. Ch. 0.)7 ; 91 Ij. T. 447 ; 52 W. it. 049 - .'iH. 7N). 7nO, h17, 
 
 1433, 14K2 
 
 South African TenitoHis ,■. Wallinstou, (1H97) 1 n. B. 092 ; 0() ].. J. 
 
 U. li. ool ; 4J W. it. 407; atfirmed by H. L.. 14 T. L. K. 29S ; 
 
 (1H9H) A. C. 309 ----- 290, 294 
 
 South African Trust Co., /iV, /;..• /..irtr llirsch ;1N90). 74 I,. T. 709 - 1:J0 
 South American Co., 31 C. I). 201 ----- 4S0 
 South IturhamCo., «., 31 C. D. 201 (C. A.) ; 34 W.K.120; o3 L. T. 
 
 92H; ,•.0 L. J. Ch. 179 ----- 4S0, o7o 
 
 Soutli lletton Coal Co. o. N. K. Nows Association, (1.S94) 1 U. 15. 
 
 133: 03 L. J. U. li. 293; 09 L. T. H14 ; 42 W. K. 322; ,JN J. I'. 
 
 190; 9 li. 240 M '. .V.) ------ 33 
 
 Soutli of Kufjland Natural Gas, &c. Co,. (1911^ 1 Ch. 573 - 13. 175, 
 
 229, 235 
 ,South of Ireland < Ollierv Co. r. WadcUe, I.. It. 3 C. 1". 409 ; 10 W. It. 
 
 750 ; in I.. T. 405;' 37 I.. J. C. 1'. 211 - - - - ;J34 
 
 South Llanhurrau Co., ICe. 12 C. I). 503; 2S W. K, 194; 41 L. T. 
 
 567 ------ - 42, 304 
 
 South Loudon Fishmarkot Co., AV, 39 C. 1). 324 ; 60 L. T. Oft ; :t7 
 
 W. E. 3 ; 1 Meg. 92 - - - - - OtiO. 072 
 
 South WalcH Atlantic, &c. Co., 2 C. D, 763; 40 L, J. Ch. 177; 35 
 
 L. T. 294 - - - - - - - 110 
 
 South Wales Miners" Federation i: Glaniorffltn Coal Co., (1905) 
 
 A. C. 239; 74 L. J. K. li. 525; 92 L. T. 710; 53 W. U. .i93 
 
 (11. L., K.I ----- ;13, 115, 44». 445 
 
 South Western of Venezuela, &c. Co.. (1902) 1 Ch. 701 ; 71 L. J. 
 
 Ch. 40. ; HO L. T. 321 ; 80 W. R. .•«K» - - - - 727 
 
TABLE OF CASES. 
 
 CV 
 
 Sou— Sta i.^,^, 
 
 S.mtli Yorkshire \Uu. Co. .-. (J. V. I>,|ii. (■,,. ., j,;^ ,-j^ . ,; u i (• 
 
 ";• -------- 46(1 
 
 >oiitlmll /■. liiitish Miitiml Life Assuriinco Soiietv. II K.i.fij- (i Ch 
 
 •:ii» : lit W. I!, wr, ■. m |,. j. ch. t>»8 - im. :;i2, ".•{.•t! um.' !;):.'!», 
 
 1440. 1444, 14.')L' 14*86 
 
 Soiithiiiiiiitiiu Cci. c. ririiiock, 12 W. It. ;j(l - . . . --,;j 
 
 Si.iithiiiiiiitoti Dotk^ <'m. <•. Kiihiiids, 1 .M:,n. & Or. 4IH - - UH 
 
 S()iitlioml-nu-So;i ('iniK.rittiuii ,». White, 8;{ L. T. 4()S - . |(|<| 
 
 SouthtMU Brazilian l{i(i Giand.' do .Sul liailway, (l!l().-,^ " ( 'h Ts ■ 
 
 !»2 I,. T. .-,!I8 ; ,->;i W. If. iHU - . ■ . . '_ ,;_j., 
 
 Soiitli.Tii Coiiutik's licposit Bank .■. liiihr. 7:i |,. T. .ili - i;!i:, i.-i-j.', 
 
 Southwark Co. 1-. (iiiirk. :i (i. J!. 1). .■Jl.-. - . . -lild't 
 
 .■Southwell ,-. .Savill L!r..s., J(.01' L> K.li. 34!»; 70 1,. J |< IJMj 
 
 V> W . \i. r,s-2 -....._■ „„ 
 
 S.iveici-n Life Co., /,',, v: C. I). :,V2; :,H I,. J. f'h. Sll • ,;| |, T 
 
 4,-..-,: :iH\V. |(. ,W . . . - ' . .\ll". ,;(o., 
 
 Sovrrcigii Life ;Salt(-i's (Liiiii;. 7 T. L. R. (iO'J . . . ,43 
 
 Sovi rcijiii r.ife .Vssiiiiiiice lo. .-. Iiod.l. !l8!»2) 2 1.1 \',, .;-;•, . . |4i)(;_ 
 
 lllt7. 14!t.S 
 ^Ip;lck_Inan r. Lvaiis. L. 1!. :j H. ],. isii; l!) |.. T. ir.t . .i7 |,. J. I'h. 
 
 ""*-"-- (ij(>, i'ioX, 77-i 
 
 S,,aMish I'rosp. etui- Co., (101 1) 1 ( h. 02 - - U:K ^H.",, .SOS. .S81 
 
 Spai -e's ( ase. 8 ( li. 107 ; 21 W. li. ;iOli ; 28 L. T. 1 j;! ; -12 L. J. I li. 
 
 "'^'^ " ■ - - - - 1>^. '10. i:i.j, ;iOL 48.'. 
 
 Spark.-) .-. Liverpool Waterwoik^, l:i Ves. 12s - . i]M lilio 
 
 •■spiers r. I'oiiil, W. \. (18!),-,) l;i.-, . . . _ j.ji I. i;)],-, 
 
 SpiraKilobc Co., /,',.( 1002. 1 Ch. :iO(i; 71 L. J. Ch I's- So \ T 
 77S; JOW. If. 1S7 ' - - . - • ■■■ *• 
 
 Spit/el '■. Chino.-it, ( orpoiatioii. 80 L. T. ;i47 ; ti Mans. .l,-.,-. - 40, ,-.4, .'.j, 7:J 
 Sjiokew r. (jioBvenoi Hotel Co., (1807) 2 (i. I!. 124 : liii L. .1. \i. li. 
 
 •)72 ; 7ti L. T. »i70 ; 4,-. W. R. .■.4(> - . '_ • - '_ ^.^.^^. 
 
 ."^pottiswood, liixoii and llmitintr. Ltd., A'.. (1012' 1 Ch. Ilii - 112 
 
 , . MH, 1482 
 
 •Npiiif '•. liayerA Co., (1001) 2 K. H. 2011 - - . -1021 
 
 Siuiie (CuHh Chemist). Ltd. '•. Hall. 27 T. L. 1! ■'(JO- 's T I 1> 
 81 - ■ . -. ^- •'• !>• 
 
 - - - 7(0.007.007 
 
 Squiro c. Midland Lace Co., (10((.>) 2 K. 1!. 148 - . -10'>1 
 
 St. Hilda's Incoipoiated Collejre. Cliidtenhani. (1001 1 Ch j.iii ■ 70 
 
 L.J.Ch. 200; 40W. K. 270 . . . .-,01, I'il.i, I:J14 
 
 >t. Louis Breweries .-. .\ptlioipe, 70 L. T. .>,i2 : 47 W. R :i;fl • (i'i 
 
 J.IM:!,-, - . . . . •. • . ,„, 
 
 Stace and Worths Ca.so, 4 Ch. 082 ; 17 \V. li. 731 - 71^. MM, 148,5 
 
 Stattonlshire Ga.s Co.. ft, tio L. T. 4l;j - . . ;.).i ^^^ 
 Standard Manufacturing Co.. /.V.,r,01) 1 Ch. 027 : (iO L. J. Ch. 292- ' 
 
 (i4 L. T. 487 ; ;i9 W. H. aOO ; Meg. 418 ,C. A.) - "^"l'. I )8,{ 
 
 Standing c. Rowring, .'M C. D. 282 - - . . _ ,j(.,, 
 Stanhope's Case, ] Ch. 101 - . . . _ 
 
 Stajile (Mayor of the) -•. Rank of Kngland. 21 Q. It. D. 100- s.l, 742 
 
 ."Staples r. Kastman Photographic Jfaterials Co.. i'l89(>) 2 Ch .iOJ' • 
 
 0.-. T,. .T, Ch. KM2 : 74 L. T. 470 . . --'- ^,.. 
 
 , ' •> t t t "fin 
 
 Star Firo and Burglary Insuraneo Co, r, David.son, 4 V. 09" ( t of 
 
 ,,, ., - - - - 1410 
 
 ^tar >owspaper Co, <■. O'Connor. W, N. (1898) 114, 122 - - 141 
 
CVl 
 
 TABLK OK CA.SK.S. 
 
 it- 
 
 Sta -6tu rAOi 
 
 Stark, A'.i/..(;7r, (lSi»7) 1 Ch. u7.> - - - - - 29.< 
 
 Starkey r. Hunk of England, (19i):{) A. C IH - - i>S7, 711 
 
 Starr v. llowkett, 42 ( '. D. lilij .... - ;{52 
 
 State of Wvominj,' Svnditat.', (I90I) -J ( h. r.il ; 17 T. I;.;U. l>:il : 7(» 
 
 r,. J. Oh. 727 ; Hi 1,. T. 8(W: 4!) W. U. OJO - -6'J1,74(), 741, 
 
 744, 739 
 Stool's CaHe (/.V Whitloy i'artnor-.), M C. I>. .•i37 ; 49 L. J. Ch. 170 : 
 
 4'.' L. T. 11 ; W. N. (1H79}217 - - - - l(r>2 
 
 Stoole ('. llarmpr, 14 ^t. & W. h:!1 ----- .jl(» 
 Stophcn. /,V. 2 Ph. j62 .-.-.- 149 
 
 Stophons r. Mysoro Beofs. &c. Co., (19(12" I Ch. 74,') - 47<», ()<M) 
 
 Stophi ii^m ,-. I,nnilon Joint Stoik Bank, 20 T. I;. R. s - - lo;»7 
 
 Stcvons -•. Hoaio, 20 T. L. If. 407 - - - - - 214 
 
 Stovoiis >■. Iluil.-'on's li:iy Co., 101 I,. T. 9(i - - - - 99 
 
 Stovenson .■. Maclc;in. .) <i. H. I). :i57 ; 2S W. li. !il(i ; 42 L. T. S97 ; 
 
 49 L. J. li. B. 701 - - - - - - 2J>S 
 
 StivonMin r. Wilson i, 1907), S. C. 44.) ... (iOti, l:!ti9 
 
 .>^tewarf- CaM-, 1 Ch. .■)74 ; 14 L. T. ^17: lij L. J. Ch. 73.S - 1S4, 19(>, 
 
 242, \.ix'J, l.i90 
 Sti'wart's Precision Carburottor Co., l.til.. I,. ,1. Xoto.s, :{0 Marcli. 
 
 1912, 2I.S ------ - 1J20 
 
 Stowart ,. Wclx-r, C. .\. (Times, lUe. K, 1903) ; 89 I,. T. jJ9 - IJl 
 
 Stilling' c. Burilott, ;i911) 2 Ch. 41S - - - -1245 
 
 Stirlin;,"-. Pas.'^lmrprOrainrt, 8 T. li. U. 71 - - - - 192 
 
 Stoek.ii'sCasi', :i Ch. 412: 10 W. It. :t22 ; 17 1,. T. .V,4 ; ;J7 1,. J. 
 
 Ch. 230 ------- (ijO, (iOl 
 
 Stocker r. Hrockelbank, :! M. & <i. 2.iO - - - - 441 
 
 Stockport School, (189,'() 1 Ch. on ----- 496 
 
 Stockton MiJleaMo Iron C,,., '2 C. I). 101 ; 45 L.J. Ch. lOS- 005. 000. 671 
 Stone .-. City and County Bank. :; C. P. I )iv. 2.S2 - - - 199 
 
 Stone i'. Compton, 5 Ming. N. <■. 142 . . - - 1197 
 
 Strand r. London Aquarium ^!oc.. SO L. T. 24.'! . - . 095 
 
 Strand Music Hall, lie. .) De O. J. & S. 147 ; 14 W. 1!. - 0S7, 1180 
 Strange t: Fook.s, 4 Giff. 408 - - - - - 1247 
 
 Stranton Iron Works Company. 10 Kq. 559: 43 I.. J. Ch. 21.'» - 000, 
 
 704, 1389, 1390 
 Streathaia and General Estates Co., (1897) 1 Ch. lo: 00 L. J. Ch. 
 
 57: 75 J,. T. ,-)74: 45W. H. 105 . . - - .-,i(.t 
 
 Strickland r. Williams, (18991 1 Q. B. 382: 08 L. J. Q. B. 241 : 80 
 
 L. T. 4(C. A.) - - :j.5» 
 
 Stride r. Martin, 77 L. T. 000 ----- ;jo9 
 
 Stringer's Case, 4 (^h. 475 : 17 W. E. 094 : 20 L. T. 591 : 38 L. J. 
 
 Ch. 098 - - - . 714. 754, ,S57, 859, 871, 870 
 
 Stringer, A'j /»/)■(», 9 H. B. I). 4.30 - - - - - 071 
 
 Strong & Co. ,-. Woodrfield, (1900) A. C. 448: (1905) 2 K. B. 350; 
 
 93 ],. T. 301 : 53 W. U. 025; 21 T. L. 1!. 440 - - 98. 101 
 
 Stroud 1: Lawson, (1898) 2 Q. B. 44: 07 L. J. Q. B. 44: 78 L. T. 
 
 729; 40 W. B. 020 (C. A.) l;t4H 
 
 Stroud c. Royal A'(U«rium Co,. W, V. f 19031 146 : 19 T. L. R. 050 : 
 
 89 L. T. 243 - - - - - 70, 466, 467, 1026 
 
 Stuart's Trusts, 4 C. D. 213 ; 40 L. J. ( 'h. S(i : 25 W. U. 295 - .364 
 
 Stuart V. Ilalstead, 65 S. J. .MJs - - . - . ;j,5- 
 
TABLK l)F CASKH. 
 
 evil 
 
 Stu— Tai 
 
 V vol. 
 
 Stubbst I'. Lister, I Y. iV ('.(,'.(!. Ml - - . . (jas 
 
 Stuckb>,v .'. Kckt^wicli. (19(Mi) 1 Ch. (57; !t.l L. 1'. 71H- 51 \V K 
 
 -•'" • . ■ : ;k7 
 
 Studderf -■. tirosv.nor, Sli C. I). ,j28 : .U W. K. 7.M ; o,", L. T 171 • 
 
 03 h. J. Ch. tJNfl; 50 J. P. 71(t - - MM, m>, li):,. 70,S, fi.VI, ,So5 
 
 t^tvl.s ,-. Middle Tempi,- (Treasurer), «1 I,. T. 42« - - - 105 
 
 Siifrdeii i: Alsbury, 4.j ('. 1). 237 : 00 L. J. Ch. 2!l • OH L T .">70 
 
 •iH \V, I!, 136; 2 Mo- 340 : \V. N. (IS'JO) 112 - ". ' I 7.04 
 
 SuUey '■. .\tt.-Oon., j H. & X. 711 - . . . .114 
 
 SuUivuu ,'. MitCiilfe, ,-) V. P. 1). 4Jo : 2!» V. . U. IKl • 44 I T s • ic( 
 
 L. J. C. P. HI j - . - . '_ ' . ' ' ". 227 
 
 yuiiimers /■. lioyce, 23 T. L. 1!. 724 ; !t7 1-. T. Mo - - - 442 
 
 81111 J-'iie Olllee c. Hart, 14 .Vpp. O19. !I.S ; .iM,. J P c li'i • ihi 
 
 L. T. 337; 37 W. K. .-.01 ; .)3 J. 1'. o4.S - 1 ' . 072 
 
 iSuii Insui-anco t)Hice ,.. ('l„rk. \V. \. {1!I12) 7!i - - !),S, lol 
 
 Surrey County Ciickot Club. I!)01) 2 K.J!. 400; 70 1, J K H 
 
 M23; 05 J. P. 4.S8 - . . . .' ' i k,,-, 
 
 Sussex liriik Co., (1904} 1 ch. ,-,!lS ; 73 L. .1. Ch. 30N ; !«) h. T. 420; 
 
 52W. R. 371 - - . . 092. 138H. 13N9, l.ino, l.iHl 
 
 Sutton's Hospital Case, 10 I{ej). 13 - . . . ;j„ ^., 
 
 Sutton /■. Knprlish and Colonial Produce Co., (1902) •' Ch .".()•'■ 71 
 
 I.. .1. Ch. 0N5 : s- I,. T. 43.S ; 50 W. If. 571 '- 0(>7, '720."721, 1.357, 
 
 1400 
 Swalicy r. P,,it Darwin Co.. /It. I Meg. :(N5 441. 0.(5. 030. 724. 72!> 
 
 Swain r. Fleming, HI L. T. 202 - - - - - 105 
 
 Swaine I. Wilson, 24 Q. «. 1). 252 - - . . - Uti 
 
 Swansea Harbour Trustees 1: Swansea Cnion, 97 1,. T. 585- •>" 
 
 1. L. n. 433 - - . . .'.'"! i(i,j 
 
 Swansea Improvements and Tramways Co. /■. Swansea Ciban Sani- 
 tary Authority, (1892) 1 (i. Ij. Jjo" - . . . los 
 
 Swayiie r. Inland Revenue, ^1900) 1 (J. H. 172 - - . ;ti9 
 
 Sweny,-. Smith (1807), 7 Kq. .324 - . . . 0,i9, 00(> 
 
 Syers ,•. Brighton Rrewery Co., 13 \V. R. 221 - . . 47> 
 
 Sykes' Case, 13 Eq, 225 ; 20 L. 1. 92 ; 41 L. J. Ch. 251 - 057 7-''7 
 
 Sylvester, /if, (1893) 1 Ch. 573 - - . . -1240 
 
 Syinons' Case, 5 Ch. 301 ; 18 W, K. :i0.i; 22 L. T. 217 ; 39 L J Ch 
 
 401 - . . _ '■'.■- ,.. . 
 
 01. ().2 
 
 Taddy & Co, -•. Sterious & Co., fl!H)4) 1 Ch. 354; 89 I„ T. «''8 ■ 5- 
 \V. R. 152 - . . . . _ ' 
 
 '^"'^f)9(m^'p ^",« "---^r'fVf'lr* Society of Railway Servants, 
 (1901) A. C. 426; ,0 L. J. Q. B. 905; 50 W. R. 44 - 114, 115 
 
 Tahiti Cotton Co He, Kr i,„rte Sargent, 17 E<i. '.r.i: 43 L. J. Ch. 
 
 42o; .1 W. R. 815 .... -652,070, 
 
 Tailby r. Official Receiver. 1.' \.j>p. Ciis. 523 ; .■.« T. J i> 1! 7-,- no 
 
 L. T. 102; 3/ W. R. 5l; - . ". '" , ,., " 
 
 Tait V. Macleay, (1906) 1. C. 24 - 19, 177, 178, 194, 205, 228 230 
 Taito's Case, 3 Eq. 795; 15 W. R. 891 ; 10 L. T. 343 ■ 36 L J Oh 
 
 475 - - . . .... 
 
 424 
 
 41 1 
 
 , 708 
 
 1183 
 232 
 
 197 
 
■CVUl 
 
 TABLE OF CASES. 
 
 ri -i:i«S- 
 
 PAQK 
 
 770 
 
 - 1271 
 ISj 
 
 i;m 
 
 1210 
 
 ia42 
 
 t(i(i, 471 
 
 Tal-Tho 
 
 Talbot V. Karl (if Shri'wsburj-, Hi K(|. I'S - - - 
 
 Tambrarheriv <'o., /^, 2!» V. J). «K;t ; ,vj I,. [\ 7ij • ,-,4 j, ,| (■[, 
 7!»:i '--.-... 
 
 Tu^lpliu■^ Ciise. W. X. (IM12; il-l, l4ti 
 TaiKiui'iay i'. Bowles, 14 ?]<[. lol - 
 
 Tate (■ Williiimsoii. 2 < 'h. 00 - - . . 
 
 Tatlmm .-. Haslcr. 23 Q. H. T). ;i4;f - - - . 
 
 Tutham .. raluio Kestaunints. ."»:( S. J, 743 - 
 Taiiiitoii ,■. Riiyal Assuraiici' Co., 2 11. \- M. llj,) 
 Tfturin.' Co., Limited, /.V, 2.j ( '. 1). IlS; :)2 \V. I;. 12!»; 4H I,. T. 
 '''■*- - - - - - e(iH, <iiis, (;72. 74 ;i 
 
 Taylor .■. Hank of N'ew Soutli Wains, li App. ('a!<. .'Mi - - 1247 
 
 Taylor r. ('hichcstfr Uail. Co.. U. 1!. 2 Kx. .'iiM) - - - .•jl'j 
 
 Taylor r. (lowlaiid Oaf Co., 11 Ex. (i - . . . sti 
 Taylor/'. llamstHid C<illii>rv Co.. {l!l((4^ 1 K. 15. s:i,S ■ 7;i I, .1 K It 
 
 4(iil: !M) r,. T. ;«i;j; ,J2"\V. 1!. 417 (C. A.) -' - 102:i. KM,:; 
 
 Taylor <■. Kyiiior. ;i B. & Ad. .■(.');! - - . . . tl!i2 
 
 Taylor c. Midland Rail. Co., H \V. 1{. 4(11 - - . . (;.-,] 
 
 Taylor /•. I'il.son Co., 27 1 '. 1>. j«s : .-,() L. T. j.so ; :,;i L. .J. ch. sjti - 1 Ur.i 
 Taylor, I'liillips, ami Rickanl's Cast', It. Xatioiial Bank of Wale.-^, 
 
 (IH97; 1 Ch. 29S; «i(i r-. J. Ch. 222; 7»i L. T. 1 ; 4j W. K. 4(11 - l.is.s 
 Tayl(.r"s A^jn/rinent Triints, (1901) 2 Cli, 737 ; 73 l„ J. ( h. ,-).57 • .',•' 
 
 W. U. Iitl2 112, 13.3.S 
 
 TaylorV TriLsts, (liMi,-,) 1 ( h ;;t4 ; 74 I,, j. ( 'i,. .»]!): W2 1,. T. r,on ■ 
 
 5;i w- li. HI : 577 
 
 Toa Corporation, (IIMH) 1 Ch. 12 ; s'.i I,. T. :,Ui ; J2 W. K. 177 - 14<t!) 
 Toaadalp's Cast', !) Ch. .•)4 ; 22 W. ]!. 2Mi; 29 I,. T. 7(»7 ; 43 I.. J. 
 
 Ch. o7N- - - . . . 750, 7.-.I. 1103 
 
 Tehran ijohori'l Rubber .Syiid. .-. l-'anncr (191(0, S. ('. 90tl Ct. of 
 
 Se.;s. - . ■- . . . 
 
 Tet-de & liishop, I.imitod, R. W. N. (1901) 02; Hi L. T. 5(il ; 70 
 
 L. J. Ch. 409; S Mans. 217 - - 694, t)9o. N4N. 1097, 144.S 
 
 Tees Bottle Co.. 33 L. T. 834 ; ;{N I,. T. 147 - - (itj9. 708 
 
 Telegraph Dtspateh C<i. i: M.,I,.-aii, S Ch. (ioN ; Lindley, 43(> - 3H4. 443 
 Tenuent r. City of Glasgow Bank, 4 App. Cas. «15 ; 27 \V. H. 649 ; 
 
 40 I.. T. 694 ---.... 19.) 
 Tinell /■. Hiitton, 4 H. I.. Cas. 1091 ; 23 1,. J. Ch. 345 - - Hs 
 
 Thairwall /■. (^.rt-at Northern Rail. Co., (191(») 2 IC. B. 509 - 769, 770 
 
 Thames Con.serTatorM r. .-Inieod, Dean & Co., (1H97) 2 ti. B. 334 ; (i6 
 
 L. J. U. li. 716; 77 I,. T. 32.-i ; 45 W. 1!. (>91 - - 1094, 12O0 
 
 Thar-is Sulphur Co. <■. Soi-ii-te, iV:c. des Metaux, 60 L. T. 925; 3S 
 
 W. R. IH ■ 5H L. J. Q. B. 435 - - - . ' .(oi;, 7,S2 
 
 Theatrical Trust (Chapman'.- Case), (1K95) 1 Ch. 771 ; W. N. (lN!»j1 
 
 •>*' - - 60, 62 
 
 Thiery -■. Chalmers, (iuthrie & Co.. (19(M)) 1 Ch. SO; «9 L. J. Ch. 
 
 122; SI L. T. 511 ; 4HW. R. 148 - . . .' rm 
 
 Thomas, lit, 14 Q. B. D. 379; 54 L. J. (l B. 3;t(!; 51 L. T. 602; ;!3 
 
 W. R. 583 - . - . . - - 110 
 
 Thomas v. I'uited Butter ( ompaiiios of Fraiiue, 127 L. T. News. 34,") - I486 
 Thomas -■. Dovonport Corporation, (19(H)) 1 H. 1!. 1« - . 77fj 
 
 Thompson's Case. 4 I)e O. J. * S. 749; .34 L. J. Ch. 525 ; 12 L. T 
 
 717; 13 W. R. 9.58 - . . . '. " ' ,-. 
 
 1(9 
 
 I 
 
TABLE OK CA8EH. 
 
 CIX 
 
 Tho— Tow 
 
 ■niiiniiwon ,•. ('itv<ilu88 liottlc Co., (19(121 1 K. H ■'It- .s", I T 
 litil : 71 L. J. K. It. U.-i . ' . J -.••-. I. 
 
 nKiinpson .-. llciidcixursTnui^vuu! Kstate«Co.. (19(IN) 1 CI,. K4 . ,i!,4_ 
 
 •iM IT ... ■ "i'j. l'»!*7, mii 
 
 lli(iiM|iM,ii .. I'mviTHHl .Sjlva;;.' C,,.. 1 Kx. i\<.H : IT t. J Kx lis- 
 
 .■>!) I). & li. ;ts(i - . . . .'.".; ,-,|„ 
 
 Tliiiiiixm's Cusi! (Coiitriil Kloiiilvk.' Co.), ,-, MiUis. -.'82 . . jc)., 
 
 TliDiiison r. I.oid Clmunorriw. liMH)) 1 Ch. 7l,s . . ou, .,.),, .,.,| 
 
 Thiiiliys Cattl.' Koo<l Co. ,■. Mus.sam, H C. J). Tii.t . . "" " 'y^ 
 
 Tlinriirloc r. IlilK (i.st;^) 1 ( 'h. jiiii : ti:( r,. J. ( 1,. ;t.;i : 70 |,. j pj, . 
 
 Tli.initon ., .MKi wan. 1 II. \- .M. .v.v, . . . . y^H 
 
 TliMifmii'itiiM .-. Traioy, 1 I'lowd. Uil .... _T,,^ 
 
 Tlmuio (Lady: -■. Kuii of (ilonsall, 2 II. i,. C. I.ys . . . ,',ii- 
 
 Thyniu' .■. .Shove, -Jo C. 1). j77 ; ,M» L. J. cb. MW : ti2 L. T wa • 
 
 .>H \V . 1{. Oti" - - . . . _ ' 14 - 
 
 Tibbatt«.. Hoult«ii, 7;i L. T. .'At . . . '_ i^s •>()(» 
 
 TioRson c. lIciiiliTHou, (1N!«)) 1 Ch. ,s)ii ; ,js j^. j (.^ .,_..j . j^„ , ,p ' " 
 
 483 : 47 W. I{. l,-,!l : li Mans. .•i4(. . . ' ,m.'im. 7;)2.' KMK, 
 
 Kix;}, 10!t7, 144<». I4f,4 
 
 . iIliMtd. AV, 3 1 .. J. & s. ,-,l!» : 11 \V. B. 7(H ; H L. T. oN7 - . |4!» 
 
 Tillitt '. Chariiif; Cross I.'ailway. 2ti liiav. 41!»- 2N h J Ch sfiS • 
 
 .5 Jur. \. .•^. IIIH- - ■ . . . ' ■ . ■ : .,^,> 
 
 ■""1::^^7h\';".;; w:'^"i;,i"^"- ^ ''"■ ^"^ •" ': -^^ •■':; ^'^^ ^i;_ .,, 
 
 Til^oii /•. Warwick Caw Co., 4 1!. & C. !«i2 ... .>2|' (;•!•( 
 
 Ti«hU-r& C,.. r. Ajithorpi' (ISNi;, J2 L. T. sn - . "-'95 
 
 Ti\(.li, Mauchotor, Ltd. r. Collt'v, J2 \V. K. (!32 ; 2(1 T. L. R 437 - 35*7 
 Todd ,-. MiUai (1!»1()}, S. C. ^(i.S. Ct of Scss. . . " . ih!» 
 
 Todd r. l?obius<,u. U (i. li. lliv. 739: 53 I,. J. (J. |! •»,-,! . o(, | -r 
 
 2y,S ; ,J2 W. li. Not* ; 4S J. 1>. .i!)4 . • - " . _■«• ■,. I. _^^ 
 
 Tolhiirst .'. .Vssociatfd Portland (Vmiut Co., (lyo.'f) A. C. 414 • 7'> 
 
 L. J. K. |{. 8.)4 ; SU L. T. 19(i; ,V2 AV. 1{. 143 (II. L.. K.) I I4(i(i 
 
 ToUoniacho, /,V, (1903) | Ch. 9,iJ: 72 L. J. Ch. .539: .8S I T 7(C ",1 
 
 \v. 1!. ,-,97 ;c. A.': . . . - .' ' . .,,• 
 
 Toiiikii.siV; Co., (1901) 1 (^ H. 47»i - - . . _ --[, 
 
 r.inikiMHin -■. S. !•;. Kail. Co., ;« Ch. 1 1. tilo : 3.) W. 1{. 7o^ ■ .-,,; 
 
 L.T..Hl;J:.-,.iL.J.Ch.932 - . . . " ^.j,. ,,„ 
 
 lomhu8Cu8e,(l«98)ICh. 104: 4GW.R.171; -7L.T..i21- 201 I:t73 
 Tonipkins-.n r. Malkit. Co., (IWi3) A. C. 39ti; «3 L. J. Q Ji l'4 •' 
 
 •i'J L. T. o9« : 42 W. l\. 204 ; I K. 78 (H. L.) - - ' 674 1 h , 
 
 Tom Tit Cych. ( ■..., Fishir's Cuw, lo T. L. li. 1.32 ; W. N. (1899) 35 -' I4"' 
 TorboL-k ,•. Lord AVostbury, (1902) 2 Ch. 871 ; 71 L. J Ch HA; ■ ,S7 
 
 L.T. l«5;oMV.l!. 133 . . . •. •„,,,, ^,,- 
 
 lorva, &c. Syndicati- -•. Kelly, (11*00) A. ( '. (il2 ; 1(! T. L. 1{. 495 • (i<) 
 
 L. J. r. C. 115; 83 L. T. 34(1'. C.) . . "•_"•■ ^_ 
 
 Tothill .1 Caw, 1 Ch. 85: Iti \V. li. 1192 . - . . -',,■ 
 
 TotttrdeU r. Farehaui Brick Co.. 1 C. 1'. 674: 14 VV. I!. 919- .Jo 
 
 I>. J. C. P. 278; 12 Jur. X. S. 901 - ■■■•.■ ^ ^^^ 
 
 Toiiche I-. Mctro}iolitan Co., 6 Ch. 071 ; 40 L. J. Cii. 496 - 129 I49 
 
 Towers I'. African Tug Co., (1904) I Ch. 558; 73 L. J. Ch 395" 
 
 !K) L. T. 298 : 52 W. R. 532 - 465, 714. 767, 787! 868, 872," 1353, 
 
 1355, 1359, 1360, 1410 
 
i'X 
 
 TABUK OK CASES. 
 
 ■t ■ 
 
 M i 5 
 
 1 : • ' . 
 
 I } 
 
 < 'h. i>'.<x : h:i I,. T. .Iih; : t<( W. U. 
 
 urn, 
 - T:i4. 7;ii, 740, 
 :)j (('. A.); (1N9C) 
 :t.)7. 
 
 Tow— Tyr 
 
 Townsheiid c Jiirumii, (liHK)) 
 
 188 - ... . 
 
 Tnule Auxiliary Co., 21 W. R ailli - 
 Tiiiill -•. Hilling, 4 1). J. A S. .lis - 
 Ti iii>]K)rt, Ltd. r. Shoiiborf;, 21 T. L. 1!. .lOfi 
 I'lvg., -•. Hunt, (l,S!i.-,) 1 Ch. 4(i2; W. N. ;i,S!i.j 
 
 A. »'. 7 - 
 TieiR'hiinl r. ]Ii)skin«. Winch. iKl 
 TrcnihMiun ,. ( althorin, Jo T. I-. It. 420 . r. vcix-l by U. 1,.. ij iJec. 
 
 IJtOJ, 22 T. L. I!. 14il ----.. 
 Trt-vor r. Wliitworth ;iN87\ 12 App. Can. 40» ; ,«i \V. 11. 14.5; .J7 
 
 r,. T. 4.i7 ; ■>7 L. J. Ih. 28 - :«!, .".S, ,l(i4, 4»>0, 465, 477, 478, 
 
 5Ui, d'J.l, ti.n. 74i», 7.')0, 751. 'm, 8r>l, ,S71, 81)1, 
 
 9;J9, itfiH, 1118, 1124, 1125. 1:(!K>. Vi<X,. 
 
 Trott <•. National Disponnt Co., 17 T. L. If. ,17 . 
 
 Trnniiin's ( 'uso (Itrowcry Awsi'ts ( 'orporiition), (1894) ;i <^li, 272 ; (iJJ 
 
 I.. J. Ch. G;i.5 ; 4.1 W. IJ. 7:i - 37, 48. 57, 257, 290, 778, 1(150, 
 
 l.tl2. 
 
 61 L. J. Ch. 055; 67 L. T. 340; 
 
 lOl'. 1). 270, n.- 
 , 70 li. T. 92 
 
 H. 412: 17 Jur. 
 
 TrUHt ami Aj,'onc.v Co. of .\ustrala!,ia, 25 T. L. U. 61 
 Tiiffnell and Ponsouby's Case, 29 Ch. I). 144 
 Tulk '•. Mo.xhay. 2 I'h. 772 - - . . 
 
 TuUis f. Juo«on, (1892) 3 Ch. 441 
 
 41W. R. 11 
 Tunis Hail. Co., lie, 31 li. T. 264 
 TurnbiiU -■. West HidinR, &i: ( 'o 
 Tumor. /^ , llarkor v. Tumor, (1897) 1 Ch. yi6 
 Turner, Uf. liarkor r. Ivimey. (1897) 1 Ch. 373 
 
 Turner c. Evans. 2 Ell. & B. 512; 22 L. J. () 
 1073 - . - . . 
 
 Turner v. Goldsmith, (1891) 1 Q. 1}. 544 
 
 Turner --. Mason. 11 M. & W. 112 - 
 
 Turner r. Sampson, 27 T. L. R. 200- 
 
 Turner .•. Sawdon & Co., (1901) 2 K. U. 653 
 
 Tunjuand r. Kirby, 4 Eq. 123 
 
 Turquand /•. Marshall. 4 Ch. 376; 17 \V. I!. 9;15 ; 
 
 3K L. J. Ch. 639 - - . . 
 
 Turton v. Turtou, 42 C. I). 128 ; 58 L. J. Ch. 677; 
 
 38 W. R. 22 - - . '. 
 
 Tussaud ('. Tussaud, 44 C. D. 678 ; 59 L. J. Ch. 631 
 
 3s W. H. 503 ; 2 Mej;. 120 - 
 
 Tuticorin Cotton Press Co. (1894), 43 W. R. 190; 71 L. T. 723; 13 
 
 R. March, 129 - 
 Twycross r. Grant, 2 ( '. P. D. 469. 503 ; 25 W. R. 701 ■ 34 L T 
 
 812 ; 46 L. J. C. P. 636 - 19, 69. 122, l.)3, 150,178, 
 
 215, 227, 228, 229, 611 
 Twyeross ,-. Grant, 4 C. P. I>. 40; 46 1,. J. (\ P. 636- 36 I T 812- 
 
 27 W. R 87 (C. A.) - - . -' 142, 207, 222, 
 
 Tyne Boiler Co. v. Overseers of Lougl)enton, 18 U. B. D. 81 
 Tyne Mutual Steamship Insurance Assoc, r. Brown, 74 L. T. 283 • 
 
 75L. T. 483 - - . . 81,710,722.736 
 
 20 L. T. 765 ; 
 713, 
 
 61 L. T. 571 ; 
 452 
 
 62 I,. T. 633 ; 
 
 Tyrell v. Bank of London, 10 H. L. C. 26 
 
 iiiii; 
 
 343 
 691 
 206 
 744 
 
 "i 
 
 598 
 
 230 
 
 515, 
 
 911, 
 
 1411 
 
 41 
 
 1284 
 
 1326 
 
 484 
 
 664 
 
 231 
 514 
 728 
 715 
 1402 
 
 358 
 443 
 442 
 
 1210 
 443 
 
 1354 
 
 1402 
 
 ,453 
 
 451 
 
 679 
 
 208, 
 , 722 
 
 1350 
 107 
 
 , 744 
 
 131, 133 
 
 e 
 i 
 
TAHI.E OF CAHE8. 
 
 CZl 
 
 U. 
 
 XTnd-Ver v\at 
 
 Unl. rliill 1'. H.>i>wcM«l, 111 Vis. •_>J(i ----- 1245 
 L'iiil.i«.ici(l <•. Harkor. (Isitit) 1 ("h. :i(IO; (is L. .1. Ch. 201 ; Mt L. T. 
 
 :iiiti; 17 \V. U. ;M7 (r. .V.1 - . - - . ;(57 
 
 riiiliTwood -•. Liiudi'ii Music Hall. ;i!M)l) 1' Ch. :)(»!»; 47 W. IX.M)1; 
 
 M L. T. 7.W: 7<i L. J. I'h. 7i:i: l!i \V. It. .j()7 - - .•)7!t.Hll. «ls 
 
 riiiiiii Hunk iif .ViiHtrnlia -•. Ntuinv Avii»liy, (ISilH' A. C. (\'.>:i ; t>7 
 
 1.. J. 1'. C. 1'j:( (P. I'.; - - ' -■ . - . |i!(;( 
 
 \'iauu r.ank of Kin-st(iii-ii})(.n Mull, A'., l;i I h. l>. 8IIS : "JH W. H. 
 
 MIS; 42 L. T. .■l!l(»: -lit L. J. Ch. -'IH - H4.). 1444, 1471 
 
 ri.ioii liaiik (if Scotlaiiil r. r.)Ktir, (),■> J. 1'. s'Jl - - - lo.', 
 
 I'liiiiii Cicdit liank i: Mitmv 1 lucks and HiirlKuir lioard, (iMftJI) "J 
 
 (i. a 2<iiJ: lis L. J. li. li. S42; si L. 1'. 14 - - - I2ti7 
 
 Uiiiiin l-'iiiaiiw Co.. \V. X. (1N,S7) '-'o;! - - - -1'.'71 
 
 I'liiciii Hill Silvrr Co., 22 1,. T. 10(1 - - - - - 779 
 
 I'liioM I'lat.' (ila«s Co., 42 C. |l. .".l:i - - - -1404 
 
 I'l.itfd I'K.vid.lit .\ssoiiatioIi, (101(1) 2 Cli. 477 - - - 1407 
 
 I'liitrd Siivirc Co., 7 Kc|. 7() ; .'> Cli. 707 : Is \V. li. lo.'iO ; 2:> T,. T. 
 
 .iiil : ;iO I,. J. Ch. 7:io: (J Ch. 212 - - - - :i7 
 
 (Tiiitrd Sho<' Minhiiicry Co. of I'anada i: Unmet, (1000) A. C. .liiO - 424 
 liiitud .'^taUsCabk' Co.. /^, 4»L. J. Ch. 6(ij - - -144(i 
 
 Unitud Stati'8 Koliiiiturp Cor]H)ration, Times, 2 Au^. 1005 - - 754 
 
 I'mtid Telcphono Co. ,•. Sliaipl.s, 20 C. I). I(i4 ; JiH W. U. 444 ; 02 
 
 L. T. ;is4 ; 54 L. J. Ch. (i;i;i - - - - - 381 
 
 Unity, &c'. .\s-sociatioii c. Kiufj, '.'5 lieav, 72 - - - 1186 
 
 I'liivcisiil lifo AMMUiaiKu Soiictv >: IJishoj) (1809), fW L, J. U. B. 
 
 0(12; HI I,. T. 422; (i4 .1. P. "•! - - . - . lol 
 
 I'riiviMsal I>if(i AssuraiifoSocii'ty, 18 T. L. n, 19S - - - l:j;«» 
 
 I'raHiolil Fields .-. Pappa. 1"> T. L. II. ;(;50 - - - - titili 
 
 rriiiston -■. Whitelffff; (1875;. (ill 1,. T. 455 : 55 J. P. l.W - - ll»i 
 
 Vuftliaiio .Viitliiacito Co., W. X. (lOlO) 1S7 ; lO.J L. T. 211 - H45, lioO 
 Valiutiiic .M(^at Jiiiou Co. c Vah'iUiur K.xtrait Co., I(i T. L. 1!. 
 
 .")22: sa I.. T. 259 (C. A.) - - - - 450,451 
 
 Vallombni.sa Kiibber Co. c Inhiiia Jieviuur ^1010), S. C. 519, Ct. of 
 
 Suss. - - - - - - - -101 
 
 Vallftoit Sauitaiv I^uiuhv Co., (1003) 2 Ch. G54 ; SO T,. T. W; 72 
 
 I.. J. Ch. G74 - " - - - - - - llSO 
 
 Vance ,'. East Ijiiiciishire Pvail. Co., 3 K. & J. 50 - - - 457 
 
 Wnabh'S c. liaiinj; lirothors & Co., (1802) 3 Ch. 527 ; til Ij. J. Ch. 
 
 liOO; 67 L. T. 110; 40 W. 1{. (iOO - - - -11S7 
 
 Venning c. I.ecki". 1:! Hast, 7 - - - - - 1214 
 
 Vernor r. Ueneval and Coiiiniercial l o., (IS04) 2 Ch. 239; 63 L. J. 
 
 Ch. 456; 70 L. T. 516; 7 it. 170 ^C. A.) - 766, 841, 863, 
 
 865. S6ii, 870, 874. 875. 879, 880, 881, 889, 
 
 8:13, S05. S96. ^07. 898, 900, 901, 902 
 
CXll 
 
 I'ARLK OK CA8K8. 
 
 M 11 
 
 
 Vernon -■. II,illara, :H ('. D. 7|H - . - . - ;|,-iH 
 
 Vick.'i> <•. Si,l(l..Il, i:. A. r. .-.iii; ..... •.>;i7 
 Vkkorn '•. Vkk'T*. 4 Ivf. .VJ!» ..... :«« 
 
 Vick.TV i: (fr.iit Ka-terii Hiiil. I'.i., 7!t [,. T. IJl - . - .W 
 
 Victoria Stf,nnl)niif< Cc, (1H!»7) 1 Ch. 1,")S - - - - 1117 
 
 ViniiiKHra*-, ti rh. !(»i; lil W. H. 17.1 ; 40 1,. J. Cli. 7!t - - Ulii 
 
 Violot ' (ipsoliiluted. &c. Co., W. \. {mm) <m : m l.. J. Ch. .>;tj ; Hi) 
 
 I,. T. ()H4 ...--. (Wlii. |:|S)» 
 
 Viviui. & Co. (H. II.;, ;iiMM»,i J Ch. tM4 : ti9 I.. J. til. tij!»; ,S2 L. T. 
 
 •174 ; 4N W. K. li:t(> ; T Miins. 470 . - . 457,1447 
 
 Viviuii 4Cn., /;^. ;i4 W. U. 411: W. N. ( 1 WHO) ;12 : .HL.T. .•1N4. tilO; 
 
 j.i I,. J. Ch. 4;«i - - . I. lil, ll'.'.i. ll'.M, UJN. ]-iM 
 
 Von II..V.U11 , . Ntil"t:ult, 14 f. II. -'liO; JN \V. U. 4iMi ; 42 L. T. 
 
 :i(Mr ........ JH] 
 
 Voiw and Saundors' (ontnict. 10;( L. T. 493 ... yo.i 
 
 Vulcan Iron Workn. /,V, VV. \. (ISN.j) \>\> - . . . 1141 
 
 I J' 
 
 Vm. 
 
 \v. 
 
 Wolfe, L. U. a Q. li. .li.-); -.'.i W. i!. 44 ; 4.J 1,. J. (J. li. 
 
 , T. 30: 63 L. T. 420: 59 
 
 61 L. J. Ch. 670 : 
 
 ION, 6jH, 7K:i, 
 
 370: .ii) I,. T. 654; 4.s 
 
 705 
 
 2S W. 1!. 163; 4!l 
 630, 636, 
 
 WaddoU 
 
 1,38 
 Wudo I'. Ward, 4 1 Irew. 601.' 
 Wuinwriphfs ( 'ase, W. N. (ih90) 3; 62 1 
 
 I,. J. Ch. 2.S1 ; 1 Mog. 463 
 Wakefield KoUin-r Stock Co., //«, (1892) :i Ch. 165 
 
 67 L. T. N3 ; 40 W. B. 700 
 Walbiiin r. Infrilhy, 1 M. & K. 61 - 
 Walkir r. 13ri..(ley, (1900) 2 (i. B. 735 
 Walker /•. Hackney, 57 L. T. 763 - 
 Walker .•. Levy, 10 V. I). 43(i : 2; W. 1! 
 
 L. J. Ch. 273 - 
 Walker f. London Tramways Co.. 12 C. Ii. 
 
 L. J. Ch. 23 
 
 Walk<r r. Mottrani, 19 C. D. 355 ..... 
 Walker r. Kcuimett, 15L. J. Ch. H, 174 . - - . 
 
 Walker v. Smith, 72 L. J. Ch. 572 ; 8H L. T. 792 : 51 W. H. 491 ; 
 
 W. N. (1903) 82 ..... 26, 
 
 Walker Steam Trawl Fishinj,' Co. (1908), S. C. 123, Ct. of Ses-. 
 Wall r. Loudon and Northern Assets Corporation, (1899) 1 Ch. 550 ; 
 
 (1898) 2 Ch. 469; 67 L. J. Ch. 596; 79 L. T. 249 (C. A.) - 295, 
 514, 699, 704, 845, 849, 1082, 1098, 1142, 1481, 
 Wall V. I,ord Egmont, 4 1). M. & O. 460; 9 lla. 449 
 Wallace's Ca.se, /iV Metropolitan Fire Inswance Co., (1900) 2 Ch. 
 
 671 ; 69 L. J. Ch. 777 ; 83 L. T. 403 - - - 50,31 
 
 Wallace .'. Gibson, (1895) A. C. 354 . - . . 
 
 Wallace r. Universal Automatic to., (1894) 2 Ch. 547 ; 63 L. J. Ch. 
 
 598 ; 70 L. T. 8,52 ; 1 Mans. 315 ; 7 B. 316 
 Wallasey Krick and Land Co., W. N. (1894) 20 ; 63 L. J. Ch. 415 ; 
 
 70 L. T. 870 - 
 
 350 
 1216 
 
 191 
 
 , 785 
 
 l.'!63 
 
 105 
 
 465 
 
 :<45 
 
 754 
 
 :i45 
 
 294 
 
 1285 
 1260 
 
 511, 
 1483 
 1051 
 
 , 257 
 1196 
 
 1447 
 
 1264 
 
TABLE OK CA8£8. 
 
 CXlll 
 
 W«l W«b PAor 
 
 Walliourt's rii«t. (Lord), W. N. (1H0(») I'SH - ... ejs 
 
 Wallfr c. r-(irh. 7 <1. li. I". (110 ..... (i!(T 
 
 \Valli« nnil Itiirniinrrt ConfriKt, !{■ . IHitO) •.' Ch. jlj; Nl I„ T. ;iSl' ; 
 
 IS \V. R. •.: - . . . . . . :|j() 
 
 W.lliV Cum.., L. R. 4 rii. Il'.'/i, n. - - - - .il. .V.>, H»1I 
 
 W,il!i< r. Smith. •.'!('. Ii. l!!:! ..... .-.oo 
 
 W,i!lwyn I. Sliiphi'iircl, I Vex. 11!) - - - . . USA 
 
 \V:iMi i: Si'crc tury of Stuff fi.i Iiniia, lO II. I,. V, .IfiT - .■t«4, I'SO 
 
 Walfirs >•. (irwii. (lK<ijt' •: (),. ctii; ; (is I,. J. Cli. T;M»- HI L. T. 131 • 
 
 ^*^ W. R. L>.i ; (i:i [„ T. 7 r.' .... i:mk, iiutt 
 
 WaltorH .•. Xciitlifin Canal Co.. .•. V>: (i. M. & 0. C'JIi; 1 W. I!. I iO; 
 
 2(1 L. T. 107: •J.Tur. N. .S. I ..... .tjh 
 
 Wulfcrs r. WoiKlbriilsc. 7 (.'. P. 5(H .... 7,s7 
 
 Waial^wnitJi, \c. Co. ,: Wiii;lif. •.'•-' f.. T. ^(»■^ - - ilHil, 701 
 
 Waicl and l!ciin'« Ca>e. •_• < ii. 4:11 ; 10 L. T. 2J4 ; .Ki 1.. J. Cli. 
 
 4(1-.' . ■ - . . . . . . Klito 
 
 Ware v. Tho Grand Jnmtion WufiTworks Co., J I{. & M. 17(» . !)V1 
 
 Warner r. Milliinrton. ;i Drow. o'l'.i ..... a is 
 
 Warri'ii. lie, 7 Maii.«in, 1:17 - - - - - - 1197 
 
 Wnrriii;,'fon c. Kurl»v, .S Kawt, lM.5: (i E-p. N'J - - - I'.'U 
 
 Wnrwii k r. liidianlwon. 1(1 M. & W. 2M4 .... ;(4!) 
 
 Warwickf i\ Xoakr.-, I'oakc'. (17 .... . 770 
 
 WusliMifrton Iiiamoial Mini..tr <'o.. > INO.'t) :i Cfi. !t.-, ; t\i I, J. Ch. 
 
 Mj : (!!l L. T. -.'7 ; 41 W. 1{. (JhT: 2 1{. .Vj;i (C. A.) - (i.J7. 7i'7 
 Watkin, /■:.r/,inlr. 1 ( '. I). l;)() . . . . . 144 
 
 Watkiiis c. Calcloiiiun Rail. Co.. (1S!)2; 1 (i. 15. HII3 . - 1::4(» 
 
 Watkins r. S(ofli>h liMjiirial Iiisiirana- Co. (l^S'J . 21) H. li. I>. 
 
 -■'<■■' ------- Hii. \JW 
 
 Watiiiy r. MilsgraVf, o Ex. 1). 241 . . . - .100 
 
 Watson. /•,'. /.../■/,. 21 li. It. 1). .iOl . . . . - 1199 
 
 Watson & Co. ,•. Sj)iral Globe. Ltd., (!9(,2) 2 Ch. 209; 71 I.. J. Ch. 
 
 .W.S; MIL, T. ^99 (JIO, (il7 
 
 Walson '•. Ealos, 2.'S Ilcav. 291 ; 2N L. T. O. S. 24;! • 2(i I-. .1 ( li 
 
 y<il (M(l 
 
 Watson /•. Kinp. 4 (amp. 272 ..... 11,5s 
 
 Watson /■. Sanilic ami IIall,(lN»K; 1 Q. ]i. ;i2(! ; (17 L J. Q. h. Mi). 
 
 77 !,. T. ,J2H: 4(i W. R. 202 - - . - 9j. 10;i. 119 
 
 Wats(,n -•. .Sprafley, 10 Ex. 222; 21 I.. J. £.■«. dH - - - 2S 
 
 Watts /'. Ainsworth, 1 H. & V. Hli - . - . . ,j;jj 
 
 Watts r. Atkinson, s T. L. R. 23.) ..... ao.j 
 Watts r. liiicknall, ^190.1) 1 Ch. 7(!(J: 72 L. J.Ch. 447: ^S I,. T. 
 
 M- ; .-.1 W. R. 4.i.i (C. A.) . . 174. 17H. 20:!, 22N, SM 
 
 WauthiiT /'. Wilson. 27 T. L. R. .582 .... 1,,,- 
 
 Weur and Tees, Loith Ilill, &l: Co. r. 1. R., 1 F. 1117; W.N. 
 
 (1900)210 • . . . . 1 . ,„,, 
 
 Wcl.b r. Earle, 20 E<i. 557 : 24 W. R. 4(1 : 44 L. J. ( h. (lOS - 577, ki.-j 
 Webb, Hale & Co. 1: Alexandria Wafer Co., 21 T. I.. R. ,J7J ; <i.i 
 
 L. T. .•i:)9 . . . . . (js), n,i,; JI...S, 
 
 W, bb -. Whifiiu, I,. R. 5 H. L. 7:!5 .... u;j9 
 
 W, bstrr's Case, 2 E(i. 741 ; 7 L. T. (IIH : 14 L. T. 72.S : ;i2 I,. J. ( 'h. 
 
 135 
 
 Webster 1: Cook, 2 Ch. 542 
 V. 
 
 19(1, tidO 
 - 1239 
 
CXIV 
 
 TABLK OK CAHKM. 
 
 ■ ,- ' 
 
 Hi 
 
 W«d -We* 
 
 \V.,l;r«,„„| i„„| I',,,. It,, »i ch. I>. »l:'7; :n \V. It IKI . 17 \.. T. 
 
 MM 
 
 (11 J 
 
 ;m», IID'.I, \M-i 
 
 U... ks .•. I'r..i«i'. I,. '!. s r, I'. ■».>: : .'l \V. 1{. (iTH; )_> I,. J. C, 1', 
 
 12!) 
 
 - .•|;ij. »W7. TKi 
 
 \V.i.'.:l'rii>».r /■, Dn.i,,-, ImC)! I (j. |!. lus ; ii| |,. ,1 n. II. I ; ;■< 
 
 \.. r. s; i:| W. 11. IK. 
 
 W'-ikiT-lnim'^ ( 
 
 Il-W N ■ il. 
 
 >;i 
 
 - l-J'iti 
 
 4.1 
 
 llurrw, W. N. MMil* ua^l ... 
 
 11. il. A \-.\. 1 1. '.'MS; t7 I,. J. Kx. 704: :ls |,. T. ifJ 
 
 iMHi 
 
 •Jil 
 
 \V. 1!. 71(1 ..... LMKl, ;>•.'(;, 7«iH 
 
 W.IU ,. Mim.iv. 4 ICx. S4;l ...... 71. j 
 
 Wcl-hii(i\ lihiiidi-r. lit 'li.s l.'.'hfiiiK ( ,.., l!Mi4) 1 ( |i. nT ; 7.'l I.. .1. 
 
 ('II. KM ; Ml I., r, >.\:, 
 
 W. li 
 
 f . \ 
 
 4M(. 'I'd, ■>7ll, .i^I. 
 
 ^ll. "In. ir.'-J. I'J.Mf. I'.'dO, 1^'til, IJd.i. i;i(i;t 
 
 W.-UUnIi liicHIi'ii— I'lil (in- I.i;.'lililiir ('ci. '■. XfW Siiiili(„'lit liiiuii- 
 
 ci.-rrtit ( 
 \V. I!, .-.i).^ (( 
 
 "to •_' 111 I : (lit I,. .1. (11. ■"ilti : x.\ 1,. r. ■»( : 4s 
 
 i;t(;: 
 
 WrM, j. 
 
 ,.1 Tw.-..! (• 
 
 •-•(» 1;, 
 
 1:1 W. I!. .•.,->« ; 
 
 1., 
 
 .Kil : n I.. ,1. r 
 
 W. .t. 
 
 , ^\ li.-ky lli^-tillc 
 11 ' , .^,il|. iv . I^ I 
 
 .-. W. 1:. .-.(IS - 
 
 ;iiii .... 
 , \V. N. ,lii(H>', .".;•: (iHT. 1,. 1{, ^it 
 
 7N.-) 
 
 .\.('. 2!l!l: ()(> I,. .I.Ch. .id.': 7(1 I.. '1. 506; 
 
 .1(1, :l(l. (>(l. ii;!, (i,j, ii7. 4(i.j. 47(1. 477. 47x 
 
 .")!»:!. nil. iv.Va. (i:i;t. »>,s;j, u.l 
 
 W' lri\s» ColIii'lii'M Til 
 'V^nlnck lllllul:,-.,} , 
 
 .>,-.4 
 Wiiili nimii '■. 
 
 M.'lv 
 
 s r. 11 
 
 HI4 
 
 liiv.T il.!i- (' 
 
 (174 : Id A)i|i. CuH. 
 
 it.' (it n. rale, lH ( '. Ii. :;4(1 
 
 ;i(». 4(1(1, .)MI, M.'i.i 
 :tMl.4(i.'i 
 
 W. st I 'oii.^t ( M>M I'k'liK. Uiiwc'* Tiii-tces, If'd.l} I ( h. ■j!i7 ; J!iO(l) 
 
 1 111. 1 ; 74 1.. J. I'll. 347; !•:' I-. 'i'. bWi: ■);) \V. Ii. 4J& - (1(11. H4;i 
 
 W.'.^t ('iiiiiImtI.iihI. .Vr. 1,1.. .•)•« 1,. T. 152: \V. N. (18hs) ,-,i . u.^;), ijH.j 
 
 Wi-t .1; hii-laml lluiik. /,'.. 11 C. I). 7(iH; 4H I.. J. (,'l,. o77 ; 27 
 \V. K. .V.'ti ...... 
 
 \Vi.<t ul Kiitrhiiiil Il.tiik. /•'. i«trlr ItiKik.r. 1 1 C li. :)17 
 
 W.M c,f Kii-liniil liiii.k ■ .Miiivh. 2:i ('. |i. l:ls 
 
 44 
 
 4(l^ 
 
 1(MI2 
 
 WfKt of ICiii.'luml l''in' < ' 
 
 I -a 
 
 1. c. 1-aai 
 
 l>.97 1 Q. n. 2'.'(i, Cd 1,. J. 
 
 n. H- :t(i: '■> I'- T. j(l4 - 
 
 Wot lid.a anil I'urili. Stram.<liili('o.. /,'. , H (.li. .\|.]i. II. 1 
 
 Wot J..oii<lc.n ( omiin'iciiil Hank <■. KitM.u, 1'' U- li. 1'. ^id"; 
 
 . .1(11 
 lld-l. I2(:i 
 
 .•12 
 
 \V. I! 
 
 W. -t 1...imI. 
 
 II SviulUMt.' 
 
 T. djd; .j:i L. J. (i. b. ;i4j 
 
 .'. Inland U.vi;niic, JlN'i.s) ;; (i. li. .-,07 ; (17 
 
 1S7 
 
 1,. J. il. 11. yjd; 7!l 1.. T. 2Ml; 47 W. \<. 125 (('. A.) - MO. ;141, 1142 
 \V( -t Uiiliii.u', \l. liiiililiiij.' .Sxii'ty. /,'.. 1.. ('. J). 4d:i; :)!( W. K. 74 . 12(M) 
 Wi'St Ydiksliiri' Dan 
 
 2;i(i 
 
 A;ji'ucv. 25 T. I,. I{. 
 
 W. \. , liKIS') 
 
 11. 12 
 
 112, 14,1S 
 
 - 212 
 
 Wi'.-tliouriii' Uliivc IlraiKTV Co., 5 ('. ]). ;;4.s 
 
 \Vi>t. in Hank ul Si-.,tlan.l . . A.lili.-, 1,. I{. d FT. L. S.) Id^ 
 
 W.wtein t'l.untiis Steam Hak.ncs t'l .. (1S97; 1 <'h. 617 (('. A.); (1(1 
 
 J.. .]. t'h. 1554 ; 7d I,. T. 2;i9: 45 W. H. 41s . - - 777 
 
 Wi'sKlii i'[ Canada Oii Co.. \V. N. v!S7i^ i4-> ... 1502 
 
 W.f.1.rn Wapiii Co. r. West. (Isy2 1 Cli. 271 ; (11 L. .J. Ch. 244: 
 
 GG L. T. 4U2, 4(1 ^\. 1{. 1S2 
 Wotmm>tcr Kloitii. Suiijiiy Co., (lNy7 
 
 - 29(1 
 12dl, 12(12 
 
TAHI.K OK <?AMM. 
 
 • •XV 
 
 \V. -.tiuiiiwliT Firo Ortli'i- r. OlaH,, Ap. StK-ioty, 13 A. ('. "H - - :ltll 
 
 U.-t ivlaihl (il.'.ii. \r. I'.i. JllMiiirH l'iin.'i, ^18»;l) .' Cli. til-.'; lij 
 
 I.. J. I h. ii:.< ; m I,. T. ;l7o ; »i!» I,. T. TiMl ; a II. :a»< ^( ■. A.) - 
 
 i:(N. iti 
 Ur.lin..ilaiMl, *<•. IV,. ,-, Frilil.ti, ^IH'.d) :iCh. I.') - - - l:«i7 
 
 U.<t..ir«(;iH.> (No, I). I rh. Jd; I7W. It. tlj; I't I,. T. .LiT : :1n 
 
 I.. .1. Ch. 4)t .... 7(i, nil.', (ii,.-,, (,t,ii, 7'j'.'. l;t.-)'.> 
 W-tcmV t'ttw (No. 21. 101'. |i. ,-.79; •J7 \V. It. :110; 1(1 I.. T. i:(: 
 
 IN I.. J. t li. ti-> ----- 1140, net 
 
 \V.-t..ii ., N.iw <lii«ti)ii «'.. . IH) I,. T. Nlt,'» ; til II. I.. H\:, . 1 110. 14;(.; 
 Wli.iliv Kli.lKi- Cc. .-. Oiwii, ■> H. H. It. Kill; 'JN W. U. M.ll ; II 
 
 I.. T. ti74; 4!l h. J. U. 11. :c.'« - . I'.'j, i:i;|. ;;(:! 
 
 wiH.itiTipit'iiCuM:, L"j I,, r. ;m - - . .w. 7.-,it, m.su 
 
 Uh.iitl.v .. .'^ilkxtofir Co.. Jit r. It. 71,-): :i;i W. U. 7!'7 ; .V.' I,. T. 
 
 7il'<; ,M I,. J. r),. 77S . . - . . tjifi 
 
 W li.iitl.yx I'lii-t II. Wlhiitji y. I.imitiil (IIMH'. s.l I,. T, itii . ;ic.i 
 
 \\l..liiii. /.v. (I><!t71 1 Ir. U. .■)7,'. - - - . - lJ4ti 
 
 Whiiiii.y. /.V/'-i/Yf. l;m. ». 1). 47(1 .... i:;ii7 
 
 Wliill'P'url, A>;.<iW>, 1!» Vi'H. 'JOll - . - - . iisii 
 
 Wliitl.i.iul .V (o. ,. Willi. J'Jtl.'M fl:. n:),-,; 71 I,. J. CI,. 4-.'| .Mi 
 
 I,. T. ;!!»,-.; jd \V. U. 44J(,C. A.) ... ;(((, 
 
 Wliitrlii'K'li ((liMirKd), I.imitiil 1'. CnvaiiuKli, N.'i 1,. T. .')l!t - . (i(i7 
 
 Wliit.' ami Sii,ifir« Ci.iitnut, (IMMi) I Ch. (i;t7 ; ti.') I,. .1. ( h. ISI ■ 
 
 74 1.. T. .■177: 14 W. II. 4^4 - - . . . :i,„-> 
 
 Wliti- >'. Iliiyiiiaii, 1 Call. & Klli^, 1(11 . - j-jit, ^jiio 
 
 Wliite '•. Land, &c. Ci... W. N. (1NS:») 174 . - - - 77N 
 
 W hit.' ,■. Mm i.lii, N Von. .■«>;) - - - - 771 
 
 Vliit, r. Mitculfi', fliMCi) 2 Ch. .»(i7; 72 L.J. Ch. 712- M' I, 1' 
 
 I'H 1217 
 
 WliilH .-. SpalTunl. (liMli: 2 U. n. 241 ; 70 I,. J. K. H. ll.,^ ; ni I,. T, 
 
 .■<74 iC. .\.) . - - - . . l;i(i4 
 
 While. Tiiiii)ikiiiw ami Comagi' >•. Wilson, 2:! T. L. U. 4411 . - :t,>N 
 
 Whil. .hiinh ;(!ci>i!.'..) & Co.. (IIMII) A. C. 117 - . •i7ti 
 
 Whitehall Com t, /iV, i)(i I.. T. 2H(l ..... ,;).^ 
 
 Whit.lioiisf, 42 L. T. •■(N.-i ...... 7ois 
 
 WliitMhous.."« Ca-p, ;t Kii. 794 ; l.i W. R. NH2 - - . 2(11 
 
 Whitiloy'.- Cas<>, AV Ocn. l!y. Synd., (KMIO) 1 Ch. Wi; (i9 I,. ,J. Ch. 
 
 23(1; H2 I.. T. i;i4; 4H W. U. 440 (C. A.) - - I!i;i. ^00 
 
 Whitthy -■. liaih'V, 2] d. B. I). 154 - . . - 7;il 
 
 Wliit.'h'y KxtToivr, I.iniiU'd '■. Guiii.j(?f>. (lWi8) 2 Ch. 4(1.") ; 67 I,. J. 
 
 Cli. .ViO: 79 L. T. 20: .'j Mans. 249 . - - lll.M.Jl 
 
 Whitii M .■. South Kastvin Hail. Co., K. B. A K. ll,i - :is, .140 
 
 Whitli'y, //., fi.5 I,. T. Jijl .... - T.-.l, 1047 
 
 Whithy I'a.tnfTs, Hi, Stwl's Ca.-c, ;J2 C. D. ;j:i7 ; 28 \V. U. 211; 
 
 49 I,. J. Ch. I7(i; 42 h. T. II - - ,,2, Hi, JJ.S, 481. 491. 10.-.2 
 
 Whitwaiii ■ . Wiitkin, 7M I-. T. ISH - . - . ;,-,. i;i.-,;j 
 
 Wliitwood CUiniicul Co. r. Ilardmaii, (1,S91) 2 Ch. 410; (10 I,. .I.i ii. 
 
 42,S; 64 I.. T. 710; ;J9 W. K. 4:j;i ... - -HI 
 
 V\i(;hfl(l f. I'otter, 4.1 li. T. 612 - - - - - 111 
 
 '^■•rmi i: Biioklcy, (l.';94) .'i Ch. 483; O.i I,. J. Ch. (iH9 ; 71 I,. T. 
 
 2H7; 43 \V. li. 147 ; 7 R. 469 (C. A.) - - . 11h9 
 
 /<2 
 
 m 
 
CXVl 
 
 TABLE OF CASKS. 
 
 Ill 
 
 Wil Woo FAOE 
 
 Wild -•. Scutli African Supply, *r. ("o,, (1904) 2 Ch. '.'fiS : 73 T,. J. 
 
 rh. tl.-)7: '11 I,. T. 117 
 
 ■)2 W. It. lint 
 
 Wilkii 
 
 ('uiniiiiTiw. 1 1 Mil. ;i;)7 
 
 Will r. I'tiit. (1 I.unkat I'hinnitions L. J. Notes, Ml May, 1!I12 
 Willrtt r, Ar;,'riiti, \V. X. {iss'l) (ifi; lid I„ T. 7;i5 - 
 
 70, 704 
 - (iS.j 
 
 .•i.i:i 
 
 \Vi 
 
 \Vi 
 
 Dul.iii 
 
 HiMiiT. IS'IH 2 Ch. 451; 07 I,. J. f'h. 044; 
 
 79 L. T. 2H1 : 47 W. H. .14 (r. A. 
 
 Iliilliis, /■.■/ 
 Ch. 474 
 
 (rfr. 2Kq.-.'lH; ItW. H. 7(10; 14 L. T. 4.-)0 ; :«L.,I. 
 
 WilliiuiiH 
 Williams 
 Williams 
 Williams 
 Williams 
 
 44: 
 WiUiai 
 
 ( artwri-ht, MSO,")} 1 (J. H. ll'J 
 Colonial Hank, .'iH Ch. I). ;)!».) 
 lliithiwav. C. L>. J44 - 
 
 hlLTil 
 
 10 T. I,. K. 4:J4 
 
 :!■-)« 
 
 2.19 
 
 86 
 
 1142 
 
 :i2.s 
 i:iO:j 
 
 . Xorth's N'avipitioii Co., (lilOO) A. C. IJiO; (UH)4) 2 K. H. 
 
 ::i I,. J. K. M. .)7 
 
 il L. 1. 
 
 W. 
 
 504 
 
 l(»2(t 
 
 ns r. Stcpni 
 
 (lN!>r 2 U. M. 257: 00 h. J. H. li. O.iO; 05 
 
 I,. T. 2(IS: :i!l W. I!. 5;i;i (C. A); nversin^', (l.sOl) 1 (i. 14. 7('0; 
 
 0» L. T. 
 
 - S42 
 
 William 
 
 Stt' 
 
 (i. n. I). 4(19; 2S W, H. 901 ; 42 I,. T. 719; 
 
 49 I,. J. Q. li. OO.i 
 
 WiUii 
 
 Will 
 
 lamsoii. I 
 
 ■'I- 
 
 542 
 
 Willmott ■. I.omlon Hoail i 'ar. (191(1) 2 Ch. .>25 
 
 - Otio 
 
 - ii9y 
 
 il. 
 
 44. 
 
 Wills r. Mini 
 
 I Kx. Sl:i; 19 I,. J. Ex. 209 
 
 H55, 421. 14.JS 
 - 092 
 
 Wilmov r. M'Naluaia \ 
 
 I.td. 
 
 ;s95 
 
 : ch. 245; 4:i W. H. 519; 
 
 i;o, «o;i 
 
 Wils 
 
 1(1 St.'vons' Contract. 1S94) :J Ch. 54(;; 0:i 1-. J. Ch. sO.i ; 
 
 71 r,. T. .'WS : 4:i W. It. 2;! ; H It. 041 
 Wilson ,-. Hrett. 11 M. & W. 115 - 
 Wilson .-. Lord lliivy. 5 ii. 15. I». 51.S 
 Wilson .-. Moyd. l(i Kq. 00 - 
 Wilson r. Walluui. 5 Ex 1). 155 
 
 W'ilsoii '•. 
 Wiltshire 
 
 Wost Hartlf 
 
 .1 Itail. C 
 
 2 Df (i. .1. \- S. 47.1 
 
 ims. 1 Cam]). 25.^ 
 
 - ;ij4 
 
 - 7l:i 
 i7, 7.S9. 1402 
 
 - 1247 
 705, 1175 
 
 .(7. r.i, 1185 
 
 - 1157 
 
 Wilts and Horks Canal ( 'o , :{ Ad. & El. 17 
 
 Wimhleilon Olvn 
 
 ;i910) 1 Ch. 7:!(i 
 
 - 17 
 
 Winchuni .'^hiiihiiildi; 
 
 C 
 
 /,V, 9 Ch. Div. .i22; 20 W. It. Nj;i ; .'iH 
 
 h. T. 059 ; 4N I,. J. ( h. 4S 
 
 Winirato (James) \- 
 
 Inland Uevt 
 
 'oirimi-sioners, 24 
 
 Kfttie. 9;i!»; W. N. (1898) 129 
 Winstone's Case. 12 C. D. 239 
 Winterhottom. I!'. IH (J. H. I). 440 
 
 102 
 479 
 
 050, 
 
 Wi 
 
 perpetual Tiuste 
 
 , (1903) A.C. I'. C. 139: 
 
 r,. J. p. c 
 
 31 ; 87 I.. T. .509; 51 W. R. 241 ;i'. C 
 
 \t itham 
 
 line, C 
 
 lallis (2nd ed 
 
 .). 401 
 
 !»50 
 
 Wittaker r. Kershaw. 45 C. D. 320 
 
 Wolverhamiiton. &c. Itail, C 
 
 I,. & \. W. Hail. Co., 10 E.i. 4:J3 - 411 
 
 Wood'sCase. :! I).iO. & J. 85: 15 E.|. 230 - - - - 55 
 
 Wood -■. Aiidor.ston Koundiy Co., 30 W. It, 9IS - - - 1^40 
 
 Wood ■■. I >e Mattes. 1 Ex. KtO - - . . . Ui)(j 
 
 Wood '•. (»dessa Waterworks Co., 42 C, D. 045; 5H E. J. Ch, 028; 
 
 ;i7 W . It. 733 ; 1 Mog. 205 
 
 ()33, 034, 70N, 10<)3 
 
TABLE OF CASES. 
 
 CXVU 
 
 Woo-Yt 
 
 Wood '■. Woodhouso, W. X. (ISnO) 4 - - - - 
 
 Wood Ships, &<'.fo..f)2 L.T. 760 
 
 Wood, and Lewi.' Contract. (1S9H) 1 <^>;; "'■';! :(1«3?) 2 Ch. 211; 
 
 «- L. J. (^h. 473 ; 7S L. T. 06.^ ; 4H W. H. •!•»;) (C. A.) - 
 Woolaston'8 Case, 4 De O. & J. 437 ; 28 L. J. Ch. 721 
 Woolf r. East Nigel Co., 21 T. L. B. 660 . - - - 
 
 Worth's Case. 4 Drew. 529 - 
 Wr.i?p, Limited. /?»■, (1807) 1 Ch. 796 
 
 7)97 ; 45 W. R. oo" 
 
 66 L. J. Ch. 419: 76 L. T. 
 62, 3U1, 359, 478, 485, 909, 
 
 Wrexham Mold Bail. Co., lif, (1899) 1 Ch. 440; 80 L. T. 130; 4 
 W. R. 464 - . - - 
 
 25 L. T. 471 ; 41 L. J. Ch. 1 
 - 19, 192, 199, 201, 692 
 35 
 
 Wripht's Case, 7 Ch. 35 ; 20 W. R. 45 
 
 (C. A.); 12Eq. 3.33 
 Wright V. Chappell, 17 W. R. 635 - 
 Wright f. Ilorton, 12 App. Cas. 371 ; 36 W. R. 17 ; 36 L. T. 782 ; 
 
 56 L. J. Ch. 378 
 
 Wright r. Simpson, 6 Ves. 714 ; Smith's Merc. Law, 11th ed. 625 - 
 Wulff I'. Jav, L. R. 7 Q. B. 756 - - - - " 
 
 Wye Valley Rail. Co. v. Ilawes, 16 C. D. 489; 20 W. R. 177; 43 
 
 " L. T. 715; SOL. J. Ch. 223 - - - 871,872. 
 
 Wrlde i>. Radford, 9 Jur. N. S. 1169 - - - - 
 
 Wynne's Case, 8 Ch. 1007 ; 21 W. R. 893 ; 29 L. T. 381 ; 43 L. J. 
 
 ' Ch. 138 - - - - - - ■ *'^' 
 
 T\Ot 
 
 1451 
 
 725 
 
 .354 
 659 
 
 727 
 204 
 
 945 
 
 686 
 
 993 
 , 358 
 
 688 
 1245 
 1247 
 
 1336 
 1186 
 
 1481 
 
 z. 
 
 Xenos V. Wickham, L. R. 2 H. L. 310 
 
 83 
 
 T. 
 
 Yarborough v. Bank of England, 16 East, 6 - - " ^" 
 
 Yelland's Case, 4 Eq. 350 **_^ 
 
 Yeolund Consols, 58 L. T. 922 "" 
 
 YoUand, Uusson and Birkett, Ltd., (1908) 1 Ch. 132; 97 L. T. 824 - 
 
 York Glass Co., 60 L. T. 744 - - - 
 
 York, &c. Rail. Co. v. Hudson (1853), 16 Beav. 485 
 York Tramways Co. v. Willows, 8 Q. B. D. 685 
 
 618, 1-285 
 
 - 1124 
 
 711,712 
 
 60, 736, 737, 740, 
 742, 744 
 
 Yorkshire, &c. Co., 9 Eq. 630 ; 18 W. R. 541 - - 688, 772 
 
 Yorkshire Miners' Absoc. v. Howden, 21 T. L. E. 431 ; (1903) A. C. 
 
 •2oO - - - - ^ 
 
 Yorkshire Railway Waggon Co. t'. Maclure, 19 C. D. 478; 21 C. D. 
 
 309 ------- " "■*" 
 
CXVllI 
 
 TABLE OF CASES. 
 
 < J 
 
 Tor— Zuc 
 
 Yorkshiit' Rail. Co. r. Miichirf, L'l ('. IJ. lidT ; 30 W. U. 7(il ; 47 
 
 L. T. :;!»(!; .■.) L. J. Ch. w; . - . - - 
 
 Yoiiiifr. AV;^»irf'-. 17 ('. D. 6(i.S . . . . . 
 
 YounsanJ Ifarston'sC^Dtnut, fr, ;tl r. P. ItiH - 
 Yoiiiii: .'. Ashlfv ( iiiriLms I'n.iK'iti.w. (19o:i^ 2 Ch. IT.'; 72 1,. J. Th. 
 
 520; NH L. T. r)41 {C. A.) - - - - - 
 
 Yoiinif I'. Uiiiik of Hinftal, I Dca. fi22, (177 - - - - 
 
 Yoiin;; c. lirownlw & Cc (1911), S. C. (i77 [Ct. of Scs^.) - 
 Yoiiiiff -. Daviil Pavnc & <'<i., (1!M)4) 2 <h. (iOil ; 20 T. h. R. oiM) ; 
 
 7:i L. J. Ch. 8iit ....-- 
 
 Younj; v. Kiifrlisli, 7 liiav. 10 - - - - - 
 
 Younjj i: Naval. &c. Soc. (100,51 1 K. U. 687; 74 I,. J. K. H. :U)2; 
 
 92 L. T. 4i>H : 53 W. R. 447 - - 71-'. 724. 725, 745, 787 
 
 Younsr r. South African. &c. Sviiilicntc. (18HC) 2 Ch. 268; 65 L. .1. 
 
 Ch. 638; 74 L. T. .-.27; 41 W. H. 509 - - - 692, 
 
 Ystalyfera OasCo., /iV, W. \. (1887; ;iO . - - - 
 
 Ystrailvfodwfr, &c. Board v. Xowport As.sessment Com., (1901) 
 
 1 Q. li. 406 - 
 
 PAGE 
 
 474 
 
 1248 
 ;i54 
 
 355 
 
 1194 
 
 752 
 
 1051 
 1192 
 
 , 788 
 
 1099 
 l;!89 
 
 - 108 
 
 ^h..- 
 
 ^Jli 
 
 Zuccuni c. Xaeupai Co., 61 L. T. 176; 1 Mof;. 2,30 
 
 1440, 1443 
 
i;" 
 
 ADDENDA AND CORRIGENDA. 
 
 l';i>,'0 l02.~Liverpool and London and Globe Co. v. Bennedt, re- 
 ported also in (1912) 2 K. B. 41. 
 
 453.— Refer also to Kingston, Miller d Co. v. Thomas King- 
 ston d Co., (1912) 1 Ch. 576; following Fine Cotton 
 Spinners and Doubters' Association v. Harwood, Cash 
 d Co., (1907) 2 Ch. 184. 
 
 554.— F. Stacey d Co., Limtd v. Wallis, also reported in 106 
 L. T. 564. 
 
 ()89. — Clause 66, in note refer to Gardner v. Iredale, (1912) 
 1 Ch. 700. 
 
 691. — Note to clause 59 on the oonstruction of clause 66 of 
 Table A., see Fruit (Did \eget<ible Growers' Assoc. 
 V. Kekemch, 28 T. L. R. 411; W. N. (1912) 139. 
 
 1081 at foot. — Add also reference to p. 1048. 
 
 1286.— 
 
 1300.— FoiTO 048 
 
 Refei- to Oceana Development Co., W. N. 
 ''1912) 121 and p. 138, 17 April and 7 
 y, 1912, from which it appean Uiat the 
 Mte approve-' ' the Court should, 
 wnere requisite, show the denoting num- 
 bers or the shares, but that the adver- 
 tisenient neod not sot out the minute. 
 
 1339, line 18 from top.— Substitute "Richard Burdon, Viscount 
 Haldane of Cloan " for "Robert Threshie, Earl Lore- 
 burn." 
 
 '( s 
 
 flTt 
 
ALPHABETICAL SYNOPSIS. 
 
 AoMwiti 770 
 
 AdjonnuBMt 708, 7M 
 
 AffrMOMatf Stl 
 
 AUetmnit of Shtru 49 
 
 Alurttioaof ArtitlM SS, IIM 
 
 AmslgUMtioB 14tl 
 
 AmcndmeaM 684, t4l 
 
 Arttelu of AiMwiatioa eS8 
 
 Attenuj, Powori of llt( 
 
 Aaditon 77* 
 
 Btnkiag and Advuieo BoenrltiM . . 1179 
 
 Borrowiay Powon 81, 6M 
 
 BribM 133, 733, ISM 
 
 C«lli'. SM 
 
 Capitia (OaiHW u to) ... .490, •79, 910 
 CapiUl, Fixod and Cireolating .... 894 
 
 Capital (Inereaia) 698, 1104 
 
 CapiUl (Bedaotion) 684, 188S, 1868 
 
 CartiAtata af Iicarpwatiaa 24 
 
 Oartiileatet of Sharaa 6M 
 
 Certifieation 674 
 
 Conunanoement of Baaiaaai 80, 609 
 
 Comaiaiiaaa oa 9hana 891 
 
 Common 9eal 31, 88 
 
 Company Limitad bjr Onarantao. .448, 798 
 Contraeti mentioned in FToapastoi . 171 
 Corporatiaa (Charaateriitias af) 80 «< xf . 
 
 Deoeit (Aetion of) 908 
 
 Direaters 710 
 
 Sirectori' Uability Aat 809 
 
 Siioloaue 148, 173 
 
 BiMoant (liioing at) 60 
 
 DiTidenda ; .763, 878 
 
 DiTiaion of Sharai 684, 1118 
 
 Brnployaa' BesaAta 897, 1017 
 
 FaetonAaU 9019 
 
 Filing Contraeti (aa to 91iarei) . .830, 363 
 
 Forealonra (Order of) 1419 
 
 Forfeiton 609 
 
 Formation of Company letuq. 
 
 Fonnderi' Bharea 878 
 
 FoUy-paid Oharta 947,678,819 
 
 General Keatiaga 699, 949 
 
 Honae of Irfnrdi AppaaJi : 1488 
 
 lUegal Aaaooiatiena M9, 1687 
 
 Income Tax 87 
 
 Jadgmenti and Ordari 1397 
 
 Laohee (at afheting BeieiaaiOB) . . 197 
 Idea oa 91iara 698 
 
 life Aaaaiaaoa Oompaaiai 1M9 
 
 Minority, BighU of 79, 1987 
 
 ■amkaraklp 48 
 
 Kamoraadnm of AaiaeiatloB 447 
 
 ■ialmom 9abaeriptioa 9,11,989 
 
 ■iaatea 748 
 
 KlarepreaeatatiOB (Bxamplaa of) . . 189 
 
 B aaw of Oompaay 449 
 
 Begligeaea 99, 718, 7M 
 
 Motieaof Artiolea, te 77 
 
 Voticaa 1047 
 
 ObjaeU (Xatanaiaa of) 1300 
 
 Oflleari (Appoiatmant of) 441 
 
 One-man Compaaiaa 99, 940 
 
 Fetitieai 1968 
 
 Ftoadiaga 1998 
 
 PolU 700,980 
 
 PooUng 160 
 
 Peweri of Attoraay 1158 
 
 Foweri of Ooflvaay 97, ^'8 
 
 Prefarenoe Sharei 878, 819 e/ ieq. 
 
 Prel jninary Contraeti .... 147, 891, 648 
 
 Private Compaaiea 909 
 
 Profiti (what aia) 978 
 
 Promoteri 181 
 
 Proipeetaiei 165 
 
 ProziM 70 J 
 
 ftnaliflcatian of Oiraeten 718 
 
 ftBorom 697, 740 
 
 KeeoBitrBAtioa 1481 
 
 Biotificatioa of Begiiter 1387 
 
 Begiater of Hemberi 70 
 
 Begiitered Office 84 
 
 Begiitratiea of Company 448,606 
 
 BegiatratioB of Kortgagei, Ac 616^ 
 
 Beaolntiona 1081 
 
 Secretary 748 
 
 Bpoeial Betolntioni 1099 
 
 8toek Ezcliange Bolei 886 
 
 Byndicatei 188 
 
 Tranafkr of Bliaraa 668 
 
 mtra Yirei 488 
 
 VndertaUag, Bale or Hartgage of . . 848, 
 397, 1198, 1989 
 
 Tndarwritiag 878 
 
 naliaated Compaaiaa 808,804 
 
 Vote* 70S 
 
 Writi of BBmmaai 1889 
 
 AXABHA^ AMU C>OBlUUJillfiA, •» ioc/l.J 
 
 iTaftc$p. 1 of Sig. B.] 
 
 MWhiUMHHi 
 
(X)MPANY PR[](^EDEMS. 
 
 OUAPTEK 1. 
 
 PKKI.IMINAKV \OTKS. 
 
 I'A'IK 
 
 Funu.itidn I 
 
 Kt^triftiiinf nil Tiaininjf Hiirrtor?*. . <» 
 
 Miniiiiuiii SubxTiption " 
 
 (Aminifiic* iii»'iil nt" nusinrs-* -^i: 
 
 Effect ..f liicori».r:iti.iii -Jl 
 
 ''nr;.ur:iti- rjtj>.u-itic> '2' 
 
 Action of t'umjmny'H iViT'iit;* 'Mi 
 
 MiiiilHivhip 4.'i 
 
 Subwriptiim 4t> 
 
 AlL.tniiiit I'.i 
 
 Li:ibility to jKiy for Slmrrs . , .»s 
 
 Amount of C.tiisiilfiation .... (in 
 
 Ke^i^TtT of MciuU'r-i 'i) 
 
 I'owcr- of Muj()ritii'.> Li 
 
 rartinr!.liip Law, appliiahility of . . 7"' 
 
 Iiriplii'd Noticoof Mom. 1111(1 ArtiilcB "T 
 rriMimjitioii i,( Rogiilarity :cs ro- 
 
 jrarils Indoor Manii^romi-nt 71' 
 
 ComnioM .Sial S'.' 
 
 Ki'>iil> mo or Doniii'il 84 
 
 Incim,. Tax 87 
 
 ( 'oqioration Duty 11)4 
 
 Kates 105 
 
 lUotfal AsMKialiou.H 10!» 
 
 Di-.'olutioll 11) 
 
 Nfortmaiii \l-_ 
 
 Trailo I'nion.H 1 1;, 
 
 Fort'ijjn Compauii-s lis 
 
 The Formation and Registration of Companies. 
 
 Tin; CiMipaiiio.-^ (C'onsuliilation ) Act. 19(18 (8 Edw. 7. o. (i'^). uow 
 iroveni-; tlie lormuliou ul Kiinpanu'.-i. and lia^ taken tlic plaoo nl' tin 
 C'oiupanios Act. 18G2 (2:> ^\ L'fl Viit. t. «',i i. and of tlio iiiaiiy Acti- 
 umoiKliuo- and e.xtondiiig- the provision.^ of tliai Ait. 
 
 'I'lie ,\it of 18U2 was aincniied and oxtcmlnl liy the followiinr \its; - 
 
 1. Tlio Companies Seals .\et. 18(J4 rJ7 \iet. e. 1(1). 
 
 Tliis Aet enipowercd eoinpunies in eertain ■ ,i>es to nave itlieial 
 seals for use aliroad. 
 
 2. The CompiMiies Aet. I«(>7 (30 .n. HI \irt. e. lUl). 
 
 This .\et provided for re<luetion of eapifal. issue of share-warr.iril- 
 to bearer, sul)-division of .sjiares and other matters. 
 '!. Tile .Joint .Stock Companies .Xrranirement .Vet. 1X711 (3:! .\. .U \ irt 
 e. 1(14). 
 Tills Aet e.\tended tlie jiowers of the I'uurt in \vindin!,'-iii) as t" 
 eompromines and arrangements with ereditors. 
 
 i ^ 
 
 W 
 
9P 
 
 •■Tiie Art 
 and other 
 
 PRELIMINARY NOTES. 
 
 [Chap. I. 
 
 4. The Coinpaniei A>t. IH77 (10 A: 41 Virt. .■. 211). 
 
 This Alt provi.lMl further for rcilui'tioii of cnpit.il. 
 ft. The C'uiii|.ai.i.'s A. t, 1»7!» {fi L 43 Viit. r. 7ti). 
 
 This Art provided for r.-rciri-'tration with limited liability of 
 
 unlimited compuni.-^ and al.o for llie >r,ati..n of rewve capital. 
 
 fi. The C.mpatnes Act. 1N«0 i tH Virt, .■, l!t). .... 
 
 Thi» Act prnvido.1 for p;.vm-nt,olf of proHt* in rnlu.tion of capital, 
 
 „nd .ripowcrcl th- l(. ..'i-tr:.r to -trikn nan,.- of .lefi.nct .ompaniei 
 
 otr th" ri'iriilcr. 
 
 7. The Companies I'oloni^il l!-;i,trrH A( t. I8sa I »« .V 47 \ ict. c. :10;. 
 This Act j.nniiled for cdiinlal rcffi«ter« in ccrt;iin ens,.* 
 
 8. The Companies A. t. iNSli I (•» Vict, c, S.IK 
 This Act ;,mer,dc,l tlic \ct nf IH(i2. :is to windinjf-up in MotUnd 
 
 in certain p'spects. 
 H The Preferential Payments in llankrupt.y Act, IH8S ^ol \ .V. Met. 
 c. 6.). tl.ouph not one of the Companie. .\.ts, nevertheless affects 
 the windinR-up thereof. See also the Act of 18117, ■nin,. 
 10. The Companies , .Uemorin.lum of Association) Act. I8!m '.".;! ,V ..4 \ lit. 
 
 e. IVI). 
 This Act prinicled for the extension of olijects. .Vc 
 II The Companie, \Vindin--up \ct, 1890 (.^3 i .^4 Viet, c oi), largely 
 
 modified provisions of the Act of I8(i2 in ri -ard to w>n,lini,-up. 
 !•• Th,. Director*' Liahilitv Act. 18!»0 (53 ii 54 Viet. e. 04). 
 
 This \<t n.oditicil the liaMlitics of dirivtors in .e-ard to pro- 
 
 13. The'c'.m'plnies' Windin^'-up .\ct, I8:>3 (;V, ,^ .57 Vict. c. .58). modified 
 
 the Hankruptey Act. 18.><3. in relation to \vinilini,'-up. 
 14 The Preferential Payments in Hankruptey Anienilnient .\ct, 1897 (6(t 
 
 Vict. e. lit). 
 The Companies .Vet. 1898 i.ll ,v «-> Vict. c. L'li). mo.lihed sect. 2.. ot the 
 
 Companies .\ct, 18(17. 
 The Cnnipanies Act, 1900 (ti3 .'^ (il Met. c 18), extensively amended the 
 Com|>anies Acts, 18fi'2 and 1867. 
 
 ,. Companies Act, 1907 (7 Kdw. 7, e. 50 1, amended the ahove .\cfs in 
 a nuniher ot im]Mjrtant jmrticulars. 
 18. The Companies Ad, 1908, enabled certain Inrcitrn and colonial companies 
 to hold land and other property. 
 
 In (lie followiii!.' [tiv^c- tin" Coinji.anies (( on>oli(liitioTi,i Aci. l'.»08, is 
 irenerally roiorrcd to as •the Act," but soiuctinies as ih.. Act of 
 l!)08," and sometimes as 'tlM' Consoliilation Act." 
 
 The Act eotitomplates the foi iiiation of three c!a.ssos of rr)mi)iuiips 
 (■ 1 ) companies limited by .sharos; (2 ) companies limited by tcuarantfie; 
 ,;!) unlimito<l rompaiiies. I'nlimitcd compaiiie.s will be found dis- 
 ,u.s.-.«l at, I). SnS: couipanios Hmitod by •riminntoe at p. 402. It is 
 uilh the first fla.ss (companies limited by siiarosi that this work is 
 mainly conferned. This rla-ss may be railed the normal type of 
 romptiny, that is to say, it is to this ratcgory that an overwhelming 
 majority of the companies formed beloner. It lia.s proved itself to be 
 the most convenient and effective form for the working of a co- 
 oporaiive bu.sine.ss enterprise. 
 
 The company limited by shares l)eing then the main objective, it 
 mav be useful at the outset to summarise the steps to be taken for 
 
KOKMATION AND RWilSTHATION OK (((MI-ANIK"*. 
 
 fi.iiiiiiip iiikI ostulili.sliing mirli u <'onipaiiy. lender the Art of 18(i2 
 ilii-i «a.s u roiii|mi.ilivolv sip-pIc iiuiller. Iiiil llio Coiiipunic^ Arts, 
 VMii) and l!»t)7, now iiicorpoiuted in tho (Jonipnnins Act, l!H»8, intro- 
 limod rertain diNlinrtionN— now varioiios ol' I'orniiitiou and ronHtitu- 
 lion a« rearardu tlio (;i)ni|iiiny liniitod liy sIiuioh and with tlioso some 
 ili'L'iCH? of coiiipliiation. TIiiin it coiiipuny limited In sliarcs may be 
 oiilior — 
 
 ill A )iulilic rompany. ditl'ercntiat<>d ujrain into 
 
 (a I A prM-iioctiiH romiiiiny." that is to say. a i i>nipany 
 whinh i-i fonnofi on this footinr.'. tliat on its formatiDn there 
 i-i (o lio an invitation to tlio jmlilif liy prowpoftus to -•'h.icril>o 
 for shores. 
 
 (bl 'A non-pio^pi'cHis i-oiiipany." tlinl in to s.iv. u com- 
 paiy whii'h is formed on the fooling: that it is imt to l)e 
 a prosppftns ximpaiiy nr a privalo company. )inl is to fiJo 
 a siatomi'tii in lieu of |)rosppc|iis: or 
 i2) A jirivalo coni])any." tliat is to Hay. a private company as 
 defined in soct . 121 of the Art 
 
 Tlic formalion and C'lMstiinlion of a private company is dealt with 
 separately in Chajilor X.. ;„/,v, and it will make for clearness if the 
 picliniitiary step.s lo be lukon resjioclivoly in the cn-e of the public 
 riinpany. inclndin>r iheroin the prospodus cornpanv and the non- 
 |||.ispoclnfi company, arc licre sunmiariscd. 
 
 The Public Companies. 
 
 Prospectus and Non-Prospectus Companies. 
 
 The foilowinf,' are the roiiuisite steps for formation:- - 
 l,li Prepare the menioranduiii of association in accordance with 
 sect, .'i of the A takin<^ care to state therein - 
 
 ' I I The name of the proposed company, not foruettinj^ 
 the word ' limited " as the last word of the name; 
 
 (2) In what pari of the United Kingdom— I':n^'land. 
 Scotland, or Ireland -the ^ibtercd office is to be siiiia'c; 
 
 (•'i I The objects of the company; 
 
 (4 I That Ilio liability of the members is to be limited; 
 and 
 
 I'm Tiic amonnt nf the capital and of the shares intn 
 wiiidi it is divideil See Form 70. infrn. p. 10i». 
 
 There mii-1 be at least .seven snbscribers to the memo- 
 randum: no subscriber i.s to tal.ie less than one share, and 
 the number each takes must be .set njiposiic bis -ifrn-Nir.'. 
 ( Sects. 2 and 3 of the Act of 1908, "l 
 (2i The memorandum must bear a lO,!!. stamp, and must Iw 
 signed by each subscriber in tjie presence of and be 
 li 2 
 
 s«.4 
 

 
 - ■* ■ i. 
 
 I'KKLIMINAKY NOTFJ*. 
 
 [('UAP. I. 
 
 (Soil •> of >l'» ■^'' 
 
 „ltc-t«Hl bv Olio witii«'H> at the l<'u«i 
 
 ,,...,1 ,„ ull..t..uM... u^ providod lor »» Horts. 8.. uud ol 
 ;ll:^:l.o'„.on, un.U tho .l,on.auvo o,,o.od l.v , Uo„ 
 
 ,4, Tl!o Sr!. u,>.iau,.u ,l...u.,I bo o.,.,o...;I .u .opa.^- 
 • rinuph- and numbered a.i.bu.o.i.allv. They .n-.' V 
 
 ' i 'and .nav adopt or ox-.udo all o. anv of ho p . 
 
 vl'ions .on.aincd in TaMo A in the iir.^. -l-»"'^' '" "" 
 
 Ai.t (Sort.- l^Jand 1 I of tho A(t.i 
 • !. Tho ■... lo- .UUM boar u U... >.au.p. and mu,l Ik. ..^n.o.l 
 '" '':; .uZn«..>... Ua. nK.n.on.ndun. oras.oc.aUon 
 
 Se l^oMhoAH., Ha,h .ul..nl,o. .lu.uldwn.. 
 
 0,1-;:- hi. M^nauno hi- addro-- and do,.np .on .So- 
 
 ■Zn t'H - Kaoh M.b>. ribor ....... m,m. .n .ho pros.m.. 
 
 ^ L 'n-"MS,na.u.o .nus, bo a.to^.od bv one ,v..no>< a. 
 
 Ill; (Sec. 12 of .ho A... S.. Fo,n, :-... <./.«. 
 
 ,6, If anv PO..-OU i. appointed by iho arti.lo-- a dnector ho 
 .; -t,'bofo.o tho a.,xelo. u>o .o,Mo,od. ..g« ---;;'■ 
 ",itin,- ... a.-, a. Muh ^.e.t. 72 of .ho A.., --e 1- onn 22J>. 
 i ',.,0 .utuK- .04ui.e the di.o.to.s to hold a sha.o 
 ::^ldi.a.K,n. ho n.u«.. al.o before .uch ....t.^on^ 
 ji.ho. M,b,..ibo tho n>e.uovandan. of assoo.ut.on to 1 > 
 "ualihcation or enter ruto an a.^xx.e.no.X to lako .u. 1. .,uah- 
 Ikation Ibkl. See Form .-.0. 
 ,7, Person- who huvo oon-onted ,o bo .liroo.or- shn.dd. ..-ulo. 
 .i..„inu an a.-... m w.i.i"^- -^ "''"ve mont.onod m,m. a_i 
 a:thori.y ,o lilo tho a-.^ou. .i.h tho Ko.M.trar. ,.o.. .. 
 of tho Alt. I 
 8. P.ena.o a li-t of po.-ons ,if any. who have consontod .,. be 
 dhtotor.-. a. by .o.t. 72 ,2, of .ho A.t ro,,unod. Soo 
 Form 2:U . 
 Q to, .. statuto.v .Uvlaration be made (if tho company is 
 *'' '1.e:ii.ed"n England, by a solicitor of tho Hi... Court 
 „,. -v-oil in tho formation of the company, or by a per.-on 
 uami-d in tho artiik- of a.s.ocia.io„ as a director or .e.-.o- 
 tarv of the co.npany. of compliance vvitlr the i-oqu.sr t.ons 
 of "the Acts in respect of rej^ist ration, and ot matter. 
 
I'KOSPKtTIJN AND N0N-PKO8PtX'rU8 (OMrANIFi*. 
 
 Si'i) Koirn 227, und 
 
 prt'fwiiiiit aiiit 111! id.'iiuil ihuicio 
 "Oct. I" C2)<j( I'JOH. 
 
 ^lOi Tuko llu' iiH' aiiiliiin uiiil aiiirlo-. oi' ii^^oi lutioii, anil 
 
 [>. tiltt., hifnn llio r.iiiM<iii« iFiiiiu 22Mi, aii<l llio idhsoiiI 
 \i'>i cKunii J.ll), ami (Icilaiaii.iii i Form 221). and onv 
 uffitH-iut'iit 111 lukc i|iialiliiiiiiiiii >liaii).s. lo Iho Keiri-ilrar of 
 rompaiiiu-. Si)rii<i-.'t Ih.ii-.., Siiaiiil, lor iOf,'isiiation. 
 to;f«>llici wall an aiilli.iiilv in wiiliiiM liy I'arji diroclor 
 to lilo his luiiMjiii lu ail and lo Uio his contract to take 
 qimlilieutiuu -haie.- I'a\ lo th<> Itogistmr tho reijuisito 
 I'ws on r<>y:i«liali(jh. ii.ini.'l\. ih.i^o li\ftl l.v Tahlc B in 
 the Hist SI hodnic lo the Ad, and the luhliiional foe of .>«. 
 por 100/. ol capilul imposed hy tlie Fiiiamo Att, 18"J'J. 
 
 ill) la di" fiuiM' liie ltc;,M>irar will issuo tin .eililifaH) ot 
 iiKnip.iialiuii .\« lo the ell.-ci ol wlii, h. .-, e miru. p. I't 
 el s)'(i. 
 
 >„ nnich lor toriaalion. I.ul in the rase hoili ot llie prospectus 
 •tmipanv and ot the n..n-prn-perin.s .onipaiiy the Ait presi'ribos 
 iinllior lOiidiiiohs whirh nuist Ik> loiiiplied with hefoio the .'Otn- 
 |iiiny I'uii I iiiiMieiiie lin»ine.s-. or exercise its Ipnrr.iwiiiu- powers. 
 
 These diller soniewhal. jis appears lielow: 
 
 In tip 
 
 I. I'm IVn,p.i,.fii- (•..ni|wi[y. In fliciaM- ..f a N'iiTi-pni-|nituhC„i,ii. luy. 
 
 \l 
 
 i'riiini' iii-.>sii'<tii> .if till' i'</iii|i:tiiy iii- 
 utii.).' sutwiniitiniis f(,r sKiirrs, takinyr 
 -piiiul f'Hri' to roniply with rM-ct'*. "J 
 umI sI iif ttif Alt. iOiil Ir.iviiiir line 
 
 nL'.iril til «i-rts. S.-. «„il M; iif tllr Alt, 
 
 .iMit lit Mil ti pri»^|i«M.tiis br jiriiitiii. ilufiii 
 h;ii1 M(fiii'il in iliiplii utr. .uiit.iiii it 
 ii-iNnK'Tit ttiJit it hti'* tuTii tiliMt. rinil hi' 
 ill i:ut tiliil in )iiirsu.'ino<' of wrt. so of 
 
 :iii .\i t. Afti-f t]i'- Jlliisprctlls Ii;(s ht'cn 
 
 hli'I Irt it hf ishiii'il. 1111:1 naviinr otitHiiied 
 u !■ minimiini subwiiptiou (mi^ r.tt't. S.i, 
 '••tni. p. 9 . lit thr ronipiitiy j^i to 
 iiljiitmint, and in iliii> I'oiirsi' file ;li<i 
 'iti'lai'iitiiin incntioncil in suh-s*'ct. 1 1 
 ■•f .lit. sT 111 the Alt, anil olitaiu llie 
 Ri ;.'i,«tr:ir's it rtitii atr unilir "uIi--. . t. rjt 
 ■ if sanip sortiim. that it is cntitlisl to 
 '■iimnH-nct' busine.s-,. 
 
 Fill up >tatt'nirutin liiunf prospii tuH, 
 
 tikinif upccial lari' t imply with Hrct. S j 
 
 of the Art. anil lit -mli "statenifiit bf 
 ilatiil anil -iitmil in ,ii lonlanii,' with the 
 -iiiil St itioii anil till' form sit forth in thr 
 Mi-unil whtiluloto thf Aiit ,iiit',;i. p. I'll-t;. 
 Afttr thi -tatuniint has httn tih'tl, Ktthe 
 niinimmn siibspription In- ol.tuinti], and 
 lot thf company tfo to allottnint, and in 
 duf course lilr tin tliilanitiou nn-ntiont-d 
 in ^<l>^t. S7 of thf Act. and obtain thf 
 RfKistrar'sivrtitioate. undfrsub-sfct. (2) 
 of thf samf SOI tiiin, that it is piititled to 
 fomnifncf husinoss. 
 
 Airordinn; to the latest Board of Trade return, the total number 
 of lonipanies registered in 1910 was 7,184. that is, ,",,4.^9 private 
 innpanins 1,085 public- ^vit'i a prospectus, and 40 public companies 
 "itli ;i statement in lieu of prospectus. 
 
 T2L.*^JBT*B- -••■.».-; 
 
 r^tW^^ypBE-SHMx::?- 
 
fi- 
 
 I'll -ji 
 
 H«pftrictioii- 
 on imuiiuj 
 ilirei turn. 
 
 Not cHpal'i' 
 
 ahaUnot U 
 uaiued, &( . 
 
 PKKLIMINAKY NOTES. 
 
 [ClIAl-. 
 
 Restrictions on naming Directors (i^«'t. 7J). 
 
 One of till) lir^l .sU'ps in tin; t'onuatiuii ul iv company is tlie clioifo 
 of (liio.'ois. With reioifiic.' I.' tlii- s,Mr. 72 of tlio Ai-t providui- 
 that: — 
 
 (.1.; A i.er.-uii >liu!l iiot hv iNiiJutile of l.-iii- appoiuU'd diirrtor of ;i eompiiny 
 l.y the articles, :init shall not bi- named us a director or (.rojio-.i-d dirci-Uir of a 
 lonipany in any prospertus issued liy or on helialf of the i-onipany, or ill uny 
 statement in lien of prospectus tiled l.y or on behalf of u eompany, unless 
 before tiie registration of the arlieles or the publieation of the prospei.tus, or 
 the lilinsf of the statement in lieu of prospoetu-, :•> the la'e jnuy bo, ho lias 
 by himself or by his ajtent authorized in writin^,'- 
 
 (i) sijfiied and tiled with the Uetristr.ir of Companies a consent in writinir to 
 
 act as such director; and 
 (ii ) either si|.'ncd the memorandum for a uumlicr of sharc< not less than his 
 i|iiaillieation (if uns ). or -i^ned and tiled with the Kcuistrar a eou- 
 
 trael in writintj t.. take from il jmpany and pay for iiis iiualiheation 
 
 shares (if any). 
 Vl.) On the ajiplicatioii for rcLristratioii of the memorandum and articles of 
 association of a .ompany. the applicant fliall di'livcr to the Registrar a list of 
 the persons who have consented to be directors of the company; and if this list 
 contains the name of any person who has not so consentivl. the applicant shall 
 bo liable to a iii.e not exceudin;? fifty i>ouiids. 
 
 a.) This section shall not a|iply to a ijri\ate company nor to a prospectus 
 issued by or on behalf of a company after the expiration of om' year from the 
 date at which the company is entitled to couimencc business. 
 
 Shall not be capable of being appointed director of a com- 
 pany by the articles . . unless. &c. These words, so tar as 
 the artieio- me uouconied, dual ouly with actual appoiutiuout. 
 
 Persons can still, it would seem, witliuul cuiuplyiiiy; with those 
 conditions, be uauied in the articles (thougii not in tlie prospectus) 
 as ■'propo.scd' directors, and a power can be inserted for someone 
 le.u., tli<> aubscriliers lo the memorandum ol association, or a 
 majority of them) to appoint such porsotis to be directors. If no 
 share ijualilicalion is required, by llic articles, a ikjisou can be named 
 as a director, subject only to the consent being si<,'ned and hied as 
 required by sub-sect. 1,1; i,ii. it i» uot uncommon for the quali- 
 fication clause ill the articles t,, u.xcopt the tirst directors from it« 
 operation . 
 
 Shall not be named as a director or proposed director 
 of a company in any prospectus issued by or on behalf of the 
 company, or in any statement in lieu of prospectus, unless, ' &c. 
 
 These womIs jilainly apply to a prospectus issued after the refris- 
 tration of a company, but il seems very doubtful wiielhor they can 
 be held to aiiply to a prospectus issued before the company's incor- 
 poration. Where they apply tliey cover botli persons 'lamed as 
 actual directors and persons named as proposed directors. 
 
UES rKlCT10N.S ON NA.MlNCi UIKKLTuUS. 
 
 If jio sliaie (lUiililiialioa is jreijuiivd, a diroudjr uiuv be luiiupil in 
 the piospeLtu,-., subject oiilv lo llie ^i<;niIl^,' .lud liliiio uf ibe cohmmii 
 as rO(|uiit'il by ;-ub-sect. (1) (ii. 
 
 Articles." Those wonU lelor lo the iirticles iii tone, wliothei \r;..l,., 
 iri llicii- .iiiLriiiul hinii or a> altered by s|i,.,iu| ir-.,hiiioii. S.^e 
 >ect. 2.S.".. 
 
 Or by his agent authorized in writing. W lieie a person i- Xgni. 
 iianioil in llic arli(.le> a- a diriTior tlic aiitliority under uliicii (hi' 
 ajfcnt ia auiiioii/od to sign must, if reciiiiivd. lie |)io<lu(od to the 
 Rc-i--tiar. and a copy lilod (seo note lo i-'oini 42, Uoaid of Tniiic 
 Orders. March 29. I'M'J). in order that lie may ascertain wlioilier (In- 
 statutory rec(uisition has been complied with. 
 
 Consent in writing." Tlii> m.-iy be a -.'[.aiale docunieni lor (■■n-.-.it 
 fill 1 1 .liiecloi, or several prupo-ed directors may . oucur iu one coii- 
 seiii See Foriii 42, Board of Trade Ordi'i-. Match 2'.>. litltlt, 
 Foiin 2.'8, infra, p. 606. 
 
 If preferred, an a--enl to sign iind tile can be ajipoinied thus: 
 I the underd'^ned. hereby authorize .Me.s-i-. . of . tn si-n 
 
 iin .oiisenl to act as a director of The - Coniiiany. I.iniiled. now 
 ati.int to be ro<.'istered under ihc Compaii.c^ ^ ( on-oli, la-ion i .Act. 
 i'.'iis. and lo lile .such coiimmh on niv bclialf wlili tie- b'c^i^i rar of 
 (■oiiipaiiies pursnani to <ec| . 7J ot ih.. .aid A.!. .As witiic my 
 hillirl tlii< - diu of 
 
 W here the director wi-^hes lo po-t|i(nie a- h.nj; a- pn.i>iblo the liliiii,- 
 of hi-^ coii.'^cnl, or i^ about to ^i abroad, he may in wrifin? .nuthori/e 
 hi-^ a^ent not only to ///,• the eotmnit. but also to nii/ti it. 
 
 Either signed the memorandum of association,' &c. If the 
 
 article, do not coulaiii any clause Je(piinii- a .inaliilration iu sli.ire., 
 the coiiditious in ..ocl. 72 nil liave not to be .ompliod with, but if 
 die articles contain -iicb a clau-e. t^ii; must be complied wilii. 
 
 Ill sub.-cribinjr the meniinanduni ot u.-otiation it mn-( be borne ji, 
 
 mind that a lirm (onlract i-; iheieliy constituted as from the m nl 
 
 •if incorporation to take and pay in money or money's worth bir the 
 shaiu.s sub,-ciibed for. and that the subxribei uili be liable, even 
 thuii-li the company should not becomo eii;iiUd to cimimenco busi- 
 iie>>, under .-ect. 87. Hence, if the directors subscribe the meuio- 
 i.iii'iaiii for their ijuiililicalions and then the company does not f!oa:, 
 'III? "ill. to the extent of their qualiiications. be liable to pa\ up. 
 c '/ to jiro\ide for expenses Itut if the alterinuiv is ndopi^-! 
 iianiciy, the filing-- of a contract, the jiosiiion of the directors is mad.' 
 <'.i.sicr. for the cmitract to bo hied may I>e made luovisioiial on ihn 
 ' iiipanv becoming;- entitled tcj conmiemo bii-iiie.ss. 
 
 liitliiTHit'iiMd. 
 
 ■H 
 
 -■M til 
 
 i *;. 
 
riM'-IIMINAKY NOTKS. 
 
 [UlIAP. 1. 
 
 
 iV.vi- 
 
 1 
 
 iJar; 
 
 ,„coo,l,-„l in n.f M.n.iM- ,.1 .. poi-ou iu^* a .li.v(tor in llu- p.os,H..lus ot 
 '. .oinp.MN M.,l N.'t ivo-i>loml. thn ,ontr..t slimiM, as tl..- eompanv 
 uill not !.f ii. .■^iM.■lM.■ lit iIm> tiiu.N !..■ mw.Ic uith Boino oiio as Irust.-e 
 ior the r.Mupauv. IlarlU'tf.^ n,^c. loth. l.",;. Tl,o li.-isl.ar. how- 
 .nor. aiipcai-.- to 1m. .aii-lird «ill. ill- lilinu' "I' an ins|n,ni..nt whirl, 
 l|0(•^ lint npciali' as a roiitrad. s<'f hlirn. Follil .■)il 
 
 Whcir ihr rnMliart i< In l"' tilc'l "I'i'r iiKnipnrallnn. .■,-/. a- a rnii- 
 
 .Jilioii pro. < I In naiuia- ^nni.' nri - .> a ,liiv, Inr in a i,.ns,M.clus 
 
 it >hu..l.l hv ma.lc will, Iho ,n„ipa„v itsHf nv wi-l, a .lalv aalh„r,«Ml 
 a<,'tMil (if llif ((inipauy. 
 
 Shall deliver to the Registrar a list oi the persons. Tlus 
 .s,il,..sLHl. Cii 111 l<'ri„s n.ily .ipfiau-s nil llic appliialini, in, i.^mMia- 
 lion of a „,.Miiura„.liii„ ./-./ >'Vi aili.l.'.s .,1 a-u.iatini,. a„.l :l,<M,.lnvo 
 loL-- liul appU In a onMipai.x «hi- h i.< ro-^tcvd witlioul aiU.los. ,..,,.. 
 where Tal.lo A is m applv. I'.-il.aps, Imuovor, tlio Cnii.t will ic.xd 
 ,n the «nr.l< -if anv" afirr tho wonl.s ■ aiiirlos of asM„iali,)ii. 
 
 The li>t is tn specify tlio i>eisnii.s who i,au> rnii.oiHi J to be dire, tnr.s. 
 aii.l i.s ih.'n.fniv iint in t.Mius .,mliiied m those who are appointed l,v 
 the ariide^. Il i.s appieheuded that a i,im-oii .aiinot he treated as 
 bavin- ,„n~ei,ted if his ronseni lie nion-l.v ( niidilioi,. I. r.,,.. if ii" has 
 signed a .on.sent in writin- tn a-t as a dir.-Hor r,.„dilinnally n„ ilie 
 oinpanv l.ein- iv-iMeiod with a .^-perilied ineinoianduu, and articles, 
 nr .onditinnally on a sperilie.l board beinp- ;,pp„inlod a.s the li.st 
 directors. If, however, Uio list is to inrhi.le Mirli per-nii-. il is appre- 
 hended that any eondilion should he slalod in it, lor oiher«iv a 
 p,.nallv would he inrui red under s„l,-M-,f. ^.Si. Th,' . nns,.„t need 
 not l,e"ii, writing: a verbal mnsent brio-.- the persnn t;i\ing it wilbi, 
 tlie iroid^. unless, as seeln.■^ pos=ible, the ,'on-^ent iiientinued in sub- 
 vert. 1 2) means tlie .signed eonsont referred to in paragrapii in >•. 
 the preceding sub-seetion. On the other naud, tliere docs not seem 
 to be mu.h obje.'t iu iilintr lists of consenting directors wliei, their 
 uritleii eonsent.s are alrea.ly on tlie file. But for the "=afe(y nf the 
 ;,]!pli(;,nt ft written enn-enl i.s desirabhv 
 
 The applicant is lo deliver the list to tiie Hegistrai. and this 
 statnt.nv .lutv the applicant must inuform. There is no penalty 
 lor not <lelivering the list; hut if tlio list contain the names of any 
 per.sons who liave not so consented, the applicant is to be liable to 
 the fine specified. See Form i-i. Hoar.l of Tnule (lrd(>r. March 20, 
 I (too, and Form 2.'ll. infra. 
 
 \3: This section shall not apply/' &c. This sub-.sectiou is of 
 ;^reat impoiiame. It enacts in ellect that the sei^tiou shall not 
 apply— 
 
 I a) Ton private company; or. 
 
MINIMUM SUBSC'UIPTION. 
 
 Til ii j)io-<peiniis i>siip«i l)y or on bolialf of a compivny after tlio 
 f'spiratioii ol' one year Iroiii tlic date at wliicli f)iP rompaiiy 
 1^ otilitlod )o i(iiiiiiioin(< liiisino-*s. 
 
 The Minimum Subscription is.e(t. sO). 
 
 Till' ;iliii-i', \in) (.DiiiiiiDU at one lime, ul' K'^'inp; lo allni iiiciil on a 
 »li(i||y iiiadiMjiialc ^iilif-ciiplioii Icil In the iiilcrfcicnrc of the l.ofjis- 
 jlniL'. aiJil M'li. 8."i of llip Art. iv|ilii(iiij; scci . 1 .il tlic .\i\ ol I'.tOlt. 
 iiiiw provide^ at^ follow^: 
 
 1.) .Nil iiliiiini" -h.-ill lie iiiaili' ul' any sliari' ■apitiil nflVri'il to the jiiiblic f'lr 
 ii'.--i-ri[itiiiii. iiri.r>> tlu' fdlluwirit,' ciirulit'uM)^ have lircn (-ouiplit'fl witii, nanu'ly, — 
 '^ 'I'itf anion, it 1 if any I tixrd Ity i!ic 'iirtii or ariii-ii-^. anil nunnil 
 
 H! lln- j.ri)-|if. Ill- as the iniliiiMiini .; .■m iipuii m liiili iiii' *iir('cr(n-s 
 
 may jirdt'ccd In ailnlniciit : ni' 
 '- i il' iin ainniint is m) fixrd ••iiid iianinl. ,' . rni' \\ linii' aiunnnt ol' ilic <liarr 
 (■aj)ital hu olft'iTil foi- sul)?icrii»tiim. 
 iia- I" 1 II siii!iiTil)c(1. ami the xiiiii ()ayalilc mi a|>|ilii'atioii fm- the aiiiuuiit so Kxi'd 
 ami iiaincd, or for tlic wholo amniiiit olVcroil foi- snl>srriptii>ti, lias Ikm'ii paid to 
 :inil [I'ccivcMi hy tin' roiiipany. 
 
 ■-'.) Till' aniiiuiit so tiNc'd and Mamcl and tin' wlinln amount al'oi'i'said shall hr 
 ni i.'iiH'd oxclusivcly of any amount p: yalile otlicTwisi' tlian in lasl,, and is in 
 this \i'T rrfrrri'd |:i as the ntiniinum siibscriiition. 
 
 i"i.) The amount payalilf on ajipli.allon on I'acli slmir shall not lii' h'ss ilnin 
 live ppr iTiit. of III" niiniinal anionnt of tlio sharp. 
 
 ill If the iiinditions aforis.iid liav(> not liii'ii compliod with on ihr cxpiralioii 
 of flirty days aftiT tlir lirst issue of tin' jirnspcrtus. all mont'y rcccivod frcm 
 appliranti for shares shall lie forthwith repaid to thi' appliiants v, itlnmt interest, 
 aiiil. if any ,-uih nloluy i.s not .so n'paiu »illiiu forty-iinht days after tlic issue 
 if tlie piuspeetus, till' dlreetorn of the lompany shall lie jointly and severally 
 li;;lile to -ipay that nnmey with interest at the rate of live per i-entum jier 
 iiiiinm from the expivatioti of the forty-i'ii.;lit days: Provided that a direetor 
 siiall not he liable if he proves that the loss of the money was ?iot ilne lo any 
 iniseonduit or nei^licenee on his part. 
 
 a. I .\iiy condition reipiirinff or bindinir any applicant for shares to waive 
 "I'lplianee with any re(|iiirpnn'nt of this section shall lie void. 
 
 I'l.) This section, cm ept sub-section (.'i) thereof, shall not apply to any allot- 
 Mil it of shurc, snbse'incnt to the Krsf allotment of shares olfered In the public 
 fnr siihseripfie'i. 
 
 "•' In M ase nf the tirst allotment of share cap'' d p.ayable in cash of a 
 
 •'■Mipaiiy which does not issui' any invitation to the public lo subscribe for it.s 
 -lines, no allotment sIi.tII he made unless the niinininm subscription (that is to 
 
 s;i_\ 
 
 'I'lie amount if nnyi fixed liy the meinoraniium or .irtidcs and named 
 in the statement in lieu of pros|iei-tus as the minimum .subscription 
 upon which the directors may pnieoed to allotment: or, 
 i'" if no amount is so fixed and named therein, the whole amount of thi' 
 share ea|)ital other thnn that is,sned or agreed to he issued as fully or 
 partly ]i:iid up otherwise than in cash, 
 lias b.cu suhscribed. and an amount not less than five per tent, of the nominal 
 niioiint of cMch share payable in cash has been jiai<l to and received hy the 
 "inpaiiy. 
 
 Sit,. 
 
 j\rt. 
 
 4& 
 
10 
 
 PKELIMINAUV NOTKS. 
 
 This ;*ub-.-C('tioii shall not apply U> a pri\ai« 
 has ulh>tU'(i any sharr^ or dcli'-ninic- hrl.trt 
 hundred aud eiirht. 
 
 ciMiipany ur lu a nuiipaiiy whirli 
 tin- tir-t liay <tf .Inly nin<'ti'rii 
 
 Spt^-iul po, 
 in '**'cti(»n. 
 
 * ; t 
 
 • ' ;■ i 
 
 III regard tu llie ulxivc ~l'i tiuii llie fulluuiii^' jmiiit.^ iiiii>t bi' liiiriie 
 iu luiuJ;- 
 
 ( I) It ai)|ili<'N to |)iu.--i.ioi til.-- cuiiiiiiiiiii-~. See .v«//n(, ji. !. 
 
 (2 I I( applios to ii"U-iiio.-j)i'(iii-^ coiiUMiiii'^. Si'e suiirn. p. .'t 
 
 {'i) I', <loc'.> 111)1 M|i|)lv III luivatc coiiipani*'.^. See \i. .'i. 
 
 (-1) E.\iO[)l as regards ])aragruijli (^ ) it Joes not app.ly iiiilo-'^ 
 t^harc capital i> uUcrod to tlio jmlilii' lor subscriptinii. 
 
 (5) It dot'-; not apply to a coinpaiiy wliiiii ollcr.s only dt>bejituri>.- 
 or debouinrc slock for piiblii' subscription. 
 
 (G,l It is nol conlined to au ollor made by or mi behalf of the 
 Loiu|iaiiy after im nrporalioii: it applies also, it would seem, 
 to au oiler made before llie incorporation. 
 
 The section evidently eonteiiijilales that the oiler will be 
 made by a prospectus. ^See sub-sects. (^1 i ond (4i.i liiit 
 it must nut too readily be a-sumed that an oral oUer would 
 not oonio within the section. 
 
 {1 ) Wliere it has once applied, and the loniimny luis proceeded to 
 allotment, it will not (e.xcepl as reifards para, i .'! ) ; apply 
 a second time should (he innipaiiy in;il;e ii soi'iiml (u- miI,^,.. 
 qnent oiler of shares 
 
 (8 i The .section prohibit.s allolnienl unless ihe inlniiiiui:i subscrip- 
 tion hiu? been eub.scribed for. and the sum {)a\able on 
 application for the sum fixed (which must iiot be less than 
 ."> per cent, of the niiniiii:il iiniount of the shares i has been 
 paid But subscribed '" here inoaus applied for — nol 
 taken: and as loufr, therefore, as the a}iplicalionis arc sulU- 
 cieiil. ihe diioctois lun make a.s small an allotmout as they 
 choose, so far as this .section is concerned; but. having 
 regard to seel. 87. the company cannot commence business 
 until the miuiiiiuin subscription is dllollcd. and until tlie 
 company is entitled to < ouimence Inisiness it is apprehended 
 that the contract constituted by the application and allot- 
 ment so made jnust be regarded as provisional onlv. .'^ee 
 sub-sect. (3) of sect. 87. 
 
 (9) The section leaves il to the partii-s lo ti.v the amount of the 
 minimum subscription upon which the directors may pro- 
 ceed to allolmeu:. They may by the articles fix a large or 
 small amount; but il must be borne iu mind that the 
 pro."ipcctus or statement in lieu of prjspoctus i.see 
 sect. 81 (1) (di, infra) Ims to specify the minimum sub- 
 .seription, and if au unduly small minimum subscription is 
 fixed, it may discredit the pompany and deter possible 
 
MINIMUM SUUSt'ini'TlOX. 
 
 II 
 
 .-iib»ciil)('i>. ONpeiiallx il im-«<|im|km-- rail all«>iitiull to tin- 
 fact and eoniiiiciit thereon iiuravdiiiatily . 
 (10) An allotment iiiade b} tliicctors hol'oio the iiiininumi 8ub- 
 stiiption is obtaiuud is voidablo. iiot void i^>oct. t'li), and 
 may be avoided by the alloltco al any lime within one month 
 after the statutory nieelini.'. hi the iMse ol a eompaiiy lu 
 which tiie stutiiloiy inoeiiiiLr t^sect. (i.j i do<>s not apjiK tlicn^ 
 is no limit of time on tho Hllottee'N li^'jit to repudiate 
 S<e Fiii/uirc mill /.v>((c, l.hiilti'il v. ('iiiiitili-iii I'lmliici' t'urp . 
 ( r.KJj) I L'h. .i", luoie fully releired to iiMilei- seel. Sij. Tile 
 allottee only, and not tlie eomiiany, is enlitled to repudiate. 
 UuiloH V. lieraii. (l;t()8) 2 Cii. 2K). Coii-iderinir that the 
 ^e(■tion ul)tiolutely prohibits allolmenl. e\(e[)t under delined 
 condition-, it niij,^ht well be held thai non-compliiiiice 
 rendered the allotment void, e.\ce|)t in case.- comin^j within 
 .sect. 80 {hifiu), where the company is one which must hold 
 a .slalutory meetiiiir. that i- to -ay. a company regiittircd 
 after Det"jml)er .'U.st. 1900. 
 ( U I Thearticle.a may fix the ininiinum subsci ijnion " at a.-pecilied 
 number of the .shares or a specillod prccporlion of the .-hare 
 capital or ai a specilicd percenta;^'e or picii)oilion of llie 
 shares oUered to the public fcjr suliseriplion. Wtsl York- 
 siiire Darraai Aiiciici/. li.") T. L. U. 77. 
 (12) The section applies nol only in the case of a ioiu[)aii,\ which 
 issues a prospeclu> in England, but to the case of a c onn)any 
 which issues a ])rospectus abroad. Jtousaell v. liuniham, 
 tl'JO'Ji 1 eh. ll.'7. In that case the coni|)any had i.^in'd 
 in France an abridfied prospoctu.s not statinj,'- the minimum 
 subscription. The plaintilf, ii Frenchman resident in 
 France, subscribed for some shares and received an allot- 
 ment thereof, but tlie minimum subscription wa- nol sub- 
 scribed within one month after allotment, lie sued tho 
 company for the return of what iiu had paid, relying- on 
 sects, t and •"> of the Companies A 't. 1000, corre.spondinc,' 
 to sects. 8.". and «(! of the Ac- of IOCS. It was held that he 
 was entitled to recover, and ilial. in his case, 'the pro- 
 spectus" in .sub-BCcl. 4 i8.">) ,. i> the defective prospectus 
 ou which he subscribed. 
 
 W here the minimum subscription is fi.xed at a small amouut, the 
 prospectus sometimes seeks to justify the Cxing of such a (ipure. or 
 endeavours to anticipate adverse criticism, e.g., by some such stalo- 
 ments as follow: — 
 
 The minimum subscription is fixed by the articles of association 1 
 
 *t per cent, of the shares olleied, but the directors do not ]iro- 
 
 ()o.so to allot unless what they consider to be a suUiciout subscription 
 is obtained." 
 
 .illUplc 
 
 Ii I 
 
 m 
 
 1 t; 
 
 ■ t 
 

 11 
 
 Hf^ 
 
 ■ ^ . ^ I 
 
 
 \-> 
 
 ortiT f. til. 
 
 publi' . 
 
 PKKLIMINAKV NOTE.". 
 
 rCHAP. I. 
 
 ■' ilaviiip rofrard ii> ilu' ■•iiiii^t'ii; iinivi.-ions of stn-t . S."! of llie 
 » Companies (Coiifidlidiitinii i A(!l. lliKS, (lio iiiiiiiinujii siil)sii'i|iii<m lia'< 
 liy the artick's of a.-sioiiutioii been lixoj ai a iioiriiiial aiiioiini. iiaiiiolv, 
 
 per If lit. of the sharos otlcn'd: but, liaviiiij i-euard to llio amount 
 
 iiiidorwrilloii i)i' to llio in.Tj'iiinido (jf the uiMli'itakiiip;^, llio diii'Ctor« 
 liiiM' lO'olvod llial a rorisidoialily lat'orr siil>^iiiption i-; rccjiiired, 
 iiid will CNPici^o tlit'ir discretion aciordinnlv ." 
 
 I.ookiiiy; III llio fart thai llio vPiidor^ aif uillini; lo Mili^niiie for 
 • ii.iri's to sill li I'MiMil, iiiit I'Mi'oiliiin' till' rasli jmrtioii of ihi' )iiirilia.so- 
 Mioiiov. a-i llic luinpany may inniiio. the iiiiTiiniuMi milisciiplion has 
 iiooii lixod at loo shares, iliiis inakinir it icriain lliat tho i oinpany 
 will proceed to allmimnit." 
 
 Th<! amouiil of llic miiiiinuiii -iii).»criplioii may lie maiod oitiior an 
 -o many sliaies oi' .so many pounds, or as a speiitied porceniai^ of 
 what is ollcrcil for .siihscripiiim. ll'c.sY Yorl'.'^liiii' l>airnc(j Ai)f)tci/. 
 \V \. il'Ml.Si i'.;(;. Till' ^lalcitioiil iinisi do express I{oii^<pIIx. 
 liuinluDii. I I'.MC.ii I ( li \T, 
 
 Wlial i^ ail nilcr lu ' nii; I'l liiic ' rciiiaiiis tu i«.' scitlod Tlie Act 
 •oiitains III) do'iiiiiiiiii. and an olfer ' to the juiblic " is not a technical 
 expressiiiii; it Nlioiild therefore he read in its popular sense. Now, 
 in ciiiunion iiarjancp. an nlh'r lo the public sioniiies an olfer made 
 tiy advertiseTiient ur riniilar In the (jfeiiiMiil public or sc)mo sccfion 
 iheicnf. a^ ilistiiii;iiislieil from an olVor made privately, tliai is, to 
 I select am] small circle of friends, nstomei-s. or i oiineclioiis. Tims, 
 where a liiisine-s is converted into a pri\ate company, shares offered 
 by the vendors to iheir frieiuls, ri'latinns. nr to si>locteil ciisiomerM, 
 have mil hitherto been reuardeil as bavinur been olVeiiHl lo the public. 
 In -iicli cases il is lummun m amioiinie publicly that ' none of the 
 -luires \ull be offered to the jiublic, the wimle iKivin;^' been taken 
 iiji by llie vendors and their frieiiiLs and customers.' 
 
 So, too, if a roiupany i'^ formed by tlie members of a club to provide 
 I. house for the club, and the offer of shares is made er.clusively lO 
 members of the club, it would not in common jiarlancc bo termed an 
 lifer to itie )>iiblic. .\i>ain. an olfer by a comiiany of further shares to 
 it.s own shiirehiilders, Imwever niinieiniis. is not leirarded as an offer 
 10 the pnlilic. but as a domeslic Iransaclinn . 
 
 .An iiO'er by a jiromnter to a few of his friends, relations, and cus- 
 loniers was held in a Scotch case iSlrifili v. (llosfioir mid Trnmtnwl 
 Oplio>ii. V . 120. Ct. of Sess. I not lo bo an olfer lo the pulilic 
 
 So where a syndicate had had a prospectus printed mniked 
 "Striclly private and conlideiilial: not for jiublication.' and some 
 if the directors sent copies of it lo their friends. Shrriri'U v Cniti- 
 hiiKtl I iiriiiiii4-srfiit Moiitlff! Si/iiditnti'. '2'A T. L. K. 4S2 
 
 -Vii uil'oi', iO'i. upon the reciinshiiclioit of a cin!i|)any. "f rharo^ in 
 the new company lo members of the old company in respect of their 
 -hares in that company is not an olfer to the public. Rnnfh v 
 \V(/' ,\i>irni>rl4'r fn.i lilO.'fi 1 ( h 20.V 
 
MINIMUM SUBSCRIPTION. 
 
 (»ii llic (ulici liiiiiil, wlu'io a prospcciii^ iiimkiMl ■ I'ruale iiiid nm- 
 liiltMilial " wu» lilfil Willi tlic ll».'j,'istiiii' of ('oiii|>;iiii('-. and not i'\- 
 .t'tJiii^- -l.tJOd coiiit'^ wore issued liy the pioiiioler to sluiielioldci - 
 ill leilaiii fius coiiiimiiies in whi, li he was iiileie-led. it \\;i^ held liv 
 Eudv. I . lliul it was an oiler lo the |)iildii- Sontli of I'.iniliiihl 
 
 y,iiiii<in;,is. tif. ( ().. Oi'ii.i 1 <'h. .">7.!. 
 
 The ollei, to t uiiie within the section, niiisl, il lias I i said. Ih 
 
 au oiler hy the coniitaiiy not an oiler liy some iiidi\ idiials. Iml Ihi- 
 i- not the ra.«p. for the section I'milie^ lo every jirospedns is^ui.,! 
 li\ or on heliail' of a cumiiaiiy or by or on liehalf of «/(// pernitu trim 
 ig or liu.s hfcii riiiitifii-d in the fori.ialion of the coiniiany, and sect. 8li 
 
 |:riivide- for iiliii<r a prosjiectn.s ■in relation to any intended < - 
 
 paiiy.' so thai shares may eloarly lie ollered to the |iiihlic thoii-li 
 the olfer is made by a promoter or director and to a limited ciiclc 
 
 The test .seems to be this— is there a snilicient subsi^iinjr < oiiiieclioi, 
 
 betnroii the company or the jiersoii makin-r the oiler I the |ier.soii- 
 
 lo uIkjiii I he oiler is m:uJe as friends, customers, or co-aiJvenlurer~ 
 ,vc . or are the jiersoiLs men' oiit.siilrr.'i .' If they are mere outsider- 
 llie elicr i- an oiler lo th<' public, and in such a cas(. ih.. laci that llic 
 oiler is made to a limited circle r.fi . to the members of a sinirl. 
 coinpaiiv I not beinj.' the company ollerinjr its .sbares. or on whos,. 
 liehalf ihe oiler is made i. or to the lueiiiber.s of a few (ompanies 
 ur lo the niemb(>rs of a particular prol'e.ssion. or to the investors ji, 
 a particular dass of compunios - or that Ihe jirospcctus stales iha' 
 ,1 pieference in allotment will Iw j;iveii to a jiarlii ular -lasH or seclioi 
 "f ihe public, does not make il the less an oiler lo the public. An.l 
 1! i~ apiiiehended lliat ihe nier<' fact thai an oiler is mafle bv ciiculai 
 uddros.sed by name to a number of persons dcn.-^ noi ,if itself lake 
 il onl of tlie calev'ory of oilers to the j)ublic 
 
 111 IhorDir.i v. Mdl'ibrlc (iohl Hn-fa. ( lilOl i i> ( h i>;!. 27 i overruled 
 h.v inidrr V. Dcrfrr. ( I'.tOlii A. C. 474 i, Farwell. .!.. appears to liavc 
 thoiiirht tha' the terms of .sub-.soet. (,4j of sect. Il) of the .Vci of I'jui 
 providing- that the seiiimi 'shall iint apply lo a cin ulai or iiolir,. 
 liivilinti- e\i-liii}r members or debenture holders of a coiiipam lo siib- 
 -cribe for fiiiiher shares or debeiilures," niiiiht be trenled as a '•clue 
 In what was meant by Ihc word public." not only in rhat. bul in 
 olli.'r -eclioiLs. And some jiersons have as-niued thai ihe learned 
 iud-e meant lo siin.„est that every oiler of shares, however pri\at. 
 or dome-tic. i.s to Ik> refrarded as an oiler to the public, unless ij,,. 
 "Ilei is made to ihe shareholders „r debenture holders onh: bir ii 
 1- more than doubtful whether his l,,,r(Miip iiieani ihu- lo iuii..||Hvi 
 die word public" throughout the Acl. and in any case it is siib- 
 uiitled that siidi an iufereuiial delinilion of Ihe word as i.>oa,d- 
 -il.c. s<.c.inns o!,.-h! n..t m !«. ad^vpfed. ta; because ih,. dciiniii..,. 
 (lause of the Act dn<'s nnt ihus deline the lerin ' oiler lo Ihe jubli( ■; 
 and (hi because the words of sub-.sect. (4) of .sect. 10 i Act of I'.IOS. 
 - SI laieeonliiied l,, lliut .-edioii ; and Ici because ilius to i-ousuue the 
 
 u ' 
 
 If- 
 
 .fs.i'&r* i>'i3R "' ; ■ 
 
14 
 
 PRKUMINARV NoTKS. 
 
 (.'IIAP. I. 
 
 {! ■- 
 
 words would be to depart without .s\illi<ioiit reason from ihuir plain 
 
 liiiiiirv iiioaninir. And iseo iiijr<i. \>. -81. 
 
 If a prospoftuN addref->od to the jjeiicial publir. or to a •<efiion of 
 th > public, is published, that no doulit coiistiliiies an olFer to the 
 public, even though none of tlie jMiblir cuinc in. Tlii'io i^ no ohlifra- 
 tion to allot to the public; all lliat i< rvipilMilo to brinp;' the case 
 wilhin the ^Ol•lion is ihiit tlnTc shiill bo an ollor. but |)o>>ibh' if 
 this oiler is maile without any iiiicniion to lot tho public take up 
 any of tho pharos d g.. as where all tho shares were already taken 
 lirni;, it miglii bo found a^ a lact That there was no real oiler to 
 tiio public. See furlhor as to litis, ilic jioles to sect. S'.t of the Act 
 ol \\MA. infra, p. 279. 
 
 The prouiotors. befnrc u|i|il\iiij,; for the ii'ililiran^ to ( oiiiiiiou c 
 liii>MH's> under .sdi. H7. iilini. p. l't>. have l<) dctciininc wlicthrr t<v 
 not ai! oiler ha- boon niado lo iliC jniblic. for tho ap|)liialiou for a 
 certilicato that tlic lonipajjy i- onlilloil to loniinonio business has to 
 be airoinpanied by a staluloiy dodaratiotj si;i(inj^ the amount of 
 the sliaio lapital ollored to the public for fiubscription, unless, indeed, 
 the coinjiany lilo« a statement in lieu of prospectus. See Form 2'!2a. 
 
 Tho foliduin^ iiirics ill oliii idation of e\|)re.ssioiis in ^oi.t. S"> mav 
 be added: 
 
 it. 
 
 i 
 
 tor .--uh- 
 H''rij»ti'tn. 
 
 Mnb«^ritK.<1. 
 
 For subscription." The term, offered to the juiblic for sub- 
 -' ription." evidently inc.ins an ollei of unpaid sbiires nhich is to be 
 ■accepted by allotment, for the section i.s dealinir with and <pialifyin^ 
 the right tu ptoceed to allotment. TIence it would not seem to apply 
 to a ca.s.> in uhicli tlie lojupaiiy. a! ilio roipu'-t of (he vendors or 
 promoters, oilers for public -ale fnliv paid u)) shares to whicii thev 
 have become entitled. 
 
 So also wliere on a reioiL-triiclioii paid up or partly paid up shares 
 ill tho now company are otlrred tu the sharelioldors in tho old com- 
 |':iiiy. iliat \v(juld not appeal to be an olVer to the public 'for siib- 
 -'■M|)lion." 11,11/1, \. \,-ir Africdiidi'i- f-olil Mhiilh] Cn.. llOn.'ii 1 
 Cli. 20."). 
 
 Has been subscribed, &c. .Vs no allotment i> in be made uniil 
 llie specified amoiml has l>"on subscribed, it luliou^ tlial ' ■.lib- 
 scribed ■■ here means ap[iliei for, and ilo<'s not mean iipjilicd lor ami 
 Hi ken lip. 
 
 If. then, .">0,0()(t 1/. shares are li.\ed as tbc ininimuin subsciiplimi, 
 and .'lU.OUil shares are applied lor and I.s. per sjiare i i.e.. •"> jjer cent, i 
 lias been paid up on apjjlication. the company may pro(ecd to allot- 
 ment of the whole or anv part of tlie shares applied for The section 
 does not preclude allotment unless and until tho allotment comprises 
 ihe mininmm subscription: it contains nothing to prevent the 
 liroctors from g-ning to allotment on less than the minimum sub- 
 
MisiMi'M siiHsciariioN. 
 
 \:> 
 
 Miiplioii, it' onlv liu" iiiiiiiniiini Nubs<ii|itiipn Im" Ikmmi iipplied for and 
 ilio appliintioii iiidmov li;is liccii p.iid ii].. '|'liii.-i. Mi|i|M..iii^r (l,nf the 
 iiunimiiiii Milisiriplioii is .',i).()0()l. a,,,) that .iO.nOd/. nf sharo-i Jiave 
 ho.'n npplird for. Tho diicctors can at once, if thny chooso, go to 
 allotmGiit ns rcfrnids tho .".O.OtIO slmnw. or iiiiy ]iart theivuf; but of 
 i(iiirs<> thi\v iiiii-it liciir in mind. Toirard hciny ha<l to sopt. 87, thai 
 they will not ))0 ahl»> to .ornnMMico hn^inoNs iin!il tlii< full ninonnt 
 .f tliP niiiiinnmi suhscription ha> Ih-.mi iiUnttrd: and, what is nioro. 
 lli.il the lonfracts for llio l.ikin.,' of il,,. Hharcs a.lnally alloltod will 
 lip provisional onlv Spo si mi S7 i :!). 
 
 The sum payable on application .... has been paid to 
 and received by the company." Tho sum must he paid in cash. 
 11 I- iioi PMousrh that tho money has been sent by cIk-.iuo in the 
 wnhrinry way, for the ehequos must be rleaonl before tho allot- 
 Hirnl (an he properly made. Manx v. Wr^lrrn I'niiwl.t I'lilp and 
 r.iprr Co.. ( IIH).-,) 2 Ch. 127 iC. A. i: Xufional Molo, Mail Coach 
 ( ■>.. I I'.tim) 2 Ch 22H; Ihtrton v. lirvati.. i I'JOH) 2 ("h. 240. 
 
 Exclusively of any amount payable otlitrwise than in cash." i;,ciuM»fiT 
 I uii-ideiinf,' that by the word.s ut the eomnionconient of tho s,h tion its 
 
 il.piuliou is limited to shares • olTored to tho publifi for subserip- 
 ;i<in ii is not oa.sy to understand tho above words. It is not allow- 
 
 iliie to go into tho history of tho section in poramiltee, or to refer l.. 
 ilie discussion in Parliament. The intention must bo gathered from 
 !lie words of the section. Perhaps this ran best be ascertained bv 
 uadmi: into paragraphs (ai and (b) of sub-sect. (1). after the con- 
 
 ludin-r nord, tlie words such amount to be reckoned e.vclusively of 
 my amount payable olherwi.-e than in casli." fn the result the words 
 rrohal.ly refer to shares to be issued to vendors and to s|,,,rcs which 
 must he taken to be made payald'- otherwise than in cash. r.rj.. bv 
 the tr.ui-ier ol sliaies in or -vuritii", oi anotlier companv. or ,. titer 
 ■'.]Mivalciit of cash. 
 
 Five per cent.' Thus, upon a 1/. share, the amount pavable on in,. ,„., ,,,« 
 '! [ihcaliou must ho ut least \x. (whereas before the A.-t it was yvvy 
 ""'"lOMly 2.9.). and so upon a 10/. share the amount payable on 
 'I^I'lication ,eed onlv be lO.,-.. xvheroius it is very commonly M.. or 
 "I'Tc. prr share. 
 
 If the conditions," &c. Looking to the very onerous provisions „■, ,„„ii,i„u. 
 ■I suh-seet. (4). directors will do well to take tho utmost ,aro to 
 ■ ■"elude any danger fo them-elvcs; thus— 
 
 riicv rn.ay (ix the ntinimum -.ir=mp(ion so low that ihi.i,. vmI| i 
 
 practical certainty of its being obtained, regard being hatl to 
 underwriting and to what tiioy themselves will be prepared to 
 do towards making up any deticiency: 
 
 mi] 
 
PKKLIMINAKY NUTKii. 
 
 [ClIAl'. I. 
 
 II 
 
 The} should tuke cur*' that tlio apiiliiuiioii uiuiihn ii iiiailf iiuyublc 
 into a sound bank, that it taiiiuM \»' ilr.iwu out «ilho..! Ihcii 
 lirivity and coiimuiI. and that il i" <Mi-iiiaik<'d : 
 Tlifv vhduld take cart- that, until iho niininiuni kiiI)n. lipiiun i 
 (ililained and llio appliialion nii)nc\ i- paid in. ii" part of llw 
 application inun(>\ i- paid out: 
 II' williiii foitv-i'ijrht (la\~ the luiniinuni .-iili-( liption i^ not oli- 
 UiiMf<l. and thf appliiatiiin inont'\ .Niti.-licd. ihcv will b< 
 enalih'd at oiuf to ii'p.iv thf application uion(\\>. 
 Tilt' iieiiiid ot loH\ - iMii.s I'loni the ' first i'<ii(c ol \\tv pio- 
 
 ~pc(tus." wliiih i- a, p. :> . unit'*!' tho loutiavv ln' pio\f(i. Iln 
 
 date of llic i,r(i.^ii<'<tii.i. ><•(■ ItDtisurll v. Hiiiiiliam. (IW>'J • I < h. 1:27 
 Seo also .sfit. 80 r2). and the notes on that sciiioii. iiifiit. 
 
 Thet-e pi-etautioiw arc lU'icssary i)e(au-i". lookint; to ■iuli--iMl. ^4i 
 il is appiflitinded that the appliiation iiiomcv i« -poi ili.allv appro- 
 priatfd lor ri'liirii in tiio t'\eul nionlioncd. and. until tlial fveiil 
 does not lieconm llu- ab.soluli.' piopcrtv of tin' . onipany .\( i ()rdini;l\ 
 MonfU'H \ CirMxi'i/sCu. (1 \-J\. t;'.'>' will nolapidx 
 
 
 Kttc. t nf 
 iriovulai 
 
 ali'itriHiit. 
 
 Any condition requiring,' &c. Thcso word- jiiol.alily n-fcr i. 
 a londilioM in tlio pro-pocln-- or in ilio form of appliiiiliou, but tin 
 \vord> would not ai)[iear to preclude a fresh contract by the applicant 
 for, althon^xh tho words at llio coninuMiceinent of sect. 8.'> » ' no alloi- 
 nieut sliall !«• nuidc "; are very einpliatic. il i-s clear from sect. 8tJ tlia' 
 ihey do not make an allotment iu contravention illcfinl. for (^ect. 8t: 
 e.xpressly piovides that such an allotment is only to be ' voidubh' ai 
 the instance of the applicant within one month after the Btatutor\ 
 iiieetiug." Suppose then that the minimum subscription is noi 
 leached, the directors can send out a circular statins: tlio fad, ami 
 proposing a uioditication of the sclieim which would render a iiiinli 
 >maller subscription sulliiient. and ask applii,int,s to sijjjn a lie^li 
 application for shares, and aureeiiii; to waive sub-sect. (1 1 of sect. 8."i 
 and suli-.",ecl. i 1 i of seci . 8(i: or. iu the alternative, the director.s ini-ilr 
 -end out a circular staling- the fads, and proposiuir a modification in 
 their -ciiciue and the adoption, by special resolution, of a rednccl 
 minimum subscription, and enclosing a fresh prospectus alK'rol 
 accordingly, and then ask the parties to siyn and send iu frol 
 applications with reference to that prosjiedus. 
 
 Dillicnltie-. however. Iie'sel each of these course-, and they leiidci 
 it very desirable that a company should make sure, as far as ii 
 jHjssibly can. of obtjiiuiny: its niiuinmm suliscri|ition. The consc- 
 i(uence- of disre<;ardiii>; the statutory reslriilions on ^i'oinp: to alloi- 
 ment are stated in sect. 8(>. as follows: — 
 
 Sect. 86.- (1.) All allutmeiit made by a oniiiiiaiiy to an a|ip!i>aiit in contra 
 vcntioii (if the last forcuninir s'^ction shall he voidahle at the iiistanee of th< 
 ;ili).li.;iiit. within one nicmth after the holdinif of the statutory ineetint' of tin 
 
 i 
 1—-- 
 
MINIMUM siritsirKIITlON. 
 
 'I'"".*' :"iil ""' laliT. ui"! "Iiall Im *, M,i,l„l,l,. iii)t»ill,»tan.lint; 'li.'t ll"' '""i* 
 
 l«iMy 11 ill I ■icir»c nf luiii^r wiiumi up 
 
 ■ ■J. If liny (liri'itiir .if ii riiiii|.:iny knim iiuj-ly ii.ninp in-. ,,,■ (KTiniH or 
 .iiitl,..n-,-, Ih.' <i)iitriivciili..i, „f ;,i,y of tlir |ir,,vMo-M [of -,.,t. s", j « itl, rri|MM-t 
 I., nllotmint Im' «liall I.p lialil- to .■om|„.|,«,it(- tho .oiiiiiaiiv and llic iiMoit,... 
 n<i.(.tiwly f.ir any lo>». ilamuKr.. .,r .0.1, will, I, tlir .oiupapv or tlio iillottw 
 may lia>i- Mi^lniiiril or iiiiurri'il tl.ii-.l.y : I'ro.Ml,-,! that pio, .riliu-, to n.i.vn 
 
 -11. Ii lo... ,|amaf.'r., „r >;,.u ,|,.,ll i,>,| I,-- ,. n,,.!,,-,,! afh-r Ih.' . \,,ir.,tini, of i»,. 
 
 iiMl> flcriii (III' (late of till' allotllirhl 
 
 Voidable at the instance of the applicant. Am alJMiiii.'iii jn V, 
 
 .Hiili,U('iili..ii ,,|- >,.,!. H.-, i.- iiui \,.j<l. Inn iiii'i.'l\ Nui,!,.:,!,., Tlio 
 iliMiiiilinii hctwcf'ii vci.l aii'l \Mi,l„|,|(- coiiliacls i^ ucll re. u-ni/cl 
 W'Ui-iv ihf <uiiliii(l i> v(;i,l iJioK- is 111, iniiira. I in ■•.iMoini-; 1ml in 
 
 '!"• '•' ' " vuiilalilf Kiiil.ai I tiii'if is a niiiliai'l. ami allliuiioli ll ai 
 
 MMiiiail i- lajiaMo «( lioiii" a\oi,l.'il. ii is valiil ami liiii.liii^ iiniil 
 ill-Mliiallx a\(.iil(il. Sec (>,iLi:s \. Tilliiiluild t I.. H . 2 U. I.. .:.>;, 
 illi . ill which l,nl,l Ciiollil^lolll. I. (■ . ,.ai,l: Tll.' rii.lillrlinl, 1 o- 
 
 luooii M.iil ami Muilahlr mnlnicl^ i- one uliiili uill 1„. j I mm \ 
 
 iicii-s.iiv ic. Ill' Im.mic ill inimi „|„.|i v.f ((iiiic to iiniMiliT llir U(,i,i- 
 ■I till' Cuiiiiiaiii.'- An. IHi;:.'. ii|h,u «lii.|i lli.- .,ii.vsii,,ri .ll OaK,..'- 
 li.il.ilil.v uill iillimatrlv i„,ii It i. a .si'lllci nili> nl Ian. a^ CnMiii,- 
 i-i:. .1.. -aid in ( h,ikc V. /»;,/,.„.,/ , !•:. H. A Iv I 18 . i|,al a ci.itia,! 
 inilii,..,! l,v I'laii.l i> iii.i xui.j. lait vni.lalil." .nilv al ihr i,|iii,iii nf ih,. 
 j.niv ,l..fiau(l.'(l.- If ii »,.,|. ollioiui-.., ir a idiilia.-l jii.liir,..! In 
 liaiid ».M.' void, thfic would Ik' an I'lid ol' the (|iii.-(ioii in il.is .a-.', 
 i"|.iM-r a (ontia.t void in iusi-lr ran have no vali.l Ii.'oinnm-. .mil 
 ":iKi- i.i'M'i would have bri'onic a .Hlniichiild.T of tlio (oin|un,v.- 
 lliMHo if an ajiiiliianl I'nlill.'d lo avoid on llw o-,-,,Mnd tlia! 111.' alioi- 
 iMciii ua- mad.' in coiitiavcnlini, of ,o,.|. H.", d,,,- no' in lad avoid iiio 
 ■ "filial t williin one nionlli alici- ilif lioldinn- of the -taliiloi x ninciiiiM. 
 Ill' l'-i'> his ii.,r|,( „, ||,.,|„, i, ^,,j I „^, ii^^^i ,^,,„„„/. .j,„| r,,',.,|,,,,. i, ■[, 
 ^i||ii"li(iid.'d thai il l„.|..i,. thr .•'v|iiialion of thr nionlh la- .loots 
 "i.'"l'ii^<"^ill.\ lo alhini thr . oniiari. 1... will 1,,. ,.sto,,pod fiom si.l.s,.- 
 ■|"'""l> avnidin- ii on mi, I, ^!,,i,n,l. |,„ thai is <Au- -ini.Mal nili. a- lo 
 ^■■ldalll.. ,-,,niiMi-l.s: ;„/;„, ,,|,. n,,; |.,7 -i-hn-. if ih,. alioii,,., al.iM 
 
 ■h-ovciv thai anuMotniont has l„.,.n niadi' in .oniiavtMili .f «.-,. 
 
 liiMN ll,,. ,,,nlra, I us snhsistin- ,.,/.. I,y cn.lfavounn- to .s,.|| thi- 
 ^l|.|l,.s ,/:,• ;,,„■/,. /{,/,y,,,,, I i.V| ,H^,_ 1,^. ,,x,.,-iilinL"a tiansfoi- of the 
 diaios iCanrI,;,-., ,,„..<', 1 Ih. ■.'.•2-><. l.v ,,avino- .alls 01 in,|aliiKM,N 
 "I- M'ecumg- ,livi,l..nd- 'S.lu,lr;i v. < ,'ii1n,l Had. Co.. 'J K,,. 2<;ti, 
 A,,/ v. Frr.hnhl Im,i,I < ,,.. I K,,. ,-,SS; ami Sl„w„i,nry rirw. T.'. 
 '. I ■■:«••. I. or Iiyalt.Midin- and M,lin-at a <:cncral nii'.'iiiiL; in jm.!,,,], 
 "1 l'\ prow i.shariiU'i/ v. I.n,ith. ,i,-. ( .^C. I), lif,:'. , . i,,- may lost- 
 ■''- Muas III av.,i,i li,.- ollolni.'ni ,>,.,•. fiirilior. hnrn. |i. I<,i;. 
 
 It IS inn iieccssaiy tha' ih,' ai)pli,anl clciinu lo avoid the , .niiraii 
 iiNd.T SCI. 81: sln>ul.l take a, lual ioo-al ,)r.i,-,.odiii^rs lo avoid the ,.m- 
 "•I" within the month. \oii,o ,,f avoidaiifO followed by i)romi.i 
 
 iM.'iM. 
 
 -*■' • ;jl 
 
 !i' 
 
 'ig 
 
IS 
 
 PRKMMINAKV NOTES. 
 
 [ClIAP. I. 
 
 loj{ul |iiii<<'i'«liM!.", lliiiiiuli allJ'i' the luiiiilli. i.>- "iilliiii'iil Hi- .\iiliiiiiiil 
 Motor Miiil < iHuh r„ . i HioNi •> fli 22« 
 
 It i- oulv llic u|Hiliiiiiil wild if* (Mitillcil to iivoiil the luiiliiicl. Tlu' 
 ruiii|iiiriy rumiril iii«i.st mi ]lilvill^' bii'k iho iippliiiitinii mniicvs. lur 
 llu< u|iiili(aiil iiiuv piclfi- to ki'f|> tlif .sliiiroM. Hiirlim v. Ilrvuii. 
 1 liMlSi 2 eh. 2»tl Hut ill ^'Uih a <nj<t> tlio linl rlial tin- iipjilic ant 
 kccp.s tin- .-ihari-H uill not (lisciililli' liiiii to his ri'iiicd.v a};aiii.«t tlir 
 (liioctois wlio liavf kiiowiiii;l> i initiiivoiiod " lln' wctioii. the liijlit 
 to roiiipcl them to make '^iHxi the los^ (M'i'a>*ioiii'il to liini li\ ihi' 
 irn';julaf iilloiiut'iit Ibid. 
 
 M^itutolJ 
 
 ■ The statutory meetinq. " ''I'f a- to ilii*. ^•■ii t>"i of Act of I'.his. 
 hifni, Appi'iulix. 
 
 This iiit'ctiii;; is tu Iw hi'lil within .1 jn^riod ol not Icsi ihaii '<iw 
 iiioiitli, nor liioix- tliaii three liioiilhs, Inmi the date at wliiili ihe 
 roinpaiiv is ('iilitled lo coiiinieiiK' liiiMiiicsx. S<'e serl. ST 
 
 lint tlio only loiiipaiiy whiih is rcipiiivd l>y sect, il.'i lo hold ihe 
 slaliilorv iiieetiiiy thus icferied to is a eonipaiiv " liiiiiled liv -h.iii'>,' 
 and theiel'ore seel. Mil 1 1 1. eiviiiy: a ri;4;lit to repudiate an iirei^iilai 
 allotiiieiil within one iiionth alli'r the date of the siuliiiory iiiectiii^. 
 would a)i|iear lo l«' iiiap))liral)le in other lases, r 7.. yiiaiiintee 
 eoinpunit's, or iinliiiiiled coinpanie.s liaviiiir. in ''itlier 1 a^e a -hare 
 capital. 
 
 Moroovcr, sect. ti."). under which the nUitulory niei'iln^- is lo he 
 hi'ld. only apjilies to coinpaiiie.s ro}.'ist»Meii after .Ian. I. 101)1 It 
 is olivioiis therefore that seit. HIi (Ii does jujt apply I'l coiiipanies 
 which were reijisterod iK'fore .Ian. 1, I'.tOl. 
 
 liiit it was held under the correspinidiny; ^t■l Hon of the .\ct of lltOll 
 that whore such a company tor the lii>f time went to the public 
 after .'Ust Deieniher, UtOtl, and allottod whan's in \iolatioii of that 
 seetiori, an allottee wiu< entitled to repudiate the allotment allhoutrh 
 sect. ■") of llio Act of 191)0. currespondiiifj: to sect. H(> of llio Consoli- 
 <lation Act, wa.s iiiapplical)le. Fhmnrc and lssii,\ IJil. v. ('<iiiiifliuii 
 I'lodiicc l/orjioniliini. (I!t0.">i 1 Cli ;17. 
 
 " And shall be so voidable notwithstanding that the company 
 is in coarse of being wound up." Thi.s is a new and uoleworihy 
 provision for tlie iirotoi tion of the allolt<'e, for apart irinn this pro- 
 vision it would no doulit lia\e lieen held that (he piiiii iple of Oake.f 
 V. Tiiiijimiul iL. R. 2 H. L. .'!2.">) was a;iplicab!(!, namely, that a 
 voidable contract of membership cannc! ii avoided after the 
 oomniencenieiit of a windin<i:-up, that is to "ay, ui'er the rights of 
 creditors of the company have intorvenod 
 
 lf-i« .f.u'.diJ. How to be avoided. In order to efleelually a,. .id the contract. 
 the ap]>licaiit slioiilil notify to the company that he itvoids the 
 eoiitrau! ami demand^ icpaymciit of lii.s inonev and the lemoval of 
 
 Winding-up. 
 
 i 
 
 .M 
 
 "1 
 
MINIMUM sUBS(;KII'lioN. 
 
 !!• 
 
 (u- ii.iiiic li'iMi liir n'«^i.-.|('i- ol iiioiuIm'I"' ir (lie > .ijn|,jMV i;uiii|)lii's 
 
 «iili llii- M'i|iH-i lie uill lx> II Wriiihl'M ms,-. 7 ( li ."i.">; llrrsr 
 
 /,',(./ In \. >iii,lli, L. R. I II I, lit illiil 7li; lull ir tli4' ii.iii|)!iiix 
 iil'ii-r- l.. M>.-i'iil III till- uvi)iiliiiin' till' allniifc ■.jiuiilil, li\ ^11 limi III 
 
 l.\ Mlilliiill 111 -IIMIIlMlllS IIIKJIM -.(N I . :ll> III lIlC Al I. |II1M('ImI In l'|||'ii|ii' 
 
 lii^ ri'|iiKliiiti<>ii 
 
 ll 1- 111. I IH'rt'.^s.il \ , llDUfVcl. timl llll' .lllilltl'l' >lllll||i| l.iU,. ai Illiil 
 
 lcj.'.il |'i'» Iin«> ll! :>M.i(| lilt' iiiiiii'iiii uitliiii till' iiiiiiitli N.iii..' 
 
 if n.ll.l.llh !■ IiiIIdWImI I)^ Jll<)lll|lt U>!.ri|l |)|IM' lillU'., ll nil ,,|||.|- 
 
 (.\|iiriiliMii III til., iiioiilli. i- -ii||iii,.|||. I{, .\,il,i,iliil Mull,) M.iil 
 (,„„// t „ . MiiiM. -2 I'll. :iJH. S.M. lurlli.'i. ;„l,„. CliMi. W Tl,.. 
 
 |ir lin:;- -IikiiIiI In- liikni in ihr ( .mil liminy; jiii i^ili. limi i,i 
 
 reclilv ill.. ii.u^i«li.|-. Ill- vvlicrc llioic i« a « iii.liiin-ii|i, in ilic Ciiini 
 haviii;.' jiiii-dirliiiii lo wind ii|i t|ii. iiiiiipaiiv. 
 
 Wlii'ii J » iiiiliim-ii|i hii- riimiii('iiM..I, till, niiiii ). i.|iiiiili| Iii. iiililit'^-i..j 
 
 ll" 1» •" '111- iiiiii|i:iiiv. lull ii\-> III llic lii|iiiihi< r. 'I'li,. |',,||,| ,,|- 
 
 in'iir.'.jiiiu uill i||.|M.iiil nil «|i(.||ici' |||(. M|i|ilii mil Ini- .n- li,i, imi 
 liocii phi.i'.l ..It till" ii^i ..r . .iiiiiiliiiiiiiii.-. s<.|. I'liii 11 . ;i:i,| .„/,„, 
 Cluiplcr W. 
 
 Knowingly contravenes, " &c. Knii«iiiyl\ ' . nniiuvoninfr llio Ku.minirly. 
 
 H'lii.iii i.i..;iii> r.iiiiiiiu'iiiii;.' ii wiili kii.i«l(.il^i. ,,( rlii. f.i.N iipim 
 
 niii.li till' ...iiliiu<.iiliiiii i|i.|M.|i.U. It is iin itiiI h|ii.|1,|.i- iI,,. 
 
 iliii'il.ii' li.iil kiiiiulc..ioi. i,( i|ii. law .11 ii.il. Ihiihii, \ IUr<ni. ■ lIMlHi 
 ■2 ( ll. iMii. .111(1 sw! Tiri/rntss v. (Iniilf. '2 ('. I', l)i\ ,".li'. || mav 
 Ik; tluil if a .lii.'.lur vsill'iilly slims his eves to llii- la. Is Ir. is I'l lir 
 lii'l.l 1.1 liav.. liiiniiii^dy . iiiilniviMicd llio .socii.in. Tnil v. Moi-l,'iiii. 
 (lUllli iMli. ii.il; ll'JOGi A. C. 24. 
 
 A .lirc.li.i ineii'ly h.'^iiiij; llu. ininiitcs rmiI ..j' a |iii'i clinfr iihm'I- 
 iii^. ;il. nlii. ll lliu ifsujiitiim Inr irioj;ii!ur ull.itiiK'iit lia.l Ih.cii j.as-(..l. 
 ami v.)tiiii;- I'.ir llifii-i imliiiu,ni..ii, will not lie lixc.l willi kiiovvlc.l;;*' «o 
 us l.j iiiiiko liiin lialiU' iin<l..r this siMtion. Iturin,, \ . flrniii. sitjini. 
 
 Compensate the company and the allottee respectiv.ly." c,,,,,,,,,,..,. 
 Tlii- i> a lii.aw lmi(l..ii i.i .msI .,ii (|„. iliioihii-^, l.n- llio miiiil,|.r of t' •»• 
 all..ile(.< . laiiiiiiii;- .•ip|iiii(.|i>alion iiiuy lie us inaiiy a- iIh'iv an- appli- 
 laiils foi sliaivM. Till' iiiiifrnitiiilo of this risk ('iii|iliii>i/.'s iho iu.f..ssitv 
 lur iiiakin;;- llu« niiniiiiiiin siiliMiiplioii small. ..i- ali-.iiiitclv i-nsiiriiij,' 
 'll'' -111.-, liption llu'ivof. uiiil in oIiIkt lust' UikiiiK- s.mi|.iiIoiis rare to 
 ii.uiply ill all icsp«'i|.s with llic pioviwions of .sp.t. «.'.. 
 
 A- t.) 111., .oiiipiiny.s •■ loss, damufros and costs." iIh-m; wonl.l appoai 
 til in.iii.l,. all pxpon^.'.s in.iin.'.l by reason of lli.' alLitiucnl Jiavinu- 
 Wii ma.!.- Ill .■onnavcntion; Imt it is appioli.-ii.li.il iliat lli.. u..r.ls 
 'i') not in.luil.. iliiiiui.^>-o o.-. a-ioued liy roii-soii of tlio |. ,if moiiibur- 
 -lup, for llio contiaveiitioii would bt) tli<> ,illotii..i.t, and it can 
 -can. U 1,,' li.'M iliai |1„. .•ompany is cn'i anl to .l.iiua.-os fur Ilio 
 
 "f *i - 
 
•>o 
 
 PRKLIMINAKY NOTKS. 
 
 [ClIAP. I. 
 
 avoidaiRO liv the allotH'c ><i :iu ulloiinciil wliicli ou-jrlit imt to have 
 been luadc. 
 
 A8 to the loss. (laiiiaj;i's ami cost- o( llic allottw, llu'so sliould 
 include all his lo<,nil (.-xpcni'es of enfoiviug the repudiation and ob- 
 Uiiiiiiff repayment ot the money paid by him with inleicst. but 
 should not inoluilc damugv-s for loss of th" shares. But if the allotteo 
 has elected to altiiin the eontract and keep the shares, or if the time 
 has pa.=sed loi' exercisinp: the riy;ht to avoid, it would seem liiat the 
 me.'i-sure of <laiiiap's. if any. must be reiiulatcd wilh reference to the 
 value of the shares. I'cel,- v. Dnri/. -M (- . D. •V.IL'. 
 
 I! 
 
 ■r 
 
 * ■_ 
 
 Two \fiir~ 
 
 Two years irom the date of allotment. These words preclude 
 
 liniiiatioii. The coinuienceinont of 
 proceedings i.- 
 
 any <iuesuoii u.s to the iieriou 
 
 to be reckoned from llie i-siie of the writ 
 
 Commencement of Business. 
 
 ¥' 
 
 '^'d 
 
 i ■omiui u< 
 
 tlWUt <il' 
 
 on iu?ii- 
 iiiHieeiiitut 
 
 .ji 
 
 I'rioi to the 
 rv. I'.tOli. 
 
 ouil 
 
 iieucenient of lln' < 'oiup 
 
 Act. 1900 (l8t 
 
 coiupany rejiisieii'd 
 
 ider the (ompaiiies Act. 
 
 18t>2. could, bv virtue of s<'il. IS liieicof. conuneiKe business m 
 
 dialely after its incorporation 
 callable forthwith of exercising; 
 company." and this power of titartin: 
 
 lor bv thai .section it 
 
 m 
 
 ill I 
 
 functions of an mcoipoia 
 
 s business at once is 
 
 lade 
 tod 
 
 'ded t 
 
 p a private coiiijiany a 
 
 id i< 
 
 a CO 
 
 mi)a 
 
 nv 
 
 ri"- 
 
 the 1st of .lanuarv. I'.HIl. 
 
 impany icfiisieret 
 
 1 befc 
 
 ill con- 
 ciimI before 
 e 1st 
 
 dav of July. I'KIK. uiiich doe- not issue a prospectus inviting' the 
 public to .-ub.scribe for it- share- See sub-sect. f. of seil. 87, re- 
 
 placinij- sub-.sects itli and 7i of sec 
 set forth. 
 
 Rut as regards evei\ conipiin\ bavin;; a ca| 
 
 ■I ti of the Act ( 
 
 it I'.tOO below 
 
 )ital divided into shares 
 
 forme<l after ;tlst Deienibei. I'.KMt. where thcMc is an invitation to 
 
 thu 
 
 nildic to --u 
 
 b.sciilie for its shme-. the )) 
 
 III the company to com- 
 
 mence bii-iness or borrow ate i 
 
 .Vet. 1!MIK. repladny- sect (1 ol the ( )>aiiie' 
 
 e>tiicte<l li\ sect. M7 of the t'ompanies 
 
 Act. I!t00. This 
 
 section iirovidf 
 
 a- f. 
 
 87. 
 
 -IkiII 
 
 borrowiiifr piiwcr-i 
 
 (.-) -h: 
 
 held 
 
 1* been 
 
 ,t f 
 
 !'• 
 
 i.iiiinci.c. .iiiv Ipii-iiics- iir cMTci-c any 
 cut of till' nlnili- iimii.iii! tli'Tciif 111 lash 
 
 iillotfcd til .Til nmnuiit not li'S'< 
 
 I the wliiilc thill till 
 
 sllll-ITiptilfll 1 > "/" 
 
 diriM'tiir 
 
 till 
 
 id 
 
 |iany has pan 
 
 p. 9 I : 
 1 
 
 hIii 
 
 < t iki'ii iir contra 
 
 to pay ill la 
 
 1 til the iciiiipaiiy III! I'l'h iif the 
 
 tod tci lie taken hy liini. and fur whieli lie i.s llalilc 
 
 di. a propiirtion ecpial to the proportion payalile on appli- 
 
 aiid uIJMtiiieiit nil the KJiare^ olfered for pulilie ^iliserlptinn ; or 
 
 axe of a cunipaiiy whieli doei not issue a prosppetiis invitini; the 
 
 public to sub-crilie for 't^ shares on thp shares payabU 
 
 and 
 
 (el thorr ha* been (ibil with the roaristrar of eorapanios a statutory dcclara- 
 
(XLMMENCKMKNT OF HL'SINKSS. 
 
 21 
 
 tiiin liy tlie sivntary or imc nf tlio liircitois. in tlic prosi'iibi'd form, 
 that the aforesaid ('<iii<littoiis liavc bocn coiupliod with; and 
 
 1./ in the lasc of a lonipaiiy wliiili docs not issno u prospectus invitin;,' the 
 piililir to suhscrihi' for its shari's. there has been tihd with the n'tristrar 
 of i-onipanies a statement in lien of j>rosj)eetMs. 
 
 r2. The reffistrar of eonii)anies sliall. on the filiny c>f this statutory deehira- 
 tldii. eiTtify that thi> ronipany is entitli'd to <'oininencc Imsiness, and that eerti- 
 ficate sliall I inclusive evidence that tlie company is so entitled. 
 
 I'ruvided that in the case of a lonipany which (hies not issue a prospectus 
 inviting' the puhlii' to sniiserilie for its sliarcs, the rciristrar shall not jfive such a 
 certificate unless a statement in lieu of jirospcctus has hcen tiled with liini. 
 
 (;i.. Any contract made l)y a company hcfore the date at which it is entillcd 
 to ccnnnr'nce hnsincss shall he provisional only, and shall not lie liindinsr on the 
 conip;iiiy until that date, and on that date it shall lii'come liindinfr. 
 
 (4. Nothinir in this section shall prevent the simultaneous offer for siih- 
 scription of any shares and dehentnns or the rci-cipt of any miinc>y payalih' on 
 application for dehcntures. 
 
 (.'i.i Jf any i-ompany eoniiuences husiness or exercises liorrowini; powers in 
 contravention of this section, every person who is rc'spiin-ililc f,ir the mritra- 
 vcntlcMi shall, without prejudice to any other lialiility. he lialde to a tine not 
 exceedinsr fifty jiounds for every day durin:; which the contravention continues. 
 
 (I>.) Xothinir i'l Hiis seition shall apply to a private ccnipany or to a conipanv 
 registered liid'ore the first day of .lanuary iiiniteen hundred and one or to it 
 company rc(;istere<l hcfore the first day of .Inly nineteen hundred anil eijrht 
 .vhicli ilocs not issue a pro-pec tus invitiii'/ the pidilie to sidi-crihe for Its -hares. 
 
 The pcilicv of ili(>»c jiiiiv i.siuiis is c)bviim>ly tn sociiro a icituiii 
 JeirK'O ul' siib.sta nihility in a ((iiiipaiiy liolciic il ciitor?! inlo oii^iii'.'c- 
 uipiils with oiit.siclois or ulnaiiis iiicmcy bv boiiciwiiio-. 
 
 Till' Icillo-.viiio; iicitcs iloni willi tlic al.nvc .sociicin in ilotail: - 
 
 ■^t Commence any business. ' Tlicsc word- aic vfi> wide. Iml thuv (■oinmence. 
 uvidciillv do not iiuliido ihc is.-^iic of pro -'it'it uses or tlie making of 
 provi-ional tontiac t<, or tlie alloHiient of .sliaios, nr the oiiiploymont 
 of experts, or fhe takino- of cither preliiniiiary stops. See snb- 
 seel. ill uii uud sub-sect. (4 . I niess a eoinpauy eouid take thes<' 
 preliiiiiiiarv steps it could never (lualify to coiiinience business at 
 all. Biisine.ss." lociking at the I'x ideiit piiriiiise cd the section, must 
 be construed aecordino-lv. 
 
 Exercise any borrowing powers. " Uorrowing- mi^'hi sceiu to l'...rrowinir. 
 lie cc,v(.ied by tiie words commence any business,' but the presence 
 of the addiiiiinal word.s uinpliasizes the intention that borrowiiiff iis 
 not to be allowed. Xothiiio: i said about ruisinjj money on peipelual 
 ciebeiitiire stock. Whether that is or is not bcirrowino-, it would seem 
 lc» lail within the word.s " loinmeiKC business." 
 
 I iicjer sect. H,") there can be no allolment unless the minimuni sub- 
 sciiplmii iias been applied lor, and under sect. 87 ( I i, clause (a), the 
 eonipany is paraly.sod unless the minimum subscri|)iion, at le^st, is 
 ^Hulled; that is to say, until then it cannot commence business. 
 
22 
 
 PREI.IMINAKY NOTK.S. 
 
 rCHAP. I. 
 
 Hh'l 
 
 li 
 
 DirtHtuiv' 
 imyment*. 
 
 Statutory 
 ill claratic'ii. 
 
 All iillotiuoiit of not loss tlian tho miuiimiin hiibsciipli'in is a lirench of 
 sect. 85, but the conipany cauiiot repudiate the allotnieiil ami insist 
 on imviny l)atk the inuiiev. liwfo)i v. lirruv. i I'.tOSi 2 Ch. 240. 
 
 Every director of the company has paid." Diiectors are not 
 lo lavoui liieiaselve-i or any one of their number in tiii.s matter of 
 [layment. This seems tiie moral of tlie condition, tonf. Alexander 
 V. Aiiloiiuitic Tdephmic Co.. !l',KtOi 2 Ch. 56. The words, it may 
 be uoleil, put it in tlie power of any director to pi-echide the company 
 from coinmencinfr business by nbstainiiifjr from payin!X up tlie allot- 
 ment money on his shares. In view of this risk it would be well to 
 provide in the articles that a di . .ior shall )>w facto vacate office 
 if he does not. within a siiociti' li periixl. pay up in accordance with 
 sub-sect. (1) ih) on «'very share, whether forming part of his 
 i|ualificalion or not. which is taken by biiu 
 
 A statutory declaration." It is to lie noted ilmi. althonah tho 
 liliiif,' of the (leclaralioii is made a condition precedent to coinmeiaing 
 liu.siness or boirowiii<r i see sub-sect, i 1) (t)). tiie obtaining of the 
 («rtificate is not a condition precedent to either of such acts. It is. 
 of course. desiial)le to obtain the c-ertifir'ate, for that certificate is con- 
 clusive evidence that the company is entitled to cinnmeui-e business; 
 but the company is not bound to olitain it before commencing busi- 
 iies.<. It is only evidence of the right. When the conditions (a). 
 h' and icl have, in fact, been salistied. it may at once proceed to 
 business, and obtain the certificate subscipiently in due course. See 
 form of de<laration. iiifni. Form 232a. 
 
 The Registrar is not given any discretion as to the issue of the 
 certilicale; his duty is purely ministerial: the section enacts that on 
 the filing of the declaration the Registrar nhall certify that the 
 pompanv is entitled to commence business. 
 
 w 
 
 M • I 
 
 CoUL'llIKivr 
 
 Any rnntraol. 
 
 I'r(ivi»iiiiial. 
 
 "Conclusive" eviden<-<'. As in the meaning of " coiicliisivc. 
 the cases cited in the notes id ,scit. 17. Infra, p. 25. 
 
 see 
 
 Any contract," &c. ,Siib-soct. dfi.i These words an- very 
 wide and appear lo include every contracl. including conliai-ts of 
 membership. It would sconi. therefore, that even where the com- 
 pany has allotted not less than the whole of the minimum subscrip- 
 tion, and has given notice thereof to the allottees, and so completed 
 contracts with them, each such contract still remains provisional, 
 and will not become absolutely binding until the conditions [l/i and 
 {cj hiivebeeu satisfied. 
 
 "Shall be provisional only. "Provisional iiere means that 
 the (Hintract is t'l be read as if it contained a stipulation that it shall 
 not be binding on the company unless and until the company beooineft 
 
COMMENCKMENT OF BUSINESS. 
 
 2-\ 
 
 iiiiiil(>(l to rotnmence businesw. Re Otto Electric Manufacturing 
 Cii.. .Ifukin'a cane, (1900) 2 CJi. \VM. Tiien? w, tlicrofore, no need 
 In iii^ipit uii cxpre.M.s condition to that offoct in each oontraot, for 
 ilic statut*' implies it. 
 
 r 
 
 lie condition in tlw contraot in Homo cuwos 
 
 Nevertheless, it niay be conveuieut to set out 
 
 And on that date shall become binding." These words on 
 the tact' of them would make every such provisional contract on that 
 (liilc hccdiuo liindinp:, and thus confirm by statute every Ruoh pro- 
 visidiiul eoiitraet. whatever its merits; but probably the words mereh 
 n|i(MNle to teiiiiiiiale tlie jjrovisional statu.s of ilio wiitract and to make 
 it ;il)sulutc, but only for whot it is worth, so that any rijfht to repudiate 
 III rescind e.fi.. for misrepresentation — will remain undisturbed. 
 
 Nothing in this section shall,' Ac. Under this sub-sect- ii shwe^or 
 ;i iHiiipauy is left at liberty to issue a prospectus ollorin<r simul- '■•'"'''t"''"^ 
 tiiiM'imsly shares and debenture." or deljenture stock for siubscription. 
 
 If any company commences." This strinp'cut provision ill. Breach of 
 iin iloubt, discourajie those who are awar(> of it from acting in contra- "^''o" 
 voriiion of the section, but it .se<>ms not unlikely that the section will 
 1 v<'rlooked in f .1 many oaseis. 
 
 Every pei , lO is responsible for the contravention." LiabiHtr 
 
 Those vvords a, 'i ,) include the directors, niaita<rprs. and other 
 executive officei^. .vno take part in any contravention of the section, 
 and. haviiifr regard to sub-sect. (1) (c). the secretary will in many 
 (Hsps bo hit by the clau.se. 
 
 The person ehaige<l will not be responsible, semhlr. unless he 
 knew or ought to have kno«n the facts. Oonf. [hirlmi v. Bevaii. 
 I'.tiiKi '2 ("h. 240. 
 
 This section shall not apply," Ac. Three classes of companies where not t 
 
 arc exeinpt:-- 
 
 I .V private (onipany. See sect. 121. and Chapter X. 
 :; .\ company registered before the Isl January. I'.IOl. 
 ■ i .\ company TegiHtero<l before the 1st Jidy, 1908. which does not 
 issue a prospectus inviting the public to subscribe for its 
 shares. 
 
 This last exemption, of course, means a company which issues no 
 invitation upon its iormntum to subscribe for it« shares. Thus, if a 
 company on its formation meix'ly issues a prospectus inviting public 
 MibscriptionB for debentures or dehcntsive >:to.'k. the sociiou dues nor 
 ipply. So, too, if the company is a mere reconstruction, and onlv 
 iiotities the shareholders in the old company, tlirough the liquidator. 
 'it their right to subserilK", the section would notapplv. 
 
 «ppiy- 
 
lu:=p 
 
 f i 
 
 
 24 
 
 InsufScieut 
 tiibscriptioa. 
 
 Older law. 
 
 Pter.i ftf.tt. 
 
 PRELIMINARY NOTES. 
 
 [(JlIAP. I. 
 
 Once tlip coiiiiwinv Iium l('<>:iliinat<'ly coiiimi'iii'tMl Imsiiirss witliout 
 brciiili of tlio Mectidii. il is cxi'iniit for the future from tlie i)r(ivisioiis 
 of tlio st'i'tion. Thii '. if a coinpany iiiakos iirniii<^"iuout.s (o purcliiisc a 
 f)U.siiir>.s and \<i issue its shan-s lU' |iart of llioiu ricditpd as paid up in 
 ])ayiiit'Mt for tliat luisiut'ss. and d<'t('rinin<'s not to invito the |uil)lic tu 
 sul>-(riljO for sharps, it (an roinniciKt' business \vitiir)Ut <'oin|)lyin;;- 
 witii tlu! conditions of the seciicui, and then hiler on jt can offer shares 
 or debent'.ires or debenture stock for |inbiic sulisc-iption. 
 
 Insufficient Subscription. 
 
 Vv hci'<' tiie niininiuiii .sidisci iption is not furtliconiiti<r. it is open to 
 tlic coinpany by K|)ecial i-esobilion to allor the amount specilied in its 
 articles and then to <;('t the applicants to rc-apply on a fresh pro- 
 spectus. "Articles of association ' in -ect. S.'i clearly means the 
 article* for the time bein^ in I'orcc not hick ly the ori<;inal articles. 
 Hut the <ompany imist be careful to return the application moneys on 
 the (u-i^inal subscription within the forty-ei^^-lit days after the issue ol 
 the prospectus, as required by sect. 80 ^4;. 
 
 Effect of Incorporation. 
 
 The (-'ompuniof- Act, I8112. s. ! h, pivsdilied • arious conditiourt that 
 must lie complied with prior to the issue of tlie certificate of iui-oi- 
 puration of a compain . and went on to provide as follow.s: .\ 
 certificate of the incorporation of any company <fiveu by the Registrar 
 shall be coiichisive evidence tluit all the recpiisitions of this Act in 
 lespecl of registration have been complied with." 
 
 S]K>aking with i-eference to Ihi.s provision, Lord Cairns said in 
 reeVs case (18(i7), 2 C'h. (i74: "When <nice the meniorandiim i- 
 regi.slered and the company is held out to the world as a compain 
 undertaking business, willing to receive shareholders, and ready tn 
 contract eiigagemenf.s, then il would be of the most disa-strous coum'- 
 ipienc<'s if, after all that has been done, any ])erson Wiu< allowed to 
 Sin back and enter into an esamination lit might be years after the 
 cniiipany liad coimnenced trade 1 of the circumstances attending Uiv 
 original logistratioii. and (lie regularity of the execution of the 
 dociinii'nt ." 
 
 .\iid founding liimself on tliis principle, the Kame learned judi:' 
 held in the .same case that, where the memorandum of association 
 had, after siguului'e and before reiristratiou. lnvn altered without the 
 privity of the siguutories so materially that 'tlie altora*ion entirely 
 neutralised and annihilated the original e.vei ution and registration of 
 I he document.' yet the Registrars cprtilicafe of incoijxiralion wa.s con- 
 clusive, and .said: "The certificate of incorporation is not merely a 
 priind facie answer, but a conclusive answer to such objections. 
 
 .3 
 
 •1 
 
KFFECr OF INCORrOKATION. 
 
 •25 
 
 . when iincc llic (('rtiticatc ijf iiii'i)i|)(iialioii is j;iv('ii nothinjf i8 
 til i)i> iii<(iiin'tl into as to lh« rojrulaii(y of the prior [irocoeilings." 
 \rid shortly afterwards, Ijord (hcliiisfonl, Fi. ('., in Oakes v. 
 Tni'iiiniid. li. tt- -' H. li. ;!2.'!. said: I think fhat the lortiticate 
 |.irMMil.s all rci nrronio to priir inalti'rs c-snitial lo rcirislraiion. 
 aiiniiiL'st whiili is tin- -nlisi i i| ion of a rnoinoranduni of as-oi-iation l>v 
 -I'viT ji(>r>on>i. and that it is lonijnsivo that all provions ro(|uisition8 
 have Ix'Oii i'oinpli<'d with. " 
 
 SiiloiiKiu V. Sfiloiiioii lit <i.. ' 18!l7! A. ('. •22. is to the >aMi<> ollcet. *''«"«"' »• 
 Tlio Conrt of Appoal there, whilst holdinf;- that the ilefendant com- " """^ '' 
 paiiy had been formed 'for an illeijfiliinate |Mirpose," and "for 
 • iliiccis not authorized hy the Act,' n<'\eriheless held the eertilirate 
 .if iiiiiiriioralion conilnsive that it was incorporated, although sect. 6 
 rci|iiires that the snlisi^rihei - should lx> persons associated tofrother 
 |iii- <onie " lawful purpo-ie." On the .illier hand, in Xiilionnl Drbvn- 
 hiir (i>rjiiirali(ni. i l«!)l i 2 ( h. ."iD.j, a learned .jii<l;iv refiisetl to 
 treat a ccrtilicate <if incorpcnation a.s conclusixe where he .ound us a 
 iail that the nieniorandiini of association had lieen -^iiliscribed by si.\ 
 peisoiiv oidy instead of seven, as reipiired by the Act of I8(i2; ihus in 
 I'llici iiiMting the words "conchisive ovideiie<' " as meaning- " iirimd 
 idi'ic eviilenit'." although the Legislature had obviously used the 
 «iiii|s ■ ("(inclusive evidence" in confradistinetion to the words 
 " jirhiii'i iiuii- evi(hMic<' ' u.sed by it in --("ots. .".l and ■'!" of the same 
 All This dcci-iimi. ho^^<'^('r. was reversed (in ap|ieal on the ground 
 that the evidence (lid not establish the fact so found, lutortunately, 
 however, the judge's of the Court of .\|ipeal let fall some dictii to the 
 I'itecf that if the judgi' btdow had been right as to the facts, his 
 (Icri.-ion would have been correct in [)oint of law. The Court, how- 
 c\ci'. had no jiower to overrule the decision of the h. .M. in 
 l'cil'.-< iii!>i\ and of course these mere ilhtii could in no wav derogate 
 li'UM the amhiirily of the decision in that case. With leference 
 111 liiive dicta, Vauglian Williams. .),, in Luxdh d' Co. i2), i lHi»2) 
 ■■; ( h. .■).■;.'). said that he did not uinbrstand how they con, i be recon- 
 ciled ttilli llie decision and wdiils of the judt;iueiil of Lord Cairns 
 ill I'lil'x ruse. III)) siiinii. .\nd it is t(j be noted that the Court 
 of .Vppeal in SiiIohidh v. Sulitinon <('• Co., as apjieai-s above, followed. 
 I'ri'l'.s nisr. .\nd in f.iiilics' Dn'sn AnsnciiiliDH v. Piilhrooli, ^^19()0) 
 2 (,>. I{ .'STti, ;J81, a decision on the word "conelusivo" in another 
 section of the Act of ISi'iT. where tlu-se ilicln were relied on. Romer, 
 L. -I . whilst holdiiigtlH'Ui not applicable. signilic;iully added that "u 
 it were not so it might be lu'cessary for us t > coii-iider whether those 
 ilirtd cdiild be jnstilie<l." 
 
 The new section t^secl. 17 of the .\ct of 190S, reproducing .s<>ct. 1 Conclucive- 
 ■ if 111- fompanies Act. Ut(M) ! e\pr(>ss!y pv.ivid"- thr,i ) -wtilirate of '.'^^cate 
 iiiiiirp(uatiiui given by the Registrar of C()ni]ianies in rcpect id' any 
 a.-isocialion shall be conclusive evidence that all the iV(|uisition» 
 ':if this .\c(, in ies|)ect of registration and of matters precedent and 
 
li' 
 
 , 1 
 
 ii;-i4 
 
 26 
 
 PKI'XIMINAHV NOTKa. 
 
 [Chap. I. 
 
 int'idoiiful thereto, have b(M>n ((niipliod with, and that the a«.soeiatioa 
 in a ciiiupany authorized to be ropistered and duly rejiistercd under 
 this An. The iuwrporation of a company in to take ellect from the 
 date of incKirporation mentioned iu the certificate of incorporation. 
 8w> Meet. l(i of the Act. 
 
 li4>ol<ing to the above decioious and to .sect. 17, it is clear that there 
 is iKi further room for rjue.stioning the conclusivenosK of certificatee of 
 incorporation. Thus, even if the .seven .siffuutories to a memorandum 
 were all written by one person, or were all forged, the certificate 
 would bo conclusive that the comjtany wa.s duly incorporated. So, 
 too, if the signatories were all infants, the certificate would l)e con- 
 clusive, whether the remarkable docisiiju in Luxoii d Co. (2), i 1892 1 
 3 Ch. ooo, that an infant is a " person " within seel. 6. can or cannot 
 be supiKjrted. StH! also (ioU Co.. U C. U. 718; Uadleigli Castle 
 Gold Mines. (lOUOi 2 Ch. 41!t; ^lr«o/ v. Vniled African Ijinds, 
 (,1901 1 1 Ch. .■.18; and Wtill.i'i v. Smith. VV. N. ilKOSt 82. which 
 all decide that "conclusive mcuu» wiiat it .savs. 
 
 Xotwithstaudiiifr, however, this weight of autliority. llumiltun, J., 
 has in British As.suriutioii of CUiss Bottle Miiiiiifiictiiiirs v. .Settle- 
 fold, 27 T. L. R. 527, held that the certificate is not conclusive that 
 the company is validly registered <•..</., is not a trade union. 
 Astoim- The (luesfion whether a comi)aiiy.once rogisleml under the Act of 
 
 iri.«rponition l****^. could by .icire facias or otlierwise be removed from the register 
 by««./». and disincorjiorated, was touched on by the Lord Chancellor (,Lord 
 Halsbury^ in /Salomon v. Sahmou d Co.. (1897) A. C. 22; but the 
 point had bt-en |»i-evi(iusly a<i.judicat<Hl on by the House of Lords iu 
 Princess of Reuss v. Bos il871 .. L. R. .> H. L. I7(i. The (|ue tion 
 there arose as to the regularity of the constitution of a con';,auy— 
 "The General Company for the Promotion of l^nd Credit. Liuid. 
 All the subscribers to the memorundiim of tiiis company were 
 foreigners, and there was no intention to carry on bu8ines,s in 
 England. Neither of the.se circumstances atlected it.-, validity, but 
 the articles of association containeti provisions i-uitrary to the Com- 
 panies .\ct, and Lord Hatherley. L. ('., said: .A.1I we have to ask 
 ourselves is this . . . Has this company come into existence? Has 
 it bwn born';- . . . The tjuestion is therefore simply whotJier it has 
 been created. If create<l. there is no power given in this .\cf of Par- 
 liament, uor ill any other Act ot Parliament that I am await> of. 
 by which, through any rosidt of a formal ap|)licafion. like an 
 application for scire facias to i-ei)eal a charter, the comjiany can 
 be got rid of, iinles,- by winding uj) ; and the observations of Lords 
 Cairns and ( olonsay wen- to the same ellect . S<>e. also, w hat was said 
 by Fry. .1.. in Glofer v. Gilo's • 1881 i. 18 Ch. 1). 18(1. The same 
 principle apjilies to a company uwler the .\ct of 1908. 
 
 The Registrar of Companies has now. however, jurisdiction under 
 sect. 242 of the Companies Act. 1908 i re])lacing sect. 7 of the Com- 
 panies Act, 1880. and sect. 2<! of the Companies Act, 1900 1, to strike 
 
CORI'UKATK POWERS AND DUTIES. 
 
 llip naiiios of dofiinrt or dprolict romjianioH off tlu' rojristor, subject 
 III the obHorvance of cortiiiu formalitios, hut the Court has power to 
 reinstate them on the register. See infra. Vhtxy. XVII. 
 
 Corporate Powers and Duties. 
 
 A louipany registered (or to be treated as rog'istored, see sects. 24."> N'nturc of 
 •2i»t under the Act— whether as an unlimited compauv or a» a "'""Tora«»''' 
 
 ' • ('"Mipimv. 
 
 I .>mpanv limited by shares or by puarantee— becomes, by virtue of 
 »ect. Ki (U) of that Act, upon the issue of the certificate of incorpora- 
 tion, 'a boily corporate by the name contained i> 'he memorandum 
 n( association, capable forthwith of exercising all uie functions of an 
 iiiiorporatcd company, and huvipe: jwrpetual succession and a 
 iiiinmon seal, with power to hohl lands." 
 
 The body corporate thus created is a '' lejjal cntit}-." It is not, like DiHtinction 
 ,1 [lartiiersiiip or a family, a mere collection or a<,'i>:reo;ation of indi- ^"i'l!^" and 
 vidiial units: it is a distinct entity, existiufr in contemplation of law its immb«rH. 
 but imvin<r no physical existence. " The company is a mere abstrac- 
 •ion of law." Per Lord Selborno. C, G. E. Hail. Co. v. Turner. 
 M eh. 152. "A corporation is a lo<ral prrnoim just as much as an 
 individual." I'er Cave, J.. Shetjield and South Yorkxhire UaHdinij 
 Suciefif. 22 Q. B. D. 476. '' The corporation is not a mere afrfjreprato 
 It the sharoliolders. • Per Cotton. L. .J.. FJitnofVx case. 21 C. Div. 
 .i.it; If all the existing members be collected to<rcther, we do not .sec 
 ilie corporation, but only the existing members thereof. 'A corpo- 
 lation is a different thing from the individuals who couiiw.se it." 
 I'or Kay. L. .1.. Foster v. Commr.i. of InUind lievenue. (189!) 1 
 (^. B. iMi. And. as was said by Lord Langdalo, M. R.. in Socicl;/ ot 
 Practical Knouledge v. Abbott. 2 Beav. oH7. great confusion arises 
 irom not distinguishing tho body corjiorato from the individual 
 persons who at one time constitute, "not Mio corporation, hut all 
 ilie members of the corporation." 
 
 See, for example, the erroneous decision of the Court of Appeal 
 {Broderip v. Salomon, i 18',t.5> 2 Ch. .'123). reversed by the House of 
 Lords in Salomon v. Salomon d Co., (1897 i A. C. 22, and further 
 wnsidered infra. Chap. X. 
 
 If the corporation is entitled to property, the title is in the bodv 
 corporate, not. as in the case of a partnership, in the members 
 loUectively. "An incorporated company's assets are its proportv.. 
 and not the property of the shareholders for the time being." J'er 
 Lindley. L. .1.. George Newnuni rf- Co.. (1895) 1 Ch. 08.). ' In the 
 I'ase of a corporation it is the whole body— the abstraction ai law— 
 ihat is seised. The tnesDhera Rre no mare sei-ed than the niumliers 
 if a man's body could be said to be seised of his estate." Per 
 Maule, .!.. Baxter v. Broune. 7 M. & G. 210. "The individual 
 -liareholdeis ai-e rpiite distinct from the corporation; they are vn- 
 
i 
 
 ll 
 
 
 28 
 
 I'UKLIHINAKY NOTKS. 
 
 rcHAP. I. 
 
 tilled to iiu iliri'it iutt>i<"*l in tlio laud iif tlif rorpoiutimi,; no p-;rl 
 of tho realty is hold in tiii>t for them." P(>r Fai-kt', It., W'alson v. 
 SpriitU'!/. 1'4 L. .J. K\. j.'t. Tliev havo individiiiilly no -ciiin, legal 
 or (•((iiilul)lc. Ailaiiil v. Li'iri". :\lt ],. .). ('. 1'. IJ'.t. The intcti'st of 
 tho sliari'lmldiM' in tho ((iniiiany uliilc il coMtiniics a ^^oIuh: loncoiii 
 ■ i-^ not an intorost in tlit" real or (icrsonal ])roi)t'rty of the company, 
 inclnding its hiisinesss or jf(M)dwill; Imt il in merely a ri^'lit lo have 
 a share of the j)iolilM of tlio eompany when realized and divided 
 imonsrst its memhers. " I'ei Bnvilj. V. .).. Hani,- af lliiiiliistan v. 
 Alison, \.. R. (i ('. IV 7.1. The individnal niendpers of the corpo- 
 ration no donbt are interested, in one sense, in the juoperly of the 
 <'<)rj)oration, a,s they may doriv* iinlividnal henofit from its incroaiH' 
 or loss from its deslruilion, but in no leu:al sense are the individual 
 niemlxM's the owners. ' Per Deuman. ('. .1.. /i'<-f/. v. Arnaud, 9 
 (^. 15. 8lHi; It) L. J Q. li. .")•">. Hence u leuisteied comjiany may hold 
 land, although all the mendxM-s are aliens mid dis<}nalitiod from 
 doinff so. 
 
 Even in tho case of a so-called "one man companv," where the 
 great bulk of the shares in the company are held by one person, the 
 company is a dislinil ])orson. "The company." said Lord Mac- 
 naghlen (Hiilomoii v. Salomon it (v.. ( 1M<J7 i A. C. ,')1 ). ' i.s at law 
 a different jiorson altog<!*her from the subscribers to tho memo- 
 randum; and, thoii<rh it may bo that after incorporatiini the business 
 is precisely tho same as it was before, and the same persons are 
 nianajreis. and the same hands receive tho ))roHts, the company i.s 
 not in law the a<jent of tho subscribers or truslet< for them. Nor 
 are tho subseril)ors as members liable in any shape or form except 
 lo the extent anil in the manner i)rovided by the Act." 
 Some con- Many important conse((uences (low from the distinction thus 
 
 •«<luenc«sof emphasi/eil between iIk- iMcorporaled coiniianv and its members, 
 tinction. Thus: — 
 
 ill A contract by the i ouipany diKvs not fiive lo the oilier party ti' 
 such contract any ritrhl of action a<;ainst the members of 
 the company. .\ crediior of the corporation is not a cre- 
 ditor of tho members. The direct reme<ly of a cretlitor is 
 solely a<rainst tho initjrporatcd company. Ho has no dealin;; 
 with any individual shareholder, and if ho is driven to 
 bring an action lo onforr o any n<>ht he may havo acquired, 
 lie must sue the company, and not any of the members of 
 whom it is composed. Per Lord C rannorth, OnkeH v. Tur- 
 quand. L. R. 2 H. L. .t--); ' The creditor has no debtor 
 but that impalpable tliiiii;, the corporation.'' Per Jessel. 
 M. R., Flilcroit'x ra.se. 21 C U. .j.'t;t. Evon if the com- 
 pany incurs liabililies in a foreifrii itiiiiiirv. !iv iho !aw« ot 
 which the shareholders <ire liable, they cannot he sued in 
 respect of that liability in Eufrland. Rimloti Iron and 
 Locnmolh-e U'orA.s v. Fiiniei<.i. ilitiMJi 1 K. H. 49. The 
 
 I 
 
 
C«»KP<>I{ATK POWKKS AM> DIHIKS. 
 
 2» 
 
 -hiiri'lioliU'i^ and llii' (■oinpuiiy ii<i not jttand in tlio rolatioii of 
 jiiini ipiil and ii>roiit or tiumw uad iK^ncliciuiv. Sulnnioii 
 \. Siihmim i( ( It., .suiini : Ffitiuxoii \. Wihoii. 2 ( li 
 77. «!• 
 
 I 2) A- a conciul iiilv. the moiiibcis of tlu- cornpany <unn()l ■•(ic in 
 io^|it'(t (if coutraf'ts niado widi. <ir wronjrs duno id. Ilic ,,.iu- 
 |ianv: for ■ uliero tlioic is a body foiponitc. llial liodv 
 nirpcialc is |Ik> propci plaintill. and tlic oidy prupui 
 plainlill. ■ IVc danu's. I, J., ariii/ v. I.nris. 8 ( li Kl.Vt: 
 .\fi>:lri/ \. .\l.^l„„. 1 I'll. 7'.M»; Miinlimnoll \. Cnrilhirr. 1 
 ('. Div. I.I; lliissrll \. Wohclirlil W'litrnntrl.s ( d. ^i) Dij 
 47t: niiiliiii,! \. /•;((/•/(•. iHIOL'i A. C. 8.1; .\oniunihi/ v. 
 liiil.Cixiiic d' to.. I \<M\H> I Cli. 84. 
 
 (.ii .V nifmk'i- of tlif company ciiii (Mnitiad with and boioinc a 
 ncdilor of llio conipany. and can sue the company and lew 
 ivNcciition on its pioiK'ilv jnst as if he «orp a stran^rcr. ' A 
 iiKMnlK'i- of a corporation is for this pnrposo suiiip on a 
 contract a- dislinct from a ((nporato body as ,iiiv third 
 |)cis,,i,.- i'cr I'arkc. 15.. IhiiLsh,,! v. Imiwriul (Inslhihl 
 < <!.. .i I!, iv Ad. l;>.'). ,\inl in tin: i-vcnt of \viiidint.'-ii|i. a 
 iiicml«M. niw crodilor. can. in rc~|i"ci of vtirh niattd , jiiovc 
 and lako dividunds in coniiii'iilion with out-jijc ciodilurs. 
 (hi^seir^ case. 1 t'h. r,'2H. .\ „alo by a jicrsun to a cor- 
 poration of which ho is a jucndxM is iu.t. uilln>r in form or 
 in snbstamc. a sale by a jioisun to himsvlf. To Imlil ihat 
 it is woiihl be to if,aiori' tho piimipl.. wliidi Jios at the 
 lool ol the loyal idea of a corpora'o body, and thai iilca is 
 that tin- corporato body is disiinit from tho persons cum- 
 pn.in- il." l'(-r Liridlcy. I.. .1.. /■•„n;ir v. luirniis. I.ii,i!tr,l. 
 I^M . Div .-IK.-,. 4(i!i. And this is M> ovon wlirro the vendor- 
 are the only members of the corporation; in such (use tlicx 
 ate not scdlin;^- lo themselves, but to a third parly, nameh . 
 the corporalion. Per l.in.lley. L .1.. Fo.sV.r v." /Jommi'.^ 
 of I li.. 08!t| I {). 1!. ,-,li;. .-.L'K. .See also ll,ih„,„: ,('r 
 ( n. V. Foijri. 7 (l 1!. I). 18.-); and .\„,lh-\\,..'<tirH Tninx- 
 I'liitdliiiii ( II. \. Ihtill;/. \2 A. f .")8ll. 
 
 1,1; I'ayineiil lo a niembor of the foniiiany of a debt due to the 
 company is not paymonl lo the company, uidess the mombcr 
 has autlnuity from the corporalion to receive tiie moncv. 
 
 (.".I The bankruptcy of all or any of the members of the coiupanv 
 or body corporate does jiot allect the j.roiierly of, < r dissolve, 
 the company; the members have become bankrupt, not the 
 eorpoiali(m. 
 
 (Ill The iinaniiiKPUs < c,n.-.eiit of the members of ihe .ompany cannul 
 invest Ihe company with powers jn.t tjiven to it by ils ,.)u- 
 slitutioii, or laiify, as the act of ihe company, that which the 
 
tr-i 
 
 U4> 
 
 PKKUMI.NAUY NOTKS. 
 
 [Chap. I. 
 
 Kiiiii:tiuiiii I if 
 I'limpany 
 iindrr ('c)ui- 
 )Hiniefi ActK. 
 
 l>i>tiiictioii a^ 
 (ii fuiictiutis 
 
 company and 
 ■■% i.-itnimon law 
 i)r 4liBrtprf>>l 
 I'onipany. 
 
 ItllW I,.. I. 
 
 timtion. 
 
 coiuj)uu_\ Uixi iiu poHor to clo. A»libuiy. dv,'. to. v. Richc, 
 L. H. 7 H. L. «.).{; FliliroflH <■««■, ai C. Div. 519; .IWi- 
 fci/r// V. WiitKuii, ."10 C. D. ;J7t>; Faure Electric Co., »t) 
 Cli. 1). I JI; Hiiti"h. dr. \ . Cuiitia. i 1«'J4 I A. U. at p. lO:,, 
 Wvltuii V. Sujjfrii, I IH'.tTi A. ( . :J*J'.», .121. 
 
 A.lll ill Sllrll a (tfO U jtlll^lllOIlt h\ I'cJII.M'Ut ^ivC* III! 
 
 ji:rt'ului- vuliilitv. < I real }it)rtli-\\ est ( ciitriil Ilailway \ 
 Chill U-boiK. I8'.t'j. A. ('. 111. 
 
 Allluiiiuli seit. Hi 2 .(f till' Alt 111 I'.MiS . if|iliuiii<j: .soct. 18 of tlm 
 .\(:t of I8ti2i sins tliiil tin' riinipaiiv wlicii i('y:ist<'ii'd is " cujjabli' 
 iDi'tliwitli of oxonisiii;r nil the (iiiuIIdiim uj nil iininfiuratvil lonipiui'i.' 
 those worils must 1m' icml siihjpct to tlio otlicr provision-s of the 
 .\i-U uiii] those piovisimis miil iiotalilv soct. 7 i ivjiroduriiiff t!ii' 
 (Jompaiiies A<t. 18«l', s. \'l i. allii'iiiiii<r the iiiialtcrability of tlir 
 I'linpaiivs uioiniiraiiiliini uf assuciatioii. do iindoiiht(>dly limit ami 
 ii'stiiit the fiiiicliiiiis of the rompauv to rari'vin^ out the ohjoil- 
 ~|;oiilleil ill its mi'iiioianiliiiu of jissociation. and to the iioiii<; of iho-i' 
 ihiii^s niiich iire incidental thoieto. 
 
 Ill this le-peit the loiiipaiiy dilVeis esseutiallv from a I'omnion lau 
 '■■iijioiation conslitiited liy loyal chartor. The company is a .slalu- 
 loiy corporation with limited ca]>acilies. and accordingly stands "ii 
 the saiue footing as railway and other corporations constituted hv 
 special Acts of Parliament. .\s Lord Selliorne said, in Axhlntrii. 
 ifc. Co. V. liirhf, L. R. 7 H. I., till-'!: " A statutory iiir|ioratlon, croateil 
 liy Act of Parliament for a particular inirjioso. is limited, .is to 
 all its powers, hy the piirpii.ies of its incorporation as deliiied in 
 that Act. The present and all other comjianies incorporated by 
 virtue of the Companies .\ct of 18(i2. apiK-ar to me to he .statutory 
 corporations within this p ciple. The iiicmoiaiidum of assoiia- 
 tion is under the Act then fundamental, and (except in certain 
 specified partiiiilars 1 their unaltorable, law; and tlicif are iniorpo- 
 niteil oiili/ for the ohjrit.s mid piirpoxf-i i:rprc.i.'>rd in that nicmo- 
 nnidttm." 
 
 The distinction iielween (oiiimoii Itiir lorporatioii.s tmd t-Uitutorii 
 lorporation.s was deliinvl by Howcii, L. .1., in liarone^n Weiilock v. 
 I{iver Ih'v Cuiiipiiiii). ."ifi ('. 1). p. G8."i, n., as follows: — 
 
 " .\t ciiiuinnii law a ciirpiiratiim created by thr Kin); 8 cliartcr Ima, primti jaiie, 
 and lia.s lippn known tii have ever since Snlhm'n llniipilnl rnup (10 Hep. 13), 
 til.' piiwer ti) di) with its property all sueli nets as an ordinary person can do. 
 and to bind itself to such rontraet^ as an ordinary person can bind liiuiself to; 
 and even if iiy tlie cliarter creatiiiir the i'or|ioratioii the Kinir imposes some direc- 
 tion wliiih would have the effect of limitinif the natural capacity of the IiihIv of 
 which he is speaking, the eonimon l.iw has always held that the direction of the 
 King mifjiit in- enforced tiirniiiih the .Vttiirney-lieiieral ; but althiiu;rli it mifjht 
 contain an essential part of the so-called bai'ttain between the Crown and the 
 corporation, that did not at law destroy the lejfal power of the body which the 
 Kini? ha.l ereatinl. When you come to corporations created by statute, the 
 
n»im)KATK PCIWKK8 A.\l» IJIMIKS. 
 
 M 
 
 I H l|llltl' 
 
 .|umi"Pi «.™i» to III.' ciitiri'ly <lilt.T.-iit. iiml I i|„ i,„t tliiiik i. 
 
 fa.tury U> siiy that ymi must tiik.- tlii> ^tiiliiii- .in if it had i r.'ut.-d 
 
 it ™miiiiiii law, uiiil tl|M|| HI'.. Mli.'tlicr if tiM.k away any .>r tin' in'iil 
 inr|Hirali.>ii ut ..Miini.wi law. luiaiKi' that li."f'< || 
 
 -iifi 
 
 a .'.ir|>.iratnni 
 
 'III- 
 
 lu'i;i till' i|iii"<tioii, liiit it Htat.'i what 
 
 iliioi ('r.'atf a .Driinration at iiiinmiin law. ft .J, 
 
 'lU.'Hti.iii; ami it lint 
 i« nil untruth, nanii'lv. that tlir -li 
 
 .ri'iil."! a italutnry iiiripnrHlinn. wliiih may .ir 
 «r iiinri' IIP li'iM .if thr .(iialitii'!. with wlii.li 
 I'liiliiw.'d. Tlinrnfiir.', tn .'.ay that v. mi 
 
 >.'« niithini; nf tin' "int. 
 
 may lint li.> iiwaiit tn |i.i ».'> 
 
 u lurpiiratinii at lomiiM'ii la 
 
 whiih it 
 t" tr.-'K'l 
 
 mil"! a.'.-.iiiiii' that it Ini 
 w.nil.l hav.' at .'nmiiinii law uiili'»'< tlin itatiif.' tak.'-i it 
 
 H„t 
 
 ivliat til 
 it'hat th 
 
 in a wnui).' liiip nf tliniiifht. What vnu In 
 
 • ■rylliiiiL' 
 I lliiiik. 
 
 i'. Htatiitnry .Ti-atiir.' \- ami what it in im-ant tn .In 
 
 \r t(l iln ]< tn lin.l 
 
 III tn tin. I nl.l 
 
 iiH Htatiitnry in-ntur.. is you muHt I.H.k «t thi> statiitn oiilv. In. an..' il,. 
 
 an.l tlnTi' al(im>, is foun.l tlii' ili' 
 
 inition of thin ii.'w I'ri'aturn. It 
 
 ...iiHiil.r III.' .lU.'Hti.iii nf whi'tlinr ynu an- ^'.liii^ t.i .'laHHify it uml,.,- ,||.. Ii.a.l 
 .pf iiiiiimnii law I'.irporatioiis. I,.j.ik.iij,' at this »tutiitn 
 lit wliat an- itn [...w.r'.. what i'. its vitality, what it ran il.i. U 
 
 iry ir.aturc nin' li i,. to lin.l 
 
 itf IMTMIIH w 
 
 11 ai't withi 
 
 I.I. 
 
 II .'.'rtuiu liniiti. Iiut I 
 
 ' th.' limitH. w,' iiiiiHt I.Kik tn the stitiit.'. Tlio corporat 
 
 II order tn M-..'.'rt;i 
 
 11), 
 
 Un 
 
 iliiH '.tatiit.'. for th.' lip-t nf all 
 
 r.'a«on'<, that it in 
 
 ion .'aiinnf .'.1 lii'v.iii.l 
 
 a •impli- Htatut.irv 
 
 1 
 
 ■ I.-. Cu. V 
 
 what lilai'kliiiiii. .1 . 
 
 iiiil III iho <iiiii<. pllo.'t ill i^hhiii'/. 
 Hi, hi', h. H. <» Kx. p. I'tl.i; ul.so HrilM .South .If,;,., r„ 
 /'(■ lii,;x. illilO. '1 Cji. ,-,02. 
 
 A loiiiiiaiiy uiiiitd- Ijio .K,i „i j'.toK , . oiisuli.latiiio- ,ii,.l icjija' iii" 
 the .V-ts of 18li2 to l!»07i js, l,v lliat Art, i.m,|,iwp.| «ii|, •■,.,t:,ii", 
 -|io. ilicil iiiivilofrcs. anil is Hii],jo.to(l l.i .orlain s|i(.i ilic.l olili-.tlions 
 .ml lialiililips, wliii-li miiy lie siimiiiaii/cd tliiisi: — 
 
 .V" I.I lii(> jin\il('jii.>; 
 
 I. .\ <iiiii|iaiiy luav a|niuiiit uii.l act liy a^rciit.-'. Tlii.> im.hoi' is 
 iiivolvfil in tjie jiKivinioii that the tomiMiiy iiuiy <'.\tM-(is,. 
 all Iho liniclioii.s ol' an itHofpoiaU'd <(iiii|iaiiv. mnl i- 
 li<\von.l (iiio.-ti.in absoliiu-ly e-*seii'ia: Mi i1k> |ii-osi.,iiii,in 
 of tlio I'.imimiiy'M ohjects. Sec fiut.'icr. inini. p •!(; 
 ■1. It is abli'. l.y ]ii(iiK.|' |)i-o\isioii.s in i,, ..rii. l.-s .n' av-,,, i.iii,,,,, 
 to tlpfini', limit and lostiii t tlio iiowors oi its diirclois .,i 
 othei agonts in siu-li iiiui.nei' as jimy soem <>.\po<lieiit. 
 ■■!. It may have a ..iminon ko;.I I'spit. IG ^2) i. and it is rmiiowoi-o.l 
 to have an ofliiial .seal for u.se in foroio'ii parLs sitI. 7!ti. 
 4. It is relieved ftoiii the common law rulr^ whi.h ]..,,uire. in 
 jreneral. all ronliacts by corpor.uions to he iiiider seal, and 
 is emjiowei-eil to rontiact witliont .^al. e\re,it in spo.iKe.l 
 cases. Set- sect, "(i. 
 '<■ It may hold land in pcr|)etual siic.'ession «illi.iiit li.en. e. an.l 
 is thu.s loli.'M'd liiiiu ill,, oporalion .it ilie m.ii'tm:iiti laws; 
 and us it may h.dd land, it m.ay also ac.|iiiie lan.l, 
 <i. Its inemliers heiome lioiind by it.s constiiution and ro>,'ula- 
 tions without sip-ninjf any .l.n'iiment; and ihc\ may sue 
 
 S|iu. i.il 
 
 itiaractir- 
 
 isti.'M .if a 
 
 company 
 
 utiihr till' 
 
 Compatiii". 
 
 A.'ta. 
 

 't 31 
 
 ^h'I 
 
 m 
 
 ruKi iM,\MV \ yiKs. 
 
 [Vh.w. 
 
 ami Ih' sut'il l)v 
 
 • iii|. iin If it 'lic\ wcii' .-ti.iiifi-('r> 
 
 111 tl 
 
 ic la-^c <i 
 
 I u Ji 
 
 iiriin';i'i 
 
 \ it » <•! iiowoii'il (ii mil 
 
 |H'i»uij- Id |iiiit. i|'i'f. .1- 1: .'IiiIht>. ill ji' jii'olif'' williniii 
 iiiM'lv iii^ lliciii 111 liiiiiiu'u ii :l'tlii\. iMiiI i" tliii^ i'iial)li>tl 
 lo tililiiiii ru|ii!ul 1 1 ii tliiit i: ^'< < ' ft (,l niilitll r.i)iituli>N 
 
 Wllicll 1- llll>li->|)U I'll Ip , llll.lfll!^ llic Ulljlll of uikI 
 
 aiixK'lv ultciiiliiiu' iiiiliiiiili-tj ji.ihil m 
 
 K The ^lian'liiildiT- ami lniiiu:<'i^ iltMliiiy 
 
 |i 
 
 III' • 'iipaiiv ill' 
 
 llXC'l Willi null 
 
 I' "i llii' jiii'Miiiiaiii 
 
 ■ ilioii. aii>i 
 iiii-iiiiil«-.| 
 
 aUo ol llic iiilii li'> I ir aiix i iimli'i « n |i ii ]•« 
 Ilijiii. |i. 1~ . Till' iiK'iiilii'i - all' ii\ iiM'iiilM'i^lii|i, willi" 
 Ni^imtilio. Iioiiiiil liy the iiiciu Damliini .iii.l artirlr 
 Sect. U. 
 
 y. Tlu» |)o\vt'i-s of tilt' n)iii|iaiiv UK' Jihiilcil 
 tioil in ilx inoinoniiiiliuii <if u'tHoriatiiiii 
 
 ll. iIk' ■ 'lljCi'ls ,»()<., 
 
 nil V tlo niiduiit; 
 
 Im'viimiI lliD^i' i)lij<'i'|«i. inii- iiiay iinl\ ii|)|i^ V* fuiuK in 
 
 inn I: 
 
 It'lalHC ol nlll 
 
 ll iiliji'ii.- 
 
 |."i.". (■/ 
 
 Novt'illiclesi tlio iii"'iiil)<'i> max from tiiiio to tin 
 
 (•poiial it'>o|iiiion. alU'i n'llalii 
 raniliiiii hkI a!'tirlt>~ ol 
 
 |i| ii\ P-loll-i of ll - Illl'lih 
 
 ii--oi'ianiiii. -iili|("!. us io ihr 
 
 nieiiioiaiiiiiiiii. iii somt' <aM'> 
 
 I" ll 
 
 K' 
 
 1 of (ho ('oiiii 
 I'lo. tliu-": — 
 
 or tilt" Boaid of Tia'lc U'iiiy .laaiiicij x\v 
 
 (a I Tlic iiaiiH' iiiav lio cliaii^cil wiiJ! jho -aiii li m of llif 
 Board of Trade. S«'(t. 8 ('t). 
 
 I b The olijorls in llio iiit'iiioiainliiiii iiiay lie alti'iod In 
 s))Oi iai lo-njinioii »aiitlioiii'd li\ lir ( oiiil Sit! . !). 
 
 Tl 
 
 ll' uiliric- iif a^-orialimi 
 
 oilier n'i;ii|:i-io!i ; ii/a\ 
 
 lulioij. or iii« 
 
 fiiini (iilic to lime lie alleied li\ ~|ii" iai re-ol 
 H';:iilalioii^ max' lie tli<'iii>x ail"|i!i'l Sc i 1:1 
 
 (di ill till' ciisc of a .oiuiiain Siiniied liv ^' 'o^. llie 
 <ii)iital max- 
 
 be lediirod with 
 
 III' saiicii.iM III ii.' < iiiiii 
 
 (,Ner 
 
 l(i M'< 1. anil xvitlioiit mhIi >aMi limi liic iiil m, 
 
 be iiieroaM'd, uiid I he sliare^ max 1 
 
 «' foiiNOlM 
 
 (lixiiled. 
 
 or I (iiiM'i'tcil. w Ipcic jiaid ii[). into s|( 
 
 ■ct. I 
 
 And such •-iork max bo leioiixerted into jiaici ^iiaii 
 
 of aiix- dpiioiiiiiiati 
 
 10. In tl 
 
 IC case of a loi 
 
 S'(t. 41. 
 t.'d 
 
 ii|iaii :''ii|t<'il hx' ^lian 
 
 tn- v..irr,ini- 
 
 lo bearer max be i--iii>il ii 
 
 ^(leci Ol' oiil- 
 
 II III the ra-e ol 
 
 a coiiiiiaii'. iiiiK'il hx ■'liar* 
 
 the iincalleil t a|iiial iiia\ be i "iix ertod iiiio n 
 tieet. .".!•. 
 
 12 I nilerwiitinj;' and otiier ronniii- \'<\\> lliav in- 
 to lilt lU'ovisions 
 
 ' i-ajii 
 
 <iiili(ioiis uiid Mibjeit t 
 
 xxlieilier ilic I oiii|iain i- i piilili. or.ipiixati 
 
1.1. 
 
 M 
 
 Mrl, 
 
 ■i<:UuH8 of 
 ir-i rig^i- 
 
 (/'Mr: 
 I liliel niiiititiii^ 
 
 'flH .*>. i)H \ 
 
 • OKPOKATK POWKHH aNU IM m>. 
 
 ii 1. .arrit'M oil i.ii'^iiMHM u .i..u(l. iu irilinh « •..loui..'«, ii ,.s 
 
 plHIHrnftwl «o liax- 11 I,, ,1 ro>fi-«T ,1 uwiuh - 
 Ih.omiM h a it in (111 ' '" "' > """ni^'iiK ill the 
 
 ,ir. iii.(.i| lateil i'()iii|,aii\ , • Iiun tlio iufht uii.t 
 111 Til resist uiiy (i'iIhh \ iiitoi'li'i- ii('<> wi 
 
 iiiid pro|M)it; Thorle'fs ( tie FmU i o v. 
 
 f. D. 7t>:i, «•{/., u ti^lo III-,. I ,,„ ii„, oriipfti, 
 
 mil. iff. Co V Ai,v)//. >i\ (• 
 
 irisolvoiirv to In .., ,|„,m 
 
 lliiirkiii.s. Ml N ;»(! 
 
 il»> Tu uluii Iho j)ioi.' Ill' mill 
 
 in -iipiHirt of ii u^'hts ii- m i .(ivt 
 
 Hi i-erij r„. y. Tentuint, < i:|i. 212 
 
 V,„«/,rf/„ ; App. Lu< 121«, .>„„//, //,//„„ CotU Co , 
 
 \. A'. Aws- A-iJ^'iriati,,,, i 18a4. I (,! K. |.)3; M„Hche.^t,r 
 
 '■orpunUio,,, H . :.«^. (.ISOl , i (,» I: 'jt. South Wale. 
 
 Miners FfUt'mtHn, Ulatmu :„u t .»,/ r„ . i'i<(„ , i A. C 
 
 2.1!l. 
 
 !<■) T.Mififf, lopoppos..;.. . i.,,,.i ,„. liners, hu, ,„uv 
 
 I liioiijrht ttjfuiijj't it. 
 
 ill To impri.iiiiiiaiivi Uiiii, „iii|, ii; II i;,iih\ 
 
 ..isf. H ( Div. ;)■! 
 
 !• W.11V0. or ' 
 'I' my liiivf. beer- 
 
 II /aim.- ■- iiiav ^ 
 < l> '-'2 
 
 ( To ! I'liii , i'liri. 
 Iiuni Hit, I ,, 1.1 [i,.»v 
 
 »:i 
 
 ■ii.iiico of 1(1 'aw 
 
 City nf I 'jnduii 
 
 Krhnn-T V. .Vcm- 
 
 «ruiiiie lint ii. impeu, ,. .luy wron;; 
 no Id II .iiul u, wuiv(> or iili.iii.lon 
 ilinitill \ <l(inliiiri. t 
 
 .1/ 
 
 III 
 
 i( sc. !/,</,< V. Shtfiri- 
 
 ■ l'olln\ iu^; 
 ami iahi! * iiw; 
 
 ;'!■ I ho most II. .liii 
 
 to 
 
 •I Tl 
 
 'Mi|i.iny'-; ohli^iitioiix 
 
 ■'li'' 'oni! un is liomiil, ,i,„|,,, „, ., ,„ .s,„,,,,iy j^, moinlnrs 
 on (Ion I with piiiitciil copii's ,,i its iiionionindum of usso- 
 fittfion ! rcjrulations Sk'cfs. 18, 70 , .n. 
 If Ui. I. irticlos till, ■.riiiui.i V sl,„ioliol.l.!rs have u ri^;lii 
 
 tid inspect tho biiluiui- -jicot^ .iiui auditor's !.■- 
 -••^. III the company i.s m,l a private company, (lio 
 of preferonct> shares and dclK-iitnres and dohun'm.^ 
 I the company havo tli- same vifrht. and the compunv 
 ouforni thereto. Sect. 114. 
 
 my i.s bound, under |)0nalty, lo keep a refjistur of h< 
 ■crs. Sect. 2.'.. This rej-isler is to Ih) open for puMi 
 ■tioii. Sect. ;tO. Tiu.s(.s arc not to bo entered in .• 
 :i>, It muy lie reclijie.! !>y the {'oum. H,-ct. .;2. 
 iipany is bound, under penalty, to Make certain an. ,1 
 1 iirus as to its members, capital, assets .md liabiiiti'v. 
 In 'iio Registrar of Companies. .«<ect. 2«. And. Ii. vldit u 
 
 
ft "H 
 
 :U 
 
 PKKLIMINAKV NOTES. 
 
 [Chap. I. 
 
 ' i 
 
 il 
 
 
 •iverv rompanv limited l)y sliarv^ iiiiiM witliin a irinntli afn'r 
 allntiiK'nt niak«- (t'rtiiin i<!tiirii> :i* »n tlio nllotlco-i mii'I 
 ■ apitiil. and in case of slmrcs issued ollicrwisi' tliuii fm- 
 "■a.sh. lilf rortain coiilractM. ."<<'ri. H« SfM- infra. \>. •!!(». 
 
 <o: l'ros|)c<fMscs issued by or on liolialf of any loinpaiiy or in 
 ndalioii to any iiitondcd coiripany. must, as a pfonoial riili>. 
 Im> dated and sifiiiod and tlion tiled, liefore publication, ami 
 tho fad of lilin<i must l)0 stateil tlioroon Ijoforo tlipy nv 
 issued. Sort. 80. And pros|)erfus«>s must, accord iiifr in 
 ciniiinsliincos. roniply with all or sonio of the rpipiisites i<\ 
 sect. «1. Soo infra, p. Ifl'i. If ilu- company niot licint;- i 
 private (onipany) does not issue a pros])ectus. it must ii)r 
 a statement in lieu of prospectus. Sect. 82. 
 
 Ill The <^)mpiiiiy is bound to frive notice to the Refristrar of iii- 
 erca.se of capital or members i sect. 44 i: and of consolidation 
 of sinires and conversion of slmres into stock 'sect. 42 . 
 but not apparently of the reconversion of stock into shares 
 And lis to special resolutions. Seit. 7tK 
 
 ^C ' 'I'he company is bound to have a i-ei;isti're<l olllcc .sect. (>J . 
 anil notire of the situation thereof lor the time lieiiijr has t.. 
 lie ijfiven to the Kegi.strar. ."N'lt. i'>2. 
 h ' The company, if limited, is bound in have its name up out«i(|c 
 ever\ place where it '-arries on business. ;ind on its seal nn'l 
 on all bills, Ac. Sect. O. 
 
 ■ i . Xolices and other documents may be -erve*! on the c<^mipany bv 
 
 leuviiii,' the same, or .seiidinir them by post, addressed to the 
 lompaiiv at il.s registered oflice. Sect. lUi. 
 
 ■ ji The compiiny. if limited, is bound, under penalty, to keep ii 
 
 re<rister of inortfrajies. Seel. I(M». .Vnd every mortfrape of 
 iliarye cominjr within sect. ICI. must be tiled for resristration 
 in the iiublic register at Somerset House within l«enty-one 
 days. Tho Rejj^isirar is to keep n leiiistor, which is open t" 
 inspection by any one, and the ■ oinpaiiy must keep copies 
 of th" inortfpifres, (tc. at the reirislered odice, where they nrc 
 open to inspection by meinliers nnd creditors. Soot. 0."! i'2' 
 Kllect of non-ro(fistralioii and (M'MullJes. lb., and sect. W 
 
 I k ! The company, whore sects. HH nnd K7 apply, must refrain from 
 nllottinp: share.s or cnmmcncinir businos.s until the roquire- 
 nienls of these sections have been complied with. 
 
 (]' The coiiipaiiy may not directly or indirectly pay underwritinjr. 
 |)liiciii!x. or other commi.HsiooM in itintriivention of sect. 89. 
 
 (ni' The company, if liiniled anil carryinir on the business of 
 bankiiie- or insi!i..nn<', is bound, under penally, to ]>u1>lish 
 iinnmillv a statement of its nllairs in the statutory form 
 
 .Sect. 1(18. 
 Ill' The 'nnpMii.) must ..end a list ol' .lir.-. tors to the Rpgistrul' 
 
CORPORATE POWERS AND UUTIR" 
 
 % 
 
 each .year, aii.l notify u, him any .hrtiigo in it., .Ji.octorate 
 
 Scd. 7.".. 
 (o) If Hit" .oiii|niiiy cuvii.N on hiisiiioss lor six ii,„„tlis ufU>r th.) 
 
 iiu.nlH>r of il." inoiiil«ii« is vtuUiml below st-v.-ri, its moiubcrb 
 
 iiiiiy incur iiiilimit«'(J liability. Sent. 11.".. 
 {],) Jiustea.l of (ho general nioctino; witbin four nionlb, after its 
 
 iiic.rpori.tion, tho (N.nipany, if liniile,! bv shi.res ' uuil 
 
 re-isirro-l aflw the end of 1!KM», niusi hol,| ii. slutiifory ' 
 
 Mi.eiiiiM; „„( less than one month n<ir e ihun thre;' iiionth.s 
 
 '■ ' ''"' ''"'•' "< «''''•!' i' i-s enlilh>.l to .•..mineu.v business. 
 
 SiMl. (i.-,. The report then .lis.n- -M „„„, be |ih>.l wilb the 
 
 Hi'yislrMr. Ih. 
 
 (()) The i-omiiany nnist hold an at al nu'etin^;-. .Si'el. i; 1 
 
 (r) The romiKiny, if limited by shares, must n.jt prior to ,he «uitu- 
 
 Un-\ meetin- yary the terms of a .ontract reforn-d to in llio 
 
 prospectus ex.epl. subject to .he a|.proN;.l of ihe Matulory 
 
 meeting:. Sect. 83. 
 is) The ,nrnib..rs n.ay apply t.. the lioar.l ,.( Trad.' lo appoint, 
 
 inspeclors to e.xaminc Ihe iillaiis .,f the < oiupuny sect. |o<( • 
 
 "•"' i"-l><"'">'> .an I j.p,,i„ted by sp.vial resolution" 
 
 Sell. 110. 
 
 'ti The company nm.st ( nmply with .secl>. 112 and J I.! as to audit. 
 
 II It a hankin-c.nnpany, il.s accounts must |„ „„ally auditol 
 
 111 accordaiKC Hilh m>c| . ||.!. an.l it may be that" .sect. 112 
 apj)lieH. 
 
 i'yi (u-neral m.H-tinps must be calhd on ro,,uisition, as proyidcd by 
 
 sect. 0(i. 
 (^vl The memlK.r« of the com,.any are entill,.,! to the as.sistunce of 
 the ( ourt to restrain the .loin^. of Uial which is ultra vires <'■ 
 the company. 
 <.v. The .omjiauy may be ttoun.l u|) by the (.ourt isect. 12'.)) on 
 the petition of a momlR.r or rreditor, or of the romi)any 
 il.-.'ll .sect. l;!7., or of the ollicial r.^viver in companies 
 wiMdmjr-np, if it is already in yoluntary li,p.idation. Ih 
 •V ll-^ni'Miil-ers may yolnntarily,,lacoitin liquidation (.••voluntary 
 li'iuidation ■ so .alhvli, and .so end the business; and brin- 
 into f)pcration ellicient proyi^ion.s for the xvindin--up of iti 
 alluirs and il.s dis.solution. Sect ]<».! enabb's creditors to 
 apj.ly in a voluntary yviudiuf^-up, a* the li,,ui,lator or any 
 ooiitrihutory might aj)i)ly under sect. 138 of 18(i2. 
 -■ It i.s subject to the t^-neral law, so far as applhalde. and if it 
 uirrios on Ihe busi„os.s „( a money-lend<M- as defined by (he 
 Money-Lender.s Act, 1!.0() ,G3 & 04 Vict. v. 51,. it mu.L 
 .".nply «ith the r<-.iuire,nents of U.al Act as to registration 
 and other«i.se, unless exempted from refristralion by (ho 
 liwird ol Tra«le. Ponaltias aro imj.osed on ollioer* of u 
 I) 2 
 
V' 
 
 m 
 
 :<6 
 
 Airenti-. 
 
 PHELIMINAKY NUTJM. 
 
 [Chap. 1. 
 
 Liability uf 
 oompuiy for 
 botiiof agt-iit. 
 
 iiioiiov-U'mliufr wmpaiiv [>\ wr! 4 of tin' Aut. .S*'e further, 
 iufru. p. t>28. 
 
 Tho iiiowt ofiMt'iitial powor of u ixiiiKJi-utinii i-» the junvin- to aot by 
 ap<Mit»i. It is a i)0«fr. Iiowcvor, wliidi it is not uefessaiy to sptnify 
 ill the olijwt.'< of tilt' fonipain : for it is iiiiplio<l inlioioiit iii tiip 
 coiwtitution of a coinpanv— b_v t'ert. 10 of tho Art the roinpauy i» 
 iiindc "capulilf forthwith of oxcTfisiiijr all tho fiiiutioiiis of an iiiior- 
 porutod coiiipany.' ami those functions iiudouhti'dly inidiuh' the 
 power to ai't liy ajrt-nt.s. sinw n rorporatioii 'raiinot act in its own 
 person; for it has no |H'rsi.ii.'' Per l^ord t'airii.-. Frrf/iisiin v. Wilxdii. 
 •2 Ch. S'.». I'lili's.".. theivfore. the loiiipmiv uei')' |MTinitt«'d to act liy 
 a^MitH. it could not act at all. 
 
 The powei's (d' the directors, inana-rers, or other apenls of tho 
 company are iisiiully s|M'cifie<l in the articles of the company. S«h' 
 further, infra. Form 25 1 . 
 
 If the articles do not appoint or provide for the appointment of 
 af.'-euts. ii f.oiieral ineetiiiji of the iiiemlH'vw can appoint ajreutw, and 
 authorize hem ti act on behalf of the company. 
 
 Whatsoiver t!ie company can do. it> np'iits can l)e empowered to 
 
 do: for instance, they may iK-rform a contract liy the company to 
 
 each its uppivntice his l)Usine^.s. liiiriili-ii l-li/iiiliihlr Sniirtii v 
 
 1 asxnii. I IK'.tl I 1 {}. H. 7J. Uut il is dear that the a^^euts of the 
 coiiipanv cannot hy any lueaiui 1m- invcste<l with power to do on 
 behalf <d' the company that which is ultra rirc-i the compa': The 
 scope of their uji^-ncy must always Ik' cin umscriU'd by tli, .■ /Woi> 
 of the company. HV//oh v. Saflerif. (1807 i A C. 229, .•J21 : Treior v. 
 W'liil ninth, 12 App. ('an. 4(HI. N »r can its ajrents be empowered to 
 e.xertise powers which the Acts \m\ in the members, and make 
 uxerciwable only by resolutions of p-neral niwlin-rs, c.ij., the power 
 to itHiuif capital, or to sub-divide shares, or to wind u|. viduiitarily. 
 
 As the law by uotv.s.sary Miiplicatioii confers on an iiK orporateii 
 t-unipany the power to act by agents, it \wV\n the company, liku any 
 other principal, ivspoasibie for the acts or defaults of its u^jt'iit.s 
 within the scoim- of their employment, liaiuji'i v. Gt. W. Kail. ( <> . 
 :> II 1.. ('. 80; Huru-Uk v. EikjUmU Joint Stock Htinkintj Co.. L. R 
 
 2 I'.\ 2.'>'.t; lloiildHinirlh \ . (it;/ nf (iUin'jou- Ihilil,-. J App. Cas. ;i2ti 
 Thus, if the duly authori/ed ajreni of (he company enters into a 
 
 contract on its behalf, the compuny is bound thereby; and if the 
 company's a|rents commit a brf-ach of that contract, the company is 
 responsible accordingly. 
 
 When', in contracting, parti<iilar formalities as to th<! iiunle of 
 aUi\iii<r the common seal are not jirescribed, whoever in practice 
 mauap'.s the atfairs of u triulinj? ouporalion can use the seal lor tlio.sc 
 actK which he is authorized to iicrform. Harned's Hankinrj Co.. .'t (31i 
 105, lit). 
 
 And, prima fmie, the clerks in a company's re^storod oliiee, at 
 aiiv rate lu the absence of the seciciarv. may receive noiueci <m 
 
COKfORATK roWKKS AND DUTII-X. 
 
 ;j? 
 
 '<>iu)>i)iiv Tntmnn'K cane. 
 
 otiicr < oiriiiiuiiii.'ationN on U'lialt ni the 
 il8H I ;! ell. 272. 
 
 lint a comiiaiiy will not. it h(h'iu>, I>o IioiiikI l)y any acioptancc of a 
 hill vi ('xcliaiiRt' unltiiw the iwrsoii ac<;('i)linK for llu> coiiipany undor 
 ftpd. 17 of the Companies Act, 18()2 ( ( 'onipanitw Act, 1908, s. 77), 
 udiiiilly. anil not uicTOly ostonsil.Iy, ai(K)j)t.s. PremU'r Induntrud 
 Rank. Llil. v. ./. rf W . ( mbtrcc. I.ttl., i 1 <»()!> ) 1 K. B. 10(!. 
 
 Ami a (oinpany can, ex /xw/ l.ulo. ratify that which has Ih-oh dono R«ti«c«tion. 
 on Its U'lialf without authority, wlior<> the a(^t ratitied is not iiUra 
 rires the i(>ini)any. linnit v. Siritthburh- (it., 40 t . U. 13.'); Wilson 
 V. Itc.«/ llnrlli' 111)1)1 ( II.. 2 !)«> (i. .1. .t S. 47.">; lirine v. Union liiinl, 
 .)/ .lii.slniliii. 2 A|)p. (as. .((ifi: Ijondnn anil S'eie York Inveatmenl 
 Cor/) , ' IH'JJi 2 Ch. H(;o. 
 
 \ coiiipaiiy is lialile, moreover, not only in rospeet of (!ontracts made Tort*. 
 on il.s Ill-half, hut in r<«s|H'ot of wronjjs committed hy it« a^'nt« in the 
 .•oiirse of their employmen., and for the honofit, or intended henelit. 
 of the company. Tin' j riiuiple omlxMlied in the maxim, Qui sentif 
 i-ommoilnw xenlire debet et onim. is ii))))lie<i, and the bo<ly corporate i;s 
 held re«|)onsihle accor<lingly, aithouffh in the result its funds may 
 become applicahle to purpo.ses not si)ecilie<l in its memorandum of 
 association, e i/.. payment of damaijes to the injured party, without 
 any c-orresponding benelit to the company. 
 
 Thus, if the agjents of a comjiany are tjiiilty of nejjlifrenpe. that Nejrliijenec. 
 nejrli^i'nfv may he ini|mted to the company, and the company may 1)0 
 hcl<! liahlc in <lamasr('s to those who are injure<l thereby. I'lirfMhi/ v. 
 1.11111 lister < II mil. II .\<1. * E. 22;l: .\fer.iei/ Dorl.-a liourd v. (libbn. 
 I. K. 1 H. 1,. 9;i: |)rovided, that is, the a<rent is acting within the 
 
 scojic of his authority, the onus of proviup: which lies on the plaintift'. 
 liemd V London (leneinl Omnibus ( o., (,1900i 2 (). B. .'i.'lO; Ciioke 
 
 V. Midland Ureal \Ve.ilerii Hi " ■>( Irehind, (I'M)'.)) .\. ('. 22!»; Britijih 
 
 Miihial liiink v. ( hiirnwoo, ' (, f UuU., 18 Q. B. I). 714. 
 .Viid the extent of the c(m n- liability is not limited because it^ 
 
 eonslilution limits the aiiiou. ' i its e.\i)onditure. GnlhicorUiy v 
 
 Selhij Dam ( omnii-isionerx, ■ lH'.l2i I I}. H. ;i48; rnited .•^erriee Co.. 
 
 •> Ch 212 -a owe as to the loss of dej>osit<><l securilios. 
 
 The aH;i'nts. not the comjiany, have in fact l)een giiiliy of ila. negli- 
 
 geni^e; for a bisly corporate never can either take care, or neglect 
 
 to take (are, exc<'pt through m servants." IVr Blackburn, .1. ( L. K. 
 
 I II. li. ]). 104'. Nevertheless the company is answerable for the 
 
 iiegligenw. 
 
 Sio where a coiupan.v is formed to jtromote other companies, it is 
 responsible for the acts and ow/ww«« of its directors in such pro- 
 luotion. "er Lindley, M. R.. in iMijunas Mlrale do. v. Ugunax 
 !)yndieate. i 181(9 i 2Ch. .(92, 423. 
 
 A corporation may also be sued for a trespass coininifted by its Tmipaw. 
 agent [MauHd \. MoHn.^uthshire ( amil Co., 4 U. A: Ur. 452); and it 
 
 "T^: 
 
5 ■ ; ;»?'! 
 
 i I 
 
 [I 
 
 
 
 r I 
 
 ii 
 
 W 
 
 l/M. 
 
 NiiiMiirr. 
 
 MiiHcioUK 
 
 ]n. .^..fiitioii. 
 
 HllllUtOH 
 
 liitv. 
 
 I'KKLiMINAKY NOTKS. 
 
 rCflAP. I. 
 
 may lie -iicil im «iciiiyliil (Ictciitum of p'ooJ-i {\arbor<)ur)h v. Rani: 
 of E)i(}hi)(il. Hi I'.iist. <> . uiid I'm- «H'iii;fiil di-ipusilioii of plaintifF'.'- 
 sharcs , /Wi/" lloil. ( <i. I,. H. :l (). U. ,)84i, ulllumprh in fact tlic 
 ustMil luifi (■<iiiiiiiitt<'(l llic wioiiv;-. Moroiivfr. althoii<j:li doiiliti on the 
 [Miiiit liiixr t'loin liiiii- to time 'kmmi su<r'j:e-'t<Hl, it »ociii-< eU-ar tlmt a 
 corporatimi iii:i\ In- liaMi' to an a(iion for intentional atl.-< of niis- 
 f(<asaiic<> l>v is a'jcnt*. |)io\ idcd .-ncli act* arc sutllcicnilv fonnpcti'd 
 with tlio scop." and olijfvt of tlii' cinipaiiy'.s incorporation. Thus, in 
 Whillirhl \. Smith luixtrrii Hail, f u . K. 1$. iV K. 121. a company \va> 
 hold llald(< for a inaliciou.-^ liUd: and Lord ('ani])l>"ll Maid: "The 
 •rnnind on wliiili il is conti'ml'd that an action for a lilnjl lannoi 
 po«.-il)ly lie niainlaiiKNl aLrain<l a corporation afrgrcjratt- faili. . . 
 t'onHidcrin;; thai an action of Ujrt and lrwpa'« will lie ajrainsl a 
 corporation ai><rr('<rute. and that an indictiiivul uiay he prid'errcd 
 aptinNt a i-orporalioii a'jr'jrcfratv. hotli for coninii-'sion and oinis.sion, 
 10 he followed np liy fine. tli(nii;li not hy iMi])ri.sonnu>nt. there may ht- 
 trreat dillictdtx in 'ayinir that, under corlain circumstances. e.\pros> 
 nnili(e may not he iin]iuted ti> and proved asT.iiu.st a corporation. 
 .\ltliou}rh the servant of the corporation may have liud no actual 
 authority, express or implied, to \vrit<' the lihcl, if he did so in the 
 course td' an einployniuni which ii authorized, the corporatiuu i^ 
 liable. So the I'rivy Council held in Cltizois' Life Axxuraiuc Co. \ 
 Broun. ( l'.>()4 i .\. ('. 4U;i. Ami t^ei' Scvill v. Fine Ait.1 linfitrana 
 Co.. Ltd.. (!«!».). 2 g. n. i:)ti. And in Green v. Lrmiloii Gen 
 Omnibus ( I) . 7 ( . H. N. iS. 290. it was liold, on denmrrer, tlmt au 
 action would lie a^piinsl a corporation for driving its omnil)uses so u.- 
 wronpfully to molest the |>laintilf in the u^e of tlie hi^rhwa^ . .'Viid 
 see /,i»(//((,v V. IadiiIoii Gen. Omnihun Co.. X H. & (.'. 020; e.vplaiuod 
 in VicLeri/ v. Great l-Mnterii luiil. i ».. 79 L. T. 121. 
 
 .A corpornli'iii may also he lialde fur a nui-<anii>. Ua/iier v. IaiikIoh 
 Trinineaii.^ t i,.. ti'.t I. T. :!(il. 
 
 In F.<hr,„,lx v. Miilkml liiiil. ( <>.. Ii g. Ii. D. 2«7. Fry. J, 
 reviewed the authorities, and held that a company was liuhle to an 
 action for malicious pro-ecution. .And ihi.s was followed in ( oniforit 
 V. Carlloii lUnik. 1899; I {}. Ii. ;!92: affirmed, i'19n(), I q. H. 22, 
 the point l>einj> conc«'dtsl at the Inu Se(! also .Mnuitli v. <l. /•;. Rail 
 Co.. II App. (as. 247. 
 
 And a corporation nniy he sued for assault Hiitltr \ . Mninhexter i[ 
 Sheflielil Hail . 21 (). II Div. 207; Knsteni ( umities Hoil. \ . liroom, 
 «i Ex. .Ill 
 
 \Vhei-e a duly i.^ iiupo-cl li\ .-tatule upon a coiupan\ in such u 
 way thai a lireach <d' tlii' duty amounts to a disolH>diencc of the law, 
 then if theif is iiothiiijr in the statut<' either expressly or iiu|)liedly to 
 the coutrarx ihi' lireach of the statute is an ofleni-e which can bi' 
 
 visitpil upon the c pan\ \t\ mean" of an indictment. The <^ue^.)i \ 
 
 Tillei. . 1891 . 2 (^ H. 588. 592 
 
W^KI'OKATK, linVKRS ANIJ Ul.'TU-S. 
 
 ■Hi 
 
 [ii He;/. V. liirwinfihani mid <iUmce:<ter Hail. Co., :\ Q. IJ. T2'>i. 
 Ifcitti.siiii. J., in dolivoriufrtlu- judgment of tlio Court, said: fliut 'on 
 L'frnTiil principlps ... a corpuration niav be iiulictod for breacli 
 ..(■ a duty imposed upon it bj' law, though not for a felony or foi 
 • liiiu's involving pcr.soiiul \iolencc, as for riots or assuull.s." Thai 
 wii.- a I'tiso of non-inisfea.sanoe; but the sauu' doclrinc \vii> applied 
 III .-a-scs of misfeasanre. In Hfi/. v. drriil Surth i>\ KmiUnid Itml 
 I n.. l! i). 15. .il.5, where Lord LH'nman, wiio delivered the judgmoiii 
 ■ il the Court, said: "'The argument is that for a wrongful act n 
 r.MfKiralio'' i.s not amenable to an indietuient, though torn wrongful 
 .•iiii.vsioii i( undiMibledly i.s. u>,siiming in the lirsl plaie thai there i- 
 .1 plain aii<l obvious distiuotiou betwinan the two s|H;fie;< of olfenoe 
 .\i» assumption can be mow unfounded." 
 
 In Itcii. V. Tiller, supra, it was held thai a proceeding beforu u 
 iii.igislrate under sect ii7 of the Companies Act, 18()2 (now sect. 2G 
 .11 of the Act of l'J()«i, to ivctiver penalties for default in forwarding 
 I li.si of it.s iiieml>ei-s to the Registrar as recjuired by sect, 2t; of the 
 All of 18(;2 (now^ Hcct. 20 of the Act of 1908.. wa> a criminal 
 |iiocec(liiig, and accordingly that where the Queen's Iknch Division 
 -raiiknl a rule nisi for a iiiaiidanms directing a iiiagistiiite to hear 
 iiid dclemiinc the application for a siiininons, there wa.s no a|)|>eal. 
 nixMiMich as jiidgmcnl was a iudgmcnl in -a criminal cau.s« or 
 Hi, liter within sect. 47 of the Judicature Act, 187.i. It was argucxi 
 iir iliat (aise that although the WHI . 2(> imposeil a duty on the com- 
 p.iiiy, Ihe non-performance of that duty was noi a criminal ollonw 
 !■> the company. Hut the Court held otiicrwi.se liowcn. Ii. ■)., in 
 ilic course of his judgmont. said: " It would iiiiie<'d be a ix'iiiarkable 
 Mcw for the Legislature to take that the obligation imposed upon 
 1 ((mipanv wa.s of such a nature that its brcaili by thi^ compiinv wa.s 
 not an ollence. and yet that a dinntor or manager of the i i.inpany 
 »lui sloixl by and ac(piio.sce<l in the iiiearh was giiiltv „i an olleni^!. 
 Siich a reading of Ihe statute would emancipiilc the corporal i<ui U|h>m 
 MJKini Ihe duly wa.s inipo.s<'d from the iiosiii.,ii i.l dllciider and would 
 .niiiKliice into the class of olVenders the diicilois .uid iiiaiiauc is onU 
 ulin stiHKl by and knowingly acipiiesced. I laiiiioi think that that is 
 ilic- true reading of the section.-. . . . Therefore a breach of the 
 I ii'\i>ions of sect. 20 is an olVem.*, and it is none the less an oMenee 
 l«(ause «««!. 27 imimsos a |H3<uniary penalty as the punishment 
 iiH Ihe ollence. .S..< t. 27 gives u summary remedy either in addition to. 
 ')r in pluc(^ of, an elaborate and circuitous one. . . It it i^ an oHonce 
 lei the company to fail to comply with the niipiiremcnts of s<'ct. 2U. 
 dion the prooeeding against tlie com; ,ny under s«Mt. 27 is a proei'ed- 
 ing in the natunj of a criminal cause or matter, ii.s 4)bject being the 
 liuuishmeut of an offenu-. That ap|iear.s to me to be the true 
 Mie-.uing of the section. The Act says that a company shall do 
 
 eitain things, and a company which neL'lects to do l!i!:se thing" i« a 
 ■ liiuiual ol[end«r. Kay, L. .).. in the courm- of his judgment said: 
 
 Brou'li t>v 
 V«>lnpttliy tA 
 
 tl.c An 
 
40 
 
 Fraud. 
 
 If 
 
 HRKUMINAKY NOTES. 
 
 [(.'HAI'. 1. 
 
 " It 18 not iiocoHHarv to in(|(iirt> wliether the ('Oiiipuu> I'ould bo iu<lirle<l 
 for the non-fctuianc-o under this Act Iwcauso tJio Ait nieuut to iiiipusc 
 upou the I'oinpany a positive duty, the omission to perform which 
 would bo in the nature of a criminal offence, and even if the roujedv 
 jfiven by the Act m the only remedy, as to which I express nn 
 opinion, it does not follow that the omission to do (he act is an\ 
 the loss a I'rimiual omission on the part of Uio compuny." Ai'cord- 
 ingly it was held that there was no a))peal. 
 
 Again, a corporation may hv held liable for the fraud of its agents. 
 "Strictly speaking, a corporation (^nnot of itself oe giiilty <>f fraud. 
 But where a corporation is formed for the purpose of currying on a 
 trading or other 8|M<culation for protit, . . . the.se objects C4in only ))<• 
 accomplislHvl by the ugency of individuiils; and there can be no doiilii 
 that if flu' agents em])loye<i conduct themselves fraudulently, so thai 
 if they had ln-on a(^ting for private employers the |>er.sons for whom 
 they wcw acting would have l)een affected by tlu'ir fraud, the same 
 principles nuist prevail when the prini'i|)al under whom the agiuit t»cl> 
 is a corporation." I'er LipkI ( r.iiiwurlh, Uaniicr \. G. \V . Hail. ( ii.. 
 5 H. L. ('. H((. Ami tile lu« seems to be the same in Scotland. 
 Hockey V. LliiiU-mlule liank. .'!« 8c. L. R. 120. 
 
 In Baririck \ . KiiylishJoiiit Stixk Hankinf/ Co.. L. R 2 K.v. 2.j!». a 
 eompanv was held liable for the fraudulent niisrepr<>s<>ntation of ii« 
 agent. Willes, ,1., in ilelivering the judgment of the Kxcheipn'r 
 Chandler, said: " With resjK'ct to the i(uestioii wholJier a principal i- 
 answerable for the act of his agi'nt in the course of his master's biisi- 
 uoss, and for his master's beneht, no sensible distinction can Ix" draw n 
 between the case uf fraud and the cas«> of anv otlier wrong. The 
 general rule is, that tin- niast(>r is answerable for ev<'ry such wrong ol 
 the servant ur agi>ut its is coinmitttHl in the course of the serviw anil 
 for the muster's b<>neKt, though no express command or privity of fh<' 
 master 1m> prove<l. That principle is acted upon every day in ruii- 
 ning-<lii\vn cases. It. luus lie»>n applied also to direct trespa.ss to goisN, 
 4»s ill the case of holding the owni-rs of ships liable for the act 'jI 
 masters ubrmid imjiroperly selling liie cargo. li has lM»en hehl 
 applicable to actions of false imprisonment in cases where oflii-ers ol' 
 railwa\ coin))aiiies. intrusted with ihe execution of l)ye-laws relaliiii: 
 to iniprisdiinient. and inti'iidiut; to act in the course of their duly, 
 improperly imprison imtsoiis who aiv suppo.smi to conu! within llii' 
 terms of the bye-la«s. It has Ikh-u acted upon where |K>rsons em- 
 ployed by the owners of boats to navigate them, and to take fares. 
 have conimitlcd an infringement of a ferry, or such like wrong. In 
 all tluw' cas«>s it may be sai<l, a> it was .said here, that tJie master 
 has not aiitliori/e«l 111,- act. ll is true he has not uiithori/ed the par 
 ticular act. but he has ]iut the agent in his place to do that clasp 
 of acts, and he must be answerable lor the manner in which the ageiii 
 has c«>nducle<l himself in doing the liusim'ss which it uiis the act of 
 ilia master to place him in. ' 
 
(•OBI'OKATK POWEK« AND Uli'TlES. 
 
 41 
 
 TliiN "ii^c WON I'ollowtHi by tho Friv y Council in Mackay v. Cont- 
 Mtriiiil Hank, L. H. .» P. f. •'I'.lt; uml in Cillzens Life A»». Co. 
 V. ISroirn, i l!t04) A. (!. -12S. And in Uouhlxunrthy. City of (Ua.igow 
 lUtiik. ."> A pp. C'as. .'120, Lord Sciborno rcfcriwl with approval to 
 tlir priiK ipl<> laid down by Wilitw, .1., in tho po-ssage cited abuvo, and 
 siiid: " Tliut |)rin('i])ic rowivi-il full rocofrnition from thin liouiie in 
 Thi' Snlioiuil Exchange Co. v. Ilreir. 2 Maci). l();i; and Mew llrum- 
 trirh- litiil Co. V. Conyhettre. 9 H. L. C. 711; and was certainly not 
 iiiouiit l<i Ik) called in question by oithor of the learned Lords who 
 dcidcd Addie v. The Wenterti liank of ScotUinl, L. R. 1 II. L. S< 
 U.'i. Il is a principle, not of the law of torts, or of fraud or decoii. 
 hiit irf the law of ag»!iicy, ecpiiilly a]>|>licalile whether the agency is for 
 a mrpiiratioii (in a matter within tin scope of the corporate powers i 
 or for ;ni iiidividiial; and the (lecisions in all these ca,ses proceeded. 
 iiiil iin the ;rronnd of any imputation of vicarious fraud to the priii- 
 ripal, lint biH'uuse. u.-i was well ))ut by Mr. Justice Willos in liarivick s 
 lUKV il>. K. 2 E.x. 2it\i), with res|)ect to the question whether a 
 priniipal is answerable for the act of his agent in Uie course of his 
 niiL-ilers business, no .sensible distinction can be drawn between the 
 ftusc uf fraud and the ciise of uuy other wrong.' " 
 
 Tims a comjumy may be lioble for misappropriation by it« clerk. 
 Trutt V. Mutiaml Ducount Co., 17 T. L. R. .$7. 
 
 Ill Adtlie V. \\ intern Bank of Siut land, L. R. 1 H. L. Sc. 145, ItJT, 
 alicive rclerred to. Lord Cranworth said: "Corporate bodies niav be 
 inailc i-cs[Minsible fo!- the frau<ls of ItheirJ agents to the extent to 
 which the cniifiiiniiii have profited from these frauds." But it i> 
 8iil)iiiiilc<l tliat this dictum, if it importH that tho liability of the 
 f<ir|i.iralioii is limited to it.s j)roli!, restd on no satisfactory principle. 
 Jiiiii laiiiMii lie supported. The corporation, as above appears, i^ 
 liulile by virtue of the law of agency. Now, the liability of ii 
 priiiiipal who is not ii corporation is not .so limited to the amount 
 of his prolil. Why, then, shoidd a distinction l)e drawn in favour of 
 a lorporation? Ther<» is no such limit whore a corporation is sue«l 
 tor an iiileMlioimi trespa.'^s coniniitted by it« agents contrary to it~ 
 expnss iiistruclions (Liiiii>ii.s\ . London (iemralOniiiibusto.); why. 
 ilii'ii, slii.iild ih.re be a limit in the ca.se of frauds In Uouldsuorth 
 \. I ill/ III (ihmiioir llnnk. •". App. Cas. ;117, a2U, Lord iSolborne said 
 lliai tlu' words iu italics might re((uiie "sduio enlargement or 
 explanation." 
 
 Il is, however, to Ih" borne in mind that a corporation is not liable 
 wlicn- the act vjf it« agent is for his own l>enefit and not that of the 
 cmpuiiy Ihilish MuluuK o. v. ( hurnwood, iff. Rail. Co., 18 Q. H 
 Uiv. 7Hi; or where he is actinj,' outside the sco(w of his authoritx 
 (lianult, limns it Co. v. South Londtm Tramways Co., 18 if. U. D 
 si'>: lirard v. London Ccn. (hiinibiis ( o.. i, 1900; 2 Q. B. j;)0; liubeit 
 ' <it FiiKiall (iinsolidiiled. il'IOtii .\ r\ J.JO). 
 
 .\ .■oi (Miration may be imli.ted for a l.i«a< h of duty imposed on it Indiutable 
 
 irtfenceii. 
 
42 
 
 n'KMMINAKV NOTEK. 
 
 [Chap. I. 
 
 
 ;ui^ 
 
 Lochm uud 
 wquioioenci . 
 
 B»to|)pi>l. 
 
 ;j 
 
 by llu! luM. nliitlu'i of uoiiiiiii.ssi(iii or oiiiiHMion, tor luUfeuMUctt or 
 M<mi(!isaii(f. Utf). V. Hiriiiiii'ihaw litiil. Co., a Q. H. 22;!; Ileg. v. 
 (Inut Siiilh ol Hniii(iiiil Hail. < ».. '.» Q |{. .11.'.: Ilri/. v. Mni/or of 
 Liivr/mi)/. :: K.u«l. KH. Aud li uniiipunv which ()init.-< to do Unit whioli 
 the Iriw n'(|uircs it to do i.« a rrimiiml olVcudcr. I'or liowoii. L. .!., 
 Hi-fi. \. Tilln. dc to.. vlHOl) 2 i). H. .'.H8, .Mm. 
 
 A c'urpoi'uiioii iiiii\ be jfiiill.v of lmlu'«, uiid bound l«.v ui:<|uic>Hu(>iiue 
 ^Krhtii/fr v. .V<«- Sombrvfii i o., .! .\ji|>. Vim*. \1\h. MefroixtUtaH 
 Haul, V. 1 1 ('iron. :> E\. I)i\ . .Il'.»: Londou Fiiiancinl .Ixsdc. v. Kelk. 
 '2i\ V. I). 1(1"; Mitors (xme, 'V.> C. 1). 4U9;, except in M'spei't of ultru 
 fires nwiit'r.s {Anlihur;/. dc Co. \. Hkhe, L. R. 7 H. L. (i.i.Ji. hi 
 miitldr intra rircn \\\i' i'onipan> is bound by the conical of all the 
 fiii'Mibt'i-s. and fn-mTal i'i)n:4;ut niuy lio inforrtii wht-rc a course of 
 doulin^r ih piir-^urd wliich was within the knowlod>r»' of most of the 
 incnilMrs, Felir Hadloj d Co. v. Hadleij (l^DTl, 77 \,. T. l.'JC.; 
 I'hoHphalf iij Linn- Co. v. (fr"('ii. L. R. 7 I'. P. 4.'{; Kimnn v. 
 Sniiillromhr. I,. H. ;; H. L. '2W. A lorjwratioii, tli(iu<;h it lia« no « vet. 
 of it« own, may ncNcrlhoh'.s.s Ik- trcatol as havinjrMi'n what iU a>;<>ntt 
 nii^rht Ml'; for "altliouirh it nuiv not havo pycs and .so*- what i^ 
 jroinjr on. il ha.-, au'onl.s who can mcp." CrooL v. (Orporation of 
 Srtiford. ti Ch. .-..>1; Mcrxri/ /tor/.s Co. v. (libb.i. I.. H. 1 H. U. !t3; 
 lUlwden \. London. Kdiiihiiri/h d (iUiK'iotv Co., ^18'J2i 2 i). \i o.U 
 Jt must Im' trodit.'il, too, with imeliigence and with unih'istanilin^ 
 what llic cun.s«>i|upucf> of it- auts will be. Merchantii' liankinij 
 Co. V. I'lurnir liexHrnirr Co . '< C I). 20."(, 217. Si>. too, u eui'|)oralioii 
 mm Im- i',slop|H><l !iy Iho art- of it.- ajrcuLs. e.q., wIktc it.s directors 
 
 issue u (i'riilicatc uikIci- Ih iinniun scul slatin;,'- U'. raly that \ 
 
 is ihi' hiililci- of ivrtain pai l-up .-hare-, and H. act-* thoreon; u> 
 ajrainst H. the xmipany is cstopjx'd from saying' that thf .shan-s ar" 
 not paid up. liiiiLinshuH- v. SicoHs. ;J App. t'as. 1001; Mardomild. 
 So>l» d' ( ().. ' ISm 1 I ( li. H',l. For other ca.scs of evtoppt-l, ,scc lUhin 
 Hail. Co.. I., li. ;! (^ M. .-.Ht: ( ofetttr;!. d<. Co. \. (1. E. Hail. Co. 
 II g. n. I>. 77<i: Shaw v. i ,nl I'hilii' Hold ( o.. 1.1 I}. li. 1). 103; 
 liloomcnthiil \ . Ford, (I8',»7' A. ('. l.jO; UohinioH \. .Monh/iinn'rii- 
 ahiri' limrnii Co.. i lH'.»(ii '2 Ch. «41. 
 
 iiut ■' it is (piiic (Icar that a roiupa'ty cannot do wha! is Ih-vuikI it- 
 h-yal powers h\ simply <roin<f into Court and consentinir to a decree 
 which orders thai the ihinir shall Im done. If the le<r.ilily of the ac! 
 is one of the jioiMl- subsiantially in dispute, that may Ik' u fair 
 Huhject of compnimise in Court, like any other disputed mattiPr. 
 (Irc'ii .\orlh-\\,xt ( I nil III h'liiliiiifi v. ( harlebois. y\m'J< A. ('. 115, 
 124 iP. (.. 
 
 .\ eorporation is subject to the fjfeneral rules of 0(|uity, e.i/., it ma} 
 Ix' heUi to U' a tru«te<'. South lAanharnin Co.. 12 V-. U, 503. It nitt) 
 be held to In.' an o.\ecutor dc son tort. Alt. -Gen. v. Xew York 
 Jtrnrfrif.-i •. !,s<tH! ! Q. \\ 2o">: afKriiwd xub vim S'r'i- York 
 lireu-eriex \ .Alt. -den.. ( 189'J) A. C. 02. It in liable for moneys 
 
 i!6; 
 
COKHC;{ATi: K)WKK« ANU Dl'TIK."*. 
 
 «;{ 
 
 '<! iilln 
 
 a rirri li\ il-' ajji' 
 
 Ills 1(1 till' j'Mi'iii Ui wliiili Mioli iimiic\> 
 
 Icinf Ik'I'ii applied In tlio pavmciit of itr< ik-lil.-i. HiiruHcxs Wviiloch v. 
 Il,i\'r llee ( n.. 19 y. B. I). I.'»."i. And a fhurj^i- on it« a>st'i>i, whidi 
 i> iillrit ciret as n<^'unl.« pari of tin- nuiiify advaiu^eil. iiiav In- •(^.toA 
 ,i« ic!rar(l.-i tli<' moiicN wliich liiidN iis wav to iJic liaiid* of tin- luiii- 
 paiiy. JnlnixliiH Forviiju I'alviitu < u.. (I".»01» '2 (h. '2'M. It ma> 
 In del- la-ic the lijrhl to fnlorco sputiiic iK-rforiuauci' of a loiitract. 
 Mnil'^ lasi: 29 V. I). »29. It nay bv lii-ld huund in tijiiily by 
 :i paiiil coMlratt iu ridatiun to imwl wlu're tlii'n- li js Ikm-u sucii part 
 |MTlipriiiaiKi' at would take tlio caM! out of liio Statute of Frauds if 
 iMldial persons wviv parties to tlu' toutract. Wilson v. Wfxt llnrllf- 
 
 nl (\ 
 
 '1 l)c (i. .r. * S, 47.). So, loo, a col 
 
 ii|iaii\ w 
 
 llirll 
 
 III iii.'-lniiiii'iit ill a form wliiili will oiialilc tho huldor ti> lai^c i 
 'II it may in cnuity In pi-i>rliid4<d from wtlin^ up a lii>i 
 
 M<ilK"\ 
 
 \liu art (III the iiisir 
 (T Co.. JC. 1). 205. 
 
 Mriiliiui/s' I'uiiikiii': ( 
 
 Tlio [iroitt'rty of a iiunpaiiy may In- tuki'ii in <'\ci ul 
 ■vpdilion creditor, as .such, can only reach uncalleii nipi'.il wliiih i- 
 
 aLTainst 
 I'hinih 
 
 lull the Kxvcuttun. 
 
 nl .-irictU jiriipfrlii liv iii 
 II III. " 
 
 of a «in(liuf;'-iip. See I'lec. 
 
 \ cciiii|)aii\ c:iiiii')t he ccnnmiHcd to pri.soii for coiituni|ii or oilier- 
 .»(• 1 Ih' lloaU-i/. 7!) L. T. 70Gi, lint ma he icsirainod U\ in jiinclioii 
 
 itoiii continuin;.' that wliii-li is n c/iiit.'iiipt. 
 rliadirirl,: . IH'.tj. 1 Ch. .'117. 
 
 ClHlts 
 
 <( /• 
 
 Moreover. l.\ Ord. .\MI. 
 
 •'11. it i~ provided tlial aiiv jiid<;-iiiciil 
 
 ■ I Older a^niiiifil a corporation wilf.iilv disol.cyed iiiav li\ leave of (In 
 I'.iiiri or a jiidue lie eiifo!' 'tvl liy seipieslration ajrainsl the cor| 
 
 Minpcrly 
 
 liy attadinienl jH'ain.si the diivclors or oil 
 
 ;licrcof, or l>\ writ if Heoue-trali 
 
 11 ai.'-ainst their propel i 
 
 'III au 
 
 ■ 'crrtpaiiiNl aeorporafion wdl iiol I.e enforced hy the ittadiiiii'iil of 
 • liicclor unless he ha> hceii personally .served with the order. 
 .V- >\fiiint v. Join/ Sfiirl: Instilulr. Limited. 8l) I.. T. <i4l. IH'tll. 
 
 V corporation caniiol he the true and lirsl inventor within the 1'iitfnt.r. 
 I'alcntw. Desig-ns and I'lade Marks Acts, IS«:! 1S«S. Inn it mav 
 :i\i|iiy. iu conjunction with Ihe true and tir.sl iiiveiitoi. for a patent 
 .-cl. 117 ill of the Act of ISH.l', and it .seems thai in the i-ase of 
 
 iiuuiiicalion from uhrou<l a paleiit may U- jrriinle<l to a 
 
 coipora- 
 
 lion alone, if in thi.s country /« re (an-:. C. Rep. I'al . ( a 
 
 In the mnstruetiouof A<ts of I'arliamcnl ipieslionssoiiieliiiiesnii.se Wtu-n within 
 .IS to whether the provi.sions thereof applx to C(,rpoialioi s. In (.,i,.li prDviHionji o< 
 ■ase the answer de]K>ilds on the U-rnis and ohjects of the sfalule. '"''"''™' 
 
 Thei-p can he no <loulil ihit the word ' person ' may. and I should 
 l'cdiK|Kwed myN«'lf to cv prima itiri,-i\in''. in a piihlic statute, include 
 ■ I pcison in law. (hnt is, u eorporatioii. m well as a naliiial peixon: 
 I'lil althouffh that is a sense which Ihe word will hear in law. and 
 •■••.n<h, as I said, perha):; oiiijht to be attributed to il in ila- consiriic- 
 II. 'M of u statute, unless liiere should be any reason for a coiitrarv 
 
44 
 
 11 
 
 PKKUMINARY N()TFJ<. 
 
 rCHAP. I. 
 
 Appeanmcf 
 by company. 
 
 . ,; .. ;, i, ,w.v...- ... U' l..,«o.to.. that, in it^ IH't'"''"- -"'"•" "'"' 
 
 ;;;:„t'; ',*„;,;1,A.::. s., .., ,.... „>..... ;.. ... *- 
 
 .„„ ,„,,,.,, A... v-;;,;-:,;^;::r:;r';:,,;:i,'i,';;, :,.,;«- 
 
 a ,..nm..n. //''''•^- ''''''7' ' '^'"i;.;,^ ^,"■ i;. ,,.. , ourt of 
 
 ,J.'.,„„,,,„i,.. ...Hkn- .1.- A.t .,1 m;-2. An.l s.v lu.}umh^. 
 Tlu. IK.o<l. ..f A..n....v,.,..n. ^.■'^)':^^^ ,.,,,3 2 Ch. .V.H.. 
 
 I; ;,;: :,i..,.. ...s. iv.. s....!,. .1 . i.. .«^/.vw>on„<,/. v. ./«.v, u t. l. k 
 
 ;!ti5. iilliniiiHl //»</. 4.TJ. i >.. ,1... Sil.. i>r Ki».cl 
 
 A . ..nM..nv hxs boon l.ol.l .■■ I- a ,k-.so,. un.lo. ''"> ^"^^ '" >" 
 
 A.„, a '-7-"- ";;;;",' ' . ....l U.o.or...v no, liu..lo ...a 
 
 :-;t;:=::::r,::::./...-y;-v-.;^- -— ^' 
 '7;;ri:::;:;::;: :;.:::::«;-'■' ••-"-■•'■■--- 
 
 poai 
 
 fi.r no ono <«u !i|>|iotir ' 
 
 ConilH. «<■</• V. Birmhuihnn, 
 K)".>. Hut it i-< otlierwiM- in tli 
 
 / (iUmc'xier Rail Co.. 9 Car. & V 
 
 1.0 Kint; - Hench Division, ttiui perlmi>> 
 
 ai the font 111 
 
 I Criminal Conrl. 
 
 Jill 
 
MKMRKKHHIIV 
 
 45 
 
 Memberihip. 
 
 lla\iiiK^ tliUH brielly diwcuisttl tin- jiuwi'ii" ami (luti«'> "l a roiiipany MsmUnihip 
 111 ilMo'liciiatc tapufily.il may iio« l)n tniivoiiii'iit |..«ay a lew \m.i.|s 
 alxmt the iiK'nil)cre iit tlic i(iiii|>aii\ liow lll«•.^ iHt-oua' iih-iuIrtk. what 
 It) llu'ir n'lalion to llio ciuiipaiiy, uii«l \un\ tlioy u-a-so to Ik) iiieinlK'iM 
 with spfiial nfc'ifiicc to u tomiwiiy liiuit^'d Ity Bhuio.s. 
 
 Ami first, who may hwoiiH! nii'iiilKTt'/ 
 
 Aiiv si'M'ii. or, ill thf fa<c of a piivalf riiiii|iaiiy. two of Mion>, 
 nriMiii.- iiiav Hiilisnilic the iiM'iiioraii<liiiii of ii.->Mi(ialioii. Si'ct. li of 
 ihc All of ll>08. And ett'ct. 24 piovidcs tluit:- 
 
 • TIk- .-lulHiribrrH of tlio nn'iuDranituiii iif u.iaiHiiition of any i-onipany iimliT Who are 
 
 thiK Alt ^liiill I"' Ji'i'iiuil to havi' aurc.-.! t" bvr.ni imbcM <>f tin- ioni|p!iiiy ni<-mbcr». 
 
 wh"»r iiicnioianiium they havi- iiul>«rilM-<l anil \I|m)ii tho ri'(ri»tratii.n of tlif 
 .i)ni[.aiiy shall l>o iMitcntl n< mrnihiTi nil flir r.-ifi'<t<-r of mpmliff* liiTi-iiiaftiT 
 MKiitimiiii I wit. 25, "IT .»/'•". I'. !>'i\. and i'iitv i'Hht (ktwhi wIio im* aifri'iil 
 t.. lirionii' a iiiiniliiT of a I'liuipany iiiicli'r tliix \it. and wliow iianii' i< riitiTi'd 
 .III till- rciriilcr of mi-mlnTx, shall hn di'i'iinil In !»■ a iiirniliiT of ihr ioiii|iany. " 
 
 '^llll^. a- ii'irardsttuhscrilh'i-, '■aii\ |ici»oii may suloiriln'. Tlifii' 
 
 i~ iin liiiiiiatioii: no r(-.lri( lion. ImiiTil. ihc uoid •any ' .M liidi'^ 
 
 liiiiilution or tiualilitiitioii, iicr Fry, .J , Ihich- v. Uiiti". l-'l ^} H "■ 
 
 ■SCi. «.'il. Accoidinjjly, not only may any «ul>jf< t ol Ills Maj:'^l,\ 
 
 ^uL.-'crilM' liiil aliens al-io may «ul)«4rilK! , /'noros c' Hi-iix" \. /i"" 
 
 18711. L H .') H. L. ITlii, in whii:li cast' all tin- .sc .ii .siiliv lilM'i.-. 
 
 «fii' aliens. And it Ihih even Ui'ii held that an infaiii (iinies williiii 
 
 the niiid.s any iieiwa " > fM.ron it' ( n . i 18'.lL' > "J ( h. .V.."> , ami may 
 
 lie one of (lie .seven .suliserilH-rs. .\ linn a.s sinli is not a ' ikm—hi. 
 
 The individual iiarlneri*. or some dnl\ authori/ed aj^eiil on ilieir 
 
 hehulf iiin.sl suliseribe. This was deeidiil in WiiiU'Iiid .{HthnuiU- 
 
 Co, T'.l I., d. eh. "■W, and ditldi W. N, 1H7. See. ho\ve\<T. 
 
 WfilciKluiinx Msf I 1«7'J « t h H.'II. in wliii h the ( ouit of .V|i|.eal 
 
 hell the lirni name to U- a siilliiieiil desi liplioii ..f llie memhers on 
 
 iIk' re;:i-t<'r. 
 
 .'«s re'j:ui(|s iioii-suUseriU^rH, the words of sei i . 21 of the Aet are 
 
 iii'urlv xs uide. for they rom|iri--i' eM-r; other person who has 
 
 agreed to ln-como a mcmU'r " and ;> ri".;i>leied its surli 
 
 LiKikiii" to the wnoralitv of the.se words, il is well settled that Who may 
 "^ ■ 1- I •!• I 1 »i 4 take share*, 
 
 aiiv |ierson not under disalnlity may Iwome a iiienilier. tluit a 
 
 luurried woman may lake Mhart'.s ■ l.i'nls liniikiiKi f'o. •■» Eq. 7H1; 
 
 .\!arried Udiin'n'.s rrojxirlv Aet. IH'.i:!. >. I ; thai u lompaiiy haviiijj: 
 
 power to take .shait's may hocome a iiiemU'r i Harncd'H H'lnl.in;) Co , 
 
 ■ '< ell. U2i; and that an infant lu.iy lieiomo n iiioiiiher. Mihjcet, 
 
 howcvir, to the lii^ht l^i ivpinliate the .shares when lie uttailid 
 
 majority i ru/i/icrf cane. :\ (.'h. I.>.S; I'lii/h ami Sliiii iiKiils cttHf, l.'l 
 
 Ei[, MM',', and of courrte an alii'ii ii m li.iiiknipt ma\ Leeoiim a 
 
 uiemher. 
 
^wCr«>-1^ 
 
 t(i 
 
 l'KKI.IMIN\KY N(»TK.S. 
 
 [Chai'. r. 
 
 How a Person may become a Member. 
 
 if,i) 
 
 ti 
 
 Otiwr. 
 
 ■ll. Willi tH<lllll.«!«*:- 
 
 S'll L'l (lialrt. ll will !«■ <il»«<rviMl. wil 
 
 1 Thfv-o ixT-.ti^ «li'> l>'i\<' M.l...riU<.l Iho .■..nipnny'H nuMiiu- 
 rinulimi '>!' .(--"ri.ilinii. 
 rji rii.w iMTson- «lu. luiM- a-i.'nl I- U- iii.-imU-i>. ami «li'-<' 
 iiaiiii'M ari' I'litt'ii-il in llii> rc;n-<'''' 
 
 T(„-.. an.l III mI> .an -uinK 1m. .all.-l '-r-. in H'" >'•» ' 
 
 havi.iu .iM,MinMl 111,. |-mI1 M,tM-..r innnlMM -n,,.. MrnlS ,„«,■' \Ht<i •■ 
 
 2!t III 1) CJI 
 
 A son nia>. llMTOlnr. . Imm.h,,.. a ni. n.l"T -r .Imirhol.lcr iii umn 
 
 of till' iDllowinu' wiivK:- 
 
 ,|i Ih .sul.s.iil.ini: 111.- iii'Mii.iiaiHl..Mi -I asM-iiitii.ii Im'Ioiv iI« 
 
 ii<<ri»trati(ili. 
 (!', lU a-iviiisf Willi tlic COliliiaiiv t>' Mk"' '» "In.ir "r nIihi."., an>l 
 
 liriiiu- .'iilrml Oil llic ivi.'i'^l'r of inoniU'iv. 
 , ;; \U lakinu a transfor ..I a -lian' -r ^l.ar..^. and Lrinif .-nK-nMl ..i, 
 till' i:'j;inli'r lit nii'ml'i'l-. 
 I |!v i,-islraii..n on -M..-.-ioi ,l.-,;-a-.'.l or l,aiikni).l 
 
 uii'iuImm . 
 ,;,. l!y allowintr hi- nam.' i" 1"' -n ll'«' ic-i<t..r of inoiiilvr- «.r 
 ' otln-iwis,' ImMin-i liitn-olf out or allow in- liinwrlf «o I..- 
 Iicl.l out ii« 1 iiHMiilrt'r. Sit hifrn. iip. '<:>. •')•>. '2 
 l'ivn.i.>intr tlm>* iiiu. Ii. l.'t n- pHMi^tnl to ni.rtlvM- n litilc mo..- < Iom-Iv 
 iho .on.litio.H .T.-atin- ihostalu- of iiu.M.l.prsl.i|.. ami li'-l of ixT-ons 
 .-.iili<( ril'inj,' till' iiii'inoraniliiiii 
 
 *- r 
 
 Siibw ribcr» 1i 
 
 mt'mitmn- 
 
 iliiiii. 
 
 Subscribers to the Memorandum. 
 
 Evon MibxiilKT to tho mfinoian.liiiu luiomos a sharclioliU'r />•«. 
 fnrlo Oil llio in(oi|.oiation of tlif ..nni.anx . aiul liaM." a.-< llio liold.-r ol 
 wliativci- nmnl..'!' of sl.anw lie- l.a- suLMriU..! for. Tin' 2:!r.l mmIioii 
 ..f 111.. \«l of lH';-2 MK.w r.^jihuca l>v .s<' 1 . 21 of ill.' ni-w A. I ., a- 
 l!ow..ii. 1.. .1., V',i»U'i\ out . .V.V.>r« msr, 2<.t C. D. 4*7 1, -Iwim- Hi-' 
 >luliis ..f a Mil.M ril.or of ill • nitMiioraiiamn .)f iL^-^-Miation in a .li!!<T<<nl 
 wax fioii, 111.' iKxilion of oili.T (...r.-ons wh., afrrw to liccim' ni.'in- 
 l..'..-. Il is j.laiii. ' .sai.l !.oi.l Cairns in Kmh/ ni.v.' i,18il7.. L. H. 
 ■2 ( ll i2(l. lli^t till' oiijriii.'l siil)sriil«Ts an? by tlio .\<\ of I'ar- 
 [iaiii-iil .Ic'iii.-il to hiivo t.ili.-n li. • sliaic.^ sot op..<.-il<- their naiiiP- 
 (!„■ ..l.jr.l iM-in- thai th.' i-uLli. n.i-rl.t irsl ,vit!. .onrul.'ii.t' ..n III.' 
 MiliM rill.'!- .pf 111 • iiK'iiioran.luni l..'(c)iiiini: iiu'iiilK-r.-. of lh<> .uiiipany. 
 Ami Kiw. Mhintirs ,,i.s,'. 4 Ivj. 2:;h. In tho vaso of llio ...ul.-.ri4..Ts 
 ,,f till- ni.'iiiniaii.l.ini, thoicfoiv, no allotiii.-nt is nor.M-ary < London 
 „n,l I' orinrhl ( o..', C. !). r,2r, ■ : no entry on llu' rcjrisU'r of nipinhrrs 
 is no. ^-^iirv. Mml'-- ni-c- snprn: Mi-.rmdcr v. Antomaiu- Co, 
 
MKMHKKSHII', 
 
 17 
 
 , IfMMii 2 < li. ti.i And tlio wlmnv"' MiihsiiilK-d lur .ni' I'l U' i, iiai.K'il 
 ^u> i-.ii('il on iIk" i^iK- of tl!i><«<rliliriitf ol' iiiMii'iioralioii litil'mi Thu' 
 l,Hih- ( >i \ /<<i//iii». till I. T Tin • ( \ '. Thi- >iilisiiilii'i- i-i I ii.l 
 
 to lilkn tll<< .<ll;inM trolil tlio rotll|HIII\. illlil lo |lilV I'll lliotll / <' , 11^ 
 mil ttlii'ii iull;< nil' iiiiwl)' on him. Mrnnnlrr \ [uliitiuihi- d, . 
 Gilpin III- I'iiniiol Mili.sly this ulilitfiition iiy Inking ii irun.il'i'r ol 
 inlh [mill i>lmrr-< from iinollior iiicnilii'i': llu' onlv w:iv lie can |>o-<slli!\ 
 I'M II I II' li:il>ilit> i* I IV mIiow in'^ lliiii nil tlii> sliiiii"! liii\o Ikst :iII<.iI<><I to 
 '>lliir» Mm l.lt'fi s i-ii'i'. I < li. I) -IT: Ei'iiim' msr. siiimi Si ■ .iN" 
 I'.flHiiln I'liiilhni i It.. 12 < I) l!'l. wlliTi' a ■'lilKirilrt'l «lio liiiH 
 
 llnl l.l'I'll |lllll<>ll 111! llu' K'trislCr «ll> IlI'MTllll'll'-* lll'lll liilllll' I' ' till 
 
 •>haii'.H In' hml milworilHHl for iifU>r a iajHO of nini' yoar^. In .'.I'lf/lf. 
 <(/ Til . .'il 1.. T. 2;17, liiiliiiiM vviv< iMifoii'i'il allcr a lii|>«i<' ol' foiii 
 yi'.ir*. 
 
 N'lir r:in a «uli-nrilH>r vi 'idiut*' il»' ^illan•s In- siili>i lili' ' . 'ni ijn' 
 •jni uikI "f iiiisii'|irc>«'iilali'. I.nril Liu iinii's miv. < \'Mi'- \ '1^ "'17 
 
 liii wliiMi' tln'Mtili'1'rilipr ^iiowdl that liiw.^iili-rriiitioii . i ,;"••■ li.' 
 t'l Ih< on lii'lialf of lijv llrni. iinit till' sliari'o wi'i'c alloti '<! to I. > n. ;i 
 ■;i> liri.l thai III' ha! ili-ii'liarjfi'il hi- oiiliyalioii. Ihi„.i, ■ .; , 
 IMiti a ( h. t7;i. 
 
 \^ III the .«iil'>. I'iU'i K lialiility i" |ii>. "t'l" iitlm. |i. 'if* 
 
 Other Members. 
 
 Tc Miiiir ni-sl to the si'i'omi clu-i- of |M'r-Miii> ih'alt wilhliv ^'rt.2t Odi.r 
 
 I'viMV niher |M'r.>on who Im.s ajjfrpcil to Ikviuih' a iiii'IiiIhm' of a i'oiii|iaii 
 iiniliT thiH .\rt and \vlio,si> nam*' !•< I'lili-ri'il on the ri'y:i-<t«'r of nn'iuliors 
 lli'iT tho H'lliiin I'onloinplal' ~ two lhiny>: '1' an auii'i'inont ; 
 '1'' I'litrv on till' ri'^.st<>r. An .i^rrPi'iiM'nl aloni" iIim>i not i mate Ihf 
 status of tnonilirr.slii|i. It is a ii'iidition jirivt'di'nt lo ariiiiirin;; mirli 
 <taliis of niiMnlH>rshi|i that tin' sliandioldor s naino slioiiid aNo In 
 • iilrii'd on tho ii';ri.sti'r. I'or Vr\. ].. .F . .V/'v,/"v <(i.ic. Uit ('. I). J2I; 
 SO" finthor. iiifri}. j) 72. 
 
 The Agreement to take Shares. 
 
 Then' is no ditrcrcniii, as f'hitty, .1., wild in S'niA'i^ < -io. 20 f". I) 
 421, lii'iwoon a rontrart tn l«k<» sliariw and am other rontrai't. A 
 foriiml a^T<'«'iin'nt is not nro«>ssary. If, in siihstanro, nn •iirn'oinont 
 !■* Mi;iiii'. tho form is not mat4>rial. Hilm's rase ' IH77), 4 (.'h. I). 782 
 To loii.siitiilo a liindinfr oontraot tii tako shares in a company, whon 
 .«ii(li iiintrart is ronstitutcd. as it usually is, liy ,t 'ilication and 
 ailiiiini'iit, tlioi-o nuistho an ap))lic'ation hy tho intondiiiir sliaroholdor, 
 an allolniont hy th'j diroctnrs of tho roinjianv of iho shari-s appliod 
 loi, aiid a romiiiiinicuiion by ihi" liir.'iiurs to llio a|<plicanl ol tiic lait 
 of suili allotmnnt having boon niado. SnttUxh I'elroleum In., 2."l 
 ( 1) 130. 
 
 inofplx r-, 
 
 AirrtTinrn! to 
 
 ^^w^n^ 
 
 ^i 
 
48 
 
 Applies tiuii 
 for aliitri'a. 
 
 AppUitatiuti 
 by ii|reiit. 
 
 ! I * t" 
 
 ti •( 
 
 
 PRELIMINAUY NClTh*. 
 
 Application for Shares. 
 
 [(hi A P. 1. 
 
 An application fur wlmms in »-^n..ll> i.m.l.' in uiitmp «itnuHl by tho 
 upplicant, but an uppliculion by «<.rd ol mouth will .b.. Kr piirle 
 Bloxam, 33 Ueav. 529a; Lf«/«« .--■. 1.. K. 3 Ih. 3.!. An applica- 
 tion i.- an oiler l.v the UppHiant anil, like any other olTor, it nmy be 
 witlulrawn at auv time b«'lore ace.-|>l«'"*' '« «<>tiH«l »<' »'"' upi'l'"*"'. 
 or if the acceptance i« bv pe.st, ul any tinit Iwfow- the letter of 
 acceptance is inxsteii , llebhs <•«.,■. 1 K,, \>; Dnnh,,, s. Iln,;l'ns^ 
 H L I' 381; UenlliarH v. Fras,;. .I«tt2. 2 Ch. :i7i, ,..-.. m the 
 ,mual wav (Lo«rfo« rf Sorlhcn li,n,L: ^iWO) 1 Ch. :i20,. ^\.th- 
 dravval nmy be bv wor.l of mouth. TrumauH vane, (IHtM i 2 t b. 2-L. 
 Withdrawal bv \^^\ is not dVctive unU*> it reaches the .ompany 
 before notiw of allotment is po..t.vl. H>n nc v. Van lUenhnvvn. o 
 
 ('. P. D. 344. 
 
 The rule Qui fucH ,ur alium I,; ,t ,,i'r «• applies to a contr.ut to 
 take Hhart..s, and. a.<ordin-ly, A. <••,... authorize B. to api'ly lor shares 
 on A.'s behalf. an.l. if shan>s an- allotted to .\.. !.<• l«cor..es a men.- 
 ber ft</n-//-.< <«.sr. 1 De (i .1. \ S 4l.i. llonuaHS /:,«/./•.■... .Ir. 
 (o., ( 18'.>(i, 2 Ch •i43; lllmlU-H" '..sr. ISlHlt 1! t'h. 121. And it .> 
 not'e8.scntial that the u-.'nt should have actual authority: it is 
 .sulH. ient if he is held out as liaviun uulhoril> Thus. «h.-re A. -nves 
 B an open letter authoii/inj.' him l^> apph . ami -ivs l.iin (irivate 
 in«tnictions limitin>r the authority, ami ». applies .Lowm- hi, 
 aufhoritv but <HMicealiu- the private iustrmti.ms. A. is bound, though 
 the application i« in cmtr.ivention of the private instruction-. Henry 
 firnfle,, d To., 69 L. T. 204. See ). 2!>2, /«//". 
 
 Il A. applies for share, in a linitiuii, name and is allotted .-oiue. lie 
 uill be held liable m* a n..u.bcv in re>|..Mi thereof, an<l his iral name 
 Miuv be entered on the re-ister. Hnl, ^ ran,; V. K.,. Mii. W here an 
 ..pplicalion is sent in th,' nam.- of another not ..„, jn,;.s w .</., an 
 
 nifant son. il h.is u h.-ld thai the .ase j, the sanic as il the 
 
 ..ppli.ati<m wen' sent in a false or li. litious nam.-. The transaction 
 is a f.ih^'h arta. and tlu- applirani l.imxlf umv be put on the list of 
 ....ntributories. /'U'//. and Sluirwau s ,»s.: 13 Eq. 30ti; H,rlior,hon s 
 rase. 19 Ei|. -.88; (i. H Lccitas rase. L. R. •'. t'h. 489; .s</r«7«.'/> 
 ,««r, W. N. (1899) It; but, to constitute liability in such a case, 
 there must 1h> a contract, and there .an l.e no ...nUuit where there i- 
 „o intention of contra.tinsr. <:„ ■ "I"''-*' '1«'''" '« •» ""st^ke on the 
 applicanfs i«»rt a« to the company s identity. lnt,'.rnal,omt S„net;, 
 „f .{urlumerrs. li<,iUiv>' ,m,'. (•IS98, 1 Ch. 110. Ami m.' ( urmtn, s 
 .use. liritannm Fire .hsorudiou. O^'-"/ ^ ^^ -"2 (^' A. '. 
 
 So when- a director «illiout authority ap|)licd in the name of a 
 third l.artv who wa« xui iini.^. and allotment was made to ,u.h (hinl 
 vartv it wa« held tlml the lin>ctor could not l)e nuule liable a^ a 
 .ontributnrv So. u»>. where the applicinl iiiukes a mLslake a.s to the 
 
ALLOTMr.NT. 
 
 4» 
 
 lonipanv, thnro is do ron'rart. S<m' luiidji v. TAndmy. 3 App. Cob. 
 ).Vi; lUiillien rase. (18y8> 1 Ch. Hit 
 
 Allotment. 
 
 Afwplaiic*' of nn applicufion foi' .«liiiros is iirdiniirilv ovi.lonofld bv 
 what is toniwHl "allotniont." 
 
 ■ Wliiil is Ipiniod 'aliohnoii(, said Cliitlv. 1.. .(.. 'is }r«>norally 
 .icitlicr iiiiirc nor less than tiio iicc«>ptaiiM' liy the coinpuiiy of tlw 
 i.llcr t" tak<' wliaivs. To take the (iiinnioi case. (Ik- ollor i.s to tuko a 
 iiTtain iianibor of Rliarps, or .such u !<•?> numlxT of shares as may In- 
 iillottcd. That offer is arfOi)to<l hy tlio allolnii>nt oilhor of the total 
 iiiimhor mentioned in the offer, or a lofw niinilK>r, to 1><> takon l>y the 
 pcison «lio miule tho offer This eonstitiitos a liindinji: eontraet to 
 i.ike that mimbor acx'ordinp to the otter and acc<>ptanc<'. To my mind 
 iheii" is no mafric whatever in the term alhitment a> used in these 
 1 iroMuistances. It is »iii<l ihat ihe alhitiiK'nt is an appropriation o( 
 J siM'cili" nnmlier of shares It is mi appropriation, not of speeitii 
 Nliari's. hut of a o'rlaiii niimlKT of share's (t d(K>M not, however. 
 mnke llie jiersori who has ||nis ajjreed ti> take the shares a memlK>i 
 tiiiii lliat iiiomi'tit: all thai it dix's is simply this it. ctmKtitutes a 
 liiiiilinir coMtraet un<h'r wliich the I'onipany in bound to make a oom- 
 |ili'ti' aliiitment of (he s|>e(ilied niimlM>i' of sliares. and under whieh 
 ihi' person who has ma<le the offerauil is now Iniund bv theaeeep'anee 
 i- hiMin<i to take that |)artirnhir numlx'i- of share-. In most eases the 
 ill I of plaiitifr the person wlio has a<rr<>eil to liecome a inenil)er on th<' 
 K'L'isler is a mere matter of form, anil iimi\ be described as a mere 
 lllilli^ll'rial aet ; liut it appears to me that in point of law all that is 
 .1 'lie liv the process I have jusi indicated, and all that wan done in 
 this lii-^e. was t(i make a comph'lc and bi!idin<:' ••ontract ' Xuitfy 
 -t/vc, 2!t C. I). 4:21, 4'Jt!. 
 
 This, no doubt, is peifi-ctiv s(iun<l; nrvertheh-ss ihe term "aliot- 
 iiii'iit is not. in common parlaiic*'. conlinetl to an appropriation in 
 ri's|i.irise to an a|ipli(iilion. It is sometiuM-s u-ed where (he <ornpanv. 
 wltliiiut any jirt'cedine appliealion '»• //.. upon an im-reaso of capital i, 
 allots nhares »in N|ieeilie4l terms in the e\[>ectalion that thov will bi- 
 acicpted. See Hoitrh v Spnnilr. 12 .\pp <"aK. .'t«.'i: Miilnin \ 
 Hililienn. (18'M) ;{ Ch. .".82 In such <a.se^ (he aliotmeiit i.s an offer. 
 not an ac«>ptani'<<. 
 
 Ii may be u.s<>ful here (o refer tJi what wa- said by S(irlin<r, •! , 
 01 .N>(7.-(7 V (hine.1t' I'nrjwnttrni. IJmiled. 8(i L. T. .'t.jl (ISO'.n 
 III the (irst place, 'said the learned jiidye. I have to ' oiisider what 
 iiMMninL.' is t<i be at(iii'hed t/i these wortLs allo|.(nent and issue. 
 I'li-i of all. what i.- an alloiiTien( of share-- '- Uroadh speakiny:, it i'' 
 an a|.pro|)iiatii.n by (he .lire-tor-- m du' (naua^'iii;; biHiy of (he eoni- 
 jkiiiv of shares to a partidd ir pcr-on The ley.d elVei i. of (he appro- 
 |irialiori depends on circumstance-. Thus it niu Ih' an ollei ,,{ 
 
 >■ t. 
 
m 
 
 I'KKI.IMINAKY NOTK^. 
 
 rC^llAP. I. 
 
 III.' ..Iloti, 
 
 r iii.n III' .111 mil 
 
 |il.ii|i<' "I' ill! .■]i|iliriilinii 
 
 l.ii! .il it-cir ,tTi alloliiH'iil ilo.'- mil n.'i-<-- 
 
 ilv .iviii.- ill.' -I >:ii-- "i iiK iiilii'i^liii. Til.' ,ill^>lHh>iil iiiiiy 1m'. an. I 
 
 I'm -liair- \<\ il. .ill.illi'i' 
 
 .I..I..II.U :: 
 
 111 i.illv l> I nlii'l'c II i~ .111 
 
 .11. T'. '-II. Il ii-* t.. 'jivi 
 
 (ill' 
 
 Ik IIiI' -IllIK' 
 
 lll'illK'Hl till' all. .11. 
 
 iiiiiiiiiiiii. a 
 
 l.-< I 
 
 II. a .'.'J) 
 
 1,..-.' ,liri'.'t..i- make th<' alLilinciii : luit ii 
 IK' ihal III.' all.ilmiMil iiia\ !"• !«ill>.i<H't ti> a i ..ii-lilion, a-. 
 I(«. thai l!ii. allolK'.' ^ll"lll<l not "iilv ...llimiliii. a'.' a. ' <'|ii- 
 
 il il I., tlic . .>iii|iain . >\ 
 
 .1' <'\aiii| 
 
 an..'. I. Ill |..'il'.iiiii .-'in.' oMiiT a.l. -n. Ii a» |.:niiii 
 
 III .if a ■ inn "I 
 
 liarc-. Ill 
 
 III ..th.'.' u.iiiN. I iliiiil lliai < .'..iiiiuin ma\ ..ll'-r -|m.. ili..| 
 Ihal iIh' lill<< .>(■ A. If. -Iiimid n..l an-.' 
 
 A. n .'II iIk' ii'i II 
 
 iMilil 111' liiiil jiai.l a -Hill ..I' iii'.ii.'\ I" ll"' .'<im|>aiiy. am 
 
 I ilii« iM'iii'j 
 
 a . i.iilia.'l liiav |.|..\ I 
 
 i.lili. 
 
 I.- a- I iliiiik. lli.il all..tia"iii -liall Im- -iil.j.'. i 
 wlii.'li 1.1- 'I'll aiiv 
 
 ll'. 
 
 U.ll I 1— II.' I- "IK' 
 
 \.'\ .1. 
 
 tiiiili' li"_'al iiiii'iirl <■• iili i. Ii'i. ii"' I" -liaii'« 
 
 I! 
 
 :l: 
 
 lal-.' i-,|il 
 
 .,1. ;||i' l.'lll. .llliiillli'Ill ill ill' 
 
 l'"l|ii.\ iii'.' pa'.:.'.- III. all- alli'tiiii nl in i.'-|i.iii-i' 
 
 ,|i|ili. .iii'iii lli:.i 
 
 i- \.< ~:\\ . I!ii' a. . iilaii. I 
 
 l.v l! 
 
 n' 1 .11111.111% 
 
 I'-. I 
 
 f,<./,. 
 
 Ill .'\.il.i|' 
 
 ,1 i|,,. -Il I.,.'. .1,1. 'I - lii-t . ..iiiiiiiini' ali.iii "1.1. ll.' 
 ... (.1,111. , .111.1 1...I .11. ".l.T. - '■■ '.'./"•ll' I •<• 
 
 .1 ( 1, I.-.:, .111.1 |..ii.' H. (/'.„, ■■, .,,.,.'. , i;t'iH 
 
 •J I ll i;7l 
 
 T.I 1 ili'iii\' 
 
 .III. iiii>lili..n. 
 iiiii-i ll. I'liiii 
 
 |.-. ('I'laii.-.' an. I i- i.i Im i 
 
 ll ll It ml 
 
 . i')i'.ii 'I .111 .i|i|>li. ■" 
 
 i.i'liii .'■> a II. .v l.'i 111 1 1 
 
 .11 I'll -li.ni'- iiiil-l 1 
 ..w - lii.il iIh' -liaii 
 
 ii. .' nil li'i )H'i..i 
 
 \\ ..!' l'..!'!. i:i II l- 11"! 
 
 I, I 
 
 1- .1 iii".^ 
 
 !,v ll 
 
 II' . <.iii|iaii 
 
 V.I, nil «ill ii.'l I.' nil i mnt ni,'. ■-. a. ' ••iH'- I I'V 'in' .i!i,.li. ini 
 
 /.,■•. /V /.../</,/././ i '< -i I" • ."^11' ll '. Aililiiii I' ^ I '■"■■ I i-'i '-'- ' 
 ./„,/..-..„ V /-. . '("./. I. I! I II I- •'•«''■' 
 
 •1' ii-iiMiU' a vali'l .ill'.lihi 111 iIm'I.- •" ■' /.I""" '"'•"■ I"' •' •'"'' 
 
 . .|,^l,l,,l.',l l.ttii'l ..I' (In.. I. 'I lliKKi ii'-^hiil '."/,; Mini- :l'.M II 
 r.ii, ll.iiiiKill >■ I'l l{<;l,i,'..„ ,ni,i Miit.ii.i ( II . ' I'.'ii" - I !i ■■'- 
 Itui ll,< ml.' Ill /.'.,/n/ lir.li.'.h Itiiiik V. 'I,ir.,-"ii'l- """'• 1' 7''' » '^ 
 -..III. !ili:. - M'liil.'I- an ,il|..|lii HI l.v an iiii '.'ulal' I...11I rlli'ilivp. .nil 
 th. ml.' 1- ii..» .-ii|.|il.'iinMii.'.l 1'^ M..t 71 -.1 111.' A.l .'I I'.ilS. |.i'i.vi I- 
 iiiu llai nit-xil a .liic. 1..1 .n ni..ii.j.'i i...li I •' ».ili'l iiot.viiliil.ui.liiitr 
 a«n I.i-.' III. II iiiav i»lli'i»ai-.li l.i' Iim..w'|.| in In- .i|'|) "iiiiiiK'iil 
 
 ..r ..»tall(i. .Ill ,1. M"-' 'i'i|i'i' ■ 'ilti'l''' ...liMl.l .1 -llllil.ll- I'l"- 
 
 Msl'ii t.ir .miii'j .jrli'.l.- I 11 ir'jiilarilii-: ...ill lal.l- A. \i'l '.M 
 
 All , I I ■„. In .1 l"'.ii'l 111. .'111. nK ■■ iii-liliii.'.| iii.iy '.I.- -ll.-.' ;ii"iiil' 
 
 lalili,.! Iiv .1 i.".:il!.ii l....i'l r.rhninrHr 1 u,,^uli,l.iU;i I ,,llfi-. I- 
 1 ll |i,ii \ .111,.. 1,11 «li.. h.i- I .iii.il III an alluuiH'iil III liiiii-cll' uill 
 |(t< .•-»..|.i.i'.l Ir.'iii .illi'.'in- ill.' iii\.ili'.lu> "I iln' .illnliii.'iii ><"' 
 Trill, ".('"/« ' ■' > 11 ''.'■"•■'* ' !''«- » Q '* '* ''**■'' 
 
 I 
 
NoricK «iK ai,i,()tmi-;nt. 
 
 'jl 
 
 When first Allotment may be made. 
 
 Ill liic i.i-i' '.I a |iri\uli' i (iia|>:iiiv ullDtiiifiil liiii\ In- luii.lc iiiimi'- R'»tii>tiiiii» 
 li.ili'h ilKrl >''ul~l>,ltliill ol till' iiilil|iaiiy III' ill ini\ >lll)~i'i|llrlil lllilr ,,||,riilt<i 
 111 ill i.iliii ..1-.'. till' lii>l iilliiliiiiMil is liy ^iTi, M'l III ilii' Alt |iii^l- I'lilili'-. 
 
 jnhi'il llll ll'llllill Ml||i|ilill||~ ,111' l'i>lll|llil'll willl jr. llll' . MllljiaiU . 
 
 >!•' .^iii'iii. p '.• (7 ><■■/. 
 
 M.iin.vi''. Ii\ M'l t . hii i ic|)liii iiiy -ci I . .'i iil llir ( iiiii|i mil"- A'l. KlL.tnf 
 I'.'iiii r !> |.i.nii|i'| ili.ti iill alliilliiciil iiiiiiji' Ipv ,1 1 i'iii|piiii;, 111 nil inlfi'i'iilll^ 
 i||.|ii,ii.: Ill I i.iili JM'iiliiiii 111 llir la~i ri.ii'i^iiiii;,; -iMliun ~liall lii' 
 
 V i i,.Mi' .1' ill!' ii;-'..ii I llll' ii|i|ilii ,11,1 vvilliiii 1.111' iiiiMi:li ,illr|- llir 
 
 !i.lli::..'l ..,.' -l,i;ii .11 V iiii'('liii'.i «////((. |i. llMII n! llll' !■ iiii|i,iii\ airl 
 :; ri i iii'i , ami ■liall i"' >ii \ Mii|,ili'i' iin'w illisi,iiii|iiii: lli.r llii' i iiiii|i,iii\ 
 i- .11 1 mil- ■ I'l' l';'iii'_ \Miiliiil U|i. Si'i- al»ii >((/./((. |.j>. Ill, 17 
 
 Notice of Allotment. 
 
 I liui.k. .11.1 I..M.I t.iiMi.- ill I'tll, ill's iiifi. \. \{ -2 I 1, .iJ7. 
 
 I. .<■ uliM' ,11, iii.!i 1 I liial a|!|ili;'~ I.m .-li.ijcs in .i . iiiii|i.i n \ . ihi'ic 
 
 i.. .!.■.: ii'i i.i.ii..ii|.i!i |.. li'l liiiii liaM' iiii\, llirii' iiiiinI 1«' a ii'-pmi-o 
 
 '•» !l iii| .iii\ . ollii'i wi--.' llii'H' i- 1 llll a.! ■ ; an.! llii- v|,iii.|ii(int 
 
 •I '■'' !•'" Ii-i ■ alw.iv- l.r.'ii a.i i'|::i',|. Tlii. i ..iniiiiiiii; aii il llu' 
 
 ■ 'I '.111 1 :i.i .l ii..l iir.r-vii.h 1.1' 111 iiiai i.r in <\ • ' iii^-. Iml i! um-i 
 
 ' . 'laii i..ii .1 ill -niiii- w.iv. ulirliM li\ \\:i iiiu .11 '.I'l li.ilK . ,,: 
 
 ■^ ...ii'.'.i, (.'iiii'." 'iMc. !,, If .S ( h. HI. I'liniii i,i,i:\ ii'iliit' 111' 
 :! .iiH'i. 1.111-' 1.1. ^i\,'ii t.i ill.. a|i|iliaiil ur ;ii lii- .i.ji.ni i|iil\ aiilli.i- 
 
 ^■•'.l t.i I' •••\'' II.. i r alli.'liii'iil ./.(■.■•(/,('.-.■ (,1-c, "p ( \i !h;I; / i, 
 
 !•''•-' '•■ '" ' -I 1. '1", In ; I'll .111 a'.;''iil In c/ ///// lo' ■■liaii'i li,i~ ii.i 
 .i:i| Ih'.I .iiili:...i v ;.i ii'-.-JM' II. 111. |. 1,1' alliHiili'iM . I!ii'i,ii,.,,ii' ■: i.i^,-. 
 II \. .••,;!ii: i: ,.//;.■■, „s,. I, I! | ci, .'.^.-i. „ 
 
 i. Iiimi".!" A . Hi .,) |i|\ iiijr. t-:i\ -. ( iIm' iiii'ii |. Ill alli)lliii'iil 111 r. . 
 ni.l ii'ilii. i- ..11 ._;.i..,. ill.)' i^ «iilli. ji'iii , /),. /I'ljw.-'s- ,,(>,' I |^S•.l , -Jl 
 
 '• I '" -iii-i .1. l.ii. :iii .i|i(ilii .in; iii.i\ u.iivi' ii.i'i i .illuiini'iil 
 
 ■III. II \ ( :il.i,l,r. .('■ f'li . . IH'.i:;, 1 {) I! -j-ii; 
 liii-ii' .I'l. uHivr la-c- .lU.i 111 uliili im i i- nl' allii: iin'iii i> imi 
 .ii\ 1.1 in:ii|i!i'.' ill). ...iiir.ni. , <i , wIhmi'. Iiv \iiiiii. ,,f -hhm' 
 
 iiii'ir iij. in ic, .iii-tni.ri.iii .it- atiialu-aMialimi ilii' .umii \ i, 
 
 'in.l.'.- an ..l.ii- iimi i.i alln- tlic -.Ik,',, an I ,i |.i'r-.iii, iii'iilnl t.. .m 
 
 ill'. ilM'llt III ll'.|>.i,, !• In ;| I !■, nl.lV I ll |l|..f lilt I, llll Ci, ,-,,l,|. III. rl.ijii, . 
 
 ill Mil. 'Ill ,,1' ni -!...iii.^. Ill Ml: h li ,. ..; alliitiiii'iit iiiav imi 
 
 " IHTI --aiy .r,'„„,, V ,.(.,• I. U S ( 'i |i) null...., iii,|,.i.|, ff... 
 
 llviil;,.- .>|.,.«. tli.il ll n.f |. iii'i'iil.'l In Hivil. ,ij,j.||.ali.i||. II..' 
 
 i'.i'|ii:iitii. II ,»//,.,,•■*• ,((>,.. 1 |',t(»ii :» « ll liTI . I|...\ ..'i-. ill am 
 
 !-•• ill nlii.Ji 111.. ..inipun li\ I' ',•<■ »■• Kthi'iui-i.. )l,„-| ,iir,.; . 
 
 I '"llll' I iiMiii|..i .i -hail'- Ilia |..'i ...1, ;iii,| lit' Hii i.- |,a. li a<'(i'|>»- 
 aj ll :•• .. r , iii.ilif III. 'ill' 111 alliitni. ti i- iifti-.-u-i 
 
 N.. I iff. if 
 .'illiiinii'iii. 
 
b-i 
 
 Hr pout. 
 
 Proof of 
 notiw 
 
 |a#" j 
 
 Mt 
 
 I'KKhFMINAKY NOTKH. 
 
 ri>lAl-. I. 
 
 Alloliiienl will) «»Mi.<' ui- = . . ■«i|)oialp. iii r»'>|H>ii>^> to an iippli- 
 ration Ixifow iiinii|.wiaiioii - -Midi- iciii \>' . •iistiditt) ■■> iMUiipletc <oii. 
 tract (lUwms s Ship. I. R t H. L. 34a; Lotramtex <-<hie. 2 ( li 
 412). for ill tiif!' :i l■a^<<' the tMi|>li'-Htii«ii o|>ora»e» as a. foiitimiiiin: oH><r 
 and iiiri HI' .111 iiic-<>|ilni>.* 1>v the rtnn|i«i.v tt(N>r incorpornlinii. 
 
 A" I p«nrrttl ink', iiotiw "i ull"liiw*! inu.v Ih' u:iv*'ii In (■■i-'t 
 <Houselioli! Fire Inmraticc (!•>. \. (irmmi 4 Ex. D. 2lti: llriithwii 
 V Frnxri. i IHWi 2 ' h. 27 i. .iml in -iwt r«,-c tl«> ■ntimcl is • ninplctp 
 whoii till' l«>lt«'r is ]M>«*«wl. i'M«ii lli(>«tc*i it J^ npvei rwn'ivO'l Ihtrrin- 
 riiK,- 7 ( ii .".«7, lin.m, » U.mc- 2»» T L R I'Ji Hut th<' jnwli^ 
 iiiu.st Im> iiMjriiliir. fitr haiKliiip: to a to»ui p«>»a»»u« in the .•M-rcet is- *et 
 oMoiitfh. I.oiuhfu rf yorthern tbmk ^Vmm \ Vh 22it 
 
 If iiotix- lit »H.>iiiMMii ! (li'*|«it«'«i th*- (>iiu» is (III the cvuniiauv tn 
 jirove llic iioluf Iteidimlh • nine. 11 Ei) ««i). Iml this ..iiu- 'i may 
 di.srhurire bv i>K«imr u«i« <« 'hf )iun (if the iilluirod iiu'iiili^r ir<)iu)f 
 to show ihHl b»- ivu- avvurp •». the allotnwiil uiitl assented to ji 
 iCrawle.if s <««• ■ IH«S , 1 ("It. :J2t for formal notif*' is not (i««!(>-**»r\ 
 nichinis \ R„,m.is..,„,iiiK' A>m^Mitkm.l. n 'U I'. ISl Nolic*- 
 of alloiiiifni. if lir.Hi;rhl home t.. itw i^ottee. iioi from Hw KiirifMtiv 
 liul iiliiiuih: nill hind luni • Waili* ram:. I. H. 4 Ch ^Ut"'. III. (' '7 . 
 if tliti alloti«'(' IS jiivsi-iit at a board m^^liutr m which t*t' iillotment 
 is revilvi'd on /■> jHirlr SimetUe>l and FU'limi'i . W. N \M\~ > 2ri!i 
 111 I riiwU'ii'K <its)\ "Ufiii. • li:ni u|i|>iif" -'i s|iur<., "iia: v.'ore nui 
 ullotu-d to him for foitrtecn months, ami ac'-"r(4»iiB:ly t»^ mii-iw. have 
 refu»«'d the allotiwni '>ii ilw jrrouiul that w "« not mauf uoeiiii n 
 
 reasoiMildf liiiic S< iic«' of the aliotnu-nt »»> ^iv(>ti i : Iihb. ini; 
 
 some iii.iiiths iift«T«:ird«. I»f al »'t«- i('(|ilfsi "t B . siennd a MaikK 
 irunsfer of tin- nhan>^. and that «as h(dd siithi-«Hi' to -iliow 'iial t^ 
 iiiusi liavf kliowii of. and a— ented In. the aik>tiueut 1 fhuu 
 
 after tliat a. i." said >elwvi,. 1. .1.. p .■!2!«. he laiiBW \>f lieani ti> 
 Ml- ihiil Ik' did not know '>l iIh' aUotiiien! or iha' it iiad -tot t««-(Mi 
 isiiiiiniinK'iiKMl to him 
 
 .\ letter ol alloliiwut aiiti h«tter of iviiuniialioii <>i aiiy oilier d(H'ii- 
 iiienl hiiMiii: the oHe-! of a letter of allotment of any rompaiiy had 
 |p\ ihc Stiiiii|i All. IM'.ij, to li»> -tumped with a i«'iin\ stamp under 
 a |ienalt\ on any person (•m'ciiIiiii'-. y:iaiiliiiu:. is>uin<r, or ihdiverin); 
 it oiil.of 20/ Sell 7'.t and Schedule I. Hut hy seii . ",tof lli<> Kinaiice 
 .Act, IKiHi iti2 i ti''i \ict • >»i. a duly of »>// is siihstitiiiid for the 
 1(/ dul\ when the iii>iiiiii:d amount wliicli is :illotted or to ^^lli(•h the 
 letter of allotment lel-jle- i- not l(>«« lliiiii .W . and a separate duly i- 
 iliai;;ed in re»|>ei I of leiieis of allolnient and reimiM iaiion allhoutrli 
 eiltv leil in the same ilonmieilt .\ letter of allotment. tli"ii'.rh nil- 
 .stamped. i> if jioskmI m di'liM'ted. an elfeiliM' an <'pl.iiire of the 
 appliialioii Wliillrii I'liitinit. ''lit (' 1' ■!^17 
 
KNTRY IN KWilSTKK. 
 
 53 
 
 Entry in Register. 
 
 U licif iiiL'mboi>liip i^' loiisliiuK'd olherwiNe thuii by subscribinj? 
 till' int'iiioriiiiiluni of u8!<u<'iatioii, oiitiy iu the i'«><?istor of members i-<. 
 \,\ -0(1. U4. iiiiidi! a i^iinditioii pi-OKHleiit to iiit>iiib<M'sbip. Tho coiii- 
 iilt'U- siutiif- 111 inemborsllip in smh I'lisc is not ii((|uin>(l uiiIcsm uiid 
 iiiiul ii laii be prcditalod of lh<' pi'isoii lliat ho is. wiihiii the words 
 .,i llii' -^'cliiiii. Olio ' who bus ujiit'od to U'coiiio a iiiuiiibui of u 
 r'iiii|iimv under this Ad. and wlioso imino is onluti'd in (he register." 
 
 Ill tin- respect llii'ic is an I'^sonlia! dilli'ii'iue Im'Iwim'ii the ivrpii- 
 -iir- III iiicfuU'rsliip as K'gards persons who mi1)si lilio the nieiiio- 
 lainliiiii. and llio.se who otiieiwise aj^ioe lo l)OroiiK< ini-nibois. The 
 Iniiiiii. a- we liiive seen (p. 4(i i, lK!<onm ipxi) jiulo, on tlie regis- 
 iraiion of the conipBny. nienilMtrs irn-speclive of entry in tht> n-irisier 
 
 .rl iMtMnlK'rs; llic latler do not Iwv oin cniliors nnlil airieeiiiont pUis 
 
 I'nii V m I lie H'y:i.-.|o;'. This disiiiKiion is < learlv in oij^ni/ed in A ii nls 
 a(.v, J'.l ('. I) 421. Tliei ■ A had aK"'e<l lo lake shales, and -liaies 
 liuii Ihhmi allolleil U> hull. Ion iii- iiaiue had not been entered in the 
 letfistei Alter soiiu' vears, the itJiieeiiKMil to'.- ineinlH'r^hip not 
 liuviiiii: iieen afted nn. a \vindini;-«tf> order was made, and it was 
 »>ii!rlii lo pluro A ><n tlu' list. <ii I'tMilribntorie.s. on ihe ;.^riMiiid that 
 lie \va^ a ineinbei The h'ai-wd jildffes were all oi opinion that 
 ill' ii*J iifMM Ii«»niiiif -: ni»" el. that he had oiilv a^U'ed to tw .i 
 iimiiiln'i 
 
 I uiom. 1.. .1 vuii iliat the ipiesimn was, wheihei. iiiiilei t.'iv lii- 
 iim-iatii-«^. .V liad iHMoiiie an acliiiil uieiiilier or had only ajjiviil to 
 l»""iui' .1 tnemiwi . and slateii dial iheie was in this i-ase no aitiial 
 iiii'iiiiiei-Hup. alHtoiml; it would have lieen pii--ilde. il proper pn>- 
 rti'Oim... jtatl limMi lakeii. I<> reiidet the ini'inlxi -liip i ninpleie ; ami 
 lionnii. 1. -I . -»iid. il appeal^ to me that .\ never iiipiireil tin' 
 -luiii- "I .1 ineiiilier of the roiii|iaii\ . I llilhk lliiit Jie <<Miiaiii<'d with 
 titiiiaiUuU ol>lt<ralioii.- to the iinnpanv. wlinli the <oinpaiiv had for 
 
 I mill' a liffht lo enfon-e aj^ainst him .\' nliii;; in tin' 
 
 UMiiU -ihiid sc.tion ul the .\il i now the i wenlv -Iniirtli 'if tln' 
 \i\ I liiiiik he hail not Ih'i omi' a loipoiate iiieiiiU'r " and Kry. 
 I. I -,iul that the scition in. ikes the plai-iim "•' ||ii> i^nv of a 
 -liaii'liiiliifi on lln' i'e;j;is|t'r a i midition prei-wleiii lo iiieiiili»- shtp ' 
 
 N •■ 'loiibl. where iln-ie is .m a^reenienl to take -liaies. htil Im 
 ohiM III the leirisler. either parly may lie enlilied to riaim .iiul in-i-i 
 oil -)i.iilii' |H'i lorinaiii'<' of the a^reeiiKMii i sts' p. .')7 ; Init ihut einuin- 
 .stiiii'i' .1- till' ah'vi' 1 a-^> 1 h'arK shows, is not e<pii\.ili'iii in eiitiv on 
 I III' ii';;i-iei 
 
 sill Ion. il I! lakes a translei ol -haii'- Hmn ,\^ . :iiid (he luinpaiiy 
 ii:;liiK ni wion);lv I'efiiM's to reirister tlie lianslVi . 15 i- iiol a iiii'iiihcr 
 ,ililioiil.'li "it her .\ . or H <nn eiifon e reiri-lratiiin nl tin ti.in-ler iinilei 
 -'"• :l^ nf the Aft of I'.niH 
 
 Entry iu 
 ri'XiBt4T 
 nwxiwary to 
 C'impleto 
 mcmberahip. 
 
 A'/rt'4'meiit 
 witliiiutr<'K'"- 
 trititiii not 
 Kurticifiit. 
 
>* 
 
 na:MMiNAKv .\oti>. 
 
 L<"ii.\i'. I. 
 
 Niii i- llic iiilv. lliiil riiliv ill llii- it'ui^ti'i i> jif(i'->iiiv to i -liiiilis 
 till' Matii- 111 iih'iiiIh i-lii|i. in aiiv Wii\ iii x.uiuin^' uiili tlic ml"' m- i 
 MllliiiLT till' li'l '1 I 'iiiliiliiMi'iic-' ill vMiiiliim-ui). iiaiiii'lv. Ihal ii [ici^u 
 
 wliii liii-* ii;ii<'< 
 
 il III lii'iiiiiK' II iikmiiIh'I'. and nlin^- iiaiiir i-- mil. lull 
 
 Ifllil 111 In'. III! llir [\'< 
 
 i- 111 1m' imliiclcil ill -mil li«l. Im' in 
 
 t iiiiliii;:-ii| 
 
 llii' ( null h. 
 
 lull 
 
 iwir tn ii'ililx llir rc'ri'l''!' I'l 
 
 IIKMIIIh'I- ■ -I'l I- 
 
 :.', Iti;i (il till' .\ii ; lull I'M'ii in ciiiiiiiliiilniv 
 
 ill' ( I will n.i' cM'ii i-i' llii« [inwi'i iiiili~- llii' ii'j-ri'cnii'iil ii'lii'il mi 
 
 1- line wliii II. al llic i iimiin'iirctiKMii ul llii' wimliiiLr-ii|i. ilir iiiiii|i;iii\ 
 
 i.ivr -|M 
 
 H'l'ilH allv cnriiiri'i 
 
 AiiidI s •ii»r. -Ill < . I > 
 
 Wlull^lul 
 
 niiioVHl fr.-n 
 r")£i-t<r. 
 
 -iiliinrt til 
 ■ "ii'litii'i. 
 
 «a» cnlillril 
 707 
 
 Tin' al.uM' ia-<'> iiin-l al-u lie ili-l iii:;iii-lii'l liuni lliu-v in uliiili a 
 |ici.-iih wliii lia- .ni|iilrcil tin' lull >lalii- iil iii<>tnlM>l'>lii|i i- allinvaiij- 
 \M(iii};lull\ U'liiiiM-il riiiiii lilt' ic;ii>lt'i. a-, loi ('Vanillic, in mii^i- 
 ijilfiiit' (il a Idi;;!'.! liaii-lfl' liaviii'j Ikm'ii [ikim-iI. In ^ui li a i a-i' iIh' 
 |it>r-(i|i KMiiaili'- a iiu'IiiIh-i , lit' lia- ai i|iiiri'il llii' lull -talii-. ami tin- 
 
 tMllll'.'lllI It'Mliixal 
 
 III- tiani" iliK 
 
 /. ,1 .\ II /.'<(,/ 
 
 - mil alli'i I III- iiitMi 
 21 (,• l; l» 77. liiih 
 
 lln'l-ll 
 
 1, II lia- Ik'i'Ii lit'lil llial hIicH' -li.iii'- air .iMulli'il -iili|i'il 
 
 lltirliiii \ 
 i) I! i) 
 
 MlllCiiM'l , I 
 
 !u .1 rnmliiiiin. ami llit> naiiH' nl lln- all'iilcf i- I'lilfii'il in lln' i('L;i-li'i 
 willi wiiiil- i'\|iii— 1\ r.'li'uintr In 'In' i miililiiiii. Ii"' Ini- mil tililaiiu;il 
 llic ( .i|ii|iU'M' -iaiii- 111 a iiK'nilii'i. >/i/7:(7 \. I Imirxf I ni jidiiiIioh 
 I'.MIli:. Hii 1,. '[' ."17 l'ii'|'i'il\ . hi- iiaiiii' tiiiulil mil in Iw 'iii llii' 
 it'l^i-K'i Tlif nii'ii' I'lil 1 V 111 a |ii'i-ni;- iiaini' iin llii' ii':;i-ti'i' caniini. 
 iif <iim-i'. il llii'M' i- nil iiinli'art. niiK" liini a jm'iiiliri Si'i' iiifin 
 ji. ."i7. 
 
 p. 
 i 
 
 •iii 
 
 |lrl;t\ III 
 iiniitnii t.t. 
 
 Delay in Allotment. 
 
 Il i- an ini|ilii'i| H'IIIi in an a|i{ill< .iH'ii In: -hart'- lii.i' llic nllcr 
 inii-l lit" aiii'|il<'il ui'liin a iiM-nii.itil" linn'. ani. il il i- iml. llir 
 a|i|ilii'aiil i- t'lilitlt'cl In it'|iiiiliali' lie allnlini'iil Sec ' iiitrli'ii'\ '«»(■ 
 I < II. ;;2.!: aiil l,'iii,cii,il. Ihil.l \ Mi,:itcli'n i. I. \< I IN Hi'' 
 U lial i- a ic.i-niialilc lime inn-! (Ic|m'iii| nn ciit uni-lim c-: tnil an 
 allnllcc wlin icii'ixc- inniic i| allninicni. allci .\ ica-niialilc linn Ii i- 
 c\|iiicil. niii-l cM'ii i>c Iii- ii:;lu 111 ic|iail;ai lull jiriiiii|illv il lie 
 lint— nnl lie will 11.' Iiiiuml. (/ jiiilinii il iicjiini -' liirlil- lia\c iiiltl- 
 \oiici| li\ a u imliii^;-ii|i Itiii/li's m.-i. i'l.'i \\ . |{ li"; ( iniili-ij * 
 ci.sc. M II. ■',•>:',. lhil:i^\ I'liniii.tinl. I. I{ 1' II 1. ;12'i 
 
 Conditional Applications. 
 
 CiiiHliiiiiiiiil SiiiiicMinc- an applii alinn Ini -liaic- i- iiiailc -iiliici 1 In a i nniliinni 
 
 •iiiplit uticii- , . . ,1 . 1.. -11 
 
 |ii'ici|cnl. r.<i . .\ Willi- In a linlcl (iiin|i,iii\ -axiiiL''. 11 ^mi will 
 
 •_'ivi' llic an ni.lci Ini liiniiluif I will lake u|i lil'v -liarc- in xniii 
 
 i'ii|iilal. whi'li |i|i'a-c alln! In -in li lii-can .illmnicni ili-ioicariliiiir 
 
KNTUV IN HKCilSTKi;. 
 
 M 
 
 ilir riiiiililiiiii iii.iv !»■ ii'|iH(liiiH'(l li\ llii> itllnlici'. I'm- ivIiiti- tliiTC 
 I- .1 I iinililioiiHi ii|>|>li< iilimi loi "liari'- iiiiil an iiii< iniililiniial allnltiu'iii 
 iliii'' i- i\" I'lic ((iii^ciil atiil llicrt'l'iiic iMi riiiiirail <iiiisiiiiitcil. Tin' 
 
 I H !••. air mil ail iilfin Ititiii'is itisr. Iliiirisiiii's rasi- i l.Si;,S> 
 
 ; I li (i.!;i. WDimI's iiist'. :', \h' (1. iV .J. 8.">: Slimrx lai-r. .'U I.. T.7I.">. 
 
 II r.,../ < i.;vc. la Ki| l!"ili. 'I'Im- ciiiiililiori li<'i'il mil lie ( niitiiiiH'il in 
 ihr icllcf 'if a|i|ilii aiiini. Ii i< Milli( lent if tin' IcItiT iimtailiiiiy- llir 
 
 . rliiii.ii r('a( li iIh' iliiT'liii- Im'Ihic allnliiu'til Itiiiieix' nisi'. Hill- 
 i,-.:,iis (loc. siiiiiii. lint ill siicli laM'-i if, allcr iiolic*' of iillnlniciil 
 .ml ii'iri-ilialiiiii licfmi' tin- I'omlilioii is t oiiiplii^l willi, tJu' alicillci' 
 il,-! nil- iKiMi rt'|iiiilialiiit;. In* uill 1k" laUi'ii to liavc waivi'd lln 
 ,.,h.liU(.ii ami 111' liuiiml i\\'l,,uilrii,fl s ,,;.v.". •.".• L. T. .TJI'. iiiilc» 
 ilii .iiliA III till' i<"^i-Ii'i i<'t>\|>ifs>ii'cl III 111" Mihjcit 1<> llii' (iiiiilili'iii 
 >i,il:,-l \. (liiiii'Kf I 1)1 iiiiiiiliini. HO I, T. .117. 
 
 J!' iliis naiiii'i liiiii lliiit' i-- a vi'iv iiiaKM'iiil ili-liiirlioii lu'tuccii an 
 i|i|'liialiii|i willi il iMiiiilitiiiii |iicik'iIi'iiI aiiiicxt'il. uikI an ii|)|ili("iliMii 
 Hiiii I lollalcial ajri<'<'Micnl ur a rnmlilinii -.nlisciiiii'iit . In the litlci 
 
 !-■ ilii' aiiplicitiil on alliiliiK'iil Im'cihim's a .slmreliohlci' in jirr~,'iiti 
 .ili-.iliil(l\ . willi (inly II ri;j-lil In cnlino' i if valid) IIk" i ollaKTal a::ii'<'- 
 iHiil iir cdii'liiiiin stili-iviiK'nl a'^ainst llic coiiiiiuiin . I!l!,iii(il(iii'.s ///>■< 
 
 INiir I. I, li. 2 ( 11. ."ill; Fisliir'x ia:<f iind ShirnifiliiiiK nint' ( IHH."i i. 
 ;i I II I) I'.'il; Hiiihiii's (t/.vi- I IKTii . a (11. .'tl)."!; and Tlliim ,is,m\ 
 ,,i^r ISi;."i . H). .). A S 7 HI. arc l I illn-liatinn- of ( he di^lin. tion 
 
 Typical Examples of Contracts to take Shares. 
 
 .1 .\ aiiiilii". Ill llic rnnMiaiiv fill- an alli.liiii ill "i a -iN'iiliiHl Kxampl.-i.f 
 , , ' ■ , , ' , iimtrhit- 1.. 
 
 iiiiiiiiM'i- III KJiaii-. ami ai;ii'i'> in arii'iil tin' ^aiii" in am li'-- iiiiililH'r \^\^, .),„r«.^ 
 
 iliii! iii.i\ 111' allolli'd In liiii'. Ill n'spoiisc til llii- a|i|iliraii'in. (lii- 
 
 'III' . Inl.~ Il .nUt' llial a -|iri ilil'd nilllllll'r nf ■^llali'- \»' allnltid in llilll. 
 ni'l until I' nf ..lull allntiiii'iit i< ;;iv<'ii In llilll. 'Ilii^ i nil- I itiiln- llli 
 I'^iiiiiii'iii and his iiaiiu' >li mid 111 niin' In' I'lili'ii'd nii ilii' rn'^'i-lcr. 
 
 I' Tlir I nm|iain allnl« ni . illi'is I.. .\ . a .s|M'i iliml niinilirr nf >lmii's 
 111' I A . iinlila's in tia' rnni|)aiiv his ai i i'|il:im <' nf the .sliair- -.n ml^'i'd 
 Tlir api.'i'iiH'nl i.s cniiiiilrli'. and .\ . .diniiM Im I'lili'ii'd in llii' ii'i:i-.('r. 
 .\ anilinri/c.s siiiii' a'jTiil In a|i|il\ fnt shall'- nn his lii'li.df, ami 
 -II 11 a;;i'nl a|i|.Iii - a-nidinvlv Tlir .sli.iii'> arc allntlnl l.i .\ . and 
 II. line is iriM'ii In llilll a- alinM'. and In i- diilv rciri-liicd lie is a 
 
 ■tltiulicl 
 
 d> I' willn lit aiilliniilv a|i|ilic.s fur .-huic- nii licli-ilf nf .V . and 
 •III ilucclnr.s allnl ^llll!1•s In A . iilid ic^M-tor llilll Snli-cijiii'iiilv \ 
 I. llilll- I'. '- ait, ( .(/ . rillu'i' i'\|irivss|v, ni- liy dninn- .snn.olliiiiir 1 1' '/ . 
 -il;iiiu.; a liaiisfn . m lakiic.' a dii idcnd • w lii'li -Imws Hi a I he i-scni- 
 • ilic alliitniciit .\ is a nit-inlii'i 
 
 1' A Ill-ill^; ih'' fmldci nf .shall-. tr,.iis|i'i- iliciii l.\ an in.suniiiciit 
 
 ■'iii|iUiac uiih till ifi.;uhitiiin.s nf lli«' i niii|iain In I! . r. lake- the 
 
 M 111- III- In the < niiipam . and the roin|iaii\ |iass(- il and jilace- I! nii 
 

 f 
 ■i 
 
 
 i 
 
 r*:'. t1 
 
 «<i 
 
 PKELIMINARY NOTES. 
 
 [f'llAI'. 
 
 thp n'!,'i.stor. In tliix iiuh-. 1!. Ih'i-<jiii»»» u iihmiiIkt iu iv<«iK)ct of tlie 
 dhuri's (uiiipriscd in the IninHttT. uiid hiu numo should U' ciiUfwl in 
 the re);isi»n- in tho placo of A.'^. 
 
 (f^ A. is duly iipiKjinUMlu- a (liiviioiof tlieconiimuy. The urikli^^ 
 of the lonipiiiiy fUiii- tliiif llio .niiilidiatlioii of a diroctor in m niuux 
 *hiin's, and ihiit iiiiIch^ hi- iKiniiics -ui h tiiiuliliialion within Cny) i 
 inoiiiii lUl.T tin- i:ic<>ri(or:iii(ili of llii- coiniiuny, ho i« to he lU'i'wid !•• 
 Iiuvi" iiifn-iii lo liikf llio Klmirs from the coniiwiiy, iind is (o !«• 
 ivj;iMl«Ti'<i lumrliii'ily. A. tl<H>H not lake up tho slwnw williin tlir 
 Mionlh, mid hhuitly iirt».'iwiinl> h<- i», hy iho ollkisrM of Iho i-onipan\, 
 plicwl on ihi' it')j;irili'r as tin- lioldcr of such .ihunvi II<' lluMvli\ 
 if i..im* II iniMhlx-r in rcspcl of -inh .-hiinss. Hv iiiMi'plin'r Ihf 'illiic 
 li.' i.- iT<rui<hHl a> in cllfct iiirni-ins; to lo'niply «ith llu- iirtuUw. anil 
 
 l>\ pliK inu liini on iln' n"_''i-''<'i- lli" rouipuny uict'ptu liis ollVr; and 
 
 pp. 71H, "lit, iniia. 
 
 ■ri A. i> >hi!> a) im.uiUhI a .lin-ior Tli" arii( Uw slati' (hal lli« 
 <(ualili>alioii ui' a <liii"liir is lln' holding: of mi many -liarcs. A di' 
 iKil a.ipiii- iiLililiniliou xMlhiii ii r.'a-"n.ibl<' tinio, ami lie i- 
 
 al the ^■\.h. 1 ui that liuic. pla.i-d I'a \\w r«'<;ist*T of iiiondicrj. in 
 nwpiHt o. iii- ,iialili(ution. !(<■ is estop pitl from (U-nyinj; that h<- i> c 
 iiicuitiiT 111 H'.>*p('(l of llif hhaii's Ihii^ [.•j;i.-.t<M d in hi- iiaiiio. an. I 
 -■.liDiiid. lliei 'loll', Ix' li'<'an>d as .1 rioiiilHT 
 
 in A., wlio liu» not upplird for sliui'<--, is iiifoiiiKsl that ln' lia- 
 licfii ifiristfiiHl as II li..ldt'r of a -jKiiitiiHl number of sjiai-os m .1 
 .oiii|iaiiv. Ill) si>;na u proxy paper iu i('s|M'rt of such share*. >•. 
 .ithciui.M'. in etlei •, act.* a.-< the 'mncr irf Mirh -hares. He is estopp" i 
 iiuiu deiiviiijr tiial he is the holder ol siiih sjian . ('niirli-if's '•</■. 
 t Ch, :!:!.l. 
 
 i; .V. api'lii'.s for .shar.'s on die fiMitin;; liiat he i- not to lie iial'l- 
 th.-i Mil for tl'i- full aiiioiiiil and tin- roinpany allot.s shares wliiiii 
 iinolve till- tiill iiahiiilv .V iiexertfieleM.s e.xertisos arts of owiii'i - 
 -■•jiip. !■ 1; , li\ oellin-.' -.oiiie and oliliiinitij.' proxies. .\. is Ihiiiii<I 
 Ituihnn/ Tniir iiibUs. dv. To, (J ' . i). ;)«. If sh: assented 1.. 
 iia\e ilii-se .-hares in her iiaiee. that is all that is reipiir<sl to iiiai-' 
 her liaidi' a.- a nieiiiU-r. ' -aid l .illoii. I. -I , mid liowen, L. .) ., add-d 
 Kioii sue li :i.-si'iit lo Im- on the reiri-iiT. .iiid 'lom .-iiih dealing "iili 
 the (.111 ii's wliih took [plaii' after .-he wits on tlu' register, there ..m 
 (.e liiit one inlVi-eii'-' "hi- h the Court :iiiLrht to draw, nami-iy, tl.at 8'h 
 i:.'li'e<l 'o he a ...eaii.ei of the ti.,iipa;iv. and, her liai'.- lieiii;; on ih- 
 ^e^.'i^ '-r. Iht li.diility u> tin '-onipuny i.s lomplotc. 
 
 The i-atM's under the la- 1 t«o laiids eoine (o this: that a ]ier~oii 1^ 1 - 
 he i-»'j.'aii'e<l as a iiienilxT if hi.- name is on the ie"„M-ter of iiieiiilMT- 
 willi his .i>i,.eiit. or if he is e-top|K-d fnini »hnyin|; lh:i> he is i-i'^i-- 
 teied -,\itlioiit KUiM'iil. Me may Hot luueappl'ed tlie share, nia 
 hu\e Ih-<'ii plaied tliei-<' without his eoiL-eiit and eoiitjary to his wi -he- 
 hut if le a— ^'iits to his name Ihmisi- on the n-^fister, he i^ to I,. 
 'tiusidered tt meiiilKT of llf i-oinpaiiy. 
 
CX)NTIUCTH TO TAKK »HAKt>. 
 
 47 
 
 M,.|v ,1111 V ol u pfiwrn s null II IIk- <(iiii|iiiiiy « u'j;i-U'i. h«>wv\.>r 
 
 rtiiliuut u^rrn'Miont or iu««cnl, )» not .Mionirli. Tims if ii <lir<«<'oi- 
 .....i-ii- Ix'foru lh<> iini<> for Uikiiij,' up lii-* (|uulilicuti..n -liait>s liu- 
 ,.\p?iv,l, ami tlu- roiniKiiiy ha.-, notwitlw»»ii<liii;r, oiiliiv.l his mum' uit 
 iIk' n-:i''t43r, witliout liin iiK,s«>iit, iw lh« lioKlor of ihf .|Ui»liliculioii 
 .ii,iit's!"ho iimv i.aiiM'l tlii> itiiiipuiiv to tukK his iiiiuw oil ih<' iv^ri-i. r 
 ,v,/,W.»<'/-./«»Vs* am; (IH'Jl) .'« Ch. ;i5»i. So, too, if a m.in .- iiaiiic i- 
 ,,ui on tlif ivtriMtt>r upon lh<- appliiutiois of soiiio iwrson piofi'ssiii-,' 
 10 ,1. 1 11.1 1, is asieiil l.ul ttilhoiil any authority in fu.l, liio .ionipuiiy cmi. 
 
 I „iiipt'll«Ml to lake llio naiiM' otf. Ornu-rodH rase, ^ 1H«J4 i 2 < 'h. 17.". 
 
 t(r. ii^'aiii, «ln'i-o a iimii i*|.pli.'.H lor >hiiivs, Iml witlulraHS hi.s applua- 
 u.„i Ul».i>' awt-ptuuw, and the conipany allot** iifvcrthfliws aixl put.- 
 hi, iiaiiH- on the rritistcr, he may ha%.' it tak<'ii oil llrhhS ,.,.«'. 
 1 i:.|. !i; Tniiiian'i rwu; (IKiHi ;l t'h. 272. 
 
 A pfisoii iiiipioiM-rly rftristfif<i a.-* a truiisfcn-c of a 
 bimii<i. and may liavo hi.n iiain.- taken oti tiif i<'i;is(4.T 
 aixi\ '•• V.<\. .'•; I'liitiiifH's caw, 'J C h. t>'Jl. 
 
 V.« to ii'MiiidiiiK 111.' a>;r«oniont, «<■(■ Injru, p. \'M- 
 
 Th.' alioM' arc all < a-f.s of pcixms s,ii juri^ In Ihf la-c of p<M--..n» 
 111! v/<( y-iri'i, su.h a.- infants or lunatics, a (oiiliact to take Awn-n is 
 suhi.ihlc. f.iiin.-^ihil's r,is,\ I ell. ;U: FJihrtf!* rns,'. :> CU .■»I2: 
 i.ij.frrs uis.'. ••! t'h. t.-.H: Vrnhni.l Ciisoh. .".H I-. T !»22: Sifimins' 
 „•-.•. .". til. 2'JH. Til"' inlaiil •■ii .oinmu ..I'.il'C may aiiiml tin' i-<'iilra«'t. 
 In; !.■■ iiiiisl I'lt'it promptly . 
 
 .-hair is not. 
 Ilri ihii/i'ii 
 
 
 Specific Feriormancf 
 
 I'lic Coiiii has jiiii.sdi.tioM to s(M'(ilirally cnforw a rontiait liy a spwiiii per- 
 l« i~..ii to lake, or l.y ; roiiipaiiy to iillot, sliaros i An.- liniiKirirk Ci>. ','.'™^'7,,','' 
 V Mii,i>i, riiliie. I Dr iV ■''m ■!''•!; Oiii-iiliil liihiiiil Stiuitii To. v. talif »hun.«. 
 /(,,<,, ,v .IHtlli. .11 L. .1. t h. •HI: Oilfxsa T' iniirniis (<i. v. MrinlH 
 , i>7.Hi. ,H t h 1). 2.'l.'i'; liiit if hcforc arlioii hrou^'ht all the .slian** 
 \ui\'- Ik vii .illoii;vl to olhcv iH-isoiis. the only ii'mody of a plaintiff 
 ilaiiiiiii- an iilloti.icnt i.s an ulioii for diMiiau-c.s loi- liifat h of i-oiilnu't. 
 h\,uisi„i v. II -/«oH tlK(,:>i. 2 < h. V". \ roiupany may, liy dfluy, 
 h-. iiiiili' iiM'h In t iiiiin ' an ajiP't'inent . .V/co/t '<(<<•. 2'.» Ch. I) 121. 
 
 Causi-r oi M<inberBhip. 
 
 \ iii'i^oii iiM\ ii'a.si> I > Im' a iiit'iiiiN-r of a I oiii'ii.iiu Owpi of 
 
 ,1 l;\ tiiii.fcrnnsr hi'*..'taMs toanotli.'i pori ii. .ii sui-li 'jim', ' 
 
 ihc iNiiLsfcidr (■CMi.sefi to l.e a hk iiiU'r si; soon ;i.s. Iml not, 
 
 lilt r.'. the itanofi'io- is i«'i;ish.|( d ; hut tlio transferor iw 
 
 Mill li.ihle to Ih' placed on the ii list of ct)iilrihut<unv a^ 
 
 a po^t iiil'ci. if the ioin|>any i.s uoiiiul up within a 
 
 year. SUnihufn's <■, 
 «> K.|. .'-.. 
 
 I t'h Ifil: lltiUun'x ■«■•«• 
 
ni 
 
 ii 
 
 
 
 5H 
 
 l.iabilitt I'll 
 "hiirMi. 
 
 I'KKI.IMINAIIY Norr,S. 
 
 t MAI". I. 
 
 
 I I 
 
 \i\ lii> -hiir<M Iwlii'^ liiili iumI /••ICC- iiisi\ r. Ki|. 2''1:J 
 I'lV lii.» kIiiiiim hciiiy; Milil In tlio ('iiiii|>uii\ iiiidir m'Mii' (umi. 
 .-•ioii ill ii- iii'lii'li'-. 1 (■ </.. Im- «'iifiir^iiii:' u lifiit, iiinl liv iln' 
 |iiii'i'lia.M'i' li.'iiiu- ri'uistPic'l ;i« li .l<l>i in liis ]i|:ii-<' 
 lU ili'iilli: lull in -iiili it <ii>.' iln' iIoici-'mI lucnilHT ^ i-iaii' 
 rciiiaiiis liiil)l" until tlii> n^'i-lratioii i>l Miiiir |h'i-i>ii 
 fiilitiol iimliT II tiaii.'<l'<'i I'liiiii his <-\<-i'iil<ii'- iir iiiliiiiiii>- 
 trotorf llfininl v. Wlifnthfi. -^ l>'' «• M 'V- «' *'>'i^ 
 lUiirii !< (iinr. ."> ( li. 7-'i. 
 
 I .■> Hv II .HiiiK'iiilor ifi the rtiii' i ii-i-i wlii'if a siiiri'iiilrr i" Miliil 
 Tli-it)i \. Whihnirth. 11! Ajili. ( ii« lO'.i 
 
 III I'.v llu' llii«lcf ill Icniki iiplrv uI iiii iii-^'ilM-iil 'mpiuImm ili«- 
 < laiiuiiiK lii-i >liar('-, Sim' Maiikni|!< y Art. IKSM. « .'..".; 
 HaiiliMi|.|( \ All. IH'.H). (■ 71. V |:! 
 
 1 7. ' l!\ ic^i i^'i'iii (li till' 1 iiiiiiai ' I'l iiiiviili' r-lii|i mi llic ;.^|iiiiiii| 
 "I liii>i-"|.ri-<'iiMliii,i 'pii. 111.'!. I'.l'.lMir lili>t:ikr ' p. 2IMI 
 'Illi.-. Iiiiwrvi 1. ill"'- hill a|i|il\ In sli iH'- 'iili^rlilii'l I'l ■ 
 ill llir iiii'iiiiiiaiiiliiii III .i^-iii ialii'ii. /.(«</ I.i'ifi'iiix <-i/«r, 
 I l!Mi:>. 1 ell 707 
 
 iM \\\ iiMii'lip;.' ^^ I I'iii llic ^latiil'ify lU'viucI iii allnliiu'iil a- 
 iiia<l«' ill I iiiit i.i> (Mitimi nl ki'i '. X.'i nt' llu- .\i i Sn' ."I'l'l. ."i. 
 .vij/;r«. [I IN. 
 
 Liability to Pay for Shares. 
 
 Till' l.t 111- 111 ill" .\' • "i I'.MIM ll'|i|,|i illjr til ,1 ih' .\. I lit I ■<l,\> III 
 
 till' rii-i' lit II i'iilil|);lliv lillli'l'.j liy -liaK'-. allil ill |i:t: lii'lllar till' |lli>- 
 \i-iiiii' lit M'rl-. "J .1 I'l Ij;!. Ic.iv.' nil li'iiilit iiImui! tir <)lili;;ali'iii nt 
 ■>liaii>liii|ili't» til |)iiy In till' iiiiii|i,iii\ tlir full aiiiniiiil nl' 'lirif 'lian-- 
 Tlic wniiK III .■MM t 2. liiiiiuii'/ llu- liiiliiiiu 111' Mii'iiil't'is til ■ tin- uiiiiiiini 
 uii|>aii| nil tlii'ii' -liaii'-. ' can iiiilv mean, a^ l.niil .M.n na<:lil*Mi |iiiiiil('il 
 (Jill III till' tliiii'iiniii riisf. iH'.fJi .\ . ('. II'.. that ill!" lialiilil\ nf llii' 
 iiumiiIht iniiliiiiir- >ii Inii^ a~ aiiviiiinii ri'iiiaiii-- iiii|i.iiil mi lii~ >liaii'- 
 Niilliiii^ Im; |iayiiiiMit. ami iia>iiii'iit in lull, i ini put an I'ml In tin- 
 linliility .\ll llir ji'iri-latiirii ' said lii> l,i)nl-lii|i. ' |iiiin'ciU mi 
 
 till' I'lMilini: I'l ii'in'jni/iiii.' ami iii.iintainiiiu ili<^ liiliililv nt llic inili- 
 viiliial iiiriiiliri tn t':)' rmiipaiix iiiilil tlic pro^i i ilM'<l limit- iin 
 nailicil. Till- lialiilily iimirr tin- .\rl nl' I8ti2 \'.'i'» In pay in iimt"'* 
 or MMili till' iiiiiipaiiy's rmi'^i-ni i in iiinni'x- wmtli 
 
 Tl, I ii, annirly I'l-i'. H lll\. M. I{ . .sii.l 
 
 A pi'i'Miii laiiiint -ijrii till' iiK'niniaii'liiiii nf a--"irial Inn fni fliaic- 
 Ift'lU'iall) . ami aflciwaiil.- -a\ that •.niiii" nr all of tliciii an> |>iliil-lip 
 •<liiiH'». mile— iiinn.'\ m i.iniii'v - Hiiitli \\a- iiituiilly paiil liy liiiii m 
 iin lii- irt'iiaif lor tlmsc pailiiiiiai ?<liaii'-^. " H<iri)ii ilr lirrill's niii 
 I lH<;s '. 7 i:',. 1 1 Anil in liniihiii ll.ill ( ulUfriiCo. r, ( 'li. ;! Hi. v. Iii-if 
 till' n«ii<T- I'f a follicrv •<iili«(iil><'il tlic nii'iiiminiluiii for linil •'lniro«. 
 
I lAltll.llV \<> I'AY fltU SIIAIfl.-. 
 
 .*>it 
 
 1 |i.iiiii 
 
 „„| |,y (ho tiiii-l<- i' «■!' inoviili«l tluil iIkm' -liiiiv- ^Im.uI.I !.■■ 
 ,j,,,,i„.ii u< U' liill\ (Kii.t ii|.. II lH'iii'_' ol.\i..ii>lv iiit.'ii.U'.l lliul llii-x 
 .|„Mil.l U' I'li'l ii|' I'V "lakiuy: .n.i llic i..llifi\ n. llif ..>iii|uiin. ami 
 
 |i, , illlfIA »ll- ill I I' I >llli»'illlfllll> lll:l'lt< "\<'l I" IIk' i<'III|1UII\. il 
 
 ,. lii'M ili.ii ill'' »lii«i<'- "<'U' |i.iiil-iiii ^liiin-. Ill iliiil iii'«'. liilliii.1. 
 
 I .1 alliM n'K'iiiii;; l" ll"' pinvi-iiii-' nt the Ai I. >u'u\ lluil : Tukiiiy 
 
 ,l„ .,■ M, linii^ tifji'lliir. 11 jM-i-im wlui MiliM lilM-. ihc uHMin.iaiMllI I 
 
 ,,-.„iiiliun i^ I.. 1m« lu'lil I- liiiv" iij:i<'<'.| I.) U- li .|iuivliol,|..|- lur tlir 
 
 |„.i ,,( hIihio- ill ii'~|W'it 1.1 wlii< Il lit- «iil.M liU- il lu Mkf lIuMii 
 
 r..| In |i;iv I |>i.>|><'i -iiiM.itii.n Inr tlinii Tlni" i- im.i :iin 
 
 ,u,..piMM.iii V UiWiiMi .1 inciiit.iitiiiliiiii whiili i- yicm-rul in it-* UTiii". 
 ,,„| aiMi I.- wliidi Niiil.' iIkiI il.c ii.iviiMMit It.i «li.in'< i> I" Ih- made in 
 
 iiliii «:i.v aiMoliJiii'; 1" llu' K'llii- "I a ...iitia. I ii-l.TM-d I" m ll"' 
 
 , Il, I .CI- ihal |ia\ nii'iii in kiii-l .i. mnliiii; lu a >iil>-<"|ii<'iil 
 
 I,;„i wi:li llic ((pMi|'iii\ i- iiiii.ii-i-H'iit wi'li -mli a iii<'iii-.iainiiiiii 
 
 II ill. I." !"■ a iuiii:i. I 111 -iirli H iiaiiiK llial mi l-ill liicil l.\ llif ii>m- 
 j,!ii' 11 (^.iilil iMPi lie >■ t a-i'li'. u |iiiyiiiiMil 111 »liai->-^ in kind aii'niliiii; 
 
 ll,.ii iMi.ira. 1 i> li'-ai . Tin- n-t to In' a|.|>lip<l i« llii- < ""I't 
 
 il, ,..iii|Min lp\ any )n i'lliiii; li,iv<' -i-l a^nl.' ilii' daii^ii' lii'ii I'x 
 
 nhi'li il «a~ ainiii;r<''l llial lln' ovmii'I- .pI iI pjliciy U'l'- I" 
 
 liii'.c |i,iiil-ii|i sliupv-- 11^ II"' Jipirf (pI iln'ii ml -I in tin- lollirix' 
 
 \ii(l I ».i>. iPii llif iniilfiin'. tliul llu- pipiiijiaiiv iliaily < mild iid II 
 uii- inircd llial the )iarli<'< only airn-cil with iIiciii««'Im'^. and thai 
 
 h,. I. lure llii'pi' «a- nil ..pnliad. liiil "V.'in pi.iii|.an\ i- «iarii'd li\ 
 ,..1111-^ auti'p'iiii; .iiiiipii- iIhiiim'Im-. ami ii i~ idl" i" -ay ilial lli<'\ 
 lia\c iiiilinh |M ajifi' rtilll Si'i' al-pi I hiliiniiiiinl 'i i :.tr . 1 ( Il 
 
 "7;;. and /'<■//• <ii~f ' IHii'.i . .> t li. II In /,r<'/.<- .ow ■ l«7l l I I 
 
 r'..| Mil. Sliia.i. \ -• . .|ni'^ii..m'.| liii'x' .If i-i an.l •■\|.h'-m'iI llir 
 
 ,,|.ii I liial lla'ic u.i~ n.itliin;r in ill'' »lalnt.' ..I lrtli:i I" ■ ..niiicn.in.i' 
 
 il,.. III. II I iiiivihiii'^ I'lll ni..n<'V lii'inir a ^ai i-laill'.n ..I tin- liinili-.l 
 
 lial.iliu iii.lc.'d.' >iid III" Iviimi'.l jii.i-.- llii' iin.in'v ilm' m 
 i,-|c.t ..I lali- ni.i.n -liai"'- i> l.y the MalilU' niadc a s|m.. iall\ .i.'l.l 
 i.iciil a- ihi' all laliipn ipI lh<' law .'I' iiiiili.i. I i« wlii- li iIk' -^lalnlc lia- 
 iii.i.l.'. iIk' ia. ili'\ I'll faii.l u.'iild 1.1' iiit.'li'ialp|«' il' Ipv .h\\ au'ii'i'ini'iil 
 iliii.ii;;-! i1iciii-i'Im'~ I III Ill' I . 1 .11 Id li" di'jiliM'd f. t lii» llliiili'il 
 
 i.;lil. and 1. 1 lie ali> "'lit.' li^'' ■ t.i lln' liinilod am. .mil <.l iiiinirx 
 
 i)'ilal All iivii'i'iiKMil aiiiinijr-; llic »liaii'li..l>li'i-- l" ■ ..nliil.iili' lli.'ii 
 
 ■ ,i|iial 11"! ill niiiiiiN 1. 11' ill iiin r.iniiinidiiy . «ill lili'iimi ul 
 
 \alii(' l.iil the airn'iMiiciit ul lln- Nlia!'-lup|di'i>. wniild lliakr (In- miI'- 
 -.lilnd i.i|iilnl a iiH I' dclii-i.Pii " HiH altlimi^'li tin- .In i-ii>ii of tin- 
 \ -I Ul- alliiini i 111 a|.|iral ' li t'li. »i>!t i. lii< opinion on llii" point 
 >.as «'\lra-iiiilit iai. ami il i-* ii. i:|iposiii(.ii ( . a loiiu >.|.iii'> of miI.^.' 
 
 iiu'iil dci i^ioii*. iii.liidiiitr di'i i^iopi- of tin' lloii><' 'it l.oid-: ami ■ 
 ■il" ai:|«'al from llic \ -( i •'. (1. I'i'i'. laau'-. I. I ^aid In' did 
 i I'l tti-li to l.c .•.iii-idcrcd ,1- 1 MH 111 liii.^- in all lliai tin' \ -• lia.l 
 ■li.l Si'.' liiiilii'i iiifr". p «." 
 
 Tl (HTaMoii. Ii..«('\ 'I . .'I llii' A. ' <.t IHilJ Ha- ini.'lili.'.l l.\ -i'. l li'i 
 
 i ill"- ( liiniianii- A.l. IMI'.T lU tlial ci; |. tnn'iil llii' l.i"ji-l ilnir 
 
WP 
 
 (iO 
 
 PKK.LIMINAKY NOTKS. 
 
 [Chap. 1. 
 
 i-' 
 
 Value of (on- 
 rtdpration for 
 paid-up 
 <«l)arofl anil 
 Hct-off. 
 
 As to eou- 
 "ideratiun in 
 kind. 
 
 io>liktC(l ill" ])()wi"r to pay olliciwi^o tliaii in tiush bv j>iovi<liii^ that 
 Gvory shiuo slumld 1)0 ileuincd to havo boon issued and to bo bcld 
 KubjocI to tlio jiayniont of tbo wliolo amount thcroof in cash unless 
 tlip .-anic shonlil liavo boon ollioiwisc dotciininod by a contrart (hily 
 nia.le in wiiliii- and tiled with tlio Rcjiistiar of .Joint Stocii Coni- 
 panifs at or lit'forc llio issue of suiii sliaie. And wliilst this wection 
 was in force it folhiwod tliat once a share was issued it had to be paid 
 up in full in cash unless a sullicicnt contract piovidiiifr for some othei 
 mode of payment was duly Hied before such issue. See further. 
 hifni. p. lis. However, as from ;!lst December, I'JOO. thi8 section 
 ha^ been repealed by the ('omijanies Act, 1900. and accordin-rly 
 the law as it stood under the Act of 1802 is restored. Hence shares, 
 whether subscribed in the memm-andum or otherwise taken, may 
 now he i)aid u]) in imiiiey or i with the consenl of the com])any i in 
 uioney"s worth, r.fl., by makinn: over to the company property or 
 reinli'rin<r to it seivices. lidf/ltni. Hall Co.. •"> Ch- •!"!<>. 
 
 The shareholder^' liability is limited even as leg-ards debts incurred 
 ill a f.n-eigu country. lii.tdon v. Iniit lUhl l.ofoniotivr Wnrk.i, flOO.) - 
 1 K. I!. ;!04. 
 
 Amount or Value of Consideration. 
 
 It is well settled that under the Act ol lilOS, as under the earlier 
 .Vits, shares (annul be issiu'il at a discount, that is to say. the liability 
 in respect of a share can only be satisfied by payment or satisfaction 
 nf the lull aiiiounl. and that an a;;ifeMi"iil by the company to accept 
 in satisfaction a cash p.iymenl of le-s than the full amount is iillrii 
 riii's. Oon-HKM ( n. \ . lt,>r<'r. ^IW2' A. ('. 12.'). That ca<o was 
 decided whilst .-eel. 2."i of the (iiEnpanies Act, 18l>". was in force, 
 but it \v:'- decided on the principle tiial the liability to pay the full 
 aiiiouni is imiio^cd by the A ' ol 18i;2 (now 11)08): accordiMo:ly it is 
 still a ^overniii^- deci-ion. Hence, to issue shares at a discount is 
 illlni rirt'i oee the case last nieiitioiied, and Abtuidii <l' Tiiito Co . 
 .•(8 C. I). »2;l: Aihllcxloiir Lhiolrxiii Co.. :\1 V 1). I!>1: Wrlloii v 
 Satlrrii. il8!)7i A. V. 2'.i'.t; Mo.yclrii v. KotU)loi<li''ii. l'>04i 2 Ch. 
 lOKi; and a foilloil lo issue bonii- shares is nlti-a rirr.^. Eildnsl'iiii- 
 M,iniir hi.vir<nirr (o.. il8ii2i 2 Ch. !2.!; .MkaUiie Si/iidlmtr, K> 
 W H. 10 
 
 Xevertheles-. share- may be |>,ii(| tip in moiieyV wor>li. and theie 
 need nol be evidence of an e\ai 1 eipiivaleni in value in the con- 
 sideration. 
 
 It was hold, manv year- siiKc, tiial wlieie shares have been issued 
 as jtaid up. upon the foolinii' that .ertaiii specilied property shall In- 
 accepted bv the company as the coii-iileiation fo;' such issue, the 
 ( (iiirt will not. whilst the contra, t stand-, imiuire as to the value of 
 the consideration, even at the instance of a litpiidator. Pcir.s i-nsf 
 I ISOO), .■) Ch. 11 : ItiKihnt HiiU Co.. .1 Ch. .Uti. Ami see Oorrrinm Co. 
 \. Uopfr, iihi siipia: Thriiliical Tnitt. ilS'.t.'n 1 Ch 771. 
 
 ti.- 
 
AMOUNT on VALUK OK CONSIDKKATION. 
 
 61 
 
 I'cH'i' tiixi' was tiecidt'J iii 18ii!t I'oll had iifiicod In sell to a coiu- 
 puny the froodwill and stock-iii-tnuh' of \\i-< Imsincss, in consideration 
 of l,r)00 20/. shares in the company fully paid uj). In a windinp-np, 
 l,oid Roinilly, M. R.. directed an intjuirv as to the value ol' the 
 piopcity handed over by Pell to the company under his a<ireeineut 
 aforesaid, and declared that Poll was entitled to be allowod only the 
 amount of that value. This decision was reversed on appeal: Gif- 
 fard. L. J., holdinjij that, as the ajjreenient was not imjieachcd, the 
 ( onrt had jio ;;round for jroinj;- behind it. and that the ^' les must be 
 treated as fully paid up. In the ne.\t year i IHTOi Luid llatherley. 
 I,. ('.. in Forbes and JiiM's rase, :> Cli. 27.'!, clearly ai)proved of 
 I'cU's caac : and in BagUiu Hall ColVu'iii Co., Giffard, L. J., soon 
 afterwards again laid down what he had stated in PcJVs cane. 
 
 In Oorcgiim (lold Mininq Co. v. Rnj,er. i '8!)2) A. C. 12.>. Lord 
 Wat.son said: "A company is free to contract with the applicant for 
 it.s shares: and when he pay.s in casli the nominal amount of the 
 shares allotted to him, the company may at once return the money in 
 satisfaction of it.s lepjal indebtedness for goods sui)plied or .services 
 rendered by him. That circuitous jjroc'Css is not essential. It has 
 Im'cii decided that under the Act of 18f)2 shares may be lawfully 
 is>ncd as fully paid up, for considerations which the companv ha.-^ 
 ;i!;reed to acco])t a-s representing in money's worth the nominal value 
 of tiie .shares, f do not think any other decision ccjuld have Jx'en 
 i;ivcn in the ca.se of a gtMiuine ti-ansarticui of that nature, whore the 
 (onsideration was the substantial equivalent of full payment of the 
 .shares in ca.sh. The possible objection tc. >\u\\ an arrangement is that, 
 the company may o%-er-esfimate the value of the consideration, and 
 ihcri'foi-e receive less than tlie nominal value of its .sliares. The (^ourl. 
 would doubtless r(<fuse ell'ect to a colourable transaction, entered into 
 lor the purpose or with the obvious result of enabling the company to 
 l.s,sue its shai-e.', at a di-^count ; but it has been ruled that .so lotif! as llir 
 KDiifiuiiji honcxlli) rifiaiilx the coii.iklrratij))/ ftircii </.s' fiiirh/ ifjur- 
 sriiliiKi till- ii'iniiiml nalur of llir .shdrcs hi ninli. its e-itlmate ought 
 HOI to be critically examined ' In the same case I,(.r<l Iferschell 
 said that " not oidy may a. share be allotle I as fully i)jid up in res|)(>et 
 ol properly, goods, or service's n-ceivcd '■" the company, but tlio 
 Coiirl.s will not iiujuire into th(> adecpraf ' the consiileration, and 
 icrlaiiily have not re(piired it to be prov.,. that the consideration 
 urivcn was ecjuivalent in cash value to the nominal amount of the 
 shares : and Lord Macnaghten said: ' It .seems to me that all that 
 has been determined .so far is that the Couri will riecline to rip up a 
 iraiisaction not impeached as dishonest, and not |)roved to bo such, 
 merely because the company may have paid an oMiavaganl price f(jr 
 ilicir properly." 
 
 Tlic principles laid down ,uid ie<.);;iii/c.i i 
 
 i sr . 
 
 ' ;i.i 
 
 t: ) 
 
wm 
 
 if-'i 
 
 •i^ 
 
 rKr.r.iMiNAiJY N<)ir>. 
 
 [Chap. 1. 
 
 „„„,„ ,.. i„„„„.„ ,h,.ir :u,tl,orilv - au ..•..,.,. ^^ln,•l., .t .-U....-I. I. 
 ,.,ul.llKU ...• .,I.M,ll...<<-..„r„.i.>.. ln-lK,,..-M!.>a,™.,.. 
 
 ,i,,,i,l'„.,ll,at ,1 n-i.l,.n„i.u,;.p;>n,.n...-l, „• .t.n. was ov. >- 
 
 ,,,,., 1.. ,,■..,...! a^MnpaihlmM!..-t.Hn-,.,.M-..l.av,lnM.lll,.M.n I 
 
 l,r,l„., i-inniM /',.//■.,„.,■. v„K.,au,i, I,. I lloH,!.n.-n.-. 
 
 1,1,,^ .,i:l l.in^ll-. I. .. I. . iu tlM<,M~ •.-..-'■.■ v.-t I .>l.Tnlo.l 
 
 ,,,.,,H:Mi,..lnMMK^,v.aMH,Mian-p.•op,■n^o.l.,^l.rM.vvI,■osaU.n^ 
 
 ,,,;,.,. i, .lunks i.r-M.,.,- an.l ,MV ...th.n, -n .nil;. |u„l-Mn -ha,. -. 
 
 .,.,.ia,.,lalin,i,,..l. panv,l.„.<>,.l„ .1, aa,l n.. ...lou.a -ly, a-1 
 
 ',.li..,.,l .V i,>i.a,va.n.i> ..,.,---<"' ^'^ ''':''''".'". ^ ,'^\ 
 
 ,..„u,an,..-..,.a^..c,-l-— ■■.— 'M-l-P ''^"■'^7'^,:'' 
 • imI l.iM.liii- ..II III.' - 'H,|.."i: ■ li.l .■.'■" .1"". "-• 
 
 „,,:, ,.„,vi~M,,v>-.ir M.;, .l,.|.li.va:^!..l..l..-.l^|.an^:l..M. 
 ,,,,„, ,1,:, i..l,inU^i.u. . .:!..- -nil,..,, a., ni.v. W iuM .in' nan- 
 
 :tii,ii 1- \imni|.' 
 
 • If, ,~ai(! A. 
 
 hicii ill.' .iiiiil 
 
 ,-1i,m1 llii^i- .1. 
 
 S,i;illi. i. 
 
 Iv valr..' 1.. 1.1' .■..iiMil.T.' 
 
 ■ u nil- -..!..•• I a-. 
 
 ilir I ■,ii-i;!i'rali"n 
 
 .am ha-> a'^v. 
 
 t,i a -.111 :,- iriili'^l'lllHIL;- .11 lll.in.;\ - 
 
 nil III.' ii.iiiiiiial valiii' 
 
 .!!.■ :-lia 
 
 ■i-.i.i'in iM.i licall 
 
 I n..!- il.ii- 
 
 „l.,uiaM 
 
 ,(,ii-iil. raliun laniin 
 
 i-v, llicn, Hi u'v I'M'jm 
 
 ,l. lii.' a 1.' .M;ii ,v I 
 
 if .li 
 
 .1 liv a I! iiii.lal 
 
 ,1- mil,'-- .li" i-.m- 
 
 lia> 
 M..I ..|.' 
 
 ;ui al.-.i 
 
 aicn.. ti. U'l Hi 
 
 li) ill ' a.li' .11.1. \ 'j1 
 
 ,1. ,1!! 1 I t.ik.- I. I' 
 ... 1- al.l:' . 
 
 ll|. \]\ • l;iu .ill. i. i- 
 IH'uli .h;' auivi'- 
 
 ui.ai I.) .-Ii.iu 
 
 iiiii|ia 
 
 ii\ iia\i' atir.'C. 
 
 Ih.il \U- 
 ilii.' fi.r v.liat .l:i>y li.iM' 
 
 a i.iliov will'. 
 
 I-. ilic Ciui'i .l.K'- 11 
 
 iCVl-t' llll.' I 
 
 li rvctii)!! .if .Inc. 
 
 lni.-ini'-'< tiaiis 
 ml lai.li. 
 
 rtioii ual.-'- .Ill' all' -u.iuii no. 
 
 ^('i' al-i. 
 
 /••,■/,> ll.iillni <(■ '. 
 
 //,„//,•// , 1 ;>'.•: .), 
 
 I,) liii\.> a.lc. 
 
 Ji. T. !.-)l. ill 
 
 .lii.l 
 
 ■a-i' I 
 
 ipiiiiv. Iirnrj' 
 
 ill a :■:<> 
 
 \nj: .Dn.f'i'n, -".. 
 
 iht. (. 
 
 L ,lM' ,l,.f,'n.la..l. fnmi u a it iia'! L.^aJi. l-rnp-M-lv, r,.s|M,nM!.l.- 
 
 in .1 inia'jc' 
 1,11. r.\ii..'. 
 
 for I'livinu 
 
 ;\< il u:. - ail "!■!' 1, I 
 
 1. llll (\\ri'"ivc iinco: 
 
 !,. ill'.- s.iii-lii'il .lial .111' Jirii-.' «as cm i\ 
 
 .,1 ill,' aiti.n. All I 
 
 iiM. !i. iiij- .-a 
 \iil 
 
 1 ill ati i'-til I 
 
 a- I <>.. 
 
 in Sr.i. 
 
 12 Ch. •2r,l. 
 
 ri';t(./. <!«'.'.> I H li. 771; /" 
 k 
 
 lan.j. IkoiniV'f, !'> tilimur • .>Voi 
 
 s .11 tiic l.uv 11^ laid <lo\vii 
 lisi; Hci-ila,!'' Tu.i (,18;)8'. 
 
 S L T :52!i. 
 TlicM a.s l.i ill-' iialiirc ..f i:.'' .".i' 
 
 \iC .•Dll-K 
 
 Icnili.'ii niav (dii^i^i <> 
 
 ilciaiioii. It i^< well scltlcd that 
 
 til. 
 
 f ))io|a;!iv or ^oivicU'i, .Jf tiiiy otlicr 
 
AMOUNT OR VALUK OK roNSIItKKATlON'. 
 
 i.\ 
 
 liOiii'lit-< 111' aiU :iiil;i'4('-^ uhidi llic cuiajr^iiiy di'^'iii^ of value .nul lia-^ 
 piUM'r Id i'\|ii'iiil its I'liixK oil. 
 
 I!ii( 1k>iiii> I !ililirali'-< i-^iicd with <lcl.i'iit.uii-^ and maili- jiavalile mil 
 of juofil-i iimK cuniiot, he iiiadi' llic i oii^i li'raiioii Tor tli(> iv<Mi' of paid- 
 up sliaros. /<'(/'.'/ V. Finiliilivi Cn.. .I'.tlOi A. ('. l:'lt Si'c aKo 
 Mnsrlfi/ V. h'dliiifolllriit Miiiry. iJ'il.. i llHIl i :• ( li. HIS. 
 
 Tlic I'ailiiri' nl' flic ron.^iilcration 'jivcii tor tin' i-isui" of pai l-iip 
 shares will not I'lilitle the i-ouipaiiy lo ireai the sh^M'^ a- uup.iiil 
 SCI' Mi-'/i- ((• Aii'/icr's ,,isr. \V. N. : IH7.",,! :;(is , In ihal • a -e ilie 
 sliaies u.a-,' i -siicil in coiisideratii.li ol' the a-si'^innenl oT a paleiil : the 
 paleut lii'\ei' u.i.> in I'act assi'^aie.l, Ian ihe shaii'- ucre ui'\ cil heli-- 
 helil to III' and to roiiuiin j);ii<l-iip sliaies. So in Srhrndfr'.-i 'wvc. I I 
 Ki|. I'll, a eniapany, the laisiness of which was lo run the lilorUadi' 
 diiiiiiu' llic ( '(111 f. 'derate reliidjiiiii. accepted ('otifedei'ate lioiids in 
 sati-M' lion of ci'ilaiii sliares. and it was hold that llii- v,as a valid 
 ]iaviiiii!' . ihiiiiuh the liiinds ..|ili~eipiently became woitlilcss owIml; I'i 
 •jic is-.iie 111" the war. 
 
 It lias c\,ii 111 I'M held that wlieie paiil-iip --hares are i-siicd iiiidei 
 nil iilli<( 'VVc- roiilract. such slmiv'- i aiiiiot lie treated liv the ciiiiipai!\ 
 '!■ In its li,|iii.ial:ir as unpaid. /'«■ Stiirhuu's i.txi-. '> ('. I)i\. ."iili;. 
 riie 1 oiiipaiiy iiiii-t. it is said, either a|i))niliale or reprohate the i on- 
 iiacl .see . I ;/(!, /'.v.yj/'.s (ti.si\ per .|e--:'l. .M. 1{ . . 7 < . I). ~.'i ; Inn iiii- 
 dei ni- open to .;ii.'siinii. I'm' no i"-|oppcl I an ai i-i' under an ,'l!r:i rii <■- 
 tuiil rail . 
 
 If llie 1 mitr.u ; is ullni cVcv. ii iiia\ lie that llie allollc!' can w iiliin a 
 leasiiiiablc lime leiaivli.ile it, as in . \liiiiiil:' d Tir.'li ' «., .')S ( '. I). ;:i:;; 
 hut on." il is vl;o\',M thai In- is on ihe rc'^isler wiih his i-on-'rit, ih.il 
 imports an olili'jation 'o piiy ■ Wfllan v. Sdili'i/l. (18!l7i A. ( '. ll'.t'.i; 
 "nilini;/ 'I l.-iir 'iilhl-.- ( •). !L!C. I). ILS-, (htvcijn:,! ' o, v. /,'o,«r, . IK'.H' 
 ( IJ.'ii; f.i' persons tru~! the company ici lln; fai'h of the nam.- 
 ippca! ill'.:' on i Ic i"",..ist;.r. 
 
 Shares, ajzain. llioiiijh inn in f.ici paid lor, inav lie iiiiprc~scd wilh 
 liio character of fully juiid-iip shares hy reason of tlni company licini; 
 csioppei! from -ayiii;;- that they have not. Iiceii ]ia;.l I'or. snjim. p. IJ 
 
 "i.lr 
 
 l-:..|i,..|. 
 
 Who is liable. 
 
 The i'<'(;ist<M«'d holder of a »haie is the pei.-on liahie in respect oi 
 ilie anKiiiiil unpaid thereon, and .siicli rei^istcr. | holder is lialih 
 whether lie i^ the lieiiclirial o,vner or u mere trustee. It malics n-r 
 dill'ereiK e. when |lie i I'nisiiied holder is a trustee or whether tic 
 .■"ni)ian\ is or i ■. noi co;;iii-.:in( of ili" trii-;t. ( h.::f.ii ni mi.! lliiibrr'.s 
 iiui'. '■', K,j. oOl. The i-fsliii 'ill)' liiisl int\U(}t I'l' ina.le lialih'as share- 
 holder or as a con'.rilaitorv i lliiifus' cn.vc. '2 Dr. a Sin. I.");!; ( /■<•,• \ 
 "^wiiii rail, t App. (us. fiLS., hut he is liaije lo indeinnifv hi- 
 
 V.li., .- liiit.lc 
 
 Iriislcc. II rill mi 
 tlWl) A. C. 118. 
 
 V, Miiii'iiii,-. 7 (li. :V.i'>; Haiihi'iu v. iirliin 
 
im 
 
 64 
 
 I'RFXIMINAKY NOTKS. 
 
 [Chap. I. 
 
 Ri'tum as tn 
 aUotmpnts. 
 
 • -I 
 
 
 1 r 
 
 Tl.o holder « lial.ilitv t- pay in .ua-t. <asos ariM-. t.on. tl.o opemUon 
 of Zi 14 (2, of Uu. Act ol' 1908. roi,la,.in<r .cot. 1« of .he Co.npan.e. 
 Acri8«2. vl uh cxiucslv provides that • all money payable by an> 
 
 t!;,.;^.. ,o the ..„n,;u.y .uulev the ™ ;-"•;"" -^^l^I^X^ 
 .. ,leht due from bin. to the company, and .n Ku,^lund or Irol-*"J ^^^^ 
 the nature of a specialty debt ": an<l the artuUM c^nera Ij go on to 
 d;.fine how and when call, and in..tahnents n.ade payable by .be t. ms 
 of iKsue ..ball be paid .hendue by the bol.ier to .- con.pany^ ^n^- 
 times. however, the article, u.. defective in <'- "-I-!';" '■,;;; 
 .a.es it is neco^suvy to report to the contract un.ler wbu h .he shar.^ 
 we.. i..«ed, and to n>ly on the promise there.n to pay ^e -1 "Je - 
 part bv specified instalment.. In a winding-up .be l.ab.hty to pa> 
 whatev-er mav be called for arises under sect. 12:'. of the new Act. 
 iSucing sect. 88 of the Act, replacing sect. .8 ot the Compame. 
 Z 1802 Where the holder die., his estate remains liable m inspect 
 of bis share until some other person is registered as the holder 
 .hereof. StH> mi>ra. p. 58. When the hol.ler transfers and he trans- 
 VnH> is ro<nste4d. the transferee becon.e. liable to pay a U moneys 
 ubse.n.enth be.-oming payable in K-spec. of the share, bee supra. 
 ! 7, ' Bu." a i>er.son who has. by transfer, forfe..ui-e, or surrender. 
 •eascHl .o iK, a n>ember, still ivmains secondarily liable as a past 
 member , H. <.>n.ributory . in the event of a winding-up ..)mmenc.ng 
 within one vear after he ceases to be a member, as by se.t. l..> 
 ^repro,lucinsr sect. 'M of the Companies Act. 18.;2. provule,l. 
 
 Returns as to Allotments and Filing Contracts with Registrar. 
 
 Bv ,e<-. . «8 of the Act. replacing sect. 7 of the Companies A.t. 1900. 
 special pr<,visiou has been made for prompt fil.ng wnh the Regis rar 
 „' partieuh..s of all allo„nen.s from time to .in.e ma.le. The section 
 runs as follows: 
 
 88 (11 \VI,..n..v..r a compMny lin.it.a l.y shaivs mako- any Mllonncnt of it- 
 .Z:t ni-any si.al. within on,- n.„„,h tK-n-aftc,. «„■ w„h t,„. r.^.trav 
 
 r„1 ., roturn nf tl„. allotnnM.t.. stating' tl.- nnn,l,.r an.l nom.nnl anw.unt ot 
 
 ho shar,M comprised in tho allotment, the name-, ••uhlrep... an.l -le- 
 
 I'riptions of the allottees, an.l the an.onnt (if any^ pa,.l n,- ,l„e and 
 
 n'lvalile on eaeli share; and . 
 
 rM in tie vse of share, allotted as fully or partly paid up otherwise than 
 
 ' in .;; a eontraet in writin, eonstitntin. the title of the allottee to 
 
 he alh fment. to.-ether with any eontrae, of sale, or for serv.ees or 
 
 It, ; onsideration in respeet nf whieh that allotment was made, sue 
 
 " ntraets l,ein« duly stamped, and a return stat.n-, he number am 
 
 ,n ll "r..ount of .shares so allo.t,.l. the .xtent to wh.eh they are to 
 
 Wtreated a- paid up. and the consideration for wh.eh they hav.- heen 
 
 r Whei^*sueh n eontraet as aho.e n.ntioned is not redu-^l to writing, the 
 
 .„v h U within one month after the allotm..... ftle with the registrar of 
 
 ::i:X:£ "'l^hed particulars of the eontrae, stamped with the same 
 
RETURNS TO REGISTRAR. 
 
 ♦!5 
 
 Etamp duty as would have been payable if the contract had been reduced tn 
 writing, and those particulars shall be deemed to be an instrument n-ithin the 
 nicanin): of the Stamp Act, 1891, and the registrar may, as a condition of tiling 
 the particulnrs. require that the duty payable thereon be adjudicated under 
 section twelve of that Act. 
 
 (3) If default is made in complying with the requirements of this section, 
 every director, manager, secretary, or other officer of the company, who is 
 knowingly a party to the default, shall be liable to a fine not exceeding fifty 
 [lounds for every day during which the default continues: 
 
 Provided that, in ease of default in filing with the registrar of companies 
 within one month after the allotment any document required to be filed by this 
 section, the company, or any person liable for the default, may apply to the 
 Court for relief, and the Court, if satisfied that the omission to file the document 
 was accidental or due to inadvertence or that it is just and equitable tn gran* 
 relief, may make an order extending the time for the filing of the document for 
 -uch period as the Court may think proper. 
 
 Tlio object of tliis hoetion is to ullurd tlioso wlm doal or propusc to Ojjut. 
 deal with a company the moan.-* of ascertaining a])|>i'o.\iniutelv tlic 
 position of the company us rcj^ards its issued shares. Under tl r 
 law as it .stood before this Act (sect. 20 of tiio Act of 1802 i a coin- 
 ]iaiiy \va.s only bound once a year to make a retiiin .showiny' it,s 
 cipital issue, and, accordingly, a searcli at the Registrar's ollire in 
 many cases all'orded very little information, for the hied return very 
 cmmunly showed only the position si.K or eight months before the 
 search. This wo-s supplemented by the now repealed sect. 2'> of 
 the (-'om))anies Act, 18t)7, which provideil for the liling of i(in- 
 tracls as to shares issued for a consideration other than cash; but 
 even after compliance with both sections the informatiun disclosed 
 was not up to date. The section now under considenilion brings 
 matters up very nearly to the date of search. 
 
 The first sub-section is divided into two part.s. {a i and (hi 
 
 Part I ((I reijuires "a return of the allotments." stating certain 
 jarticiilars, including ■the amount lif any) paid, or dm and pay- 
 able on each share": and a question at once arises whether this 
 ictiini nmst include shares subscribed for in the memorandum of 
 association, for shares so subscribed do not require allotment {nujini. 
 \<- Itli. the subscriber obtaining a comi)lete title immciliately on 
 tlic iiK i'poration of the company. Upon the whole the answer 
 ^c Ills 1,1 1,0 that where there is no allotment of shares so sulwcribed 
 llicrc is no obligation to include such shares in the return; but. 
 liidiigli not necessary, it is not uncommon to pass a resolution for 
 :d|niiiioiit of the shares o ■ tibscribed for, and where this is done tJio 
 sli.uo should be included in the return. 
 
 Another question which arises on part (a) is whether the return 
 tliereby required is to include all shares allotted, inrluding tliosp 
 which arc allotted in whole or part for a consiiloration other than 
 <asli, or only those which are to be paid for in cash. Probablv the 
 latter construction is the correct one; for otherwise, in the case of 
 
 !'• 
 
w 
 
 (i6 
 
 
 IV 
 
 AUiitted. 
 
 14 
 
 PBELIMINAKY NOTES. 
 
 [Chap 
 
 shares allotted in whole or part for u uonsidoratiou other than oush. 
 they must bo mentioned in two returns, viz., tliat under (a) and 
 that undor yb), which might load to confusion. 
 
 (6) This paragraph is in substitution for sect. 25 of tho Com- 
 panies Act, 1867. which was r«i)ealed by sect. .13 of tho Act of I'JOO. 
 It is peculiarly fraraod, for in tho case specilied it re(iuire» the 
 filing — 
 
 (1) of a contract in writing on.stiti.ting tho titlo of tlio allottee to 
 
 Kuch allotniont, and 
 (,2) of any contract of .sale or lor .services, or for other considera- 
 tion in respect of which such allotment was made, and 
 (3) of a return stating tho number and nominal amount of shares 
 so allotted, the extent to which they are to bo treated as 
 paid up, and the consideration for which they havo been 
 allotted. 
 It is clear that in everv case the contract (.1) and the report (3» 
 must be filed; but a.s to (2.) it is apprehended that, tho word being 
 "any" as distinguished from "a." it moans any contract which may 
 have been entei-od into, supposing there is such a contract-there 
 is no need to file .such a contract when (here i.s none— or, m other 
 words, "any contract" must be read "the contract, if any." 
 
 The object, presumably, is to meet the case ot a principal con- 
 tract for sale followed by a sub-contract conferring title on the 
 allottee, as in Kharaskhonui, dc Syndicate, (1897) 2 Ch. 451, 456, 
 and to compel the filing of both in order to furnish the fullest infor- 
 mation. 
 
 Very commonlv, however, the allottee's titlo is constituted by tho 
 sale contract, and where this is the case it would scom sufficient to 
 file tho sale contract: in filing that, everything rcquirod by the .section 
 is in fact filed. 
 
 It seems clear that, in order to comply with this section, if the con- 
 tract "constituting tho title to tho allotment" has not been reduced 
 to writing before the allotment, the company must file particulars 
 OS required by sub-sect. (2). See infra, p. 07. 
 
 •Allotted." Sub-section (b), it is to be noted, applies only "in 
 the case of shares allotted as fully or partly paid up otherwise than 
 in cash. ' These words iire peculiar. They are obviously elliptical, 
 and should, looking to the context, be road as referring to the case 
 of shares allotted upon the footing that the whole or some part of 
 the amount thereof shall be credited as paid up for a cousi.loration 
 other than cash; for the context sliows that the Act is here dealing 
 with shares which arc to be treated as paid up to some extent, 
 and are allotted in consideration of property or services or other 
 equivalent. 
 
RETURNS TO RE0I8TRAK, 
 
 67 
 
 ■'A Contract in Writing." Tho sodion nivs nothing abmil the Contrartin 
 roiilnicl bciiij,' xiffii I by tho |>iulios. The words used in scif. 2."i *'"'"'»• 
 '(f iho ('ornpuiiios Ai t, 18(i7, lor wliicli sfct. 7 of (Iin Companies Art, 
 1900, and now sort. 88 of tlio A<l of 1008, is siibsiiiuti-d. were "a 
 loiiliaci (Inly made in •writiiijr," niid it wiis held Unit lliese words 
 meant sifrned by both parlies. S<'e .\,ir Ebrrliurdl Co., ».t ('. D. 
 l;JO. Jio, in Poulei/ V. Drh-cr, r, C. D. 4.-)8, it was hold that the words 
 ■ lonlrar! in writing" iu sect. 1 of 28 S: 29 Vict. <■. f>, meant .ontract 
 iu wiitin- sipjned by tho p.Ti lies. And in /•> parfe Mumo. 1 i). U I). 
 721. il was hold that an 'agreement in writing " between a .sidi<iior 
 ami (lients a» to costs, under .sect. 4 of 33 & 34 Vict. c. 28. must be 
 .M^'i.cd by both parties. HcncO it is apprehended that a contract, to 
 witisfy sect. 88, must bo signed or executed by both parties. 
 
 Constituting the Titl- - ottee to such Allotment." 
 
 Tlic.e wor.ls prima facie •- conclusion that tho contract 
 
 tt lucli IS lo bo tiled must bo si^ ,-/ ;r.» the allotinonl ; for, onro tho 
 
 allotment has been made, it wou.d .sjom that no subse.picnt contract 
 can consiiiiito the title of tho allottee to "such allotment." 
 
 Thus, if by oral contract the .shares uro allotted in .onsi leration of 
 properly which is duly conveyed, it is dilli.ult to .seo how any subse- 
 quent contract in writing can "constitute" tho allottee's title to the 
 allolmcnt: fl-o title was validly and olfectually "constituted " by oral 
 contract. In such ca.so particulars of the oral contract must be filed 
 under .sub-.seet. (2i of sect. 88. 
 
 Tins IS a matter of some importance, for cases vorv (ommonly 
 occur in which, by oversight or otherwise, allotments for a con"- 
 SKlerulion other than cash ore made with.,ut the signature of a 
 siillicient (ontract to lile. 
 
 Ab to the parties to the contract, it would seem that the company or 
 S'.mo duly authorized agent of tho company must bo ouo of the 
 parlies, and pritm facie that the allottoo or a trustee for the allotteo 
 must also bo a party; for, strictly .speaking, a contract bv tho com- 
 pany with A, for an allotment to H. gives B. no title to tho allot- 
 nieul, and no right to enforce it (Kmpn'.s.-< Enffuwri,,,] Co.. It; ( ', J), 
 12.JK unless A. is agent or trustee for 15. (Ibid.) ilenro it is 
 douLtlul whether a contract which provides for the allotment of 
 paid-up shares "to A. or his nominees" can, so far as re-ards 
 I le nominees, bo said to constitute tho title of the nominees To an 
 ;'ll;-t.ne.it. And even if tho contract plus the nomination be iilod 
 " 1^ no! clear that they "constitute the title." 
 
 In such cases any question can be preclude oy allotting direct to 
 A. and then transferring to the nominees, or by making a supple- 
 mental contract between him and the nominee or a trus'oo before 
 ailulment, and therein providing for tho allolmcnt to the notnineo 
 
 Uder sect. 25 of tho Companies Act, 1807, it wa.s hold that a 
 
 K 2 
 
 m 
 
If 
 
 ( ; 
 ii 
 
 m 
 
 m 
 
 |jk*lTf ' 
 
 When con- 
 tmct to be 
 fUed. 
 
 Ciwh 
 
 ! 4- 
 
 J 1 
 
 >Vhst not 
 caxh. 
 
 PREUMINAHY NOTES. 
 
 [Chap. I. 
 
 nominee was effectually protCLtod by the tiUug of a contract providing 
 for allotmenl of paid-up shares to A. or his uoininoe. iCarUn,j s 
 case 1 C D 115), or oven without those words (Kirby s cane, H> 
 L T 082; Common Petroleim Enghie Co.. (18«J5) 2 Ch. T.VJ.); but 
 the words of sect. 88 of the Act of l'J08 are very different. 
 
 The contract is to be fded within one month after the ullo.aent, 
 and tlic 4UOstion sometimes arises whether a contract hied b.>forc 
 allotment will suffice. Considoriug thai the obvious object is u> 
 secure the disclosure, it may 1m> that a contract so fded is suUicicnt; 
 but it is -ater to adhere to the express directions of the .section, the 
 policy of wliich is to ensure disclosure of the actual allotment, not 
 of that which is in contemplaiion iiicivly 
 
 What is Cash ? 
 
 Sub-ect 1 (bi of ..eel. 88 deals with shares allotted as fully oi 
 partlv paid up otherwise than i.i cash, and the question thereupon 
 urisei as to what is cash. There is, of course, no question that .t the 
 .sliare is issued e.xpresslv on the footing that it is to be pai.l up by 
 iuslalments, or with reference to culls, or without any stipulation as to 
 how the amount is to be paid, it is issued on a cash footing. 
 
 So aNo if the share is issued credited as fully or jiartly paid up jn 
 consi'deralion of the payment to the company of a sum in .ash equal 
 to or exceeding the credit, the share is issued for cash. 
 
 But it has been held that where a share is issued as u fully i.iud-up 
 share iu consideration of the release of a debt presently payable^ by 
 the allottee, it is not issued for <as' Johamn-.slwrf, Hotel to.. 
 (1891) 1 Ch. 119, 129. 
 
 Where a transaction results in this, that there is ou the one side a 
 bom Me debt pavable iu money at once for the purchase ul property, 
 and on the other" side a bond fidr lial.ility to pay money <'t'»>n-ou 
 shares, so that if bank notes had l^een handed from one side o the 
 table to the other in payment of calls, they might legitimately have 
 be<m handed back in payment for the property; then U -be two 
 demamls are set oil agaius, oach other, the shares have been paid La- 
 in ca-sh. .s>ryo-.s- ra..'. L. U 8 Ch. 412; Xorth S>ju^y I''veM 
 Co (1809) A. C. 353; Larocque v. Beauchemtn, (189,) A. I- Ja8; 
 But there must be "cro-ss money payments presently enforceable. 
 Re liarroa-in-Funie.^s Ini'e.stme„t Co., 14 Ch. U. 403, supa. 
 
 If shares are issued as fully or partly paid up, in consuleratioii 
 of propertv to be made over to the company or services rendered 
 to the companv, or in cK,nsidoration of the release of a debt or claim, 
 or by way of"con.promi.sc. the share is iss«e<l tor a c<,nsideratiou 
 
 otlier than ca.sh. j-., j u . 
 
 <;c> iUso where shares are issued without any sum credited, but 
 u„on the footing that the whole or some part of the amount may be 
 making over to the company property, or rendering it 
 
 pu 
 
 up 
 
WHAT IS *' CASH "? 
 
 services, tho ^liare in itwued, at any i:ite in pint, for a corisidorotion 
 other than roah. 
 
 Siib-sppt. 1 (1)) ot m-ct. 88 mily douls witli "hunw* iillotttHl I'or a 
 
 I I iiisi<li'rution other than caKh; it (hjei not ciiver tlio chhc of .•<lmi<'s 
 :illi>\veii on a cafh basis and uftorwunis paid >ip wholly or in piiil liy 
 iiiakiny: over to tho company proiH>rty or rendorinj? to it ,'<<'rvi(i>s 
 whitii it is willinj^ toaott^pt in satisfaction of tho amount of tJio .Hhan-H 
 or some part ihcreof. 
 
 Sect. 2o of the Aot of 18G7 having); been repealed i.see infra), the 
 la« now stands as it stooil under tlie Act of 18t)2; and accordin)j;ly 
 ■-imreN, whether subscribed in the memorandum or otliurwiso taken 
 up. may be paid up in cash or vOwrnise. ' Ita man contracts to tako 
 -liiires, lie must pay either in money or money's worth, and payment 
 in either will bo a satisfaction." Per Cliifard, L. J., in BiujUm Hall 
 Colliery Co., '> Ch. 34G, 3.Jo. And in the .same ease lie says i p. .i.'il i 
 that lit* does not see that ' payment in kfud according: to a sub.seijuent 
 lontract with tho company is inconwistent with such a memorandum. 
 If there be a contract of such u nature that on a bill tiled by the 
 <oiii|>any it c<juld not be .set aeide, a payment for shures in kind 
 iin.irdiug t« that contract is lej^al. " 
 
 Henc«, if shares are issued to A. on a cash ba.sis, tliere is notliiug to 
 prevent a subse(|Uont contract tlial the amount or part lliereof shall 
 lie >ati^lied by making over to the company property or rendering 
 it services which the company is willing to accept in satisfaction; but 
 
 III such a case the company must lile a return under sect. 88. 
 Moreover, the sectir lin no way interferes with i^iH'-'jn's i\t/tc, 8 Ch. 
 
 407. and aooordingly any bond fide transaction wb. : in an action 
 for calls would support a plea of paymort is, a fortiori, fiillicient. 
 lAirocijuc V. HeaurJiemin. (18!t7) A. ('. .'i'lS; Sorth Si/ihu';/ Invcat- 
 nirnt. .Cc Co.. (1899) A. C. 26;t. 
 
 .\s to applications for relief wher(> there has been an omission to 
 cotiiply with the section, .see the decision.s on the ( ompanies .\ct, 1898, 
 infra, towards tho conclusion of Chap. XX. 
 
 Penalty. 
 
 riie penalty is > orj onerous, namely, 50/. ^jcr day ; but it is only to reiuUty. 
 be enforced against a director, manager, se«;rotary, or other otli«>r 
 who is knowingly a party to the default. Knowingly " means 
 
 knowing tho facts " {Bui lou v. Bei-an, (1908) 2 Ch. 240), and a man 
 comiuits the offence if he knows of tho allotment or knows of the 
 contract .u! I does not procure compliance witli tho .section; the mere 
 fact that iie erroneously believed that he had complied with the 
 ■-e.rivn would not, ncntblc, afford a defence. Tui/cross v. Grant, 
 ■I C. P D. 169. 
 
70 
 
 PRELIMINARY NOTES. 
 
 ClIAl'. 1. 
 
 'it 
 
 
 ■f ! 
 
 dlli' 
 
 I,.* 
 
 Result ol Non-filing. 
 
 Rcnult uf Tlif uoa-liliiijt ol tho roiiuijtite toiitmct will not, u« uiidor soot, a.'i of 
 
 ■"•"*"*■'• tlio Act of 18(J7, Im'Idw refj'rred to, ii'ndvr tlie slures liublo I., jwiyiuoat 
 
 in cuhIi, hut will cxixjat' tho diiwtors uiid other oUitiaU of llio eom- 
 
 puuv to hi'uvy iic'iutltioH S«f r,i}<t. H8, sub-sect. .J, of Un> Act of I'JiiS. 
 
 Register of Members. 
 
 KeK>»t»«- of Kven coiii|Puiiv under llio Act i« to cauM! to U« kept ia one oi more 
 
 member". ||^,ks a n%'i-t<'r of its nn'ml«'rs. Sjh' .-wt. 2.) of the Act of 1908 
 
 ( replacing.' hcci . :».". of tin- A( t of IHtil! i. This rcj,'i.-it(!r, us will he swii, 
 is ntic of lh<' cardinal points of our coinpuny syst«>ni. 
 
 Contents. 
 
 Oontmito. This ri';;isU'r must contain: 
 
 lU) Names and luldresses and the occupations i if ui>y ) of the 
 
 iiienihers of the company, 
 tbi .\ statement of the number of shaivs hold by eucli share- 
 liolder. di-!in)iui»liinc each shui-e by its number i sect. 2-2} 
 and tlie amoi'.:,' paid or Uffreod to be considered as puid 
 on each slmiv. 
 ui The date at wliioh tlie num^of any person Wii.s entered in ilie 
 
 rejrister us a member. 
 id; Tlie date at wliich any person ceased to be a memltcr. 
 lu default llie company and every director or manaf^er are liable to 
 heav}- penalties 
 
 Notice of any diuuge oi address is to be entered on iho reffister. 
 As to share warrants, see sect. ;J7 of the .4.ct of 1908 (replacing 
 sect. 31 of t!ie Companies Act, 1807). 
 
 rriind facie a company is not entitled to enter a lueworanduni of 
 lien on the register. Re Key A Son, (1902) 1 Ch. 4f!7 
 A.s to register! n{,' u firm, supra, p 4.>. 
 
 Inspection. 
 
 IiupeotioD. Tlie ifgister of ineuilK'i-s coninieneing from the date of tho regis- 
 
 tration of the company is, by sect. 30, to be kept at the registered 
 office of tho company (sect. 62, infra) ; and by sect. 30 such register is 
 to be open for insiMJctiou by members gratis, and for inspection by 
 any other person on payment of one shilling or such loss sum as the 
 company may proscribe for each inspection. 
 
 A right is also given to »■ e a copy of such register or any part 
 
 thereof, and a penalty is ,,/o.sod for refusal of inspection, and in 
 additiou to this peiujlty. a judge sittiiiir in chambers may by order 
 
IN8PKCTION. 
 
 71 
 
 wmpfl an imnwdiafo iiwpoction of tho rcgwtor; and disobediom 9 of 
 ihal (inlor lK>injr a rontompi of Coirt niiiy Im- pun: hod by .m- 
 prisonniont . 
 
 Tlio risrlit of in«iMvtion dors notmrry wnth it iho right to "• .o froo 
 .'\lruit/f. The sum of Cd per folio of 100 words must lio paid. 
 liaJwiluU OnU Mininfi Co., (1901 ) 2 II H, (iO.I, overruling Ro'ird v. 
 
 Afrirait, <f<-. ('<>; (i«'JH) 1 f'h, rm 
 
 TIk' " register" iniludos the entries of tiie immen of persons who 
 hnvo been. bu( liuve rensed to U\ nieniliers of tlio company by rriisoi 
 uf llif forfeiture of their shares or otherwi-e tinord v Africun I 'on- 
 nolidated, dc. Co., supra. 
 
 Tho right terminates on a \vintlinir-u;i lu-iit ('tmlficlds Si/nd><nte, 
 (lHlt«) 1 Q. R. 75 ». 
 
 IJel'usal in thi> section means u distinct and delinilc refusal, lirjc 
 V Wilts and Uerhs (ami Co . \\ .\d \- Kl. 177. See, too, 8 Ad. 
 
 !c i:i. aoi 
 
 A credil"!- or member may inspect by his solicitor or agent. Hcran 
 V. Wfbh, (1901) 2 Ch. .V.t. 
 
 Tlio motive for inspection is immaterial. Darirs v. Gnu Light and 
 Coal (\>.. (1909) I Ch. 24H. 
 
 Closing of Register. 
 
 The company i.-^ empowered to close the register by advcrtisomont, Closing <>( 
 but not for more than thirty days in each year. Sw .sect. .".1 of 1908. "^ST'^t. 
 
 Register Primft. facie Evidence. 
 
 T!io register of nicmbi'rs is to bo iirinui facie evidence of uny 
 inutlt^rs by the Act directed or uutliori/.ed to bo in.-ertod thcroiu. 
 Scci. a.'! of the .\ct of 1908. Ilcnco it is not conclusive. /I'cf.vd 
 Uircr. dc Co. v Smith. L. 11. 4 H. L. 80. 
 
 Publicity of Register. 
 
 It is important to note the fact that the regi.-;ter of members is, by Publicity of 
 the Act, open to the public until winding-up. In this respect the Act "K^ter. 
 of 1802 (tillers from tho Act of 1844. By sect. 50 of tho Act of 1844 
 every sharchnhler wa" to have lilvrty to search tho register at nil 
 reasonable times, but nobody was to be at liberty to search it who 
 was not a shareholder. 
 
 There was a similar obligation as to keeping a register in tho Act 
 of 18t)2, but that Act introduced an important change in providing 
 (sect. ."50) that the rofrister should be open to tho inspection not only 
 of shareholders, but, on payment of one shilling, of all other persons. 
 Tliis would, of course, include creditors and persons about to deal 
 
 hMi 
 
 
72 
 
 PKEUMINABY NOTES. 
 
 [Chap. I. 
 
 Object of 
 jiublicity. 
 
 II" 
 
 Doctrine of 
 holding out. 
 
 with the couipauy, aud the change indicates unmistakeably an iutcu- 
 lion on the part of the Legislature tliat the cifditors and ])crsoiis 
 who conteniplatod dealing in soimc way with the cuuipuuy were to 
 be entitled to look at this document as showing thoin to what extoiii 
 they might safely trust the company. 
 
 While the liability of shareholders remained uidimited " such ii 
 power of inspection was not necessary, or, certainty, not at all s.. 
 necessary. . . . But when the Legislature enabled shareholders to 
 limit their liability .-lot merely to the amount of their shares, but tu 
 so much of that amount as remained unpaid, it is obvious that no 
 creditor could safely trust the company without ascertaining first 
 who the shareholders might be, aud, secondly, lo what extent they 
 would be liable. This is obviou-ly the reason nhy the new statute 
 opened the register to the inspection of all the world. . . Thi' 
 Legislature took caro to provide the register as the means of eiialdint; 
 persons dealing with the company to know to whom and io whai 
 they might trust. It intended to put the persons whose names an- 
 on it in the same position towards creditors (^subject, "f course, t<. 
 the statutable restrictions I as persons engaged in an ordinary 
 partnership, or persons trading formerly under the Act of 1844. 
 Per Lord Cranworth, Oakei v. Turquaiul, L. R. 2 II. L. •'!•>(;. Li 
 the same case his Lordship also said: " It is a fallacy to hold that the 
 liability of the partners in these companies inunt rest entirely on 
 the same principle of contract which was the foundation of the 
 liability of the partners of any unincorporated companies prior tci 
 the institution of this class of associations. The (juestion is nm 
 whether there was any privity of contract between the appellant 
 iind creditors of the company: but it is whether, under the con-ititii- 
 tion of these newly-created societies, there is a statutory liability 
 imposed on persons in the positiou of the appellant. Secondly, ii 
 is an error to hold that creditors are not supposed to trust to the 
 respoiLsibility of the shareholders. The careful rejiulations as to 
 the register of shareholders and the publicity to be given to them 
 form 11 suilicient answer to that argument. In<lced it is plain, from 
 the reason of the thing, that no credit would otherwi'^e be given lo 
 the abstraction of a company." 
 
 On the same principle, in Sewell's case, 3 t'h. I'M. where a regis- 
 tered shareholder wished to disclaim the ownership of certain shares, 
 Lord Cairns, while assuming in the shareholder's favour that he 
 might have had a right to disclaim, was of opinion that " not having 
 done so, and being aware that ho was hold out to tlio public as )lic 
 holder of the shares, it is too late for him, months or even years 
 afterwards, to enter into that question." " It is impossible," the 
 same learned judge remarked on another occasion, "to disemb.arra.>s 
 these cases of the elfect which a man's name being on the register 
 has in inducing other persons to alter their position. " Laivrencc'n 
 case I loUT I. 2 C'h. 417. 
 
 it ' 
 
PUBLICITY OP REGISTER. 
 
 r:{ 
 
 "nclucivc. 
 
 Tlio result of this doctrine of holding out is that if a person's name 
 i< oil tiio rogrister with his consent, and he claims a right to have it 
 removed on some ground or other, he must exercise the right 
 Iirotnptly, otherwise he forfeits it. See Scottish Petroleum Co., 2;i 
 ('. D. t.U, in which Baggallay, L. J., said: ' The delay of a fortnight Delay. 
 ill reiiiiitiating the shares makes it in my mind doubtful whether 
 tiio repudiation in the case of a going concern would have been iu 
 liiiie. No doubt where investigation is necessary some time must 
 bo allow. !. as in the Central Hallway Company of Venezuela. L. R 
 2 H. L. U'J: but where, as in the present case, the shareholder is at 
 ,uco fully informed of the circuuistani-es, he ought to lose no time 
 iu repudiating." Even where a name is, pursuant t'> a ruid con- 
 tract, placed on the register, delay may be fatal. Rnilu-ai/ Titnr 
 Tables Co.. 42 C. D. 107; supra, p. o4. 
 
 Nevertheless the reliance to be placed on the register is qualilied HeBii|nr nut 
 to tliis extent, that anyone dealing with the company mu.st be taken 
 ti. know — 
 
 (1 1 Tliat shares may be transferred in accordance with the rcgulii- 
 tious, and thus an insolvent shareholder may be substituted 
 for a solvent one. 
 i2i Tiiat a member who has been induced to take shares by mi - 
 representations or mistake, .ven tiiough on the register fm 
 years, may. while the company is a going concern, repu- 
 iliate his shares and get oil tlio register. See p. 1'.17, /«//«. 
 I .! < That there may be jiersons (jn tli(^ rcurister placed there without 
 their consent who may subsequently enforce the removal of 
 tlieir names. See further, Ree.'ir Hirer Co. v. !-!mith. L. 11. 
 i H. L. 8();i; and Haillie.^ rase. ylS^S) 1 Ch. 110, iu which 
 a person on the register escaped on the ground tliat he had 
 made a mistake as to the company. 
 i4~i That persons ou the register may escape under sort. 8ti of tlie 
 Ciimpanies Act. 1908. on the ground of the allotment being 
 irregular. 
 0) \\liere tiie en'iy on the register is there staled to be subieel, 
 to .some condition membership is not complete. Sjiil:i'/, 
 V Chliirne Corpnralion. 80 I.. T. ;547. See p. 1!>, v»/)»v/ 
 \- 111 reitiljiation nf the renjisier, s^o inUa. Chap. X.\. 
 
 Powers of Majority. 
 
 It is a cardinal rule of the law, as applied to corporations, that fowprnnf 
 rnima facie the majority of its members are entitled to e.xercis.' its "">io"'y 
 powers and control its operation^ generally. 
 
 ■ Where no special provision is made by the constitution of a 
 "orporation, the whole are bound by the acts not only of the major 
 part, but of the major part of those who are present at a regular 
 
 m 
 
 ■A\ 
 
 k'l t 
 

 I? 
 
 u 
 
 PRELIMINARY MOTES. 
 
 [Chap. I. 
 
 t'orporale meeting, whetlier the number present be a majority of 
 the whole or not.'" Bacon, Abr. II. 269, citing 10 Mod. 75; 12 
 Mod. 232; Cowp. 24<J. ' It cannot be disputed that wherever a 
 certain number of persons are incorporated, a major part of them 
 may do any corporate act; so, if ail be summoned, and part appear, 
 a majur part of those that appoa' may do a corporate act, tliuui;h 
 uouiiug be mentioned in tlie cli'::rter of the major part." Per l<ord 
 Hardwicke, C, Att.-Gen. v Davy, 2 Atk. 212. 
 
 This rule is applicable to a company under the Act of lUOS, save 
 so far as its constitution, or regulations, or the Act, e.vcludc or 
 modify the rule; and accordingly all the powers of the company 
 are e.^erciseable by resolution of a general meeting, e.g., if there 
 are no directors capable of acting in a particular transaction, and 
 some of the directors do, or propose to do, something beyond thetr 
 powers, but within the powers of the company, a general meetiiii; 
 can ratify what has been done, or authorize what is proposed to be 
 done. Oiititl v. United Kingdom Sivitcliback- Rail. Co., 40 C. D 
 l.'ij. And if some j)crson is acting as a director wiio Jias not been 
 duly appointed, or is not duly qualilied. it i« for the majority to 
 object, and if some shareholder brings au action in the name of the 
 company, e.g.. to impeach the louducl of the dire<lors in regard 
 to a matter within the powers of the company, it is for a general 
 meeting to decide wlieth»>r tiie action shall proceed. IhtckcU v. 
 Gover, ti C. D. H2. As to further jiroceediugs, see 25 \\ . K. .VVl: 
 I'.xelcr and Cicditon liuil. Co. v. Bullcr. o Ry. t'as. 211. 
 
 The cases following illustiate the iin))ortauec which the Courts, 
 and especially Courts of equity, attach to the will of the majority: — 
 
 In Fo.s.v V. llarbottle, 2 11a. 4(31, two members of au incorporated 
 company tiled a bill against the directors aad others, praying that 
 the defendants might bo compelled to make good the losses sus- 
 tained by the company by reason of the fraudulent acts of such 
 directors; but the Court, being of o|iinion that the acts of the dofen- 
 Uuut complained of were capable of coulirnialion by a majority of 
 the members of the com])any, declined to interfere. See also Mo:li ij 
 V. Alston, 1 I'. II. 790. 
 
 So, in Macdungall v. Gardiner. I C. Div. l;i, wheiv ihe plaintill. 
 a sluireholder in a company under the Act of 1802, sued in respect 
 of alleged misconduct of a director at a meeting of the company, 
 it was held that he had no lociifi standi to complain; that the wrong, 
 if any, was a wrong to the company, and that the conipanj' in it.- 
 corporate capacity could alone sue in respect thereof; that if the 
 majority sided with the plaintitf, there was no difficulty in suing 
 in the name of the company; and that if the majority were against 
 the plaintill, thci-e was no use in litigating the matter, for the will 
 of the majority was entitled to prevail. 
 
 "In my opinion." ,snid Mellisli, T,. ,1., in that case, "if the thing 
 complained of in a thin/ which in substance the majority of the com- 
 
POWERS OF MAJORITY. 
 
 75 
 
 paiiy am cntitlod to do. or if soinothiug h^s b«eu done irregularly 
 wliic h tlie majority of tlif coiniiuny are entitled to do ro>rularly, or if 
 sometliiu-r ims been done ille<;ally which the majority of the company 
 are entitled to do loyally, there can he no use in havinfr liti^'ation 
 aLuiii it. the ultimate end of which i.-< only that a mcctin>r has to be 
 .ailed, and then ultimately the majority get.s it.s wishes. See also 
 /•> ijarU- Foj. G Ch. i;(i, Ilarbtu v. Phi'lii>s, Ua V. Div. 14; 
 WhiliMin V. ^yalki>ls, 78 L. T. 188; Exelcrniid VrediU»i RiiiL Co. 
 \. BtiUer, 5 Ry. Ca.s. 211; and Sormaiutij v. Ind. Coojir d ('<>■■ 
 10(18) 1 (h. 81. 
 
 Bui the rule of the majority is. as above staled, subject to the 
 provisions of the Acts and of the company's memorandum, and in 
 some ca.ses the articles of association. Thus, if the articles provide 
 lur the continuance in ollice of the directors, and do uoi contain any 
 puwer to remove a director, tiic company cannot remove a director 
 without in the first plac^' procuring; the insertion in the articles of 
 a power of removal. IlaiiijitoH v. I'ricc's ['iiiciit Candle Co., 21 
 \V. n. 75 J. 
 
 Su. also, wheiv the artiiles provide that tlie directors shall have all 
 die ])uuers of tiie company, subject to any le^'ulaiions made by the 
 , (iiupany in n-euoral ineeliiifi' ' not inconsistent with the articles,' a 
 ■.'('ueral mcelinj;- cannot oveniih' the directors, eg., by directing them 
 K. iiialcc a particular contiact or to disre<iard a veto given Iheni liv 
 ihe articles. X special resolution i.s retiuired. (fuiit d .l'/c»v v 
 SaliHon. (I'JU'Jj A. C. 4i;!; Ai'loniafi' Sclf-Cnauiiin Co. v. Citiniiun- 
 haiiic. ( HMXIi 2 Ch. ;i4; draimiiihunr Tiijhii rilcr, (l'.»08i 2 K. H. 8'.t. 
 Mdif^hall Vatre Gear Co. v. Muniumj. (.11109; 1 Ih. 2(i7. 
 
 And, lastly, the majority have no [lOwer to sanction tliat which is 
 ultra vires the company {Ashbanj. dc. Co. v. Unite. 1. K. 7 II. 1. 
 (153. GOI; Stitip.ion V. W'citiiiiii.strr I'ahue Hotel Co.. 8 II. L. C. 712; 
 lloole \. a. W . Rail. Co., 3 Ch. 2(i2: Welton v. .Satjer//, (.181)7 1 
 .V. C. 2'J'J); or whicli i.s a fraud on the minority (Meiiier v. IlooptTr's 
 Telegraph Works, 9 Ch. ;!5U; Burland v. Earle. (1902) A. C. 82); 
 .ir a breach of duty of the directors towards some of the shareholders 
 KAle.iander v. Automaik 'ielephoiie Co.. 1 1000) 2 Ch. :>(■., <iO). See 
 further notes in Chap. XVII 1. on tJie rule in Voss v. Ilarhottle. 
 
 im 
 
 Partnership Law. 
 
 Incorporated joint stock com|)anies diller es.scntially in many Analogy tu 
 res[iects 'Vom partnerships. It is true that there is a close analogy P^rtnersl^P* 
 between the two, and the Courts, in determining the law applicable 
 to such companies, fix'ijueuti\--ia the early day.s of companies 
 resorted for guidance and suggestion to the principles of partnership 
 law. 
 
 Thus, in Shnpson v . Denison. 10 llu. 54, an agreement between two 
 
PRELIMINAKY NOTES. 
 
 [Chap. I. 
 
 
 incorporated joint stock companies was impeached, and Wood, V.-C, 
 siiid: " The first question to be considered upon this motion is, what 
 are the jgeneral principles which ougrht to be applied to cases of this 
 nature? and I take it to be well settled that the principles which are 
 to ^rovern such cases between the members of large companies are the 
 same as those which regulate the rights in ordinary partnerships." 
 
 .So, too, in Oakes v. Tiirniinnd, L. R. 2 H. L. 325, Lord Colonsay 
 said that it was ''a mistake to hold that these companies must, to all 
 lc<i:al efforts and consequences. l)e r.fjarded as unqualified corpora- 
 tions and in no respect as partnerships. .1 think it would Im 
 contrary to the tendency and scope of ail the statutes to hold that 
 these ciirporations ai-e stripped of all the characteristics of mercantile 
 partnerships, and clothed with all the attributes of perfect corpora- 
 tions, without qualification." 
 
 And, again, in Griffith v. Tafiet. ti ('. D. .')!."), Jessel, M. R., said 
 that he would Mir.st of all considor the case ou general principles, a.-> 
 applicable to i^iher p:irtnersliip>; for, after all. these companies are 
 commercial partner.ships. and are. in (he ab.seuce of express provi- 
 sions, statutory or otheiuise, subject to the same considerations. ' 
 
 See also Weston a case. \ V\\. 20: Mciudi'n cane, G V\\. 'A; Guintirxi 
 V. Land Corp.. 22 ('. Div. ;i77: floiddsirorth v. (Ha.i>jntr Haul:. 
 5 App. Cas. .'il7; ]yilkiiMnii v. Cummins. 11 Ha. •i.'!". 
 
 These judicial dicta notwithstanding, an incorporated company is 
 nut a partnership, as appears elsewhere (p. 27 i, and partnership ru](>s 
 are for the most jiavt inapplicable to it. For instance, in the case 
 of a partnership, the unaidnious consent of the partners can e.xteinl 
 the objects of the partuorship. wlioreas the majority of the members 
 of a company have no such power { Anhbunj. itc. Co. v. liichr, L. R 
 " II. L. G94; Hutton v. West Cork Rail. Co.. 2.! C. D. 054, t!7I; 
 Stroud V. lloijal Aquariioii Co.. W. \. 1 190;5) Hii i save ;i.s otherwise 
 provided by .sect. 9 of the Act of 1908 incorporating the provisions of 
 the Companies (Memorandum of .Association) .\ct. 1890. So a 1. so the 
 practice of the members of a partnership may override the provisions 
 of the partnershi)) deed: whereas practice, in the ca.se of a company, 
 cannot alter or override the provision.s of the memoi-andiim. or, as a 
 rule, the regulations of the company. Frank Milli Mining Co.. 
 2.T C. D. .-)2, .">0; Afilthnri; v Wat/iun. .io C. Div. ;f7(!: (Mfjnnk Oil 
 Cii. v. ('rum. 8 App. Cas. ()5. Though long ac()iiiescence may prove 
 the informal adoption by the company of new articles. See Ho 
 Tutifi v. Man On Inmiranre Co.. (1902") A f. (P. C .^ 232. The 
 agency of directors is circumscribed by the company's articles; the 
 agency of partners only by the scope of the partnership business. 
 The remedies of a creditor of a company are solely against the 
 company, not the shareholders personally, whereas in a p.irtner- 
 ship the creditor.5 of the firm are creditors of the individual partners 
 Other illustrations in plenty might be given. And as company law 
 
NOTICE OF MEMORANDUM AND ARTICLE. 
 
 frrowi more complex tliis differentiation between the company and 
 till' purtaership becomes more and more marked. 
 
 Those compuuies," says Lord Maenaghten in Welton v. Safjcrii. 
 (IS'JT I A. C. 324, "arc tlie creation of statute, and by the statute lo 
 wliidi iliey owe their being they must be bound in regard to share- 
 hoKlor.- a.s well as in regard to creditors in all matters (oming within 
 the roiiditions of the memorandum of association. ... A limited 
 coriipaiiv cannot, in matters coming within tlie conditions of it« memo- 
 lumiiiiii, go on leading two lives, one strict, and precise and regular, 
 ,111(1 the other a life of greater freedom and la.xity, substituting the 
 i>ii.Mcr yoke of " social contract ' for the rigour of statutory diivctions. 
 Tlio confusion would be hopeless.' 
 
 Notice of Memorandum and Articles. 
 
 .\ comnanv's memorandum and articles of association being public Notice of 
 
 ^ - 1 1 1 ! ij inenior;uiauni 
 
 (Ificunientfi registered at Somerset House, not only the sluireliolders ^^^ article>. 
 
 ■jf a company, but all strangers who have any dealings witli the com- 
 pany, are lixed with notice of their contents, as well as of the Act 
 or A(t.s under which the conii)any is constituted. 
 
 Spoukiug of this constructive notice, with reference to members of 
 ilii' cimipauy. Lord Cairns says, in Pivl's case, 2 Ch. 071: "If the 
 iiiciiuirandum and articles of a.-*S(Kiatiou arc in oxistonce when he 
 the member] applies for shares, and if he agrees to take his shares 
 (111 till' footing of the memorandum and articles of association (which 
 would seem to be the case here), then I think that ho ought to 
 1)1' held bound to look to the memorandum and articles of ajssociation 
 bcfoit' he applies for shares. But where the memorandum and 
 articles of association are not in existence at the time of application, 
 I tliiiik that, at tiio very latest, when ho receives his allotment of 
 shares, he ought to .satisfy himself that there is nothing in the memo- 
 randum or articles of association to which he desires to make any 
 i/lijcction." And the same learned judge, in SewcU's c^iKe, .'i l.'h. 140, 
 nlisiTvcs: "Tlie company wa.^ a company consisting of share- 
 hnldcr.-,. It is impossible not to impute to over) shareholder of the 
 loiiipauv the knowledge of what has been called ;.he charter, of 
 iloi iiiuonts under which the com()any was trading. The comiiany was 
 iiadinii- under the memorandum of a.ssociation as its jiiiucipal docu- 
 iiieiit. I think every shareholder must be taken to have known the 
 ( Diitents of the memorandum of association." 
 
 Other eminent judges have fully recognized tl'o same principle. 
 .VII tlio shareholders of the company must, have im))uted to thoni 
 kmnvlcdge of the Act of Parliament and also of their own memo- 
 I itndiuu and articles of association, and of tlie fact tliat the nrtichiii JmI 
 lint lius they stood before this resolution was nassed) authorize the 
 proposed iucrofi,se of capital; and from the i ,' «s which convened 
 the two extraordinary meetings it most I .ve been clearly understood 
 
 l: .1 
 
7» 
 
 PRELIMINARY NOTES. 
 
 [(vHAP. I. 
 
 
 Vi 
 
 .J 
 
 !! 
 
 tliot without the sanction of tliose meetings the proposed increase of 
 caiiiiul could not be niado." ( Umplirll'n t-ii^r. !t Ch. 1, por Lord 
 Sclbornf. 
 
 ■ Poopio who onter into these piutiiorsliips under articlus of asso- 
 cialion - tliat is, artiides of purMiorship -must be taken to liavn read 
 tlieni, and must be taken to liave lUKh'rstwxi thuiu; mid if tliey are 
 to be taken to liavo read them, and to have understood llii'in, whicli 
 tlu'v Dtight to do before entering into these contracts, tlicy cannot 
 complain if the contract is afterwards carried out. Tliat appears 
 to mo a conclusive answer to any notion of hardship. Whether it is 
 conclusive in fact or not is a matter upon which men who have 
 e.xpcrioncc in the world may have ditferout opinions, but I must 
 hold it to be condusivi- in law." Per .lessol, M. R.. drif/itli \ 
 Pdijcf. f) V. D. .J17. 
 
 ' Each party must be taken to have maile liimsolf acciuaintod with 
 the terms of the written contract contained in the articles of asso- 
 ciation, aud the Acts of Parliament, so far as they are important, 
 lb' mus' also in law lie taken i though thai is sometimes dilferont 
 from what the fact may be) to have understood the terms of the 
 contract according to their proper meaning; and. that Ijeing so, he 
 must take the consequences, whatever they may be, of the contract 
 whii li ho has made." Per Lord Selborne L. ('., Oakhaiik Oil Co. 
 v. (rum, 8 App. f"as. at p. 70. 
 fr.Jitore, ic. Tlie principle was stated thus by Lord Hatherley in Mahoiwtj v. 
 East Holyford Co., L. R. 7 H. L. 8tJ'J, 8i»:!. "It is senlc<l by a 
 series of decisions of which Kr»e.<it v. A'(V7(o/?.s', (J 11. L. V. 401, is 
 one, and Royal liritixh Biiitk v. Turqnnml. ti El. A' 131. ■'!27, a later 
 one, tiiai those who deal with joint stock companies are bound to 
 fake notice of that -which I call the external position of the company. 
 Every joint stock company has its memorandum and articles of 
 association: every joint stock (ompany, or nearly every one, 1 
 imagine (unless it adopts the form provided by the statute, and 
 that comes to the same thing), has its partnership deed, under which 
 it acts. Those articles of association and that partnership deed 
 are op<'n to all who are minded to have any dealings whatsoever 
 with the company, and those who .so deal with them must be allected 
 vvilli notice of all that is contained in those two documents." 
 
 .Vnd see Arfjus Life Assuraifr Co., 'M C D. o'l. 
 
 In County Life Amirmicc Co., 5 Ch. 288, 2'J.S, Giil'ard, L. J., 
 said: "In the lirst place, a stranger must be taken to have read 
 the General Act under which the company is incorporated, and also to 
 have read the articles of association, but he is not to be taken to 
 have read anything more; and if he knows nothing to the contrary, 
 he has a right to assume, as against the company, that all matters 
 of internal management have been duly complied "vvith. The company 
 is bound by what takes place in the usual course of business with a 
 third party where that third party deals bond fide with persons who 
 
 '1 
 
RUTJ; IN KOYi' ' BRITISH UANX V. TURQUAND. 
 
 7lt 
 
 mav Ix) termed de facto directors, iiiul who miirlit. so far us he could 
 lell. have boon directors de jure." 
 
 lu Coiititif nf dhurcster Bank v. Httdrt/ Co.. (\S9.i) 1 Ch. 629. 
 Lord Hiilsbury, L. C, further said: " Persons dealing; with joint 
 stock (onipanies are bound to look ut wiiat one may call ilio outside 
 rosilion of the company — that is to say, they must see that all Iho 
 acts wiiidi the company is jturportinjr to do, aro acts within (he 
 "■ciicral authority of the company: and. if tiipsi" pul)iiu docuinont.s, 
 wliicli cvcrvoni> has a ri<j:lit to refer to, disiloso an inllrniity in thoir 
 aclioii. tiiov take the eonseijuonccs of dealing with u joint .stock 
 comiiany which has apparently exceeded its authority." See also 
 BUnicrMaf] v. Iloicatfii Wharf, (18".tG) 2 Ch. 9;l; Ou-oii, A.sliiiorth's 
 mid Whitiiorlh'.^ r/rt/w.v. (Unn) 1 Ch. 11.".; Onkbank Oil Co. v. 
 Cnim. 8 App. Cas. 71; Mnr.'iliall v. (fhiDmrijnn Iron and Cottl Co., 
 7 K(i. l:!/: Barrow Hxmatili' Co.. M Ch. D. ,)82; Coitnti/ of 
 (iJoiKwtcr Bank v. litidnj d Co., (,1895) 1 Ch. G2!i. 
 
 This rule of constructive notice entails important consequenips, for Coii>it|ii"n<«*. 
 iiiasnuirli as everyone dealinpr witli a company is to bo doomed to 
 liavc iiolico of its momorandum and articles, it follows liiat ho is 
 lixod witii notice of the extent not only of the company's powers, 
 but of ti.e directors' powers and of any limitations and restrictions 
 iiiilio>oJ thereon by the articles or other regulations. 
 
 Thus, if the articles provide that a bill of e.vchanpfO to bo binding 
 on tlie com|)any must be signed by two directors, an outsider or 
 anyone dealing with the company must soo that it is so signed, 
 riilicrwi.sc lio cannot claim under it. So, too, if the articles provide 
 that the .seal of tho company is to Ik; fl.\ed in tlu; presence of two 
 liirectois, who are to sign ijieir names, a peiMin dealing with tho 
 I'liiipany (anuol safely loly on an instrMin"iit not so signed. See 
 /:,/-;/,! Co.. 4 K. & .1. .-,4!t: At/nr v. Mhriuium, Snc. .'f C. H. X. ."^ 
 7:;."i. Tliis is a sulficicntly onerous obligation to impose on those who 
 i|c;il with a rey^istere<l ciPin)Miiy, but the jncidenco of the obligation 
 is to some e.\tont lightened by what is known as the 
 
 
 Rule in Royal British Bank v. Turquand (,('. E. A B. 327). 
 
 This rule is that where a company is regulated by an Act of Par- PreMimjitinn 
 haiiicnt, general •. .- special, or by a deed of .sottlomont or memo- *»* ■'^■K"'-"'"?- 
 lariiluia and urlicles registered in some public otfico, persons dealing 
 with tiie company arc bound to road tho Act and rogistoreil docu- 
 ments, and to sec that tho j)roposod dealing is not in<'onsistent 
 ilieicHith; hut they aro not bound to do more; they need not inipiire 
 intii ilio logiilarity of the internal proceedings— what Lord Halhor- 
 .oy <:i||i.i| \\^,2 iiidoof iiuiiiagcmcnt . " They arc entitled to assume 
 that all is being done regularly. See also Mahowji v. Eaut Holy- 
 ford Mhiiii!} Co., L. R. 7 H. L. 869; iMnd Credit Co. of Ireland, 
 I- K. 4 Ch. 4(i9; Countij Life Assuranee Co., L. R. 5 Ch. 288; 
 
 ■.~,i 
 
80 
 
 PREUMINARY NOTES. 
 
 [Chap. 1. 
 
 Hambro v. Burmnd, (1904) 2 K. B. 10. But see Premier Indus- 
 trial Bank v. Carlton Co., (1909) 1 Ch. 107. 
 
 This rule i.s baned on the principle of convenience, for busino^^ 
 could not be carried on if a person dealing with the apparent agentri 
 of a company was compelled to call for evidence that all internal 
 regulations had been duly observed. Thus where the articles give 
 power to borrow with the sanction of a general meeting, a lender 
 need not inquire whether such sanction has in fact been obtained. 
 Royal British Bank v. Turquand, ubi supra. He may assume that 
 it has, and if ho is acting bom fide he will, even though the sanction 
 has not been obtained, stand in as good a position as if it had been 
 obtained. 
 
 In another case the directors of u uompanj had, under the articles, 
 power to borrow and power to fix their own quorum, and they fixed 
 three as the quorum. At a meeting of the directors at which two 
 only were present, the secretary was authorized to fix the company's 
 seal to a mortgage. This was accordingly done by the secretary 
 in the presence of the same two directors, and the mortgage wa> 
 handled over to the mortgagee. It was -"utended that the seal had 
 not boon duly afli.\ed, since the two directors, not being a ciuoruni, 
 had no power to act. but it was held that this was only an internal 
 irregularity, and that the e.xecutiou of the deed was therefore valid. 
 
 AH tiic public documents,' said Lord Halsbury, "with which an 
 outside person would be acquainted in dealing with the company 
 would only show this, that by some regulation of their own — what 
 Lord Hatherley described a.s their indoor management — they were 
 capable, if they had thought right, of making any quorum they 
 pleased; and an out.side person knowing that, and not knowing the 
 internal regulations, when he found a document, sealed with the 
 ^•omraou seal of the company, and attested and signed by two of 
 the diroclois and the .secretary, was entitled to assume that that wii- 
 the mode in which the company was authorized to e.xoiute an instru- 
 ment of that description, it turns out that their own internal regu- 
 lation was that the number of directors should exceed two. But that 
 is a matter which was known to them and to them alone. The only 
 external fact with respect to the management of the company ol' 
 which an outside person would bo cognizant, would be that they had 
 power io make any quorum they pleased, and 1 think ho would be 
 entitled to assume that the proper quorum had been properly 
 summoned and had attended to ell'ect the completion of that instru- 
 ment."' And in the same case, Lindley, L. .!., said: '"What is thci- 
 to give them notice of anything irregular, if there was anything 
 irregular? If a person looked at the deed and looked at the articles, 
 ho would not see anything irregular at all. He would bo at liberty 
 to infer, and anyone in the ordinary course of business would infer, 
 that, if the directors had appointed a quorum, they appointed the 
 two who signed that deed. But supposing that three were wanted. 
 
HULK IN KOYAL BRITISH BANK V. TUUQUAXl). 
 
 lie 1^ uuL liouiiil to gi« ami lnuk at tlio directorw' minutO's. Ho Jm> 
 nil iii;lil to liiLik ill llioiii. »'xif|)t us u matter of biiryaiii. Tlic 
 (lii.i tur.s' niiiiiilf-, uiiU'--< liu km)«> uliul tlicv uri', ilo nnl mIIoiI liim 
 ,11 all. Thi'iv i^ iiothiii^ irro^riilir im llu- laid ot tlu> iloocj, <v('ii 
 ii:Li'ii uiili llii' aitii'les — tliPio i- nothiii},' iilo^ral jn it. .V-^ to u \'\r t 
 .if linn I'sl furluvi, that could iiol in- su>taineil for a luniiioiit; uiiil I 
 liiivi) nut liit> sliL'litn.-Jt doubt iiiy.soll that tli.il docd i- as (jond a-* iim\ 
 mOihI tliai inoi wai ^oalt'd.' CouhIi/ of (iluitii'Mfr liiuiJ: v. Riuh//. 
 ,(, . Co.. ( IHii'.i 1 C.'li. tili'J. 'i:!.!, tl.Jt; 
 
 So. if i\w:r lid ii iiiaiiau'-iiiLr diicMor. and iiiitlinrit y in tlio ri>triila- 
 lii>ii.--. f(ir tlin diifct.or-< to ili-li'.fat(' to iiim. a iicr^nn (Iculinj.' witli hiiii i.- 
 I Miitlcd to a.N.-iiiiii' lluit 111- lia.< po'Ai'i- lo do wliat In- pui']i(^it.s U do. 
 pruvidcd that it is within thr iDinpaiiys olijocts and ai)i)ai'cMil\ 
 ri'^'ul'ir. All he lui> !o do j- ui soc tliut t\w iiiaiiai;iiiu: director inii/lit 
 liavo [lowrr to do uliut lie ptiriiorl.-* to do. Thai i.-i oiumrjli for -.i 
 nor.Miii ih'aliMLT with him hotid fiili'- lii<iijcrHta[i v. Ifivr iH'x UViur/. 
 ( IsiiiM 2 I h. tl-'i: Ilanibro v. lUinuind. i,l'W*' - ^^ ^ I" 
 
 So, alsii. a jiorsoii dealing with a company i-» ontillcd to as.-mn<i thai 
 flio dirt'ilnr.s wlio carry on iU l)U>inp-iS aro diro<'tor^ i/r jurf. It 
 mall( IS not lo hiiu that they have not licon duly ajipointcd -thai i- 
 p.irt of tli:' ind'ior inana^>'im'nt. Mt^limiri/ v. Kist ll(>hiii:ril Co.. 
 I, K. : H. L. «(;'.»; Count;/ Life . Miinui'V ( ,,.. ."• Ch. li«H: Dwlr 
 \ Tnu'cr (ui!f(i)ii:iu'j Co., (I'.tOl) 2 K. H. oil: Darii.i v. Ilnlloii it' 
 I ,1 . 1 '.Hi .; 111. (.78; -<H' .sitj'ni. p. 7.S. 
 
 li, !>'iii: V. I'oivi'r (lidritiihiitii Cn.. ■•nijini. I.onl Alvccsinno. ('. .1. 
 ^iiid lli.u I'ld-" ca-i.'s all'oidod ample aii'.liority to .-^how that no iiil'or- 
 iiialiiy ulll ait«'v tlii- riuliH p(w<c-;-o.l liy a houd fide holder for value 
 lijien !i dociimon! thai purport-^ to he in oidi'r. 
 
 !!ul a person dealiii','' with a company il ho ha.- iiolin' oi '.he irre;.'u- 
 lari;y (uiuiot claim the heiiolir of tlli.^ rulf. 'I'liu.s where diroctors had 
 only pouer lo hcnrow in c.\t;v.s.s of l.OO' «itli tli>; a.-.,-<'iil of a ;^oiieial 
 lu'OiiriL, and without such iu-soiit had :^.-ii.'<l <lelieiilure- for l',,')ii(j/. i.. 
 Uirmiiclvr:-. in n!.sp<'ct of money lent, il was held, ilia I as lliey nni-t he 
 talion to have Uiiown thai the iiuernal re^^iilaiions lia.l noi hoen com- 
 lilic'.l with, the dehonturus could only siand jiood fc.r l.on'i/. Iloirard 
 V. PatiHt Icorij Co.. oS Ch. D. laij; Ti/ne Midiial v. Liotcn, 71 
 h. T. 28o. 
 
 X(.r (Icie.s ilie rule ajiply, it would .seem, uhore t.lio ronuisili 
 siyrnalures are for;_'-ed. Uuben v. hiiiyuH Coiiaolidaicii, (I'JOtil A. ( 
 i:>0. 
 
 A person doalinj^ with a company must take the articles to ho 
 such a.s appear at the olUco of tho Reij;istrar of Coinpanie-i to ho in 
 force. If liie diructor.s pio[io.st' to do sonioilum;- iii e.\i-<'-s of (lii-ii 
 powers Lheruuudor, ho is notoutitlo<l Ifl assume tJial their powers hav, 
 heon extended by a special resolution, for such a re^olutioIl, if pas-ed 
 I- o 
 
 M 
 
 
 _L_!__ll_iii 
 
 \,.ri,.,. ,.|■ 
 u.. L'al,.ri 
 
iff! 
 
 I 
 
 PRELIMINARY NOTKS. 
 
 (Chap. I. 
 
 il 
 
 would bo rof:ist<;r(<<l (Chap. XII.V 
 titstralui. '2 App. Cuf). .'ifitl. 
 
 Irvine V. Uniun liank of 
 
 The Common Seal. 
 
 rill- riirli' I" 
 
 j £ 
 
 I '^1 
 
 UIIillT -■■•ll 
 
 ] \- ' 
 
 
 l*r«--itiii]nii' 
 
 l.f V.llMlitV. 
 
 To hiuc ;i .oiiiinoii .-val i^ in. i<lcntal (•> a rorponilioii iSnltona 
 
 Hospital ra^,: 10 lU>p- "•'> *"• ^"* "<"'*• ""' ^"^ '''' ""^ •'^"' "^ !'"^'*' 
 rcprcxliirinjr WKt. 18 vl thr Act of 18t;2. makos nn fxpro- proviMi.n 
 on the siil)jprt, and, liv f-oct. 03 of tho Art of 19(18, tho <<.mpauy is 
 rc.|uirod to liavf it.- name ■ oii^ravtv! in lo<rit)lo ohara' tJ>rs on it« 
 
 spal." 
 
 The ritrht to use the seal of the company for the pur|.()-*o> of M 
 l.usiupss is usually vested in tho directors. Ocoawionaliy tli<- power is 
 \ usted in them by express word-, but. mui-c us\mlly, thi'ir [.owur arises 
 liom tho terms of a jrenoral clau.-w enabling them to exercise all tlie 
 powers (if the comprii • (kcp fur example, ClausM' 71 of Table A): it 
 lias been laid down that tlio executive of the company i>. rrimd f'lm. 
 .'ntitled to use the common seal. Barnrd's Banking Co., a C'h. 105. 
 
 .Vs to contracts under seal. sect. 7(1 of the .Vcr. reproducing sect. M 
 
 if the Compunies Act, 18(;7, enables a company, as a general rule, to 
 
 <«ntriu't without seal: il need only contract under seal where a 
 
 private p<ir.son would have to do so. e.;/., in lli*" case of a covenant or 
 
 of a bond. 
 
 A.s to convoy anws, demises, (surrenders, ceniticate-, a;c., the feciiioii 
 above referred to docs not t<iuch the.so instruments, and the ordinary 
 rule prevails, namely, that where in the c;i.se of an individual a seal is 
 reijuisitc, it is requisite in tho case of a company. 
 
 Thu.s, to convey freehold property, and to assign or surrender lea-e 
 hold property, or to give a power of attorney, a seal is requisite. And 
 a seal is requisite for some instruments in order to obtain cx^rtaiii 
 statutory edvantaires. r./j., in tho case of a ' crtificate of title !0 share- 
 I, sect. 23 of tho Act. reproducin<4- seel. 31 of tii" .V< t of lSr,2): in tlie 
 case of a share warrant (sect. 37 of the Act, reproducine; sccI . 27 of 
 the Act of 1807); and .see the Conveyancing Act^, 1881 and 188J. 
 for variou.s ca.ses in which statiilory incidents are annexed to deeds. 
 
 Where no particular formalities are roijuired for alfixiiig the sc il 
 nt' a trading company, entitled by its memorandum or articles or 1^ 
 I lie general law, it will be uulUcient to bind tho company if il is 
 .1 Mixed by the company';- executive for carrying on its business. 
 Per Cairns, L. J., Re Uarnrdx Hanking Vn.. L. R. 3 Cli. 105. 
 
 Where the articles superadd special provisions as to the affixing ol 
 the seal, e.g., that the instrument must also be signed by iwu 
 directors, those who deal with tho company are bound to see that ihe 
 deed on the I'a.cc of it accords with (he regul.itions. See supra, p. 79. 
 But if the instrument is on tho face of it regular, they have ii right 
 to presume that the seal so atlixed has been duly atfixcd. that the 
 
TIIK COMMON SKAK, 
 
 M.{ 
 
 ,iiHHorj> »<iv <luh uii|MiiriU'(l uiul Ihfir »*i^riwtur»vs duly mado 
 .i.iiDiti/ l.ijf Asxiiianvv Co., \. R. 5 V\\ 288; Miihoinif v. East 
 Ihli/fanl Mhiiiig Co.. 1-. K. T 11 I- 8t;<t; /JaivV* v. /{oi/o/i, (,1891 1 
 .; I ii (iTSi; mill liii' l.iiiili'ii of prciviiif.-- tlif loiitrary rest-* with tliost; 
 uln. iilU^'t' it. '7«r/i V. Iniimruil <!iis, etc 'n , t H. '.■ Ad 313; 
 //,,'/ V Manihenlrr, dtc. Co., ."» H. A Ad. 8i;f. 
 
 Tliis i-i a loroiliirv from ih" riili" in Huyiil liritisli liaitk v. 
 hiriiniiixl. .iiiiini, ]' 7;». StsD Cimntij itj (lUiiircslcr Until: v. Uiidty, 
 ,|v Tr,.. 1 18'.lj) 1 ell li-'J. Ill lliis cii^otlic >pal lia<l iicoii irroy;idiirly 
 ■illiKoJ to an iuslriiiiinit. Iiut tiio couniuMy wii^ lu-ld lioinul hy it, for 
 ill,' iii.sliuiiicut appoarcd to 1«> in accord with tlio ro^culalioii.s, aii<l 
 ill. ino^iiilarity «»<< ouly iu roijard to tlio "indoor ' luap.agt'inoiil. 
 nitli which an ouU-iider, a(!ting in )j;oml faith, ix not toncornod. Bui 
 ihi.- |iiiiiciiih', it st't-nis, doos not ajijily if the .st'al is ulii\»d traudu- 
 li'ntlv liv tho tiociotaiy i»v his own jirivato oiiiis, for such a fraud 
 .•.ilsidc ain uullioiity rui.-t's no c topjicl againnt. liio coaiiiany . Jtubeii 
 V ilnat I'iit'iall Co.. {IWMj A ('. liUi. Wiit'ie tho presuuiption do<,'> 
 !■ upplv. as ill the cas? of a nou-lradiiig corporation, all iusiruiuent 
 I., uhich tiio n'al lia.s boeu iriv;;ulaii.v atli.ted is inoperative. Ba>il. 
 ..I liiUuid V. Emus Trustees ■> 1!. A C. .tSK; M,ii/or of the Staple 
 \ HiihL <if EiujUivd. 21 Q. li. 1'. HiO: and sec ErcehoU Land Co- 
 ■ .>u!lirld. i.l.S'JT.i ;: Cli. (iOH. 
 
 \ dwd, to Ix) olfci tiial, must in- .scaled and drlimci : hnl, in iIk' 
 ..i~c of a rorpcnatioii. llic alU.\iiiL;- ol tlio r-oal imports delivery. ' 1.'" 
 ; .11 dun eorporation uo be.soiirn iwcun delivery nies Tapposilion del 
 . iniiion seale done jiorfoetion al ce,s t^aus a.scun delivcrio." JJol. Abr 
 . ; I 1 . JO; and see t^niyiis' Digest, Fact A { 3\ that ' a coiiiiiion seal 
 li\ed lo the deed of a corporation is tantamount to a delivery. 
 ■..iKjrdiaijly, whilst in the ta.sc of a jirivate individual it is usual to 
 111 an uilc.station clause Ui liie ellecl tliat theinsirume'it was '•.sjnued. 
 - ;lcd and di'lirrrcd" in the prosenco of the witness, in the c:ist' of a 
 «-iiipany the clause merely stutos that "the comnion -e:il w.i- .illiveil 
 
 Im'1i'|(i in the pre.-ence of - and .' 
 
 I'riiiii'i facie, therefore, if the common seal is duly aliixed to a deed 
 li liccoiiies operative. London Erecliold. dr. Co. v. .^iifjicld. IS'.'Ti 
 J I h, OOH. 
 
 Nevertheless a corporation can execute a deed in escrow, i r., mn 
 -I ,ii ii .-uhject to a coiuiiiioii suspending its etficacy. 
 
 Vs l.i'id Cranuorlli .-aid in Xctiosw Wiehliam, L. K. 2 II. L. -Uo. 
 The <tlicacy i>i u dee<l de[ieiids on its being sealed and delivered by 
 I."' maker of it, not, on his ccasinrr to retain pos.scssioii. This, ;!< a 
 .■ iieral proposition of l;n\, cannot be controverted. It i.s not allcded 
 I y the circumstance that the maker may no deliver it as to suspend or 
 i.jvlifv iu binding efVect He may declare that it.sha!! luivo no elVec! 
 iiiiil a (ertain time has arrived, or until some condition has been 
 i'l formed; but wlieu the time has arrived, or tho condition has been 
 I" ifyrincd, the delivery becomes ab>iolute. and the maker of the deeil 
 
 lli-livfrv 
 
 Ir. .1 : l« 
 
 :-.',|iiiri-il 
 
 ..f 
 t 
 
 1 i '.l}«>r:lMfii 
 
H4 
 
 I'UKLIMINAKY NOTES. 
 
 fCllAI'. I 
 
 ipis ' j 
 
 WllltjKT 
 
 «!uk'<i ilcH-u- 
 uifcut ti iU-<il. 
 
 Forei^'ii Seul- 
 Aot. lMi4. 
 
 U ttb!.oluiolv bouml l.v it, wlii-tl.or lio hut purio.1 «ith th.i po^ws^oL 
 or not. I'litil llu' h|hm ili.'.l limo hit.-* urriv.'*!, or tlio (omlitiou hao ]>.-..u 
 pprfornu.l, iho iti.-.truni.iit i" iiut u .Ictl It i» a riiort' 0:'(Tow. . 
 I know of iiolliiiic iiiti'rm.'.liato l.etwi'<-n u dmi un.l an e^-row.' 
 
 WliL'tlior li <l<xuiii.'iit soulu<l by u coinp'iny wiu; or \\m iiol, inteudiMJ 
 to opt-ralo a-s a loiuplclo aiul operative iiL'slruinoiit, or as an escrow, 
 di>i«'iiil.i on tho intontioM of tlie parti«M as oxprcs>c<l or iniplit"*!. S..t 
 Drrhy < niutl Co. v. Wiliiml. U Ku.'st, .•!,-)'.', M'K wlioro tlif conipanyV 
 «eul UO.S allixod to a (ouvoyam*-; but thi' <l<'rk wa^ (iuvctt-d lo rotuiii 
 it until ci>rtain aifouats woio adjusUil. I>iml Kll.'nboroU','b, (-'. .( 
 and till' n St of the I'ourt heUl that, " in order to trivo tho iiustrunu'iii 
 ellect, tliu atlixint; of tiio -lmI niu>*t bo iloiio willi inti-nt lo pass tlii 
 esUit<>. OtbfiAsisc it operutos no more than a foollnifut would di 
 without livery of wisin; whereas liei<>, lliou-h the seal «a 
 directed to be and \va« allixwJ to the in.strmneiit for form, yet it wa> 
 with a resiTvati^n of any present etVect to i>a.s.s the title out of tin 
 company, us tliey did not ( lioo.>. to deliver over the possession of iIk 
 cnnvexance till the acoiinta wen' settled bet w on them and tin 
 pnrlia- T. See, t..,,, Moirutt v. ( «.vf^'.s7/v/. dr. Co.,:; t (•'. 1). .-)«, iu 
 which the Court found as it fad that debentures (o bearer sealed by 
 the company had not iu fact boon delivered. Iiut it is iiiito cou- 
 slMeiit with' this that whei-e an instrument un(!"r the .seal is taken in 
 j.nn)d fi'.ilh the company would, a.s a ;.-eneral rule, be estopped imn, 
 setlins up non-delivery. Cminl;/ of (llnwxhr llaik v. nit<lr'i 
 (ISOj" 1 Ch. C2;t. And see Roberts v. Sfrnritij Co., (IH'Jl ) 1 Q. I! 
 Ill, and Lnudnii Frc-hoUl. <fi-. ('"■ v. SitljicU. sii,ini. that tho onii.- 
 of I lovin'i that a dee.l duly .scaled wa.s only exocuu-d in escrow resi^ 
 with those who so as.-crt. 
 
 A ilncnmont lo which the seal is alli.xc I is nor ncves.sarily a deciJ, 
 thus :i ceriilicaie of title to .shares is nut a deed ( /1V7. v- Morfun 
 I. H 2 ('. t'. R. '2-)'- nor is a conipaiiy'.f niomoranduiii of assdi-iatioii 
 a de«-d. ih'iuirh it operates as a deed (Wliitlci/ I'artncrs. ■•,2 C. J) 
 ;i3S): bul ii would »eem that every roiilrart under the seal of a com- 
 pany is a deed, .save only that, by the Hills of Kxchaiitre Act, l«sj 
 s. !•!, a cM-poration is empowered to seal, instead of signing', accept- 
 ances, indorsements, and the like. 
 
 Hesiiics its c.iminon seal, a cc.pany may. under the Forei^Mi Seal.? 
 Ad. 18t;t (now reproduced in sect. 7!" of the Act), obtain power to 
 have an official seal for use abroad; aiiil, under sect. 7.S of the Act 
 of niOS, it can authorize any person, as the attorney of the company, 
 to e.xecuto, under his seal, deed.s out.sido tho United Kingdom. 
 
 Residence and Domicile, 
 
 R,.ifiMercd Every company formed or re-isiered under tho Act of 1908 is 
 
 ufficeinthe ^jjUged lo have a registered oUice (sect. C2), which must be lu 
 K^ll^om. F.ngland, or Scotland, or Ireluud (^ects. 3. 1. :, of I'JOSi. The situa- 
 
KFJ^IOKSCE AND DOMICILK. 
 
 ,j„n of the re-i-lorcd oflire ii ..no of tl.o r,m(lili..n» ror,i.irnd I" bo 
 Htu'o<l in the iMomorBmlum of assiMiution l-oris. ,!, 4, :. 'f V.MH\ 
 n„! ii i« ,1 s,illi( iont r..ini.lian.r wild tl.o Act to stato iti llio inonio- 
 ruM.M.i tlwt Iho r.'u'istctod olli.o will !«• Mt.iain in Kn-i;ii..l, or 
 Nutl.in.l, nr Itolan.l, .is tim . a-.! ni.i.v Ur Sotuo of lli'- l>roris.. 
 s,n...ii..r in flic rouiilrv niiin.Ml in Iho in.-iuo.aniluin n.u-l !»• -non 
 ,,, i|„. iiriri^irar of Coniiiaiii.-. Having ro^raid to sort. 7 "f VMW. 
 ^ ..mpii'.v ro-iMo..Ml under ilio Act caniiol now clian<ro tlio .-itna- 
 l,„ii ol its i,"_'i-toio,l o(li,o fr..,u .,no cMntry fnrmins jmrt of llio 
 I nil...] Kint:lom to aiio;l,or, n^ to cl.aii-o i-* iiH.„ uVrs. and l..v nn 
 prnlossfd clmnKO can Iho conij-any o-apo from tli'^ jiiri^ li. -ion ot 
 ihP Coiirl- Imvintr jurisdiction in tlial .ouritry forming,' llio j art. of 
 ,1„. r„iicd Kin-doni in which, by its .onstitulion, it is ro.iuircd to 
 ii.ivc it.s rctri>tvrod ollico, or from tiic provisions of sect. 110 of 
 ihc Comp^nlos Act, 1908, irliich provides for tl.o srr^iro ..f writs 
 ,111(1 notices at tho rcgiiterod ofUco. But within that, country, tho 
 ,.„inpanv may from liiup to timo chan-o the situation of it.s rc-is- 
 UTcl oilico. "thou.„'h it mu^l jrivo notice of oach change to th" 
 
 Rcfiistrar ('.sects. (i2, l:U (8)). 
 A .-..nipnny refrisleied in Sc'laiui or lici.iitd m..\ lunprlhcle^-; jn 
 
 iTtain i.i-c" lie sucl in Knjrland and soiveil v.illi a j)roi o-^s of 
 
 M 
 
 Si !■ 
 
 ■iiinm 
 
 ■i) 
 
 Ir-I 
 
 :l,c Kni.'li>ti Cnuit-, und.'V tiic sfrvi. o-out-of-thc-jiirisdirtion order ^ 
 U S (■ Ord. XI r 1 Thi- rule is as follow-: 
 
 •in.' out of the jiiris<lirtion of a writ oT summon.^ or notiuo of a « r.t of 
 
 m< miiy lie iillowpil t)y tho (.'.iiirl or a judijc whenever — 
 
 The wlii.le suhjert-mi'^er of the a.tioii i.s land Hit'mte wiliiin the juri- 
 
 illetiim (*itii or wilhuut rents or profits): or 
 Any a't, dee.l, will, contraet, obli„' iil.n, or liahility airecllni; lan.i or 
 liereditanients sltiiiit.- within the juri-dieti..n. is soii-ht to lie eon- 
 stnii'd, r.etified, sit a^lde, or enforced in the aeii.in; or 
 ,) .\i.y relief h sought -.ig.uu^t any j.erson d.imicihd or ordiiii.rily resident 
 
 within the jurisdiction; or 
 i.li Tlie a-tion is for . . . the execution (.m to property situate within th.' 
 jurisdiction) of the tru>t^ of any written in^rument, of which th- 
 person to I.e served is u tru-ti'C, whi. h oujrht to bo executed .lecordin- 
 to the law of Knjfl.ind ; or 
 (.1 The .action is founded on any breach or allefjed breach within the juris- 
 diction of any contraet wherever made, which, aicordinj,' to the term* 
 th>.rcof. oujrht to be j crfornied within tlic jurisdiction. iinlcs.s tho de- 
 fc;iJaiit is dumicilei! er or.lin:irily resident in Si otiand or Ireland; or 
 ifl .\ny iiijunition is s..u:-'ht a^ to anythin;- to be done within the juris- 
 (iiition, or any !iuis:inre within the jurisdiction is sought to be pre- 
 vented or removed, whether damages arc or are not also sought in 
 respc.t thereof; c- 
 iL'i .\ny person out of the jurisdiction is a necessary or proper party to an 
 a'< t'.on properly brou^dit against some other person duly served wittiiu 
 the jurisdiction. 
 
 r ~!i cnm- 
 aiiies. when 
 II il'h- in 
 ■'.n.-land. 
 
 -i-. 1' 
 
 111 ilic aliovc rule per-on ' imludes 'corporation " (V.. S. C. 
 •ird LWl. r. ,., 
 
8rt 
 
 PRELIMINARY NOTES. 
 
 [Chap. 
 
 i;i 
 
 I 
 
 Scotch "'.111- 
 paiiy witli 
 jijt'ciK its ail'! 
 chiff oftiri 
 
 in Kiiu''l:ni'l 
 
 County i'Mu 
 jurisd'^tir'Ti 
 
 The discretioa to grant Icavo is regulated by rulo li of Hio Order, 
 whuh provides that 'Where leave is asked from the Court or a 
 jud-a. .o servo a writ, under the last preceding rule, in Scotland or 
 in freland, if it shall appear to the Court or judge that there ina> 
 be a concurrent reniedv in Scotland or Ireland (us the case may be; 
 the Court or judge shall have regard to the oon.parative cost and 
 ..onvonlence of proceeding in England, or in the place ot residence 
 of the delen.laut. or person sought to te served, and particularly 
 in ca.ses of small demands to the powers and juri,diction, under 
 the statutes establishing or regulating them, of the Shonlt s Courts, 
 or Small Debts Court.s in Scotland, and of the Civil Bill Courts 
 i„ Iioland, le.speclively." See Annual Prac'ice. ].. h:,. 
 
 Ou the construction of Ord. XI. r. 1, it has been held, that a 
 company which had its registered olBcc in Scotland, but had agencies 
 and a chief otli.e in England, was not "domiciled or ordinarily 
 i.sident" within the jurisdiction, and that leave to issue a writ for 
 service m.t of the jurisdiction could not be granted. Jo)ies v. 
 Scotti>>h Accident Insurance Co. .188G., 17 Q. B. D. 421. See al^o 
 Watkins v. Scottish Imperial Insurance Co. 1 1889). 2;i Q. B. U. 
 285; WilVuuris v. Carticright. (1895J 1 Q. B. 142; Lopez v. Chavarn, 
 W. N. (1001 1 nr,: and the Ann. Pr. 1912. 
 
 .As to domicile of fok' ign companies generally, see Chap. XVIlL 
 A foreii.-u companv mav reside abroad and also luu-e, and it will be 
 taken to reside here if it has loa agency here for transacting business, 
 or if the company carries ou business at a lixed abode in this country. 
 Saccharin Corp. v. Chemi^che Fabrik run Ileyden Actiengeselhchaft, 
 (19111 2 K. B. JlG; Actiesselkabet Dampskib Hercules v. Gratid 
 Trunk Pacific Rail. Co., 105 L. T. (J95. 
 : As to County Court process, as a general rule the district in which 
 actions ami matters must bo commenced is to bo ascertained from 
 .ect. 71 of the County Courts Act, 1888 ^,51 & 52 Vict. c. 12,1, that is 
 to say, except where otherwise in the Act provided (see sect. 59), 
 in the Court 'within the district of which the defendant or one 
 of the defendants shall dwell or carry ou his business at the lime of 
 .ommencing the action or matter." This is a re-enactment of i.ld 
 County Court legislation. The words " dwell or carry on business " 
 occurred in 9 &. 10 Vict. c. 95, s. CO, under which it was held, in the 
 cases of niihs lud other oarrying companies, that a corporation 
 dwells wheiv it carries on its principal— that is, its administrative 
 as distinct from the manufacturing or trading— business ^Taylor 
 s Crowland Gas Co., 11 Ex. fi); and that ordinarily it carries on its 
 business where its chief olHco is (Corbett v. Gem-ral Sleani. ^aL■(■ 
 gallon Co., i H. J: N. 482j, or where its general as (apposed t.. a 
 part, or even a material part, of its business is carried on. ,-lJu/rt.s 
 v. G. W. Rail Co.; G 11. k X. 401; lirouyn v. L. d M. W. Rail. Co., 
 4 B. li, S. .■12G. This is generally, but not in all cases, its registered 
 ullice in tho case of a company registered under the Companies Ad^ 
 
 
INCOME TAX. 
 
 H7 
 
 Keywham lilue LUts Co. v. liurUr. 2 H. >v C. 72U, 73a Aud »v.' 
 Ukov. Coiilliit of Laivs, 2uil oil. MO: aud ta<es cited in the iiotos 
 to sect. 74 of Iho Act of 1HS8 in tlio Youriy Couiity Court Pra(ti< o. 
 
 A-^ rcsaid^ tlu' vi<xh\ of a comiiiiuv roiri'tored lioio to siio aixl be 
 suoJ abioad. it is an e^tabli^liod rule of private iiiteruatioiial law that 
 a (.ori'O'.atioii iliiiy iicatcd aicordiiij: t.. llie laws of one Slato may 
 suo and bo sued in il^ corporate name iu the Courts of other States, 
 and ai(i>niiii;.'iv. as a ^.^eiioral but not univer-al rule, a lompany 
 iiu.iiriiorated here can sue and be sued in fureijrn Courts. More- 
 ovei, in a considerable numlier of ca^es. conventions have boon 
 concluded between this country and otlier countries ex|)re~<ly rocofr- 
 ni/in<r tlie ri'jht of cciui]ianies U< sue and be sued. 
 
 t)iiirli>ii ''ntn- 
 I'liiiy xiiiicL^ <»r 
 -II. it ai>r.i:(d. 
 
 Income Tax. 
 
 Without attempting' to deal fully with the (subject of income tu.x 
 it may be u.M-ful to refer to som<> of the principal provisions of the 
 Inc ine Ta.\ Acts and to somi> of the leadir.p: cases which have fieen 
 dec ided thereunder. 
 
 The income ta.\ is levied year by year under an Act annually passed 
 win h fixes the rate for the current year (coinmoncin^j: on the tilh 
 April in that year aud ending' on the 5th of April foUowinix) and 
 niakes the provisiuu of the principal Income Tax Aet.s api)licul)lc 
 with more or less modiflcalioii to the lax as rcj^'ards th<' particular 
 vcir. for. siraufn' to sav. thcii' i-' no '^ciieral .\ct which makes tiio 
 rei|iu.site |)rovi.Mons opciatc aulouiatically as and when each year .s 
 inc. Ml." tax is };ranted. Two Acus constantly referred to are 
 , 1 1 Th" In.ome Tax Act of 1842 i :. i Vicl . c. ;(.". i. 
 .2) The Incme Tax Act of 18,")3 {U) & 17 Vict. c. ;i4i. 
 
 As a specimen of the Annual Act, attention i.s called to the Finance 
 Art, l'.m ( I >.V 2 Ceo. o, e. 48), <Miacf.inf;- in >ect. 14— 
 
 ill Income la.x for the year boiiinniny- on the <Jth day of April, 
 1911, .-hall bo ciiart;ed at tiio rale of oiio .-hillint;- and twopeino. 
 and the .~amo super-Lax -hall be char'^ed. levied and paid for 
 that year as wa.s charjred for the year boginnin;; (ith April, lOln. 
 
 (2, All .-uch onaclmonts relalinj;- to income tax (includin<r super- 
 tux. :i.s wore in force with ropoc-1 to diilio> of income tax lijantod for 
 the year bofrinninf? the 0th day of Ajiril, litKt, shall have full force 
 and I'irert with respc;ct tu any duties of iiKcmie tix hereby crrantcd. 
 
 hi thc> n'siilt the Income Tax Ac t, 1842, and the Income Tax Act, 
 lM,j:l, as nKKlilied by suli^i lueiil Icfii^lation, an' levixed and brought 
 into operation a^ain. 
 
 Ilv the former A<t the years tax was to bo chareod aicordiiie- to 
 certaiu schedules. A, 1!. •', D and K, and bv the latter \(:l fresh 
 III,,,; 
 
 cliciliiles we 
 
 re ad<!!!UHl. 
 
 Schedule .\ ivlatos ti 
 
 llltie: 
 
 ihar;^ed for and in respect of inc 
 
 TiicftohtNlulw. 
 
MX 
 
 I'UKLIMINARY NOTES. 
 
 'Chap. I. 
 
 w 
 
 Irom laml«<. teiiciiiont^, liPi-c<Jitam<'iifs and horita^^s, cximmonly called 
 
 I lie I,;iii(llui<l I'ropcity Tax. 
 
 t5rli(>diilc 1! iclati s to duties in ii~])Oi i 
 iiMiciiicni-; and hcrclininiont-i. 
 
 .1 Ihr 
 
 x'cupatlon of lands 
 
 hclicdiiic 
 iviilrnil-^ 
 
 (■ 
 
 dales t" dulir-i in ii'<ji(i-l ol' \n\ 
 
 cio-^t. annuilios and 
 
 !'■ 
 
 iU" 
 
 <iut 1)1 ihc jnilili 
 
 (• rcviMUK' 
 
 Sell.' lid!" 1) A> to thi-i. M'c iiilni. xvlicic ihf sclii-didc is in purl sot 
 
 lilt. 
 
 Sclic'ilidc K I'ldati'.- 
 
 duties ill ro-ipoL-l of ]nibli(; oHiucs and 
 
 iiiiiHiilii's. peii.sKins 
 niililir I'l'vcniic. 
 
 and stipond.s pa_\ablo by tlio Crown out of the 
 
 It inuv 
 
 !)(• coiivciiiiMit, Innx! Uj call a'tciilion to the fa; I that the 
 
 iiicouH' ta\ inipi 
 
 ■d by Sc hodule D is not an essentially dillorent kiii<l 
 oS ta.\ to tlial iiii|iosed by the .^oveial other sehiMlules. Tho matter 
 was di^ius>ed in Loiuloit Counfy Coiinril v. AH.-C!i')i.. i l'.»on A. C 
 2(i. In tliat ease Lmd Mai imirhteii in his s]ioei li dealt wiili the 
 
 matter as 
 
 foUi: 
 
 " Inoi)mi-ta\. if I may lie pardoiifil for sayiiii; so, is a tax on iniwni'. It 
 is not nii'ant U, l)e a tax on anytliint,' clfo. It i^ oni- tax, not a I'oUoi-tion 
 of taxes (■.■i-eiiti,;lly di.-timt. TIiitl' ia no di!leruni.e in kind biHween tlie duties 
 iif iiiiMimr tax assfssfd midiT Schedule I) to tiiosi- assessed under Srliedule .\, or 
 any of tli'' otli.T neliedules of charge. One man has fixed ]in>i"Tty, another 
 live.s l)y lii wits; eni-h eontriluites to tho tax if his income is ahove the- jire- 
 scrilied li.iiil. The stand;ird of ass<.>;nnnt varies aecordinu; t.i the nature of 
 tlie source from wliich tlic taxal)lc ineonie is derived. That is all. rfci]cdiile .\ 
 confaiiis llie duties charijeahle for and in respect of property in all lands, 
 tenements and hereditaments capable of actual o'vcujiatioii. Thi-re the standard 
 ;s aunu.il value. It is ditKcult to sec what utlic-r standard c.)uUl have been 
 a<)opted .IS u preneral rule. Hut there asrain, if tho subject of charge be lands 
 let at rack-rent, the annual value is underst lod to lie the rent by the year at 
 which the amc are let. In every case the tax is a tax on income \vhat"ver may 
 be the .standard by which the income is measured. It is a tax on prolits or gains 
 in the case of duties < harircablc under Schedule A, and everything; coniin;; under 
 that schedule — the annual value of lands eapabb- of actual occujiation as well 
 as the earnings of railway companies and other concerns connected with lands- 
 just as much as in the case of the other schedules of ehargo. . . . 
 I'nfortunately the learned judijes of the Courts Ix-low took a very different 
 view JM regard to this point. That, I think, was tho initial mistake. In the 
 Divisional Court the argument on behalf of the Crown as reported was this: 
 'The tax under Schedule A is a tax on property, and is totally distinct from 
 tho income tax under Schedule D.' It .appears from the shorthand notes that 
 that argumint was adopted by the Court without any qualifieation." 
 
 Tax Aet. 18.');!. (iutier 
 
 Schedule D. 
 Sohedalcli By Schedule D isoel. 2) of the Income 
 
 were granted to tlie Crown — 
 
 For and in respect of tho annual profits or gains arising or accruing to any 
 person resident in the United Kingdom from any kind of property whatever, 
 wiiiithiT situate in the United Kingdom or eiicwlierr, and fur and in fespett of 
 tho annual ])rotits or gains arising or accruing to any person residing in the 
 
INC(iME TAX. 
 
 I „it«l Kirifrdom from any profession, trade, rmploymont or vocation, whether 
 tl„. same -h.ll be r.spertively <arri«l on in the United Kinedo' . or elsewhere, 
 ,,i„l t, !»■ ihargod IV.r every twenty ^(Mllln^js of the annual amount of sueh 
 
 l,n>liis and (fains. ... . , 
 
 \„a for and in respeet of the an^ .al profits or ^»ams arlsln^' or aecruing t.' 
 ■i„v pcrsu,, whatever, whether a i-ubjert of Her Majesty or n..t, allhoufib not 
 r.Mdent wiiliin the United Kinu'dom, from any im.perty whatever in the United 
 Kin-don. or iinv profession, trade, employm.'nt -.r vocation exer,-is,.d witlun 
 ,l„. United Iv.nij'dom, and to be char-cd for every twenty shillings of the annual 
 itnnunt of sueh jjrotits and ynins. 
 
 \nd f.>r and in r.^spect of all intiTcn on inomy anii.iiMe, and other annual 
 l.rotits and c.ins not eharsfed by virtue of any of the other seliedules .•onluined 
 ill this Act. and to b- eharu'ed for every twenty -liillin;,'s of the annual amount 
 thereof. 
 
 Xl» 
 
 Am) lilt: lolluwiit;^- littles m- 
 Ael 1S-1-. iiitplieaUle: - 
 
 I IV socV. 
 
 Km of llii' Iiieomi' Tiix 
 
 iil ... 
 5 # 
 
 Rules of Assessment (Schedule B). 
 
 I'lIlST C.\sn.-- Duties to be (harped in respent of any trade, m.inufacture, 
 tidvenlurc, or uiiieern in the nature of trade, not .ontained in any 
 other Schedule of this .\ct. 
 
 ^es where 
 and loin- 
 
 l{ii.t;s. 
 
 First. The duty to be eliarfred in respect thereof shall bo eomputcd on a sum 
 not less than the full amount of the balance of the jirofits or sains of sueh 
 trad.', m.inufacture. adventure or eoneorn upon a fair and just average of three 
 yciii-', endinir on su.'h dny of the yar immediately jirecedin? the year of assesi- 
 "mcit'on which the accounts of *ho said trade, manufacture, jKiventuro or 
 eoiMcrn shall have been usually icade up, or on the ,')th day of .\..ril preeedinff 
 tlic year of as-e-sment, and shall be assessed, charge.l, ;:nd paid wituout other 
 d.dtiction than is hereinafter allow, d: I'rovided alway;;, that in c.i 
 th.' trade, nianufacture, adventure or eon.ern shall have been set up 
 mcn.ed within the said period of three years, the computation shall be made 
 f.ir one year on the averag<- of the balance of the prolits and pains from the 
 period of first settin? up the same: Provided also, that in eases where the 
 trade, inaiuifacture, .idventurc or eoneern shall have been set up and eommeneid 
 within the year of assessment, the eomiiutati.in shall be made according to the 
 rule in the Si.'ith Uase of this Schedule. 
 
 Si'cond. Tii.' said duty shall extend to every person, body politic or eorporat", 
 fraternity, fillowship, eompany, or society, and to every art, mystery, adventure 
 or I'on.crn . arried on by tliem resp.M:tively in lircat I'.ritain [the United 
 Kingdom I or elsewhere as aforesaid, cscej.t always sueli adventures or eoncerns 
 .HI or about lands, tcncm.- hereditament-, or lieritaL-i's .as an; mentioned in 
 S.hclule .\, and direct." ^ lie therein clcirgeil. 
 
 Third. In estimating the balance of profits and pains ehartrcable under 
 Scheilule I), or for the purpose of assessing the duty thereon, no sum shall he 
 -.t against or deducted from, or allowed to be set apainst or deducted from, 
 such profits or pains on aec.iunt of any sum expendid for repairs of prcmiKcs 
 occupied for tiie purpose of sueh trade, manufacture, tidventure or eoneorn, nor 
 f.ir any sum evpended for the supply of rejiairs or alterations of any impli 
 nients, utensils, or articles employed for the purpose of such trade, manufacture, 
 :i.l-,i.ivt.;i;> .;r cnsirrrn hcvimd the sum usually expen.led f.>r «uch purposes 
 averap.' of three years pre.'oding the year in which sueh 
 
 rdinp tn 
 
'JO 
 
 PREUMINARY NOTES. 
 
 rCHAP. I. 
 
 ■ i- 
 
 * i 
 
 iisnessmcnt shall be made ; nor on uccouut of loss not loniicetcd with, or arising 
 out of, such tradu, manufacture, advciituri; ur coutern, nor on aecount of any 
 capital withdrawn therefrom, nor fur any sum employed, or intended to be 
 employed, as capital in such trade, manufacture, adventure or concern, nor for 
 any capital employed in improvement of premises occupied for the purposes of 
 such trade, manufauture, adventure or concern, no.' on aecount, nor under 
 pretence of any interest vvhidi miglit have been made on such sums, it laid out 
 at interest, nor for any debts except bad debts, proved to be sui'h to the satis- 
 faction of tho cummissioncrs respectively, nor for any averatre loss beyond the 
 actual amount of lojs after adjustment, nor for any sum rceoverabli- under ai. 
 insurance or contract of indemnity. (And see so^. 1.59.) 
 
 Fourth. In estimating' the amount of the prolits and gains arising,' as afore- 
 said, no deduction shall be made on account of any annual interest, or any 
 annuity or other annual payment payable out of such proKta or gain-. 
 AlrzuHilriu liaUr Cu. v. Mus'jruir, 11 Q. 1!. U. 174. 
 
 Slco.nu C'ASt. -The duty to be charged in respect of professions, employ- 
 ments, or vocations not contained in any other Schedules of this Act 
 [with special rules]. 
 
 TiiiuD Ca.si:.— The duty to be charged res|)ect of profits of an uncertuiii 
 annual value not charged in Schedule A fwith special rules]. 
 
 KotuiH Cask.- The duty to be charged in respect of interest ari.-^iiiL,' from 
 
 securities in Ireland, or in the British plantations in America, or in 
 
 any other of Jler Majcsly's dominions out of (ireat Uritain and foreign 
 
 securities— except such annuities, dividends, and shares as are directed 
 
 to be charged under Schedule C of this .Vet. 
 
 Tho duty to be charged in respe -t thireof shall he computed on a sura not 
 
 less than the full amount of the sums (so far as the same can be computed) 
 
 whicn have been or will be received in (Jreat Britain in the current year- 
 
 without any deduction or abatement. 
 
 FiFTli Cam:.- The duty to be charged in respect of jwase^sions in Ireland 
 or in tho British plantations in America or in any other of Her 
 .Majesty's dominions out of Great Britain and foreign possessions. 
 Tho duty to be charged in respect thereof shall bo computed on a sum not less 
 than tho full amount of the actual sums annually received in Great Britain, 
 either for remitt-iiiees from thence payable in Great Britain or from property 
 imported from thence into Great Britain or from money or value received in 
 Great Britain and arising from property which shall not have been imported 
 into Great Britain or from money or value so received on ere>..i, or on account 
 in respect of such remittances, property, money, or value brought or to be 
 brought into Great Britain, computing the same on aii average of the three 
 jireceding years as directed in the First Case, without other deduction or abate- 
 ment than is hereinbefore allowed in such case. 
 
 Sixth Casi;.— Tho duty to be ciiarged in respect of any annual profits or 
 gains not tailing undir any of tlie foregoing rules and not charged by 
 virtue of any of the other Schedules contained iu this Act [with special 
 rules] . 
 
 Supplementary Provisions. 
 
 The following Rules which appear iu tho same seotiou may uUo 
 Ih) nieiilioued: -^ 
 
 lU. 
 
INCOME TAX. 
 
 V\ 
 
 "First. Ill cstimutiiig the balaiKc of tin" profits or giviin to bo chargod 
 iminlini: to ultlicT of tlic First or Jit-.-oiid Cases, n„ sum shM be sit against or 
 iloductcd from or allowed to be set against or .Icductcd from such profits or 
 -aiiis for any disbursements or expenses whatever, not beinu' nioney wholly 
 Mid cxclu.-ively laid out or expended for the )mrposes of such trade, munufae- 
 lurc, adv.nture or concern, or of such profession, employment, or vocation, nor 
 •ur any disbur-'-'ients or expenses of maintenance of the parties, their families, 
 ,r .^alilishmc ,= nor for the rent or value of any dwellinif-house or doiiie<lic 
 itti.i-. or any part of such dwellinir-hou:,e or domestic offi(03, except such part 
 tliireof as may oe used for the purposes of such trade or concern not exceeding 
 til,- 1 r.jportion of the said rent or value licreinafter mention, il, nor for any sum 
 ,.x|,L'i.c!ed in any other domestic or private purposes distinct from the purpo.ses 
 of .ucli trade, manufacture, adventure, or concern, or of such profession, eni- 
 iil'.ynicnt, or vocation. 
 
 ■Second. The computation of the duty to ue charged in respect of any trade, 
 iuanufacture. adventure, or concern, or any profession, whether carried on by 
 any person singly, or by one or more persons jointly, or by any corporation, 
 rempany. fraternity, or society, shaU be made exclusive of the profits or gains 
 Arising from lands, tenements, or hcrodltamcnta occupied for the purpose of 
 ,uili profession, trade, manufacture, adventure or concern." 
 
 Fifth. i:very statement of profits to be charged under this Schedule shall 
 include every source so chargeable on the person delivering the same on his 
 uwn account or on account of any other person, and every per»on shall be 
 iliargeable in respect of tho whole of such duties in one and the same division 
 and by the same commissioners (except in cases where the same persons shall 
 bo engaged in different partnerships or the same person shall bo engaged in 
 liiiicrent concerns relating to trade or munufacture in divers places, in each 
 uf which cases a separate assessment shall be made in re:-peet of each concern 
 ai, the place where such ct)neeni it singly carried on ought to be charged as 
 l.crein directed) ; and every such statement on the behalf of any other person 
 for which su. !i person shall bo .hargcable as acting in any of the charact«TS 
 before described or on the behalf of any corporation, fellow ihip, fraternity, 
 mmpany, or society shall include every source chargeable as last afon-said. 
 .ind sli-.ll bo delivered in that division where such person, corporation, fellow- 
 >lii|,, fraternity, company, or society would be chargeable if acting on his or 
 their own behalf. 
 
 i!y ^e^t. 40 of the Income Tax Act, 1842, it is enacted that, • all . . . 
 t.impanics . . . whether corporate or not corf jrate, ahaU bo chargeable with 
 ,u,li and tho like duties as any person," and certain officers thereof are re- 
 quired (sect. 5!) to make the recpiisite ret- 
 
 liy sect. 41 of the same Act a y person lent in [the United Kingdom], 
 
 wl.c'ther a subject of Her Majesty or u be chargeable ie i!ie name of 
 
 .ii.y trustee . . . , or of any factor, a„ or receiver havi. he receipt 
 
 ..f any prohts or gains arising as herein meutiomd and belonging to suih 
 pel sun . . . 
 
 Foreign Investments. 
 
 By the Income Tax (Foreign Dividends) Act, 1842 (5 i: 6 Vict. c. 80), it 
 is enacted tliat, "All persons intrusted with the payment of annuities or any 
 dividends or shares of annuities payable out of tho revenue of any foreign state 
 t«. any persons, corporations, companies or societies in Great Britain, or acting 
 Uicrein as agents, or in any other character," are to make a return of the 
 same as therein mentioned, and are to pay tho duty on such annuities, ic. out 
 ..f the moneys in their hands on behalf of tho persons entitled to tiie same, and 
 
 tii 
 
 j 
 
 i 
 
!»2 
 
 I'KKI.IMINABY NOTES. 
 
 [Chai'. I. 
 
 i>y 16 & 17 \ iot. c. .'il, ri. II), tlitMi! prnvisiiins aru extended to '■'all interest, 
 dividends, or other animal |iayiiii'nt.- i.ayable out of or in renpect of tlic atoeks. 
 funds, or shares of any foreii;n lompaiiy, society, adventure or eoneern," and 
 intrusted to persons in the I'nitcd Kinpiluni for [layment. 
 
 I!v 24 6i 2.) Viet. c. HI. s. 38, the«> provisions are extended to interest, 
 .luidends, and annual p.iyments payable out of or in respe^'t of sto.'ks. fundi!, 
 -hares, and .securities rjf any colonial company, soriety, adventure, or eoneern. 
 intrusted ti any person in the I'nitrd Kinifiloni for payment. 
 
 .\iid liy set. y of 2'J Viet. e. .Ili. the aliove provisions are extended to 
 di\Iili'n(ls and intere-t when the title of the person to whom the same may he 
 pay.ible is show i by registration or entry of the n.iuie of such person in any 
 liooli or list ordinarily kejit in the I'nited Kinjfdom. 
 
 \nd Ijy 31 Viet. c. 28, r.. 5. the ;irovisions as to interest ])ayablo in tin 
 I niled Kinjrilom arisinif out of a loreiifn company or eoneern are extendoii 
 t'l annuities. pen-<ion-. and other annual siiins payable out of tlic funds of any 
 iii^tilution in ludia. and intrusted to any per-on in the United Kingdom for 
 piyaient. 
 
 liy 4^ .V; 49 Vict. c. 51. ». 20. t!io persons '• intrusted with payment " are to 
 include (a) any banker: Ji) any person who obtains iiaymcnt of dividends for 
 another cl.-ewherc th.in in the I'nited Kii.^jdoni : <i-) any dealer in coupons 
 pay.ible out of the United Kinfrdom. 
 
 -Vnd by sect. 21 of the Cu-tonis and liil.md Uevcnue Act, 18S8 vol Vict, 
 c. .S), it is. amongst other things, provided thit upon ])ayment of any interest 
 of money or annuities charged with income tax under Schedule 1). and not 
 pjvable. or not wholiy payable, out of prolits or gains brought into charge to 
 such tax. tic jierson by or through whom surh interest or annuities shall be paid 
 shall deduct there lut th • rate of income t.i\ in forse at the time of such pay- 
 ment, and shall forthwith ren.ler an account to the Commissioners of Inland 
 Revenue of the amount so deiluctc I. and of the amount deducted out of so much 
 of the interest or annuities as is not paid out of profits or gains brought into 
 charge as the case may be; and such amount shall be a delit from f u li person 
 to iler Jlajei-ty and recoverable as such iieeordingly •. and the provision con- 
 tained in sect. 8 of 13 A: 11 Viil. e. 97, now in force in relation to monfT 
 in the hands o." any person for lera y duty, shall app'y to money deducted by 
 any person in rc^pr'.-t of income tax. 
 
 This se.tion supplements in clfeet and modifies sect. 104 of the Income Tax 
 .Vet, 1842. and sect. 40 of the Income Tax Act, 1853. 
 
 As to its operation, sec Lnndim Cviwit/ Council v. Alt. -<!>>».. (1901) A. t . 
 
 '■ li^isidcncf " 
 of « compRuy 
 
 I{olViriiiu' ay:aiii lo StlioduK' D, .sol out in |)art supra, p. 88 et seq.. 
 Olio would liiivi- lliou;jrlit lliat a coiuiiany I'oriiiP'I under (he Companies 
 (^(/onsolidation) Act, 1908. or uudcr any of tlio [jrecedinj,' Acts for 
 wliicli that A( i is suhstitutcd iiid having:: its n'oistered ollicc within 
 tln^ linit.oil ixiti^-dom.and lioiiio- a sulijoct of His Majf •■; y,and ftijiablo 
 of obtainiii"? froui the proper Court in the I'uitod Kingdom an order 
 conlirmirip an alteration of ol)jects or a reduction or reorganization 
 of rajiiral. or an a'ran<reiiicnt with its ereditors. and lial)le at tlie 
 ins^tamr of tlio Attoriicy-Ceneval or of any menib<'r to an iujunclinii 
 to lestraiu the (onipany from doing anything iiltni vires, was 
 cinpiialically a resident in the I'nitcd Kingdom But .strange to 
 Hay. at an carlv sfa<ro in llie application of income tax law, it was 
 held tha* situation of the registeied olticc of the company was not 
 
INCOME TAX. 
 
 "j:; 
 
 :ii ill! couolusive a- to it> rosidemo, ami that in reality a cuinpiifiv 
 io>idf~ lit it^ liUiiJ otlico. tliiit is when- llio lOiitiul of i;s ,i(liiiiiii-trati\ 
 l.jsino-^.', rests anil is oxeiiisfJ— tlioiitrii its iiiiuiul'uetuiiii',' or tra.liiit; 
 biisiiit'ss i> carried on ciscwiicrf— an<l tliat the iilaccol' its rc^'istratioii 
 and tlio situation of it- rcjjrisiiTod ollirf is only a pir.unisian. .> in 
 ietfntiiiiing siuli rf^idemo. Sio Craeiui SuliJutr Co. v. Sirhnhoi. 
 and ( nUutta .lute Mills Co. v. Sicliohon (,1H7G., I Ex. !'iv. 4:28. 
 
 The (juostiuu was lirsi raised in the kadini; case of Ccviui .s»//,/i/// (v.-«.. 
 ( o. V. Swliohon and Calcutta Jute .V(7/.s' Co. v. Mcltoison (187ti., ■^" ',';*,"„,;^ 
 I Ex. 1>. l-ti- Each of the cunipauios in those two ca-es was formed /««- r 
 under the (.'ompauies Act, 1802 (now replaced by the Act of UtO.s i 
 Willi a re-isteied ollico in England. The bu-iness was carri.-d on 
 abroad, where tlie prolits were made, but was controlled and directed 
 [■v uieelings of menilers and diioctors held in En!,dand. Only par! 
 uf the i)rolit.s was remitted to the United Kin^rdom. On the-^e facts, 
 both comjianios contended that they were liable to income tu.x onl_\ 
 uii the proportion of the jirotits actually received in the United 
 Kiiiirduni but this conteuti'>:i was overruled and it was held tha' 
 both companies were ' rtifiiliiKj iu the United Kin<,'dom " within 
 ■Siiicduio D, and were liable to pay iucoimi ta.v upon the whoh 
 (if their prolits wherever earned: that tlio test of residence was no; 
 iho situation of t!i(? registeied olHco nor where the company's tradin<: 
 uf manuiailuting was carried on: that a company ro-ides where 
 Its real bu<ine-,s is carried on— where the board of directors uml 
 ^liarcholders meet and the real control is exorcised. And iu the 
 ci.'-es in question this was Enjxland. Tiiis was the rutio <lt:ci(Uniil. 
 and i; must now, therefoto, be taken that a company resides where 
 it has it- head oliico, where the meetings of the whole company c r 
 iliu-o who ropiosent it are held, and where its governiu',' body moet- 
 .11 bodily ple^;ellce for llio purposes of the company and exorcit^e- 
 liie powers loiiferrcd upon it by statute or by its articles of assi.- 
 .•ialion. The pla<e of re iii 4 rat ion is not conclusive as lo residence: 
 i- is a cin umstanco, but only a circumstaiico. See also biiiicriai 
 I oniidvnlal CVh-s .l.s.socwi/;ort v. Xichohon, :!7 I.. T. X. ^>. 717, in 
 uluch ca.-e it was held that an En<flish company ^■■ove'-ued and .on- 
 ■^tituled hoio but owuiuif gas works abroad is cliar<,'eablo tor ibe 
 ivhole profits under the first clause of ScIuhIuIo I), and not merclj 
 I'ur the sum remitted (o the I'niled Ivin;;dom under tiie Fifth C;i.se 
 • mpra. p. '.tti i as in resp,-ct of forciirn ])osses-ion>, ami San I'nulo 
 lha:iLuii Hail. Co. v. Curler, (18'Jtil A. ('. .'il; and Alexandria 
 WaU'r Co. v. .t///vr/»(U-c i^lSSl i, 11 il B. I). 171; Bank of Mexiru 
 V .\ythori,e. til L. T. IU). 
 
 A iiMdiii<4 b> iho Inland lle\enue Commissioners that a compiinj 
 
 iisteied abroad is resident in 
 
 iho United Kini'iloui on the ;j;roiin(l 
 
 Jiat Uie control of th,' comi.aiiy is in En;,^land i- conclusive i 
 
 f ih. 
 
 1 
 
 . ...t" 
 
 |! 
 
 -evidence to sui'port it 
 
 imerican 
 
 Thread Co. v. Jcyte, 28 T..L. 11. 
 
31 
 
 PKKLIMINARY NOTKS. 
 
 i C'llAT, 
 
 1 'i 
 
 I •;«■■ 
 
 I 
 
 Tho onus of proving residence in tlie Liiiiioil Kiiigdmn is nn iljf 
 Crown. All. -Gen. v. Alexandria, h. R. 10 Ktj. 2f). 
 
 Having regard to tlie loading ca^c above rol'crrdl to, it would 
 sccni by parity of reasoning tli;it ii comininy. ihougti regi^lorod in 
 the United Kingdom, if it has no bourd lU diicclui^ ur <'.\ti(uiiM' 
 hero, and diH>s not liold any poiii'ral niootiugs of rliiirohoMprs lien', 
 i.r carry on busiiic-s here, docs ii,il reside in the liiiiK'd Kiiigduin 
 (■If tl].' |)iir|iuses oi' Scliodulc I). 
 
 Exercises a Trade. .>i'c iianiiiiaph Ui ui .Sriicdnle I), o//"./. 
 
 |i h'.K 
 
 Tho iiii'iiiiing of tlio o.spit's^ion cxorci.so il.> irado lu Silic- 
 dido I) is also niaUuial, for wlictlior a company resides or <loes not 
 K ■.id.' williin tiie Inited ICintriloin. yet if it exorcisos its trade wholly 
 01' in j)ait tlioroiu it is chargeaMo under Siliodiilc I). 
 
 Wherever prolitable contracts are habitually made in the L'liilcl 
 Ivingdoni, even by or Oii beliull' of a loroigii loinpany, there is an 
 o.vercising of trade there. See supra. Krichsrn \. Last. ^^) f5. 1' 
 4H 
 
 Wlieic liuwevC'. a I'ureigii company through an agent ( anva '^c- 
 in Kngland for nidns, hul makes all contract.s and take-, deliver; 
 of all goods abio.id. it does not carry on trade here. Urnbiiier \ 
 (lou(]h, I 18',tGi .V. C. ;i2.j. And see Crool.'xton v. hilmul Hi'rruii, 
 I 1911), S. O. 217, Ct. of Sess. 
 
 In connection with this ihcro uio a wliole series of iiupin'lanl dc- 
 ci>ions both as regards companies constituted in the United Kingdom 
 and foreign companies. Of these, one of tho most important i> 
 San Paulo Brazilian Rail. Co. v. Carter, (1890) A. G. ;il. In th.i! 
 case tim company was registered in luigland but its .'ailnay wa- 
 in Brazil, and was worked there. Tho dii(>ctors purciiased and .icni 
 nut to Brazil materials fir die purposes of the railway, but the 
 general control of the company was in Enirland. ' It seems t" 
 me," said Lord Ilalsbury, L. C. lal p. -iS:, ■iha'.. as v.a-> said !• 
 Cuckburii. ('. .1. in tiie ca.^c of iS'»//('// V. Aitornry-Gcueral, oli. & N 
 711, ' it i.' probably a (ptostion of fact where the trade is carried on 
 ... In Brazil the payments are received, and in Brazil tic:' p.i-- 
 sengers and goods are carried, but tho form of tiading laii make ji' 
 dillenmco. . . . The person who governs the whole coinmcriial 
 adventure. . . . The person who decides what shall be <1oik' in 
 respect of the adventure; what capital shall be invested in the .id- 
 ventur«': on what terms the adventure shall be carried on: in ^llort, 
 the pei'son who, in the .strictest sen.se. makes tho prohts by his skill 
 or industry, however di,->tant may be the iield of his adventure, is tiir 
 person who is trading. Tiiat person appears lo nie, in this ca^<\ 
 to be the appellant com|)any. ... It appears to me that tlii> 
 :i)i[iellant company is carrying on the trade in London, from whii h 
 It issues itjs orders, and so governs and directs the whole commercial 
 id\cnture that is under its superiuieudcnce." See also London Uinil. 
 
 m 
 
IN«;i>MK TAX. 
 
 't.'-i 
 
 2 i\ 
 
 oi Mi'ikc V. Apllwrpv, ilS'Jl) 2 Q. li. .iTH; \\,il.-,i,u v. Sand u; and 
 lldll. ilHOSj 1 Q. B- •■l-'ii; TUchhT d (it. v. Aidliorpe (IsH.'.j, S2 
 1.. T. K14; uud I'omDwrij and Greno \ ■ Aiitlim ^ic (,1K80>, Jti L. T. JJ 
 A tompaiiv legistcv-oil nbroail, but liiiviiifj its Ikm.I ollice in [.omlnn, 
 wlioio llif raeetings of the directors arc lii-kl uud whoro tiio diroctiriK 
 ;ii,.l coiitrolliiip pouiM i- oxoi-'i-^ed. i-< a-ic-sablc li> iiKoiuo t.i -ii 
 rli'whult'ofits jirolil-tiH ' u person rosidirifr in llio Lnilod Kiii^duui 
 uilluii t!if iiieaiiiiiy: of Schodulo 1). <!oer: (P r'o. v. lirlU tlUOl) 
 1! l.".(J: Ue lieers ConsolUliitcd Minii't v. Iloin;. i lHOCi A. •'. 
 .\eir Zealand SliiiipiiKj Co. v. SU-plicHS (.I'-'Otii, Jl T. 1.. i{ 
 i;j; 0,//7r;c V. /Hf.(*(i/ l!cn'Hiu\ ilUMHi, S. ('. lOO.'i, Cl. of Sos>s.; 
 .\i„n;r.i,i Thrr.id lo. v. Joifcc-, 28 T. L. R. 2M, Vvh. I'.tlL'. 
 
 It has, liowpvoi-, been hold in the Quoeu's Bench Divi-ion, applying: 
 :li.. piiufiplc of Colqtthoun v. Brooki. 14 App. Cas. 4'J.!, that whero 
 A ■oiiipany. residont here, is a partner or a sharoholdcr in a (oiiccrn 
 ^\vA\\ carried on outside the United Kingdom, the prohts of the 
 ...mpany are chargeable under tlip Fifth Case, and acioniingly that 
 iho company is only liable in respect of what it actually looeives in 
 the Inited Kingdom. And it is not at -\11 uncommon, whore the 
 iiniieitaking of a company regi.stei-cd hero is situate abroad, to vest 
 I ho ^aiuo in a local company in exchange for shares therein, with a 
 lieu to bringing the case wiiliin the Fil'ili Case. Wlierc lliis is done, 
 jiL'olits made and retained abroad for resorvo, or for improvcmcnl 
 • lud capital expeuditure. or for distribution among sharcholdor> or 
 ■ icuitors abroail. escape the lax (unless il is shown that the conir.il 
 .1' the company is in the United Kingdom). 
 
 Tlie following decisions .supported this view. Wiiere an Eugli-h 
 iompauv, \\hich carried on no business of its own, owned all the 
 -harps hut ^e^eu in a foreign coniiiaiiy larryintr on business in a 
 ("■■ri'iirn (oiiiitrv, and the foreign com|)any, on a dividend being de- 
 ilared hv the Knclish <ompanv. reniinod to England the amount 
 required for distribution among the shareholders, less the amount 
 rc.|nire(i for distribution among shareholders in the English com- 
 ! ..ny icsideut in the foreign country, it wxs held that the proiit.s of 
 ilio Knylish company arose from ioreigu pos.scssions, and caiin' 
 within Srhodule D, Fifth Case; that the money retained for distri- 
 liiilion among the shareholders resident abroad was not i-oceivod h} 
 iho English company in England within tho meaning of the Fifth 
 <';i-c; and that that eompany was not liable to pay income (a.\ on the 
 imoiiiil letained abroad, liarthnlnttuii/ Ilrpwrri/ Co. (nf liniliester) 
 \ Mi/att. (18'j;!) 2Q. B. 40',». 
 
 .\.nd \.hore an English company, which carried on no bu.--iness of its 
 \\n. owned shares in various Englisli .and foreign companies, and 
 lie dividends due to that company from tho foreign companies were 
 hsulliciont to pay the dividends due from it to sufh of its sliar(>- 
 li jlders as woio resident abroad, and the English company directed 
 •':e dividends aeeniing to it from the foreign fompanifs lo bo paid 
 
 .M,|1 
 
 h"M 
 
 I'.iiu-! 
 
 ..i I. -r>! 
 Miy 
 
 ■ sbM-r* 
 l,y 
 
 my T. 
 
 IM.l. 
 
 M. 
 
 M. 
 
'M 
 
 I'KRI.lMIN'AKy NOTK-S. 
 
 [OlIAP. I. 
 
 
 -I- 
 
 lii||f 
 ■ \ 
 
 '*t ■: i 
 
 to bankure abroad for di^tributiuu uriioiiir its tiiit'ii^'u Mliarulnjldei»: 
 ii was hohi that tlio jirolits ol" the Kn),'lisli ( oiupaiiy caaio witliiu 
 .Vliciliiii' 1). l-'il'lli Case, llial tlii! iimtiovs iplaiiiod aliroail for 'li.-.- 
 trihiitioii iiiiioii;,' uliaiulioldi'i-^ lesidciit abinad wuio not ii'' i.ivi<il \,\ 
 tho Kii!,'lisli company in En;,'laiiil uiiliiii tlic nu'.iiiiny: ol ilic Filth 
 Ca-it), unit that that ooiU|iaMy \va-< not li;ibl<' (o |i:iy iiitiuui' lax ■m 
 f)io aniouiK lotaincil abroad. tSititrl Ihimniiilr Tnisl la. v Wi/citt 
 (IHil.M 2(^. U. 4'J"J, jOH, -,n. 
 
 But it was >ubsfnuonlly hold lliat where un Kii^cli^h Loni|iany uunt 
 nearly all tin' share- in a liiri'i;;n <'()in[)any, and has toiuplom i ontrni 
 and diri'iliiii; jinwcr uvn- llio atl'airs of suih forfij^n lunipany, it 
 (the Kiigli>li < iiiniiaiiN > is lialilo In jiay imonw tax uimn the wliulc 
 prolits, and not meiely upon thiii part ol' tho prolits whidi i-. traii-- 
 mittod to Knglund. A/jIIkiiiii- v. I'ctir SchneitJiofnu Hiiicri/ Cu 
 80 li. T. ol),"); .S'. Loain lireticriin \. Apllioific, ?!• 1- T O'lL'. TliLSr 
 two decisions appear to ignore tho iundainonlal dl-iiiuiiuu botwci'i! 
 II conipanv and ii- sluiivholdirs (siipr<i. p -7'. and t.) tiuat the 
 principal i-luirelioldors as (ariyinu' on the bnsiijo-. dt' ihe (i)inpany 
 repeating tho falla' y iuio which the ( uun of Appeal loll in liioderii, 
 V. Salonitiii it I (>., (\s'j:,) '2 I'll. .IJ.; Tho authoril\ of the cuscs 
 is luuth shaken by 'he decision of ilio Court of Appi'ai in Kodak 
 Ltd. V. ( hi:l:. I VMir.) 1 K. l). m:,. 
 
 In that ca--e Kodak, Lid , cariying on business in the Lnilcd 
 Kinirdoin, owned U8 per tent, of the shares in a foreign company, 
 which gave it a preponderating inlluenco in tho control of tho foreign 
 conipuny, the remaining shares being lield by independent persons, 
 and there was no evidence that tho English company had ever 
 attempted or had power to control or interfere with tho managomnnt 
 of tho foreign company fitherwise titan by voting as sharehohlcr 
 Tho Court of Appeal held that tho foreign company was not carri.'i! 
 on by tht . Inglish company, and was not the agent of the Engli-ii 
 <ompany, and that tlio Entrli-^h toni[)aiiy was nui, vheieloie, assessabit 
 to iuconio tax under ;Lo First Ca--o of Schedule iJ upon the full 
 amount of the pioii'.s of die foreign company. 
 
 Tlii;; lao was folioucd in (inuiwplujtw. atul Tij)>oirrilcr v. Sttinlcij 
 ^19U8,) ■! is.. B. «y. Tho company iregisteied and resident in 
 England) owned all the shares in a German company. Tho Uerm.ii' 
 company out of its prolin in one year set aside the sum of l.i.OOo/ 
 to meet deterioration in patents. Tho coniuiissiouers found tha' 
 the English company controlled the German company, that the heaii 
 and seat and directing jiuuor of tho English company wore at it- 
 registered oUitie in London, and that the entire business of tli 
 Gorman company was carried on by and was the busino'-s and pro- 
 perty of tho ap()cllant company, and that the prolits of tho German 
 company wore tho prolits of the appellant company, and that lhi.s sum 
 of la.UUO/. was proiits within tho meaning of the Income Tax Acts 
 and thai ait tiiu proat^; of thu Cermaa company .should be assussC'J 
 
INX'OMK TAX. 
 
 niilii'Cii n'y:anl lu tlit' mode wl' upplti atloii ol hui h pnitilx. Walton, ,J.. 
 Kin-nliTi'il lliitt I III" cniiimi-oiiiiMMs wnii' wikiij;, iiiitl on a|i|ioal tin- 
 CiMMi 111' ApiM-al took the saiiit' VHuv, uu(l i'i>iisiil(<!c>(I thai tlio Kii'jli-i|i 
 M)in|.iii\ «a- iiiilv lialilc to pay tu\ <Hi Niich porlidiis of iho prMii|> 
 mI' iIk' iTiiiiaii ciiiiipaiiv a-. Iiuil Imh>ii loci'ivoil in tliis lounlry, thai 
 1- [:i NH. ihi- Ciiml loiisidiin-d thi- u-sHosMnicnt iiiiy;ht In lio unilci 
 ilii: Kitiii Case. Tlic Cduii oinsidorod that tlio niuro tact that the 
 Kii^li-li r(iinpaii\ had u<ipiircd all tho .shuiiM in tlio Cii-iin.in coni- 
 |,iii\ did iMil iiiak<' il th(( owniT of the propt'i-ty of tin? (uMinaii 
 .ini|,iiiy. and ihal the Clornian t'oin|itiny was iiol a nano sham, and 
 ilin! Jir'-ncy was not «wiablish«d, uud tliut the piolits of iho (.ionnaii 
 .■■iiil^iiiv now not piolits of u bu.sino.s.s cairied on hy ilin Kn^rlish 
 i.iiii|.Mn in a foiTi;j;n countiy, bowiuse tho inilividiial corpMi.. . 
 .[!»■- II. ii lanv on tho bmiiiPs-i of tlio corpoiution. Ho is oidv nn- 
 Mllrd io the ; otit- of thai hnsiuoss to a (i-rt^iin fxlcnl, (ixfii and 
 .iMciiairiod in a icitain way, dupvndiu^ on tho consiitiiiion of the 
 ..)r| oiiitiori and his holding; in il. Aplhorpo v. I'etcr Sclinciihofni 
 Hiitiiiiii Co.. siiimi. was distiujfuishod on tho (rinnnd that thoic 
 'III' (..rnpany wa- a nicro form kt-pl up lo Nitisly iho AiiK-iican l,i«. 
 iiid that in that cn^c tin- loiatioii of principal anil aj,'('nl was provi^d 
 I" i\i-l. Kiiiliik. Lid. V. Llitik, xuyia, was appiovi'd. 
 
 .NM' iilv. S,,h,'l r)fi,i,imitr Co. V. Wijatt, (I81>;J) 2 Q. B. '19!l, in 
 wliiiii il uav |ii>M that tho term " foroi).tn possession " in tho Fifth 
 ( ..M. iiiriii.lc^ tho income of an Ku^flish company dorivod from in- 
 \i-liiii; aliKiad in shares of various compauios, Kn;;li-.li and foroiun 
 S.. I...., Iho lorni includos incomo dorivod hy an Kinrlisii compan\ 
 in'iii I partnership Lonstitiilo.l and carried on ahro.id by person- 
 M'M.hii..; aliroad. Cohiiilinun \. Uionl.s (188'.t). It .\pp. ('as. (ii.t 
 
 Schedule D. Profits and Gains how Estimated. 
 
 I'i'i ilio imrpuses of S.diodulo I), •profits and g:ains of a oon.ern K>tim!.(i,.M..» 
 iiiiiM ho ii-ioitaineil on onlinary -• -inoiplos of cDniniorcial trading." l'".*'" '""l 
 I'i'i l.fiid ilajsbury, L. C, (Iresha,, LifiuSor. v. .s7//i'r.v. ( I«!»2^ .\ "c. ^"""'' 
 :ii |i. ;ili;. Siibjcil. howevor, to tho spooial provisions of Iho .Arts 
 wliii h exfiressiy disallow cortuin deductions. 
 
 The Aft plainly contemplates t.ie propii • 'in of a balance shod 
 Ml "hicli proper tradinj; disbursonionts am liabilities are lo be sol 
 iii;miisf tnidr assets, so that tho surplus (if any) of Iho latter will 
 rppn fill tlie assessable profits or },'ains of tho concern . . . . IJiilo .{ 
 ■■I tlio liisi case (above I specifies certain items which a trader ini^Iii 
 »;'iMiallv oiu.uc:h for hid own private purposes insert in tho dol.il 
 si'lc ..f il„, .sliee,. .^,^,l ^,^.^^^^ ^^^^^ ^,,,,^^ ^,^^1, ^^^^ ^^_ allowed as 
 '''"III. lions in estimatinn: not profits for tho purposes of income tax ' 
 I'i'i- l,.,r,l Watson. Ibid., p. Ml. 
 
 Whoihor there bo such a thint; as profit or srain can onlv bf. 
 .•s.,.,,aino.i In setting.- against the receipts the expenditure or obli- 
 
 ,!!■ 
 
 
•♦K 
 
 I'KKK... 'NAHY N<iri'». 
 
 [("HAI'. I. 
 
 
 si 
 
 I- 
 
 |, I 
 
 liiniiratii • 
 • iimpmiv. 
 
 mlliiiii' lo «liii|i ilii'V lluM' yivt'ii li-M- I'ri l.iti'il llt'i-c licll. I')iil , 
 
 ' Tliiil wliiili liii- l'> lif ii'>i«'«M'i| i« llii' liiiliiiH'i' i)f till- (fiiilii-. iir 
 liiiiin- III' ii liiifli'. lliiil i-. In tiiv, the >iiiii Icll lifter Niililnicfiiiy tin- 
 
 |lll)|H'r llodui liilll^ lllllll lll4' |l|illilN 1)1- ;;;(lll«. Tln' All l|lll'» not 
 
 .ilfiiiiiiili\<>i\ 'tall- »lial lii«M"i iiiav !«• ili-iliicU'd. It liii im-<Iii'> 
 incii'lv m'y:ali\<' iiitm illation." I'l-l- L'Uil I.od'Iiiiiii. I. (' . Shnnii 
 • I < n \. Wuoililirlil. i I'.HMi) A. ('. UK. 
 
 A" Tiiiiliiijrly. it »iiH lii'lil, in IIm' (in-xhiini i,mi'. ahovc icII'iiimI tn. 
 lliat an in^iiraiirn (iiiii|iaiiy uliiili laiiio! un llii* l)ii-iiri<>ss nf ^>l■llillL: 
 .iiiiiiiitif~ alllmiiuli liiiiiiiil lit ri'fiiil till* aiiiiiiMl witli it~ i'('ri>i|ii< in 
 ii'spcil of flic |)mi Ini'M'-iiionoy of iiiiiiiiilii-> ■'iilil iluriti^: tin" liin-f 
 M'iir«. \sa-< t'lititU'il to ildliit \\w acioiiiit uilli iu |iayni*'iil.-< in ii>~|ii'i't 
 of aiiniiitii.'-i i|iiiin«x till' ■iiiiiic (XMiod. It v\a-< iii'u'tHi lliat llif ]iiiynii"nt-< 
 ill ii"|«Mt of till' aiiniiilici himi' williiii iIm- wouI* of llii- Foiuili Hiili' 
 lo till' KiiMl ( 'aM> alioM', uliii'li |ii'o\iili'^ lliat im diMlnilion >liall Im' 
 iiiailf on ar'oiinl of any annual iiiliMrst, or an\ ariniiit\ or i>tlii>i' 
 aiiiiiial jiaviiii'iil |ia\alil<> out of •^iicli |irolii^ or o-niiis. Itnt ii v..i^ 
 <im>iilri<'il thai llii' mil' in iini'^tion «a-> ili'«iuni'il to iium-i mii Ii a i ih- 
 1-^ tlial in wliirli a Irailor !. nl ('oiitrart«><l to niaki- an annual |iavini'iil 
 oiil of hi- [iiotils. a». for 'vani|ilc. whrii' In' linil ayri'i'd lo niaki' 
 --iirli a |iayiiioiit to a foriiu r |mrlni'i, or to a |i<>rson who hail inailr 
 a loan on tin* IcriiiM of i<>c'*>iviii<;° >'iirli |ia\iiii'nt. anil olhi<r < a'<i'>^ 
 wliirli it was not iit'rt'^iary to ilclinc > |K'r l,oiil WaHon i, ami wa~ not 
 iiilrodncod lo disallow a dodui^tiou in iosjh'cI of the cosf of ohiaininjr 
 llip iinoiiio. You call no niiiw rcfux' lo laki- that 10-1 inin your 
 i'iilisid(>rutiuii. when asi ortainiti^' the Italaini' of |iro|it- .iiid '^aiiis. 
 lliuii you could the cusl of the coals or llic corn of tho coal ini'icliaiil 
 and corn iiiorihant in asci'rlainin<:; uhat an- tin' |irolll-. li'oni his 
 Iradi" ." I'cr l.onl llalsliury, Ihkl.. p. ;iir,. 
 
 The di'cisiiin in ihi- cu'-o was in accord «ilh llic |)rinci|)l(' oslali- 
 lislifid ill Miisi'ii Jhiilrs v. IjKnis. H .\\>]>. (as. Mi)l, that the laxpayi'r 
 is entitled to ik'duci froiii tho f;ios-i jirolits i.t his trade or linsines^ 
 ihe «'.\|ienses necessary to earn ihi'iii. sulijeci in ihe ney-alive provi- 
 sions of the Act. 
 
 So. loo, interest on li'inporary and llucliialin;;' loans may |)roperh 
 lie deducteil just as iiiiich as rent of olljces or hire of iiiachiuory. 
 FnrniiT \. SroltiMli A iiicrimil Co.. ( litl2i A. t'. p. IIS. lint interest 
 oil deheiitures for a terrii of years lannol lie deducted. Ali'.rdiiilrin 
 "' ■!■)■ (it. V. MuxiiKive, 11 <J. 15. I). IT). See iho Foiirlh Kiile of 
 !. t Case, p. !)0. xiipra. 
 " ' I ii-e of an insurance coMipaiiv the jrain lor any particular 
 yt'i. -list he ascertained liy estiiuale in accordance with some reasoii- 
 iihle .sy.Nleiu. and a propei' allowance should lie made in .'espect of 
 mie-xjiired ii>ks. Sim liixunuiri' Ottirr v. ('Iark\ House of ].or«lK. 
 7 March. H»lL'. \V. N. iJ'Jl^i 7'.>. In that case the cimipany treated 
 lit |)er ceni. of the pieiniuiii receixcd each year as a fair allowance 
 
 i 
 
INCOMK TAX. 
 
 m 
 
 111 i."|MTl nl III.' mif\|.iii'(l ii«k>. mill iIk'K' "'is t'\ iilr'i. <• lli:ii lliis 
 
 wan it f.iir all.ittaiiif Hiuv. .1 , Ih'I.I thai iln' ai iiii Mii-lit I., lie 
 
 all.iufil ill a'K-iiaiiiiiiK ill" 'oiii|.aii\ - y:aiiis. ami llii- IIhiim' nl I.mi.js 
 ii|>lifM llii- il<">i«i<iii anil ir\«M<i'il llial of tin- Cimil ..I .\|i|ii'al. 
 
 Au'aiii. a liif\\tr\ |iiinv wliirli rai ii''s on liii- liii-iin".« i.f l.'ii.liiitf B^kI <M*'. 
 
 m.aii'V I., imliliiaiif. ami .iiIk'I^ i- .'iilltl.-d Ic .N'l'il lli«' a.., Hint «illi 
 hail .it'l.1.4 iiiimIi' .liiiiliir 111"- lln.M' v.'ais. Il,i-I.t Hrfinr;/ I n \ .\l,il,: 
 .lK'.^|l:!(^ li I Ami «illi niiiiiH'ii-atiiiii li'X\ iiii|iii-iM| imili'i - '' i .1 
 .if llif Lin'iiMiiy Ad. r.Mll Siii.ilh v Lion ltnir,iii iii. \'<<>'' 
 2 K. I! '.<\-2. I'»ll At l.-.tl 
 
 All iiiiiiiiil.v "liiiii r.|ii-.'.sciil- |iaill\ in. mhm' and paiilv .ajiilal i- 
 , ,; .,i\al.l.' a- r.'-ar.|- ill.' lalliT )Miili..n. >.'(./-'/■'/ hii lii.li,i \. 
 Srohlr, I H«i;i, A. »• .''.1. 
 
 lU MM'I. :J:l .if lilt' Cii'l.imsaii.l liilainl l{i'\.'iiii«' A.I. !>!.••• '■"'•' ^'i'l I...-.- •» 
 
 ... Hi. • WIi.'I ' aiix |ht.soii sliali sustain a hx* in anv Ma.).', i n- '""*"■ 
 
 la. •lint' <<r < •■'in "i |ivi>|Vs«iiin. ciiiiil.'Vim'iil •<{■ \..r.iii..ii il 
 
 .-liall lie lawful f.'iliiiii loaplilv d' tli'' ' .aiiiiii--i.iii.'r- I"!' 
 
 an a.liU'liiK'iil ..f hi- lial.ilily l.v i.'fi-ii'n. i' 1.. Ih.' 1..-- an.l \" ili.' 
 au'i;i''i;ali' aiiLiiiiil nf hi-, iii.-.inir ' <>ii lli.'-c \\ni.l> il wa'* h.l.l liial 
 lli(. M'ili..ii il...- iml a|i|il\ 1.1 a |.ani.iilai- lii-< in a-.-.'ilainiii'j- ili.- 
 lin.lits ..f I'll' paili. iilar liaii-acli.ni \vhi< h lias m. inn'.l in the .•.iiU'-i' 
 .if Ihi- liii.-iii 's--. hilt t'Mi .j:iMiiMal his- n'-iillinir frmn ih.' Ini-iin'-s. ihat 
 i.-. a I..S- a- t.i llic inlal i.'-iill "f the Im-iii.— ' ..|i rai i..iis /.'. ' v. 
 t'i,illlllisKi'>iiri X. !l| 1. 'i" '.II 
 
 W'licrc ill' lin-iii.'— nf a i.iiiiiiaii\ ...n-i-t- in pari <<( liiyiii- and lV..Ht ..n -nl.- 
 ^cliiii'^ iiiv.-lnu'iiN, it has hri'ii h.'ld that innlil on --ah' nf inv.-t- 
 m.'iil.s i- 1.) he lir.)ii).'lil inl" aciuiinl. Sarllicni A.-'-^iinnur Co. v. 
 Ii>liurl Itrniiiir U'll Si I, K. :!.'.0: .s.n//;>7/ hnr.ttiii.iit Tni.it v. 
 Siin-cyor. i;'i Sc..: . S -s. ( a-i--, till s.'iii-. 2ii2. ( ,ini|iai.' lli.'s.' la-i's 
 willi Sicviiis \. Iliiilsoii" lUi'l ( (I. 101 I.. T. '.Ili. 
 
 iiiil a i.aiiiiaiiv f.iniii'd fni' iiihl .'i prndiulinn is not. i liar;.:i'ahl A 
 
 -mil nf inniii'v icpic-.'nliii;^ iniifil on a ic-sah' nf its csialcs to a iii'w 
 . 11111), any. Tflinni '-loltorc) Iti'hbir Si/ndinitf v. F,inii<-r il'.tlD), 
 S. (:. '.Klii, *'t. of Scss. 
 
 Sn. tun. wlicK- a jici.-oii hiiys ii|i ill.' iiiidi'itakin;^- i><i a .■.iiii|iany 
 iiiiil r>'-- -11- al a in-nlit In an.ilht'i' . niniiany, and the liaii-ae-linn is niio 
 ..f .-cvcial lilu' liati-ailinns in tlic nrdinaiy coiiiso of hi- lin-incs.s, 
 ihi- |ii'nllt is .har^'oaiili' In im-niiu' ta\, lint ii.ii uli.'ic llic hii viTi;;-ii|) 
 anil ic-si'lliii;;- of llio lin-ini'ss is an i-ohitvd lian-ailion. ami imt nii<> 
 .if a .s.'iii's of iiki' traiisaitinii-. Whoic, loo. a cnniiianN !<■ nii-lnictis 
 an.l -u pari- vith it- Inisiiics- fni' a cniisidiMaliun oxrt'jiliii;,' tlio 
 aiiiniiiil of its paid-up rapiuil, .hdils and liabiliiio.-, the o\ii's.i is 
 ;i;;! ihuri:iM!i'K' a- profit . 
 
 As to th<> tax boin;:- payuhlc wlierc tliori" is incunu iiii.h'i- one ln'ad 
 hill a loss oil fhc hii-iii.'-.s u- a whole, soo Aniiilwje v. Muoic, ( 191)0; 
 
 II 2 
 
 %W:- 
 
 l.''.: 
 
 W 
 
 ik:?? 
 
100 
 
 I'KKLIMINAKY XO'I'KS. 
 
 ClIAI'. I. 
 
 Dvduetio 
 
 Tl 
 
 Arl,- 
 
 ■\iVl 
 
 I 111 a li'u lii- 
 
 illiriti 
 
 k liat 
 
 <lP(ltUlioll.>. Illil\ nf 
 
 .11 
 
 d. 
 
 I'liiiu^lii'^ I'l'i- tlic iiiii-l 1'; 
 
 iiogiuivc iiilomialioii. supra, \>{k iS'.l, 
 
 I 
 
 UL'ilf II IK 
 
 tl iV 11.' Vil I. 
 
 I I. Ml (hiiliit; I 
 
 1... .-. I: 
 
 '(liu-lii)ll^ ale 111 III 
 
 ar ol' anv iiiarliiiii'iy ami plaiM. 
 
 illowci 
 Am 
 
 ' lUIUllI SlfdlJ^flli 
 
 (»((/.m;/;. I 
 
 iH'.i!), 1 (.). i;, hi;, 
 
 ilniil.llill (li'lii- Mi.n Im' o^liiaali'ii. Sci I . SI m llic 
 
 Aii.l 
 
 Ta\ All. IH.j.!. 
 
 Li> 111 aliali'iiifiil.^ I'm 
 
 ■ r l«'in|io~l. 
 
 ii 
 
 All. ISl-J 
 
 A> til all'iwili:^ I'm iiilcii'-t mi the aiim 
 
 mil 111 nil' 
 
 cliiil 
 
 iull> ulliiuri 
 
 mil ti)ii.>iili'iiiiij 
 
 I. .1/ 
 
 ilai/nii'i' 
 Mil; 
 
 1 Fi 
 
 lal i> iIk' lil'i'ol' tlio plant, .■^(.m' Lcith. [full. dr. Cn. 
 th .sorii-). HIT: W. X. 
 
 I Court 111 Scssum. .V 
 
 IUiti.<li Iitilki Stntiii A'(ii:i;/iilioii ( <>■ \. 
 
 Lrsli, 
 
 T. L. I{. 10 1; 
 
 i;i:; bi 
 
 .1 r, 
 
 i/iti-^iiliir (III 
 
 I OiUiitc.l < 
 
 l.r.si;,; H2 1; 
 
 ClDU. 
 
 •"I'liiinlc ar 
 
 '.I I,. T. 11,S. What tin 
 iidiiii;' tl 
 
 •i)iiimi»iiiii<'i- 
 
 III 
 
 In ill) is tl 
 
 what i> just and rcasonalik"; llicv arc not 
 liuiiiiii tl) take an avciauc ol' the di'i>r<'(iali<)ns during- the tlir»>e 
 [irci-vdin;^ _vi'ai>. ( iiiiiinl SUvmsliiji ( n. \ . ('(jiilsaii. ( IH'.l',); 1 (). V> 
 
 i *:ist> wllcr- 
 (li-ilui'iiniiv 
 
 ilisililllWIil, 
 
 ill' iii'i;ati\c iiiloriiiiilimi. 
 
 (k'diirtiij 
 
 IVU ll'll'llt' 
 
 il li 
 
 i> lni ilir luiisi |)an 11)11 
 
 laiuod ill ilif Tliiid and Foiulli l{ult'> to Fiist 
 
 I'asf, 
 
 v/(/;n/. J)]) 
 
 8!l. W>. Xuno can 
 
 voJ for nimicv canioi 
 
 I to 
 
 lOsciAC lor cimHiiizcai 
 
 •ics ,Fo»(/.Y V. Unnd;i>^;de, 1 E\. I). 2:!:i 
 
 Im dopicriatimi ol leases yWutiivij v. Mitii)raci\ 5 E.\. 1). 211 i; or lor 
 interest on Imnowi'd money, «liicli in substance is [laii of the 
 
 coi;i|iaii\ - wiirKiiiL; ca|iilul 
 I Alcidiiih ill til. V. Miisiiriii 
 sonl mere teiiipuiary Inaii^; or lor 
 
 ('.(/. debenture^ or delaMilure slock 
 '. 11 (I. I! I). 174!. and doe^ not renin?- 
 
 Iinniis 
 
 ■apil, 
 
 (.l/V- 
 
 : It nil (\ 
 dead 
 
 'I'i 
 
 •I'l- Vo. V. Siiiik's, 2!i li. R. Sr. 1.11 i: or for past 
 
 rent and mvallio.s >, llioiiijhluii. i( . (.'• 
 
 Kirlji'ilrirl,-. II 
 
 {). U. I). \'J\ : or, as a jjeiicral rule, for sinking' iieu [lits tCi/lliu'ss 
 li'in ( II. \. Illail.-. li A|)p. (as. .'il.")): or for recoiipmenl of lapital 
 
 ill 
 
 il e\tracl4'd iiiinerii 
 
 Mi<'li:a r 
 
 II. V 
 
 llill. I l'.»mii A. C. 181 
 
 Il for lia lance of annuity ]i; 
 
 lit. 
 
 1 a sinking fund A'/r((/« fi'iiil. C 
 
 \\ ffdit. 21 <>>. I!. 1). •") 18 I : or for costs of embankments to improvi- the 
 rondilinn nf land, an! iml laci.dv l" juolert it from .sea or lidal river 
 
 I //rt/,(7/(. V. lir 
 preiuium iliiipe 
 
 ■III/. 
 
 '.] (>>. B. Div. 1441; or in respect of ii 
 
 rued 
 
 ,1 /•• 
 
 , 187Gi, ;).") L 
 
 271 I 
 
 for preiiiium jiaid for a lease [(HUiiIk awl Widln v. Cnhjiilii, 
 
 ;i.! \V. |{. 2:)Hi 
 
 (\ 
 
 II ,'>iirlli I' < I 
 
 iiiaiiaui'i 111 commutation 
 
 as a rule. I'.ir lo^- on loans at intciie^l > Kii'iliih 
 . linker. '.I'J L. T. .'(.Vi; or for a sum payable to 
 /{oi/iil I ii-iiiraiiii' ( II. V. Wiil.ioii, ( 1S97) 
 
 .V ( 
 
 )f lii-d hi 
 
 lu 
 
 'i!s,i\S'JS) 
 
 or loi repair.-^ ol Ui-d lioucs : I>riru'iiut::; v. I,c;i7i'::ils, 
 I (.). 15. '.1.') iC. A.ii; otherwise as to compensation paid to leiLint-s 
 ol tied lioiises under sect. .'1 of the Licciisine- Act, 191)4 i.SinlHi v. 
 Ltoit Ihcinnj ( II.. llMi'.ti 2 K. I! '."12; i I'.H 1 ' A. ('. l.)(h; or for 
 
 EBB 
 
Illll.ll -'I'll- 1''"' 
 
 INCOMF. I'AX. 
 
 I C.i- iho li'^lil I" '■■' 
 
 uhhr-liiiu-c 
 
 iKCiiros, oi- 
 
 till- CSpiMl^C 
 
 tor ti< 
 
 « liccii-i< 
 
 Stifilllirrll \ ■ ^'1 
 
 :ii II 
 
 (,<r ii>y;i 
 
 
 l,i,,. ,/,,»,s7o// Mf.iwl!li»' V. Aiidrr»>n. H'J 
 
 11 |ni' till' Mirii'irlor ot' 
 ill, i,l(MH;il t" iii>i)li'atioiis 
 
 1 1 1 2 K . 15 
 
 I'.uM 
 
 , I '.mm; : 
 
 Cll. V. 
 
 Jul- ilanius..- imi.l lor iii.imy rauMv 
 
 a' 111,. Imililiii- iStninn .1 ' " ^ 
 
 ~ti(lU "if liiw lll.lU'l 
 
 ^ (■ (i« i; "!■ i'<"' <'^'''"i 
 
 lirll. 1 I'.tiHi 
 
 \. C. 18 r. HI' I'll' i'>^P< 
 
 now |iri'iiii-i'- 
 .-.5. ft. Ill' S(- 
 
 (iriiiii 
 
 tr Si'l'l 
 
 •In 
 
 1 til ii j;iM'-it 111 ail mil 
 
 W'oiiililit'ld. 
 
 .ll i .Mitni:a 
 
 I tu 
 
 « F. 
 
 Ill riMiinva 
 
 I, ll, 1,1)1 lurriiiir 
 
 Oil tlic ii; 
 
 li(>r haiiil. u 
 
 lii'ii' ail aiiiiii 
 
 itv (c)iisj-i|> in 
 
 pail 111' laiiital. iin'in 
 
 1(1 la,\ 1-^ mil V-^>"'^ 
 
 lili. nil llial liar 
 
 I . Sl-.rl-fl'dfl 
 
 )f >'/(//(' V. >r' 
 
 hh: I'.iUili A. ('. -^W- 
 
 III \ iilhiiiibiii^il 
 
 li'iihhfi I o. V 
 
 I III, mil I! 
 
 I'.Uiij. 
 
 I . •-.l'. 
 
 ^., ,,[■ Sr>-.. :'\|i<"ll-('' 111 Wt'W 
 
 lin-aiHlNvat.liiii-paii ..I iIkm nmii, 
 
 ilicl' estate. \v 
 
 licri' ill"' liw- '>■«' ""' >'■' '■''■ 
 
 ilioil the nililiiM' iMMiiiii:- 
 
 Ptaui'- "I'll' " 
 
 lldwcd. 
 
 Ill (iiii'sl. I\ri-ii 
 
 yt'llH-ihl- V. l-ux-Ur. .I'.'Idi I K. 
 
 11. 7l: 
 
 (iitrilnitiniis 
 
 pri 
 
 •e.-i wi'io a 
 
 l,y iiiaiiufacUiiois til an a-.ina 
 llowcd to 1)0 (lodiictoil. 
 
 (1 hv a lifoa.~siiiaiuo.iiiiiiia-,\ im 
 
 (Uiii I'll- Uoi'iniii: 111' 
 
 Miiiicv.s rop;! 
 
 ,1' lidiiiis 1(1 paitiiipatiii';' p 
 
 Irr'iilil riilUia' I- 
 
 \;f. a^ allllUi 
 
 ll pnilit- 111- U'-i"' 
 
 ,|i,.\-li(,iaor>,aiva-M.— .iliU'ln iiimiii.' 
 11. 1.. .Liinl HiaiiiuolMi-M'iiliiii;! 
 
 ImsI v. I.oiiiIdii .\ssiu;nitc( orj 
 
 I „y.l. , ISS.-)), 1(1 Alip. (■ 
 
 <////(• 
 
 1 1 App. Ca-. ■-.Hi ; luiilitiililr I.'j'' l" 
 
 l:!8; .Vc"- > 'dA' 
 h, ,il III,' 
 
 r,iil,;l .•<l<iti'^ \- lii-li"l'- ' ''■■"•• 
 ^oo Srir Ydll: I. iir I ii-ni-^nK'' '<> 
 
 \;-...,i, siiih- H'lil <;,. \. Wiiiiir 
 
 1 (.). li. i: 
 
 <i(iini< r >iii ii'iii 
 X- to Jiiutiial sociclio' 
 
 ,s7 ///<■•>. U App 
 
 (as. .".HI. ami 
 
 IS pi'lMU 
 
 ~.iliif ii poii ol iiiioxi 
 
 21 (,). i!. I> "ilH. -No ilelmlioii 
 .iiv.l' risks ulioii ihi' fads ,l„ ,ioi 
 M-(inir.,i,. 
 
 ii^Mlv llio -ami' 
 
 (;,-,i,-i,il Arri.lfiil .\:.x,ii;ni<^- I «i I' 
 
 I '.108 ' 
 
 sUfllll. p. 
 
 \ { -JiiT. .•\plaini'il 111 >"" 
 
 Illsllll 
 
 <)l>i' 
 
 ■llllil' 1). ( 
 
 t. IS ilea 
 
 It with 111 
 
 ihi- ii'coiil laso' 
 
 ri-i 
 
 I- to till' 
 
 am' ia\ on ilivii 
 
 l.'Uils and iiili'ri'-l> 
 
 d I'l'oiii -o'linlii's al'i 
 
 I'liii-fiKii' 
 
 I. Iff .1' 
 
 inniii' .*>or/i'(.'/ 
 
 /// \ . Ilisllll ji. Ii 
 
 l-JJ; an 
 
 I (,r,''-l>inii l.ii' .!•> 
 
 I 1.. ,1. t). 1',. 'Iiili; 81 
 llhl,,,,.. ' I'.Mltil .\. f- 
 
 101 
 
 .\s t'l a I'onipaiiy s ii^ 
 
 i( lu di'dii'l and ivlain iiiiiniii' la\ "iil ol 
 
 divi'li'iids paid out „t in''ini."iMli'"oiiil'^«;i> "'" 
 
 sect . 
 
 ■d with iiix.iiH' tax ' <'.'/.. ilivii 
 M ,,r .V'-t of IHHH, suiini. p. 
 
 •ll lias ali'oadv 
 
 Iclld.s fi-olll ollior roIlipallK 
 
 -). s,M> 
 
 '.IJ: aii'l l.iiiuliiii ('■III III II <'<iiiiiii 
 
 V. Mliinifii 
 
 of Form 2") I. 
 
 ■ .\ll iiili'ii 
 
 -diiirni 
 
 /, I I'.Mil I A. C. 2i; 
 
 ilsii iiili'i. nolo ll 
 
 ii: 
 
 si 111' niiinov. aHiiiiilii's ainl o 
 
 llioi aiiiinal | 
 
 ii-iilil- .111' 
 
 ll.tr,-, ,1. ,Vr 
 
 ll:- „..! .luiiLH'd h\ •, iltliO ot 
 
 llii- All ' TIk'-o words w 
 
 li,. iiilii'i- scliodiili's I'.iiilaim'.l 
 ill bo fuiiiiJ ill I 111' 'oniliidiii'j: ]• 
 
 irrap 
 
 if s,.,!. •! uf Silii'diilo 1) ■xiiliiii. |i 
 
 ,<) . and luiisl lio lionii' in 
 
 ,1 Tliiis.il lia 
 
 s U'oii lii'ld lliat a lifo assinam o , oiiipanv imisi pav 
 
1(1-.' 
 
 TRKLIMINAKV NOTKS. 
 
 [( 'UAP. I. 
 
 iiii 
 
 r^tlui-ri"!! 
 in iviyinv 
 'iividfii*!;. 
 iiitorosf. ,\. 
 
 iiK-niuf l,i\ MH ilic iiili'n>-l (Iciixcil Iruiii i\- Im-^iuc-s imt'-itiiiciils, 
 lor iIh' liinydiii;'' nl the Art iimkcs jm di-liinlioii licluccii ilii' i ln~>- 
 
 1)1' iiiM'-'tiiW'iiN i\('(('~-;iiiv (ii irinx on llic liiisiui 
 
 (I iiilicr iiivcst- 
 
 iiKMil- ( Ifiiiiil. Mi'iliiiil iiikI (Iciii'iiil I. iff .if.-:iin(iiir Siiciffi/ V. 
 ('mill. 22 (,>. I! I). 114: IJminnil. Lumlnii niiil dlnhr I iisiinniri' 
 
 Co. \ 
 
 lii'iiiicll. I'.ill 2 K. I! 
 
 lllilllK'll III! ^I|>|>< 
 
 ('. A.. 28 
 
 I,. U. Nn. 17; \V. N. , mi2 7.;. 
 'I'1k> ciiM' la>i lucnlioiic I iilliinii'il il 
 
 II' \ ii'u i'\|iri'---i'M III 
 
 llic ( nlllt 
 
 111 Sv^~iiiii liv l.ciiil Diiiicliii ill llcii'll V I'.diiihinfih Life I iixiiiinirf 
 I'll.. .". 'I"m\ Cii-c-. 221. 22u. ;iiiil In ilii' I, Old l'ii'>iiloiii in Sciilfith 
 
 IDI illllllf I II. II 
 
 M 
 
 r.nrii \ . 
 
 MiImIi- 
 
 2ti Sr 
 
 I;. K. S7: 2 Tux 
 
 ( u>c 
 
 n; 
 
 .1 l.v Wiiirlii. .1. 
 
 Ml .\iiriiii 
 
 h I .III /•■ 
 
 ic/rr 
 
 iKiii; . u W . H .'.M; ;! Ta\ Ci-. 1-1 
 
 II 
 
 II Ml 1 1\ iiil; :it till' priiliis miiiI '.jaiiis. I he |)iiilil> «liiiiilil '«' c^liiiniU'c 
 a^ iiiilii~i\(' aii'l imi cxclii^ixc ul the iiiiiiiuiit ]i:iyiilp|c lor llii' yiMi' 
 
 d 
 
 iiiiojiH' la\. 
 
 A sill 11,1 (,,IS ( 
 
 Ml.-dl'll.. . I'.MMl A. <'. 111. 
 
 I. 21 oi tlic C'li-^loiii- ami liilaml Kcvciiiii' Art. l.HMS 
 
 a coiiiiiaiiv lia'l |io\\ci 
 and -eel. |o o! ilic In 
 
 il. Ill) Ml lliv h 
 
 ■|'a\ .^.1. IS 12. 
 
 mil' 'I'ax .\rl. IM.Vi: Inn \va~ not lioiinil to 
 ik'diii I ilir iiiioiiii' ia.\ Irom dividfiiiN and iiilcic^l jiaxaliU- liy it. 
 Till- Ad of IKSh allcK'd this. • N'ow what." -^aid Loid M.iiii-ii;litou 
 in a rcri'iit ra^i-. ' lia< tin' Art ot i8H,S ically done? It i-i no lont^iT 
 o|iional lov a |M'ison nlio luw to inaUi' an annual [lax iin'iit lo dodiu-t 
 iiiionic tax; 
 till' C lovMi llic ainoiiiit dodiuli'd iiiilc--^ iiaviiiciit i omcs out of iinoinc 
 
 lie i- lioiind to niaki' till' dcdiiition and |iay ovcf i 
 
 o 
 
 \v 
 
 ''' 
 liiili lias already paid llic duly." Si'c Ln'iiliiii ( tHDil'l ('iiiuirH \. 
 
 Mini iicil-ihiuriiil. t I'.tOl > A. (■ 
 
 .V 
 
 |ic'i-on re rn lilt;- intercut lioni wiii'li iihoiik 
 
 la^ not lic'ii 
 
 ta.\ I 
 
 dciliirtod is lialili' to pay iinoinr \n\ ijn-n'on not u itlislandiiiii tin; 
 duty lii'iii;^ iiiip..~i'd liy ^I'rt. 21 ol' tlic Inland Ki'm'iiiic .\it. I.S8.S. 
 
 on till' iiorsoii |ia\in 
 
 'J- lln' inicrc^t ah 
 
 lllllU'/lilii :ilf 
 
 (fiiii)h' 
 
 Wihini. I'M 111 1 K. IV 72.".. 
 
 iinii.riiv. tliP 
 
 Wlicrc a pal ln('i~lilp Inisincvv u,i~ loiiM'itcd in'o 
 parlni'is rcrcix iii;^ -liair- in cM-liaiiuc tor llu'ii inlcic^t^. it v\a- 
 lliiit lli(> ionipan\ had ' --iii i I'cdi'd "" to tin' hiisinr-^, .ind \\a- i li,i i lh' 
 
 ■Ul 
 
 ihli' on thai tooling . /.'///'i 
 
 Fiiil.u-. 7 (,). I". I). IS.-, 
 
 .\ lol 
 
 npany 
 
 trad 
 
 idlll'^ ullll onr ~I|M1 
 
 not start a new 
 
 l)ii-i 
 
 tic an-i' I 
 
 ^/l/,- ( 
 
 I |o-o~ its s 
 
 o. V. / III iw) 
 
 mull' -liip anil laiv^ ai 
 I'.iUi' 2 K. I'. '.12:1 
 
 pi her Miiihi.^liiii sic IHI- 
 
 •.- to spii. tl 111 tiic (iiioiih' 'I'ax .\i|. 1H42. 
 
 I'ji'iii witiiin ihr I iiiti'd Kiii'^iji 
 
 XII flic 
 
 • I. till 
 
 III ot a lorciijii roin|iaiiy larryiiiff 
 
 III lillsillc- 
 
 till the I'llili'd K'ill;;d' 
 
 III I- proiKM 
 
 l\ ihuiucahli' ill 
 
 hi 
 
 s own naiin' in ri'spoii of |||i> piolils di'rivcd from triuh' in thi.s 
 
 \V. X. n«08") 
 
 iiHiiinsxiDiti'it 
 
 (■(iiiiilry. sec ./mill's Wiiipafr «(■ Co. v < 
 ['>'.>: 21 Rpttic. '.t.!!i. 
 
 When fo!i'ii;n priniipajs 1011^1^11 '^oods from aliiuad for .-ale hy 
 .la-ciit- in tlii- I ti\ I he 1,1 i' fait that I hi' ai;riil~ >i'll in their own 
 
INCCiMK TAX, 
 
 t(»:< 
 
 *:f 
 
 iiic~ ilix's not iPlitno tli<> (iiiiK i)iiil> lumi lial.ility lo piiv iiitoiiio tin 
 ii|..i Scliccliik" l>. S<'c H (//.«/«. \. Stindic(i)iil Hull. ( \H9H) 1 Q. 1'. 
 
 /,()(■<// <uiil Chris! iinis v. rniiiiiii.s.siiiiu'i.- 
 
 I'.iOHi A. ('. 4ti 
 
 :il-i. siiind. i> 
 
 W 
 
 UMC :iii allowii 
 
 '.It. iiud infill. |). l<i:l 
 
 IICI' llll^llt lo 
 
 iiiiiiKiniiiii'- 
 
 lii'> til tlic ciiiiinii 
 
 Ih' <;laiit<'il liiit i-i rt'l'u^cfl. :i 
 »iuiifis ciiiniiiaiKliiif; iIkmii k. prunt iiml 
 
 ( iiDiliiissiniifIs 1)1 liKiiliir liir V. I nil 
 
 cililv tln' .illnuiiwr 
 
 l.s'.H A ( . ■>■■'. 1. 
 
 A, I,, -cri. :,:) (it till' liicciinc Tax Ad. IHI-'. it wa-^ ln'lil lli.H a 
 l„i-.nM «!!'• Iiad ilt'livcKMl witlioiit frauil. an imni-icrl statciiUMii ,.| 
 
 lli- |ilcjlil- nr ;;a' 
 
 iaii;i'aliM' Willi iiKonic 
 
 lax uii(l<'r ,Srliiv|i|li' I) 
 
 liirli, ihinii-li neuli,i:»'iin" <ii ( aiolcssiic-- ',ut wilhoiil Iraml. v.a~ 
 lint lialilc for tln' poiia. '>/. imi>(i-C(l l>\ tlial 
 
 iMcorii'ct. wa^ 
 
 -(•(•iiiiii. am 
 
 1 that tlio sfdioii a|i|)li('il <> i 
 Iv illiisoi \ slaloiiicnt i. 
 
 .|cli\civ 111' a more 
 
 fil a >tal('iii('iit wliiili puiiiorW an 
 
 ll-(U'li\l'l\' 111 
 
 I net Ironi 
 
 tM iIk 
 
 tlio <lr 
 
 iiic'ii staKMiH'iit a- i("(|iiiioi 
 
 jiaiticnlar. AttiiiiW 
 
 xiinc 
 
 Tlii- (loci^ion \va> icvcisci 
 
 I i-- iiitcniU'il to lie a line and 
 1 liv >(>rl . :,2. but wliicli is ('iicni"oii~ in 
 (iiniiol V Till. (I'.Mliti 1 K. I! il'il 
 
 ll-itin 
 \ hv till' linns., of Lnrils. ( lUllH A. C. .Mt 
 
 As In llic (Intics (ni Miini'>. ijiiai 
 
 lies, (locks, watcrwoik*. lanaU 
 
 iVc. »i'0 •> 
 
 A- (i Vict. 1'. ."1.'). s. »>(». ami .'l/rT.vc.v Dofhs v. hum!'. H \\\ 
 
 Oas H'.tl; lii/lini,!' Ciillii'iii Cn. v 
 
 Fi>i)i'r. 7 (y M. I). -IHV r,,ll)i, 
 
 hiiii <'o. V. Wiiik. •> Ap)) ('as. ;tl.'>; llntiiiiiUiii (nnl «'<). 
 l„itiiiL\ H V- '* " *'■"■ ■/""<•■'>• ^ ■ ( ii-nmrthi'ii Sliilr di.. ■"> 
 •.1.1; lliinix V. /^r//«^ lori... W. N. O'*'"' l«- 
 
 V. Kirl.- 
 Kx. Div. 
 
 .\s In uddilioiial a^scssnicnls on a .siicccssi 
 
 m In lin^inos-. s..(. Ii,'ll 
 
 V Siili<riiiil I'niiiiiriiil Kinik- of England. (.1904) I K. li. HV. 
 
 Overpaid Income Tax. 
 
 Overpaid iiicoiiic tax i~ km nxcialdc nndcr sect, l.'i.'i of the Income 0\vi|,..iiil 
 Tax .\ct, l«fL'. when the prolit.s and e-iiins have hceii over-estjuialed. 
 innviijed llial applicalinii is made in as slioil a time alter llic enil 
 ni ihe vear as with dili<rcnce !■- piacticalile. haviiij.;- rei^ard ;o the | ai- 
 li( iilar circnnislaiices nf the <ase; and if tlie coe-"ii.-siniiers will nni 
 ;.;ianl the reipiisiie cfntilicate. a maiidainns will Im i^ranted Hei) 
 V. ('iiiiinii.-sioiii'rs. '2\ (.). IS. 1). :tl.'!. 
 
 Taxes Management Act, 1880. 
 
 A.> In as-es.^nKMil, see .-ecl. 4 of Taxes .Manaiiciuenl .\cf. 1J<HII .\^s<--rni-iits 
 I I.I A 4nicl.c. I'.l): a.s loasse.ssoi's cert ilicates. sect. 4il of .-anie Act; "I'l"" s. 
 .1- tn e.stiniat<'s in defunit of return, -eci . .'ill; as tn examination of 
 a^scssnient.s, soct. al: as to anieiidiueiii of a«scssiiieut.s. sect. -"12; 
 a> tn place of usses.snie!il. sect, "(.'t: as In errors, sect. '<'>: a.^ lo 
 .illnuances nf assossnient-, sect . .")(i; us in a|ipeals liy person a>;yrieved 
 
IIM 
 
 <'iii|iir!itiii 
 duty iindn 
 < 'us! I mis, ^ 
 K-\, ISS.-.. 
 
 PRKMMINAUY NOTK8. 
 
 [Chai-. I. 
 
 (uiitlor seel. 80 of Iiicdinc Tiix Act. I«»2), soi\. .'tl: n- to iiis<'> fur 
 'ppiriiiui iif Hijrli Cdiirt, Mort. 59. 
 
 Production of Returns. 
 
 .\> III urderiii^ |iru<liHlioii of iricniiic (:i\ icluni^ mi ii iiiisfcii^.iiic*' 
 MII111IKII1-. Kcp Joscjih Hiirfircnrc.i. IJiL. ' I'.tnO) 2 Cli. ;i47. 
 
 Super Tax. 
 
 .\ < iii|i(iialiiiii is mil liulilc In >ii|)i"i- ui\. 
 
 Calling for Returns before Act passed. 
 
 Ifi'liiiii.- iimv lie imIIciI f(ir iu any yciir licfoic tlic .Ail in iia-Nin); 
 •jianlin;^- iniiinic ta.\ fur lliat yoar, f<(H' m'cI. liO of the ( uslonis an<i 
 Jiilaiid h'i'vcnno Ail, hS'.IO, and H'lirirs \ . Mfiinifii-dviwrnl, Times. 
 DiT l!»ll. Parker, .1. 
 
 Non-exemption when Income below 160/. per annum. 
 
 .\ i('ni|iany under llio (-'oniiianii's (("uiL^olidalion) Act, I'JOS. is 
 act ('.ximpt fnini duty li^- ri'ii.sou of its yearly incuuio boinif under 
 IlKt/ V///"/" \. Miirkcl IlinlioioHiih Aflvfrtisir Co., (V.Wo) 1 K. 1'.. 
 708. 
 
 Corporation Duty. 
 
 I'.y llic Cnsldrns and Inland Kcvi'iinc .\rl. ISS.") (18 iV lit \ iil 
 c. ."ilj. ss. 11 to ;2t). certain duties were iinpo-ed in resjic, t of [iruperly 
 vested in hiKlies corporate or nnincor|ioralo. liut anionu: the excep- 
 tioii.s i^ property lieliinjrinj;' t<i a liody corjiorate established for anv 
 trade or linsiiiess, and accordiii<rly tra I iiiir companies under llu- .Vet 
 of I'.KKS ari' exempt, even when re}>i.stj'rcd without the word "limited 
 and on the fooliuL;- (hat no dividends are to he paid. ( itiiihil 'if 
 I.dir Iti'iiwIoKj. 122 i). n. D. 27'l. 
 
 Theiv in also an exci'jition in respect of property which, or I he 
 iiiiomc of which, .sliull lie lecrally apiirojiriatcd and applied for any 
 jinrpoNe lonnected with any reliirioiis peisnasion, or for an)' charit- 
 aliie puipose. or for the piomotion of education, iitoratiiit', .scieni e or 
 the line arts. See IiiUiikI [{rcfiiiif \ . Ftint'al, 15 A. (.", ;i.'i4, in which 
 the Institution of Civil Kiif^ineers was lieM exempt. The holdinj; of 
 examinations and ^rrantinjr diplomas in sur-jerv are not a ' pro- 
 motion of science ' within suet. 11 ;(), of the (,'ustonis and Inlaml 
 KeveniH' Act, 1885. Hoi/at Colli-iji' of Siir;ici>ii.s, ( 1809> 1 (). 15. 871; 
 f. . .1. {). B. 705; 7!t L. T. 8!i. As to a cluh, see New Inircrxlti/ 
 aliib. 18 (,). n. I) 720. 
 
(;0KPORATioN duty: I'OOK kmks. 
 
 \s 1., piopcrtv net .Milirrlv apinoiinaK-d l.- !"■ api 
 
 lin) to llio pri>- 
 
 As 1(1 (li<" liioiK'i" '» 
 
 „'1p of attt'-iiiiitr aiinual valin\ imoni". "i- 
 
 )y,M< 
 
 so,- >»<7V7 r"»W// r,vVAT( r'».'.. - hmu i -J K. H too 
 
 105 
 
 Inhabited House Duty. 
 
 l.,,llv ,o>i,l..nlinl. I.umlm, ,u,.t W ,'sl,„n,^l,r lUinl, n. S,„;ih. ST 
 ■ -p :,,,. ,;7 I 1' •>"<»■ rnhn lioiil: «i S,t,thiii,l v. l-oxirr, t... 
 , V H->^'. Ma,U- .f ro. V. Wdsun, 4U W. H. .170; ^:, L. T 221.: 
 „„,Arr V. nn.lr,..mm 2 (^ H. T.W,: <^r..n, v. /-;;;"''"';' i;;|^ 
 A (• ;!h;C S/v/.'s- v. .!/;,/<//-■ Toil')'''- •Tn'nsnnr). «1 1- 1- »-•■ 
 
 UMi.;, 1 K. !'■ 72".; Smihi \- l-'lrtiiii>'i. X\ I- T. 2(i2. 
 
 Poor Rates. 
 
 |<\ii"(l ill Pour iiiti." 
 
 |iui><iii. Mir 
 lillic- iiii| 
 
 Ulllll'IVMllil 
 
 liii(r 
 
 IMhr AH..ll:l i;ii/..r..2,.. l,.om,..-l.-ia«.i,u>.n,Mo ,.„.Ur .:t Eliz. 
 
 a.h l>aiMi for tlH' i.-lir|- .'f llie pool'. 1>.v taxalion ol .'voiy inlml>ilaiit, ^. ,^_ ^ , 
 
 ■ ar. and ..tli(>r.s and of .'very oioujiu'r ..l lands, limine-, 
 
 l„ialc. iMuiiiialioiis of tillic-. <":<\ unin- "i- >al 
 
 II til,, paii-h. (n !>,. -atlKTcl .alt ..f til," |>aii-li a.mi 
 
 tu il> al.ility. 
 
 Th,. I'ai.M-liial .\»." 
 fnitlirr iirnvid"s 
 
 •• Tha, no rutc for ti.e .rlief of the puoi- la ICnu'lan,! ami Wal... >l,all bo alluw..d 
 by anv jus,i,.« or be of uny force wl,i,h shall ...a be a.a.le up.a. an ..tnaa.e of 
 ,l,e „;.l annual value ,.f the .sev.Tal bere.litan...nts related ther..u.. o. that .. to 
 rent at «hi.!. th.- same n.i-ht n.as.aiably be .-xpeeted to ht Irom 
 fr ,r all u-^ual tenants' rales and taxes and tithe 
 
 -IlKMll- A,l. IS.'.li '•'■ A 
 
 Will. 1. 
 
 !n;i. 
 
 !• the 
 II year. 
 
 iininiat.ition 
 
 renteharu-e (if anv „ and deduetin? th.refroin the prebable annual avera-o ■ o.t 
 „f ihe repair,, insi.ran, ,■. and oth..r exp..nse. ,if any'. n.M-essary to inan.ln.n th, m 
 ,i,d s.ieh rent ; provid,-d always, that niilhin.,' her.an .untamed 
 lies or ilillerent ri'lativi' liabilitii-s 
 rdlnu' to «-hl.h .lilf.T.'nl kinds „f Imredi uiu'iits aiv now by law 
 
 in a state to eianni; 
 
 shall hi' ei.iir.trued to alter .ir atfeet the prineii 
 
 ;il 
 rat 
 
 any i 
 ahie 
 
 ai-.'i.i 
 
 I Ion 
 
 As i„ evid V I,, alter iiio.^s ,.>liiiiah'd iisial ,.n aina'al, sfe //- 
 
 d Son V. li a,Vi// .l.s'.sr.s.<m,;(< i oiiiw,th;; Vo'M) 2 (^ H. 2:iO. 
 
 I'll.. A,l of ;i i 1 Viet. 0. S9, h. 1 teonliiiMcl l)y 'livers Kxpiiiiig- 
 Jjaws I'outinuaiico .Act-si, is as f.illov.s: 
 
 ••That it shall not be lawful for the ov, rs..ers .,f any |.arish. township or 
 vilhare, to tax anv inhabitant ther,.of as su, h inhabitant in rcspi'.'t of his 
 d.ilitv derive.1 from the proHts of stoili-in-trade. or any other property tor .a 
 rmvanh the n-!i-,t "f the po"'" i prnvid.-d ahvay.^. tlait ""thin;? in tbi. Act eon- 
 
 :j .V I Viet. 
 
 e. s'.l, H. 1. 
 
 ained xhall in anvwiac 
 
 alf,-et the liability of any parson or viear. 
 
 uf a 
 
 ny 
 
 .K'eupa'r 
 -ah-able tin 
 
 .,f lands, bouses, tithes impropriate, propriation .1 
 
 f tithes, loal mines, or 
 
 Ills til be taxed, under the provisions 
 
 f th'. said Aet-, for and 
 
 towards thi' relief of the poor. 
 
lOti 
 
 PKKI.IMIXAI.'Y NOTKS. 
 
 Cases of Rating. 
 
 A km; 
 
 Hl/N|\,, S|M|(p\> 
 
 il! iV "i.'! \ Id I-, 
 
 '■'/'■.•. <(v. As.- ( 
 
 [C'llAH. I. 
 
 and Hill foil V. iS7 
 
 fi;». ' l!t(MI. 1 (,» B. ;;H!t. 
 
 A(.itj.i 111 u\i l,v\i. .S/,,,7// \. ifiihmniid. ( IHiMO A (' UN: 
 .•l//o« I'llmii ( oiiiiiil V. >'/;/.(•/■. I HM)4. 1 K. n. (;7«. 
 
 JUiKAKWAlEU AM. I,AM>I\.; SlAM:. <,(//,,,•.,/,■; /JllllxHIl V. 
 
 J'li/nipliiii I'liimi.iy.i ■). I". J!l7. 
 
 Canai . C.7, 
 I.. T. .s:.. 
 
 'tlliiui ijdii 
 
 <liiii' ( II mil t 
 
 \. Mfii/ii/i Ti/iljil i 1111)11, Kit 
 
 Ahiicij I'm I, ( I'liii'lf, II ( 
 
 ■il iMiiN mid 1.11(1 tlu'iiiiHil t'lr a cciiKMcrv. iiikI 
 
 ('j;.\ii;i iiM . (^11 fill 
 Till' ciiiuiKiiix jiiiiiliii- 
 iciM'ivi'd 1V(',< fur iiiiciMii'iit- 
 
 liM;iilati(iii.~: II, 'Id, ijitu ihc cniiiiiaiu \\ii> laliMM 
 plot-^sold. 
 
 •I I „ 
 
 « (^ IJ. .-.I.- 
 
 and roi 
 
 ivoyod plot- lui- ■■r.ive- siil.ji'it t4, 
 
 III ll'-IICll llf tli< 
 
 l'o\i. Mini-, liriiuii v. Ilittliriliinu Axsfssniriit (ini,iiiiH,-c H.i 
 L. T. I'.i.l. 
 
 Dock. Siniii.-ni Hininnii /'; ((.v/crv \. Sinui.si'n riiiiiii, UT L. T. 
 5«."i. 
 
 W 
 
 illi:ili>i -1>, Si-r l.i,,„l„ii nil, I lutliii Ihirl,.- V. I'ui.lnr I 
 
 L. T. ;!7i 
 
 J>i<iM IIai.1 li'ai/iiri \ IhrirJIt. H-2 I.. T. 71f 
 
 liiiAM;i. I'ri>. /•'( 
 
 hliiil. <((. Co. \- . t'limJiiiiii r 
 
 iiimi. 8.'i 
 
 l<l<ll 
 
 1 <^. I'. 272; ami mm' ca-c^ tliorc litcd as tii oil 
 
 ii'i wasiiiiij- J KijH'rdc- 
 
 lloAninNi. loi! Ai)\ i;ii I isi;mi-.\ I-. Iltiitoii v. .s7. dilr,-,' ( 
 (I'.lOOi I (,) 1{ ;!K!l 
 
 niiiiiiitfre. 
 
 i.\ 
 
 Si'v Mi-i.'^ci/ IhtiLs Itiiiiiil \, Hiil.iiiliiiiil I- 
 
 'I'-i-iiliriif 
 
 Li>iiii,iill,'i\ I HIOl I A. C. I7."i 
 
 -^; 
 
 '.S 
 
 ■ { 
 
 1 
 J' 
 
 .\[aCHI\KK\. M.lcllilKM 
 
 \ or ollior Kxliiies wlii 
 
 |>aii of the 
 
 stoik-iii-iiado. tlioiijrh llicv lio|oiin- (o iho (ciiaiit, iiiii-t Ik- lakiMi iiiti 
 ai.i (iiiiil ill a'-N(w-iiig the ratoabl*' value ol' the iiieiiii>e-. The piiii- 
 ciidi- eMtililished in h'ti). v (iiir.-l. 7 L. .J. M. C. ;I8; 7 Ad. ct E. 
 9.")I, and lidlowed ever since, (aniioi now bo disturbed: h'irlii/ v. 
 Huiislrt, (lOOr.i A. (. -I.;. H. I, ,K.i: and see Crorlrrif v. 
 Xoillutwjiluii As.sr.'ixHiriil (iimmillei: 72 L. .1. K. H. .".20: Lniiu) 
 V. OveiKi'ir.' itf Bi.'dioi, \\ runiiinith. ;i (^. B. 1). 2'.i'.»: In this case 
 it wii- held, tliiii ill ;i.,(.<-ji|u shi|iliiiildiiit;- pi-eiiiises to llie ))oor into 
 
POOR KATKS. 
 
 107 
 
 III!' \U 
 
 llllu ((111*11 
 
 |„o (,|- iiiacliiiKMy allu.lu'd t.. ll..' i-irnii-cs wa-^ I.. I.o takci 
 
 Icratioii in as( eitaininn lln'ii' ralcalili' 
 
 value wlific suili 
 
 illiK IlllK'lV. 
 
 tl 
 
 Kdli'll '^IllUf (> 
 
 I it iiii<;lit Ix' capalil'' "t licin^ lomov 
 
 0(1 
 
 tlidiit iniurv \i> iIm' 
 
 ir (ir llic trccliold. \va< cssoiiliallv IK' 
 
 ■aiv l( 
 
 »|ii|iliiiil(liiin' Im^iiic* 
 
 s to wlii(li tin' ]ii«Miii>i'* «<'ic' (li'v 
 
 (tod. 
 
 i,il('ii(lod to icinaiii poiiiianoii 
 
 ucic apiiliod t(i tlioif |(ros<"nt imii 
 
 tlv atliicliod to thc'iii *(• 
 
 Un\<x ii"^ "'o,^ 
 
 \\ii 
 
 All olatioratc dosci i|il ivi 
 
 li-t (if vain 
 
 Ills ohv^M's ol 
 
 tlio inacliimMv i~ mM out in tlio Jf|ii(it. 
 
 / !..„i(lhriitnii. IH if. !'■ I» *<l-- 
 
 Ihilon, IK T. I.. H. 4.-)l. tho deii-<i"n tlioro 
 
 oinisos used a-- a 
 
 In Tunc lioilci- '"■ V. Orrrxci-ix «, 
 
 „,/,('// \ . Snrthiut'iilon 
 
 i~. that in o-itiiuatiii^- tho latoablo valiio of Jii 
 
 (iiiiliicldrv. luai 
 
 hinoiv and lilaiil |)la(od tlicr i loi- tho ]>iiii 
 
 .1 iMiikin«- tlioiii lit a-f iiroiiii 
 
 l(ir such a iiiaiiiitiK tdiv ai< 
 
 t., he 
 
 iiitd accdiiiil 
 
 a-i onhanciii^' tlio va 
 
 luo ((I tho horoditaiiiciil. 
 
 Itl ;:' 
 
 h >ii(li inacliiiioiv and |ilaiit loinain ]ioi-i.iial ] 
 
 I p. 
 
 (ic n((t pliv^ii 
 
 Iv atluihod to tho pioiiu-o-. ai 
 
 a\ Ih 
 
 oncitv. iiMi 
 
 • vvith-tan III 
 
 Act .i' \- t Vict. c. h;>, s. I isiii.rif. which o\ |>t-* pov- 
 
 lip Id that A'l had Ix'on latoil.h 
 
 liallcl- liciii latmu. wiilc 
 
 M ».. <ai( 
 
 1: -Noliodv sa.v^ ihiit tho>c in; 
 
 chil 
 
 (l(.'d a> pi 
 
 il chalioN. Tho (piotidii 
 
 is. \\llOtll01- till 
 
 io~ ai(> Id tic 
 aic to I'c 
 
 iiikoii inid accdiiiit 111 
 
 ostiiimlin^:- tho raloiddo valiio id tiio piciiii~o 
 
 I lie s'.atii 
 
 to :! & 4 Vict. <■. S'.M iiiikos ini 
 
 dilVcroiiio. and ail 
 
 I lie ca^c- u 
 
 illi rci;ai(l to ostiniatin;:' tlio \ 
 
 lino dl' loal priipi 
 
 x'liiaiii n 
 
 iiidiichod tiv it ■ 
 
 AI;or (itm^ Willi iipi'' 
 
 iiii\al tho lasi" 
 
 /..(/■//(/ v. (>y<'/-.sC(';.-( 
 
 1)1 lii^liui. Wriiiiiiiiiilli ."iii'i'i ■ ;""' 
 
 Ma-tor di I 
 noid ' atlai 
 
 |„(liim A',.,/, v. ll„sl,n„. IT (>) 11. UU" !"•' I'^Kto.dK. 
 ,1: ■■ l)do~ tin- Cdiirt ilioro moan 
 
 ho Hdlls loiitinuo 
 •Ii.mI' that tho tiling;- nm 
 
 I'K'iniso' 
 
 iidt have nioaiit to i 
 
 iio(('~-arv Id inipiin 
 
 Id tiio llci'illlld. ' 
 
 d 
 
 ,t lie lidltod dl- -(fo« ■! Id tlio 
 
 ] dd ni.l tliiiik sd 1 think liiat tiiov cdiild 
 
 lillor In. ill I'allosdii. d.. when la- -aid liia' it wa- 
 
 vliol 
 
 i(>i- tho iiiacliiMoiA wa- 
 
 ll- wa- iidl aiiMoM' 
 
 riio aiidvo doci-Kiii. (s 1(1 plant a 
 
 ml inacli 
 
 norv not at 
 
 ta( hod tl ll 
 
 itod iironiiso- 
 
 lioinii' takoii into accmint in 
 
 osiinialiiifi 'lit' latini;- 
 
 \ahi" dl tin' proinisos. was rulliiwo 
 ' /(..((/. and (iitfdid. For cl' To 
 ulicic t 
 
 d itl [i,iilr,i ((■ ' ". V. f<l.v;.^-<f■/■^ (>! 
 S.niu: 7T 1.. ir 1-il ■diiiv. IH'.M),. 
 
 1,0 t (iiiil i.r Appoal ( E-hoi-. M. H , and l.indh-v and 
 
 I. .Id. I alliniiod la- lo llio -oinn 
 
 I ca-oi t 
 
 H.1 
 
 lio doi-i-idii dl a l)ivi-i' 
 
 I diiii I 
 
 i;:; I.. T. 'IW). 
 
 1 1 IS not oa 
 1 1, c. Sit. an 
 
 sv td loconcilo tlic-o t wi 
 
 I in l.S'.l.-) a 
 
 ll 
 
 wa- iiiliiiitiii 
 
 I 1-1(111- will 
 IiIcimI lilt' 
 
 ('\-'in|U inai 
 
 ■hiiioi-v a- in Scdiland an 
 
 1 ludand. 
 
 it(>;i!dc valiio in ca- 
 
 dio Act ;; A I 
 
 I'allialiioid td 
 
 if Moil h(iil-o> 
 
 i 1 r.IK -tllHM.s. vtlus 
 
 ,li,v<Uon! A.s.,,s.n„;,l Cnmmith;- v. Wlutc. ilWmi 2 (^ H- ^VM)): 
 c\i(lonco dl' tiado and prolils in ascoilaiuiii-,' ratoahlo valiio i/'rx.'J- 
 
 lii 
 
 ' s 1 si 
 
 I: 
 
 ■M 
 
 r-^vpmBf^^m 
 
108 
 
 HKKLIMINAUY NOTKH. 
 
 [CUAV. I. 
 
 ^«-^ 
 
 W' 
 
 ih's I' 
 
 l!)(H)l A. C. l.'iOi; i 
 
 n(Tt>a-<' lit valiio 
 
 \i\ prciuiiiiii 
 
 |iiiiii l'"f IciiM' iCiuiihfnrrlt A>"^r-isniftil Coiiniiitlcv \. /•,'///<, (l!M»i)i 
 1 (^ I! t;«: Mllirmoil in K I,,. Itl T. L. I{ ".(Mi. 
 
 'l'i;i,i;i'iio\F W 
 
 •rli(;ii|i. I.iniiashhf iili'jihiiiii: l\ 
 
 Oicrxms. M {}. li. I). :i(i7: ( (miiiimiiv liold iiil('iil)l<' 
 
 II \MU .\'l>. 
 
 <( ( , 'rnniiintij Co. v. Jx.viv 
 
 nit ( 
 
 1)111 mil Iff 
 
 'it (irci'iiiriih I'liiiiii. ',> (^. 15, 9. Tlu' coiniiiiiiv "as loinuvl iiinlcr 
 llio TriiiiiWii.vs All, 1870 .:!;! ,V ;!J Vict. f. 7H), iiiid liid duwii a 
 liaiii\\a\ ill a liijiliway. llie sull ol wliicli was vc^icil in ilio di^ni. i 
 Imai'd: Hold, llmt llio cimipaiiy was rateable in ii'<|ie(l ol its ona- 
 |iaii(iii ol ilie road liv its iraiuwav. Oiiiei- ( ascs mic Milbimnu- 
 
 Tiiuii It'll 1/ C' 
 
 I'.lfi trir Till 
 
 Fit: 
 
 nil/ I oij}. 
 
 I'.Kii 1 A. c. i: 
 
 Mil 
 
 rojio 
 
 litiiii 
 
 ,(' 
 
 I//.S \. Tiitlfiilii'iii iihiiii hislitrl. :!H T. L. K. J!IJ 
 A.i; oveniiliii^ Siciuisfti I miirvcriiinilx anil Traiiiway Co. v. 
 (Mv/ I I hull Siniiliiii/ Authoiifi/. (KS'.ti'i 1 i). 15. .•5.)7. Li<iiit 
 av- exempt. Wnhrjirlil Ciirir \. Wiil.rfichl l/iqlit /(■//.. ilVOH i 
 
 A. ('. li'.t:! 
 
 .NDKlil.KOI MJ >K 
 
 I 
 
 .{■■<si's,siiiinit ( 
 
 wr.iis. -Y.stiiulii foil nil, dv 
 
 Diiiiitilh'i'. I 
 
 mill I 1 (,). B 10(1 
 
 W MtKllOI s|.; 
 
 /./ 
 
 >ee 
 ,/ 11 
 
 /(•<■ 
 
 lli'ii'lrr.i 
 
 1»2 I, T. iii;2; /ioo'lr Or 
 
 irrriiiKil 11 iirriiDiiyiili) 
 
 S.-, L. T. I.- 
 
 I lid I, Olid 1 1 
 
 llliliii /'nc/,-; 
 
 /'ri/./dC r 
 
 8.! 1,. T, ;J71. 
 
 W MKKWOHhs \M> li VsWOUKS 
 
 See /('('./■ V. liriiililiiii (iii.iliiiht ( 
 
 ."> H. A C. 4i;ii: llcj- \ . llDilidi'lr Wnlirirorhs. 1 M. iV S. (!.!l; I! 
 
 Mi II I 
 
 I. ( ■ 
 
 71i;; /, 
 
 . i;i!i; /, 
 Lie Or. 
 liuii V. Lhiiifj/lliil As 
 
 V. Illllloill t'lli 
 
 1 1' I). \ 
 
 Wr.sl M;,!illi:-.i:r W.il 
 
 rnror 
 
 iff). \ 
 
 U. I (,> ii. I'll: Li 
 
 !:.■<, 1 E 
 )l( 
 
 ]■: 
 
 rcijioitl I or 111)111- 
 
 iH<Mt. J. (.). ]{. 14: AVi 
 
 tirrr ( 
 
 l'.K)2i 2 K, H. .V.)7; lliniiidoii ''ihnii Cniinril 
 
 V. SoiiHiiiiiil, mill \iiiirliiill WHIfi > 
 
 1(1 T. L R. (ill: /., 
 
 Ciir)m>iilii)ii V. liirki'iihiuiil I' 
 
 '.»» 1.. T 
 
 IjiOol 
 
 The true test of lienoliiiiil o(rii|);itii)ii is m,! wlieilier a jncilii laii 
 lie made. Init wlielliei' llie oiiiip^itiuii is of value LdiiiIdii CdiiiiIi/ 
 I'liiiiiril \. ('hiiriliiriinli't,.-< of E)i"i. i Wy.\) A. C Vi^. Ja that ease 
 
 jieil of siMvajfe j)iiiii|iiii';- .•^tfilioii 
 
 the ( 
 
 oiiiKil uei 
 
 V. Iielij ratealil"' in le^ 
 
 anil woik^ wliiili tliev o(iii|iie(l mid ii^ed to <'iialde 'hem to jioriorin 
 llit'ir statiitiriy diilie-. and to lie juojierly taken into ;i(i'ount as tlie 
 liy|otlietiral tenant, alllioiurh lliev liad no jiowor to lake (he [jie- 
 
 hn 
 
 I'i'iiti 
 
 I lii^lihilr 
 
 St. M 
 
 II I' It 
 
 i 1)1)1)1 Is. Ti 
 
 7 Maivh. IS'.I.".. 
 
 Hut it a poiscin is a iiieie laietaUer ol a lioii^e. jint ui to jiiosei\(' 
 the hoii^e tioiii depiedtilion. the master who jnit in sucli (aretalcer is 
 nil lirtlile to he rated in respect of the house, heeaiise he has no 
 henelicial m nipation. The i]iiestioii in each lase is wliptiior there 
 
ll,LK(JAL AsaOCUTIONS. 
 
 10!> 
 
 iicrtMint 111 
 otimatiiik.' 
 riitiug V iliir 
 
 ,,Ueu into ...iMsidomtioM iu tli. a^so^suH-ut -t ru..-^. -s,,.., .alls uIm.. , ,.w... U, 
 
 „ ,,;,,.„„... is p.o,lu.c-d tl.al .1.0 .W.^iuon, Cumuu...... l.u, , 
 
 ,,,,,10.1 .h- K.M.t..a! ,on.i.,t:ou.y ..f s,,ik.-. This was so lu^M n 
 
 \s u. il.-M....' ..f sl...|.- .hi.i-;;- «i"!''' i"..nihs. s.M' .so»//,<'//,/-o„-.>, ,/ 
 ,,;„,,„,,„, :. Il7,//r. 8.-! I>. T. lO.H. .lis.iM;;ui-h,..l '"/•■';'"_'■"'•'" 
 -,v,v ^ Lirr,f"»l Wnrclu.ii.i,',, I ».. S.". 1.. T. LV, ti-. .11.. " 
 
 V. t.. de.lu.li.ii.s lor lopaiis „i M.in,.s. sol- ,loll» lin„n, ,( To. ^ 
 /;.,/„.,•/.«.« t;»/o». 8:! L. T. M.!; HV.,. <(■ T.rs. l.rilh IHU. .( . . r„ 
 , / /f 1 F. 1117: W. N.(1;k)0,)210. 
 
 IU i; A 7 Vin .•. ••til. >. 1. <'M-.iil';i"i' I""" '"'^'^ '-^ all..«.'.l I. 
 
 ,,„.„.iMw ,Kru|.io,l i.v "any socivty inslitut.-.l for |,.mi...s.-s ol' s.io,,.-.- 
 
 l„,,,„„o. ,„ .1... lin- arts ox-lusivlv: ,,.uvi,l.-.l .hat such so.ioty fi,,.. arts _^^^ 
 sivill 1.0 s„|,i,oito,l wlu.liy or in part l.y Miinnal v..lni.lary .■..nli.l.u- ,,,,.,„^„j. 
 ,i„„s an.l shall ...>.. an.l l.y its l.yo-lavs n.ay >K.t. n.ako any .I.m.I.miJ. 
 ..if, .livisioM. ...■ hotn.s ill ni..m>y imt.. ..r 1 'v.-on aiix -I n- 
 H,..iuh.Ms- S..O Saro,/ Ovcr.rns v. .1// ri,;,.>, ,.( Lon,U,>,. ( l«'i„^ 
 V ( -'.111: lioiial CoUege o/ Mn^ir v. SI. Mar.nn-.'Vs Orrr^rrrs. 
 ,18'.8i 1 Q B 80'.); ./«»»»/'»■ Insllhitp of Prei't'nlirr Mr<l,r,,>r v. >/ 
 ,ienrc,rs .Us,-s.mr>,l Committer. U: T. L. K. M4; (HI !-. •». Q I! 
 Sll:'s.! r.. T. ai4; Ilornsrn Scliool of Art v. Kdmwtnj, I >nu>,. '.M 
 I T. 20:i; ,/'>»t« V. St. Duii.^liin Occr «•<■). v, '.C 1.. T. 787. 
 
 As M tiio liiiiitali.m of timo for iivov.My ..i latos, .,.,. A,r/...' \. 
 ShrlHrhi Cool Co.. (1901 1 2 Q, H. 'it!. 
 
 As to tho io,..voiy of latos jioudiiK^- apiioal. s,.,. t{nrtn,> v >t 
 (iil,:s.in-tln-Fwl,l.^<. (I'.tOI) I K. U. ti'.o. 
 
 What 
 
 ^riclltitir. 
 
 liti'rarv, ami 
 
 Illegal Associations. 
 
 Tho A. I of I'.iii8- liko Iho A.l ol I8j1', alLiiil.- 
 
 tacililii.'s I'oi' lUeirsl 
 
 foniiin- .oiiipaMios. hut hofoif il iiitrolu.-.'s tho niarhino.y ..t l..ima- 
 tiou. tho A.l, iu .set. 1, liivs; pi-..toods to cU-ai- tl.o -lo.iu.l hv (leulann- 
 illooal all lai. -■ unro-i.storcil .oiiiiiaiiios .a- as.s.j.iaiious suhsoiiuoiilly 
 loiuuMl. ai.d'thu.s indirootly o..i.ipolliii- assoriatioi.s to aviil ih.-ni- 
 .-oK.v^ of tho provisions of tho A.t. Sooti.... 1. tho -o,t...u in .|Uoslioii, 
 piovlilo.... ill oHoct. ;.- t■ollo\^^<: 
 
 , 1 . That after tho .oiunionoc.iioiit ..f the Act uo .ouiiiauy. a.s.o.ia- 
 tion, or partnership tousistiug of more than ton ii.oiuher-s is 
 ,o lio formed for oarryin- on tho husincss of baiikiii<; unlo.s> 
 rogi.steiod under tho Aol or fornu.d iu pursuau.e of soiiio 
 other Act of Parliaiuenl ov of loiters patent: and 
 (2 1 That no oompany. iw-sooiation. or partiiersiiii. oousistiuji- ..f 
 
 ;i..sueiiiti"U'. 
 
 .,-a^ 
 
no 
 
 I'UKI.IMINAKY NOTKf*. 
 
 rCllAI'. I. 
 
 1->I 
 
 I if above 
 
 riiiiri' lliiiii iwi'iilx |ifi>iiii> 
 
 I till" An Inr ill 
 
 llli'lli iMIIl'lll II 
 
 iitlirr lm>iiii'~^ < < '•. n' 
 
 ^li;ill III' liii'iiini iilliM' lliii iiiiii- 
 i> |ilii|ii>^i' III rui'i'viii;; nil iin\ 
 
 III')' than liaiikiiiLTi iliii 
 li 
 
 I lias till ii> 
 
 ilijcit iIm' iiri|ilMlinli 111 •f.llii li.V llu- I iiiiiiiiiiiy. a'*'<iM iiilloii 
 
 III' paitiii'i 
 
 <lii|i. ni- \>\ llic iiiil,\iilii:il iiiIh'1'> ilifrcnl', iiiili' 
 
 If |> ii'yi-li 
 
 of l-nllll- iitlicr A't. 
 
 ii'il iiiiiirr ilii' A '1. 
 
 il 
 
 j- Int'llH'il III )>lll^liaili I 
 
 la'iMit. iir i- .1 iiiiiii>iiii\ 
 
 in wuikiiiL; iiiiin'^ wiliiii tin' Siaiiiini n" 
 
 l).'\. 
 
 ami ( oi iiwall 
 
 III; 
 
 Til.' ailing:' 111 ilii'M' im :iii >'. a> iiiii-i |iU! i- I li.v llic (uiiri^. i,« 
 
 inn rmiiiiMl ill uiila.iuii nl tlif >i'riiiiii i» 
 
 I iiiiN riiiii)iaii\ 111' a»iii lai 
 
 |irovisioii-. an ill(';:al a.-><i i.itii'ii. ami till' p'lii. 
 
 V III ilii' I'lia ■liiii'iit I- \M 
 
 II I'X- 
 
 (ion III 
 
 Icil liv .1: >. L. -I . in Siinlli \. Amlii ■iiiii 
 
 IH,Siii. I.I C, I) .11 
 
 1" 
 
 !. Till- uliji'i I 111 till' Ai I. 
 It tl 
 
 l> llir l.nl'il .ln>;irl'. 
 
 ijONont till' iiii.^ili 
 
 id aiisiim rniiii lai'_i' i i'.hIim'.:' nnilt'i'iakiiiy" Ih'iiil; 
 
 till'lii'il nil li\ lai-yc llmliial 
 
 wil 
 
 ill:; li.i. Ill's. -I) ill. 11 |irl'-oii> sii iIimIIii'j 
 
 h iIh'Iii iliil iii'i kii'iw uiili hIi'hii \\w\ wi'H' ■ luili-.irlin;:'. ami 
 
 pill 1" y rral i'\pi'n-i'. » In 
 
 ll u.i^ a piililii' mi-' iiirl' 
 
 lipii 
 
 ll 
 
 Anil tlii- 
 
 l|l'r| llll' All !ll;H 
 
 jili.'-ln'il. It lia> ili'^linMMl 
 
 li.i i-.iiil clli" ;iiall_v In lia\i' in - 
 
 alu- nl .Mirli a^-mialioii~. Tliii- .iii 
 
 a.'-'^ni latum \v 
 l.'^H^. at llll 
 
 liiili i- ill(';;al raniinl liu wnilii I up, unili'l' llu' .\i t 
 
 m.-iai'i' I'lihi'i' nl till' a>-nria;inn. ni 
 
 a cl'L'.lillil'. n|- nl' .1 
 
 .-liali'linlili'i. ,Si,////l \\,it,x Mhliilii. ill:. (>>. IST.".!. 2 C I). '*'<■'■■ 
 I'filsloir Assdthtliitii .IH.S2I. liil ('. 1). 117; /'.'(' /"(</<• Jhiiiiioi,' 
 I l,S7.-)i, 1.. K. (i (ll. r,\-2: IhniiDiiibc liiii},t,ii>i >nr.. ( I'.lOl I 1 I'll. 1112 
 li\ an illc'^iil a.-ssin ui inn. win' li'T ii;.:aiii.'>; .i iiii'iiilifi 
 is| I'ail ir 111 ■ iiL'.:ili;v nl' tin.- assmiatinii i^ 
 
 ^n. tnii. an ai'linn 
 
 oi aiiv ntlu'i' iii'r.sun. nil 
 
 disiln-i'il. /,'<' /<((// ilHTIIi. 1 ('. I) li'.K. Il tl 
 
 II' aNSiH lalinii iia-< li'iil 
 
 I nli:;!i|il'll ,l~ -,' inil\ a p!nllli>-nl\ llnlr. il 
 
 </mic \. I'„,i^<>„. 11 ^l li. 1). .".i;.!. Ami. iiin- 
 \('i'.~('l\ , in'illn'i a nii'iulici' noi an niii~iiiu ran sue smli an a>-nt iai inn. 
 Ii'lit.-. {Loiiihiii Miriiif .[sstjfiiiliDii ItSli'.li. 
 
 liiniicv. Ini- iii.stainr, an 
 lannnt .■•in,' llii'lt'nn. 
 
 Inr It tan rmitiarl iin < 
 
 « Ki). 17G; // 
 
 /(//'(' \ 
 
 Itvrord /, 
 
 IC'IIII 
 
 .I.ihh;- Siiiuliralr. 80 I.. T 
 
 III I I. anil I a 11 I'litrr iii!o im i imiian-.. ,trii ,i'nii].< \ 
 
 //ll 
 
 ll , IKS:! 
 
 ll 111 
 
 It (^. H. I). 2l.".l. In a wnnl. the a^-n i.i'.inn i'^ a pli.iiitnin. Il lia> 
 ■III l(';;al I'xi.slciui'. 
 
 Maiiv attonipl.^ liaM' lici'ii iiiaiic in I'-i ipc liniii tlic iinivi^inn.s nl tin' 
 M'l'tinn. lint sclilnni siiiii'.s^liillv; llic wniiN nil' Ino «i(li'. ll was at 
 oiii' time tlinii>i'lil. I'ni' cxanipli', lli.i iiia;u.il asMiiamo a-i-^niiatinii.s 
 
 wi'i'c nn 
 
 t witliin llll' ■'('('liiiii -nnt .I'-n ii in 
 
 i.s Inr yaiii ; Inil ilii'-i" 
 
 i|iiiilil.'< -nr linpc- WI'I'C iliipclli'il liy liiiMle ■i.-'inii in I'liihloir .[.i.yiti iii- 
 
 li'iii iHSL'i. .'fi r. 1). t;i7. 
 
 Ill Id' Till, inns IKHIl. lH) M. I). .IT'.I. a^raiii. it wa-^ fnnU'mli'il thai 
 an iiiii'Cjj'istoi'Cil Iniii Micii'ty i-onsi.siiiiL! o. iiiou' lliaii twonty iiiciiilii'i'.< 
 vii-i no! ilN'iral. In'iaii~i' in its imcpii m it i oiiiprisoil loss than twenty 
 
DISSOLUTION. 
 
 Ill 
 
 moinU'i-. l)Ul iliix tliti".v <"ii'.'iili.iM «ii- |,ic.im|.>I\ ox.mhiI.I I 
 
 ,,,„„„i. ■ Kii.l Cuvf, •!., ■.iHs..al U, the .l..,liii..« linn. 1,.-:.mm. a .M-iot.v 
 
 ,^ ,„.>i.-l.',l \n Ic-- lliaii tvvrntv |«m,|.I iirii.i.llx. .iii.l hul,-..,,mMill> 
 
 .,,.o«s to innr.' Ih.iii IH..1.IV. il i-' oiitM.lv ll.r A.t an.l .ln..> ».>l r.-.,m.e 
 '..i.i.,in.lin,i. Tliis W..11I.I bf mukiiiy: ;i lauKliitiu-to, k "I ill.- Art. 
 
 Tho>.- .:i.s.-H imisl. Ii..w.-vi«r. he usal «illi >«/'7/( n .l/n/.'/v,,/ 1 IN«" '. 
 I , (■ I) 217. a .I'M i>i<>ii "t «lio (Vmri ol A|.|)0:.l. in «lii. Ii it «ii'* Ik'1'1 
 ,|,.„ .,„ i,n,.-.t.M.Mit misl was not an ilU'-al Mssuciiilion Mlllioimii ili-'iv 
 ,v..„. .I....V lliuii t^riMV iHMiHi. iurir- rnlitl.Ml lo llw' l..-m>lil ol ,1. iIm- 
 ,„i;„ .Irrnhmi; iM'i.i- ll.ui iho l.i.Mm-'. il' lMi>.n.-> .t wav ua- r.ni ,(M 
 .„, I.v ihi' tni-ilcc-. will) wr*' li"s in iiuiiiIht lliaii l\\i'iil\. 
 
 So in 0,„' ami All Slrl,-,u-ss A.soc, 2:, T. I, \i. .IT*, a .h>u- . Inl- 
 «iis lu'hl not to U« an ille};ul asso<iation witl.in Ih-' s<.,tin.., iIh- . .ilv 
 .,HM. iaiion Loin^r lo Hhaic in a loli.'f timl lonnr:! I.> Mil,-,, i|Hi,,',v 
 
 ir;-/^-./.' V. /'..//.r 1 IHHl). I'' l- T. (112; < rn,rlhr, v 77/-,;/..'/. ■■"' 
 1, T |:l; /.'<■ S/,/,/./// - I8S.-.). 29 (• J). 1. .II-.- ..:li."r '•..-<■< ni ulii.li 
 
 ii'iin.-iM.M.Ml lan.l ,<.iii|.;uii,-s .,f mov.' Hian l^^.■nl^ i.wiiil,.'!- hi.vr I, 
 
 |„,|,| t,, l,i> U-al .>n the ki-.»iii'1 'Ii''' '!'"'> "''"' I'""'""' i'i""'l.v I'" 
 :„ ,|,iii iiii: aii.l .liviiliii,: l.m.l l,i'!ttiMMi tli.- iii.'imI,.'! -. an<l ii.,i loi' .mi i> - 
 
 i, II i,M\ lai>iii«— ol lanil joMiin- or iialli,kiii- in laii'l. 
 
 '\l.,Hs V. Thowiisoii, 80 L. T. 7.V.), in wlii.h t|„. trnslo.-^ oi a., 
 „iii.-islci<Ml .-o.iclv l.,r nmlual in-nian.-.- .■..n-i-tiii- of ni,,ic tImi, 
 ltt,.„iv ,...|-.-^o.i> «.Mc l.cM .Milillel to -no tl..- -o.i.Mv- u-o.i-mrv i.„ 
 
 ,,M,,v,iv or i,i,.n,'V.,ftlu>.si,.i.-lv in lii- han.l-. -.■.•n.- to lun .• 1 fi" 
 
 .,f tli,,«> liat-.l ra-es wliich make bad law: at <i. if is .lidiMill to 
 
 moii.ilf with Re I'tidxtitw Ansae. 1 xii /iin > . 
 
 Dissolution. 
 
 A ,„i,nn(,n law . .,.i..).atiuu was .li-.-oKeil \,y lo-> ol all .1.- 1, ■lub.i-. Di^^.lut.ou. 
 (iiaiil ,,a t'oiporations, p. ;i03. Bnt it is a|)|)iviRMKlo.l lliat a luiu- 
 panv. niulci- tin- A.l of 18ii2 (now litOSl, boinj; a .-taint. ..v .■,,ip,,ia- 
 tion.an.l an in.U-poiMont.lo-al iwrsnn.i. i- not -odi-.-lviMl . AV,r//-,T</ 
 Load IS,M,nl V. Srirhai-rii Srimol Hounl. :!(( ( . 1). ;t7.i s .m.l tli,.t 11 
 aub.-i.-t.s u« a torpoialion niitil il i-* dis-olved in the maiiiior c.\i)iv-l.\ 
 provi.le.l for bv the Act, viz., (a) by u cominil.soi v windin^-np. 1..I- 
 lowod by ail oi'd.-r uf the Court lor dis.solution under sect. 17:: ..f tli.' 
 Alt: lb") by a \.)biiitaiy winding-up, followed by a j^ouerul inectm- 
 and rotuMi'to the Ke<ristrar (.sect, li*.'.,!; t:f,) by ^^ll•ikill•; the ii.unc ..f 
 .1 .iiini.any .,11 the re^n.ster under t^ect. 2J1.' of the A(-l. 
 
 The Ji.-sobiti'in of a loinpaiiy under .seil.s. 172. r.>.'> of iln' Ail 
 Mmhi,lo.s a .snbsei|ueut winding-up order, or jiroieodings for ;.•.,, v. ■!•> 
 
 of 
 
 anv outsiaiidiiig iusscta 
 
 'oxon 
 
 V. Uorst. ( 1891 I 2 Ch. 7o: l'tiil<. 
 
 Silcci- MinuKj ( o 
 
 ( o. 8 C. Div. 273; London anil CaU'donkni Co., 11 
 
 C. !)■ 
 
 14U; 'Knoivlc>s\. Scott, (1891) 1 Ch. 717; Whiteky Exor/.s.r 
 

 113 
 
 1'UKI.IMINAKY NOTI'>. 
 
 [C'MAP. I. 
 
 V. lulllllKlf 
 
 |«'.»H,) 2 I'll !'»•■> 
 
 SiiUnn V. .Scii> Urmtini fi/clr ('<>■ C 
 
 (1900 
 
 I eh. »;l; WrxlhiDiiiir (.Voiv Ihaprri/ ( 
 
 ■>: \v. u. .j; 
 
 liut ulicic 
 (•orii|iaii\ iiiiiN 
 
 Ih. 
 
 Iw ri" 
 
 iliilinii liai (akiMi pla. o iimli-r co t. 212, llii» 
 .(I liv ipkUt i)f tliK Cimit M- ilii'ioiri iiH'riliuiicd 
 
 \ i\i'(l liv ipkU 
 
 Skc rmi II. ('Iiii|i. \A. 
 
 (H-Mt's lui\i' si>m('tiiin"< i«v 
 ircM'iJilih' (li.-'.'>i>liiliori. ii-^(M« 
 
 UTOil III wliiili. alii'i .III 
 
 olVi'.livi' ami 
 
 Ol' I III 
 
 '|)III|I1IIIV 
 
 lui\ 
 
 IVt' 
 
 hioii lit 
 
 iiiMMI'U 
 
 01 ilfi-l'l^ Ml|l|>ii>lM 
 
 to 
 
 It.' miIii.Id-'s li.ivo lici'ii I'.miiil til 111" !>'' ^''Ii" 
 
 Siirli aiM)|i, sii lur ii" tlii-y ui<' ica 
 
 I av«<i!s, icM'it til till' 
 
 uiii (III t 111 iioialioii*. •■IO:i '■ an ! »• far a 
 
 I t lila 
 1 »,). I! 
 
 thtn aro poiMiiwI |...iiktIv xost in the Crown u-< hom, ,w<m«//.m 
 Coin 2'i'.»; liniut. ••!"!) Il>- lli'inin""" "'"' ''''<"'■ ' '^•''•" ' 
 
 liiit aii\ lni.'*t alTorliiiy: iIk- i 
 
 impcrtv 1-- n 
 
 it ilisiil.!' I'll shonjil Miili 
 
 U ra.-i' iMi III" 
 
 ii- to h'lii'i riniiii 
 
 iilri ■• 
 
 \iiil .-I' 
 C.T'.l; /')/' 
 
 /,'<■ RuIkI. I'tllll'S \ 
 
 Hi. Citntioi 
 
 I: V. r.itirinlt. ilS'.tr, 
 
 2 Cli 
 
 1 soil I 2 Ch 1S»; Unii 
 
 llitr 
 
 I'll. 
 
 Ml -dfii 
 
 MM)| I I ell. l"i: /V.V'v ./, 
 
 OOL'l 2 Ch. 
 
 ■ii: 
 
 Cii'.li: 
 
 111 i.lhiM- I'l 
 
 iLrhl- it i' a|i|iii'hi'iiili'il ■>]' 
 
 h 
 
 '> I 
 
 I'liiiuu I'lr a ;;iai 
 
 |il\- 111 till" Ciiiuii 
 al.iv 
 
 Willi .-III rl' — . 
 
 a lia.'<lai':l vi'-t 
 
 li i.f a^-fi- 1^0 vc.Hlcd in the Cmwii, ami im 
 ivaiil 10 ihf I'ai-l that uln'ii' llii- -'" 
 
 in tlio (^iKwii, it i-* u.-aia 
 
 ,! to 'n-aiit till' ■-aiiio or pan, 
 
 tliereol' lo ihf natural m 
 
 I ni-xt. of kill of tho ilocoa.-i'il S..|. Eraiis \ 
 
 /// 
 
 . IHI.".). 
 
 lii' 
 
 in 
 
 Siiijiiilar le.'iill.-' sonu'tiiiiO' 
 iiiir frci'holiis ill Irii-il In ^'< 
 
 oasue; thu.s. whoro ('..iiipa 
 
 IV A. holil- 
 
 fiolvi'il, it « 
 
 n 
 
 lloilli 
 
 W 
 
 laUf.^ .sIllljlTl ID 1 
 
 ilebonUiroi of Coiiiiian.v I!, \va- ili~- 
 ii- foiinil thai ill.' Ii'iral title hud pas-ed i > loiiipaiiv 
 
 it lo a triiMt vest ill the Cniuii, tlio Ciown 
 
 as ,1 trustee 
 In that iise 
 
 (lere a.ssel- .iidiji 
 
 in- trii-t. hut apparently it wiil m 
 
 See He Tiuilitr's A<iiffnifii 
 
 I TntnU, (1904) 2 Ch 
 
 liiK'kli 
 
 .1 .. refused to a.l on t 
 
 he view that a dis-olved voiidi 
 
 pan\ uliKii 
 tni.'lei' who 
 
 liad iie'.dei ted to assi<rn paleiiis to a pun hi^er 
 i-oiild noi he found'' within the ineaiiiii;;- of sr 
 
 [•I .•!.-. 
 
 t' the Trii«lei 
 
 All. IS'.t.i; hut Farwell, .T.. has in two easei emtie to 
 
 >i\v I imilu.^ioii- 
 
 (Ifiicri'l Arcidrnt Assnrftii'-c Cori 
 
 1 KMM 
 
 and 
 
 1 Ch 1 17: Ui'har.l Mllh ,f- Co. (lirlrrhi lUm, W. X. < l'.M»-.> Hd: 
 his view has hfHMi followed tiy Warrin-tou, d.. in He S„. !>, liownr. 
 Rmil. ' I'.MHii 1 Ch. .'iV.t. Sec. too, limldingtoii L'lU'L l'") I. T. ti4H 
 
 As to 
 
 destruction of book^ on ii dissolution, soi 
 
 IZl of the 
 
 f li)OK, and us to the Court".- power to dn hire this resnlnti 
 
 Art 
 
 void. .se<" seit 
 
 (1912 I 18. 
 
 22'i. and !<imlHs\ioodi'. IHron A /' 
 
 ni'i. 
 
 \V. N 
 
 Mortmain. 
 
 Mortmain 
 
 Bi the MorlMiaiii and Hiaruuble Lsos Aet. 1H8S , :,\ .<: .-.2 Viet 
 li; , and the Morlniiiin and Cliariialdr U.ses Ac*, 1891 ,'>\ A •".•■. 
 
lU 
 
 TRADE UNIONS AND COMBINM. 
 
 \,i r 73t Und (iiKlu.iinK tenomontoandhorodilamenu .orporwl 
 or .nrorporcal, of auj touur... but no. ...onoy. m. uml o>, I .nd u' .-the. 
 ,..r.onal cMulo ar.Mu^ Irom or conmvto.l with land) .^ not t., U 
 Uured to or for iho Ixinefit of or a.-quirod l.y or ou bohall ..I an; 
 iornoral.on in mortmain othorvvi>o than under tho uutl.or.ty ol u 
 l,.e„co of tho Crown or of a statnto for tho tnu. ^ 'I'.i,' ... 'orco; un.l 
 „ anv luml i. «o assured othcrwi-s,. than a« aforosaU. U.o land i. U. I- 
 „„f..ii..d lo tho Crown from th« dat*- of tho a^suranoo. and ihe K.i.K 
 ,..,, ..„l.M ..pon and hold tho land ar.ordindy : but tho Act ot l»^^ 
 ,o.>tain.s a proviso enablinK tho n.osn- led. to fu.er within a speohrd 
 
 IX'.'''"' • . I 1',,. 
 
 \ lu.-n.r u not necessary in tho ..u-o ot a i-nipany n.-i.stt>nH oi 
 ,,roHt, or to bo taken to bo r«pi«t«..rLHl nndor iho Co.upanu-^ lO.nm.i.da- 
 l,ou) Alt. l'J(m, for by sec t. 1.; (2) of tho Aft it is expressly prov.dod 
 •u,. tho c-ompany «lioll bo a bo<ly .orporato, with power to hold 
 la„,l ■ Hut an .iM^ooiation vol for i.rofit n.nnot hold n.oro than t«.. 
 auv.s withi.ut a liocm;e. Couipa""* -^'"t- '«"«• '^ ''-* ^'"'^^ ""'''' 
 !i(vn«'.s wore granted in t'.tU>. 
 
 How far .an a foroipn .i.rporation hold land hero witiiout iicenc.' 
 I, is .loar that under tho MorUuai.i Act, 188S, it .'aunot hold land a. 
 all uilhont Hoval licence, but of course it can form a company ho.v 
 and tliat company can hold land, and a foroi-n company can hold 
 „ea.lv all the shares in such company {supra, !>. 4 J ). This course has 
 Uvi, "a<lopted in some Ciises. A.h to forei-n (-.mpanies oslublishing b 
 pLice of business in tho Unite<l Kinj.'dom, so«-, now. Companies Act. 
 I'.idi.. s '_'7t. and p. 1 IS. 
 
 Trade Unions and Combines. 
 
 At common law tnide unions weto iileual. in the senso that the Tr.a, .m.,o,„ 
 ( „,rti uould not enforce tho .ontracts of the inomliors inler sc, for ;'_^"""'" 
 >,„ I, combinations woro rojrardwl a.s in restraint of tru.le, and conl.rury 
 1.. public policy. The common law n.le, as enunciated in Hilton y 
 Krk.-rsky, 6 E. eV B. 47, is tlu.t. ,,ri»:d /<„„■, it is the privilofre of u 
 trader in a free country in all mattei-s not contrary to law to re-ulat<' 
 his own mode of carrying on it (his trade) in accordance with hi.- 
 .nvn discretion and choicv. And see Cullen v. EMn. 'Jo L. T. 840; 
 UumAI V Amah]amated SocieU, of Car,H-ntcrs, (I'JlO) 1 K. U. otJti: 
 athiined bv Ilouse of Lords (1912), W. N. 79; Mdd y. (leiien,! 
 Vnion of Operative Carpenters, Wi L. T. 4.'.; (hbornc y Amahin- 
 watcd Sncictii of UaUway Servant-, (1911) I Ch. .JiO. 
 
 in Hilton y. Eckcrdoj, supra, .several manufacturers, with a view 
 •■ proto! tiiiu' themselves air-iinst the combination of workmen, entered 
 into an agreement aa to regulating wag«s ami hours of wot Ic as to sn- 
 pending work partially or altogether, and as t-^ the in., i-ement ol 
 their business by the decision of .i majority e dieir Pumbor, and it 
 
 '■•n'.'i'i'i 
 
i 
 
 
 114 
 
 PBELIMINAKY NOTES. 
 
 rCUAl'. I. 
 
 iliJ 
 
 ... hold ,1KU .he a,.<.on,cn, ... in — ^ « ^"'"^n'ain/tr:; 
 ,,,„ „,,, oufov,..al.h-; an,! Crompton, .)., was ot opm.on that tja 
 
 , ,..,„i„al .onspl.e,. That o.^ion^.. -;^::^^ f cX ^S S:! 
 
 „ ,,,,„i,cd the Trado Tuiou Act.. 1H71 a.ul 18,l> ,. ^ ,-!' ) ! * .! '^^'^ 
 „„, ',0 ., ,0 ViH. <• -). to .-.novo tho .ln,.l.t. I :nha. .ont e,a d 
 
 ,, M...„a..|.. n TnU \ ulr Hall <<>■ ^ ''"' '-'/■"''":"■<." 
 
 , -. , ,,,,,,, V (' 1>V, ■ ha> loiralisc.l trade unions, 
 
 ;.„,.. o,- ,1,0 ...ost .oniavkahlo loa,. ol' ,u„dor., <lo,no..rat.. 
 :::i:i.,:: whi..hp.ov,dos,hat'ana..,ioua.a....an.oun^ 
 
 .,„,,- ,,„ ,,„,,,,„• .„ ,l,.M„M-ivo~ a,.d all ..the- ...Pinhoi- ol ,ho i.ado 
 
 i .Ip > a..v ,onun,> a,, allo.od .o havo 1. o„ .....n.-lod 
 
 ;::;;;■,!;; mL ..f ,l.o-,.ado ,.„io... sl,all ..o. l.« ontor,a„.o.l l,, any 
 
 ' "'"1: ,ho p,..,n,so. ..nl,o>o A. t. ,1.0 -onn nad.. ..n.n,, i- do,,>.od 
 
 . |,v -o.t 1(1 uf (lie Act of 18-0), as follo^\>-.- 
 
 ■ r,-a.l.. n,dn„- .n..a.,sa.,, ,.oml...,a,.o., who.l...- UM,,.ora.v or 
 
 ,: o l.otwoo;«orU,.,o.. and U...on, o, l,o,uo,.n n.as.or and 
 
 /,„,/,. ,„■ h„.iacs,, wl.othrr .M..h ,.o,„!.,..a,:o., uonid .„ ■-"•'•■■ 
 , , 1. „..,u-,pal Act i.c . Iho Act of 1S71] had ..ot l,c..n pa.sod luu.. 
 U.:!: di;n.o</ .o havo ....n a.. u,.,..ful oo,nl„naU„n y .oa.on o ^on. 
 .,.Moo.-.,.o,-oofi,«pu.po^-l.«n,'."ro>ha,n(,nl,.:,d l h. 
 
 A(l.> aro not t/i alk'ct 
 
 ,, ) V.v anroo.non, l-ot^oo.. pail..o.-s a~ In ,hoi, own la.^inv... 
 ,.;' A..; a^.vo..,on. l.o,«o..naMOM.ploy..an.i.l,o... o„,,d,.,.dh: 
 
 him as tosiuhoniploMnoiil: 
 ,, , X,n a...oon.onl in oon^.d.natiun ol ,ho k.Io .,1 ih- ...-du .11 ol 
 
 .," hir-ino,--s ...• ol' i„,,.,.r,i..n In ai.v pru|V>Mon. I.ado. or 
 
 lia.iilitiatl. 
 
 r, .,.., -nt li.o A.I ol 1871. ,. I- provided ,l,a, ,!,.■ pn.-pososolany 
 „.ad.. ..ni ..r.hall ..ot, h> .-a-on ...o.oly ,ha. .hoy a.o ,.. ,os.ra,..tof 
 
 Z:i ,.., doo.aod to 1,0 nnla.lul .o a~ -o .o.,dor any ..,o,„1.m^ ol such 
 , ,„,„•„„;„„ !i,,.,., ,0 ,.rin„.,al proMvu,.,,,. tor , o„>p..a.. "j' "' '''-'-^ 
 ,,„l ,„ ...... ;l. ,hat tho pu.poM.s ol- a.,y Lad,. ..n.on .hal ..o,, 1,> 
 
 ,,.a<nn .noiolv ll.al li.o> a,,' i.. ,. M.ain. ,.. .i.t i 
 
 „„„,.,, void or voidahio a.,> a;:n.....o,.. or ,r..s,. ^o, , 1 prov.lo. U'a 
 
 „.,thi....- in this A.t shall o..ahlo any Co...-. t- o..,orla... a..y lo^al 
 
 ;:;;;;::d.,;", ...sumtod wm. 11.0 oSjoo, or .l.roolK o,..or,..n, or 
 
TIMUK UNION!* AND COMKINKS. 
 ..cvcrin, .lan,a..s fo.- ,l,o .....ach of anv of ,„o foHowin. a^e.- 
 
 "T'^::":'::..,. .„... of . ...u. ....ion .. ..i. con. 
 
 '• ■ Ui .. ,1,,. ,.ou,li,ioM. on whi.h a,,v ,n..,nl,ors lor .lu- Ume 
 i;;;,;;. ;f .ad, ivaa.. ..,,10,. .^M o.. .l,aU ..ot .A\ .ho,r .no,b. 
 „,in«act l.usines., on.plov u. In- ..nploy..!. 
 
 o Anv aaro..n>en. for tho paynont Uy any ,,.-rson ..f a„y .ub., r,p 
 lion or iioiialtv to a trade union 
 
 :, A„y\.^Kvn,.n, f<.v H. a,,,li.ation of Uu- f 1. o, n .rad. 
 
 union 
 
 (a) to provid.! bonolit.- t^. nM-Milx'rs, or 
 ,1, io furuisl. rontril,nti..n. to any .Muployor ov norUnmn 
 ,„„ i „,cMnl,o,- of M,.l. trado nnion in .on^doration oi .sucl, 
 .,„,U,ver or worlunan a.tin, n. .onfornnty wi.l, .ho rnlrs or 
 n-soluliou.. of surl, tradi' nnion, or 
 
 ,,,, ,„ .lis.lKUur an.x linos in,,>o-od ..|-nn any person Lv 
 M^nionf-o of a fniut of .luMi.f. 
 
 , ,V„. ...,..,.n,o,a lua.lc l-nvoon h.wlf un.on and another, or 
 
 •: \,;v i:.nd .o ,M.. u,.. tho iH.for,., ^f any of tho above-men- 
 
 lionod ;iur'0Mion1>. 
 ,;,„ „.„|,i,„ „> this Mvtion ^hall ho d..on„.M.. ,.on.M,uto any of tho 
 
 ,l„,v..-nivnliouod u-rooiiiont.^ nulawfnl. 
 
 •^;,,,,,,,K.o,:,hoaho....,,i...uh.,>l „ hoU ,h,., a ...a-,. 
 
 „„„ „..i...,...a uu,:..r .h.. A,.. n>a> ho M.ed m uyc,..e.od nan.. 
 
 ,:,;„, X r ..';. S„„lh Wales Mi.rrx- rr,lrrnUo,>^.(n.u,..n,<v, 
 .:„a ru , \ lyuo, A. C. li:W. An,l that, notwi.hsiandin^ .ho soot.on^ 
 , „„„,:, ,, a ,rado union .nay »ue to restrain a ....a, . .....on o 
 
 „,„ ,und> o> ,l,v un>on. \ orlslur. Mhu:r. .Usor. v. ll..n!' " ''•.'•" 
 , ..,-„, A n.oudK.r .anno., houover, sue ,o nM.a.n .... -xo, ,..ne 
 
 ■lii T i:i:!-2..T.L.R.;;i.- Nor .an a wido. of . doo-as-d n..„.hor 
 
 ;.„,,;,, ,,, ,,,,,„ ,ho ho>.oii.. ^.vou hor hy dn, ^''1-, /;"^;; ' ^ 
 
 ,„../, ■,/,./ SorU-H, of iar,,n,lrr.. Hou.e u. Lords , 1 M-^ \\ V 
 
 ;;. 2)'. T K. H. UT.i. A« lo alio.ali.Mi of rules, see Burl.c v .1'*""- 
 ,','„„",,„/ So,.,,./// o/ l)!icr.% I I'JiHii :; K. 13. 583. 
 
 ■Il„. \, ,.s nn.vulo f.,r the n.-i^t.a.i..n of ira.lr unions ,».o so.ls. ., • 
 „„| ,.; ,„ ,h„ .Vc. o( l«;i. a.i.l s,.. ... .; and S of the Act. of 18,., ami „ 
 
 ,„„„, „„.i ,„ ...,,, .-, ..t f ,. A,t of 1H71. i. IS a,no,i,.st o.hor ..hm- .• 
 ,„„vido,| .hat .ho .on.i.a.a.. A-.:-. W.2 a.id IS.iT, now .-..i.^ood b^ 
 !l,„ ,va .,f i-ius ...- .ha. A... M.,i. -.M). Shall not apply to any 
 trade union, and the registration of any trade union under 
 any of the said Acts shall be void. .So., l-.linbnnili and Ih^lrul 
 
 ,,,„„,Mi„/,.,-, .1,.. .u.„..v,./,.K,;n.w,,,-,r n^^. ,. „f se-... n,.. 
 
 ' 1. 'l"llo'u",'.hen. iJial .lis no. alh.v.ahU. .o ir-JsU'r. .in.lor tho A... 
 
 II-''. 
 
 1,||. Ulli.'ll 
 
 ■ nut 1... 
 :i-ti'ri(i a,« 
 ipiiiiy. 
 
t iin'A 
 
 B 
 
 116 
 
 PBELIMINAKY NOTES. 
 
 [Chap. I. 
 
 J»i 
 
 *■ ■. i. 
 
 ■1 ■ 
 
 Pr»-(*"iir«' I't 
 *uTu»' tr«di' 
 auioM ruli . 
 
 Hi)W to 
 
 ■trr HKr Viil 
 oo-"iit:rati"i 
 
 of 1908, which exprt'sslv preservof (,.s<-o -eai. 294) the provisions of 
 tho Tr.i(lo Unions Ait, 1871, a, lompaiiy whicli is foririod for itadu 
 union purjwsfs, wliothor oxclusivoly or iu i^oiijunction with oUnr 
 objects. 
 
 Thus, if it bo dowired to registur a company for th« purpose of 
 regulating the pricofi at which the membors of the company are to wll 
 the goods manufacturt'd or supplied by tliem respectively, or ti) 
 regulat*.' tho wages to be paid by them respectively, or the output of 
 their ri'spectivo works, or tiie cases in which thoy shall concur iu a 
 lock-out or suspension of opiTatioi"*. difficulties at ouo« arise; for, it' 
 the a(»sociation ajipears to bo a tr-iu union, tho Registrar will refuse 
 to register it, and if ho should, b> -jversight or error of judgmom,. 
 register the association, the registration will, by virtue of the -Yet <it' 
 1871, be void, and sect. 17 of tho Companies Act, 1908, does not, in 
 such a cato, make the Registrar's certificate of incorporation cou- 
 clusive that tlio company is validly registered. British Asuuc. ni 
 Glass liottk Manufarttin-rs v. SettU-fuld. 27 T. L. R. 527 *.■ 
 p. 21, supra. 
 
 Sometimes au a.-isociatiou, with general objects ipiite free fio :i 
 objeciion, is registered, notwithstanding the presence in the aiti<l.> 
 of a clause savouring of trades unionism or restraint of trade. Jii 
 .such case it would seem that tlie registration should liold goo'l, Ijiii 
 that tlie clause, as being in restraint of trade, will be invalid un.l 
 <iinnot be enforced. See Miiural Water Bottle Exchanye and Trudr 
 Protection Society v. Booth, M C. D. 465, C. A., where en artifli' 
 prohibiting each member from employing any employee of any otliei 
 member without his assent was held invalid; Unnstoii v. Whitelcy'i 
 (1875», (ia L. T. I.'i"): on appeal, 55 J. P. 153, iu which an arlic)'' 
 fixing the minimum price to be charged for sale of goods was hell 
 invalid; and see Simitw v. W'ilioii, 21 Q. B. I). 252, as to rules in 
 pail illegal; and Calten v. FJu-yu, 90 L. T. 810; 20 T, L. It l-JO, 
 wh.'e niaJM object illegal. In Ciule v, Daly, (1910) Ir. R. aoi.. 
 it wa.i held ihat an agieeiuent between tlie membors of an a.ssociatioii 
 of iiaders fixing tho minimum prices of good.' was legal, and wn^ 
 enforceable by injunction. But the decision appears to be inou- 
 .-.isteiit with the prinfiphv-5 lai<l down by the House of Lords in 
 llHuscll \ Aiiuilyiimtitid Soricty uf C<trjwnter!<, 28 T. L. R. 27(i. 
 Wliere, then, il is desired to limit the output or coiiliol tho toiului i 
 of a number of undertakings, the best plan is to form a now coiu- 
 puiiy, wiiieli will at quire all the undertakings in ijuestiou, and tliu> 
 obtain the reipiisile control as owner. Sometimes, however, to vos' 
 all the undertakings in ono company would bo prejudicial, in the 
 ."onso that it might destroy or detrimentally allect the goodwill oi 
 some or one of the businesses or invito competition, and, where thi- 
 is 30. it is very common to ail"pl the ex[H!dient of vesting each el' 
 tho undertakings in a separate company, all tho siiaros in whicli 
 aie lakeri Ijy I'li- now company or its noiniiii'<s . .m,! thus the new 
 
 Ml 
 
TRADK UNIONS AND COMBINES. 
 
 117 
 
 .»/ 
 
 Joint pnrw. 
 
 „„mpany obtains ab^oluU" control over tho .sub-compan.oB, and 
 .. in subslancc tbe owuor of thoir so,,:init.' iiu.lortaking.s. 
 
 Sometimos what is .iosirod .^n bo se.uro,I by a " jon.t purso 
 .„run<ren>ent, in whirl, .overal co.uorns join, an.l it is provulod 
 ,1 at the prolit. of each of tho concern, shall for a U.nn bo pooled. 
 ,|.ai the pool shall bo divided in spociliod proportions anion-st tho 
 vuious companies uud that in tho n.-antinu. they shall co-opcrato^ 
 'll„. „bio.'tion to ,-uch arran^'oiuonls very commonly m that any ono ot 
 ,|,e parties can, at any rate by H.,..idation or rooonstruHion e.scape 
 U,f ivstraint of the coulr.ict. See iu^ to i,.x,.nc tax in su,:h ca«08, 
 (,,„sl Kc-n, dc. V. X.-ttlclold. , 1010 , 1 K 1' 71- 
 
 Las'tly, it is very common for a number of companies and ix.sons to I .j;;n«;-;^^ 
 cmur in an agroomcnt savouiiug of trades unionism (e(,., u, iimit 
 ,. Uput or fix prices, or resist labour dictation), wll knowing that its 
 ,,,'isions cannot bo enforced, but relying on the dislncl.natior of 
 ;„embor« to break faith, especially in view of the fact that the other 
 ..ombers may l.c in a position to punish the breach of taith l.y «PC"^1 
 c.mictition or otherwise. Hilton v. Eckorsley, C h. ii IV 4- C8 
 ..J<. p 11- See also ro»/-/.sv.J.oW,T.<App.ra.s.G:), in- Inch 
 • ase an apreomenl by sovoral persons that orJ.u-. of a i.uli.mlar 
 character should b '^vido.l among them in rotation, and ih..t il the 
 ■ wouhl not assent thereto none of iliom would 
 invalid. Ag.iin, in Mo'i'd Slmin.^hip Co 
 Co., (1892) A. C. 2.>, a number of shipowners 
 , a view to keeping up froight.s, and the cora- 
 binadouwas declared illegal by the IIou.so of Lords. " The agreo- 
 „...„t" said Lord Watson, -of which the appellants complain, leti 
 ,1,0 contracting parties free to recede from it at their pleasure , 
 and in the same case Lord Bramwell said: " Let it b: that ead. 
 i„..,nl«>r had tied his hands; lot. it bo that that was in i-estramt of 
 ,Mde 1 think, upon tho authority of Hilton v. Ecke>slcy and othor 
 a,^<. we should hold that the agreement was illegal, that is, not eo- 
 iiTceable by law." 
 
 A.nd in Chamberlain Wharj v. Smith, K^'im) 2 Ch. 005, a number 
 ul persons and companies, including tho plaint iff.s, having formed 
 thomsolves into an association (unrogistorcd) for keeping up the 
 piioo of tea. tho committee appointed under tho rules expelled tho 
 plaintifts for alleged breach of the rules, and tho Court, holding the 
 association to be a trade union and unkwful for want of ,egist ration, 
 refused to grant the plainlilis an injunction, as that would, it con- 
 sidered, be directlv to enforce the rules. 
 
 On tho other hand, an agreement between vendor and purchaser of 
 gnods providing that the purchaser shall not sell below a specified 
 ] rice is unobjectionable. Elliman & Co. v. Carrington d Son, (1901) 
 :; Ch. 27.1. >H.'e al.-o pp. ".SI, 424, infra. 
 
 Although a company which is u trade union -annol be registered Conmbnt,|« 
 under the Act of 1908, cannot, that is to say, emancipate itself from 
 the etMutory restrictions of the Trade Union Act«, it by no meanfl 
 
 pally trivin;.' tl' 
 a' t for liim, 
 V McGrefioi. 
 .uded togeth 
 
118 
 
 PRELIMINAKY NOTK8. 
 
 [Chap. I. 
 
 . .i 
 
 
 follows tliat tho obje. is oi a .oiu,kiuv Io bo iegislei«il under that 
 .Vet may not, iiiclmlo i.owui' for the coinpauy to join a. trade umou 
 or to Bul)scril)e to a liudo union, for, as wo have seen, sect. 2 of the 
 Act of 1!H)8 autlioii/es tlie ro^'istraliou of a comijauy lor any lawful 
 purpose, and tho Trade Union A.is, 1871 and 187G, expressly provido 
 that a trade union sliall noi be unlawful. No doubt, if the funds 
 of a tonipany are e.\pende(l in sub.-iiiplions to a trade union, it 
 may find that" it can obtain no ley;al a;,-istame in enforciug its rights, 
 but ii r ,.v well 1m! woiil, the wliile of ih.' conipaiiv to run this risk. 
 
 Foreign Companies. 
 
 It has loii^r l)een an anomaly that loieio;!! companies should be 
 at liberty to come liere and ih> busine-s wilhou, disclosiiiir anything' 
 as to their constitution oi financial resoune- Tlie ("oinpaiiies CCon- 
 solidation > .\ct of lOOK roctilies thi.s. 
 
 Section 27f of the .\c. imposes certain r»'«juireinenl.~ on compauie.« 
 incorporated outside the I'nited Kingdom, which, on 1st July, 1008. 
 has a plaip of hi. ines- in the I'nited Kingdom or afterwards estab- 
 lishes snrh a plaie of bu-iness Su. h companies are rc(iuired <0 file 
 with the Registrar of Companies: - 
 
 la) a certilii'd lopy of the charier, statute^, or memorandum and 
 articles cieating the i-or;oiation and delining its constitu- 
 tion: 
 (bi a list of the diiectors of the com|)any: 
 
 (c) the names and addres-es of some one oi more persons resident 
 in thi^ I iiited K)ng(Upm autliori/ed lo mcepl seivice of pro- 
 less and notices on behalf of the compauy. 
 In ca.se of an\ alterations in any of these, noti.e of the alteration 
 inu.st be tiled with the registrar 1 i. 
 
 Service on the pcLsons made agents lor seiviie iindei ('■) is to be 
 sufficient (2). 
 
 Every such company must also lile with the regi.stiar an annual 
 statement, in the form of a balann" sheet, containing the particul.iis 
 leiiuired to be given in its annual summary by a company registeied 
 in the I'nitj'd Kingdom with a shate (apilal. 
 
 If the foreign company u.ses the woitl Limited' its part ol its 
 name the .section make.s further reipiitements 
 
 lai The comiiaiiN must, in every prospectus it i.ssues inviting sul^- 
 .scrijitions foi its shares oi debentures, state the countr\ in 
 which it wa.s incorporated, 
 (b) It must loiispii uou-ly exiiil it in every place in the I iiiied 
 Kingdom where it <arries on business the name oi the 
 lompanv anil the c<puntiy wliere it was incorporati>d. 
 (f,l It imist have the name of the company and of the country of 
 its incorporation mentioneil in legible characlois in all bill- 
 hcudo and letter p.ipei. and in all notices, advertisements, 
 and other (jfficial publications of the company. 
 
KOUKIGN COMPANIES 
 
 ll» 
 
 Th.-.s. a,v iu..l and roasouubk- cou.imou., to whu.|. no h.m M 
 Jtu .radiu,- con.pauj cau lairly take oxcnmou; wlule .o . - 
 
 ;h:":i.ed Kingdou.. th<.v alVn,d ■nu.h-do.in.d .ufonnat.ou and 
 
 ,1.0 , dud ICiulllou. wldch .arrio. .,u an a.surane. bus.no.s ..tlun 
 L Kindlon., whc,l,..v inonrpovaUul o,- ,„„. Soe ,l.o A^snv- 
 
 ,..,.e (on.pan.o. Aa. ••"'•'.• ,,a.in,.s<. ,1,0 word- 
 
 III ii.'^-nianio Imishr'.--. ti.ivin^ a i>ia 
 u>od in MM-,. 1-71, aro uul quite synonyn.ous. 
 
 Bv so,. 27.-, of iho Act, H .•on.panv ..uoiporatod m a 5ut,^l 
 nos.'os.si.m which ha-s tiled with the rogi.tra.- the doomuents and 
 ,., cular. .spooiiiod in paragraphs ,aK ib, and ,o) ol ^nb-soct. 1 o 
 '",':. is .0 have tin. san.o power to hold lauds .u ,ho Lnded 
 Kin.Join as it il were a company in-orpora,o,l under tbo Act. 
 
 ":..'io„ 274. above referred to, is of parlicdar nnporu.n, o ,n re,..rd 
 ,o"lncon.e ,a^ payable by foreign con.panLo... In many cases ,>ucb 
 :, ;^ s. ac,n.g hen. by agon,., haye escaped the ,ax. hut now , ■■ 
 : latiou ,o .egi.ler an,l have a de«ni,e pUrce lor sorv.ce scno,.l> 
 ;„.., ts ,he position. It has been hel.l .u several ca,ses ,ha, a 
 tl.. who car,.os on business nr England tbvon.h an ,^cn, ^ 
 ,,,„ioablowi,h u.con.o ,ax accordingly Ms..,.. /.-.^•/.8 ^ IV )■ 
 „.: r;.,..„. v. ao,„l.. ^ iSlHi, A »•. :V2:,: U./.-. v. >.»-... •«.'«' 
 U. :!2t!-. Lorrll n. (hrislw.'.s. n' („„u>nss,„iins. , IJ0« i A 
 
 1 K' 
 
 217. VA. ot Ses: 
 
 ,,, rr„rlrst„„ v. hil,n„l Kevenue. il'.tlli S. IJ. 
 
 ,,;„,/,.„. Thn.4 ro. .. ./o,cc. 28 T. I. K 2:i.i a,.d v.,n,, ,«. • - 
 , .ill ,,.. ,he cou.pa«v's duty, thorof-ae. under ,he Act to n,ako the 
 ,;;s.,e return, al.d it will be no .lefen.o ,o say ■ There .s no one 
 he e having ,he requisite .ntorn.atiou." lu order to es. a,,e. a torev.^u 
 ccnpanv wdl have to torn, a con.pany here, and ;-'"-' ^'^j; 
 a., a principal. soUinu- to it and buvtnnr fron. .t . T h tax wdl then 
 bo pa\ d,le otdv on the proli.« utado by ,ho con.panv so ..corporatod. 
 [ turei.M. corporatic. .■an m.e and be sued here. //<■.»«/"<- ^• 
 
 Urneral fnnlc,„'d IMrA Co.. 2 Rayn.. 15.2. S,Kr/,„n. iur.on. 
 
 ,U,n y. U,-i,n.e„rr d' To.. , I'.m... 2 Ch. .i.V..; ».'/<--/- '';'"" "J^ 
 
 further. Vouu. on Korei..n. < on.pa.nos a-.-l other ( orporat,on> 
 
n 
 
 ill 
 
 w 
 
 i)i 
 
 19 
 .<e 
 
 IlC 
 
 CO 
 
 d< 
 
 
 
 HI 
 
 V 
 
 ir 
 
PROMOTERS. 
 
 (UlAPTKR II. 
 
 lit 
 
 INTKODUCTOKY NOTES. 
 
 r, , ,er.n promoter' is la.n.har U, tlio Courus of La^ and to the u h.u i. ■■ 
 ,,noral public, and has occasionally been used by the Legislature 
 ^cct. 38 of the Companies Act, 18r,7. now repealed, nml sect 3 of the 
 i,i„.otors' Liability Act. 1890, replaced by sect. 84 (5) of the Act ol 
 lOOH. and Beet. 10, sub-sect. 1 (j), of the Companies Act. 1900. now 
 <ect 81 (1) (j) of the Act of 1908), but it is not a terra of art, 
 nor ha.s any precise or satisfactory definition of the tonn been forth^ 
 coming; and accordingly such practical quesUon. as ^^^j^-;^'^'^ 
 ,ione so and so in relation to a company, is he a promoter? B. is about 
 io do so and ..o. will he be a promoter '^re constantly being raised 
 and discussed amidst more or leas doubt and difference of opinion^ 
 Vet to obtain a correct answer to such questions may be of the utmost 
 mportanoo -H) becau.^o a rromot->r .stands in a fiduc.ary pf^'it^n 
 ■ owards the company he promotes; and by virtue of such relationship 
 ,o>ne.s under certain obligations and disabilities: and (2) borauso 
 -ect 81 of the Companies Act, 1908, requires certain contracts with 
 and facts as to promoters to bo specified in prospectuses^ 
 
 In Krlnngrr v. Ncu, Sombrero. 3 App. Gas. 1268. Lord Blackburn * ;-y;^- ,, 
 ..id that the term "promoter" was "a .hort and convenient way of 
 ,le.M<rnating those who set in motion the machinery by which Uie Act 
 of ISO- enablos them to create an incorporated company "; and this, 
 M> lar a.s it goes, is accurate; but it is not comprclien.'^uo enough 
 Wluit wa.s i-uid by Bowen, L. .1, in Whaley Bridge v. Orecn, o 
 (t B D 109, is a more adequate description: 'The term pro- 
 liioter'" he said, "is a term not of law but of business, usefully 
 ..umming up in a single word a number of businos- operations 
 familiar to the commercial world by which a company is generally 
 brought into existence." 
 
 Rut this statement again is open to tho objection thai it at once 
 ,:ii=-e3 without f^nsworing the- further question, what are those busi- 
 >,es.s operations? Moreover, it stops short at the incorporaiion of the 
 ■ ompanv. whereas the floating of the company is clearly within the 
 ~,flpe of the promoter's functions. It is not practicable, in fact, to 
 
 
\ii 
 
 I*KOMt»TKK.S. 
 
 [(^IIAI-. li 
 
 'i;s' 
 
 l«" 
 
 '. I 
 
 < I 
 
 dram . 
 
 
 jiivc ii coiii'i.su (k'liiiitinii ui llic luriii piomoU'i' owiii^ lu itn iii- 
 lioruiil iotiiplc\il_\ . W'licllici ii |)iM>Miii i> c)i- is noi. ji |iriiiiiiilor i.s ^i 
 iiuosiioii iii' furl Mill ol' liiw. iiiid iiiii.-i 1)(' (li'li'rmiiu'd xvitli iluo loyjnnl 
 lo all tlu' cii" lunula IK ('~ Whiilifi liriih/r I'riii'hi;/ 'o v. Urrcii 
 .". q li 1). Ill; liitnil^ili V. Carlton, •! Cli I). W\ . Enniui Siln; 
 Miiliil;) ( (I. \. I.ciri.\. I ('. i'. D. ;tS(). i'.,HiitH Slim Minhifl Co. \ 
 (inuil. 11 til. I), '.i.tti; lliihn v. I'htsl.it. :, ('. IJ, 2(1.', ( lli/in/ii,!. Lhl 
 ilMHi 2 ell ISI: 1111(1 l.tfili ,iihi lliiiiliii I'hfiilirs „i I niirlir- 
 il'.MlL'i 1' <'|i, .Sd't. Wlia: llu'-c 'ir-i'Uiiishuii'i'^ ari' or iii.iy Im' i- 
 illu.-iiaU'i] ill llu' lolliiwiiitr (loci.- i (Ills. 
 
 ill I iri/tiiht.i \ iiriiill ,-(' . 1'. V'\ . Ki'J, llic ilili'ii(laiil> iiid liiU.Kii 
 u >( lit' 1 1 IV fdi' I he I'oriiiatioii til iIiim i>iii|iuii> , I on mi lli(> (liieiuir^, ((iiiili 
 li(!(l tlit'iii. paid IJK' iirt'liniinufv o.\|i('ii>e-', and arrauged I lit" loiitrac:- 
 aiid «('i(" lo li'i('i\n l,iij:t' romiiiicialidii I'loiii llic vclidoi.^; and it u.i- 
 held licy(iii(l didi'it ilial llivy wi'io iiii)iiio;<'i> In thai <-a.~i' CuckLiii n 
 <'. J . (:ou.*id<'ieil ihal ilu' tcriii " pnniioloi " moaiit one who uiidi'i- 
 take.s 10 iuvm a (.oiiiiianv with rotoroiu c lo a yixcii pi'(jJ0(.-l. and li 
 set it ttoinjr, and who takes the in'ii'-.--ar\ st<>p> lo acioiiiplisli tin- 
 purpose." 
 
 5)1). ill liagiMll v. i'arllnu. i> ('. l)iv ;i7l. the piopiieloi^ ol' ihc 
 (Onc<.'iii entered into an a<;ieoiiionl to sell tor :i"Ji>,o70/. lo C.altdii - 
 nominee, aiiiuir a.s trustee tor llie (imipany. and eniried inl<i ( 
 soparale airieeinent wiih Carlioii to pay liiui a < oiiiiiii,s>ioii ol' i.O.ixMi/ 
 for forniiny: and Ijoatiiiir the loinpaiiv, wlmli he uadeiiook to do 
 Carltoii enteied into an a^rreenieni with (irant that ihe lalier .-lionid 
 cany the matter ihronf^li and lake the roniniission. Ie>.> :ilt,(IIIO/. Tin 
 solicitors of tlie proprietors wore lo have a eoumiisfion from them oi 
 X.'AMl. if llie .sale wa.s ellected. and the proprietors .s.ilicilor.-. ami 
 tli<! prop('.s(<(| direilors. (aihon and his asxniate l<i( li.ird~on. all lnoh 
 part in the i'orinalion ot the (ompany and the settlctneni of llic 
 prosjipofns. 
 
 lu llii.s I a.--e Bacon. V.-C. said: ' Wilhoiil aliemptiiifj; lo define tin 
 word ' ])i()iiioler ' in any more eertain manner iliaii ilie ociasioii re- 
 ciuiros, it will ho snllii ieiil to eonsider wheiher what wa.s uiidortakci! 
 and done by the several defendant.s can bo referred to in any oihci 
 rhnracter than that, of proniotev It i.s a fact iiiidis|nited that, from 
 the very first suggestion of a sah" of the busino.-s and propert\ th;' 
 .-iibjeot of tlii.s action, it 'vas the uonvictiou and intention of all tin 
 pe^soas engaged or inieresied in ihe matter that they .should he sold 
 to a company. It iniy he triih, --aid that the sale and lormation 
 of the company formed one (■oini)lele idea. With thi.s intention all the 
 negotiations between the proprietor.-*' solicitor.s. Grant. Ilichardsou. 
 and Carlton, were carried on: the prospectus was prepared by the 
 solicitors and submitted ••-> rari'oii. and !\v him to the i)roj)ri*Mt;i.-. 
 and known to and not. di.«a|ii)rovpd by them, since one of ihem made 
 pencil iilterations in it. In the face of these plain facts 1 car 
 lind no room for dnubtinp that the persons I have named, each 
 
INTKODUCroUY NOTES. 
 
 \li 
 
 ^„a .,v..ry o, I- .li.Mn. nm.M l«- i.tU.-.. t.. I.avo i».-. (..onu.tor.s ol ll:.' 
 
 TZ.. .U...; ro. V. /.w. ..... Tm;;s m: r .)......... ^ 
 
 d„,enda>.,.s had as.si«u.a .ho uw„or .f a M,iuo u. 1... ou.le.vour ,.. m II 
 ,0 a co,„ra„y .0 bo fonnod to punha^o i., .l.-ro wa> a,, und.-r. a,..l- 
 ,„ , or arn.n..oM..-ul lor their romuooratiou oui ot tlio .haro^ (u "• 
 ,,:.,v..d r,n,ulh<.oml.auv; ih., doloudaut.s K-li ,1k- ^;.,-tH»..'-..|, ■>! . ..• 
 .o>M,.a..y 1.. lh« owner; allowed iheMU.elvo. .0 ho ..•lVrr..l ,0 .u ll,.' 
 „„J,H-r.u. for inton.KU,o,. .onrcrnir.tr ihe rnin,-. an,l. m> l-m-ua.,,.. 
 !., :,', ..„der..a..di.,,', re,.ei^ed >...n. i-ai.l-ui. -ha>e> Tl.e ,,uy lound 
 „,„, ,1,,-v wer.. i,rom..UT-. and the Court refused to set ;.s,de tl... 
 
 '"'t\."cSo.,.hrcn.<:o^.l':rb,„^>r.:.C. Div. 7;i: :! A,.iK<'a.. I2IH. ^ 
 „,.. .lolondau, and nine o.her pe,.,on. fo,„,od a >vn,l.. ate or ,.ar.ne. - 
 ,i,n, -o l,„v .he property «>,1, a view to the .e-sale llioreot a. a luol,, 
 |.-,l„,,.or a.tiu-onhehall of the .«y ndi.ate. forn>ed the.o.upany pro- 
 ,,,,„Mhe director., mottled the eontra,,. and ,,ro-,,ee,us. aud adver- 
 
 ,M uud eirrula.ed the s. It wa- held that all -he n.ond.er^ o. 
 
 the -syndicate wore promoter.-. 
 
 The l.a.n.ua.s Nitrate Cotnpany wa« promoted an.l lorm.'.l by tl... 
 direelor.^ of another .otnpany ealled the I.atruna,- Xittau- ^ ,d,. ate 
 ,„ ,.,,l,.r to l.uv propertv Udott-ing to the ^yndi.■a,e. 1 he d.to.tors of 
 ,i„. syndicate in promoting and forn.i..- the ,:ot,.pany were a, Im- 
 u„hin their powers a< mi, h directors. I.indley, M. R.. ^uid: 1 Ho 
 ,vndi,a-<. therefore, a.- a eotapany, .nay he properlv do.n.hed and 
 oa.d.t to 1«. re-urded. a.s the pro.uoler. by their due>tor~, ol the 
 nitra,,. eo.npanv. The .yn.licate i.. therefore rospo.i.s.ble tor the 
 a.t- ami on.ission.- of it.s directors in pro.i.otin- and lor.n...;,^ the 
 nitrate .on.pany." fM!i»»n. Nilr.Ur. Co. v. La:,um.< s,i,,Ui,... 
 
 \..ain. in l^nn.a Moii,,,, To. v. Grunt. 11 I'. D- yl«, thedelendan ; 
 Cra.M ol,tai.,ed Iron, the vendors an a-reo.ne... that they should sell 
 „„. none ,0 a con.pa,.v to Im- fonno<i by him. Ho then forn.od a eon.- 
 ,,anv . proct,.ed th.. directors agreed to .sell the mine .0 a no.niuee of 
 i,i.~ own, purponin- to act a.s agent for tho company, un.l procured the 
 a,lo|„iou by tho dire..to..s of that contract. I, pot. the trial of an i.ssne 
 uhetherCantwaNa promoter, hwas held that he was. Jos»el M K . 
 b..|o.o wln.m tho i»,M.e was tried, after referring to what U.e dotoudant 
 had dono, said (p. 9.'»«): ' Now it has boon decided by a very great 
 nmnber ot causes that a person in that position" •' u a promoter. U 
 ■K not .■ecc..<>ary tJial he should have done all these things to make Inn, 
 u promoter ^von some of the.n would be 8uffic.o.it-but he is nn- 
 dnnbtedly a promoter." 
 
 In Ludnru ar,d Wicpool, do. Co. v. B.rd, 33 U. Div. 8:j. the do.en- 
 danl Dird, pursuant ♦.o an agroemont with tho owner.-* of tho ptoporfy, 
 au.l for a commiss.o-i of 10,800{., procured tho formation of the 
 company, took an active part in the preparation of its prospc lu. 
 
 Mi'i'if 
 
 
 I. ^,h 
 II „i 
 
 I 7 'Hid 
 
V44 
 
 AViN'-v-'V/*' 
 
 ».,rf ll'i'hu I 
 
 Lff'U 'in 
 Ha„le'i 
 
 Bxuniplfs < 
 promotion. 
 
 I'KOHOTKUS. 
 
 [Chai'. II. 
 
 ■.inii niemorunduui hikI urti<loN nf ai-'Oiiation, in ihe appointment of 
 lis first (JirO('for», ami in tho appoiiitraont of it.s Rorrelury, fixed the 
 purchaso-nionoy of tho property nt 100.001)/ , :ind stipulated for tho 
 payment of the 10,800/. commission to his own firm. Pearson, •! 
 hold that he was not a promoter, and uctod merely as apont of the 
 vendors; but, on appeal, the Court held tliat he was a promoter. 
 
 Affain, in Sant-tj-dln and lilahia Co. v. Grave. 12 C. D. 738. 
 Ii'ichnrdson, the prinfipal promot<>r, had written to tho defendant n 
 letter, in wliirh "lie explained to him the operation which he then 
 desired to •■floct for tlio promotion of tho < ompany, and suj^pfosted the 
 ilesirabiliiy of havinsr for directors jiorsons of weight and (on.sidera- 
 tion — ])orfons wlin-so names would he likely to in.spire confidence in 
 I he public- and a.skod Mr. (.Jrave to become a director." Mr. Gravr 
 ajrreed to become a director on the terms of receiving the remunera- 
 tion which the articles provided, namely, 2nor a year, and a further 
 proportionate divi.sion of pnifit^s, if there .<hould bo profits, and als > 
 that he should have fifty of tho deferred .shares which at that time 
 had been parted with by the company, or ujjreoa to be parted with 
 b}' the company 'I do not think" i.iaid liaoon, V. -(,".) "that it 
 would be forcing the law of thL' case in the slicrhtest def^ree to sa^ 
 that, from the time the letter was received and mlopted and acted on, 
 .VIi . Grave became a-i much a promoter of thiri company as any otlier 
 person t'Ujfutred in it. 
 
 In I.rrflf! and llnnleti Thralrrn nf \ aricties. 1 1002) 2 Ch. H0!», an 
 incorporated syndicate procured a person (a(tinf;, in fact, as itt- 
 trustee or nominee) to enter into an agreement to purcha.se certain 
 theatres with a view to the renulo thereof to a company to be formed 
 The property was conveyed 'o the syndicate's trustee or nominee, a- 
 the ostensible pureliasor, ar was afterwards, by the direction of the 
 .syndicate, sold to the proposed company at an increased price. Tho 
 promoters formed tho company, nominated the first directors of the 
 rompany, and provided tho qualification of some of them. It was 
 I'ouud as a fact that from first to last the syndicate had acted as pro- 
 moters of the proposed company. 'The conclusion" (said Vaughan 
 \Villianis, L. J.) 'at which 1 arrive, taking all tho facts together, is 
 ;hat, from first to la.'^t, the syndicate were promoters, thai from first 
 10 last their intention was to buy the music-halls for tliu purpose of 
 .^ailing them to a company which tliey should create. They inteudcil 
 from the first to do that which they untimalely did: to create a board 
 "if directors which should be under their control and carry out their 
 desires, which it is abundantly clear, on the evidence, was to sell the 
 music-hall which they had bouLihl for 21,000/. an infiatcd price. ' 
 
 It is obvious, thenslorc, that a person who originates tlie scheme for 
 the formation of the <-<.>ni{>ou\ , has tho i)iemoran<luiu and artic.let. 
 pri'parod, e.xecuied and registered, and finds tlio first directors, settles 
 the terms of the preliminary contracts and prospectus (if any), and 
 makes arrangements for advertising and circulating the prospectus 
 
 5R. 
 
 r.- 
 
INTRODlICrOKV NOTK?. 
 
 lih 
 
 ';; -.iir ;::;;-...uv 1.1,., ...u^e.. .....:.. ...^ ...ea...u. .,. .or,,. 
 
 and limy be hold liable as a promoter. , „ , ..„. »!-.. 
 
 ,1) V per...u who ..u Uu. owu acxoual, or ou account of hi....... 
 
 * ' aud others pn.par.« or causes to Ix, ,repaml a ....m..o- 
 
 raudum and articles of association of th. proposed cun.- 
 nanv irots thorn «ubs.rib«d, an-i cau.o. tho.n to bo .e-^'.- 
 .....i oven though ho aeW no further in U.o .nat.cr . f ,„ . 
 
 ■c:;vo« it for the diroctors .o tloat .ho company). H<' !•'.■* 
 created a company , 
 , •>) A person who o.'!:i..alc.« the »chon.o for the forn.at.on of .J,.< 
 ■ .^mpanv. and arranfe-es the term« of the p.eU......ary con- 
 tract M-y-. f^r 11'" '^"i" '° ^''*' ^•"•"i"'"> ■ "' '" ^' ^r ^"\ 
 
 the company, of the busiue.. the company is to be torn.... 
 ,0 acquire), and is .n a pos.l.on to exerc. don.in.on .n 
 the format.ou of the company, 
 ta ) One of several pe.»o..s carryi..;; on toK^'lher the work of ,.ru- 
 ^ motion, for in .nany ca«t« the work of pron.ot.on .. carrtod 
 
 ou by several per»o..s in co-operut.on. Thus. o..e ...ay 
 provide the rc(,uiMte fu..ds. another n.ay p.ov.de .!..• 
 directors, or himself act a« a d...-cU.r, another u.a.N 
 arruu-o u contract with .1... vendor; a..d U.etv- n.ay b, 
 «the.rtakin- ...ore or le«>* i.artiu tho forn.ataou a..d lloat- 
 iu.' of tho co.npany . In such a ca.^e ! he tern. ' pr-.motor 
 ex°tc..d.s to each of the several per.-on.s .<o ,.o-..perat.n.^' 
 
 Moreover, the followinj.^ per,..us may bo pro.nuier.s;- 
 
 ,4) The vendor to a company is fr...,..e..tly a pron.oter or one ol 
 ,l>o promoU.rs, a..d ..ccordin^-ly it i.~ very < .m.".."" >'. . 
 prospectus to fin<! the words, ' tho vendor is U.e pronmuM 
 of the iompanx , and he has lixo<l tho pnee at i 
 |,ut, of c.u..-»e, there are laany ca.^e,s where the ve.id..r .^ 
 indeiH..i.deut an.l ..a.^ uot..i..s; to do w ill. promotion. 
 
 .\ i,..r.-..m wh,. tlou-.<. or a.s,4.-t« in llnati..^s tl... cm.,, v 
 
 alth..u-li he has taken no pari in it^ lonnatio.., may I..- >■■ 
 pronioter. Emma Minh'H Co. v. Lcuix, I C. 1'. U. .l'*'' 
 407; see ««pr<i, p. l-'l- As to the meauiu- ..I ' II.M.al....,, 
 »co aifford V. Wilbmjhhy-^ MaskomiUuni l:su,.d.Uu,i ( o 
 K; T. L. II -i-i, TorM Exylorin,j SyuJicatc v. h.Uy. 
 (1900) A. C. 612. 
 
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' ■fl 
 
 128 
 
 PBOMOTKRS. 
 
 [Chap. II 
 
 
 I'll 
 
 Functions of a Promoter. 
 
 Puutioiu Tho functions of a pioinnlor HuUiiiiiiitly apjKjar from wlmt lui- 
 
 already been stated; and it is obvioiit thai, tho etlicioiit dischargo ol 
 those functions may b« of vilal iippoitanti! \<> tho cunipauy and ii- 
 suareholders; provided, ul roiirw, ihal tlie mil.-iiakiii!,', to prusi- 
 cute which tho company i> formed, lie one ol' a homi jide oharactci. 
 and has in it tho elements, at any rale, of success. For instanco:- 
 
 (1) Tlie lino> "i\ uliii !i lli<- > i' paiiy is to come out are nf priniarv 
 
 importance. Tak«' the case of a going concern: U the 
 capital to be large or small? What is to bo olleied to the 
 public for .subscription -ordinary .shares, prefoionce shares, 
 debentures, or debenture .■stock, or somo or all of these' 
 How Ls the vendor (if any) to be y.v.d? Is there to be an 
 independent report as to the pii-r proliii of the concern, <i 
 anv valuation of the prop<'ily sold? Mow are the rlirector> 
 to b© remunerated? How are the j;reliminary e.xpenses to 
 be Mti^lied? The deterniiiiition of thoe iiialt<>rs is nialeri:il 
 not otilv a< l)eariiig on ilie future of the t'liiipany. but o-^ 
 allecting the term-' '.f tli<> prospectus, and in many rases ot 
 the articles of a.-^-^ociation. 
 
 (2) The |iro.spe<tu.s.— The siicicwnIuI preparation oi' this docuinoni 
 
 is ot the highesi impurtame .\ scheme mjy be good, bu; 
 if Liunched with an unskilfidly prepared prospectus, will 
 often be neglected by investors; while, on the other hand 
 a scheme which offers no great attraction in itself ma* 
 with the a.s.sistance of .i well-framed jirospectns. obtain 
 ample .support froui the public 
 
 (3) The directors. The .selectii>n of liie dirociois is another uialU'i 
 
 of g.cal importanc*' .\re they to be competent busiues- 
 men, though iinknowii lo lame. or aie ihcy to be ornanieut;il 
 director- witii a title oi .-oci.il i('|.iiUition, and little else to 
 retumnienvl tliein, or are iheie U) be some of both kinds; oi 
 are ihc} lo bo diierlorii who are both competent busines,- 
 men and also well known a-s persons of position and in- 
 tegrity' Who, again, are to be the eolicilors and auditors 
 There can be no ijuestion that the names of the director- 
 solicitors, and auditors largely inlluonce tho public a- to 
 oubncribiug. It i> i.-.>uiiiod, and in most cases '[uiU' righil_\ 
 that a man of integrity and po.'-ilion will not lend his iiaim 
 to an undertaking which tho public are invited to subscril r 
 fo unless ho is satislied as to its bona )itU-s. 
 
 (4) Tho ternuj of the memorandum and article.s of a.-«jocialiou an 
 
 very material, and must be framed to accord with the pro- 
 wpettus, juusi, give practical clfect and froo play to llic 
 •cheme on which the company is to bo formed, and muM 
 
INTRODlTCrOKY NOTES. 
 
 1*^ 
 
 lontuin all tho requisite pruvisions for the protection of 
 the ))artic.'< intorosted. without itnyttiin^r oppn to hostile 
 criticism. 
 
 ('>) The proiinMnurv coiilracis <■.(/.. Inr tho ac(iuisition ot tho 
 husinoss or property to ucipiire which tho company is started 
 —are ulso of vital importance. On what basis is tho busi- 
 ness or property in question to bp acquired y Is the prico 
 to lie hi<rli or lowy Is it to I. • oaiil in cash, shares, deben- 
 tures, oi' otherwise:' Is the coiii|)any t<> take over lialiilitiesr 
 If so. have those liabilities been ascertained, or is the com- 
 pany to be asked to make a leap in the dark • is the vendor 
 to be at lilHJrty to compete in tlie business with the companv ? 
 Is there to be power to rescind the contract if the conipain- 
 does not float!-' Is tJie company or the vendor to pav lh(> 
 preliminary cxjienses? 
 
 («» Underwriting. -Ls the capital, or at least the miniuiuni sub- 
 scription, to be underwritten before the company is broufrht 
 out? If so it may materially assist the iioatinu' of the 
 I'ompauy. 
 
 Profit or Remuneration of Promoters. 
 
 The professional promoter and the (Kcasional promoter always, and Rcmui«m- 
 ||]<' promoter pro hue vice .somelime.s. ex|)e(^ts to make or obtain some *"*" 
 |irolit iir advantage out of <ir in relation to the transaition. and no one 
 can object to such i)rofit or advanUigt' where there is j{oo<l fai ' and 
 (hie di.sdosure, and where tlie company promoted derives benefit froiu 
 llie promotion; for "the services of a promoter." as Lord Hatherlev, 
 I. (' . .said in Tninlir v. Mrtriipiditiin. dr. Co.. t! Cli. (i7l, "are verv 
 peculiar, (ireal skill, eneriry, and injicuuily may be employed iu 
 iiiastiiKtiri};' a plati and brin}rin<; it out to the b(!st advantau^e.'' 
 
 The nature and e.vteni of the profit or remuneration, and the mode Differenf 
 ol securiuf; it. are usuallv seitle<l by the promoters themselves Tho n*'*!*""' «- 
 Idllowing: are jsonie ot tho modes commonly adopted: — 
 
 1 1 The promoters ajjree with th'' proprietor of some troinf;- busi- 
 ness concern or other pro[M?rty that they, the promoters, will 
 form and float a company to accpiire the same, and tho 
 vendor in consideration of such promotion services njrrees 
 to {;i\e the promoters a commission, or a portion of the con- 
 sideialion lor tile sab' when reieived. 
 \,2i The |iromiiier, having; purcba.seil property before he imcomes u 
 promoter, subsetpiently forms a company amt re-soll« tho 
 propeity to the company at a profit, or sells the benefit ol 
 his contract to purchase the juoperty. 
 i.'li The proiuoterH affree to pay the preliminary expenses or placo 
 a certain number of shares, in consideration whereof lh«« 
 company allows them a commission on liio shares placed ot- 
 
 I 
 
iff 
 
 130 
 
 PROMOTERS. 
 
 [Chap. U. 
 
 .,„ tl... uo.niiml ai.iouiit ot tlu- .apital. So(. .se.t. H'J of lli. 
 
 (onii.anio.s A.t. I'JOH, rc|.io.l.icin!; bcmI. « ol tlio CoiiipunM- 
 
 Act, I'.MIO. iiifrii. |»- 27!» 
 ,4) Tho <u|.ilal ...iLsiMs ill imii ol a M.iall nuniLcr of slmiPK <• „ 
 
 Kill at II. .'acli. Thcso sliaros uro rallcil ui) "deterred .., 
 h) f.mn.lor ■ slmros. and a ripht to a (onaiii sliav ui 
 
 the .surpluM |ir<>fit« in amiex.'d theroio. <•// • omvlhird af!., 
 
 puvinjr a <1 |.pr <-.Mit. dividond on tlio other shares llv 
 
 uKHtMiUMit holwfci. tho .oinpai.y ai.d il.o promoters iIm-. 
 
 .iharos aro sometimes issued as fully paid up, in .■oiiside..- 
 
 tio.i or part .•onsideration of the promoters paying the p.r- 
 limiimrv expen-ses. or niakinp over either a eontra.t or il,.. 
 
 iKMietit of peiidin- negotiations. Tl.ert« is no ol.jeetmn I.. 
 
 this now a c.nipanv .an aceei)t in payment ot shares muv 
 thini: wi.i.h Ihev honestly think the ,M,uivalent ol .;,.!, 
 Sometimes the promoters sulwcrihe the memorandum ..I 
 iu^soeialioa for the deferre,! or foun.ler- shares, and pav 
 for them in .ash. so as to av.iid the n.M-.'S.ny l..r anv otl,-. 
 cimtrat't. 
 
 (5) S.m.etimes p. n>lers are remunerated hy an ..pti.n to t.k.. 
 
 as a ■■.all ' of a .ertain p.^rtion of the .■.m.i.an, ni-M„.,| 
 shares at par. or at a low premium wiihri -ay i a ; .ar oi — 
 Ah to the etteet of a volunWry Avindinjr-up on su.h an oplmn. 
 stH,. Re South Afrhr,,, Trmt Co.. K.r ,<">*'• '"rx'h ' !«!•', ^ 
 74 L. T. 709 
 ,6) A eontra.t is u.a.le un.l.-r whi.'h the promoters re.MMve Iron. ih<' 
 eompanv a .ommission. provi.le.1 a .^-rlain nu.ul.er ot shan- 
 ar.' taken up within a .•«>rtain peri.Hl. S.^- se.t. 89 ol ili.' 
 (■ompani..s A.t. I90H. n<pfo<lucinir se.t. « ..f the Compain- 
 
 .\(t. 19(«l. 
 ,7, The arti.h's of a-...iati..i. authorize or .lir.-.t the .l.reotor> m 
 pay a spe.ili.'d sum to the promoters in ri-s,M-<t of lli-ir 
 Meivices in pr.)motin<r tho roinpany 
 
 In e.stimalin- «helh..r .lir.-.tors have pven a proper price i". 
 property ae.p.ired hv the company it is very nmt.>r.al whether Ih.. 
 
 price is a. pri.-.. pai.l in i-ash or in shares, the value ..f tJ.o c.ns.dera 
 
 in the latter -ase dep..n.lin^' on an unoertain event, the suc.^es^ ... 
 failure of the ...mpanv Ue lirazilian Hubbcr ria„talio,», tNo n 
 
 ,l<»lli I < h. 422. 
 
 Sometimes th.< pr.uu,.l<-r is a re-isU)rcd company or syiiduiiW 
 carryintr "M ll«" lmsim>s» ,)r promotinp companies or lormed with a 
 view t.rthe pvom.ption ..f the particular company. As to this siH'^i- 
 (ion, see p. iJi'.t. iiifrii. . 
 
 As to ih.. ohlijrati. 'he part of promoters to disclose th'.r 
 
 profit, SK>e iiifrn. p \-^-^ 
 
INTKODUCTOKY NOTES. 
 
 |:M 
 
 
 Fiduciary Position towards Company. 
 
 Tlic |)romnlci.> "( a coiiiiiiiiix , it i-* now woll m'IiI<"<1, umipv 
 
 lUlirciun |ii),siliiin towan 
 
 tl 
 
 i(> ('i>iu|iaiiy tlii'v I 
 
 rin 
 
 Fidurutr' 
 IHmition. 
 
 sUiiid. Slid l.iircl (aims, in Erluiuji-r \. Si 
 
 nhii 
 
 I2.'i(i. unddnlilcillx in a (lilmiaiv |M)>iiiiin mwanls ilic 
 
 tdinpanv. 
 
 Tl 
 
 it'v have in 
 
 tlipii' liuniis till' crt'alion ami niiiiil<lin<r of tin' 
 
 cuiiipaiu : llii'.v luivf llic |)o«<'r of (lt'liiiiii;r Iniw ami wln'ii 
 vlial sliaiii' an<l nndor uliut .su|>('ivi>i(pn, i 
 
 ,11(1 
 
 kI i» 
 
 rin to act a> 
 
 \nu\ 
 
 inu: roriioraliiin 
 
 I .-liall -lait into cxistoncc 
 Ami in ilic -aiiic caso. 
 
 l.oi'd Mlaiklnirn at |i. l2l'>Ki 
 
 rjii 
 
 ■aid lliat ilii- Ad of \HW1 
 
 llii'in an a 
 
 linost iinliniil(><l |io\vt>i' to in 
 
 iko till' 
 
 ('oi'|iui'alioii «iil>jt'(t li 
 
 mil icjriilations as llioy please, and for siicli |iiir|io«<'s a.s tlicy please, 
 and to ( icat<' it with ii iiiani'jriii>> IiikIv wlioiii tliey ^ielel■l, having Muli 
 powers as tliev ilioose to jrive to those iiialiu^M's 1 tliiiik. 
 
 that 
 
 liose wlio ai( 
 
 are not 
 allojiclhor. 
 
 cept and use smli extensive powers 
 rnlitli'd to lisie^iard the interests nf that corporatiijii 
 
 Thev inn.st make a reasoiia 
 
 Ide 
 
 if tli< 
 
 i powers w 
 
 hii'h 
 
 lliev accept frcnii the 
 
 \. 
 
 slat 
 
 lire 
 
 aiKl ciMi.sei|nenil_v tlu'v 
 
 Iv tli< 
 
 do 
 
 stand, with retraid to that corporation, ^v 
 
 hen foriiied, in what is 
 
 iniinoiilv called u li<liiciarv relation to some extent, 
 111 other wr.rds, the power of a pronioter and 
 
 iiillnence o 
 
 ver the destinie: 
 
 if tl 
 
 le company carrie- w i 
 
 th it 
 
 ititillin^ 
 u coriv- 
 
 lativi 
 
 spoiisiliilily, and this respi 
 
 lilitv e(niii\ y:i\e-i ellect 1i 
 
 under the doctrine of the lidiiciary relation of the promoter with it;* 
 am illary ohiifration.s. 
 
 In the ca.se of <;iiardian an<l ward, parent and child, priest and 
 iieiiitent. solicitJir and c'' 
 
 and 111 (livers o 
 
 I'lat 
 
 lonsliip III w 
 
 iiillneiuc ov(-r am 
 
 liich 
 It her 
 
 •llier cases of conlidential 
 ■r.soii wiLs in u position to oxercis^e 
 had li)ii<r a<>ru intervened to ro^traiii uii 
 
 if tli(> 
 
 iitlii 
 
 it It was 
 
 lOt until F.rUniiur v. 
 
 Siiiiihrcri) I iihi siijini) that it was decided that an analoj^oii.s relation 
 existed lM>tw(H'n the cumpany and the promoter. Iiy iva.s(in of tho 
 
 lattc 
 
 iirolli 
 
 ng inliueiice 
 
 
 Commencement of Fiduciary Relationship. 
 
 The iidnciary relation.ship of the promoter (■oinmencen wluui lie When rt- 
 l"';.'inN tu promote or act on lichaif of the proposed company. See ,,*,'",^„'J^ 
 (ilidkntvin V. llanii'K. I^IOOO) A. C. 240; Tiirvll v. lUtiL of ImhiIoii. 
 10 11. K. C. •2(,: llitchiuii V. (A/ii!iret;i; I Rii.s.s. A My. I,")0; Emiiii 
 Sikrr Miiiiiiii ( <>. v. (Irant, U (J. D. 'J18, 'j;it>: Lectin and llaiiU-'i 
 Tlualrvs oj \ iirietii's, ( 11)02* 2 (li. 80'J. Thus, if lie enters into uejfo- 
 tiatioiis for tho acipiisiiion of properly or rights on liehalf of an 
 intended company winch is Huhsoi|Uently formed, h« iw to bo taken 
 
 to have lieeii a 
 
 promoter al) initio. iSo, too. if he |.'ei« other |)er»(i 
 K 2 
 
192 
 
 PKOMOTKKS. 
 
 [Chai'. II. 
 
 i'ii 
 
 «i! 
 
 IS 
 
 t 1 
 
 iH 
 
 to agnv to »ul..sciilH< U. u (>roi.osi'<l couipauv. oi to Ikhomic <lir<Mi„rs 
 thereof, lie is Uiencoforth in a lidmiarv position U. t)'f coinpanv. 
 
 If lu- arian-n-s for undcrwritinjr the capital » f tlw inten<lcd 
 conipanv. or for piaciuR it. lie ix from the inonwnt he (io<-,H s„ « 
 
 promoter. 
 
 If he piotuiv the preparutiop f the meinorandum an.l articles of 
 the pro|H«^e(l .ompanv, and keeps tliem in his own desk vvithoiil com- 
 munication to oulMders, no doubt he d(K'» not thei-cby make himself 
 a promoter, but it i.s apprelionde<l thai so «oon a.s he submils lhe!n 
 to proposed .livectors or subscril)ers he l«>comes a i)romoter from ihnt 
 time, supi«J.sinv' the company to lw> subsequent Iv formed. 
 
 When several jK-rsons af'ree to form a oonipanv, they are therMft.r 
 in a fiduciary iK)Hition to the Mibseciuentlv formwl comiMiny. Gliirk- 
 sipin V. Banws ( 1900 J A. f. 240. But tlie mere fact that a person, 
 or por.son.s buvs pro|K'riy with the notion that it may bo desirable to 
 form r. company, does not make him a promoter. .\ pro.je<tor is nm. 
 as Much, a promoter. 
 
 ThuH, in Krhiti'icr v. Srir Sombrrro Co.. 3 App. Ca.s. 1218. a 
 syndicate of promoters entenvl into a contract to buy an island rich ni 
 ■phosphates, and «ithin a month thev aprreed to sell it to a trustee for 
 the int/'uded company, which they sub.se<|uently formed. Kevertlio- 
 le.ss. I^ird <'airns said that it was "dear that the syndicate, in eniei- 
 infr into ihis contrmt. af^ted on l)ehalf of themselves alone, and did 
 not at that time act in. or occupy, any fiduciary position whatever 
 It niav be that the prevailing.' i<loa was. not to retain or work the 
 islau<r. but to sell it a-rain at an incivase of price, and very possihiy 
 to i)roi.ioie or p't vip a company to purchase the island from them, 
 but they wcif. as it .se«>ms to me. after their purchase was made. \m- 
 fectly fi-e<' to <lo witli the islaiwl whatever they liked. Ibid. 12.I.-, 
 Apain. in Ladjnrell Co. v. Brwykes. .t.". V Div. 400. A.. H. and t 
 entere<l info an a<.'r(>oment to purcha.se certain mines, and the conr- 
 sponden.-e prior to the a-nn'ment slunved that they conteinplate.1 the 
 formation of a company to acjuire and work the mines: notiiin^'. 
 howev.'r. had Immmi done in the iiiiitter of the formation of any par- 
 ticuhir c.mpanv before the a-reeiuent wa^ made. Ssliortly afterwi.nl.< 
 the c.mpanv wa« fo.roed by A., B. and C, and lliey re-.sold the mine. 
 U, tlie comiiany. It wa.s hold tliat at the date of the lir.sl ajfreonici.l. 
 A., B. and C. were not in a iiduciary relation U) the company. In 
 Uwer-R r«Mf, I C. Div. 182, >x\pxu\. A. entered into an ajriwment with 
 B. to sell to him piitent.s for tJ-VOOO?., payable partly iu cash ami 
 partly in shares, in a conii)any which B. agreed to form, and if 
 he failed tin- a<rre<'ment was to 1h' void. Afterwards B. enfenMJ 
 into an a«nH>ment with a trusti>o for an intended conii)any for re-sale 
 It wa« .-.Mi.sideusl by .Faiiios. MelU.h. Braiiiw.-l! ■■v,v\ Bn-!t. I.. IF. 
 that at the time the iirst afrreement was made B. was nnt a promoicr 
 The question when the status of a promoter was first acquired is 
 oceasionalK one of -real moment. f-|.e,iallv where the promoter 
 
INTKODUCTOliY NOTKH. 
 
 ia:» 
 
 ,.^,^,11, u, ilio lonipauy at a piolit pioiK-ily low.itl.v a.iiuiiu.l by l.im; 
 tor if lio l)(uiglil bcl'orc lio becaiiH' a |.r..iii.)tur ho may resell to tho 
 ,„„HKiu\ at a piolil, Mil.jett only to Jiiakiiis <l'ie .lisdosuto (^soe 
 KrUuiij't'i V. A'<-M' Snmhteru Co., s,ii„;ii. WlitMiMs, if ho bought 
 i,l,..r l..'j.iiiiiinK to pioiuoK', tho position is inliiiiloly more ouoroiw. 
 Til.' (oiiiiiaiiy in siuh iast> is oiilillod lo treat tho iiroiiiotor as having 
 ;„ IO.I on its behalf in aniuiring the pn.iHUty, anil to insist on taking' 
 it at tl.,' inice the promoter gave lor it. llilrliam v. iniKjrece, 
 I Ru^~ .\; -Mv '•'>"'. TijreU v. lUnk of Luiiiioii. U> H L. C. '2(i; 
 Amhios, Tea Co., 14 f. U. .i'J; r,i//,- Hnloii Co., 2'.» C. 1). T'.'.'.; 
 Uh/inll Mniiiifi Co. v. limoLr-s. :;:, C. I) H' ). An.l no ,lis.losure 
 ,,11 the pari of the |)romoter «ill enable him to retain tho prolil, 
 for the property is in ociuity not liis but the .•onipunys; that is to 
 «a\. ii i- inipre-seil in the jiromolerV liands with a trust lor tho 
 
 loinpany . 
 
 The status of a promoter is not jiei-essarily terminated by the Termination 
 foriuation of tho eompany. Of .ourst', if a <iovernin<,' bo.l>, in 'J^jP'""'"*''''" 
 the shape of diifetors, has once boon formed, ami ihey lake, as I 
 uwd not sav they may, what remains to bo done in forming: the 
 roHipain into their own hands, the functions of the promoter are at 
 ail Olid. Hill so Ions; as the piomoleis are jieniiitled by the diiet tors 
 1(1 (an\ on tho work of formation, tho latter ivmaining passive, "o 
 long, I think, would a jury bo warranted in linding ihat what was 
 dune b> them was done as promoters." I'ci t'oikburii, ('. J., 
 Tiriiiroxx V. (./<(«/, 2 C. l". Uiv. Jti'.l, Ml; and see Kmma Mining 
 r„. \. Lrirls. AC V. D. ;(0(!. 
 
 The o.vistoueo of a lidmiary relaiionsiiip has important < ouso- CouH.-,iiieu( e 
 .[ui'iKi's, of which the followiii;; aio the iiio.st notable:- 
 
 <>f fiilaciary 
 relitionnhip. 
 
 I J A promoter may not obtain an\ .ii-rii-f piotit at llie expense 
 of tho compuny he promotes ic.^., any sjiare or part of the 
 
 purcha.M'-i ley payable liy tho company i. and, if ho does 
 
 so. the company, on discovering the fact, can compel him to 
 snrrouilor any such protit so made in violation of his duty 
 to the eompaiiy. 
 
 The moment a iiuin is in u lidiiciaiy position, liowever that 
 liiliiiiaiy position may arise, he must, liefmc he can retain .i profit 
 for him-elf, deal with his pviiuipal on the footing of making a full 
 
 Hill 
 
 ll f 
 
 :ar 
 
 disclr 
 
 i.f evorvtliins.': maloiial to the dealing or Iraiisac- 
 
 timi ill which ho ads in a liduii..i'y capacity 
 
 Per 
 
 id, M. U 
 
 F.mmn Mininy Co. v. (Ua 
 
 It, II C. D 'J.t: 
 
 111 sw lliif mill v 
 
 Carlliiii ('. C. Div. .ITl; Lijiliie,/ nnd ir/.</;/oo/ Co. \. liiid, 3.'i (". I). 
 H.-,; U7„//(// liiiiluc Co. V. anvv. ■"> ^^ H D !<•!•; i:tniiM Minini) 
 
 4 (■ r. 1) ;!w i! 
 
 ll! i! 
 
 ;i-.i's iiromijter-. 
 
 secret arrangoinent 
 re o 
 promotion, am 
 
 ith tho veiulors to the company, obtained a 
 
 *ii 
 
 bslunt 
 
 untial 
 
 ho proi'oeds of sale or commission for 
 
 thoir 
 
 :i wore held accountable to the com- 
 
Hii 
 
 1:M 
 
 rROMOTKRS. 
 
 [Chap. II. 
 
 pany foi ilip saino Otlior cH-ips aro Minin v. Kflhihuifili i\ortht'ri 
 Tnim.i Cn.. i \H'.t:\\ A. (" ti'.t. in wliicli |iiimio(ois were held uccoiiiil 
 
 ihle f 
 
 II' pMiinotiiiii Mill 
 
 iipv socrellv ulitiiiiieil tlii'<iii<;li ccintrai'tdri fur 
 
 the <'iiiii|iuiiy : (iliirLstciii v. linriirx. {liKM)i A. (' 
 
 240, 
 
 wliiili 
 
 (•roiiuiters. wliiNt |>reteii(liiip; to ilisclcixo thoir proHts, kept iiikIj.h- 
 rlcised Niinie extra profits S<m> also Liifiiuuix Xitiiitc Co. y. Lnfjnuiiit 
 Si/ntliralc. i IHit'.t •> Ch. W>. 4(>;t: ami Mni/or of Salford v. Lrrn. 
 I 1H91 I I g li. KiM: (Irani v. (lol,l HiiJorafioii. dc Si/iidiralt: ( I'.MMh 
 I (^. n. 2.12; Hf Lull/ Fnrrrsf i .\t„nliisoiO (loM Mini: t 190(1) I Cli 
 ■>H2; Ri- f^t'cils iiiiil Hiiiileii Thenlrts of Viirit'tien. i 1902 i 2 Cli. 809 
 
 .2i I'rihu'i jiiiii- a prdiiioler wlm piopdsos In iiiakp u contract, 
 wlielliei- In uav of Nule or ntlierwise. with the conipanv lie 
 
 prouHiies, or ti 
 ,jll^^tilil atioii tor uL 
 
 I'lv on ilixlosiiiv to tlie ilireitors a> 
 M^ a prolit tor wliirli he as ,i jin 
 
 motor would <illitMAvis<> In- uccoiiutulile. must provide the 
 I'oiiipaiiy with un iudc|iendeiit e\ecutive alile to protect the 
 coiiipaii\ and oxerciM' on its lielialf an inde|HMidunt and 
 
 intellij.'eiil jiidjr at. See per Lord CairiiH, hWluiK/er v 
 
 Si'w Sniidircri) Cit.. A Apji. ('as. 12;{i;. anil (!lii<kstciii \ 
 lianiej: > 1900 i A. ('. 240 
 
 What loiisiitiites an iiide|)endeiil executive lia» not lieon ilecided, 
 but it is olivioi!^ that a director who is iiiin.self one of the prn- 
 inofors. or is under oldipiiions to the promoters, or is to he reinu- 
 iierated hy iIk'iii. cannot 1k' ley^arded as iiidependonl (llurkslriii 
 \ . litinu'M. .«((/.(!( 
 
 Iiidoi«Midence is a (piesfioii of fact, and all the cir ■uiiislances .\H\ 
 lie it'frarded. The mere fact that a person is requestpd hv the 
 
 proinotors lo liocoine a director iIih'^ not deprive hi f tin- cliaru; tcr 
 
 of iiido|H'ii(hMiic. He may still do lii^ duty. The tact that a directoj 
 puts his oHii money into the concern allords some indication of indc- 
 pendenc*' hut this may go for little if the remuiieiation attached 
 to the «i(lict> is ivlatively larjre. The conduct of the directors may 
 throw light oil the ipiestion. In a ling on liohalf of the (ompaiiy. 
 have they taken aii\ of the reasonalde )iiecautions whiih a prudent 
 man takes uilh regard to his own atVairs- If not, ii may not require 
 niuch to prove ilieir want of independence 
 
 A diivcloi is not relieved from the duty of exercising an indepen- 
 dent jiidanient on a contract jiioposed for adoption liy the compary 
 lliongh lla- conipany was formed for the express purpose of i arrviiig 
 lint the particular contract. Himilinii liuhUer I'laiilnliitiis (No. I), 
 ' 1911 I I Ch 42.1 
 
 " Al)j):ifvii!i\ . .-<aid l.oiil D'ilagaii, in Eriiiniin v. Srir Sitiiibi'tio 
 Co . .! App. ('as 12'iti. there wa»« no ini|iiiry as to ilie enornioiut 
 advance in the pric«< . no coii.sideration of the suite of tlio [iio- 
 
 perty. and no intelligeni estimate of its capabilities and priKspoct*- 
 If the directors had Ix'en iioniinaled merel\ to ratifv any tormi' the 
 
INTKOniKTORY NOTI'M. 
 
 i:{5 
 
 ,„„ ,ors niisrhf .lirtatc, th.-v <lisrha.s,'.-.l tlioi. f-.n.tinn; if it was 
 
 ;,„,i, .i.itv. a^ ii .orti.ii.lv «..>. t" IM-l.-o) th.< .h.ui'l.cl.lcrs, ihey 
 ,„„„, M...... to have tl.o..trl.t of .lui..- it Tl...ir <o...l...t «..s prc.-.Holv 
 
 ,1,.., whirl, ...i-l.t hav.. boon a...i.i(mto<l fro,,, tl.o .l.i.ra.lor ot the.. 
 -,.|o.-,io„. .in<l taki,,- Iha, ron.lu.t ....<l . hum.tor tosrothor. I .■o..c... 
 
 ,„ I U'liovo tho ,ma„ii„oi.s opinio., of voiii' lordships that Muh » 
 „.n,suti.m .a.^rh, ...a to Ik. allo«o,l to Mtund." A...i hoo (Ihwksien, 
 V lt„r,i,'s. VMM) A. «'. 240. , • , • . 
 
 ,„„ i, appoars to Ik- ,.o« .sot.lo.l that tl.o n.lo r2uh^ not apply in Inj-M. 
 ,|„. ,,,.<o <.f a privato .•otnpanv. whoro all tho n.on.hcrs are cojrn.zant. 
 „i ,ho fa.ts uikI who... it is not intoiulod to ap|M>al to tho public. 
 .s„/.,/»o„ N . Sah,Ho„ ,( Co.. < IKtiT. A. C. -.'2: liritish SV,, »/</<•«.-< /'.//x-. 
 /{„, (., 17 C. 1). Mil. /W«</.' St.inip- rff ''" • ' <«•'-' •' ''•' •''"'•• 
 /•■,./,. //«,//."/. /./,/. V H,„IU',,. 77 L. T. vn. lie Sale !M.n„r,,/ 
 i.anlenx. 78 L. T. IKiH: Imiex ,f To.. ■ IWCJ , 2 Ch. 2.-.4. Nor. .t would 
 
 ,„ i.s it upplicablo to tho cjifo of a i.ublio oonipany. in wh.Lh. bv 
 
 ,1,.. arli,lo.s an<l prospo.„.s. full ,liMl<».u,o of tho fml« is n.a.Jo to 
 ,11 ,ho ,..o...lK.r«. Volenti von fii ivjun,,. Tl.o shaicl.ol.lo.s in h.kI. 
 .. .,...<. .....8t bo takon laiitiv to asHo.it to tho pro...(.tors i..uk..i){ a 
 
 prolil at their e.xponxo This is tl.o tl;ooiv of the law ■ 
 
 •■ I, ov<.rv .n..„.l,or of th.- .•..iiipa.iy. .'v.-rv »liar.-l...ld.T, know- ..xtt.-,ly what is 
 ,1,.. „■»,. stilt*- nf tlio tVts. whicl., f..r this ,,ur,m«-, nu.st l.o n.,.|i,-.«l to Im- th« 
 
 , ,.,■ iH-ns VauRhiui Williams-, J.. <o.i.lusin.i s.r..is t» nw to I ..■vital.l.': that 
 
 „., ,a.c of fraud upon tli .mpany .'"uld 1..- Pstal.lish.-.i." IVr I-ord Ibilshury. 
 
 s.,1 „„ V. v.,/. -. S, r.,.. (1H97> A. C. :«: and »;• per Lord Watson to th.- 
 
 -*:imr t'tfcrt. p. 37. 
 
 pi 
 
 Tl.o followin^r oxtiact.s iM'ar on this point: 
 
 ■ I. was urgo.! that th.- pri. f thi- prop.-rty Whs not lix.d or .-ons.d.-n-a l>y 
 
 ,u M,.l.-,K.nd.nt l..wrd of dire.tors: and that, in thi* rp»p.-.t, tho ,ran«a.t,on was 
 „„pr..p..r and fraudulent. This arKumi-nt 8CH-n.s to 1..- hascd on a inis...n..pt.on 
 ... tiM- d.-.isin-, in A;,'«»7.v v. .\r,r Snmh.r.;.. *-•. (',.. (XHIH). i .\pp. Cis- 1211*: 
 «l»n- the fa.ts wrr.- vrrv ultfvri-nt. In the pn-«>nt .-as,-, it was not disput.-.! 
 il.al .v.-rv sinxl.- sharehold.-r was |H-rf.Htly awar.- of all th,- .■inumstanc.-s 
 ..ii.ialintr th.' formation of the .o.npa.iy. and thnt nolMaly was or .ould hnv.- 
 
 I..VM diioiv.d.' Per I^ird MocnaKhl.'n. I.«,„i,,,ir v. Brn.^rl,,,, (1H»7) \ C 
 
 :|l>«. 
 
 •Of coursf, on.- lan .-asily .saa-.-iM- that thr tiling' mitflit liaM- I. m'-r.- 
 
 .|,a.... or .va-ion. or tri.k. t.. |f.-t rid of the- olf.'.t of th.- A.r of I'arlian..,,, ; hut 
 .,„» .u^Ki..tion of sham, or fraurf, or dweit. seems to ho onlir.-ly out of the m""'- 
 tioii iu this oaso. KvoryUnly in tho •ti..ip»iiy know of th.- transaotion; ovory 
 -liariholdi-r of iho .ompany was pros<-nt and was a party to tho rosolulion 
 llioro was no docoit pra.tisi-d on any oroditor. nor was llioro any rouristration 
 
 ,.r tlio«. sharos. oxfopt as shai.-s paid ..p. That sis-m* to mo to dis| ■ of Ihi- 
 
 .aso." for .lanii-s. 1,. .1.. .V//m j/oa (•««'•. H Cli. 4IU. 
 
 ■■0.10 of Iho U-arnwl jud^w ass.-rls. n.id 1 spi- no i-oaso.. t.i .piostion th.- 
 .i.Huraoy of his stato.nout, that .roditors mvor think of oxaml.iiu(r tho ro^isti-r 
 ..I ,l.l»'nluro», hut Iho apathy of a orisjitor .a.in.it justify a.i imputalion of 
 rniu.l iiicainst a isimpany, or its moinlHrs, who liavo provided all thi- moa.is of 
 
im 
 
 I'KOMOTEKS. 
 
 [Chap. 11. 
 
 iiifiirniiitioii whirli tin- Arr of Imi-i n^iuiri's; itnil, in my opiniun, a criMjitnr 
 who will not tako the tniiihio to iiw the- mriins wliii'h tho statute- providm for 
 •maliliiiK him to protect hlmwlf. mi»t boar the iflfw<><|m>nroM of hi« own iicirli- 
 (feniT." I'rr Lord WutMin in Sninmim v. Sa'omiui. (IH97) A. ('. p. 40. 
 
 ■■ Xiir WUH till' abwiK'u of uny indepi-n<li>nt board material in a ciwo lik<; thf 
 prcM'iit. I think it \» ;in imiitablc infiTcnrf from thii cirrumatanrra of the mm 
 that I'vi'ry minibiT uf the iniiipany axcnti-d to the purchaw; and the voiupiiiiv 
 is Ixiiind, in a niiitti'r inln- ■ irri. by tho ununinioim aKri'cmrnt of itn mmnlHT' 
 In fact, it i« lni|Hm»ilili- to ■«iy who wa^ defrauded." I'rr l/ird Itavcy, Sitlnmi.,, 
 >. S,.l,„„n„ * Co., (Ih97) A. C. .>'. 
 
 It is a •• well nettled principle " that " a company when renintered is i r- 
 
 poration capable, by its diret'tors, of biudini; Itself by a contract, with themselvi* 
 as promoters, if all material facts arc dischiM-d. S,ili>iiiii,i v. Snfiimon >V r.,.. 
 ll**37i A. ('. 22, is the Icidinir authority for this primiph'." I'er I.indlci. 
 
 -M. II., in l.ilitiinnH \ihiit.- I'll. V. I.n.m.rli S „„ilii;ifr, ( I HH!( p 2 CIl. 392. f.'.' 
 
 .\nd at pp. I2.i, »2l>, he says, " Notwithsiandin!; all that has been said In 
 Kilii.iiiii- V. \i>r S., ,11/1,1111 /'/•i,„/j/i,ilr I',,, about the duties of the promoters •>>' 
 a cimipaiiy to furnish it with an indc| .lulcnt board of direitors, that <l>Tisi>in 
 does hot nsjuirc, or indeed justify, the conclusion that if u company is avuwiill) 
 foriueil with a board of direitors who are luit inde|N'ndcnt, but who are stulisl 
 to be the intended vendors, or the ajjcnts of the intend«sl \en<lors, of prftpertv !■■ 
 the contpany. the conipany can -^et aside an ;iirre<-nicnt entcr<il into by thcin for 
 the purchase (tf such pro|M'rty -imply becanM' they are not an indepcnflcnt 
 
 bimnl \fter S',/,i,i,ii,i'>i ,n r, I think it inipos^ibh' to hold that it is the 
 
 <lnty of the promoters of a coinpiny to provide it with an indepcnd'-nt boartl of 
 directors, if the ri-al truth i« disci, i<ed to those who are inducisl by th,' pronnili'r- 
 to join 'he conipany. Trculinu' promoters of lompanies as in a tiduciary relation 
 III thi'ni. anti as having a power of MpjMiintinir trustees (.iia? elv, directunii, I 
 cann' t treat conipunit>s or their sharehoblers as so many rr,if,tin f/uf t,-,i„i 
 under disjibility. nor even as ,,-,/.<,« ,/,«• irii-t for whom trustees are ap|Hiinti'd 
 without tlicir cmMMit." 
 
 Hill llif (liMliKini' l.\ llii> |ii'iiiiiiiloi'< iiiii^l lii-a icii! (liselo.sni-o to the 
 ji(i>oii> iiiten'sU'iJ tlie f-liiii .duildeis iiiiil not a iiioio .slmiii \Vlnie 
 tfi'iilltiim-ii .set uliDiit I'liriiiiiig it ('iiiii|iuiiv to jiiiy thoiii a huiiilMHiie 
 siiiii lor takiiiu: ntF llioir Imiidx a |)Im|«'iI; uliiih (liev Itail loiili.n leil 
 tn, l)iiy with ihul ciul in xicw . . aji|)<iiiit llit'iii.s<'lvo.s .■^olo ^riiuiiliaii.s 
 aii'i |)ioh'rtiir« id llii» crciilufi' ol' tlioif.-*. liiill'-tlodpxl aud just. 
 .sliun;j;liiijr iiiiu liti', lioiiiid hand and tool wliilo yet unlioiii liv 
 eotitraclM tnidino' to tlicir |)rival«' advaiilap'. and .so I'uMliioneil liv il.s 
 iiiakiM.'- thill ii loiild imlv act hy their hands and only soo tlinxiuh 
 llicir eye.-.' ami the roiiipaiiy ifmw to the |iiihlic for shaio siili^ lip- 
 lioii.-". ' ■ dLscliwiiii; i» not ihi' most a|i|irii)iriat(> word to ii.sc v hi'ii a 
 [lei.suit wiiii |ila\.-- iaan\ |iurt> uiuiouikos ti< hiiiiiiulf iu one churaiicr 
 whut hi* liiiM dune and is ihiin^ ia another To talk of disejasnri' t<> 
 th»^ thinjf rallod the eonijiany, when as vol there were no shnroholdei-. 
 i.s a mere laree To the iiitende<l shaielinldeis there was no disclosure 
 at ail." i'er Lord -Macna^rhten. (ilurkstfui v. hiirnfs, (lyuti) .\ C 
 :!I0, 2»8, 24!». 
 
 The Aet of l!J08 now iimkeH proviNion, iu sorlw. 81, 82, for the 
 I'ulle8t diKcloiire a^s refjai'ds vendors to the cuiupuny. 
 
 •TTSSm 
 
INTKOUUtrOKY NOTt><. 
 
 W 
 
 , i , On... Iho i-roM.nU.i l.u> loi.iui.M.i i-.l llio pioumliui. Iiu in.iM give 
 „, the ..,i.ii.au3 tlw iHM.olil ul mmv .suL^tM,,.....! .ontniM loi 
 ,1,,. ;i..,ui>ilioi. oi ,>ropo.i> «lii.h ilio .o.i.|Mii.y, «h.i. 
 luriM*..!. l.»v.s ,■-;.. if. ultt-r iM-ninniny: t» pnuum.'. I.o emo.> 
 iu,o a ...laiu.l K. i.ui>lia.M> i....,,.tI>. lu- .unu-.l |moi..-iI.v 
 H'll lo ilic .nM.|.unv at .. l.i«h.-i- prici- ihui. !»• -:iv'- »iili<'"ii 
 ,1,„. ,|i«|.,HUio ,u..t M..'n-lv of Iho prirt' he -av.-. Ihii ..I lli-' 
 la.t llml llu> .oinpanv i« .-ntitlwl to luko tlut picpeiiy a. 
 thai pii.«M, anil il la- 'lo. ll.o .oii.paii.v. on ,li.s. ov..ni.>: >i- 
 ilLht;*, iiiav oilher. al itn option, ifs.in.l tli.' roiitrail or 
 ,oni|)fl llu> pronioti'i to Miir.-n.li'i lii« prolil -o" ■■.'</"<'• 
 ,, l.s.Ji. ..r niuv .ouip.'! Iiiiii lo pay tlio conipaiiy .■on.|K.-n><u- 
 tioii for lii« l.nwh of .lulv. /..'.v/w ,i«</ Ihiiilri, Ihoiln-^ of 
 Vaiirlii'H. . V.M-2) U < •> «•>'■' Ami in sncli rase- tlif fa.t tlial 
 it has Ikm'oui.- inipo^'^ihh- lo iv.s.in.l .1."- noi alt.Mi ;h.' . nni- 
 ,,any s ah-.Tnativr liirht-. S<^' ••<"/'/•«. p. i;t;i. ■'•"' '""" 
 
 Tho.v i^ no.hin- lo l-rovri.t p.-i-ons Ii..m. l.uvin- p.op.Tty with a 
 view (o roseliii.tr it to a eonti-any: l.ut if they on.e l,e,o„.e p.nn,oter> 
 ,f a ..m.panv «hi,h is to U' fonno-l to ur,,.iire a part., iihir property ^ 
 ,l,ev .antiot atterwanls a.-iuire tl,,.l prop...ty for ihen.selves an.l sell 
 „ 10 the conipanv at a protif, the ..iiipaiiy is entith-.l to >uy . Ion 
 aero aetinR for Us; you were In a li^lu. la.y poMti.,.. a- .vyanN thi> 
 l„M|H.rtv. an<l now. therefore, a« yon hav.- i-urporie,! to soil this to ..s. 
 «,. ,.ro"enlille.| to tako .1 at the pri.o you oriyiiially -ave t-n' it. 
 ^eo lM,h,>rcll Mn,h,,J i'v V. lirnuW.. .!.-, C. Div. 4(H.. a.nl (',„>,' 
 Union <'o..-2'jr. Div. T'.t... appiove.1 l.y the i'rivy C.ua.il .n lt>,rl,uid 
 V FMtU: ' VM)-') \. (". M: H<ink of I.<,ii,l»,i v. Tiirrll. !»• H 1. ' -'•■ 
 Eihiniji-r V Si-ir SoiiilnnK <•>.. .'i (' I) '■'' 
 
 I , Wheiv a |M'r-on a<.,iiiies property or rijihls on his „w n a.Toonl. 
 an<l prior to the tint.- wiien he heroinos a proniolor. he is at 
 
 liU-rty to le-sell at a pr.ilit to the .onipanv he pr tes 
 
 provi.h'tl ho iHuiornis hi.'^ -hity to Ihe .ouipanv hy iiiakin); 
 lull .lis.io.suro 1.. it of iho material fa.ts. an.l of th.' naluro 
 an.l extent of his interest. If ho .cnonits a In.-a.h of thi.s 
 .liitv. the .oinpiinv. on dls.M)vorin^r the facts, uuiy r.-s. iml 
 Ihe.ontra.l or .nay .•on.i)t>l hin. to pay .laiuas:.-s lor his 
 Inva. h .if <liity. S«'o ea>t-, suprn. p VV-i. 
 
 Aiiorilinj.' Ii' !'"' oMe' ta.ses, wheio restis-i.)!! wa^ iiiip..ssil,io, .•.<;.. 
 bv reivon uf Ur' pr.ip.erty having h.HM. sol.l. lorfelto.l or lost, the 
 .oiapanv wa.- T.ot entitle.], iw an ullornulive, to eoinpel the pnanolor 
 to ai..>iiut f..r his protil ou the sale However, in Renlhuk v . Fenn. 
 \1 -Vpp. (as. ti.-.:., t.oiJ M..aiaphtea lonsidoHHl that a p.-rson m a. 
 li.lu.iary i..k<ilion .•oinniittinp a Viroach of his .luiv lo .liseK«>c, thou;rli 
 bo niitrht not 1m* mi-.mntahle for prolit.s. w.ml.I he li. hie to pay 
 ■laiims.'e.-^ f.)r sn, h hrea, h ..! .Inly .'m'u where rescission "a> iuiprm- 
 
 rt 
 
!lf 
 
 *h 
 
 138 
 
 Ul n 
 
 I* 
 
 •tiMi, 
 
 Bf 
 
 Alloinui('<>» 
 made to 
 promoter. 
 
 
 [•KoMtd'KHS. 
 
 [ClIAl-. II. 
 
 ticalilc Anil ilii» view in rrliition U> proniotori* «iim uiI(>|iI(>(I I>\ ihc 
 (JiMirt of A|i|M>ul ill Lfrilx tiinl lliinlri/ Thi'nlres of Varielirs. i \W>\ 
 'H'\i. KOit. In lliul itisi- r('-<cisMi(in wa* iiiiprurlicaMo: v<'l il was hi-ld 
 dial llio |iriiiiiii|t<rM wore liuhlc to piiy ilaiiiii(;o.'' to the i iiiii|ianv Idi' llir 
 linwii of thoir iliilv to (li-Hclik-.t-. Tliit dcriiion. in olfivl. o\(>riiili'> 
 IaiiIh Fiinist Muriliis(tn) liitlil Minr. ^ liioi) I Cli '>82. iiiul prii. . 
 fi(all\ (li.sp<i.s<>« of tlic <lilii('iiliv raiM'il in the <>arlii'r ium)- aiio\.' 
 ?pf©rr»'(l to 
 
 (r>; A pi'oinotor who i.«i not u I'oiil owikt or |hii'I o«in<r iiiii\ iioi 
 tiini'iii' u^ an iLitcnsihio ouikt in ii kiIo Io tlio conipanv. uiiii 
 if he violutcf thi'* rnk" lit- I'oiiiinitM a lirouch of liiw tiiil\ ami 
 iiiiHicpn-souts his position W'cstitiori'laiiil (iri'rn, ti< SUtli- 
 ( (,.. (iHO.tl 2 ( II. til2. 
 
 ((»l A proiiiiilt'i' niiixt iiM- lii» poMition and powciH faiil\ ami 
 rciutunaliix . ami in tli<> inlcn'-^iN cif ila> conipany. anil iiiii.-'i 
 aliNtaiii from csci-ci^ina: iiinliif iiilliKMicr and. a fortiori, from 
 fiiiiid. (iihsiiii V. .Ii'i/i'.s. Ii \«'s. J78; 1 1 II fi urn ill \ . IUihi'Ii'i), 
 H Von. :i7."t: Krlatr/er v. A'r"' Soiiihrrro ( o . ;l .Vpp ( 'a>' 
 \'2\H. (ifiiflisli'ln V. liarni'i. supra. 
 
 I 7 I .^ pi'<iniol(>i' who prup(>.M'>i to sell hi.s piopiTlv to tlio conipain 
 111' proinotoN. or «tliorwi-»« to ohtniii «onM' a<lvaiita^< from 
 the conipaiM'. cannot coiiNistcntlv wiih hi'* duty put fonvanl 
 .sonic noniineo or tmil as the owner or <'ontra(tor. and thus 
 conceal lii.s iiitorcst. Erhnijcr v A'cm' Sombrero (it . ."> 
 .A).]! ( a.s 121«, 12'!li; I'rcsliiii's ,,/vc. |t; W. R. (itiK. 
 I.itnlmii I'rirolruiii I o. v lluril. I,. H. .". 1'. ( JUl; (llasiri 
 \. Hulls (18K!t.. llM h I). 442: lU-litiiirl,- \ . h'rini. IL> App 
 <'a.s. »i7l. Tho di.sahility to wciiii' sccnM Ik'hcIiLs al the 
 cxpciiM' of the conipanv which allaclics tn a |ii'oiiioicr is a 
 pci.s. ii.il i|i.'>ahilit\ aiisjuy from tiio liiliniaiy i-clatiniiship 
 which -iilisists hi'twi'cii him anil the cumpaiix 
 
 WliPii a pcr.->oii .-taiiiliii).-' in a lidiiciiiiv relation ohtaiiis a m'cici 
 iM-tiefii, |!.c toiirt doe« not eiitei uiio the .|ue.stioii whether the panv 
 at ihoHc A|M'nse the lM»iielit wa^ ohtaineil lian or han not lost. All 
 thill the Court hiu< to do i.s to e\aiiiine wliciher a necret prolil has, in 
 fact l>e<'ii iimde: anil if it has. thiii prolit iiiii.st !><• coimieil foi 
 SiH' I'lirkrr v. M, luiimi. Hi ( h App IIH; Ahrnlrvn l ■/. \ . lihrkii'. 
 '■ Maci). 4til; an. I Eiiuiui MiiiiiKj ( o v. (inint. I I ('. I) il.lH 
 
 111 a.^certainiiij: the profit for which u promoiei i^ to I. made 
 aecuiiiitahle. \ns dishnrseiiients in relation to tin- c(jropaii\ may in 
 .some case* he ailo\vcd. Tims, in Kiiiiini Miiiiiiij <o \ (iniii' II 
 ('. I). '.tlH. .Ies.;el. .\I R.. said: ' It si*<>ms to ini' thrti in eslimauuc 
 lii« the defendants, profit. 1 ouiflit to find out his real prolit. that 
 is. the real result of the transaction which was left Ut him. . f 
 
 think, therefon-, we inioJit to a-sivrtiilii the iiel prolil. simply on the 
 )iriliciple of ilediictini.' fioni all the i. eipi.- all the |iaviiieiils " Km 
 
IMUODItToKV \<)TV>. 
 
 I.W 
 
 , ,,.„„.„... «iii ..... iH. uii..«...i ... 1.....U ...."■.'• ' I'" ":'"•' "'■;'' 
 
 „ M 1. .„■ U.... ulfn. rin: .1..- <• l-".^ '-.'/./».■// ' »';/":;"', .' 
 
 •! I ( Div ■..-. S.... al..o IU,.„>nU V. r „r//..». •; < D '• ' 
 
 V, Lu... WillM..,.. 1. .1 -x' u.. , H-..-.,: O, Urp..o.l. - 
 
 ,,„„.„„i,„ ,.,„„,,a..x. parllv in ,.r...„..ti.... .-vtHMiM-, a...l ,.a..l> ... 
 ...,l,,..iaii.i" ll..' I.all.-<aii(l 111." lik«' ,. , . 
 
 '"■::„.„„..,. ...... .,..K n.,.v..v r.-.n. ^ ^^l.". - - ^^:^,r''' 
 
 I ;„ .,„,i„.i„..rv ..x,..M....s. «i..T.- 1..- i.r.- ■"";■;;;,''•: ;i" 
 
 ,:,.■' A...I L a,,pli- -.... ... ■v.i.trn.io,, ..v. A;"'"-' •/'"'" 
 
 \VI,..,r .1.0 |.r..li. ... a .............. .""M^.^ •■. >U.„.'. \u- ...^.v a" .1" 
 
 .,,,U„„ „.■ .1... ......l.a..^. !..• ......1..-I1.-.I ." PV.- ..|. ...- "I'i" '^."■ 
 
 J,.,„„„ ,„, „„. ,,r,H...,..ls ..f .al.-. if -<M. -T I'- .!..■ ^al..<• A-'"" 
 
 .w,»,»./ ''. V / - ' «' '• " -■'■"•■ •"''-""''"'"•• =i; ' ■; 
 
 I'liirsiiii -I iiixf. 1 ' I' — -• ' • ... 
 
 ,,„„,., 12 ( I) 7.W: ,«./.„//,•.....«.■. l:t< l»>^ >'""•""-' ' '"'1' -^^ • 
 
 '" 'r is u. ,..-.......i.... ... •■■; .1 '•> ^ i";;;;;;-;;^ i::;;:;:::^^^^ 
 
 ,,.„.,„.„^ ,„ .v.xli.aU. ,..^nM...t.,l ..,..I.M tl..- ( .....|.a....- A I I.H.H. ... 
 
 ,1„. \,;~ «i.i.l. i. l.aH .-.■i.la.^.l. Sn.l. :. ,..■.-.........« .' !.""> ... 
 
 .UMli.af i .allv ....<• r..n....l x«i.l. «i'l.- Ii'.a....ai ul.,....> ^ .... h.-l- 
 
 ,„,, il,.. ,,........li.... ..f ......l>....i.>.-... a...i ii ...a.v Ik- a r.m.vr.. . an ^ - 
 
 ,.;. CM I...M a.r...-.li..jrl.v a..,l .M.^ra..-,! i.. II..- ................ ..•-. I....." 
 
 „;,i„ f ,...n.,.a..i..s; l...t ......v .,...........!> i.> .^1 a...l >..l.Ma....ul 
 
 ,1,„„„|, u..,.X|..«-o,l ..t.j.M. i> ... |.r........<" "•"• l.a......lar . ,....|.a.,> . 
 
 •liH.uaHi..^ «l... W....I.I ..li..-.«iM- l.av.- a-u....-<l ll.o .-■. • l-.-....'«-'> 
 
 l„.,..u». .l,a.cl...l.Uns in tl.c ,.r..im.ti..>: i.a..,v. an.l il...- ...«• l-.-'v 
 
 ,„, ,,.. a.H-^ tia- i..-........in^r, a...l «!..•» .1.- ,.r........i.... •> .-..M-lotc 
 
 ,1,.. ,..,.n,.a..>. a. U>»<t'<s olUrio. i^ w.,.....l ..|. a...l .!..• ..-. l..-.'<'«-<l- 
 
 1I.C ,ii.>.liil.....'<l aI....n^'^l ilif shard.. >l<l«'i-« 
 
 Tl„> .„.Kl.. .,f p..,......i.... is s.„.....i....-s a.l..,,UHl «..h a v.. w .o u.n- LUh.iit^ of 
 
 ...alin.' .1... i.l.M.titv <.f »h.> ,K-i^....s «1... arc in roahlv .nlvn-sto,! in li.e 
 
 ,,„„„„li..... r..r tlL-ir ,..Msonali.> is n.orjrivl in tl... .„r,.or..t<M.x.sl/-n«-. 
 
 In su.l. .asrs tl..- ,K>.>...ns int.Mv-l.-,l a..<l a.tii.tf as ,|,ro.t..rs nl iho 
 ,,r.m....i..K .•<.i..l«...N ^-onorallv ...s.M.n.,- th.t tl.ov an- ......p .'.-'Iv 
 
 -xonipl .-.■...n iK..-».ml aa..._'fr i.. ..-lation t.. a pr. .t...... a...l ... a 
 
 larir.. ..xU-nt .... <»<.»!>. this is s„: t„r ,-xttn.plo. thov a.r ... n.. way 
 
 lial.h- on a .■..n.m.t ...a.l.- !■> .h.- p.-........in>r .■..n.pu..v .so<- >-"i'r<'- 
 
 |. 281. l.nl thorc M.H ronuiin <-as<w m «hi.ii rhr .iim inr< iiteur 
 IK-rHonal risi< If. for oxainpl.-. th.. p.-.......tin^r <<....pa..v rnnnn.ts a 
 
 l,r,'a<.h of .lutv <.r u fruu.l. it "f <'<.nr.s.- .I.h's «.. hy it- .l.rootor- n 
 Midi .Hsos Iho (linHtors .1.. n..l ..s.ai«- lial.ili.v. for all p.-i-sons hI... 
 
14<» 
 
 l'K«>MC)TKK.s. 
 
 [Chap. II. 
 
 (lar 
 
 tiv^ III a traiiil m ■■ 
 
 It \u't 
 
 ui'oli;; HTv iH'i-mia 
 
 llv liul.l" 
 
 uiiiuiittiHl u I'ruuil III' ulht't wioii^ u< 
 IjiMDUse no iiiitliurilv tun HUiiilinu mix li 
 
 can |)l)>it<i BmiVMHt'iill^ lliul he 
 UKi^nt liii' aiiothor |hu'miii 
 wriinplitiiiu. Ilciiri'. it llii- |ii'iiiiiiitiii<; riiiii|iiiiiN I'uiU In r<iiii|ily with. 
 «u\, stHt. H'.t iii' llic ( oiii|iiiiiii'-< All, I'.l'iH {!%.■< tu lilt- t<'iiil.« 'it' |iayiiij; 
 iiiiilci'wi'iliiiij: rijiiimij'-iiiii I, nr iiiiiiiiiitK a lii-carli <i|' mm I. H'2 of llio 
 suiiii' .\ii, il- iliintiii- iii:i\ lio lialilt*. So, too, tlu'iv may Iw liiiliilil\ 
 il' till' iliii'itoi-K ail' iMiiii'.-. Ill a bn'ath iif iIk' iluly Id ilisilo-«' inni- 
 iiiilliMl liy llir piiiiii'iliiij,' • •iiii|iaiiy, <•(/., • lukiiifr mm rcl prnliLs iii 
 till- I'ViiriiM' of till' 
 
 i|iaii\ |ii'iiiiiiil<iil, I'm iiii'li a liaii<<a> limi mm v 
 
 riiiiiiiiuiil> iH u Iraiid iiiav ■»• a lii(iiiliiii>iii Im-ai 
 
 I'll I if liii»l ( Ki 
 
 u 
 
 I III 11 'I 
 
 ( <>. V. (Innil, 17 ( 1) 
 
 ir al iiiiv ralo u lin>u< li 
 
 It:! 
 
 IiiimI ill which the ilinilnr.- kllllwlll;il^ roiuiii'. likinifK v, Ailtli). 
 ;» (II. I). 24 ». 
 
 M<iii>iiv(>r. if tlio >yii<liiati< or iiriimuliii;: rmiipaiiy lia-> mail*' illii ii 
 |irulil^ uiit ijf the >uiii|iaiiy iii'iiiiinKil, tin' |iriiiiii>t<'il ('iiiii|iaiiy iiia\. 
 Ii\ viitiii! i>l' the liiluriaiy rclaliini nf lln' |iiiiiiiiiliii<; riiiii|iaiiy. folluu 
 Miih |iiijlit» into till" liaiiiN ol ilio iiicnilrt'i-* of fho prouiotinu 
 riiiii|)aiiy 
 Baukruptcy In luosi i ax's a |MiinioliT in iriviv iiii: illo;.;itiiiial<' ;^ain.-< ri)iniiiiw 
 
 ..fpMmoUr. ^ 'fraiiil or frainlidi'iit liiiai It of tiu>t' witliiii M-iit. .10 if tlif 
 Hankiiiiitcy Act. IKh:!. Soo Ki'imu Mitihiii Co. v. (Irani, i' *'. U 
 l'^2; UaiiiitLiH v. Kilioiidx. 'M (' I). Iim>, Miliiii Tniiiiiriiiin. ;j.'. 
 ('. l)iv. ."iS7. But it .lot's not follow that iion-iiaynicnl of >'iin|>«'ii- 
 satiuu for thi' frand or bioaili of truil will amount to dofaiilt liy 
 u triisHt' ol' jM.'rM)n acliiiu; in a liiliiciaiv lapacily, and ordorod I" 
 |)ay, by a Court of Eijuity. any Mini in Ihm jios.M'-^ion or under lii~ 
 1 outiol, within .sect. 4 of the Dtliturs Ad, IXii'.i (;{2 & 3.1 Vict. c. 62i 
 Mihiilji'x mm: 1.1 CV U. 8 1.". 
 
 A coiiniany wliicli has ici omu'iI daiiiau:i's a;{ains| a pronioter in 
 resj.ect of a secret prolil iiiadi- liy liiia on a .sale to the coiiipuiiy inav 
 prove for such damages in the hankriiplcy of the promoter, i-m li 
 duiim^fes U'iiig ast-ertained and iheiefore a ' dcniaiid in the nature ul 
 iinliipiidated dania^:es aii-inj;' ollier^isc than liy reason of a con- 
 tract." F.niiiui Silifi Miiiiiiii Ci). V. (iiiiiil, IT t'h, 1). 122. 
 Limiutiou. As to the period of liinitalinii. .V |)ioinoter is usually held liahl" ii- 
 
 a coiislriiclive trustee, and iipoii the fiMiiiii^r that he has l>een guilt_\ 
 of Truud. .\ccordin};ly, he (aniiol rely ;iii the provisiouH of wect. f* 
 of the Tnisloe Art, 18«8 i-il i ."i2 Vid. r .V.l, not repealed by tln' 
 Trustee Act, ISl'.'ii; for the si\ years' limitation wliidi in lerfain 
 cu.'ies that statute establishes in favour of trustee!* i including con- 
 structive trustees I is not available, as its operation is e.xcludeil 
 where the claim i'; fouudeil u[iou any fraud or fraudulent breach 
 of iiusi lo »hi(li the iiu-icc w.ts jitin^ ol piivN. or is to locovi'i 
 trust projMjrij-, or the proifi'ds thereof still iitained by the trustee, 
 or previously rei'eived by the trustee and converted lo his u.se.' 
 See Sale Hotel, dc To., 78 L. T. .'ill8 That llin Act of 1888 applies 
 
 iS- 
 
iNTKonrrroKV \otk>. 
 
 1(1 
 
 {llnlmriil '■<'■' 
 
 I !• 
 
 IK'U' I Cli •■•!'• 
 
 ,ii»inii liN'' mi~l<'>'». 
 
 I.iiiuls 
 
 hxi'ii » 
 
 |l,.|V ll»> MittlllC (I.H-^ ll"l 1>|'1 
 
 l>lv 
 
 I liiiiii .lUiiiii'l i« (iii.niKH'r 
 
 U< Imiiol l>\ iiiiiil"S.'> 
 
 til tlif ^iliiHHi' li\ l.i|"<' »' ""»•' 
 
 
 ,„, ,, «., „,.ll -.IU-.1 U.f..... tl... Mill Ilml .. .I.H.u ..L'a.n^l ■' I'r- 
 
 ,.., a. .. ..u„M,..,tiv.. 1.U-U-. in n-|H-.. ..f a ...-..■ ul,lii,u...m t,. 
 
 „.v a- ,l,.t...^M.i>l,..a fro,,. ... u.tual ,..i- ,,.,.li.ut,oM -.1 U..M ..,..,...>. 
 :.:i,a,.W l.v MX v.vr.- .IHuv ,.f/,. ./-><--...V !■> .Ih" - ,„.,,m,.v ,- .he 
 ,„,, Vrl.o,..l.l.n, n„nl. ^ Ih-ho,,.:. Kv l)u.:il',.. ,.n.lM.../^v■/.- 
 ,„„,\ „,„,<■. i: w. ■..:. /f.oo,-. 20 •• DiN iH!.. «,'»,... ^ 
 
 /(.„,./.,.•, IK.. I) 2.-... / >Wk i«'.'-i' 1 ^'l' l>'- "•• ;^'' 
 
 ,., „„. „...ou..N of l.nlH.s ,,,., 1 to „;:.>....- of .o.njMn...,. mh- /,<..•- 
 ,, r„ V Sluhhs. f.-, (■ D.v. 1. •"".'/<" «.» S„ll,.,,l ^. /..•.•,•,, .IH.tl' 
 , (. 1! l.iH. //o,r«./.-» >..»« V .U,7//.o.(. 1.1 T. L H ••.<»■• 'I A ■• 
 H., I. T II: Cnnil v. «... ' K.v,,h,rali„„. I'M.... I (^ . :•!. \ud 
 
 ^ n- tu Foiiii "i'"! .<luu •• '.•:!. 
 
 /•,,■«,; ia.a: m.t.„.,uni..iliou of ll.f l...i> to .I..- '».ai.l ' ■','■ I ■,• 
 ,, „„t.... lo ll»' ..oiiipMiv M,'lr<>,>olil<n, ll.i>il. V. //.-/..« • ".' j ' ■ 
 
 ,,„.„, ,1„. ,|,,..,,O.S an- tool- Ot tlOll.iM Ml tl,.. i.i-oii.o.,-.. 1. I. 
 
 „.., ,„ii.,« ,1,.. ,.o.i,.- to tl..- ,ii.v..o,> ,- ... U' ,u-..H-.i ";"";•"■ ''"• 
 
 ,m..v. hii:rou «.««<»«'' ' " • ^'-^ ^^ H j:.-; f ^N « -'-^ 
 
 ,;,7,;„„;.r V. .NV»- .S,,„J..rr„ To . :'. A,,,' «"- '^l«^ ' ''^ '' ""''■" 
 
 77,.,//,r.- oi \,„u-l,rs. .I'.H.'i. -J <l,. «'•-.. f,/«,/. s/..,*- v /,...-.■>, 
 
 .I'.t.Mti A. <• .i'.ta. F... .1,.- |.r ...|..i..i. i- ll'^" 'l"'.^ "'•"''' '"" 
 
 ,li>.|oM. lli.-i. "«i. «!oni.'<loi..'^ !•■ '!"• -l„..''li.-l'l<'r-^ '""• * '"''''■ 
 I.-, (I, 1). ti.'l'.' 
 
 • |„ .1, .....al .as,.. «l...... I..- .Ii.o.-.o,- a.-.- ..,.lv ..,.,1 no, „„.,..|v 
 
 ,„ „ai,..- X... ...iv.- <.f .!,.• . ....pany. i. ...av Ik- asM.,,..-! ll.a. .l.-.x 
 
 ,vill U. vi.^Mlan. a...l ci.i.al ., .!.<• |.u.li...la..s of a Lar^nu, ..1. 
 
 ,,^„„,„„„ i,„,,„Ha...(. a^ .!.<• i....-.h»- "f 'Ix- 1..01..-.-.V I.. 1«. ..a.l.Ml 
 
 ui.h. a.,.l .ha., .h-ali...^ a. a.,..-> '<■.>;:> 'h.-v «ill -xa........ ...to :...>- 
 
 ,|.i„. l..arin- <... ll.a. ...at..-.- .ha. .h-- .,". X-H i'- "«" ^'"O "" "~ 
 
 I,,,. I(,.l. ii. Ih<- pn-si-n. .UM., th.- ......l.a...v »a-^ |.aial\/.-.l -■.) I..r as 
 
 ,,„i|aH.-.. a.Ml •■.i.i.iM.i «.•..- (.-...V I f... th.- h..».l r....... wa> 
 
 ,„.,,. ,,i.-.l l.y tlw- otioitiv," sav^ l.o.-,l H..I.. .1...... i i;h,rh-<U;n v. 
 
 Unities, at p. Vi\) 
 
 Disclosure • is no. ll -i a|.pt.-|oi .'«■ «o,-,l i- „-■ wh.-.i a 
 
 |. .,-,.„ who plavs ...a,.v parl^ a.,no,..,..- ... hi...M-lf in ...... .hara. .or 
 
 nlml h. has ,l.."„o a.i.l is .loi..-^^ ii. anoth..r ■ IVr K-.-.l Ma.na-hfon. 
 (ihirl.shin V. Ilariirs. ( 1!»00. A. f IMK •2^'■>. S.h- r;. v l''» 
 Thus, whoif tho diivrtoi-s of .ln> )....-.!.asin;r . ..uii.a.iv u.tp also 
 
 ,|„. .li,v,.|...s of tl.,- sy...li.a.,- vvhi.h p. ......I.-.I th.- ...lopi.iy a.i.l 
 
 -.,.1.1 tho pr..|K.rlv to It.' hii..ll..>. M K . .".! ii.al -J., iiupui.- I ' ^'^- 
 l:,l.•(•l.aHi..^r^ ,„i..pa..y th,' k..o«h-.l-v «hi.h tho .li.<-. t.,.s l.a.l a. - 
 .,i,il<>.l i.i aiiothor capa.itv. ai..l ^^hl.ll l.„..»h..|.j:,- ih.-v .li.l not .1." 
 
'M 
 
 «i 
 
 14-2 
 
 I'KOMOTKKS. 
 
 Interest. 
 
 [Chap. II. 
 
 ,.,...,„. ..n....l..-H.w ,.,..■ ......-•■ L,,u»..sM,...t.ro.^. 
 
 No.i..o u. air..,.,,... i. n ;'''--'7 3''^-;;;^:, i" 
 
 ,f,. r„. 7 (1.. K-.i; '.'"■,•,■ s ns... M I .V •«- ^„., 
 
 lh,„k l.i '.V K. l.''.»T; ll.,»,i.slinr huHl ( <>■ . IH.M., . i I.. . 
 
 soi, /Mr;./ /•-.'/."• 'f '■"•''•""'-'''' """ ,. . . 
 
 '^''•- -7'''''7V;,rT:; ^ .: I -V I ..i^. 
 
 uikI IK.) .....i.i'l ' 1'-'^" "" '" '", ' *■..„,,;,•/.■ Stohrit 
 
 ,( To., . I'.t..:ii 1 til ■'•'" 
 
 A. ... .....i... ... a.l ...^' ^...».vl.ol,l.-.s .....ui.' ....... >.. ...« •■-".->. 
 
 As to Interest. 
 
 w ,. „ ,..,-.„ ii. .. .1^1". »■- i""" i- ••-'""I '■■ ■;■■•■■"■" ';' 
 
 ,„r;: .., .'. >■- .- .■".»■* "■■■•"•:' ';',:;:;;,,";;„„ 
 
 :;;;;,r,:",',:,.; ...::- '■ '•»,'!.',"■■«'■' 
 
 -.-"' .•^•''"•••"■'''■■'-■;:.;'t';'kV,.:;:; :,.,.^'™i'^^ 
 
 ^Uru.^Uu^u in <./«.A.^7.'." V. /{,„»...v. . l'.»'") A. C at l-. -.■.• 
 
 Death of Promoter. 
 
 ,..,,1.. „,,.., a., i. V ,lM.......,.a..> |.,i .1......... ....-..';' >'..;...• .I.' 
 
 : . L U .i,...ll.^ ....• '.■...... ... 1...>"1' "f >"- A..,.- >.»»'-. 
 
 'It /V..A- s r;,,n,.v. I. " •>" '• ''' .<"'.'/"—'- 
 
 iiioriliii •III" jirinoiltl- 
 
INTKOUUCTOUY NoTKS. 
 
 143 
 
 21 
 
 .:t> 
 
 As to Disclosure. 
 
 H..« .1...... i.. ...a.v bo .^k,..l. is u ,,.„.n..,o. . .vl.o .I.-m.-.-s ... ...aU a IWJi. 
 
 .X.,v. a.ul ..l..ain i.« .onson.y la ...dor ... au.w...- ,l..s ,uo., 
 
 ttc liavc t<. lioai in iiiiii'l: 
 
 1 , Tl.a. tl..' .■..M.pauy in. a, anv rau' in nnn... .a^-. tn 1..- .I.-.- I 
 
 ,„ hav.' n..tir.>..r iho fa.ts sta-.-l ... itn 1.....-I"""" ' '"' '•;"" 
 Ciri.H 1. <' . F.rhixirr v. .V,-.r Som/.nn. ''" ■ :' Api' " •'" 
 |-;i..- <il„rkst,:„ ^ lion.rs. li.OO, A . < ' liM.; ■> '...'"-.' 
 uow that a i.r...iHM„,s. ...• .he stato.n.M.. .» I.-. ..t .<• -« 
 re.i..iro<l to U' liM. Cninimnic.-* A.t. l'.M>«. - «" 
 
 That in ll.«- "I.S.M...' ..f f.a'.'l. ''vo.y .nt.n.l..-r of ,1... |.m..v . 
 
 ,,„;, a, .....lin^rlv the .•.m.panv ..self, is .l.-.-n.-.l .0 l.av.' ....... ." 
 
 of what is SOI f..rlh in the ..m.|.an.v's in an-lnni a.i.l 
 
 u,ti.h-s ..f association. S,..- (ihlJUh v. /'.<././. f. C. I) 'I-. 
 .,,,1 „,!....• niM-scito^l mrr.. n> '*> "' '«• '"" 'l'"".^' ^^'""■'"'' 
 ,hi.. sort ..f iinp."."'! "•'>•"• "-»'''' '■'"''' """-' '""I""'" 
 In Mvt 81 ..f tho A.-, t.. ho ^I.o.•ilio,l in Iho |..-..s|.o, t..s. an I 
 
 ill fail ni.l s|ioiilioii iho.oin 
 That ... Iho ahson.o ..f f.an.l ...• n.is.o,....MM..a..on l,fr,>,> ^ 
 /.•,rf.v. !.;,>,. ^ . Tu'ss. I«'.m , A. C. -JT.t .. .•v.v ...o...ho, «..o 
 .suhs,-.ihos .... Iho f.M.li..;. ..f .1 l....s,,..H..s .....s. 1.0 ,k..>n..vl ... 
 havo ....'i.o ..f tho .....t.M.ls of .,..v .•-.ntr-.s tl.o.ohv ..llo.,-! 
 
 lo, in-p.'<ii"" ' ■•'• *--'^»"* ''l'"' '"I'"' ''»' '^•^' '1^ '\ 
 ,,,.,vi-i.' n, of so... HI of .ho ( ...npanies A... I'.mH. h.ivo Ikm-.. 
 04.n.iili.'.l «ilh, i.. ..UMs whoio that so.li..u u|.|.llos 
 ,H Tl..it anv .on.litio.. in a ,,ro.s,.,..„i> .....h-. mm,. «1 -.1 <h.' A' 
 nur,..;.ti..tr ... I.in.l a suh>. .il «. wi.h ..o.i o ..t a...v .onl.a, . 
 :i„..'.n,..nl. or n.al.or n... s,K-..ili.all.v rofo..v.l f. ... so. h 
 ,,r..s,«M...-. is v..i.l S..,.. 81, suh-«.o., I, ot l'.M)H. 
 
 Th..s. in r....... o ... .1 . -.;".'. vvl'or.' <!'« pmspo. .o- ..11.....,! . ..-..- 
 
 . I,. ^..1 \l H Kai.l- • If ih.' hha.<'hol.l.'i> had 
 lia.l l..r ...sporLoii. .lo-sol. M U ■ ^.u.i. i' ,„„|,,i, 
 
 Sjono ... MH. it .an.l I -Link i.i " ...ur. ..I J..^t.,o .!,.■> . a....... . -.n,. a,n 
 
 thai .hov ili.l ..... MH. it. h... .uusl he h,:,ted as hnn,., „oh<vo, .1. 
 
 «.„/,»/,v.. .hov w..nl.l ha^o f.......i," .Vo. AV.o Somhn-n, <n > 
 
 F,l,u,.,v, -.(1)111. An.l in tho Honsr ..f Lor.h 1.. tho sa„... ....«.• 
 
 i;,.,..| Ularkl...... sai.l: ' 1 .hi..k .ha. oa.h all..ltoo was Kxo.l «..!. .!.■• 
 
 k„.,.l..,l,.. ho W0..I.I havo ha.l if !..- ha.l r..a.l i. .-.•.•• " -■'";':: " 
 .,„■. ,wsr 7 I' I) :•"' hi:!, aii.l //..//"•'•< v h.rin,'. ■\ < 1. \'< 
 
 sair iioi.i. .('■ ' " . -X •" '1' ■■''"'• ^^■"«'"- ' • ^'I'l'""'- "• '-•';;• ''•- 
 
 „a.i.. I from tho r.ilo thus lai.l .h.wn, a...l I., hou' :.v..l.-l tho ..llor o. 
 
 ;. ,..,„,,a,, f,„. i„s|M.r,i..n as inotV....>.v... .... .h .'• -'.I iha. .1 «. 
 
 ,u,lon.a.s Iha. sha.ohol.h-.s sol.h.n. ...ok .ho t.onl.l.. to l„.,k at 
 
 ..o...ra.-.. so 0H0.0.I. Tho ..as..s al,..w ..M«rr...l to u. n' ...... hn«."v ■ . 
 
 ; ■ ' ' 
 
 ' ii 
 
 If 
 
144 
 
 riJOMOTEHS. 
 
 ii: 
 
 [(•map. II. 
 
 cI'.m\, aii<l it iim\ oc (li>iil>U><l wliotiior llio ;;i-(iiiii(l iL'<.-'i;,'iior| iillurdN 
 » ■iutfii'it^nl rciiscii leu rcjciliii}; ilic itiinniplc of coiisiriirlivo nolico 
 i-ocopni/<'il liv .If.s.si.). M H.. urn! Lord Hlu klmin us alM)vp, jiml 
 •i-fiit'iallv iiiU'<l III! iliiiiiij; llic litxl iwi'iilv vi'iiik. Moroovcr. it i« 
 to tit' iiiit<'il tliiit (ln> It'iiniivl loiil.t wlio took purl in tho ileciNion in 
 Aaron's llrrfs v. Tiriss, i IHUIJ) A. ('. 27;t. up|iiii-oiillv rccojjnized flii. 
 mic i»> Niiiinil. for whilst lioUliii^ (liKcJiisiiri- in u jiro.s|i4ti'tiis of the 
 flau- and |>iirti<« to a conirail iiiMillicionl nolict- of itx foiiltMilH. thcv 
 
 (li<l so ii|ion llic ^rrouiid thai tht' pr(M|M>('liis conlai i a iiiiMri>pn'- 
 
 M-iilalioii. and llnrrfitrr ri'jicved an applirant from iiispiMtin^r iIm' 
 cuntracl . an<l tho Buine \'u'\\ was tak«>ii. on the wuiiio ground'*, in 
 (iltivkxlfin \. liuniix, (llMMt) A. ('. 2»(t. .lensel, M. II., (juv<« the 
 true principle in Smitit v. Cluulii'nk. 2(1 ("h. I). :u: ■ It, lia« ahvav- 
 Ix'i'n In-Ill. anil 1 think rijfhllv lu-ld. thai if a man in a i)ro«piTtii> 
 .... fulMd.v Mlatos the ronlontti of u written docnincnl. ho cannoi 
 I'Miipe from xiiiii falsi' Nlulcmont hv .suyinjf. I ollvred to fihow mmi 
 llu> duiumi'iit ' llul if ho make an iiiitiniplolo .sialeniont. alto<ri'tlioi 
 truo lull imporfoil, I tako it ho can 
 
 |.'>| 'riial notici' to ^ho din'i'toiK of iho rompanv. //' thfii n/c mi 
 I'lili'iH'iuh'Hl ijcriitiiH'. lint iiol othorwiwo, i.x oipiivulont l^ 
 nolic«> to the rompany Mi-troimliltui Hunk- \. Hi-iron. :< 
 K\ Div Mit: /,V Fil:roi/ l{t»s,-nifr <',,.. .(•_» \V. |{. I7i 
 .'!.'i \\ |{ .'!I2: Lecd.s and Hdiilei/ 'I'lTtalri'n of \'iiiirtii's. 
 ' MMi-'i L' Ch. HO'.i; (iluikstem v. ftirw*-... i I'.MHI) A. ('. 2Ki 
 
 1 1> I 'I'lml iho momorandiim and articlox of n.-isoiiatioii aro. Ii\ 
 M'li II oi tho .\i I of l'.M)8. iiiailo hindinir on tho eompanv 
 and tho niomlM'r.- tlioroof. aixl accordiiiirh iho lonipimv 
 niii;l Ipo lit'aU'il a.'* i onsontinj;- to what i.t dono in piir-iiiaiiri' 
 Hi iho iojjal pi ivi>ioiif ihoroof (h^rrrini '■iirii''>i <! ( n 
 ^ iiiiih. I, R. .. 11. L. ^8(t; In . WislwnnlHiiil. ih . I « 
 
 iH'i.l ' L' ( 'h 111 J; Liitiiniit^ Silmti ill \ l,,itiiitiiis Si/ii'li- 
 • nir IKil'l J I'll .mi' 
 
 li\ l.oaiih'j in iiiIikI tlio«' fio !■« tho proiiiolor cttii fairh "lischarjri' 
 hie olilis.'-aliiiii Siippo,M'. for in^lamo thiU .\ . tho ownor ol Mrop«'rt\. 
 <lotiinv< to havo a oompany foriiuHi to piinhiwo and work tho iirn|)erfv. 
 and that I! a</ro*'K to proiiiolo Iho coiiipaiix in ron^i.loralioa of a ^han- 
 of tho piir>luw«o inonoy. In niioIi iiiho Iho contra, i for -ah- !•> il»' 
 1 oinpiiiiv v»ill di^i'liiM' Us inio'i'st ; tho iiioiiioiaiiiiiim and .irliilos will 
 rolor to thai o'liliail and discji.M' vsliat I', i^ to "i-l .md ailllinri/o Iho 
 diifv-t'irj- t" iarr\ it out ami «ill iwrliup- stalo ih.it I! i> not, h\ 
 rou*i.-n of hi.- lidin iar\ lolalion-hip. lo |.r pioi Inihtl hdin aici'ptin^ 
 iho ronnMM'ialii'ii; tho pros|M'otiiM or Htalt'iiiont in lion of pro"|H>('ti|s 
 iiiiist loh-i 1.. iho i'oiiira< I and "llor it for insiM'ition. and hiII diNiloru' 
 tlio lad that U iis l«'iiiif n'liiiinoialod. anil llio aiiioinit paid or In- 
 (■■iidtd !• I"- pai.l In him ai! I llio • nii.sidonilion for llio paviiioni 
 1 -••' ' M t I of Iho A.I and Iho .■•; pain will ho f.oiii.'d with 
 
 Ata 
 
 KiLxa 
 
INTKODIICTORV NOTK8. 
 
 I4> 
 
 ,, i„do,K<ndont oxecutivo. who will in duo .oum- ado,,, the conlract. 
 
 wliicl. «ili 1... pniviMonul. lu.wvvor. uiilil tl.o company v> on. il-d to 
 
 ,,„„mcn.v lmMm-s«. Compani.v. Act. 1-JtiH « 87 CD. 
 
 (•a«... I.owrvor. ,s«n.otin,o« ariso in wln.li Uuto .h an .nsu,H,.ablo 
 
 .laiioul.v in .onM-lyinjr with tho r«le« ubovo rotVrnHl to; .•..;. "• the 
 
 ,,„. of a ..rivuto .•on.punv fornuHl U. ,.ur.ha..o «.«! work tho Ims.ucmM 
 
 .,'f „ (irn. 11.0 n.on.U.rs ..f which are to \m Ih- only .l.rcclo.^ and to 
 l,old pmctimllv uU the «han.K. In nn.li a < ..>i- .lu-r. .h no rndepondent 
 
 ,.,<.,, 'tiv,. «n.i it tho rnh- hud .lown l.y l.oni (aims in l:rta„„.-r v. 
 \ru- Somhrrro to woro uppliaihlv, the i-arlio.s roul.l not ..llo.t.voly 
 ;,rrv ont a transaction whi.'h is p.-rtVcly h-j;it.in.alo. 1U.1. >n s.u-h 
 ,..,...,... ina..|K-ndo«t oxecutivo is not .'ss,.ntial, lor the snnph. r-ason 
 ,i,at all tl... parti<.» an- fully .■otrnisa.it of all tho fu.t.s ol th.- .-a-s,. 
 ,.„.l.on~.M.lin-tothourran>,iMmM.t. S.h- Mi;.n.. p. l:t-.. 
 
 \,„l ,>v.r. whorr tho .•on.pany is not a privato ono and ihon- is not. 
 
 u„ in.h-|K.ndo«t. oxooutivo. if tho arti.los of .wss^niaUon show this la.-t 
 
 ,. ,, l.y slatinjr that tho .liixTlors of tho .unipany uro all dirooK.rs 
 
 ,,„, ,1,.. onlv ,|iiv,.t.,rs of tho von.h.r syn-liralo «hi.h is ..il.ni^ to 
 
 ,,„,.n,„panv „n.i tho pn^iHHlusslalos that tho pr torsaro >oll.n^' 
 
 ,„ ,. pn.lit. a sulli.iont dis.l.K.ur.' is ina.lo. /.„-;./»./.s- Sil'olr < •>. v. 
 
 Uho.ho,- a pron.otor i«, apart fron, sect. HI of t.ho Act hound to r.,...l.H.ure of 
 ,|is,.|.».o not onlv tho fact that, ho is n.akin- a prolit. hut tho amount 
 ,|„.,vof, is uitsotthHl. Acordin- to (■li,:'<trrft,l.l n.ul li„,,th„ri„: Co. 
 ^ liUul.. •H> \V. I{. :iti7, and Livjinuw SilnUci <,. \ Laijnmis Syiult- 
 call- t.ln<l')) -2 fh. .I'.'ti. it i" sulliiionl to <lisi I.m' tJio far! In tho 
 '.M.'las. montionod. I.in.llov, M. U.. said: llavin- ivjrar.l to what 
 na- di.MloscI and I., tho aNHUod ol.jort of tho .■.m.pauy. I do not 
 ,.o,,Mdo,- tho .uor< uon-disolosnro ..f tho pri..- paid l.v tho >yndi(ato 
 ,1,,. V. M.lor and piunwlois \ and -f tho prolils made l,v iho sa\<- lo tho 
 N.iiaio t ompaiiv a-s f.ilal 1m tho vi.li.lily of iho.-aio 
 
 U„ I Ih-r hand, in 0/.v»</--w, L,„nU;l, i !«'.•« ^ Vh l.Vl, l.i.i, .ho 
 
 Kim- l.arnod jud-o saN.s; A pronx.tor <.f a cmpany. irhnxr .hit,i if 
 ,. i„ ,/,.v,/o.sr irhat i,n,Uls l„- /.<« ««../.•, d.jo- not ,HTfoni. ihal .Iuin I.v 
 
 niakii.-.'a.slaiomoiil „ol.ais, losin- t,h.' la. i^, hut oonUiininir s thinjr 
 
 vvliidifil foll.iwod up I.v finlhor invostii;ati..n, «ill oiiiil.!- llo- 
 a,.|„ir.r 1.. :is.vrtaili that i,r.,Uh- hirr l>,;;i »w,lr awl <rh.f tlu;! 
 „m„nHl,,l !■' " .Villi soo th- ..h.^oixalions ..f (•..llins, 1. .1 . ..t tho 
 
 t,,,. ..f p 171 of tho n-port ..f tlo' -i -a.- Tho jiid-iuoMl.s. h..w 
 
 ..V, , ..f l.urd llalsl.ury, I. < , and I...1.I Ma.imirhlon. «h.i. ll.o .n-.o 
 «,,- III 111.' II. ....so of h.uxl- -siih ,n„ii- (,lii,L'<t,in \ liani.st. s.^milmI 
 to I..- l.a.M-d on tho a/.siimplioii that tho pi.>s|M-. i„- u.i« dolilMT.ilolv 
 misl. a.lin..- l.ui l,..|.l UoU-rt^..n. ■ l'.X«»i A (' •J.-.M..av-: I ooiiM.hT 
 that 111.' liansH.tioii in ii...i1'4...v:<'h, -.ii wlii.li a -.o, n-t pn.lit had 
 1..VI1 ma.h', «a«. sM rolovaiit l.. ih" .|UoMi..ii «li,ii pro.' r.hoiil.l iho 
 ...mpanv (my f..r ih.- pioporty. thai .• «a- iio.^v..arv that it ,h..ul,| Im' 
 dim'l.w.-tl to tlM- o..mpaiiv t-otiniU-ieUj <tH<l ir ilftuit 
 
 , 3t_^.^__ —Tj 
 
IM 
 
 rnamnmm^ 
 
 [Chap. II. 
 
 M 
 
 Thp Act of 
 18U8 
 
 In thot case the i .luparn waa fornwd by a syndicate) coustiiwusd by 
 •frreemoiit in wn n • Un tlio acquisifaon c4' ctrlAin |mHH;rty ami the 
 reealo thereof fci, i , ipany to b« formea. or some ocfter j»«n;ha8er. 
 The svndicii , iu Met, l'orine<l tlie coiiiitttiiy. mid r*»oid tlw property 
 »t a proBl (ii* '-jcd in tt» prospectus; Imh neither m the prospeotu* 
 nor otherwise did the Mndieate diseloso to th» <»«upttuy a further 
 prote on the traiittuetioo iimuJ* by Imym^' i&{> at a discou.ii 'lerlaiu 
 iuort«»'.n'« on th. property. Is «iih hold tW". tiw •pp«-llaui. ii mem- 
 ber of the svudiciiU', «*•* liable Ui :iccount tor M»is furiimr i)rolii 
 This tujfe at any iaw sliows tlmt U) make a iiiif4f«i».iiiie ■•■•■■ inorn'ut or 
 imperf<<t htalemeut of pnrt*» is itt th« taghwrt i Nj fun duujjorous. 
 And see Imperial Mercimi*ie Credit Isaoe. v. iuleman. L K (i U.h 
 
 So ill />!</»/ hnrresl iMmrchison) G'dd Mine, (VMl i 1 (Jh. 58;!. 
 Wntrht. J., lielii that dir««.f»>r!» of a ntnimaiy who wer« interested lu 
 the promotion of smh ■•ompuny were boiMu4 t« disclose llie amount of 
 tlio prolit whirh. as menilH>r> of the veii.r r syndioule. rhk-y w«m' 
 niakin-.' ' Tlwy i|i-<los.'«l, said liie h>Hi iiiii j«»dare, t.fie fact iteit 
 they were directors of the vendor symlieaie an* theroliy they ntiamt- 
 Karily di>clostHl that th.y were niakint.' "oim proMt It is .{«») 
 truo tliey did not disclowo what i»robt they \»«iv naitiug, and au 
 tliat, as it seems to me, they were wronp, aad svUtj >i a breads wi 
 duty." 
 
 This i.s potxi sense, for witkout sucli knowledg*- hfiw can tte- 
 tomiKinv pive uu iiiU'lU^.t-nt o-twent to tae profit lieinj^ aswle '■' 
 
 The Companies .Vet, l'J08. hais nt.** niai*; jiositive priwiwons for 
 disclosure in a pro»f>ectus iuvitinc sub><cn}»tjtms for -ha»»^ ileben- 
 lures or del.<>nture i-fcutk, and tlus i»«itiui.>ry ofilijrauou latoives the 
 direct di-t'lo.-iiie of promoters' pront*; i i! any i >«! iu ^^a^tu!»iai■, 
 sect- M ■ 1 ' "I ihi' .\it. elau(.es if . i- . Ai<. li.i. 1 . iki .uid imi, 
 iiljia. rriK-jiectUM'S. 
 
 Liability in respect of Prospectus. 
 
 LUbility on Not oidv are |iromoter» liable under the obligations above referred 
 
 pro.peotu8. ,„_ i^,„ ,i|t,y ,„„y incur lialiiluy iu rc^liect of misstatcnioiits in the 
 
 I rospettu-, wlieie ihey lake any part in its pivparalion, or auhori/c 
 
 Its i.ssuo. As to tins, »t<e sect. 81 of tlie .V. t of I'JO.s cmbodyint,' the 
 
 provi>ions of tlie UiretUirs Liabilily Ad. 18'J0, and infra, p 105 
 
 Vmler- 
 
 Underwriting. 
 
 or lute it li:i>^ Ixx-onic very comiiioii to i^'ci the capital of a company 
 or a sul)-iair;i(l piirt tlicicof, under" rittcu licfore ihc pro-poctns 
 ot the company is pithlidu'd The underwriiind is u'enerally ar- 
 ranged by the promoierB of the company la makin<; any «uch 
 
INTRODUCTORY NOTKS. 
 
 147 
 
 wruiif.'^mtinr liio coiiililioii* of Mict. 89 of tlio Coiupaiiies Act, 1908, 
 »iiu~i Ik' iHniir ill iiiirnl .Si-o fiirthor, infra, ]> 271t. 
 
 Preliminary Contracts. 
 
 r-Yi.iiioloi^ -i.iimiiiiK-s (Icsiii.. i(, briiin- lilt! r..iii|iuii\ into o.\i<U'iiii! I'rcliminary 
 Ueii .411(1 Iximii'. I)v .somo |iurlirului' lonlraLt, c i/., to |iiii'('li;tM> iiio- "«>tr«oU. 
 p«iiy ul 11 s|M-( ilioil piiif, or to pnv a .spoiiti"il nuiii for pii'liiimiary 
 ox|iiiiM'.>. To lio tliis is, howovor, dillicull, if not iiupo-isiliin. As 
 up|H!i*i> Jwlow, p. ,'i21, a coiiiract inmlo on U'liuif of a iioiapanv 
 Iwfdix; il> iiiroiporulioii is not binding on llio uumpuny; ami a pro- 
 vision in the urliilc-^ of a.s.sotiatiou lliat llie lonipauv tiliall mlopt and 
 I'V liound by such a contiiKl, or -hall fiiilfr into a partimlm contract, 
 -nil loavoi- tilt' coiupany fivo, iinlo.s.s and until after its incorporation 
 :t iliooM-'s to bind itself by llio contract. Kvi-n tlion tli<> contract 
 iiiiiv Ik- provisional nnly iiiiiil tfir iniiipany is oiititk'd to coiiiniciicc 
 buMiio.,.^. S-.' t oiupanittB Act. i9<t8, s. 87 (;jj; Surthumh.'rUuul 
 Anntu- Until In-. ,13 V l)u hi; EU^ v. Positice (ioCi'rn.in.Ht 
 (■<, I i:\ Div MS; lh,„r,n \ 1 .„ TnuUlad Co., .17 T. I)i% I; 
 H...'h„i Ihn,, S,ui („. \ .l,u»4l, ,!'.» ■■ Div, a.W; IhiU- v '7<jh/. til 
 L, T. 2tMi. liuiiHfi-i.iHuil \ "iiui ifjifilott <ondnii4'4 I'u-li ,t),d >liijfcl 
 S!i,i,l,.iil,: IH99. '2 *Jh. Wt, A. -/•//( .>>/»,•// ],in'stm'-nt in v. 
 U,,i,,.M. i imw. A. » 2ti;;, ba<n,l I'lUMnttitk- Tyre Co. \. rUppcr 
 I'lKtmuUc Imr ( u.. l!«l») 1 (h. Utj. 
 
 .Villi a .t.iu|«aiy ikm>i md. by mi'iely aciin^r tl,rouf,'l) its directors i,n 
 u cvmtnicl iimde h^mrn u.-, ionnalion, incur any couiraciual roLiiion 
 Willi or ..iiliiimiun o. ihf vendoi Snrlhuiidhrhuul Av.cmie Hotel 
 (it-. sutiM S.tttii >iMm!>i lmvM)H4'ut and I uimHuii Co. v. Ili,i,i,,.s. 
 ■•ui,r,i: .IttHantmKhurii Hotel (it.. ilS'.lli I (,h 1 !;»; Ii„<)nt i'mu- 
 iHui., Tjire to V. I lipper I'iwiitmiltc Ti/rc Co . mpra. Or evoii 
 In iitkiUK the l»ei»tii of a pn-iiicorponuion cnlract. Rotlurhnm 
 Aliti,,. lie. Co.. 2r, Cli 1) llt.i; ( liulnns rhiim. . 1!M»«) 2 ( li :,i:,, 
 ovcrnilini.' I'.i>'ll<-li ami ( ohtiiml i'roiliire Co , , I'.IOti . 1 ( li. I.I.", 
 
 Noi can :i i oiupany ratify a coiitr.i.i inado Ixifoiv ii was iw^w- 
 poialfd heln,T v tlurter, I, K 2 C. I' 17t, ;ippr.o..d bv !«•• 
 Vnvy » oumil ,n S.dul Land. ,(. Cn v I'aidin,, tte .^'/n.l,<;tte. 
 (V.»<t,\ (■ 120 .And >.-.• ,«/ru. (hap. IV 
 
 ■M'-'i' " ^t'<l «7 •■■■' of th.- Act of ims, it has U^n :.ti-t,n'MiMl 
 
 tiuii !li<- (..iiiract iiiiclii U. ciubo.liod in tlio articles of a.-,,,, i.njoii, 
 and ilia! llic \«.ii.|..r ., proiiicU'r iiiij;bt kuIim riN' tho haiiic and 
 'I'-N icU „„ st.cl. II oi li,,. Ac,. ,v|,„.h j.iovidc, that llio i.H.mo- 
 '"i.lini. and arliclos ■, shall, when r<vi«lor«l. bind iho cn:„puiiv iirul 
 llic iiicinU'r.s ilicioof to IIk- ^ulll.. extent as if thcv rc-pcdivcly hud 
 boci, .MjTiiod and >oaled by oach niomlMT and coniaiiiod covenants on 
 lie part of each imMiiU<r, his heir,,, e\e( u'ors and admini-tiaiors. to 
 <i. .lU' all the prousions of the nieiiiuiaiidiiiii md of the allele-. 
 >uImc, 1 iu the provisiou.s of the Act." JJut tho dc isi,,ns in /./,</ v. 
 
 L2 
 
148 
 
 BamuiMn- 
 tion fur 
 MrricaMi 
 •doptail l>y 
 eompMiy. 
 
 i>R<)MOTEK8. [Chap. II. 
 
 I'otitive GoverntHtnU Co , I Ex. Uiv. 88; Jiiuinn- v. Im Trinidwt 
 Co., ;(7 ('. Uiv. 1; and Dariiiij-Uoul'I v ShurjNUf/lon. iPc. Syndicate, 
 (18'Jl>l 2 L'h. 80, flirow doubt on tin- olluuc.v ol such a. jiliiii. and in 
 the result it 1ms not Ihhjh usual to jnoiwd in this wiiv. 
 
 The u.suul und iii...st oirfilivo luodd of hindiiiiT .i coinpiiMy is to inwrl 
 in llio MiCMioruiiduui «nd uitiules j)ro|HT duusos iidorriii;.' to the i)ro- 
 posed apiwiiRMits. and directiiij,' or I'injioucrinv' the '^lir.'ctois In 
 oxoculo und c.irrv the «ainf into «.|r«.it The proposod dir.'(,.(or>s 
 ii.Hually i«.\aMiin«' and consider thu aiu'rc-uifnts |.,.f,,ro !li.. fonnaliori 
 of tho lonipany. und tho snhsc'.(u«>rit adoption ihereof. in such ii 
 inunner us to tonstitul*- a now . ontnicl. is, thoroforo, in most lasos ;, 
 forejroni- i-omlusion, ihouirh iho fait thai .a .oinpany is lonn.'l f„r 
 Iho ...xpri'ss purpos,. of carryinir out a particular contr i t will not 
 rclit.v< Ihi- diruciors from the ol.lipiiion ..f cxcrcisin^r ;, |. ,.„,„.,. 
 .iud-uicnl on Iho UH-iits of such contract. lirazUmn Unhhrr Pin,,- 
 latiojis vNo 1 1, (I'tin 1 Ch 42i"> 
 
 It if., however, far liotter. in tho interest of all j.artio in lii.-sc 
 (■HM>s. not lo seek to c.inlrol tho discrotion of tho directors, but 1 . 
 leave thoin fn-e to adopt or not, as they think til. the iueliii.inar> 
 ■ ontracts. Occasionally, however, in ndiance on Ashbiir;/ v. Witl.soi,. 
 M) ('. I)iv ;J7<>. tho nionioraiiduiu of association refers to a j>arliculiir 
 eonlrucl. and provides that it shall l.e .■vociod and .-.irriod int.. 
 eth'ct 
 
 Whichever couis,. i^ a.loptod, sul.-sect. (,'{ of seel. 87 of the An 
 of l'.tll8 (wliere that .section applies, whereby a contract made before 
 tho company l)Oconies entitle.l to coiiiiiienc«- l.iisiuess is merely pr..- 
 visional, niiisl !«> borne in mind. Siiimi. pp. ::i), 22. 
 
 There is some authority for sayinj,' that a pr(un..ler mav. oven in 
 Iho ubson.D of any express .(.ntiac t. U> onlith-d, as against ihe com- 
 pany, to compensation for si-rvicvs ron.leivil iK-fore tho formation 
 of the company, provided that the company can luoiM-rlv 1m> ooii- 
 Mdori'd to have a.lopie.1 and .b-rived U-netit from those" service- 
 n,r,'f„r,L lie W.uiot, (•„. 2 C Div. (i2l; T.;r,-ll s ll,i/h„i. I 
 H I. (' 10'.».i; Uollicrham Miiin. tfr To . 2.) t Div lo.i 
 
 liut i- is no easy niattei t.i prove adoption and iM-nelii. .See 
 ItotheriMm Alum, dc Co., 2.". CD. lO.t, and .\„l!o,uil Motor Mail 
 Coach Co, Ctintou'g ease, i I'JOH) 2 Ch, .M.-> The mere fa. t that 
 the promoter pays the ro.,ri,tiation f<-es an.l «,/ rnlorrm flamp oi, 
 n ^rislerin;r a cnipany dcK's not in itself entitle him to rew.vor tlie.ii 
 from the eoiuj)any ( IIhIohk claivi, mpra. oxerrulin^' on this point 
 tho decision of Huckley, .1 , i„ i:,l,,lish a„,t folonial I'mducr. C„ 
 I i'.»ti<ii 2 V\i. 4.1.'. 
 
 All aitich' ol a.s.si«iaiioii ptoxidin;: that the directors shall pay all 
 expends in, „rr.-.l in (r-tliny: up and reirisicinc the companv, onh 
 o|R'rat«w u« an authoritif to tho din'ctor.s to pay ^lurb cost.s, and (loe^ 
 not eon.slilule a .ontraet to pay them as bptweeu the lompany an.) 
 the proinotcru t lie Urr.foni aiul South Wales Wagon Co , fipri 
 
INTHOOUCTORY NOTI-iS. 
 
 140 
 
 MithaJo V. I'orto Alet/re Rail. Co., L. R. it ('. 1». Mrj, R,- Hoiherhmii 
 Alum. dc. Co., mpra); und it tuukox no (lilloicnco thai. Ilio coiii- 
 |iiiiij ha« ugreotl with tlio proinotor to pay iho solicitor for IiIk Mor- 
 viics. Empress Enginvcrmy Co., I)i Cli. \i. lu.'i. So Mtrict is the 
 rule ajrainhl allowinfj a ioni|miiy to bo (ixed ilirtMlly or indirc. ih 
 Willi a |)n'-iii(t)ri)oruti(ni I'milracl, thai a miIIi iior caiiridt I'voii nnovor 
 Ices |)ai(l lor if<(isl<Tiii),' llio ci.mpaiiy. .\<ilj„ii,il Motor Mail < i,<irl, 
 (i> . Clinton s cUtim, I'JoH) 2 Ch. ."il.">. 
 
 Whollier a soliiilor han or lias not a rijflil aM afraiii>t tlii' rnui|i.iii\ 
 iiiiiy dciiviid on uliolhcr Uv bus a>,'ri'od in locik to tin. coiniiaiiv I'lU- 
 payiiiont or lia^t hwMi rolaincil hy and ii;;rc('d to look lu ilii> |itiiriiuli<i 
 lor iiaymoul. In rr Tilliard. .\ I). .). .t S. ."il'j. ,\tid (ncii wlicii llic 
 loiiipaiiy a^'roos with tho proiiiolcr io pay tlin Holicilor, llio laltei dui's 
 not thore!)y acijuiro tiuy ripht iw a;;ainsi, the rorniianv . Ewi'nys 
 Eniiincrrin(f Co., U> V. Div. I2.">; llnthrrluuu Mum, ,(; . C, . J.. 
 (' Div. 103), unlftis it tan Im) inado out that llicro is a trust I'urilic 
 soiiiitor. S«'0 tho almvc .asi's. iiinl (,',in<li/ v. iiinulij. .!() (' Div .")7, 
 Murray v. Fkrrll. l!"> »' Div. NO. Tourlir v Mvlroiutlilan. .(c. to.. 
 ti eh. G7I. 
 
 .\.s a Rcnoral lulf. lhi> promoiois ..t tonipaiiii's an> not |i;irlnoi> 
 I l.indlcy on (' iiupanii-.s. )*lh od p. 1'.).'!), l.ut they may a^Mcf to he sm, 
 and whothcr ilioy havo so a(,'r('pd or not is a (pio^lion c.| fail Thcrr 
 arc many <'a*08 in which tho arraiig«Mnont betwoon tho pioniolnrs dn.-. 
 U'voiid question lon.slilulo thoni j)artiiors. qua tho particular advcn- 
 tur.'. with Iho i onwMiucnl ntrht i i,il,-r aliu) to oai h prMuiotor lo 
 oohlrart i,n Ix'half of Iho pariii Mship; l>ul wIumo ihoio is n.) juirtnci-- 
 .ship, one co-prnnioler has n.i iiupliod aulhoiiiy as su< h li hind iho 
 prmnotorrt iolleoliv<dy. VMih is only liahlo on (oiilrans inadi> l>v 
 himself or with his authority, and, if ho is «u.m1 on a (oiiira'f niado 
 hy anothor, that aulhnrity ini:,-t iio nhown Uhothor profimlcrs .no 
 or aio mil in any parliiular ra.s" partners, liioro is not, in the alispini. 
 of riiulratl, .my inipliod rijrht in ono of ihoui, as asrainsi tho others 
 to roMiuneratiiin for nerviee.s rendered l-y Imiu for the juinl henolil 
 ft himself and ;heni. lloIm,:i v. lli,,<ii„x. 1 I!. ><• ('. 71; /.i/.yi.v v 
 t'^ac/i. I Man \- (Jr. (17; I indh-y on Conipanie.-, Otli ed. p. HI I 
 
 !>..' oi loiirw, there is nothing' lo prevent promoters from joinih 
 fonlradinc with, and iMVominjr liable lo, a third parlv: /• -/. if 
 Ihey jointly retain a «oli<ilor, they are jointly liabl<> lo him M,int v 
 Sm.lh. t H ,\t \. ,12J), and eillier of them is . ■milled l.. haw the 
 hill la\ed U,' Slr))l,,n. 2 Ph. .">il2. 
 
 And where pronso'ers have thus hecunie jciinily liable lo a lliird 
 Part\, and by virtue of that liability sotiie are ( ompelled \„ pav. lliev 
 may have a rijrjit as a^'ain-l IJie olheis to enlor<e i ontiibiitiou 
 l.niille\ on tompaiiies, (Ith ed. p. HI.".; lioullir \ frploir. '.( C I!. 
 l'j;t; li„l.nil N. M,iHv.«, J i;. .V l{. 287; Edqar v /u(,,o», 7 dur. 
 A8:; A I'.! 
 
 Where tlie promoters u; ..i, iii-orporated body ,- ,/ . a .,vn li. ,il« 
 
 rtuiu.itcni not 
 
 ixi'i'HMnrilj 
 
 piirfiii'm. 
 
IM 
 
 Dtatgrrol 
 
 makmif a 
 mukat 
 
 PB0M0TER8. 
 
 [Cmap. II. 
 
 — tiiu 8yii(li('ato ix n'spuiiriiblc lor tlio ucW and oiniHsionii of itn direc- 
 tors ill |ir>iiiiiitiiip^ anil foriiiin<; oIIpt ('nin|mnio<i. I,nguiM» Mitntle 
 Co V. Ixtijnuas Syndi'ule. i 18'J1»/ 2 Ch. 392, -1U3. In nuch ii cas.^ 
 the (lireotors. as lietwtHiii iheiii^elveM, ure actin;; jointly 
 
 As III the juint liability for iiii-if(\»«aiioo hy |iroinotors. and their 
 ri^!i!> a.x to loiilributioii, -<>o /'7i7ero/r.vf.i*(', I'l ('. I). 5!".'; (llufkHtiin 
 V. li<inu:t. ( I'.Mlih \ (• '.'to, 247. 2.">:>, 2V.) 
 
 Oiiiit<iiiiuilly. ill the r.»>e uf prKle-sioiiiil jiiomoler.-. liii- coliiitur 
 ciiiplow'd ui.'rtM'.s til look to tlie cuiiiiiuiiy fur |KiyiiiiMii. ni I < luil.e 
 no ill' II i!Xie|il I'^r ' uiil 111' po krl " exiii'iise-i, mile-' tin' umipuuy 
 lloiit> 
 
 I'lDiiiiiteiM .-lioiild 1)1' laret'iil lest, in ilit'ir desire lu lluiil the Loiii|iaiiy 
 llie\ i>vei.-te|i iIk- liiii- of ,vhul i.« loj^ilmiute iiiiJ |ifriiiissibli' Tor 
 e.\;iiM|ili", iiii> iiiuiii|»i 111 iu;ike a iniirket " fur tlh' .sluire- liy luiyiii^', 
 or iiK'teii'liii^ I'. i"\. :ii a liroiiiiiiiii ur by ' ri;;;;iiij^ llir iiiarki'!. 
 lull.-' Ik- itvoiih .il'-::il':Miate and dun^^cMoiii. 'Phis (iin'iaiioM wo* 
 
 rciViicd lu 
 foll..n,-: 
 iai t' till 
 V.\t lialiy 
 
 ■.- M H , ill Morzettis ,;i>. :.'« W. l{ .ill. u.. 
 I dn ii'>. Miuw till' terliiii' ai term I'm tlic thiiiLT. Iml il i-* to 
 valui-. Ill a|>|iai>'Ut value, of llir .-han- uii ilie .Stork 
 by bu\iiij;; up tlie few that ari' i-.>ued at .i (iiemiuiii. so as 
 
 to indii'i' the publir tn tome in uiid Mubscribe for the ■•liares in the 
 company under the notion dial tliei • is a l)0)lii fidf preniiiiiii In 'e 
 oliiaiiied by .siibsi ribiii;: Whether mie oiii.'-ht tn r.ill llial a im\- 
 spirury ui ii'it do<'- nol mil' h luiiller, but I supp(,s<. buih in |.i« iuid 
 nioruliiy it is a « iiu.''piraiy to ilefiiod thi' public' and notli ii_; else 
 
 And ill I'uiirrii.-x V. (iriiHl,-V I' iJiv I'i'i I'.t.'-, itriimwell, L .) , 
 iiaiii thai till' deli'iidaiil ' weni into llie in irkel and hiiu>r|it a larp) 
 liunibi'i ol sliaie-.. and various ne |iup<'r> \' eie imliired. bv piyiniiiis 
 to subordinal" peisous, to '.vrile favourably of the company. The 
 *lniro> ni^e I" a preiiilnm; ilu' piibli' \ i aUr.eli i and sub-cribed 
 for the rapi.d, <.r a lai;;i' pan of ii. both ftiiaics and debentures Tli9 
 defendanl a'leiiipii'd in juhlily Ki'"' '' '''i" faKe appeaiau'O <if valni' 
 to iho sliaros by s.iyinj; tli il it eonii.iually ha|>)>eiis that sliares ure 
 made to appe.ir worth le.ss tli.iu iheir leiil value by people .selling 
 them when they have iioi u-iit thoni There aie tw" anwiver'i to this: 
 first, ibi'ie is no nait'in to suppose tha' any mh li jiiailioe was appn- 
 hendeil by tln' ronipaiiy. next, ib.it it riui: t be rijfhi to .oiinteru'l 
 Kuch u proieedini; in the way here uihjpted; iiiid iiiie ed. fiirtln'r, 
 if it is believed ili.it a .-■. lieme is a f;(Kid one, and |)0O|ile tay to de- 
 jjrtH'iate it by selliiiL' iu- shares, they should be niuuteriiiined honestly, 
 lltt<i no. by a triik. by i1iiim> «b,i tiriik \\i:\\ iii il buviny the sbariti 
 HO old. 
 
 Aifaiii, in .»o// \ Ihtnrii, i I8".»L'I 2 i) H 721, it v,a.s held that uD 
 Ai^reetiM-nt between two nr inoie to piirrh imo Hliaros in u ^umpuuv 
 in onif! Ill induro [mmsoiis who mijrht th"reufter iiiiri ha^e slian-s in 
 •mi. euiiifiauy tn Iwlieve, rontrary to the fai t. that there was a Imm 
 
INTBoDUCTORY NOTES. 
 
 161 
 
 ti,h- ninrkcf for in» chnnn, and thut tho nhuroH wore at u rral prpmium, 
 »:ii. all illt'k'tti lrttiit*ttcii<>u and might bo iiuulo llit> suliju-t of uii iiidi -t- 
 ni.'ii' I'll (H)ii.>.iiira. V. Tliif dcti-ioii wtw LomhI on Ilia: v. Lu IterenijiT, 
 ,1 M X S. ti7, in vvl.i i. it wua liold thut it »us n criuiiual njiispinuv 
 t-. iij_'r<o t'l rndouvour U> rai.'o tho price of tho piiljli- funds on a 
 |.jrti<iiliir <hiy hv falso niiiiourH; iind "thi^ wiw not liocau-o it is an 
 iiijiiiv to the iml>lii' t'> raiM' tho value of tho pulilio fiiri(l«, but liemiiso 
 It i« fraiiduli'iit iipiiui't ihi*o who purrha^o a xcmliUU- cummndHij li> 
 lai.-e tin- I'riii- of il at tin ,iui. diey purcha-i- it by fraiidiilont lalsu- 
 ;m.,..I,h on ul'irh Ihey arc iiit«'iidcd to aft. The c.iii.-'i.ira' y was Iicid I-) 
 JM' ciiiiiiiuil, not I^HuiiMo the artii If to \<v dealt in Wiv th<' luiblic funds, 
 liiit heimise the pidilic iund^ weiv a vendiblof^miiii.Klity . And il was 
 liel.j ihat tlie olUni'e \va« complete tho iiiomont tho a^reenicnt was 
 ,„.idc I'er Urelt, I. J.. U.-J. v. .UiHtmU. 2 (,> H Div. 4«, 5'.l. 
 The crime lie« in tho ttot of conspiracy and i(;iiil)iiialion to elteet 
 ilial piiriHW, and woidd hove l>oen complete altliou'_'h il hail not Im'^mi 
 |iur.-.ii<il to ill* couMMiuerceM, or the parties had not been able to carry 
 Il ml., elleit. " Per Lord l".l|pnb,iroii>,'h, liir v />-• Hiretiiicr. uhi 
 ■ iifim l'..;uallv, any alteiiipt to obuiii a (|iiolation of the .-hares on 
 I lie London or other 8t*«<k Kxchnmre by illo(riiiniato menus, such as 
 nii-repn'sentation or concoalmeiil. sJKiiild bo avoided Kor the result 
 .f ill i,.i!irin is to induco tlie piibli.: to liolieve that the rules of tho 
 >t<Kk r-.chaiitre have Imjoh complioil with, an<l t > dejil in tho shares 
 , n lU.ii foolini^ Any scheme, theief. , to l.i'<'iv(> tho oommittee 
 mux uiioiiiil to a consjiiracy to ;heal and detraii,! those persons who 
 I liLiiii bv reoi-oii of the (piotution Ije inducts! lo dee.l in the shares. 
 >«s> II, , I V. AkiiumU. 2 <• H. Div. 18. in that ca.st luo defoiidants, 
 ilic proiuoKTs of a conipany. wore convicted of a criininal conspiracy 
 
 M iiclia:id They had ubtai 1 a .luolation b\ falsely repro.senlin)? 
 
 thai more than Iwo-tliirds of the cai)ital had been .subsi rilx'«l by tho 
 |Hil,lii an.! that the application money of ll»#. |)or nharo hail Ix'en 
 paid up theiviin; wlierciw in fact tho .shares were applio<l for by 
 iluiiir.ics, ill,, promoters pai iii^ tho application moneys out of 
 ImiiioxuhI fuiidis, wliirli a.ss.nin as )iaid in were drawn out iinil ajiplied 
 lo the p.ivment of tl" .ipplicalion iisonej.s on further ,-iiares, und so 
 mMt'i[ ulate<l that !l.e a;'git>c:ii'e amount i>ui<i in ;ip|ienrid to bo 
 ii: \wud.s of i;,iW'i' -ice al.-.i fff.iv V. /..•(.(>, 8 I'll. IU.1.>, lOol; 
 Slimirf v. Wihr i« A j, Tiiiic.s. IVc. 8. Itttta. ai.d SaUiman v. 
 llurH.r, Gi L. T. iOi. 
 
 All a>.'r(.iMiienl for .su.li a scheme, however clearly expressed, 
 cuniio! be eiiforrt J or Kued on 
 
 
 n] 
 
',2 
 
 FKOMOTRKK. 
 
 [Chap. II. 
 
 K«aumro«iuU- 
 lion* to 
 pmiaotan. 
 
 Reconunendationn to Intending Promoters. 
 
 Id coiic liiNiiiii it iiiuv bf iix'liil in suliiiin i|j<> tollinMiii; riH'iiiantoii- 
 ilutiuiiH t4> |iri>iiiot4>r-i: 
 
 (1; Wlii-n- It in iiit4>ii<Ji!il to |iuirliiiM> |iri>|Mjii\ and ri-^rll ut u j)rolii, 
 fitlxT tu u r<>iii|>uiiy iir olIitTwiNo, U* iiix'iil not l<> tuko uii\ 
 Ktt'|t« t4>wui'<jit thf |ii'i>iuiitii>ii 1)1 ili<> i'<iiii|iuiiv, ur prooiii' 
 iliicclorw or NiilxrriU i>, until vmi liavo a \iili<l i-onlr.u I wiili 
 llir Ni'Miliii-H. unci. Iia\in).' rotruril tit w.l. Hi of tins Ail I'l 
 \'M»<. fiiili-scclM. 1 (f) nml (Hi. ami oiil-.-'oit. 2, \\\wro pra. - 
 tiialilo, li.i\<' llic roiitrui I >'ini|ili'l(><l unii iliv inirrluinc-inoiitx 
 jiuid Imfori' iIm« «lal«' of the |iri>rt|H-<tir^. 
 
 I'J) |{<-int'nil>cr tliat |r|'an|iiii;.' at Iik) ininli [irnlii nui> <'a>ilv ilufcat 
 ilM'il' liv l>iini.'iii}r alumt llic liiiliiio nl llic i'n!<-r|>riM> 
 
 I 3i SitN) that tilt! i'(ini|ianv in |ii'<ivii|c<i willi an inil<'|M'iii|i'nl buaril ni 
 <Jir<'i'tur.H, ami timt du<> <liM'l<Hiun> is nuido tn llu-in and lu tiir 
 ouJiipaiiy ludt'lM ii'ii 111 liuix' incaiiM diitH'tnrs ivlio arc ijoi 
 iiiif>i-<.s|4'd in ihc jrr..ni()lii.n, •' ij., Iiy rrrciviny M'ndor- 
 bliuri'N or Iwini? i|u:ililio(| |)\ t|i<> pminiiterN 
 
 (i> !iei< lliat, wlioru iIktc i.i or tuuy Ix'uny .1 mlil a^ to tJi indo|a'n- 
 donou of llio «'.\('«uliv<', lull dix lo-.uro is niadx ol ail thi- 
 variety of iiiatti'rt wliidi iiriiiiii /iiWc oiiijrlil to Kc di.-cloMMl 
 to an ill . (.rndt'nl <>\(>iutiv«' S*-*' \t. l.il. siiiiia. 
 
 c5l !><■<' lliat tliH uifuio/aniiuin and ailiil<'.s conlain uU roijuiMi-' 
 |ir<iM~ii.ns for the prott'ctiuu ol tlu- prouiolt^rs , ^tco lintzilUin 
 Hiibhtr ri.Dihilfn" .No. 1 p, (I'.'ll. 1 tli. IJ.') i, and, at tli.- 
 f^iiiH' niiK', do not iont4iiu anything o|K>n lo lioxiilo couinit'nt 
 or an\ lliin;^- unfair (.i tlu- <.(jni|>uny or ll« Nulisiriix'r-i 
 
 n>) S^H' that tli< pr>i.-|ii'( his or -latonii'nl in iii'u iji. ii..f, f-p.., iailv 
 if tlio ]iroinot4'rM liav<- anv port in it.'* pn'paratioii or issii.'. 
 is laiily and lioni'stly franitti hifni, pp. H;.') vt uni. 
 
 I 7) 'i'-ik.' uiif in i>urli(.'ulat ihal the pro\i>ionM of i, i.,. kI and K- 
 ol tlio Alt aif lohipJiiMJ wiih. 
 
 (,8j Ii«>ar in iiiiiid wet, 8'j of the z\(t, and do not Im> a party to ili. 
 ])a\inont out of the purcliu^.-iuoufy, «liilln.r diriiitlv or 
 indirccily, of any loiiimifi^iou for sub'^criliin;.'' or procuring 
 ilif .siib^cription of »liaroi>. 
 
16a 
 
 PKKCKDKNTS. 
 
 \..HVKMKM hif I'HoMorKkis to I'w I'rrliminnrf/ K\n ssm in Form 1 . 
 nmiiuh'riiliun of Vi.mhik's Siiviiks. 
 
 AN V iiK.KMT ma<Jo th«i iliiy of . b««lwi<'ii A , "f 
 
 .,| iti.. ..I... piirt, uiitl B.,of - - , mul (".of -(\mUT onlM the 
 t'riMi|) I. of tin' oth«r part. 
 
 WiiKRF.AS the Mil .\ In: onU'HHl into a provisional iisftt'oiiit ( hnftoi 
 ,»lle.i tho 8cli.'<iul.-(l .-onlrac with tho Limt.l ( liiifl«r lulled tin- 
 
 lov I. for flw) Hale of certain poU-nU ami other ppty to llw «oy in ( (imhcui 
 of l2ii,0<Mll , when'of IS.OOOt. iM to be Hatislictl by the ollolniont to llx- 
 H(] A of 1 .■.()() fully pai<l-ii|) lOf «han'» in thorapital of tliiMDv: Am> 
 ^Ml^:ll^.\^ liv tho mi h<"cliih'il contnut il i-* iiiiiontr other thiiiirt piovi.l.-.j 
 iliiii ilie m\ A -hall pay all tlie pn-liiiiinury ••vpfiiMo^. that ii to ha\ 
 h.ri- ^rt out ittirtiruliirsl: A.\D wiiEKK.^t lh»' pros|HM tu.*. a <.»py ol 
 vvhidi 1." himMinto aiinoxtil. has been approval by tho hoanl ot 
 .lirpdorK nf the .ox, ami has Immmi duly (ilo.l with tho Hcirislrar "\ 
 t (w, ami the jmnip is willinsr to advi-rtiso tho kuiiio at thoir own 
 oxpcniMv 
 
 NipW rMKKl:l-OKK IT IS At.Kf.KK a.s |(dloW«: 
 
 I riio proiip Hhull a.lvortiso and ( inulato the m1 pro»|>ortii>i in a 
 "utlii iiTl and i>H.'.iiv.« inannfr or in lu <c.rdan(<' with tho « lu-n o M't 
 forth in tho hihedulo hiToto]. 
 
 •2 Thi> i;roiif) Khali pay all tho proliniinary cxponsos aforosnid, and 
 shall iudoriinify tho ml A a^'aiimt all procj'oliupi. o|aim» and doniandu 
 111 respect ihoioof. 
 
 .t If tho jrroup Mhnll iliily (jerfonn thoir oblipntions undor ilauww 1 
 
 .n.l J hoit'iif, thoy (»liall bo ontid i of tho sd 1,.->0(I fully paiil-np 
 
 >lian's. and tho -d A will priKurc tho r<>y to allot tho .-ami' to ihoni 
 aiionlin^'ly . 
 
 1 I nli'-s U'l'iii" til day of next tho coy shall have Imtomh- 
 
 entitled to <'iiininen< ■ liu.siness, the K^oop whall forfeit all rlaini to the 
 -d iiilly paid-up .-hares, ,iiid. t-ax-' :i« hnlM'fore e\pio-.sly proMilod, the 
 ;rruup shall not 1)0 onlld to any remuneration for thoir servi<-«s in 
 re.siM'ct of tho preniL-os. 
 
 In wiiM.ss, At. 
 
 I'MtiM. 
 
 ItwitaU. 
 
 Wlmt B. 
 Ui (to. 
 
 Kurthrr, 
 
 ('omiidcm. 
 tiiiu. 
 
 I'ooditioDi. 
 
 Schedule^ 
 
 Ai Ui till' ><.iu|iuiiy iM'in)! rntitlisl to ri>iiiiii<'ii' " 1 iiaiiifn 
 \i*t, tufira, |>. 'JU, 
 
 ■u-t. 87 iif till- 
 
v-.-'isaBisi^ >3 
 
164 
 
 PRUMOTEKS. 
 
 [Chap. II. 
 
 u i 
 
 Form 2. 
 
 PartieH. 
 
 Recital. 
 
 A. to pay tlip 
 
 preliminary 
 
 expense!*. 
 
 Condidera- 
 tiun. 
 
 Agreement to Pay Frdiminary Expenses in consideration of 
 Commissions. 
 
 AN AGREEMT mado, &c., between the Coy, Limtd (hnfter 
 
 culled " the coy "), of the one part, and A., of , of the other part. 
 
 WiiERE.vs a prospectus of the coy (whereof a copy is hereunto 
 annexed) has leon tiled wi,a the Rejristrar of Companies and is about 
 to be published and circulated. 
 
 Now TIIEKEIORE IT is AfiRKED aS folloWS: 
 
 1. The sd A. shall procure the sd prospectus to bo extensively 
 advertised and circulated, and shall jjay all the preliminary expen-^os 
 of the Coy, that is to say, all the costs, diarp^s, and expenses of and 
 incidental to the preparation and filing of the sd prospectus and the 
 publication and circulation thereof, and of and incident to the pre- 
 paration, execution, and rej^istration of the coy's nioiudni and arts of 
 asson, and of these presents, and all other expenses of and incident 
 to the establishment of the coy down to the time when the coy becomes 
 entld to commence business, or if the directors of the coy .'<hall, within 
 
 the period of weeks from tho date hereof, resolve not to proceed 
 
 to allotment, then down to tho date of such resolution, and also the 
 expenses of returning the amounts paid on application and of winding 
 up the coy: And the sd A. shall indemnify the coy and tho directors 
 thereof from and against all proccoding.s, claims and demands in 
 respect of the sd preliminary expenses. Such expenses shall not 
 include his oxpon.ses of and incident tu the procuring of persons to 
 subscribe or underwrito shares in the capital of tho coy. 
 
 2. In couson of the premises the coy shall, within 14 days after it 
 becomes entld to commence business, pay to the sd A. a commission 
 
 at tho rate of [1] p.c. on the nominal capital of the coy, viz., £ , 
 
 but in the event of such resolution as afsd being passed, the sd A. 
 shall not be entld to any remuneration in respect of the premises. 
 [Such commission shall be payable exolu; ively out of tho premiums 
 received under the sd prospectus.] 
 
 Tn witness, &c. 
 
 Form 3. Agreement for Sali; of Concession to Promoter, ivho is to 
 form CoMPAw. 
 
 Partie». Parties: A., 1: and B., 2. 
 
 3ale. 1. The sd A. shall sell, and <he sd B. shall purchase, tho concession 
 
 specified in the schedule hei-eto, and tho full benefit thereof, at the 
 
 price of oO.OWl., whereof £ shall fortiiwith bo pd to tho sd A. 
 
 by -.vay of deposit. 
 
 Ai 
 
FORMS. 
 
 16ft 
 
 2 If befo«. the — day of tthe ti.uo for complotionj tJ.o sd 
 
 B .Imll havo n..old the sd conoos.siou to a cov- duly formed uudor the 
 Po^ \et llK.8,-for the purpose, inler aim, of ac(iuirinfr and carrying 
 „^ tho sd <..nc*.sion, and with a nominal «,pital of 200,000 .. d.v.dod 
 into 2(),()00 share, of 10(. each, [and with a working capita of £-— 
 at the lea^t,] and l..nmd by afe'i.)0.uent wiU. tl>e sd I to purchase irom 
 hi,, the sd concession, tho sd B. shall have the option of saUs ying 
 anv part of the balance of the purchu.sc-n.<m.y not exccwhn^ 40,000i. 
 b/iLurinfr the allotment or tran.sfer to the sd A. of lully pd-up 
 M, aos in sucli coy to bo treated as of par value. . . , . ,, 
 
 3 The .d A shall show a froo.l title to the sd eoncossiou in himself 
 or some other person willing and bound to convoy by his direction 
 and shall prove that the concession is viili.l and in full lore., and shall 
 duly transfer the same to the sd B. or his nominee at nr oelo.' the 
 tiii.'e for completion hnfter fixed. 
 
 4 Tho purchase shall bo completed on the day ol - next, at 
 — or at such other phuo in tho City of London as the sd B. shall 
 
 tix. 'and thereupon the purchase-money shall bo pd or satisfied a.s 
 hnbefore provided. 
 
 r, The sd B shall before the time hnbefoio lixed tor completion 
 ap'point some compekmt agent in ^ - to exumiue and report on tho 
 title to the sd concession, and to certify the transfer thereof, and a 
 telegram from such agent stuting that the title is satisfactory and that 
 tho transfer is complete sliall bo suiricient evidence of tJio facts 
 
 The sd B. may at anv time before tlw - day of - ■ next, by 
 notice in writing totho sd A., annul the .sale, and if the said purchose- 
 monev shall not be pd or satisfied at tjic time and in manner afsd,Uien 
 and in such case the sd A. may at any time afterwards by notice in 
 writing to the sd U. annul the sale. 
 
 7 If the sale is annulled under clause ti hereof, tlie deposit shall be 
 forfeited to the sd A., and neither party shall have any claim against 
 tho other for expens^K, damages, or otherwise. 
 In wnNF.ss. &c. 
 
 Form 3. 
 
 Optiuu tu pay 
 in shares. 
 
 Title 
 
 Cuinplotion. 
 
 Report of 
 
 ajfunt. 
 
 Rescission. 
 
 Forfeiture of 
 deposit. 
 
 i": 
 
 i i '< 
 
 B 
 
 \The Schedule containing partictilais of coHcensii:)i.] 
 
 Not uncommonly an agreement as above is inade witl.out any provL^ioii tor 
 a deposit, ™ that practically it imposes no liability on tho purchos.T, but in 
 that disc li. (see Clause 6 above) ought not to havo power to annul tho sale. 
 
 The promoter, having 9e.urc'l tho agreement, forms his .o.upany, and enters 
 into an agreement with the company for the s.ale of the eonross.. , at an 
 ■idvanue in price. There is no objootion to such an arrangement, prov..:, J that 
 due disclosure is made to the company. Uut if the company is inviting the 
 public to subscribe tor its shares, great care must be take.i lu framing the 
 prosi.ectu3. J!oss v. £.tatos huc.tment Co.. 3 CMi. 682. 689; CapH v. !i,m,, 
 36 W. H. 689: Companies Act, 1908, s. 81. 
 
1S6 
 
 PROMOTERS. 
 
 [Chap. II. 
 
 Fonn 4. Agreement to contribute to a Preliminary E\penses Fund. 
 
 Parties. 
 
 RaoitslH. 
 
 w 
 
 , 'i 
 
 Fond. 
 Application. 
 
 Committee. 
 
 Proceedings. 
 
 Gallg. 
 
 fi 
 
 1 
 
 Defaults. 
 
 AN AGREEMT made the day of , between A., of — 
 
 (linfter called " the tree "), of the one part, and B., of , and the 
 
 •several other persons who shall sign their names and affix their seals 
 hen'to (hnfter called " the .subscribers " ), of the other part: Whereas 
 it is proposed very shortly to register under the Cos (Consolidation ; 
 
 Act, 1908, a coy to be called " the Coy, Limtd " (linfter rcTcrred 
 
 to as " the coy ''), with a luemdm and arts of asson which have already 
 been prepared and approved by the parties hereto: And whereas it 
 is desired to provide a fund in the manner and for the purposes hnfter 
 set forth. 
 
 Xow therefore each of the sub.-^ libers hby agrees with the «d A., 
 ' s tn'c for the .subscribers, a.s follows: 
 
 1 . A fund shall be established to consist of the contributions of the 
 Mib.scribers pursuant to this agroemt. 
 
 2. The funds shall be placed i!i the hands of the tree and he shall 
 apply the same under the direction of the committee in paying the 
 costs of obtaining the engineer s report, which is to be se( out in the 
 ])ro«pcc(us of the coy, and in paying the e.\pensc8 of the oxperimente 
 referred to in the schedule hereto, and in paying the general expenses 
 of forming and promoting the coy, and any other exjienses which the 
 sd tree, with the sanction of the committee, shall think it -wpedient to 
 pay. 
 
 .'(. There shall be a committee of subscribers for tJie purpose of this 
 agi-eomt, and the first members of such committee shall be C, D.. 
 and E. 
 
 I. The committee may fill Uj) iiuy vaeamy in their body which 
 shall arise from death, resignation, or otherwise, and the members 
 for the time being of the committee may act notwithstanding any 
 vacancies in their body. The decision of the majority of the members 
 of the eomraitteo for the time being shall lie regarded a.s the decision 
 of the committee. 
 
 .5. The tree may from time to time, with the .sanction of the com- 
 mittee, make such calls on the subscribers as ho shall think fit; but 
 every such call shall bo made on the subscribers pari passu, and three 
 days' notice at least of every such call shall be given to the sub- 
 scribers, and no subscriber shall be liable to pay in the aggregate 
 more than 1501. under this agreerat. 
 
 (). If any subscriber makes default in payment of a caU made on 
 him hoi-euuder, ho shall pay interest at tlio rate of 10 p.c. on the 
 amount in arroar until actual payment; and if the default continucH 
 for more than 7 days, the tree may draw a bill of exchange on the 
 defaulting .«(i!«rri!>or for the amount, and may authorize any persons 
 to accept the sums on behalf of such defaulting subscriber, and such 
 
FORMS. 
 
 157 
 
 HCcopUin«. shall be cffoctivo. and such bill of cx.-hancr-- -nay be made Pom4. 
 
 ''f^:^ZL .onnniUoo are to .„b- nbe tho n.en.d.u of a.ou Kc^.' 
 of ,he coy tor the whole of the fouuders' .hares m tho ooy .s capital, 
 LdL in due course to distribute the «amo amon.nst the subscribers 
 ritoablv in ,)roi.ortiou to their contributions hereunder. . ^ „ , 
 
 Anv noticJ for the purposes hereof n.ay be .iven ... any sub- Not.ce of 
 .,riber bv sending the sa.ne thro„<rh the post, addressed to such 
 : ,l,s<ribe;- at his address below .nentd: and any notice so sent sha 1 
 ,: med .o be served at the expiration of two days after .t . posted^ 
 
 . . If a„v subscriber makes default in payn.ent ot any call made ^-rfutun . 
 „ur.u-.nt hto the ti'ee mav, with the sanction of the comnuttee, declare 
 rrnii^est c-f such subscriber under this agreemt t. be forfeited; .u,d 
 thereupon such subscriber shall cease to have any rights under this 
 Itreen't, and any contribution pd by him shall be considered lorfeitod 
 iV)r the benefit of the other subscribers hto. ■ « . .^ 
 
 10 The majo.itv of the subscribers hto may, at. any time, by New truete... 
 .,itin,- under their" hands, remove die tree for the time .e.ng hereof 
 .ud appoint another tree or trees in his place; aud they may also 
 appoiif a new tree or trees to fill u,, any vacancies m the trusteeship 
 howsoever caused. 
 
 .\s Nvii.NEss the hands and seals of the parties hto. 
 Si<>-ued. scaled, and ( 
 
 1 
 
 delivered by, &c. ) 
 
 Instead of forming an asxociatio,, .is above, it is more u.ual to regisU-r a 
 promotinsr syndicate. Sec infra, p. -S8- 
 
 SvM.ic.vTi; AciREKMEXT foy FcuHAs..; and Re-sm.eo/ Mines. Form 5. 
 Headu of Agreement. 
 1 .\ .svndi.ate is hbv established for the purpose of u.-.iuiriug the Syndicate^ 
 
 Mcinos situate at , and known as the mines, and of disposing 
 
 of the same at a profit. The capital of the syndicate shall be i — , ( apit.l. 
 aud shall be considei-ed to be divided into - - shares ot i - - each. 
 The holders for the time being of the shares shall be members ol the Member.,, 
 syndicate. Each of the subscribers is to be entld tn the number ol 
 •shares set opp<«ite his signature. The shares are to bo Irauslcrable. 
 
 hut not divisible. A transfer must be reg- tered. 
 
 2. In enterin..^ into the contract dated - for the aciu.s.tion ol rrehunnary 
 tlLC sd mines, A., one of the subscribers hto, shall bo deemed to have 
 been acting on bc!.alf of the syndicate, and the syndicate shall for h- 
 with repay him tht deposit, and shall indemnify him against his 
 liabilities under the contract. 
 
 ■i. A. and B. shall be managers of the syndicate. Ja*""*?' 
 
 
JU.. 
 
 ii' ij 
 
 
 168 
 Form 6. 
 
 Calla. 
 
 Application 
 of luudii. 
 
 Conduct of 
 busine- 
 
 Express 
 powers of 
 managers. 
 
 Meetings. 
 
 Divisiou of 
 procet'dw. 
 
 PROMOTERS. 
 
 [Chap. II. 
 
 Noticei). 
 
 4 £ per share shall be pd to the managers forthwith, and thej 
 
 may from time to time make calls on the members in proportion to 
 their shares, but no member is to be liable to pay more than the 
 amount of his shares. 
 
 5. All moneys pJ to the managers in respect of calls or otherwise 
 Mhall be applied for the purposes of the syndicate. 
 
 G. The managers shall have the entire control of the affairs of the 
 syndicate, and may conduct the same in such manner as they think 
 
 best- 
 
 7. It is expressly declared that the managers, if they think fit, 
 
 (a) may sell the mines to a person, or firm, or coy; (b) may form and 
 float, or procure the fomiation and floating of a <x>y to purchase the 
 mines; (c) may fix the price and agree to accept any pt of it in 
 fully pd-up shares, debentures, or otherwise; (d) may keep the mines 
 going until disposed of. 
 
 8. The managers may convene meetings of the syndicate to doli- 
 borato and decide on any of the affairs of the syndicate: every share 
 to confer one vote: majority to decide; votes may be given in person 
 or by proxy. Three days' notice of each meeting to be given. 
 
 9. The conson for sale or disposition of the mines shall bo applied, 
 first, in paying all debts and liabilities of the syndicate: secondly, 
 in repaying any capital contributed by the members in re.-ipect of their 
 shares: thirdly, the surplus shall be divided amongst the members in 
 proportion to their shares. And for the purposes of this clause the 
 managers may convert into money any shares, debentures, or other 
 specific assets, and may divide any such assets in specie, and make 
 suf h other arrangements for adjusting the rights of the members as 
 they tliink fit. 
 
 10. Notices to each subscriber may be given by post, addressed to 
 him ut his address below mentd. Not ice so given to be deemed served 
 twelve hours after posting. 
 
 Dated the day of . 
 
 Syndicates. 
 
 Sjiiiiitatcs are sometimes formed under an aErrcement as above, but tlie 
 a^'ieemont eonstitutos a partnership, and tlic inembers arc tliorefore individually 
 re-iM.iisihle fur what the managers di., wiiiiuut any real limit of liability; and 
 if thr- number of members, by oversight or otherwise, exceeds twenty, the 
 syndicate becomes an illegal association. These objections to a .syndicate 
 agreement now very commonly induce the formation of an incorporated 
 sviiditat!'. 
 
 rill' foUowinR arc a few examples of the cases in wliicl syndic.itcs arc 
 
 <Miii>r.inM!y formed: — 
 
 1. .\. has a patent for an invention, but no capital. The utility of the 
 invention is fairly obvious: but it requires to be more thoroughly 
 testwl, and expense must be incur'cd in so testing it, and also in 
 obtaining foreign patents, and perhaps in floating u company to 
 purchase the patent rights. B., C. and D. agree to form a syndicate 
 
FORMS. 
 
 159 
 
 . ■ I. .hall and tho requi.ito funds. The patent nght. arc made oter 
 which '*»",.87 *''° ' \ . ji„_ that A. shall have, .ay, ono-th.rd of 
 to the »yad.ca c <>" t^" '^''"^ *^„^ ^..^^ ,,,0 other subscriber, shaU 
 
 ably amonst the members of "'« y"*^ ;„„ „, ,„„t,act 
 
 ,. C. ha, obtained in Amor.ca or ... one of "- ^ J" """^ ^^ ,„„j „„t ,„ 
 to purchase «.a.e m....ng P~P"'y- !^°;;^ho property to a limited 
 'trr; tirpro:e1trct'bi.Uie:C.%re, 'hi, U^ -r con. 
 : ^t Id knowledCat the dUposal of the syndicate in coas.dera,..,n 
 
 business and the power to d.spose o .t. J^^^ 'y""^"=;'^ favourable 
 the business, sets the concern on .ts legs, ""d 'hen, on a 
 
 ; a limited period and then resell on the best terms obta.nabk. 
 5 Some me cantile commodity is likely to rise in value. A 'ynd-ate 
 
 formed to acquire a..d hold a large stock of it a.,d to r.-soU when the 
 
 « A cS,Ir tl-Sr-be b.ou.ht cut, but considerable preliminary e.- 
 '• .e c' -will have U, be incurred in advcrti.i„K', le.al ■•'■7-- ^ ^ 
 
 „..,kor< M.Ucitor.. and otherwise. A synd.oate ,. formed t. find th. 
 t ^t'c fund,, the v,.,ul,.r .•..r.ein, to rep..y the,,, w.th a bonus o,., 
 ,{ e purcha,,. consideration which he i, to obtain from the companj^ 
 'n.e company is then floated, and in due cour.e tho vendor pays otf 
 ♦be syndicate's advance and bonus. 
 7 It is desi^ by certain parties to apply to some govcrnme..t author. ty 
 forrlcLion, charter, or other special privilc^o. In order o 
 ,b ain this expense must be incurr«l, and the rc.,u.,.te funds can only 
 bo found by co-operation. Accordingly A., H.. and L. and others 
 form a syndicate. 
 
 In order to form an incorporated syndicate it is necessary to pr-'pare a suit- 
 In ordir lonu .,,',.,:,,,,,, ..f association. The name of the company 
 able memorandum and short artiU. s ot assooau S..n,li,.nte 
 ,„„ u„™,„„um!y includes the word " synd.catc c.^.. ^ ''^' ' "J^ "7 j^ j 
 1 :„t«l 'l-l,.. ubjcts must be made wide e,un,^'h to eover what .,s w.int, J, a. d 
 
 L^W It is consid a expedient to express th™. in tcr,ns ,0 ^-n,... as no ,. 
 
 di.l the particular sehemc the part.es have .n v.ew; cj., d tl,> r. al objc * 
 
 s to acquir. a particular concession for which A. has been ncgo t.at.ng, the 
 
 hilrwill be to acquire any concessions, and to work and d.spose o^ he^ nd 
 
 to form any company, and to raise moucy, tc. Sec Fom 173. The capital 
 
 Form 5. 
 
 f. 
 
I 
 
 
 llii 
 
 
 160 
 
 Forms. 
 
 PR0M0TEB8. 
 
 [Chap. II. 
 
 will bo fixed »t such » figure a* may suffice to cover the probable outlay. The 
 articles of awociation will probably adopt Table A. w^tli modification!, dee 
 Form 262. The syndicate la usually registered a* a i ..ivate comi-any under 
 sect 121 of the Act. See infra, p. 910. In due course the syndicate will enter 
 into an agreement with A. to acquire the benefit of his negotiations and services 
 in consideration of some paid-up shares, say one-third of the capital. The rest 
 of the capital of the syndicate will then be subscribed, and steps will be taken 
 to obtain the concern. When the concession has been acquired, it will be sold 
 to a company promoted by the syndicate, and the proceeds will be distributed 
 and the syndicate dissolved. 
 
 There is great advantage in an incorporated syndicate, for it is a separate 
 entity rccogniied by the law and not a mere partnership, and accordingly in all 
 contracts its corporate name is used, the members enjoy limited liability, and 
 the directors or managers arc not the affcnts of the members individually but of 
 the body corporate, which is the promoter, and is responsible for the acts and 
 omissions of the directors, laffunns Nitrate Co. v. Laguna, Syndicate. (1899; 
 2 Ch. 392, 423. 
 
 Besides, it is often found that capitalists and others who wo' .; •> 
 
 become members of an unincorporated syndicate arc ready eno 
 incorporated syndicate in their own names or through nomineei 
 As to syndicates limited by guarantee, sec infra. Chap. X. 
 The doubts as to the status and regularity of incorporated ►/-li<at..s con- 
 sisting of a very few substantial persons, which were caused by a decision of 
 the Court of Appeal, were completely dispelled l.y the reversal of that ^decision 
 in the House of Lords. Salomon v. Salomon * Co., (1897) A. C. 22. Sc- 
 Chap. X. And now a private company may consist of any two or more persons. 
 Seo p. 911, infra- 
 
 Form 6. 
 
 Pooling 
 agreement. 
 
 Recitals. 
 
 Pool. 
 
 Shares in 
 pool. 
 
 Agreement by Shareholders to Pool their Sh.\res and hai-i 
 them Sold bi/ Trustees. 
 
 AN AGBEEMT made, &c., between A. B. of , and the several 
 
 other persons named in the first schedule hto, of the first or one part. 
 
 and The Tru.st Coy, LimUl (huftor tailed " the trustees ";, of thr 
 
 second or other part: Whereas the several persons named in the fir.si 
 schedule hto are coUectivelv entitled to 20,000 fully pd-up shares ol 
 
 m. each in the capital of The Coy, Limtd (numbered to 
 
 inclusive), and the number held by each of them is set opposiU' 
 
 his name in the fourtli column of the sd schedule: And svhereas the 
 sd several persons have lately transferred their respective shares 
 afsd into the names of divers other persons as nominees of tho 
 trustees: Now these I'RESe.nts witness and declare that it is hbv 
 agreed as follows: — 
 
 1. The sd shares (hnfter called "the pooled .'iliares") and the 
 proceeds of sales thereof, and aU income therefrom, shall constitute a 
 joint stock fund (hnfter called " the pool "), U, be dealt with as hnfter 
 
 provided. 
 
 2 The pool shall be deemed to be divided into shares, ami 
 
 each of the parties hto of the first part sliall bo eutld to the number of 
 shares in the pool set opposite his name in the fifth column of the 
 
 :m . 
 
F0BM8. 
 
 161 
 
 ,.,,.^.,,,. ,,o tl.ut i.s u, .a> . a. .he rate of one «l>are i« the pool fo, Form 6. 
 
 »;;■ •;;:'::'r t,-s ;.;t::;ir.;:::'';:;r. ,« ., , »-. 
 
 JnTv c.„.ider expodU-ut, .i.h full ,....or to pay ....unn««.ous .., 
 ; r . . for plao/n., or us^isUM^: to ,.la... any of tho s<l shan-. 
 \ C"L to ,vnv p.. -on who ^hall l.uv .., plae^. any of tiu m1 
 i^th a."o • urtLr of the .1 .i.r.. tor a lin.iU.a poriod and a, 
 alii. I price, and the trast^e. Khali ro,.ivo anv d.vul.nd.s payabl- 
 ;„ r:;,.! of «uch of the .d «hare. .. .lutU f.r th. ..me be.n. wnu.u 
 unsold. 
 
 • w ,....iK..,l anil vurv iDmiinmiv :i ■""l"' ■' ifi>>-"i' 
 
 ,s:";,:,; r« ic'.i.rt •- „., i ^ ,- ■ - 
 
 the prici.' of till' share*, wo ««/"«. p. l"'"- 
 
 , ,,,.. Has,.... shall apply all n.oncys roo..v...l bv th-m und.. >,.t..,,.n,.„ 
 tho.0 pn..son,s in or U.wanls payin.^ all costs cha..^.. and expens . 
 ; ::d ,. ,1... in rela,>on t. the trust, hereof. -";'-'^ -'; -' ' 
 ,0 time, a.; and whomnor the ..urplus .n hand ts suth. on t., pay .. 
 Ilividond of a, Ica-st i- . applv .uch ^urplus in pay.n. to tlu, hoKler- 
 of shares in th.- pool nratTiible dividend. ., . . 
 
 r T o Shan, in tho pool shall be numbered - to - tne us.v... .Vr,„„ ..... 
 and ea holder of any Ihare in the pool shall I. entld to a cor. > ... 
 " t.tle to hi« eha.. ov shares therein, fran.e.l .n acordanco wUh . 
 ZL set forth in tho so..,ud s.h.lulo h... Su.h ..ortU.ca.o shall b.. 
 
 under the seal of the tni.st. ; „„■ of th< 
 
 ,i The trusUe.s shall keep at their ro;.is,..n.-d oth.e a ro^i.lo. ot th 
 „!:,. J !;: ,h. pool and the re,i. t.ro<l hoUlor of sljaiv^ ,n ,he po,.l .hall 
 ,.,. a. libortv at all rc^v^onable .unos t.> inspect the s.l ro...tov. 
 
 7 Kvovv holder of a share in the pool ...ay .ra.tsfor the san.e b> 
 i„stru,..ent in .r.tin, in tho ..sual o,„..n.o f..r,u, « ^ ' ;;';^J:; 
 si.^ned both bv the transferor a,.d by tho l.unsloree. ntil the reg s 
 a".' of the transfer the tra.isferor .hall be dee.ned to re.na.n .,• 
 holder of the share. The iu..tru.nent of transfer .uust bo^e -J ^^ 
 ,ho trustees, accon.panied by the (*r,.li.^ate relal.t.f.' to the sh.vM 
 . ,.p Ld therein, and su.a, other evidence .s U.e trustees n.a, 
 reX to prove the title of the tra .eror; and the trustees ...a. 
 pharze a fee of 2s. 6d. for each transfer registered. 
 
 K. irot'v 
 
 It is not usual fo 
 
 make share* in a pool transferable. 
 
 s The n-^istered holder of any share in the pool shall be re...,- K;..i.- 'li^ 
 ni/ed and treated as the absolute owner thof. and .n tho case ol (h. 
 
 Sil 
 
 ^m 
 
 ■ \' 
 
1«'J 
 
 PHOMOTKR8. 
 
 [Chap. 11. 
 
 Form 6. 
 
 hiMili'iiiU 
 
 p.i-titi. 
 
 (1. 
 
 tujr p*M 
 
 |ti(*tributi'iii 
 
 SiipiviuU-i* ' 
 mtifiratcw. 
 
 .I..ath of anv ono or two or nioro joint rc^'ist. rod holdcm. tl.e coy will 
 .mlv roco-nizo fho survivor or Kurvivors as tl.o al.-oluto owuor or 
 ..xvnors thof, nnd the rccoipt of any siioli iKirsoii or person." 'O ri-cog- 
 ni/Hl o.. ob-soluto owner or owners afsd in respect of any moneys 
 puvub! I)y the trees in respect of »ucU share sliall bo a good dis- 
 rharpo to the trees, notwi-listanding any nolii«, oxpross or otherwise, 
 ihov nmv Imv.- as to chiM.i-: undor any mist or otherwiso. 
 
 li All ilivideuds o.i .shares in the p-ol inuy bo paid by rhnipie .<ont 
 li-onch the post to the rofjistoriU addies.s of the hol(U>r. or in ciisi' ot 
 ;oint holders, to the .opistered a.hliess of that one ol ;hern who .s hrst 
 named on the resiisior in re-ipcl ol surh shares. 
 1 10 Tho pod .shall bo closed at the expiration o*' ono yo u Iroiii the 
 
 late hereof but tho hobiers of two-thirds cf tho shares in tho jiooj 
 ,uay at any time previously, by notieo in ^v.iting to tho trees, Ho=o the 
 |.o(d. and tho sumo shall bo closed aroordinjilv. 
 
 11 When the pool i.s closed as afsd. such ot the pooled shares a. 
 have no' been s.dl, and also any cash in tJi- hands of the ireo^ and 
 ;,vailablo for distribution, shall bo distributed among *he holders ol 
 -hares in tho pod as nearly as may bo rateably in propotlion tx> the 
 diares in lh(> jiod hold by them rcsply. 
 
 12. Before making any su. h final distribution as afsd the trees may 
 ic.pliro all or any of the certilicates afsd rolaling to shares in the 
 pool to bo given up to bo cancelled, and the same shall bo given up 
 
 iiccordingly. i i u 
 
 K! The trees guarantee that their nominees afsd shall duly hold 
 ..nd di.spo.se of the sd 20,000 shares in accordauco \vitli tlie-e pro.scnis. 
 
 11. The trees shall bo entitled as remuueraliou or their trouble 
 in executing the trusts hereof to be remunerated at tho raU> ot the 
 sum of £ per annum. 
 
 1,5. The trees sliall be indemniHed out of the trust premises against 
 ,dl expenses and liabilities inrurred in relation hto, and they shall 
 have a lien for such indemnify on the pooled shares and all money.- 
 irisina- therefrom, 
 
 IG. The holders of thrce-fouiths of the shares in tlie pool may. by 
 writing under their hands, a.sscnt to any modifications of tlie right- 
 hby conferred on the holders of shares in the pool, and .such a.ssent 
 -hall bo binding on all tho holder." of shares in the pool, and they 
 -hall all Vk> bound to give effecl thereto. 
 K..ti...-. 17, A notice under these pre-eiii.s may be .se. ''d by the -loes upon 
 
 aiiv registered holder of any share in tho pool, either personally or 
 by .sending it through the post in a registered prepai 1 envelope or 
 wrapper to his or her regLstored place of address, and any notice so 
 .^rved by post shall be deemed to '■ o. served at the expiration of 
 forty -eight hours after it is posted. 
 
 Il.-IM 
 
 ti"ii 
 
 III I' IllTiitV. 
 
 M.«lilii-uti. 
 of riifht.- 
 
KORMB. 
 
 I hi) 
 
 First Sciieuui.k 
 In /ire columuK (1) mniirs, (.-'> aJdreaHU, (M) descriptions, 
 (I I iHiiiirulirn of pn'dcd Kliiires, (•'.) purticuUirit of »han-i in pool] 
 
 The Sr.roNU Sciikdii.k 
 [Form of Certifintle ] 
 
 I, „ n..t ut uU umunii...... to ctablUh B {h«.I sc tlu.t :, nui.iber ..f .|>ar.-h..!Jer< 
 
 ,M.iv ln-iH'tit I'liri imt'ii. . L _ 
 
 S,nu.|i.n« a p.K)l i« .v.»«l,li-he.l wh-ro a nu.nbcr of umlerwnterH hiivo hc-n 
 ,t irk with larito bl'X'k'. "f ■<l.arm. nml wi^l. to di-p'"" "' t'l"'" "''''"•" «""1"'»"> • 
 .„ 1, not to r.in the prir.- .l.mn l.y ..vorlo:.,!;,.- Il.o tnark.-t. tn «.■.•!. .a-os 
 j„. „„.,„1„.» of the p.«.l aro -pnerally prohibitoJ from tranHforr.nu-. In othor 
 ,M,.-s, th.. ol.joH of the pool i- to .roato a voting trust which w.ll 1..- worknl 
 r..r llio hcnifit an! prote.tion of th<> nu-mhcrs of the pool. 
 
 At other ti.ne. a piH>l is .■s.tahrMhed for thr p.irpo.,' of splitting up a -er.os of 
 r.Hindc.,- shari- ..to Vra.tions. ■.,,., KIO founaorV sharci n.ay he repre«MiteU 
 l,y, say. 10.000 -har.- in the pool. S,.n,eti..MH theterm - Iru-t " or " syndnate 
 . in be U"ih1 inMeail of '• p(")l." , ,. , u» » .i 
 
 It \» not ..afe to provide tor the pureha-e of »hore« for tho bencht of th. 
 pnni, for if the p.K,l by pur,ha,in« runs op tUo pric, there will be danRor of 
 ll„. aisoeiatioii beinK' heli to be a con^piraey. Sc-e .<«,,r«, p 131 
 
 Form 6 
 
 l',„.i.iNi. .\..Ri;i-:.Mt.NT irilh I'kovimon for Thassier oi' Shakes 
 VX ACiHKEMT made, At., botwoon A. U., oi — (hnftor called 
 ilio ira'-ieo " ). of tho one pt, aud tlie several other persons wiio shall 
 -i;l.-eiilM> ihoir nanio-^ hto. of tiie olhur or second pt. [Uecitab, see 
 
 l'n,m (i.J 
 
 I Tlii> sd chart's Uinftr called - the pooled shares " i, iic. IForm (i.J 
 
 J Tli.> iiool shall 1)6 deemed to l.o divided into as many shares a.s 
 
 :t,f pooled shares, and each of the parties Uio shall ho entid to the 
 
 -aiiKi number of .shares in the pool a.s the uumber of share- sol opp-'- 
 
 -I'l' hi.s sifjnature hto. 
 
 ;l. The tree shall hold, &e. L^'"'''" '' J 
 
 I It .shall rcjl with the tree to determine which of the pooled 
 -hares shall on each occasion bo sold or dealt with, and for tJio purpo-o 
 ii -ivins etl'ect to aiiv sale or disposition of any of the pooled Kharos, 
 ■lie re:;istored holders of the pooled shares shall resply. upon tho 
 H-.|iio.st of the .roe. siiiTi all tiansfors thof which the tree .shall reipiire. 
 iiid if any holder make."i dctaidt in complyinpr with any stich ro.iiiest. 
 he tree liiay sign any such transfer for the <lofaultin? sh.ireholder, 
 i:i 1 the tree's certificate in writing that the member ha.s made such 
 leiaull shall, as regards any purchaser or transferee and the coy, be 
 Miriclusive. 
 
 ■"■ ei i>i'q. on lines of Form C.j 
 
 Fo«n 7. 
 
 Ai.i>ther 
 
 I hntf 
 
 l'..ol. 
 Shares in 
 
 I '■ 
 
 1 r:il>ff(-. 
 

IW> 
 
 i>i{()S!M:crrsi'>. 
 
 niAlTKH 111. 
 
 INTUOniTCTOKV NI)Tt>«. 
 
 W I.I lu: it is imoiultv. .. uppoal lo l ublu lor the eai.i'al rtMiuirod 
 ,„ wuik tt .oiiipanv, llio usual .'ours. to i-s.u- a pru.poelus i:iviti.ig 
 uppliratioiis lor shares or U-bo-aures or holli. I'nor to 1802 a 
 ,uus,„Hlus was aliuosl iu ij- issued before iho formation ot u 
 ,ui.ii:anv; 1)U' 'fior the .- >' \S'>'2, whitli ronJorocl tho loruutiou 
 „f a cuiapau .. li a -i^'^p. '"<! im'xponsivo matter, if boa mo the 
 .rc„ci.,l praJi.. lo issuo the i.i'.Kpoctus alU:r the lonimiion {i.e., 
 Hm reKisirationi o( the .ompaiiv. AiiJ ihi^ pra.tice it is .loMrahlo 
 I., .ouUmio, siiiio it piewrils luauv .li.pu'e- ami dilliMiiti.^s wliah 
 iisua to ari-c umlei- Ih.- old pranico, and iir.' Jiot loss likely to occur 
 uM.lor the I'ompanies Act, 1"J08. although that Act disiimtly con- 
 i.Miiplatos (.sect. 80) a prospectus in relation lo uiiy intended company. 
 Ill most cases iho prospectus of a new company is proiiarcd by or 
 iM.dcr the direction of tho promoters before tho comi-any Is forinod, 
 iikI after its formation the prospectus is submitted to the directors of 
 !lu" .onipany. wiio pass a resolution approving ot it, with or without 
 mn.lilioation, and directing it to bo lilod and issue<l Tho mode in 
 ■ hiih tho prospectus is rought to tho notice of tho public varies 
 c inMilciably. In some cases Iho parties rely almost entirely on the 
 , ir, niali.'n.'bv post or otherwise, of printed co[.ics of 'he prospoctjis; 
 lull yi-nerally the. iocumenl, or an abridgment theneof (./h/di. p. 17Ji, 
 I- iiilvertised in tho newspapers 
 
 riie preparation of a prospectus requires both skill and judgment, 
 iind involves great rc-ponsibility ; for not only does the success of 
 the iompanys'"appeal to the public depend to a ronsidorable extent 
 ..11 Iho attractiveness of the document, but if it is improperly framed, 
 oilher bv putting in what is incorrect or misleading or omitting 
 uliLii oughi to be disclosed, tho compiuy, its directors and pro- 
 iiiolcis, miiv 1(0 expose" 'o actions by any number of persons who 
 have subscribed for shaios on the faith of the prospectus, and to 
 '.ther liabilities of tho most harassing and serious character. 
 .V- alre;i.lv mentioned, the prospectus is usually prep.i ' 
 
 W 
 
 h.n I'r..- 
 . , tu- 1" •• 
 lint 
 
 'w pr. imrf.l 
 
 ■ I ].U'>- 
 
 ',..1. 
 
 ill riH|uirfd 
 ri'i rcsiM.n- 
 I ility 
 
 n .Ivill. 
 
 •'r.i.lt-.-. 
 
 lei the direction of the proin.ilers, and with the privity 
 
 1 1 IK 
 
 ihrector^. 
 
 )f the 
 
 il. 
 
 I .tj 
 
\m 
 
 l>Ku»l'ECTUSt>. 
 
 [Chap. III. 
 
 It-; 
 
 Impnrtiiii' 
 points ti) ii' 
 
 obM'lVL'll ii 
 
 settliiijr a 
 prospt'fitii* 
 
 Very co.n.no«lv, legal advi.e a« well i. .akeu en the J-aU; tor 
 ..noraiue of law in t;e>.o.al and of the rc.,uiromenls ot the Act ot 
 19U8 iu particular, or waul of jmlg.ucut o.. the part ot those who 
 isHuo a prospectus, may lead to the most disastrous co„soci«encc. 
 Horn Mcs and hotu-sty arc indeed al.M,lutely o<.onfal. but by hem- 
 solved they are not a suffirieut proUMtiou. A person, for.nstanco, 
 mav bo fully aware that he i. bouu.l to state all matonal facts; 
 but from his position, or under the l^luenre of .sanguine expecta- 
 tions he mav be unable to form an in,i,artial judgment as to what 
 facts are material, lie may know well enough that lio nmst abstain 
 from misrepresentation, and yet be totally unable to see that an 
 ingeniously-framed statement, which he or some other person de- 
 Bi^es to insert, is misleading. He may believe a state.nent to be 
 true, but be forgetful or ignorant of the danger he incurs m stating 
 as a fact that which he only knows by hearsay. He may lorget. or 
 misconstrue, the provisions of the Act of 11.08 with reference to 
 prospectuses. He may think thut as documems ate ol lered for 
 Lpection. applicants will be ii.xcd with knowledge of their con- 
 tents, and may not notice in the prospectus a misrepresentation as 
 to their terms which renders the oUer nugatory. He may unagi.io 
 that this or that is onlv a small matter, and may be surprised a -w 
 months or years later to lind that his want of judgment Has led .0 
 his being made a defendant in seventy or eighty actions. All these 
 possibilities make the a.ssisU,ncc of a trained legal mind very 
 
 desirable. , ... 
 
 The memorandum and articles ,.f a-ociatioi. and any prol.minary 
 contracts are generally settled at the same time as the prospectus, 
 for these documents are commonly framed in contemplation of the 
 prospectus, and with reference to what it is desired to say or not to 
 say therein. The prospectus should not be finally settled until al:or 
 the formation of the company 
 
 In settling a prospectus it is uece-sar> U^ bear in mind 
 
 \ That it should be framed so as to compl} with the uumemw-s 
 and in many cases onerous requirements of the Act ot 
 1908, particularly sect. 81, so far as applicable. 
 B That the prospectus should be made as attractive as is con- 
 sistent with truth, and should not be open to hostile 
 criticism on the ground of significant omissions therefrom, 
 or vagiK' statements on vital points See infra, pp. 182, 
 
 183. 
 C That it should bo framed so as to comply with the geuoi al 
 law, apart from the Act of 1908, and so as not to give 
 rise tu any charge of aufairi,es^ or de.cop.i,„i. See w.'m, 
 p. 183. 
 
 i:i 
 
INTRODUCTOKV NOTKS. 
 
 h'T 
 
 Provisions of the Companies Conholidation > Act, 1908. 
 Particulars to be disclosed. 
 
 Sccl. «1 ol tlw Actoi lyu8 luu- lluu,. 
 
 „1 I , (.■.,T. IT... .„. i>-.,..,l l.y ..r . M !.. l.air "f ., ■ «m,.H,.y ...by ,.r ur 
 
 li.-l.a'.f <if a: y i.rr^on xvlio i- "i I..'- '" " ' ' -'-^ • 
 n! till, (orina-iy. imi-t .^t itc 
 
 Tho object .,t this .cuu,. is lu >o.n,.ol ll.o d.^closun. .u a pmspo-nu- 
 
 ■ .1 .0.U- 01 la,;t= wlu.li .1.0 l-o._a-laturo run.ulor. u mutonal to hav.. 
 
 diM iosca to .HTson. i.n-it<.d to l.LVon... subscribers -fact-s wlaoh ar. 
 
 tilbin ,1.0 kuowlo<l,^e of tl.nso i.ssui„.^ the prospccias, a.ul are no, 
 
 within the kiunvlfd^iV ol those r.'e..iviii<„- it 
 
 •Prospectus.- a- det,...d bv the .V, , ^e. t . :2H^ ,. ........s a„v 
 
 pr,.M.ec„>^. ,...ti.-e. .i.vi.hr, advertiscM.ent or other iuv.tat..,.. o !er- 
 ■„.■ to the in.blh- lor bub^criiHiou or ynvAux^v at.v shares or del,.,,- 
 tui...s or debenture ^took] of a .•oiLpany.' 
 
 Issued by or on behalf of the company. The wo.ds or in 
 r..l,„i.m to ..,.v iuteuded com,,anv .- whi-l. o.-. ur .,. s.., - . (see ,»/ra 
 ,, ,:;,.do,.ot\.pi,,.a,.here:l.ut,heuo>a-'o..by.,roabehalf ofa,,J 
 
 ,..,s.,u ^vho i, or has be... e„,a,,-a or i..MHeMv,l in the turn.at.o.i o 
 
 {h,. ,..,n,,a,.v ' .|.|"'"- t" I- '■^i'l^' '^-"'^■'' ^" ""'"' '' I'^^'-l"^' '"-^ '':'7 
 h^ the ,,n,mot*.-r,s before the refri>lratioi, of a eo..ii.a..v esinvially 
 ha^i,,.' .e-ard to ih.- uord. of sub-,ecl. (L: M.bie.t, .^o., this 
 .ectiou .hall api>lv to a..y pro-^eaus, whether is-ued ou or w„h 
 relVre.iee to the f-jniiatiou of a eoinpan.N or subse.iuent.) . 
 
 Se<.t. Jlo makes the socliou apply ,.. -N.-ry .-xistiu- e.....pauy as .t .1 
 had been ivoistered uii.b<r the .\. t. of 1"'>H 
 
 .~,„...,.i.. 
 
 a- I..!- 
 ' 1 uliil^ 
 ."■.'"1"' 
 
 n 
 
 Contents of Memorandum. 
 
 iu) till. (-(.ritiMit- 'if till' iil..TlPMan.hM,i of !1 
 
 -f ri|.tion<. lUiil ai|.h-cs.i ' tin' ■■i._'iiatMi.i 
 
 «nliMrii".d t'.T I'V tlii'in T.-pr..ll\..ly 
 
 ,»anu^n.nu.,>t or ".l,.!-... n..i -h.u,.-. il ...y. ami tin- nu.m-.. :»..! >-.,.nl ot 
 
 ,|„. i„,or,..^t of tiM- hol.iers i„ (he ,.r..,,.T,v an.l l-r-lit. ot the ....„- 
 
 i.iati.>li. .villi ill'' nam..-. 'I''- 
 
 iil till. nuniliiT ot •Lni's 
 
 111 till' ■niinliir ol' l..iiiHl..i - nr 
 
 . tlini: 111 
 
 li'lliiilaliilillri 
 
 l.ui.y 
 
 itjiii 
 
 lAervlhi... in the menuiraudnn. eseepl the si-n,uure> ul ihe 
 vvilne.ss; - is u, lie set out . .\s the jiraethe .s to siuii the nan,e.s ,n loll 
 the whole .uen.oranduni i> praeti.ally re.p.i.vd m be eop.ed into ,l,e 
 prospectus. There seems to be no objeeiio.i t,. the laeihod nv^. 
 a<loptcd of printing' tiie coutent.s of tiio niciuorand,im in the fold •« 
 the pruepcctus, and relerrinir U. i, in the bo.lv of the dueuinenl. See 
 
iiiitii 
 
 itsx 
 
 PROSPKCTIISES. 
 
 fCHAP. III. 
 
 «ub-soels. (.7) iiiiil (8 1 us to not .-x'ttiu^' out the rneinoiaiidum iu 
 .ortain rases. 
 
 KOUIlillTf' 
 
 inHu:t^r''iMt 
 
 "Subscribed for' iiieaii> ~iilisi'iili' 
 
 fi)i ill llio inoinoiaiKlum. 
 
 Till' iii.iiiuriuiddiM ilM'li ii.-ii;.ll\ -:imi.'> .ill lliiit is iv(|uiiv(l l>y tln' 
 -section iis to ilio I'ouiiJois'. niaiiauouieul iiiul (k'lVri'rd .■.liiirc- i if iinyi, 
 but somL'liiiu>- llio<o shairs aro incivly iiioiilioiied tlieic withnut tlio 
 anlurc iiini oxtoiii ,d ' •■ inU'ic.^t oi liu' Imlilcrs in llio inoporty auJ 
 profits of tlio (.um|iiuiv miiifc t-iie( ilii.'<l, aiuL iu -ucli (a-o tlioso par- 
 tieuiais must hv added in llio jirospeclus. 
 
 Sub-sect. i.'>', whilst uiukiiifr it uiiiie(.es<ai-.v to specify in a pro- 
 iipeclu.s i->,~iied as u ne\vs|iaper ad\eni-oiiit'nt the .■oiit<;nl.s of tlit 
 meaiorandiiin, Hie si^-iiatories ilieieto and tiio nunilici- of shares sub- 
 scribed for liv tlieui, dues imi e.xioiid llie provision I., ihe [Kirti'iilars 
 ;Ui to tlie fouiidci.^' or niiiiiau'eiuetit sliaro^. 
 
 ill 
 
 jt.- 
 
 Artiilo :l.» 
 to tiirrvti.r^" 
 4u;iliHi;tti". 
 aii'i reiiiuiii' 
 rHli"ii. 
 
 (VHnlitiiviticin. 
 
 (h) The nninbpr of shuri-s. if ;iiiy, lix'xl liy tlir artii-los of u-^-^OL-iatinn a* 
 tl.i' (|iiiililic;itioii i)f a liirnrtHr, .and ;i;'.y |ir(ui-ioii in the artii-l'-" as 
 ic. tl.c romunrratioii of tin- dirct-tnr-: Mnd 
 
 Articles of association." Tliis e\pie~>.ion nm-t nu an ilic 
 articles in fore -Hlieii (he prospectus is issued, includiu^,' any aliera- 
 lions (hat niuv have been niiwle hy -jx'cial lesidmion. 'riie si-, iioii 
 loos nol -iay the original articles. 
 
 Tliere is no obliiraliou to insert in I lie article' 
 
 iialilii .ition 
 
 ■■lau.se, but if sucli a clause ho in.scr(ed ami provide for a f-'biir.: (jinilill- 
 cation, the number of share.- mu-.t be staled in the ]iroipec(iis. 
 
 .V director may be cpialiliol l.y lioMiu'^' the reipiisiie niiiiiber of 
 shaie^ johith/ v\ilh anoth<-r. (ihrtj Pajnr MUln. Kr ynrii' lUiVi^trr. 
 I IH'.-I , a eh. i:;i: (:rii,iilii\.Ihi'jns,i.\'.^M^ I <'h. III. l-'or diiiM-|..i- 
 lo accept (lualili'-alion shares from a promoter on the terms of lioldiii;; 
 them on trust for him is misfea.~anco. London and S. W . (Uuial Cc, 
 (I'JU) 1 Cli. ;!4ti. 
 
 .\ debentm-e or debenture stock i|ualilica1ion need not he mentioned 
 in the piospectus. 
 
 A. 
 
 ,r. 
 
 Miniiiiuin 
 ^ulcirrijitiou. 
 
 Applii'tttiuii 
 HTidalliirtii'iit 
 
 (f) tlie naim-s. dccriptiim-i .uid M'kln ->''s tit' tin- ^li^^■c■tlPI■■^ nr iiri>po.-ir<! 
 (lIrL'fti>rs; and 
 
 i^fl) tilt' minimuiu ^nbscriptiuii on wliiili the directors may proi-rcfi to allot- 
 inrnt, and tin' aminint jiayaMc on aj»i>lication and allotmt^nt on oacli 
 '*!iart»: and in tlio ca^io of a r-ocond or sul)S)'(|ut'nt oiler oP shares, the 
 amount offered for .-ubseriptlun o.i eaeli jire\ioiis allotiiient made 
 within the two precctling years, and the amount aetually allotted: 
 and the amount, if any. paid on thn shares so allotted; and 
 
 As to "Directors or proposed Directors.' It must uoi bo tor- 
 jrotten tliat by sort 72, where the proKpoctU'* is ' is-iuocl by or on 
 
 • -A 
 
M'uiimim 
 
 ill riptiim. 
 
 ISTRODUCTOUY NOTES. 
 
 i,,i,,|f .,, ,he compunv ■ ^nui boi„s a .o.npauy roKJ-stercKl bcfon- 
 
 ,, ,st, 1000. 1 a ...npany ro,ist..r..d afU-r that , ato wlu,.h h.. 
 
 1 f r a vcar Qlior boiu- entitle,! to commcico bu-sincss), and 
 
 ";;r:i ; H^le "u,.h u;;,.^. ,u,n. .^..n^uon. ior .,.^.. 
 
 Zl. of directors or proposed directors are not 'oj^staed -n 
 .,„ prospeotn.s unless tho n..,iuirement.s ot ^eot. ,2 have been ^a,..l..<l. 
 -<,.,• the notes lo that ,>e<lion, .sk/.ki. 
 
 \s regards shares, the inini.num snl.^<ription w dealt xv.th b> 
 
 ,,„ S-,':f.iVA<M.e,..,K-r •■" ''•'"• ■^■■'- ver does not 
 
 ,.„„„;„ .„v si.nilar prosi^.m a. n.^.rds debentu.^sc,r a,.l...„tu .- 
 ,, ,,^ „„r.,,..nlinjv i' is np.u to an.nnuent th.l th.> mmUou ,81 , 
 
 v're.,uires .ho n.ininn.n. subscription as re^rards .han-s to b,. 
 
 . iod But the wor,ls an. wide cnou.d, t- cover bn.h The expres 
 ,;„. -■.he -mninrnm .ubsoip.ion ..„ which the diredu.-s ,uay p.-occed 
 ,„ ,,u„„n..ut is pclecllv sen^ilde, whether ap,.hed l.. shares or 
 Jobcnnnes or dol-outtire stock, and nmy. consistently .v.ih reason, 
 b, read as retorriu;:. iu ivaard M .-haro-, t- Ihe unnnnu.u .-uh«cr.ptu.n 
 „„„,i„n„d in .lause 85, and as ro....rds ,h-bentures or debenture stock, 
 ,o .,,..1, M.inin.un. M.hs.aiption as nuiy be lived in the prospoc.u.. 
 Bm when tho whole of sub-sect, (d) is road, and note >s taken ot 
 ,1„. lact that the clau.se is .silen, as to .lebentures and .iebonture 
 s(,„ k ^vhen^as shares are expressly mentioned, and when Ibo clause 
 , ,,,',.1 with sort 8.-. ( n i-2>, wherein the new cxj-res^i, ii - minimum 
 M,l.>.'nption- is dclined. ■.here can be liMh- doubt that ^e, t . 81 . n ul > 
 is iiiMnl to iipply to. -ha.es .oily 
 
 Ai J ir. the case of a t.acond or subsequent oSt;--. Thi- rc- 
 
 ,,„,,,,„o,„ i„ i,.s original form was a%ery onerous one, as t.he<.unp:n,y 
 
 ',i„l,l iu the course of it.s career have ntade many issue- ot ,<hares 
 
 ,„d debentures, but the disrlo-uve ro.p.ired is n.,w re.stricted to i^-sue. 
 
 within the two pretedintr years." 
 
 ,, , Hu. „„„a,cr and ..u„„n, ..f .l>anw a„.l .Icl.c.urcs i«~uc,l, „r agreed to Kully pauj 
 ,„. i..,„.,l. n. fullv er p.,rtly ,.ai,l u,, ..tl.orwi... tl.an ... -ash, and ... ,,;;::;„;„, 
 ,|„. I otor cnvo tl>;. ■•Ktcnt ... whirl' they arc .o p.ii.l "p. a..d .n r.thcr 
 ,.„.,. the ,.„„shlorati.m fer which ll.o.c share, er ,l,.hentur,.s hav,- 
 h,;„ issued ..r are propos,.,| i.r intend-d u, I..- issii.'d : and 
 
 The consideration.- U .- appn-hendcd that ii will be -ulli- ;^';;^:X;"m;1 
 1,.,,' to stale the general n.uuie of the eou-^ideration. and that it 
 
 will no. be noee.ssarv in each etuso to set out all tho deUiils of the 
 o„>id..rat.on. ,V luo.^t .C <:o.. ( IS'J'.M 2 Ch. 207. Th.at may be 
 
 ...s.ertained laf-r on from the ret.trn of allotment^ re.pnred by 
 
 -e. I 88 I I'l ( b I . 
 
 , , ,1„. „.„„.s and addresses „f the vo„de, f any prnperty punha«ed or r..pa.id_ 
 .„-,niired l.v th- .-..inpany, or proponed .. U, I.e p..rohas..d or a.-.,u.red, ^ ^^_^^_^_ ^^ 
 «lmh i- .."> !..■ paid f..r uh.div or partly eat „f the proe.-ds of the 
 
170 
 
 PROSPECTUSES. 
 
 [Chap. III. 
 
 Aniciuiu 
 
 unpaid 
 
 viifior 
 
 Piircliiw- 
 munej paiil 
 or payHhlr 
 
 issue offtTCii for :iui>S(;riptiua liy tiie j»ru^poutu?*. or the purchase 
 or ui;i|UL.''itioii of wiiiiii Il.is not bocn iDinplcti'J ^it thr dati- of the 
 is.-iur of the prO'^pciluH, and the amount paviibic in ca^h, .-harej, or 
 dfb(;ntures. to tlie vi-iido:'. and whore there is more than one separate 
 vendor, or the company n a .<iib-purelia-er, the amount ^o payable to 
 each Viiidor; [rovidcd that where tile vendors or any of tliem arc ii 
 lirni, th(.' nieiiilier- ol' lie linn -liall imi iy Ir'.li.l a-i separate 
 vendors. 
 
 0{ the vendors, &c. This -iiinf^uui luovisiou jhum bu loail 
 ill eoiijuiicliofl willi sub-.-out. {'2) ol .scs L 81, infra. The oliject i.s tn 
 .strip oil the nui.-'k wlii'ii in tlic past won tuo otton used to cimcoal the 
 real voudor. But the wording of tJio sub-.-ectioii is very jrontM.il, ami 
 oovvi's iiiunv cilso-- wliicli <aii starti-ly havn boon eonloinplalc'd. Take 
 lor example, the ea.so of a manut'acluring tompany carrying on a 
 goin;^' busine^'s. in the coiir.se of whicli it alway.s ha.^ iu liand ;; 
 eon.sidoralilo amuunt of materials supplied on credit, and paid foi 
 porioditally or by instalments. Does the 3ub-.soctiou apply to ever* 
 sucli ea^e. anil render il nPee~.>aiy to .^j.ocify the name of each vendor 
 and 111.' amount pavable to hiiiiV If the pioporty 'is to bo paid for 
 wholly or partly out of the pioeoed.s of the issue." it is appreliended 
 that the .sub-.-:ei;tioii ajiplie-; but when goods have lieen sold on credit. 
 so thai the proi)erty has pas.sed and the company has obtained po.s- 
 .-e.ssion. il may be lliat .sueh good-, do not fall within the words "the 
 purchase or acquisition of whirli jias not been completed at the date 
 of the jiublicalion of the j)ro.speetu- The aeijuisilioii in sueh ca.se 
 has. in a .sense, been completed. 
 
 Doubt.s like tl'ese help to make the section very troublesome to 
 bu.-inoss men with the best inten'ions. It contain.s no o.vception ol 
 purchases in the ordinary course of business similar to that in 
 par. ik^. infra, but looking at the .-.ense of the thing and the policy 
 of the pro.sjiecius section, it seems highly improbable that the clause 
 w;is intended lo apply to ordinary business contracts. 
 
 The wlioi<! of ilie coiisidcialion. cash, shatos. oi debentures, payable 
 to anyone by the comjiany in respect of f he purchase or ae((uisitioii of 
 the properly must be sialed Bruukcs v. Hansen. (iKOGl -' ("li. lli'.t 
 
 Where a company is (he purchaser of property which at law as well 
 a.-~ in equity belongs absoluloly to the vendor, it is not necessary 
 under this paragraph llial (he inospectus .should disclose the amount 
 ol (he purchase-moni'v paid by ihe vendor upon his acquisition ot the 
 )iroperty. Ibid. 
 
 A company, generally speaking is not a sub-;>urchaser for the 
 purposes of this paragraph unless it has to pay purchase-money to 
 someone other than its own vendor; nor need the prospectus contain 
 a statement of the amount of any consideration paid or to be paid 
 hy anyone other than Ihe eompany itself. 
 
 ((7) the amount (if any) paid or payable as i)urcha«e-money in cash, shrinks, 
 or del«>nturoa, for any sueh property as aforesaid, specifying the 
 amount (if any) payable for goodwill; and 
 
INTRODUCTORY NOTES. ' ' 
 
 Tho lonrluding words will render it nooossary or exi)ediont to 
 8i)ocifv tl»' nount paval.lo for srooiwiU soparatoly in tho ooritract. 
 for wiioro it 13 not so staled diUimlty will or may ari.-.> a*, to the 
 ftpportionraent. 
 
 ,A) the amount (if a..v) paid within tho t«ro preceding- y.ars, or payable as ''"•';;.«"';"« 
 commission for subsc-ibi..),' or uKr<xint' to >u1,h, rib.-, or pro, ura.K »r ■■ >""" »'■•'"• 
 agrcoinf? to proi ore 8ub,«ription.i, for any shares in or debentures of 
 tlic conrpany, or the rate of any su.h tominissioii; I'rovided that it 
 (.ball not be necessary to stale the poiiiiiiissi.,n payabb' to sub- 
 iinderwrit«r8 ; and 
 
 Sco sect. 89. which legalise." suuli payment on term.-', and infra, 
 
 Chap. IV. 
 
 It would seem that uudorwritiug and placing luntracls uro not in 
 all <ii.>es material tontrants. the dates and ;iartio.s to which inu.st, 
 under iiaraoraph (7v), mfra, be stated in the pioopcetu.s. Il the 
 uniouut to bo paid-whieh is the material matter-is di.sclo.sed, it 
 may bo that tiio dates and parties need not be disdo-sed- are not 
 material: but see infra, par. {k). 
 
 (t) the amount or estimated amount of preliminary expenses: and 
 
 If the amount is stated, as by thio paragraph re(iuirod, the (lates 
 and parties to tho contracts can scarcely be material to sub.scribers: 
 at all cvent.s. tlicy are not reiiuired to be sot forth here 
 
 Perhaps .sucli contracts, even if material, come within the O.xe' 
 tion in jiaragvaph [k}, as contracts in the ordinary course of busincs.- . 
 
 It i.- not to be necessary to disclose the amount or estiniatoJ amount 
 of preliminary e.xpenses in a prospectus published moio than one year 
 after the date at which tlie company became entitled to commence 
 business See sub-sect (8). 
 
 I'li'liinil irT 
 . \pcUl*« 
 
 '** 'Ui 
 
 ^i) tho amount paid within the two precwiin- yours or intended to bo 1 .yni,i,i^ t-. 
 paid to any promoter and the coneidcration for any Bueh payment; !'n>Tn.)t.r- 
 aud 
 
 As to what persons are promofars. .see supra. Chap 
 
 II 
 
 ( It) the dates of snd parties to every material contract, and a reasonable time 
 and place at which any material contract or a copy thereof may lie 
 inspected; Provided that tliis reijuircment shall not apjily to a con- 
 tract entered into in the ordinary course of the business carric'd on 
 or intended to be carried on by tho company, or to any contraci 
 entered into more than two years before the date of issue of the 
 prospectus; aud 
 
 This provision is in substitution foi sect. 38 of the Companies Act, 
 18<!7, repesJed by sect 33 of the Act of 1900. There is no defioifion 
 
 ^Pf-" 
 
17--' 
 
 PKOSPECTUSI-^. 
 
 [CHAr. 111. 
 
 t .3 
 
 
 -f 
 
 ,n the Act of the term • mutoriul coulract." The expression, no 
 doubt, moans any contract material to th': .subscriber in deciding 
 wliother ho will or will not subscribe in re-*ponse to the prospectus, 
 .-^c the notod on soet. 38 of 18G7, infra, i). 22ti. 
 
 Ll would seem, therofoio, thai, subject to the exemption contained 
 .n llio proviso, every contract is material which would bo likely to 
 iiiilnoncc the judpmont of an intending applicant as to whether ho 
 .should nr should not subscribe for or purchase any shares, dchen- 
 luro.s, or dobonturo .stn( k offered him by the prospectus. 
 
 The folli)wiu(r. for cxaniplo, would seem primd facie to be material, 
 namely: 
 
 .Any comraLl by a vendor to srivo ilic proiuoters a commission or 
 
 other advaniaiio in rcliilion to the lonn.ition of the company; 
 A ny < ontrnct for the purchase of property or riphts which are to bo 
 
 rr.sold to the company at a |irolii: 
 Any contract for purcha.s*' by tho ( ouipa-iy. or by the promoters or 
 
 " oth.'r.-. oven tboufrli the purchase has been completed: 
 Auv .outran under which the promoters or directors are obtaining 
 " anv advaniatre ul the exjiiMu-e of or in relation to the company; 
 
 but <'ach eve must depend on its own circumstances. The decisions, 
 however, on .-ect . ;i8 of the Companies Act, 1807, infra, p. 220, as 
 10 what are uiaterial contracts under that section, throw considerable 
 light on liie (piestion. Wiiat are material contracts under this section? 
 ^.\^ tlie <lau<o ))rovido.-i for inspection, it apparently oidy applies 
 io contracts in writing, whereas so -t. :!« of tho Companies Act. 1867, 
 .ovcred verbal contracts. Arkini<ihl v. yewhnhl. 17 Ch. D. ^01. 
 
 Whore tlie i)io-i)Oetus is published more than one year after the 
 ,oni|raiiv is entitled to commence business, the obligation to disclose 
 material contracts is limited to a period of two years prior to tlio pro- 
 spectus. Sub-sect, a') (h). infra. But this is not nmch of a con- 
 lession. 
 
 ■ Provided that," &c. This exemption from disclosure of ordinary 
 business central ts meets tlie great difficulty which the Court.s cxperi- 
 onced in dealing with the unipialiried language of sccl. ;i8 of the Act 
 of 18G7, 'any contract entered into by tho ompauy, or the pro- 
 moters, directors, or trustees thereof." 
 
 Whether a particular contract has been entered into iti the ordiiiarv 
 course of the business carried on. or intended to he carried on. by 
 the company is a question of fact. 
 
 Contracts made before the incorporation of the iDinpany {e.;j., by 
 tho vendors; may be regarded a-s contracts entered into in the ordinary 
 course of llie business " inlendud li> bo carried on by the company. 
 
 More than two years before, ' Ac. Two years is now substi- 
 luied for three. Thus u company is relieved from the necessity of 
 
INTRODUCTOKY NOTI'^S. 
 
 .oin, baeU for an n.doliui.o iH,rio,l. I'Lv n,a,er.al 'i^'^^^^^ J^^^^^ 
 have to be .pec. ed are only H.o-- .nm-n.,! into «Ulu.. U.o j.-a - 
 b^Ioro .he da'to of is.«. of tho pro^pc-.u. A., --ee .1.. po-...l. 
 shorter time in the <use moiitiouoj in -ub-son. (»). 
 
 ,,, ,Uc. mMHc. ami a<ldr.s,e. uf th.- auditors (U any) of the .ompany; .u.i Au,l>...r» 
 1 .Upurti-ulars of the nature and extent of the nUore.t (.f any) . „..,,. 
 every director in the promotion of or in the property p.op.«c^ to I.. u..er.-.« 
 : "uired by the e„u.pa»y, or wi.^re the iu.ere.t ot - ' » J'^ ;;' 
 2.UU in being a partner in a lir.n, the nature and ext.nt of ll . 
 i,„ere.t of the firn., with a state.uent of all sum. paul or a.-reed f. 
 i;e paid to him or to the Hrra in ea-h or shareH, or otherwise l.y an.v 
 :.r!on either to induce him to be,on.e or to .,ualj.y huu a. a d.r..to, 
 
 'r otherwise lor »ervic-s rendered by hin. or by the t,ru, .n .onuect 
 
 with the promotion or formation of tlie eonipany. 
 
 Full particulars. Tito object ol llu. i> to enable ^ub.cribur^ 
 ,u iudt(0 liou far the tlireclof.s who invito .ubscript.o... uro mJepon- 
 deit and unstwortlty. A., B. and V . named ft -V--l-^'";^ 
 ,.,utstitu.o an apparently i.tdependen. attd truM worthy boatd, bu . 
 the fact be disclosed thai tltey are all in the . ay or under the conttM 
 ,i the vendors or prontoters-have, in otleC. accepted a retutn.ng c. 
 uom sottteone with interot. diiierenl to lhu,e ol the conrtpany-thev 
 have disciualilied thetnselves fro.a acting a. adM.er. ol tlte company, 
 .ud intending sub.cribet. NviU be put on their guard. 
 
 It xs not enough to indicate thai the director has an tatere.t. 1- nil 
 ..articular, ol the nature and eM«nt of the interest are to be given 
 
 As an lUu^tratiou ol lhi.>. ■•<•. /w;. 'lai- 
 L. R. 6 H. L. 190 
 
 „., \Vh«. the company i» a company having' share, of more than .u. 
 ' class the right of voting at me<.tings of the cm.pany .„nterre.l U, 
 the several classes of shares respectively. 
 
 ,■', Kor the purposes of this s.-.-Jon every person shall be deemed t- 1- ■< 
 vendor who has ent red into a„v contract, absolnte or conditional, tor the sab- o, 
 ;,urfhL: or ior any option of purchase, of any property to be ae.,u.red by th, 
 company, in any case where— 
 
 ,„-, ,|„. purchase-money is m.t fully paid at the date of issue ot tl,. 
 prospectus; or 
 
 For the purpose,- &c. Thi> sub-,ection ntu.sl be read in con- 
 nection with .^ub-^ecl. (1 Mf>. xi'Wa: -"^ ""te thereto. 
 
 Deemed to be a Vendor,' &c. See note to .ub-sect. (1> a- 
 fupra. 
 
 ,6, the pureha«e-money U to be paid or satUfied wholly or in part out of 
 ' the p^ds of t^e i«ue offered for .»b«=ripUon by the prospectu. ; or 
 
 ir:5 
 
 Wliat 
 
 • »..ml"r ' 
 |,„.lua,^. 
 
1 1 
 
 .M 
 
 174 
 
 1..-^^ 
 
 PROSPECTUSES, 
 
 (Chap. III. 
 
 Wa.v.T 
 coTiitifiiiii' 
 
 
 in r;ts<' 
 
 
 mwspM 
 itdviTii 
 
 
 Uelttx. 
 
 (,) the contract depend, for it. validity or fulfilment on th,> result of tl.a. 
 
 issue. 
 
 (3) Where any of the property to bo u, quired by the rompany is to be t.kcn 
 
 on le. this ition Jll apply as if tl.e expression " vendor .mluded th. 
 
 " J>r ami .he expression " purcha«..mon..y " inelud.! the ..ons,d,.ra„on for th. 
 
 lo .-e and the expression " sub-purrhaser " included a Hub-l.-s>re. 
 
 ; Tny conditi.,n rec,uirin, or bindiu. any applicant for share, or d.-bentures 
 , „ J .ive ou,pliau.c with any r,.,,uiron,ent of this so.-tion, or purport.ns to al .■ t 
 
 ;;;, .Twhh notle of any contra,,, document, or matter not specHeally referral U. 
 in the prospeotus. shall be void. 
 
 ' Any condition,- &c. Se.-. r>» uf tho Coiupauks Act. 18.i7, .lul 
 ,.ot prolubi. a condition lor .aiver. an.l i. was for .nauy y..n^ 
 ou.tomary ,o insert waiver . lausos in prospctu^cs so a-< to rroloct th 
 directors and prontotcrs from th. dangers of that vory va..uo an,l 
 strinpont euactnieut. Tl.e exact oUoC of a waiver clau.x^ ^)"%;"'." 
 Ion- time tiol clearly anertainod, but in Maclea;) v. Ca,!. O^UOi 
 -V "■ •>! it was dccUlcI bv tlie House of Lords ll.at a .l.roctor or 
 prontot'er' mi.'l.t be protected by a waiver clause provided n waj 
 Lnest but i. must bo bones,, for tho proper function of .such « 
 waiver .lau^o is to avoid dant^or resulting from an unintentional sl.p^ 
 It will not avail wI>.m<- used for "tho protection of trickeir (l^""' 
 1 indlov) or "as intrt of the machinery of fraud" (Lord HaKbuiy. 
 il.Ul And .ee raclcett v. Keswick, (1902) 2 Ch. 4.3G; Greenwood 
 V Leather Shod Wheel Co.. (1000) 1 Ch. 421. A waiver clause 
 should contain a frank tind fair avowal of tho nature of tho contract 
 ,n re.spect of which the subscriber is asked to waive his right, under 
 .oct ;!8. Watts V. Buclmill, (1903^ 1 Ch. TOO. 
 
 For the future, houever. this sub-.-ection invalidates, as rogar.ls 
 ,ho section, any such condition. Tho section, indeed, goes furthei. 
 lor it invalidates anv condition binding any applicant to waive o. 
 purporting to allect' the .ub.scribeis with notice of any oontnact. 
 :i„,.'„„e„, or matter not specilicallv relened to in the prospectus 
 rims i, is useless to sav in a pros,)Cctu.s to which tiio .section applic- 
 ,|,.U applicants will be deemed to have notice of contracts iioi 
 .pccificallv n..ferred to. i.e.. by .lutes and names, ^^^..s to con- 
 snuctive notice of documents, Gluchstein v. Barne.^, (lOnOI A. ( 
 240, and Aaron s Uej-U. Limited v. IVm, (18U<i> A. C. 2/.!. 
 
 liut as a set-oU against this disallowance of the ' waiver dau-.v 
 ,ho \et allows a director to set up is,^- sub-sect. (G) (a, (bit ir.ound- 
 .,f defence -i'n,:,.ance and hone.st mistake of fact -which were not 
 i'Jiablc to ..im under sec HH ot the Ac. of IHtiV. Th.s redresses 
 I ho balance. 
 
 , 5 . Where any «uch prospectus as is mentioutHl ... this section is pubii-h.->d ^^^ 
 ■;:;■"" „ewsU . ad"'r.isemrnt,'it .hall not be necessary in 'he advertisement ... 
 I'r .p^Ify 'the content, of the memorandum of association or the ^gnatonea therete, 
 ..nd the number of shares subscribed for by them. 
 
liil.ili'y »1 
 
 iNiuomrcioKv notks. 
 
 Thi. «ub-section n-du.^s the vorv luavv ..... -f advortiMnR a pro- 
 . ,,t U a«or.ls ..u\v a H.imll .n,;.-.,.. of rc-li-f. It .. tl-rofore 
 
 ■" :"v., 1 ^o's of «ot.iu. o«. tho n.a.- of d.tail whi.h .ho 
 
 "" \^ , OS iH rro.nco.us. As to tl.i.. i. is apprchendcl ..>at .. 
 tZ::^^^rZl pro.,«o... ■o.Tcr.n. U.,ho ..uU;- jor .u,.- 
 ip n or ,.nn-.„..r, sl.ar.s or doben.uroH or .lo.HU.ur. s u„.k, ... . 
 u 1,0.1 l.v .ho .ootio,. Thus an a,lvor.iso,.,oa, wh.. h .lu.. no. 
 ;; „i ollor .haros. *o for ..l.Mnption. but .Ulo. -hat .ho con,,.any 
 Sn^ a rroM.oc.us .vhor.l.v it olVor. for suWr.p..on c.r.a.n 
 Lr'Tlohon.uros or .lohon.uro ..-« U. and that .ho pn.pc.as s.ato. 
 M^'L^ ^o and .o, and that copu. may l>c d,U>uod a. .po,..ho,l 
 „,acos appoars not to bo a prospectus .vithin the section. 
 
 S,..> f,M.ho>.. i„fro. pp -JV.. 2.i(., whnro .ho ..uhi.-l ..t al,r„l.vd 
 ^,i,i-|M'(lu> is toucliodon 
 
 ,„ ,„ „,e oven, .-f no,.-..omplmn-.< with any of thu '-f'^'X^f.'^Z 
 .„:til„. . aircc.or or o.h.T ,..™.. rc.p.,,.,1-1.. for tho ,ro„..|.tu.. ,h«U not n.,„r 
 ,„y Imbilitv by rea-sou of the non-fompUanoc, it he proves that - 
 
 ,., as're..ard» any mat-.r not dUelo^.-d, ho wan not cognisant ther.ol ; or 
 
 ■„ ,l.c mm-..ompii^-.,.o aro..- from an honent mistake of fact on h,. part. 
 
 t-r,,- lde<> that in .ho ovent of non-coniplian<.« with the requirement, eontam... 
 
 „ , ; . ap ,«■> of suh-..,.t. (I) of .hi. section no diro-.tor or other pcr.on 
 
 .:,H ■:™;'anv liahUity in re.pe.t of such non- ..mplian.. on.e.. .t be prov... 
 
 .lr,t he hn.l knowlodiro <f .he niattor. no! di^rlospd. 
 
 In the event oi non-compliance.- &c. Nature of remedy, i. ly 
 
 Ti„. .s,.o.ion .r,mo«ha.. strnn.^^olv leaves it in doubt what >. tho natun^ 
 of tho i>Mlro..s available to a ,H)r.on .subscribing on .ho taith of a 
 prosneolu,. '.vhioh doos no. oou.pl.v with .ho statutory rcpuremont... 
 [s it a ronH.lv by action for damatres u-aiust tho directors or other 
 p,.r.sons issuin'sr the prospectus' Or is it rescission of tho contrac. f. 
 take siiams? Or is it both? t>r may .;nminal pro.oe.hu-s bo taUonr 
 FioMi some i-ecout decisions (]yi,>,hrrdon Oh,mria, Limib'd, (1910. 
 1 n, iV.w and South oi EnnUuid .\.>:.ir.ns Co., (1911) 1 Ch. 57:!) 
 it .,pp,-ar.s that rcscis.sion is no. .he remedy given by the section, an.l 
 th:a tho remodv given Ls an action tor damages against flic director^ 
 or ...hor persons responsible for the prospectus. In the former ca.so 
 111,, piospcctus on.ittod ..> mon.ion tlic tact that on two previou,^ 
 oc,a.si..i.s tho conipanv hn.l ollorod shares for jniblic subscription 
 ,in,l the luimbor allotted in resp.m.e to those otlors, and it was con- 
 loiidod that this omission entitled the applicaii. to ivs.ission <)\ 
 (OM.ract. XeviUo, .]., ho\vover, held that .hi.s was not so. "Tho 
 <vc'wnr .said his Lonlship, "docs not in terms so provide, and 1 
 rannot attribute to tho Legislature the inten.ion that the mere lac. 
 oi the umi.s.>iuii of aiiv of the facts rC'iuirod by this <o,iwn to l)o 
 stated should give the .shareholders .ho right to get nd of thoir 
 -haro.s. Of course there may be omissions of such a character that 
 
 176 
 
 V'l 
 
17" 
 
 PR08PECTU8^a^. 
 
 [Chap. III. 
 
 in It 
 
 im 
 
 f 
 
 11 
 
 thov would on otli<>r ground'^ entitle llio >lmn'hol(U'rfi to thin irliof (ho. 
 
 infra, jij). IH.I, l'.»''l. l!*''>- ••"•■ '» "''•' '"•'"'' '*'' ''•'^■" ""'>' ''"' ^^^" '""" 
 ..f oinissioM." This was followed by Swinfon Kady. .1.. in tho .-..con.l 
 ,.iw«(. In thftt ra^e the pio^-pcctu-* laJU>d ti. mention « picviou.s ollci 
 to ll... iml.lic of Bhaws, but it wa-. liold lluif this did not frivo ai. 
 ullolloc tho right to rescind, and that his rcim-dv wa- an action lo, 
 daniafjos u<Tain«t tho jjerson^ rt«s|.onMblo lor thu i.nM|Rvtu>. 'I'li.^ 
 learned jiidj,'C drew attention to tho fatt that sect h(1 t'ave to an 
 allottpo the ritrht to n return of his mouoy where an all 'iiiH-nt wa.-. 
 made in brfuch of «u.t. Ho, but that there was no corn>s,,ondiii^ 
 provision in retrurd to M.t. HI. "There is no provision," naid hi^ 
 l.ord.^hip ..f ihal kind in .-.'it «1 nor in any othi-r scciioii ivlatiniri- 
 the omi.s.'^ion tvlied on in this oa.se, but the .-action does .onii-mplato 
 the liability in daniai.'es on the part of the (liroi;tor,> ami otlui 
 persons r<!.spun.siblo for tho prospeitu-,' for .sub-sect, i f. i e.\ouerat.« 
 such persons from liability if tli.y can pmvc certain matters: that i- 
 oquivalent to saying that 'they arc liable if tliey <annol prove thcui 
 [n my opinion "the allott-K> is u .t entitled u> rcMiud his <ontra.! 
 because of any breach nf the st.itutory re^iuirement-s which extend I- 
 such comiiarali\el\ unimportant matters as tho names and address*., 
 of the auditors His remedy is airain.st the directors and otlicr 
 persons responsible lor the pro-pectus.' " 
 
 Thi.s reni.Mly is founded on general principles. Thu- in ( rouch \ 
 •s'tec/. a E. A- iV W2. the broad princii>le w,a.s l.iid down tJial «henevei 
 a statutory duty is ereaU'd, any person who can show that he lia- 
 sustained injury from the non-performance of that duty can bnn;; 
 an action for damages against the jiersou on whom the duty i^ 
 imposed; but in .itkimnti v. Scircantlr and (iateshnid Waterworki 
 I o. ( 1877 ), 2 Ex. Uiv. 141, it was deci.led that this proposition lould 
 uot be supported— that it was too widely slated- and that in dolor- 
 mining whether a person projudioitl by tlie non-performance of :i 
 statutorv duty was ontillo<l to bring an action for damages, regar-l 
 must be had to tho purview of ilie Lc-i-latiirc in the particular .\ci. 
 and the language cniphiye*! tliercin See, for example, CoicUy \ 
 S'ewmarkcf Lo<-al r.minL k 1S92i .V. C .■i4o; MunivipaUhj of I'irloii \ 
 (leldt'rt, ^IH'J;!) A. C. 524; Sai(ndfn< v. Ilnlhoni District Hoard u\ 
 Works, (1895) 1 Q. B. 64; JohuMou v. tonsuwern' Gas Co. ui 
 Toronto, |,1898,i A. T. 447, 454; and (Iron-x v. Wimbornr, (1K9.S 
 :>Q. B. 402. There can be no doubt thatseit. 81 of the Act of I'.tiis 
 impases on the directors and other jx-rsous responsible a statui..r> 
 duty to comply with it.s requirements, and the purview of tho A, i 
 and the language' employed both indicate an intention to prol.M i 
 subscribers who ad on the faith of a prospectus, and lhoi«fore entitle 
 them to sue for damages sustained by breach of the statutory duty. 
 In such an action the plaiutill must prove 
 
 ("a^ That the defendant is,sued, or authorized or sanotionod tlu 
 issue, of the prospectus; 
 
INTKODUcruKY Nori'>t. 
 
 (ill TIml iIk' iinwpt'tlu). <li<i uot liuly »ut foilh iIk- iiiforiiiiilioii 
 
 riM|uii(Hl liv M'li. 8l ol llio Act; 
 ((■) Tlial llif iiiiillcr iiiiliul> «lali'<l or »u|i|)H'*.-i'(l wii.^ iii.iltMuil, 
 id I That tlio |il.iiiilill wac iridineil to »iih.H( ril«> liy tlu' iinn-roiii- 
 
 pliurii'U with the jtoclioii; 
 ,(•1 Thai lht« phuiilill hii.* -ii^laiii.'.l . ()ii,s(.,|ueiiliiil <hiMiau<'> 
 
 Tlieie i.« iii> need In imivo Inmd. uimI. cm the nlher liiiiid, iion-rciin- 
 |.|i:iiu(' Tii;iv lio I'xiUM"! whpii' the dolfiiduiit liii< no iDi^iiizamr. Si-i' 
 sul.-M'' I. til tai of seel. 81 
 
 I'or iiiMaiite, he is not mi-ih'd m (hiiria;;«Ml whew lie i-* -^howii In 
 h.no hul IsMuwlcilgo of the oiuitlod iiifi.inialioii. or ulicio. hv his own 
 ar|iiii.-.-ioii i.r ollierwiso. it i.i .shown liiai, ha<l he Ix-en iov;nisant of the 
 oimtteii iiiloriiiaiiciii, h<' woiiUI none the le.ss liave a|i|died, or where it 
 is not r-howii ihat knnwlodtje of the oiiiilicd infnriiiaiioM al aiiv rale 
 iiii.iht have iiiiheetl him to al>.siaiu froni a|>|il_\ inu- In ihis respert 
 Sash V r„Uli<iri>i'. I I'Jit'.t 2 C\\. ■l:\' . ihnugli decided on w'lt. .'IH of 
 \\h- ('(iiniiariie.s .Ad. 18ii7. ii|>|iears |o lie in point: and see .S/(u7/( v. 
 fiuidii-irh-. ;• .\pp. (a.s. 187; Mirlviiii V T,iit. ( I'.tlM'.l ,\. C. Ul. With 
 rc-ard. imwever. to the inlliieme of a pro.spe(tn-. Lord llalshiirv'w 
 uli-ervalioii^ in ihe ease last ineiilioned inav he ci'', I. wiieie he sav> 
 •liai where iid.s.^lalenients iiave licen nia(U> in u pro.spe(tus and people 
 heen h'd iherehy ' 10 lake .sluir'^s, the takin;,' of whiih has led to loss, 
 ii is (|iiile a fair infereuie to draw, that if the prospoetiis is eakulatc<i 
 to indiee people to take .shares. aii<l thev do take Mhares. thai the 
 prospeciii.s. uiiiileil with falsehood as il is. has aek-d an <i irhoU'. 
 Old people cannot bo o.xpooMHl to analy.se their own nii-ntal .sensa- 
 iioiij, ,-o minutely as to be able to e.vplaiu what p.irticiilar statement 
 li:id iiidmed them to become .shareholders. 
 
 .Viid .see similar observalinns by the same learned judue in AiirDii s 
 liWj" v Tiriys. I ISiitil A. C. '_'7.'i. :J8». miiirii. 
 
 Directoi's' Defences. 
 
 He was not cognisant thereof -ce .■hijiki. \<. ]'■'<<. I'licsc 
 words, it is ap))relien(h'd, Miean merely llial ho di<l not know of the 
 iiiatier ili.si losed. The section does noi impose on a diiei lor the duty 
 to sc.m h for and obtain informalion as to facts not within his own 
 kiiovsleilye. 
 
 Thii.s, a iiire< tor oidy has to consider what contracts h<- personally i- 
 'd'.nii.^ant of. and which of them ho has to disilctso. '■',•• is nol bound 
 ;o inve.siifiaie the whole position and history of the company, tio as to 
 liiid out every material coniracl. uor is he e.xpectod to know everv- 
 ■lonc that is in the book.s of the company. 
 
 iiui ii" iiL- knows generally that ihero ai'e coiHr.icts in existence 
 which may or may not fall within the section, and does not choose In 
 inquire into those coutract.s al all, the abseuco of iiuiuiry and conee- 
 
 177 
 
[7H 
 
 PKOBPKt'llIHW. 
 
 [Chai-. III. 
 
 ill 
 
 "4 
 1 
 
 liMh 
 
 Ciri ul.ir to 
 vxixtiiii^ 
 mfniU'rx or 
 *ltlH^titurt' 
 Loldcrs. 
 
 ,u..nl i^fuoron.., would no, «,.««> him fro.n liability .f U turned ou 
 havo a«.er.ain. -1 .i.at bv >.mkin^ ,.roiK.r »n.,.nnos 1 «' «""«»^ L. '\^ 
 
 of ,ho A. . of 18r,7. revrrsod. but no. on th.. point, .a ( 1900) A I 
 'm Vnd 8e« Wntlx v. Burknall. .190:1, I Ch TO.'.; and Brazdu^n 
 
 /; ;: ,o i .....l ,ha, M.h-M.,.t, .«> i.. ,.c «.>■ a,,.li... .o . ..u,..,n..n, 
 in lieu of ,.r,..,.<'rt„s und.T soot. H'i of thn -Xr. 
 
 Honest mistake of fact." This reia.«. u, facU wLkI. by .ho 
 ,e.,ion have „. !>-> MuUhI, .hu., .f by uu ho»e..t nns.ake the d.root r. 
 ..ate Iha. A. U i. the vendor, wh.roa. C D. .'^ the vendor, .he 
 direotois will bo ab.Molved. 
 
 Whether a ,m.,i,ular .ontra.. i. or i. no, ,naU-r.a vsnh.n para- 
 graph a-, of .s'ub...... - .- .1— of f-\^":' /:•;;",' Jt 
 
 :.>i.ik.- .he director, hold that it i^ not ma er.al. "'"^ ' ^ 
 absolv..d. The fact .ha' -hey have taken legal a.lv..*. mm,! lunc ....e,l 
 lluTeon. i« evidence of honesty. 
 
 In this .OMuv. the .ection an.olioratc^ the law as ...stood u .<ler 
 .ec, .'m of .he Con.pauies Ac, 18(n, for under that seot.on a «u«take 
 ,„, to the .aateriality of a contract allorded no defence to an nd.on. 
 T,.y-,o.sv.0ranl.2V.V. I> W^■. V.W.v,,, v /„-/. I'-'O'-'-N 
 Jl And SCO infrn. p. 20.'i. 
 
 The orus probandi. ii the pUu.mtf in .... acion p...vo> a bivach 
 ,„ the «ub-«e.tiou, he is not bound U. go further and prove that he 
 .lirector or other person sued was coguisan. ot the matter no d.,- 
 .lo,ed, or that he uCed dishonestly. It is tor the dCouda.a to set 
 ,., and e,tablish. if he can. o..e of the defences allowed by - ■ 
 Action. In thi.s respect puttin,: the onn.s -;«.l- •--'■';-',"; J 
 ,nent follows the at.alosry of the Directors' L.atuli.v A,t, WM. no« 
 ..mbodied in .-e. t. 84 of the A.'t of 1908. 
 
 (7, This section shall ne,t n,.,,l.v to a .ir. ,.lar or notice i,.vi,ii>.' exi^tin,. 
 ,l..l.e„tufOs „f th- .o.npanv wh.-th.r with or without the rc.-ht ,o ..nouncc n 
 i:::;::;;!: whHhor -....^ r .-. f..rc„cc t-, the fom,. , ..r . ,.o„,p.nv 
 
 Shall not apply," &C. The wonls shall not apply.- .ic, 
 ,..:..!S:;! a^ ,bvilw reasonable .p.a.ification. lv.is.n. nu-mW 
 .,„ „„. „oed .he .Hau..e protection as persons newly .subscr.b.ne:. There 
 was an a.ubiffuitv in the lanffuajre of the «ub-sec,ion us .t Mood in 
 Z let of 1000," which left it doubtful whether the words «-ere to 
 e nt disfibut.vel: . n..n.ely. as refer-in. , . ;- a circular o.fenn. 
 
|Nrit«U»UCl<»KV NtUKS. 
 
 „.,„.b«r^ furthor Himros. a.,,! (2) lo a c.realur o«er.u« .lol..ntu« 
 ,H.l.|on. lurth«r J..h.utu.o..: or wlu.ther thoy .ndudod « ..r-ula oltor- 
 ,„. ,0 >no,ul.«r. ei.ho. .I.ures .,r dol.e..tur«M, ami to a .ircular otIurinK 
 ,l,.i.o..tun- l.olJ.r« either ,lm.es ..r dol.cMUure«, or ''"'''"»" 
 „„l,iguify I...S l.e..n . l..ur...l >.,. i.i the Coneoliaation A.t ol IIM.8. 
 
 Subject as aJoresaid," 4c. Ti.nM. «..„ls .uak- it .1,.,.. that the 
 ..„ ,,ou i' n..l ...nli.uM to the HrHl iasue. ^.^..■,.t i.. the -u^e. expressly 
 mentioned. 
 
 .,.■•,„, , ,lmmnt. ..> I- tl. i„....r.i.i.liuii. :.i»l tli.' ,|,i.iliti,a.i,m. r.- !{..!,„.., t 
 
 ,Zrl.ZZ or .iir,...,..., ...nption. ».,.. aa..,..-- f ^;.-;;;;;- 
 
 l,,-..,t..M ..r ,m.p..-r.l .lir...i..r-. nml tl,.. :...m,.nt or ...tnnafsl imouiif "I pr.'- ^^^^__ _ 
 
 .,„.. y,.;r :.f.'.r fh.. .l,.t.. at wh,.!, .!,.• .o„Mm,.r i" -..titl.Hl ,» ...mm.n.-.. u,..,. '_';;'« «>•;«; ^^ 
 
 .'titiilinl t.. 
 
 The requirements, &c. ii.e.e ie<,uii ents are ihuno »et „. „,., 
 
 ,orlh in Mdl-l. . 1 > u. .I>e ..uliei ,.,.,. of ..hu.M- a. and .a elau..e« > «• 
 
 III. (cl. < i) and i m i. 
 
 Entitled to commence business. 
 
 Sco suet H7, MUIJIH. [I "J". 
 
 .) N.ithihK in tin. -ition ,hall limit ...■ ,iii,.i>,i.l. .o.y li.it.illty wl.u I. 
 ,,. r-..ii may inrnr uml-r flu- i,'.ii"r'l l^* "l""t from tin- ^o. tmu 
 
 lien, e an^ u. uoi. .diRh Nvould lie, apart from thi« »eclion, «ill «till 
 li, ;ivaih.blo Thu.M, even if the prcM-octus complies with the -so.tion. 
 It muv still l.v roasou of fabo or fraudulent Htateniont" privo a »ub- 
 M lilie. the ripht lo tak.' le..'al pr.ueo-liui.'s for re-scUiion of his con- 
 M.,.i or for coniiieimation or .laniaffe.^. umler sect. 81, incorporat.MK 
 ■I,.. |„ovi.>ions of the Direwois' Liability A-t, I8'J(l. or in a„ a.t.on ol 
 I,., ,.ii S.'o liinhei. i»!ni, p. -"»2. 
 
 1 i«t 
 ■11 1.!, 
 i.iw [ 
 
 llilv 
 
 -r ■.'♦■iit'i i! 
 iri.iM r\. .1. 
 
 Naming Directors in Prospectus. 
 
 in pro^pc'tlu-^i 
 
 ■ * ,■^^^ 
 
 As to naming un(iuali.lied direitoi 
 'i.f .\(t of 1908. sitpni, p- 'i. 
 
 see set I 
 
 i| S.I. 7J ..I 
 
 Art nf I'-.IS 
 
 As to Filing Prospectus. 
 
 iM i..MitioM 1.1 ihe abo\e provision, sect. 80 of the An nin-' be 
 I..MMU in mind, wliiili run- Ibus:-- 
 
 80.— (.1.) l-^Ty iirosp.-.tiis i,>ULil by or ou liclialf of a. tompuny ur in rcla- Kilintf "f 
 ■:..i, to any intondid i-ompany slmll lie dated, and that dat« shall, unless the i.r..«p..lu 
 ..iitiary he prov«l, he taken as the date of puhlieation of the prospeelus. 
 
 .■1) A eopy .,f every su.h pr.ispe.t.is .shall he siRnitl hy every person »h.. i» 
 ..1111.4 tli.T.iii iis a director or propos«Mi din-.'tor uf the eoiupaiij . ..r t.y his aprnr 
 lutliorised ill writing, and shall he tiled for r.jristration with the registrar ..f 
 ..mi.aiiies on or before the date of its pnhli.'ation. 
 
 N 2 
 
lS(t 
 
 i'Kusi'iaTrsi> 
 
 [Chap. Ill 
 
 i i; ■ 
 
 
 fi ?■ 
 
 (I! ) Th,. rc^Mstrar sh.ll .,». raM^trr any prus.uHta. ..nl... it is a.U.d u„,l ,1,. 
 
 'li rT:i:",r;:;::,:i;:;" :i": :- -• - ^' "■- ■ "^ '- •- -" 
 
 ,.o1pL and ry p.rson wl.o is kn.win^ly a party U. th. i.suo of the pro 
 :;: r'shlll I,.. na.,le .« . H.,,. ... ox......di,,. «.,. pou,,,. .,.. o..ry day fr„„: 
 
 L dato nf the issu.. of th. prospertu. until a copy th.-r,.ot ,. «. hh.!. 
 
 The object oenevullv of thi« «e,Uou is twof..!.! d ' To pro^erve a,, 
 .uthe.t.i..\e.o.d of ,i.V .enu. o„ .vlti.h ,l.o publt,. '--^ ''--■'V;'; , 
 ,0 .ub.cnbo for .sliarcs debentures, or debenture «tock; =^"^ "> 
 secure that the direciors of the con.pa,,, accept respousibtht> Un 
 the siateniouts in the prospectus, .„.,„,„.„„ ;„ 
 
 It wouhl seem to make a company's prospectus (or state.n. nt u. 
 lieu of prospectus, see sect. 82,, like its n.etuo.andum and artulc. 
 a public doiunteut, of .hich all persotts dealtng wt.h the co.npan 
 ,vill have constructive .tothe, anti it retna.ns to be «eeu ho. 1> 
 new departure may affect the pu.chaser of shares rn the marUc 
 
 (IS'.k;) 1 Q. B. 172. 
 
 The words -every prospectus,- >.c„ mean every prospectus, 
 untice, circular, advertisement, or other invttatio.t ojenn!) to tin 
 public for ,ub,cnption or purchase a.ty shares or debentures ^n, 
 debenture stuck] of a company," See sect, 28o. 
 
 The words ' bv or on behalf of a company or in relaticm to au^ 
 intended company • apply the sectio.t to every co.npa.ty re;,iste.^ed 
 un.lor the Act, The section al^o ext.Mids to every prospectu> issued 
 before the company is registered, 
 
 M .roover, it is no. co.dined tn prospectuses .d a company o, 
 notices inviting persons to xuhscrihc for shares, a. was the no« 
 repealed sect. 158 of the Act of 18G7, 
 
 \ appbc^ also to a prospectus which oilers shares debentures 
 Of debentute Mock for sale, e.g.. where they are taketi by vendot, o, 
 (iuanclers and then ollercd for sale by the co.npa.ty. 
 
 It does not apply to a prospectus issued by the owner> o ...... 
 
 u. a company which has been actually registered -ho d^ o 
 .lispose thereof, for the prospectus is ,to, • Ksued by or on bel.a 
 of -the ..mtpanv.- but it would seem to apply to >uch a pros,., .t..- 
 il- issuetl bv the cotnpa..y ot. behalf of the owt.e.s. At.d althou.^h 
 .ect. 8., do;.s not apply in a given case, it may stdl be "<;- ''--J' j 
 con.,dv with sec. 81. c ,.. where the pro-peCus ., ...ued h or 
 behalf of sonie person 'who is or has been ongau^ed or """■;-'' 
 i„ ,l,e fortttation of the company " See lir.st paragraph ot scct_ 8 
 
 I o.t.r- of a p.ivute nature reco,n...e.t.ling shares to a tew bus.nes- 
 ,He..ds ate t.ot a prospectus. SU-.jh v. Ula.„o,. and Urau.nu. 
 Options, (■> V 120. Ct. Sess. 
 
 Nor is a p,o.p.vtus n.arked ' Strictlv pn^.;c an<l ■ ouhdent.al 
 
IMKODUCrOKY \OTKS. "^' 
 
 ,i.ii for publication," issued by a direftor im liis own u. ( ount to 
 |!ilvn(o fiiomls. Slioivell v. Comhhwd hirandctcoil Munllcs Si/mli- 
 .,;/<■, L>:'. T I' R- 482. 
 
 Date of Prospectus." TIk' jini-|ii'i in- iiiu>i bo Jatcil. .iml tin' 
 |;ito i- "I irniioilanre, :i<, unl<',- tlio contraiy i- proved, it i- t^' bo 
 Mlion as tlic date of publimiinn of the pri>-|MTins, Sep -.M . 72 ) 
 Hid soi-t. 8,'> (.1). 
 
 A c()[)\ of lliP pM-i)('iiii- niu-i ti<> lili'd <<i\ or before tlio dal(^ of its 
 ,iilili.iil?"n, and uulu-- ■ilali'd and llic . npv M;,niod in iii;iiin.'r 
 i(>.|nii.>d" it is 1101 to be ren'Klrr,-!. \\\\\''\i |.io1i,i1j1.v mean- ilial a 
 ,11 V iinisl nol lie accepted for tiling unlo-> ii i-^ so dali'd and -^ij;ned 
 Apparently, tliereforc. it may Ix'ar a date po-itcrior to tliai nf th,' 
 liliiiu' On (lie ntber Imiid, it must, before it i- i--iiod. stu'e on tins 
 i,i<e (if it that it iiaa been filed before being i-sncd. but the date of 
 hiing need not bo uieniioiiod. Prosiimal>ly, a- a copy niii-l bo (il. d. 
 liui: copy iilso must stale thai the pnvpocliis has boon lilod, altbough 
 ulicn the pro^peeln^ i- -igiied -and if must bo signed before tiling 
 11 has no! I)oon llloil. To ni.ilio sense, the words " propn-od to be 
 i^-iied" .-lieiild In' road iiii.. Mib-soct, i2i after th.' uord pn- 
 -portn-. " 
 
 No prospectus shall be issued until, &c. riii> in.iho- compli- 
 ai.ro with '.he section a condition precedent fo the i-siio of a pr. ^-pectus 
 J- lolined bv ■^oct. 28."). If a prospectus not duly dated and signed 
 i~ -abinitled for filing the registrar will reject il. 
 
 The section extends not merely to the Jirst prospectus, but to all 
 -iii.M'.niont prospectuses. If a pro-poctus is i-.sucd before it has 
 
 I n tiled the issue is illegal, and those who make il may bo 
 
 iiiimiially liable. Ucf) v. Tiih'r. il,S'.)l) U Q. B. •■)04. Moroovnr, 
 aiiXuiie who subscribes on the faith of a prospectus so issued ma.\ 
 1» hold entitled to repudiate his contract, for no company can keep 
 ,1 iniiiract obtained on the faith of an illegal prn>pe( ins 
 
 .1 foiiiori, if the prosiiectu> thus wrongfully issued slates, in 
 a| paiciil compliance with the section, that it has been tiled, this 
 laUe -laleineni entitles any subscriber to ropudialo his contrail and 
 tc lake proi pollings under sect. K4, replacing .soils. ;! and t of the 
 Hiieilors' Linbility Act, 1300. 
 
 Soil, K:; of llio Conipanio- Act, l'.)08. is jis follo\x>: ■ 
 
 S3. .\ i.oiniiany i,li.ill mit liririr to tlic statutory meeting vary tlic tiTiii'< iif a I!r,.tri. limi un 
 
 • "'tr.ut rcferroil to in the pro«|mctiii, c\i-ept siiliject tii the approval iif tho ah. nitMii "f 
 
 tiTins nu'ii- 
 -...atory m.-eting. tiomd a, 
 
 pruspei'tU'*. 
 
 h« .v'litiiinrv 
 
 :nc notes 
 
 ici'ouiii: 
 
 t' 
 cl. t; 
 
 MUt 
 
 I. 87 ill 
 
 flw 
 
 Av: fn thf 
 
 i.tUt'I 
 
 and the nolo- thereto in Chap. I\. p. GHO 
 
inil 
 
 IS? 
 
 A'tlH. t'V, 
 
 Kfflv! , 
 
 juibli' < 
 iiani' - I 
 
 )'n.k<r> 
 f'TH. :ir'tl 
 
 uit<. 
 
 PROSPECTr<K8. 
 
 [Chap. Ill 
 
 As to Attractiveness of Prospectus. 
 
 No rercipi can be fjiveii for inakiii}; a pro!^|i(ntu.s atlraitivc. Tip 
 attractiveness must depoml o'^sontially on th subjoi't-maltor uiid 
 on the ooudition of tlie uiarkel . Where a company is fornic.i to 
 take over some well-kuown and piuliiable bu-^ine-^s conrern. a voiy 
 plain anil unadorned stateiueiil of the fart- ia.\\ be enougli to indiue 
 the public to rush in and s^ubsoribo for tlireo times the number of 
 shares offered. And wliore, as so often happens, tiio ])ublic is for 
 the time being specially enamoured of some class of investmeul (e./y , 
 gold, electric light, cycles, ino;or-cars. breweries, trusts, or indus- 
 trial concerns), a very prosaic prospectus may sulFue. But there 
 are many schemes which, though perfectly sound and bond fidt: 
 may yet have little or no chance of iloatiug without the assi-iance of 
 a prospectus framed with great skill and judgment so as to put its 
 merits in the right light: in fact, a scheme may be good in itself, 
 but, unless the public can be made to mm> its ox, cljenco. the capital 
 \rill not be forthcoming. 
 
 It need scarwiy be said that the names ,if the directors, brokers, 
 auditors, and solicitors given in a prospectus are regarded by the 
 public and their advisers as affording a good criterion of the character 
 of the scheme put forward: for it is— perhaps too readily -assumed 
 that persons of credit and position who thus officially associate them- 
 selves with a new venture, have at any rate satisfied thom.-elves as to 
 the harm fides of the undertaking, and think sufficiently well of i*:^ 
 prospectft to lend their names; whorea-. if the direijors and others arc 
 unknown persons, ,) fortiori, if any of them are in bad odour, the 
 public and their advisers may uatnr.ally feel distrust, may hesitate 
 and think it better to abstain from subscribing. So. too, the fact 
 that a company is launched by professional promoters may aftect 
 the public snbscri))tion unfavourably. 
 
 The above are matters for the consideration of the promoter and 
 financier more than of the lawyer: at the same time, when a pro- 
 spectus is submitted to a lawyer for settlement, he would bo wanting 
 in his duty to his clients were he to confine himself to the mere legal 
 aspects of the case, and not to point out pi\t( lical defects* whir h strike 
 him as likely to prejudice an appeal to the public. 
 
 Significant Omissions and Vague Statements. 
 
 N" -isriiifioai.i Take, for instance, the ca.se of a going concern: the following 
 (|uestions may nri~e on the prospectus :- 
 
 (1~> If this is such a very iirofitabh' louccrn. wh\ does the vendor 
 part with it — or part with il on such moderate tonus? 
 
 (2"> What have been the average profits during the last few years? 
 Have they been rising or falling? 
 
 onilsslunR <n 
 VB^ueii'-^-. 
 
 When- .1 
 
INTUOUI ( rrOKY NOTF>i. 
 
 IHii 
 
 1,1 1 11.;. uu\ iudt'pi'iKleiii i)i'i-won or tinii cxaiiiiufd tiio liook^ aiui 
 
 rcrtilioi] n.-< to the j^rolit^V 
 (4 1 Docs llio v(Mi(lor lake atu Mil^taiitial proiHirtioii of llw |iur- 
 
 oliusc (.oiisidoratiori in share, or (Ioom h«' rcliiv altoirothor - 
 i5i }lus anv and what indnpondont valuation been mado of the 
 
 a-sol.'« lo l>i' tnkou omt, and Imw nin.li is to ht' yriven foi 
 
 LTOodwillr 
 (I'll lIuM' iho M'lidor- a^if.d n.ii u. miiipvU' uilh iho lonipany r 
 i7) Is tlic rt'al proprietor sellinii' to the comiiany, or is (hero an 
 
 intorniediaU' vendor, and i~ he inakintia profit on the trans- 
 action V 
 i8i Are the vendors pavinu- any promotion money and. if so. how 
 
 much ? 
 
 The General Law as to Liability in respect of Prospectuses. 
 
 Sect, .si (Iti of the Act provides thai " nolliinc in (his section sliall 
 limit or diminish any liability wliich an} ; < -son may incur undc! thi? 
 general law or this .Vet apart from this sc. iion." 
 
 Hence, an\ cause of action, which would lie, apart from se( t . 81, is 
 still available. Thun, even if the pro.siieetus complies with that 
 section, it may by reason of untrue or niisleadin<j- stiitoments i;iv<' a 
 snli-cribcr the ri;.'ht to take lejral protvedin^rs for . scission of his 
 contract, or for compensation or daniajr<'s under sort. SI tini (irpci-at- 
 in;,' the provisions of the DinMl.n-' l.iabililv \<\. lt<'.MM, (,r in an 
 action of deceit. Sc(> iiijro. 
 
 Il is uoc-essan, therefore. In . on.,ider what are llie n-ipiiremcnt.s of \,.-^t\ 
 the -enorul law as to prosiiectuses irie.-pective of this .-section ■/,;;f,';*"'^';','.,f 
 'sect. 81 I, and as to this the followintr rules should bo borne in 
 mind: ' 
 
 I 1 I The pioN)ieclus should not contniii a ndsre[U'esentatiou of any 
 material fact, or any deceptive or inisleadinj^ statement, or 
 anv aud)it:uou.s statement, which i^ not tru- in every sense in 
 which it mij^ht reasonably be understood. 
 ii ll should disclose every tniterial fad subj< ct (o the nualilica- 
 tions below nientioneil As lo what are material fac'Is. 
 see p. 171. supra. 
 i.'l' 'I'he provisioii.s of sect. Kl i reprodu< iny: the Diroitors Liability 
 .Vet. IH'.Mt I p. 20811. should be li..riie in mind, and tin' pic- 
 lantions below snarjrpsted (p. 22' rf sci/. i should bo taken. 
 The disresrard of these rules niav p;i\e any allott<'e of share.' — 
 'ai The rijrht to repudiate llie alh'lment and rescind ,''o lontract; 
 lb The riL'hl to sue. for <tamaires or comjien^alion. Ihoc who 
 N>ne the pros|K'i tus. and others who are by statute re- 
 ■-ponsible a most serious liability 
 
 I'.tdii 
 
 KIT. i ..f lum- 
 i-..iinili!ini't . 
 
 .\iid, llisl. a^ to ihe ca.~e.-. in wliiiK the allottee 
 
 'd ! 
 
 prospectiLs to subscribe, is entitled to ret^cind on the fjround o 
 
 )v Inc 
 mis- 
 
 ■r 
 
 i.\i 
 
 representation or non-disclo<ui( 
 
 smi 
 
 i/cxlio fdffi III .suppr'''<iJi rfri. 
 
 for ini^rrpn'- 
 
 MMltatiell 
 
 or nou- 
 diMcUxur"'. 
 
 ..,>;; 
 
 
184 
 
 PROSPF.CTTTSKS. 
 
 [Chap. III. 
 
 1!^ 
 
 1! 
 
 I'l ,„f .it 
 
 I- ir Iv. 
 <■■■ il|IHTt\ 
 ilifLH-tnl- . 
 
 In order to cstnblisli ihi^ riLrlit. the nUoltpr must provo — 
 
 (I I TIkiI the piu.spoi tu< was i-»ued bv tli" (oin|)aiiy nr liy somo 
 (liiccHir, )iruiiiut('r. oi otiioi |.i'i>nii wliose ads tlic com- 
 pany has aii!lniri/(>ii or a<liipf:'<l. 
 
 (U Tlial till" prospccln-, lai-rrpiiM'iiKMl .^uii.*- iiialriial fact, or 
 I'liiillcil III ilisi-lu-c -.Mil" iiiinciial I'm-) it roTilvact. 
 
 (■'li Tlial 111" was iiiilmi'il ii •.iili-< lilio liy siirli iDisrcproM-ntation 
 (ir iiiiii-discliisurc. 
 
 As lo I I I. tliiM'i' is rarolv aiiv dilliriillv in proving:' this. In most 
 case- I lie pin-piMUi-; i< i»-iii'<l al'lci' tlio iMi'<irpiiratii>ii of the coinpany, 
 and willi tlic sannion of its dircpfois. Clearly, in siicli casos (ho 
 rcprcsi'Mlatiniis nf ilip pni^poc-liis ai'f a 1ioi\\<m'ii tin' (■iini[iaiiy and the 
 pi-rsiiiis wlio r.pjiU fnr -liai'i'- m;i iln' faith of flio pr(i-.|„.i|n<, the 
 re|)r('spntatiijnv i>( the (iiiiipaiiv- l.iniiii' is Xitriitr < titi')>n)iy v. 
 Lii'l'Diii^ S,ii,,i;< ilf. IS'.l'.li :.' Ch. .".'.I.'. !l!H, |.;I. In niie:' ci^cs llin 
 pro.>p('otus is i--ti('d by the pnmmtt'i-s on tlii' formation of iho com- 
 pany, and the diivitors allui with knnw ji'duc that tho shiros are 
 .siibscrihfd nn iho ba^i^; of tht> prospo.'tn-. Hero again tjic company, 
 in olli'ct, ad.i|)ts iho ]iri)spi'ctus. 
 
 Occa.-iiinalh a |irosppiliis i> i.-.<iicd !iy the |)romol4'rs bofore the 
 company's iimiipdraiion, and applicatimis ari> made on tho basis of 
 ihat pro-|iectiis and bandoil in aflcv inriifpoialioii. in sin-h cases 
 il~|i t!ic ■iiiiipaiiv. ill aiii'ptin;j' the ap|iiiial ion- aiiil allMtiint:' ihi' 
 ^haro-, ill elicit adopt-- tho pid-pedu- and. if it i- iiiisli'iidins:. cannot 
 ivoep liie contract so obtained. Karhcrii'.i cinr. il.Sii2l -i Ch. l-">. 
 ■ SpcaUiiifr uenoiailv, there is, " said liindlcv. L. .)., in that i L^o, no 
 doiibl that n misropreseiilalion, in order to vitiate a contract, must 
 bo made by a parlv tu it. or hy his aueiil. lint this nile is not 
 without exception. Stiurdii'.s cuac. I Ch. .'>7i. and lionnrx v Ship. 
 {,. W .'! H li. ;3b). warrant the proposition that an aiiplicalion to a 
 • om)iany, when formed, for shares ba'-ed upon a |)rospoctiis issued by 
 the pi-oi. lers of the company before iti fornution, cannot be dis- 
 severeil bv the company from sinli prospectus." In Karhenfx . /.«', 
 tupra. the ai)p'iication «as made before incorporation. It was 
 
 .id<lrc 1 to one of till' pioiiioter.-. and stated tiia; ilie applicant 
 
 desired to subscribe for liOII shares in tho proposed eoin))any, and 
 reipiesied the promoter, 'on the foimatiim (hereof, to obtain the 
 tillotmenl of su<'h shares to me ' ; but it did not refer to the pro- 
 spectus, although in fad tin- applicant underwrote on the basis of a 
 prospectus. .After it.s incorporation, the comp.iMy allolted the shares 
 so applied for. and it wa- held ih.it the allottee was entitled, as 
 airainst tho ionipan\ to icxissioii of the contract on the ground of 
 inisrcprcscntafiiui i:; ihc pnr jicclas. 
 
 This ca«c is the more important bei'uuse the directors, in allotting, 
 were not aware that tho apiilioation wa.s made on the basis of the 
 prospectus. This was found as u fact by Kekewioh. J. (p. 6): " Thn 
 
 mm 
 
INTKOmiCTOKY NO IKS. 
 
 1H6 
 
 ,v>npanv roroived from Mr. Karbcrg an application fot shan-s 
 iii.iepon'fi.Mitlv of any iiruspoctus: it i^i not shown tliat they ever 
 knew thai he inadc- tJie appiifuition on the faith of the prospectu3, nor 
 ■von tiiai lio hii.l rivoivoil any piospectiis at all from anyono." Thi- 
 i|, pears to have been ovt-rlookod in Li/iiih v. A>i;ilo-ltalim Hemp, 
 ,(r. Co., {\SOi>\ 1 Ch. 178. forinthatca.-'o l{onicr,.I.,tn>at« Karberg:< 
 ' „s.' n-^Vii i.isi;.M.'.' of an nlloliiiPMl wli.'n< 'Vlio diroi<(if- of m ,om- 
 ,,;iMv know, when allotting, that an upplioalinn for sliaros is based on 
 ,|„' statciiient.s contaiuod in a pv<isp<'ctns. 
 
 For otiipv ca-se- in wliid, a p;viv hiis liwii livid rospoii-ihle for a 
 
 |,n..sp,vtu.~. -.■.- Ilrmirrsnii v. I.„n„i. r, 1',,,. I2t!»-. /,'"« v K^tatr.^ 
 hiresimrtil < v.. :! Ch. <i«-'-. /''<■/.• v. diinir;/, L. K. ti H. L. 377. 
 CM; flf nnihai:'. J.", C D. Tr.ii. 7(i.-.: Tainphnx rnsr. W N. (lS',»2i 
 
 '.M. 140. 
 
 Nor can tlio .ompany. ulior.' ilic prospocln- i« iiupiopcrly iranitHl 
 as,'ai)e tlie fonsoi|uenM by tliruwi-i'f the blaino nn ils directors, and 
 saviiitr that it diil not auihovi/o ihcm to iiuike any misrepresentation; 
 for tlie cases clearly -ho ihi- that any misrepresentations made 
 bv iho ayent.s of a comimny wlii. h form the foundation of a contract 
 betui-en Uiat company and a third per.son-t.lio.se misrepresentation- 
 lyin^' at the root of tlie contract will entitle the other paiiy to avoid 
 the contract, and the company must in that sense take upon theni- 
 selvc.s the consequences of the niisrepre.-ontations of their aL'<^nts. 
 I'cr Pa!r<-Wood, V. -(.'.. He^hier^on v. iMcnn. ;j Va\. 24',», 2i>l. 
 
 (til the Hanie principle, where A. takes shares a.s asont for li., but 
 wilhoiil disclosinsr t<.i the comjianv the a'rency. IS. lannot . laiin relief 
 unless ..\. wa.s .leceivoil. r«;>/'/ v. S///-.*. .'.H 1.. T. S07- Ihixloi' v. 
 
 M.„el. : T. I,, li. Jti.'i. 
 
 .\.s 1,, I 2 I, the ohlio-ation of tho-e who i>sue pio-peclu-es invilinj,' 
 ,i|ipllcatioii ' )r .-liares wa- lonjr sinc«> hud down l.> Vice-( hancellor 
 Kiiidi'isloy in liniii.sirirL-. dc <<)■ v. Muii(irrid<n' ^ IHlll i, 1 Dr. A Sm. 
 ;is:i. in words which i'a;^'e-\Vood, V -(', (le^criheJ as a ■ o-ohlen 
 
 ulc." U,,idcrM„i V. I.acon (18(;7i. .". K4. :iOl'. '^ Tlio-c, >iiv\ 
 Iwuderslcv. V.-f.. ' who i-suo a prospectus hohliiiir out to the publii' 
 the jri ; .dvanta::es which will .uvruo to persons who will tiike 
 -hares in a proposed uiiderlakiieT, and invitinir them lo take shares 
 
 HI the faith of the reiire.s<Mitath)ns therein coniaincd. are liound to 
 -iMte eveiMhiiiLT with slnct and scrupidoiis accuracy, and not only to 
 ah-laiii from statiue- as fact tliat which is not so, but to omit no one 
 lact within their kiiowh-di;o iho existence of which miyht in an\ 
 deirree alJcct the nature, or e.Ment, or tiualily. of liie privde^'ea and 
 advantap's which the prospectus holds out as inducemeulii lo take 
 .-liares.' .-Viid in icntnd liaihnvi uj \ cnenuli v. Kisch, L. H. 
 ■1 II I. 11:',, Lord Chelmsford .said lliat, tJioU'Ji some hi;:h colouring 
 
 iiid even 1 \a;;Hemlion in the description of advauta^ros U) be enjoytxl 
 hy Mihsciiliers mie-ht be expected, no missirttement or concealment 
 of aii\ material facts or circumstances ougrlit to be permitted; that 
 
 rule a.-* to 
 fr.iiiiUiir 
 
 ].?.ls]l. ctllKPP. 
 
 1,H 
 
 A V'. 
 
 r;n 
 
\xu 
 
 ri,(iSl'K( Tl Sl>. 
 
 [Chap. Ill 
 
 .':! 
 
 dv 
 
 tlie public who wore iuvitod by a |.ro8|)«ilus U, join in any now 
 \enturo ow^ht to have the sam.! opportuuity of jud-inf,' of overythinji 
 which has a. material bt-aring on the true tharaeter of the p.dventuro 
 as the promoters themselves po>sef^sed, and that the utmost candoui 
 ought to characterise tlieir public statementa: and his Lordshii 
 referred with ap[)rov!ii to the rule laid down by Kind. i>ley, V.-C.. a- 
 above mentioned. 
 
 Nevertheless, tlii- ' i,'olden rule" partiike- fomewluil oi the naturr 
 of a. "I'oun.sel of perfection"; at all evont^s. it has been qualified b> 
 subsequent do. ision. Thus, in I'cek v. Ourncy, L. It. <i H. L. W.: 
 it wa.s held that, to support an action of deceit, there must be some 
 active misstutenient of fact, or, at all cnents, such a partial or frag- 
 mentary .-tatement of fact as that tho withholding of that which i^ 
 not stated make.> that which is stated absolutely false: but this, it 
 may !)<• ob.-crved. was said in regard to an action of decoii, in wliicl. 
 fraud is of the essence of tho action, and which dilfers essentiallv 
 from (me biought lo obtain re.seission on the grouiul <Si misrepre- 
 sentation of a material faci . Per Herschell. L. C, Lk>rry v. PfW, 
 ( 1889). 14 App. ("as. ;i5'J. 
 
 In MiKcown v. Boudurd, dc Co. (1890). 7i L. 1". '.VI, howevei. 
 it was held that oven in an action for rescission mere non-disclosure 
 of material fact.s is not sullicieni. to vitiate the toulra.t. ' I think, 
 said Klgliy. L. .1.. in that case, the law is this, that if you relya.- 
 a ground fur the re.scission of a contract on the omission of a state- 
 ment, vou must show that the omission of that staU'ineiit makes whai 
 is. siateil misleading. It is not that the omission of material fact 
 is an independent ground for rescission, but the omi.ssiou must he 
 of smh a nature u.s lo make the Ktatemont actually made misleading 
 In other worils . . . suppression of the truth may contain a sug- 
 gestion of falsity.' And see < owponenis Tube Co. v. .Saylor. ( 19(10. 
 
 2 I R I. 
 
 So, also, in A„rons deejs v. i^v'-sv, , 1890 , A. C. ITi, l,ord Watson 
 said: ' The duty of disdo.siire is not the same in a prosi)octus inviting 
 share subscriptions as in tlie case of a proposal for marine insurance 
 In an honest prospectus niany fact* and circumstances may be care- 
 lullv omitted, although some subscribers might be of opinion thai 
 the^e would have been -jf materiality as inlluenciug the e.xorcisc of 
 their judgment. But the statement of a portion of tho truth, accom- 
 panied by suggestions and inferences which would be possible and 
 wedibl.- if it coiuained the whole truth, but be ou;os neither possible 
 nor credible whenever the whole truth is divulged, is, to ray mmd, 
 neither more nor less than a false statement.' See al.so, Hi'i/imnin 
 v. European Central Rail. Co., 7 Eq. 154. 
 
 In Aarons Reefs v. 2Vws the prospi^cius standing alone did i.ot 
 .ontain any misrepresentation of facts, but road in conjunction with 
 certain .'ontracts offered thereby for inspection, it was false and 
 mi-sleading, and relief was granted accordingly; and the foUowmu 
 
 'SP?""^"^ 
 
iNTKouircnmv noit.-*. 
 
 „ord. ..f l.oxl Halsbury aio -periallv descrviuK of ationtion: ' It 
 "sahi that there is no .>pe.:ili. ..llo^.Uion of fart which .s proved to 
 h.I t A,ain. I prote.., a. I havo .a.d. a.aiu.t thu, hen, the true 
 test 1 .hould .ay, taking tho whol. thmg to;,^3lher, was this a 
 .nisrop.esontation? I do not oar. by what n.eans it i. ..onvoyod-by 
 .hat ;ri,.k. or dovic*. or amhiguou.. lanjruap.>-. all tho.e are eM'cd.cnt^ 
 U which fraudulent people seem to think they can escape fron. the 
 
 al ^^^ itioas of thi transaction. If. by a uun.bor of «tat< tn. 
 
 o" intentionally ,Mve a fabo impre^-ion, and u-luce a person to 
 ■ , upon it, it isnot the less false, although, U one take, each ^tale- 
 ;„en. hv itself, there n«ay bo a diUiculty in showing that any .pec.hc 
 statement i.- unuue." See, further, .s«pr«. p. t, . . 
 
 Bu, of cour.se, a person gt^ting a false wnpross.on fron. a 
 ...ospcctus does not make the pro.spectus n.islea.hng. unless there is 
 .'onKMhins in the prospectus calculated to caa^e such a lalse unpres- 
 sion Many people deceive themselves. f f , , 
 
 A nu.svepresentation of law_i^_ not a mi.sreprocntatum of fad ,, 
 Eeattie v. Lord Ebunj, 7 Uh. "77. 
 
 But a statement of son-ething as a fact is not the less a representa- 
 tion of fact because it involves a repre^enta. ion of law 11 e.t London. 
 Com>nenial Bank v. Kitsou, n Q. B. Hiv. ,m. Derr, v. I .rk.U 
 Un, Ca-s. .•i:!7; Sew Brmu'orick Co. v. Com/bcarp. 9 U.U < 'H. 
 'E„l,leslieM v, Londondcrnj. 4 C. Div. 003, 702. In the case as, 
 .ueutionod, Jessel, M. K.. saul, ' -V misreprcentauun of law i.s tlu^. 
 When vou state the facts, ami state a conclusion ot law, so as to dis- 
 tinguish between facts and law, the man who knows the 1 act^ is taken 
 to know the law: but when you state that as a fact which no doubt, 
 involves, as most facts do. a conclusion of law, that is st.ll a sUU- 
 ,„cn< of fact ami not a statement of law." Accordingly^ in lUrry 
 V reek ubi *»p.. it was not disputed tnat a statement that a com- 
 pauv l>ad by special Act of Parliament ce-lain powers was a state- 
 
 ""Treprl'mation that sou.ething will or should be done or con>e to 
 ,^'.. is not necessarily a represenUtion of fact; e.g., the company 
 will construct," or " will acquire further concessions, or on the.e 
 ti.^ures the profit* shoul.l be very largo.'' The authoriUes establish 
 timt a mere repre.sentation that, something ' will" be done is not a 
 rcnre.sentation of fact; for ' there is a clear dillerence between a mis- 
 representation in point of fact, a repro,sentation that something exists 
 m ,hc n,on.ent whi.h does not e.^lst, and a representation that some- 
 thing will bo done in the fature. Of course, a representation that 
 something will be done in the future cannot either be true or false a. 
 the moment it is made, and although you may call it a representafon. 
 if it Ls anvthing. it is a contract or promise." Per Mellish L. .1 
 Beatlic y.'Lord~Ebury, 7 Ch. 804. And see Alderson v. MuddiSG>j_.' 
 Ex D 2^3, and {sub nom. Maddi.ion v. Alderson) 8 App. Cas. 4b ,^, 
 H..iJou-s V Fernie. 3 Ch 4«7; Brlhir.'i v. Tucker, 13 Q. B. D. ■>*>■.; 
 
 n..ii.f, 
 
 ')])illinli 
 inti'Iltion. 
 
 I 
 
188 
 
 VKOSPECTITSF-S. 
 
 [Chap. 111. 
 
 •I 
 
 !♦[!• 
 
 ■it 
 
 
 m' 
 
 Knox V. Ho'im'!". 07 L. T. i;i7. Thu.s a calculutiou as w future 
 nrofitfl is nol u sUiIoiikmU ol I'.ut nmtU-if v. fltirfc, 9 T. L. R. ..80. 
 
 But "a repm^eniaiior. of b.-lief, opinion, expectation, or mt«ntion 
 ,8 u ropppsontation of an evi^tin- f.vt. lor the .tatc of a man's miml 
 ,.H u> murh a fact as the stato of hi.s diifo.-tion If is trni- that it i> 
 verv (lillifih to prove what i-s the state of a man's mind at a parti- 
 , niar time, hnl if it .an he a^ocrlain.Hl. il is as nmch a fact as anything 
 ,.U- .\ misropivs,.nUUion as to the .^tale of a man's m.n.l is, there- 
 lore, u misstatement of fa.i " IVm Ho«en. 1,. .1.. /v/-/<".'/'o« v 
 ril:mnunrr. -.• <'. Div. »:>',», IS:!. See also I'rek v. (lun,^!,. L K 
 r. H I -A" MM where I.orJ Cairns appears to have consKk-ied thai 
 ;. ..tatcmenl as lo tlie opinion of the director, mid.t. if f'»l^e. '"^ve 
 .niounlG.1 to n misvepreseinauon of fact And see KnrhrniS ca.r. 
 
 , IS'.liM .! Ch. 1, U. , , ^ , ,. 
 
 . H,„ I do not think.- Slid I.oid Ilal-htiry. L. ( . v. 
 
 ■\arons /.-.vfs v. T.-i... , Ih.m;. A »'. Ii7'.. 2Ht. 'any p.ttintlar form 
 .■,!• nonl. .-■ iio.e-iuv to convey a f.Ue iii.,.re-i.m. S,.pp<,so a 
 I,e,-nn .n,e- to a hank where the peoph' aie looii-h enniiuli to behove 
 his words and <avs, • I want a mort-a-e upoti my house, and ni> 
 house is not completed, but in the course of next week 1 expect to 
 have it fnllv completed.' S,ip,,oso there was not a liou^e upon h.^ 
 land at all. and no po^ihiiily, therefore, that it .ould be luliy coin- 
 ,doto,l can anvbodv s,,v that thai was not an affirmative i-eprescnla- 
 ii,,,, that ther.; was a hou^o which was so near to completion that it 
 ,,nU reouired another week's work upon it to complete ii .' . . . 
 Soliere, when I look at the lan-na-e in which tins prospectus i. 
 .onched and see that it s,„.aks of a property wlii.li re>,uiies only 
 ,|,P ,.,eciioi. of uiMchinerv to be either at .,ii<e ,.r shortly in a condition 
 ,„ do work, so a^ to obtain all this valuable metal fnmi ibe mine. 
 1, seems to me that, ahhou-h it is put in ambidextrous lano-ua-e, it 
 means as plainlv as can be that this is now the condition of the mine: 
 that such and sud, additions to it will enable it shortly to produce 
 all those "reat res,dts, and that there is a representation of an actually 
 
 „,,i,tin.r fact If von an' lookin- to the lan-ua-e, as only 
 
 -lie lanoua-e of hope, expectation, and belief, that is one thin;^; 
 l,ut "v.m mav use lai...-.iii'-'e in s.t.h a way a-, although ni thr 
 
 inrm of hope and expectation, i' may be, onie a representation a.s t-. 
 exislin- facts: and if so. an,l if it is brought lo your Unowlodu'O tha' 
 those facts are false, it is a fraud." 
 
 It is concoivetl that lliero is nothin- iiuunsistent with those vien^ 
 iu Jordan v. Money. .". H. L. C 18.-; r,7/.-..».s' Bank v. Fir^t ^atlon■,l 
 linnk I H li 11 T, ■•!'>2. :Wt): and VaMison v. Ahlevon. 8 App. I as 
 tt;7 " \ man who trulv states his intenti .n is not estopped frotii 
 .■hanging that intention. The expression of .t.lenlion may, m .omc 
 .ircumstames, amount to a -ontracl. or to evi,lence of a contract, but 
 it does not -ive rise to an estoppel. See lie Moorr Brothers <f < o.. 
 Itiirtholnmew'-'i aixc 70 I,. T. 70 
 
INTKOOUCroKY NOT*>. 
 
 IM» 
 
 r , „Luv sL^icd by iho v.-u.lo.,. nvI.o nvo.v diro. tors .,1 tho .o.u- 
 
 i: ■: .;^' of .bo onUn..> «ba:e.- .-.I n was ).o.. on tl. 
 Su.o.'s ai-pb Uiou to put tbo V.UJO.S ou ibo l.M ol co.., nbu or.o.,. 
 
 ' 'l-,. 1.0. d'OuK 0^0.1), /.'..' -Woo/v nrotlur.. .up, a. tollowod 
 
 I, (^ luibilit,! in CCI.C of carele.s.< Lm!J>u,„o and ,unln„i<ou. sM,'- 
 Jl -Tbo .■4rc-.seuta..ou .vli.d on a. ini.load.uK^ ueod not ,<■ 
 r and an>t.,uou.s, if it ts reasonably cupabU, of boan„« . . 
 "„u.t, wbich tbe allo„«3 at..ibu,od to i, ; for ' .1 P--.- P" '; 
 Sr.' a ,.ros,..HU.s use sucb careless lanj^ua,., .ba. 'Itcnr «ta„-- 
 ; : li,e.ally road, at. untrue, uUbou,b tbis luoral .ense .s .Unore, 
 
 ;:;:„. ;bat 4- --^-'- >'- --"- - v;"^ 'pr^ ■! ;i "1 . li 
 
 Lord Cbebnslord, llallotr. v. fV///"-. •■• ^ '' •''- ""^ I as r.ion 
 r epeutodlv btid down by ju,l,es of enunon.e. ' A person wbo tssu,.^ 
 .s a neat is no, only answerable for wba, be tn b.s own nut, 
 l^Id ,o ..present, bu, ite is answerable f.n. wbat an,...e m^b- 
 ,.ea.onably suppose to be .be t.teani,,, o. .be won s he bas used. 
 I'er (otto... L. .1 ., Arkwriiilit v . .\e,rboht. 1. t. Uis •!- 
 
 ,f a .na.. .nakes a sla.cn.e..., wbbb acrordi.,;; lo i.s ord.na.v 
 .neantuK bear, a par.icular eonstruetion. be, in "'^ "P""'-'; ';;;': 
 to tbuse wbo leading i, u..d con-t.u.n^' it roasot.abb do pu ...» n . 
 I. prin.ary .nea.ti..B u..d the fatr .o..struct.on ot tbo .or.is used. 
 Per Cotto.., L. .1 .. I'erl- v. De^ni- :57 C. I). .. H . 
 
 In tbe cas.' of a., antbiguous sta,o.«e..t, it is i.nn.a.erta .bat the 
 «.nls are in.e.tded by .boso who issue tbo prospo.tus to be under- 
 ...a u. a sense i.. wbi.b .boy are true, if tbey are reasonab 
 capable of being t.ndorstood i.. a sense ft wb.-b tbey a.e tal . I 
 ,l.e allo.tiK. sbows that be uttderstood tbe.n i.. .ba, se,.se. ,^>ndh s 
 Vhadwkl: 20 C. Uiv. 27, 45; '.. App. C'as. 18. . 
 
 • If a .nan uses language wbicb .ake.i m its ..alu.al sen-e .■o..n.> 
 
 ..,;!,:-:.Os.ion,i:;.,.a.,..o.beb .d,o.,y,ba.bedidno,t,ne,,d 
 
 ,o deceive ■ I'er l.indlev. 1.. •!., .\nuson v. >//-/^//. 41( . D. .!,-. 
 Bn, ,ho ro,.stnn.tio.. wbi-b tbe .-eripie... of a pn.-por.ns ,- en,..led 
 
 H, pat upo,. V. ...ust be a .easonalde .ons.rueU ...U i> one w „.b 
 
 ,l,e wonls wUl fai,lv ad...it of. See Ed.n.i>,lon v I dzm.una .' 
 r Div 1.-." Tbe.e it was bold ,bai lb- l.lai..Uil bad no r.rrh, ,,, 
 
 as.un,e ,ba. .he wonl ■■.lebe.„...es - n ed tn .be p-o-.pe,„,s ......0. 
 
 anv cha."e on tbe oonipa.iy s properly. 
 
 Mi.rep.e^e«.alioa of a si,.gle n.a^erial f.ul o,' . i. 1 be . a-e of -l.a.,.^ 
 ..,pp,.es'.o.. of a si,.gh. .naterial fa., n.ay be sulh,..e,„ .0 e..Ulle ,1h 
 .iJ^.ee to .■es,.,..io,.. nrrr, v. IWL: U App. .s. : .: ; /,o../-. 
 and SlulJordMn- Co.. 21 .'. D. 1 I'.': PcUo.^. Mncu-d, 1 Ko -.- 
 ;;:,.-,. Bnl 8«.'e i.-a.-es ai ii. i:"'- «((/»«. 
 
 I iiiu'iiiiiri 
 
 111' 
 
 siii-1. iiii-n 
 |ir. ~i iitatii I 
 ,,. -.ii.]..-. "i.i 
 >iirtii'it'm. 
 
 If 
 
I!MI 
 
 Jiri. i"i> Ml 
 tnith.'f "♦s 
 
 incTit. 
 
 F.viilciH-. 1 
 mii-rt'lirr M 
 tatiuii ami 
 
 uk>(*ure. 
 
 I'lKlHrKCirsKS. 
 
 [(.iHAr. 111. 
 
 And wliero a ropre»ei>latio!i as t.. a iiial..n,il Ui. t in a pr(.>i.oclu> 
 ib untruo it is no dofeuce, wliere nixeis^ioa of amtrart i-* souglit. 
 that it wa.s au iunocont one, and tl.o diivtois when they made .1 
 boheved it to bo true. The Hlmrelu-ld.-. i^ i-.|u,illy prujudi.nd. S.... 
 judBment of Lord Cairns in ,S>«<7V. ,;m'. 2 fh. •101, 01.-. aud ... 
 Reese River Co. v. Smith. L. R. 4 H I- -"^ .IWarri;/'-' v. Ar...-/>oW, 
 
 i: CI,, u, ;«2i). .Uaf/.«.* V vw/«, (•; i.. t m-2 .<'i. of \pi..t. 
 
 Iv /,. ,'r,;lr>nv of m.sr.'/"-'''"-"'"'"^" "'"' '">«-'''■•'<■''"""•'' ■ 
 The shareholder, whether lie <eek. to leMind his contra, t or ,ue for 
 iumatre^., must, of course, prove the ta, t. he rei.es on. Evidence ul 
 infonuation and belief is not adim-sihle in such cases, lor the pr- 
 ..«ediiig is .lot mteriocutorj lu character, (lilbe^t v. hndm,,. '.' 
 C Uiv 2(iii The slm.ehol.lci niuv, ol course, ■ \y on the adinissi.,., 
 ,ji the dele...iai.ls. But. if a.. .idmisM.,.. of the coi.ipanv is .died on^ 
 .1 must he 4io«u ihat i. was .na.lo in ^u.h , ..■c...nsta>..^-s as '^ bind 
 the con.pan^ Wor e.xa.n,.le, in HriMi UtirMih (<>.. oi, 1.. T. 8lo, 
 the coiupanV had directed au expeit to i-eporl ou the value nl tl..' 
 „„„e and h'is report, to the ellect that it w.i.s worthless, thou-li rea.l 
 ;il a Lrene.al n.einint; of the .o.npauy and .irculat«d aiuon- the ^hare- 
 |,olde.s, wa- not allowed to he taken as an admission bv the companv 
 <ec also l>,'mli l'n,-i'l>;,t Co.. 22 D. .V.t;t. 
 
 Examples of Misrepresentations. 
 
 K.Attnii'i. 
 iii.itt I i)il 
 
 IlllMiprr 
 
 ^t'!ltnt!^l] 
 
 .,„ The loUowiug are exa.,.plo.s „t material ,n^.rel..eM-,.t.u^..n^ nw\ 
 
 iion-di.s.h)Sure entitling 1" rescission: - 
 
 . ,; \Vl,c.rc the ,.ou.i,any «a, form, d I.. • .n,>t>uc, ...d work u "''«-y. -''•' 
 
 it «-.^ 0) -"■•"Iv »'''«'"J "'^' "'^' '■"""■""' ""■ ""■■ '■*'■'■"""" "' ,' 
 wurk. had l.cn e.,t.T,<l int.. with a r«,|...n.-ihl.- .■.mt.u.tor; (-; ■">trulv 
 -tated that th<. .on.raH price was ......id.Tably with.n tuc .-.va.lahlc 
 
 .anifil- (S) n.'t mention.'.! that thi- . ..n.-.s>i...i.-, whuh the e.,mi » 
 w's f..r,».Kt t« earrj- ....t had h.e,, |„.r.haM.d !r..n, -h.. ..r.^n.c.l ^ra:,). 
 
 at a .'o-t of .50,00,)/. S.H. Oi.nnl R„. Co. .-/ r,"'-"W-r v. Ar.-.., 
 
 ■1, NVlie": u'L!'a!!unly staled that - n.or,- than half th,. ^-' ':;>-;' 
 .l,an- has i..-en air, aJv M,l,serib..d for," and that - upwanU ., .1 .0(1.. 
 ha. alr..a.ly b..e,. cM-ended on th.. estate l,y .1... vendor ,n haihlin!-'- 
 and improven.ents. in addition t« the purchase-money pa.d l^X '"'"■;■; 
 
 U>e land.- ."^ce /...- v. i-.^.<.- /-■.«' "' '•"■■ 3 N. ^1: * ■■ •- 
 
 ,:U When, it was stat-d that "one-half the reiu.red .ap.tal ha. h. , . • ul. 
 • ..ribed by the directors and U.eir friends," wherea. not .>.,e-.our h h .1 
 ,,..en .uhseribcl. KrW v, ,'■. > . I' Vu.' r„. . K,,. oHS: •< < '■■;'-^'- 
 
 i;. Div. 348. , , , . 
 
 O; Where it wa= »tat.,l that a parti,-..lar >-"'•.•■'""«";■""« ^"J^,),"'""''; 
 elaims, some of whieh are in full operation, and n.ak.- lar;?. da.ij 
 returns.'' had b.^cn ..on.raet.d to be pnr.hased. wherea., th,.^m.ne was. 
 iu fact, worthless, and there were .... elaims in ..peration. H..'>e. Ji,r.. 
 Co. V. .Vm.M, L. U. 4 11 I- «<■ 
 
INTKomMriOKV NOTKJf. 
 
 ,.,,t.,l 
 
 f .. I.nnkinir company, it »«• r.iiirnly -t;it.-.l « <>< " 
 ,) wi,..r. .t w« M,l.-.l that •"' •»n „ . ,„„,, „„.,.. 
 
 !I; 'r ;ven.«..l .- ".u.-h. ^h.r-a. in fa-t ,hey wcr.- n.,,,!, I--. '■ 
 "11." 1 lin, ... •'•'■"■ 1" '"■'""" '" """ ""■" '"'"'■ 
 
 ,t,or<. wa. au aer..ment t« ,.ay laree «unH. /."'/" -/ '• f-^^' 
 I T i R 76 
 
 «::;rizr-f-!:;r="r:';=r"S"'.: 
 
 iulilition. 
 '171 Wliirc it was 
 
 wlicrpas thp mini inc 
 
 ,„„ .. ,,,. . ,H«i H.ni wa> t,. be paid for tl.o |.r..i"rly 
 liidod a larpr sum for ,,rom,.tion money, hmly 
 
 st;if''il I hat a spei 
 
 /•', 
 
 .A 
 
 ,w /."'"/ '■"■■ » '•"•'I- **"*: ''■'■'''' '■• 
 
 Ct. of App. 10 Feb. 1«H2: Cap 
 
 'I V. «V'"/rt« 
 
 t Sniitli'-rv 
 
 M \.. T. ml 
 
 il„,„rr Cn 
 
 AH) When- tlic coiupany 
 
 f was I'oriiiMl to buy a mi 
 
 iirt of an expert win 
 
 »et f.irth whirh irav 
 
 ami extract- from thi' 
 a misleailiii',' impre^-tion 
 
 ,{ tlie report, and induiec 
 
 e| 
 rieb adjacent mine. 
 
 li)) Wiiiie the rnmi>a!iy 
 
 1 the Mief that the mine wa 
 
 <iniibir t. 
 
 MiiunI MnT'i'ii' ''' 
 
 . .5i; I,. T. «22 
 
 ,,<i to work an inven 
 
 ition, and it «as 
 
 th 
 
 ntruly 
 
 le eompany 
 
 ,ed thiit a eontra 
 
 it bad been m 
 
 of .'id.OIIK of the pilten 
 
 !t..l 
 
 rvb' for the pnri'hi-e iron- 
 
 :! T. L. K. lil-^ 
 
 nn 
 
 lii 
 
 
Uii 
 
 iffj 
 
 C2ii) Whcrt- ill thfl 
 
 '""' I'J' till' »| j^il Art t|„. nV) 
 
 ri^'lit HJtli till' ^uniti 
 
 I'KOhl'KlTlfHKM. [<'ll\r. III. 
 
 «f .» tr«iiiway ...mpany ir wa- .taf.'d ilmi ||„ 
 
 lit to II- 
 
 -'faiii, w Uvrt 
 
 (■■:ij H!in 
 
 I.' 
 
 |i|>. ('as. ,l;i; 
 
 "f til- Mnirtl of Trail 
 
 raili" 
 
 iipuiit 
 
 •ui it iiiily liud iliii 
 
 rv V. /'. 
 
 <• It wui untruly ,i,iiii| tlmt iIk 
 i'Ji«»it witJi lru»ti-.< ..f a »ulti< 
 A ' ■ J- V. Jlulim.ii. ti7 I.. T. |;17 
 rj2) W li.r- u (iminot^.r. hIim was (.; 
 
 tfuaniiiti'cil iliviil. mi 
 >'''>l ^iiiiiiunr iif i.iivi'niiiii'i 
 
 (23; \VI 
 
 truly put fiirward 
 
 iw mil' iif till- unilcirs 
 
 •■' I'liri „r t|„. pur, lm».- 
 
 was si'i'iiri'il 
 It si'i'iiritii's 
 
 ry, was uii- 
 
 iim 
 
 Urr it WU.S uiilruly ,t.,i.',i that tl 
 
 '/ V. v,//).. :,H I,. T. HOT 
 
 (24J W luT.. It « 
 
 unary ••xpcnsfs. //'„ 
 
 as unt 
 
 111' vrndiir was to pay all tlir pni 
 «T. I.. H. I.m 
 
 rn> r, 
 
 turiTs of u»||i'«t 
 
 .Ishnl.. 
 
 ruly statH tliat tli.. ..ompttny wnr,. tli.. soli- manufa.. 
 'i«- in I'-ranir. anil imil n practiial monopoly. //„,/, v 
 
 Ci:>) VVh. 
 
 . « T. I., a. 121 
 
 it was unfuly »t:.tii| tlmt tlir 
 
 menial kuhi'sn. .v/ 
 
 (2(i) Wliirr it wa 
 
 Hii.dOd/. 
 
 IS »ti.iiil that til, 
 
 iipany's proirss wai a 
 ' ■ ^ I' r,. 1( 71 
 
 (layahlo in ift.sli. unil hail at- 
 
 il-- I'. IJM 
 
 limp: 
 
 "■"il to ri'-si.|| t>> flir 
 
 liiil imn liii-.'il til 
 
 IK",(MH1/.. wl„.r..a» ,l,..y liaii also |,uril,a-id .l,.|,..nt 
 
 onipany for 
 
 II 
 
 • Baiiii' projurly, uii nliiili {\, 
 
 wliiili «ai only rcfirrnl lo in tli. 
 pri.lit-- inaili hy i|„. .yndiiaii 
 uients ari- cxilu |i-d Irmii fii. 
 Ila, 
 
 urrs iiii-iiiiilii'rini.' 
 y li.id iiiailo a furdicr proiit of 2(i.(hh)'.. 
 
 |T...p,.tU, ,„ follow,; .. \„y „„|„^ 
 
 (luoo; \. c. •.>((). 
 
 ■ 111 
 
 -:,||. to tl 
 
 fn 
 lie ''"mpanv. 
 
 Ill interim 
 
 (27) Whore if »■ 
 
 iis stali'd that tin 
 
 • fiiilors of 
 
 nitrate (•rouiiiN ha. I olitairnd 
 
 a.1.1 ,ro,l,-ht. ,„ pipes, t „. :, „.,,,|j. „,. ,,„,,,_ ,.„,, „,,,, „_ , , 
 
 would have the ridit of iHiu, a ler.ain par. of tin water, where, 
 the water supply «•„, insufHeiei,, . /„,,,„„ .,„,„,„ ,.„ , ' ,'l 
 ■''9>'</irate. (I«<i9) 2 Ch. 3«2, .197, (J!). ' ' 
 
 '2H) Where it was faUely repr.-ientcl that patented artiele, woro a e^mmereial 
 Huocens and hey.md the experimental sta^-e. 0'r<;;urn„.l v. /™,/„., 
 >/ioJ II heel Co., lUioo) 1 C'h. '121. 
 
 29J Where it was stated that .share eapital had been - sub-rilied," when in 
 fael It had only heen allotted in fully paid shares „, ,he c.mpanv-- 
 eontractor. Jn,i»on v. im.M, lu ( h. D. 5»i7. 
 
 Is 
 
 l,.n|,.s,.) 
 
 '■a»i 
 
 s «i,ir. 
 
 the 
 
 riiarepri - 
 
 SI -il 
 
 ■i. rcn or 
 
 Don 
 
 -di.selosut'i 
 
 was 
 
 iii-ufti- 
 
 ■•it'll 
 
 
 other nu^unc^. of ...i,s„.p.vM.„,.u,.n- in;,-, i,.. i„,.,i,| i,. j,,,.,^.,^,, , 
 
 [''r'T ■ '^ ' " '' ""• •'^"'"•'' " ^'V Wtv-Wo., r,G L. J (h 
 ;;'•:; ^^""''': r'- '• " • '■'' ■'■-•■■ f^!">n'^ ca,-:, :'.:, ifcav. <;i.;. 
 Mk^rs .. larLrr, 1,! (^ 15. I), .-,»;,,; x,,„ nn,r,s,nU- Co. v. To.,.- 
 
 ,'."!;! ,"■" """' ■ " ■ " '■''• " ■''''■'■■■ '^'i'mbier V. Uo„,/ 
 
 I I«JJ) 1 ( h. .-.o.i: romimw.ih Tube Co. v. .Vi,///or, i I'jtm) j I,-, i; 
 
 The Killowin^. are in..tatues in whii h the .nisioiMx-oiitation or tii,,,- 
 li.'^tlOMiic ii'licil 1)11 was held ,0 l,c iii.siiUi, iiMil : 
 
 leen te.ted and that a,.cord,ni; to the experin.e.ts the material eould 
 I.I' !.roduee,l at a spoeified lo.st. but that it wa. intiiiiled to test the 
 mveiition further, and it in faet turned out worthless. ne,to» v 
 Miuiuu, 2 l.ii. :l,ij. 
 
 ■«r.! ■ -m-^^ 
 
 Ti 
 
 ET 
 
 rr. 
 
iNrK«>i)L'cn)uv NorK>. 
 
 !!»:» 
 
 '■■i) 
 
 will I.' ill- |.ni-|.<'. rii> iiii'iiliHiii'il ■ :i KiuiniiilK'il ili\i>li'ii.l of ii<it Ic, tlmii 
 l.'i |pi'r lint fur 111. Ilr>t liw \..ir»," wlnrrai tli.'rc «a« iiiily .«jnii' 
 iiiircci.nliil iind.r-l.iii.liiii.' uitli iIh- m mlor tliiit In- win tu l'Iv.- -iitt li 
 u-iiar.iiit.-.-. A'..-' \ h,..h„l,i I , ..,( I.... I |;,|. ,-,HH, II, .f It «,'i. 
 ■ iiii«lil<Ti'il tlinf tlirrr »ii< iTiniitrh i,i piii ih,. |.laiiitiir <iii Impiiry. 
 
 WIhti' till iirii"!"'! tilt fliil iHil ili-tl..Hi- an arraii^i'iiiint hi'twcfii prnniiiliM 
 anil iliriiliir i'.ir llii- 'iiialiHiatioii of tlii' lallir. //. »//i<//j/. \, /;,'," 
 
 nt,,il Hail. (\ 
 
 Ki|. I.)t ; ami <uv lim , , 
 
 I C. Div. !«:• 
 
 Mi) 
 
 Wliiri' Ihi' priMpf till, iiiiilllml to »tit.' that tlir idnipaiiy wnilil lian' I.- 
 iiiakr a (IrpoHlt of '.MI.IMIO/. Iiy «ay ol un iraiiti'c. with liil.ility tn 
 fiirli'iliirc. Cinlriil Hail. t'n. v. A-.,-//. I, |{, 2 H. L. 90; anit wi- 
 >iiiilh V. Vhndwiik. It .\(>|). ('««. int. 
 
 UlitTC It wu» slul.il Ihut tliu iMiii|iaiiy Ha- I.i lani- "a frii' ifiaiit of ilu.lliMi 
 ain- ill tlie [iriuimis ihrouKli whn li tlir railway ii to jm™>," wliri-ia- 
 tlic 3(1,00(1 aire- wirr 10 I,.' i,'raiiliil uu\s out of tlir pr.nitii.'« l.rii, lif.'il 
 l.y tlip railway, ami |oi\aii' |ir.i|ii riy in tlnw |.ro\imi-i «ai i'Xi'('|it.il 
 r^„tr„: /,'„,/. f„. V. A',-',. I.. I?, i II. I., at p. II.-.. 
 
 Wliprc a (.'OH ri nt ifoaraiitvr of )) piT iiiit. pi^r aniiiini 011 thn rapitnl 
 
 wa- iiii'iiti..iii''l, ttiilioiit nfiTi'iiir to thi- I'.nt lliat it wa-i to lait ii. lonir 
 only a- tlif lapital iliil not prmlin ,■ p.i- ,,.„t. f,,, ., r,.a«,ii nut 
 iiiipniilili to till' ininpany. 
 
 W Inn il wa. statiil that n-rlaiii rrport. on thr propi'ily Innl lum prr 
 panel -for tlir ilin-itor-," thousrh really niailr for thr pioniofi.r.s. 
 I'.'ii in llii.^ i-a»r then' wa* no llmliiiL- of fniinl, („./". v. f'iti, ,,■<!. 
 I iHiil . -1 r\x. 4lfi. 
 
 A* Id i;! i, xliimi. |i. I'M 
 
 Till' allollcc i.-< iiiit (Milillcl |.. ii'.>ri-.i,)ii imle^.' lie Wiis imiiiicil lu 
 'liii'i- into ilic I iiMii-iir( la llic it'|iii'-oiihilii)ii or mi|i|iiosmm|i wliirli liu 
 ' -!alili-lio^. lliai is uulcs.s it \\\ui i/iu/.v luniiii luiitiiuhi). 
 
 It !.•- 111)1 iili iiileiCMuv 111' liiu iliDi a inuiy ul,,. liki s -liaio~ mi a 
 ;'lo.-H|i<'(lus coiiiaiiiiii^i- a iiii-iciiicsciiiaiiun «a^ iinlmcil 1.1 -ulisi 1 ilic 
 I'.v ihal MiiMO|iio<fiitatioii I'or l,.,i,l lil.irkljiini. in .s,„,7/, \. r /„„/- 
 
 '•'</,-. ;i .\|,|,. Cas lur. Il 1.-. a i|iii'sii,,u ,,| la, I III l,r li.'irniii 1 uillt 
 
 'III" icoaiii to all lln> liiviiiii.-iaiiri'.-. Bin ' il il is |i|,ni.,| thai ihc 
 'ictfiiilaiil.- ui;li a view to iiiilii-|. ilic plaiiiiiil invnlor iiiloa .onliail. 
 iiiadi' a .-taHMin'iil lo ilio |ilaiiiliir o| sii, li a iiaiiiir a- »oii|.| l„. jikoiv 
 H) iMiliiic a iiviM.ii to ,.|iti'i iiiiu a 1 oiiliail. anil il i.s |)iovi'il ilial the 
 phiiiitili iliil (Milor iiiio llic louifart. it i.-. a lair iiif.'iciur ol larl thai 
 !"■ wi.s iiuluwd lu do .so l.y the mIuhmik'hi.' I'i>r l.oril UlaclJiiini. 
 '"'/ p. I!tt;, .And tht' lolj'.wino- |,a.s.saoo frnin thi> jitd-iiioiil of l.oiil 
 llil>lain. K ( ,.i„ Am, son \. Smith. H V. 1). .■{(('.), in.iui.s in ih,. Kami' 
 •liii'rli,.ii. ■ Il i,. -ai,l ]ii~ l.,,i(|.-lii|i. an old pxpcdiciil, and -fldoiii 
 >in 'o-.'.liil. Id ( i-o.'is.oxaniiiK' a jicixoii who ha.'" tiMil a |)|-os|m>( l-is. a 11 I 
 nd; him a,- 'o caili |.artiiiilai- siaiciiiful what iMlliii'inc il had .ui lii.'^ 
 1 and. and hou tar ii diMcniiiniMl him tn I'nIiM- into ihc lontraii I'lii- 
 '- 'i'""' laii.i' ion.-; li ass,inu'> iliai a pt'iNon who leads a |ii-o-|iim'|i! 
 ami d.'li-nnini'.s to lal-i' shales on tl,,. faith ,,|' ii, can aii|in.|.ii 
 •'iii'iiit;- iIk .iillciiMil pari'S of ii. the iMlcil inudined hv ihi- wholr 
 I ln> .an laivix he done cvoii at iho limo. and for a sliaielioldcr tlin- 
 
 .N 
 
 1 ii'si-iMsion 
 
 It 
 
 all.lli-.- wai. 
 
 11 
 
 t io'l i| 
 
 I'V 
 
 II..- r.-pn'- 
 
 ", ■ 
 
 '1 ,:ioii,,vi .. 
 
 lo 
 
 .■•iii'rait t.. 
 
 ta 
 
 ,-. t'lr 
 
 A 
 
 0.'.. 
 
194 
 
 PROSPECTUSES. 
 
 rcHAP. III. 
 
 
 I'sual statofl 
 u'lMirnds for 
 
 nOiof. 
 
 ()nu(* of 
 jmiof ; 
 
 u. aiii.lvM' hi.- n.enlal imim-ssioMs aUev an interval of .-overal years. >o 
 as to say wlilrh ropre.sentatioii in particular iiuliicod him to tiikc 
 shares is a thin- all t.ul impossible. .\ ix-rson reading the pro- 
 sp.M.tus looks at it as a whole, he thinks the un.lertakmK is a fine 
 , oinmercial speculation, he sees poo.l names att.iche<l to it, he observes 
 other i.oints which he thinks favourable, and on the whole ho forms 
 his ,<,n.lusinM Vou canno! wei-h the oleiiienls by ounces. It was 
 .-aid. and I think jusilv, by Sir C. .Je-.-el, in UniUh v. ilutdirirk: that 
 if tti.' Court sees on tlio faith of the s,ateinont tliat it is of suoh a 
 nature as would induce a person to enter into the c.ntract. or would 
 tend to in<luce hint to do so. or that it would be a part of the induf<>- 
 ment to enter into th<. contract, the inference is. if he entered mto 
 the -ontrart. that he uct«'<l on the in.lucement so hehl out. unle- ,. ,.. 
 shown that he knew the fa.ts. (,r that he avowe<lly di<i not rely on the 
 slalomont whether he knew the facts or not. 1 think, theretore. that 
 ,he second proposition is proved-that the plaintills wore m.lu.ed to 
 take stock bv the misrepresentation." Lord Halsbury has recently, 
 in Mnclcui'y. Tail. (190.^ .\. C. 21, given expression to simila. 
 views But this inference doe- not ari.se when the slalemenl, \wuv^ 
 aMibi-uou.s. is onlv false in one sense; in such a case it rests with the 
 allottee to show that he understood the words in the sense in which it 
 wa.s false, and was thereby induced to subscribe, ^with v. f'hndwid; 
 
 it Ajip. t'as 187. 
 
 What hai.pens in most cases is that the allottee swears that ho wa- 
 induced bv the particular misrepro-entation or suppression to lake 
 the shares", or that he subscribed on the faith of the pr..spoctus. an.l 
 (hat. he would not have subscribed had he known the facts. .Vnd 
 where on this or other evidence a prima farle ca.se for re-cission ha- 
 heen thus established, the onus of proving that the allottee w.-.s not 
 .,o induced, or is otherwise not entitled to rescind, is cast on the 
 company. 
 
 )u.w ilis- 
 <liuri.'.-<l. 
 
 Grounds of Defence. 
 
 This onus ma\ be discliaigt'd in variou.s ways, n.</., by showing- 
 
 (!) That tho allotted »uh«cril.od before he saw the prospectiH. SmiU, v. 
 
 rhadvick, 20 C. U. 68. 
 ,2 J Thiit he wa.. r<.ally in(lii<'<"i t'> suhsrrihe l.y arrangement with promoters. 
 (.3, Tliat he was really induced to sul,s.Til.c l.y representations made by 
 
 parties for whom the company was not responsible. 
 (4, That he did not rely on the statements, l.iit investi^'ated tbe matter 
 
 himself. Jenuiug, v. Hr„u.,hU,n, .5 U. Al. A: (J. 12(i; H lieav. 238; 
 
 and see -VaMm* v. 1V»», 46 1.. T. 497; Ea„lr.HM v. Ma,,iHv, 
 
 uj Lviiduuderry, 4 Ch. U. 693. 
 ,5) That the prosp«tu8 itself showed that the statements were basod on 
 
 hearsay, and wore to be verified subsequently. ISriU'^h Bnr«mk 
 
 Co., 56 L. T. 815. 
 
^^SSMmsssk 
 
 iNTRonuaroKY notks. 
 
 l!»". 
 
 Imniiter th:it it 
 
 .11) Tliat the ulliittw is a jiorsoii of suili ixpcriiiui- aii' 
 
 i- not irpdibic that hi' wa» niisl(><l liy tin' stnti'mont rplind on* 
 
 All allottw will iiiit lose tho riirhl lo n •mission heciui-^e thf pai- 
 linilar iiii.sr("|(ros(<iitatioii (■oiuplaincd of was not tho solo iiiduoomonl 
 ,,, iiiiii to f^ulisfiilie. A'(eo/'.s raur, :! I), .t .1. ♦UO; EiliintlUin v. 
 l-'il:iiiaiiiuv, :2!> <'. Div. 459; Carlini/ v. L'nulnii ami Leeds ll,ii)l:. 
 M, I, T. II."): irnmm v. Smith, il <". Div. ;tl8; Scott v. Sni/ilrr, 
 ,1,. ( „.. lii; L. T. liH:!; S. r., OT 1. T. 1114: I'ecl,- v. /»«•/•;//, 37 
 1 li. IJ. .">41: Kwu- V llii'iiiKin. tiT 1. T. 1;!'J Ii is -ulliiicrit lliat 
 It was a:i iuJiuoiiMMit . 
 
 Whoiv tlio prospoctus iiM'iolv stales llial A. li. iP|iur|s so ami so. 
 tlif a|)i>li(ant is not, as l>olwt'Oii liimsolf iiiul tho ioiii|iim\ . entitled 
 I.I a.sstinic Ihut those who issue the prospectus j;uarantee ihi' Iriilli 
 ,11 acdiiacv ol' .\ 1''. s report. Smith ■•< (n.sc. 2 Cli. till); limrlins v 
 W IrLlimii. ••! I). A .1. .iiU; lioillei/ v liltirl.-. '.» T. L. H. :>»{). 
 
 Tims where the proniolers of a coiupanv to work a load mine in 
 Biirniah i.ssiied a jirospecliis having iipiiondo<l to it u report hy the 
 i.'ndm (if the mine, and the pro.s|i€etiis. referiiiijjr to the report, spoke 
 III the liiirliost tonus of the ipiaiitity of ore, liut proposed .seudiny; out 
 .-.niiieoiie to tcsl it. wliii'h was never done, and iJie report lurned out 
 I'ltidiv false, and an aition for rescission wa- lirou<ilit hy an allottee 
 wild suhstrihed on the faith of the |>rospeclus. ii \\,is held thai 
 the promoters had frankly told the allottee all they knew, and could 
 imi 1)1' taken to e;uarautee the truth of the report. lie liritUli 
 Itiniiiah Lead ( o., 51! L. T. 815. 
 
 lint it i.s otherwise if the oompany rei)re.seiit.s the report.- us faetw. 
 If.' .said Turner. L. .1.. "a com|)anv will take njion it><olf to 
 :i-.Miiiie the autheuticity of, and give credit to, the roportf* which an' 
 iiiiide Id it, and represent a.s facts the matters stated in lliosc reports. 
 It iiiti.-t take the consoiiuencos. If the company had coiilined them- 
 selves to sayiu"' ' wo have received reports, from wliicli we lielieve, 
 mill Imvo reiLson to holiove. that theise miiu-s are in full oporalioii and 
 ,111' making daily large returns,' it might, and no doubt would, have 
 liii'ii dillicult for Mr. Smith to be relieved from the contraet; but th; 
 ■ iiiiipuiiv, instead of tliu.s referring to the information received, slated 
 till' ciri iiinstanL-es a.s fact«. " Smith's case, 2 Ch. App. Oil. 
 
 In lieutley v. Hla^-k. siifira, the prospectus set out a report by an 
 .11 niiiiilaiit, and ihe Court of .\ppoal held tliat there was no represon- 
 laiiiiii by the direclors that the report was cori'ect. ' It was true that 
 Mr L was a charlered anounlunt, and that he had mmle a jiarticnlar 
 iiport. and that was all that tho directors said in tho prospe<lus. 
 
 * " It is important to sen whether tho plaintiff wiis a person likely throiiirh 
 iiii'.\perieiii-o to be misled by a prospectus, or to place implicit reliance on all 
 liiiit it contains."' Per Lord (."heliiisford, /Inllnws v. Frrnie, 3 Ch. 4ti7 ; and 
 .le Bi-lliiirx V. Tucker, 13 Q. B. U. 577: Smith v. rhai/wir/.-. 9 .\pp. Cas. p. 191. 
 
 o 2 
 
v.m 
 
 PUOSPKCl USKs. 
 
 [C'llAl'. 111. 
 
 
 M 
 
 IfcMiie of pro- 
 
 !-]HM'tlls U't'nii 
 
 incorpon- 
 timi 
 
 KefiTiMice t<i 
 Mii'mornitdum 
 
 and Mitidi s. 
 
 WliiTi' ripvp- 
 f*ntiitimi iiTily 
 tnic nt timi . 
 
 Per Lord Eaher. M. R. If the prospectus Mu.six.pro<enta the content. 
 „f a report or other <lo..,nuent. or states its .'ontents ,u a .ler^i.t.vo 
 ,„anM,-r, the suhscriher is not I.o.hkI to look at the don.meut to ^^ 
 whether it hears out what is stated. Rrd<,rm;- v. UunL L > I U -' 
 
 "The applicant is entitled to sav: V<m at least, who have sUi.,., 
 what, is untrue, cannot acx'use n.e of want of caution, l.ecauso 1 rchcl 
 on vour fairness and honesty. ' Per Lord Cheln.sford. Ontrcl TUut 
 (lo'of Vriirrnrray. /uW.. L.-R.2H. L. 99. 
 
 "The representation on,,, nia.le reh^a-^es the part.v Iron, an inves- 
 tigation, even if the opportunity is afforded. ' Per Cotton, h. .F 
 Rednran- v. U„rd. 20 ('. D. 2:V. an.l .see Ubrrin,, Conrnwrnt fn,,- 
 rrsshvs. 9 T. L. R. 13»i; AarnuK lierfs v. Tirm. ( 189(1 1 A. ( 2...: 
 !'r parte Kinirca. o Vh. App. 100. 
 
 ForM.erh it wa.s cusU.n.arv to issue the pro-pe.''.us l^-fore U.e in.n,- 
 iH.n.tion of the co.n,.any. and in such ,.u.e it was held that, m,v 
 snhstantial variance lK>tween the objects of the con.pany. a,s sfat<Ml m, 
 the pro8,,ectus. and i.. the subscptet.tly registered tne.noi^imlun. „t 
 ,i.sso<iation. entitled the allottee- to rc,.udiate his .shares. Sh,,> ••< «'•-_<'. 
 ■1 He i; .T * S .-,44; Meh^terx --rsr. 2 V.<\. Vtl : Sfnnirfx 'tJ.sc. 1 ( h 
 
 "But this curse is n.)«- rarely mlopted Moreover, in I'rrrx c<,sr. 
 •> Oh r.74 Lord Cairns lai<l down rules, in re-ar<l to ndief in s.k li 
 .'uses, whic't have p.^-tically put an end to further .lain.s on th- 
 ..round of variance: 'If.' ho .said, "the tnoniorandun. and art.clcs 
 Mre in existence when he (the appli.-ant i api.lies for shares, and if ho 
 agrees to Uike his shares on the footin- of the .n.-n.oran.luni an.l 
 articles then I think that he ou<rht to he held bound to look at then, 
 before he applies for shan-s. But where the memomndum and 
 articles are not in exiMen,,' at the li.ne of .application, T think that. 
 ■,t the verv latest, when he receives his alloln.ent of share.-, he ..t.irhl 
 to satisfv' bin.self that the.c is nothin<r in the nieninran.luui an.l 
 •u-tides f.. which he dosir-s U> make any objection.' This vva~ 
 ....proved in Oatr.y. T,m,i>,nul L. R 2H. L. :i52; and .see Ih„n,r. 
 v' Ship, L. R. :? H. L. 359. 
 
 Sometimes a representation which wa< true when the prosp,..iu- 
 «,«. issued becomes false before the allotment is made. In sudi .a^. 
 the fact ou'dit to be communicated to the applicant. .Sro/^,s/i Prlm- 
 l.;w 2.1 C^Oiv. 4:!H: TraUly. UarUu,. I D. ^■ & S. ;n8; lh;>d.'rs,„ 
 V. Im>-uh. •! Ell- 249; and per Lord Blackburn. Umirnllr \ Cawiiln-ll. 
 .-. App. Ciw.950. 
 
 ; --I 
 
 Contract Voidable, not Void. 
 
 I„ .very a... A contract to take shares, delK-nluies. or debenture stock, whirl, ha- 
 «..• -.mtrart is i.pp,, induced bv misrepres«.ntatioii or suppiession .,f material tact- 
 voidabl... .... _^ ^.^i,|^^,e notvoid: that is t.. say. the sl.a.el.nlde, hits the opliui. I.^ 
 
 allirm or avoid the contract, but until the shaivhohler elects to avoiJ 
 
INlUODUCriOUY NO IKS. 
 
 197 
 
 .,. i, .omalns p,od. Oake.^ v. Tunym.**./. L K 2 H. L .ii:,; /'.vA- v 
 
 '"Tho^'i-'lit l„ ,ivma tlio i-..1.a.t is, lu.ucvor, .lualitlod. lluu i^ to sa\ . I-'-nipnu-uo.. 
 , 1) il niu-l ho exoni-iMl, if ut all, i.iompily on .lisrovenn;,' the luol^. ;i„.,i„^.„p. 
 ,„,! r>. Ilio risrht, in the case of sl.aros, will bo lost, if u w,n l„>--u,. 
 !..,„m.o.uos hofor,. tl.e ooutnK.t is i-llo.tuallv a^oldc.l. 
 
 If a man claims lo irs.-in,! Lis ,o,uia.l to take shams n. a 
 ,,„„„..„y on the gro.HMl thai ho ha« bc^ou iudu.i'd to onl.-r into it by 
 n,i-'o',..osontalion, h. n.nst .oscind it as soon as he learu« tho laets. 
 „, „n' he forfeits all .laiu.s ,o relief - I>er James. L. .1 .^h.nplen 
 V Loulh. rfc. lt,iil. Co., 2 f Div. .;.i;i. tifs:.: and s,m, .Uhlr.i ^ ca»: 
 ..K, 2.i.l: Ogdt-ie v, (>..,«-. HT L. .1. VU. .-.41; «.'.'>6 RivrrJ>d,-,. 
 \linuu, Co.. -2 <h, .il2; Kurben,-^ ra.e. 0«''^) ^l *^'''- l'*' '■"'• '"^ 
 ;,,,Ho i,e,nir on the register, he is hel.l ont to ti.e puhlie as a mend.er. 
 ..orsons mav 1h! indn,*d to ael on the faith of his m,M>d>ershi,. 
 , ., T„r,,u«ml. I-. K. 2 H. 1. ••12:.. Heme, l.oid fauns. L. L . 
 . , Srholdi V. Cealral limL Co. of \,-nr:,n-la. '.• Eq. 2i.i, n.. 
 ,„ ■ Ho .«rtainlv thouohi tho Court would 1k) most tareful U> see, 
 ,„ ihe ,ase ,)f a .ompanv -oin- ot. an,l Iradui-, in which the rights 
 „f ,|,e sharehohlers ami others varied fr.nn ,lay to day. that a i-ersou 
 comin.. lo .oniplaiu of misrei-reMmtalions. and .oniin}; \" avoid a 
 voidable .„nlnul. raiiie within the >lioneM linii; ol (ini.- ulii.h wa- 
 faiilv possible in smh a ease." 
 
 \shorl dclav may be sullicient to deprive him of the nurhi to l,„l„., 
 rescind. Thus in Taites case, \i Eq. VXu a delay of a month after the 
 .liareholdor had given notice of repudiation, wlucli the directors 
 a.Hlined to permit, was deemed fatal. And in Peels nixe, 2 Ch 
 .;7t. Lor<l Cairns was of opi. ion that a delay of two months might 
 be fatal. It may bo that a delay of oven fourteen day.s would bar 
 I he remedy. ()gdvle v. Cunk, supra: see also Svotti'ili PHroleum 
 ( „ •>■■) (;. Div. 413, i;i4 (.where, however, the point was not iiecessar\ 
 i„ iho decision of tho case); Skeltons case, 68 L. T. 210; Jmk.wn.- 
 ,«.«• 1.-. W. R. 8'.»4; Kent v. Freefwid Laiul Co., -i Ch. 493: Re*:s, 
 Itinr Co. V. Smith. 1-. R. 4 H. L. t!4; Central Hail. Co. of rc^wznelo 
 V. l<i.-<ch, L. R. 2 H. Ti. DD; and London, d'c FJerlri^- Lighting Co. 
 .-,.■) L. T. (iTO. , . 
 
 .\nd although time does not run till discovery of tho facts giving! 
 tl„. ri-lil lo res.ind, a shareholder is not entitled lo shut his eyes and 
 
 Uil Is . 
 
 I'lms. if Ihe directors send him a report showing that there have 
 been misreprcseiiiations, and he admits its vectdpl, he must be taken 
 10 have road it. ami time Avill run accortlingly. Srholey v. Centrat 
 Hnll. <■„.. !• Eq 2f.fi, n.: Dunkky's «».w, 7 T. L. R. 234. See. how- 
 over, hnrhero's ra.'te. ^wm 3 Ch. I: 66 L. T. 184. 
 
 Vnd Im' is not at liberty to "stand by when a S'w^t number of 
 ^.cuplc lell him that misrepresentations have been made by wlii.h 
 shareholders have Iwen induced to lake shares, and wait until it is 
 
..d 
 
 'is * 
 
 19^ 
 
 ii 
 
 V 
 
 I ; 
 
 \:» 
 
 Men- rumour 
 »ir »UJ*picio!i. 
 
 RfaNoniiblc 
 lU-lav. 
 
 Krtect of 
 fiirfcitnie i 
 ri^bt tu 
 repudiate 
 
 sliartN. 
 
 Etteot of 
 winding-up 
 uu the elaim 
 
 PK( (.SPKCTU.SE8. 
 
 [ClIAl-. III. 
 
 dfcidt'il Itv a Court of jusiioo lluit lliere liu'* Ikwii u iiiisropiesontatioii; 
 1)11 Ihu Luiitiai^, it ii iiis iluly in such a ia>e to g" ""<' ascfrtaiu for 
 liimself whetlior tliere i-^ u miHicprosonlatiori or not." I'er Rumilly, 
 M. K.. Ashlei/'s ra.ic. '.> Eq. 2*j'.t. Neverthek'ss, mere rumour that tlie 
 coiuiuiiiv is a swimllo, or molt' suspicion, is not onougli. Tims, iu 
 I'eitlrai Itnil. uj Vni<-:uclii v. Kisrh. L. K. 2 H. L. '.•'.•, tlie aUotmont 
 \vu.s on Jul.v 15tli, aud tlie allottw adiiiittod liaviii<r lieai-d adverse 
 rumours soon alter the allotment, but lie did iini artually discover 
 the lads till 22n(l Novendier, aud it was considered that lie was not 
 barred bv iliis delay. Lord I'liclinsfonl, L. C. said "that altlioiij:h 
 the respondent mi>rlil have hoard unfavourable rumours, and con- 
 ceived suspicious of the lompany at an early period after lie obtained 
 his shares, yet that ho rec'eived no certain iiiforniulion upon which 
 he could acl until the month of November, aud he did nothing be- 
 tween that day and the 28tli of January. 18lio I when ho tiled his bill), 
 which amounted to uctiuiesienco." And see /tow Riirer Co. v. 
 Smith. L. H. 4 H. L. t>4, and Aoiuux Uei-fx v. Tiriss. (IH'JtiiA.C. 
 27a, 293. It has beou held that when a company relies tor defence 
 on non-repudiation within a reasonable time after n-ceipt of a 
 circular disclosing,' facts ■.'iviiifr a right to repudiate, it is for the 
 oompauy to prove the receipt of the circular. London and Stalf. 
 Co.. 24 C. U. 14'J. 
 
 A limited delay may be e.xcused where it has resulted froiu bond 
 tide uegolialions between the repudiating shareholder and the coiu- 
 pany. ^eill.s aisi; !."> W. K. 8'.t4; I'airlex tiixe. 4 C\i. 497; libbatls 
 V. lioulluii. 7.! L. T. .")a4. 
 
 If the company forfeits the shares and gives nolic-e of tlie loifoilure 
 10 the shareholder, and the shareholder had not lost his right to 
 rejiudiaie at the date of the notice, the relation of company and 
 shareholder is severed, and the latter becomes a meto debtor to the 
 company for calls: and if he has not done any act to repudiate the 
 contract, he is not then bound to l^ke any step ioi the mere purpose 
 of getting rid of his liability to pay the calls, but to an aetiou 
 to recover them may set up the misrepresentation as a defence 
 Aiironx Ue^'.fif v. Twi^fi, (1890) A. C. 27;i. 295. 
 
 When a shareholder is suing for rescission, the Court can restrain 
 a forfeiture of the shares pending the hearing. Lanib v. :>amb(is 
 Rubber Co.. (1908) 1 Ch. 84."); Jone.s v. I'acnya Rubber Co.. 1,1911 i 
 1 K. B. 45.-.. 
 
 A shareholder must not only give prompt notice of repudialioii 
 after discovering the fart^ entitling him to rescind, but must follow 
 up the notice by proceedings to have his name removed before a 
 winding-up has commenced: that is tu say, where the winding-up 
 is by the Court, before the lireixmtation of the petition on which tlie 
 order is made, and where the winding-up is voluntary (with or 
 without the supervision of the Court), before the resolution for 
 winding-up is passed. Oakes v. Turqtuwd. L. R. 2 H. L. 32o; 
 
INTKODUtnOliV N<)Tt>S. 
 
 A>„^ V Frerhnhl Luul ,u,d linrkm.kin,, Co.. a Vh mi Sinn.- v^ 
 rit„ ami nnu,h, lU.k: .( V. V. Div. 28- <U;,tral l<lon,l„k,-l.oUl 
 Co' Thomsons ,r,.sr.. 5 M.u.s. •>»-2: drnrrol IMu:n, s,i„d,r,it,: 
 
 ,„■ not nuikos no llilIclOl,..^ liur,,c^^s-< ru.^r. i:. C D. .O, 
 
 Bui iJ.i> inl.' ii.-^ I" '"ki"'r;' ''-■•'^^- >H'I'^» '''"'■^ """ ^'IM''>- '« ''"' "^•';"'- 
 ■UMO of ;.n in,.-ului- ullolnioni uii.I.t .so.l. «r, .,1 tl,e ('o.n|mn.os A,-i 
 P.OS 111 tliul <^i-se ""ii'<^' "»■ >"i.u.liaun,i i> .Miou-li. //.■ \at>oMl 
 Molnr Mail Conch Co.. (IWHiliCh. 2-J«. 
 
 ' TlR- ".ouii.l ni ih.' <kM i.i.m ill 0,»Av.s V. Ta>,,„na,l. ah, .sapia, wius 
 ,i,al tlio .oiitia,-. w.i.s vni,lal.l... not voi.L llu.l a vni.labl.- cout.a<>l 
 ,,o„l,l ,i„i !«. avoitlcl alter iho li^'ht.s ol' ihi.d i.a.lies had supervouod. 
 that bv the win.li.i--ni. the ri-ht« of lite coinpuiiy's .■re,l.t..rs liad 
 supervened, aii.l that tliereuiion a .!<•«■ «laluton l.abilil.v a.osc to 
 ronliibute tu the assets. 
 
 1«« 
 
 What i.- ail ellecliial reimdiation; — 
 
 Klli'ctual 
 repudiation . 
 
 , 1 , Hi. Miili.icnt if the sl,i,nh„l<lei-. without nmlue delay. Kiv.'« m.tue to 
 the eo.npanv that he repudiate., and the direetors thereupon r,„;„ 
 hilr assent "to the rescission of the eontraet before a windm^'-up 
 .omnienecs. An order of the Court 18 not neecssary in sueh a case. 
 Ilr;.,lu: ™«, 7 Ch. 5.5; llei.r Hint Co. v. Smith. 4 11. L. bl. |4. 
 \nd this iiKiv he sufficient even where the directors do not in fact 
 mn.n<. the name of the rc,,u.lKUii.M: sliarelioldcr rn.n, the re-ister of 
 n.cnilK'rs. /(/./Ac'.- c»-.«c. 13 \V. W. IN«. 
 
 \nd it inav he sulKcicnt, althouirli the ground put forward l.y the 
 -hareholdcr lor rescission is not sutHciont, provided the directors know 
 that there are in fact valid jrrounds on which rescission mi-ht be 
 claimed. If riiiht » am; 7 Ch. 55. 
 ,>i If is sufficient if the shareholder, without undue delay, and before a 
 windins;-up commences, takes lejial proceedings to enforce rescission, 
 even fhouith the windintr-up connncnccs befor.' the order tor rescis- 
 sion is obtaimHl. IU-r»e liiver Co. v. Smith, L. U. 4 11. I 
 
 Hut it mav he too late if the proceedings are not taken u . alter 
 the company has iMHonie i.ublicly insolvent. ir„ni;,l v. Citu "/ 
 (il„>.,jnu- n,u,k. 4 .\pp. C„s. (il5: Cmllra, v. l.n,vlo<, <n„i J.eedt 
 ll,n,k. 5(i I... T. 115. 
 k:\) \nd where proceedings to enforce a call are taken, and the company 
 asks for judgment under Ord. .\1V., and the defendant in his affi- 
 davit sets up misrepresentation, and states that he intends to 
 
 counterclaim for res. ission. that, it luus b i hchi, is sufficient, 
 
 although his counterclaim is not put in until after u windin^r-up is 
 
 comnu-ncei 
 
 il. jChilrU-i/s 
 
 (1900; I < h 
 
 365. 
 issiiin. and, although 
 
 (4; It is suffl.ient if the shan^holdcr gives notice of 
 
 the directors do uot ass..nt to rescission, it is agrceil that the matter 
 shall abide thu result of some iHMiding legal proceedinir against the 
 company, f.ij., a test cas,. at the suit of a shareholder claiming 
 relief ,m similar grounds. l'n,rl.\ ,■„»: 4 Ch. 4it- ; VcoV/vA Petm- 
 tr,,m Co.. 23 Ch. 1). 433; r/rrr's cn»: 4 Ch. .\pp. 503. Hut in 
 the absence of such an agreement the mere fa<t tlnit pr.Hcc-dings are 
 pending is not enomrh to excuse delay. MrS,-ill\ rn>.n. 10 K.|. 503; 
 AfhleyH cine. 9 Kq. "263. 
 
■.'t)<l 
 
 I'UospKrrrrsKs. 
 
 "('MAI'. III. 
 
 Insuflicioncy. But it i> not rnitK(i<>nt- 
 
 ( 1 ) it the ^|]arc■l."l(l«•r j.'i"-' imtiir of rfpiidialion, l)iit the ilii-crtor^ dm Imr 
 ti> ii>«i>nt to rwiission, ami tin- ■.liari-li.ililiT, Ills iiaiiii' liriiis on tli- 
 rcu'i^tcr. dors not promptly tak.> l<L'al proic'c<lin^"<. Jlm-e'a r. ■ . 
 I Cli. .•>l).'i; /.'-■ SiniHsl, /•.i,„/,„,„ r,,.. ■z:. ('. Div. ll.'J. 
 
 i-2) If tl]r "liarrl.oliliT talic- pro. r.-liiiL'-. I'ot almndons tli.iii. It,:,/ , 
 /,„,„/„, ,/ Si„lf,.,<h/,:,, <:. . -M W. I!. !)4; 19 t,. T. Iiis. 
 
 (3) T till' yharelioliliT I'ivM noliii- of repudiation, and liiforc tin' direit ii- 
 
 asxpnt to ^••'l■i^sion. or li'iral procpi'ilini,'^ arc taken, a windin^r-tip 
 -•ominen.e-. (I"k,> v. T ,n;i«<'»'' ■ I- H- 2 II. I- :i2> : /•''■'■"■ ''■'■' 
 r„. V. Sii.ith. L. U. I II. I., lit. 
 
 (4) If the shan-lioldiT to an a< li.>n for calls plcailcd tliat he was induced t 
 
 take the shares l,y fraud, and ..l.lained a verdict. Iiut took no fnrtiM . 
 .i.tion to have the contract res, inded hcfori' a windinj,'iii>. Vlcvi-!'!., 
 /,„„ r,... Hi \V. H. !»."i: lint >ec Wl.u.l,-,,-- -•„„.. -,• ,rn. in whiili 
 lilts i-as|. was dolllit*si. 
 
 '& 
 
 Conducl ol 
 
 shareliolder 
 
 apparcntlv 
 
 aftiniiinLr 
 
 contract. 
 
 II a |ici.-(.ii /(■/(() hux iiiTi'i ii<incil III heroine a sluirchithUr \s K.h! 
 l.y the coiiipaiiy that lie !.•< a .sliaiolioM.'i , it is .stiili. iciit fof him !'■ 
 ropudiatc ilio 6liaiv,s. He iii'od not laiir steps tx) g( t hi.s tiaiie 
 roiiioviMl ,l„,ni>'M-i,\< r„s,; 8 ( li. App. .-.ID), aud tliG «umc principle 
 applios wlicrc lli.MO lias iiceii no real aoieeniont t^j take shares owiiip 
 tou iiiictakf as t-i thr eoin])ain's idtiilily. /{,(//^V'.s- <•,(.<,•. 1S08 i I Cli 
 nil: ('iniihi\. L'lialsiiii. ■■'> '■^\\. \\^V l">'J, lti.">. 
 
 The rio-hi toii'-cind may lie Inf^l not only liy d<'lay .ir a windim;-ii|i 
 but al.s.) liy londiict which .slmu- an I'leclion on the par! ol ilic siiaiv- 
 liolder to uflirm the contract. 
 
 Thus, if the .shaipholdcr. after discovciy of the fact.s '/\\\\\'y him ;. 
 rioht 10 rosi ind. troals ihc cnntiart as suhsistinfr. <'.'/•■ ^'.v ondoavnai- 
 ino- to sell the sliares , E.r ,,„rlr lirlmis. 1 f-'l •«■!'• ''.v <'\'"' utin- ■' 
 iran.sfor of tho shares ( /•,/i(/<7/'.v <:,.s,; 4 Ch. JiJlij. or otherwise tleal- 
 ino- with the .shares .V/co/n rnxr. 3 I), it •) . I.'il), by iiayiu-r calls oi 
 instalmont.s or receivino: divith'nds iSrholr;/ v. Criifrnl null. <'o.. 
 9 K,,. 2t)i;, n.; Kent v. Freehold Land Co., I E.i. r,HS; Shearman'^ 
 aise. 60 I.. J. Ch. 2.">), or by attending and votinc: at : j^a-iioial meet- 
 ing in per.son or by pro.\y iSluirplei/ v. Louth, dv. Co., '2 i'. Div 
 titiTi). ho cannot afterwards lepiidiale. So, too. he may bo bound il 
 he lakes a transfer of other sbares i l'ol<ic'.i rase. !.'> W ■ K. 892), but 
 a transfer of part of the sliaies before discovery does not proolud. 
 relief as to the rest. .Mount Morn'in ^We.st) dohl Mine, oG L. T 
 G22. And the Hhareholder is alhiwed a leasoiuiblo time to obtain evi- 
 dence. ( enlml I{,iil. Co. of Vene:iielu v. Kisrh, 2 II. L. 99; ami 
 BrIfU-h lhiiw,ih Lr„d Co.. M\ L. T. HM. Xeo;„tiations ,my ex( use 
 delay. Tihhnlts v. Uoullon (1895,), 73 L. T. b-W. 
 
 It" is conceived that acting as a member will not operate to affirni 
 the <ontract if. bcfon- .so acting, the ^hareholder has detinilely elected 
 to avoid the contract, e.f].. by i.ssuing his writ. For "if a man once 
 determine.' his election it shall be iletermined for ever " Com. Dig 
 
cUmI liv 
 
 i 
 
 IMKOnUCTOKY SOIKS. 
 
 .<;.,,.,;■„■, on, >uU-sr io, U,l. l.r.a; r/o«r,/,_ v^ /.. .A- » /"' ^■ 
 
 ' - F, •.;; Soo ul«o Nr,<r/ v. ./„r,/,«.. T App- (^as. .U„. .... >. 
 
 ; :|,i'l, ,'.:,M.'l.or,l m..kl,».n, rolVnin.,- to .1... above .naxun. Ha„l: 
 
 "',; ;.. upoa lanU.K.n. an,l 1 .1 lou... .ha. .h..,. a... ...an, 
 
 , ,, ; , ,„,i,ie.. .0 ,1.0 sun,.. olVo,.: lu., .l.at .ule l.a. bo.u u,..lo.-...h 
 
 ! L IK..... a,. ol«,..i... u> .lo one of two >hi..,s you .......0. ,• ra.-, 
 
 ' ;,M .lo ,l.o ,.tlu..Ml.i,.,^: II..- olo,..io.> .....o ,..a,l.. .> I...all.v ...a,!.. 
 
 ,:...' or a w..i. ,.l:u>..i... .-.issio,. of ....n.,-. was a ,l.fin. . 
 
 o.,io„ l,v ,h- plain.iil .o avoi.l ih. ,.oa..a-,. an,l a..,.o..ln..jN .h.. ... 
 
 ..,;.lvv,'.„^a,a„ u„.o,,l,o,o,„p,.,.vh.>,l,a,,o,p.O,,..,l..- 
 
 ,,.„„„■. T a.,.i>no, .vponMoaappeal.l.... :h,Molbw,a. 
 
 Jappea,-s in ^U' .opo.. ahov- .Ce.-.o,! ...: • Tho (our, ol App.al 
 
 ::::,:!.,Mh..a .,..i..'Mon.h,.i,ii,...ha,,hoiss., ,h. .,w..^.. 
 
 ,,.„i„i,ivo ..h..-,i..n to ros,i...l, a.ul that this ole.l.o.. was „o, 
 th<. .M.l.^i'.pK'i.t voii..;.- a, ,hL. ...e.-ti.ig." 
 
 Tl.i. > .s .loa.- ....oa^h. a,.,l ,ho .„U- was ,o,o,.,lv a,„-a o.. .y 
 
 \V,i..h,. .) . i.. To>„lnrsr.,.e. 1S.,.H, 1 ( h. MM; Im, .ho l.'a.,..a ,,...U;. 
 ,,,::.rs ,o havo .lo,.b,...l " wl.,..!.o.. ,ho . oart ■aoa,,, '" '»-';'"" ';' 
 , . so ah.ol..,oly as is s,a,...l i.. -he -u-u. ,0 ,ho repo.- , .s, .ow 
 
 .,,„, .um.uh ,0 soo how so «on-s,.„loa a .-,.10 .-..M 1.0 la..i .low., 
 o'li.'.wiso ,haii ahsol..l<"ly . 
 
 X .l,a...l,oMo,- who, al,.-r <lis,.ov,-n..^ ,ha, 1,- l,a- a . iffht ,o .....ad. 
 
 .,|,...,. ,-, alii.,,. ,h.' .-oana.-.. „.a> a,-,o.wa.a> 1,0 .......lod ,o ,o.,-,...l .., 
 
 ,.,.,,.,, ,.,■ s,..;,o M.l,s..,p.o,.,ly ,lis..ovo.ca ,uis...pr.-s....,a„o,. lo. 
 
 ;■! 'uv .1 . /.o.,/. ..,/ /Vor. ro.. .-..-, 1.. T. .;:..; /^nW, /.-.. /' ' " 
 
 K,v' I "l .(....o, IH8S. Soo. howovov, Cnn^Ml v A /.•/'"".'/• ' 
 a!',V k' ly. a.„l as ,o va.ia...o i., ol-jcts. s..o WhUchnn.^rH .:um'. 
 
 ' li' ,1a. sl,a.oi,ol,lor olo,-,s ia .l..o ,i...o a.,.1 ... pn.po.' Tor,,. ,o ,,vol,l 
 ,1,., ,.o,.,.a, , . i. is avoi,lo,i ...,o,^o,h..r. a...l the c.se .ta.tJs as .. tt ha, 
 „..vor hooa .aado: ar.onli..-ly. ho ca..nol ho l.lar.-d o„ ,1.,. l.s, ., 
 
 ... ...iw;! i.M.mtio.' to,' ,1.0 ioutiai , .s avonloU 
 
 roi.,r.h»lo.ios, cvoi. as a pix.s, .at a.i't. • , , , ,•,,„„ 
 
 „,, ;,;,,„. ^Vri,,|,rs rosr, V> K,, :U1 ; 7 < h. :<r,. i>. lo.al l'--^-^ 
 
 l,v a ..ha.ol.ol,lo.- ,0 havo his oo,.,.aot i-os,.,..,locl a...l h.s .o..c> 
 
 ,..,a,-..oa. ho will ho j.ivo., i...e.e.st tho.oo.. ahhoagl. ao .a.^e ot 1,-,.,.(1 
 
 1,0 ostal,li-l.o,l luirlM'rus mse. (18'.»;$) 3 Ch. 1.. 
 
 Unt ia all tho.-o ..as.'s. what I.or.l .I...s,i,r T„...o.' .-ai,l iu J,',,,,,,.!^ 
 
 V nron„hton. .". I) M & O. ll>.l. H.., sl.oahl ho ho...e .a .u.,„l 
 
 ■ M,l,o,..d, i, is tho ,...doul.,o,l -lu.y ..f this Coar. .o .ol.ovo porso ,s 
 .via, l,a^o l.ooa do-oivo-l by f,iLse roprese.,tations. it .s oqua Iv , „■ 
 ,1,,.^ of ,1.0 CMTt o bo oa,of«l that, in it.s ,mxioty to .o.-.oct frau.ls. 
 
 i, doo- ..ot oaahlo persons who have joined othe.^s .n spo-,.htt.ons 
 
 ■m 
 
 Lrrouiulf* l"'»r 
 
 :ivoi<lii>u' 
 
 IllttTot. 
 
 
 04 
 
■202 
 
 PK08I'KCTir81'>l. 
 
 ii 
 
 Actiim ui 
 decteit, nr 
 
 uiidi-r Direi 
 torn' Lialiili 
 A.'t. IH!((i. 
 
 What tM 
 prcvc 
 
 [CUAl-. III. 
 
 to uunvui't their H^KXMilutioiih into (M-rtuiiitie^ at th*> e\|iiMiNu of ilio^u 
 with whom thev have joined.'' 
 
 Action oi Deceit or other Remedy. 
 
 A (loi-bou whu han Iwi-ii iiidiiced Uy liaiiduieiit uiiHrepiuseiitatiou tu 
 Hulwrilie lor fhnre.s, ilclKMituren. or dolpentiire .stock, iiuiy, us an 
 . additional or alteruuiive rained)', hp entitleil to tirinjj an aiiion of 
 'y deieit u'jruinHt those who liavc deceived liini, or to take proceed! ntr* 
 rt^tainsl them under sect. 81 ol' the Act i_incori)oratin}.f tlie provisidun 
 ol the Uireclors' Liability Act. 18'J0 i, or under sect. 8G i2) of the ,\i i 
 (repidihiciu^ wect. •■> of tlie C()mpuiiie.s .\ct. 190(1 1. Whore those 
 sections u|)ply. thoy jjive to the suliscriher a more effective remeilv 
 than an action of deceit, and have to tliat extent displaced tlie reinedv 
 olituinalpje! in .such an action: hut there are still a considerable nunibei 
 of citscs I see infra) in which the statutory remedy is not available, 
 and in all such ca.ses it may be nece.SNarv to have recourse to the old 
 remedy by action of deceit. It will therefore be convenient to state 
 here, concisely, .some of the ))rincipal rides applicable in the case of 
 an action of deceit. 
 
 " In an action of dec«'it ... it is the duly of the |)laintilt to 
 establish two thintrs: lirst, actual fra\id which is to be judjred of by 
 the nature and oliaiacter of the representations made, considered 
 with refereuco to the object for which tjiey were made, the knowle<li,'e 
 or means of knowled<ro of the person nmkinu: them, and iJio intention 
 which the law justly imputes to every man to produce those con- 
 8e(|uences which are the natural result of his act-s; and. secondly, he 
 must e.stablish that this fiuud was an inducing cause lo the contract, 
 for which purpose it must be material and it uuist have produced in 
 his nand an erroneou.^ lielief inllucncinp his conduct.' I'er Lord 
 Selborn<'. L. (■..Smith v. ChtuUi-ick il884l,9 App. Ca«. 187, 190. 
 
 This .statement, as ap])lied to a ])rospectus. niav 1«> fornmlated as 
 follows: 
 
 The plaintiff must prove — 
 
 ('al That the defendant issued, or authorized the is.«ue of, the 
 pi'ospectus or notice, or .sanctioned its issue, or that the 
 misrepn-sentation relied on was made by the defendant to 
 those who issued the pro-sjiectus with the intention that it 
 should be u~ed for the purposto of the pro ^ctus. 
 
 (b) That the prospectus or notice contaimnl a misrepresentation 
 of a matter of fact. 
 
 (01 That the fact misrepresented was a material fact. 
 
 (d) That the plaintitl wa.s induced by such misi-epre.sentation to 
 euKscribe or buy. 
 
 (0) That the plaintitl has sustained damoge. 
 
 {^ij That the defendant made the misrepresentation fraudulently . 
 
INTKODUcrOKY NOVKI*. 
 
 , . 1). -MX: r.lasier v. /f..//«. U ( D^ ••' • '^ 
 
 I7C I) .101; Am.xv. //a.v<m.n. r,7 L. I I'.- >'"■'>" ^ 
 
 , -.rlUtu., T1.CV could bo int.rro,^at.xl. it .•< true aud wo« 
 
 1 h iuT^ li.ion to .lony re.pousib.li.y . Eu.n U a d.roc or ,lonuMi 
 
 ; L .,v d.n..> n.i.l.t bo forth-onunsr ( .g.-ihat he <'- -''"'^;; P^- 
 
 ' ut or concurred in the aUot.non. • whi.h .ould c.untervad 
 
 ,u denial Soo Peel: v. Dm;,. 37 C Div. 541; (//....t ^- flolUf 
 
 E., -;. //-.'/— V. 7.co«. r, E,. 21.... n... .u ,ho ab«on^> of 
 lomo Lch evidence he waa not liablo. U «//. v. .U/n».so», 8 T. L, R. 
 
 ''t . that a copv of everv ,.n.iK3ct«s i. ro.,ui,vd .o bo tiled. ■ si.nod 
 ,,v„vorv person who i.s namml thcroin a. a di.e.tor or propo...! 
 12/ J the con,>a„„ or by hi. a.o„t author. .^.u wr. n., 
 .oct 80 (21 of th.. Art ., the nrnttor ..s frreatly snnphlio<l. A.s to tl,. 
 , li i^ ihich a di^ctor n.ay be held -l^-bj^ ^.^ ^^ -";-■; 
 .ui.tod bv his co-directors, see CargiUx. Bower. 10 C, D, 502, 1 er 
 tnVE.. 1). 2.!8, 249; Wa.i.r v. RolU, 42 Ch. D. 457; and Im,.,! 
 ( r..,lif Co oi Ireland v. Lord Fermoy, 5 Ch. App. '<2. 
 
 ; i lo when *s o«««ionally happen.s, U.e pro^i^e^.tu. purpo.U to U-;.; .... 
 |,.."is.suod not on behalf of the company, but by >.ome hnn or tompauy ,,, f ti,- 
 
 Zo! n .^. or on behalf of the oUn,, of the .hares debenturos. ,.r ..r... a..- ^ 
 ilei'l^turo .to^k orto,^! for subscription or «ale, there .^ rarolv anv 
 litfipultv in Brovini? the issue by the tinu or company. ., , „ 
 
 Whei" prospectus i. i..u^ on behalf of a company w.th U.e Co;,;,».v 
 u.thoritv of thedirectors actdn- a-^ its agents, the company J'^- 1" P"'^* isK,.,. l,v 
 
 „„ that fooUnsr see su/rra, pp. .56, 3- et .stq. , unicss uiu p 
 lo.t his right to repudiate his shares; tor it :s now ^ettl^l t»-t '.n 
 uUottc. of shart^ cannot keep the shares and al^o olain. damages as 
 ..gainst the company , Honhh>rorfh v City of GUis^ww Rank, o App 
 
 'V'L third party may make himself liable. Thus, if A. (..,. ^a r..„.,^. 
 promoter of a company) makes false representations to B. and u. ^^,^^,,,i^.^ 
 \e n directors of a company), with the intenrion that such represen- 
 tations shall be embodied in a prospectus of the ^I^P-/ '-!^"? 
 public subscription. A. may be held liable, in an action of deceit by 
 
 i !i »i 
 
 ■ '.>'] 
 
•,'04 
 
 ^ail 
 
 h.iiiti'M'i'.i' 
 
 
 if 
 ■tu- 
 
 taticn ,11. to 
 • xi^tinu'" I'act. 
 
 NMll-.lis- 
 
 I'l.'uHPKCTUHM. 
 
 rcii.vi'. m. 
 
 
 ol'.-urli t'aUc rfjiri'M'nt.i- 
 .1 ,V II I ; .i|)|iiii\<k1 in 
 
 •V {mil firs \ Murl.fiiril 
 
 1111 alloli.'i', ;i.- li.iN iiii; .iiilli.iii/('<l ilro iiiakili'. 
 liolin to llu' illlmi ■(• lUinil \ ' »(i>/.i;/, 'J 
 IWk\. (iiinuii. I. » •; II I. Il:l; mikI «. 
 1 \XW\ 1 (,l IV .'.TJ. .178 
 
 U('.'*|Hiii-iliililv lui II iHi-ri|irc>i'iiliUii'ii iiia\ aN'i In' liniiiriil In 
 laliliciition, for a \>>\\ iiia\ lie lalilifil. i iiihr \. SI. }f.iri/ Ahbol'.s 
 \isliy I llHili., lil .1. I' .■>!«; ( l"rk .V l,iri<lM'll on Tort.«. Itli e>lil t',8. 
 lilt. Ill; I'.iiiuiiis l.i'Lral Maviiii-. I'.t S .1. ;!I7. 
 
 Il iiiiimI al\\a\>. Iiowcmm. lie Ikiiim- in mind wlial tli<' liiiiclinn ot a 
 pi(j*i|i(Mtii.~ i- 'I'll!' i<'|ii('.^cntalliin- lonlaincd in it arc nuulc witli n 
 view ol iiiiliiiiiiL; |ici>oii.- to applv tor ami tako from llio minipanv the 
 shnri's or ^cciiiitii'- lli('n'|i\ ollcrcil lor ^iilixription. and aciordiiiKlv 
 it i> llioM'. and llio-.> only, wlio .>o upplv ami take ii|> -liuro^, who arc 
 cntillod to rely oil llif .-liilfiuciitN and to coiinilain if they are 
 iiK (irrcil. Ilrrin' a pirsoii who, after rcadiii'^ the jirospoclu.', liiw- 
 houjrli! .«liaie- in tiic niaiki't i- not juiinii /«(•/<• entitled to lomplain 
 IWL- V. (.111 III!/. I.. K. ti 11. L n;i; WorUi'i nmr. I Drew, :>2'J. So 
 llio .«tali'iiu'iiis in u rejiort to the Nliurehohh'r^ in f;eiieral ineetin;.i- 
 1 iiinot priiiii'i iiirir lie relied uii hy a suloiTiher a^ indnrinj: him to 
 -iilisoiilio Mtnl's fttui'. :\ 1). 11 A- .1. •187. They are nut made to 
 /)/'*//. 
 
 Where, however, it is proved that the pro^peclus was iu fact 
 intended to iiidn-e people to liuy in the market, tlioii those who 
 i-.sucd it may be hehl respon.«il)li' to tlio-e who act on it. Anilri'im 
 V Mockjoril. (^IS'Jtii 1 Q. 15. :!72. 
 
 .la to (7;V--The inisropresentalion relied on must he a misrepre- 
 .-entatioii of some existing: fact. See as to this, supra, p. 190. 
 
 In the ciuse of an action for resii^sion, the non-di-closurc of a 
 material fact is sulHcieut to entitle the ))laiutilf to relief; but iu tiie 
 I'ase of an action of deceit, non-disclosure is nof enough, uuless it 
 renders what is stated false, and so fraudulent. 
 
 " Mere non-disrlosure of material fact, however morally censurable 
 liowever that non-disclosiire mii>:ht bo a ground in a proper proceed- 
 ing, al a proper time, for setting aside an allotment or piirciia.se of 
 share."!, would, in my opinion, form no ground for an action in tlie 
 nature of an action for misrepresentation. There must, in my 
 opinion, be some active misstate-nent of fad, or, at all events, sncli 
 a partial and fragmentary statement of fact as that the withholding 
 of that wiiich is not stated makes that which is stated absolutely 
 false." Per Lord Cairns, /Vc/r v. (Itirneij. L. K. (> H. L. M):\. 
 Aaron's licdsv. Ticixs, i; 189(0 .\. C. 273. 
 
 " Kvervbody knows that soin<>liine^ half a truth is no ijetter than a 
 d'.'wnriirhf fuNehood " Per Lord Macii.Tijhlen in tiluiksh'hi \ 
 Barnes, iltiOO) A. C. 240, 2.'.1. .\nd see A.kiiright v. Sewbnld. 17 
 Ch I). .■!20, and Dernj v, PtvV.-, 14 App. Cas. 359. 
 
 ■' Though a person may be dei^iived by another with the knowledge 
 of a third |)ersoii, if that third pei-son is not |)arty to tjie deceit and 
 
IM'KoUL'UroKY NOIM. 
 
 •.'o.-» 
 
 iiwus 111) k'isiil duly ui' ubli);iiti(iii to lla' {turmoil decouoil, .tail (J>>ri4 
 iictliiii;^ but )>ie.-<urvf ^iU'iiit' . Ii<> laiiiiul In' held liaMi' in ni\ 
 
 .iiituu tor duiiiatfi'" ill tlio iii»lam«' ol' llii' paitv dtMi.'i\ud Miii itlmiii 
 V. WKirii. «!' L. T. 41J, iK'i Kuii'oi, .1 
 
 A-* tur as I know. niIimih' lia-^ lU'M'i _\»'t Im'imi licld In uiiiouui I" 
 miiiepit-oiitalioii." I't'r .Iomv. .1 . \u Snliluii \ . Snrlh I'.n.^lii ii >iilt 
 
 I ,j.. y\'.iii:>) I cii. .laii, a.i.'i 
 
 .!» to If) -I I mu»l bi' -liouii lliul llio iiii>)t'|iii'«oiilatioii »,i» NrmiMl 1 1. 1 
 Miali'liul. It i" not ovoiv mi^i<'|irt'-.<'iil;ilioii lliu! y:iv»'> a iii;lil ul' 
 
 ,1' Hull 
 
 A iiii'^laltMiii'iil.' u^ .It'-sfl. M. |{ . said, in Sitiilli v < hnihrnl, 
 .Jii ( li I) Ki 1. iiiiiy Ih' SI) iiivial a< tliat fli<> Coiiil will In- <>( 
 .]iiiiiuii lliat ii loiiid !in| lia\(" allcrlcd ii»> plailititrs mind ill nil. "v 
 inijiiccd liiiii to t'liH'i into the coiitruii ' Kof iiii-n'|iH'M'iilaliiiii- 
 nliiili liivi' Ikm-u lit'ld iiiiili'iial, .-<■»■ .•'K/i/k. |i|i I'.til l','^ 
 
 .Ixtinih. It liliist Irt' slioHii tlial iht' jrlaiiilil) was iiidlHi'd li\ siicli Suli^.iil 1 1 
 iiiisii>|ii(>-cnlalioiis lo subsiiil (' or Imy (Icin'rally. llio |)laintitl I,',',,,'',',"'.,',! '•* 
 -uiMi» to the tail, and when the iili»i('|iii'Tiilalioii is .natcii il. and 
 ii i~ ~li(i«ii tlial liic |daiiitill took ^liarc^in response lo ihe |ll•o^I)el•l^^s. 
 It i- a lair int'ereuce ol' I'act tliat he was inuuicd by the |)rospeiius 
 In subscribe. Siiiilh \. ('h'uliviil:. !• -Vpp. ('as |87. /{riliinin- \ 
 lliml. 211 eh. U. I: \asli v. CallUnrpe, cllMKn 1 Cli. sr, . and .-ee 
 ilii> nli«ervalinns of Lord Halsbuiy in Marlfu)/ v. Tail. ( IS'Oti i A. (' 
 :;i, .y«/»n;, p. l.-'S. As to wliut is sullieient to prove or netrative reli- 
 iii'e on the iiiisrepre.«eiiliilinii. see xiiiirn. y\). IHI. I'.l-'i. .\ |iiaiiilill 
 nun >iuci'i'd e\en where llie misrepresentation ix'lied on was not th" 
 Mile iiiiliiri'aienl to sub-uripti'-n. luliiiii'ilnii \. h ihniiiiirnf, 2'.t 
 I . I>i\. 4-V,i; t'ailiiui V. I.Diuum urn'. Li-t'dx Itiinl;. "ii! I. 'L' IIV 
 /'(./, V. l>i-i>!i ;i7 c. I»iv. :,\\: Aniiv'ii v s„iit)i. II c I). ;tiH 
 
 .l.^' Id I <• I - I iiless daiiiu;ie is >hjwii. liie plaiiilill )ia~ no liLffit lo |).ii,,.,j^, 
 iiiiiplain. Smith v. Cluidirirl.-. '.> Apji I'a-. IM7, folliiU \. U ,(//,•; . »>"'»ii- 
 ■1 r> iV Aid. 111. When u |.ersoii is indini'd by tiaiid in a prospcriu^ 
 t" II) ply t'ni vhaies. the lo^- is susiaiiii'd iis xmhi a- he |i,iii^ with lii^ 
 III 'lux Ani.ls()ii V Sniilli. 11 (h. I). IKiii. 
 
 .1.- /oi/i Fraud by the delcMdaiil nin-l be eMaMi^hed II i^ nl Frsu.i. • 
 llii' '■— eiit-e of the a'tion. And it is osiablisjii'd Alien ji i^ ~liouii 
 ill lliiii the i-epie,eiilalion relied on was fal-e lo tlir Iciiou Iniye i.l 
 llic defendan;. or i2> that ii u;is made b\ llie defendant l■el■kle-^ly . 
 villinii' laiiiiir whether it was une or fal-e. o* , .! • iha! llie delendani 
 <\i'i 11"! ill fa. I believe i' lo bi- inir. I)<,iii \ I i-i-l:. II -\|:p. (a 
 •i-i7. The la^l all< rnntive. in fail. i..vci- b.iil; ihe u'li r-: and, 
 ur'jurdiiejrly. in an ai lion of doi-oil, the h ili.il iiiii-l iie | lovc.l. 
 
 ill order to establisli that a false statenionl w,.^ frauduleirK ;iiiide. i- 
 liial liir d(>leudarit did not in fui i believe that 'he maleniunl \\a>- true 
 .V)(i<c \ . Ilai/nuui, 1)7 L. T. l.'JT. A faNe .stateiiieni allowed to |ias- 
 liy lulpable eaivle.ssnes.s. but witlioiil. fraud, is uu! enoiiL:;li. Ainjii^ 
 V. < liihril, as'.n, -2 Ch Hi); \\iitt.s v. Atkin.iu)i, 8 T. L. R. 2.JJ. 
 
 '■. 
 
 Jit- 
 
«r 
 
 '^>iUi 
 
 him "(If 
 dwcivifl. 
 
 
 Limitatio 
 
 of tmit i. 
 
 rKotiPEcrieiKs. 
 
 rCiiAP. III. 
 
 Niitt.' till' (litloruiicti ill tliut roK(M3i i 
 
 ix'luorii ail mliiiii 111 iliMHil ami uii 
 
 iiiiiori for «'M(is(.i(»ii, in 
 
 wliii'li iti liiul tiaiiil iio'il nut liu .^Ikiwii 
 
 And MoU' t'liillu'f thu liillcicm c in tlio cii>i' oi iiiiii-iiiiu|i1iiim. i- 
 mill un\ iif tilt" n'.|uirt'iiituit(i of -ocl H\ nl' ilic (■()iii|iuui<>H Vet. liinN 
 III the oaso (if nwt. 81, lu) tlioiv i" tin liuliilil\ uiiiler llir ^rrlum Im 
 
 i-i!i*lo-"nr(> if tlio <lff«iiidunl wii 
 
 not 
 
 i<^ni/.ant of llii' iiLitlt'i 
 
 lli'<tlo«''i| . 
 
 ill if till 
 
 noii-r"iii|iliani'<> aiu"!) tioiii an 
 
 >iakt> of fail; 111' 1 1' I wluMo I lie noii-i iiiii|ilianr(' riiii»i-.t.s in n.n 
 
 ;il\Ultr 
 
 full 
 
 parlii iilaif of a diit'iloi'i iiilvicxl in inoiiiolinn or |ii 
 
 |n'iiy ari|niit'il li> I Ik' ri>iii|i.in_\ . 
 kno\vlud}.'<' of llic iiiailcr-^ mil •! 
 
 iiik'-i-^ It !-• pi 
 
 A Sci'l. HI (til 
 
 ■il I lull ho li.iil 
 Sot' siiiiiii. 
 
 I' 
 
 i: 
 If, 
 
 in an ai'tinii o 
 
 t .li' 
 
 (let! 
 
 an |irov<' 
 
 lliat III 
 
 Ix'iit've the sialoiiii'ii 
 
 I III lie II 
 
 III. 
 
 Liiiiiill iiiii^t tail, iHi'ii tlioii'. 
 
 llial till' L'liiund-i on wliii li iIk." Ut'lii'l wa^ foiiii 
 
 Ivd 
 
 iiiiica^iiiialilc Till- was d>'ci(l<'il liv tlu' lliiii-<> 
 V. I'rcl,-. If \\)\>. I'lV*. .'1:17 iini'i-intr tin 
 
 ol 
 
 l.iiViN in /'<■; 
 
 if I III' I Ollll 
 
 Api 
 
 il .\. 
 
 ;liek"- 
 
 run 
 
 'iiU'tatioii of lilt' i::iiiiiiiil> of lii'li 
 
 dmilil, an iiiipoi'taiil iiul in ii~iortaiiiin(j uliotln'i tli< 
 
 Iii'licf Wii- 
 
 I A iiii 
 
 111 -i luoit) assertion 
 
 thai 
 
 Im'Ii 
 
 '<l till 
 
 It Ik 
 
 III' dill sii 
 his belief 
 
 ' is not III be ai^cepted as (oni'lii^ive |iriiof ili.ii 
 itay be such an absoiii'<> of leasonalile ground fm 
 a*, in spite of his assortioi , to rarrv i oiivii linn to ilie 
 
 rill 
 
 it he had not reiillv the belief 
 
 illejrod. 
 
 l.onl 
 
 •II. ih. 
 
 I'l' 
 
 .!;!!), .W 
 
 l-'iaiiil limy be e.stabli.shed when the reprosentali 
 
 hdi 
 
 lull- belief iliat it wi 
 
 true. 
 
 d hofo 
 
 ilmi 
 
 Iti ■ made 
 III tlie par 
 
 ho Miaile it tiiids nut that il was milriie an 
 
 I reii 
 
 laiiis silent 
 
 P. 
 
 l.i.nl HIaikbiirn, li, 
 
 ia.~e ilie ilirerioi' 
 
 v/Zi 
 iirht III 
 
 ('iitniilifll. •) App. Cxs. '.I. 
 
 lO 
 
 li 
 
 a|i|i||i a' loll wa.s lia.-i' 
 
 TIk' 
 
 Olllv lliiiii; 
 
 ' We caniiol eonlrad with the ;xi'ntle- 
 i| nil a iiiisHtatonient iiiiihoii/od by iis 
 to do l.s to tell hini Ih.il the prospect ii> 
 
 i.s erroiieiiiis. and thai we lannot a<'ee| 
 
 It hi 
 
 Wi 
 
 Mill ileii'ive, 
 III ihli'lsDii \ 
 III 'I'xiiU \ li, 
 
 i,>i reiii'ii his niniiev. 
 
 s applicalion. 
 IVr Paire-Wood. V.-( 
 
 'I- 
 
 lM'.I; and see the remarks u 
 
 f Tun 
 
 I, .1 
 
 mil. 
 
 » I), .1. A S. ;U8. 
 
 Iv III till' jK'riiiil of littiilnlioii in iin iirtioii ul ih'ci'it. Havin;; 
 ill' In 21 .laf. 1. r. 11). an uelioii of dereit i.s jirhiiii fnric barred 
 
 ii'oiiirlil wi 
 
 thill 
 
 voa. from the time when the iau.se ol 
 : I ISiil when ihc ))laintill tihow.s that he did not disi over. 
 
 ilili 
 
 il di; 
 
 the frami iiiiiil within 
 
 ~i\ yeai> I 
 friiiidnleiit 
 
 iitoM' the ai lion, and that the e\isleiire of .siicii fraud wa- 
 l\ romealed bv the defendant until within the «i.\ voui>. 
 
 tune will not run till >uih discovpiy . (iihlisx. t,iiild. '■> (^. H. 1). ■"'!'; 
 and .sef> Kr McCidluni. i 1901) 1 (Ti. U.i. 
 
 Xo delay in brinfrinjr an atlion of deceil Khort of that lixed by the 
 statute will bar ihe u'tion. I'cil: v (iiiniey, L H. ti H. L. .'!77. 
 
IMKoDiJCTOKV MriKS. 
 
 tW 
 
 .1-. lo .tr.iti, „r biiHlMuptcif. -On ilio .lo.illi ..i l.aiikni|.tcv ol a iMiihur 
 l«'i.-uii ill whom ilicM.' is vi-siod a liyln oi a, lioii (<>r rruuiltilcni iiii»- '■ '"'■'■"1"' > 
 
 .M'liluti'iii wli.Tfbv Ui' ha- |n-(i i.io.iov. ihi' liHfhl ol a.iiaii pii>..st>« !i.f™ud!^| 
 in lii- h'-al |i."i-i>ii.il ii'iiu-.-iilulivp!* Ml ini-ti'c in iMiiikiupIi v, .w th»> 
 .;i,-.. liiav h.t I Tiri/imss v ^■rrl(//, t (' I' Div IDi. hul .Huhject to lh>' 
 t:.'i]<Miil iiilc. ■ ,i,l„i I., tsdihilix iiiiiriliir miii iifisniiii" I'tek \ 
 iiiiniril. I, 1( li II 1. .177. 
 
 Thi' H'-l '>t (he a|>|iliial)i|ii\ ,.l ilial ml.' i-. I. a- iho wmiiir-loii .i 
 .'.-latf piolil.Ml \,\ ihi' wr.in:.'- Il i! liaw. the .•\.tiii.,is .m adniiriisda- 
 i.ii>,,t a <l<'lin(|iioiii ijii-t'itor Ol other ptT.soii who iiiadi' iho iiii-icpic- 
 -.'iiialioii will 1.1" lialili' lo thai .■\ii.|ii I'hiUijis v. Iliiinfriii/. L'l ('. I). 
 I.l'.t; Ihir.in-it v Woollon. t lilOOj | I. |{. 27.1; Xcir Soitihrrro l'l,,»t- 
 lilKilr I II V r.iLinijer. ."■ Ch. I). 7'1. 117; olhor\vi.s-, i( iIk, oslalc ha- 
 unt liciii'liK'il, I'irk- V. fluriipii .. 6 H. L. ;i9;i. 
 
 I'.ii' wh.TC A (iiir. lia>o,l 11 i tlih'ss sharo- in a ronipaiiy lor 
 
 .'.III/ and (■laiiMO<l lo prove |(,; :i.-,i)/. iw duMm),'»'s for tiiisrcprc-i.nla- 
 tioii in ah anion lor Iho iidniiiii.siratioii of B.'« esiao-. Homer, .1 
 li^u!)ow<.d the ilaim. holdino; Umt ixs ihorc was iioihinir umon^' lli.' 
 i.wMs that at law or in o.pijty l>olongo<l to A., and the damaffos iin- 
 li.|ui.laied and iinroitain, the «'xe(iitor« .oiiUl not bo «uod "moivh 
 l-'aiix' li ■> .. Slate mipht have licnedted h\ tho wron;,', and that the 
 .lama;.'*'- were moii<> the lo-> unlicpiidat.'d and uncertain from the fact 
 'hat A miy^hl lie iihle lo prove that the measure of his >laiiiat;es wa- 
 thf amount of tho purehase-monev . !{,■ Ihiiniin. Tiiri/ \. Sweflimi 
 IH!l!»i I Ch .•|«7. 
 
 .\s III hniil.niiitr;/ Demands in the nature of imli.pii.hih'd i',.„,,f ii, 
 ilamattes. ari>iii<_.' ollierwi-e than hv reason of a ronlraet, piomi-u. or I'.iukrupKy. 
 Iiroa.l, of Irnsl. are not provalde in liankniphv. Seel. ;17 ( I I of tho 
 liankrnpt.v Act, IHH;!. Honce. damasres ior" frau,|uleni misrepre- 
 -iitaiiori l,v a direetor are not provable in his hankriiptev, iinle-.s 
 tlitn have been ascortained hv judirmetit obtained before th",. re.yiv- 
 111- nr.Jer //,• .\rmninn. .} ('. I), tit); (ir,;-uwimd v. Ilnnihrr <1 to. 
 VnrlHiiith, W. X. (1898) Itil'. 
 
 Hut if jiid^rmoiit Jia*i been obtained tlioy aro pro\ahle. Einw,i 
 >'Viv, Mhi.Di, Co. V. Grant. 17 Ch. I). 122. If not provable the, 
 .lie no! evlin<rui.shed by the bankrupt v'i'ltinsr his disdiar^a', for the 
 •ii.s<hari,t. only roloa.sp-i him from provable dobt.s ( Hankrup'tcy A.i. 
 lnx.i. s. .to <2ii: nor diws it roleaso him from debt« incurred b\ 
 ini"il or fraudulent breach of trust" (/VxVi. i; and if the claimant 
 lni.Mic- his riehi.. (h,. Court ot I!,inkrupicy will not restrain the 
 "•>"" '/vr iiartr ( ,,k,r. 10 C'h. 1). (;,-,;(. i Qun,,; if ho did not, 
 "liother the Statute of Limitations would not run apiinst him 
 
 Hie iiiea.~.,,e of dainaees is the liilleience bolweeii the amount paid \h:isny. ..f 
 ■lie shales and tlieir then \abie, i.e., iiii lediaiely after aHotmcin ' i"i.i>f"s 
 
 This value is not ne.trssariiv the inarkot • for the allolt4>e is not 
 
 iiuiid t., M.|l nn. inari' value always rue wilue. The true 
 
 ■n*^'- •? 'he lif,'lit of Mu queut events showin-.' 
 
 • 1 1 
 
% 
 
 20H 
 
 l'Rt)(<PECTUSE». 
 
 rCllAP. 111. 
 
 ihf iulieieal wort liler^sue^s^ of tlio iDiiipaii.v . I'ei'k- v. Derri/. 37 
 I'll. I). 5H: and i^oo Ainisnn v. fimilh, 41 Cli. U. 3ti4: Arkuriqht 
 \. SeirbiAil. IT <'li. D •tlU: Davhhon v. Tnllocli. ;i .\hu(|. TS:!; 
 
 Directors' Liability. 
 
 I .' V' 
 
 Lial>iliT\ t'n 
 prosptM-tui-. 
 
 Sett. 81 ol ilic Ac) \a\n's tlii' phut 
 IS'.tO It llCh.^ lliii.~: 
 
 l;irt. vi llio Uiro(lor.<' Liubilitv Act. 
 
 84. -(1.1 WliiTi' u iini^iicit 
 'lrl)cntiirc^ "f a i(>ni|);iiiy. every prr* 
 of the H«ui> of the prospei til- 
 
 ii> invite" |i('rs<iiis 
 
 1 to sulispribe for sh:ire> 
 
 aiiiini; of him iiml is iiameil in the priMiieetus us a diredor 
 
 11 who U a director of the eonipany at th^' 
 and every person who him authorlui'd the 
 or as having' aureeil 
 
 . h< 
 
 • a ilirector eitlier iiiiniediately or after an in 
 
 tervul of time, and ei 
 
 of thi 
 
 eomp; 
 
 ry p. 
 
 ,vh<i has authorized tlie issue of tin 
 
 any shares or delientiiris on 
 
 ons who ..'dtserilie fo 
 the faith of the prospe.tn^ for the hiss or dania-e 
 
 ospeetiis. sliall he liable to pay lomiiensatioii to all per 
 
 they may ha 
 
 su 
 
 -taiiiod liv reason of any untrue 
 
 stati-nient therein, or in anv 
 
 repnrt. or nieiiKO-andum appearini; on 
 
 the fare tliereof, or hv ri'ferenee incur 
 
 iirated therein or 
 
 'd til. 
 
 lierewitli, unle 
 
 -s it is p 
 
 the 
 irovtnl 
 
 ,) Witl 
 
 ll resp 
 
 ■t to everv nil 
 
 true statement, not purportiiif? 
 
 rtiiitf to be made on tl 
 
 aiitlioritv of an expert, or of a public official docuniei 
 
 it or statc'inciit. 
 
 that he hnd 
 
 till' alloinieiit r,r t 
 
 able 
 he sill 
 
 id to believe, and did up to the tin 
 
 that the sttitciiienl was triic> 
 
 • debentiin-s. as fhe case ma 
 and. 
 
 V be. belii 
 
 . I.) With 
 
 respect to eveiy ni 
 
 itriH- -tatcmi'iit purporting' to be a statement h> 
 
 or cimtaincd in what purports t 
 
 o be a CO 
 
 py of or extract from a rciM 
 
 v.iluatii 
 
 of an expert, that it fairly represented the statement, er 
 
 orrect anil lair cojiy of or extract from the report or 
 
 vatiiatioii 
 
 Provided that the director, person nam 
 persi'n who authorized tin 
 pay compeiLsation as 
 
 led 
 
 ilirci'tor, pi 
 
 of thi' prospectus, shall be liable t" 
 
 aforesaid if it is proved that he had no reasonaM. 
 
 1(1 to believe that thc> person makimr the statemi'nt, report. ..r 
 
 valuation was com 
 
 pet 
 
 ent to mak 
 
 It ; 
 
 III, 
 
 It) 
 
 With rcspci 
 
 •t to everv iliiliu.- -tateiiiciit |iur|« 
 
 to b; 
 
 ide by an official 
 of or extrait fmi 
 
 piibii 
 
 ruiitainci 
 
 "tHeill 
 
 I in what purports to bi 
 
 dociinicn 
 
 piirpi 
 t, that it was a 
 
 id Im 
 
 in seiitation of lie- statement, or copy of or extrai 
 
 ■t fn 
 
 the document. 
 
 it IS pro 
 
 •d (i) that, havinir consenti 
 
 d to become a director 'if tic 
 
 onipany, he withdrew his consent before the issue of the prospecti 
 it was issued without his au 
 
 anil tli.i! 
 
 uthority or consent, or (U) ''i''t the prospectii 
 ■d without his knowlclu'i' or coiisiiu, and that, on beeomiiii; awan 
 
 , he forthwith (rave rea.-on 
 
 is-uc 
 
 knowliHlire or consent, or (iii) 
 
 lalili 
 
 pu 
 
 ibii. 
 
 olice that it was issicd withonl lii 
 
 that after the issi f the prospectus, and bcfurc 
 
 allntl 
 
 lit thereunder, he, on becomimr aware of any untrue statenien 
 
 it till 
 
 withdrew his consent thereto, and pav<> reasiin.able public noliii 
 diawal, and of the reason therefor. 
 
 of the will 
 
 ri.) 
 
 Wi 
 
 ere iiisimpaiiy ex 
 
 laling 
 
 1 thf 
 
 L'iircrnth d.-iv of .\::u'n'f. 
 
 ciL'lit hnndred and iiinciy 
 of obtainin^r fnrthi' 
 
 ll 
 
 •d share- or 
 
 deb. 
 
 id for the pur|" 
 
 .ital by subscriptions for shares or debentures, issues 
 
INTKODUCTOKY NOTKS. 
 
 20f) 
 
 l.ro»iioctu<.. ii director shall not 1)0 liable in respect of anv statement therein. 
 
 unl.ss he has authdrijcd the issue of the prospeetus, or has adopted or ratified it. 
 
 (.).) Where the prospectus contains the name of a person as a director of 
 
 the rnmpany, or as havinj; affreed to become a director thereof, and he has not 
 
 consentcl to be. le a director, or has withdrawn his consent bcf.ire the Issue 
 
 iif tlic prospectus, and has not authorized or consented to the issue thereof, the 
 directors of the company, except any without whose knowledge or c.nscnt the 
 prospectus was issued, and any other person wlio authoriz.il the issu.' thercf 
 shall b.. li.ible to indemnify th.' person named as aforesaid aijainst all damai,'.-s. 
 ...sts and cxpen>,-s t.. which !..■ may b.' nia.l.. liabli' by reason ..f his „,„„e 
 UnvwK been inserted in th<- pr..sp,.ctus. or in d.^f.^ndini hims..|f a-ninst any 
 uition or le;;:!! pr.x-ei'dinirs bniuirht against him in respect th.^n-of. 
 
 (1. Kvcry p.rson who by reason of his b.inif a .lir...tor, ..r nanoil as a 
 dire, tor. or as having' a^-rc-d to b.M-.mie a dir.'.tor. .ir ..f his havin;; aotliori/.,..! 
 th,- issu.. of the prospi.tus. b,..on.,-s liable to mak.' anv p.-.vm.-nt und, r this 
 sectuin. may r.-eover .-..ntrilMilion fr.uu any oth.r p.rson who. if su.-d s.parat.lv 
 
 """''' '""'■ " ''•'''!'• f" niake th.. sam.' payment, nnl.'ss th.. p.-rson wh,. has 
 
 b.s-..m.. s., hablc was. and that other person was not. -uiltv of fraudiil.nt 
 misri'prcsi'ntatiou. 
 
 iH. ■ i'",ir th,' purposes .if this si.i'tion 
 The cxprcssi.in ■• pr.im„tiT •' ni,.ans ., pn.iiiot.T wh,. was .-i party lo th,. 
 lovparMti,.,, of th,. pr„sp,.,i„s, .„. „f ,|„. ,,„„i„„ th,.r..of ..ontainint: 
 111., untrue stat..m.nt, but docs n,,t ir,..|u.li. anv p..rs.,n bv nas,,,, „f |,i, 
 a.trn;.- in a prof..ssional .apa.ily for persons enu-a-d in i.ronrin- the 
 birniation of th,' cuiipany. 
 ■ ,.xpressiun " ..xp.rt " inelu.les ..ni;iu,.,.r. valu,r. a,.,„untant. and any 
 oll.i.r p..rs.,n whose pr..f..ssi.u, ^nv.s aulh.-rity to a statem.nt nia.l,. bv 
 hilii. 
 
 Indemnity 
 where Dame 
 of perN.tn 
 has be*.|i 
 improperly 
 insert,.,! as a 
 director. 
 
 Cmtribution 
 fr,)m ro- 
 ,lirct.tor*. &,■ 
 
 Til, 
 
 l-;'"liih-i.l llu. iMl<..|,n>tali<,ii.s,.,.|i,i„ ,,.,..(. US.", . it is .I...,.' that iln.s 
 Nvii,,ii ,. .i„lv , appk t,. |.r,is|„...t„s,.s itiviiii,^. s,il,s,ri|,li„Ms |„r 
 
 -li :n-,.>. ,l,.|i,. „,„,,... iir ,|,.| ,„,,. st,i,k .,!• , niiipaiii..- Ion,,,.,! „,„!,.,. ||„. 
 
 .\cl (,1 I'jdH. Th.. >,...(i.,„ has ii.i a,.|.lieati,,M I., lailwav. p-,i.s, «al..i 
 inimnav. ,„■ ,„h..r j.arliaTa.-i.lary .•,ii..pa„i,.s. ,„• t,. fun.io,, .„• ,„|„r,i,,l 
 """l'."ii'~. "V t,i ...)iii|iaiii.vs ii„..„-|,,,ralo.i |,\ ,„val chartor. „r 
 I" ..Muiiauii..s ,,ii,s(it..l<.d In ,1,>,.,1 (if ^..tth'tiiont aliil n,.t hr.m.^ht 
 "iilun th.. oporati...! of th.' Co.i.i,ani.>.s A.I. liMiH. Aiiv ri,.-!,) „f 
 ""■■m umhT th(. ..irrosp.in.lirie; I'r.ivi.si.ms „f ih,. ,vp..al"..<l \.ls js 
 prcMiv,.,! Iiv .s,.,l. -M „f Iho Iiitoipn.laliuii A.t. 18«'.t. 
 
 '' '•■• ' '""•' '" ["■"•^Ix'HiiM.s iss,„.,| I,,, .„■ on lirlnili „( Ihr ,nw- 
 
 '"'"" •"'"' '"^"iiiph.. if tl HiM.fs „t. wiv. lllll.iMM) shan.s in „ 
 
 ''""l«i"^ <>n..r,.,l .s,„.h .shan.s Cir p„hli.. sali^tiptj,,,,, it w.mM s„„,„ 
 ' i^'t Ih,. ,s,.,t,„„ „„„|,1 ,„„ „,,,,!,. ^,,,,1 ,„|,,„,,i|,„,,,, ,„„,, ,.,i„ ,.,,|^ ,,,^ 
 111" '.;i licial \n\\ 
 
 II'" ><Tli„„ ti>ii.hitn..nfall.v altors Ih.. hnv as t.i tho .■..n.s,.,,,„.„,.,.s 
 " miM-..p,.,.s,.„,ati,.r, i„ |,r,w,„.,.,„„.. i„viii„o- >„hs..,i,,ii.,„s |„, 
 ->i-nv^. .l..hi.nturo.s. or .IoIk.,.!,,,.. st,„.k. It ,1,,,., „„, ,,„,,„,,, „^ 
 ""'•nipt 1,1 all,.r ..r o.xtoiul Hip rtMiio.l.v ml„nl,.,| l.y the a,li„ii of 
 ■ ece,! !t ♦■•sfa!,li.slu..s a iirw aiki uiudi ni„iv t'lVtvliiai foiiicly. • The 
 •^" Mil, which the pifsuiit. .sooti.Mi is l,a.s<Mli "was |>ass,.,| ■ v,v..s 
 »"/(Mis.llar,ly, L. ,1., i„ McCoHneU v. \Vri,,ht, , l!»(.;t i 1 (h .H.l 
 
 A, t only 
 upj)lit.s t,> 
 ""iiipaiiic^ 
 uiiiler Coin- 
 paniis Act, 
 UMIS. 
 
 Sul>-w.ot. I 
 jL'iM.H new 
 remwiy. 
 
 m 
 
if- 
 
 ivi 
 
 
 •JKi 
 
 PROSPECTUSES. 
 
 [Chap. III. 
 
 (Jiiistiona 
 under [*ub- 
 -iict 1. 
 
 \VliO may be 
 sued. 
 
 Director. 
 
 as director. 
 
 1*1011101 cr. 
 
 558, "in 1890, the voar .atU>r I>erk v. Dcrry t^U App. Cas. 337;) had 
 betMi decided in tlie H(ius<> .>f Lnnls and, us it sccui'! to inc. for 
 the expreis.-* purpose of fretting rid of the olVect of tliat deci.'<ion, so 
 far and so fur only as directors and promoters issuing a prospectus 
 on the one liuud, and persons taking shares nnd debentures on tlie 
 other liund are concerned." 
 
 As regards ihe ritrht of action conferrr<l by sub-sect. 1, it will lie 
 convenient to consider, spriutini, the following (piestions: — 
 
 A. Who Ilia;/ he sued an a dejciukuit ! 
 
 Subject to the Supreme Court Rules aud the decisions thereundci, 
 as to which see injia. Chap. XVllI., 
 
 ( 1 I Everv piuson who is a director of the company at the time ut 
 
 the issue of the prospectus; and 
 i2» Kverv person who, having authorized such naming of him, is 
 
 named in the prospectus xs a director, or as liaving :ig:roed i>i 
 
 become a director of the <'omi)any, either immediately ..i 
 
 after an interval of time. 
 ^.•}; Kvery promoter who was a parly to the |)reparalion iie lu.i- 
 
 sjiectus, or of the jiorlioii thereof KUilain . ■ iiiruc 
 
 stutenieut. 
 I 4) Every person who has authorized the issue of I actus. 
 
 (ll ■• DiriTtor ■■ lic-re includes ■•any person oeeu|.yinjr ilie po-ition of dire.t.ir 
 hv whatever name called." Sect. 285. 
 
 1 ^f|- 
 
 ■; iff 
 
 (■(iriiiinition 
 as I'D'Hi'iter. 
 
 V.''- 
 
 As to (3) - 
 
 The ipiestion whether a hody •■orporate is a iiersou or jiromoLT 
 within this .se( tioii and so callable of l)oing sued, is one of s"iiic 
 dillicullv. Hv sect. l'.> of the liilerprctaliou Act, 188'.i i .")2 .v .i:! 
 Vict. e. (i.-l ', the word - person, " uidess the contrary int<'nliou ajipciii-, 
 is to include any biKly of persons, c,>r|".rut.' or uiiincorporate. N'iw 
 Ihe .scclion make- 'lie i«'ison or promoler liable to pay .oniiiensatioN. 
 unle.s.s, amongst other altornatives, it is pn.ved that ho believed tlif 
 untrue slatomont and hail reasonable grounds for such belief; and il 
 mav be said that a lnjdy lorporaK' is incapable of lielief, and accord- 
 ingly would not be able to prove the facts reiiuisilc for its deleiicc 
 S*-!' rhnriimrciilinil Sucii-t;/ v. l.i,ii<l(»i mid fntviiicUil Siiftidij .i.^o. . 
 5 A])p. Cas p. H(12, where Lord Selborne stated his opinion, ■ ihal it 
 a slulule provides that no jicrson .shall do a particular act excopt ."i ;i 
 jiarticular condilioii, it is. iiriiiid facie, natural and reasonable • unless 
 theic be something in the sub-conW.xt, oi in the manilesi obje. I ol ill.' 
 
 slatule. or in ihc iialuie of the sub jecl-mall<'r, to exilnde llial ' - 
 
 struclioii . lo iindersiaiKi liie l,egisiaiiirc as iiileiidihi; .su< h jiei t ;:- ,:-. 
 bv Ihe u.se of pmper means, may lie able to fullil the condition; and 
 not those who, though called ' persons ' in law, liave no capacity to do 
 
INTKODirnnRY NOTKS. 211 
 
 - :i\ ;iii\ time. Iiy miiv iiiciiii-. or hikIim' ;iii\ liiviiMNl.iiK i>.s ivlial-o- 
 • •\ 1 Tlii.s vii'u, it iiiiiv 111- (.iiilcmlod. i> i'i|iinllv a|i|)liral)l(" to llio 
 (ii-c ..| M -latiilc, like tli:it now iiiulcr iiiri-iiili'mlion. uliiili prox idc.i 
 lliui .1 |Mi-.s(.ii shall (io a |iaiii(iilar ail. iniiu'ly. |iav ■ i.iii|)<'risali()ii 
 
 miN«- li' ..,iii|)lifs with a |>aiti(ulai- «• lilidii. iiaincK. piiiv.'s liclifl. 
 
 Oj, ill,. oiIh'i hand, it may justly Iw .- id (iiai (•.ir|.niaiiuiis arc within 
 i\v liii.-cliii'l' iiiti'iidi'd to Im- rcincdit'd liy tlin Act., and that tlic wnrds 
 aiv .-.iilliiiiMill\ wide, and shiaild. if |mssil>!(., |)t> held lu covor such 
 li iilii>. hn ImmHcs coriMirat*' may and do act as proniolcrs. and mi^'ht 
 I.. Im .ind ai.' Ii,ild<> for the acts ot' llicir diicctnrs Ltinmnis Silinfi- 
 (', \ l.tiiiiiii,is Siii„i;,;it,', (ISll'Ji :.' eh. ;j;t2i, and tlicif would Im 
 no riMJ dillicully in lln'ir cMal.lishino' a dolVnco since, in tlm ca.s<> of a 
 niridialion. llie htdiof of its airciits actinia in the matter must bo 
 imputed to tlie corporation Iji an action of deceit aj,'ainMt a cor- 
 poraliou proof of it.s ajriMits' liciiof would relieve t Ik- coriiorat ion. See 
 .N"///w. pp .•)■!. .'it ft xfij. 
 
 Nc al.-o a.s to a limited (onipanx l>ein>< a |iersoii, ' \\ illmott. v. 
 Lndhiii lltiad ( ar Co.. i lulH) 2 Ch. .'lU'y. 
 
 .\stoi4l - Person 
 
 The \vords hasaiithori/e<l arc ^t (irst, siirlit evtravan-antlv wide. •."'t''"''f '"B 
 
 ■pi ■(■till I^NUt' Oi 
 
 llicx iiMi^lit iiichidc a liroker, hanker, advertising;- afrenl. or shop- prosptx^tus 
 kccicr wh.i authorizes his clerks or servants to hand i opies of the *"'•"'''<'<"• 
 ]rii~pc, Ills to ciistoineis or others, and even tlii> inana^^er of a news- 
 paper who authorizes the puhlication of the prospcrlns therein. But 
 it W'lM he absurd to place sii.h a constru.iion on the words 'Pjiov 
 (aiinoi reasonalilv lii> hehl to ap|.ly to such persons as hankers, 
 brokers. accountuiit.s, solicitors, and enyineers wlio inereU i oiisenl to 
 iheii luiiie.. appeariuL' as mk h in the prospectus. Lord .\lv<.|stonc. 
 «lieii .Vlinnicv-Ceiierai, and Lord Davey when .it the l.ar. both .so 
 adM.scd; anil the ,-ectioii it.self distiniruishes between authority to 
 luiine and authority to issue. It is <oiiceived that a per.-on is not 
 one u|„, has aulhorizi'd tlie is.Mie ' within the nieanin<r of the 
 M. iioii. iiiilc-s iu cnmnion jiarlance he would be .-o (!.>>, iil,ed. and that 
 
 ''"' i"'"' "1 1- llie initial piiltino- forth, or launching of the doeii- 
 
 ineiit. and not the subsecpient distribution of it. 
 
 Ill the case of a diivctor there is seldom aiiv ditliculi\ in -howin<r 
 till' he ha... aulhori/ed tlie issue, linxiiix- v. Sitrak. i ]>.»):',, \ (h. 
 j«i;. allhiiicd .IS .s//, '/,//, ■(//■(/ \ . lliiKiiiit', infra. 
 
 1! Wiiiii iy ■■,( .shifi'iiiciil" ir, III III till' .■ii'iliiiii' 
 
 \ii oidinaiy slatenient of fact, <>.</. that " lil,0(M) shares June been \Vl,.,t is a 
 alie:i,|y sulwi iUvi,'' or that "the i)rotiis of llie business diirinj: the "'»»eiiiem 
 k-l live veais have aver.i-e,l 20,()()li;. per un...,....' or -ha! :e"taip "l.'t'"'".""'" 
 
 N"'ilie.l eniitracis ar.' Ih ily eontracts to which llii' coinpanv is .• 
 
 I'.nt;, Sliri.hcinl v. Ihoniiii: ( l!HM) .\ . {'. :W2 ), or that the compimv 
 1ms a..pii,ed a valuable jiroperty ( McCanm-11 v \Yri,)ltl. f I9l){) 1 
 
 J- 2 
 
 It! 
 
212 
 
 PROSPECTUSES. 
 
 [Chap. III. 
 
 NSf i 
 
 Stntoment- 
 oti trifle 
 pni(»l»ectus 
 or iiotict'. 
 
 Keport or 
 mc'iniiriiiiili 
 tiotii-t'd in 
 jtnwpei'tii^. 
 itc. 
 
 Itifcreuci' t 
 i-opit-H or 
 iT'ract*. 
 
 Ch oW) i« obviouKlv a statement within the Boclion, in respect of 
 which if' untrue, a .lefeiidaut may be heUl liable. Nor is there any 
 reason to doubt that statements to the effect that the directors or other- 
 ■'believe," "anticipate.' "hope," or "intend" so and fo, or are oi 
 this or that "oi.inion," are statements within the 8e<^tion. There is. 
 however an important distinction between such statemont.s ot bolipt 
 or opinion and ordinarv statements of fact, for, as regards the latter, 
 the plainlilV has nierclv to prove that the fact was not as stated, and 
 then it is tor tlio .leiendant to show that ho had reasonable -round, 
 to believe iuid did believe, that what was stated was true, or. as 
 Cozens-llardv. L. J., puts it in MtCoHiiell v. Wrifihl. i I'.Mt.ti I < 1. 
 .r.h. -llie pluintiti has only to prove, in aildition to damaui". tlnil a 
 material slulement is untrue, and he can maintain an action, unlos. 
 the detVndant <an establish that he had reasonable ground to behove, 
 and dill bolievi-, the slutemeut to be true; in other words, tiie onus ot 
 proof i.s shifted." In the case ot a statement as to belief, anticipation. 
 hope, intention, or opinion, on the other hand, the onus is on the 
 plainlilV to iirove that the <lefendant. did not believe, anticipate, hope. 
 or intend as the ca.se may bo-a matter of no small difficulty. Heme, 
 as leirards this latter cla.ss of statements, the plaintilV is in substan- 
 t' Uv the same position as he wius before the Act. 
 
 It' must not, however, be supposetl from this that .liieclors ami 
 others mav safelv indulge in reckless statements as to liolicf. unli. i- 
 l.atiou lin|.e. iutemion. or opinion, for in tlie ab.sence of rea.sunal.1.' 
 grounds for such belief, in: the tourt may be asked to find, and mu.v 
 find as a fact, that he did not really entertain the alleged bcliet. 
 antii ipation, hope, intention, or opinion. Westrn, Bank of Scntkml 
 V. Adilif. h. R. « H. L. I, So Ui«. See Aaron x licefs v. '/«•(.«, 
 I 18'JOi .\. ('. 27;i, and supra, p. 18". 
 
 l.iabilitv mav bo incurred under the section mit only in respect ol 
 statemeuui in the prospectus itself, but al.so in respect of the folli)"- 
 iug, namely: 
 
 i 1 I Any untrue statement in uuy report or memorandum appear- 
 ing on the face of the pros|H>ctus. or by reference iiiKii- 
 polatwl theiviu or i.s.sued therewith, but not iiuulo by or 
 contained in what purports to be a coi)y of, or extract from. 
 a report or v.ilualion of an e.\pert. 
 (21 .\iiv untrue statement in any such report or memoran.lum pur- 
 porting lo l)e a statement by or contained in wliat purport.- 
 to 1* a copv of or extract from a i-eport or valuation "f a" 
 •■Xpert, where it is proved that the director, person named, 
 promoter, or other person who authorized the issue of lli" 
 prospectus or notice, had no reasoiiabh' ground to bclunc 
 that the person making the statement, report, or valuatiu" 
 wiis competent to make it. 
 " Expert " here includes engineer, valuer, accountant, and m\) 
 
INTRODUCTORY NOTES. 
 
 213 
 
 Wli(» limy Hilt' 
 
 iiinlcr HtM't. :J r 
 
 SuhwribtTH 
 • 111 f:iith of 
 
 other person -whose profeaaion {/fives authority to a htatoinciii luado 
 bv him. 
 
 As to reports, see Re Reese Silver Mining Co., 2 Ch. A))p. fil I ; 
 h'owlinny. Wi/^kh/im. a D. G. & .1 . .'t()4; AH. -Gen. v. Ha;/, 9 Cli. Ajip. 
 Id-'. II.; Briliuli litiniuih Latut Co.. .ili I,. T. Kl.j; Ani/iixw ('liliiird. 
 :\\>\\. K. L'J2: (1891) 2 Ch, U'J. 
 
 As to thp lial)i!ity of oxporl-s for falso or nof^liiri'iil roporls. -ci' 
 (nil II V. \yill.<ton, ."to Cli. IJ. .'{!»: dconji' v. SItirinuton. I.. K. ■". 
 V.\ I: Flelrher v. (ialland, ltd I,. T. X. 278. 
 
 ( H7i(; /(Mil/ 6/VH// an action under the section ! 
 
 All persons who suliscribe for any slnircs. ik'lioiiliiios, or dflicii- 
 iiiu'sioik on tlie faith of the |)rospt>ctiis.'' 
 
 Tliesi; words ;^.v(' a riy^ht of action for loiiijicnstilioii to cvi'i \ >ii( li 
 )iri>oii. It is pn.'suiuod that the word ' sid)scrili(! " nioaiis apjdx fur 
 and accept any allotniont from the cMini|)aiiy ' This is the usual set. o 
 ill whicli the word "subscribe'' is used. Un.\.t v. Estates Investment 
 ( II.. :i Ch. <i82; Ilender.'oin v. Lacon, ■'> Eij. 2.)8; Arni.-<on v. Sniitli, 
 II C Div. ."118. And this construction is sup|)ortod liy the fact, 
 tliai the .se<tion assumes tliat ihi'ie will lu' an ' allotiiieiit '' under the 
 prospectus. 
 
 The words ai-e susceptible of a wider construction. They might bo 
 held lo extend tw a subscri|)lion or takin<f up of shares, debentures, or 
 i|clpoijlMi-e Slock oUered for subscript ion, not, by !>'■ on behalf of the 
 c<'iiipuiiy. but by or on behalf of some jierson. ii i, or coinpanv uho 
 or which had previously become owners thereof, w hother by allotment. 
 oi piiichuse; e.g.. suppose that a company is formed to aci|uire a 
 liiisiiiess. and that the consideraticm for the acquisition of such biisi- 
 iic.-s includes lOtt.OOO/. of debentures, and that the vendor, after 
 lioMin;.' ihe.se d r.^nturos for a time, sells them to a trust conipany or 
 hank, which in its luni olfers them for public subscription or sale. Ls 
 the .-c. lion to ajijily to sucii a case? For the reason already slated 
 ahcvc il is submitted thai it is not. If it did. this anomalous result 
 «iiuld follow, lluit directors and others who have had nothin<r what- 
 evci 10 do with the is.sue of a j)rospectus would he liable under the 
 seition for certain statements therein, unle.ss they were able to sub- 
 stantiate one of the thr(>e ...lernative defences contained in the hnier 
 pari of .siib-,s<M t. I, which it may be quite impos.sible for iheiii lo do 
 
 1) ll/(((/ must the pUilntiU /iroce in order to e.sfal>li.'<h a iirima fauio V Imt t.. 
 ,.„,,. / picvc for 
 
 The plainlill must prove: 
 I That the defendant— 
 w(i Was a director; or, 
 
 -''I That with his authority he wius named in the prospeitus 
 as a director, or as having agreed to become a director; 
 
 f'irif 
 
if 
 
 214 
 
 PR()SPKCTU8E.S. [CllAP, III. 
 
 If a pprHoii sfi nuiiu'd »ul>six|UPntly uctinl as ii iliri-itor. tliat 
 wmild 111' coiiiiiliTcd /-/./«" /"< .' oviHonif of iiutliorify; 
 mid if lie knew ho was so nainrd mid did nut di<ilaim. 
 and iicrliaps toiik "liiircs. tlicw fart" airain woiild nffiird 
 siinif cvidciirc iif autlmritv. 
 
 (,i Or tliiit thc<lft<'ii<l;iin wii.-^ ii iiKiiiiiilfr ol tliP comiiiiiix . and 
 wii-^ n |uiilv til till- |ii<'|iiiintiiiii 111' tlio j)io-^|iC(lii>. <vv 
 i>\ till' |H.iiiiiii ilii'M'i't ininjiiiiiiii;- lln' iiiiliiii' sl;il('incnt : 
 
 It i~ ni>t I'Mi-y pri)i|ioti'r wlio i" to Ih' lialili-. \"H imly tlrn-^i- 
 will. niiHldli' witli til! |iios|ii-ctii>. Si'c •'iili-M'it. (li. 
 
 1,1, (h ijiiii till' ilclcndMiil Miitlifiii/cil the i.-^iir hI' iIh' 
 |ii(i.<|ifi Ins 
 
 2. 'I'liiil lliCK' «ii-- .111 milnir ,>iiitciii(Mil 
 III I 111 the pi-o.-lH'rlu^. 
 In Of in siiiiif r(>|iuil or iiiciiioiaiiiliiiii ;i|i|ii';iriii^ I'li llif liiii' 
 till ii'ol. Ill liv ri'li'icin I' iiiiiiiiioriitt'il lliini'iii of i-^ni'il 
 tlii'icxv illi. 
 
 A hii.-lt'uiliii-; .-liili'iui'iil is iUi uiilfiif .-uilciiiciii (Ircfiiirood v 
 l.riillii'i SIhi'I \\l,i'iH'n.. vHtO(l) 1 Cli fJl 
 
 Winn rlw itati'iiii'i' is that tin' |irisi)ii inakiiiir tin- statrnunt lu'lii'viil. anti- 
 cijiatiil. Iiiipi'd .11- iiitfiidi'd w> and so, iir was nf tliis or fliat oiiinimi. it is nut 
 enouirli fm- the plaintilV In prnvc that th.> liflii'f. \r. was not will foundi'il: 
 111- niu<t provi' that the lii'lirf did not i'\ist : liiit tliiTi' liiiiiL' lu' ri'asi.nahli 
 grolillil fill- it i~ rxiilinri' titiit il dill not rsi-t. 
 
 ;i. .lut till' |i|:iiiititi siiliMfilpi'ij lof ^iitifi's. lii'liL'titiiios. of iIcIumi- 
 (uro .stork on till' laiili ol 'hf |ifos|i,.,.|iis St-c m- to tlii-. s/f/ini. 
 P]i. I'.i;; ('/ xi'ii. 
 
 4. 'i'iiiil lilt' |iliiiiitilt lia.s Misliiiiicil li',ss of ilaiiiiiirt' \i\ ri'usoii of tlic 
 mitriio siiiteiiuMii. MrCoiuirll v Wiifihl. i I'.tiiitl 1 Cli. .-.Iti: Slrn>)i.-- 
 V. //wi/c. 2it T I. R 1117. 
 
 This no doulit im|iurt^ that tlir staii-nii'iit must hp inuti'i-ial. fur otliirw i<i' tlii> 
 plaiiitiiV r:iniii>t show loss or daiiia;;i' liy rrasoii of tin- nntrutli of that stat'iniiit. 
 As to wiiat statt'inciits may hi- inatvrial. scp .•.H//,y<. p. IW). 
 
 'I'll!' rxpri'ssion •• liy riMsoii of th>' untriii' stiitinnnt." appiar- to no .in hy 
 roa«oii of till- plaintiff lia\ini.' hpi'ii indui'H to part with his nuinoy on tlii> 
 fnitii of snrli nntrtii' stiitonipnt. 
 
 ihiiuiiof is ail oM-iiliiii l.uioi ill thi> liijiii oi .1. lion, and ilifrffuii! 
 inisft'iifcsciitatioii willioiil daiiiatfi' is not aitioiialilc' IVf Ciilliiis. 
 M. 1{ . in MiCiiniifll \ . Wiiiihl. s-iiiiru Sec also Art*/) \. CiilHinipi'. 
 ( lito:. , L' (Il li.ir. and Miirlinnw T,>il . i \<M»< • .\ C :• I 
 
INTKODUCTORY NOTKS. 
 
 ■n& 
 
 K \i hill is Ihf li<ihiliti/ imposed bi/ the section i \\'hat U tlif 
 
 liability 
 .,..,.. ,, I I II I under thr 
 
 Tlif liuliiliiv IS 10 |iu_v I'diupensation to ull iktsous wim -liiill miIi- ,ectioii;- 
 
 ,-riilii' I'll uiiv .--liart's, ilcbi'iitinus, <ir (li'lieiilmt' hlork on the t'ailli ot 
 
 ,-urli |ii{)'iH'( III.-'. Ii>r till' I'lss or (laiiiu;:*' llicy luav liiivc MiMlaiiicil ' liv 
 
 ica-im >>i l]io iiiitriK' .•<im<'iiioiit Tlii-i iiicaii.s l>\ leusoii of tlio plaiii- 
 
 lill .< Iiavintr li<'<"ii iridiKtHl l)V the uiilnic statcnirnl to sulisciilic. 
 
 S<'f iIk- .ju(lf,'imiit ol Culliii.s, M. 1{.. in MrCuHiiell \ Wriiihl siiiira. 
 
 ",''.i< aiiMiiinl <il ilii' <oiii|i<Mi.-<aiioii llic inca-^inc of (laiiia<jc'-i i> |iri'- 
 
 . .iiialiiv llic -aiiic a* tliai in an action nf flcifil. iianiclv: tlio dillor- 
 
 ciK c Ix'lui'cn lli(> ainoiinl |iai<l liv tlir plaiiitil) and llio i<>al valiio o( 
 
 ilif ..-liaK'-. (li'lx'nliiK'^. or (It'lMMiiiiic .-loik al the dali' <if alloliuont. 
 
 /VWi- \. Ihiii/. .17 ('. 1). .V.tl; Tiri/rinss v. (iitui). 2 C I'. 1) -Jti'.t: 
 
 liruuiHC \. S/icil.-. I!ilt;;i 1 ( li .■iHil; Anii.-,,ii \. Sniilh. H Cli. I). 
 
 .■)4.s. ;!().;. 
 
 [i i^ pro|n'i 111 <liioit an ini|uiry a~ t<i dainaai'- m the form in 
 .li/, »■/,.//// V Siiibolil. 17 ell. 1). ;!(ll. .111. MrCiinicll \. \Vri<ilil. 
 ^iijiKi: |ii'i l.oiil l,iiidlf\ in Shciilwnnl \. Hiudiiii. I'.)ii|i A (.' 
 ,it |i. ;ilH. 
 
 In Ml' iiiiiirll \ Wiiiili!. stiinii. till' iiiisMalcniciil ioni|ilalni'd of 
 «a> thai tin' toniiiany iiad aLiiiiiit'd ii \aliial)l<' |>i'n|)criy , wliicli it had 
 not in laci a(i(iiirt'd at the date wlicii tiic |H(is|>tMtii'- wa-^ i>.sii('d. and 
 the |iiin(i|il(' on wliiili tin' aiiiuiini of roiii|ii'nsiiiiiii was to lie asrin- 
 taiiipd wa.^ stated liy Collins. M. H.. as follows: it is uol an action 
 lur liriacli nl 'oniiiici. and. tlicicfoic. no daniay:t.'s. in n-spoct of 
 |iros|pc( li\c >;aiiis which the ))i'rsiin <-oiilractiii;r was ciititli'd I'y his 
 iiiiitiai 1 t(i I'xpcct, conic in. Init it i.- an action nf tort . . and 
 llicrcfiin'. iiniiii'i iaiie. tlio hijihcsi limit of lii> damaui'-- is the wliolo 
 extent of hi.-. |os>, and that lo.ss is measured In the iiion(>y which was 
 in hi- piM ivci and is now in the pocket of the coinpan\ Thai is the 
 nlliinale. linal. highest M.iiidard ol hi^ los-- Miit. in so far as he has 
 y:oi an eipii\alent for thai money, that loss is diminished So 
 
 far as the assets are an eipiivalent. lie is not damayed: so far as they 
 fall short of iieiiie: an eipiivaleiit. in that proportion he is daniaui'd.' 
 
 In sill li an action, if there lie ati iintiiie s!atenienl of a material 
 chaiaclei .in I daiiia<ies siis|ain<Mi. it is no answer that the statement 
 was iiiarje i;(iod soon alter it was made and acted on. Met oiiiiell v. 
 W'ritilil. siijifd : and see I'iek \ Ihiif/. '•)' (h. I). .'iH I : 1 1 .Vpp Ciis. 
 
 ;!a7. 
 
 F 11 /((// iiiityl till ill i<ii<liiiil jii(n-r ill (inh'r III rsfii jii' li'ihilili/ for lUl What defeii. 
 
 iiiilnir sUileiiieiit ' dimt Hhoul.l 
 
 prove. 
 
 \\.' ill liic ca-c ol an mil i lie slaleim ii( iioi piiiporliii^ lo lie made 
 on the aniliority of an e.xfierl or of a pnhlic ollicial ilocnmenl or stato- 
 nient, he must )iiove that lie had leasonalile irroutid to holiovc. and 
 did no 1.1 the time of the allotment of llui shares, dehoiitiiros. or 
 
 '\' 
 
 : im 
 
:*il» 
 
 »■■ » 
 
 3 
 
 \l 
 
 1 
 
 1 
 
 ' V ■ 
 
 (r-f -^■ 
 
 \ 
 
 ■'*: i 
 
 21.' 
 
 i'K08PFX'ru8i':a. 
 
 [Chap. III. 
 
 (lebcnturo stock (as flie ta«« may be i believe that the statement wa* 
 iruo. Greenwood v. Leather Shod Wheel Co., ilODOi 1 Ch. 421; 
 Shepheard v. liroowe, ( 1904» A. C. :H2; and see Derry v. P«>A-, 1 » 
 App. Cat. 337. 
 
 (L>. I In the case of an untnio wtatpmcnt purporting to be a stal.>- 
 n.pnt bv or coutainod in what purports to be a copy of, or extract, 
 from, a report or valuation of an en-rinoer. valuer, accountant, or 
 other export. / e., anv person whose profession -rives authority to a 
 statemi.nt. made by him, he must prove that it fairly represented th.. 
 Ntaloniont made by the engineer, valuer, accountant, or other expeii. 
 or was a corr.nt and fair copy of. or extract from, the report or 
 
 valuation. . 
 
 Hut this doftMue in respect of a misleading report is not sulhcieiil 
 if the plaintilV can prove ainrniatively that, notwithstanding such 
 untrue statement fairlv represented the .statement made by the expert, 
 or was a correct and fair copy of. or an extract from, the report or 
 vahmtion, such .lirector. person named, promoter, or other person 
 who aulhorized the i.ssue of the prospectus or notice, as afore.sa.,1. 
 had no rea.sonable ground to l«»lieve that the exi)ert was competent to 
 make the statement. I'eport. or valuation. See .l«,</i(.v v. t Ui)nrd. ;!!! 
 W. \\. 2.")2; I IK'.»1 ' 2 th. 4 »!•. where the reixuts staled to be "pre- 
 pared for the directors b\ <>minent engineers wer.- in fact prepared 
 for the agent of the veitdor to the company. 
 
 . :t. I In the case of every such 'iitrue statemeid, puriiorting to be a 
 statement ma.le by an ..ilicial jierson, orcontaine<l in what purports to 
 be a copv of. or extract from, a public otilcial dorument. ho must 
 prove that it was a correct and fair repre-entulion or copv of. m- 
 extract from, such document. 
 
 (4. ) But in each of the above cases the following further defence-^ 
 
 will bo open:^ 
 
 .a; In the case of a director, and of every person who has autlm- 
 rized the naming of him. and is named in the prospectus as 
 a director, or ius having agreed to become a director either 
 inmiediately or after an interval of time, such perron has 
 a good defence if ho can prove that, having con.sented to 
 become a director of the company, he withdrew his consent 
 liefore the issue of the prospectus, an:! thai the prospeclii- 
 was issued wilh<Mit his authority or con-ent. 
 ibi .Anv defendant, whether a director or otheiwlse. ha.s a good 
 defeni'e if ho can prove that the prospectus was issued 
 without his knowledge or coasont, and that on becoming 
 aware of its issue, he forthwith gave reasonable jmblic noti(« 
 ihat it was i-^ucd witlioiit his knowledge or consent 
 
 When a director, although aware Ihat a prospectus was being 
 issued inviting persoas to take debentures, di<l not trouble to lead it, 
 abstained from inquiry as to its contents, and refrainotl from giving 
 
INTKODITCTORY NOTES. 
 
 aii.v iiotico iiiulor the Act, Byrno, J., held that after action brought 
 umliT the Act it was loo late for him to repudiate the prospectus and 
 f liat repudiation in a Htatemeut of defence was not " reusonablo public 
 notice." Drincqbi-r v. Wmd, (1899) 1 Ch. 393. 
 
 Probubly iiotiro udvcrtLscd in oomc of the prinripal nowspapcrrt in wliiili tin! 
 prospectus was advertised would be " reasonable public notice." 
 
 I c I Any defendant, whether u diitntor or ollierwine, ha.s also a j;ot)d 
 <leleuce if he can prove that, after the i.»«ue of the i)r(wpnlus 
 and before allotment thereunder, he, on lH'coniin<r aware of 
 anv untrue statement therein, withdrew his consent tliereto, 
 and (rave rea.soimble public notice «•<• above j of s\\A\ with- 
 drawal, and of the reiv«on therefor. 
 
 Furthermore, the defendant miifht, no doubt, .■<el up a rolca-M', nr 
 loutract not to sue, or an ostop|)cl, as apiin-^t the plaintitf. 
 
 (i. What o. ' ii'tisiiHitblf iininiidx" far Iwlh-riiHi n sfdti-iiicnt lu 
 be true! 
 
 \ director or other jierson who niav be held res|)()nsil)l(> under I lie 
 wilion nuist bt'ar in mind that, if at some future time a statement 
 turns out to be untrue, he may Ix' called on to prove that he had 
 ica.iunable <,'rouiids for believinsr the stateuient to bo true, ami liiul it 
 will then be for a jury or jud}re to decide, not whether the director 
 cousidei^Hl the {^rounds reasonable, but whether such jury or judtre 
 I'onsider that they were rea.sonable. 
 
 So, too, he must ivmember lluit a mistake by him as to the 
 materiality of a contract re(|uired to be disclose<l will not protect liiin 
 from the con.seipiences of non-disclosure if it should in fact be 
 material: and it makes no dittereuce that he has been advise<l that 
 disclosure is not required. Slwphcard v. llroonie, ^l'J04i A. t'. .'142. 
 
 .Vcct)rdin),'ly each statement should b(> lonsidered in this view, and 
 the following- iiucstions should be put, namely:- What are my 
 ^'rounds for believing the statement to lie true? Do they socm to ine, 
 uoiifliinjr them inipailially, to be rea.sonableV What inciuiries and 
 advice sliouhl I make and take to as(.<>rtuin whether otiiors think them 
 reasonable? Would they be likely to .seent reasonable to a jury or 
 judge? What evidence can 1 preserve to satisfy judge or jury of 
 the rca.sonableness of my belief? 
 
 It may be well to give cwo or three examples: — 
 
 1. Supiiose the pros|)ectus to state that the company is formed to 
 ac()uire a business, and that "the average annual profits 
 of the business during the last five years have been 
 1I),00()/." The mere lussertion of the vendor that this 
 was the average could scarcely bo considered reasonable 
 grounds for believing the statement in the prospectus to 
 
 K*'aMitiabI»' 
 
 l.TtiUIliU '»f 
 (Irffnilullt*!* 
 
 b.lief. 
 
 Kxiinipifs. 
 
ui .r 
 
 21f* 
 
 PKO»I'ECTlT8ES. 
 
 [Chap. III. 
 
 hv liuf. Ill order t" juslit'v lliu stutoiiii'itt, H|)veiiil iitvi>» 
 »liuuld hi> taki'U to tont iU trutli l)> iniloiK'ndfiit ini(uir,\, 
 €!.(/., I>\ tlio einpliiyinout t)f « liruiot'<liarton'<l u^•c<lUlll^llll^ 
 lo invowtiiful*' llii' liookx iiiiil roporl in wriliiiir tlion'on. 
 
 .V;faiii: Siiiuhpm' il to In 
 
 sliilci 
 
 I tliiit the Im.iim'sri icj !«• 
 
 iiuirod i.'< a pajXT mill, and that tliorc i.« u |iU>iitil'iiI mi|i|)Iv 
 
 III uali'i-. 
 
 Tl 
 
 lis IS a statciiK 
 
 lit iili\iiii|s|v iiiattM'ial wliic 
 
 ill llic ali«'iic<' (if lorsiiiial know lei l;;c. slnuild not In' iiiuiji' 
 witiiiiiM iiiil<>|i<'iiil('iil <'X|i(>ii <'vid<'iiic 
 
 a Sii|i|Mis»' a larl 
 
 ad'd wliirli is in 
 
 tli<' kiimvli'il":!' of 
 
 illllv llIK* III' IWll I 
 
 I tin- diicilois, liiit tl- 
 
 »(> IHTsnll- 
 
 .1 
 
 |;riMiil\ . il 
 
 lid sft'iii llial lliis liiiulil 
 
 d III ailniil 
 
 it'iisoiialiN' jrriiiiiid on wliirli llu' nilicis iiiij^lii i oiniir wiili 
 
 tti 
 
 loiii III iiiakiii<:' lilt 
 
 ■('IlK'lll. 
 
 Who in all 
 ixi»'rt 'f 
 
 Wlial all" ri'asoiiahlf irioi;- loi- lu'lioviiiji lliat an i'ii;.'iiii'ri . 
 valuer, ariiuiiilaiil. or other » Mi is i'iiiii|)Ot*>nt ii.r.. iiualilled m 
 lit I to make a siateiiieiit. iciimi. in- xaliialion' This miis| depend 
 
 on tlie iiiTiimsiame- 
 
 it tin 
 
 T 
 
 leie ale some men ullose euni 
 
 petoiir 
 
 d rredil is iN'voiitl dispute, men «ho are at the head m 
 
 the trout rank ot their pioression: niheis nuiv hold a leioirni/i'.i 
 diploma or rerlill(ali>: lint where a man is not in this position, it 
 nia\ lie nei-essarv to olitaiii miiim' eollateral evideni-e of his iniii- 
 
 peteiir\ 
 
 Thus il 
 
 mav lie \vi 
 
 II tl 
 
 itaiii leleicnies to some leadmu- 
 
 ilier or luemlieis o 
 
 tl 
 
 or to soiue piMsoiis ol posiiioii who have em| 
 
 le |. rotes-ion to w 
 h; 
 
 hiili the expert lielmi: 
 
 ■miiliived him and 
 
 »p( 
 
 Ills coiiipeleiii V 
 
 Will 
 
 ' <'.\perl IS a foreigner, and lliere |s im nine to rommiiiu- 
 ise than l)v lele;:ra| li. with persons in the liiialit\ ti 
 iliicli he lielonL''s. il will 1m' prii|M>i to riimnmiiirale, li\ lelcirraph 
 
 (ale. oilierw 
 
 with some lianker or 
 
 iihi 
 
 ler I ei-on win 
 
 n lie trusted in llie Imalitv 
 
 lid snili person should lie reipiesied to iiii|iiire as to the roinpi 
 
 a 
 
 (encv o 
 
 f II 
 
 IP expert, and it he r< 
 
 poll- liv leleir 
 
 .'iMin lavour 
 
 alilv 
 
 reirard thorelo. it is ruiin'ived that sui h inipiiry and report woiili 
 
 be held to alliird reasoiiahh' (jrriniiids for 
 WHS eompetent 
 
 lii'vin;r that the expi 
 
 The nei'i'ssitv of olitainintr and pn-serviii^- written exideiuc ihal 
 
 reasonalile <>-roiiii( 
 
 ;it In 
 
 too stronely imp 
 
 ssed 
 
 those who mav lie lalled on to del'end their statements in a \:t"- 
 spei Ills. 
 
 As to the defendant ^riviui;- partiiiiliiis. Alnuni \ Ojiin-ii. 
 
 (19(11 I 2 K I! ."i7(; 
 
 II Willi is nil r.rjiri I ' 
 
 Siili-s<>ii ilr of seit K4 Uses the expn'ssion expert." and by 
 siib-siM'i I ."i ! llie expression ' (ixp<'rt ' imdndes eiiu:iiieei. vainer, 
 
ISTKODUCTlJKV N^»r^a^. 
 
 !l!> 
 
 lliiiit«tii>ii. 
 
 .ictuuiilulit. .iiiil iin\ ollioi' ■i:ei-i<>ir vvliox^ |ii(.tf--'ii>ii /im'* mllm- 
 liu 111 14 <liiU'iiu'iil luudf liy liiiii. " 
 
 ii i> III ho iilisorvfil tliul ill*' word ust-U is ' iiruirsHioii." imt liusi- 
 ji,>~ III iHi ii|juti<>ii, " tliul iililiouuli till' iiifuiiiiiij; nl' tlif wonl ii« 
 ^luU'il ill Jiiliii''iiii iiiid cl-cttlioiu ti) Ih,' Mtiutioii, kiiiittii (•iii|ili>v- 
 iiiciil. 11 mm Ik' duiilili'il wli<'tli<M- it will Ik« jfivoii li\ llic Cniiil 
 .iiiilf -I «idt' ii ri(ii«lriii linn ll i« mil tvi^.v In draw llii' liin' m iii- 
 uilfU ll |:i(iliiilil\ lIK'iili^ aiiMiiic will) Ill-Id"' liiiliM'll mil I'l liio 
 I iililii ii« -|ii'iiiiil\ i|iiiililltMl ill iiiiv liiH) li\ kiMiwU'ilvfi' 111 skill 
 lliiMi'MT I iiii~iiii<'il il lini-l iiuludc mihaiimhs. uichiti'i i>. I;ihm'i>. 
 and ijiHiur- Siiiciv, lim. ill Imiikiiiu iiih!H>im ii liaiiki'i i-* I" lin 
 . nii-idi'ii'il an »'\ivii williiii lin' dclinilinii. .1 lircwi'i in Ihimmhh 
 uiiilli'i-. n ;;i'iicial iiiiiiiii^i'l "I a railwa\ in iiilwax nialli'i-. miiI a 
 l.iwM'i «lirii -laliii;; lil> ii|iliii"ii nil a lilii' 
 
 I 11 /„(/ ;.y III,' 1,1-riiiil 111 liiiiilnliiiii in, Inniii'iiii mi 1 I,,,,, ii„,lrt f'"'.'^**."! 
 Ilir All ' 
 
 III ill, I,. I III \ l.iiril t'liiiiimiiiix. il'.tilil' I (ll TlH, il >v.i- ai'.'iiod 
 •hai tli' it'iind 111 liiiiilaliim wiis ^covt'iiiod li\ sect. .'1 til tin- Civil 
 I'l... iMJuK \.t, |.s;!;i , ;t ,'. I Will. I. 1. V2>. wliiili |;ii>i rilrt'- tlial m 
 lie ia~t' 111 a'tiiili- Im |.iMialti<'s. ilaiiiayi'-. in >iiiiis ni iiiiiiii'v jiivi'ii 
 111 liir |arl\ uiii'\<'d lix .ui\ >laliitr nmv in liii.!- nr iM'rt'al'tcr In In' 
 III i..iri'.' ilif jiciind >liall !«' iwn viMi-i allfi iln' laiisi' nt a' linn, 
 r.iii till- Cntirl 111' Aiipoal lu'ld ilial tlic-c wniiU did iml cnvi'r llii" 
 ii~c. ami aiiH'aiiMJ iinliiK'd In In. Id ilia! llif |H'iinil wa^ ,-i\ voai- 
 riii- ill' i-iou. lin'M'M'i. lia- mil i^i i|iimI ciiliiiMii. and il iiin-i Im- 
 .li'iliiillcii llial il i~ linl al'ULi'lliiM -al i~l.11 lni,\ 
 
 I'liiiii'i liiiif. till' uiiiiK 111 llli' .Vi 1 111 IN.'il. aliiiM' 'I'lciicd 
 .i| |i;mi I'l |iiiiiil ill th i|i'uM'»l wa\ tn ,-iirli an ai limi a^ iiia\ huh lif 
 liiiiiiylil under m" 1 SI nl \\w ( 'iiiii| anic- .Vil, I'ms 1 ri>|ilai iiiL: ilu' 
 l)i -■ l.ialiililx All. IH'.tlli 
 
 h .annul l.i' in.iiiilaiin'il llial llii' Ail nl l.s.lo >|]imiIiI iml be iii'lil In 
 .i| |il\ lii'.ail^t' llir M'llinii \\a« mil llicil in Iniic. Im ^I'cl , .J nl' llic 
 \ii nl is:!.'! i-i imi iniillncil M statiili'-- llii'ii in Im •■. il i'\|iic~-ly 
 -:\- ;;i\i.n li\ aii\ --laliiU' im" in I'm i- inliiifiiilfi fn hf hi iniif. 
 
 Ni.i laii it lic< dt'iiied llnil a { likiiilitV in .siirli an ai limi. it hi-- < Iniiii 
 lii' well t'iniiided. is ;i pt'i'soii 01 paiiy ' •rricM'd " The (•\|)H'>siii|i 
 is Mill 1 Ici liiiii al ('.\|;ii'ssi(in ; tlio wmils arc mdinaiy Knuli-h wnrds, 
 «liirli aif 111 have llic mdiiiaiy iiioaiiiiiji- ) nt ii|iiiii ihi'iu" I't-r 
 r.iaiii«('ll. I.. .1 . Itiibiiistiii \ ('iirri'n. 7 () I!. I) t7ii. .And lioyniid 
 .Imilii liic o\|ir('ssioii a])tlv ih'si rilK's a |K'Isi)ii vvlin has |i(.|.m iiidmi'd 
 i'\ nnHiii slaH'iiK'lit- in a iuhsihtIus to suhsciiho I'lir .sliaics. iIi-Ikiii- 
 iiufs. nr dcin'iiliin' stm k. ami has thcit'liy siisiaini'd ilainayf. \i;aiii, 
 ilip I iiii|:<'nsaliuii rt'KiMMahlo in the action fall- iloaily within the 
 words |;oiiulties. daiua^fcs. or smiis of iiini •■ jrixcn hy tin- .st'ctinii 
 to the (ailv ijiicM'il. No doiilit. iIk' (■niiiju'iisatinii ;ii\oii is not a 
 
 ■VjiU 
 
 I . 
 
 ^m 
 
■>l) 
 
 PHOHHEr i i;8K>. 
 
 [( HAF. III. 
 
 Pf 
 
 'lit 
 
 \i' 
 
 liavo 
 
 {."Uttlly. Iirjl iho tti'idu " danutgi'-" or ««/«> of umiief/ ' iim 
 liiiMr .Ino Ptfj'rt. 
 
 '■i)ir| cii^li •» lor \itHH or ilarniiyc in tlie iirociso (<i|tiivalcut xi tUv 
 loi.'iil <'iin iluiiinjfes." As l^oril Coko miyi*, " I)iiniaj:t'!< i> ihf 
 loronii cii-i that i« ^ivou by the jiiiv to the plaintiff I'or the wrm j 
 ihi' il<" laiit hitii done uiiio liiui." Co. Litt. 2, 2j7ii. Ilei 
 -tect. Hi 111 tr'*'"K' ("iii|)<M^alion nivf< <iimw>rr> Indeed. I..iiidl' \ 
 .M H . Ill the rA«J under dii(M--iiou wii.s lonsl ruined to uilniit th- 
 itnd 111 MiConueH v. Wrif/hl. i\'M>:i< I Ch ".•>«, all • '»• ju lajmeni 
 rel"! 1 1 til'' ■■ ilainujjeH " ulmli the iiluinii!' ni an aiuon u '"'■ the 
 Ai I of lH'."i U'ow sect. - I "I 1!»<IH| hud initinid. 
 
 Siipiioi'e Hiwi'vor. lliii' li\ »c Mie extreme reliiuiicnt (oni|ii'!i-.i(i' 
 under tin .mi ion is iiiti to be couHiilered daiiiiiL:i- a view wbuli 
 lannol Mirviv. Mi:('<nin,ll \. IVV ''?/»/ .•«t ill il Min l\ ■ oiih'^ wi'iiiii 
 liie woril.- or .iiiii.i of iiK.iiev." 'I hexi- word- are ii- ireiieral i« ' "\ 
 luii lie ii niuv be thai tin' ejumlem urnfris rul' of (•onsiriirii'>ii 
 hIiooM lie :i|>|)liod: liiit a.-Miiiiiiii; il fli">ild. and tl the W"i-dj< ■or 
 olhei.sui Mil' 111 liiMcad iiH nieaiiiup: ■ ■ t 'iili- iHii .- ot .. lik.- kind. 
 tlio.<e ^vl'^d^ oiild 111. lie the lot*« afouraie; leseribe uu«l r^jver eoiii- 
 
 Iieii>atiiiii paN.il'l" under the se-tion, lor o-h ■niiii 
 lii.stiii'fiii-liable from daniajre-. Why. li , if^ no- 
 lo liiiM' full elfei t 111 aiconlani-e with tip lain ii.i -ii 
 me iiiiii^' of the wnrd;<? " The rule of lav i i.,ke ii,"«B" ' 
 in Ailonici/'dciiiriil v Lockwood, 9 -\i v W. 378, u 
 .Htruilion of uU .'*laliile< i». wlieili' ihe\ l.e jieoa 
 
 ^rtts-iii i« m- 
 A. t i s:t:; 
 
 Alderso,, f' 
 pon ' " < "11- 
 \ <■•■ I iiiHtial. 
 
 to coiij-lruo ihoin ai(ordinj>: lo tho plain literal and l:i liiuutical 
 iiieaiiuiL' of liic \vi ' Is in wlir h they are < re- 1. unlc-^- hat coii- 
 Htrui tion leads I" i plain and elear eonn ; iction of the ujiiiarent 
 purjiose of the A' or to f^onie palpable ami . ideiil 
 
 In Tlwiiiftiiii \ i rd ('hiiunorri». siijn i. tl. jiidire.- 
 Appcal, in disrei; iofthi nilo, have ren -e ' to - 
 1H;1;J. on tho groiod !. 
 ; r exiliisivoly (■ .< 
 il nierelv iiiijertura -oi 
 Ml and llic ' onrt ii- 
 h'.M' wtiii! Hfrol^ 
 if have 1 1" !i led thei. 
 ■r ab.-ordi!' ■. oii'd tes\: 
 - beii! sto* p^ritHl "f h 
 
 word.-i of the .\' I 
 the Lefri.-lalme |i 
 i.- .■'ubmitieil 
 the wtatnle ai 
 deny opoi 
 Lefri.slafuri 
 
 No iucon^jfr 
 contrary, "ix 
 action on *he i. for ' ilen- 
 
 able enouj::li. ii d, •iiil 
 be the period ii ictiuu in • 
 
 reiit ::!i.-ireprc ;.;: :'.!: i 
 
 not only to prove hat 
 he had reasonable gro. 
 the omory o' what ' 
 Leg -lature, in jiassing lii A 
 
 the 
 
 ■or 
 
 lity. 
 
 Coiirl ..f 
 
 U'ct to the 
 
 I'lided b\ 
 
 i,.~ Thi.-. il 
 
 The word.'* nf 
 
 1 cut down or 
 
 iinises that the 
 
 ■'(. 
 
 ling so. On llic 
 
 in rojrurd to an 
 
 lisM-pre.sei; it secin.s iim.>>oii- 
 
 ■ tors, iwo years shouM 
 
 .vhat ma 1)0 a perfoclly inno- 
 
 •-•. in whi'-h tho dofeudaut b^is 
 
 It he stated to be true, but that 
 
 . iieving. Time soon obliterates 
 
 ■ e thought or believed, and the 
 
 1890, havinsr in miml. as it iiiii>t 
 
 -ST 
 
 •""7^. 
 
 ,'-^- 'JJ^L' 
 
iNTKODirtrroKV notm- 
 
 ^,'1 
 
 l«iv»' Iwd li** A. ; . 
 
 la! I'olltt yei«r» iiMollt'i 
 
 \cdati.'' )>:iriii'Ui.ir i«lttl*ii 
 
 « ciiii A|hm:>I. hi 77i 
 
 ^M, iiuiv well hii lln.iiy;hl iliu tlio <MH>roii» 
 
 11 (lir»" I- liiul lln'V* ' ■ ''" All "I IWlht 
 
 ! of li .itioii; i»r how |K!i)iili' al'iri u 
 
 1 reuttiiiii the k' •- on which iliey 
 
 ill u proM|K"lii> -ucil I'V tht'in ' 
 
 II \-. l,nnlll<inii. rr,^ KMI'm Ml, 
 
 11 
 il 
 
 is ..[.jifai. '> hn\<- lollcnvc.i in- iimI..Hiiii,iIc | ic,-..,1. iit 
 
 llilr 
 
 Ken 
 
 ihoil 
 
 .i,i<lt'iv<l tli.it il w^>> .'iiiill' '■ I" 'h'liv ciii. a. 
 .,' iiitu Iroiu a |)ii'riiii'fi>li"ii a> in Ihi" iiilciiU<pii 
 th, ll.iiisc i.r I.iiiil- iiiiaiiiiiioii-'U i> vfi'.s(>il ihi'<l 
 
 U.iii'l if|MMliaU'»l -iirli a iiMiii.ii 'nl <liar 
 
 .,,„.«, I «;i- I tail 'iiil\ liml ''a' "a 
 iroiii lilt' A< I ilJioll' ' 
 
 \s llu- law ulaiul-. liDVVOvoi, it iii' 
 /,,., ChiHimirrix. supra, i- law) ho 
 
 ,,, , ,/ uvii voalh as appareiitl 
 
 n ,„ Clinic Ai't, 18;!;l, but -!*>> I 
 
 ( /„, MX M'tMllwl (lispowcil to lllHlk 
 
 (,v :;| i iiiif.- 1. I Hi, that in, hix v • 
 ;^ a ililli' iill.\ . lor MOtt. ;J of the ( 
 iliiit ill ilic 1 i-c of all ■uiUiU.'* " 
 
 1 hci .•«pc. iallv ihc )" «I ' 
 • r till' oaii.-i' of .1' Hiu * '■' 
 
 ,.|ilai in;,' the Ait or 1890 
 l>!iiiir an ailioii of <li'>t iipi 
 
 I . Ihc -ol. 
 
 .1 the tra'm'i 
 
 iiiiii; ol II 
 
 f a 
 hut 
 
 rt 
 
 ■t 
 
 . HlCl i 
 
 iiaill 
 
 .1 
 
 1 iitunou is II 
 
 TliDiii - V. 
 
 ii«l of liniitu- 
 
 ... • ,( of the 
 
 >ti V l.iril 
 
 lalioii li.M'il 
 
 ,cNcr. there 
 
 .1:1, pioviih'M 
 
 iipi.ii aii.v 11 .ml 
 
 »• twenty vears 
 
 II 
 -latult 
 
 iH no iliiubt that seel K4 
 iiart\ irrievoil the riurht to 
 I. Si-c Tilsoit V. W'tirwick 
 
 iSj:, ,. 4 U. oc C. OOJ, in vvh. Ii i; wu» hohl that where an \.t of 
 
 .wts of oldaiuiiiir it «houlil I.. l>aiil 
 
 the ati.)nic\^ wli.i ..litaiiicl llic Aii 
 
 f.iii.iileil iiiioi ;li" .staiiiie i.'i- then 
 
 r -eel. m i- . ' .( -,ifchill:i. l"r it i- 
 ,1 SI. mite is .11 irti-n on .i >p".i;il' 
 ,ij,/c, 1 'C. Ii. fv-7 ■ A <lei lai.iMoii ou 
 •.(Wcial ■' IVr Maiile. f .. in thi> case 
 
 I'lrliaiiieiil provided that the 
 
 ..in ..f the innii.'V (siibsi-rilie. 1 
 iniiili maiiilaiii an ai lin- .1 
 
 I tiNls. 
 
 Villi fiirthei. ilie aili. 
 ■.■illeil law lliai all ailii.: 
 ' •III: d llillhhill Hiiil. Cii. V ' 
 
 II .-,1.111110 is a ■loilaration mi a 
 liist lefemHl lo. ami see Willi,. lu-' .S.iuh.lei*. 1K7I eiliii..n, \ .1. !. I'.U. 
 
 The.-c . msiilciaii.in-' i.lil m ''h" in oiix.iiicnie of the . imslni lion 
 
 iiilo|ile(l ill Thiinsiin \ 
 
 \r to the iiiu. ■lien 
 
 iIh' . iii.»c iiii^c^ ■•. 11 I 
 
 /... <M'. ;ill Ni ■ 'W 
 
 /,',.,./ V II 
 
 iii'.ncv !. 
 
 mlisti 
 
 l.oiil i'Utiiiniiiris 
 
 lie idiisc ot a. tioii ari-es, it woulil -cmii 'lial 
 
 jiLiiUti;: .--a-dJiliis i!:niis!',re BdiI'iii" \ (■'"/,'- 
 
 /'.oVv Main C». ^. M>i hell. 11 A ('. ll'T; 
 
 .; Il I) ;-.>8l li.il IS. when lie p.ir!- '»illi lii^ 
 
 . Snutli. U Cli U ■;'''''>i- for daniay;e i> uiic of the 
 
 ilie cause .it ai 'ion. i)Ul .1 iniinij: io 77ii///(M«f ■ /,i/»i/ 
 
 ( iHHnfirris. sui'ni. the An i- to Ijo reiul - iiiiposincr on llie .iiic lois 
 l.\ nii|iliiation a new -latutory duty . uracv,' ami lime runs 
 
 troui the broa. h of thai duty. The aicni. i daiuanres is the - mic 
 
■n 
 
 •>'>•» 
 
 KtfiHt of 
 iliatli or 
 Kitikruiifi 
 
 Whiit ini- 
 I !iuti<>ii> 
 (iin-^'tor*, 
 (>rniin>t<*n'. 
 \f . to tiikf . 
 
 PKOSPKCrUSEJS. [ClIAP. III. 
 
 ,i> ill \\i<- .M-f ')t .HI aniuii of !..r.'M. .l/.r <,ii,irll \ Wrii/hf. I'.in.i, 
 1 ( li. .",.'iS. See siijini. 
 
 .1 What rllnt linrf ilnith ■mil h,iiil,iii l>l< ;i ' 
 
 ;, , //, ,„.>,■ ul n^iiirirrnl ,;irl!l. Il .1 l»'i—ii .•nliil.'.l im.lcr llip 
 ...rii,.ii 10 .•oniiiL'iis.li.iii .iii- ..!■ l,c,.Mi..- liMiiknii'i. till' liylit ul arii„h 
 
 M,„|,.l il Hill |.a.v. lO lli- ll"y.ll l.,T>n|ial Ivpn-MMIIMlivi- ..!■ IIIKI.M" in 
 
 iMiikiiiiH. v.a.- the laM' iiia.\ l.<%a- a iliwc in aiiinii loniiiiifr l>uit 01 
 hi.- t'ltate. 
 
 ,1,1 In <,isc „j director. In the .-oxuiilh .'aitioii ol this u.uk 
 till- oiiiuiuii Wits L>xi>re.>.siMl thai if a por.xni liahi.' iiiiilor the Act 
 (Diiiclur.s l.iahilitv Ait 1 I.. \<ny .■oniiMMi.-alioii .li.'s l"i- liuirs. 0x0- 
 ii.t(.i>, c.r a<liiiini-l'iat..r.s nill l-.- Halik' to the .'xtfii' of the c^statp 
 
 nf ihf (kvoaHMl ill lilt" .1 niiiM- of adiuiiiiMiatinii. As the iiitiou 
 
 IS not Olio ol tun, the iiia\im, Arth i,rrs'>iiiilM iiioriliir cum pcrsomi. 
 wmilil not .set-Ill to apiilv. ■ 7"«//<ro.« v. (iraiit. 1 <' I' l>iv. IH; 
 l'lnllii,.s V. Ili,wlnifi. 2\ C. D. l;l'.» H'lt the |>oiiit i> not vet ^ettle.i. 
 An.i ih a <:i>,' (leridivl ill I'JOO, Lill.ilex , M. H., aii.l Homer. L. .1 . 
 a^;ieeil in ihiiikiii;.' tiiat tlie puinl "as slill oiieii. ami the former 
 would ii..t eommil liiiiiM'lf to saving' «lielliei exediloi- of a derea. -d 
 diien.ii' were ,.r weie 110! lialde iiiidei- the Diieetors' l.ialdlil.v Ad 
 ,„.,« MMt. 81. ( niiipaliies ,Coiis,didaiioii. Art. I'.HIS). The MaMiM 
 of ih. K'dl.- adde.l: ■ It iii;iv Ih- that there i- a slaliiloiv lialdlity lo 
 which the maxim ' Actio //.rM-/(,//;.s." >Vc., <loe- not applv in \\hi'li 
 . ,u,e lhe\ "Old I he lialdi' jii-l a- the ..ilier diiedois uh,, are .ilive. hut 
 ..r loiii-se out ..I iIk' a-et- ol ili.'ir le-'alor." l-y,nt!.r„l)iir,i v. iircl 
 
 llnrsrirs. ( „ni„;r Co . !'.! 1 ^} H '"I- "•"»; ""I ^'••' /'"'•'"■<" 
 
 N ir..o/^o/ I'.tiMt' 1 I. H- ^'•■' 
 
 \|,|.aieiitl\ .1 lialdlil.. iiiid.'r the .M-ilion max he piiAed in haiik- 
 ni|ili\. iinle.v- il . nmr- wilhiii tin' eMejitioii of a ileiiiand ill the 
 iial.ii'.' ol iiiili.|iiidaled dama-e.> aiiMii'r otherwise liiuu hy leusou of 
 a eonlracl, iironiise, .n hieaih of liusi," under ~e,l. W. ill of the 
 Uaiiknipl'V Alt. IH.h;} .««,„,(, p. iMlTi, when it would he exeliided 
 fiuin ,,rool f.;f()i"oo./v. II loiihrr ,1 ( o. 1 I'l.rlnual , W. N- ilHM' 
 |.;j The di>ihur;,'e of the haiikini.t. where th.' li.ihililv i- )pro\eahle, 
 irli.;iM.> him from iiiiy 1 laim under llie -eelioii. unless the liability 
 u,i- innirri'il hy fraud or fiandnlent hreai h of trust. Sih> siiprn. 
 |, J07 a.- 10 the Uankrui.try Ait; uiul Ite .\cini>,in. ;J V. I). 4'J4; 
 an. I /■;, i„irt,' okcr, 10 Ch. ti.)2. 
 
 K !l /.•-/ iiiriiiitioii" ilin'rl,,r.'>, inmiiotvrs. and others should take. 
 
 1 \- leLMid.- any .statemoiil— 
 ill 111 the jii'oeiMjclas; 
 i->\ In any leiioit or iiiemoriindiini a|)iieariiiir on the fucc 
 
 thei-ei.l; 
 
 ■;t I lu uuj reporl or inemoiui 
 
 idiiiii r<>f<'rM'd lo therein; 
 
 (4) 111 uii\ report or meinorandiim i--iu' 
 
 .1 therowiti 
 
INTRODUCTORY NOThS. 
 
 'A':i 
 
 and ' in iiises i 2 ).(•'{).( 4 ) t not purportiiifjr to he iiiiide dm tlio iiiithority 
 (if ;ui oxport, or by a piihlio otfiriiil doouiiient or statemout, take care 
 thai tlip statement is not made unless each dii-ector ha-* reasonable 
 .rrmind to believe, and d<K>.s lielieve. tliattlie sfutenient is true. 
 
 The fiillriuinjr are examph>s of statements purportintr to lie made 
 'HI the Iiiithority of an expert: — 
 
 , :i I Mr. A., or aii engineer, has examined the reef, iimi slates tiiat 
 
 it is rieh in jrohi 
 III Mr. A. lias made tlie iVilhuviiif;- rejiort. Scl il uiit.j 
 , i-i Tlie follow in;j e.xtraots from the report which li;i.s been made by 
 
 ^U-. A. show the value of the jiroperty. Si'l tliriii uitt.'] 
 ,d) Thr statements in paia'^rraphs of this prospectus are 
 
 made on iheauthori' of Messrs. . the well-known 
 
 iicciiiintanis, wlio luue examined the books. 
 CM .XiKirdinjr to the report of his Majesty's ( onsiil of 
 
 I'lililished in the Hoard of Trade .luiiniulof the of 
 
 . the ex|Mirts from. itc. 
 
 ■2. .\s leiiaid- e\erv statement piiiporlinjx to be a statement by or 
 Mill. lined in what purports to be a copy of or extract from a report 
 ■ ir \aliiatiiiii of an eii<:iiieer, valuer, accountant, or other expert, 
 take caic lai that it fairly repre.sents the statement made by such 
 ciii;iiieer. valuer, accountant, nr other expert, or is a correct and fair 
 ((ipv of, or extract from, the report or valuation; ibi that there is 
 evidence that the jM'rson niakine; the slateiiieiit. report, or valuatiou 
 was coiniietent to make it. 
 
 .1. .\« leirards every slali'iiient purporting- to be a statement made 
 \'\ nil ii||ii-i,il jiers, . or ' ontained in what i)ur]iorls to be a copy of or 
 1 \tiait from a public olJii iai doeument. take care that it is a correct 
 and tail lepre-^eiitation of such statement, copy of or extiact from 
 such document. 
 
 1 ( arefiillv a\nid staliiiuas mntleis of fact what the direi lor-^ do 
 i\'<\ kiiiitr to be trill'. Where it i* de-^irable to slate facts which the 
 diieitor.s do not know to be true, lei such fads 1«< embodied in u 
 rcpiirt by some conipelent expert, and then set out that report, or 
 cNtiacts fruiii it, iu the ]irospectus. 
 
 .">. Whiii a report of an expert eaniint lie obtained, let lhr>.slaleiiieiit 
 lie i{iialilied. ('.;/., " Kniin inipiiries which the directors have made, 
 llicy believe that so and so." 
 
 Il If il i- de ired to make use -if a staiemeiil m.ide bv -nine per.son 
 «liii i.- ii'ii an expert, c i;.. bv a vendor, let il be slated Ihii-: " Thi" 
 Mihlni- stales that the supply of water is ample This avoids the 
 il-ii iii\n|\ed ill sialiiii; ' the supply iif water is ample " 
 
 7 liear in mind thai expressiuns such a- that "the liireclors hope, 
 iiiii' i|iaie. piopo.se. or intend are statemenis within the .section, and 
 ili.it if lliey are made when the directors d'l not hope, anticipatii. pro- 
 |M.sc. or intend, the directijrs will be in dan5.^er of niisslatin<' a fact. 
 
 
 i;. 
 
 f. 
 
T 
 
 224 
 
 PR081 ECTU8E8. 
 
 [Chap. III. 
 
 But a statement in Uii« lonu i. much lo«. dangerous than an ord.nary 
 
 statement of fa. t be.uuse Ic^ eu^v of refutation, t or example, it the 
 
 Htatement i. that the pn-.K-rty i. rich in g' l.I, and .t turns ou, not to 
 
 bo true, the directors, if 8U«1, «ill have to prove that thev H,h.-v,Hl, 
 
 and had reasonable ^round^ to lK,lievo, the sUtemont to bo true; 
 
 when.a«, if the .tate.nent Ls that the director, beheve that the pro- 
 
 portv i« rich in gold, the plaintiff will have the d.lhcult ta«k of 
 
 prov-injr that thev did not believe. Of cour^*-. however, an iK.nest nuu, 
 
 will not «av that he lM)lieve.s unkvss ho ha. goo<l groun.l. or lull 
 
 belief Pern, v. IWk. U App. Ca«. 375; and see Aaron » Reeh ^. 
 
 Twiss (,18'J<M A ('. ^T.l: but sanguine t»Muperanient.-< t.H) ea-sily 
 
 believe what thev wish to U-lieve. Hern* th.- ne....s.ily for car,.. 
 
 A»t..r.,W. 8 Looking to the stringent provisions of the section, it would 
 
 ,,,« KTounds ^^^„^ cxiedieut that aiiv diiv.tor. or other person who may l)e 1. . 1 
 
 "* ''""'• ro.sponsibie under tlie section f.u- untrue statements in a prospoctus. 
 
 should record in writing 
 
 ,1 1 The fa. I that he Is-lieved the statements to be true when llic 
 
 prospectus was issued and up to allotment. 
 (2) The grounds of his belief; 
 
 (3i The grounds on whi.h ho K-lieves in the .oinpelency „i a.>.v 
 expert w lade any report or memorandum set out oi 
 
 r-fenvd i. a, or issued with, the prosjiectus. 
 As to .8) the onus will be on the plaintiff in an action to prove 
 that the defendant had not' reasonable grounds to l)eUeve in the 
 .ompelencv. Still it .seems wiser to ,.resc.rve the evnler.ce. tor tl... 
 plaintiff will be entitled to a.sk the aefen.lunt. ■What were y.MO 
 grounds of belief?- and if the .lefendant thus challenged .ouM 
 not rememUM what they ue.v, this, taken with other ciicumstaic 
 might enable the plaintiff to .lisduirgi the onu^ and mover c . .- 
 
 ct'iisation. , 
 
 The object, of course, of tiie lecor.l i^ that the j)erson who make 
 it may, if the occasion arise, be- able to lefi'esh his memory in the 
 witness box bv referring to such record. 
 
 In the ubsem* of such record, it may (after a laps,., ,H.rhaps. nl 
 vears . Ik- a matter of gival .lillicilty for a dire.lor. ,.r other person 
 sued, to pn.ve his U.lief. still mo.e to prove the gr.mn.ls ot beliel 
 The rules as to refrt^shing memory by n.ferri.ig to sn. Ii a r...o.,l 
 are state.l in Stephen's Law of Evideti,-,.. p. Tit, as follows: - 
 
 ■ V witne.ss may. while un.ler examination, refivsh his m,.mory hs 
 referring to anv writing made by himself at the time of the transac- 
 tion concerning whi.h he is .,uesti..ned, or .s.. s.mii afterwards that 
 the judge conshlors it likely that the transaction w.i.s at that tnn,. 
 fresh in bis memory. 
 
 The witness mav aho rer.,r to any such writing nnule by „:iy other 
 porson. an.l rea.1 by the witness within the time afor.^sai.l. it when he 
 mad it he knew it to be correct." 
 
INTKODUCroRY NOTRS. 
 
 •225 
 
 A (Icliix !•( .--Diuc Hi'fks III writing oi' rouiliii^ ilu' icionl mitrlit 
 niidcr it iimilini>."'ilil«' Soc Tiiylur on Evult'iin', sect. 140»i 
 
 dill' 111'mIc vf iiinkiiij; llii- ivnml will lie lor lli»> iliicclnr to tiiki- 
 a (III V of llii' |)io>|«'( III-. uikI liiiiiscll iimko liu> roioiil tlicicon. or on 
 .1 -JKi'l of [KilK'r :iiili<|.\o(l liicicio, ami pliHi' Mirli coiiy and ii'i nnl in 
 sill' 1 iisUidy. 
 
 Aiiiilla'r iiioilo Hill lj<- lo loiiMidur llic |iros|M'iiii. and oihor doiii- 
 iMfiil;- at u liixird iiK't'lin^', lu'loiv tlie\ arc i.ssij»>d. to uikc the 
 -laicmciils .svi iiilint. and a- lo cui li to >tatt' tlw jiiomid of ticliff and 
 ihc l.n I that all tlic dirirtor> Im'Iu'm' il Inn Lot tin- jnaulc- madi- 
 liv ilic i^'cictaiv ix'curd uil tliis in ik'tail. and vviilijn tlw- m-M !.■« 
 il;i\-. K'l the formal niiiiiiti'N ho road and initialled U\ all tl»f* 
 iliivitors: k'l a coiiy !«' fiirni-liod lo t'ai h of iho ,liri'iir,tf. ^iid Ih 
 carli forlliwith ioin|iai<' his (•o|i\ with llio orijiiiial, .iiid iMiUif and 
 initial and date a iiionioranduin llit'roiiniier to the I'lli'i-i tlnil I 
 cmni aicd this coiiy with tho oiijfiiial iniiKitcs. and foiinii it i nrrii ' 
 III this wav till' formal miiiiili's may Ix" rcfi'rn'd to. and if tin- 
 .'■liiiiild lio lost, tilt' iliit'i'tor will iirihaldy Ih' allowed to lelei lo ihe 
 in|y Taylor, sei I 1 »t»K. 
 
 't Lastly, it is lawful, sulijci to sei I SI ( t' of the I iimiianies 
 All. lIHis. for a HiiliscriliL'r to conlract him.-elf out of some of the 
 iil;IiI- sei iii<'d to him liy sert . 84; anil tlieiu may Ik? rases in whiili 
 il will he desirahle. under |;id|)er advice, to artimne for sinh a 
 iiiiitiiiit or waiver S •<■ iiifni. |i|). 2.'ll, 2.12 <■/ .si'/y. ; and Hnr.iluin 
 lliihliir I'laiitiiNims i No. 1 i. tl'.HIi I Cli. 12."i. 
 
 .|v Id siili-sfit. I .'t I of .sic/. 84 of flif All i rflil'icillfl tiul J of III)' luilcninitv nf 
 li,ii,U,i.-' I.i.ihililii ,\<l\ This siili.s,.itioii is -iiiiih-mentary. Il 'i'"tvnlia'„t., 
 ^:i\e^ 111 innoient [larties sued a ritrlit lo iiidemiiilv ajrainsl dama'^es. 
 
 I~. rli.iri;e- 
 
 nd i'\|;eiis 
 
 in (eilaiii ras*" 
 
 liul oniv wlieie 
 
 ilU-e 
 
 if ai lion under the 
 
 -erilon ( 
 
 Nl) 
 
 s| till 
 
 irly I laiiiiin^ 
 
 III!' indeiiinitv 
 
 i~iins einilled to such indemnity are the tollowinjr: 
 1 I .V |:erson who has heen named as a direclor in a |)ros|iecliis 
 willioiit his coiiscni. and withoiil his Inninir aiitliori/ed 
 llie issue of tho prosppctus. 
 
 1 1 X director of tin 
 
 le com|iany who wilhdraws Ins lonseni 
 
 to Ik 
 
 a direitor hefore thr is-mi of the |iros|H'c|iis. and ha 
 not authori/.ed or consented to the issue lliereof. 
 ;t ; A |]ersoii who is named us having aifieed to lieconie a 
 
 irector. and has withdrawn Ids 
 
 It hef 
 
 of fho |iros|M>ctus or iiotii'e. and has not aiitl 
 con.s«'nU'd to the is^nc thereof. 
 
 ore the ishuc 
 
 ori/eil or 
 
 Kach of th«s« |i«rr<iiiis would have ii j;ood def 
 
 ence to an action 
 
 under 
 
 fciiiliiie liiiiisfif. i 
 
 ii sccI H4; hut 
 
 le llll;;lil no| r 
 
 eiover III 
 
 if III 
 il 
 
 'I led it 
 
 from 
 
 tin 
 
 <li'feate<l |i|iiiiitilV. and aecori 
 'laitn indoiuuit^' clHVwboro. 
 
 linjrly Nuh-soct > I i 
 
 iildes him to 
 
v»i6 
 
 liiilemnitjr 
 
 Hgaiust 
 
 rnni|>any. 
 
 .s«ct. S of Ac 
 Hight of 
 <(intributioii 
 
 PROSPECTUSES. 
 
 [Chap. III. 
 
 It would scHMu that a .Uro.'tor nvIk. without fraud or iioghnjoiuo 
 incur, liability andor tho section i- oi.titlod to in.lon.nily ii« aj^ainn. 
 thecon.i)a.>v.rnrlioi8anaKont,an.) an agent i.sontitlod to imK-mnitv 
 from his prit,. i,ml in thi- -as,, tho .onipanv in the al.«on.e of 
 frau,l or nuMon.lurl Story on A(r«.n.v. «>.t. ^W: H,'IU v. dihhius. 
 
 ' ' Uto'mh-sert. (4m*,-W. .". »f the m,,-<lo,H LiahiUtij Act^. -Sul.- 
 MPrt .4' of stTl 8t nivi's u ri^rj.l of .(.ntrilmtion to a diro.tor .t 
 ror-on naniod as a dirc.lor, or to a person who has ,u.lhori7.cl th.- 
 issuo of tlic prosptM-t.is atrainst hi- co-.liro.-tors, whoro such .hrc.tor, 
 ki- has bcoino lial.Io to niak.' a payment un.lor the sottion. So on.. 
 of two promoters liahlo under tlic sc.tion is entitled to contribution 
 from liis co-promoter, e%en in a case of fraud whore coinponsation 
 is obtaine<l un.ler the se.lion. ^•.>m.H v Sirnvnti. (l!"i:}i 2 K H 
 ^C A.* 107. This is an imiiorlant nltfrati..n of the law It di-- 
 pla.^s the old rule whiih disalh.w.-.l contribution betw.-en tortfeasor,., 
 and i.i substitution treats the relation of the .lelin.|uent -o-direcfors 
 or co-promoters as a ef)ntractual one. 
 
 li 
 
 S.<-t. 3»of t 
 .Vet »f IM!7 
 
 Section 38 of the Companies Act, 1867. 
 
 Sect. ;t8 of the Coinimnies Act. I8»i7. was repeale<l us from the 
 iHt .Tanuarv, 1901 , by the Companies Act, 1900. Se.^ «ects. 33. 3.-. 
 
 It ha<l. then>lore. no applictttiou to any pro-iK'ctus issued afur 
 Ueconiber :il.st, I'JOO, But the repeal is, by virtue of sect. .tH of tif 
 Interpretation Act, 1889, without preju.lice to any rijrht of action oi 
 liability incurre<l under the r.-pealed enadment. and a.cordin-l> 
 .,ueHlio'n.s as to it« etfe.t may still for some time arise with refercn.c 
 to prosi)e.tu.ses i.ssmvl before .January Isl, 1901. and, in fact, th.■^ 
 have fre.|uentlv done ho. The derisions on thes.. lases under ic, i. M 
 often throw lijrht on the probable attitude of the Court. io»ard> 
 sen. 81 of the Companies Act. 1908, more especially a,s regard, 
 material contract*, which by para, .k^ of sub-se.l, 1 of that section 
 are required to be distUwed. and for that reason deserve attention 
 The Hection is as follows; 
 
 38 Every proKpcttiii. of « i^ompany, and every notice invitiiitr per-ons to 
 H.ahserilM- for .han^s in ai.v joint .toek eompany. «l.all -pe-ify tlie .late, aii.l ij.e 
 nam..» of the i,artic« t« a.iv contract entere.1 into l.y the eompany. or the 
 promoters, dinstor-. o- trn.tee« thereof, before the iwue of !.uch pro«pe. t.i» or 
 noti.e whether .uhjeet t.. adoption by the dinntors or tlie eompany, or other- 
 wise- and anv pr.wpctu.. or notice not siMTifyinit the xanie hhall be d.i.m.Hl 
 frauduh.nt on the part of the promoters, direet.-. and olK.er- of the eompany 
 knowingly issuing the i-ame. m regards any ;,er»on takinir shares in the .ompany 
 on tlie faith of »u.h pro.p«'«us. unle« he shall have had notice of such eontraet, 
 
 M, uoinK of Mu<h dilfeieiic* of opinion at ouo lime oxi.stwl a« to what contracts, 
 
 the «H!tiou. hnviup regard to this euactment. had to be specified in a prospectus. 
 
 TcrinB of 
 «"-t. 38. 
 
 wm 
 
INTKODUCTOKY Nt»'lJ-a5. 
 
 S'O (iDriT'y riiKC. I I I) IH2; Tiri/nitis v tiniiil. - C i' I) l(i;i 
 riir -ccTidii nays ■iiiiv,'' /.(•.. <'vorv ' rnniriiii,' bul in I.NMii ilii' 
 iMir.^liop Hiis vorv liill\ iipiisidcicil in Siilliniii \ Milailiv. ."• (' I' 1) 
 J.Vi. and iIk' iiiili:ini'nlfi clearly |Miinii'cl u< llic innrlusidri lliat il was 
 (luh n(Ti'.s>ary In -|M'iirv CM'ry imilriiiil uiiiraci niailc liv llic c i>rn- 
 |iiiii\ III- lln" liiitiiiiir.s III pioniDicrs iIiciimpI. incaninir ''^ niili'ii.il 
 idhlrail every (nulract wliicli might rea.>i>nalily he e\|iei leii id 
 inlliience the ju(l'_'iiienl of a per.idri reading; the prdspeiin- a.- to 
 wh<'llier he nhoiild dr .shoiiKI nol apply fdi- shaics: and il i-i ndw well 
 selilid. a- appears liejow. that tlii« i* thn true runstriielidn df the 
 wiil'in. Si'cl. 81 li iki df llio T'dinpanios (^Consolidation) Act, 
 |yo8. ill tonus liiuitH the disclosiii-c thus roquired to " inatoriul " 
 conlruotii. 
 
 The following are pxaniples of contracts wliiili haxe heeu held to 
 bo inatorial: — 
 
 iai Conliaii liy prMirioiei lo Imy Irannvuy eonces»ion, and Mibse- 
 
 i|iiently re-.M'll to the <'ompany. 
 Iii t ontract by same promoter to give to another promolor re'iiu- 
 iieration lor luisisting in the prdinolioii of the compam . 
 7'iri/fTo.«.v V. liriinl. '2 ('. 1'. I). 46!t. 
 
 II 1 Conlract iiniler which jUoiiKner wa.s to receive from the 
 ostennihle veiulcrs to 'he company a portion of the proceeds 
 of .siile. (IreenwnvK^ v. Lrnther Shoil WhrrI Co.. ilOlM)) 
 I ( h t;!l. 
 
 Ill; (iinlract lH<iwe<>n promoters and K . the future chairman of 
 the cunipany. whendiy the linn of which K. was a nieinher 
 wa.- Id ri'ceive a lilnck of vendors' shares as coniinisKion for 
 iiMilei writing and for the use nf ihe tirm's name. ('iirl,;'lt 
 \ hixH III,-. '• l'.M»2) 1' <h. l>tl. 
 
 lei ( onlraclft hy jiroinoters to transfer to the company certain 
 paid-up .shares in another contvrn in consideration of u 
 lilock of paid-up shares in the company. MrCoiitwfl v 
 Wrli/ht. il'.Mt.li I Ch. .-147: Callhnrjw v. Tn'rIiiiKiini. and 
 Miirlriiii \. Toil. I HHKii A. (' 1»» 11. I,, i. 
 
 if I Conlract hy eoni|iany with its promoter for payment of a large 
 Mini to hiui for hniling a depasit and other seixiies. 
 
 (g) (.'outraet rosoinding such oontracl with a promoter and j)ro- 
 \iiliiig that Ihe promou-r's claim to remuneration should 
 1h' ■■ honoiiralily met " Itniome \ . Sprtik. i llMl.l) 1 Ch. ."iHli; 
 alliri.ivi! liy II. L. mb nom. Sliephrard v. liroome. . I!MH) 
 A C lUU 
 
 tin Contract with promoterK by which u certain firm were to bo 
 ciimmercial agentw of the company, to receive 10,001) fully- 
 paid shares, unrf a partner in the tirni to be ft director. 
 (Uukvtt V. Kemrick; i l'.»lll.') '2 Ch 4.-.7; Sash v. Calthorpr, 
 11905) 2 Ch L»;J7; Mailfaij v Tail, »upra. 
 w2 
 
 ''.\;iii(pl(M of 
 ■ 111 itfri.'il 
 
 ;n' 
 
>28 
 
 i'Rosi'KcrnisK><. 
 
 [Chap. III. 
 
 m -if 
 
 Executory 
 and exerut*^! 
 
 c<>ntr»<tK. 
 
 Oral 
 roiitracti'. 
 
 What in :i 
 pr»mot«'r 
 
 ■'Kiiowin(fl> 
 
 This wrliiiii wa-^ U'll 
 
 liiuili'il to t'xfciitoiv coutnicl.- 
 
 iilod l( 
 
 «'Xt>(UtO<l ((lIltllK' 
 
 t.- iiNii. iliiit i-" to say 
 
 lo lunlracls wliii li Imvi' l)o(>ii 
 
 llccl licfi.ro tlu> inosiii' 
 
 ( arii<>il iiili" < 
 
 Nor \va> it |ii.sHil.lc lo cm mi«" lioiii tin- soitK 
 
 rliis i-i issued llrniniif v. Si>vtil 
 
 tiacl all '>iii' ""' 
 <(iiilia«l~ lira! as 
 
 for il \va.s 
 
 oil as 
 
 wri 
 
 W. K tiH'.t: :.« I,. T S'>< 
 
 Co . .11 
 
 ■tltl: Ul \V. K. 82!>. 
 
 1 liy iiiakin;.' tin- roii- 
 
 iiolil lliat till' scition (•(iiiii>iflH>ii.lril 
 
 ittcii ( iivfl V Sims Sh!i> <;,i>ii><,sitmi 
 
 .lil,liri<lllt V Srirhiihl. 17 C l> 
 
 1(1 lilt" nil 
 
 aiiinir ot iIk' "oi< 
 
 1(1 Tiri/iiiiss V (iniiil. 
 
 IHoinoKT. SIM' slll'lil. \< \'2'i I't 
 C. 1'. I) (•;!». .'it);!; nN", fill' '•"• I'lM- 
 
 llO>«>' 
 
 !>!' 
 
 H\ ((lii-<>ctiirs' lialiililv 
 
 Till iiicaiiiii 
 
 III' till' won 
 
 lll.-s 
 
 1(1' llio sodion. 
 iiiL' ' ill ■-'■I I 
 
 :;h 1, 
 
 llCCIl ''OHM 
 
 i|<>r<'<l ill scniTal la- 
 
 III iifiicri)x» 
 
 :,\-l. < o Mti 
 
 ^|W>(■tll^ «ll 
 sect ion. am 
 Sec also CiK 
 
 (■ 
 
 \va.s 
 
 ol 
 
 „f tl 
 
 o|i|llloll 
 
 lll<>\ 
 
 II CMSIC'IICC 
 
 h klli>vvU'(|irc 
 
 I iiiU-iilioiiallv oiuiiliiiu- llu'iii 
 
 ■kftl 
 
 IlKMIlt IS- 
 ll I'Olltl'IK 
 
 1,1. L'C !• 1) 
 .(liiiir iIk" I'l"- 
 ■t.s nil hill I III' 
 
 Horn iliv piospt'cH 
 
 K.-suirk. I'.'Ol-'i -1 rli. t.V.l. ail. 
 
 Ihiiilf 
 
 Sfifiil 
 
 , |'.t04' -1 < ll. 7.!^ 
 
 Ill lll'lllltif V. >'/ 
 
 (lain- liad kuottiiiu 
 
 .■«!/,■ 
 
 I<t0;ii I t ll .'iKIi. i' was 
 
 I'jd thai ihi' di'lrii 
 
 Iv issiit'd (he )ir.is|M>ilii- 
 
 lia\ III'. 
 
 1 1. 
 
 iwaic ol 1 
 
 III' I'xisli'iiii' ol lilt' loiilia 
 
 ■is and oiiiiiifd llii'iii liioii'jli m 
 
 liftmrauii d 
 th'' law. 
 
 •_>• ^o llicv lia 
 lirnoialii'i 
 
 ll aiU'd ill '-:i" 
 
 .f ill.' 
 
 .h 
 
 d failli oil l.",ral ail\i. >' 
 111 sliclii'i a dii.'.l.n 
 
 .1 aii\ oili.'i 
 
 • lat.'i 
 
 [leixili ill ludcd in 
 
 If a man . IiikiM's Io lici-.niit' 
 
 iii»'iitioii«'<l ill tlii'i -e.ti.m is,.,i :tH 
 
 a diictlor of a (oiii|ian> . 
 
 ,|iiloi\ oliliu;ati.'ii^- '"' '"•' 
 
 bla 
 
 uii\ iiionil 
 
 liiri' 
 
 IV lii' lialili' lov a sialiiior; 
 
 frail. I uilhoiii 
 
 oldi'i'lily whalt'v.'i 
 'd it ridil that lliis 
 
 Thai is his niisfolliini' 
 
 Th 
 
 sl:,- 
 
 sIlOlll.l 
 
 and ihoii'^li ilia' -<'''i' 
 
 i.s now ii'iicali 
 
 d. ii 
 
 f.till iiiivcnis till' |>iv.s»'iil la-o 
 
 It i- 
 
 ll 
 
 n'l'cfor.' 
 
 i.llc I. 
 iuu aii\ 
 
 ■iav thai III.' .I< 
 lishoii.'sU lo 
 
 ift'iidaiit was not ili 
 
 dlOIK 
 
 ^1. \\c arc not iiii|iiil- 
 
 liiiii vM-.'iii I 
 
 In- slaIiitoi'\ fiaiiil 
 
 lit ll 
 
 al.'il 
 
 Ifrnorance of 
 e»iiiteiw'.' "f 
 coiitni.t" 
 
 H.' 
 
 >lu 
 
 ■alinot sill 
 « , or oM'ii 
 
 >|„'1|<'|- liiiii-.'lf fi'oiii ihal s,':l|o;i I .'1 
 
 li\ saxiii'j: I hat ln' iiixilf. 
 
 ill 
 
 to tin' law. anil di.l ""' :"' '' 
 
 llS.'lf. 
 
 !) I ( h 
 
 TWi. 
 
 wan liiithi'r <'. 
 
 ■i\ ill 7'iii( N M'kI'' 
 
 l|llllloll "I 
 Wlllfx N 
 
 I I'.MIt 
 
 thai .asc a < 
 
 liirilor issiit'il a |iros|i('. 
 
 •tiis whi.li oniill.'. 
 
 at.'iial .■oiiliacl. Iml al ill.' iiii'-lin^' " 
 tiis w :s iijiiu-ovcl. Ill' I'U 
 
 if .1 
 
 >.S|1C1 
 
 i)iitnv.t ill mii'stiou. 
 
 -v'd it f..i>r<'iiiii'-' III'' ' ''I 
 
 iri'it.irs ill 
 III 
 
 iwiihstan.liii;.' lliai ih.' 
 
 niiiiiiK' 
 
 lIMI'llll', 
 
 at w 
 
 vhiili lli.il N<'i> 
 
 ■oninift wa^ roiisi 
 
 il.'1-.'d. 
 
 ntiriiu'il ill hi.'* pn'siMu-.'. and lli.myli h.' Iia.l liiniM'H 
 approved of lii- ..-aUa... U «a^ ^!.-,, h.=.ev..r^ thu- h-' had a 
 ..elu'ial k....wlodjro .d- till' ,.,M,st.M..^. of .■.mtruels W1...I. ...ijrl t '.I 
 ;itl.i.. tl... M'.-tioii, and lio nia.li' il- iiLimrv as I.. iJ.o.^' .outru.'..--. Iml 
 ,1'liea upou the assuranir of the loinpuiivs solicitor that the pi"- 
 
 ^1?. ' ^Se 'c "■ 
 
INTRODUirrORY NOTKS. 
 
 •i2!t 
 
 -iii'i iii~ .liscliisod the ((nitmct* wliidi <w\. ;18 ri'(|uir<Ml to Ik> ili«i lo^tMl. 
 I' «a.- Ill-Id tliiil he 'lail kimiviii^rlv i-isucd ilic |(i()si«M'tii^ wiiliiii lh«' 
 M'li'iii UomtT, L. •! . ill srivinsi jiult'iiii'iit, said lliut llio M-clinii 
 iiMiMi.~»il ii|ii>ii ii diM'cliir wliii is M'tlliii^r ;iiid is-iiiiiirn |iiii-|MMtii'- iIk! 
 Iiiiv "i iiii|iiiiiiiy «lial ruiiliai I- iliciT iiiT ill cxi-loiiK" « Ilic li uiiirlil I" 
 I, ~ii Mill ill lln' |H'i>|ii'iiiis, and if a diii'idn- kiKiu- ..n'liiMalK ilial 
 ilii'ii' jii I'liiiliai t.s ill cM^ii'iK'f wiiirli iiiav <ii' iiiav imt tall wiliiiii iIm' 
 -r. liiiii. and In' dm's mil iin|iiii'<' iiil>i iliii-c riintr.i'l> mi llial lie can 
 iitilljliillv nav tlial In' had no knowlcd'^:!' ol aii\ < onlracl.-* in jiarii' iilai 
 wliirli oii;:lil to In- »t't ioiili ill llii' |ii'oi|M«i-liiH. In' caiiiioi •■\fii-<' 
 liiiiiscll Iriiiii lialiililv iiiidiT the -t'rlion on ilii' (dcii of ijjnoiiiiiM- if il. 
 iliriAaids tiiin- out ilial -onii' of ilic conliait-' of wlijili lif Imd a 
 i^iiH'ial knowl('<ljr(' \vi'i<' roiilracl.-i wliirli niiy;lii to Ihinc Uumi ~ii out. 
 Hid vvliirli III' wonid have aM-«'it;iiin'<l if liv hud made |iro|i«>r iiniiiiiici*. 
 Tlii- la-f «ai ii'VCix'd li\ iIk' IIoii-«' of l.oid'*, l.'i Dec. I'.KI.") • Miiflnijl 
 \ '(lit, ' I'.tlllii A. ( . 24i. lull the \ ii'w alimi' m'i foiih was a|i|iro\<'d. 
 Till' j^idiiiid of rrvi'i-al wa-i iliat il wa-< cslalili-ln"! paiilv fioin ihc 
 |M:iiiitlll > adiiiii-ioii.-. and jiaith on otlici' ^:roiiiid~ llial i'M'Ii had ho 
 kii.iwii tilt' "Tal fa<i> 111- Would Hiill liavo siilisiiiU'rl. 
 
 \- In iIk' li'iiiflv. il « I- jnni; ^iiui' held dial wlicii' ,i |<i'I-mii y.\,i> Tlii niiu'dy 
 li.i> lakt'ii .sliait"- '>ii the fiiitli of a |)ro>|ir -iii- wliirli i~ uilliin. and ^^(|„„ 
 Miiciids a:.'■aill^t tlic -I'liioii. his liulii .oiiim' i^ lo sue, not tin- roni|iaii\ . 
 liiii ilii' |ironiot»'rs, diri'Oois or ollin'V i--iiiii'^- the ■^aiiM' for ihc 
 'liiiui'^r III' lia> Mi<taiin'd Sc- (:,,rrr'^ .,im'. I (' l)i\ 1S2. and ia«i'> 
 il'ovi' iiit'iilionod 
 
 \.- IM till' iina.-iiii .if ilaniaui'>. llii> i- in -iili-MU'r ilii' -anic ii.v ilio Mi'imiin' of 
 i!i.',i~iiii' iii ilaiiia'ji'^ 111 an aiiiiin ol ili'i I 11 I ni: \ . I ifi r;i.' i ' i'i\. 
 ."ill S.-.' ■/■»■//<•( o.v« V. (iiiilil.l^ r l> I'i'.'; I (hi:, 11 \ hi:siri(!:. 
 ' I'.ini: -J III. \:>y\. M(<,„i,>, \ Wifihl. ij'.tii.ii I ( il .'.li;; .md 
 liccdhc \ >;ici(/,'. I htii.ti I < Il .S(i, allirnii'd li\ llon.-c .if l.ords >;//» 
 !}•(((( '<liii,lii (lid \ lii(i'iiii(- , . t'.tol A. t'. ■! 12 TlirM' la^i'-. Iic-idvi 
 ■JH1II-. llic nii'a.-ni'' 'if dania;^('^, ^liou iliat in .irdi'r lo .-^lalili^li 
 h.ii.ilin iin'li'r till' M'l lion il i-; iinin'i c-^ai \ lo proM- fiandiili'iil iiilvii- 
 lini. for the law iin{i'ili'> ii and dial a man iiia\ In' liaiili' .ihlmnuh 
 llii. .nd.'-i.ili M ioiM|ilv wiih ilic -c.-lioii ir.i-o niriclv fioiii -.mii' 
 l""r::i.|fiiliii"^>^ or ini-iiiidrr-tandiiiy. 
 
 Itiii iIk' ^ertioii is applic alili' only to a jiiosj).., m- .ilfciini: -li.iit's Aict. :in iloti" 
 
 i.i -iil.-iri|i!ioii. and nol i.i oni. iilf.rin- li.m !>• fi.i- -iilisciijiii.iii. ""•*'""-'' 
 ' . . ' ilcln'iitiin* 
 
 iiiii(V\ lliifi. \. l( '■> < ' I'. -i^K. Nor .|ni..« I! iiiiiili' ;lii' 1 oni|iany IioUUts. 
 
 t" i..|!'.| Sen- Siiiihnri) Id.. -'I \|'li. ''as j'JISi, or ...iifi'r .iii iho 
 
 sliuii ii.rldcr a ri::lit to ri'|iiidiati' hi- ^llal<'- doci';- r.(>/. It I). 
 
 I^i; loni. \\ hiililid'i.ii OhiiKr'ii- /.'//"7i (/. ' r.'lo . I III i;;;ii; >,,»//( 
 
 ''f I. I'lldKil \ahiiiil (liiM <'i) . I mil ' I (II. .'iT:! 
 
 .\ii ilii idf.'('d |iriiK|n'(liis |.. williin Ilio m'.iioii .'M'II ilioii.^h -mli .Miriil^rwl 
 
 |iro-.|i(clii..- .stall's when' full |iros|i('riiisi's inij;lii Uc olilaiiicil. While P''""Pi'''»"". 
 
 » Ihiiiii'iiii. I Call iV. Kllis. lot. Aiiiii/. it r Sdiietfi \, < 1(1411, H 
 
 <*« 
 
 ^^15S^ 
 
w 
 
 I u£ 
 
 230 
 
 What piniii 
 till mu«l 
 pruvf. 
 
 PKOSPKCTUSI'>. 
 
 [Chap. 111. 
 
 ilirH-tm 
 liHblf i<> 
 nitifii'Ml !•»> 
 
 *• Notiw "' iif 
 
 T. L H. J27. Com. «...(««•« V. Uunihaiii. {m)'J\ I Cli 1:!7, ««/;<«. 
 p 11 Sh'O aUo (»/rii. l>l> ^59, MO. 
 
 Ill ..kI.t tix.htaiu r.'Iiol under <«ct. amlio pluintitl iiiusl »liow that 
 but lor tlii> ..Mii«<i.m U. .liscl.Hi. ilu> ii.iilraol, \w >u\d not Imvc sul)- 
 Hiiil..-.! Tlii- .^M'lUial (omlitioii «a- not luilv ^(.priKiuled until tli« 
 11. HI..' ol l.c.i'.l< •*<> Ji'(i<li'<l in ( .iHhorin- v Trerhiininn ami Marlmy 
 \. Tail. ( I'.XHm a. C. 21. .AccMinlinsrb il '• i^ sli"«ii frciu flic «ni- 
 ,loiii.' ol 111.- |.i linlitl. or oilu'rwiM-. thai In- woiil.l -.lill liavc takt-ii tlii> 
 Hluii.- il 111.- oii.itt*-,! ...iitra.i lia<l Ihh-ii .li.-..l..M>.i, or that he wu« 
 i,idu.r.l t.. lak.- 111.- slu.r.<- l.v lualtt-r, altoj^Mlier oiil>l.le the r.v-eipt 
 of til.- i.r.«<iic-. tus. h.- .annoi .|i..« that ho ha- Iotmi .la.iiatr,.,!, and 
 .•.iiiiiiit i.-lv on ill.' .portion 
 
 .\ .liic.ioi oia .■oiiipanv .tiiinot 1..- liable uti.lcr «*c-.l. M for iul|.ublt> 
 oiiii.-ioii' i" a i,ros|..-,tiis js-^u.-d without. Iiis kiio« UmI^'i- .,r authority. 
 .An.l ill a If. -.lit .a.M- it was held thai, .•vt-ii tliouffh h.- sul.se<,uoiitly 
 ralili.-.- a.i.l .l.-riv<- ailvanti-c- uikUt th.- i.io~ik-. lu>. h." .-amiot l.v 
 .s.i.h raliliiaii.iM l«- niaW.- lial.l.- uu.h-r tli.- .-.'.tioii l[,„>lr \. >>/'™/.-, 
 , I'.Mil 2 Ch. 7.!J Til.- l.-arno<l jiid-ro ^ai.l: Th." .-tatiit*. -p.-akH ..f 
 .iiii.,i.,r.~ kiioxvii.trl.v is.uin-' th-- '^"X-. an.l tht-r.-lon- pn>M,pp<)se» 
 kiiouli-.b. .Ml th.- pait ..I tli(- .lill >t..r~, awl it point-- t.. an ../l.-ii.e hoinir 
 ,.,„„i.iin.-.l ai th.- lii.M- of tiic i-u.v II aiipi-ar- I., in.- tli..! I .-hould 
 bo (■ontKi.li.tii.j; ill- lan._Miaf;t- of lla- statute oiitirelv. an-! .•<li.mkl l» 
 ..Nt.-ii.liii- t!,.' <.|M-iatioii of that rathi-r liar.di nw-asurc if i «i-ro to hold 
 dir.-itor,< li^...l.' for a pi<..-.po. tu- whi- h th.-v did not autJioii/--, on the 
 jirouii.! thai tl.<;v .lid ali.-r«ard.- a.lopi il. or had even .i. riv.-,! -.)!* 
 
 beiK'lil fr.iui il 
 
 N.ili.e ..f Ihr ...nira. t iioi .li^. lo-."! ■ ' .liM-mi-h- ili.' -hai.-li..l.i.-r 
 n. ,l:.iiii r.-li. 1. lul.— ho >hall liav.- id iio'lro of smdi .■oiiira.t," 
 uro the .■.Mi.lii.lin- uoi.K ..f th.- wlion What .h,o-. "M..li.-- her.) 
 
 luoany It mean- lii iL'ti..' no! onl.v of llie oxisteii..- .if tl ilract, 
 
 bui al-o .it it- ...iiients, a- heai-iii- upon tho .staleniont.s in tla- pro- 
 4:o<ius Wiills \ liiukiKill. .l'.Hi;ji I <U TCr.. .ii. It .l.-o- u.n 
 moan .imisIi le liv«' iioli.e. 
 
 ••('oii-iiiloiiiiu." -aid I.iiidlcv. M K . in (inriiiio,,,! v Li-ullier 
 SliotI M /.(■<■/ r„ . ,v,(p,„, •the inanifo-l ohjort of thi- M-,tion. wlii.li 
 Is to eouii-ol the jK-i-on- i>sninj,r th<- pro-pe.ln-- t.. alloid i.. poi-|..iis 
 invited to tak(3 isliaro- the inluiinatioii H-.iuirc.l l.v tho soeliou, it 19 
 obvious that the wor.l- ' unlovs ho shall have hail notioo of such 
 eontr«.-t' n-.-aii a jjood .leal inoio than ' unh-^ ho shall h.avo -oiiie 
 va^'uo iiitoiniatioii wlii- h. if followed up, will lead to su. h fiotico ' 
 Xotico in the si-.ti.m mean- not what is .alle.l .•.in-trii<!i\»- n .li.e, 
 but a.tual notieo: thai is to say, wliiili liriiifjrs home in the min.l .if 
 a reasonably intelligent and .iiofnl reader sueh knowlod(io a- fairly 
 and 111 a i.usino-s M-iise aniouiiis lu n.)li.e of a ...ntra. t. Any :iihi-r 
 <M.nstru(ti..ii woul.l ren.h-r tho so.;tion perfo.-tly useless." There 
 inu8t." said Collins. L. .1.. in Wall'* v Itnikn.ill. (l'.H»3t I Ch 776, 
 ■ he a fair ovplanation by the j>ersons who <lo kn..w t.i th.- ptTs.i.is 
 
INTKOUUCrORY NOTKS. 
 
 2M 
 
 hIk. (!<i not know oi tlio uutun' of tlio wntraotu which arc not 
 
 ili-ilo80d." 
 
 Waiver Clauses. 
 
 I III lelalUiii til xi-i-l. HI i4i o/ thi- Art nf 1»(»8 ^ Digrlijiture in 
 /'roxju'rluti I . 
 
 Siili-sffl . (,4' of Mvl HI of th»' Coniimuitw i Consolidiitioni Art, 
 HKiS. [:rnviJo« that 
 
 Aiiv coiiilitiMii riMiuii'iiig or hiuiliiiK iiii_\ m| pliruiit for whaies or 
 ileU'iiliiK''' to waive coiiiiliaiict' with any i<'i|uirenii'iit of thi< Ncctiun 
 .11 I iiiporliiit; to atVoii him with iioliic <il' uuv rontract. iluiuinoat, 
 iir iiiaiiii not (s^milicaily rolorrod to in thf jirospwlus shall bo void " 
 All iiiilinj^lv ii i-* ii>olo>i« to iiixort in an\ proMiKMiiiH tn which ihf 
 <i'cii'iii applic- any waivoror provision for noiiK>, and it wuuld ncom 
 iluii till- ^aiiK" nih' applio-; to a conilition in a form of appliiation 
 rciiiMird liv the |ircispc('lu< to lit- ii<od 
 
 ■2 li( irl'itinii lu seel. H4 of the Cottifiiiniis i ronMoliiliition > Art. 
 I 'MIS ireiiroihiciHfi Ihf firoriKiony of the lUrcctom' Liahilifi/ 
 Irl. lH!Mli [xuimi. p. 20H1. 
 
 lIcK' lh« I'aso i-i dilloront. Tlit; ^-rlion incridy impose-; on tho Waiver of 
 iliicri,,rs ond otht-r'* a statutory ohlitration in pay (..niiK-nsation lo Li']['^'n,'iV A.t. 
 ;lif injiiivtl suh-*<iilitM> Tlii-* i>l>ligation i» iiisurtcd obviously for IH'JO now 
 ili.ii bcnclil, and liokin'r at the la^u^ Ixlou icfiMri'il in. it is appip- ^^^J'^^j |yy^ 
 hoiiiii'd that. b<'\nnd all doubt, the ri'cpiiicinonts nf the -ortioii can bo 
 ual\rl, and thai a .siibsiribor may k'j;ally coiili^K-l liimsolf nut of 
 .eriaiii liabili'lo-^ undor sub-sod. ( li of sod, «4 (soil. 3 of tho said 
 iO|oalod .\it It would not. indood, bo prop4'r. or iiidood praotic- 
 alili'. to nuiko a ('ontratt to tho olloct that tho subscrilMU- shall not 
 -lie I'.ir r()m|.on-alioii in lospoii of a frantluliiil luisropiosontatiou; 
 I. Ill ilioH' wcmld .sooiii to bo no iiuprojirioty in a cnnlrad to the 
 I'tici; ili.i! tlio subsiribor will not suo in rospo.l of a missiatomont 
 iiiiii'i'itih niado. aiid thai such a misslaloniont shall not invalidate 
 ii icnilor viiidablo the .iniliad TkII!" v. Jiuxon. i^lMltJi 3 Ch 
 III And soo Ili(i:illini litii'bii I'ldiiliitioiis (,Xn. 1 i. vl'.Uli 1 I'h. 
 \-2:. 
 
 Sih Ii ;i inlrad. assuniiii'^f tho above view to bo loiiod, lui^ht bo Ry what 
 iiiiJo by lifHd of lovonant with the directors, but thai mmlo will ""•'"""foi- 
 rarely Ik? pradiiablo; and if tlioro is to bo sinh a cuiilrait it musi, 
 II. 1 di'iibl. bo ombodiod in iho pro^poitiis or in tho form of application 
 fur 'liaios or dobonturos. But a contract so embodied will, as be- 
 iwooii tho siibscrilior and the directors, be open to the objection 
 tiial it is ic.s iiitw alios iiilu (sw 8th oil., p. ISHi. unlo.ss it is made 
 with the company a.s trustee: e.g., 
 
 .\iid I Hjtrec vf itii tlie comp.iny (as trusU-r for tlio (lircctors ami other penon* 
 liablfl that 1 will not make oiiy claim, or take any prociHiIinjfs, uuder »cet. 84 
 
•I-.i'i 
 
 I'mmiMcnsKi*. 
 
 [Chap. III. 
 
 of th.> Ci.niiMiiiiM (t'..n«.lid»ti..n) Art. IWW. r«>r . .,iN|i.Mi»«timi in r«i>«Ki ,.f «.,» 
 mi"t«t.'m,iit ill tlir .ai.l ,,r.H|„. t«.. mud.- I.v il.-' .lif. i.,r- in ili.- l.-li.f rlut 
 It «:i, trii.-. iml lliiit llii« iiiv .•..iilriiil -li.ill n.H !..■ iin^Mithitiil l.y ii-.i«hi ..f 
 uny i*ii''l> ini-iitiiti'mi'iit. 
 
 Or llin |iriir>|M'iiii- iiiav -liilf llml; - 
 
 Till- <t;it.iiifn»» hiTriii -<•! f.irth ar.> liu-til »i< iiiri.riiiiilliui rmiii-liiil l.y i,. 
 
 vi.|i<|..r {•:■ l.y A. It. |. I.iit iii.|.li.-.int« « ill !»• .(.•.■m.'.l t.. Jiirr.-.' will, tli" ■ |.a!;v 
 
 {a* frii-tif fi.r tin- iliri-.l..r-i lliat tlii>y will 11..I imiki- uny flu'iii iiiiilrr ~.i t n| 
 
 nf til.' C.mii.ttMii'* iC.ii-.iiil.-.ti.iii) \<t. mm. on n<- iil i.f any iiu ..rr.'it .taf 
 
 iiHMit ill Ih. -aid i.M.«|HTtii* iiiiiil- I.v any iliir.M..r in tli.' ln'liif llmt il » :, 
 ■ iirriK-t or . hiim tn ri'|.iiiliaii- tli.ir ...iitra.t- on tint .I'l.ni.t 
 
 .1 An III M'' if* "' ''"' i'liiiif'iiiii's .\il. ISIIT 
 Allhi.ii^'li lliix M'iti..ii «a- icpi'iiliMl liN llic < ..iiiiniiiii'^ v.l. I'.'it'i. 
 
 ihf rcn'iil i* will I |ii«'jiiiliic |.. .•\i-tihu ii-lil- .iinl li.iliililn-. 
 
 and uii.'iilinirlv it i~ m-ll M Ix'iii in miinl llif ivlixaiil .Ice i«i..i. 
 Midi us iIk'.v wi'K'. UN lu waiM-r nl' tin- livrlil-* . t.nt<-i ii-d l.\ 11 
 
 TIm'w .leniions wcri' t ..iisiil.Tcl at IciikiI" '" i'"' "l'" <'iii'>"' "' 'I'l- 
 volmnc. ami tlif |iii.|iu-iti..ii llicir . ..iil.ii.li-.l l..r. uami'lv. l'';il 1' 
 WUH in |:..inl t.f law ullnwat.lc \« "..ivc . ..ni|.liaiii i- «illi ><■' ' 'W 
 .inlif ('i>ni|iani<'« An. IStlT. is n,,« -.MHMall.v ii'. ..uiii/i'.l asr.pnr.! 
 .S'*. ItiiiKWuiit V. ihnkf. Tiiii<~. l:illi Nn\<'ml«'r anil Mtli DciiMnlxr, 
 IH'.tT; (in-rninx„l v L,-.,lU,r Shod \\lu:rlr<>. il'.'mt. I ' h. I'-M. 
 Cirkrtt V A, >•/<•-. A-. . P.MfJ > :.' < Il » ■)•; . M<'>uii>i \ Jiiil. MKti; \.i 
 
 Bui. us Fuiwoll. I . sui.l iii CirMI \ A.---./. \ man «li.. 
 <lo.«ire.s to take aiivanlatri' nf a wuiM'i .laii-i" must siuto the fa. t 
 fairlv." If In- iiiiM|rs.Til..'s ilic . liira.tei i>f tin- r..iilia.!s. or if In' 
 .stuti's thai tlioiv ' may ' I..' 1 oiitiucts. wln'ii he kii .ws that tlioiv iiir. 
 ho liinnot ii'Iy i.n llic i laiici' I" (iioK'i t liini Si'c the uIm.vi' .l.'.isii.h- 
 So also if the ilaii.s(> piii|i..il-< f. ail... t ilu' .iiipli.anl with untiic ..I 
 lontiiKt.s which aro iiiiiir..iK"ih . on.i'aliil. it i- inrllc 'i\i' 
 
 The intrfxluctiiiii of a Nti|.iilalioii ilial an api.ti. .inl f..i -hairs i- t., 
 
 |„. ,!(.( .<! to huM' notin- .if what i.s in fa.l .■.iiiccal.Ml fi 1 hini. is 
 
 Kiii.|i|v jiart of till' ni.U lia.l i(>i-..iir.si' to in or.li-r M i-va.li" th.' i.'ii-. - 
 .(n.-nien of 'In' ini|>r<.i)or lonK'alnn-iit Siirh u sti|nilaiioii in a tin k\ 
 waivorilaii- 'iko tin- ono l(t.f..rp mm iillniil^ no proUMii-.n 10 thr |ii'is.iii 
 who sjK-ks |.i ..it'ctioii ff.iia it . Thi' pririiipk" of i('fiisiii<>: 1.. /ivc I'tltv » 
 to piirtw lit .I.KUim'nt.i so .u-i to pivvont »ii.-<t'-sfiil i|('n.pii..n hv mo;i-H 
 of llxi.i i-ipiitf fBiiiiiiarin iis appli.ati.in tofrcnrral wonh in K-ii'a-.'s 
 uiid toraiihiii^'coii.r.M.inNof salo .(■ f/.. /<rfi(»(/ V. Mitnhin 12 (^ H. I>. 
 181 ). Tli<> rofii il is I -''(I on onliiiurv priiuipli-s of honesty, ami 's 
 as :!!iplicab!e to trirkv »:i!vor ilaii.s«>s as to other tricky iloomiiont- " 
 Pit Linillfv. M H.. (Inriiti-onil \- Lf.ither Sh'»l Whiil ' <>.. siipt' 
 
 Rut. .Hiil.ji'. t to these reservations, a waiver ilnii^e properix fraiii.'.l 
 and honMtiy iiswl i«. in the opinion of the Hons.. of Lords. |p..'itiiiiate 
 and hindins; Mnrlenf/ y. Tnil. (V.mU \ (.2). 
 
INTKODITcrtiRY NOTM. 
 
 iVi 
 
 Criminal Limbility in respect of ProspectUBes. 
 
 x, I SI .>! lllf l.a|...|i> A.I. IHiil r2i \ -.'.'i Viil . 'Ml. |i|..Mi|i'« 
 
 tluil: 
 
 Uli"»"<i'r, hi'iiiL' " iliri'itiir, iii:iiiiiir<'r, ur |'ul)lir iifflriT iif an) IhmIj- ' "r 
 ,.,„ ,1 nr I ulili" iiim|i:iiiy. »li:ill miikr. cir. iiliilr, nr imiiliOi. or iimi iir in 
 :nnkii:i.'. rirriiliilinir "T |Mitili-liiiii.'. ""V "ii>i"i -'-h iiuh' "r !ii'"iiiil «liiili In- 
 .liiill khiiw 1" I"' fi'l*'' i" •'">■ matiTi.il |ii>rlii'>ilar, with iiiii'iit l.i iltniix.' nr 
 ill lr:iiiil uiiv niiiiilMT, <liiirfliiil€liT. nr <r«litiir i>f •iii-li ImkIj- rnriMiratf or |iiililii' 
 ,,,lii|.;iliy. ... •"'/' .«/<-.' '" ./../•...■ ".,* ,..■,."/. '.> >;,„.„■ .. ^h.iiihfll', •<t 
 i.ari 'T llirrfiii, iir In iiitrii«l ur iiihiimi- any |irip|)<'rly to -iicli ImkIv iiir|(iiralo 
 
 ,r 1 i.lilii ri>Mi|iaMy. "f tn rnli'r inln uiiy "wiirily for lln' l)iii. tit iImth'I'. -hall 
 I... ^'uiitv .if a miwIi'iii'Mr.mir, ami. Iniiii; iiinu.li.<l thi'ru.f. -.lull Im' lialil.'. at 
 iin- ill-, r.'tiiin iif till- t ..art. to any "f llf |»ini«hniriit» which the t'mirt may 
 
 «;ir.l. 1- hi'r.iiilivf.ir. I«»t in<>ntioiied. 
 
 < riiiiiiial 
 liKhility. 
 
 Till' |.;iili-lliii' 111" H'l'llfl In wt'H' T." I«' tt'l'i III la'lial -I'l \ lliiili' 
 ;,,! .WW li'iiii ii.il . N.i'MJiii'^ WNt'ii M'lil- iiikI 11.11 It"*-, lli.iii ilircf \i'.il«. 
 ,i •■. Im- iiiipii.-iiiKNl (or :iii\ liTiii II. )l fv. I'f.JiM^r m.. M-at..^. uilli ..r 
 iMidi.iil hal-il liil..'iii. .ml will "l \\illlinil hnlilaiv roiilini'iiiciit 
 ///,./ M'l t Ti all.lM'l't lllM\ - >l:llllll-.<. 'illl I'll \"l ;'.. p|i '1'1\. -If*. 
 iHij. r til I I iiHiu.il l.an . 
 
 \ |ii(i-|ic. tn- - I uiilli'ii ^lali'liiciil »illiili llu- iiKMiiiii;/ ".f llii.< 
 . ..I.I. iiin'til. aii.i .1 ..I liii'.'lv it a ii|i..i|i<'.lii« i- i-'-.-iicil .■.iiilaiiiiii'j; 
 11.111 Illl. Ill iiii.-rc|in'.-''iiiiiii.iii-. llii- iliin. I..|> i."-iiiii!,'- it will In' li.ilili' 
 II |.riM'. utimi nil h'l ili.' \.i. 'Ii.'\ mav aN.i In- |iic.-i' ■iitc.j 'iiri.iii- 
 -j.iia. \ t.i . niiiniit illl- -..1IIII..IV 'ill.ii'i' MoKHiv.'i auv iMT-aiii, 
 will 'lii'i :i .liii'ildi- III li.il. .^Ii.i i.--iii'~ "I i.iko* pari in llic i^sin- 'if it 
 |ir..-i><ilii- .iiiitaiiiiiiu- Iraii.liili'iii iiii-tipii'x'iiliiti.tii- max l>t> pi.i- 
 -VI iisi'il i.ii ' iispita. \ I" vl.'lr;;ii.| I'.iil ol' . iiiir-^i' ^ii. It pi-r-niis .a. iii.it 
 
 I iiMiii.l niili'^i.- it .an Im- priivi-.l ilia! lln>_v knew tin- icprosi'iita- 
 
 I - ii, Ih tiiKf. anil, ailing' iip.'ii that !.iiii«l('<|._'<' iiid with ilie 
 
 ml. lioii I. li'fiM' ami (li'fniml. i.v^iicil tlic prn-'pc. ins JNt Cock- 
 l.iiiM ( ! in Till- (^itrrii \ l.iii iirif miil nlhrrx. l''iiila\s.ii|s Hi-poit, 
 
 Ill till' i.-<. la>i iiKiiiioni'il till' pi-.i-'i'.iiliiiii wii.s iiuiUm- hi"1. S I "T lln' 
 laii<ii\ .\'l. ISdJ.aiiil tor niii..»piiarv III 1 "iniiiil the N'alii;..iv nltViir.-; 
 III. I ( IV, kliiini.<' .1.. ill lii.^ .hart;!' t.> tin' |iiiv,.-uiil lliai ' the -niii uii.l 
 ■iili-iai|.<- III illl' .liai-Ki' «••- 111."! iln' l'i!siiii'-» .if Ovni'iiil. 1.imii.'\ .V 
 1 '. In'Miir hi>p<.|i>.4<ily iii-iolvi'iit an. I w.n llili'-*.-., ihcM- ilcfi'iiilaiiis, 
 kiiLwiii..'- that fail. cnii.ipinMl In iiiilu't' pcr-mis In lake .-lian'-i in tin' 
 iii'w iiiiiipaiiy t.i wliiih that IniKiiioss hIioiiM Im> fran'^fi'trcil «iili a 
 lii'H .if i|.'fraii(lniir atnl <'li<'aliii<f thi> por-smis so lakiiitr anil payiiit; 
 Mr 'lull- stiaii'.-i ii( the pini> wliirii lh(>v w.inl.i inni' ii> pav Tiiat i-« 
 listamc ..I till' iliiriTi'. If v.m hIi.iII licjicvo in tin' I'liil 
 
 lie -iiiii ami >i 
 
 tliiTP nm lip no 
 
 lliiil "lull a roii«pii-ary <Ii'l in finl 4'\i>t 
 
 (KiKi-illi' ilnnlit that tlifv liuvo coiiiniiili'il an olltMiip u;;aiiis| iiii> hi 
 
»'K<wrEt'rij«>>*. 
 
 [('HAI'. III. 
 
 Kor ..>.i i.i.K .l<M* ilu- Art ..I lVili.iiiM-ui to wl.i.h I Imvc -..ll.'.! yMn 
 ulli-.ili.pM iimko. «hoili.-r ll." ii>.sult ol ii .oa.-*piiu.v> or ii-i, Hi.- jhiI. 
 Ii.,hiu.' ol Hlato.ii.'i.l. Ui.uwn i" !»• fulM', in or.lof 1.. iiuln.f |H•l*.m^ 
 to luUr Amu:-, aii ..Hri.rr, 1..11 ih.Mr .all »«■ no .lo.il.t npou ll..- UPn-'ial 
 lau of tnr lan.l llial u ,.<n^yn.u) \.< .l.'liau.l ainl • li-al l.> uu-uns of 
 faL..' pi-Hv... .■• i^ an oIUm,,... an,| an olt..,,.- of a vrx mtio,,, na.ur.. 
 It i, noi il.o lo«- an olItMiro hmau-) il is .iir.',!.-,! a(,MiuM .>*(«H-t; it 
 Ihi .• an.l UvixMM' tli.' iiiarl.inalion:' r.f tim <onH|)irtttor»; niu> not linr 
 l».,'.. ,liii>.tcMl airaiiiM pa.ii.nlir indivi.lnals. If a nnint-cr ol i>.is,.„> 
 ,o..,l.iti.' an.l ...„..<.I.Ta;.- t,. . h-:.! a ,Mrli. iili.i iti.liv i.l.u.l thor.- .>an !»■ 
 ,,. ,l„ul.t tl.ui il i- a .liininal . .n-i.ira.v at law ll i>. not tos,- .... 
 l„Mai..-r ih.- iMTM.n- to 1... .a.i::.,. ...i.l to I,.. .|,M-,.iv.Ml iitr no! in'l< 
 
 vi.luallv ill ll V .111.1 . oi.l.Miiiila.i..M of tin- . <.n>|.iral.ii> Thai w., 
 
 M.||l.'.ri..iiu' a-..' in til.' .ase to «lil. li lIu" \r.inu.i ...iiii><fl l..r ih. 
 ,„„M..,iti..ii iKf.Ti.'.l. tin- ..iM. ..f llir hiH'l ^ l><- ll,rr„:,.r .u„l 
 
 „th.rs: ani uliauniM n'maik- Mi Soli, il.M -C.Mi.-.l i.m> liav a.lr 
 
 . au.ll.l iaiall...iiirov.M! ^vllatll«•^.l^- lo M.. u thai ill.' vn !.■• 
 
 ill timt ra.-c was iinsaliMfa.torx . ><•! lli.'iv .ao !"• n- .loul.i that ui.n, 
 
 iJioC.nii ol Kiii'.'.s ll..n.h. IO..H..M.I.1 ,l-l..» upon li.^ Knl.j.'. t 
 
 tiK-.i .l.M i.-ioii «a- fo.iii.lf.l ..n s 1,1 aii.l uisr foin.ipt..-. an.l that ii 
 
 hii., .Mil... l,.M-n iv.cimm! an.l oii-lil t.. I..- n...'iv.Ml a- law. nam.-h, tl.ul 
 i, i. „o, l,...a.,-.. a .oM-! ...l.N lo .l.'fian.l i> .lim I.mI a-ainM il..' 
 p.n.'ial iml.li.-. it i-- <\- l-'-^x "■> "Hfn.o l.y r.-asoi. that y» liav.- n..' it. 
 v.mr evo a paitiniiai in.lni.lnal who i.^ lo In- .j.iia.i.l.' I lii.l. p. .,- 
 ilontlv of whi. h it i..^ .p.il.' plain that any .-.m^pii;.. ^ h'^n'-' l"i 'I- 
 purpo-.- to .lofiainl ih..-.' ia.livi.lual^ oi ih' li.'iM'iai p.ihii' «iio ii.;..> 
 U' -a.i"hi h\ it. i.' a . .iiiliiii.n.- .on>pira. y nniil it f^hall hav<- anix.Ml 
 at ih,'i.,uinpli.shnicni ol it- puip.-.' A- ^o..n a^ ih-' paili.ular in- 
 
 diM.li.al i.~ i.roii'.'ht into. a. t with ihi' .on.-*pirat.i.-. tin' .on.-.piia.A . 
 
 whi.h l..'lor<- wa.H -,ii.-ial. h. n."- in Iti- "k-^'-- i'' 1 '"".v "■^«' ''"■ •■^- 
 
 pn..~-ioi,. in.llvi.limliMHl an.l lix.vl. an.l that whi.li wa.s a ...i.-pn... v 
 
 to .{....■iM. an.l .h-fraii.l tho t'.'neral j.nl.li. h. n.'s a . ..ii>piia. ,v ;■' 
 
 .lo.oiv.- ami .l..|tau<ltho particular ili.livi.lual. . Th.' trnilty n,n,.i 
 
 what «i' lawyiT.s .all (M.m.x rra -i- i^MMilial lo .•..n-lilnl.' a <iin:.' 
 in Ih.. i%.' of 111.' law Mi-iTpn—nialion.. ..i . onnMlnhMi llla^ . ..- 
 1 hau- tol.l \..i!. alhir.! inallvr of . ivil a.ii..u an.l i.'iii.Mh . Ihil ."i. 
 nuiM hav.. M...r.' than tha.-yon mn.-i havo tin- v:.iilty iiiin.l t.. .oi.- 
 Mitni.- ll..' olU't..-.' with whi.h tlm <h'f(>ii<lant« aiv . ha.-o.l N.. .h.i.il 
 ovprv man Miu.st Ih- tak.-n, ,.rim,i facie at k'ast. to hav.. iiit.Mi.le.l what 
 art- lh<- natur.al and n.-.-.-ary .oux^iU.Mi'V-i ..f hi" a.t.-.; hut if v..„ 
 tiud that lh.«r<' w.i.-. niisr.«pro>fnlation, an.l that il iia^ en.h-.l m .1- 
 fraiidinsr tli«' parlio.< to whom it wa» ud.livss.'d. th.- fair and hrit>".ai.' 
 ii.!ei(=.i..> i~ !h:u !h.' i!o«n!i"ii wi..-* that thi- a.t <hino nhoiihl can.'- wnh 
 it tho .on...'.pi'n<.".s that have f.illowed from il. Hut ihi-' p:x.>uiiil)i: ■" 
 niaj h.' rehutiwl hy th.' other .•in;uin.sLanc.'.s of the ra.-*t', un.l wh.i'' 
 intention pnt«T» so' latir<>ly into the ..on-i.k'iali..ii of tho .pio^li.'ii ot 
 ,^ilt or inn...i'n.e, lu* il .hK-s in a rhari^o of oonspiracy and fr.nid. 
 
 mmmmm 
 
INTKOlUrCTUKV »»»TK> 
 
 •.M"« 
 
 ,( k.coini». imwl iiiiportaul to look to -<>•' whui molivu ..miI.I havf 
 .iirt'iii'oi] ii|M.ii llic MUM. I <>l till' |.iirl\ ■ ImrpMl lu iiiJiuf him toiominit 
 ;li,. iilW-iir.' ,iiii| »<■<• Ar.hlmld'K Liiiii. I'r.. ;;;lid ••■! . p IJHI 
 
 |, 1(1 < itiiiiiuil l.iiihihli/ liii Lhrnibvutitii >rctMli Ml ol lltf i •nii^inniet 
 
 1(7. iwm 
 
 .nmi Ml ol till' <'..iM|iuiiit-' All I'.tim. ix posiiivr in it> icriii- It 
 -u- iliiii i'\i'r\ |ir(»,'."tii- i.«.«ii('il by i>r on liphiilf of it loiiiiuiiiy. or 
 |,\ .,!■ mi hcliull ol any |MTM)n whi. i.s or lia-" Immui ciiL'iiy^o,! ..r iti- 
 i.'ii'^K-l in till- lormulioii ol a ((iinpuiiy. mu^t ^(ati- ri-rlain thinsri 
 ilii'iiMtliT I'liuiiierativl Tlicii mili-soii. (1 -iiyf* timl in lln' fvi'iit 
 Mj iii.ii-i(iiM|ilii ' . 'Ii any of tlio rfnuiri'iiiiMilji of llii^ ^imihhi. a 
 .liicrioi ..!■ nih : Ml- ' --"oiwilili' for »lio iMvv.xpoctu'^ -hall noi iii.ur 
 iin lialiilifv 1)\ .< <-'■■• i i- •' non-roinpliaiiio if hi- pnnc^ ili.'i 
 
 ui a.- M'L'urilH 1 M.i'i.'i 111)1 ili~. 1o.mm1 hf «a^ iioi i oLriii-aiil 
 
 lh«'rf(jl 
 (b> ihf noii-'oiiip!iuinf ..roM' Hum an huncsl iiiisluko ol fni "ii hii- 
 purt ' ; 
 
 nl 111 ilic ca>i- of a iioii-(IimIo-<'.| inlcrc-i in ihc liiii'ilor- il i proM'd 
 r^iin-t him thai ll<' had knowlcdp' ol ti;o iiialli'lN not di'-i lo-.t'il 
 Thi- x'-ilun <ioc-i not in t«'riii-i inipoM' any penalty foi liri-ai li of thi' 
 .hiiii--. iinpo-ftl by il An opinion ha-- already been cxim-'-od Ihat 
 Mill- rilii'i- lia\<' an hiijilird rijiiil of livil action for daiiia^'c.s .-.u.-- 
 laiiii'.l \'\ a IniM' h of the statutory liiHv -iti' W hulilriloii Oli/iiijiui. 
 iUI . |;il(li I I'll, ll.fll; ail<l South ol I'.iiqUlIld Sillnnd <iili Co. 
 
 P.ill I M II "pT.i.and |>. 17.'i. xuimi >, tliou;:li that implied riirht. or the 
 hi' i<l\ ill re>|i«;il of it. i> wit v\\m>^>\\ o-iven by ihe statute Hut over 
 imi iliove the eivil rom^ily, it i^ a irrll-hiiitirii iiriiiriilf tlii'l a luiin 
 
 ii.MJi- ilie\^ an Alt of I'urliaineiil «iiiili piv~.iil)es no.iihei- remedy. 
 i.~ liahle to iiiilii imeiil for iiii-deiiieanour l)'r;i. v. I'riie. II V. A K 
 •_•: /,'e7 V !hilf. I IK'.Ui 1 (i H 717 7i;7: Hr-i \ 7'///o/-. i IHC! i 
 Li,i I! .-.9 J. 
 
 Til. .piestioii whulher the o!ili-<j<ioii to loniply with the ie.)uirii- 
 lueul* of sect, 81 of the An of I'.lOK enlails .mv criminal liabilily on 
 tho direitors or other jierMjus re-pon-^ibl'' for the jirospeeiim has 
 lint yei lieen settled 
 
 The ar<.'iii M'nt for eriiiiin.il liabilily max '"« put lli:is The 
 H'diiiu (lea! \ impo-e-. .: duly on the direitors und other persons 
 res|:iiiisiblo for the issutf. and this duty eonioriis the jiublie. the 
 "hipit (if the sertion lieinp to proteet tho public or those who siib- 
 scriiie from iiein"; deceived, and althoufrii iln' .~ei(ioii conleiu|.iale« 
 a civil liability on the port of the directors und other persons l-espon- 
 m1)!»> for the breach, there i-- nothiiifr sudicient to sl.ow that an 
 iiition loi damaf;*- i- the only remedy open. Tiiercforo, ii person 
 
 :ts« j'^*-' II 
 
286 
 
 IMiOSPKCTUSKS. 
 
 fCHAP. HI. 
 
 villi omits ti) |ior 
 ■riininnl nlVpiut'. 
 
 lonn hi" stiiliiKTv .liily irmv l.<' comniittine 
 
 iiilo is tluis KMsi'ly i'\|ir<' 
 
 ',1 III Atti.lc I2» "f SK'pli.'ii 
 
 |)it;,.-t ..r Ciiiniiial l-iiw K\<>rv(.i ..iiiniils a n 
 
 vli.. «il('iill\ .li>i>l>''\> ;iiiv sl.iliiK- 
 
 it liiibiils Ml mil 
 
 iiltinu 111 ill' :iii\ i> 
 
 lisiliMiiiMiiniir 
 f III.' ivaliu li\ <l.iiiiL'iiii\ act wliiili 
 •I wliiih il riMiiiirO" in Ik' limM'- "ihI 
 
 v\llirll tiitll-'lll 
 
 IS till- |l 
 
 llllli 
 
 i.r aii> 1 
 
 ;ni 111 llx' Ji'ililii'. mil 
 
 a|> 
 
 lis Ipilll I 
 
 Ik- siatiiH' llial il «a.s tin- iiili'tiliim 
 
 linn 111 till' l.i'L'i-latiiii 
 
 |i.i\i(l«' siiiiH' iillii'r |iciiall\ I 
 
 Till' ill If i- v'''v I 
 /■,//,). . IHUI i! (^ It .•.«•< 
 
 ili^nlirilit'liri' 
 llMllv I'NIilailKll l>< I'.owi'li 
 
 I. .1 . Ill rill (fi 
 
 111 ihal .a-i- a ilul\ I" ii''''»'" ^ti'imil 
 
 ICllll lis «as llll|:usc 
 ami a [ii'iuillv wa.s 
 
 l,\ iln' Alt III' iHi;:; .-.mi. 
 
 nil a i>>iii|iaii\ 
 
 li\ -I'll -J, |i 
 
 i,|,.il l.il- hifatli .if lliv ilii 
 
 III i.iiU auaiiisi tin' 11)11 
 
 iiiaii\ lull airaiiisl 
 
 the ilii.'.liiis am 
 
 Kii.n\iiii:l\ a 
 «a- Ih'IiI lliai a 
 
 ml uilliillv 
 
 aiillnii/iiii; "!■ I'lllii 
 
 itliiiLi: (li'I'aiill 
 
 liriMili '.I' 'III' M'l linn "a« a . i al 
 
 illi 
 
 ■A l..ir.l .lu-li 
 
 :!..». 11 
 
 ■ if 
 
 .1, :ii 
 
 riMlIll Mil 
 roMlpahV 
 
 (|..iil.ti'il llml i' '■'"■ 
 
 ,1 ;i il.ilv 'II H iim|i:iiiv. .1111 
 
 ul ll . I 
 
 il thai if tl„ 
 
 iliii l:iil .•..iHl'lV W II 
 
 Il ihi- .lir ■■ liiiii- I 
 
 if till 
 
 ttlulll 
 
 III 
 
 it a I., 
 It «■; 
 
 ■ ;rli .,1' illlly. 
 1 tir-t 1 " it'll 
 
 111. 
 
 \v..l|!.l .1.' Ill -II 
 
 Il II .a-.- I ill 
 
 ill. 
 ill 
 
 iiliiliaiiv 
 
 ■M 
 
 i|,.,l .111 l.i-lmlf ■•;■ till' ii|'|. 
 
 lllllllt lll.ll 
 
 fri.iiiiii?H .all 
 
 Mill«t a i.iiiil 
 
 iliilMliv. all 
 
 il it liiMiiiii.'- Ill' 
 
 rlMllilial |. 
 
 aiv lliiTif. 
 
 nl.p 111 iiuik.. Ill'' -t. ji- 
 
 ■a-ininif . I.ar. ihiit w.- -Imulil .XMiiiili. 
 
 \\r. 
 
 priiiMisitiiiii am 
 
 I „■.■ if li 
 
 .iiiviliiiitr ill i 
 
 1. Il «.iiiil 
 
 1.1 M.|l 
 
 III 
 
 .III if -11' Il ;i 
 
 rhi 
 
 :.i 
 
 ■I -t:llllii' . ri'i 
 
 nil - ^1 .lalv ll|" 
 
 iliiliviilila^ li.T-.iiH. il 
 
 slraiti.'*' r.'-iili 
 int. I a jiiiiii -'. 
 
 ,f till' liaiv Ill I'. 
 
 ,,l..'l liv tli. 
 
 ii|.: 
 
 111.' ii'iiii 
 
 -till 
 
 ir-in-' iiirniiii'j 
 riinri' ill. a|ial 
 
 Wli. 
 
 Mll'l il 
 
 ,1.' .if IP.. 
 
 lit wlll'l.' ill.- -IIIUI. I'l 
 
 il,.' .liii\ .11 111 iii|.a'iy 1 
 
 ill' I'lia' tiiii'i 
 
 ili-.ilii'ili.liii' I'l 1 
 diri'.t.ir* iir ..llu" i- ..i' tin 
 nf till itiiiijiaiiy t.i ii.aiiilv 
 al liv till- -t itiili'. uiiil III. 
 ili~il..'.'iii'iil .iiiii|i«iiy. mill— I III' <■'• 
 
 i! l.i 111 iii|iahy ii. 
 
 Ollli'l Wi'i' 
 
 |..'ll l|ii« 1^11 
 all .iillr- 11.' 
 
 illy l'('-|iiin 
 
 ■ ill!'.' fill- ill. 
 
 itii il,.' -I .<"I. I'V ri"| 
 
 iiliri'iiii'iil- nil 
 
 iil.l 1.. 
 
 ,,f .'iifi.r 
 
 :».; til.. \::\\ iirain-i 
 
 I't'i' i;i -lli'll ra- 
 
 kIv I'V i"i 
 
 ilirllM 
 
 It uas iIk'i 
 
 ill that a -.'. li.iii ill an 
 
 11, I II. Ill' ilmi' 
 
 lU II 
 
 il.ii'- lint II.'. 
 
 ii»,-.' a I" II. 
 
 ■ilv lllilivi' I 
 
 \..| nf riirlianiiiil « lli'll iliri'.i- m 
 
 1,1 i|,-,il.,.,li.'ii. 
 
 .III. '11. 
 
 ..f 111. 
 
 nil iin(u'rali\.' a'li 
 
 \,n\ Il i- ini' 
 
 I ,1. 
 
 l.'-lltl ..! Il'itl iiilll|'l 
 
 .h.ii tli.Ti' .iri' -tatiit" 
 
 ,1' 1 1,.' \.i 
 
 «i;l. ill. 
 
 ivlli.'li ill. 11' 
 
 I ill.' ri'-ii 
 
 ill .if i-.i.iiii 
 
 tili;ilr.'- « 
 
 • Inly I . ill.' pill 
 '111 111 ■ ilii.'.li. lll- 
 
 lli.', lull «lii. !i .iiily iiii|.. 
 ,,f th.' -lal.il.' 1 |i.'. illii. 
 
 Ill' 11 
 
 ilivi.liial "li" il' 
 
 ..I .-iini|.l\ 
 
 111 -mil 
 
 I,. nil. .11 1.1 III. l..'L'i-l.i'iii 
 
 .iiiiiiil'; it i> "iilv III'' I 
 
 niplv »illi 111'' Jiri'i'tiiiii'. 
 
 ill .'iiw il i" a .|iii'stiiMi 
 
 1.1 IIIiIm 
 
 .II,. lll-.lll.'.li. Ill 
 
 III, nil, .11 I.. |ii 
 iif 111,' -l.iliii 
 
 i,|, lli.i; if '11.' |i' 
 
 II, 1..I1-I 
 
 -illiinit I. 
 
 ,,f tin- 
 
 iin-lni.'ti.iil 
 
 »llHl 
 
 .11,1. \\i. iniiil. ilifri'l,>r>'. .'xmn. 
 
 ,,f tin- \.'l. 1.1 
 I', t, ''7 l.i'fi.r,' 
 
 if 111. 
 
 ► Iii'tliir llii' Inii' >ii'" 1 
 
 thai thi 
 
 rl.iiii inalli'l'" w 
 
 11 ill',. ill, 
 hi. h .11' 
 
 III 111- I 
 
 i„.i I 
 
 I'l'fiirni 
 
 ,1 l,v a 1 i|..i.iy wilh 
 
 Ih III,. r,-ii 
 
 Il ,,iilv ilial it till' .'iini|iiiiiy 
 
 il. 
 
 1 iii'i l.iria 111. III. il 'aa.v 
 
 |i,- liy [layiilL' I" ' I 
 
 1- II, .1 tin-, thai a |H)siti\r 
 
 ■lull 
 
 IU1|1. 
 
 ..1\ '_.i\.'li I r.iu.ily 
 
 ilv li'i«i ■• .-r. iiliii 11 i- lilt. 'Ill 
 
 I'll .III 
 Im.Ii 
 
 ,iliv . IT alit'l! ir Ihi' m 
 till' ,i>ni|iHiiv anil an a|i|ii' 
 „,',.'.l 
 
 iil.-tl 111 11, 
 
INTKOUIICrOKY NOTja. 
 
 ■r-n 
 
 li.,. iiil,r.-l- "f 111'' piihlii-. ami "111' wlii.li i\<h .1 |.rr>.-iit ill.- f.iilulc ol lli< 
 
 ,„ii.|.an.v I' n'liii.ly Willi tiM' riiiuimn.iiH .if tli.- •..•.•ti..ii fmiii ImIiik h ilis^ 
 !.l.,.!liin.', 1.1 111.' I1..V "1.1 :i »r..ii-fii! a.t. ll -.'.'iii' t" «»■ tl.iit «-,t. 'JT « li.-i. 
 ,t i» l,«il,.'.l at. «. f; .- fr..m -.iLiwiiic llmt Hi"' lir.'a.h ..f flif r.-.|uir.-m.Mit'. I.v tin- 
 .„m|.uiiy .'f »<•''♦• •-'« i" ""< " Hiiiil""!"-'"'" '" •'"• !"*• "'"'*" """' ' ''■'"•'.v ■'"»• 
 
 I i.. aii.l llmt llii" "I'H". 11"! Ii-'l'iiiit t.. tl la--. ..f .a-.'s in wlii. ii 111.- xtatiit.- 
 
 „„. ii.i.iul til.' I.ri'a.'li ..r il^ iir..vi.i..iis t,. Im' .11. ..tr.ii. .'. I.ut iii.r.lv 
 
 „t,.ii.N -11. 1, a l.r.'a.i> t" I"' a .•..tiiliti..ii |.r.i .-.l.-iit I., tli.' r.'.'..>.ry »f a 
 l.iirli.ular |..-. iiniary .■..m|..n>atii.ii. Si-.l. '-'T, lli.T.f..r.-. llin.w. liifht ..11 ►..I- Hi. 
 
 ,i„| ,1m.w- lliii .1 l.r.'a.h ..f ^.-.t. 'ili i< an i.ir,.|i.-.', an.) thai .. |.r...- liiiir 
 
 ,,ii.l.-i -."I. '.'7 i- a .rimiiial |.r... .'.iliiiL' ll » iiil.l iii.l.'.il I"' a r.'iiiarkalil.' vi.'« 
 
 .,„ !!.' 1.1-iri-latiir.- t.> talc, tlial ll I.lii.'ali.>ii imp.i-'.'.l "P"" a .■ [.any was 
 
 ,f .11. h iiatur.' tliaf it- lir.'a.!i liy tin' ..iMi|>ai.y wa-. ii.ii an ..tf.ii.'.'. and y.-l llial 
 
 ll I ,r ,,r MLiiiaii'T "f ll"' .'.•iii|iaiiy win. •<ti"iil liy aii.l a.i|iii."'>'.'<l in tli.' 
 
 ' ,,:„ 1, wa. umlty .>r an ..tfin.-.'. . Tl.. .limMr^ an- I- I"' |.uni«li.'.l if 
 
 il„v -lan.l l.y aii'l |Mrmil tl..' .• paiiy t.. I"' in .l.-faiill. . . 'I'll.' A. I -ay-. 
 
 tl.ai .1 ...n.paiiy iliall <l" ..Ttaii. lliini.". ami 11 .•.mipaiiy wlii. Ii ii.'irl.'.l. t.. .1.. 
 ■Ill, -I iliintr" i- a .riiniiia! iiffpml.'r. 
 
 \\\ .1 t.iii aiial.i'^'N ii iiiii> I"' •H'.t'ik'iI ''I'" .liM'i'l'H - "ii" I'Hl <" 
 I .•iliiiiii ill.' -luliit.iiy >llll^ iMi|i..-<'.l I .1 tlu'lii li\ .-("1 Kl ,ili' . liiiiiiiiil 
 
 ' ll.'ii.l<'r> 
 
 Sill. --.Ml. lit. Ill tilt' x'lli.iii favi.iii'-. llii'- \i.'W. Scr .siiimi. p 1 7",i 
 I III nil' iitlu'i' Imiiil i' i- ilillii'iill t.i Ix'lu'Vr. l...ikiiii_.^ I., ill'' A. t 11- 
 
 ., ,^||I.I.■. lliiil I'arliaim'ul iiili'ii<l'"l I'l .Ula. ll iiiiuiiiiil . .iii-i'i|.i.'ii' .'- 
 
 mill,, ii.m;!., t l.\ ji'i-.m- t.i iiiiii|ily willi tlif ivciiiin-iiii'iil-' .if -o. I . HI. 
 
 -'ill !.'- Ill (.'MM- -m ll . riiuii.al lial.ilil; In Ix- 11 iiiuIUm .iI iiilffciiic 
 
 hi'iii llic iii(letiiiit«> lanj.'im^.f nf iln' x'.ti.iii 
 
 I I T.i lii'iziii «i'li. Ilif w'.nls ..f llif sfdiiiii ui'c lliiil iIk' |ii-.i- 
 
 M..-.III- iiiiisl slali-. not llml i'kmv |iri.s|M'.'tiis i.ssiic.l .-liiill sUiU'. 
 iml ill.' "i,|-.| 11111-1' may well, in 'In' .-in iiiii-l.ili' i'-*. I'' M'l.l ..- 
 
 iiiiciiiiiv i.iii\ s.'" r;<-/..i.- s S(./(/.7r i.'i Apii i i- v.ni 
 
 '.' Ill ill.' ii.'st |;hi.<' ill.' 1 r iiri-.iii >>\ >'•' 1 HI with -.■' 1 Kl 
 
 I- a-aiii-l til.' i'l.'a <.l' .liiiiiiiMl lialiilitv Sen S» -Im- a .|iialili.'il 
 ii-lil I'l aili.'ii I'll- ."iiiia'ii-'ali.iii "i ilaiiLiirc" airai'i-t iIih'.I.iI's and 
 ■ih.'i- ill I'l-iH'.t mT .'Vci-x uiirnif ■•l.il"!':.'lit in a |iiii-|mt|ii«. Iml 
 
 II iiii|ii-i- ii'i criiniiial li.il.ilii_\ . ami il wnulil 1m' . ■.|i'iin>r' lliiiiL' if. 
 
 iii'iiiT thai -.•.tii.ii, lli.'ic -1 I'l I"' ii'i 'li'iiinal tialuliiy Im | ■.-iliv.- 
 
 lui— lal.iii.'ii!-. «liil>l iiikI. r M'll, SI ill. 'I.' ■.Ii'iiil'l I"' u .liniiiial lia 
 liliu fur till- mil. ll iniiK' \ciiial .iricii. c .'f nnii'liiiL' 1" li- l"-<' -"'ni' 
 
 III anii'liir^l liif niiil'ilii.li' <if ) .iiti' nlar- "hull inav ■ !ii.i\ tv 
 I" iiiaU'iiai 
 
 •. KiiialK. llici'.' i- MTl L>S1 1,1 III.' All. Iix uli'h in |i'i-.ii 
 i-iAiii'j .iii\ i.'liini. lt'|."il. .■.•rllli.al.'. halai- .'--In'i-I. .'i "IIk'I .hi' h- 
 11;. ill i."|iiin'.l li\ .11- f.ii ill.' |;iii'iMiHi«- 'll ih.' |.iiivi-i..ii- "I tin' A. 1 
 -ii.ili I il llic Kiflh S.h.'liil.' Ihi'n'li.. wilfully mak.'- a -lalt'in.'ii' 
 'll-' ill am malri'ial |iaili' iilur kii'Hvin;; il I' !»' fal-.'. 1^ Ki ^ 
 .iiilu ..; I iiii-il.'ini-an.'iti' ami I" ' ' liublv In iniivi. linn un in.li' 
 ii. Ill III (luni.'ihuicnt ivccordingly). 
 

 ■M>< 
 
 i'K<)SHK.rrusj'>. 
 
 [Chav. III. 
 
 
 -IM tinll 
 
 ilk 
 
 14 
 
 to /»' 
 
 ■<//«../« /«' lH'laiiiiii'l W.WMV/ /.</ 
 
 /.(/ F.(/«' /•r.•^■»<'-v 
 
 A p. 
 
 .Ill c'iillllllll.-< 
 
 11 miMlfmtMiM.iii aiK 
 
 I i- lia 
 
 l.l< 
 
 iin i( linn 
 
 thi<i<'"f Id liv»' >»'"''■ 
 
 !•' 
 
 ual >»"i^i 
 
 imU- as a ma 
 
 \iMiiiiii |miii>li"i''iil 
 
 ,vl.o l.v aiiv laN- i.ifl.'.i.v: 
 
 i.liiaiiis fii'iii aii\ 
 
 [.|iull«'l, luonovs. or va 
 ^.,1. m of itio Laictiiy 
 
 liiaMf r*«'i iinl' 
 
 V with iiiHMil 
 
 Art 
 
 iHCi 21 .V :!•■. Viit. 
 
 iillltT |H-l>oll UIH 
 
 Id i.'irauil. Set' 
 [Mil To -^iiiiiiort 
 
 . li:ii<'«' ol' ol.lainiiii.' mom-x 
 
 1,\ lalx' )i"'l 
 
 1,1 uluiw ai 
 I'liininal miml 
 fii.-l. tlial lio I 
 
 lid tli«'H't'oic a 
 
 ll,..i- llial iIk' 1'"' 
 
 ell'-*'-. 
 i>i- «i(li 
 
 ■.laH'i 
 
 1 -.,,iii«tliiiiK » 
 
 lii.h il UiH' 
 
 till so with iuiviit 
 
 I,, JllOi HIT tlio 1'"'^"' 
 
 .1 wiiKi'.l anil 
 \vuiil<l Ik« all <>xiMiii(r 
 ,iiiii of nionov. 
 
 Ii.ii III- kiu' 
 
 hi- siaii'iiKMit »a- 
 
 iil is to .sa> 
 
 thai so t'ur ajt 
 
 his iiiiii< 
 
 •il. la- iii'<'i 
 
 .l<><l 
 
 his slaH'iiifiil 
 
 fulsc; tlml h\ th.< -tat<-lii<-iil 
 
 he <li<l -o It" 
 
 I ,,ii ihf mil" 
 
 I ot 
 
 shoiilil l>< 
 h« 1 ri 
 
 I lllol 
 
 hat ho .liil th.>i.'l.x ..Uiaii. moii.-v 
 
 that till' ~l.«U'iiu'iil 
 
 la.t 1 
 
 i(UV» V 
 
 iiurm- ill 'hi- ~<'ti-«" 
 
 ,f iK'ili'-' ili'orifrl 
 
 I'.ICII. 
 
 1, .1 V 
 lf,,k\ I IS'.H 
 (ba: the 
 uHtruo s 
 
 .1. «/"■(" 
 
 ,/ 2tt. 1^ 1). ;iH,al.lH. 
 
 .,1 ill V" 
 
 1,1 the lasl iiifiilioiKM 
 
 1 ..iMi it a|;|)i 
 
 hail U 
 I lie lU-lVli'huii 
 l.i.iil Kiis-i 
 liliiii'iiitr I 
 
 del. iiaai.l had -.lubliHli.-'i an a.lv 
 latciiKMits, am 
 l,ill.-."ll to 1^ 
 
 lviTlis«>m<Mit iiiakiiitr c'"''! 
 
 ,1 ihal till- iiroscnil. 
 
 liiil aiU'il th''ivoii 
 
 uith mo 
 
 iiicv Ihf"' 
 
 I I<'<1. 
 
 ri 
 
 11, f 
 
 vlial aiv ihf .-sciUials u 
 
 III it Ha- hell! thi 
 ili.iilil," -a 
 ( ihi' oIUmh"' 
 
 aoni'v \'\ l.il-'' 1 "'"■""•- 
 
 •n 
 
 M 1. 
 
 il-i» pr. 
 
 iMii-*' uiaiU) to a ilt'liiui'' | 
 
 n'l-sou. 11 mil 
 
 ,t ill' |.io\>ii iha! sui 11 1 
 
 Il iH.'r»'iii 
 
 nil t 
 
 h». faith ol tlu- laU- iiriM.'ii.H. | 
 
 ■<l with 111- moin\v 
 
 y;oo<l - 
 
 ntiiils must 
 
 l». siiiU'il Ml iho lOill.t 1 
 
 the i| 
 
 UPslloll 
 
 InTi 
 
 I- wht'lluT ! 
 
 iiuit-'ii'ir tin- olT.mi. 
 iii|ilii'> «i 
 
 iiiililir:i- 
 
 Ti 
 
 hoi"*- kiiowl*»lk'«' >l ""*> 
 
 liivlTtlVllK'Ill I' 
 
 I iiiiif and "lio 
 
 i.IiIk 
 
 th 
 
 I III all jcrsoii*' 
 
 Il nil it 
 
 il.'-iri' Il 
 
 ,i| if a lairtiiiiliii 1" 
 
 „1 .„... Ill th« jaT- 
 
 alu'i' si'i'iii',; 
 
 iir hfiiiiit; "I " •"•' "I' 
 
 from w 
 
 iiiiiii H iiriiif'-'l-. uiii 
 
 I u,. 
 
 ■11 tin 
 
 ijii 11 
 faith 
 
 ..1 11 1 
 
 irl.s « 
 
 iilai \A 
 
 iih hi- iii'iiov 
 \U" i- ol 
 
 s a Iran 
 
 ,i i.ii I 
 
 hal 
 
 if ]•• 
 
 ,-,111- \>'r vili'iiii 
 
 iiiloui 
 
 A^ to crimiiia 
 
 l,.,i ■ An.l.s.v Ar.hl..'hrst 
 1 i.,(i-<'. iitioiis iliii'i it'i 
 
 1- 
 
 :;iiil i'<l i>|> 
 
 il liv ihf I "lilt III 
 
 ,Mii'luii;-iil> 
 
 ,.lll||lllls(l> V 
 
 iiluiitarv, «»•<• 
 
 (•..iii|i 
 
 \.l 
 
 I'MIS. - Jl' 
 
 UlK 
 
 \V 
 
 !iii'_'-ii|i 
 
 I'r rt 11 
 
w 
 
 INTKODUtTORY VOtVM. 
 
 •,':iM 
 
 How Disclosures should be made. 
 
 T 
 dill 
 1)1 •< I 
 
 1.1' t 
 U>l 
 
 I 
 
 1,0 n....le in *vhi. 1, .lis, l.,-..|-..s shoul.l U< "udo l.v prumoU-r- 
 ,,.|(.r-> 111(1 olliors, to tlio .•..mijuiiy uii.l to iK^^rsoiir* i.iv.lo.i i^ 
 ,.,„. sl.an-li.iM.TS Miust ,11 ,>..iiM. .i.>iK-iul „.. llio oin^uinslame. 
 lie ,a-f. l.ul iLor.' aro m.iu.- ..slal.lisl.,.,1 i,.iii,ipl-* «h..li sh.ml.l 
 l.niiio ill liiiii'l. "lul in imrlii uluf iIk- l,.lli>\viiii;; 
 
 ■riiat ai.v , ilili-'" "'.iinriiii: nr l.liulinv' aii.v appliiint lor 
 
 ,|,an'> ..I .U'UMiliin- I,. waiM' ,«ini.liun,<' with <i»ll i.^uirf- 
 „u-»f ,.f -^'-l. Ml ol tlif .V,'t of I'.MIH or imrportiiiir f. alt.-t 
 an applinuit |,.r -luin's ,,r .U'IhmiIiiiv. -willi noli.o of aay 
 ,n„(ra,l. ,l,>ruim-iit or iiialt«-r iiol sp<', Hi, ally rt'lVrn'.l to 
 i„ ||„. ,„„s,K.,lM-< -hall ho v.ii.l ■• S<',t «| . :, , of .l»- <'oii»- 
 laiiios A<t, I'tOK 
 ■. Thai ihv in-'po,;,!-. thoii-h p,.r|M,itimr t,. I"' i--u.',l '•' 
 ,,.iiii.aiiv, may. it appear^', ho royranhNl a- a noli,. ■ 
 ,,.Mi|aMy of aiivlhiu- sial.'.! in il ' Tho pro-po.i" 
 \,.\..,| I,) ih.i.-^' who Umuiiio -haioh.ihlfis in tho , iniiiair, 
 . ,„ucy<',l ihorofoio I,, tho , ..iiipuny. iioli>-« of some fa,-t- with 
 rcjranl to this .■oiilia.t «hi,h api-'ar 1o mo 1o !«' of irivat 
 ihipi.rtaiiii- Tho i.impany ua-i iiilormo.j . IVr Lonl 
 
 Cairns. I. (' . /•>'/!» /'•'■ v \i-ir s.,t,ihi.'n, r,, ;l A| p ''■>■' 
 
 I2IH \'2-V.' 
 
 :; riiai ,li~.| n> 1.. ih.' ■ p.>ii> i- ii"l ' arily ilKMli-rl-.-ur.- 
 
 villi, h i- ii'ipiiiv.l to I ia<h- t,, ilo- ),or-,,ns l.. wh,.m ihp 
 
 ,,u-po,Hl- is i"i|o,l ,• ,/ . iho III- liio-' -hitroh.iUler- 
 
 Till" inrpoiato .Mitity lowanis whi.h iho iliitv ..f iji«vhi- 
 Mii.' .'xi-ts i- .1 ihiiii: apart fi„m iho>».voi ii..fivirtMrtl- who 
 
 !,„■ ||„- timo l,<iMU' a..' th ily . orponit.rt--. atxl iho ,«oMi..ii 
 
 vvhoih.'r ,li«,h.-in<- o. ilioiii will Mitii--*- -r n-it will ifyt'ini 
 
 ,,„ wholhor ll ii«tiliili,,ii -'f Iho ■ ,>iiipa»v i- t^a*' suoh 
 
 iIk.i ihov <aii !"■ ill fa,! ..mlompUrto.l ,.> .-shHM*''*!*^- »•' 
 tho por^'iiis «li,im 'In- ,..iiipaii\ i- iin«"fwl«<l tu i-n^ur*' 
 
 ll,i» .lin- 
 
 Ill" 
 
 th, 
 
 • iili- 
 
 .111,1 
 
 \Vh< 
 lUi'iituu' 
 
 111,' \on I 
 
 j« that ,ast! 
 
 ith .111(1 ii<i»ri",w ftf tlM' »h«lo 
 -hiill U' sii*.-* ril-Ml l.v fho 
 
 piilili, lor iho U'liotit ',1 tho proi 
 
 tiltTf, and ^ir»>«-»4>r-, lif 
 
 (IlltV 
 
 '// 
 
 .ih'Mil t. 
 
 ilato,! 
 -harohohi'T- 1','r Collin". I. I in 
 
 Is In all till- pt-rsiMi-i who aro t,> Im> .iinloiii| 
 
 l.t,l . . |X!'H. 
 
 : c 
 
 I.-..!. I. 
 
 1 Tli.ii .i| art from 
 
 till- A, I .,1 I'.iOH, v\ri\ iiiotiilrtT ,if a , oinpanv is 
 
 ■ tifiiwil I'l ha\,' ii'iti-i' oi tho 
 
 iilfiil- ',1 tho iiiiMiioran,l>Jiii 
 
 .IlK 
 
 irio 
 
 if a-, 
 
 ii'iali<:|i. an 
 
 I ,.1 
 
 ►inra.l- .In 
 
 in wi 
 
 I I iiliiil liiiil '' 
 
 ,f » 
 
 t'Hi'CUf'hl \ 
 
 ri,. I. n 2 II. I. 
 
 ',''.1. I'J.I 
 
 h/ v Suffinlh. I, H I, in< PM. /•> jjurtt^ 
 
 tt,llu!::i- -J K,| 1\H. F.'tnl i>i Tttrlti'ij \ muiimiii 
 
 •i F^, 
 
 /', 
 
 H'h i,T4, Ur.fhth \ Paget i'^< U ill. 
 
24*» 
 
 j'HtwHwriimEs. 
 
 rCiiAP. 111. 
 
 f 
 
 
 
 i- 
 
 M 
 
 fi 
 
 .. vtl -I... 4u.M.lu,l.l...> ... .1.. ..-.*<"•> '"-' ''•-• i'"!--"" """" 
 
 ,.,..|..m .a.i Hrl.rU-> ..t ,.^^.. mn.,„ I .-. 1..-..I . • 1- 
 
 l„«.«. I, < Cniiiihrlls r,i>. . ■•• < li ' 
 
 . ' „.,.,„ ... I.„»l :*.- -'- 1 a. u.allv iM-nn,.. .- 
 
 r^: .':«...!.::. .-... .au.... > m "-• i*^- 
 
 ' , ,,,„,..- ... :...........■.. vlv 1.-. uu... 1... 1...1 ..... MU'..... " -. l"l 
 
 .; " , „ ,,. „..,.„ ...,„aii.x M,.....i ... -I."' " • •"" '""';'■•"■ 
 
 :--->• -"-''•-'-:•::::!: r:;::i::'::;':;;i' 
 
 it tl-.M— ....—;- ;;;:7;'"; 
 
 ' T..h.S!..> . "- 1.."-.-"- -'^''■^'•••'''''''•'''ir::;;:: 
 
 ,„..ri. .»■ N..- .-,.-.•..-" ■'" '"■■ ■•" "■; ^""':',. J . -,, 
 
 TT ?,<'/.'„,/ ' .. ■" I".'.-""'- ^ '"-•'• ""* "■ '";'■ 
 
 -.iMTtu^. .mta.it*.'! !iii»*»f«'*^'"B"'"" . 1 , ,„, 
 
 r,..„..M 4.. .h.. ...i. «.ii 'v- -PI- '" "••■ '*''-^- •; "" ■ 
 
 ''"'""' ,1,^, !,,.«. 11 »..litti ".•I'll. 
 
 r«»«* tW«. .\ ' JT.- Tl,.r..l- —...l.<-.-.a...iv «...'-. MM' • 
 
 P'",, . J,iuu.>..lv.. .1. ,..,...,..-, ""-' 
 
 nlv u,.|Ml... .■.■.,.....■....•.■..-... -H «l '- ■' ' " , 
 
 ;)-.^«.. i;)l|..M I 
 
 I , Ki ,.i ilif \|.| .'I i.""*. <•^'•.^ |...|— ..1 »li. 
 
 • "t.;'!: ■ i-f .-;■;;; 
 
 .1.... I. .......■• ." ......•..-■■'■'- ""'^;' ;■' 
 
 ,„i,.., .1 ■..' •■ii''"'i '"■ "-I " ^ ''"• ' • , ,i 
 
 ..,. ^.. ...."' - ■ T"^:'';. : 
 
 T ,,..... . I... ....'I"-'-'"-'' -•"""";"•' ;7:j;;;;ri, 
 
INTKODUCIORY NOTIM. 
 
 •i4i 
 
 a lourl of JuBtic*' they niuiiol coiii|»luiii thul ihoy did not see it, but 
 must Ik,' tioatod i»» hilviuj; noliie of its loiiti'iitif) lli»\v would have 
 found u r.'. itul of tJic toiitrutt froui C. to K. ouiilliiiK tlu' pri.c. 
 .Wic Soiiihnro Cu. v. KrUin;irr. '» t' l>iv 111 
 
 Aiul ill iIk- Houm- of Lord-, in lh<' numk- viun> ..I A|.|». Ca.v l:JHi»i. 
 l,„rd HUi<kl.urn said: I tbiuk ou. h allotU'c wii.- lix.'d with tin- 
 U(.«U•<I^'»•. «hiih h<- wouUl Imvu hud if la- had road it, thul K. liad 
 ,.unhiu4ii froui C. ko ro.futly u« ;iOlh Auirusi. not .|uil.- lliioo wookf 
 MoTV hf Bold to the ronipunv.' 
 
 liul if there is uiimx'prcsenlulion. the rx-c is .iilereii and the ruh- 
 ,|,K>.- not upplv; lor wluMi inou issu.- u prospirtus in wliich ihi'v 
 iM.ikr tuU' »tat«Mi«'nl« of the .onlra.t^ umde before the fotiuatioii 
 
 „l i^ , ,,auv, aud then nay that the eoiitraet** theumelve.- may be 
 
 m.-pe. ted at the ofh.es of the sdli.ilors. it ha- ulway.-* Imhui held that 
 
 ,1,,,.,. ul,.. a.cepi.d ihox- ful-e Maleiuei.l- u- true were m.l .bprive.1 
 
 ,1 their reuiedv inerelv be. auw lhe> nejjlo.ted lo p. and biok al 
 
 |,e,eulia.l,< " I'e. .leM*el, M l{ . I{e,i.,nuc y //Hr,/. IIO ( ' Div M 
 
 \„.l ,i.e -ante b-aine.! jud-e aibb-d >»//.7/l v. ( h.idiHA'. :.MI fh 1) 
 
 :: li ha.- al»..\- I II liel-l. and, 1 think, rijrbliv hel.l. that it a 
 
 ,,.„ ,n a p. -IM.. !u.- lul-ely Maten the .nntenl- ..1 a written do. nt 
 
 l„. ,.,,iho' . >.i,p,- ti -If h f.iNo >lateineiii \>\ ^a^in;r; 1 olVeio.l to 
 
 -l,o» v.i, the d.MuiiifUl Hut if he nuike un incomplete htaliMiient . 
 .liiiiL^'ther Iruo but imperlei t I take it he ran." 
 
 ( hrt»iri. «her»' fnn..lulen1 iiil<-nt is er*tabli^h.'<l. .-oupied with 
 acfu! iui«repr.'.M.nlution. olleiiutr a <-onira.t for in.-pe. lion <ioe^ not 
 
 , ,u,i .o noli.-,. .1,»«« ..< Ur.l^ ^ Tir^'"'. si.pr.r .\w\ a Malemenl 
 
 .|..liUTiilel\ inti'mled lu mi«l<'.i.l suU. riU-rs. and L. .•ont.al the iriilh 
 
 ,r l|„.in. brinsr> ili" <'^>' witiiin lb- -ame rule. ailh..uy:h tbefe ma\ 
 
 U. i„..|..wnrmbi lal,eh..o.l <./„, /,.W.v« \ /*." m > \wn .\ ^ JUL 
 
 l)i>. I.^niv. .• ./ b> a promoter ..I liio pi. 'lit b.^ I- in..kin..; um-i b- 
 ■.. III.. .-bar.-h..Mer> as a UkK Um-Iosui.' to a sele.i <-ir,\r of tiu' 
 
 |,i,, let,- ..\\n iioiiiiii»»'- will not a'ail. '''('/ 
 
 Ollermir iiu«l-^ 'ton ■.( u luuteiiul .-«liw will no' .Ib.iil pi.,t... li..ii 
 ... j».i>Mi,.- i.4HUins pri*!*. iu»«'- *tler ;l-i !»...eiiiber. I'."'", where the 
 .1.1!...- and partie- ar^ IK.t, staled in u...HiUn..' with -o. t HI. .-iib- 
 M-t I k' of tlie \ii of I'JOH: a».t ».. waiver . I.iu". ..m . me tiii- 
 .Iclci S<.cl HI . 4 
 
 .\..or.iiii-h. when pr..iiiot.'i- iiiK'ii.l i.i ..l.iaiii .i pn.li' ..i ih.i 
 <.ih..i I,. I.- «bi. b ..u^fhl t.. b.. .|i«l..s..d, i> is ..%,M..|i.-.>i t.. .ii-.l-.-e 
 il..i„ bs the pr<»'iH.ttuM ami al*. bv tho arli.k* .■^' -e. t HI • 1 ' if I 
 1.1 IJM' I ■inpanies .\,t. I'.MIH It it i- iMip.w.-lble to «!al.. th.-iii Inllv 
 II, tl... pr..>p(..tu-. they sh..uM be .liM.!-.-.-.! in tli" aneb--. or at aiiv 
 rule 111 .-oiiH. ...ntra.l ih.-t. in r..|erre.l t.. an.l nll.-r«i l.v the pr.np. .Iil- 
 li.i iii.iM-li..ti .\n.| It may uIm. be .•xp.-.lient. both in the pi..-i«'.iu- 
 aii.l .iiti. I..- |., -tut.' llial appli.antH are to be deem.-.! t.. Iiu\. no i.-.' 
 of the n.ntBul* of tia- loairtt.! But "... It eiu.e utii'<i be wparaudy 
 
 iir Pi 
 
 ■.itiri'. 
 
.I.U 
 
 .'4J 
 
 to Iho iimiiil.'l'l >{.iUi:cTs ol n..M 
 
 pHorvatioii. 
 
 oral 
 
 .(lisil.isiir.', il i" w( 
 
 fCnAl'. III. 
 
 lliiit liaviiiL' rc'.'iircl 
 >|| in lil< oil tlii< -all' 
 
 side, ami I" !>« "V<'r-(a 
 
 1,11.1 laili.T I 
 
 hail not to 1.0 .aiidi-l I'liuii-li. 
 
 I ill. reqiiiniti 
 111 ti:imiii|r 
 
 ^tat.iimi' .'t 
 
 Till' f'liv 
 iiii|>..rlain I' 
 
 liMTvalioiis arc miMick-ii 
 
 '.iin;^' nil*'' 
 
 iif fiaiiiiiil.' tli<' IT""!" 
 
 I, ,o <|h,w tin' cMromi- 
 
 itiis Willi tlio iimi 
 
 i)^t iili"' Siiiii'. 
 
 lilt 
 
 .Iniiiintr »'"' 
 
 I.- r.. 
 
 i.ini' of iiiH 
 
 IM'iliaiw. Ik' '"><'" 
 
 I uitli. 
 
 lit .lnii'_'<'r; lait il .i 
 
 loilakiiiir i- ■' I""""" 
 
 :ii|l^ olli'. •VI 
 
 til n-al iiH'i'it- 
 
 lijerlc 
 
 iiioiiciatt" 
 
 H(r.r,.i;|| |..| 
 
 SiMt 
 MM'III to 
 
 I.IK' 
 
 i.|i.Tallv l.iill" 
 
 ,1 to Ix' til." iiio>t attriMtiv.' 
 
 |l,..^l'|.« -M-| 
 
 .11 »illi III' 
 
 .,.,U-r-i.uii.l.Mlaii.|.l«'l'"iil^ il-i 
 
 l-A- 
 
 HII ol' 1 
 
 |„. A.I ol' I'.iit.-*. ami II"' pirliiniiian "oi 
 
 lis (if MN.| si, 
 
 sliow thai I. >lli iIk' '""•" 
 
 ,, jilv lo i,ro-l)<'<tuHw 1 
 
 Ml.'.l 
 
 boloie iIk' niiiiiMiiiy i: 
 
 ri's;i-l''i"'' 
 
 tioii tin- ollj 
 
 ,l« of iIk' iDiiii'aiiv III 
 
 So«' ^«'l•t S 
 
 wIlCM' tin' I'lOSp 
 
 l,.„l,->...t. I l.a Hut. itxl-'l 
 
 I aii.l if tlii- i> til'' ""'■'■"•'•• "»'-•>•'"- 
 u-l 1..' -lat.'i! ill 111'- pi—l""''"^ 
 ,.,,„.„.l.Miilv..ftli.'A.'tof 1!M>S. 
 
 ,tii> I- 1--II"'' 
 
 I l„.f..r.> tlic 
 
 mI. ..rt'ut I'lin- .-III 
 
 li.iiil.l U' laU.'ii ill "I;'! 
 
 j„,,^,.i| ..iiii|i' 
 
 f..i It 1 
 
 |„. ..l.jvit- ol tin 
 
 ,aiiv liaH lioi'ii iT'.'i' 
 i„,_,. ||„. olijct.s of till' I'l''- 
 
 vIlTcl 
 
 iiiiiaiiv vvlii'li 
 
 ..I ol ilitli'i' II 
 
 ,ll\ li.iiii llio^<' 
 
 .tal.'d ill '111' l>i"-l'<"t'i- 
 
 '>!• 
 
 lituiil.'^ iiia^ 
 
 1,,. abli' t I I'll"- 
 
 alloiiii.'iii. or K. r.-pii-liaf 'I"'" 
 
 ^liart'w afii'i- alloiiii-'iil. i- 
 
 ,\i,|..il lli.'v ail' II 
 
 .1 .jriiillv 
 
 II K. •U.'!; >l<'inii I's iitxi 
 
 r.cax,'. 2<l' •-».'■■«'• /-"""•'"••:"'. 
 
 if iniilui' il' 
 
 1 (II. -Ml 
 
 ( Il ll'J; K:iih,r<i 
 
 Peel's can 
 ,-asr. ( l«".'^' 
 
 (I, 1 i; to aviliil Uliv II 
 
 i,.k of tlii-, iIk' olijcrl.l -lio 
 
 liv s.ltl.'.l l.l'loK- ll"' 1"'"M 
 
 111' tinii 
 
 nIioiiIiI 1»' !.'i\<'ii "11 ' 
 
 KM'lllS i- l--.!!' 
 
 .1. ami a|i|i 
 
 ,|,lioiiiiiiitv of iii^ix-'tiiiy; 
 
 the (liafi iiiciiioiaii.liiiii 
 
 am 
 
 i arlicli'H of .u>.-i(Hialioii 
 
 Bill, a.'* .1 
 
 hi'a.lv iiicinioiif'l Mi/"^'. I' 
 
 lill ;. llii- i-.liiio-t iinaiiiilil' 
 
 |, III. I ill' at iIk- iiK'M'ii 
 li,.ii of till' ..iiiipaiiv. an. 
 Ii.iii of ill" 
 
 I .lav is I.I 1- 
 
 tln- iii(.-|«'iui~ .("!•' 
 
 II, ;■ IJK' fiTlllil- 
 
 wli.'rc tin- pro>l" 
 
 .Ills i~ iiol i^-ii< 
 
 .1 II I.I I 
 
 )((.'( IIk' f "iiiia 
 
 iiii|.aii> . ••<'' 
 
 i;iiiK rc'iiiii"'- t 
 
 hat i'h' loiiK 
 
 111..; of iIk' iiH'iiioiaii 
 
 ivhi.h .-lat. 
 
 IlllLsllCI III-. 
 
 tl„. .ilij.TH ol III iiil<ain, 
 
 Hi 1 a. .if I Ik' -V ■' "I 
 liiiii of jsMiiiati"". 
 ,11 III. -.'1 loilli in ill'' 
 
 lii.|.iii..ii 
 
 .1... •.im.lit- 
 
 ,,l Tlif i.rof-|K'i'ii~ s 
 
 uiticlf.-* lif ii."'"i"li"ii •'" 
 
 .h.iiil.l >i.itt' wln'i<'<o|ii 
 
 if ilii' iiit'inoranliiin aii.l 
 
 il of auv 
 
 iiilrarl'* !'<■<' "•"'* ^ 
 
 1. Mlll- 
 
 .-.■it 
 
 I I k M an 
 
 ,,„,„., .l.,,„„„.,„.. ;„fn,.v J-..-I m.nl,...M-.l mil 
 
 IIP 
 
 ^l«H■|Ms, tun Ix" i"-*!" 
 
 I'tCll. 
 
 .\^l. 
 
 M.«V. 
 
 W li.'ili.T it i." "a- 1- II' 
 
 t iiil''ii>l<'il toapi 
 
 il\ t.. Ill' 
 
 Ni.i.k K\'-li.iii'."' I'"!" 
 
 K\.l.i.ii>!' ,j .(.tilciiiciit o!' .|iiolatioii ol I 
 
 Ik- .«liai'«'^ i.ll<'i«"l f..iMil.-.ri|ili'>ii 
 
 II ..siii'i 111- 
 
 ii i- iiiMi'ssi 
 
 IV to imlinl<' in iIk' pi '*1> 
 
 ii.iiior.imliiiii 
 
 ,f i,.-'"ialioii of thi- ...mlKiii 
 
 ill ill'' 
 
 , 111- n "M'v of ilii' 
 
 It li.i- lii'i'ii u-iiall*- 
 il .'III- 
 
 iiii 
 
 il ii.av ^lill I"'. I'liiil''' 
 
 1 wilhiii tin- lol'l "' '111' l""-|i'""'- 
 
 I o||.- 
 
 iliilalioin .\'l- I!"'**- 
 
 «1. Mill-- 1 
 
 |oiiml<'l- "< liiaiia'.: "Ill 
 
 -haix"'. tilt' ri'iMiii'Hii'ii 
 
 Wiii'ii ili.i'' 
 it- ,,(■ 111" .laii-. 
 
 la.-l ii'fi'm'.l to iiiii-t r.i-.'iM'< 
 
 1 h'oi .'SI 
 
 ,1 KmIi.11. 
 
 M'l- //((/.(. ]< -'>■'■ 
 
 U.vi.w 
 
 l.v .. In i:<m^iil''riiiV' " iiro^l^'ini" 
 
 wIikIi il it* prop 
 
 fr.uii the nilt'- 'il til'' 
 .,1 lo isxU'-, • .'.rt'it'T 
 
 ^,^^^^»m^-- 
 
l\TH<>I)r(T'>KY NOTKS. 
 
 Wi 
 
 i- ,„ :,,,,...,. 1- tl,.,.ii. -I I h■i^, l.,.|..,-,. I,MM th.. r..ll..u,,..j: y- 
 
 .1 
 
 ,| l|,n,.|li,. i.'.|"i>-lM>'nI> Ml >...l H[ Mtlli.t ,.,„|.;iiii..- \M. I'.H.S. 
 1„..M ...in|.lir.l Willi. Mini lla^<• ^"<> ''■''i' n'l^ i-'''l I'.v """- 
 lii'K'Ilt IMTMiIl- tlli't III'" '^ ~"' 
 
 ,J A,,. .,11 ill,' -lill.MIK'lll- ill lllC |ll..-|-llll- nil.' tu \..M1 o«ll 
 
 (."•■"It'll:-'''- IKiv.' Mill .-i'«'ii iIk' mine Ml (.i-..i>i'il\ - lla\« 
 \ .11 I'Viiiiiiiii'il till' Im.iiI,-. Ai - 
 ,.;. A> Mvar.U lli'ix' -lal.'iii.'iiK wlii. Ii .iiv ii"l mi'' i" '""< ""i' 
 kii .«li'.lj-'<-, vvlial .'\i.l«'ii.v iJM v" "'^ "" ■'•■* .l>'-'i',^"'- '•"' 
 
 ^1 liH'Ilt,- I).. V..U 1.1'lifM' III-' :'lat<>lll<>ll(.- In hi' till.'. iMl.l 
 
 i|- .-(.. vvlial ar<> tlu' u'li.mnl- 'if \"'"' l'''liL'f- \ i<' iIu'n 
 ri'a.-niialil.'/ \Vnul<l lli.-\ ■■•(•'■m ~" to iiiii.aitial im.i-.ii-' 
 ,1 ir M'l" K'l.v nil ""I""' ll'i>>' l'arl\. arc xou >ati-lii'.l m tak.' tii<' 
 li.-k III* alln|itiiiirlii< viiit.'in.'iil-'aii'l iiiaUiiiir ila'iii MMirmvn 
 \\,,lllll il II. •! I..' 'M-l'l I" ivukI ilii- r.-i -liiiliU - Si-,' 
 
 -/•'■' I' '■■•■ 
 
 ,.-,1 II ilii- |ii"-|i.'rliiN ii'iilaiii- .xlia.t^ Iroiii aii^ i<'lii>rl> i.i olli.r 
 .I.MiiiiH'iili-. ail' till- I'slniil- .'.iri.'it' ami i-< tlii'i.' aiiMliiii'^ 
 
 11, ilir ,-,,iiti'\t "hill '-'Ill ill tairn.'f^-' I" In' -tat.',!' S.iiii.'- 
 
 liiiii-' an cxtia't vviilnml ll'.i- i .nili'vt i.-- iiii-il<'!iilin'j:. 
 
 ,ti, lluc.> III.' |,n..i,...ni- ^lali' lliat -' ininli i- li> Ix' paiil mr tin- 
 l„i.|«'ri\ aIiiii In vniii- I. iiovv li'i l-t' il lai'ifv i.ait of l!i.' prirt) 
 
 I.- .jniir_' In iIk- inoMi \<'f If -'. Ill'- "lali I I ina,\ •ininiinl 
 
 In a nii.-ri'iii'-i'nlalinii. inili'|x'ii<l'nil\ nf .<•. I In. >iili- 
 M'. 1 ■ \ ■ j- nt' til.' A.I ..t l!"m 
 
 ,;, A,,. ,,n n| th.' ilir.'.tni- intJ-i.'.-i.'.l .i- x.'n.lni-. nia- liaviirj 
 
 ■,U,\ aL'-ll'I'lll'-llI ""111 111"' N.'ll'lnl-- nr pinlllnl.'l" ..I' nl II,'! « l-'>. 
 
 ;iii.l. ir .-n, il..,.. ihi' in-.-i Ill- .li-cl'i-i' ill" lad- An, I -^co 
 
 :-..,, M, Mil,- .1 . I , nl lllf All nf lllim 
 
 ,H All- llinrc an\ ;..at«'rial i.intrail.* »lii.li ai-.' imI .-|Mv ilii',!' St-o 
 
 mtI Nl, viil.--.Tt. I 1 ' k ' 
 .!», llaM' \nll ;illV .^l|i II innlni' I ill tin' < a-" nf \nlll ' nl|l;iall\ '' D'l 
 
 .nil .Innv a 'li'^lim limi Im'Ih.'i'ii a l.iinliii'j- I'.nira.l ami a 
 iiiiiv nnil'T^ianilin.^' «lii.li \nn .n.il.l imt i-nf'ir.". I'lil liav 
 
 ,,,, ijniihl Hill I iiri,'.| inin I'lV.- I' Tin- < 'iiii- aiv -ml 
 
 .ilu.n.- |i|.'|iar''<l In ilraw mhIi liii'- ili^lim tmii- 
 
 (lii. 1.- iliiii' aiiv i„rl nr I ir. iini-laii"' wiiliin \-'<'r kimu l.il'.r<' 
 wli II \.ai lliiiik il ..— ciitial In ki'i'ii .ml m ih.' ,, p-|..'i In- a-" 
 hU' Ix In .ji'tcr .T .laiii| 111.' aiil.mr of iiiv<-lnr If «n. vnii 
 iiia\ Ml. Ill I i-k ill .i'liii'.; -n 
 
 ill I),, ■,.11 nii.li,|>laii.l llial if lli.Ti' l- an" ii.iii.i.' a, t< -n.-iil in 
 till |,i...s|M', iii~. nl- ill an\ r.-|inil m iin'inni.in.liiMi ciiilin.lii'd 
 ili.niii "t Ls^ui'i! tli(>r<! Willi, yni inav l-.cii'.ii • i- lio -^iii'il mi 
 i.'-|i<'ii lliiroof lix iinx ntiiiiU r "if immmhis wIio have taken 
 hhan'..- nil lilt' fiiilli nf tin' iirns|M>('tii>, inil may lie li.'l.l liaMi' 
 ill .a. li 1. 1 inn In |.a\ , .ini|M'ii(iati,)li uiilo>-* vini rail cstalilisk 
 11 :• 
 
 i 
 
r i 
 
 si J- -I 
 
 244 
 
 PROSPECTUSES. 
 
 rCUAl-. 111. 
 
 to nniuuil 
 
 f ,1.., .l«f..iiro.- abov*. n.tcrr.Hl to ( PI' >'•»«• I'-'""' "'»'» 
 
 r iX 'L^' In - «.Uo„. a... P....U >-• 
 
 inilirU"*! for a iiiuMloiiioaiiour :• 
 
 „. i.:': ™ "-;"v:; ;:r,r:::;v'i/;: »".':: 
 
 111' iH'lii'fV 
 
 Circular disclosing MisrepresenUtion. 
 
 ,.ro ..U..U.. o. <i. "..■>> 1- '"'■'7""^.; "/ , ,, ■„, .1..- >' ■'<• 
 
 :;;;:„t'r:;:;,;:;;:: ;:''-" ;!r-;;..::'t ^ 
 
 the ii^l.t o« re«i-Moi., » i l .^ ^ u„f„iiii.- 
 
 ...>i...i>. ■'''j-'-''''''^'''-;i^ .: !!...J.... r.i,.. 
 
 wmMlu-. m,.u...v. ....... ,....„l..l> ..M . n.„ 
 
 i:::,;rwt;.r=;::":'-:.:;:.:.-^ ' 
 
 «lH.r.. .he ,Mu.,K-,.s ol ,..0 .u...,.,u.v .m k .,i.,.|n>ur.' -a^ i" 
 
 '•■^■■v'''>'-"''r::.:::^:-i:;;"..'t ;.::;: .- ■.'"-- 
 
 :;:';;: H;r;:::s:;:;':t.,.....^o...--^ -"- 
 
 Act of l'..OK, r.., I...i..>f 'I'" prov.s.o... o. .hi '^"" ' ' . . 
 
 7 U .. J...< ..—'■■V 't.al i. sho,.M n... ...orol.v s.a.o .h. 1.. ^ 
 
 shoi.h! a!o ......lain un olh-i .o r. -. l. a m 
 
 aa iSE»jL2o 
 
INTRoniTCTOKY NOTV>. 
 
 346 
 
 , „, ,., .hiM effect. We havo .lo...ivo<l v...., an-l .r v.... I.tc >.... 
 
 :,. Lv.. vour mouoy back,' .l.o .a., ^vonkl h.v h„..,.1 vo, v , hll.- 
 
 ,v a..il 1 re«,n-. my opinion «« .o «h«. wo,. I .hen hu... 
 
 ;H., .ours.. f..r.l...<"ur. ....ak.. I. .m.x ..• ,l.a. m. ..., h .. 
 
 „ .. ,; W..U1.I I* hold n... .v.,..na..U. U. -h- ,,hu N ... •„.. .... 
 
 ;„h .lu.ir evOH op.n ami in.u. fu.-.h. ..- L - '-< '- "■ 'j'- 
 
 li ...inion .,n .ha. .a-se; in n.y ..,.»"'... """ -'"• '" """-"■ "r"* 
 
 " ,.UM I .10 no. a^^m. .ha. .ho .ir.uhir pu. a.,v ..no .n iho p..s,. 
 
 !f kno«.».^ .he ....... fa.'s of .ho ..imo. llof-r- .o.ornn^r «. .I." ■I' — 
 
 „, I «il. obsorvo ,ha.. a.^um.n^^ u ..u,..l ... h,..- I - ...u.M.. 1, 
 
 „,;„....lv .^stH on .hoso «h., .olio.l .... a ,..b,..,,,...... .xpla.,......, 
 
 , ,|,„„ ,1.,;, ...-h oxr.lana..un w.»s .,..i,o . lo... 1. .ho ,|..o. .o.« ba.l 
 „,,,.,..o.l ..f wl.a. .hov haa .lono. an.l ha-i U b-.-.-i.^ ol n...ku.l: 
 ;„ ,,..,. ,hov vv..ul.i havo .aiUMl .he a..o,.,i..n ... .ho ,.!:...... IW ... 
 
 ,1,, u.. .hat .her« was a soriou. error in .ho ,,ro.«p.-. n.. , H... 
 
 ,„„k al .he -in'ular .i. a whoU. ... No a.l.n.s^o... ... ......ak.. .s 
 
 „,.lo bu. .he inforiua.io.. is «ivon, -o ... sa.v. .......h..,...ll.v ... .he 
 
 n.;.Moiaun.uU.rof...horma.lers N ,ha, ,ho ... ... wi-.-h 
 
 ,h.. wlor. of a f.a...i..U.... ...isMalo.nont is ... bo i.".: ...I .'I ' "• 
 
 ,„.,..,,..s up,M.a.s .„ ...o ,o huso boon ,lraw.. ..,. ...b .h- ..".-' 
 
 LsLu^ a wronvt in.p.e.-..M. ..n.lor «,..,ls s..lh.......l.v no.u- .ho 
 
 ,r,„b''.. .>s.apo boins; ..va-c.l a- a ini^ro,,. ...- • an.l I ib.nk 
 
 : „ ,1... (iiTular was f.un.o.i rM.I. a -in.ilar n.o«. l. .vool bn..-....- 
 
 ,.,',1,0 .nin.ls of .ho phiin.it.s ,ho real ia.ts of .ho mso, «h.ls. .Ma....- 
 
 ,.„,„,,,. ,„ o..abh. .ho .U.fon.tan.s ,o sa> .h,U -ho lh......lU w.-o 
 
 ,n.-ormo.l of .hos« fa..s. I .hinU. .ho.ofo.o. .ha. tho . ... ..bvr -b..- 
 
 a„, M.or the .asc. a..d .ha. .ho a|,,.oal .....s. bo .l.s.,.,^,o.| 
 
 ||,„ .\,.t of H...H, s. SI. ,„OM.n.s s„,„o f.„lhor ,1.11,. ..It...s ... Ow 
 „av ;< ...rinK delo, .s in p,..^, .uses ,h. ....b non- o...,,l.an. .. «„h 
 
 I, i, „r urroa. i...po.-.an.o .o ..b.a... s„,..o a-k...... lo.l._' ■■■< .ho 
 
 ra,. ...• .1... ^haroh,.l.lor of .he .o-vipt of .bo , i,.„i,.r. m., ... o.dor ... 
 b....l b„n, k,..,«lo.l«o ..f .he fa...s ...„s. iH. b.„....'b. b..M.o ,.. b.,„ .. 
 howovr, .. .«n U. provNi bv his .».l.,...sio,. ..r o.horu.so ihal Ihe 
 cir. ,.lu, .on. ho.| hi,., ho «ill iH' p..' 'V. 1 '.■ "^— •'•"' " '"■'>"'''" 
 
 p,„ i, i- „o. cno„Kh, ,o IVaiso... .1.. hob! in l.'.,.h» <u,d > ,.(fon/- 
 ■<hin-r(, J4(' 1). 1 »;», lopiove.hat .heib....nien; .lis.l..M.iu'.hotuil« 
 wa., |,u».'.,i'. a,..l .hon U, .olv .... .l.o p...visio.. m ll... a.-.i.los ,l,al it .» 
 
 U. 1h. ,U.....e,l lo havo Uon sorv.Ml in .l.io -o. a. ...a! .•..-■.■.p. M...»t 
 
 be 1 ...^o,| Moantin.o iho o..n.r,i.-t as obtai..o.! bv .'l.. Ha...... 
 
 ,„.,li,.i; to Iho la« sCleil i.. 0,.A«..s V. T»n,iM„d x..ulablo. a..d 
 •liaiobol '-v . an..o. U' dojo iv.M of bis ri^'b. ... .os. i...l .. nn.il allor 
 
 th< 
 
 tnoMialo,,.). '•> 1 ami... i.»'n>|-"> ;- - 
 
 ku..«lo.lu'o of .1.0 lr..o fa.-.s has 1 n b...UKb. 1...... h..,. Ass..,..- 
 
 int' i><ml">, ami SMU>r.Uun' i „ . .o have bo.-., well .1... ..lo.l. .. sh..«8 
 the ;:roul i.npor.an.e of pio,..rinB evi.len.o of .he roo.-.pt bv iho 
 ,hHr..|,..Mer of the noli.* This ...ay of.on \w olT... . d by sending 
 
 S_ 
 
240 
 
 PKOHFKCTUblW. 
 
 [ClUI'. III. 
 
 „„h ,1a. ......lu. ........ ....... <«.t,.rri,.« u. .I.«- . n.uU. . ,.- .• M«..ed 
 
 aad .o..ir,.c..l WI.e.. u,. um.-ur.M-y ... .!..• l...-,...e.u, ,. .I.MUvored 
 
 l,.f..n. ,.ll.....»..-. .1... .»llo,„.t.... I..n..-. ...uv ........... u -U.U......... CO,. 
 
 ,., alt. ^vl... ,.iv. hi. .ill.......'... ..........V, Lul ul. ....^1.. ....U-h. the 
 
 „ i; i. vcrv ...nou... ihc .......bo. -I all.-.. •'" «'" ■"•""'""• 
 
 nZ IH, -.nu.ll. i. -....- v.r.v d....l.t...l wh.-.l.." .1... -"'••";;"'- ■-; 
 
 «i,l.... .1... I r..l..l.i.i.... ol -..l— -t .».. :...-! "—'I' ^-"•' 
 
»t; 
 
 PHKCKDKN'I'S. 
 
 Til.- -iih-'criplioii list will "IM'h "" 
 , luM (ir l><'K)n> ■"lay tin- 
 
 tlllV llf 
 
 .l:t\ i>l 
 
 A., B., C. 4 Co., Limtd 
 
 lmo.,M.iut.vi i.H.l.'t 111.- Co.. A.i^. IN.;:: I.. I'.'".. 
 
 ( apiliil i . .Ii\itl<'<i iiH" 
 , |, , t uiiiiiliiliu' rrul«nMii« Slmrus "I t ••'nli - 
 
 (trtiiiiiiiy SlmroH of f <'H''li 
 
 MiUiiitr«»iii<*nt Shartw of il— "'ikIi ■ - ' ' 
 
 uud Fom 8 
 
 Skrlptmi 
 
 ■yUr ..ivfrlrl...- Mmiiv . al TN a li\. I "un^^.>Uu■ l.nlui.nll.il .ilM- 
 
 l,,„| ,,! li..' ..it.- '>< I" I' " "" "'"• •■•'l'i'"» '"'• '»«' '""" ^'"^ 
 
 , ,|,..,,.„„. an.l nink, Loth ..- •-.•un.-.U .iui.l-...l and .aiHlal. u. 
 
 „ u, />„„,,„/„.. I ..1..,. .1..- ..... .. ..f .1.- .V.t ... l»i.H .,r|,..r«.«. 
 
 „,,.,r,.. ■•,l....A,,r,..i.H. ■,.r...|H-.>..-- m-.i- -".> ,.r..,p,..-.,... ■„.,..■... cm-uUr 
 
 „i;,„i,..m...,t. .., r i.ni.uti..,.. ..ll. rU.,, to ll.- l.ul.l.. f-r s«l...r.,.t...,. .,r 
 
 ,,u,.l,.... any -l.ar l.-l-....- f a ,• any •: .....I - .1..' --1 "' 
 
 ll„. .(„,>.. t..r.n ..f ,,r..Hi..- 1..' i' fra"'.-.! •!"- " >'-* "' •""•'-••""- "■' 
 ,„.,,„ ,1 ..|..ra.i..n ..f --t M .-f tl..' A-t *'...l. a,.,.li.'. I- ' .wtv ,,n..|- <"^ 
 
 ;,.„.,, r n, Imll ..f a ,on.,.a„y. ..r l.y ... .... .» >.air ..f '."> l-.r-..'. *l- •• 
 
 „ 1 „ ■.„:_.aL-..f ..r i..t.r.-,l.-.l ii. H"' f..r.i.al,.m ..f tlir .•..mi.ai.v. • N'-l »•. 
 
 "trll-' l.-t. M. .ub-,.-.t. ,7,. ..1...:. l....w,l.- • Tlu. ..-..".. Hh.a.. ...a 
 .,.,,h t., a -ir.ulur ..r imti.- i..>it...« .^i-'int-' •"•>••'■■•'' '"■ J-l""'""- '"••''■■■' 
 „;V...mi.a..v U. »ul.«ril.. ,.,.l,er f..r .l.ar.., or .l.t,.M,tur.-.. «l..tl..r -.1. or 
 
 .„ , tl n«l.t to r..,,,,,,, M, fa.our „t u,l...r ,..t~.,.s l-.t. -..l-J.-t a, afur.- 
 
 ^,,1 ,l„. ,.v„o.. -hall a,.,.l,v I" a..y (.r -.•.,., wlHtl..r .«...hI .r »Mtl, 
 
 nil.. I.... I.I 111.' r.iriimtiiiu oi a ...iiiiwtiy o.- MiliMija. ..lly 
 
 \„„ „l-i. ihat liy ^.ili- I IM "•''•"'• n.|uir..m.-nt._i.f tl,i> -.•.no" nr.. .li- 
 
 i*u..,i ».thor .iualiH.Kl in |.arii.uUr .a..-.. (S...- i.|.. 171. I .a. ! 
 
 A.v lomlition n..,,iirui« or l....ain;r any a,.pli.a>,t f-r .liar-, or .l.-Uiilurc. 
 
 V, .a m,ili..i... «illi any r,.,u.>...... nt of llii. -i- ti. r ,iur,H,rtinK t-. 
 
 .«„, will, iioti f aay .-onlrait. .li-iini.-nl . or .t.r n.it ,,a.-.h.-.lly 
 
 rrl.rra.1 L. in tl,.- ,.ro.,«M.tu.. .I.all !«.• voi.l. <S.n-t. Ml (4) of ih.- A.'t.i 
 
 S.,- lb to this. .../.,", II. 171. n.1.1 .111.".'.! '«^ •"/""• !'■ '^*- 
 
m^ 
 
 g 
 
 w^^- 
 
24W 
 
 PROSPKCTUSES. 
 
 [Chap. III. 
 
 Form 8. priority to tlio ordinary .sliaros, l)u( witliout any further ri<jlit i(< 
 ~ participate in the prolit.-i or assets. 
 
 (b) The founders' ior niana},'enient j sliarcs rarry Iho riirht [stair 
 the rifjhtii either directly or by imerting extracts from the mcmn- 
 nimlum or urtirlen of nKsoridtion. State iiho u'lt'> in to i/et the xhares. 
 e.g.. tlie founders' or inanaifemontj shares liave been miliscribod 
 by the vendors and the principal eniphiyes in tlie business, and will 
 be pd up in cosh]. 
 
 Of the above sluinvs, — ordinary shares and proferenic 
 
 shares ocjual to t'— an; to be is^ueil and creililed as pd up. and a- 
 below mentioned the reniaininy: shares are now olVered for i)ublii' 
 subscription, payable as follows: 
 
 lo.s-. ()(/. i)er share on applicatinn. 
 1/. lo.v [)(i. per shine on allotment, 
 \l. Itt.v Or/ |)er share on the of 
 
 \l. lOv. 0(/ per share on the of 
 
 The shares may be pd up in full on allotment on or before the 
 
 day of , interest at the rate of .'> p.c.p.a. being allowed in 
 
 respect of the prepayment id' instalmcnis. Applications have already 
 been received from the employes of the lirm and relations of the late 
 partners for shares e<(ual to £ . 
 
 The rig-lit rf voting at general meetings is one vole for every two 
 preference shares, and one vote for every ordinary share, and ten 
 votes for every founilers' sliare(c). 
 
 Directors i rf). 
 Sames!, AitdreKxrn, ami I)i:.<irrii)lio}ls.] 
 
 Baid«>rs 
 Mdiiiex and Addresses.} 
 
 
 3 1 
 
 i $ 
 
 I 
 f 
 
 'i I 
 'Ji. 
 
 II: ' 
 
 .\uditors I f/i. 
 Saiiiex. Addre.'ises, and Dfii(rii>lion.s\} 
 
 (li) FoiiiidiTs' LShnrt'.'. The prospectus must stnte the nuiiil>cr of fduiiilcrs' 
 or maniiitomciit .•(hares, if any, and the nature and extent of the interest (if the 
 holders in tlie property and prolits of lhi> eomp;iny. (Sect. H\ (11 (ii;.) \s 
 to founders' shares, sw pp. 587, 810. 
 
 (el Tlir Hlf/hl n< )■"';«;/. --Where there are several classes of shares the 
 prospectus must state the riifht of votini; conferred by the shares of such cla-s. 
 (Sect. 81 U) <") of the .\et of 1908.) 
 
 ((/; DirccldiH ami .(((rf.Vor.<.— The prospectus must state the names, descrip- 
 tions, and addresses of the directors or proposed directors, and the names and 
 »ddrcssei. of the auditors (if any). (Sect. 81 O) fe) and (I) of the .\et of 
 ISOS.) 
 
 But it must he liorne in mind that, having reirard to sect. 72 of the .\ct of 
 1908 (subject to the follmvint' proviso), a person is not to be named as a director 
 
FORMS. 
 
 Solicitors. 
 . Sai/ies and Ad4rrssrii.^\ 
 
 Brokers. 
 Stiiiivx and A(ldn'.'<-srs ] 
 
 Socretarv in otliw. 
 Xa)iif. Addj-enft. and [trscription.] 
 
 PHOSPECTUS. 
 
 The woll-kiiuwn l.u«iiio.ss of A.. I?, ami ('., , mamifiirlun-rs of 
 
 . which this coy has been formed to aoquiro and carry on, \va~ 
 founded iiiuvards of sixty years ago by the predecessors of tlio pres.Mit 
 veudor.-^. and lias continually <;rown until it has reached its present 
 niagnitudo. The business, which comprises both wholesale and retail 
 departments, is carried on upon extensive, well-built, and commodious 
 
 leasehold premises situate at , comprising, &e., the whole forminj,' 
 
 a comiiact l)lock of warehouses, factories, shops and offices, held at, 
 
 Nory low rents amounting in the aggregate to £. per annum. 
 
 Large sums have been spent on these premises to adapt them to the 
 purpose.-^ of the business. 
 
 The leases, with trilling and unimportant e\c«ptions, liave sidl 
 upwards of years to run. 
 
 Tlie remarkable developments nf the last live years have so largely 
 irii rea.'^ed the magnitude of tiie undertaking that the vendors consider 
 the time liiis arrived for converting tlie business into a joint stock coy. 
 
 The employes of the busin^'ss number about - - . and the cu-tomers 
 many thousands, the whoh'sale accounts alone on the books of the 
 
 tirm amounting to upwards of £ . It is proiroscd to make a 
 
 liberal allotment of shares to applicants connected with or ( .tntribut- 
 ing to the business. 
 
 Tlio business will bo taken over by the coy as a going concern iu* 
 from the day - , the date of the last annual stock-taking, 
 
 and the cov will have the benolit of all profits rc^li/ed from (hat date 
 alter allowing int<-rest on j)urchase-money down to tlie time of (he 
 com[)letiiin of the ]>urcha.se at the rate of ■') n.c.p.a. 
 
 ■i4« 
 Forms. 
 
 «M' proptu 
 
 aii(liiiri/.( 
 
 li.) 
 
 y liimsclf iir iiy iiis iii;irit 
 a i(in»c'iit in wrltini; 
 
 -I'd iliri'itur ill any pro<|ipctiis nnli'^-i In 
 •d ill writ in;? — 
 si;;ni?il and tiled willi the rccri-itr.ir of lomiianii 
 
 ti> act as such director: and 
 I'itliiT sijincd tlic memorandum of association for a numlicr of .shares 
 not Ics.s than his qualification (if any), or siirncd and iilwl with the 
 rc^fistrar a contract in writing to take from the lompany and pay 
 for I. is rpialitication nharcs (if any). 
 Provided that these conditions are not applealilc wiicrc the prospectus is issued 
 one year after the ilatc at which the company is entitled to rommence liusiness. 
 (See pp. 8, 9.) 
 
 »,; 
 
260 
 Forms. 
 
 PKOSPKCTU8ES. 
 
 [Chap. III. 
 
 The projiertv U) ha transterivd to tlie co} will comprise, in odditiun 
 to the goodwill 'o of the businass, the following items, coiistitutiug 
 the whole ra al of the buwiiiosH at the above-mentioned date: — 
 
 Slock ul toftt or under 
 
 IJook debts (wholesale i - - £ 
 
 Ia'ss trade discounts, i>er cent. £ 
 
 ISook.-- (!oht.s irctiuh after allowing for ba<^l 
 
 and doubtful 
 
 Cash in hand and at bank, and bills not dis- 
 counted .-..-- 
 .\dvancos on scouritv, &l-. - - - - 
 
 Goodwill ------- 
 
 Leasehold premises - - - - - 
 
 Huildings, tixUiie.s, tittingt;, fiiruiimv, plan,, 
 liorse.s, vans, cart.-, &c. - 
 
 trade liabilities 
 
 I I 
 1 
 
 IP 
 
 The stock was t4ikeu strictly at cost price or under, and the vendors 
 are satisfied that i( has been realised at the usual trade profit. Tlie 
 greater projiortinn of th<' book debts luvs already been ;;ot in, and the 
 vendors guarantee that those outstanding. i)liis what has been so got 
 in, will prixJuce the amount above stated. 
 
 As regards working ojipital, it is consi<lered that the working 
 
 capital in the business, together witii a sum of £ to bo provided 
 
 out of the proceeds of the sl^ires now oll'ored for .-ubscrii)tioii, "ill 
 amply suffice for the c/ompaiiy s wants. 
 
 The books of the firm have for the past - - years been audited 
 
 by Messrs. - , of , Chartered Accountants, who have recently 
 
 made a special investigation of them, ami have given the following 
 certificate: — 
 
 Me8,srs. A., B. & C. 
 Cientlemen. 
 
 \W' have acted as your accountants for many years, 
 and have recently made a special e.xaminatiou of your books, 
 and we hereby certify that the n- I profits of your business for 
 
 :ii iii 
 
 («) Uoodwi/l.—The umouiit piiyaole for goodwill ia to bo specified. (HiTt. 
 81 (1) (g) of the Act of 1908.) 
 
 ■iil 
 
 Mi 
 
FORMS. 
 
 •>ol 
 
 the tive years 
 as follows: — 
 
 endiuK the — - day of January. 1008. have been Pom 8. 
 
 £. 
 
 \oar eudinp: January, 1904 
 Year ending' January, 1905 
 Year ondiuj,' January, 1900 
 Year ouding January, 1907 
 Year ondiuf-- January, 1908 
 
 Average tor Uio tive years 
 
 In arriving at tliose figures we have not dol)itod prolit, and 
 low. accountr with inteiwt on borrowed (^pital. or loan-, nor 
 uith income tax. 
 
 Sufficient provision b^i* in our judgment been made tor 
 depif. iulion of the leaseliold premises fixtures, furniture, horses, 
 
 vans, lie. 
 
 Yours tailhtully, 
 
 (Chartered AccounUml.si, 
 £ 
 Tlie average annual profits of tiio business 
 on t he ba.si.s of the last five \ cars is - 
 The annual dividend on £ o pc. pre- 
 ference shaves is - - - - 
 A dividend of say - p.c. on present 
 
 ordinary shares would recpiire £ 
 
 Leaving a surplus of . - - - 
 
 il Is prupnseil to continue the business without, break or interrup- 
 tion upon the lines which have proved so successful in the past, 
 retaining the services of the present managers and staff, who have so 
 brgely contributed to tliat success. 
 
 T/) The vendors, Mr. and Mr. — , will act as managing 
 
 directors for the period of five years, and during such period wiU 
 retain an interest of at least £— in the capital of the company. 
 
 , (j) The purchase price for the sale of the above properly has been 
 fixed l)v the vendors, who are the promoters of the i oinpany, at +! , 
 of which £ - is for the goodwill. Of this sum one-half will be pay- 
 
 (f) VendnrH .Van,r.«. ,ftr.— Tlie nani.s and addrcHses of tlir vendor- must be 
 .taW. (Sect. 81 (1) (f) of tho .Vet, 1908. Sec yy. Ifi9, 170.) 
 
 (7) The prospectus must state tfie amount (if any) paid or payafile as 
 purehase-nionev in ea-li. shares, or del.entures of any sueh property as afore- 
 said. speeifyie.J the amount pnyat.le for e-oodwifl. (Seet. 81 (1) (u) of the .\ct; 
 and pp. 170, 171. m/im.) 
 
 Sec also seet. 81 (1) (f), «"/"'' !'• "'''■ 
 
 H 
 
Form 
 
 PKOSPECrUSKS. 
 
 [Chap. III. 
 
 able to Mr. , and the other half to Mr. — - . Each sum of £ 
 
 will be paid and satisfied as follows:— that is to say, as to £ in 
 
 taj^li, as to i' — ■ by debentures, and as t^) the balance of £ by 
 
 the allotmoiit of ordinary shares credited as fully pd up. 
 
 The business will be taken over subject to all existing; trade cou- 
 IracUs. The.-ie are of tho ordinary trade character. 
 
 The dillerenco between the purchiiso price and 'he capital when 
 
 paid up will also provide the company with neari\ £ cash, the 
 
 vendors <lischarging all liability and the whole of the e.xpenses 
 attending the formation of the company, the transfer of the proper- 
 ties, and issue of capital. A sum of £ ordinary shares is reserved 
 
 for future issue if and when required. 
 
 (h) The minimum subscription on which the directors may pro- 
 ceed to allotment is shares. 
 
 (/,) .1/;// 
 
 ,S';^A.s 
 
 "/(«/ AHoliiiriil . Till- |)n)si>fitu.< must state llic 
 
 
 
 i 
 
 \ 
 \ 
 I 
 
 minimiiiM sul)siri|itioii (in which the direetors inuy procpcil to allotment, and the 
 amount piiyiilile on applleatinri and allotment on each share; and in the ease of 
 a scoond oi' suhsecpient offer oi >li,ires, tin- amount otfereil for ouliseription on 
 each previous allotment, and the amount aetiially allotted, and the amount (if 
 any) paid on sueh shares. (Scet. HI (1) (d) of the Art; and p. Ili«, "//'(". I 
 
 In relation to the minimum subscription, sect. »') of the .\ct must be bi)rn4' 
 in mind. That section provides as follows; 
 
 (1.) Xo allotment shall lie made of any share i apital of a company oHered to 
 the public for subscription, unless the followiiisr conditions hive been .oinplicl 
 with, najnely — 
 
 (a) the amount (if any) fixed by the nicnMirandum or articles and flamed in 
 the prospectus as the minimum subscription upon which the directors 
 may proceed to allotment ; or 
 
 (b; if no uucunt i.s so lixed and nannd. then the whole amount ol the share 
 capital .-o oH'ered for subscription, 
 
 has been subscrilied, and the sum payable on application for the amount so Hxed 
 and named, or for the ■ ;iule amount olVii-cd for subscription, has been paid to 
 and received by the corai>any. 
 
 Vl.) The amount .so fixed and named and the whole amount aforpsaiil shall he 
 reckoned exclusively of any amount payable otherwise than in cash, and is in 
 this Act referred to as the minimum subscription. 
 
 (a.) Tho amount payable on application on each share shall not be less than 
 five per cent, of the nominal amount of the share. 
 
 (4.) If the conditions aforesaid have not been complied with on the exjiirution 
 of forty days after the first issue of the prospectus, all money received from 
 applie:int3 for shares shall be forthwith repaid to them without interest, and. if 
 any such money is not so repaid within forty-eiu'ht days after the issue of the 
 prospectus, the directors of the company shall be jointly and severally liable 
 to repay that money with interest at the rate of tive per centum per annum 
 from the expiration of the forty-eighth day; Provided that a director shall not 
 be liabi f he proves that the loss of the money was not due to any misconduct 
 or nejjii 'ice on his part. 
 
 (5.) .\ y condition rcciuirinff or binding any appliiaut for shares to waiie 
 compliance with any requirement of this section shall be void. 
 
 («.) ThiH section, except Bub-seet. (3) thereof, shall not apply to any allot- 
 
FORMS. 
 
 Ill ii(Mition to th« shares aud debentures which are to be issued 
 
 10 tJie voiidiirs as above lueiitioued, tJie company is to issue to 
 
 ,,i fully paid-up ordiuary shares in the uoinpany, itnd i' 
 
 llelwiilures. in considoration of his soUinfr to the company the rover- 
 
 <ionarv feesimiile of the leasehold faotory, No. , - Street, K.C., 
 
 ,.xi>eHaiit on Uu> lease thereof to be acquired by the company from 
 ilie vendors. 
 
 ly) The shares now ottered for subscription have been under- 
 written for a commission at the rale of — per cent, on the aiiiouui 
 1 hereof, anil such commission is payable by the company. 
 
 /,• I The vendors are to pay the preliminary expense- of ami iiici- 
 (leiii to the formation and floating of the company down to the time 
 when it becomes entitled to commcwie business, exclusive of the 
 uiKlerwriling commi.ssion above uientiom-d, and the estimated umouut 
 
 I hereof is £ 
 
 ,/i The sum of £ • in cash i.s to be paid by the vendors to 
 
 •.>.-.;< 
 
 Form 8. 
 
 ,u..nt nf shares subsequont to tl.o tirst ulU.tn.cnt i.f shares oir.Mv.1 to the V<Mio 
 fur sulis(ri|>tioii. (See pp. 9. 10. «((/';«. ) 
 
 (7.1 [This sub-seetioii deals with the iiiiiiiimiiii sul.seripiion in tU<- case iit a 
 ...ni|iany which doe- not issue a pnispertus, and is not a privat npany. (Set- 
 
 7„-./. p. 10.)] 
 As te the •■tfe.t of iiiakiii!,- an allotnieiit in eontravention of sect. H.), see 
 
 MTt. 8(i of the .\et: and p. 51, miiiru. 
 
 (.) ru/ht rui.l SI,o,;h. ,Vr.- The prospectus must state the number and 
 :,iii(niiit of shares and debentures issued, or airreeil to be issued, as fully or 
 partly paid up otherwise than in cash, and in the latter case the extent to which 
 ihey "are s„ paid up. and in either ease the consideration for which such shares 
 ,)r "debentures have been issued or are j-roposed or intended to be issued. 
 iSeet. 81 (1) (e) of the Ac! ; and p. lt)9, si,j,ia.) 
 
 ;;> r-,„lnvrill„',. -T\,r prospectus must state the amount (if any) paid or 
 payable as commission for subseribini; or ai;reein.„' to subscribe, or i>n.curinK' 
 or airreeiiiir to procure subscriptions, for any shares in the' company, or the rate 
 of ai.y such commission. (See se<t. 81 (1) (h) of the Act; see also sect. 89; 
 and Kii/irii, p. 171,) 
 
 I /.I I'rrlimhiani Aj /.'■»,„.«. Tlie prospe( tus mu-t state the amount or esti- 
 mated amoji.t of preliminary expenses. (Sect. 81 (I) (i) of the Act: and 
 p. 171, supra.) 
 
 (/) r,;,m„tirs an,! r< «r/<;/-<.— The prospi'ctus must state the amount paid or 
 iMtcn.l.d to be paid to any promoter, and the consideration for any such pay- 
 ment. (Sect, 81 (1) (j) of the Act; and p. 171, .•»(///■«.) 
 
 It must also state full parti.ulars of the nature and extent of the interest vif 
 any) of every director in the promotion of or in tiie property propo.sed to be 
 ;ic,',uired bv the company, .vith a statement of all sums jiabl. or agreed to be 
 .laid, to him in cash or shares by any person, either to ciualify luiu as a direct^ir 
 ill- otherwise for services rendenxl by him in connection with the formation of 
 the company. (Sect, 81 (.1) (m) of the Companies (Consolidation) .Vet, 1908; 
 and p, 173, supra.') 
 
 Tlio Mrospeetus must state tin- names and addresses of the vendors of any 
 pri.perty purchased or acpiired by the company, or proposed so to be punhasisi 
 ur acquired, which is to be paid for wholly or partly out of the proceeds of the 
 
•>54 
 
 PR()8PE(rrrsi'>«. 
 
 [Chap. V 
 
 i^ 
 
 kk\ 
 
 Form 8. 
 
 Mr. ror lii« soivuos lo thoiii in the pioniotion "f the coy. and 
 
 M,. , who liius joined tlio dirc'.lorat« at the roiniost ol' tlio vendors, 
 
 L lo le. p'ivo iro.u thcni a «uiii suHirient lo enable liini lo pay lor his 
 iliialiliiiition sharon. 
 
 , „i I The ( oiilia.i for llie xnle of llie liusiiie--* is dated the - day 
 of , and made between A., \i. and ('. of the one part, and tlio coy 
 
 of the other part. Tiie .oniracl iiiihides lerlain p|)l,v situate at - , 
 whi<l. iia.s rerentlv been piirehased by the s.i A.. U. and C. uudur 
 
 contract dated the day of , and made between the 
 
 Sya.ii.ate and A., B. and (". Tlie following contraclw have also been 
 made spetijii thoii]. 
 
 iti I The arts of a-sson provide that the (pialiliialion of a director is 
 to be the holding of - - .shares in the . oy. and thai tiie renmneralion 
 of the diroctor.s is to be C per uunum, und «.icli further s.iin as 
 
 i«<u.- <.lfer,-.l for MiLscriptinn l.y tlir ,.n.s,„..-tii«. ..r tl,r ,,.,r.l.M^r "r .UMinl.iti,,,, 
 
 „f wliich hM- i.,)t l.c,M. .Mmnl.-t-.l lit thr ilatc »t tl„- iss. f tho pioM""*"". !>".l 
 
 til.. ui....,i..t pMval.l.. in .as!,. slK.rrs, „r .IWuntur.'s t,. tl.M vcMlnr. i.n.l wIut.- 
 there is more ilmii -lie .-epanite veiia-r. or tlic ..oiii|..uiy is ii siil,-|."rtlm«T, 
 tlic anmunt. so pavalile to ca.li vendor. Provi.l..d il.ut wh-re ti.e vendor, or 
 any of tl.eni are a Hrni the m. nil.ers of tl... lirni shall not l-o treated as separate 
 vendors. (Seet. 81 (1) (f) of the .\et.; .\s to th.' meaoini; of - >,.l.-p»fli:'«T ' 
 TOP i:,,inkr> V. ll„„se„. (190(0 2 <'li. 12!). and j.p. Itiil. 1"". "','■"■ 
 
 Kor the purposes of tlii.s swtion (,H1) every jierson shall !»■ deemed to be a 
 vendor who has entered into any eontraet, al.solute or eonditiunal. lor the sale 
 or purehave, or for any option ol pnrehase. of any property to be ae.pured l.y 
 the eom|iaiiy, in any la-^e where - 
 
 I a; the pnrehas.-money is not folly pai.l at tin- date of publication of the 
 
 prtispeetns ; or 
 ,1.) the purehH.se-moriey is to !„■ paid ..r ^atisHed wholly or in part out of the 
 
 pro. ds of the Issu.- ollVi-ed for viili.«-i iption by the pr.isp.v.tus; or 
 
 (.•> ihe eontraet depends for its validity or fiiltiln...nt .in the r.-nl' of sueh 
 
 is.sue. (Sist. (Si 2 J of th.' .\.-t.; 
 Wlier.. aiiv of the prop.rty to b. :ie.|uinHl by th.^ e.mipany is to be taken 
 on lease, this section shall apply ai it tie' .•xpres.ion " vendor '■ ineluded the 
 lesw, and the expn-sion " pur.-ha-r nion.w " iu.lud.-d the .on-ideratnin for 
 the lease, and the expression " snb-pnnlniser ■• inelu.led a s„l,-lessee. CSoet. 
 SI (31 of the same Aet.) 
 
 (,„j f„„h<,cli>.--T\w i.rosp.-etus must als.i ^taf ih.^ dat.'s of and parties to 
 .■v.TV material eontraet. and a r.asonabh' tiiii.' and phce at whieli any materi;il 
 .ont'raet or a copy then'of may be insji.-.ted: Provided that this r...iuirenient 
 -liall not apply to a eontraet eiit.T.'d into in the ordinary course of the busin.ss 
 .arried on or" intended to be carried ..n by the company, or t.> any eontraet 
 vnt.red into more than two years before the date of issue of the prospectus. 
 (Sect. HI (1) (k) of the .\et: and p. 171, «./;'(■".) 
 
 A ...inpany .shall not pr.ni.insly to the statutory mi-.tin- vary the terms of a 
 ■ontiact relerre.1 to in tli.' prospietus, or stati-ment in lieu of pros|iectus. except 
 .subject to the approval of the statutory meeting. (Sect. S3 of Act: and p. 332.) 
 („\ (iunlitic'diuii and Ucmuncralion of JHnrl,m.-'nw prospectus must state 
 the number of shares l^if any) Hxi^d by the article., of ass.,fiation as the iiualili- 
 cation of a dir.'itor, and any provision in the articles of association as to tho 
 r..muneration of tie directors. (Sc't. 81 (1) (b). See p. 1C8, suprn.) 
 
FOKM8. 
 
 ,1,0 (0> ill •iCiK-ral lu.'OliuK iiiiiy -laiit. ainl Ihat xiirh n-inunoratioii is 
 to lie .lividfil uiiiniitr tliuiii ill t'l"'' lH'Olioilioii.'* a- tlie diiPilor.s may 
 ,|,.i.'iiiiiin' And lu iior ntnte ax to ri-mntnnilion of iii,imiiji)uj 
 ,ia;>l,ir>. iiilrii. \>. 7.1'.». iiiid iis In rrlni rcminirnilioii. infra. i).741i. 
 TIk' iliitilois art' inloto-tod as fallows xMr (>ill jxirtirnhm as 
 
 r,>,iiiirr<l h'l "'-rl «1 (I »((«>]■ 
 
 Tli(< .erlilicalo of Messrs, . and ( opies (d the Mioiiiduin iin.i iirtH 
 
 1,1 a.<sHn <.l the coy and <>i llio al.ov.' ( oiitracl.s <an l.f inspt'clotl at the 
 
 „,ii f the solicitors to tlif <oy at any time durini,' hu-iness hours. 
 
 .,i\ A copv ol' Iho coy's iiicmduiu ol' asson is printed in the fold of 
 ill,, nrospe-.'iiis or at tlio foot], and forms part of it. 
 
 \,,,,|i(ation will be ma.lo to the ( ommiueo of the l.on.ion Stock 
 K.\. liiinizc in due course for a .settlement iin<l (luotalion for both 
 ^.|;,.->(.^ of shares. 
 
 \|, plication for shaves sho.ili' lie made upon the form accompany- 
 i„'.,hcprospoctu..andsen( ■ hankers. Hank. I.i.uited, 
 
 K ( . ,,r to (me of the hrai fr witii a remittance of the 
 
 iniomit of the <leposit. 
 
 \V|„.ir MO i.llotiiicnt is made ..^^ .lep<.Mt will he returned )U lull. 
 ,,„l ulic.c the nuiolK.r of sijuros alh)tto(i is loss than the number 
 ai.piic.l for. the balance of Ih.; deposit will be applied towards the 
 rcinaiiiing payments. 
 
 Knihue to |iiiy any future lustalment on shares .llottod when duo 
 will rendei iirevious payment.s liable to forfeiture. 
 
 |>i,,,.pcituses and forms of appliialioii can be obtainc.l ai ihe ollice 
 ,,i the inv, or from (he .solicitors or brokers, Louflon. 
 
 Till- pi,, -pectus liiis been ,luly hid "Mb the Ue-islr.ir of ( ,.s. 
 
 Dated, . 
 
 //cm ,l<ltl 'II III'' <:i--c "I the ri>i'!l I" l»- lil>''l ll'<' si'iiiuhliex 
 III Dirritnrs i /'•. 
 
 Form 8. 
 
 ,.., Mr„„.ni„'lu,n ,.t .ls.,.r:.,l,o„. Tl„> |,r„-pc.'lus must xtatc tlu- ,.ontDnts of 
 tlic- niciiMirantlnin ,.f i,ss,H.iati..n. with the- ii.oiips. ,l..>,Tiptioi,s. Miul adclr,Ns,.s of 
 tlio sisriiatiiric-,, ami the iminli,r of shanks suhs.TihiMl for liy thiiii nv^rPi'tivoly. 
 (S^.t. SI (1; (a) ,if th,' Act. S,h! .s«/;/'(. p. lt>7.) 
 (>) Si,i„ii,ii iiii'' rUhi'j. I'lKlor sect. »(» of the A,-t 
 
 il) Kvcry pr,»p,', tus i-sii,',! hy or ,in li, half ,ir a ,oy or in r,'latioii to any 
 
 inti'iuliJ >oy >hall he flaf,d. anil tliat date <hall, unle-*-, th jntrary 
 
 he pnn,.,l. h, tak.n to li,' the ,l;ite ,>F lli,' pnlili,ath>n ,)l' th,' 
 
 prospectus. 
 
 ■ ■J I A ,',i|iy of i'v,'ry sucli prospeeius. siiiii,,! le- I'very person who is iianicd 
 
 li„ lelii us ;! ilir,',l..r or propos,Ml i\\vt;\ ,; ,,1' thi y. »r hy his a^'ent 
 
 .•nithoris,'d in writiiii;, sliall l)i- fih'd for r,s,'istration with the rc^ristrar 
 i,f iiinipanies. on or l)efore tli,' date of its puhlli'ation, and no suih 
 pro-pei'lns shall he issued until a eopy thireof has heeii ao iik-d fur 
 reijistration. 
 
 
>w 
 
 PROSPECTUSEit. 
 
 [Chap. III. 
 
 IW 
 
 t% ■• 
 
 ml ■ 
 
 lit' 
 
 How far Act applies. 
 
 Thb ui)plicutiou of suet. 81 of llio Act of 1908 ia oiforwl aud 
 -juulified b> the foUowiu-j sub-sections dealing with (1.) waivor, (,2. 
 advertisement, (3) existinjr member.-.. (4) prospoctas issutd luoro 
 tliau u year after startiup. 
 
 (i) .Vi.y condition rc.iuiri«({ or binding any applicant for nhares or dubiu- 
 turcu to waivf .ompliancc with any ro-iuirnni-nt of thi» section, or purportini; 
 to alfoct hira with notice of any . ontract, document, or matter not »pc,M«cally 
 rcfcrrctl to in the prospectus hHmU be void. 
 
 (5) Wlicre any such proapc tiis a« i- mentioned in this wctiou is publi-h.il 
 tt« a newspaper advertisement, .t shall not he necessary in the advertisement t,. 
 specify the contents of the niemorundum or the si^'natories thereto ami tlic 
 number of shares subscribed for by them. 
 
 (7) This section shall not apply to a circular or notice inviting existini: 
 members or debenture holders of a company to subscribe either for shares or 
 debentures, whether with or without the ripht to renounce in favour ol other 
 persons, but, subject as aforesaid, this section shall apply to any proHi)cctus 
 whether issued on or with reference to the formation of a company or 
 
 subse(]uentlv. 
 
 (8) The requirements of this section as to the memoninduin, and the (,u.ili 
 tication. remuneration, and interest of dir.M-tors. the names, des.-riptions. ais.l 
 addre-ses of directors or proposed .lireetors. and the amount or estin.at,.! 
 amount of preliminary expenses, shall not apply in the case of a prospcctu- 
 published more than one year after the date at which the company is entitled 
 to commence business; in the case of a prospectus published more than one 
 year after the date at which the company is entitled to commence business, the 
 obligation to disclose all material eontrae* shall be limited to a period of t«.. 
 years immediately pree.slin^• the public! .. of tli.- prospwtus. 
 
 The obligation of disclcsinv in a pio-pcctii.s attache^ none tJie Ics- 
 that thf pio.«peitus is pul.lislioJ in :iii abridged translation for 
 circulation in a foreign country. /f(«(.-.sc// v. Hunihaiii, aWJ) 1 ( li. 
 I:;:. Si'e further a.s to an abridged pri)S))ovtus. supra, pp. 17."), :iJ'.i 
 
 Note the detinitiou of prospectus in sect. 285 of the Act of 191)8, h\ 
 wiiich the expres,sion ■prospectus ' means any prospectus, notiie, 
 circular, advertisoinent ui Mthor invitation offeriuf, to the public for 
 subscription or purchase au\ shares or debentures or <l<'benturo stock 
 of a company. 
 
 (3) The registrar shall not register any prospectus unless it is dated, ami 
 
 the copy thereof siirned in manner required by this section. 
 
 (4) Every prosi)eitus shall state on the face of it that a copy has been filed 
 
 for registration as required by this .section. (See p. 179, siiprn.) 
 
 iSIM. 
 
niRMs. 
 
 a*7 
 
 Tin form of upi.liciition for «lmrr!. I« ii.Hiii.lly aiiiiexiKl to tho pro.pwtu-. It Foim 9. 
 
 ,„:,y l.r .s follow,: - Ai.pU;^.t.»i. 
 
 f>ir nllArun 
 
 KoHM oi- AiTi.nATiio FOR Siim;i> 
 To tilt" I)ir<'ftors of 'I'lic Cov, LimUl. 
 
 {iKSTI.KME.N, 
 
 Having.' p<l 'o the coy's bankers, Mc.hms, , the sum of £ , 
 
 Ktiii^' a (l<'|)o>il of i'- - per share on -sliaiv^ in tlio al)ovo-naniG<l 
 
 .oy.'i rc'iiK'rtt you to iillot mo that niimlMT of sliurew upon tlio term.-* 
 . f Ihn <'o.v'.-< |irosi)octU!<, daU^d the - of , and I liliy nam! lo 
 
 .ucopt lln' same or any smaller nunilicr lluil may Im- alloUod to miv 
 
 ;ind to pav thi> balance of £ \H)T sharo on uilotnu'ii;, ii.'< provided 
 
 !,y tho «d pro(*iM>ttiis; and I autliori/(> you to rpy:isl<i mo as tli< 
 holder of tlio i-d shares. 
 
 Name in full. 
 
 Address 
 
 Description. 
 
 Date. 
 
 Sifrnature. 
 
 As t'l (oiiditional applications, m'c /■J/.-in'i/im'x ni>r, J 
 r,i>r, 2 Cii. S27; .s'/m/)«<<//'» canf, 4 Cli. 181: H'lillar'-s /■"..< 
 /■u/icr's r„!,r iiml Si.friiK/foii'f in,,- (1HS5). Ill (Ml. 1). 1211. 
 
 .\s to waiver clausw, wc p. 231, 'u/int. 
 
 Vh. .-ill ; frlliitr. 
 , (lltnO) 1 Cli. (171 ; 
 
 .\i.nrxi(l to the form of applicatiini will \>i- a form of rrccipi. a* follown: — 
 
 TiiK Coy, Limtd. 
 
 llanLrrs' Iteieipt \^to be rchihwd hij tlir uiiplicant >. 
 
 licwivcd this -day of of Mr. - , Uio .■.um of £ , being: 
 
 .1 deposit of £— per share upon shares in the above-named 
 
 il)V. 
 
 For the Bank . 
 
 To he xigned '>y the- hankerii or setretary, and retained by the 
 applicant] 
 
 .\n applicant for shares is iumnd from the time when notire of allotment i, 
 L'iitn or p'wtetl. Household Fire, ^v. Co. v. (Iraiit, i Kx. Div. 216; Ilrnlhorn 
 \. Fra 1S<12) 2 (.'h. 27. Until notice of allotment is {?ivcn or posted then' 
 
 i~ iici (Oi.!....!. and the ajiplicant may withdraw, WaHiic's rnsr, (^IflOO) 2 C'h. 
 I'Tl. .\s to what is postini?, see Lniidoi, iiml Sorlhrnt Bank, Ej-p. .hnirx. 
 1 liWM; 2 t'h. 28it: I'fUiitt's rnnr. 2 Ch. .r27. The withdrawal may l)e oral. 
 rr,iin<ir,\ niff. (1894) 3 Ch. 2(2, But if the withdrawal of his application docs 
 li it reach the company until after the notice of allotment has been posted, it i- 
 P. s 
 
 Form 10. 
 
 BaiiUir-' 
 riT' ipt. 
 
 a 
 
ft 
 
 ibx 
 
 i>ROSPFxriiai'». 
 
 [(.'HAP. m. 
 
 iiifffectu.!. //....;-■« .'■«». 7 Ch. .W7: SUr.»„m v. .!/./.'««. 5 (J. 11. D. 31S; 
 /(yrn^ V. l/m fii-nhmrn. 5 C. H. 3»4. .\n uii«tiim|MKl allotment letter may be 
 MifTiiicnt. n-hillry /•■irlnrr.. Slerf, ,'./»,•. -JH \V. It. -Ml; 19 li. J. (.'h. I7«; 
 fi L. T. II: llrnlhorii v. franff. niiiini. 
 
 WhiTR notice of all.itiii.iit i« .liily |.o<t.Ml. the iippliiunt is bouml. even th..u)jh 
 
 the notice never reaohr^ him. // >"'l,l Fi>>: *<•, '„, v. Or>ml, ubi ,u,.ra. 
 
 Ilenthnrn T. Frnirr. tii/irn. 
 
 \f no allotnicnt i« m.i.li-. the ,,;>„y i- ImmiimI to n|..iy the .leim-it. but the 
 
 J,.|»Hit in not u tri.>.t fuml. M,.,,t.v .. Cm ■..,.»•. <;>.. 1 i:.|- •"'•^•. '♦ W. U. •Jlti 
 
 Where the mmpanv iloci n.it pi to allotment owin^ to non-.>nl)«.rii.t;on of 
 
 the minimum, the applicati .on. y mu-t !"• retnrn.Ml within forty-niifht .l»y,. 
 
 See sects. M. «B, t'omimnies \ct. I»08; »n.l ll"rl..i, v. n.rnu. (HUH) 2 Ch, 240; 
 ,,„d «»• .Vrt/...»n/ V''lnr Co.. (liltW) •-' Ch. ••2»; al*! pp. !«. 17. 
 
 Where .\. applies on I., half of H.. hut without authority, an.l 11. npu.liate. 
 the allotment. A. in liable in ilamap's to the company, and the mc.ii.ure may he 
 the par value of the shari'H. \rl.,m<i/ Coflfe Pnhrr ''„., 24 C. I). Ml. 
 
 For letters of allotment, see i»/r«. Chap. XI 1. 
 
 .\n upplie.ition ad.lresse.1 to a company not yet registered U eir.-ctivc. and if 
 an allotment is made within a reasonable time, and before withdrawal, thi- 
 
 allottee is bound. Do,,;,,: v. Shi,., \.. K. » "■ ^' ■'»3: /.•■",•, e'. ,„.,.. 2 
 
 Ch. 412; B„>il,-' ,■"-,: 33 W. K. 4.5(1; K„,h,r,,' e«.e, (!N»2) 3 Ch. I. 
 
 See further as ti membeiship. p. IS. »"/on. 
 
 $ 
 
 r-i 
 
 
 l,^j 
 
 1 :V 
 
 
 1'* "■ 
 
 
 1 " : ■ 
 
 
 ■ * • i ; 
 
 
 1. 
 
 
 
 
 
 
 H 
 
 ■ '■!:]{ 
 
 
 |: -'T 
 
 ■i , 
 
 1^ 
 
 ;Si 
 
 
 m 
 
 J. 
 
 Form 11. 
 
 rtdvtTtiMt*- 
 
 iiicnl nf* to 
 
 ^.nt-iJH'CtllS. 
 
 The 
 
 Coy, liivrn. 
 
 Xnticp i.s liby given tliiit tiie Abo\.-uaiutd <<jy i^* is.suiug u \m- 
 .^poitiLS (ln(o.l thi- - day of --, a copy of wliiel. hiu* boon lilwl 
 ^vith till' Hi'gwtrar of Companio.s] invilin),' subscript ions at par for 
 
 .5 per tout, ouniulutive prefereuto shares of £ each, and - 
 
 ordinary shares of £5. Tlic sd prosiwctus states, amonp othor things, 
 that here give extntcta]. 
 
 Copies of tlio full pro-spectiis atid form of ai)plieaUoii can be 
 obtained at tlie office of the coy or from the coy's soirs or l)rok'.-rs. 
 
 Tliis notice is not to be reL'iirded a.s an invitation to the public to 
 subscribe for shares, and appiiiation will only be received on the 
 footing of the full pro.«pectus mid in the form issued tlierewith. 
 
 Dated - 
 
 No. - , 
 
 Street. H.C. 
 
 Sic x«/)ni, p. 175, uotc to sub-sect, {a) of sect. 81. 
 
 Sect. 2S5 of the Act of 1908 detines a prospectus thus: - - - l'ro>pectus raeann 
 any prospectus, notice, circular, advertisement, or other invitation ,.lJ,-rin,j to thf 
 i,„hl,r for mh^rriptinn or purchase any shares or del)entures of the company." 
 And sect. 81 of the Act provides that "a prosjiectus " (this is a prospectus 
 defined as above | issued by or behalf of a company, A;c. must contain 
 
 .rrtain items uf iiitufmiition. ■' "'I'm. p. !li7 nl sea.) 
 
 Sub-sect. (,.5) of sect. 81 runs thus: - 
 
 (.i) Where any such prospectus as is mentioned iu this section is publislii'd 
 as a newspaper advertisement, it -iliall not be necessary in the advertisement to 
 
KOKMX. 
 
 mi 
 
 ,fv ||i«> cullteilt" "f th<> llirMli>rilllituin nr tlir M^Mi-ilnrH')* tlliTflo or r 
 
 iiiiniliiT uf Hliari'J «iil>«rib«i for by tln'iii. 
 
 I'hi' <|ii<"itiiin i> wlinlliiT nil iiilvrrti«<>iiii'iit fruiii<'<l a^ iliiiii' (i. m II < a 
 " iirnniMriii^ " witliiii (III' uIhivo dcHnitioii. It wmilil o'luii lliat it it n , -I'l'iii^ 
 lluit it din"* iii>t invite the publii' I' -tubsirilic. 
 
 ti merely ntat-ft wliat in tli<- fact, tiaiiii 'y, tliiit a pr()i«|iectUM im iM-iiiif 
 i..ii>'it, anil it K'^'*"* «>nio mipiilcnu'iital iiifurniatiiiii. In many cnsc^ the r.irlicr 
 «iirii!i. " notii'i) in hereby (fiven that," are <iinitte<l, but it wimld wiiii that 'lil* 
 cli.iw iiDt altir the ( liararter of the form. Itilfeniil ruii'aiilerationn »p|ily tn what 
 iH i.ilNil "all abr[il:;wl proi|MTtii«." Siii h a iloeiiiiiuiit. if it ixpruM^ly ii 
 iiii|ili'tlly invite* till' (lublie to subr-cribe, iiiu^t i'iiin|ily with the re.|nireineiit 
 iif «eit. HI of the .Si t, »av> in far a» «ub-nfi t. (5) othi'rvii»e |iri>vii|p!i. 
 
 Hui \»»n lOiiiiiiciiily Hii iitiriilpetl proHpocitiM dot'« not comply I'lillv 
 wiili .-fit 81. (!.(/.. oiiiiM to iliiilu.st' nuitoriul I'OutructH niid parti- 
 riilai.- of iliroetiir.s' iiiloicsts, tliuii^li il may tMiil with llio vvoiils "full 
 |iru.>|ir(tii>(- t upon the tortus of which applicutioii will alone be 
 leoMvcil I ami fonii.i of upplictttiuii iiiuy lie oliluiiiud from the co^ 
 Imukcr.'" ninl from [the ci).s brokersj.'' .\ii alirid^d prospoctiiH 
 III llii.- form, llioiinh nailiiifj near to the wind, dooa not uppjar to 
 1n' u pro.-ipeciiis iavitiiiy; iho public to subsiribo. Not uiicoiiiinonly. 
 limvcvcr, an ad vert i.-iod abrid^ud pro«peclus, v 'lich does not coinply 
 »iiii .-ci I 81. >(ibjoinH a form of application \\..ic|i .states on it.- fiico 
 iliai 'llii.-i form muv be lorn out and ii.sod.'' 
 
 Smh .111 abridged proiipeetuei Hppear.i to bo u perilous mode of inviting tiub- 
 ■ ription. It ilea.-ly comes within the definition of a proapeetiis in »ei>t. 'JH.t of 
 ilie .\it, mi/irn, p. 'idH, n., and also within the mi.sihief sou^'ht to be remedied by 
 ■r, t. 81 of the .Vet. It is, however, u somewhat favourite expedient with un- 
 ■iiiipiilous promoters who lind the reijuireinentK of sect. 81 inconvenient. 
 Where directors authorize the publication of such an abridged prospectus, and 
 ill"t shares in response thereto without tnkini; care that the allottee has in 
 la t seen the full prospeetus eoinplyin); with the .\(t, they must be prepared to 
 tiiiil themselves in a i sition of tfrcal dirtiiulty if the company should co wronij 
 .inil they should be . n-d for damages by an allottee who ha.s subseribed on the 
 .il'rick'ed prospectus. They couM not in defence be heard to say that the allottee 
 uu'lit to have obtained and read the full prospectus, or oujfht to be bound with 
 I'listriiitive notice of the contents thereof, for sub-sect. (^) of .seit. 81 is a.jfains: 
 -II. Il a ilefencc. Atorcover, the allottee who subscribes on the faith of a pro 
 -p.ilus is entitled to say, " This is the prospeetus on the faith of whii h I 
 .i|iplicil: it is dcfiNtive. and it is nothing to ine that you Issued another pro- 
 file, tus which eimijilied with the statute." Dri„ciilii,r\. Hoot/, (1899) 1 Ch. .'JUS. 
 Mi.i: J!,iiiKs,ll \. ISiiriihmii, (1909) 1 Ch. 127. Sometimes the abridged prospectus 
 (lies not include a form of appliiatlon, but even in such cases, if aUotnient is 
 made on ap application which refers to the full prospeetus by date beinir the same 
 a- the dale of the abridired prospectus, the directors cannot with safety assunc 
 tliat the apjilicant was aware of the contents of the full prospectus (see tlr 
 i''- last mentioned), though possibly if the form of application states that thi- 
 I'plication is made on the terms of the full prospectus, " which I have read. 
 !^i iMt of the abridged pro.>peilii», the applicaut would bi- estopptti from 
 -ayiiii; that he had not read the full prospeetus, unless indeed it should be held 
 iliat these words were put into his mouth by the directors, and constituted a 
 •rap ur device. The mere fact that an advertisement is called " an abridged 
 
 S 2 
 
 wm 
 
 \.\ 
 
r-t 
 
 mo 
 
 l>KO!SPKCTUSi:s. 
 
 [CiiAi-. II!. 
 
 H'. 
 
 I. 
 
 f^;: > 
 
 j,ro.i.e<.tus" does not protect tl.o* who hmo it, for a., applicant .s eutUU-d 
 ,o aLn.e that being a " prospectus " th- directors have comp .ed w.th tl„,. 
 tatut^rv ro.,uireme„ts. If the adv tisement sets out a torn, ot appU.at.un, 
 whether" it contains words t» the elfect that " tliis form n.ay be used or nut, 
 it appears to be hopeless to eo.itend that the advertiseme.it .s not an .nv.tu ■„„ 
 to the public to subscribe, yvt promoters no. uneora.uonly say that the add,.,,,,, 
 „I the form of application is the vital part of such an adurfsement f,>r tliut 
 •hey want to induce the reader to sign at once the form, and so eon.ma Inms,!. 
 -whereas, if he has to apply for a prospectus he may change his mmd. 
 In regard to •' abridged prospeituses " it is well to bear in mind tl... cle,,..,,. 
 in n-hil V. //«y«.-'« '.»■/ '.""■-, 1 Cab. & KM IDl, 1««3. 2.,th .June. In .hat 
 .a»e a so-called •' abridgcnl prospectus - ..ot containing the date or iiaiues ot .lu- 
 parties to a contract for the sale of a paten, to be worked by the company 
 uas held U, be fraudulent under sect. 38 of the Companies Act 18b7 (..«,.., 
 „ -'Sa), although it stafxl where full prospectuses could be obtained I ,c 
 learned judge. .\Iathew. L. .1. (then .L), .onsidered the ease to be within , . 
 ,u;schief intoided to be met by sect. 38. "The abridged prospectus said .1.,. 
 earned judge, "is clearly a prospectus within the m.^aning of the ..ct, «l „l, 
 .,,,,li..s I every prospectus. The defendants further rely on he eonc uJ,„, 
 «l'rds of the section, but I do not think they assist them. If »-'""■ ' 
 ■ onstrucive notice were appli.-able the objcc. of the section would be delca,d 
 l„r that object is to avoid the necessity of being put up..., that ,n,,uiry « h h 
 ,.. invehcd in the doctrine of constructive notice. There must be judgnicn. ..,r 
 ,.,e plaintilf." It cannot be maintained that this .ase was tiot pro,H.r y arg,...l 
 for Vinlay, Q.C and Moulton were for the plam.ills, and .Jell, (U-, and 
 i:. S. lord for the defendants. Sck, also the .Irm,,, -V'-J"'"'' ";,'.' •;"-• 
 r,..o,erative Socely of h,.lo,. l.unM v. Crai'j. 10 1. h. K "' ^'««-,> 
 l,efore Charles, J. There the plaintilf company sued the defendant for ca ., 
 .nd the defeniant pleaded tl.a. he was indued to apply tor .lie shares on c 
 ...ith of a prospectus knowingly issued by the diree.ors and "*cers o t 
 plaintiff company, which omittd to comply with the provisions of »e, t. .W uf 
 he .\,t of 1867. During the lieari.ig of the case a compromise was arrived at 
 the plaintilf being relicvd of his shares. In the course o, the case . vva. sUited 
 , hat it could no. be too widely known th.,. an abridged prospectus (as .In, «,,-, 
 „!er.ed in the Fin.nri.l .V, ,c., came within sec.. 38 of the .Vc , as prove l,y 
 nm. V. II,n,meu, su,>r„, and his Lordship fully assented to this pn.posH.m, 
 and U) the proposed compromise. 
 
 Tl,„„. who isider that an abridged prospectus may safely be used as an 
 
 instrument for obtaining subscriptions must of course treat sub-scC. O, " 
 "et 81 U> "f tlie Companies ,Con-liJation ) Act, 1908, as a nullity, i.r 
 otherwise that sub-section in providing that i. should no. be necessary ,n .l.c 
 adveitisement [of a prospeetusj to speeify the eonten.s of .he "■-'orandun, .. 
 ,!.e signatories there.,., and .he number of -hares subscribed lor by .lu . 
 ,.'early implies that these ar,. the only par.. «! the pr.wpctus whel, ,. -h.ill 
 „„t b.. necessary to specify in an advertised pn.speelns. 
 
 Form 12. 
 
 Kesolution tci 
 Mgn and tile 
 prospettus. 
 
 Thul tlR. font, ol- prosiioctu. .subniittoil to thi.s ....■e.iu-. and dauM 
 ,U, - .iuv of - -, by whuh ,,.,r....f i' --■a.h'u.u. 
 
 .ni.al of .he c:oy aro to bo olloto.i to .ho public tor .suhsct.,...on, 
 .2i ,l,e «.,t.o is hby a,provod, and that tJie copy ot --'^ l'-;';;;;;^ : 
 uho submitted to Uiis o.eo.i.ifr bo forthwith .ipiod by ull iho di.octo. 
 
KOKMS. 
 
 2«1 
 
 an.l lil<'<l witli 'lie R«?istr'ir of Cnmpanios. a-< roqiiir.-a by sort. «<' Form 12. 
 of llio Cos ("Consolidafiont Act, 1908. 
 
 S.-r till' stringent provi^i.in< of soi't. 81). ■'iipra. pp. 179. 180. 
 
 ■jo _ Cy, l.iiiiKl, and llie Diioi ioTfl thof. 
 
 CiKMI.KMEN, 
 
 Take notke liiai 1. the uiidor.-.i|,Nied, do hby avoid, purauaut to 
 ^(>ii. 8() of the Cos I Coiisulidatioin Act. l'JU8. the allo"""ni of - 
 
 shares oi" £ each in your capital luado to nio iu tlie month of - 
 
 I'.iiio, and roijue-st you to roiuovo uiy name from tlio ro<riatcr <■! 
 i.icmbors in respect of such shares, and t*j repay to ni.; the sum.-,. 
 
 amounting to l , paid l)y ino in resi>e(l, of such shares, with 
 
 iiitercsl at tlio rate of jour per cent, per annum thon as from the tinu- 
 u-lu-ii I paid the same resply to you. And take notice, tliai uulo^.- 
 wiUiiu seven days from tlie date hereof you notify to mo your assc^ni 
 10 .-mil avoidance and comply with my reiiuest. af-d. I shall lake such 
 prorcodiiio.- against you as I may be advised. 
 
 Dated the day of . Signature of allottee . 
 
 Name in full . 
 
 Address . 
 
 Description . 
 
 Form 12a. 
 
 Not irt» avoid- 
 ill); allotment 
 ill t'outraven* 
 tion of .Hect. 86 
 ..f tlic Aotof 
 lUOs. 
 
 M 
 
 SiTt. 86 (1) nf the Companies Act. 1908. provides tli.it '■.•in allotment niado 
 by a oompany to an applicant in contravention of the forejioini,' provisions of 
 tfi.' last foregoing section of this Act shall be voidable at the instance of the 
 iippliraiit within ow month after the holding,' of the statutory meeting of the 
 
 , ipaiiy and not later, and .shall lie so voidahle notwithstanding th.at th. 
 
 icinp.iiy is in course of being wound up." Sec l{e yntionn! Molnr Co., (I90S. 
 2 Ch. jis; P„rto„ v. Hrrnii. aooSI 2 Hi. 240. and pp. 16, .51. s.-iovr- ffn,,..^ 
 > H,r„lu:m, aOOO) 1 Oh. 127. 
 
 Statement in lieu of Prospectus. 
 
 The obligations, at once onerous and indefinite, as to di.sclo.suio 
 iinpo.sed on directors and pionioters by sect. 10 of the Companies Ac;. 
 I'.iOii. and the serious conseiiueuoos attaching to a neglect of thom had 
 the effect of checkiuR U) u large extent (ho u.se of the prospectus for 
 piiriiftses of company promotion, and augmeiititig the number oi 
 coiiipatiics lioated by otlier less perilous methotls, e.g.. by obtaining 
 siilisi ripiions on forms of application on the faith of oral statoment.s. 
 r.> .Miiii,-- the company's shares in the stuck market through financi^il 
 agoiit.-. brokers and others, or through the medium of a (looling 
 ^^ndilatc The law's over-s(rictnes.s defeated itself, as so often 
 Luipcns To remedy this undesirable result tho Legislature, in 
 
 S'tatcment in 
 li. u of 
 
 ppwlMH-tUK. 
 
2»2 
 
 PKOHPECTUSKS. 
 
 [Chap. III. 
 
 .b 
 
 w(-t. 1 of tlie Act of 19(18 (replacing sect. 1 of the Act of 1907J has 
 i(<i|iiiieil, where ti |)io.-<peLtii.s is not issued 'and the company i.s not 
 a private coiiipany. sect. 82 ('2 i], the filing' of a '.statement in lieu of 
 pro.'ilieitiis.' Tlie seelinn niir- thus: — 
 
 82. — (1.) A company wliieli docs not issiir a ()iQ.sjieifii> on or with refiriinB 
 to its formation, shall not allot any of its sliari'-' or (ii'lu'Otiircs [or dehi-nture 
 )>Un-k j unlfss before the tirst allotment of cither share-* or (teU'ntures [or debtn- 
 ture stoekj tliere has been filed with the registrar oi companies a statenient in 
 lieu of pro^iiectiis, sifjned by every person who i< named therein as a director 
 or a proposed director of the company or by his ai^ent authoriztnl in writiiiij, 
 in the form and eontainlm; the particulars set out in the second schedule to 
 thi> \it. 
 
 el.) This ^el■tion shall not apply to a jiriiate company or to a company whiih 
 has allotted any shares or debentures for debenture stock] before the first day 
 of .Tuly nineteen hundred and eight. 
 
 « i 
 
 f ; 
 
 ; 
 
 " I'ro.sj.ectus " in ihis section means, as piovidoil hy .sect. 28:'), auv 
 prospectus, notice, circular, advertisement, or oliiei invitation oll'ering 
 to the public for subscription or purchase any share or debentures 
 [or debenture stock] of a company. 
 
 The statement in lieu of (irospectiis is to bo framed in accordance 
 with the form set forth in the second schedule to the Act (see injra, 
 p. 2GI 1. and on reforrinp to that form it will be seen that the disclo- 
 sure re<iuired is almost as e.xtensive as that ret|uired in the case of a 
 prospectus inviting subscriptions for shares in a new company. 
 
 Accordingly, in filling up the form of statement the observations 
 made in the preceding part of the chapter as to the drafting of a 
 prospectus may be referred to in illustration and explanation. The 
 statement is to be signed by every person who is named in it as 
 a director or a proposed dircitor of the <iiiiipany. or by his agent 
 authorized in writing. 
 
 The statement is, amongst othoi- things, to state the ' miniumin 
 subscription (if any ) fixed by the memorandum or articles of associa- 
 tion on which the coni|)any may proceed to allotment.'' Thes(> wnrJ- 
 refer to seil. H'l. which provides, in para ("I, that — 
 
 " (.".J In the lase of the first allotmint of share ca|iital, payable in cash, of 
 a company which does not issue any invitation to the public to subscribe for its 
 shares, no allotment shall be made unless the minimum subscription, that is 
 to say. 
 
 *• (a) The amount (if any i fixed by the nieinorandnm or articles, and named 
 in the statement in lien of prospectus, as the miniiuum subscription 
 upon which the directors nuiy proceed to allotment: or 
 " (b) If no amount is so fi.xed and named, then the whole amount of the sliare 
 capital other than that issued, or a^rreed to be issued, as fully or iiartly 
 paid np otiierwise than in ca<h. 
 has been Bubscribod, and an amount not less than five per cent. t)f the lioiiiinal 
 amount of each share p yable in cash has been paid to and reeeived by thi* 
 company. 
 
 rilH 
 
FOKM«. 
 
 263 
 
 "Tl.l' »ub--citi(m shall nut apply lu a private fompany. nr Ni a .oiiipaiiy 
 which ha< :.lliilU'il any ^-haro-i iir del>ciitiir(-< |i)r (Ichiiiturc -tcick ] liffore thr 1st 
 day c.fJiily. IftOH." 
 
 In lolluwiiijr llif aiialuiry of a plo^■l(e^•tll-, .-eel. «(i in elleii jnuvides 
 lliat an alluliiioiit niadu by a conipaiiy to an applicant in (.ciutra 
 
 liall lie voidalli', and 
 
 vontiun of tlio above sub-sottion, t-oct. ti'i i^T », h 
 llic (lirocloi- lialile to <oiii),cn-ate tlio ninipanv and llio alluiliM>, wliile 
 M'.l. 87 juiiliibils tlio touii)auy fioin t imiiiioucing biisin(>ss, or exor- 
 . i>inir il- l)oii-o\vinir powers, unlil I lie londitions sperilied in the 
 t liavc lieeii eoniplied with. Sect. 83, wliich piohibits a 
 
 -luU'nien 
 
 um 
 
 jianv from varying, before tlie istatulory meeting; 
 
 any coutract 
 bjeul to tlie 
 the contnictK 
 
 ivtVrred to in that eonipanys prospectu.s. except 
 approval of the statutory meeting, applies enually ti 
 releiied to in a statement in lieu of prospectus. 
 
 Ai:ain. the .statement in lieu of prospectii-- i^ i leaily a dotiiment 
 itMinired by or for tlie purposes of the .Vet. specified in the lifth 
 MJH'ilule. /.(' . a document recpiired to comply with >"ct. 82. and 
 ,irr,.i(lingly if any person wilfully makes in it a statement false in 
 aii\ material particular, knowing it to be false, he is guilt\ of a 
 iiiImI. meauuur. and liable on indictment to imprisonment for a term 
 uiil cMeeding two years with or without hard labour, and on suin- 
 luaM conviction to imprisonment for a term uol cv ceding four 
 inniiilis with or without hard laboni'. and in eillicT ca-e to a line mot 
 cxrci'dini,'- lO'l/. I in lieu of oi in addition lo -^uc li impri-oMiuenl . See 
 -eel. :281.. 
 
 N'.M is the liability a eiiminal one only. It would -eem ibal untrue 
 -latcmenls or material omissions in a statement in lieu of prosjiectus 
 iiiav give tu anyone who acts on the faith of such statements being 
 line and complete a right of action against thos(< who signed the 
 -tatciuenl in lieu of prospectus Seet. 81'. it will be observed, pro- 
 vide that the statement in lieu of prospectus is to be signed by every 
 por-on who is named therein as a direc tor or a proposed director of 
 the cdinpanv or by his agent aiillioiized in writing, and the obvious 
 ilc-igii of this rei(uirement is to impose cm thc> siguatoiies a statutory 
 duty of di-c Insure for the beuelit cjf the persons who may deal with 
 iliiMompany. and this statutory duty inclmles the duty (see sect. 281 ) 
 lo >ee that the statements contained in the statement in lieu of i:ro- 
 -pec Ins are true and tomplete, iu aeeordancc with the statutory form. 
 If lliis statutory duty is not performed, it to! vs. on the principles 
 uliovc relVrred to i pp. 17.") el .«•!/. i, lli.it tlio-e persons who sliow^ that 
 Miiv liav.- been piejudiced by the breach of duly have a right of action 
 M-aiiist thn-e who arc responsible for the breach. See the cases cited 
 .il>i>\c. pp. 17.') (■/ s('./. The liability thus iiu lined is oven more 
 'cicToils than the lialcility of those who i~siie a prospectus; lor in the 
 • a.-e of a prospectus the persons making incorieii statements arc. by 
 |.ii;e.;iapli l»ii of .seel. 81 of the -Vet. relieved from liabilitv if they 
 
3n4 
 
 PRO.SPEfTU8I':S. 
 
 [(^IIAP. III. 
 
 can prove that they have contravened the section in ignorance er 
 niistake, but no such defence is available to an action under sect. 82 
 of the Act, for, prima facie, ij^noranco or mistake is no answer lu a 
 claim for danm*ro.s for breach of a ^latulory duty. Couch v. Sie4^}. 
 3 E. A' B. U)2; droves v. \Vi}uhor)ie. ( 18'.»S) 2 Q. B. 402. Acconl- 
 ingly the sifj;natories of a statement in lieu of prospectus seem to 
 occupy a more perilous po-^ition than the authors of a prospectus. 
 and it boliovos them therefore to :*iake sure that the statement is 
 correct and complete. 
 
 Tm. ('itMr\Nn:s (C'onsoijdath'N) Act, 1908. 
 The , Lioiiu^d. 
 
 Statornciit in lii-ii of Projjpfctns. filitt by . pursuant to sect. 82 uf the 
 
 al>o\c Att. Pri 'seiitt (1 for tiling i>y . 
 
 The nominal share capital of t!ie company 
 Dividftil into 
 
 Namf'H, dewrriptiouH, and addrfHHf.'« of I 
 
 diruitorK itr proposed directors. i 
 
 Minimum .»*ubHcriptit)u it* any; Hxt-d by I 
 the memorandum or ;irtit'les of associu- | 
 tion on whi(;h the - '-mpany may pro- I 
 eeei to allotment. 
 
 Shares of £- 
 
 each. 
 
 sh:ires of £ , fully pai'l. 
 
 NhareH upon which £ |«r 
 
 ^hare rredited as paid. 
 ~ debenture - - £ 
 
 NumU'r and amount of shares and del)en- 1. 
 
 tureH ajrreed to be isHuiHl as fully or ' 2. 
 
 piirtiy paid-up uthcrwise tliau in va^U. i 
 The e'lnsidenition tVir the intended i'-sue , H. 
 
 lit" those hharew and del>entures. i |. ("onsidenition. 
 
 Names and addresses (>f -i) vendors of [ 
 
 proj>erty purohatied or aitpiired, or pro- i 
 
 p<i>t d to Ih.' C'j purehasetl or actiuired 
 
 by the eumpany. 
 Amount (in cash, shares, or debentures) 
 
 payable t^i each s(>parato vendor. 
 
 Amount if any i paid or pHVtble in Dish Total purehase price £ 
 
 (tr sh;tres or delK'ntures for iiny suih 
 pr<pperty, Kpecifyin|r amount (if any) 
 paid or payable for g-tMjdwill. 
 
 Amtamt if anyj paid or payable as eom- 
 mission for **ubscribiu>^ or atfreein^"" to 
 Hubs(;rib<' or piiK'urinjf or agreting^ to 
 proeure subscriptions for any shares or 
 
 debnittircs in the rompany, ur 
 
 (rt) l-'or definition of vendor, sec sect. 81 (2) of the Companies (Consolida- 
 tion) Act, 1908; and pp. 173, 174. 
 
 i^b) See sect. 81 (3) of the Companies fConsolidiition) Act, 1908. 
 
 Cii-h 
 SliiirpH . 
 IJebentures 
 
 ( Goodwill 
 
 Aniuiint |jui(l. 
 
 pavuble. 
 
 £ 
 
 £ 
 
 £ 
 
 jt; 
 
 
FORMS. 
 
 •2b» 
 
 Bate per cent. 
 £ . 
 
 Name of promoter. 
 
 Amount £• . 
 
 L'ouxideratioD : — 
 
 Riti' of 'tip commission . - - - 
 
 Kstiiiwtcil amount of jirelirainary uxptuws 
 
 Aiiumut jKiid or intended to be paid to 
 
 ;mv pr(tmoter. i 
 
 Consideration for the payment. 
 
 D.itiH of, and pttrtii's to, evi ry material i 
 .niitnief '..tlier than eontrftetw entered 
 iuio III llie iircUnary inurse 'if the liusi- ! 
 ucBS intended to be carried on by the | 
 lomli'inv ■iriuleriHl into ni^re tlian two 
 viar^ before the tiliiin of tliis -tate- ' 
 i.i-nti. 
 
 film- anil vilaee it wliicli the contracts or 
 ni|iies theri'of may be inspected. 
 
 N'ftnie:! and addresses of ttie auditors of ' 
 tlie lonipauy (if any ■. 
 
 Full |i!irtieular.s of the nature and extent | 
 ,,f the interest of every direetor in the I 
 proniution nf or in the jiroperty pro- ' 
 posed to be acquired by the company, i 
 .11, where the interest of such a director 
 ,fin-ists in Ixiug a partner in a tirm, 
 the nature and extent of the interest of 
 the Hnn, with a statement of all sums 
 jmidiir aijieed to be p.iid to him nr to 
 tlie firm iu cash or sliares, or otherwise, 
 by any person either to induce him to 
 iRHi.me, or to iiualify him as, a director, 
 nr uthiTwise fur hcrvices rendered by 
 liini nr by the tinu in connection with 
 the promotion or formation of the com- 
 liaiiy. 
 
 W'liitlier the articles contain any tirovi- i Nature of tl 
 -i.in> iiricluiliii^ holders of shares or | 
 ilel.i ntures nreivin^r and inspecting i 
 lialauce-shccts or reportscif the auditors 
 <ir iithiT reports. 
 
 ]irovision« 
 
 (Signatures of the persons above-named as diroctora 
 or proposed directors, or of their agents authoritcd 
 in writing.) 
 
 K.\TI!.\(TtS i'l{U.\l Till'; lUMCS OK tilt: STOCK EXCHANGE 
 (LONDON). 
 
 Jauunrtf, 1912. 
 
 SfEcni. Si;tii.ement.s and Officiai, vicoTAiio.N.;. 
 
 14!). The secretary of the share and loan department shall give three days 
 public notice of any application for a special settling day in the scrip or t)ond> 
 of a new loan previously to its being submitted to the committee, T-ho will 
 apiinint a special settlini: day provided that sufficient scrip or bonds are ready 
 for delivery and are in reasonable amounts {vidr^ ■• .'ndix 3d). 
 
 I")il.-(1) The secretary of the share an-' loan dejiartmenl shall give three Speciiil 
 day-' public notice of any application for a special settling day in the shares or s*ttliug day. 
 otliii securities of a new company previ(m8ly to siu-h application being sub- 
 
 .Spe.-iul 
 
 -i-ttling day. 
 lioans. 
 
2»)« 
 
 PR0SPKCTU8ES. 
 
 [Chap. III. 
 
 C'Miipiinn'h, 
 
 Official 
 
 illll>tUtil>Lid. 
 
 ApplivutioU' 
 
 Nolirf. 
 
 Bnik.r. 
 
 Quutatiuti 
 of vt>iidor'> 
 rwH'uritio. 
 
 mitted to the I'ominittee, who will appoint u Kpeiiul scttlinf^ day providpd thtt 
 Buttic'ient certiticaten or Mcrip art" ready for delivery. 
 
 CI) Tlie committee will not tix u »peeial Kottliii^ day for bar);ain« in aharei 
 or sei'urities issued to the vendors, credited as fully or partly paid, until six 
 months after the date tixi'd for the special settlement in the shares or securities 
 of the same class subscribed for by the public, but this does not necessarily appir 
 to reorganisations or amalu'umations of existini,' companies, or to cases where 
 no public shares are issu d or to cased where the vendors take the whole of the 
 shares issued for cash (r!'lr Appendix 35). 
 
 151. — (1) The committee miiy order thi^ i|Uotation in the oflieial li»t of any 
 sei-urity of sufficient ma<^nilude iind im{>ortanee. 
 
 (2) .Vpplications for i|Uotation must be made to the secretary of the share 
 and loan department, and must comply with such conditions and rcHjuireiricnts 
 as may be ordered from time to time by the committee (eiV/c Appendix .36). 
 
 (II) Three days' public notice must ')e s^iven of every application. 
 
 (4) A broker, a member of the Stock Exchange, must be authorised to pivp 
 the committee full information as to the security, and to furnish them with all 
 the particular^ they may reiiuire. 
 
 152. Securities issued to vendors credited as fully or partly paid shall not be 
 quoted until six months after the date lixi'd for the special settlement of the 
 securities of the same class subscribed for by the public nor unless a quotation 
 for the latter is al.so granted. 
 
 i! ' '' 
 
 
 ! 
 
 r \ 
 
 35. S/jiciaf ScttUmfltt". 
 
 The following doeument> and parti ulars should be sent to the secretary of 
 the Share and l^oan Department when application is made for a •special 
 settlement: — 
 
 {Rlili-< Hit i'IkI l.iO.) 
 
 A. Scrip or Bonds of New Loans. 
 
 A specimen of the scrip or bond. 
 
 A copy of the prospectus, cirrular or advertisement relating to the issue. 
 
 A statutory declaration, stating- - 
 
 1 . The amount allotted 
 
 (a) to the public. 
 (b; to others. 
 
 2. The distinctive numbers and dcmiiiiination of each class of scrip or lioud 
 
 3. The amount paid uji thereon. 
 
 4. That the .scrip (jr bonds are ready to be delivered. 
 
 B. Shares of Xew Companies. 
 
 The certificate of incorporation. 
 
 .\ specimen of the share certificate. 
 
 A copy of the prospectus, the statement in lieu of prospectus as filed with 
 tho Registrar of Conipanie^. circular (tr adxcrti.^ement relating to the issue. 
 
 .\ specimen call letter. 
 
 Certified printed copies of contracts relating to the issue of shares credited 
 as fully or partly paid. 
 
 A letter from the secretary of the loaipany stating — 
 
 1. That the share certificates are ready to be issued. 
 
 2. The distinctive numbers of tlie shares allotted 
 
 (a) to tho public. 
 
 (b) to the vendors. 
 
FdKMM. 
 
 3 Till' particulars of the compniiy's lapital. 
 
 4. Thp nominal amount of carli share an.l the amount paid in rasli or 
 
 credited as paid on each share. 
 5 In cases where tii.^ whole of the capital has not been issued at the time 
 
 the applieatiou is mad.', whether the unissued shares are vendors' 
 
 shares or are held in reserve for future issue. 
 
 ( . Sliuk or Dchenture Stnck of New Conipanies. 
 
 \ specimen of the scrip or 8t<)ik ccrtifieato. 
 
 A copy of the pr<.spectu.s, the statement iji lieu of prospcrtii- as (il.'d wi'h the 
 Keu'istrar of Companies, circular or adverti-cmciit relatin- to thi' isMic. 
 ..V letter from the secretary of the company statinjr 
 
 1. The amount allotted 
 
 (a) to the public. 
 
 (b) to others. 
 
 2. Tlic amount paid in cash per 100/. stock. 
 
 3. That the scrip or stock is ready to be issued. 
 
 30. OfUci'il Qiiotiitiuns. 
 \. Conditions precedent to au Application for Dfficial Quot.Wion. 
 
 1 . That the prospectus — 
 Shall have been publicly advertised : 
 
 Agrees substantially with the Act of Parliament or articles of association; 
 Provides for the issue of not Kss than one half of the authorised capital 
 
 and for the payment of 10 per cent, upon the amount subscribed; 
 If ofterinf; debentures or (bbeuture stock states fully the terras of 
 
 redemption ; 
 In cases where a company !ias sold an issue of debentures or debenture 
 stock which is subsequently offered for public subscription either by 
 the lompany or any subsequent purchaser, states the authority for the 
 issue and all conditions of sale. 
 :. Tliat two thirds of the amount proposed to be issued of any class of shares 
 nr securities, whether such issue be the whole or a part of the authorised 
 .(mount, shall have been applied for by and unconditionally allottcil to the 
 l.ublic. shares or s.curitiea granted in lieu of money payments not being con- 
 -idereil to form part of such public; allotment. 
 
 3. Thai the arti.le. of association and the trnst deed where such ia required 
 ..intain the provisions specified hereafter. 
 1 That the certificate or bond is in the form approved. 
 
 ■-'•17 
 
 I 1 »rl 
 
 
 . .\rticlea 01 .Association. 
 Articles of association sho'ild contain the following pro\isionB: — 
 
 1, That none of the funds of the <ompany shall be employed in the pur- 
 chase of or in loans upon the security of its own shares; 
 
 '.;. That directors muat hold a share qualification; 
 
 3. That the borrowing powers of the board are limited; 
 
 4. That the non-forfeiture of dividends is secured; 
 
 5. That the common form of transfer shall be used; 
 
 (i. That all share and stock certificates shall be issu.-d under the common 
 seal of the company, and shall bear the signatures of one or more 
 directors and the secretary. 
 
IB' ^ 
 
 •^t^>^ 
 
 PKOSPKCTirSES. 
 
 [Chai'. 111. 
 
 7. Tlmt fiill_T-[i.iid >liari"< »hull lie trcr from all lien; 
 
 8. That tlie interest of a dinftor in any contract ahall be disclosud bcfur" 
 
 execution, and thiit such dire< tor shall not vote in respei't thereof. 
 
 9. That tlip direitors shiill have power at any time and from time to tini" 
 
 Ui appoint :iny iitlier i|ualitied person as a director either to fill n 
 ca!<unl vacancy, or ns an addition to the hoard, hut so that the tot.il 
 nunilier of directors shall not at any time exceed the maximum 
 nuniher Kxed: hut that .iny director so appointed shall hold otfiw 
 only until the next foMowinp ordinary fjeneral mcctinif of the com- 
 pany, and shall then he elieihle for re-election; 
 
 10. That a i>rinted copy of the report, aircompanied by the halancc-nhoii 
 
 and statement of uecounta, shall, at least seven days previous to the 
 jreneral meetinir, hi' ileIi\iTed or sent hy post to the re^istertd addrci-i 
 of every member, and that two lopios of each of these docunient- 
 shall at the same time be forwarded to the secretary of the Share 
 and Loan Department. The Stock Kxchanire, London; 
 
 11. That the ( har?e for a new share certificate, issued to replace one that 
 
 has been worn out. lost, or destroyed, shall not excee<l one shilling:. 
 
 
 M 
 
 i < 
 
 'l; 
 
 C. Trust Deeds. 
 
 Trust deeds should contain the following; provisions: — 
 
 1. Where provision is made that the security shall be repayable at a premium, 
 
 either at a fix(»'l date or at any time upon notice having been tjivcn, 
 the trust deed niu-t further provide that should the company go into 
 \oIuiitiiry li(|nidation for the purjiose of amalgamation or reconstruc- 
 tion the security ^hall not be repayable at a lower price. 
 
 2. The foUowini; clause should be inserted in all deeds: — 
 
 "The statutory power of :ij>pointin^ new trusti'cs hereof shall be 
 vested in the company, but a trustee so appointed must, in the fir.n 
 place, be approved of by a ri'solution of the delienture (or debenture 
 stock) holders passed in the manner speiified in the schetlulc 
 
 hereto. A corporation or company may be appointed a trustee of thesi' 
 presents." 
 
 3. In the clause re^rulatin); the eonvenins of meetinsrs of the debenture (or 
 
 debenture stock) holders the followinff words should be inserted:- 
 " .\nd the trustee or trustees shall do so upon a requisition in writini: 
 sijjned by holders of at least one-tenth of the nominal amount of 
 debentures (or debenture stock) for the time i)eintj ontstandinf?-" 
 
 4. The clause defining an " extraordinary resolution '' must provide that " ihc 
 
 expression ' extraordinary resolution ' means a resolution passed at ;i 
 meeting of the debenture Cor debenture stock) holders duly convened 
 and held at which a clear m.ijority in value of the whole of the dc'jcn- 
 ture (or debenture stock) holders is present in person or by proxy ant! 
 carried by a majority consisting of not less than three-fourths of the 
 persons voting thereat upon a show of hands, and if a poll is demanded, 
 then by a majority consisting of not less than three-fourths in value 
 of the votes given on such poll." 
 
 6. Should debentures or debenture stock be entitled " first mortgage." pro- 
 vision must be made for the creation of a specific first mortgage in 
 favour of the debenture or di'benture stock holders. 
 
KOKMM. 
 
 .•«S» 
 
 |>. Shan' and Stink CirtiHi'tttcK. 
 
 All lertitiiatf* •.liould ^'t:ltc ou tlu'ir fttic tlii' autliDrily umliT wlii.li the- coui- 
 i,»r V ii idii-tiliitid uiwl thr aimmiit "f tlie iiutliorisi-d capitiil uf tlir lompany. 
 
 \'ll , i-rtiticatiM should bear a fixitiiiiti- ti« tlii< clf.'it tliat no tramfor of any 
 |,„rtion of the holdiii)? lan !»• re)fist.ri-d without the |ir.Hliiition of the 
 rcrtilii'ate. 
 
 Wliere the lapitil of u ioni|iauy lonaiats of luorr than ono ilu^- of ahart■^> of 
 IIm- saiii'' ileuuniiuatiou. thi' dislimtive numbers of thf nliares of raih class um»t 
 In printt'd on the fact- of thi' share icrtiHcatcs. 
 
 \!l profirencf share icrtiticates should hear on their face a statement of the 
 ,,.mpaiiy's eapifal and the eonditions both as to eapital and dividends under 
 wliieh the shares are issued. 
 
 Debentures and debenture stock eertiKeatus should, in addition to legal re- 
 
 ,|uirenieiits, state on their faee the authority under wliieh the npany is ron- 
 
 -i, lilted, the nominal eapital of the company, the dates when the interest on 
 111,, dehentun-s or debenture stock is payable, and the authority under which 
 tlio i.>.ue is made (i.e.. articles of association and resolutions); and on their 
 back the conditions of issue, redemption and transfer. 
 
 i; liunds. 
 
 Iluhds must Bpucit'y the amount and conditions of the loan, the powers under 
 fthich it has been contraetetl, and the numbers and denominations of the bonds 
 ..-ued, and in the case of a hian issued cither wholly or partly in l/ondon, those 
 i-ued in London must bear the autoirraphie siifnaturc of the London accents or 
 lU'itraetor^. 
 
 I New Companies. 
 
 H, fore the application form can be i-sni-d for siijnatuie there must be 
 -applied: 
 
 A coiiy of the prospectus. 
 
 Two copies of the articles of association. 
 
 In the case of debentures or debenture sioi-k the trust deed [ ;</i.'re /jo.i.tible 
 In inn- €Xt cutiOn'\. 
 
 i:^l{ 
 
 i: After the application form has been sitrned there nin-t also be supplied in 
 til.' '-asc of: 
 
 Shares. 
 
 The icrtiheate of incorporation, and the eei-titieale that the company is 
 entitled to commence business. 
 
 Two ccrtihed copies of the prospi.tus, endor.si'd with the dale when first 
 ailvortiscd. 
 
 Two certilieJ copies of the meinoraniluni :ind articles of associatiou. 
 
 T!ie original letters of application. 
 
 The allotment hook lont.iinin;; a list of applicants, the nuinher apiilicd for by 
 each, ;ind the result of each a|iplieation, with a summary siifiieil by thc> chair- 
 itian and secretary. 
 
 Should the .illoCnent have taken place at an interval of six months or nn/re 
 iiufuri- the date of the application, a eertihcd list of present sh irelioidcrs will 
 .i!>u he required. 
 
 .\ cujiy of the letter of allotment, and the date when posted. 
 
 .\ -peeimen of the share certiticate. 
 
 il- J 
 
118 
 
 ,^7i) 
 
 l'UOSrK( 11 SKS. 
 
 [('IIAP. III. 
 
 Tli» baiikt'rs' |>u»« book, a' cunipanicd liy a iiTtiHiati' on a Hpwial form from 
 the company's bunkrrn, stating; tlio uiiiiMiiit of (li'|HHit'< nseiMd l>y tliKni. an<l 
 the number of nharen on which auch d<'|HMit» (>.>>., application money ' nly, 
 being A per ahsre) were paid. 
 
 Authentirated copies of all conccMioiiM and niniilur clixuiiiiiits with iiotariall} 
 certified printed trsnalationH and icrtiliid printed itipici of all lontructn ujid 
 ■trreomenta. 
 
 A statutory dui'l.iratioij liy the ihairman and Heirctary vtatiuf; tlu! followiui,' 
 partieulari: 
 
 1. 'J'httt the pn»(*pectU!* c4tmplicH with the proviNions of the (companies it "on 
 
 solidation) .\rt, IWH. 
 
 2. That all docunicnti rei|uired by the I'ompanies (Consolidation) Act, HtdS. 
 
 have been dniy tlli'd with the Ket'i^trar of Coinpanici and the diite- 
 uf tiling. 
 
 3. The number of ^<ha^e■^ applied for by the public. 
 
 4. The number of sharcn allotted unconditiiviially to the pulilie ^Nos. 
 
 to ;. and tiie amount per share paid thereon in cash. 
 
 5. The iiuniber of sli'U'.'-* allotteil for a eon?*idcralioii other than ea>h ( licin^r 
 
 NOB. to ). 
 
 6. The amount of depoiifi paiil and that su( h deposits . ..• ali-ohilely fne 
 
 from any lien. 
 
 7. That the share eertifieatis are ready for delivery, that the purchase of th' 
 
 properties lias been completed and the purchase-money paid and th.it 
 no impediinciit exists to the settlement of the a<^connt. 
 
 8. The total iiiiinber of the alluttceii, and the larijest nuuiber of sliarc^ 
 
 tai apjilieil for by. and (b) all»tte<l to, any one applicant. 
 
 f f 
 
 H. .Vfter the application form has been siirneil there must be supplied in ilic' 
 case of: — 
 
 lJ./„ 
 
 ■„„/ Ihh, 
 
 Sl.irh. 
 
 Tho certificate of incorporation or .Vet of I'arlianient and the ccrliticati' that 
 the company is etititlcd to ccimmencc business. 
 
 .\ eortitied printed cojty of the morti;:ii;e deed or other similar dociinicnt, anii 
 the otiicial certiticatc of the ri'iristration of the niortijaife or charire. 
 
 I'ertitied copies of the articU's of association, resohitions or other antlinrit\ 
 for the ])resent issue. 
 
 Two certiHcd copies of the prospectus. 
 
 The oii^iiml lett<'rs of applii-ation. 
 
 The allotm.-nt book cont.iininu: a list of applicants, the amount applied for by 
 <'ach, and the re-ult of each application, with a summary of the whole, siirncii 
 by tho chairman and secretary. 
 
 Should the allotment have taken place at an interval of six niontlis or iimri' 
 before the date of the application, a certified list of the [)resent stockholilei- 
 will also be ri'(|nireil. 
 
 -V cojiy of the allotment letter and the date when posted. 
 
 .V s[iecimen of the debi'iitnre or deluMitiirc stock certificate ami of the m rip. 
 where scrip is issued: certilieatcs of debenture stoik allotted to vcmdors in lieu 
 of money payments bein^ enfaced '* issued to vendors." 
 
 A ci\'^\ of flic la^t published rcpnrt and .iccnjints. 
 
 The bankers' pass book, accompanied by a eertiticate on a special form froiiT 
 the company's bankers stating the amount of deposits received by them and the 
 amount of debentures or debenture stock on which such deposits (*./»., app!i'-.i- 
 tioii money only, bein^' X per debenture; were paid. 
 
RIKMS. 
 
 •^71 
 
 A <l»l"t<.ry (lecliiratioii liy tlip clmirinuii uml ««Miftary atutinii: - 
 
 I That tlin |ir(i<iprctiH iiimiiliet with tin' |iniviiiiiri< of tlin Cninpanini 
 ((•.insolidation) Art. l!t»», iinrl tlint (ill ilMiiiiiMrit^ rn(iiirf<l by t!ial 
 Art h«vi! Iiieii (iiily Hliil with tlii' Uouiitrir nf (MmpaniM ami tho 
 lllltOH of HliiiK. 
 
 2. The ainiiuiit of stuck :i|)|ilieil for liy tlii' (lulilii'. 
 
 3. The iimnunt uinniiJitioiiiilly nllottnl to tin- (iiililir i\oi. In ). 
 
 I. Tlic iiniimiit, viz.: C [ht ci'iit. p.iiil tliiTi'oii in (asli. 
 
 .'i. Till" atiiMiint iillotti'd for a ri)i|.<i(liTatii)ii otlur than ia«li (\i<<. 
 
 to ). 
 
 fi Tlio total amount of <lc-|io-<iti niiil Ihaf iinli dopo^itt urc alisoliili'ly frt-o 
 
 from any lici. 
 7. Thaftlip ili'lifnturL'H or clcl«iilnri' .Mtoi k i ortitii'ates aro rraily for delivery, 
 
 and that thcro i« no imppilimrnt to thi" aettlomcnt of tin- nci'oiint. 
 s. That a lru~t deed hat Imn cxpiiitcd and completnl if "urti be the rase. 
 
 0. Till' I'Ifcit of "Ui'h trust di'cxl and the nature of thi> iliarift' rreatod 
 
 thereby in favour of the debenture holder*. 
 111. The total ii.iinber of allottees. 
 
 II. The larpest number of debentures or debenture stoek (a) a|iplied for 
 
 liy and (!)) allotted to any one applicant. 
 
 .\ .«tatntory declaration by the ehairman and secretary, statin);: - 
 
 1. The total amount of the authorized capital of the company, and how 
 
 constituted. 
 ■j. The number of shares allotted unconditionally to the public (Nos. 
 
 to 1. and the amount paid on each share in cash. 
 :j. Tlie number of shares taken by conc(»ssionaires, owners of property. 
 
 contractors, or other parties not included in the public allotment 
 
 (hcin^r Xos. to ). 
 
 I. That the >h:ire certificates have been delivered; that the purihasc of the 
 
 pnipirties has been completed and the purchase-money paid. 
 
 1. Scrip, 
 
 ill :i(Mitioii to the rcs{uirenicnts made in the ca^e of detinitix 
 1 -[)ci-imcii of the scrip eer*itieiite must be snpplii'd. 
 
 vtock or bonds, 
 
 K. .\ltcr the uppiication form has beeti signed, there must be supplied in the 
 
 • it-e uf -- 
 
 Further /unices. 
 
 V Kiiijj's printers' copy of the Act of Parliament authorising,', the resolutions. 
 ,^c. ( rcatiii^', and the circular or jirospectus otferinu, the new issue. 
 
 If shares have been issued credited as fully or partly paid, certilied printed 
 ciipies of the contracts relatinif thereto. 
 A cojiy of the alliitmciit letter. 
 
 V copy of the la-It report and accounts. 
 .\ specimen of the .share eertilic:ite. 
 
 The allotmeiir book, unless the allotment is /<,u ,(ili>. 
 A statutory declaration by the ^.eeretary stating- - 
 
 1 rimt tlte pro^ji'T-tus ui- circular cfjtnj;!ifs with tlic provisions of ihy 
 
 Companies (Consolidation J .Vet. 1908; 
 -. That all documents required by the Companies (Consolidation; .\ct. 
 19(18, have been duly tiled with the Kegistrnr of Companies, atid the 
 datet of filing. 
 
Vi 
 
 PRtun'Kcrv^yjf. 
 
 [CUAC. III. 
 
 3. That the uliarM (No*. to ) have bprn sppliMl for by uuU aa 
 
 conditionally uUnttrd to tin- ■Imrclioldf'r'i i>r thr publir. or wl'l u|H)n 
 the market un the rati* nmy be; 
 
 4. The amount per •faiirc paid in caah ; 
 
 5. Tliu tcitul number of ulliittma and the larKeat numb«r of iihartM a|i|ili('i| 
 
 for bjr aud ullutled ti> uny oni' uppliiunt. 
 
 6. Tliut < crtiticiiteii are ready tn bo initueil, und that thire i» nu ini|K'diiui!nt 
 
 to the Hettlenient of the ueenunt. It niunt al^u bir stated Hhelher or 
 nut tho ahiiren are in all renpei t" lilentieal with thu"!' alreaily iiuutiil 
 iu the tillieial li->t. 
 
 The xlatempiit that ahareaure in all renpeetn identical luearu that- 
 
 'I'hoy are uf the Mime nominal value, and that tho name amount per nhure lia.- 
 been called up. 
 
 Tliey larry <'ie Miniu riKhi' an to iinrintrieted tranifer, attendanen ami Mitini; 
 at mcetin);!! and in all other rexpei ri. 
 
 They urc entitled tn dividi'iid nr the name rate and for the name pericHl. n> 
 that at the next i iiiuiii); distril>ul i 'n the dividend payable on lueh >>hare will 
 uninunt to exactly the ^^anie num. 
 
 The Mtatenient that ^4t'>ck is in ail reH[>eetn identieul nieaiin that - 
 
 All the ntock in entit <Mi to the name rijrhtn an to unrentrieteil trunnfer and in 
 :ill other renpei'tn. 
 
 All the nt(M k i" entitleil to dividend at the name rate and fi>r the name |ieri(id. 
 no that at the next cnnuin); dintriliution the dividend payable on eai h IIIO/. nf 
 rlie ^U)fk will nnioiint to cxaetlv tb' '^me num. 
 
 i^i 
 
 * 
 
 , .1 
 
 1j. After the appliratiun furm has bcfii Mi^iuKi thore inu^^t be ^upplifd in the 
 cM>o of: — 
 
 I'tUflorH Shares. 
 
 A i-ertitied liNt of the pruiwnt holiierij of thu veiidur*H Hhareti. 
 
 A <>crtitied copy of the la^t publi'Uifd report and account!! of the company. 
 
 A •specimen of the share certificate. 
 
 \ statutory deciaration by the secretary stating: — 
 
 1. That the vendur*e4 shares (Nos. to ) have all been issued and 
 
 certificates delivered. 
 
 2. That the shares are in all respect"* iilentical with thnsc already qunrcd 
 
 in the official ii!t. 
 
 M. After the application form has been signed there must be supplied in the 
 • a-ie of: 
 
 Old Comptinif.^. 
 
 The certificate of incorporation or \ct of Tarliament and the certificate tliat 
 The company is entitled to commence bu-^iness. 
 
 Authenticated copie-^ of ail Cdnces^^ion-; and >iniilar floeumenti with notarially 
 ccrtifiwl printed truii^<lations. 
 
 Certified copie-* of all prospectuses. ori;rinal or otherwise. endors(rd with the 
 (late when first advertised. 
 
 Two certified copies of the memorandum and artiele-i of association. 
 
 A npet iuicii of tho share crrrifiearo and t.f th. aii..niunt Utt. r. 
 
 A certified copy of pro^^ent rejrister of shareholders. 
 
 Certified printed copies of contracts, aijreements, Kc, to*;ether with copies 
 of all contract-! relatinir to the i-jsue of shares credited as fully or partly paid. 
 
 A certified eo[)y uf the I'-nipany's last published report and accounts. 
 
»'<»KM8. 
 
 '.'':( 
 
 \ -h. ri hi-ti>ry «t th.' iiim|iaiiy, «-ttin^ forth iU nriirin, pmifm*, diiicli-nil- 
 ^, till' humhcr iif tniii'ftTx ri'ifiitiTiil iluriiiif thr Inst twelvo month' anil 111- 
 iimihIh I nf «li»n~< r('|iri'«rnt<><l liy «iirh tr!in«fi f* 
 
 Slatutury ilwliinifioii 'ly thi- ilunrinmi ■lid «« mtiiry Ktatiiiir tlir rollnwiiii.' 
 piirtii'uUr^: 
 I Tliiil till' (iro>ini tUH c(iiu|iliiMi witli thi' (irii\i»iiiii» of Iho Cuiuiiiiiiiu" (* mi 
 
 -nli.lation) Alt. IW08. 
 J. That ; II dm uniciiti rii|uir<«l l>y the ('imi|miiiiw (('onsolidation ) Act. Iil(l8. 
 haM' liicii duly lili'd with the Uetri-tmr of i'ompaiiirii and thi> ditl.- 
 iif tiling. 
 :l Tlii' iiiridier of sharea applied for liy Ihu puliiic. 
 4 TIm- iiumbt'r of 8hare» ullolti'd uiiciniilitioiially Ii) thf publii,' (Son. t.' 
 
 ) and thn amount piT Nhuf paid tlnTf-oii in la^h. 
 ,1 I'lii' number of nhareii allotted fur a conKidpratlon other than i-mli ( licinL' 
 No». to ). 
 
 i; 'I'liai till' sliarr iLTtitiiati'H liave been di'liviTPil : that thi' puriha ! lln 
 
 propiTtie» h»< oecii loniplcted and the purelia-e-money paid. 
 
 N \flir llie appliiiition form ha< been «i(»ned there iniint be Miipplied in tin- 
 
 ,aM' iif: 
 
 Ciiiomn/ inni Fintmjn tUtmih'Ptitx. 
 
 Tlie .cititiiMte of inriirporation or Ait uf rarliaiueni or other siniiliii 
 fiiH-umiMit. 
 
 Tn" ii>pie< nf the statutes or artieles nf a^soriatinn or notarial (ran^^latil)ll- 
 ..f th.' ^ame. 
 
 A lertitied list of prewnt nharehiildcrs. 
 
 A f[iii inicn of the ••hare certitiiate. 
 
 Ciipii'. <if bl! aK -e'lnents. ixji <sions, deeds, .Ve.. or notarii-lly certitiH printei! 
 
 iran^l.iti"n~ of the same. 
 
 A iiTtitii'il I'opy of last piiblislieil r«'porl and ari-ounts or transiatioti of thi 
 
 littii'ial evidener of ipiofatiin in the iinntrj to wbiih they belnn!; nr when 
 till' i—ui' h;4. open made. 
 
 A short history of the establisnmont and progress of the eompuny (nni it 
 iiiiMr|i"r,ilinn lo the present lime, ioeludin); partiiulars ud to the isaae of tin- 
 lapit^il. 
 
 A iliilar^itido stating: - 
 
 1. I'iie number of shares all'.ttid: 
 
 2. The amount per sliare paid in ra*h : 
 
 :! Tiiat the shares arc reatly for delivery, and thai mi Impediment exist- 
 to the settlement of the aeeount. 
 
 At'h'i the applieatien fonn has be<'ii siirned there must be supplied in tin 
 
 I.I-,, of: 
 
 IttcoiiHtrtirtfd Compnnieit. 
 
 'rill- i-ertiHeale of ineorpn: ition and the rertifirate th.Tt the eompany is entitled 
 til runinienee business. 
 
 A stati-nient of the i-Ian of n^'onstruetion toiri'ther with certified i-opies of all 
 n^^iiulioiis passi^l and eireiilars issuiJ in connretion with the reeonstruitioi:. 
 
 The ailiitment book with a summary siijned by tlie ehairman and secretary. 
 
 The allotment lettcr and the date when posted 
 
 .■\ spci-Iincii of the share eertitieate. 
 
 Two certified copies of the memorandum uud article? of association. 
 |. .J. 
 
'i74 
 
 PBOSPECrUSES. 
 
 [Chap. III. 
 
 Certified printed copies of all contract", agreements, kc. 
 
 ('opiea of all cuntractij relating to tlie issue of fully or partly paid shares. 
 
 A statutory declaration by the chairman and secretary stating: — 
 
 1. That all documents required by the Companies (Consolidation) Act, 
 
 1908, have been duly filed with the Registrar of Companies, and 
 dates of filing. 
 
 2. The authorized cipital of the lumpariy. 
 
 3. The number of shares to which shareholders in the nld company were 
 
 entitled ; the number and distinctive numbers of shares uncondi- 
 tionally allotted to such shareholders, and the amount per share 
 (a) ])aid thereon in rash, and ^b) credited as paid up. 
 
 4. The number and distinctive numbers of shares applied for by and 
 
 allotted unconditionally to the public, and the amount per share 
 (n) credited as paid up, and (b) paid thereon in cash. 
 
 5. That the share certificates have been, or arc ready to be delivered, and 
 
 that there is no impediment to the settlement of the account. 
 
 I'. After the application form has been siifni?d the followinir documents must 
 be supplied in the ease of: — 
 
 Loajin. 
 
 Details of the creation of the loan and the authority under which it is issued, 
 including authenticated copies of concessions, t^e. with notarially certified trans- 
 lations. 
 
 The authority to the agents or contractor.-; to receive subscriptions. 
 
 A certified copy of the prospectus. 
 
 Evidence that all bonds issued and payable abroml bear the signature of 
 some jiropcrly authorised nerson. 
 
 A specimen bond, together with a bond duly cxciutcfl or scrip certiHcntc if 
 issued . 
 
 Statutory declaration by the agents stating: 
 
 1. The amount allotted unconditionally to the public. 
 
 2. That the required amount, viz., £ per cent., has been paid tlicroon 
 
 in cash. 
 
 3. That the bonds are ready for delivery, ami that there is no impediment 
 
 to the settlement of the account. 
 
 4. The numbers and denominations of those bonds which bear the auto- 
 
 graphic siirnature of the Ixindon agents or contractors. 
 
 <i. After the application form has been signed, the following documents must 
 be supplied in the ease of; — 
 
 Honff^ 'juoird nbrnnd. 
 
 Official evidence of c|uotation in the country to which they belong, or where 
 the issue has been made. 
 
 Notarially cert'" d printed translations of all prospectuses and of the laws 
 creating and au sing the loan. 
 
 A spctimcn bonu, together with a bond duly executed. 
 
 .\n official ci'rtificatc setting forth: — 
 
 1. The authorized and issued amounts of the loan and the terms of issue. 
 
 2. The distinctive numbers and denominations of the bimds. 
 
 ?,. Evidence that all bonds bear the signature of some properly authorized 
 person. 
 
276 
 
 UNDERWiirrrNG. 
 
 CllAl'TER IV. 
 
 INTROIUTCTOKY NOTES. 
 
 It ha.< for lUiiiiv ycarts past hocn a comiuon priictioe to have shares or 
 (lebcnture.s or del)entuio stock underwritten beforo offering the same 
 for public subsoription. 
 
 To "undorwritx>." a.s the expression is uxcd in company matters, is 
 a well-known business term sifrnifving the entering into a contract 
 l.y which a person (known as " tlie underwriter " > agrees (u<ually 
 lur a commission) tliat if the shares, debentures, or li'benture stork 
 iilioiit ta be offered for subspri})tion, or some specified proportion 
 tliereof, are not within a specified time taken up by the public, or 
 li\' that section of the public to which they are to be offered, he will 
 hiinsolf take them up and pay for what the public do not take up, 
 <tv some specified proportion thereof. Lirtmxed Virfualh'rs' Assoc, 
 r> 0. I). 1; TMiidon, Paris, de. Assoc. 13 T. L. R. 560: Consort 
 lU'cji.d-c. Co. nsOT) ICh. (C. A. t.57.'>. Sometimes the contract binds 
 I lie iiiidorwritor either to take u]) the shares, &c. or to find responsible 
 |M'rsons to do so; it is none the les.*, in either ca.se. iiitled un under- 
 wrifiiiLT contract. Occasionally one f)erson, or firm, or company, 
 iiiidcrH rites the whole issue, but it is more common for the under- 
 iviiting to be done by a number of persons, each of whom underwrites 
 ii specific amount, and stipulates that the public subscriptions are to 
 ::ii in relief of all the underwriters' liability rateably in proportion 
 i<i tlic amounts underwritten by them respectively. When the under- 
 Aiiiinir is done by one per-^oii, firm, or company, the underwriter 
 usually re-insures by making sub-underwriting contracts so as to re- 
 iliico the risk, l.'nderwritiiig and sub-underwriting of this kind is not 
 mnfined to professional underwriters. Great numbers of business 
 ""'11 and investors are, or in the past have been, c/intent to "take 
 •I line" in the underwriting of a promising issue. It the thing 
 L'oos, ' they take tlieir commission and stand free. If it does not 
 ■ind they are " landed," the commission is so much in reduction of the 
 ■■•"^t price, and, at the worst, thoy can '■' pool ' what they are laudwl 
 
 r 2 
 
 What i* 
 
 uinler- 
 
 writinK"' 
 
•,'?<; 
 
 UNDEBWKITING. 
 
 [Chap. IV. 
 
 Advaut«jri>- 
 of. 
 
 I Ml 
 
 with, and gradually dispose of it to the y^uci A public. Set' 
 
 Konns 6, 7. 
 
 By having a propo«ed issue undtirvvrilteu in tliis way by reNpon.sibk' 
 
 persons before tlic prospectus is published, the 'utcess of the issue L-. 
 
 assured, and the < unipauy and otiiers interesteU are relieved Ironi \hv 
 
 risk of loss and inconvenience likely to ensue if the public ^>liould uoi 
 
 be disposed to subsciibe. Thus — 
 
 (.a) Suppose that a company is registered to acquire a business, or 
 to carry into etlect a scheme which will re(iuire the provision 
 of al least jO.OOOi. cash, and accoitliugly, tliat by the article- 
 of association the miniumm subscription on which (purbuani 
 to sect. 85 of the Act of 1908) tiie directors may go to allot- 
 ment is lixcd at 50,000 shares of il. each. If tlie public du 
 not come in and take up the amount, and the shares haw 
 not been underwritten, the company will be unable to jjro- 
 ceed to allotment or to commence business unless it cau find 
 people ready and willing to take up the minimum subscrip- 
 tion. This, after the failure of the invitation to the public i^ 
 known, it may be impossible to anange, and in the result 
 the preliminary costs and expenses may bo thrown away. 
 wheix;iv8 if beforehand the minimum subscription is under- 
 written, this danger is averted. Accordingly, it is now very 
 common to have at least the minimum subscription under- 
 written and so secure the company going to allotment, 
 lb) Suppose, however, the amount of the minimum subscription 
 fixed in the articles — a matter left to the discretion of the 
 promoters — to be so small that the directors will theiuselve!* 
 be prepun'd to subscribe it if the public do not come in, still 
 it may be neces.sary to resort to underwriting if the scheme 
 on which the company Ls started requires any considerable 
 cash subscription. 
 (c) Suppose A., B., and C. are converting their business into a 
 company which is to oiler its preference shares and deben- 
 tures for public .subscription. The business is well kmiwii 
 and successful, but a large portion of the capital emi)loyed 
 represents loans, deposits, and other capital left in the con- 
 cern by a deceased partner: and the proceeds of the pro- 
 posed issue are intended to clear oil all these liabilities. In 
 the circunistantvs it is essential, in the interests of A., B.. 
 and C, that the issue should be placed without fail; if they 
 go to the public without any uuderw riting, there w ill be risk 
 of failure by reason of some unforeseen conliniroucy, «.<;., 
 the contemporaneous annouuooment of some other or more 
 attractive scheme, the ;ipi)earance of a hostile letter in a 
 nevv.spapor, .some great commercial failure, or some dis- 
 turbance of the money market. Accordingly stops ai-e taken 
 to eliminate the risk bv having the issue underwritten. 
 
INTRODUCTORY NOTES, 
 
 Ji A going: company may dosiro to raise further funds by the 
 issue of additional shai-oe, or debenturo-s, or deWaturo stock. 
 To offer the new capitiil vithouf sucoess would involve risk 
 to the company, indeed failure to obtain a subscription 
 niiL'^ht prove disastroi!-. The company's advisors are of 
 m mion that in Uie state of the market, or in the special 
 circnmstdiices of tlie i-ase, the sucf-'<s of the issue is pro- 
 blematical. Ac<'(>rdii)(jrly, und<'! writing is almost a 
 necessity. 
 ;ei A linancial or mhei com|>any iui,-- become possessed of shares, 
 .stock, or .securities i.s.sued by sDinf other concern. It desires 
 to di.spose thereof to the public, and, in order (o ensure the 
 success of the i.ssue and avoid the serious detriment which 
 non-success would involve, underwriting is resorted to. 
 
 Sometimes, as above mentioned, it is considered sullieieut to have t'ii'l"\vritiiiu: 
 only a portion of a propased issue underwritten, eg., in the case of ]|j L-isuf' " ' 
 a now company, sufficient to ])rovide the nece.ssary working capital, 
 and so murli cash as the vendor absolutely requims; and where a 
 M^oiug company wants furtJier funds it may often be thoujrht sutlicient 
 10 have (inly a part of the j^ioposed issm- underwritten. 
 
 Old Law as to Underwriting in force before the Companies Act, 
 1900 (,now replaced by sect. 89 of the Companies (Consoli- 
 dation) Act, 1908), came into operation. 
 
 Trior to the coining into ope»'atiou of the Act of 1900, the under- 
 writing of shares or debentures wa.s attended with serious difficulties 
 ill (Ousequence of the then e.visti'it,- law as to the payment of under- 
 wriiing commissions. The law stood thus: — 
 
 1 1 1 It w.as extremely doubtful whether a company, even if autho- 
 rized by it.s memorandum and articles of association, could 
 legally pay oi't of its capital conunisaion for underwriting 
 shares in its own capital. 
 
 TliesG doubts arose, if not before, at any rate with the decision of 
 Kay. .T.. in Faure Accumulator Co.. 40 C. D. 141 (1888), and they 
 were certainly not losseneil by the decision of the Court of .Appeal in 
 [.ijilncy (t Wigpool Co. v. Uirtl, I!:! C. D. 8.j, in which Lindloy, L. J., 
 in delivering the judg' \^ of the Court, said, at p. 95: " It appears 
 to me wholly wrong to make a company pay for the issue of its own 
 shares. Xo part of (he capital could bo so applied": or by the 
 ile< ision i<{ the llouwe of Lord.s in OoreyumCo. v. Roper, (1892) A. C 
 li'.'i. in which case it was held that to issue shares of a company at 
 ■i. (li.si oiint was yiJIra vires, from which it seemed to follow that to pay 
 ii coniini.ssion to a subscriber for share.s for subscribing was ultra 
 rircn. These doubts were emphasized, too, by the fact that some of 
 
 t'lUnpHiiy, 
 ilioii^h ainlio. 
 ri/od by 
 nii'moniiulinii, 
 
 • ■..iild n.'t 
 ^:ifcly piiy 
 
 • ■ominissioii 
 
 out nf ruj»it;i!. 
 
 ovcept small 
 tirokeni^rs 
 fi) brukirs. 
 
 f ! 
 
27H 
 
 IJNDEKWRITING. 
 
 [Chap. IV. 
 
 t" profits I'l 
 Tiiiuiii<4. 
 
 All(l< liulcllMV 
 out Ot |-!t|Utitl 
 
 t'(»r pliiriiiir 
 (Iel>«'iitur«- 
 
 <ir otilLT r.rlii- 
 
 puiiii'H' slijiri'S. 
 A '-"rupuiiN 
 
 t.-Oul<l }S\V(' 
 
 un<ierwrit( !■> 
 riirht to (rall- 
 for ■ luir.-s. 
 
 l.'utitTwritiiiii 
 ubliKutioii 
 uoultl 1h' 
 
 atil<:lK?(i t'. 
 purtii;ul;ll- 
 
 fl;|HSot sllHrt's. 
 
 lll.'tr>>t 
 itidireit 
 
 pHTlUcllt of 
 i:UIuni)>.sintl 
 
 uat of capitul. 
 
 the most eminent lawyers at the Chancery Bar from time to time 
 advised against the legality of payments out of capital for under- 
 writing, altiiough there were dicta in the Court of Appeal in Licensed 
 Victuallers' Association, 4:i C. D. 1, to the contrary, and although 
 in Metropolitan Cwtl Con»umcrs Association v. Scrimgcour, (ISyr)) 
 2 Q. B. tj04, payment of a 2^ per cent, brokerage commiaaion to the 
 broker for hi.s -services em such wa.s held legal. That decision was, 
 however, strictly conliued to the ca»e of brokerage to a broker at a 
 rate not exceeding 2| per cent. 
 
 (2,1 A companj- could out of protitd, including premiums on 
 shares carried to reserve and other as.-et.s not being capital, 
 pay a commission for underwriting shares in its capitiil 
 
 (3) A company could pay out of capital, proKts or other assets, 
 for underwriting its debentures or debenture stock, or 
 for underwriting shares in or securities of other companies, 
 owned by it, and which it si entitled to dispose of. 
 
 (^4) A company could, as considei m for underwriting contracts 
 with it, give to the underwriters the call at par or at a 
 premium of shares in the company's capital, that is to say, 
 the right to call for the allotment thereof on the footing that 
 the allottee was to pay or be liable to pay the par value 
 thereof to the company or some higher price. 
 
 (5) The obligation to underwrite shares could validly be made a 
 condition attaching to the ownership of shares of a parti- 
 cular class in the company, for example, the memorandum 
 might provide that each allottoc of founders' shares should 
 be deemed to underwrite 101) ordinary shares. 
 
 (6) It was not legal for a company indirectly to pay out of capital 
 commission for underwriting shares in its capital, e.g., by 
 agreeing to purchase properly at a price which a company 
 through its directors knew was fixed so as to cover under- 
 writing. 
 
 " There is no doubt that, if it cannot be done directly, it cannot lie 
 done indiroilly," said Lord (,'helmslord in James v. Fye, L. li. ti 
 H. L. .385, in relation to an ultra vires application of capital; and the 
 same principle was recognized in .Munn v. Edinburgh Tramways, 
 (1893) A. C tJ'J. 
 
 Law and Practice since the Companies Act, 1900 (now amended 
 and replaced by sect. 89 of the Companies (Consolidation i 
 Act, 1908), which came into operation 1st January, 1901. 
 
 The Act of I'JOu materially altered the law as to the underwriting 
 writinir inav °^ shares, fur it expressly allowed (sect. 8) a company, in certain cases 
 now be paij and Subject to certain conditions, to pay out of its capital for under - 
 <«P>t»l ^ writing shares in its capital. ' The Legislature,' said Lord Davey lu. 
 
 In ccTtsiiii 
 
 ctuif J* tituk'i- 
 
INTROUUCIOKY NOTKS. 
 
 •J7!» 
 
 Hildei V. Dextir, (1902) A. C. 474, 479, "was desirous of ouabliiif; 
 reiminerulion to be paid for services rendered in placing or procuring- 
 tiubsi liplions of the company '« capital, and it appears to have hit 
 upon wliat may be termed a compromise." 
 
 Sect. 8 of the Companies Act, 1900, wiiK amended in some impor- 
 tant particulars by sect. 8 of tiiu Companies Act. 1907, and both 
 Bpclions. ajrai ,, 're now replace*! by sect. 89 of the Companies (Con- 
 solidulioii I -Vci. 1908, whicii ruu> as follows: — 
 
 t i 
 
 iKin^ 'l}l(f lli^rriiilttx 
 
 per 
 
 89. 1) It shall be lawful for a wimpaiiy to [lay a. cunimissioii to any ruwt-riopaT 
 n in iiiii>idiTatiofi of his subsiiihiiis; or aj^ruiiiu,' I') suli-irilic, whfther certain iiim- 
 
 inih!,ionN, Hiid 
 
 (li-w-duiitH, ,Vr. 
 
 abnilutcly or nniditiuiially, lor any shares in the eompnny, or proeurinir or i"'s. ions, ai 
 agieeint; to procure sub.seriptioiis, whether al)solut« or conditional, for any |^, .my,u,.ut 
 shares in the company, if the payment of the eonimissiou is authorised by the ,,i „ll „tlier 
 articles, :'nd the commission paid or agn-id to be i)aid dcx's not exceed the coinniissloLs, 
 amo'.int <ir rate so authorised, and if the ;iinounl or r;ite per cent, of the com- 
 mission paid or airreed to be paid is - 
 (a; In the ease of shares otferi'd to the puMi' for subsc-ripiion, iliscl.iscil in 
 
 the ]>rospectu»; or 
 ih, In the ease of shares not ort'ei-cd to tin; public for subscription, disclosed 
 in the statement in lieu of prospectus, or in a statement in the pre- 
 -cribwl form si),'ned in like manner as a statement in lieu of prospei lus 
 aiid tiled with the rej^istrar of eompiinies. and. where a circular or 
 notice, not beinff a prospectus, inviting snb«rrip; imi for the shares 
 is issued, also dischtscd in tli-:t circular or notic. 
 I.'; Save as aforesaid. !}o conip.iiiy shall apply any ot il« shares or capital 
 moncv either direi'lly or indirectly Iji payment of any commission, discount, or 
 all"«:Mice, to ;iny person in consideration of his subsiTibin^' or aixrieini.' to sub- 
 scribe, whether absolutely or conditionally, for any shares of the com]iany, or 
 procurins or acreein<; to procure subscriptions, whether absolute or londitional. 
 for any shares in the company, whetlier the shares or money be so applied by 
 beiu^' adiied U> the purchase money of any property aeciuircd by the company 
 or to the contract price of any work to be executed for the company, or the 
 money be paid out of the nominal punhase money or cnntrmt price, o. otlei- 
 wise, 
 
 (:i) Nothing in this section shall art'cct the power of any coui|i.iny lo iiay 
 
 such bn>kera);e as it has heretolure been I ' 
 vendor to, promoter of, or otlic pers»»n 
 shares from, a company shall have and . 
 power to apply any jiart of the money or s.. 
 ciininiission. the payment oi' which, if maile 
 have been lepral under this seetiou. 
 
 for a company to pay, and a 
 
 eivcs payment in mimcy or 
 
 dv'cmed always ' Slave bad 
 
 so received ia pa^, . it of any 
 
 directly by the company. »onld 
 
 Till! section, it will be observed, frot's far lioyoiid aiilliorizing pay- liives nn- 
 
 , .,. . . r •, 1*1 1 i 1* limited scope 
 
 iiu'iit ot an uudorwritino' coniniission, lor it allows the payment ot a f,,r i,»uinit 
 
 coniiuissioTi \n any poisioii in consideration of his "subscribino: or sb-m-s at dis- 
 
 ULTPcinij to Kubscribo, uliotln'r absolutely or conditionally, for any '^^^ j 
 
 shares in the company, or procui ino; or agreeing to procure subscrip- observed. 
 
 lions, whether absolute or conditional, for any shares in the coni- 
 
 pauy, -words wliich onaole a company in effect to Issue its -hares at 
 
•2^i> 
 
 lINnKHWRITINO. 
 
 [CUA1>. IV. 
 
 {■i 
 
 ■I discount subject to tlie conditidiis iiuposod by sub-sect. I. And 
 ■-iib-sGft. 3 iu elicit allows u vendor or promoter to pay undorwdtinjj 
 cominisMon out of what ho roK-ivi's from (lie roiupuny, subjpct never- 
 ihelcss t<i similar coinlititiiis 
 
 In tht" tirst placo. it is to Ih- iioicil that the words -th<' irovcrniriu' 
 words— with which fho M'clidn in ihc < 'iiiii|iiiiii('s Act, I'JOO, hciiaii. 
 
 I pun any oiler ot nharos to the puhlic lor .-ubx ription. ' disuppcar 
 from ihc uvw section. This onablos a company lo pay an uiidt'r- 
 writiiifr conimi.ssii'ii thouirh there is no oiler of shares to the public a 
 very important ((ince.ssimi. For it had been held ^Ihirrmrx v 
 Maliibrif Ciihl It.cfs. ( I'.tDl i •> ( h. 'S.: <. that an oUer by a i .impany of 
 further shares to its members was not an 'olfor of slures to tlio 
 public' ; niir was an oiler of shares on a reconstruction bv the new 
 company to the shareholders of the old company tlirou<;h the luedinn] 
 of the li(|uidator [ ISoolli v. Mr.ir AhlniirU'r (iiild M.iiii'q Co.. 87 
 1.. T. ,■)((!•, ('. A. i; nor was an oiler maih' by a ])ri)iiioter lo a t'nv nf 
 his friends iSlrijjIi v. Clasiioir mitl Tnuh-iriKd Options (•'. /'., 120 
 Ct. of tjess.i: and in all these ca.sos therefore it wxs not competent 
 to a company to pay a commission. Now it is so for u private 
 company as well as a public loiupany i I loiiiiiiion of Camidn (inirnil 
 Tnuliiiu Si/Hiticdte v. lirij/tiluke, (,11)11 i 2 K. 15. (il8,i, and the 
 question when shares are otl'ered to the public for subvri|ilioii i.^ 
 only niateiial for tho purpose of delorndnin^ whether the c<iiiiiiii.s. 
 sion is lo be disclosed in the prospectus. 
 
 Lawful for a company to pay a commission to any person." 
 
 Il iias not \et been settled whether the word pay ' here means 
 pay in money only, or in muney or joonev's wnitli. 
 
 >Snb-sect.s. 2 und ;5 tend to .show tliat ihe word ' jiay is u-iil in the 
 wider sen.«o, for. save as ufore.said, that suh-seciion prohibits the 
 iippliaifioti by the company of any of it.s Kluircx or capital money in 
 payment of any comnjission, and thus apjjears to recognize the werd 
 ■'payment" as au apt description of an application of shares in 
 a company iu payment of a commission. 
 
 M<ii(Mjver, the wdrd ' l)ay ' is used in some other places iu the 
 Act of 1908 in this, the wider .sense. See .sects. G5, 81, 8.), and 87, 
 
 Shares are constantly .spoken of a.s being "paid" for otherwise 
 than in cash, e.i/., in sect. 88. 
 
 Tho section impliedly allows of the payment of a lump .sum or of a 
 rate by way of commi8.sion, but it is of course, controlled by the 
 company '.s articles, und if the articles only allow pavment of a com- 
 mission at a rate not exceeding so much as (he directors determine, u 
 lump sum caiuiot be paid. Booth v. New Africander Gold Mining 
 Co., (1903) I C'h. 2'.t.".. The section does not in terms limit the 
 amount of tho commission, and it is difficult to imply any liujif except 
 such as the directors may deem expedient. 
 
INTRODUCTORY NOTES. 
 
 •iSl 
 
 '■4 
 
 1 
 
 riic l.< iiwlature no doulit thouglit that oompaniw might safely U 
 rii.-lcil luit to damiigc tlioir own credit l)y paying and diaolosinjf an 
 ■ \ti;n:ii;aiit comuii.ssinn. 
 
 In cIlWl, l>v allowing the payment of a commission, the 8(<ction 
 ill.iws dl' the issue of the shares ft a dispount: for instanw. a U)l. 
 .liarn ina\ lio allolfcd on the footing thai the allottee is to Ije paid 
 I (.iiiiiiii-^i'm of ■''■ on 'ho shaii'; in whirh ca-o the finiincial r<>-iilt 
 i> ilie Kline as if the lu/. had been issued at a discount of .')0 jjer 
 (III.; hut as a matter of form the iransaction is corrorl : llie shares 
 iiv liill\ jKiiil up liy the suhs( lihcr. and llie conunis-icn is paid to hiin 
 |j\ till. Kiinpany out of it.s lunds as puil of its hu-ine-s e\penililur<'. 
 
 In consideration of his subscribing, &c. Sulist rihing ' here 
 .11' an.-, ii i- apprelii'M<le<l, taking ironi tlie eonipaiiy on tin' footing 
 ih.it tlie siiaii' is 111 \<t' paid up in iliie lourse by the subscriber or his 
 iiiroe.ssors in title, either in ojisli or its equivalent. This is the 
 n(.|iiilar nieaiiiiej •>(' llie wni-.K. See .lr//8.s-o/( v. Sinilh, 11 (\ I). .'US; 
 /I'/ivv V. Eilntex liirrshiii'iit Co., ■"■ Ch. ti8J: Kctil v. Freehold fximls 
 Cii . .! I'll. tl)2. -A-S to reeonstriK'tion. see Chap. X.\I., infra. 
 
 Whetiier absolutely or conditionally.' The uoi.l (.uiidi- 
 'ieiially '' hero ii.sed is no doubt introduced lO cover the underwriter s 
 iiact. wliicli has almost invariably londitions aiinoxeil to it. Tin' 
 
 "' ■ " " ' ulllcicnt 
 
 ' casi 
 uliscribeN -ronditionallv. 
 
 rOllUT 
 
 wdi'ls • uhethei abscilutely or londitionaliy '' ajipinir amply si 
 
 10 -ver ihe ease ol a man who subscribes absolutely and the case of 
 
 :i mill who oiilv uinlerwriies that i.s 
 
 If the payment oi the commission is authorized by the 
 
 articles. ' It follows that to loiiiply with tlio section the aiiioiini or 
 i:i;o must 1)0 aiilhorized by iho articles of association, aiul the coiii- 
 lui.ssioii paiil or agreed to b(! paid must not exceed iho amount or rale 
 ~o aiiiliorizeii. The ''articles'' here mean the articles a.s origiuall.\ 
 •i.uued or as .iltered by special resolution (see sect. '2Hr>). Accord- 
 iiiuls. any (omjiany which lias not got in its articles a suitable pro- 
 vi-ioii can. liv special resolution, aller its articles so as to inlroduco 
 lie |iiiivision.and lliis pouer can be used loth whore there is no ]U'o- 
 vi-ioii at all anil where the e.\isting jirovi ion is found unworkable. 
 • ' 7 . when it provides lor the ))aymenl of commission at too low a 
 ,alc 
 
 The articles may [irovide that a specitied sum may bo applied in 
 (layiiiir comniissioii. or that a sum not exceeding a specitied auiouni 
 may lie .so applied, or that a particular rate may be paid, or that a 
 l'.iw:ient not exceeding a particular rate may bo paid. 
 
 Does not exceed." The amouut ui laie of ronuiiission which 
 'he ri,iii|!,.,iiy iiiiiy pay niu.sf not rrreeil the timoinit nr rnf.- per rent. 
 
p ' 
 
 ■182 
 
 UNDKHWRITINO. 
 
 [Chai-. IV. 
 
 ff. J 
 
 autliomed by the articles of .is-xocw^/o/t and disclu.i,-d in the pro- 
 spectus, but, subject to thi;* lomlition, iho rtiiioiint or raU' is lolt by 
 th.i I.egislalure to tho company to sottle. it beiug cousidorcd, no 
 doubt. That tlie matter niifrht salVly be left to tho company's advisors, 
 wlio would not be likely to sanction any e.xtravas,'aut «um ; boinji b„ 
 e.vpoudod, reoing tiiat thui.- would lunr to be i.ubliv di.-^clo-^uro. In 
 onP case (Keating,^ v. Pariiuia Consolidated Mines. tVM-2) W . N. IT. , 
 a learned judi^' .s.'emcd to thiid; that u •■ommis-ion uii-ht be so largo 
 a.s to invuive i.ssuinu the <*lumvs at a discount, but it is submitted that 
 thi.- <an scarcely bo treaUul as a reason for limitiii!,' tho statutory 
 di.s. retion vested in a company by tho section, for the section it.-cll 
 e.\pros>lv authoii/es the payment of a .oinmissioii to a person in con- 
 sideration of hi^ suhseriinn,, for shares, and this is for iinauc.l 
 purpose- cpiivaleni to jssuiuir the shares at a discount. 
 
 And disclosed in the prospectus ' 
 
 The amount and rate per cent, of the com.nission must uot only he 
 authori/e.l by the .•on.pany's articles and keep wilhiu 'hat liit.it, but 
 it nmsl be .ILselosed in the company's prospectus where old shares 
 are olfered to the public If the .ompuny is one that does not issue 
 a pro-^penus then the amount an,l rate must be di.sclo.ed m the staU'- 
 ment in lieu of prospectus, or in the tiled statement iu the proscribed 
 foriu See paia. ih) of sect. ». 
 
 If a dirortor pavs money out of the company's funds by way ot 
 commisMou when "tiic pavmeat of such commission is uot disclosed 
 in tho con.panv'.s prospectus, the company luay recover the amount 
 from bin: i.i an" action. Donunion of Caimda (leneral 1 ruding bynd.- 
 catry. liriqxloke. a',>ll>;2 K. H. ilis. 
 
 A-. to ,>ub-~eit. •! of sect. 89:- 
 Save as aioresaid no company shall apply any of its shares 
 or capital money.- The.se, the pix..liminary words of sub-sect. (2 .. 
 leave a cotupany at liberty to apply any of iU profits in paying con,- 
 ndssious iu accordance with the practice above referred to as ex_ist- 
 in- before the Act ot 1900 {Hdder v. Dexter, (190::) A. J^ »•»'• 
 bu't thev prohibit a company from applying any of it^ shares or 
 capital money to the payment ot con.mis-sions except in a case co.nn.g 
 Within sub-;ects. 1 or :! ' Tho.e woiJs uaturaliy mean apply H-s 
 capital, eidicr in the form of shares before issue, when they may be 
 described a.s potential capital, or in the form of money derived fron. 
 the is.uc of ii» shares" P-r Lord Davey in llilder v. Dexter, (190. . 
 \ C 17 1 They do not alleit the company's power t* grant to under- 
 'writens as die ccmn.ission or part of the commission for underwriting, 
 the opti.M. to take up shares at par or above par. Udder v. Dexter, 
 .viipra. 
 
Either directly or indirectly.' What u.uy bo .I.e oxu.t .ueau- 
 !J ,lL wcmis has jot to b. .le.or.uiuod. The word ■diroctly 
 
 nil to ;oint to a .ru.u.a.f.0.. by which the .o-upan, by .o»>e 
 
 ;; X ol^rir ... bn.. about tl.e p-ohibi^d payn.„t, or ^s o.d 
 
 •I in HiUer V Dexter, mpra. by -allottiu- the >h,ir.> 
 
 ":::;:; ^it" t^:tou.ioa ,hat tLy ...aU u..i.„a.o,y .1,.. .h... 
 
 : ;; .0 su, h perHon or bo applio<l in payuent ot ..- cuu.uasMo,.. 
 
 ",„o 0. tho n..,at oonwnou ways of doin, .o w.s by .uak.,... a ,„.,. n, 
 ,1, .rnu< of tl.o coutxac-t with tho vendor that h. .hould pay th. 
 ,.!' ". .o.nn.i.s.iun. or by eu.ori,., in.o a ..outra... .o purchase 
 :;: ' on .ho u,.«prcssod understaudi.., that ,ho v..n,or w.s 
 L L\h. uudcrwri.i..^' oom.uission ... o.hor wo, 1.-. wh > 
 ,„l,-..>o p.i.e payable by the co.«pauy was loaded by -1'' "^" 
 L o! ,he 'o....ission. Shorty ot this a -""P-O; -'^J ^''^ 
 or e.,.er into au agreon.out lor tho purdia.«e k.,ovv.u^ that tlu 
 al'ws going t; pay for undor-ri.in.. a,.d .ni.ht there ore bo 
 lied .0 have Qxed tho price with .•eterence thereto so that the 
 ^o.npau^ would bo indirectly payi,.g for s..,h uuderwriUng. So 
 Zn ;. rJinl>ur,h Trannra,,.. ,1803) A. C 77. .n wh.h case Lo d 
 " rsohoU L. C, said. "It is obvious that .n es.Mna.n.g '.M.-JOt^ ., 
 •'was .0 be paid by tho Tran.ways Co.npany to the (abb 
 •o Ltion. 17,000?. of it wa.s esti.nated as paid tor the an.oun of 
 le^penes, bec.au.se the whole a.reo.ne.U was under ne.ot.a..on 
 !:: ,L sa.ne ti.ne:' an-l see arr„> Sor,„.W..f re.tral H.u,n.,„ ^ 
 r/wWebo(>, (189S^ A.. C. 114.) 
 See v!i;>r<j.1 
 
 Added to the purchase-money," Ac. If, as a .na.ter of lac. . 
 „ „au be proved that there has been au addition to the purchase- 
 „,onev or 'the contract price of any work to be e.xecuted or 1 
 company in o.cler to cover the co.u...ission, the section w.ll luvo 
 been coiiliavened. 
 
 Or the money be paid." The words - or tho jnouey bo paid " 
 ,vc . probably point to a case in which it cannot 1« sa.d ha to 
 au^u'nt has been added to the purchase..„o..ey. but ,,. whj h to 
 „ua.haso-.nouey has been lixed with retereuce to the .^a ' » l-t tlu, 
 oudor or contractor will pay such commission, and, so •"1at«<^.;'^, ; 
 ,u .act, pay the same. Mann v. Edinburgh Tramways Co.(l8^it 
 Ic. G9; Booth v. New Africander Co., (1903) 1 Ch. 29.,; Lydnry 
 Md Wigpool Iron Ore Co. v. Bird. 33 Ch. D. 8o. 
 
 The word, -^or otherwise,- will probably be construed ,x.eju.dcm 
 neneris with the previous words, and accordingly as including a.iy 
 „ther like device under which tho company, in substance, gives sharei* 
 c.r capital money in payment of the commission. 
 
 •w;i 
 
 1 ; 
 
 : r 
 
 W'i 
 
•iM4 
 
 I!NliKR\VHITIN(i. 
 
 Thap. IV. 
 
 Vendors or promoters." TIuh poriion of the soption qunlilic* 
 ihu rule laid down in sul>-*it. i2), und thus atfords iiiiich-nwded 
 
 relief. 
 
 The romhidiiitf words of the suh-soclicn are material, the pay- 
 iiii-iil of whi( h if made directly hy the iom|miiy would have lK>on 
 leuiil under the Keotion." They show that a vendor or promoter 
 In* no fioo hand to pay .oinnii-sion, lie m.iy agree to pay 
 .1 .oninii-sion, hut if he d<K>s m> it must be seen to that the oora- 
 [lany coidd lefraliv pay such i ouimisHion; that is to say. that llie 
 articles allow it. and that the c.inimi'^sion is duly disclosed us in (hi 
 .if sub-sect. 1 1 > |ir(ivicU'd. 
 
 i^ili-li: 
 
 .•\~ Id Mlll-^L'Ct. (^.l)'.— 
 
 Such brokerage." Suh-seci. (,■!) gives a slatulory .sanction to 
 the decision- c)f ilio Court ni .Vppeal above referred to ii: Melru- 
 I'olilun ('(Mil ('onsuiiicr.'i' .|.vm«//i/(o;i v. Stiiiii<iiiiiir. (\H'.\jt 2 Q. i:. 
 iiof. Tiie l.rokenige. tliereforc, must i.e payable lo a broker for hi- 
 -orviies a- a broker, and must not, it would seem, exceed 2^ per 
 cent., ( r other the aiiuiuiil which would lia\e been held reasdiiabk' 
 pi ior to llie Act . 
 
 As to giving the Call of Shares for Underwriting. It was at 
 
 one lime held on tiie above section that it was no li)n;,'er open !u a 
 (inipany to contract to give underwriters or subscribers, as a c(in- 
 -iduratiou or pari considerancui for underwriting or subscribing, 
 the call of further shares at par or a jiremium, for that to do so was 
 lo aj-^lv the company's shares in payment of a rommission, and 
 iherelore in contravention of paragraph 2 of the section. Burrows 
 V. MaUibelc (.old litvjs. i,li)()l ) 2 Ch. 2:5. lu that ease the company 
 was a going ooucern. It proposed to issue some of its unissued 
 shares; it did not offer them to the public, but it did oiler them to 
 ■existing shareholders, and it entered into a contract with certain 
 persons to underwrite the issue in consideration of an option to 
 subscribe for some other unissued shares of the company at the 
 price of 2/ Ws. per share, tlial is to say, at a premium of I/. 10». 
 per share: this was less tliau the market price. It was held by 
 Farwoll, J., that the oiler to the shareholders was not an olier to the 
 public, and therefore that the company was not entitled to pay an\ 
 commission for underwriting under sub-seel, t^l) of the section, anil 
 ihat the contract to give an option t(j take the unissued shares was. 
 in et'ecl, an application of shai-es lo the payment of commissi. m 
 within the meaning of the secliou. and therefore prohibited by siili- 
 sect. ; 2 . "It was -;ud, ' iil>^.<>rv<>d the learned judge, "that tlie 
 section was intended to prevent the vendor from giving part of his 
 shares to underwriters, but assuming this to be so, I can see no 
 reason why the words of the Act should not be applied to other 
 
 mk 
 
INIhOUUtrrOKY NOl'KH. 
 
 •iH."» 
 
 
 ...... -a.. u.n- whirl, arc t.iirly witli.u tl.o exp.e-«d uiicnti.... of tl..' 
 
 V,., und .1.0 ...i^cluor ...to..ao.l ,„ 1... thoivl.v ,.r.,v.-.UMl, It w,i~ 
 
 ;,,,...I tlm. .l.e iHcmiu...^ ruuUl ...» U' ■' -i-iU I, a.ul ll.a. the .0.1- 
 
 ile. ..in., lu. ,1.0 u.ulerw.ili.ii,' ...ife'l.l 1h> puid ou- of ,,re,mu...s, bu. 
 
 ,L .< ,.... tl>.- -a.*- Mow ...o. Tlu. An disti..K..i«l.<'> b.-twoo>, 
 
 ,,,,,,.1 uu.l .-l.a.t-, and ....bid. .!.« upplitutiou of ^.i.l.e.- iu puymou. 
 
 ..'f u...ie.«r^ti..i,' co.u...i.-io„, u..d 1 buvo ,0 .onMdor only a .loahnu 
 «ill, -hart- not with the n..MU>)- i.ro.l...>ed by those ^hart's. lln- 
 .loei.ion was affirmed o.. appoal. ■ How," «aid Rigby L, J .-ca., 
 sou ■•iPldv- siia.us more .loarly than by allom..g them? When 
 v,,,, illut the shares vou apply n..t their uun.i..al valne, but ih- 
 ,l„rJs un.l that is «"hat s..b-se,t. (2) prohibits.- Thi o.m.hk.u 
 «... In.wever, overruled by the llou-e of Lords in Hildvr v. Prxfrr 
 ,l.Ui->i \ C. 47t fn that ease the company determined in I'.MIl 
 'to i 'sue a |...rtion of the shares in its .apilal. and it .lid so b> 
 ,,le„„.- the shares not to the publi.' but to f..ur.iK.n persons. ..I 
 «i,on, Hihlor wu-s one. Ho api.lied for and was allotte.l shares on th.- 
 ,„||„win.' terms, nameiv: "For each share allotted in a-vordanc- 
 will, this application a subscriber .shall have the option, .lurii.},' th.' 
 ,„,,i„.i .,1- one vcur fr..n. the ;i.<l day of January. I'JOl, of takmi: 
 up at par a further onliuarv share of U. in the iaitial rap.tal of th- 
 , „mpanv. a..d in the event of s.uh last-.uentione.l share being take,, 
 „n under such option, a further option during the [»ri..<l ot tw 
 vear-^ fnm. and after the -aid 3rd .lay of January, 1901. of tak.ng up 
 ',, par a further or.linarv share of IZ. in tho initial capital of the 
 ;,,m,,any •• Later on, the shares having gone to a premium, ll.lde. 
 „aM' n^.'tice to the company that he ele.ted to lak.' ..p further share- 
 m„lcr this ag.eement. It was het.l by Byrne, .1., and by the (^our. 
 ,,f Vppeal, that the bargain was invali.l. Tho House of Lords n- 
 Ne..<ed the decision. Lord Davey in hi. judgment, after pointing ..ui 
 the condition of th.e law at tho time when the ena.tment was passed, 
 proceeded thus: — 
 
 ■•Tl,r lir^t »-..r<l.s t., be c„.,struc.l arc 'apply u„y of its -Lar.-s o.- cup.tM, 
 „„„„.y • 1 think that these wor.ls naturally ..lean. api.ly its .apital ..,tl,.T ,n 
 ,1,.. for,,, ..t .hares l.ef.r.. i.s.u,., .vl>..„ th.'v ;• l.e deserilMsl a. pn.c„„al ,ap„al 
 „r in .!..■ fer,n .,f .....,wv deriv-.l fr.M,. fe .^u,- .,r it« sltar,.^. • I.. p.y"..M,t o, 
 „,v „„i,si,m. diseoaat or all..waa,e.- I think this ■„..». payuent l.y fl.- 
 
 ci,nj>any. The won! 
 
 Is ■ (lisioiint .>r allowance ' se.„> to mean the sami- thi,...'. 
 
 ua,»ely.'a rebate on what would justly !..• .lue from the swl,s,-r,l,er on h,s .sha.es. 
 
 The advantair.' which the appella,,, will derive fro,,, the ex.T.-.se of l„s opt.o,, 
 
 „ ,er,ai..lv not a 'discount or allowance.' I.e.ans.- he will have to pay -in-. . 
 
 ,I„. puund'fur everv share. N'..r is it. in my opini.>n, a eon,m.ss,on puul l.ytl 
 
 nnipany. for the company will not part with any Jioi-t 
 
 rc'-i'i 
 
 vrd hy it intact, or. . 
 
 10,1 of its <':ipital. whi'ii 
 lei'd, with any ii..i,i.y~ li.'loi,','in^' to it. i!ut th. 
 
 rd- r..! 
 
 t-.,ird on are * 
 that the compiiny l>y enga 
 future date is applyincr or using its »1 
 
 ther directly or Indirectly." and tin- arLTumcnt scnis to lie 
 to allot shar.-s at ]iar to th.- sliarehi ; . r at 
 
 iissihle heiielit at the expense ot 
 
 iharcs 
 eom 
 
 er as to -riv.* hun a 
 
 i the company in this sense, that it forepoes the 
 
 1) - 
 
MB 
 
 v«i 
 
 rNDKHWKlTINf!. 
 
 [I'HW. IV, 
 
 I'hsncf of i«^uiii({ them nt a proniiuiii. With nvafl •" ''"" lul'ff point it niu)- 
 nr m%j not I>a at thn exprniM^ of the ciirMpuny. I am not uwurp of any U» 
 which oliliifM a rompanjr to i««ui' itn «hari'« uImhi par biKaiHO thi'y arc ■•uhjlili 
 at a premium in the market. It dcpctnli on thi' i inuni«tanci'» of each ca^ 
 wliclhcr it will ho pruilont or oven |>o.4!iihlc to ilo «), anil it n a <|iir«tion fur 
 the directorn to decide. Rut the poinl which, in my opinion, i^ alone iii:ii rial 
 for the present piirpo<c i^. that the henctit to the «hareliolder from heinif ahli- tn 
 »ell hi* »harc» at a premium in not olitainiil l>y liim a; the expense of ilir 
 company'* capital. Tl.e prohihitiil appliiation of the ^h.ircH may he dlrci I l,v 
 allotliri^r them ,n fully or partly paid up to the per-on und.rw ritiu,' Ihe >ih:ii-c<, 
 or hv allottinif them in .<omi- other way with the inti'ntion that they ^hall 
 ; Itimutely find their way to -.uch person or hi- applied in payment lo lii, 
 I •unniiHsion. 
 
 " Mv l.ord«, it may he that in ■u>ni. particular ca«' a contract »u<h ,n tliui 
 which your Lonlihip* have before you would he open to impciihnient a" im 
 to-i'X iileiit, or an .ahu^c, or in execs* of the power* ot nKuniLfcment committed re 
 the direitor*. In thi< ea*e the i|uc*tion i* a* to the powers of the <ompui,v 
 itaelf. uiul not .1* to the due cxcrci-e of the ilircctor*' power*. I ha>c luric- lo 
 the coiiclu*ion from a con*idcration of the lanu'unnc of ^ect. S. *uh-«ei t 'J, tliii 
 the prohibition therein contained extend* oidy to the application dcreit er 
 indiriM-l of the cfiin|inny'* capital in payment of a eiminuKxion by the i.impany. 
 ind the tran-aition inipcachcil in tin* ia*e i* not within it." 
 
 <'.immi"ion Payment of Commission out of Profits. It i* ioicillii.\ iinm 
 out. f profit*. |||j_^ (|f( isii)ii tliiit tlio ■' ijoii (l(Kj.-i not proliiliit the iiuviiicnt of com- 
 iiii.-i.>ion out of iiii(li\ idol iiolit* ol' tlie c'liiiifiiiiiv, wlictlicr slainliiip: to 
 lOHorve ur mil, l)ut iit' i(nii><' if paMiii'iit i< to 1)0 made out of ixi,*ervc. 
 i! must 1m' soon that thn ic-orvc fimd ilaii.sc iiifrd. p. T")! cmil.iiii- 
 uorilw, wpecific and jrein'ial. sulliiicnt to covor siicli a puvinont 
 
 As to Premiums on the Issue of Shares, lieforo llio An ni 
 1000, \vlipr>> .slinrps woii" l<i be is,-iii('d at u |iiiMidiiiii it wa'* not iinfoni- 
 iiion to iiioeiiro tindiTHiitino on tlio fnotin'j that tlio coiiinii.ssion for 
 the sanio shotild 1h.> paid "Ut of tlio ))rotniitni.s, and oinincnt lawvor* 
 had advi*od that rho p.ivmcnt tlieiponf \va'< Ipo-al. There soonis tn he 
 iKithincf ill .sect. H!» of th< Vet of \'M)H to iiivaliihito thin prdfliie 
 Ap.irt from tho .^oftion and froii: any .special proviMions in the arliclc- 
 iif a company, pr('mium.*i art> tisiialiy carried to reserve or broiiLrlii 
 into tlie prolit and h).>;s account i.:* part of the companyV revenue 
 ihey aiv not capital an<l U> apply the .same or part in payment of tic 
 ex|M'nses of oarninir aavh premiums is rea.sonaljle enouL'h. Hir 
 whether premiums (an now ho applieti in paviuir commission i- 
 another matter; it involves dill'erent considerations from the applica- 
 tion thereof in payment of dividend. To justify dividend thereout ii 
 st he shown thtit tliey are net pvidils. J.iililxiek v. lirilish Haul: ui 
 (18921 2 (.'h. 198; Foster v. Sew Trinidad Co.. (1901) 1 di 
 • I.* 
 
 Prohibited Transactions. Wh.at the Act then allows i> a fuil\ 
 tli.sclosed payment subject to the sitccitied conditions; all other pay- 
 ments are prohibited by sub-sect. (2). 
 
iNTK<»j)i:c"roin N(n>x 
 
 Wt 
 
 
 llonco ii in not iillowiiliU" to evadr lull ilUclixuro hv r^iatitit; th»t 
 the wimiiifwion i." in lie at, vurviiiK rnit's not oxi-«'»'diiii.' 'i por i«nt , ' 
 for tliw do€w nut disi'lasc tlio actual amount p.iiil or ay;rtHj<l to be paid. 
 Nor is itKutliciciit t/i «latp that tiieratp !•* in Iw at iJio ralo inocilied 
 in a conlracf olTcrol lor iii4|)Ci't.iun. for llial nlVords only lonslrurtivo 
 diKchifurp 
 
 Till' fcillowini; i" u Miniuiur\ nl the law iw it .■>tand^<: 
 
 I. A coiiipanx which hii.n llu> rc(|iiixil<> pnwor in it/* articlw. a« 
 ori^inallN Iranicil nr a.-. altcr(><l hy .-.pcciiil rt'-inlulion, may 
 pnv out <il' capita! u ciininiiM,>iiin lor underwriting Nliaii'H 
 in its capital, provid<!<l that tlio conditions s|M>cili(Hl in 
 fiili-'wt. (1) of tert. 8'J of tho Act of l!tOH ;uw ic.iiiplicd 
 wiih 
 '2 A r<iiiipan> whicn validly a-i"'-'* to p.iy a iinnniiM.iii.ii -tf 
 aforesaid may, i' in concoiv(>d. ro-<OTve power t.)"ilir<fy (li« 
 coinnii.-^Kion by tho allotment of paid-up sliarc." or dclx'n- 
 turcs, and it may bo that a company may .'r^roo lliut the 
 pavini'iil (if (•(lInnli.s^ill^ nhall lie .•'ali-fied in shan^ 
 credited as jiaid up 
 '!. A vendor. |ironioii'r, or other per.-.on may, out of money 
 coniinjr from tho company, pay a conimi.s.sion, provided 
 tho artich\s allow ^aIno and there i-i due di.sclo-uro 
 1 A company may. out of undivided pnidts, pay a (ommi>~ioii 
 fur undci'writinf,' shares in it^ capital, anil that withoiil 
 complying; with the cdndilions imposed liy sect 89 ( i i of 
 the Act of I'.ms. 
 ,">. A ((inipany may. out of I'Opital or prolitw. pay fo"- underwril- 
 iic_' lielicntuivs iir nther .-securities of ihc company (as 
 dislinjrnislied from it-i own sliare~ i nr sliar<'s in .ir 
 Koeurilies of any other company owned bv it 
 il A company nriy irive an option to call for ~li,irc-, in ii.v cajiilal 
 as the consideration for uudorwritinfj either shares or 
 ilebonluri's, debenture stcxk. or other securitiert of tin- 
 company. 
 7 Save as afon'said, a company may not pay, direotly or indi- 
 rectly, any underwriting commissions in r<dation to the 
 placing of its share capital. 
 
 As to the Practice since the Act of 1908 came into Operation. 
 
 riic u.--iial |ir.i(lice is for ihi' c-oiiipany il.self lo enter iuio <lirect rela- 
 li'ins with the underwriters. Very commonly one or two persons 
 make the underwritin<; contract with the company, and subseipieaih 
 reduce tlieir liability under the contract by proeuriuf,' sub-iinder- 
 "ritinj; contracts with other persons. 
 
 Sometimes the vendor in tho contract of sale agrees to underwiiio 
 a portion of the company's share.s, and then he eub-underwrites. 
 
 I 
 
 --B, 
 
 1 
 J 
 
2X8 
 
 UNDERWRITING. 
 
 [CUAl'. IV. 
 
 Souictiuio* tho uniupuiiy rcservii-* iiowi-i in the imrtlia.-e tontraei u. 
 rescind, uiilcis ii .spt'uiliod niimboi- of sluire> shall be ^ubsciiliuJ wiihin 
 a spoiilicil period, and in that case tlie v(mi<1"1- ciiniiiioiily -ct^ ili. 
 uutiilicf miderwritlon so as tn ensure the carrviii',' <iul ol' Un' iuntr;i -i 
 
 ll 
 
 As to Disclosure in a Prospectus as regards Underwriting. Ii 
 
 is U0(e>>ary to disclose the ainouiii or rate of tlir e-imiiiii.'^siuii ]iui(l 
 or a<rreeil to be paid, where the same is to be paid out of capital 
 Sect. 81 (1 I lb I of the Act of I'.MiS, and p. 171. 
 
 Whether it is necc.<sai y to <iisclose the underwriting contracts i- ,, 
 moot point, but it is very common to disclose the dates of, and partie> 
 to. the ciiutracts on the a.ssuinptioii that sub-soct. 1 (k) of sect. 81 
 reipiires such disclosure, and this is the safest cour.se. It may well 
 be considered that as para, ih) expressly requires ,|is,losiire of tli. 
 romnii.ssion. that is sufficient. 
 
 Where the uuderwritinor commission is to bo jiaid out of uridividcl 
 profits, it may sometimes be nope.s.sary to disdo-e the contracts undei 
 sect. 81. sub-.sect. 1 ik). 
 
 Heuiustrii' 
 tion. 
 
 1 tain! 
 
 As to Underwriting upon a Reconstruction. Wlmie it is pio- 
 po.sed to rcdinstruct a lunipany by transfer of the uudertakinfr t" ii 
 new company in consideration of shares credited as partly [lai.l up 
 r.ij.. II shares with los. per share credited to bo distributed atifiif. 
 the meud)crs of the transferring company, it is very coramonl\ 
 desired to have su( h shares underwritten, so that the new compan> 
 may start with sutlicieut capital resources. 
 
 The didiculty in the way of this arrangement was that uiidci 
 I be original form of the ])ower as contained in sect. 8 of the Cniii- 
 jiauies Act, I'JOtl, the underwriting coumussiou could only be pai.l 
 
 u[)0ti any oiler of shares to the public for subscription," and it wa- 
 held in Buuth v. At'if Afrhamicr (ioUl Minlii;i Co., ^^191):!) 1 <'h 
 129j, that an offer of shares on a reconstruction by the now com(iaii\ 
 to tho shareholder.s of the old company through the medium of llic 
 li.piidator was not an 'oiler of shures to tho public' This dilliciiliv 
 is removed by the new form of the power in sect. 8!» of the Cum|iuiiii- 
 .Vct. l'J08, which does not contain the words 'on any oiler of shaiv- 
 10 the public." and therefore permits payment of undorwriliini 
 . onnnission. whether the shares are olleied to the public for sub.scii|'- 
 lion or not. A dilhiiilty, however, still remains, having regard l' 
 the fact that payment is, by sidi-.^ed. d i. only allowable for subs. til. 
 ing, or agreeing to subscribe, or procuring, or agreeing to proniic 
 subscriptions, and "sub.scriptiou " is not, it, has been suirgested, n 
 very aiiproijriato te'iu a.s applied to the taking up of a share, credited 
 as partly paid ii]), which, under a contract of ro-onstruction, a share- 
 holder is entitled U» have allotted to him. In a scum-, no Joubi, tic 
 underwriter in such circumstances who agrees conditionally to taki 
 
INTRODUCTORY NOTES. 
 
 •»S!> 
 
 lip tho .sliarci< not taken up by tlin Khiiiolioldpi-s in tlio rpconstriirtinp 
 iDiMiuuiv mav lio saiil to Imvu milisirilK'd. tor he ii<rroos to take the 
 .-liaro" I'roni tlio now L(ini|iany und to liciome liahlc for ii portion of 
 tin' aajoiiiil. till' Uahiint' liavin;; Ik'Oii paid up in kind l>y lilt" liijni- 
 Jaior. but whollier he technically "subscribos " within the iiieaninf:: 
 (if the .-eilion reiiiaiiiN for decision. It may also be said that the re- 
 construct iiijr company is not in a ])osiiioii to ^^ive title to the shares, 
 "Cciii" that bv the reconstruct ion afrreeuient they are to bi placed 
 III the disposal of tlio sliaroholders or of the liipiidators. but neither of 
 iIk'sc |ioints have much siilistaiU'e. and would |U'obably \ ield to a 
 lihcnil 1 ou.-triiclion of the section as an oiiablin<;- one. But .sec 
 ll,iin,ir V. Variiupi. iHIHO) 2 t'h. C.W. 
 
 t 5 
 
 '■■% 
 
 As to Framing Underwriting Contracts, lueal caic and < ii- 
 . iiiii>|icciion are ro(iuisiic for thi- luirpi^e, iiiasiuiich as astute 
 iHiilcrwi iters, when caUod on to peiforin their perhaps onerous 
 ip|iliL;ali'iiis. raise every jiossible obiocfiou. and in :!ii ill-drawn iindei - 
 uiitiiiu <onlract thev may easily liiiil loop-luiles for escape 
 
 Tlni> the uuderuiiler may sny: "1 ,i;rreed to underwrite on the 
 lo'iiiiL;' >if .1 )n'ospeilus. to be prepareil in accordaiiie wiili a |':wli- 
 ( ulai draft .--ubuiitti'd to me. and tliat draft was altered without my 
 iiiii.-eiit. Thend'ore. I refu.se to apply. 
 
 (If an underwriter may take this objeiiiun: ' I linil that the pio- 
 f|icriii> oil the faith <d' which I nj.;reed to underwrite contains a mis- 
 icpre.-eiitatioii; therefore 1 refuse to ajiply " ' K.jhcni'-t ciisf. i lS!t2( 
 .; til. I i: an iindorw riier. it may be observeil, however, stuuds in a 
 lc-> lavoiirable |(osition. .-is lei^^ards obtaining;' relief on the ji-round 
 c: ijifci i.~ in a prospectus, than an nidiuary applicant fiu' -iliaii''. 
 Sic /;,///,' \ . I\r.firiih\ 8.") L. 'I'. IH. Or a;^aiu he ma\ ii(".;leit lo ajiplv . 
 and. wlieii siu'd for damaLi'es. may say: '' 1 niil\ undci'loi>k t'. apply 
 (/ ciillril nil. and yon never called on mo to apply." Oi iiinrni's rust'. 
 . IH'.ili 2 ( li. IT."). Or. if the shares have been allotted lo him. lie 
 iua\ repudiate the alloliiieiit on the frroun<l that .\.. who mad." the 
 ;']iplicalioii (in his behalf, had no authoiily, since he had not called on 
 him to apply, and the authority was only to arise if h<> faih'il \vhen 
 idled on to apply. See Cinisort Ih'i'ji LrrrI (!i>hl Miiu'x. ilS!t7> 
 1 ( h. .">:.-!. 
 
 Even where the underwriter has a'tiially a|)plied pttrsuaiii to the 
 I'liti ct. he sdinetiiues. before allotmeat, serves the company with 
 a icilirc that he withdraws his applicr.tiou. and. after allotiuiMit. he 
 Miiiielitiies i-epndiales dii tho <rround that he was misled by soiuethintr 
 said by tliose with wliont ho contracted, or bv sotnethiuij: stated in the 
 |iiiispcctiis; and in such a case it iiuist bo bortio in miml that an 
 niiderttriter who siibserilies on tho footinir of a j)rospectus coutaininy:' 
 iintiiie statetnpiits iiiav bo entitled to repiidiato an allotiuent, oven 
 !:;-:ui:li, at tiip time he .■.iil.>i libod, the company was not in cxistouco. 
 KarhrruK rase. (_1892^ lU'h. 1. 
 
 r. u 
 
 I'rnlllilifr I'f 
 uiiilt rwntiu;: 
 cinitrai'ti*. 
 
2;m» 
 
 UNDEKWRITINO. 
 
 [Chap. IV. 
 
 f i :i 
 
 riidcrwritiug 
 letter prima 
 /in " an (i&ir. 
 
 \Vithdraw:il. 
 
 Dfcasionally au uiidorwriter, williout uiiv sliow of legal justifica- 
 liou, as ill liio above cases, sooiiig that an issue has not gone -wfll, 
 simply roliises to apply, and says: " Bring your actiou, I shall defend 
 it, and you will sutler by the delay and publicily, .so you had better 
 tompioiuise ", or, in the case of debentures, he used sometimes to 
 say to the company: "I decline to take u[) the debentures under- 
 written by me. Bring your action if you like; but you cannot get 
 spei ilic performance of an agreeniem tor a loan, or any substantial 
 damages." Wr.slrjn W'aijuii Co. v. WcM, (^Wyi\ 1 Cli. 271; South 
 Afrinin Tcrriliii/f.s v. Wulliiiijloii, [^IHW ■■ \. ('. ;i(»!t; liahanuts I'lmi- 
 lalioiis V. liilffiH, 14 T ].. H. i;5'J. 
 
 But this attitude of deiiance will no longer avail him in the case of 
 dobentui-es or debenliiiv ^tock now that the duirt is empowered tu 
 specilically enfone a contract to take up aiii pay for debenturc< 
 .See fompanies Act, I'.tOS, s. 105. 
 
 The above arc only a few of the difliculties that may arise, but 
 they .-^erve as a suthciont warning to frame an underwriting contract 
 so as specialtv to provide f<ir the circumstances of the case, and. as 
 I'ar a*^ •iiaclicable, to meet any du.igers uf repudialion or eva'-ion 
 For instance, such vague terms as ' if siiares " to a certi in amount 
 are irrevocably applied for by persons resident in France" should 
 not bo used, being fruitful of controversy. I'nul Boner. f.t<l. v. 
 Edirards. 17 T. L."h. Iti. 
 
 An underwriting letter goiicrally operates as an oiler, and the mcic 
 fact that tlie underwriter thereby purports to "agree' to do certain 
 things makes no dilfei-encc; but of (our,se it may he framed as an 
 acceptance, <'.g., " 1 accept your otter to allow me to underwrite — 
 shares on the terms following, viz., &c.'" 
 
 When tne letter operates as an oiler the usual rules apply. Accoril- 
 ingly the oiler can bo withdrawn at any lime licfiuc acci>ptanre 
 ( //i'/V/.< <•((•<'. 4 E(£. U) and by word of mouth. Tninuin'.'i cnxi: 
 I 1»"J4; 3 Ch. J72. The oiler must bo accepted, if at all, within tlic 
 lime s[)«'ci|ied i:i it, or, if no liino is sperilled. t' n within a reason- 
 able time iCrnirh'i/s caxe. 4 Ch. o2;J; llitidlcij's case, (^Ibi-Hi) 2 I'h- 
 121, 134), and until accepted and notice of acceptance given there 
 is no contract, ('oii.iort, dc. Mines, (18tt7t 1 Ch. ,'>'■>. An oral 
 acceplaiR<« is of cour.se siiHicieiit. Xorth VhailvrUiml Co., 13 T. L. H. 
 80. In one case it was held that notice of the acceptance of the oiler 
 contained in an underwi itiiig letter might be inleried from the incii' 
 fait ot the retention of the letter by the person to whom it was 
 addressod (UuUjonlciii Sun, dc. Mine, 12 T. L. R. 4Gli; but. in 
 I he absence of e,\press words in the letter waiving notice of accept- 
 ance (.see Carlill v. Cniholir. dc. Co.. ( 18113 i 1 Q. U. 2.')(;), it is dilli- 
 cult to sec how- this decision can bo supported. An uiKlerwriliiig 
 letter is nollniig more than m oiler, and an otler, c.;/., to sell land or 
 to marry, is not regarded as accepted merely because it is retained 
 unanswered. See the observations of Lindley, M. R., in Consort, 
 dc. Mines, aS'Jl) 1 Ch. 5t»3. 
 
 
I XTKODtrirrf iry xoiks. 
 
 ■.".i| 
 
 III lllii'Uf.ifK rase. Urmj) Curiliifir to. ( iH'.Hi i -J ch. 121. Viiiijjflian Ihi 
 W illiMiii-'. •!.. Iii'ld tlial nlioic tlio iiiidi'i vviiliiiir liMtcr wai not ae- 
 iO[i(i'(l until iit'tin- iho sliarcs wt-ic oll'cioil to the jiiiMic lln 
 
 wa^ I' 
 
 >l tll.it tll<> iiiMloiwiilcv 
 
 ii'ptaiiio 
 ii-< ciititlcil to ii'piiiliiit(> 
 
 ill'.lniiMit. altlioii^li wlu'ii III' I't'piiiliati"! ho liiiil I 
 
 i(>i'ii on I 111' 
 
 ;i~ii'f lipi- two voar- 
 
 Hill thi-' 
 
 (Icii-ioii nil- lovci'-ii'il on :i|ipi'a 
 
 paiih oil 1 111' 
 
 hiimI lliiit •)ii tlio truo I'onstruction of tlio lollor Ihn 
 
 nllcr llioii'liy niiiilo wa-* left open for arioptaiiii' for two month'' 
 
 ■tl. 
 
 lis i'ii'.iiiL''<'i K'Mt i-< hiiiiliii": for two iiioati 
 
 paitly < 
 
 Ml till 
 
 fjiMiniil ilial ♦III' 
 111' liaviiii;- I'.ili'il 
 
 laros haviii"- liccn allotli'il to tlio tiiidcru ritor 
 
 1(1 
 
 mor thereof, he w.i-^ ostopppil from deiivin^ his 
 
 ihers'iip, t\ir the Court is not ilisposeil to import iiiti 
 
 ider 
 
 vriliiicr I'ontracts imp' .onditions in doi'OLration of the e\[)ross 
 
 if the loiitract. Croini /,(■<(.«<! I'niprirta 
 
 All iindi rwritino^ t'oiitraol, like 
 
 niiv oi 
 
 I her 
 
 lion of till' uiidorwi'ilers. wlieic it i' 
 
 I'-ieiitatioii made liv 
 
 Ijohalf of I. 
 
 ■ . I»T. L. H 47. 
 
 is voidalile iit 
 
 !• -A \>\ iiiatciial 
 
 i.i.ison with whom 
 
 Vnidiiliility 
 for raipTeprt'- 
 
 pr.-|H 
 
 I'JIMI. 
 
 ladi'. Heme, it is important to .see that the [irospcrtiis, or di.ift 
 Tins, or lirriiiar. on the liasis of which llio utiderwritinj; is 
 i- pi i|«Mly framed: and in some cases, before the Act of 
 jirovide expressly that the contract 
 
 as found dosiiablo tc 
 
 was iiiit^ thus to he voidable, at. any rate as re^^ards innoceiit misro- 
 pri'-i'iitation. 
 
 Ill ilie ias<' of a lonipanv re-risteied after Doceiiilier .Jlst, I'JOl), an 
 
 uii(|"i wriliiiy- 1 iiiitract (like aiiv other <ontract ) 
 
 iK'tnlV I! 
 
 I.I 
 
 'Iltlll 
 
 ■d t 
 
 o comiiKMice liusmess is 
 
 nade by a comjiany 
 irovisional onlv ami " 
 
 Where con- 
 tract provi- 
 nional ouly. 
 
 tl 
 
 iiiilinir on tlio company un 
 
 til that dale, and on that date 
 
 iiniliiic 
 
 See Companies Act. I'.MIH. 
 
 ii. (li). 
 
 i<'|ihii i Hi;- Companies Act. I'.MIII. s. ti. sub-ss, i.'ii. Mil, 
 
 .\- 111 ulicn a com]iaiiy (other than a private companyj is entitled 
 to niiiiiiicnce business. ,seo sect. 87, sub-sect. ' I I. .•-'k //nt . p. lIH. 
 
 One of the conditions of comiuencincr business is that "ilio niini- 
 iiiiiiii siib^iription " must have lieeii obtained, and thus the iindor- 
 wriiiiii;- which secures such minimum snliscri|ition ln'comes iipcessarv 
 'ir c\|)eilient. 
 
 It is LTCiierally desirable in an underwrilinjr jotter o refer to the 
 |ini-|ii'i Ills only in v<'rv j.'eneral terms, or. at any rate, to provide for 
 niii'lili<-,iiioiis, .'<ee Konn l:!. and last two notes at p. _,.(;. 
 
 Wlicie A. anfre»»s with H. to underwrite so many shaips. or dcbeii- 
 iincs. or oiher securities, and .V. refuses to perform such a;/:r('i'nieiit. 
 li lii^. /</■//»./■ iiii'U': no power to apply in A.'s name for an alloiinent 
 I" liiin. and accordiiijrly. if A. iiuikes default, 15. 's only remedy is 
 to Ininiv an action for damacres a<,'ainst A., a matter iavolvin;,' risk 
 'inil delay. It is, jiowover, eomjH'tent to the parties to make it one 
 lit Iho terms of the atrreoment that, if A makes defaiilt, M nmy 
 uiakc ilie reipiisito application on his behalf; and it is usual so to 
 pfuxido, and such a provision is oflectivo, and A. cauiiut revoke 
 
 u 2 
 
 Rcfcrenco to 
 
 
 proHiKitiis. 
 
 H 
 
 l*owcr to 
 apply for 
 Hharcs in 
 uniUrwriter's 
 
 11? 
 
 ! ^ 
 
 name. 
 
 -i! 
 
•292 
 
 UNDERWRITING. 
 
 [CUAP. IV. 
 
 9|%. 
 
 
 Irrevocnbility 
 of powor. 
 
 Carmicfuu-r y 
 
 OKU'tiHiblc 
 finthnrity 
 giveu. 
 
 the authoiilv tlius jfivt'ii to B.. for it is one of tlie terms of the 
 rontracl Ijotwcpu tlu'iu tliat 15. sliull liavo liii- autliority; and vvIiitc 
 there is a contract for valual)li! consideration ^ivin;; to ono of tlw 
 parties to siicli contrac t un autliority, tlie otlior party cannot ))ut an 
 end to the autliority by i-epudiatiiiji thai loriii of the contract. 
 
 Tliis is tlie rule hotli at law and in ecpiity. Accordin<r to the cniii- 
 nion law view, the authority in such cases is nol revocabh'. for it i- 
 'on authority coupli'd with an iiitciest," (iduxsrii v. Morfoii. In H 
 & C. 7;!1. And, allhouKli a mere uth'r nw.v '«' withdrawn hcl'on 
 acceptance, if an authority to ap|)ly is contained in an actual nf/rcc- 
 mcnf for valuable consideration, the authority may 1h' irievo.alil( 
 
 As to the equity view see ( artrr v. Wliili'. '2.') ('. I). litiH. lu 
 that case, as ])ail of a contnicl. aiilhoriiy wa- ^liveii liv .-\ . 10 lill ii|i .t 
 lilaiik ill a bill <d exdian^re. and il was held that this autlnnity wa- 
 not revoked by the death of A. It is not," said Fry. L. .J., an 
 authority, but a ((Uitracl between the acceptor and (he inleiidi'd 
 drawer that the drawer had a riy:lit to till up the iiistrunienl and nnik.' 
 it a compleU' bill. That is Ihe nature of the iraiisactioii belwceii 
 tlieui. Von may call .such a riirht au aiitiiority, but il is a rif;lpi 
 foniidetl on a contract." 
 
 That the authority to apply <iiven by an underwriting;- coniract i> 
 irievo<able, where tlu' [larty tx.> whom the aiithoiily is '^iveu ha-s an 
 interest, has been deiich'd in several cases by theCoini of .\)>)i'al. In 
 (aniticlmcr>i aixc. < 18'.t(i 2 Cli. i'«t;>. CarmicMael had MLnied an iiinli-r- 
 wriuufi- letter addressed to the promoter of a company, by which he 
 a'l-reed, in consideration of a commission, to subscribe for l.dOU .sliaw- 
 in the company, the numlier t4i ho reducc<l accordinp: to ihe miinbei 
 taken by the public, lie further ay;reed that the a;^r»'emciit and 
 application should be irrevocabh'. and. notw ithstaiidiii}>- any repudia- 
 tion by him, (should be sulhcient U> aiilhorize the proiiKJter to apply on 
 his behalf and the company to allot them. The |)romoter by lettci 
 accepted these terms. The company was then incorporated, and the 
 Mibscription list was advertised to open on l27th March, and close on 
 the .iOth. On 27tli March. ( armi<haid, who had applied for l.Ono 
 shares, si<ippe<l tlu' clieiiue for the deposit, and on the .)iJtli wrote lo 
 the promoter and to the secretary of the company ropudiatinj;; the 
 agrwmeut. The promoter on 2iid April applied, on behalf ol 
 C'armirhaol, for 'jm shares, wliicli, in the events which had happened. 
 Ha.s the uumbor he was bound to take, and the company alloi.te<l tlie-i 
 fshare.s to C'anuichael, and put liim on the roj^ister, and it was held 
 that C'artnieliael was not entitled to have lii-^ name removed, for tlnit 
 the autlioritv was an authority coiipleil with an iiiterost. uiid thercfoie 
 nol revocable. 
 
 Iliiirii lienlli'n <t Co.. Git L. T. 204, C. A., .June. IH'.t.l, is an.ither 
 
 llluatnitiuu of the rule. Titere A., at the r«?(jue-t of N., siprned »:\ 
 
 uiidorwritiufr letter addreH.sed to L. containing the followiii(i: provi- 
 
 ion: "This agroemeut to be irrevocable ou my part, and to he 
 
 Mik 
 
INTHODUCTORY NOTKS. 
 
 29;{ 
 
 In 111' 
 itlK'lWIX' HIV 
 
 Mitlirii'iif. ill itsolt" Ut atithori/c y<iii, in the ovciit of mj- not iiiiiilyiii;; 
 I,)! -Iiiiro-i as ahovo mtMitioiiefl. Ut a))j)iy t'ov sii( li slmro* in my iiami' 
 iiiid (in mv lichalf "— it was h.-ld tliat A. not havin<r aiijiliod for any 
 sliuros. an iillotmiMit tfl liini in rospunsc lo an ainilication liy [. «it^ 
 ,. II, (live, altlionjrii L. had iicvor noliliod In A, liis a(<('i)tani<> of tlio 
 uiMUTHriiin^' N'ttt'i', and alliioujrh A. had hiiiidcf! over ili<- h'licr In 
 N' nil llii> distinct hut ])rivatc iiii(l<>i>lan<liiii;- that it ua 
 adi'pli'd Ik'I'oii^ ll.'td a 111. to-iiiiini)« iiioriiiii!. 
 iinili'iwi'iliii<r is not t,o hold oiiod. 
 
 The t;riiiiiid of liiis docisinn, as cNiilaiiiivl in K r jiartr Slaii,-. i IH'.'T > 
 I I li .")7.'). "iCI. was ost((|)|ii'l. naiiK'lv. tiial tho |itinii|ial is hound hy 
 the arts of the aLr<'iit whicii aiv uilliiii iho ai>|iar;'nl smiic nf his 
 aniiiniitv. Sco alsii Did.f of lirnnfiirl v. S'rrtih IKI'n. 12 CI. .V Fin 
 :;is. and llmnhni v. Ihiriuuid. ( Ktnti 2 K. M 10. which shows that 
 nhcic an ati'cnl, in contra<tinix on hclialf of his piiiiciiial. \\i\s ai'tcd 
 wiiliin the terms of a wiittcii authority trivcii to him liv the priiici|ial. 
 bnl the existence of which was nut known lo tlie nther parly to the 
 • ■ontract, the principal caiinol, if the other jiarlv has ac teil bond //(/<'. 
 rcpiKliate lial(ilit\ on tlii! conlract on the around that the airenT in 
 iiiiikinir it acted in his own interests and not lliose of his prinripal 
 
 in Hciiif/ Hi'iitlf/l ((■ (it . xujini. the iinderwritine: letn-v wiis In lernis 
 an 'iiler iiiado hv the iiii<lcrwriter, Imt that olVer was not acrepteil hy 
 iioiiic, .-o that then" wa'- not in reality any loinraii The case, 
 however, wa.s nol foiiii-lit on that |ioint. hut on the privat(! letter of 
 in-inii lion. 
 
 Till.- is .-.taled hv hiiidlev. 1, .1 .. in liie i a.se next meiilione(l. i 'misoit 
 lirrj, LrVfl (iiitil Miiu-^. sii/ini. pp. J.H'.I. 2!io. In ihal ^a-e lhei.> 
 w.i~ an nnderwritin;; letter in the shape of an oiler, and that olVer 
 was ni \i 1 acccpled hv the ccaiipany lo whicli it wa> a<ldressed, and 
 til" ( oiii! hehl thai the authority to apply ji-iven hv the l<'tier did nol. 
 ari>c, ai.d theivfore thai ihe allotnionv made to the iindorwriier was 
 inclVi'ciive. 
 
 S<.incliiiies I lie iindei writ*'!', 'in .-i^iiin^' hi^ iinilcrwrii iicj- ieitcr. al.-o 
 -iliiis and iiaiids over ai oinc an application for the full iininher of 
 sliaic> underwritten hy him, t<);_'ptiier with a clicMiie for the applica- 
 litm iii'iiievs. ('nriiiirliiirrx nisi'. (18'.M)i 2 » h. tlH. Tlii^ plan is in 
 seme cases expedient, hnl the underwrilin. letter in sncl; a ca-e 
 slionld hind the nnderwriler not to revoke llr ipplicalion. and as a 
 irencial rnli' there is no special iidvantaw to 1 •■ olitained liv ailoptinu: 
 this niode of iinderwrilinfr. 
 
 \\ lieiv A. mMre.sMCMl an underwriline- letter lo li. aiiiceinn: "at any I'lidortiking 
 liiiic within thive inonlliK aftor the date hereof, if and a- "ailed upon ^.'^u'l^^j „'.„„•• 
 i\v von, to s||l)scrilie iw tind responsihie siihscrihers for any niimherof 
 shall- yon may reipiiie. not c\ceedine; 1.000." with an authority for 
 B lo :ij-.:i!v 'ill (he event of mv not suhscrihinp' or lindintr respon- 
 «iliic -nhsirilwns," it was held that an allotment to .\. in response 
 to an application hy B. was not otVectivp, H. not having:; called on A. 
 
 1 i 
 
 ii 
 
•2it4 
 
 IINUKKWKITINO 
 
 [ClIAI-. IV, 
 
 to hiil)M lilif. Oiiiiiruds <■<(«<•. ( 18'Jt I -^ I li. 474. Tills tiist- tuinod , 
 
 tJie |iri'-ciiri> .il ilic woiil-, ■■ ll iiiid ii> rulli'il iipdii Ijv voii. wlii'li 
 uittdi' till' ;iutlKJiil V tu upplv <.< unlit iuiuil mi llio miderwiilci U-iii^r liist 
 Ciilli'il nil. itiiil llius ;.;ivi'ii till' uppiiituiiilv ul lliuliui; suliMi-ilu'i- it 
 Uiiwillinj;' liiiii>.cll In aiiplv. Sfi- aUci to tlie >aiiK' cIlLTt. /)V((s,v7.- 
 ra!<t'<: .If V. I'rnilJcr. In T. I.. R. Tli; SiHfistrr v. Srtln. '.» T. L. li. 
 411: and lUdljiinlfiii Sim l>i'.nifiiiii Mine. 1'-' T. I., h" . ti;l . nlicii. tii.' 
 •i\ni(l~ \ ri.' V, \\'\\<:\ : i- . all( d uiiMii. 
 WliiTP (■"III- II, ;d! .-11. h ia-f~ till' ' i>!ii|iafi\ . ill doiliuj; willi liii> iiiidciwiiici' .■ 
 
 tn'rill'f"'' au>'iii.i- lioimd to <,dl loi la> aiillu)iii\ . and i- tlui- lixi'd willi imtiir 
 iiatlinrity of or till' iiii,ililiiaiiiin.~ and i nndiiimi^ ailailied to sucli aiitlioiitv 
 '1'.'^*"'"^ ■■ W hciv. liou.'V/. the apiili^aiioii appeal.- 10 aiKnd uilli llic aullioiily 
 ronlaiiiC'! Ill till' iindciuiiiiiif;' I'oninui. ilic roiii|i,iii\ i,-^ not to In 
 licaic i a,- li.niiiLi aoij.r oi' pi'iva'i' iii^-lriniioii- i:i\('ii to tlic auciit 
 //(,//.- Iir„ltr;i d ( I)., li'.i L. 'r. 20!. ylljuii 
 l)(.r..L';it..rv o,, |||,, ..ii,i,|,, ]ii-iii. ipl,. li- Conn, ii-i i> o; ideni lioai the dcci.-loi! 
 
 (■omlitiini> not , , . . 1 ■ ,. i #► ■ * /■ i t t 1 i? 
 
 u,Mi!iIlv to l... 01 i!i<' I oiiil o| .\|ipc.il III ( rnnii /,(W.-c rniiincUnil I n.. 1 ! I . I.. I! 
 
 impliiil in Hic .\- j.. ,n,; ,|[,|,,„.,! to iiiipoii into iindci u lit in.; miiliail.- inipiii'.i 
 cu.rli'ioii-. II! dcio^'aiioii o| iln' ii'iin- ("^pn-.-Til . In tlial (a-n .\ 
 iiiicln w loM' .-iiini- .--ll iii-i. and. o,,vc ];. aiidiiniiv to appi_\ . I!, applioii 
 after !■ had Ik opi.' 1 I'mi iho ilic .-•lii'inc 1 ouH'inplatt'd l.\ die pio- 
 .-pi'ctn- roidd iioi l.c i,iiii<',| iiin. ll wa-- held ne\ e; llieie- . dial A 
 u.f- l.oiiiid. 
 
 WhiTi m- Wdieie .\ ,-i::ned all nndei \\ ill ii|o- loiiirael "idl 11.. lai: failed 
 
 "!lT'«l'tll'u''l. ^''"'I' '■''''■'' "" '',' '■ '" "I'l'l.'^ '•'»• '•"• ■■^"i>''<'- 'I "•'" lii'l'' '''•" ^- "'^•■ 
 uiidiTwriti-r ciilided 10 iii- c onniii"ion tiiouoji lie had iiiadi' dcfaiill and IJ. had 
 
 •indno'oi'urcs '"-'' i'l'l'l''"! ''"' 'li'" ''"!''" ^^■•'•- de ided on the oiuiiml thai pavnieiii 
 wtTc appluci of tie ii'innii.--hiii ua~ not iiuide eoudilional on A. dulv ajiplyino. 
 and that 1!. Inni no e;iii-e for .Diiiplalut. as hf iiiiirht lia\e applied 
 on A.v hi'half. Saiii/ylrr v. Setter. 'J T. I.. I{. 111. 
 Siiecific Till' Miideiwii'ino- of delieiitlllO.'- incscnted this diilieiill i . tlnit tl 
 
 IHTformiUicc Coll,. I uoiild jio! iiiiiil ilic ( 'i)iii|iaiiii>.~ Ael. I'.t.i7, i-. Hi (now replaced 
 01 .inmjfo.-. j^^ ^^^^^ 1^^. ^^|. ^1^^^ t'oiiipunios Aet. r.l!l8 1. spoeitieally onforee an 
 and sliiir.- aor<'Ctii('iit to horrow til to lend nioiiev ut tlic iii-taii.i' of citlicr llie 
 ,listiii>r"i-li<l. iiiieinlJiij; louder or borrower. The icinedy tor hreueli of smh 11 
 eontraei wa.s liy ueliim for daniao-es. .\eeordino|y. uti aoieeiiieiit 
 with a eoinpany to take up dehenliire.- of the eoiiipaiiy. whellier hv 
 iiiiderwi iliii}r or iineonditionally .sulisciiliiii^- for the .-.aiiie. dilVered 
 e.s-eiitiallv from . -reeineiil to take siiare.-^. The I'oiiil would 
 order .-iierili, pei ..mee of the latter ao^reeiiieiit ip. ."I'l. lint not 
 
 of tlu' foniiei . >o. if a man Mlh.'-erilied for and Iteeaine the iilhitlee 
 of .-hare-., and made default in iiayino- up the anioiinl in due eoiiix'. 
 the (()iiipan\ eoiild and eaii recover the amount from him; lint if ho 
 isiili.-erilieil for doheiiliire-. and made delaull in payiii'^^ the instal- 
 ment.-, the lompanv coiiM not, prioi to l".)l)7. sie for the lialance 
 ll could only claim damage.-, and in most ca-e- the damae-es ojveii 
 would be uoiiiiiial. Smith Miiivil Tcniloiics v. Wdllinilloii. 1 I8OS1 
 
 tor in Iii- 
 name. 
 
INTKODlICrOKV NOTK.x. 
 
 •,*»5 
 
 A I ,!iHt; Hiilidiiinx I'litnlnlidiin v. (iriljiit, 11 T. I,. K. l.i'.i. Home, 
 111 ilii' r.iM' (il (l('l)i'tiluies, till' leal soiuiilv (i>v tlio |iaviiu'iil ul miIi- 
 .-i(|iRiil iii.'-laliiK'iit.'* wiiN the umoiiul, it' any, iuMiuiIly jiaiil dii iippli- 
 lalinii anil suli.-eiiuonlly which was uj<iiiilly iiiadc lialilc to tuitt'itini' 
 hPi iinii-|iayiiicril ul' iho baiumr. In like iiiaiiiicr, lli(> (uun amiiiIiI 
 citrliiic til riiiii|K'l .-|)riilic- port'orniain'C of a fonlrati to lake up licln'i;- 
 luic .-lork pavaliio at a tixcil ilali'. (uv thr i'->iu' ol' siuli >i.irk ii'all\ 
 .iMiiiiiiil- til a lioiTOwiug of nioiioy, t'i.mgii il inuy he tlial llii' nilf iliil 
 iiii; applv to .-o-iallt'il pcipctiial <li'hoiitiin'< ami ili'liiMitmr ^tmk > ilic 
 H'laliiili.>lji|i llicir iml belli;;- the oiiliiiaiy dmi' "I bniruwi'r ami li'inlri'. 
 bill ill thi" iiatiirc of a luutiart tn punliasc a |ii'i|i(''iial aiiiniil\. a 
 
 (iillll.Ht nf wllilll till' ( iilllt will 'Jiallt .-|ll', itii- |irl f.illiKllli !• I. Srr 
 liiiiliii. I'.irl ill., loib nl. Kil. 
 
 .\bii(n\(.'i, ihi' riili' iliil iioi apply ulii>ii ilir iimii'i u liiiii'^- iniilrail 
 \\a> 'i: iilc, Jiol with ilio (.iMiipaiiy, but with a tliii-il pan; . c.i/.. tli»> 
 voiyilcr. Ik' at any ralo woiilil be I'luitli'd U< Mili-laiiliai <laina;;i'~. 
 Niii- iliil llii' !ale ap|)ly to a cDiiiraci with a iniiipaiiv uliiili is ili>- 
 pii.-iii^ I'f ib'bcHliirc.- ol soiiR' iilhci' runipaiiy. fm in siuh ra^o llu' 
 iiaii>ai tiiiii i^ in <.'ll'ei-t. a ooutratt of sale, not of loan, ainj liii'i'of'iro 
 .-|ii'i ilii' pcrfonnaiici' will lie derfeeil. 
 
 Ill most ea>e>i the I'iehl to keep tlio amount pie\ iim>l\ paiil albililej 
 ,1. Millirieiil ;;iiai'anty that a siib<' lilier wnujil ]iay the balame; Init 
 .-oiiielinie.^. ami ospecially wlieii llie iu.slalnienl.'- ueie spread ovii a 
 loii;jilieueil peiiu.l. il was ileeiiieil advisable i.. >iip|)leiJioni. tlds 
 ;;uaianty by iiiserlin;.'- u provisiun einpoweiin;,'' tlie eoiiipany to aulho- 
 li/e .>oine p<'i'son on the subsuriboi's behalf to aiie|ii the iiini|iany's 
 Iliil of exrlianLTi', payable on demand, for any instalment in relation 
 to wliirli the siilisiriber makes default, Such an authnrily bein^j: part 
 
 ■ if ilie iMiiir.ni was inevof-able. and lln; aei-cpior wmilil liaM' to |ia\ 
 ilie amuuiil "f the bill, and not. mero daiiiay:i!^i. Sot! Form Jl. 
 
 .Ml llie>e 1 ^e li isi i ml ions mid deviros are now. houoM'i-, lendeied 
 
 ■ ilis..|i'ie by the se. him above allmled to i Companies Art. i'.MiS. 
 -. Iii.'ii. piiiv idiii;:' iIk.i " .\ iiiiiiiarl wiili a loiiijiany In take up ami 
 pav liii aa\ debentures nr il'lientnio sioik of the iiimpan\" iiiav be 
 eiilm :'i| b\ an nrder fm spi ilii; performaiire ' . a liin;i'-iieeili'il refm lu 
 biiiit;iii;! llie 1,ih into line uilh i;iioil sen~e. 
 
 .\ii nnderw 1 iiin;:' conlrait under liaiul reipuri's a lii/. Mam|i mdv: 
 if under seal a llt.v. siaiiip. The fact that i( contains an authority 
 to ap[ily on the underwriler's behalf docs not. render a power of 
 attorney stani)) requisite yWalkrr v. lieiniiictt, la L. J. L'h. 8, 174 i. 
 for tlie authority is imidentiil to the other provisions; hut- an aiitho- 
 ril\ III apply, wliirh is not ])art • f a contrail, may reipiire a power 
 of aiinriiev .slainii. Ills- Ibiil . 
 
 TiTmiiiulI" 
 
 ■ 1, iM-IltlllV 
 
 1.1 uik. 
 
 ■• I'lipi Iiial " 
 'li-ln'litii! !■•• iir 
 ili'liclituii' 
 stii.k. 
 
 S]H'iMtir |ii r- 
 t'ormiilH-i'. '/v. 
 
 S^icitic 
 
 i 
 ; 
 
 "i 
 
 I'l-rt'iiniriiir 
 
 h 
 
 
 ■iiiitnirl is 
 
 
 *T 
 
 with thii-il 
 
 
 
 IKirtv or :i> til 
 
 
 
 lii'lw'iitiin ■* I'f 
 
 
 
 iiri'tliiT 
 
 
 
 rill.lliliuy. 
 
 
 
 I'orfiiturt 
 
 I 
 
 
 nt' ji.'liil ill 
 
 
 
 -.liilniiiits Ul 
 
 
 
 .lefiiiilt. 
 
 
 
 IiIm'^ given. 
 
 ■im 
 
m 
 
 •J9« 
 
 L'NDKRWRITINO. 
 
 [Chap. IV. 
 
 PHECEDKNTS. 
 
 Form 13. 
 
 UndiTwritiT's ]>|. 
 upplicatiiin . 
 
 IM..I 
 
 Tin; A ('i)\iimn\. I,imhi:i) 
 il' KiD.iMMI -liiirc- III' 1/ I'Mili. |i:i\alili' a^ tull' 
 
 l(> llii' aliiiNt'-iiMiiii 
 
 il I 
 
 Clout IciiH'ri. 
 
 I 
 
 II '1 1 1 
 
 iii'.sl Mill t.11 ailiiiil nil' a- an iiiiilciwiili'r at a i-i>iiiiiii--'iiiii i>\ 
 
 V 
 
 il' lO(l) dl' tlic aliiivc shall 
 
 aciv li'ss niiiiilicr mhi thiiilv 
 
 lit, ami ii|iriii llii' torins .-ci 
 
 loilli ill till' within iim<litioiis. 1!<- >ii '^'n 
 
 i.s 111 iiiitilv nil- liy pii-^t vmir ari(|ilaiir(' ln' 
 
 IVIll'. 
 
 \i,iii-.-. Ac 
 
 Daii 
 
 All iiiiilorwritinL' li'ttrr. if fi 
 
 lull - 
 
 I- ;l -|niT 
 
 .■^ifiiialui'O . 
 
 A(l<lioss -. 
 Oil u|iatiiiii — . 
 fii'il miiiil'i'i' of slians niilv. lieini; ;ui 
 
 iitlVr iiHiit, iiiilr-s iitliiTwi-e i'\pi 
 
 ,■(1 tl 
 
 lori'iii. lie ni'ii'i 
 
 iiti'il fur till' full iiiinilii 
 
 nf shari"*. Mr 
 
 111!' till' insi 
 
 rtimi i)f till' word" '" or anv li'i'^ inimlii'r you think 
 
 tit.' 
 
 Tlic roiiilitiiinn aro -iimitinios ri' 
 
 frrn-il to as u't I'ortli " lii'lnw. 
 
 within, or ■• nil 
 
 l„r,-.'il I 
 
 irrriin. 
 
 liodii'il ill tlie letter ami nfernil i 
 
 ■ at liaik," ami sniint'iiii"* tin 
 till' ic'inlilion^ follow iiiL'." 
 
 I hh\ arliiiii\\k'(|oo iiuliir nf vmii .in i']iiaiu i' nt' ti 
 
 ovo lor — 
 
 shares. 
 
 Siilii'ihiri' iij I'iiih I'li'iifi'r 
 
 I'a^es frei|ueiitiy arine in wiiii-li an iiiuli'rwi'iier aili-fjes tli.it he has not iii'ii 
 iliMii notiie of aeeeptanee. and it is tiierefurf ilrsiralile to olitain an ackiiow- 
 ledfiiiiiiit miller his hand at tin foot of the letter. 
 
 lilt 
 
 I'liiiililioii.f of I'lidrnrriliiiii. 
 
 ruderwritinjr I Apjilicnns arp to 1)0 in tlio form ai eoinjiaiiyiiio; ur loforred lo in 
 
 eontraet f],p piosiiootiis iolntin<r to tho alwivo issuo as fiiiallv -oiilod ami lileil 
 
 (veiidorn or ' ' . 
 
 promoters pay witli Roiristiar of ( ompaiiio.s. 
 
 oomtnisHiou), 
 
 Sometimes words are added thus •■ And notwithstandiiiff that the same 
 departs from the draft prospeetus previously suhinifted to the nnderwrilers. 
 
 Sometimes this elau.se runs, '• siieh pro.speetus to be framed siilistantially la 
 aceordanee with the draft annexed hereto." .o- •' franiiil on the sreneral lines 
 of the draft prospeitus dated the day of . with snih. if any, moditii a- 
 
 tions therein as Messrs. .\ and li. ilielow referred to as 'the vendors') may 
 
KOHM8. 
 
 ,„ ,„ l,„t so that 1.0 alt.-ratio.i b- ...ail.- as to .ho ■•apitul or a» to the 
 
 ;„,„„„. „.,..l,. pavahl- on applhation an,l uU„t,n,.„t," .r " fram.-.l u, a.-.op.l- 
 ,„,,. «ith th.- .Iraft as ultioLulrly nrtthnl an.l approvr.! by .\ --rs. - , tl.r 
 ■,„„,,;,„y'. solicitors, l.ut s,. that th.^ amounts p.-r share payaMr on appluation 
 .,.,1 iilotnicrit r.'siiP( tivcly shall not cxi'Oi-il t - and t- - ." 
 
 |,'|, ,, rally .1-sira t,. h-av.- s.opo for alterations in tho -Iraft pn,s|>,...tus. 
 
 „,r i, v.rv rommonlv ha s that so .Iteration iMMono's „,.,-..-ary at the 
 
 I,,, ,„„„„.■„,. an,l. in the ah-enee of authority to alter, it »o„l,l l.e ne.essary to 
 ; L Vl the underwriters to eonseut. Oe.usionally a provision >s added as to 
 „luTli-inL; '.'/., -aiHl sueh pro.peetus is to I.,- advertised and . ireulated to 
 '„„„ extent as the eompany's brokers shall advise;" but it w.mid not be safe to 
 ..V ,l,at it should be "duly" or -fairly" or "widely adverti-ed for then 
 
 ,;\,„„1,1 1, „ to eaeh un.lervvriter to obj,-..t that the advert, senu'nt was n,.t 
 
 .uffieient. Somel.no.s it is provided that the prospe,-tus must ,.p,'e,fy the day 
 f„r np.'ninL' and elosinu' the list of subserii.tions. 
 
 J JVli.io throe oeloek on tlif day on wliieli tli« i)ios|,oi-liis ndaliiiy: 
 lolhe aliovc isstic is lirst ailvoitisod in tin- lunvsiiapi-is or ..ii ulii. li 
 ,1,0 lisi ol sul.seriptioiw is opened, as H\miiml in the piosi.oelu.s wl.rn 
 nnMislicd] •■ach nndfiwritor in U) apply for th<" miiubor of tlie slum* 
 „„aerv,rim.n bv luin. and ovory sueh api)lie.^ i.ust Ik> .ueoinpan.od 
 |,v a ehr,|n.. in lavour of iho haiikois of ih,. . oy lor .ho r<M|nin..l 
 ,lei»wit I'H such sliaivs. 
 
 •2ii7 
 
 Form 13 
 
 ppliiation to be made 
 
 the (lav 
 
 >rt 
 
 by the underwriter or lii» nomine 
 or ■• sitrneil by the undirwriter or 
 
 It IS a .ipmniori plan to recpiire the 
 ttliieh the list is opened. 
 
 Somi'tinu's tiu> form runs, " si^'iied 
 iiiiiuinees (upprovi'd by Ihi' eompany i." 
 >.tlier r.<ponsible person or persons a|iproved by the eompany." 
 
 A eautious un.lerwriter .sonn'ti.nes a.Uls a n..te lo his a|>plieatn.n as lollows: 
 • V./(. I make this a|iidieation as 
 
 r'lief, /II') I'll'i. of tlo' iinderwnters 
 
 as an undervvrit<T, and on the footing that 
 
 the pulilie ,ub-erlptioiis are to tro in 
 
 "som'eti.iIe,,'an underwriter -uards a- inst the danu'er by ^vritin..' to the 
 r,,iupuny ii separat.' letter, referri-it' to his applieation and inlorminjr tli.^ 
 ..i.ipau'y that it is an underwriting appliea!.-!., and that it is made 
 
 botinu'. *;(■• ., , 
 
 not reonired to subscribe niilrl the 
 
 III! the 
 
 >ometime 
 of the list^. 
 
 ease substitute eondition H for 
 
 2, and let ilie I'ollowini.' 
 
 rlau-- 
 
 ' be eondition 3: 
 
 :l II upon llio (•losing' of tho li.sf of -iibscriplions iJio whulo of llio 
 t-iiuics (jil, ivd shall not have boon subscribod for by the puldic, each 
 iiii.lorwritor. upon -ho ro(piost of the coy, is to apply, in actoi laiieo 
 with the prospectus, for his proportion of the .shares not subscriU'd by 
 
 the public."] 
 
 V,i„,r„ .:;,!i ;i rondiiiun i.-. used, it is ne<'e»s.-,ry u, ^•ive lo the underwriter 
 uutiie statin^r how many shares he must apply for, and until that notieo is 
 Siveii and default made by hhn he does not " fail " to apply within eondition 4. 
 C.,„^,„t..\-r. Mi,,,-., (1897) 1 fh. ■■,-,'>: /ln,.ir/. l>„/,'i;- uf runrlir' v. t',,i,-l,i,-i, 
 in T. L. K. 72. 
 

 IP'- 
 
 •,'»H 
 
 Fonn 13. 
 
 UNUKKWK1TIN(J 
 
 [Chap. IV. 
 
 Ji. Till' jiublic niibHcriptionx for tlif fhurcs rcwivod lM>fon> lhf» 
 flosinp of flio (iiilwrription H.^t uro (o jro in roliof of the uiKjorwrilors, 
 in propurliun to tlic aiiiouiiln uiidcrwritton l)v lliciii i>'s|ily. Subscrip 
 tiunx liv the jmlilic witluliawii U.'foro uUotnicnt, and nubsiTiptiouM 
 I'ojtK'Icd ))v tho diiTclori an uusiilisl'ii'toiy, arc not to bo cciinttMl a« 
 piil)li('. mitwciiptions. 
 
 Siinii'tiniiw pn)visi(jn h iiiail<> *li/it applications initiulind uiid spnt in hy :iii 
 undcrwritrr liofor.' tl»' licnin'i 'm »uliwri|itii>n list, ami iicci'ptiil by thi' 
 
 ('•'Mipuny, ar*' to pi iti fiirtlit . rv on of -siirh nntlrrwritcr".- ohii^utiou. 
 
 Sttnu'timi-^ liit? i^^av of a jmrtion ul' lin' y-iiaru?* Iia^ iit'cn otlnTwi^r Insuri-d. iityil 
 in Hucli case it niny !"■ jirr<*sxary to add a rlau.*i' to tin* rffcct tiiat " the vcndt-r- 
 
 ^llall lie di'i'iniii to underwrite - of tlic said Hliar('< on tln' fiMitin^.' of tl 
 
 i'ondition<," and if »> arranifi'd it ran lir provirlnl tliat tin' pnMi'' "ulwriptieii- 
 ■■ i<li»ll pi first in ri'licf of the vendor-' iinilirtaliinL' at'ore-aid. and any siirplu- 
 sliull iro ill relief of llie iiiidiTvvritiTS." 
 
 4. \\ ImiT uiiv midciw liter tail.- t^i pal in bis uppliiun on tbt- (la\ 
 afs'l, 'b(> coy is to bo at lib«'ity to noniiiiato sonic ]i('ison on l)t>hiih of 
 siii'b II ndci-M liter, to.siyn and put in Miob ap|>litoii, and to (.ojiiliKloan 
 aoTucnit «itii tbo coy for tbe aUolniont t<i sui h uiiderwriit'r of tlip 
 sliarcs tthicb onolit to Itc taken itp by liiiii as afsd or any less niiinliiT 
 and tbe aiitboritv conferred bv tbis claii-o is irrevoral)b'l. 
 
 Tlie aullmrity thus to apply and eontrait, liein^; one of the terms of the 
 eontraet. eannnt be revoked. Ciirmir/iai-l'a niyr, (iHIItli 2 (.'li. tit:i; Cnrli r v, 
 U'hitr, 2,) Ch. D. fifili, sii/:rii. p. 292. irenee the word- in braekefs eaii, if 
 desired, iie omitted. 
 
 If preferred, it ean he provided that "the eoni]iaiiy i.iay treat the nihl'T- 
 writinu letter as a snflieient ajiplieation. and may jllot aeeordinL'ly. " This is 
 jnsi as elfeetive. f.ii- „nril l'ii-ti"illi ix' Ansiirhnii,,!. 42 V. I). 1. 
 
 Another plan is to ;;et each underwriter to sis;n at onee, in blank, a proper 
 form of a|>plieation for the shares, the vendors beinjr empowered to till ni> tin 
 Idank for the [iroper pro[)ortions when asiertained. 
 
 5. Eadi underwriter is lo bo [luid by ibc loy u coniini.ssion at tin 
 
 rate of X. p.c. ou the amount undorwritton liy liiin, 8iicb ooniiiiis- 
 
 eion t.o be paid within days aftor tlio coy bocouie,s entitlwl to 
 
 et)iimn>nc<' l)usiness. 
 
 Soiuctimes it is provided that the cummi^isiun was to be paid out of .-"iiie 
 particular fund, e.g., "out of the cash portion of the purchase-money payalilu 
 by the company to the vcndorK, and the payment to be made within ^~ days 
 
 after the first ir<''"'''"' allotment of tho shares aforesaid, nr within days 
 
 after the completion of the purchase." or within days after the payment 
 
 of the first instalment of the purchaHc-money payable by the company to the 
 vendors. See now sect. 89 of the Companies Act, 1908, »«//ra, p. 279. 
 
 When the commission is to be paid by the company out of premiums, prei- 
 sion should be made accordinijly, e.q., " is to be paid by the company out of the 
 premiums received in respect of the above issue a commission at thi' rate of 
 £ per cent.,'' &c. 
 
 ^t^ 
 
FORMH. 
 
 •'H!' 
 
 \, li> payment "ut of proniiiini*, wo p. JMii. »«/./■<. Form 13. 
 
 S.,iiiitin.i-. tli»' .otiipiiny rc..r»p-. powrr to K.-.tiify tlif r.,riinii->i..p l.v tlir i.-ue 
 i.f paiil-iip "liiirr*. 
 
 I, 'llii' iimlorwriKTM aw to U- wli<-vitl ultx>t;oth('r, llIllo«^ at l.'iw*! 
 - ^ oi' Ihp «d sharcw aro undorwrittoii »M>f(iro the prtispeilu< i- (mH- 
 
 Su> li tt riiiiilition ill «)metiiiifs inwrteil. 
 Somctiiii"^ a icimlitioii us follows in inscrti'd: — 
 
 luidi liiiiltTwiitor if to lie ill lilicrly In deliM-iiiim' lii-* nlili^'atiou 
 i„ Mit.>rril.o if U'toTo the - day of tli<^ . t.v ■<hun\<l. hy i.-iisou 
 
 .,1 iiiilMi.'.-fcii I iriunislunciv^. i,'Pl into liiiiiiirial dillii nil it's or disi icdil, 
 ,,r il' bol'i'K- tliul dato any war or iiuliliral di.sturLai^ fs ..r [lar.io 
 -Uonll l.roak nut and soriounly ailert tho English iiiont-y luurlvL't."'] 
 
 : No underwriter is to ettoot any sale ot siiuros in tho toy, oithor 
 .Uioith oi indiroftly, unlil ' at U-a.sl fuurtfcu days;) aftur the lirsi 
 .-eiioral allulnuiil of shar(>s has lakon phu'C 
 
 S Aii\ allouuciil U> an uudfrwritor ;i.s smli niusi U' luado within 
 weeks from tlic dati' uf his applii on for a<liiiissioii a~ an under- 
 write! . 
 
 '.I Any iioliio to an undcrwrilor may l»o given by tieudiiig thu same 
 tlirou^'h the post, addressed to him al tlie address stated in his form 
 of aiipli" I.I: fur admission as an underwriter, and shall bo deemed to 
 lie served al the expiration ot 2t hours afler it is jtosied. 
 
 To 
 
 L'-lti-r ..I 
 aciM'ptant-f. 
 
 Sir, 
 
 With referenee to your rciiuosl of the iiist . we admit you as an 
 
 imilerwriter of ordinary shares in the above coy. at a comnussion 
 
 •f -- p.e.. upon the fooiiiifr and nubjecl to the conditions therein 
 referred to. 
 
 Yours, &e. 
 
 Ill many ease^ the liability of an underwriter turns on the question wl)"tlifr 
 iiis otter to uiidiTwritu has been accepted by the persons to whom it is 
 .iddre^sed. Accordingly, a record of the posting of the acceptance should be 
 kept, or, eetter still, let the underwriter sign on the letter an acknowledirment 
 il^ below, p. 301. 
 
 HH 
 
:K)0 
 
 UNDERWRITINO. 
 
 [Chap. IV. 
 
 ; • 
 
 Form 14. 
 
 I'niUrwritiii^ 
 U'ttor with 
 •^iifuifl iippli- 
 *-iiti(>ii una 
 <li<potiit. 
 
 TiiK B (oMi'ANY. Limited 
 
 ( iipifal X — , iliviiled iiiio 
 
 TIk' |i1ii|mp.«ciI i,s?.|M' ol 
 Til the uhiivc-ii.iiiii'il ( 'fiiiipaiiy 
 
 >lian''< of 1/ eiiili. 
 
 i;<'iill<'mi'ii, 
 I. With irlv 
 
 ri'ini' Id ilRMliiili |iio.«|ii'i|iis. 
 
 iti-il tl 
 
 lii\ i.| - 
 
 you pniix 
 
 ami ijiarkfil "ilial'l .-.iilpjoil In ii'vi-i'iii,' wliirli wlicii linally M'ltlr.l 
 to issue, ami loi' llii- riiii.'^oii In-low iiii'iilii. I llii' umii'i- 
 ludciwiik' - ol' llii' aliovc .liaios no to lio olicicd ainl 
 liaiiij you an apiilicon I'oi- llio ruiuc lojjfcllH'r with flu'i|ur Ini 
 for ])ayiiiciit of llu' .l('|M>.-ii of per sliaio jiayabio on tlic 
 
 sijriici 
 
 hh 
 
 I 
 
 MOW 
 
 IK'S nmliTwiilU'ii li\ nil" ulii'li is to l>i 
 
 ip|ilii'il ari'oiiiin^'ly 
 
 It U 
 
 nuw viTV romiiiuii 
 
 to ri'i|uiir uii iiiiiiir»rit<'r to "i^n at oui'p a form 
 
 ■H'V 
 
 lii'iit 
 
 loii una iiav omt ttir a 
 
 i|>))li'at 
 
 Hill iiioiin 
 
 till' [layiiii'iit roiiii- 
 
 cuaraiitri 
 
 ,f /,. 
 
 h-./r 
 
 '2. Mv .sulisrl'ipMoil Is tci 111' 111! llic tlTPIls ol your plospi'cfu- .IS 
 
 finally sotlloil ami lili'il with iIh' Hi'jris'rir of Cuiiipanii's, .nid y. m 
 are .it lilitTty to insi'il tlii' ilalc of such )iiospeitus in my appiiron 
 
 ' r 
 
 ■t •■ 
 
 f 
 
 
 ;t. If !)/■ liio wlioio of tiio .sil - .shaii's ill your lapila) .siiait 
 
 bo applioil for by ami alb'tti'il to liie publir. I uiii not lo In; alloltrd 
 
 any .slinios in rcsjiod of my appiiron: Imt if j^tlii' " nolo of .■ikIi 
 
 .«ihar<'s bo not so applioil for anil allottod, ihon all ap])lirons ni idu In 
 llic publir on wliiih allotmi>iit.s aro madi' an' lo bi- ap| iii'il in ii'iiil 
 of the undorwritors, iniludino: mysi'lf, raloably in jiroporiion ;o ilic 
 amount of tho .shares unilorwiiiti'ii by ihcm losply. I'rovidi'd tiuit ii 
 any of (lio iindorwrilcr.s .shall, undi'r ilauso t of liio undiMwi iiin- 
 lotlor.s. .siibsiribo or [iroriiii- suli.si ripiioiis for anion lus in cvii-s- of \]ir 
 amount.- whirh llioy would bin for this proviso liuvo to taki' '.[i, tiun 
 tho oxtoss shall bo applied in relief of tlio iiiidi'i wriiors wh" liavi' ii'h 
 loniplctely roliovod ihoni.selvcs updor claiisi' 1. and in pio|iuilioii lo 
 tho aiiiount.s undorwi illoii by ihi'iii rosply. 
 
 I All appiiion.s initiallod li,\ iiii' and approved by you. sciit in i'> 
 mo prior to tho time fi.xod by the prospertus for closinfr tlio list of 
 .subscriliers, aro to bo applied primarily in ..>lii i "f my oblijiration iii 
 Mibsiribo heroiindor and shall no! bo ronsniiii'il siiii-iriptions by tin' 
 publir 
 
 ."). II 1 witlulraw, or do not hand you die abovoaiiuld aiiiiiic'ii 
 you are lo be at liberty to authorize any one of your officers in ni} 
 1. iine or on my behalf to si>;n and \y.\i in an apiilicon in the form 
 rol'errotl to iu the prospeitus as published for the number of shares 
 
M 
 
 KDKMS. 
 
 Ml 
 
 „i„|,.ivuii<'ii liv Mi- ..I iiii\ li'nx iiHiulM'r, aii4 lo uil.r uii ali'.'in.Mit iii Fonn 14 
 
 ',,,,,,..,■ ill. r.uL au'l 1 uill |«iv IIh' ' ' ' I'l'l''' ' "'"' -'H'"!!"''" inniifv 
 
 ,l„ll,l■.llatl■l^ iilfc r.Tciviiiu fioti.r i.f alloiiiifiil 
 
 I, \,.ii lie williin -.hiv.-ulKM _v..ii r-lmll I '.ivi.iiic i.ntilliMl to 
 
 ,,„„iii l-usiiK'.-^ 1.1 pav nifaci.iiiiiii-^Moii -'I - p '• in .ii-li >>it tlii' 
 
 ,„.iiiiiial ..iii-'iiiii "I ill" -liiiii- I.nviititii liv iii.'. r<urli .ommi^Moii 
 
 . 1. |„l ulii'llH'i- I am ii'.iiiiriMl I., an. -Ill an allotliK'ii' "I ^liaii-^ '.r 
 
 „„,. 1,1,1 if an all..i tii l.<' ma.lr ' ■ in.> w< . .,i,iiiussi..ii is to !..• pa> - 
 
 .,|,|,. uiiii! till' ' '■> a|i|)li<i>n aii.l ,ill..im.'nl nmnfv.- |ia>alil.' Iiv nii' lia\.' 
 l„,,.|i |>.l. an.l v.m laa.v appl.v llic . ..iniiii-M.m in or t..\vai.l< pav n1 
 
 .,|' .-U' ll Mli'fl('\S, 
 
 ^(,11 all' In Inivi' lln' .iplion of Halisfvin;; lli.' aimainl pixaMc l<> 
 Ml.' 1'^ all.itiinjr I" iiK' lnll.v P'l-iip "'i'"''''* '■" y"""' <'"P''"' '" '"' 'i»">ii''l 
 ,,- ,,i |Mi valui'. ami it v.m clt-.t t<i cMMviM' llii* opii.ai mhi arc liclorc 
 ..Ihitiiicnt t.i fiiK'r iritii a Dnlra.l with M.ini.' pcrs.in as inistoc I'.ir nii'. 
 ITovitiiiiL-- t"r till- niakiiii;- of siii li alloinnMit in Miii-'facti.>n. ] 
 
 A- iiiitluM (imMin, lam In liavf ilit' i i:;lil. i'\cr(i>.al.l(' a! my liiin> 
 
 l„.t,.n' ill.' - <lii.v iif . Ui <al' i'<r til.' alloinicat ai par nl ..iif 1/ 
 
 -li;i!.' ill \iair ..ipilal lnr evcrv I/. .-Inirc iiiiilfrwrilion l.v nii". Kv. r\ 
 ,,i, |] .ill iiiii-i lie in writing; iMhlm m\ liaml -.'rvi'd on y..ii. and 
 „,.,,, 1,1, Miiicl liy tho par vain.' ..1 lli" .-liarc- lalli'.l ('..r. ami von ar.' t.. 
 .ill..' till' .~luiri- s,, lalU'd l.ir m ni.' .r K. my noniiiifc as I may .iirt'd, 
 ,.n.l catii mil max ..nnpri.so so many <>l' tliP n.1 shares as I . Inmsoj 
 
 'i"li:it 11 . liiiisi- as al)i)V(> is valid, sec »i(;ji", p. 284. 
 
 7 1 am mil to !"■ lioun.l to hulis.rilic niiii-ss al IfaNt — of tin' s<l 
 -h; ivs ar(> nn.iorwrilUMi jirior In lli<' pulili. ali.iii of tin- pr.rtpo.ttis. ami 
 .ii,\ allotimMU t.. mo miisi lie nia.U- lu'fnrc llic .lay ot - 
 
 ^ Ms oliiipilinn lii-rcninlor is to hold ^rood mnuiilistamlintr any 
 filiation hctwccii tin' .Irafi pr.p.spc'tiis siil.mitU'.l vt mr. as almv." 
 n I.Tiv.l to. ami tin' pmspivtus as finally M'ttleil an.l piihlishud, pro- 
 V „l.'.| that till- amonnt "f tho .apital of tho . oy. namoly. f - divi.I.'d 
 int.. shares nf 1/. oa.li, is nni altoro.l. 
 
 '.I Any notico to mo may ho sorvod hv spn.liii^- ili, sumo hv iiusi 
 I'l.lrossod to mo at tho snhjoincd a<l.lro.sis, and shall ho .li'om.'l tn h.' 
 — 1 v(>il on tho day fnlln\vin>jr that on whioh it is posto.l 
 
 I'.. >.. M-nnd as i.) notify fi m.' your ari^.-pianc' "f this jn-.-iinsal. 
 
 Da!.' I this - day of . 
 
 [Si^iiiatttre of I'mliruritir.] 
 A.i.ircs.s. 
 
 I acknowlod^'o notioo of your acccptanoo oi tho iih- proposal for 
 
 — shares. 
 
 \ Siij i-'-t ufc o) I udrniriter. \ 
 
■ W-2 
 
 UNUtRWRITING. 
 
 [Chap. IV. 
 
 i'l - 
 J' ' • 
 
 Form 14a. 
 
 Acceptanc'f of 
 iindfrwritinir J^ji- 
 proposal . 
 
 To 
 
 of 
 
 With icIort'iKP to \cmr underwiitin;; j)io|)0."<il of tlio of — , 
 
 ii copv of wliirh i.s sot forili uhovp, tho inv liliy accopt.-* tlio samp for 
 
 .•iliaros aiiil afkiiowledtrt's ih(> rccfipt of tlio ilifi|uo for i' 
 iiciii);' the (Icpor^it tlii'roon. 
 
 Date . 
 
 ■ ' ■ ' Directors, 
 V. I). ) 
 
 *I5 L 
 
 t; 
 I 
 
 J 
 
 \m 
 
 h ■ I 
 
 I 
 
 Form 15. 
 
 Sub-under- 
 writinjr lettor. 
 
 
 The — CoMi'wv, I.imitkh. 
 Capital f . (liviilc'l iiili) sliaii>s of i/. catli. 
 
 I'mpost'd issm uf — »hart'>. 
 To - . of . 
 
 Sir, 
 
 L'uderstanding iis I do tliat you have, lor a ronmiissiou to bo paid 
 
 bv tlio aliovo-naiiiod coy, underwritteu of the above shares, I 
 
 hi'ivliv propose to Kiib-uuderwrito of the ^^amc .sliarc>^, aud now 
 
 hand you an ai>i)licon for the «aiiie, tog^-ther with i1km(Up for £ 
 
 for iiavnioiil of the deiiosit of ])er share payal)U' on the sliaix's 
 
 siib-uiiderwritton by mo, wIulIi is to lie ai>plie<l aciurdiiii^ly. 
 
 My subscription is to be on the terms of the eoy's pros[)ectu3 as 
 liually seltled, and liled with the l{e-istiur of rompanie-. an<l you aro 
 to be at, liberty to insert the dat.ol muIi prospertus in my applicon. 
 
 If ilie m1 shares in the co_\ s iai)ital ^liall be applied fur 
 
 and allotted to the public within days after the [lublieation of 
 
 the prospectus aforesd, 1 am not to be allotted any shares in respect 
 of my applicon, but if the whole of the sd shares shall not be apiilied 
 for and allotted within the period uforesd, then all applicons made by 
 I he pid)lic on which aUotiiient.s are ina<le are lo be ajiplied in relief of 
 the .sub-underwriters, including: myself, rateably in proportion to the 
 amount of theshures sub-underwritten by tJiem respectively, and only 
 iiiv i-ateable proportion of the 8harcs not bo apjilied fur by and 
 allotted to the publii' shall be allotte<l to me. 
 
 All applieoiLs inilialh'd by uie and approved by you sent in by me 
 to the (!oy prior to the time tixed by the pro,>pci tus for closiny: the list 
 of subscribers are to be applied in further relief of my oblifjation to 
 subscribe hereunder, and shall not be (oiisidered subs, ript ions by the 
 
 public. 
 
 If I withdraw or do nut hand you Uie above-mentioned applicon. 
 vo!i arc t" be at liliertv in mv name aud on iny Ix'hiilf to sh^n and put 
 
FORMS. 
 
 in an uiiplifoii iu the form referred to in the prospectus as published 
 fur the nuiiiU-r suh-undorwritteii by me or any lews number and take 
 an alloliMciit in respect thof, and I will pay the ap|)ii(:on ai.d allci- 
 mciii money immediately after receiving notire of allotnii-nt. 
 
 ^lu are. within days after you shall have been paid your 
 
 uuderwritiiig oonunission by the company, to pay nic a commission of 
 
 ppr tx?nt. in cash on the nominal amount of the shaii'.s .-iub- 
 
 iiniit'iwr'ttcn by me, such commission to be paid wlietiier I am 
 ix'i|iiiic<' to ;ii ccpt ail allotment of shares or not, but if an allofmont 
 be nude to me no commission is to l)e payable until the a])plicon 
 and allotment moneys payable by mo have Ikhmi piiid, and you may 
 appiv tlie commission in or towards payment of suili moneys. 
 1 iim not to bo bound, itc. f>ef Form 14.] 
 Mv (ijilii^'ation hi>n'under, Ac. Si'e Form 14.] 
 Anv notice to me may be serv<'d. i^c. Sift' Form 14.] 
 lie so pood !i-s to notify to me your acceptance of this propo-al. 
 
 Dated this - day of 
 
 Siijnature of I'ndfrinitcr.] 
 
 .Vddress. 
 
 :iO;} 
 
 Form 16. 
 
 I u( kno\vledi;e notice' of \our acceptance of the above proposal for 
 shares. 
 
 Sifinatiirf of rndcricrifer.] 
 
 It i> pxticini'iy iiiipurtaiil to sciiirf tioui the underwriter an ai'kiicpwle();fiueiit 
 ill writliii; (if the rei eipt of iiotiee of aeeeptatiee of hU unilerwritin); proposal, 
 f.i otherwise wlieri' the party to whom the letter is adilressed, in exercise of tlie 
 oiihority apparently eonfi'rreil hy thi> h'tter. proposes to Hiijn an iipplieatioii 
 fur -!i:ire-, thi' eoiTi|i;Miy may not iiuproliiilily raise the (luestion v hether Ihe 
 
 .11,1- iias I II a.eepleil. The i-oiii|iany has no riifht to presuiiie the ;ieee|itaie r 
 
 "I the offer: anil if the offer leis not. in fa<t. Iieeii duly aeiepted. the ,ipliea- 
 rioii. )iiii-Muiit tliereto. will 111' ineH'ci'tive. See r..„..,. ' /If, /, I,, r,/ i;.,>,r Mi,,,-. 
 /'.'.. , lS!t7. I Ch. 57.1. 
 
 'I'm; 1) CilMl'WV, I.IMITKl). 
 
 (About to be registered.) 
 I'lnjiosed issue of lOO.tJOO shares of \l. each. 
 I'll \. H., of - , as tiustee for the above-named coy. 
 
 • iiuitiiiM • it is found desiralile t4i iniike thi' tinderwrilin;,' eontraits with a 
 tee li>r the proposed eonipaiiy, o that the underwriter may he sreured 
 .!■.' till' r\peii-e of ri'j,'istrulion is incurred. 
 
 W iili lercience at in Form 14]. 
 
 Mv sidiscription is to be on the terms of the coy'.s pro^x^^^^"^ ^ 
 iiially settled and issued, and j-ou, &c. [as in Form 14]. 
 
 Form 16. 
 
 Underwriting 
 letter to 
 Irustte for 
 ■ ompany 
 
 aoolit to be 
 
 fornnHl. 
 
 I \\^ 
 
;i04 
 
 UNDEKWHITING. 
 
 rCHAP. IV. 
 
 Form 16. If. i^<'- <(*^ «» Form 14J. 
 
 All iippliuoiiK^Ao. a.t in Form 14]. 
 
 If I withdruw or do not liaiul you the abovc-mcntiouud upplicon, 
 vou arc to bo at liberty in my name and on my behalf to sipu, ic. 
 as in Form 14]. 
 
 The coy is witiiin day.s after it ha.s become entitlcil to com- 
 
 menc«< business, itc. as in Form I4j. 
 
 1 am not, ie. an ill Form 14]. 
 
 My oblijjation lioix>iin<ler, Ac. «.s' ((/ Form 14J. 
 
 You are to be at lik-rty on my behalf to concur witli tiie coy in 
 nuikinj.'- a conlmct under wliich the ' ov i.s to take your place for the 
 purjiwe.s hereof, and if such con' .wt i.* not duly made \taioiv the 
 publication of the pru-^pectus 1 am to >taiKl free from all obliaratioiis 
 hereunder. 
 
 'The rc'^t ax in Form 11] 
 
 Except iis allnwed I)j- sul)-siMt. 1 of srit. SO, conmii.^sions, ilim-ouiits .Vc. out 
 of caiiit^il in rclatiiiii to tin- tiikini,' nf x'nin's ar.- pnihiliiti'd ; hut tlii> M-.tion i- 
 
 not to aftVrt till' powiT of tlii' ( ip''".^' '" P-'X l'r"li''""aL'c' at thf or.linary i;it. 
 
 u« lu-rt'toforr. 
 
 Underwriting Letter. 
 
 I 
 
 \. 
 
 To THE 
 
 t'0MI'\NV, LlMlTRI). 
 
 Form 17. 
 
 l-mlerwritiiiK Proi)o.-ed i.ssuc of l(M),(ii)(( Ordinarv Share.-s of 1/. each; 
 
 letter when- ,. , , ,, , , , 
 
 application Payable a.-^ to - on uiiplu on. and a.- to on allotnu-ut, iV( 
 
 not to Ite ln:i(le 
 
 till list il(Md. tientleiiien. 
 
 1 aii-ree. for the con.snn below elated, to undcrurile sliar<- "l 
 
 !/. t'acli in llic iilicive-M^imed co\ . 
 
 iMv .sub.-cripliiiii i.-* to lie on lln' terms of llic coy - profpectii'^ a- 
 linaliy settled and published, and upon the form accompanyinir oi 
 referivd to in smh prospoctu.-. 
 
 If ujion the ])ublicaliun of the prospectus, the whole of the mI 
 100,000 shares shall be taken up by the public, then no allolu; .il i- 
 lo bo made to me; but if the whole shall not In- so taken up, then I 
 am to be bound to subscribe for and take up the n^sidm'. 
 
 The considei-alion for my enlerino: into this a:_'iveml shall I'C 
 
 \v., &c. 
 
 Applicons pnieuroil by mo and properly identified an<l approved l.y 
 vou. ujion which allolmeiit.s shall be niad<>. shall <ro in reduction ol 
 iiiv underwrilin^;- obligation, and shall not be counted us applicons h\ 
 the public. 
 
 As .soon as conveniently may be after the time lixed by the pro- 
 spectus for the closing of the subscription list you are to inform nic 
 
FORMS. 
 
 :MVi 
 
 ilii' iiiiiiilior of sliarcs for wliicli I am to snlwcribe as above, and Form 17. 
 
 iiiili's> Hilliin liours from siicli iiotii* UMiifr frivoii I apply for thv 
 
 -;iMii' Mill aro to lio lit liliorty to troat tlii-* lclt*M' its my applicoii 
 Id the .Ninio. aiifl I will )iay tlic allotiiKMit moiioy iiiiiiKMliatoly nftcr 
 icdiviiii: iiotico of iillotniont. Your TOrfitifalf in writinp: tlml I 
 liavr so tailed and a." to tlio minihfv of shai-es I am bound to lake 
 shall bp conclusive. 
 
 I iiiidcriak<> not to ctlpci aiiv .••ale of shares in the coy, either 
 .liicdly (ir indirectly, until at least fourteen days afun- the fir^-t 
 ._y, lul allotment of fhares has tiikeii place 
 
 Anv alliitinent pursuant to this afrreemi nmsi be made on or Ix'forc 
 ihi' day of next. 
 
 Aii\ notice to me may Im- sent tliioufrb the post in the sulijoiiicd 
 aHilic^^s. and shall Ik» deemed to Ih' served on the clay following tlui 
 on \vlii<h it is posted. 
 
 He so ir(Mid as to notify to me your acce|>taiic<' of this propos.il. 
 
 1 lilted the day of . 
 
 [Si())uitlir<' 1111(1 Aihhcf: of rinh'ririilir 
 I ;irkno«led<re, Ac, soe suinii. y. .'H'l . 
 
 Siiirjitiiiiis the undcrwi .ii - li'ttcr-^ coiitniii ii |ir()visi(iii that the sh:oi'.<. it' 
 
 ;itiy. t;ik''n iijt pur.-niir* • arc to l«! poolnl, t\fi. : 
 
 .\s ic^^aids any lotted to me pursuant lito. 1 am to [lool the 
 
 .soiie liv sifridiifr o. , (|U<'st the p<Milin<f asiriH'mt. a copy of wliicli 
 
 i-. iiid'iised hoieiiii, i . ii 1 do not con))>ly with sin h recjuest within 
 \1\ liniiis atlei- the makiiiy; tbol you ma\ sij;n the sd poojiuf;' ayroeinl 
 oil iiiv behalf. 
 
 ■ onii.i (i. I , a 
 
 ndS. 
 
 TUK 
 
 Com f ANY. Llmited. 
 
 Form le 
 
 Is-iic lit' 10.0(10 Piefereiice Shai<'s of l(t^ each, at a prpmium of 2/. Tmlprwritii. . 
 
 per share, payable as follows: - sttite huir]. ...mtrw-t with 
 
 » * • -i tho ctunpnity 
 
 Conditio)!" of Liulcnnitiiiij. 
 
 I The above shares are to bo olfered in tho first in.stanco to the AVhen.wau- 
 I . I 111 ... , t ..It niiMiuii tmui 
 
 oKliiiaiy shareholders iii the above coy in accordance with the arts ,,„t „! prv.fci- 
 of ;i>.»on, and those (if uiiy) not taken up by them are to Vn' ollered 
 till' [iiiblic sulisciip(i(in by a prospi-ctiis approved by the coy's brokers. 
 Messrs. — -, and on the fooliiij;: that the issue price, 12/. [wr share. 
 is 111 U' jhI up as above. 
 
 - If any sudi prospectus is published, an underwriter. Ix'foro 
 •'t 11 1 lock ou the day on which the list of subscriptions is opene<l. as 
 
 fl 
 
 \'i. 
 
\vi 
 
 
 :{(»« 
 
 Form 18. 
 
 UNUERWRITING. 
 
 [Chap. IV. 
 
 ... w ii. uiiilv or procure respoiisihle 
 specittod ill Slid, i.r -sih;. tu>, is to a > ••> o i 
 
 ";S;ru. bv .„m,i„«-s .1 ... „„,l™.ri,e,. it „„„.nri ..v .„„,, ,„. 
 
 "fljttlirSliu U,»,o.,.h..U,-M 
 
 „,. .0. ;. .« b, M libonv !« no„,„»t. ..,. p.™.. !•> "»" ""'' I"" '" 
 
 ot p t ■ o'l "»• •' , ,„j(,L.es of iillotniout ar.' 
 
 :::r^:::-:.n; •::';.:";::;« 1..-.-... 
 
 7 \nv allot.u.M.I. fVw 13, t/«u.sr 8. 
 8. Auy nolUo. F«»>h 13. c/.iH.fc i» I 
 
 , hbv 11';:;;;:" - z'j^, ... »b„v. .-« » ..m,, .. 
 
 oniliodieil in tliis upplu'on. 
 
 Bo so ^rood as to notify to mo vo-.ir a.copta..,^ herool 
 
 Sifrnnturc. iMe. dc. as above.] 
 
 I 
 
 Form 19. 
 
 t«i procure 
 MiidMwritiiig 
 liir > lump 
 
 ,V.,KF.KMKNT TO I'KOrrKK UnDKRWKITKRS. 
 
 AN AC.RKKMT nu.do tl.c day of between The — Co^v, 
 
 I imtd of - . l.nftr called ■ the Coy "), "' the one par and A. B 
 
 o"— hnftr .alled -Mr, H •.. of the o.hor part: ^^ ";-- ^^J 
 
 anital o the .ov is 120,000/., dividcl into 120.000 shares of U. e.^ h^ 
 
 As wm-R 's .1.0 eoy is about to oiler 80,000 of the sd shares lor 
 
 rComp'anies: Am. ^v.■KKK.s Mr. B. has offered to pi-ooun, the 
 i.latinp of -lOOOO of tlio shares so t : l« offered. 
 
 Vow TIIIHKKOHK IT IS AGREED aS foUoWS: — 
 
 T' , 1 "Ll. procure 40.000 of the shares so to be offer«l a« afed 
 ,0 be under. rlHen by responsible underwriters withxn — days from 
 
 Ihe duic lir.f. 
 
FORH8. 
 
 ;«»7 
 
 2. Till' iniili'iwiilinK sliall l)e otl'ected In iii(>|M>i(ii)iitniit.- in wiitintj Form 19. 
 sidiii'il liv ilio M'-tiM!! tivi' iiiiderwriters, ami t'rtiiiii'd in ilic loiiiis of 
 the iimlt'iwriliiijj: l<'lt<'i' iinnoxftl lito, save timl if Mr. U. .-Iiiill iiiiiisolf 
 
 uiiiliiwiilt' ))l iii>l i'.\ -ocdiii)^ 
 
 shares 1 of tlic mI Aw 
 
 llii 
 
 idcr- 
 
 wnliii' 
 
 li'ttt'i- >i<j;iu'd l)_v liiiii luuMl 1)0 add it'ssci I \» llic rnx, iiiid tlio 
 coiuiuis'^ioii imviihle tlicrciiiidor AmW be treated a.> in (il i>ii\ iiieiit of 
 the >iiiu (II l."i,(100/. l)oli)\v menld. 
 
 ;i. The iiiideiwiiliii} 
 
 lettoi 
 
 dul\ 
 
 'd as afsd. nni>.l he delivered 
 
 tip till 
 
 >\ wilhiii 
 
 davs from the dale Imf. aiid it shall I<'>| with 
 
 I lie 
 as I 
 
 V on siiih deli\erv lo il<'ilaie whether it i< or is nni salislied 
 aiiv nf the iiiiderwrilers, and if it so derlari's. Mi. I! slinll 
 forth«itli siihsiilule nther responsible iinderwrilers a|iiiinMd In the 
 fiiy. 
 
 4. On deiiveiv to the iin of the imderwritin;;- lellei.s afsti, the eoy 
 is tu l«' endtled to (he full benelit thof, and to exenisi' ail ilie iio;his 
 Ihbv iiinferred on .Mr. H.. and Mr. 15. .sjiiill be bound lo pay the 
 roiiinnssidii jiavable under such uiiderHritin}^- h-llers, and l.ie coy 
 fliall be at liU'itv, out of the sum of t' below menld. eiiher to 
 
 iiav siidi roiuinission on his U'lialf or lo ri-lain the ie(|uisile auiouul 
 imtil lie shall have satisKed the coy that he lias )id the iindornritinii; 
 conunission. 
 
 .'i. In ciiiisoii of the ]iremises the coy sliall. within da\s after 
 
 it ln'comes (Militled to coiumence business, pay In the simi of 
 
 £ - , willi full power for them to .satisfy £ part of ihe sd sum 
 
 liv the allotment of .'J.OOO fully pd-up shares m Ihe coy. 
 
 As wnvKss, iVe. 
 
 •SciIEUl'LE. 
 
 TirK (.'OMPANV. LlMITKIl. 
 
 Issue of .{.."lOO.OUOZ. d p.e. First Mortj4;a},'e Delwiiture- 
 
 For till' I'lH'pose of consolidatinjj and eonvertinjx the outstan.iiiig; 
 llrst and second ')\ p.c. niortj^age delioiitnros of the co\ , 
 
 Tin: new debentures will be redeemable at ln;{ p.c. in 20 years, 
 by annual drawings, the first redemption to take plaif on 1st daniiary, 
 189(i. 
 
 The coy will reserve power to pay oil any debentures at any time 
 
 after tlie of — - at lO.j p.c. on giving si.v calendar mouths' 
 
 notice. 
 
 The new deiientures will l)e secured by a trust deed in the terms of 
 till' diafi already pit-pared by the loy's solors. 
 
 Tile lidhleis of the present debentures will be };;iveu the option of 
 convertinjf their debentures into debentures of the now issue, the 
 option 111 lie e.\ercis«d within 14 days from the first publication of the 
 
 [!l..i-[i,.: !ll^: iif (|.,.-. new is-(ip, 
 
 \ '1 
 
 Form 20. 
 
 Uiiderwritinj,' 
 of a tlcbeatiire 
 
Illli 
 
 308 
 
 UKDVUIWKITINO. 
 
 [Chap. IV. 
 
 form 20. 
 
 :\H 
 
 
 i«l 
 
 Ak 
 
 ruiidilhii^ of i'ndeniriliii;) llie iiboir l)ebviiiiii,->. 
 
 1. All uiidciwiilt't is (.11 tlip (lay of tlio jiuhli. ution "f the |)iu>|«-c tut. 
 lolatiii};- to Iho iil>uv»' issuo to (Iclivor to Messrs. N M. ». & S,,,,-. 
 at — "comt. Laiio. Londoii, an iippliton in \vritiii<r liaiiio.l in 
 accoriluiK i< willi llif t">'" rofoiiod to in siuli prusiwctus, and diilv 
 sifTiifd l.v sill li iiiidciwiitiT, for tlic HUiomil of tlio dobciitiiii's imdci- 
 wriltiMi i.\ liiin: Iml. lofrard U'm<x liad to couditioii <i lioioof. llio 
 upplicoii iicod not 111' a<coiiipaiiit>d l.v tin' d<'|.osit uiciitd in tlii' pro- 
 
 spOOtlls. 
 
 2. Till' «-..v is lo li.' dci'iiiod to iindoiwrilo i. oi tin- di'lii ii.-. 
 
 3. Tin- pnl.lic sul.s. liptious for the di>l.<'iiliiii- arc to -o as to llip 
 list X. - in iidifl of llio covs iiiiderwriliii"^ appliiatioii ul'sd, and as 
 t*, thf siu|.liis in reliof of tlio uiulorwritfrs. otlior than the cov, 
 iu proportion to the anii.iiuts inulerwritten hy tlioiu ix-.sply; and 
 aa<.rdiu<rlv. if the iml.lic .suhsiriptions amount to ;{.oOO,()(»0«., llic 
 underwriters are I-. l-e wholly relieved from their iiiidorwrilin;: 
 oblifrations. 
 
 4. For the pmiiuses of the preiediii^' ilaiise. all siil.siriptions ..i. 
 the footing of the sd prospectus made l.efore the closiii- of the siil,- 
 seri|.tion lists oilier than those made pursuant to <ou,|itioiis 1 and :. 
 are lo he , oii-idered j.uhlie sul.S(ri|.tion». whether for .ash or I..1 
 touversioii. 
 
 :>. Where anv underwriter fails lo pin in his applicon on the ,lav 
 af.-d. the . ov i- to he at liberty to aiitliori/e any pers<.i, t.. siyrii an.l 
 
 pill in Mi.h appli... I his behalf, ami such authority shall <;■ 
 
 ullecti\e All appli<oii made under ihis clause, or uiiiler clause 1. 
 shall not Irt- revocable. 
 
 (1. IVloM' enlertainin- any applicon for acceptanie as an iiiidn- 
 writer th<- cov must be salistied that ibe applicant has pd m lo ilic 
 account of the cov. at Me.ssis. N. M. K. S. Sons, a um e.pial to :. p ■ 
 Oil the aiiioiinl propose,! t«. be iinderwriilen by liii... and the sum so i«l 
 in is to !.<• treated ius the deposit payabi i applicon for the deben- 
 tures iiiiderwiitten by him. 
 
 7 \in alloimeiil on an applicon made pursuant to these iondiliiai> 
 must be made before the day of , oilierwise the iiiiderwriUT 
 
 shall be reliev.-d altojretlior. If at auy time between the si-nm- of 
 thi» applicon and the publication of the prospectus, owinji to ^ravo 
 political or flnancial disturbances, the price of Bri.isb 2^ pc ( ousuls 
 fall to or below ~. the underwriters are also lo bo relieved ot ll.cii 
 oblisration 
 
 K The cov within - days after the closinv;- of the subscription 
 li«t.s is lo pav U< each underwriter a eonuniMsioa at the rate of 
 p.c. on the .imouiit of the debenture* underwritten by him pursuant 
 to these conditions. 
 
 iiMt. 
 
FORMS. 
 
 ao» 
 
 ;i Aii\ iKitico I" ail im.li'iwriU'i' iiiav lji> "jiveii \>\ M-rnliiiy: tlio came 
 tliKiuyli llif 1>"«1 in " l«-'"«-'' aildicsMMl Ki liini ill llie uWdifss ntato<l 
 in |ii.< tiiiiii i<i iiiiplicoii lor a(liiiis-<i<m ii« uii uiiiU.'ruiilor. aiul --luill bo 
 ,|,riii<Ml to )"■ si'ivi'd at iho cxpimiioii "t iwcntv-irHir liour.- .il'lor it is 
 
 |iii.-.t<'(l. 
 
 l.,,ihhiii, Miiil. I«- ■ 
 
 Application for Admission as an Underwriter. 
 
 Til llu" <.'i>,\ . l.iiuKi. 
 
 Cclllll'IIK'U. 
 
 Huviufr imI K) viiiii' l)ankor.s. Messrs, X. M. R. A Sons. ( oiirt, 
 
 - Lane, Luininn. ii --■ bcin^ a depiwit of .'> p.''. mi f ilobou- 
 
 liin'.v ul' llie alxivo issuo, I lihy roniiosi you to ndinil iiic a.» an iindor- 
 HiiU'i (it'tJiai aiuoiiiit <ilil<'lit'iitii«'.-<i)tlliCNd issue. <iv any le.s« miiount 
 spet ilied in voiii' iice<!|)tunce liereol'. Miilijecl lo tlio i unditions of undor- 
 writiiii; annexed. 
 
 Date - -. Name in full -. 
 
 .\il<liess 
 
 Desi liplioii — ■ 
 Sisrnature - 
 
 .\s to till" underwriting of diU'Dtures, moi- pp. 294, 295, «•(//.". 
 
 .-^mh underwrltinjr is not touched by sect. 89 of the Comi.aniRS Act, 1908. 
 
 Form 20. 
 
 ThK < OMI'WV, LlMI IKl) 
 
 Issue of X DelxMiliires, A:i-. 
 
 Til liie above-named loy. 
 
 Geiitlenien, 
 
 Km the iMinsoii linflr iiwntd, I. the nndeisi^ned, ayiee with you 
 ih.ii .1,1 ihe publiraii.uiof the prosiH>elus oileiiii)i: tlieabove-meutioiied 
 .lelientnres for public sul.sciiplioii. I will apply in the form n'ferred 
 
 to ill such prospectus for i. of the wi debeiitiires. and will pay 
 
 ill. re.in llie amount payable on aiiplicon, and w ill airepi the allotment 
 • >i iin.l pay the alloliiieiil iiioiieyM and subHeciuont sums which beeotne 
 |iu\alilc in respect of any debentures allotted to me in response to 
 .-mil a|iplicoii. 
 
 ll is uudeislood that lo Ihe e.vtcnt to wliiili applicoiis are received 
 fiiiiii the imblic before the clo.sinp- of the subscription list. I, and all 
 .11 lie- iiii.lcrwrilerM. are t^> be relieve<l from our uiidi-rw riling oblifja- 
 limis lalealily in pr.iportion to the uuiount of the debentures of above 
 i.-sue uiulerwritteii by us resply. 
 
 Form 21. 
 
 Another. 
 
310 
 
 IJNDKRWRITINO. 
 
 [Chap. IV. 
 
 Form 21, If th( lull iiUKumi -.f ijie ml JebonturoH is wilhiii foiirtpcn (Ibvn after 
 
 the fiivt imhliciiiioii of the prospectus afs<l allotiod in rpupwt of such 
 
 public .suliccriplJoii. I am not to Ik) lial.lo to tukt> np any of tho 
 dobontures lihy undorwrittou. AppliconN rojoi lod by the (lirectom, 
 and Bpiili<-oi:s witlulrawn Jiefore allotment, arc not to bo consi.Icred 
 applicons from the public within the torojroinn words. 
 
 If I do not put in such appliron ut the time afsd you are to ho at 
 liberty in my name and on my Iwhalf to put in such applicon. and I 
 will pay the appli. on and allotment, money immediately after mciv- 
 inp notice of alloinient. 
 
 In <on.son of the preinif^es I ai to liave the rijflit. o.\erci.soabic nt 
 
 anv time before ilie day of . to call for the allotment at par 
 
 of one 1/. .share in your capital for evory 2/. of debentures nwler- 
 written bv me F.very such call must be in wriiin>r under my hiiiitl 
 served on you and accompanied by the p-.r value of the shares calM 
 for. and you are to allot the shares so calletl for to mo or to my 
 noiniueeMi.s I may dire<t. and each call may comprise so many of tlip 
 .said shares as I ihoose. 
 
 If I make default in payinp any sum payable b\ lue in respect of 
 the delx-ntures allotted to mo pursuant to this underwriting letter, 
 you aiv to bo at lil)<>rty to draw a bill on me tor the amount, payable 
 to you or order at the o.xpiration of .seven days from the date thof, 
 and to authori/.e any per.son to accept such bill in mv name and on 
 rnv behalf and such acceptance shall be valid, and payment of suoh 
 bill shall operate in satisfaction of the amount in default. 
 
 Ab to this clause, see n'pra, p. 29S. 
 
 It I oflect any sales of debentures of the coy within fourteen iia,\s 
 after the first •n'neral allotment I am to forfeit my right to .all as 
 afsd, and my right to call as afsd sliall also be forfeited if I fail to 
 pay the opplicon or allotment mo-ieys in respect of the <lebeiiniicv 
 if any. allotted to me pursuant to this letter. 
 
 Aiiv allotment pursuant to this b.'tter must be uiailo within 
 (lavs from the date hereof. 
 
 i assent to any HKHlifications in the draft of the prospectus which 
 has been shown to me before the publication thereof. 
 
 Anv notice to me may be sent through the post to the subjoined 
 address, aiul shall be deemed to be served on the day following that 
 on whi<h it is ])oste(l. 
 
 This agreemt is signe<l in duplicate. 
 
 Dated this day of 
 
 SiqnaiHtc ni I'nderuriicr.' 
 
 The above-named coy accepts an<l adopts ami agiee> to the above. 
 
 For the coy. 
 A. B. i 
 
 (• I) ♦ 
 
 Director.- 
 
F'dRMS. 
 
 Call oi Shares. 
 
 Tl,.. oon...,. tor umlovwritintr i> not unrou.monlv tho pivinp to tho 
 u„,lorwritor the rail of sharo^ in tho coy oxoivisoable at any tiinr 
 wi.hin a sporilicd Frio,l. an.l either at par or at a p.^nuum an,l 
 of,..u it i« arrang,'.! thu. this rijrht of <all shall l-o emlKHhed .n .. 
 lOililicate orf below. 
 
 8t1 
 
 Form 81. 
 
 TlIK 
 
 ( OMl'.VNY, LlMlTKI). 
 
 Hogistered ollico — . 
 
 X„. , Call Cortificativ NuihIht of Share'* . 
 
 This i.s to certify Uut lor value roc-eived, . of , or othcrlhe 
 
 ...fristered holder for the time \>cm^ hvof, is entitled ou or atany tun.' 
 l.cfoi'e the 1st dav of June. 1912, to call for an allotment ot - 
 ,i,aies of 1/. each in the - Company, Limited, on payment in cosh 
 ..f 1/ 10s. per share, bein- the full amount of tho share nlus ji 
 premium of !(•,». iK'r share, au.l the following: eonditio., shall 
 iipply: — 
 
 . i 1 \nv cull hereunder nuiv be made for tho whole or part of the sd 
 8hare.s. Everv onll must be in writin- (in the indor.s<-.l 
 fonn) under the hand of the registered holder for the tune 
 bein- hwf, and must spe<ify the imn.bcr of slian-s called for. 
 and the name and luldress of the iH-rson t4) whom the sam(> 
 are to be allotle<l, and must be a(tcompunied by this wrtiticate 
 and by a remittance of the sum of 1/. 10s. per share called. 
 If part only of the shait-s shall Ihj called for tho holder will 
 bo entitled to a fresh option wrtiHcate in respect of the 
 balance. 
 (,:i) A register of the call certificates issued by the <i)mpany wi.. 
 be kept at the .Kmipauy's registered ollico, wherein 'hoM- 
 will be entered the names, addresses and de-crip* ons of 
 the n-gist*'reil holders ami particulars of the cerlit!>ates liehl 
 by the'iii i-osiiectively. and the registered holder may inspect 
 such regisWT. 
 r,\i Tho registeriHl holder shall be regurdod as e >;lusively entitled 
 to tho benefit of this c«rtificate, and a.i persons may ad 
 accordingly, and this certificate shall bo transferable. fr(><- 
 from nnv 0(|uities, cross or other claim. 
 I t > Every transfer of this certificate must be in writing under 
 the hand of the registered liobler, and the traasfer must bo 
 delivered at tho re<rist«re<l oHice of the coy duly stamped 
 with a fee of '.!«. M.. and such evidence of title or identity 
 OS tho COY may reasonably ro<iuire, and then^npon the 
 
 Form 21a 
 
 Certificiiti- of 
 right to rnll 
 for ttllotiniiit 
 of Khan H. 
 

 :U2 
 Form ait. 
 
 ITNDKKWHITINO. 
 
 [Chap. IV. 
 
 iniiiMlcr will 1k' nvi-li'icil aii<l iIk' i«jy shall Im- ciililliil ii> 
 it'taiti tilt' traiu>tVr. 
 
 (5; II' uriii ho fur ai tli»> liislit c.l .all liliv jjivcii >liall ii'M !,.• 
 
 cx.'rciMMl lu'lon- tl (iiiiriifiicfiiu'iit i>l' a wimliii^f-ii|i nl ilic 
 
 ctn , it ^llall lajiM'. 
 
 I tit Ain iioliio iim.v In' ^•^•l\^•ll l..\ llic 'ns mi llu' IidIiIcc I'or ihf liriii' 
 liciiij:- ol this c'liilicaU' l.> M-mliii;; il llinmuli the jxi.^l in 
 a incpaid lottoi aildroM'il lo hikIi |mms()Ii at iii> i('^'i«l<'ii><l 
 ad.livss, and any ncilii-*' so y:ivi'n -liall lio d«M uit-d |o liavr 
 bcon mjivimJ at tin' ••\|>iialinn «i 2i liniirs at'lcr il i-* pn-ipd. 
 
 <iivcn under tin- cuinnion .-cal ui tlu- <ov the day iil' -— • 
 
 I'll hi' riiil'ii "I'll] 
 
 To t lie (iinipauv, Liniili'd. 
 
 I, - . of , llio iviristcrcd li.)l<l«'r of tiio williin cprlilicutf, liliv 
 
 .all for an allotmont of \l. ^lulrl•s in tho lov's capilai. Iioinf; iln' 
 
 whole or part .if tin- sharoN within rotV-iTod to, and I hand voii hor.-- 
 uith clioiinc IV>r t'- . Iiciu;.' \l. lOv. pi-r Klmro in rrspt-. t of <mi li 
 sliurf so callod. and 1 dir<>.t the allotnit-nt .>f the sd sliaros lo 
 of - and I ro.pit'st you to issnc to ni»' a lialanie option (ortiti. at.- 
 f.ir .sharps]. 
 
 Dated this - .lay of 
 
 Sii/naliDf III Kcfiixirred llnlihr.] 
 
 Form 22. 
 
 Underwritintc 
 •'Ituses in 
 msmoruidum 
 ■>f aasociatinii . 
 
 Tlie sidiMiihers of the foun.lers" s|iar.."< shall torthwitli pay t-i llie 
 cov the fall ii.>niiiial amount .if the foiiinU'rs' shares subs. rili(-il inv 
 .Uusesin '>y "'i'"> resply. and shall, in prop.irtion to tho foundors" s|n;ri.^ 
 
 msmoruidum suliscrihed f.>r liv ihein resply, pay all the preliminary expenses .if 
 forniini,'- an.l tloaliii<r the loy down to the time when lOO.nOO onlinary 
 shares in the .ajiital thof shall ha\e heen taken up, and further, 
 thov <juarante<' tliat KlO.OItl) of the .ii.linary shares in the capital 
 of the coy sliall 1h> taken np within f.)urleen .lays after the jiuhli- 
 .atinn of the i'.jvs pros])<'ctus. ami a.cordintrly they shall lie Imund. 
 in proporti.in to the founders" shaifs snlisciihed for liy them resply. 
 to accojit an allotment .if su.h of ill.' s.l lOO.tlOO ordinary shares as 
 shall not lie taken up within the s.l peri. id, liut so (hat no snih 
 .siihscrilier shall Ik> hound t.i a.iepi an ;illotmont of more than ."lOll 
 .)f the sd li>(t,()()0 shares in i-esjK!.t .if ea.h foun.lers' shaie sulis. rilied 
 for hy him. and that any shares taken u|) liy him liefoi* the expira- 
 tion of -\]ih jicrii'd shall lie treated :'.s in reduction pro tniilo "f his 
 obligation to accept an all.itnient as afsd. 
 
 Thu undcrwritintf u«h1 Mim.'tinu's t.i b.> ctt'oitcd liy mukintr p;irt (if th.- iiiitiiil 
 cujiital n nerics of fuundurs' shuns, .say 2110 of 1/. .'wh, and conferrinjr on tin' 
 holders spwial rights and privilegi's, uiid imposing on the subseriben under- 
 
wriliiii;<ililiiratiuii«ui aUivi'. And tlii» pliiii inHtill a\,ulalili' witlnMil . inupliiinir 
 
 with »c'(l. H9 of till' Alt i)f IHOH, fcir Ihr siiliscriliirs taki' tin- f Iith' ■.liari-" 
 
 bv till' i-.m«titiitiim of tlii' <i)m|iuny, ami tiny arr .■iititliil to tiiiiii as iif riirlit 
 aiiil witliniit all'ilmi'iit, |myiiitr, "f imir'M', their |iar valiii-. Mini.- lln- rimi|iany 
 in «iiili liriuniitaiiiTK cantiiit be naiil f<> " a|>|ily " tin- ruiimliTu' -hari't in pay- 
 niihl uf a <iinimi<!iii)ii, ivcii tlioiixli tliiy \if wuitli mun- lliuii par. fh'ilr, \. 
 Ih.,i,,. (lUO'J) A. C. i'i- 
 
 Siiiiiitimis till- rluuw I'lialilf" tin- -iiili-iiilliir tn liavi' tin' oriliiiary -linn" 
 all.iltiil til him IT hii iinniiti i-". 
 
 Wlicri' thii iiiimIi- of iiiiiliTwriliiitf ii ailiipti'd. and it oBcr^ many ailv»nlaifp», 
 it iiiii-f hi' liiiriii' in mind tli..t tlir sulimTilxT nriil not suhirriiii' tlir nicnii)- 
 raiiduin "f a«ii>riatiiin with liin own hand: hr ran ■.(ili^rihi' hy tin' liainl of an 
 aK-i'iit i''i'v iithorizi'il, ami tin- aiithiirity ran \iv lunfi'mii ritliir orally or liy 
 in«trunii'nt in writini;; hnt thn lattrr i» to he pri'ferr«l. ax if the authority ii 
 oral tliere may he a iliipnte ai to whether it wa-. in fait, iriven. The authority 
 mav run ai foUowH- 
 
 T" Mr. .Ill 
 
 I. till- miil»'r-iH;m'il. Iili\ aiilliniizo iiiul r(M|iic-l viiii in my ii.imi' ami 
 nil my liC'liiiil' til sulisci'ilx! the iiionioianiliiiu ami a. if ,i'«-*i)ii i>l' the 
 
 - Cdv, Liiulil. now alniiil to lio ivg:i>t<'H»il, tor td lln' tiniinlcrs' 
 
 shai'ivs ill tiio i'U|>ilul of such loiiipiiiiy. or such l('sM>r iiuiiiln'r a'> von 
 iiiiiv ariaii^.a' on tlio toriir* of ■'iieli nioinorumiiiin anil .irt'-. 
 
 \\ here a suhii ri|ition i« inade pur»nant to an uutliority ai aforesaid, the >uh- 
 « riher '•lioiild -uliserihe the naiiie of Ilia priiiiipal lluH ' \. II., of — , jiistiie 
 
 of the peaie. or ai tl aw may lie, hy •'. I>.. of . hi< duly aiithori/i il aifent 
 
 in tiii-i hehalf." 
 
 ai.'i 
 
 Form 22. 
 
 Form 23. 
 
 Authority to 
 
 >.ul)»«ribe. 
 
 .VN .\(iUKKMT iiiailp, Ai'.. Im'|\v<'«ii A mi lu-lialf of liio '^i.eral 
 jit'i'Miiis iiaiiioil in tlio .si-licdiili' iito i iir.'ti' tallod " the uniicrwritors "} 
 of till' Olio |it, anil H. as livo for tlic Cos , l.iiald • now about to 
 
 U' iiii'oi'iioraU'tl and liiiftr rotVrrod to a> ' rlic now roy"). of tlio 
 otlioi- ])t, wlieioliy it is ui^n'od as follow.s: - 
 
 I . Karli of (ho niidtM'writors ^liali uinU'rwrile llio iininlior of sJiures 
 iu llio now I'oy sot opposito lii~ iiaiiio in tlio sehodiilo lilo, and shall 
 an ui'dingiy liaud to tlio sd H. as sinli trw as afsd an niidorv rilin}^ 
 loiter framed in the loriiis of the iinderwritinf": loltor annoxod hto 
 with thu lilanks (horoiii lilled up for sinli juiiiibor of shares. 
 
 'i. The sd B. shall iniinediately on lh<^ iiuoriioralioii of the now 
 i ly hand suih unilorwritiiif; letter to tlio now roy and use his iMjst 
 endeavours to obtain the acet'pfaiu'o by the now coy of llio oll'or 
 tluMviii coiitainoil. and shall notify such aii'Cptanco to the iiiidor- 
 •.vii(i>r 
 
 .\ eoinpaiiy can on iniorixiratlon acei'pt an offer addre.-M'd lo it though -liifniKi 
 hefiire it wa'* iniorporated. and in the n-olt a contraet will ari'ic. thoii^jh pm- 
 vifiiuimi. until tlie roinpaiiy i-* entitled to i-omnieiiee hu-^iner^i. Sect. 87 (.'!). 
 Supra, p. '2iS. 
 
 Form 24. 
 
 .VKreement 
 for under- 
 writing 
 shares: A. 
 for undcr- 
 writcni, and 
 B. for 
 proiHiHi'd 
 eoiiipHiiy. 
 
314 
 
 iJNf^niwurn: 
 
 Chap. IV. 
 
 F«nB24 
 
 .•i The miilt'twiilih.' lotlcis -.mil n<< ''■ i< .okMl l.v tin- iiii.lpr- 
 rtuieis, liiiil in iIk' event of miv rcvi»nii. i tli.' -it f! ■■Iiiill \x^ nl 
 lilM-ilv ill tl«- niiiiif an<l mi Iwhalf of fho rcv.ikiiitr uudHrwritcr to 
 sijrii ami iiijikf ii~«' of a now Inttor ,siniil,u- f" ilm' i.'vokcl or >\- 
 pi(".M'i| 1(1 ho ii'vokctl. 
 
 I. Tlic mI H. ^luill ii-**! Iiis tit'st emh'avourn Hi jun. un- the loniiaii i 
 ..)■ I 111- new i(n within - wwks from the iliiti- hof. ami iiiilo'^x il i 
 
 BO foriiuMJ within (lays from tlio ilatf hof u.rl ai<«|)ts the iimlei- 
 
 wriliii^ jptteri iifwl this ujrreiiiit shall beioini' v'iil 
 
 ."i Aii\ until »■ may 1* served on uiiy of the iniilei wri'^'i- '>y .semlu - 
 the -ume lhr<>U|i.'h the post aJiires.s<Ml to the umlcmii at his pi i • 
 anil addiess U'Ioh meiitd. and a iiotii* ~i' served .sliall I- deoineil l; 
 have reaihed him on I lie day followinjr tli,.i n whiih il i- iHistwl 
 
 1\ UlTVK.ss, ,Vc. 
 
 Till 
 
 aim I t MIOVF. HKKKKKKIl 1 
 
 //(■/(■ .«7 'iiil till- iiamvx ami tnldifMrs o( the ■iinU,iri 
 llir )ii(iiilirr of .•'liiirc'' (i)i(lcniritten hy thriii loiii'diii'ly] 
 Aiii'f.i III),)/ i>! innlfi in lllii'i Irltii iiiiil ollirr i/o, miirnts. 
 
 II till 
 
 .AM 
 
 Form 25. \\ At-iKKKMT made the — da^Mf !..meeii the 
 
 l.iiiild .linttr called the Coy " i of the one pt. .iiid A 15 ol 
 
 allot imid-iip tree lor the several iK^rsoiis iinlued in the >. Iii-.|nle hln ol !: 
 
 Hharmiu ,„„., \\ hkkkas the lov reetMith issued a prospeitiis olferii 
 
 mtinactK'n "f ■ . . . ,. , 
 
 cninmii*i>inii. 
 
 (jiv. 
 
 a'- 
 
 ' other 
 
 •iO.dti" 
 
 sndi 
 
 I iheii 
 
 '(>d to 
 
 ■ ! i .'1 pi 
 
 \l. -Iiaie> in its capital for piil lie ~iihscriplioii at par, 
 (irospei Ills slated that the my would pa\ to allottees in cnn^. 
 snhscrihinjr a coiuinisHion of lOx in reH|iect of each share ai 
 them, and i-e.s'Mved the ri^dit to .s.i v this <omniission wlndh 
 by the allotment .1' fully pd up st,,,, m the coy. to be eitFed .t- .1 
 par vilue: And wiikrkvs the .sd 20.000 shares ueie -iil.s Ih,! for 
 and allotted to the several j)ei-oiis iameii in the si 'nh do. iho 
 number allotted to each of them h-ir .set <ip\i(i-ite to i i name 
 
 111 the «>cond column ot the sd sdiclule Am> \viiKiii-;\ • ■■ eoy 
 ,.xercis«> (if the ri<rht ros« rved a.s afsd hii- determined |r .isfy i 
 comiuissiun afsd by the aUotment of fully pd up shaii's a iby m- 
 vided: Ami uiikrk.vs the .sd .\. B. has atrieed to act as i for tir 
 allottees for the purposes hof. 
 
 Unw 1 UKKKI (IKK n IS .\(iREKIi a.~ tollow^ 
 
 1. The coy shall forthwith allot to eat ii of the alloliees name, 
 the first Kiluinn of the schedule lilo tla> iium!-i' of fully pd up 
 shares in the capital ot the coy ><m nppnsite J - or lier name in ti. 
 thini oobimii of the sd sche<lule 
 
 "■■^-^ 
 
KORMrf. 
 
 -hull Ih) IHSlH'd illlll i(..l'|ll.'.| Hi -«• 'jrtl.in ol !(»• rl.r M.lM 
 
 As WITNKS*. iVo 
 
 Till llini I . M:i IlKFF.l > I'l 
 
 1 For"* 25 
 
 Sunn- .ml Ai. Irt^-M » of AUi.'Ui?- 
 
 Ni. ii*r:..f till- 
 .N.iii th.' simrprt III 
 
 •JO, rcH i«utiHfll«'lit'II Itf ill-' 
 
 •lint '•)<< nil. l■cllllllli^«il■M to 1»' 
 
 allotti.! !.' lU.li. 
 
 ■, V 5 Ki \! r IU;i.l. 
 
 „r - 'ii- 111' 
 
 liul Ii . Illll llUsi 
 
 WliKli - 'I ' uiii' !i ilii 
 cii .iri|iiii iii'^ Ii- •ii.<iii(>s« M"n r'u 
 
 f IrOlW.-, ; \ , .mil II , ImiIIi 
 
 I, Pis, ilir ..uc pait .Hill < ■ UTiil 1> . 
 lonli I "I "f ill'' iilliiT [t.irl. 
 
 iv. !' 'I i-iillt'il '111' toy, i.-^ ill'- mii'il 
 
 1 « i H'- olijoi I 1 /'///('(■ •ilid ' 
 
 li\ ill-' \i'iiil"i'f .it .il»il : 
 
 Ax:. AIIKHIV II i." illlCn.kxi |lll».|ii iv-lll- nf 1(10. I 
 
 1' . >|fl.i nii.ro .slock of llu' m iIm' !• tiii> ol' tin" piikspi'i ln-i, 
 
 |.ioot' 1 iiil ol whitii i.- iiiiiK '<: ami li' il "it'fi "t"' '> '•■' '" ^"' 
 
 DUstilii ml .s.'riHi'il l.v a 111^ li'ivl in (li.- Icriii> ol' ili(> lii.it'l 
 
 ,\lni)i 111. .Illy iH't'ii iirojiiiioii l.\ Mv . ^'.lo|•. uml -i^rm'il Ir 
 
 liiiM iq.n, Mt>«<is. t.r itioiititiiaiioii: .\ \ii wiiriti: \s iIk' \<'iiiliir- 
 
 mv.- 4i{ ID llic ooiiirailor.H to uiiloit iki- Iho issue . ' ami 1. 
 
 '!:!>-, [)!■ .mil Kdiiir till' Milisi'i i|'' ion of thi' stm U afsil ii|ioit llir 
 Mi !iil (oixlitioii.-. liiifir ii|ipt',i.iiiL; Now ii is itl i.rm \'.!!i i n 
 - ' v.s. that is to Niy; 
 
 I' cimliactiirs will on oi Im'Tom' tli. ila\ o' . I!' • "i 
 
 ■ ill- (lay a.s ^llall Ixt agivi'il lu'twccu tlio paili 's In- is.sm .i 
 
 ■ tus ill llii- terms of the pio--pri uis allin licil lito h >ii ' 
 ioii.s of ami iiioililii alloiis in liu' iltnails ih a- llni" ..{ il 
 
 11. loi.s niav aiipiovo. ami will iaii>o tho sat,|i' In lie t>tlii u'uin ai. ; 
 
 th- .ughlv ailvorlisod lu acionlancc as i arly as may 1 with ' 
 aiivcrtisomeni, lisit anm'xod hto. The ion rai'lois x, ill al- — ue .ml 
 
 ,irr:;!ate thryufrtl tlu' post at 'If !.-:in! :ot:i!'- ■: • SI P'O^p'" ti|- 
 
 addresscd to tli*' persuii.s uaiiietl in llii' li-sts alivin ippi'vi"! I'y tin" 
 parties hto. 
 
 2 Tho voimIoi-s willciiK-r into an .iirl-cenn « iili llm "■o> on tlio lii in- 
 of iht' limit lotVi-i'il to in ilaii.se .'! of the con s arts of a-sun 
 
 Form 
 
 ilfli 
 
Form 26. 
 
 UNDEKWKiriNU. 
 
 [(,'HAI>. IV. 
 
 riio ximkIhik will iirui UK 
 
 N .)l 
 
 IIIkI M. Ill' 
 
 III aii.'('|ii 
 
 iHifo a.■^ lii'i" 
 I'illicr III liiitli till 
 
 r ami mi ik'Ii 
 
 liall III' till' ilflii'iiliiit' Mixkliolilcis. 1 1 
 
 'I. Ill' llif i.-~iii- 
 
 il N 
 
 .1 till' -il |i 
 
 M 
 
 liall ii'liix' III aiTi'l 
 
 it iillii' 
 
 ililr 
 
 |Mi-iiii> III a'/ni' 111 ai 
 
 |il~|l('l \ll-^. llll" V4'lllllirN will |I|1I1I1IC Olllll 
 
 Im'iiIiiii' >Iiii k- 
 
 I a^ iii'c^ llll llll' ill 
 
 Ii.i|i|.'i> 
 
 I. TIm- \ciiiliir> will. I licliiic llic ilav piiiii' m 'In- ilav u|iiin 
 
 whi. Il iIh" jiri»iici !us i^ iiiulci- ilic airnHMiil In In- isMicil, laiiso iIh> ,ii\ 
 to Ik- iliilv roifi.sK'ii'ii in urnndaiKc nilli llii- (ii* i ( 'nri^iiliilalinii i Ari, 
 IIMIS. ami I'll 111' U'loio the .niiiic ilalc lU'livcr Id iIh' rniiliactiir.s a 
 liiinn-d (lu|iliraic nl ilii' rupv jiiiisiiiMtii.- ii'i|iiin'il In Im- tilcil liy tin' 
 
 All. iliilv .-'i^riifii ami ill all iillicr i<w|)i'i I- iiiilviiii: with llii- sd 
 
 soiiinil 
 
 ."i. TIh' iiiiitiai im.- ;;iiaiaiiif«' ilial williiii .-I'vcii ilav< allcr llic jiiil.- 
 liialiou I.I llu' |ir<i>lii'riiis ilit> wIidIc iiI' iIu' Hm.lMlO/. (IcIkmiIihv ulurk 
 al.sil .-liall lit' Mili.si ril.iMl I'oi li.v rcs|iiiii-ilili' |ii'r-*iiii<. ami llii' a|ililirrii, 
 ii.iim'\> |ii| llicn'iiii. ami llial all a|>|iliriiii ami aliiiliiiiMil iiiuiiov.-i am! 
 iii.slaliiu'iil> iiayalilc in r.'^|i.'i I dl -n. Ii aiipliiims liii' ilic sd (U'lionliiii' 
 
 >t(i. k as <liall In' iiiaili- l),v the i iiiiiiariii.-.s or llu'ii' i iiiocs shall lie 
 
 • Inly (III at iIk! liiiii- ai wliii li tlu'V i('.-<|i|y hci fiiiii' iiayalilc as inciitd in 
 llll- prosin'iius. 
 
 i;. Il at llu- <'.\|iiiiilioii I.I sinh m'vcii iluvs ilierc simll lie auv |)l «il' 
 ill.' sil ili'lM'iiliirc siii.k wlii.h shall mil have lioeii sn Mihsi ril.cd loi. 
 ami ihf aii|ili«iiii ini.ncxs ..l 10 |i.c. pil thcn'oii. the iinitiin liiis shall 
 wilhiii ihii'i.' <la_vs ilu'rcalH'i sulis.iilie ami \Hi\ tor llic saint.' in 
 anonlaiiii' with tin' .s.l pii.siH'ciii-. anil il' llii' ciinliuctiiis sliull iimkc 
 ilclaiilt in so iluiiiy:. lli<' Minims nia\ on I. .'halt' of the coiitiuiitin^ 
 appl\ lur an allnlini'iil hI sii. Ii ilclx'iiiinv sloik to lhi> loiitrurlois, 
 ami liit's<' |ii('sciiis shall Iw a -iillii iciil aiiilimilv I'm thai purpose 
 
 7. ir within "lays lioiu llic date liof the whole of tliu sd 
 
 dclicntiii-c stoi k shall have I ii sulisciilicd by rcspmisihlu poisnu^. 
 
 ami llic ainoiinl.s jiayalilc mi applirmi and allotiiicni for such shall 
 have liccn duly pd. the \ciidors shall pay tu the coiitrihiilors the sum 
 ,,l : hut this payiiH'iil is inndilioiial on the iiiuliaiUns |>crl'oiin- 
 
 iiii;' all the nliliiz-atinns lilix imposed on tliciii in rmiforiniiy with the 
 Iciins hereof. 
 
 S The I ontraitiiis will prniiirc a hroker or (inn of hrokors in 
 Loiidmi. Iioin^; nieinliers of the London Sloik Kxchaiifrc to net. as 
 brokers to the coy. and will pa\ and diseharp' their foes and ull 
 other brokcrujri' i'li's ami rmiiiiiis-.iiiiis iminrcd by the rontrarmrs in 
 roiiiieitimi with the sub jei l-iiiattcr of this airreciiit. The vendors 
 declare that ilicy beliexe. and have reasoinible ^rrouiids for believing, 
 that all the stutenieuts eoiitaincd in the »d pros|M'cUis are true in 
 
 ■'3 
 
 1 
 
FDIfMS. 
 
 317 
 
 >illp'tiiiiir iilli 
 
 I ill fiicl. and lliiit tin' ^aiiif (c>iitaiii> ii" iiii>-.>la(i'iiii'i 
 
 I, Fonn 
 
 ii>n|'H-i'ntatniii. <'i' ■.ii|i|ircs-i(iii o 
 
 I a iiii.-— taU'iiiciil 111 riii-i|i'|irfMMilaliiiii 
 
 I' fail hImiIi iiwn ill law aiiiiuiilt 
 
 AN a(;wi:i:mt ma.ic tin 
 
 ll 111 — . llt'l«(l('ll till' 
 
 Form 27. 
 
 ( 'iiiii|iaii\ . I'lM 
 
 ilil iliiirii- lallcd •till' niiiiiiaiix ' 1, nT llu- one pail, AjfrwimMit tu 
 
 i.| iiiillr lallfil Mr. N.. nl llif ullii'i |iail 
 
 iiKiii \> Ilif I" 
 
 \ i.» aliuiil III ollci 111. jiiililii Mili~i ii|)liiiii I 
 
 underwrite 
 dobentii 
 Htork . 
 
 I II r. iiiuil^iasio (U'Ik'iiIiiic stiiik wliirli is m Ikm oiisliliilcil aii(l.><'i iiri'il 
 li\ an iiiili'iiliiif I'liiiiicil ill ariiiiilaiiif willi llir kmiii- <if tin" drall 
 »lii(li lias alioadv ln'i-ii iiiiipanil. uiid lor llii' |milii>si"- of idi'iitiliia- 
 ;iiiii .siili,«iiilit'il hy I)., a .Sdlni- of tin" Su|iiciuo Court: .\\ii wilKKKVs 
 iliii i(i\ i.- iloiiiiiiN of iii-iiriii^- llu- phuiiij; of tin" wl dcliiMiliin' slink: 
 Now imiiMiiiiK it is ai'ii'i'il as fiillnws: 
 
 lir siili-ci iiilinii till' sil t 
 
 iIi'Ik'HIih)' 
 
 I TIlC rll\ is III nlll'l llll |l 
 stDlk. 
 
 J .Sill h nllfi is III he iiiadi' liv a |iiiis|ic(lii.s fiaiiii'il in an mdaiii-*' 
 uilli till' Iciiiis ..f llir diafi iiiiis|iciii|s aiilii'vcil liln. lull "illi fall 
 |iii«<'i- till- llll' io\, prior to llic |iuliliraliiiii of .siuli prospi'riii>. to 
 uiiHlifx till' ^alll<> ill siK ll iiiaiiiH'i as lli<> iii\ shall think til. |iio\id('<l 
 lliat. sinli iiiodiliiatioiis shall lie a|ipriivi'd l>v the sd l> 
 
 :l Ml N shall lakr up and pav for at par tin' wlioh' of llic 
 di'hriiliiii' slock afsd which .shall not liaM" 1" 
 
 11 laki'ii lip am 
 
 illi'il 
 
 I- |nrs williin H'li da\s afli-r llii' liisi piililiialioii of tho sd 
 
 iliis. and llial in runsidcialioii of ihr olilii^alion so iiiipiis«il on 
 . or to p r o| llic pri'iiiiiiiiis on 
 
 to ollll 
 pin>pi 
 
 liiiii III' shall III' I'litilloil l< 
 
 ihi' si t slo( k wliidi shall lir ivrci\i'd lix tin' i o> upon ihi' is-iic 
 
 .if lli.il pniiioii wliii ll shall lie .iilisiiilicd for and allolli'd In pi'i^oii^ 
 nllii'i liiaii till' .sd Mr N 
 
 I Mr N. shall pav up tin' full nomiiial xalno of ili<> di'lii'iiluri' 
 
 shirk l.lkl'll nil llN I 
 
 mil a~ a 
 
 fsd iiv ll 
 
 11' iiisialiiii'iil^ .Mill al Mil' Unit's 
 
 spi'i ilii'd in ihr prospi'iliis af-d. I '>s. howt 
 
 vcr. till* amoiitil of Ihr 
 
 in'iiiiiini ,111'ordiny to lln' In iiis of ihr prospoi lus as i.s>ii<'d pay.ilili' in 
 ii'spi'il ihcri'of 
 
 .1 ll shall ii'~i with Mr N to li\ ihr pri'iiiiiini mi wliiili llic sd 
 ili'liriilnii' si H k shall In' ollcicd for -iilisi i iplioii liv ilii'^d pio^pcitus, 
 and if III' shall mil williin I w.'iii v -four hours .ifii'r iiotiic in wiiliuo- 
 ti'iMi llir ro\ r<iipiiriii<: him to spi'rif\ ihi' saiiH' ciinipl\ with siali 
 irijiii'si. ihri, if shall ri-sl with tin' n<>w mv to li.\ llui piciiiiuiii. 
 
 ll If al aiiv liiiit' lii'twi'cn llic dah' licroof and tlio puMicutioii of 
 till' ptiicpt'liiis owiiii; to tiiavc poiiiiial or liiiain iai disiurliaii<'i>s thi; 
 prirc of l!j pi. Hi il isli (on-o|s shall fall In or lii'low Km/ . Mr. X. is 
 lo III' al lilicrU liv uoIii.t' in wrilini; in llic i o\ to rc-iiiid l.liis atruH'iill. 
 
:i 
 
 ;{|8 
 
 Form 27. 
 
 UNUKK\VKITIN(i. 
 
 [Chap. IV. 
 
 7. Aiiv i...iici' tu Mr. .\". umy Im> given li.v .>oiidiug (he same 
 tlirou^fh the post adih-OK-siMl In him at hin at)OVO-iiion(<l address, and a 
 iDtico Kn sent .sliall lie (UH'iiie<l to liC M'lNod at llie cxpiiation of twelve 
 limirs alter it i.s p(j(it<'<l. 
 
 As WITNF.SS, Ac. 
 
 'lis 
 
 Form 28. 
 
 N'liliw til 
 iiiidcrw ritprr-. 
 
 The 
 
 COMI'.VNV, 1-lMlTF.n. 
 
 T(iN.,of . 
 
 Sir,- Witli reference to vmii undeiwiitinf!: leller of the - — ul 
 
 , 1 am inwtriKleil liv Ihc iliieclor.s of the uliovc-named coy to 
 
 iiifonn vou that i' of Ih'- dclicnime nlock <if the coy ha.s Ix'cii 
 
 taken up and allotted, an.l to rpi|ii(-.s| tiiat yon will take up (h. 
 
 lialaiiic, f . 1 enclose form if appliialion. and .-hall U' oliliiK'.l 
 
 il '111 will i-elurn the ^ame to nic with a clici|iic for f . lln- 
 :mii< >mi pii\alil<> on ajipliion. 
 
 MradillK' llif 
 
 tlriift pni. 
 •ipirtuR for 
 imil.Twritiiivr 
 |>iiri>o(ici>. 
 
 In iiidcr to iilitalii iimliTW ritiiiij MilHi>ri|i»i(iii^ it i- L'riH nlly fiiiiii(l i.fii><<aiv 
 11 ?iubmit to till' unJ('rwriti'r< a ilraft <>f tin- iiropuaiil |ir<i»)iirtiis. In Kiinn' 
 
 . .iiM's tills ilraft iniitaiiii a imiiiiiiT iif iiiaiilii. anil si-nir of tiic itatr nt» an- 
 
 ..Illy iuMTtiil priivisionally. aril tin- i-timpirtinn itt tiic iinwpi'itus niii-'t iii.ir. 
 ..r IcsH ili'pciiil iiii till' futuri'. in suiii itt<v* it i» »iimi'(inii"< lic.nii'*! d(-.iraiili' t.i 
 plan' a lirmlint.' t<i tin- ilraft pii.>pi-(l|.- mi tiic iiiii's iif tlir sul.j.iiii.'d: 
 
 Form 29 
 
 Hradinu' f-.r 
 drift 
 
 i" -i"''"-- 
 
 'riic .-ulij. lined diafl |iro>p«'i In- iinlicalc- the gimcial Lines on wliii h 
 Il is propiweil to frame the pro-peiius of the undcr-menid coy, ami 
 -late.s what is anticipated will he the fail.- at the time of its issue, liiil 
 I 111' li'rins v( the pro,»pe. In- cannot, id i.aii-c, !«■ linally isettled iiulil 
 illi'i the rep:i«traiion of the coy, and until after tlio terms of the coii- 
 . .'.— ion have Ih'cii olilained from the liovernmenl, and the terni- 
 
 ih.if liiiallv aiTan;:ed. and until afler Ihe varioii.s conliacts with or in 
 ri'lalion to the coy liaM' liccii made, and, ;.r,.rierally, the iii'o.sjx'ctus will 
 liaM' to lie framed «o as to aiiord with llie aclnul fads at the time 
 
 il is lili'd. and to i |ily with the n'.piitemciil- as to diwlosure of 
 
 mtI hi of the Companies (Cunsolidationl Act, lao8. 
 
 .1' 
 
KOKMS. 
 
 HI!) 
 
 Tlio lnllii»iii(r i- ancitliiT iXiini|iU': — 
 
 Tli.w" ,l<'l»'iiluii.- xvill K' oiVciod to tlio (niblir lor Mili.vii|>lioii 1)\ ii 
 l„.v.|H.tliis linltr .iillr-l iJm linal i)ror<p(Tlus,- «lii.li it i- aiili. ii..>l..l 
 uill bo isciiod in tin- (oufho .it ii fow niontlis. 
 
 SikIi i>rosi>o(liif will 1)«' fraiiMMl on Aw frcnpial lin.'> oi iliis |,i..- 
 MMvtii.s lint with fiucli nuxlifications a> nuiv socni .•x|Mili<Mil It i~ 
 iiU.'iid.'W that tll.■<l.<|M)^il (..l .>n upplicon b.v the un.l.'ivMil.Ts -hall he 
 ii>..(l for iIk' iiuiposc of provi.lin;.' the c|.<|.o-.if..< which arc to I..- pio- 
 vi.hnl and l«l for the ..oncossion ami siiloidios to be ^;rant<Ml. and the 
 final pro^p.K'tu.-< will thus refer to the .onctMsion and suhsidioM a> 
 liavin^' bwn actually srrantod. Applicon.s for iklniissiou as undor- 
 HriK'i's of the i~.»ue uni. , be made on the awonipau} injj: form, and 
 
 ;,m.st •■n.liw the Miir of £ j.er dolHMituro bv wav of deposit in 
 
 iispeot of each <lebentiire comprised in the appliron. The de|)Osii 
 
 tliMs pd hv the \inderwriUT.s will be pd into the Hank, ami will 
 
 l„. applie<i in or towards pa>in(r the deposits which have to be jmI a- 
 
 ,1,,. roniliti f the yrant of the conce.ssion and of obtaininy- the 
 
 Mib-idics, and when the ronces.-ion and -^ub>idiiN ha\e been obtained 
 tlic delHMituiH's will forthwith be oltereil to the public bv the linal 
 prospectus as above indicated, and thereupon the coy will repay to the 
 iii.hrwriters the deposits )mI by them resply except where an allot- 
 ment is made in resjH<<t thof . 
 
 Form 30. 
 
 Another. 
 
 Ill llii» la-c tlu' ;'itliiuiiiary j)ro:<pcctii8 wa< tiliil. 
 
- t^i 
 
AGREEMENTS. 
 
 CHAITEU V. 
 
 .^H 
 
 INTRODUCTORY NOTh>«. 
 
 Bt:K)HK (ommonciii),' iM.siiio.s- a i oiu|miiv in most ras<'s enters into oi 
 ralilios or adopts a pn>lin.iimrv .oiitrail for llio punliaso of somo 
 siHMitlc proi)orty. e.q.. a iuim>. |i;.i.'iil. l.iiMm-ss. .oiicossion, or .'staHv 
 Sovoral of tlw> following form.- of airi-ocMMMil-^ arc prccvlonts for «ii.li 
 coiilrints. 
 
 Ill franiiiijr su.li prolimiiiarv condait.- lli«> f()llo\viii<r j)riii<ipl.>v 
 
 niii-l Iw' borno in minn: 
 
 I A ifmipany cannot l)t>foit' il i- iiirorpoiaK'rl oiilor into a coii- 
 
 irait. for it is noii-«'xi«teiit 
 •2 II i- not pox-ihh- hv any inoaii-. oxivpl an Act of Purlianicni . 
 to liriii'f intoovi-H'iin' iindor tin- Conipanio'* i Tonsolidalion > 
 Act. I'.t<t8. ft < mipaiiy tiod nml lionnd by a contract pre- 
 viously mud<. for a company cannot ratify or adopt a coii- 
 Iract made licfoic il ua- inc orponitod. o\"M tlionph expressly 
 made on iis iK'half. 
 :i A company can ratifs a coniiac; made tiflrr )l> incorpoiaiioii \i\ 
 some in'rson professing to act on its liclialf jirovided that lh«> 
 lonliiul is one williin tlio jKiwcrs of the company, and in 
 sucli ca.so after ralilication the company is bound a- fully 
 and lomplctely as if il had orisriiiali\ aiitliori/iMl sim li |)erson 
 to onlor into such contnyl on ils iK'half. For thai is tho 
 (Tonoral rule in rejrard to ratification. 
 ' VViienever. " said Lord Wensh'vdale. in Hitlgirai/ v. Wharloii. 
 ti II. L. t". '2'Mi. 'tt man (Hirporls to mako a contract with the accent of 
 aiiolher, in order to bind that o'!:. •• llie ajn-nl must have authority 
 frniii him It matters not whether il is authority previous or miIi- 
 M'lpienl If a man. professiinr to act for another, makes a contract for 
 liiiii. anil aiithority is afterwards jriven by that other, the authority 
 ijiven sul(se(|iiently is ecpial to the authority jriven l>efore. accordin<r 
 !<• ihr old maxim, otiirii-i- ratiluiiiiiui irlrotnihitui' ft mtirulnto pnon 
 Hifiii^Htratnr. If a contract is made by u'l aprni, whether by authority 
 Im'I.ho (riven or afterwards, by ratifyinfr the contract it equallv binds 
 llip principal." 
 1-. » 
 
:VJ> 
 
 A<mKKMEM'8. 
 
 [ClIAl'. V 
 
 I'.lll 'III- iln.lrilK' 
 
 ||k> 111111111*1 i^ 111. 
 Hill''-. II 1' " 
 
 .1 lillllllMlllllI I' 
 
 ilv a|iiilii;il'l'' "Ik'Ii' ■•' ''"' "" 
 
 ,1,. tlii'iv i- ill i'\i-l<'iii.- .1 iiimii 
 
 |Kil laiKil'li' III iili- 
 
 lirn- ;iii .i;:H'<'lii<'iit 1* Mm 
 
 |i' with a I 
 
 ll'l'^illl >vli' 
 
 ll|iulll 
 
 til .uiiliari a^ uiifiil l"i- ail iiikmh 
 
 li'il (• i>aii\. III'" '■iiiiil>aii\ 
 
 llll.ll »llll«<'i|tllMll 
 
 Iv n'u:i 
 
 .li'ii'il laiiii'it < 
 
 lliTHiall\ "ii!i 
 
 I! J t . I' 171; /•; 
 
 11,1 ill) . 
 
 .\,iliil l.iiiiil "iiil r,,l,,iii.siil 
 
 \ (• IJii; .V<i///i Sfitltii II lull'' 
 \ c. 2ii:!; /•'■('/"' I' mil mill ii- / .' 
 r,, . ■■ V.wlt I I'll. 1 »•;. A"''' 
 2l.'i. Ill i'.lll iiri'X'' I'.iiiliii-i'i'i'ii'l 
 
 Iv. A'c'/i 
 !■; < I) IJ"i 
 I „ \ I'liiinnr. .(■-• Siiiiiliriili: ' I'"'! 
 
 1 H'V.l 
 
 l-'.inliiii'i'i iil'l ' 
 
 hi, I, hnr^liiiriil. .1' ' " ^ II i'l'lhls. 
 
 ( lililiri I'lifiniiii 
 
 III 7 1 
 
 ,/ Mi,ini Mull rniiili r, 
 
 I'.ms) -2 I ii 
 
 liai I lictwix'ii llu' liiiiiiti 
 
 ( „ . .l.-^. 
 
 llOI-i illlll ill"' ^"-1 il 
 
 It a iimliai'l 
 
 iiiml 
 
 iii'j I'l" 
 
 hal llioii 111! > 
 
 \i-i|iMin'; II' 
 
 iM .. I uiif 111 
 
 M H . ^aiil: Til - 
 
 IIimI a^i'iil liif iIk' '• 1'"'^ 
 
 iiiii)iaiiv. I'll lilt' "imi'i"'.^ 
 
 l.iii.iiii'.j '111 'Ik- r'im|i.tii\ 
 
 itiliiiitimi. lii'iaiiM' it 
 
 ll.l~ I'I'CII 
 
 nu'. \M 
 
 11 ,U- iilril. iliat llifiv laiiiiiii II 
 
 ,f a riiiiliail » liii 
 
 h iliulll lliit 
 
 ,|i.,iiU-.l. ami. a-< H apiicai- l" 
 I law t»> an i-lli'iliial laliliralimi 
 111 (111' lalilM'i- 
 
 lia\i' lif"'" mail"' liiii.lni 
 
 il llii' liiiii' 11 "a- nil 
 
 |i.. lii'iaii- 
 
 ;ln' lalilii'i- "a- ii' 
 
 tl Ill r\i-l- 
 
 I \\ lii-ii' an ayi'i'i'ii'"' '' '' 
 iiriiiiili* til "iiitia'l a- 
 
 Illlll 
 I lie nil 
 1)V its I 
 
 1..I -al.' 1 
 liii^ti'i' lor an in' 
 
 .Ir Willi a iiri^iiii "Il 
 
 IV ta. I I 
 
 lial ll 
 
 11' jial 
 
 \ allfi 1'- Jii' 
 
 1" 
 i,li' I Killljial 
 
 .1 iiiinliiin a 
 
 liiiTtiir^. I'll -1" I" a'^noiiK'ii 
 llieifliv. or that it- ilin'' Mr- p^-- n 
 
 t a- ll It "I'll 
 
 itii'ii aili'ii'.iii'; -III ll 
 
 yoKM'llll 
 
 111. (|iK- Mill :i''iil 
 
 ilii|iaii\ iia 
 
 liln on llii' a'^H 
 
 ll mi'i 
 
 '|\ ~i:;lllli«'~ ll 
 
 ,1 ilir ."iii|iaii\ aiM'i 
 
 ,1- .1.1 
 
 iio«llli)ll II 
 
 I' rr.ilili 1 1 III 
 
 llilsl 
 
 'I'liii-. ill 
 
 \.iill. 
 
 rcllliiiiiaiA ai;ii 
 
 I II III I 'I I II 
 Mui'iil "a- 111' 
 
 I.iihI Air,. !,■ Iliilrl '■ 
 
 !• I) Hi. ill' 
 
 ,|c liclwi-i'li 
 
 the iutoiiil"'' 
 
 a'^-iirialioii 
 lli(>i('l'\ i'/i<" 
 iiaiil iciii lo t 
 
 roiiniaiiv. all 
 
 W'alli- .mil a liii-H'i' l"i 
 
 rl.'- "I 
 
 ,1 \,a- i'\\ Iv aiii.liK'il I'V iIk' :"I 
 
 MnlOinCV. ill"' lollljli 
 
 , lie ,U'ini>i'il. atiil .-|H'lil 
 
 lie Ics-or. an 
 
 1 liv ic .ilntioii 
 
 lo a.--('iil I" 111'" 
 
 ili.alioti 
 
 ll ilii' iiL::i<'i'iii<'iii 
 
 ll ua- 
 
 Im'M ilia! the loiniianv ua- li 
 
 li.nU ,iii"<— inn 111 tilt- la. Ml 
 
 Slim-, tlicri'oii a 111 
 
 ll' ilii' (iiivil'ii-.* |inr|>"ri'"l 
 
 .Ml tlii> itiilwitli-laiuliir-. 
 
 ,1 ImmiihI In llii' a;ri-<>i'iiicii! 
 
 lie riiiii|iaiiv. 
 
 .tai<l ( oilnii. 
 
 1, .1 . ■.M'l'in- III liaM' ■■"ii.-i 
 
 .ir lal 
 
 a loi'.nai' 
 
 lu-r il- iliioi'lois s<.<-m 111 hav.' ion 
 
 ail.Mvil. I 
 
 lial llic lonliail ».i- 
 
 I liiniliiiii on till- 
 
 iii|ianv. Ini 
 
 t till' cnoin - "|iiiiioii lliat 
 
 a (i.nlr.i'l I'li 
 
 l.MV.I into iMM.ir.' tlio loinpany rami' in 
 
 111 I'M-lcn.i' «a- 
 
 liinilin.4 on (In- iiiiii|iaiiv 
 <|iio- 1101 ma 
 
 111 ill Iiiiir on 
 
 that .■iioiii'.iii- o|i 1. 
 
 k.. a uooil ...iiilnii I Ih'Iwwii llu- 1 oia|iaii\ an 
 
 ll Mr Wi 
 
 iiint aii I ill' .i'l> -.viii -ll 
 (•luiijiaiiv wi'if an- |iiiii<'<'i 
 
 .:\ vlll!Sl'l|lHM! 
 
 tU to till- i-\i-li-iii I' 111 tin 
 
 r till 
 
 lin- on I 
 
 li(> rritiiit - us-iiiii|iliou 
 
 that tl 
 
 iniiaii 111 I 
 
 h.i 2»ili .liil.v ua- liiiiiliiip; on Hif ri'iii|iii" 
 
 IV. Ill "'.V 
 
 i|iinioii llial i'\|iliMii- I 
 
 Ii(. \vli(.l<' of tlio-f tmii-iu'tioii-. • A 1 oiiipaiiy 
 
 llll'lI'lN 
 
 t.ikiii'-' iIk' I'«' 
 
 nclit '■! a iin'-incnrpoia 
 
 tlOll "111 
 
 lail iloos iii't 
 
INTKODt'CroRY NOTKS. 
 
 ■M^ 
 
 1,111,1 ill,. , |i,iii\ I" liillil ill" oliliy:alious of thiii loiiinici Itnllin- 
 
 It, nil .!'('/» il ' 
 
 I I'.. L'.'i ell. I). lti;{; Stitiiiifil Moliti Mtiil ( onth <» 
 
 I liulnii^ I l,'-iii. > I'.iOH; 2 ( II. •">!.">. oM'iriilin;^ Hiiiili^li iiinl I'dIoiihiI 
 /',,„/,,,, ( ,, , lIHlii) 2 I'll. 4;i."ii. llimu'li il iii;i\ yi\i' iIh' !mi-Ici' h 
 il^hi ,,\ iii.li'iiiiiilv : lliiKl-tiiii \. liilil'ii^, I I'.lol . A. ( . IIH Sm- 
 .,|,.. \nitli Si/ihii'ii hiirsliiiiiil mill iiiiiiiirnii i'n. \. Iliti'iiiix. IN'.C.i 
 ■Ji'.:',. ulii'ic a iniiliail liail lii'cii Jiiiuli' «illi •cil.uii jii'i^iin^ a-. 
 
 .- lilt nil tllll'l|l|<':l l'<llll|>all\ . .Ilhl llV I'i'^ollllillll III llic lll.'rtlH- 
 
 V I 
 
 III,, I ilir i:,iii|>:iii\ .- iiii iii|piii.iiiiiii lliMl 1-iiiilrail v\ii> .iilii| 
 
 iiiliriiM'il. Mini II \\.i< lirlil liiil II 
 
 liiiiiliii;^' nil ll 
 
 !■ i i.lllll.MlV 
 
 it ll Mill! 
 
 TImmi 
 
 l.iii<Mii|i~ il<> ii"> lliiiik lliiil llir aiiiijilinii iiinl ' milii tii.i' imi )i\ 
 
 i|iii.i I'li'^ lit a I lint I a 
 
 lail iiiaili' li<||iiic till' t'lii'inalinii nl ill 
 
 i> I iiiiiiiaiiv 
 
 1,11 - |iiii |iiiiiiii;; to art mi licliall of llii- iiiiii|iain ■ icali'* aiiv 
 
 nil.. I Ilia! ii'lalinii « liali'M'i IkMuci'ii till' ioiii|iaiiv .iiiil III' otiii'i 
 
 |.ar 
 
 l\ |i. tin' iiiiitiart. or iiiipu'" 
 
 ('■i aiiv 1 
 
 il.liuv 
 
 liliM wliali'M'l I'll till' 
 
 ilU|MU\ li.W.lli 
 
 hat lii;rl\ . 
 
 ,\"'M'i ■lull'.-- v^ Im'Ii' an . lu I rr I ill' ill c </ , Inl >iil(' i i> I'S |'ii'-«"'i| In 
 111 iiiaili' \\iili .1 |ii'i.^iiii |iiiil'i'.~-iii^- to riiiMiari a- i<^i''i;l m- 
 
 liii-lii' Ini- ail il iiI.mI riilii|iaiiv. lilt- roiiijiain wlirii 'nlllii'il 
 
 I III I'li'i'i- iiiln a iirif a;jl<'('!iii'iil uiili tin' |iaitii-~ in lln" 
 |iti'liiiiiiiai \ aj^i'i'i'iiii'iit tliai tin' roiii|iaii\ .-li.ill .iilnjil ami 
 iiii'iil lliii,* made mi il» lu'liah m- Inf il-i 
 I'l' Kiiriii> II 
 
 tin- 
 
 lit'iii'lil. ami llii~ ulll liiiiil ilii' i'i>iii|i.iii\ 
 
 anil IJ 1,'r Ihilr ,1 J'liiiil. 01 I.. T. JHii; .V.»/i// l.niiil < n. 
 
 \ I'liiiliiif I itllifi'l Si/iitliiiilr, \\\»l{ I .\A'. IJIl. Mmiinrr. 
 
 .nl.' ilmii> liv a rniiijiaiiy iiiav jiisiiiv tlic iiiliTi'inn ul ,i iiru 
 
 imili'.irl ill llii< ali.-t'iiri- of .'^miic aiillioiilx fi'iiii tin' \i<iii|m' 
 
 riialilinu- ill'' a^ri'iil "I mi'ii'i' to i 
 
 a^iri'iMi'liI oil till' M'liilm .~ lii'liiilf. 
 
 11' ill till' ailoplii 
 
 l!ii' an aiiii'i'iiii'iit nn'ii'lv Ih'MM'i'ii iIh> aui'iit m iiii.^Iit ami tin' 
 paiiv .<liall aiinpl ilic |ii'i>liiiiiiiarv a^n'i'iin'iil 
 
 iinnaiiv III. II till' I I 
 
 liiiiii: ill"' ii'iiilm into rmilrartiiiil ri'latioii'* with llir imu- 
 
 |.iii\ llii'iiil I'liriiiiiiilif T'lrf ( II. \. <liii)iir I' 
 
 llir 'I'f/ir ( 
 
 hi i! 
 
 1 I ll I'.lli. So lui- a.-- till" vciiijor is rmn cnii'ij. tlii> .nloplioii 
 
 :iirimn' ■> n's nilrr iilins i 
 
 In' nl'iii>i iirlii N'l 
 
 I' III siirli riii'iiiii'-laiiri'^ ran thi 
 
 iiiiii| .iii\ .-III' till' M'mlm- mi tlic pii'liiiiiiiaiv atrii'i'iin'in- l"i' iln' loiii- 
 jMiiv i> II si|.,i;iir('i- lo lliai aifici'iiii'iil . iiinl il i» vm'II .>i'Ii|i'iI iIi.iI i 
 |iii-iiii r.iiiiiui ■^iic on a loiitrai-t lo wliirli lit> i-* no: a paiiv iiiili'-> it 
 I- inaili' iM lii>i lii'liaif liv an aiji'iit or a (riiili'c for him A iiii'ii- 
 
 .I'^niiiifiit lii'UM'i'ii A ami li lliiii li. .tliall )i.iv ( , an a:ri'''i'iii<'iil 
 I" ulll. I. I is 11. ll a paitv ciilii'r ilircctiv m iinlii('itl\ . will not 
 I'li'Miit ,\ ami I!, froiii rouiiii^ lo u now iii>:t' "oiiii'iil llic next !la\ 
 ;iir;i.-<iii_- tiir ,^!,i .iiifi. li C wcri' a i-c.>tii'i ,(11.' iiu<t if Wiiiilii liavr 
 '111' <ili'' I i'l'i- .Ii's-i'l. M K.. Eiiijiicsx Eiiiihii-i-riiuj (it.. Hi <". 1). 
 l-'.i. I, nil, hi \. 11, null/, ;tii ( ll. L). 57. 
 
 li 1!m'ii "lipro no rimlract in wriliiiij for adoption as aforosaid 
 
 <.^ 
 
 "^v^rfT- 
 
^2i 
 
 AOKEKMKNTS. 
 
 [CHAJ'. V. 
 
 h- 
 
 '?,->-2- 
 
 
 (l'roiH».iliou 5. ««/'r«i i» <'"teu-(l iiilo afUT tho iiuoiiH.ta- 
 fioi. ..f th<- lompai'.v- » <<««l'a.( imv in «..n.e .mh.'s 1..- iii- 
 
 foiuMl from the u.ts «f ii (•..iiijiaiiv aftir it« iii.oiporaii 
 
 for «lthnu^'h Ih.' conipaiiv .aunot ralifv or l.v mor<- r...s„l„- 
 tion adopt, -it .Icon not follow from tliut ll.uf a.t.< iim> noi 
 Ik< .Ioup I>v tho romimiiv after il*< formation whi. li niak.. a 
 „,.« .ontrad to Ml.- Hin.o .-II.mI a> tl.o ol.i oiu- ' I'ci .l.-«-.'l. 
 M K.. KmiireiK Ktiiiivveritiii ( ».. U> •'. 1). !:iK 
 
 AimI a.ronlinjflN . wIhmv a .M.utra, . of ^ul.' u.aJ." will, u tru.Hl,.,. Un 
 a„ i„,..,..U-.l ,om,.a..v «..> .arri...! int.. .-IT.-., l.v .onvovan.- ot , „■ 
 nroiK.rtv a...l l.v tlu- iKMK- of tlu- <U'l.,.ntu..- whi.h wi-ro to bo tla 
 'onsido"ration. Kav. .1 .. fouu.l ^^ a fa. . that .Iter.- wa- a f.vsl. .oufa, , 
 
 betwrn... tlu. .on.|-a"v an.l tin- viulor. and refused to allow tite - 
 
 nunv 10 n-,...dn.u- tho .l.O,..nti.r..s as havin./ boeu is.uod with.-n. 
 'ouMdorat.on llu>n,nl s rot.'»l Iron, Co.. 'M V. 1). l."..!. Hm ,. 
 i. not prudent to ml on the as«umplion thai a di.c.t ronlrarl .a„ 
 t«uf»'lv be omitted. 
 
 Vn in.portanl aheraiion wa« made in .he matter ol eon.panie^' . ,.„. 
 „aet.> l.v >e.... .; ;!. of the ( umpauie- A... I'.HM.. This MMfon .> n..« 
 ...pla.-ed bv M-t 87 . :! . of the ('..mpauie^ A.t. l-.MiH. and pro^.de- a- 
 follo«,>. • Aux .oulra.M .nade bv a eompanv befure the dale al «ln. h 
 i, i., ..m.iled to ,nu..,.-n, e busine^- -hall be proviMOu..' ...Iv. and shall 
 „„t be bin-linj. -n .he .ompanv uuu\ iha. dale, and on that date ,.fsj 
 '■ ; J Ok. Jojberomi biii'.liiiji. 
 
 '-^ ' l»rovi.M..nal here an- thai .be .omra.t .s to be .ead as .1 .1 
 
 eo.itained a provision iha. .1 shall .u.. Ik- l.....lin>r on .he .-...npany 
 unless a.i.l nn.il the .o.npa- • '.en.n.es e..li.led to eomtnoiKe bns.n.->s. 
 Hr Otto KM,i,-„J M,n,i,fart„r,„<, (« . .hi,l.i„s- nisr. (190... 1 U 
 MW -Shall be bindin-' .nnsl nol be taken \<> y:ive any slatnl-.^ 
 Minitioii I" the loii.ra.l 
 
 Primal, eompanies an' exemp. fro... thi- ,..ovision. 
 \no,he, s.a.u.orv aheration in the nmlt-r of .on.ra.ls by ...m- 
 panies i- eontained in the Con.panies A,t. 1U08. «c.t. 8.1 repla, ..e.- 
 
 ',.,, 11 „f ,|„- (' panies A.I. limo. A eompanv .shall ..ol P"'- 
 
 X iu.islv to Ihe su........ V ...e,.ti..^' va.y lb., lern.s of a eo..trael relen.M 
 
 ,o in the pr.*.lKHtns. ..r stu.e.nent i.. I.e.. of pro«po.t..s. except snb... t 
 ,„ ,1... approval of Ihe .s.atuto.v ...eeti.ijr ' Ii' a .•..mpan.v «e.e 
 all..w,.,l ... do .s... it nii^'ht evade .•rili.is... of the .onl.a.. by IIh 
 sharehol.leis at ll..' s.atnlory .neetiiiyr. 
 
 niieir Iheie is ... be a preli.i.ina.v ........a... ...le or ..the. ..I .la- 
 
 follow!!!'- !!.>ir pb"!s is iisuallv adop.e<l: 
 
 Pi AN 1 \nr.H...ienl. befoie ineorpoiulion. with inislee or a--ul t"i 
 intended company, followed by a.loptive agree.i.ent atte. 
 iuwrporatiou. 
 
 11^ 
 
lNIKODU0Tf)KY NOItW. 
 
 :«5 
 
 I'l \\ •-' AirRHMiK'iil |ii«'|)inoil liofori' iiu'oriMiinlion uii«l i.>x|iioh«p«I Io 
 Ik iiiiido iH'twccii IMC vcnili'i- ami .-iiiui' u'^oiil I'm- tlio iiiiii- 
 puiiy; it i« "ijfiK'il alU'i- iMriij|iiii'iiii<iii and is Mil»<C(|iii>iitl>' 
 ailuptCKl li.\ llio i(iiii|iaii\ . 
 
 I'l vN :: A(.'ici Ill |>r<'paii'il licloif iiiciii-poialioii ami t'xproiwwl to 
 
 !«• iiiaiic with the roMipaiiv: il i« waU'd l.v tlio n.iiipaiiv ultor 
 iiudipnrali'm 
 
 Pi j,, 1 Anil II'.- nl' a>si"iali <■ >ii('iil a» Io aiiv a>jii'i'm»>iit, hut 
 
 lii\f iliiciliiis piiwi-r III piinhaur llit' piiipritx 
 
 ^i 
 
 Best Coarse to be followed. 
 
 \\'li»Mwv«>l- llu-l-*' i- IK" parlii ulai- ii'ii^nii I'm' adnpliii'^ I'laii 1. il i» 
 t'XIKilieul Id iidiipl iMull^ J. '•>. or t. lor, liv ihf adiipliiiii of any of 
 tlii«.i' piuiif, lln' riinipany Ih'coiik's liound in dm' ri)iii>«> willioiil any 
 apiii'ainniH' of ihf coiitrait liuvint; Ik""'!! fmct'd on il, ami ivillionl llio 
 ui'M'K«il\ for any supplciiK'ntal iinitriiit . S«'<' tin- nulcn |o Foiin 2">1, '" ^**-*i 
 I laiifi- .!. infill. 
 
 Plan 1. 
 
 r.ifiuv ihi' iiinii|ii)ialioii 'I llii'ioiiipany. iIk' puiinoK'ix proiunHhe I'laii 1. 
 lAin r 111 (lie piupi'liy Io I'lilci' i llio an af^ri-fmunl witli noiiic por-on, a'- 
 
 iii-i !■ ajiciil for tho intcntU'd roiiipany, for the muIo of llic property 
 
 ■11 ilii' runipany upon itilain iorin-i and lomlilioiis. Tlic in«'iiiiiran- 
 
 • liiiii and ailiili's of a.-s(.i iaiion of tlio lonipaiiy am solllcd, wilh lln 
 .unriiiionrc of llii' M'lidor and of lln' piuiUoK'i.-, i onl<'inpoiancoii>l\ 
 nilli lliis ai^iiHiuii'Ml 111 lln' arliilrr. is inMOrtt'il a claii-c iLMcrrinji- 
 Io till' a;:r<'i'rm'nl .stui inl'ni, p. <i-l:l. riaiisc ;!, imli' , .ind lallmri/inii' 
 
 ll iinipany In adopt and i;iny il inio cIlVcl . Tin' nn'miii'indiiin and 
 
 artitlt's aix' ihoii roj;i.stt'r<'d, and llic rciristrar is-uus his cfnilii-aic, 
 wlii'iTiipon ihf roinpaiiy Iii'coiir'h iiuorpoialod. Slnnlly after llu' 
 iuruiporaiioii tin' diroitors hold a iiu'elinjr at which the pr«'liiiiiirii\ 
 agiii'int'iil ifi tdkt'ii into coiLsidoialion, ami a n'soliiiion is pas.^od 
 fur ll.s adopli'i.i Thih of itself wonld not lie siillii lent to make the 
 riiiM|iain liable. \w notice of the a<hiplion is snl)seijiienil\ ;;i\en In 
 the vi'iidoi, jind ii liie eoi|ii*e the iwloplion i.s fjleiieil li\ nn,>ans of a 
 liiiif siippl'iui'iilal n^io<Mm'nl, to which the vendor, the ajjent or 
 iru.slii', and lln loinpa'.iy are \iariies, whereliy the roiiipaiiy is hound 
 Io perfiinn the preiiiniiiary aiTMH'inent in ihu plai'O of llio airent or 
 iiii.»li'i' S"*' forms (>/ xuili afiireniciil. infra, pp. ."tti'.t, .'im. I lie 
 -iip|i|eiiieiilul affieeinenl in noieiwaiy where the jireliniii: I'v a>;ree- 
 iiK'M' i.s made with an "anient. iM'cansu it Invs heeii held llial there ran 
 Ik till I'lli'iliial ratitiiatioii in xiirli a i-asi', iiiasiniiih as ihe roinpanv 
 
 .Xtffeoiiii'ut 
 with truBtt-"' 
 or aic*'»t fur 
 iiitcnditl roiu- 
 puiiy fuIliinTil 
 liy «iippl»'- 
 nii'Dtnl 
 ailupti'.f 
 HjfTts.niilit. 
 
 u 
 

 9s» 
 
 AOKKKMKSTM. 
 
 CllAl'. V. 
 
 w;l- ll'il 111 
 
 ,.vi-,-n..' «lu'ii III.' |.i.'l.iiiii^'i> iiiri.--iii''i" «"- '•• 
 
 R«.n...».,v IMai I I. M.lilHi » ,..H...,v.l. I«m„h>..: ,„ I'...,.,.. ir-MUJT .o th.. 
 
 '""'"'"■'' ,). V..M Ini 1 rl in M'll -m N"" i"'"' '••""- ''■'"' '"^ ' '' ""' 
 
 i,' „ ,,.....i..i. lu.h.Ui.. I.. I...M. '- Th.- I....II.....-.- ma^ - .■M.v I.. 
 
 l.iM.I ...i.pai.v ..l.s,.liil,-h ...;.,,|.ii..' "Ii- l•>"l'<■".^ "I""'"'" "■"" 
 
 .,,.,,,„„„| |„ „„■.„ U.|...r i.> i.i.-..n.ni:..i...i Willi :i M.MMl,...vl... .1..- 
 
 ,.nii;.i.v Hll,.,li..a.....t.a,la~i,. IMa.i 1 . ..ii.l In tl..' a.ti, L-. 
 
 ..,,„.„ „ i„..„...l iiMiu.mi;: 111.- .lii.--- '■; '-■-. "V";"T VIl ' 
 
 .„„„,,, I... ,\u.uU 1.-..II .-N- II....1 an.l ...ilv «aii^ t„r a:l,.,..ioii, .l„. 
 
 .,i,,,,,„. ,ull hr !.■» liU.'l.v tn .ai- .,u.-tinii> a- ... Hl- i.'.iii- I.m^I 
 „„.„„„„,., .„,...,„ i...l„.,li... ax-. l!„, iiMMMii... ...M.,.,....-.l.l,a, 
 
 .,„. ,„„1, .la,.-.- .an l.in.l .l- ^li.-t....- ".■ <l-' *' ...|..v.., lliom ..-..la 
 
 ,1... „l,l,.a,i..,. ... ...i.>..l-. »li.'.li.'r '..■ I... 'I'" ...l..,..i.... ..I t ..• .■...i.u.l 
 
 i, ,.,, ,1... ..„.,.,.aii>^ iMU.'lil. S'v /•''"•''"'" '•■"'''"■' ''''"'"'"'"■ 
 
 , N,. I . I'.ill • M li f^v 
 
 m 
 
 I'Un 2. 
 Atrf'emeiit 
 witli tt)feiit for 
 (ompiiny 'uh- 
 si'quently 
 iidopU-d under 
 ■will of COIIl- 
 piuiy. 
 
 Ad»,.it«if<* 
 ..fPlan .'. 
 
 Plan 2. 
 
 .,-|,„ ,„,„„„„.„, i. ,,i..|.an'.l l-f..M- 111.' ill.. ..I""''"'-'" "' "'•' """■ 
 ,,.,„, ..,,,1 i. ..x,.i.-..d ... 1.0 ii.a.l.- !..•.« ■ '!"• v.a.l.-- .""' -"- 
 
 .lui.i a.i.l ai.,.l..> ..•I.-- t'- th.- a..n.-..|....|i. as a .o....a.-, aU. ..iv 
 
 ,,,..,.,...■.1 aiKl iii.-n.k.l ... l..-Ms:.a-i in Mliutol: oflcr tin- ..K..r,...ia- 
 
 I..„; ,„ ,„.. ...n.pain. an.l a.i.l....i/.- .1"> .lin.'o.s ... rut.ty a.ul a.|..,. 
 
 the ...... -. K..nn •...f. T .....|.anv i. tla-n .•o.^'..-.t,..o,l. and 
 
 ;„„„;,.,.. ..U .,u.r.n,nls .i... ..aiU,- ... .!..■ a^.-.v.ia.n,. v i/ , .h- v.-nd... 
 „,„, ,„. a^...|., M.a th.. «aia. S,.l.>.■.,l..■n.l^ ■ a in.... Mng ... tie 
 
 ;,i.,,,,. u ,...i.i. ail.. a ...s..iun,.u . , M. ;■-':-';'.'; 
 
 a,.n...in..' 1,.. .a.i.a.l ami a.l..,- L ""■I "-' .liv mmIL. aMiv. ... 
 ,,' ,.Htlu.iv..r TlK..-al istlK.«alliM..I ...a.m..m.ian.ln.n...u..il...|..« 
 
 ,h.' a.M. in .1..- t....i..: Tla- al...N.- nr wi.lii..-u, i...... J ai::,v- 
 
 ,„..„;isl...n.l.Ma.ilU..lai„la.l..,....M.> '1.,. < ...v. lamm..L 
 
 \s «i.i,.-^ .1... n..n M.al ..f .h- ^m-I ..■.nl.all^ U ,- dav ... 
 
 Tli..n.-f...Hi. .1... .•..iH|.an.v .> .11.... laallv l....in.l l..^ "I." a-^"^ ' 
 ,,.• .I... .v.lii.i.al ...U. ...lal.li^li.a in hrUrr ^ /{.....'. ' 1- « 
 
 ., r |. ,;» ,1....^ n... appK . >iii.v Hk' atrrviianl » .s s.ir I .«'« 
 
 •,„..„,,„.al...n. a.i.l i~ ll..M-..|<..v n,,.al.l.. of rahji. a.....i 
 
 Plau •• i.< s.,in...ii....^ u.l..|.t...l l..'.aUM. .. av....l- .In- .io.v^m.n . . H.e 
 ..,„...,.:,..al a,n...n...|i. ............1 U, .Man 1 a.al "' ;^;; ;•;- j;- 
 
 „,,,,.„„ .....l ....f.Ir,. ai.v rosolution I'...- tl..- a.U.p.i 1 .1- ^.^-Toom 
 
 !,;::, M....ni,W .. ...v ....... M......v.-, p...n » ..o...o.....«^ 
 
 ,,„.,,.,. .., ..ulanit an asrm.inou. .... a.i..|..io.i mtLer ...an n .lOw ugit-e- 
 
INTKOIUJCTOK^ NOri->«. 
 
 :w: 
 
 „l |,„ ..v, utioM ... ill Plan- I. ;l. t W I I'l;.ii -2 is a.lo|ito<l. (!..• 
 
 .Iii.vl' i> hIioiiIiI Uiir in niiml llial il lh<>v uil >>ii il"' roiitniil. "i 
 ,,ili.i«iv -\i<>\\ llifii ii'l"|'li"" iIk-h"'!. ill'- 1 ..iii|i;iiiv iilh !«• Iioiiiul l..\ 
 iiii|ilii'<l iiililiialiiiii 
 
 Plan 3. 
 
 hi'lnif till' iliii||Miiiilii>ii ol llic ioiii|iiiiix an am^<Mllcilt 0\|irp*nr(l I'Ihh :■ 
 
 ,,. I .U.I.' Ih.Ivv.m.u 11... MM..I..I a.i.l III.- ...i,.|,u.,x it.-cll. for ll..> si.l.> ..I ■^^^^^;;^l'^^^^^^ 
 
 il„. j,r..|HMlv lJ.ili.M<.iii|.aii.v. i". willi tli.' jirivity of tli'' voikIoiiiihI iIh- i,^.if „i,|, 
 p. iiiut.i-, iir.'|>aiv.l. The iiiciiinniii<liiiii uti.l articles are at (lie* KUii.f )"'*;jyj'j' 
 niu.' |.iciK.i.'.l ai.'l «.>lll.xl will. lli«- lik<- priv l.v In the iiili.'l.iM i- "|^'",'„',; " 
 iMMiii"! a . laiix' ■«•<• Korin :!'>l, liaiK*.' i, hum. |i. tillj rcf.'riiiiir I" 
 iltcaffic'iiioiil ai.daii'liori/ii.t; oi- mi.iirinj; 111.- clirt'ctor-. foilhwitl. l" 
 ;illi\ the -^-al "f till' .Miii.pai.v tl.i'i.'lo. or ilcflaiiiiir that tli<' n.iupanv 
 -I, ill j.itiliwill.cxo.iit.' thoiiKK^'iiKiii Tluniionioriin'liiiiiaiiiinr(ii li'« 
 aiv il.iii n';ri.-«t('it'(l, hikI tlif K'ui-Miir i-'M««. Iii-* corlilii at<>. At tli.' 
 lii-i iini'liiii; of tilt' ilini lois iIm' ai.'T<.<'riu'iit i.- lakoii iiit (■oi.«i(li'ra- 
 liuii aii.l u Lvoiiilioii |i:i-i>.'<l for iM adoption Tlii' voii.lor i- 
 iiilorii.)Ml of llio i.'-(iliilioii,aii<l a .lav appoiiilt'd for .■oiiiplclioii. wImh 
 i|„. ai^nHMiiiMit is .>\c-iili'il. Immi.i:- afl.Mwar.l-^ ii. .In.' rour-if loiiicl 
 liii" cir.'.'t 
 
 Plan 4. 
 
 Thi^ plaii'I.i.lvJililT.'r.s from I'laii .1 ii^^ i.>«pi'i(. nain.-iv, !h:il (lit- PI"' « 
 
 .oil.j.v- .lo nni .-vpr.'.-lx ivh-r to tl..> air.v.Mii.'i.t. ImiI a.ilhoriiro ihv ^J'^;[:;',j;;*'; 
 
 .lin'itoi> to piiiriiaM' tin- piopi-riy on "tiili tcii.i* ami r.iii liiion-' .t- ,iir<Ht"r» t« 
 
 iImv il.ii.k lit Tli.'M' p-i.cral pow.-rM uro .piilo a- cIV.Ml.ial a« an ';",';,[;,";"^,^,. 
 
 ...iiliorilv to adopt or oiilpr into a w|K'cilii> agMM'tinMil Ovrmul. cii'-.tt.-|>.v iti.- 
 
 r,V,/»7/',( ( ,> V. ii,hl<. I. K. :. IF L. IHO lint lli.- ..tli.-r plan- ar.' ..»""■>'.•■"• 
 •j.ii.ialU adopted. And nii.' of iIi.jm- plan-- i-^ pr.'fciaMc nlii-n ill.' 
 .Ii.iitoi - oi' .oini' of lliciii ni.' vomlois. 
 
 u 
 
 W licM'. a> ill Plan I. a pcixiii purport lo (onlrail as apronl for a P'^f*'."*' 
 
 ... . . . llADtlltV Ol 
 
 .i.iiipaiiv not ypt formed, he is piTsonally Imlilo on the .•ontnitt. ^entm'cac 
 l\,lnrr\. Ihirlrr. L It 2 (' P 174. So, ulwi, a person .ontia. ting '^^'^J^";^' 
 ;i- ■IriiMlrp" is peinoiially liulde Stirthnmherlmui Aretiup do.. 3.1 
 
 Div Hi 
 
 Ami where u (.erson has s.. .ontract.'d lus "aiJitJlil." the fact that the 
 iinpaiiy after its ini'orporulion iictn on. or piir])orts to niiify or adopt 
 II' lonlrai t, will not ipli"vi' the airent from the i>eisoniil lialiility he 
 iiiiiM irniM xiirniiiir iifi Udiiill' of a i.oi.-.>vi> teiii principal I Srott v. 
 
 iin^actioii ainoiiiii-< to a 
 
 i<i>m|>aiiy not 
 vet fonw'L 
 
 / 
 
 .11 11 lontract, e.q . lut in 
 
 Klnirji. 
 
 41. iniiit. So too, where the eontiaci 
 
 I- made w 
 
 ith 
 
 ■trustee lor a minpai 
 
 the trustee will not he 
 
-TiM 
 
 AQRKEMBNT8. 
 
 [Chap. V. 
 
 
 \ 'S 
 
 \i 
 
 S4«l 
 
 AgraaOHiut 
 iliiiuld Ih.' 
 pruned >«ithHt 
 lii« lUbUity 
 nhoiiUI be 
 
 tiomuutl 
 
 
 
 ProTUo limit- 
 
 r,; 
 
 
 iniflUbilityof 
 •gent TitUd : 
 
 
 
 «wiM, if pur- 
 
 
 
 porting tu 
 
 
 
 nUere him 
 
 
 
 fnnuaU 
 
 1 
 
 
 U>bUit7. 
 
 
 
 ProviidoiiH <>f 
 
 3 
 1'^ 
 
 
 •rtinleR. 
 
 i 
 
 '1 
 
 
 i 
 
 'l 
 
 
 ,el....M..t fioiii liability u, il.r vcid.u l,v iea«ou oi the rompany pur- 
 |K»tliuK tu u.lo|)t. or aclin,r "•« iho r.mlinK that it i« o.il.ti«<l t- Ui- 
 l«iiefit oi th«! <M>.itrtttl \orlhnmh,-rh.mt Arenne Co., AH V. Uiv 
 Mi Wulferi, v. Sorthcni Coal Co., :> iK- li. M. & O. 1529; Cor v. 
 /W/o,,. K I)., i; M. & ti «l' Tl.on. ...UM I..- ail oiroctiv.. u<lo,.t.,.M 
 .Diilni't. S«Hi Form H 
 
 it is howovor, Hel(l..iu ..r ii.v,„ ti.e inleiitii.. ..t the parties thul llir 
 .iK«ut ..r uu-Ht«. should U. HO lial.le, uii.l accordniKly Uio URrmMiiont » 
 M (ittme.1 that his liability will bo i.u-n-ly uoiim.ul. This u I'llV, i.d 
 us loll..w«: The aj^eut a«roes thai i! • fonipany Hhall pur.lia.... ih- 
 proiH-rtv; a tuturo dav la tix«l lor ili, o.t.ploiion of the punl.a-r; 
 
 .t i« provid.Hl infra, p. aG8j thai upon tliv adoption of flu. a^row ,i 
 
 bv the .oiiipuiiv, iu «u.h iimuuiT a« to lieioiiiv bound t« carry it uii.. 
 oivei I. Ilw liability of llu- at?«nt or tru.^lw Khali •■caHO, ami that it ili.' 
 .■on.paiiy >UmH not a.lopt tlio as;n-.ni.Mit before a oertain day i pno. Im 
 the .lay fixed for toMipletion i, the u^'ent or truMee may at any tn,,.' 
 
 ;.fl,.r«aidH ras-ind it ^lo eUo. I of the^e proyiMons is, that i 
 
 .■o.ui.ai.y a.loptH the agreement, the ajreat or trustee is tree.l In.n, 
 liability- aud if the r-i.ipaiiy i! .es not adopt it in duo -ourse, tl... 
 ;,i;ei.t or ti.wtoe. bofo.e the time lixod for .ompletion, rescinds llir 
 a^rreenienl. and ;hereb> teriiiiiiatis his liability Ix'fore be has bad t.. 
 do anything under the i^tiiwinent. 
 
 A pnniso thus limitinn the liability of .he so-railed aju-. 
 
 trustee is yali.!: but, not uncoiiiiiionly, it is provided that h.' .-ball 
 in.ur no ,j>'rso,uil responxibility whatever. Such a proviso is, h.,«- 
 .ner, in Liw repugnant and voi.l. the result being that the agent ..i 
 llu^lee is personally bound to iMsrforin th(! contract. Furnivnll \ 
 CoomUex. :> M. A Cr. 7:tti: WiUi'Utix y. Unthatvu;/, 6 O. I). 044. 
 
 Xti to the operation of clauses in the arti.rle.' of a.sso<-iation provi.l- 
 ing for the adoption of an agretfuient, see infm, p. (>l:5. 
 
 Kvcn befon> iho Act of 1908 wan passwl, when a eonipauy u;i> 
 .Marled to ac.,uue a specific proiwrty, and Iho capital was to I..' 
 lui-MKl by public subscription, it wa.s not unusual so to fr.un.^ ili" 
 Hgr«>eiuent for the purcha«o of the property, that if within a iInc'I 
 ,K-ri.Kl a .tsriaiii number of shares were uot taken, the company c oul.l 
 rescind, the object being that if the company Bhould fail in raising 
 tli<. funds noi-e «ary to enable it to .•onimeiice business it might Is- able 
 ;o "tjl rid of the agreement. Somelimos a similar power was given 
 to The vendor, for he might not U< willing to sell to a company wbi.li 
 liad not the ni-an.s to develop a proiierty for which he was probably 
 to be paid partly iu shares; or his own right to sell might be coii- 
 tingeui on a ceriaiu number of shartw being taken up. 
 
 But now. under the Act of 1908, s. 87 (3), 'any contract made by 
 a company before the date at which it is entitled to commence busi- 
 ness shall be provisional only, and shall not be binding on the coiii- 
 pauy until that date, and i.n that date it shall become binding. ' 
 
INrKdUUCrOKY NOTt^l. 
 
 .\M 
 
 if t>M' All 111' milM. aii'l llif iiott"' rlii'ii'lii. M(/i/-<(. 
 
 for ihUu. 
 
 ;! II' 
 
 \^ iM ilio iiii'iiiiiiiK "I |)ro\i»ioiml, m-" OIId F.h ■ ln'nl Eniinifiiini 
 In . .Iiiil.'iis f Itiiiii. I llXHll 2 C'h. ;l'.MI. *«/)/.l, |i. J:.'. 
 
 A." lit «lifii iIk' <<iiii|)uii> ii <'iilill«Ml 111 riiiiiiiMMtn' liii-ini'MH, mt 
 •.((///((, |i iti; ^iii'l i" •<> ''"■ li'i'iv*" "ft. >Hli ihf iiiiiiiiMiiiii i«iil.>rii|>- 
 limi. M'f M'll. 
 |i '.I. 
 
 Ill i.ii.Kuiiiiu ;iii airiwiiiviil l«i wilf. till- liill'ivviiiu •!"• -"!• I "'"' l'"inw< 
 
 ■ ' . . . , iltfTWOH 
 
 pmiilM wliiili ailM' I'll roil-l'lcritlimi: 
 
 ,11 On llif -iili' ill It liii-iiH"- All' iIk' liiiiiU ili'lii.« 111 111- iiirluiliMl - 
 All' iiin III' lliiMii li:i I - U alli'Hiiiui' ii> Ih' iimili' Im lnnl 
 ilcliln'r \\ ill til' vi'iiilnr ;;iiariiMli'i' llu' Imnk ili'lil-' If iIii\n 
 aif 111 Im' «'xrliiii' ' liiiiii llii' "111*', i-- iIk" I'liiiim ■■ hIIi'' I 
 iIk'Hi!' Ik iho hIixK il-lrinii' In 1»' iiiriMiim! ill r 'V 
 iir III Ik> liikon ovor iit a viiiiiiilioii'' I-* llii' .• ' 
 I'lliHl t'roiii ill" ilaif 111' llio inriiH'iiH'iil, III- f Hill till' . 
 till riimplolii !. in I'luiii SI pafl ilalf' U llu- mh 
 
 lllcrillllt'll I'iDlll i'iilll|H'lill^' will) till' riilli|lilllV '.' I >■.■ ' '•■: 
 
 m-ss I.I III' caiiiwl nil till rimipl.-iioii mi licliall' "I 'in' M'tiii.M, 
 Df <iu lliii lOiniHiiiy'w lifhull":' 
 
 III On till' sale ol' a |W|<mi1 Aii' iiiipinvi'iiii'iil.- m i.r iinlmU'ci in 
 tho »ulo' All' lurthfi iiivi'uni)ii« wliii li wmilil iml iimiii'ilv 
 Ik- iIi'hi riliod un iiicio impiiixfini'iili to lie iiirliiiii'd'r Ait' 
 jinripi [luloiil ii;;lit« m Ih' imluiicil:- Is tin- M'liilnr I" I"' 
 ImiiiiiiI 111 ;riv<' iiifuriii.iiloii as to iiii|iiii\i'iiii'iil-' ' li ll"' 
 pali'iil xaliil? Ik the \< irhasi'i- to l«' at lilicilv lu lake aiiv 
 opiiiinli nx to ill vaii'li v l«'t'oii> ri)m|ilolii>ii. au'l In li'-riml 
 if llio pati'iii Ik' pini!'Hiiu«'<.l iiivaliil'/ 
 
 HI On till" Kulc ol a mini' I- il m Ik< ovuiiiiiii'il I'V an inilcpi'iidi'iil 
 i'\|:i'rl livfiiu' niliipli'liniir Is iIm'k a y:iH«l ijllu;' If tlir 
 piiiperlv is aliiiHiil ran ilif <■• ipaii> linlil il, and is tli«> 
 [iiirrlias«> III lie rnnipli-liil alimail or in KiiirlanilV If alirnail, 
 is (111' piiirhusi'-moni'v in lii' si-ni alimad. or is ii In In- paid 
 hi'it' 10 tnisii'cs poniliiii; inli'iiiinU'ii as In i!ii' lillo and 
 liaiisfi'i- liaxiiij; lici'ii minplfU"!' 
 
 ill) On i!ii' salt" nf a iniirt'ssinn Is il ■, alid' U ii lialili' In 
 fnlli'iliin':- ( an il Iw vsli'd in llii' ri.iii|iaiiy willi ol witlioiil 
 iniiM'iit; and. in the fmiiiiT lasi-. wliai !•» m In- ilnni' if tin- 
 riinscnt ruiinnt Ih' nlilaiili'd'' 
 
 H'l On aiiv sale, is ihoif to lif pnwt'r lo ii'siind if lli niii|iaii> dni'S 
 not fiout, and who. in thai ous*'. is to pay llio proliniiiiai y 
 
 I'Vpi'llKeM? 
 
 Pridiuiiuuiy a^ifciufut*! veiy i-omiiuuily jirnvidi- for iho isMio nl I'aid-np 
 fully or jiartly paid-up sharivs for a considoratinn iith'.T than i iisli. 
 «.(/.. utt the lonsidi'ratinii fnr the sale of properly or nf servii'i^" I'l 
 be rendered in ihe i'nni|miiy . 
 
 'i 'i 
 
 11 
 
3:j0 
 
 AtiKKKMKNr." 
 
 rCllAI'. V, 
 
 The law it.- I<» IlK" i*^'"' 
 ii..|i ha- I n lii.iU'i iiillv a 
 
 1.1 hliaii- Imi a .i.ii-i.h'ialiiiii ollli'l lliaii 
 lloK'il l.v ill'' < i.aiiii- All. I'Jitt' in(.« 
 
 ifl 
 
 larfil l.\ ll»' riitiiii)iiii<''< All. I'.HtKi 
 
 Km iiiaiiv yai.-i (Mlur 
 
 liMjwiiiiH' wlifii iluil Alt iani.Miilu..|»'ral 
 
 iM .laiiiiai'\ 
 
 liilic. vv 
 
 lltOl I. M'll. :.'."i ol llii' ( 'imiiai 
 
 All. IMliT. hail lircu m 
 
 h.i.l.v il «a> iPiuvi.ini Ihai .-mtv ,-haM- ill aii.v ...m|Mi 
 
 >h<iiilil l»' iliH'iiii'it ami laki'ii 
 
 haM' li"i'ii i«*iiiMl .iii'l li> li»' hi'l'l 
 
 ilij'-i I 
 
 llii' I 
 
 Il 111 llii' wlinU' ■• "Ill 
 
 llii'ifcil ill ra-li. mill 
 
 h,. .-aii.c .-I M liiiN<' l»-''i' "lhi-i«i-.' .l.-I.Tiiii.i.'il In a 
 
 iiiailc Ml xMiliMi; an 
 
 iiitiai'l iliiU 
 
 I liji'il Willi ill"- Ui-ui-ii- 
 
 I .loin! Sli.i k I 
 
 ami'.- ai 111 
 
 llClill' llli' I--IK' 
 
 ,| r-mli -hail'-. aiiil u «••• 
 
 \\i4\ >i'il|i-.l 
 
 llia< iIk' niiiilal lliii- ii'i|i(ii 
 
 .;| I,, 1,1' liliil -1 «li"« :'i iiiilii'i 111 
 
 llif .»liai('- li) 1" 
 
 all..li"'l. il"' .1111. nil 
 
 I h. Ill' 1 ll'.liH'.l .i- I 
 
 il. anil II 
 
 riili.-lih'ialliili 
 
 |i.i wlii. Il iIk' -Ii.ii 
 
 !■- urli' I. 
 
 1 1. 
 
 .lili'.l 
 
 I'f III. 
 
 -lull- i.ll 111 
 
 ll||. \.l. /l(l/i( 
 
 .1 ihi' I ..iii)iaiiii' 
 I.- Iiiiiii .l.iiiiiaiv 
 
 .\.| I'.lilii. 
 
 I li.iji .\\ Hill 1'.^ '''" 
 .1 ilii. A. I 111 I.M.: "1- li'l"'; 
 
 |,t I'.iiil. wilh lilt' n-iili iliil ll"' r 
 
 \. I ..I IStil' ill iv-aiil I". |.a\iiii'Mi 
 
 - I'll -lull- will- li'-l": 
 
 .1. .mil III 
 
 all' 111." .•iill...iliiil ill Ihi' < I'- ' 
 
 iij.i ihi' .V.I "t IHii:! " >!' 
 
 Ni.w 
 
 Ullllllllll 
 
 \. 1. I 'HIM 
 
 hali'lii.l.li'i "■'- 111 
 
 liji. I. 'I ihr I. Ill 
 
 .1 hi.- shall'-. '<.iM' 
 
 -1. lai a- lln' aliiiMiiil iii.i> havi- liri'li |iii 
 
 Iv |.ai.l n|i. .'iliu'i li> hiiii-i'll "r ..lln iw i- 
 
 1 ill thi' A I. lull 
 
 v lull- 
 
 M'H ilr.iilx r\|iii'— I 
 
 .-iMili'.l li\ iiiiil.v ili'i i-i"ii 
 
 thai jiaMiii'iit inn I"' m.i'l' m ' i 
 
 inakiii- i.ui I., till' i-.iiiili.iin |ii"|» 
 
 Til. 
 
 liyaliiili l^ ii"l 
 
 lli.it il i'\i-l- 1- " 
 
 nil lii.-ix.l> 
 
 ,| till' lii'^lii'-l aiilli.iii 
 
 \ Il i- al-" -I'ltli' 
 
 I. 
 
 »h, ..I III il- '■■|iii^ 'li'iii. '■ 1/ 
 n\ «li|. Il il lia- IM.VM'V 11. a. |iiii 
 
 „ ....hIi'Iiml; ..I i-i.. in- I., ii'li.hi H -I'lM- »1> 
 
 i' Il il I- « illini: '' 
 
 111 -.111-1,1. ii.. I. 
 
 .1 ill! aiii. .11111 
 
 .1 ill.- -Iiai aiiv .-I" 
 
 ill. 
 
 |..iil|.,ii ilii'ii'iil 
 
 Till 
 
 i\\ . Ihi'ii. a- II II"" M.iiii 
 
 |. I, a- I..II..U- 
 
 I A 1 ..iii|.ain " II 
 
 Il a .-I. .11'- ..ijilLlI iii.i* l-~ii'' -lii'ii'- •■! ''III'''! 
 
 Iiilh 111 pai'lv li.U'l i|' I'" •! 
 
 :i1mil; i.i-li "'I' 
 
 .-iili'ialiiHi 
 A I iiiii|.aii\ lii.K I'-il 
 
 nil fill a . ..II- 
 
 -Ii.,ii.- ,iiiliii-.| a- liill.x "I |.irll\ I'.ii'l 
 h.iali llii'l til. HI -a-li |i|.i\i.|i'il ill 'I ll" 
 
 .1111-1. Ii'i I 
 
 .11 I- -i.!l|..tllll|.. 
 
 ., |1|..|.. 
 
 I I \ .It -I'l \ 1' I 
 ll. 
 
 - I I.. 
 
 .,i,,iii.-itiiiii 1.1 "lii. ll i- "illini ill-' |'"»''i- "' 'I '"■ 
 
 ,,anx anil i- n. ll"' I -' "I"" Inr Mi- ■•' 
 
 a.|i.|il.iU' \ lliir 
 
 >,il,.„.,l I , ,,| -... 1 HN ..t ill.- t ..m|.: - '■ ..liil ili.-nl V" 
 
 I'.tii* I- .1- |m||..h- 
 
 U|,..„..X.l- .1 ...lll|...l.» I.. I l.v -I..".- Ill-ll>'- '"> .H.'^'ILhl l.f it- •llllt- ll" 
 
 ,.,„ii,.«„v -I ».iii.'. I'l' .1.. ..'iri.. III. V...1. Ill" li.-.-1-..Mi .■( 
 
 I ■.|ll|MIlir» . , 
 
 ,,, , \ ri'liilM l.f H.. ..Il..lm'iii- -'iiliiitf ll"- iiiiiiiIh>- •'■■•• """m"'' ■' i"' "' 
 
 III.. -Iiaii- i..i.i|iri-Hl 111 111. iill.iliii.iil. Ill'- iiuim-. iiililr.'«i- ""'I 'I' 
 
INTItODUCiOKV NOTI'>«. 
 
 aai 
 
 ,,( III. .ill. .11..-.. 
 
 ilili ill li ^liiiri'. mil 
 
 M" 
 
 1(1 tip MllfMl.l ll .1H\ |>. 
 
 1 tin- la-i 
 ill ril^li. 
 llii' allolliii'ii 
 
 i.f ►lurr- 11 
 
 11(111. ll 111- liill\ ""■ I'.iill.v |i'ii' "1 
 
 III IIP (III 
 
 .1m.- .111.1 
 
 icrwi"*' til. Ill 
 
 iilrn. I ill »rlliii(.' i ..n-lit" 
 
 t, |i...'illi.r witli :iii\ ciiilni.t 
 
 till..' Ilii .ill.- cf 111.' ;ill"tli''- I' 
 
 ■ if >^ilc .11- r.ir M-rvi.T- 
 
 iitlii-r 111"- 
 
 iiliriilii.il ill ii'-l" 
 
 III ttlii.-li tli.il nil. .till. -lit »"- iiiii'l"' 
 
 iilr:ii-t- l.i'ilil.' "liii.V -I iii>|. 
 
 iiiiiiiil mill. 111! 
 
 t i.f -I,: 
 
 il, iiiul a n-tiirii -taliiiL' 
 . . L.ttiil. III.' I'xl'ii' 1.1 " 
 
 1 ll 
 
 IlL' till' llllllll"' llll'l 
 
 1„. tn-.ltnl I" |.illil ll| 
 Lirii al'..tt.-il 
 
 I III. ami III. .'Ill 
 
 aiili'iatii'ii 
 
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;».V,' 
 
 ACKKKMKNTS. 
 
 [t'llAP. V. 
 
 Contracts entered into belore the Company is entitled to 
 commence Business. 
 
 .Sfcl x: •>! till' Act ■■I' I'.iii8 |iiiivi<lcK as lollow-: — 
 
 ,:|! Any .-..iitiact i»mU- l.y n .oi:iiia"y l'<-f"n' tli<> <lal.- at whi.li it i- .Mititl,.! 
 to .omiii.nrr l.uMi,.--. »l.ull l)i' |>^o^i.i..llul ...ily, «n<l *liall •!"• '"' l'i"<li"i-' "» ili" 
 . ..iiipany until tliat ilati . an.l "ii lliut "I it. it hIibII iM-iun..- l.in.liiiL' 
 
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 •ii Ni.thiiijr i" tlii* "'<ti Iiail a|i).ly t- a piivaf c..iii|.anv or t.. a . ..mi.aia 
 
 r.jll t.riil Im fiTi- tl..- Hr-t ilay of .lannary. iiii..t..'h liuii.lr.nl 1..1.I on.'. '>r t.. .. 
 
 ,,,i,„y r.s.'i-l.ml iM-f.nv tli.' lir-l -lay of .Inly. niint.-.Mi i .lr.nl ami .litl.t 
 
 nhi.li .I.M- not \'-»v u pr.iHp.-tu.. iiivilinu: tli.- piilili.- t" -nl'-.ril..- r..r it< >liar. - 
 
 Tlic w.ikIk ..1 -I"' alH.s." Mili-M'. I :t ' ai-' « i.U ou.^'li \o .over ev.ii 
 
 i..i.lia<l.s .il iu.'mlH'i>lii|., >." tliai lli.iujjh tif ioiii|mii.v liuMillotted llf 
 wli.ili- ..1 \\w iniiiimum suIim riptinii i-.>f.'nv.i 1.. ii. so.l«. H.> uml 87 ( 1 ■ 
 of ih.> A.t, aii<i lia« jiivrii iioli.v th«>n'..l I., lli.- alloltws. uii<i w 
 <<.m|.lH.Ml c.iitra.l^ with iIkmii. .-a. It f h .•..iilia.l iiiishl ^^lill 
 ifiiiain i.n.vi.si.iiiul. aii.l imt I.... ,1110 al.-.liil.'lv l.iii<liiitr until il»' 
 ...ii.lili..ii.- l>i aii.l .1 ><■<• 1' •2if> «t >.-i s: li. wl.i.h ,11- 10 
 1m- ..jiiii.|if<l with iM-r,,!.. ,1 ...iiip..ii> t., ulii.l. MNt Ii .(|>|)li'- 1- 
 
 .•iititl<><l Ui .■•iiiiiii ■<■ l.ii»iii<«>. Iiavc UsMi sali^liiNJ And tli.-i-.. is 
 
 atlfi all ii..lliiiio mii.a.-..iialil<' in it-«>lf in mi. h -., .■.)ii.stni<-li..ii. I<>i tio 
 
 U|.|>H.an: 1..1, ..r .ll..ll.'c ..I. >lial.- in tin' X'mv •ally -i,.o I'.'lil m 
 
 taiiiifws I.. U' li''l.i I" III-' liai-iraii it ilic ...iniMinx 1- ii« »<'r in . 
 I„,.|||, 11 I,, ..iintiiiMi.i- l.u-iiH— i'i..\i>i..|iul iiH'iui- llial tli.' ■■■m- 
 
 lia.t IS to 1. nvatcl a- H n ...nlaiiH'd a «li|>iilali'.n tlial il is li-M 
 
 I,. !..• hiiiilii.u '11 tlw ...iniiaiiv iinl.>- I nniil il.c < ..inpaiiy i.".n)iiM- 
 
 .iililkHl t.. i..liiliirii.v l.il>ill<'» (lltu EUrln-iil Mitiniiiftin iii<! <'<>. 
 .Irnkiiis I hiim. > I'.'iiiii 2 • li -iWi 
 
 rin'ix 1,' ii..|l<Hsl l.i iiiMTt an ••\|.i.-- .■i.n.litiou l<i llial »'ll'" ' m 'a' li 
 ...iiiia.l, l..r tli<< slalillf iinpli.- il N.'\.rtli.'l«'s^. il iiia\ Im> .'..ii 
 ■ .'Tiii'iil I'.ii the iH'intit .il tlif l.usiiK— man n..i Irann'ii in lliv luw I ■ 
 ►.I Milt iln" i.'n.liti.'ii 11 III.' ...iiliait III -.'III" .a-- 
 
 TIh' ».,r<l.- aii.lon llial.Uif -liall l.c-oiiM' l.iinlini: iii.h'Iv ii'imn. 
 ilic liai < f.'atf<il l.v llics."'...- Tl.. V ..|M.iai" I.. tiMiiiiiial.' iho iirovi 
 »i..nal >laliis .,| tin- ...iiMa. 1 .iii.l 1. niak.' it al.s.ilul*-. 1. 111 it is onlv 
 i.i...iiii..j I..I what il iiu\ \»- \\'illi. an.l tlicrcfiin' any ritrli' I" 
 ii'ini.liai.- .11' ri's. imi .■ '/ I'.i iiii-i.pr ilali..n «ill iviimin tu- 
 
 «listUllM'.l 
 
 \- III \ar\in(f sit. Ii lunlra t''. -.'■' 'niiiii. |' -- 
 
 i 
 
IXTUODl'CTOKV NOIK>i. 
 
 •.w\ 
 
 A8 to the Making o! Contracts under Seal in Writing 
 by Parol. 
 
 lU HM I 7.1 -t 111.' CMi.iimnif- A. I. VMtH . ix-ri.:i. liii': -m I .17 ol llic 
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 ,,„. ,,m,„i..n -.':.l ..f t I''".v :.n,l ...i.y in ll..' ■':>» 'i.nn.r l- 
 
 vniiiit nr .li«cli:iri.'.'.|- 
 
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 „,;,v I..- ......I.' I.v l..-.r I.air ..f th- .......pany. l.y anv p.rs..., ... ti..L' 
 
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 till. |i_'l<'lMlll'lll I'l"' 
 li.|||.ilnllilllill "I If 
 
 -Imll tx- ill " li'iif- .1' 
 
 .1 -i-ii 
 
 . I \,^ til. 
 
 i,|. ill. 
 
 oatttct' ill 
 
 t||lM j I 
 
 l-iiU lIlfK'tllll' 
 
 (ll- .(..l|ii|l 
 
 'iiil IIIMtll 
 
 \,\ liitn I m liilU .iiillf' 
 
 lIl'lllClll I II 
 
 I, 111' ill'' -i'/ 
 
 III- piiil 'I 1' 
 
 ,i-f|tili 
 
 !i»(il(i-.l Willi tin 
 -lli.il 1." I.fii 
 
 ,1,1,... Il.il -.t^ Hl.ll mill' 
 
 llJllli I ~llil 
 
 ni|iii«il" 
 
 III'' 
 
 I'J < 
 
 • III ii|iiiii II 
 
 |: XIII ll->!llr » llo'llf- " 
 
 II |„. \.||||. 1.111 11I1'H'I\ lli.ii If 
 
 .l,.t\i- '' I l.-iiiiii- V 
 
 I (ll .SI 'I"'" 
 
 .illi 
 
 ••BTr.iii- ii-iihi 
 
 ,U 1.. |. 
 
 i.-...'iii •"•ti 
 
 iiii|i"i I III' 1.1- 
 
 ll.lll t, .llill.ilIX 
 
 lllljlall\ ' 111 111 
 
 ik)> :i |>. 
 
 IllU'itl I ' -111 
 
 .1 «l'tlll' 
 
 I hill 
 
 .1 •! 
 
 ic .ii;H'<>llli'ii' ' ii'i 
 
 .lil'il'i C'l li ' .i'" ' 
 
 - I.lki'li ll 
 
 ■h.' H' III 
 .1 llii 
 
 ,.,i,|,.>)ii- ii'.|iiii 
 ll till 
 
 f.l l.\ iIh- -1 ililli 
 
 liiii«-i"ii 
 
 tlTIIH'lll -lull'' 
 
 .1 ll 
 
 1/ r ifi .1' 
 iliil' ,iiiii.iii/<-.l 
 
 .tiiii.iii\ I 111 
 
 |.,. iiiiiiliii I'll 
 
 Till 
 
 ll lIlC -l.itllli 
 
 lia\i' l.i'fii ' Ill-till' 
 
 • I nilli ui'.i' lllii'i.ii''^ 
 
 mil' iiii'iiH'i 1 
 t lil» 
 
 ilittit 
 
 .ill' li. I 
 
 ||l..\ ll.lM i'.-ll 
 
 lll'l'i I 
 
 lll.lllJc in\ \vlill<'l' lili-llliilllli'lllll' 
 
 ir ailllil--l"li 
 
 if lilt' I. 
 
 ,|„'-l,.', III...I" l..>r..r.< or iill.'r Hi' tn"'. |.t"v>'l'''i 
 
 „v ...fii'ii lii.m'.'lil Tliii- 1 iii"|'-.il 111 >uitiinr .,. 
 
 I- iiiii.il' l'< 
 
 ,.. ,||\ ll , liK'll lll'lil :i -lllli' l''ll' lll'-'ll' 
 .,lh. I II .\ < 
 
 tllll 1 
 n-jiii-i 
 
 ll .,'/.. ^ .1- 
 
 .tiiil.iiti .1- 
 
 lii.iiii-i ill'' |ii" 
 />;,/,-/'/ I. IJ 
 
 I K\ .11 
 
 •llvi- lllllll llll' I' 
 
 lilt llll'lllll'/ III'' '''l III 
 
 lillU . 
 
 ■III- 
 
 'illli' ii'lil 
 
 '.tC I! N S K»:l 
 
 iltv M I" I li:iii;'"l I" ■'" '-'■'" '" 
 Ir « illl -.nil' tllll I 
 
 ■J ( ll 7:i7 /i</'/i 7 
 .1 iiiiiii.uiv 111 ii- 
 
 1- 111 till' I1U1''''I1I''I1' 111' 
 
 idUiis ll,.o,..^.ll- 1 
 
 S'll, 
 
 .• (/ . II 
 
 It'll. 'I t' 
 
 mil M'l I li! Iiit'iitiiilili 
 
 ;; ill" t< 
 
 mil:.. : 111.. 
 
 Ill «,,/, 
 
336 
 
 AdKKKMKNTS. 
 
 [ClIAl'. V. 
 
 r* 
 
 ^it 
 
 i. Ilollaiiil. I. H 1 <■ I' ' ..aM.llli<<i|iu'>li<iii i' not ..ii.' ..I iiiieuli..ii 
 
 but >iiii|ilv hI i'\iiUMiii' 
 
 Tlic Ciuiil.' -iM Uowoii 
 
 1. .1 . in //...//<• 
 
 //.-///.■ 
 
 IK'.t.t 1 Cli !•'.•. l" Ji"l 111 «| 
 
 lll-^l III' till' lllKMltlllll () 
 
 I till 
 
 ii(i<'«. Imt Dill 
 
 I cxidtMiif mil 
 
 III tl 
 
 II' run 
 
 liiiil. timt 111' liii- I'tiK'H'il ml" 1 
 
 li'i till 
 I 
 
 III 111 mil' 111 lilt' imrlii'- 
 Aiiv ill" iiiiK'iil lit'iiiil 
 
 111 lii> atrenl i. urn 
 
 Hii 
 
 |> Minii'MMI 
 
 It fill 
 
 III' 
 
 •I" 
 
 I iiiiiliiinliiif till' K'liii-* "t <ho iDUtiiiit 
 In H<iilr>i \ Sirc)'tiii(i. 
 I In 1h 
 
 !• ('. n N 
 
 H4;i. a UiiK'i- III ;iu i»u^'i" "I' •'"• I"''-'""' -"iij:'' 
 
 h.'lil -iiltuK'nl. ami hIu'IIioi il i^ a Ii'II.t In an aui'n' 
 
 liiirifc 
 
 il 
 
 III a Irii'ii'l 
 
 IK ininiati'Mii 
 
 Su ul 
 
 IMII III 
 
 \ I /(■/<)/ Ml tilliriH'l 
 
 Hurl.. -1 (/I! u .in "111 
 
 un ajrvi'i'iiK'iil rta.- mallv niai 
 
 in till- tl•l•lll^ III 11 •■••rtaiii ilialt. it "a' 
 
 of iliici Inf.- ^it'iu'il h\ till' iliaiiniaii 
 
 (ic lictwci'ii llu' |ilaiiitill ami tlii' n.niiiai.v 
 
 liclil that il niimili' "f ill'" bnanl 
 
 ami rcl'iM'rinir 'i 
 
 I'll iltnt'l, ami 
 
 How til 
 comply witli 
 requin'mi'iiti 
 of Htatute lut 
 ivfrardH paP' 
 agrt^-iiipxit. 
 
 #'^ 
 
 I'.-oh 
 
 thai il III' 
 
 i| ami -.itriicil. was 
 
 iiltii ii' 
 
 iiliiin williiii till' Mlaliiti' It 
 
 rdlltl'lli 
 
 .-i^tiatii 
 till 
 
 II' 111 llic iliaiiniati In tin' iiiiiinti"- "a- 
 
 li'ii ill tlii'^ ia>i' lliat llir 
 i';i| ill Uili'l In ' i'ril\ 
 
 iinii ri'iliii'j:> I 
 
 I hi;: 
 
 mil 111 nr 
 
 ,1 till' liuaiil ill iilii'ilit'iiii' III till' ('iiiii|uiiii'> \'l 
 ilcr to aH<'>t 111' vcfil* tin' rimtrarl. anil 
 
 llial 
 
 th.. .simiaiiiH' »a> i.iil „li„ i„l„.l„ il i-imlil iinl l»' availal.i.' loi tin- 
 ,,ui|,.».|. 1.1 .-.ali-lvinu 111.' Staiiili' "I Kia.i.i» I'-iii tli- (•..nil IhM 
 thai Ih.'i.' «a> 111. Iiminlation loi lhi> luiiU'iitinn Wlial. ^.ii.l 
 
 !.lt^ll. L .1 . uhii ilclivon'il jiiil«:ni.'nt. ' is llii- Inn an a-MTlinn timl'" 
 
 the haiiil III till' .i.ini.anv ••< ain'nt that ihi' ..iiiiliaii> lia.l i-iiK'H'iI 
 
 tho ajfHM'iiii'iil "hi'li "'i- I'Hilain.'il in th.' diatt i.'f.'iii'il til- 
 th.' iim'Mi.in is put what il* ohjo.t wum. Iml «li.'lli.'i it i- a «iin..n 
 anil .-iiiii.'il siat.'im'tit m tin' .iMiliait ' S.'.' iil-i ifi,r.;,M».t. il ■ 
 ( i, . > IH'.Mi ;■. <'ll IHI. ami In.liilhs r,„lr ( ,„ ,„„,il .';> v Ihimh,-, 
 
 1 IMlt'.ii :.' (^ I! II I 
 
 TiiiLs. -ii|ilii.».' that ^1 ...nil'aiiv il-.-ii.'.- i" | I'a-i' .• |m'^-.' <•! I'l'"! 
 
 ami llial Im -mm' i.'ii>"ii il f .■v|'"-l>''i" I" ' '" '^ ""' '"■i"^"""' 
 
 tliioiii'h liv |.ai..l auii'. nl. ii «iiii I"' '' ''"'- '"' ''"' ■* '"' 
 
 ' u,al^.'"a |,i..|...>al ill uiiiin;;. ailiiii' I tn l!i.' ii.ni|.anx. ami li't llu- 
 
 ,lin.it..i> |.a>- a i.-Mi.liilioii aiithnn/iim m I lh.ii 1m..I\ m ai..'|.l >m I. 
 
 ,,|-,,|,i^>al i.n i.i'lialf ..r thi' inini.aiiv. ami l.'t liim a.-i i'|il llm -.i 
 
 i.ralh. ami l.'i him ,MlN*..ii.i.'iitlv i-'p-ri in wiilin- In tin' n'lnfaiiv 
 th,. la.t that h.' has Diallv ai r.'l.ti'il llm r...|-s''l "^ aiilhnl i/ihI. ami 
 
 h-t Miih 1.' t I"' ■••'"I '•< " •""""' '" '"- •""' ' '"'■'"' '" ''" 
 
 niinnl.'- I- ill.' ii"*nli th.'i'' i" '• ^i'li'l "-ntiait. sati-fi inL- ih'' 
 r,.,,nir..n,..nt> .if ill-' Siaim.' of Fiaii l.«. «hi. Ii.'v.'i j.ailv ha-^ oiTas,..,, 
 1,1 iih on il fill III- l.ri.j-K'^al lhn> mallv a...'|.l.'.l i' a miIIl nnt 
 ,H,.„|oiamlniii a> a-aiiiM ill- M'mh.r i /^»"' * /'"'. "'.'/. v"/""' •""! 
 , ,,rain-l Ih.' .i.ni|iaiiv ill.' niiniiti>- -ho« llm anlhrnitv of th.' a-.'nl 
 
 . hi- li'ii.'i i- a Milfiii.'iil I lamliiiii -I'.m'l I'V th- ioiii|imiiv - 
 
 u.v.'iif '../"«.» ^ ll;lUn,.t. \. H I < 1" I ■'""" ^ 1"''"' 
 (In^run, /<-»/i -J <,> I! I» ■'■■;••■ /'■""'-■ ^ '/""/'• '«•''" " '■'' " 
 
 V»,.w /..-..' .1. <■<> ■•«••" ■■' ''•' '^' " '"■•^ '"' "''''"'' 
 
INTROnUOTOKV NOTES. 
 
 ,,„„ „ ,,ron.«.al Ihus orally u..,.,.i.mI ..Miui..- no Hm.np. S.... ,„/,,,. 
 
 its \.. -ral ur,*|.laii.^ -f .'IM- ol l.w.. all.T.iativ...s roiilain.".! .u 
 
 '.' uvittvn oil...- ...ak.>.< a., .-nf..., oaLlr ...ul.a.t a. UirainsI iIm- u.it.T. 
 
 ■/,„.,•, X Knllhr, .I'.ml. I CI.. M-l I'"" )»'.l'-rn.au.,. ,.| an ..ral 
 
 ;„„,,,, ,„ ,,.|l laa-l ...ax tak.- .1..- .as.. ..»l of ll..- S...t..t.. "I !• .au-ls 
 
 ,/,„./,,»«.» V H«rro,r. .l'J04. :.' CI.. :WJ!.i. provia.-l sulI. |mH ,«•.- 
 „„,„„„,,. sliall Ik- .......,..iv.«.ill.v .•.■tV.ablo to tl.o r..i„.ar, M.lrrso,, 
 
 . »W..V.^„». S .Vl-I' Ca.. 1.:: .\s tu liliMir ,.a.ti.nla.> "t a., oral 
 ,„„„,„, ,„, ,1,.. i.,s,H. ..t pai,l-..l. <n- palHv ,K.i.l-u,. ^i.ar..> tor a ,-..„- 
 
 :«I 
 
 As to Stamps. 
 
 All/ II mill Sriil 
 
 St«mp«. 
 
 |.;v.,.r«l..-.rn,lH.,«.s..,M,.x„l...ll.x .l.-S.a A,-.. 1 H-. I , A , .V .V, A^.^....;nr 
 
 \„i r ,!'ti ail auiv.li. i.i vxriiiiu' mil iimlir »«■«/ .iiIimimI into l>v ^.^, 
 
 ,„. „.|,alf ol a ...inpaiix i;.M....allv ■> .....l.-r tl..- lollnxviny: l..-a.l- 
 
 i,„.. i„ ,1... mI,.-.|..U- lo .1... S.aii.r A,.. IK'.M: ' At;..-.-,,.....!, or a..x 
 
 .,; ,a».l..... of an a-..H-m..,i.. i..a,l,. i.. K.,ula.Mi o. In'iaM.i .....I.. 
 
 I,, M.I oi.h. or ii.a.l.. ii. So,|,,i,.l. «i.l...... ai.x .hLrs.- ol ,vj:..H..al.o.i. 
 
 .,„.| „ol oll...r«i«. K,..riti.all.v .ha.-,..! will, anx .li.ix wl.P-h.-r tl..' 
 Ka.M.' Im- onlv ..vi.l.M..-.' of a .o.ilra. I. or ..l.lip.toiv upon .!..< l.a.ti.-> 
 f,. ii, JH.Jni: a «ril!.-.i ii..siniiii.'iil , aii.l a. .or.lii.ulv ..•.p,ii.>- a <"/ 
 
 ii^rr.'oiiKMil .•itaiiip. ... 
 
 lU ....t - o- ,!,.• .sa.,... A. t. i. i- p.ov.,l...l .l.a, .h. .lutv o, ..,/ ..p.M, Adl,.^...- 
 ,.„ air..H..ii.-n! .nav U- .l..no..-l l.x an a.ll....-v.. -la.Mp. «l...l. .- «'• I"' 
 .an.vll.Ml l,s 111.. P.MM..1 l.v whoiu tli.> iiiri ......I i- li.-t .•vo.iil.'il. 
 
 Tl,.. I11.-I.. ol .an.,. u » pi..>..il..'.l l'^ -" ^ "' ''"' ■^''- ^^'J^!^ 
 
 II. nil. In : 
 
 ll> V„ i„..,nn,(i.l tl... .l.ity ..|...M «l.i.li i" r...i»ir.-.l ..r |" . mitt..! I.y l.i» . 
 
 I» 
 
 <!.. 
 
 ..I I. 
 
 V mt juli'i.^tx 
 
 wifli uii »dliP«iK. i>tHni|i. iiii 
 
 >«■ siam|> i» i».t to Im. .I...I.I...1 .luly Maiii!....! 
 Iix. till' |».r-«iii roi|uiro<t I.y l:i» •" r»vv{ 
 
 th.. 
 
 :ulli..!.l\.. ..1 
 
 it:tni|. 
 
 ii« iinm.. IT iiiilii.!«. "!■ 
 
 c.-U Mil 
 till' in 
 
 liv wrilinif "11 «>i' I.*" 
 
 ■ii«M til', -tuin)* 
 
 iir iiiilial- .if 111" Hri". l.V'l"'r »'•'■ 
 
 111., trill' .int.. iif hi., m. wril.inr. 
 Ill ri'mliT" till 
 
 alil.. of U.intf ii«<M f.ir an 
 th. 
 
 .all. 
 
 stnimrnt. or f.ir any |«"tal ,>iii|h«... or .ml...-, it i" otli..rxvi... pr..ui 
 
 llmt til." utainp a|ip<.arine <>i> 
 lirnp.'r tim.. 
 
 he in.<lriiiii..nt »a« a 
 
 fflx..,! thiri.t.. 
 
 Ill III.. 
 
 Ij' \Vli..r.. t«.i or more 
 
 ii.lli. 
 
 Kin an in'.truiiK'n). 
 
 >laiii|i- ar.. i>«.' 
 or i-.i.rv .«lMiii|i 
 
 I to il.>n.iti. ill.. -Iniii) "lii<> 
 
 to li. 
 
 .■11. fl ill till* 
 
 ii..r afor.'«ai.l. 
 
 :i, |. 
 
 II 
 
 \|.rv |M-r-i 
 
 wIhi, tK'tnir ri'*|iiirinl 
 
 I l.v law to lan.'ol an BiUionhc i.tumi> 
 
 n..«l.'it'< .ir ri.fii«<.« .luly ami ..ff.Htiiiiily 
 <aid. •hull in. nr a fin., of II.'. 
 
 Iv to ilo 
 
 HO in til., innnn.r a 
 
 for.' 
 
 iMiir 
 not II. .X 
 
 . ,11.1 f'l (III' 
 
 ii.l.s ill i 
 
 tali 
 
 writt«'i; H.i""*.- Ill", •.lamp 
 
 .. till' ...{.'..a 
 il it i* 
 
 lur«. .i.i'l .lal.- ii'.<.<i 
 itlicrvvi-..' i'lVi'iliiall' 
 
•^is 
 
 AORKKMBNTH. 
 
 [ClIAl-. V. 
 
 pumi'lhtl Mr.Mitlli'ii \ >i 
 I, .1 I li T'iil; \>* T I- •< '•'•" 
 
 \lliril Uiil.iii'iii Stiinii'liiii ( 
 
 Ajir*-*-!!!! nt 
 
 I mill S,;il 
 
 A foliliilil illiilrl -fill. <'\<>'|il 
 
 lIlcH- ..llH'lwiM- ((KlvilltMi 1)\ ill- 
 
 SUiii|> All, \K'>\. I- "'"•' 
 of uu^ kiiiil «liul-i'<M'i II"' 
 ;i 1 1 Ik stamp. 
 
 ll\ liaM'' \>< il"'> ii'i'l''' ''>•'' •^''' "* " 
 
 .1 1 
 
 ill-. iIUnI ill llii'>' Ik'iIiiIc. 
 
 (• . II r«'i|iiii 
 
 f-ii 
 
 ia 
 
 
 Onil 
 
 >»ct, lH,.f 
 
 Lii uihI ayiifiiH II 
 
 prfipuftul 
 not. 
 
 Oral. 
 
 ,. ,,l i.-i', r.'.|iiii< - ii" -l.iin|i. >><"' 
 
 .uill\ ,i..i'|iliMl -i... v,(/.r.i 
 
 iliM'- ;i IIMM 
 
 III vt Mtlii; 
 
 l;r||.,'IIICIl( "I- 11" llllinilK 
 
 I'll sll 
 
 1. ;. I 
 
 )|'0|tO-,l| I- 
 
 iilx .-,1 
 
 ■iiiir " 
 
 ,.ii,,. <.| it iiiiiiiaii 
 
 Vlil! .1. illnllllllH'lll 
 
 liiiii .' .Ill iiL'ti'^'iiii'iil. "In'tli"'' ''" 
 
 .ililiualHi V ii{ ill' I "•' 
 
 I h, I III \ . lilniill. .t H A I 
 
 lilill. III w 
 
 lii< 
 
 II. 
 
 >ai< 
 
 I. Till- "a> a itii'K' |)lii|ii'^al 
 
 liu.l 
 
 ■II an-i'iii 
 
 (hI Ii\ \\ I 
 
 ai'i')-|ili'<l li\ |iai"i. ill'' 
 Anil "I'l- I"'! llawUiii- 
 IMt;! .i i) II I'''' 
 
 Si ill ' lll'l '>■ ' <ii//-. -" 
 
 lliiiu. it iiiiiM li.iM' Utii -laiiii>«'l. I'll' l"i"- 
 \.i\\ a (laiol ,il;i<'i'Iiiiiii 
 
 au;ii'i'liii'iil v\a.- in 
 
 .1 i„ I ,„l,ll V ' ,„/-../'. S»/.,/.v /(.(/' ' 
 
 iliiHlii'l Ills iiiiiis III a |ir..-|ii 
 
 .1 K\ -il'l- "Ill'K' •' 
 rill- aii'l a ■.<•! I'al 
 
 rll.r.ll 
 
 iliai I W.I - II I I 
 
 tli<Mf.iii, it «a.- lii'lil tlial I 111' |iii»|H"iii- 
 
 iHri(><'iiiriil. ami llial ii' 
 i*.<|M|iliii;r iIk' |>I"|" 
 <i>iilmil 
 
 slaiiip "I- iHsc—arv 
 
 |iiii|iii^al ami i •' 
 'I'lif ilclcmlanl. 
 
 ,1 ami >i .mill- 111- -nil' I" ill'' s'li'.'il. iiialii- n ■ 
 aaiHi.iiii 'l""s 11"" i<''|i'ii" '» -'""'I' "'"■"■ 
 
 l,..i|.ir » iiii'i'' |iiMiiu.-al ill 111'' lii-'l iii-lamr, H all'-rvvai 
 
 llllMllllL' 
 
 II.' 
 
 ll\ .-II 
 
 lll'lll liMll'l 
 
 \ Milhii'ih. 
 
 ^ Id. 
 
 I'. I I'aik, 
 
 ,lr. Jl I! N 
 
 (i7: ami /I'l /(•> v 
 
 /•„ ,/,•//. 1. H I K 
 
 t »2 
 
 It 
 
 V Wl'l I- 
 
 * !uMijini-, \»". \"ii;i 
 
 Act, !»«.!«. 
 
 h9,.1 
 
 Aijreemcnta lor Sale oi Property. 
 
 ; ,|i.. ( ,1- i-ai|.| liil.i-i'l li.^'iiii' A.i. ISS'.t 
 
 „/ , ,( „/ .liil> ".1- iiiii"-'s| "M .'! .i-i>'''m.iil.s 
 
 Klllf of UIIV pli'l'll 
 
 p.. ^a^l' > 
 
 III li ;i.s |i 
 
 iM'M'd l.v .l.'C'l . I. Ill llii- <iia.li.iriil \Na- 
 
 i,,,.. ||\ ,MJvi'r\ . Ill iiill-l I" 
 I wa- (•mil'! iiit 'l<'i-.il>U>. ami I" 
 
 tu-ri. .V.l .if tlic Slaiiiji 
 »u» )'uii-titiit<''l^ 
 
 All. IH'.iJ ■ •'. I .V ■>'' \ I" 
 
 .!'.•■ lll(> l'iill'>"ili 
 
 (1) Vny iiailnul 
 
 .It'l-' '■lllt'llt HI. 
 
 Ill'- lit laiirl Ilk 1 'ir l'-'-l'i»ni uiiilrr .-I'al. >"■ 
 
 , A. I, 
 
 mIit liuii'l "Illy. "!■ '" 
 
 1.1. ' III S."tlaiMl, nilli iir »itli.iiil niiy '-lau-f 
 
 re'ji'*lriili"»'i- 
 
 f..r till' wli' "' iiiy .'liiitul'l'- .•.till.- ..r iiit.Ti'st III 
 
 l>"'l' 
 
 ,.r..|. 
 
 l«Miy 
 
 I rtv «lml»<.'><T. "r 
 
 f'.r 111.' -111.- if llliy .•>tHlr .11 III 
 
 frri..,! Ill 11, V 
 
 ■riv I i"|it liili'l«. •' 11 
 I'MiiMy -ifim'. "lit ' 
 
 -I.Mk. "I 
 
 • -. I,, n.lit:. 
 
 iil». .)r ticrita:!'". 
 
 I" 
 
 .-hill. Ill' 
 
 f il,.. I ml'.! Kink'il.'iii. '"■ l*i"«I-. 'viir' ■•. "r 
 in;irkrtal>;- -isuriti.s. 'ir ;i>iy »lii|« of >''*"• 
 
 t.r )i. 
 
 .1. -Iiin . M |.r.i|.. rty «if or in anj '•'ii|i "i- »<■ 
 
 rl, <h^.ll 
 
iSTKonnroKV \<>ikm. 
 
 ,W,> 
 
 Im' < li»rir>'<l w >''' ■'"' "•<»'' 
 
 lllllv 
 
 IM l>. 
 
 i.) I.v 1 1.. 
 
 |.iir- 
 
 .1.1 
 
 if it »iTi' iiii :i< mill itiiiM yiiiii'' '"' -I'l' "f III' ' -lilt' iiitiri-"!. 
 
 |.,M|itrtv i.Mitni'tiil iir :!(.' 
 
 ..I I.. I..' «,lil. 
 
 Willi, the |pllp!lJI«il- lil> I'iiill It" --ii'l 
 
 <lllt\ 
 
 I.I l..'f.. 
 
 hmiii'.' i.liliiiiMil II iiiinfviii. •■ ..r trill 
 
 .f.r ..r III. 
 
 ii .uiilr^irl iir iiifrt'tiiiili 
 
 III. I -hull III' rliiiriri.<l. if III 
 
 I fur iIm' «Mlr iif llli 
 
 I.I nil I. Ill 
 
 rif«.| 
 
 f.ip llii' "riL'iiiii 
 
 iilrriiliiin fur 
 
 II' |ir..|M-riv. .'iin'r-* ml-. 
 
 I', lllf rtilitriirl up atfrw- 
 
 tliiit 
 
 -iiilf I' III i'\.-i'' 
 
 I >iil.' 
 
 ilh III. 
 
 iliil 
 
 V (111)- 
 
 llilr 
 
 -I" 
 
 . I .if .11. Il .X. 
 
 iMiil. I'lliiiii. Jiiil in iiin ..ili.r .ii»' uitli 
 
 ill.' H\.il .liil\ iif li'ii -liilliiiif«, ..I ..f -i\|.. nil'. 
 
 III. 
 
 .1-1' iiijiv r."(iitrf. 
 
 W lii'i' .|iit\ li» 
 
 li»- l» 
 
 illllv 
 
 V (hli.l III ."11 
 
 f.iriiiiiv wiili 111.' f'.r.'L'.'iiiu' |.r..\i 
 
 111- ninvrvaii' 
 III. 
 
 •<• .ir lr.ili«fi'r liiiiil.' M lli'' (iiir. Iiii-. r "r 'iili iiui- 
 
 iii«'r. .ir liny .illi.r | 
 
 III lii» lii'liulf iir liv llii .lir.-<li.iii, -liiill imt 
 
 I..' I III 
 
 lllilr with .lll\ lllllV. .Ill 
 
 1.1 111. I ..mill. -iLli. r-, u|» 
 
 'I'l 
 
 .ithir .hull lli'll.il.' Ill" |i:iylll.'M •'< ill"' "■' ' 
 
 ..•iii.'jMiii'.' iir Iriiii.fir. >.r ■.hall liiii'-fir th • ■" 
 
 .i|».li |.iimIii. li.ili .if III.' .iililril.l ..r .lu'rii'liii'lil. 
 III. '111.. .Inly «taiii|H.<l. 
 
 iliiiv 
 
 II. at i..li. 
 |t.ill till' 
 
 iliilv Ihiri'l.' 
 
 I I'i..\hI.iI thill «li' 
 
 ri' iiii\ .III 
 
 h ...iilrii.l lip uirrii'ii'. Ill i- 
 
 iiira.l. ..r i.u'ri'i 
 
 - -MlllJ.t'll w ill' III.' 
 
 lix.tl iliilv .if 111. .Iiilliiitf" 'ir "f '•ixi'.'ii.'. 
 
 ■.', il. lilt' la..' iiiiiy i.i|ilir.'. lli. 
 
 III. 
 
 i.r iitfr.'.'iiifiil .hall 111- rivuPilitl a. iliity .iiiiii|i«'.t l'..r th. 
 
 |mi|i. 
 
 .1 I I'.iM.! 
 
 ..r |.r.. 
 
 l.,l III.' I.I'.' 
 
 I.'.l aU. Ihil will 
 
 ..Il 
 
 t.. I'lifi.r. .' .Ill-, lli. (I. . f..rtitaii 
 
 . h Ih. 
 
 .1 »ilh 
 
 Ih.' .iiiil Hx.ll ilulx. ai- ' a .'.111 'v.ii.. r Iran. f.r Ilia. I.' ill ' ..i'''.riiiily 
 
 illiV .mil . .ililra.'l .11' aifl.' in. lit i. .Iaiii|. 
 
 Hilll III. 
 
 .iilrii.'l .'I' iirn .'11' ;.i 
 
 (iri'K'ii 
 
 ii.'il I.. II.. 
 
 ..iiiiiii.-i..ii.'r 
 
 f.. 
 
 .iaiii|'iii\r wilii t!i. 
 
 lllllv rlllirtr.'-ll.l.' lii. 
 
 I" 
 
 ii..l ..r .IX III. .mil. afli'i' III.' lir.t . xii nti.iii ..t ili. 
 111. ..r williin .ii.'li li'ii^iT )M'n...! 
 
 .ril ra. I "i" .ii;r»'.' 
 
 Ill' ... 1111111...!. .11. 'r> IliaV til Ilk 
 
 iii.l.' ill llii- I'ir.'iini'.lii 
 
 .1 111.' lu..'. Ih. 
 
 i.llW'N all. .' . 
 
 .hill! I..' -t inili|..l a.'.'..i'.lini.'!y . an. I tlir .u 
 
 111.' aii.l th 
 
 I.I .hall 111' il.'i'ini'.l 
 
 I..' .1 
 
 lllV .|.llll|.i 
 
 I th. 
 
 il \i.th 
 
 r I r.iii.t'.'i' 
 liil 1 "iilr ..I ..r 
 
 ,li.ill alli-r ..r a 
 
 Ml'. I th.' |.l'< 
 
 i\ I'.tlHI. Il' 
 
 I.. Ih. 
 
 IMi:. Ill Ihl. 
 .lami.iiiL' .'I' It ' ''11 
 
 • riiinfrp ulliT ill. .'X. Tiili.iii ihiriiif. 
 
 :<|.'.l »l-.< llial 111.' "./ 
 
 ituiy I'ltiil II)... I 
 
 I .iliV ..I 
 
 c-ii -ti.ill 11.' n-l iriiril I A 111.' r.>niiiii..i.iiirr. in 
 
 I Ira. I ..I 
 
 I' till' ...iilru.t 
 
 /r.'.'iiii'iil In' aft.'rwaril. r.'-iiii.lr'l .»r aiiiiiiltiil. ..r f.n uiiv .iIIht 
 
 ..I .iiti.taiit'ailv (.t'rf"ri.i.il 
 
 .1 inn. .'iV.'it 
 
 1. I.. 
 
 II.. rait' a.. ..r 
 
 f.ill.iniil hv. 
 
 a ..iii\ ..111.' 
 
 Irali-ri 
 
 .U lii^ Il . .Ill 
 
 i t.. I ill' utii 
 
 |i| .|i.'l I \ . ISllll llll 
 
 -I" li'lll l ."I'.l '. 
 
 I'X. <'|1I|..||. I.| 
 
 riili'ii ii.j'H'fiiiiMit for ( '..uKtriictiuu 
 
 .1 
 
 .1 llir ;il.ii\.' si. limi. iimjUIH" In I i' sI.iiujh'iI 
 
 II ■.i|ii--i - I I I ) 
 well' all I. Iliji 
 
 . ..IIM'Mllll'l 
 
 .11 Mill' III till' I'.liilc, iiilt'K'.l 111- |i|-.i|i.'ily loiiliu. I»}.1 or 
 
 .1 1.1 I,,' ...ill llll', llll 
 
 V ..II . .lUM'xaiiU'i 
 
 All. In;i|. Ill L's 
 
 li,/ 
 
 |H.| I rill . ami mi mi |ii.>|ii.i limi. Iiii 
 
 W.l.N lixcl ll\ llll 
 
 111 
 
 .S'liiiip 
 l.\ 111. 
 
 riii.iiiii I'Mi'.i III .\i'i, llljll, till, ilutv uii.-" i|...il.li'.| .S<'i' .('.I 71. 
 'aIui 11 |iini.|.". ;liii llll' ^.llll iliiiii". rli.iriri mIiIi' iiii. I. 'r llii' iM'.nliii'. 
 
 'MIM'Xaili'l' nil ...11 
 
 ll.lll.ll'l' 111 
 
 iiiix |iiii|i(ri\ III llll' III-' 
 
 .. iaijuli I., ill.. Si iiii|i All IH'.H III this |i,iri "I tin* .\i I 'I'li 
 
 il.. 111.' iiiiii.i|i 
 
 li \, 
 
 ill 111 
 
 lul.K' tli'iM. ..jii 
 
 ilii'il 
 
 III Hull 
 
 1 
 
 \fS. 
 
:mO 
 
 AOHF-F.MKNTS. 
 
 rCllAI-. V, 
 
 a! ^i 
 
 (I*. 
 
 •choelulf, |ii..vI.I.hI llial llii.. wmIJ. .. hIiuII ii ■! iil'l''^ '" •' '"'*■ 
 
 anG« or Irai.M.T "f ui.> sl.xk or murk.-Wl.l.' Nonirili.w a< .l.-tii.-l 
 
 l.v Mxt. IL'U' «)l iliiil A.I. or 1" uii> <..in«'\iiii( trim^lfr »li, i. 
 
 the iiiiioiiiil .1 uilii.' ol Iho ...iwi.l.'rulic.u I..1 lln' lali. .I.h I <'N""I 
 
 .-.0(1/.. nriil iIk- iiiMlriiiiHMil ...iiKiins a Htui.Miwul .•..rlifviiitf ilml ih.' 
 traiiwi.li.M. llion.l.v .•ll.-.le.l .I-- »<'< l<>'ir. |."rl -f tl... Iiiru'- M...,- 
 
 anion nr -.1 lli.- -oii.-. of lr.uimi<li..i.H in ii-p<" • >••' »l"''' ••''' ■" "" 
 
 01 Miliir ..1 III.- iiL'HH'KuK' '>iii'>i>'H '" vulii.' "I III.' ..m.M.I.-n.U..M 
 
 JiMi"**.!.- Mill/ 
 
 Willi I.'I.'IVII.^- K. 111.' lll"'V«' «<'.I1'>II-. H iiiit.v '"' '»iivt'iii.iii !■■ 
 r<.ii..i«|oi ill .Ifiiiil -"iiK' "I" ill'" wi>i.linft — 
 
 "Mftde in England, Ac. H i'' i<> »'<• «>..«<<• tlm» tho a<l nl<»,„, 
 
 .|„U i„„H.^.Ml l.v I ...ti V.l. .,„,„„.«... „... t.,Ult...ll lllll.'-- llH> 
 
 ,,un'..n..-ul »:.-' - I- i" KnirlMi.l in- lii.linir Wul...] »r Ii.'laii.l ..1 
 
 >..>iUiiul." . . , 
 
 Wli.'r.' a .0111. M. 1 i.« ..,ll^lilul.sl l.v oll.r ..m.I a..-..|.lam-.' U .- i" !»■ 
 ,„k,.|i I.. 1..' • iim.l.' • «li''i> tl"" a. ■ .•|.lan«« vn-l |.la.-.' Miille, .( r„ . 
 
 M„r,„nn,r x l,>l<.n.l lie, ,r. liHMI. I «/ II .'.to. ' I" mv .-pi 
 
 ..i.M Mlliii- I. •• ill '•>•" '•""'' " ."III""" ■•* """'*' "'""" "" 
 „„,.,.„„_ ..I ,..,1 V.l «!..... il...si;:„aliii.'..l I." la-l i,.-."'-arx yMU 1- 
 
 lllllM'.l 1 1 II 
 
 \„.l ..|""' ''IT"''' il"- ^"■« «■" |.r..iM.Hi.r.-.t ...rr.'.i l.v il..- II. ..1 1 
 
 l„r.l.- h,Un„l I! !»„■ V sum,; .( r.. . I'.M'I' A. ( . 217 
 
 \, , ....linirlv a . ..i.lia. 1 iiia.l.' al.i..a.l «:» IDI l..ii. IhmI l.v iIm' m" H'". 
 „„,| it «a> at ...,.• Ii.n- .1 .........mil praci.-.'. in nr.l.'r t.. av.i.l ih.' .lun. 
 
 ... ,..,.o. I,.... .. a.. .-...• .sal., in -.,.„..• fo...jri' l>l^>'^'- "y" «'"'"; 
 
 ,h.. .....,,..rlv ... I- H,.l.l .va« «li..llv ..r in |.all within ill- I m"-' 
 
 K„„nl I.... ..a... nmili' al-«"l '"■ '""I-'"' '•^'' "■''.;"' 
 
 1„ ,;,, 7 ,.(■ .1... I{..ui..... A.I. I'.M.'.i '.. K.hv. :.. I.e. i' >H 1""V'- '"I 
 ,|'„„ Tl... In,, la.i..n ..I «" » :.!».•• 't"' Sl.....p A.t. IH'.M wl.n I. "lal..- 
 ,.,.r. .in ...nl....l^ . Iiaiyoal.!.- f.-r .1..' piir,...-.- -.1 -lai,.|. .I.iI.p- .^- ■•■ 
 
 ^„^.,,„,.„ ,,|,.i t.. ..mtra.t*' aii.l u.^rr..,.ni..nl« n.a.l.- m K.ul 
 
 .„.l, „. .S,...ta..,l ►iiali .<aM. ... I.av .'(!.■.. H"'"'" H" " ■''■ 
 
 ,„ ,„a.|.. ,.n.N « li.'i.' .'U.' ■ -li"<il<l «••"' iMtu M.I.-.M . , I I M.I MM I .'. 
 
 iii^.ia-lial.'lv U^l.T.. Ill-' »"i-.l> •"; '•!'• -''■' 
 
 For the sale of any equitable estate or interest in any pro 
 
 petty whatBoever." It lm> !«•<•" l'-''" """ " »....N ..i.'an - r 
 
 Jl,.' -.1.' ..I an .'-,..,/..'//<• .'-ta... ..r i..l.....M »^ ,lis.,.,._n,i«li.'.l li...n 'I" 
 
 l.,„t o,„„ in..'....-. »■<-' /-""-'"" >■'/"./"•"'<• ^ '"/"'"' "•■'•'•""• 
 
 , |«..8, •> </ H ••.<»: /»..HH/.mH >•<"/"' F«'l;,l,- V /»/,..'./ //' '"• 
 
 , I 'Ml I I <^ It -J.".: 
 
 Tl„..« if >l..' a-. nt i^ f- 111" ■*'«'<^ -'' ^•" <"1'"'^ "' •■'" 'I"""" 
 
 „„. „,/ r,./..r.'.« il.itv i.s. .1 I."- » ''"l-l- l'".^"'-'" '•""••""= "7" " ""■ 
 
 ,,r..|H'irx I..' .-it.. IK' .iiT'"'-! ^'•"""'>' '' ' " ^ '"'"'"' '•'■''' 
 
 (IH<.iH>:.>V It III 
 
 4f ^ 
 
INTKOUl!«:rOKV NOTM. 
 
 341 
 
 ill.' Ir|;.(l .V.I.H.' "liall I"' It'll .nil-.litii.liii>: .umI 111 (iiitiild.- »»»UUi 
 
 „„|» r„ii\.\.Hl. 111.' "</ fiiloriii, iUn\ will iiltu.li rlirth-i field 
 ll„;n;!i t <r^ hilumi W.-r.Mia-, . IH'.fJl :i ^^ II. 7. 
 
 III.' iiiiTi' III. I. howcviM. thul iIk' ..(frofiufiil l"i wile v,\y<''> ili« |>ui - 
 ,Im.-.i ihf ..piii'ii 111 .vrlaiii I's.'ius ul lakiin: .i .1... laiulioii ..I liu-l 
 ,1.^1. ..I i.l .1 ...iiv»-\uii.^' ul 111.- I.«p»l .-I"!.. .l.H!s II..I milk.' III., aitrt-.- 
 im'lit ..iw I'-l ill.' ■*"l«' "'■ '"' <"|"llul'l<' illK'n*! ..iil,\ » «"< l.'indnu 
 .s„H.hn,h V hihuni l<,r,i;i,\ .iN'.tHi :.' ^^ U. .••: 
 
 Lands, tenements, hereditaments and other property locally 
 situate out ol the United Kingdom. In Sim-n„i<i> <> <>l .i'lstrnliit 
 , /„/,.»,/ H.'rr,n,r. IM-JT' I <^ H i'-'- !• »"« ■ <»nl.'ii<l.'<l itml H"' 
 w„nU "1 |.i»|>.'rl> l»"«ll.\ -iiliiiiH' ..111 -f ilio I nilt'-l Kiiitf<l"iii" 
 
 lolln«illK a> lll<'> .1" 111'' "'"•.I- lilll'l-. It'lK-IH-'lll". ll.'l.-lillll.l.'llW 
 
 ,.r lioiilaK'.'-. all ..I ttlii. h .i.-ii.)!.' kmI ).io|MMi\ ...iirlil !.■ Im' . ...i-imi.mI 
 ii> iiM-aiiiin.' |.n.|M'ily ..I llu' sani.- kiii.l; aii.l I...I.I FMici. M » '"'I 
 
 l.u|K■^. I. I . iMii.<i.l«'i.'.l lliul lilt' »..i.l« -1 1.1 Ih' -.> n-a.l; l.iit 
 
 HiL'l.x I. I . .oiiwi.l.T.'.l that tlif «..r(U ..iiu'l'l "<>' I" •"• ^" lii">l<"l. 
 aii.l 111.' .1." i-ioii I.l ill.' lli.ii«<< »i Li.ril-. ill /»'<iH./ Itiiiiiw \ Mi'lirr 
 ,t I „ - M,iniiii>in\ ' I'.Mll • A. C. 1'17, i« ..l.vi-.ii-lv in. ..ii-i-l.'iH "illi 
 -mil .1 rc-triiU'il loiiHini.lion .'I' tin' wor.U 
 
 In il... .a>i' la«l iiicnlnm.Ml. l.iinlli'V. I. I . «ii.l I'll'' «"i.l- 
 
 laii.l-.. i..m'iii.i.l.- ami li.'i<',liiaiiifni> ' iIi.'iiim-Im- .'\liaiiM i.'al |.|..- 
 
 |H.||\. an.l til.' iiiii.hIii. ii..ii allc. lli.'in "I lln^ «"i'l |>i.i|i<'il.V ►li'>»» 
 
 ll.ai .-..iiM'lliiiit; in..i-.' i« l« \h> .•v..'|.l.-.l N'-.lhiin: r.' .an I..- ^ii-- 
 
 -.■>if.i «lii.|i i« ,iinil,„i ./<•("<'•" an.l iiDlliiuu lull |i.'i«>>nill |ii..imtI\ 
 r.'iimiiiN." 
 
 Locally situate, *c. In Siiwllinn Co. ,>) Awtnilui \ ( nm- 
 «„.,-„,»,;. .,/ hiUii.i H,r<„,ir. IH'.tTi I if 15. IT-', il ""- l'<'l«l il"" 
 ail ani.-.'.n<.nl iiia.l.' in i:n«:lan<l l.»i lli"' .>al.' . f a Nliar.- in a jiat.'iil 
 ifiantcl ill N.'w Si.iilli Wale.-* anil a k..U' li.i'ii.i' l.> ii-..- in a iliMi i. I ..I 
 ■tial ...I.. in ill.' iiu.'niion (.idUmLmI l.y ill.' palt'iil w.u* lialilc !.. .«/ 
 .,(/„,,■." .lulv iin.K't III.' N'.li.iii .III lli»> (.'n.unil llial ill.' |.r.ii..'itv «a.> 
 1101 |.|..|M.||\ |.>.all\ .siliiai.' ..Ill ..I III.' Ini!...! Kin;.'.l..iii I...11I 
 K.,.|i..|. M U , Ml liiul i'u.w wa> i.r ii|>ini.>n thai lli- .xipi.— n-n 
 l(..all\ ^iliiali. 1..11I.I ii.>l apply lo M.mi.'lliinn wlii.l. .. iriilli ami 
 in la. t ha.- ii» |.M.,lin 11 may U>.' «ai.| lii> l..ir.lHlii|.. lli.il lli'''<' 
 
 .11.. .liallcU ol wlii.li it may faiily an.l Irnly U- pi...|i.uli'.l liial lli.'y 
 ar. I... ally .-iinali' ..ill nl iht' I ait.'il Kinir.|..ni; ii i" m'l in'..'-'»ai v I.. 
 il.Mi.j.. that il Im' si, I will ivt-iiim' ii II a . Iiall.-I i-i a pliNM..il. 
 raiiL'ilil.. iliiiin. wlii.li .an Ix- 1.)ii.1k'<I .iml •-.'.'n, an.l «liiili ..m I"' 
 |pla....l in a partimlur phut', il limy 1h' l.walh filiiaK' «illiiii llii- ini-an- 
 
 in;.' Ill lli.»>4. ttiiiiU. 1)111 tlic pnip. ily Imtc in .|i|.-li 'nM nol I"' 
 
 l<iii.li««l i.r.stM.n .11- plui.'.l aiiywhori'; il i" imapal.l.' ul lM'in'.< l.ri.ti'.'lil 
 

 342 
 
 AGREEMENTS. 
 
 [Chap. V. 
 
 1', 
 
 ir 
 
 within tho fair aii.l ..uo inoaninff ol' ilu- words ' lorally situato. or of 
 bein- .s.i.l lo oxiM in anv l..oalitv.' An.i Lopos. L. J., nai.t: " I do 
 not Tec how a sluir.. in a patont or a liconre to uso a patont wh,<h i« 
 not a visil.U- .,r a tanjril.le thin- can l.o said to l.o lo.allv s.tnato an> - 
 whoro • This decision was roforrod to in the arfrinncnl m hiUwd 
 Ucu'ii,,. V Miilh-t d Co.'s M„r!,"r;nr. a901) A. V. 220 as an 
 authoritv for tho proposition that an incorporeal rifrht can havp no 
 local situation: l.nt Lord Davoy said that he <lid not "express anv 
 opinion on the abstract ,pies,ion whether an incorporeal y.<xhi can 
 hav<. a local situation l.cvond savin- that I an. not in.press.Kl w.tli 
 Ihe dilKcullv of h.ddino. that it may have one for revenue pnrposo.- 
 ia analo..v'to th<> .lecisions in the j.rol.ate cases." See Attonip,,- 
 Geiwrnl V. ll,nu;;,s. 4 M. >V- W. 171. and in the saue case Lord 
 Lindlev said, referring to the Sm-Uh,,, Co. of AuMralhi v. IxUnul 
 licvcuu,: x„,»». -I-O"! F>h.'r and Lopes. L. .1.. consniered that 
 incorporeal |.ersonal property conld not he sai.l to I.e situate any- 
 where. This is. of course, true physically speaking, hut noi. I think, 
 in couteni|dation of law.'" , i f» u 
 
 In Dainihuiii Su,,ar Fartork.s v. liihml Ihn-pmw. (1901) 1 y. IV 
 •'4<t ii was held that the beucKt *.f a contract to tiansfer land situate 
 ahioud was no. within the w,.rds ' property locally situate out of the 
 Inited Kin-doiii.- hut the authority of this decision is impaired by 
 the (leiision last referred to. 
 
 In hihiiKl Rrveiiiw v. Miillrr <(■ Co:.i Man/ariiK'. (1901' A. *'. 
 ■)17 it was ..onte.uled that jroodAvill had no locality, and .ould not 
 be said to be situate anvwhore, but the House of Lords neprutived 
 this contention. For my part." said Lor.l Ma.nasrhten. " I think 
 that if there is one attribute .oniuion to all cases ot n-„„dwill. it i> 
 the attribute of localitv": and in th<" same case Lord Lin.lley said; 
 Coodwill i- <mlv taxable as pn.perty. and the local .oiueption ol 
 propeit\ apiiears to me to involve tlie b.cal conception of existence 
 scmiewheie Incorpowal property lias no existence in nature, and 
 has. phvsirallv speakinsr. no lo''^'lit.v ''f •'»" ^^■'•- 1"'""<^'- '"''■ 
 dealing'' n(.l with anythinfr which in fact fills a portion d space. 
 but wi'ih a local concepticm. or in other words with rifrhts rec-arded 
 as properiv; but to talk of property as exist,.,- nowl,ore is to use 
 lansrua-c wlii.h to me is uuintellisribte. The authorities which bear 
 upon the lo,„litv of incorporeal personal Jiroporty for purposes .,f 
 probate appear to me to afford the best -uides for the s..lulion of 
 the ca-<- bef.ire us. Those cas<<s tend stronp;ly to show that tor 
 purposes of probate, iroo.lwill. except so far as it merely enhances the 
 value of lands ,iud hereditaments, must be leu-ardeil as personal 
 propertv situate somewhere: and if this were a jirobate case, f do 
 not suppose that aiivone w.uild say that the Goodwill with which 
 «e have tn deal w,.,dd !« re-ardH as in anv -eii-e situiitc in th.s 
 
 countrv." 
 
 In W'rsI l.iiiidm S,imfiriifr v. Inhml H<-i;-»iu'. (1K98) 2 C^. H 
 
INTROmiCTOKY NOTES. 
 
 -.07 ll.o«. was an aprce.uont lor iho sal., of flu' j:..o,lwill of the buM- 
 „„<: .,f an hotel proprietor, an.l the lease of the hotel, with furniture. 
 
 ■ ,. aol.t< Ac. It was held tlnit the m:(..k1«411 was not to l.e re-ar.le.l 
 
 ',- ntiched to the premises, and that ,ul nilvn-m dutv ui respect 
 ;i,,',,M,'f was char-.-eal.le: h.it .p.erv whelln'r this .ase w.c.ld now 
 
 lit' .siiuponcd. 
 
 As to hook dehts. s<s. Mr,.s„n:s liros. v. Iiilami Hri;;u>e, 82 
 
 1, T ilS'.t 
 
 Goods, Wares, or Merchardise." 
 
 ■ri,o>o words include electrical ener-v. Couiitu of Durham EU-c- 
 ,n,„l hmer DMributhw Co. v. Inhnxi U,-ve„uc Commrs. (I'.tO!.) 
 •1 K. 15. (104 {,C. A.y 
 
 ■riu-v do not include li.xtuK's. uide.ss a.'tually s^evered. Lpc v. 
 i.iidrll. 1 (^ B. U- """■ llol)""'!^ (iiirrivqr. (1«'.»T> 1 <'h. IK^. 
 
 What Law governs the Interpretation and Operation of 
 Contracts. 
 
 1„ framin- a contract it is i.i some cases material lo consider 
 uliother it is or is not necessary or .le.sirablo to make special provi- 
 sions as to the law which is to jrovern it. 
 
 Of .ourse, if the contract is made in En-land hetween a company 
 
 , isteretl in Eiifrland and some other poison or persoi.K also resident 
 
 ihere. and it provides for ,K'rforiimn.'e in Ensrlaiid, the law ol 
 i;,i-hiiid will apply; nnless. in(h>ed. there he some provision to the 
 coiitiiirv in the contract. 
 
 lint cases fretpientlv arise in which the circumstances are very 
 diitereiu. Thus, some party to the afrre<'inent. ef).. the vendor, 
 nmy he a forei.r„or or an En^jlishman resident ahroad; the suh.ject- 
 nmiter of the contract mav l)C property situate ahroad. or share.s. 
 , c.iicessions. patents, or other i^s.sets constituted nnder s„mo lornin;,, 
 \■^^^ ■ iho pcrforinaiut' of the contract may have to take place ahroad. 
 ,s «here property is to Im delivered or conveyed ahroa.l. or where 
 services are to be rendered ahroad: or the coniract may happen to 
 Ik. nu.d." ahroad, as where ihe conii.any hy its ay:tMit enters int,. a 
 (<intract in a foreign country 
 
 In all such cases the (piosti • < isos. What law is to -oyern the 
 ,,miracf^ The answer to this .juestion is, that the law which the 
 parties intend to apply is to apply. Jambx v. Cn'dil Uiomwis. 12 
 (,). H. U. (100. 
 
 If the intention is expmssly declared, c.r/.. where the contract 
 provides Cmfra. p. 3(12) tlwt it is to he construed and have e'fert 
 ;,s a contract made in Enj?land or in some other s,K!cified country. 
 I he contract must he c(mstrued and have effect accordingly. 
 
 liui uhorc there Is no mhIi express direction, it i- nemssarv 
 t.. .iscrrtain the intention hy inforence. Hutnliiti <f- Co. v. Taliskfr 
 
 34a 
 

 0*4 
 
 '■ i 
 
 ih 
 
 A0BEEHENT8. 
 
 [Chap. V. 
 
 Distillery. (1894j A. C. 202; Amtrian Lloyd Steamship Co. v 
 Gresham Life Annurance Society, (1903) 1 K. B. 249. 
 
 /'» '(i fat.'ie, thi) parties to the contract are presumed to intend tliat 
 the w of the country where it is made shall govern as to its interpre- 
 tation and operation. Jtobinnon v. Bland, 1 W. Bl. 258; Jacolm v 
 Credit LyMinaiJi, \2i}. B. 1). 589: S tiith A frimn Breweries \. Kitni. 
 (1900) 1 Ch. 273; De Beers v. British South Africa, (IHlli 
 A. ('. 52. 
 
 But there is no hard and l'a«t rule either that the law of the pluiv 
 whei-o tlie contract is made or the law of the place where it is to Iw 
 performed sliall ai>pl>, and slight indications of intention may tuni 
 the scule and suffice to determine tlie (juestion. Thus, when it is u 
 (luostion which of the laws of two countries apply, and the contrai i 
 t-outains a provision which is valid under the law of one, but inxalid 
 under the laws of the other, tliat circumstance tends to show tliul it 
 was intended that the laws of the former sho dd apply. Missoiui 
 Steaiiifhip Co., 42 ('. 1). 321; and see the ca.se last referred to. Iji 
 Jacobs v. Crrdit Lyonnais, 12 Q. B. U. 599. B^wen, L. J., said thai 
 ■' The only certain guide is to be found in applying sound ideas ol 
 business convenience and .sense to the language of the contract itself 
 with a view to discovering frcjm it the true intention of the parties 
 Even in nispoct of any performance that is to take place abroad, 
 the jiarties may still have desired that their liabilities and obligation^ 
 shall be governed by English law, or it may be that they liavc 
 intended to incoqiorate the foi-eign law to regulate the method uinl 
 manner of performance abroad without altering any of tlie incidentn 
 which attached to the contract according to English law. Stereotyj)etl 
 iuU's laid down by juridical writers cannot, therefore, be accepiod 
 as infallible canons of iutei-pretation in these <lays when commercial 
 transactions have altered in character and increased in coniplo.\it\ , 
 and there can Ihj no hard and fast rule by which to construe the 
 niultiforui commercial agreements with which in modern times vm' 
 have to deal.' 
 
 Lo<jking to the foregoing remarks and tlie desirability of .securing 
 •certainty of interpretation it seents best, where a foreigner is a party 
 to a preliminary or other contract with a company, to |)i'o\ idc 
 expressly that the law of England shall apply, and further to provide 
 f(jr service in England on an agent ui the foreigner. 
 
 It is also well, where the contract provides for payment to a peixjii 
 not resident in England, to state where the payment is to be nia<le. 
 for the general rule is, that where no place of payment is spocilicd. 
 either expressly or by implication, tlie debtor must seek his creditor 
 Robeij v. Siuiefell Co., 20 Q. B. D. 152; Ctuirles Duval, Ltd. v. 
 Uans, ( 1904) 2 K. B. 685. 
 
Wo 
 
 PRECEDENTS. 
 
 AoKEEMENT to sell Bisixfiss to New Comi'any. Formal. 
 
 (tt'tKTdl form. 
 This is an e.xaniplc of the form of agreomont commonly adopti-d in IMan 3, 
 ,„/„■„, p. 327. U can readily be altered to suit the ease of one vendor. 
 
 \N \(;REEMT made the day of , IhjIwwmi A., of 
 
 li of - , and C, of (hnftr called "the vendors"!, of the one Partie-. 
 
 part, and the - - Cov, LiniUl (hnftr called " the coy 'K of the other 
 
 part- \V..ERE.^s the vendors have for .some time i)a.xt carne<i on K.-ctal.. 
 
 biLsincBs as , at und elsewhere, under the style or linn of 
 
 M. & Co.': And whereas the coy has been formed under the Cos 
 
 ,( OILS. aidat ion ^ Act. 1908, with a nominal capital of £ . divided 
 
 into - - .shares of £ each, with a view, amonsrst other thinfja. 
 
 to the ac(iuisition of the sd busiues.s: And wheheas by clause 3 of 
 the art^ of asson of the coy it ;s provided that the coy .shall en1«r 
 into the agreemt therein referred to, being this agreemt. Xow it 
 i.s liby agreed as follows : — 
 
 1 The vendor shall sell, and the coy shall purchase - 
 First, the goodwill of the ,sd business with the exclusive right to 
 us.- the name of M. & Co. as part of the name of the coy, and 
 represent the my as canying on such business in coiitiiuia- 
 tion of the vendor's «rm, and in succession therofo, and the 
 right to use the words 'late M. & Co.," or any other words 
 in.licatiug that the business is carried on in continuation of 
 ,.r su.ccssion to the .sd lirmj, and all trade marks connected 
 therewith. 
 
 ■n... words in l.rackets are probably impli.-d in the word " K<M«lwill." /r««vr 
 V /,.,,, 10 C. Oiv. 436. But an assignment of a goodwill does not authoriiie 
 the use of the trade name in such a way as L. .-xpi-se the v,.ndor to liability. 
 Th.,.»c V. Sl,nr,: 4.5 V. U. .577; 7V»-,«^W v. Jnrn,>n,. (1900) 2 C'h. «9». .\s 
 to the rlRht of a vndce t.> restrain a ven.lor from soliciting his old customers, 
 and othcrwis.! interfering with the goodwill, see note. Infra, p. 357. 
 
 .\ .onvcyance of the goodwill may carry the beneHt of t-ovei.ant« not to 
 compete l.y employes or a late partner of the vendor. Jiimh^ v. Wlnhnorr, 
 49 I,, T. 335; 'I'liiriiaciil v. .Jii,mnii, (1900) 2 Ch. 698. 
 
 The sale of a goodwill by a trust.* in bankruptcy .•arries m> implied restri.- 
 tioi, a» a^..i.„t the bankrupt. Wathvr v. M,.n,.»,., 19 C Div. 355: i»--,.« v. 
 Bermli, li <'h. .505. 
 
 .VffTeemeut 
 for saTe. 
 
 Parceb . 
 
a46 
 
 AflREEMKNTS. 
 
 [Chai-. V, 
 
 ii;t 
 
 \ -5 
 
 Fonn 31 •^" *" '''" ""'"'■'»'•>■ "f expronnly mcntinninf; ffoodwill. kw Nr H<',i,ii'li . Il,i,l.. 
 
 1 V. in,:i,: (I«9"J) 1 C'li. 316. 
 
 Till- uinouiit |iiiyiil)lc for jfixMlwill H one of tlic ))a^til•lllllr^< wliiili iiiiHt li.- 
 statci) ill till' iDinp.iny's prospcotiis. ('iiiupanicH A<t, 190H, s. HI (I) (){). 
 
 A« to tli(> lm|iositl(iii of ronJitioiiM on Hip »alr of a pati'iitiil artiilr, -.-, 
 yiitiiuiiil Vh,ii„i,iy,ii,h Vii. 1,1 AiiKliiiliii V. ilriicl;. 27 T. I.. [;. a:!!!. 
 
 I'lidcr sect. 70 of tlic Patents. Desitrnt! and Trade Marks .\(t. IHMU I 4ti .V. 17 
 Vict. 1-. .)7.i. a trade mark wlien refristered was only assiifnalile in roiineitinu 
 
 with the hoihIwIH of the l>usines,s. See .1/ nioliu Mft>'l fn,ii/>iiii,/\ 7',.,,/, 
 Mfiils, (1897) 2 <'li. 371. .\ii assifinment in ^ ross was Invalid. Th'ui.ii,,. \ 
 Hill, (l«nn 1 Ch. .V!i). The aliove -eetion is repealed liy sect. 73 of the Traile 
 JIarks .Vet. 1»0,5 (.i K<1. 7. e. l.i), as from 1st April, IWOli (see sect. 2), wlierc 
 it is replaced liy » similar enactment (in sect. 221. with the foHowint; additinii; 
 " But nothinfr in this section contained shall he deemiil to att'ect the riftht of the 
 proprietor of a rcffisteriKl trade mark to assifjn tli.' riitht to use the same in an\ 
 llritish possession or protectorate or foreign eimntry in connection with any 
 poods for which it is rcifistered toirether with the (tooilwill of the liusinc., 
 therein in such poods." See Kerly. Trade Marks. 3rd ed. 34H. 
 
 Where a company purenascs an old trade mark, which consists of or iiicluilc. 
 the name of the proprietor of the Imsiness, and the company has taken that 
 name with the word " limiteil " added thereto, l<>ave will he piveii, under 
 sect. 92 of the Patents. Designs and 'I'radc Marks Ad, 1SS3, now ii'plami 
 liv Trade .Marks .\' t, I'lO.i, s. 32, to add the wiird " limited " to the trade mark 
 (liiiiiiii'xx * t'li.'s r,ii,l,' Mail, ."i Kep. Put. ("as. 31(i. since followed in mvcimI 
 cases: and see llnirii Clini, *r. Co.. (1892) 3 Ch. .5.53: see Kerly, Trade .Mark". 
 3rd e<l. 31H. Hut no ahbreviation .if the word '' limited " is allowed. //..//.,<././. 
 Tm».. 18 Kep. Pat. (as. 447; Kerly. Trade Marks, 3rd ikI. 319. 
 
 St'ciPiulU . all tJR' liopliold. coiiyholil ami loa.-ioliold liciodiluiiii'iil.- 
 ics|)lv s|ic(ilic(l ill tlio lir.st. .socdiid. ami tliini scJK'diiJcs |ii.. 
 
 Sometimes it is considered undc^il•allle to show in the tiled agreement the fall 
 particulars of the property, and in such cases the description can run " All 
 the freehold, cojiyholil and leasehold property helonpintr to the \cnilor< in 
 connection witli the said luisiness." 
 
 Tliii.ll- . all the plant. iiiailiiiK-iv. office Itirailiirc, palenls. 
 liioiHt'.s, luir.sos, «aoooii.'<. cart-, .siock-iti-tiadc, itiniloiiiculs 
 uml iil("ii,-<il.- ti> xvhicli the voiidoiv aio oiitid in coiineeliou 
 with tlie .sd liusiiie«s. 
 
 As to the meaning of '• plant." sei. l.tiiulnn (iwl F.i'kIi',,, C,,',,!,,'.',. .\c. '"■ > 
 Cren^ev. (1897i I (J. B. 7fi8. "Plant" and "machinery" are two i|iMte 
 
 different, thinps: per Kekewidi. .1., Rr Hrn„k,; (U 1.. J. Ch. 27; and /.'■ 
 
 Niillpy ai-'l Fiini. \V. N. (1894) 64: rhnmi>m„ v. C/Vy '//"«■< llnllli- Co.. (.I9U2> 
 1 K. B. 233: and Stroud's .ludieial Dictionary. 
 
 FouitliK, all till' book and ntlicr dolitK due to the veiidoi> in 
 eonueetiou with liie .sii Im.'siness. and the lull iK'ueiit of all 
 seeuiities for swh debts. 
 
 A eliP<|ue or hill of exehanpe piven in respect of a pre-e\istinp deht operates 
 as conditional payment thereof, and on the condituin heiiip performed by actual 
 
FORMS. 
 
 847 
 
 „,vni.'nt th- l-uymont rrhitcs b,„k to tl.r tin..- wl thr ,h.-,...- or 1..11 «a. 
 
 ';;,.„. uml tl.orof..r.. wl...,. .l.-f-ndant ...1.1 t.. « .•..«.,...„>• hi. '-"-■'-"•; '-^'^''"tj 
 , I.;H...„.l.or 31, 18H7. wi.l. tl,o gmKlwill, .t,K.k-in-trH. .■ .ml "all H«,k an 
 ,„„.r .l..l.t. .1.1. to tl..- vendor in .■,-nm..ti..n with tl.o «.,.! l.n.n.™., ami th- f..ll 
 . «t ..f all -curiti.-. f..r s„, 1. .I..l.ts:" an.l ... ..anuary 1. IHHS h«,l >n h,. 
 
 „l.sio„ .ho,,,-. an<l bill- ..f .x..han,-. piv.M, for Ira.lo .l.-l.t-. «h,.h ha.l h.-n 
 
 r,.,.Hvp<l l.v him l..-f.ir.- that <lat<- ami w.-r.- .uh«-.in.M.tly h.m.n.r.Hl, Ityn..-. .1 . 
 
 |„,|,1 that ih.- trn.lo .l.-l.t-. havinR horn ,.ai.l. did n..t pas, t.. th,. ...mpany. and 
 
 ,|,„t th.. ,h,..|U,.s ami bills w..r.. m.t ....nritirs within th- ....•nninp <f th- aKroo- 
 
 „„„t F.I...- IMI.".I 4- <■„. V. W.lfn,, (1898. 2 Ch. fi80. 
 As to th- stamp duty on book d.'bts, sco »"/""■ 1'- »*"' 
 
 Fifthly, the full benefit of nil peiiiliutr ...iitnuis uml I'ligu-^re- 
 
 inents to which the vendors are or niav ho entl.l in coiiriec- 
 
 tion witii the sd Lnwiness. 
 Sixthly, all ea^^h in haml ami at (he hank, and all hills an,l n„le- 
 
 oi" the vendor*! \n connection with the sd Imsiness. 
 Seventhly, all other ppty to which the ve.i.lors .ne enlhl in 
 
 onnecti.m with the .sd business. 
 
 Tlio ahov- spciti-ation ..f tho pn-mis-s s..ld is ^iv-n iu ,„nsi.l..rabl.. d.-tail 
 If .l,.sir,Hl, it ,a,. 1.- -xpr.wd n....v ...n-is-ly. tlu.s, " Th,. -,>,Klwill of tl„. sa>.l 
 
 business and all th.- ass-ts of the vomh.rs in .■..nno,ti..n with s..,l. bus ss , 
 
 hut it is ^-n-rallv .■..nsi.lor.'.l pr-f-rablr t., jriv.' son.- ,l,.tails. li. th.. ab..v.. 
 ,.|.,„so all tl,.. assi.is .,f tl... v-ml.,rs in <onn.>.tion with th,- bns.n.'ss ar.. in.lu,!,,!. 
 |,ut so.notini,-s a s,.l- only .-..mpris-s -rtaii, sp...iH..d as.,.ts. .:„.. jt.H'<lwill. 
 freehold a..d 1.. i^..|...ld l...r..ditain-nts, plant, st...k->n-tra.l.., ....ntrmts. aii.l ....- 
 ■ragements, thus l..a^in^. tl..' vomh.rs the eash, bills, n.,t..s. l,„..k .l.'bts. \.-. 
 
 S„nu.ti s ..vrvthins is s,.ld, " ex,-pt tl.o b....k .l..|.ts. b..|..nuMn.,r t., tl... v,...<h,r, 
 
 1„ eonne..tion w"itl, tl... said business, on the .lay of ," and .n su.h .as.- 
 
 it is not un.un.....,n 1.. insert a clause providing that, as r.-iiiirds tl... .•x,.,.pt...l 
 book debts, th mpany shall use its best ondiavmirs t.. .•.ill.'.t tl.o <„„„.. S.... 
 
 Clause 12e, iiiirn. 
 
 \s to the ....ntra.t a..d r..turn now i.o.iuir..d t,. b.- HI.kI, where sl.ar..s an- 
 allutt..,! wl.,.lly or in part f,.r a <.„nsidorati..n other than .ash, s...- tl... f..n.- 
 panies .\,t, 1«(IH, s. 88, and the n.)tos tlion^to, «»/(,•», pp. <>4, «.) rl "i-.f. I'r.i- 
 bably n.u.h ..f tl... .ase law .,n the r..p,'al,.<l ".ash paym..nt s...tion," s,.,t. 2.^ 
 of the Compa.iies .\,t, 18li7, as t.. tho state.nent ..f tl.o o.,nsiderat,..n ... tl... 
 , ,„traet will apply t,. s,-<t. 88 of tl.o .\,t of 1908. Tl.,. ,...ns...p.on.-..s .,t n.,t 
 .•emplyint,' with that se.f..... will of .ourso be ditf..r..nt fr.un thos,- of ne^H..,tii.;r 
 til iumplv with sei't. 25. 
 
 There "is an implied ind.ninity by tl.o pur,has..r. as to .-.intra.ts. I'.mrul,-, 
 i! So„« v. .I/;-r.o- "' r-ilr ''».. .50 \V. R. 381 . 
 
 As t.i vendor's lien f.ir unpaid pur..has..-in.>n..y. s..,. Sl.'r/.lr,, \ h,;.r,r,r/,, 
 
 (1901)) 1 fh. (i7. 
 
 Form 31. 
 
 •Part of] the conson for the sd sale nhall he the sum of f 
 
 (Niusideration 
 
 -• *" J " ,, ■ » ^1 I- in f.ush and 
 
 which shall he pd and satisHed a.s toUows. vi/.; .\h to the sum ol share* [and 
 
 i: i„ cash, and a.« to the sum <.f £ by the allotment to tho dob...jn.js^ 
 
 vendors or their nominees of. fully pd-np ordinary or preferencoj ^4,^.^-1 
 
 shares in the capital of the c.-y of £ each, to be nuinberitl to 
 
 ^ inclusive ami as to the sum of i! by the allotnu<nt to tho 
 
348 
 
 AUKKKMKNT8. 
 
 Jhap. V. 
 
 m i 
 
 Form 31. vou(Joi> (U tlicii- noiiiiuei-s of i— - dobcntuiox or (lebonliiio wtock] of 
 
 the toy lan viug iiiteit>,st at the rate of pf-iia. us from tho - 
 
 Jay of - J. 
 
 If till' allotiuciif is to bo miidc to uomiiiir* a supplemental lontraet eoii- 
 stilutiii(f their titl« to uUolmvnt should he made hefore ullotincnt. for it is 
 doulitful whether u subscriuently made eoiitract eun " eonstitute " their title. 
 
 The prineipal (K)ntraet and the supplemental eontraet will have to he filed 
 with the Ke^fi'trar within one month after allotment (seet. H« of the .\et iil 
 imW); in default the directors and other olKciala will incur heavy penalties. 
 
 J.cKikiiiK t« sect. S3 of the Act of 1908, which provides that a company shiill 
 not prior to the statutory meeting »ary the terms of a contract referred to in 
 the prospectus, except subject to the ajiproval of the statutory iucetin){, it will 
 often be desirable to give by the contract alternative mmles of satisfying thi 
 consideration, for the udojition of an ultornative is not a variation. 
 
 The eonsiderution is wmetimes wholly cash, and sometimes wholly paid-up. 
 
 or partly paid-up shares (I'.ij., shares in the company of 10/. each, 
 
 numbered, A,c.. with the sum of 7/. jKjr share credited as paid up thereon), and 
 -ometimes wholly debentures or di-benturc stock, and simictimes part of the 
 consideration is of each kind. 
 
 When part of the .onsideralion is to be salisHeil by debentures or debenture 
 stock, the agreement should I'ontain elsewhere a clause, as f<illows; "The 
 debentures aforcs4iul arc to be framed in aicordaucc with the forms set forth 
 
 |„ the schedule hereto " : or •' The debentun-s afnrcsaid, and the trust deed 
 
 securing the same, are to l)e franiiHl in accordance with the forms which, for 
 the puruosi' of identification, have been subscril)ed by N'-. a solicitor of the 
 .Supreme Court" : or " Tlie dcl)enture stock aforesaid is to be constituted and 
 secured by a trust deed frann><l in accordance, ^U-." Not uncommonly the con- 
 sideration is a specitietl sum. •• whircof C is to be paid in lash and the 
 bahuue. C . nmy be satisfied, at tin- option of the company, cither in cash 
 or as t<i the whole or any part 1 or |iarts| theriMif by the alhitmcnt to the 
 vendors or their nominee's of fully paid-up shares in | or debentures of | the 
 c-ompaiiy. to l)e treated | rc'spcitively | as of par value." If the option is 
 exercised in faviiur of an allotment of shares, it is desirable to execute before 
 allotment, and i:i du<- lourse to file a supplemental contract, showing how 
 many shares arc thus li lie issued and lonstitnting the title of the allotti'es. so 
 that" the filed lontract may show the aggregate and denoting numbers of thi' 
 paid-up shares. See M/n,,, p. (>7, and scut. 88 (1) (b), ^■i/im, p. 64. 
 
 As to stating the consideration for the goodwill, sect. 81 of the .\et of 1908, 
 -ul)-sect. 1 (,g , re(|uires the prospectus to specify the amount payable for 
 goodwill. In view of this it nniy be desirable to add to the above clause tlic 
 words, "Of the said sum of C llic sum of e - is payable for the goo.l 
 
 Consideration i2b. Tli<> cousoii loi the .sd sioik-iu-tmdo whall be siiuh a nuiu as 
 
 '"V-'tiNs'"" •'^^*'' ^' ^•'''»''i''«l ^y -^It'"-*"'*- "'' "^ '" ^"^ ''"^ ***"' ^'"''"' '''"^' "' 
 
 '"ertai'uedby if any (liflicuhy .shall aiiso iu obuiiiiiiio; il,eii- cortiticatc, then a sum 
 valuation. y^^jj[ ,y ,|jg f^jj. ^.jjim. „£ ^^^^.\^ ppty; .md so that any difioieuce in 
 
 regard llieitMo .-iliall be referrod to the duciisiou of two coiupeU'nt 
 
 valuers, one to be appointed by the vendors and the other by the coy 
 or by Messrs. - of ], and the 8ubniis«ioii may be m.-wie an 
 
 order of the High Court. The uon.son money.s meutd iu thi.s clau«e 
 
 are huftr referred to as the valuation uioney.-*.J 
 
KOKMS. 
 
 M» 
 
 SomotiM..- tlu- .on-lderation for fh- .r,„.k-i..-trn,l- 1. .l.-alt with «.,,.rat..|y. 
 
 '%;';" n' . pur,- «» " valuut «f ..ny .-..n.i.lon.l.l.. ,ul,j,..t-n,all..r i. 
 
 in .nl..l .. - .le,ir«l,lo -o to frame tl.,- .m.tra.t that th.- valuation -hall l- " 
 "Imliun to arbitration within th.- Arbitration A-,. .Km., otberw,.- «or,on, 
 li.i-i and inc-oiivcnicncr may on.iui-. , . • » 
 
 \ .r,...m.-Mt to .ell at a pri,-.. to b- «x..l by valuers is not a ,ubnu.„on to 
 
 ..rbi.ration within the meaning of the Aet. for thcr,. i. no " .l.fferenee between 
 
 p ties, ana the A-t only applies where the pa. ties I"'- a,ree.l o sub ,t 
 
 ese or future dittcren.es to arbitration. r.M;.. v. Cfn... 2., ieav .U..,. 
 
 \,.eordinirlv in that ease the Court refu-eil to appoint an umpire on the val,.ers 
 
 , efault \nd «l-re the Aet ,loes not apply the C t has no power to app.unt 
 
 L in the pi, of one wl„. dies. ..r refuses t t. or to re„„t the 
 
 Mi.. «her.. a mistake has hc.„ n.ade. Wh..re. however, the a^reem.-nt .s 
 U^^ as above, these diffleulties are avoid.sl. for if the eert.h-ate of t b. 
 nam-Kl referee is not obtainable, the alternative provi-.on "r.se,, and anv 
 
 i«er7.n" .oos t bitration. U is the more important to see that the Ae 
 
 ■nlnlv beeau." ♦!! f e valuation has been elfeete.1 the Court eannot 
 w.ll apply. b.H.au. ^_^^^^^^^^^ ^ ^^^^^^ ^^^ ,v„„„„.,w. •... Ves. .Jr. 4:«.: 
 
 >/e.« V. r.VAe.-.. 4 Kn. .«»: :'•'/''•" v. >■/,«.»,(,, 
 
 ,7 V. //«/■', 18 Cb. I). tiH5: see also Fry on 
 
 ^,n, tiiaos the eontraet provides that th.- diff.-r.'me 
 
 Ponn 31. 
 
 enfor..' sii.'.itie i 
 Mil.ie^ v. l-'i->!/, 1 
 ,Vc', ('«., 2t> Heu.. 
 Sp.'.ifi.- I'lrform-nei 
 
 •slmll b.' referred to ,,-l.itration as ber.inaft.T provided," and e.mta.ns the 
 „. a.bitrn.ion .hiuse. J.f,.. p. 367. See also as to what i» " ;;'"<•"'••■ 
 
 ,„ arbitrati.m //- v. IhM, I.. H. 2 Kx. 79: IM.„.'I v. S>,.M. .. « h^ 
 
 -Is'/ V l'r>.;. 20 Kq .Ml: r«, ... inu,.„. 1« Q. U. Div. 7: //..« ' 
 
 '...,.i ilCnlon-s .hh.'hnr.on. fi2 L. T. K(m-, and ll..ssell on Arbitration, »th .-d., 
 ,,,,. It. 45. 
 
 :,. As the .«si,l..o ,.1 ,1.0 eottso,. r..f ,l.o s.l sul... .ho e.jv shuU uuJor- As^-«^-;[ 
 luko ,.. pav. siitisfv. .liseharfjo. ami fulHl all the debts. Imb.ht.os „ to 
 
 „„.„.a...s an.l .n^^^^n^.n^. of the vo.uh.vs i„ relatio.. to tho sd undertate 
 l,„si,u.ss. ami shall iinloninitv thoiu apiinst all pro«<ndi..(rs. rla.ii.s li^niities. 
 iiii.l (lomaiitls ill lOsiH^ct tliorcof. 
 
 \orv .ommonly a .laus.. as ab..ve is insert.,1, and the pri.e is «'''■-';'-;;"'; 
 i„,Hv .■ ./ assets worth 130.000/.. and debts 30,000/.. therefor,- pru-e 1,H.,000/. 
 But';,.,ne.in.es the full ..onsideration is ,Mven fo,- the assets, and the ven.h.r^ 
 elear off the di'bts and liabilities. 
 
 Son,etin,.-s it is pr-.vid.-d that the d.-bts and liabil.t.es atoresaul shall be 
 ,l..eme,l to i„.lude any moneys owinp to the vendors in respe.t of tlieir pr.v.t< 
 
 ac-ounts with the tirm. , 
 
 \, to the iraportanee of providing f..r inden.nity a^-ai.ist .-la....- and « emand., 
 s,.e ir,,,,.;,/ V. Hirhar^'o,,, 10 M. i. W. 284: T,n,hn- v. ClnrMrr hn,l. ( „.. 
 
 "whc're 'the' prcmi-ses are in the m..trop..lis and within th.- an-a .,f the (ias 
 l,i,ht a.,.l Coke l-ompany. the p.irehasers are Ih.ble to that .-...njmny ,.r arr....rs 
 
 of Kas. f/,., L:,h> ,u,d Voke Co. v. r„u,.o, /In ,'/ ' "•• (1903, 1 k. II. 5W. 
 
 As to stamp duty where puymer < are to be made a« ,.art of the .ons.dera- 
 tion, see .S'„«y«.- v. r>i!>n,il Iterrwu: (ISOO") 1 Q. B. 172. 
 
 ,, ,„ /).;,«,,7.-Tt is n..t .isual to re,,nin- a deposit when a new -omp-nv '- 
 pnrehasine, Imt when a deposit is paid the purehaser In.s a lien^ .^f the 
 I determined without 
 
 p..reh 
 
 Watt, (1902) 1 Ch. 836 
 
 Ridout y. Fowler. (1904) 1 Ch. 658. 
 
■II' 
 
 :j.50 
 
 AOUEEMKNTS. 
 
 [Chap. V. 
 
 Form 31. 
 
 ComiuoiK^e- 
 mcnt uf title. 
 
 ». Till' lilU- I'l lilt" *il ln.'mliliiiiit'iil>^ mIuiII « oiuniciuo— 
 (uj .V-i ii> tilt" *<l treolu)l(l liOKMlilaiiiiMitH, xvitli iiii iu<loutiiii- 
 
 (latfil. Ac, Irt'iii).' ii timveyiiiKO on «iil<! to M : 
 (b^ .\-< lc> the "(l sfveiut It'iiMfholil liort'dilaiiiPiits. villi ihu imloii- 
 liirt"* 111" k>u><t' iiiulor wliiili the siiiiio ,i .■ lii-ld I'V tlio 
 m'IicIciim; 
 I CI \s Id till- s(l .i)|)v1imIi1 liciv.liluMM'iit-i. willi a (nvoiiuiit in 
 >iiiifii(k'r cm suU'. uiiil u sunoudL-r uii'l adiiiittumt' ucioril- 
 
 iii)fl,v ill till- voar 
 
 And llic luv «liall mil iiivcstiyalf tir make any ru(|uititioii <ii- 
 ulijiMtiiiii in n's|n'i I dl' the piicir tille. 
 
 Ill an n^friM'iiiviit for will! to u rmiipany of a (foiiiit liiHiiirKU, tlip title i« 
 i.'1'iiiTully lookiHl into beforeliiind. ami in siicli a rase u ilaiisr (7i-, i^'trr,) Ik 
 .oiiinioniy iiiMTtwl tliut tlii' tit!.' shall 1h> a. . r|,t.-(l. I>ut oci'asioiially BpiMlul 
 i-omlitioiis m to tlii' titli' ari' made, tliiir naturr mii»t <lr|wiiil on tlif ciriuiii- 
 •tanic-. The Vi'ndoi- and I'urcliacr A-t, 1N74, ami the Coiivi yaniiiiK and Law 
 of I'ropcrty Act". IKNI, INS'-'. 1H!)J and 1911, niUKt lir iM.riii' in mind. Set. 3 
 of thr Alt of IMMl dofM not. it wcnis. prcvrni a |iurrliawr from ral-in^f an 
 olijcctioii to tlir larlii'r title if it I'an lie sliown uliiiiflr to lie ilefeetive. 
 llmOlcl/ V. ir„/lr. L. K. fl g. II. .>15: /'""■'/ >■ .1/""'"". IJ <■• l>- i:il; '■"• 
 
 >l,„f .\rrr\ r;>r, (1«»1 ) 2 Cll. lOH; /!>■ Mfhil v„.l l-nl l\ C,,.,!,,,,!, ( l!l().')) 1 ( ll. 
 
 .■J91: but u eondition that llie purehasrr shall not ,„i;-,IUinlo the prior tille 
 UH above is I'tfeitivc, and |)reelnde-i muIi an olijeclion. //«'/(,<■ v. Ilr„thi. a lie 
 U. \ S. b'i»: A"'. /'."'•. /'""/ '""' .t/"'»',, (IH«.i 1 Cli. IHO; Williams, V. \ 1'. 
 161. It i\uv* not, however, prelude objection in re^peet of a defeet diselnsed 
 by the vendor. Smlll, \. It„h.„^;,>. ViV . \). \W. 
 
 And if li.e pureliaser proves ti , the title is bad. or too doubtful, specitii- 
 perforniamc' will not be ordcre //' -'■ S,t,n n„J .\h;ui\\ Cniihiirl. (189.)) 
 1 t'h. .Wo; ■• Cb. ti03: ll> IVnIhs >i„'l linni'U'r. V„„l,„,l, (1899) 1 ("h. 51.5; 
 Kr llvijh.', iiiitl AkIiIii/k Cniilioil. (19(l(li 2 Cll. ")95. fiOl': Sii-lmh aii'l Vn,i 
 Jnrl'i fnuliorf, (19101 1 Ch. 43. 
 
 As to the etfect of losin;,' title d. <'U. see ll„r,l„.r i%.,P,„r,,i,fl I'-nol; 'ml 11'.,.., I. 
 47 W. U. 194. and Dart. V. \ I'.. 7tli ed. 1,W. 
 
 .^1 
 
 •\'<k 
 
 1 
 
 '-f 
 
 S|H-oialron. 4tt. ll .sliall lio as.suiiH'd luvc ■slate (iiii/ reindird axmimiitmim]. 
 
 ditionsofsule. ^. ^ ,i,,j, ^ j^ ^ idiuici' <i\vm'r of the frt'diold. died ialostato. and 
 withcnt i-i-iiie.J 
 
 .\ vendor is not entitled to rely on su'li a eonilition when he knows that the- 
 as.sumption is contrary to the fact (//,cW v. Mm,!.,,,. /^■ }liini»lrr, 12 C. U. 
 131; Hr M„r>l,'„'l (Irninille, 24 (ll. 1). 17); but if he believes the assumption 
 to be correct, he is entitlwl to rely cm the provision. Snmlhnch iiiiil Kihiwiiil- 
 »r,„, (1891) 1 Ch. 99; lUnihriu v. A'/c, ,-. , 190(i) 2 Cb. 17.i. 
 
 What iucum- 
 brances. 
 
 5. The sd iHfiiiisos aro sold Irtv from all incnmlirancos o.xociit 
 the mui'l<raj;L's s|)0(iliod or loforrcd to in tiic .scliodiilo lilo]. 
 
 tint, as ii'franlH tho freeholds. siilijt"'t to all <|iiit, chiof and otiier 
 lOiits allettiiifr the sumo, and us rcsiird.s iho leu.soholds, the voiit.s 
 and Lovenantis toutuinod in liio Iuaso> or afrroi'iuts for lou.scs uuJer 
 
KORM8, 
 
 U>\ 
 
 liU'iitity of 
 parrrln. 
 
 Ill ^<ii|itii>u 
 
 „|,i, i, tho ^auw aiv hol.l. Mii.l us n^pinls th.- . ..pvliolils Mibjo.t to Fom 3L_ 
 ,1,0 , u«l■■m^ ..I ll»' M.vt'ial lu^.iiois ii.kUt wliicl. lli.'.v aif lu'lil. hikI 
 IS rotrur.N lill Mi.h luTv,lila...«nl.s i„ all ri^'l.ls „f «a.v. li-ln. un.l 
 „tli.". .M-M.m.M.1-, if iin.v. alloctii.K llx' -ami. ivsplv. :iii<l to all .'xislmii 
 |,.„-..'M Miul I.Miaii.ifi, uikI u(,'iw.«iiit« tlKTi'lor. 
 
 «.|,. „r a l,a»« llir NfiKlor «l...iil.l .li-l"»- H"- .aMci,-.. c.f ,.n.i-.ual ami 
 
 .r„u v..,mn.». .1/"',/ .• v. /In,, >,.■>>, (1»»3) 'J K. II. M. 
 
 \. to till' iiHiiiirii". t.i I..' iniiJc » lii'ii tliv lii..rt>ra,r<' >»'»>' >« arr <tatc(l I.i l"l.)iiif 
 
 ,„ ,1,.. „,nrt»ra.-.-.- n,K joint a.-.ouut. .-a. /.'- /t'.,.>.r,, / .;/-,.,/. .IHW, 
 
 ■> Ch. :i4i». 
 
 C. Ni) liiitlicr nr ntlicr evidfiut- .shall l.c reiiuiix-.l «i tlin i.lciilil.N ol' 
 ;„iv ..I llir S.I luModitaiaeiits with tlio i.ply to which title is >hown l.v 
 tho alv«tiu.( Ix'sidcs siicli .<vi.l«Mi<o, il' any. as may 1.p j.'atliri :-(I fioiu 
 the ilc-rliplinlis iti tllf (liMllIlU'lll.s alisllactcd 
 
 n,,- laay i...|uir.' to 1m' Mip|.lpm.'iiti'.l in -omr .a-i-. ,■.:<., hy |.roM.."n for a 
 -taliitory .l.'.laratioii, aial in othiTs it may I"' ■'niittcil nltou'itlicT. 
 
 7 I'lic ,l(v-( ii|ilioii of llin s(l scvfiai livii'ilitaficiits i« l.cliovcd. ami 
 ^ll,Mll<l !.(' .om-ct; l.iit if any orror shoiiM !«> fuiiiid lliorciii, the wiiiic. 
 if , upald.' of r.imi»-iisaiioii. slmll iml aiiiiiil llio s„ji'. lait a r.iir . oin- 
 I nation -liall In- allo«.Ml liy tlio voinlois in iv-po.-t llicit'of. 
 
 U.«,iii.tio,i h.rc means diwription of the .-orponal i-roprrty, m.t of the 
 title, /.'.v^.v V. .\Jn.,l,;H. 3!) C. 1). 110: l>,l„;,h,n„ v. S.,,rl„ :,/,,. , (Ktltl i 2 
 Cli. W. It ran, of eourse. l.e extended to the title. Smli a provision does not 
 prevent ih.^ ■ ndors from avoiding payment l.y • •inllinjr the rontraet under a 
 , Ui.se lilie 71.. ./././,.',„., V. S,;,;>l, (IS91 -31.. Wi ; Uart, V. .V ''. 7th .d. 
 '77, 17H. 
 
 I iider smh a .lans.^ ip.Misation may he enfoniMl ,.>/-■ eonvi'yan.v as will 
 
 ashef..re i /;,/„„,■ v. .l„/,„..„: 13 Q. 1!. D. 3.il ; C/,,,,!,.,, •. '.'■,'■/,, 41 Ch. D 
 1(13); hut the words -provided the same is elaiin.Ml l.efore eonvi^yani-..." .an 
 hi- ud.liHl. 
 
 As !o tl Ileet of similar words, see J.r,// / „„'/ T":,l,„\ i\,„l,n,l, (IWMIi 'l 
 
 Ch. (i2.>; r,i,IUh V. S„li, Oi»06j 1 Ch. 33.5. The authorities as to ...nditi. .li- 
 as to .■.impi-nsation w.'re reviewed l.y liueklry, .1., in Jm in., v. Ilnrll. (19(1(1. 
 •• Ch. H.iH; and see AV S i-h,'l mi'l fiiif" V,„il,u,l. liitd.'.! 1 Ch. 3<tl : aii.l 
 Sl„i,hi-,(l V. Croft. 0910) 1 Ch. 521. As to the jurisdi.tion to cnfuree speeiti. 
 perforiaame with .•ompi'n.sation in the absi-nee of a .ondition on the suhj.'et. 
 -ee IImII v. I.ii'rrllvs, (1900) 1 Ch. Hl4. 
 
 Smh „ iiinditi.iii does not, as a rule, apply to defcits in title. l>,l„„l,„i„ \ 
 •ii,„-\,r,il<jv, (1901 ! 2 Ch. 98. 
 
 7a. The .M.y .sliull Miako il.s ul.joitiou.-, and ro.iuisitions, if any, in l'"i;j'|^'''^'^" 
 ie,sp«'e1 of the vondov.s' title to any of tiie ml lioreditaments, and all 
 iiiattci-s aii|K"ann<r in any ub.stract or niiiniinont of title, or this 
 ,ioic<MiH. and send the same to Messrs. - . the vendors' miIois, at 
 
 No. , Street, Ae., witliiii — day.s trom the deiivery of llie 
 
 alj^tra*;ts, und in default of such ohjectioiw and re(iiii.si*'on's if none. 
 
:W2 
 
 AtiKeKMKNTH. 
 
 [rHAP. V. 
 
 Form 31. "ml huI. J(hI t(. micIi. if any, -.Imll U' .Icmod to Imvp arcepUil the 
 title] 
 
 Ncry .•.■iiimoi.ly u|h>ii a «il.> Ik a lompaiiy. th.- aKW.'in.-nt d.K-- not ronfain 
 Biiy prini«ioii a« f-> r.>.|iiiKiti..n« or .)lij.-.ti.mi.; ami wli.TO tin- titl<- i" u.-.rpi.nt 
 («» ill I'Uuw 7i'. iii'rn). thin rliiii«- will Iw omittiMl. 
 
 I'ow.rof 71, If tin. i(,v wlittll inak*' or j-IiuII in-«iMt] on uny reiiiiiitition or 
 
 whTrl'Tm- objixtidii .».M to titlo. ronveyuu.'O, or othorwi^o. whioh the vomlors »UiM 
 pBiiy pcr«i»»- If,' uiuililo, or on tlio prniiiwl of p\i«'iimo, delay, or otliorwinp. sliiill 
 
 In objectionH. 
 
 Im! unwilliMK to i^imiily with. tli»> voii.lors may. not\vitii«taii.liiij: au> 
 previous negotiation or litipition, l>y notii* in writing determine thi« 
 agrcomt Except oa Ui olaime i;ja liofl. without giving rise to any claim 
 for oxpCDKO or other wine ] 
 
 111 the ia-.e ..f u -air t« a «.ni|.-ny. the ajfrwiiient very coiiiiiuiiily cmtain- 
 no proviKion or clau-e a* above mentioned, for the title in many <•««•>« i» m- 
 vontigated beforehiiml. and even when thi^ in not doi»> thi. elaiw i. <oniin..nly 
 omitted, wpeiiallv where the eonipiiiiy i- at onee troinif to the public for siih- 
 «Tiption», for it would be hiifhly ineonvenient if, after floiitinc the .•oii.pniiy. 
 the vendor was in a ponition to rewiml. 
 
 As to the o],. ration of the <lau.-e. it \» well «'ttted that it i« eHet^tive. Hiiii 
 that a vendor i^< not bound to asHiKii any reawin for rescission. Itr (i'r„i,„. 
 „„d S„m.,h,. to lh,d.„. 53 I-. T. 434 (('. A.,. There is a difference between 
 " making - and " in.istinK " ill «u.tli u e!a, , fn the one case, the vendor 
 may rescind on delivery of t',e r- ,uisitior'i {.siarr-HniH-lf. 42 C. I>. 3..M. 
 but. in the other ease the power to rescind does not arise until the purchaser 
 not onlv makes, but insists. See Hr (llr„to„ furl S'.;,ml.;1<. »>>i »«/>,". 
 
 A power to rescind must be exerciswl within a reasonable timi- and in jtiskI 
 faith. S> .th v. \\;,ll,„;: (18»,^) I (Mi. SHi: M.u^.l,;, v. ,SV,».-.", 28 W. H. 
 9,14; Qmni.u, v. Ilnriie. (19()6) I I'h. .59«. 
 
 \ condition of sale empowering the vendor to annul the sale, if the purchaser 
 m»ke» any objection or nvpiisition " as to the title, particulars, mnaitions, or 
 any ether matter or thiiiR relatinir or incidental to the sale," which the veiulor 
 is unable or unwillin^r to <omply with, extends t.> a matter of <onvcyan<c a. 
 well as of titli". . . 
 
 The ordinarv .■on.lition of sale ^ivii.L- the vendor a power of rcs( ission applM- 
 only where he has some title, not where he has none, or none to part of th. 
 property. //- - D^'^Hoh .n,.l ll.n;W, ('„„t,ar,. C1H»8) I ("h. 4.58; .M.:.... 
 a„d IhideiiH V,n,l,nrt, (1906) 1 fit. 412. 
 
 Where property was sold under conditions enipowerinfr the vendor by notice 
 to rescind the sale if anv objection shoald be insisted on which he should he 
 unable to remove. " notwithstanding any interm.nliate nejjotiation," and pro- 
 viding that on rescission the punhaser should be entitled to r.'ceive back his 
 deposit without interest or costs, and the condition was silent as to intermediate 
 litiiration, and the purchaser insistwi on an objection that the particulars mis- 
 represented that the pro,)erty w»- fn^liold, and that the title shown was only 
 to a term under an underlea*L.; and on this (jround commence.1 an action on 
 November 30, 189«, for -ission, return of his deposit, and payment of tlic 
 ^.^,,^.„„.^ ,-,f invr.tipn ^le title, and before further proceedings were tal>en 
 
 the vendor, on D«emoer 4. 189fi. !fav,. the purchaser notice of the re«-is«inn 
 of the contract, and offered to repay t.ie deposit, and it was held that no 
 misrepresentation was made out. Byrne, .1.. held that the notice was in time. 
 
 .iai 1 
 
 ■n ■ 
 
 Hi 
 
 •\ 
 
FY)RMS. 
 
 :1V» 
 
 I iiiat tifp |iur. hB..T «;i> ..Illy .Mititlwl t" u roiiirn c.f hi« do rit wilhont Jorm 31. 
 
 ,„t.n.t. ami U< tlio (■<).»« i.f tlio ...•ti >n up t) tlip tint -.r ill ipt "f the 
 
 „„lh.' I., rex-inrl. ni»l th.it lir iiiu-t |my tlir il.f.h.lant' , ' m >>» tli i» 'Ut- 
 
 ^„.„.- ». •/■".'■./^ 0'*"*'' - '''■■ -'*''^- 
 
 Hul)-i«t. li, MK't. 3. f the ('"iMey.iiiiiiitf »'i'l I-"* "f I'roiMTty Art, 1N«I 
 ,K. n.it iiff'Tt the orcliiiary rii;ht of it |.ur. hii«'r t.> huv.- the titlu-dwdt hiiii.l. il 
 vor to him mi .■i>m|>lcti..ii, aii.l thr mure f.i.t thut .ilitiiiniiiK tl, iln-dn for ihi- 
 
 l.iiriio-i" may >mii-<- th.- vemliir triiuhlr and i\|)riHr U no miiw r to thi' |>ui 
 lia^rr'a cli'iiiiind. 
 On nil "\x-n rontrait the vendor must lu'iir thi' ux|)fM« of obtuinitiK t'tl'- 
 
 .|i'f.N rf|iiiri>.l liy Ihti purchaser to bv hiiniliHl n\ir on eom|iletii>ii, allh'iiiL'M 
 
 -uih tilh-dwc' are not in the vondor'a |io.<<i9iioii, und arc not rcfi-rrctl to m 
 
 iliu iili-lrac-t. Iiutky riii'l Jf--»i'i> '''•"'"•■I. (IHltHj I (Mi. II. 
 On till! ■'uli' of thi- loiHc of u |niMii>-hoU»r thi- (•ontra< t li id a iluy for 
 
 ,,.in|ilption. and the plnintiff. the pur< hii.pr. paiil a di'iimit to the dofcnilani- 
 ,« ntukiholdprs. It wan a tc-ni of the i-oiitrait that th.' ili'po-.it shoiih' l.r 
 hrfeiiiil if thi- pur<'li».-er refu-i'd to piirforni hi^ [i irt of ihi aifr.cniriit. llii 
 li date tixt'd for nnuplolloi' tin- M'lidor roininittcd an uit of bankruptry. 
 •>: ioh ranie to tin' lotiii' of the punlia.'.iT, who th.'rpupon rofiiwil to I'oinpli'tr, 
 ,11,1 ili'Uiiind.Kl thr return of the deposit; und the Court of .\ppial Inld th,.l 
 •!„.a(rli ilii- lontrui't for sale wa^ proH'itoil liy seit. I!» of thr Itanlirupii y .\il. 
 |i-3, till' a-iijfmni'i.t and the i>aynicnt of tlir puri'liasi-nnoiry, in i—rnuan. ■■ 
 I the loiitrai't liut after noti.i' of the ait of Imnkruptry. would no. ■ u lii'.ii 
 jriutei teil, mill that the pureha-er wa< t!<'refore not houiiil to loin . und 
 II a-i entitled to reiovor the dopo.sit. I'u .. ». M"r>/i<i//. /'" •» * (V.., yiHSW 
 1 IJ n Till; Hart. V. & I'.. 7tli cd. in. 
 
 Tc riK' c-ov »littll, without liirtlifr] iiiv»'ili.„'atinii, objuctioii, or Unrmirvcd 
 
 * ■ , , Ml aeeeptttuee "t 
 
 ii'iui.-iiiiin, acw|it huiIi title un llio vondms Imvo to tlio sil |>rc'nii.'<os ,„,^ 
 hliv ajitt'cd to bi' i«ul<l. 
 
 Where the title ha^ been already inve-ti«ated. or i-. well known, a ilaiiir a- 
 aline i« MTV lommon. end in the i a-c of a jirivate i pany it in p'nerally ii-^.d 
 
 H. Tl: 
 liiCV, N 
 
 I' |)Uie!ia.so -liuU Lio iiMiiiilotwl ou tlic - iluy of 
 
 Slrwt, Lomloii, of .Mlw.>i>. , tin' vtMulor.s' I' 
 
 vilm-. wlii'u |ii..^M>ssion of tho iiroiiii^os .^Imll. as far a~ pracliiiilili'. 
 
 he ^n, 11 to tlio iHi\ , uud tlio coiiwon al'sil «o far n.^ the -aim' i «ists of 
 
 .ash uiiJ wharc* and debontiires] shall In" lid and sati.^llod siibjocl to 
 the [irovisiuii.-, of this agreemt, and thoroupon iho veiidor.i and all 
 other iioeos.-arv parties if any, shall at the cxpou-c of the coy cxoeuto 
 ai:.l ilii all a.«suranro.-i and things for ve-tinp; the -^d promi«os in iho 
 e.i\, and giving to it tJie full benefit of this agreemt a« shall bo 
 roa-sonably required. 
 
 at the c.Mipli ti"ii "f 
 iia«'. 
 
 .\s lo the eostn of obtaining a mortgasfi'c's eoueurrence, bob Ifillelt and 
 .In,, nil, \V. N. (1889) G6; 60 L. T. 73j; distinguished in .Saml^-r nn<l Wnl- 
 li.rd'a Coiilrorl. W. N. (1900) 183. 
 
 !i. If from any cause whatever other than the wilful default of the Intir.|.t on 
 viMidors the purcha'^e shall not be completod on the sd day of ',|,J,.,.,j,;„„ ;,- 
 
.154 
 
 Form 31. 
 
 I tlrcha^c• not 
 completed tm 
 
 AGREEMENTS. 
 
 Chap. V. 
 
 , the coy shall pay interest on the sd sum of £ cash at the 
 
 rate of p.c.p.a. until the purchase shall be completed. 
 
 Where completion was delayed by the vendor going abro«l it washeW to be 
 wilful default on his part. Young and Harston , <;»«;■'"•'. " ^- D' 1«»' 
 discussed in Bennst, v. S,o«., (1902) 1 Ch. 226. DeUberate neglect by a 
 vendor may amount to wilful default (tCihnn n„,l Stevem Contract, (1894) 
 3 Ch 546) : tho vendor's inability to procure con.urrence of neccsary part.e. 
 may bo wilful default {lietlmg and M»rton'» <'''"'"'"^''/j|,^»3) 3 Lh^ 269; 
 distinguished in He Wood and Le.i.' Contract. (1898) 2 Ch. 11 and £.r, 
 of Strafford v. M.,ple., (1896) 1 Ch. 235); and so also may neglect to deW 
 abstract through misunderstanding the contract {Pclly a,,d Jacob. Contract, 
 80 L. T. 45), or an unreasonable refusal to approve the form of conveyance. 
 Bennett v. Stone, (1903) 1 Ch. 509. , 
 
 In Young and Ilar.ton: Contract, >upra, Bowen, L. J., sa.d: Default .- 
 a purely relative term, just like negligence; it means nothing more, nothmtr 
 less, than not doing what is reasonable under the circumstances, no doing 
 something which you ought to do, having regard to the relations wh.ch you 
 occupy towards the other person interested in the transaction. 
 
 Delay in completion by the day fix«l, occasioned by the t.mc occup^d .n 
 remedying a defect in the vendor's title which was not and cou d "»* ^e "cn^un 
 o him at the time of entering into the contract, is not attributable to a 
 "default" on his part so as to prevent interest running against the purchaser 
 under a clause for payment of interest by the purchaser "if from any cause 
 whatever other than the default of the vendor'' t^^.P^-^^V^^f/.^f '^ 
 completed by the day fixed. In re Wood, and Lew,, Contract, (1898) Ch^ 
 483 affirmed, (1898) 2 Ch. 211; and see Bennett v. Stone, ,upra. Interest 
 will run if the real cause of delay is the purchaser's inability to pay. Loudu,. 
 (Mayor) and Tubhs, (1894) 2 Ch. 524. And the vendor's repudiation of the 
 contract by resisting the purchaser's claim to specific performance docs not 
 Necessarily constitute such "wilful default" as to disentitle him to intcrct. 
 VorM V Percival, (1898) 2 Ch. 128. See also Bav!e,j-Worthington and Coh.n - 
 Contract, (1909) 1 Ch. 648, in which aU the cases were coneidered. 
 
 !r' 
 
 Consents of 
 ImidlordsaKtii 
 
 il-^ijiTIlUlCIlt of 
 
 leaseholds, or 
 ill default 
 declaration of 
 nn>t for 
 <.imijauy. 
 
 10 Divers of the leaseholds specified in the schedule hto ure 
 
 only assignable with the consent of the landlords from whom the tsiime 
 resply are held. Tho vendors shall use thoir best endeavours to 
 obtain the requisite consent* for the assignment thereof to the coy 
 and in any case where such consents cannot conveniently bo obtained 
 tho vendors f hall at the option of the coy execute a declaration of 
 trust of the premi-ses in favour of the coy, or otherwise deal with the 
 same as the coy shall direct. 
 
 Where the sale comprises leaseholds, the terms of the leases must be care- 
 fully considered, and the agreement must be framed accordingly. If the 
 covenant is merely against assignment, a demise for tho whole term Uoss one 
 day) is allowable ; and so is an equitable assignment (Gentle v. faM-n.r. 
 (1900) 2 Q B 267); and if there is a covenant against assignment and sub- 
 letting, a declaration of trust may be available; and if there is a covenant 
 only against sub-letting, that does not include assigning. Soifle and Ham ' 
 Contract (1899), 1 Ir. Hep. 113. But if there is a covenant also against part- 
 ing with possession, very special expedients are required. 
 
FORMS. 
 
 X limited i^orapany may be a " respectable and responsible person " witl.ii. 
 „.e „ Ti ofaco Xnanf not to assign without the consent of the lessor (such 
 1° tTofto be withheld in th. case of a "respectable and responsible 
 ;::::. irU,.0U .. lo^on noa, car Co., (1910) 2 Ch "5 overrul.ng 
 1 this ,K,int) Uarn.on. Ain.lie * Co. v. Banow-in-Furne,. Corp., 63 L T. 84^ 
 V breach of the <^veuant not to assign, 4.c. .nay give the lessor the right to 
 ,e:enter Olarman v. Ain.lie, (1904) 1 K. B. 698; Conveyancing Act 881 
 14,- ev-en at the suit of an assignee of the c,uity of redemption M<tlh,.us 
 ■ r^'.rsi L. T. 542; Molyr^eux v. Rich«r<>. (1906) 1 Ch. 34 Production of a 
 rKcipt for the last rent due i. not concUmve evidence that the covenants have 
 :r..alrformed. m.hett and Bird: Contract, (1903) 1 Ch. 287; explained 
 , ;<.„ fl,«i Dri,ooU; Contract. (1904) 2 Ch. 226. „ „ , , 
 
 So action lies for refusing to give the consent. Sear ..Hou>e Property ami 
 l,„.,.imeM Society, 10 C. D. 387: Ooodtcin v. Saturley, 16 T. L. B. 437. 
 
 Where there is a covenant against assignment without eonsen and consent is 
 ref«,«i on grounds which are not obviously unreaso. e the *'«<' ;' » -* '' 
 forced on an unwilling purchaser. Marshall and Salt, Contract, (1900) . 
 Ch 202. But the Court will not allow unreasonable conditions lo^^s-T 
 AMey Garden, Fropcrtie,, (1903) 2 Ch. 112; Jenkin. v. Price, (1907) 2 Ch^ 
 ■no- S C (1908) 1 Ch. 10, C. A. The covenant not to assign runs with the 
 Zi Mc'eLJ v. Colton, (1902) A. C. 104; Woodfall. L. ^ T. (18th cd.> 
 
 '53 
 
 ' Where the vendor induros the landlord t« refuse consent, the purchaser may 
 have the contract rescinded and damages against the vendor. Bay v. .^.».'/"- 
 ,„„ (1H99) " Ch 320, C. A.; dist. Peaie v. Coinfney, (1304) 2 Ch. 503. 
 
 The Court has no power, under sect. 14 of the Conveyancin- Act, 1881 to 
 relieve against forfeiture for ' reach of covenant not to assign or underlet. 
 Nor can the Court relieve on the ground of mistake, even when an "'^'gn-ient 
 or sul>-lea«e is made in forgetfulness of the covenant (Barrow v. /.««,, (1891) 
 1 Q B 417)- or because it i. thought to be unimporUnt. Eastern Telegraph 
 Co. V. Dent, (1899) 1 Q. B. 835. See also Dymock v. ShoivelVi Brewery Co., 
 ii T. 1-. B. 13. 
 
 m-i 
 
 Form 31 
 
 The leases under which the leasehold portions of the promises are 
 l,old have already been submitted for the inspection of the coy, and 
 acrnrdingly the coy is to be deemed to have notice of the .ontents 
 
 Ihof.] 
 
 fnless otherwise provided, a purchaser of leaseholds is not, prior to compic 
 tiun, fixed with constructive notice of unusu.M and onerous provisions ,n tl. • 
 h'^m: Reeve v. Berridffe, 20 Q. B. D. 523; White and Smith's Contrncl. 
 1H96) 1 Ch. 637. „ , 
 
 .\nd SCO sect. 3 (1) of the Conveyancing Act, 1882, and Molyncux v. Ilmrt,,-,,. 
 
 1903) 2 K. B. 487. 
 As to registered loa-scholds, sec Vohs and Saunders' Contract, 103 1- 1 . 1»J. 
 
 :iOa. As regards any of the premise.s subject to mortgacres whicl. As/^^^^^^^ 
 rannot be pd oil until after the time for complelinn, the vendors .shall 
 It so required bv the coy. convey the same to the coy subject to the 
 iiiortfrages affecting the "same resply. and the coy shall be at liberty 
 to retain out of the cash portion of the .sd conson a sum sufficient to 
 pay olf and satisfy in full .all claims under such mortgages.] 
 
 A A 2 
 
 \] 
 

 H! 
 
 ;i5« 
 
 A0RfcEMENT8. 
 
 rcnAi'. V. 
 
 Form 31. 
 
 This clause will, of coume, only be required if the vendori purport t.. 9.II 
 free from the mortgages, and arrangemenbi in such a case are generally ina,l« 
 for clearing off tlic mortgages without delay. 
 
 V.ud..rt,. lOb. Save as hnbefoi* provided, the vendors shall pay, satisfy. 
 
 di»charg. ^j^^ discharge all th ir debts and liabilities in connection with the 
 
 ufdcr'tX;: " sd business as on the — day of , and shall indemnify the tov 
 
 hy«.mpKiij. .jgainst all proceedings, claims, and demands in respect thot] 
 
 The insertion of this clause depends, of course, on whether the company 
 i.r is not to undertake all debts and liabilities. 
 
 Possesttiuu to 
 be retained liy 
 vendors lUitil 
 lomplBtion, 
 and they tu 
 carry ou 
 business, \f. 
 for oonnwuy . 
 
 As ti> cajiitul- 
 isiiig interim 
 prt lilts. 
 
 Vfiicloi n"t ti 
 liirry lii 
 similar Imsi- 
 
 11 The possession of the sd premises shall be retained by the 
 
 vendors up to the sd day of , and in the meantime they 
 
 -hall carry on the sd business in the same manner as heretofore, so as 
 10 maintain the same as a going concern, and they shall from the 
 
 date hof or as from the day of ] be deemed to have been 
 
 and to] be carrying on such business on behalf of the coy, and shall 
 account and be entld to bo indemnitied accordingly. 
 
 Where a business is purcha.=ed it is very common to make the purchase Iron, 
 a past date [e.g., the date of the last balance sheet, made, perhaps, s..„n» 
 months previously!; the desire being that the company shall take the proht, 
 as from that date, and be able to declare dividends as if it had carried >m 
 business from that date. There is, however, serious difficulty in giving cff.vi 
 to such desire, for the interim profits, when aciiuired, represent so much capital 
 -xpeiided by the company, and therefore constitute part of the capital osxt- 
 „f the company, and to apply the same in paying dividend would be to pay a 
 dividend out of capital, for the amount of which the directors would be per 
 ^onallv responsible. 
 
 Sometimes the interim profits are excepted, ,:ff., Uy inserting a .laus,' ex- 
 pressly providing that " there shall be excepted from the sale the profit- .,( 
 the business made between the 3Utli August last and the date hereof, and the 
 profits of the business for the year ending the 30th August next sliall I.e 
 ascertained in due course, and tlie vendors shall in satisfaction of the said 
 exceiitcd profits accept a sum bearing the same ratio t.. the year's profits as 
 the iieriod aforesaid bears to the year." Of course, there is nothing to prcv.nt 
 the vendor, when profits are so excepted, from (subse<iuently to the agrecni.nt 
 assigning tlie same to the company by way of donation, on the footing that 
 they are to be placed to the credit of the first year's profit and loss account, 
 ,,r to reserve. And this has sometimes been done. 
 
 12. Tho vendor shall covenant with the coy that ho will not at niiv 
 limo hereafter, either solely or jointly with, or as manager or airent 
 lor, any other person or persons, or coy, directly or indirectly, otwn 
 on,' or be engaged, or concerned, or interested in tho business of ii 
 
 , or permit or suffer his name to bo used or einployod 111 
 
 .arryiusr on or in connection mth any such business, within 100 miles 
 .if the sd leasehold premises, save so far as the vendor shall as a mem- 
 li-T of the cc be interested, or as an officer or servant or agent of the 
 
 
FOKM8. 
 
 nr,7 
 
 oov IM, employed, in the business ot the coy: And in case the vendor Form 31. 
 .hall co.nmit anv breach of the foregoing stipulation, ho shall pay lo f i^„idate<l 
 U^ ' o" [iunnediatoly on every such breach] the sun, of £— , a. ,.«n...e-. 
 liquidate<l damages in respect thereof.] 
 
 1„ the absence of « .tipulation to the contrary «..ch a. the above the vendor 
 
 of rrlill ot a bu.inos., m.y .■> a,, a similar bu.ine... e.ther .n the «am. 
 
 i! ,'■ Cd or elsewhere; but he may net »olieit the customers of the ohl 
 
 , : L Tr.,0 V. //.., (1S06) A. C. 7, which in part ovorru ed ~ 
 
 /.„,,«„ 27 C U. 14.5. nnd re.toro.1 L„hn„chere v. «««-.<,„, 13 Km- 322, 
 
 .J.X'v i;«l. CUH.O, 2 Ch. .2f.. The rule in Tr.^o v, Uu.u Ue, 
 
 r , ■. erson. who were customers pr.or to the sale, and .s not h.mtcd so a. to 
 
 , 'u le persons who, before solicitation, became of their own accord he vcndu . 
 
 ie ,. C,.r, l,r,u., Ltd. v. WeH.t.r, (1904) 1 Ch. 68.5 And w ere th.- 
 
 ,",ne.s is sohl or disposed of, this rule will operate for the bencft of the 
 
 ;;,l;er. although .."^JwiU is not speciHcaUy mentioned, for a vendor „„t 
 
 L principle derogate from his grant. Jenmng. v. Jemvu.j,, (1898) 1 Ih. 
 
 378! "3 a,„l Uanne.., 0«99) 1 Ch. 378. A.d sec MaHarlane v. Du,n- 
 
 ■n,is state of things, however, is not in general suttic.ent protection; heme 
 ,l,c need for a clause as above. The benefit of such a [.rovsion -^ "-'K""'' ' 
 „.,„, U>e business (Bai,.. v. <^e,.,, 35 V.. .). 134; »,-:/*' v. U,„^^. 17 
 W l{. .io,-.), and may pass with the goo.lwill {Jarohy v. Uh,t,,,o,r. 32 W . IJ . 
 IN), uaie^s the covenant ap,.ears to be merely personal. /*«,»•» v. />«.■.<•.., M- 
 
 ' \UI,!ui. a general coNenant not to carry on business in competUion with th. 
 purchaser would not be valid (,ee Trego v. lI.oU, (l^) A. f. „ 2,;, yet an 
 Lrecmcnt by the vendor of a business not to .'arry on a .„»./«-■ '"'""•««'- 
 valid, provided that it does not go beyond what is reasonably "^^-'"y '»;. *'; 
 protecLn of the purchaser (iLfCell v. H.^nolU.. 1 Sm. L. C. 39 ; J^..,>r^j 
 imtn, V. Sr/,ott, (1892) 3 Ch. 447; Aordenfelt v. Mar,m HordenfcU to.. 
 Ohm, A C. 535; U„derwood v. Barker, (1899) 1 Ch. 300; Tivoh. M,<nrMer. 
 IJ.I V. rolhy, 52 W. H. 632; Lam^on I',ie„mut.c Tube Co. v. /'*'"'/"'.^\ ' "Y 
 ,vm^ 134 ■ 91 L. T. 363 (eastern hemisphere); SOuu-t v. Haht.ad, 55 S. .1 
 51iM), and is t« be construed according to the intention. Mon„r), v. Imr.t... 
 
 'riic ,.ld rule that a restraint unlimited in space was void has been relaxed, an.l 
 ,l,c r.-tra.nt may be world-wide if the eircumsUnees justify so wide a restraint 
 See Sordentelt v. Uaxi.n .\orde„felt Co., .upra; Cnderwood and .'.ons . 
 H,uker, (1899) 1 Ch. 300. The tost is what is reasonably necessary for th 
 pr,.(c,(ion of the eovenante.-. Reasonableness is a question for the ^»»rt. 
 
 A covenant by a newspaper reporter not to be connected with any other 
 mvvspapir within twenty miles, not too wide. Sir W . II. /.c«f/ A- ' "■ ^ 
 Atidrexo, (1909) 1 Ch. 768 (0. A.). 
 
 A covenant in re-traint of trade, which is not wider than is reasonably require, 
 for the protection of the .ovenantee, will n-i be hold void on any ground ol 
 public policy, unless some specific ground so holding it void can bo clearly 
 
 ',tM,lish<-<l. But such cases are exceptional. Underwood nnd Son> v. Barke, 
 , 1HM9I 1 Ch 300. And the covenant is not necessarily bad because it purports 
 to restrain the covenantor during the whole of his Ufe. Ilaync, v. Domtn. 
 (1«99, 2 Ch. 13; Hood * Moore, Store, v. Jone,. 81 L. T. 169; /.««"<"• 
 I'm„maU.' Tube v. I'lullip*. 91 L. T. 363. Especially when the covenantor is 
 . servant. .UarMl.. Ltd. v. Leek. 17 T. L. R. 26. As ^ an 'nfant eovc- 
 aantor, sr. Uoopcr v. WiUi>. 94 T. T. 624; and Lon, »• Andrew,, (1909) 
 1 Ch. 703. 
 
 v^ 
 
w 
 
 A 
 
 ■.iM 
 
 Form 31. 
 
 AGREEMENTS. 
 
 [Chap. V. 
 
 l-£l 
 
 V covenant not to carry on within (say) the Unit«l Kingdom i« not diriiible, 
 that h to say: if it is too wide a restraint it is void altogether, although if 
 confined to London or some other specified dUtrict it would have been valid. 
 But a covenant may be framed so as to be divisible, e-ff., " Not to carry on 
 in London or within 100 miles or within 300 or within 500, or within the 
 United Kingdom." If the reasonableness of such restraint is called in question 
 the Court may hold it valid in part and void as to the rest, e.g., valid as to 
 London and 100, and void as to the rest, for it is divisible. See Prirr v. 
 Green, 16 M. & W. 346: Daviet, Tmntr ^ Co. v. towen, 64 L. T. 655; 
 Badifche Amlin, fc. v. Scholt, (1892) 3 C. D. 447. But unless the provision 
 is thus alternatively expressed it may be impossible to divide the good from the 
 bad. Sfker v. Hedgeeock, 39 C. D. 520; Ehrman v. Bartholomew, (1898) 1 
 Ch. 671. For an example of a severable agreement, see William Sohinton ^ 
 Co. V. Ileuer, (1898; 2 Ch. 451. 
 
 Each case is to be separately considered with due regard to its circumstances, 
 and accordingly the greatest care mast be taken not to make the restraint too 
 wide, as otherwise it may be totally ineffective. Thus a restraint is unreason- 
 able and void if it goes beyond what is required, e.g., if the business is that of 
 a brewer and the vendor is restrained not only from carrying on such business, 
 but any other business. Perlt v. Saalfeld. (1892) 2 Ch. 149, C, A.; but see 
 Woodbridge v. Bellamy, (1911) 1 Ch. 326. 
 
 A contract, though too wide as regards space, may be held valid it it only 
 prohibits the use of the old name. Ver)ion v. Hallam, 34 Ch. D. 748; White. 
 Tomkint and Courage v. Wilton, 23 T. L. B. 449. 
 
 A contract " not to carry on " does not, in all cases, prevent the vendor from 
 acting merely as maiiager or agent for anotlicr. Allen v. Taylor, 19 W. H. 35; 
 34 L. T. 249. But see Palmer v. Mallett, 36 C. Div. 411, and Sobertmn v 
 Willmott, 25 T. L. B. 683. 
 
 The words " permit or suffer " import knowledge. Somrrn-t v. Wade (1894). 
 42 \V. R. 399. 
 
 " Not to lie interested " imports a pecuniary interest, and does lot touch the 
 case of a vendor's wife or relations setting up and carrying on business. 
 Hanbury v. Cimdy. 58 L. T. 155. And see Cade v. Calfe, 22 T. L. R. 243, and 
 Gopkir Diamond Co. v. Wood, (1902) 1 Ch. 950. 
 
 " Not to be interested or concerned " prohibits acting as manager or servant 
 (^Jonet v. Ilenren: 4 C. D. 686; Newling v. Dobell, 19 L. T. 408; Hill # Co. v 
 Hill. 56 L, T. 769), and being interested as a shareholder in a rival company's 
 business. Wright v. Chappell, 17 W. B. 655; CaetelU v. Uiddleton, 17 T. L. B. 
 373 (1901). But see Cory # Son v. Harrison, (1906) A. C. 274. 
 
 " Not to solicit within " or " do any work or act for, kc. within " the spoeiSed 
 district, prohibits soliciting by letter posted beyond the district. Callard v. 
 Taylor, 3 T. L. B. 698; Edmundton v. Render, W. N. (1905) 121. And 
 soliciting within the district may, at any rate if it is at all systematic, amount 
 to a breach of contract not to carry on business within that district. Turner 
 v. Evana, 2 Ell. 4: B. 512. But " not to act as agent within " the district may 
 allow acting beyond the district for a firm acting within. Fairbrother v 
 England, 40 W. B. 220. 
 
 "Not to sell below certain prices." Elliman v. Carrington, (1901) 2 Ch. 275; 
 National Phonograph Co. v. Edison Bell Co., (1908) 1 Ch. 335; McOrutter v 
 Pitcher, (1904) 2 Ch. 306. 
 
 Distances in such contracts are measured as the crow flies. Mouflet v. CoU. 
 L. B. 8 Ex. 32. 
 
 If the restraint is from trading at a particular place, which is, say. a borouirh 
 or any place within so many miles of it, the distance is measured from thi 
 borough boundary, and not from the centre of the town. (Jattle v. Thurpf. 
 \V. N. (1900) 83. 
 
FORMS. 
 
 :Wft 
 
 » v„, to compete directly or indirectly within the di'tnct," prohihit, dealing Fom_31 
 
 "^I^^f^d^- 'ie!::; a servant fro. hi, covenant. .,..W n. 
 r,.,.», ro. V. .^^*».-» (1908) iCh 537 ^,,^ ^„„ . 
 
 ."^TS^caro/rhtJenir:" tX I^^oin, the^roprictor of a hotel 
 h h h re a nVa ovenant i, inserted that the vendor, his heirs and a.s.guecs. 
 X^r:h^r^r.™.nth„co.p.^^^^ 
 
 4 cl>. App^054. C^W ^^^^ ^_^ j^ J ^^ ^„3^ ,, t^ T. 512), and runs 
 
 " . „, but ith^s been held that, even when the contract expressly declares 
 
 \ywCL \im) I Q. B. 382, 384; ,ecu. where payable m one event; Law ^. 
 
 r S^i^tlntie^s^e^p^ie'^to add further w.rds en.phasi.n. 
 Accord nglj. It is in some 1 ^^^ ^,^ ^^^^^ ^^^^^ .^ ^^^^^. ^„^,, 
 
 r;r; ::;ragree1 clVn-tion for such breach of covenant, and without 
 Zy e J . prove and irrespective of, the actual damages sustame,!. 
 
 ritt could not well override this, for " to construe is nothmg more han 
 ,„a;:i!.;:t the meaning of the parties as expressed in the language they ba.o 
 
 ""^V ,..ovi.on for payment of liquidated damages does not prec ude th 
 
 „„,,) from obtaining an injunction. XatiorM Prov,nc,al llanl v. M.nsMI, 
 
 '"ruttcording to Wright, J., the covenanted cannot have both th., damage, 
 and tlTnjunctfon, but must elect between the two remedies. Oe„er.! Acn,>n,> 
 ■hvannc- Corp. v. H'ebster, (1902) 1 K. B. 377. . 
 
 \ tl elease of the covenantor's obligations where the company goo. mto 
 Uqull!:^io„. Measures Bros. v. Measu..., (1910) 1 Ch. 336; and ,eo Oe.er.f 
 mil rusiiH,, Co. V. Mkius, (1909) A. C. 118. 
 
 ri2a. Of the conson afsd, £— is the -onson for the sale of the Apj.ruon _ 
 f^oods, chattels, m.moys, and other effects cai>abl.. of manual delivery j,,,^. 
 and forming part of the purchased opty.] 
 
 The Revenue authorities will not always accept a provision as above, and 
 vendors very commonly prefer not to disclose the "PP^"""";.^"' '"".''' 
 
 .tract. And see in Wragg, (1897) 1 Ch. 796, where an apport.onment claus, 
 
 led to onerous litigation. 
 
 121,. All books of account of tl - x firm, and all books of referenoo B,,.,k. -•. 
 ( , , >u>luiuer«, and all other b. ite and docuw-.ents of the «1 firm (except 
 
11 
 
 :<6t> 
 
 ACJKKKMKMS. 
 
 rrnAP. V. 
 
 Form 31. "uch as relat* (jx.lusively to the private affairs of the said firm or ilii 
 
 individual luenibers thof ), hHuII be delivered by the vendufH to the Cdv 
 
 ou possession boiug given of the prt'iiii-c-*, pursuant Uj the provision 
 in that beiialf Imbofore contained, and the coy shall thenceforth, sub- 
 ject to the followiu',' proviso, bo eiitld to the custody lliof, and h> 
 the use thof for the purpose of carrying on its business; but ilie 
 vendors sliall have free access, at all reasonable times, to such of ili« 
 sd books and do,;uniont« as show or relate to the outstanding bouk 
 debts and credits of the vendors, or may otiiorwise be requisite for 
 enabling tlio vendors U^ collect and get in the assets of the sd iirm not 
 hby agreed to be sold, and to li(iuidato the affairs thof; noverthelew, 
 when and so soon as any of the sd books of reference and other books 
 sliall cease to bo necessary for the carrying on of the sd business, the 
 same shall bo doliveroi! osor to the vendors, who shall thoroupuu 
 become absobitoly entld theroln] 
 
 This and tlio next followiiif; r]:nw arc (X'casioimlly inserted. 
 
 A«"iumuaa- 12c. The vendore shall be ontld to such accommodation a.s tho\ 
 
 tioninotfii'e ^^^. r,,.j^,,„„i,|y require in the counting-iiouse of the coy, in the h1 
 rondnS."^^" ° leasehold pnMnises, for the purpose of collecting the book .and oihoi 
 debts dm; to the vendors in respect of the .sd busines.s and liquidalitis: 
 the attuirs thof; and the vi .idors shall make all such book and other 
 debt.s pnvable a', the .■^d preuu.-es, and at no other place, the nl)jcrt 
 buing to secure the continued resort of the customers of tlie sd iinn tn 
 tlio sd premises, and .so to give to the coy tiio full benefit of the srood- 
 ■.vill of the sd business] 
 
 Vendor 
 guarantees 
 book d<bt«. 
 
 I iinpauy tn 
 eollwt iKXik 
 debts. 
 
 12d. The vendor guarantees that the book dcbu-^ included in the 
 sale afsd shall in the uggrogato iinKluce the sum of £- , being the 
 amount at which they are included in the sale, and uidess they shall 
 within the i)oriod of twelve calendar months from the date hereof 
 prcKluce that sum, the vendor shall, if so required by the coy, pay to 
 the (oy a sum sufficient to make good the deficiency, and he shall 
 therou])on l>o entld to the uncollected book debts af.sd.] 
 
 Tlie above is sonictinie4 inserted. 
 
 '12e. The cov shall collect, on behalf of the vendor, all the book 
 debts of the vendor excepted fronri the sale hby agreo<l to be made, 
 and in doing so the coy sliall act under the direction of the vendor, 
 and shall, once a month, account to the vendor for all moneys so 
 collected, less all e.KpeiLses of collection; and for the purposes of 
 facilitating such collection, the vendor shall do whatever the coy may 
 reasonably require, and the coy shall not be responsible for any losse.'^ 
 in the coui'se of the collection afsd] 
 
 As to thi» clause, see mipni, p. 347. 
 
FORMS. 
 
 mi 
 
 ,.,, Fach of the vendor* shall, if ho .Ull «o long live, retain au.l 
 i2l. I'.acn oi „i.,..^ frt i,„ ftllottwi to him 
 
 Form 31. 
 
 ,f f?'t::i:t':=';>rt;:i:^vi:aii;;t«dt«hi. ,-,,_ 
 
 ;:;::::Zri'^r a period of. i. calendar .noath. fnnn... ..^^ 
 
 "n . thof. and «hall retain and bold in h.. own name at lea, ,„,.,,, 
 ;fl," of .ho Hd shar.. for a period of live .vear« from the tame ol 
 Hiich allotment.] 
 
 Such " 
 
 tlaus.' iw the above is ocrasioiittlly iniiort«d. 
 
 ,, Tl,o oov «hall, .ui>j..-. .. .i.« -u.on. of the olli., and to the J^^-;' 
 .„,l;;,loIi„n of tho ,.urc.hn.«o, be .n.1.1 to .he henefit of the curn-nt 
 in-iirimif .'f 'lie im'mi*'". 
 
 "'""" * ?,«!,.<, f„r hh only rittlit is to indemnity (V<i>telln„> v. Pre.^"-. 
 r;'VT;l. Ih r- *re voTdor^ «- recovori„. the insurance n^on-y 
 
 . «J, ffV,( nf Fnaland Firf Co. v. hnarf. (1897) I U- H- ^-»- ■'"' 
 :r t c,.,W ;.: .nJhaser may. in son.o oases, he enabled to^ «ot t^ 
 b .«; of ...e insurance ..y calling on tho office to remsta e under It Ge^ 3 
 , TS s HS- tmt. notwithstanding Ex part. Goreb,. 4 l)e U.S. H S. 477. .t _ 
 o ,1; whethc; that Act applies beyond the bills of -« See d.c.a n 
 ■■..l,„imle,- Fhe Oinre v. (Ha... *<•■ f>oc., 13 App. ( as. 714, 71b. In the 
 . ro ,cr c„„r.c is f„r the purchaser. i,n.„,.di.tcly o„ the cKccnMnn o. 
 
 :;.: '„';:».'., l. make arrangement, with the insurance office, and the above 
 , Inline leave- him free to do this. 
 
 \^: 
 
 ^ ,,ia. Tho vondot^ shall pay all .he co«ts of. and meulont^l to. .h. P™i,n,,^^^^^^ 
 preparation and execution of this agrooml, and of the mcmdum and ,^,, 
 
 art. of a,s.on of the coy. and of the registration thot, and o all stamps bc^^ ™ by 
 f....s and logal oxp.>n..c., incident to the formation of the coy, and 
 .om.rallv all preliniinaiy oxpen^H). ^^•halevor incurred in relation to 
 ,"l,e cov down to the first general allotment of .shares or to the tune 
 whr-i the directors determine not .o proceed to allotment] 
 
 S„„a.tinu.s this uUuse is varied so as only to eover costs up to ineorporation, 
 and vcrv cdmn.only no such provision is made. 
 
 The clause „>ea„s all the reasonable <ost«. .t... whi.h a prudent man would 
 incur in the n.atter. Mnlvem Vrban mtrirt Co,n,ril v. ^Mvrn, T.>nk Ga. Co.. 
 s:j 1.. T. 3'2l!, 328. 
 
 A pro,uoter .an only recover from the company what he has paid m pre- 
 liminary expenses where he proves a contract by the company to pay Snffl.^h 
 and C.LZ l-roJuoer, Co., (1906) 2 Ch. 435; A-«^.«»"/ Motor MaU Coach, 
 <19US; 2 Ch. 515. 
 
If 
 
 Wi 
 
 AGREEMENTS. 
 
 [Chap. V. 
 
 ill 
 
 Fona 31. I3b The validity of this agreemt shall not be impeached on the 
 
 ground tliat the vendors, as promoters or otherwise, stand in a 
 t.,"l« ini"'' fiduciary relation to the coy, and that the directors, having accepted 
 jwuchwl office at their request, do not constitute an independent board] 
 
 A rlnu»c as above i» sometimes inserted, and may have some operation 
 [Poftarjo atam/j Automatic Co., (1892) 3 Cli. 566) ; but it should hv mads to 
 fit Ilie oiri'ura«tancc8, e.g., if one of the directors is to receive a payment from 
 the vendor or U interested an a partner or shnreholdor in the vendor company, 
 let the facts be disclosed here and the clause provide that he is not to be 
 accountable. The clause is no use unless it covers the particular case. See 
 Olympia, Ltd., (189») 2 Ch. 163, 167, 168; and p. 182, tuprn : and cf 
 HrnziliiiH llubhp, Plantatioiu (No. 1), (1911) 1 Ch. 425. 
 
 cieiitly 
 •»Tibscribe«i 
 
 I). 1, 1 ...in 1- l-f Unless before the day of the coy shall have become 
 
 tion ifjsli.ires entld to coninieuco business, either of the parties hto may by notice in 
 writing to the other determine this agreemt except as to clause 13a 
 hof, but such determination shall not give rise to any claim for cOu\- 
 ponsation, expenses or otherwise. 
 
 This clause is inserted to meet the contingency of the company not becoming 
 entitled to commence business under sect. 87 of the Companies Act, 1908; it 
 will, therefore, of course be omitted in the case of private companies. 
 
 , 1 
 
 Ser^-icc oi 
 notices. 
 
 15. Any notice hereunder may be served on the vendors by send- 
 ing the same through the post, addressed to them at Ho. , 
 
 Street, , and shall be deemed to have been served witliin twenty- 
 four hours after the same is posted. 
 
 It would seem that notice might in the absence of such a clause be given by 
 post. James v. Institute of Chartered Arcountnntt, 98 L. T. 225. 
 
 ^' , 
 
 M 
 
 I 
 
 Tliis agree- 
 ment to take 
 effect as an 
 English 
 contrp.ct. 
 Appointment 
 of agent in 
 Englitnd to 
 repri'wTit 
 vencliir.i for 
 legal pro- 
 ce-se«. &c 
 
 ! 1 ja. This agreemt is to be construed and take effect as a contract 
 made in Eiiglaud, and in accordance with the law of England, and 
 the vendoi's hby submit to the jurisdiction of the High Court of 
 
 Justice in England, and hby ai)point the Bank, Limtd, and 
 
 every clerk for the time being of that coy, to be tlie agent in London 
 of the vendors for the purpose of accepting service on behalf of the 
 vendors resply of any writ, notice, order, judgment, or other legal 
 process or document in respect of any matter arising Oat of thi.s 
 agreemt. and such appointment shall not be revocable, and service 
 of any such document on puch appointee shall be deemed to be good 
 service on the vendors for all purposes, and the vendors elect domicile 
 at the registered office of the sd bank.] 
 
 Where the vendor is a foreigner, a clause aa above may be desirable, see 
 p. 343, aupra. Such a clause is effective, and cannot be revoked. Tharsis, ^c. 
 Co. V. Sociiti, 4-c. des Metaux, 58 h. J. Q. B. 435; approved by the Court 
 ot Appeal in Montgomery v. Liebenthal, (1898) 1 Q. B. 487; Copin v. .idam- 
 ^0,1. 1 Ex. D. 17. 
 
FORMS. 
 
 *>:» 
 
 n doM not offend i«.ln.t tho rule tlut tho p»rtlei cannot contract th.t the Fom 31 
 
 Court Xui.^e a JuTi^iictioa act «:ven by Order XT r. . « A '»--.- - 
 
 >. Oray, 11896) 1 Q- B. 39. 
 
 16 The coy shall cause this agreemt to be duly filed with the A.,-....., 
 Registrar of Companies pursuant to sect. 88 of the Comrames 
 Consolidation) Act, 1908, and also, in the case of shares allotted to 
 ,ho vendors' nominees, shall cause a sufficient contract to be so (.led 
 ,onstituting the title of such nominees 
 
 Where the agreement provide, for the i.,ue of paid-up or partly paid-up 
 j,.rMi a clauie aa above la uirful aa a reminder. 
 
 If^her^ Utotl. nn invitation to the public to .ub«,ribe for .hare,, a contract 
 ake the above should contain a new olau«. to the effect that- 
 
 17 This agreemt is provisional only, and is not to become absolute 
 unless and until the coy has become entld to commence business.] 
 
 See sect. 87 of the Act of 1908. s,„ua. p. iO. 
 As WITNESS, &C. 
 
 The Schedcles above referred to 
 
 • r>g 
 
 \H 
 
 ll 
 
 Special Clauses in Vendors' Agreements. 
 
 Upon payment of lie cash portion of the purchase-money the 
 vendor shall enter iut. a covenant with the coy for the benefit of the 
 „.embers thof, guaranteeing that the net profits of the coy .n lespe, t 
 of tho sd business during each of the three years next following tl>o 
 
 __ day of next shall amount to not less than [10] p.c.p.a. on 
 
 ,lie pd-up capital of the coy not exceeding 100,000Z., and that if there 
 shall bo no profits, or a deficiency of profits, in any of the sd three 
 V ears the vendor, his heirs, executors, or administrators shaU. imme- 
 •liatelv after the same shall have been ascertained, and notice thof 
 given to him or them, pay to tJie coy, in trust for tho members thof , a 
 sun. sufficient to make up the amount guaranteed. The oe-t.ficato in 
 writing of the auditor or auditors for the time being of the coy as to 
 the amount at any time payable under this clause shall as against 
 tho vendor, be conclusive evidence thof for the purposes of this clause. 
 
 Guarantee of ProfiU. 
 It occasionally happens, where a going business is sold to a company that 
 the vendor guarantees that the proHts shaU, during a >'-te^P«"'^' 'T^l^X- 
 . narticular sum. The guarantee is usually given for the benefit of the sharc- 
 
 Form 32. 
 
 Onarnntce of 
 
 ],, fii. ),v 
 
 VU11>1"1 
 
 to tho intent 
 that the 
 members may 
 respectively 
 Mie the com- 
 pany for any 
 breach of such 
 covenant 
 
;un 
 
 AOKRKMKNTB. 
 
 [Chah. v. 
 
 Form 32. 
 
 
 11' r 1 
 
 lioldor., uiiil i« «tai.-d in th« i.r<r.i>wtii. a» uii attrttrtion. Where the tr»nMi-tion 
 it bov'i ll.U it h:iH IniTi hi-lJ that the iiipml«r< thorchy Bo-iuirc an ind.p.milont 
 riuht, which thf y will Im' iihlc to roly on if tho profit- are iinufflcient. Sec lin»i}i 
 I.Uinharrnu V,u. 12 ('. Div. SOS: and O'-H'i /), 7 *'nVifr>i (',>., 3H f.. T. 440. 
 liut it would seem that mich » tfuaranteo rannot hi- con^idPrBfl hnni Hitr ({iveii 
 where part of tho capital U paid to the vendor an the coniidcration for th'- 
 ;;iiaruntof, ».?., where an addition to tho price it made in order to cover the 
 Kiiarante.' no tfivcn. And '/u,-ri, whether these cam's are ijuit.' eonnistont with 
 Iho principle- laid down in Trfmr v. irhiXn.rlh. 12 App. C'as. 409. In any 
 ca-c, «neh cnarantees rciuire to be very .arcfuUy framed. See ,S<-/«r<« Tru^ti-. 
 4 ('. \). 213, where it was held that the (fuarantec araoiintoil to a provinion for 
 payment ..f dividend- out of capiUl, and acordin^ly that the niemhers conld not 
 claim tho bcnoHt Uicrcof a- a«aiint the conii«ny's creditor.-i. Sometimes the 
 porformance of the jfiiiinintw i- -en red hy the investment of a fund in th." 
 names of tru-twi. A ixjmpany can in some cases release a guarantee l.y ,> 
 vendor. .vt./AVW .\''-krl Co. v. Inwin. 2 Q. 11. I). 214. 
 
 Whore a vendor ,ii:irant«'- the I'onipany a rerta' dividend for a tixed 
 iiumher of years there i- no implied contrnet by the e pany to carry on the 
 husinc-a di-entitlinjr it. if it discontinncs tho bu-inws diirim; the currency of 
 the guarantee, to sue the vendor on it (lli;,iin * Cn. v. Itrniin, .3t) T. 1.. K 
 2TJ>, « t<.,-ii(iil where the company di-contin\i.« only one out of several of 
 ilic liusine-ses bought. Ihkl.: cf. 'nhn,le.. v. lonrmil. 1 A. C. 25(i; and A> 
 ,,n,fi! Mf,rlw>: li. K. 5 Ch. 737; contra, Tcl>-;iraph Dfa/iatrh Co. v. McLean. 
 ].. \i. H Ch. 658. Where there is a ijuarantee fund, it is sometimes providinl 
 that if the profits in any year amount to the i;uaranteed sum, a part of the 
 fund shall be released. In Soulh llnnh'tnan Cn.. iihi ,ii,>yH, it was provided 
 that any moneys paid under the (fnarant*- should he repaid out of the 3urplu^ 
 profits which in any subsC(|Uent year remained alter payment of a 10 per cent, 
 dividend for that year. As to construction of a guarantee, see .VldUon v. 
 .\> ,«, 9 T. r,. R. «07. 
 
 The clause provides usually for a jjuaraulcc for a term of year-, but occa- 
 sionally it provides for a perpetual RuaRintee. and in that ease the <iupstion 
 has been rai«ed whether such a u'uarantee contravenes the rule apain«t per- 
 petuities. 
 
 It is well settled that tho rule does not apply to a personal covenant or 
 contract (jraUh v. Secretary of Stale for India, 10 II. L. C. 367), but it 
 ha? been suggested that if the guarantee is for the benefit of the holders for 
 the tirae being of tho share-, it ought to be analyzed into its eoraponcnt 
 elements, and when so analyzed it resolves itself into first a covenant to pay 
 an annuity, and secondly, a settlement of that annuity on the holders for the 
 time being and from time to time of the sh.".res. that it is thus a settlement 
 of property— the supposeil annuity ami open to objection as eonatituting a 
 perpetuity. 
 
 But this reasoning is as fallacious as it is far-fetched. The guarantee cannot 
 be treated as including tho grant of an annuity. A grant of an annuity of 
 inheritaute must be on the ordinary lines .,f inheritance, and an annuity ti- A., 
 the holder of a share, which is to go over when ho parts with the share to the 
 transferee, and .so on loties ./'i"^c«, is a thing unknown to the law. We ar.' 
 a»ked, therefore, to metamorphose the guarantee for the purpose of bringing 
 into existence an annuity which is impossible in law in flagrant violation uf 
 the principle embodied in the nia\im. I't rc« iiin^ix vnfeat qidim jierfat. the 
 gunrantee, it is to be noted, is for the benefit of the holders for the time being 
 and from time to time of the shares, and und.T such a guarantee each holder 
 for the time being has only to show that he is a holder of the shares, and 
 .•w such he is brought within the class of beneficiaries indieat«d, and becomes 
 
FORMS. 
 
 im 
 
 „,„|„| „, , l.lH. «!..• l-.n.'Ht ..r tin. guarant,-,.. It u.«tt.T« i.ot how he obluiufJ f^jj^ Jg. 
 
 ',h.. tr.n,fer of the ,hur... Hi-, title to ,..rti.ip«l« i.. Ib« l.«neflt of the 
 
 LranKH, U not duris.t^., hut iml«,n.ud....t. It atta.1,., und-r th.- .o„tr*t of 
 "Irante.- th.- a.om.„t h- .au .how thut h- o.-upi.. the ,M«>t.on of u -h.r-^ 
 
 ,. 1 l.r, .ml i. thcr.fo,. « re.tui ,u. ,r„.t. K-.t .h.- more fact th« « .-..nt a-t 
 r»ra.,t«. i. with tru.t..e. for the b«n.-t(Hu,io. d-n-, not arte.t th- ,K«.t,.m 
 
 ' far ,» th. .mention of a perpetuity i- .oncermHl : whether the truntee, or th. 
 
 Lenehciaries in ti.eir ri^ht ,ue. they mu»t sue on the eontta-t -a mere per«>.ml 
 
 ontract -a. iu th. c.^ above referred to. They eanno. «ue by y.rlue o> th. 
 
 devolution of title to any annuity or other property, and th., be.n« «.. ther. 
 
 „ „,> foundation for the -ugirestion of inv.lidity above referred to. 
 
 .^„ iKfUvwn Iho lioldern of the 12,000 »haie.s to bo ulloli.^d to ilu' Form 33 
 ,,,,.lor.- i-ursuaut to a«»>e - hoi i wl.i.l. .^huros aio huftr referred ^^^ 
 ,„ us tlic vo.Hl.-rs' slKiH-«), ui>d the holders of (ho otlior slmnw ,n (ho ,,„rcH 
 ...nil,! of tlu) .ov which have !«■.■.. aln-ady or .^hall hu.v.ifU-. Im. .leferr.,! 
 i,.ue.l uol cxit'ediuK 20,000 iu uuiuhoi- ( haftr rutVrrod to as tii.' 
 ordii.arv .shares >. the proBt« of the coy. from tlio U\ dav of .Jaiiuar), 
 I'll" to thG ;U«t dav of DocMuhiT, l"Ji:, «liall bo applied lirsl in pay- 
 ii,-"to the hol.lem of tho ordinary .shares a cun.ulativo proforeiitial 
 .livideiid at tho rat« of C p.cp.a. upon the amount for the t.iue hem-,' 
 ,„1 up. or credited as pd up, on the ordinary shares hold by then, 
 ivsply . 
 
 S,„„oti>».-s upon the «ile of a ^'oin;.' eon.'ern the vendor U(rree« to ^ive a 
 liuiited preference of this kind to the share, taken up by the public. 
 
 The n.cnorandun. will refer to the a«reen.ent, and set o.it the clause and 
 -utc that the shares ineludc-d in the oertiH. ate form part of tho vendor s shares. 
 
 So Inni; as the .apital pd up ou tho o.OOO 10/. shares to be i.ssuod Form 34 . 
 lo the ven.lor a.s afsd shall e.x.s'od what on tho avorafre is pd up ou Another, 
 ihe other Issued shares, tho e.Kcess shall not be deemed to carry 
 dividends, and upon each eertiticate, &c 
 
 I'he vendors shall have the option, during tlie term of three years 
 from the date hof, of tukin^ up at par shares iu tho capital of tho 
 ,ov forming part of it« initial capital, to an extent not exceeding in 
 ll,e whole 100,000 shares of U. each, and tho coy shall awordmulv 
 >ct aside 100,000 of tlie shares iu its initial capital to answer such 
 o,,tion. and the following provisions in regard to such optinn shall 
 have ellect. that is to say : - 
 
 (ui Tho oi.tion shall in each ciuse be oxorcisoable by notice in 
 
 writing lo the coy. 
 rb) The vendors niav. under the option afsd, take up all or any ..t 
 the .s<l 100.000 shares, and may exerci.sc tho option from tii.i.- 
 to time, tukinu' "ii each occa-sion a part of the .shares afsd not 
 being less than 25,000 shares. 
 (c^ \s and whenever the vendors exercise tho .sd option, thoy must, 
 along with the notice af.sd, pay to the coy the sum of ten 
 
 Form 35. 
 
 Option to 
 
 veinhir to 
 Mibscril" tor 
 >l]iiri»;il ,ii. 
 
 1! 
 
■'itftf 
 
 Form 3A. 
 
 AOBEEMKNTa. 
 
 [Chap. V. 
 
 ithilliDgB per (hare ia p«rt payuioot of the itharM f j be Utkeo, 
 ftud the baluuoe of the aiuount of such aharoe, nauiely, ten 
 •hillings per tttiare, ahall be pd to the coy within thirty (lay« 
 after the allotment of the shareii xo taken. 
 
 Form 36. 
 
 Fit luniou of 
 i'l.jectinn»bl'" 
 
 .■.►».Hf. 
 
 Form 37. 
 
 A cUuM •tich M th« above i« not uni'ommon, •nd mmatimM auih an option 
 may be of gn^t value. In giving iuoh an option tlie company doai not 
 impliedly contract not to wind up until the option ia axerciaeabla, and if it wind* 
 up the option itill remaina exeraiieable. If the Uquidatorii refute to give effect 
 to the option, the party entitled thereto can prove for damage* and the re- 
 version on hii thare in U>e exiiting aneta of the company after deducting 
 the price he had agreed to pay for the aharea. Iliriek f Co. v. Burtu, 77 
 I.. T. 877. 
 
 [Ihc coy ia to be at liberty, at any time within days from the 
 
 date hof, to no ify in writing to the vendors that the coy object* tc 
 any particular asitiet, whether bill, note, book debt, or ohone in action, 
 
 comprised in the sale, and within days after receiving notice of 
 
 any such objection the vendors shall pay over to the coy in cash a sura 
 equal to the value at whicii such asset was brought into the balance 
 sheet, upon the basis of which the sale has been arranged, and there- 
 upon such u.sspt shall be deemed to be e.\cluded from the sale, and the 
 vendors shall be entld thereto.] 
 
 Vendor may pay Promoter Syndicate. 
 
 The vendor shall be at liberty to make over to the B. Syndicate, 
 
 l.imtd (hnftx called "the B. Syndicate") a portion, viz., £ , of 
 
 (lie cash and — — • of the pd-up shares mentd in clause 2 hof in 
 respect of the services of that coy to him in relation to the formation 
 and j,romotion of the coy, and the syndicate, notwithstanding tlio 
 fiduciary position it stands ••■. as a promoter of the coy, shall be in 
 no wise accountable to the coy for what it so obtains, and the inten- 
 tion is that this provision shall enure for the benefit of tlie syndicate. 
 and the vendor shall be regarded as a tree thof accordingly. 
 
 The object of the eoncluding words ia to give the syndicate a rit^ht to the 
 benefit of the stipulations by ereatinff a trust in its favour. See Empreii 
 F.i,(jiiieeiiwj Cn., 16 C. D. 125; Hulheilutm .Hum Co., 25 C. D. 103; Kelty 
 V. Larking, (1910) 2 Ir. R. 560, and tupra, pp. 118, 149. 
 
 A vendor may now, out of his consideration, cash or shares, pav 
 I'ommission if the payment would have been legal if made directly by 
 the coy. See sect. 89 (3) of the Act, and p. 278 et .^eq., supra. 
 
 ^^rfj«in t' 
 
rOBMS. 
 
 a«7 
 
 If *ny diflewnoe thaU ariw b«tweeu the puriie"* J.io t..ucl»iug ihwo Form 88. 
 i,rM«iil» or the ooMUuction hof, or uuy cla.wo or thintf huroiu cou- Arbitmiion 
 mined or any matter in any way conuecl^nl u ith thoM» i)re««ut.. or the 
 oDeration thof. or the right., dutie., or liabilitios of oithor party lu 
 connection with the premi«». then and in every or any such ca.e the 
 .uitter in difference shaU be referred to two arbitrators, one to be 
 appointed by each of the parties in difference. 
 
 OccloMlly . cUuM. « .bove i> iii-rt«l in ««rc«raont., but it. in««rtion i. 
 not to b4. recomm«nded. for . dl.put. c.n generally be «ttled more .,H-«l.ly .".d 
 with IM eip.n.e without » reference to arbitration. be«ido. wh.ch .uoh n ■ lau« 
 give, too muoh power to a hoitiU or oantwikerou. vendor, who can Ket up • 
 dUpnt* and lo obtwa di«)oy«ry of th* boolu of the oompany. 
 
 The vendom guarantee the due payment of the ovordrown icoounts Form 39. 
 speciBed in the list, which, for the purpose of identification, has boon (j„„„„„.,. „, 
 
 subscribed by and to the extent in each case set opposito the , ertnin H-n, 
 
 sd account in the column of the sd list, but the coy shall he 
 
 entitled to work all such overdrawn accounts either within the limit 
 of or in excess of the overdraft existing as on the date hereof 
 Neverthelees, the working of any such account so at to allow of over- 
 draft ia excess of the existing overdraft af«d shall, as r«-<»rds the 
 excess be at the sole risk of the coy. The guarantee of the vendors 
 a-= regards pach such account sL-U bo deemed to be a continuing 
 guarantee, and shaU extend to the payment of the balance for the 
 time being and from time to time of such account not exceeding tlie 
 amount of the overdraft at the date hof, and the vendors shall not 
 be entitled to insist that payments into the account after the date 
 hof are to be treated as in satisfaction pro taiito of items to the debit 
 of such account on the date hot, and the coy, without prejudice to . h 
 guarantee, is to be at liberty to give time to the cu<.tomer, and to 
 release or modify any security, and generally to make any concessions 
 I J the customer which the coy may think expedient. 
 
 The above oUnse is occaiionally used, but it is somewhat stringent, and i- 
 unlj to be adopted in apeoial circumstances. 
 
 H 
 
 .\greement for Sale made with Agent or Tri'STEE for intended form 40. 
 Company prior to its formation. AKrccmcm 
 
 with agent or 
 This is an example of a form of an agreement commonly adopted in I'hin 1. [^'j'*,\^j'^"'' 
 ,.« ■,. 325. eDmpntijt 
 
 AN AGREEMT made the — day of , between A., of, &c. Parties. 
 
 linftr called the '.-ndor), of tlie one part, and B., of, «S:c., on behalf 
 
I- 
 
 ;'; 
 
 ,^^' 
 f 
 
 ;i(!s 
 
 AOREEMKNTS. 
 
 [Chap. V. 
 
 Rtvitals. 
 
 Form 40. of the coy below nientd (which coy i« huftr referred to a« the coy ,. 
 of the other part. 
 
 a person l'"n-'t'n|^.'- -'•>««- '^V" ^1 ^^^ ^,^,, „ ,,„,,,, ,.„ ,, 
 
 the company can claim "'«^.'"'"^",'' , "" .f,^ .^at the trustee U not entitled t., 
 behalf before its incorporation, and therefore that the tru 
 modify witliout the company-j consent. 
 
 VVHERE.S the vendor has for some time past carried on business a... 
 .e upou the he..ditan.euts huftr described. Am> whbhe.s he coy 
 K. bo called The — Coy, Limtd, is about to be formed under ho 
 n.s (Consolidation) Act, 1908. having for it. objects, among otl^r 
 thinl. the .«3.iu-ition and working of the sd business. An 
 wm^EAS the memdm and arts of asson of the coy have with ho 
 uriXof the vendor been aln^ady px^pared. And whekeas th. 
 n rillp tal of U>e coy is to be 80,000^., divided i.to lO-OOOshares 
 " sHach Anu whkkeas by the sd arts of asson .t ^^V^oM t la. 
 I'Z shall immediately after the incorporation thof adopt th.> 
 Igreemt therein referred to, being these presents: Now ,t t. hkhebv 
 A<iKKED an follows:- 
 
 omitted. 
 
 The vendor shall sell and the c^y when incori,orat«d shall purcha,.. 
 Here slwuld follotv such of the clauses in Form ai, .upra, as may be 
 required, e.g., Uo 13 and 15.] 
 
 ,5. Upon the adoption of this ag.vcmc„t by ,he coy in -^^ "mnuor 
 a, to render the .ame bindintr on the coy. the na.d R. shall l.o 
 di.'^charged from all liability in respect thof . 
 
 As to this '■'■Mise, see nupra, p. 327 et seq. 
 
 10 Vnles. before the — day of - ^ the coy shall have becom,. 
 I'owurto '"• ^"* . „;ii,«, nftho Ti.arties htomav.ny notice in 
 
 v,.s n,.i HharcH ,,,„id to commence business, either of the parties mo ii . ^ 
 
 vritiniT t« the (.ther, determine this agrecmt, and after adopting thl^ 
 -• '• ::;rmt thf coy shan stand in the pla«> of the sd B., for the purpose 
 
 of this clause. 
 
 Agrctnieut 
 to wH. 
 
 UiM^liar^t' 
 of B. 
 
 P..W.T I" 
 
 r.'S'-inil if not 
 n l"pted. 
 
 17 If this agreenit shall not be adopted by the coy in manner afsd 
 hofore the --- dav of next, either of the parties hto may, by 
 
 .uj^j.^, .Ill AH 
 
FORMS. 
 
 •{69 
 
 iKPticc ill writinjj to the other, determine the same; and in the case Form 40. 
 of ill. iiivitatiou'to the public for tlio first time to Tiubscribo for shan^ 
 ad.l the words of clause 17 of Form 31]. 
 
 SiM' .<"/';■", P 
 
 328. 
 
 IS Tlio detenuination of tl.is aprecmt under cbu,so IG or 17 hereof NojUim U* 
 sliull not pive rise to any claim for compensation. exiKsnscs. or other- 
 wi.'^c. 
 
 S<'p M'jtyf, p. 328. 
 
 As WITNESS the liands of the parties hto the day and year first 
 above written. 
 
 The Schedule above referred lo. 
 
 \- to adoption ..f contracts, sco xit/im, p. 327. Soo also sect. 87, sub- 
 ,,.,t. :! of the Act of 1908. liavinff rof?ard to this section, if the adoption takes 
 pi lie Inforc the conipanv has become entitled to commence business, and there 
 luis been, or is to be, an" appeal to the public to subscribe for shares, a clause 
 slioiilil lie inserted a.s in clause 17, p. 3(13, ««/)>". 
 
 I! 
 
 .VlRIIMKNT hij C0MP.\.N\ .M)OPTIN(; CoNTKACT MAIIK ON ITS ^°"° *^- 
 
 itKiiALF BKioRK ITS iNcoKPORATiD.N . Fof ind^tmment on 
 (hhiinal Contract. 
 
 ,\N AC;HI;1;.MT nuulo tliis day of , botwecn k.. of, &c., Partiis. 
 
 ..f ilic tii-si part, B., of, Ac, of the second [lart, and The Coy, 
 
 Liiiitd ' Imftr called the coy ), of the third part. Where.\s, since the Recitals. 
 cxcciiti.ai of the within-wiittcn agreemt, the coy has been incorpo- 
 rated in accordance with the intention in that behalf referred to in 
 Btich agreemt: 
 
 Now IT IS hereby mituallv agreed as follows: — 
 
 1. Tlie witliiii-writton afrreemt is hby adopted by the coy. and shall Adoption, 
 bo hindin-r on tiie sd .A. and on the coy in tiie same manner, and take 
 
 cllcct in all mspect.s as if the coy had been in oxistonco at the date 
 tiiof. and had by these prosent.^* ratified the same. 
 
 2. Tlic sd H. siiall from henceforth be discharired from all liability B.diHch.rr^J. 
 iiiider or in respect of the sd agreemt. 
 
 In witness, ic. 
 
 Where a contract is made on behalf of an iMtciidtHl company (.is .-;i)nvr-, 
 
 pp. 327 rl «C7.]. it \s requisite to take steps to bind the company when it 
 
 comes into existence. An idea prevailed at one time tliat u company could 
 I'. 1 I' 
 
370 
 
 Form 41. 
 
 AGBEEMEMTS. 
 
 [Chap. V. 
 
 ratify 8Uoh a contra.t, but it is now wpH «ttlo.i that it cannot /.,«/»<■.« 
 Efiginecrm'J Co., 16 C. Div. 125; So,th.;,.hr.la.vl .Irnwe Co., 33 ( . Div. IB. 
 See ««;»•«, p. .T22. AicordinRlv the us.ml plan i» t.. exroute an a|?r...-ni,.nf 
 aa above, «. oh t.> offoct a novation of contract. >.■•■■ »»,"", P- 323. W hero th.. 
 preliminary contract i. made with B. a.s -'trustee" for the intended company, 
 cUiuse 1 must run as in the form folh.wini?. That su.h an adoption is effe.- 
 tive, see Boston Ihep Sea Co., 39 C. Uir. 3.M; .Vof,/ r-<nd Co. v. I n„i:„, 
 Collieiy Siindicnte, (1904) A. C. 120. 
 
 Form 42. Agreement by Comi'.^nv adopting, with modifications, Co.n- 
 
 TRACT MADE BEFORE ITS INC0RPOR.\TI0N. 
 
 Ilecttali,. 
 
 Adopting 
 
 preliminary 
 
 contract. 
 
 Completion, 
 
 Madiiicutiou 
 of t*!nns of 
 >i»le. 
 
 Parties: the coy. 
 
 xa....=. ."- ^"., 1: the vendor, 2; A., A. Wi.ekkas l.v an 
 H.M*«nit (huftr called the preliminary contract,) dated, &c.. and nmd.. 
 between the vendor, of the one part, and the sd A., ii.s tree to,, li.e 
 coy ( which was then intended, and has since hwu fornic.l under tlio 
 Cos (Con.solidation) Act, 1908., of the other part, it wa.s agreinl that 
 the vendor should sell, and the coy should purclia.se. certain ppty 
 upon the terms, and subject to the stipulations tlicreiu e-vpressed: 
 And WHEREAS a copy of the i.i-eliminary contract is set tortl. n. the 
 schedule hto. 
 
 Now THESE PRESENTS WITNESS AND DE. l.VRE aS folloWS-- 
 
 1 The pitjliminarv contract is hby a.lopted by the coy, and .shall 
 (subiect as hnftr provided i bo bindin- on the vendor and the .oy m 
 the same manner, and take etVect as if the coy ha*l been ui existen.v 
 at the <late thof, and had been a ).arty thereto instead uf the .sai,l 5. 
 
 2. The time for the completion of tiio sab- shall be postponed to ill.. 
 
 dav of . 
 
 ;i If at the time for completion less than 10,000 shares m the .oy .s 
 capital have been taken up, the ca^ii p.>rtion ..f the purcha.se-mouoy, 
 viz 50 000/., shall bo satisHcd as to 20,000t. by the issue to the 
 vendor or his nomine,-s, of 2.000 fully paid-up lOl. shares in the coy s 
 capital, and as to .W.OOO/. as follows: that is to say, at the time tor 
 compl.-lion, one moietv of the then wpital mom-ys of tlu^ coy shall be 
 pd t.. th.> vendor, and the other moiety shall be retained by the coy 
 for its freneral purposes; and out of the capital moneys .ubse.iuently 
 paid u|) the coy mav retain for its fj:eiieral purposes any sum not 
 ,.N.ve.lin.' .-.,OOoV. and, subject as uf.sd, shall pay such capital moneys, 
 a.s and when m*iv«l, te the vendor, until the residue of the sd sum 
 of :K) 000/. has been paid, with interest, at the rate of u p.e.p.a^, lu* 
 from 'the time tor completion to the time of actual payment. And. 
 „nb-ss within six calcmhir months from Uie first allotment of the coy s 
 Hhares the whole of such residue lias been pd, the coy may at any 
 time theivafter satisfy the balance thof, then remaining unpd by 
 ls.s.iiu" to tlie vendor or hifi nominee fully pd-up shares to be regardctl 
 
KOKM8. 
 
 371 
 
 as (jf par vttliio (»r the hulauwi simll thereupon iiuiuodiatoly become 
 
 puval.lt' ill •ii.th). 
 
 4 11' at the time lor <<)iii|ilotion less tluiu shares sliull lia\o 
 
 been lakoii up, tlieu iipoi payment of the aniouut linbefofo made 
 |,a\ l)le at tlio time for completion, and upou the ullotmont of the sd 
 !!.(i(Mi .shuies, the veii.lor will transfer the ppty to the coy in nccord- 
 Imi- will! <laii«« - "'■ '''<^' prelimiii.iiy contract. 
 
 .). As in Form A\. el. il] 
 
 a. I'nlew* Ijofore tlie - - day of at least .shares in the 
 
 , oy .shall have been applied for by responsible persons, either of the 
 naiiics hio of the lirst uml second pt« may, by notice in writing to the 
 ollur. annul the .sal.,-, aii<l thereupon the )ueliminary contract and 
 iliese prespiils nIkiU become void, save as regards this and the last 
 pi'Pi'Cding clau.se hof. 
 
 7. A.S in Fin-i .•Jl, el. Ki.] 
 
 In wiink.ss, kv. 
 
 Add !<vhcduh loiilitliiiiig to/)// o/ prelim I mtrn contract] 
 
 Form 42. 
 
 When tniUH- 
 f er to be 
 effected. 
 
 B.diauliartre)!. 
 
 Power to 
 reaciud. 
 
 FilinK 
 contract». 
 
 As ti) adoptiiiii of i-oiitracts. -ec iioti' .■<"/</«, p. 32.3. 
 
 AoKEK-MtM- bij foMl'A.NV /w SaLK of ttn E-NTIRli BvsiNKSS OS tt TOTTO. 43. 
 
 CroiNci Concern. 
 
 AN AGREEMT made ■l-.-i day of , between A. B., of , Parties. 
 
 on bcliull of The - ( o,v, Limtd [hnitr called • the Coy "), of the 
 one pt, and The Corporation, Limtd ( hnftr called • the Corpora- 
 tion"!, of the otlier pt. 
 
 \Viii;uK.\s the coy was incorporated in the year under the Cos Recitals. 
 
 Acts. 18G2 to I'JOO, with a nominal capital of £ , divided into 
 
 shares of 1' each: Anu wilERE.iS tJie whole of tlio sd shares have 
 
 been issued and are fully pd up: Axu whereas by the momdum of 
 as>oii of the coy it is dechired that one of the objects of the coy is to 
 sell the undertaking of the coy, or any pt tliof, for such coiison as 
 the (oy may think fit, and in particular for shares, debentures, or 
 frcc uiities of ar y having objects, altogether or in pt, similar to 
 those of this coy: A.si) whereas the objectH of the corporation are 
 in pt similar to those of tlio coy: And whereas the corporation is 
 desirous of acquiring the undertaking and ppty of the coy. 
 
 Now, therefore, it is .vgrekd as follows:— 
 
 I. Tlic coy sliall sell, and the corporation shall purchase, the S"!*-- 
 i!!i'!criiiking"of the coy, v.liiih expression shall be ileeiiied lo include 
 all the lands, buildings, hcrediUmcnts, goods, chattels, moneys, 
 iredits. ilobts, bills, notes, goodwill, things in action, contracts, 
 
 « II '2 
 
;i72 
 
 AGREEMENTS. 
 
 [Chap. 
 
 1 i' 
 
 W 
 
 u 
 
 \v 
 
 Form 43. 
 
 C'oiiHidcra- 
 tion. 
 
 Further con- 
 iiideration. 
 
 Further con- 
 sideration. 
 
 Title. 
 Completion. 
 
 Conditions. 
 
 Filing. 
 
 agroeinciitf<. scciiiilies. and otlier ii.'*.-s(M.s whats.ievor ami « hoiosocvor 
 of the (iiv, oxc<'i)t it.s uiieallod capital. 
 
 2. As a i>t of tlio ((inson for the s<l ."ale, the oorporatioii shall uiuler- 
 take, pay, .satisfy, disohaifn'. iwrfoiiu. uml fulfil all the dohts. liahili- 
 tioi?, contracts, pnjj:agonient«. ami ohlifratiou.-* of the coy what.soover. 
 and shall indemnify the coy ngaiwi all actions, procepdinn;,s, claims, 
 and donumd.s in re.spe<'t thof. 
 
 .■1. A.s a liiiihcr pi of tli<' conson for the sd ,salo. the corporation 
 shall, if the coy williin - «ooks frcni the date hof. pas.ses an 
 effective re.s(dution for the vnhmtary wimlin<r-iip thof. pay all llie 
 co.sts, charg^^H. and e\p<'iis..s of and incident to the windinfr-n|' and 
 di.s.solnti(.irof the coy. and shall indemnify the coy afraiiLsf nil actions, 
 proct'ediiifrs. claims, and demands in respect thof. 
 
 t As further conson for tli( I sale, the cori.oraiion siiall pav to 
 the coy the sum of f in ca 
 
 '). Title accepted. 
 
 (i. The .sale and piir. ha.se lil.y agreed to be made sliall he comi.leted 
 on (he dav of next, when the .s<l conson in cash ilnd shares 
 
 shall he pd and .salislied. and tlie .oy shall (>xecme au<l do all snch 
 a.s.siiiances and tliiiifis as shall reas.maldy he re.inired hv the coy for 
 vestiii}.^ in it <li<' sd preinis(>s. 
 
 7. This a^iTeemt is conditional on th<' same hein^'- ratilied hy a 
 re.solution of"a fi-eneial meeting- of the coy. and if the .same is not so 
 ratitie<l within weeks from the date hereof, either of the iiarties 
 
 hto mav. hv notice in wriiin<r to the other, iwcind this a<>rreemt. 
 
 S. Afrreemt to he tlleil S(>e Furnt 'M. rl. 1(>.' 
 
 As WITNESS, itc. 
 
 Sale of under- 
 taking before 
 going itito 
 liquidation. 
 
 It is a very couunoii tiling tor a company to agree to sell its undertaking as a 
 going concern without going into licpiidation. I>ut in order to justify such an 
 agreement power to di.sposc of the undcrtakini: must be found in the memo- 
 randum of aKSoeiation of thi- company. No doubt, by proceeding under sect. 
 1B2 of the Companies .\ct. 1(11)8 (replacing se.t. Kil of th- Act of 18(!2i. almost 
 any company under tli.' .\.t can sell its undertaking, but there are cases m 
 which it is not convenient to prcMceil und.'r that section, for an ctteetive agree- 
 ment cannot be ma.le under the s,.,tion unless and until the company goes into 
 li<|uidation. and appoints li,|iiidators. and invests them with authority to exercise 
 the powers of the selii.n. Where the purchasing cimipany is already a going 
 eiuicern with large resources, there may be no ()l)jection to the vendor cmupany, 
 after settling the terms of the agreement, or entering into a provisional agree- 
 ment. L'oing into liipiidation: but .•mo in such cases the vendor company some- 
 times prefers to postp.me li(iuida',ion till differ cmipletion. And where the 
 purchasing companv is to be form.-.! and ttoated the vendor company may tin.l 
 itself placed in a very awkward predicament if it goes into li(|uldation with n 
 
 view to making the auT i.uit, and then subsecpienily the new cimipany is no^t 
 
 formed, or does not Hoat . In lie- le-ull llie .igrrcnu-nt may fall t.> >!■•■ -roiuv!, 
 and the vendor companv may find that it has lost its status us a going concern 
 without obtaining any' corresponding benefit, and that it -annot start again 
 without eitloT reconstructing or applying to the Court to stay the windine-up 
 If. on the oth.'r hand, the vendor company beinsf in a position so to <!o, makes 
 
KOHMS. 
 
 .'{7:5 
 
 Form 43. 
 
 .,„ ..,ro..,n..... for »alo withnur «„in,^ into li,,ui>lati»n, .l.nt .^y,:mrn* ran, o 
 . :. nrrnid. tl,a.. umU.s the sal- i. -Inly ,a,.ri,..l in,,, ,.ltVH, .l„. a.M-c.nu.nt 
 
 ,.av 1... r ina,.,l. an.l then, if thin,-> .'„ «r,.n.-. that ,.„«.. .an ho .■x.T,.-d. 
 
 „„.i ,h.- v,.n.h,r , pany .an r.-unu. an.l .„ntinu.. its l.usin...s ^.m-tunc. sn.h 
 
 : ..,•,■..».,..» i. n,adc. ,li.v,t with th.. n..w ,„n„,any, „,• wUh a fust,-.. t„ 
 , ■ .„n.,.ti«...s it is mad., with s.Mne ,HTs.>n as an int..rn>,.d.ary. wh., r.-s-lls t„ 
 tl ■■ n.'W .■.)mpanv at a profit. » 1 ..„ 
 
 A ,..,nM.an.v .•ann.-t s..ll its wh,.lo nn.l,.,taki„. nnU.^s .h,.,,. ,s .'"--^^ •<;;'';. - 
 
 ,„ its „><.ni..ran,ln.n .,f ass<.,iati„n. S, „,,,.„„ v. // r.!, .'o " ""• " ' ' • • 
 
 H II 1 (as 71'J. lint wh...... th,. nK.»,.....,i,.]u .ak..s th.. sal,. ..f .ts un.l. . 
 
 Ukin^ -HU. ..f th.. ...nnpany-s ..hj....ts. sn.h a sal.- is .,...■■ ...^ and a l,.w..,. .■. 
 
 N,.v..,-.h..U.ss. a,-.„.din,' ... a r,.n.a..kal,l.. ,1.. i^i.m .,f 'l- « """ "' y'l'™' 
 
 Ui:s„o,„l V Jlr.„lr,..o.: Tr.n. »/ K^Mr, r,,., .lOOH, 1 Ch. ,..!), or to the 
 
 i..as.'ns assi(,n.-d for th.- .l.-,.isi..n, a sal.. ..f th.. nn,l,.rtaUin« for shares mad. 
 
 „ith a vi.w t.. distril.ntion ..f the pr.„......ls ..n«st th,. n...mh,.rs .,f the s..ll,n« 
 
 ,„„„,,,„. ,ann.,t he n.ade un.hr a p..w..r in th.. n .-..an.lnn. ,.ve„ ,l.o.,sh 
 
 i„,n,.Kli;.tely f.,lh>w..d l,y a volnntary w in,lin.--„p. For ohs..rva„ons „n tins 
 a,.,.ision. sei. .,-/-■'-. Chap. XNI. 
 
 \f„.r the aiinenient has h,.en ratiH..d. the -al ..f ,1... .-ompany >!. ■ id hr 
 affixed t.> a inem.iran.lnni at th.. fo.,t of the airr,...n.,.nt as follows; 
 
 1-, Hs, XNT W a m..,lulioi. imsso.l a. a o-o,,..,;.! ,„...Mit.o: o< Tl.o — Form 44. 
 ( ov. Limttl, hel.l tho - .lay .d' . .he al-.-v aorof,,, ,s In.v 
 
 lalilii'.!. .\.s«iluosstliiM.,>muioM.s..al.d ilHM„v.this .lay .d 
 
 Son,..ti,n..s th.. a:;re,-ment is ,„a,l,. .-on.litiona „s l>..ins.- a.lopt,..!. nn.l, r 
 
 „.,., I'i- of the .\,-, of I9IIH, r,.pla,inK se.t. Hil ,.f the M of ISW. '■."■• " > 1''^ 
 a,rn'..m..nt is .„n,li,ional .n, the san„. hein^' a.lopt..d hy the li,,ui,lator ot the 
 ,.,"mpanv. ..nrsnant to a sp.-.ial r,.s.dntion of the ..onM-any ,„nferr,n;r ..n h,m 
 ,1„. ,...,,uisite auth.n.itv. nmler -e.t. H.> of the Compani..s A.-t. lims, l,n, n. 
 sn.h ,as..s tl... provisi.ms of the ai;r....m.nt will n:|„ir.. ,„nsi,l,.rahle n.odihea- 
 tioiis. S,... Chap. X\.. iifh". 
 
 Som..tim..s tl,.. p..n.hasin« .-o.npany has not. when ,l„. a..M .a,.„t 1- n.;„l,.. 
 
 p.,wer to pnnhas,. th,- hnsine.s. an,l in s,„h ,as,. it is ..s-ary e.tle,- t,, wa,t 
 
 nntil the ..hjc'ts .,f th,. pnnle.sini; .-ompany have luen ..xt,.ml.,l I .'titions, 
 
 Mem.trHitdiim 
 of ratifi.^Htion. 
 
 ,„/,... Chap. XVU... .)r i. 
 he nia.l,. with C. D.. .>n 1) 
 ;ns,.rt.Hl makini; the a^rree 
 ad,,pt..,l hy the ..onijiany aft. . 
 .if -mil a.loption." 
 
 isi,,nal as.'r....nn.ni is ri'.iuire.l at .in,-,-, it .'an 
 he ]iiir.-hasin»f .■ompany, and a ,.haise ,1111 he 
 nditional. „". . - "" its l>ein'„' , t!V.•tnally 
 
 ol,jl•,•ls shall hav,. . .n ,.xl,.ri,l,..l so as to allow 
 
 .\s to transfer of life insuran,-,. I,usiness,.s. s.... I'oiin L") and IVtitions. 
 Chap. XVII. 
 
 ,/,", 
 
 \s to transfer of hanking' l)usiiiess..s whcr.. the vendors ar.. a firm, I'orm 41! 
 .■au he r,.,-,.iilv a.lapi.d. aad wher. the vendors an- :, ,...„i.;>r.y the ahov. lorm 
 .an s.)metim.'.s 1,.. adapted, or .,ne of th.' forms in I hap. XXL, -'/''-. O.ea- 
 si,mal'v, hot\e\er, sp,..-ial pr.ivisi.>ns ;.re r,..iuir,.d. 
 
.(74 
 
 AORKKMKXTS 
 
 [Chap. V. 
 
 It! 
 
 
 ii- 
 
 Fonn45. 
 
 Ajfn'i'Uieiit 
 fitr tratisfor of 
 life iisfiuraiico 
 buNinoHK. 
 
 ( untracts anil 
 lialiilitioK to 
 tic taken iiTor. 
 
 AHgef« to be 
 made over to 
 in(>et lia- 
 hilities. 
 
 How sueli 
 :<saet8 to )«■ 
 ii'M'i'rtained. 
 
 (Jt'rtificate of 
 v.iluorN and 
 M'li'cti'in of 
 :i«set8. 
 
 Dittercnces 
 of valuers to 
 lit- trffffed 
 t" arbitrator. 
 
 Premiums, 
 A:c. to be 
 arcouDted for 
 
 .\(.rur.Mi,sT /or Tkwsikk o/ I. hi; Assiksnci; [?{sim.ss. 
 
 (A< to life assurance i-ompanici fjenerally. see Chap. XVFT.i 
 
 AN AliREKMT nuulp. Aic. Ix'tHcen \. mi licliall ot tlie li. Coy 
 (liiiltr calloil tlio B."i of (ho om< pi. and flie ('. Assnraiipo Coy 
 (linllr called tlip ('." ) of tlio other pt. 
 W'liKUKUV IT IS A(;RKKn a.s follows: 
 
 1. The C. shall fake over all the life axsiiniucP coiitratt.^ an<l all 
 the amiiiity contracts of the B. ciirreiit or capuble of revival or of 
 other cos for which, the H. is liable as from the 3lst day of December. 
 19-. and shall assume the liabilities of the H. in res])ept of siiph 
 contracts, and the H. and its assets shall .stand di.s<liarp;ed from all 
 liability in respect thof. 
 
 '_>. The 15. shall make over to &3 ('. asset.s suHicient as on the .sd 
 .ilst day of Uec<'mber. lit -. to provide lor the liabilities to be 
 assumed by the ('. ns afsd. 
 
 ;i. For the purpose of asc-ertainino- the amount of the as.sets to l)e 
 made over to the (". a.s uf.sd the value of the liabilities Ui be under- 
 taken bv the ('. as afsd shall be ascertained and certified by I,, and 
 M. upon the bases and principle following, that is to say: — 
 
 {I. ' Valuation to be made as on the 31st day of Dcroinber, 111 — . 
 
 1 2. I The Mortality Tables to be employed shall be (at for the 
 
 assurance contract.s. the Institute of Actuaries" H. M. (5) 
 
 Table, and ib) for the annuities, the tiovernnient Experi- 
 
 ouie Table, 1884. 
 
 (S. i The rate of interest assumed in the calculations shall be 3 
 
 p.c.p.a. throughout. 
 (4.1 The premiums to be valued shall '..e the ordinary premiums 
 only throwino- otf all e\tia i>reniiums for health and in- 
 stalments and conimis.sion (if anyi. 
 (.".. 1 The proportion of the annual premium income reserved as a 
 provision for future e\|>enses and proHt-s shall be 10 p.c. 
 and such further ])ercentaire as the valuers shall ajrroe upon, 
 not exc(>ediu<j 2.', p.c.. as may in their opinion be neressary 
 for the |)urpo.se of carryino; out this ,io;reemcnt. 
 t. The s,l L. * M. shall also value the assets of the H.. and their 
 ccrtillcato as to the value Ihof shall be conclusive as between the 
 parties bio, and when .such value has been certified it shall rest with 
 the 15. and its licp-s to .select the ]>articular assol.-< uliiih are to be 
 made over to the ('. p\irsuant to clause 2 hof. 
 
 .■.. If the sd L. & M. shall ditfer in repird to any such valuation 
 as in claases 3 and 4 hof, then and in sucn case the ilifterence shall 
 be referred to X.. of. I'kc., actuary, or to some other person selected 
 by the B. and the ('.. and the award of such person shall be^conclusive. 
 0. The H. shall account to the C. for all ])remiums and other 
 moneys tallinfr or accruinp; due after the 31st Dew'mber, 19—, and 
 
FORMS. 
 
 .1 tl.fl B in loxwct of su. h ttssuniiK-c loiititi.ls as from the 
 :::Uec.c' .1^^. 10 . 1! <•- CV shun ho docuod ,o bo 1....0 to boar 
 Tan rtvoun all pav.nent.s ma.lo by tl.o B. iu rospo.t nt tho sd 
 '" . ?i rrLt and annuities accrued or ou.orgod a. Iron, the 
 
 T;;:::.' Zr.r l . and a ,roi.>r account shall be n.ade ou, 
 :;..;. ^l"^ud if ll.e balan«, is against the C the asseU to U, 
 
 ovtr to it under .lauso 2 hof .hall be reduced pro tanto. 
 
 ""^ Th r ^idne" the asset, ol tho B. .hall be converted into nun.oy 
 
 , V ,he pro..eeds of such conversion shall bo retained by ho Injr^^ 
 
 : ^iTrt applied in payin, o.f the debt, and Induht^ ■ 
 
 f the B which art., not to be as.sun.cd by the C. a« als.l, and ol 
 
 "luhec^'s charges an.l expenses of the parties hto and of the hqrs 
 
 , le rSl atncident to the winding-up and final di.ssolu.um ol 
 
 1 an^Hr surplus shall bo distribufed among the shareholders 
 
 1!, ,he B. in accordance with their rights and interests ,n the xssot. 
 
 "^*'' Th^ C-. «hall accept, without objection or .-equisition, such title 
 „. the B has to the assets to be made over as aforesaid. 
 
 .The C. shall enlarge all the .ssuranc^ contracts to be made oyer 
 ,s afsd and which shall not have bo.ome claims belore the agreemt ,s 
 ■auctioned by the Cour, in manner following^ t^t . o say:- 
 
 375 
 
 Form 45. 
 
 Application 
 (if residue of 
 
 .Vi-ct'ptiiucc 
 of title. 
 
 Knlar^piufTit 
 of uxMuriincf 
 <:ontriut^. 
 
 (ill 
 
 a>} 
 
 ineu uv ine <„uuii «■■ .u......~ - c- 
 
 Bv making all death or maturity claims payab o w.tlun 
 • fourteen days after the delivery and approval of the proofs 
 of death or maturity and of title. 
 By freeing all such contra.t-s from all conditions in .estriot.on 
 of travel, residence, or occupation. 
 ,0. Moreover, tho C. shall o,H,n an account and on}h^'^^^^ 
 December. 19-, and on the JUst December in each su-.toeding >ear 
 shall carry to the c«,dit of such account a sum equal to o p.c. o he 
 , cniuiuVevenue on such of the sd assurance contrac s .. con .bo 
 i.li, to participate in profits during the year ending ''"''h • '^ 
 IKliber! and the sums from time to time standing to the cr.ii o, 
 „„.h account shall be deemed to carry interest at tho rate of ^P^^'^- 
 will, voarlv rests, and on the SUt Decombei, 19-. and at the ox- 
 J^^iTof each succeeding quinquennial period, , he ^;^o.ni..^^ 
 I the credit of such account shall be appropriated by w. 
 equiv.dent reversionary bonus for the benefit of tho holders ol the sd 
 as::;a.. contract, whose assura.u.s .hall on -eh 3lst December^ 
 1..- or at the expiration of each such quinquennial pe.iod. bo in 
 force or capable of revival and in proportion to the premiums ol 
 
 *'"l r?he B. and the liquidators thereof shall procure the directors of 
 the B to give to the C. an un.lertaking that .such directors shall, for 
 a ..cnua of at lea^t three years from the date of the rosoludon con- 
 firming the winding-up, for the same i-omuneration rosply as they 
 now i^cive and from such last-mentioned date to be pd by the 
 C, assist in consolidating the transfer, collecting the assets, and 
 
 Quimtuennial 
 account to h*" 
 opencil for 
 benefit of 
 participHtiii)? 
 holders. 
 
 Dinwtors nf 
 
 tranNferor 
 
 i!ompimy 
 
 to assist in 
 
 cob.-^Udatin^ 
 
 the transfer, 
 
 4o. 
 
 -^maa^^- 
 
37fi 
 
 AtiKKKMKNTS. 
 
 [Chap. V. 
 
 Form 45. 
 
 Stuff t« Iw 
 titken over. 
 
 linlaiiiiiij.' ami ilov<'lo(ii.i^' tin- l)ii-'iiio>>* . oniu'ctioiix «i lli<' 
 
 H 
 
 Inilcmnity <if 
 dir<>ct< ir», 
 tniMtt-*'?*, ttiid 
 oth«r officer?*. 
 
 Liability of 
 transferor 
 comp»ny 
 liinitc'l to its 
 property, 
 and of its 
 infraberM to 
 their liability 
 un their 
 shares. 
 Completion 
 after xanction 
 of Court. 
 Charjres on 
 aftwetH of 
 transferor 
 company 
 not Ui be 
 prejiiiliced. 
 Winding-up. 
 MfHlitieation 
 of the 
 arranjjenient . 
 
 Deed jioU 
 covenanting 
 with piilicy 
 holders, tScc, 
 to observe thi; 
 agreement. 
 
 rolaticm to the poliiies ami aiiiitiilip-* i<> l>o tniiislViicil piirstiaiil lilo. 
 12. Tlu' {'. Kliall tako ovi'r the stall of llu- 1!.. ami imli'imiif.v tiic H. 
 agaiiLsl all 4laiins ior salary or otlicrwi-o by tlio iiiciulxTs of thai ^l^ilV 
 al fr.ni the .'list DccciulM'r, 1!» - . and shall n-coiip to tlio M. all 
 lKi\ iiifiilN ma.lo l.y the B. in lospi'.-t ihoV. ami of all i>ro|HT t)tli(C ami 
 other o.\i)Oii.ses inciilont to llio carry iiiu: on of tho Imsinos-. as from tho 
 .s<l .'list DcionilMT, 111- . 
 
 i:t. The ('. shall indemnity tho diit-.tois, irnstiM's, andilois and 
 other ollicers .if the H., ami each and everv of them, and their and 
 each and ev; ry of their execntors and administrators. a^;aiiisl all ~U( h 
 liabilities as the 1!. is now liahle t.. imlemnify ihem ay:ainsi nnder 
 clamse of the <leed of scttlenieni of the of . !H . ot 
 
 the H. 
 
 1 I. The lialiilily of the C. under tins a;;ieenil is limld to its |)|)ly 
 and funds for the time l>einn. and accordiniily the individual lialiility 
 of each iiroprielor is linitd to liio amount unpaid <ui liis shmvs 
 I."). The urran<reinent emhodied herein is to he carried into elVect 
 forthwith alter the same shall have Uvw sanctioned hy the Court iis 
 hiiltr providetl. 
 
 Hi. Xothino' in this -clieme contained shall prejmlici- any exislino; 
 security, lien or charire upon the asspts of the B. or any pt thof. 
 
 17. The wimliiio-up of the B. shall lie completwl. ami the dissolu- 
 tion thof shall ho elVected with all convenient spee<l. 
 
 IH. The li(ps of the 15 may assent to any modifications in the 
 iirranoemenl emhodied het"in <m conditions which the Court inay 
 think lit to apjirove or impo.se. and wliiih the C. shall con>ent to. 
 
 I'.t. When and so soon as this ay:reeuit has been sanctioned hy the 
 ( oui t as hnttr provided, the C. shall execiiti' a deed poll covenantino' 
 with the holders of the assurance contract and annuity contiac t- t.. he 
 taken over as afsd to olisorve the provision^ in their favour re-ply 
 herein r-ontaine<l. 
 I Jil. This ao|(M'inl is coii<litiotial on all such resolutions of tho B. as 
 mav he iiecessaiy lieiu"- pa.s.sed and on it-; lieiny adopted hy the liips 
 
 ^"^"■"^idirion*^! "f the I'- "ith due authority, and on its hcin- sanctioned 
 
 be coud 
 
 on ri'siilutions (; 
 
 paMMKl and 
 
 adoption by 
 
 liquidators 
 
 and sanction 
 
 of Court. 
 
 Ii\ llie 
 
 lancerv Divisiii 
 In witness, &v. 
 
 )f lh(- llifih Court of .lustice 
 
 lu the above lase the sale is out-and-out, but more coiiimoiily nowadiiys an 
 assurance l.u>iiic-s is transferred on tlie footing' that the company which tjikes it 
 over shall place the assets of the husnic>.cs in a separate rciiid to lie woi kcil for the 
 benelit of the policyholders in tlic> tn'nsferrinsr eompany, and to he the primary 
 fund for answering policies and claims, the transferrinif ccimpany •fiaranteeine 
 its siiihcieney and takinff any surplus. Very commonly the companv which takes 
 over the eom-crn is f;iveii tlic> riifht to a pcnciit:.-.' of the income of thi> fund 
 
FUKM8. 
 
 f.,r working it. fh. f.-ll-wi...' i- «" ••"•'i"" "' "■;' .'■'""*'^ Fonn46. 
 
 SS^n:";.:;:™' ::;:.. ....'-> ^ -•"■'-■ ^ 
 
 uj 1(1111 |Hii«iit ion 
 
 >rf 
 
 F.M./»/ IIXM-X'.///" TlMNM.Kl.;(..Ml-\NV. 
 
 Form 46. 
 
 ■J..." ■ ■"■'■■•' ■-""'' ":;:rt:!.';-.;;:i!:.''u:t£,.,. 
 
 ami i..- to 111' tii"''i 
 
 of truu«- 
 
 Till' \ '"V KllUil. 
 
 ::la i!;'.;:" ^ ni; .. „....' ....■ .l... ,...,,..- l..,..- nu.u,i,.ue.l. ana ^p.„. 
 
 is to ilill.'<i--l nf 
 
 , I, Tlic ii.vM'ls to 1k' tiuii-tViivd ii> ;ils<l. 
 
 :;; aI; p,„....<..ls an-i.., .■.■,.... . .l.., ox.lu...... .-il ...Ik- .U-alM.,s 
 
 with till' A. tiiml 
 ,,, AH asso,. an,uiml N^itl. a.-i't^ ul .1-' H luu.l 
 ,.1. All i.unn..' arisinj, Iron, assets lur ,1h' tun.' l-i'iu;. -I tlu' A. 
 
 ,,M Ml'plv.uiu.ns ami ..tlu'V ,.avuu-n.- n- .ivoil in ..'spi-.t nf tho 
 A puli.i,..s ami a.muitv ,„nl>a.ts In.- ^ho ...,.,• .mum- m.I.- 
 
 ,f , All sums ..'•■oivo.l in vos,u..t .i anv ,n,n,..oM..so. •'^'""S^'^'"^; ♦• 
 imHlili.-atiou. substitution, o, o.hor .R'aLu^- .a tvlation to tho 
 A. policy ami aiiuuitv i-outracts. 
 
 .. TlK. A . rami is to 1k' ki',.l ^oparati- l.o.n tho ,.-u.>al as.'.s of tho Jru^ of 
 l; ■( ov ami is to 1... n.j,^ank..l a^- a t.us, luu.l appii.al.li' lor iho iK'noht 
 of ,l...o outitli'd to A. policy ami annuity -ontnuH ami '■"'- 1~ 
 t,,.a>.ls whou, thi' A. Coy .s uudcr lial.iUty. an,l -;-' '"^'^^^^^ 
 ,1.0 \ fuml the 15. Cov i.s in.m liu.o to tuuo a.nl ui .In.. .-.Mn.s,. to 
 ,,av .satisfy, ami .liMlnu;r.. all .lain.s an.l u.on.'vs f.on. turn' to uuo 
 
 pavahlo in ,i.sp.',.t of th.- A. l»oli.ios an.l annuity .tracts, a... >U 
 
 :uu.s paval.1.. in .vspi-.. of c,n..p..>...is..-. s.-nc-lc. <»• ■;"-"- ' 
 rolati. n U, A . p.-licic's a...l ai.nuiti.'s. an.l all su.us ,.avahl.' to tin li. 
 Cov liv wav .,t n'coup......t as l.nft, provnU'.l. a.ul all p.v.n.,....s ..u 
 
 n'-■in^u.•an.;. poli.ios olU-cto.l in rolati.... to any A. p..l...cs o.- annuity 
 
 co..l.a.ts, an.l all .lain... lial.ili.ios, p.'nsu.n. an 1 all su.ns tro.u tu.ie 
 to ti...o pavahlo U. tho B. CMy ov ..tl.onvis.' hy way ol coutnl... U.m to 
 n.a..a,o...ou. oxpeu.sos o. otho.wiso .....ler .■la..se .-, hot, a..a all ..th. , 
 
 ^ ' .... ...... ..... tll.K) ... t lit llltll- 
 
 ilchts a...l lia 
 in.'iui'i.iom u 
 
 li.ios of the A. ( oy oxis.i.i- at .1..- tin.o of tho .o.u 
 
 hi 
 
 f tlii.s All, 
 
 iil all "ihoi- .'Uuis uM 
 
 ilor tlio.<o proscnt.s 
 
 payablo out .)f tho .s.l fuii.l. a.iil 
 
 hject t.) all such payn 
 
 .onts as a 
 
 fsd. 
 
 tho A. fuml is t.) 
 
 1.0 hol.l for the ho.iolil ..f tho paiti(il>at.u- pol.cy- 
 
 holdocs of tho A. Coy. 
 
37H 
 
 AOKKKMENTH. 
 
 [Chap. V. 
 
 Form 46. 
 
 Traimfrrw 
 vumiwuy to 
 undertake 
 Iisbiliti>'» i)( 
 tratiKfenir 
 ronipaiiy. 
 
 Muiiiiirvtnpnt 
 
 I'Xp'IlHMI. 
 
 Tompnrsrjr 
 
 ailvuiireit. 
 
 HBuafrement 
 
 and control 
 
 of fund. 
 
 Quinquenniiil 
 
 valuationn. 
 
 No new 
 polieied or 
 annuitioH to 
 b<' Krant^'d 
 witli ri'fereurc 
 to the fund. 
 Participating 
 holders only 
 entitled to 
 profit* of 
 fund. 
 
 Transfer of 
 sUff. 
 
 Fond and 
 transferee's 
 property 
 alone liable. 
 Aft of Parlia- 
 ment or 
 sanction of 
 Court. 
 
 .1. The H. Coy i" to I* lialilo in the plmc of tho .V. Coy upon ami ia 
 ww|io( t of all tho (li'btx. liahilitios. lonfrartM and enpipnniontfl of flir 
 A. Coy, incluilint? it« policuw and annuity contracts, but upon thr 
 footintr lluil Hs lialtility is prinuirily to bo out of the A. fund, and if 
 thi.'< simil 1)0 innumiionl or oxhuuHtiHl. thon out of its own fund iind 
 ))rop«rty. 
 
 I. Out of tho i)ron»iuin« « conliibution towards inanagrenifni 
 exjionwoN to bo lakon by tho H. C>>y.l 
 
 .">. H. Coy to be roiou|)od with inloiewl lonipoiary ad va net's. j 
 H. I'roviKious for tho iiuum>roMioul and control of llif A. fund by 
 the directors of tho B. Coy.j 
 
 7. iQuinquonniul valuations and distribution of suii)lus inonoys to 
 participating policyluddor*. 
 
 8. No now policy or annuity coniract to l)0 gruntod with rcforoncc 
 to tho A fund e.vept upon a surrondor and in mibstitution, Ac] 
 
 9. [^Participating policyholders of tho A. Coy only entitled to 
 jiarticipato in profits of tho fund.j 
 
 10. [Provision for tho transfer of statt.j 
 
 II. Provision that fund and proi)orty of B. Coy are alone to be 
 liable if noctls be.] 
 
 12. [Provision for obtuiniug Act of Parliament to effectuate the 
 transfer or otherwise for obtaining the sanction of tho Court.] 
 
 Form 47. Acrf.emkxt /w S.m.k «/ P.vii xts. Considkk.vtion : ("ash «»<i 
 — - FocNDKRs' Sharks. 
 
 Partiex. 
 
 Agreement 
 to soil. 
 
 AN AGREEMT, &c.: parties, vendor. 1: coy, 2. 
 
 1. The vendor shall .soil, and the coy shall purchase, first, th? 
 patents K])ecified in the schedulo liio. and tho full and exclusive beiu'fit 
 thof ; and secondly, the benefit of all in>provenients on the inventions 
 referred to in tho sd patents lesply. and of all further inventions in 
 connection with tho uianufactun" of -, which have boon already or 
 may hereafter bo made by the vendor, and all Bri)i.sh patents which 
 may be obtained by or on behalf of the vendor for any such improve- 
 uieuU 01 futthcr inventions. aii;l the full and exchi-ivo boiiofit tltof , 
 
 Having regard to the Patents, Designs and Trade Marks .Vet, 1883 (46 & 
 47 Vict. c. 57), as amended by the Patents and Designs Act, 1907 (7 Ed. 7. 
 c. 28), there ia no need to provide that the purchaser shall be entitled to apply 
 
'(■i 
 
 m;Ji 
 
 ■(.M 
 
 :»7rt 
 
 POKMS. 
 
 . ,. for infrintf.-nioi.t. nr to di«l..i.ii. in«»m...l. a» tl.v A. t form 47. 
 
 ::.r;:rt :;;:.rr,;:-^e..^-.. ,.«.. o„ «.... «» ..... p. 
 
 ";.r.u:r .1:::^.. u..ua«. fo.i.„ « w.« . b^uuh puten.. .nu- 
 
 .. Tlio vrndor .hall «.U »nd «ho .■oopany .haU pur. h...rt- 
 
 „„.ti.:t'rS- ..bU. .hereinafter ..».U^ .he pr t ...ve..- 
 
 ir Nneti, of any foreign patent- whie. '''-''^j":::;;; 
 
 .J I.., „, nn Uhalf of the vendor in respeit of th< pr.« m 
 re:ftio'':. :J.l:tl.. of «.. ,.ndU.. ne.oti„tin„, for the 
 
 r'"r'!i;1f':^'':.rin:;ntion, whh.h ..an ^.■ »...,. ..y the 
 IL:::! el:!li.!: with the n.a„nf„..ture or worMn. of eh.tr... 
 
 -^'C"'rsri=nrri::,i lathe he f 
 
 iCnt'SLo... and prolon.atlo f the ter 
 
 privileges Krant.Ml hy any m.eh patent. a» aforesa.d. 
 
 T»i« fnllowinir i"* mon* Umitou: . 
 
 he patent, for the United Kin,d,.n.. Krun.e. (iermany An.tr.«. 
 
 ^dor or otherwise, for patents for sneh unproven.ents, a.u. th. 
 full and exelnsive benefit of all patents so ohta.n.Kl. 
 
 4 n 111- Wnilaee and illiamson, Pat. p. 330. 
 
 •^•v^-tJtha?::: "in>prov.n.cnts- under a eove,.ant to eo a.e .n.pr, 
 
 „,ents, see //.,,A."« v. ;''''''«'^' /■'''■• '"^ ^ l,„7hv two or n.ore patentees. 
 
 ^;*:.!r r:;7r r':-:::- :" v:ri. a««o, . c. .0= .., 
 
 -1 S-f ;^S..^ ^- rid ...n.eU of ;--V ^ ---'^ '"-^ . 
 
 to a limited eon.pany. f»».»-.»7' v. .SV,,™-7. (1900, 1 Ir. B. 
 
 ., A. the .0U.SOU for th. sale, tho coy ^hall pay to the veu.lo. the C.,„«der:,. 
 .u^ of 3,00«i. c^h. and Hhall i.s«ue to hint or Ins "o.-unoes tho who e 
 o" the 100 founder^' shares of U. each iu the .>a,...a ot the .-..>. and 
 
 .uch 8lu.rc« shall he doe.ned for all i^^^^'^'" f'.;'^.^, ,,.,,j incidental 
 3 The vendor slmll fi.-m ti.uc tu time, wth al! <oiivomon. «J.Pca ,^. ,„„ 
 
 .olunLte to the ooy or it. .ssi,u« all su-h hupro- ,.neu.« a.ul 
 ™ inventions. an<l shall give them full in orma .on as o the 
 ewt ...ode ..f workin, and ..sing the same, and shall fron. t.n.o to 
 
11!; 
 
 .'{80 
 
 A<iKKKMKNT8. 
 
 [ClIAl-. V. 
 
 f om 47. 
 
 Cumplction. 
 
 tiiiK' ill ilic iv.|ii.'.-.i mill o\|irii I tlio •hV i'M'iiii.' uikI <l> .ill ■<iir|i 
 
 (locii it.s am! thiii'T^ u* iiiii\ lie ifi|iil-.il<' for llif |nii|.os.. ol cimMiiiu 
 
 tlu' cov to i.liiiiiii UiiiiNh paHMil» lui -iidi iiiii.K.v.'m.'iit-' .iii.l liiillicr 
 iiiv.Milioiis. uikI >luill I'lHiii liiiH' \« liiiK' ami al all liiucH ,lmiM« tlic 
 Icniiof MMii.s tc. !«• ■■iiiii|iiin'il I'limi. .V.',. and uiilmiit iiiakiiitr iiii\ 
 
 1 liaiyv llu'H'ior. l'Im' iiH >'i' li advirr. cxi.laiialiuii. anil iiisinn limi to 
 Ihi' .liri'.li.r.s ami i.llicf ..lliii-i'. ami wi.i kiiifii of iIm- i'ov a<i iiia\ In' 
 
 ,„.,.,.,.,aiA I .il.li' iIh'Iii .•IfiMiiiallv to I'si'iviM" ami work »ii.li ii'i- 
 
 j.li.MMiuMili ami fmllH'r inxi'iilinii-' i(w))lv. ami ^llall lor 'inIi l>iiriio««". 
 at lli.M'\|K'ii-i'i>f tlii'iuv inopaivaml fiuiiidi tollii' io\ all ruMi— ;ii\ 
 |ilaii.'«. ilrauiiiirH. ami iiioilfl-' 
 
 Tills ,liiu«. r.-.|iiiic> "Niir ilikriil iiimliliriitiiai wlan loiriKii |iutfiit.< iirr -"li. 
 
 I. The imr<iia.sf >liall be ii.iiiplcliMl nil till' da.N of .iH.Ac, 
 
 when lli<> .■^d KUiii oi .t.tMIO/. ra>li -liall la' |"l to tlir MMidor.amI llio .-d 
 foiiml.T.- shan- .shall Im. alhtllfd a^ al><l. And ilu'ri-upuii. and from 
 tiuK- to linif. and at anv liiii.' afti-rwaid.-^. the vendor ...hall at tlm 
 oxi.t'iLso of the roy csi'dilo and do all .^mli a^^nram-.'- .ind iliiiif.- a> 
 ina.v r.'a.sonald.x la- iv(|Ui, ;'d 1>\ iIi.mov for lanvinir iIh' -ale into i'H.mi 
 und jrivin^' to ili" lov ilu ill li<'m>tii of the aLrircnil. 
 
 .••."riil.'.x^ l.ffor,. till' (lav of n.'\t ai Ica-l .^laif- in 
 
 the lo.vs rapital shall liavi' I a taken ii|> hv r.-poiisiMi' |..msoii.s. 
 
 oithor of the |iarti.'.s h a\ l.\ nolirc in «rilin<i: to iht' other resciml 
 
 llii.s aiireenit. ami >in h ivMi.ssion sh.dl not -ive ri<e to an\ ilaiiii for 
 oxpotiw."" or otherwise. 
 
 In \virNK.». vVc. 
 
 IIP^ 
 
 lii^ 
 
 .li/(/ .sc/l (■<//(/(■ riiithihliiiil iiitlllttll'irs tif ii(ilriil.s.\ 
 
 On a s;ili' hy tli.- pati'iitce of a (tatciitiHl artiilr a .laidition can Iw hn|«os(.d. 
 <■.;/., tliat tlu' artlclr >liall not i»- s»M miiliT .i spci-iHi-il pri.e, and a jiun luHci- 
 
 will not I).- ablr to as.' tin- article in i travrntioii of this condition. ltn,U,rhe 
 
 Ai.ili,) ,IH<I S,„l„ fahni; V. hi,;. tlttlMi, 1 C'li. (i0.j; .\<ili„i„,l l'hn„<,;n"l'l< v. 
 .l/r«./., (19111 .\. ('. 33ti I', f.). And sec ./,//,!, p. 424. 
 
 Sonictimcs ill.' coiniiany is unlv !.'ivcii an option, to !«• exorcised within a 
 liinilcd time after coniiiiunicatiiai. to ariiniie patents in respeit of ini|irove- 
 niciits and fnrtlier inventi.nis. so that if the cmiipaiiy doe- not eliMt to pro.-e.d 
 
 the vendor may liinisc'lf proc I; and the s.-oue plan is Miiintinies adopted as 
 
 rciranls forriirii patents. Oi.ca-ionally sperial |,riuision is made for olitaininj; 
 
 foreiffii patents and reali2ill^' the same hy sale, or otherwise, and dividinir the 
 
 •ds, whether eonsistinif of lasli, shiires, or otherwise, hetwecn the \eiidor 
 
 ;1. company, or for issuing to the vendor paid-up r-hare- in the company 
 
 , iv .1 t'l a certain proportion of such proceeds. 
 
 .times c panics are lironirht .mt with an excUisivi' licence or concession 
 
 (acipiiied for a lump sum in cash, shares, ,>r otherwise) t patented inven- 
 tions for all or »pocitied purposes within a limited district. Hut there was 
 prcat ditticulty in framiiiL' these concessions satisfactorily: for a patentinl 
 article duly made und sold .arried with it in,,,,,; l„<i. a licence to use the same 
 
K(»RM«. 
 
 ,,.,...r.li..u-ly ..nv ,« r..,.. .I- < " ■ '1 '" ' -; J, „^. ,.., „,..,. ,,.., l,y 
 
 „„ n.r..n* p)f.Mtu..lly '-y .I..- .n«r.,..n of . .w ..a..t > 
 
 ,„;,„ ,,i- ,,..„.„. r..r »ny p. ;""';,;,„,. ^,,„„„, ,„ .,„..,.., ,„ that 
 
 M.„, ,.. .■tr....H.lly a* .r .1..- ,mt.-nt *'-r.- "^''^ '^ > "^^^ , ,|,.„l„„.,l ... f..ilit...- 
 
 """.:r"Ti"7 : :t'ir: >" ..«, ..;'...■. « , ar.i,.i.. 
 
 :M1 
 
 <l Form 47. 
 
 sif'nii 
 
 •.)('. I>. 1H4: Wiillaci- mi.l iVilliiim- 
 
 .„,. for infrin^-mon... if - 'nt-n-Uxl. //.-/y- ";' ■ ♦^ ,,^ 
 
 - > III 'lUUa I a. .tlim I I I Hf I ll'l .I'll"'''' '■ 
 
 -.. 'I.«t - l- iun. puy».l.- "''',;"''•,,.,,, ,^„,.,,,, for val, an„..t 
 
 / rnl„rriH I'.itv UK iKjnmdrratioii t.ir a *•>'> ■ ^ ' " 
 
 ;!.;:•;::;;(;.. revok.,1 ..y ».... ^r..u>r u. ..y th,. «ra„.,.. ..f .- 
 
 ::s:':^".'t''^r:;;i:;:,r;r;:=.,;^-::r^. ,- 
 
 '^' '• . , ,.ntitl...l l.v a-sii:„>n..|.t and transmi«u.i. ..r ..ll..r 
 
 „ ..„t i;...„.-.., as to or ..t....rw,... .l..al wi... t.... .an..-, an.l o «,>.■ . ff. . I 
 
 ;: ,, f. any .-.-nsid.-rati,.,, f.,r su... a.»i.M.nu.n.. li.-.-n -r < ..aln.«, prov,d.d 
 
 rcMipt-. r.irany ...n „.,„.nf. d.-^iu'n. .>r trad.' marii may 1.0 
 
 that anv ».,|mt..- m r..^i....t of so. h pat. nr. . .,,.^,,. 
 
 ,.nror...d in like niann..r a- it .n r..sp.-. . ..r .„.y "tl.r p.r-,..» -r jr.... rt> . 
 
 - >; - ^-f^-t '■' "'^ '•:^r::i::::r" •:::;:;:.'"> -;:;-- 
 
 ««f!^^W!"!P 
 
 4." ^.. 
 
:i82 
 
 AGKKEMENTS. 
 
 [Chap. V. 
 
 M 
 
 m 
 
 Form 48. 
 
 Agreement to 
 trrunt licence 
 Ki company to 
 manufacture 
 li;ood<*for 
 lioennor. 
 
 Esoluwive 
 licence to 
 company. 
 
 ( (nly tran«fcr- 
 .iblc with 
 ^•OIl^ent 
 
 Citinpauy to 
 Mipjily itynili - 
 cute with 
 macliines. 
 
 Rt>i.'ulatiou 
 an to ordens. 
 
 Siijiplx . 
 
 I'ric 
 
 Nc« 
 
 nc.l 
 
 kindi' 
 
 '.les. 
 
 \X AGREPLMT nmde the - - day of , betwcDu The 
 
 Syndiruto. Limtd vhnftr called -tho Syndicate'), oi the one pt, and 
 The Coy, LLmKl (hniti called -the Coy"), of tho other part; 
 
 W'HERKliV 11 IS AIIRF.ED aS foUoWS: — 
 
 1. The Syiulicate shall grant to the cny an exclusive licence - 
 ,n To ii.anulactiire in tho Iniled Kin<rdoni lor u.so in tho 
 rnitod Kin-doni oloctricul machines, and to sell and let 
 „i, hire such machines for use in the Inite.l Kingdom, 
 an.l the juachines nuinula. tured under Muh licence arc 
 Jmftr referred to a.s -the licensed machines." 
 , •) , F<,. tho puri)oses afsd hut no further to CNerciso tho rights 
 vested in tho syndicate or its trees under the patents 
 specified in the s, licdulo hlu. 
 ■2 The sd e.xclusive licence is n..t to l)c transferred without the cou- 
 M-nt of the svndicaK- under its common seal, and if at tmy time the 
 , oy shall cea«> to carry on its business tho sd licence shall determine. 
 ';; The deed -rantiui. tlie sd licence js to confer on tho syndicate 
 Ihe ri-lil from time to time during the continuance of such licence to 
 order and obtain from tho coy electri<:al machines of any kind from 
 lime to time manufactn.vd by tho coy, wlielher under the sd licence 
 ur under anv other licence or otherwise, but upon the footing that 
 the goods sJ ordered shall only bo for use by the syndicate for tho 
 purposes of its own manufacturing business. 
 
 4. Every order under the last prec^-ditig clause shall bo in writing 
 and shall state spccitically 
 
 ,a) The number and .liaracter of tho machines and apparatus 
 
 ordered. 
 ,bi Tho time when they are re<iuired to bo deliverod. 
 ,c) Whether the svndicate desires to purchase or hire the same. 
 ul) Whether the same are to be used in tho business of the syndi- 
 cate in tho United Kingdom or abroad, and in the latter 
 case in what country. 
 .-, With all reasonable despatch after any such order the coy shall 
 ..omply with tho same, and shall deliver tho goods ordered to the 
 syndiJato at the works ,,f tho coy in London when such goods are 
 ready for delivery. 
 
 ti," Whore goods are ordered as atsd tho price is to bo a sum equal 
 to the shoi.-cost tliof. with an addition thereto of not more than one- 
 half the dilVerence b.-tween such sho,)-cost and tho price charged by 
 the coy for similar goods to its most favoured customer (other than 
 the syndicate I in the United Kingdom, 
 f 7 Whenever tho cov accpiires a new kind of machine or a material 
 pall thereof, or any invention in relation to cigarotte-makiig 
 
FOKM8. 
 
 AM 
 
 ,„..hi..en, .he .oy shall foHhwhh ..v. .o ,hc svn,li. a,o full iufor- Form 48. 
 
 ;,„• .i„.od .1.0 .-V shall l.c at liberly .,. ,ako ,.r..,..o,l.n,- m ,h.> na.uo 
 ' ; iica.o for restraiuin. .he n.n.inuan.e ..f such ".•r."se,u.uj 
 
 n.l .he ...V shall have full .o.ulu.. of su.h ,.,o,-..Kl.njj.., an, n a> a 
 ; : , :l.ion ,rosecu.e. .o.apou.ul, dis...,utiuue. aban ,-n. nv ,1.m1 .. h 
 ,„. .a.uo, an,l shall l-e cutld .o all .lan.ai.^es ol..a.u...l ,n n |,o, ,iK. 
 ' , In ,,s.. be eu.ld m the na.ne of .he svndica.e .o ,ake al such 
 "Ldings as may seo.u expedieu, .o ,h. -oy. ...h a v.ew .., eu- 
 ?;.;.,, any undcrU.king or InjunHion .h.. n.ay he ob.a.nod .. ho 
 " rs,. of such proc.>edings, and for obtaining .ho coumu.tal oi ay 
 J,>ons for .on...up. in resinnt of any broach o anv such und«- 
 Uin.' or injunc.iou. Nevertheless ,he coy shall at all tMne. Loop 
 \l s;„dica.i inden.niiied agains, .11 expens.. and ou.gon.gs oc«j- 
 ioned bv anv such proceedings, and on .he other hand .he svndna 
 :i,ll exi-cn.e and do all such things us ,hc coy n,av rcasor.ablv 
 rcouire for facilitating such proceedings. 
 
 Proper accoun.« for the purposes hof shall be kept l,y .he o<^ Accu,,.. 
 showing .he lowest pri.^'s from time .o .inu> chargc.l by .t and 
 ,vndica.e shall have the option from ti.ne to twu,- ol testing th. 
 ,,,,„,,„., of such accounts by employing an in.iepcndcnt auditor 
 or auditors to oxaraiue the books of the coy. or by calling tor a 
 stamtorv .ledaration by .ho sec..,tary of the cov veniymg t he pnco 
 .ot forth in such ac-ount, and in the former case the coy shall g.v 
 Mich auai...r or auditors all reasonable facilities for making such 
 examination, and in the latter ...se shall procure its .e.relary to 
 make such declaration. , , ,, ■. 
 
 ,n. The <.onsou for the sd licence to be granted pursuant to c . 1 C.-'^-- 
 
 l,„f is to be a sum of 1! , ^^•hich sum is .,. bo .satisfied by .ho allot- 
 
 n.ont .o the svndicate of ^ fully paid up shares ol 1/. each in the 
 
 cai.ital of .he <oy, which shares are to be nurabere.l - - to 
 
 inclusive. « i , t 
 
 1 1 The syndicate is, .luring .he continuamt, of the li-enco alsj, to •^5-"-;;„„; 
 keep the ,ni.en..s speciiied in the s-hedule hto ...i foot, and is to pay „„ f„„t. 
 ail fees an.l sums re.piisite for such purposes, and is al its own 
 expense to apply for and obtain all possible prolongations and 
 .,>xlensions .hof. 
 
 |.. The licence afsd is to continue during all .he residue unexpired I-rao..,. 
 of the terms of vears granted or conferred by the patents specihed 
 in the schedule h.o, and during all p.olonga.n.ns and extensions of 
 the same terms. 
 
 Ill The .<1 licen.t.. shall be by dee.l. and it shall be .-oinplctcd on (^un,,,lct.o„. 
 
 (he — .lay of ^^ . at the offi«-s of Messvs, . of - -. when .he 
 
 and at the sam.- timu 
 
 same s 
 
 ihall iic executed and delivered to .he 
 
384 
 
 AGKEKMKNTS. 
 
 [Chap. V. 
 
 t! 
 
 Form 48. tl'C cov shall oxoculo a ((luiitfMimi'l tliof and deliver tlin same to tlie 
 syndicate iiiid allnl the sd shares. 
 
 Ix WITNKSS. lie. 
 
 S( IIKDI I.K 
 
 I'iDili iiliiis of Pdtciilx.'] 
 
 Form 49. 
 
 Parties. 
 
 AifTt'emcut 
 for sale. 
 
 Inspection. 
 
 Title. 
 
 (Jongident- 
 titm . 
 
 Completion. 
 
 TrauntniHsion 
 
 J if r-"rtififat.pa 
 
 and deben- 
 ture.". 
 
 A(iRF.i;Mi:\T /wSai.k to ('omivwy nf FouKir.s Minks. 
 
 AN .VUREEMT made the <lav of , between A., of 
 
 in the Slate of - i 
 of the one pt, and the 
 
 ifir railed the vendorl. bv B.. lii.s attornev. 
 
 V. 
 
 ilhi 
 
 t: W 
 
 HEIIKUV IT IS .\(.K1'.KI 
 
 Liintd (hnftr ealled (he (oy), of (he 
 ) as follows: 
 
 1. Tiie vendoi- .shall sell, and the coy shall iimchax'. the mines, 
 milling- liylits. mills, stamps, orehon.ses. plant, mach'iierv jdant. 
 sdnk, oie, and other pply and rijihts s peril led in the (list sihedule 
 hto, and hnftr called the sdiediiled premises. 
 
 [2 The eoy .shall, with all reasonable despatch, direct 'A'., or .some 
 otlier competent person, to inspetl and report ii|)on the value of the 
 
 sche<luled pivmises, and iinl 
 
 report of such person ishall bo 
 
 de<'med salisfactorv bv the cov. the cov shall be at liberty, by notice in 
 
 writinii' to the sd H.. lo r( 
 
 ,d Ihi 
 
 atireemt . 
 
 givei 
 
 bef 
 
 jvided .such notice l)e 
 
 ore the - 
 
 da 
 
 >f 
 
 .3. The vendor .shall make out to the .satisfaction of the cov u 
 
 tide to the scheduled 
 
 ac<-or<liii<;' to the 
 
 lav 
 
 goi 
 
 .d 
 
 in force in the 
 
 sd Slate, free from all iucumbranees. except any royalties inipo.sed by 
 
 the Mil 
 
 ( iide of tlie sd State 
 
 4. The consoii for the sd sale shall be l()(),Ooi)/., whereof 20,000/. 
 shall be pd in cash, and the balanc*' shall l»e .satislied by the issue to 
 the \eii<lor or hi.s nominees of debentures for seciniiifr .'{0.000/., and 
 
 ."),0oil 10/. shares of the coy. to be miinbored — to inclu.sive, 
 
 and to b(^ consi<lered for all i)iirp()ses as fully pd up. 
 
 o. Tlie sale shall be completed at I, . in the sd State, on the 
 
 day of - , when the vendor shall duly transfer the scheduled 
 premises to the coy or its nominee^, and the certificates of title to 
 till' .sd ."(,000 share-, and the sd debentures, ^hall be handed over lo 
 tiie vendor 
 
 fi. The my .shall, before the lime foi completion, execute the sd 
 ceili(icute> ai..i ilobeiiluie-. and tran.-iiiil the .-ame (o L.. there lo be 
 ready for issue at the time for compl'lioii. Kadi of iIk' sd certificates 
 shall compii^' share-, and the sd (h'benliiros shall be in the form 
 
 set forth in the second schedule hlo. 
 
K0RM8. 
 
 .'i«r» 
 
 Anent. 
 
 7. Tlie coy shall also appoint some pei-won in L. to bo its attorney Form 49. 
 or ayiuit, with full powers in relation to the completion of the sale, 
 
 and t^Iiuil notify such appointinont to the vendor not Iot<8 tlian 
 
 <lii.\.- before the time for completion. The coy sliull couso 8ucU 
 attorney or agent to transmit to it telegraphic information of the 
 (•omiiletion of the sd traasfor. 
 
 H. Xot lews than days befow the time for completion tlie coy Deposit. 
 
 siiull pay the ed t^um of 20,000i. cash to J. A D. upon ti-u-^t to platw 
 
 I he .same on depo.sit in tlioir joint names at tlie Dank, in the City 
 
 of London, and to keep the same tlicre depo.^iled until they shall be 
 satisfied that the sclioduletl premises have been <luly transferred in 
 accordance wit') 'ause 5 hof, and tlieroupon to withdraw the sd 
 
 deposit and any interest, and pay thos:nn(^ *o , the vendor's agent 
 
 in London, or as he shall direct. If •eomt .shall be wscindcil 
 
 iiiider clauses 2 or 11 hof, the sd dep. i-. ■ interest shall be forth- 
 witli withdrawn and pd over to the ct, 
 
 !• l'<jf..-i('ssion of the sclieduled premise*^ .>*Iiall be given to the coy at Pw^wic 
 \\\<' tihio for completion, an<l the vendor shall in the meantime kenp 
 llu' .>ame in good repair and condition, and shall work the mines and 
 mill.- in as full and eilectual manner as the .same have liitherto been 
 
 worked. As from the <lay of the vendor shall Iw <leemed to 
 
 liave lio<'ii carrying on the suid mines and mills for the benefit of the 
 coy; and he shall account to the coy for all Tuonoys and other benefits 
 rci-eivcd. and shall be indemnified In tli<' coy against all expenses 
 whilst so currying on the same. 
 
 10. The vendor shall pay all the costs of and incidental to the pi - 
 paralion and execution of this agreemt, and of the memdum and art 
 of a.vM,n of the coy, and of the registration thof. and of all .-tamps, "P*™** 
 fees, and legal exiwnses incident to the fonnation of the <oy, and 
 generally f)f all preliminary expenses whatever incurred in i elation 
 to the coy up to the ineoriwrution thof; and if the result of the 
 in.-i;c, lion to be ma<le pursuant to clause 2 hof shall be unsatisfactory 
 to the coy. <,r ir the vendor shall fail to show a good title to the sd 
 premises, the vendor shall also pay tlie costs, charges, and expenses 
 incurred by the coy in relation to such inspection, but so that such 
 last-niontioiied costs, charges, and ex|HMi«ex shiilj not exc(^ed £ 
 
 11. Form ai, clause 14.] 
 
 12. Imu' the purposes of this agreemt any notice may be given to Notk 
 the vendor by le.uing the same for him at ijie Hank in L , or (at 
 the option of the coy^ by leaving the -uino at No. . Street, in 
 the City of London: and any notice so kdi shall bo deemed to have 
 reached the vendor at the expirulion of forlv-eight hours after it is so 
 left. 
 
 Is wn.vKss, &c. 
 
 [Add iiohedules~{\) contabiiiHi ;uil„iihrs „f mini's, tfr., ami (2) 
 f'lnii of debenture. ] 
 
 Vendor to ji«v 
 preliminary 
 
 ReflciiisioTr 
 
 iClt*. 
 
 C C 
 
3S6 
 
 AGREEMENTS. 
 
 [Chap. V. 
 
 1:1 
 
 \'n 
 
 Form 50. 
 
 Option to buy 
 < tiii''t'ssiori. 
 
 Opt it m. 
 
 Wlit'n to !►• 
 
 lion. 
 
 * '"impany. 
 
 <'.inditi»DF. 
 
 Onapktiaa. 
 
 .\N .\tiHKK.MT lua.lo llio <liiv ..i , 18!».-., Ixjlwcon the 
 
 Svndicut*', l-iint<l ^I'l'tr calltMl Mho Syiulioate • ). of the oiio |.t, 
 
 and X., ..f . ami 15., of U"ifti' "i"''<l " ""' puiThti.sov.s ' j, i.l 
 
 tho othor |it. WiiKKKiiv it is .ViKKEDJiw lolh)Ws: — 
 
 I . Tli<> imnhasois or llioir iiwion^ shall have the option of (mi- 
 (■liiu<in<r tho eoncosriioii, a tmiislatioii whoreof is set forth in ilic 
 s<h('<lu'l<' lit... and all t!i:' iiitoi,-i- "I tho sviKlicato theroiu. 
 
 'J. Tiio «! option .shall I..- .•.soivisvablo oitlier by Uic purcluiSL'i- oi 
 their assifjns. by notice in writing- to the .syndicate ut any lime wiiliiu 
 throo ealendar months from the date hof, and if the purchasers or 
 tlioir asaigUB shall exercise the sd option the syndicate shall sell, and 
 the purchasers or tlieir assio-ns shall purchase, the sd premises on the 
 terni.s hnftr expre.ssed: and if the sd option is exerci.sod by I lie 
 UMisigns of the purchasers, then and in such case the pur(ha.ser.s shall 
 not be in any way liable hereunder. 
 
 ;<. The conson for the sd sale shall be the sum of .")(l,(»)0/. 
 1. Should the purchasers or their a.s«ip;ns exercise the .sd oi)lioii. the 
 syn<licate will, if required by the purchasers or their iussio-ns, accept 
 ptl-up shares in a coy (hnftr called "the new coy "), formino: 20 p.i . 
 of its capital, and not by less than .)0,000/.. in .satisfaction of the sd 
 sum of ,')0.()00i., ])rovided— 
 
 I a) That the now coy is re<jistered under the Cos Acts. IStSL' to 
 
 1890, as a coy limtd by shares 
 ( b) That the rej^isten'd cajiital of the coy does not exceed 2.>0,000/. 
 (cl That the now coy has a workinp; capital of .)0.000/. 
 ((\) That the jjurchasers shall have exercised the option fjivon them 
 by clau.se 1 of this afrrcenit, ami shall have resold the coii- 
 ces.sion to the new coy, or in the alternative that the new 
 coy, as the assiffus of the purchaM>rs, shall have exorcised 
 the sd option. 
 
 .">. Until the time for comidetion hnftr mentd. or up to tho expira- 
 tion of the sd period of three calendar months, in ciiso the sd option 
 shall have been i)reviously exercised, the syndicate shall comply with 
 all the terms of tho sd concession, and keep the same from beconiint; 
 forfeited or void. 
 
 (i. If the purchasers or their assi-rns should exercise the sd option. 
 the purcha.se shall be complelerl with all convenient simed Ihoreaflcr. 
 and before the - - day of — , 189ti, when po.s,session of the land 
 comprised in the sd concession shall be f;iven to tho i)urcha.sers or 
 their lussiirns, as the case may bo. and tho syndicate shall execute anil 
 do all a.ssurances and things for vesting the sd concession and all it« 
 interests therein in the purchasers or their assigns, and thereupon 
 he 8(1 (onson shall bo pd or satisfied, and |)Os.session shall, as soon as 
 <onveiiiently may be, bo given to the pu.-cha.sers or thoir assigns. 
 
FOKMS. 
 
 SW7 
 
 
 7 S)n)iilil lilt' »<1 option bo oxei'L'i.sod, the iiiii<'lia>oi> or ihoir Form SO. 
 ii.-.sifrii- kIiuII. Iiofoie ihi; time linljefore (i.\o<l for i'oiii|iletioii. appoint , . 
 .some nunpctoiit assent in East Africa, or send out mirli person there, 
 to exatiiiiie and report on the title of tlic wl CfluccsNion, nnd to certify 
 ilic transfer thereof; and a telejiruin from mich ap-eiit. Ntatiiitr tliat tlio 
 title if .-alisfactory and tiiat tlie transfer in com))lete. ^hnll lie snHicienl 
 evident'*) of the factfi. 
 
 ,S. The lon.son lor the .mI option shall he the .-.iiin of .'>intl. cash, to raymont. 
 Ill' pd hv the piircha.M-r.^ immediately on the e\erinion hof. and the 
 -li -Krii ~iiall he letaineil liy the syndicate whelhei- the >d option t-hall 
 ■II .-lull! iKil he exeniseii. and shall not in any ciise he treated as pd 
 iri accMiiiil oi the .--d purchase conson. 
 
 ;•. Should ilie mI anient not report as to the title to the sd concession Title. 
 
 lo the .-ailstiii tion of the purchasers or their assijrns liefoie tlie 
 
 (hi\ ol . I'.td , the piircha-sers or their as.siirn- may, at any time 
 
 ilierciiftei liefore the completion of the .sd purchase, liy notice in 
 "riliny to the .syiidirale, annul the .sale; an<l if thcMl purchase eonson 
 .^iiall not lie pd or .--atisfied at the time and in the manner afsd, then 
 :ilid in any such c:us(^ the syndicate may ut any time afterwards, liy 
 notice in writinj;- to the purcha.sers or the new coy, a^ the cii.se may 
 lecpiire, annul the .sale. 
 
 10. If the sale is anmdled under clau-^e i) hot In the ]iuiclia.ser» Rcpaymint. 
 or their assigns, the syndicate shall repay to the purihasers the wl 
 
 sum of M)Ul.; hut if such annulment is made hy the syndicato, 
 neither party shall have any claim against the other for oxpoiiscs, 
 damages, or othor\vi.so. 
 
 11. .•K notice hereunder may be served on each of the purchasers Notice, 
 liy bending the same through the post, uddre.ssed to him at his 
 address above mentd, and shall be deemed to be serveil at the expira- 
 tion of tv.cnty-foiir hours after the same is posted in Loudon. 
 
 I.V WITNESS, &{\ 
 
 Tin; S( iiKDi i,K AiiovK rkfukrkd to lop!/ I oiishiliuii of conccsiiioii]. 
 
 .\<.ni;i mi;nt /w .s.vle of 8uir to 8i\<;i.k Sim- CoMr.^.VY. 
 
 Form 51. 
 
 Purtio.s: A., B.. and (J., "the vendors'' (,1), and "the com- Purtien. 
 pany '' i2). 
 
 I The vendors shall sell, and the coy shall purchase, the steanishi|> 8h1i'. 
 t-|ieciliod in the .schedule hto, together with till Uie gear, stores, and 
 other elfects. nnd the benefit of all contracts nnd engagements therein 
 na'iitd 
 
 rc2 
 
i'll 
 
 :«8 
 
 Form 51. 
 
 ConHidprii- 
 tion. 
 
 Completion. 
 
 AORRKMENTf*. 
 
 [( 'H.\P. V. 
 
 2 The con«oii for the s.l sale shall 1)0 .12.000/,. which shall ho 
 8ati.>*fie<l as to W.mwl. bv oroditina- a.^ l>ai(l up tho eight «hiiro.s which 
 by the .ov'h moiiKl.n of a.sson, the »iib.soriber.s thereto ( inoludinp tho 
 vendors) have ncfreod to take up: and as to the balance (2<J,0()(i? > 
 by the allotment U> the vendors, in the proportion specified m tho 
 second schedule hto. of the re.uaininp: fifry-six shnres in tho cov s 
 onpital: .xuch share^^ to he .loomed f..r all piiri)0>.e.« tully pd. 
 
 S,.metii.ics the vendors smi tlieir friemls »iib,.oribo the momora-..lnm f,.i all 
 the share!). 
 
 .■5. The i.iuvha.se shall be < onii.letcd on the day of . and 
 
 thereupon the vendor.-^ shall transfer tho sd steam-ship and premises 
 to the coy, free from incumbrancos. 
 
 No duty is pavablc on the r«.l.'. transfer, or otiicr disposition of any ship oi 
 vessel, or int<-rest or property therein. Sec Schedulo to Stamp .\et, 1891 . 
 
 4. See Form 31. cUikxc lf>.i 
 
 I.V WITNESS, itc. 
 
 [Srheduh'-s-^ I I tllrm,, iH,r(>rMU,r.-< of shif. rfr, ; r2) shou-i„f, hn„- 
 shares to he apportioned.'] 
 
 Sometimes the a^retMnent for sale provides for the appointment of some of 
 the vendors as nianaRors at spe.'ified remuneration; but it seems better not to 
 disclose this in an afrrecment which mu.^t he filed. As to sale of ship at instan.c 
 of share-owner where majority sell to a .ompnny. «ee Hr Urre^mrrf. (IBMi 
 P. 284. 
 
 Form 62. AN AOKEEMT made the day of . 1901, betweou A. H. 
 
 Satisfaction of of , the vendor, of the one pt, and the - - ('oy, Limtd vhnftr 
 
 part of price called " the coy '' ). of the other pt, supplemental to a contract (hnlti 
 in paid-up , , nnal contract"-), dated the day of , and mad 
 
 Himres 
 
 called "the ppal contract "-», dated the day of , and made 
 
 between tho same parlies: Wiif.rkiiy it is agreed as follows: — 
 
 1, The sum of £ . i)t of the cash portion of tlie price payable 
 by tho cov under clause 2 of the ppal coutract, shall be satisfied by 
 
 the allotment to the vendor of fully pd-up shares iu the coy of 
 
 £ each, numbc. — to - inclusive. 
 
 2. The ppal con . . i .shall bo varied accordingly. 
 
 ;i. This agreemi is conditional on the same being approved by the 
 statutory mooting nf the coy now about tn be held. 
 
 As WITNESS. &c. 
 
 When it l,e.<.mes nei.ssary to vary a contru.t referred to in the prospcitu- 
 suoh variation re-piires the approval of the statutory mee.injt. See sect, 8.1 ■>! 
 the Act of 1908, Kiiprn, p, :J'24, 
 
F'OKMS. 
 
 im 
 
 Ar.RlKMKNT as to ISSIE of V\W-IV SlIAKKS lo Vr.NDORS 
 NOMIMKS. 
 
 Form 53. 
 
 Ihmuo of puiil 
 up 4iiireK til 
 vi'iidiir's 
 noniinoeo. 
 
 Parties. 
 
 VN MIKKEMT nmdf the .lav oi , I'J'H, l.<•l^voou .V. B., 
 
 ,, ' ,liiittr .uUoJ 'the voudui- J, of Uio Urst p), iiml the — - 
 ,0N l.iml.l 1 hnltr calk-l - the ...v ' i. of the .so.ond imrt, and C. I)., 
 „,■ -- ,.f Iho third pi. Wmukk.s by a.i a-mMul .liidtr .•aUf< 
 ■,!,.. ,„i.|iininarv .outract '), datcu th.' — day of -, 10-, and 
 ,„a,l.. hclweon Iho vou.lor, .,f tl.c ...;o pt, and tl.o r..y, ol tl.o other 
 ,„ ,,,.,vi.-i..n «a.s made for the .ale to the .oy of cerlain ppty, and 
 ni'of the cousou for the sd sale wa« to be the ullot.uent to the vendor 
 
 o, hi,, nominee, of fuUy pd-up .hare, in the .oy ol 1/. each, 
 
 u,.n.l..-red - to ^ imln.sivo. And wherkas the vendor .lesiren to 
 Invo divor.s of the .sd .hares alh.ttcd to the s.l C I), a., his nonuneo, 
 a„,l 10 pla.e the eov in a po.sition t.. tile a contr..,! eon.st.tuting tiio 
 title of siuh r-ilottees to .uch .shares. Xow iiikkkiohk m is .x.;kk!;u 
 a* follows:— 
 
 I Tiie .oy .shall a« and when tlie lime for the alioln.ent of liio etd Allotment 
 shnre.> -hair arrive or shall forthwith] allot the sd - *s such 
 nominee fully pd-up shares, pt of the sd - ~ «haros. 
 
 ■2. The .S.1 shares shall be uumbere.l - - to - - itulnsive. Numbers. 
 
 I\ \V I IN ESS, &0. 
 
 \\l,..r.- shares arc to Ik- ullottcl to tho veiulor's .u.i.um.h., it appears to I.e 
 
 ,le-ital,le to make and tile a suppl ntal eontraet as al,o^e eousftntmK H.e 
 
 ,i,le ,„ allotn.e„t of the „o,nM.e.-s; for seet. 88 of the ,\et of I'MW re.pures 
 that i„ the ease of shares allottel in whole or in part for a ,.„ns,<leration other 
 than eash a .ontraet In writing •• eonstitntin^ the title of the allottee to s„eh 
 allot.aent " shall he filed, and impo>o< heavy pecuniary penalties ,.n the d.pvt<,rs 
 and ntKeialH for non-eomplianee. See «»;o", pp. (U t>(i. 
 
 It is oiKM. to arninient that the principal e.n.traet d.K's not • eonst.tnt.- 
 
 the title „f the nonunee to sue), ullotn.ent " ; his title a,.pears to I on- 
 
 stitut.'.l hv the eontra.t plus the nomination: yet the section says, " eon- 
 stitatin^' the title of the allottee to the aUotment," not constituting' wholly 
 nr in part the title of the I'Mottee to the allotment. No .loul.t, where the 
 se.tinn says "a contract," .l.at would cover several successive contrac s, 
 SB fnr example, where the sale is for so many paid-up shares to be 
 allotted to the vendor or his nominees, and afterwards, for valuable considera- 
 tion, the vendor eontraets to sell some of these shares, and to nominate the 
 pnrcha.-ers. The second eontraet would be a contract under which the title of 
 the allottee to the allotment wa.s constituted. So, too, where in th.> original 
 .ontraet the nominee is a .■e>t,n ./'"■ ''"»' °f *'"' ^■'''"••"•' '""^ '"*" «''<^''^f"'''' "" 
 etiuitable rigbt to the allotment under the eontra.t, tliat would be sufficu-nt to 
 constitute his title. The expression " a contract in writing " does not import 
 that the writing must besigiKHl by the vendor and the c.,ii.paiiy and the allottee, 
 but it must be a .ontraet eon«titutin« the title of the .lUottee to su.'h allotment. 
 .Vicrdiiigly. where there are several nominees, it is a common pruitiee to make 
 a su|ipleiiieutal contract between the parties to the original contract and »omo 
 person purporting to act as trustee for and on behalf of the proposed allottees, 
 
! £ 
 
 »90 
 
 Form 53. 
 
 AOKKEMKNIS. 
 
 rc;HAi>. V. 
 
 and then tn |.ri.\lilr thirclii for iillciimcnt tn tlicni acciiiiliiiifly. In ii»y riino. it 
 
 Kccnia far l><>tlor ti. |)rc<luil<' iiny i|iii»tii>ii on tlir ■Mitiiiii fl I" li'iiv"' tlis 
 
 directors oprn tn tlii' ri«k of penaUic-i aciruiiijr. 
 
 Sonii'linii-. iin allotment in niiiili- to ii iionii witliout filinit any i tim t 
 
 ronstitutinn lii« titif to «uili allotrnint. and the i|uestion aii«i'< wlietlirr. after 
 ullotniehl. it i" |M)i«il)le to make a rmitraet " eonstitutiiiK " the titl.> of the 
 allottee to »iieh allotment. It \* diffienlt to »ce how this ean bo done. No 
 diiulit « eontraet imrportin^' to .-onHrni or ratify the ajrropmont niiiili lie made 
 and tiled. I.nt aniens the aM.itment was in some -elite irre).'nlar or voidalple. it 
 seeniH diffienlt to hohl that «mh a eontraet '■ I'onstitntes " the title. Thn 
 allottee ai nominee of the vendor nniy have a perfeetly sfiMxl title to the nharen 
 as paiil-u|i -hares. I>ut i>enalties may nevertheless Xw rnnnintr. It niiiiht, lio« - 
 ever, he |iossil.lo to olitaiii an order from the Conrt extendini; the tinn> for 
 tiling the recinisite eontrait (^e,' the proviso to suh-seet. (3. of sect. SS). I'or 
 this pnrposo it would only he neee-sary to show that thn>n(rh inadvertinee no 
 eontraet (■onstitntin^' the title of the allotted hod heen mach- or tiled, and th" 
 order having' heen ohtaincl. tlic> i|nestion wonid arise what ahoid the previoas 
 allotmiMit; that wonId not he invalidat.Hl. and the order merely extends thi' time 
 
 for tiling', anil does not exti'nd tla' time for makiiiL' tl ntraet. so that the 
 
 trround is not icmipletely eleareil. 
 
 Another plan is to proieed under suh-seet. (i: of seet. S,S of th.> Aet to Hie 
 partieulars of a eontraet which was not redHee<l to wriliiiK- l>nt this lias to lie 
 done within the montli. Thus the makintr of a c.uitrai t with the ninninees of a 
 
 trustee for them at the proper time, that is hefore allotment, is th y 
 
 satisfai-torv course. 
 
 Form 54. Agkeement h, Isst i. Paii.-i i- SirvKi.s in SAHsiArxioN »i Dtm 
 
 mi, 1)11 Company. 
 
 AN AGREEMT inade the - du.v of , bciwwii tlio A. M. B. 
 Coy, Liiutd (linftr culled tiic A. Coy i. of the one pt. and the C. U. 
 and E. Coy, Liiiitd (huftr called the C. Coy i. of tiie other pt. 
 liccitals. WiiERKAs l)y an agroomoiit, dated the -- day of . and made 
 
 hctweeu the C. Coy. of tlie oiio pt. and the A. Coy. of *hf other 
 pt (boiuK the a<rrecnit No. 1 lefevied to in the intioduftion to the 
 arts of asson of the A. Coy i. t',e A. Coy afrreed to pay the C. Coy 
 for the works and matters uii< ortaken l.y the C, Coy in connection 
 with niakinsr and coi)strn<tin<i- a dock at the sum of 22:>,000/.. 
 
 whereof the sum of 7.-.,0i)(l/, is payable by instalments in manner 
 therein mentd: Anp \vuf.kk\s an instalment of 10,000?.. jmrt of 
 the sd last-mentd sum, will become payable to the C. Coy on the 
 — - day of next : 
 
 Now IT IS IIIIV ACKKKII Us I'olloWs; 
 
 The A, Com- 1 . The A. Coy siiall. on or before the - day of next, allot 
 
 panr to allot , ,|,p (- (-^y j",|(K) shares of 10?. each in the A. Coy. which share- 
 1 .(Mill shares ; 
 
 Lk^ 
 
KORMH. 
 
 shall be .loomed, for all purpose.. 1« U^ fullv p-l ui'. an-l slmll l.o 
 
 891 
 
 Form 54 
 
 ,.,.,! ill tho liookH of the A Coy Willi the ihmuIh.i 
 
 to - 
 
 " ;•■'■" •" '■"■ ■'""•^^ " ' '• ■ t^t^Tuf. 
 
 "".!" -nl^f. Cov shall a.i.p. the sai.l .hare, in lull ...iKfa.lion ai.-l .u.ip>^^^ 
 ,i;"|,„.r,. „| the s<l iiistaluieiit of 10.000/. and ol all rlaim. and ,h„ fi. Com 
 
 ' '" ,, , pany inntcnil 
 
 (Iimii.iikW in lesiH'it tliot. of c»»h. 
 
 |\ WITNKS;.. &c. 
 
 V, ,1,.. i„s,..l nt i» n„t prc.,.ntly p«y..l.l.., this a.-r.p.nont ro,i"i"M to l,o HI,.! 
 
 ,„„1,.,. „M.t. S8 .,f tl... \.t of 1«08. If til.. i,.sluln...nt woro pr.-«M,.l.v pajaM 
 
 :::'.a„s«...i..n w,,..,.. «.. ..» »„ » pay nt for ti.o -"»"•;■"'- 'm ':;::! 
 
 ,„„ :,„ m.,.,.,«ary to «!.■ tl..- ug'oomont. N/-"--.'/ '.-. I- H- « ' '• "" . '. 
 
 «,„ll I... ,.r,.<lir„, to m- it for ti..- iMMictit of trun.f..r.H.,. wh.. ..M tlu-r.-l-j 
 1,.. p ....rva.ioi. of ..1.1,-...- that th.- shar.-s «o,- in fa-t paid «p m .a.l. 
 s.,' „,," p. 71. Wh.-r.- paid-up »har.-. are to I,.- i...".-.l n. sat„fa.-....n of a 
 :,,.,„.,„;,ro'not yet duo, a -ontrart should ho «lo... •'"/'''•//"*'/»...-« • ^ 
 r,S7; A-<..''« <■""'■. 39 C. l»iv. 2.59. .\n.l seo tho not.v. on s.v-t. 8H ,.f th.- .\. t ..r 
 I'HIS. 'III',!', p. tl.t. 
 
 A„KKKMF.M />v SiBsrRiBKK /'* Mfmokamm m o/ .\sso.tvti..n ^. Fom 66. 
 sKLi. ftt>' Shark (*»(/ hoio In Thist. 
 
 V\ ACIREEMT nm.le the - - day of . kMueen A. H. of - , 
 .., Uic one pt. an.l the C. U. Coy, ..f - -^ (hnftr .alle.l ' the A.nencan 
 ..„v-., of the other pt. Where..s the N. C.y. Luutd (hnltr cal ed 
 ilK- English eov • i. was registered umler the Cos Acts. I8.i'.' to 1900, 
 i„ die nwnth ..f April, liiO."., And wi.kkkvs the saul .V. H. Mih- 
 «,ril.ed the meni.lun. of assoii of I lie English .-oy fo.' on- 10/. «hare. 
 Am. WHKI.KAS the sd A. B. is willing t.. s-^ll the s.l .share to the 
 Anii-riean toy. 
 
 Now TiinRi'i-' IKK. rr is hf.ukuv aokkki. as f..ll..ws. 
 1 The sd A B. shall .sell, and the Anieri.an ...y shall purrhaso, 
 tlu- ,d sh.. o in the English eoy subsLrihcd for by the s.l A B. i.s af.sd. 
 -. The .■o.ison for the sd .sale shall 1« the sum of lO.v. pai.l ..n the 
 ..xoi. hof, the .«.«ipt of which sun. the s.l A. B. hl.y a,kn..wl<>.lgcs. 
 
 ;i Until the s.l share shall have lieen transferred 1.. lli.> Anuun-au 
 ,..,v or its nominee as hnftr provided, the s.l A. B. shall .stuii.l 
 ,„;s.os.e<l thof in trust for the Ameri.an ...y. ai.-l shall from t.iue t- 
 
 Agreement 
 for Bale of 
 »harc and to 
 hold in truBt. 
 
 Recitals. 
 
 Sale of sliare. 
 Priee. 
 
 Veudor t<' 
 hold in tmi-l;- 
 
 linii' 
 
 e.\eriise all rights incident to the o\vii(-r>liip .> 
 ih manner as the American coy shall from time 
 
 )1 the sd share in 
 time direct, and 
 
 t.> 
 
 shall account to the coy for a 
 respect of the sd share. 
 
 ,11 divi.len.l- an.l .itlior sums payable in 
 
:i9t> 
 
 AUHKEMENTS. 
 
 [Chah. V. 
 
 : tl 
 
 I ill! 
 
 Form 55. 
 
 Fnrahswr to 
 indeBBify. 
 
 Si)fii«tnre of 
 'nufer. 
 
 Notiw. 
 
 I Tlio AiiHMii'uii I'l.v >lia!l indemnify tlio !*d A. IV, liii oxocutorx, 
 adininistmtriis und ii--sij{n« from and ajjuinNt nil lial)ilitiOM iucidtMit to 
 the lii>ldin<> of the wl share. 
 
 5. The Auierjcan coy '^hall I)© ut HIkjiIv at any time lo milhoiize 
 anv iieixon to «i^Mi in lh<> nanio and on Ifolialf of tiio M A.. \i a 
 tian-fcr of tlu' «l share to the American co_v, or to a nominee or 
 nominees of the American (oy. and the American coy may delogalo 
 the aiithonly lihy conforitMl to any person or persons as it may 
 from time to time think fit. 
 
 ti. Any notiie to the said .\ nay iio given by soiKlinjf the .same 
 
 tlirou^Hi tlic post addrcsso<l to liim at , and any notice ho given 
 
 shall he de«med to he served on the day following that on which it is 
 poMleil 
 
 In w itnkss, &(•. 
 
 It is a iiiisfiiisunci' fur a direi-tor to hold hU qualiHi-ation nharcs in tru.tt i'or 
 tliu iiriimnlir i)f the rumpany. T.o.i'lnn and S. »'. Coal V,i,., (1911) 1 t'li. '-Wt. 
 
 m 
 
 Porm 66. Agrekmem lo lake (^u.vlihc.\tion Shares »« Proposku 
 
 Company. 
 
 No. of Certificate . 
 
 Cos (Consolidation) Act, 1908. 
 
 I'ontraot t<. Contract by dii-ector.'* to take and pay for qualification shares in 
 
 take qualifica- ^ Limtd, to bo signed and liled pursuaut to sect. 72 (1) (2) of 
 
 ill a proponed the Cos ("ConsoHilatiou) Act, 1908. 
 
 company. Presented for filing by . 
 
 To the Registrar of Cos. 
 
 We, the undersigned, having consented to act as directors of 
 
 the , Limtd, do hby agree to take from the sd coy and \n\s 
 
 for the shares of each, being the number of shares pi-o- 
 
 seribe<i as the (|ualifiration for the olfioe of director of the sd coy :— 
 
 Siguattireii. 
 
 .\ddrc§a. 
 
 Dcscriptiou. 
 
 Dated . 
 
 Witueea to the above signatures 
 
■.\m 
 
 KOUMH. 
 
 „„. .i,„ ,1... K...i-trar " J-" .« " "l:,,.,. ,,«. „„, .ay with *ho.« th- 
 
 :::,t;:::';;;':::';;::l::;- ^.:--'-'- >- -''"-' ^-^^^ '-' '- """"■ 
 
 „„.,„ fr,.„„.,l «' al">v.-. _^,,_,^_^,., „i„, „„ „,.«Ut.ar. but it 
 ,„,„r,.,. tlM' .o"tr.i.t I- ni«'n to .i.i.-tM.i.. I'-r i .^^ ^j^^_ 
 
 ::;:!:::;;;1h wuS t':..« f«^ ...■■ .-, .-■^ - '-"- 
 
 , , I..., I iM'twLMMi A. ol . Form 86a. 
 
 \V VCUFKMT ma. <• the <m\ ot - , i i.i«u« " 
 
 AN Al.HM-.. ^^^^^ ^^ ^^^, |^^_|.^^_ ^^1,,^, ,.„,„ J,r„,,o^^Hl j.„„t^,,t with 
 
 '' "' '! ' '. IM ,v ..-..^UM' lor Itit'tov proposed to be truHtcc to takfl 
 
 - l„.ft,- im-ntd of the .tlior v' NVhkkkas it is proi-or^d ;' ,^ , 
 '.''■'r .! , . ist r Ic the Cos .(■ou>oli.l.i,iou, A.l, l'.M.«. a .oy .A»ny. 
 
 i, .j:;:;f'tho .a .o, ...vo r^. .....a.^ a..a have boon ^ovod^ 
 
 ,1,.. nartios hto, ami by the .aul arts the s.l AH., C- »ml /^^ « 
 „.'., a. ihe liist .lirectors, ami by M.rh art. .t .s . oolaro.l t i.it the 
 
 :;;::;i;i:„::;.„ ,, a .ii,o..tor ■,. «. b.. ,1,.. hoiai,.^ of .ha„.. m .h.. ooy 
 
 ol the iioiniiial vubio of i' 
 
 Now II.KHKfORK IT IS .X..KKKI. a.- folU>W«: 
 
 , Fach of th. i..o,.o.soa .lir...tois .hall take f.oui .he .oy and pay 
 ,, ,..!;':;;:.li,i.a.i.m .ha..^. af.1. ami the .,v .hall be at liberty ,o allot 
 ihc name to hhu. 
 
 .. „• ,l,e ,.„v shall not «ithiu - week, f.on, ,he .late hof lavome 
 .„;i.l to eomnu-nce bu-iuess. either of the proposed direeu.r. or the «d 
 M. may by u-.ti.e in wriliat. t.. the other partK>H hto .^.seind this 
 
 a^icenit. 
 
 ;; The s,! M. .-hall use his best u..doaN.m..> U< pio.u.e th.- a.l.-puon 
 
 hof by I he eoy. 
 As WITNKSS, &c. 
 
3M 
 
 A<iKI.KMKNI> 
 
 [ClI.VI-. V. 
 
 Form 66b. 
 
 A|(Te«mi'iit to 
 tiikc (lualiticH- 
 tiim unarcB by 
 ilircrtor not 
 H]ip<>int<tl liy 
 Brtii le» but 
 named iu 
 proH|»'rtll". 
 
 W ,\(iin;KMT made llu- 
 
 <luv of 
 
 Im>» » XHMl A . of 
 
 |{, ,,| . V. of , iiii.l I) of , of tlio Olio |)t, unci llw - 
 
 ( ..^ . Liiiild 1 hiifti- tiillwl • th« i-oy ';, of tlio other yt \Viik.kk\> tlw 
 wl A , I! , (' iiiul I). Imvf Im><'ii duly iipiHiiiitod l>y tho MulwiiilxTx |. 
 
 till' III) iikIiiiii of U.-'^OIl 
 
 if the lov to Ik- (liroctoiN Ihof Am> wiikhk\« 
 
 l.v ihi' iiit« of o.ssoii 111' lh»' coy Iho <)iuililiralioii <if a dii'cctor i- 
 .Iccliiml In !«• tlio hohliii-t of - »lmr<>s: Am. wiikkkas tli.< coy i- 
 
 itlioiii to i 11 iii-oniH'ctiis invitiiijr KuWriptioiiH lorptof i\* sharu-: 
 
 uliiin'- 
 
 Now I IIKKF.KlUl; II IS A(.KKKII a. 
 
 .. loll. 
 
 1 Ku.h of tlnMii tlu- »<l A.. H., ('. ami 1). Nhall tiikc from tlu< cv 
 mil \tn\ for hi^^ ((i 
 
 ilitii'uti 
 
 ■ oil Mliaie>* II 
 
 f-.l. 
 
 Tlu 
 
 tak 
 
 kIuiU uUoI tlw sil nhurcs wlioii and ^o ^ooii us tho sLuivs 
 the footiiiir of ciiwh paviuoul plus tho (<hurt>.s hliy miIi- 
 
 lii.h 
 
 on up on 
 >. liliod Hhnli tojxotlior uiiioiiiit to llio luiiiiiiiiiiii Kulv^criptioii on w 
 llio diroilors may procooil to allotmoiit. uiiil not lK>foro tiiat time 
 
 .1. Tho piop<jsod diivctors ^hull puy for their nd shares us t4i il 
 per nhuro on allotnionl. and as to tho lmhinc<' hy tho instalments 
 followin};, that is U< r-ay : 
 
 A. This aurooiiit is ])riivisional, uiid shall not ho lilndinp on tlio .<.v 
 unless and until tho cov shall ho onlld to oommcm'*' busiiiosK 
 
 As \\ ITNUSS. Scv 
 
 Tlii" ajtriH^mOMI iiiuhI be tilfd \«-i><rv tin- puliliiutioii of tli.' pi.^pw-tu-. (((.in. 
 punics Alt, 190H, k. 72) Such a lontract uliould wrtuinlv -.« niadu with thi- 
 .-.impany, and not nier.ly l>ot«fcn tin- dioMtor^. Ah to the appointment of 
 directors bv the siibseriber^ nf ttie niemoniiiiliiin. «e ■ |i. 717, i/i/i". 
 
 ¥ ' 
 
 •'1 
 
 Form 57 A(^rki.mi;ntom /«/«/// o/Ukdinvry SitAKKiioLi>i I's w» a C'omivny 
 
 - for Sali; f<> Anothkk Company of all thr Okdi.nahy Si.akis 
 
 in (in ExisTiNi: Company. 
 
 Partic". 
 Agreement 
 un behalf of 
 holders for 
 the sale of 
 ordinary 
 »harc» and 
 «mtrt»l of 
 eompany 
 Dcftnition <>f 
 owner. 
 
 AN AtiRF.KMT niado the day of . Ix'twceii .\ H. iV ( .. 
 
 „l hnflr callod -iho hnii ' i, on holialf ol' liiom.soU.- and all 
 
 tho ulhor .i\Mioi> ol' ordinaiN shares iu tho X Co . I.imtd. ihnfir 
 
 callod tho (oy " ). of tho ouo pi. and tho .1. i< . - ■:\\ ''<>■. l-imld . nl 
 (ho other pi: Wiii.kk.ii\ ii is m.hkkd as follov -: 
 
 I Throiiohoiil ihisuiiToemt ■ owner of shait- in iho.o. includes 
 liol onlv any owner who at the lime he ratili.'> is tlio rojrister.'<l 
 holder of any ordinary shares in the toy. luit any O'luitahle owner 
 who at the time ho ratifies is euiiilod to any ordinary shares in the 
 cov. and words importing the sinf^ular number -hall ho taken lo 
 
KOUMH. 
 
 WK 
 
 farm 57. 
 
 , , ,„ „„. ,.|ur..l. ...ul W<v v.,.i, an.l vv-nl' i.M|--i-. •'"' "-"-" 
 
 Ill.IlllU' '"< I'llirm. 1,1. iiiiiM.ll ilL li.'ptlilC. Ill- 
 
 ,„., ^:..mlv> in. I • '•"• -■""""»•• '""' «""•' ' """"- ' "^ 
 
 Ill" "'^ •■''"'" ' ■ , ' ... .,,,1, ^..ii.loi ..lilli"l<-'i>i'''"""""'^' 
 
 ■'rr;i*r: ;";■■- '-i.™-' ■ ..--—■ 
 
 I .\ll\ OUIK'I 
 
 the- tiiiii 
 
 ti.ifi fi> Ix- 
 
 - ; •*« 't*i:::;::":;ri. ,....,.■.. 
 
 ■■T'l'r'uT -.i^:; """^^-.y" , ,;;;:';;;::■ i:s=- 
 
 . .1 V .lull Imv.- nH.li.Ml iiikI .Ii'Hv'M-.mI hii. I. lalili.-ilinns ,„„ ,„ 
 
 ,., .ls.1. .lion .1.. ...• ^^^ ^^^^^ ^__^.^^^ .__ ^^,_.,.,,^, „. „„. ,i,,„ ,„„ 
 
 "tl.iU lliov .l.win. III.' ^.L'. • ^""1 
 
 wlin ^lliill C<..i.,..(»ioii. 
 
 nnW» iIk" |>mi hi|.">"- - 
 l;,l..r tliiiii tilt" "' 
 
 ,„v ni.iU.uliun.. ..I«t 1.. ivumi.. l.i l-r.-,. 
 
 ,„,;.. tlii.:. ,1,N a..- ,,...M..h.-,."n.i,a..a.,.l.ilou...-...,U 
 
 :^v';:::";::;:;i"::i'::;;;;;:s';;;::..:;;" ^ ; 
 
 :.:™.-...-M '■"'■■ "■■:;r™;;';.:;':;:::::::,i;.r;u: 
 
 ;i:t;"::;::;:;*:.°i::™--;--'^"'rr'':::''::; 
 -:;::-„-;:;;::;;;;;::l:::::.::;:, :;;:;:-:: -:;;;; 
 
 :,.1,1<.. .hall pay Mi.h in....... a..,„nlin.lv .„ .1 ..il<..' - •" "<" 
 
 firm on liis bohalf. ^i^,, ,|^^, Re,ig„uti.,n 
 
 firm no rcsnlv" .„ u- .h.-ir l-o^. .'mloavour. u, ,.i.hu,.. ..a,l. I .Uo 
 
 m,.m.«.r, and .ho i-.-rcha^r. shall ,k,v or ,nKU..- .- ^ , .1 eh r^^ 
 
 ..nin. ,nomlH.r „.• ,ho a.lvi.ory c.o,nnu.,oo u ho ;'7'' ' ^,,f J' ^ ; 
 rl .. ..on.,KMisi,tion for lo... ..f otli.e. an.l ho shall u.oopt tho same 
 „ ,1., sa,L;a.-.ion of all claims on tho coy in ros,.. -t s-.o^, os. o 
 om.o The rosi.^na.ion of th. advisory eomnu..o.. shall n... .nko olfoct 
 ;:„c^' ;rovi:i„ns have l.on n.ado for tho ''P.'-;;;'-;,;^; I^ 
 ,01. .,r o,hor oili,e.s U, carry ou the- V..^...oss. a... -ho h. ami he 
 -.. - -.-.™ n>cml.«r.s shall ns,- their lic-s. emU-avou..s ... P o. ..re 
 
 such i.l.orations in the articles of asson 
 ahull reasonably re.iuiro. 
 
 of tho 
 
 1' 
 
MHi 
 
 A0KEKMENT8. 
 
 [Chap. V. 
 
 >■* 
 
 ft. .. 
 
 'p. 
 
 IB- 1 
 
 Form 57. 
 
 Kmployi's to 
 ODUtiiiUf. 
 
 Aj^eut to 
 continue. 
 
 Condition of 
 agreement. 
 
 Firm to com- 
 municate with 
 •hareholdeiK. 
 
 8. Tho imiclia^ers .sliall procuit; tlmt all einployus of tlio coy and 
 of llie linn shall l)€ employed by the coy, and no employe who -shall 
 
 have been moie than 10 years in the service before tho day of 
 
 — -and .-hall In) under the a<fO of — years shall bo dismissed by 
 the coy except for misconduct or incorai)etence for live years from 
 that date unles.s reasonable compensation to be li.xed in case of 
 diUoi-ence by arbiliation shall be paid to him for his loss of office. 
 
 It. As far as practicable the present agents of the coy shall be 
 retained. 
 
 10. Thi> ap:reemenl is conditional: — 
 
 (1) On tiie lirm on complotinn ivsigning their ollice as managers 
 
 of the coy; and 
 
 (2) On the lirm having enteix'il into an agreement in writing 
 
 with the purchasers in tlie terms of the agreement already 
 approved by the parties hto to tho effect that the firm 
 shall not nor shall any member of the firm for a period 
 of 10 years complete [i!i'c.;. 
 
 11. The lirm <hall connnunicate the terms of this agreement to tlie 
 shareholders of the coy in so far us practicable, and shall reconi- 
 meud its ratitication. 
 
 The lirm shall forthwith after ivieipt lliof connnunicate to the 
 purchasers the several raliticalions thof from time to lime received 
 by the lirm and shall furnish the purchasers with such information 
 as the linn may possess as to the respective ownership of the shares 
 of such ratifying owners. 
 
 As WIT.NESS, itc. 
 
 Circular Letter to the Members of the Company in relation 
 to the above Agreement. 
 
 Slli on .Mada.m, — We littve the jilci.-urc to inform you that we have rceeived 
 from — — an offer to purchase the whole of the ordinary shares in tho — — 
 Company, Limited, at the price of 5(1'. per share. .Vs these terms are satia- 
 faetory, wo have thought it desirahle to enihody tliem in a provisional ajfrec- 
 nicnt expressed to ho made lietween ourselves on behalf of the shareholders of 
 
 the one part, and of the other part, so that all the shareholders who are 
 
 satisfied with the terms may be in a position to ratify the ajfrecnient so far as 
 their respective holdings arc concerned, .oid thus become cntitlol to take the 
 benefit of it. 
 
 A |irintod copy of the agnoincnt is enclosed, and you will sec that in order 
 t<) ratify the agreement you must do so in writing and deliver such ratification 
 
 to us before the day of -. but that you are under no obligation tn ratify, 
 
 and, accordingly, that you may abstain from ratification as you think fit, in 
 which lase you will be e.\clude.l from the operation "S the agreement. You 
 will also observe that the agreement is eiindilional on our entering into an 
 agreement with - binding ourselves nut to br infcrested as managers or 
 
 dircrtor- In any eiimpctiiig bii-inc-". . , 
 
 You will observe. Ko. \ffiHrfoHnrf' nf thr mh-nittntfrs Ihr firm oht"itiii\. 
 
 Wo consider tluit it would be dctir.ible foi nil the sharehohlers to ratify the 
 
FftKMS, 
 
 a97 
 
 acrcemont inasmuoU as the t.,!... are Ul.o.al. ami we int.nrt o»rs..Uo. .,.- Fom 57. 
 TmW U> do HO. If yo.. -le-^iro t<, ratify the a^rt-omont yo.. wll 
 t :' ,o,fd a. to .i,n the form of ratifi.ation on..lo.od with ,.ri„t ot tl.c a.roe- 
 me..t in the plaoo indioatcl, ami return the »amo to us hy post forthwith. 
 
 Form oi Ratification. 
 
 I ror wp) hereby ratify the aproomont dated the -- day of muUwid. 
 
 be Jl -— & C... on behalf of themselves and all other holders of ord.nary 
 ^^l;:,, the __ Co.. Ltd., of the one part, and -- of the other part, for 
 the sale of my (or our') ordinary shares „, the - Co., I.trt. 
 
 Signature . 
 
 Address . 
 
 Deseription . 
 
 Signature . 
 
 Address . 
 
 ne.seription . 
 
 In ease of joint linldincs ^,11 slionl.l sul.seiibe. 
 
 Agreements for the Acquisition of Control over a Company. 
 
 Cases not infre,,uentlv oeenr in whieb it is desired by some person, tirn, „r 
 eompany to ae^piire eontrol over another .'ompany, e.fj.: ■ 
 
 (1) In the ease indicated in Form 57. Here it is supposi^i that Co.npany 
 \ desires to aequire the eontrol over Company I!., wh.eb is eairyinK' 
 on a rival business, or one wliieh ean best be worked in eonjunetion 
 with the other. Cnn.pany .\. has debentures and preferenee shares 
 of large amount, and it is not desinnl to interfere with them. The 
 ordinary shares are also of large an.ount, ard arc w'orth .n the 
 market a eonsiderable premiun.. The agreement therefor.' provides 
 for the aequisition of the ordinary shares or the g at bulk of them 
 at a premium snffieient to attraet 'atifi-ations. and it is subjeet to the 
 
 ratiKeation of the holders of ordinary shares or holders of, .say. thr 
 
 fourths of them, and there is to 1 o power to reseind it less than. say. 
 
 three-fourths ratifv within a speeiKed time. Assuming that t!.r 
 
 fourths ratifv. Companv \., as owner of tbree-f,.urths of the shares. 
 «lll have an elfe,•ti^e .ontrol over Company li., assuming thit the 
 preferenee shareholders have no votes or a restrieted vote whi.h is m.t 
 likely to eause in<,.nvenienee. ami thus the two coneerns will work in 
 friendly allianee. 
 ,2, \nother "eommon .a-e is that Company A. wants to ae.,u.re the shares 
 in Cimipany H.. wliieh is ..nlitl.sl to .i eonees.sion of great value, anrt 
 whieh is not transferable without the approval of a foreign govern- 
 ment, and there is gra>e reason to apprehend dirtieulties in obtain- 
 ing that eoneession unless upon onerous terms. It has preferenee 
 shares, ordinary shares, and delH>ntures outst.inding. Company n. 
 .lesires to aequire all the share- or t.he great majority thereof, and 
 an agre.-ment is aeiordingly prepared for the sab- of all the shares 
 at the market priee and something bey.md. The eonsl.b-ration to be 
 satisfied by the issue of paid-up preferi^nee shares and paid-up ordi- 
 nary shares in Company 1!., or it may be by the issue of .lebentan's 
 . . pni f .._ : :*.. Mn^lfi. noil the 
 
 of Coiiipanj 
 
 partly e:r-h. The rrspii^ile majority 
 
 tv ratifv and 
 
 agreement is enrriisl thrniiL'h. a 
 
 \d thus the allianee is eonipleted. 
 
 1 
 
ii 
 
 3^8 
 Form 57. 
 
 AOKEKMKNTS. 
 
 [Chap. V. 
 
 , . . , .;, ..ral iftlior coiiPCrns which 
 
 tr,::z;;/,.:-.=:;:: X..;r :...,..;.• .....-...>■ 
 "i:/:;;;/:;::':,;"':- > - ■-";■ ■"•r 
 
 III moj't .11 f ,,,,„.,.rii uikI I"' <lirc.t«)r» of the 
 
 '-•— "'" '"■:;"",",?., . ..-ir..l will 1.0 ensured if .h. 
 
 <""''•'■ '••""•••••"• " •';,:, .1 of ..I.- oriliiiary shares in the 
 
 -"" ••■;■"•'■■•" "'•. ""■,'^" S, ,v s, an,! s-.,ne.in.e. to ae,„iire 
 
 2::'.:; "r:;:;:::^ ;!:::;:..> ...are. or the .... 
 
 rt ,.T h. 1. is n.Mv elasti- ....... a ,.ro.e..lin»r ""..er sect. 19>. 
 
 ,„.lk -f ••-."• '^ HhanlioWer who does not .ome ni 
 
 must, if he re.,iur. J. ^^ ^j,^^;,, ^„t^„, 
 
 ,„.in, wliere • ''■ ;;3; "^ ;;, :.,.„„, ,„,, o, interest, it n.i.y 
 
 '- » '■'■•'''■,""'':"' .u. to ^odH re,.„„stra.tion or amalgamation l.y 
 be ..xtreinely leMiabU to a,o.d debenture debt wouhl 
 
 :;r;h:'.h::i::M..: '''^i-y - •^-^ •" "■"■" ♦'"■ '''""'- 
 
 '^tX^^ :t::it ..... if ... ... .-.uU .he a,...uirin« eompan^ 
 
 *' I 11 ;.,„ .mlinarv shares it wi.l be in a ,K.sit.on. where it is 
 
 :L:;:ri:;.ir'ntitiiere...ootr«the 
 
 f.vouraV... terms ami so eomplete the transaet.on. 
 
 r$n 
 
 Form 67a. 
 
 At,KKKMKM K TksNS, ,.RO/Lt.^HT.N.. Ok>,KK Io NkW COMfANV. 
 
 AN AUHKKMT nuulo tho — .U,v -f , botwoou the U.bu.i 
 
 A.N AUK1-.I-. , iK-i-oiualtcr called the 
 
 Dlstrnt Conn...! ol »'' '"'^^^"" ,.„,,,.,, i^i„^ 
 
 co.nu.il) of •'-'-»";;•- 2. ,ar W..KK..S tho council bcin. 
 
 cuUod the rouipanx , ol . u otht. l-a. M.,l,ting .A.ct.^. 
 
 ,Uo local au.ho.itv tor -he ,.uq>o. -^ ^" ' -, > , o fo a l.«>W«ional 
 ,HH, and .««« -.^'l X'^' ^ ^V!' .Irt.er " . tl. authorise 
 
 "• ■ '^ ■ „ , :i,..ivi Hitter calle.! the ami -I .-upi'b ' ami 
 
 ■r;r....' :'... .l: ;:i^^'.« .■'• ■- ' "'" ' 
 
KOHM8. 
 
 .3UU 
 
 ,i„„. witl.in <.!..■ voa. altv. ,omnK>i..*.nt of lliis ..i.lor or s.uJi ox- Form 67r. 
 
 ,,udtHl i..Ti.Kl not ..xn..MliuK i.. the wholo l.". ...ouths a. tho B ..I 
 
 ,,,,v allow, tlH< uiMlortHkei-H innv, «itl. tho .oi.soi.t ot, and subjt to 
 
 MuJi iev»^. an.l .■on.lous, ami for su.l. ,M.rio,l< as „.av 1k> approved bv 
 
 ,he B of T. l.v deed, to be approve.! by th.> Board, tra...ster the 
 
 ,„„lertak- aulhori.e<l bv thi« order to a c-oy U, be .vfrd under the Cok 
 
 .cm- ,lidatiou; Act, 1908, to U- .ailed the 1). Kle.tric Co., Ltd. and 
 
 „„ Muh transfer tho ri^rln.s, povvis. uulh.>rities, ol,ho.,us. an.l liabi i- 
 
 ,i,,.of the un.lertakers in ie«i)C<t of the un.lerlaks; shall, s..l>jt to the 
 
 „i„vonse..nt.l in the deeil of transfer, be liansferr.'.! au.l may be exer- 
 
 ;.i,od by and ^hall attach to that ...y who r-hall. s.il.ji t.. th.' ;.rovoi,s .,t 
 
 ,hi~ ortler, become the undertakei-s for ihc pposes of ihLs onlcr as il 
 
 ,1... .-oy had been named Uuin as the uuderUkers. And whkhkas the 
 
 ,„v is'ab.iut to promote and register a limitwl coy i" be called. Ac. 
 
 , ■ the Electric fo.' .) for the ppose, amongst other thinjrs, of supp'' infi- 
 
 flcrtric ener-y lor i)ublic and private ppo-es within the ariM of sup 
 
 ,,lv. Kow ir'is .v.^RKKi) by and b..twn the parties hlo as foUows. that 
 
 i^ to say; - 
 
 1 The council shall <lo evciythinn- nec-ssary in their p ^.>r to 
 obtain the i-ssiie bv the B. of T. an.l the sub.se(,.ient conlirnion b.> 
 P.iiliament of f ■ " r.ler. an.l the before re.il.^<l provo.i.s thnn with 
 •id shall enipl.>y as their Parliamentary a^>nls 
 .1 .>f, lie. 
 : within >i.\ calendar months after date of .•.Jii- 
 ,. . .,ent of the or.ler, <n- if th<' B. of T. .so re.piires 
 ^f.tnt .if the .ir.ler. prom.)te an.l form the Kl.'ctric Co. 
 ,,ith Mi.lia Mibs.ribe.l .apital as may satisfy the c.mncil and the 
 I', of T. that the Kle.tric Co. will \tc able to iwrry this a^'int into ettect ; 
 ;„i.l the coun.il, at the re.pie.sl of the coy, shall ren.ler to the coy any 
 ,,;.,souuble assistance- and facility, other than iR'cuniary, in their 
 ,,..wer towards the foriuution of the cy an.l the establishnit of th.' 
 inidcrtakt!;. 
 
 :l The cov ^hall in aiiv ev.'iit, an.l whether the iie.v.ssary coiiseiils 
 i.nd sancti..n's of the B. ..f T. an.l I'arliamt resply .shall be obtained, or 
 wli.'tiier the transfer luide.ss the same shall be ).rcvented by th.' 
 „iircii.s.mable action of the coumili hnftr provide<l shall be mad.- 
 „v orwist., pav all the co.sts, ehg«s, and expe.s incurrcil or to I*- 
 in. ..rre.l in .onne.ti.)!! with tho applicoii to the B. of T. for the pr.)- 
 \isional order and its coidirmou by Parliamt tof,'r with any cost.s 
 il.'. unci bv the council in connecti.m with this afriiit, such payints t.> 
 |..nii an.l be the conson for the lianster of the .inler a^ hnftr provided 
 4. Upon the iief;otiali.)n an.l formation of the Elcitric Co. with 
 M„ h .siibsirilK-.! .apital afsd and upon payment of all the sutns of 
 money referre.1 to in cl, :» of this nfrroemt, an.l subject to the issue 
 ui.t <oiilirm..ii of the order as af.s.l inclu.liii-r the sd provon as to 
 
 ■ ■ ■ '• ■ '" ti •' 
 
 it>»pect to tr 
 ill the matt 
 
 •J. 'I'll.' c 
 liiiuon by I 
 prior to the 
 
 m 
 
 tinii 
 
 sfer .if the .irder i. an.l I" the appro\al of tjie B. ol 1 ., liie 
 
I i' 
 
 4U0 
 
 AfiRKKMKNTS. 
 
 [Chap. V. 
 
 Fonn57a. sliall execulo, und the Elorti-ic Co. shall uiko u iiaiisfor of all that 
 the undertukjr of the ccmncil under the order and tho dood of transfer 
 sliall 1)0 in the form approved by the H. of T., and shall contain 
 all the provons usual in such deo<ls, and in addition («ubjt am next 
 hnftr provided) the provon.-* set forth in the Kchodulo hto. 
 
 .V Provided, however, that if the H. of T. shall rofu.so to approve 
 the deed of (ran.sfer containing nil or any of the provon.s in the nd 
 whedule tho eotineil and the coy shall bo bound by such rofu.'ial. 
 and th«; i-rm.s of this a^rn^enil ;ind of the sd deed shall be varicl 
 acodsb • i'lovided further, that, in any such ca.se, the council and 
 the Electric Co. .shall, as a condon precedent to, and as a conson 
 for tho transfer of tho order, enter into a supplenienvary agreonit 
 under their respivo common seal« to carry cit the several matter.- 
 and thiufrs on their rosjiive part.s as in the si' schedule provided, 
 and not contained in the .sd deed: Proviilod also that, if for any 
 reason (other than the ui>reasonable conduct of the council) the sd 
 transfer shall not be mane within the period allowed therefor by 
 the order, neither *ho coy nor the P^lectric Co. sliall have any claim 
 whatever a^st tho council either for the transfer of tho undortaky 
 or cost.- or expenses or otherwise, noi shall the couni^il have an\ 
 claim agst the coy or the Electiic Co.. but the order and tho umlei- 
 takp shall be and remain the ppty of the council a« fully and elTec- 
 tuallv as if the order had conl<l no provon as transfer and this 
 agreomt hail not been entered into. 
 
 TllK .SciiF.Di r.K above referred Id 
 
 VJ 
 
 Form 58. 
 
 Refri«tered 
 ilelienturos, 
 one of a 
 Kcrics. 
 
 Here set out the iii<>vi''iiin>' meiitil at end of rhvise 4.] 
 
 Sometimt'H the consideration or pnrt of the consideration for a sale ia the 
 Issue of debentures to registered holdi'r< ns l)elow. 
 
 The Limited. 
 
 Issue of £-- — dclientui-es ( - - delienturcs of £- 
 interest at tho rate of per «'nt per annum. 
 
 No. . 
 
 Debenture. 
 
 each) carryinir 
 £ . 
 
 1. For valuable consideration already i«ceived the Coy. 
 
 Limited ( hci'einafter called the company i will on the — — day of 
 
 o;, ..,. ^j..]; ertrlii'V diiy ii-; ihc priiuipal moneys hereby .j'ocured 
 
 become payable in a'conbnce with the condons indorsed hereon 
 
KUKM.S. 
 
 401 
 
 . (^ of or other the i^friNtored holder for the time lieing Form 68. 
 
 I ho sum of £, • 
 
 •> Tlio cDinpany will during' lln' i (jiitiiiuauw of this security pay- 
 in such rc<,'isle!re(i holder iiUewwt on the naid sum of £ at tho 
 
 „,,, uf jwr cent. j>oi' lu'iuui hy half-yearly j)ayineut.-i on \^\» 
 
 (lay of — and cUt; of - in each year, and the first of 
 
 .-IK li half-yearly payniont.s will !« made on the day of - noxl 
 
 .! Tho compuuy hereliy ( iiar),'v>i with wurh payments its undor- 
 i4il,iii;; aud all its proiwrty. iiro>cul imd future, including: its unpaSlcd 
 ('ii|iilal. 
 
 'I'lip above words creatt? what is uullwl a floatiiitt charge, wliich, an it m-rc. 
 liuiifri over the whole of tho property eharged but leaves the company at 
 lilurty to deal with it in tho ordinary eourse of bu^'inewj until tho eharK» 
 civ^tallizpii by the appointment of a receiver or the commencement of a winding 
 u)'.. See Hi- Manama, ^c. Co. (1870), I.. R. 5 Ch. 318; Govcrnmnit Sto, I. 
 (■:. V. Manila Railway Co.. (1897) A. ('. at p. 97: Ulienthy v. Si/ksfonr Co.. 
 ■:\t I . 1). 71,5. 
 
 I This (lol)onture is issued siilijeit to and with the full beiu'lil 
 111 ilic londitions indors<>d hereon, vvliidi are to Ih) deemed part of il. 
 
 The Condiiions within referi-eil to; 
 
 I This dolientui-o is nne of a sfiies oi (lelii'Mturcs of the cinnttiiny < ..nditiuBK. 
 fill seciiiiiif: principal sums not excwdinf? i" the u<jrgrejrate at iiiiy 
 .III.' liiuo f - . Tlie deheiituit's of the said series, whether oii^iiml 
 111 111,1, me all to rank pari pdumi as u first iliarp^- on the iiiidertakinn 
 i.f liie i('iii|Piiiiv without iiiiy piffevence or priority one over aiiotliei. 
 anil -IK II I lurtro isavo as ir^furds the speciliially mi'rty;a<re<l premises 
 coin)>ristMl in the indre heUnv mciilioiied. is to he a lloafinp' security. 
 li si) (Irsiri'it. fiiti/ : lint the company shall not he at liberty li> 
 < icaii' aiiv iiiorlfragt! or charf>-«' ranking' in prioriiv to i >■ iHiri pa.i.-'ii 
 vvitji lie (liartro hereby created. 1 
 
 A lluatiii^r ilmrije operates aa an iniuiediafc and continuing i-hiirgc on tin- 
 pivijiiTty chartrid, subject only to the lonipany's power to deal with the property 
 in the ordinary course of its business. Florenro T.aitH Co., 10 C. D. 541 ; ,S'<oii- 
 daiil Mnunlorliiitnij Co., (189n 1 Ch. G27. Unless otherwise .-iKreml. tin- 
 (loatiii)f I'harne leaves the company at liberty to croate specitic niortgairi'< nr 
 cliaincs raiikiiijt in priority to the tioatinjr charge {tVhialliij v. Silk^dnii . ... 
 I 1nm5), 29 C. 1). 715; Caiitell v. «,„.'■,., ( IS9K) 1 Ch. 315), but a floating ch^iriri- 
 dm- nut take priority over an execution creditor where tho cxwntion is levicil 
 leforc the charge crystallines. Ar«/,« v. Hiral (iniititr QitanifH, (1910) 'J K. H. 
 !)"». Nevertheless, it takes priority over the general creditors whether in a 
 wln(ling-u|) or otherwise. (Irnernl Siialli .liiinicnn Co., 2 ('. 1). 337. Whert 
 there is a prohibition against mortgaging or charging in priority, a mnrtgagei- 
 hIio ukes without notice of the prohibition may, nevertheless, obtain priority. 
 A..;,,,/. «„«• .•icoltuili, *<■. T,M V. Bfiiiitoii, (1892) 2 Q. B. (C. .\.; 7(!i> ; 
 i ^'tdl V. Brown, (.1898) 1 Ch. 815. 
 
 P. !> » 
 
 4 1' 
 
 
 
 
 !' 
 
 ■^■1 
 
k'^^ii 
 
 I If 
 
 II! 
 
 M)i 
 
 AGRKRMENT8. 
 
 [Chap. V. 
 
 Pom 58- 
 
 s... ... or the AH o. m. ..uauH. t^;--!;- ■:'::r'' s-'^iT:';:: 
 
 (Hill, 2C1>. 41. 
 
 .. . ,c.iHUM. .1 .lie .k.bouUMv« «ill l>- k.-l" "I "- <"';J"'">'^ 
 - -^ iC!I»HUi " " ..iiii.MMl Iho iiumus. iiddrcs^'s 
 
 aiul <k-siiil.«ioi>H ul he n t,i to . i ^^.^ .^^ ^„ 
 
 ,,,„ ,, i.„.,«,l h..l.li-. I..'i«'"l au.l l.i- 1<-!^'I P '-""•' "I' 
 
 a ,:,c~.u...n..ea iu«inu.« by hnuoMhoin. 
 
 . s^v^ . iu the. coaa... ^^^^:^-Zl:^^^l 
 
 •v^r:;::r:;r;r:;;::^^^^ ••■•• 
 
 , , !■ ,1 o" -l.tored hnldor l.c.col, or his loKul ,M,Mso..al re,...- 
 
 -:;-:'r';; .;..».;.;*-- ;--r;:r: 
 :;;;':■=,;::;;»; :;'::-;^ -r'r™;;;:::"';;;: 
 
 .... ..if.iiist tho traiisleior. uikI im' ti.ii.-iLi " r, 
 
 ;;';,r ;;ri;'i. ro,i..va,i .1. .... i....o.s...i h... Thoooy.h.i. 
 
 b<. .'ntitlo.1 to retail, the tiaiisU'r. 
 
 ; I. ,1,0 -aso ..!■ i..inl r.-i.fr.'.l h..lde.>, ,!..> ,.ria.i,.al nujy^ 
 
 on a joint acoouut. 
 
 ,1 \o tra...lor w.il W r.-^lM-r..! uuria^' -hv hovc-u day. hnmo- 
 aiil^oly ;L..e.ii... ..i.hor of .1..- half-vearly -lav. ..v th.. ..obo.„...v 
 tixcd lor imviiieni "f iuttMcsl. 
 
 : l„ respo.., or ..a.!, hall-v.... > .a..'..-. '-' 'hi^ .l.-l..M.t,.r.. a 
 ...... oa !.. o.,.a,,a..vV baak.-s. pavabl. ,o ,h.. or.ier ot ho re,.H- 
 
 .,,,,.. h..|.o„f.' -r ia ,.a.- -f i.i... h..i.h.> f. ^.^ -.nl-." ^ - 
 .vhos.. aa.ao Maads lir.t -a ,ho ro^is.er, .s oao of s.ah jo.a. hollo. > 
 :m ,. ^,.t by ..... lo tho ...istored addr... of ..oh -cj-sU- .. 
 ,,.,Mor. a...l Iho coy .hall ..ol bo ro.po..«ble I... a..y las. u U^ 
 lllMoa. aad tho pava.oa, .f .la, warra,.t, if parpor....^ to bo dul> 
 u,do.>.'.l. >l.all bo a -....! .liH. l.ai>,'0 to tho ooiapany. 
 
 fc^JI 
 
FORMS. 
 
 ■m\ 
 
 S TIk' |iiiin ipiil iiioiiox' iiml inlciCNl liPM'l>y •.ciint'd will 1<p iiaid, 
 „ii<l »i.li iii..ii.'v« iiio to 1)0 liaiisf.Mul.lc iiN iiloicsiii.l fiw from and 
 willi'iin 14'iriiiil lo iiiiv i'.,iiitic« liotwi'iMi tlio coiiipaiiv iiml lli.> oii'riiiiil 
 „i' Hii> iiil.-niiiMliute iiol.lor liori'ol'. or uuy M!t-otV or rro-.-.clainis and 
 tlio r.'H'iiit of ilif roRisiorod holder hereof, or his Icfj^al piM-ional 
 i,'|.i.'M'fila(ivfs. for sii,h iuin(i|.al nionovw and interest shall lio a 
 ,n),„{ diw l|ar^ro lo the i-onipan.v foi- tiio naino. 
 
 /•,,„.,; f./...- II ill liciituri- lll■ill^' u clii)«! in actioii U only iiwiniialili' Kulijwt to 
 :ill .i|ui(ii-i l)ftwii'ii till- ooiupany uiwl the ori);inal »»lw<ril).T ( Vi, ',/'•» v. Dixon, 
 ) II. I,. »'. 701'; /.',"" V. U»„h; (174H . I V",-<. :il«; .■■ .lic.iti:rr Ait, lS7a, 
 <. •.'.•) ili]'. Iiiit this rule vii'IiIh wliere tlie iiiteiitina tliu the rlmsr in uctioii 
 -iiuuld Im- aHViir,,;,!,!,. friv fn.m aiid iinaffi'ct.d l)y sti'li i' iiiiti.-< if mado rU'ar. 
 I,,,„, Ar. //■■../. ilHli.)), 2 Lh. 3»T. Ar.i.nlimfly, a clause a« ahove is 
 .fl'i-.livc. 
 
 «t Till' roiiipaiiv may at uii.v limo f,'i\o notin' in wrilinsr to tlio 
 iv^'isloit'd hold'>r iion>of, or his h't,'al ))orsi)nal roprosculaliv.w. of 
 it.- jiili'utioa to pay oil' tliis debcnturi", and upon the cxpiiution of 
 ► i\ caliMidar monllis from surli notiio beiu^r ^'immi tin' priniipal 
 nioiKM.-i lii-rohv ■ji'iuted shall hocome payaldo. 
 
 10. Tlio priucipul inoiio.v« iH'iohy wiiii-od shall imiuodiately 
 hucoine payable: -- 
 
 a. If till' romiiany makes default for u perio<l of six .alondar 
 inonihs in tho payment of any intoresi hereby secnred, and 
 the repslarod lioUler hereof, or his lej^al personal repru- 
 MMitalivo, before snch interest is paid, by notice in writing- 
 to the tompany cuIIm or call in Kiifh principal moneys; or 
 (bi Jf an order is mado or an elloitive re-oln is parsed for tiio 
 windiiif^-iip of the toy. 
 
 11. At any time after the principal iiionoyrt hereby .secured become 
 livable, or after the socurity constituted by tlie iiidic below menfd 
 lioi nines enforceable ,1 tho re^'istered holder of this debenture may 
 Itoni lime to time, [with tho conscut in writing' of the holders of 
 liie iiiajoiilv in value of tho outstandinnf delienliircs of the eaid 
 bcrius. appoint by writing any person or per.;ons[approved by the 
 trustees or trustee of tlie said iudentuie^to bt> a receiver or receivers 
 of the pro|)erty char^'ed by the debeuturesTof this series and not com- 
 prised in such indenture, jind mayiwitli the like consentjjeinove any 
 sill li riMi>iver, and smli appointment or removal shall 1k' as effcctivo 
 
 IS it all the holders of debentures of tho same series had concurred 
 'licrein. And a receiver or receivers so appointed shall have power — 
 1 1) To take jiossessiou of, collect, and get in the property charged 
 liv the rlebeutnre^l. and for that purpose to take any proceed- 
 ings in tho name of the company or otlierwi.se as may neeni 
 exiK'dicnt. 
 
 Form 58. 
 
4(14 
 
 AdKEKMKNTS. 
 
 [( 'HAI'. V. 
 
 Form 68. (2) To utrry on or ctjiiciii in laiiving on liio Im^inu--' <>( ilic 
 company, ou<l for tliut purposo to raise aioiioy ou the 
 prennseii churgt'd in priority to tlio dobonturoi^ or otlierwine. 
 
 (3) To sell or concur in bollin;; any of tho pro[)erty clmrf^'d by tlie 
 
 dobcuturva after f^iving to the ooinpony at least seven day«' 
 notice of his int^utiun to soil, and to carry any bucIi sale info 
 elfi'ct by (onvcying in tlio nnuic and on lielialf of tht> 
 company 
 
 (4) To nialcc any arran^'cinont or conipronMsc whicli li< uv they 
 
 fhali lliink <'\|i('ili('rit in tho interest-, of the ildn'Miuii' 
 holdeiit. 
 
 And all moneys i-eceived by xuch receiver or receivers shall, after 
 providiiif; for the niutteiM inpccitied in the first thrtH) pnm<rraj)lis of 
 clause 8 of sect. 24 of the ( 'onveyaucinjr and Law of Pro|K'rty Act, 
 1881, and for the purposes aforo«aidj. bo applied in or to\vard.s satis- 
 fnction piiii pd-isu of the debentures [or paid over to the trustees or 
 truKtccof the said indcntuie t<i be hold on the triist« by that indenting' 
 doclare<l of and conwrning tho ninnevH to arise from the execution 
 of tho prinairy trust for conversion a.s tjierein deliiie<ljl [And the 
 forejfoin^ provision^ in this condition shall tiike effect as and li\ 
 wav of variation and extension of tho provisions of sects, lit to 21 
 of the siiid Act. which provons so varied and oxtorided shall Ih- 
 regarded as incorporated herein. 
 
 Such a provi>ion ji- ;(liii\<' is effectivi'. U''»>>i Vn.'mh Sun .V II "''Itn'^ (iMh'Ji, 
 VH'. n. 402 (C. .V.i. 
 
 12. Tho hohlers ot the debentures of flit" above issue aic and will 
 be, entitled i>aii ;«/,sa(/ to the l)enefit of and subject to the jirovisii^H 
 
 contained in on indenture date<l tho — day of , and jna<lc 
 
 between tho conipanv of the one |iart and and of the oilier 
 
 part.] 
 
 Tliii clttum' sliiinlil lie uiciittnl if tlii'rc is iiii tni>I ilriil. 
 
 l.'i. Where thcri" i> no trust deed it is u^iial to insert heic a 
 dau-^e enablint;' a iMMJoiity of threo-foinllis to biTiil the wide 
 clas,s of debenture holders. 
 
 14. The principal moneyts and interest hereby secured will be paid 
 
 ■_at the Bank. Liniitod. No. . Street. London, orjat the 
 
 registered office of the company 
 
 Tliis ('lau'<c (fives tin' Imldcri an option. Thmn v. <'iiii Itin- }/i'h 088!t . 4(1 
 r. D. 3(57. 
 
 l.i. A notice nuiv lie .seivtHi l>y t|\o coy upon tiie r(^u:isierod holder 
 of this del)enture by .-.ending it through the post in a [irepuid letter 
 addroti«ed to such per^oii at his rosrist^'ivd iwhlre-^s, and shall U- 
 
KOKMS. 
 
 406 
 
 (iiHiiM'd to Imvc roHilied suuli lioMor «ix llm .la\ lollowiiig that on Form 88. 
 wliith it in [Kictwl, and in provinp: uiuli wivico il 'Imll li« siitlicient to 
 pivvf thill tht> Icttor wiitainiiif; tlio rmtiiv wh.s |)ri.|iiMlv uddre««e<l 
 and put into tlic poHt-olHw. 
 
 S.o I'.irt III. i)f tWn work ii« to tli.- Iii« uml |irjirliic f.liitinK i.i il •hrnlurt's 
 ;mi.I il.'liiiitiirp ntwk, with forms. 
 
 i 1 
 
 I i 
 
 A..KIKM1.M /w Fr.vDi.Nti Akkkakso/ Divimkndw/ I'hkkehkncf, Form B8a. 
 Sh.\rks. (No (lamp in Artiehs of As»oikli<m for modify- 
 in(j rights of any <h<8 of iJutrcholdrni. To hr mmclionid 
 hti Ihe Coitrt under led. liO of Ihv Ail. 
 
 AN .MiRKKMT inudo on tho dav ol . I'.t . ■•clwoen Parties. 
 
 A. B.. on behalf of ail the holdors of profeiimw xhuios in tho B. 
 t uv. l.irnid (hultr rofeiwd to as -tho cov " », of tho fir.'<t pt, (J. D., 
 on hclmlf of ail tlio hohlcis of ordinary .«hares in tho roy of the second 
 |ii. jiid til,. B. Coy. i.imtd, afsd. of tlio third )>l. And whkreas R*<iti«l>. 
 lli.'ii' arc iaip' iirrcar.s of profereni o diviiicnd on tiie company's 
 |iiclcr<'nc»> .«iiaro-i. and it i^ desired to fund tlie sd arrears as linfir 
 iiri>\ ided. 
 
 Jr 
 
 Now riiKKi'.KOKK II IS Ai.HKKi) as fidiows; - 
 
 I riie loy shall, when tliis agi-oenit ha^ lieuii .Niuclionotl lus hnftr Issue "f 
 provided, Lssiie to each holder of preforoiu-c »haro« a fundinjr eerti- pjlrtifii-i'iti'i'. 
 Ii(aie lor .so much of the arrear of dividend afsd as .shall bo owing 
 III respect of the pieferenco shares held by him, or at his option 
 s<'\cial funding cert ificate.s oai'h for a portion of such amount atsd, 
 and every such funding cortilieatc .siiail iio framed in the terms sot 
 forth in the .schedule hto, and the principal sums .specified in every 
 such oeriillcate shall be a sum equal to tho amount of tho arrear 
 afful ill I'ospoet of which such certificate is is.sued, and such corlificato 
 ur certificates .shall be in satisfaction of tho sd arrears, and the sd 
 arrears up to the - - day of — - shall be cancolioil. 
 
 2. The principal sum specified in each such certificate shall carry Interest, 
 interest at tho rate of 3 p.e.p.a., but sudi inteifst, as regards each 
 year, shall Ijo payable e.xclusively out of the surplus profits of the coy 
 of that your which shall remain after paying tiie dividend on the 
 preference sliaros in the coy to the close of such year, and shall not be 
 • nniulative. 
 
(nil 
 
 AUKKKMKNTH. 
 
 [('II Al'. V. 
 
 ™7^- „..;,... .».<• -.1 .■.■..i.i.«..-l.an 1.0 ,Kl oil ..... of .1.0 M..„1U. ...SHO , ,. 
 «inainp-..p. the Euflli-li «"v which sluiH 'oi"«i.i u icr | m. m k i 
 
 u,. .... .1.0 prolo.CM..o .h.i.xw in .ho or.»...al rupitul. ..... simll .a..k 
 
 n!;/;:;;::.! i.. ,.i...i.v .o anv ..e,u.-.. ..i ..M-Hai .....««• -^^^^^^ 
 
 (shuro-. 
 
 4 Tl.i> ..■M.-..„.l i^ .....li.i....Hl 01. .1.0 sa...o hoi..,, «a..o.iono.l l,v 
 ,h. ( .>.., ,.: ..n amui-.uont .....lor so,... 120 <.l .ho (,oni,.....,..> 
 
 _--. ,l,.v of it shall -.1 that day l-orunic vokI. 
 
 Spc fiirtlicr. 
 
 As WITNK.- 
 
 SHII. 
 
 SC.IKIH I.K 
 
 S<r next Fmiii. 
 
 So.ne.in.e. i....<..d of i.sui.,K f....di..« ..r.iH.ut.-.. th- ain.rs uro .■x.in«ui.h.d. 
 li„-,lo. ^. ll.r,;,. I'.IO) A. C. 13". 
 
 Form 59. 
 
 Kuiitliug 
 lortiilcRtc. 
 
 •|'„, ( (>v, I.IMIK. 
 
 Viindhui ('ftiificiUi- 
 
 te,.e of .un.li..^ .o...ili.a.o. >..,. .'v.oo.li..^ :i:i.o..o/.. ,.a,-.viu,; ...- 
 teres, ut .i p.-.p-a. .mi1..jocI u-< 1.."1<.w nii.i.l.i. 
 
 FuiKlii.n .ortiti.aio .... ll.o piiixipal "'."" ol A- ■ 
 
 1 Thi.^ ....... iti.a..- i~ i"...-l iM .•-p.>o. of tho piofoion..- .^ha...- ia 
 
 ,h.!;.ov. ,.,.n,l,o....l ... i'.'l'-v... a„,l ia .saUsla.no,, ol 
 
 an an.-ar nf,Hvi<l..a.l lli.T...... ..p t(. iho "1 - ■ U " • 
 
 ., Ti... .S.1 pnuopal ....... above ...o.i.d ...rrios i.iterest al. tho luU. 
 
 of 3 p.c-.p.a.. paval.lo half-yearly .... .ho — day of --, and .ho 
 
 aav of . o..t of Iho ....rpl..s i.roH.« of .he coy of oa.-l. >ea 
 
 .vhich ;hall romai... aftoi- payi...^ ov providi.,, for the }->■-■" j;^ 
 the dividend on .ho profo.o.,.o .ha.o.s i.. the ...y a. .ho .lo-o of oa.h 
 year, an.l .m..1. in'ovoU in .mi to bo ........dative 
 
 ' 3. In the ovou. of the wi..di.ig-up of tho coy, .ho principal «un. 
 n.entd i.. .hi« .•o.-.iK..n.o will l.o pd olf. kv. as ... clat.so .1 of .h- 
 Bgreeiiitj 
 
K(*KM.-!>. 
 
 4W 
 
 r,.i.i.Mf...M! hol'U-r for ili.> tin..- I«iinr li'-l. «ill !«• .m.iUI to iho l..-iiolii 
 
 tliol 
 
 ;, Tl.i.- (Oilifi.'ulo is i.i«m'.| ,mI..j.h I o ll ondition- iml..i>«.l 
 
 Imh-oii. whi'h f-httll Ix- «lt'Oii\o<l imll «< il 
 (livpii. Ac. 
 
 Tho condifioiw within rolVriid i<.: - 
 
 ir.Tf provide for u roRi-t.M of tin- . uititiputo holdor«. and a- i- 
 r.„,„.s Mf tniii^frr, in.ijority, *( .. ' .'"Ii.it ■.„ the line* of ii rff;ist.>ivd 
 
 cIcl.CllllIK'. Sw Koilll M. :<lll>lll 
 
 Sr furtli.T *. CI arren^emPiitH will. .Ii.-^- -f .linrrl.i.iaor!., " ArrRnKom.-i.t-. ' 
 nKiptiT XXIII.. infrn. 
 
 A( iiKEMKNT for MlujijiiKj Vhwiv-ww. Dimokm.s for a Ti.hm Fora 60. 
 fry //('•»*««■"/ DF.niMiKi SnKK ((•/(.»( (fM\.loT^lT^ Ci.visk 
 M in Articlv-s. 
 
 AN Ac:1{KP:MT. niadcthc du.v m . Ix'twi't-n A. B., of.Ac , I'artiw. 
 
 C.I. Iiplialf (.f tho holders of the piofoioii'i- Hhan-s iti tho .-..y bolow 
 ni.M.td of the first pt, the s.l A B ..i. l..-lmlf of tho hold.M-s of th.> 
 ,,.,liiiuiv .simres iu tho sd i-..y of tho xMoiid pi, nnd the - Coy, 
 l.iMiid "ihi.ftr .alU".! the .oy " > "f tho 'hiid pi Wiik.kkvs th.^ Knit,.!- 
 .apilal of the coy Ls .-.OO.IMior. (livi<l«'d iut-. liVOOO piTlerenc." ^ha- , 
 ,,t Kir each and 2 J, 000 oiiliiiary .-haios > .' 'M. each: And wiif.jik.vs 
 ;ill ih.' s<l shaien have hecn i^<ned and ai'o lidly pd up: Ami \viii:iii^:v> 
 hv parafrraph a') of Artich' 1 Hi of the ait.s nf usson of the coy, the 
 iliiwtoir thof have power. 1" fore re.oiar.i.'ii.lintr any ilivideml.-. t'. 
 <f\ iiMde. out of the profits of the .-oy. su.ii Mini a- they thini< proiwr 
 ...» a loeive fund for the purposes theicin iiientd. ami -neh reserve 
 fund may, with the sanction of the coy in u:<'nerai m.'etiiiir. l>e in wh.oh- 
 ..1 ill part dlstrilnited l)y nay of l.onu- aiiion<r the nietuhers in hikIi 
 manner as such penerai ine«Minif shall detennino: Ami whkhkas l.v 
 Arti! ir. 11,! of the sd arts <,f usson. the net profits of the (i.y in each 
 v.Mi shall licapplicalde, first.in pavn.ent ol acuniulalive prefei-enti.l 
 .li\ idead of C p.cii.a. upon the amount civilile.! or (mI up on the pn- 
 l.'iviico sharCK of the .ov, and .sul..ie.l thereto, -hall he applicahh' in 
 
 pavnient of .lividend« up.ui the a unl crediK-d its pd up on the 
 
 ..rdinarv share.s of the coy: A.nd w 'iv.«kvs hy Article 72 of the .s<l urts 
 ..1 a-ssoii, it is providinl th.ir if at aii.x i -. I>y the issue of [iivleiei..'*' 
 
ifrl 
 
 4(W 
 
 ^i.KKKMK*> IS. 
 
 [('MAI-. V 
 
 Form 60 
 
 Se«i divideud 
 may be satis- 
 lit<d as deben- 
 tiiiv stork 
 
 Soasto 
 
 aabaequent 
 
 diridenda. 
 
 ^llur•«^. (ir .itliorwiM'. llu- iu| .1 i" .iivi-Lii inso ♦Imro-t of .lilk-ifiil 
 . ln*wt«^, all or auv I' llw vikI. uikI p.ivil.co Monjrinn to anv • lii--<'' 
 iiwiv Ih' a)5.'<l<"<l, ull«r«"<l. iikmIiH' U, <>. <loii!t with in any maniioi- «itti 
 the Kaiiclioii ot nil cxliaunliii!!' \ ri'Miliitidti a- ilffiiwd l.y sett tl'.t . f 
 til.' CiKs l(^m^Mliduli<.ll. At I!MI«. |.aN«.-.l <U ' ^paiuto jjrciui.il 
 iiHHtji,^^ .jl ihr m«'iiilx'i> ul lluii • liwt". H that U iin.v mi. h 
 -iiKial iiicotiiiK all (lie pn-vi-ioii^ .d tho wl .irliclo* r.hall tniil..i,i, 
 wiita>i(li'< aj)|>l.\, l)ul >•" lliii il"' iM''t""uiy i|iK>ruiu sliall be ouo-li nih 
 ill iiumlxT of th«' iiuiiilior- "\ tlio . Iii^^ liol.Uiii; or r^'pro-ciitiiii: I.. 
 liiuxv (iiio tciitliof the lapil.il |,.l or . n-.lil<Ml a/. |"l "ii the i«eue.l r-Iiai. s 
 (il lli"<Mlii>-: Am) wiikuK's rhi'-'l .iiiiiiilalivt' ptofcrcntiil ilivid. "I m 
 ICrtpvil. iif lllO .-(1 |ilof<T<'llir <hal<•^ li;l- Ih.mi |h1 up ■ lh«' lIMli .1 .V ■■! 
 .laiiiiaiv, lit : And \MiH(i: *■« Hi'' m1 (iiiiiliiliw j)ivlfi •'ntiul iliM'l' "I 
 i.. pavabh- ill "'ipial half-M'ailv iiiMaSiiKiit*. on tli<' lOlh <la\ .f 
 .laiiuar.v and loth day of .hil\ in .'a.li >.ar: Am- wiikheas th. .\ 
 ha> lifi'ii w) fur Mucos^ful in it-. l)U-*iimss a> to iiavo p<I "ut of t 
 piolii-, ill adilitioii t/i the ahovi' (ll\ id.'iid. in rt.'-i«ct of the mI pi.- 
 f.'ifucv .-hare.-, uii ii\.'ia«o <\\\ i'h'iid i«'i- \oaihiiK-. it.-. iiKorponilinn in 
 , IH , of more lluui H p..- on the .-aiiilal pd up ■)ii it" "piinaiv 
 >haiiv.: Am> \viikhi;a.>> it has lpe..Miie tlie piactiv iu llie .li-lii.t in 
 wliirh the eoy (uiries on bu.sine"- for brewery i.tj8 to make advaiuo 
 t>j saloon k«>i)ei - and other.-. \\ itJi a view to ubtaiiiiiij; or ket'piiig lii.ii- 
 .•u.>tuiH. .iiid the to\ lias been cciiiipeMed to .■ lopl ihi-s (^ii-l.nii, iinil iia^, 
 foiiiid the adoption ihof ailvanlaueoiii- to it- Imsinoss: Ami wiihitiw 
 il i.> iieie.-Kiuy to continue tlii- pimiice, and for tlie puipo-" ihe .- 
 leipiiiw further wt)rking capital: Vm> wiiekkvs iu prc-M-nt circiim- 
 Mances it is not practicable to laiM -iich further working cimital fmiii 
 
 outside Miurces .'xci'pt on inieioiis t. ini-. \m> nshkkkv^ it i" < - 
 
 sideicl that the most economical nuKle ol providinjr '^ amount 
 icjuired in to retain in hand a sutlicient part of the ci.v accruing' 
 incuiue. which would otherwiw be available for divi ■ nd: A o 
 \viiKRi.\s ill the circuii.'KUmx'K it is cmisidereil that it i- , . irable ■■■■ 
 make provision for fiindini; !• Uiiild perimi theac<rum. ii ideinl- 
 on the preference share*, afsd 
 
 Now lllKRt.KOHK II IN V(.H' ! II :l- foUoWs: 
 
 I The cu\ tthall satisfy the ill. i.'iid on the pivfereiict- liares li's.. 
 which will become pavable on the Unh .July, 19- ami 
 
 dcclaivd, bv issuiiit; to each of the holders of preferoiu 
 debenture utook of the ci«y to the amount d ...ikiIi divider 
 any fraction of a shillinp shall be pd in '^isii 
 
 •J. The co\ .siiail as ifjjaid- ea. ii '•; iiu- iiVe next ;..;; ran 
 yearly divideials on the sd piefereno' liiii^s, if the dinMt/irs 
 eov or the majority of them .shall in the inten-ts of tho coy con^ 
 o.xpedieiit, be at lii>ei ty I.) satisfv su. h rljvid. I, aw and when dei 
 in like manner. 
 
 I tare- 
 iiid 
 
■||,.. il.'l mIiii<- 
 
 I MHMs. 
 
 ,I.N k .itw -lutll li« 1 .11 ■! 
 
 ,l,.|>.'ntim' " 
 
 it.Kk 'I the 
 
 will I is forth I'll to 
 
 MMlJl 
 
 !iro<l Itv <U>«<.I ("'ll Imin.-I 
 
 • iiluiio- « 
 
 ilh t 
 
 A and 
 l.ioh 
 
 lins .ili.-tt(iv Ik'oi. approv.u l.y i i>.»r1i 
 
 1. 
 
 I Wlii'iifvcr Ih'- I'^v I"i' '">" 
 
 (lividi'ixl <iii '■ i>n 
 
 •oiiil -ii'i-lit» ui 
 
 >il(' I) 
 
 hill' Ktock '«>. iil'-<i 
 
 I',, I "Hi 
 
 half M-ai 
 
 ^hiill 
 
 :tM iinin 
 
 ukfy tiaww 
 
 l>v th. 
 |iit\ ill. 
 
 hulf- 
 
 40» 
 
 Form 60. 
 
 flu f 
 ittiirr 
 
 k. 
 
 nidnul 
 Ubbit 
 
 ,iii> .liviiU'iui 
 
 .h *. 
 
 l\H .1 _!••<' 
 
 'lilt 1.-. lllK'llli" I '•> I""'' 
 
 iii I heir 
 
 The 
 
 ill till' cajiitii 
 
 1 ..f th 
 
 .shduiholdi'i- in 1 1"' coy 
 aixl III-*" iht'ir i«.'H|)ivo 
 
 \^ 1 III! Ill 
 
 bl.,.l. 
 
 nil' (nvi>»>is '"I- till' Mill 
 
 "11. U 
 
 .1 tl 
 
 tiuir ->hiur- 
 
 .huil 
 
 ;i- I ho ■•iiuie '«i«i! 
 
 iiu> ' ii->l' 
 ihsiilul' 
 
 iii« .ii.;ni'iii', UIK 
 
 1 -hi' 11, a» Cu»l«)dj 
 
 :tll-«- .1 not. t' 
 
 , |P: 
 
 111! l.l' I « 
 
 if tl.f ^ m«« il«viiij; l=<«foi'«' al,.-oluf<' 
 Thi.s iimtH'u 1 will bflf-oii 
 
 ,1 ...li 
 
 i I 
 
 It I'ofon' tli<> ''Ift il 
 
 Ict'i'vi 
 
 iihu»i"«l IIkim oI 
 
 lialilll' U'lKMUl 
 
 Will II uy 
 nient »l"" it'". 
 
 i-.'tinsp"'tthehol.k.i-..! ih<' ^1 1 ,,.ii.,".hui(-«aii.l 'I 
 
 liari'-' M-i! 
 
 •am III 
 
 Utli 
 
 III .ii'<i>nlaii'v 
 
 ^1 irrliJiii; 
 ■ ■ritii'arv n 
 
 ,i> f u^ 
 
 II |»- T Ih. lot dii 'I i.tolior. I'.i 
 
 ■aim> I'V oxtra- 
 ihiii.s*- ii'.i <>i tho H<i 
 
 ilvl. 
 
 RJV 
 
 ciul 
 
 itMMilirioi' oi '"'■ ''o^ 
 
 •-: -1 yti-*'!!!! 
 
 In SM 1 t wIk'KHjI ■ '1 
 
 'hi,' coy liu- laii.-t'd it'- ' ui^ 
 ,i>l aliovc ritt«'ii. 
 
 ha VI 
 
 I'll |ia--<'il -mil tioiiii 
 
 ha.- l.i'K'iiicIo X I. hi- liaiiil, ami 
 1 111 allixtil till' tlaj ami vi'ar 
 
 KM /.// 1' IIHNHKI Hoi. Ill H- /'. rrlcHff TlMK. f- 
 
 1^^ME^^ •ritnr „i, .|\.i in «'i\i>i' 
 
 ..laSl. 
 
 % .\i; HK KMT made till" .hiv'i . U'l««'eu lli« fov. I'Hrtie-. 
 
 I ,li„|i,' lalli'il tho i'iv-|. .Jl Ihi" Olio |il. A. 15.. on holialf ol 
 .iKloi- or llii..lol.Pulim-sol- lluMov lor 20.(M(0/ novvuil-taiKlinfr, 
 
 ihiM |)l WllKHKIlV II IS M.HKlK a.-* follow-: 
 
 The time for pavmeiit of the |.|..il iiiom'v- s^., „ie,l i... he -I ml- ^™*j,,, 
 
 iliii^C ilelH'tiliiifs of the .oy shall be eMi'tile-l to ih-' <l "f 
 
 I'.ia.V auil all 'he .sil delteiitures -hall imiii Jicin-ioiii l>f • J'i 
 
 ,u,l .oiisliiieil and take ellcrt as if tlia date were siih- lutwl il oin 
 
 lor the JOth DeiiMiiber. 1912. Iioiiiir th- 'l''le on'j-imill ti.xed t.lu-ivjn 
 
 for paymciil. 
 
 -V The eoy shall use its U.'sl e.ideuvoui- i" |..o. me ,11 the hol'lors K»tili»«tior, 
 of the sd deheiimres to ralif> thi- a^rieeiin ind ii •sh.'il! he himiifig 
 on ilii*i- who ratifv .so far a- loneenis ilieir dehentiiies afs.l rosply. 
 
41U 
 
 A(iKKKMKNl>. 
 
 [Uhap. V. 
 
 he iiiiliirf 
 
 Form 61. ^ I iiU'>-. within iliu> liom llio dau- hoi' tlie iioKU-rs of niii.- 
 
 lonlhs ill \uluf (il thv mI dci-fiilin-os simll ralif.v thit .iKroomI, it shall 
 AvindaiMM'. . , 
 
 uieit'Ujjoii U'coiiK) void. 
 
 DeU-iitiirc, to 4. Eiu h «loU>iiliii-o hohloi iilsd wiio lutities this a({rt'eiiit iiiuxl foilli 
 with giv*' ii|) hisd<'UMituwlothcio\ iiionlpi that a mpiiidin K'torriny 
 
 hto iimv In' ii»dor»od tlion. 
 
 As wiTNKNs till' foiiimoii "oal "f thf my and ilie hand «( tho vl 
 
 A. H. tho du\ and v«>ai . &r. 
 
 All sgrwiiii'iil a« «lM.\f lull ill); Ixi'ii M'uli-d by tin' iiiiii|)iuiy iiml sillied b\ 
 A. J». (not i-iMilcil liy liini', Jirint'-d cnjiio* can lii- »ciit out to tlio dfln'iilMP" 
 holders, and tliev 'iiii tic iiikod to ^\gn at tin- foot ii m-to u« follows: 
 
 Ratification. "I, — "•' 
 
 JL- , 11 II I ill ><■ ICC 
 
 i-* a copy. " 
 
 lioiii^' il liohlor of delioiiliiiOH of Iho wy for 
 . do hli\ ratify thi> utficiMut of wliiili iho aluiM- 
 
 Karh deboiifnrc liidder sliould tlii-n »pnd in lii>< ddicntui-i' l» In- endorsed, and 
 r memorandum nhonld be put tlioreoii an follows: 
 
 " Mrmoinii>liin> Tliiit by an a(rreonient dated the day of . and 
 
 made betwi^n the nbovo coin|mny of the one part, and A. U., on behalf of all 
 the then holdam of debentures of the company for '20,000/. (.including the 
 then holder of ihl:' d.beiiture , of the other part, it wa« agrtH-d that the time 
 for payment of the «iid debenture* of the company, including the within de- 
 benture, should be extended t-) the day of . 1935. and that the >.,ii.l 
 
 debenture should be rend and construed and take effect as if that dute had 1 ii 
 
 >ubstitutitl for the -JOth December, lid'J, ori)finttUy therein tixi-d as the Ilia. 
 for payment, nnd »uih a^niinent was duly ratified l.y . the then holder 
 
 of the within deticntiuc 
 
 I ' i 
 
 V i 
 
 Form 62. Acskki.mi.m //// DiniMi ki: llui.inns oll>>iriii'j (naluni "( I'ltioK 
 LiiN Dkhinu Ki.s and nutkimj I.mkkkst an iri.slbtg 
 Dehknti KKs pniffihic for Fi\i Yk\ks mil i,f I'koi ris ntihi 
 {inajnnlii rtonsf 
 
 Debentures now ioii«l:intly (..iitiiiT a ilaii-e iiMbliii).' a i(it:iiii mijority I'V 
 
 resolution to bind the rest to a > [.niiui-e or luodilicution of llieir ri^'hi' m 
 
 this way: but an aifriHMiieiit is n-efiil to rc' ilc and cvplain the cin iini-taie " 
 (rivinir i.ccasioM to tli.. n—luti.oi S.s- ;,./,... p. t|:l: I'r. -ed.riN. r"l. HI . 
 p. a73. 
 
 I':irties. 
 
 ReoiUlx. 
 
 AN AtiUKKMT iiia.lo the da\ of . Ill . Iiolwooii A H 
 
 on licliiilf of ihi' holih'is of iho uiiyiiial dplwiilmox hiiftr iiuMild. nt 
 the one |.l. and tin' Coy. I.iiiit<l ■ liiifti- >all«'d ' the mv "». of the 
 
 otJior |il. WiiKUi :\N llu' <'i>y wiw innir|>oiatfd in tin' year iS . and 
 has 11 iioiiiiiial capilal of .■.tiO.tMlO/,. divideil into .-lU.tnMl .shaio.s of Hi/ 
 OBt'h, all of wiiii h shares Inivo Iteoii allollod and ain fully |m1 up 
 
FttUMS. 
 
 411 
 
 Vsi) xMimn- il«> ■" I'i'- '->"'•'• -^T"."""' "' 'l-lH-'"""-- '"'"' "- Form 62 
 ipmHl to HMlK. o.it.'inul .loluM,.,...-. ,uMl su,!. .lol„..,tu.os ar.. s,.,..r.Hl 
 l.v .,u imlontiin-. Imlu .■.•forrP.l to as the oxistii.tr trust .I...mI. ,UiUH\ 
 ,l"„. (lav of - .10. mill 'himI»' Ijftwcon llif coyot tlio one pi 
 
 Iml C ai..Vl) of tl.o otl.er pt. Anu wiibkbas ll.o said .loluMituios 
 ,,rrv ii.lvmM al ihf ra..- of .". i...-.|..a. pavaLlv l.alf->.-a.lv on il... 
 •,|.,v„f .an.l ilavof : Am. w m.iu.vN iliv lm.>in.-K 
 
 .,, ,l,eVov liaH iiol bcXMi si.r.«s»ful, u.ul the m-t levouiio fioui su, li 
 |„mi,Hw.. U wholly inade.,..ale to i»v tho inti-a'st on tin- .s.l i-xisln.ff 
 ,U.l,c.„tu.e.. .uoioovev th.- .03 hu ^.st a oo.iMdt-mblu puit.on ot 
 „H pd-up capital and it i- takiuf,' step, to cancel the saum: Am. 
 UHKHKVS the coy is iu urgent need of further (. U. to the extent 
 „,■ :,(.o(.o/. or ihereahout., lor carrying on its j.uMness. and M.de>s 
 MKh 'further fut.d^ can be raise.l tho coy will have to stop, and 
 .lonpuge wouhl. it is aj.preheuded. di.sast.ously alloct tho .ecurily 
 „f the holders uf tho existing deU'uturcs: Am. wukkkas it is con- 
 Mdore.1 in.possil.h- to rai>e such further funds except upon tho 
 -caritv of d..lMM,tmc. rankiujr in point of socunlv in pr.or.l.v lo 
 ,1,0 eviMi.i- .lehenlnie^. and upon the fooling thai ihr n-hl- ol ihe 
 |,„lders of the existing doi.enlures shall he uioditied as hnltr pio- 
 xided so that the co\ ii.av have an opporlunilx of vvnrkiny and 
 developing it> hn>ine.s an.l l.ringing it iuL. a i-aving cndtlmn 
 without deplelint; its vev,,ur,-os by paving the intere-t ..n the exi-tn.- 
 ,|cl>enliiies uut of (aoilal 
 
 as I'rii.i- litii 
 ilclii'Dtun- 
 juav 1h> 
 
 Now iiiiiiiioHi II I- \(.i<i-.Ki>as follovs: 
 
 1 The cox shall. a> -oou as this agrotunt shall Uvonic ab-'lute 
 
 |,„|ir provided, be at liberty to issue further debeul.n 10 the _ 
 
 u.'gie..ale a.nnunt of .W.OiMi. carrying inleieM al such .ale. not ,.r,.nt..,l. 
 
 ox.veding .-. pep. a., a- the (oy may lix. ami having priority in point 
 
 of charge on the nn.h'i taking au.l a-els of the < ..y over the s<l 
 
 , xis,„„. ,lel«.ntuix- of the aggregate amount of ^-tt.O.M./. and the 
 
 socuriires for the s„me Kach of the .mI further debenlu.cs shall be 
 
 Irained in accordance with the form s..| forth in the sche.luie 1,1.. 
 
 :> The sd further debentures shall l)e secured by a trust deed ll..« «"■""■'• 
 
 .hnflr (alle.1 ■the new dowl • .. framed in accordance with the dralt 
 
 which is aliea.lv luepawd and approved of by the parties hlo, and 
 
 cvpies.<-d to be ma.le between the c.y of the lirst pt. the said C 
 
 and D.of the se.ond pi. and K.and T.of the third pt. atid the ir...>< 
 
 of the existing d<«<l shall concur in and execute such new deed 
 
 .-! The interest on the existi.ig debentures due the 1st of .h.ly. I»'^'_^r;;f' «' 
 
 moH. ..hall be released, and the holders „f the existing .leb,..,iun>s • 
 
 sliall ru>ply suriend.-r to the . .,v to be , aa.elled tin . ,M,p.,ns velerrinu^ 
 
 to »uch interest. 
 
 , por ,|.„ ,^,.,„ „,■ fi,,. y.>..ir.s. a.- from the Isl .1 ulv, 1-J , the intere-<t Out ..f i....txl». 
 
 pavabh. on the .sd existing debentures shall be payable exclusively 
 out of the prolils of the ooy a- folloxvH, that is to say, the net piofil« 
 
!l 
 
 413 
 
 Form 62. 
 
 AGHKKMKNTS. 
 
 [CHAI'. V. 
 
 ACIHMllltS. 
 
 iii(tiT^mont. 
 
 Operati'»;. 
 
 Ritr«- 
 iirdiiiHry 
 
 mmluti'Mi. 
 
 Coiwidr'ni- 
 tioD. 
 
 of tllV r.,v fa, tho hi.ir-VOa, i'uAu,'^ tl.o ^Usl ol- DoroinlHT noxt, UU.1 
 for oarl. s.i,..M-.lii.fr huH-v.Mi.. shall Ik. asf.,.-.aine.l hy a profit ami 
 los. n..o„n( whi.h Hhall !«- ..m,l.- o„l a< soon as ,,ra.Hral.l.. aftor ( „■ 
 ..|os.< of oa. I. half-voar. an.l in as,onaiuin>r s,„l. not prohU* tl... 
 ,,,„,„nt sl.all l«- .ro.lit.'.l will. .1.- -r.^^s ,„olii. an.l shall l.o .IW.ito.l 
 «i,h all nutsruinKs lor ratos. taxos. waovs. an.l ..th.-r ..nt«..inf,'s noces- 
 sarv ..> nropovlv in.urro.l in .arryinfr •"> il- l->.stn.-ss. ami ^v.lh a 
 v..a>,.nal.h. ,lo.iu.ti..n r..r .|.-i..o.iati..n ..f [.Imm.. n.a.l..n.ny ami 
 paKM.ls an.l with tin- int.-ivst on tho no« .U.|..M,lnn.H. and with anv 
 ;.„„., ,„,,„„, i,.,or,.sl ex.opt tl». in.or-s, ,.n th. -xistinf; .lehonlnro. 
 ,„„| ,|K, .relit balan,*, if any, shall lu- ropvr.lo.1 as tho not i.r,.ht ..f 
 ,1,.. haU-voar lor |.urpo«..s hof. Ami sn. h .mlit l.alan.o «hall I* 
 ,,,,.,i..l in or towanls the payn.ont of -ho int.-vs, on tho ox.s,„,^ 
 .iLLonlim^s lor ih- half-voar .-n.prise.l i.> s,„h ...•■. an... ami . sn.l, 
 n.>.li. l-alan.o shall l>o insnffi. iont I., pax s...h in.onwt l" '"H, thf 
 in.orost lor iho halt-voar shall ho r.-;ln.o,l :i.ro,.linKHv: and it thoro 
 
 ,„all 1„> n.. < r.Hlit l.alan..> for sa. 1. half-v • .ho... ^hall ho no .n.o.vM 
 
 ■m tho .lolxMitiin's f.ir that half-yonr. 
 
 ;, Tho ,0V shall, with all .■onvoni,.,.. sp,.,Ml aL.-r <ho .L.-so of smi. 
 Imlf-voar afs.l. f..r..ish tho .rr..s or t..-.M< ..f tho ..xist.nj; '.■-.st dood 
 «i.ha full an.l ...no, I proli. a.i.l lo.ss a,-..i.i.i.. «!...«. ..(,' tl • mmnt 
 of no. profit for s.nh hah-yoar a^,orlaino.l as alV«l a-ai shal. pn.nro 
 .,a, h a.-.o,.n. t.. ho .ortilio.! as • orroot \>^ -ho a.i.li.o.s of tho ooy, uml 
 ^n.■h .M-rlificato shall ho com Insivo 
 
 r, If ,hi.- a.MoO.n. l.o.onios al.s..ln.o. noli.i- lho.v..f shall, as soo.i 
 .K^ M,. h oxtraonlinarv re8oluti..n as is hnftr .nent.l shall have bocu 
 „a<s«.l. ami tho now"doe.l hall havo boon oxo.»..hI, bo in. or«;d o.j 
 I>a.h of tho said cxistint;- dobontnros, ami tho hohior« thof shall 
 dolivor tho .saino to tho ...y fo. -ho p.irposo • f sn. h indorscincnf boinR 
 n.ado aoconliuply. 
 
 7 If this at'roon.t bo.onios abs.di.te. it shall tako ollocl and operalo 
 l.v «av of .n.Klifi.ation .)f tho rijrht.s of the holders of tho existing 
 .lobont'.iros. an.l of tho pr..vis.o.,s , ontaino.l i.> .ho oxist.iip trust .loo<l 
 
 \n.l Iho troos .shall concur with .bo .oy in oxo..,.ti.i}r a s.ipplomenta 
 
 trust .loe.l in tho tonus of haf. whi.h ha< al.o...ly been preparo.1 
 
 bv MoRsrs. . 
 
 8 This a-rooin. shall Ik>. ...no abs..lnto a> .soon i.s ,i .shall bo .sum - 
 
 ,i,„.,,l l.v a„'",.xira..r.li.mry ro tiou. a-s dolin.Ml in tho thi.<l ^cho.h.lo 
 
 ,0 Iho ppal imlontun-, p.^o.l a. a ...ootin«r ..f tho hol.lors ol the 
 ,.vis,in»; .lol«.nl,.ro«. as thoroin p...vi.l...l. :....! if i- .I.k!s no. bo.'on... 
 ab.oluU. within -lays fr..M. .ho .la.o lh..f . .his aunoomt shall then- 
 
 Uj-nn l««-oiiio void. 
 
 ., In ......s..n ..f .ho pr....,is... .1 ov shall um- its l«.st omluavonrs 1.. 
 
 pro.-u.o tho |w*.in« ..f tho s,| ,.x.ra..rdi..ary roM.l..li..n, ami Ih.' 
 pla.insr of tho si .■.<».(»l)i»/ now .lob.-n.uro- 
 
 XX- 
 
KiiKMS. 
 
 413 
 
 As \VITNKS> tll« 
 
 A. H . till" ''".^- '^ 
 
 „,„ , M...1 ui .la- .oy. an.l .1..' l.au.i "i U'" «'l Fonn 82. 
 
 riiK S(M|.;mif> al>us<! lelViml I". 
 
 Tl„. al,o,. is a ...cin..-. of au agr.-.n.M.t n.u.l- with a vl.-w ... biu.liu^ a..|.._n- 
 
 ;;:;'m ^^^;:ral 'u.o i. i. , ..:.-. a..a d..ira..le .o ..... wi... su,... 
 
 . ..^ i,V ,.rovi'i««u. aKr.fM..M,., a„.l tl>.... t.. pas. a.. .■xt,a..r.lM.ar> r..»..... 
 
 r 1 'u^ni- >C'..-.H..ati...M A..,, .. «=• Mm .atifyi,.. ..j. ..^r-o- 
 
 , S,.o K..rn> in I'art Ml. 'I'i,.- r.-a-.... i. tl.a. .1,,. aitr ont :.IT..r.l, a. 
 
 ;;;;.„!:;; !.r ;;iai. — ir....n.ta„..o. .... ........ ...o ...» 
 
 ""iti-u... tl,e .,u..r...n .....l.r ....■ .l-«l i* •- lu^^^^ «r for otl... r-a..... i. i- 
 U.0UKi.t ..otter to .ro..e.l ......r ...t. .20 of tl.o f„n.,.a...0H ,to,.«.l.da ..n) A.-t. 
 
 „^ , . ,„.li. ..,.al .... tl... .a...o t»-i..K' «...-tio...Hl a, a,. arrar.B.-.n...t under «c-ctli.. 
 
 :; r \"'. ■■>nd t...... a,,,..i.a,i..n wi.l l- -na...' .- tl.e <V...rt t.. .lireot the oa...n^ 
 
 „f m.'.>tin^'. !<.-o ...'■'. •• Arra..B..m..nt«,- fhaptrr Will. 
 
 A..Ri:i..MiNi to .vM.M^ U.-m - '"/ l'^-" "f f'^"-' 
 
 SiiMos Form 63. 
 
 VN UiKEKMT ......I.', i- l»-.«.-on il..- • l.i»'l<l <l"'»"- -■''"'"' 
 
 •the .ov ■ ■;. "f tl.o .mo |.un, .in.l A,, of - . .... M...lfof l.....soll ..nd 
 
 ull 11.0 othor l...l.l....> ... ...•.Ii.>..l.v slw...s i.. tl.o .upital ..I tl.o ...v .i...l 
 
 ;,. tmstoo to. Iho.... ..f • ■ olho.- ,.a.t. Whrukas, ut a,. ox.ra..r.l...ary 
 
 j..,.„o..l ...ootii.ti- or . . UoM ou tl.o 2ltl. .lav of .lai...u.v. I'.MiS, 
 
 il Wit.- ..■^olvo.l a« f.il - ^' il i" 10 NOV ; 
 
 That it ..s .U'.si.al.lo lo .apilaliw tho h. .f l.«t,<M.O/., I.oii.n l-ail 
 
 of tho uii.livicl.'d i.f..iit»' of 111.' «".v «ta...lii.g to tho .relit of 
 tho covV IO.M..V.' f..i..l. ai..l aocorJi..o;lv that a h..i..is of 
 lti». iKT «haio f.oo of i.i......o lax o.i oa<h of the iHsii,..! 
 
 „.-,li,iarv .sha..-> l.o a..<l tl.o sa.i.o i.- hl.v .lo..|aro.l. a.i.l that 
 lh»- dim-tors 1.0 and thov aio hl.> uuthorlzo.l to Hiitisfy Bii.h 
 1h)iui« 1>v tho .liMril..iti..i. amoi.},mt tl.o mo.iiboi> hohlii.gr 
 or<lin.irv sha.v.s rut.-al.lv ..f 100,000 of tho ....issu.ul If. 
 
 ordi..uiy t.ha.os ii> tl.o . ..y, .n-lilo.! a- fully i-ai.l in nati-^far- 
 lion ..f .■*.iih l.o.ii.H. 
 
 A.NU wiiERBAs. |..ii«..u..t to . la...M' of th<" ooy .- uiim of »^oi., 
 
 the sai<l A. hiis 1«H... .lulv authori/.w! I.y tho ,liiootoi-« of tho coy, on 
 b,.hr,!f nf tho i.ol.lov:* of the ordiii.«rv sliarci alsd, to oiitor into this 
 agrw.n.t: Anp whf.kf.as t\w iiamo.s of the holders of ordi.uiry shares 
 in tho ooy are BiH'tilied in tho sohodule htw: 
 
 A«rtrini'.it 
 t.> BHtiafy 
 derlari-d 
 boiiiiH iu 
 paid-up 
 »h»rp«. 
 
414 
 
 ACKKKMrVTS. 
 
 Thap. V 
 
 'N 
 
 ii ' 
 
 Form 63. 
 
 A'li>tiii<"ii'. 
 
 N>iiiilieriii(r. 
 
 Fruriiuniil 
 ..•ertifirat*'. 
 
 Niti»f«i timi. 
 
 Now IIIKHKHIKK II IS MiKKKI) ili" (iillow.s: 
 
 I Tito f<>\ -liull allot niul i>s<'.i<' t" ourli ol iIk? jH.'i>oh-> uaiiied in the 
 btliedule liio ilio uuinber of now ortlinun Aum'x of li". oaih (part of 
 «lie Kil 100,(M>0 ordiniirv sluiix'si not oppo-ito liii or lior nutno in tlw 
 KOtond i-oliinin of iho >anio Mchodiilo, and wlicro in sucli Rchedulc 
 eevoi-al iiorwii-* nro l»raikot«Hl as join lioldor- tliov slinll Ik? ionsiiloro.1 
 one |ien*on for tin' purnoios of this chiiisc. 
 
 •2. Till- Niid ^liaros shall lif nnmlwrod to inclusive, nn.l 
 
 sliaii !)<• 1 M'diti-d US fuliv paid up. 
 
 :'.. Tlio CON sliall also nllot to each of lh ■ Kiid lii.ldors iho fractional 
 ccrtilicat*' (if an> ' set oppo-itc his or her iianK- in ilii< third column ot 
 the sanif schedule, an<t each of the said fra. tional cerliticatos shall he 
 frnniiHl no llmt Iho JK'arer of ovory l«o of them shall lio ontld on 
 piesentation thof o llio co\ within - uwks from the date hof to 
 call for an allotment of one fidlv pd-up ordinary ,shiir<' in the capil;il 
 
 of the CUV. 
 
 4. The sd shares so creilileil and frailional c<'rtiticalos shall he 
 :ii(epl4Hl in .«ati»factii'n of the s<l Ixmus. 
 
 .\S \VHNH> 
 
 The .S uEuii.K auove Rekkhukd lo. 
 
 NaiiH" of sharehol.leni, juint Ihililern 
 liein^r brxkcti'd. 
 
 Numlier of Mliiircn Number of fniction»l 
 
 to Im' Hllottcl ncrtitiratcs if »n)- 
 
 to I'lii'li. t> ins alluttcii. 
 
 i c 
 
 If t 
 
 I 
 i 
 
 Form 64. 
 
 Aj^irement an 
 to r»|uiiiitiiin 
 and ((tncral 
 Micf'tiiiir. 
 
 AN .^ORKK.MT juude the day of - — , between A. H., on 
 
 behalf of all the shareholders iu the above-nunied coy (^huftr called 
 "the coy " i, e.xcept the present directors thof, and C. D., E. F. uud 
 
 U. II , iinftr mentd, of tlio one pt, and ('. ». of , E. F. of — , 
 
 andG. H.,of^ , of the other or second pt. 
 
 WUERKBV IT IS VOKKKIias folloWO:-- 
 
 I The wl < '. I ) . E . F . and O . H aw to use their best endeavours 
 U> procure the si^uatiire by the retjuisite miinlMsr and proportion of 
 shareholders in the coy of the roquisili<ni for u general ineetinjr. 
 Iranied in accordant with the form set forth in the schedule hto 
 which is now in (ourso of siv5natun\ and shall, when ■<noh roiiuisitiou 
 hiib bei'ii -o signed, di'p<jsit the saiuc at the regiiteied oIKce of the coy. 
 
FOKM8. 
 
 ., I,- ,i„, .li..Mtn,> of tl..< .ux ao U..1 ,..urml lo <;....« a .lu-oth.- to 
 
 ,,.;,„.1.1 «i.hiu ,wontv..,no -lay.s fru.n tl.o .l«.o of ,1... >..,,u.s,t.on bon.,- 
 : li,<..l. .IK- ro,,.iMtio..isN or .1.0 n,a.io.i.v „. .I.on. ... valuo or. 
 
 ,„ „.„vo..o .1.0 .a...... «...! M.C. ...I V. 1)., ... la.l...« Inn. .I..- s.i v h ., 
 
 i „,. I.i... .l.e .d ^:. H. U 10 lH< o...,si,l....Ml u, IM. a,,,.o.nt<Hl hv 
 
 ■; ..■,„,„-.M,i.„.iM.- fur ,1.0 ,u.riM..o uf .i.'..i... .!..• ..•,,..iM,o not.u- 
 
 !,l...uU M..I. ...owiuu t.. bo hold within tl.roo ........l.s ..„..., ho da,.- 
 
 .,f Klirii doportit. 
 
 i Ka.h ,..ou.U.r «hu .a.ilio. thi. aK.oo...o..l. .hall. i< >.. .r,,..i.od l.x 
 ,,,.'. «,| '( I) K. K. and I! . 11 , .-i«H the .r,,..i-iliou a..d al-o .«,. yvvsy 
 
 ,;„„„ ,,,.0 l..r ..a.h of th,. ,«o n.o,.,i..i.- . a>.d >hall loou.od I- 
 
 „.,|„„i/P th.^ socrotarv to iill up the blanks tiu-roi... 
 
 , Should anv ro^l..tio.. Ik, passed a. tho n..M.|i„u alsd. whothc-r 
 „v,.,..mI bv tho b<.ard .d .liro.to.-« or by tho rc.,...s...o...sts, wh.cl. ... 
 
 .,„,..,. ,., hnvo ..llo.-t ro,,..i.os U> 1k> ......tir.n.Ml as a sp.v.al r..>ol..t.«.., 
 
 .,,.1 ,|„. .|i,o.1ors do ..ol .....vno th.. uiooli..;. within >ono.. .lavs Iron, 
 
 ;,,., ,,„„. .„ ,„.. p«s.i.,jr of .1... ti.M ,osol..,ion. thon and ... s..rl. .a-o 
 ,1 ,,. I, y K ui.d O II shall lonx Clio tho sa.iio. and tor that 
 ,,!!,lo ,1.0 sd ( . 1)., .a- iaili..K' hi... tho sd K. F.. or failing hi... the 
 ',1 .: 11 i> 10 bo .on.ido.cd to bo ap|.ointod bv tho .o,,M.H.t.on.sts for 
 ,1,.. p..rp.w> of si^rni..n the re-iuisite notioo eo..vfcninK si.ch inoetintf. 
 A^ wiiNK.ss Iho hands of tho pa.tios hlo thi- dax ><f . 
 
 TiiK S< iiKixi H al .ivo .■elVrr<.<l i" sec i.oxt Koii.ij. 
 
 S« ,..,1 .Hi wf ,1... f l-anU- (.•„i,«.lia..,i..n- A... ll.ns. wivii...' " M.it.i.or.v 
 
 ,,^,|,t , ,l,l,.r. ..f the U^xuM «l.arp .apit..! t- Imvr a «.mTal n lM.tr rallcl. 
 
 \« tn I.Saiik i>r.)xii'i<. ■'•i' I'"""" -'il. ""*'■ ♦" •I'"'-"' **•■ 
 
 TmK ('0V.I-\\\. I.IMllK.I) 
 
 415 
 
 Form 64. 
 
 Form 65. 
 
 •|„,i,r Ui.oaoi„oril.oabov(-nai...HU-oy. !'V''v"r!i",r!il- 
 
 I'ak.' Muti,,. llmt wv, Iho ....dorsi-nod sl.a.ohuld...- .'. ll.o ab,.v..- ^_^^^ ^^^^^^^j 
 nu.no.l .:ox, hol.linK i.. tho a-givpile not k*s than o..o-tonth of tho ,u«iiug. 
 ,.ssn..d cupilal of tho S.1 oov upo,. whid. all .alh or other ^unis duo ^^-f^^^^ 
 havo Uh'i. ihI, do libs lo.iuiro vou to .•unve.ie an rMra.nili.niiy j,'o..eral 
 .n.H.|in- of Iho abov.-nanuM ,-.v f.>r tho objo.i,-. folb.win-, that .> 
 10 sa\ ; 
 
 ,1.1 To pa.-.- a icMiliilion to the oiled thai the nicolin^r is di- 
 sali.-llod with the eo.iduot of tho dir.Hlo.s an.l •-alls on them 
 lo retire, and deterndi.es that it i- iiioxiiodioiit that tl.o\ 
 should be aliuuo^l !•. iHt niiv f.n-thor a- dirtH'tor« of the w.y. 
 (2.1 To i>a.s.s a .•esolntioi. to tho olfoet thai no sale of the .on > 
 patent** i.« to he made widio.ii ilio M.ii.tion of a >,'ciio.al 
 
If 
 
 .11. 
 
 416 
 Form 65. 
 
 AURKKMKNT.S. 
 
 [('MAI'. V. 
 
 lueeliuji. iiud in luiilkulur tli^it llio |)iO|u«i'd nuIo !•■ 
 
 j^f 1^ p . a Hharolioliler in lli«' lov. i« not U) Iw 
 
 made williout such Nuiutiini. 
 (3.) To select »luircli.)l(l«'i> in llio (ov to uol a-* a pioloctiv.- 
 
 fommitf'ip and to paK- a ifsoliilioii ai.|M.iiitiii(r micli porsoii; 
 
 10 be a c.miuittcf and vesting in them hucIi powers as ni.iv 
 
 wem to th<' nicolin),' cxpetlienl iu the iniowts of the ooy 
 (4.; To pass a i-«>«oliition or nwolulion^ pursuant to clauw f 
 
 the urt.s of aHson removing all or such one or more of tin- 
 
 directors now iu oHice as to the ineetiup umy seeuioxpcdiein 
 (3.) To appoint such iHjraon or ]>ers„M .»« the uieet.inR may think 
 
 tit to bo directord of the coy . 
 (6.) To pa** a Tcsolutiou altering clause 90 of fJie arts of asso.i U 
 
 substitulini.' tlie won! " seven '■ for the word ' five " theren, 
 
 See fompniiiM (Coiwilidati.mi An. I9(IS. -^ «•> , , , •„ < 
 
 It .huald be •MH.ii that tlie ..rtirl.M all..« -"'I" "««•<''- '" '"■ '''■»" "'♦''• " 
 infra, p. 747. 
 
 Form I 
 
 Bond depuait 
 Mgieeinent. 
 
 Recital* 
 
 IntCTprota- 
 
 tiuD. 
 
 A(.HKl.Mi:VT hi/ MoNDMOl.DKHS i.,1 .VmIHK VN KvllWXN «'<>. I" 
 
 Dii'osn thiir Ho.M^s trifh a I'ivir l<> imtki. \. ii..v. 
 
 A\ AtiKKKMTmadelhis day of , l.elvveen A H . of 
 
 on behalf of him.self .nd all the oth-r holders of l.on.ls ot the 
 - Cov (a cov .Mm-stilulo.! in. A.-., and In.f.r calle.l the An.en..r> 
 .OV). of' the one p(, an-i the Corporation ,hnftr calle.l the co, ■ 
 
 poration. of the other pt: Wheuea. the .\moricau coy ..s«ue, ,. 
 .stu'ies of tirst morl^'a.^.t« l.ou<ls for >1.0tlO,l>0(). and such bonds are st.ll 
 out*.ianding unredeemed: .Vnu wukhkvs the .American coy ha> 
 become involved in hnancial dilticulties. and has „,ade default ,.. 
 paymen- of the interest ou the sd bou.ln; and its undertaking ,s no« 
 in the hands of u recr, appointo<l ,n an action of. *c.: .\nd wm-;«i.v« 
 the bulk of the «.l bonds aix>. it .. believed, held by per,sou« resKhn- 
 in the l'nite<l King.lo.u: .Am. xvhkrkas it i.s ne.-ossary to take step- 
 to protect the inton^sts of the holders of the sd bonds, and with a v.e« 
 thereto it is desirable to pro. u re the co-op.'ration of the bondhoMc.s 
 or the bulk of then.: .\m. vvuKHhAs the .orporat.on .> w.lln.s- to net 
 as trees for the purposes thof 
 
 Now I 
 
 IIKHKKORK IT IS A.jHKKl> BS foHoWS:- 
 
 1. In lhe.se prt'seut/i - 
 
 "The bonds means the bonds alsd: 
 " IV.n.lholdei n.ei.ns a holder of any of the bonds: 
 
FORMS. 
 
 It; 
 
 Effect of 
 depoMit. 
 
 • Tho .ortificatett" inean» the coiiiKcales issuea uiiiioi- Form ^ 
 
 iluuse 4 hot' and for tlic liiiio I'tMujr ou(«taii(liiijr: 
 •The lertifieate hoUlors ' ineaun tho holders for tho time 
 beinp of the cortilioate.-. 
 .. Fuch bondholder who ratiHe« this ufrret.in. i- forthwith to Depo.it. 
 a.posit his houds with- the corporation upon the tootinR of thw 
 „rroe.at an<i is to i-ec«ive in return ^ ,«rtiHiate a« hnftr provi.led. 
 " '"a The objeel of the deptwil and resri«tralion of the boniU of the 
 u„hin-n.eutd series is to invem. a.id u party deposit in^r and ro^.s- 
 HMintr Ihe same is to be retfanled as thereby investing, the corpora- 
 lion with the following powers, tliat is to say:- 
 
 , a . To apt a« if it wer« the almoluto owners thof, and to exercise all 
 rights an<l powers extending to the ownership of such bonds 
 ,b, In pani.ular. without derogating from the generality ot the 
 foregoing power, to advam* and support chimis and enforce 
 the rights of the bondholders; to negotiate, conclude, and 
 ,.,,rrv out anv compromise with the American coy. to pn^sc- 
 cute defend, intervene in. and compromise legal or other 
 pro,.^-dings in relation to the bonds: to concur in referring 
 HHV ,,ue.stion to arbiM-atiou. an.l to carry out any awanls; to 
 bid at anv sale or sales of the moMgagc.l |.pty. and in the 
 event of the corporation lK«coming a purchaser, to manage, 
 «ork and le-organize the same; to lodgt> the b.mds .le- 
 ,,„Mted with anv banker, broker, lawyer, or safe deposit coy 
 
 ,„. a ,1 in the rnite<l Kingdom oi .\merica; to sell ..r ex- 
 
 .Imilgi^ the bonds dep<«ited for ca-h or for shares, bonds. 
 delK.Mtnif.s. or other .securities; to nell. lease, or co;.< nr in 
 anv .sale or le.ise of the ppty mortgaged; to release, post- 
 pone, or modifv the mortgage or charg<' securing the bond-; 
 locon.ur in anv re-organi/.alion. re-coi,s,n.ci ion. or arrange- 
 ment; to appoint an.l employ agents, legal and other 
 advisers, and assistance, and, if thought Ht, to a.lopt and 
 u.t on their advice; to apply to any municipalities, autho- 
 rities, or g.,vernmei..ts for any rights, powers, interests, or 
 privileges, and for anv legislative or .^governmental decrees; 
 and to receive and give discharges for any money or se<uri- 
 ties receivable in respect of the «d bond.s, whether accor.l- 
 in<>- to the tenor thof or according to any such arrangement 
 or compromLs" as af«<l or otherwise, and to applv and dis- 
 tribute anv .such im.nevs or securities acconling to the nghtK 
 of the boiKlholders; and generally to act in all things a.-* 
 the corporation mav think ex|>ediont in the interests of tho 
 holders ..f certificates (hnftr called ' the .ertificate holders ). 
 ,c^ To deletratp anv of the sd powers and authorities and .liscre- 
 tions to anv [lerson or |)cr«oiLs. or .oy or cos, and on snrli 
 terms and in such manner as to the corporation m.'y from 
 lime to time seem expodieat. 
 
 ' » c 
 
 JSS. ^' 'j*' 
 
 '1i3&-JI»^ 
 
>-i 
 
 il 
 
 41S 
 
 Form 66. 
 
 CfrtiHtate. 
 
 AOKKKMKNT8. 
 
 [Chap. V. 
 
 1 h 
 
 CootribiituiD. 
 
 Applit'MliuDof 
 oMitribution. 
 
 llimunt'ra- 
 tion. 
 
 Meeting. 
 
 r ««w of 
 
 , TLo corporation is to i^uc „. ea.h depositor a rort.hoate repre- 
 s.,n,iu,' ea.l. 1......1 deposmvl l.v lu,n. an.l outithug the boarer to ,1.. 
 
 riih.H'ariMU, tro,u .ho ,lopoM.. M.l>.iu..l to tho..e .oud.tu.ns; un.l 
 Zu .*r,iti.a,o holder shall be Imuud at any tuue. and i rum t.n.. 
 ,o ,i„,o. ..„ uotK-.. iron, the ...rponm-.n. to oxe^^uH- «u.h po«.r of 
 .U,o,..ov and other authori.Uss in lavour of the corporation, or unv 
 ,.„n.inec or nonunee, ot .he .or.H.ration. as U.e oorporat.on n.uy 
 
 '""•'"7n order to provide the ne..s>ar.v funds for the purpo>os ,.. .l- 
 
 ..or,,ora,ion. a ca<h contril..,.ion. ...,"-1 '" » 1> - of the no.n.nal a.nuun, 
 
 .,,■ 1,0 boudsdcposiUHl, .nu«t U. Pd In each depositor j.pou nmk.ng ... 
 
 lolit; and if the corporation .hall at any time by wnt.ng nnde.. 
 
 i,.s .oal. certify that .non- fund. .-.• ...p.ire.1 for the purpose. .,f .■ 
 
 „,K,rJ,ion, then the cor,K,ru,i..n ,uav rai^ nuch further fnndn on ho 
 
 M..l.ritv of the bo.»ds. a, su.h .... of interest, not excee<ling . p.v 
 
 .. .he Corporation .nay urru..p. ...d the .orporat.on .nay pay off m., , 
 
 ..,va„c.s ou, of any u.o..ey. u-iM..^^ out of ,ho b..nds a..d Ik-Io... 
 
 any bond can be withdrawn b. -ho holder of the .ert.hca.e .;pr..- 
 
 .e.ai..t' the »a«.e. he n.uM. .f ..o .o.,..ire<l. pay t. the -orporu.. 
 
 propor.ionatc part of su.h V..vll.er asseris.ue.it 
 
 ,' The coutribution^ and advan..>s afs.1 shall be appl.ed Uy .he 
 ...rporation in manner foll..«ini.. .hat is to s,iy.- 
 
 /n To the paynen. of .he past an.l futu.* ex.KMuhture o. Ic 
 corporation, of a.nl i..ci.lental to. or con...oct«d ^u..., .he 
 .leposit of the lKn..ls. a.id of .he doing of all such things as 
 Uic corporation may think it expwlient to .lo in the interests 
 of the ccrtitictttc h.ililers. 
 ,■.. To the payment of .he .t>n...neration of the .orporut.on 
 . ii, Any snrplus shall. «>.-■.. .he 'aU.urs of .he .orporat.o.i in .,■ u- 
 iion to the bona, shall l.aye been ..Hnploted, Iw d.y.d.-.l 
 an.ong«t the certiKca.e h-.l.lers in proportion to the a.n......t 
 
 of the bonds represento.1 by certificates hel.i by .1.. 
 
 Bubccribers. 
 7 The corporation shall 1« en.ld to such .■o.nu.ierat.on for it^ 
 .eryices in relati.,n to those p.vse.its as it shall .leternnno, ... 
 oxc^ocUag one-half p.c. of the ..o.ninal yaluo of the ^"^^y^^ 
 H The corporation may at a.iy tin» co«yo..o a .neoting of .h. 
 .o..ili.a.e holders. At least soyon .lays' notice by adyert.sonion. .» 
 throe London daily newspaiK-r. shall bo gnen of snch >»«">' "&A 
 ..uorum of any such meeting shall l.e at loa«t ton persons h..ld.ng 
 .frtificHtes for at least f- of the bonds deposited. 
 
 a At eyery such meeting the bearers of the cert.hcates atsd shall 
 ,« regarded as oxclusiyely entld to vote in respect of the bond o 
 bonds represented thereby, and upo.i the vot.ng for every #100 ef 
 ppul owing in respect of any such bond or bonds «hall confer one 
 v;>tc on the corresponding .«rlilicato holder. 
 
 j.) A general meeting of cer.ilicate holders conveucl as afsd shall 
 h*yofuU power by resolution passed by a majority ..f tho votes gnon 
 
 J 
 
FORMS. 
 
 41« 
 
 Form 66. 
 
 „,..„ .he .,uc>.io. ... .auction a«d approve any course of action which 
 
 ^^ ':r'"",r;:-a:;iX"tt .huH be .aUea in ,u.h n.unuor and at V.^^. 
 
 " " " '" 1 rurL chairman of the n.eetiug .lue.... und 
 
 7='"£SI?S5^'=^-^-- 
 
 ,1„. aa,iu..rnn.ei.t took place ......lioi. m a .Imiinu.n ..I a Wh....."!-" 
 
 •■"r^^,:;'':^;;S«Te'h.,d.-. ,.. •> '«■ «■-; » - 
 
 •;,;;'i;::;:::,',';;,rr.,i, ... ...e ....> -.."•.«i..» '■••" "■• 
 
 ,,, M„„.t.s u , ij ,,^,1 1,0 mmle and dulv entered 
 
 •\' ''T:;;';: ;m>:tl^ e t!;«-tion, and any «uch minute^. if 
 
 '" ' V '" ; ,'; ' H 1.; U>e ch..nnan of the nu-oLuK a. « Inch .such 
 
 ' '"•'•:": "''"l/ine iu r^ and until the contrary is proved. 
 
 *'-' '':.::::: ^^Z^^l^^. preceding, of .hich uunute» 
 
 ;:• ,: I^ Ian L, dee.ned to have been du^ '^^-•;';^ -- 
 ;;;:., a.!d uU re^-mtion. paB«ed thereat, or pr.K*odu.p« hnd. to have 
 
 ;,.e CO. ,H.ratiou nhall not Ik, bound to as^gn any n-a^or. .. . excrc».n, 
 
 the power »o reserved. • ,„ j,^ n-u-arded for all i.urposcn N,.^,tiia.ility 
 
 17 Tl>c certificate in ea.h case w to be regardtU lor • 1 l .^.rtiti. ..u,. 
 
 „; ucotiable in.trun.ent and as conclus.vely ^'v.d-«- g ho Utk 
 :.• ,ho Lrer for the tin.e being and from twne o '-' ^'^ -^^^^ 
 .,.. lK,.„l. .h. n-iu n.out.l and all por.sou« are mvite. ,-> ^'^^^ 
 ,.„., ,1.. owners thot '.. act on that footing, and ne.thor the ' JM" r-< 
 ,..., anv loldcn or depositor shall be affected by any not.ee to the 
 : tr rV .tl no dopo^tor or holder shall Ik, re,u.rcd or l.ablo o 
 ; .,. ... otlurwU deal .ith such bond or bond. ox..p ..p.m ,h 
 Lu. ..f'the covporation. and the certificate holder i. not to be at 
 
 liU'ily to witlulra 
 
 t.uvo (vrliliod in writing u 
 
 are cninplpte. 
 
 l.dra.v hii bond or bonds until tin- e>n«>n 
 
 -hull 
 
 nder its seal that its relatiou« to U.e bon.ls 
 
 E E : 
 
 ji^m^^rsssm 
 
420 
 
 AnREKMENTS. 
 
 [Chap. V 
 
 Form 66. 
 
 Ciiiiditii'n. 
 
 18. This Hgrooint i* c-oiiditiunul uu ita beiu^; ratiticd in writing \>\ 
 tho liuklvrH of ull tho tionds or l>v tlio holders of such proportion, 
 being not loMN than oiip-foiirth in value thereof, as the corporation 
 niuy consider siitKriont, and if this agreeiut docs not become absohite 
 
 before the of , it Nhull on that day become void, and the 
 
 deposited bonds shull l>o returne<l to the rertiticate holders on 
 demand. 
 
 10. Indemnitv to coy. 4c. ] 
 
 Form 67 Aurkement that Drm:( tors gfi/ill take up Le.\se.s and shall i/nnil 
 
 Sni-Lt;.\sEs to Comp.\nv. 
 
 
 .Viffoemeut 
 f"r directoni 
 <» take U'liM'a 
 and frrant 
 •ub-leaaei« to 
 company. 
 
 .\groc'mt; coy (li iind A., B., and C. idirectori* i (2). 
 
 RoeitulK to the elTeoi that the coy carrios on business on certain 
 leasehold premises, and lias negotiate*! with tlie landlords for new 
 leiuses, but that they will only grant tlio Name to substantial in<li- 
 vidiials und not to the coy, and thai the coy has itxjue.-itoil ihedirector« 
 to take iij) the leases and grant sub-leitse-s to the coy on similar term-, 
 und tiiut the directors are willing to do so, and that the forms of 
 the lea.ses are iinne.xcd. 
 
 Now IT I.S IIKRKB\ .V(.HEEU a« follows: — 
 
 1. The dinst'iri* sliiill use their l>e«t endeavours to obtain the r^d 
 leiuses. and after execution tliot the coy shall grant the sub-leaso 
 und the coy shall execute countcr-|)artM of tho nub-leases. 
 
 2. .\' the -anie time the (■•i\ hhuil iijncur with the directors in 
 cxerutii. J a tni^t (l(>e<l by way .if -ioi urity to the directors in the tenn.^ 
 of the ilvaft annexed hto. 
 
 .'i. In taking up tho sd li !-cs tlic -d directors arc not to be 
 c<Misiden i a-* trustees for the ex. and the coy's only rights in the 
 doiiiiscd pi-emises arc tho,so which -hall be r.mferred by the sub-lease..* 
 afstl und accordingly the lossoes or other the persons ..r person for the 
 time being entitled to the promises in reversion exiwiumt on tho sd 
 sub-Iea.ses are to Irnvc full powers, right.-' and remedies as tho absolute 
 .i»vn('r.s or owner of the sd reversions renply 
 
 4. This agre<'nit is w)nditi()nul on the same being -anctionod and 
 8pprove<l by a resolution of the coy in gonoral mi>eting. 
 
 I\ \vitne.ss. &f. 
 
 The iSciiEmi.Es 
 
 A limited company, it lui» bevn docidi..' i« a " rospcotal)!!' and ro»poii»ibU' 
 {lerwii " witliin the mcanin)r of a covenant by a lemee not to auign withuur 
 
FORMS. 
 
 431 
 
 thf •inent of ihr Ibmop l'«at'h oon»ent not to \>e withhi'ld in flio ia»<- of n PoTlB fl7. 
 • ri •'|>«'< '"III"' '""' r«<poniil>lu |wri«>n ' j. Itillmail v. /.■■.- Ion H<ri,l I'n, Co., 
 
 Ai.HIFMF.NT (/.« in Salk of CJlKtlw hlf a M\\rK\<TI R!Nr. Com- ^"^^f- 
 
 i\NV 1<) (I FiHM (I* Inti.rmi nrAHV /"/• xi^iiiilijinii HK.rxn 
 Tradkks ond thr Pi bmc : Mimmim I'lic is. 
 
 AN' AUHKLMT, made, Ac , hofwcMi tli 
 
 Mauul'ucturinK C'ov, 
 
 l.iinlil (liiii'tr talltMl the t(n ' s (tf tlio imi; pi. ami .V., of 
 
 B 
 
 iiU (■ 
 
 jf 
 
 carrviiij; oil liii.-incs.s a* 
 
 .It. Ac. 
 
 j.irliiership iiiidor tho stvlo of, &>•. ihnfir lallotl ' ihc liiiii '), of the 
 ollllT ]>t. 
 
 Whkheby it is vi-rked a« follows: — 
 
 I. Tlio lov »li:ill supply to thf linn, ami tlio linn ~liall piii'lia-o Miid Comimnj t<i 
 .lit as intf-niu'diarics for the salo. ilistiiluilioii and .-iipply to tin- trade *"Pr> B""*' 
 &>'.. and siinilar irnods niaiitifiiehinvi li\ 
 
 oiideaviiiirs tn promote siioli 
 
 .iiid to tlie pulilic of — , 
 
 ilie iiiv. and tlie firm sliall use tlieir tiest 
 
 sale mid distriliulioii. Tiie prii-es at wliicii froi«|s ,-i. ill Ik' -upplie«l 
 
 li\ till' (iiv to tlie firm shall 1m> those siHM'ilieil for such ;;oimIs in 
 
 till' 1 urn'ut priw list for the time lieiiiu: of the <ov for the I iiited 
 
 Kiiej-iiom < hiiftr callts 
 
 I ti 
 
 le cdv s ciineiit pnre 
 
 les^ th< dis- 
 
 iiint luentd in rlause 18 liof. 
 
 ^' 
 
 !ave ii.s jirovided liv clause ,'! hof, the lirm sliall not withoiii the Minn 
 < coiiseiit ill writiiisj of the <oy supply for anv purpo-e whatever I'""' 
 
 .f th. 
 
 'feriwl to ill clan 
 
 I hof 
 
 iiianulac- 
 
 lie ii Kls >.pecilie(l or rel 
 tilled and supplied liv the cov a' le<« prii'<>s tliaii tlio^e -pecitied in 
 llic iMv's ciirrt'iit (irii'e list, nor shall the tirm wiilioiit '■iich coiis<>nt 
 ill'tvv anv rehate, hoiius. allovvaiiee, or rwluetion of any kind on such 
 price citjicr directly or indiiwtly. 
 
 .: The lirm shall at tlie cciiiimenceiiieiil of each season prejmre a |iin<-oiint 
 
 leliiil pattern lio<ik of and other cr(M.ds, and shall therein price '"'"'•'J- 
 
 their iriiiids in conformity with the next followiiii,' <Iause hof. 
 
 I The mininiiim anil ma\iniuin scale for pricinjr in the sd retail ScjiIph for 
 natlern hixik shall tw fixed at the liei.'iniiinir of each season l>y the I'"''"'»""- 
 viiie i.f a majoritv of a coinmitte*' i "iisistinir of two of the directors 
 fill the time lieinc of tho coy and Iheiu-tin^r memln>rs nf the cimimittee 
 i-stalilished under clause 20 hof. The linn shall not ti. ket or soil any 
 troiids at a lo.N.5 prirr than tho coiiiiiiiiTOx' .shall is; uritini;- approve. 
 
 .'i Siihjcct to ('lau.se 2 hof the lirm shall 1)0 at lilierty to ipinle their Firm'M lil«rty 
 I'Wii net pri(vis for Htoek orderw. to quote. 
 
 •i The lirm shall not ])ay the carriajre, exi'ejit in the I'ollDwinff CaniBL-c. 
 ijiM"*, luunelv, &c. 
 
fi ■ 
 
 4,'-.' 
 
 AUUICKMKN'IH. 
 
 [(.'UAH. V. 
 
 n. 
 
 I I ! 
 
 I f 
 
 Form 68. 
 IiMua uf 
 
 Ilt'W Ht'MIM>ll 
 |Mii »' iMMtk. 
 Tl'l-IfC nf 
 
 urttlpinMii 
 to be iilloni'd 
 hy Hrin. 
 'I'lnnii of 
 M'ttli'Uient 
 ti> )m' h1Iowi'<I 
 by rompnn\ . 
 
 Date* of 
 ililiTery i.f 
 new mmma'* 
 Ifofdn ft»r 
 piirpoM' iif 
 
 nrroUDti*. 
 
 Kitni din- 
 ( iiimt to fliiii 
 ft-r caMh pi<-- 
 iwymont". 
 
 (iiHKlii to lir 
 ■•iipiiliod for 
 finii'* huni- 
 
 C'uiiipuuy n<il 
 to Ih' liabli 
 for ntrikei-. 
 Art', iic. 
 
 i)i!«rount 
 whpre pay- 
 ment on 
 ilolivery. 
 
 7 N.. iiiw wii-..n t-ct.iil ]>T'u^^H^ puttcii l.(.oL> shiill Im' i^Mi.-il wiilim 
 111!' ImU'il Kiiiplom l>v tho linn or thf ...v i.rioi- t.. III.- - .lii> ..f 
 ill oufh v«ar. 
 
 When com- 
 pany to pay 
 rHnnajf'' 
 
 p|' iciili'iiii'n 
 
 t It. Iw iilJHWiwI l>v tin- liiiii ■'liall not ('X>.'(hI 
 
 riiiliiwiiiK liitt'!*, iiiiiuclv, &r. 
 I Ti'rins <>(' »«'tll«'iiiciit to lie ullo 
 
 w«>il l.s llif rij.v l«i llif liiHi -^Iriii 
 !■(> a^ riillow-', ic. 
 
 Ill N.'w xMson's pxNls ileliviTPil lM'i«...-n SopK-mlrfr Nl in ..nx 
 
 MMi i,w\ Ih.' ni'Xf H ^'oilinn •2'<'\\ Ffl.iUiUV lo in' chilc.l for lliv 
 
 (.uri.-.^t-i ..f ll,.' :i.(.mnts in.Mitii.nfl m iIh' Ius( piv.o.linft cliin-.- a- of 
 tl.c 1st .lav <if ilio niontli i.l Mar. Ii t..ll.iniiiir ^"''l" <l<'livoi> . 
 
 11. Ill 111.' ra«»> .'I' WW soii^.m's himhU supi.lio.1 liv lln' <i>; ni tlic 
 tiiiii anil pai.l |..i in caili liclcrt' tin- iiaviiioiit ol' the niinitlilv ii..iMnit 
 lor <n.li tro.iil-' 1.0. ..iiios fliio tho ....v »liall all-.w tlio firm an oMra .';hIi 
 ilisidiiiit at tho iMt.' of r>l. p.o p.tt. from llio dal" ->l |.aymoiit nntil 
 Iho ihno vvhon llio piivinont of xtuh iiioiifhiy iio.oiint lM<f..mc's .Im. 
 Ml.li <li-. emit to l.o .lo,|.i,l(>.l alior .lo.lMrtioii of tlio .|i-...,iiiit niloHi'.l 
 nii.lor flaiiM' '.• liof 
 
 12. All jfi. '.l>t..l..' -iipplioill.y tlio.-ox to the linn shall l.o .-iippli'd 
 l.v tho ..ly solely fo-- tho linir- l.iisiiioss at . or at sii> li "'her 
 aihtross at tho ooy shall in wiitino; appimv. ami with all ro.i-.ii ihle 
 ps,poiliti..n. ivoaid Iwinjr had to ollioi- ixMi.linyr ..r.lois for oj „k1s i„ he 
 
 Kupplio.1 l.v tl oy t4> olhpr customors, hut the <<.y «hall not bo lial.lf 
 
 tor any .latnairo which may ho oaus«><l hy any striko of worknioii oi 
 any loik-out of workmon, of any lite or other u.oident, or genorullx 
 for uiiythini; U-yoinl the oonln.l of the fov in the lililinuiy l,.nr^S(' 
 of it.H Imsiuoss, an.l the coy may at any tim.' le.iiiiio payment in oasli 
 apiinst (lojivoiv of {rooiU. hut in that las*? shall allow ilisiount at 
 the rate of :> pep. a from the diite of paymont until iho .late wlion 
 the pavment of the monthly aciiunt for su.li p.iHls hecoinos due 
 in tho Mamo manner us is provided nii.lor olaiiso 11 liof in the cas*' .,f 
 now Hcas.)i,.. fro.xI«: and tlio <'oy shall not Ik) bound lo siipplv I.. 
 tlio linn any nimii'i kiml <>/ (/oo./x' the supply of wlii.h ma> U 
 co.iliiie.l hy the i..y to any .leuloi ..r linn ..f doah'rs. or any place 'ir 
 district, hut the linn shall have the rio;hl to 1)0 supplio.1 hy tho coy 
 wiih any (iroods roprestmtod in the coy s i>uttern sots of any iiiami- 
 factory ac.piiiod or taken over liy the coy, uiul now .supplyin)i; tiie 
 linn <iiiecil\ with siix k represent*'.! in the firm's pattern books 
 
 13. Tho cov shall, on slock orders from Iho linn lo the ';oy of the 
 valiio of iL iiol Ol (ipwaids. [mil tlio carriajro to tho firm'.'? afsd 
 place of Imsiness, or subjoct to the provisions of cIuiiko 12 hof to any 
 railway station in the I'niled Kinpdoni, provido.l that the coy shall 
 have the right X*> refuse to pay tJia oorriagi' in any circiim^tanceii 
 which tho coy may considof excoptioiial. 
 
H)KM'H. 
 
 H The lirm «Iib11 not willioiil tl.c c!Oic«nt in wnunfi <>< 'h« ...% 
 MiMk or -lit up imticriu*, or i«.uc. in ihoir pHtton. iMH.k- or ^ill for 
 Hlmk UI.A «/»<-.7!/ A»«</* «/ tf'Kx'''. o"'0'- '•'*" «'"»•«' >"'>""'""""'' ''^ 
 I lie I'lv. 
 
 r, TI.P tirm HhuM, on »ho wiiiton lOiiuost of ihc ro.v. .If-i-t f>'ini 
 Mipplvinfe' P'«)<ls for HUih i.oii.«l .1^ 111- -oy ^Imll n-iuiw to any doalor 
 or pulvlmHor t.. whom tlio coy nmv .terlino or l.e unwilling to supplx 
 jToiiil'' 
 
 It; Tho iirm shall not in ouch year start traveKing or w.lioilinir, 
 .,r takP .slo.k or.l.Ts on mn patloni^ ui.lii the .hit<> whi.h rl.all !«' 
 I.V0.1 l.v Ihc .ov in fu. h »uih year for iho coy to l«ko orders o„ .u-« 
 ,,,„c.rnv So far us p. ti.al.k- paltorns shall 1k) sou* »'- 'lie liriii :, 
 «,...k .arlior than »u< h M-uu-iit.l dale 
 
 i; The tirm -hall not supply tii<> coys goods for ; ■ i;i'..i,..s< i 
 liciiiL' «'hl l>y uuiti'U. 
 
 IH hi ri.iison ol lie prtnnisos tin- (oy fhall allow thr ,, i ;. ii- 
 ...iiiil of 1" jHJr tent, on tho uinount pd hy tho lirm I \ 
 
 .h,.,s ../ -;.H,./*] purchaHwl by tl.v lirm direct from the coy at the 
 IHi.o of tho coy'H current pri..- list, but this discount .shall not appl> 
 lu goods of earlier seasons than tho soason of I'.iOi* l'.>10. 
 
 H In the event of unv infringoment liy the lirm of the provisions 
 i,„l except as to clause H hof. tho commilloo hnftr mentd shall 
 have iiovver to sus,KM.d tho .liscount payable or allowe.l under .lause 
 IM hof for s,„l, period and !■■ su.h manner as the .■oiii.mtlee .-hall 
 lliiuk lit, aii.l the decision ot the committee, or of the majority ol 
 i.s memlK>rs, shall bo ac.opte,! by the lirm as final, and the my shall 
 further have the right, in.H.ciialcly ou such infringomonl. to c^-ase 
 ,0 suppU anv more goods to the H u. I'rovi.led that, without 
 limiting the righi.s and powers met,: i in this clauso, the hrm sha I 
 l,cfore such discount is ,-usiK>ndo<l. ....l before the ...y cease su,l, 
 ,upplv. be allowed to state to tho commitle.- or some ot its member^ 
 within f(,urteen days after notice fron. thv committee or some ol 
 il« momljers so to do the linn's reasons loi such inf' ngement 
 
 2(t The comuiilKH* shall <onsist of ■ »"'l ""*' 
 
 of the directors for the time l)eing of the coy. The a.ting members 
 of tho cummiitee other than the directors ^l.all, in the event of any 
 of tho lirst live named or of any one uominuteil in succession to them 
 dving or declining to act, have iwwer to uppoi = a su'cossor or 
 successors in otlice, but .so that the number of the committee other 
 than the directors of the coy shall not at any (imo oxce.! five. 
 
 21. In the event of any infrinj^'smeut of iinv of the provisions ot 
 • lause 14 hof, the provisions ot clause 19 hof shall not apply to su. h 
 infriiigoineut, but the coy shall in ad.lition to its other remedies have 
 the right immediately ou such infringonient to cease to supi.ly any 
 more goods to tho firm. 
 
 Form M 
 
 llt'Ktrii'li'iii 
 on tiriii'* 
 itealing* 
 iiitoiJc t)i' 
 ■ fiiii|ii>ny. 
 WIm'U Hrtii 
 ii.il to »iic|il)r 
 
 : . ]iuHifiil;,t 
 .\. I.> 
 
 triviMii.i.' 
 I .) ..nl.r- 
 
 Atu ti«»i»- 
 
 S|H'iiut 'll- 
 I'DUUt to toiii 
 
 for iittrti' iiiar 
 
 .Su]«peitt*iuij 
 n{ ilincouiit 
 to ♦imi wlipfS 
 
 iiifrinjfi'iii. "t. 
 
 CommittM. 
 
 Infrinifeini'nt 
 uf Clause 14. 
 
4t>l 
 
 A»iHKKMKNT8. 
 
 1 i 
 
 [!■ 
 
 
 Form 68. 
 
 Ku iMU« uf 
 IMittem buuk 
 to Hnull 
 Imyfcn. 
 
 lUi'iit to bind 
 •ucceiwiHK of 
 the parti«». 
 
 1>iiratiun of 
 »Kreeiut'nt. 
 
 Service** of 
 noti't'i* fill 
 flrm. 
 
 '2'2. Tliu ciiv mIiuII not i<««uo ii rotuil ijricoii pattern bouk in Rmall 
 buyers biilii (l(>lint><|. I'roviilod tluit tho voy «lmll 1h' iu uo wav 
 roNlriclod from currying ou or pxteiidin); tbo busiiK-sses (.whetlicr of 
 iluiiliM'H or oihjMttiM'i us now oxisliii}; itn<l I'urriod on b_v any liriiw 
 or (>o.s nliicb inuy bo ui'<|uirc<l or taken over by tho coy, uiiil iu 
 purliciilar it ii dci'luroil that thit clau.Hf sliull not j)rovonl tlie coy 
 from .Mt'iiiliiiff rt'Iuil priit'd pattern bookn to any cuHtomor or ciiis- 
 toiiiors to whom any of the lirnu* or cos whose buNincK«< shall be 
 uc(jiiired or taken over hy tho <'oy have s<>nt smli pattern books sin,.- 
 the luontli o.' — -, I'.t — . 
 
 I'.'l. Thij* ao-ieeml >iiall Ih- binding: on and enure for tiic bcnclii >,( 
 the ])er.«on> fur the lime ln'inj,' rarryinjf on business in smcessidu i,, 
 ihe partii'.-. hioof ih( sei und part, notwithstanding any changes wliiih 
 • biiino ihi' I iniliiiininie of th'>* .ii.'MH'mi may occur in the ii>n*tilutiMti 
 of tli<' lirm by ihe dealli nr reiircmeiit of any partner or partner.-- i>r 
 llie addiiioii of any i)ariner or partners 
 
 lit This agreemt shiill 'eiuiiin in fori-e bir srvcn years from ihc 
 - - of . I'.t Provided that tlu< my shall have [lower to ilcici- 
 
 mine (h< agiei'ml h-.t the -llsi of I)e. -ember, 19 . by thriM- <-alcnd.ir 
 months' noli(e in writing addi<'>sed to the lirm. i'rovidol fui-llii-i- 
 that ilie my shall until the .'llsl I'f DewinlKjr in he year iu which tln- 
 agiceml is ileiermined or e\piie» continue to supply to th.e lirm f ■! 
 pattern bouk order.-- oidy iri""l-. the supply of whiih by the i-ov to tlic 
 lirm foi suih orders is bei-eiii provich'd for. 
 
 :;.■> .Any noli(e under this agreemt may be given Ii) the lirm In 
 ■seniling the same ihroii'.'-h n-irisicicd post lo the firm at their l.i-i 
 knowii or usu:il place of business, and any notice so .sent shall be 
 dceiinMJ to have been starved on the lirm on tho ilay following that on 
 «lii( b il is po,vU>d 
 
 \ «ii\i>x 
 
 iVc. 
 
 A ijiaiiii'iii-tnriT who »i-ll- i,'o[.(|< i-aii laaki- it of the (-onilltinn- of "iilc tli:ii 
 
 tlicy ^h.lli not he rc-oI(l ;il l*"*f* thiiii a --pccilitHl price. liUtntim k\ S',u \. 
 
 i;i,.:„,,l,„. .\- .S„„.., HHdl , -.' I'll, ■il.'); Mri;,iirh>,- \. I',lrh.,. (1!M)») '.' til 
 :UMi; t ,..l.,l .-/„„ M„,l, ./ 1... „l r.l.nnl.i V. Ilrnt.t. 1 I !)(«» > .\ . ( '. IM" 
 
 Stii-li a I utiililiiiti uilt not run with tin* ^oihN mo an to liiad a iitiri'li»M-r with '•! 
 wilhoiil noli 1- ■/■/■/■II/ ,v '■.). V. ,>7e,i).c ,v ('.»., i litJl) 1 Ch. 3.)1', unl---- 
 iinli-e*l the i,'o*nh are paleiil'ti anil the ^ale \* mutle hy tli*' uwniT of tin- |i:iteiii 
 riu'lil". /'.•/lie Millie a vile hy him iiiipli<'< a liei'iiee to -<"11 thi" p:itent.>l irix"!-. 
 toit if. oil ihc Male, thi;* implied tii-'-nce i- (pialittetl, a Miih-ptircha-i-r, uttli or 
 K ithoiit iiotie** fif the i|iialiii< ution, ii IhiuiiiI to k«*op within the iieeii'-e. Hi'iit^/'l*- 
 .;„.(,/, 1.11./ s,„l,/ l„l,,,k \. I//I,;, ilitiMii 1 Ch. tiOi. 
 
 \S h*-r.' a iiia(uit'aet!ir*>r <-elU to A. suhjert to the eontlition ttiat he -.hall ii-it 
 ■i-ll to It . anil II. inilm.'" A. to i-oc.riil i lirea.h of the enntrait. II. i« li.ihle in 
 datiiui;**^ to th.' maiuifactiircr for the tort. .Vi.fii.i.ii/ /'A'i».ii/.-«'/iA ('... v. /.'■/ - ■■■■ 
 l:.ll, .n. (■„., (lm)8) 1 I'll. 334. 
 
 See Kiif/r/t. p. 38U. 
 
|-OKM«. 
 
 »io 
 
 .\(.KKI Ml Nf '"/ 
 
 /,// 1 .11.1) Storm. i. Kn I'l k> I» fxxx 
 
 l„ iH)ul tiiiuss Kaumni.s Form 69. 
 
 „„,(• fix Mini Ml M H^■'"ls 
 AN AtiKKr.MT n.a.li' tlio 
 
 for ST<iH\<.r of I'Roi.K 1- il'irinjf a 
 
 iiiv.' 
 
 linn.-, mill | 
 
 il iicr^iMis mini' 
 
 iluv ol iK'lwofll t!ii> i»(>vi«riil I'artie*. 
 
 ,1 ill 111.' I""! .mIuhIiiIo lito, whcicl.y it. 
 
 i.- ;iL'ro( 
 
 la- t(jll<"vi: 
 
 I 111 lli<-t' liiv.-.oiilf, 11" 
 
 lie.-.- ilii'ic III' .■MiniiMliiiitr ui ilu' sul'j 
 
 lu' su1m>'' t '"■ '."''•' 1" 
 
 ulltCXi illKllLSI 
 
 •H'lii ihcivwiili; 
 
 Tlif .si^aiiilum'.s ' im-aiis the pain 
 I'iii' iiiiimiilloi.' 
 
 hi. 
 
 incaiiN ilif it>iiiiiiiili-i' 
 
 liii- till" liini' I't'iii^' <^i'ii- 
 
 iliiifil us iuilii- |iiii\i 
 
 il.'.l. 
 
 Til.- auliioii/..Ml i.ivnii.M- nirau- llie |>ivini-. 
 
 ilif. I ill ill'' 
 
 h1- and lov »^oivi( 
 
 ...iMiiiiil coliiiiin 
 Til" LMii-N cainliiii 
 
 .-liiiaV!!' I 'I' Uo/on i:i> 
 Veil I- iiu'iiiiH .•.oiiic < 
 
 Ui .lanuai'v. 
 Montir iiioiiiix laloiidnr iiioulli 
 
 t the lii>l M-in'tliil*' 111" 
 
 iiH'ali.'* llif "IiiiIp iiniiiiit> ari-iiit 
 
 iriiin tli(> 
 
 ('« imidi'iital I Ill-roll 
 
 alfiidai- vcar iiiiiinii'iu iii^' 
 
 Willi iMi- 
 
 2 K'-r I Ik- l«'i'i 
 .i-ll.i'<jiir -ll-ill I' 
 
 i.f 
 
 'ais ftiiiii lilt 
 
 div of '!"' 
 
 Cl^llill)f^ !■ 
 
 llicir -P>- i-aiuin--- 
 
 .11 ill.- St. I- a-.' "f l>'>/«'" Ik- |..„.li.i 
 
 i.iip.lii.r .11 
 
 liiiiilli' llli'l 
 III i.'- ill a. .' 
 
 11.11' h'-K'i- an 
 
 1 
 
 iiiiiii aial li 
 
 .i-r.'''i. ail. 
 
 a-. 
 
 -hall 
 
 laiico «11 
 
 l.i.fir provi.U-d 1.1- .livi.U-.! I"i" i iln- ■•'-''•a- 
 
 I ill.- tnlal 
 III 
 
 h iho 1H.-1V. '111.1-.- -o! ..l.l»'-i"> tl"'i'- 'osiH-.tno 
 „• .sd poii.id .-aril <<( III.' 
 
 „„„i,.,- in III,. liiM '''■li.'dulo hi... and d.iriiiLMli. . 
 
 .i..i,a,..n.- -hall, lor . ,d.l M.-.a-,.- aii.l in i.h-i.ial m-iv,..-. .ha,., no 
 
 1.,^- ,1mi, 111.. iiiiniH IM..- iM .l.a- Mmlf ^Im- ili.' 1 >" 'l'" -'"^ 
 
 ..|,..d.ii.- ht.. or o,li.-i ih.' niininiiiii. lau- lioiii Huh- to Uni.- 1in.-'I iu 
 ,i,,oidaii..- «illi .l.in.-<- '.» liol' 
 
 :, Willi, in...i.l.Mh..o. .li.'.'M.i.ali , .-a. h >.-a. , oni- A<.ou„U. 
 
 ,,,..,1,111^ «Mh. hi- uar ...i,hoMlK-M;.nalo.i.--li.lll,.nu-h.o 
 
 ,li,. ,o,„„H„.-.- a ,,.■;.,....■ .I.'laih-I a,.o,.n. of ih- .n- .-a. n.i,.^- ol h. h 
 
 -i.M.aloiv dm in- l!i.- |.r....'.linu' v.'i.i-. ami th.- .-.i-inni -hall lu- at 
 
 l,U.,,v ,o .-nii-lov an a.-o.,i,.aiil or o,li.-r .-.x,m'I. io .-xauiin.' m.. i 
 ,,,,.„„;„ ,,„d ...riilv a- lo ,1... .orr... t.H'.- th..l. ami mi, h M-natoi ^ -hall 
 
 ;,|„,id to 1 ..Mimiu. r aiiv Mu. h ■ir.oiiiiMnt -r ,'Xl.orl all iva-n- 
 
 ;,|,|,, |,,.ili,i... for ^.-rilM.i'j- ihi' ...•niia.v of tho o.oiint. 
 
 , Wi.hin ..-M'n .lav> ol il..- .oi-i ii.,..H,-nl .-i .':.- h lah-iidar i.h M.-«^ly_ 
 
 .,,,,1, „| ,h,. .-iunalori.- -hall pav int.. .- l.ankin-^' a., .mnl to I jn-n.-.l ,„ ,«„u. 
 
 U ,1, iM.Mti.M- or IO I... under th.-ir .oni.ol. tm p -■ >•' tl-' -i"- 
 
 niniin^r., .11 -mh siRiiatorv .luring ihf im-.'.-.UaLr ni'-nli 
 
 .-, Tl..- ...iiiniltt mn tr,.... lin.o „. -itm-. o-.t of tin- i..on.-N> I'.l t- .V.Wa,.... 
 
 ,l,o .,d a^ a.lvam.- to ih- si.nia.oi i-^. .a an; of ,1. on a. .•onnl 
 
 .,1 ,1,.. |,i.po,„on of ,n,..l |,i... I- - vvhi.l. -.'1' -irnaton,.... ..r 
 
4-.'t> 
 
 AUHKEMENT8. 
 
 rCllAP. V. 
 
 mi: . 
 
 H I 
 
 Form 68. 
 
 i'njniciit of 
 balance. 
 
 l>iviiiiou of 
 KVitilable 
 balHDoe 
 amongst 
 
 «i!i.iiitoric». 
 
 Iiiinntatiou. 
 
 I i.u-it of 
 
 'iblif^tioii- 
 
 of niirtittfori- 
 
 «iguulorv arc or iis an hitt'u iiiontionud nwplj uiiiilled, hucIi ainoiniu 
 tt» tho (uiiiiuitteo iiiay tiiink fit. 
 
 (i. As xodii after the expiration of ouch year u8 the gcuHN (■ariiiii^-^-. 
 of vacli signatory hIiuII have bwu uui-ertuiiieJ by thu loiiituiitoi- uu<ii<i 
 the |iriivisi>iu.s of clauMo :i hof, tho eominittoe Mhali cull upon oach of 
 the Kifrnaiories to pay the balan-* (^if auy) of the gro'w earnings of 
 such signatory into tlio sd bunking account, and upon Huch payuiont'- 
 being made tho coininittoo shall divide the tutal aiiionnt so )id into ili>' 
 sd bunkiuo' atoount uniong^t tho signatories in duo propoiliuns. 
 regard l)eing hud to auy sums in rogaid to \vhi<li tho "ignittoiie.N 
 rosply shall tio in default, and any sum» advanc«'d to tlieiii resply m> 
 afsd so thai tho gros- earnings may Ik' divided in lonforniilx wiiji 
 clause 1 hof. 
 
 7. Full iiitoni:alioii lu be given to coniuiiilo*'. Ai . 
 
 8. As to each of ilie signatories, it such conlriliiilory fail- lo ni^iki 
 a'ly uiunthlv ol otiiei paynieni herein provided to be iua<le \iiliiiii 
 seven days afier Iw'ing iluly req:iirod by the i unuuiltee so to do. m lo 
 C'onijd\ vitli auy other ro<piir«Mncnl from the (Munmiltee propeily 
 made by them, or shall commil any other brcieli of the obligutiuii- 
 of such .-ignalory hereunder wlie.oby any damatre fhall in the opinion 
 of the committee ac<Tue to any other of tho sign.. mriei-, such signatur\ 
 shall foriliwiili liecome liable to pay such amount as ihe I'ommitlec 
 in tlioii iiiiceii'rolled <lisii'<>tioii shall (certify to bo the sum whii li iij 
 their opinion re[ires«'nls the fair me;;-iire of the daiiiito-e >o c.m-cii 
 to sui h ■ tlior .-igiialorie<. and the amuuni .«ocerliliccl >liall lie ic.nci- 
 able from siu h signa1or\ bv the other signatories a- li.|ui.lMieil 
 ■ l.ima|iv~. irre>(M'ctivc of an<l without iiiijuiry ii- to tbi- actual ilani.i;,^- 
 
 i(staiuo<l and any amount 8o ro'ovored -h;ill be dlvi^iblo amoie^ the 
 said olhei signatoiios according to theii ro.spocti\e proportion^ ot 
 prowHwis, unless th«' committ«se shall by any i^rtificale under lloii 
 hand.-- oi tho hand* of any three of them pie-scribe am oihei |>i..- 
 portiuas. 
 
 it The following provision.- shal! Iia\c elled. naiiielv : 
 
 iai Not to part with uutlioria»d protnises. 
 
 (b' Not to Ir' concerned in any other cold storage i oiicerii 
 
 (e) [Not to cxtoud uutiiorize<l promines without consent of lom 
 tnittee.J 
 
 i^d) [To maintain auihori^ed preini»*s in goo<l order ami con- 
 dition.^ 
 
 f * ' Provision for case of doslrucii<in or .'image to uulhonzed 
 premises. ■ 
 
 10 'I'lioro shall l>0 a rotioiiittee for the purpow's hof. Fach "f the 
 dignaiorie - shall ht. ontid to aitpoiiit : <'o iwrsoiet us moinl)ors ot the 
 ooiuniittoe IpDWir to fill nft Vnciitirii'* I'rotetlnii' {funrtiw 
 
F0I{M!4. 
 
 427 
 
 , , Tho «iLM>ato.io« »hull bo l...und by tho .le.iKioa« o. .ho cm- Form 69 
 
 II The «ibMiaioiii» urovisioiis liof aro placed DecUi..i.»of 
 
 i,„K. upon ttU matters which uudei tlio P'"^'^'""^ ^, . ■ '^^ j^ committee. 
 !,or the control of tho committee or declared to be subject 
 
 III 
 
 IIIK 
 
 (li'ii^ion. 
 
 ,o TJ.n ro.niuitieo shall, if aud whonover requirod «o to do by any ^^'^" 
 
 ;:,:;;,rraud th^r de^^lon .hall bo biudin, on the H.gnator.es. 
 
 ,, Subioct (o U.O la«l l.ro..Hling clauoo hof, ..o commi^^^ionH N.^u-J..-^ 
 I .u.ul ilbwan.*., conc^ions. bonusos or reduct.ons. d.rcct .,,.A,,.., . 
 S; 's Ul bo paid, given or allow,Hi by anv of the n.^natone. 
 
 ;:;: ::;C, 1 cm lov;.'.hof t,. anv n.or..hant«. broke, or oMjov 
 11 whotn^oover but tho rates for tho tinio bcnfr ... lorco horo- 
 
 '"'r^.i U ■ . Hv ch..r,.>.l to all ,>ers,.„s bv all tho .i.natono.. 
 
 ; ' „ :nC oi::.. of tlli. a.roo„tt that all ,1.0 si^natonos «^. . 
 
 ;,,l:;:,W ......o rate, in the fuHos, a.td vvid.«. .o..so ot that oxpros- 
 
 ,iou. M.bjo.M to the provisions of ilau>so I 'J liof 
 
 H. All the c^t. and expense, of aad i...-idont«l to ^^ V-'i^ ^^"'•- 
 .,ul exo.utio.. of thi. a^^ix^cmt, or in a..v wav „u.,.r,.Hl b> the con 
 : t^i.. .......oetiou w..h the n..*ting« or other pro....l.n.. tlu. . 
 
 :,.„..,..,,. .M..rt a^iH.a..c., or for He.....ar.a or o.h... !'->"-- 
 
 .„,H..«i,-.. lor . arrvinp ont the provi.-io..s hot, .ball bo pa.d out ol the 
 : b nlin, account, and m. borno bv tho si...a.o.ios. u. aocordau.. 
 :.,h the proportiouK in which tbov aro to >ha,o ti.c total a...o..n. of 
 ill" ijroiw earnings. 
 
 HI ^ 
 
 1.". /'/lO'/xi/ins- hi' luhitriitioii] 
 
 Art'itrMtii'ii. 
 
 In \vitnk>». Ac 
 
 The S. HKl)ii.f> above roforred to 
 Fimt Schedule 
 
 , i Pniiwrtiini "f iirixcifls to \»- 
 
 N;,m. - .1,1 .\ddiwi«'<« ot , l>„.|ui»." iiutli'.ri/.il. rt.„,rv.-.l hy iii' li SiKiiHt«r> 
 Sijfiifttoht***. I 
 
 M 
 
KNT8. 
 
 "Chap. V. 
 
 Farm i 
 
 Stu^tnd '•iriii'iliile. 
 It. .. riptini. of Kro/.i, l'n»lii. ., RHt''^ »H'l C..ii.llti»iiH. 
 
 SliariiiK grow ivfwrM, as hove. *>.w mit, tt i- api)r.-l..-ii.l.«l, cM.iwtitm.- a 
 partiierHhii. a'"tt«* "•» l'H'tn<?f«»iil'. I'- •''; •""' I'artii.'Hiiii An. \m). 
 «. 2 rl) I, l.ut it i« -mfliiU'nt to lu-ttfy a r.;.iriiiiit ii- rciraril« "-llim; |.ricc». iinl i, 
 not iiiiniMonablv. 
 
 Form 70. At.Ri kmknt f»r S\u »i Dkhi Njr hi Skh k /.. ('\riTM,isT> 'W,., 
 intiml hill) f'H to (>i 1 1 II >*MK <"»■ I'l HI It Si i(Mii!!i-i..s. 
 
 for sale "f 11 I . . I 
 
 stock 
 
 .V\ .\(;RKI;MT iiia<ic. .v. . lM>t»m.ii tin <'c»v. Laaul linl'ii 
 
 "), of tin' iiiif 111. •mil A -jati K ilmnr riUimi ' luv 
 
 ,™.~ .. mntimfors 1 ul the Tiht-r |ii \\'in;KKA> '*• -'V i> itb<.ut i» crwiv 
 
 ,«piUllirtN J j^^ 0,MMMM»/ .-. lie .U'twUttirf sIimU Avi- \VIW11K»» -•Uiil 
 
 wliii iimv "tter """ i ••« -- . r 
 
 same for (Icbt'iiiiiw HMf'k is to Ih> .■.■u«rituMNl anti ^twsapett l>v .t xram tHH-o 
 
 «"''"'!.!'.'''" iniiiii'*! ill tlx" •<'"ii<« "I tlw 'It-at' wfaidi lia^ afe»i'«dy twpii |»i!par."i. 
 
 """'""' an.) 11 cofv ..I tthi.'li hiu*. I..r rti.- i.iirtMiM. .,; KteiitttifUtiim, l.'-t. 
 
 -itilwrilttHl bv .\., a ^«>li(•lt■«l■ ■>! Hif >ii)ir«*iiip \ <mt \mi whf.kfv* 
 llic luiitraftorw art' willtnir t.i jihicIih-c tin- «iiiii -lo.k -hIihtI tn ainl 
 ■ 111 till" ti'iui.- Iiafir -ifi fnnti 
 
 Siiie of htixk 
 .111(1 iiaymiiit 
 bv instill - 
 motits. 
 
 Now 1 lIKJlKKlltK n I- W KKFIMlf' liillo«- 
 
 1. It" the -iiiil nii't .liMil ^hall lie cwiiiU'il uiiliiii -fvcii dav- It.ni 
 
 tlic (liilc llol, tlic co\ .-liall -.'11 .mil ll iiriKtor- -liall puiflia-- ill'' 
 
 .siii.l :!U(t,(«)0/ (li'lpi'iiluiv >l<jik, to !«■ MTiiroil \>\ -n.li <l."<-i at llic 
 |.ii((' of f for .■vcrv Iml/ of su.li •.tork, that i- to .-a\ . tlir mum 
 
 ,,f i ill all Till- .->! i-iic ~hall ll.- |.ai.l liv liic .ii.-laliiK'iit- 
 
 fojlouiiij.', lliul i- to >ax 
 
 .I.H ol 
 
 .la\ of 
 
 <la\ of : aii<l 
 
 .hn of 
 
 |i ( on till' 
 
 |).c oil till' 
 
 |t (' oil till' 
 
 |l.f. oil till' 
 
 Intfff »t on 
 iiwtslimnt". 
 
 J Till' loiiiniiior.-. .-hall In ciititlcil to iiiKTi'ot at tin- rale of 
 1, (■ |i a oil till' aiiioiiiil ol llii' -ll iii-ialiiMMils for ihf tiiiM- lifiiiL' 
 |«1 a« from the |mMiiiiil llmf i.'-j.ly. ami llii« > oy ■'liall pay .-iii li 
 inlrn'fl mioi<|iiio-lv 
 
 J 
 
KOKMH. 
 
 .. .,.,,, ,,„.,,a<..ur» >lu.ll U' .■ntl.l U, ,uv oacli of ,h.> iu«taln...ut. 
 
 ;• , ,, „; „M.f U..ur. .he .bv Hx.. ...r .la- ,.uv.u.M.t ,ho «. a .1.- 
 
 " : ,;; l ,.. .a^ . i».err.t a. tlu- .a,, -f - ^ ,..o. ...a I... .....o. 
 
 ;;;:;;;;;;:,„. ,.u. .lu-u ...l. i....al.no... .hal. ...uaUv U. ,,a.a a,..l 
 
 ,l„, ,,a,.. «lK-n the «iUR' Uhou.o.. aue uuiv Ik.' .l.-h..a«.l. 
 
 , „. „,, ,,i,,.,,.,..,s sl.all .lo....».i.M> ... ..tU-r all or any part ot ih., ml 
 
 ., ...11 c.r .li.M.oM. ... tlK. KUM. i.. anv ...)».. n.a.n.or. ,|.e c.. >l.a 1. . tl . 
 
 , n . a^ .lu> .ouUt.o,.r. .hall ..-a^.nal.l^ .-.miuu-o tor .1..; pur,...-.- .. 
 . p, ,M-.u~. an.l .hall .u.aish .u.h n....naa,...u ... m., 1. 
 
 -, Tho .■..^ -Im'l pa^ all -"."'P ''"'i- l"'.^"''''" "' '•'"'"■", "' "'" 
 , ,;.,,i.,„ „, ,|u< ^a a«I...H....- --.«k. a,ul .1.0 <•<-.« of ..an.p...« lh<" -us. 
 
 ;::;:; ill ..,..1... .•..■ ^- ».-• "- <— -^ "- '""♦•■"•"'^'' """' "" 
 
 ,n..-...a,..li.. .via...... '• <h< mI.vuM.UhmI 
 
 4-29 
 
 Form 70. 
 
 Diw'.iuul i' 
 pHynifiit ill 
 
 Htlvilllt'f. 
 
 ('imiimiiv ... 
 »ii|i|>ly ii.for- 
 iniitit.n i. 
 
 iimkf jiulilir 
 iirt.r<jf ►t.«li. 
 
 t'iiiii(>ttny t" 
 puy "tiiii.p 
 duti.'N tt> I.' 
 (Tuati'.n ... 
 ^t.K!k ttll.i 
 tru«. dwJ 
 
 ,. , ,„ „, , V ,1... ...ntrH.,..r> ..f .!..■ t..>. ...>.al...o..t of — - p. 
 
 ..,.1 ,lu. ..:.v shall .^M... ... .1..- ...........o.> ..-■ -hoir m>n»,HH.s ., ,. 
 
 :.ia. ;. .... .;. i.^- .«-.. ,o .... ...... a .. -; ^ 
 
 ,„.„ .., tiu ..nuMor^... ....- .^...-..f .... s..Kk hl,> a.M...I ... w.^... 1 
 
 ,;,)! U. ..*,..l.-.-.i ... !«• at'**'''-' '" "»• -"»' -'""■""•^ ""''■ "■ '"' 
 auv ..«.riteu..-.- .~*ued i.. .ulMi.u...... lor H"- ~..n..- 
 
 - a a«v -. np .•en.li. ..... h.-l-U- a.^i ...ak.-^ .I.'lu..l. L- ...o,v thao 
 
 ,l.v> ... .HL. ,mv........ ... a..> ...... IHiNahl.. ia a. - o..la...« with ih- 
 
 ,.^. ... tl np i.-r...i.a.o, ..... ...v ^....H. i- ov--- "' t «.- powor 
 
 ,„ ,«., .„..«a. n..-v..l I.N ...0 ^.-..P .*r..«.a.os, ,..r.... .h. ..o-k 
 
 ,.,.U. .'...kI M.. h ...Maul. «.thi.. a«v.. a.,.l .he ...... r«.-...r> -..,.11 
 
 ,„,k..T.„„l su.h .h-.a..l. a. li..W'lv. a..,l -hall .h..r.'..pon n......v.. 
 
 ,. ,,..,h M-np .t.r.iti.a.- -I"' -v "''I"""*-' '" "'" ""' ' """ ' 
 
 ,,,..UuHl «i.h .... «u... .... l.....r .o ...o .orf.-....r.v —i -.h aa^ 
 
 -,„„. ,„1 l.v th. .•..n..a.-...r- ... a... ...I - «'th «.uh .^..^ 
 
 H |'uv>..c.U ... auv ..rii- ...r.ili. a..- hohl.T of a..> ....-.^«« •" a- . ..r.l- 
 
 ,„„. ,,ro ia.U,. ..f .1... ...U-..M paval.U. ... .h- .■..u..a..or. u...«.r 
 
 . lal.M' -1 h..i 
 
 .. \VI,......v.-. .1... I...I..-. o' aoN -..'1' -r.ili-a... al-.l .-hall. ... 
 
 u.M„... ..f tl..- Mo,k ......pri-0,1 .!....•...... ....•.■. '- l-ay a..v .....al....... 
 
 ,...^..l,l.. lh...t>... in a.lva,.... a. a ,1.......... .h .I'a.l.-s -l-all '"■ 
 
 ,1,,.. ,1 ... olo.. ... ...ak." .I... lik.. p.^ i.. a.Ua..... a. a .I........ 
 
 in ,..,p., ,.f .h.. >u..... H..,.U a«..l ^h«l. i....h»i.h pay .ho a.........' 
 
 ... tht' iDV a€C"i<lli>^ly 
 
 S<r.ji i.'.-.i- 
 
 pHVIlH'... .'f 
 
 iiitii.. 
 
 K.irf.itiire 
 wli.'i. '1. fault 
 ..{ .iiiiti.att- 
 ln.l.l' . »nA 
 .',,iiti*.' I'.rn ... 
 makii."""! 111." 
 -tiitu- iiii.l !{«•. 
 I'r.'«l' > • rtifl- 
 
 h..J.i.. 
 
 <!.(aiv»l«nt t«) 
 inwrwt <iD(l»r 
 
 cllMllf t. 
 
 IHi.0i.unt ... 
 
 ll..l<l.-r 
 
 tH|lliv»l«ml If 
 tiiiM-ouii: 
 
 U.ltl.T.'lilUWJ... 
 
 v^mm 
 

 »ao 
 
 Torm 70. 
 
 Defloitive 
 isertificatra 
 when Mrip 
 paid np. 
 
 Cuutrauton 
 U) rfeueire 
 the money* 
 from the 
 ctTt'ticute 
 holder*. 
 
 A(JREKMKNT8. 
 
 [Chap. V. 
 
 111. Wli.'ii and -.0 hooii as tti;v of tlio wciip <«rtiHitt»os nhall have 
 l.eeu 1x1 up ill lull, the eoy i«h.iil register us stoikhuldt'r.s the ro<;is. 
 lenjil lioklois of such s.rip cortificiitps, uiid »liall issue dolinilive 
 .«rtifitates lo them a.conlinKly, uiul such roj.'istratioii and isMie 
 shall 1)0 ivpmUvl as a rompletioii. i>rn tiiiilo. of the sale of the st.uk 
 to the ooutrartors. 
 
 1 1 .\lthoiieh the stock (.»'rliti(at«'^ :ii«> to he is-^uod in the name of 
 the ...v, Iho sums pavable bv the holders in iicoordaneo with tli- 
 terms hof are to 1k) pd over t-) the contractors, hut witliout prejn- 
 <lii > lo their oldi(ratioiis to pay the coy the full instalments payaMc 
 in rcsiK-ct of the -i.le hl.y iigrei'd lo U- made in accordance v iili 
 clause 1 hof. 
 
 I.N W 1INK>S, Ac. 
 
 hi the- ...M. of ^1 tfointf c-oi.i,mny xvlii.h .l.-sire< to .li.!."*- of a l.lo. k .f 
 d.l,..|itiir.-« or cleLentur.- -t-n^k or prof.Ton.r .hares it i* som-tlnn-. thouirht 
 ..»|MMii.iit to «.ll the i«ii.- to «.ii.r .aiiitalist and to le»»c hi»i to offer it to .!,.■ 
 ,,ul>lic at hi« own ri«k and di,.rctio„. Ow advantage of tins ->!.•.:: i-, that >i 
 the i,ur.has.T i- no? a i«-nH.n who ha» l>e..n .ntfaged or interested in i,..- 
 
 formation of t on.panv. a pro^-e'tus i-."-! hv him, on hi» own neeoum. ,< 
 
 exempt from the onerous re-piiremenf. of «.'. t. HI of the Conipanie. .Art, l«W 
 S.-« .«,.ra. p. ll!7, .\ee,.rdin(flv, a« lon^ a. the pr«peet.u» i> an horn-it uiic, 
 the pureha-er i« not bound to make any -p« ial dixlo-urei as to contratts, 4... 
 
 
 ■IL 
 
 Form 71. 
 
 farties. 
 
 Ap|>oiutment 
 
 to ottire 
 
 Temi. 
 
 A. to j<rT(orm 
 dutica. 
 
 AuKtiMKM for Ik, \i-i'oiNTMi..NT of a Manaukr bij a Companv. 
 Uim,tnfnaUm,^olar,j,and Shan of Vrofih- Compcnsathn 
 in ('(Iff of Diimiiiisal. 
 
 AN AURKEMT, &c. I'aitien: (It the coy; (2; B. 
 
 WllKRKnV n- IS AliRKEI) as follows: - 
 
 1 The sd A. siiall be aiul ho is hl.y appointed tlio first genci,.l 
 inuiuitfcr of the cov, and as such p-iien.l manager shall iierforni tin 
 duticv and exorcise the powers which from time to time may !.<• 
 assigned to or vc-t.'d in him by the directors of the coy. 
 
 2. The sd A shall hold the sd olli.*, Kubjoet as hnftr providcl. 
 for the term of vears from the dile hof. 
 
 :». The sd A., unless prevented by ill-health, shall, during the n1 
 term, devote the whole oi his time, attention, and abilit! -s to the 
 business of the cov, and shall obey the or.lor« frum Him to tiii.c oi 
 the board of directors of the coy. and in oil resiHJcts conform to ui..l 
 comply with the directions and regulations given and made by ihoiu, 
 and shall «cll and faithfully serve the coy and uso his utmost . n- 
 deavours to promote the interests tliof 
 
 J 
 
FORMA. 
 
 ';.,,. hull iJ as follow., uau.el,v: Tho sum o. aoo/. lo, h. 
 
 :" ,. 'iK. su... of 400/. for .ho ^...n.l v.-.u-. an.l .ho su ..<."/ 
 
 :, .:,,;, .,....«.li..« v.ar. ..n.l so in ,..o,>or.io,. for any ''- l'-''"^ 
 rh.. s,l .al,.. V shall .onnuou.* from .he .lu.e hof. un.l ^hall Ih" ,,,l 
 
 I... •!... lirul lllor V llilVIlHMlt .O 
 
 4ai 
 
 Form 71. 
 
 iii.iK'ilv on till' 
 
 lav of , &' ■ <•"« '•'•■*• 'I'laHorlv piivnuMit .o 
 
 ^;'-:;\;;i:.;:L.oi:;:a;isala.rl.lA ll..U..in.hi--;e 
 
 , „„i,... ,.,.1. IH. ..ntl.l to the Kharo in the profits o. .h. . o.v M. 
 ,,., ,1,.. arts of asson thof. is ,«vaMo to tl.o u^-n.-ral .....na^^or In, 
 
 ilir linw U'injr "f the roy. 
 
 - Tl..' -.1 ^ "hall IK) at lilwrtv to resiga tho s.l oHi.v at any tin... 
 „,,;,„ ,Mvinsr to .ho -oy thrtM, calendar ninths' no.i.o of h.s .Iosmt 
 
 ^'T 'li l„.fo,v .1... ..xpirati.m of voars fr.Mn tl.o .la.o hof tho 
 
 .,„ is «onn,l u,,. or it l-v any other n.eans. ,.x.t,,.t .ho .loath ..r 
 ,.:iK«a.iou of tho sj A., his tontno of tho .d olH.^ shall l.o do.or- 
 ,„i,.^,, ,ho .oy .shall pay ... the xl A. the smu. of 2.000/. as h.pnJu.o.l 
 hiiiiii'.'os f.'r lii" !"■<'' "f oflii*.] 
 
 1\ WIISF.SS. &v. Ul I. 
 
 S,„u,.„u,.-, u .lnu«. .» i..»«rt«l in an aKr.H.m....l *UI. uu -...ploy.-' t- the olt... I 
 
 : .■ a. h..n... «r-..l.r,.«a. ..btainal.le in ro,pe.t thereof. ,UU b..|.,n, ... h 
 n ...v: ..-.d .u.h .-.nploy* shuU, np<m the requo., and at tho cxp.-n« «t h 
 rr,.a.,v. d.. whatcv.T th.- .«.n.,.any m.y rea^nabl, r.,,u,re for »-."« to ....- 
 .umpany the full Loin-ti* of the provi«i.)n. 
 
 Whiii t" I" 
 paid. 
 
 Itmidp- Khaii- 
 of pn>iiti» «» 
 |MT arlii lp". 
 
 .\. m«y 
 rrsiirn. 
 
 tion t<. A. 11. 
 auie of wind- 
 ing lip. *'•• 
 
 \,.HHMiM for Ihr Appointmknt of a Sk.ki;tahy '"/ « 
 r..MfAS^ l.,mfl of AhlfrfH-e. I'oinr tn Frntiiut. 
 
 Form 72 
 
 THIS \(;HKKMT.A.. Parlies: - 1) (ho ,ov ; and t,l») B. Wiikkk.i IVrti.. 
 ,lu. . ap.ial ... the . ..) i« !■ - -, aividwl iulo - «l.aro8 of £ - - omh ,<.. it.l- 
 Am. WI.K.KK..S tho .lirc.-.or« of tho ooy aro. by tho art« of a8«...i U.ot. 
 ..,upo«enHl ... uppoi... a Htrrotary of the- cov, oithor for a fixo.l txrn. 
 or otho.u;.-o as (h.-roin inont/l, and to fix and dctorn.ino his rnn.unora- 
 .ion, whi. h ...av ho i-v «ay of salary or o.horwiso iw. in tho ud arti.lo- 
 iMcnld 
 
 Nov. 11 IS llll^ \.,KKKI> u« f..''hl^v^l:- 
 l Tl.o .S.I It. .-hall U' so,r...ary of .ho is.y for a lorm of — yea.-, Api-.......^ 
 
 Hi Ih' ..oii.puHMl fioin .he duto hof 
 
 m 
 
 (,.■) S 
 
 .fc/ro, j: *•.!, •• to upp"in?flnnt of ofHccn. 
 
i t ■ 
 
 ! * 
 
 r,vi 
 
 AMUKKMKNTS. 
 
 [Chap. V. 
 
 Form 78. 
 
 italarr. 
 
 I« 
 
 It. ■ utitled to 
 \i»\e of 
 ulmitiut. 
 
 Sh»r*» to U) 
 »llott«d to B. 
 
 I'OWIT to 
 
 rMuiiid. 
 
 Form 73. 
 
 CumnUMiuu 
 oil aurplua 
 pruflU. 
 
 C'omiiiii>"i"' 
 on pri'Sts. 
 
 Form 74. 
 
 < ■')roini'M«ion 
 
 2 Thoru »liull U- |xl l.v iho <ov to tlii> «(l B.. as «u<li sorronuv «* 
 afsd, a Nulurv ui iho rate ol t |K'r uiiimin Sii. li »mluiv wluill com. 
 iiionco from th« tlaK- ln.f. uixl Hliall 1h> paViilili' .|.mri«Ml.v ..« i-v.-ry 
 
 (lav of . - - day of — . (lav of — , aii.l .lu> of 
 
 ; the first of such (pmrterlv |iuyiupiiin to be luinle on the duv 
 
 of iwxt. 
 
 ;i. Tho .-(! H "liall. iiiiloss iiicMiiK',1 .tiiiirn. y iM. cl. 3j. 
 
 ». Tlif .-.(I H shaU. dnriiii: hi- tPiinro of th<« wl olli'C. \to oiitld |n 
 leave of ul».HOii((> for a period in ein h year not eMoedinjr wcekv 
 
 and, uulo.s.s othcrwiKe arran(r»'<l l>et«een the iH.ard of .lire.lor.s of tlie 
 coy and the >*d H , »u.li leave of ab-^onoo Nliall he irranted in ea. Ii 
 
 year ns follow.s. namely, from the (lav of U< tho day of 
 
 " fir , \r Tho alwl sahirv of the «! H nhall continue notwiili- 
 
 Mtandin^r "uch leave of al)»eni ( 
 
 ,-,. Ir ni! of the pr»>mifeH. the <.iv -hall forthwith allot .m.l 
 
 i8.MU> t. ••. I H l»>n >i Ua «hare- of t — oaoh. whi.h -hall I.p 
 nunil.0. I :.. the hooks oi riie coy to - - hoth iudii.sive. lui.l 
 
 .shall 1>. ileein(Hl for all i)ur|HK«eM fully pd up 
 
 (i. Either of the partie- hio may :>< any lime after the - day of 
 — determine thi« apreeiut by tfivirij,' to the other not loss than — 
 calendar montlm' notire in writinjr. ami upon the exidriition of tin- 
 jK-riod .';pecifio<l in .-ucli tiotiee the s,l R shall cea-e to be Kecrelan '>\ 
 the coy. 
 
 In witness, &c. 
 
 The (ollo»iii(f cluiw- iir.> K(tt»ioiwllv iimsl; - 
 
 " VVhonevpf the prt>«l« of tho ioiii|)aiiy niudc duriiiK tin- flnamiiil yi'nr or ..tin r 
 IktuhI .•oiii|>ri«si in ilii- airomit. «ul.mitti-.l to thi- ordinary ifonoral mrrtin- in 
 oai-h y.nr arc nion- thai, -iiffi.iont I. j hv n <llvi.l.;;.l on the piil l-up capital "I Hi, 
 company for .uch |K.rioil >.t the rate of S ,ht cent, per .iniiuni, the "aid - , in 
 aililition to hiK salary afore»a;/:, -hull he paid a ■..im cpial to ".i per cen. . .•■ ih. 
 vxii—. The cerl.i'e.'c in *ritiii.- of the .vinpuiiy'^ auditor an U, tho amount of 
 tUfh execs, or an to ilicr.- l"inK none shall lie cole .usivo." 
 
 Hometino- an emphiy' i« ttiveii a» part of his rciniineriition a eoniniissioii on . ! 
 .hare ot proHt«. Such .irranyenicnt. «hould Ih' .•nrpfiilly cxpn-swl. and < 
 irewrally de-.-nlde to make the auditor's c, rtiflcate co.iclu-ive, /ti.',';,, .. 
 6V,,..//, 5 l-;.i. 32«; and /■■■»... v H ■"'■■.t^.» Co.. (Ibtfl) I Vh. Uu. -Hr. 
 elauiHsi may run thu«: 
 
 " In nddition t« l.i« -alary aforesaid, the .ai<l - shall l)0 entitled to a c.m- 
 mimion of 10 ,-'r cent, on the profits made diTintf tin' liiiuoeial y.ar or other 
 peri.Hl .-onipriscd in the accounts sul.mittisl to ea.h ordinary «. neral niisting 
 
 of tl oMipciiy." 
 
 ,\,( to prolit-shariiiK sehciiio^ "ce pp. 1017, 1031. 
 
 '• Whoiiever a di»idcnd is dislursi l.v the company in Reneral mcetinK. «"•' 
 .uch dividend. toK-lhcr with the dividend or dividends, if any, previou.U jw i. 
 
 aii.ounto ,o n.or,. than ,i isr cent. ) iimuin o the . „pi,a! of the comp:.ny 1". 
 
 th.- Mnie l)ein»f paid ur as from ti>e inistrporalion of ihc company to the tunc ol 
 
F0KM8. 
 
 w ^^l.«t.u. of .->h divided, th™ .nd in «.eh cm* th« -id -- A»U. iu 
 
 :?;,,:!««.'! ht„„i«ioa »» b, ...id wh«, tl.« di»id.nd ^a,.» p.,.bU. 
 A. »!• the »[.]«.intment of ofBoer-, »«. p. 441 
 
 4;« 
 
 Form 74. 
 
 AN A(M<KEM T »mdo tha ^- day ot — . between the - Pom 75 
 mv LimUl (hnfu cauoi: ' the coj "). of the ono pt. and L.. of - . a«p... y 
 J;.haaTof the oU.er pt. Wh.e.bv it i. agreed a. follow. ^ J.^...,.;;;, 
 
 1 Tho <ov hby appoint- the sd L. to bo tho solo ugont of Iho co.v ..,.„.„r) 
 
 .„ ,,.« liopuMic o'f — for .he «lo of all the coal and o.hor pro-lu-.s Ayy^.u, 
 
 of the c.v, ami for the ,n.rrhn«o of «uoh nrntoriuU and p.H^Nr*;'!" ';•;"' 
 bv the roy a« the coy may instruct him to pur.h.iKo. nn.l for th- 
 -Wtering of all ships on behalf of the coy 
 
 2 The sd L shall manage the .ale of all the coyV .oal a.ul other NU»t ;..., 
 ,„oduct«. and tho purchase of all goods and materials which ho .aa.v 
 'urcha.se for tho coy. and arrange tho chartering ol all sh.,.s M 
 ,|,e .ov M.av ro,iuiH,. and shall use his best endeavours t.. promo.,. 
 ,he imer«.t:. of tho coy, and on all nales of the coys c«oal or othcM 
 
 r,-luc.H through the ed L he sl.all be taken (o guarantee to the cov 
 i ., payment in due courso of the purchase money for tho same 
 
 , A. r.Mnunora.io« for thes,. .ni-c , aud a. coa.on for the H.;;;.— 
 .,ar....eo afsd. the coy shall nay or all." lo the sd L. a comn..H-o,. 
 :„■ p <• on tho selling price of all the coy's call and other produ.i- 
 
 -old but HO dial f'-om tho amount of money received in respect ol 
 .,1.^ there shall bo de<lurt«d only the usual and proiHjr disbur.MMnoui,. 
 
 ,1 ,. .1 p c. l)cing a .sale uad guarantee commis,Mou. and no nllo« - 
 
 ,.„.. sltall be made to tho «d L for rent or offico expenses or salnno-. 
 ,.i Icrk. or assislunU. or. whtio a sub-ag«ul is employed, su.l. 
 sui.-up*'t'l ^ ' mimisMoii. which Is to bo [kI by Uio wl I. 
 
 . On all purchaso« made on l.ehalf of tho coy tl«. sd I- nhall !»• Ul-w^,., . 
 :Ul..wo*i the c.i*t..i.ui.v and u.s..al commiH«ion> in similar ca.sos. On 
 , i,.u,..r. ollct ..I by Iho m1 L for ,Iio coy ho .hall bo ct.-l-l to rocovo. 
 ir..ni the shipowao.-n a commi-.«ion not ex cs.liug 2i p c. on Uic 
 ^*"' u.iounl of ff. i.,-lit, ai.d ho sliail inaU no char^ro a-aiiLst Hic coy lu 
 
 r,.,.,K..l of ^u,-'. ciiarU'rs. but shall account to tho coy for any com- 
 „„.vMon and allowan.o k-yond 2^ p.c. whic".. !»o may recover. 
 
 .-, The sd L. shall koop tho cov duly .ulvi.<<-d of all salos and pu. - ;^;;,;|,";,\' ' 
 a..s, - ai.,1 . harlor^ oticrio.l by him, and will in dm- ■ oiirsc loinbT 
 pn.por ac<.,unt« of tli.- same, and from tiino lo tim- remit or pay to 
 •he coy the aii.oui.U which sluill bo duo t« th- coy on tho u.-o,int^ 
 • urrrut. 
 
 r. T!,e s,l I,, shall keep in proper books full and proper f. rds nl .V ounu- 
 
 ill the «.vs bu.sii..-.K pius».ing tlirouu'h his hands, and tho s.1 iocor.1- 
 ..nd ail dvcuments rolatiiig t;o tho premises in the possession or under 
 
 K 1^ 
 
■■!■-. 
 if 
 
 •1 ! 
 
 4Ht 
 
 AOBEEMK.NTS. 
 
 •"Chai- v. 
 
 y«ni7» 
 
 lulerpivtB 
 tkioii. 
 
 ,l,e control o( th« mi L .h.U »t •« n*^..«».lo tim..- U open to tht 
 in.,HKrtion of th* coy or their .gen.., who «h«H h.v full l.tn-rtv to 
 ..mke copw. or extrwU. of or from the ,mm> or any of th«m 
 ,.,^.......«.. 7. The «) L .h.ll .t .11 timw .luring tho continuance of ih» 
 
 atfrcenit obwrvo all the direotion« and in.tru.tionM which may b« 
 ^ven bv th« «ov n.l.ti.,u' to the pron.i.seH. and in (ho .l.-«m>. of 
 «,,e.ial inMruili.m-. nhnll «.t in -uch n.a..n..r ... I.r ^hM doen. m.« 
 bnncticial to tli« I'oy 
 
 8 The exprewion • L " hnlH,f...« u«e<l mean* and inoluden .hn ^ 
 h por-onallv and .11 I«r«on, who m.y be in parlne«hip with h.m .» 
 the «i Republic whom ho may from time t.. .....o nominate .n wnt.njt 
 
 in lua behalf and their HU«»«.or. in husinon.. and thw.Kr^M.n.t .hall 
 be bin.lin« «a and op«raU, for the bcneUt of the mi L and h., 
 partners a- .bove montd and their »ucoe««r« lu bas.no^.. whal«oov.r 
 ThanKe. nuiy .--*ur in th- .on^litution of the fin... by the add.l.onof 
 ^ny new ,»rtner or , a,t..,.n,. or death or retirement of any ,«rtner 
 or otherwise howiotM-r. 
 
 » ThU BKroemt .hall remain in force for a 6x«l peri.xl of 
 yearn fnm. the incorporation of tl.- .«y. but in ,l.o event of th, 
 bankrupuv of the sd L. or hi» finu ... alK.vo n.entd. .._a«y li4"'d "'- 
 .,f ihoir ailair* for the benefit of their credaars. U shall as from th« 
 c-o.n...en.<,n.ont of the mi bankruptcy o. li.,..idation ««•«. and 
 
 determine. , 
 
 „. A,h.lr„t.un rh,„.,: supn,. p .IrtT; ««./ .M x>-rrwe vlau^,- U 
 
 ,,t |. :«i2 suiira ] 
 In « riNKSH. 4c 
 
 D'lntiuii. 
 
 hi. 
 
 Form 76. 
 
 »•«">•■ 
 
 \.;RKhMKNT to >mplo>f Ar.ENT tO f,0 ABROAD „nd KxvM.NK 
 
 TiTii fn and CnABACTEE of MisiN'i Phopertv 
 
 AN At;HEEMT. Ac , between A. H , of the one pt, uud 
 ,.;„„„ 0."ftr called "the ,y..,liu.te ■). of the "^^r^'-^'^V^. 
 ,. ha., been .*pre«ented that there exi,t« m the emp.ro ot t ., aho..l 
 ; ..,,0 miles N N.W. of T) and about 3.000 f.*t above m-a leve., .... 
 ,.,.;a of ■ ver nine H.p.«re mile... cnta.ninjf a virKin matm'' 
 diatnonds of the finest ....ality, yielding; an avera^-^- of one '•»^'' "•;''* 
 .';;,. „.„... of the ,roun.l. and lyin« at aU.ut fifty to seventy fo^^. 
 1,. |,.w t>.,. Hurla« . and tluit the present ..wuer or owners of this pptj 
 ,;„r ,,ro wiUin^f to treat for the sale thof, and .t ha.s b«.n arranH 
 that U.0 sd A. H ^hall pnKHHHl to I)., with a view to n..iu.r.n^ .ntoth 
 ...atter. ..n.l if p....Mbl.- obtainin,- ..n behalf of the hv nd.c~.tc an opUou 
 for the purcha.se of the m1 ppty or -o„,e interest thore.n: Am. 
 WHEKBA. it ha- b.H,n further arwnjt'Hl »bat .he par u* hto -h..!! 
 enU-r i..to the aijreemi l.nf.r .....taine.! i.. .elation U, the premises 
 
 J 
 
I'tlKMM. 
 
 i:\'i 
 
 ■ Tl. «i A H .hall pr<^\ .o I. bv th« outKoin, m«.l M..-r A^ P ... .. 
 
 ""I""-;::; 1. «.,ta. LruLlm. ...«» .he o.ner or owner, of the 
 '" • a 1" ilUng to tree, for the «lo thof or for «,m« .nt.r«* 
 ,,,„, ,. or «r« *''''"8 ^ i„„ i„^, „,«. ,i,|« „,■ the p.«M.„( owner or 
 
 r-^ "irr^re : ttil." ...e^n U he .ha.. eo..iae. 
 
 -'" '"•^^ r h;;c- -» '^^^^^^^ -"•""•"'°*"' """■ 
 
 . , . ......si,.... I.ut the .vmli.«.o shall hy le.ler or .ah.e 
 
 '"'". .'"" " . ' :, r. i,u,„«lmt«lv pro..ee.i to ,uake persona. 
 
 re,,uir,. ...... m. .o <'''^ ''^^ "^ „' , .„a nliall .au-e the name to 
 
 , f h .o.^i.ler that the re.ulu of ....^h iu.,ui..e. ju.t.fy h.n. ... 
 Me H..all not «, «o..Mider. bu. tJ.e .vndioat. -ha I U^ 
 
 , 1 t..e ..wucr . r o«..e.« of .he sd ,.,.t,v a ......n.. . «.vu.« ...e k>.. d. 
 
 „„., f..vo..r«hle .ern>« .i.a. he .-an arrantfe. and .hal. ..ur«..p 
 
 ■■■': ".•ridf'.nS'l.U. ... .> . -.«.«. aU .uch .„for„.a.on^ O^.,,... 
 
 ,,., . , vi.h n,,ard ,o the ppty i.. ..uestion, it- .«rr<.u„d.nR-. a..H 
 
 „",,-„ am. ...hor ohara,..eri«ti».. and the n.ean« of .<^ 
 
 : .'7 ...» a.^ t.. ...e mining ai.d o..,er la«. of I) «<. far as .he.> 
 
 ma m . ..o Irki... and doveU,p...ent of ,he pp.v in .p.e.Uon a.u 
 l"li..fr an.l exporting of uian.ond. therefron.. and «'— '" 
 '':,:, „..n'a,i,„. .1. re..-,.ion to the pre.ni«e, a- he .nav .h...k 
 ,.lvttnlu"eo>t'» or uncfn^ »«^ 'hP yndicate 
 
 tl reports and information, and a.l .-ontract,, aK..^....«. • I 
 
 .. a„'..ntAvhioh the ^d A. B. ..«T make ..r obta.n .n re.at. on 
 ;„.i^> haU he on l.eha.f of a..d for the boneht of the ^v.... ...^ 
 
 .,, ,.,.d ..UaU .. all .i...e. Ik, their abno.ute ppty. aiid s.u... .. 
 
 :„n.ni,.a,ed hv the .. A .V ... t..e ^yudi-ate at the «ar..e-. .,.,.o.^- 
 ,..,.i.i.w. and ..,.^^.1 X . H -l..." ->t di.e.o..e M...h .nforma ,on. ..p.. . . 
 
 ,„„,ra...s. a^mH...N. or ...v.n.-enwnts to any ,«>.-..» ...he.- I mm 
 ,.„.„.,.r;, oti..-.. an., mm van-K for the .i...e ..cin, of ..... sy.H.n.to^ 
 
 ,,!..« ,.> his ..re..i. with a hank o- nK.r.a,.t..o ..o,...e in I.....!".. « " 
 ',„„ „f r,....r. ...i.>h is to he draw, on by h.m a. he «ha.l ro.p.ire .... 
 ,h.. p..rposes ..f ..efrayi..,' hi« -.-o.-arv an., proper ,l..shur«.n.on.. 
 
 . onteniplated iu ilii.iw 1 h". 
 
 1.2 
 
 .MiiVrat)* 
 
 \ii>.iii. I- 
 
ii 
 
 4*; 
 
 Form 76. 
 
 Furtlitr 
 
 A. K. to 
 
 account. 
 
 AOUKUMliiNTb. 
 
 rCHAP. V. 
 
 Ueiuuuera- 
 tion of A. 1 
 
 •i If the ad A. B. and the syndicate shall consider that the in- 
 ..uiries, investigations, and reports under clause 2 are satisfactory, 
 the syndicate shall place at his request to his credit with a bank or 
 mercantile house in England a further sum of 1.400i.. to be drawn 
 on as the sd A. B. chall require for U.i purpose of defraying his 
 necessary and proper disbursements in connection with the further 
 investigations and business contemplated under clauses 2 and 3 hof. 
 
 7 The sd A. B. shall account to the syndicate for all moneys 
 ■irawn by him on the sd credits, and shall keep full and true aceounU 
 •if all his drawings on the sd credits, and of his expenditure thof, 
 under clause.s 5 and 6 hof, and shall, if and when required by the 
 syndicate, duly vouch such accounto, and the syndicate shall not be 
 under any obUgation to advance to him for the purposes of such 
 .lauses or otherwise any moneys in excess of the sums ot 600/. and 
 l,400i. therein resply named. 
 
 8 If the sd A. B. shall obtain from the owner or owners of the sd 
 ppty a contract which shall be accepted by the syndicate, giving 
 the" syndicate the option of acquiring the sd ppty or some interest 
 therein, then the sd A. B. shall be pd for his services in connection 
 with this business a sum of 1.000/.. but if no such option shall .e 
 obtained and accepted by the syndicate, the sd A. B. hhall not he 
 ontld to claim from the syndicate any remuneration whatever. 
 
 In witness, &c. 
 
 Form 77. 
 
 A. B. to !«■ 
 editor. 
 
 Poliny and 
 
 rOTuluct of 
 
 this ut'Ws- 
 pHjur. 
 
 Vgkkrmknt oontiniihxi Vu: Appointment of a Person who hwi 
 been Editor of a Compavy's Newspm-ku, and. has hreom.- 
 a Director. 
 
 AN VGREKMT. made the — of • . between fhe - Coy, 
 
 I.imtd, of the one part, and A. B.. of — (hnftr leferred to as 
 Mr. li.;, of the ollior part. 
 
 Whkrkas Mr. B. is the editor of 'The - Nevvspapcr," which 
 is owiHHl by the coy. Ano whereas it is proposed that Mr. B. sl.all 
 .ouliime to"u<t as -uih editor upon the terms hnftr montd. 
 
 Now IT IS iir.REBY AORKEn as follows: - 
 
 J For a period of live years from the of , Mr. B. shall 
 
 ..•t as the editor of " The • Newspaper" owned by the coy. 
 
 •' Subject to tho general control of the board of directors of the 
 ,„v ihe poli.v of the sd newspaper, and the manner ... whi. li t lo 
 s i,ne shall U coudiietod, shall bo determined by Mr. h. u.id tl..- 
 .uaimging di.octor for Uio time being of the coy jointly, a,rJ any 
 iv.int in diilcenco between tho sd A. B. and tho ...auag.ng director 
 
FORMS. 
 
 4:<r 
 
 .haU be referred to the board of directors of the coy. and Mr. B 
 Ind the managing director «haU act in accordance with the dec.s.on 
 of the board. 
 
 3 Mr B shall be just and faithful to the coy in all things, lie 
 .hall preserve the coy'« secrets, and in particular shall u.se h.s bosi 
 .ndeavours to prevent any libellous matter from appearing ,n the 
 !d newspaper. He shall also carefully refrain from oommont.ng 
 upon any legal proceedings ^vhile in progress in such manner as t.- 
 wmmit a contempt o' Court. 
 
 4 Mr B. may pledge the coys credit in any one transaction to llio 
 extent ot mi., but subject as in this clause mentd Mr. IV shall not 
 pledge the credit of the coy in any manner. 
 
 :. The coy shall pay to Mr. B., by way of remuneration for his 
 
 .erviees. the sum of •: per annum, which shall be deemed to 
 
 accrue from day to day, and shall be pd as Nearly as may 1^ by 
 
 Uvelve equal monthly instalments of £ each, commencing as 
 
 f,.„, the - day ot . Provided always, that if lu any year 
 
 the prolits of the coy available for dividend shall be less than the 
 
 ,„m „f £ , Mr. B. shall receive in respect of that year the sum 
 
 of £ only, and shall repay any such amount boyond that simi 
 
 which he may have received in respect of the year in question. Thf 
 certilicate of the auditor of the coy shall be conclu-su-o as to the 
 amount of the pioiits of the coy available lor dividend in each 
 year, or as to there being none. 
 
 (i If Mr B. shall be guilty of any wilful act of misconduct in th« 
 course of his employment, or if he shall become bankrupt rr .om- 
 pound with his creditors, the coy may by notice in writing to Mr. B. 
 terminate his engagement. 
 
 7 If Mr B shell be unable for a consecutive period of six calendar 
 months to perform his duties owing to illness, lanary or unsoundness 
 of mind, the coy may, by notice in wriUng to Mr. B.. terminate thi^ 
 aprrcemt. 
 
 8 If this agreemt shall be terminated under clauses 6 or 7, or it 
 the .sd A. B. sh«ll leave the coy's service during the sd period of five 
 years :i -.reach of the agreemt on his pt herein contained, Mr. B. 
 
 shall . for a period of years from the date of such event, 
 
 engage or be concerned, either directly or indirectly, iu the produc- 
 tion or publication of any daily newspaper in England other than 
 
 •The Newspaper" afsd or any other newspaper owned by 
 
 the coy. 
 
 Fonn 77. 
 
 Fidelity iiiul 
 secric'T, mill 
 
 Hution iiK t" 
 
 ibel, &<■. 
 
 Liiniti'tl 
 liliiTty to 
 
 pledge <■'""• 
 piiuy'srrwlit. 
 
 Ktiiiiiiii'rHtiiin 
 liy fi.teil 
 MHliiry with 
 aliale'iii'it 
 where protits 
 low. 
 
 Notiee by 
 eoiiipiiny t<i 
 (let ermine 
 for willful 
 ini>efttiduct. 
 buiikrupt«\ . 
 &e. 
 
 Notice l>y 
 eoiiipiiuy to 
 determine for 
 iiiciipii'ity. 
 
 A. B. not to 
 bi' inti'iented 
 in «ther 
 newsp;ipert* 
 in ( ertiiin 
 evelltt*. 
 
 il 
 
 As WITNESS, &0. 
 
lit 
 
 ii! 
 
 4:«« 
 
 AOKKEMENTH. 
 
 [Chap. V. 
 
 It i 
 
 i ! 
 
 Form 78. Aokkkment to appoim Two DmtcioKs ,/8 Gknkral \1anu;eks 
 
 of a Company's Business, nith Delegation of Dirkctoks 
 
 Powers- Company to Share any New Business ol 
 Managers' Firm-Remuneration of Managers out of 
 StRPi.rs Ph-.hts, Reserve Fim.. Transfer Fees, &c. 
 Special Provision <« <o Settlement of Accoi nts »» Wini.- 
 ivf:-rp or Termin\ti()N of thiif AtiiuKMENT. 
 
 ACiKKKMT, dated - , b«twwu Tho ^ Coy. 1-imtd (\ini\s 
 
 iiiUod 'the Coy ' j, of the one pt, and A., of , and B., of - 
 
 (hnftr -ailed ' Measrs. ') of the other part. 
 
 Recital of regisir tion of coy. Capital, £ and shares, and thai 
 
 Me.ssrs carry on busiiie.ss ns, Ac. under the style of ' — 
 
 Brothons • A SI) wurkkas bv the artrt of as8oa of the coy Mea^rs. - 
 were anpoiute.1 two of the directors of tho coy. And wiieue.^s it w 
 deemed expedient that Messrs. - - should be managers of ti.e 
 lnuHines.H of the cny upon tho teruis hnftr appearing. 
 
 Now IT IS HEREBY ACHBED aS follows: — 
 
 I . Mo8.srs. shall l.o tho inanag<>r.s of the bu.siuess of the coy for 
 
 Pinn to !>*■ 
 niHirnrerw. 
 
 IVr f 
 
 anil powrr 
 
 t.t TrvmiiKite. 
 
 Mttiiai^'-rs ti 
 
 the tor.i. hnftr specitiwl. and if either of them during .-^uch term ceases 
 to 1.0 one of the managers, the other shall become tho Hole manager of 
 tho bu.-.inoss of the coy, and they or he, as such manager or managers, 
 are hnftr lefoircd to as "the managers c,r manager." 
 
 i; The managers or manager shall hold office for a term of tea 
 vears from the regi.slraticin of tho coy, but with po« . for them or hiiii 
 at any time during the ad term, by notice in writing to the coy, to 
 ...Mend such term for a further periotl of three years, and if, during; 
 the continuance of this agreemt, the managers or manager shall bo 
 incapacilato.1 bv ill-health, or shall discontinue in oflice, o. shall hnd 
 that they or ho canm.t satisfactorily continue with tho coy or o'.hci 
 director,s ,jf the coy. or if tho arts of usson nhall be altered by the oov 
 without tl.oir ur his consen!, such manager.-' or manager shall have 
 power, by notice in writing to the coy. to terminate this agreemt. 
 
 ;! The managers or manager shall during their or his tenure of 
 office provide and maintain for tho coy suitable office accommodation 
 iu London and a secretary, and grant to tho coy tho assntance of 
 their or his staff in London and South America resply for the purpose 
 t carrying on tho coy's business, as may reasonably bo require,!, 
 „nd in conson of tho services of tho managers or manager, includniff 
 tho serviws to he rendered to the coy under this clau.se. tho coy shall 
 pav (o the managers or manager reasonable working . xponsos, and 
 Mich payments shall be in addition to the remuneration of tlift 
 managers or manager prescribed by clause 7 hcf. 
 
F0KH8. 
 
 «V.» 
 
 4 Tl„, .na,mKer« or .nau.g^r «hall manage and coaduc, .he bus - Fom 78. 
 ues. of the coy aocording to the best of their or his judgment and , „, „,. 
 uT.co .J regulations, general or special, a. the .l.r.oiors , 1 ,.,.. 
 
 ov .nv fron. .in.o to time u.ako. and nhall for that purpcxso. huI.jo I 1 ^,^. 
 
 ana a" have full control over the assets of the coy and t ho pouer ..; 
 uso s al. and to make contracts of all kind, wi, nn ' - "".l<"-^-;;" 
 Z L and frenorallv to exercise for ,he purposes afsd all .ho powe... 
 amioii.". La discretion, of the directors under rho ar.« of asson 
 of tlio cov capable of being delegated to managers. 
 
 , Without prcj.ulice U. the gt-nerality of the foregoing provudon.. S,,»dal 
 ,he .uanagor.s ov n.anager shall on behalf of the coy have power to 
 ,a. Make and effect all such purchiises and sales of ppty and 
 
 ,laim« a.s they or he may think proper. 
 ,1,, Muke all .such loans and advance, as they or he may th.uk 
 
 proper. , 
 
 ,.., Tran-sact all general contango busine«.s for the boneh. ot the 
 
 cov. 
 „| , Invest n,onevs of the coy in stocks, fund.s,.shares, bond, dob..,,- 
 ,„>es. <lebontui* stock and other securit.es. and .b-al ... 
 options. 
 „.. ^oU, ex.hangv., a.id .leal with a..y s.i.h stocks, funds, s bare., 
 bonds, dobe..tu.*s. debe.itu.e sio,k, a..d o-he. .«..„, .t.es. a.i.l 
 to give optio.is fo. the iiuril.asc thof 
 ,f , Ucorally to ,a..y out .such tran.sart.oi.s as .!>. y o.- he consi.b..- 
 expedient in the inloiest of the coy. 
 
 ,i S,.bject as afsd the ...a.iagcrs o. ma..nger shall, wb.lst tb..y -r ^^i,;-^- • 
 |„. hold oihce, procure the Jir.u of L- - & Vo. .is the .sau.e shall iron. ,.„.„ „ ,„.,. 
 time .0 tin.e be constitut^^l to oiler fro... ti...o to ...ac t. 
 
 the 
 
 coin- 
 pjiiiy a fHM - 
 
 fime to t.ine o.! .i.ii.shiuk^^ .^ . ' il, iHirm'- 
 
 !,1 „ ,. at least of such tirn.'s interest i.. all ..ew b.is.noss I. on tn.ie ,„ „ ,„,,. 
 ,0 ,i,.,o u,..ler,ake„ or propo.sod to bo u.,<lertakc.. by the ,sa.d hv„. .,.--.. 
 including the interest in any ,.ew b..si..o.ss which n.ay ari>e o.. o . n 
 business i,. whi, h the .s<l lirm are at p.-e,sent into.esled. but ex.ludn.g 
 for the boefit of the s.l lir.u their ...dinary n.arkot tra..sar..,...s 
 
 7 As .e.-a.ds their or his .services as .uanagers or u.auage. ol .be 
 bu^iuoss the >ov shall .lu M.g their or h.s term of otiice a Is. pay to the 
 ma..agers or ...anager as i*gards each li..an,.ial year ot tb. .oy; 
 (1, \ su.n o.p.al to one .p.a.ter of the p.olits of the coy ol such 
 year after provision is ...ado t..e.eo..t i,a) for a.,y dopre- 
 ;.ia.i<..., ^b) for reserve f.i.id or any addi.iu.i ibe.elo as may 
 1,0 .le.er.nine,l bv the .li-ectors, ^c) for the paymon. ol 
 .livi.len.ls a« rued up to the cU.^e of such year on 8..y shares 
 ranking in priority to the ordinary shares of the coy. an<l 
 (di for a n.inin.umdivi.ten.l for that year a. the ratont .. p.- 
 on the oidii.ary shares, and 
 
 Kri iiu.rnlic'ii 
 (if inaliil.fl !■- 
 I.y shiiri .t' 
 pr. tltH. 
 
 ll.lllsflT .•'-. 
 
ii 
 
 440 
 
 AOREKMENT9. 
 
 [Chap. V. 
 
 Form 78. 
 
 J 
 
 ▲ bslBUl:P- 
 
 felie*'t iti 
 wiiidiiii-'-iip 
 
 or OH i»til*T 
 
 »1< ■termination 
 ut' thin ii'.'rrc- 
 meLt. 
 
 Final aettli • 
 iiient betwton 
 the pjirtics iu 
 ktu* wiiKliii^- 
 up ur otticr 
 determiuR- 
 MoD. 
 
 (2) A Bum equal to one quarter of such pt (if any) of the reserve 
 
 fund as shall, in respect of such year, be distributed by waj 
 of bonus or dividend amongnt the shareholders; and 
 
 (3) The amount of all fees during surh year received oa the 
 
 transfer of any of the slmroa in the coy's capital and on the 
 transfer of any debentures or debenture stock which maj 
 be CI itod by the coy, and on the conversion of share 
 warrants and share certificates and vice versa, and on the 
 conversion of debentures or debenture stock into shares. 
 8. Upon the winding-up of the coy wliilst the managers or manager 
 are or is in office, or upon the managers or manager vacating office 
 ■whether by reason of death or ill-health or effluxion of time or other- 
 wise as linbeforo provided, a balance-sheet of the coy shall be mado 
 out as on the day of the commoncenient of the winding-up of the coy, 
 or on thi> day of such vacating of office, and if it shall appear that 
 the value of the coy's assets exceeds the amount of the coy's debts and 
 liabilities including pd-up capital, then the managers or manager or 
 their or his legal personal representatives shall be untitled to one 
 quarter of the value of such excess. In making out such a balance- 
 sheet assets sliall be taken at their market value, and all asseta not 
 having a market value shall be taken at tlie fair value. All disputes 
 with reference to the sd balance-sheet shall bo dotciminod by arbi- 
 tration, und the Arbitration Act, 1889, shall apply. 
 
 !t. In tlie event of the winding-up of the coy the managers or 
 manager sliall bo pd their or his share of the value of the surplus to 
 be ascertained as afsd pari passu with the other persons eutld to 
 '•hare therein, and at the same time. But if the managers or manager 
 shall vacate office for any of the above-mentd reasons before the 
 winding-up of the coy they or he shall receive their or liis iiharo of 
 the value of the surplus .so asceitained as afsd at the option of the 
 coy either (a; by a cash payment for the whole amount due to them 
 or him, or (b) by transfer to them or him of such aliquot jiart ot 
 each kind of asset of the coy as shall together represent the f.mouut 
 duo to them by him, except where any assets of the coy shall not 
 consist of cash, stocks, funds, shares, bonds, debentures, or debenture 
 stock, then the value of tlio aliquot part of such asseN shall be 
 pd to them or him in cash. The coy shall within one month from the 
 date of the balance-sheet referre<l to in clause 8 give notice in 
 writing to the managers or manager in which of the .sd ways the 
 coy intends to account to them or him for their or his share of the 
 value of the surplus, and immediately upon receipt of such notice 
 the managers or manager .shall be entld to a statement of account. 
 If the coy shall fail to give such notice the manager or managers 
 shall be entld to an immediate settlement in cash. 
 
 In witness, &o. 
 
FORMS. 
 
 441 
 
 n 
 
 Appointment o! (MHcers and Agents. 
 
 Th. .rticl- of . company often purport to m.k. 'PP°""^«''^„»^ "rf;;; 
 JreLies a«nU. wlicitor., and other.; but it i. generally expedient, .fte 
 rt^or^r.^on, for per«,n. K. appointed to .nter into an agreement n 
 wrltri^. the company defining the term, and condition, " »"« "PP-j;;. 
 In foT though the article, in .uch a ca«, operate a. an »-"«»''y ^^ ^^^ 
 Trehrer, to the dlr«.tor, to appoint the per«.n named in the "tide, th y 
 ?„ ot conatitute a contract between the company and the appo.n ee on wh . h 
 the appointee can rely. Ele, v. Po.Ui.e Government ^e.Co I »-• !>'»• ««; 
 Ro^Znn, Co., 25 C. Div. 103; f.mpre.. ^"^"'f'""/ .^"ofi ch 324 il'. 
 Jirn«,ne V La Trinidad, 37 C. D. 1; Ex parte Beekwith, (1898) 1 Lh. «*."»- 
 ZTnernat^na Cabl Co., 66 L. T. 254; Su,abey v. Port Daru,in OoldCo. 
 m89) MegC. C. 385; and i..fra, p. 635. As to what is evidence of an 
 IppTn'tlent of an officer by the company, see Bro.nin, x. <!reat Centr. 
 Mining Co., 8 H. & N. 856; 29 L. J. Ex. 399. 
 
 Moreover, if the agreement i. not to be performed "ithin a year .t .^ noce. 
 „,y to have an agreement in writ ng, by rea»n of set. 4 of the »'«'"'«»' 
 Frauds Eley v. Po,iti,e GovervmenI, *o. Co., 1 Kx. D.v 20; 8. C. 88^ 
 However, the signature of the secretary of a company to a m.nute recording a 
 Llutio; for his appointment may be .ufflcient. Jone. .. fV «r.« «.«.»,, 
 mck Co., 2 Q. B. Div. 314; and sc. Gi^^on v. l^r,o„ I.. R^ 10 Q. B. 33^ 
 Reove V. Jenning,, (1910) 2 K. B. 522; Uanau v. bhrUch. (1911) 2 K_li. 10o«, 
 whilh case it ha been held that a contract for service for a period exceo.1- 
 ;:g one year with power to determine on either .ide by six months' notice wa, 
 a contract not to be performed within the year. 
 
 Specific performance of a contract for personal services will not be ordered 
 Stalker V. Brocklebank. 3 M. & O. 250; Brett v. Ea,t Ind.a *«. Co., 2 K. & M. 
 .. ■ 11 i^„^T^nrn I En 411- Fry, Spec fie Performance, f.thed. 
 404; Mair v. Ihnmlnya Ten to., I E-q. •»■ ■ , r ry, i ,,„,,,,,i 
 
 Nor of a contract to procure the performance ot services. Jtyjiu v. Mutual 
 Tonine.Usoe., (1893) 1 Ch. 116. But where the.e is a negative stipuU. ion 
 ,:; the emp.o;6 will not engage elsewhere, the Court wU grant <^^y^^ 
 to restrain a breach thereof. Lumley v. Wagner, 1 D. M. i: O. 1.0 In that 
 ..ase A. had agreed to »ing at B.'s theatre for a certain period, and not tu sin,^ 
 eUevstre without his consent in writing. At the instance of B an . junction 
 a, "anted restraining A. from singing elsewhere; and see S<,r .VV...W'- 
 Co f O'Connor, (1898) W. N. 114, 122; and Me,ropo,„an Electr,c Supply v. 
 tlind^r (19(11) 2 Ch. 799. But it seems that, in order to obtain such an 
 ict'lon. it is necessary to put in the contract a clear "««»'-« covenant, or 
 words amounting thereto OVhitu^ood CUemical Co. y. JIardman (»891) 2Ch_ 
 41fl), ..nd that even the words "act exclusively for" are not «"«>«"^"t ^«"'";'' 
 TLe Fire v. AVu- York Life, io. Co., 75 L. T. 528. C. A.); at the «me 
 time words though positive in terms may in sabstanco be negative. C«U v. 
 7Wr4 Ch 654 But doubt has been expressed whether an injunction w.l 
 be granted where there is only an implied negative. Vavi. v^ tore^man « 
 W. il. 168. See, however, what was said in Wolverhampton, Je Ry. Co. v 
 L. I, N. W. By. Co., 16 Eq. 433; followed in M. Cary Elwe,' Contract, (190<.) 
 
 ' In'thTabsence of exp«-s P-Jion - employe-titled - ~ J--)- 
 of dismissal or eompen«atmn. Green v. WrxgM, 1 v.. r. , 
 
 He,.>paper Corporation. 16 T. L. B. 157; African A,«,»aUon ;/«-- tl9'»> 
 1 K B. 396. In the ease last mentioned power wa. reserved for the employer to 
 
 Appointment 
 of otti< PTt by 
 artifleM ol 
 atU!HM-iiitiun. 
 
 An u^TO*'niei»t 
 ^tbuuid be 
 executed. 
 
 ■i|>eririO 
 ici-foriiiano*. 
 
 litjiinotioTi 
 
 Notice before 
 (lismisrial. 
 
[•fpr 
 
 HV 
 
 AO- 
 
 ..MEN'lH. 
 
 [Chap. V. 
 
 hiii 
 
 ! 
 
 JJ, 
 
 Iii(oiii))atibli 
 
 'rniilH «l'<TCl- 
 
 pay rttvf'itic 
 mm 1(1 liw 
 (tf oiBcc. 
 
 dvt<.'rniin* at any time, but it waa held that thia did nut dia|>«iue with raaMjnablo 
 notiur. but he may be dimnUMeil without notice for wilful disobedience of an; 
 lawful order of the employer. S/uiir v. Arnoll, 2 8Urk. 25tt; Calln ¥. Brnun- 
 clrnr. 4 C. & P. 618; Amor v. Tfimn, 9 A. & K. 84N; TtirHor T. MatOH, 
 11 M. 4t W. 112. iMoral misconduct, whether in relation to money alfaira or 
 otherwise, ia oiioufrh. Callo v. Broitnelrar, $iifirn; Jlrnwn v. Croft. 6 C. 4i P. 16; 
 I'farce v. t'oner, 17 Q. B. U. ."iSe. So ia takini; a bribe. Am^om /'»«;» «»o fo. 
 V. //!««<■//, 39 C. D. 339; «aWi> v. Kelt. 4 Bing. N. (5. 638. 
 
 It ia Hufflcient, it was said in the former of the-«' onsea, if a valid rcaaon for 
 dismissal existed at the time though the master was not aware of it. Uiscloaure 
 of a, company's accounts to a person connected with another ooiu|>any will 
 ju.stify dismis-wl. E/ot Anillnn Rail. ('". v. L^thfino. 2 1.. M. ft P. 221 ; .tf»r/ -, 
 V. n'hnll (1845). 5 Q. U. 447. Ho will habitual neprllRcnoo or conduct ealcu 
 latwl to prejudice the employer's business (Hokner v. Andemon, 3 Ksp. 23i; 
 fiitlf/imi/ V. Iliniifrlnrf/ Mnrket Co.. 3 A. fc E. 171; Umith v. Tompton. ti 
 ('. H. 44); or incompetence or permuncnt disability (Harmer v. Cornrliiu. h 
 C. Jl. N. S. 236); or stock exchan(?c speculationa (Powern v. Fook>, 17 Q. It. 
 I). .'537); or Kettinf; a list of customers for his private purposes from a receiver 
 and mana;,'er who is carrying on the busiueds 0( the company {Mefuuret JlrotKem 
 r.ld. V. .l/c-M"-v». (1910) 2 t"h. 248); even a single act of forget fulne« 
 haviPK, nr calculated to have, serious results, may justify dismiisal without 
 notice (llajclei- v. Loudun and CoiiiUi/ I'rintimj Works, (1899) 1 Q. B. 1)01). 
 
 A fortiori where an employ^ nnderiakea aa one of the terms of his employment 
 to use liis best endeavours to promote the interests of the company and commits 
 a breath thereof the lompany may dismiss him. Ariiing v. tomax (1854), 24 
 I.. J. Kx. 80. 
 
 As to absence tlirouKh illness, sci' Darii,, v. Khliw /"/<■ I rli,,,, Chhk U . 27 
 T. L. R. 543. 
 
 If an employer makes out a iirinm facli^ case of misconduct, the onus is on the 
 employer to prove the innocence of tho transaction. Federal Supply and CoM 
 Storage v. Ani/rrreH. 103 L. T. 150. 
 
 An oHicer who accepts an ineunipatilile office vacates priutd Inciu his original 
 office. Eal,, V. Cmbi rlawl Lnvl Co., ti II. & X. 481; Iron .S'Ai> Co. v. l}!iiiil. 
 I.. H. 3 (". r. »«4: Me/wood v. Thatch,;- (1892), 2 T. U. 81; ««'/• v. Tidii. 
 2 <}. B. 179. 
 
 An employe or cx-eniploy4 may generally be restrained by injunction fniiu 
 revealing trade secrets. .HenywaUher v. Moore, (1892) 2 Ch. 518; Robb v. 
 Oreen, (1895) 2 Q. B. 1 ; affirmed on appeal, (1895) 2 Q. B. 315. See also 
 l.oHiK V. Smellie, W. N. (1895) 115; Lamb v. Evan>. (1S93) 1 Ch. 218; llelmorr 
 V. Nmilh (No. 2), 35 Ch. 0. 449; Summers v. Boycr. 23 T. L. R. 724. 
 1 It is very common expressly to tix by agreement the compensation to bo pay- 
 able to the agent in case his agency shall be terminated by the company. Thus, 
 in r,o;/nns oaae, 9 Ekj. 149, l>. was by the articles appointed managing director 
 of a company, at 800/. per annum and a commission on profita. It was also 
 (irovided that: " In the event of the said I., lieing at any time deprived of or 
 removed from his office for any other cause than gross misconduct, the directors 
 shall pay to him as compensation for loss of ofBoo a snm equal to three years' 
 salary. . . ." The company was ordered to be wound up, and L. was held 
 entitled to prove for three years' salary. See also Shirreff't cote, 14 Eq. 417. 
 
 But where an order had been made to wind "p a company of which T. was 
 an officer, one of the terms of his engagement being, that " S,000t. be paid to 
 him if the company discontinue to employ him," it waa held by Lord Cairnt 
 that " T. was not entitled to prove for the 5,O0W., aa there waa no roluntary, 
 
4!:i 
 
 VOVMH. 
 
 ^.iv.. .od inU.Ui«..t di.o„U..u.u«e b, |he «»o.p.ny of th« ..payment o, T 
 
 - > "•";„?rrhtTrJifoJtr lot::' if .0. ,,.>... 
 
 ...nd.ujr-up. entitled ^ P^^f „ ^^ „, . voluutary wimlinK-wp. »"■« "» 
 
 :r r::t^'ts^ ip^y >- . -^-^-^ t^s- ^- " 
 
 ,-:;. .s...,-. ....... . T. -•«■-•;:<* -J7;t„ a....e.«a„c.e or . 
 
 bu»ine« whether by winding-up. «lo or otherwiie, i. a »"«»«»<» » » 
 
 UusineM wnei 7 oBTinent of remuneration out of pmflb.. 
 
 fur employmont or for the paymem oi . j n n,.» H ahould l«- 
 
 ,U,,,„y and «.!. their Kood, and not .. -«"»"};.;'»"'_'';'' '':Lld for the 
 ,hUh would prevent him from -"f "«""\,'^^^ ,;;'::' '..'...IhI dire-t tron. 
 uext four years distribute to .uch of '>;--- ""^^J^ ^"^ X„., ,„a „,.. the 
 
 „..,.t in.,, voluntary '^'f* '^"^. "^-^^T/dL^^^^^^ 
 
 trr;;r"v"^z-r^;^^; ^;;t\xr(i-) .v. c/ ^.. .... cc.. 
 
 I,,:., ,„, wa, entitled to damage. ^''^7;^ J"^^""^" f;, ^.^'^pa,: >««•>* 
 
 ,4 r. I. H. 480: and Jlirsch # Co. v. /(«,»., ."pr« wh.eh all . I» ate the d.a, 
 
 ul tv of reading in implied restrictions ; and soo 2'«r».r v. Oald th Om) 1 
 
 ]• 544 and c".X<.rrf v. TH. Q»»n, L. U. 1 Q. U- 173 (comm.-s.on) 
 
 \ .er a company has not «,ld iU bu,ine« and is not in U.,uid.t,on. .t » Uable 
 .or damajrZpLpective commission if it repudiate,. Loek.U v. .«..»«. 
 Sit.att Co., Times, 22 March, 1900. 
 
 But an agreement to employ a -^^^ -\f J^ t ^^^rd^ .=!: 
 Idm with work. Turner v. Hawdon # Co., (1901) 2 K. «■«!>■». 
 .•„„«*.>. n,-.rr,e« B«n*.»j, Co. v. ^««>oo<f, (1905) 1 Ch. 357. 
 
 A» I" i.rool '. 
 windiiii(->i|' 
 
 I'tlliiHd't •"■■■ 
 A><ent canin't 
 prove for 
 future CI I" - 
 iiiixiiinii 
 
 t^ali .iiiii^ 
 o.iilinnaiii'' 
 of l.n^iiii'!.!- 
 » bin a brwiuh 
 i>f BaT»vmeiit 
 
U4 
 
 AORKKMENTS. 
 
 [Chap. V. 
 
 Whaii A aompalaory windloc-ap ordar ii er|aiva]«nt to k diimiawl of ■ Mimpany'-* 
 
 windiug-up ntntnti. Chapman't eaie (1866), 1 Rq. 346. Thii cam wm daeidf^ on tiii> 
 a diamiaaal. yronBd that the winding-up order which i« advertiaod in the newiipapan ii notiof 
 to all tha world of the winding p, and accordingly the applicant waa held 
 entitled to prove for bis lalar; on the footing of having had notice of diichargo 
 on tha day the order waa made. And thii deciiion hu never been overruled. 
 I'er Chitty, J., MaeitowaWi eaie (1886), 32 C. D. 366, 368; and tee Rtid r. 
 Explotivet Co. (1886), 19 Q. B. D. 264, in which it waa held that tno 
 uppointment by the Court of a receiver and manager in a debenture holder'n 
 action alao operatei as a diamiaaal of the company's aervanta. It waa alto held 
 in tShirreff'$ cate, 14 Eq. 417, that the same rule applied in a voluntary winding- 
 up. " I am of opinion," said Lord liumilly in that case (1872), " that thu 
 recolution to wind up the company ipio facto put an end to Mr. ShirrelTs 
 employment as manager, and waa equivalent to his dismissal." No doubt thiii 
 also was decided on the ground that there would be notice of the passing of thr 
 resolution advcrtiscl in the " Oaxetto " in accordance with sect. 132 of thi< 
 Companies Act, 1862 (now sect. 183 of the 0>mpanie8 Act, 1908), and thr 
 decision has ever since been acted on without question until the dtcision of 
 Warrington, J., in Midland CounlK't Sitlriet Bank v. Attwood, (1905) 1 Ch. 
 3S7. In that case the question waa whether a former employ^ of the company 
 could be restrained from committing a breach of the covenant that he would not 
 within a year of the termination of agreement, whether by notic or under th>< 
 terms of a special cKiuse, enter into the service of anothei' bank carrying on 
 husincM within certain di^tricta. The company had passed a resolution to wind 
 lip, and the defendant contended that as this was a wrongful dismissal he wn« 
 not bound by the restrictive covenant. The learned judge hold that the resolu- 
 tion for winding-up did not operate as a discharge of the servants, thus over- 
 ruling Shirreff't catf, fupra. The ground of the decision was, that regard being 
 had U) f t. 131 of the Act of 1862 (sect. 184 of the Companies Act, 1908), the 
 coriio- 3 existence and corporate powers of the company subsisted, notwith- 
 atanui.ig the winding-up, and that as the liquidator was appointed by and is an 
 oificer of the company, there U no such change in the personality of the employer 
 ns> to dismis-i the servants. On the other hand, the learned judge considered that 
 I'n the I'osc of a compulsory winding-up there was a change of porsonality. 
 seeing that the business, as from the date of the winding-up order, was cai ried on 
 by the Court for the purpose of liquidation with the asaistnnoe of the official 
 liquidator, an officer of the Ckiurt. It seems, however, doubtful whether this 
 distinction can be maintained, aeeing that the corporate existence subsists in a 
 compulsory winding-up as much as in a voluntary winding-up. Chapman'' 
 cnne waa decided on the (ground of notice, not of change of personality, and there 
 is notice given in the case of a voluntary winding-up. No doubt, in a sense, the 
 liquidator in a compulsory winding-up is an officer of the Court; but, as 
 pointed out by James, L. J., in Ex parte H'alkln, 1 C. U. 130, he is appointed 
 by the Court to act for the company, and acts as agent for and on behalf of 
 the company, subject to the control of the Court. 
 
 In the case of service contracts, if a third party, without justification, induces 
 either of the contracting parties to commit a breach of the contract and damage 
 party procur- g^gugg^ ,„pi, third party is liable to an action for damages (Lumlej/ v. Oye, 2 
 IDK breaih of ^ ^ ^ ^^^ Bourn v. Hall, 6 Q. B. D. 339; Sntith IVnle^ Minera' f'ri,.r,ifkon 
 V. Morgan Coal Co., (1905) A. C. 239); and, as the case last mentioned shows, 
 the principle is n.-^t confined t« service contract-i. See also National Phonograph 
 Co. V. Edison Bell, #e. Co., (1908) 1 Ch. 335. Very commonly, interference 
 with service contracta arises by the action of trade unions, and it waa held in 
 Taff Volt Sail. Co. v. Amalgamated Soeietp of Railwaf Strvantt, (1901) A. C 
 
 Uain:iges 
 against thint 
 
 ing 
 oontract 
 
 «;»M^ 
 
KUKM«. 
 
 m that . fKi.**!"! tr«l« union miKht b* ™cd In iU r.Ri.«T«l n^« in «-p«o» 
 .i^rJ^Ze on iU b.h.lf. Uut thi. prinHpU wa« virtu.lly .broK«t«d b, 
 
 ITX Z^Z Act 1906 (« Edw. 7. c. 47), b, which " No Court "J, now 
 toVn^ t.ln .n, «tl«n . . . a^.ln.t . trad- union in r.,p^t of ..., tortiou, 
 
 .ctriTto h«»e been commltti by or on behalf of tho r.d. umon^ 
 Thefollowing .r. .ome of the l^adinR c«o. in relation l« bp.a..h of .ontr^t 
 
 orlurrf b^tLc unio.,:-'AlUn v. Flood. (1898) A. C. 1. m wlu.h the 
 
 SLfnt neither utte«Hl nor carri«i into effect .ny thre... but .mply «.rn^ 
 
 «,^ V. Fri^l, So«et, of Operatn.S,o.e^a,on,(im)^ 'J" i «- V v. 
 
 ,. A««.on«/ ^«a/j««««*<i l«l>o,.r,r. L mo,,, (1903) 2 K. U^ 6W) H« y 
 
 . n«B81 1 Q U. 181; L*atham v. Craxj, 2 Ir. K. 867, .l/r«o »^ 
 
 •rT« /l898) I Ch ■ 274. Bit by far tho mo,t import..nt i, the decLion of 
 :' ouJ of'^ d? in"!-M Wall. M^n.r,' F.,Ur.ion v. ^"r^'-^-'J^^ 
 bove r^hrrod to. In that cm. .11 tht previous cm.. ..re oon..dored. and the 
 'inciprw- clenrly laid down that procuring a broach of con rac^ .» ,.n 
 X!b. wrong unl... there b. ju-tiflcation for interfer.ng w.th the e«« 
 !ht There minor,. em,.loyod in .•.Uierie. without g.vn.« not.ce to t hmr 
 e,^S oyer. ..d Tu breach of their contract-, ab.Uined from working on certa... 
 Z und"r U.e direction or order of the 1-cderation of Miner* by the.r bxecut.vo 
 rouncil t". federation and council acted honestly and without mal.ce or 11- 
 wiU «ain t the employer.. Indeed, they considered what they were doing 
 ildT for h. beneBt'of th, employer,, and their only object wa» to ko.,p «,. 
 Te nrici of coal by which the wage- were regulated. Uut .t wa, held that an 
 itio'n for d..mage/lay by th. employers again-t th. f«ler.t.on and .t, officer.. 
 i,o jurtifioation for their action being shown. 
 
 ♦4"» 
 
H 
 
•p 
 
 MKMOKANDA OF ASSOCIATTON. 
 
 OllAPTEU VI. 
 
 INIROUUCTORY <n'E«. 
 SKCT10N8 a and M of the Companies Act, 1908, are »^ f' 
 
 SI mm, ml II III of .Itumiiiui 
 
 u\ Iw formed wiU bi ^i 
 f.o oi more j)iT«>n«) 
 •ir namcii to a mpmo- 
 
 (ii) 
 
 a \n, .even or m»n- |H-r«.nK (or, wS-re Uip «>my ■ 
 prixat. company within the moaning ' h.s A.t, ai. 
 
 ,.«c.u,cd ■• - any lawful purr- !°»i_ '"'"'S the r..,"irement, of .hi, 
 randum ot ..so.iat.on and ,..l»rw.«c '^™P'y'"« *J' ^ ' ' ,ith or without 
 Vet in r«pe.t of registration, f-rm «n incorporated company, w.tn 
 liniitiHl liul.ility (that i» t.. say), cither- 
 
 "• ^„:r: r :;,:;:,.".fS ::;;r:^} "».•■' - 
 
 randl t« -u.h amount .« the member, may re.pect.vely .her 1, 
 "dc take to contribute to the u,»..ts of the ^rnpany m the event of 
 .,r "Ik wound up (in thin Act termed a c..mp,.ny hunted by 
 
 (li, /Z;:!:;'m:huvin. an, limit on the liabi-ity »f it- m er, (in thi. 
 
 Act termed an unlimite<l iM.?iipnnyi 
 8. In the case of a comptny limited by share. 
 
 (1) The memorandum muat state- ,k. i... «,,nl 
 
 (i) The name of the company, with •' l-mnted as the las. »o,.l 
 
 '"'(n) T^part of the Unit,.! Kingdom, whether England, Scotland. 
 „r Ireland, in which the registered office of the company .. to b. 
 
 situate ; 
 
 (iii) The objci t» of the company ; 
 
 ( ivl That the liability of the members is limited ; 
 
 (V The amount of share capital with which the company propose- 
 ,o be registere,!, and the division thereof into shares of a fix.. I 
 
 (2) NoTubTriber of the mctnnrandum may ' Ve les. than one share: 
 
 S^ Each subscriber must write opposite to h. name the number of si 
 
 he takes. 
 
 For form of buch a lueinorandum, see intra, p. 45*0 
 
 As to «1.on the ^urd limited .uav be ...nitUM, ^ee Form 81 
 
UK 
 
 MEMORANDA. OF A8S0CTATI0N. [CHAP. VI. 
 
 Memuranduii. A» U> the memorandum of a company limited by (yuarantee, sect. 4 
 of uMocintioi- ^j ^j^^ ^^^ ^f jgog is as follows:— 
 
 »■! cumpaiiv 
 
 g^'!^tw. 4. In the case of a company limited by guarantee- 
 
 (1) The memorandum must state - 
 
 (i) The name of the company, with " Limited " as the last word in 
 
 ita name; 
 
 (ii) The part of the United Kingdom, whether Engl "d, Scotland, 
 or Ireland, in which the registered office of the company in to be 
 nituatc ; 
 
 (iii) The objects of the company; 
 
 (iv) That the liability of the members is limited; 
 
 (v) That each member undertakes to contribute to the 8«cts of the 
 company in the event of its being wound up while he is a member, or 
 within one year afterwards, for the payment of the debts and liabilities 
 of the company contracted before he ceases to \m a member, and of the 
 costs, charges, and expenses of winding up, and for adjustment of the 
 rights of the eontributories among themselves, such amount as may be 
 required, not exceeding a specified amount. 
 
 (2) If the company has a share capital 
 
 (i> The memorandum must also state the amount of share capital 
 with which the company proposes to be registered and the division 
 thereof into shares of a fixed amount; 
 
 (ii) No subscriber of the memorandum may take leas than one share; 
 
 (iii) Each sub.scriber must write opposite to his name the number of 
 shares he takes. 
 
 i ^ 
 
 I 
 
 Menmrauduni 
 i)f aMsociation 
 of an un - 
 limited 
 company. 
 
 As to the memorandum of an unlimited company, sect. 5 of the Act 
 provides as follows: — 
 
 6. In the case of an unlimited company — 
 
 (1) The memorandum must state — 
 
 (i) The name of the company; 
 
 (ii) The part of the United Ivingdom, whether England, Scotland, 
 or Ireland, in which the registered office of the company is to b.' 
 situate; 
 
 (iii) The objeits of the company. 
 
 (2) If the corajiany has a share capital — 
 
 (i) No subscriber of the memorandum may take less than one share; 
 (ii) Each subscriber must write opposite to his name the number of 
 shares he takes. 
 
 II 
 
 11 • 
 
 te'«»» ' 
 
 Hi 
 
 For form of such a memorandum, sec infra, p. ."lO:?. 
 As to tlic signatui-c and stamiiins,' of tlio momorandum of a com- 
 pany limited or unlimited, sect. 6 runs thus: — 
 
 g The memorandum must bear the same stamp as if it were a d.-cd, anil 
 -iL'natut- ..f ..list be si^'ieil by each subscnlier in the iiresonco of at least one witness wlic 
 niemiiraniUnii, ,|,,„t attc-t tlie signature, and that attestation shall be sulfii-ient in .Scotland at 
 «ell as in Knttlund and 1 1 eland. 
 
INTRODUCTORY NOTES 
 
 With lo.wd I.- tlio resist. alien ui the luonioi-an.lmu of lus-criation, 
 i, i- ,„ovi.k'.l l.v KO.!. 1.-. -r tho Art of 1908 that: 
 
 16 Tl„. ,n..,n,.ra,.dun, a„.l tho ar.i.lo, (if any; .1 l-o doliv.ml In tl.- 
 
 ...ri.uar ..f .■„n.pa„i,.s fnr that part of th- Initod Kini-dom n, wl,„l. tl... 
 
 |„^,is,omi nfH,o of t -oinpuny i- -tat-.l l.y tl.- n.omora.uln,,, to 1„. ^.tuat.-, an.> 
 
 he *hall retain ainl ro(.'ist<T tl i. 
 
 244 -d) Their shall he paid to the re^-istrar in resp,.et of th.> seMM-al 
 ,„atU.r. mentioned in Tal.l.. I!, in the Hrst sehednle to this Aet the several fees 
 rrein speeilied. or snel, sn.aller fees as the Hoard of Trade n.ay from tane ,o 
 
 "";:/AMl:.e. paid to the registrar in par-nam-e of ,hi. A,-, shall U- paid in,., 
 llie exelieipier. 
 
 Copie.s ol' Talilos i\. and ('. will ho f»mal hilni, w tlu- Avpoiulix. 
 As to tiiv olhTt ,.r i(>oistiu!i(in. sod. Iti of this Act iiiovi(hw ihat : 
 
 16 (I) On the re^Mstration of the menn.rai m of a .oinpany the re/Htra, 
 
 -l,all eertifv nnd.'r his hand that the eompany is ine,.rp..rated. and in .h .so 
 
 ,,f a limited rompanv that the e<,m|iany is limited. 
 
 .M Krom tho date of ineorporation mentioned in tl erfheate of ,ne.,rpora 
 
 ,i„; ,|,e s„l.s..ril>ers of the inemorandnm to,...tl,er with sueh other persons a- 
 „„v from time to time heeom.. members of tl,e eompany, shall h.. a hody 
 
 ,.,„:,„„ate hv the nam, tained in the memorandnm. eapa Me tur,h« ,tl, o 
 
 ..xeeiMHu' all the fnnetions of an ineorporated e,m,pany. and hav.n,' perpeta.l 
 ...eee^sion and a ..ommon seal, w..h pow,.r to hold lands, l,nt with s„,.h l,al„l, y 
 „„ ,he part -d- the members to .ontril.nt,. to the assets of the eompany m th,- 
 ereiit of it- heind wound up as is mentioned in tins Aet. 
 
 A.> 1., 111.' staiu)., si-^initmo. and ctVo.t of uiouMiaudiuii, -o.-l 1 I of 
 the Act of l'.H»8 provides a> folhnvs: 
 
 14 -(1) Tho memorandum and articles shall. « hen registered, hind th.. 
 ..HMu.any and the members th,.reof to the same cMent as if .'ey respe.,u..y 
 1,„| 1,,.,:,, siur„e,l and sealed by each member, and contained covenants on ih,. 
 ,,art of each member, bis heir-, executors, and a.lministrators, „, oln..,vc all the 
 prnvisions of the memorandum and ,u the article-, subject to the pr..ws,ons ot 
 
 '"("•'i'vil monc.v pav.dde bv any member to t ..mip^ny ""dcr the m..mo- 
 
 randum or artiHos "shall b,^ a debt due from him to the co,np..My. and o, 
 i;.u;land and Ireland be of the nature of a specialty del,t. 
 
 \V,lh ivouid to the .sovoial .iai.M.s coM<..i'a-d in tho nioiiioiandmo of 
 a.s.sdciutioii: 
 
 .t.s■^> the. SAME:— 
 
 This ehuise is n'.|<'ii«'.l in ovovy nioinorai.<liiin. Tho choi.o ..f tlio 
 nana- i-est,s with tlio Mibscrihors of tlio nionioirtn<lnin. Thov aio 
 Iroo to .soloct, sul.joot to so.t. 20 of tho Act. any naino tlioy likoo. 
 i,ovortholo.ss. that tho word •liniilo-r- sliall, in case of a ...niinmy 
 o-iiiirantoo. form tlio last word of llio nanio. 
 
 449 
 
 Name o.' 
 c-jii.pany. 
 
 1. 
 
 Ic 
 
 Sec. Iiowi'vor. i))fr(i. \). W^, "• 
 
 c o 
 

 450 
 
 Set-t. 8. 
 
 MKMOKANDA OK ASSOCIATION. [ChAP. VI. 
 
 Sect. 8 |iroviJen as toUows: — 
 
 I.iiliriiinr >iM' 
 of niime. 
 
 I'liiicii'Ii.' f"i' 
 ititt-rventii'ii 
 ,.f (V.iirt. 
 
 I'riuiliiliiit 
 lilt iitiiin or 
 nut. 
 
 1 ■ .... ,1 i,v ii iiainr iili'iitii'al witli tliat l)v 
 
 ,1... ,.our.o <.f l...in« di^«.lve,l and .i^-nih... its ...n.ont ... ,-..■ h m.inn 
 
 reui-trar lo luirc-i. ,i„..,,.;<p is without such com. iit 
 
 ,,, H a company. .l,ro.i.h "-J-rto..... J .>--■- « ^^_ ,„ 
 
 1. aforesaid, rc.l.tc.c.l -y ^ ;:J-^' ^ '' :::;lil^ ^ ., to be ca,,...i d 
 
 existence is previously '''''•""'^'"'.Zl"^^,^ .he sanction of the rc:ristr,.,-. 
 to deceive, tl.c lirst-incitioneJ co.i.panv n.,i). «.in 
 
 '•'T;rvn;';:::;:anv y, ..y speOa, .solutio,. and with .he approval of .,. 
 
 Hoard of V.ade signified in v.ritinfr clian»:e ^^^^'"^ ^,,^„ ^...^^ „,„ „,.,, 
 
 .::::r:^:;r;-."=-:^5r''-" ' 
 
 and any le.-al pioucJ.n t. ^ ..„n,„ienced airainst .t hy .ts ,. w 
 
 it hv its torn.cr nan.e .«a\ Ipo (oniinuni 
 
 name. 
 
 Soot 8 i~do>i<r.iodtoinov..nt.imil.r ..atno^ o^ui-n? on tire regi.tcc, 
 but .4 tra iot. of a oott.pany by a ..a.t.o whi.h .« oalet.lato, o 
 Sth-e bv, ea.o.. ..f it. identity .ith or rosctnblance to tJ- ~ -' 
 b "otne ttutvdstored .o.npany, partnc.hi,,. or ,,crson, w.U no .. - 
 V ,„ ,o Cottft^ f.o,.. intervening, in a proper ca^o, by ,..Ju„o n. 
 p™,oet the rijrh... of .uch la.t-ncntionod co.npany, partnet.h.p, ..r 
 
 '^Tbrprinciple o.i .vhich the Court iut.rfete. in '^f^.'^'^^^^^:^^ 
 ...0 peiot. i' no, to be pefn,it.e<i to rcp,<^ent the '•-'■-;^'-'' 
 «ania on bv another a. — "'^ -^IJ^-; -^.J!;!;:!^^ 
 
 :: : :<: :;;;t ,.i a.,er,tat.ve pureha^r. n.U,<ur„, . ,Un,... 
 " m;-, V V 1'..9 (explaitte.! in Lever Bros. v. lM>n<,tuId W L.\ 
 ^ id .ee nc,,,L„ V. Aiaers, 10 R^ P- 0^12; Cn>^ v^ ^ • 
 
 HO L. T. 211: .Ja„ne.^ v. Ja,„i.son U lop. Pa Cas- 19,, 
 Vakntine Mc<U Juke In. v. \alentme Exiract (o 8.1 L. i. -o-K 
 ;V^ L 1 . 522, who., the dofenda..,« .ere t.i^ thetr o.. na.nes, 
 dso S CMvers .t So».s v. N. Vhi.ers ct Co., Umtcd. 1- IM • ^ l-O- 
 A...1 th.is principh; applies equally to eu.npanics. 
 
 s no noc^Lrv to i.rove any fraudulent intettUon on the p.U ol 
 
 ,b ^^e r^it is sufficient tf it. the eireun.s.anees of the parUcular 
 
 W ntt.u. tulonted bv then, will be likely to nt.sload. Smue, 
 
 1 7., I imile.l \ Merrliuitls •luiiit !::^tuck hanh, lAWiua, . y.. 
 
ISIKODUCIOUY NOTKS. 
 
 451 
 
 Insiiniiii 
 
 4,1 L. T T'Jl; llctidt 
 
 ■ikn V. Montanu, 17 (J. Div. 638; 
 
 ,/ V. lusmttd, 44 
 
 Vh. D. 078; F. I'itu-l ct Cic- v. 
 
 .1/(1 Wl>H 
 
 
 SidiistoH, 
 
 , (.1901) 
 
 1 i8'j'ji A. «". t; 
 
 2 (. h. dl;i; ^l«•a^*r»• 
 
 /,v,/;.s/( i<n-«(" 
 
 Clrtittxcr 
 
 ',V2: KlvdruHtubilc Co. v 
 
 LImitM V. Jo/W, 1,1002., 2 Ih. -il-J. 
 Co V .V.'i' Id'-H**/// r;<V(/(«r To, i.l'.inTi 
 
 <»7 1.. 'r. 
 
 (J. <C- J.,), LUiiitcd V. CWi, 82 L. T. ( 
 
 Valentine Extract Co 
 
 Brdixh Elcrtroinohile Co. 
 
 Vak-nthte Miiiit 
 Co., »•■'' I- T. 2.V,t; Manrlienlrr 
 
 \orth Clicuhirealii 
 
 i Mtincliestir liri'i-cry Co., {W-^'J ' 
 .stcd, calk'd tli' 
 
 ■J. (Ii 
 
 I'M: Canh 
 Juice Co. V 
 
 r;''"i!.; '"ln'.!;ai'..e in 18U7 two cou.pani.. existed, c^od .h. 
 
 2Z... Tl. lu,tor had i.. brcwovy in M u-l.-~.i. d an,, .w 
 ,' M,.>> .hidlv .horo, hut to «omo Mnall es,.-nt als.. n, .Man.hos.o. 
 ,„ ,„a, voar ; ISUT . .ho hushu-. .T .l>o hut.r n.n.pany wa. M.ld 
 , ,„„.„•, „1,„ Man.l a now conM-auy uau.ed -Tho ^oiah Lho-shn. 
 and Manche-.o. lUvnory Cou.,any." The llouso oi I-.ds atluuun, 
 ,1k. ( ..n.l oi .\piK-al, hold r.hai ihou-h it <lid not apiunir that th- .< 
 „,, .„n Irau.luU.nt intouti^.n, ih.y must bo retrained fron, trad.nf; 
 uud... ,hat uau..., a.s it .as .ahulu.od t. do-vivo the I-ublK- .n.o 
 thiukin,^ that tho now oonn-any was .arryn.z on the msmcs.s n ih. 
 MauclKr.t.r lirewerv Co.npany. The (;ourt of Appoal Mad laul dowu 
 that thvv Is no rulo .hat a nan.o is not «o liko anotlior as to bo 
 cdvalau..! to dvroivo xvhon tho words .onnnon to tho two namos .o.no 
 li,>, in .!.<■ ono and h..st in th. o.hor, ,1808, I Ch. y.^'X 
 
 S,. alM. Premier Cjele Co. v. Premier I nhe < o.. 12 1. !-. H- 
 ,S! a.'d .l.,hn Brinsmead mid Sons v. T. E. tiri„.^n,e.,d ,n,d ^on.< 
 limited 1807. 1 Th. 4-J, 4l:$. whor.- an injun.li,.n was -.an.o. 
 ,.;.,„ nuin- .ho ns,. of tho uamo of Thomas Edward IJnn.smoad and 
 SoM.s' l.i.nltod, or tho wor.l ' Brin.s.noad " by tho defendants ,n con- 
 noHion with the ruanufaeture, .sale, or hire of pianos ^vl.hout adding 
 .hereto an expn'ss stalen.ont that the oon.pany wa.s dist.net Iron,, an, 
 ha,l no ,-onne.tiou with, tho ol.l firm ,.f dohu Hrin.sna.a,! .t Nms; an,l 
 Sa..M,ner v. Apollinaris Co., .1807, 1 Ch. 803; t iUnet .iU,. 
 V .M.iso, Louis Pin^t, Ltd.. .1898. 1 Ch. 170: a,.,l < hap. MX-, 
 „,/„,; Arm,, and Sa^U Co-operative .Soei.'H, v. Arm,,, A-try «.</ 
 rird .^erriee Co-operative fioeiet,, of SoutI, Mrira, 10 K 1. * • 
 .-,:.■,. A.S '.ord Bowen on.e said, ' Tlio world is wid.-. and thoro are 
 
 '"'■r'l'u."i*Kri>owover, that tho dofon,lant.s luive not only adopted a 
 nan,o .e.soniblinK that of tho plaiutitl, but have ^el up, or propose t,. 
 .set up. hu«iues,s in the «ame stroot, or have issued .Icoptivo nrcnlars, 
 ,nK'< far t,) show a fraudulent intention. «eo Lee v. IMe,,, ^> ( h. 
 ICl; Merehant Banking Co. v. Mervhantx\ £c. Bank, »? -npra. 
 The Court has trreat diffioulty in intxjrferin- whore ihe name 
 
 Nam,- a, - 
 
 The Court has trreat ailtioulty in inwrici .,.;.; ».— ••■- •-- 8„r,ptiv.ni 
 a.lopted Is merely descriptive of the character of the deloudaul s bu«no«.. 
 
452 
 
 In 
 
 Bi 
 
 Mere 
 Mmilaritr 
 of nHine. 
 
 Whert- 
 are dittercn 
 
 Whei p Ui • 
 danger of 
 deception . 
 
 MEMORANDA OF ASSOCIATION. [ChAP. \ I. 
 
 ,,aM.u.>.. and a.vor.liuglv, in .-a.l. of ,l.o ,lueo followi..,. .a^os an 
 
 Z 'r Lomlon ami Procincial JoinI Slor, Lii. A...ra,.ee(o 
 17 I Ch ;i:. Colonial l/>fe.Us,,rann-ro.s.llo,,u-a,,ri( oh, .al 
 Lumncc Co.. LUL. M Bouv. .-.t«; Th,- London A.^snranr. <o,- 
 
 ;o~ V. r/.. London and W.'sln.ln.trr As.nr Con^ra^on. 
 
 T'L'd '.. .Tur. X. S. 84:>. But .00 uou lirdda.ra,, .. fianl 
 
 189.;. A. C. i;.'..-. ami UriM, Vorua,n Vie,,,,.-'- Co. v, W Uu„a. 
 rlean... rv,.. , I'.K.T. 2 Ch. .'U- l^MronM ^ . Hn U.h Llr,,,,. 
 ,o,ilr ro.. 98 L. T 2.--H: ,.u,l Sorfh rMnn■and^.n,rh,.'n 
 iLrcni n, V. M,u,rU.:U-r liren-rr, Co.. • 18W) A. • . 8... 
 
 oft. uu.uo.a ....innou .o.,! fn.n. .ho Eu,li«U lau.ua,.-. whaU-vov .- 
 
 ;,„,, ,, i, „..o so as .0 prove,., i.s ..so u. ,ho ..a-u ;- 
 
 ..MM.ontlv iogis.o.e.l .■o..,i)nny. Analor., Lnn.lcl ^ ;"''•';•"-' 
 o cl. .,... I„uv,?^ C,.„lon KsMr.. v. fn, rV,?o. nald.r l:laU.. 
 l(i;! 1- T. 41(1. , . . 
 
 Men. >i,uila.i.v of ..au.o is ..o, in i.solf enough .0 ^.^o a v„ 
 ,0 a.> iui...u..io..: for tl.ce is uo vigl.- of^,ro,,er,y ... .ho .m ua . 
 ,hi.s ,.u, uuv wo ,lo no. .coo-.uze .ho al.soh.to .■.gh. ol .. 1.0..0. 
 ' ",,,.,,,.,;, ,,,„.,. ,, ,1,0 ox,onl of on,i.li..g' hun .0 provcM.. i. 
 assuiapliou of .ho ..au.o hv a -..a.i-or />" »'""";/ • 
 , ,{.,, 1.441. H,.u,o.if..oiMU.s,hns...o,a.-..vo.lm>. e>s.>,.> 
 1: ;;o.;;..ou,ors. u.alor .he ..au.o of Day au.l M..Uu. the .oll.k..ou„ 
 Mackiu'- luakois could uot loslia.u .lio.u. 
 
 Tho plaiutills ,uus, .0 fu.-.ho. a.Kl show ,l.a. .hoy h'-o .an .od - 
 .OU.O .ado or Imsiuoss ....dor .he ,.ar..o..lar ..u.uo. aud ,ha. 1: 
 ;^ 1. ...s- .ouduo, ...ay load .0 .ho.r so-uri.., by do,o,,.ou ,a ■ 
 ho aiu.ills' busiuoss. If. .hou, .he dofo,.dau,s are oarry...g ... ' 
 |;;oso ,0 carry ou. a di.foro... ki..d of bus.uo.s. t'.ere^c..M ■. 
 • ;,,„Ur of deroptiou. au.l .horo.oro ..o legal ..,.,...>. ^ot Da;, 
 Hroirnrhifl. H» < ■ l>iv. mil. 
 
 There is for oxau.ph-. i.. h." ..o absolute ...ouopoly .u the ,.au>,. 
 .,f :;wspapor. To i,.,..h. the proprie.ors of a -spa,..- .0 an ..■ 
 junction o restrain the publi..ation of a..o.her "--^l-l"'' ' ;, 
 iiu.ilar nana., thov uuM show ,ha, the us- o. .ha. ....0 . ^ ' 
 
 ,0 load to the belief that tho dofe..<lant.s newspape is »'"^ 1 '' "" " 
 ;:^;ha. , ho ..so of such .....o .s injurious ,0. in.. O... 
 
 London hh-enim, AV»r,s,«,/-<v Co.. 2, 1 . L- K. 2.U .IJH'- 
 
 ^nd oven where the b.,si..ess is of the sa.ne charac.or. and .he ....n,. 
 .,:!, l;;::..v sin.ilar .0 .hat of .1.0 plaintiirs-^the -;—;;-- 
 be such as to show .hut .here will ..o. in fact be a..y dange, ol .1. .e 
 ;,;.';.. when .!... defo„da,..s propo... ,0 carry o,. t...... s~ 
 
 ;; dilfere;., district or place. ^^■'•'■''''''' f'f ''^', '■,;,^^ ^ t. 
 Jolnl SlorL- Bank: «.: I'. D- -W: /-.•'' v. Uah;,. .. ( h. l..-. Tnrlon 
 
INTHODfCTORY NOTES. 
 
 l.VJ 
 
 ,., r Div 12«. m\ >*fv yorlli (livshircir- <o^. Mm- 
 I iii'loii. *- * ■ ' ■ 
 
 '""•""■ "'■"'Zr.'.TL. .!..■ -.i-inB V l.,„l ..-..I ... 
 
 ,,;:;;:; t;;r.,, .,„.,«,-»,>.,-«../...■'•"* ■-•- 
 
 ,„,„,,,„, Ounub.s Co. V. /.ur/ . ( UKl • ' ^ ., , , 
 
 ■ . im nrniuotors „uiv 1..- .OMmlno.l Inm, i.-isu<,.,i-.. 
 
 ;::s,M:.^..-.■'.^7»7■-;^.■-:;::;;^,::,,, ,',;;:. 
 ::;r,;;*,t::;r,:::r;:;:vu.i- - ■"■■ 
 
 "" 1""'"""^^ ' . '. „„ „, i,.i„„ ,ii ,,.,1 ,....1 ..- .'■ "'»• 
 
 ,„:uU-;;>:o-.-o --"-•''>7''';;;;;'r/;;ir;.i 
 
 ' W.'; ' a ...upan pun-Uasos .ho .o,,,luiH .„■ a., c..,n. ... >^. 
 I l„ ,1h. al,~omo ,.1 a.mH.m.M,l tu tlu> ronuaiv. a .L^l.t lu .au> 
 
 . „,,„„„, IOC. 1). U.l; .....p. ..-0. ../.-'K an.l.lH a I 
 ,':;: lu .... ...an.,. ,1.0 .ana. i> u.Ho.l w„l,_. o , onM^... ,1 
 
 V li.:;roul.;.ino.s.,Hi,o.,au.oora,.plvo.l, paav , o 
 
 V f,„oi..>. .uHlo.' who has no E„frli>h aj.o>...v, hn. ,W.ose good. u. 
 
 i„L .;p,o..av unpoHod .n.o En.U...a i. ;•«';;;; 
 
 „,„Uc, .o o..ahlo hi... to ros,.a... p..a.y „l h.s nade ua .o i oUm^ 
 ;r'.,,,,„,,,,S.:,,:M<...r..^^^fo.od:.aS..W^^^^ 
 
 ,„ „„. la-, .an. Ka.«vll, .1.. hohl ,ha, who.o a ,.a..pan> ,. .o.n,.,l 
 ,,„ _,u,lulen, purpose, .ho s.,.,.a,o.ies ,o ,h,. ,.,o...o...nd..... uo 
 
 , , . ■ ..„»„..». I,. >t iiMiiiosc. l.ithatcaso 
 
 ^.i.Uv o| a tiu.ldulo... <o..spi 
 
 i^ :^ 
 
 Coinpaiiy 
 puifiuiNiuK 
 
 I he iiaiiie ..sell was o.m.i^U to 
 
 show I'laiin 
 
 tun.is; I'oii.pa. 
 
 hud heoi. .ejiisto'.oil i.. a i.a..i<' 
 
 ilo...alily resoi.ihli.ic 
 
454 
 
 Antutliewir.l 
 •' Ruv.il ■■ 
 
 llhsnpe of 
 
 uarae. 
 
 Oinissioii "f 
 
 word 
 
 " limited." 
 
 Eegisteriil 
 office of 
 oompauT . 
 
 MKMOKANDA OK ASSOCIATION. [ChAP. VI. 
 
 that ..I- <-viMi..g u.<..ov-..ar ina.n.la.ta.ors with tho fraudulent int.n- 
 ,ioit 01- oblainin- the betiolit of their reputation in that bus.ae.s, 
 unci tho .vmnM-.v un<l th« sipnatori*- U> the nien.oramlum, who were 
 the ..„lv .lir,M tors an.l shan-hoMor,. uoro nwtraino.l from Ms.ng the 
 nanio i"u ,o,uK..tion with tl.at husinc^,. and tho sijjnator... were 
 further r.-lrain.-d Iron. alh)vvin<r tho .ontpany to reman. .o^nMerrd 
 
 under thai na...o. 
 
 I'nnhaMM^- iM.-in.--.- .a.riod on l.y ihmsous oI tho nan.- ol X 
 and Y a- a ,olou.ahlo dovico lor enahli..- a ...an lo havo >un». 
 anpoa.^....-.- of ril^ht to ..m> the ..an.e of X. and V.. a tirn. k..ow„ :.s 
 „I.u.ufa.tu.ors of a,, a.ti, I... will not p.ote.t the purcha^-r In.n. ,n. 
 i„j„„,,i„n. .1^.-/ Morr„ll, Ltd. v. T, //.«.,» .f To., It. U. I • ( ■ ...... 
 
 K ,„av ho w.dl l.o.e to draw alfntion to a rul.- .nade son,,, v■ea.^s 
 ■ „.o l,v iho lioa.d of Trade, viz.. that tho ,-o-isl.ar shall not regisl., 
 anv nHMnon,..dun. of as.o.iation for the in.orpo.ation of a .o.npanv 
 
 l,v"a ..an, ' which the wo,-d ' Royal' or • l.nporial tor.ns par,. 
 
 nnle..^ Ihe.e he special .in un.sta.nes for .■ola.^..,ir ihe rule. e.,j.. 
 whe,e the word Itoval" has U,en ..se.l in .o....e,tion w.th p.nperlv 
 ,vhi.h the ,on.pa..y'is .o a.-.,ui.e. o.- whe..o per.u.ss.o,. t,, ..-.. the 
 w...a has hoe., -.a.iled hv the Ho.nc Oth.o. 
 
 /vhe.e .he royalty .oferre.l to is ,..it British, .he H..aid ol I .ade ,< 
 
 not .so .nine tilious. . . . ■ i 
 
 ,„ .,:„„. , a-.., it ...ay. i.. o.-.ier to avoid .lelay. he des.rablc. lo applv 
 to the Ho.i.e Dlliee for liherly t.. use the w<.rd • Royal. 
 
 X. ,„ the pe..alties for u..authori/od ..so of the Royal -Vr.us. o. o 
 ..„v ■ devi.e e..dden.. or title " suggesting o...ployn.ent by tho Royal 
 Fa.nilv. see se.l. (i8 of the T.a.lo Marks Act, VMh. 
 
 lielo.e Ih.allv .settli...,' o,. a ..a..>e an.l gettin^r .lo,u..ieuts pr..,te.l. 
 i, i. ..■e..erallv' ,ie-irable to as.ertai.. fro... the Re-istrar of .-oi.„ 
 Stocirio.npanies that no obje.tion exists to tho proposed name. 
 Is- to drniiK' of iminc. see Chap. X., infra 
 
 ]U to onnlfnv, Ihr irord ■ limHcd:' [.. >o...e case, a oompa..> 
 ,„av by li.-.M..-.- of the Board of Trade he ro-i.stcre<l as a h.uitcl 
 ..ompa,.v with.,... ..sin,, the word 'li.nited' a.s part of its name. 
 Tho.M. ."asos a..e speciHod in .so.t. 20 of the Coiupan.os \ci. 1908 
 
 S<>e hifra. p. 4'J8. ,o -i- . .• 
 
 1, has bee.. l.eM (F. Stu,:,/ c(- Co. v. WalV^ < I'JIU'. 28 1 . h. h^ 
 ;.(.<♦) thai the ahb.evialion 'Ltd." .nay in the cas.- ol " ''''1 '^ 
 ox.l.an..e be ..se.l. B..t the Le-islat...e has pe.'sis.ently ena.ted that 
 ,1„. w.,nl -lin.iled- shall be u.sed, a..,l it is not easy to jusl.ly he 
 de.isio... seei..- that the ena.tment is tor the benefit ol tho pnbU.. 
 See .seet.s. (j.t. G" of th.' A... 
 
 U to the reqixterrd otVirc of the cumiHUUj :- 
 
 (•hu..so •> of overv ...e.,..)randu..i must state i.. which part ol tl,.' 
 Ui..L'.lo..i the rogistcreil ..ffice is propo-ed l- bo situate^ This det^r- 
 n,i,ro.s where tho .■o...pa..v is to he registered, and also the junsd.ct.oa 
 to which it will iH. s..bje.t. See sect.. 15 a.id XM oi the Companion 
 
 IhMk 
 
INTKOUUCTOKY NOTES. 
 
 ^:,r, 
 
 i ^M 1U.2). '. Ami th.< .^omiuifiy muHt. under 
 •" '"" ""'"f ':, oe, tin U. Lvo an ad.hoss a. which tlu, . on-pany 
 
 ;:;J;;.v:;i.nam..oni..-lamli,.d,.,.unK.n.....M. 
 
 .1. tc, the nhjrrh of the company:- 
 
 i. In Hir nh ^'l't■^< 01 me cumiK^n-j ■ (il,i„ . 
 
 ,!,.,.„: »"' i-- "■'■*»■'-' ' '-th. 
 
 it;* o|iinitit'n. 
 
 1 • * ; nnt -1 unuv IV. onl of wluit is lOU- 
 
 .,.:i:,:;"iri"i:i::::i;;:-: ^i: : ...... ^«"-- " - 
 
 '"'■■" '-jr:;::;:: :"".'''' •-" •» 
 
 :::,;',;;:;•; •.,.;;,.,t.».i .•..>■..■..."-. '-' -• 
 
 thus conlorml. >ii\o i^o lai .i> 1 
 
 ■.I .1,,, ^.ilxciibovs to .lo.'hiio Uip objLHts. It 
 
 „,, ,„,„>,, ,0 bvin. into cx..l.n.o a "-'^^ ," ^ „.„,. ,. their 
 .„.,„. that body .,,h .uj P- ;.^'2' s-;;.!..,.. .i,ht, and i.« 
 „„pmtiiua- .•an.i.-t be oxa.-vralo<l. 
 
 ^■:':i,::; i"::;::.'"^ »«'*"- '- -" ' rt,^ sar-" 
 
 ...11 ..,.1 .i«.i "«i- '■' ■■' -; '; I'""'"", ' „k, ,.,,,, i,»rs.„., 
 
 ■■1 - ».i '->■-"'"-■ ■»' >■">■ ;■;'; ,''„u °...nl- 1« i»™»- 
 
 """■ : "''i.:';;r£:f^ ■■ . .v';;;..i!i"..i.i .« .„:. o„,.... 
 
 1.. oninlovi'S, toi tlio.^c imn^^ , ," , • „.i ■■ 
 
 Sm.hao«n.pany.nayal..oiu> al .M.0 .^^_^^^^ ^^^^^ ^^ 
 
 luul rcnNlor no- tho lompany, and it iua\ \uiy :,,,„,.,wt 
 
 ii," an.l nu; p.ovKle fnr payment, oven out ot cap.ta o nt.u 
 ,„ ,,,,;„, ,„id I.p in advance of call., for clauses .' I - " 
 
 T blcA Jubs.itutcl for clause. 55 and 7 of the 0">r...al T Mc .V, 
 t.at «uch ont.oin.s and expenses as pro,.r y ^^ ^ ^ 
 
 
 articles, and what Table A. autlion/.e» iS 
 
 fires. 
 
 Lock V. QvccnMand Mortqage 
 
 Co. 
 
 ISyti) A. C. 101. 
 
AW 
 
 MKMOKANUA OF ASSOCIATION. 
 
 r('HAI>. VI. 
 
 ■tn 
 
 m 
 
 Neccf-itv of 
 
 Hiiiplifying 
 
 objects 
 
 \Vi(K 
 
 iif 
 
 till- I 
 
 iUmI 
 
 till', t'.\ 
 
 poll 
 
 llU- ■'llDWIl ill. II 
 
 ihcv iin' mil wu 
 
 arc found ikhimmiiv or cdiivo 
 
 lt> eiioui'li to t'ovfi- nmiiy "I iIk' Uiiii»iiitioiiN wliii li 
 
 l)iisiiK>w, iiTt"4|H'itivu I 
 
 iiiiciw hliitt'iiioiit III' iihjei 
 
 L'lil ill lliv foiiiif i>l' a ioiiii)uii\ ^ 
 
 it lln! fact ulreaJv allu(lt'<l to. thai au ovi'i- 
 
 ts Icavos, ill the o|iiiiioii of llll■^inl•^i•< iiii'ii. 
 
 too much to iiuj 
 
 ilicatiuu of law, llu-n-liy uoci'Hsilatiiisr cou-taiit iomoiI 
 
 to leftal advice, and aUo liaiiiiipiiiiir Im.-iiu 
 
 .,,- li 
 
 dmibtA it iudaci 
 
 must outsiders, as to llic com|)aiiv's caviacily to ounutic m a j.nv.ii 
 
 aiiio 
 
 liaii.-ailioii 
 
 fui'tii 
 
 Ht'iicc I lit' olijcct.H c 
 
 .<///)! 
 
 |). |.-)8 I't sr<i- 
 
 i,(. (if liv far (lie ^Moaioi- mil 
 
 ipauic^ i- CNiirc-MMl in 
 
 in-i|< 
 
 icnilili 
 
 and spcrilu'^, in most ( 
 
 ;i.si's ii! aiiv rale. 
 
 Ii'lail 
 Miino 
 
 iilier of oxistiii 
 p. t'lH <•' sii/ 
 
 icrls wliull l!ll'.;lll 
 
 be to a lawyer -iini 
 
 di.'d. 
 
 Speoimen 
 olaU!4efl ; why 
 innerted. 
 
 The ftillowiiij,^ arc the clan>c I'^l loi 
 
 inonlv found in nicmorandi 
 
 jf a.s.sDciution: — 
 
 I. 
 
 lillisc 
 
 autliiiri/iiifi ilic cmnpany to carry 
 
 the particiil.n 
 
 business which 
 
 it is 
 
 tlll'l' bll-ll|C>so> Willi 
 
 III ill cnnjiinclion 
 
 .. , o-cd to carry on, and also to curry on vurm 
 I'll it may iirobaldy or jiossibly be desirable 
 
 llierewith or in lie 
 
 lieu thereof. 
 
 The object of this is to avoid the necessity for n 
 
 iiitr to the ('unit 
 
 ndor .-cct. 9 of the .Vet of 1(108 to <-xlend the objects, ami aho m 
 give the cnmpanv full free.lom for developiiii: its business. 
 
 2 A claii.se emi.oweriufr the company i.. acc|uire any oilier busiiic" 
 Miuilur to its ,j„n. for it is extremely .litHcult to imply sii.h a power 
 from the inemorandiim. /•>/«■■•*/ v. .Mrlnilh. li H. L. C tol. 
 
 ;i. .\ clau.se .•mpowerin- the .ompany to enter iulo any a-reeiiiei,l 
 for .sharintr pr-lils. ioiiH adventure, reciprocal concession, or oilier 
 arraicemeul of a like nature with other persons or compamcs 
 carrvi"i- on any -in'ilar buMue>.>; for very clear powers are necessary 
 to justih such tK.n~action>. /:.• inirlr Ihllish Salioil. <fc. .U^nc,;- 
 
 tlun, 11 t h. 1). TU4. 
 
 •1 \ claii.se empowerin;.: the conipanv to take Glares in oilier 
 companies having- similar objects, A-. Such a power is conunonlv 
 wanted, and not easily implied, nuiiicfs lhnil:>ii,i < <>.. :i ( h. lo.. 
 Lands Mhiimeitl ( u., i,l«'.'t , 1 '-h. ti.io. 
 
 .•>. A clan.se empowerin- the company to promote miier companies 
 for aav purpose calculalcl to benelit tlie .(iniiKUiy, This power. 
 thoujili often i-eipiired, cannot lie implied. .Iu},il SU,rk DisroiutI 'u. 
 
 V. ISiuini. 8 r.ii. .SSI. 
 
 ti A power -eiierallv t.J a.M)uire |.inperly and ri-liUs which the 
 companv may think necessary or couveuienl for the purpose of it.s 
 busiiie.ss. In dealin- with outsider-, it is loiiml useful lo have uu 
 exprnss power like this, and so preclude any .luest ion of caiiacity . 
 
 7 A power to leud monev and ^?uaruutee the perforiuauce ol 
 tomract.s bv c ustomers and others. Tiie-e loan and -uaiautcc trau.- 
 actioiLs are' constantly called for in bu.sines-, and yet the powerisoiie 
 not easily implied. 
 
INTRODUCTORY NOTEH. 
 ,. ,., l,orro« or ruiM. n.on.y l-y the insuo ol dolMM.tun^. 
 ,,„l„„„„r,. Hl.Hk or othenM . . ">•. »; ,^, ^^ „.^soimM.> 
 
 ' '• •;, '^ .;;;::i::i:r o ^L!t. t... cxi.. .w,hor .w. - 
 
 „.i,son uou-s bills ot ^^""'»»^ • .,,,i,a,.l... ..a-, alli.ous.1. 
 
 a ti-adin- compunv ha- m.l.U .1 1> '^ l,„-in.-s (mm. h> /<• 
 
 "' ;;'"; •■',»";"i' ':;','.'■;;;:;':;;':. , ™- -i-'- 
 
 ,•,,,„•,„» /,«.'. 'Y I- . - ■ „ , .,,,1, i,„|.li,,l |.....-v 
 
 ;:L;:rri;.:;:-" '-'■''■"--"■ ■« -""- "'■ 
 
 '", ' '"'T H r o!.nriuo,of any othc .,>any l.av.n. 
 
 '^ ..V.uve. S,.o ro,jo« V. /...n.^, ^ - ; ^^^ ^,^^ ,^,,,^,,,.^ „, 
 
 '':;,r:'; r.r:^:^ t S it - aiMin..t.v .... Y '•''-••••'•^^ 
 
 ,1H;Ui 1 (.) 15 "". , „„>„„„,ui,lun. was val..l. 
 
 A,,,,..„l .Im. a saU- un-le. th ,,o u. n ^^_^^^ ^.. .^^^ ^^ ^,^ 
 
 S„ t,M, in l-osl,-r V. /Jonrr ' o.. » U >l) » n. 
 
 ,,„,n, •' Cii tW^. i.in.l...v on Compani.-*. Ml. 0.1.. -..•-. 
 ,11111(11 . V n. "-T .onnianv caiinol soil or 
 
 ,,,.„„.. of a., oxpro-s powor .kc ... ^. '" ^ ■ , ^,„,^„„. ,/„„,, 
 
 :^>"r H ." . :1 a c.o...in...lov...-, ,o /i^,oo,^ . . //.../...o. . 
 
 "•""-, , ; , ,„rt, , (1, 7..1. Ila> powor .o sol. lo.- s.,a,t.s 
 
 „ „t-:^,::;i:'- .- -r,:rrr:; 
 
 :;:■,™;;;:;^:tL;^:rl■^;=::'p:: ;,;«.£ 
 
 ,;, i.„,v. 1; .s;./r')» V. /V»»;.so». K. Ilavo. -l , \,u,., 
 iMm<i.shhr li„il.(o..:\K.&J.-0. 
 
 V2. A powo. .0 S0.1, ....prove. >ua..a,o, .U-ve.op, ex.- .u..o. a. 
 I- f i,,v,i to vmninl. or ot ifrwiso <loal unn, all or 
 
 ...ort^iuoo, dispose ot, 1u... »« •*^^" ' " ,,on,oa..v \lt..o,.fr.i a 
 
 111V out ot t.io property a.id nirliis ot tlie (Oii.pa.iv r- 
 
 u. ; :npanv\,ai an i.np.led power ,o dea. ..... .U pro,H.,^-^or 
 
 ^ Tr:.: ::tlrri..d :i....> des.ra.do .. ..a., express and 
 Jxplidt poweis on .uel. .na..ers. a..d so preei.-de all .p—u uud 
 doubt. SiM^ Khvj^bur,, (olUeyie.^, O'J"",' ^ ^ ''• -•'•'• 
 
 467 
 
 i I. 
 
4.W 
 
 MKMOKANUA OF A8MK,'IATION. [ClIAI'. \ 1. 
 
 H 
 
 
 The 
 
 BubBcrilitTN* 
 diacretioQ. 
 
 Ah reKU"'" loKi'li'.V. the follHwiiij,' lulc^ arc upiiliiniblo:- 
 
 (n) Tht! olijortw niiiHt mit iiicludo uiiyiliintf i" contiuvfiiiioii <,( 
 tho Act. For oxumpl"-, u liiuilfd ooiiip.my ninnot loj; illy 
 Ihhuc sharCH at a diKcoiiiii, iind accnrdiiij^ly, to make tlic 
 iwnuiiijf of its shurt'. at a dixoiint oiio of tho obji'i ts ,,i 
 «u( h u (oiiipaiiy is not all<.wald<> ()ori'<fnt,i ('» v. //,^/„ r, 
 (18'Jl!t A. ('. 125. Again, it i-s not u lawful olijwt lo 
 provido for a iimilod (oiiipauy dualiii^ in its own sh:ir.-i, 
 for lliat i.s in i oiiuavontion of liio Act. 
 {\>) Tlio ol>j(v l.s Slated luusl not imlmlc anything in i ontravcii- 
 lion of the gonorul law. For o.sainpio, it i.'* not a la«tid 
 objt'i't "to keep a ganiblinf,' Iioilso in tho United King- 
 dom," or 'to uKlahlish and work lotirrios in England, " or 
 "to work and develop iiivonlion.^ fnr inipoiling toKa"'. 
 iuto ' I'nited Kingdnni free of dii'>." or to work a 
 hdieniw for delia.sing the coinage,' or to facilitate tho 
 
 (•oinnu*xi(in of lairglaries for all thcKe objects ore < - 
 
 trary to the general law. 
 (o; The objoct.s ninsl n..! include an,\ uliicli «ould render the 
 conipuny a trade union, f<ir to rogi.tter a trade union under 
 the I'oii.panie.s Act, 1908, Is illegal. See Trade I'ninn 
 Acts. 1871 and 187fi, and sect. 291 of the foinpanie- .\t. 
 1908. 
 Subjec t to these restrictions the .subscribers of a company's mmw<- 
 randuni of asso.iation hav<> complete freedom to frame tho objects ;..- 
 they diouso. It i> for them to say whether the objoct.s shall bo wide 
 or narrow, cautious <,v speiulative. wi-^e or ridiculous. rcaMinable "V 
 unreasonable, congruous or iucougruous. ditfnse and rambling, «i 
 concise and delinile, whether they shall be concurrent., or indepen- 
 dent, or substilutiniial, or contingent, or in the alternative * 
 
 1 « 
 
 ii 
 
 •No doubt some pcisoiiH Imvc arirucci that wliat the l.cffislaturc ri'ttUy in- 
 tended was that the principal ol>jeits sliould 1)0 speiiticl-not the power-* l.v 
 which those objects are proposed to be attained -and pnxecdini,' from this 
 premiss maintain that once a main or primary "object" is specitied it is 
 improper to .set out in the memorandinn further objects wliicli merely I'Oiil'r 
 " powers." Hut there is iiothiii}; in the Act t« (,'ive colour to tliis coiitenti-n. 
 or to show an intention to discriminate between main objects and objects men ly 
 conferring powers. Kvery object stated, whether main or auxiliary, in elYcct 
 endows tho company with a power or powers. To exclude objects eonferrinu: 
 powers is to nullify the Act. 
 
 Besides these critics there is another class who complain of wliat may h,' 
 called the multifariousness of tlie contents of a memorandum of association. The 
 objects clause, according to their view, ought to specify the leading objects, he 
 thpy one or manv : and thnt is eninigh ! To go on and sjKK'ify as an object any- 
 thing which is implied or may possibly b<! implied as incidental, on a reasonal)ie 
 construction of the leading object or objects, is irregular and improper. ThiTe 
 ought to be no overloading, overlapping, repetition or surplusage. But here 
 
INTKOnilC'lOKV NOTW. 
 
 I5I» 
 
 Tlif limilulii 
 
 ,„„lu.omi.ii»>M"'«';'" 
 
 n a I ii:iiii> 
 
 K'li-lii «lii 
 
 liii li ili-- l.iiiiit'*'""' 
 
 ,( I..W. 
 
 1" 
 
 .hot uU M:ilut.>r\ ...114HI 
 
 iiiHiiiio^ iii'oriioiiil.' 
 
 ,1 for HiMj.itiixl |nir- ';„„„„.„ 
 
 ok lor Hill 
 
 I tiii'l in 
 
 Act iir llif f.MHirioi 
 
 11 u> 
 
 ,,|iiuli"ii " 
 
 ,1 the (Oiiiiuni) ii'ij' 
 
 ,,!> ,,rc.liil.iiin;; lln' <•"»» 
 
 ijtanv 
 
 liuiu nail 
 
 ilio 
 
 .Hit'ssiiig il" "1 
 
 cilii'i 
 
 I oUjiot'*. Ii>r it i^ 
 
 \v M<llli'il lli'k' 
 
 ,|iitiiloiy 
 'iiiiit*itittt'**- 
 
 liiuiuili"a »- iiiliow'i 
 ,lilloroiiH> of opiiuoii :< 
 «>\i>l»* 
 
 I in iheroiiMitii'ioii «> 
 
 I till' CKlllliallN 
 
 Thuri' 
 
 to wllcHu 
 
 1 1 
 
 r this liiiiilulioii 
 
 1)1 till' powiir- 
 
 -«• lIlCN 
 
 lire 111 
 
 ln> 11 
 
 thin 
 
 l.l.'mrit I ■■ 
 
 .„,,l„„t ..( 
 
 ,,| ,,„.|, , omiKlllK'- '•^""'- ■ , „,,:,,,.,, ,„. (2l Ill'lMIl^'' 
 
 .IK'U i..g ""> J"'»«"""" "' ' ' / ; i-n's Ai. oi l'a.li.-""-" 
 
 „,. ,, ,,arti,iilur pur,.o>.-, .- ,,,,,..1 in tluii Aw. The proMoni 
 
 Ai-t of lHi;2 ipiu'.i'- «' "" '" ,,,.,,i.„i;,„ ... uu.Um- 111.' A.i, th.'ii- 
 
 'uuJaua.u.al and l,ex.v,i- .11 .--"''"^ ^ ' ,,,^, ,1 „,. ,,„,.,,. a,nl 
 u.ial'.oiable law: ami //.'7/ "-' ."."'^ '"' •' ^ j, ^,„.„., ^o u.- 
 
 ,; In iliii iiioiuiiiaiKliiiii »'"' 
 
 ""'■'""'"■•'■'"■ u. V thai tlu> iuahil.tv of -..h .mupain^s .0 
 
 „„ko Muh lOUtiaiH u..' . ^':^^ ""'';" , ^^^„,. I,, ,1,0 Unv ami for 
 
 ,,... .,,„... of thoir "i-l-'il..." Ihan ut 1 . ^_ ^^^,^^^_ 
 
 .„,„;,.. o, „..l.lica pmhiliilion, niakii.t: a.i^ u ulauli. 
 
 ,vi . Ihov wouhl l.aNO Ua.l a lopal ,a,.ai,tv .0 > " i_„,.j ,,,,„,.._ t.. 
 
 Thi- ;.'.■ i< in a ih «Uh ...' ;n.--- ;M- ^^ ^ •^,„, „. uW,.eH,... 
 
 i.auirilal.' M H • i" '"'■""" ^ '• ' '' " ._ 
 
 ■ •. • mitter for tin- -abs,:ril.pr»' discretion. If tl.ey 
 ;„,ain the miswiT i. tl.at it is u m.utu for ^^^^^^ ^^^^^^ , ^.^l,„^„ 
 
 ,„,,„, it .loMraMi. ... .et out ""■."'•J"; ., ^ ;";;,'.,,» to pn-vint t.iim, and 
 «.„uia considiT nc..e,«ry. tl.ore is ""• '« ^-^Z' ,, „^ „f J„ in favour of tl.e 
 „.er. i^ much to l,e .aid from tlu- " "l"'"""^;^:, ^„" „ ,„n.,„„v, Tt i, unni-o.- 
 
 ,arv, any irit.,' n^'l.t say. to m. Indi decisions, in.,.l.e'l . and 
 
 nadin, ..oinpany. for »«..h a powo - ^.^•^^^^,,^,.,, „„t tl.e po . to 
 .„ it is to til. traim'd lawyer familiar *'" ;„ ,h, „,,i„ „„■■. of 
 
 „.hon. a niomorandum « V^" tl I' i i «P-li-t that the powers of tti* 
 business, not lawyers, and for thoHc it . P ^^^ ^j^^^^,,, „^j ,,.. 
 
 ...nipany should be made ...amfest by »^;'^^^ ;; \, , p,i„eiple has l«en 
 ,.„ as far as possible to -'^"".^ rdurin"t>- last thirty years, and has 
 ,.xtensive!v and almost universally aeted on rturin? _^^ ^ ^ _^__^ 
 
 ,i,h referenee to a , ompany's objeets have hei n al.iiosx 
 
ltd 
 
 MKM< 
 
 )HANl»A OV ASSOCIATION. [ClIAP. VI. 
 
 
 I 
 
 '■fc: 
 
 
 ♦.'(intiarv 
 oi>iiii •«". 
 
 Sti't. 7 ' 
 Act. 
 
 riiwtr'. 
 
 Salomons v. /."""/■ '-' H<"'»^ •'•>■'• ■""' "'''' *'"' '"" '"'"' 'l"«»_"' 
 
 a;<m/ AmiiMii i>'(iii < n. V. /■;,•>.^v■<* < om«//V* /f-n/ r,»., u c ii ttv 
 
 jl I, .) c. IV ;>.(. wlicic .Ifivi-". r. .1.. ^iiiil: It it clo.ii' lliiit tin 
 .lfl<>ii<liiiii« liiu.' .1 liiiiiti'il aiilhoiiiv i.iil.v. ami ./».■ -( 'o/ ;,(.». iZ/k, 
 
 .,///)/ lor lln« \>m\>'< iiiaUinu ^linl iKaiiilaihiiiK tin r.iilHav «aii. - 
 
 ticMMl l.\ 111.' A.I. an.l llial lii'-ir iHii.l- '■ '"ilv l.i' a;)|.lii'.l In: 
 
 III.' |)m|...-<-s ,lii..,u>,l aii.l |.r.i\i.l.'il l.v lluit MaiiiK'" a ,..«<• to «lil' 1. 
 l.,.r,| S'll...r>n' r.'l't'ir.'.l ;f mm aiilliDiilv in .\-<lihiii;i ( <> \. Ilirh, 
 ill>l .<»/-/■«( S... al-... uIh'I. /(,//.-»<•.« Uiiilurk \ Ihr liirri !>,■<• iii 
 
 111 ( Div ti7». \\a' 1.1'lovi' llif r.mil ..I .\|iimmI, llio Cmil il I 
 
 IMi.'i. M » . aii.l ( Dliim ami n.i".'ii. I. •Ill "fw n" '••' "|>iiii"ii 
 ilial. ill llif 'MH' .pl' a -.lalut.irv .Dr|Miiali.)ii. il i-* u.il iif.i«ssarv I- 
 ^■«'k lui a in..liiliiti..ii. r.'i- ->»li 'I ...ip.'ralioii ..iil.v liii>* -u.li |m>«.'i> 
 as aio ciiitViri'il .m il t'\l>r<'"lv <ir liv iiiii)liiali..ii 
 
 N..\filli<"lo-s till' ailv...ali'« .it llic oiIh'I \ii'». viz.. lluit >lalillui 
 .,.i|)..rati..ii- arc I.. I>t' n'u:ar<l.'il a- i'ii.|..«.'il "ilh i'liU powers. Ian 
 as |iioliii.il('.l 111. Ill iiMMU- ill.."' |i.."<'i- ..llifi"!"' lliiiii f'T llii'ii 
 ~|.<..ili<'.l ..1.|<'.I-. .an .in- vaii..iis ili. la in laMiur ..t tlial vicA. <■ -; 
 IHT I'aikc I!, ill.'nvar.ls l,..r.l Wonsl.-v.lal.'. in S.uith ) ../As/c/r 
 U,i;i V (, \ It'iii ' .) . '.I V.\ •■>"i; |M'r l,..i.l CianwDrili. .>.7(/<'"-.W>'.<,'/ 
 
 It^iii. r.. N .V II lt,i,r to. f. II. I., r ii-t; an.l i»m Loi.i 
 
 Hla.kl.nin. in Ml -Crii v (;. A.' /.'.(// '" • •"> Al-p. (as. tTo In 
 111.' last laM' lii> l,.H.Is|iii>. iclVii in;;- I.. A^lihiuii v liiilic. iil.i ^iil'iii 
 sai.l Thai .a-.' a|ii"'ais I., i.i.' I.. .Icci.l.'. al all .'vciil-. llii-. lli.n 
 when llii'ii' is an A.t .>!' I'arliaint'iil .i-aiiufi- a . .iiiK.iali..ii l'..i- .: 
 parlhiilav i.nri....M.. an.l -iviiiL; il |...«('r- t'..r ihal jiaili.nlai |im|io.r 
 whal il il.'cs 11.. I i'\|.n'-s|y or iiii|ili('.li.v aiilh.>ri/<> is iin.liil.ilfil. 
 
 In llio .a-i'. Ii..ui'\<'r. iii ii(iii|iaiii.- -iilijct I.. lli<" • '.iiis..liilali..n 
 A.I. I'.i0«. K'lila. iiiy s(..l. \> iif till' A.I .jl IHill'. il is II. >l iic.fNsaiA 
 I.I lOM.n U) oilhfi' "< iIk' ah.iM' n'a-..iis-. |.,i, a> uc have seen, sect 7 
 of lliL' .Vil .'\i>i.'"K i.i.ivi.lcs that, -a\<' a- tlioiviii iiK'iili.iii.'.l. A 
 .■<..lii|iaii\ may ,-../ .ill.'i ill'' ...iLlil i..n- .•..ii'ain.'.l in ils in.'in.,i,iii.liii.i 
 .'Mci.t in llu' .as..> an.l in tilt" moil.' an.l to llic I'Xti'iil lor "lihl. 
 ,.x|u-,'s.. l.r.,visi,,n i> mail.' in this A-l ••. ami it is w.'ll solll-l tlia 
 tlii'M' u.n.ls. ;,W.r '(/'■/(. i.r.-hil.il ill.' . ..m|.aii.v Inaii .l.iiiiLi aiivlhinti' oi 
 loutravunlioii ol lli«' . ..nilili.nis iiu«i«'..l. A-I'l'iiin v. lilrlw. 7 II. 1. 
 O.-.o; 7V.T..C V Whitiioilh. V2 \\>\>. t'as. H)",i. 
 
 .V .■..mpauy iiii.U'i lli.' A.I lia- the follow iii^' p.-wcrs: 
 
 t 1 I l'..\M'r I.I .1.1 whalovcr il is iict'-sarv tu <lo with a vimv to tin- 
 
 allainmoiil of tlio ..liji' Is see .<(//'/</. )). 4.'>8l sMtcl in n- 
 
 iiicm.iian.liim. ami also uhatovov may fairly he ic-arJcl 
 
 a- iii.i.l.'iilal loaml (■..us4...|i!i'n'ial .ni ihc staled oh. .-- 
 
 (-2) Power lo ilo w lialevcr eNo is aiitli..iiz»'.l hy llip other elaiise- 
 
 of ils jnemuiaiKlnm. 
 (■,i) Power to do such oilier lliiiiy- as it is allowed t., ,lo hy tlio 
 A.t of 1!H)H or bv aiiv other statiile. 
 
INTKOlUt lt»KY NOTK>. 
 
 Oil 
 
 ■llllll ill*' IM'Wl'l' 
 
 .1 ,\ n>ni--l««niil riilii('iHi> "' 
 
 I'll' ili'|ii'ii(lriil I II u 
 
 |,v il'< Miilf'l ol.jw t^ 
 
 rf(iH{iii/i''l III nil ''iiil> ••I" 
 
 lid 
 ili'i iilt'd 
 
 llllll iumI Iiv il'< >i«Ii''> ""J"" • ' - . 1- 
 
 : , . .,„.i;, s u i .m.,.,.uio. A, .. IS...... .ho i i"'-; ' •:'"-""■ "' 
 
 1,1 i.iiiiiiiiioii llllll""'' I'" I'll' '" "'' ' ; I .. 
 
 , ,S.:.. Ill, UM1....II..A,. i.'.,uii.'I.U. I.I..I....I.....I.. 
 
 1„.1,1 Mau- .111' ..l.|.-«^ ." "'" l""l"-'' "•'"'"'"^ ' " '"■""'"'" 
 
 ;i.o.an,„..ir. l.H .uiu,..liiin..'..i..|i...ia.....iii.. 
 
 ,L.,,,U,iM 1, «a. ill ..•tH.i..l. ..iMl-i.vK.i lu...K.i_ll.pA.. 
 
 ;,,,, s,„„„„» ^ u. ■>/<»;.>/..■ /•.'.'."< ""'•'■ >* " '■ V ,"- 7' 
 
 ,;...«.... In .11.1 — -I- -""' - '"'■;' ""; 
 
 , ,. ,„|. ivlnil. 1 ^ .>.'M,..iMiol...vil..'im..li-'.l 
 
 J„|„i|,lh.n,M...l..Tin,..W..M,ui..M..r.tI ••• •"'''-''"'^ 
 
 U..|,„„. „l .„ 1. 1 ami lav.'n. llu'i.-i". an.l ili" 'i"ii'^: ' '■ -" '' "^^ 
 
 : . in....U'ii.al ,..■ wi-,.,: i- -,. 1 , 1... an.u: .,,... - 
 
 , ,„ Tl... .li..-....>. ^^lMl>' '!"• '""'"' -'- """"•- "":, 
 
 ,„. ,, „p....,l ,0 U.| ..IV i"i a s,i,,uia,...l ,.m-....l a h-w v.ar^ a lai 
 
 „ ,,.. iiuMiu .■ ii- otii"-. "-"' "vi''-'- ^\- "-"" "'^';, ^'"■'' ;' 
 
 • in. „a>.al,ulau..l... I-: l-iv ^^'^'^';^^^: '"'';' '^ 
 
 /„,.a.,.i,i.'ii.i.aMi-.'i-.ii. ---•'''/'■' 7- '•'>;''',:' 
 
 ,. 111.,.'.. M- !..■ UI...1.- i.oi.i..' '1—.-' "• ""■ i-i-M""!"-: ■■' 
 
 ,!' Th.ru...l.oraj..i...M.„.U..„.i., v..s,al.l.... V,.. .|i.i.'|- 
 
 ;,,, ,„, i.s ult,;, r/n.v, au.l al.h...... .an,n..uo.l l.> al .1. 
 
 „„, |,v a la.-,. .na.,,.n.v ..f -lu' sha.vl...M...s. a,. M.i.U- ^'- '' ' 
 
 ;:; ,;„,:; „M.in..io.i. A.a.lwav......,.a.iy.:.ni.-^.....^- y-^- 
 
 uliidi til.' .•..nii.aiiN \\a.4 ( .msliliitcil. ■^. ...mi.'". 
 
 \ luMipanv ....tal.li-ho.l ... mako a r,..lwav an.l .-x.-n im- tl.o traUt 
 
 , , , ,,J ,r,Klo ..I- a s,..aiM-,,a,.k... l.ai.v; au.l u,. .•..mpanv .an 
 
 1 I i.ruM. thai till' .a-se .U'l.oiuls u i.m .In' 'an 
 
 ;:,;:: ;::,n-..'\...l.i: J .>ni..'M. ..i,.."rAs....ia„..i. 
 
 ., :i.,,HH|,.ul,via.avin..haUh.'lo..in.of...lar,..a,,,,.....u^^ 
 
 ,.,„i,„.. „!• „„ hn.ol or tavi-rn th...ri.r, l.ut I . our.'.v.' that it 1.. ... I>t 
 «.,nls.r .ho thinl ilau>o. M.,!..^ a ,hi..;r ...hi---' -;'"'""";;;,;;:; 
 ^,„,i,„„,,„ „,. „a' .l.-.^.v.l..'.l ..l.joets ..f the .....h'.-.ak.... A.. luM 
 ,0 1... -.0.1 a. such ,s,ill rcaai..- ia .ho ha...ls .1, .ho co,..,.a.o . This 
 
-t- 
 
 4ti-' 
 
 MKMOKANIJA OF ASSOCIATION. 
 
 Chai'. VI. 
 
 :1 
 
 AubbHry \. 
 
 Kirh: i^;,■ 
 
 House of 
 
 Lords' 
 
 dtfiNioii, 
 
 lioK'l i.s luiiror iliiin aiiv dthor lioicl in Kiij^hiiid, anil in tliin poilion oi 
 iIm' liniliiino llic ii>nal Im^incs-i (,[ an lu'ld ami lavorn is lo ho (anii'd 
 
 '>n 1 K'lv nun h iijiun 'lie (Oii.'^iilcialion tiiai till' atranootnent 
 
 is tciiiiiuraiv ami jiu'liniinai \ . am! i-i'ndut iv*' to llic uliiniato objoctof 
 tlic wliolc l>iiil<lin;.' Iioirifj ilfvulod lo llu' |ir()|ji'r lin.>ini'-:-i nf (lie iiutcl." 
 and lli(> oilier loainod lurds comunod. 
 
 Alior llie Acl of 1802 faiiii' into (i|ioialion lhi> deri-icni ua- IiimiimI 
 as ,i|ii)liialilo (o cniniianies r("_'i~i(Mcd under thai Ait, and as iiiniwi- 
 iiiLT that a eoni|iaiiy so refjisterej was, as ri'u:aids its powers, siih- 
 slaiiliallv in the same position as a raihvav. water, ij;as or otiiei 
 roni|iany iminpoiaiod for .specilied piiipuses m nhjoct.s, and wa> 
 not endowed with the o^ueral powers of a comiiion law corporation 
 ixiiiira, ]). .">()), Whctiiei- (his was ihe Inii' ](osiii.in of sinh a loiii- 
 panv was not, however, linallv settled until 187.'). when (he lelebrated 
 ease of Ashhurij Unilwiin ('(inidiic and Irmi Co. v. I{iiii,\ L. H 
 7 H. L. (i);t, was deiided by the House of Lords. In that rase the 
 obi<'r(s of the company were "to make and sell, or lend on hire, 
 railway carriages and wagi;ons and ali kimN of raihvay plant, ami 
 to lany nn the business of mechanical (MiLfiueers and i;eneral con- 
 Iractois; lo puriliaso. lease, woil; and sell niiiie^. ininerals, land- 
 and building:-; to purchase and sell, as merchants, limber, coul. 
 nie;als and other matorials; to buy and sell any such materials on 
 commi.ssion or as ac;eiil.s: lo aciiuire. j)utcliase, hire, construct ov 
 I'lcc! works or building-' for ihe ]uirpo^es of the company: and to do 
 all Mcli other thinijrs as are iiecess;ii'y. cnnlini;ent. ini idi'nlal or 
 loiidiii i\(' til all or any of sicli olijei-is.'' 
 
 The loiiipany with this meinnraiidum delininj^ its objects had 
 entered into a contract with the plainlilf in relation to llio con- 
 striictiiMi of a railway in Bel;;ium, ami the ipiestion r.ii~ed in the 
 action w.is. wlielli(>r that contract was valid. Tlie lAiliei|ner 
 ('hiirulicr. aflirmiiiL:- the derision of ihe Coiitt of K\ilicipicr, held 
 thai ihe contract was nltra virea. but in (ho Kxchecpier Chamber, 
 L. 1? !• K\. 2t!t, Ihe judges were e\eiily divided in opinion. 
 
 Klackburii. .)., in his judiriiient, in which lirott and drove, ^^ . 
 al.-o ci.ncurioil. was of opinion that the company, beiiif^ incorporated, 
 was like a chartered or comeioii law corporalion endowed with full 
 powers, dial, althou^'h the Act mitrlit have o.\press|y or impliodiv 
 cut down these powers it had not in fad done so. ami (hat in (hecir- 
 cumstunces (he contract was unly iilint virex the direilors, not uUni 
 riri'x the coin|)any. and capable, thcrid'ore. of beinj; ralilied bv (lie 
 shareholders. 
 
 On appeal, the House of Lords held that the contiact was iiUnt 
 rirr^- the coni|)any and therefore altooelher void, and that (ho views 
 put forward by Blackburn, J., and tho.so who concurred with him, 
 wore erroneous. 
 
 The view of (heir Lordships was that a company uiidei- the Act of 
 lHii'2 wiis not to bfl regarded as a common law eor| laiion endowed 
 
IMKOUUCrOKY NOTKS. 
 
 tt;:{ 
 
 wiUi lull |Hjuors. 1ml a.s :i .sluuilorv ( oi|POiaii'iii ciidowcd willi liiiiit'il 
 iM.wns oiih . l.iinl Cliainolior (\iinis. iilln- |))('iiii-iii(; • p. tilil)) lliii 
 
 iIh' .siiliMiiliPis 'aro lo sUilo the (ibjoit.^ lor wliidi tiio [iioposoil 
 ,,,iii|iaii\ i> lo bo uslablisluHl. anil thai llii' u\i.--lcii'0, llic iniiiiiif: into 
 ( xisli'iiK' ol liic ciimpanv, i.-* t4j bo an cxisicn'c and U> bo a coniinij: 
 iiiio o\i-H'M'<' lor Iho-ie objoits. and for llioso ubjocl.s only," and 
 iilior iclrniiijr to lliu word.-i at the end of srct. lU. to tin' olVcil that 
 tio alloialidii shall be made by any comipany in tin' condiliniiN >on- 
 liiiiuMl in il.s nicnioiMndnin of association.'' pinici'ded :i> I'dllnws: 
 
 Now. iiiv l.Mids. if that is so— if that is the toiidiiion upon whith GiuumUfor 
 flic loipoialion is ostiildishcd -if that is the purpo-e for whiih the 
 , nriinriMoM is ostabli-^licd i( i^ a mode of in'orpinal ion which con- 
 i.iiii- ill il both lliat whi. h is atliriualive and that uhidi i- neiralive. 
 Il .■.late- allirinalively ihe aiiiliit and extent of viialily and jiower 
 «lii(b b\ law .ire o'i\en lo the ciirponilion. and it slates, if it i-; 
 iic.e>saiT '^o to slalt'. in'^'alixely tliat nothiie.i- shall be done bryund 
 iluii niiibil. and thai no atliMiipt shall be made !■> ii-e ihe corporate 
 liic icir aiiv oiher purpose than that which is >o spccilind. 
 
 A slaliitury ii.ipnraiioii,' said l.oid .'^clborne in the same case. 
 
 created by Act of Parliament for a particular iiurjiose, is limited as 
 
 to all its ]iu^vers by the pur|ioses of its incorporation, as deliiied in 
 
 ihal .\ct. The pii'senl and all oilier i paiii<>s, incorpoiated by 
 
 \iiliic of the ('ompanics Act. lSi;:2. ai.jiear to me lo be ^talut^jry 
 . uporalions v\ithin this principle, i'lie nieiiioiaiidiim id' a-socintion 
 i-. under the Act. their tiindaiiienlal and, excejit in eerlain spccilied 
 oiirliciilais, their nnaltciabic law; and they are incorpor.ited only for 
 ilic objccls ,111(1 |Miiposos e\prcsM'd in that meiuoranduiu. ... I 
 ^iiii unable lo .see any distinction for this purpose between stalntm-y 
 coiporalions under the Railway .\cis ^uid sl.itnlory i orpoiations 
 under the Companies Acl, ISdll. ... 1 think llial contracts for 
 clijeiis and purjioses fmcio-n lo, or inconsistent with, the meiuoiaii- 
 .liiiii of .issoiiation are iilhii r/Vr'.s' of the corpoialion itself. And it 
 scciiis to lue far more accurate to say that the in.ibilily of such eom- 
 |i,uiies tt) make such contiacts rests on an orioinal limitation and cir- 
 ciiiHsciiptidii of their pow<>rs by the law and for the purposes id' their' 
 ill. orpoiation, than that it depends upon .some e.vpress or im])lied 
 piohibition makine- nets unlawful which otherwise' they would have 
 liad a le;:al ca)iacity to do." -Vnd all the li'arneil I. nils were of 
 o|jiiiioii that, if it were necessary to lind words of |)ioliibition. (he 
 uoids at (he eonclusiiin of sect. 12, to the ellect that. ' .-ave as 
 aloresaid, no alteration sliall bo made in (ho conditions iiuitained in 
 llie memorandnin of a.ssoi iation," were sulUc ieiit, and that in thus 
 pioliibitinii- aiiv alteration id' the cnnditions in ihe meuiorandum tiio 
 \'{. in ellect. juohibjted the doine- of aiivlhiny: beycuid tlu? objects 
 exint'.ssed. Thov further hold, us a cmoUary from the above, that 
 the contract, boiiie- ultra rircx, and therefore void in it.s incci)tion, was 
 
 VJM 
 
m 
 
 p 
 
 m- 
 
 ^m 
 
 
 m 
 
 i 
 
 
 Am 
 
 MKMOKANDA OF ASSOCIATION. [ChAH. VI. 
 
 .! i 
 
 ill 
 
 iiioapaWo »( ratiKcuiiim <'v 
 .slmroliold*"' 
 
 oil l)v the luianiuiouM (X)ii»ont of all tin 
 
 Alt. -a, II. \. 
 
 '-. E. Rail, r, 
 
 II 
 
 n a stil)s('ini('iit ca-M' ( 
 
 Att.-(i 
 
 V. fircal Eastrru Ihiil. C 
 
 A|))). ("iis. J7.'{i, the |)riii(i|il«' 
 
 laid down in Axhlmni v ///'■/(( 
 
 ayaiii iccof.'nized in tlio lloiisi- nf Lords, l)iit it was piven a frrcalcr 
 (■lasticilv liy the nilo laid down by Lmd Splliniiio. L. (' . and \\\v 
 odicr Law l-ords, to (lie ollocl lliul the luinciplo was one to In- 
 ii'ii.s(.nald\, and ncil mircasoiiablv. undoistood and api)lio<l. and tliiil 
 uliatover uiav laiilv lie w^rarded as iniitlciital or ( oiisc(|ii(Mitial ii|"in 
 
 tlioso 
 
 lliiuji:- 
 
 liiili (ill- Lt'urislaturi' iiad authorizctl (tliul is, ll 
 
 tiling's s|HMilic<l ill tlio iiKMUoiandiiiii as olijcitsi < 
 
 niirht not, 
 
 < juestiun of 
 ultiii ririi' 
 same for rail- 
 way, kc. 
 
 (■\|H-cssl\ iiriiliiliiti'd. In lio iiold liv judicial const nut ion to lie nJIni 
 fires. 
 
 Lastly, ill Lmidnii ( oiuitij (ouiuil v. Alt.-dfii.. Lortl IlalslHin, 
 L. ('.. rctorriu^' lo Aslihnrii Haihray Carriuiie Co. v. Kiclic ami 
 Mt-ilcH. V. (I. E. Hail. Co.. said. "I think now it cannot he 
 d(iiibtt'<l that those twn oa^es do constitute the law u|)on the stihjen 
 It is iniiiossihie to jj-o liehiiid tlio^o two cu-.es. They arc now luiii 
 111' the law of this cniintiy. and we iiiiist aci|iii<'S(e in ihoni whelliei 
 we like thorn or not." 
 
 It will be convenient here t.i i<'fer tn some cases in which tiaii- 
 iictioiis liav<" been held iilh<i C/Vi'.v on the oiiiuiid thai tlioy were not 
 expi'O.ssh or iuiplicdly coniprisod in the spocilied objects. Soiiie ol 
 
 ' t)iore is no disliiclion 
 ■ •■ • aii.l 
 
 comiianies as tlie.so cases relate to railway coni|ianies: but 
 unVi'r''A't"!r between -tatutoiy cnri)oratiiiiis under railway and similar .\ct 
 •8«-- statut<iry cor|)orutioiis iin<ler the Coiiilianies Acts, as reo-ard.; llie 
 
 e.\tent ot their powers to enter into ciiiitract.s or to <leal with their 
 corporate tiiiids: both are limited in the exercise of their powers b. 
 purposes within l!ie scope ot their coii<lilution." Per l?an:eatl.i\. 
 L. J., Alt -(it'll. V. 11. !■:. /{nil. Co.. 11 f Div. U!t. 
 
 \in sharehdhler is <Mitilled to have a cniiteiiiplaled act. which i> 
 ultra vire.i the cniiipany, restraiiiel, and it make-* no ditierenco that ili- 
 f-harehoider has hiniself been a party to similar iiltni rirea acts in the 
 past, as. tor instance, an idliii rirff i-^iie nf shares. Mosrlr;/ \ 
 Kolhiioiiteiii. /.^/.. (I'.ni . 1 Cb. ::!; i I'.Ul i AC Ki!». 
 
 riret. 
 
 Il.I.l sniXTIONS Ol I'llKA ViKI's Tk\NSA(TIONs.* 
 
 Where tin' pro.^pcrity of a milway riiiii|iaiiy ilcpcniU'd iiiatcrially on tlic niu 
 jatioii of a river lieiiii; iniprovi'il. aud a-i-ordinirly lln'y proponed to I'urliiiiinn 
 
 • -'An iilli-d rirm contract or IraiKactioii is not ille;,'al in the sense tint no 
 ri(,'lit of action can arise in conneition tlierewitli. It ix not, merely be. ,ui<i' it 
 is llllsu ■■•<!-. to I"' rei;apdlli a... niii'iliii jiiuhihituni or ninliiiii hi .■"'. I'<'r 
 Lord Cairns, .l.-lihiiri/ v. Illi/i,\ 1-. li. 7 11. 1- iui. The contract is void, and 
 no action can lie hrouudit on it, but the company, or an innoii'iit sliarcholdir on 
 behalf of the shareholders, can sue for the recovery of its assets wro. Hy 
 
INTRODUCTORY NOTES. 
 
 f„r tlit> rwiuisitc powprn. Hold, tlmt ;iii appli.-utuin ..f flic liimis of tlir ("ii.i.iiny 
 l.nv.rd^ the promoti..!. of tl.<- Hill was nhr.i ,„,■-. M»„- i . shrr...!,,,,,, fr... 
 ll! |'i,..v. 1: «mt so.- AV,W .ln,ilia„ ll.n/. Cn. V. A'. C. /^'-V. r.,.. 11 ('. ». 77.V 
 S,f furthor, (»/'<», I'liap. XXI II., niul I''«rni 116. 
 
 Whero a railway compaiiy pniposcil to »(Huro tlio lapital, ami puarantoo tlio 
 profit- "t aiiotlior "oompany ahout to run stoamlH.ats in .onniitiori witli ll>" Im"'- 
 i;,l„i,. \. A. ('■ it""- <'''•■■ '" '*•'»>■• I- '" •'"'* '■""' '•'"''' '-»"»''"''•' -^'- "■• 
 -aiil; ■■ It lias l>oon very proporly ailmittod that railway coiiipaiiios lia\o no 
 ii.r|ii to outer into now trados or liusinos.^os not piiintod out liy th.' Aot; lint it 
 l,a, Ihcm contondod th.t flioy havo a ri^'lit to pLMtro. without limit, tho fniids 
 
 ,,f ,1 (iiiipany in tho onoonraironiont of "tlior tran-actioiis. howovor \arioii» 
 
 :„i,| ,NtiMi-ivr. |)rovidod tho ohjo.t of that liahility i-< to in.Toaso tho traltio upon 
 il„. railway, and thori liy to inoroaso tho protit-f of tho shari'holdors. TIht.' i-. 
 liHWovir. no authority for anythiu); of the kind." 
 
 Wlioro a railway oompany proposed to suhscrilio to tho Iniporial In-tiluto. 
 r.,„it,„s,„. V. .V. /;. J/<ul. (''>: 5(1 L. T. S13. 
 
 W horo a railway company was workiiij: coal mines and dcalini; in coal for 
 pr.ifit. .IH.-'.-ri,.'\. (.'■ \.'ll>'il. (•«.. 1 Dr. ,V Sin. 2n;!. 
 
 r.iiiiity eouncil runnintr oninihusos in connection with t-aniways, lawfully 
 w.rkcd hy tlio c.nincil, liiit without any stitutory aiitlioi.t, he council licin- 
 iMily a statutory corporation. /..,W..„ r„«„/y C„„„.J \. .til. -(:..,.. (HlirJ. 
 \ (■ Ilia. Local authority usiu).' land, ucipiiri'd for a scwa;»e farm, as a 
 l„-|.ital >itc. .Ml. -■(!.„. V. 'll.'uir.tl r. II. '■.. (I'.md- -1 fh. :i77. 
 
 W ii.re the capit;il of a company was alioiit to he applied, or had I n applied. 
 
 t,, tlie payment of dividends, l/iii.hirny v. /,.///./ Ci.i/i'n-.ilno, «l /irl, ■■.■/. 22 
 ( . Div. 342: l-lilrrofl'« fn'i; 21 (', IJiv. .i33. 
 
 Where the capital of a company has lioon appliinl to tho iiurehasc of its own 
 flijre-. or a contract has lioon irado .-o to do: /..oc/ CrnlH Co. v. /."/'/ I'rnimif. 
 ,-1 (ll. 7i;3; r,-en.'r v. Il/iilirnrt/,. 12 .\pp. Cits. Wit; oven thcuiffh oxproMsly 
 aiilliorizcd by its momoraiiduni. Kniiir'n vmr. t T. I.. U. 303: Miryiin ii.nl 
 .(,/,.,,.' V,,.. 5 T. r,. U. (i8(l: (li'iirnil /•/■"/"'(■'.'/ ('i>. V. .l/"'/.c.v.,„\ •/■, /<../,'.-.v. 111 
 C. of S. (a-. 2S2 (Sc): /,V«7iVi. S/r. Co. v. r,,,,,,,;. (I8>H) .\. C 33<». 
 
 Provision that dismissed employe shall surrender his shares. IV,iU:<i v. 
 lln.l.„>;). nl L. T. 7(i3. 
 
 W liere a railway compiiny sniiscrihos to the lui|porial Institute. T,„ji/:i,i'ii„ 
 \ ,^. /.. Il'i;/. Co.. 3.5 C'h. It. 675. 
 
 W l.ci-e the comjiaiiy had issued shares at a discount: .lliimihi out/ Tirilo Co.. 
 US C. Div. 415; A'ai/inni Timr Tnlilr^ Co.. 42 ('. Div. 98; Oon-iniii. .('■. Co. v. 
 ;,'./",, (1HH2) A. V. 125; even thon)fh expressly authorized hy its meiuoranduiii 
 i,r articles. IVeltuH v. !iolfi-n,i, (1H»7) A. C. 2!i-i 
 
 Where a company issued bonus shares pursuant to a filed aurceniont. I it 
 without cimsidoration. E'lilii^toiif. >(c. Co.. (1893) 3 Cli. !•- 
 
 W licre a company offers di'bentures at a disciciiit with an option, at oiiee 
 e\.Tii-eahle. to oxehanco them for shares, fully paid, oipial in nominal value 
 tM tlie fa.'c value of the dohcutnros. Mos,h-,i \. h'otfii/oolnu .V.,/. v, (llllili 2 
 (ll, ins. 
 
 W iicre an arrangement for partnership or amal(.'amathin had been made 
 iV /yoilc Jlriliah .Sutiuii Life Association, 8 (.'. Div. 679, 704. 
 
 ex|.eiiiled in rolation to that cintra't as constituliri,' a misapplication of the 
 coiiipaiiy's funds. (1. E. /{nil. Co. v. 7'ir,/;c,-, H Cli . Mil; Colhnoo v. Co!l„:o.,. 
 
 l:i i'. il,v. 04. T .,» V. .//-, T.:.:i r.:.. ilnOI; l Ch. ::-. A:-:l l!r- 
 
 dinitors and other parties iinplieatwl in the transaction mny ho sued in re! ition 
 tliciclo. and may have rii.'hls of contribution iiilt'i- .■■<•. 
 
 4i» 
 
 n 
 
 v. 
 
 n II 
 
4GG 
 
 MEMOKANDA OF ASSOCIATION. 
 
 "Chap. VI. 
 
 El B 
 
 Where flic 
 Xic/H.l/n, 6 11. L. C. 401. 
 Wlioro the i"m|iaiiy w:is 
 
 iindprtakinif of another company was taken over. Krneit ?. 
 
 f(irnu'il tu larry on tliu business of a bill bnikor 
 
 ami 
 
 scrivener, the nialiiri(,' adviui. c-i and proeurinn loans, and invcstinf? in seiuriti,., 
 and other specified objects, it was held that the aubscril>in(f for shares ' a new 
 comj.any i" order to assist in tloatinu' it was not a hour, fi,U- invcstiu - ■, ami 
 was theretore uUr't ilrr^. ■I"i>il ^V'-A- Disminif ('". v. /Irowii, 8 Eq. ;i8I. 
 
 Whore the company was formed to make and sell railway carriaRi's and 
 wagsons, and railway plant, and to carry on the business of mechani.al 
 enirinccrs and .i.iurn'l n.ntrurtoro, and to purchase mines and lands, and tn 
 buy and sell timlier and coals, and other specified objects. Held, that the «or,l* 
 •'g^eneral contr.ictors " must be read as rcferrin? to such contracts, and to su li 
 contracts only, as were incidental to the business of a mechanical cn,;inoer 
 .Ulihiim <••>. v. H,rl„: \.. R. 7 11. 1- t>«5. 
 
 Where the funds of the company had been applied in paying the costs of ;, 
 ,.' -c.ution a-ain-t a pcrM)ii who had libelled the company's directors, the lib,! 
 1, oplvint; to the company it-elf. StuihlrrI v. (!r„Hi;;wr. 33 C. 1). 528. 
 
 ,\ here commission luul been paid for placin;; shares. Fnurr KUrlrir A,;„m„. 
 lator Co.. 40 C. »iv. 141. liut sec Mrlm,mlit,n,, ,^r. .hmr. v. Srrim;,r„,n. 
 (18W) 2 (J. i!. (101; and sect. SO of the .\ct of lilO.S, .u,,,r,i, p. 27!», 
 
 Where directors were issuinfr new shares without the sanction of a resolution 
 of tin company in t'eneral mcetini;, .l/r.«c/e;/ v. Koffuiontein Min>s, f.l.i.. 
 
 (IHIl; .\. ('. 409. 
 
 For action nirainat tramway for nmnufa.■tarin^' rollinij sto;k, sue .Hl.-f;,„. 
 v. .\'«illi Mrlraii. Tniiii. C"., (1S<»2,1 3Ch. TO. 
 
 Ap]ilyin{f the company's net i>rofits in buyinj? ott opposition to a parlia- 
 mentary bill, or ^'ettinir a public body to exercise powers in its favour wliicli 
 T.erc for the public benefit. Grrriivir/, Pier Co. v. Tlinmrs C„ux'-n;if-r., 21 
 
 T. r.. H. «6il. 
 
 Where a c(,rporation acts as carriers in relation to tramways. .!■ ■.-(;,■>!. v. 
 .V,n,r/„sf,'r Cu-rnrnf,,,,,, (1906) 1 fh. (143: and see .tH.-G,;,. v. Sorlh J-mi,;,, 
 ]la,l. Co.. (190fi) 2 Ch. (175. 
 
 The jurisdiition of the .\ttorncy-Gcncral to decide in what cases it is prnpcr 
 for hiin to sue on behalf of relators is absolute. r.n,„!o,i CvoiKj Coiiw,! v. 
 .itl.-Cpi,.. (1902) .\. ('. KlJ. 
 
 Where, in the windinij-up of a company, a re-iulution was passed for llio 
 distribution of a lari;e sum amonjj its officers. Slrnud v. Ito,ril .Iqwirinm, 
 19 1". r,. 1!. (i.)<l: ami -,.,. Ihiilmi v. U'ft Cnrl: It'iil . Cn.. 23 ('. 1). (l.>». 
 
 Where a companv issues debentures with bonus certificates for payment of 
 an additional sum ."mt of profits, it cannot afterwards, by arraniicmcnt, is-iio 
 fullv paid shares in sati^artion of the certificates. Bury v. l-amalhm Jh'vcl,,,- 
 meiit Co.. a»09) I Ch. 7.11; HoUwa; Tim,' Tabhs. 68 L. T. 649; Mo-^dey v. 
 Koffi/fviitrii, Miiuf. f.l'l.. (1904) 2 Ch. 108. 
 
 li.i.isiHvnoNs OF Intr\ ViitKs Transactions. 
 
 Cases of I-.*™ Oil tlio ollior liami, tlio follo\vin<,' aro c;i.ses in ivliich i raiisactioii.s 
 *"'"■ huvo ln'<.a lu'M within tlio po\vor.< of u tcimpaiiy:- 
 
 Wherc an insurance company bad paid losses not strictly covered by it. 
 p.,ii<;e<. Tur::rr,: ^. /^.y.•' /.,-<.^:;.-<- r„., 2 11. A: M. 13-i. 
 
 Where a companv had given to its employes a bonus beyond their wa-ci. 
 /l,„ni,soi, V. I'rirr's l'„l.'.,t C,u„lh- Co., 45 I.. >I. Ch. 437-. 21 W. K. wl- 
 But see Jlullou v. We,t Cork Sail. Co., 23 C. D. 654. Compare Utroud v. 
 
, coiniiany »;rantivi a piii^imi to the wiilnw of an i-x-.ini.ir „! tlip 
 //,„•/./■."■" V. Iliiiik iif .tHKlr.ilosh. -lOCIi. 1). 170. 
 
 1 a hniir! fill- <Ii!'i>iit(>. Ililh V. r' .«,-. H Ch. 
 
 Hov'l hi'"'"""'- '" 
 
 dire, ii.rs and other oHircrx. 
 
 W lirr. 
 
 \y|„.r.. ;i I ipariy (oinproniUc 
 
 D. ^■>■ 
 Winn 
 
 oftiM-. 
 
 Wncr 
 «.<■. I I^M 
 
 When 
 
 INTKOnrtTORY NOTKS. 
 I". I,, li. fiSfi; \V. N. fliiil3i Kfi. a-- t« ^.'ratiiilics to 
 
 487 
 
 srrvaiit 
 
 •(I a Ic-isi', 
 
 n n.nipany. with wiili^ |ii>with nf li'iidinir. I''iit inuiify I 
 
 i| .my. i;'<iii<t>'tlli V. ./n»ir« A'r.V/., ( 11IU.">^ 'J Cli. 1 17. 
 
 I .•,.]]i|.aiiy loriiicd to wofk a patent purclia-^cs tlic |ia(i'Mi. 
 
 .ll; and a.^e lln'jlnn IloU <'"-, •> ('!■. SSH. 
 
 ompany was fornicil to work m>m<. and havin:- aKiuinvl 
 it arirnvard- iM.iiK'lit til.' ficchoM. incliidinjr tlio siirfarp. .Ini,,:. v. r,;ll.,„r. 
 
 i 'C. I.. 1!. ;!*<!>. 
 
 \\|„rc a Im.U'1 company, not re piirinj,' tiic wliolp of its prei.iiso-, lot part 
 off, >'i"/""" *'• >l'fslminK/,'r I'nlare llntrl Co., S 11. 1... t'. 712. 
 
 \\l,,r.' a lolliory ompany sold land from time to timr wliiri lli.' sal.- wn< 
 roa^unahly ni,ps>ary. i;i„>j^h„nj Vollwn.-s, (liM)7) 2 fli. 2.V,I. 
 
 WliiT,' a railway eiimpany contraited to supply rollinir stock to another ecnn- 
 
 pany in ^pcc■ial , i'reunistan.es. .HI .-<!.;. . v. (1. A'. /,'„'. ''„.. ', .\pp. Ca^, 173 
 
 Wliire a raiUv.iy eoiiip.iny le:i-e,l the arches under its lines, I'ost'-r v. L. C. 
 
 i ii. Uiiil., U*<i>'>) 1 'i- "• "": '"' " '■'"''* "f "'•'>■ "''" '*■' """• ^""*'J '■ 
 
 i/,„,,./,.-/ ,' ,w. It,nl. C;.. (1898) 2 Q. B. 439. 
 
 WhiT ^111 uiiliiniled eoni|iaiiv. pnrMianI to provisions in its reLfulations, |)aid 
 
 out «iU,drawiliL' meniher.. I.nn.n;/, <;.,mn.Tci,:t . ,\V. S,.r.. (1S<»3) 2 Cli. 212. 
 
 Will re a Iradin'j eomjiany created a morl','ai.-e to seenre a debt dni^ to its 
 
 bankers. /'«,',»/ l-:l,' Co., V\\. H3; diiii-r,:/ .hirllmi C. 
 
 3C'h- l-iii; sei' further, inlm. y. 472. 
 
 A eianpany iniurrini; dehts for tlie purpose of il< liu-^ines: 
 Anijliiii: H'l'il- ''".. 3 -M. .V: li. 12.). 
 
 Willi,- -I'veral eoinpanies li.ninf,' power to borrow money on delieniures. 
 
 priMte.l jninl debenture- ehar^'ioL' all tlieir properties, the ehariro was ln'ld flood 
 
 on ilie Miiarate property of eueh company to the extent of the nu)ney aetually 
 
 revive! by that company, .h.huxfn,, l-\„r„iu I'^'IrHls C<,.. (1901) 2 Ch. 231. 
 
 U Inre a ((Hupany was fo. nied to create a societe anonynie in IVru. and to 
 
 trail l\r the assets to that company when formed, and the memoranduni also 
 
 frevided that " in order to the attainment of the main object of the company. 
 
 nay do, either in the United Kingdom or I'eru, or elsewhere, whatsoever 
 
 ly from time to time think incidci 'al or I'onduc ive thereto." Held, tliat 
 
 iipany could vnl' "ly accept bills of cxchan.;e. Hut for the words in 
 
 .ed connnas it wa .isidered that there would have been no such power. 
 
 Pivi,'-:,,,, /,'./,,. Co., 2 Ch. 023. 
 
 Wlier one company took shares in another. I!»,i,:'/'s ll'mhiiuf r..., /:.>■ /-»»/c 
 C<.>.i.„,-i C,,riu,rtii:ui,, 3 Ch. 10.'). In that ea^e the objects included power " to 
 pun iac or accept shares in any foreifin or Kn^lish company." 
 
 Sec. aUo. h'inniiiifil Cniii>,riilinii . (iooilxim'.i cloini. 28 W. U. 7(10, Tlicre the 
 obje;t- of the company included " the undertaking', assistinir, and iiartiei|ialin;,' 
 in linaiii ial, icimmenial, and industrial operations ami nnclcrlakin^'s, botli in 
 Kiiirlaiid and abroiid, and 1 cith sin?;ly and in eonne /tiou with other persons, lirms, 
 winiiiaiiles. and corporations." Held, that the takin',' of shares in another cMim- 
 pany was iiilru vires. Jcssel, il. U., there saicl : " Ueadini; this memorandum in 
 li.u ;arj;c-i ,.-o,e, a» I tiii^.i. it ou-ht to be and w a- i.i!-.:!-.! »•> be rend, it s,-.m» 
 to me that these words are meant to iinlude almost everytliin(,' in the way of 
 financial operations. The words are | as above]. Now, I can iniau'ine no wider 
 terms than these; it appears to me that the Iftst words I read aru unite wide 
 
 II II 2 
 
 S„nl/,. (1H91) 
 /;,ns,ll v. Ka^i 
 
hs- 
 
 W" 
 
 46i< 
 
 
 MEMORANDA OF ASSOCIATION. [Chap, VI. 
 
 enough to ciimpriso the hiiyiiij; and rwlliiiif nf nhurc!*. and the Hucoppdin!; wordi 
 cinly add '.:> the pxtt'nt of thpir iipplication." 
 
 See, alw). Inffrii'iliiinnl I'milrinf f'n.'n /■««<■, 17 \V. H. 454. wherp a hniikiiiL' 
 pompany holding sonic de'.)pnturp< liy way <if nepurity sold them and Riiarantpi'd 
 the interest. Il'iyl nf Kniihnvl Hunk. AV iinrle /Inn/,';-. 14 ('. I>. 317. Ihlil 
 valid. 
 
 Where u (nnipuny haviu(f power to enter into any arran^fement for :iiii:iIi.m- 
 mation with re(pc;t to the union of interests on anialjianiation, either in wjn.li- 
 or in part, with any other rompaiiies or persons eiirryintf on any trade or hii-i- 
 ness of a siniihir nature to that of the eompany. entered into an ai;reenic>nt to 
 acquire, in consideration of paid-up shares, tlie undertaking of a so<iety carry- 
 ing on a similar i)usinesfl. Pitlhronk v. Sfr i'iril .Srrfirr Cn.. 20 \\ . \{. II. 
 
 Where a eoniiiany whose ohjeets included the sellinir of its undertakin.' f"i 
 
 (1S92) 3 <'h. t.-)l, aii.i 
 
 /,„, 
 
 III. /tr. Ci 
 
 shares sold the same. Cnlln 
 other eases, infra^ p. .ilO. 
 
 Wliere a company formed to carry on a specified liusiness, and also to ani il- 
 ITi. aute with any other company carryin!; on a similar business, and to sell ii!l 
 or any part of its liusiness or property, and to hold debentures and shares in 
 any other company, sold all its assets (including goodwill), except certain 
 seiuritips, to a new omipany, formed to take over its undertaking and property, 
 in consideration of shares and delM'ntures in t'.e new dimpany, altliouirh lli" 
 sellinL' coni|>any contracted not to carry on th" specified business otherwise tliiin 
 in conjuncfiiin with and for the benefit anil on behalf of the !»■»• com|Kuiy. 
 II,,, .'J- Cn.. 1-,1.^/ir V. Il,irn.r I'li., (19011 1 Ch. 32«. And see Chap. Wll 
 C.\mul),'amation). 
 
 Where a conip:iiiy which was bound to supjily Imk.vs for a ferry cinploycil lli. 
 boats. \»heii not wanted for the ferry, in excursions. r,ii;i,il v ,)/«/./.-' 
 It'll'. ('".. 3(1 Iteav. 40. 
 
 Where a railway ccunpany, liaviii}; prmidcd a vveicrhinp machine for th. 
 purpose of its business, let the public have the use and made charires for tli- 
 use. r. & S. II'. Hall. Cn. v. /'/or, 11 (J. I!. 0. 48.5. 
 
 Where an in>uianec company, havinj; power to j^ive and take pidicies by way 
 of guarantee, entered into an ajrrecniciit with other offices for joint liibllily 
 .\,ir,ri'-li K'/iiltiih/i: ,57 L. T. 241. 
 
 Where a company was enipoweri'd to insure ai^ainst sickness, ill-health, ain) 
 other specified eontin;,'eneies, and life insurance, and to grant aiuiuities, and 
 " trenerally to make insurances against all and every kind of risk, special or 
 general, whii-li may be ell'ected acconling to law," Held, that there was jiowir 
 to carrv <ui fire insurance business. Il,i//i'.^ i-fini'. H C. l)iv. 334. " I cannot, 
 said .lessd. M. I{., in th.it ease. • spe that there is any gniund for restricting' tli- 
 meaning of the terms of the latter part of that clause, or for applying that 
 which is so often eal!(>d the doctrine of nnmitui- n kh'-Hm, when you cannot 
 suggest a single instance of a risk having any connection with life assiiraiai 
 which is not included in the expresM t<'rms of the prior part of the clause.' 
 .\nd see I'lm nix Itenximir (',)., 44 1... .1. Ch. (>83. 
 
 Where the eompany was formed for carrying on the business of discounter-, 
 lenders of and deah rs in money, .ind a number of other specified objc't-, 
 and " the entering into and carrying on any monetary and financial arraiigi- 
 ments or ope- tinns, and the doing of all matters and things wbi' h may appc;,i- 
 to the company to be incident or conducive to the obje t< aforesaid, or any of 
 theui." Held, that a purchase by the company, jointly with other partii's, of 
 an escate on whicdi oiu! of such other parties undertook to finish tlie .\lcxandr a 
 Palace for 200,(100/., the company undertaking to float another company to 
 acquire the premises, was not ultra vires, /.om/nii Fin"nriiil .liimri,itiini v, Arlk. 
 26 C. Div. 107. In that ease it was argued, inter alia, that the general words 
 
INTROniTfTORY NOTW. 
 
 4«9 
 
 „ ,he con.I..»lon of the objerta clause ouRht to bo tr.ate.1 a, merely ano.Uarj to 
 " , |,a.in,«se. menti»no,l at the Pomraen,.,.n>.-.,t of th. objootn; but Iln.on, \.-C 
 
 ' li„,a to a.lo,.t that arRument, sayinp. " It h -nouffh to Kay .n an,wor to ,t 
 1 it it «ero to prevail all the »u,-vcMng word-, would be H«el<..». \ am .,.. at 
 
 I .„v fo «nv that thn parties to th., .■ontra.t in.ant nothin;? by the wor.N they 
 live "thought fit to employ for .leHnins au.l reitulatl..^ the eondu.t of .h-.r 
 
 li«rnl business." , . . 
 
 Uh.r- a .-.mipany was forn.ed to wquire and work an iron-or.> mine, it «as 
 ,„„.i.lcr«l that the ...mpany n.itfht properly pay f.rs for a report ,,« .ts nnue. 
 and f.es to soli.'itors, brokers, and for advertisements, printing, .V:<v. but (•ould 
 not properly pay a commission for plu.in^ its shares. r.!>,h,r, ,n„l II .-„ ' ' "• 
 
 V /;;/■(/ 33 C. Div. 85. 
 
 Whore a eon.pany is seeond mortwco it may be entitled, if called on. K. pay 
 „ll ,l,e first morttfaKe, and where it is mortRa-ee of leaseholds it may be en- 
 tithd to pay rent and otherwise prevent forfeiture. NA^^ffW,/. ,yr. Son, I,, v. 
 
 i,l,,rno,l. U f. 1>. •H2- 
 
 ' Where the funds of the company were applied in paying the .osts of pro,eeu- 
 fi„„ ■, person who had libelled the company and its directors. SVW-/.;/ v. 
 ,!':,;!„„•. 33 r. DIv. .52«; «.-„, v. Rnu.> IMM .V».«V ./««.. (1H07) 2 Ch. 
 
 "'wiicv ■. reasonable commissioii or brokeraije is paid to brokers for phiciiuf 
 ,|.,n-. .\lrO-o,,olilm, Cat <'o>,.u,„e,-.- .(«». v. Sryn,.f,r,>„r. (I«!).5) i IJ. »■ liOt; 
 and so.' I'ompaniis .\ct, I'JOS. sect. Kit. .v«,,<", p. 27it. 
 
 Whcic a cnipanv. with a view to advcrtisinR its patent lii.Hli.ii,,.. offered a 
 pri/c 1.. be shot for at Wimbledon. l.nH-<rn,„> v. rio,, Ihiirr^ fo.. 3 T. I-. I!. 
 I, {,HS. I'.uf qiinif as to this. 
 
 \\1„,-, n company in.urre<l e:q.ense in printing, staiiipiii^' a>ul se.Kliii!; out 
 nrr.xv pupers and circulars to secuie the defeat of a resolution which the 
 dim'l..r- lonsidcred adverse fo the company's interests. l'.-rt v. L. .f .V. U . 
 It,,.! r,... 0(107) 1 t'h. S, overruling Sludihul v. f/intrriwr, 33 ('. D. rt2H, 
 i.n this point. 
 
 W lu'ilioi any jiivfu liaiisaLlion i.> i>v is not witliiii the jiowei^ of u c.nst ruction 
 (oiniia.iy i« a .luestiun of law .lopeiidii.- on the coustriictio.i to W [[^^^^^ 
 (ilaro.! on its momoramluin ol' as^oiialion: aii.l that [ onstnirtioiij 
 ,„ii.-! 1.0 [ron.sirued] in arcordauoo witli tlio rules goiiorally applic- 
 ul.ii' !o iho con-slructiou of wiilt«n dotmiiCMil.s. Heiico, tlio whole 
 duruiiifiit iiiu-sl ho roa<l; the wonls must have iheir oidiiiiiiy mhui- 
 frau.f.. iiide.s.s, whoa so ui)plic>d. thoy pi-odiuo aii imoii.siMciioy. in- 
 ail iib.suidity 01' iiioonvenioiice snUiiionf to show tha^ the iutoulioii 
 could not have heon to u.so them in their ordinary Kii?nilif4itioii ; 
 to<liiiiciil word.s are to he treated i)rim<i jmh' a.s bein-j ummI in (iH-ir 
 terhiiiial sense; and liio words used must tje uudeist<jod witii ilue 
 relVivuce lo iho subjeLt-mailer. In all ('a.-os tiie ol.joet is io arrive 
 at ilie intention n.'' exjiro-ssed by the words used.* 
 
 r.ui ill l'raniin<r the objects ehuiso of a nieiiioiandum of as.sociation, >> .Uaiu ob- 
 it l.eliove> ihe draftsman to bear in luind a novel rule of eonstruclion J^'* ™1* 
 Ui.si .Mi-yesied in Haven Gold Mlnin,] Co., 20 C. D. 151, and in 
 
 •Siv further as to the interpretation of the memorandum, in/i". Chap. \ If. 
 p. i>91 ft »eq. 
 
t i f 
 
 !| -i. 
 
 * 
 
 i 
 
 
 .» , 
 
 
 
 
 
 
 •r 
 
 
 11 
 
 
 ti 
 
 1; 
 
 i 
 
 i\ 
 
 Si? 
 
 470 MKMOUANUA OK ASStKJIATION. [('HAl'. VI. 
 
 German Unle Co., :2il V. 1) Ititf, iiinl siilw<!<iii(Mitly rooi)j,'ni/.od in 
 Crown liittik, t4 (!. 1). V,:\\; Amalgiiinnteil SiindicaU; (1897) 2 Ch. 
 (iOO; Coiiltjarilic Gold Mincn, 76 L. T. 2t)9; Sti'phena v. .Vi/*ore 
 /,Ve/i* Co.. 1 1902) 1 Ch. 745. 
 
 Atcoriling to those authorities, whore the objects of a toinpany are 
 expressed in ii series of puriitjraphs, the true rule of construction is to 
 seek for tlu' para^'raph or purai^raplis ((•oniiiiouly the tir-^i ) which 
 appears lo emlMiJ\ liio main or iloininani objocl of the couiiianv. and 
 to treat all the other [jaraofraphs, iiowcvor <i;onerall.v oxprcs-^oil. m 
 merely ancillary to this main objocl, ami as limit^l and corilroil.Ml 
 ihoicliy. 
 
 A.s.-iimini; tiuil this rule of cunntruction is U) be lixjalcil a> c^iul)- 
 li-sliod. it is, of course, to be boruu in mind that like every oilier rule 
 of construction it may bo excluded or nioditiod by the contents of the 
 docuinouts to be construed, for every rule of construction contain.s by 
 iuipliiation the sa\ing; clau-o " unless a contrary intention appear by 
 tlio dwumont. "* ArcoriliuHly iho rule must be applied with ( uii'ioii; 
 it has only a prima furk' application, and it nui-t bo seen :hat there 
 is no'hinu in llio document to exclude or modify it. For cases in 
 •nhiol) the rule was held In.ipplifablo soo Pcdhir v. Tfoad Block Co.. 
 ( 19i).Vl L' Ch. 427; and nntlt-r v. Sorlhfni Territories Mines of 
 AuxIkiUji. 9(! L. T. 41. Sometimes the memorandum declares the 
 iulenlicii lo bo that the objects speciiiel in each paragraph of the 
 clause, or in each of three or four speciliod paragraphs, whall, except 
 where o'horwi.so expressed in such paragraph, bo in no wise limited 
 or resiricled by reference to or infoi('nce from tlie terms of any other 
 paragrai)li or the name of th<' comp:niy Thc.^c words are obviously 
 intended to e.vdude or modify the rule, and the Court is bound to give 
 ellect to the intention thus indicated. f 
 
 There are other mode.^ occasi(Mially adoi)led of excluding the 
 artilicial rule in tpiestiou. For e.\ami)k«, .several of the leading 
 objects are sometimes made to commein c with the words " a^ an inde- 
 pendent object." In other ca:ie.-, the first few paragraphs are 
 exprnssed in very wide general lornis, and any .-pecial object is made 
 subordinate thereto, and is sometimes expre^^ed to be " witiiout pre- 
 judice to the generality of the preceding olijecf.s." Sec further, as 
 to interpretation, Chaii. VII., infra, p. 391 el .srq. 
 
 ■ I 
 
 •Hoc pel- Buweii, I.. .)., ill I^ki/ vf Ji-rsc;/ v. (.iwrdiinis of I'ltor <>' S'-nth, 
 22 Q. B. D. 548. 
 
 tVtt, stninirc to say, in SU/iheits v. .Mysore Jlcr/s Kiimjiuitij Mi„i,-:i Co., 
 ru/Jiir, ii loariK'il judiju disrcjiardi'd ti.o preseni'e of t.u> Ii wuois mt lli.> g.ouiia 
 that ina-miicli as wlicn applied to one particular pirajfi-apli tlicy would be 
 non»cnsi-, thoy could not he hold to apply to tlie other twcnty-thioo para- 
 graphs. Suih a doctrine is at varianci- with the sottlcd principlni of construc- 
 tion, and cannot, it is uppruhtnded, be maintained. 
 
INTBODUCTOKY NOTES. 
 
 471 
 
 TKo objects clau.o i,^n>,nMy closes witli tl>c following «ord«: j;^ff;;:^;/„.„^, 
 .\ 1 lu .lo all smh other tilings as uro incidental or comlu.^ive to j,, „,,j„,„ 
 ,,:c".'n a"..>ont of the above objects, or any of them.- It ...1-1.1 Lave clau*-. 
 le,.,', Mippo-cd thai these VNurds wore i.npliod-for Qmindo aUnmd 
 ',uui,l,ilnr, imudatur et omne per quod penrciilur ,ul (//«./ -and 
 „ero u.eordin-lv superlluou.s; .nince Expressio corum qua: hide 
 „.anl nihil ofcralur. The Court has however, on ^ovo.al ..cca- 
 ; n lioiiod -uoh words as material. Banhm Hall Co., 5 Ch. a-.G; 
 s'»,).m;« V. \V,'.st,nia.sUr Palurr Co.. H H 1- C. 712: Tanulou v. 
 R,„l.il him-aiirc Co., 2 II. & M. Uir> ,-..,„ 
 
 ^„n.t-tii..os the words "as the co...i.au> ...uv IIumJ.- condunvo aie 
 ai.Miu.iod for the words " as aw- .:ondu( ivc." These were the words 
 ,„ea i.. rcruv!<u. IMl Co. v. Thamns. dr. Co., 2 Ch. r.l7, and were 
 „o.toa as vc.v niaiorial. In that case, Lord Cairns, L. J., said that 
 l,„t for li.o '.ciioral words the words used " would not, in my opniion, 
 , oiilc" 0.1 the company, as incident to the currying on its bu^.noss, the 
 i,o«o. uf issui.i- i.o-otiable iusfumcnts"; but, having read the 
 -oucul words l.is Lordship pio«^c.lod: " Anything, ihoretoro, which, 
 ?a tl.o opinion of tho company (how U, be exprcs-cd wo shall see 
 ,i((oiwardsj is incidental or conducive to tho main object ot the 
 iui.ii.rtuv- which was the acquisition of concessions for lailuays- 
 ihcv may do. li, thoi-efore, there comes to bo a concession for a 
 luiiuay wl.irh is lo be paid for by inslalmciit-, it is, I think, beyond 
 all pos-ibility of dispute, that if they think it incidental or con- 
 ducive to the attainment of tho concession, when the instalments 
 be'cun.c or are about to fall due, in place of making (alls on their 
 .lurelioldcrs, (hoy ^.hould give a bill of exchange, payable at a 
 lutuic day, for the amount oi the instalments, they may do so. The 
 words .-ociii 10 me >o wide that they iiocos^arily include a pjwor of 
 that kiiKl. This i^ a i>o\ver which, of course, may re(iiiire to be 
 excici-cd by a general meeting of the shareholders, or it may be 
 ,.;i|,iil)lo of being exorcised by the directors "; and it appearing that 
 by t!ie articles the general conduct of the bu-iuess was vested in the 
 diroclors, his Lord-hip held that they could e.xercise the power. 
 Thi- ca-« goes further to show that the substittition of tl.o words 
 
 as the company may think conducive," for tho words ' are con- 
 ducive," is not wilhoiii effect. Hut no doubt tho operation of the 
 uoids must be limited to such things as may rmsomihhj and in good 
 laid, be deemed conducive. See Joint Stock Di-'icount Co. v. IJroivn, 
 ■t Eq. 1.".0; 8 Eq. .181; and Aft.-den. v. (it. Kii.fteni Kail., ."> App. 
 
 Cas. 47.!. 
 
 Funnel ly it was the pr.ictico of the olfice of the Registrar ol .loint Prantioeof 
 Stock Companies lo iO(iiiiro general words to strictly follow the "^ce- 
 .tululuu forms. iVr/'*- ca^c, 2 Ch. 075. But thi« practice has been 
 ubaiidoiiod, and general words may be made as extensive as desired, 
 llv considered better not to rely loo much on 
 
 gi' 
 
 tho 
 
 •fleet of gene.al words, having regard to the artilicial doctrine 
 
I'll 
 
 »7> 
 
 MEMORANDA OK AHSOCrATION. [CllAP. VI. 
 
 
 ii 
 
 ; I 
 
 ill 
 ill 
 
 I'owrr to 
 i'Xt>'ii<l<ibjecta 
 •«DDut be 
 iriren. 
 
 IrapUccl 
 jMjwcri* : 
 To ait by 
 agcuti). 
 
 To oompro- 
 miw. 
 
 To raorti^age, 
 &K. nr (leal 
 with itK 
 property. 
 
 (if roust ruot ion iiliuvo iilhidod to, \)\y 4()9, ITO. lull to slii'o tlio ohjoi t^ 
 ill Kulhcii'iit ileliiil, iiiid coiiiludc tw in lii<' Hiatutory foiriw. 
 
 It \va.s ttt Olio tinif by no iiit'aiw uiii-oninioii to insert in the ohjc k 
 clause of tlio inoinoiandiini words to tlio I'ollov ing pllod: " And iil-, 
 Buch additional or extondod olijettM as the conipaiiy may from lin.i- 
 to lime deturmiue." Kxaiiiplos may 1k' found in llii' I'olluwiii;,' < mts; 
 ( li)i<h V. FinanvMl Coriiuititioii, o Kij. 4.">2; t I'li. 117; Syrrs \ 
 liiiijltlon ISn-irvri/ Co., Vi W. 11. liai; comiiare with Ashhiin/ l{„,l- 
 irai/, dr. Co. v. liklie, L II. " H. L. «.").'l. Hut such words oii-Im 
 never lo be inserted, a- Ix'iiijr mij;iitoiy and mish-arliiiy;. 
 
 ,1.'* to imitlU'il imiin:s. Theie arc some im|)lied pnwors uhi.ii tli,. 
 (ompuuy possesses in \irtiic of its lioing a biuly corporate. Tlni.. .t 
 Lompuny may appoint and act by agents, and as |iiin(ipal may im ur 
 the ordinary cuii.seiiuoiKes .see siiiini. p. ;!•> K and in ftnlli's ./(., 
 8 C. Div. .S.'U, it was held that a power to conipromiso a hoiid ll'lf 
 dispute is incident to eviMy l)o<ly corporate. "I think," ^ni^l 
 , Faille^. K. .).. in that ra>o, '' we are warranted in li(ddii|i>: that a \m\\>Y 
 bond tide to ionipromiM> any dispute whatever is incident to the 1c;.mI 
 existence of the /kt.vowi of a body corporate. ' .\f;ain, aciuiiinii; I • 
 Viilciil File Co.. •> Cli. H.i. a body corjxn-.ite as such has an impbo.l 
 power to deal with its properly. In that ca-o. .James, L. J., t-aid: 
 The (unipany is a body coipoiate, and by the laws of En;j:lund .< 
 bodv corporate can hold properly and disi)o-e of it as freely as mi 
 individual, unless it is specially prohibited from so doinjr. I" the 
 momurandiim of this company I can liiid nothing: to j)ievcnt the ( ni,i- 
 paiiv ijiid i-ompany from pledtrinj; pail of its property lor iiavniciii 
 of a debt inclined in the course of its bnsine-s." And .\lellish. 1. .1 . 
 said: '" It was ui'irod that no company can nioitirajre unless oxprcs-|y 
 aulliori/ed to do so. Xow, the company has property which il i^ 
 authori/cd to deal with, and I stionld say tlial the Irno rule is jii-i 
 {lieconirary. namely, that the conipaiiy can mortoao-e unless expros-lv 
 prohibiied from dointr .^o." Hut too much reliance must not bo |)laccci 
 on tiiese dirtn. for (he company in this case was a tradiiifi romp.niv. 
 formed (ci ac(|uir<' and work certain pateiitecl inveiilioiis, and " for llic 
 doinj; of all such other ihiiijrs (includinir the pun liasin;.,', leasiiiL; or 
 othorwiso acquiring, lioldiny: and disposing;; of lancis and biiildiiicsi 
 as are incidental or loiidncive to the att:iinmoni of the above olijccN. 
 or anv of them.' The (|iiesiion for docision was whether the company 
 luid power to iTiort<rauo its proiKMty to secure a debt c)wiiiir to its 
 bankers, and the iiioilera<>-" mi^rht very well have been treated as 
 covered by the j^iioral words, or as justilicd by reason of the com- 
 pany beiiiir a trading; comi)any. Moreover, the dicta seem scarc.'ly 
 oonsisteut wiiii the priiu-ijiic O'tubli.-hed in A.^'fil'Unj, tf'- Cn v 
 Birhe. L. R. 7 II. L. (>•").!, which was decided five years later. 
 
 It is .submitted that the powers of a company to deal with it.s pro- 
 perty and to borrow dei)end (in tho ab.seuce of express power in the 
 memorandum of a.ssociationl, not on its beiny- a botly corporate, but 
 
INTKODIICTORY NOTES. 
 
 47:1 
 
 ;, . invi..-' iini.li.xl power to .1.) whatovor is fairly and roasonal.lv 
 ;;;;,1.;; „:..n,J.uat« ... «,K,.i.ied ..LJoC., in .^h c-*.« tho ,ue«t.... JK-o; __ 
 I , 1 ,„. tlu. sncriKod ol.j«ot« of tl.o toinpunv. TlniH, a .ompany «),«t Kpe.iHr. 
 "■';''„/„. ,ar.v on the b..m.u>.ss of a tolliery proprict,.r .night uo ■••.J-t. 
 
 :,;;,; ;.,,,„i,.o a„d work collit.ri..8; ...isht have a bankint. acconnf. .-n.p.o. 
 ', 'i.,.|,. ,.,r ihi- p..rp.«c« of it« business borrow .nont'.y on inortuMip:*' or 
 ,i;,.«is,. and d.aw, a.H*pt. and ondorM, bills of .'xchant;..: ....jrht 
 i,,„„„.„„„.so .lai.ns inad« a^rainnl it; n.it'ht ro.nuneraH. .Ih .Muploys; 
 ,„i,J„ pHN .lividonds ... it. .han-.h,.ldor«: n.ii:ht advor.i^^ ..-< p.o.lu,t^: 
 „.iM,i ...s.al.lLsh branch otP ; .ni(;ht a.M,..ir« rolling: .....k, an.l 
 ,„,"luiHTV. and vo.-sols f.-r .■onvovin-r its coal; for all .hex- Ih.n-s 
 ,„„1 ,„a„v otlu.rs. u.v reasonably i"'.plie<l by the wor.ls n>ed; an.l 
 '„ l„rl,„n it n.ijrht do Ihene thin-s if the objects .onclnded with 
 
 ,oiiil words as above, p. 471. 
 
 W.uu. if a co.npunv is formed simply 10 provid* .1 lo«.i Ibill 
 U " and .0 h't the same fur any pnrpose, public or piiviile, .In- 
 i,„„,„nv i..i-ht no donbt purchase a site an.l erect a bnildi..-. ■..,: I 
 ,„i„|„ |,.i it, and n.i-ht .•emnno.'ate its employes, and do var.ou, 
 „,|^., t|,iii.rs; but it seems (luublful whether it c.uld wilhuii' 'nihc^s 
 
 .„„ in i„ its memo.amlum accept a bill of exchan-e, or Im.,...vv. 
 
 !,i-cll. c.r nmrK^'a-e the property lVrhap.> ii miyh. boriew m y lo 
 
 ,,,v inr the erccliun or roj.air of the bnil.linfr 'see /^• Ihuirivr. . lltn.-' 1 
 1 Vl, .-„iH I. bu. that ...ust bo because the power is reasonably implie.l 
 ,,.,„„ ,|„. (.bjects specified. It will not have the power .iierely hccau--c 
 ii i. a , oriH.ra.ion. In this respect what wa-s suid by Cotton, L. .1 .. in 
 7/„. i^n.rn v. Sir (harl,:^ li,,-d, .". ^^ H- IHv. 1H3, may be c.te<l: 
 111, I il was said that every corporal ion, unless io.4ricled by this Act 
 „t in.oipoialion, b.xs the same power as an individual to enter into 
 ,,,„ln„!s, includim: that of bcnowin- money In onr oi.inion, this 
 ,.,,nicntion of the School Hoard cannot be mainlaincd. In our 
 „,,i„in„. the power of a cor|ior.,tion established for .ertain -p.'.-ilied 
 ,,.,ipnsc, mnsl depend uu what tlinse |)ur|io~es are, and. ex.epi so far 
 ,T. i'l lias expivss powers sriven it, it will have smh power- only as 
 iuv ■■ "ssarv for the p.ii'poses of enablinir it in a rea-onalde and 
 '|,M,' wav to discharge the duties or fnlKI the j.urpo-cs for which it 
 i>litiite(l. . . A tradiiifr .orpoi-ation stands, as rcj-ards an 
 power of borrowing, in a vcy .lilVorent posilion fiom a 
 ,oiii-d.' In this case the di<ta in I'alriil l-iU- ( o. weic relied 
 ,„i; but Cotton, L. d ., said that • was a case of a tiwlinn; corporation, 
 which niav have the pow<M- to borrow or U. morl'ra.je il.s property 
 t'l.r ilie |mrpo.se of enablinu; it to carry on its trade. 
 
 A tradinir coinpnnv has for the purpo.se of elfectuatinir its objects 
 !iM Inn, lid power to borrow t„ a reasonable amount (.see dciu'ral 
 Aurlinii, dr. Co. V. Smith. y\Mt\ I ;t Ch. r.V2: lir'ion v. \l,'ln,imi>tan 
 OnonhHS Cu , -A I)e IJ. & J. 12;); Aitntralian Co. v. Mnume>i. 4 K. k 
 .] 71;!: a..,! Company Prec. Part III., pp. 47. 48): it has :,ls„ an 
 iniplifMl power to incur debts (see Hussell v. FmM An<jU<ui linil. Cu.. 
 
 \v;is 
 illlji 
 ,sill 
 
 H 
 
474 
 
 MEMOKANIM OV AHSOCIATION. 
 
 [Chai-. VI. 
 
 IH - 
 
 -|if 
 
 .1 Mac. & O. i2>. iiml iDrl: lluil I'd., t ( h. 7»8i; un<l ii. luav liuv.j 
 an implied powur u> »m>I1 iiiiU moritfuj^o (soo (iardni-i \. /, <;. il it 
 Co., 2 C'h. 201; Yurk-Hhirc Hail. Co. v. MaHure. lil r Div, Jn?, 
 I\itii/.ihiiry Collifrii-n. i l"J!)7i 2 Cli. 2->'J). 
 
 Having rc^rard to thcNo doubts uiid dillieultioi* at Id corpoiate 
 cuputity, it in cxcwdiii^'ly dodrablo not iiioroly to stale tlio iii;iiii 
 • ibjfcti* of llio (»iii[iaii,v, l)Ut iil.so to stato any uiicillary objects «lii. Ii 
 the cuiupiiiiy is int(\iidcd to liuvo, or iiiiiy possibly recjuire, and win. h 
 iiro not ncccs^aiily iiiiplicil li\)ni the siaU'UH'iil of llic main objiv t<, or 
 cannot with contiiloiirc bo left lo llio opt' ion id' tlio <_'eiK'ral «nrda 
 with wliioli (>von moiiioiandmn .oncluil 
 whero to draw tlio line, but it hax no.. ' i 
 
 Praeliiv varies us to 
 1' . ii.>toiii.ir\ ,.i M'L iiiit 
 
 Old pnicticn 
 as tn ittutiii^ 
 ubjevtH. 
 
 Prewnt 
 practice 
 
 lli(> objfcln ill fon«idoia!ilo dotiiil 
 
 It was foriiM'ily not iiiMi.-iiai lo slate iho olijccl.^ in tin- nicnioiaM- 
 dum willi till' uluHHl iiiii'i-ciic^s. and then to clulionit ■ iIksiii in ilie 
 aitirli'-i; toi- iii.-.ianio, tin- olijtvts as sUiilhI in tlio inomoianduiu iiii;;lit 
 bo: " Tlio woikinfr of loal initios, and llio dojn^' ot all smli tliiiiLi^ .i^ 
 iiro fiiiiduLivc or intidonlul thorclo." Tlio aitiules woulil ilion nui- 
 tain, inter alia, ptuvor for the diroclors to soil tlio uiKlotlakin;; of llio 
 runipaiiv, in considenitioii of fa.sli or sliaros, to promoio ollinr coni- 
 paiiios. III puuliuso an<l bold shaics in oljior ooiiipaiiio-, lo piinin' o 
 llio bu.siiioss of any othor company, and undertake the liabilities 
 iliei'oof, to enter into partnorsliip arranfioiuent-s, to lend moiioy, lo 
 (,'uarant(>e contracts, and so forlli. Tlio daniror wlioio thi.-: iiluii was 
 mioplod was that somo of tlio powers o.v|ir<;s>ly ctjiiforrod on iliti 
 (liroctor.s by tho urlii'ios iiiitrlil bo b dd ultra vircn of tlio coinpaiiy 
 
 Accordiii',' to pros<'nt practice, llio rovorse of this plan is ado).ir(l. 
 Thus, in the above caso the powers conferred by the articlos on the 
 diroctois wiiuld bo in.^ortod as objects of llio company in tlie nioiiio- 
 raiidiim. while tho ariiilos wduld oinpowor the directors to o.\orci<" all 
 tho powers of the coiii|)any not by statulo loijuirod to I o c.\cici-o.l in 
 poiioral iiioolinir, .subject, ])crhaps, to certain reslricti iiis. 
 Adviiutajfcsof No doubt in the result llio objects clau.se of the iiiemorai. I'jiii. as 
 •uch pruciRo. j„j^^. fi-iiiiiod^ i,s ia many ca>os uuiiocos,-arily lontr, and stale-, iioi only 
 what may bo callod tho leading or jirimary objects, but expressly 
 einjiowern tlio company to do a great iiiaiiy tliin;_'s which, if not 
 expressed, would or might bo implied as rcasimably incidental to tho 
 leadiiif;' < lijects, or which may novor be re^iuiied. lUit, after all, it 
 must be borne in mind that the objects clause of a inomorandiiin is 
 intended to be road and undorslood, and acted on not merely by 
 lawyers, but by ordinary busiue.ss men; and such men like to sec the 
 powers of the company o.xprossed with fulness and in con>idoialilo 
 deiuil. iiu-'tead ol lo.siiii^ lu iliipiicalioli. 
 
 Take, for o.vample, Iho case of a company whose objects aro "to 
 buy, sell, and deal in coal, and to do all things incidental thorolo. " 
 
 What an imperfect guide such a spocilicatiou of objects allords to 
 business men! They may be taken to know in a general way that 
 
INTRODDCTOBY NOTM. 
 
 476 
 
 ,h.. <om|.ai.N .uu only <lo ll.o... tl...ii,'.. winch ..!.• . ,.i..,.n,.Ml .„ lU 
 „„,„ .,r u>o Uiilv i.i.„lm..al thoroio Hut ll..' pruDi.al .[....Minn 
 „„ Willi' ii lairlv itiri^limn»l (li.T.-io' Wlioii' U Hx' lnui to bo 
 
 ",','iu, 111'' aiic" lo.H will Huv: • Miiv wv l.iiN ari.l work u .M.lli.Ty? 
 
 (1„, „.. Imv odirt,.. iin.l «tor.M? May w- l.iiv .in|M'^ Mii> wi- n.ako 
 
 ,„i'n. lufl'i' Nh.v «" "^•'"1" '"'"-^ '"■ "^'''^"f^''' ^''.^ "" '""''■"* 
 ||,!„„n - Miu wo 'i««uf (ioliciiluru stock i- May wi> iiMul iiioii.'> ' May 
 'rfn:ci into |.u.lii.T.sliil. willi otiiors:- May w(> taUo s|,an-* in other 
 I!„c.'iii--- MaN wu soil Iho wholo uiLlcrtaUitij,' if a cliaiic. aiistM' 
 mIn ^u■ "iv./a ),'uarailtoo? May wo promote another coiii|>ariy to 
 ,„',kc ail alliauc. with our fomiiaiiy? May we buy up the business of 
 ,„u.: he. company- May we buy a patent?- 
 
 .\,, 1 ,1,1 ,1 |;,l^■,oI■c(ml.lall-^^"^ ihc'.-.e.piO'^lioii.-.aniUay, • .S,)mu ol 
 .|„'.r 'hill.'-' vou may du; oilier- you eaniioi ' Hut surely the busi- 
 ,0- man lias reasonable groun,] to a-U. "Why is .so mud. bft to 
 |„,,,li,ation? Woul.i it nut havo been more cmvonieni to slate the 
 „|,',,i> ill -teater detail, ami thu- let llie .l.Hiimeiit it.s.-ll a.iswei 
 ,i„...;i,,„> ili:',i are sure o> ari.se:" 
 N,,i i, 11 ea-y to answer thi- cpiesii,,ii i.ib.Twis.. iliaii in lb'' 
 
 alliMiialive, , 
 
 \,„| ,.v,n the liiwver cannot but .-.ympaibi/e in the matter with llie 
 l,„',i,i,- luaii. for liie ,h' ■iHi,ui> a- to what is aii,i what is iiol :<lh„ 
 ,.,>.-• ate not alto-ether in aecor.l. ami althou-!i a com-ise objects 
 ,.lau>e mav .sullico when ri'a.l in the li-ht ol the .h^ •iM,.!!.-. it appears 
 10, > Mion-i-hie.l aiui iiiip,,liiic to I.mvc to i,iipli,,iiioii poweis «ith 
 
 „|,i,l, ,: ,-,lcarly ,i..-i,al,|o lo iiiv-, ,lie. ...aid 'liiis in elVe.t 
 
 •0 pau' llic w.iy f.ir .lilVereiew of opinion. H) (Kvpa:,' jiillalN tor 
 ii,e iiiinar\. ami to eompol the pru.h'iit ilirc lor to seek lei;al a,ivi,e 
 at every step. Seo further, on this p,ani, Company Law (9ih e,l. i, 
 
 ''''A,''t''lberi,i^ ami exiemliiio ,hc ol.ject- ol a ..ompaiiy. .ee sect. 9 ^^^^^ "' 
 ,,1 til,. ( oinpanios A.i, l'.IU8, inti.rpoi.itiii- tlie provishuis ol the 
 rompanies ( Moinoramlum of .Association) .\cl. !«'.">. hifra. 
 
 Cliap .Wll. 
 
 The ,o,e-,i„. matters ,p, 449) must be in-LMte I in every niemo- ^;;^;^^^ 
 kuhIuih of a.s.socii.tioii, whether the company is to be limite,! or 
 uiiiiiiii'ei In the ca.se of a eompaiiv limit^-d by ^r„aranloe. thoro 
 I- onh Miic more clau.se— viz.. the j.'iiaran!e" i-lau-e. iinh'ss it is to 
 have a ,apilal divided into shares, in which case there miis' also 
 I :■ a ..ipilal elau.so i.sce no't. 4 (12) of the .V.'t. repl.icin- se,.!. 27 of 
 •lie Companies Act, 1900); whilst in llie ease of a oompany limited 
 l\ .-lu.ie- thoie are two m,ire i lauses— viz.. the declaration of limited 
 r ,1,,;!;.^. .,„,| .j.p ,.;,j>;.:,! rbsuse-. The al'ov iiieniioned aro coiidiMons 
 ol the "memorandum which sect. II of th,-> Act of 19 18 would seem 
 10 render unalterable. Tho word "seem"' is used because, singu- 
 irly eiiuufrh. it lia.s boon hoM that tho.so conditions do not iiievent 
 the company from imposin},', by ius regulations, ou its mcmlxus a 
 greater or further liability. 
 
11 
 
 476 
 
 MKMORANDA OF ASSOCIATION. [ChAP. VI. 
 
 Thus, ill //,7r.v ra8e, 20 Eq. -.85, and Maria Anna Co., f. C. I). 
 447. il wii.s held by .Milling V.-C. that the arfirlos coiihl oft'ortimllv 
 ini|ri,.s,. il liiiliility in exce.s.-; of the aniomit of tlie nharos hold hv tli,. 
 iii("iiilioi-.s. and tho la.-^i-inontioued decision was iiHirniod l>_v the ( oiiri 
 of .\|i|i('al. Sci' also I'lnhimhi ( n. v. Flevihi'i. 27 L. T. X. S. <i.! 
 
 Ill liiii' maiinor. it has been held that, in tho ease of a foinpam 
 liiiiitod hy friiaranlce. the article- may iin|)oso further liahiliiiiw 
 l.'«)ii liisiinni'T Pit. V. Tiirlcr. 12 Q. B. l)iv. 17(i. 
 
 I!u! ihe liabilities iinpo-ed by the nieiiioranduin on the iiieiribei- 
 caiiiKV lie diminished or restricted by tho articles of as-^ocialioii 
 Hanhiii Hull Co., .-. ('h. ;J1(!: Srirrlls ,,i.<i,\ .1 (^i. 1;{I ; Wcllnii v 
 Sullrri/. ' 1897 i A. (' 2!i0; ( hiiinii'ss v. I.ini<l forpornlion of lr,-l,n„l 
 22 Ch. I). .■!72 
 
 .\s Lord Selborne sai<i in Foihr-s' mxf, 8 Ch. 77G. sect. 12 of ilic 
 Act of l«t;2 I now .se<t. 41 of the Couiiianies Act, 1908) iirohibiN .mv 
 alleration of the condiiiotis in the iiieiimi aiiduin. and ■ il is ,|iiiic 
 certain ih.it under liial section, if theio be found anvlhinir in tlic 
 ariicli'.- iiiiiiiiiio; (|,i. liabiliiy of llie ■ liareholders in a way inconsi-leiii 
 "lib the iiieiiioraiidiiiii anylhiiio' tondiim- to rediico the lial.iliiv 
 of the shareholders thereby presciibed— it is simply void ' 
 
 CHpitiii 
 
 .1' 
 
 Hk' iM'ITAI. of Ih,' ('oiiiji,,,!!/:- 
 
 -Viiiount of 
 shares. 
 
 Ohji-ction til 
 Hhart*,-* oiilv in 
 part piiiil ii|i. 
 
 rtJtWiltinll of 
 
 capital, 
 
 The iillh clause of ijie iiieiiinrainliiiii of a coinpaiiy liiiiiied !i\ 
 shares iiiiisi staie the noiiiiiial capital and the nuiuber of shares into 
 which it is divided, witli the amount of each share. 
 
 A- the capital can be readily iiicrca.-ed. llieio is no objeci in stall- 
 ing; with a very lari;c nominal ca|iital, much reason in faci ayaiii>l 
 II. Il involves a iieedle.-s expeiidiiure in stjimp dulv; no savin-. 
 howc\er, is ellected in slainp duly or otiiei wise by siartiii"- with l.-- 
 than 2.0011/. capital. 
 
 'I"he amuuiii of the share- dcpond> on a number of eoiisideralioii-. 
 If tho public are lo be invited u< iij)|dy for shares, the aniounl shoiild 
 be moilciate. for il is treneially found thai there is a better inarkef 
 lor 1(1/ or .W. shares than for lar^-er ones. Indeed. II. shares aic 
 now liie iiiMsi popular. Moreover, if is ;,reiierally e.\-pe,iiont noi to 
 leave much, if any, liability on the sliari's issued. So lonfj- as shares 
 are not fully paid up. their value, unless in exceptional cases, i- 
 impaireil by the e.\isienie of ilio liabiliiy; and if the eompaii\ shuulil 
 meet wiih reverse-, its shares may bei ome almost unmarkeliible 
 
 There may, however, bo cases in which those disadvanta<res laav 
 be coiinterbalanicl by the .se-iirity allorded by the o.xisieiice of a 
 larjre amoniil of uncalleil capital, c.r/.. in a bankinjr, invesinieiii, 
 vt in.sur.-iiico c.omjiany. 
 
 In the case of a company limited by share.^, tlio capital, bein? one 
 of th(> fundamental con<litions iDiitaiiied in the meinoranduni. can 
 
INTRODUCTOKY NOTKS. 
 
 i.iil\ lie ulioiod as |)roviilotl li\ llic Act. Tlial i^ lo -.m . ulicrc llio 
 ailiik's )icriuil- 
 
 [III TIk' rapilai may lie iiK icaspil liy llit> i riMlinii ol' new >liali's. 
 
 (/;i Tin' shaioi may Ix' iim-ioliilalcil. <■.(/. icii 1/. iiit c Id/ 
 
 in I'aid-iiii shares nu ho (((iiviMloil into slork. 
 
 i(/i Slmk may Iio icioiucrtivl into liilly-|iaiil shari'- 
 
 • (■! Tlic shaios may lie suli-iliviilod liy ^pt'cial ifsdiiiiidii. 
 
 in/, into Ion 1/ 
 '(< Shaios which have not liccii issncil mav he (Mriccllt'd 
 I (/ 1 The caiiilal may l)(> iimIiikvI Ii 
 
 liv (ho < 'oiiri 
 
 ,(/ . one 
 
 spcrial rcsoliiiion sanctiont'i 
 
 i,(i. ih< and i<i were authoii/cd liy MMt . Ili of the Act ol' I8'j(i, 
 
 ,/i liy so,t. 2\t ol the Act of I'JOO; itM by sect. 21 of the Ai^tof IH(i7; 
 
 f: liy .son. ."> ot the Act of 1877. all now loiisolidated in s,.ii. (1 of 
 
 I ho ( ompanies Act, litOS; ( (; ) liy sect. 9 of the Ad of 1H07, o.xplaiiiod 
 
 (.\ the Act of 1K77, now sect. -l(i of the ( 'ompanics Act. 1'J(I8. 
 
 Sa\o as aforesaid, and subject to the power now jriven to a coiii- 
 pauy to rcorjr'uize it.s capital (t'ompanies i (.'onscdidation i Aci. l>t(»S, 
 V I.I. Mil alteration of the capital of such a imnpanv can be lenallv 
 iii.clc. l-'u'l'liii/i <iii(J Iiln' iii/hni's ra.<c. ]> eh. 711 i un.uilhori/od 
 Hil.-di\i-ion of sharesi; Srin-H's ,vi.sc. .'i Ch. |:>1 .■ unanihoi i/eil in- 
 
 I MMM. (if ciipiial i; I'riiiir \ . \Vhitini)ih. Ili App ('as. |l»',l; II (•//«/(. 
 \ Sdiicri/, • I.S'.i7 A. ('. U'.)!» (unauthorized re<luction of capital i 
 
 .\- repirds reduction of capital, the .\ct of IS*;2 cave no power to u,.,iu,ti. u ..•' 
 
 II jure the ca])ital. The power was first conferred by tiie .\ct of caiiit:,!. 
 Isi;:. Ii was. however, held that the power so c(uiferred onlv autlio- 
 
 ri/cd the icductinn of lialiility in respect of uncalled lapilal i l-'Jihic 
 1 '/<■ Co.. 1 (', ]). «.i7), and not i-educlion of paid-up cajiital which 
 h.i'l I'ccii lust; but by the .Vet of 1877 it was declared thai the word 
 
 .i|i'.t,i!, ' as used in the Act of 1KI17. shcndd include paid-up capital. 
 ^iiid lluii the ])ouer to reduce ci.iiital conferred by that \cl sl|,,„ld 
 ii! Iinle a power lo cancel any lost capital, or any capital urireprc- 
 -( iiicl by av.iilable assets, or lo pay off any capital which mij^hl 
 lie in exiess of |ho wants of the company These powers are now 
 i"iiMiii(>d in sect, fli of the Conipaiiios .\ot, I!H)8. liv the provi- 
 >i"ii- of ihat section the interests of <'redilors are carefullv sal'e- 
 f;ii.uded; for ihe reduction to bo elfective recpiires tl) the Siiiiction 
 ci a spoi iai resolulicHi; l2i the consent of t^yt^yy credilur, or provi- 
 si.ri till \n< payment, e.xcept as pinuded by sect. I!l; i :t i Ihe con- 
 l!nM:iii(.n of the Court, exctipt .is provided bv sects. IS ."iii .Soo, 
 !!Hilicr. Chap. W'll.. iiifrii. 
 
 Niir lan any words inserted in the memorandum or articles of Wurd,- in 
 ci-ii. iation abroc-aio the di.sabilitv imposed bv the Ad. or enable the ""■"'",'•■''"'' '" 
 |Miiies lo escape Iroiu tlio eoilditioiis which the l,ey:ishiture. on the caiin.it hIut 
 lii'uuds of public policy, has thoufrht Ht to iin|)ose. Thus, if u '^*"•'•■''''■i' - 
 c.iuipany, by its memoiaudum of ussociatiou, takes jiower to buy it« 
 
 n 
 
 
^i'S 
 
 iil 
 
 47 M 
 
 MICMOIJANDA OF ASSOCIATION. [ClIAP. VI. 
 
 I.iulpility to 
 pay for all 
 Kliari'* in full. 
 
 No powtT to 
 iHHUu at 
 ducouut ; 
 
 nor bonu!* 
 •hiirc«i. 
 
 IwHiie of paid- 
 up shurt's. 
 
 own share-', or fo pay (livi<lomls f>ii( of capilal, inasmuch as tha 
 oxcrcisc ot' iho ])()\v('i- uoiilil involvf a ve(lu(tioii ol' iho capital, tlio 
 powcj (aniKil ho validly cxoi^ isoil. oxii-pt in aoiordanio with tlie 
 statiituiv jnovisioiis. 'I'rcviir v. Wliilirortli, 12 App. Cas. 40"J. 
 What cannot ho duno diroctiy cannot ho ilono indiioctly. 
 
 It may ho convonioni hero to note that tho liahility imidcnt to a 
 sliaio r:\n only ho satisfied hy paynioni in Inll. I'aynient may now 
 ho made in ca-iji cjr in ])i(i|rt)riy. in' soi'vicc^. <ii' a?iytliiiio^ ol' value; 
 hut ilioic is uo power to issue at a discinint, oiflior for cash or 
 otlioiwiso. It was held, in Imc Hull Co., 'l'\ C D. .Mj, n., that 
 shares iiiio-hf lie issued at a discuunl, provided an afrrooiuojil was 
 filed under !!ie now repealed sect. 2'^ of the Companies Act, IStiT; 
 hut it was held hy the House of Lords that this was not so, and that 
 sect. 25 did not alter the amount payahle, hut merely roijuired thai 
 if the amount was to bo paid up othorwi'^e than in cash a contract 
 nuist ho liled hol'oro tho issue of tho shares Addlcslonc Linolfum 
 ('(I.. ;i7 ('. 1). I'.tl; AhiiinJd and Tirilo Co., 'M ('. l)iv. 115: It'oilmi'i 
 Time Tahlvs Co., 42 (.'. Div. '.»«. and that this was the law wa^ 
 .settled hy tlie llou^e of Lords. Oorcijiim Co. v. Ilopcr, (lti\)2) A.I' 
 12.">. lOveu when! all liahilili s to outside creditors have been satis- 
 lied, the discount share'iohlor nmst pay up in full to adjust tlio 
 riohls of shareholders intir se. Wclton v. Safferi/, (IS'.tT) A. (' 
 2'.tl'. .Vnil () forliori bonus shares cannot be validly issued, i'.ihbi- 
 xtiiiic Marine, dc. Co., (!«',);!) •'! (;li. it; .Mosclei/ v. h'olji/foiilcin. 
 .l//»c,s. tl'.t(l4i 2 Ch. 108. 
 
 A ( i>m|Mny cannot is-^ne paid-up shares i-xcopt on tho I'oolinp:' tliut 
 they are to he paid for in cash or its ei[nivalent in value. Triie, 
 it may |iay a commission to a suhscrih< . and thus, so far as tlio 
 linancial result is concerned, issue Iho shares at a discount, hut in 
 theory the shares arc still paid up in f'lU by tho underwriter, t!ii]iit;h 
 part is returnt.i in the form of commi^>ion. See .sect. H9 of liii^ 
 Companies Act. I'JOS. siijira, p. 27'.t. 
 
 Au agreement to issue paid-up shares in consideraliou of ))ro[)ertv, 
 services, or oilier consideration of value is only eiroclive because it is 
 in •^iih^taiKO an agreement hy the directors to accof)! the jjioperly, 
 servile^, or other cou'^ideraiion in |)aymont of the amount i>t tiio 
 share While the agieement stands unim|)eaclied, tho Court will 
 mil iiiipiire into the value of the property or .service^, hut will assiuiio 
 the directors to liavo exercised an honest judgiuont and liio cmi- 
 sidei.iiiou in property or services, itc. to have been the ciiuivalcut 
 of the capital liability on tho shares. /V/f.s ca.si'., ■> Ch. II; /I'o 
 Wnif/i/. ( 18971 1 Ch. 7;tii, supra, y. 02 ft Kfq. 
 
 liul this dooi not import that shares can bo issued as fully paid-up 
 in ■: •••i-ideratioii of projiorty whivli the ruiitrrict it-elf =how3 tliiit tlie 
 parlies valued at loss than the amount of the shares. Almada and 
 Tirito Co., ubi nupra. 
 
INTRODUCnOKY NOTJM. 
 
 47a 
 
 Minimum Subscription. 
 
 \\ licrc -Imrii f;i|iitiil of llio cuininiiiy is to bo olloioil lo i ho pulilir 
 fur Mili-ciiplioii. tlio aiiKMiiit of "(ho iniiiiiiimii sub'-rriplinri upon 
 whi' h llio ilircctors iiitiy j)roioO(l lo allotiiiont " iiKii/ In' " lixcd by (bo 
 iiKMU'Tiniiliiiii " of associudnii. See •<0(l . 8', of ("ompaiiios Ait, l!t()S, 
 ai;.l |i. II'- ■•^ni'rii- It iiooil not bo statod in (ho iiicriioniiiibnii, 1hi(, 
 il iiiusr lio fixed oillior by (iio luomoranduni or by tho artii li'-< of asso- 
 (iaiiMii. Ibid. And il ii boltoi' to !i\ it hs llio articlos, for if iii- 
 MMloil in the laonioraiidiim it is iiiialteralilo, and may. if nut olitainod, 
 wiv k iho (iini|i:iny, wlioroa.s if inscrlod in llio arlii-los i( can, if 
 l|„. [lubl vi|)(ion ]irovos insulliciont, bo allorcd. 
 
 Additional Provisions. 
 
 |!c.-i(li'> llio^o conditions widch llie \i\ of 19(18, s. ;t. n'((uiros (o l>o C.inliiiiins i" 
 -^|ii I ilii'd in (iio inoniorunduni, any material piovi.-inn wiiicii is in fact j"/.'|','i,']'j''|,'|,,''I" 
 
 • lUl iii the nK'niorandiiin of assoiiatiou (';/ , a.s to tho amount of lln- r.taiuiuiy 
 ilic niiiiiinuni (jub.scription — is (.subjoct to what i^ suid ubovo) uiialter- 
 al)lo. Tlius, if tlio nionioranduin of association of a companv states 
 
 mcM 
 
 Kxiiinplcri. 
 
 ,,,..,,, ... , An tdilirtcniit 
 
 tlic capital and divides the Hharo^ therein into .several clasfics, and , la»»(» uf 
 
 dcclarp.s the rights as roirard.s dividends or othorv.iso assicjiiod to "'"'"'''• 
 
 each cla.ss, ^ucli declaration is a condition of liic nionioranduin, and i» 
 
 iiiialtoiable by sjiecial resolution or oth>.''\viKe. Ashhurij v. Watson, 
 
 K) C. Div. 370. lu that case certain .special resolution.s had boon 
 
 p;i,>sod liy (ho Smyrna and Cassaba Hallway {'onipany, and acted on 
 
 fur iiioro than ten years without objection, which purported to alter 
 
 ilic ligliLs hilor se of (ho dill'oront classes of .shares as dohiiod by the 
 
 iiic'inoranduui of association, and it was liold that those ix!solution.s 
 
 uciv vHra circs and iiioi)erativo. In support of (lie validity of th<! 
 
 icMiliiiinns it was llion^ c<;nlondod, in rcliaiiio "ii Ihikc's (uie. 1 ('. I). 
 
 ii'20. and \\'iiisl(3>ics case, 112 C. i). '2'M, that tho dolinition of rights 
 
 WU.S not a condition witliin tho nn>nninf; of sect. 12 of the Act of 1802 
 
 (now sect. 41, Companies Act, 1908),and that tho condidons which, by 
 
 that .socliou, are iiiauo unalterable, were only those oonditioiis which 
 
 tlic -Vet n'i|uirod to bo specilled. iJut it was held otherwise. Urett, 
 
 M. Ii, after referring to the word.s of sett . 12of the Actot 1802, said: 
 
 "•■Vnytliing more plain 1 cannot conceive. It does not say, 'the 
 
 i<iiidilicpMs hoivinbeforo iiioutionod,' nor 'in any condition noi-ossary 
 
 t(i the consiiiution of the oonipany.' It contains no liniilaiiuii of any 
 
 kind To my mind it is a plain cnacliiient that tlio company shall not 
 
 (liter anything in (ho monioraiiduiii of assoclalion, which is a condi- 
 
 limi. save what is oxpn'sslv aii(liori/od ' SiX' infra, note to Konn 
 
 1!G0: al i, Andrews v. Gas Meter Co., (1807) 1 Ch. 361; ond Allen 
 
 V. (lold Re^fs of West Africa, (1900) 1 Ch. 056. 
 
'\H0 
 
 MEMUKANUA OF ASSUCIATION. fCliAP. VI. 
 
 .P' 
 
 1 .si! 
 
 I 
 
 IS i 
 
 Definition of 
 lights in 
 incmoruniliuii. 
 
 (inuruli-imif*' 
 III nn'inciran- 
 
 (lllIM US Id 
 
 4l:\i>iun in 
 
 (■l;i'fHt-.s. 
 
 M* iiioraiKiuni 
 
 Hiltilt, but 
 
 jnnvt-v in iiri- 
 l!iu;tl urtii lis. 
 
 Preference and other Special Classes of Shares. 
 
 Noi iiilii'^jiKMitlv llic ciiiiilal is, liv llio iiU'iiuiriiiKliiin and ailidis 
 111 ;u->MMiuli(Pii, (livi(l('<l not onlv into shaix's of (lilltuonl ainoiuil.'-. Inn 
 into (iilloit'iil (•la>s(M of sliaios witli dilli'iont riiflits atlailit'd to tlifiii; 
 fill- instance, intn pn'foronco and oitlinarv sharfK, or pioft'ivnui', 
 oKiinaiv. and founders' sliaies. When this is tlic case, it is nui 
 unooninioM to (h'tine in the nieiuoianduin some of the riijht.s alta. licl 
 to tlie dilleivnl clas.M'- of sliare^ lo^pectively, or to some one liii^^ul 
 thoni. 
 
 The olijeet of so d<'(ininjr llie riy:hts of shareholder.^ in the jmimiio- 
 raiiduru i< to fortifv the po^iiion of the class, for rifi-iils once iincnii- 
 (ll/Uimilli/ altaihod hy the nieniorandiini to a paiticiihir class of sli;iic>; 
 caiiiiol Iw altered or iMfrinu:e<l. Ashhiiri/ v. W'litnoii. 30 ('. I). :'i7i; 
 Sw xii 1)1(1. 
 
 lint if the riyht.s are not uiii)iinlilii>iiiill.i/ nUaiAwd, that is, if thoiji.'li 
 s|ieiili<'d in the nienioraiidnni thev are coupled «illi a clause in ilic 
 nieniorandiiin providiiij.^ fur alteiittion. such a specitication in llic 
 menioranduin d(K\s not t;ike elfecl as an nnallerahle condiiimi 
 Wclnhiirh. <(■(•. Ci).. (I'.tOt; 1 C'h. K7. 
 
 Mor(> often, however, the nieiiutranduni merely contains a cIuum. 
 ;u j^-eneral terms to the ellecl that 'the shares in the (ai)ital lor llic 
 1 imc Ix'iiig-, whether oriijinal or ineiioa.sed. may be dividc<l into m'vi nil 
 cla.sses with any preferential, special, (pialilied, or deferred ri'/lit-. 
 privilofifs, or conditions attached thereto. " and. in such cas<i, ii i- 
 clear that the articles for the time beiujj; may authorize the divi^inii 
 of the shaivs into ela-sse- and attach thereto preferential and oijiii 
 special rifrht-s. 
 
 Ill other cawcs, now le.ss ooiniiion than foriiieriy. the iiienior-.iiidiini i« 
 totally silent iis to ttu' issue of spt-cinl cia-ises of shar<>s: liiit evcM in 
 such cases it was lorn.;' siiict> Jield thai the article-., as orii^inallv franicij 
 and rejjisl*'!^^!, (ould etleiiually diviile. or ei\e power to divide, llic 
 ca|)ilal into dilfeivnt clu.sses of shares with |)refereiitial and other 
 rigrlit.s attached. lltinif^nH v. McjiruH Hail. ( o.. lil E(|. :\-')H: /o 
 South Dnr'na)!! lirfiiirii < o., 'M ('. I). 2()1. This conclusion w.is iini 
 arrived at without dilliculty, for the doci.sions in Hnltitn v. Srm- 
 h(,r<>U(fh (tiff, (tv. Co. I No. li (MSti'd. 4 De (-. J. & S. 07:2; iiinl 
 (No. 2i 2 Dr. it Sill. .)21, hotli appeariMl to point to the coucliisidii 
 that wheiT the inenioranduiu of a.ssociation wa.s silent as to (lasses, 
 there wius an ini|)lied condition of eipiality, ;vn<l, if so, it was not ca-\ 
 to see how (hM)kini; U) sect 12 of the .Act of IS(;2 (now sect tl 
 of the Conipaiiien Act. litOHii the articles of a.ssocialion ((kiIiI 
 elfectually modify this c.uiditioii. However, Jessel, M. 11. , in 
 Morrison v. Mvjirari Hnil. ( o.. 1!) E((. ;i')8. liehl that the arliilc- 
 
 lU.iiiiv this inir.lied cindition, anil. 
 
 could, ill ert'ect, iiPHiirive 
 
 alth<nip:h Kay, .1.. sul).se(piently decided the contrary iti Snulli 
 
 Durham Breivery Co. i^isuprai, that decision was reversed on appeal. 
 
INTKOIirtrOKY NOTK-S. 
 
 IM 
 
 III rlllNPM'H (it' 
 ^lKlrl'^. 
 
 prc\;iiliiii; 
 
 h ;>. liiivMixcr. mil mil iiiiiiiinii Id linil iliiii ni'itlii'r llic iiH'iiiDiaiiiliiiu Whi-n- miiim- 
 Miii ilif iiitiili's. ji.> iiiii;iiiallv liiiiMi'il. i;iv(' p.iut'i- to i>.-,iH' iiri't't'i-cricc ''".•'"'"'""' 
 
 ... .' Ill :irl nil's :irr 
 
 .mil iiiIhm .s|i<uiiil cliissc.^ (it >lia-t's, and. wlicic Imtli aic -ilciil. llic Imtli »;i.iit ii» 
 inlliiuiii;; i|iu'.-.tiiin.^ .<()Mi("tiiiics arise: li ('an llic ('oiii|iaii\ i.-<siif 
 jurt III' llii' .sliaics ill IN iiii;;iiial capital with pivt'ciciitiiil m' -pi'i iai 
 ri;;lil.- atlai IkxI 'i* 1 12 ( 'an the iiiiii|iuiiv i.-Mic new ."liaio^ (ivaU'd ii|M>n 
 an iiHica.-i' dl lapilal wiili ipn't'crciitial m- .-.|i<Tial iii;lit.< all,irli('(| ;- 
 
 I iitil ii'toiilh , it wa.'^ jiciii'ially con.-iilcrcil iliai Imlli llu'v (Hii'^tiinis Viiws till 
 iiiii.«l lir aii>vvi'r('(l in tiic lu'^alivc. 
 
 .\.- Ill till' lii>l i|iu'stiiiii. it wa.-< (locidcd hv l.nid \\ C^iliiii v . L. ('. 
 ihal ulii'ii liulli iIh' iiii'iiiinandiini and uilitlc.s witc .-.ilt'iil a^ in )ii<'- 
 hniii I' .«liai(V-, a coiniiaiiy cnuld not issin' sliaios in ii,v ui iyiiial caiiilal 
 a.- |iiclViciuo .vliaio-i. at aiiv rak'. wiliiunt allciinn- il,-^ ailirli'^. and 
 lijiilici. Iiiri LiPiil>lii|i c.xpicsstid diinlit. ulirllur cvi'ii li\ allciiii^- ii^ 
 ailiil<'> till' |i(i«cr Luiild lie olilaiiu'd (//«//<>« v Scmhunut'ili ( lill. 
 il' ( n.. 1 I).' li. .] . A S. i;--2<: and llic dci-i.-imi ol' K indci.sh'N . 
 \ -I .. Ill llllll'ill \ SrillhninlUlll (lill. dr. (il. I Nn. L'i. J |)|-. ,V 
 
 .^111, .'ijl. uiMii fai 111 riiidiini llii.-- dmilil. .\ nd a.> in ilii' -.iTind 
 i|iii-.liuii. il \\a^ aii-ui'icd in the iicualivc In llii' ilcii.-inii i,j' 
 Kiii(l''i.~li'\ . \ .-( .. ill the ra>c la.--!, iiu'iitiniu'd. 
 
 Ilii' llii> il(Mi»i(in iia- nuu lici'ii u\cii nlcd li\ iho ('uiiii nf Apiical The law .i- 
 III Aiidirir.. \. (i,is Mrlcr ( „.. IH'.m;) 1 Cli. ;!i;i. In ,||;,| ..-iso ihcro ""»""'"'"'■ 
 \\a.- 11(1 iiiiucr in llic original niciiiinandiiiii nr ailirli'.s to ismio pic- 
 Icicinc r'liarcN. Inil powor wa.s taken hy .s|)tMial icsdliiiinn and acii'd 
 "11 Till' ( imrl III' A|)|ioal hold that the prd'oi't'inc .shales wore 
 \.iliilly I ii'iilcd. on the jri'iiund thai. allliiiii<rh by sect. H ol' llio Art nl 
 IsilL' . iiou .-(Ml. .'! Ill' the Act of litOHl tlie tncinoi-aiidiiin ot' assnciaiidii 
 i> 111 .-laic the ainiiiint ol' liie oiieinal ca|iilal. yet in other lesper - the 
 liplit.- ol llie shaieholdeis in fes|ieit nf iheif shares and the terms on 
 ■iliirli aiiv aildilioiial capital iiiiiv lie raised, are inall'is t., he rei;ii 
 
 latcil \i\ the ani.les of assmiai inn rather than liy the iiici ainliiin. 
 
 and an- theielore nialters which unless provided for liv the iiieino- 
 raniliini, as in /slihiiri/ v. Wdlsoii. .'iO ('. I). ■.i7l>) may lie doterinined 
 liy the loiapaiiy from time to time liy special rosolution. piirsnanl 
 Iii.vcl, ."ill -f ill,. Act of IHilL' now sect, .'i of the Act of UMIK i. Tlii- 
 view (learl- ■iee;alives the doctrine that then) is a condilinii in the 
 nicMioiandu.il of associalion that ail shareholders are to lie on an 
 i'i|iialin unless ihe ineinoranduni it.solf shows the contrarv. .Sec 
 l.iiiillev. 1,. .1. Acroi(liiii,dy. the eiirrect answer m ihe second (|iie-- 
 tiou is: ■'ies. hy altoriua; its articles so a^ to t.ake the reipdsiie 
 |ionci . 
 
 Moicnver, the eroiinds of this decision •ro far to show that the same 
 aiisHer should lie p-iveii to the lirst (|iiesiioiK for it is now alnindaiith 
 clear that a meiuorauduiii lieinv' silent. :i,s to any distinction !.,.(•,; 4>i.ii 
 sliaieholilers does not amount to iin implied coiidiliun of eipialily 
 a.s IjolHoeii the sharos in the capital. 
 
 1' , . 
 
 * 
 } 
 
'<■ 
 
 4H2 
 
 MEMORANDA OF ASSOCIATION. [ChAP. VI. 
 
 Atlvorliii^r to tlii.s pnim, (otloii, L. .1., iu (fui)ine'<.i v. fMiid (\ 
 
 Itonifioii III 
 
 Irrhtiil. 'l^l ('. n. .U'J. .'tyy, r*iii(l: " In roiilily it is not liv 
 
 Pi 
 
 V 
 
 ■t', 
 
 LiiiL^H 
 
 .^^H 
 
 baaiJMMg 
 
 MMe 
 
 il 
 
 
 '.nSa^B 
 
 
 <'<^'' ' ■« 
 
 
 ij'^i^W 
 
 
 Su^scribtTs* 
 de'litratimi. 
 
 r 3 5 
 
 :i 
 
 
 ? 
 
 Memorandum 
 
 1 
 
 may be in 
 
 f 
 
 writing or 
 
 
 printed. 
 
 inipiicalioii frnin \\w cnn.st ruction (if llio iiiciiionimliiiii that tin 
 eiiuality of tlio .sliarcliokiors as logards dividond arisiw, but liy tlic 
 im]di«itioii wliicli tlio law raises as iHStweeii partners, unless ihojr 
 contract lias pri'vidcd to the contrary." And in a later ease { lirilisli 
 Co. V. riiiiinr. I 1S'J4) A. ('. .'WOi, Lord Macna(rhten -said: 1 
 H'^Trv lliiU ihe oijuality of whaieholder.s as rey:ards dividouil is nu; 
 an iin|ili(' I londilimi of the nieiiioranduiii; hut I doulil whether ii 
 is iieiessai'v to have recourse to the doctrine of j)artncrship. li 
 xt'Mi.-- to Mie that if the sum of the interests of persons conccriicd in 
 a joint venture is divided into shares of e(iual amount distinnuislioii 
 bv nuinhers for the purpose of identification, but with no other 
 distinction lieiween them, expressed or implied, it follows as a self- 
 evident proposition that the interests of the shareholders in respect 
 of the.se shares, as repanls dividends and everything else, nmst 1" 
 equal." 
 
 There lieiiiir, iIkmi, no imi)lieil cotulilhiti of ecpiality, it appears tu 
 follow thai silence in the memorandum docs not jirecliide the issue (it' 
 preference .sliaies, but that the articles as oriirinally framed or as 
 altered by special re.solution can give the requisite power to issue 
 part of the original shares as preference shares. This (>onclusiou is 
 not at variance with the decision in Ilutton v. Scarborough ClilJ 
 Co.. 4 I)e li. .f. (t S. I No. 1), Kiipra, for in that case the company 
 was seeking to is.sue preference shares, although neither its nuiiiD- 
 randuni nor articles gave power to issue the same, and although its 
 articles expressly, in ellect, provided that all dividends were to he 
 paid jxiri jxiio'ii. It is only contrary to the doubt expresM-d In 
 Lord Westbury— a doubt whicii gave rise to a dictum merely. As 
 to alleriiiir the rights attached to eli. ses of shares, see /»/ra. p. •)•">' ; 
 and Wclshiich, dr. Co.. supra. 
 
 On reterrinii to the forms of memoranda of association uiven below 
 ipp lint .lOa). it will be se<'n that each of them conclude- with a 
 declaration that the subscribers desire to be formed into a company. 
 
 It will also be observed that seeta. 4, 5 of the Act ro(juire thai, 
 "in a company limited by guarantee or unlimited, and having a 
 capital divided into shares, each subscriber shall take one share at 
 the least, and shall write opposite his name in the memorandum of 
 a.s.sociation the number of shares he takes." It has been considereil 
 that the word " iiiemoraiiduin " in this paragraph is an error for 
 "artides," but the i)ractice of the registrar is to re([uiro the jiumber 
 of shares taken to be slated in the memorandum. If the shares an; 
 of ditlerent cla.s,ses it should be stated which class of shares the 
 signatories subscrioe for. 
 
 The memorandum may be in writing, but where articles are regis- 
 tered it is usually printed with them. If in writing, it is sometimes 
 filled in upon a skeleton printed form. It must be signed by at 
 
 
 i' ' i 
 
INTliOUUtni >KY NOIKH. 
 
 4h:{ 
 
 Ion.-' ^«'\<'ii ii'Tt-oiis (di- ill the cii'^c ol a |iiiviiii' i ()iii|)iiiiv ivvo persons, 
 
 Ml' |i !ill . ill llic |)ii's(.ri<c of, and lie alli'^liMl liv, one wiiiicss at, Wiiiiew.. 
 
 liii.-! Till' >aiiH' wiliK'fo iixiallv atii'sts ilic -iu'iialiiro ol .ill tin- 
 
 .-iil'M riluT,-. 
 
 1 . rtiticalc 
 tviilriKi' tliat 
 r''|uihitionM (tf 
 A' t ciiniplicHl 
 with. 
 
 Certiiicate of Incorporation. 
 
 Scr! 17 of ihc A. t of IIMIM ri"|ii('.-('iiliiij,' M'l-I. I of the (' paiiir^ 
 
 A<|. I'.iiMii |iidviilcs lliat: 
 
 ■ l.i .\ rntili.;itc iif iiiiiirpniation t'iveii Uy tlio n'cistrar ia rcsiiiM-r of any 
 i-so( iatio.i Hliall be TOiii'lu''iv<' pvidenci' that all thr riviuiri'mcnt.! of tlip Art in 
 n-iiici iif ro/ist ration ami of inattors priM cdpiit and imidrnial tlirrcto have hcfn 
 (■■iiiiiliwi Willi, and iliat tin- as.^ociatioii is a iuiii|>aiiy aiitliorizi'd to be ratfis- 
 iiriil and duly rciji^tcrol under this Act. 
 
 ■ r.'. I A statutory dinlaration by a scdiiitiir xf tlii> Hlitli Court, and in S'ot- 
 laiiil by an cnrolli'd law a','«'nt, ^■n^'atfl•d in the formation of tlic TOnipaiiy, or by 
 a |rtr-(iii iiaiiiid in tbo artiidcs as a iliiv-tor or soprctary of the company, of 
 conipiianrp with all or any of tlip said re^iuiremcnts, sball bo produced to the 
 re(ri-trar. and the i-eiristrar may accppt such a dpi laration as nufficipnt evidpinp 
 of cfunjiliance." 
 
 See siiprii. |i. 2'). a-* t« the oiicralioii of lliis pioviKJoii. 
 
 Tlie ix't^i.-il lar inakt* no olijcctioii to r«.'o-i.sloriiii,' u iiKMiioranduin 
 Mili-ciilxMl liy a married woiiiuii. No doiiht he would rofiiso if he 
 knew lliat <iiio of the .suliscriliers wa.-; an infant, liiit if (lie iiKinoran- 
 duiii so Mihscrilied Is reeri>ler(>d, it, i.s i(>n(<Mved that (lie infant was 
 bound even liefore the .\(t of HKH). See .\nsynii PlidxphiUc ( ,,., 2 
 Ch. U. lilO; lAiron ,(• Co. ill), il892i .'! Ch. .■,.-.,-,. Stnt . 1 of (liat 
 .\cl mow ,Mvt. 17 of the Ae( of I'JOfi ■ dispels iiuy doubt n.s to 
 the future. 
 
 A.s to the ellecl of suliscrihin"; llie iiiemoranthiin of a.s^ociation: By Ktfect of 
 
 sat lit of the Aet L^ect. 2.'! of the Coniiianios Ait, IH(;2) it is iirovided ""'•"""bintf 
 [jj2j._ memorandum. 
 
 "1.) Tlip subscribers of Ihe iiieinoramluni of a eonipiiny shall be deemed to 
 have a;,T.ed in become inPinbers of the eoinpany, and on its rpf;lsliation shall 
 !»• inieri'd as members in its re;rister of membpi-s ; (■.'., Fvvery ntbiT person 
 «l)o uprees to bpconip a niembpr of a company, and whose name is entered in its 
 register of nipmbers, shall lip a meniber of the pompany." 
 
 Hciiee a Milivriher to the iiieiii;.iaiidtmi is indisputabh' a iiiembor 
 of ilie eoinj.aiiy, and cannot rfipudialo the .shim^s he luus .subscribed 
 for, ( veu tliough ho has been induced t^i take them b.v mi.srepresenta- 
 tior. L„;l Liirnan'x msp, (l!n»2) 1 Cli, 707; and see lA'i-cr x o/.sv 
 ^V. X, ^ 1878 1 205. 
 
 lu a coiniiuuy limited by shares^, "no sub.spriber of tJie meinoran- «'ihseription 
 dum may take less than one «haro," and each subscriber "must write meLi'uuake 
 
I' >l 
 
 
 I f 
 
 i' t 
 
 
 484 
 
 and pay fiiv 
 ■hares. 
 
 MEMOKANDA OF ASSoniATIOX. 
 
 rCHAP. VI. 
 
 Wheu still ri- 
 8ubscribf«l in 
 memuriiiitluiii 
 
 mtlrt hv J-tti'l 
 
 for in l■a^'ll. 
 
 opiMisifo t4> liis imiiio tlic iiumhor of xliurcs he takof*." Sod. ,1 of the 
 All of l'.M(8 iM'cl,. « of tlu' Act of I8IIU1. Ii if* coiiwiviHl that 
 where a .■<ul>«ciil><T, in the fuw< of u coiniiaiiy liiiiitt-d hy slian-., 
 «locN ii.il x'l aiiv riiiniliiT of >^hiin'- o|.|.o-.il« his siirnaUiiv, h« 
 iiiipliodlv ajrnes lo lake and i.< lial.h' for at h-iU'-l one Sm> /'or/,,/ 
 V. I-:, Him- lis, 1 I'. 1'. 1). tJttl and tn;!. 
 
 Where a <'oini>anv liniile<l hy ^hare.-*. n'jristeiv.1 on or aller .l.ui 1, 
 I'.MIl. iii\iles the |ad)lie to .sulwrrilH' for it.s -hare-i wilhin a year aft.r 
 tlie (hite at whieli it is eiititU'<l to loniinence hn>iness, a director niav 
 have to si;rn liie nienioranduni of iussocjalion ' for a nnnilier uf sliai-e< 
 not h'.ss than ids ,|ualili.aiion (if aiivi." See Conipanies .\(t. I'.tiis, 
 s. 72 iConipanies Act. \'Mn). s. 2' The nK'nioianduni nun. a- llie 
 M'di.iii poinls out. he si.^r„ed either h\ tlie director '01 h\ his .i-viil 
 tnith(jri/ed in wrilinu. 
 
 lii(h'|i.Mi<h'ntlv of tin- |"iuer driven h> .s«ft . 72 of the Act of l:iii«,,t 
 (.idiscriher niav si;rii tiie nieniorandiiin hv an a^ront. lUi//^// 
 I'ttitiifrs. .•'.2 ('. I)i\ . .■i;l7. In that <a.se the a<rent had si-ncd in die 
 name of tlie principal, and tii<' principal wa.s hehl hound. l'rohahl\. 
 oven hefore the Act of I'.MMl, the Heo-isfrar of .loinl St.K:k ( oiiipaiiics 
 fOiiM have iv.piired evhienc*' ..f the ayencv if u .si<rnatnre pnrpuiicl 
 to he that of an a'ivnt. Hut in practi<c he n-ver re(pii!Td .sinli 
 evuh'tice whew there were seven )M>i>ons who .suhscribcd personally 
 
 Ihit, .see as to an application for i-epistration. sec!. 17 of ihe t "in- 
 )>anies Act, IIMIS. .w /,/((. and the .statutory (h'daratinn now re,|uire(l 
 
 The suhscriher of the nieninrandiini airrei's to tuke t.he shares set 
 opiM).site U> his name from tlir ciniiimnij, and to pay for thoni 
 Mhiotti's case. I K(|. 2.")H: Folho'iills nis,; H Ch. 279: Shi,!'^ nm: 
 '2'jr Div. 421: hml Lnr;i,ury <vs,: ( l'.M)2) 1 Ch. 707. The fa<t thai 
 no share.s have ever in fact Irmmi adotled lo him t unless all the slians 
 have heon allotttvl to other por.sons ( .Wo '•/,?<'//', v (vkc. 1 C Div. 2f7i', 
 or that, his name has n<'ver Ikm'II j.iit on the reyister, will not relieve 
 him ( Krnns- cxr. 2 Ch. 427: Arnyh' Co.. 54 L. T. 2.-J;l), for he ha- 
 by suhscribin^', not withstandinyr he is not entere<l on the re^rister. 
 ac.|uired the full status of membership. Tiiffiu-ll <( /'o».vo/(/)//'.v' ,/.*,•, 
 
 2'.» Ch. 1). 111. 
 
 A elausc in the articles tliat shares subscribed for in tlie nienio.aii- 
 dum shall be deemiHl to be fully pai<l up is inelfectuul. Ih-nrs '•■isr. 
 8 Ch. 7tl8; r,/VA-W('/-'.y <■«.•>■(', Id Ch. OH; t'li»ixluHi-'-> fUst-rM Ei|. •".24^ 
 
 As to what was paymcif in cash under sect. 25 of the An of IHiiT 
 I now H'liealed I. see .v,//i/'(l, )>. <>*<■ 
 
 Sect. 2.'> of the .\ct of IHCm havinjr been it'pealed, shares, wlieihcr 
 subscribed f..r in the memorandum or otherwise taken up, have to ht> 
 ■laid up in fidl. but thev may be paid for in cash or iilhcrwifi'. it 
 u man cintracUs t(j take shaiw he nmst pay either in muiiey or 
 uionevs worth, and paynu'nt in either will be u satisfaction. I'>i' 
 Critlard. 1.. J., in liaofan Hall ( nUicrii Co.. o Ch. ;(4(;, 35.-.. And in 
 the same case he says 1 p. .>9, supra 1 that he does not seo that ' payuanii 
 
 A 
 
INTKODUCTOKY X0TK8. 
 
 484 
 
 kind accordiiitf to a (iubstxiuenl uoiitmct with tin- .uuiiiuiiv if iiu'< 
 
 ■ rout w 
 
 ifli such ii inonioriinilmn 
 
 If llioip ho It <()iitra(t oi mh li a 
 
 Ainiv I hut :>n 
 
 IMIICMI llir IS 
 
 u hill lilod hy thoioiiniiuiy it con 
 
 1(1 not lio SCI a«i(li'. a 
 
 haiT: 
 
 ill kind ai(<inlint: In ihut loiilrait is Ic^'al, ■>> 
 
 III 
 
 ■ /',•//■ 
 
 v (•(/■'(' 
 
 I,. H. .-. (Ii II: anil HrWnifi,,. I.hl.i IK'.'7. I (' 
 
 llciiir, if ^har<'> t 
 
 after Isl .laniiaiv. liMil, tlii' ilaK' of tl 
 
 ,,| ihc ii»j*h |i 
 i~ iMilliiii^'' 
 
 ivincnt soclioni aio i>sii<'( 
 
 I t.- 
 
 pii'vonl 
 
 -iil'--i'i|il<'lil riPliliait II 
 
 III a la-li liasjs iln'if 
 iidcr SCI I. SS I A I lie 
 
 r r 
 
 OI (■ 
 
 lmc^ 
 
 Art, l'.MI8 (L'uniiiaiiics Art. liKMi, s. 7 i, that llic aiiMiinl 
 
 (II tlii'ii'i) 
 
 f shall he satislicd hv iimkiiii 
 
 to ll 
 
 ic ciiniiianv 
 
 iioiirrtv or rem 
 
 I 
 
 8(vrp 
 
 Icrinji: it service.- 
 
 vhic 
 
 I the cuniiiany is « i 
 
 III' 
 
 to 
 
 1 ill .silisfaelioii. 
 
 M.ircevcr. 
 
 I hi 
 
 soetioii ill no «a\ inlerf<'ics with Sjniriids '((mv 
 
 8 (ll 107 
 und 
 
 U -IlillClKl 
 
 i|i|iioved Iaiii)i(iiic v. 
 
 Hi ■(HI 
 
 III run II. i 
 
 I«'.t7l A. (• 
 
 "iKi, 
 
 iliic'lv any hiiiii'i tiiJr iiaiisailinn hetween a coinpany and 
 
 Idci 
 
 lich ill an action for cal 
 
 I Id 
 
 • ii|i|ii 
 
 a pic 
 
 l\ IIICIll IS. II 
 
 Uiiliiiri. siilliciciil. See fnrilici, siijirn. \i. il'.i. 
 
 riie iiiciiioruiidum irrevociihlv 
 iiiliuiiod, to take the nuinhci 
 
 iiiKis a subs 
 
 ( rilicr tlierent, a.s mIiom 
 
 lies set opiH 
 
 the 
 
 >MI| 
 
 lie Ills name troin 
 e shares, he iiiav 
 
 Buil~Ci[lll 
 
 fur as r 
 
 ipauy; hut if ho suh.scrilK-s for pioferci 
 nliv a'^reo with fho coniiiaiiy to lak<> ordinary sliaies in<toad ; 
 
 epards matters nol ix-iiuirod hy the .\(l to ho stated in tin 
 iiiciiioraiidiini, tho contrail contained in it is revucahle i. Dnl.r'it riisi'. 
 1 (' I). ti2;ii, and this is one. Wlicif a |iersiin snhserihes the iiieiiio- 
 rniidmn for shares, no allotnieiil heintr rei|iiiicd lo leiidcr him liahle 
 (I.iiiiiloii mid I'invinrml. dr. <'i) , •'> «' D ■'>:i'>). ho should not siirn 
 aiiv fiinlipr application for such shares, thoiijrh if ho do siLrn such 
 a|i|iil ilioii. inoroly iiit<Midiiic; to apply 'or iho shares ho has already 
 siiliscriliod for, he will not incur any furl her linhilily. iiihiinii.'triixr. 
 31 ('. 1). 420; DuiiKter's ni-fe. ('. A., (IHiUl .! Cli 7.M. Uy virtue 
 of llic snliscription lio in entitled to tlio shares, hut he lakes them 
 updn the ordinary conditions, and one is that he is not hound to pay 
 Uji llie aiiiounf. of t!ie Nharcs except in answer to calls duly inado 
 upon him in accordance uith the articles heforo tho company is 
 wiiuiid up {.Mr.raiidrr v. .iatoiiintir Co., ililOOl 2 Ch. i)(i). or in a 
 mn(liiijj:-Hp. 
 
 As to slampin": the monioranduni of association: 
 
 l!y sect. (I of the Act of 1908 tho monioranduni is roqiiired to hear skimps and 
 tho ^uiiie stamp as if it wore a deed, i.e.. a lOv. slump. ''-**'■ 
 
 In addition to this, it must licforc registration be stamped with 
 cenipunies' fee stamps in respect of the fees pa^ahle under sect. 2U 
 of the .\ct. 
 
4N6 
 
 i; ! 
 
 \ 
 
 li I 
 
 n 
 
 MEMORANDA if A8MOCIATI0N. [CnAP. VI. 
 
 The tables of fee^ roleried to in .tect. 244 are tin follows: — 
 
 TAULK B. 
 
 T\ui.i: OK Fn > m iii, i-viu tu mi Ui Miri: m mk t'nMrvMi:.-. 
 I. Ily a ('iiiiipaiiy liuvini; ii Share (.'apitul. 
 
 For rcgiritrutioii of a i:i)iiipaiiy »Ilo-.c niiminal rupital dori not o.xii'vil 
 
 2,000', a fir ,if 
 
 Fur rrifiitntioii uf a riiiii|miiy «Imi-i' iioniiiiul lapitul r\iii'il'< '.'.(Mid/,, 
 the nbovi- IVo nf •11.. with thi- fnlhiwitiir additional foes rcjrulatnd 
 accordintj: ti> thn amount of nominal capital (that U to say): 
 For every 1,0(M)/, of nominal eapital, or part of H «. ./. 
 I.IMMI/., after the tir-t •-',(100,',. up to .'lOOO', , , I II 
 
 For e\ery I.IIOU'. of niuiiinal r.ipital, or part of 
 
 1,1100/,, after the tlr-t 5,00(1/,, up to 100,000/, o ,", ii 
 
 For every 1,000', of nominal eapital, or part of 
 
 ;,'I00/.. aftiT the tir»t 100.000/, , (I 1 
 
 For recistration of any inerea'te of eapital made after the first regis- 
 tration of the eoiupimy, the .same fee* per 1.000/, or part of l.OOO/,, 
 as would have heen payable if sui-li increased capital had formeil 
 part of the ori^'illal c apitul at the time of re^'istration, 
 
 I'rovided that no ciini|i;iiiy -hall lie lialile to pay in respeet of nominal 
 eapital on reifistration, or afterwards, any (freater amount of fees 
 than flO/,, takinp into aeecmnt in the ease of fees payable on an 
 inerease of caj)ital after registration the fc-es paid on reffistration. 
 
 For retfistration of any existintr eompany. e.veept su'li eompanies u- 
 are hy this .\et exempted from payment of fees in respcM-t of re- 
 (fistration under this .\et, the same fc-e as is eharj.'ecl for rej^isteriiiLf 
 a new ecmipany. 
 
 For re).'isterin:f any dm ument hereby rei|uircsl or authorized to be re- 
 gistered, other tiiaii the memorandum of association 
 
 For makin;; a reiord of any fact heri'by authorized or rei|uircd to be 
 rneorded by the Hefristrar of Companie-, a fc?e of , , , 
 
 II, Hy a Company not havinjr u Share Capital, 
 
 For registration of a eompany whose number of members, a sttited in 
 the articles of association, does not exceed 20 , , , . 
 
 For registration of a company whose number of members, as stjitecl in 
 the articles of association, exceeds 20, but does not exceed 100 , 
 
 For registration of a company whose number of members, as stated in 
 the articles of association, exceeds 100, but is not stated to be un- 
 limited, the above fc>e of 5/,, with an additional fee of ,V. for every 
 50 uicmbers or less number than JO members after the tirst 100. 
 
 For resist ration of a company in which the number of members is 
 stated in the articles of association to be unlimited, a fee of 
 
 For rcpistration of any inerease on the number of members made after 
 the registration of the conip-.ny in respect of every 50 mriubcr^, or 
 less than oO members, of such increase . . , , , 
 
 i'rovided that no one eompany shall be liable to ))uy on the whole a 
 greater fee than 20/. in respect of its number uf members, takini; 
 into account the fee paid cm the first registration of the comgcany. 
 
 ■1 
 
 .5 
 
 .•> I) 
 
 
 
 5 
 
 20 
 
 
 
INTUODUCrOKY N<)Tf>f. 
 
 4H7 
 
 t t. ./. 
 
 ;'or nvi-tritiiiri uf auy f\i>tiiii.' . cuiipaiiy, i\i.|il -u. h i i.inpanio- m 
 arc hv llii" Ai t p\em|>U'ii t'nini |>ayrnPiil of fi'i>< in ri-<|>iil of ri':;i<- 
 tratioii miller tliin Art. the sanii' tip in \* iliar^rcil fur ri'siatiriiiL' 
 a ni'W iuiii|iaiiy. 
 
 Fi>r rt'u'i^tPfi'ii-' **">' *l"*"""""nt hprol)/ rP(|uirtMl ur aiitliori/i'ti to In- rc- 
 pstiTol. otlur than tlw miMmiraniliim "f iihsim iatinn 
 
 Fur makinir a rr 'iinl "f any fai't licr'liy aiitli"rizi'il nr ri'i|iiir('il to In- 
 r(.|i.rili-'l I'V till' Ui'iriitrar of ('■ini[ianir-, a f f . . 
 
 II .1 
 
 Hy -iTl I lli ul lliii Siiiiii|i All. IS'.M (.■)4 .^ •■>.'i Viil c. .tit)- iiJdi- 
 liniial iliilv i~ im|p(i>i'il lliil-: 
 
 " \ itatriiii-iit of till* aiiioiiiit wliii-li is To form tlit' noiniii.'d -^tiarr ra|)ital of 
 aiiv innipanv to lir ri'iri-'li'ri'il willi liiiiiti'il liiiMlity A\,\\\ lio ili'li\irril lo tlin 
 Uiiri-trar of .loiiit Stoik ("ompaiiii"! in llnu'lancl, Srotlaml. or Inliinl, ami a 
 stati'ini'iit of till' itiiiiHint of any inrrci-*!' of ri'i^i-itiTiil raf»ital of any coiMpany 
 now rr:.'i-ti'ii'il or to lio n ifii-trrcil witli limitiil liaiillity shall lii' ili'li\i'r>'il to 
 till- >aiil ri'iristrar. aiul rvrry sui-li '^tatcmi'Mt !-liall ho rliari^nl with tin atl 
 ,-iih,r,-m st imp iliily of 2«. for cvrry I^MI'.. anil any fraition of 11)0'. over any 
 raultiplp of IIHI'. if tho amount of siiih rapital, or imroaio of onpilal, a-i the 
 n.ir may In'." 
 
 ll i- aii|)H'ii«'ii(l»'(l tliiit duly iiiii^t lit- p.iiil mi an iiicii'usf iiotnifli- 
 staiiiliiio- tliat llio Jiow ■jjiaioi ai'(' iioatod in siilistituiioii fur other 
 <liaiov MiJhni'l It, ill Ci) V All -(.,■!... i\W2i .\ . (' 171; Mt- 
 /,(■« \ f.'iK l.ifllil mill Coke Co.. IS T I. R -".17. .1// -Urn. v. 
 Hcticttl': (diitil mill /),!,■/.• ('i> . (101(4 1 1 K. r. 2t;:J 
 
 \',\ .-i'v\ 7 111' till" Fiiiuiii-.' .\rl. IHlt'.t itJl' A li.i Vin ■• !• i 
 
 " I'iw 'hilling's shall lio sulHtitutcd for two shilliii;.''< a* thp -/'/ i-.il.,,iiii d'lty 
 iiiipn-iil liy iiitM. Hi and 113 of thi> Stamp .\<t, ISOl. a pxtcr.iiod by sprt. 12 of 
 the riiianir Ait. IHilli. on tlir statrnn'iit* with rl'^^■l^ll to tho i iipitai of I'lmipanics 
 rel'i'rrpil to in ihos*' sections." 
 
 StHi, I:; (It tli<> .A,rt of IS'.Hi iliM'-. mil icjato to 
 All 111 I'.HIS. 
 
 iiiUmiiics iiiiiloi tho 
 
 l!\ iho jiiiil o|«'iii!iuii tliDivfiiii' iif si'i-t. 112 uf llu! Slamp Act, 
 IS'Jl. ami soct. 7 of tho Fiiiamc Ai t, IH'.I!'. a >lat<,'iiii>iit of ihu aiiioiiut 
 wliiili is to folia tlio nominal .^han.' capita' uf any uunipany to bo 
 reoistcrcil with liniiloil lialiilily is to bo (lolivi'ioJ to tho Hio-lstrar 
 of .Idini Stork L'iini)uiiiios in Eno;land, Siotland. or Ireland, and a 
 etalcniint of any anioiinl of inoiva>o of lapilal of any Mipany. now 
 reoisu'ioil or lo lie rojji'-tiMcd with liinilcil liabilitv, shall .lolivorod 
 to tho said roo;istrar, and ovory suoli statoniont .whall bo iharifod with 
 an ad vahri'm duty of '>s. for every 100/. and any fraolMu of \00l. 
 over any innltiplo of lOOi. of tho amount of sinh oapital. or increase 
 of capital, as the case may bo. 
 
M 
 
 4«« 
 
 MKMOKANDA OF A8HOC1ATI0N. [ClIAP. VI. 
 
 Hv «oii .", ..I liic H«'\«'inic Ai I, |!M),I I ;l Kdw. 7, i . KJi- 
 
 "'rill- «iiitiinrn( (if iIh' iiiiiouiit cf any iiirriMfH' i.f rc(ri«tiTi'il lapilul nf niv 
 .■•iiipaiiy rctfi-i.iiil tniilrr llif ('niiiiiariii-x Ai t», Isii2 t.i l(HM), whirh j, ri<|iirri 1 
 l.y -.•.t. II'.' „f i|„. SMiui. A.t. INHI. Ii. 1).. .IrllvrmI I,. th.> H.vi<tr.ir of .l„i„. 
 Sfrnk Coiiiiiai.iv.., .iliull III' il.'liv.ri'il iliily ..tiiiii|.i'tl. with tlii' iliiiy ili.iri;.,! 
 tiiiri'.iii. wiiliiii MftiX'ii il:iy< aftiT tlii' |)a«iiitf 'if t\tr n "•..iiliiiii liy wliiih th. 
 ri'jti'liriil i'a|iilal n iiii ria^id ; and, In ili'faiill ..f that diliwry. tlii' iliiiy, «|i!, 
 iiFti'r.'^t tlirri'Mii H> till- rati' iif j [irr ii'nt. piT amiiiin fmni tlii' |..i.m»«"„C ,|,, 
 r' ■..iliiil.iM. -hall In. a ilflit til IIJM Muj..«ty ri'i iiiiraMi' friiiii flir ii.iii|,any. ' 
 
 •nii/s I II.. I.lil , l!Hi!ii 
 ii'i-iill I'i'Miliilinii iiiillm- 
 IV a ■urn nut i'\. Ijn^ 
 
 III All -lull \. Aiiiilii-Ai'iiiiliiir Tnn 
 I K I! (i('7, lliii riiiii|ianv hail |ia.»><>i| a 
 li/iiiL llic ilirt'i'toi'N III iiiri'casc tin' lajiilal 
 
 ■i.lMiii.oiMl/ liv llic I icatioii and i.^iic fr tiiiii' li. liiiic ni nm 
 
 «liai('> 111' :,l. caili. ami it wa> lifld llial llii' wlmli' ni miiIi ."i.imiii.oiiii/ 
 \va> iliai-ycalilc a! mirc wiili ,/,/ rnUiiriii dun a', an iii-ii'a-.' nj 
 i't'^ri>t('ii'd ra|iilal. lluintrli in larl llii" diicilm^ had. |iiir--iiaiil |.. 
 the roxiliiliiin. dmIv irciilcd capital to the oxli'iit of J.imio.oiio/ TIi,. 
 
 J-'r' I'-^ on which tlio learned jiidiri' iChannell. .1 i ai rived al iln- 
 
 ii'iiiarkalile coiicln.-i'Hi. a|i|ieai i,. !.< liascd on a coin|i|ei i~a|iiirc- 
 
 hen.'-ion ol the ■iili"ine of o|ieration of llie I '(ini|ianie^ Ad. lHi;j, 
 and ol' the ('onipaiiies ( 'nn^olidalion i Ait, I'.lilM, in rei^anl tu a 
 cuin|ianv-'.^ capital The learned jnd;.n' >eeins |., have fhiaiyht that 
 the lapilal of a cimipuny vva.s iiol a iiia^'^ of ^liaieM ci-ealed aiiil 
 existing'. Iiul ineiel\ a (i>;uie deiiotiii>,' the niaxinniin hevond uhi li 
 the coinpan.v niif^ht not f,'o. It is submitted that this is not tlio 
 (oriect view, .ind that a ioinpunv'.s capital for the lime lioin;.' cm-i^t.'' 
 of cvi.-itinj,' .•^liures, and is not increased iiiuil the new .■<hare- iiii- 
 slitiiiin;: Mnh imreaNo are l)rous,'ht into iictuul exi'stouce, and that 
 a mere auliiorily to Ihe directors to increase doy not increase the 
 rapital .or tho retri.'^ttTeil capital i inilo-s and until the aiitlmritv i- 
 o.\erci.s<'d . 
 
 Followinji are a few exiimples of the amount payalile on the roffis- 
 tnitioii of the inenioraiuliim and arti<les of ussocialion of a compunv 
 limited hy shares: — 
 
 Niimtnal Capital. 
 
 \iiiouMt i'avablc. 
 
 l.li'H) 
 
 5.0(111 
 
 IIMMIII 
 
 2n.oii'i 
 :l(i.ii!i(» 
 
 'ill lUIQ 
 fiO.OlM) 
 
 100,(100 
 
 '200 .(M)0 
 
 .i00,(M)0 
 
 1,000,000 
 
 t 
 
 ^. 
 
 '/. 
 
 a 
 
 1.5 
 
 
 
 IN 
 
 l.< 
 
 
 
 .'12 
 
 10 
 
 
 
 00 
 
 
 
 
 
 NT 
 
 10 
 
 
 
 1« 
 
 10 
 
 
 
 '22,5 
 
 
 
 
 
 280 
 
 
 
 
 
 .5.1,5 
 
 
 
 
 
 1 ..'tno 
 
 
 
 
 
 2.S.5I 
 
 .5 
 
 
 
A- I" I 
 |;\ M'.i I*- 
 
 INTKOnUCTOUy NOTia. 
 
 he |u.«<'iliii-n lo l»> iM|i>|it«.l i>ii n«mtlriitiuii <>l it <.>m|iuii>, 
 
 of till! Coiiipamo- Art, I'.tOH, ..yorv r,.iii|Mii\ »lmll ^^';|;','^^,',,, 
 
 I Mil 
 
 i;, M'.l l>- "' iiu! I U.II1..III1.- .1. I, .-.. ',•.,,: ,,.IItl..lt.. 
 
 ^Ml.i 10 CN' TV IILUiImT Ul llis IV.llHJHl lllld Oil JMIVlllPIlt of Ollfi sllllllUK', . ,,„ „» 
 
 ,,r Mi.h 1.-^ -iiin .1- tii<> (i.ni|.;iiiv iiiay prosiriiitf. a i<>]>\ ..f ill" ';;;;;".;'',;";)." 
 
 ,„,.Mi..ian.liiiii ami lli." iirli.los. ,1 any; i.'-!> ••' " '"'Mpanv iii.iUp^ -lo- 
 Mull 111 r.Miiiilvinjr "ill" tht' r.M,uli(«i.«-lilH of llii< -.Ttion il nliall 
 i„ liiil.l.' Inr i-aili dUpiui' to u lim- not I'Mfe.liin,' om- |.oiiii(l. 
 
490 
 
 MEMORANDA OF ASSOCIATION. [ChAP. \'I. 
 
 1 I 
 
 i 
 i 1 
 
 i 
 
 r- 
 
 Form 79. 
 
 Memorandum 
 (if a compaiiy 
 liinit«Hl >iy 
 "Iiures. 
 
 PRECEDENTS. 
 
 TirE (Companies (Consolidation,) Act, 1908. 
 
 Coy Limtd by Sliares. 
 
 Memdm of Asson of the Coif, Limtd. 
 
 1. The name of the coy is the " (^y. Limtd." 
 
 See supra, p. 449. Scruttou, J., has rpipntly dcoidcd that the abbrpvintion 
 of " Limitod " to " Ltd." \h u suffi<*ieiit romplianco with the retiuirciiipnts of tlie 
 Act, supra, p. 454. 
 
 2. The rogisteivd office oi the coy will be situate in England ,j)r 
 Scotland, or Ireland, as the ca.ie may be]. 
 
 See supra, p. 454. 
 
 3. The objects lor which the coy is eslablisiied are: — 
 See stiprr, p. 455. 
 
 (1.) To acquire. &c,. e.g.. Form 85. 
 
 (2.) To carry on, &c., e.g.. Form l.'iO ef .leq. 
 
 (3.) Add general clauses from Form 97 rt seq. 
 
 4. The liability of the members i.s limtd. 
 
 See supra, pp. 475. 476. 
 
 5. The capital of the coy is i' . divided into shares of £ 
 
 each, with power to divide the share.s in the capital for the tinii' 
 being into several cla.^ses, and to attach thto rosply any preferential, 
 deferred, ([ualilied. or sjiecial rights, privileges, or conditions [but 
 BO that where shares are is-sued with any pieforenlial or special rifrhts 
 attached thlo. such rights shall not (e.xcept whore the terms of issue 
 otherwi.se provide) be alterable otherwise than pursuant to the pru- 
 vi.«ious C(jntaincd in clauses 50 or 15.'i of the accompanying iir|.~ nf 
 asson]. 
 
 As to the capital, see supra, p. 47ti et seq. 
 
 As to rcnorvc capital, which is oaly to bo called for in a winding-up, see 
 Form 225, infra. 
 
 As to taking expre.-*s power in the memorandum to issue preference .iharc>. H*'e 
 supra, p. 479. 
 
 As tu defining in tile ineiiiorandum tiic rigiit« of tiie several ciasses of siiarcs. 
 Me infra, p. 475 »t seq. 
 
 As to reserving power in the memorandum to modify the right* there defined 
 by re«olutiuis under clauses in the articles, see lupra, p. 476. 
 
 .'! i. 
 
KOKMS. 
 
 191 
 
 \Vi the several ixrson^ who^o luinie^ and addiosses uie subscribed, 
 arc (ip>irous of being forinod into a coy, in pursuance of this nicmdm 
 of as<Hii. and wo resply agret! to Uko the number of shares in the 
 tupital of the coy sot opposite our respive names. 
 
 Form 79. 
 
 , . , , ., Numlwr of Sliuri':< taken 
 
 Nmm'-. Addrease'i. and Dosrriptions of huhsmlx-p.. j^^. ^.j,,,], Subscrilx-r. 
 
 .IdiiN .TnM>. of, &!•.. .Nfcri'liaiit .^ 
 
 .Idiiv Smiih, of, iii'., Ijindi-U I'ropriftor 
 
 'l'n(>M\s (ii;i.i N. of, A:!-.. IJroiiT 
 
 HiMiV TuoMi'SoN, of, 4;c., ('oninii'<Hi()n AiriMit. 
 
 CuMilis KvAvs. of, &i'.. no ovciipatinn 
 
 Wii.MAM l>AV. of, *;!■., Siirv'on 
 
 \MiiKn .lovrs. of, ,^.i-.. Wino \f(Ti'li;iiit 
 
 One 
 Ono 
 One 
 One 
 Oik- 
 One 
 One 
 
 'I'oWl Sliaii's taki'n 
 
 Seven 
 
 DatiM 
 
 lie — dav of 
 
 19 
 
 I'artuiilur can- should be taken to ^:i\■e the mimes, addresses and ihsiiiptioiis 
 ,if tlie ^ubsiribers fully and eorrectly and elearly ; otherwise delay is almost 
 it'rtain to oeeur. 
 
 \\irM>^ !o the above signatures. 
 
 Sami El. Wei. I Kit, 
 
 10. North iSir.'et. 
 
 Westminster. 
 
 Or, 
 
 \Wi.Ms.' to the above sijtnatuic.- of John ,lones, .lolin .Smith, William Day, 
 nd .Mfri^l Jones, Ha.mI KI. W l...l.i,l!, \e. 
 
 WiiM^s to the above sijfnatures of Thomas (iieen, Henry Thompson, and 
 Charks l■:^ans, .MAiill-V (\.UU,1J. *.e. 
 
 Or, 
 
 W I I.Ms- to the above sign.itures other than that of Thomas (ireen, 
 
 Sami-i;i. Wii.i.KK. ie. 
 
 WliM-- to the above sijfnature of Thomas tJreen, 
 
 Maktin Ci.ahke, lie. 
 
 Where an agent uiKns, the proper course is to sign thus:— "A. 11., of , 
 
 his duly authorized agent." And, to satisfy sect. 72 (I) of tho Act, it should 
 be stateil that the agent is '• authorized im wrilin;/:' Tliat the signature may 
 be by an agent, see Hhitley Partnem, 32 C. D. 337. 
 
 In subseribing the memorandum, partieular cjirc should bo taken that th« 
 signatures are legible. Not uncommonly one or more signatures arc quite 
 undecipherable. Where there can be any doubt, it is desirable to bring with 
 the memorandum a clearly written list showing the names, addresses and 
 descriptions of the subscribers. .V» to descriptions, earc should be taketi to 
 
4!t-,> 
 
 Form 79. 
 
 i i 
 
 V, f 
 
 MEMORANDA OF ASSOCIATION. 
 
 rCHAP. VI. 
 
 make these also dear, espe«'ially whare a subscriber has no profession. If needs 
 be, insert the words " no occupation." In the case of a clerk, state what sort of 
 a piwition he holds, us, for instance, clerk to u merchant, or secretary to a 
 public i.-onipuny. 
 
 TiK'ri' must be at least seven subscribers (or two in the case of a " private 
 ciiinpuiiy," sec ]>. 911 ). but there may be as many more as the promoters chipii«( 
 Eaib subscriber must take at least one share, and must write opposite to lii» 
 name tho number of shares he takes. Where the shares are of different classes. 
 the liass of shares should be stated, thus, r.</., "one preference," or " un. 
 ordinary.' 
 
 Minimum Subscription. 
 
 Swt. »i of the Companies Act, 1908, allows the speci filiation of the miniiniim 
 subscription in the memorandum ur articles of association. Hut it is rarely 
 expedient to specify it in the memorandum unless it is very small, for if thori' 
 9pe<iK(Hl it can in no circumstances be altcrinl, and this difficulty may wreck tin- 
 company if the minimum is not obtaineil. 
 
 Form 80. 
 
 Memorandum 
 of a company 
 limited by 
 jniarantee. 
 
 Tin-; CoMi'ANiKS i Consoliimtio.n) Act, 1908. 
 
 Cov Liintd h\ Guarantee. 
 Mt'iiidum of AfKon of Ihr --- f'o]). lAmid. 
 I. Tlu' name of the coy is tlie ' Coy, Liiutd.'' 
 
 See ytiitin, p. 149. 
 
 '1. The rejii.sieved offic*' of tho <-oy will lie situate iu FInghiiul lor 
 Scotlund, or Ireland]. 
 
 Sec siiprii, p. 454. 
 
 ;>. The objects for wliich the toy i.s estubli.siiod arc; — 
 
 (l.j To, &v.\ .see Forms '.'00 to 204, infra. 
 4. Tlie liability of the members is limtd. 
 
 This <4ausc, though in the new .\ct, was not in the .\ct of 18(>2. 
 
 ."». Every member of the eoy undertakes to contribute to the assets 
 of the coy iu the event of the same being wound up during tlie time 
 that he is a member, or within one year afterwarrls, for paymoiit of 
 the debts and liabilities of tho coy contracted before tho time at 
 which he cca.ses to be a member, and the costs, charges, and e.\pens(>s 
 of winding up the same, and for the adjustment of the rights of the 
 contributories amongst themselves, such amount as may be required. 
 not exccvdiii™ U)l. [St-e ■iupra, p. 44H.j 
 
 The amount of the guarantee varies accordinif to the eireumstanees of the 
 company. Sometimes it is fixed at 100/., but more often it is fixed rt' 10' . 
 
FOKM8. 
 
 4i»:< 
 
 or ■>.'■. or V: ami occaaionally at d». The (fuarant^^P is usually of tlio same 
 amount for each iiioraber, but iMcaiiionally the amount i» made to vary with the 
 i'xunt of ii menilKT's intorost, as in the ease of rhf Shiiipimj Fedemtmn. Ltd. 
 (ISWh. where the amount wan "not exeecdiiijf is. per ^Tam reifistereil ton 
 in r,.|'.ct of steam tonnage, or U. per Rross registered ton in res|>cet of sailing 
 loiinaire, respeetively enterinl by siieh meinher with the company at the ilate of 
 ordir or resolution ti. wind up tho company, or at the date of his cejtsiutr 
 
 .he 
 ti 
 
 h. 
 
 I n-i. 
 
 I number, whichever date shall lie the earlier." 
 
 //„,,, , f., !„■ ,1 iu,,,l„l ,li,;drd i.iln ,/,■ 
 
 '"I" 
 
 ■nid : 
 
 t; Tli<'cii|ii!iil of the <<iv i'* l' 
 eaili. 
 
 (Iivi<l<'(l iiili 
 
 sliilfi'-' of f - 
 
 Form 80. 
 
 \Vi',, llic scvtnal poi-iiiii^ vvli()>^(> iiiim«'> ;iiiil a(l<liv>sc.'i :iri' -iil)S"ril)i'(l. 
 aio clesir(iii< t«f liciu^- formed iulu a .ov. iii jiiii-inaiRt' of tliis moiiidiii 
 
 uf a>><uii . 
 SiH' siipf'i. p. 191. 
 
 -NiiiiK'-, iiililivssi!.-;. and dc-^iiiptnii-; of suli.sc liliof^ 
 
 il .v/(/„./. p. 191. .Vnd if there is a share capital, state the nuinhcr of shares 
 taken bv each suhscriher. See as to this. »«/)nf, p. 491. 
 
 il 
 
 '1~ of the t 'onipanics 
 ompanjes limited by 
 
 Dated llio <la.v of . 1'.' 
 
 \VllM..S>. i^r.: s,r stiitnt. 
 
 Sect. 4. sub-sect. 1, of the t'ompanie.s .\i't. 1908 i 
 .\ct, 19(1(1), iimtains the fidlowin^r provision as 
 ii:iuiraiit»s': - - 
 
 • cl> If the compuiiy has a share capital 
 
 ( i ) The memorandum must also state the amount of share lapital 
 witli which the company proposis t<i !><> nvisti'ied and the division 
 thereof into shares of a tixe<l amount." 
 
 I rider Mcl. 9 of the ('onii>anics .\ct. lUtiJ. it was «..' n ssary, in the case 
 
 if a eiinipanv limited by iruarantce, to specify the capital in the niemoranduni 
 nf assoeiation; it was surti<'ieut. as ajijicars by sect. It of thi> .\et and Form O 
 in t!ie sceond schedule, to specify the capital in the articles of association, and 
 that capital (beinc a reirulation, not a condition ^ could be alti'reil from time to 
 lime by special resolution. Hence the power to increase and rednee eipital, 
 eoiiferrcd by se(t. I'." of the .\ct of 18(i2 and .sect. 9 of the .\et of IHCi", 
 and by the Alt of 1.S77, was oidy i»iven to a " c(mipany limiteil by shares." and 
 not to a company limited by (juarantee with a capital divided into sh.ires. The 
 above subsection renders it necessary lic>neeforth to specify the capi! d in the 
 nieniorandnm. In the result, the cajiital becomes a "condition " of lii,' inenio- 
 randiim. which can cmly he altered (see sect. 41 of the .\<t of l9l>Hi in the 
 manner |"rndtt(Hl by the .\et. None of the other powers by the .\ct express,.d 
 to he ;;ivcn exclusively to companies limitwl by shares are, by this section, 
 !:i:iiic sjp'ii .ibl*' X--x ..oini.an'c- limit.-d !>y jrcarantee, <•.«.. power to ciiusonilale 
 shares, and to convert sliaren into stock, »wt. 41 of the .\et of 1908: power to 
 sub-divide shares, ihid.: power to issue share warrants, sect. S7 of the .\ct of 
 PHIS, 
 
 i 
 
Tr 
 
 494 
 
 MEMORANDA OF ASSOCIATION. [ClIAP. VI. 
 
 't ! 
 
 Fonn 80. ''''"' sp*"""*' fpnture of rompaiiiiH limited by (fuaranteo, with a share oapital, 
 
 was that the hard and fait riiU-H as to cajiital applicable in the case of a company 
 limit<\l by shares were relaxed, and the sharehohlera could, by special resolu- 
 tion, ileal with the capital as they chose. The destruction of this feature of 
 flexibility takes away the principal inducement to rejfister this form of com- 
 pany instead of a company limited by shares. Nevertheless, it may still be 
 desirable, in some cases, to form companies limited by puarantw with a noiiiiual 
 capital divided into shares, for it will be possible in such a company to have two 
 classes of members— namely, those who hold shares and those who arc nicmlicrs 
 without holding shares, e.ff'., a class of i)crsoiis who may be called the founders. 
 and to whom a share of the proHts nmy be Riven, This would not be in contra- 
 vention ot sub-sect. (1) of sect. 21 of the Companies Act, 1908, infra. More- 
 over, companies of this kind are exempt from sects. 88 and 05 of the Act of 11108 
 a8 to returns of allotments and the statutory meetine. 
 
 I 
 
 f * 
 
 M 
 
 Participat 
 
 'on in Vit'tHihlp Ptofitf. 
 
 Sect. 21 of the .\ct provides a-^ follow- 
 
 21. (1) In the 
 
 of a company liinltiKl by »ruarantci 
 
 lot 111 
 
 shi 
 
 ifal, and rci;istcrcd on or after the fir«t day of .laiuiary. 
 
 dreil and one. 
 if tl 
 
 cry provision in 
 
 ic nieiuorandum or 
 
 articl 
 
 cs or Ml any 
 
 lion of the ciunpany purpo: 
 the divisible i)rofits of the compa 
 
 rtinif to irive any person a right to participate in 
 
 IV otherwise than as a mem 
 
 ber shall bo void. 
 
 (i) l'"or the purjio-c of the provi 
 of : mpany limited by giiarantc 
 
 :ions of this .\ct relating 
 
 to till 
 
 e memora 
 
 ndu 
 
 id of tills section, every provision 
 
 the 
 
 mciuorai 
 
 iduiu 
 
 ir arti. .es, or in any rcsn, 
 
 araiitee and registered on or a 
 
 gu 
 and one. 
 interests 
 the nomi 
 
 lutioii, of any company limited by 
 ftcr the first dav of .January, nineteen hundred 
 
 puri 
 
 rting to divide the undertaking of the coinpany 
 
 hall be treated as a provision for a share capital, notwithstanding 
 
 iito sli; 
 lii 
 
 that 
 
 nal 
 
 imount nr niim 
 
 ber of the shares or interests is not spcci 
 
 tied therein 
 
 This sub-sect. (2) is curiously n\ 
 
 sed. It does not apparently ma 
 
 void 
 
 for the language is very different ti) that used in sub- 
 sci"t. ( I). It appears to rccngiiize that a memorandum may contain a provision 
 
 uch provision, 
 
 dividing tin 
 
 idertakin^' into shared and 
 
 1 yet not specifying the nominal ar 
 
 liber of the shares, am 
 
 1 it declares that such a provision 
 
 shaU. for fill 
 
 purfK 
 
 [if th 
 
 is section, be trcatcil as a provision 
 
 for a ca]iita! di\idcd iitiii 
 
 truction is that the Legislature is here d aliiiu'. 
 
 shares. J'erhaps the true cons 
 not with registered documents, but with documents proposed to be rcgi.-i red; 
 so liiat if a memorandum i,r..po-cel I., be registered stales that the undcrlakiii:: 
 is ilivideil iiito (say; 10,11011 sh.irc^ it cannot, looking to sul.-scrt. (2) of sect. '.'T 
 (,,/,„ .M. be re;rist<>rc<l unless it goes on to state the amount and niiiiibcr of the 
 sliMii-. This sect. '11 gix's far to abolish a very convenient mode of coiistitiitinii 
 «lii.li has been occasionally adopted, c.r,., in the case of the Jlcira Kaihvay 
 (■oiiipany. Limiti-d. According to that iuihIc .,f con.stitution the emupany w.i- 
 regi-tcrcd as a company liniit.d by guarantee, ,iiid the articles staled ihat tli. 
 uiidcituking v.^ to be deemed to br divided into so many (.say 100,00(l> share- 
 |„f no cminal value or aniountl, and the iiienibcrs became holders of those 
 -hare. I'herc was no lialiility I. yond the gniiraiitec in respect of the shares 
 ,inlc-s the regulations impo.scil a liability, but of course every member In the 
 windinir-up was liable lor the amount guaranteed, say 10/. per iiicmlicr. 
 Thus it was rendered possible to avoid the grave diffleully that sometimes arises 
 in lixing tbe capital value of a speculative undertakir?, ami tiiere were various 
 other advantages incident to the mode of incorporation -a mode which liorrowed 
 its special features from the "ost-book mining company for centuries prevalent 
 in Cornwall and Devon. Infortunately. however, ' 
 
 this mode incidentally en- 
 

 F0KM8. 
 
 rirrs'iK.rL,.. s.u,.,..., » ... ...« >;. - '^'^ -■'; 
 
 ,' olpany limited ..y guarantee ...n.,.. by .pooial "-•"';'>"-<'_^P* ^^f^ 
 
 ,• •.' it. nn.lnrtakinir into n number of shares an above; and this oi 
 
 ";:;;':: 'o"t l^tn^ It^^^o. were „„ju.i«ab.e. for it i, weU ,ett,.^ 
 
 I"lp ny ..annot legally adopt by special ro.,lu.io„ regulations wh.d. 
 
 !!u!,i not ujly have been embo.iiod in its original arti.les of asso-afon. 
 
 T r is. however, nothing in ,he sctiun to prevent ,he a, option of tho 
 ,.„„ 1 xpe<lient of vesting, share, in trustee, and deelarinir that the bonehe.al 
 ::; in'sueh share, shall be regarded as a ioint stoeU and '"■ ; --'l "^^ 
 divided int.. a number of shar.'s of no nominal amount, ,•..-/.. 100.1.00 trans 
 f e i ler by the delivery of the -ertifle.tes or by transter re«is,..red in 
 
 . k kent 1>V eifher trustees or otlier nominees. Moreover, the se.tion does not 
 !;;;L to I'over every mode of providing for a division of the undertaking 
 
 '"*;;,t;nh>din.-up of a company limited by guarantee a uieml.r is liable to 
 
 ,,; .^^ on the A 1 St of eontributories. and to pay in respect of his S->«rant.^. 
 
 jaso iLcr sect. 101 of the .Vet of ml Cron.panics .Xct, l««,S, s. 16,) to 
 
 V up anv other sums due from him; but if he bus ceased to be a member 
 
 1 re than a year before the winding-up, and therefore cannot be placed 
 
 ',„ the list, he can only be sued in an action for any other sums due from 
 
 him. /(«,rrf« easr. (1899) 2 Ch. 593. 
 
 The AssoriATioN or Society, 
 
 fnllowinir is the <!ffl<ial fi>rm is-ued by the Hoard of Trade 
 
 Tin 
 
 Mi'itulutn of Axsoii. 
 iiiiiiio ol thi; ussoti.it ion i^ tlic 
 
 4!»5 
 
 Form 80. 
 
 .Vssmiatioii."' Sec 
 
 I. Tlic 
 
 „K"- I'l'- -"'•"■' *■'■''■ , . .... 
 
 ■' Tlu> n>.n.-toro<l ollici' - tin- sociclv stipni. \>. ^olj 
 
 " Tlic .ilijcTl.s for wl.icli tiK' M.,it-ty or, cluiiubor, or, lust.tuU' 
 
 " .VimI SCO proviso as ,(„, ^^,,t „f 
 IsiiT . 
 
 Form 81. 
 
 Mcmn'.Mndum 
 of assiH-iiilion 
 of a comi>any 
 limited by 
 iruarmitce and 
 r.'tfistrn-d 
 pursuant to 
 >. ,t. Jil of thi> 
 Compaiiits 
 .\ct, I '.HIS 
 .cct. ■->:! of 
 
 A(.j i» ostabiished arc: See pp. 4.'..-. et acq.] 
 lu < liarilics and trusts, infra. 
 
 (1) The 
 
 (2) The . . , 
 
 ,.!, The doin- all .such other lawful thiu-s as are i.icidonlul or 
 roiidiK'ivo to the attainnUMit of the above objerts. 
 
 l>,„vi,le.l thai the asso<iation shall not support with its futids or 
 on.U.avour I., iiupose ou or procure the ..bserva.i.o by its tncnibers nr 
 ntliors of any leoula.ion or restriction which if an object of the 
 association wonl.l make it a trade union. 
 
 Pn.vidcl also that in case the association shall take or hold any 
 ,,p,v snb,iect to the jurisdiction of the Charily (■ominissio.iors for 
 JMcdand an.l Wales, ihe association .hail not .sell. lUort^ra-o, charge, 
 or k'ase the same without such cousent as may be required by law, 
 
 ! ,=■ 
 
VM 
 
 MEMORANDA OF ASSOCIATION. [ChAP. VI. 
 
 if 
 
 : ? 
 
 1' I 
 
 Form 81. and as regards any surli ppty the luanupors or trees of the association 
 " shall be chiirpoablo for such proiierty as may tome into their hands, 
 and shall he answerable and accountable for their own acts, receipts, 
 neglects, and defaults, and for the due administration of such ppty in 
 the same manner and to the same extent as they would as such 
 manapors or trees have been if no incorporation had been etVectcd. 
 and the incorporation of the association shall not diminish or impair 
 any control or authority cxerciseable by the Chancery Division or the 
 Charity Commissioners over such maiiaj.'ers or ti-ees, but they sliall. 
 as regards any such ppty, be subject jointly and separately to such 
 control or authority as if the association were not incorporated. In 
 case the association shall take or hold any ppty which may be suhjcc'. 
 to any trusts, the association shall only deal with the same in siicli 
 manner as allowed by law having rcgar<l to such trusts. 
 
 As to the earlier part of the clause prohibitiiijr »alea, ki., it U to bo obscrvwi 
 that it oiJy ajiplics to property "subject to the jurisdiction of the Charity 
 ComraiMioners," and aeeordiiitrly property exempt4'(l by Hcct. ()2 of the Clian- 
 tftble Trustees .\ot, 1H53, and by sects. 47. 4H. and 4!» ol the Cliiiritalile 
 Trusts .\et, 1M55, does not eonie within the words. S<'e Rni/n/ SnriH'j ol 
 LvniloH V. Thimiimun. 17 ('. 1). 4(17; Vlirriii Or/i/Kiti <%,r,,nrtition. (1894) .! fli. 
 145: Oilrhri'l, ( 1895 1 1 fh. 3«7 : M<">ni 0,-,,l„t,w,if. i.;.. (1H9H) 1 Ch. o'.'il; 
 Stockp'irt Srhno/. (1HU8) 1 Ch. till. 
 
 Hut as rejrards property subjeit to the jurisiliition of the Charity Cuiuiuis- 
 sioners, the proviso no doubt points to sect. 29 of tlio t'hariteblc Trusts -\ct. 
 1S55. 
 
 As reiranls the eentral portion of the proviso, it is in substance a repetition of 
 the words of sect. 5 of the Charitable Trustees Iniorponition Aet, 1872. Thai 
 Act enables trustees of eharities to apply for a i-ertitieate of incorporation, ami 
 then, bv sect. .'3, preserves their individual liability; but that seems a very 
 dilleren't tiling' to in>i)<>sinir by thi5 proviso the liabilities of trustees on th.' 
 nianaiiers. who are not owiu'rs of tlie trii«t property but a^rents and servaiit- 
 i.r the (wnirs, and are umier no antecedent liability as trustei-s. 
 
 It is submitted tiiat Mie weirds are object ioruible. and that it would lie far 
 better to leav<' the BC ■'! 'aw to operate. 
 
 As to the last paraurapb of the proviso, it is presumably iiusi'rted by way ■>; 
 
 reminder. 
 
 A company formed for charitable ami other purposes, f.y., trading or [iliilan 
 thropic purposes, is not a charity. See Miin/iiff v. Mtinlnl). (189(i 2 Ch. IJI 
 
 4. The in(()me and [ipty of the a-son. wlionccMicvei' <lorivpd. shall 
 be ;ipplie(l sdlelv towards the proinolinn of the (d)j«>cls of the assun 
 as sol fiirtli in this memdum of a-.soii: and no portidii ihof shall be 
 pd or traiislVrrod. directly or indirectly, by way of divider!, boiiii-. 
 i.r oihorwix' how<iH\er by way of pmlit, to the iin'mbi>rs ol the as>'iii 
 
 I'roviiled that nothing iierein shall prevent the payment, in irood 
 faith, of remuneration to any ollicers or .serv;itits of the asson. or lo 
 aiiv mombor of the a^soii, or other per«nn, in return for any service- 
 actually ren-lercd to the iwson. [See eases, Itifra, p. 501.] 
 
 Provided further that no nnunbor of the council of inanageniciil oi 
 governing body of the a.sson shall be appointed to any salaried uliicc 
 
FOKMS. 
 
 4»7 
 
 p1' till' iis>uu, or any olliit' of tlio ussoii pd by feo^*, and that no romu- 
 iicnitiHii sliuU 1h3 given \>y the assou to any in«mlior of siicli counril 
 ir I'Dvoniinfj body oxcc|)t lopaynioul of oiit-of-|M)i.ket exponsos and 
 interest on money lout or rout for proinisos doniisml to the asson 
 l'iii\iile(l furllicr that this provision sinill not ujiply to any payinont 
 111 auv railway, gas, elei'trio lisiliiinj.'-. \vut<>r, cuhle, or telephone oov 
 il' wliiuh a inenibor of the oouni'il of niMiiajronient or poverninfr boiix 
 111, IV Ik? a niiMiilwr or any other coy in which such member shall not 
 iiolil iiii>ri' than ono-hundr»xllh part of tlie (ai)ital, and such meiul>cr 
 .-.liuil nut be bound tr j >count for any share of profits ho may recei\c 
 III rc.-|ioi.t of such [ui-. menl. 
 
 Form 81. 
 
 riio first |>aragrap)i of this cliiu.ic (1) iiii);lit reasonably bo lii'M to prohibit 
 iilv a payment to u iiiciuijcr ■/mi lucnibcr. but this construction would rcnilir 
 •h" first proviso siiportbunis. In order to obviiitc- doulit tho proviso has, in 
 >('ver.Tl lasfs, with the saiu'tion of tho Board of Trade, been iiuMlitiod: c'/., I>y thi 
 iiiditinii of flic word-i " nor prevent the payment of interest at a rate not 
 Aipcdiiii,' ■> p.i'.p.a. on money liorrowisl from any member of tlie society," 
 1 words to that effect (Hmitf Tdiih iiml i'ltiiii'ii I'lnh, and ll'mrrsh-r Lin' 
 ■■■■(■ii'tii. 1SN2; lliiil;iiiii Sti:,/ Honk Sucii-tij. 18H4); or, " but it shall nevertheless 
 ■■ innipitcnt to the corporation to repay tho contributions of the permanent 
 iniaiier^ with interest at a p.c.j.a.. and aUo to remunerate" {('otiinfatin: 
 ..I Fnrdiju lli'iid/dili/ns): "nor be deemiHl to exclude any member of thi' 
 n—oiiitioii from the benetit of any f;rant made in furtherance of any of 
 tttu objects of the association " i^lnrnrpuntti'd fffr atitt Dprn Churfh Ansori't- 
 ■ ii'ii. \HI>'1): " nor the gratuitous distribution among', or sale at a discount to, 
 -uli-i rilicrs to the funds of the society of any books or other publications, whether 
 [■iililislio<l by till' society or otherwise, relatinjf to all or any of its objerts as above 
 ,' forth " I I'litisthie t^j/ilorntioii Fidii', 1879) ; " nor shall prevent the '«.;<.; 
 '■''• rilievinjr or asaisting pursuant to clause (h) of the preci-dini; panijiiapli 
 -if i)€rsons. or the wives, widows, families or relations of persons who. Iiavin^ 
 1" '11 iih-itibcrs of the association, have ceased to be so, and have bei-onic piM)r and 
 iicns-itiius, or are deceased, or prevent the payment in good faith of remunera- 
 liciii to any officers or servants, &c., or prevent the payment of interest at a rate 
 lint I'x.-cttliTiir .j p.c.p.a. on any money borrowed from any mi'mb(»r for any 
 "f tlic piirpo-cs of the association" (J'rtrn/.-iim ./.inif ,(i//<i),, l.SS.ii; "nor prc- 
 vcuf payniinl of interest, ,^c.. nor be deciiicd ti' ex, ludc any mcinlicr of the 
 -iniify from the l)enefit of any grant made in furtherance of any of tlic olijci ts 
 • if the .-oi iciy " (Cltinih Annij. IWI'2); or, "prevent any mciiiiicr wlio may be 
 a suiiisisful exhibitor at any exhibition or sliow held or promoted liy the club 
 nr to flic cost of estalilishing or holiling of which the cliil) may have suliscribed 
 'inf of its income or property, from receiving lu such exhibitor any prize, miHlat, 
 ■ir .jtiier recognitioiL- which may. under the regulations atfecting the said 
 iNliibition or show, be awarded to him " (Smitlificid Club, 1900). 
 
 ■j Tlie fourth paragraph of thi.s Miemduni is a condition on which a 
 liifiici! is granted by the Board of Trade to the society in pursuance 
 of .sect. 20 of the Cos Act, 1908. 
 
 See itifin, p. 498. 
 
 G Tho liabilitv of the members ia limited. 
 
>i i 
 
 li 
 
 It M- 
 
 ■i • 
 
 lii 
 
 i» I 
 
 i', i 
 
 •t!»S 
 
 Form 81. 
 
 MEMORANDA OK A8f«OCIATION. 
 
 [Chap. VI 
 
 7. Every iiiembor of the society uudertukes to contribute to the 
 nsMOts of the H(Kio(y, in the event of the same boin^ wound up during 
 t he time that he is a uieniber, or within one year afterwards, for pay- 
 ment of the debts and liabilities of the society contracted before the 
 lime at which he ooasos to be a member, and of the costs, cliargos. 
 uud expenses of winding: up the tsame, and for the adjustment of ihe 
 light.-- of the cdiiiributorii's anioiiyist iheiiifM'lvo.-'. -uch aniouiit as may 
 
 be required, not excoedinff £ [or whatever the amount lircd on 
 
 may he]. 
 
 ''.. If upon the windiiijij-up or dis.solution of the society there 
 loniaius, after satisfaction of nil its debts and liabilities, any property 
 whatsoever, the same shall not be paid to or distributed iuiuiii;; tlie 
 members of the association, but, if and so far as effect can lio tfivcn 
 to the ne ;t provision, shall be given or tran!*ferre<l to some diher 
 institution or institutions having objects similar to the objcots of 
 the association, to be determined by the members of the associr.iion 
 at or before the time of dissolution, and in default thereof by su.li 
 .ludgp of the High Court of .Tustice as may have or accjuire Juri^iiic- 
 tion in the matter. 
 
 As to nioniiint;, ^po htfm. p. .500, Pnrm ft'2. 
 
 9 True accounts shall be kept of the sums of money received anil 
 expended by the assou. and the matter in respect of which KUrh 
 receipt and expenditure takes place, and of the ppty, credit.^, and 
 liabilifie.s of the asson; and, subjei t to any n-iisonable re.'^trictioni a^ 
 10 the time and manner of inspecting the same that may be ini|iii«cil 
 in accordance with the regulations for the time being of tiic a<siin. 
 sluill be open to the inspe<iion of the momborp. Once at least in evcTv 
 yeais the account* of the assoii shall be exiunined and the corrpdncss 
 of the lialan<e-sheet ascertained by one or more properly (pialiliod 
 auditor or auditors. 
 
 We, the several persons who.«e names and addresses are .subscrili'Hi, 
 arc desirous of being formed into a society in pursuance of tiii.-* 
 niomdum of asson. 
 
 Names. addresst>s, and descriptions of subscribers. Uale. Ac., as 
 in F'orm 79 (omittinc shares). 
 
 IV'Wcr tij lU^ 
 pcnac with 
 " limited" 
 in name of 
 I'hnritable 
 and other 
 vonii>auiet*. 
 
 Seot. 20 of the Companies tCunwilidutiiiu) .\(t. 1908, replaein^f sect. 23 of 
 the Act of 18(i7, provides a-s foUowa: — 
 
 80. (1) Where it ia proved to the fatisfaetiim nf the Hiwrd of T'lile th;it 
 iiu twwK-ialiuii al)out to i>o furmnd a.« a limited company U to lie furineJ for 
 promoting commerce, art, science, rellfjion, charity, or any other u.wfiil ol^jec■t, 
 and intends to apply itn profits (if any), or other income in promotiii); it* 
 objects, and to prohibit the payment nf any dividend to its members, the ll'ani 
 may liy licence direit that the association be registered us a company with 
 
KOKMS. 
 
 J9!t 
 
 Miiiitt'tl " to itrt nuiiit'. ami Porm 81. 
 
 [IstiT 
 r.M>T. 
 
 Li. 
 
 Iiniile<l linliilily' witlmut the addition of the word 
 ilif a««iciiition may lif ro(fi«tiTO<l acwrdingly. 
 
 •J) A licenc* by the Hoard of Trade under thix vcrtion may ho (irantol mi 
 •uili iiiiiditionK and siilijoct to mieh re|fiilatlon!< a< the llcuird think tit. nnil 
 th<>9« coiiditionH and re^nlation< »hall be bindin); on the a'mx'iiition, and nhall, 
 if the liiiard »o dirc<t, 1)6 innerted in the memorandum and artioles. or in one of 
 tliii-e dwunienta. 
 
 (:ll The «!<>oeiation fihall on reffistration enjoy nil tin' privilefjc of limited 
 iirmpaiiit"'. and be subject to all their olilli;ations, except those of u-in^' the 
 wunt " F^linlted " a' any part of Ita name, and of publishing' itn name, and of 
 •ending list* of memberH and direetorn and managers to the repi-trar of 
 .orapanlcs. 
 
 ^4) .\ ll>'en<e under thiK motion may at any time be revoked by the Board 
 (pf Trade, and upon revocation the re^fintrar shall enter the word " Mmitod " at 
 llie end of the name of the asMxiation upon the re^fiKter, an>l the aniociation 
 -hall lease l<i efijoy the exemptionn and priviletfcs (rranted by this vction: 
 
 i'rovided that before .'i licenee is s4i revoke*! the Hoard shall ijive to the 
 association imtiie In writin;; of their intention, and sh-U afford the asjn, iation 
 »n opportunity of bein? hc.ird in opposition to the revoration. 
 
 The aliiive sect, ill has proved very useful, Hrid a lartfc number of aitisociationd piie seilii'U 
 have been re)rist<"red iiniler it, ifenernlly as companies limited by (guarantee, fnipieutlv 
 •■7.. law societies, eh.imbem of eomi-crce, trade prot^'ction MK-ieties. medical 'cwirtisl to. 
 -ui-ieties, a;;rienltural association^*, u . charitable aftsoeiations. 
 l"or a list of some of the assoelationa ho registered, see hifra. 
 .\ii association desiring to be incorporated with limited liability, but without 
 the word " limited " as part of the name, and for that purji'>,e to obtain a 
 licence from the Hoard of Trade pursuant to sect. 2(1 of the Act. should, ai'cord- 
 iiitf to the rules now in force, make a written application to the Hoard for a 
 licence, and together with such application nhoald transmit for their considera- 
 lion a draft, in duplicate, of the proposed memorandum and articles of 
 .i-sociatioii, Tlie drafts and any subsequent revisions that may be re(|uiretl 
 -Iwuld. whether in print or manuscript, be on foolscap-sized paper. If the 
 Itourd of Trade are satisKcd that the applieatiim should be entertained they 
 »ill furnish a notice of such application, to be inserted in a loial newspaper 
 fur the information of the public, and if after the expiration of a limited time 
 llicre appears to be no sufHcicnt reason why the licence should not be [granted, 
 the liuard of Trade will approve the memorandum and articles of association, 
 with or without amendment, and f^rant a licence. 
 
 The Hoard uf Trade will reijuire to have the memorandum and articles of 
 KMsiation settled on their behalf by their counsel, at the expense of the 
 a|iplicants, for which purpose a fee of five guineas must accompany the appli- 
 ' at ion. .\ che<iue for the amount should be made payable to an assistant 
 ■cf ri'tary of the Board of Trade. The Hoard of Trade will not be responsible 
 fur the niemoraiiduui and articles being properly framed as regards the interests 
 iif the association. 
 
 The Hifard is always willing to sanction tli(> omission of the wurtl *' company '' 
 ill the memorandum and articles, and the substitution of the word " chamber," 
 ■■ s<M'icty." '* corporation." or the like. 
 
 The names of the subscribers to the memorandum should be in full, and the 
 iiildrcsses should be definite, giving, where practicable, the name of the strci't 
 and the number of the honso. 
 
 riie following is a specimen of the licence issued by the Hoard: — TfArm fli? 
 
 Wiii:iii:.\s it has been proved to the Hoard of Trade that the Ciumhi n , . . 
 
 /, ,.,., 1 .,j 1 I,, . . Laceiice of 
 
 ■1 liiMMEiin:. which IS about to be registered under the t ompaniea t( on- Board of 
 
 1, K ■> Trade. 
 
500 
 
 Form 82. 
 
 MKMOKANDA OK ASSOCIATION. [ClIAl". VI. 
 
 'wlidution ) Ait, 19U8, an an asiwciation liiuited l>y )(Uurttiiteo. in furnml fur tlm 
 (lurpiiiu uf proiiiiitiiiK iilijixtx iit tlio nature rcintt'iiiplul<>d by Ihv '.il'th 'HMti.in 
 of tliti Act, and that it i» the intention uf tlii' said rimnilier that the imuiui' and 
 property of tlie asweiatiun, wlieni'owvvor derived, ahull be apiiliiil wlcij 
 tuwardn tlio promotion of the objoctn of the amoi;iation, an net forth in \\\^ 
 memorandum of ansoeiation of the Mtid rhamber, and that no |Hirtiun tlnn^if 
 dhail be paid or trunHferred, directly or indirectly, by wuy of dividend or txiiiii*, 
 or otherwine howwM>V(>r by wuy of profit to the persons who at any tiim- ht'', 
 iir have been, menibera of the auid aanoeiatiun. or (o any of them, or to niir 
 poraon claiming through uny of them. 
 
 Now, therefore, the Board of Trade, in pursuance of the povicri in tlum 
 veated, and in eontideration of the proviaionn and subject to the cuiidiiioiK 
 contained in the memorandum of tuaoviation of the aaid chamber, ua siili.^iTilxil 
 by [eleven I menibera thereof on the - — day of -, do by thii their li—n,,. 
 
 direct the Cimmbkh of Commkrik to be rejfiaterad with limited !-:>i..l v. 
 
 without the addition of the word " limited " to itn nnnie. 
 
 Si){ned by order of the Hoard of Trade, thia - - ''•y of 
 
 The folluwinfr arc aonie of the resultintr advav ea: -Th>' uaaocintion avoiilj 
 what may be called the taint of cotnniercialiHin. ^ becomes u pcrinaiiciit ]ei;al 
 entity, and thereby jfaiiia atability, cretlit, and dignity: the property can b" 
 vested in and held by the uaaoeiution in ita own name and corporate capai ity. 
 and thereby dealings with such property are mu<'h facilitated, and cxpcnic i, 
 to truateca avoided; the aaa*M-Iation can contract, sue, and bo aucil in it-* nwri 
 name; while the oSBcera can act without incurring; any peraonal liability 
 
 Incorporation under this aection has almost entirely displaced incor|)orati.iu 
 by Koyal ("barter or Letters Patent, when the intended operations arc tn I.,. 
 within the I'nitod Kingdom. 
 
 For speeimena of objects*, see Forma 2tM* ft .t^//., intrn. 
 
 The notice which the Hoard of Trade riKiuircs to be advertiaed is ijcncrally 
 in the following' form; 
 
 I 
 
 Form 83. 
 
 Notice of 
 Board of 
 Trade. 
 
 
 .Ai'Pi.icATtoN for a Luk.vck of the Boakh i>i- Tiivm. 
 
 NoTIi K is hereby given that in pursuance of the 20tli section of the ( "m 
 paiiies .\ct, 1908, application has been made to the Hoard of Trade for a liccm. 
 directing an nasoeiation, about to be formed under the name of the , i" Iw 
 
 registered with limited liability without the addition of the word '• liniiliHl " 
 to its name. 
 
 The objects for which th" aasoeintion ia pro|>o«ed to be established iri' 
 [Herr the principal ohjfrtti are ntnted\. 
 
 The other objects of the association are .set out in extftmo in the meniuranduiii 
 of association, a i-opy of which may be inspected at the office of Messrs. — 
 and , Solicitors, Strei-t, London, E.C". 
 
 Notice is hereby given that any peraon, company, or corporaiion olijcrtiiii: 
 
 to this application may bring such obje<'tion before the Board of Trade, r 
 
 before th. day -rf - — liext [„•'.•>;(? .. ,»■-■■,",}, by i letter 3.f-!r.-"-M U: th:- 
 
 (Comptroller of the Companies Department, Hoard of Trade, 8, Delahay Str'-et. 
 lA>udon, S.W. 
 
 Dated this — - day of - — . 
 
 — , Secretary. 
 
TOKMH. 
 
 fiOl 
 
 II,. i.ffiiial f"rm -x't <iut 'u,wi. f. 49J, tii\. wa» iicl..pt.-d in 1(M»9, and w ;. Jq^^ 93 
 
 ,„i,.i(kr;.lilc itiiprun'iupiit on tl »■ i"l f'.riii pn-viuUHly in uw. That form 
 
 «,!, .o.nimi.ti'd ..n in tli.- ninth .niition of tUl work. p. 101. It «a, open to 
 o,»iiy clijctioni: in particular it <'ontai.iiil proxisionH to the otfiMt that in thr 
 ...cut of any contravintiun of the <on.lition« lontaincil in the memorandum tl.r 
 ,,i.,.u.. coiit'raMiiing should l.c under unlimited liability. Suih pro*i-.i..n« wore 
 'f iloul.lfnl validity, for wit. J.i of tli.- .\.t of IrttlT, «iii<'b allowed lhc> Hoard 
 ofTra.!.' lo impose condition-, .il-o provided that the a.-.-iation when rejfistered 
 .heuld e.ijoy all the privilege, by the A.t .... iM,,..i-e,l on limited com- 
 panies. Tho new otBeial form oontainf nothing about unlimited liability, an.l 
 liiu beun fr.iiiird *) as to meet wvcral of the objeetioHH referred to in the laat 
 e iiJuh. Hut the form xtiU nniain- open to some objection*. The «eond 
 
 ,,r„vi-., U> clause 3 is objectiotuiblc The oiid provi*. to cl.iu-'e I ii ulao 
 
 ..lijcctiorinble. for why nhould remuneration of a member of the eouiu il or Imdy 
 ,.|- maiiaseiuent for services rendered Ix- forbidden, even where there i% a eom- 
 uelcht (|Uorum of independent member* of the council or board who, in the 
 iiilercst of the society, desire to deal with the member ui the council or body 
 of luanageinent, or secure his ncrvicea at a fair remuneration, even where the 
 arlicle- allow the transact ii.nV There should be some latitude. In Mnii/ \ 
 /„,,/ IKWi) \. f. 50, it w.is held that a proviso somewhat to the effect of the 
 i!>.nedid not relax the rule th- a dire.tor or offiier is not to make any prolit 
 „ut of his iKisition except as a.. . riwd by the regulations. In that ease a 
 
 mcialier of the tf.nernind bmly aited as .solicitor to the society, and w:k, 
 
 miiiiueratcd. but it was held that, as the rejfulalions ilid not allow for this, he 
 
 »as lucouiitnble to the society. 
 Tlic board of Trade has a discretion as to granting a licence under »eet. 2tl. 
 
 and ill tiie rcult those who seek to obtain a liieii. c ha\c Icarneil that it is not 
 
 wi-c I., (•^ilici^e the orticial forms too freely. Hut. although these forms hai 
 
 lienerally to be accepted very much as they stand, the Board of Trade d.. 
 
 r>llew iiKsliticiitions to suit the eireumstanees of particular ca«es. 
 Where a company incorporated under 8e<-t. 20 of the Act desires to alter it- 
 
 ol.jwtii, the approval of the Hoard of Trade is roi|uired. XI. Hilda Inrui- 
 
 p.r^ited Voliege, Cheltenham, (1901) 1 Cb. 556. 
 
 \* to granting 1 pension to an officer of such a company. Ci/clisl' 
 
 !■.. ^. ll:,'kin*o». IlidO) 1 Ch. 179. 
 
 ! «. 
 
 To'ti 
 
 A.s ij holding laud, sect. 19 of the Act runs thus: — 
 
 .\ louipany formed for the purpose of promoting art, science, religion. 
 diarity. or any other like objent, not involving tho a«iuisition of gain by the 
 conip.iiiy or by its individual members, shall not, without the licence of the 
 Board of Trade, hold more than two acres of land; but the Board may by 
 licence empower any suoh company to hold lands in such quantity, and subject 
 to such conditions, as the Board think tit.'' 
 
 The notion appears to prevail that all companies registered under sect. 20 
 of tlic Act arc within this enactment, and therefore unable to hold more than two 
 aciw without a li.once. But looking to the decisions (■lupra, p. 110) as to the 
 miMiiliig of the words •' involving the acquisition of gain," in sect. I of the Act 
 of iMli mow sect. 1 (i> of the Act of 1908:, thi.^ r. ;tion doc3 not appear to 
 lie will fii'inded. Ip many eases the objects of the association do involve the 
 aciiuisitioii of gain by tho association if not by the members. See Incorpd. 
 Ci,u,,r,l „t Imic He/iorlhiy. 22 Q. B. U. 279. In order to preclude do'.bt the 
 Beard ot Trade sometimes nas reijuircd the insertion of qualifying wu .'1 1'. the 
 objoctii. S.e tiiirn. Form 200, clause 9. 
 
 Rest rictiou 
 I'll charitable 
 aii.l .ither 
 oonipaniPH 
 holding laud. 
 
 Certain com- 
 pauies not to 
 hold mure 
 than two 
 acres without 
 licence. 
 
 is 
 
MEMOKANDA OK ASNOCIATl' V. [('HAI'. VI. 
 
 iie f. 't 1.^ »t*m h-1 of the aaHx-iatioiu whioli li,. .e been rfjculer.-.! withwji 
 word li iti.l " - 
 
 llf iKl -I Kvr. 
 Birminirhaiii ll.»«|iiul Sa'urdaj. 
 
 ••'"iwl 1H92 
 
 t'Irriry IVn»ioni inM <itian ... 1S93 
 Irish Induitrim A«».^ mtion IS9S 
 
 Prmiiient Clerk- Hoiii'volrnt 
 
 Fund )H8ft 
 
 Workinsr Ladiw' (;uild 1893 
 
 ChaMBKHH ok t'o.WMEBrF. 
 London Chanilwr of Con^ ■"roe 1881 
 ( And mil y others. | 
 .\9«ociat«il (Ihanibflrt of 0>ni- 
 
 ™pfw , i%is 
 
 BritUh C^haniher -'f f r-microo 
 
 in Rpl^iurn ., IHIO 
 
 Ci.ir»ii 
 
 lliidder.^flcld Curlton ( liih 1875 
 
 Manningham K.^itball Club IfSfi 
 
 Kc'wcoatle Junior LilHjral Club l.iHI) 
 
 St. Pancra* Keform Club 1887 
 
 [ni-orporat«d Wmt llert« Golf 
 
 Club 1894 
 
 Sniithfleld Club lyflO 
 
 Col,LKaK3. 
 CbHtenhani Jjidiei ' College ... 1«>«0 
 Miillanil Clercy Colleire Cor- 
 poration i»99 
 
 Ni'wnham College :>«80 
 
 I'nivorfity CoUeife. Brintol -"« 
 
 Viirkuhire College i 
 
 City and liuilds of London In- 
 atituto for the advancement 
 
 ■' Technical Education i -.-.'i 
 
 Ht. i!?da'« Incorporated Ci" 
 
 lege, Ciieltcniiam s9S 
 
 BiHhop'a ColJeiff, Cheihuiit i|0 
 
 PiiifM- Chriiitian Colleiri iuKI 
 
 ExcilAMOLtt. 
 
 Birminehain Kxehange -180 
 
 Mupxhcstcr i oal Exchange .. J82 
 
 IIOSPITAt.S. 
 
 CtTiiia Itouit* ftti IJilini vVoni- 
 Dalrymple Home for luobriatc^ . 82 
 Uampitead !■ nic ilospital and 
 
 Kursing Tnsliiuti- It)b2 
 
 Home Ho^pitsla A^ elation for 
 
 Paying Patients 1878 
 
 l,»w Horll!Tis». 
 [A great many. ) 
 
 Uini'tu. iXKuua. 
 It> .>r|H>rat<^ Ciiuncil of Ijiw 
 
 Uep<.rting )H7i) 
 
 Inivirporateil Kri-e atnl Op^u 
 
 Churi^h Aorti'viation ■ ^•^2 
 
 \Ittii»'he»ter Ineorporai- ' Law 
 
 Library Society Ign4 
 
 .Meteorological Council ijnj 
 
 National Smoke .Xbati'ment Ir, 
 
 atitution i■^■i 
 
 I'alestine Kiploration Fund 1179 
 
 U..yal School of Art Needle 
 
 work 1H7S 
 
 Sftli]*bury hiiM'ewfin Board < 
 
 r'inanee .... IM^S 
 
 Society !>r I'ronei', w Km- 
 
 l>loyinrnt of V\"on 
 Society of Comparn I.-egia 
 
 lation .. -•( 
 
 Surrey Public Hoi;i. Trux: I 
 
 Royal Albert In- ;!tJ*n. L-in- 
 
 eii^ter. 
 
 Mi-»i' 1,. 
 Saeretl llarnionir H'X 'y. 
 
 PKOrESSION 
 
 Auctioneers' Institute 
 
 Birmingham Medi al I )«titute I- 
 Bri'ish Dental A8.i.j<iati .n . 
 BriTish Medical .\«- ■■■>., on 
 Colltve of Or. !tt«t 
 Colleiri' of Stat* M«3 -; 
 
 incorporated 8<- r.fy . 
 
 Office' nf is-iilth vtj 
 
 l!ii!orp<>' t^l Hoi 
 
 cian» •>HJ 
 
 Inatt! •'- f Britiai. 
 
 ^J^iitir-i! tur^srs I8B3 
 
 1 'ate ? Clwmiatry > 
 
 ■".in ' Ir.-land ... IH" 
 
 Ini- •*■ .niR- Engii 1890 
 
 Inaii 'land VVi. it» 
 
 pr:v • ine Supreme 
 
 ' ature IS87 
 
 chaniral Eryi- 
 
 1878 
 
 iation of Colliery 
 .. ,!»(; 18W 
 
Sj.i,!l..!.| !. .r|K.r»t«<l S.»-iety •• "*'■ 
 
 uf . harter •! Acv-.untanN . i H,- of Hih Arch«-ol„Ky IHf 
 
 ,(,«-... oJT.-mph «:* "er« S,„„ .,-11 Ui- an Finance 
 
 j,^ «ir iuis ... Ih A«..i»tiori I""-' 
 
 Fr..,i-. .-■ ..--ialii I" 
 
 j,.,^„ r.rol- \-4u- Uurlmiii, in Hotuiiiml unil 
 
 iiif. Ifl'' lliirtiiultiiral -iMricty 10"' 
 
 f'liil(ilo)fiL-Bl So II r y 187* 
 
 I iciTi "ON I'lii'-wiphicjil Sm'irty of lll»»- 
 
 (•„,,,. r:,tl,.ll u! Knr .„ 1( ml- »fow '«'» 
 
 .,„l,ie,H. 1873 J'li>»i.'al Swicty of L l"ii 
 
 ifax Cmlinr- ..s.w;ia .|i I -ti Uuval Archii'oh u-al S.. e'y 
 
 r|)«ri.t«! .I.a^b ra- \**J- "if"' Hr't"' '• Ir.-I.ii"! 
 
 ,„,;„„ !8!i3 Tyneaidi' <<eoKrttj.ii>c»l iof^ 
 
 l-rtrol-um «....i»*iun 18HS Mncorporatwl) »•* 
 
 UiiHilot rti-nooiJ. 
 
 t.:r,liAn«j 1»»3 Clifton High School for I. 
 
 !,li ..{ i;ng^n(l Su (JUwifOW School of rt 
 
 .. ui-ti' iti' . l!>li' llerkomir School 
 
 l',..iii 'iary \^sociatioii 191ii MancheiiUr (JirU' 11^ aool 
 
 Su«Ui.!«ti :> Fund of Trust '<*'^ 
 
 i iwe u' Wim-h.iit.''- IHOt Winrhwtrr tri. ' f"r 
 
 \| '. 1>^- H«c Fi^liormen 1887 i.irU. WW 
 
 im 
 
 Form 83 
 
 The inlir^if-d i o» 
 
 TmK CoMl'ANIlS (_CONSOL1I>\110- \' "J8 
 
 Me'i duin of Assoh of the. >!i 
 
 Form 84. 
 
 Mt-:ni>r;tn<tu]ii 
 i>f uiiliniiti'ci 
 i-"nipHti> 
 
 I 
 
 I Tho imiiif of the coy iw tho (Joy." 
 
 :; Tlir rotriBtcrt.ll otHce 'supra, p ^>i]. 
 
 ■■•■ riip o^jw•t^ for which 'ho coy i-* twlaljliohed aro: — 
 
 W K, the several peruonH who<*e iiiii = .>w an.i addre.-^ewa ^iio ^ubHi;ril>«(l, 
 aru (leisirous of iK'ing foi med into n or ■ jn ] m, ,u.^ of this meindum 
 of a&ion. 
 
 Niiiiics, addnv t^j^. mid de^'fi ou.> 
 
 Dated the day of 
 
 W 1 ivKss Kiipra. y. I'Ji |. 
 
 iibsi rihers. 
 
f ^i 
 
 504 
 
 MKMOKANDA OK ASSOCIATION. [< IIU'. V|. 
 
 1 
 { 
 
 .i 
 i I 
 
 OBJECT CLAUSES. 
 
 1 1 
 
 f 
 
 r 
 
 l! 
 
 Form 85. 
 
 To a(t|uiro a 
 btwineflfi. 
 
 •UQllSiTIOX OF KXlSTlXli (OXCERX 
 
 \ery many, perhnps tlii' majority, of cunipaiiic:) arc furmcd mmad.iv* ti> 
 acquire uiid work oxiatiiif; liiisiiiMscH. In mirh ia-ie» Home or otliir .,1 tli. 
 following twelve forms (HH to 9«) will probably he found applieabb. Suil, 
 elaui.es have penerally been set out tirst as deseribinjf the primipal or ni.in 
 important of the eompany's .ihjcits, but having reirard to the decisions referred 
 to at pp. fiOO — 60.3. it may often be expedient not to (five them sueh promineni-i 
 as to found the inferenee that they are the main objeetn of the eomi>any, u. 
 whieh everylhins ''jse is to lie subordinate. 
 
 To ucijiiiio and luko over ii» a ;,'oiiio: euncern the buisiuex nov 
 
 carritxl on at , in tlio eounty of . under the style or tiria oi 
 
 . O'xl all or unv of the osNC'tK and lial>iliiie8 of (he i)ro|)rictor s] ol 
 
 that buwinws in connoolion therewith, and with a view thto to ontei 
 into (ho iiffiieenit referred to in ciaune .{ of the coy's art« of n.s^on 
 Bnd to ea-.ry the same into elloet with or without modificotion. 
 
 Where the aifreement is with a trusti'e or ai-ent for uu intended <-oMi|..iiiy. 
 the expression u-isl in the riause should be "adopt" instead of • i>ntei mi... 
 unless elause 3 of the iirlieles refers to the adoptive I'ontrai't. 
 
 Where the <'ompany is formed to aequire a business lielonirini.' to iii.iij. : 
 iimipany, or to anial^raniate several businesses, the elause will be v.irie<l. . . 
 
 Form 86. 
 
 To acquire 
 undertakitifr 
 of another 
 company. 
 
 Fonn 87. 
 
 To acquire and tako over mt a ffnui; lonioni tlie unilei'ukiii;.', uu.i 
 all or any of lhi> a».«el.s and lialiililios of tiie t'oy, Liint<l. incor- 
 
 porated in IH UO , and with a view thto, &c. 
 
 To acquire, lukc over, and oinal^aniute the undertaking's of the — 
 Toa«iuirea..d ^"•^■' Liuitd, and of the - Coy, Linitd, ajid witli a view thto to enter 
 
 amalgamate 
 other 
 
 into the a^reenits, Ac. 
 
 Form 88. 
 
 Another. 
 
 To acquire, take over, and anmlj^nniute the bu8ine«H curried on b\ 
 
 the Coy, Liint<l, and the buNinow carried on at under Lite 
 
 fimi name of .1. iV Son.«, and all or any of the iiwHctH. &o. au in 
 Form 8.5.] 
 
 Form 89. 
 
 To aiYjuire 
 mine*. 
 
 Form 90. 
 
 Toaoqnire 
 patent*. 
 
 To uequire certain luino.s and ininiii;; elainvi in 
 and with a view tJiereto, &c. 
 
 known as. Ac 
 
 To acquire enrt^iii i«t«ni« far itiventitnf^ in relation to, &c-., an-l 
 with a view thto, &e. 
 
TORMS. 
 
 .■.o.» 
 
 \i< il.i| 
 
 „iir u , onrvKsioii granted In, i'i:e , and with h view, &c. 
 
 Form 91. 
 
 I'll ita^uire 
 ri)iir(>itMU>n. 
 
 
 T. 
 
 ill 1 
 
 tl 
 
 1' 
 
 - 
 
 f. 
 
 .1- 1 
 
 lit' ( 
 
 A 
 
 
 ;.ImI 
 
 ■■. 
 
 iii<iii 
 
 
 In 
 
 the 
 
 !■ 
 
 nrf. 
 
 «.■>. 
 
 i, 
 
 tt'll 
 
 Inl 
 
 .iiin'. *!• . iiiul with a view tlito to adopt an uffreemt dat<?d porm 92. 
 
 of - , and made boUocii A. of the one pt, aad B.,aa tree ,j,^-,^p^ 
 
 ■u\ o{ the otlier pt. beinn an a^rreciut for tho ac(iuisition of. airrwmcnt 
 
 „; ,...nv surh a-rt*int into elle.a with or w.lliout modifi- l^^^^Zy. 
 
 ;,|, .■■...■.' of arti.-li-.! ..f us«.iiiiti(in tlii« form will l>o ii«rd iii-tcail nf 
 wlirro till- pr.-linii.iTv .■iu»rwmr-nt i.* m.-irt.' with a tni-tor for tho 
 .,m|.:iiiy. Sw •«;ir't, ,.. 326. 
 
 T,, ailnpt and ratrv into flliMl. «ith or without n.odilication, an ^Q*^"' ^- 
 H.'iv^iiH wliicli Inw ttlroadv boon prepared and is expressed to U' r„ uniuirc 
 „;de U.twoen .4. of tho one pt, ami IV. on hohalf of tho coy, ot ;;;;;|,;™;,'^'- 
 th.' othor pt, and is to Ik- .siunotl iniiiKMlintelv after tho iiicorpomlion conrcro«. 
 of the CIV, and a copy whereof has for tlio purpaso of identification 
 !„■. n .Mil*Jril>c>d by ,8 solor of llio Supremo Court.. 
 
 S.c Plan IT., t'iprn. \i. 326. 
 
 l',. rnter int-j and carry into elleot (.either with or without nioditice- Form 94. 
 tioni an a.'riemt whicli ha-s alreadv bw'n prepannl, and in exprc8«e<l t,. onUrmt.. 
 t., lic mad.' iKHwwn the .s<ll A. of the one pt, and the coy of the other :i «ontra.». 
 pt. a xipv whereof lias for Uie purpose of identilimlion Ikm^d endorsed 
 Milh tlic .si^'natures of H., C, anu J., tlireoj of the sub.-criberH hto 
 or a i.ipv wliertHif i.-* ■■'et forth in the sch.-dule to tho art..< of a.s«ouof 
 Uic cov]. 
 
 Whcro it i^i ilcsirod to lupiition any prclimiiiiry atfrconii'nt in the nicmo- 
 r.inil.iMi. thi. or «inuM.lhi-r of tho hUovo form- will li.- u«cJ, aicoriliiiK iw Plan I . 
 .-r II . "r III.. »«/»«, pp. 325-327, is iwloptixl. 
 
 In ikiiuiio, &(\. and willi a view thto to outer into and carry inU) Form 96. 
 .ll.Tt tlic ihiw contriM-'trt refcrre<l Uy in clause ,\ of the coy's arl.s of To H«iuire, 
 a.>.^.,.l, and to .-arry tho same resply int.. olli'..t witli or without modifi- *;;,,*';^,^' 
 cati.iD. »*"■'* 
 
 To luiiuiri. ami take over tho undertaking: of the - (-'oy, Limid, Form 96. 
 
 and with a view thto to acpiirc all or any of the shares, dobt« and To imiuir.. 
 
 lulaliiiiv of that coy, and for that purpose to a<lopt an airreomt dalo.l :;;'^«^;;J;,!^*' 
 
 and made between A. B., on behalf of himself and all the other thorein. 
 nii-iiilMT! of th« as] (Yiy , nf tho one pt. and C D , on behalf of the coy, 
 of tho other pt, and to carry the same into effort. *c 
 
'Alb 
 
 HEMOHANDA OF ASSOCIATIO.'J. [ChAP. VI. 
 
 
 i 
 
 Form 97. 
 
 To carry on 
 other biiNi- 
 iiettHCH. 
 
 COMMON KOKMS OF CLAUSES. 
 
 'I'liesi' common form rlau>i'H arc iiitciidod fo. use in conniHlii.n with tlic 
 various oliject olausra *'t forth or mi-ntioned alKivp, and in I'ornm 130 to 20.), 
 ihfiu. .V» a general rulo, Forma 97 to 121 may be used, but rojfard mii»t, of 
 c<iiirso. lie had to the special ilauspfi and to the lircnnistanceit of the case. In 
 rumii- cawM Mime of the other common forms, or some of the h'ornis l'J2 I'd. 
 nuiy have to be added. 
 
 To (uriy ou aiiv oilior busiuess ^ wlioiher luuuul'afturiug or other- 
 wif* which may seem to tlie coy capable of being oonvonipnilv 
 carried on in connection with the abo\'e or calculated diroclly ijr 
 indirectly to enhance the value of or render profitable any of the 
 coy's pply or righi." 
 
 The alxjie is fre<|ueully adopted, and has been found very uwful. 
 Such word* are not surplunajfe, and muni have elfeet (jiven theui. Sc 
 Pfrmlnii Knil . Ci,.. 2 Ch. f>17; »H/on, p. 471. 
 
 |i » 
 
 ii 
 
 i> Si 
 
 Form 98. 
 
 To purchH»r 
 other bu»i- 
 
 To acquire and undertake the whole or any part ot the business, 
 ppty, and liabilities of any person or coy carrying on any business 
 which the coy is authorizoil to ca n, or possessed of ppty suitable 
 
 for the purpo.ses of this ;")y 
 
 The a'>ovo power ought to be HpociHed umoii)( the objects, if the coni|i!iny is 
 intended to have the power. Kmrrt v. Mrhnlli, 6 H. I.. 401. Kxprcw 
 mention should be nnuie of liabilititit. Hut iee Outrend, Ourney i Co. v. O'ilihr. 
 I.. It. 5 II. L. i^O, as to what is suSicicnt. 
 
 Many companies forme<l without this object have found it ne<e»«ary to rcsnrl 
 to an .\et of Parliament, or proci-edinj.'s under the Companies ( Mcmoraniiinii 
 of A«»ociafion) .\et, I8W). now replaced by sect. 9 of the ('ompHnies .\et, 19US. 
 to obtain the re<|ui»ite power for the ext^-nsion of their objects. 
 
 14^ 
 
 Form 99. 
 
 To purcham- 
 patent*. 
 
 To apply for, purcha.'M), or otherwise acquiie, any patents, brevelx 
 d' invent iirti, liwnces. conceMtions, and the like, conferring any ex- 
 clusive or non-exclusive or limtd right to use, or any secret or other 
 information aa to any invention which may seem ispablo of being 
 used for any of the purposen of the coy, or the acijuisilion of whidi 
 may seem calculated directly or indirectly to benolit the coy, and to 
 use, exercise, develop, or grant licences in respect of, or otherwise 
 turn to account the ppty, rig<it» or information so acquired. 
 
 \ good many ismipanies, especially manufacturing companies, insert tlic 
 :ihove. 
 
 ■?|i 
 
 Form 100. To enter into Tpartnerahip or intoj any arrangement for shariiif,' 
 
 To enter into profit, union of interests, co-operation, joint adventure, reciprocal 
 
 iHirtnerHhip, (,'onoefMtion, or otherwise, with any person or coy carrying on or 
 
 take a arm, „„j^,^g^,i j^^ qj about to o»rry on or engage in, any business or transac- 
 
 i 
 
FOKMS. 
 
 ,io„ wlii. 1. il.i« <ov i.-< authori/«.l to varry on or engage in, or any 
 business u. iiansactioa .•apable of being conducted «o .w directly or 
 .„,,ireotlv .0 benelit this roy. And Jo lend inouoy to, guarantee the 
 .onlracts" of, or otherwise assist, any suoh person or .M.y. and] to take 
 „r otherwise aoijuiro shares and so<>urities of any su.h coy, aad to 
 ^.11, hold, re-issjo. with or without guarantoo or otherwise .l«al 
 v\iili the Kamo. 
 
 I, «a- ut one time -upiHweU U. b.' ill«Kul for u>ic L-,.i..poiiy f wk.- »h,.rc« m 
 .„„tl,cr hut tlicoontrary i« no* w.-ll ^'ttlcl. ,.r,.vi.le.l rl,- „„.,„ura.uiun. ».'iv.- 
 
 , „ •. ,',., 17 W. K. m: Finnnrm! VnrparnI,,,,,. 28 W . K. .hO; W . N. < 1«H0) 
 ss Imt very dear words are necessary to enable a .-jmpaiiy to onU-r int« 
 paitncrsbii. with another .ompany or perton, or to fiku »hare» in anotm-r 
 ...uipaiiy nritifh SndoH Life .Ufuranre .t«-<-<., » Ch. Div. 704. 
 Tl'u/a power in a ncTivener ami bill broking company's moraorandun. for 
 m nkin^' advan.M and procurinjr loans, kc, and investing in seourities," was 
 held ....t t« authoriie the dinn-tors to take .h»re» in a bankinR company with a 
 ,„.„ t.> uromotinK » banking company. Jo.nt Stork lii.r,.;„l Co. v Hroun. 
 1 Ivi 139 8 E<1 381. But a power to as»i«t in the formation of other com- 
 ,„„ios and generally to transa.>t the business of a capitalist will authorue 
 takin? shares in another company. «« Peruvian ffy. C,., W. N. ('8«9) 2t, 
 ami «ee He tmancial CorporatiuH, 28 W. B. 760. 
 
 The lowers should be expressly •■onferred by the memorandum of n«*>riation. 
 ,l,oiiL'h the iHjwcr to acquire and hold shares may be implied from the .laturc 
 „f the rompany's busineas. See Jtu„al Bank of Imlia, .a.-, 4 Lh. 2&2; aii.i 
 luuilnn f.nancinl Auoc. v. Kelk, 26 C. D. 107. 
 
 I( Form 109, iffra, is used, the words in brackets will be omitted; and .1 
 I ,,ri» 101 \> I'w used, the latter part of the alwve clause can be omitted. 
 
 Form 100. 
 
 To take, or otherwise acquire, and hold shares in any other coy Form 101. 
 ' viiig objects altogether or in part similar to those of this coy. or Xotakchawa 
 
 rying on any business capable of being conducted so as directly '^^;;*^^r,^ 
 .1 indirectly to benelit this coy. 
 
 Se.. not. lo Form 100. This form is sometimes used in wnjunction with th.U 
 f.irm. 
 
 To enter into any ariaugeuients with any [governments orj autho- ^orm 102. 
 iiiieb supreine], municipal, local, or otherwise, that may isoeni con- To make ^^^^^ 
 ducivc to the coy's objects, or any of them, ami to obtain from any "YtirS-'ri* 
 Mich govurnment or, authority, any rights, privileges, and conces- ties. 
 >ious which the coy may think it desirable to obtain, and to carr) 
 iiul, exercise, and comply with any such arraugemont«, rights, privi- 
 U'ges, and concessions. 
 
 This clause is frequently used, with more or less modiheation. 
 
 To establish and support or aid in the establishment and support of Form 103 
 as,«uu!), institutions, funds, trusts, and convonieai-oa calculated to .^.^ j^^^^jj^ 
 Umefit employed or ex-employes of the coy [or its predecosaors in employes, *o. 
 
ryOA 
 
 .MKM(»KANnA OK ASSOCIATION. [ChAI'. \"I. 
 
 Form 103. business or the (lo|)«ndaiit.M or conncftions of such persons, and to 
 grant pensions anil allowances, iind to make paymentH towards insur- 
 ance, and to subsrriho or guarantee money for charitable or benevo- 
 knt objects, or for any exhibition, or for any public, general or 
 useful object. 
 
 .\ (?ralury tai cmpluyi^ muy be suppurtitl witluiut cxprfss power. Uiimptn,, 
 V. I'rire't I'lilciil Cauillr Vi>., \f> L. ,1. Ch. 4.37: llullini v. Hi-al Cork- Huil (■>.. 
 23 C. D. 65t. .\inl w) may ii ponsion. Ilrwlnunn v. Hnnk nl .limtrnlfi i. 4ii 
 ('. n. 170. lliit to jiinfTTy a suliMi'ription for outside purpo.wn oxprow autlmritv 
 is newssary. '/'nmHiunn v. S. K. UiilJ. Co.. .50 I,. T. KI3. ■<iiprn. p. 165: anil 
 see riiap. XI. [t n vi-ry romninn now to admit omployi'-i to pnrtiripatp in 
 profits without giving tliPin ^harp-i. ;iiid to i-atahliih provident and pi<niioii fumlj 
 See TormH .'JHi rt ,.,v/. 
 
 Form 104. To promote any coy oi i-o.-< for ihc purpose of acquiring all or uuy 
 To promote "' ''''' I'l''.^ ■ ritfl'ts and liiiliilitics of this coy, or for any other piirpin' 
 compntiits. which may mmjui directly or iiuliroctly calculatefl to benefit lliis i m 
 
 Not to he able to prnmotc another company may be very inronvenient. and 
 it the power in desired it xhould be taken expressly. Jtii>i> s/nrk Din. Co. v 
 llroiru, 8 V\. 381. 
 
 Form 105. 
 
 Ti' pari:)iHst> 
 pri.p.rty. &r. 
 
 Gencriilly to i)uriha.so. lake on lease or in exchange, hire, or oilior- 
 wisc acquire, any loai and personal I'ply, and any righta or privileco.-^ 
 which the coy may think necefwary or ronvcnieiit for the jnirposes oi' 
 its business [ami in particular any land, buildings, easenienta, 
 machinery, plant, and stock-in-trade]. 
 
 A form to this effect is f^nerally inserted. Sometimes the words in brackets 
 are omitted ; but it is usual to enuiiierat<> u number of items which the company 
 will be likely to require. 
 
 Form 106. '^o construct, maintain, and alter any buildings, or works, neco-- 
 T h Id t **" ""^ convenient for the purposes of the coy. 
 
 This is very eommonly Inserted. It is inodifie<l, more or less, to suit dilfon ii( 
 companies. 
 
 To oonitruct 
 work. 
 
 Form 107. To construct, improve, maintain, develop, work, manage, carry out, 
 or control any roodo, ways, tramways, railways, branches or c>idin^'s. 
 bridges, reservoirs, watercourses, wharves, manufactories, ware- 
 houses, electric works, shops, stores, and other works and en- 
 veniem«s which may seem culculateii directly or indirsftly to advance 
 the coy's intertsts, and to contribute to, subsidise, or otherwise assist 
 or fake part in the construction, improvement, maintenance, work- 
 ing, management, carrying out, or control thof. 
 
 Much a claute is rommoniy inserted with variations to suit th« particular "•««"> 
 
FORHU. 
 
 5t»t> 
 
 To iuvesl and deal wiUi the moueys of the coy not immediat«ly Form 108. 
 
 rei uired in »ut'l> maiiiier a8 may from time to time be dotorniinod ■[■„ ;„,,,! 
 
 Tu loml luouoy to .such (wrsoiis iiud oii sucli Wiiii> ii> nuiv seoiu Form 109. 
 
 fxpeilioiit uiid ill particular to custoiuors and others liavinsj doahugs i,, nveivf 
 
 with the coy, aud tu guarantee the performance of contract,, by any ;;;:;;;;?,;"■„., 
 
 Mi(h persons. ai.dKuitr- 
 
 Sco. !M to the Money lenders Act, 1900, in/m, p. 526. 
 
 l\> burrdw or raise or .secure the payiiieiu of money in surh maumtr Form 110. 
 
 a. ih.' i o.v shall think fit, and in particular by the issue of dobentuivs, .jr^^,7^ 
 
 oi' (Icbetiluio stock, jwriKJtuai or othorwi.se. charged upon all or any -.t „„,) ,„„„. 
 
 !)»• .oy.s ppty (both present and futurot. includinu; it« micalled >■■'►.'••• i' 
 (iipitul. iiiid lo purchase, redwiii. or pay oil' any such securities. 
 
 1 1„. .,1.„M' i> now usually iiiriortcd. It \« not .llways strictly ii(Mes.sary, for a 
 |.„,vpr t.. l...rrow in rouitily lni|>li<'il («"/'-. v. Melmi.i.lif.i,,. irr. Omuihu, Co.. :t 
 H II \ .1 1:!3: '" ■'■ I/"/'"'' IA'"/»i"n. '•„,, 4 K.|. mil: A.V /""''■ '"''.'/ """'•. 
 ■: Ch. T.'iN; (ii!il" n<«l ">W. rnor, lt» I';.]. 312: e't>P<'ially i" the .asp of i 
 
 ,r;.,|in^' n|.i.i.y (r,V«,',v.' .ImUun. ii-. r„. v. Smilh. (IK'M) 3 fli. 132; wc 
 
 fiirthrr. o/o", p. 472). When- H coiupnny has power to l>orrow, it has uii 
 iiiiplicl powiT to M'lure the repayment of !)o:rov.eil money l)y mort({i"«''. .("■<- 
 ,..,!..,„^ .V.'. (■■'. V. .Vo'-»»ey, « K. & J. 733; II. •/■•n v. Mrl,:>p,J,i„>i. i'-. Co.. 
 „/,, .,.,.,„, rulr,,/ I'tlf >"'... I,. K. B t'li. 83. .\ml where u eompnny has power 
 (,, rai-e money on niort(t«(fe. it has power to eoveiiaiit to pay. Rnr.tiu" 
 If,. /,..■/.■ y. R;-,;- Drr.MV. 11. H7/>. 
 
 As to morlLMirintr unealle.1 capital, see Part 111. The existence of a horrow- 
 ,i; power, however iMiipIc, should not make a lender less (.arefnl to s,h. that his 
 -iviirity is franie<l in ade<|unte terms. Stri;ill,.,m n„'l H.nu-nil A'.' <^'» ''"., 
 Is'iT , t ell. 1.5. 
 
 Til roiijiiiieiate any person or coy for services rendered, or t^ be F orm 111. 
 icnilcicd, ill |)ia iiig or a.s.sisting to place or guaniiiteoing the placing ~^ „.„une- 
 ol aiiv id" the shares in the coy's capital, or any dclionturos, delionture rate. 
 sioi k or other .seciiritiiw of the ooy, or in or about the formation or 
 |.roiii"ii'in of the coy or the comliict of itfl business 
 
 Tliis I'lause IS now lominoiily iiiserU-d, and clearly justities payment out of 
 premiums or profits. Se.' Companies A.t, n»OS. s. «U. -.,/„... p. 271>, and «"/-!■'. 
 y. 2'.5 ft se-/. 
 
 Tc, .haw make, accept, iiidorHO, discount, execute, and issue pro- Form 112. 
 mis-orv u.dos, bills of ex. hangi-, bills of lading, warranto, dobeuturcs, :f;,-;;;:;, ;::j;; 
 aii.l Other negotiable or traii-slurablo instruments. bills. *e 
 
 A .-,..n,r.i,r.jr ...Htin.-it ;-iir r.e-,-<!t:ah!e in-itruments unle«« it has an express or 
 implied power for that purpose (fiveu to it by its memcrindiuu. An impliud 
 

 no 
 
 MEMORANDA OF ASSOCIATION. [CllAP. VI. 
 
 Form 112. 
 
 t .1- 
 
 iMiwer »ri««x where the buaiiitw of tlio company ib on« whiih caniint. in it. 
 i.rdinary course, be curried on without the l»«uc of "ui-h in«tnimcn»a. or wlnTf. 
 u|ion a fair construction of the memoramlum, the power appear" »c> l.i- iii.i 
 ilental or conducive to the object*. /V,..ii.»i Hv: f'«. v. Thnm'- •).,'/ W. ,..» 
 Mar. In: Co., 2 Ch. 623. 
 
 The power to accept and issue bills and other nCKotiabIc instrument* i. 
 
 with which it is (rcnerally desired to endow n company, and where dc^iralplc it 
 in expedient In provide act mlinrly in expresa terms in the memurandimi, at am 
 ,ate where the company is not forrainl for purjKtws which necessarily im])ly th. 
 (Miwer. In tlie ahsen.T of an cxpres« |Hiwer the t*-st is what is miessary tn . arrj- 
 on the partnership business under orilinary r.ircumstances and in the imikiI 
 course uf business. Hf l'u,i,i;»th'ih> .f C'l.. W Ch. I> .>:!!*; Id- '.'• 
 h:,;nlen C... I,. K. 3 ("h. 7li2. 
 
 The followint? are cases in which it has biwn held that companies lia.l ii., 
 such power: -/;ram«A v. *«ic,/». 3 Bii.c- N. C 96.3, which wa^ a <asc uf , 
 Kas company; /)«>/!•<•«».-» v. Vali,!,. 10 B. * C. 128, the ewe .)f a mining com 
 pany: Si,r!i- v. Il,i,, ,„■,-. II .U. & \V. 831. the ca.se of a .craetery .■ompaiiy: 
 P<,il V. Hn.rrir, 12 .\d. .V K. 74.i, the <-.is6 of a salt and alkali company; 
 /'Ar,m;,,,», V. Cuver^'il Sah-agr C,,., 1 Kx. 6»4, the case of a salvajfc company; 
 ll,itr,mn, v. Mul-Wol,-, Hail. C... I,. R. 1 C. I'. 4(»9, the c.jse nf :, railway; 
 ..f/*iM V. llar-lle. 61 L. T. 23, tlie ease of a awimmin? bath company. 
 
 If the name of the company is not correctly given, the directors signinu <.r. 
 its behalf may bo personally liable, ttlein v. U'nrille, tupm : \„.m» v. />/.. 
 70 I.. T. 376; and so<' I'mrnt* v. Marti/n. E. B. & E. 490; Dultoit v. .«,ir./ 
 L. U. 6 Q. B. 3lil; and Derma/ine v. .UHworth, 21 T. I-. It. .>III; sei-t. i',:'. 
 of the Companies A.t, 1908. But see nuprn, p. »,54. 
 
 Where an acioptance is " per proc."' an indorsee for value is Ijound to imiuin 
 into the authority to ac<!ept. Itf InH'l Crrdil Co. of Irrhnd, L. R. 4 Ch. 4fiO 
 
 As to execution of a bill, see sect. 77. The authority under the section mii-i 
 ho an authority in fact. I'nmipr Imlmtrinl Hank v. Crablrpe, (1909) 1 K. B. 
 106. 
 
 f 110 To uiidcrliike .n\i\ i'.\«m iile aiiv tni.M.s the undorlakiiig wlioroof max 
 
 .^»'(Mii ilcsinililc. mill oillior gratuitoiislv or othoiwi»p. 
 
 To act iii* 
 trustM' 
 
 When- the undertakinjf of trusts is coiiteinplati'd. power sliouhl l>c l:ik. 
 unless Korni 119 is usini and is oonsic'.crod siifliiicnt. 
 
 Form 114. 
 
 Sail, of 
 iticlcriakinir. 
 
 To .sill or ili.i|U)>(( ol iIk> uiidoilakiiig ol llio coy or any pi ih'.l I'oi 
 >uch coii.son as the coy may think lit, anil iu parliciilar lor .sh;iii- 
 dobenturcs, oi socinilies of any other coy haviiijf objects alto^rctlo , 
 or in pt similar (o those ol' this coy. 
 
 if 
 
 -; if 
 
 A clause to this cflfc.t may now almost be regarded H > ivmnion form, ami 
 (he power is often found useful. Of course, every company can effect a -al. 
 of its unilertakinK under sect. 192 of the Companies .\ct of 1908. replacin..- 
 sei-t. IHl of the Companies Act, 1862 [intra. Chap. XXI. J, but only by poini; 
 into liquidation. Oicasions, however, sometimeii arise in which it is more bene 
 ticial to sell without winding-up, especially where the sale is conditif.nul on tie 
 (l.^tinj nf u new company, or when the number of disaentients on a sale mid. r 
 sect. 192 is likely to lie lartf*', or where a would-be purchaser will not wait lor :: 
 winding-up. The proceeds of note of the undertaking,', except so far as they 
 
 I. . 
 
KC)KM». 
 
 It 
 
 r»u properly Ix' regarili^l a< profit, lannot bi- diH»rit>ut.>d imionK the mombcri Form 114. 
 «or.( l.v rncfin^ of a win<iinK-U(., or with tho i«in.t:..n of thr Cmrt nndiT 
 rfot 46 of tho Coiniianies Act, 1908, tho ro<lu.tion of sharp <-apital smtion. 
 That »u.h a iwwcr to «-ll wa« etfwtive wa« for a loiitr tiiiir reRardod M mottled. 
 
 lirnnl - i "'''■'' >""''''""'* "«''•. <» •-'• l^" • '^^- '" ""*' '■"-" "'" """'""" 
 r'aldiim of a-.^»iati..i. .■..ntttined a i-lauw.- U> the aliovu .'(feit, and it »»» h'l.l 
 that an a"ro.-ni!>nt to lell, ^anotionml by r.woliition of a (foiipral nuptiiiif. wii- 
 „„i„,,„a,hat>li'. Cotton, I,. J., -aid: " It i* Hear that a .ontroct of this iial.ir.' 
 »fc, within the object, of the company "; and Lindl.y, L. J., '••id: " Again, it 
 «a» , Itarly not ullra lirf of the .ompaiiy, for when Wf look at the nienioranduni 
 nf »,»<Hiaiioii we find pow.-r« ^i wi.le :n .Icarly to include such i. trans;wtion.' 
 ^. C. 37 W. U. 313. 
 
 Ill that ca>o. it i« true, tlic lalc di<l ii'il include the '.vIkiIc unilcrtakinK: but 
 in (•../;..„ V. /„i,:Ti<i!, /te. f'o., (18»2) 3 Ch. 454, the w/iolr undertaking wax 
 .„IJ for ifhare-, and Chitty, J., held the sale valid. It was lontondixl that such a 
 «,!,< ...ulil only be made under scet. 161 of the .\ct of 1H62, but the Iearnc<i jiid(fe 
 liild that there was no foundation for thii contention. See alio V»u' /.rnlnnd, 
 ,V,-. Co. V. Pfur.wk, (.18«*) 1 Q- '•• **^i whero the caae lant mentioned wan 
 lulluwcJ by the Court of Appeal. 
 
 \ Htill »tron)fiT ca-<e U flnrar Cn., Fn.lrr v. Ilamr ('<■., ([WW) 1 Cb. li'iti. 
 where ilic memorandum cmi)Owered the company to carry on a upeclHcd bii^^i 
 lies*, to amalgamate with another mmpany carrying on a similar liuninciw, to 
 sell all or any part of it« businv-iw or propt^rty, and to hold dcbenturofi or shares 
 111 any other company. Tho company aold all its property, including the gcMid- 
 will (except ccruiu Bccurities), to a new company, formed to purchase it, for 
 shares and swuriticn in that i-ompauy, and agreed not to carry on the specitiiKl 
 busiiicsji esccpt in conjunction with and for the benefit of and on Iwhalf of tin- 
 new company; and the C/ourt of .\p]>eal held that the transaction was \alid. 
 See also .I/«.o« V. Mntor Trarlinn Co., (IWi) 1 Ch. 419: Hnot/i v. .\c.. 
 lirihiiulir UiHiitg r,,., (.1903J 1 '-'h. 295; //oniy v. hlarknft .!//«..., 49 S. .1. 
 ;:U; and S>rl,iilwn v. Cunsolidatrd Kent CoUicriet, Ximeit, 19th .Vpril, 19tl.>. 
 Ill which .loyce, .1., followed the above decisions, and held that a sale of the 
 .Icfcnilant company's undertaking for shares in a new company was valid, 
 althciu);!! the sjile was made by the directors without the sanction of a duly con- 
 ipiiisl iiicetiiig of the company. 
 
 These deci-ions were in iiceordancc with the decisi.i^ as to iinrcgistcnHl com 
 |iaiiies. See .<,;/«« Li/f ./«..'« >/...■ Cn., 39 C. IJ. 571; s„rirriijn l.'fi- I'li.. 42 
 C. 1). .'il'i; llnrmnni enne, 1 C. I). 326; roi,'/!"-'! " '■"«'•, I <■'■ '•• 334; normni, . 
 ,:„e, i C. \i. 21; Vlay v. ItuffoiJ, 5 l)e li. \ S. 768; H'nII v. /.m-l-'i in,,/ 
 S.>rlh,-n, .4.sf.'» Co., (1898) 2 Ch. 469. 
 
 The whiilc subjiMt has now. however, lieci- re-opcni<l by a rwent d<'<isioii nf 
 the Court of .\ppeal. /ii»jm«/ v. Ilfi,'lrrii<iii't TrnntrnnI A'.^/^■'l Cn.. ( litlls 
 I Ch. 743. ill that case a schrinc of reconstruction very similar to that held 
 ^alid in Colloii v. Thf ln,i,rri,il, #c. Vnrim,,itiim was being carric<l out by th, 
 company under a power in itji memorandum, and the Court held it to be l<'^. 
 lire, nil the ground ibut sect. 161 of the Companies Act, 1862 (now sirt. 19-.' 
 ..f the .\it of 190SJ. by implication prohibits a company selling its unilcrtakinir 
 for shares under a |K)wer in \U memorandum where the sale is made at u time 
 when a voluntary winding-up and distributiuti of the shares is " proimseil.' 
 Ill other words, the Court's view was that " if tiic company is proposed to be 
 Miiuiiil up and the transaction is a sale and distribution, then llu- »l;itiitc 
 |inniilfi« that sale by conversion int.o money may be replaced by cxihange for 
 'hares on the terms, but only on the terms, of complying with the provisions 
 '.f s.st. lOi." ho* rep!an-d by ^-it. lui of the Art of liHra. Thr ii.-( isioii 
 iloes not invalidate a sale under the |M)wer in the memorandum for cash, or a 
 
612 
 
 MEMOKAXDA OK A«!iOtUTION. [( 'llAI'. VI. 
 
 Form 114. -•le fur share* where it i< propowj tii keep the ^I'lliiiif riiiii|>:iiiy tfiiiia. Thi- 
 
 -~' ileeixion of the Cnurt of Appeal therefore, if eorrert. ipiMliKei uml ;ii.. tit.rn 
 
 miHlilies the luw ii< previuuily hiiil ilown, liut it in not (feiierally eoii<i<' iM \>y 
 the prtil'e^.iioii lo lie ^hhI law; -ee further, iitfi'i, Chiip. \XI. 
 
 
 Form lid 
 
 To iiilv.rti« 
 prodiiet « I if 
 <K>ii(pt«ny 
 
 To a'in|it (tui'h iiK>iiil.-< of iiiukiiii; know a lli«' piiKliicls of tin- i-o^- u:* 
 iiuiy 8O0I11 oxpedient, uiid in [larlimlur bv lulvoili-'iiij; in llio |>iesu, liv 
 lircularc. bv purcluuM) uinJ I'xliibilion ot' works of art of intcrost, by 
 publiratioM of liooks aixl iwijiHlii aJH, uiiii l)y frruulinj^ piiziw. i-o\vuid». 
 and doiiatiouN. 
 
 Where, a" in Kome ea«e<, a Imsinenn livM mainly by advertisement, it 19 
 expedient to insert speeial provision as above. 
 
 Form 116 "^^ obtain any provifsional order or .4.01 of Parliament for cnablino 
 
 — i),„ ,.Qy to carry any of itd objectM into elfoci. or for elfectiug aii\ 
 
 y^r'iJ' ' ' iiiodification of the coyV cunHtiiuiion, or for any other juirposo whiib 
 may scorn expt'dient, and to iipprwo any p oceediugs or applicciis 
 wl'ic'li may .it'em lalrulated. directly or indirectly, to prejudice tin- 
 coy's interests. 
 
 .\ eonipany. like any ollnr sul(jm-t, ha« a Ineitt ntnruli, withnnt spet'isl autho- 
 rity, to apply to Parliament i' . any piirjiose; but the funds of a company 
 eannol lie used for the purpose of olituinini; a parliamentary modilieatiun of it* 
 i-oiistitutiun unlivs thi' memornnduin ffivea the riypiisito authority. H'urr v. 
 <i,,:nd JuHclion Hati'ri.orkH Co.. i 1{. i M. 470; fit. W. ]>■'•!. v. Riuhnut. 
 .1 lie C. & 8. 29U; Valedvnwi, >'„. v. Huhnit,, 23 \V. I<. Uenco the 
 
 iniportanee of insertin); a elause as alH>ve when an appln ,nn 18 at all 
 proliable. 
 
 .s to opposin}? a bill in Parliament, set* Ati.-dfi.. v. Miftn,- */ Hrentn, 10 
 t'. It. '2n4 ; approved and distintrui.shed in J.rith Vnunril v. f.t*ith llnrhuin 
 l\>i>im»., (1«U9J A. f. 508; All. -Urn. v. Switnnrn Vorii.. (W.»i) I fh. fiii'J ; 
 also Urookt. Jenkins 4- Co. v. .Viii/nr, J^r. nf Toniuiifi, ( 1H02 1 1 K. it. «01. 
 
 Form 117. 
 
 Foreijm 
 P-iristratiot!. 
 
 To procure the coy to 1k' iv<ri.'<iei>'d or iccuviiized in any foreign 
 oiinlry or place [or in iiinl ('l.scwlicre abroad!. 
 
 Where a eom|iariy intends to I'arry on business abroad, the above ia sonic- 
 tinies inaertcd. See also Korm l!!t, whirh is more rotninonly used; but if a 
 I'oinpany is expressly authorized to carry on business abroad, it haa an implied 
 power to do all thinufs necessary for the puriMWe. 
 
 Form 118. 
 
 To sell, &e. 
 
 To .sell, improve, manajre, develop, e.'icliaugo, lea.se, mortgage. 
 oiifrunchi.se. di.spose of, turn to account, or otherwise deal with, all 
 or any pari of the ppty and rights of the coy. 
 
 This ia almoat alwayn inserted, and expressly invests the company with ample 
 powers of dealintr with its pro|ierty. Uven if the company is already invested by 
 its constitution with a power of deaUn)^ with ita property, the clause is useful a* 
 illustrating modes of doing so. 
 
K0KM9. 
 
 A 13 
 
 To du ull or any of tlu> alu.vo thiiigri [in uiiv pari of ilio wurld ami' Form 119. 
 
 HI' prinfijiaN, ugoiili*. lOiitriK^liUM, trocH, nr olhi-rwiso, and liv or i,^.) ^iT 
 
 ihroiiRli troort, iip'ntw, or oihorwi-'O. und oiilicr uloni- or in i-oiijunition triwrtw. 4c. 
 ulh otlierx. 
 
 Thr nlmv i« frequently ini«>rt<>d witli a view t« providing for unforoicen 
 
 iiiiilintfcnrii'H. 
 
 To dii all Niitli other thiinfs as uro iinMilonlal or ( Dudmivc to the Form 120. 
 
 uti. iiinifnt of tho almvo oliji'it.-< (ieniTnl 
 
 wordn. 
 
 .\« U) tills, see lupra, pp. 171 el tei/. 
 
 
 And it it* hbv dodurcd that the word "coy'' in this claii-it' uliall In- Form 121. 
 ilii'UH'd to include any partnorship or olhor hody of por-on-*, wlioilicr |,„,r|,r,.,,. 
 itii orporatod or not inforporatod. and wln'ilior doinii'ili>il in ilio Ininvl >■'", . !«u».-. 
 Kiiiploin or i-lwowhort', and tlio inlpntion is that tho ohjtvts xppciliod 
 in .M( h paraj?ra|ili [or, in emh of the lir.st - - parairia|)Iis' of this 
 ■ hoi..<" .shall, I'Xfopt whfro olhcrHlsi' cxpros.-od in such parajir.ipli, Ix- 
 in iiH tti.-i" liinilcd or ri'.>tJicU'<l l>y rel'orcnco to or inforcnct' from tho 
 icrni.t of any other paragraph or tho nuino of tho coy. 
 
 Till' ciincliidintf portimi of !li.- uliovc |iiiriiirn>I''' '■* '"■""'''"'il i" "rilcr to pxilmli- 
 i.r riiiitnil the ii|i|>lii'ntion of tiic .irtificiiil novel nil" of ron'ttrintinti i rpfcrnil 
 t". »iiiir'i. p. 470), wliiTi- ilii- wtultifyiiijr, !4l<'rirnirii; opfration of tliiit rul'- 
 mi^'ht paralyse the rompimy. 
 
 hi MMwt rii.*e.* it !*»«<'inK wi?**'r to iiim-rt tin* Itracki'tcd wt)nN ref<Triiiir t<t i-crtaiii 
 -lniiHcd pannrraplirt in lieii of the iroiiiTiil rcl'iTi'ine to eaih parairraph, for iit 
 any rate one learnetl jiiil)re lia^ foiiiiil a diftieulty In applying the u'emral 
 
 reference*. »i//»r". p. 470; hut wlii-re It in h| lally ile<iralile to emphasize the 
 
 iniliperidenee i.f «inie of the .i.j'itH. one of the other cour<e< iiidii aliil alio\e 
 '■aiK if preferred, he adopted. 
 
 ADDiriON.M- OH.IKCT (L/kUSES. 
 
 Til lax out laud for Imililiiio- piirpos«'s, and to liiiild ou, improve, lot Form 12?. 
 
 on liiiildint; loa.s»>s, advance iihiney to p<'rsons liiiildin<r on, and oilier- -j-,, jj„ji,i ,,„ 
 
 «i,-c develop the ^aiiie, in such iiiaiiner as may -oom expedient to »„.! improve 
 advance the cov'h iutere.sts. 
 
 lain). 
 
 To develop an<l turn to account any land acipiire<l l>y ihe coy or in Form 123. 
 which it is iuten'sled, an<i in particular by layin^r out and pioparin<r ^„„„„r 
 Ihe .same for huildini"; purposes, construct in;:, altorinjr, pullini; down, 
 docoralintr, niaintainino:, (ittin<y up, and improvin}; huildin^s and 
 ciiiivcuieuws, and by planting, povinj^, draining, farming', cultivai- 
 
 p. 1 I- 
 
 ^ET 
 
vn 
 
 MEMOKANDA OK ASSOCIATION. [ChAP. VI. 
 
 Form 123. ii.jr, loUil>^' on buihlint; loiUH' or buiiainK ngreeint, and l.y advannnp; 
 luoiiey to UII.J onliTint,' into ionliu<t« and Hrranj,'«mento of all kinds 
 with buildcrx, U'nont«, and othors. 
 
 Tl,o ul».>- i- ....t ,n,.on.monly in^Tt.-.! wI.-t- « .-..mi.uny i. likoly to Imv 
 nurplus land on ita hancia. 
 
 Form 124. 
 
 AinaljfHnta- 
 fiiin. 
 
 T" aniultranuif «itl. unv oll.of ■■..>• Imvin- ol.jecti. ahotrothoi or in 
 |it siiuiliir to tli(w i>f thi-' cov. 
 
 •• \„.al^'anu>..o,. ' i. n>.t umn.mnm.ly ma.l.. o. f tho ol-j-rt,. l...t it i« l.y 
 
 „.. „,™.H .Uur what tl„. ..xt-nt ..f the ,.,.rratio., of th« -lau* M. 'To am.l- 
 «.....,...-•• ,n.l,..My nuthori/.o. « .on.,,any t., acp.ir,. the ha........ am l.a ..1. ..-h 
 
 of another .■..u„.a.,v. rull.r,>..k v. .V,.- »■„./ .V,, ,„•. *V.., -J.. \N . ' ■ "^ /- 
 
 ,„.e 1 1... .i. J. .^ S. '29: >••'""■ •'""■"" ■"•■'"■"'"• *"• ''"•• <''^"" ;- ' '■• ■"\- 
 
 ...oChai. Wll. When- it is .l..»irH t. .for thi* pow.-r. it «om..» h-ffr tn ,1„ 
 
 -o in expre.- t-rm-. S.^e Korm !>8. To " «.nak'..matc " nl»o a,,,.fnrH to 
 authorize a .a!.- of tho company* h..M.....s in .on.i.l.-rut.on of .har.M .n th.. 
 pur.h«.i..tf .ompany. I><'»'J.".' •""■. H f''- 545; y»//,r„,,/^ v. A-' ''- 
 
 7««; and »■.-// v. /«,„/ «-/ V,,,-,/,,,,, .--..'. r,o,. „.,.,..,■ (1H9H, 2 . h. Mi:.: 
 
 /(,„„., (■„.. Fn,,., V. ».o...^ '■.... (1!HM. 1 Ch. ;«.!. liut h.-r- a^a.n .t ., far 
 hotter to (five thi« |H)wer in express terms, a» in form 114. 
 
 IN 
 
 Form 125. 
 
 To distribute uuv of tl.e ppty of tl.c ooy in upecie .m.oug ll..' 
 members. 
 
 Thi. .•la,.se i* not umon....only in^erfd, and may be foun.l .onv.-nient. In 
 the al-<„.- of s...h a olause. either in tl.e n.emorandum or art.ele-., .t .s eon- 
 .*ive.l that a majority ha, ..o ,H.«er. a- a;;ai..^t a di-entient .n...or,ty, to 
 authorize a .lis.rihuti,.n of a«.et«. ..'/■. "l-ar" i» -"''' "'*"" '■•""I"'"y, ,-. -frn. . 
 either ....der K.-t 4B of th.. r«mptt..ieH .\,t. 1908 (.\e. of 1N77, ,. i), "V .n u 
 windi.u- "P II. ever, the I ...irt .a... in a windii.tf-up, ^anet.on a d.-....hu- 
 tiun ... ■ ..o>, ttH al,o under s.M-t. \l>t whether in a windinu'-up or ..therw,-' 
 J.:.alM .-.,/ r..r.i.,n rrcl.t r.... l T. l.. U. P- l. Uaeon, V.-<„ 25 t).t^ 
 1H84 S.H al-o I/"-'. V. .!/«.' ... -Aliiil. wa-., in elf.Ml, an aet.on for windintt- 
 up an unreK.«ter.-d a«HKiotio„ ailed the Muni.ipal Trusts: Malin., V.-( . 
 
 iimh June IHHi.i, sanctioned a l.em.- for the division of the assets ,» ./;<•... 
 Th,' as,et^ eonsi-ti^l ..f muni<i|.al bonds a.itl uneoUeetcd coupons. .\nd s<e 
 
 Tu.,.- Kn.l. r,,., .11 I.. T. 2B4, 10 C. I>. 27.. n. . , • ,. 
 
 The l.i,,uidation .\ct, iHf.H (lil A 32 \ .. -. c. 6N), only appl.od where «.nd.n(t- 
 
 up pr<M-eedinir» were iK-ndiii.,' a> .he pas^i.uj of the Act. 
 
 Whore tl.e above eh.u-c i, in.erte.) .1,. a-,eles of association Renerally con- 
 tain further provisions as U, distril„,.ion. i. would sc-m that a prov.s.on ... 
 
 the arti.'les is Buflieiei.t. ,.,„•. j r 
 
 Somrt=mr- it ^s ,.nn=;<irr«! better to u«e .he words "in kind. .nst<-art »l 
 
 •• in «P«"ie." lloth in.ai. the same thing. Hut •' in speiie " are the w.,rds us..! 
 
 by Lord C«,-.,s in Ilo.,U v. >.: (C. «y., 3 fh. 271; and by the Legislature u. 
 
 the Vet of i--S, alove refcrre.1 to; they are the wonls generally used, and 
 
 «K-ni to bt suifieicnt. See South African Supply and Cold S.orage Co., (1904) 
 
 2 Ch. 268. 
 
KUKMM. 
 
 61& 
 
 If ilioii^lit lii t<i nliiiiiii iiiiN All ui i'iiiliaiiii'iii ii^'olviiii: till' toy Form 126 
 I n'-iiiitir|H)ratiii;r Hk iim'iiiI«'i> in it iicn i oy for :iri_v of ilin oliji'dn p., ,,hi,i„ ^i t 
 
 lli.Ml 
 
 tl 
 
 tl 
 
 iiM iii(>iii( 
 ii> (Miv •> coii-tiliiliiiii 
 
 iiini, <ir fill' ctloctiiiu: iiiiv ntlipr niiNlilimtinii in i>f iii<'i>r)ii>r:'. 
 
 It wa- t'V III' nu'iii-* !ii!<'MiiHuiiii. wltcri" if wjw ili*-«iri'i| (.• |»wi*'iir»' tli-' iic-iir- 
 iittriirii'M iif ■! ••ii|iip:iiiy liy ■*fM'i-iiit Art. nr tti nddiin a l*r>i\ i •imiiit OnliT (n Im- 
 riiiiliruiitl hy t'urliaiiiiMit, for tliti pniiiHitcri, in llii" Hrtt iii'tatnf, In f'liiii 
 tlH'rii«lvi> into It iiiui|Kiiiy, fiitlrr tin- Ail iif ISli'.', fur Ilii- <li'"iriil iiliji'i'tH; 
 Aiiil :tlMi for tlir i-xprt'iB |nirii'i-i' of applyifit^ to riirliaiiirtit for an \i-l 'li.-«il\- 
 iitL' llii' <-iiiiM>aiiy -o foriiiiil, ami r-italili^hiiii; in iti filacr aimtlirr ioin{>a!iy fiT 
 till' lilii' ol' ■It', liut ri'^ulali'il iiy lli" ' (■[•m|iaiiii"i (lau-i-n C'oiiuiliiluln'ii Art, 
 IM.i." anil the Ai-t** anii-ntliii;.' tlir -anu'. Ami tin* .-unic i^ iliini' undrr i)in Art 
 ff ri08. Tim oilvaiita^t-^ of llii'< iiiihIi- of proi'i-diiri! l>y ini*or|>oratiiiii ari- t-iiii- 
 -.ilcr ilik'. If priiinoti'rii uri' not jii<'or|Hiniteil, IIhti' i* rmnu fur iihm li ili-|>uli' 
 Bhit {i.i'x'ilili' litigation na u* llii'ir ri^lit-* ami li.iiiilititv'i itiFii- >r', i">[ii-i-ially if 
 till- upi'liration to l*urliuni«'nt i-i alMjrttvi': hut if tlti'V nrii iiirorixiritiij. thi- 
 :irtirli*i o' i'lmoi-iulioit, anil, if i>> < riiviry, .s|HTitli- utrri'i'iin-nts iiihiU' with i\:t' |iri-- 
 Idiiinary roin|>aiiy, |iri'<'lii<lf nil ri>iilrov>'r''y iu xui li inutti ri. 
 
 A;:ain, a ioiii|iaiiy iin-urporatitl hy Ait of Parlinnirnt it not ImiiiimI I>v con- 
 ti':iit>, in:ulu lirforf its incoriHO itioii hy >'-i pnimotcri, unlr^s the Art rontiniM 
 ti >■ airrii'infiit."*. hut if tin iToinoti-ri* havii foriniil tlii'iiMi'lvr* into a 
 |.ri'iinilii.iry i-oin{>any. >ii' h '■'^iiij<any i-an iMitrr int^i all ni'i*i'-i>arv rontrai't'*, 
 f*.'/., to |iiirrltu:<o lainl, to |m\ '••inprn^atioii, to rntiUit*' otlii its, anil "o forth, 
 anil -ill ttifte lontrurts will l-,'onii> hinilinfif on the I'urliaini'ntarv loinpany, 
 biHaa^u ilau'fn ari' uluayn inwrtiil in an \it whiih ilisnilvpi oni' roiiipany anil 
 i'>t.iltli-hi'.i iinothiT in iti plarc, trannfi'rnni.' tin- rontrart>t and liahilitiiM of the 
 fiTMiiT to the lattor. 
 
 Tho din- tor^ of thi' pri'liiniiiary ■ iripany «liiMild In- ^'ivrn full powirs to i.iki' 
 all nil I'xiry pnn'i'dini.'i, and tin' lompany lan. of ioiir»i', from tinii" to tiiiio, 
 ai'rr. vjiry. and rontrol mv h |Miw(»r« and priH'itiiini.'s. 
 
 Tliii roiirn*' 14 not nni'iiirtntonly adopt^il wlnni it i-^ ili'-<irod to Vf-it tin* nndrr- 
 tukiii:,' of an ritaldithcd lonipany in u new rompaiiy, and thi- traiHuclion 
 n-iiiirr-* till' aiitlioritv of rarliunii'iit. 
 
 Til jiiirclia.'M' or othorwis*' ui<|uiiw, mi -luli ti'niis iinil in such 
 iii.iiiiirf n.s till- ro{iulatiiins of llio roy from nine to tiiiio providi'. uiiy 
 ^lullo,s ill ilic coyV iiijiital.J 
 
 Siirh a riausc is aoinrtimc^ inwrtH ; and fruni some of the "'arH'r roportid 
 oii-i - it ttiinld Bcem to havo ht'cii ronsidi-red that a ruiupany, if aiitliori<'d hy 
 it- Miiiniiranduni, inl|{ht piirehaw ita own :<harc» without tho «ii.iiioti of the 
 (■"iirt. 
 
 I'oit it ii now clear heyond diipiite that It i» >$//rti virrM for a loinpany 
 liuiitiil hy ahan-n to piinha-i iu own tharcH. Stnh a piirehaso ne i-s-arily 
 in\ii!ves a reduction of capital, and no reduction of nueh a eonipanyV i-apital is 
 peiini.wihh' without the xanction of the Court. 7') ror v. nhitunrth, 12 App. 
 I'as. 40'J; lirttinh, ^c. Co. v. Conner. , |.S!)») A. ('. 3!>9; R,ltrr(,>i v. H.inlanil, 
 fe. Co., (1902) 2 Ch. 14, 22. Sec further infra. Chap. VII. 
 
 In the eate of an unlimited eumpaiiy such a jiowcr n v.alid {n:iroii;ih Cnm- 
 ftt^rrir,), .(,■. Soc, (lS93i 2 rh. 213), ai also in the cai.' of a eoinpaiiy limited 
 by j(uaranle<', and in the'ie eaaes it may be exptnlient to inwrt «uch a clauM* 
 
 I. L 2 
 
 Form 127. 
 
 To aei|uir<' 
 the company *k 
 own xbarei*. 
 
Ji 
 
 V i 
 
 516 MEMORANDA 0\ ASSOCIATION. [ClIAP. VI. 
 
 Form W7 wl.«n tho p<.w»r i» do,irr.| ; for ..th.-rwi«. it n.uy b^ «i.l tUt tlm .,.,.li-.tion „f 
 U.e r..m|*i..v.. fund, to tl.^ «»iui.UU. .t it. own .h»re^ would U »llra nr». 
 
 It .hould he borno in miud that whoro » c-oiii|.«ny »oolu a •[iioUtion f..r .t- 
 .l.ar« on tho Un.lou Stoik Kx. han^e, it* article .nu,t prohibit lh« purcha.^ 
 uf itn own iliareii. Si<o infrn, p. «4«. 
 
 Uirector. who .»,-»d Hit- f.ind^ of thrir .ompany ii> an hIOm rire. pur- 
 
 cha«> <>l it« .liar.', u iiiil.le to m.ik.! ko.kI th.' amount. |8co Chap. XX.. -Ira. | 
 
 Int..r«.t o„t Formerly it «a- nu. .u.common to Hnd In a n..mor.nd..m a -lau^ rmpowarin, 
 
 of .apital. ,he .ompai.v ' l>uri..K' a iH-ri.id not exc wlirw - - yi»" «" »PP"y » ™™P'tent 
 
 part nf tl, i\,ita\ i.i pnyinit ii.turost on thr puid-iip ..ipitnl for thr tim,. I,..ih„ 
 
 at u rati- n Jt vt-.-dinif 5 iier tent. |>cr annum." 
 
 But it ««ni» . Inar that, in tho I'a* of a .onipauy limit.^l by ^h.in-. i-x.-pt 
 under wet. «> of li.o Art of IWW), «ueh u (wwor i* |.rn. t„-allv .nop^mt,-, 
 for here a«..in the exer, i-.- of lb- ,...»-r would involve a r«lu.tion of ,M,.,U\. ,„,.! 
 ,ueh a rclu, tion .'an oulv Im. off«-t«Hl with the imn.tion of the I ourt. rr,,.., 
 V }rh.t„,;ll,. 12 .\pp. fan. -lOH. .\.Tonlin)fly, the Inwrtlon ..f the ( lau«- 
 doen not dl-in-i...! with the n.re«ity of obtaininK the wnetio., of the f..,.rl 
 and it i* therefore n.iHleadin^ and obje,tionul.le. Some of the Indmn railway. 
 with tl." approval of the Hcrotary of State, paid iuterc-t during .•.,n«tru.-t,..n. 
 
 umler a power in their i uorunduni of a,«Hiation •. b-.t thi. huv ,aff Invn 
 
 found to U- illegal, an Act was obtained (-nio IndLm Railway- Aet, 1H94 (M 
 Viet. e. 12)t. authori.lnir ."'- »""/" payment in the future a-id MmtioninL- 
 paal puvmenta. 
 
 The ««n..' eonees,|,.n ha. n..w Ih.m. n.ude by the l^.^i-lature in favour ,.f 
 .„n.,,anie, under the Conipanie, Ae,. 1«0H Me.'t. 91 replaelnir «-et !. of tl,. 
 Coninanle^ \.t, 1!M)7) : but the |H,wer, ... will Im ..-en by referen.e to the «-et,.m. 
 i, .arefullv l..-.l»fed rouml with condition- <le-lirn«l to prevent any abu- 
 The ..|.enin"i,' word- of «■■•!. 91 are: " Where any .l.-nre, of a ..«mp«ny are i.,„.-,l 
 for tl,.' puriK.«' of rui^inr money to defray Uie cxpen-eo of the eonHtruetu.n of 
 any work, or building's or the provi»lon of any plant whieh eannot b.- made 
 protif.ble for a lentftbeu.'.l period, the company may pay intore.1 on so mu.h of 
 that .hare .apital a. .. for the time l«in„ paid up for the period, and ,ul.j«t to 
 the eonditlon. an-l res.ri. tl..n. in thin .ertion mc.tloned. and may eharKC- the 
 name to enpital." 
 
 P«™. ISA To i-rouioto frwdoui ..f (-....tni.t, aud to i-osUt, insiav asiiiir... 
 
 irorm IM. ^,^^^_|^^^.^.,_ ^^^,, di.,.oumoi' iftorferoK-t.- Ilicrewith. aud I.. .sul,s..r,bo lo 
 
 aiiv ju'*.'»(in or I'liiul for iiii> !<iuU i)i"'l'0'*<*' 
 
 There i- nothing iUetfal in subscribing to . tr«le union if the company l- 
 empowered a» above. See i»/ "'■ l>- l'^- 
 
 Labour 
 difHcuUies 
 
 I* -JF 
 
 i 
 
 Form 129. 
 
 Spoiis! f:ir 
 guarantee 
 i-umpanitii. 
 
 (ft) To nofuinuluto IuikIs, aiul t<) admit ai.v ,K>reon or i^rsous to 
 niirticiiiatc in llw prolitM or asst-U ol the cov. 
 
 (1,, To di.stril.ut«< anv of iho 8.s»ol« for IIk- liuio bfiuK of the o,> 
 anion" tho iM..n.!KT.s in kind, and to stiimlato for aud obtain for tin- 
 luonil^is, or any of tiicni. any ppty, rif,'lit>.. i)iivileg:eH, or options. 
 
 (o> To ac'iuire by surronder or otherwiwo, Uie whole or any pt of 
 the interest of any member of tho toy therein 
 
 h ..jfc 
 
KilKMM. 
 
 517 
 
 ,,|i Til Mugn U) uny imunlHtror lUuw jf iiiciiilior*. nii> ,.refir"utial, font 188. 
 »|HM iai or (juolilM-d riplit»4 or |.riviU'ir»» «'vcr or an .-omparwl with unv 
 oilier moiiilxTit oh ro(?»r«Jj |.arti(ii>ali«in in |)P>fit/< or a»*ot»<, an.l as 
 riu'iinit volin;.', uikI tw n'tfuiil-' v. iii.liii(.r-ii|. .<r ..lliorwiw lio\v<r)«'v.T 
 
 riif iiImih- 1 lausri urc luuully iiwrlinl in tin' iniim>riimliiiii i>f annmittliim "f 
 
 , ...inpiiiiy limit") I'X KuarantiT «li.n lli imI»th ar.' to Im' inti-rr-.l.H ■" 
 
 >.irvinu pMjiurtioin. 
 
 OBJECTS FOJ. SPiCIFIC COMPANIES. 
 
 7. 
 
 Niim™. N" "f t .im. 
 
 .\ ill-lit* liisiiratifi' ISltt 
 
 Acriil ("iinvrjariro I'^"« 
 
 \iriifiii ('(inresiloii-i 178 
 
 Aimriran liailroail 194 
 
 An Kxhiliitinn" ISAa 
 
 As-. t» ('(invorslon 137 
 
 A'sriinoo (Kin) — 133 
 
 A-- iraiuo ilAtv and Accident ). . 130 
 
 A irr.ncp (Marino and Transit) 131 
 
 A iraiue (Mutual Ship) 132 
 
 A- iranit" (Workmen'* Coniiien- 
 
 4tiun) '3A 
 
 Hank I3fi 
 
 Brwrry I'W 
 
 Brii liuukrr- 1«2 
 
 lluililerh' Institute 2"* 
 
 Buil.lini; 17* 
 
 C'jiriiiT'. 185 
 
 Cadli- Ini|«iit<rs IH5 
 
 t'hiinilKT of Cflninx ri-e 203 
 
 tVniiita IH9 
 
 Ciinnuitoirrapli ItHa 
 
 Ciiy liuildintrs 176 
 
 CloHiicM 153 
 
 riui> 17 ■ I9H, 200 
 
 CM) IIouso 199 
 
 Coal, Iron iind Steel 1^1 
 
 Ciilfii' Taicrus I«j5 
 
 riillepi' or School I"'- 
 
 Ciilonijil liiijtortArH IHT 
 
 Cf'loiiial Loan Agency and In- 
 
 vpHtmcnt 143 
 
 Colonization and Land 177 
 
 Colour I'.orotis Printers 186a 
 
 Coinmcrci- (Chamber of) 203 
 
 S.iMit«. S'' "I f'Tm. 
 
 ('oiiinion Kitflits I'rolii'tiou i!07 
 
 (.'onco«*«ion« 178 
 
 Contraitor'i ( rulilii' Worka) 142 
 
 ('iiii|x'rativi' Store 1H9 
 
 Cotton Spinners 151 
 
 Crickti Cliil, 158 
 
 Cyilo Manufacturer- 157 
 
 Dairy I*7b 
 
 Diamond Mininff It**a 
 
 D.H-k I<« 
 
 Drajiors. \\ arehoii»enien, tie. ... 153 
 
 Klcctric 117, 117a 
 
 Kni|>l"yer«' l.laliilily ( Work- 
 nimi'-i Cumpensation) .\«ur- 
 
 ' ancc I3.> 
 
 Knjfini'er^ ( Mwhanic.il), iir. 1.^4 
 
 Kxcliani{o "'7 
 
 Kxploration and Financial ...139. 140 
 
 Federation 2"4a 
 
 Financial 138, 141 
 
 I'iro Insurance 13> 
 
 Flat Proprietors 133* 
 
 l!a» Work 196 
 
 C.old Alining 180 
 
 C.ohlsraiths 147o 
 
 tiuarantee and Indemnity 134 
 
 Hotel Coni|>any 170 
 
 Indcuinity and C.uarantee 134 
 
 Infant and Invalid Food 191a 
 
 lnv«'tnicnt Trust 144, 145 
 
 Iron. Steel and Coal 181 
 
 Ironmongery 1^3 
 
 r..and aud Ituildinf^ 178 
 
 laundry 159 
 
 Uw Society 2"! 
 
518 
 
 MKMuKANDA OK ASSOCIATION. 
 
 ClIAP. \ 1. 
 
 Library !"• 
 
 I.iri- nnil All idi'iit A'nuraiii" 
 
 (Mill) 
 
 \h i 
 
 h i 
 
 Alairu/irH'", Kv 
 
 Sluriiic ami Trmi"lt Inwraiwi' ... 
 Mi'ut ami Ciillli' Iiiip)rtfrt 
 Mtv'liuiiiiul Kn)riiMtr«, ,' i . 
 
 Modiiiii'" I'iitciil I 
 
 Momiiiial 1o I'l''! 
 
 Miniiiir 
 
 ilohi'vlcniliii^' 
 
 3t(>ttir (»fiiiiiliii-f-» 
 
 Mii-ical S.Hioty 
 
 Mutual Sliip lii-iiruiir.' 
 
 N*'v-|»a|».r rni|»riL'Nirj» 
 
 Oiiiiiil>ii», \i . I'roprii'torH 
 
 I'ati'iii Mrtlii-iiu'* 
 
 I'mciii- iS|Hi ial) 
 
 i'o'rnli lllll ... 
 
 I'UllltlT-. 
 
 I'm-t 1 \|. imirl;il In I 
 
 I'uliiiial t lull 
 
 I'riiilvrs, \r lilt. 
 
 I"r<>t<"iiiiii I'f t .iiiiiiiiMi liiu'lil" 
 
 J*ri»\ iiiii' ; I iilvi-r-^ul ' 
 
 Piil.li. Ihill 
 
 I'liMi. Ii..ii-.' 'I'm-.t 
 
 I'liliiic U.ir!, ( i.iiiMwtors 
 
 Qii.iri_\ 
 
 Hm . ( ".i-«- 
 
 1311 
 173 
 104 
 131 
 lHi> 
 I.M 
 l«l 
 ■JIIH 
 17<t 
 I3S 
 lima 
 
 •inn 
 
 132 
 Ili3 
 l>HI 
 IHI 
 IA<i 
 
 1 7 'a 
 I Hi 
 •iitit 
 'illD 
 
 ISHa 
 -Ml 7 
 I. .3 
 lt>7 
 •>i)C, 
 U2 
 
 17Ha 
 
 Kailwuy lu 
 
 lit'rri'Kliiii.'iil Ituonm KW; 
 
 ](lllil«M- I'.l'il 
 
 Saw .Mill" IU3 
 
 Soli.n)! i>r Coll'ifr \ri 
 
 Slii|><i«iHT!< IH2, ii4 
 
 SlnHmaki r-^ I'x'.b 
 
 Sintrl** Hti'tinHltlp tv.-^ 
 
 S(«p .MaiHifactiinT« Jii.i 
 
 Siiooial t'. it lit- I.i»i 
 
 StatiniMTs \i Ilil 
 
 Sliuiii'liip l.iii'H I^la 
 
 St<'il, Iron anil ('»«! Is] 
 
 ,Sti.ri> l-M. ii.'J 
 
 Siinriial lii-triiiiiint Vlaki-r- l«S 
 
 Tra I'lmiiiT- i^t2 
 
 'I'ra SilO|l- I'lli 
 
 Til-p'iniir r.2 
 
 ■rii.iiir. Mil 
 
 Tolmi'ti '''O 
 
 Tiiuri-i .Vk" lit" I""a 
 
 Traill' l'nii<itiiin -"- 
 
 TlMlilV IV' ' ♦■*> 
 
 I iiiur-al 1'i.niilir I il 
 
 \Va„'iiii I'l.nipaiiy '''S 
 
 \\ ari'linii-.-iiifli. \i- i'-i 
 
 W aliTWorks I"* 
 
 \S cirl.iiii'ir» Coiupciisaliiiii i Mil 
 
 lual .\>»iiraiir<'l '"i 
 
 W .irl>iillir- llolllin i'l'l" 
 
 ^1 
 
 Form 130. 
 
 Lifi' ami 
 ai'-iilritt 
 :isMiirHi)<-e. 
 
 I I I '1,1 ,.i.i\ on ihc liii'im'-> III liU' ii^siuuiii <• iii all i\^ Ihmii' In ■-, 
 aii>l ill |Miii'iil,ii I'l j^i'.iiii 111 ollf 1 .i«-iiiiiiiii'- 111 all Kii.'i^ l"i i^ti- 
 
 IIKMll 111 mmil'V I'V VMIV lll U ^ill^'ll• |IU\I1H>I|I. ol li\ •I'M'lllI j).l\ llll'.i'-, 
 
 or liv «ii\ III iiiiiiirii.iU- III iIi'IViiimI m liiic^ m iilli<ii » i-i-. iip 'ii 
 
 (111' li;i|i|it'iiiliu ill' nil <n' iihv ol llii' I'lll'nvliiu i'M'ii1~. iluiiii'li. i lit' 
 ilf^iili, ill 11.11 liiiyi'. HI liirlli nr >iii \ iMn^liip. m lnliiic nl i -iii' "f 
 III ilic u'.'.iiiiiiK-ii' 'il a ^risi'ii a^i- li_\ .i.iy )ht-oii nr pcr-'in.. or lliu 
 
 e.viiii'ali".! Ill am li\i''l .ii a-vrriaiiiiililc pciiiiil. "i ll iiiit'iin 'if 
 
 aiiv I iiiilin^rt'iii'.v oi fvrnl wlii' h nmiiiM or iiil'^li' ln' taken In nil' ' t 
 
 flic lIllt'K'-l. wln'ilK'i 111 ll'.-l'"|..ll. \l'Ml''l- I'lllllllyClll. i-vi"" 1.. '1, 
 
 |>r"-)ir' livr. i.r iiilii'irtix'. Ill' liny jii'i-i'ii nr ]«'r-..ii« in aiix (.pH nr lla- 
 ill- '■; H'riiM'iv 111 I'liilra' lual nr Ic-IaiiK'iilary lapai il\ iiiaiiv pri n 
 or iK'i-.ii-. ami iiNn i in i nniH'i 'inn uiili a --in a in.'- nn 'lu' lilr nr Ii I's 
 
 of llic -iiiiK' jn'r-iui 111 (MM- lull mil nllici wi-i- 1 I" (iiaiil u>'.-iiiaii •■- 
 
 pinalil.' ii|iiiii iir iiUfi llic lia|ii.(|iiii;f; "f piM-miiil iiijiirit- laii-cil ii\ 
 niiiik'iit 111 any ilc-i lipiimi. nr iipnii ilii' liap|H'iiiiiir n| iikiii'— 'i 
 liiiilily or iiii'iiliil imiipaiily. 
 
F<JKMU. 
 
 <!!• 
 
 .J I T" iriuiii iiiiiiiiiiit"' i> 
 
 I' all kiii(l<. wIk'iIici iIo|H'ii<U-iiI on liiiin.iii Forni 130. 
 
 III.' "I 
 
 Ihtwi-'C. all" 
 
 I whothor jMMiwtiiiil or icniiiiiii 
 
 ,lil«>, uikI wllt'tlltT 
 
 Mliiii.' Ill' < 
 
 , 'I",, .oiitiai I willi 
 
 ilol'orrixl. anil wlicllicr nuit 
 
 in'Tnl or ntiicrwistv 
 
 K'aNflioI'lor-. l.uiiii««Ms, li-nilcii, uiinnilani-), 
 
 all 
 
 ,| ,, 'Ik-is iuv lli< 
 
 c-ilaliii-ilinionl. an iMnulalioii. |iiii\ ismn. uml pay 
 
 I i.r in "If. 
 
 I'iiail>. n<iloni|>tiiin liimU. ii<'|>"'i i 
 
 iliiiii liiniK. ri'i'.cw 
 
 al 
 
 ,„„|,. ,.„.|,,«MMM.l funds, anil aiiv ..ilior >|««i iai f.imls aii.l that .■itl.er 
 ,„ i,,iiM,|..iali.iii nf II liin.|. sun. or "I nn anii-ial |.i.'i,iiuiii. or oilnM- 
 ,WM' .ml "..n.Malh o.i mi.Ii i.mi..^ ami loiMilion- a^ mav 1..' aiianir.-d. 
 
 , I, To'J.u.ihasii aii.l -l.-al in ami ] I on lil<>. ivvriMonan. ;in.l 
 
 „-|„.,' iiil.-r.-!^ in ppiv ol all Uiinl-. uIumIi-i- al.-olul.- or ■ nnlihtriMit. 
 ,„ ..v|..sl.inl.a!i.l uliolli-r.l.'l.Mininalil.oi- nol ; ami to .1. ,,iii..'. I.'ud 
 „„.,„., „„. „„|,..u,i .•ai...||. Ol' .•Minuui<l. Iiv puivLa-., Mm.'ii.l.M, or 
 
 ,ilM..«i-.' aii.v poll. v. H>rii.ii\. irrai.l. 01 , on.ra, I i-'i.' I. mmiIi'. "r 
 1 iki'ii ..\cr 01 tnrcii'il into li; iln' mv 
 
 ' :,, Toioa-- ■.ounl.'.-.i-M.i.'iilloi .n:s ii>U~. I 1.. 1111.I-. i..l>.' 
 
 all Ui.M- ol H-:i-Miian.v ami ( n,iiii.T-a-uraii. <• -oinn'M-.l >>i!li any 
 ,,1 ill.' Iiii.-int'ss al.«il 
 
 ,,,. 1., vrivt> lo un.v -la- Ol s«Mlioii 01 iIiom' uim a-iii.'. ■•. Lav.' 
 oihci il.-aluitr- uiia ill.- io>. aiiv il-lils o\«-r or jii i.-laii-ni I-, any 
 l„i„l 01 Hinil-. 01 a li^lil .0 paiiiiipau- in ili«' I'loln- ol ili" ■> . or 
 
 ,„ ih,. .unlit, o|- anv i.arliiulai- l.tainli or |.l o| it- l.iisin,--. ..1 any 
 olli.i -|..'. 1 il i>ii\i||.-^i'-. aihani.io.'- 01 liciiclit- 
 
 .1././ .M lichi'il It! niiiiilliiii (iiini--. .M'/irn. I'm "ti '.' . I" l~'i 
 
 t,:. \' 
 
 I . Ml'iMI ■- \' 
 
 l!MI'.l H l.l'W \ll 
 
 11.,. \.t iq.i.'i.-i. ixst. I I til all |>'-r-"ii ' ''"l'-'^ "f I'-i-*'"-- wl..-tli.-r .or- 
 
 ,„.n. r ,ii,in.,.r,H.n.iv. :..! l«-in|f r.-i-i,t.ro.l iiiM-T H"' A .- .•.laliiif u< Iri.mlly 
 
 S,„i,.ii ■ I.. Tia.l.- 1 i.ioiis .li.-rrl.nri. r o/.n.! t.. a- .\-vi,-.,.. i »m- 
 
 |.;ui,.- . wh.-ll.iT .-I .l.li.l..-.l i..-f.ili- I :• all. r ll.- .-.. .1... 1..- m,. n. ..; •^.1 \'t, 
 ai„l «!.. .Ii.r ...lal.'.i-lTil Bitliin it «ilti..iil iIm- I Mit.il Klni,-,) .... 1.. . arry on 
 
 ,;.! la Ih. I .ilt.-.l lu...-.|..... a.Miraii.-.- !.ii-i. .f all ..r any ,.f !!..■ f..ll.ivrmir 
 
 , I., iiam.ly. lif.- n-Mir.n..- I.i.<in.-i- i>r lla- u'raaliii-.' "' 1 aitic-s ui-.n luinmii 
 
 lil',., !ii. iii-iirai..-.- In.-iii-i", 11-. iil.'ii; in-uraii.-.' l-n in.-.-. .■mi.i..y'Ts' I. .i..lity 
 in.ii.i..- l.ii»iiii— . I'.iml in»i-«l'»i"i t.inii.- -.il-i- 1 a- n -p. : a,.y 
 .1.,-. ,f ;,-n,-.n.i' l.a.in— 1. tin' -IMTial ,...■> Im....- .I' tli' \ ' ni.lr.,-.- ... tli- 
 
 !,„-i, f il.ai .'la-. T\v Vi -.-I •-' r..|..;r.- .-u-ry .. n..ii. . i.any 
 
 i.. ,!,.iH,-i. ami I..-.-P .l.p..«t.-<l will, lli" r..yiua.|...- 1 :.-ii, ral r..r aii-1 "i, l..-ti.'.ir .if 
 
 ,h.. :-„|„.,-....- t..art ll.- -a. a ..f 'M. '. a.|.| ,.r..'...l.- H.at tla- .! t ■ 1' may 
 
 1... MI...1.. l.y it.i- -al.-.rll..T-. uml apiin "I..- im-.irj-i''""''. "'' •'.' mi'-'i'." ■' '" ''" 
 
 ,|.,.„...| |.i'li:u.' I n M.a.l.- I.v ami u, !.,■ part of tb- a-t- "t li. im| .ay. am) 
 
 111.- li.^i-lr.>r -l.all is-u.- a .•.■rtili.at. i.i' in. ..i|...ral....i ■.! ll..- ...iii|....iy aiiti! 
 
 tin- .:.|...-il ;.J- \x- n iiia.l. Till- M aU. i.r.ni.l.- 1 1...1 « I., i . . ■ lo.v 
 
 >.;,,,. 1 ..r ii.t.n.l- I'l carry .-a a, ataii.-.- Iia-im--- ..1 r- o.iii ..i..- 
 
 ,.|.i-. . -..par..! n "f -iiLIMI'l'. -^liall I"- .|.-|ki It.-l aii.l l-p- .lip..-il-.l 
 
 ,„„l.r tl... -..■ilii.ti . r.-Mi- t' ''a-l- li"- "f l".-ii • ' '" '■"••"''■'' 
 
 la.u. ... .,a«li'i..| I r ..n. \ml l.y <-i -i- ' ll..' f.'..il »' 'i" I' •"~- 
 
 ,l,.|,...ii..l i» 1.. I..- r.-«arJ.sl um » ..-paial.- f.in.l. I'- .\il aU. pn.M.l.-s f..r 
 ui.Mu.il -uiK 111. iit» ami a.ulil, ami ili..'i>' "tla-r pni> . ...» .on. -iwiKliiur »iHi 
 
 ,1, ,„ ll.,. I.,|-,. A.-aram-i- ( ■...ii|.aiii.-H A. ti. Isi.l an I lH7i. Tl..- A- 1 will b<- 
 
 („u„,i ,li.,. <l in Miap. XVII. Wh-n- Hi- r.-.,ai-i>.- -JO.UIMt/. .aiim.l li-- 
 
•"'■-'" MKMORANDA OF ASSOCIATION. [ChAP. VI. 
 
 Form 130. f'nind before the formation of the i-oinpany the proipertiM can be adrertiied 
 a« of an intended rompany, and it <'an atalc that th* amount will be depoaited 
 ■n due eour«(>. \» to the rif^ht to deposit on anialjfamation, aeu Scoiim/i, ir 
 JCriincmir Si.riftji. i!> ('. I). 220. 
 
 An to t.-'a iniTeliants i;rantinir annuitie«, see \rlton v. The /iwinl of Tni.l. 
 84 I.. T. ftdS: 49 \V. It. .'.Oil: and nee Srhon .» Cn., 22 T. I.. K. 40ti. 
 
 \* to payment out of the dejHwit, see l.ifr nml llrnllh .I'tiir. Attnr , ; lyiip 
 1 Ch. 468. 
 
 Form 131. i 1 i To <ai iv im llio lui-^iiioss of iiiiiriiu> iiisiiriiii(« in uU its liraiiclu'^. 
 
 Marine and '""' '" |'!>rli(iilur, \vlthc>ut projniJic-c to llif (jrciipiiility of Iho forpgoiii;: 
 
 tra-'sit in^r- \,,inh, lo iimko or piforl iiisiiraiii-os on slii|(s, vi'-<«>l.s, boats, and crali 
 
 of all kiiid^, and on f;ood-*, ni<Trliandis<>. livo or doad >>liK'k, liiirtjaye. 
 
 I'llccis, >|M'iio, liullion. or oilior |)|)l_v. it>s|iiinil<>ntia ami l)oltonir\ 
 
 intpivst-. 1 oniniis.tions. {iroKts and fr<'ij:lits. 
 
 ;! I To rarrv on all kinds of traii-^it in'^uranrt' lni'iiiiess. and ^mio- 
 rally cvcmv l;ind of insnraiii'p and rc-in^iiranco liusiiu-ss. o.\(c|)l tin 
 is.-^ninu' nf |ioli( ios of a^snrann' ii|i(iti Initnau life 
 
 .!</'/ CI and ' i ' ni Fi)rm 1.'!(), unit srjfifioii nl (irui'inl FurniH. !i7 
 ft ^t'lj 
 
 Form 131a. (Ii Ti. larry on ili<' 
 liranrhcs, \c. 
 
 ui->in<''<H nf 
 
 idi'ti' iii^iiraiH')' in all ii^ 
 
 Form 132. 
 
 lii-uranif of 
 all kind'. 
 
 I I ] To rarry on all kind.> of in-iirain-*' Idi-in**--*. and all kind* <il 
 yiiiiiiinltv and iniU'nniilN linsino-*-. and in parln iilar. xvilliimt prr- 
 judiio lu liic p»MMiralily ■>, ijic I'l'i^'y^i.injj «i>ids. to tarry on life 
 liio. luarini'. a' ik'nt, iMn|ilcivcrN' lialiiliiv. woikruon - (•(.ui|K'n'-ali<in. 
 disciiM'. -ji knt'^«. >ur\ i\ ■■! »lii|i. faduK' ot i>~ii('. Imrirlarv and 
 riil)ln'i V . ilicf!. lidcliiv and li.tn-il in'«iiiaiHi' 
 
 il'i i'l ^^raiif annuities of all kind-, wlivllicr d<'|H'nili'nt on Imniai. 
 life Hi- i.tlu'r»iM', anil wIipiIkm' |x>riM.>Iual oi Icrrniimldi'. inniiiMJiiii' 
 or lU'l'. K'-l. a!i-'ilul»'. 1 oiitinjfcnt, or "iht'iwi-.i' 
 
 I :i i Til miitiail «illi JiMX'li<dd<'r«, liorioHOrs. Iciidci-. >Vr 
 
 I 1 1 To imirha-x'. Ar romr-^ionarv inlort'-l-'. .vi- 
 ■"i ' T" .I'i a- a^fcnl- lor llu' i.-.-ni' of anv liilN Imiids, litli'nliiii- 
 .st(.. k. »lii>ilii': iir Jill' ii|fi-i<>il I . ihr |inldii- for ^uli»iri|>tiiin. and ! 
 jfii:>!.i »!»■<' the .lulix ripli iM of am >iiih MJiurilif^ or >lian"<. and In 
 ail a- t!ti«l«<e. fXOriilir, or udiiiiiii^lralor willi i.i witlioni iiMnii- 
 lUMiiiiuh. ami III tini|<'!'luki' Iru-I- uf lil kind* and llio romliirt nl 
 any Itn-ini""- ronnci U'd uilli Iru-l- .1 an\ i|<'- i ijilion of tht' I'llal*'" 
 of i|<n'aM>d jHTviiii. and li ri'i<'i\c fur ^af(• lu-tmlv. 
 
 'i 1 To Ifnd and aihamc iiiomx ii|»in or uillioul m-rnritA. in- 
 I'liidiu); tli«' 1( iidiriff of uion*>y u|hin pulh ics ii-uiil liy tin' roin|)anv 
 oi in w>i»' .,f wlijiji it ii lial'k', and lo apply any <>. (Iio fiind'^ of 
 tln^ eirnpuny in liuying iiji, cani-ollinir, c.\tiii<;iiis|iinj.'^. or ohtaiiiini; 
 a rek-,("<.> from any polirx, coiilraot, or liiiliilitv 
 
fURMS. 
 
 .)•.' i 
 
 , 7 I To piiv, »alL"fy, or roinproniise, Ac. 
 1 8 I To borrow, <tc. 
 .!(/(/ ni'h-rliim of common forms from Form 97 ei seq] 
 
 Form 132 
 
 , 1 1 To insure upon the mutual priiuiplo agaiust evory do'criptiou Form 133 
 „f marine risk wlii'h may bo lawfully un<lerlakeii, ship'*, vessels, m.uu.I .l.i|. 
 ami <raft of all kinds, in which the memherH of tho roy are iutore8te<l '^^^^^^y. 
 as owners, munaginfr owners, mort(;a}>:eos, ii^rentw. or olherwiso. 
 
 ,-2\ To establish ililfortjut classes or clubs of insuring meniberH 
 upon Ilio looting that the menilicrs of each class or club shall insun- 
 ,,tie iinolhor on iho mutual priniiplo, and to mana).t> and re^;ul:ilo 
 .-uih (lif^--es or clubs. 
 
 ,.t I To purchase, lake on lease, hin«, or otherwise ac«iuire. any leal 
 ,,r jiorsonal pply necessary or convenient for the purposes of the c.>v 
 ,!</./ si'h-rlion of niiiiiiion forma, xvpra. Formx '.t7 rl arq 
 
 It wa« formerly thouKht that mutual iiisurancp nofiotie* were not In l>e coii- 
 .iiloritl a« fiiriiiol with a view to (fain. «> at to roiuiir, if coinnliiii.' of more 
 than tw.'nly iiumlwrn, to he re(fi«tere<l under the Act of l«fiJ. See ,e,t. 4 of 
 llit' Act. \rmmhl on .Marine In.turam'e, .5th cil., vol. I., p. 152 Hot ot 
 /r ,,"<"• "'"-ororr * f'o., 10 Ch. .'542, n.. .lewl. \f. H . ilwided that a 
 mutiinl iii-iir.nce <.iKiety was within «k'I. 4 of the Act, and not Icivinir l>c.n 
 niritlcri'd, wii« Jin illegal amocialion. Siuco this decision, several hundnd 
 iiiuiti.il omirancc siHicties have heon re)fi<t<Ted. Their ohjeit", for the mo-.t 
 luirl, arc llic intiiranco of vciseN or freight. In most i im-^i only u particnl.' 
 ,l:i.< ..f \er.scl!i is in^iiircd, c,-/., iron nleamships. or vesseln of not !.■« than l.limt 
 t(HH linrden, or vessels cnvratred in a particular trade, r rj.. coal trade 
 
 III MKwt i-am-o theiw loinpaniisi are limited hy guarantee, lint .t .•on"ideral»te 
 iiiimlii'r are reifialereil as unlimited c.>mpanio«. The articles require > Ty caref«tt 
 lt.atiiicnt, an many of the forms in c^oramon use arc full of ambitfuitioi. aarf 
 rn.iucntly leail to difipute. See .l/orinc Mulu.tl v. loMfiy. 43 I. T Ml a.- ui 
 tl,c I 111. trait hctwceii the parties, and «<ii.'/'» ■"»'•. (INWt) 2 Cli '■•^. m" " 
 ancur.t of lontrihnlion on winding up. 
 
 ill h Juveaiiuy, iiinerl one of t'urinx >^'< to IMi.j F«nB 133« 
 
 I Ji To carry on tho ImoinwiH of lire lOHurRttre in all tif lir»»*h^. ^j^, 
 und l<) •rriiiit in.-iirances airiiiwt injury or dHina^'t' to or loi' iit ftpty 
 .iircitiv iir indirtH'tly caused b- "f resulting ironi lire. Iiirlilninp or 
 
 C\|ll|..-Clllh, 
 
 .l(W ii-Wcti'm oi rommoH forma, sujini. l-nrwn ii" »'f •<<•'/ ! 
 
 Ti. curiA on liusinens an propridorr. oi lUtr* and lo let u Icaic or Form 133b. 
 .,!lici>Ms«i .ipurdueiiis therein, iiml to provide for the hMiaiil*' and yui 
 ..ltljlM■r^ lliiif ,dl 111 itiN of the iiinvciiii'lici- . .iiiiliiindv pi •iiileil in |,r..prietiir!- 
 irifel* i>r clubt 
 
 .W«f sfU-ftum of rotiniion forms, mpra. turma '■>' it .<.»/) 
 
 <l i'.i (fuaraiito*" thelideijiv nf p<<n»on»t ItilHij; or alxmt (<« till "iliia Form 134 
 
 turn.' '■! tnu>< or confid^-lii-e. and the iliie perfornmnff and di«ciuirji* ,,,,^,„,,, 
 
 b\ (tui-i uermins of all i>r aov of ^Ik- du*«« iitid i>bliif»tii»ii^ iinpojie*! ..urt .u^m- 
 
 ■ , "^ , uitv. 
 
 mi them Uv contract orotrtft4M» 
 
 .Sb' Amtri.^an SitrHf Cn. v. HVi?*«»e».. 27 T. I. " »J 
 
■"►*' 
 
 MEMOKA.NUA OK ASSOCUATION. 
 
 LCHAI'. \|. 
 
 Form 1''4. ' - ^" nuaumiih.- Ilit.' ntuo |K,>ii\>i'iiiuiii<' uii<l 'IwulHfceife In i-ocoivor.i, 
 otticiiil iiixl ollipr iiijr.-', i-.miniitU't.'.t. ^^tmrtliuiif'. >»x<>(rulor«. udmiiiisiia- 
 t<)i>;. trtf^, att«4ittivN, lunki'r.-., and »i:iniif ol t:ht>lr w^^-iivt! ilutio^ ami 
 
 .1 Ti' irwaBwiUH' th>' iHivini'iii "1 iiiiiiu'v n4*< iirtni In or puvuMo 
 iiiulcr <>r itt iwi^'c! (ii <ii>ii<>iitiirf Imiiils, <i<iiK>iiliin< stoik. "■oiitriicis, 
 iiiortfiTta:''*-. ■•tenv^. "iiljuutinii> ami "wx-art-niv- of unv iny ur nf uiiv 
 iiutlion(\, f«w}>r«»riir ■iiiinii-i(ial. i<>cnl. 'u oi(t«>ix\iw. <<t •>( luiy (ht-'iii's 
 vvlioBiwH'vm. « >>ir-!h r ciii'iMtiHio en iiitiiif>ir|>(iruto 
 
 i4 T<i ;jriia.riiiiUM' |h'i>4iii- filliuj; ur ultout lo till siltiutiuii> ol iiii-t 
 . r <^)uH<l«'iKf iit;niri.>i litiliilitic.-* in rcinin'r'ioii tdcii'witli, an I in 
 ]>urii('ului' agaiu-'t liuUiliiio ic-uituiu: tiom liu> uii^itiridiKf oi an\ 
 (•<»-i r ^ir-n><.', lu-airi'iit . Mili-ajrt'iit. "V <i!(ifi in'i-"!!!. •■!• limii tli<> ia-ui- 
 liiH'ii inijtt'rtt-iioii. ur dt'firi«'iii v iti title tn PI'ly. <>' irmii aiiv 
 iiiMiltn .. 1H.V. iiii|ivil(" M'n •If <k'lnii'in V in iijiy •-*'<iU'itv. m from anv 
 liiiiikrujii. N . ii!~nl\('iir liitiiil iir iiirliiiu- ac I "ii ilit- [Mirt of any "Uivi 
 jK.<(».iij». -.»r trnmi aii\ <'iri'i . i ■^ulirnu'm -'V mi-'n lime 
 
 ■ ■'•■■ T" pM4tr»inln<- iliv tiilr <■ or ^juivl i'ii|to iiit^ti-. "l jijiiy ■oliur 
 Hti««iliuc-1\ i»r Miiti^- I Id uuv lUtilitMailioii- or ituiditumo, ami in 
 tjuaiuiitw jmrvjii- uiU>re!tl«i «: utx-nil lo li»"<'>iin' iiiU'WmUwi in anv 
 pjity iii."HJii.-i a«\ io". a(ii'«>- |ii-.«-«H»iinii;- I (aim-, or (lumnMiK ii 
 res|Ki| of am in-aiii' H-m v or JisiH«nl!P>liin <i! iietii it'ut v (if tilh- r ni 
 re»}>"r ' of aii\ imuti.- tan^ > -. i>nrtii<* 'i "iu.&iaiiiliiiir riirhi- 
 
 1. < •t!!i*'ialU . exivfU ill beluw iuf"au«>««ti. lO I'urry on ami iranwiii 
 every lund o| u; iia ra *i«" ■ liumiic>-» sMid itvwry kiitii of iiuitimuitv 
 b»it<iii»' — . atwt »'\f I \ kuai "' 'iiiiiiier |ruaraiiKif ami Kiuiiler iiiitiiiititiu 
 bti-iiu— -. and ■r»'!HMal(\ ever' kind ol in«tiranc»' ami i'»>iiH«ira!iri' 
 t>u>iit<-'-. «li<'!|it»! of tl»ri likt' ot (tf a •liilcrpiii ktml. and «lifiiii*r 
 uoK known Ol Ijmvatti'r 'Hivim'I. 'Mc])! liic i~>iiira i'" iiii'inc^- nr-- 
 iwtfaii'V liii"im<«- aiiiti»»til ii.>niaiii-<' Imi^Iih-^. inifd >i'I- lialtlliv 
 tm-iiraii.t' l.u-inc— . and lioiid investnuun Imtiiit'H.'*. 
 
 (7i Toionlniit witli IcaM'JKddcr-. liorn)Woi>, irildiT.-. aiiiinila:. -, 
 and 'iliii'iM loi till' olaMl^linn'iil, a. . iiniiilaii'ii. [■rovi-ion and r-a" - 
 iiKMit of Kinkinu fuixl-. i i'diiii|itioii fund--. do| h nation fund', ri'iii <\ai 
 fund-, ciid'OMiiioil fiiii l~. an I nu\ nlli' r >;ii\ial fund^. and lti..l liiinr 
 III ioii>'ai of a innqi >nni oi <m an aiiiiiial [iii'iniiiin "> ■•iin'iwi- 
 and (.'(o-crall'i <:: -ih li Iciuj- a. id loiidilion- a- may he aiiaii:;('! 
 
 1 S> ! 'i'o iindiM'aki' ill'' oi!i. c of trc". rcii i\i'r, and lii(i. whi'iImi 
 (illi( iai ol oiJK'i ui-^<', «'\<' iilor. itdinini^lnilor, roianiiltcc, miiiuiu't'i 
 iilloriirv, didi'L'ato. .-ii'-tiinli' tria^nli". and am olln-r olli'i'^ ">' 
 KJIiiati •nc ol im^t or ronlidi'ii'" , uiid to |ifrforni and diNiliai;.'!' tli<^ 
 diiiii> ai.d fiinilioii> in.idonl llioivto, and ir<ii<'rullv to tl'an~ai i all 
 kind- of Irii.-l and a'/on. \ Im-incs-, idlliiT ^raiiiilouj-ly or otlurw i-'' 
 
 i '.' ' To flHni^!l and providi" di')io-iil< and yiiiiraiil<'i' fand> iiM|ii>ri'l 
 in ndaiii'ii to any tfmli i or ii|i|dicon lor any i- iinia' t. i .an (■--ion, 
 dtviif. (MiUilint.'nt. |i|'i>. or iiriviU'};<'. or in iidatii'ii to lli<' (•«rr\ iuff 
 oiil id any niilracl. conri^-.ion. dm riM', or cnarliiK'nl 
 
 {)■■*■■ T-- !,--ivr' =n..):f'>. «=^^.Mri?i-- afni \ali>tiHI^- ■■( a!! ti'v!- ''■•■■ 
 
roKM.* 
 
 r>r.i 
 
 clch«»-ii lit iiii<'H*.>i or icir cuHtodv, aii<l v'**'"''""* •<' "'tttry mi the Form 134 
 liii-iiiO!*- I'f ii i-ulV (U>|iii>it ciiv - 
 
 , 1 1 1 '!'■. lend, iU|Mi.sit, iir ailviUK (• luoiicx , M'riiiilK'H, aii<l |'|iiy I" or 
 
 -III li |ii'i>iiiis ami (HI ^^ll•ll U'liii- ii> iiiu\ m'oiii v\\»'> 
 
 litMit 
 
 111' (ii'iiorully til )iiii(lhi^'. iVi . 
 
 17 1 Tu pav. Kiili-irx. I'l i(iiii|in)niis<' any 
 
 clMliiiF- inailc airaiiiH 
 
 I tho 
 
 IP h ii iiiav wM'iii t'x 
 
 |M'ilii'iil I" pay. s,iti«lv 'ir > 'iiiiproiniM', 
 I ,,'\< iili.-iaMliiiu ilia' llic »aiiio may iiM !"• v.iliil in law I'd i -insure 
 „ii,i iti'' ' (Diiulci-triiaianuv- 
 
 .l(/((' xill'illOII ii) iithllllOH fiilrli,t. Slljiril '.tT it X'-i/- 
 
 ,|. 'I'll iiHJi'niniiy ilif m Ix'i-i "I lli'' '"N aj-'aiii-i pim ii'ilinir^, Form 136. 
 
 I,,-.,... . ..-!,-. .1 inia;r<'^. rlaini-- and di'ni.ind-- in ii'-poi i ui any ai ridciil, i.',,,,,!^ .,^,. 
 
 ..i :ilU?;."«.i uiiidciil. ii'.->nl'inir "i alln^rvd In have ic-iilii'd in injury, Mutuai 
 hjiciIh lalal or ■•ihi'i v, iw. I<> .iii\ woikmaii .n nilnT pcrsim cMiplnvfd -^ """<■'■'''""• 
 ,1 or t'l <■ 'nin'. lion Willi any mini'.- in whii li any iiit'iiil«'r of tlie ctiv 
 ,, Hj-viO-ir i. ami l<> will Ii iii- I imI .Mine- Ki':;ulatiii|i .\i;t, l(S87. 
 .; :rii- .M.'.illii.'iuu--. i.iK- Kt'Kulaiii'ii .\i|. IS7J. apply. 
 
 ;; , I, iiMai : till ai.d •iiaiil any mi> li iiidiiiMiiiy iiii Mirli tcini-, 
 
 .uni .-iil'!<v; lo ■••ii'li .pialili. atiiiu- and roiidilions. a-- may wi'in 
 1 xiniinii' 
 
 .. Tu uikt ail .•-u. Ii .--It'p^. alitl <iii all "in li lliini:-. a.- iiia\ .cria lu 
 ■hi''.'\ fipril'i'M. uilli a wi'w 1.1 iiiVi'.N'i'J-aiiii^ :lif rm uiii^ iin i'^ nl 
 jii\ a ■ idtii' iir allu^fd ut'idiiiil, and nil itlior uialcrial tail.-, and l » 
 ulii. lining any iiitnrilialioii ui <'vid»iiii> wliiih in.iy M^eai l" liavo any 
 liMiih_ upuri any claini- nr di'inainl.- iii.idi' nr ■•> hi' male, in ii'-pi-. I 
 ol Ml- i. an idiii' -v alU'-^fd a'lidi'U', and In iippii.>i'. ri'-i-l. iniii- 
 pmiiii ' , iir>a'i-l\, uliullv m- iti purl »ny mii ii ■ ! uiii" and deiiiainiN. 
 
 I Ti. |i.iin''!c and iMi. i«n..j;i' ill"' adoplio!' hI pnvaiiliuiiary 
 111 i>uix' <>• .ill Kill I-, ul.nh limy m'i m in llit' i'<iy • »it illau-d .o jiu-vi-ut 
 an iili'ii'.- and hi iiiiiii'i.i-c tl»«' daiiLr«r and iiiilij;- ■ tli»- • ••nv(.,|iit'i,.f« 
 tlii'i 
 
 .1 111 lil.''p<'i! iiiiti -iipi'i\!"<' any i»U( li inin<'- ami Ui*- ii|M'ialii'ii.s 
 tan !■ i I'll iln'ii' ii 
 
 ii T" I ill" : and dilaiii .ill >il- ii I' -tii-'iiaiK • ■ niiiiU" in-ni.iiin'» 
 111'! Miii'i i--ii.ii'.init>.-- and ad'pi ai! -U' '■ m'ti-im- l"i iiiiiiiiaiiiiir 
 iIh' li-k- 1.1 llic I- iv a- may ,«»"i'iii <'\p(>dirnt I" 'In' loy 
 
 ; 'I',, |ii-,.'.c| ,,iid ind'-itiniiy lli" iiiiiiiIh':- <iI tln> nn fr.HM iiid 
 a'j.iiii.-' Ii.iu'liilrii! Oi lint ■iilidc'l rl.iiiii^. and ''i ;;>•-■• «!■ p,-- In ,-x^,.-i' 
 
 iiid di'liM- -n h il.ii'ii . .uid In pmii-li lli'.x- wli- iiu'Iih-I in 
 
 III '1,111'.: Ill fiMipnr'inu tliciii 
 
 ■^ In i-'inHidii ni iuii'.iK' and -iippuii mipriMnn'ill- in ilif I'lw 
 nlii ii iiiav .-i (Mil ijiiv. ih iii iiid i.illy iniidiiivo In any <if llw r .\ '.^ 
 l.llj^ll^. aii'l I" ri'-i-l and nppn- ,|i. lalinii.-i iIiimimi, >. Iii. Ii iiiai I'l-iu 
 o llii' I'lv diii'i ily 111 inlirviily advt'r.sc ii> lli" iii' ' -i- of lli«- ' ■>» 
 nr it..* mcnilM'r.'". or inv "♦■rtion tliof. 
 
 I .1.1 ....I ,..j: 
 
 or ..( a.in 1 
 
;ii i 
 
 .,•24 
 
 MEMORANDA OK ASSOCIATION. [ClIAP. VI. 
 
 Form 136. I'ulii lo iwuod prior to the paming of the Kiimnce Act, 1899 (Juno 20, lH99), 
 to fiiiploycra of laliour, by wliioh iiwiiranco lomponii's a^frcod to pay, for ami 
 im liiliiilf iif tin- •■111 ploy i'r», muli minis a* tlicy should Imonie liabli- to pay iiiiil.r 
 Ihi' Ijiiployrr-' Liahility Act, 18H0. the WorknuMi'ii Compfmatiiin Ait, IKST, or 
 by till' romnion law, in rctpert of personal injury to any workmen in their 
 enipliiy, were held not to lie polieies " of inKuramc a^tainut accident " within tin. 
 nieaiiiinr of «Tt. its and Siheilule I. of the Sljiinp .\i't. 1891, which iiiipo«e<l ,, 
 duty of 1'/. only, but to bo liable to a duty of 10«. if under toal, or «./ 
 if in writinif only. l.iiiiinHhiri' luxurnurr Co. v. Iiiliiml Itcrrnui-: \'iilr.ii, 
 Hoilrr Co. \. .sVfw,".. (IH!>9) 1 (i. 11. .3.53. lint l.y the Kinaneo Act, I8!t9 (i>2 s. 
 fi;| Vict. c. 9), s. 11, the provinioni of sect. 98 of the .\ct of 1891 us to poli.i,-. 
 of iiKurance airainut ai-cidcnt, arc to ' exti'nd to and include |<ulicieii of in»iininn- 
 or inilciiinity ajrainst liability incurred by einploycm in con»oc|iicnce of cliiiiii* 
 uiailc upiiii Ihcin by w.irknieii who li»v«. unstained pcmonal injury when the 
 annual premium im sinli |M)llcii.« doO!< not exceed one |>ound." 
 
 Suili companies now come within the Assurance (ornpanie* Act, 1909, -.n i.i 
 which sec note after Torin fiilSb, inhn. 
 
 In 
 
 ii - 
 
 r I 
 
 Si i» 
 
 Form 136 
 
 rtuik. 
 
 : I Til f.>liililisli ami earn mi ihf liii^iiu'S" of u h.-iiik. wlioipul' ilin 
 IhmiI iil!i<(> i.r plan- of ImshiPMs hIuiII lio in London, with snoli brain lies 
 or a^Tiiiic.-i H^ mav fniiii lime to linn- 1h' ik-lornunod.] 
 
 i; 'l"o carrv on ilio hn.siiip.s'* of liankiiifr in all it« braiieliM and 
 (li |iartiii(MilK. iiiiliiiliiio: liif lioriowiiijx. rai.siiijr or (nkin^; up iiiniiov. 
 tli<' k'liiiiii^' or ailvain iiij,' iimnov. .•spi iiritios and proiHMly: llic .ji-i- 
 louiiliiiy. l.iiviii(r,wllin|;uiiil<lPalinH:iii lill.s of exrlmnpo, pronii*NOiv 
 noil'.-. I iiiiiwiii~, ilrafiti. liilU of ladin;;, warianl**, ilolipiiliiroj*. cprtiti- 
 calp-i. SI rip anil oIIkt inslnmii'iitM and .i-pcnritii'.s, wlictlier Irniisfcralili' 
 or iK'tfotiul'lo, or not: tlio crrantinff anil iN.«iiinfr letters of erodit and 
 tiriiilar iiol<>>; llio Imyinir. .-clliiig and di'aiintr in luiliioii and sporic; 
 llip ai'ipiirinLT. lioldin^', is-nin..' on roinniis.siou. iindprwrilinir and 
 dfaliiii: with .slock-*, funds, sliaros, dcl«>nlnros, dolionturo slock. 
 lioiid.s. iildiiralions. s.-curiliivs and invt'slinont.s of all kind.s; the notrii- 
 liaiino- of liaii.s and odvamos; the nHiMvin:.' iiionoy and v,ilnal>los 
 on dcpcmil. or for safe cnstiKly, or olln-rwiso: liio eollpctiiig .iml 
 traiisniiiliiip inoiu'v and soiiuilii's; llio luaiia^ing ppty, and trans- 
 niiiii^' all kinds of a^'cnry Imsinosn oominonly trausactod liy bankers 
 
 ;! h'ltnn !»« fdiitini:! to biuihiiiij mid ilixroiinl bunhicx'.' 
 
 I I'hui-ir Hi III Form I'M <li)ii'n to ' luihiliti)."] 
 
 :>. t<. - I'l.iiii.i HM), l(;i, IM, mnilificd:] 
 
 ,s To uiidcrlukf ai.d cvciute any tnisl« tin- uiidt'rtukin^^ rtiii'iei I 
 iua\ svcui il«'-iiablu, and also In uiidciriuki- tlu' ollico of c.m'i iilm . 
 adiiiiiiisUatnr, ipoiuxpi, lifa-uiu!-, ii^irisliar or aiidilur, md to ktn'ii 
 for any loy, j;ovc«rniiionl aulliorily, or liotiy, any ru-fistKr rtdaliiiL' 
 to auv slocks, funds, sharos or seiuriti«'«. or to undertake any diitit's 
 iu rclaiiiui to the registration of tranwlors, the issun of certilieat^'s. 
 or otiiorwiso 
 
 •». To take or eonrur in taking all .such M«\)» mid procooding* i\» 
 mav uocin b''st caicututvd to uphold and suppoi. the ii'odii 01 tno coy, 
 
 \ 
 
FORMH. 
 
 .V2» 
 
 „,„1 10 nl.tiiiii mid justify pul.lir .onti.leii.v. uii.l t.. avcii or miiiiiniso Form 138. 
 Hmiii<i;il (lixlurhamtH whuli niitrlil iillct I llio loiiipuii) . 
 1,1 |,( Formx 10.!, Il». 118 /o l:!0. 
 
 I'usucit hy till- Court in xi-fH'itd itiw.i iitulrx Ihit ( uminmu-x i Memo- 
 lauditiii of AnKoiMiinn) Act, 1890. 
 
 t ,„|prwritiiir saiictioiiwl liy I'arwfll. J., in //«/.'-/.. i;,>i,mrjri„l ll'iukinii 
 r. ilWHii II "llil. April 3, 1W1. 
 
 . I , T.. i(iinlui.M' or olhorwi-c ik .iiiin> ami dful i" kmI ""'1 IK'isoiial Form 137. 
 |,|iH of all kinds, uiid ill parlinilai land", Imiidin^'.s, lu'nMlitaiiHMil.i, x<m-u 
 liii-ini'" rond'ins and und<Tlakiii'^"', iiiorl-rai^u-', diuii;!'". anniiitit.-w, 
 11,11. iil.-i. liifuio. shart". ~lork-. (ii'lwiitnif-.. M'liiiitic-, policies, liook 
 il(.|il>. .■lailu^, and any inloittsi in r»»al or (M-rMimil ppty, and any 
 iluiias aj^uiust such pply or against uiiy pcrwoiw <ir roy, and to carry 
 oil anv bu.siiics^. loiK.vrii or uiidorlaking -so a. ((uirod, and to ostablish 
 .111(1 iarr\ on any lm«iue«s u'.MOpt a-* to the is«ui:ijr of policiw of 
 .issiiianio on liiiinali lil'ci. wiiiili may scciii . alriilal.'il to cnlmin i- tlin 
 valiii- of any of tlio pply or ri^dil" ot lli« lov, or to fucilituu* liio 
 ili<<p(i.-<ition tliof. 
 
 Add si'h'ili'ill lit ritmilKiil fiinii.s. Fin iiis ."i7 (•/ xcr/ 
 
 •'onvoriiiiiii 
 
 I To It'iKJ iiioiii'\ and iii'i;o|i,il<. loan.-. Ji To di.uv. aiifjH. Form 138. 
 iiMJiiiM', ili'ioiiiii. Iiiiy, M-ll. ami di'al in bills of i}.\rliaiij;c. [iroinl.ssory |.|„,,„,^^,ai 
 iiuifs, boiiiN, .JcUMiturns, (oiipon.-. and wtliiT luvotiablo in-truinciil-* 
 and <(•! iirilios I,'!; To i>suv on loniniis.sjon. suKsiriln) lor. tako, 
 ...iliiiic. and hold, i-tdl, e.xcliangi', and di-ul in shurtw, htocks, bonds, 
 obljiralions, or securilios of any •fovoriiiuoiit authority or coy. i 1 1 To 
 
 l,,iiii, pr tc. Mibsidisc, and assist cos. wyndiiatos. and partiior- 
 
 -hip- of all kinds i .'> i To j;i\t' any (iiiaranUf for tlio paymi-nt ol 
 Mir. my or llio |«!rforinan(i! of any oblijjutioii or iiiidcrtakin;r ttii To 
 uii.l.'iiakc and u.vci lUo any trusts. (7 i To ..npiiri-, iiuprovf. iiianaj'c, 
 uMik. dovi'lo(i. cxcriiso all ri(j;lit.s in rt-spiMl of. li-a-sK, iiJorlt'HK<'. sell, 
 ili~l".-«' of, turn to acroiiiit, and otliorwisMj deal with, ppty of iiH 
 kiml-. and in particular land. biiildiic^T. coif <'ssions. pat<>nls. bn-iiicss 
 i.iiKcrns and iindcriakiiin:s. (8i Toi-ntor into any arrannoiiic.ii - ..itli 
 .iii\ aiilliorilii's siiiirn. Form 102 . > '.» i (u-norally to carry on an I 
 iiii.jciiakt' aii\ liii-iiics-. iindcrtakiiio;, transact ion, or opcrii c ;i 
 
 iiiioiilv larricd on or iinilcilakcn by banki-r-. capilali>!-. {'f' ■ 
 
 lailci-. liiiaiicicrs. i oii'-cssionain'-. conlraclors lor pibn nork- 
 M'l|i I iJLiii aii\ iii-iiranc<' bii-iii"-- williin H Kilv.nnl 7. c. I'.i 
 \,li! ■•i-lrrlijiii lit iiimmnii fiinin'. ForwM '.'7 rt Kfij. \ 
 
 W itliin till' U*t few jiar« a >tri:it many priviitc ■•<>ii!|)uii ' . Iiinc l"<'ii fciriiHtl 
 f.ir linaiii'ial objtitjt. Ill many i uhiw |Ih"«' iimipaiiica arv fiiniicil ny |irr«ip|!< wlm 
 ■Iciru 1,1 i.nimiiii- |.iii,lii- w.mimiiicH, or i»rliH|>i ii «iii({iii i.iililir itmi|iuiiy. Sucli 
 inm|)aiiii's i.r imurpuratcd xymlicslcs arc taking tlic plaro nf luiinMirponit.^'l 
 
 1^^. 
 
* f 
 
 J ^ i 
 
 i 
 
 "■ t 
 
 \ 
 
 
 n .' 
 
 hiu 
 
 MKMOKANDA OK AK8<K'IATION. 
 
 rCHAP. VI. 
 
 Form 138. ly^.tirate:', ami run prt>motr 
 
 ill iiiiirr ■•IHiii'ntly uml ndvniil.'iKroiitly. I'or 
 
 till* I <>iii)»iiiy liiMiijj tli*»tirn't from tlif iin'iii(i«T^ wliiili i-uiiifiuH4^ it, lln' ■iH<iiilH>ri ui 
 
 th 
 
 'w |»r(tiiiotiit(r <'<>ni 
 
 |i!lliy ill! imt liiTiiiiii- I riiiiiil<T'< of ll 
 
 M> proiiitiitt 
 
 ipriny ; 
 
 tliM-lii.iirr i< fiiiilitatttl; ilaiii,'irii iirf avoUltil ; tlif iiit'TfutH of llic ri'«iiiMti\,. 
 
 nKiiiliiTK of the ri>iii|iuiiy uri IP' fu>ily luljiHltMl. uml oIIiit Im'IH'Hh aiiruo 
 
 from till' :iilo|ition of tlii* roiinti'. 
 
 Hilt u |iroiiiotor ic>iii|iHiiy iiiii«t, of nnirw, ml fairly anil lionratly, iillii'rviii. 
 it will 111- lialili' jiiT^t a-, ail iiMli\ii|iial promotrr wlio i« ({iiilty "f framl . iIiih. if 
 |irolit- an- Iniucliilrntly iiiailf liv a |iroiiiiiiir io!ii|iany, ami diviilril uuioiii? \u 
 miiiil" r- witti kuowlnliiu of till' fraud. tln'V will l"' MmIiIi- to rri>ay. .\liori'<i\ir. 
 if till- I .Mnpaiiy, liy il« din-i tor^ or otiirr atiioiH. uitn fraii.liiliiitly. Midi a;ri'iil« 
 will In- lialilf. i\* wi'll a< tlir r.iiii|iaay. for " :iM prrsoin t onn'riiiil in tin- i-oni. 
 iiii»!<ion of a fraud ari- to lif tnatiMl ai (o-in'iimlt; no party lan In- pcrn-iliml 
 to cxriisi' liinix'lf on 111.' L-rouml tlial lif :i(ti'd x\* au'tnt or xrvant of unoilur ' 
 I'll- 1.1. ril \\i-»tl.ury. ' „/,„ » //i-o,,, ....//« Trt,,!,,:. \ Ma<-,|, \i\ . II .r v 
 /;./'. ■! K\. l»iv. '.'I.S. I'olloi-k. TortM, 7tli .^l.. IHU. 
 
 Si-i-t. of tlip M-iiii-y l.t-mli-r-i At. I'MIO, providi'-' that - tin- i-\pr<--i-.ii 
 ■ iiii'M-v-li-ndpr ' in this .\rt ~liall in.liidi- i->i-ry " pi-r-m ' »li-i'- !.ii-ini-«i i ih^o 
 of i/ii iu-v-!*'iidiii;.' 'ti vrlio adwrli'i-s or Mniioiiii'-t--^ iiinm-lf I'V l-'iNN liin)«rlf oh: 
 iu un> way as <arryinu' on llial liii>in«-i". Imt hIi.'H not in.-lmli' " ■.-rtuin -o- n-ii, 
 t{i'*rttioiii.-d I»<'i<-v\ , 
 
 -• ''er»i)n " ln-ri- rli-nrly im-Iiidi'- a lonipaiiy. Inr umlor Mi-t. I ii-rtai'i oiri-iin v 
 «ri' niadr »iiiuti-iiii-aiiuiir-> if pcrpt'tratcil liy " any pi-rsoii lirii'n -' lirii-tor. 
 uiuiiuKcr, or otl.or oltiii-r of any •■•"■, .i./'i.,.i •.irry/.-; "" '-'"• "i-- ■• "' 
 imiiii !i-/rtiitii- " : and <H'c-t. U t-nalili'i ri-t-ii!ation.-i to In- niadi- a- ti thi- n-;.'i- 
 tralioh of money -li"ml'-r», wln-ilii-r inditidiial', tirim, «o, ii-lii-i. .i/..oi/. . 
 
 To proriiNl viitli »t.t. ti. that I'liii-tmi-iit ■'ay-' tlmt " iiioi;i-y-!i-iit!- i -hall n. 
 inrludi- 
 
 va. I'.iwiihr ikcT« iin ro-pi-i I of pawntin kin;; lH!i.iinH>K 
 
 A paMiihroki-r » noi a - nioni-y h-mli-r," hiraci>.- on an i.oh.i.-.| 
 
 .«-i-a«inii hi' I<-iii|h iiioni-y on a hill nf -ale. .\< " < • > n„„i.f..,., , |;i1| , 
 
 I K. II 7!f.'. 
 ill, |-''i.i..lly wK-i'-ti- i. »orioti>-» Miiilrr tin- Loan ,s... ii-tii- A.i. ISIIi. or Iniiiil 
 
 iii^ !*«,i-irtio!« : 
 ■ \iiy iHMly lorporaK-. u;. orporati-il o; .iiipow.-;-. i| !,y a -| -i.- 1 \'\ .f 
 
 l'arl-;iUH-iit to !i-rnl hioiu-y in a' i-ordiinit- with .-^ui-li fUMi-iul A- 1 ; or" 
 III) -' Viiy pi-rMin " whirh im-ludc-' ■'company" -■/«.«.( IliU i-arryiii;,' on 
 
 till' luisini**'*! of littitkiii;: or insurani-i' or h'>ul fi/f*- *jirryin-f on any 
 
 liii»ini-.8 not haMiiif for it-< ),r,mnrii nl, • tlio li-iii|iii>.- of moni"y. in 
 
 till- lourw f which and for ihr purpo-ws whtri-of ho 1- nji tnoiii'y: or ' 
 M wi\ xly torfi-iiati- t .r tin- tiiiii- in -t--..- rvi-mpti-ii fr-iiii rf;;i''Iralioti 
 
 undi-r this Ail hy "hi t)rd<r if the I'.oard of Tradi- macli- -iiid piii.li-li.-il 
 
 pur>na'it ti roirulatioiit of tin- lioard of Truili-." 
 
 mpitliir-i not »iihin t a , lo ■ i- ) tlial ii to -lay. tl « liu-i- 
 
 Tli 
 prim 
 
 I'll 
 
 olijfi t ill till' li-ndii!^' of moiii-y. mu.-it 
 
 1 I l!i-fri- ti-r umli r tin- Ait or 
 f-i) (Hitalii till- llo^iril of Tra-lr- i-m i 
 
 . on ri-jri-'ti.i'ion i-i oiit\ \>.. 
 
 ^^^^^^H #- 
 
 (2) !,jrnii-lfm 
 
 hv an <(r li'r of the iioard of Triidf. . 
 lion fur i'»ini|itioii under the above si-.-tii 
 
 'tult 
 
 'It. 
 
 
 .-■1. J'l, 
 
 I'liil. 
 
 ■ 1 Tho ai pli-a 
 
 ; -!ial 1 
 
 '. III. 1 
 
 • on fo>I(i';iip pajM- 
 
Kf)KMH. 
 
 •»V< 
 
 in tlie riirin A. liprelo Kiinned, »nil ahall Ikj aiuneii l>y noiuc rcHpoiiiiililo oflior ^q^j^ 138 
 br »ii<l "» lwli«" "' '''« '**'y '»r|Hiriit« -••okinif for null Pioiii|itioii.' 
 Till- «|i|>lii»'i"" '" ■>• f"llu»«:- 
 
 'I'lii: M<'M\ I.I Mil Id .\> r. ltHi<). 
 
 .If, fit nil I mil till llir l.jrniiilliili nl n HmlV t'lupmul- it, mi llfi/itlli'll'in 
 
 iim/i'r thf iihore-iHi iitiiin* ft Arf . 
 
 I. I J/i'T^ iii^'fl* fiiiini' nnit it'/tti-rnn 'illit uffifinf lirniitiliifwii ff ititpiir:ut] 
 in till' loiiiity lif , liiiiiif (li.ly niithorizwl in liiiit lii'lialf bv thf 
 
 <'<'in|>:iiiv. l.iiiiil<"<J, tin' rotri^tiTcil ofMif of wliiili in at Nn. , Strict. 
 
 in till- City 111 Ijiiiiliin. liiT. Iiy mi.iI,i' <i|>|ili< ;ilii>ii (■> lin' ll.i ml nf TmiIk "ii 
 iM'lialf nf th'' "aill *'iifii|miiy, l.iiiiiti'il, JM'iiitf a IhmIv roriKiralo, iiiii>r- 
 
 iKirilrtl l»v [Ihre ntutr whifhi-r iiirnr/i'irnf'-rt Ay ih'irti^r, t/i-ni nf $il(u-- 
 mi lit, '■*■ ii.'/i"r ih'i'iinirht if iiinnfinrii'inH. "i' ilihii'r thi' ('••mfiuni'S .(rf*I. 
 'lit all iirilcr t iciiiiitliii,' tliu said Imdy .'>ir|H<rati' frmn rvdiHiraticiii nt a 
 ni"tiii-\ -l'-M"l*'r. iiiiiliT till' |iri)iUi"iiH of tin* ni^^'M'-mrntioiicd A'-t. upon tin* 
 |..llo»ill'.' L'roiiiiil«: \ l/i-rr Half i/nnini/ii mr <v. m/.//"« |. 
 Iiaii.l lliii day of , i<) 
 
 iSi(fiii'J) A. II. 
 
 ( lifrf tititi itthi-iiil ilrl'i/niitiuH, i 
 ■|'. hi' S rutary, 
 llc«ir<i of Trttdt', 
 
 7. WliitoJKil, (ianlcii-. 
 I.011.I0", S.W. 
 
 *- '^Ji^'^^ 
 
 
 I'orm No. 3. 
 
 r'.l^'.l III! I -I OK |SC0IM'IIHAII:1I ('oMIVN^ OH SoMTH, 111 I ' '! \i:i) lill-ir.*NT 
 
 TO Tilt: Mom:v |,i nih \h Ai-r KMHI. 
 
 NiiiLi- in wliii-h till' liiror|iorutitI ('iiiii|iany or 
 Smiity rarryiiiit on llio llll^lnl•»l^ of iiioiii>y- 
 li'tiiliii',' i^ to tin rt'L'ii*t*'rt*tl, 
 
 .f I i,f'">ifi til hi' iinjii n^vii 
 III this t/i'i'\ . j 
 
 N ,1,. 
 
 iif I'luii'B whiTi' till' liii.iiii-M ii larricd on. 
 
 J Sinli a|i|ilii ation uliall Ik- arioniiianiiil l>y 
 
 !■ Ill till' ra-c of a IiihIv ror|iontl< ro){i^l<Tid iiiidir tlio < oiiipaiiiiK .\vU, 
 » lojiy of till- ni"'Moraiiiliiiii am! artu li'i of aii'iiH'iutioii .... kihIi 
 iii|iic< iKifiir ii'itiHitl liy Koiiio rr«|Niii«ilil.i oftiiiT of tin- limly coriiorati' 
 
 aw Inir i-opii-x. 
 
 lii .\ itatiilory dc.laratiiiii liy a rm|ioii»i!ilr oiHur of tlio body I'ofporalw 
 lu'llinjf out till' nature of tho bu.iinpsa earriitl on liy the Iwxly 
 forponito. 
 (I- 1 A i-opy of tho Jul balani'i- iihwt. 
 
 
* 
 
 II 
 
 If 
 
 i 
 
 528 MKMOBANPA OF ASSOCIATION. [ClIAP. VI. 
 
 form 138. '■ I** ^^^ "' '^"^'' '"*' r*)"". »»d "•• *^J corporate (if to r«|ulr<Kl> 
 
 * ,J,»11 nupply iui-fa further inforiMtion hjr •.Ulutory dM-Urationt, prwliirlion of 
 
 docmnent», or othrrwife, u the Hoard of I'tBdo m«y Hiiiik proper, ronwrniii^ 
 the coMtitution, objeit«. and 8i>»iKial po«ili.m of tlir Uxljr ivriioralf, and aU, 
 concerning the maimer in which tlio Mid body corporate haa carri.-d on tin 
 buaineaa. 
 
 4. The Board of Trailc may, if Hicy think fit, r.-.|uirt> notice of Urn appliru- 
 tion to be advcrtined in such |ia|MTi ^^ tlicy may prcwTilM'. 
 
 5. If. in the opinion of the Hoard of Trailc, th« bo<ly .-orporate i» a pr..|„r 
 une f(.r exemption under the Ad, the Hoard will make an order cxempiiH-' .u,l, 
 body corporate fr..Mi nu-i-'tration under the Ait u|)on tuch .-ouditi^n^ mI fur 
 tuch pcri.iil ai the Hoanl may think ttl. Su.h order aliull l)o in the unn. ».-,l 
 Form H., or in .uch other form iw the Hiwrd «hall from time to time dire. t. 
 
 Tin: Mom:> I,km>kic< Ait. IWKI. 
 
 (tr'frt iti Exfntittum. 
 
 In |,ur-imn.e uf llic |..«crH lonferr.t iif-n tli- Hoard of Trade I,) 
 MM-t. « ir) "' •'"• ■'*l'""y l-encler< Art, lWt!t, the !!• .ii.l .if Tni.le d.. h.T.l.y 
 criler tha» the | ll-rr i,n,;t full t^tiw nwl flilnti. •■< IhhIii c,r/-i'<r. | li, 
 cxcniprixl from rivi-trati..n iik a money U-niler under the pn.vi«ion-. ..) 
 the al)ove-nienli..n<'.l Ail for a periinl of three year-, from the dat,' of il,. 
 pul.licali..ii of this Order in the (lat,-ll>-. or until earlier revolution i.f 
 thii) Order liy the Hoard of Trade. 
 
 Dated thi» - day of , l» ■ 
 
 Sit{n<«l on iM'half of the Hoard of Trade. 
 
 Uy «-tt. 3 i2i of ehe An: 'The reiti«lratton »lmll eea-' to have etfeil al ili. 
 expiration of tiiree years from the date uf the reiri-tration, hut may he rim »..l 
 fr.,m time te tine-, ami if rcnewd ^hall lia>e etfct for three yi-.-,ri U,m: tl,. 
 date of the renewal." 
 
 The Board of Trade ha-i power to revoke the reifistr.iii' n. 
 
 W ' I. 
 
 n 
 
 Form 139. 
 
 Explor.itioii 
 una Kuauviul. 
 
 ( 1 ) // ncrcuMTij. iiisrri mw- nf Foriiiii K.'> li> W> 
 
 ( 2 t To .swk for ami sociirts i)pL>iiiiifj:« i'«ir ili ii|iliivim'iil uf iii|iii,il 
 
 ill Aii.-*tralia ami oImjwIioix-, ami uilli a vn'« tlil-i •.. |.ii.-|k'iI iii-iuiiv. 
 i.x.iiuiiio, oxpliiiH'. ami ti'st, uiul to il.'>i)at.h ami oini-lov .■xinMlilioiiv 
 iimiiiii«'*ioiaT.s. oxihtis, iukI other ufr<tii'< 
 
 (.•tl To u.i|iiii(! from auv .sovoroifjii .stale- or uulliorily, .supreme 
 liKul, or otherwise, any .■om'<'ssions, jrraiits, .le, ixm-s, rijilils. or i.ini- 
 Icba-s whatrtoovor, whiJh may seem lo the coy capable of beiu^ tiiriie I 
 to°account, aud to work, dovolop, carry out, exorcise, aii.l turn to 
 
 accuunt tin- saiiio. 
 
 (4) To purchase or otherwise aiijuirc, sell, ex<liaiip;e, ileal iii ami 
 turn to uciouiit ppty aud riK'i;ls of all kinds, and iii particular lauds, 
 buildiugs, miins, luiuing ri^'ht.s, coui.«'»sioiw, patents, licences, iiigi;o- 
 
 fii 
 
KOIIMS. 
 
 fyjtu 
 
 iiiilii-. »(;iiiiiri-. I.niii-. |iiil>lii- «i>ik-<, tolU, ami liu^imws . oiicdrnx ihkI Fom 138 
 iii„|. rljikirn." 
 
 \ilil ^,liili"H III lomntnii inriii'. Fniiiii '.>' ft "fq 
 
 I If nifi'xtHini, hisiil iiiir iij hiiriiis X't Iti (Hi. J 
 
 I'l 'i'x i'arr\ on ull kiiKiMiil' pxplomlioii IniMiiii'rw, ami in purtiniLii 
 
 -tunli Icr, iir^iMNt, t'xiiMiiiio, and i'.\|>li>rf> Miiiii'< un<l •rround i«ii|'- 
 
 Form 140 
 
 Aiu>thr; 
 
 tl li 
 
 jiaiii niincial.'* or |)r»'(niu-> -inn"- 
 
 kI Ii 
 
 ill l( 
 
 Mliiaiii irir<>riiiaii<in in r«>;^i'i| li> iiiiiii'.s. niinin'4: rlninis. ininint; 
 .li«iri(t.« and loojiHiios 
 
 i.li Til |int('liiu«' or ollifrwiw iii'|iiii<', and to fcll (ii-|Mi-<' ni', and 
 h'id wiili niint'N and niininir ri'.'iili^. ant! |i|<l\ '^n|i|io-i'd to riMitain 
 l;lill<'lal^ or |iri'('iiiu.-' ^loll('> of all kind-, and nitdi't'tukiriu:x lonniTlrd 
 hcn'uitl:, and lo work, o\<'rii><>, d<'\i'li>|i, and luin lo aiiount niin<"< 
 iM<l iiiiiiinc; riu'ht'>, ami any nnd(<rlukin};> niiiiirrtml ilii'n'willi. and to 
 i.iiv. -I'll, n'lino, iiiani|iulat(t, ami dt'itl in inlnoralH of all kind* 
 
 I I . 'I'.i lairi on all kiiidx of |iroinoiion lin-.in<'>M, aii<l in [larticular 
 li. fiiiin. ( urixliliilc. tloal, lend iiioncN to, iw-i-t. and ronlrol anv to-. 
 
 pi MiidiTiakinu'- \\lial'-iM>vci 
 
 rill 
 
 »ll 
 
 |iiinliaxc or ollH-rwisf ai'i|nn'<>, wll, di 
 
 -«■ ot, and di'al in 
 
 id iHTsonal |i|ity of all kind'<,utid in |iarLirMl:ii IukIh, Imildin^. 
 
 iii'ii'iliianitii 
 
 ' llat:;l•.- 
 ■l••il(■ll•|| 
 
 t.S I 
 
 m.-inoss »'oni-frii> an« 
 
 paUMil" 
 
 1 iindi' 
 -lian'^, 
 
 iiiuviM)^. iuoil;;air<»». 
 
 sl.M'l 
 
 dclii'ntnri'; 
 li. 
 
 (• ~lnrk. MM nritll'«, collie . II. n«. OJiIMII^, |iI'| llll't>. llolll'ICI, 
 
 li.iik .IcI.L- and claiiiiA, and any inU'ii'vi in ii-.i! or pir oiial ppty, 
 .iiiii ,iii\ < laiiii- a;J'ai>l^t hUt li ppty. or a;rain.<l any pi'. -on-' or luy. and 
 I" '.irn un any lpu>iii<'», < oiiii'i ii, oi iindi>rtal\iii'4 o ai i|iiiii'i 
 
 I' 'I'll traiifiatt and larrv on all kind.-- of a',;Tiii'y liii»iii('~x, and in 
 I'liiiiiilar to (olUict ri'iit^ and dclil.-, and to iii>;r«tiaU> lnan^. to find 
 i'i\i»iiii' iil~, and to i^-<iit' and plac<' -harc^. -loik». di'lH-niniTH. didK'n- 
 iii' -1... k. or -i'riirilii'~ 
 
 7 I'm siili~iril«' for. piinjia^r. or oilici » i~c ai-.|(ilr(' ,ind liold. «'|l 
 . 1 1.~ I !• iM • 1.1. ,iiiil di'al ill ^liaicN. -li.rk-. dri.fiiiinr-, •loU'iiiiiii' sKi.'k. di 
 -iMiiii.il'- i.f an\ aiitliorily. -iij.riMiu'. niiiiii. ipa!. I.h'.iI or oilii'rwi-.)'. 
 
 ■<. T'. L'iiaiaiil«|<' tin" paviiH'iii of nioiH'y .sci iiicd liy or payalilc 
 
 iiihli T 1.1 ill ri'.-'iit'ct of lionils, dplK'iiliir<>, dt'UMitiirc .^tork. .■onirucl*. 
 
 Ill •rl-a:;('>, <liarjr<'N, oliHy^ation-, uih! I'rurilio.s of any roy or of nn\ 
 
 .'ii'i..iiit\ . Miproim', iiiiiiiii'i|.al, local, or oilicrwi-i'. oi of any pcrsonN 
 
 li ui-iH'\ci. uJK'tlior iiiii.rpoialcd or iioi in -orporalcil. 
 
 i '.I To ■j.iaranloi' tlii> litlo to, or i|ni«'t <'iijiniii»'iit of. pp y. citlii-r 
 
 il.-i.liiicl' or siilijcct to any ipialiticalioii.'< or cmdilioii-. and to 
 
 '-'ii.ii.iiiici' irt'r.-oii^ iiit"rcsl(>«| or alioiii lo !.<'. omc inii'ii'-t<'d in am 
 
 I'l \ .i;;.iin^t any lo^^, aciioii-^. proctH'din;;>, claim-, or dciiian.l- in 
 
 iv-|!. . 1 ,.f aii\ iii-nnirioiicy or iiM|ii"rli'. ii..ii or (U'licicinv of lillc. or iii 
 
 ii'-pi . 1 i.f any incuiiilirain-t"', liurd<'ii.i, or oiit.>laiidiii'„' ri;_'lit- 
 
 I lo < o'licrally !o carry on and Iraiwact every kind of uuiirantw 
 
1^ 
 
 V 
 
 i 
 
 % 
 
 \ 
 
 i 
 
 i 
 
 I , 
 
 530 
 
 MEMORANDA OF ASSOCIATION. fCnAP. VI. 
 
 Form 140. and indemmty business (except employers' liability insurance busi- 
 ness), and to undertake obligations of every kind and desoription, 
 and also to undertake and execute trusts of all kinds. 
 
 C 11 ) To furnish and provide deposits and ^arantoe funds required 
 in relation to any tender or applicon for any contract, conoession, 
 docroe, enactment, ppty, or privilege, or in relation to t' e carryinp 
 out of any contract, concession, decree, or onactint'ul. 
 
 ( 12) To lend or a^lvanoe money on such t«rnm as may seem 
 expedient. 
 
 (13) To receive moneys, securities, anj valuables of all kinds on 
 deposit or safe cu8to<ly, and generally to carry on the business of a 
 safe deposit coy. 
 
 (14) To carry on and undertake any business transaction or opera- 
 tion commonly carried on or undertaken by promoters of cos. 
 financiers, concessionaires, contractors for public and other works, 
 capitalists, merchants, or traders, and to carry on any other business 
 which may seem to the coy capable of being conveniently < arricd on 
 in connection with the above objects, or calculated, directly or in- 
 directly, to enhance the value of, or render profitable, any of the coy's 
 ppty or rights (except insurance business within 9 Edw. 7, c. 49) 
 
 (l.T) To make' donations to such persons and in such cases, and 
 either of cash or other assets, as the coy may think directly or 
 indirectly conducive to any of its other objects or otherwise expedient 
 
 Add KeleHvm of ormimnn fortn.i, Forni.t 97 pf •<'"/.] 
 
 Form 141. 
 
 Finaociul and 
 (ffiioral. 
 
 1 . [// necessary, insert one of Forms 85 (o 96.] 
 
 2. To carry on business as bankers, capitalists, financiers, couces- 
 sionairos, and merchants, and to undertake, and carry on, and execute 
 all kinds of financial, commercial trading, and other operations, and 
 to carry on any other business (except the issuing of policies of 
 it-ssuranoo on iiuiuau life) which may seem to bo capable of beiiii; 
 lonveniontly carried on in connection with any of these objocti*, or 
 '•alculatod, directly or indirectly, to enhance the value of, or facilitate 
 the realisation of, or render profitable any of the coy's jjpty or rightfr 
 
 ."5. To advance, deposit, or lend money, securities, and ppty, to or 
 with such persons and on such terms as may seem expediert. In 
 discount, buy. sell, and deal in bills, notes, waiTants, coupons, and 
 other negotiable or transferable securities or documentfl. 
 
 4. To guarantee or become liable for the payment of money or for 
 th<' }ierfor!iianee of any obligations, and generally to trans.ict all 
 kinds of guarontec business; also to tran.sact all kinds of trust and 
 agency business. 
 
 5. To purchase or otherwi.se acquire, and to sell, exchanare, sur- 
 render, lease, mortgage, charge, convert, turn to account, dispose of, 
 and deal with ppty and rights of all kinds, and in particular, mort- 
 
mm 
 
 FORMS. 
 
 Ml 
 
 jjages, debentures, produce, eoncesNion.s. options, oontraotfl. patents, Form 141. 
 ftnnuities, licences, stocks, sha-es, bonds, policiee, book debts, busi- 
 ness concerns, and und''rtakinfi:s and claims, privilofres, and chow's in 
 uclion of all kinds. 
 
 ti. To subscribe for, conditionallj or uncxinditiomilly, lo under- 
 write, issue on commission or otberwiso, takd. bold, deal in. and 
 convert stocks, shares, and securities of all kinds, and (o entor into 
 pjirtnership, or into any arrangement for shariuff profits, union of 
 inlcpost, recipnxyil concession or co- neralion with any person, part- 
 nership, or coy, and :o promote, iia.l aid in promolin<r, constitute, 
 form, or organize cos, syndicates, or partnerships of all kinds, for the 
 purpose of acquiring and undertaking any pply und liabilities of 
 tills coy, or of advancing, directly or indirectly, the ol)jocti* thof. oi 
 for any other purpose which this coy may think expei'.ient. 
 
 [Add selection of common fnrtns. Forms 94 rf scq] 
 
 Soc the observations on the Money Ix;ndi>r» Act, 1900, »upra, p. J27. 
 
 i 
 
 (1,1 [// necessary, insert onr uf Forms 8,5 to 9<>.j 
 i2) To construct, execute, carry out, equip, iinpro\e, work, develop, 
 iiilminister, manage, or control, in [the colony of — - mid clsewberol, 
 [lublic works and conveniences of all kinds, which expre.ssion, in this 
 iiiciikIiiiii. includes railways, tranuvaj'S, docks, harbours, piers, 
 wharves, canals, reservoirs, embankments, irrigations, reclamation, 
 improvement, sewage, drainage, sanitary, water, gas, electric light, 
 Idojihonic. telegraphic, and p iwer supply works, and hotels, ware- 
 houses, markets and public building.s. and all other works or con- 
 veniences of public utility (,3) To apply for, purcha.se, or otherwise 
 iii(liiire. any contracts, decrees, and concessions, for or in relation 
 10 the construction, execution, carrying out, equipment, improvo- 
 iiicnt, management, admini.stration, or control of public' works aiid 
 'onvonionces, and to undertake, execute, carry out, dispose of, or 
 oilierwi.se turn to account the same. (4) To carry on the business ot 
 iiiincr-s, metallurgists, builders i>iid contractors, engineers, furiiiiMs. 
 ^'razicrs. ship-owners, ;.;,. -builders, merchants, importers and ex- 
 porters, and to buy, se :,l deal in ppty of all kinds. (5) To piir- 
 rhiusc or otherwise acquire, issue, re-issue, sell, place, and deal in 
 shares, stock, bonds, debentures and securities of all kinds, and lo 
 {,'ivc any guaranty or security for the payment of dividends or interest 
 thon, or otherwise in relation thereto. i^O) To uegotia e loatis. to 
 lend money, securities, and other ppty, to discount bills ,uid socuri- 
 fics. to become sureties and giiiiramois for anv ])iirposps, and trcne- 
 rally to carry on business as capitalists, financiers, bankers, and 
 'Ticrrhants. and any other businesses. Ac. 
 
 [Add selection of common forms, Forms 97 ct scq] 
 
 Form 142. 
 
 I'litilin wiirk 
 rontr.trtors. 
 
!? 
 
 I I 
 
 I 
 i 
 
 t 
 
 
 t 
 
 Mi 
 
 Form 143. 
 
 MKMORANDA OK ASSOCIATION. 
 
 rCHAI'. V[. 
 
 (1) [// necessary, insert one of Forms 85 to 96.] 
 
 (2) To invest money at interest, on the security of freehold and 
 leasehold land, stock, stations, wool, cattle, shares, securities, mer- 
 chandise, and other ppty in the colony of or elsewhere, and 
 
 trenerally to lend and advanc*; money to such persons and upon smh 
 terni,s and subject to such conditions as may seem expedient. (3) To 
 buy, sell, improve, manage, lease, turn to account, dispose of, uiid 
 deal in land, stock, stations, wool, cattle, shares, securities, nior- 
 chundise, and other ppty in the sd colony and elsewhere [on tlie 
 security of which any advunces shall havt- been made In ihe ciiy- 
 and, an regards land, to develop the resources thof by dearinn., 
 draining, road-making, farming, grazing, planting, building, ..r 
 improving, mining, settling, and constructing public works and (on- 
 veniences, (4) To construct, execute, c^rry oul, oiiuip, improve, 
 work, administer, manage, or cortrol railways, tramways [<tc.. m 
 in Form 142], markets, parks, churches, chapels, libraries, hospitals, 
 baths, shops, stores, and public and private works of all kinds, iu tlio 
 .<d (MlDny and elsewhere, which may seem calculated directly nr 
 iiidlrcftl} to enhunM the value of any ppty in which the coy is 
 intero.^iiod, and generally to carry on any businesses, manufacturing 
 or otherwise, which can lie conveniently carried ou in connecliun 
 with any of the coy's objects, (5) To establish and subsidize any 
 institutions, associations, clubs, and conveniences for the benefit of 
 the coy's employes, and of any tenants or other persons in whu.-e 
 welfare the coy is interested, and to provide for their religiuu-", 
 sanitary, and educational welfare, and to grant money for these 
 puipcses or any of them, (6) To act as agents for the investment, 
 loan, payment, transmission, and collection of money, and for fl.c 
 purchase, sale, and iiupiovemunt, development, and management : 
 ppty, including business concerns and undertakings, and generairy 
 (o transact and undertake all kinds of agency business, whether in 
 rewpoct of agricultural, commercial, or financial matters, (7^ To mli- 
 scvibo lor, is^iif on commission or otherwi.sc, and deal iu morl;,;a;^i-, 
 bonds, obligations, securities, and other investments, and in particiil.ir 
 ihase charged on or othorwiso in connection with land in tlic m\ 
 colony. (8) To give any guarantee in relation to mortgages, loans, 
 investments, and securities, whether made or effected, or acqiiiritl 
 through the coy's agency or otherwise, and generally to guarantee oi 
 beiome sureties for the performance of any contracts and obligation.s. 
 1 9) To receive money on deposit at interest or otherwise, and to mtike, 
 draw, accept, indorse, issue, discount, and otherwise deal with pro- 
 lui.ssory notes, bills of exchange, letters of credit, circular notes, and 
 other mereantilr instruments. (10) [Generally to undertake and 
 transact any of the businesses of bankers, merchants, capitalists and 
 fiiiaiiciurK which may .-(Ocm eondurivo to any of the«o objoot.s, e.\PBpt 
 iiLsiirance business within 9 Edw. 7. c, 49,] (11') To act a- 
 trustoes for llio hnldcrs of or otherwise in relation to any <lobenture.-. 
 
FORMS. 
 
 533 
 
 boml.-. 'ir ilebentuie slock issued or to be isauod by any coy, and Form 143. 
 generally to uudortako and execute any iruftts the undertaking' 
 whcrcol niay sccui calculated directly or indirectly to benefit this coy. 
 [.idd ndprtion of common forms. Forms 97 et /teq.] 
 
 Sometimes the words in brackpt." in clause (3) are omitted or altered to '• on 
 the security of which the company shall have power to make advances." And 
 in usinu Form 105, the words, " and bo th.it the word ' property ' herein shall 
 be deemed to be used in iti most extensive sense," may he inserted. 
 
 Many coloi ial and foreign loan and investment companies have been csUb- 
 lished ahd worked with great success during the last ten years. Their objects 
 vary considerably, some not taking power to buy and ileal in land [.««/;;•«, 
 chiuses 2. 3, 4], hut merely to lend, and act as agenta. A large part (say 80 
 per cent.) of the capital is generally left uncalled, and ample funds are raised 
 on debentures. The credit of some of these companies is so good that they an.- 
 ahlc Ui raise largo sums of money on perpetual debentures | see Part III.l at 
 4 per cent, per annum, and the dividends paid are usually very large. 
 
 Ti) raise money bv the i>-suo of the .shares and to invest the inoueyH Form 144. 
 w. ini^od in IIk' purchase of, or otherwiso to acquire and hold any of i„~^t,„e,„ 
 ilio iiive~fmonts following, that is to say. any .stocks, bonds, deben- trust, 
 tiiios, shares, scrip, or soiiiiilie^ is.sned or liaving any ^uaruiiloo by 
 ihu Hriiish government, or by any governmout. ruler, municipality. 
 coiiiniissioiiers. trust, local authority, or other public body in the 
 Iiiileil Kingdom or India, or in any colony, or dependom y, or ])0S- 
 syssion of the United Kingdom, or in any country or state under 
 lUitish protection, or any stock, bonds, debentures, shares, scrip, ur 
 securities issued or having any guarantee by any corporation, tru.st, 
 (ir coy incorporated, <.on»tituted, or carrying on business in the I'nitod 
 Kintrdom or India, or in any colony, doperuiency, or pos.session of 
 tl.o fuited Kingdom, or in any country or state under British protec- 
 liiin, bill so that no investment involving uulimiled liability shall bo 
 deemed to be hby authorized. 
 
 Tu acquire and hold, or otherwise deal with any stocks, bonds, 
 doljenluros, .shares, scrip, or securities of any government, state. 
 dominion, sovereign, or authority, supreme, municipal, local, or other- 
 wise, and any bonds, debenture stocks, scrip, obligations, shares. 
 stocks, or securities of any coy established for tiio purpose of an} 
 railway, tramway, gas, wntei . dock, tekiTaph, electric lighting or 
 other undertaking. 
 
 To borrow or raise moue\ by the issue or sale nf any bonds, uiort- 
 j;ane», debentures, or debenture stock of the coy, whelhci perpetual 
 or oihorwiso, and to invest any money so raised in any such invest- 
 ments as afsd. 
 
 To atiiuire any sucli investments as afsd by original ■ ubscription, 
 leiidc:', ji:irticipa!ini! in syndicates, or otherwise, and whether or not 
 full_\ pd up, and to make payments fhon as called up, or in .advance 
 of cidls or otherwise, and to underwrite or subsoribe for the same. 
 
S34 
 
 MEMORANDA OF ASSOCIATION. [ChaF. VI, 
 
 ^pi i- 
 
 Form 144. conditionally or otherwise, and eitlier with a view to investment or 
 for resale, or otherwise, and to vary the investments of the coy, 
 and generally to sell, exchange, or otherwise dispose of, deal with 
 and turn to account any of the assets of tlie coy. 
 
 To niako advances upon any such investments as afsd, to negotiate 
 loans, to oiler for public subscription, or otherwise aid or assist in 
 placing any such invftstmem as afs<l, to gi\e any guarantee in rela- 
 tion to any such investments issued by or ac(|uired through or from 
 the coy, lo receive money, documents, and valuables for safe 
 custody, transmission, or deposit at interest, or otherwise to draw, 
 accept, indorse, issue, purchase, and otherwise deal with promissory 
 uolen, bills of exchange, letters of credit, circular notes, and other 
 mercantile instruments, to act as agents for all purposes, and to 
 undertake and execute trusts of all kinds. 
 
 To oiler for public subscription any shares or stocks in the capital 
 of, or deljentures or debenture stock or other securities of, or other- 
 wise to establish or promote, or concur in establishing or promoting, 
 any coy, societt' anonyme, asson, undertaking, or public or private 
 body 
 
 To guarantee the payment of dividends or interest on any stocks, 
 shares, debentures, or other securities issued by, or any other contra.t 
 or obligation of, any such coy, societe anonyme. association, under- 
 taking, or public or private body. 
 
 To purchase, take on lease or in exchange, hire, or otherwise 
 acquire any real or personal ppty which the coy may think necessarv 
 or desirable, and to .sell, improve, manage, develop, lease, mortgage, 
 dispo,se of, turn to account, or otherwise deal with all or any part of 
 the coy's ppty. 
 
 To take, make, execute, or enter into, commence, carry on, prose- 
 cute, and defend all steps, contracts, agrpcmt.s, negotiations, legal and 
 other proceedings, compromises, arrangements, and schemes, and t'l 
 ixo all other acts, matters, and things which shall at any time appeur 
 conducive or expedient for the protection of the coy as holders of ii' 
 interested in any such investments and securities as afsd. 
 Add selection of comtnon forms. Fnrmx 97 et seq.^ 
 
 I 
 
 Jnvestmeut rompanie^t of the ul)o\e kind (are not unconimuii. and J liavu been 
 found very attractive. .Vfter a eonsidcrablo period of depression tliey are again 
 becoming popular. In many cases they are confined to investments of a special 
 class, e.ij., foreign and colonial government, municipal, railway, telegraph, ic. 
 The capital is generally raiaed by the issue of iihare8 tu be paid up in full within 
 a few months, and tlion to be converted into eiiual moieties of preferred and 
 deferred stock, the preferred taking a fixed preferential dividi'nd at the rate 
 of 4, 4 J, or 5 per cent, per annum, and the deferred the balance of the profits. 
 The exeiutivc aomotimes consists of a body of directors, and sometimes a body 
 of " trustees." In the latter case the articles do not provide tor rotation, and 
 not uncommonly the remuneration is furnished by a percentage on paid-up 
 capital: see infra. 
 
FORMS. 
 
 fi15 
 
 Th« prinoipnl objmt of surh aompanie. is, a» JameH, K. J., put it in Smith Form 144 
 Andnrton, 15 C Div- 247, " to enable persona who choose to invest their 
 Lney in thi'n way to avail themselves of that wliich I believe to bo one of tho 
 most certain things in the world, viz., wlmt is calleJ the ilo.triiie of averapo - 
 tliat is to say, that if a lar«c number of diefcrcnt independent securities of n 
 haiarduus description arc held together, tho loss upon some will be compensate! 
 by the gain upon others, so that a tolerably uniform average rate of interest 
 will be maintained." 
 
 This would be so were the investments made almost at random, but under ,i 
 judicious selection by an experienced body of directors or truKteos the prolits 
 realised may be very considerable. 
 
 (1) To .t<;(|uire uml liuld Hlmros, stocke, debenturo-, <lebeulure Form 145. 
 siockr' bonds, oblifratioas, and securities is.sued or <,'uaraiitecd by any Anoiber, with 
 coy oo'uBtitutcd or earryint; ou bu.siucss in the United Ivin-dom, or in wider pow.r. 
 any colony, nr doi)endcnty. or po.s.session ihof. or iii any forei!,'n 
 country, u'nd delKJiiUires, debeuluro wUxik, bonds, obligations, and 
 Kpciiritio.-*, i.-<.suo*i or {,'uaranlee<l by any frovernnieiit. sovcrcifrn ruler. 
 ,..iniini.s>ioncrs. pubiii' body, or authority, siii)remo, municipal, locul, 
 or otherwise, whether at home or abroad. 
 
 ilii To acijuire any Much share.s, st(H.k.-. debcntun's, dcbciituiv 
 stvik, bonds. oblif,'ation.s, or securities by orijrinal .subscription. 
 toiKliT, purclia.-<e. exchaufre, or otliorwise, and to subscribe for ll;e 
 same, either conditionally or otherwise, and to j;iiar;iiitee the sub- 
 sciiplion thof, and to e.\<-rcise and enforce u!l lijrlils and [lowcr.s 
 (Minloired by or incident to the owncrshiii thof. 
 
 lo) Tu issue d.^benturcs, debenture stock, bonds, obligations, and 
 souiilies of all kinds, and U) frame, constitute, and secure the >iiine, 
 ik-i may seem expedient, with full i>ower to make tiic sjune transferable 
 by delivery, or by instrument of transfer or otiieiwise, and either 
 pcrjictual or t«^>rminable, and either redeemable or otherwise, and to 
 ,liur;ro or secure the same by trust, deed, or otherwise, ou the under- 
 taking' of the coy, or u|)on any siiecilii' piily ami ri-hts, present and 
 future, of the coy (indudino-. if tli<mniit lit, uncalled capital,!, or 
 otherwise howsoever. 
 
 [■i) To advance and lend money mid as.sel« i>( all kinds upon ^mh 
 terms as may be arranged. 
 
 (ot To facilitate and encouiagt^ the co'atioii, i.-'sue, or conveision 
 of debentuit>8, debenture slock, bonds, oblig.it ions .-hares, >iu.ks, 
 and securities, and to act as trees in comcMtion with any svnh 
 sec'-rities, and to take part in the w.nversion of l)iisine>N concerns uiid 
 iiiKicrlakings into cos. 
 
 (i;) To take part in the maiiaL.emenl, su|iervision. or ronliol of the 
 Imsiness or operations of any coy or undertaking, and for tliiil 
 puiin)se to appoint luiil n-munerate any directors, uccounlants. or 
 other e.xperts or agent«. 
 
 ("I To employ e.\pert.s to investigate and examine into the condi- 
 tion, prosjiccts, value, character, and ciicum.stances, of any busiuos^- 
 
 m 
 
 1 
 
536 
 
 MKMOKANUA OP ASSOCI 
 
 "("IIAI-. Vi. 
 
 A 
 
 I) 
 
 il 
 
 Form 146. •'Onooirib und iiii<lorlukiii^;s, and ^>iicrally of uiiy aM^cb, {ipty, fn 
 rightii. 
 
 (H) To <'oii.stitiil<' any trii-.U witli a vii-w to tlio issue of preforrcil 
 Olid defoiTod or iiiiv ollior upocial siuiljs m- -oourities based on or 
 repri'sentiiig any rilmros, stocks, or (jllicr assL'ls sijotifioally appru- 
 priaU'd for tJiP purposes of anv such tin-.), and (o settle and roguliiic, 
 and, if thought til, to iindorlak)' and i<\uuut«; any nul'Ii IrusUs, au<i 
 to isNUo, dispono of, or iiold any sueli preferred, dofoirod, or othei 
 8])0(.'ial stmk.s or seciiritios. 
 
 {'.>) To transact or carry on all kindH of aj^eucy business, nud in 
 partiiiilar in relation to the investment of money, the sale of ppty and 
 the folloction and reieipt of money. 
 
 (l<h To ;;ivo any ^uaiantcc in relation lo the jjayinciit of aiiv 
 debentures, delienturu slock, bonds, obligations, or socuritios. 
 
 (11; (.ieneially to carry on business as (iuanciers, and to uiidertakf 
 and carry out all such operations and transactions (except the i^suiuy; 
 of poliried of assuranoe on human life; as an individual cupitnli-^taiuv 
 lawfully uiKlertako and tarry out. 
 
 Add sriiclion uf cotiniion joritm, Fonni ',»7 ct seq] 
 
 Form 146. 
 
 TJi.'i.u-e. 
 
 - ■ i' 
 
 ill // nccpssar;/, insert one of Forms 8.j to 9G.J 
 2. To constnict at — a theatre, and other buildings and work-i 
 convenient for the pui'iio-ses thof, and to manage, inainlain, and earn 
 on the sd theatre and other buildings when so erocle<l or constnutod. ' 
 .'!. To carry on the busine.ss of theatre )uoi)rioiors and niriiiair^'r^, 
 and in particular to provide for the proiluction, representation, and 
 performance of opera-s, siaj;-e i)lav.s, operettas, burle-cpies, vaudevilles. 
 ballets, p.Tiitomimes, spectacular pic-es, promenade and other coii- 
 cert.', and <jthcr musical and dramatic perloruiaucos and entcrt.iiri- 
 ments. 
 
 4. To carr- on the business of restaurant keeiMJrs, wiue and spirii 
 merchante, licensed victuallers, tlieatrieal agents, box office keeper-, 
 concert room j)roprietor,s, hotel keepers, dramatic and musical pub- 
 lishers and printers, and any other business which can be con- 
 veniently carried on in connection witli any of tlio.so objects as mav 
 seem calculated t.o render profitable any of the coy's ppty and rights 
 for the time being. 
 
 5. To enter into agreements with authors or other jiersoiLS for the 
 dramatic or other rights of opeius, plays, operetta's, burlesques, 
 vaudevilles, ballets, pantou)inies, spectacular pieces, musical composi- 
 tions, and otlier dramatic and musical performances and eutertain- 
 nienta, or for the representation thof in the United Kingdom and 
 elsewliere, as wt'li as of foreign, colonial, and American rights, and to 
 enter into engageraenta of all kinds with artists and other persons. 
 
 lAdd selection of oommon forms, Forms 97 et seq.'\ 
 
KORMH. 
 
 537 
 
 1 To carry on at - — , and elaewhoro in Uie oounty of ] Uie Fora 147. 
 
 bulinesH of an electric Ught ooy in nU it« branches, and in particular to , ,^^^^^ 
 .on.tni.t lay down, estabUsh. tix. and carry out all necessary cables, 
 wires line«. accuinuUton., lamps and works, and to generate, accumu- 
 late distribute, and supply electricity, and to light cities, towns. 
 street*, docks, markets, theatres, buildings and places boUi public 
 
 and private . , . i 
 
 , •>) To carry on the business of electricians, mechanical engineers. 
 suppliers of electricity for the purposes uf light, heat, motive power, 
 or oihorwi.se, uud umnulacturers of and dealers in all apparatus and 
 tliiiiKS re.|uiied for or .•apable of being used in connection with the 
 pmeration, distribution, supply, accumulation, and employment of 
 eleotricit} . 
 
 .4,/,/ ■■Ifrtion oi romiiMii forms. Forms 97 et «e</.j 
 
 >.pp Lighting,' -Vet, 1882 (« & 46 Vict. <•. 56), the Elwtri.' 
 
 ' , ^^,,,_ ig99 (62 & 6.1 Vict. <•. 69), and the London Kleetri.: 
 
 Uulitins: .. Vn 1904, as to provisional orders. .. ,^, .„ ^ 
 
 \ Hvi-r to •' dupply " etcttrio cnorcy under a Provisional Order will not 
 
 j„;,if'y the company in ensa»ing in the sale or hire of apparatus for the u*b of 
 
 the energy thus supplied. .tH.-Gen. v. Corrn. af Leioentcr. (1910) 2 Ch. 3o9. 
 
 Sec also a.t to a company's powers under a Provisional Order, ./.)7rc»-. v. 
 
 Vurlilirr-/ Vrlxm CoUHril. (1911) 2 Ch. 398. 
 
 To carrv on the business of electric engineers and contractors. Form 147a. 
 sii]. pliers of electricity, carriers of pa-ssengers and goods, electric "' 
 niMimlacturors of, and dealers in, railway, tramway, electric, magnetic, 
 ^alvaiii' . and other apparatus, uieciiauical uugiueers, .suppliers of 
 Fijllit, heat, sound, and power, and to acquire any inventions, ifcc, 
 ami to coustriKt railways and tramways, and work the same by steam, 
 sias. oil, electricity, or other power. 
 
 Klmitric 
 
 . ii^'iuci tsiiikI 
 rontrHrtftrs. 
 
 (I I To carry on business a.s dealers in, and producers of, dairy, Form 147b. 
 ftmii, and garden produce of all kinds, and in particular milk, cream, f),,i^y„,p„ ,„„i 
 Imtier, chofiso, poultry and eggs, fruit and vegetables. farm pnKlu.e 
 
 (2) To carry on business a.s cow-keei^rs, farmers, millers, and ■"1'"'^''" 
 market gardeners, and as manufacturers of all kinds of condensed 
 milk, jam. pickles, cider, and preserved provisions of all kinds. 
 
 Add selection of common forms, supra, Forms 07 et seq.] 
 
 To carry on business as goldsmiths, silversmitJis, jewellers, gem Form 147c. 
 merciiants, watch and clock makers, electro-platers, dressing-bag Ooldsmithi., 
 iiiuUors, importers and exporters of bullion, and to buy, soil, and deal tI'^^^^'^*^''' 
 ill I w liolesale and retail) precious stones, jewellery, watches, clocks, watchmakers, 
 gold and silver plate, electro-plate, cutlery, dressing-bags, bronzes, {^^'•^"jj^^j"*' 
 
4 : 
 
 
 I . 
 
 if. 
 
 $ i. 
 
 r,;iH 
 
 MEMORANDA (>V A8HUCIATI0N. 
 
 L' 
 
 Chap. VI. 
 
 Form 147o. urtirle^ of vertu, objeotH of art, and Huch other article:* aud goods m 
 the coy may consider capable of being conveniently dealt in in 
 relation to ita buMinos-ses, and to manufacture und to estublixh fac- 
 tories for manufacturing goods for thd al<"ve buxinesseti. 
 
 Form 148. 
 
 W«tcrwi>rki< 
 ' oiiipany. 
 
 1. To supply the town of , in the county of , and the 
 
 neighbourhood thereof, with water, and to carry on the businoas of u 
 wiiterworks coy in all its branches. J. To sink wells and shafts, and 
 to Miako, build and construct, lay down and maintain, reser>'oir.K, 
 waterworks, cisterns, culverts, tiller-beds, main and other pipes, und 
 applian<'<>s, and to execute and do all other works and things neces- 
 sary or convenient for obtaining, storing, selling, delivering, measur- 
 ing and distributing water, tir otherwise for the purpose.s of the cuy 
 
 Add seU'cliini of common jurms. Forms 97 et Keq.} 
 
 Form 148a. (, 1 > J I necesmry, insert oiw. of the Forms t* J to 
 
 9(i 
 
 Diamond 
 minint;. 
 
 (2) To carry on the business of searching for, mining, gettitii,', 
 obtaining, cutting, poli.shing and dealing in diamonds and otLur 
 precious and valuable stones. 
 
 Add selection of Forms 147c. 178, 179 and 180, arul selection of 
 common forms. 79 ct icq.^ 
 
 Form 149. 
 
 (I) If iieoesitari insert any of Forma 8a to 96. J (2; To construct 
 aud establish at — a dock with patent and other slips, workshop.s, 
 buildings, machinery, warehouses, and other conveniences. (3) To 
 carry on the business of proprietors of docks, wharves, jetties, piers, 
 warehouses and stuios, aud of shipowners, shipbuilders, shipwrigiits, 
 engineers, dredgers, tug-owucrs, wharfingers, warehousemen, com- 
 mission agents, iiicicliunts, aud any other businesses which can be 
 couveuioutly carried on in conuectiou with the above. 
 
 lAdd selection of common forma, Forms 97 et aeq.] 
 
 m 
 
 Form 150. 
 
 Brewery. 
 
 (1) To acquire aud take over as a going concern the busine.ss of 
 brewers and otherwise heretofore carried on under the stylo or lirm 
 
 of " and Coy," at the — Urewery, , in the County of 
 
 Middlesex, and elsewhere, and all or anj- of the assets und liabilities 
 of that firm in connection therewith, and with a view thereto, &c, 
 [Form 85, supra.] 
 
 (2) To carry on the business of brewers and maltsters in all its 
 branches, 
 
 (3) To carry on all or any of the businesses of hop merchants and 
 growers, malt factors, corn merchants, wine and spirit merchants and 
 importers, and distillers, coopers and bottlers, bottle makers, bottk> 
 
P0B118. 
 
 .•.3!» 
 
 ,U)ui)cr mnkov-., iwtteru nmiiiifutluieis of ami lieHlers in aOraiod Jorm IflO 
 ,111,1 miuenil wiilci->, jikI other driuks, lifeusod vittuallors, hotui 
 kefpers, beorhoii.M© keepers, rBstauniiit knopers. Uxlning-liDu^o 
 koeiwrs, ii« manufacturers and merchants, tobaccoiuHls, furmois, 
 taiiynien, yeast dealers, grain sellers and driers, timber morchaiiis, 
 l.rii k makers, finings manufacturers, and isiuj^lass inerthanl^ 
 
 I I) To buy, sell, manipulate, and deal both wholesale and roiuil 
 111 (onimodiiies, articles and things of all kinds which can convoni- 
 •iillv bo dciilt in by the coy in connection with any iif its objoct- 
 
 ,:,, To loud or advauco nioiioy I" sudi pailic-, and on such lenuN 
 IS iimv >o<'ni oxpediuut, and in paiticuliii l<> cu'toiiiors of, iind poisons 
 liiivin^,' deulings with tho coy, and to tti\o any ^'iiMiiinleo or indomi.il.v 
 ilitil limy "ooni oxjiediont, and to discount bills, and to receive monc^ 
 <>n iloposit at inteifst or otherwise, or valuable-, and to transact uii> 
 ,f tliu business of a banker which may seoni lo iho coy expedionl. 
 
 (tl) To carry oi. any othor business, whetliur manufacturing or 
 ptliorwise, which may seem lo the coy capable of boin>,' conveniently 
 . arried on in connection with any of the above businessos or objects, 
 ,1 calculated directly or indirectly to enhance the value of or ron.lei 
 (.rcililable any of the coy's property or rights for the time being 
 Add srlcrlion of rommoH jormx. For inn '.»" ft ncq., 
 
 A- to (he importaiicf of clause '< in cimbliiijf ii brewery couipaiiy to deduit Imd 
 Ichti in respect of loans to customers from proKts of tlie (general busine^-. for 
 i.urimse.-' of ineome tax, see Hrid'n Hien-ertj Co. v. Mnle. (1891) 2 tj. H. 1, 
 :ind p. 99. 
 
 .Vs tu restrictinff the i liiuxe with ferenie to the Money Lender" Ait, 1»(MI, 
 -i~ note* to l''orm 138, ««/■/•". 
 
 . h 
 
 ^1 1 [// neceHmry, insert one of Forms 8."i to 96. j 
 
 (2) To carry ou all or any of the businesses following: namely, otton 
 .oii'>u .spinners and doublers, flax, hemp, and jute spinners, linen 8ri"""i- 
 luamitartiirors. flux, henij), jute, and wo<d merchants, wool combers, 
 ,v(ir.sio(l .spirners, woollen spinner^, yarn merchants, worsted stuff 
 luauul'acturers, bleachers and dyers, aud makers of vitriol, bleaching, 
 ,iii>l dyeing materials, and to purchase, cumb, pri4)are, spin, dye, and 
 ■leal in flax, hemp, jute, wool, cotton, silk, and other fibrous 8ub- 
 ^lances, and to weave or otherwise manufacture, buy and sell and 
 ■leal in linen, cloth, and other goods and fabrics, whether textile, 
 ichiij, netted, or looped, and to supply power 
 
 lAdd i-i'lection cf common forms. Forms 97 et seq.] 
 
 Form 151. 
 
 1 1) [// necessary, insert one of Forms 85 to 96.] Form 162 
 
 |2'» To carry on the business of a telephone, telegraph, and electric .j.^,,, )„„„. 
 
 light, heat, and power supply coy, and in particular to establi -i, company. 
 
 work, manage, control, and regulate telephone exchanges and works 
 
940 
 
 MKMoRANm "K ASWM'IATION. [I'llAT. \I. 
 
 Form 102. foi the -uiiiil) of cluutrii li^lit, hcut, uud motive power, and to 
 IruiiHinit uiiil fuiiliiulv tiio ivaii^iuiitiua of lolcplioiiir nml lelo<:riplih 
 coiuinunicuiionM uml iiio'^Mugen, uud to undurtuko tlie lighting of 
 towns, HlrcetH, ItiiildiiiKH. mid otlier plu>«M, and the Nupply of elevtrn 
 Ileal and motive power for public or privat<» purpo«es. 
 
 ( ;i) To carry on any other hu.sineH* directly or indirectly connccti'd 
 with the MU|>ply or oiiiployinvnt of oleotri(^ity, or capable of hein;; 
 lOiivcnioiilly curritMl on in connuolion with any of these objpola, ■,r 
 cull ulatod cliroi'tly or indiit'ctly to rt>nder proliiahle any of tho ppi\ 
 or rights of the co\ 
 
 (I) To conslrnri. iiiainliiiii, lay down, < arry out, xotk, Nell, lot <,ii 
 hire and doiil in tclcplionoi and all kinds of worlw, nmchinor^, 
 ii|iparatn«, (■oiiv<'iiionK*.'<, and ihinjif-. c;ipal)li' of hoinj; used in ron- 
 neclion with any of tlienu olijcuia, and in ])ar>icular any cables, wircH. 
 linov. slulions, twIinnj^K. rc'eivoir*. accumulators, lainp», inotoi>, 
 and cDginos. 
 
 [Add Kelfi'lion iif cuiiiiiion fnriiiM. Forms 97 vt seq.] 
 
 II 41. II 
 
 Form 193. 
 
 I)ra|»r», 
 wan-tiuuM-- 
 iiii'ii, fiir- 
 nisliLi'M iiiid 
 mittittiTK, 
 
 ^rt'lHTul HtoIT- 
 
 ket per*. \f. 
 (uiiivcrstl 
 priviJor- . 
 
 t 1) III nrri'Kmiii, insert one of Forma »."< to 9ti.J 
 
 I :.' I To i-arrv on the business of drapers and furnishing and genor;il 
 wiiroliO'i men in all its branches. 
 
 (;i) To cair.N on all or an- 'i the bu.sinesHCs of silk ineroers, silk 
 weaverc. cotton .spiiin'"H. ( loth nianul'aclurcrs. furriers, haberdashers, 
 ho-iers, nianulaclurors, iniporiorti. and wholesale and retail dealer.> of 
 and in loxtilo fabrics of all kind.s, milliners, dressmakers, tailors, 
 batters, clothiers, outfitt<'rs, j^lovers, lace mannfacturer.s. feather 
 lresser>, lioit ami shoo makers, maiiul'acturer.s and importers, and 
 wli()Ic.>ai' and reiail dealers of and iii leather {foods, household 
 furniture. iroiiinon<;ery, turnery, and other hou.sohold liftings and 
 u'onsils, ornaments, stationery, and fancy goods, dealers in provisions, 
 drufrs. chemic.nls, and o'her articles and cnmmoditiea of personal an<l 
 hou.'^ehoM u.se and con-^uniption, and generally of and in all manu- 
 factured woods, material-. |)rovi~ions, and produce. 
 
 ( n To carry on all or any of the businesses of undertakers, coach 
 and carriarje bnilders. saddlers, house decorators. .«anitary engineers, 
 eloctriinl engineers, and contractors in all their branchoa, ga-sfittiers. 
 land, estate and house aironts. bnildens, contractors, auctioneers, 
 cabinc! makers, upiiolsterers, furniture removers, owners of deposi- 
 tories warohousenien, •arrici's, storokoeper.s, warehou.se keepers, 
 manufacturers of and dealers in hardware, jewellery, plated goods, 
 perluiiiery .«oa|i. an 1 ariiilc-; reipiiied for ornament, recreation, or 
 anuL-ioineul; L'old and silversmiths, book.sclloi's, dealers in musical 
 inatrumcn' .nuf.acturers of and dealer."! in bicycle.s, tricycles, and 
 
 motor carri,.(iOs; and also refreshment contractors, restaurant kcep'rs, 
 hotel, boarding and lodgin>;-hou,se keepers, letters of furnished or 
 unfurnished houses, flats or apartments, with or without servants or 
 
roKMs. 
 
 M\ 
 
 .•^■.• 
 
 oiher u<(V.'«->ric« or coiivciiiernL's, liioiimxl v Miiillors, wine and ■piiit Form 19S. 
 iiiiTihaMtc. lohaiHonislh, uiid dciil' iu n' iiTiil, aiiratod, uiid other 
 liiiiior!*; fiiriiK'is. duiryiiion, morloi tr ii'nor-., iiuimimvuh'm. and 
 
 Hurici- 
 
 lO. To Lm. s-'l, niuuiil'uiliiif, rt)|>air, ulioi ami e.xihun»ji>. let on 
 hiro, ex|(ori, unci d.'iil in all kind.- »i urii. |. ■> and ihiiitr* «hi.li may be 
 le.iuired lor iho purposuN ot any of ilio «( buiinonsos, oi cofiiinouly 
 Miiiplifd or dealt iu by pernoiw tMiy:aifod in any guch buHinossos, or 
 wliidi inuv seem capable of boinn' prKlilalilj <!oall with in connection 
 with aiiv of I ho *1 burtiuosseB. 
 
 (t;i To rcieivo money, valuublos, and (cootlw and maloriuls of all 
 kind- on dfpi.sit or for .-afc custcMly. 
 
 (71 To pri'vid*' and conduct mfrcHlimcfil looiii.'., •— vv-papcr rooiii>. 
 i.adiuj; and writing rooina, dro«-'iu),' rooinM, ndcph '■<. and otlic 
 .oiivciiipnit's for tho u-<e of cusiomern and others 
 
 ,H > To irranl to tiikct-holdors and others any special pii\il. -o. ■•id 
 udvanta'.f.-i, and to inako arranjirunii-ntw with poriKms onirau' ' in any 
 trade. bu>inf-s. or profcBsion for ihc com e-i«ioi' ' the oy'« i.^ur^, 
 li.kcl-holdcr^ and their friends, of any j. al pri.il ',■ -s or 
 .iilvaiilai.'V.'* 
 
 lit) To carry on the bu.MJno.ss of a co-oporative storo and j;(>nural 
 -iipplv .sociotv in all its branchoc. and to transacl all kinds of af^sncy 
 liii.siiipss. 
 
 (10 1 To carrv on any other business ( nianufacturinf; or otherwise », 
 ■ '\.-cpt the issulnfi of policies of assuiiuice on human life, which may 
 -i'vm to the cov capable of bein^' <onveniunily carried on in < oniieclion 
 Ailli Miiy of the above sjxjcified businos.se-(, or cahiulated diiectly or 
 imlirectly toGnhan(0 the value of or render profitable any of the coy's 
 |i|ity or riirht.s. 
 
 Add .'■election "f common formn, Furiiis 97 et s»'i/.] 
 
 
 w^ 
 
 I . // tn'ifxnaii/ , in'<i'>i iiiif of Fornix S.") to 90.] Form 164. 
 
 1' To carry on the bu.siness of iron founders, moilianical enjjineers, j^j,^™! 
 ;iiiil manufacturers of agriiiilturul imjilements and other machinery, engineer. ,Vc. 
 lool-niakers, lirii.ss-fi,inulers, metal-workers, boih'r-makcrs, uiill-' 
 wriu'ht.s, ma( liinist>. iron and steel converters, smiths, wood-workers, 
 Ijuilders, paiuicrs. mctallur'rists. electrical enc,'ineers. water supply 
 c'uc^iiicers, ua-.-makers, farmer.s, primers, carriers, and merchants, 
 and ic] buy, sell, mauufactuiv. re|pair, coruorl, dU'.v, U'.t on hire, 
 and deal in mucliinerv, imidenients, roUinir-st'Mk. and hunlware of ^dl 
 kin<l.~, and to carr\ on any otlier busines.s i manufacturin, jr olher- 
 Hi<ei which may seem to the coy capable of Ik-Iii^^ coMvenienll\ 
 carried on in connection witli the above, or otherwise calculated, 
 directly or indirectly, to enhance the value of any of the coy's ppty 
 and rifrhti- for the lime being. 
 
HI 
 
 ■i 
 
 fi4J 
 
 MEMORANDA OF ASSOCIATION. [Chai VI. 
 
 Form 164. 3. To carry on any business relating to the winning and workiii); 
 of minerals, the production and working of metals, and the pro<iuc- 
 tiun, manufacture, and preparation of any other materials wliicti 
 may be usefuiiy or conveniently combined with the engineering or 
 manufacturing business of the coy, or any contracts undoital-on liv 
 the coy, and either for the puri)o«e only of such contracts or as an 
 iiidopomloni business. 
 
 4. To undertake and execute any contracts for works involving the 
 supply or use of any machinery, and to carry out any ancillary or 
 other works comprised in wu('h contracts. 
 
 Add selfrtifin ni tvymmim fi>i)ii!>, h'nrmj< 97 rt neq.] 
 
 
 m i 
 
 Form 155. 
 
 • nnii'iiiiv. 
 
 Form 155a. 
 
 Art rxhil'i- 
 tioii< ,111(1 nrt 
 nectioiis. 
 
 To caiT\ on in the I'niU'd Kiiii^doin or elsewhere the trade or bus i- 
 nes.i of purchasina:, liirinp'. or otherwise nc((nirinjj, and making;, 
 building or manufacturing railway carriages and wagons, and other 
 cnrringes, wagons, carts, trucks, vehicles, locomotives, engiiu"*. 
 lolling-stock. and conveyances of all kinds, whether for railway, 
 trainwny, road, field, or other trallic or purposes, and also rails and 
 railways and tramway plant, and all machinery, materials, and hing^ 
 applicable or u.sed a.s aw«s.si)ry thereto, and of letting or supplyiug all 
 or any of the things hereinbefore specified to coal proprietors, rail- 
 way and other cos, and other |)orsons, from j'oar t/j year or for n 
 term of years, or otherwi.se, at annual or other rents, and of repairiu;: 
 and maintaining the same resply, whether l)elonging to this coy or 
 not, and of selling, exchanging, and otherwise dealing in the sanic 
 resply. 
 
 Add xelcdum of (vnitnoii ji>imi>. Forms 97 H «f(/.] 
 
 il) T<i establish in Kiigliiiid uiid elsewheiT ait ;^-.illerios fu: llic 
 exhibition of paintings, engravings, sculptures, bronzes, enaincK, 
 jewellery, ireiiis, coins, medals, and other works of art, and for social, 
 musical, theatrical, and other cntortainnient.s, and for lectures and 
 other piir[ioses, whether of a like or of a diHerent kind, which niav 
 seem expedient. 
 
 (2) To form a collection of works of art suitable for exhibition in 
 such gallerie.-, and to eiic'ourago the exhibition in such galleries of 
 loan and other collections of works of art 
 
 (3) To buy, sell, and deal in works of art of ail kinds, and to 
 provide ex[)ert advice of all kinds for customers and others. 
 
 (4) To carry on all kinds of agency business, and all kinds of 
 guarantee and indemnity business. 
 
 [Add seU'ction of common form», Forms 97 et seq.] 
 
FORM8. 
 
 rA'\ 
 
 
 (1) To purchase or otlierwise acquire any intereatfl in any patent*. Form 186. 
 brevrtu d'inrentvm, licenrt's, concessions and the like conferrinR an .. s,,.,, i„i 
 exclusive or non-exclusive or limited ri<rht to use. or any secret or pit.nN 
 other information as to any invention in r«>lation to 'e.rj., the jiro- """i""'y- 
 duotion, treatment, storairo, applicon, distribution and use of elec- 
 tricity, and of any apjiaratus therefor], or {?enorally any invention 
 
 which may seem to the coy capable of beinpr profitably dealt with, 
 and in particular to acquire from A. H., of. *c.. the benefit of 
 certain existinr,' inventions in relation to, &c., and with a view thereto 
 to enter intx) and carry into cll'ect the u^rocmt referred to in clause '-i 
 of the arts of a.'ison of this c<\v with such modifications (if any) as 
 may seem expedient. 
 
 (2) To use, exercise, develoi), prant licences in respect of, or other- 
 vri^e to turn to account any such patents, brovets d'invention. licences, 
 concessions, and the like, and information afsd. 
 
 (,'!) To carry on business as here insert specificatUm of ImsineJis 
 cmncrtcd with such invention]. 
 
 (4 I To carry on ' mtbsidiary business]. 
 Add seleetion of .yymmon form», Forms it" et seq.] 
 
 H^% 
 
 ( I) To acquire nnd take over as a goinj; concern the undertaking- of Form 157. 
 the - Coy, Linitd (incorjwrated in ~ -), and all or any of tho , ^.,,1., ,„„.,„. 
 iissets and liabilities of that coy, and with a view thereto to enter into t;iiiur.r». 
 an afrrecmt in tlio terms of the draft referred to in clause 3 of the coy's 
 arts of asson, and to carry the sanu into etfwt with or witliout 
 nullification. 
 
 ('2i To carry on the busino.>.s of iriiiiiufaitiirers of cycle-*, bicycles, 
 Iricyc-lcs, velocipedes, and carriages of all kinds, and of all articles 
 iiiid tliinirs used in the manufacture, mainleimncc, and workiujf tJiof, 
 iiiJ also all apparatus and iraplementH and thinffs for use in sport,s 
 ur >,'amcs. 
 
 (,'! I To carry on the business of mechanical engineers, machinists, 
 litters, millwrights, founders, wire drawers, tube makers, metallur- 
 gists, saddlers, galvanizers, japannors, annealors, enamellers, electro 
 platers, painters, and packing case makers. 
 
 (4) To buy, soil, repair, alter, and deal in apparatus, machinery, 
 riiatctiuls, and articles of all kinds which .-liall be capable of being 
 used for the purposes of any businos,s herein mentd or likely to be 
 ri'quired by customers of any such business. 
 
 [A(hl ."elrrtiun of (mnimon forma. Forma 97 et seq.] 
 
ol4 
 
 MKMOUANDA OF ASSOCIATION. [('lIAl'. VI. 
 
 \\n 
 
 Aorial 
 couvrv^n 
 
 Form 167a. (1) [// necessary, insert one of the Forms 85 to 96.] 
 
 (2) To establish, maintain, and work lines of aerial coiivcyaiue> 
 l)ctwecii London and Liveriiool, and betwoon Undou and I'aiis, 
 and between r.ther places io be from time to time selected by the 
 (onipauy. 
 
 (3; To manufacture, buy, sell, iirepare, lei on hiio, and deal in 
 aerial eonveyances of all kinds, and the component parts tlierof, 
 and all kinds of machinery and apparatus for use in cMjuiioction 
 therewith . 
 
 (4) To acquire, provide, and maintain hangars, garages, shed.-.. 
 aeroilromes. and accotiuuodalion for or in relation to aorial con- 
 veyances . 
 
 ^5) Generally to carry on business as mechanical engineers. 
 
 [Add selection of common forms, Forms 97 ct scq.] 
 
 I) 5 
 
 
 Form 158. 
 
 Cricket dub. 
 
 Form 159. 
 
 Laiiiidry. 
 
 (1) To provide a cricket ground at or near - . in the county of 
 - - , and to lay out and prepare such ground for cricket and other 
 purpascs of the coy, and to provide pavilions, lavatories, refrcsluiicnt 
 rooms and other conveniences in connection therewith. [.1(W // 
 suiiable. -and with a view thereto to enter into [or adopt] an a(rrep- 
 nient, ic." \l.itier part of Form 8.)].] 
 
 (2) To promote the game of cricket and other athlgtic sport.- and 
 
 pastimes. 
 
 (3) To hold or arrange cricket and other matches and competition.-^, 
 and oiler and grant, or contribute towards the provision of prizes, 
 awards, and distinctions. 
 
 1 4) To subscribe to, become a member of, and co-operate with any 
 other association, whether incorporated or not, whose objects aic 
 altogether or in i)art similar to tho.se of this coy. 
 
 (5) To buy, sell, and deal in all kinds of apparatus and all kiud,s »\ 
 provisions, liquid and solid, required by persons frequenting the cny's 
 i-ricket grounds. 
 
 (ti) To purclmse, lake on lease, or otherwise acquire any lands, 
 building.-, easements, or ppty, real and personal, which may be rc- 
 ,|uisilo for the purposes of, or capable of being conveniently used m 
 connection with, any of tiie objcit.s of the coy. 
 
 (7) To raise money by subscriptions, and to grant any rights aiul 
 privileges to subscribers. 
 
 [Add Helvetian of common forms. Forms 97 et seq.] 
 
 [If necessary, insert one of Forms 8j to 96.] 
 
 To carrv on at , in the county of , and olscwhcro lb- 
 
 busi-ess of a steam and general laundry, and to wash, clean, purifj 
 scour, bleach, wring, dry. iron, colour, dye, disinfect, renovate, an.l 
 
FORMS. 
 
 MS 
 
 iiri'pai'C for use all articles uf weaiiii<; apparol. Iiouhi-IioIiI. tloiuostic 
 mill othor linen, and cotton and wooIUmi f,'o(Mls and doiliingr and 
 falii ii« of all kinds, and to buy, k<>1I, hire, manufactuii'. repair, lot 
 on liii'c, alter, improve, treat and deal in all apparatus, inaoliiiie.s. 
 iiiak'iial.s, and articles of all kinds, which are capahle of heinjf used 
 for any such purposes. 
 
 To carry on business a;^ proprietors of swiiniiiinf;- and other baths, 
 wii.-h-lioiises. an<l mechanical eni;iiiceis. and to larry on any other 
 liiisiiicss, i^;c. 
 
 lAtld xeh'ctiun uj coiinnoii Idritis, Fuiiiik ".'" <•! .wi/. 
 
 Form 159. 
 
 ill [// necessary, imtrt one oj Furmn 8,") tu Uti, 
 
 Fonn 160 
 
 I Ji To carry on the bu.sinesse.s of manufacturers of and dealers in Tobacco 
 ioImi III. ci?ars. cipirettcs, matchlights, pipes, and any other articles 
 rciniiied by or whi<-li may ho convenient to smokers, and of snutV 
 i;riiiilci.- and merchants and bii\ iiieii liautis. and to deal in any other 
 arliiics anil thinfrs commonly deali in by tobacconists. 
 
 lAdil xi'Icifioii of riiiiniioii Imins. h'uniix i'T rl .siv/.T 
 
 Til lairy on business as toiirisi a^ciiis and contractf)rs, and to Form 160a 
 f;iiilifate travelling;-, and to (irovide for tourists and travellers, ur ■[■,,„„.., 
 pioiiiute the |irovision of convenience^ of all kinds in the way nf .Mtcntf. 
 lliiiiiiyli ticket.s, circular tickets, sleepini.; cars ur berths, reserved 
 plan's, hotel anil loilfriufr aciommodaliun. fruides. safe defiosits. in- 
 i|uiiy bureaus, libraries, laxatories. roadin^i' riiipiiis. bafi<rajre transporl 
 anil iillierwi.se. 
 
 To carry ou business as hotel keepers. lodf>in^' hou.^e and restaurant 
 kcepcis. transport arrents, insurance ajrents and bankers. 
 .I(W select id II of i/eiii-rul ohjeels, Funns !t7 et .feq.j 
 
 (l) [If necessary, insert one of Forms H'l to 96.] Form 161. 
 
 (2 1 To curry on the businesses of stationers, printers, litho- Statio"et»,*c. 
 jrruphers, stereotypcre, electrotypers. pholojrraphic printers, photo- 
 lithographers, engravers, die-sinkers, envelope manufacturers, book- 
 biuilers, account book n lufacturers, machine rulers, numerical 
 printers, paper makers, paper bajr and accouat book makers, lio.v 
 makei's, cardboard manufacturers. typ<' founders, photof^raphei's, 
 manufacturers of and dealers in playing, visiting, railway, festive, 
 complimentary and fancy cards and valentines, dealers in parcli- 
 iiiciil. deulei-H ill slumps, agents for tiie payment of stamp and other 
 duties, advertising agents, designers, draiightsmen, ink manufac- 
 turers, booksellers, publishers, paper manufacturers, and dealers iti 
 
 f N N 
 
«4H 
 
 MEMORANDA OF ASSOCIATION. [ChAP. VI. 
 
 Form 161. the ...uteiial,. uscl in tho luauutaHuie ol paper, engineers, cul,nu-t 
 iiuikor.-< and .l.Miloi-« in or nmnufa<lur.'i-« ..f any other articlo^ or 
 tliinjrs of u character similar ..r analo-.„is t., the forepoinpr. or unv 
 of them, or connwted therewith. 
 
 [AM s,-U'Himi i>f <ommoH fornix, h'nniix !»T I't seq.] 
 
 Form 162. 
 
 Driokmakeni, 
 potters, 
 |iavior», <S:c. 
 
 ,1) // nv<cx>o,y. insert one of Forms 8.". to -JtiJ, 
 ("^ To .arrv on the business uf niauufacturors of bruks. tiKw, 
 pipes, pottery," earthenware, .hina u.ul torra .otta, and eerami,- ^vMv 
 
 of al' kinds. 
 
 ,3) To carrv on the busini-sM's .,f puviors and manuiaeturer.s „t 
 and dealers in artificial stone, whether for bnildinp, pavino-, or 
 other |)urposes. 
 
 (4) To carry on business as uuinufucuniuji chca-ists. 
 
 i Add selection of romiiwii fonnx. Forms '.»7 i-t xeq. ] 
 
 I & 
 
 ■ "I? 
 1)-; 
 
 I! 
 
 Form 163. d i If iiccvxmni. insert our of Fornix h:, to '.»(>.] 
 NewsT»^r"~ (V T" o-'tablish, print, and publish a newspaper or newspaper. 
 
 proprE. in , and to .arrv on the business of newspaper propnotn.s. 
 
 printers, publishers, tyiKJ-founders, b,s,ks,.|lers, stationers, and ad- 
 vertising afrents, and to carry on any other, itc. 
 
 Add xekfttoH of common fornix. Forms <.t7 et xeq.] 
 
 Such .........amos arc com....... ..owaduys. Tl.c N.'w.spai.c- I-iLcl a..d Uci;islra- 
 
 tion \ct, ISSI (44 i 4.5 Vi<-t. <•. HI), s. IS,, dclur... tl.at ti.e prov...o>... ..t tl... 
 
 Act as t.. tho rciristr,.ti<... of ....wspapcr pro|.ri.'fors ..r.- ..ot to apply to a jomt 
 
 stock coHipaiiv i-cu'istcrod under the A<t of 1H«'2. 
 
 A .oiupauv n,ay 1« liabh- to an a.-tion for a libel. Ilhilfirhl v. South A,»/.v. 
 Su Co k" 15 k. K. 113; and «cc Kd,n,r>h v. MiMrnid Rij., 6 Q. V>. D- 
 287 703-, r,.:hnl v. f.ultnn W,.,k. (1»9». 1 <!• «. 392. yeviU v r,..- 
 .tH.v. Ltd.. (189.')) 2 Q. B. 15«, and rilizi;."- I.U,' .U«>r,;mce Co. v. «-'..,v. 
 
 (1904) A. ('. 423. 
 
 lJiroct.,rs of :x c.mpanv that j.rints or pul.liKh,.H .. „..w,papcr conta.n.nR a hi.,! 
 arc not liable cri.ni..ally any ...ore than th.-y arc civilly (Kmme,^, v. Poltt., li. 
 (J. It. 1). 354) if they had no knowledge of the libel. Hr;,. v. Jiid'l, .,• 
 
 \V. «. 143. , • J ■ 
 
 En„uirio« involving' i.nputations on the Holvcn.y ot I.ersons, conta.ncd ... a 
 paper i.,.ued only to the .nembers by a voluntary society for the protect.on ..f 
 trade, are ..ot published on a privilcjred o.vasion. m;n.,t,m v. London .h.or. 
 Jo, the l',,.t,ction of Trade, 28 T. L. H. 117. 
 
 Fotd 164 * 1^ ' li nccejixarii, itisert one of Formj 8o tu DtJ.] 
 
 " (^2j To carry on business as proprietors and publishers of u««.- 
 
 SdT^Iino papers, j..urnals, magazines, books, an.l other literary works an.l 
 jToprietors. undertakings. 
 
F0KM8. 
 
 647 
 
 i,i I Til laiiv oil all or any I'f the liusiiiossos of priutors, »tatii)ner.-i, Form 164. 
 litliooninlifis. (y(>t'-li>iiiHlors, stoioolj pii-. eliHtioiypi'is, plioto- 
 Sfiaiihi'' i>iiiiiois, iiholo-lilhon-raphors, i liiouio-lidiojiiniiliois, oii- 
 iTiavei«, <ii<'-^iukoi's, bookbiiulers, (lusijrufis, (lrau<;litsiueii, pupi'r 
 and ink iiiaiiiit'uctureis, btxjksollors, publixliois, iulvortisiiig iij^ontJ*, 
 ouiniu'i'i^, ami (loalois in oi' laaiiufactureis of any othor articles or 
 ihiu"-* of a cliaratttn- similar or auulo>j;ous to tho fort'fjroiii;!: or any 
 ,if llu'iii or coniioclcil tliciowith. 
 
 i4i To c^ialilish ioiii|H;titious iu rosjicft o( conliiliulious or infor- 
 mation Miilalilc for iiistutiun in any piiliiiiiilioii of llio coy, or otiior- 
 HJM' for anv of llio ])iii|)osos ,>f the coy, nnd lo olfcr anil j;raiil 
 liri/('^. it'waiils, and i>rfiuiuius of such character and on sucii tonus 
 as may soein oxiH)dieut. 
 
 i.)i To iindortakp and transact all kinds of a<rt>ncy or Imsiuoss 
 whicii an ordinary individnal may lo<,'ally undcriakc. 
 
 1 1)1 To provido foi' and furnish or secure to any niomliers or 
 ■ nstoiiK'is of tlie cov, or to any suliscrihers to or purchasers or po.s- 
 >(<ssois of, any imldication of tlio coy. or of any coupons or lickot.s 
 i^-iuMJ wiili anv puhlicatioiis of the coy, any cjiattels. conveniences, 
 aJvanla^es, lieielits, or special privilefres wliicii may •eeiii expeiliont, 
 and either jriatuitously or otherwise. 
 
 .!(/(/ sfleclioii tif iijiiniiou foniix, Foiiim "Jl rl •••(■i/.. 
 
 '■|j 
 
 ( 1) // iiccetsurij. iiixoit one of the Foniia H.j ,o '.Hi. j Form 164a. 
 
 1^2 1 To carry on the Inisiiniss of proprietors or niana};ers of theatres, Cinemato- 
 palac»'s and halls, cinoiiiatojrraphic shows, aiul exhildtions, and to grspli "hows, 
 pfuiuit the coy's premises to be used for such oilier jmi poses a.s may 
 >eom expedient . 
 
 i;ii To purcdias<\ hire, oi' otherwise acipiire any ))hoto^raphic and 
 other apparatus in connection with cinematoeraph ^liows and ex- 
 liihitions. 
 
 \_Aiiil si'lvittun of forms, i)7 ,'t .stv/.J 
 
 ill // iiL'texsary, insert one of the Form.i H't lo '.Hi. Form 164b. 
 
 1 2) To establish in tho city of and elsewhere in the Kepiiblic r^.^^ Bhops. 
 
 of — , tea shops and in connection therewith to carry on tho busi- 
 ness of lea-shoj) keepers, restaurant kee|)ers, and »upi)lier.s of ])rovi- 
 -i.iiis liuth >oiiii and liip 
 
 [Add xelcd'ion oj comnwii farms, 97 ei acq.] 
 
 N X 2 
 
I 
 
 I HI 
 si 
 
 •■ijs 
 
 Form 165. 
 
 Coffee 
 favems. 
 
 Form 166. 
 
 Refreshment 
 rooms. 
 
 MEMORAMDA OF ASSOCIATION. [CmAP. VI. 
 
 (1) // iwresmrii. hm-rl one of Fonm S.'i /(. !t(i. 
 
 (2) To ostabli^'h at coffoo tiivorn'^. and to curry on tlioro the 
 
 busines.s of i-efroKluiioiit-house kooiiors, upon the principlo thai no 
 into.\icatinp liqiiorK sliall 1)0 sold by the f»y. and to provido and 
 work, upon the wanio pvinciplo. refre-hmpnt ,«talls. carts, and baling* 
 
 (3 t To ostablinli libraries, reading: rooms, and other fonvpniom w. 
 and to prc-vidc for the i-ecreation and instrurtion of the c-oy's onsioniors 
 and their frien<l«. 
 
 \Ad(l xel^cfioH of cominmi forms. FonnK JtT rf seq. 
 
 (\'\ \lf wve>"<ar!i. iiiM'it one of Formn «.'> to 'M. 
 
 (2) To tarry on the business of toinjiorunce refiwliment-roum-* 
 proprietors anil refreshment caterers and contractors in all its ros|nvp 
 branches. 
 
 (3) To carry on business a.s bakers, confectioners, bulcliers. milk- 
 sellers, butter-sellers, dairymen. <rrocers. poulterers, {rrccnsroccr.-;. 
 farmers, and ice merchaiit.s. 
 
 (4) To manufacture, buy, sell. r<<fine. jjrepai-e, grow. imi)orl. ex- 
 port, uud deal in provisions of all kinds, both wholesale and retail, 
 and whether s, ".id or liquid. 
 
 {-,) To establish and provide all kinds of convenicntes and attiai- 
 fious for customers and others, and in particular readiup. writing, 
 and smokinR iwms. lockers, and safe deposits, telephones, telojrraphs. 
 clubs, stores, shops, lodginfrs, and lavatories. 
 
 [Add Kch'ctiim of comiiwh forms. Forms 97 <•/ seq. 
 
 I i"' J 
 
 WorkmenV 
 homes. 
 
 Form 166a. (K To provide dean, comfortable, and inexpensive sloo|)iii<: 
 accommodation for workmen and others, and in connection thcrowith 
 to afford to such jM-rsons facilities and conveniences for waJ^hiiisf. 
 bathing, cooking, reading, writing and Kndiag employment, and foi 
 the purcha.se. sale, and consumption of provisions, both liquid and 
 solid, and for the safe custody of goods. 
 
 (2) To work, construct, and maintain buildings, works, and cmi- 
 veniences of all kinds suitable for any of the |)urposes of the coy. 
 
 (3) To carrv on any other bu.siness, whether manufacturing or 
 otherwise, which may seem to the coy capable of being cunveniciillv 
 carried on in connection with any of the above specified objects. 
 
 [Add sclerlion of common forms. Forms 97 ef srq.l 
 
 Form 167. l. To provide at a hall and olhei suitable rooms, building--. 
 
 — .^ h^ " and plBC«.s, and to permit the same or any pt thof to be used on sec h 
 terms a.s the coy shall think fit, for any purjjoses. public or private. 
 and in particular for public meetings, exhibitiims, concerts, lectures 
 
KOKMf. 
 
 549 
 
 aiiiiii'i-. llKMliii'il pfii'oiiuuuct'w, aii<l ..llior i;iil' •liiiiiinoiil.H, ami lor p^y^ jg^ 
 ri'iiiliii". wriliii!,^ ""J ufwsiuiiH'r loniii.s. libiai.us, baths, liiuiidrioei, 
 rclioliiiit'ut louiiiw, (liosiiig ruouu-, sliops, l)u-.iuos« olliios, and losi- 
 ,l,Mi(f>. A'ld. if necvumrii, a refeieiue to huiiw agreement in the 
 ',„t;,lfs ax in Form S.J.j 12. T« fiiniish "ho coy's ppty with such 
 luiiiitiiii'. imi)lciiiciit«, iiiachinoiy, and lOiivoiiioiRes as may be 
 thoifht dfsiiablo willi a \R'w U> the sahj, lottiiij,', or user thof. -J. To 
 proviilo {faideiis, jrreouJioases, and <rrouud.s lor ri-Lioalioii and aiiiuso- 
 uieiil. I '"" larry on the bu.siiiOMS of an hotel and rosluiiriint pro- 
 priotor and wine nierchanl. •>. To provide amusement, outertaiu- 
 iiieiit, and iiislruition for shareiioldors of the coy and others. 
 Add xelcitlou of common fornix, Fornix !•" ct xeq.^ 
 
 : I I To purcha.s*', take or Iea.so, or otherwise acipiiie, the laiul and 
 
 hereditaments known a.s iht estate, situate, itc. lAdd, if nccca- 
 
 Mty. a reference to xoine a<jreemenl in the articlex ax in Form 8.>.J 
 , ■>) To carry on the business of a raeot'Oiir.se my iu all its branches, 
 and iu particidar to lay out and prepare any lands for the running 
 of horse races, steej)lechases, or lace.s of any other kind, aiui for the 
 drillin" or reviewing of troops, and for any kind of athletic sports, 
 and for playing thon games of cricket, iwwLs, golf, curliug, lawu 
 tennis, )(oh), or any other kind of amusement, recreation, sport or 
 ciiicitiiiMiiK'iit.and to construct grand or oiherstands, bootlis, stabling 
 for horses. ])a(l(locks, refreshment rooms, and other erections, build- 
 ings, and ( ')nveniences, whether of a permanent oi temporary nature, 
 wliiili may seem directly or indirectly conducive to tiie < oy's objects, 
 and to conduct, hold, and jironiote race meetings and athletic sports, 
 polo, lawn tenuis, and other matches, agriculiiiral, horse, tlower, and 
 other shows and e.\hibitions, and otherwise utilize the coy's ppty and 
 rigiits and to give and contribute towards prizes, cups, stakes, and 
 other rewards. i.'J) To establish any clubs, hotels, or otlu con- 
 veniences in connection with the coy's ppty (4,1 To lyirry ou the 
 business of hotel keepers, tavern keepers, licensed victuallers, rc- 
 frcsliineut purveyors, and market gardeners, ifcc. 
 
 'Add xelection of common fornix, Fornix 97 ct xcq] 
 
 Form 168. 
 
 Rac'ocourw. 
 
 1. [If necexxanj, insert one of Fornix 8.5 to Kti.] Form 169. 
 
 i. To carrv on the business of a storekeeper in all its branches, and — ^. - 
 
 ' Co-operative 
 
 in particular to buy, sell, manutacture, and deal m goods, stwres, ^Xuti: 
 
 consiiiiiable articles, chattels and etiectK of all kinds, both wholesale 
 
 and retail, and to transact every kind of agency business, and 
 
 generally to engage in any business or transaction which may seem 
 
 to the coy directly or indirectly conducive to the interest*! or con- 
 
 vcnienc'C of the coy's members or ticket-holders or their friends, or 
 
 anv .section thof. 
 
'ir 
 
 mnt 
 
 .--,„ MKMOKANDA OK AKHOCUTIOS. [(UCAI'. VI. 
 
 Form 169. .r T.. nmko u,nu.^n.|>HM,1^ with porsons o.ip.it.-l in uu.v Irudo. 
 
 l.u«i„,.H- ..r i.rofosHi,,,,. tor tl.o ,(M....sHi..n f. tl.p .'ov s „K..„l.orH. 
 
 tukol-li(.l.l.Ts. uiul their friouds, .,f hi.v H,.c<iftl rijrhtH. priviU-STPs. «ml 
 advantages, and ii. purtLular in ro-ar.l to the ..i|.,.l,v „t >;.m„1v 
 ,1,/./ sehrllon of romimii joniix. Form-'' OT rt se,,. 
 
 VotmVJO 
 
 lompanv. 
 
 (I) [l( iifrcMson/. ;«««•' oiw of Forwx 8". I<> '.Hi.j 
 ro) To rarrv on the l.i..siness of hotel. reHtauraut, .alV.. f.v.Mn. 
 beer-h...,M«., relreshiuent-roon.. and lodjrin^r-house keopor., h.-oMH..! 
 victuallers, wine. Leer, and spirit n.erchants, brewer. .nalt«to^s. d.,- 
 tillors in.port,-rs an.l .nai.ula.t.ners of af-rate,!. n.ineml. and art.lu ml 
 waters an.l <.lher .Irinks. purveyors, caterers for puldu' amnsenien,. 
 .^nernllv. .oarh. .ah. and earriat-f i.roprietors. livery-stuhle keepers 
 Johnmsters. farmers, dairyn.en. iee nier.hants. in.por.ers and broke,- 
 of food, live and dead stock, and colonial and forc.pn prodn.e ,. all 
 descriptions, hairdrexers. perfnn.ers. chen.ists. proprietors ol clnl., 
 baths .Iressinsr rooms, laundries, rea.lin-. writin-. and newspaper 
 rooms, libraries, srrounds, an.l pla.es of amuseu.ent. re.-,eat.on. sport. 
 o«tert«inn>enl. an.l instructi.>n ..f all kin.ls. tobac... an.l ..j^ar n.c,- 
 cha„t.s aLMM.ts for railway an.l shippin- c.h ami earners, .heatrual 
 and opera b..x .dHce propriet..rs. entrepreneurs an.l -eneral airents, 
 and any other business whi.'h can be conveniently .arne.l on m 
 connecti.)!! therewith, 
 
 \A,h] seU-rtkn, of common forms. Fnnii» 97 W se,,.] 
 
 >^. 
 
 Form 171. 
 
 Libra rv 
 
 ,1^ To establish and maintain in the city of an.l oUewhc... 
 
 circulating: libraries, an.l al.s.. rea.lin": an.l writin^^ r.io.«s. an.l a 
 refert. m^< librarv, and t.. furnish the san.e resply with bo..ks, reviews, 
 ma.ninnes. newspapers, an.l ..ther pnblicuti.n.s, in.ln.l.n^- instru- 
 mental an.l v.ual im.si. . Add. if rn're-^mry. a rcfcrcmc U, xow 
 anreem-ul hi the articles, as in Form H.",. ; (2) To .^arry on .h.- bus,- 
 uess „f booksellers, stati..ners. publishers, and restaurant pr..pnet..is, 
 and 1., carry ..n the business of b..nkin- .seats at theatres ami ..ther 
 places of eniertainment. 
 
 Add seU'clion of common forms. Forms '.»: cl scq. 
 
 Form 172. 
 
 college. 
 
 (1, T.. establish and carrv on at -~ a scho..l o,-. .olles-e where 
 students mav obtain on nuxlerate terms a sound religions .classical, 
 mathematical, ami general oducatn.u ol the highest oulei. // ««o- 
 saru add a reference to som^ agreement in the articks. as m 
 Form 8.-., (2t To [.rovide for the delivery and holding of lectun"-. 
 exhibitions, public meetings, das-ses. ami cnileienccs calculated 
 
KOKMt*. 
 
 Ml 
 
 I oitlv or indirectly H> uil\iiiut> lli« raiisc of oilimilion, whether FoHB 172. 
 ..piioral, profesMonal. or iwhiiinil. 
 
 Aild HelertUm of conimmi jmiiiM. Fiiniix i>7 et sr^i. 
 
 \ ,i.n»iilprablp munl>cr »( wliu"! mi'l ••ollc»Jf "omimniPH lmvi>^ boi-n incor- 
 witlidiit the 
 
 ■iomi'tiiue* they iilitaiii a li.cnc.- frt)iii tlii- Uoanl of Trade to rojfintiT 
 ' worti ■•limited" ami «lfli a more suitable mime timii "company." 
 
 ,1. If ,„Hc.'<sary. iiixeil oiwiij FuimMHr, tuitii.} ( 2,1 The iiccumu- Form 173. 
 laiiuii of eupilal by mouiis of moiithly Mibseriptions or otiierwiso ^^^'^'^^ 
 lii.iii nipmbers, uud ul.-o by borrowing iiioiioy from mciiibors or 
 all^ other persons on sucli security unil oii such tornis us iniiy from 
 liiue 10 time be urrangcd. ^.•^ To udvaiut! or lend any of the afsd 
 (iiipiiai or oilier moneys of the coy for the time Ijeiup on the security 
 ,,l trceholds, leaseholds, bills „{ cxchangiN promissory notes, bonds, 
 >i,Kk-iu-lradc, chattels, and other ppty, i«al or personal, {i) To 
 iHipiiro any real and personal pply which the coy may think it desir- 
 able 10 acijuire by way of investment, or with a viow lo re-sale or 
 uilierwise, and in iwrticiilar any freeholds, leaseholds, morti^'uges. 
 sliaies and securities. 
 
 Aild selection of comninii funiix. Farms ItT i-l xoq ' 
 
 \ ;.'reat many loan clubs ha\i' been formetl within recent yoam. In Xottin)f- 
 li^iMi there neeni.t to be a mania for tliem. In most raaes they are formed as 
 unlimited companies with a .share cupital not of any tixed amount, divided into 
 shares of, say, 100/., to be paid by miintlily instalments. The articles (;fenerally 
 iiiitJKirize the directors to make (jeni-ral rules as to the payment of entrance fees, 
 liiaiis. repayments, fines. A;c.. and declare that they are to bo binding. The 
 .(ininion plan is to luve a monthly meetinjr for payment of subscriptions, and 
 idvanics are made aceorilanee with lots drawn, provided suftieicnt security 
 is IViuiid. Many of these clubs are held at inns or taverns, and are nam 'I 
 ricciirdiaxly. c.;/., "The I'nicorn Inn Third Thursday Mutual Loan Club." .\ii 
 uiiliinitiKl ((mipany, if its memorandum and articles so provide, may allow a 
 incriilicr to withdraw. See Iln.niiiih Commcrcinl Hoc, (1893) 2 Ch. 242. 
 
 \s to the necessity for reiristering such a company under the .Money Lenders 
 Act. IWO, SCO notes to Form 13H, Kii,itii. 
 
 ( 1 1 To purchase, take on lease or in e.tchange, or otherwise acquire Form 174. 
 aiiv lands and buildinjjH in the county of or elsewhere, and any 
 
 osiato or interest in, and any rights connected with, any such lands estate, 
 und buildings (and in particular to acquire a certain piece or parcel 
 of laud and buildings situate, itc, and with a view thereto to enter 
 ihtv the agreemt, i'c, an in Form -S.^j. (2) To develop and turn to 
 account any land acquired by or in which the coy is iuteresto<l, and in 
 piiiiicular by laying out and preparing the same for building pur- 
 poses, constructing, altering, pulling down, decorating, maintaining. 
 
Vi 
 
 I 
 
 Ji 
 
 .V>2 MEMOKANUA OF ArtSOCIATION. {ChAP. VI. 
 
 P«nn 174. funiishinif, JittinK up, und improving buildiiiKH, and by pltiiuiiia;, 
 paving, draining, tuiniiiin:, ( tiltivuting, lotting on building Ioum! or 
 building agre«nit, and by mlvancing nionuy to and ontoring iiitu 
 contracts and arrangcniouts of all kimU with buildors, tonantN, ,iii.| 
 olIicrN. CJ) To (■on'<truct, inaintiiin, improve, develop, work, lunirul. 
 und manage any waterworks, gasworks, ivsorvoir.M. roa«ls, trann\ii\> 
 electric power, heat and light supply works, tplophono works, Ik,!,!-, 
 ilnbs, restaurants, baths, plai-«>s of worship, places of anm.scniciil. 
 pleasure grounds, parks, gardens, i-eading rooms, stores, slh,|i,, 
 dairies, and other works and conveniences which the coy may tliiiil; 
 directly or indirectly conducive to those objects, and to contrilmi.' 
 or otherwise assist or take part in the construction. maiiiteiMii.c, 
 development, working, control, and management thereof. (4i T.. 
 carry on all or any of the following businesses, numoly, builders .m.l 
 contractors, decorators, merchants. ,ind dealers in stone, s.iml, limc>. 
 brio.s, timber, hardware, and of ->r building ro(iuisites, bri( k .,.1 
 file and terra-cotta makers, jobi.,. !irs, carriers, licensed victuallii-. 
 and house agents. (r>\ To lend money, either wi(h or without sem- 
 rity, and generally to sue h persons and upon such terms and Kunli- 
 lions us the coy may think lit, and in particular to peis,,ii. 
 undertaking to build on or improve any ppty in which the ((.\ i~ 
 interested, and to tenants, builders, and contractors. (0) F'inn. 
 110. (~ > To undertake ami e.xecute any trusts the undertaking ci 
 which may seem to the coy desirable. 
 
 [Add seUrtion of mmmnn fornm. Formic 97 et Heq.] 
 
 Form 175. 
 
 Liind and 
 
 bnildinir 
 
 .<mmpany. 
 
 Tom 176. 
 
 City 
 hiiildingg. 
 
 (1) To purchas«! for investment or resale, and to traffic in land an.l 
 house and other ppty of any tenure and any interest therein, and u> 
 create, sell, and deal in freehold and leasehold ground rents, and i" 
 make advances upon the security of land or house or other ppty. i.i 
 any interest therein, and generally to deal in, tratiic by way of .Ndr, 
 lease, exchange, or otherwise with land and hou.se ppty and iiny 
 other ppty whether real or personal. 
 
 [Add selection of rommoti forms. Formn 97 et geq.j 
 
 I. To uccjuii-e by i)urchiv«e, lea.se, o.vchangc, or otherwise, hind. 
 buildings and hereditaments of any tenure or description situate in 
 
 the City of and ita neighbourhood, and any estate or interest 
 
 therein, and any right.s over or connected with land so situate. ,iiid tn 
 turn tlio same to account as may seem e.\i)edient, and in particular by 
 preparing building sites, and by constructing, reconstructing, aller- 
 ing, improving, decorating, furnishing, and maintaining offices, liats 
 houses, factories, warehouses, shops, wharves, buildings, works ami 
 conveniences of all kinds, and by consolidating, or connecting, or sub- 
 dividing properties, and b , leasing and disposing of the same, i Add, 
 
KOKMM. 
 
 >b\ 
 
 ,i HiitlabU', It ifjcrence hi lomt: ii<iiffiiu-ul ni tin- iirtitU-n. an m Form 178. 
 
 form 8i.J 
 
 J. Ti> muiiup' land, buil(liii|,ns, aud iilhi-i piitv .■<iliiai«' ah ul«d. 
 wImiIkt b«.'li)iigiut5 to iho cov or not, uiid to rolk-ct rvuU iiiid iiaoinu, 
 anil U> Miiltpiv to touttiits uiid ow;ui)iurH, aud olhcrM, refwiliimMit*, 
 aiU-ii<luiuf, iiiOf*oii(ifni, IIkIiI, waiting r.ioiiu*, rmuliiiy: inoin-', iiiooliuj,' 
 ubiiiin, liiviitories, luiiiidry eoii\x>iiieii(««<,ol»;ctrk' uoint'iiit'iiifH, ■«tubl<'», 
 aii<l otiifi udvuutagvM. 
 
 .1. To a<iiiiiri' and take over lun l)ii«iims« or iiudurtukin^ larriod on 
 iiiMiu, or ill toiiiii'ttion with, any land or Imildiutj; whitli iho ctjy may 
 (Ic.-iro to acciuiro as alWl, or InKoiiio inlcrcHltnl in, and llio xvliolo or 
 uiiv of the af<si'ts aud liabilities of such businiwH or umlortukin;:, and 
 to (iirrv on the r*auu>, or to dispooo of, ivniovo,or put an i-ud theii'to, 
 ,,!■ oilicrwiNC ik-al with tho naiuo as may Hconi e.xi>o<li»'ut. 
 
 I 'ro establish au<i euiiy on, and to iironmto the establishment aud 
 .airviuj,' on, ujiou any pply in which tho coy is interested. o( auy 
 liusintws which may lie conveniently carried on upon or iu conuiM'ion 
 with such ppty, an<i the establishment of which may .se«'ni calculated 
 to enhance the value of tho coy's intoifst in such ppty, or to facilitate 
 ilic di.-posal thereof. 
 
 .■>. To advance and lenil money to builders, tonauls, and others who 
 niav be willinj,' to build on or improve any land or buildin-js in which 
 the cov is iiitc«>sic>d, and jj:enerally to advance money to such jier.sous 
 and on such terms as may bo arranged. 
 
 .!(/(/ {iflccHoil (if common furmn. Forms '.>7 et .vciy.j 
 
 I 1 1 To purcha.se or otherwise lutiuire auy landed pi)ty iu tho State Form 177. 
 .)( in the United ftjlule.-! of America, aud iu particular au OHtate ^.„lQ_iJ5J,tjQ^ 
 
 known a.s, iu. [2} To develop the resourc'Oss of and turn lo account uud laud. 
 the lund.s, buildiun's, aud rights for the time being of the co\ iu such 
 milliner a.s the coy may tliink tit, aud iu particulai' by clearing, 
 draining, fencing, jilantiug, building, improving, fariuiug, grazing, 
 mining, and by promoting imiuigrution, establishing towns, villages, 
 and .seltleiiieul.s. (3i To cany on the business of farmei-s, graziers, 
 meat and fniit )u-es<'rvers, brewers, planters, miners, metallurgi.-its, 
 (piarry owners, brickmakers. builders, eoutroctoi's for tho construc- 
 liun of works, both public and private, mercliauta, importers and 
 exporters, printers, publishers, baukei-s, ship builders, ship owners. 
 bi<ikers, and any other businesse.* which may seem colculoted directly 
 or indirectly to develop the coy's ppty. {4) To construct, carry out, 
 sii)i]Hjit, maintain, improve, manage, work, operate, control, and 
 supcriiilfiid railway.^, tramways, &e. see Form 142, el. 2], hotels, 
 exchanges, churches, chapels, parks, schools, mu.seunis. places of 
 recreation, racecoui-ses, baths, washhouses, and any oilier works and 
 conveniences which may seem diioctly or indirectly conducive to any 
 

 ff 
 
 - E I 
 
 ■t 1 
 
 n 
 
 
 ) 
 
 
 
 
 
 
 
 
 
 t 
 
 ||j 
 
 i 
 
 n 
 
 .>54 
 
 MKMORANI»A OK AS-ifK'IATION. [( 'HAI'. VI. 
 
 form 177. of tluw iA>)wi<. mid in (•••ntriliulo to or otlwrwiw aid or take pun in 
 '~ tliu tNiiuttriioiioii, rarrviii}; out. Hnpimrt, iiiuiiit<'imiii'<>. itii|)rov(>iiM'iit. 
 
 iiiuauKt'iiiviit. Miii'kiii)f, o|)(>i'atiii)/, roiilrollintr, iiiid Nii|i«i'iiiU'iidin;.'' 
 tht> Huiiii'. I -■> 1 To If'iid iiioiiov uikI otlKT |>i>t.v. to u:iiuriiiit(>(> tin- iici- 
 I'oiiiiiiiKC of ((iiitiiiitM iiiid olilimitioiiH of nil kiml". to net us nir'Mii- in 
 the iiutiiUK'fiiioiit, Nuk'. uiid iiuithu'*!' of ppt\ . mid ;r<'i'«'i'iill.v to tiaii-- 
 ttft lu'.wiuPHu an tiipjtaii''l'<, liuiikcrn. mid Hiimicifrs. i(i» To rurry nn 
 and liiiiwict uiiv other liiiiiiic'»«('-' mid operation..". iiimiiifiiitiiriiiL'. 
 roiiinicrciul. or otlicrwiM-. except the issuing of policies id' a»->iiiiinii' 
 on liiiiiiaii life, wliirji llie con iiiav think diit-iily or indirerijv (.i|,. 
 <liii'ive to n\i\ of it-^ ohjeit^. or ra|iulde of lieiii:: lonveniontly carriwl 
 on in ('onaecii'iii thi'ii'wiili. 
 
 .li/(/ Mt'lfihiiii tif iiiniiiHin im HIS. Fitniin !•" I'l itui- I 
 
 I i i 
 
 ii Ji 
 
 Form 178 
 
 Africiiu 
 
 I I'll ui i|iiiri' til." roiices-ioiis ■granted to \t\ , Kiiiu ol ihc 
 
 — nation, and. with a view thereto, to .'liter into •'••' aifre<'mi 
 referi^'d to in rlaii.^e ;> of ihii cox •.. uri> of a'<on. and lo iiirrv the 
 >ainu into eltect with or without iiio<litieatioii. 
 
 'J. To aii|iii!i' from any other wovereitrn. state, or authorities in 
 Afriea or el.seuhere any concessions, crniiits, decrees, rifrjns, pi)\\er» 
 anil privile^'t's wlialsnever, which niav jwoiii to the coy eiijial.io of 
 lining turncil to acconiii, and to work, develop, iiirrv out. exercise ihk! 
 turn to acciiiint the Kaiiic. 
 
 ;•. To pin-ped. cxaniine. and explore an\ territories mid pliic> in 
 .■\tiii a and ejsewheie. and to ciuploy and e(|iiip e\pi'diliiiis. i iiMiiiii>- 
 (tioiis, expert^ and oilier a^'enls. 
 
 I T" develop the resources <if and turn to aicoiint aii\ land- ami 
 miv ritrli''* over or connected with land lieloayrinir to or in which the 
 eov is inteii'stod. and in parlii alar liy cleaiiii<;-. drainiii',r. feiciii^. 
 planting, ciillivatinii. luiildiie.'^. iiiiiirov iiiir, farniiny:. irriij-aliicj. 
 jjra/int.-. and hv proinoiiny iniinijn'atioii and emiirralioii .iiiil ilic 
 t'Mfaldishnieiii of tonus, villaires. and xMtliMiienis 
 
 ,"). To (air\ oiii. estalilish. constiinV inainlain. improve, in iiiiil'^c. 
 work. conlr(d. ' i .superintend any roads, ways, tramways, lailu.n-. 
 bridjres, harlioius. reservoirs, waterconr-es. wharves, eniliaiiknieiits. 
 fortilication.s. liydraulic works, teleirraphs, telephones. -ew-inilN. 
 Hiiieltiny: works, furnaces, factories, warehouses, hotels, viaducts, 
 exciiaiijref, mints, trans|)iprt and postal arraiiy:eiii<'iits, stores, simps, 
 churches, chu|>els. stations, and other works and convenicin <>s, ;i:id to 
 eontrilmte to. or assist in the carryinir out. estahlishment, (onsiriic- 
 tion. iimintenance. iiiipiovei:ieiit. iiiana<joiiient. working control, or 
 Kupeiintendence of the same. 
 
 (i. To jrovein aiiv teiriloiies in .\trica. and to inak" and onloi-ce 
 such laws and ordinances as may seoni expedient, and to provide 
 for the adniini-stration of justice, mid for the estahli.shment and 
 muiutonaiH-*' of <rood order, and for tho welfare of the inlnthitants. 
 
KOKMK. 
 
 r»-v» 
 
 „„l f„r tl»' uavum^'imnif of tr.«U« aiul .oiuniri-,., .....I lot llir |.ic- 
 : To i>i"iii<>i<' ''"• alx'lif'"" "'' "'"^'"'r- "'"' ''"" "■'>'•'"'■ "' ' "'"• 
 
 ""n "t.. noKoliul.-. arruniro. und oll.«. t livutios uihI aiiaiiK.MUonts xvilli 
 
 ivdiicls nil«'i>. <>i uudioiilios, ^^iiinriiii'. lociil. ..i ..tin rwixo. in 
 
 'Urira aii.i oIm.«Im-io. .i.i.l to H.il.si.liM' iii.v mi. Ii . l.i.-tH. rulor-'. or 
 
 iiiiiliorilif' • 1 • 1 . J 
 
 .( T.> ;.'iiuil m.m..i>..li(-., ).al.Mil-. anil ..tlior spoiial n.jrlil- a..<l 
 niivilv^'.-" "holhor ns r.-pir.lM ill.' .•iirrvinir ..n of any i.aiti.ulai 
 lia.k. ur hu»in<'sM, <.r iIk" u^<' of any iiiv«Miti..n or |>r.K'«"'s. .,r tlif 
 ,r,,,wili. i.rcpanilion. or inaniifa.luii' or silo ..f any imili. niar arti. I<«. 
 r.r a» roi::ir.N any of llio-'o o|>orali»ns or niall«'i-.. an.l i.> yrant tin' 
 v;,ni(' for^a loriii of ycarw, or in iHTiK>Hiity or othorwis.. 
 
 Id T.« l>"y. Ht'll, imi'ort. fv|..irt. inani|)iilat('. iiirpaic f.n niarkol, 
 ;,i„l .leal in in.'ivhan.li-'.' ..f all kin.lv an.l ir^iii'iallv I., .arrv on lni'<i- 
 i„.«s ii-. incnliiinl-'. imiiortcrs. ami oxiMirloix 
 
 II T» 'arrv m tm-incss as inini'rs. si.>t(>-k('i'|.. i-. lanii.is. .alili' 
 I,,,.,'.!.'!-.. M..ikmon. . arricrs. |.n.vi«i"n |.i<"«'rvcrs. inc.liani.al 
 I'li'.'inc^i''- biiililors, and ...iitra. I.n-. 
 
 1^. T.' |iiiini.)t<' the (-.taMi-liincnt. (airyiiij.-- .>n, an.l .li'vclopnn'iil 
 ui trudos anil l.n-iii"-'-'*''* of '^H kind- within any t«'rritorir>s in vvlii.li 
 till' (uy i" intcio-ilod, and ».> sul.sidisc. uiant >,„iial ri^'lits to. or 
 (,ilior«i-i' a><-i<l. -niij..!"' (.rotct. and (•n.-..iira'j-i' :dl )HM-on< an.l <■...- 
 I'liL'iiiri'il or i>i.i|iosiiiL:- m <'ny:a;i<' tlKicin 
 
 1.!. T.> iin.l.'ii'iki'. traiiNi.t. ami cvi'. iitr all kiml- ..I a<jcn.\ Im-i- 
 lic -. anil also trusts of all kinds. 
 
 H. To larrv <in and nndcriako all ki"<l- ol -iiarant.'t' and insur- 
 aiKc laisinc-s . cx.ci.i life assiirnmo'. and all kiii.l- of liankiny ami 
 liiiaii.iai liiisiiM'ss and o|M'rations. 
 
 1,-,, To form, conslitnlo. an.l pi.-moK' lo^. syndi.ati'». »>•«.>. ialioiis. 
 and nn.lertakin-^- ..f all kiiuN. 
 
 K;. T.icnK'r into i)arliK'rslii|) .)i into any arrany:cnicnt- 1..! siiarin^' 
 |irutils. nnion of intorcsls. nvipr.ical c.nufssi.ins. or .■..-oiM'iati.ni with 
 any partm'rsjiij). porson. or ..ly. anil cillicr in pt'rpctnily or oiln-rw isi-. 
 17. To li'ml or advanic money, and to ismic or placo any sto.ks, 
 liunil>, sharos, or seiiiritics of any o-ovcrnmcnl, sn\(>ri'iori. stnti'. or 
 loy . 
 
 l!^. To niako do'iati.jii' to snili jiPisons and in suili i ascs a.s may 
 si'i'Mi cxpi'dionl, and t.> snlis.iilic for any ])nrpos(>s. wlictlipr cliaritahlf 
 or luMicvok'iit, or for any pnlilic, ^tvm'nil, or useful ..l>ji'rt. 
 
 I'.i, I'.cnorally to iin.lertuke and euny out any operations or trans- 
 actiuns wliatsoevor .except the issiiinp: of poliiios <if assmaiuc on 
 hnnian Hie i wiiiiii may lawfnli^ i.e iimleiiakcn and larried out !;y 
 lapitalists, an.l width the toy may think it expedient to undertake 
 and carry out . 
 
 [Add nelettioii ol (diiukoii Uii his. t'oi.iix '.*! ft vci/. 
 
 Fora 178 
 
ill 
 
 li! 
 
 IM 
 
 
 h ! 
 
 .5;56 
 
 Form 178a. 
 
 »iuarry 
 luustcrH and 
 pariois. 
 
 Form 179. 
 
 Mining. 
 
 MEMOKANDA OF ASSOCIATION. [ChAP, VI. 
 
 (1> To cunv ou busiut'ss us quariy iuasl«is and stoiio iuercliuut.-j, 
 uud to buy, sell, get, work, .shai)c, licw, curve, polish, craali, uiid 
 prepare lor inurkel or use .stone of all kiuds. 
 
 (2) To currv on business as road and pavement makers and 
 repairers and manufactuitjrs of and dealers in linio, cement, mortar, 
 concrete, and buildinfr materials of all kinds, and as builders and 
 contractors for the execution of works and buildings of all kiuds 
 in the construction of which stone is retiuii-ed. 
 
 Add iclccthii of cummuii joniis, Fornig 97 rt s,'q. 
 
 t^Jj To purchase, take on lease, or otherwise actiuire. any mines, 
 
 mining rights, and metalliferous laud in the county of [or, tin 
 
 kingdom of , or elsewhere, and any interest therein, and to 
 
 explore, work, e.\ercise, develop, and turn to account the same. 
 Add, if tiuikible, a refeietice to mine iKjieemetil in the articles, u-s 
 in Fuim 8o. y'2) To crush, win, get, quarry, smelt, calcine, refine, 
 dress, amalgamate, manipulate, and prepare for market, ore, iiiolal, 
 and mineral substances of all kinds, and to carry on any other metal- 
 lurgical oiwrations which may seem condiuive to any of the coys 
 objects. ..(I To buy, sell, manufacture, and deal in minerals, plant, 
 machinery, implements, convenicnc-es, provisions, and things capable 
 of bei.'^' used in connection witli metuUui-gical operatiouit, or required 
 bv workmen and other.s employed by the coy. i4) To I'onstriiit. 
 carry out, maintain, improve, manage, work, control, and superin- 
 tend any roads, ways, tramways, railways, bridges, reservoirs, watei- 
 couises. aqueducLs, wliarves, furnaces, saw-mills, crushing works, 
 hydraulic works, electrical works, factories, warehouses, shops, and 
 other works and conveniences which may seem directly or indirci tly 
 conducive to any of the objects of the coy, and to contribute to, 
 subsidise, or otherwise aid or take part in any such operations, 
 i Add aelectioH of commoii /o*/«.s-. Fnrnis 'J7 et ^eq. \ 
 
 Form 179a. 
 
 Petroleum. 
 
 I I) If //('cc.s.vo/y, intsert oif of the Fonnx 8.j to 'Jti.J 
 
 [2) To lurry 4in the bu.siness of extracting. ])umping, drawing, 
 trau.sporting, and |mrifying and dealing in petroleum and other 
 
 iueral oils. 
 
 I. 'it To .search for, inspect, examine and o.xplore, work, take ou 
 lease, imrchu^e. or otherwise aiquire lands and jjlaccs which may 
 seem to the coy capable or possibly capable of attording a supply 
 of mineral oil, and to establish, utilize and turn to account pumping 
 sfiitious. pipe-lines and other works and conveniences suitable for 
 tlie purpose. 
 
 Add ni'leition of common foim.i, Forma 97 et seq.] 
 
FORMS. 
 
 567 
 
 I 1 I T(. a(<iiiii<" if"'"l ii"i"c--'. iiiiiiiiiji' iij>lit.s and umifonms land [in Form 180. 
 WVstoin Aiislialia. or olstMvhere in Australasia], aaii any interi-st (lolil miniDir. 
 ilioiciii. and in paiiicuiar to aiquiic the miiio.i known an, &>.■.. situate 
 &r and witli a view lo tlie a((|uisitiou of sucli lasl-niont<l niincs. to 
 adopt and carry into PIVoot, with or without nioditioalion, the a-rri't>in( 
 rcfoned to in clause I! of the coy's arts of awson. 
 
 (2) To M>arch for. win, get, quarry, reduce, auialfraniatc. dress, 
 rcfiiie and prepare for niarkel. auriferous (pmrtz and ore. and other 
 mineral substances i whether auriferous or not) au<l precious stones, 
 and frenerally to carry on any nietallur(rical operations which tnay 
 .00111 (•(.n<lu(ive to any of the coy's ulijocts. 
 
 I .! , To buy. sell, reline and deal in bullion, specie, coin and precious 
 
 laetals. 
 'Add xelfrlioii of roiiiwoii foniix. Foiiiif 07 ft .icq.\ 
 
 In the case of mininp .oiiipanies it is very common to take still wider power,'.. 
 ,- „ to clear lands, make roads and other pnhlie works, open stores. \e., and 
 to insert paragraphs 2. 4. .i. 10. 11. 13 of Form 17K. p. oHo. >;pra. 
 
 , 1 1 Ji iircrxsarif. iiixert one of Forms 8.") to 'Mi.'} Form 18 1. 
 
 i2i To carry on the trade."! or businesses of iron nia.sters, .steel cogijr„„ 
 laakors, steel converters, colliery proprietors, coke manufacturers. andHte<l. 
 miners, .smellers, engineers, tin-plate makers and iron founders, in all 
 their respective branches. 
 
 (.•() To .search for. <ret, work, raise, make merchantable, sell and 
 ch'al in iron, coal, ironstone, brick-earth, bricks, and other mctjils, 
 minerals and substances, and to manufacture and sell patent fuel. 
 
 (4) To carry on business as manufacturers of chomical.s and 
 manures, distillers, dye makers, gas makers, metallurgists, and 
 iiiodianical engineers, and to carry on. &c. [Form 97]. 
 
 [Add selection of ronimon forms. Forms 07 et seq.] 
 
 1 1 1 [// lu'cessnry, insert one of Forms «•"> to 0(1. ; ■ 2 1 To purchase, 
 cliarter. hire, build, or otherwise accjuire, steam and other ships or 
 vessel-, with all equipments and furniture, and to employ the same 
 ill (he conveyance of passengers, mails, troops, munitions of war, live 
 sio<k, meat, corn and other produce, and of treasure and merchandise 
 of all kinds, between such ports in any part of the world as may seem 
 expedient, and to acquire any postal subsidies, ill* To buy, sell, 
 preiiarc for market, and deal in coal, timber, live stock, moat, and 
 other merchandise or produce. (4) To carry on the business of 
 merchants, carriers by land and water, shipowners, warehousemen, 
 wharfingers, barge owners, lightermen, forwarding agent'?, under- 
 writers and iiisurei-B of .ships, goods and other ppty, and ico merchants 
 and refrigerating store keepers. 
 
 [Add selection of common forms, Forms 97 et seq.] 
 
 Form 182. 
 
 Shipowners. 
 
i 
 
 i {< i 
 
 I ' 
 
 I r 
 
 ■VtS 
 
 Form 183. 
 
 Single 
 gteanuhip. 
 
 MEMORANDA OF ASSOCIATION. [ClIAP. VI. 
 
 i I( To |)iiiiliii«»" or uthoiwiso aciiiiiri' tlio >toaiir sliip "Stiaiiil 
 
 [or u .stciini.shi|> now in course of coiiMtructioii at and intoii(li>d 
 
 1o lie called]. to','etlier with all roi|iii.site e(|iiiiniieut tor tlio sumo 
 [and Willi a view tlieix'lo to oi). -f into the aj,'i('uiiit, &c. Form 8.V. 
 
 (2 I 111 tlu' ovoiit of the loss or sale of tiie sd vessel or any suhsti- 
 luted vessel, to luiild, imniiase, contract for. or otliorwi.so ac(|iiiie 
 from time to time one or more other vessels or .shares therein, hut nu 
 that the coy shall not work, trade with, or carry on the husiuess of a 
 shipowner with more than one v(>ssol at one time, and in any .sncii Cilw' 
 the ol.jects herein ineiild shall a|>|)ly to any vessel from time to time 
 .~o |)iirchased or ac((iiiied. 
 
 i.'U To charter, hire, e(itiii). load on coiiiiiii.ssion, or otherwise use, 
 repair, lei out on hire, and trade with the sd vessel or siihstitiited 
 vessel . 
 
 (4) To imrchiuse <roods, produce, cattle and other live stock, aiid 
 any other merchandi.se whatsoever, for the j)ur|)0se of fieijriitiiifr liic 
 .sd vessel or siil.stituted vessel, and to disjuise of the .same by sale or 
 otherwi.se. 
 
 . .•) I To carrv i>ii llie Ini.siness of a shipowner in all its l.ranchcs wiili 
 respect to the sd vessid or siihstituted vessel only. 
 
 «) To emph)y as ship's hu.sl)aiid and iiiiiiiagin<i: afient of and fur 
 the sd vessel or siihstituted vessel, any i)erson, firm, or coy, whether 
 linild or not, and tJiat althoiifrii ho or they may not be entld to any 
 share or interest in the vos.sel in (£uostioii. or in the coy. 
 
 (7l To effect all such insurances in relation to the carrying' on of 
 the cov's liusines.s and any risks incidental thereto as may .sccni 
 expedient, and, if ihou'rht lit, to join or become a nieniber of any 
 mutual iusuranco coy. 
 
 iHi To subscriite to any asMiii, iiisliiiitioii, or coy calculated to 
 bcneiit the coy, or persons employed by the coy, or persons haviim- 
 dealings with the coy. 
 
 [Add selection i>j eominon fornix. Funiix '.)" el .vcy] 
 
 The fornuitioii of " sinjrlc sliip " cDinpaiiics lias niaili' cxtciisivi' projroM at 
 the chief ports. A well-known Liverpool tirm were aiiion(,' the lir^t to set the 
 example. In the month of May. ISSd, th.y transferred eifrhteen vessels to as 
 many private companies, and since then larK'e numbers of other linns ami 
 
 individuals have followeil this example. \ery ( inionly the eoinpany is formed 
 
 for the purpose of liuyinir a ship which is in eours<. of construction. In some 
 <ascs the rapital is divided into sixty-four shares, liul Id/, shares are frecpicntly 
 .idopted. and are found mor.' conv,.ni<'nt. All the shares, except, perha|is, a few 
 for extra suhscrihcrs, are issued to the owner or owners as the consideration for 
 the transfer or sale of the ship. The owner or owners are (fenerally appointed 
 niaiK'.ner or manu»;ers, and the control of the company is vested in them sulij.ct 
 to freiieial nicclhifTs of llie iiumlirrs. Homi-timcs din-ctor- are ai-ljoin*.-!. The 
 name is usually framed thus. "The Kireria Sti^amship Company, biniited," or 
 "The Shi]) Carmen, Limited.' (See »»,>,v'. p. 4.iO. ^ It seems prohaMe that 
 these private companies for working sinitli' ships will be sjenerally adopted. 
 
FORMS. 
 
 or>9 
 
 I'liiir iiihiiitaifi's ■ire iihviuus, inasmuch as they invent ilio mriiih. r» witli tlji- Porm 188. 
 
 . liMrlv-ilitiiic'il pDWirM and privilo^rO'' oV incnilurs of a >tanitMry iiinipiiny. and 
 
 ii'lirvi' tlicni frnni the diffliidtic* and umc iiintics iniidint ti> tl'i- nw-ncTMliip iji 
 (iiiumiin of u »li|i. MorroviT, they nlicvc flic nicinlicr-* friini niuny oncrons 
 
 iiuliilitic.i in w'- ill tlicy nii^lit be involved l)y tin ^liirciicc, iMiMciindui't, or 
 
 ,Mi|irovi(lcnc,' i their servanta. 
 
 \n KriL'linh iiiinpany may he the owner of a l!riti»li >hip. thout'h some or 
 ivcu all the shareholders are foreigners. /f-;i. v. .lr„oi:l. <) ({. I(. HOli; and 
 „.,. /•,,„,,-, '■/ lleunx V. /(<.-. I.. U. A II. 1- 17«. 
 
 Iiici.nvcnience has in mvlu cases hecn causi'd l>y the objects licinir too limited. 
 , II after ciinversion of several ships, it was found that the funds of one 
 .nnipany I'onhl not. as desiriHl. he lent to another. No n.l r„l„i',-„i duty is 
 iiavalih- on the conveyance of a ship or on an asrrwnient for sale of it. Sit 
 
 p. 3:iS. "i)iro. 
 
 Hut a majority of the co-owners of a ship have no riirht to ehani;e the 
 character of the ownershi]) H-ithout the c-onsent of all parlies, c.</., hy turninir 
 tire ci)-owiierslii|i into a limited company, ami if they do m a minority of 
 IkiI' rs of shari's in the ship may obtain an order for sale. See '/'Ac //c,v /. ->, </. 
 (1SM.>> 1'. -IM. 
 
 . 1 I 'I'd niiivliu.so, lake in cxcliaii^;!', or ollioiwisc uiijiiiro and hol.i )'o rin 184. 
 >hi|is uikI vi'ssols. or aiiv .sliaics nr iiitL'icsIs in siiips en- vos-icls, ami (Jeneral 
 also .sharo-*, stuck-*, and socuiilics ul' any cos possosscd of, or intoicstcd shipowners, 
 in. am .sliip.'s oi vvssi'js. ami to niaintain, repair, inipiovc. alter. .--I'll. 
 e\cliaii"'e. or lei out to hire or cliariei. or olheiwi.se deal with and 
 iJi»iio.-e of any ships, vessels, or shares, or soLurities afsd. 
 
 (lii To carry on till or ai;y of the hnsinosses of shipowners, .-hip- 
 li.okers. iiisiiiame liroker.s. nianao;ers of shi| pino; |)|ity, freitcht coii- 
 iractors. ca riers liy land and sea, liarjro owners. li!,dilornieii, forward- 
 iiio- ajieiits. ice meirlianls. refrio-eiaiiiio' storekeepers, warehonsenieu. 
 wharfingers, ind oeneral traders. 
 
 I ;! ) To insnio with any other coy or person ao'iiiiist losses, daniaii'es. 
 lisks, and lialiilili<'s of all kinds which nuij- all'oet this coy. and alsn 
 to cairv oil the bnsinoss of marine iiisuraiiee and inariiio accidental 
 in-maiiK' in all it.s respectiyo brandies, and to ell'ect re-iiisiiraii(c> and 
 coniiter insurance. 
 
 \iht xi'h'itiitii tif <:(>iiiin()ii fonns. t'liniit 97 et ■■«'(/.( 
 
 1 1 i // iicn'ssd.!!/, iiisi'ft one of the Furmn H.'i to iXi.'J Form 184a. 
 
 - :! I To estalilisli and inaiiitain lines of steam and oilier ship- ,. , 
 
 ' lancK of 
 
 hi • . 11 the poil.s of and -. and any other jioits which iiia\ »tcam.ships. 
 
 soi'Mi to the company exi)e<lient, and jreiierally to transport pass(>ny:'rs. 
 mails, troops, miiiiitions of war, live stock, meal, corn and other 
 pioiliii(\ and of treasure and iiierchandise of all kinds, and In piir- 
 eliase, charter, hire, build, or otherwise ue(|uire ships and ^oss(d- 
 anrurditifriy, and t.-i obtain po.slai sttnsiilie.s am! !o ooiiipiy with l!i-- 
 terms on which the same are <rranted. 
 
 AM sclirlion of coinmuH forinn, Form-t 97 cl tt'q.] 
 
- I 
 
 f i 
 
 560 
 Porm 188. 
 
 Carriorn. 
 
 MEMORANDA OF ASSOCIATION. [OhaP. VI. 
 
 (1) If nermsarii, insert one of Fornix 85 to 96.] 
 
 (2) To carry uu all or any of the following biusinosses, that is to 
 say, treucrul carriers, railway and forwanliup: nfients, watohousemen, 
 bonded cariuoii, and coninion carmen, and any other biisinoases wliicji 
 ctm conveniently be c.arrie<l on in connection with the above. 
 
 Add seledUm of common forms, Forms 97 ft seq.'\ 
 
 Mf 
 
 III 
 
 !h 
 
 Form 186. 
 
 Meat and 
 
 cattle 
 
 importers. 
 
 (a • To luquire and amulfrauiatc the iindcrtakinn-s of. Ac. iind witl, 
 a view thereto to adopt, *c. 'Form 8.") . 
 
 (b) To carry on the business of importer.-, of meal, live cattle, and 
 sheep, and also that of dealers in cattle and sheep j.'enorally, ami in 
 all branches of .such respective trader or busine.^ses. 
 
 (c) To buy and sell by wholesale or retail in the United Kiucrdoiii. 
 
 the Empire "of ' elsewhere, all kind-i of meat, and generally to 
 
 carry on the trade ( u.siness of a meat salesman in all its branches. 
 
 (d) To acquire by |)urcha.'*e or otherwi-ie estancias, ranches, and 
 sheep fanns, and to carry on the trades or businesses of i^ittle rearorsi 
 and sheep farmers, fellmonprerinfr, tanniiijr, and warehousinp: ^'cner- 
 ally, i)reserved meat manufacturers, dealers in hides, fat. tallow. 
 grease, otlal, and other animal products. 
 
 (c) To erect and build abattoirs, freezin-r-houses. wai-ehoii-scs. 
 sheds and other buildin<rs nece-ssary or expe<lient for the purposes of 
 the coy. 
 
 (f) To purchu.se, charier, hiw. build, or otherwise acquire, steam 
 and other ships or vessels, and to employ the same in the conveyance 
 of passengers, mails, and merchandise of all kinds, and to carry on 
 the business of ship owners, barge owners, and lightermen in all its 
 branches. 
 
 Add seleetiim of conniioii forms. Forms 97 ef .sfij.] 
 
 Form 186a. To carry on tlie business of colour process and half-touo engravers, 
 
 stationei's, iniiiters, lithograi)hers, stereotypei-s, electric photographic 
 
 ^S-eiTTc" printers, photo-lithographei-s, engravers, die-sinkers, advertising 
 agents, traders, draughtsmen, ink manufacturei-s, &r. 
 ■ Add selectUm of co/hwoh forms. Forms 97 et seq.] 
 
 h 
 
 Shoem.ikcrs. 
 
 Form 186b. To carry on business as boot and shoe manufacturers and dealers, 
 leatlier merchants and manufacturers, leather dressers, tanners. 
 dealers in hides, skins and other materials, munufaeturer.s of and 
 dealei-s in rublK-r goods. 
 
 Add gcledum of common forms, Forms 97 et aeq.} 
 
FOKM.S. 
 
 riei 
 
 1 1 , [// iwiegsanj, insert oiu' of Foiiiin 8.') to OU.] Form 187. 
 
 , 2 1 To cuirv (in all or any of tlio ImsiiR'ssos of iniiioitcrs, oxjiortorw, 7^ ~ 
 i(lri"-''i;itors, shipownors, shipfiuildprH, (hartorers of ships or othor importers. 
 vi'.vscl>, wan'liou.scnien, im>rclmiit»i, .ship and insurance brokers, 
 cull ii'f.s, forwardiii;,' ajronts, whurfinirers. sheep farmers, stock owneis 
 1111(1 liiiK'dors, pa-sturevs, p-nizier.s, inannfacfiirors of I'xtrart of moat, 
 iiii'.-i'ivcrs and jiafkei's of prnvisioiis of all kinds, hrowois, niotallur- 
 ,ri.i>, (iiiaiTv owners, briukmakois. wool washers, tallow melt<'rs, 
 laiiiK'is, artificial manure makers, coopers. rar|K>nterN, and mechanical 
 ciii;im't'l'.s. 
 
 Add selection uf cotiimoii funiis, Forms 97 ct seq.'\ 
 
 ( 1 I // iicccssar I) , iiixert one of F units 85 to Wi. 
 
 Form 188. 
 
 Til cany on (ho business of inanufactuiers of and deahus iu .sui-gical 
 
 an ii ■iiiiial. iiilliupicdic. and surirical appliance.-^ of all kinds mstniin.ut 
 
 . , • ..1.1 . 1 , makers. 
 
 .; Tn cairv im (lie Imsmcsses nl bootmakers, staymakors, corset 
 
 iiMkcis. aililicial eye and Mini) ninkeis. bandafre makers, crutch, 
 
 (hair, and stretcher makers, rarriii^e makers, ambulance makers, 
 
 cliciiii-t- and drn<r^'-is|^. and provider- of all rcipiisiies fm hospitals, 
 
 p.iiiciil-. and invalids. 
 
 Aild "ilfiliim of lomiiiiiii fm ms. Foi iny ilT ft .v(7/. 
 
 Clieiiiists. 
 
 , I I /( iirrvssari/, iiixert one of Forms «•") to IMi. ' Form 189. 
 
 iJi To carry on tlie businesses of clieiiiisis, druoifist.s. dry-alters, 
 nil anil ciiliiiir men, importers and inanufactuiers of and dealers in 
 phariiiacciilical. medicinal, clicinical. industrial, and other prepara- 
 licii- and articles, compounds, cenienls. oils, paints, pigments and 
 vaiiiisjies. drut;. dyeware. paint and rolour jrrindeis, makers of and 
 iloiiici-s in proprietary article- of all kinds, ami of electrical, chemical. 
 pliiiiHMiiipliiciil. suiyical. and siieiitilic aji] .aatus and materials. 
 
 I.; I To Iniy, sell, manufacture, refine, manipulate, import, export. 
 and dciil in all :;ubstuni"Os, apparatus, and thing's capable of being- 
 ii-ed in aiiv such ^ s as at'sd. or reipiiied by any cu.stomers of or 
 
 liersoii- li.iviiif^ d. with the coy, either by wholesale or retail. 
 
 Add setertion o. imon forms, he. s 97 et seq.~ 
 
 I // mwssar;/. iii.wrt one of Forms K,"i to Dti. ____, 
 
 '1. To carry on the business of jobmasters, omnibus, cab, fly and Onmiliv- yn' 
 other public or private conveyance i)ro|)riotor8, livery-stable keepers, ''"'^ "'^ 
 liurse. onmibns, carriage, cab, fly and cart dealers, omnibus, coach. 
 carriage, cab. lly, carl or other vehicle manufacturers and repairers, 
 ciiaiii-iiiuise and stable iiuilders and horse breeders and dealers, 
 fai iiier.s, graziers, dealers iu corn, straw , fodder of all kinds, carrier-, 
 auil saddlery and harness iimkers iu all their respective branches. 
 V. o o 
 
Ill 
 
 562 
 
 Form 190. 
 
 MEMOBANUA OF ASSOCIATION. [ClUP. VI. 
 
 ;5 To luauula.tuio, h»y, soil, oxohange, alter or improve an<l , 
 iu vehicles ul auv kind «o coustruetod as to progress by ukn.h 
 automatic power,' whether l.v means of electricity, steam, gas, .,i 
 
 otherwise. 
 
 4. To mamifaclure, buy, sell, e.xchaiigo. alter, improve, mai.ipu 
 prepare lor market, aud otherwise deal iu all kinds of pi 
 machiuerv, apparatus, tools, utensils, substances, matermls. 
 Ihiu-s ucccssarv or convenioul for carrying on any of the a) 
 spocFlied businesses u, procecling-. or usually .lealt in by per: 
 engaged in the like. 
 
 leal 
 
 . iir 
 ato, 
 
 Ulll. 
 
 mid 
 
 ■iiMIS 
 
 Torm 190a. 
 
 Motor 
 omaibusen. 
 
 Form 191. 
 
 I'utent 
 iiiedic'inex. 
 
 (1) ' // necessary, insert one of Forms 85 to 96.] 
 
 (2) To carry on iu the City of and elsewhere in ilie kiiiu'l'.iii 
 
 of _J the business of running juotor omnibuses of all kinds and 
 
 on .Mich lines as the company may think lit, and to transpo.l |m«- 
 sengers and goods . .id generally to carry on the business „f emu , 
 
 carriers. 
 
 (3) To carry on the business of manufacturers of motor ouimiImim's. 
 and generally" of all kinds of omnibuses and vehi('les for the trans- 
 pt.rt of i)ei-sous and gomls, whether proiMjlled or moved by lectricilv. 
 steam, oil, vapour, or other m.)tive or mechanical po.ver. 
 
 (4) To carry on the bii<iiio->s ,,f mechanical engineers in all iis 
 branches and carriage builders iu all their respective branches 
 
 Add selection of ronimmi lonns. Forms 97 et seq.] 
 
 (n To acquire and take over as a going concern the un(h'rlakiiig 
 of __, and all or anv of its assets and liabilities, aud ni parti, nlav 
 the recipes aud full inf..rmati..ri as to the processes of manula. - 
 turing, and the right to manufacture and deal in certain medicinal 
 prt^prrations known as, &c.. and with a view thereto, &c. 
 
 ( 2) To carry on the manufa.turo and sale of the .said medicines aii.l 
 preparations, and generally t.. carry on the business of mauufac- 
 turors, buyers, and .sellers of aud dealers in all kinds of nie.li, mos 
 and medical pi-eparations and ihu.gs whatsoever. 
 
 Ci) To carry on all or any of the businesses of chemists, druggists, 
 chemical manufactui'crs, and dealers, drysaliers, importers, an.! inanu 
 facturers of and dealers iu i)harii\aieutical and inedhinal prei.ara- 
 
 tions. 
 
 (4) To manufacture, buy, sell, aud <loal iu mineral waters, wiues. 
 cordials, liqueurs, soups, broths, aiul other restoratives or f.Mhl. 
 specially suitable or deemed to be suitable for invalids and <'on- 
 valescents. 
 
 (J-,\ To assist, promote, establish, and contribute to, manage, con- 
 trol or support sick funds, and any associations or in8titution.s for 
 pr..viding, upon any terras or conditions, medicines, drugs, medical 
 
FOKMS. 
 
 .->(i:j 
 
 iijii 'iii^i' .il |ii('|paruliuiis uiiil ainiiiiiiliis, ami j«'>loiatiM's or fooil fonn 191. 
 uf>cl (lining: >iikiie^s „v illness. ■ 
 
 ((ii T" adopt Miili lUL'aus of luukiiig known iIr' ihihIik 's oI' ihc tov 
 ;!•* iiiav fwii i;xiM.'(lit'nt, and in paititiilur by odvertisinpr in tlio I'loss. 
 Iiv liiTulai^. liv |)iir(liasf and cxliiliition of works of art or iiilcrost. 
 Iiy iiLiMication if liooks and |)orio<li(als, ami liy ^rran(in<^' priziw. 
 iTwanls and donations. 
 
 I, , To lon-'truit, nuiiutaia, and alter any l)uililinir or works 
 iiCio->arv or i onvonieni for llio pnrposes of the coy. 
 Add xidnliiDi of njianion foniit. Forws !•" rl .snj. 
 
 \s til till' riu'lits i)f i-oowniTs to use soiret proiivH, sen lliijt-hin v. Kihi'ntith, 
 
 Ml ill iii'icsxKnj. iiist'it oni' of the Furiiis S'> lo "Jti.] Form 191a. 
 
 i;;i To manufacture, buy, .sell, proparo for uiarkot, and deal in i„,„nj ,jyj 
 touds of all kinds suitaljlo for infants and invalids, and in particular, invalid food. 
 ' oiidoiised milk, cocoa. 
 
 .!(/(/ trh'riion of coniiiion fonii-y, Forms 97 ct fcq.] 
 
 I. [11 iirioimtnj, insert one of Forms 8.5 to !)<!.] Fonn 192. 
 
 :.'. To cullivate tea, colleo, cinchona, rubber and other produce, ■p^Jj^^ir 
 and 10 carrv on the business of tea planters iu all it^ branches, to i)lauti.Ts. 
 larrv on and work the business of cultivators, winners and buyers 
 of every kind of ve<^table, mineral, or other j)roduce of tho .soil, to 
 prejiarc, niaiuifacture and render marketable any such produce, and 
 (0 sell, dispose of and deal in any such produce, either iu its prepared, 
 iiiamilaclured or raw state, and either by wholesale or retail. 
 
 .'). To acijuire the business and all or any part of tho as.sets and 
 ppiy of any other coy. 
 
 [Add si'lfdion of common forms, Forms 97 et se(].] 
 
 (I) [If uevessiiry, insert one of the Forms 85 to 9G.] 
 
 il!) (jenerally to ])urchB.so, take ou lease, or otherwise acquire, 
 hold and work any lauds producing rubber trees, or suitable for the 
 plantiiifj, cultivation and growth of rubber trees, and any conces- 
 sions, rights, powers, and privileges over any such lands. 
 
 (;!) To carry on tho business of planters and cultivators of rubber 
 jilauts, and any other plants produciug anything of a similar 
 character. 
 
 i4j Tu c;.iry i.iti bu.sine.ss as teu-plauljers, ciuchoua planters, ile. 
 
 [Add selevtioH from Forms 177 and 178, and also selections from 
 ihc common Forms 297 et seq.] 
 
 Form 192&. 
 
 Rubber. 
 
I 
 
 li ' 
 
 1 
 
 I- 
 
 lili 
 
 
 
 504 
 Fom 193. 
 
 Saw mill". 
 
 MKMOItVNDA OF ASSOCIATION. [ClIAI'. VI. 
 
 1 \lj miixMini. iiixerl oin- oj Fonii<i»r, loW>.^ 
 -' Tu rairv on business m timber mer.liuul«. suw-mill i.roi.nriuis 
 uud tin.be. grower., and U> buy, nell, grow, prepuro lor „,.,k,., 
 .„u..ii.ulate, i...l.ort, export, aud deal in ti...ber aud wood of all k.„.U. 
 U...I to ...au«ra<t..rc a.id deal i.. arlidcs of all ki..d« u. the ...a..,.!.. - 
 ,u.o of which timber or wood i.. ...sod, a.id t.. carry on buH.n. » ..> 
 ,,hil,ow..e..> a..d .arriers by la.ul u..d Koa u..d so tar as ...a.v 1,.. 
 dce...ed evpedienl. the bu.si..ess of general ,nerchant«, an. u,U,y 
 clear i.la..1, a..,l work .in.ber o.sla.e.. aud to eariy on a..y otl.e. Im^,- 
 ucsJwl.i.l. ...av see... to the ,:y ca,..U,le of bo...« .ouvo,....,. ^ 
 ,..,,icMl ou in ..„....e.(io,. with a..y of the above, or ..aUnlato,! ,1,,.., -U 
 or i..direMly U. re..<ler ,.rolitublo or onha...e the value ot ihe m. , 
 ppty or rijiht.- foi' the li...e be.'\^'. 
 
 [Add srh-rllon of ,'„„n,wn fornix. For.iis <i7 <■! «<•',.. 
 
 Form 194. 
 
 American 
 Tuilruad. 
 
 , 1 , To Pu„ l.a.se or otherwise ae.iuire the whole or any of .he ^.u 
 „,, ri-h.. for...erh i.o.sse,ssed bv the N. Railroad Coy but ,■e,e,„l^ 
 
 1 ..:der eertuin de..rees „..d o.-lers of the .:.ro...t t'onr, o. „ 
 
 ,„i,o,l Sta.e.. for - in a nuit, &... a.td w.th a view thereto >. 
 
 i„U> an a-ree,... [fV»- 85]. rl) To equip, work. ...a.n.a... ..n,Mou., 
 a,„l o,.e.:ue the .sd railroad a.>d a.,v other rail.oads a.td tra...«.v. 
 ,,,,,,'„, eoy ...ay be possessed of or interested rn. or o-- - 
 .„uv hav<. r,.....i....r powers, w'l) To -o.-struct, purelnxse take o,. U.,s 
 " ;.horwise a.c,m'e. a..y railways or tra...wavs. wh.,.h ...av s,.,,, 
 cainble of boin- worke.l i.. co....ection with any ot the .ov .s In,,- 
 
 ie th..e bei;.. or ealenlute.1 .lireetly or i..dire.^v to b..ne , . e 
 eoy a,ul to acMuire rifrht. over or in eon..eet>o.. wn h an s..-! ....I- 
 2. or tra.nlys. (4) To ...rry o.. the b..si.u.ss of a t«le.raph a„ 
 telephone eoy in thei. resiKvlive b.amhes. , .-. . To earry o.. the b . ,- 
 .0.1 ot rolU,.,- stor.k ...a....faet..rers. ...e. ha....al eng.nee.s. sh.,,- 
 . v..ers. sl.ipb;iMe.s. .arriers by la..d or water, waroho,.se,.„.,,. 
 rorwardi..- a.re..ts. a.id i..sura,..e age..t.s against loss or da..>ag,. . 
 ^t; aeeMe..t or otherwise, .ti) lAdd, U d..,ed. '^^^^''^-^ 
 
 2 and .i'of Form 178. nnd .o„ie of the clauxes of? arm 142.] < , > ' 
 i.uprove, work. a..d fa.ilitate the navigation ot any nvers, lakt , 
 canals, and other waters 
 
 [Add selection of common fornix. Forms 97 et scq} 
 
 When a for^iK-. co..„„...v. -.,«.. a railway oo.upany, get- into '^^^^''^^^'^^'^ 
 
 the company b. consideration of deferred shares « '';;;"»'^;;,..„^ ...Ui 
 desirable to for.n a local company to work the bne ^J "^^'^^, f „, ;, 
 by nomine... of the Kn.li.h company. »°™*'";: /^f '7/;"l,r;.,,v, 
 formed iu the tirit place to acquire certain aecur.t.e. ot the foreign 1 
 
FORMS. 
 
 565 
 
 ,„,) ,|„ ,1 I., a.-.iuiri' thu lin.: by fonvlosurc. Tlic abovi- r.iiiii i;m r.Mclily lio form 194. 
 
 „ii|.i.il t" II ii>in|niiiy foriiiiil to u«niirc u loiici-wioii, ,../., ■■'['» a.iiiiiro and 
 
 Mil, il^ki' a ii)iii<"»i»» K'l"'"''' ''>■ ''"^ l{«'|'"l>li>- of for tln< coiiatrm tioii of 
 
 • liiiviiv from - to • '""' "■'•'' " ''"""i *:''•• ">"' *'• 'any out ami jht- 
 
 i,,nii till" works and olilitfation* !.pi-iifli>il in tlif wiiil voin'oinion, with or without 
 lii.Klllifation." 
 
 If thi' toriiitn loiniiuny lian Imji-ii a-tiinf iiinlfr stiiutory ihiwit". difliiiiltieH 
 i,i.n irix' as to tin? transfor of such powi'm. 
 
 ,1, 'I',! loll^l^lll•l, imiiliasc, Icii.-c, or olIiciwiM' aiiiiiiio traiiiwiivs Form 195. 
 .,,,,1 liulii nul«ii.vsiiillior..iiiHj of ,ua(liiillH-\i(iiiity Ihiif. iind rj,"^,^";^, 
 
 in Miiiiiiiilai' loi'iitci- iiitoiiiidcarrv JiiloclVfit (liv ajjnvoiat jelerri'd to 
 III , liiii.-i' ;! 'if IIk* <'">'.•* uit.s of ux-oii. 
 
 J I T" i'iiiii[i ami iiiuiiilaiii uiiJ work liv oloclririly, lilwiiu, liorae, 
 i,i oiln'v iiMMluiiiical jiowor all iraiinvavh uiid railways lioloiij^iiit? to 
 ill,. ,,i\, i>v ill wliirh llio toy may lie iiilorostt'd. 
 
 .,ii T'l carry dii llie busiiaw.s of irumwuy, railway, oiimibu.s, and 
 ^.,,n |iiiiiirii'l(ir« and cur.itTs of pa.s.s(Mio;ors and ;;otMls, and of nianu- 
 I'a, liners "f and dt-aleri in traiuways, nuTiajies, trucks, locoinotivos, 
 iLriiiiiiiliit'iiw, dynanui.x, and ollii-r cliattt'ls and clloi'l.t and couvc- 
 iii.iKcs n'.|iiin',l fur inakiiiy:, inaiiilainino-, f.|iii|i|iiii>4- and wurking 
 tiaiiiway.s. 
 
 1 1 To rarrv on ill llio town of - af«d, and in tli»' virinity tliof, 
 tlic liii.siiioss of suppliers of eleilricily, wliellier lor ilie |iiirposo of 
 li-lii, Inat. iii'ilive power, t<.'lfplioiiie, tolej^raplii'-, industrial or other 
 i,iiii>'-i's. ami ;^.'neially to provide, work, uiaintaiii. and i arry out all 
 i,.ri-saiv rallies, wires, a' ininulalors, lamps, exiliaiioes. telephones, 
 an, I apparatus eonuecled with tlio (generation and distriblitiou, 
 Mippiv iiij;-, aii-niiiulation and emiiloyineiit of elect riiity. 
 
 ."r To carrv on any oilier Itiisinoss, nianiifailiiiino; or ollierwi.se 
 ^evepl llie i.ssiiiiio of piilicies of assurance on liiiinaii life), wliiihniay 
 se'iii lo the coy capable of iieiuo- eonvenieiitlv, iVc. 
 
 ■iM To enter into "unlract.s with any other coy or persons n-s to 
 iiiieiiliaiist' of irallic, rniininj;' ))owers. or otiierwise, which the coy 
 ]n:\\ lliiiik e\|)edienf 
 
 Ailil xcU'ilhiii 'it roii'iiiiiii fdiiiis, h, II HIS '.t7 I'l ^I'lf.] 
 
 I Mii.T iho Tramways .Vet, 1870 (3-3 .V 31 \ iit. c. TS), the Hoard of Trade can 
 I'lukc |ir(ivisii)iml orders in certain easc.i authoriziiii; the lonstrnction of tram- 
 \v:ivs. One of the rules of the Board provides that if tlie promoters require 
 iii.iirpiiiMtion, they must register themselves under the Coinpanii's .Vet, 1908, 
 and many companies have been re^fistercd under this rule. The rules can be 
 I rljialiici! from the publishers of this work, and forma of provisional orders will 
 l,e iimiid ill tlic rtciiedule lo the L'oiiiiriiiaUji'y .V, ti passod ,-ach year. -Vnd .sec 
 W lii4 Ur's Practice of Private Hills, 269. 
 
 Tramway undertakings can be sold with the sanction of the Board of Trade. 
 Soils. 13 and 44 of the .\ct of 1870.' Hartlepool Elertric Tramway Co. v. 
 »V.' Ilnrllepool Corp., 9 L. G. R. 1095. But it has now been held by the 
 
It I 
 
 5«« 
 
 Form 195. 
 
 MKMOKANIU OV ASSOCIATION. 
 
 rCJllAP. VI. 
 
 CiMiit of Appral, ov.Tnilinif a Hcrici of ili'ci«ioiiK, tliut a tramway coiiiiiiiny 
 
 I'Uiihur (Ipliifiitp its powiT of »ali' to it< ilol)iMiHiri' IioIcI.t<. Mn,-lr<H v, ,v /. 
 
 SInfforiluhin- Tr>im>';,u^ Co.. MHH5) 2 Ch. 3H. 
 
 And on tlic nann' pririiipir fliat an umlcrtukiiiir samtionol liy I'lirliainr^nl at 
 one of pul.lio utility must not he Intorforml with or di'ntroyml tlicrp i« no 
 power to appoint u niviier uiid iiiiUiujjiT. (/■ni/mu v. /.•iiiil„n, C/i'^iIu'ih t 
 flnfi; Co., 2 Ch. 2(t2, applii's. 
 
 Form 196. 
 
 (Jatiwoikx 
 company. 
 
 ^,ll lu-si-ii, if iii'icssaiii. uiif (>/ Foniin H.'> to W> (2p T<. maim- 
 failiiic, wU. aiiil siipiily li^rlil i" llit' t<>wii of , ami elHUwliorc iti 
 
 tlii> pnri.'^lio-i nf, ,*lf . ill llio wniiily of -, and to carry oii the 
 bii.<iiicss <if a <ra>«i)ik» cov in all its l.riiniiiCH. (.'ti To iloiil wiih. 
 iiiamifai'tiiic, nii<l iuikIit salciilili". toko, loal-tur. iiit<li, asplialtinii. 
 ainnioiiiatal li'|iioi , ami other n-.-iidiml piDdiicIs olilaiiipd iit the iiiaiiii- 
 fattiiio of o-a-. i4' To loiisliiul, niuJiiilattiiro, and maintain woiKs 
 for holdino-, rccciviiio:. and |iiiiifvino: pis. and all ullior liiiil(liii;:> au.l 
 workf, inoloi's. |iipcs. tilliiijis. iiiacliiiiciy, ainiaratiis, and appliaii'. - 
 coiivoiiioiil or noif.ssarv for llic puiiiosos of tlio rov. i 5 i To iiiaiiii- 
 facturo, liiiv. sell, let on liiro. and deal in, stoves, eiifrines, and otIiiT 
 apjiai'iiln.s and i(inveiiieiiie> wliicli iiii;v .swni calciilated, directly ir 
 indirectly, to proiiiote the (•oiiHiiinption of pus. 
 
 f.ldd gelrclUiii of loiiiinoii forwx, h'onns ".tT el xci/. 
 
 Form 197. 
 
 Exchaofre. 
 
 Tlio t!as and Water W ork-i l"a<ilitle.^ Act, 1S7;». enables tlir Hoard of Ti;!'!.' 
 eertaiii <aso.i to make provi.ci„iial onlerx. nntliorlzimr the eonstnietiou of :■ 
 and water works and the aeipiisition of land, \e. Dne of the rules of the I'.u.. 
 is -as in the ease of tramways, .««//,(, that if the promoters desire iii(iir|iui 
 tion, they must re^fister themselves under the I'ompanies .\et, lUOH, loiil ii i.. 
 siderahle nundier of companies lia\e heen formed in etunplianee witli this ni 
 Copies of tlie rule' ran l>e ohtaiued frooi the publishers of this work, and fur 
 of orders can he found in the whedule to the Confirmatory Arts pass,.cl .■ , 
 year. See, also, the Has and Water Works l''a.ilities Act, 1S7II. Anieudin 
 Act. lH7:i (:!(> \ 37 Viet. e. H'ti. as repeah'd hy S. I.. Key. .\c't. IHS2; .i 
 see RH k Sit Viet. e. .i.i, and (.> .V Hi Vic't. e. 242; also Michael and W 
 5th od. (19(11), and Keeson's Cut and Water, ed. 1UI)2. 
 
 It is now irenerally thou^'hl clc--ir.ilile to take powiTs to supply ■■''■''I'i'' li- 
 as well as c'aJ. See I'orm 1 t7. 
 
 I 1 i To provide, reoiilate. and niiiiiiiain a .suitable hiiildiiii;-. ruuiu, 
 
 or rooiiLs, for a - o.\cliaiige. in the cily of and willi a view 
 
 thto to outer into the a.^rrocnit, etc.. Form H.J •, to adjust eoutro- 
 versies l)et\yoon its iiieinhpis: to estahlish just and oquitaiiie jivin- 
 Lipk-.r ii! the trnde (linftr called the trade!: to maintain 
 
 unifonnitv in rules, rejrulations, and usage.s of tho trade; to adoi)t 
 8tandard^ of clasfiification in the trade; to ac(iuire, preserve, and 
 disseminate useful information connected with the trade tlirouoliout 
 all markets: to decrea-c the local ri.sks attendant upon the business. 
 
 .L 
 
F«»KM8. 
 
 667 
 
 ! „i",il, aii.l aii'fiiK'iil iIh- tii<iliti.'« \si(li «liiili il mii> l.o <vHi.liirt4Ml 
 
 \ ■• T„ (niiiiiiiiliiiuto with tliiiliilxM-H lit I <.iiiiii<'l<»> iilid Mlli.M mi'iriilililc 
 ,,",,1 |.ul>lir ImkIU'.h Ihrounlioul (lie w.iil.l. una .•oiuvit luid |.i(.iii..l.> 
 ni.^i'iMv. lor tlu' protpitioii of the triulo uml iM-rw.ii.-' fii^riijrod tlu'n>iii 
 .; T,. NiiliMiilx' <". iH'roiiH* u mciiilxT iil'. «iil)^i'li-<o, rtiid to-oporali' 
 Hitli, aiiv ciIImt iiMsdruilioii. wlivUii'i- iiicor|M>mtcHl or not, wIiom- 
 ,,|,i,., IS im< uIiok^'IIkt, or in |utrt. .similar to tiio,s«« of this loy, nuil I" 
 pPM lire from, ami tomiuiinifati' to. (tnv xmli asH.niation, .-iK li infor- 
 iM^iiinii ii.1 mav 111. likely to forHiinl the olij.Mtc of tlio so<-i<'ty. 
 .1,/// .tili-rlHi)l ill fiillUIKIII fnllllK, Fonil-s <t7 ft .«(»(J. 
 
 Form 197. 
 
 To o.-ilalill-li, maintain, and con.lmt a chili of a non-|ioliti(ul Form 198. 
 ,|i;iiaiU'r for the aiconiinodation of nicniherM of llio coy and lln'ir ^•^^^}, 
 Iiii'imIs, and to provide a ilulj-lion-c ami otlior conMMiicnci'H, und 
 yiiicraltv to atlord to moinlnTi and llicir frionilf* all tlu« u-^nal |irivi- 
 U'livs, adviinta're.s, convonieni*', an<l acMoniniodation of a tinli Adil 
 ii'U'ii-niT to an atirccnii-iit, if ihk sunri/. iw //* Fann H.'i. ' 
 Ailil si'lftlioii ')/ nmiHion (onus. Fnnii-i 07 ft '<i'q\ 
 
 \ 1 liil. iiin iiv t'Driiiiil as ;i roiii|niiij' liiiiitcil liy -hares (ir liy i;uaiaiiliM . Tin- 
 latii-i- I'.irm is tlm mi)n' I'liiivciiiiMit . 'IMir ii.M.-s-ai y ■ apital can l>c pnuiilcil "Ul 
 .if entrance fee- or liy way of luun. 
 
 Siitiicfinies a cluh i" fornicd on the fimtiiif; that the iiiemlicrs of the c(mi|i.iny 
 arc tn 1)0 the nK'inbpfs of tho clul>. a* in the aliove form, anil soinelinies on the 
 f.«itiii(r that the eoriipany sliull own the eliili hinise. und that the ijuli shall he 
 a separate nniniorporatcd association a ineinlierj'' ihili. In the past, one 
 re.i-im for niakin^f the cluli a separate association was, that the liceii!<inii' 
 (litli.nlty was thus avoided. See '.■,«// v. A'"-«. H <l I!. I). .37:!. in whidi it 
 was lield that a In,, in li'li- nnini-orporatcd nii'nihcrs' cliih was not iHiiinil !•> take 
 ciUt a licenee for the xale of intoxicatint; liiinors on the irround that I lie 
 lupiicliers were joint holders of the property, and that where a rneiiilier took and 
 paid for ^.'ooi' ho transaction wfts not a sale, us he was himself a part owner 
 uf tlie u'liods. (,n tho other hand, it was holil that a proprietary cluh rwiuired 
 a li.encc. //.."•„,., v. I'vnij S,ii,,,r, Cluh. (19(t3i 2 (i. II. I.'>»; S"lin,.;, S,,.„i- 
 ■„„, Cbih V. f'-v-f (1900), 48 W. U. IIH. Hut now, hy the Liconsini,' .\ct. VMl 
 cj Kdw. 7. c. :?"), I't. III. all cUihs in which intoxicatinff liipior is supplied to 
 (lie menilicrs or their sue .lavc to he rogintend umlcr the .\et. and there are 
 lieaw penalties for supply inir or keeping li<|uor in an unref;istereil cinli. And 
 hv set. -21, intoxicatiiifr liquor shall not be supplied in a iluh for cousuniptiou 
 elf the promises except t« a nioinher on tho promises, thus niodifyintr /<"■/'.» \. 
 It,i,„,tl, (1902) 1 K. H. i;60. Sect. 2H of the \ct provides for strikins; a clnU 
 off tho rosistor. See PhihlDiv 1l',„kiiifi Mrii'.y i'hili v. Um mil. (lOlO) I K. M. 
 jSi. Where a company owns a cluh house and tho (dub is a separate associa- 
 tiiiri. it is very eoninionly provided that no person shall lie a mendiiT of the club 
 unless he holds a shnrc in Uic eoi^ipaiiy, and that any |.nrsi-.i, ccasitiir to he :: 
 Mieniher of the com|iany shall cease to be a incmber of the (dub. The object 
 of this is to prevent diver(;euce of interest. '•Clubs" says Lord l.indlcy. in 
 »;.«c \. r,Tjirtiml Triiilrc Co.. (1903) .\. ('. I'. <'. I^it. US, "are associations 
 of a peculiar nature: they are societies, the members of which are perpetually 
 
I ' ^ 
 
 11 
 
 Ihl 
 
 *<IM 
 
 Form 198. 
 
 Form 199. 
 
 MKMOKANliA OK A.SSOC'IATH)N. [C'll.VI'. VI. 
 
 <li«inriri)r. Tln>y an- not |i,irtiirr»lii|i-. Tiny arc lint ii<«Miali"n» for niiiii. .i.iil 
 till- li'iituri' «lii<li ili.'liinfiii-'lii'i tlit'iii from olIiiT .liKiiMiiM \* that iio iiii'Milnr .n 
 .uiii lnToiiii'* liiililr to |>ay to llif fiiiiJ of tin- wNi.-ty or to uiiy..iii. >■]..■ ,,ny 
 money lu-yoml tli.' ^iih^cription ri-|iiiriil l>y tlic riil<'< of tlw iliili to liv pai.l -, 
 loii^ tt< lie rnniiin" n miml"'r. It i» ii|Hin thi« fiiiHlunicMtil coiulitioii. ii..fr 
 ii-ually ■•\|.ri-<c<l Imt undiT-t.Kxl l>y .•nryoi.o. tli.it iIiiIih arr fornn-il, aii.l tl,;« 
 
 (li.tiiipiiMiiiiir fiMluri- lian I' f>i'" jmli' iaily r itniziil." liut tin «■ ix- 
 
 loi-.-ion.. nlutf to iiK'niliir.' .liilii. not to .liili« fornncl a- .•om|mnii-, s. ,. 
 fiiitlirr. Kniy.lo|Ki(li» of ihf l.i"- of Knulanti. ■-•ml I'll. 
 
 Tip jdDxidc 11 ilul>-lii>iix< iiinl iiiluT iimvoiiiciircs till- tho iisc of i|i.. 
 uit'iiil>i'i> n| the iluli iKiw ill <cmi-i> ni loniniiii.n, an' I' imy 
 
 clul) > lalili~liiMl ill -.lud's-^inii (iifii'ld , iiinl I" I'uiiii-'h .mil iiiaiiit.iin 
 
 IIk' -lllIK', llllll tu pcllllil llu' -llllll' 1<1 Ih' U-t'll llV tllO llio'lil M ol '! 
 
 xl iliili ami llicii liicii.l-, citlicr ^Matililini-'lv. or upon awh Imiii^ a- 
 ^liall ln' a[;n'iMl i.'ii, and, if llioiiojit lit, to luaiiaot) tho alluirs cil llio 
 ilal>, or any ol llioni, ami ooiii'ially lo do wliatoviT iiia> .'«'Oin Ih-i 
 ciikulale-d lo inoinolc llio iiilen'-l^ ol itic « liil), ami in particular to 
 Ifnd imiiicy lo or Hul)M<liM> llu- cliili .!'/</. '/ iieccxsnrn. (•(■/,(./'.,■ 
 Ill siiiiw iifin'ritiiiil. <(.f (/' Fdiiii H."i. 
 
 .!(/(/ sc'-i IIdii iii loniniiiii innii--'. Finiiii '.i7 ('( xci/.] 
 
 Form 200. 
 
 Club 
 (poUticalj. 
 
 1 I ) To alloiil lo it-, inc'iiihor^ all llio ii-ual i.iiviioocs, advautugo-, 
 lonvt'iiicnn;'., and ai t Minniodalidii ol a .liil). ^lii To lake over llii' 
 l•(l(•(■l^ and lialiililio> of tli<> |iii'><'iil iiniinoriioralod asson, known .i- 
 tliP {.ilnnulj rinli. Hrfrr In itii iiijicrnieiit. if lu'ccnniin. 
 
 Form .S."(. ,;t) To pioiiioU' the laii^f ..f l,iliciali>iii . and lu piuxiijc 
 moans ,,( social init'iconisi! Ih'Ihccii per ons prol'cs.sin^ l.iltcial, 
 primipk's. ■ 4i To cuiisiik'r and disiii's all (p'cstioiis alloiliiio; ili" 
 intcivst-i of ili<> I'oiiiiniiniiy. or the alteration or a Iminislration of ilio 
 law. I .") I To nrociire tlu> di-livoiy of li'itincs on political and ciiii'i 
 sulijt'cts. itii To form and maiiilain a lilnary of tiolilical, liistniii al, 
 and other lileraturc in . i 7 ) To tfiidt'r voluntary aid lo lalx'ial, 
 
 landiilaU's in tho jiarliumonlarv. iniiniripal. ami other oleclioiis in 
 the liorotio^hs of and the counties of (8) To pelilion 
 
 I'avliament I'.M To purchase, hire, or olliorwiso anpiire, for the 
 j)ui (loses of the cluli. any real or jiorsonal ppty, and in particular iiii\ 
 lands. Iniildiiif^s. fiirnitiire. clul) and household elicits, utensils. 
 Ixxiks. iiewspaiK'rs. peiiodiuils. iiiiisiial instrnnionls, liltiiio^.s. appa- 
 ratus, appliances, convenieiicos, and accominodalioii, and, so far as llio 
 lav. or the licence of tho Hoard •>( Trade may from time to time 
 allow, to sell, deiniso, let, inortp;at;e. or dispose of the .same. (10) To 
 erect, mainlain. improve, or alter any Imildiiigs for the purposes of 
 the club. (Ill To liorrow or raise money liy tho issue of or upon 
 bonds, debentures, bills of exchanjre, promissory notes, or other 
 
KoltMS. 
 
 rtoa 
 
 .,l,lij,.„„,i .(•iiiiiiK'^ "I ilii- 1 lull. "I- l.v i>;.i^;<' '11 lUntiH' »< nil Form 900. 
 
 ..I .111. I'l "I ''"' l'l''.'> "' ''"' '■'"'' ' '-' '" ''"• '^' '• 
 \,!,l >,l,ilii)ii iii iiHiiiiniii ii)i iiiM, h'lii ii"- '.'7 (•/ «<i/ 
 
 III, il«.»r i« lukiii from ll iiiiiiiniiiiliiiii >it' .i l.ilMriil rliili which vi.if r<'){ii<- 
 
 I,.,, I li\ lii'i-ii"-'' "' ''"' l''"ir<< "f Triiih' ivilKmit llir «iril '■ liiiilii.l." Sr.' p. 1!>H. 
 
 Hill rh" lliwnl will ""' •"'« lii'ii-'- • IuIh I" cli.|i.ii-i' with the «<inl •' liiiiitiHl." 
 
 I I I'll >ii|i|Mirl itiiil |iiiii<i I till- c liaiiirH'i. -l,ilii>. .ijkI iiiliii'«l ol llii 
 i-.il |iii>U'.— ii II p'ii«'rallv,aiiil |>iiriiriilarlv ul xilmi |.iai li-iiiir wilhiii ^ 
 I iiiui! Iia\iiitr a iailiii.-< ol iwciilx -(Ivc miles liuiii llic ll iiililhall 
 ,l ill,. , In ,,| iJi To |>ioiiicii<' lioiiourulih' piui'iict', lo ii<|iiv.sft 
 
 Form 201. 
 
 w MH-icty. 
 
 ill l.i'liic. U) »'l 
 
 lie 
 
 s|iuti'il |i<iiiiH III pi'ai'ii 
 
 1 |iiiiti'.- 
 
 al 
 
 ir rollllr-\ 
 
 ami |o ili'uiilo 
 
 IM'II Ml .IIIIOII^Mt 
 
 ;; I To roiiMirloi' all i|ili'>lioii- allcrlint; ilic liilort'its ol lllO 
 I. am' to iiiiliaio ami waldi oxer. ami. if ii<'i<w>ai v, to |n'liiii 
 ili.iuK'iil or I'liiiiiolc (loimlaiiiiii.^ in icliitiou to ^ciii'ial inc.i^iiriM 
 
 i)lt'.-.-i"i 
 
 iioic.'.-iiiii. ami III |)ro(iiii 
 
 haii;.; 
 
 '(>» 111 law ol' jirartico, 
 
 i.i ill*' |iioiiiiilioii ul' iiii|iro\iMiii'iitH III llii' |iiiiii'i(ilo.s ai 
 
 (I ait 
 
 iiiuiislru- 
 
 llio 
 
 -1 iIh' law. (4) To ai c)iiii'0 I 
 libiarv HOW l»eloiijj;iii(j: lo il 
 
 "ill 
 
 I" 
 
 nil lia.-c. ilonalioii, or olli('i'\M.io, 
 
 I'ly ki 
 
 1 1: 
 
 ii> 
 
 Law 
 
 .SiriiU. ami to iiiaiiitaiii, i'\t I. ami iiii|iiii\t' .-airh lihraiv. i .> i lo 
 
 |,i,,vi,|r 1' ,1 ami ollior l'urilili<'> I'm' iIh' lioldiuy; ami comluiliiiy: of 
 
 -.ill'- ill pi>'v. iiio('tin<j:-i lit' cri'ililoi.s. arliiiiatioii mot'liiij;'', ami ollior 
 liKi' iiiallL'i.-*. Mil To aiiinirc l>y jiiirL-lia-i". taking; "ii loasc. or oilicr- 
 ui-i' i.iiiils ami liiiildiii^r". anil all oilifi |i|ilv.rt>al ami |K'rhoii!il, wliiili 
 ;hr Mi/iciv. for ilit' piirpo.-it's ilmf. may Irom liiiic lo tiiiit< think proper 
 ;u .iii|iiii<', ami wliirli may lawlnllv In' liclil li\ lln'iii, ami to n'-.-ii'll, 
 niiil»'i-li'a>t'. or suli-lrl, mii romlci'. mi ii in ariniiiil, or di^po-f of, mirti 
 iiiiM "I iiiiv pari lliiif, anil lo fieri upon any mhIi iaiiil aii\ IniiKlini;', 
 loi rill' piiipiiHcs of the society, ami In alloi oi add In any lniililin>j 
 cri'iU'il upon any .-an'li land, i 7 i To Innrow [&c. . i H i To cmonrafro 
 till' .«iiii|\ of law liy ariiilfil ilcrk- of >olor-i. and for ilial purpose tlio 
 ikmaliiiii on snili terms and roiiditioiis a^^ may from lime to time lie 
 pie-rrilieil. of a prize or prizes, or oilier lewnrds or distiniiions. 
 ,1.1 1 Til proinoto information on lej;al .sniijeit.s liy leitnres. discussions, 
 liii'ik.>. riiirespondeni'" with pnlilir liiHlies and imlividiials. or otlior- 
 wi.M' I 101 [Aild svh'rtHiii III ri>iiniii))i fiiniis. Fornix i>7 <■/ w/.J 
 
 'I'likiii fiiim a foiiii ri'ii'iilly |)as.iMl liy the lloiiril of Tiaih'. This form, with 
 -lii'lil variati'iii, lias also hccii adoptc I in tin' lasr of m): ii'tic^ of loial aciuunt iiits. 
 
 I. Tu proloel tlio moniher.s of the sorieiy a<_'ain.sf persons whoso Form 20 
 rliaracler or (■iiium.--tame.s render th(>m miwnrthy of mercantilo ffade 
 iieilil. and to faiilituto the pniinpuand i"imomiial realisation of tho protection. 
 
I 
 
 it 
 
 t 
 
 'I ' 
 
 \\ ■h, 
 11 '< 
 
 i 
 
 S7<» MKMOKANDA OF ASSOCIATION. [CtrAP. VI. 
 
 Form 202. osuilo- ol l)allk^u|)l^ and iK-ixinv iiiakiii<;- oi -cokiiii; m make ,ii lanyc- 
 iiii'iil.s 01 (oiiiiiiisitioiis witli llioir ii('(litoi> 
 
 '1. To (lillu.sc iiitciniialioii as lo souiul piiiw i|ilo.- ol tiiuliiii;-. and in 
 iiiil>io.ss ujiou till" iiiorcaiililo toiiiiuiiiiity tlio iioro-isiiy of inaiiiiaiiiini; 
 an iutiuialo kaoulodrri^ (d the stulo of tlieir allaiis liy |)oiii)dh ul 
 iiiv{'sli<;ations, and h\ kecpini;; coricit set.s »i liii^iii(>ss liook^ 
 
 ■'!. To |)i(Kiii(' iiifoniialioii for iiMMiilii'iv as \i> tlu" slandiiiLr and 
 ros|)onsiliilitv of pailio^ with ulioiii llii'v pioiiosc tn tiaiisail l)ii>iii('>~ 
 
 4. To <idlo( 
 milled. 
 
 t d(d]|.s 1(11 iiiciMlicr^ ii|ioii siuli tonus as may In' di-ici- 
 
 .). To L'ommiiiiiiatc uilli liiaiiilicis of ( fdiimi'fcc, and oiliOf monaii- 
 tilo and |iii)(iii- liodlcs ihioiifrliont ilio Iniiml Kinfrdom, mid coiiriMi 
 and [iroiiioto nipasni'fs foi' tlic pioicilinii and advanrcnionl of Inidi' 
 and tradoiM. 
 
 11. To ronsidci. iirioinalc. and siippoit iiapiiivi'iiicnts in llio r - 
 
 morcial laws. 
 
 7. To siiliscriho to. liocoiiK' a mciiilio" ol, and co-opoialo with aii\ 
 otlit')' as.s<iii. wiioihor iuioipoiatfd or not. wiioso ohjucl.s aio, 
 altOLTOther or in part, similai to ihosi> of this society, and to jiroiiiio 
 from anil comninnicato to any such asson such inforiiialion as iiiav 
 be likely to forward the olijects of this society 
 
 lAdJ "I'li'i'tinii til nmniioii junii". Funiis It" <'/ ■■^cq.^ 
 
 Taken fruiii a form wliii \i lia- I): cjl apprcivcil liy the Huanl of I'l-.-id i 
 
 several (tei-asions. 
 
 Form 203. 
 
 Chamber of 
 commerce. 
 
 (1) Ti> iiromiiic and proRMi the home, colonial and loieif:ii Uailc 
 and comiiit'KO, aii<l the maniifaciiires of the I'liited Kiiifrdom, and in 
 parti( iilai the trade, commerce, aii<l maim tact iiios of the [h'-onrrh' of 
 i2l To cnn.--idei all ipiestion- (ouneclcd with such trade, cdiii- 
 nieice, and maiiiifailiucs. i ;! I To prmiiote or oppose leoi>|aii\(' and 
 otliev measures allectinji ^iich trade, cdnimerce, and maniifactiire.-. 
 (4l To eolleit and ciriiilate staiislics. ami oilier inforiiiatii)ii. ridatiiia' 
 to sncii trade, commeree. and iiianiifacliiie.s. ( .") ) To act as ailiitrator 
 in t!ie settleinenl of dispute- arisiiitr out of commercial transactions. 
 (Ol To liorrnw any moneys leipiiicd for the piii|)o-e~ of llie cliamher 
 upon siich securities a- ma\ \<i' (h'lermiiied 
 
 [.•l(/d sricclioii (if riihniioii jmnix. l-'iii nil 97 li -sfq-j 
 Taken from a foriii [ni-scd iiy the Duanl uf Trade on several oeeaiioiis. 
 
FOKMS. 
 
 .■)71 
 
 '■pf- 
 
 1. To lake ovPi- llic whole oi' miv ot lliu a.sM'l.- and Ihil'ililic- ol' llir Form 204. 
 „i,i,iioii>onit('(l iLssoii known ;is tlif liiiildcrs Soiiciy, cslul>li.-li'!il ,5„i[,,,.„. 
 IS.il. and with a view thoioio In cnlcr into an iiKTConit, .Vc ii,-.|itiite. 
 
 .Form 8'>. ; 
 
 ■>. To lu-niaolo till' con.son and disciix-ion of nil (|n<'sii()ns alliH'liii^ 
 ilio buildihfr imdo (whicli (!x|)io.s.>.ion in this nienidmii indudi-s \U,- 
 inido or hiiihloivs and ol' iontiiuioi-,s for iho oxouulion of puhlir and 
 privaK' \vork.s, and all am iilaiT and allied trades, and e\orv hniinh of 
 aiiv .smh trade i. and <:oncrall.v to watih over and proieil the inten-ts 
 of pciso]!.- onjja'rcd in llie liuililiin^ traile. 
 
 ,!. To jrive tlu! I.e<>i.<latnre and pnhlie IxMlic.-^ and otlier.-* facililie- of 
 conforrincr with and a.sioi taininu- the slews of iior.sons cnya-ied in llie 
 luiildint; trade as retrard-^ matters direriiy or imliroctly allectini; that 
 trade. 
 
 1. To c. lifer «!tli the U.ival Insiiuile of lirilish Arihitect~. the 
 (i.niitv Connril.-. Local I'-oards. and any other piddic hodie^. in ici;.0(l 
 10 all matters alVeclin-i- the IniiMiii^^ trade. 
 
 5. To ori;^inate and [in. mote ini|iro\t' tits in the law, and to 
 
 Mipporl or oppose alteration- therein, and to elVert improvement.- in 
 ;i,iniinis!ration.an.l.fnr the pnrpn-e- af-d. lo p<Milion Parliament, and 
 lake smli other steps and pr <-ee linir.- a- niav hi' deemed e\pe(hent. 
 
 C. To dilfnse ainonj;- its momhers information mi all maiters allei l- 
 iiio- the ' nildiiifr trade, and to print. |mhlisli. i-ne. and cir.nlaie 
 .-Mch paper-. perioli(als. hooks, riivular-, and other literarv \indiM- 
 takin;;s as may seem condneive to any of these olijecis 
 
 7. To improve and elevate the techiiieal and -reneral knowled-e of 
 |er.-on.- etiiiaiied in. ..r alionl to en-a^ie in. the ImildinL-- trade, or in 
 anv employment, manual or otherwi.se. in eonneeti(m therewith, and 
 with a view thereto to provide for the delivery of leetnres ami the 
 hnldin;, of ela.s.se-. and to test iiy exandnalion or otherwise tin' com- 
 pclenre of .siieli per,s<ms. and to award certilieates and distinctimis. 
 and to instiime and oslahlish ,si holarships. ..r,„nls, rewards, and other 
 heiiefaclion.s. 
 
 8. To promote exceHeiicO in the (■oii.'<truetioii of bnildinn-. and just 
 and hcaiouralile prailiic in the condml of hiisiiu>s-. and to ^nppross 
 nialpraclice. 
 
 ;). To establish, form, and maintain a library and (ollertion of 
 models, desijrns, drawings, and other ariielos of interest in < onmvtioii 
 with the biiildiu<ir trade, 
 
 10, To arrani;-e and pn.mote the adoption of e.piitable forms ..( 
 lontracl;; ami other dornments used in the Imildinu'' trade, and to 
 eneouni;.'e the .settlement of disputes by arbitration, and to act u- or 
 nominate arbiliator.s and umpires on such term- and in su. h easi-s ns 
 may seem expedient, 
 
 11, To eucourapv the di.s. <uery of anil invoslipite and make known 
 the nature and inerilH of invention- whieh \ seem capable of be;np: 
 

 1 1 
 
 lilt! J 
 
 Form 204. 
 
 M 
 
 it l>V IK'VMHIS Cllllil'-'"' 
 
 KMOKANDA OF ASSOCIA IIOX. 
 
 llAr 
 
 VI. 
 
 .1 ill llio lull 
 
 liliiiH' trailo. iiiiil (o aiMHiirc any 
 
 |ial('iii.-* Ill 
 
 licMircs iclaiiiiiu' III iiiiv siicli iiiveiiiioii' 
 
 U.S.- llioC liv llio iiM 
 
 iiilii'is iif tho m-^liliil 
 
 Willi it Vll'W tl) till' 
 
 (> ami iillii'i'-i. ('illii'i' ;.'-ialiii- 
 
 Iijii.-h 111' u|iiiii '•II 
 
 iiili Icriii- ii-i may .-ci'iii ■■Niioclii'iit. 
 
 12. To c.-^talili^li. siili,si<liM>, inoiiioti'. r,,-,p|i 
 lici- 111', acl a-^ oi- apii 
 
 uiiiim, Ik'1111111' a lUtMii 
 (lcli»'ali'> I'lir. I'liiiriii. 
 
 1(1. or oilier" i-^ 
 or iiol iiu-oi'iioiatci 
 
 'lato with, ri'ioivc iiilo 
 lint liiHioi'-*, ajji'iits, (II 
 
 '^{\ ^upciiiili 
 
 11(1. loiKi iiioiunary a-sistaii^- 
 
 (> a^sisi aiiv 
 
 a^>oi laiioMs an 
 
 I iii.stilutioii-i. iiHoipoiat.' 
 
 Il 
 
 10 lll.sllll 
 
 l:;. To c.sialili- 
 
 l.willl olli(>rt-.llll>irOt 
 
 uc aii.l no^ liciii-- a n nli' union. 
 
 hi'ioi- in )il >imilar to lliosc. 
 
 h. undi'ilaki'. ^ii|iciiinciKi 
 
 1. ailiniiii-H-'i'i ''H'' ' "•' 
 
 ilaiU' lo aiiv cliariialilo or licncv "Ici 
 
 liind lioiii uliciicc ma 
 
 laili' ilonatioii.-- or ui 
 
 Ivaiii'O 10 ili'^i'i \ iii^i lii'i>oii- 
 
 wlio Miav iic oi na\i- 
 
 Imililiim- U'.i'lo. oi- ri.iinoiHMl Willi aii\ |i< 
 
 ;a!^i'il in lli« 'm 
 llicii'iii. anil to coniiiliiiu' 
 
 III or ollu'i\vi.-iO 
 
 u--i^t ,iin 
 
 iliaiilalili' oi l.encvolrnl iii.Miuilioii- or iiii 
 
 loilakiiiy:-^. 
 
 14. To nnilcrlalic ami cmm iiic any ini 
 
 .-I- whiili may .--oein lo ll 
 
 iii.stidili' iondiuivo to any i 
 
 I.", To pro 
 cmljeiN ol I 
 
 i(io laiililir 
 
 ,f i|< iilljcrt-. 
 
 s I'oi- ^oiial intui(oiir-c 
 
 bctwvcn till 
 
 lit' iii-iitiito and tlu'ir Iriciid-, ai 
 
 1(1. il lllOllo-llt 111. lo 
 
 allord llii'iu all or any 
 vcniom*'.-^, and a' loiiiiiioi 
 
 ot llll' I 
 
 Illation of a rlnli 
 
 i,-iial |iri\ilo;iv<. advantaL^'-*. (oii- 
 
 •son- .wlii'ih.'r ..|i-ilil>' or not oli'^ilili" lor 
 mcmlitn'' ol llio iu-tiliHo "" 
 
 |i;. To ailiiiil any |i( 
 inomboi'sliilii lo ho a-.-oii iio> or lioiioiaiy 
 Miili loriii^, and m lonlVr on llinn -n.li ri-l.l^ and ,ir.v>lo..vs a. nun 
 swill oxpodioiit. 
 
 17 To l.oriow am monov.^ r...,iiiivd lor the pur^o-os of iIh' 
 iiLstituto upon >mt. I.'.iii> and on .smli MM-iiritio^ as may l.o dolor- 
 
 mi nod. 
 
 18 Snlijort to the proviKioii> of <o,t. 1-J of tho Cos .Consolidation > 
 Alt 1-1II8 to iiuirhaso. tuko. Ica-o, oxoliau-o, hire, or otliorwisi^ ucpiir. 
 any real and porsonal p,.ty and any ri-hts or privileges necossary or 
 oonvoniont for tho vuriio.so. of tho instit.ilo To oonstruot, alter, ami 
 maintain any Imildin-M ro.piiivd for iho pin poses of tho iiistitulo. 
 
 19 To ..Main an Art of I'arliam.-nt for the di.s.solution of tho iiisti- 
 tuU> ami tho io-inror,mration of il.s inomK-rs for any of tlieso objo.ts, 
 and any otlicr Aot which may s(mmii londinive lo any of tlio^c objool^. 
 
 •'(I To .soil, iiiipiovo. maiia-o. develop, loaso, morl-a-o. disi.oso of, 
 turn lo an omit, or othorwi.se deal with all or any pt of tho ppty of the 
 insliliito 
 
 ■)1 To invest the niono\.< of the iiiMiluto not immediatoly roipiirod 
 npi.n .siieli .soomitiesoroihorvvise in Mi.h manner as may from lime to 
 time be detormiiiod. 
 
 •... T I do all .-mil other lawful iliiii;i> as are imidental or oon- 
 dn'-he to the attainniont of the above objo, t.s or any of them. 
 
I■OKM^ 
 
 |.,„u,|,mI llwl tli<'iii.-lilMU..>l..ll Mut >ui.lHm will, il.- llM..I-(.f iin|».~.' 
 .,„ ii..< im-MiliLTs Of i-ndciivoiu in inociiv ill.' „\<-<vv\.inr,' of i.m.\ 
 ',.-i,hili..n ^vllu•ll, il ">. oI.J.-h oI tlio iustiliil.v uomM uuiU.' it a 
 
 Form 204 
 
 tiailf uiiiou. 
 
 l'ii«M-<l l)y the liiianl of Tniile. 
 
 , 1 , To pioinolc coi.ini.'iT,.. lui.l in (Kiilirnl;.! in rclalion lo ih,' lonn 904a. 
 
 iii(l"»li\ . A fiiUiatiuu 
 
 , ., To <'iiiil.k' arsons loi- llir lime l'<'int. aii.l (n-.in lini<> to liuio ,.t tr.,<\r 
 
 „f''— niaiiiifa.-tm(.iH to ' H.'or ,o-o,K.iuto l.v hoconiin;.- iiioinl.ris -»'«>"- 
 
 ,„■ a.-sociaU's of tin' r..v. '.y thcm-olvo-^ or their iioiniii(M-<, aii.l 
 
 t,, act a^ tlio rppro .'iita i .nonlli|>io<o of siuli as^on<. 
 
 ,:l, To i,l(.inot(« tlir Ill of <liS"it<- l>v ooiuiliatiun ..i 
 
 Mibilialioii, aii<l to iis.iM ill tlic foiiiiulioii, dovi lopMU'iit. ami main- 
 
 i,.,iaii(i' of lioaiils of coiirilialioM iin.l arl. illation 
 
 .,,,,/ ,/„„„.. ;,. r,. .;. 7. IJ. l:i. 11. I'i. IT. !«• ^"- ^I- ^- "/ 
 
 rmw 2*n. 
 
 |';i<siil liy flii> liuard of Trailc. 
 
 ■i.i' f 
 
 , I , To a,.,,uir.' aiul laU- ov.r. >V. ruru. «:. Form 205. 
 
 i2) To carry on tlif- liiisincs- of -ioan iiiaiuilailnici- Si.aii iimnu- 
 
 ,•!, Tolmv.Koll. maiiiifa.lniv. ivlin.'. |.r.-|)an<, au.l lU-al in all kind- Im, t.nvi-. 
 „f oils and oloaiiinons ami .-aiionaci'oiK Milwlaii.os and all kiiid-< of 
 iiiiL''ni'iils and iiiirv(>(lioiii<. 
 
 I ti To rarrv vn \m^iiie-< a- |iliarniacviili<al, inaiinfaclurin.;-, an.l 
 ni.mMal ihonii.^t^ an.l dru-jii-t.^. aii.l niaiiufa.tiiivr< ..f an.l doal.'i-< in 
 all kiii.ls of t.iilpt n-.iiiiMlos an.l niaimfactiircM's .)f all kimN of l.ov.w 
 
 and fa.-os wholly of ,aid. w I. niolal ..r olhorui^'. and |.rinlpr.-;. 
 
 colonr iiriutor.s inihli-liois. stalioniM-. lan.llo inak.'r-^. niannfa. Iuivr> 
 ,.f p.'rfnni('s, collo. tor- of llow('r> an.l li«'i funu-|ir.i.ln. Iiiii M-'.'t'lalinii. 
 
 .1.^/ sch'ctiDH of roiiniKiii Iny s, h'i>niis W' ft "rtf. 
 
 , I 1 T.I «'iic.iura!.v l.'iii|M'rain <■ an.l io ,11-. onra.^v inloin|«Mani<', ami Form 206. 
 ttith a view tlito to a<li>|il all such im-a-iiics us inav mmmii I.) the I'.iy Pui.Uc.houw 
 .■\|)<'dioiit, whothor liiifti spciticd ..r n..t '""*• 
 
 .21 To mauafri' ami comlu.l piil.lii-h.nisc ami olh.M- li..<'ns«'<l 
 promistvs so Ihal'whil.'^l all ira^onaMo fa.'ilitios -hall 1»- -iv.Mi f.ir llio 
 l.uirliaiso .if ahM.holic .Irink-. .'.lual ..r -r(«alcr fu.ilili.- -hall liv -iv.'ii 
 
 he imr.jhu-so an.l coiisuniption of IoihI ami min-ul.olioli.' driiiko 
 
 tra.tivc form, and that tln'ic shall ln' 
 
 for the 1 
 
 of tlit> best (iiialilv in the most at 
 
 (Ilia 
 mj pressure, U'liiplalioii. .jr 
 
 liiii'iiH'iit lu |)Uivlia.-t.' ak'oholiu drinks, 
 
574 
 
 MKMOKA 
 
 NIIA «iF ASSOCIATION. [( 'lIAT. VI. 
 
 Form 206. 
 
 ill 
 
 Form 207. 
 
 rrotwtion 
 of coiitmoii 
 lights. 
 
 Form 208. 
 
 Musical 
 socii'ty. 
 
 iiiid iliiii it >liull Ik- ill till' iiili'U'-l i>l tlin-.t' .■iii|iluyoil 1o .-ell nou- 
 akiiliolif (liiiiUs ami food latliur liiaii alicliolic <lriiik.s. 
 
 (••(i To tany on llic liu.-iiiu'» of imlilii-liouso, lostaurant. inn, 
 MM'in, l)i'L"ilioii.-<o, linK'l, ivfii'slinuMit inuiii aiiil raiitocn kci'iKTs ami 
 lircn.-0(l viiliialU'is; ami to liii\, sell, niauiifaclurc and deal iii piuvi- 
 sicms ami crouds uf all kinds wliidi iiia.v U' lonvoiiiciilly ■ nppliod in 
 tuiinfcliun willi any of tlio .si lni-iiios>r~, and to o-italdixli and conduct 
 iliilis, reading-, writing', and ncw.-iiaix'r room.- and lil'ni lies. 
 
 ( l.n To niako ]irovi.-ion for the a|ijilicon of anv of llio prolits m- 
 a."ct^ .if I ho COY to anv cliaritald.', bcuovolont, iirovident or [tuhUc 
 |,nr|MM'> \vliat.-ioovor wliicli iiiav socin »'\i>0(liont, and whothor tlu' 
 Minic t^liall or shall not iio fondmivo to any of tlio aliove object*!. 
 
 [.1(W srh-clhm of •ji'nnid ohjerl.i, Forms 97 ef neq.] 
 
 To opiio-o and iv-i-l any prorooding- in I'ailiaiiionl or olsowluuL' 
 
 whiiii may «e«-'ui lalculatcd to doprivu the inhahitaiits of of 
 
 their aicnstoiuod rights over tlio opon spaio, known as tho 
 
 loiiimon, and to watih over ami iirotort those rights, &e. 
 
 Add select iun of loiiniioii foiiiis, Forms 97 el seq.l 
 
 To promote the study, pra.tiro ami knowledge of music in the town 
 
 of , and tho neighbourhood, and to give or arrange concerts and 
 
 musical entertainments, and to employ writers and toniposers, and to 
 purchase copyrights, and to give prizes and awai-ds, &c. 
 
 r.lfW selection of amniioii forms, Forms 97 et seq.] 
 
 Form 209. 
 
 MemuriHl 
 to poet. 
 
 To acquire the buildings and ground.s known as , formerly 
 
 belonging to the poet , and to iimintain and preserve tho .same, 
 
 and to collect and preserve memorials of the sd poet, and to open 
 the same for public inspection on such terms as may seem expedient, 
 and to promote the study of the works of tho sd poet, loth at homo 
 and abroad, &c. 
 
 Add setectimi of eommun forms. Forms 97 et seq] 
 
 -L 
 
K<>KM.>^ 
 
 CAIMTAI. t LAI >i;S 
 
 
 lie mill 1 
 
 iiiiH' <<i lilt' mi'Mii'i.iiidiiii 
 
 111 .I--.0. la'.i'iii 11 
 
 iiiipaiiy H,,|iiirinuiits 
 
 lii„ilcil liv >liait'- luu-l -pi 
 rthirh the coiiiiiariv pniiio-c 
 
 Hill 111 llic lapilal willi 
 
 of the Ai't. 
 
 lie if"i-li'ri'il, ili\ iili'' 
 
 into >.|iari's n 
 
 .1 I CI lain 
 
 -,'«i , 
 
 lixcd aiiiomil. 
 
 )l tin 
 
 il till- 
 
 Act til' l.Si)2, ami Fnini 7!». .■■iijui 
 
 iploto ti<H'<l(Hii a- li> il> laidtal 
 
 >f I'.MIS, 1( 
 
 j), mil 
 
 It 
 
 Til- Act 
 a (uiii|iaii.v cciinploto IkhmKhu a- u> ii> laiuiai ii iiiiiv I'c li\<'il 
 .,1 .1 liiuli tilJ:""' <>i' I" a low OIK', al. .-ay. 1/. liiviilvii iiil'> -MH .-hai<'- 
 ,,r l(/ oacli, or al, wiy. I(l,(mil,0lt0/. ilividuil into 1/. -liaivs; if tlioii>;lil 
 expedient. Ilie claii-u can <livi(l<' llic -hare- into dilloiciil cla-m's. 
 wlictlicf |iiL't'oni'd, ordinary, tlclciied. Joiindcis". oi' ollici ui-(>; Imt, 
 ,.\cii ulicH' llicie is no -Mcli ilivi-ioii in llic -liaiv (.ijiilal. il is 
 
 , iiMuiiiaiv to iiKividc llRTciii I'or the i-i I -liaios uilli iiiclcicnlial 
 
 o the 
 
 >r 
 
 special lijihl- allachcd. Tlii- practice owod it- cri^in 1 
 
 d.iiil.l- iocca-ioiie<l liy the ileri-ioii in lliithni v. Simlniioiiuli Clif 
 ( ,, I ISd.'i I. 2 l)e li . .1 . A S. (i72 i « liellier. in tlio al)-eiii-<' of ipiatify- 
 iii- uoid-, the iiieiiiorandiiiii did id h.\ iiiiplicalion place all -hare- 
 un III eipialily. and thereloic jirecliide lli(> i—iie of j.relerence ■ hare-. 
 Hill llniilsoii \. Mc.rlnni llnil. To. I'.l Kip :l.-.H. and ,So»//i Ihirlwtii 
 lin iri'iij Co.. ;!l <'. I'. ^I'l i' -^ '■ II''"''' '" ' '"' I' I'l''' ''i'"* iiiip'iiation 
 c.f <'.pialitv could lie controlled liy apt (novi-ioii- in tlio nriu:iiial 
 aitirle- of a-oiiation, and the Court of Apjie.il in Ainhfirx v. (iax 
 Mdcr ti>-. lIK'.lTl 1 Cli. •'i'il. in <'tl<'i'l "lecided that there was really 
 iin -ueh inipliiation of oipiali'' ari-in^r on the nieniorandiini. Hence. 
 ihe word- are no loni^'or nece— aiy; lliev are a .-iirvival only from 
 pa-t conlrover-ie-, and are in-orled merely to |)recludt' discussion. 
 
 Hc-ides these word-, il will Im; seen that others are added to the 
 cllc t that whoro share- are is-iied with any preferential or ipialilied 
 riuhts ur privileues attached thereto, -iich riirlit.- -hall not lie alter- 
 ai'le otherwise than in aecordanco with the provi-ions of the acconi- 
 paiivine- articles of a-so.iation. The ol.jeci of lh<-e words i- to 
 i'oililv the po.-ition of shIi sliare- hy pi-eclndiii'^' the alteration of 
 the rifrhls altached to a il.i-- withoii' the con-eni <d' the Imlders of 
 a -pecitiod majority of lie moiiihers of the class. This protective 
 provi-o is coininoiily deemed oxpedient haxiii;;- re^Mrd to Ihe deci- 
 sion- in Anil If lis v. (liis Mclir Co., i 1HH7 i 1 Ch. :!(;!: and Allrii 
 V. <ii>l<l Iti'cfs of lies/ Africa, .s/(/;r<(, that proler<'ntial and other 
 special rights attached oidy hy the articles niav he altered liy special 
 rc-nhiiiun. !^ee .s«;/r(i, p. IBlt. 
 
 W here it is intended at once to di\ide the initial .ajiilal iiilo two 
 or inoro tlas.-es of shares, it is fronerally de-irahle to elTect the 
 ilivi-ion iu the inciiiorandiini, and to sot out ihoieiii the rij^hts and 
 privileges and eoiiditions to lie-uttuchod. e.;/.. as in Form 1210. At 
 one time there was a iiiiestion whether, where rights and priviU'ge. 
 
 P^^>\i^iuIl t.tr 
 
 i>.suc iti pre- 
 ference h!)Hre»i. 
 
 Protccticii 
 au^iiiHt 
 
 llltClMtiDU , 
 
 ]>refereiitial 
 riL'hts. 
 
 AVlicu I" 
 -jieeifv pre- 
 fiiiiitiul ami 
 -peciul ri^til- 
 ill iiicia<i- 
 r.in'luin. 
 
 im 
 
 t .'• 
 
MKMOKAXDA OF ASSOCIA llUN. 
 
 ('llAf. VI. 
 
 «fi-<! alliiclu"! ill llii^ Uii\ I'v iIk' iiiciiioiaiiiliini. il Wii-^ iilluwalilc ii 
 nmko lln'ii'iii |)ro\i-i<iii Tor iilH-iiiii;- ilm-i' liulit^ il iicrM-inii nin^r 
 
 (ho suiiHt'^'iii 
 
 r. 1). ."JTd. thai lln' -(11 
 
 IHMII';- 1)11 IIH' MIltll'TIIV 
 
 ..1,1. 
 
 mill V 
 
 Wills 
 
 riliiiiiimi iii lljr ilulil- in tiic iiioiiluriiiniiiiii 
 
 (U' 111. 
 
 'Ill a ("ii'lil lull. ,111 
 
 iiii.u'.t'ia 
 
 III.' I 
 
 \ -<' 
 
 \. \1 (il 1 
 
 A. 
 
 II ol tlu' A( 
 
 l'i.«,r til 
 iiioilit'y riiflil^ 
 in:iy 1" 
 rt'Mervcil. 
 
 Ill I'.MlHi. 
 
 C'liiil 111 A|i|..al 
 ST 'I'lii'ic I he . ,i|pi 
 
 Ai^hbunj \ . 
 
 H'af>'Ou 
 
 diftiu^riii-lRcl. 
 
 Preference 
 Hharei!. 
 
 liiaiU 
 
 1)1' IWtii2 I imu rcpla> I'il liv >rri 
 
 Tiii-* iiii|iiiilaiil i|iir-:inii iMiiii' lictiiic till 
 \\rl.-.h,irh liirilinli'.-ri'ill Ci.-- (■> . > I'lHl 1 CI 
 
 \\a<. Iiv I hi' iiiciiiniaiiilii I a"n,ialinii.ili\lilivl iiilu >f\cMl ria-i- -I' 
 
 sliaii'-. "itii ^I'l'^ial ii;ilil^ ailaili. ■! llicrcl'i. a- in l'"oriii :il."i. /;'//.(. 
 lint iho inoiiioraiiiluni ^wliitli wa-- -fltloil liy lln; wiiloii aU,i i.ia- 
 lained oxpios |i(i\vei- lu iiiDililv tliM-o li^^lit-. Sec |iara<;ra|ili t I . n| 
 tlio fonii Ciiiiiiii^'aiiK- having aii>on wliicli i-ciitloiod il di'-iial.li' 
 to oxcivi.c :hi^ |i(i\v<t hT Munliliraiinn, it was (iiiidci- tlio luh in' •.! 
 the wiilcri 'xoii i-i'il in imhihm i i.m with a ii'ilii.'i imi nl' c-apilal. an'l 
 liio ('(inil uus lln'ii a-Ui'd I'l >aiirlii.ii mh li lO'lii'lion. iJiuklcv, .1.. 
 
 held tin' pmvcr in have lii'on validly i'\i'ivi-iMl ami simli. i lii<' 
 
 lodniiinii. anil llii' Couil ol' A|iii(mI alliiincd llii- ili'.i-.i.iii. hoMin.^ 
 thai ill" power to iiiodifv \\a- valid, ami ihal Aslihnrii \. 11 ,i/vo-' 
 ..iqiiii. was dis|inj;iiif<hablc on iho ^loiind that tht'ic the )i-lil> «im' 
 
 uiicoiidilionallv allarhcd liy tin' iiii'iiioiainliiiii. wherca- I In' pi.'- 
 
 ill the ineiiioiaiidnniol' the Welslia. h ( iniipanv of the power m iiin,lii\ 
 showed thai the iiiieiilinii v\a~ to aliadi the riirh's londiiioiially. :i..i 
 umoiidiliiiiuillv. and that sei-l . Il' o| the Ail ol' IHdl' ..seel. 7 of liir 
 Act of I'.IDMidid iiol iiiaUe Ml' Il liirhis iiiialleialilc. The dillii iil:ir~ 
 discussed in the lasi edilion Inii om' of this uoik were thus icmovrd 
 Brielly then, where the initial capital i-, liv the iiieinoianilniii. f lie 
 divided iiilo .-eveial i la~-e- uf .-hate-, il is de-iialde. as a inlr. m' 
 insert iherein ponei li\ refeience to the iUticlos or otheivvi-e i.. 
 niodily tho.se riohts. whelhei there is a likeliiiood ol' \ J share capilil 
 lieino consolidated or eipialised or not. But if it is couleniplalid 
 that it niav lie de.-iralile liefoie Ion;;- to uhio^ale alloo-ether the ili-- 
 linclioii heivveeu the cla.ssos and lo iinil.v them, il i.- he-t to elle' 
 tlio division into cLlssos by the articles, with power lo iiiodifv or deal 
 with the .same clause .'ill. itijni. p. <1H"|]. in which ca-e. if lliev aic 
 altered .so as to unify the clasMcs. ihere will he nothins' in the nioiii"- 
 randuni to call atK-niion to the oriy-inal division. 
 
 Il liii<> the capital clanse. where there are to ho several chis-o- 
 
 of siuues. the followiiit;- points, a- well a- tho»e above rel'ei reil to. 
 iinist bo borne in niind; 
 
 I ,|.^- ill I'lfjfnnir Sluircn. 
 
 {iO Arc tliov to confer a riyht m a cuniniaiivi' dividend. '.«'.. .i 
 dividend whiih. if the proliis nf oi\e year are not sufhinenl t.. 
 \K\\ il. will aicnninlale as a cjuirge against Rubsequent 
 
FUlJMs, 
 
 
 iirutit«<: or ai<' tlu\v Kp lie ii(ui-( immiiitivc, i.e.. jKiviil)lf mn 
 to each yciti "nlv il' itinl -n Ihi- ii.^ llii' pif>lit.-i nf llial \fnr 
 .-ulliw 'f 
 
 I'iiim fiicie wlicre tlic iLiii.-i' ik'liiiiiifi llit' pwltueutiiil lighl.- 
 ;1,.' Irtiv.i thai tho proforeiicp sliaio^ aii" (o 1>p oiititled t') a itiffcvpntinl 
 ,ll\i.l(Mi(l at a. Kpotiiicd laic i>i.'i ■iMit . tlic (livi.h'iid is (aiiiinlativc 
 S.,' Ilctiri/ V. The (iieul Soilhe,,! ' «.. I Di- li. iV •) . tioti; Wcbh v 
 /•;,(;/■■, 20 Ei(. i>r)G; b'.'i fur tin.' Ik'HoIII of tlio lay iiiiiid the word 
 , muulative '' Is soim'tinit'^ iii.-ciii'd in llic ili'liriitinii iif li};lil>. I'.ii.. 
 a IjuhI cumulative prcrciciitial dividend, itiv Tliis pieveiiLs tiii\ 
 
 uiisiako. 
 
 It the dividend Is to Iw iKiu-cuaiululivi', the clause nuisl lie cai.- 
 fiillv framed acoordiugly, e.g., it should cay that "the proforeiiK' 
 >li;u<s are to confer tho right Lo re>,oive out of the profits of each year 
 :i |.ioiorciilial dividend for smh year' at the spocifu'd i -to per cent,. 
 (II ;li<' delluiliun may dei Ian' that the profits of earji year availahh> 
 |..i .lividond are to lie appliol lirft In the payment of a dividend for 
 .~iii 11 \oar on the prefeience >han'> at the spi'cirio<l rate, and liial tiu> 
 Miipliis shall be appliiabli- to dividcinl en the otlinr shares. All that 
 i.- lie. o.^-aiy is that it should appear wiih siifllcicnt clearness that the 
 liicKMCMlial dividend for each year is to come out of the profits of lliat 
 |i;iili -iilar year oidv. If ihis iuieiiui'ii is plain, ihe ('ourt will jrive 
 die ! lo it even though imperfectly expre.s,sed. Staples v. Knsinnni 
 riiuln.iniphic Materhds Co.. ' WM\) 2 Oh. W.i: lie Tai/lor'.i 7V».s7.s-. 
 I r.tii.-, 1 Ch. 7.'t4. In addition to a fixed preferential dividend, pr<'- 
 tcien <• shares are sometiLues rtiven ihi" riirht to participate in surplii-- 
 
 pi'dlit.^. 
 
 CllTnuJiitlri 
 dividend 
 
 X.m- 
 
 t uiitulatit* 
 
 ilivtilnul 
 
 Sif I'urtlicr, i/ifii'. p. S14. 
 
 TIk.-c ri^;hl.s as to dividend are only some of the special rights and 
 privilc^res commonly attache*! to preference sharen. 
 
 Se<' furtliiT, oifrii, pp. 814 -S19 t" .«•</. 
 
 Tlie right of a preferoiue shareholder is prima facie conlined to a ?J°^P'|'^(""' 
 preferential dividend. Unless oiherwise provided he is not entitled unless 
 to iiave his Ciipital on a winding-up paid oil in priority to the other provid..; 
 shareholders i />o«rf/>n hidin Rubber Co., '> £({. 519); hut jTcferential 
 lights as to capital may l>e and often are attach 'd. Thou the clause 
 .■Miiii»>tiuies runs tliai the preference shareholders are to be entitled, 
 not only to a preferential dividend, but to priority as regards ca|)ital 
 ill fiic wimling-up. If ao, the capiuil paid Uj>on the preferi-iii-<> shiivj-s 
 ill accoi'daiK* with tho clause must, in winding-up, be jiaid "If out of 
 the surpliK? assets before the ordinary shareholder can got anything. 
 
ih 
 
 57H MKMORANUA OK AHSOCIATION. [ClIAP. VI. 
 
 Sk«o U„n,ior, ,tr. Cn.. 20 Kq .V.t. Tli.> ..i.liimrv nhan-lioKUMs j,n< iIhti 
 to Ih' piiid "II. aii.l mi.v kuii.Iiis iiMiiiiiiiiiiu- i-* .lisliilmliil.lo y<( „».i 
 /,/,;,• aiiionj; nil lli<< iii.'inlM'r.- in in-..|,ni li.m (" ilioii Hliaics. lt;,,h 
 \. Cropiii'r. II App. Va.-*. .'>2'i. 
 
 Hut vorv lomiiK.iily the prt'loiomc .■^lmi.-li..l.lei-s uro pio.liulf.l Ikjiii 
 slu.iiuir ;ii --ii'l' surplus, a.iri in mmIi ' ;i-<-' tlio lurllioi- .piPstioun 
 ai'iso — 
 
 I>| Aio Iho proft'KMicr sliui.v- \i> I'liilVr ihi- right to paitioipatr in 
 .surplus pri.tits. ,■ ,/ . Mltcr a liUc .lixidoml in ouch yoar hi- 
 liccii iiaiil on llic or<linar\ ^harl•s? 
 (1-1 Aro tiioy to confor llic ri-lil in u windinf^-up to prioritx In 
 
 return of <'a])ital? 
 i.n Are thev in a winding-up to c.iilor a right to parlicipate in th.- 
 Mirphi.'* utter paying oil the «hcde of the paid-uj) .upital- 
 le) Are thev to lla^.■ any .--piMial voting right.s or none' 
 
 Si'c thi'M- (jUi-itiiiiis t'uitliiT ri.ri-'iili'ii'd. o-^". |i. HI 4. 
 
 •2 As lo Foinitli'is' Shurci. 
 
 (a; Ale they to eonfer a right lo a percentage of the divi.sil.l,' 
 prolitis of each year or of the suri)lus prolilf after ]iaviiig 
 .-.pecitied divi(h>nds on the other Kharos? 
 
 ibi What righiri are lliey to confer in a. winding-ui)? 
 
 (c) Are they to confer anv .special voting rights? 
 
 Spc furtlior ,i- tn rhis^i-' nS -hari',, i,|i. H]-> .1 ».'/.. /'/'". 
 
 Form 210. 
 
 < umulntive 
 1 .ref frencc 
 
 > If 
 
 V' r-. 
 
 The .ajiilal i> 4oil.(l()(i/.. diviiici into 20,0i)0 preference .shares of 
 lOZ. eadi, aiKl liO.OOO nr.liiiary shares of Ml each: and such pre- 
 ference .shares shall confer the right \<> u lix.'d cunuilativc preferential 
 dividend at the rate of o p.c.p.a. on the capiUvl for the time l.ein- 
 ImI up thereon, and .«liull rank as regiirds return of capital iu prioritv 
 to the ordinary shams hut shall not confer the right to any furlher 
 participation ii prolils or assets . And upon any inc.vase of capital 
 the coy is to lie at libertv to issue any new shares with any pre- 
 ferential, deferred. .|"Hlilied. or special right.H, |.rivilcges or condition> 
 
 attached thereto. The rights for the time being attached to the 
 pretVr<>nce .shai-es in the initial capital or t.* any shai-cs having pn- 
 fereutial, .leferr.-d. ,pmli(ied, or spe.-iul rights, privileges or conditions 
 attached thereto, may 1k> altered or dealt witli in accordance will. 
 .■lau.se ■ .)tt «)f the acconi])anying arts of asson, hut not otherwise.] 
 
 In framing; su.l. a ci.-iusr it must bf considered whether the di.idcnd is or N 
 not to !,.> cumulative (sec .v/<r«. p. 576), and whether in a wnulinfT-np th,- 
 prrfrrcirc sh.iros urc to .oiifcr a ri-ht to participate in surplus assets aftfr 
 ,,»vii,.' off the whole of the pi.id-up .•apltal. I'rhwi <,uie they are entitled so to 
 
KOItMS. 
 
 .'.79 
 
 14 A. r,. bii. Form 210. 
 
 |,arlui|iiltr. /In>' V. <.', "/-/ir,-. /tf H,ii/il"„l,, \oi-i,int,i„i 
 
 If il ls<lc>irisl tliut llii'V kIioiiIiI "d luirtiiiiiati-. uiiiit tlii' wcmls in lirttiki-l<, wliiili 
 
 .niiiiniinr •■ l"it ^luill ""» '"iir.'i-." Si'i' fiirlliiT. -)-//", I'.iriiK '.'U anil '.Ml. 
 
 :iml II HIJ. 
 
 It MvuiN lliHl iiiiiliT iiirli 11 iluuBi' jiri'-|>n'r<Ti;ii(i' slium iiiiKl't !«■ rrcati^l upiiii 
 aiiv iiiiria-i' "f i«|>itul. r,nlf;„:„„l v. /.'.,/./-» M m>r ll„ll. (I!K)I) i Cli. .109; 
 h',IJ„i,I' l„r(ii,il-*ir„l (lii» l.i'jht i'',.. (1901) I Cli. N7. If (U-ircil, it lan 
 1,1- aitiri'il lpy aJilinir " Imt nut m> as ti> prcjiidiro tin) prrfiTciitial riKlitu liiTi'liy 
 ;itiiiiliiil In till' |iri rrrrnir «liarci in thr initial lapital." 
 
 SuiiiiliiiH« after tin' wiinl " tlicniin " tlin woriln fullowinn aii' inncrti'il: "and 
 tliv iltflit in 'III' I'vi'nt iif a winilinit-np for tlie purpoMi- of rLMimslrurtiiMi or 
 jiiialifaniatiiin to a lionn- uf | l.> | pi'r rriit. im their nuininal valne." In sncli 
 ,;i.i' in-iert liei'iii-e the wuriN "in priority" the worils "and tliu said iKmns." 
 
 \- til till' nieaniiiL' uf reroiistnntiiin or ainalKaiiiatioii. aei> i/i/n', Chaptcru 
 \\l iMiil Wn.anil II , III \. s„„il, .Ifrirai, S,,/,,,/,/, ,(,-. r,.., (KMIIi 2 Ch. 2(18. 
 
 Tin' iIl'Ih^ iiinl |iiivili'^<'.- Iicioliy iitlarlwKl |4) llic m1 j ii<' I'd io 1100 Form i211. 
 shall- ami ini'lciml mdiiiun shiUfs may Ix" altcioil uf ilciill willi an i.,,^.^.,,,, nlttr 
 iimmii|> caili rhi-<s liv ail ajirct'iii n writiiijj iiiailc liy simu) iiu'iiihcr of without 
 
 ,1 Ia>. I. II lii'lialf iif till" cUk.s uii.l ratilU'il l.y tin- imlilur- »( at li'ust [he^rtich'" 
 
 l«ci-lhiiil'^ lit tin' •■liaic- 1)1' the ila-i-, liiil nut uiIh'Iu i-i<v 
 
 Tlic lijilitt* lib\ atlat-lu'ii t^i tlio pR'tereiico [uud I'oiiuilors j shares Form 211a. 
 
 11 .-|il\ may bo altoiiil liy ^|H.'iiul ix'.soliitioii i)a>isoil with (lie ajipioval p„wer to 
 
 111 wiitiii- uf the liuldi'is uf Iwii-tliiril-i uf the i>siii'il -iiaivs of -lah »"«>■• 
 I l,i-<, lait iini iillicrwiso. 
 
 S.e alio parau'iujili (f) iif Kiirni •Jl.i. whieh was held valid, and fn/'iii, p. 180 
 II •/■.liiirU li'f'MirHivut Cii., (1904) 1 Ch. 87), and may jr^nerally be adojitod. 
 due jiirson liiildini,' all the preferenee shiiriH iiiuy for this piir])Ose loiistituto 
 u in.itinL'. /.'"' V. /(-■»/. " H,nt/„,'. I.lil., (1911) 1 Ch. I<i3. 
 
 The lapita; i.-s I , iliviilfd into - iirefori'int? sliaics of i' Form 212. 
 
 oai h, and - or<linaiy wiiarex of II- - oat'li. Tlio sd picfcronco N„u.cuniu!a- 
 
 shaii'^ shall loiilVi' on the holder tiu- lioflit to he |id .lut of the pionts tive prefer. 
 ol lai II yi'ar a fixed dividend tor .'<uili year at tlie lale ol .) p.c.p.a. on 
 ilic lapilal for the time being pd up thereon, and sinli shares hhall ■ 
 i.iiili. At., as above in Form 210. 
 
 Aii'tlier mode of expressing this ia to say, " the right to a Hxed preferential 
 iliiiiliiid at the rate of h per lent. i>cr annum on the capital paid up thereon, 
 "HI h .lis iileiid to he paid, as rejfards eaeh year, out of the profits of suili year 
 uiilv. " 
 
 I" 
 
 I hi lupital of llic toy is 100,000^., divided into 12J,<)00 preferjuce Form 213. 
 aii'.s of lO.s. each, and 75,000 ordinary shares of 10s. each. The sd i>r,Jlrmii 
 iKO shares hIiuII be eiitld t 
 
 pd 
 
 pron 
 
 II', ill priority to all other dividends, a fixed dividend for tliat year 
 
 dividend and 
 to paitiiipate 
 
 ai ilu- rate of 8 p.c.p.a. on the capital paid up thereon, and shall be p»'< pa^u 
 
 lu Burpliu. 
 
J • 
 
 .",H(I 
 
 Form 213. 
 
 MKMOKANhA OF ASSOCIAIIOX. 
 
 CHAI-. VI. 
 
 ontitlfti to iiaitiiiput*-. pari pa»»ii with tl..- oidimuv «lmiw ju ih, 
 surphm piotit*. of oatli wnii- wl.i.li -li.iH loiuui.i iiflor |.ay.i>K tho lixtcl 
 ilividoiiU alH.i f'li «ucli vour on tl.c *1 piol«it)iu« .tharu., und a lik.' 
 dividend lor such vour on the- cui)ital pd up on tlio ordinal) Mmk.. 
 and Hucl. pi<.l..ivnu> Hl,uro« slmll 1^ ontld in u windiug-iip to Iium; Ui.,. 
 capital pd up tlicitJon l(. U) p<l olJ- in piioritv Ui tlio olJioi r^liart* 
 Uivid.-.id^ niu 1.- l"l inra-l. "il.v il,.' .li-liil.ulinn ol sp.Til|c u-.-t. 
 Tho riKlit-. v- 
 
 Form 214. 
 
 Prefervure 
 nliarcs fi.xud 
 'lividcnil and 
 naif Hurpliix 
 liriitil". 
 
 Subjod a.-^ lium piuNidi'd Ihv liirl.l- f.-llowiM- ^hall l)i) ulta. li,,| i,, 
 the prefcrCMci' mIuiixis afsd: 
 
 , 1 . The iM.ldiM.s ul tlio .Ml pieteroiico -liams >lu»ll l)e c-nlld to a li\. .1 
 .iimulativo i.iulonMitial dividend nt the ralo of 7 p c.p.a oi, 
 tho capital tor tlio time l.elnK pd up on the sd protcrpii-, 
 «hai.'.- rc^pl^, and to half iho surplus prohts, which in 
 ro«pcct of t-ai'h year it shall fr,,in limo to lime hodct-nuiM..! 
 t,, di.stril.uti', ivinainin<r uftor payin- or providing- for tin 
 pavnienl of a divid.Mul fi.r «u.h year at tho rato of 10 p.c p.M 
 on llu' rapilal for (li.' tiin.' hcini. \n\ up on tli • u^■A\\^^^^ 
 hharos. 
 ,21 Tho hohh-rs ot llio s<l pivforoiict^ shur,- shall in a win(lin--up 
 have priori! V as to roturii of capiuil and payiiiout olf ot 
 arrears of tho said i>n'ftMvnlial dividoiid whether doclan ,1 or 
 not up lo the cominciicoinent of the windin;,^-up] over all 
 ,,lher shares in ihe capital fur the time beiufr of (he coy, l,ul 
 shall not have any further right to participate in profit- or 
 assets. 
 CM Tho rights hhv attached to tho .sd piofei-once shares may lie 
 modmo*! in lucordaii.-c with olaus.- - of the arronipatiyia<. 
 art.>4 of asson, but not otherwise, and that clau.so and als(, 
 clauses — and — of tiio sd artichis shall bo doeniod I., bi 
 incorporafod hoioiii and have e(loi( at cordingly. 
 
 Form 216. 
 
 PrefLrtiicc 
 shares. 
 
 The rights folluwiiiy shall b«! attached to tho shares afsd Mc, se 
 subject as hnftr provided, that is to say:— 
 
 (a) The .sd preference shares shall confer the right to a lixed cumu- 
 lative proferenlial dividend at the ralo of .-. p.c.p.a. on the 
 capital for tho lime being paid u|) tberoon resply, and shall 
 rank both as regards such divideml ana as to capital in 
 priority to all other shares iu the original capital, but bhall 
 no! confer any further right to participate in protil- oi 
 assets. 
 Subject as af.sd. tho oidinaiv shares shall walor on the holders 
 the rio-ht to a fixed cumulative dividend at the v.ite nl 
 
 (b) 
 
ntHMs 
 
 .'»81 
 
 7 III' p II (lu tlu> i'u|iital loi' tlu> liiii<> Ix'inu |i>l up llicu'oii Form 2)5. 
 icplv. and !<luill milk Imili n-^ ifuiinN ■<iii ti ili\ iilitiul ami 
 ax lo ciipitttl next iilU'i iIk' «il picli'iciiK' -iluiK"-. 
 
 (( I Siilijecl Oct utNil, I lie 'il iliilui ml ^Iiuii'm NJiiill <'i>iii'<>i ihc i i^lit to 
 a lixod i.iiniultitiv<' ili\iil<'iiil al llm ralo i>< 7 ji.c p.a. on the 
 I'lipilul l'i)i- tho tinu> Ix'init pd up lli<nt)oii i<'<tplv. t>nd Mliall 
 rank bolU ax icgaiiU ^inji di\id<>iid ami liipilal iioxt alter 
 lliw ordinuiv .x|iui<!~ 
 
 ^dj Siilijet't ux a|x<|, any pmliiN uliirli il iiia\ al aii\ liin4> liu (lflt«<r- 
 iniiii'd lu iti^li iliiitc aimiii^-l tlit; iikmiiIx'i^, and in ti windiug;- 
 iip aiiv Miipliix a^xOlN, ulltM' t'CpaviiKtnl nl' lapilal, nUuII hu 
 divided a-> I" um'-liiill IkHwckii llii' liiildc's nl llit- nidinary 
 xluiK'^ alsd in piDporlion to lliu nrdinaiy slianix )a>ld by 
 ihi'iii irxplv, and ax in ihit otin>i' hull' ainoii):' llii< Inildoi'H 
 ipj' llic dol'oriod siiaii'x af^d in picipoiilnii ti, IJic di'tVncd 
 xliarox |i(dd liy llioin juxply. 
 
 .t'j Any xjiuu', iNxiiod ax I'lillv [laid pnixiiaiii in llio a^'iiH'int lo- 
 li'irwl lo in (iailM- ;> nt tin- iui oiiipanyiiiy ait« nl axsnii t-liall 
 Inr iIk' puipowt'x ol' di\i<lund U* tivalcil ax liaviiiy lioi'ii 
 pd lip at tlio datt' of tlic imniporatiim nl' tin' <<>y. 
 
 it) Tin' litflilx tor tin' linw Iniin^' atlailiod In llu' xd M'\t'ial ihix-i'x 
 nt siiaicx it'xph may l><; iimdiiiud oi' iIimIi w illi in llio iiianiipr 
 Miontd ill ilaiix«> ."ili nl' ilni ace oiiipanyiiij>- iiitx ni ax.xnn, but 
 lint nlli<!i\vix4', and lliiil claiixo and alxn I'lailxox l.'>7 and ISO 
 • ■I' llic -d ailx sliiill l.i' di'»nii('d In lit" im m pnialcil InToiii and 
 liavc I'llt'il aiinidinniy 
 
 I pnii liny ill! rt'u.xo ol lapitiil, &i-. 
 
 I'll.- aliuvr ix ilio fiinii iw<l in tlir U,Ui,„,l, I ,„.i„.'..i:„: r,,,,,,,.!,,^, i (904) 
 I 111. ST. and ri'fi'iri'H to hIhim'. \>. IHO. 
 
 Tlif nipilal of tin' cny ix .'•OD.ODO/.. divided iiiio .■|(I.O(M) .xhaiO!) ol' Form 216. 
 In/, ciiiii. lo be cnnvoi'tod ax and \vln>n pd up into fipial nioiotiiw of Prcfomil iiml 
 i)i('t<M It'll .xtoik and dolVnvd xiork, tlio urel'oni'il xioi'k In boar a drfeni'd 
 fixed iniiiiilalivp piol'ciiMitial dividend at tin' rate of li p.c.p.a., and 
 ix 111 rank, bolli ax lojrards dividend and inpilai. in priority to tlie 
 oiilinarv stnck. 
 
 The capital of the coy is 22,0()0i., dividud into 20,000 ordinary Form 217. 
 
 shnros of \l. each, and 2,000 B shares of 1/. oarh. ami cath of tho ,, " ' 
 
 8(1 H shares shall confer on tho holder tlio riKht to rank tor divulead con" -riiiK 
 
 and in a distribution of iix.sots in a wiudiuH:-up and lor voting pur- "l*-'^ 
 j_».i.s at' if it were five 'mlinary «hareJ of )/ ejteli fully \u\ up in 
 the company's capital. 
 
 O-lltH 
 
 Siimvtiini- ii vendor iiisteiitl i>f tiikln^ ii mii!"" of piipcr iiipitiil tnkix It iliari-s 
 ac iiliovp. 
 
 "-'.•Tr?«iK- T.'sfr.^rr -TsmBLM:.- 
 
5»-.i 
 
 Form 218. 
 
 MIMiiKA 
 
 NIIA t>K AXSOCIATION. 
 
 ClIAI- 
 
 VI. 
 
 Tln« ciiiiiml »i III'- 
 lu/., «Im'I l'."t.H(io 
 
 >\ 1^ J 
 
 •• oil / . ilix idtMl ill'" JOII.OIMt ~ll;ll.'~ .,f 
 
 .luill 
 
 illt'il ..i.liiiiux -liiiK" 
 
 ,iml 2iHi ii<i I 
 
 H 
 
 )/ , «ll"l I-.''.""" -'••• ,■, , . 11 1 
 
 „„„;,,,„,,1 1 ... HOI. ,i.,l..MM" a..> t., 1... .iiIUmI I'M....I.-.- ^lm.vv ,.,„l 
 a,.„ ,o itoi I... l.ol'U.r. Ilu.f .a.oal.l.v aii'l ... ,....|.'.r,....i 
 
 Ill" 
 
 all) III I'll ii'i "" '"" ■■"■■■- ■ 1 .1 I 
 
 r,.,..i«.. '1. -iH. 1-- •'-•- '•••'•' '-^ ''""" '"^'''^ ""■ '"^''" 
 
 ,,, Tlu« risrii. ti. 1ml. Ill" >u.|.l'>- l""'i'^ '" "":;■"> ".' '•",'' " '^ 
 ,,l,i,.l, .|,„|| i..Mi,.i.i alin I'MviiiK <•'• pn.v.'ln.K "•■ "'" I — 
 ,„o...'m. "!■>..■ I. |.."tit-"t'"livi'l<-"< ""•»;'•';-"• -I' 
 
 vou. ,,, ,l,...aH. '.Ml' 1..- !-'••-' '''^'''M''';! I"' "'";""'" 
 ;„,,i,.a.v .l„.n.-.Mi.'l'.t-.'liwil.M.'M..lli<«.l'.^o -iliw.,, 
 
 ,„ M.ili III.- ■ ""• .•N"-«'li..^' till- «l ml<" '" '"">•'«• -1'^" I-' 
 „. ,.nv imllu-r >lian's. wi..>ll.«r i.. Hi" '.-V-nui oi ;u,v n,- 
 ,,o.mmI ,..,.IimI li..|-.mllo.- i-ii'"l. "'"• '•"*'' ■""'^'"^ ""'' 
 ,.,,ni«i.... l'.vn-<'ivoa-n.ay MHMi..vx|.."li"i.l 
 
 ,.., Tho li'.'l.i ... "iM-l'alf "!■ aM> IK.it "'• '1'" '■-'■•;'• '' ^"~'' ■" 
 
 ■ ,|,o ,„ (l.-f, «l.i'h il .....> at anv li.M" l- '1' n,iM'..l u, 
 
 ,li\i.|c aiiK'.i'A ill*' iin'iiil'd- . . . , , 
 
 ,.,, ,.nl,o..,.v,-l.alln>,i.,i,i. after ,mM..tr..nt..» V 1' "1 
 
 ,1,,. ,.,|.„,, ,.a,.ilal. i...l..'l..i;:- ll'a" l"l -'1' "-' '•'•• " 1''^ 
 
 slmrp<. 
 A,,v ..I III.' >liai'- ii. Ill- -"I'll"' '.li«'i'"l '.'• i..".i'a>..il. i'ia> l'« 
 
 but so Ilia. .1.0 ri^l..^ 1.1.V .U,U'l.c.'l .'. .1- f.."...U'- ..U.-.W >MI 
 „ b iuf.i...-l. l.ivi.l-...ls ...ay U, p'l III .a.l. o. by .1..- .t.M. lUi- 
 
 tlio <ov. 
 
 Form 219. 
 
 Anollior. 
 
 ii m h 
 
 • lit 
 
 Tl„. li'.l.l.M. .1. llu- l.....i'i.-s- ,l,a...> >l.all 1.0 .-nlia .al-aM^ '• 
 
 ,,o.n..„ .'. 111.' t".M.'UM> >lian.^ l.'-M I'.v tl.ou. v.-.|.lx -n to ., ,. ■ ■ 
 
 bo ,ro(i,.~ whii h in oa.l. voa. il Miall I,, .le.cnnii I" .l-n - ' 
 
 .Jof.livi.l..|,.l.a..,l.l..li..,..'-.<-f'''-'-n.l:--'-;'^^'^^^^^^^^^^ 
 ,,;i,.b. i,, ,. «,,i.lii..-iM.-<liall .--..n aiu., ,.,.vn,, '.tnl.'.^^ M 
 
 ,bo,Hl-..,i.apiial. i.i'lmliiiuM.M P'l ,.,. -m H." tuu-i'l'-^ >1.'"^ 
 
 hler.. On th- ori.er l.a.cl, if dividends o.i a !-.'• -» ' »- ^^^.^ . ' , 
 fo„„d.r.- slK.r..., 111.- ...I".- -h.r..l.i,ld.-r, .omm-nly ......pla.,. thn' th,. f..iii -1. 
 
 ^'Lu. ...a. ...'■ din., t... ,i.>d.ay favon. t.ieni, and '^^^;^^^^;'^Ji:Z 
 
 rrir.-: :r;:'::;::::;r:t;":;r^T;;. "i.;:;!;;:: ™n. • • • 
 
 uhari'liol'lii* ].(..K"~ »ii.n ..ii),iii 
 
1 UKMs. 
 
 ft^H 
 
 iirui . Atc"'i I"' ""' ''.V K'i>iiiif ••> 111" hiilclir- iif 111" foiiiiilir*' •.lian'*. ii» in ttv fonu 819 
 nl,„u- I'oiiii. ■" li*'"' ilil""! ■'li'T'' '" ''"■ ITiitit" wlih li it ■•liall I." il.liTmiiiiMl ti. 
 ,li-iiiliHli-. iiiiil lint ini-nOy in elir -ciriilii- |ipi.«ts tln'iiixi'lM" 
 
 W hcri' tlio i-«|ir<'-«iun " »iir|'lii« • 'l<" i' "■"•'I it i- mic-ary t.i nial>.' ii 
 iliMi ulii'tlifr »iir|ilii» aftor puyintf li ■ >t« kihI lii-liiiitiiM i< nic.int, or ••iirplu- 
 
 gtli r iMiyiiiK' <li 111' '""' linl'ilitii- iinil |iuill-ll|i iii|.it ;il. !/•■ I'r.il;.-!; Unhl M, , 
 
 1... W. \. \\Wi) 1711; ll"»>'' ». sh,:I„,i.. 1. 1, 1., iptlli I n,. :i(l. 
 
 Til,, tjiiiiiiil ol ihu fu> i» .Mii.ouo/., ili^iiloil iiiin -XlWM i iiiiiiilaii\i- Form 230 
 
 |,irl.'l.'li.i' f;|mll!> of .">/ iMi ll tl't I" 111'- IMClrlviillul |),l>M10lll ..1 M^„„^,„„.„, 
 
 Ji\i(|i'ii<l i>ml ifliiiii ol' capilal. mniiil in lln' uiIj< uf ai^nii ii';;iNt4'ic(l ,l,un. 
 licH'willi. 1111(1 'IXh.WM (,r(liii:ii.\ sliitif.> tiiiil "i (It)il iuaiia(.'i'iiionl kIuuc- 
 ,i| 1/ curll, wllicll lll.limgf'lliclll hIiuics llIO In ((iiil'ci lill llli- llnlilcl^ 
 llii.l. liiU'al'lv "iitl in prtiixjilioii lo llio uiiiiilioi of Huih Khan ■* liolil \<\ 
 tl.iMu i«.s|)ly, llif litiliiH I'ollnttiun. timi is Id ria\ 
 
 I tlic lij^'lit (o lialf lilt' lunlits <ii otluT iiioiit'Vf'il lliuc -''I" 
 
 I'ni (liviilciul «liifli ii -liall liniii liiiif lo lime lio (Icli'liuiiu'il lo 
 iliwtiiliulo, uiul wliirli •"iiiill Hiiiain in cacli yoar afh-i- ]iayiiig 
 01 iirovijinjj tor llic |ia_\ iikmiI out ol' Mirli |ii'ofil.'4 or otht-i 
 iiioiicjH i^ul of a cuiiiiilalixo lud'croiilial dividend at tlie rale 
 of 
 
 |i.c |i.a. on llif r.i|iilal \\A ii|i on lli<" wd |iit'k' 
 
 !<'.>: ( ll I of a diviiit'iii 
 
 i I HI 
 
 roiiro 
 
 I h whaic 111 till' lalP ol 
 
 7 iio-ii a. on Iho cujiilal \v\ ii|i on llic mI oidiniuy sliaii» 
 U) of lilt' ii'muiiofiilioii |itiyalil<' in ilioiliit'clor- foi- llial yi'.i 
 
 under lh(> ropriilatioiis of llir 
 
 IV I'or'lhc lime lieiiiu:; iiiid 
 
 III) of a dividend for wiiili yeiir iil ninh rate < no! exi eedinji 
 ILcpa.) iu« nui\ 1m' allaclied louiiy fimlier sharis ulielher 
 11 llie orifiinui or any in^rea^ed ia|iiuil lierciifior i-<sued. 
 
 ll'- The lifflit lo oiic-tuilf of llie "Uililii.-" ii^.iet^ 
 
 tliich 
 
 ill the Willi! 
 
 iii^-iili of llie coy A\\\\\ remain a 
 llie eoyV |id-ii|i ('apilal 
 
 fler |iaviiitr oil the whole of 
 
 1 The eaiiilal of the i oy i.- t' . di\ideil iiiio |iieloieiH:e Form 221. 
 
 hli.tie.xif 1 each, iimiia^reiueii! -hare> of i each, and Preferrinf 
 
 oiiliiuiry sliarcn of £' — each, with power to divide the f-harOM in any und nimiBjfr 
 iiureasod caiiittti into .ieverul ola.i«e.s, and |o attach thereto re-pively ">"'» -'""■••- 
 am ijieforential, qualified, special or deferred ri;rlits. privile^i- oi 
 I'liidirionH. 
 
 .' The (sd maiiugcnicnt .^lKire> .-hall i outer on the holdc- for the 
 time heing thof respively the lifihl to the miimi^enient of the Im.^ine-.- 
 and the control of the coy. ami thev alone re..ipiveK shall he lapiililo 
 111 lieing directors of tlie coy. 
 
 :'. Save as (irovided by ci i^e of liie ac(i.iiiiiaiiMii« .»r(.- o! 
 
 ii.>.-oii in regard to iLe prefei-ini.' shuie> afsd. the shares in the capital 
 for the lime being, other tlian the inaiuii." "tout shiiros, shall iioi 
 confer on the holders the righ' ' '«. - ■'' '" persuu ui 
 
-584 
 
 MEMORANDA OK ASSOCIATION. [ChAP. VI. 
 
 
 Form 221. by l)roxv, at any BonemI .nwtino;, .,r «. luivo notice of sucli nioolniir, 
 or to lia'v.' any voice iii the munageinonl ot the business or rontiol „i 
 the coy or to interfere in «uch niuna^fniPiit or control, or to inspci 
 1 1,0 account books un<l document^ of the coy (except us by law oml.l i. 
 ai..l Mich holders shall be bound by the accounts from time to um,,. 
 fuini.-hod by the .iiredors and pasHcl al a jreneral meelin-. 
 
 \ The sd preference shares .sjuill conlVr the ri^ht to a fixed c.mum- 
 lulive prolerential dividend at the rale ot p.e.p.a. on the capn.l 
 
 lor the time bei.i- pd thereo,. ves,M..tively. and shall have prolcr,..,,,. 
 as to divi.lend an.l rapilul over the sd jnana-ement shares and I,.. 
 onliuurx shares, and all other share- n. ih.^ ca|Ulal for the time bon^ 
 „f the .■o,^ . but shall not confer any further ri-ht to participate i„ tl„. 
 
 lu-olits or assets. 
 
 .-, The rights an.l j.rivil.-es bby atlache.1 to the inana-cmi„i 
 
 shares shall not be altered; they are fu.i<lamontal. The riRhts 
 
 ..rivile-es attached to the sd preference shares, and to any sha.... 
 hereafter created with prefere.ilial or special rights attached the,,.,.,. 
 ,l>Hll not be alterable otherwise than pursuant tu the provisions .:„„- 
 f.ined ii. clause - or of the ,.r, onipanyinpr art.s of asson. win. 1. 
 
 ,.|auses shall a« rofrards such shares be .leemed to l>o incori.oraid 
 lierein. 
 
 Form 221a. 
 
 Lif<! gover- 
 nor'!' share. 
 
 1 The capital of the coy is i divided into - - shares. One 
 
 of these shares, namelv, that fur which A. B. subscribas tJio memd..,,,. 
 .shall be numbered 1, an.l shall, whilst hel.l by him, bo callo.l tl,. 
 fiife Governor's share. 
 
 •' The Life Governor's .share, wbiUl ilie sd \. H. holds such s|, 
 
 and also al least p.- . of the issued capital for the time hem. ..| 
 
 the .oy. .shall cuifer on the hol.lc the riu■lu^ and privileges foliowMir, 
 that is to say: — 
 
 , „ , Th.' right to - p.c. of the surplus profit;^ of the coy of ca. I, 
 year whi. h shall remain after a divi<lend for such year at ilic 
 rate of l'» pc. .shall luive been pd on the other shares in tlic 
 capital. . 
 
 ,b, The right to p..-. of the surplus assets of the co^ .vine, 
 shall in a winding-up remain after puymonf oilof the vvlolc 
 of the pd-up capital 
 ,,.| The right at anv time by >ioti.e in writing to the coy to lake 
 „llic«. xs a diit'.L.r and to hold .such olfico as long as he 
 ,ho.K^es, and at anv lime by noti.-e in writing to the coy In 
 irsi-'ii, and at anv lime to take oltice again as afsd. 
 (dl The light from time t» time and at any time by notuv m 
 writing to the cov to appoint any other iKjrsons to :-.■ 
 directors of the cov, an.l by notic« in writing to the c.v 
 to remove anv director .« i^anl.^l, but so that not moiv 
 
KOKMS. 
 
 ;>«r, 
 
 :; I 
 
 ,IJI\ 1)1 
 
 M. llui 
 be illt( 
 tliof. 
 
 iliiiM four directors hIkiII ut iiiiy (iiiw \<e in ollico l>y virtue of Form 221a. 
 
 -iicli appointniont. 
 The ri;;lil at «'vor.v jiOiuMiil iiuHMius to uuo-lliird of the \oUw iu 
 
 tlie ro>, tlial if* to SUV, tooiu- voto ii> a^aiii.-( ovorv two votos 
 
 wiiforrwl l)v nil the ntlit-r oiitstiiiKliiiy; slmu's for the tiim- 
 
 bfiiig iu the capital of the coy. 
 I'iif li-lit wlu'thor the holder is or is uot a director Iu attend 
 
 and vote either in (lersoii or liy i)ro.\y at all inectiujis of tho 
 
 diieitors of the coy, and to liave duo notice of all such 
 
 iiicelinjis, l)ul any proxy innsi lie ap|pointe<l by writing 
 
 iin<ler tlie hand of the appointor. 
 Tlie rijiht when such share (ea-.e> to be held b\ the -d \. 15. to 
 
 rank an nn ordinary share, 
 ■pun aiiv increase of capital any new :~hares may l)e issued with 
 iclorcntiul or siwcial right- «r conditions attached thereto, but 
 
 the ri-jhts atta(he<l to tho Life (.iovoinor's shaie shall not 
 icd oi inoilitied without the consent in wrltiuj,- of the holder 
 
 1. The holders .,f the ordinary shares lor the time bein^ issued 
 shall be exclusively entld to participate iu tho ))rolit« of the coy 
 until the dividends actually declaie<l on the l>.">t(,00(i ordinary shiires 
 fonaiiif^ the lirsl issue shall in the a<if;re>rate amount to a -nin cipial 
 to the ca)iital pd up thereon, and thnt whether such dividends are pd 
 or .-ati.'-fied or to be jmI or satisfied in cash or other assetw,an<l whether 
 at the tiiue when such event hapi)ens the whole or part only of the 
 oKlinary shares shall have boon is-ued, and whether the whole or only 
 part of the amount thof sha:' have been lalled or pd tip. 
 
 •2 After the happeniiiff of the event afsd and from thenceforth 
 the (irolils „{ the cov, which it ><hall fr<nu time to lime Ix-. determined 
 to (liMribnte, shall U> applied as to oue-half in payintf illvidends on 
 the sliares other than the deterred shares af^l. and as to tho other 
 half ill paying <livideuds <iu the deferred shares indI y/((.ss». 
 
 :l. In case of a winding-up of the coy liefore the happening of the 
 event :if.sd. Ihe as-els available for distribution among the members 
 shall be applied, liist, in paying olJ the cai>ilal i«l up on tho .-.hares 
 nilier than the deferred slmies af>d; secondly, in pacing to the 
 holders of the first issue of 2.')0,()lU) ordinary shares afsd siich a sutn 
 as, with the dividends then already |h1 thei'eon, shall be eipial to a 
 dividend of 21(0 p.c. on the capital |id up thereon at the coiumeiicc- 
 inent of llie winding-up: and, thirdlv. the balance i if any i shall Im 
 ilivided, as to uiie-half among the holders of the shartw other than 
 ilic delciied shares af.sd. rateably in proportion to the number held, 
 and :us to tho other half among the hohlers of the defcrrofl sharos 
 atsd raicablv in pru|iortion io the luitnlier liehl. 
 
 4. In vtwu of a winding-up of the coy after the hap|H'iiing ol the 
 '•vi'iii afsil, the a.sset.s af^d shall be divido<l as t'l one-half among 
 
 Form 222. 
 
 Ordiniu')' and 
 (leferrud: t.i' 
 former takiiiK 
 all profits till 
 100 jwr (*iit. 
 pnid. 
 
1 i 5 
 
 
 1^ 
 
 
 586 
 
 Form I 
 
 MKMOKANKA OK ASSOCIATION. [ChAP. VI. 
 
 tho holders ..I tho .4iuio. otlioi- tl.uii llic dolened «tiaiOH ritoubl.v in 
 nioportion to thf nii.ulH'i- lu'ld, and tl.c otiior half Hliall l« divul.-d 
 Hiuourr tho hol.loiH C.I the dotVrwl shariw lateahly in proportion to iIm- 
 luiinbcr held. 
 
 .i Tho .lofcrrod «huiv^ ats,l ^hull al>o fouler o.i the lioldn- 
 rateal.lv in projK.rtion to the nnmhev of the deferred shares hoM U 
 them respectivelv the ri-ht to sul.s«rilK. for at pur and take up <..,.- 
 half of tlic shares in the capital not suLscribed in the n.eu.dnn. m 
 a^snu which it Hluill fn M. tiuu« to tiiuo be deteruiiue<l to issmo, and 
 ..ach holder of the d.dVrre.1 share or shares afsd shall in the niann.M 
 provide<l in the arts of ussou W -iveu uotiu> of everv su.h dete. rnina- 
 tiou, and shall have not le.s than lourteon <lavs witlnu vvluch lo 
 subscribe for hi'* proportion or lossauiouul. 
 
 (i The deferre.l shares afs.l shall ronter on the hol.lors pn-scnt in 
 person or bv proxv at auv jreuen.l n.eetinfrof the coy the n<rht lu ,,. 
 luauv votes' as the' n.nnber of vote, conferred by all t.l.e other shur... 
 lor the titne bc-iuo- issuo.1, and emb lud.ler of deferr.nl shares aKi 
 present in person or by proxy at any such n.ectin- shall be entld to 
 Mich proportion of the votes conferred by the deferred shares colUv- 
 tivoly .i^ tho nun.ber ol his delerre<l slunx-s bears to the full nt.mbor ol 
 the deferretl shares. 
 
 : Tho shares in the initial capital of tlie coy not subscribed fur m 
 this nuMudun. of asson and a..y share- created by increase of .iapUal 
 may be divided into several classes, and nuiy bo >ssucd w,th any 
 preferential, special or .p.alilied rifrhts, privile^^es and .ondmons 
 attache<l the,^.t.,, b-.t so that tho rights hby attached to the dotorre-l 
 shares shall not bo alt(>re.| nv infrin.jr<l except as above inent-1. 
 
 !■; i 
 
 Form 223. 
 
 Ordinary and 
 founders'. 
 
 Form 
 ▲nothrr, 
 
 The capital of the c-oy is i , divided into otxlHiury share- o 
 
 £ each and founders' shares of t each, and there shall 
 
 be attached to the s.1 ordinarv shares and founders' shares re-ply the 
 rights, privilej.'es, an.l con<litions in that Indialf s,^ified i.. the ac on.- 
 panyinjr arts of asson 
 
 Tl... ulH-vc .lau-c i» franuHl sn „- t,. ...cutiou tl.c tw,. .•1,.,-ch in tl.c m,n..,r,M,. 
 .lu..., ..ad th..^ to Hccur.. tl.cir ,K,.iti..,.. »«■ /V/,„, v. /»;o,,.-.7/'''". «-'''■ "•■ 
 15 T. L. K. 180. a..a ."/-"• P- -^J^^- »"♦• "' '•'""^'■' ♦''">' *"■"' '" ' ' 
 
 .|i.ttlifvimf pn.vMi.iis in tlip arti<lc«. 
 
 Kach of the 20(1 foundo.-' sha.e- -hall M.nler on the bolder tho right 
 to one two-hund.x.dlh pa.l .1 .-. p.c uf >i,c proHts which it .shall fa 
 time to time be determined to distribute, an.l in a wiu.liuK-up to ti.e 
 same fraction of r, p.c. on the surplu- assets remain.uK after paying 
 off the pd-up capital of the coy . 
 
KOKMrt. 
 
 587 
 
 The holders ot the Iouii<I«im >lmies sluill. in losiiect thof, be collw- form 224. 
 
 lively entld to as juauv votes us the lioldors ..f all the other shares Sp,.„i„, ,.„ti„^ 
 
 lor the time boinf> issued shall 1)0 eiitld to in respect of such other power to 
 
 shares, and each of the fouu.lors- shares .shall enter on the holder a ^°iX»' 
 
 liiieable proportion of s\icli vntes. share*. 
 
 Founders' Shares. 
 
 hVundPi-^" aliar™ arc far fi-oin l..ini.' a luw iiiv.-iiti..ii. As a|>pPiirs from tli.- 
 Hr^t edition of tl.if. work, pul)li«licd in 1«"7, tli<-y wore thrn well known, and to 
 the writer's knowled(t<' iom|iaiiie^ with founders' shllre^< wiTe rejiintered umler 
 ij.e Aet of 1802 as early a-x tin- year IN":!, i'ouiiders' shares are ifenerall; f.w 
 ill number and of small nominal value. I'hi.s. with a eapital of huiidieii~ of 
 :l,ousands of [.oumU, or perhaps millions, the foniidei<' simi. • may he only 200 
 „f 10/. eaeh or of 1/. each. l''ounders' shares in' (,'enerally (•reate<l for and 
 ,,|,propriate<l to the rerounei-ation of the founder- or promtrters of the uompany, 
 tlmy undertakinj; to pay the preliiiiin.iiy expens,-* and (.'ii.irantee the plaeiiiif of 
 iho shares which are to he ottered for puhlie snhseriptloii or part thereof. Hut 
 ,Ma.-ioiially the vendor stipulati'^ that a- part of the eoiisul.'riition for the .<ile 
 to the loiupany of his mine, business, loni e^sion, or other property, he shall have 
 foinc ■■ 'ers" shares; and sometimes the founilers" shares arc offered as a bait 
 ,.. r» for the ordinary .share- that is to say, the prospe<'tus states that 
 
 , . , 100/, of ordinary shares sulisi rilied the sulwcrilicr will be entitled 
 
 .!; an uUotnient of one founders' share; or the subseril>ers to the memo 
 
 I, e aUowcil eaeh to subsiribc fnr erne founders' share for every .'i.COO'. 
 
 .1 .. i- shares subserilMsl for by them iispectively. 
 
 One reason why founilers' shares Inne from time to time found fa\our, is the 
 phenomenal prices to which the founders' shares in si-veral well-known com- 
 panies liave risen. In some cases 0)1. fimndeis' shares have risen to 5,000/., 
 a.WVI. and lO.OOtI/. eaeh. aial a risi> to 20(1'.. 30v.;., or ,500/. has been con- 
 sidered (|uite di.sappointintf. .\iiother reason for the more extensive adoption 
 of founders' shares was the dciision of Kay. .1., in Foi'ii- KInlric Arc-n'ihtni- 
 I „.. 40 ('. IJiv. 141, \ovenilM-r. inHH. to the effect that n company iimM not 
 legally pay eianmissioii for placins; its capital, a decision now rendi red obsolet*- 
 by sect. S9 ot the Companies ,\,t. MtOS, I'rior to this decision it w;is eominon 
 cnnuirli for a company to pay a UKMlerute eimimission to those who underwrote or 
 iigreisl to place its capital, but that decision rendered it doubtful whethiT such 
 payments eould be supported, and aecordinu'ly. in many cases, the expedient 
 was a<lc>ptcd of liBviu); founders' sliai-e- imposiiijr on the subscribers the oblipi- 
 tioii to pay preliminary expenses, and to (tnarantee the (ilacinp of the ordinary 
 .liares, r.g., 500/. ordinary for eaeh founder*' ihare subscribed for. 
 
 liy this means it beitamc practicable, without infriuKinif the principles laid 
 ilown in the ea.se referred to. t-. \l>-t tic capital etfcctually and legitimately 
 underwritten, for in the case of a pronii»in(r umlertakinK a man may be 
 ready to underwrite 1,000'. of ordinary shares, provided he «ets at par a 10/. 
 f.ianders' share, wbith may rise in valui' to 500'. or for that matter to 5,000/. 
 And this mode of remuneration is still available, //.'-/e, v. /><•..'. y. (1902) 
 A. ('. 474. 
 
 Where there are founders' shares, it is well to have them sul)seril)iHl for in tlu- 
 mcmorandiiiii of nssm-idti.-i, (h"ve-..v it must not. be .supposc-l that it ii 
 essential tf) have the founders' sliaros si> subserlbed for; for where the subscrip- 
 tion of the founders' shares imposes onerou" liabilitii-s, r.r/., to pay expenses, 
 and the shares are of purely s|,eeulative value, it would seem that the dirclop. 
 
OSS 
 
 MKMORANDA OF ASSOCIATION. [UhAP. VI. 
 
 Form 224. '"»y^ <"»•'' " KPikthI power to allot (Korm 152, rlause 5), allot suth founders' 
 iliiiri's at par to any Iwmi /iftp and ri'ajMHiaiblc subsiribiT», iu(^ludinp tlicinselies. 
 Rut, of loursc, in siipli casp.j ax this, the dirrators have a discretion, and arc 
 net hound to allot. What they ilo they must rrmcniber- will be open to obser- 
 vation, i:;i.. if they -illot to thems<'lves or their relations an undue proportion; 
 11,1.1 it may, of course, be eontended that as the dirtwtors arc trustees of their 
 jspweis for the coinpany, tlicy ouKl't not to allot at par if the shares are worth 
 i:iiHh more, nnd so present themselves with a |iromiuin. though /irimn /«. .» it 
 «'. nis that if the company gets par for its shares it ought not to eomplain. Sec 
 /..«,/../< ,>ii'> C„lir„!„) r;i,n,irc Cortiornlioii. 13 T. T-. R. 57G (C. A.); ••<■*""■ v. 
 lt<>ll4tmK (1900) 2 Ch. 30r), oifrn, p. H47 ; Pnrnal v. Wrijihl. (1902) 2 Ch. 421; 
 ll'tilfr V. Drill I-, per Lord Davey. ^uprn. 
 
 Xot uni-ommonly the right- and obligations attached to the founders' share, 
 are specified in the meniorandniii of a-w. .iation, in order to get the benefit of 
 tlic decision in .I»I,Ihi,,i v. ]r„f.on. 3C ('. i)iv. 370, and thus render their rights 
 iiii|.rciriiable; fi.r there ha\e l>c.wi cas.- in which tlic riglits attached to fi.undcrs 
 shaic, being naturally unpopular, have led to liM^tile action on the part of tin 
 iitlicr sharehold. rs. 
 
 Snnietime. it is jM-ovidcd that the share of profits ai.proiiriate.1 to tli. 
 iMUiiile. • shares -/."" be divided among them, but it ha-, not yet been settled 
 
 wlielher this provision can I nforeed as against the company. An aetiim will 
 
 lie for a dividend, but only after it lias been declared, and the declaration vi^t- 
 in the directors' discretion. On the other hand, aicoiding to the deei-iin in 
 .(.«/,/.«,// V. It:,),,. 1.. H. 7 H. I/. OSS. a .ompcuiy is not only prohibitiMi from 
 altering the conditions c.. rained in it" ■moraniluiii of assiH-iation. but froin 
 doing anything in c ontiaiention of those conditions. If, therefore, a company 
 proposes"!-, apply the -bare of profit- beloiiginn to the founders' .shares ■.tli.r- 
 
 wiM> than in accordance with the righti attached to tl • shares, it might. lu. 
 
 doubt, be retrained at the suit of any holder of founder.' shares, and it would 
 sec-m that the Court w..iihl have jurisdiction to order a division among th- 
 holders of founders' shares of profits which ought, in accordance with the ccm- 
 tract i-ontainol in the memorandum of asscK-iation, to be divided among them. 
 The point, however, is one of considerable difficulty. See linii,1 v. n,ii-,„"- 
 ll„„,ai:i,i;,.. (1902) 1 Ch. 3.-)3, .3fi2; ll„ ln,„f v. F.a,-1>: rl902) A. C. 83. 
 
 As appe.ir-c from the forms l.cdow. foiinders' shares are usually given a right 
 to a share (say one-third) of the surplus profits of the company, after paying 
 a fixed divideiid (say seven jier cent, jier annum) on the other shares; and the 
 reas<iu why founders' shares attain such high prices, in some eases, is tli..t such 
 share of surplus profits, though not very large in itself, may, when spread ovc 
 a few founders' shares, anioiint to a very large percentage. Thus, if the 
 Mirplu. is ti,(KM)/., it foUows that there will be 2,000/. for distribution among 
 200 founders' shares of 1/. each, giving them a dividend of 1,000 per i.nt. 
 
 It is not uncommonly deemed expedient to give the hcdders of founder-' 
 shares the right to a speelfi.Hl proportion of the surplus assets of the company 
 in a winding-up. I'nless this is done there is a danger that the other share- 
 holders, if the founcb-rs' shares take a large amount c,f jo-ofit, may grow jealous 
 and reconstruct the cc.mpi.Mv, and tliu-, in cHcii. s,,uccze out thc> founder.' 
 shares, for they in winding-up. /.,.,»" f,',';: would only be entitle.! to share in 
 the surplus assets in «uc li proportion as the nominal amount of the founder, 
 shares bears to the whole nominal amount of the issued capital (Bii;h v. 
 I'.nuufr. U App. Cas. 525); c.ii., suppose that the issued capital is 198,000'. 
 .irdinary shares and 200 founders' shares of 10/. each, and that there is a 
 Mirplus i.f (1,000/.. the founders would take only 00/., whereas, if entitled to 
 one-third, they would get 2,000/. It must be remembered, however, that any 
 inlcrferen.-e with the rights „f a class of shareholders by a majority proposing 
 
KOKMS. 
 
 rm 
 
 U) iM'iii-lit tii(;m»olNu> at. the uxpcUKC o( aui'li ilaa* would In- ii'straiiuil liy llio Pqi^ 824. 
 Court a< unfair ami oppiiwaivc. 8e« .Viiiivr v. Iloojirr's 'J't'/ri/iaji/i Co., I-. H. 
 9 Cli. 350; anil .///-,/ v. (lo/il ilerfi of 11 est Africa, (1900) 1 Cli. 65t>. Sii- 
 also fcit. 4* of tlio C'oiupanios Act. 190H, dculiii); with the ro-orgrHiiizatlon of 
 
 capital. 
 
 ()iia-ii(iri:illy fi)Uii.icri' ►iiarcn arc. hy the nicmiiraiKluni of a.ssOciatiou, given 
 iiiecial votiiij: powcr'^. ^o that they may lie ahle to protect thcnisclvcH and t" 
 cxcrci.sc some authority in the direction of the eoni|iaiiy, Imt such a provi^icin 
 is not at all usual. It was ailoptinl in one <:ise where j jtoodwill of wriil v ilin- 
 
 was made out to a ci>nipaiiy in consiilcrution of f lunders' share-. Sonn'tii 
 
 a\-o. the holders of founders' shares are jtiveii a ritflit t.p appoint a direit.ir, 
 Ijut this, again, is not very common. 
 
 Sunictin'ci v^•hen the snhserihcrs fiir founder^" shares arc hound to pay tic 
 preliiniiiary expense-, an airrcenieiit is nniih' with sonn- thin! parly or com|i.inv 
 to iiulcinnify tlicni. .See Korin HI in 7th edition. 
 
 Ill deteriniaini,' the ri^rhts to he attached to ftmiulcrs' mul other dcferre.l 
 share-, it is ncccssai'v to hear in mind the derision of Chitty, .1., in /-Vo^'//-./ 
 /).«; ol SI. 77ii)««'», (IS!».>1 I <'li. li'.ll. It folli s from that ease that if 
 foumlers' shares are made to rank, as reiranl- capital, after the other share-, 
 and the company sustains a loss cipnil to or c.vceedinf; the amount of the 
 fimiidcrs' >hares. it can. hy special resolution, reduce its capital hy e.\tiiij.'iii-h 
 inir those shares. Mihjcil to the sanction of the Court. Now, as founders' liarcs 
 ore irencrallv of small nominal amount, i very tritlinj.' loss may thus cxpoM' 
 tlicTii to the danjrcr of destruction: hut this Is a danger which can Im' avoided 
 liv takinsr cure that in a wiiidinir-up they rank for paynn'nt, at anv i.'le ,,. , 
 /«<>-« with the ordinary shares, takinjr perluqH a share of the surplus as-c>t- 
 
 I'udt'i tvrtt'u'tj I'hli'jtili"!,^. Sometime- the nictii<>r;iiidun) of as-o' iatioii pro 
 vides that a suliseriher for founders' share- sliall he fi.atcd a- iiiidcrwrilini,' -o 
 ncoiy ordinary shares. See «c/"". Torni 'I'l. 
 
 Where the mcmorandnm provided ih it the liolder of "very founder-' share 
 shciiilil ajiply for and take at least fifty ordinary siiares, it was held that tic 
 ciiMipaiiy were ju«tllied in pla.im: a pcr-oii who ^ull-,crilH•d only for founder^' 
 shares on the register for the corresponding; ordinary shares, viz., fifty for caeh 
 founders' sharp, a,,,. Pl,„>,,l,alr (%„,/. v. Ito.mAs, 8 T. I.. R. ,'559. 
 
 .\s to the power to reoriranize the capital, sec sect. 1.5 of the .\ct of UMIS. 
 
 Ono-half tlio aiuoiiiii of overv .shiii« in tlm iiiitiiil rapitui uliull iiol Form 225. 
 
 be capable of bcintr called up, o.\cei>t in tlic cveiil and for llic nui- ,, 
 
 I p I I 1 Kcucrye 
 
 pciso of I lie coy bcino- wound up. capitRl. 
 
 Such a provision in the mcmorandiMii i- eltciti\e. thou},'li it does not operate 
 under the Companies .\ct, 190S. s. .5!). lint where the provision is only con- 
 tained ill the original articles it is altoralde. .(/•'//r »..,< v. ."' •in;„ii, ,fc. C... 
 (IHilt) 1 Ch. 53S. Such reserve capital can. however, he constituted at any 
 time hy special resolution under 5!t of the Act, and can he wiped out liy 
 rcducinft the capital. Sc .,;<,". Chap. W'll 
 
 The capital of the coy is ■i,M).wn)l. divided iiilo :i."..(H_M( shaies of Form 226. 
 
 10/. eai.h, with power to iiiciea.so, ami to attach to the shares in .such ^ - 
 
 iutiea.sed capital suili prefoioiitiul. detened, or special risfht.s, [uivi- eapital and 
 
 lejj^'s, or conditioiu as may be dotormiued upou by or in aroordanee stmre* wlicre 
 
590 
 
 MEMOKANDA OF ASSOCIATION. [Ch\P. VI. 
 
 Lii 
 
 nompmiy 
 formed tu 
 a(x(uire 
 miniDg 
 property i" 
 France (atamp 
 dutylomened). 
 
 Form 226. "iili '-o rojiulalions of tlio .oy. The >il A. 11. hby brings into tin- 
 rov bv wiiv (if ■•<piilnliution mpiiorl) iIk- lom'ossion of tho mines and 
 the undoitakinj,', uud all tlic other ppiv incntd in paragraph — hoi, 
 and in ion»idoration thof he shall rec-«ive an allotinont of 24,000 
 ol tlio sd shares fully pd up, whioli ."hall bo issued to him after thf 
 lomplotion of (lie fornialilies necessary to tho irausoriplion of the 
 ppty required by French law, and undcrliikcs lo execute and do ull 
 further acts and things wliitli may be iie(^'s-ary to eiroetuato the xl 
 contribution uippoii) according to French liiw. Eadi of tho 8e\cii 
 subscribers hto is hby boiiml lo . milribiite lo tlie capital of tlio my 
 iUv sum of 10/.. und atc-ordiiigly shall !«■ allotted the sliaro sd 
 oupo-iite his signaluie bio fully pd up. 
 
 This form wan uilo)itiMl in tlic iiw of a c.iiii|>aiiy wliicli was forimil hori' ti 
 acquire and work a iiiiiiiiifr |>r(i|Hiiy in Krancr. .Xirordin^' to frciicli \aw, xUr 
 Ktainp duty on a transfor of properly l)r<iiifrlit into a company liy way of inti- 
 tribution is miuh Iris tinni flu- duty on a •.ale tii a company of the «imii> 
 property. The transaction was mines- In lly carried throuph. 
 
 I' f 
 
 \l A 
 
 r i 
 
 ;i 
 
 II H 
 
 I 
 
 i 
 
 -I 
 
(IN niK (:ONSTRr( TION OK INTKRPHKTATION OF 
 MKMOHANDA ANl> AHTK'LKS OK ASSOdATION. 
 
 m 
 
 CIIAITKIJ VII. 
 
 1 1 riui\ Ih- (Diivfiii.-iil h.'K' I.) MM Iniili ^ (■ ..I I h.' Ii'iiiliii^ nil.- ».m. U.lnitr 
 
 ;i|.|iluiil)lo lo llio lOiiMnr linn or iiUfi inrtalion ol' lli.' imi'1ii..imm.I;i o<,nstni<ti..n. 
 iiii.l artidcs ol' asN'iiialiiin * iif a ('niii|iaiiy 
 
 >; 1,1 ilicso iiilo ail- •<< a »|mm ial .liaiMrlci aii'l .iM'iri.l.' lli<' (hJiuan rul., 
 
 ,„,iii,ai; iiil.'s a|i|>li.al.l.' I., ill.- .M.nslni.lioii ..f iiislniinfiil.s in ^3»Pi.'.'r' 
 
 luniiij;. lull, so lar a^ ii'>i i-xcliidt-.l, llu> ..idiiiavv nil.-' ajiph I .,11.-. 
 
 ■ .,<uii<'.." sail! S.'l\vvn, L. 1.. in hiU-niiitioml I'oiilitiit l<,. 17 W H 
 
 |.",'.l: 2(1 1. T. 100. "at all ano,!.' to tli.'iiiirmnf "< of "oun.scl llial tlii'ti- 
 
 i> ,iii\ >mli tuit' ol" llii- ( .Mill a~ 111' lia- allii.l^l I... a^ to I In- ii.M'«'s-*it\ 
 
 .it iIk' ('..ml takiiij.' upon il-.'ll' to <.>ii^tiuo inciiioiaiwla ami articli'~ 
 
 ul a.ss.i iatioii in tho slricto.-t ]io-sililc inanii.T. or in aiiv otlioi- inaniici 
 
 tlian ilial in uliicli llio C.iiiit ...niliin- 1I...111111M1I - ..I an .ii.linar\ 
 
 kind I think llial the nnlinaiv nil.- ..!' .■.iii-<li ii.li..ii aiiph to 
 
 .ii.in.naiiila ami ailiilcs "I aHiii.iaii.ni jiinI a- iniiili as to any other 
 
 kin.l ot .liicnni.Mit . 
 
 •The tiM-m "iirll.li-- "f a».i iatii)i> ' in tlii- 11. 't.- i- UJ !).■ tuk.Mi tj mean tli.' 
 . - iUti..ns for tliu time bciuft of tin- .■.Hu|.any, tliat is to say, tlus nuiilation- 
 »l i li (hi- ni,inli.r^. of tin' .omj.any are for th.' fiiii.' iM•ill^' anl from tiiii.- t.. 
 lini.' imrtiT an impli.>il Ktatnt..ry .'ovinanf to ol.-icr\.'. wIi'IIht < ..nlain. il in 
 
 arli. 1... of asMi: iaiion, or in Tali!.' .\. or in r.v'niali :..lo(iti-il l.y -p.'.ial r.-olii' 
 
 tion, or [larlly in artii'l.M of a«<.i. iaiini :irnl narlly in Tal)!.- \. .iml panly a- 
 ail"|.li'(l l.y sprcial ri'solution. 
 Tlic I'.illottini; uri' .letinition- Ki>t'" ''y the ('.,nipanii'> .\.t, 1!HIS: - 
 286. til tlii- Act, oiihs- the ...nte\t oth.Twise re.inirPs the f"li..wiii>r .-xpn- 
 «i'.i.> lia\e the m.-ininifH hi'ii'l.y a^si^'iiod tu thom (that is to say); - 
 
 ■• Vrtiilei" m.'ins the arti.les of assoiiation of a -.omp.oiy, as orijfinally 
 franii'd or aN alt<r.'(l liy sjiorial resolution, incluiliii!,' »'> far as they ajiply 
 to till' lompany. tli.' ri-rnlations i-ontnined (as the lase m.iy be) in 
 'I'alile II ill the S.he.lnlo aiii:exe(l to the .loiiit SfiM'k Coinpaniis Aet, iN.ili. 
 < r in Table A in llii' Tirst Schedule aiinexi'.l to the (" impanl.'s Ait. ISIIJ. 
 .ir in dial Table u- all./li'it ill pur.-ianre of ,sr-ti:):i sxveilfy :>lr.- iif Ihi! 
 Alt, or in Talde A in tlii' I'irst iSehediiie to this V.t; 
 Memorimliim " miaii" the memorandum of assoeialion of a i-oiiipany, as 
 uri)finally fram.sl or as altered in pnrsnan>e of the provisions of this Aet. 
 
 ':^yi;jasi.'''z\ 
 
 fii.^ 
 
im 
 
 MEMOKANUA OK ASSOCIATION. [l.UAl'. VIJ. 
 
 I. Hcmunui- 
 dum controlH 
 krtii'leK, 
 
 but mny Ix? 
 explained by 
 Iftttef. 
 
 1. Tlio iiiomoiaiKluni of ii*<oiiatiou !■* tho (loiniimiit iiwirumont. 
 In 8iK,'eif.viiig tho ol)JGetH i)f tho company it limitu and rostrjpt;< the 
 compauyV pnwern to such objoct« and to things incidoiitai or 
 conducive thereto. Stipni. p. 455 el Keq. Ii effectuuUy controls the 
 urticles of associutioii iii the souse lliut any provision iu the articles 
 inconsistent with the pruvisions contained in the inemonindum is 
 invalid. " The nietnoriindum,' us Lord Cairns said in Anlibui;/ Hail- 
 way Co. V. lUcUe, L. U. 7 H. L. ti'-S, ti70, is, us it were, tin- nrea 
 beyond whiili the aclinu of the (onipuny canii.il go; iii.Mdc ihat mva 
 the shareholders lua, make such regulations tor their own f,'oviTn- 
 inent ivs they think tit." In that ca.se a power in tho articles to cxieiid 
 tlie conipaiiy's objects by special resolution was hold inconsisieiii 
 with the niemoiaiiduni and uUr,i vires, and so iu Ashhitrij v. ]^,l^«.(^ 
 ;tO C. 1). 37ti, an article ptvviding for tho distribution of tin- com- 
 pany V proHlii in a manner ini(.iisiHlont with the provisions in llir 
 nienioranduni of as.>oiiation was lieid to be invalid. N'overtlicK- 
 it has been hold that, although ihc articles cmnot alio, or (oiit.nl 
 tho niornorauduin, yot they may in some cn.ses be relcried lo lor ili" 
 
 |)uriMw> of explaining an ambiguity in llic in (UiUKhini. Tlitiv 
 
 in Anderson n case, ^\:;. I). 75, 1878. .lossel, M. U.. cunsideicd :li,o 
 it was allowable to explain an ambiguity iu the nicmoranduMi iii 
 regard to the capital by reference to contemporaneous articles. 1 
 am not n(jw.' said his Lordshii.. ■ speaking of those portions of ilie 
 memorandum of as-socialion which the Act of Parliament re.piire- 
 to be .stated in the memorandum. Something might be said on 
 that <iucstion, but all tho Act of Parliament requires lo be bta'c*t 
 is the amouni of cai)ital for which the com|.aiiy is ]>roposwl to he 
 registoiMl divided into shares of a tixed amouni. Il <locs not prevent 
 voiir stating that the .-^liares are l<i be paid for partially in inonc> 
 and partially in property, or even partially in property and partially 
 in leinuneralion for services. There is nothing about that in the 
 Act of Parliament. Whore there are two contemporaneou,- do. u- 
 meuls, executed and as.senied to by the same por,-,oiis at tho .same 
 time (and these really are so substantially and are therefore to be 
 treated as ( ontemporaneous documents), it appears t/) mo that the 
 ordinary rule applies, .according to which contemporaneous doou- 
 raonts are to be read together so that, if there is any ambiguity in 
 one it mav be explained by the other, and ••von if there is any incon- 
 sistency, you must take the two docunu-nls together and see how you 
 can explain tho inconsistency." Ihit this principle must bo acted .m 
 with great caution, having regard to the criticisms of Bowcn, L. •).. 
 in Guiiinesx v. lAiiid ('ori><>rntio» of Irehnid. 22 C. 1). -i'' ■ "The 
 memorandum contaias tho fuiuiamental conditions uiion which alone 
 the company is allowed Iu be in.oipor.ucd. Thcv are oonditioiis 
 introduced for the benefit of the creditors and the outside public as 
 well ivs sharehohlers. The article-^ are the internal regulations of the 
 company. How can it be said that in all cases the fundamental con- 
 
CONSTRUCTION oK INTKRPKETATION. *** 
 
 (liiioiiK of the charter of incoiporHiioii uud tho internal repuliitions of 
 ii Miiiipiiny uro to Ix) con«trno<l loj^thor? ... In any ciiw it ii«, 
 ;i.- it sooiim to nio, certain that for anything which tho Act of Parlia- 
 nicnt navN shall bo in the mcnioranJum, you must look to the niomo- 
 ihimIumi alone. If the l.«gi«latiu« Iuim said one instrument in to be 
 (U.iuiiiant, y.>u cannot turn to iinollier instiunient and road it in order 
 lo mc«lify the proviHions of the dominant instrument." 
 
 .' Hotli tho niGMiorauduni ami arlicUw of aHwxiation miiHt be roatl ^"j^^""'" 
 ami construed subjctt to ttio provisi«n« of tho Companies Act, 1908 borne in mUd . 
 (,oii«oliduting the Companies Atl-, 18«2 to 1908), for any provi.sion 
 incontii-stent with the Act or derojfatiu;; from rights ;i;ivon by the Act 
 U void. See tho caee« last mentiono<l, and in particular Treeor v. 
 H7,(7«w</i; also W'eltmi, v. Saffery, (1897) A. C. 299: lir I'cvriil 
 Miiu's, (.1898) 1 Ch. 122; and Re Sharpe, (1892) 1 Ch. 154. 
 
 :; In considering whether any clause in the articles is or i.^ not ^;^,fjj^"'"^' 
 inn iiisintcnt with the Act or Acts, Uie provisions contuino<l in Table A ^ablc A." 
 >hi.ii!(l bo borne in mind, for it must be aaeumed, itriind facie, that pr<)vi«..nc 
 ili.»i<' provisions and similav provi.sious, as approved by tho LegisUi- 
 tiiic, were regarded by the Lejfisluturo as le^ ... Witness Lock v. 
 queemland, Ac. Co., (189G» A. C. 4G1, it which it was held that a 
 (»)iiipaii> could pay interest on calls paid iu advaiii*, even though 
 lli.'R> wore no profits; and Tn-mr v. Whilirnrth, 12 App. Caa. 409. 
 ill whii li tho fu< I that Table A coiiiaiued provisions for forfeituw of 
 sliiuos was referred to as showing tho validity of such provisions 
 
 I The documents muut Ik; read ami construed with duo regard to Jj,;*^^'^^" 
 tilt' K^'ueral law. Thus, if they cwntain provisions contrary to the general ami 
 -(•iiorul law, thoy are pro faiilu invalid; e.g., if they contain clauses ^AcU*" ' 
 in umliie restraint of trade, tlmse clauses cannot lie relied on. Spo rolatinir t.. 
 .-a particular 
 
 M(/-»'.. p. 4.)8. JUi««of 
 
 On tho other hand, the law .supplonientM the documents in various oomiwuiw 
 n•-pccl^. Thill, under the Lalxiuriiig fla.ihos Dwelling Houses Act, 
 istit;. coiiipaiiios established lor trading or manufacturing purposes, 
 in llic ci.unic of whoso business pev.sons of the labouring classes are 
 employed, may be and are by the Act authorized to erect dwellings for 
 ilic acommodutioii of tlie pon»on.-> of tlio labouring class employed by 
 tlu'iii, and nuiy borrow money for tiio purpose. 
 
 .\gain, the common law rules apply in so far as the same aiv not 
 \ali(lly excluded by the memorandum or article« of association. 
 Thus, prima facie ([uostions arising at u general meeting are to U" 
 docidod in the first instance by a show of han<ls (lloihury TirUlfic, dc 
 I o , 11 C. D. 109), and there is a prima facie right to demaml a 
 poll (.«.'(/. v. Wimbledun, 4ti L. T. 47: 8 Q. B. U. 4.)9.) Again, 
 unless otlierwise provided, the wmmon law rule applifts that m* 
 notice netd be given of an adjourned meeting. 
 
 So also tho rules of equity apply, and accordingly a director cuniiol 
 I'c interested in any contract with the company unless the article^ 
 
 r. <i Q 
 
itV4 
 
 MKMORANUA OK ASSOCIATION. [ChAP. VH. 
 
 I- <i 1 t: 
 
 ifiven ptt'e«'t 
 to. 
 
 otluMwini' jtit.viilo. Six' Mlii'iH. <(•'• ' " \ Miiiliii. iiiul ollioi lii-.-s 
 fittMl 111 |i. 7.1:!. iiifni. 
 
 Apiiii. a diwHtor caiiniil Imltl an iji(iiiii|mlil>l«' iittio). Soe Mihmi,, 
 \ Tluiliher, ami othor cujte- ( itcil ul p. "I'H, hifiii. 
 
 Tli«' (liKtiim- of llif liilmiarv i«'liili(>ii^'lii|> nf tli«> |iriiiiiot«r (dipplii.. 
 
 uinithur illuMtratiiiii. 
 
 o "Ex- "i. Ill cDMNliiiiinr lli4' <l<iciimciil> ilic i'\|iii-'"»«l iiilciitioii i> In W 
 
 premed " ill- „„„„.|„ f,,,. „|„| mvcii <'I>imI In ii.it ilic iiil<.iili..ii. Imt llic iriiK'-'iil 
 teotion t« 1»- " " 
 
 iiih'iitioii 
 
 ll i« iiiu|iif^liuiial.lo llial ilu'.ilij.Tl ol <'\|.o-.iii<iii uf all tlie writiiii 
 iiwtiuiiieiitw must la- to HMfiUiiu lli« «>x|)it!<«e<l iiiwiiiiii;; or iiitciiliDii 
 of the wiitcr; the cxiirt'^x'il moaning lioiiijf tMiiiivaloiit to tho iiili'ii- 
 lioii." Per t'oleritlfTi', .1.. Slutw v Wi'lU-sl-ei/. !» V\. & Kia. :W>:>. 
 
 Tht! tjuestum !■> iiol «liat llie |iiiitii"< to a dvM may have inlt'iiclisl 
 lo «lo liy cxocutiiiM: ii- hut what is the intiiiiiuj,' of iho word.* i>- 1 In 
 that (locil. " I'cr Lotij \\'(.|i-l«\.|ah', MninifiMiiii!/ \. Mufiei/i. '.< 
 
 II. L. C. Uii. 
 
 "To coiwtnii' i-- iiolliiii;; limro ihuii t4i airivo at the iniMlii .'I llir 
 jwitios lo the utrrooiii.'iit. ' Her l-oid ( holiii.-foid, ScntI v. < i,ii,'n,i- 
 
 Udh of l.!i;-ri>ix>l,2 IV C. .\ .1. .tlKI; it shdiilil tM-ii<Uk'il. 'a", c.nihv 1 
 
 by tlio hmnuauv they liftvc mm>(I.' 
 
 Ii. Thf wliolo (IfMiiMKMil mu>l Im< ii.u<1; it i~ not allowulilc |.> |'i.k 
 out oni- ( laii.-'i' anil lical it a- iniliraliu^.: the iulcnlii'ii of tlic |iaiiiiv 
 without retrnrd tn tlu) ri'st of ihi' rloiuinonl. for that may liirow li-lii 
 (III and (jualify the ((avtii iilai . liiusc. 
 
 • Every part of tho dfod cint;iil to In' r<iiii|)airil wilh the ithci. .ni.| 
 oni' ontirc .si'ii^ uuhl to he inali' ihcicof ' I'linuimorliiii v. Ti'iun. 
 1 Plowd. 161. 
 
 It i.s tho duty ..f tlic ( ouii loiollcit the imiMiiion from tho vli"!.' 
 iimtrunuMit taken to;r"'th<'i I'lr Lord Kllfiilioiouu:h, ('. .1,, Hiiiimi 
 
 V. Fit:;jeraM, l.'> Ka.^t. •")4ii; and <co (hil.hmil: Oil Co. v. <'niii'. '< 
 .\i)|i. f'a.1. (i.i, whi'i-p. to iUMi'i lain tiw^ incaniiiL'' of an ('.xprc^^ion in tlio 
 iirticlcs, the wliolo of the artiilc- were scrnliniM-d. 
 
 Ono rule of ron.struction wliiih inu^t incvail i< that yon lun^t >i\\\' 
 olft'cf lo ovorv i)art of a dornnicnt if yon lan \in\ \\\\\M rrml thi' 
 whole." Per Lord Hal.-hnrx . I.. (' . h'.lili'i ■■<!!,• Sfr/niiihip ('<>■ v 
 Borthirirk, ill»0.)l AC. !Mi. 
 7. Surround- ~ l( is allowahip to refer lo the surronndini^ tiriumMtanccs al tin' 
 ^mrttime tiiiio when the instrument was ^ioned, so that the inlerpretor may hr 
 •uf Mgnatnrp. „„( .,,, nourlv as may he in the situation of ihe parties to the iii^lra- 
 iiient, (irai/ v. Prarmii. U H. I. ('. loii. 
 
 That which he has wrilton is to he ej.nsinied hy every )iart of ii 
 being taken into coitsideratioii, aceordinjr to it* granuualii'al eoii- 
 .structiua and the ordinary aweptation of the word.s use<l. with d"' 
 si«.sistanee of sueh parol evidence of the mtrroundiiKj circumxlanrr^h^ 
 i.s a<lmis.sible to jilacc the I'ourt in the position of tJio [writer). 
 I'er Lord Wensleydale, Uoihhj \ Fiizijerahl. (! H. L. C. 87G. 
 
 <i. \Vh..k. 
 <ioeanM'ut, 
 not picked 
 'lauNeii, to 
 he read. 
 
eONSTBlICTION OK INTEUPUtriATMN. 
 
 .'.»:» 
 
 'I'lif ( Mini it i- «liirli «lii'ii mil'*' il i-> in |»o-*i'-*iim of iIm- 
 ,/,,'(>"•■•'"(" I" .iiiiiii>iiiil.iiiii till' iu-.liiiiiu'iil. mill 111' iiiiv |n'i iiliiiiiiy i>f 
 riHMiiiiii: »lii' Il iiia\ lif alliicln'il \i\ llii' (;u»tt.imi ol liadc in iiiiv cif llu' 
 ti.piil- III lliiit ciiiilrarl hill III |iliii'i> tli<< <'<iii!<li'ilr<iiiii ii|iiiti tlif I'oll- 
 11,1,1 i'l'i- l.iirii ('ili|•|l^. Holli's \ SlldHtl. li Apii < 'ii> \HH. 
 
 s 111 ( luisiiiiiiiL'- llu- iliiciiii I lilt) iroiu'tiil lull' i> aiiiilii iilili' iliiil. **• •'•'>••>' 
 
 , , .1 .11 I inoiliHinli ii.n 
 
 III llli' ra-l' III a nilllrurl IVlllli-Xll 111 WIlMlIll, OMiU'llrC !•" mil Illi'iWCll „f ^,.i,(„, 
 
 I,, |„. oiv, t »|i,tl i>,i-.M'il lio!v\«'cii till' iiailic, cillii'l' licrnii- llii' lontnn I iml 
 
 ' , . , . . . . , valiil ; 
 
 «iill hii.ul \\a* iiiailf lit- ilimiijr llK' Imi'" il "a- in .i -lalo "i )iiv- 
 
 iMLiiioii. ~ii a- III ailil III III' ■'iililnirl Iriiiii m in an> tnaniK'i In \ai'\ ni 
 
 ,|ii,ilir\ iIh' wiillvli niiilniii. Pit l.onl Di'iiiiiaii. < I . (1h:<k \. 
 
 ' i.nl Sililflil. ■> 15. A All ti">; lllilli" \ . ./(>/(// liiillini .1 < II . .\ Apji. 
 
 < . "iM; /,<i' \. MiJiiiiiler. 8 App. (.'a*. K.'i.'t. 
 
 KM'iMliiiiu lliat lali<'>. phul) iHjforo a wiillcii niiiliarl -lyiii'il liv 
 
 ihr |iarlic- i> oiiliiolv In 1m> ili-.|-<'iiar(li'il in i'<iii>ti iiiiiy- llii' 'Diitiatl lix 
 
 HJiiili lliCN al'<' liiilliiii " A''<;7/| Iilili"!! Knihrnii f'« v Toil. 12 
 
 Il .*> Kill. :i!'J. T.W. 
 
 'I'liii-. ill riiii-liiiiii;; tin- iiU'iiiKiaiiiliiin iir iitii Ic-. il i^ iini ii<'inii>- '■y 
 
 -ilili- M H't'l'l- 111 till- lliaIN tlll'llVil'. "I In ■• ill>lll|l lii'M^ 111!' tin 
 
 n-ft'i-i nv' 
 Id ilr.iftN 111' 
 iii-trurli()ii«. 
 
 siiiii'. Ill III aiiv ptcliniiiiarv riiiio-<piin,|,i|in" m (MIh'I inallt'i*. a-* iiiiT«ip<inil- 
 
 • ' , ■ . . , , , flico. ar. ; 
 
 li'inliiij; In tlilnw llfrlit (ill tlic liK'aninii (il lln" wnnl- ii'-i'il. 
 
 Mnii'inci. ail-i 111- (Icrl.iialiniis i>\ tlic pailii'^ ~iilis(i||iiciil In tlic iirHub^iHimiit 
 
 tiui-lialiiiii III' ili<> itimpaiiv arc iml ailiui-^sililii Im' lln' pnipn-o of ,i'„ i.|r,„i,„„ 
 
 ii.ii.sniiiiijj: (liHiiiiicnl'*. Miniiii V. TiiijUii. N Half, "il: l.inix \. 
 
 Siihuhoii. IS Q. n. .-)0;t. 
 
 !i. In icailiiij' liio iii>liiiiiionl llio words aro In Ih- laki'ii. primn '■>. I'tiimlir 
 i.iiii-. til lie ii-(vl. as to popular \M.r'!-. in tljoir popiilur seimo, and. J',i!f|„"i,!l,'i ,,r 
 ,i~ 111 icrliniral or siiontilir wnnls, in Wioir to liiiiral or sriontilic; souse; * i.iitifi. 
 liii llic iniiiiii fiKu- iiiiMiiiny: is tn 1h! displarcil if il .siidioiontly 
 ;i|i|HMrs fioin llu' toiitvxl llial 'li<^ word i- used in soi .- other than 
 il~ piiniary .sense. 
 
 In ni\ view, the priinipli' mi wliiih words me to lie lonslrned in 
 iii-linincnts is very jilaiii. Wlieie there is a |>opnlar and roinmoii 
 ui.iil n.scd in an instrument, that word inusi he i-<instrued prima 
 jittif in its popular uiid Kiuuiion «eiise. If it i.s a word of a (echniral 
 iir li'^al ih.iraitor, it iiiiisi ho conslrnod iin ordin;..; to its (echiiicul 
 IT le^al nieaiiiiii;. If it is a word whii li is of a tcilini.ai nr .scieniilii: 
 I liararier, then it must be construed aieordiiij; to that which is its 
 |iriniary nieaiiiiijj: -namely, it.s tcrhnical and scientific nieaniiifr. Hut 
 licfiiic yon can fjjive evidence of the secondary meaning of u word. 
 Mill niiisi sulisfv the Court, fmm the instrument itself or froin the 
 liii uiustaiiies of the case, that the word ou^jlit to be cnntfrued, not 
 ill iis piiiiiilur III pritiiiuc siiiniliciiiiini, but accordiiipf tn its secmidary 
 iiiientinn." I'er Fry, ,J . lloU v. VaUier, IG C. 1). 720: and .«ee 
 /i<(c/i v. ,/(;//, C. U. 45, us to tochniral words. 
 
 If III!' parties Imve usel terms wM h iM'ar nnl mily an "idiiiaiy 
 
 ..■'Ut'iiaUHr i^^FT 
 
 ^«" 
 
■m 
 
 > I.MOK'ANi 
 
 •iK \s»lK 
 
 VTION. rt'llAI'. \ ii 
 
 It). D«i'iitiotu> 
 HK to mntiiDg 
 of wnrdii. 
 
 I 
 
 V s 
 
 iueuiiiii);> '>»l »t"<> <>' i*U(iiii.ii '<> tlu? dt'^iuiiiutMii <>t' ti'it<i«* or lin .- 
 n©«« ('J »liiih tho II .iiiHct roln'*'^ >'»• partUw nm-»l hiivo inU^mltxl 
 (t) use the «or(U in tmi jAjcuii.ii -"i*<- I'ei ('orkbiirn, (' -I , Mifi^ 
 s Sdiil. :i El .>. Kl M»,, ;J1.'. 
 
 I!ul it i!* foe th<ii' who iilUin'*' thui iii») wdiI-* iiswI liuvi' k,,!,,,. 
 »|M'i iiil iiioaiiiiiif !!■ i"^liilili'<li the laH It wn" naid [,nn| ('iiiin». 
 
 ill lUtti-i's \. sliaiiil. '1 A|i|i. Oil'. 4<i><. .imi|K'i«>in (o iIiom- who wcif 
 H»>ir«tiiiir tli<> a|ipli('iilioii of thin luimral conxtrin'lioii ol th<' rniitriiit 
 
 to huvo wiiil. \\'<> will piovt! In oxidoiii^' ili.tt, itiioi<linp|' to ilic i(t"t 
 
 1)1' tl'iulo. lli<'-i<i w .111-, whirh li.ivi' '111- luitiinil »i(riii(ii"itioii. nn- 
 iis<>(l ill u wide- '11- ililVi'iijiil M^iiM" Tliiil, of i iui-<'. wmhIiI 
 
 m-('i>i'(iiiip: to th<> rtoll-kiiowii iiil« ot lav aIiiiIi ndiiins [mnl o\i- 
 (lc>iic<< not to <'oiiliiiilir| 11 (I... iiiiiciil, but In \|>litiii tli'' vmuiIi- ii-i-ij 
 in it, "upplv. ux it wore, tli<> iwii antilo iliitiuh nv in wliii h von uii tn 
 find the nivnuntilo iiH'iiniiiK »it the wmdi wliiih luc if<(»d. TImi 
 would 1(0 II IfLriliimil*' iiii<l woll-knimii ihimIo of ciiii-tniiiiL' lh<> iloru- 
 iiiont.' 
 
 Ht. A^uili, wIk'ic a word >iv ixpitJ— i m n-i'd i.i uliii-h a -jii'^ i.il 
 Mioaninrj; liii'> Ikm'ii atlailiod liy ilc. i^ioM^ oi ilii' i oiiit, the wiil .n 
 n\|iios>ioii is itiiiiii! /(/(/<• to Ix' takiMi ■■•> Ik' usi'd jii tin' m'Iisc liiu- 
 atliichfd; for. a^ .I<«h.s»>I. M. K,. said, in Wnllin \ Siiiilli (.IHK:i). -i 
 f II. 'J.-il." If ni-ics huvo laiil<io" 11 a niN'thiil in lOitain ovont.s wor.l> 
 .IK- III liaxc a |iarli( iilai im'aniiiL .ind that ha--' l)O0Oiiio o sotllo'l 
 liilr, if iiiav Im- a^-umcd ijial |M'isiins in fruniinn llifir aj^rcciiiciii 
 liavf had ify'i'd to mMiIccI law, and iiiav ha\(> 1)Iii|K)|Iv iivd wiml- 
 wliich. thon<rli nil the fan' of tlu-in tiiov may liavc a ditTt>roiit iihmm- 
 injj:, lliov know liv km.-oii of the derided <iiM>s inii^t hoar a imrtiiiilnv 
 or v|MM ial nuMuiiifi:. ' Thu^. In ili*' deiinioii \u I'ulhronk v. I{iih- 
 numd. <fr. Co.. 9 (' I) tiltt. a N|H?iial iiK'nniiit; 
 oxjirt'ssion "in his own rijrht '" in a i(iialiliial 
 oi' assotirttion This (h'cisioii was aitwl on I 
 when, ill Hiiiiilnkliir v SniUli. 41 ('. I). W2 \' 
 tioii, it wii.s hold to I.. late to overrnio th'- is. 
 
 Ik?cii larjffily artpd on i..iidloy. 1,. J., said i |r ' 
 
 IS attachod to the 
 
 laiisc 111 art i I If- 
 
 lany leais; an ' 
 
 • allefi ill nii(~ 
 
 ,i~ ■ had no doiil' 
 
 4 . If we li id liMU 
 
 locoiisidpr lor the lii-' lime what the iiii'iiiilt'sr ■ 
 
 le |» 
 
 lira»e 
 
 ill his own 1 ijfht ' is i tin not .sur<' that 1 • -dd take the v; 
 I uudeirttand tho Ma-!'' >f the Rolls did lake but it is 
 to say that, and another iliint.- to overrule ili. nstrii' 
 upon the |>lii.is<', and to ovOitiirow tho prar ack' 
 
 aotod npnii e\'i- sim-e that dec i-imi. The W' s in i|i 
 acquired, hy usay^e and upon ilie stienytli ol t d<'M 
 
 Ve!!!!::!ial meailisij^ •-vhl:!: 1 !i!I 11!!!' IH!! nil! ;: f! :l 
 
 distiiih. So also in (.'oo/ic/ \ (hilHii. ( In'.t2 I t^ ' 
 Lord lleischoll Kanl that he a^-we>l ■ with l-iiidle\ 
 havinsi' le^-aid to the ■ onstant tni -actions de|iendiii 
 slruelii'u i.l ailirle- of ass..i iation. ^^ ould I"' 'laiisreroii 
 
 Idm^ 
 vhii'h 
 
 »i tfe-a pjit. 
 
 1<W>( 11 
 
C<»N"'lKl't IMIN <ii{ IN.'KKIMIl iTh.N. 
 
 ill. Ii i~ n'iii.iii'<l iiiiM -ii">i«-.l r-o iiiaii* 
 
 6!>7 
 
 rl 
 
 ^^,l^i (III li' ■l-IMIl iill. Ii i~ H'lll.lli"! ilil<i 
 
 v.Mi- T.. !•■ ^o "•■'"I'l I- 111 iiijii^li 1' '- »' 'vo ii(-»c-i? 
 
 ,111 ilii' I'ailli ')! ill*' '••'' -li'i' 
 
 II Wli.'i.' llio Inn.,- >;ii.T l<-i<i " iiiiil.i.ii.M •. In Ik'cl 111 II. Lnuauiu.- 
 
 , . l.-»r and 
 
 !„■ uivfll U> II ui'l T -1 lakci \i.i-c«- • iiiKnNoli. „inmtii|fu.iii.. 
 
 Ii, ,.(iii«li' 2 ' uiillf 1 'iiiMic llif ,i.iiiiiiiiiti(, 
 
 .n„l .ii.liiiiiiA -'■iiM' 111 M. .1.1- i .*' mill. I 1... iiiil'-» iliii 
 
 , .ii!il I lid li. .1. iiKJii I !itt'" uii,iiii-»> Ml I. .ti-.i..|c'ii. V "itli 
 ir .1 111.' iii-Miii, Hi III " lit"' III*' -riimiii.tli.iil ».. I 
 
 , I, III,,, I . II-4' «l 11"' > ii.l iiKi '" iiHHJilii'd -" :i- I" iiMijil that 
 ^,1,^111. liu . (.iiuitaii.. I in. .M"!- n. v Kill ii.. Iiiiilwi ' JVr l.<iiil 
 \V,.||«|.'\.I-.I'' l! '( /'.•-.;..,. ' I. (■ Illli. 
 
 1' Wli.t.' tail. 'f isii(«'! iii.i .I'.l ui.i.ji II Hi. iiliiiialN iiiouiii .; l'/. friniiu 
 - . , . , till m»ii!!iiis{i 
 
 1- iiiaiiil lyii M-, II. ,1 11. •III. ilia 111. .till ii'„' 1- ii.'l I'N. Ii|.|.-.l li\ . ^j,,, , 
 
 .,.iiii'\i .11.1 - sciimIi].' \> l| Ml.'i'ii'i' 1 ' 'I"' <">" lii-i'' ' 'I'li'ii'"'''!"''" """' "'.' 
 
 ., HJii.li the urilci- wa- |' "•! i fli'' i niilii.t; mm li |ii iiiiar.v 
 
 HKumn. !iiii.«l I..' lak.'ii . ,lu>iv.'|- |.. -1' 111 "lii'li ill'' «iili'i' 
 
 >iicli iitiii.; Ill I'll- a^x- 1.. m'l\ i-ialf' llif wiilcr.* 
 
 .^ iii.l u.M- U'w Is itxival.lf |. > that in »a.| llif wiitt'r 
 
 I ii r any n! mi -c . ]\iu\ jiiiy <>lin'i iiiU'iili'iii I'cr I..«l'<i 
 
 , ijdj; ill /• V. H «>*( it VI. & Fill. ;t.''."i. 
 
 , Him .-r <«|i: ioiw, uiiifa-oiiulilc "I' iiiijli-l, ina> liu till' ' "ii- 
 
 , \.t it i: 1. ill III aii-l iieijiiiv..! ill\ csiii.--.'.! .v.'iv 
 
 1,. !..imi I.V It llltlto- 'if |. llllv ' illl..lll'.l \>\ ..llli'l |■.lli^ «• 
 
 li,,.,, . ,1. IVi I \ """" ^ /i''i/((/i/', :; Sim .VS. I 
 
 s,.,. il 7 II I. ( s;. ■ l-.i.l ('oii..iihaiii. IJoH'l v /./.. , rt.'.'t'io. 
 
 is:;: 2 M.v. .V ( f. If J'llV 
 
 i'liii.-. wlK'jflhcaili' i->..(iai..... ))ii)\i.k"l lli'' ili\ |.lt'ii<l> \m if 
 
 paiil tc lite iiichilii'i- ill |)f.'|i.Hii.iii 1.1 llit'if shall'- iii ' " 
 
 it was held llial .li\ i'liinls iiiii-l lif (laiil a.... n. 
 A: 1.11 Mini, -il' ill!' shall- a jiirati'i am. unit wii- I'ai.l lli 
 (hikhdilk Oil < II- \ I "I'll •■ .\\>\>. t'as. f... !. 
 il «iiK ai-fiiKvl that it immiI i iim liavi" hti'ii liiti'ii.h'il tiiai A., ui... luid 
 iilv |iai.l up •">?. .Ill his Id/, sliati'. kIi.iiiI.I yi'l .i- imnh as B . v ho 
 11.1 |iai.l up 1(1/. on hi.- In/. -Iiai.'. I.ul tin- H..iis.. ..| l.m.N li.'l.l iliat 
 hi' uiii.lf. wi'to plain aii.l iiiiisl liivi' elU'.t 
 
 S... whi'ii. the iirli. Iw of assotialioii iiroviik-.l thai, il iIh . .mpaiiv 
 .-li.ialil Ik! w.iuiul up, Iho suiplii- a.ssi-t.s shoul.l I" .(ipli.' i lii-i in 
 ii'paviii^- to the h..l.li'rs .if th.' pri'li'iiMw . -liar.- ili.- oiin ..li.t u). 
 ihi'icjii. and (hat the ivniiliio. if tiilN . sh.aiM hi' .li\iili"=' aiif .'i-s! th< 
 /".'w/ic/.siu prop, irl ion tothcshai.s hi'hi li\ ihi'iii r.-j»>. tivr .mi in 
 III.' wiii.liiij;-up thP siniilus. afti'i |,a\ iii'Z ■H 'I • rctVit'H -lia.i".- 
 «as not sutti.iiMit to pay .lif ihi' m.iiii.ny - "•'- "''•! in'-"""- 
 
 Ih.'io.ss thai the wonN must liavi" full olio ! .ui.l iha iho surplus ...i^rht 
 to 1k> divi.led in proportion to the shai.- lli..u<;li in llio iv-.ill ih" 
 111. li'iviiii" .shares j^o! more than [lu whil.' th.- .n.iiiiaiy ~liari's y.il 
 le- than par. \ eanuot, think.' said th.' F.or.l ( haii(fll..r, in that 
 
 jiru. f 
 
 «rly 
 
 rw*(i inuHl 
 
! I I '^ 
 
 ■t| 
 
 598 
 
 N. Amliign- 
 i>u« wonU — 
 the mora 
 reuonablc 
 ronnrructioii 
 to apply. 
 
 MKMORANDA OF ASSOCIATION. [('llAI'. VII. 
 
 [llio lliilfl Mi'/miiiilr. liluck iniiit ciisc, ' lliui llic laii^'iia};*' i> ciilici 
 duul>tl'iil or aiiilii<;ii<iiiK I tliiiik tliat it wuh i'iiiu|iot(Mit for ilu' "iili- 
 tterilHMs tu iiiuki* *w\i u liar^uiii: uikI if it wat mi iiiircuioiuililr anil 
 iiiijiisl. as sii^u'ivstt'il. I (Id licit think that tliis Cuiirt <ir any <ith«>r i-aii 
 |ilaro ii|iiiii laiifrnaffC sn < li-ar ami iinanilii;.''iiiiii'< a-< tliii* hiii^iia^c aiiv 
 othor nioaniiiu: than the mciisc ciiiivcyoil hy the (inlinaiy anri iiatiii:il 
 nioaiiinjr (if the words and sont<'nc«'-< ('iii|>loy<'d." This oas(> \\;i> 
 do(i(k'd in the ildHsc of Lords, (iih Aiijr ICOit. 
 
 And in cases where the words are ( lear and iinandii^iniiis. tlie iiicic 
 fact tliat yiviiiy: clle( t to thoni will involve liai'(lr<lii|i to one class nf 
 the iiieniliers is no jnstilicaiioii for (l('|iariiii<; from the words. Tliii>. 
 where there were twn cla-sses of shares. |iieferenco mid ordiiiarv. mihI 
 tiie preference shaies were <rivi'n a preferontial ritrlil lo dividend. Imh 
 no provision wiis made in rejfard to windinir-iip, it was lield ihai ..n 
 a \viii(liii<r-iip liolli classes ranked yxi// imssii for repayment of capii il 
 Griffith V. /■•/»,/«•/. i; ('. I). .MT. 
 
 "Of ((iiirse." said .les.s(>|. M. !{.. in that case, "some oliservation- 
 werp made on the po.s.sili|o hardHhip of such a roHiilt: lint the answer 
 is simple. People who enter into these partnerships under article^ nf 
 association that is. arlichv of pari iiorsiiip -must he taken to i\;\\o 
 
 read and uiiderstoiMl tii(>iii: and if they are to lie taken to have r I 
 
 tlioni and to have iiii(h<i-st(i(Hl them, wiiicli they ou(;lit to do liefoio 
 eiitoriiijj; into the.se coinracts. they cannot coiiipiain if the (•(intnu • i> 
 afterwards carried out. That appears to ine a cdiiclnsive aiiswci In 
 any iiotioii of hardship. Whether il is conclusive in fact or not i- a 
 ■natter upon which iiieii who have experience in tlie world may Iimvc 
 ditfereiit opinions. Init I must hold it to !«• conclusive in the la« 
 iSep also Pi-i'Vs rail'. 2 Ch. (»71. So also, in (hikbank Oil I'o. v. ('nun. 
 miprn. Lord Selliorne. L. ('.. said; "We cannot decide the case npi'ii 
 any () iiiiiiii aixnmeni at all; w(< must see what the actual conlui 
 is. Each intrly must Ih> taken to have made himself acipiainted wiiii 
 the terms of the written contract containeil iii the articles of asso. i.i- 
 lioii and the .Acts of Parliament so far as they are important lie 
 also, in law. must lie taken though that is sometimes dillerent from 
 what tli(< l'a< I may lie lo have understood tlio terms of the contiMit 
 uc(^rdin^ li' their proper meaniii^r'. and. that lieinnf ,so. he iinisi like 
 the con.seipiences. whatever they mav lie. of the contract which lie 
 has nia(h'.'' 
 
 14 Amliij-uous Words. Where the udrds are aniliiu'iious hihI 
 e(pii\(ical. and oi..- ((instruction is reasoiuilile iiud the other unreasoii- 
 alile. or le.ss reasoiialile, iitijiiNt, or capricious, that coiistructi(Ui should 
 lie prelerred which is most consonant wiili jiislico and liesi ( alculated 
 In trive (^tl'eil ).■: -.vli:!! miixt lie assumed to lie flic intention "f ihe 
 
 parties. 
 
 " \\'liere hy actinir on one interpretation of the wurds used we are 
 driven to the conclusion that the peision usiiijf ihoni is uctiu); capri- 
 ciously, without any iiilellijrilde iiiotive, contrary to the ordinarv 
 
CONSTRlTCnON oK INTKKJ'KKTATION. 
 
 „„„|,. in whi.h iniM. in jren.-iut a.l in Mniihir --.i-.k, tl il Hi'- 
 
 l,„..uam- a.linil« of two r()UNir...tion«. «<• n.uv iru«..nal.ly uiid |.r..- 
 l„.,|\ ucUii.l ilmt wlii.li avoids ilicsv anonmlii-s. ov(Mi tliouffli (In- 
 
 I„„Mine.iMU adopwl i^ imi llu .-I -hvioUH or tl.« uu.sl f^nxummU- 
 
 , illv aocuiHlo But if the woril.H „*tMl mi.- uuanil.i^riions. ilioy iiuinoi 
 I,'. :u.,,a,io.l from ....Tely bo.iiu.o tliov l.-a.l to ,-.,nsc(|.iPn.os wlii.l. 
 „.. .oi.8i.loi .uprici....-*. or «>vfii liarsl. an.l unroa-on.il.l.v P^r Lovil 
 ( ,.„«orth. Abboll X . Midd! •'.." i IH-'-S'. T H. L. C. 88. 
 
 Il is now. I bc'liov.'. uuiv« t^allv a.ln.iltoa tlial. m .onBtruin).' Ilia. 
 „Miin.' tho n.1..- is to roiul il in tlio or.linarv and puinn.ati.al sens.- 
 „, ihr^vords unless .s.,„i.> ol.vioiis al.s„r,lil> . or some ie|.ufrnan.<< or 
 
 , siMomv «ith iho .Ifclar.'.! inUM.t ions of tl.o writer to Iw oxti a-io.l 
 
 ,,o.n the whole iiiMruinent. shnnl.i follow from m, reading it. 1 hen 
 ,1,.. ,en,se inav be nuMliHed. exten.le.l or ul.rid-ed. so lu. to av,..(l those 
 ,,„„e,,uemi'«. but no further ■ I'er l.onl WeuHleydale. in the same 
 
 ' ' 1 take il." said .lessel. M K . in Srlh,/ v \VhiH„k,',, fi < . I). L'W. 
 
 il.at no rule of eonstructi-.n is belter s.-ttlwl than that where I »o 
 ,„.,„,ings are .i,en to a judp-. au.l the one i.s reasonable an.l sens.bl... 
 ,H„1 the other. th..ujrh not ab.s..lulelv uurea.s..nable n. the sense .,1 
 .„|,,K«.in- the testator ... be a luna.i.'. v.-l is extim.ely unl.K..|y, h. 
 „„.h, t,> .sel.Tl that meaninj. whi.h - ..o.-..nant t.. oi-dinary r.-as.m 
 ,,..,1 not liable to the iini.ulati.... ..f .-x.e.ssive .apri.e 
 
 I.-, If any elause be foun.l obs.-n..' or .l....btful. lb.- |.r..|.er m.-le ol 
 
 ,l,„.,verinK it« true meanint: is I.. ,om|.ar.- it with the other .h.ns.-s 
 
 ..,.,1 lind out the sense ..f one ela..-e f.-..m the ..'•« loiis intent ol 
 
 ,„„„|,or. Soi. Co. Lilt. .iHIa; Tn>,rh„nl v. U„s,..„.. 'A in-h. '•••l; 
 
 n.iUmtik Oil Co V. ^^>nm. 8 .Vp|. Ca- <i"> 
 
 li; The ineanins. of a w..r.l nia> sometimes be as.erla.ii.vl bv 
 
 ,vt,.ien.r t.. the ....■anin- .'f «onl> ,,~-o,iale,l with it: „<,^r,l,n r, 
 
 o9« 
 
 \h. (.'ontcnt. 
 
 III. MfauioK 
 (if word from 
 aMtuvinttsl 
 wunla. 
 
 Thus, where ill.' obj.-ts ,.f a .MHuiMnx were I., .nak.- and -ell. or 
 |..n,l on hire, railwav .arria^jos .,r «ajr-ons. an.l all kimN ol rai «ay 
 |,|;,„i, lillinp., ma.hinerv. an.l r..lliutr st... k. an.l ... .arrv .-n the bnsi- 
 ,„.- of ,no.hani.ul eiiKiin'Ois an.l jreneral .M.utraetors. to ,.iir.liaM. 
 1,.,,,,. work, and .sell inines. minerals an.l buihlin-s. |.ui.ha.se an.l .sel 
 ,.- nienliants timber, eoal. metals, au.l other minerals, an.l t- buy an.l 
 -,•11 anv su.h materials on e.,iui..ission ..r as afrents: il was h.-Id thai 
 ,l„. rule ■•,„m-iUi, .-.r m.-ii^- al-pli'-*! <" '1'" «"""'^ ' (.-eueial .-...i- 
 i.a.tors. and a.^e.-rdintrh that the .■..lupany was not entitled b. enter 
 ,„... a . ..i>tra.'t for the .■.ms.ru.tion ..f a lailwa.x ' Il ai-pears to me. 
 - .i.l L.ml Cairns. I,. C. in that ...«•. ' hik.i. all ..r.lii.a.y |.riii. iples ..t 
 
 ....slrueli..ii, these woi.ls imisl elerred ... the |.art of the senteii... 
 
 «l,i,.h imiuodiatclv i.lH-.e.le.s then. The semen..- «!...!. I h.'^' hm. 
 ,. divided into f.mr elasscs of «..rks li.sl. t- make an.l nell, ..r leii, 
 o„ hire railway eurriasrcs that is an obje.t sui ,,<'«r-r... an.l 
 
 .oinplete in the «,K>. iti.ati.m whi.h I h«\e rea.l The se...ii.l i- t.» 
 
 jrortif, ur 
 
 f/rtwi'iti. 
 
 (vntmolon*.** 
 
 ul . 
 
 
 « { 
 ' f 
 
 ', i 
 
li. 
 
 ii 
 
 600 
 
 ifi 
 
 'P 
 Is 
 
 in I 
 
 Atteii.pt« to 
 make rule 
 Hiibordinate to 
 tlie alleged 
 ° ° main 
 object" ol 
 I he company. 
 
 AdviwtUe to 
 I provide iii 
 memorandum 
 that paoh 
 object para- 
 l^raph la 
 independent 
 -df otnen. 
 
 MEMOKAMIA <il' ASS(X'IATION. [ChAP. VII. 
 
 <'Uirv uii the l)u«iiiois.s of iiuM'luijiiciil ullginuuI'^< and gonorul < uii- 
 truttoiw. 'riml, uguiii, is tho N|H)('itieittii>n of an object uoinplotu in 
 itsfilf. unil ttcrording to the priiMMples of constxiiction ths term 
 ({I'lierul coiitructors ' would Ikj it^foned to tliat which goes iiiiiiu'- 
 <liiit<-l^ liol'oiv. and would iiidiiate the iimkiiig; generally of contiaci.'- 
 • ■oinuHlPd with i'i« Imwiness of nioiliaiiicul oiigineor« — such contraiiw 
 ;iN mechanical uugino«rH are in llie lialiil of making and are in ihoir 
 luisiiiess re(|iiir(><l to find it convenient lo make, for the purpose of 
 "iirrviiig oil their businoKH. . . . M_v liordH. if the t«rm 'gciienil 
 <oiiiraitor« ' were not to Ih» interpretod i\» I have suggested, the 
 i'Oiis4>(|iieiic(< would Im! that it woidd stand ab^iolutely without uiiv 
 limit of aiiv kind. It woul<l aiilliori/.<< tho making, therefore, of 
 contract* of any and every <lo.>«eriptioii. and tho memorandum, in 
 place of .spei-ifying a particiilai' kind of busiuesn, would virtuallv 
 point to tho canyiug on of l)u.«iiii'>' of any kind whatever, and would 
 therefore be altooether unmeaiiiiiu . Anhlnirif Itiiiliray Cnrriagrl u. 
 V Hirlw. L R. 7 li L. (i,-.;i. 
 
 liut lliiM canon of conNlrnclion u\\\s\ be applied with great caution. 
 See lialli't itiHc, 8 ('. I). :iM. .And in Home cttse* the Court apiieais 
 to have been run away with by the rule. See Ge ■' Date Colfre 
 <■„., 20 til. I). l(i!t; liuven (lolil Miiiiiiu Co.. 20 V. )>. 151; Croicii 
 llank, 41 ('. 1). H.H; Amahjatmiled SiindUuie. {X^'il), 77 h. T. 432; 
 and ( iiohitiidic (onmnw'iled Hold Minex 0897), 76 L. T. 2ti9; 
 Stcphi'iix V. Mi/xuri' HeeJM i hiiiiiiiiiidiji Milling Co., (,1902) 1 Cli. 74.V 
 ill which iheif are dida to the eli'ect that in construing a memoraii- 
 dnm the (..'ourt should Hoarch for what may lie regarded as tiiemaiu or 
 primary object of the company aii<] read all tho otiier objects as 
 meit'ly siib.sidiurv and ancillary to that. Kor criticisms on this novel 
 rule of coiHtriK^tii.ii. see mifird. p. Iii9 c/ .spf/. 
 
 To preclude such a misiiuisinictioii of the object;*, it is now very 
 common to insert words expressly providing that certain of the 
 objects are to Ik' construed as in<le|M.«ndont objects. See «»/«■«, 
 p. 170. 
 
 .Vgain, ii is a common thing in a memorandum of lusociatioii to 
 provide for the rarrying on of a speciliixl itiisiness, or the ac<juisitiun 
 of pi-o[K>rty in some name<l wjuntry or place, "or elsewhere," so that 
 the power may not be liniitiHl to the iianu'd country or place. Now 
 j>riiii('i faiie the words or elst>wh«^re " are world-wide, even in a 
 <'riminal caae ^see TriaJ o/ Karl ItiiHuell In'fore the King in I'arlia- 
 meul , I 1901 i \. ('. 44<'m; yet. strange to suy, (he Court** have on 
 more than one oeeasi(m reail the.s<> wi>rds in u incinorandum in a non- 
 natural sens<', and as refei'iing not to the rest of the world, bnt (o 
 liome piai« in cio.so pro.ximity to the country or place named. See, for 
 e.xumple, < iMjli/ardie Conmditlaled (iiM Mines (1897), 76 L. T. 2<>9, 
 and Sfephenx v. Mi/mtre Heef» i Kan<i»mhf\ Mining Co., (1902) 1 Ch. 
 74.*i. In neilhei' case, it is -iibiiiiil<>d. was there anything in tho 
 
CONSTKUCnON OK IN IKKPUKrATlON. 
 
 tiOl 
 
 Ciiudiuivc 
 rlitiiiu'." 
 
 context HuHUi-nt t., justify a d».,»»-".- l..m. Ih,- plain moaninK of the 
 „„,,N US..1. Hut in vivw of Knch unfor.nnato nnM-n^t.nut.on^^ .t 
 ,...„,« .l,.sirablo U. fortify .l.o expression or ..|s.nvh.-n- l.y ofh.T 
 ...notion., .../., -.^ in F-n.n 1 lO. .„.:,. ,.. :..:. rh.-v have «on 
 hovovcr, ,.a««o.l un.lmllon,...!. for in I'r.lhr v !{..,< lU.u-k Gold 
 ;,,„,,, ,lL) 2 Ch. 427, Warrin,U.n. .1.. In-I-I .hat .h.. ^.r-ls u. 
 Vinson- or olHCwhon-,- wmv to havo full .-ll.-. Ph. ol.j.vt th-n-torc^ 
 s,.i.l hi« Lonlsh.,.. was .ohi M.nnnsr p-n,-rall> . an.l not .he wor un,* «t 
 , ..aHi.M.lar ,..i.l nnuo. T,. «ay olherui-e «a. to re,l«.* tho clans. «> 
 ,n aKsurdity. S.h- aU. IMU> v. .\nrlh.-n, Trnilu,.'. <,i Anslmh,,, 
 wt, L. T. 41. 
 
 \s to the ,on>.rn«tion of general «or.N in .he n.en.orandnm, to tho 
 ..llett that th. . .n.pany .nay do all M..-h thinj- a« a.v , on.lnn.ve to . ho 
 :,l.,.ve ot)jtet.s, see supra, p. »71 ei ■■*«■'/ _ ^ 
 
 IT The ejuMlem ,,er>erix iWu\n^' i» so.ne.ii.K- appliiahle. a.rord- iJ„,,;;..."'""" 
 
 i,,.. to whirl. L-eneral words followin;; speoilic wonls arc ordinarily doctrine- 
 lilt, lo Willi II f,v- ti,,w.. Iieforo general w<ir<lp« 
 
 , ^|rul•<l lu* limile.1 lo things eiaxdcm <ir>"'"'< «'"' thos lieton, »^„^^j^^ 
 
 enumerated. I'er Krle. C. J.. //«//.(/» v. liUirl.twni. I. < H N »• sp«m.w.ml». 
 tl7H 
 
 li,„ ,hi« state.nenl is too wide tieneral «or.ls -honid he giv«u 
 their full forfc. -Nothing .an he plainer .han that, ,»una f,icu'. 
 ..oneiul word8 u.i> to be taken in their iarjr«'' «^'''-<'. "'''"^^ >"" 
 ran lind that in the ,>articular tase the ime.onHtrnet.on ot the insuu- 
 „.e„. .v.,nireH vou to eou-lu.'e that they are inlende.1 .o ho used m a 
 .en.e li.nited to things ejimU^' H^mris with those « huh have Injen 
 «p..cilicallv mentioued bofon,. .1 .oj.H-t the ,suppo.se<l rule t .at 
 ..enen.1 «^r<l' . i vrinm facie to Ihj .aken i.. a r.^.rictod sense. ler 
 Lo.d t>her. •( i; AnM-rs,,,, v. A,i,l,'rsoH. > IH'...-.) 1 (^ H. 7»'J. lu 
 the sa.ne ea 't. • v, I.. .).. said .hat, the .l..liine known as that 
 of vJHodem ,,. ,r/has, 1 think, fre.,i.en.l> h-l to «.-oU!f ronchisions 
 on .lie coiwlruction of inHtnii.ieiits. 
 
 riie d.Ktrine is not appii.ahle, lor in .-e. where tho parti.ular 
 
 «o.ds exl.a..s. iiie whole „e,im. U, s.i.h ui.s.. the K^nieral words .ntist 
 U' taken to refer to a lar^rt>,- ncnix. l-vu,virk v .sV/( /"../:, W iHes. J ., 
 L U. ;» (;. r. ;li;i; lialW» ai^-, K C. I). Mi. In .he mse htst n.en- 
 li.med the oh ieets wore expressed in some detail, and were followed by 
 
 ike and elleit assuianees 
 
 I'lieinl woldw empowerin-; .lie etii.ipan.N I 
 
 affuinsi all and every 
 
 kind of risk whiih n.i^dlt Ix- etlerted uei-o 
 
 rdiux 
 
 1 Jessel, M. H.. s«ii<l: I 'an'"" 
 
 to law; ai.< 
 
 "fioiind for restrieti.if; the ..a-aninu o 
 
 that ilanstn or for applying that which is s. 
 
 I .s«>e that there U any 
 
 ,f ilie lerin.-! of the latter jiart of 
 )ften eallod the doctrine 
 
 m>nHlHr a Jior/w.whon you cannot snj{y^' 
 
 having iny connnllutl wi 
 
 ith lif* 
 
 t a sin^fle iiLstaiico of a risk, 
 liLsiiriinie. which is not ineliided in 
 the express lorn.s of the prior p.ut of the .la.ise It seems lo mo Ihat 
 the only fair iii.Hle of rewlinir the hitler part of the thir.1 clause is to 
 read it in its natural and nnn-trnimvl sens«v 
 
 Ml 
 
 1 1 , 
 1 ' '! I 
 
 1:.^ 
 
 
602 
 
 MF.MOKANIU UK A8ISOCIATION. [(!|IA1'. VIF. 
 
 Til Swvlliiiii I Diiiiiiiini \ IiiUiiid Iti'iu'iiiit', ^IS97) I <^ I? 17."i. \H> 
 Riffbv, L. .1.. Hiiiil: The ml<> <if ctiiistnictioii wliicli i< ciiUfvl 'ilu- 
 ejuKiiciii fii'iiriis (l(K'li'iiif nr Miiiu'tinip-* tin' (lnctiiiio lumiiliir ir 
 soriis' is (iiu< wliicli I lliiiik nuylii to Iw a])|)lic(l witli jriPiil (aiili'Pii. 
 Itocaiiw it implies a (lo|>ai > ■<' finm tlic natural mpaiiiiifi- of wnrd. In 
 iirdcr til irivo thoiii a iiioaiiin<:' wliii'li may <ii' iiiav nut liavc liccii ilii- 
 intoiitimi of tlio lA'friflatiin'. ' 
 
 For muiiv yours tlio jiirisdiriiuii of tlic ('oiirt in wiiitlin^-nii ni- 
 ('rij)i>l<'<l l)v the appiicatimi of tlii» I'jiinilciii firiiriis rule rc^triiiin;; 
 the words ill sort. Til of iIk' Ail uf 18(i:> Isoci. 12itof tlio Act of lltOM,. 
 oiniM»w<>riiijr llio Ciiiiri to maki- a wiiuliiiif-iip order ' v.lieiievcr li 
 ■ is of opinion thai it is jiisi and eipiilalile that the conipuny slmidd l.i> 
 wound up. " to ens<(s similar to those eiiiimonited in tho four pircediii;;- 
 clauso«. This constiuclioji ha- now lieoii deliherately aliaiiduiicil 
 S«> AnKihidiiiiited Siiinliinle. < IH!»7i 2 <'h. (i(M): T K. Urinsiiinnl il 
 Simit, 0«!'".i I <'h. 4."i. 40(i: S<iiliii<i Shiit Ki'iitiinie. \\ . N. t 18!»7 > 
 
 When the word ' \vhatsiK'\er '" follows the <r«'neral winds, tji^it 
 word, as a rule, excludes the aiipliiation of the (•jnsdvni fiviini" 
 ron.slnictioii. S<h' h'liil of Jriii'i/ v. (tiiiinUinis it} Poof of Xi'iith. 'J'.' 
 (^ B. I). r>r,r,. 
 
 Tn that ease. Fry. .1.. said that " wlieif^ you Hiid the word 
 ' \vnat8o«>ver ' followin<r. as it ihios, upon («rtiiin substantives, it is 
 oft«u intended to repel, and in this ease does eft'eeiiially lepel. the 
 implication of the so-called (h)ctrine of rjuxdeni qeiwris. whi li. I 
 think, has often Ikh-ii urffcd for the sake of givin<r not the true olhs i 
 to the contracts of parties, but a uurrower ettect than they wcic 
 intende<l to have." In the same cast> Bowen. L. .!.. said: '' The words 
 'all mines and niineriils whaiMotner' are as large as they can he, 
 and 1 do not think that they can lie cut down by the jirevious wonLs 
 'coal, culm, and iron.' It seems to mo. although that ih a (^llestillll 
 of construction, that they are intended to be words whiih exchnli' 
 the ojieratiou of tho rule of construction of t'jiixdeiti genriU<.' 
 
 18. The rule eiiibiKiicil in the maxim " <:ri»exsio uiiiiix I'xl i:riln>'>o 
 uUeriux'' is very often applied. Thus, where the articles give po"er 
 to refuse to n-gister transfers in certain specilied cases, that implies 
 that the right is conlined to tho^e cases i Wrxtox's rase. 4 ('h. 2li': 
 and where there is an express power to pay dividends iii propnition 
 to the shai-es. that impliedly negatives any power to pay in iiro|iiir- 
 lioii to the ia|)itiil paid u|> Onldunik- (HI Co v. Cniiii. 8 App 
 Ca-s. •>•") 
 
 Neveriheless. tjie Coin I is often loo prone to adopt ihe ml.' as 
 stated jiliiive, :iiid !iv iloii!"- si; to ii'nder general Hiiifls practiciiMv 
 ino|)crative 
 
 19. Relative words like thereon " or iherelofoie " must be taken 
 
 luually „r(ii,iarilv to refer to the last anlerodent. but not so as to interfere 
 ralar to laKt - f. i- • 
 
 ■nteordent. with the goiieral inlotil of Ihe in-trunient ^ee h.iniiff v. I-.iniiii, 
 
 18. Srpii'tia 
 HHIW ett 
 untmti* 
 mlltritu. 
 
 19. ReUtivc 
 
CONHTKUCIION OM INTKRPKKI ATION. 
 
 iio:( 
 
 A|)|> 
 
 (lis 
 
 H22, H-'ll ■• Mii>,l"> " 
 
 I I'nil^wniilh V S„lllh. H" A|'|' 
 
 
 ,t(i4. ,tT,i III th« fii-t" 
 
 \iist liU'd l.ni'd Ulai kliiini »ii 
 
 .id: 
 
 I 
 
 hiiik lliiil ilio liusl uiil<M'«« 
 
 KmiI ' i-* iifHv»»uiil.v tin- lU'iiiP-'i. "or 
 
 hut llio "oiil ■ iuiIocc<UmiI ' is con 
 
 .'VI'll t 
 
 null of wore 
 
 tim><l l<> wliHt ill the collovu- 
 
 Is coiiifls iH'foro tli«> "oiil ot loliitioii 
 
 /■> iHirli- litinifj). 
 
 I imHii AC nt;; Kwii-tti < 
 
 As tc 
 
 • li 
 
 HI'i 
 
 Mmriogf. '•• H. L. C. 32. 
 •>it. A lil)Cral toii«liiK 
 
 tii)ii is lo Ih> pul iipoti iIk- «(iii 
 
 ils uf 11 <loill- 
 
 UKMlt 
 
 n- to uphold tluMii if [xi 
 
 siliit; 
 
 id (Hiiv into olVcii « 
 
 lull 
 
 ■JO. Libcnil 
 iiiiistriii'tiim. 
 
 ,|,|,<>ai> to ;*• the intention of tlio pi-tics. 
 
 Tho inonK.ruiidiiin ouplit to Ik- ic.i.l faiilv. and not s„ i.s ... nii.k.- 
 ,1,0 ...h,.m,. „llr, Wms vl.i.li is otl..-iwis,> unol.j.Mtioni.M.. 1 ■■. 
 
 „,„,.,. .,.A>r /,.-,/..-/. ..- r„ V /•,v.-o,/„,lSW I <^ I* 
 
 ' ""s,.,.|, ,. ...nslimtio.. o,i;;lit to 1... mad., nf d.-..,l> „/ ,,•> »«/./- 
 ,„,.,„ ,,,..n. r,'n;,l. and .1.0 .I.k.Is sln.nld tak. otlV, . -'"•;■''- 
 , n!.a,v IV,. Willis, . A.S.,u,l, v IWUnns,. ^ A.kin. 
 
 '""\VI,.-.v «o,ds aro rapul.lo of a twofold , on-li.i.lion. ov.mi in iIm- 
 , ,M) of a d^-od . it is just an.l i«ns.,n«l,l« that such (onst.u.t.on 
 
 ;i,„.dd I... ir.^ivo.l as t.Muls to .nako it ir 1. l"-' l-'l ■'■""""• 
 
 I. (' . AILliiyoii- V. Hiitrhio^o),. :i V Wuih. ^..K 
 
 ■M Wh.-.i- 111.' dire. lo>, of a ...inpanv ai- i.iv.-s|...i In tli.' n.-i.l„- 
 ,„„„ «i,h ,.M..ain pow-is. tliv an.l.oiitx .I...- .onfmrd .s ,.. In- iva,! 
 
 -,il,jcH to iIk. ifv.a-ial lulos i.ppli-al.l,. .o ,1 s.Mv.sr l.v dli-.tors 
 
 „,• ,|„. p„„,.,s M.s,.>d in III,..,., and in pa.li.ulai u, ll..' that ih- 
 
 .lirctors ar.. to oxeniso tho pow.-... fo, ,1..- l-n-ti. of tl... .mnpanv 
 „„d ill tho tin., iiltoitjsis „f .1,.. .oinpanv, and a. ....nlinsr to 'l>" '"-' 
 ot ilu.ir ind-n..'nt, for .lu-v s.and in a lid.i. iarv position, a.i-l nn.st -.i--^ 
 a,.oordi.;j;iv. Uilhnr. ,„..: :. rh :<r.'r. .Urr.,„.l,: v h>l hr 
 
 ( „.. i iiuMii •> v\\. .■>•; 
 
 .... \VI,..|t. tlMMUtil h's.ll'lill.. III.' I.'spr, .iN,> p..«.Ms„f ^.vii.'ial ....-i'l- 
 
 „„.> a.id di..vtors. tlun m.iHt ivsiHVtiv.d.v k.-p within th.M.- i-s, - 
 
 ,ne milnm. Aulonwti. Sell (lr,nh„, Co. v. r„„„h,„hu„. ■ lim... 
 .. (•!,. .It; liram.vh,,,,.- ,.ml T, „.<■»; iU-r. • IW.Si '1 K I? m. S„ln,o, 
 X (pallid Arli'tis. . I9IIH A ( . l.!:l 
 
 .■:t Tl..> lo-alitv of a ..|a..s p...xision do Is •■up..n lln- 
 
 .iiitural an.l prohabk -snlts .,f .ho dno oxor.iso of tho ,u.wor whu'h 
 it .onfors, ai;d not i.pon tho ..,n.^..,uon.vs .,f its p„sMldo ah.iso h.v 
 .Ills, lupulons or frau.luloiit .lim tors' Mmioti v !>r„ll. « A|.,.. 
 I 'as .M't, .1.")K, i>or IjoiiI Wats.m 
 
 • It woul.l ho. to mv niiinl. a nios. Aors,. p.,M.,H.din}r to stru.- 
 
 Ilioso words ill aiiv .liHo.tMit sonso Ikmuus,-. hs s,,,...- ....piopo. ..sr ol 
 the power thus Riv^n. it .ui»fht U- ina.lo mis. hiovous >u its opora- 
 li.m." Lock V qu^mUind Imu^hneni. .fo r„ . . I8'.»»l. A. ( I".- 
 24. Anv rule of o..ii«trurfi.m i- liahlo f. Im- ox.!.. I o, ,i„-li.|.-d 
 
 ■.'I. I'owrrH of 
 •lir.'..tors. 
 
 ■11. Powers, 
 of din<.tor» 
 and (general 
 mcting». 
 
 ■l.\. On what 
 tlic legality "f 
 a rlaiiM. or 
 
 Srovlsion 
 r|.eudH. 
 
 ftf-l 
 
 Hi 
 
 
il 
 
 (iU4 
 
 MKMOKAMiM OK ASSOCIATION. [ChaP. VII. 
 
 wlieic I'l-oiii ihe iustrumeiit u contrary intention appears. Karl nf 
 Jersey v, duardunui of Poor of Meulh, '22 I). B. D. 5C1. 
 
 Points of i-onstructiou on inoiiionimla and articles may bo deuidcil 
 ou originating Huiunioiw. R. S. ('., Ord. LIVa. See Martin v 
 Shuiipi»ser, 81 L. T. 147; Monjuns Iheivtry Co. v. Crosskill, (lU02i 
 1 L'li. 898. In tiie last caH© a company prc|>0Hiiig to issue new prefor- 
 cufo Khaie^, ranking jxiri jMinsit with it* existing preference tiharet*, 
 .sor\<>d on one of its preference Hhareliolderrt (sued on buhalf nf 
 liim><o)f and the other preference .tharoholders) an originatin<'' 
 »ummouH for the determination of («rluin (juestion.s, with reforoncp 
 to the proposed iH.-»uo, arising on the construction of the articles of 
 assotiatiou. Buckley, J., refused to appoint the defendant to 
 represent the class, and said that he would not decide the qucstioii.s 
 so as to bind the class of proferenci- .--hiiivliolders unless a mooting 
 of them was first called and nominatoil a jKirsou to represent them, 
 in which case he Mould appoint him to rcpiesont the class. Ho, 
 however, decided the ijuoKtion hi- IkMwccii the company and ilx' 
 defendant. 
 
 M 
 
HO.'i 
 
 REGISTRATION 
 
 Of Coinpanlen— Coiiti-JwtK-MorlKaKeM, Notices, &<• 
 
 (•UAITEU VIIl. 
 
 REGISrRATION OK COMPANIKS UNDEK PAKT I. OK THK 
 C!0MPANIK8 (rONHOfJUATlON) ACT, l!t08. 
 
 Tho piwediire in sot t'oitli ut p 447. Jt(«//ni. 
 
 Kv'if'"'"*''"" 
 of (tinii'iinii*?*. 
 
 Form 227. 
 
 Tho CoinpaiiieH ((!i>ii»oli<lii<i'>io A<|. 1!H)8. 
 
 [5s. reijrwtration sUmp] Statutory 
 '- (IccUmtiuii "II 
 
 Df. I.AKATION OF COMI-I.IA.MM. irith (he RKQDISITIONS o/ thf ("oM- ^^^^Z 
 
 PAMEs Act, math fmmiont h x'ct. IT (2) of the rompnntiK 
 Act, 1908 (8 Eilw. 7, r. «!>;. om beJialf of a Comp"'!'/ 
 proposed to be Keqixttred on 
 
 Tiw 
 
 . l.iMliKn. 
 
 Presented for filing by 
 
 J, , of , solemnly and NJncerely doclaro that I lun [<^^^^■ 
 
 iliuilifimtu/n, as:— 
 
 a Milor of tho High ( :<>uil on^aniHl in liio foimntion of thf sd ooy ; or. 
 
 a )iPin(in nuinp<l a^^ a diitvlor nf tho «! coy in thr- urtw of Jv^on of tho 
 
 sil coy; or, 
 
 a jwrKon nuinod «« tlio s«M;r«'l-iiy of the ^d ,t,y in tlio iiitj- of iwson of 
 
 tlio 8(1 coy ] 
 
 and lliat all the n)(iuirom«nt*i of ihoCiw. (C'onwdidalioii ■ .\cl. I'JOH, in 
 
 r»w|H'ct of niatiera piwiMlont (o llm ivKi'*tiutit)n of tho nd coy and 
 
 iniidentui thereto liavo lK»on cinpliod witn hhv(. only tho pByniont of 
 
 llic f«>e« and sum-s payable on re^i^iriilion . 
 
 The uffirbi form (!ol-, »•.( --.litRin t!.'' ^•'-■h ir. hrarkfj. Hi-U (h- f^a>"r„r 
 lliiTiforc ol.jmitM to thciii; l.ut witlioHl tlicwc wi.rd!. the diH-larutiori is ii..t 
 unromnionly untrue, for tlio derliirstio'i U iroiuTolly made hefore paymci.t nf tlw 
 ft>M, and yet the paymont tbcrmf U n .•on.litioii (jwclnit to r<!){i<t ration. 
 The form ought thensfon- to bo altered. 
 
 ■ is' 
 
(iU6 
 
 KKlilMTKATIOK. 
 
 [Chap. VI 11. 
 
 Form 227. And 1 iiiak<> lliiw iMjIcmn iliMlaiulioii coUMii'iiliuii'-lv lu'liovin^r ilio 
 eumc lo \>o triio ami li.v virtue of tlio |irovi>tiuiiN of fho Stutiilorv 
 IK>i-laii)tion» Act. I8;t.'> 
 
 \ ilpolaratiiiii to tlif uIkho fifi-it iim«t Im' prudiircd to ttic Ki'^iKtrur of Cum- 
 |ianU-9 on pri-iiontintf tlio moiiiorBiiduni and nrfifl<it for rpjristration, and may ix- 
 ;ic<T|>t«'<l hy liini a'* nufHrirnt cvidonca of coinidiani'O witli the Ai't. Sw ('niii- 
 pnnipfi (CnnHolidation) Art. IM««, mmI. 17. »ul>-i*ct. 2 of whii-h i« an r»llow.: 
 
 r2i \ »latiilor\ (letlaiatioii li\ a sulicitor of the Hifrh Court, anil 
 ill St'otlniKl liy III) i'iii'iiIIihI law aj^'iit, oii^u(irO(l in tlu* forinntion '<f 
 tho iiiiiipuiiv or liy a iioixoii iiamtHl in the nrticl«»-s as a ilircctoi- or 
 Kocix'tarv of till i'oiii|iaii> of ('oiii|iliani'(> with all or any of the ^lid 
 i(>i|iiircin(>iitN sliall Ik^ iiriHiiutHl to ilio i-ejriHtrar.aiid Uio itJffistrnr iilh 
 inii|)t wiifh a <l(><laMitiiMi ;i- sutlicioiit ovidomf of foniplianc*> 
 
 I'he ilcclartttiou must \m' luadc iM'fori' a jusliru of tin- poari-, imtary i>tilili.-, ..r 
 ii.iniiiisi'ioncr to adminisfrr cmtim in thr Sii|iriMni' Court of Judicoturi'. 
 
 I iidiT till' suli-M'i'tion till' rc)fi?<tnir .«'(v ar<T|it the diHdaiation iw nitliii'iir 
 « >id('nrc of »u<li fomiilinnci'. Sir. ihcrcforp, lia.'< a discretion, and arcordirirlv if 
 iiotwitlialandin'.' tln' ilirlariition, lir i'iif>Tl;iin'< any doulit or »n»piuion ii. <•< 
 wlicllicr till' ri'c|ni»ititiii!i liinr really boon oonipli'-d with, ho lan lall for fiirthii 
 eviilinic: liut. pra'tionlly. tlio only ()Ui'»tlon i- wliotlior tiic dooumcnt has liccii 
 nulisirilKil liy novon p<r«onii. for almost all tlio i.thrr ro luisitioni whioh havr to 
 bo lonipliod witli aro a» to tlio form of tlio doiumoi fc" and the payment of fen's. 
 
 It U soini'timcs thouglit a'lvisulilo to iiamo iKiiiio u i- in the artk-le!) of atso'la- 
 lion a'" tlio wiietary of tho fompany. so that tho declaration may bo mado liy 
 him. .Viiy qui-stion a» to ijio olfoit of a xolioifir admitting that he ha* lio-n 
 
 ■ iif(as;iil in the formati f tho oompany. or of one dirootor lieintr put forn.inl 
 
 too proininontly. will tliii* bo avoiilod. 
 
 Form 228. Thi' ( oinpanii'i- (( oii-olidation; Act, lt>l'8. 
 
 aiirC^tor."'' Consent to aci a^ Dikki iok ot Tin: , Limitku, io bv Siipx.l 
 and Filr'l piiiniinnl Io sni. 7'2 ^T (il. 
 
 T" tho Hi'<ri.'<tnir of ( ompuuifts. 
 
 I ««.■ till' unilt'i.-i_ni«'il liliy ti'stit'y my our] consent to uol n-- 
 Dircotor H of Tho , Liiiitil. |iin«iiiiiil (o xpit. 72 (I) (i) of tlio 
 
 ^\,s i( ..iisoliilatioii ' .^ot. I!tii«. 
 
 I'l'almlar form in thn-o i-<>liiuiii» hoadod: (1) .Sijjnaturo, (2) addros". 
 (3) de!<tription. If u diroi'tor Kijrna by " his ajront autlioricod in writinsr." ll"' 
 aiilhority must bo prodm-oil and a copy filed. | 
 
 DatiHl. &r. 
 
 Till' above form i- not lejuired where the lonipany i« a private company, 
 rompanioi (C'ontolidation> Act, 1908, •. 72 (3). 
 
IX>KHti. 
 
 (tor 
 
 I «i. .1... ui.<lfi«i«i«Hl l.b.v U'Htifv ..!> ,...!.•! .oiiseiit u, «u't a« a Form 289. 
 .i,„M loi i.lim.lnm of The , Limt.l, purHiiant to ^c». 72 (1) of tho ,..^^t ta.»rt 
 ,.. ,r,.a.oH.lati»ni Act. 1W.8. ami U, n.v [o.nj na..H,«l •"^""K f^^ ™ 
 .,i«.il«>»l as u .lir.«.tor .limtor^ in ih*' prosiwctus of tho above loy „,Si,^uw. 
 «lii,l. it in pr.)i.<w«Hl to i-«...., uiid I wo .iuthoii/.o Me^r«. <'l 
 
 to lilc llii« ioiKo.it «itli the HotfUtmr ..f C.^. |UiP.iii..it to 
 -(.(I 7J i2> of tho ("o" i( oii!M>li<lrttioiii Ait. liHiH 
 Vs wilMO-w inv oiii liinnl> ihi- ihiv nt 
 
 , I, „„..nt i. to I* .iKn«l Hy ll..- ,.r..|H,«-l .lir- t„r. ..r • l..v lii. ^.-f..,t 
 
 ,„ilii,ri/.«l ill writing." Sms wit. 72 (2). 
 
 If the oonsrnt ii .iffneil by an ajfeiit, add uftor th.< .iKimfum tli- w,-nU l.y 
 N of - , tlie duly aufliorix.d »xcnt of the naid A. B." 
 
 Th.- dm iMii.Mt -hould be Hh'd More or ah.,,^ with the arti. I.- and l»f..r.- 
 ,h,. nnni lux i' piiMiKhed. Sw Wit. 72 (I) of thi- .Vet. 
 
 Il'i. al..,».. form !■< not n- |uir«l in tJio .-, f :, |.ri.,itp .,H,.,mi..v. ( ■...im.»ih--» 
 
 r,..i.i)liihiti«>n I Ai-I. IWH. «. 72 (3). 
 
 I «,., ilio im<loi*i>j!i.M! Ill': l.-lil.x iii> oiii , .nu.eiit to m.v u»'l 
 K U-iii^' iiiHorttHliisinJiivLior L«liit.'ilor.tJof Thi 
 
 . liiintit, ill 
 
 Form 230. 
 
 (AmM'iit U* 
 
 ,1.,. ,,r.^,„.itiis tho. ulii.h it i.,,...,..«o»ltoiHsiK..ai«l 1 ; wo .a.itho.i/,o iu«n.ng« 
 M*w-i> of , ti li!-. \<-. !ii< ill Form 229 i. m.-rcly. 
 
 lU- uhovf for.a «ill l«- "■H-'i "'"f. aft.'. r..i{i>tialiui. ..f -I..- .o.i.pai.y, it i» 
 ,,p„K.si-<l to i.- ..■ .. i.rosiH..tu. ..IffrinK -har.« for .ul«.rii.ti.m and no -.i.-h r..u- 
 :,„' has |.rovi,.,i,,v '..-en flb-d, .ml..*, tj.e pn^pooto- i. U. In- i,.u..l inor.. than ..n.- 
 v.,,r ftfli'r tUv dill. f..i .•..ii.ni.-ii.ii.if l..i-in.-~. Sw iiot^ t.. I'orm •.2H. 
 
 Th<i("oiii|»iiiio- i< oii-.li.liilioin Ait. IWl«. 
 
 Form 231. 
 
 1 JHt of 
 
 List of tlio |K.|>..ii- «li'> hiiM- .^.iL-oiitoil to U> ain>.toi>. .-t Th« - l^^"^;'"'." 
 
 tlifi*ctor- 
 
 --- ■ IX . -OiOi wnting to !«■ 
 
 I,iiiil<l, I.) 1.0 (lolivoml t.) Ilic RogLsliur piii-iittiit t«) soot. iH2^. 
 
 To I ho Ko<:iHtiaf of Joint Stoik Cos. 
 I «.' lhoumloi.-i-ii<"l. Iil.x t:i\o>oii iioli.o. piii-suiiiit t*)M>.t. 72 ( 2 > 
 „f .ill. I O.S (loiiM.li.lali..ii , .V«l, I'.tOH. tliat tlio foH.nxiii^r iRM-s.-ns hav.. 
 iMiiixciito<l to li« (lirpitoi> of Tho . liiiiitd 
 
 I N.in.i'. addn-M, and dwiription in tabular for. under «ii<h Iw-adinffs.] 
 
 !Si>{iiutiii«, mUlrw.--, ftii.l (lo«»ri|itioii of | 
 
 applicBnt for ivjri<»li^>IJ«'> > 
 
 it.ltlHl. iVf. 
 
 .... ... Ill- 1 , .!■< H<-ji-.tra' liv !'•• ■iMI'liiii..! for ri'irintnilioM 
 
 hils' I!.-: must tir orhvrrnt t'* ?"*- i;r^itrr.». "} i.. ri 
 
 • Ml iiiakiiitf bin applii-ation. So- wet. 72 (2 I. 
 
 1, i, not mpiinJ in t\u- .»«■ of a privaU- .-..mpany. ..or wb.'ni th.- pr.~|H«tu» 
 ,. 1.. Ik- ia.u.-.l more tlmn one yur from date f..r ,-oi«..:en.inK b.i.ine«. lon.- 
 pani.- (tVi.wlidriticiir , \it. IWM. " 72 (Si. 
 
 ■■Jti 
 
 4 
 
iWH 
 
 rormSSS. 
 
 Application 
 !<• register 
 when no 
 diicotum 
 
 KEUIHTKATION. 
 
 [Chap. VIII. 
 
 The ('uiupunioH (('oni<oU<lation) Act, 1908. 
 
 The Coy. limtd by ahare!). 
 
 [St. legiHtratton stamp. 
 
 Afhmcation h»r V ('krtiucatk ok Inc-orporation to be fihd hi/ 
 a compami which doi'n not deliver a Ikt of permnn who hnn 
 oowenled to be direetorit of the mmpamj. {Hwi. li \l) 
 of the Comi)anu'i< (Comolid^ifion' Aet, 1908.) 
 
 i Name of proposed coy] Limtd. 
 
 I'i'OHOnled for filing by 
 
 Coy liiultl bv shareK. 
 
 Appliiion by tlie subscribens to tho meinduin of ai«on of Cm. 
 
 Limtd (being a coy which does not deliver a li.st of personH who Imvc 
 consented to be directors of the coy), for u cortiGcate of iucorpdiiifii'n 
 as a limtd coy under the Co« (Consolidation) Act, 1908. 
 
 We, tho several persons whose names are subscribed, hby doilait* 
 
 that The Coy, Limtd, whose meniduni of a.'won is delivtMiil 
 
 herewith, cannot dolivoi u list of persons who ha\-e consented U> be 
 directors of tho coy, pursuant to sect. 72 (2) of the Cas (Con.soli<lii- 
 tion) Act, 1908, becauw 'here xtate the reogon—eq.. " no dircctof 
 have lioen named or up|><iint«l "]. 
 
 [Names, addreH««» iiiul ilescriptions of sulwcrilKir'*.] 
 
 Dated this duv >>!' 
 
 f Witness to the above niunalui-os. i 
 
 This form of application i» only to bo lued where tho rampany docs \\«\ 
 deliver a utatemcnt that if U a priv it"- company. (Sect. 72 (3) of tho Act.i 
 
 Form23Sa. 
 
 8t tutory 
 il>'< iaratiou 
 
 <«mnu'iu-int:' 
 ImnitiefMt. 
 where 
 pronpectuK 
 fUed. 
 
 !4eeBect. S? 
 f 1' . iupra, 
 ,.. .'0. 
 
 Commencement ol Basiness. 
 
 i'lip ( 'oiii|)uni<-' .(Viiisolidtttion I .\ct, 1908 
 
 '.')/(. registration stamp J 
 
 Declaration nuviv on bih'Jf -if Th< . Limiti'd. that the 
 comiitiom of xrci. S7 '1) have /«•.» coh lifted rith. 
 
 I , of , beinjir [the secretary or u director] of The , 
 
 Limtd, do soloinnly and Kimvrolv rlcx-laro: — 
 
 That the urn. .nut of tin' liarc rapiliil of tlio coy <iiroiftl to tho 
 public for subscription is £ - . 
 
FOKMB. 
 
 tiOU 
 
 That tho amount tixed by thu niemtluiu ur urt» and luiiiiuil in tli« Form 232*. 
 |irii«|iO(tu.< ii-'* tho luiiiinium subitcriplion upon which tho voy muv 
 |iri"»«il to ullotmout is L- 
 
 Tliat Mhan>M hold suhjoft to tia- |)uviii«rit of the whole amount 
 thof in rash havo l)ccn uHotted to tho nmount of i— 
 
 That every diiui'tor of the I'oy U.u* i>d to tho ooy ou each of th>- 
 -hiirci taken or lontruilud to bo tiikoii by liini and for which ho i> 
 liiihlo lo (i.iy in cash, a proportion equal to tlio projxntion payable on 
 kliplicon and alloliueul on tho shai-us ollorod lor jiublic subHcripl ion 
 
 And I make this solemn dodaralion con- lontiously bolievinu the 
 -awe to bo true, and by virtue of iho provi-<ioiii« of tho Sttttutorv 
 IMtlarationsi Act, 1835. 
 
 Declared at, Ac, on, &>■ . liofore me. 
 
 . a Commis-iioner for (i.ith«. 
 
 Tlio I'onipauio.* ( Consolidation i Act, I'.IOM. 
 
 Form 333 
 
 : .5j». registration "tump.] *ri'J"J,' j, 
 
 ,,,. , . .. i I ■ t ■ nil lit ill liuu 
 
 lli(i,\R\Tio\ Ttuulr. i>n hrhidj of I hi- . Ltmihil ^irhicli m a „r |.r.,«|M><-ti« 
 
 r(rmp<mij that han filed irith the Hniinlrir nf Joint Sfix-k '•"'"' 
 t'<fmp<iniiK a statement in //<« of proupcrtnii . that the wmli- 
 tiitm of H'ct. 87 (1) hitvp hern complieil with. 
 
 I .of : the .-iecretary or a director of The .i.imtd.il" 
 
 -ilomnl\ and sinccrolj declare :- 
 
 That the amount of tho Kharo capital of tho coy other than that 
 i-,-ii<d oi agreed to bo issuwl a.-< fully or imiily paid up othorwis*' 
 than in ca»li Ls i' 
 
 Tiial the ainouul ti.xod by the luuiniluin oi art- and named in tlio 
 -taiciiioiii in lieu of pro-i|iocliLS a-< the niinimum suiiscription ii|iom 
 vlii<h the coy may piwiH'd lo allotment i-i £ - 
 
 That sharoij hold subjocl to the payiueut of the whole amuiiiil 
 fliiif in cash have been allotted to tho amount of Jt— — . 
 
 That every director of tho coy has pd to tho coy on each of the 
 -liaie-i taken or contracted to Iw taken by him and lor which ho is 
 iialiie to pay in lash, a pro)iorti()n equal to the jiroportion payable on 
 .c|'pli(»n and allulmeut on the nliare« payable in cash. 
 
 .\nd 1 make this Holoinn declaration conscientiously belioviii-,' the 
 -.'luo to 1)0 true, and by virtue of tho provision-' of tli<' .Slaliilory 
 I'claralions .\it, 18.J.'). 
 
 .'1 
 
 ill 
 
 Declared at, &c., 
 
 -- . a CoramisKionor for Oaths. 
 
 i< It 
 
 s^'ir' 
 
I I 
 
 HlO 
 
 Form 233a. 
 
 Ifatiuru uf 
 itUutiiHVta 
 
 RKOISTRATION. [ChAP. VIII. 
 
 V4» (ConsolitlRtionj Ail. 1908. 
 
 [.">« I ojfiwi ration Btamp ] 
 
 Return of ftll<>tinent« from th« day of 10— to the 
 
 of 19— of The Limt4l 
 
 Mtulp piilMiiaiit loHOct. 88 I 1 1 of the t'lv* i Coiwolidulioii i Act. li»08. 
 
 Note.— When the n turn ri'lufe* to un allotniont nmdo on oiik par- 
 ticular dttio, that (late onlv «h .iilil be in«erteil, uml tlio word 
 'nia<le" 8ul)Htitiited for ■ from ' When Uie return inoludc* 
 
 tMiverul BlIotUK'iilM iiunl .iitlerent dates, the actual dn(.- of 
 
 onlv l)io lii-Ht and last of nwU alloUnent<« included in the return 
 ohould l>e t;iven. 
 
 The return tnu«lbc regi»tei«d within one month of the first ilulc 
 
 N'uinl)er of* - Bhare.s allot tcl pn> able in cash 
 
 Numlierof - Bhuro-s allotted jiayaliln in canh — 
 
 N'oniiiiul ftiitnunt of* Mtiaros ho allotted 1' 
 
 Nominal aninunf of - «hare.s no allotted i' 
 
 Amount paid or duo and ])ayr\ldc on ouch such* share ... £ 
 
 Amount paid or due and payable on each such — share £ 
 
 Nunil>er of shares allotted for a conson other than cjyih* 
 
 Nominal amount of the sharon so allotte<f i' 
 
 .\mount to lie treated OK jtaid on each huiH jihere i' 
 
 TheiwiiBon for which «ur.li sharas have U-eu aUotlcd isaM follows:- 
 
 • «*«»* 
 
 Prceonte<l for filing by — 
 
 Nameo. addrewses and dcscriptionM of the allottees. 
 
 [Tribulor form with five columrm under heads of surname, (.'hristian namf. 
 address, dcwription and nunil>er of shares allotted (with mih-cdlumnn to fifth 
 oolumn for the different clauses of shares).] 
 
 Siprnature 
 
 Officer . 
 
 • fll*tin(fulah l^twnn I'rcfcrrncc. Onlin.iry. .Vc 
 
 Sect. M of the Coinpanieo (Consolidation) .\ot. 1908, in a« follows; — 
 g8,._(l) \Vhenever a comptny limited by ahar<>s makes any allotment of lt« 
 .ii.arr.>. :hc company =!ia!! *illiiit <me month tliTf-sffor S!" with th-- rf^istrar nf 
 companies — 
 
 ((I) a return i.f the allotment.!, ntalin^ the number and nominal amount of the 
 Shan's eiimprised in the .lilutnient, the nanu-s, addrosucs, and descrip- 
 tions of the nllott<'e», and the amount (if any) paid or due and payable 
 oM each .iltarc ; and 
 
K0KM8. 
 
 rttl 
 
 tl til'- 
 
 rtion. 
 0T.i;iv'ii.u- fifty 
 
 h) in Ihf <ai» nf nhar*. »lIolU<d a. fully or piirtly paiil u|. otli^rwiw th«n in 
 
 cMh, It roBtrmct in writing loraititntliDr ihe titio of ths »ll..«t<-.' to the 
 
 illotnii-nt tot;.»lier with »ny rontni. t of «ol.-, <.r for n.'rw<-« ..r oth.r 
 
 .■..h.idcr»»lon in r.ff>«-t of whirl) lh«t •llotini-nt w«» matl<v "uih ron 
 
 ti:iit» Ix'inir 'luly DtmupiKl. and » relurii Hiatinif tin- nunilx-r imd 
 
 nominal animint of share* ao allotttnl. thr ixf.nt to wln^h ihiy ari- 
 
 lo ho Irfateii at paid up, and the ronnidiTutioii for wlii^li >h>-y have 
 
 U'rn al' >tt«d. 
 
 ;2) Whrrr »uch a lonfroct a« above mentiom-d la not nilu..^.! to wriiiiit:, the 
 
 nmipany shall within ono month iifU-r the ullotini-nt Hie with the ri>«i«lrar 
 
 of companien the pre* rilied parti<'uUr« of the iiintra.'! ntumpcl with tlio name 
 
 <Uinp duty an wouhl hn'- hiwn payahle if tho wntrswl had bifn re<luce<l to 
 
 writinir, and tho^e [.artieulars shall Iw deitned to I* an inntrument within tlie 
 
 meaning of the Sta Aet, 1h9I, and the mtfiitrar may, at a condition of filint; 
 
 the (..irlii »lar», re<|. • that the duty pityulile thereo .. .. -udiented uml.T 
 
 ■eetion twlvo of that 
 
 (3i If default i» made in eoinplyiiu,' with the rwiuir. . . 
 .very direetor. iiiuiairer, Mvrrlary, or other olH< ^ of t. • 
 liiiowiniily a pui y to the default, nhall he liable to a Biie 
 («iund.< for every .lay during whi< h the default continuen: 
 
 I'n.Mi.d that, in ea«' of default in HMiiif with the roKistrar oi eompaniM 
 williiii ..lie month after the allotment any document riMpiireil to liu tHiJ by this 
 
 ,.,.ti,,ii, tl ompany. or any perwin liuhl" for the default, may apply to the 
 
 ■.lurt for relief, and the i-ourt, if »atisHeil that the onii"ion to file the do. oraent 
 va- arridental or due to inadvert. nee or that it in junt and e |.il' ihle to ifrant 
 n'li.f, may make an order oxtondini; the time for the lilinK of the doeunieut for 
 .11. h (leriiil an the cimrt may think proper. 
 
 I'arairraph lli) In in subs'itution for seet. '25 of the Companie^i .V.t, I8ti7. 
 -.pealed hy «cet. :i3 of the umpanies .Vet, 1900. It is piiuliurly framed, for 
 'M the case a|>e<iHed it roqur 'Vi the tiling 
 
 I ) of a contract in wntin.' constitntinK the title of the allottee to such allot- 
 ment, and 
 ■i: of any wntract of sale or for ^> ' • ii^ei, or for other . i)n«iileratiiin in rc»|>e<t 
 
 of whii h NUeh allotmrni w.i» i.le, and 
 i.'l) of a return statiiijr the nunilwr and nominal amount ot nharen mi all.ilied. 
 the extent to wliiih they are to he trettt«l on paid up, and the conwiibTi 
 tion for which they liave l>«'n illottwl. 
 
 .See further a.i to the construction of the ^e !ion anil -M |>i>licy. 
 
 "/" 
 
 p. .;i. 
 
 Penalty. 
 
 Th.' [HMially is very onerouB. namely, ,50'. per • ; hut it is only to l»" 
 '■nf.nnJ against a .lire'tor, manaifer, secretary or utiier officer who is know 
 naiy a party to the default. • Knowinirly " means " knowinir the fa<-ts.' 
 .1,,! a ii.aii .(i.i.uiiu tiiu utl.ie e if i.. k;i.AV.-i wf ti-.c ailcitm;:;: ■:r !i::uT-. - ■■'. i:i>- 
 .iii'raet and docs not procure compliance witli tiio ncction. It in appreheudiHl 
 hut the mere fact that he erroneously believed that he had iiiniplii>d with the 
 ^^•.lilm would not afford a defence. Tuyaoit ^- drnut, 2 •'. I'. I>. Itill. 
 
 il 
 
 V. a ~ 
 
< <l 
 
 til.; 
 
 KKOISTRATION. 
 
 [Chap. VIII. 
 
 i|;f^ 
 
 it 
 
 |IW 
 
 
 Form 234 
 
 Notice 'if 
 aitiuitioii uf 
 offlnt*. 
 
 Notices, &c. to Registrar of Companies. 
 The Companiea (Consolidation) Act, 1908. 
 
 Noticb of thl Situation of the Reoisteked Oh'icb ov thk 
 Company, Limited, pursuant to nect. 62. 
 
 To the Regiatrar of Companieii. 
 
 TLe Coy, Limtd, hby give you notice, in accordance with the 
 
 Cos (ConBolidation) A.ct, 1908, that the registered office of the coy 
 is situate at [the full aJdrets must be stated, including the number 
 of the hoiue and the name of the street or road (if any)]. 
 
 Signature . 
 
 Officer . 
 
 Dated, &c. 
 
 This notice is to be signed by a dinictor, secretary, or other .lutho- 
 liied officer of the ooy. 
 
 8ae leot. 62 (2) of the Act. 
 
 Notice of Change of Office. 
 The Companies (Consolidation) Act, 1908. 
 
 Notice ov Change in the Situ.\tion oi the Reuistereu 
 Ofiice of the - Company. Limited. Purmuint to sect. 62. 
 
 To the Registrar of Companies. 
 
 Ihe Coy, Limtd, hby give you notice, in accordance with the 
 
 <oy8 ((\ni.v)liihition) Act, i908, tlmt the registered office of the coy 
 
 1.1 now situated at [the full address must be stated, includinn 
 
 ike number of the hnum- and the name uf the street or road (, •/ any i] 
 
 Signature — 
 Officer — 
 
 l)ale<i, &c. 
 
 This uotiw is ui be Higncd by a director, seoreiury, or other .miliu 
 lizod officer of the coy. 
 •iw s«!t. 82 (2) of tha .Act. 
 
 Form 234b. Nolioo of loiuolitlulion of .shares und convorrtion ..I' -Imn"* iii'^' 
 See «i't. 12 "t till' \ I. 
 
 Form 234a. 
 
 Notici' (if 
 ohaiitft* uf 
 
FORM8. 
 
 HIH 
 
 Notice oi Inore»Be o! CapiUl or in Number ol Members. 
 
 H« wit 44 fl) of the Act. 
 
 The Companies (Consolidation) Act, 1908. 
 
 NoTicK OK Increase in the Nominal Capital of the 
 
 Company, Limited. Pursuant to Bed. 44 (1). 
 This notice must be sent to the registrar witliin 15 dayi from the 
 dato of the passing of tho resolution by which the increase has been 
 »uthorized, under a penally of rA per day for default. 
 
 To the Registrar of Companies. 
 
 'I'he Coy, Limtd, hby give you notice, in aceordanoe widi 
 
 sect. 44 of the Cos (ConsoUdaUon) Act, 1908, that by a reso- 
 lution of ihe coy, passed the day of , 19- [»/ neoMMry 
 
 add "and confirmed the - - day of -, 19-"]. the nominal 
 capital of the coy has been increased by the addition thereto of the 
 sum of pounds, divided into "hares of - each, beyond 
 
 the present registered capital of pounds. 
 
 •^ Signature . 
 
 OlBcer . 
 
 Dated, &c. 
 
 This notice is to be signed by a directo: secretary, or other autho- 
 rized ollicer of thr coy. 
 
 In iddition to » 5*. r6gi»tr»tiou itamp, a notice of inorewe of capital or in 
 number of m«inl)cr« must lie i.t*mi)ed iw above mentioned, pp. 486, 487. .Vnd 
 the duty of 5.. per 100/. payable undci sect, ll'i of tho SUmp ■■Vet, 1891, a* 
 amended by ieet. 7 of tho Kinanoe Act, 1899, an.' «ect. i of the Kevcnnc Act. 
 1WI3. munt be paid. At U) this, nee p. 488. 
 
 The Companias (Consolidation) Act, 1908. 
 Coy limtd by shares. 
 
 Special Besolution (^fmrsmnt to sect. 70 (1)) of the 
 
 Company, Limited. Passed , 19—. Confirmed — 
 
 19-. 
 At an extraordinary general meeting of tho menibors of the Hti 
 
 coy, duly convened, and hold at , in the county of , on the 
 
 (lay of , 19—, the following special resolution dulj 
 
 passed; and at a subsequent exiraordiuary general meeting of the 
 lucmlxTs of the fd coy, also duly convened, and helil at the same 
 
 Iihue, on the day of , 19—, tlie following special resolutiou 
 
 duly conQrmed: — 
 Resolved -That, Ac. 
 Smy note to ne>t form. 
 
 Form 235. 
 
 N'otirr nf 
 iiKTPam* of 
 capital. 
 
 Form 236. 
 
 ( '..py of 
 
 .«{>i.fial 
 
 n-Milution(n'. 
 
I 
 
 ill 
 It 
 
 I 
 
 
 I 
 i 
 
 «14 
 
 Form 236a. 
 
 0op7 o{ 
 eztmurdiiuir)' 
 
 ivwlutionfs). 
 
 RKni8TRATI0K. 
 
 [Chap. VIII. 
 
 Form 837. 
 
 R**p*>rt til 1m* 
 mibniittivl 
 to Htiitutorv 
 mefting. 
 
 Seit (l.> of 
 till- A. 1 
 
 The Companies i Couuolidation) Act, 1908. 
 
 Coy liratd by shares. 
 
 ExTR.voKUiNAR\ Resolijtion {pursuant to nect. 70 (1) ) of the 
 
 C0MF.\NY, LiMITKD PuHHIfl ' ,19^—. 
 
 At aa extraordinary general lueeting of the lueuibers of the .td 
 
 coy, duly convened, and held ut — , in the county of , on the 
 
 day of — , 19-, the following extraordinary resolution - 
 
 duly penned: — 
 
 Resolved— That, Ac. 
 
 A ipepial or eitraoniin»ry ri-»olution aoud iwt be advortiiicd in tlie (liunU 
 unl«w it in for winding-up. 
 
 Where a gpt-oial or extritordinury resolution ban been pau>»l punuint lo 
 sect. 69 of the Companios (Conso'.idation) Act, 11(08, a oopy in to be printi'd 
 and forwarded to the rpfjiiitrar and is to Iw r«i-ordcd by him. Si-i- sect. 70 ' U 
 of the Act. It should b« aiirnnl by a director, secretjiry. or «>iiii; other ilnlv 
 authorixed ofli<-i«l. S«- sect. 117 of the Vet. 
 
 The Cowpauios i Conxolidalioii i Act, l'Jtl8. 
 
 bs. registiutiuu Htamp.j 
 
 Ulpokt \,pHr»uant to »ect . W (5 ) , «/ <A' Uomp x .n v , Limubd 
 
 To be certiHed by not lew thaa two <»»»«rtor«, or where tkere ar» lew than t»o 
 directors by the nolo director or iii*nH)j«r, aiid torwardnd at Utaat iievon day< 
 beltire the statutory rawting U< every meiuber of tiif cHiiupuny, and to lie til"l 
 with the re»r^-trar furthwitli after the aendimr tlirrwf I" the UiemlMT.- .Swt, tiV 
 
 (a> The total number of sliare-* allotted is , of which are 
 
 allotted ittatv an 'full' |Mtd up" or paid up otherwise than in 
 cash to the extent oi' — per .-(hiiie " in consou of , and up.u 
 
 each of the remaining shares the siiiu yf - ha« been pd in cash 
 
 (bi The total ai 'ount t>f tiwh re<'<'ivo<l by tl»> loy in respect -if 
 the shares issued wholly for uauh is £ , and ou the shares isaufi 
 partly for ca^h is Jt 
 
 (C) Abstract of the rei<3ipU oi the coy ou account ol its capital 
 whether from Hharc ami debenluros and other sources, tli»- pay- 
 ment theiouut ttiiii pailiirs of lniluut« i» liuud lo a duic within aevcu 
 days of the dat<> ot the report. 
 
 ^Tabular fi.rm with two njumns undiT hcadiiiu'" of 
 HeK-ipti " B»d " l'iirti<-ol«rK uf Puyments." | 
 
 I'articidari 
 
 11. 
 
KUKM8. 
 
 61« 
 
 Tho followiug i« an actouiit (w eNlinmU) » of tlie pi-eliiiiinttrj ox- Form 287 
 penties of the 007. 
 
 [Tabular form in two oolumni (no heiiding«)-the flnt for tha iUmt, and 
 tho iMx-ond for tho Mtimated amount*.] 
 
 (d) Names, addresses and dosoriptioiiN of the dirB.-torM. auditon, 
 (if any>. manapor (if an.v> ami so.rotnry of tho ••oy 
 
 ITubular form in four TOlumn* under thi- li.<idinir. "f " Suruaiii.-." • Chri-tbi. 
 NaiiiP," ■' Addri-.«," and •' Dwcription. " Tlie .■olumn. an- U, \«- .-..ntinued for 
 auditors (if any;, manajjtfr (if any), and nccretary. 1 
 
 (e» Particulars of any coiitratt the luodiflcatioii of which is to bo 
 submittel to the mootiup for its approval, together with tho parlars 
 of the modification or propostn'. modilicHtioii. 
 
 Dated, &v. 
 
 Wo hereby I'Crtity this report 
 
 !■ Dirwtors. 
 
 Wc hereby certify thai so miicli ol this rciH.ii lus ivlatcs in tlm 
 shares allotted by the lov and to the .asb ro.t- ivcl in ic-i>o,t ..f suili 
 ^liare^^ and to th«< if«>ipts and payment- ol the .^y on cajuUil account 
 
 in ('iirre<'( . 
 
 
 Auditors. 
 
 A [■nvato •iimpany, tliuuKb it mu«t hold the aUtutory mcetuis, n^d not 
 forward and file the preliminary rt-port. tkjmp«nit>« (Conaolidation) Art 
 ISO*. .<. 6h (lU). 
 
 The 
 
 (.'OMCVNV. LlMllKU. 
 
 Form 238 
 
 List 01 Mi mbkkh t» br ^,<hmitUil l<> the SUUhUmu M"-lm;/ ol 2^'^^,^^"J' 
 
 th>- Comjxmii 
 
 fNamw of mpmb<'r«, «ddni««« 
 
 '■aril iiumhImt. ] 
 
 MtJ>{itt.<.ry 
 mn-tint.' 
 
 dfwTiiitini" ^iiid iiuriilMT i>f «li.iri- lu'ld br s<.l.iii"l 
 
 A.t of ia<m. 
 
 — - Secretarj 
 
 Th.Ml,r...t..r« .Imll .a.i-. ■ ii»» .h..«ii.,r .!"■ uain.-, .l.-ripliMn-. and .ul.lr.-.-. ■ 
 ..f the membor,. ..f tl.p ,„m|,..»v, and tb. number of .barcn b.-ld by tb.m n 
 
 .l..-,l,,..|y tn br priHlu.^l at tl ..„,n>,i,.-.m.nt "f lb- ,.i.-.-lin;f. and t.. r-.na..-. 
 
 oi...n aiwi i..,P"ibb. I., any m^m!-- "f tb.- .-.TOpawy duriiw It..- .-.^tiuuan ■ ..f 
 llif mei-tiiM?. 3e<;t. M (6*) af ti..- t ..mpanic iC..ii-J..laii..ii V'»- l»w 
 
KI6 
 
 RK^JIHTKATtON. 
 
 [Chap. Vlll. 
 
 i-i 
 
 H«'ifif*trMtii>ii 
 
 ,>nd • h«ri.'i " 
 Spt.iw (III til. 
 
 mV' 
 
 lUgiBtration of Sortgaoes and Charges under Sect. 93 of the 
 Compani(>8 Consolidation Act, 1006. 
 
 \|>|>i'ndix XI 
 
 ... I'll. I'n-i ''r. Ill, |i|i 
 ■n Mki-^ r^ \t\arf of «ei?t 
 
 •fc.- Art III IW7. Hii. 
 
 l«ft- ISl 
 14 of '■tw' \c. 
 foUoimur pi'inU- 
 
 S«' th» •». !ion in thf 
 
 With ri>ft>F"Brj" 1(1 thi 
 if IMNi. a.i »h><-ih1i'<1 >• 
 iiiiiT 111' iioIihI 
 
 i- Tho mN.t»»n (itH^i nut Uiwli a mur^g ii g" ''t rkmrv rr««t(Ni hvlawrf IM Vpnl. 
 IWW. llalfM, i < .. V. d>.i-W '>/»<>» Im^ted, • t9»2; 2 t'li. '2Wt. 
 
 2. It iMity a|>plii>- "> rrWuin clameti of moTtKner* or rhar^'ei' tlioM' HperiKnl 
 in para«rn>pl>« (ai. •". si'), li), (v) ami (f> of nul>-««-t. 1; i p. tilhj. \ 
 >*im(»i<' wi-'rt4fairn or rlwim* not f*>r the purpow of 'M'i'urtnjf wb i"»»iUO of iIpIm-h 
 rures or < w» nture i**o»^ -*« a pwnifMHion. imtfnt, or copyrtirnt. or ilt'jMwit -.i 
 tlock warMKMbH. Iiilh of oxi^HMitri*. or oth«*r mcn'antilo dncunioiit)*- h not withtt 
 tho M^i'tion. 
 
 But a raortjrairc purMimfn -^ ,i pnivii*Miti iii » trust 4aetl twttonntf ilt'tivtitt;r< 
 Rtock r«|uire^ re^it»tration < -"thr^'k v. Ln-rt*i liphetnire f'nrf*orntion, ' J^t»4 
 1 Ch. IM.'ii, unUMtt the n^mimtum liaii bwn ctfiM'ted mitjcr par. (3) of kuIi 
 ■«'t. (I ;. S«M' p, 617. i»/r«. 
 
 .\h |4i wliftt ii* a Inll uf Mll«. 
 
 .if the BiU» of Sai« .Act. IMK. 
 
 pltMl^o uf iTfHMU KH-f^mpanitMl by it»liverv .ii {HWM^HHioa »> 'hi; ptcde«« 
 
 liill of Hale I A> mirte Ihililmril > IMMi). 
 
 ment (fivin:r w»niTity followed liy y 
 
 A V. 231 L Uawitav v Mararr-rr. (IH1», 
 
 invmitorii'." of ifiMMifi with ret^tpt 
 
 l*r»tifutinl Mifrtrrufff 
 
 nor "ale and hirtnc 
 
 Ant/, r,,., 
 
 II. 1). t:!t» 
 
 •J y. II. isi 
 
 ( Sortk Ci*90timi ff'tttfi/on f 
 
 not . 
 nor IS :tli orul .iirn-f 
 r/« V. WW. 
 imr 
 
 H L. 
 
 »■>' 
 
 ■'■ .in 
 ttorti 
 201 
 
 13 .\pp. Caa. Ml). 
 
 .V rc-iiuuraiiee eutttrart involving tmuk df^tum titie* not rt't)uirf rt;3ft.''tratiui 
 if it nt^atm no rhanr* on thi- hook ih'hti.. /.'tw ^"'" "'*. '..i..r"- /M."r t ,., , 
 5.5 .Sol J. 407. 
 
 .\b to panunvph if) \ Hoatinir cliuixtf- m a rhunpf on pnttMTty of ii iinnjwin 
 preM'Qt .And fntun*. ihi tnuaed ati to loav«« the <titnfmny at liiiertr ti> dral with th- 
 pnijit'Tty charirml in iiis»- ot^mary rourw of itn husint^ii until the rharijt' tinallv 
 atturh*« hy rea-son of a wintlini^-up or the appoint iiii'iit of u riM-eivi-r. Ni*- 
 Pamtma, Jrr. f'"., o I'h. 'M^: tiuyrtimenf Sttirk Vn. v. Mnntiiu Htti!" ;y ' -■■ 
 (1897 .\. ('. 8ti. 8uch a churffe takm etfeet aa an inuuediato and nontinuioi 
 vliariri- ( Fhtniti-r .<■ f'c.. 1(1 (', I) .111 ), and, /innifi Inrir, leavt^ the ronipany at 
 lilM'rty to iTeat.n Rpei'iHc niorttriiifes rankinif in priority to a floating cliarip 
 (n'hfatley v. Stlk-Mlour Co., °itl ('. i). 71.1); hut the floating; i.harire is valid a- 
 af^ainiit general rrtslitor!* ySnttth Amerinati f'o.^ 2 C. I*. .'137), though an «'\»-.a 
 tion iTiHiit4ir may obtain priority (K'tiuM v. Rirtif Urtimfi* Quarrieit, (i9IOi '.' 
 K. U. U7!l). .Nevrrthrleaii, the provinionn i-ontainiHl in tneU. 107 and 'l\i inuiil i» 
 liorne in mind. \* to a floating I'l.ar^^e <Ti'ated within thriM* inonthi uf winding' 
 up, net- Orliaiu Mnf„r Cn., (1911) '1 Ch. 41. \nd an l<i what i« payment ' ai 
 the time uf or i>ub<ei|uently to the oreation " uf the dolienture in KU'h a rasi 
 ■ee Cohimlitiin J- irf-pronflH;/ Co., (191U) 2 Ch. 120. Commonly a floatini. 
 rharge eoiupriwn the whole of the ctimpany'H pni|H'rty, and a eharge on tli. 
 " undertaking " iniluden all tiie property, and operatea an a floating,' ihargi 
 But a tloating rhar^^e on part uf the roinpuny'a atiietii ur property >• within 
 the Motion. Illtngtvorti ». Ilnuliisiinrlli. (1904) A, C. 355, 
 
I-X)RM8. 
 
 *ii: 
 
 ,. „ i, ,h* --nrity whioh i. .voided. T'ndo, ,ub-^t. (1) the oomp.iny !»« 
 ,o repay Hip money lent at once. „ -, . 
 
 , ^,,1, ,..et (1) of «-.. 14 of the Art of 1900 u^ th. exprei..on filed 
 ,„h .!.<. reei-tmr for re«i-br.tion.- A. to thi, oipre«ion, th« r^..tr.r wa- 
 «ivi«,l and a.t«l on the f.K.tinR that thi. meant lempo.ar.l!, fi.ed. 
 new Alt providei. for filing particular!. 
 
 .-,. Sub-«.t. (3) provide, for a different m.nle of re^i-tration vi. by reRi- 
 ,onn« .•.ria.n s,..-.i«..l .urtioular,. IUrro„,„. li.Mr. I.,»,>leJ. (\MU) H . 
 ,„. And .l.iH mo.ie i. now eomn only a<lopt«J in the e^o of » ""- n' 
 del„.nture. and debenture M..-k. r„„ar,l Sl..,„..hi, Co. v. Il..r'.-ood. > IWH . 
 • fh. >«4. 
 
 rt The word ' c liar,{e " imImUM un «iuitalde eharife. 
 
 V n.»rtsr.«e or eharB« i- •' ereat«i " when the de.Hl l« exe...t«i or the wre.- 
 „.ent ma.ie. thnn^h the advanee take, plaee „.b.e.,uently. U „l,nn ^ <..^ . 
 
 Ml, 4«s: .r,,,./-."r,/ >. .V.„- /..»rf„» .,n.l s,.l.,rhn« C,.. ,IlM.s, 1 Ch. 621. 
 .U tn what i- .i ■ H.M.I.I.K rharKe." «■.• I'nrm .'.99, and to. I'rt-e., Pt. 111. 
 T •• Book d.>bt« •' .ire drt-t. e»«ere<l or rornmonly entered in b.K>k«. Se. 
 ,sy„;,/,« V. Ma.,h.u. 14 f. It. V S. .-,««; Ta,l>.^ v. opir...! U.'r.„rr. 10 App. 
 ta. V>3- ll„.r'o,. V. We, ifWH) I Ch. «33. No registration » neee««.ry 
 „„les. there „ a .hanfe on the debt.. U... Car arui <;r„.-r.,l In.urr,«r. ( ,.r,. . 
 ,1911) W. N. l«l. 
 
 >( \ mortirair- mad.' :.fter ch« Ac-t ..f Mil.«tituted property .■on.prise.l in a Iru.I 
 de.Hl ew«ite.i before . e Art r«iui-es re(,nsln,tion ,t\'r,Monk .. A««rf Drh,'.- 
 mr. t-»rm,m,...H. (UW4) 1 Ch. HO), iinle.. the eompany m not .i party. 
 Hr»»^ /•«.<« flrev.^r.>. V. .IhMt. (19«S, I Ch. ilo. Or unle« he trust 
 ^ ta, l-n registered under par. 3 of .ub-.v-t. , 1 , of ^n-t. 93 of the Act. 
 ,;,„„r^ v„,„.„*.> (•:. » llnpunoJ. (IWIN i Ch. 564. 
 
 ., uti»«Mh tl untv i- uml.r th.- ...H.tM.n avn>.le.l by n.,n--ei:i»tn.ti..n lb. 
 
 oU,^^i...,. ..f the .-..nitMiny t- "'P^.v "" """"■>■ '"" '•••"'^'"'■' " "» ' •""•""' 
 
 iiabiiit^' and matanw at unee. H«e ne. t 93 (1). 
 
 lu ^t. 96 .•mimwer^ the Court, .m lH-in«r Mti.tied that H." ..iui«»i..n f 
 ,«e,.ter a morti?aL'e .,r ebante w.thiu the r..iuire<l .iioe. or that .1,.- ..„„«M.r 
 « m«*it«i..enl ..f any parti-uUr with nH|«t U, «ueh nmrtv-at'e ''^ 'l'"^ 
 
 -was aceidenial ..r .lur l<> inudverten «» ./...*•»'". * <"'> ; IN'*"' ' Ch. 34.Si 
 
 ,T to H.me other .uffieient . ».i«e. or i- not of a n«t«re b. ,>rejudiee the p.>«iti..i> 
 «f ereditor. or Hhar-holders of the ...mpany. or that on other around* it i« ju« 
 and .-luitable to ^rant reli.f U.,' t-. extend the lime f.-r retr.-( rali.m on .ueh 
 ..rm. ami ...ndiimn- ..- ^-m t.. the jud'.-- jo^t ami exp-l.-ni In .-xer. ...,■,« 
 lio. ,ii«-n..,.,.,arv power of relief the pr*t..-e i. to .n-^ m th- order tl,e 
 fnllowinr »..r.l. 'Thix order I.. U' without prej.idi.e to lU.- ri«bt- of part»« 
 a.-.iuir«l prior to the lime when nuch dobentunw «haU be ».t.«(ly reKi»t*red 
 II.- J„,,l,„ Itvaeru Co., (1!H)2) I Ch. 79; AV V/-r,i/ ///.,*,• V^. ^ISOSlt I CI, 
 3'tti-. K- lhr«h«m. * S.,h,. (1902) 1 Ch. litfi . C„r./,71f W.,rkmrnt < ,naft. 
 19u; i Ch. IW7: t:hr,n.,«,i HtMker,. (KKKi) l < h. fi»7. In Uiii la.t ca» 
 ll... Curt of A|.i..al e.xpluiiu'.l llwU Ihi. |.r.ni«o ii only d.Hi^ne.1 to prui«-t 
 riglin ae<iuir«l by exoiution, ehartre <>r otherwi.*', Hi/iiHut tht prnp.rly uf ih.- 
 c„mi,,mi, in Ihe interval lielwiwn the expir^ition of the twenty-.me day* for 
 r.(fi.t.rini: an.l llie extended time «ll..w.-.l by the order. It dow not protivi 
 the eii,tin){ unwuriil .reililor. who have ri..t obUiniKl any six'urity or chariie 
 
 u|M.i, ll,.. properly subjc. i •■■ the del lur.-^. ami vv J. V. JnhHion t Co.. 
 
 'I'.KI'.'i 'i Cli. 101. C. A. 
 
 Where an order cit.-ndiii(j the tiini' .i ni.ide. and tb.'« .^ .ft).. app.'Br in it. 
 
II 
 
 (UK 
 
 I • 
 
 ! ' R 
 
 
 ■ 'J 
 if 
 
 Hi 
 
 Form 239. 
 
 ParticuUna 
 or oharfp'. 
 
 li 
 
 4! 
 
 ill 
 
 KKGIHTKATION. 
 
 [ClCAl-. VIII. 
 
 but bufiirc actual rafrutration a winding-up <'uDiinpn><t«, the mnrtKafro or 'hiirgt, 
 if nubiHiiurnHy reffiitereii, In not effwtive a^'ainit the general body of I'mliton. 
 Anglo-Orienlal Carpel Co., (1903) I Cli. 9U. 
 
 An urdor for exteiuiun will not l>« made after a winding-up liiix I'onimi'iiced. 
 Jle .l/irakamt i Sotu. (1902; 1 Cli. K95. 
 
 If an order for i-xteniion in not convrnivntly obtaiiiuble, tli» luiupun)- may, iu 
 lli'u thrrcof, rail in and cani't'l the di'lH'nturc'i, and isnur new di'liiiituriM to h, 
 regrUtered in due course, but at tho coat, of ooume, of new ntamp dnty . Itmirn t . 
 Dftrifn * Co.. (1904* 1 C'h. 37: Rrnihav * Cn.. W. N. (I90H) 2H». 
 
 Spct. 97 provides for enterinf? iiatisfai-tion, and act. 94 for an ini|i-x tu thr 
 register, and iiect. 99 fur penaltlen for default in coniplyini; with the Act a« tai 
 regintratiun. 
 
 The Ciiurt hasi power to extend the time, even when the default waa made 
 iKfuru .lunuury l«t. 1909. Seet. 3M uf the Interpretation Act. 1NH9. Ihr^ 
 atut AV.fr M\lerv>-rkt C,,., \V. X. (1909) 4H. 
 
 The rei;iatrar'ii I'ertiKeate of rei;iKtration in eunclunive. Sect. 93 (5;; lollmtU, 
 Ihfim li- HirUrlt. ( IWW) I Ch. 152: C„„aril St^amthi/i Co.. (1908) 2 Ch .Vi4. 
 
 The C'oui|Mtiut» I Ctiunoiulutiou I An, lUUH. 
 I'urtirtilarH to lie Kuppliud t<> llii* lOKiHtrikr purHiiunt to huci 9.'! ni 
 
 a morig.i)r»» or '•harj;© ch'uKmI liy tlm 
 
 l>init<t, iitid beinp:: 
 
 (a) A nioft(ra(j:« or charjro for iIk- purpose of Koeuriiiu' uiiv i-wue uf 
 
 (lt'l)Oiitu «".•<: or 
 ibi A iiioiifjunt' or rliarjiv on iiinulltil .■«hui<' <'<ipiiiil of llu< {-.ay. 
 
 or 
 (c) A uiorijfUfrc or <|jii!(ri' cn'iiK'd or evi'lencod h\ an itwtninuMit 
 
 which, if o.\oeute(l l>v an iii<livi(liial. would r«'i|uiie n'jrisini- 
 
 lion a« u hill of Hale; oi 
 (dj A niortpij^o or ihaifrt' on iiiiy land when-vt'i- Kiliiale oi ain 
 
 interowt ihon'in: or 
 te) A inorlKugt! or oharjp' on any hook di'liiw of tho coy; or 
 (f) A flouting charjrc on the iindi-rtuki-i!.; or pto|M>rly of llio coy. 
 
 Strike out the 9ub-liead« (*}, (b), k), (d), (ej or (f i, which di) not apply 
 
 [lobular form in five eolumn< headed; il) l'al<> of the inntrunient ercatiiur 
 or evideneinx the HDrt^iaife or ehar)f<> and di-wription thereof, (2) .Xmmin' 
 nmured by the ntotikrat/i' or rliartfe, ,1 1 Slmrt p.irfii.nlarn of the property niiirt 
 »fa^f^l or eharffe-l, (1) Nauu:!* (with a»hlrea«eK and dejwTiptioni*) of the niort- 
 Kftt;i;» 111 perwn entilli-il i<i the iliarife. {!>) .Vniount or rate per eent. nf th'' 
 i.^ommioaiun, nil, *aiii <• vi dineojat (if any; paid or made eitle-r directly er 
 indireetiv bj the ,-,im|,ai.y !« any ;M>rsi)n in con.siderutlnn of hi'' niilwriliinir "' 
 .u;n>eing lo lubi vrilM', whether 3l>»<>iiitely ir c<imlili«nally. nr pn>ci'riii(; "r 
 j|;recin^ lu procure iulwripti'in^, wliether abmliite ir •'onditional. for any "f 
 the ileSenturaa iiirludort in (h'» nrturii.] 
 
 Siguaturo • 
 
KOKMH. 
 
 .ir» 
 
 TlM» I'ompuuiee ,(J(.ii«oli(iuiioii) An. 19«8 
 l-artuular^ .0 bo .leliv^ml to the reRUitr*.- pur«uaut to »c-ci. sa . a ■• 
 
 :t ' IrT^fu-nent. any charge, to the bone.it ot wh..... . u, . 
 
 ,i!.l>...uure holder, of the ..1 H«ric. are entld por, ,...»«. on-u.,.,! b> 
 
 li.e - -. Limtd. 
 
 V,„K Tho deed, if anv, .onlaininjr ih.' vhar-.f mu.M br .i.-ln.n.l 
 with th.*c partkularn to the .etfinrar u.lhit. tuei.lx-""'' 
 davH after Ihc cxcut.ou of «u,h deed; or, if there is no M..b 
 di«d one of the doboutu.e« u.u..t U- ho dehvoi.nl w.tb.n 
 ,weutv-«ne day« after the e.xe. utm.. of ui.v debeuture.s ol 
 the series. 
 
 , r.tmlar form in -olumn. headed:- (l* IWl amount »«..r.Hl 1^- ">« wLole 
 
 ,j..: ;.Vnu,u.,t of tho pr««...t u.,ue of tl.« «.ri... (.3) 1...,. "f --;"■"- 
 
 ,l.i.h the Hvurit, i. .•reat«J or deUncd; or, .f there .. no -''''/''■•*•;'"/;,'*". 
 n W oierutioii of debenture* of the -c-rie,, (5, 0-n,Tal d,.*rM.tion of th. 
 
 :,X eh r«^:d ,« Nan... of th, trn.t«. uf any) for the d-bentun. holder. 
 '77 V»o^t oTr^te per cnt. of the ..n.n.i-ion. allowanee or d.-.u-.t ,.f any) 
 ,ld oTlle either direetly or indire, t-y by the , ,.«,,v to any per.. n 
 
 iideration of hi. ,«b«ribin« or a^n-ein, .0 --"'"■• •'"'^^"■"^.S 
 „r ..ndi.ionally, or proeurinK or a,roei.., to Vror.r. .^^>-nv^^,^U y^er 
 .,b«)ute or conditio.*!, for «y of the del..nt«n» .mlud.4 o, thi. r tur,. 1 
 
 Siguutine 
 
 Form 240 
 
 ,if ,l,Ui.lui..» 
 t»r li.'lw iitori- 
 1.1 ., k. 'Ul' 
 «■■. t, i 
 
 The ConiiM-ues ( CoiwoUdatiou ) Act, l'J08 
 
 [A ox. cos lejjislration lee sUiup 
 niiwl be iuipreaseii here J 
 
 Fonak241 
 
 Fir«t i«"iie 
 
 Tlie , l.iiratd. 
 
 Staionienf of l.u.ti.uUir^ iu. lequiretl by 8ub-«e<-l 3 of .-oct. 0.1 
 .vhe.i more than one is«ue is made of del)e..tiiri* in a •serins. 
 
 \.,IK-Sub-»*«1 •■( of .sect, 'ja ftbuve lueiitioiio.l provide:.. 
 
 ( 1 I For regialraUou of iiartieulur« of the entire ^orie« i for whitli 
 
 |iur|K)«> F-.rni No ilx iinist Le u«ed), and 
 (21 When there is more than one issue ot debiiiture.s ol tlie 
 seriOB-for the registration of the amount and dale ot 
 each i8«ue (for whidi pur|K>se For.u No 48 must bo use.1 >. 
 
 ITubuUr form in eoluiun. h««ded:-(l) l>»le of prew-nt i«ue, (;>) Amount 
 .! i.re«.nt ■«.ue. ,3) J'artkular. M to t!>e amount or rate ,^- cent, of the 
 ...mmiMion. . '■.*anec, or di«ount lif any) paid, or made, e.tlier directly or 
 
9'iO 
 
 RKOI8TBATION. 
 
 [Chap. VIII. 
 
 indiraetly. hj thr company, to any pcrmn in (vniidention of hit rabteribiag », 
 ■yraeing to nnbicrilK^, wfaetlier >h«>lutal7 or oonditioiiAlIj, or procariiif o.' 
 ■fraeiny to procure aulMpriptioni, whothor »lMoluta or conditional, for nj of 
 th* daboatarM inoindad in this rotnm.] 
 
 Sigllkturo . 
 
 The few will be ■■ followi:- 
 
 Kor repaterin(; auy mortgage or charge created bjr a company — 
 
 Where the amount of the mortgage or charge or debenture 
 
 does not exceed 2(H)/ to in n 
 
 Where the amount of the mortgage or charge or debenture 
 
 oxocedn JOW. 100 
 
 Provided that in the oh-h of a wrien «t delienturvn the fco for regiitration ot 
 eat'h debenture of the luimc aeriee after the fimt ahall be >izp<>nce. 
 
 N'OTt:.— The original initruncnt evidr'neing the mortgage or charge muit Ix 
 pti^'nted with the return within twenty-nna dayi after the datu of iti oreatioB 
 t- It (1)1 arrompanied by the partieulam aet out in the form. 
 
 t'onn 242. 
 
 Verttfit ate of 
 Kgiatration 
 of debentun.>. 
 
 1 hfrebv oerlifj' that a Dcrias of <lebcntureH created hy The 
 
 Coy, Liimd, on the ila^- of — , tor securing tlio »um of £ . 
 
 wwi this day regixtered pursuant to aoot. 93 of the Cos (Consolida- 
 tion) Act, 19(»8. 
 
 Givon under m_v hnnd. a( IjOndon, this day of , 
 
 . Registrar of Com-'aiies. 
 
 Form 943 
 
 i 
 
 i 
 
 i; 
 
 if I 
 
 4 = 
 
 li«)fiiitratioii 
 under Niilt- 
 
 •ect. -U 
 
 Application having thir- day b«en madn for the entry on the refri'^ter 
 of the particulars required l>y nub-sect. 3 of «ect. 9.'{ of ihe Cos iC-n 
 (i(>lidation) Act, 1908, in relation to a series of debentures contitluin? 
 a charge (to the benetii <>! which ilic debuuti re holders of ttiu raid 
 
 series are entitled pari passu) created by , Limtd, (>_•' rosoluiiun 
 
 passed on the Tay of — , 1909 (and one of such debentures 
 
 having l>-'i;u duly pro<luned), I hereby certify that the total umouni 
 secured or inlciuied to lie Hocureil by Uie Haid series is 100,001)/., aad 
 that all tJ<o particulars requi«>d by sub-sect. 3 of soct. 93 o. Mo saiil 
 Act in R'1-ition to tiie jai'l series have been tiu.i day ciitercj t.ii tin 
 register 
 
 Oiven under my hand, at London. lhi*> day of , 
 
 — —, Registrar of Cotnpaniee 
 
 Form 243a. I hereby certify that a uiorigag<> or charge, dated, &c.. and <'i(>at«l 
 ,, ._ , by The C^oy, Limtd, for secunng dol^nture- for the agor-v*** 
 
 (Vniileatenf - ... ■ l 
 
 rKtfutmi4,iu of »uni of Jt , was fJiis day registered pursuant to sect 93 i ihe 
 
 trum .«..! Cog ^c, 1908 
 
 t.il*«D. &t. 
 
rouiM. 
 
 Ml 
 
 The CoiniwuiM (Coiwoliduiiou i Aci, l»()8 Fom 844. 
 
 MF.MORANUI.M OF SATISFACTION OF MoRTr.A..K OR ( 'it vROB ""J^X*" 
 
 chi:\ TEH B\ Th« - , LiMiTKi.. t'> hr rulercJ on the. lieqitter li.,., 
 ftuffwmi to»ect. 97. 
 
 t)ec'laiatioD verifying Memorandum of Satwfaciion 
 
 [No atMup uocosuwry.] 
 
 The — Limtd. 
 
 ^g _ of , a director of the above-uained cov, and 
 
 of _ the scrctory of the above-named coy. Bolemnly and sincerely 
 declare tliat tho parUr« eonUined in the memorandum of satisfao- 
 
 ,.on annexed hereto, and dat«l 1»-. *re true to Uio be«t of ou. 
 
 knowledge, information, and belief. And we make thia solemn 
 decUration, c.nacientiously believing Uie name to ito true, and by 
 Nirtuo of tJie proviuions of the Statutory Ueclaratious Act. luas. 
 
 iJeclared. at. &c. 
 
 Mcmo-indum of Satisfaction of Mortgage or Churge. 
 
 The Limtd, hby gives notice that the (a), dated the — 
 
 ,l;jy of 19— {b}, and created by the coy for Hoouring the itum 
 
 oil , was satisfied to »' oxIpt:. of £ - on the — day of 
 
 I'J--. 
 
 Ill witness whereof ih»> common seal of the coy wa« h«rouuU) 
 rtttivci the day of - ono (Iious.t '. nine Imiidiwl und in 
 
 I lie presouiH' of 
 
 ]^ i Directors. [Seal of coy.] 
 
 — — . Secretary. 
 
 ..I ln«Tt h^r. • m»rt,r.;j. ■■ or ' .•h.r,r«," • debei.tun ■. " ..r • delK-ntur- 
 •tii'k.'' »■• the c.i"- may lie. 
 
 ftj If .1 t, .ml«?r of clmrff.'. or del»nturt» of different dat. -. .r<- M..l.ided, .n*rt 
 
 Tli«< Couipauies iConsoliilatiu-i I Act, VM}H 
 
 Coi'v <.i Ui.<aviiu oi DiHEi niHs ok M.wa'I k> oi 
 Till; Company purtuatit to si<(. 7'i 
 
 lT»l>ul.r •UU.iuent in oolumn. h«aa«d:-(l> Namw. W «ddn>««M, (3i oi-.u 
 I<utiuii8, (,4) clian^*.] 
 
 Uuleil till' - duy of , 1V» 
 
 S«-. M tu thi» return, •'•/.«, ApiHrndix. 
 
 Signature 
 OllidT - 
 
 Form 245 
 
 C.jiy of 
 
 rt).»i»t> r cf 
 din .I'irK -I 
 iuiitiitir>'r- 
 
^.^ 
 
 , : 4 5.- 
 
 1^ 
 
 E! 4 ;i 
 
 hf; -'--i ..1 
 
 «-i-2 
 
 form M6 
 
 Annokl 
 Kumniiirv. 
 
 KhX»l8TKATIuf*. 
 
 K'HAP. VIII. 
 
 The f'ompanies ( i on»"li»l»i »«n t Act, l«*>« 
 
 A .">(». «'(>>* ropi-ttration fee iijtmii 
 iiiii!«t Ik? inipri'sned hflin 
 
 Si MM\H\ oi Sif \HF. ("apitvi. \M' SinREs "/ The , l.iMmn. 
 maiif lip to Ihf diiij »/ , 1!» '"»'"' '*'' ^oiirhenlh 
 
 day ajter thf iMr i>f Ihf finit nrdimtni <i>neraf meeting in 
 1!) ;. 
 
 Nominal tbare uupiul. t t ,lmres "f t* * fwli, 
 
 ilivided into* ' ~ 
 
 Total number of Hharos taken up* to the - ilay "f 
 I9_ (which numltor iiiu<it iijjri-ee with tin' lolul «Iio\mi in 
 the Urn., a* h«»M !■>• oxi-^tinR meml)er«) 
 
 Number ol ~ti,i . - issued uhjeft to iiii_vim>iii wholly in tush 
 
 Number of .•.jiar.' i>fxml a* fully \hI up otherwise than in iu«h 
 
 Nutiilior-if shares is<m><l a- pi»r(iv pdup to tlietixtent of 
 per share iither«i-e than in i-ash 
 
 t There ims been mlled up on each of — shares £■ 
 
 There han been callefl up on each of — shares 1' 
 
 Tlioro has lioen cnlle<l up on each of shares £ 
 
 J Total aiiiuiini of cuIN received, includinjr payment** on 
 upplicon and allotment ^' 
 
 Total amount (if any i agreed to Ui considered as pd on ~ 
 ^hut«> whiih have Uen issucil a> fully p.l up otherwise 
 than in cash ^' 
 
 Ti'tal amount ■ if any i agiwd to In- considered as pd on 
 shares wliicli ha.c Ix-en i..sii(.<l as partly jia'd u|i ti> ilio 
 extent ii pei shrrc *• 
 
 Total amount ol mllH unpai<l ■^ 
 
 Total amoiiiil i if any i i>f su'ns pd by way of commission in 
 resiwct iif shares of dehentures or allowed by wav of 
 discount since the date of last summary i' 
 
 Total amount < if any > pd on § »harei« forfeited t! 
 
 Total amount of sharos ond St", k for which share | Shares i" 
 
 warrants are oulstandinp; ' Stoik i 
 
 • When' there arc almri'S of different kinds nr uinoiiiits {,-.'/. prefereiue uiiil 
 .inlinary. or It)/, and SI.) ntate tin- niiml>er!< and noiiiinul valmii w|iarate1y. 
 
 tWheiT (uriimn amounts lm\e Iwii inllcd, or tliere arc ahaien of different 
 kiiid^, state them wpurately. 
 
 ♦ Iiieliide wt.at has lieen re<clns| on forfeited, as well a< on l■Ji^till^, "Iwi'- 
 S Stut<! tlie «(r(rrei;ate niimlipr of nliareii forfeited (if any>. 
 
»Y)KMH. 
 
 (i2H 
 
 Total iimouiil of Hharo wairanu iMucd «ii"l ^ l"MHHi 
 .mirrfii.lcn«l rcplv -iiu'O duto of litsi -uiii- 
 
 . .. ' Siiiit'iiJenHl 
 lunry 
 
 XumlHjr of -Imr*- »r iiiuouni of »to<k J XiiiiiIh'i ..f ^hiiroi 
 ' ,om|.ri<«<l in eurh share warrant .... ( .\ mount of Mwk . 
 
 Tulal iim..uiil of tlol.t .111"' fioin tl.o fov in r««| t of all 
 
 im.rtjtuKOs ami .imiK'i- «l.i.li iiro ro.,uirf.| ,.,r, iii llio 
 i-mto of u roy reK''"'"''*'! '" •'^' ollmul, uliiili. il tlio '^"V 
 liad l)«pn n ifiiteroil in Kntjland. would \»' rt'.juirtvl i lo 
 Ik» n'jnstoiwd with llm rt>s,'i«lrir of .tc*. or whi. h wi>idd 
 rc<|uir»> i-otri-ttration if .rositod on iitid iiftor tho tirxt diiy 
 of .lulv, I'.HW 
 
 Form 846. 
 
 £ 
 
 \„ti . Ilniikinit .nniiMiiiie* niu«t «H.I n lint of all thfir \>\mvA of l.u-ino«. 
 /A,. ,,lurn -«".' '"• .i'/of'. at the ••nd, /'» '*/• manavfr ... :,nl^rv <■/ Mr 
 
 |T»btil»r form loiitiiiiiinn «t«tem.'nl in form of lwlan<« »li«-.-t iii«.l.- up K. fli- 
 . — „f — . 
 Nitnim and BildriMwtn i>f diwK-tors. | 
 
 1,1^ r ..i |>.r»on< holdinif ihart-. in the — Coiniwiny. I.imit«d. ..n th.- day 
 
 „r , 19 _, and of perwni who have h»ld »li«rM therein at any timr 
 
 .ill.* the dale of the la»» return, ihowin^ thrir Namen and .\ddr.HiMi. and an 
 \iinnnt of tlif Sham M held. 
 
 O. t I f'ATHINri. 
 
 .n \1 »>► Hii»r.».. 
 
 KmIio 111 
 K.-.;»- 
 
 T.ullllltT 
 
 l«r- 
 
 'i'liian*. 
 
 rtur- 
 
 lUtllK' 
 
 tun ,■^''- 
 Niiii.- '■"*" 
 
 I ; l'«rti'-ul«i>..( : r.rti.iil«""( 
 
 i • .Sum- HluiH"«lnin.*f«m'd Hti»rt-«lrAJii»f«'iT«'a 
 
 I..T 'il .ilHf Oil- tlilU- 'if .IIH^' Oh- .I'll' "t I;,.. 
 
 sli»r« th.'lu"! IMuni, !hf lurt li.liini. i.r |^„|,, 
 
 i lln-ii- b.'I'lby ..r in thf r«j«. of in tlifraw of thf , 
 
 l|wtion VvHtiDH tlir tir-l lU-turn ,ttr»t tti-luni .if thf 
 
 Mi'in- iif llic Inmn""™- lue<iri""'iii''> "* | 
 
 lien ti.miif Uu"< .nil- Ih.' •■.tiii|N«nv. Iiy i 
 
 ' lit rtat*- l»nv, t.y I'i.r«m» IVixtliit wli.i tiJivi' 
 
 i ii« B» wii.i «r. .till ■ ..niinl 1.1 1»' 
 
 I tarn.* i M.iiil»i». MmnliMii. 
 
 I 
 
 IHUal I>*l«<i< 
 
 Xum- BiiriKH*- ! JJiim- iltwintra- 
 tiiT.» tttin uf li«T t 111111 of 
 
 Tnanfrr. i T»n»<er. 
 
 nil- mnmifKU- iiuint..-i ..t -^u ..« Iiiild. unJ nut tlie ili»iiiiiti».- Buiiitwrn. murt »»■ .U»».l. aiiil 
 h.- .•.ilmnii iim-t 1* «.l.l.-.l uj. UitmiKUont ..i i.« t<. iimk- .■■■'■ <ol«l "> «)»'■■' "'"' "'»< "'"'-' "' "" 
 -UMiiii iry to hiivi. Itwii tnk.'n up. 
 
 • '.Vh. II Uii- -liuM »r.' of dllTfrent . liw « tli«i» riilninlln luny lie •uWii id«l m< thit llir liMmlut 
 .f ni h I Urn lii'M .» linn.f.TTnl ni«) h- Jiowii i.|»ir«t. Ir- 
 
 ; Ti.. .l,iti- of rnn«tr«ti<in ..f i«.li tiwi.fir .li .ulil !«' mv.n n. will «. tin- iiuinli.r ..f .!,«r... 
 . . iii-l.-rr*-! on ai'li d«tiv Thr imrticulmn ulioiiW l«' plin-"! opp-witi' tlw nww of tin- llmn.f.mr 
 •iij n.t niituwU. tli.it of (he ti«ii«f»rK.. tiut ilii' num.' of Ihi. ti»n«t.rn m»y b. im»rt<.d m ih. 
 
 11. ni.irli- ■• cluiiin iiiiiiiMliiil. I> ..|.i».-il>' tl.>- iiirti.ul* ■• ..l .» h trin«t. i . 
 
624 
 
 REGISTRATION. 
 
 [CUAF. VI II. 
 
 Hit 
 
 Annual Summary of Capital and List of Members. 
 
 The oWieation on tic part of a company to file the above is imposed by sert . 26 
 of the Vet of 1908, rcprodueinR sect. 26 of the Act of 18U2 aa amended by 
 ^•t 19 of the Companies Aet, 1900. " Calendar year " in the section moans 
 the year commencing Ist of January and ending 31st of December. Gib.on v. 
 llarlon L K. 10 Q. B. 329. Not making a return at the proper time i. 
 prima )acie evidence against each director of an ofEcnco. l!,h>o» v. BnTto,,. 
 supra; Edmonds v. Fo.ter, 45 L. J. M. C. 41; Park v. lawto,, im\) IK. B. 
 .■599 A director cannot excuse himself for non- compliance rfith the section by 
 showing that owirg to his own defaul' the meeting was not m fact called. 
 Sec I'arh V. Lawton, ,upra. The return should be made e.en where no meeting 
 is held (See the above casc.4.) The return should be signed by the manager 
 or secretary of the company. Sect. 26 (4). If the company is a " ,.r,vat« 
 company/' as detined by sect. 121 of tho Aet, the return need not contain the 
 statement in the form of a balance sheet required by sub-sect. (3), and u 
 company does not <'casc to be a private company simply because- it is pn.vcd 
 that the company has disregard.Ml some of the provisions ot xU articles, 
 referred to in sect. 121 of the Act. I'ark v. R.,V"UU-s S,,n,hrn,r. 
 (1912) 1 K. 11. 320. Neglect to comply with sect. 26 is a criminal otfence 
 (Itcg v TyUr, (1891) 2 (J. li. 599) involving a penalty .)f .■>.'. a day so loiv 
 .«, the defuult continues (sub-soct. (5)). l•roceedln^'S to enforce the penalty 
 ■,rn taken before a magistrate under the Summary Jurisdiction Acts (II i 12 
 Vict c 43 42 4: 43 Vict. c. 49, and 47 & 48 Vict. o. 43). The magistrate may 
 enquirJ into the -ufficiency or accuracy of the return. Brilon Medical Co., 
 37 W R. 32. The complaint must be brought within six months. Kdmomh v. 
 'h„ate'r supra. As to what are fixed assets and how value to be ascertained, si'c 
 f.W,nou-au v. SMll. Scrlmlim ^ Co., f.inntrd. W. N. (1912) 131. 
 
 Form 247. 
 
 Resolution 
 for registtrii - 
 tiou of 
 existing 
 company. 
 
 Of Existing Companies. 
 
 ,\> t,. the registration of existing companies, see Part Vil. of the Act of 190S 
 That the coy bo registered uuder the Cos i^^Consolidation) Ad. 
 
 1908, 'i's a coy limtd by shares, and that the coy'.s name bo elian-cd 
 
 u. The — Coy, Limtd]. 
 
 The words in brackets should l.e omittv.l wli.rc the company is goiiif; to 
 .eifister as an unlimited company, and even where it is to register as a hm.l.'. 
 .ompany they would seem unnecessary, though commonly used. See sect. M 
 ,,ftlie .Vt .if'l908. 
 
 Form 248. 
 
 Application 
 for rCL'istra- 
 tion with 
 limitud 
 liabilitv. 
 
 The Companies t^Consolidalioiij Act, I'JOi: 
 Limited Company. 
 Applicon by the Coy for a certificate of i.icorporatii.ii as a 
 
 iimld cov under llie Cos (Consolidatinn) Act, I'.lOH. 
 
 The " - Cov, constituted by , dated the - -, dch^ircs to icgistor 
 
 itself a.-; a cov limtd by — under the Cos (Coii'^olidatioi. ) Act, 
 
 I'.tdS, by the name of Coy, Limtd, and for that purpose presents 
 
 tlie under-mentd documents for registration under llio rd .Vet. 
 Dated the day nf -. 1"J . 
 
FORMS. 
 
 ♦W> 
 
 Documents prosonted for registration with tlio foregoing ap- rorm 248. 
 plicou: 
 
 1. Copy of the constituting tlie coy. 
 
 ;>. List of tho nieuibcis of the coy nuule up tu the day of 
 
 :;. Staiemont showing tho nominal capital of the coy, &c. 
 
 v. ('.;py resolution of the coy absenting to its legist.ation as a 
 
 linitd coy, and adding tho word 'liiiitd" to its name. 
 .-,, Declaration by of the coy, verifying the particulars set 
 
 forth in the documents alx u meuld. 
 
 Wliere tho company U ulready registered, r.;r.. uiiilcr 7 & 8 Vict. c. 110, tli.' 
 words •■ ,oii-tituted by deed of scttlemciil " ii> the uIk.vc form will l)C iiltered to 
 ■■ .oinpletcly r.-Kistored under tho Act 7 ->. H \i<t. .-. 110" | ,>-■, «■ />,<■ n„r «-,,./ 
 /„ 1- anl item 1 of the documents will he omitted. 
 
 The application is to he siurneil hy a diieelor. seeretary. or other auth..ri/.e.| 
 ..nicer of the company. 
 
 *,l: 
 
 Tlie Companies (Consolidation) Act, 1008. 
 Unlimited Company. 
 
 Form 240. 
 
 Application 
 to ic(ri»ter 
 . unlimitt;d 
 Applicoii by the Coy for a certificate of incorporation under ,.,,n,pauy. 
 
 ilic Co.s (Consolidation) Act, 1908. 
 
 Tlie " - Cov, constituted by -, dated the - -, desires to 
 rc..islor itself under the Cos (Consolidation) Act, 1908, and for that 
 puipuso i-rosents the under-mciitd documents for registration tinder 
 the sd Act. 
 
 Dilcd the - - day of — . 
 
 i),.<iiments presented lor registration with the foregoing ap- 
 
 [iliron; 
 
 I . Copy of the — con.slituting the coy. 
 
 :> l.isidf the nieml)ers of tho coy iiuidc up to the day ol . 
 
 :;. Slalomcnt of the vogisteivd nllhc ol the coy. 
 
 1. Copy resolutioi. of the coy asscMtiiig to its lo./istn.lioii. 
 
 .-. De.iaration by - ol lie toy Ncnfyiiig tho parlais set forth in 
 
 liio doci ;. '.I's above mentd. 
 Whctc the comp y is already registered, items I and 4 will be 
 
 olllitlOll. 
 
 The Companies (Consolidation) Act, 1908. 
 
 Form 250 
 
 I,i-t ..t 
 
 i A .').•<•. cos regis ration leo stamp m. ..il, i 
 must bo impre.ssml Uoio.l 
 
 List of Mieml)ers of the Coy made up to tho day ol , 
 
 I'J- 
 
 Daled 
 
 (lav of 
 
 -, 19 
 
'4 
 
 «26 
 
 Form 250. 
 
 UKGISTKAIION. 
 
 [Chap. VIH. 
 
 [Tubiilutcd form in columiw headed: — (I) Xame of member, (2) addren of 
 member, (3) occupation of member, (4) number of ahares or amuiint of itocit 
 licld, (6) distinctive numbers of the shares (if any).] 
 
 
 M 
 
 ,, 
 
 ! 
 
 Pi 
 
 i 
 
 Form 250a. 
 
 Statement ul' 
 capital. &c. 
 
 The Companies (Consolidation) Act, 1908. 
 Limited Company. 
 
 Statement of the nominal share capital of The Coy, its division 
 
 into shares, and the shares taken and amount pd thereon, or the 
 
 omount of stock of which it consists, on the day of ■; also 
 
 of the name and registered office of the coy. 
 
 Amount of nominal capital. 
 
 Numher of shares into which it is divided, and amount of each 
 .share. 
 
 Number of shares taken up to the day of . 
 
 Amount pd on each share. 
 
 Amount of stock of which it consists. 
 
 Name of the coy. 
 
 Rcijistercd (iffic-e. 
 
 Dated — - day of . 
 
 This fltatement to be siffned by ii director, secretary, or other authorized nlficer 
 t)f the company. 
 
 The almvc is to be registered with the application for ii.corporatioii us a 
 limited company. See sect. 183. It should be signed in the same nianmr as 
 l'"orm 246. 
 
 The Companies (Consolidation) Act, 1908. 
 
 ifi/infi DocuMKNTs prntenfcd for R 
 CoMr.wY with its applmiticm for incorpnrnimn. 
 
 Form 250b. 
 
 Statutory DECLARATION VCrifllinq DocUMKNTS prrXCntcd for REniSTRATION 
 
 de<laration to i ,i .y r 
 
 I'ctiii'd. />// The 
 
 {Sect. 254.) 
 
 Wo of - uud of - being- two of the --— <lo .solemnly 
 
 and sincerely declare lliat tlio parlars set forth iu tho .several ilocii- 
 nionls awonipanyinp: this {jcclaration. and marked n's|)ly with the 
 
 letters arc true; and wc make this solemn dcclaralion con- 
 
 Kcientiously bolioviiifr the same to be tnie. and by virtue of tho 
 provisions of tho Statutory Declarations Act, 18U5. 
 
 Declared at this day of 10-, before mo . 
 
 Signatures of two directors or I 
 
 other principal officers. I 
 
 /,i to the :i!-<nc furm, see ■^e-t. 2.U of the Act of 19(1S. Th.. .Jnd:.p.itl..n 
 shduld be ni.ide by two of the directors or other princiiial i>lliccrs of the 
 company. 
 
FOHMS. 
 
 «-27 
 
 I'liiler Iho All, any lumiKiny ii'itisUml licforo in uftcT tho iiasKiiiR of Ihc pg^m 2flOb. 
 
 Alt u an unlimitad company may register under the Act as a limited company. - 
 
 The chief object of this enactment wag to enable banking companies already 
 rcdistered an anlimited to re-register as limited companies, and most of these 
 ci.mpanios have already availed themselves of this useful power. 
 
 On the registration of a company which has already been registered, the 
 Hejristrar is to close the former registration, and may [and usually does] dis- 
 juMi-o with the delivery of copies of any documents with copies of which he 
 »a< furnished on the original registration; but, save as aforesaid, the re^istra- 
 tiijii is to take place in the same manner and have the same effect as if it were 
 iIk- first legistration of the company. Sect. 259. Accordingly, the above 
 fi.rms can, with slight modifications, bo adopted. 
 
 A simple resolution for registration under Part VII. will follow the terms of 
 I'lirm 247, tupra, p. 624. 
 
 Hut, usually the power.i confcrrpU by soot. .58 of the Act of 1908 ar. 
 fxerriscd. See infra. 
 
 The following is a» example of a rc^ciliition fur rf^ristriitiiin .ind increase il Fonn 250^'. 
 -apital, pursuant to sect«. .57--S: — 
 
 ri'gistrutiim 
 
 That this coy, now reglitorod as an iinlimtxl coy, be registered with pnviou- 
 iiniier the Cos (Consolidation) Act, 1908, as a coy limtd by shares: "'',",'X " 
 And tliat for tho purpo.sos of such roj^ist ration the nominal amount 
 ..f the capital be increa-sod from 2,000,000J. to .l.ooo.OOOJ., by 
 iiuroasinj^ tlie nominal amount of each share from oOl. to 75/.: 
 And that no part of such incroa.sed capitJil shall bo capable of bpin<; 
 ■ ullcd up e.xiopt in the event of and for the purposes of (lie loy 
 licing wound up, and that the name of tlie coy be changed to The 
 — (.'oy, Limtd. 
 
 For resolution where capital is not increased, see eiipra. Form 247. 
 
 It is conceived that sect. 2.52 of the Act (replacing sect. IS8 of the 
 <',.m|,anics Act, 1862), applies where a banking company re-registers under 
 ■<«t. 58 of the Act of 1908, or did bo under the Act of 1S79. 
 
 TheCompaniea (Consolidation) Act, 1908. 
 
 Limited Company. 
 
 Copy icsolutiouH pa.s.scd at a general meeting of the - 
 10 its being rcgistorod with limited liability. 
 
 Form 250d. 
 
 Uesuhitions 
 for filinff . 
 
 ■ assenting 
 
 Set litem mil. } 
 
 8 8 2 
 
iiiii 
 
 m - f 
 
 m 
 
 !■ 
 
 i 
 
(j'.»!» 
 
 ARTICLES OF ASSOCIATION. 
 
 ClIAFrER IX. 
 
 INTKODUCTORY NOTK8. 
 
 Summary of Statutory Provisions. 
 
 Secis. 10, 11, 12, and 15 of the Act of 1908 provide aa foUows:- 
 10 -(1) TherG may in the case of s .ompany limited by shares and thcf 
 
 shall in the .«se of a rompuny limited by guaranK-e or uulimitod l.o r...K.stered 
 
 witi, the memorandum, articles of association si^a.ed by the subscriber, to the 
 
 mcmciraiiduni and prescribing rcfjuiatlons for the company. 
 CI) Articles of a.ssoeiation may adopt all or any of the n-nlation. contamert 
 
 in Tuble A. in the first schedule to this Act. 
 
 (3) In the case of an unlimited company or a company limited by giiaranteo, 
 the articles, if the company has a share capital, must state the an.ount of .share 
 capitid with which the company proposes to be registered. 
 
 (4) In the case of an unlimited company or a company limited by -uarMntco 
 it the company ha.s not a share capital, the articles must state the number of 
 mcubors with which the company proposes to be registered, for the purpose of 
 inal.ling the registrar to determine the fees payable on registration. 
 
 11 In the case of a company limited by shares and registerctl after the eom- 
 mon.craent of this Act, if articles are not registered, or, if articles are regis- 
 tered, in 30 far as the articles do not exclude or modify the regulations in 
 Tul.lo A. in the first schedule to this Act, those regulations shall, so far a> 
 a,,|.lic..l)le, 1.0 the regulations of the company in the same manner and to th. 
 -amo extent as if they were contained in duly registered articles. 
 
 12. .\rticles must — 
 (i>) be printed; 
 
 (li) be divided into paragraphs numbered consecutively ; 
 (!) bear the s:ime stamp as if they were contained in a deed: and 
 (d) be signe.! by each subscriber of the memor- "dum of association in the 
 presence of at least one witness who mu-t attest the signature, and 
 that attestation shall b« suffloient in Scotland as well as in England 
 and Ireland. 
 115. The memorandum and the articles (if any) shall be deli>ered to th. 
 re.„'istrar of companies for that part of the United Kingdom in which the rc- 
 gi-tcrnl office of the company is stated by the memorandum to bo situate, and 
 ho -hull retain and register them. 
 
 The <,'reat majority of companies formed under the Act are rogi- 
 teiid J conipauios limited by slmros. In the case of such companii's. 
 
 .VrticlcH <if 
 itss/K'iatii'O. 
 
 Application 
 "f Table A. 
 
 Form, 
 >tanip, and 
 signatun. of 
 article*. 
 
 Rcgi-ftraticn 
 (if iiiomoraii- 
 (liim and 
 articles. 
 
<!.W 
 
 AKTICLra OK /.^aOCIATION. [ClIAP. IX. 
 
 $1 
 
 111 t»i>iiio uiiMett 
 no iirtiiles 
 rejriaterod. 
 
 fts appears from iec(«. 10 and 11, above mentioned, articles of auKooia- 
 tion may be registered with the memorandum: if not bo registered 
 then Table A. will apply. 
 
 In a considerable number of taaeti no artiolew are regfiftered, and 
 Table A. accordingly applies en bloc, (irave inconvenience has 
 ofU'U resulted from the adoption of this course, as several of the 
 provisions of Table A. are inconsistent v.ith particular xeotions of the 
 Act, and therefore unreliable and misleatliuj; 
 
 It is impossible, too, that Table A . from it« very gtiuorality, 
 should properly meet the special reiiuiromeut« of eadi ciimpauy 
 More often Table A. is not adopted in its entirety, but promoiem 
 exercise the power contained in sect. 10 (2) by registerinj; articles 
 which adopt Table A . , witli some mctiliHcations See infra, Form 252. 
 tor an example. 
 
 This course, too, is attended witli iuoouveuieuoe, because instead 
 of a complete and consistent set of regulations, it involves piciin;; 
 together clauses from Table A., vnth variations and additions from 
 the new clauses engrafted upon it, and cwnstant cross-reference and 
 comparison. The objoit in both ca-^es is to save expense: but 
 experience goes to show that the trifling additional expease infurred 
 in preparing and registering a full set of articles is amply com- 
 pensated by the po-ssossion of a complete code of regulations. 
 
 Whichever mode is adopted, the regulations (^unliko the com))ttny'8 
 memorandum of aasociation) can always be altered or added to from 
 time to time, and so inherent a characteristic is this alterability of 
 articles, that a company cannot by any stipulation tlivest itself of the 
 power of alteration or e.xempt any clause from alteration Wallcerv. 
 London Tramways Co., 12 Ch. D. 705; MallesoP v. National 
 Insurance Co., (,1894) 1 Ch. 200. And this principle applies not onlv 
 as between the company and its shareholders, but as between the 
 companies and an outsider. Allen v. Gold Heefs of Went Africa, 
 (1900) 1 Ch. G5G: Punt v. Symons d Co.. (1903) 2 (^h. .10G. Thus 
 sect. 13 provides that: — 
 
 .\lteration of 
 articleit by 
 special reso- 
 lution. 
 
 13._(1) Sul)ject to the provisions of this Act and to tbf conditions iiontaiu.Hl 
 in its memorandum, a company may by special resolution alter or add to its 
 articlea; and any alteration or addition so made shall be as valid ii.-< if 
 originally contained in the articles, and be subject in Uke manner to alteration 
 by special resolution. 
 
 (2) The power of altering articles under this section shall, in the case of au 
 unlimited company formed and registered under the Joint Stock Compiiiii«4 
 .\(ts, extend to altering any regulations relating to the amount of capital "r its 
 distribution into shares, notwithstanding that those regulations arc com uiu'd 
 in the memorandum. 
 
 The term " articles " used in the above sections is defined by sect. 285 "1 tlie 
 Act as follows:—" ' Articles ' means the articles ot association of a couiiiuuv .i» 
 originally framed or as altered by special resolution, including, so far an tlu'V 
 apply to the company, the regulations contained (as the case may be) in 
 Table B. in the Schedule annexed to the Joint Stock Companies Act, 1856, or in 
 
INTK01)UtTt>RY NOTFa. 
 
 T»ble A. in Hi*' First Schedule annexed to the Companies Act, 1862, or in that 
 Table an altered In pumuauoe of eection ievonty-oni' of tliat Aet, or in Tiililo A. 
 in the Klrnt Schedule to this Act." 
 
 liy meuni of this definition the Act (|;oti rid of what has been for many 
 vcar< parit a trouliloMme ambiguity- -the use sometiniPH of " artieli-s," somu- 
 tiniPK iif " re«ulation8," and of the clum!<y olroumlooution »o often appearing 
 in the text of the former Acts, f.y., in Bcct. 12 of the Act of 1H(W, " if 
 uuthorifed so to do by it« regulations as originally framed or as alt<'rod by 
 special resolution," and substitutes the simple expression " if authoriied by 
 ,1. iirticles." See, e.ij., sect. 41 (1D08). 
 
 6:)1 
 
 : |; 
 
 lN 
 
 liitcrpr«'t«- 
 
 tiiin. 
 
 The mcnio- 
 
 randinn the 
 
 iluniiniuit 
 
 iiistrunicnt 
 
 As to intci-pretation of the articleri, see supra, p. 591 et seq. 
 The articles of a cxjinpany are subordinate to and controlled by the 
 iuom'"audum of aeeociatiou. The meuiurauduni contains the condi- 
 ti . 'vhich alone the company is granted incorporation — 
 
 J. ich ai-e fundamental. The articles are tlie internal 
 
 ,„, ^if the company, and over thei<e tlio members have full 
 
 i^/ntr, , inu may alter thom from time to time as thoy think Ht by 
 pui uia^ the oourse pointed out in sects. 13 and tJ9 of the Act; 
 subject only to this, tliat they keep within the limits marked out by 
 the conditions of the memorandum of uasociation and the general kiw, 
 and that they cannot, by altering the articles, justify the breach of an 
 indi'peudent contract unless it was made subject to alteration, lidily 
 V. British Equitable Assurance ('(>■■ (lOOOi A. C. ;$o. 
 
 The memorandum is, as it wore, the area beyond which the actiim 
 ol ilio company caunot go; ia'iide that urea the shareholders may 
 make such regulations for their own government as they think lit.' 
 I'd Lord Cairns, L. C, Ashbury Rail. Co. v. Riche, L. R. 7 11. L. 
 ii.").'j, G71. 
 
 Hence, any articles that go beyond the company's limited sphere of 
 activity or what the law allows will bo inoperative, and anything 
 lioue under the authority of such article.s void and incapable of 
 iiiliiication. 
 
 If, for instance, the articles purport to confer on the company a j^j^'JJ^^^'^'* 
 liQwor to buy its own shares {Trevor v. Whilworth, 12 App. Cas. 
 lU'J), or to pay dividends out of capital {Guinness v. Land Corpora- 
 lion of Ireland, 22 C. D. 349), or to extend the objects by special 
 icsolution {Ashbury v. Riche, supra), or to issue shares at a discount 
 Welton v. Saffery, (1897) A. C. 299), or to apply the profits in a 
 manner which is inconsistent with some [unvision in the memo- 
 randum of association {Ashbui y v. M'atson, 3n CD. 37fi ), or deprive 
 a member of the -ight to present a windinir-up petition ( Percril 
 <!old Mines, (1898) 1 (;h. 122), or to e.xclude tlissenting shareholders 
 liom their rights under sect. 161 of the Companies Act, 1862 (now 
 s<'ct. 192 of the Act of 1908) {Liarin'j-ihmU v. Shar pin,jton. dc. 
 S'lii'lirate. (\H99\ 2 Ch. 80: Payne v. CorK- Co.. fl90(»» 1 Ch. ^.OSi. 
 ilio\ uie to tiiat extent invalid and ineffectual. 
 
 provismn. 
 
 yi 
 
 
naj 
 
 BiiidinK 
 operntionx. 
 
 Meiii'it-rb' 
 iinpUcd eui 
 naut With 
 comj.rirv. 
 
 .\i{iici.i'> OK associahon. [('iiai'. IX 
 
 But tiioiigh tliu ariiilo.t cuiiiiut ultoi' or lOiilrul tlio iiKJuiuniiiilinii 
 yet, if llifif i.i an iiiiiliigiiily in llu' monioniii(lmii, it liin liooii --iiid |ii;ii 
 iLo uriicie.-* rcf;is(iMOil at tlie kuiiio t'x.w iii ly bo used to "xpl.iiii It 
 Southern liraziluin Rio Crnnde tl >itl lliilicny, (19i>.)) 2 (.'ii. 78 
 .Sco, however, ivs to tlii-*, auiira. |>. V.pJ. 
 
 Sett. II ol' the Act is uk fi)llii\v.i;- 
 
 14. (1) Tlio iiii'iiKjiaiiduiii and articles t^lmll, when rcffintprcj, liirnl tin 
 (•oni|>:iny iind tlic momliur^ tliori'of to tlin biuih' pxti'iit in if tlii^y riMpi-i tivcly 
 liiiil iio n -i^'iicil and .ti'ali'd by each member, and coiitalned lovi'iiaiils on tlii' 
 jiait of oai h mi'inbor, l.i^ lieirn, executors, ami iidniini.strators, to olwi-rve all Ihi 
 proilsliin.s of the meinoranduiu and of the artiilc!i, subjert to ilie jirovi^i.in. 
 uf lliis Alt. 
 
 (2) .Ml miini'V payabli' In my niemlier to llie eompany under the iiunii.r indiim 
 or artii'les shall Iv a ileht due from him to the c()in|>iiny, and in Knifl.ind iiii<l 
 Ireland be of the nature of a ipceialty debt. 
 
 Tliu.H. whiilGver llio iiitiili'.s may be c-o I'iir (i.s they are lupt iillia 
 vires), they are bimliiig in ilio iiiaiiiior. ami to the extent, nicii'iMiicI 
 iu sect. II, wliich, it i.-i to bo ncited, dut's nol make thoni ali.snlnnlv 
 biiiiliiif;- un llie tuiiiiuny anil the ineniber.-i thoreof, but biniliii- d.v 
 // oaih iiioiiibcr had covenanted to coiil'oiiii to .sn h icy:iila;i'ii> 
 
 Tlie ."^("uoii (.ijoct. 14) does uoi .say with wlioiii llio iin|)lied i '■.■■ii.iiii 
 bv tli(> menibeix i.s to b<' iuken to bo made, but it is i<ulli. -I'litly 
 obvii'us lliat •' is willi tlie company, and, therefore, that the iiiciiilui- 
 arc all bo- I to the comiiany. See liradjnrd Haiti v. Ihi<i'i^. IJ 
 Aii[) (as. '29. In thut ca.<e the articlis j^mvc the com|iany ii lii^n ik\ 
 the .•-haies of a member, and it was hold that HiiLrj^s, a mnnilicr <il' iln' 
 coi/ijiany uicl the i»lainlili in the action, wa.s to be treated as li.ivii':: 
 covenanted with the company to ^ive it such lien. Lord HIai kbiiin 
 said [p. o'-i): " His pro[)erty in the sliares wa.s, I)y virtue of <e t. \'\ v\ 
 the Act of \m'2. now replaced by f- <'t. It of the Act of I'JilH ;. I ■' iiiJ 
 to the Company as much a.s if ho had exeoutod a covenant In ilu 
 cniiijHin;/ iu the same tenw a.s Article 103." So, again, in H .'/''•« 
 V. .^aljery, (1897) A. O. ;U.5, I.,ord llerschell said: "It is (piile iiul' 
 tlial ihc articles conslituie a contract between each member timl Ihe 
 coiiijiKiiy." And in Inipcriul Ili/dropnthie, dc. Co. v. HiuiipfOii, 'S) 
 ('. D. I, Bowen, L. J., said: " Wo are discussing the rights of dire: - 
 tor.s of a .siatulory corporiition created by the Act of 18Gl>. anil in mii li 
 a ca.se we must consider what are the rights of the directors ami 
 fharelioidors, for the articles of a.ssocialion, by .sect, lii, are lo bind 
 all the company and all the .shareholders as .surely as if tlicy had j i: 
 their seals to them." That this is the true construction follows 
 from the many deci.siuns in which it has been held that the company 
 is entitled to sue for the enforcement, and to restrain the broach it 
 its regulations, and to insist ou the irregularity of that which ; 
 done in contravention thereof. ManhiKjall v. Gardiner, 1 C. 1). !■'>. 
 
*'■' ■■«"■ 
 
 INTRODUCTORY NOTES. 
 
 /■,„,/,/ \ LuMaijlon. li «'• U. 70; Impouil ll,/,liolHllliir r„ 
 
 111 /;A// v. Vo^iUvf. itc. Co., 1 Kx. Div. HS, «Ir..v llio uili.l.'s 
 ,„,,vM.'.l liuit tlio iiluiiitill ;<li.Mil<l Ih- a .-oliiilnr lo lliv .oiiiManv, l.or.l 
 I ;,,iii> Slid: " They (the urlii U'm) iiic mii a>,'iooiu(Mit inl'r ."orion. uikI 
 ,n ilial view, wliea ll"' introductory wor<U aro applied lo ArlirU- 1 1« 
 „ |„. „iiir.- 11 lovoiiiiiit bi'tuci'U llu> luuiii'-i llml tlioy uill e'luploy ill- 
 |,i,iiiililV Soo also liroinif v. /.a Triilidud, ;17 I', i). 1. So in 
 ;„';„/;,// IllldroiHitlii'- (•'•■ V. Il,im,>.s,„i. IM C. I). 1, Cotton, L. .1.. 
 - lid tiiai llii- arliiloi " under tlu' Ad iiro a toiiirac I Lciwivn tin' ^lmm- 
 ii,,M.'i> til loniply with IIk' ifjruliilions in tlicin." And Stirling, .).. 
 :„ Wuoil V. Oili'sm W.itnworkx Co., V2 < '. 1). '.•!•!, ^.lld; ' Tlie urti.l.'.s 
 .,1 iis-uiialici. lonslitulo ii roulrail not inoi' ly liftwci'n tin' kImk-- 
 !,ol<i«i> and tlio conipany. but Ix'twoen ca-ii individual sliaroholdei 
 ,11.1 .'M'ly o'.luT." Soi) also Pulhntok v. Iliili ,ii„i(l, ttf. I :>.. '■) ('. 1> 
 i.lii; Ihi'iiihriihj,' V. Siintli, tl ('. U. j;,"., in ulii.li it wiw htdd tl.a 
 a iliRMlnr Id'inii- a imMiiln-r wa- ontitlod to an injuiution ugain.tt 
 hi- ui-iliiccli.rs nwlrainin-,' thoni from iinproporly oxiduding liini 
 I,, nil Iniitrd uiotMingM. Novortholoss thcro is .sonio reason U) doulit 
 tthctli. 1 iluw judicial dicta quite dofino the elloct of the articles, 
 and l.oid llcrwhell in Walton v. Saffery, i,18'J7) A. C, at p. ;11.-., 
 m; I: • li i- ipiio liuc thai lUc ariidcs xjnslitule a conitaci ticiwccn 
 c,i li iiicmiImm and tlio com|iuny, and that IIkmv is m, nuilnict in 
 turns Itrlu-Cfu the individiwl inemlicm of the conipany; but the 
 iii;i Ics di. none the loss, in my opinion, royrulatc tlicir ri;,dilN iiili-r 
 ji, And this accords wit' tlio \vell-o.sl.iblis|ied principle that it 
 i^ iu;- the iiii.ipany, save in e ciUioiial i i-c-. i<> -ii'-' f"i i bivach u{ 
 >lic lOiriiliiiions. MiicddUfjaU v. (inrdiinr. 1 ('. 1). I'>: '•V« v. 
 Il.iihdith', 2 Hare, KJl; Jiurl<iild v. luirle, i, !'■>'•-.> -^- *' '^•'■ 
 
 To aualysc the matter a little more closely: lirst, in relation to an 
 <iiit>idor, do the regulations bind thu company? The answer clearly 
 IV Xu A |.rovision in the ariidos in favour of an outsider, e.g., <>i 
 ;i proiiMier. that the preliminary expen.sos shall bo paid by the com- 
 |;iin. iii-.e- lo the promoter no riurht of actimi against the <'ompaiiy. 
 i.'dhrrluiin Clicm.cal Co., 2.> C. 1). 11)3; Mrllmdo v. Porto Alviin- 
 I 0.. L. li. !» U. P. ;">0;i. Ill thi.s respect the articles of a company 
 li lie. iiuiii an Act of Parliament. Such a provision in an Act of 
 1 iiliaiiiciil iri'.poses on the company a sUitutory duty towards the 
 I M iiiolcr, and confers on the promoter a corresponding right of 
 : ion. y,7.snH V. Warwick Gas Co.. 1 B. it (.'. 9(;-'. In the case of 
 a ...iiipaiiy formed under the Act of 1802, or under tho Companies 
 iCiiii.-iilidalioni Act. !!)()«. it operates as a divection to the directors 
 t" |iav such preliminary expenses, but nothing more. 
 
 Scioiidly. in lelation to members. Here tho answer is. Yes. The 
 arlirlcs do bind the company. The section says so: the . . . 
 ariilc.s shall bind the company and nie members thereu. as 
 ic, and those wor<l> must have ellect given to them. It may 
 
 «w:j 
 
 Howliirbiml- 
 iiiif Ix'tweoii 
 iiieraberi". 
 
 Wlli-rll. r. :rll 
 
 imiiy I Miinil 
 as rcirJirtlH 
 (intKiiU'n*. 
 
 i'l 
 
 \h 
 
 H. 
 
 il^ 
 
 
 Whether com- 
 (•itny t.-.nrid 
 in favour of 
 member». 
 
 
 ! 
 
 It, 
 

 HM 
 
 ARTICU* OF ASHOCIATION. [CllAI'. IX. 
 
 CaneH where 
 rompany 
 Dot bound 
 by articles. 
 
 I'O.'^.tilily bo ui'fi^l thai thoy uro iiuttlilied, imd that flio ci)ni|iniiy i- 
 iiiily 1)01111(1 "as if tlic iik'hiIkts had tovonunled," not us if t|,, 
 iii)*iMl>pr.<4 and tin' fomiiiinij had covenanted, and thorefuro tliat th>' 
 < niu|iuny it* not hound. Mut Murh a cunKtruction stultiflos the HiH'lion 
 iiiid, iu olFoct, NtrikeH out of it tho words, " that the artielo.t -"hall 1mii,| 
 //ii' (umikinij," and in tiirrol)oi'iiiiiin of thi.i view thorn are nuniorou- 
 dfuisioim «hnwin(j that tho company in hound. Thus, in Jnhn^in, 
 V Li/ltlc'ii li.ni Ai/ciir;/ (1H77), ."> ('. I>. (JH7, an irroguhir f'.rli iim, 
 ol sliuics was iin|M'ii(hn<l hy a tacnilior, ami Hct asi(h? by the ('(iiiit ni 
 .\|i|H'al on tho ground, an Jainoit, L. .!., Naid, tliat thu noti<o prjn' 
 lo forf-'ituro "did no| comply strictly with iho provisions nf tin- 
 contraci Ixitween tlic company and tho shareholdora whji h is cuii- 
 liiini'd ill tlio rojjjulationn." So in ('rum v. Oakhank Co.. 8 .\ (' 
 U5, it was held that the plaintiff, a membor, was entitled, as a^ritin-i 
 the company, lo in.sist on the obsorvanco of the rej^ulations ro loii:; 
 as thoy 8too<l unaltered. Again, in Wood v. Odrniui Wateru-ijrJ:> 
 Co., 42 C I), (i.'lti, .Stirlinjj;, .J., jjrantod an injunction to restrain 
 iho dct'cndaiit company from loiitravcniii^ thu articles; and in 
 Innwridl lliidropdihif Co. v. llatinison, 23 C. D. 1, it was held tlmt 
 tho company was hound liy liie regulations as they «too<l. and inul.l 
 iiot validly act in con'ravontion thereof. 
 
 Furthermore, in £ . htt v. Standard Explorution Co. ( 19iM.», li. 
 T. L R. 112 Co/eii-^-liardy, .1., held thai a member was eiititliil i ■ 
 enforce complianct? by tho company with a clause in thr urli. Ic- 
 p;ivine; him a ri<;ht to a share corlilicate. Those docisin?i.s, howevci, 
 all deal with cades iu which mcmbora claimed and Hou^^ht to onfurd' 
 or protect rights given them (/>• tnembern of the company. \Vlii>n- 
 liuhl.s arc by tho articles given lo members not a.s such, but in .-ninr 
 other ca|)acity ((';/, a.s diri^otors, policy-hohlers, or othoi\viBC>, ii 
 member claiming to onfonc the .same cannot, it seems, sue on the 
 aitiilc.s— treating them a» a contract by the company with liitu li'' 
 must make out a contract outside tho articles. 
 
 Thus, in Eh-i/ v. ['oxilir): tfc. Co., 1 E.\. L). HS, the articles con- 
 tained a clause providing that A. should be employed for lilc a- 
 solicitor for tho company, and should not be removed exo^pt I'm 
 misconduct; he took ollico and wa.s so omploye<l for some time, aiiii 
 wliiLst -so emidoyed, he became a shareholder: later on the com- 
 pany discontinued his employment; he, still being a sharehuMci, 
 sued for breach of contract, and it was held that no action lay. Tlic 
 mailer was disposed of rallicr summarily in the (^ourt of .\piic.ii 
 Lord Cairns, L. C, delivered the judgment of the Court, and rctn-cil 
 the n'"intiff relief principally upon the ground that tho artii Ics 
 .1 agreement inter ■■iucio.i, and, in that view, if the inlrodin - 
 toiy words are applied to Article 118, it becomes a luveuani in- 
 tween the p.irties lo it that thoy will employ the plaintill'. Now. 
 so far as the plaintiff is concerned, this is res inter alios acta : the 
 plaintiif {i.e.. ijiid solicitor) is no party to it [although he wa.f >' 
 
 3 
 
INTKODirCrOKY N "TKH. 
 
 HV. 
 
 mrmbrr Tlii- urti.k- i- oil I, ^liy iitimi vvlii.h i- l.iiidint; oii 
 
 ,h,. i,.unil«rs, or oU' ii inimlulo ,o tl- jin-rlors; in .'ith.-r < a-o it i^ 
 .1 in, Iter »K«t«oon tho .lirtxtors ttii<t Hlmrohohlor-., iiiid not Imlwocii 
 
 TIiIh I lis* wai followed in Hruivn \ I ' Tiiiiidud. :t7 < ' 1). I. who. j 
 ,1,0 arlirlo* contttinod a provixiori that ■ .oiHra.'t with lli.> j.lMJtitilT, 
 „i;i.ln Lcforo iu«ori.oiatioii, nhoiild i>iy aduplivl hv tho . mupaiiv , and 
 iluii it wa-i lliereby coiilirmod, and that I'lo piovi-tioiiH ihoioof, mi Imi 
 ,- ;ip|,liial.le to the lonipaiiv, ^llould l>t .oiislriu'd a^^ part of lli. 
 ,, JulalionM. Vof it was hold that tlio plaintill. tlioii-li n nionil«'i ol 
 iho (uiiipaiiv, had no causo of action atjainMl tho ••.)iiipany on thi~ 
 riausu. l-indio), L. J., said: " That, havin^; ropii.i to tho <..iistru.- 
 tion put upon «oit. If, in FMy v. Voxilin: <f.-. ■. and Mil.-^o.pi. 
 .aM-s nt»ie> to he fnumlK it luunt U tak. ii as soltlvd that tho ., 
 tnirl iiiM.ii whicli ho (tho plaintill* rolios. is not h cot nict up 
 Hlii.ji he can maintain any action, oithor on the fv raniMii l-i • sido 
 01 tho e<piity side"; adding, "thoro miurlit havo hoon s.m;o dilH- 
 cuhy in arriviuj,' at that conclusion if it ha .. ' ho'ii foi ! i luUio- 
 rities, beiauso it hap>iens that this p-nlloini) ' . ■' had shi'it allottod 
 to hitii and i.s there' . a nioinber." 
 
 It is not easv to reconcile tho rule laitl down in tho>o viorisions with l>i(«.;iilty "t 
 scd U of tho Act, which oxprossly ,.iomIos tliat tin- artnl.-i 
 >li;dl hind //(c romimiin and tho moinliois thoroof to tho sarno 
 ,\t.'nt as if they i-cspoetively had he<Mi sj^ruod an<l soah-tl hy surli 
 iiicniborN, and rontaine<l covenonts on tho part of oach mcnihor 
 t.) observe the provisions of the articles subject to tho provisions 
 Mf the Act"; hut apparently they must lie taken to havo sottli-d 
 the law in this resjiect. Tho tlieory on which thoy are based seems 
 to bo tliiit the itupliod covenant is not a covenant by tho ((inipaiiy 
 bill l.\ tho incinbors inter hi; and that tho company i" only bound 
 111 ilic.-cMso that tho regulations as such aio liinding. all lou^'h sect H 
 ..lone piiipurl8 to make them bindinji. Supra, p. ".'!. Finding; a 
 I'.illicully in applying consistently with justico tho rule above referred 
 lu, ilio Courts have in some cases acted on the footing that a clau.se 
 in tlm articles, not dealing with the rights ,,f a nipiiibor as such. . 
 liul apparently intended to o|(Oiato as a contrac t with liiiu, is to bo 
 iv;;ardcd as tho basis of a contract, i.e.. a- indicating tho terms on 
 ttliiih the company projioses to contract with him, and that if tho 
 parlies enter into the relations contemplated by the <lauso. thoy are 
 to he treated as having made a contract in tin terms of the clause 
 and are bound accordingly. This is illustrated by S'lUihei/ v Port 
 Ihrwin Gold Co. (188<t), 1 Meg. 885. In that cat., the articles 
 provided for tho payment to each director by way of remuneration 
 of a spciiticd sum per aimuiu. By a sj,e. iai re-obitioii, in July, tho 
 company reduced this as from the end of tho preceding year. The 
 pliiiutilf thereupon resigned, and sued tho company for three months' 
 .eniuueralion for services prior to the dat" of his resignation; and 
 
 111 
 
 i^l 
 
ti:((i 
 
 ARTICLliS OF ASSOCIATION. [CnAl'. IX. 
 
 Alteration. 
 
 the Court lu'ld lliat lio was ontitlod to rocovor on tho footing,' d' an 
 implied < mlract in tlie terms of tlio clau.-io. Tho aiiiclos," >aiii 
 Lord Eshor, "do not thomsolvos I'urm tho coiitraft, but from lli(>iii 
 vi.ii get tlio (onus upon wliich tiio director is sorvinf^." And thls 
 (iidposilion was aduplod hy Stirling, •!.. in Ho IntcriKilionn} CidiU- 
 Ci,.. tit; L. T. 2.'.1; iukI hy \Viij,'ht, J., in Er ixirte Ih'chii-iih, ( IS'.tS. 
 1 Cli. ;>2t. Morco\er, the principle involved is not lonlincd i. 
 nifinljors. ii extends also to outsiders. ,;.(/., to ])ersons whu taKr 
 oliice as diicrlois. Imui'.i rii-fi-. (l'J02) 2 Ch. !")«; Sdhslmrit Joiic.-^ 
 I'lixr. (I>Mi4i '. ('h. •'!">il. And .see I'rilcliiirtrs caxc. 8 Cii. O.Mi Tlic 
 (piosiidu wiielhor an implied lonlra't so entered into is .apaMc ..I 
 lioinj; varied liy (lio company ajjainsl the will of tho other pariv 
 has not l>een linally deiided. Aciordiu^' to Sioabey v. Port Dunriii 
 (liihl Co., supra, it would soom that the contract, at any rale -.viiciT 
 it relates to sorvico, can bo varied by the company by altcriiia; iw 
 articles as io llie future, and this acc(u<ls with tlie views oxprc-d 
 in Doiiuiii'snixc, .i C. I). 21; llott'x «(s<', 1 O. D. .'5i'T; and in Aripi-i 
 Life Assurance Co., ;i!t ('. 1). :i71. 
 
 The <leci.sion of tho t'ouri of Appeal in linili/ v. lirilixh Eijii'lalilr. 
 (I!K)4i 1 Cli. 'M\. poinh>d to a dilVcrent conclusion. That ca-o was 
 commented on in tho last edition of this work, and was subseiiuciilly 
 reversed by the House of Lords. BaiUj v. British Equitablr Co.. 
 I lU'HU A. ('. .'(.'). .See supra, p. i>,\\, and infra, p. <U0. 
 
 Sect, l.'i of the Acl gives in a company un<ler tho .\ct jiowcr liy 
 spcial resolulion. but 'subject to tho pmvisions of this Act and to 
 the eonc'ilions contained in its nicmorandum," to alter or add to its 
 articles, and ii o.vprossly provides that "any alteration or additiua 
 so made shall be as valid as if originally contained in the articles. 
 and be sul)jcct in like manner to alteration by special rosohuioii " 
 Nothing could be wider than the terms of this section. It docs 
 not say that tho articles for the management or adnduistratiou of ilio 
 business may be altered, or that the articles other than those whii h 
 are to bo regarfled as constitutional, may bo altered; there is no 
 lindlaiion, exceitt that the power is to lie subject to the provisions ..t 
 (he Act and tho condilions contained in the nicmorandum. All or 
 any of the articles may thciofore bo alleroil, and this :,ta(utory iii' i- 
 dunt of articles is inalienable. And as appears above, a company 
 cannot by a clan-o in its articles o.xompt any article from lialiiiily 
 to alteration under tlie seciion. Walker v. Lnminn Trumu-ui/s Cu.. 
 12 C. 1). 70.'.; .MalUinn v. National Insurance Co., (1894) 1 Ch. 2iM) 
 .•\nd this principle apiilies not only as between tho company it^dl 
 and il.s .sharehoidors (Allen v. Gold llcef.t of HV.s' Africa, (I'.MiO) 
 
 1 C'ii. CiG), but as between the company and an outsider. A company 
 cannot conlract uut to alter its artivles. Punt v. Sijmons, i\<.n';\> 
 
 2 til. 500. 
 
 At an earlier period, however, in tlie history of tho Act of l.sii2 
 a construction was placed by that very eminent judge, Kindorslcy. 
 
INTKODUirrORY NOTi;s. 
 
 (i:J7 
 
 \ 
 
 th< 
 
 poiul 
 
 iiifj soclioii in tlio I'ompuaio.i Act, 1850, 
 
 , , (111 lllO Cllll'O^pi 
 
 wliiili liail for many yciiw had tlie viU'rt of fotloiinur to a lai'trL- oxioni 
 ,|:,. tiocilom of (onii.aiii.'.s under tho Aot of IHtlL'. 'I'll.' iitsc wa-< 
 ll.itlon V. ScarhomunU Vliff, dr. f'..., 2 Dr. A Sni. .121 (,No -2). 
 Tliis <-.mipiiny was .ItMivous of issuinfr Konif of tlio sharo.s in tho ^^'^^^'f^^.J^^^ 
 ..li-iiial caiiital lus pivforcnct' shares, but there l)ein<? no jiowt-r in itH Jvl/Z/otW 
 liKMiioianduni or articles to do ho, the Court iield (t Do CI. .1. & S. 
 tu'2} that it could not be done, and Lord \Vestli\iry, L. ('., expressed 
 ii doubt wliother it could l)o done by altcrin<r the articleH. It \va« 
 I hen proposed to alter the articles of asxH-iation so as to enable tu-ir 
 >liares to lie oreate<l and itwu" ' with a preference attached to them; 
 l.iit Kindorsley. V. -(.,'., held that this a^rain could not Ijc done, as it 
 jinuuiiled to an alteration of the constitution of the company, and 
 v(,is. therefore, iillni vireii and invali<l. The le.irned jud^'-e said: 
 DiK's the power to modify the articles of association enable the 
 ,lii-eiiois of a joint stock <'«im|)ftny in }r<'nPral lanjfuair*' to do anythiu[r 
 uilli.'iil limit lis tliey may think lity Hy the very form of the power 
 I harly there must be a limit, because, if not. it would enable the 
 ,|iivc!or> luid a majority of the shareholders to alter not merely such 
 1. iiiilatinns as related to the niana<rement and administration of the 
 . mpiiiiv, 1 It to alter in Mo the whole constitution and frame of the 
 iniiaiiv. It is (piite clear that was never intended. . . The (pies- 
 iimi rcallv is this. adoptin<; the i)lain principle which 1 think ou^ht lo 
 l„. a.lopicd Is, or is not. that which is proposed to be done un 
 .,liciiiti<iii of the ciiiislltutii'ii of the (ompaiiyy It api>ears to nie 
 .Iriilv il is. No doubt, as the detVndant contended, a jiarty mii^t 
 l,i. lioiiM<l acr-onlin-r to the fair lci:itimate interpretation of the loii- 
 -tniciicin of the contract.' 
 
 Whiil the lcarii(>d judtre in ellect therefore decided was that tlic |'iiii.;i|.l.> ..f 
 .lillciviil articles were to be discriminated, and that there must bc 
 .Aciiipteil from alterability such portions of them as in the opinion ol 
 ilic Court were constitutional, and that it wa.s only smh articles a- 
 r.'Ialeil to the manajivmeMt and administration of the company which 
 Mild be altered. Obviously this was a complete departure from the 
 VMids <if the section; nevertheless there was no appeal, and the . 
 In i.Mnii. thoncrh it did not escape criticism (.see lliinhnii v Mnicnii 
 Hail. Cii.. Ht E(|. .'b'JHi, was recri<rnized as more or less .lulhoriialive 
 Inr many years. 
 
 but in lirili>^lt,i(t: ('i»i»mdii>n v. r„i(ii<r. i l«'.t4 ■ A. C. .!'.•'.•, Lord Di-.^it fmn 
 Mariiaiihlen had occasion in the lIoii.se of Lonis to refer to Unttnii ' ""■■""'"'"• 
 V >((irl>nniii(ih Cliff Co.. suiirti. and slid in referenrc ihercio: ' li 
 Mciii- lo me that the deiision was not founded upon a sound view o| 
 the ( ompanies Act, 18()2. and [ respectfully dis,sent from it. " 
 
 The wav was thus prepared for the tinal <leninlilioii of the doctrine 
 l.v the Court of ApiH'al in Andrcu-is v. <.((,s- Meter ( o., (l8'J7i i Cli. 
 M'. .\.) ;it;i. In that ca.se the orifrinal articles contained no power lo 
 issue jucfereuce sliares, b'l the conipuny, by sjiocial resolution, had 
 
 i: .■.< I.'.- 
 
 f;i 
 
 . ^ 
 
 ■'1 
 ri 
 
 V 
 
 1 
 
 - 
 
 
 
am 
 
 AKTICLK8 OF ASSOCIATION. 
 
 L 
 
 ClIAl'. IX. 
 
 Hiilion T. 
 
 Sfarborouqh 
 Vo. (No '-i: 
 ovirruled. 
 
 i, .ti-. ii 
 
 RrmtltH. 
 
 Rotio^ppi:tiv 
 allowable. 
 
 altered its aiticles so as to take power, and had issued preference 
 shares a<y«rdingly. Tlie Court oveirulctl llutton v. Scarborough 
 Cliff Hotel Co. (No. 2), u6« supra, and held the shares validly created. 
 The piinciple on which the case was decided was that although by 
 i<ect. 8 of the Act a company's memorandum is to state the ai'iuunt 
 of the original capital and the number of shares into which it is to 
 be divided, yet that this does not extend to tlie rights of the share- 
 holders in respect of (heir shares, and the terms on which additional 
 capital may be raised. These are matters which in.iy be regulated 
 by the articles of association- indeed, are more properly so ref^ulai.il 
 than by the memorandum, and are tlierofore matters which, unless 
 dealt with in the memorandum, as in Ashburij v. Watson (Jttl ('. 1) 
 ;i7»)J, may bo determined by the company from time to tinin liy 
 special resolution pursuant to sect. 50 of the Act (now sect. 13 of the 
 Act of 1908;. ■' We are of opinion, ' said Liudley, L. J., delivering 
 the judgment of the Court, "that the second deci.sion in lluiton v 
 Scarborough Cliff Hotel Co., [su/inr wii.s wrong and ought not tn Lo 
 followed, and that the decision apijealed from must be reversed, and 
 the resolution thereby declared to bo ultra vires must be declart'd 
 intra vires and valid. If, by declining to follow the second deoisioii 
 in the case referred to, we wore disturbing titles or embambisinj,' 
 triule or oonmieicc. we should treat it as one of those decisinns wliitli, 
 though wrong, it would bo mischievou.s to overrule. Hut such i- 
 not the case, and it is desiiable from all points of view to remove 
 from companies a fetter which ought never U> hnvo been impos<-,l 
 upon them. ' 
 
 This decision has been very welcome, uot merely because it renniM ^ 
 a fetter on the issue of preference sliares, but also because it dispo^'s 
 (if the notion that the power to alter the articles given by sect. 1.!. 
 ^'placing sect . 50 of the .\ct of 1802, is not to have full offwt. 
 
 In a 8iibsei[uent Ciise it was argue<l that the jiower to alter llie 
 ivgulations conferred by .sc<a. 50 of the .\ct of 18(12 did not jiisl.ilv a 
 n'lri»<])ective alteration, e.g., the insertion of a lien clause {iiijru. 
 |. iW> I intoiKled to give the company a lien on the shares of nienilM r- 
 lor debts incurred Ix'fore txi^ well as after the insertion of the clan^ic 
 The argument if successful would have created the utmost confu-ion 
 and would to a great extent have deprivetl the members of tliai 
 absolute control over the articles with which the seition was iuteiidcl 
 to invest them. Hut it did not prevail, the Court of .\ppeal lioldini; 
 that the jwwer of altering the regulations was not thus to be limited, 
 and tliat the intnxtuctiori of n lien .lauso was valid and clloctivo. 
 though in some cases it operated retrospectively. 
 
 " The power," said Limlley, M. H ., in that ca.se, " thus conferred on 
 corporations to alter the regulations is limitcnl only by the provisions 
 conluinod in the statute and the conditions <-<jntained in the company ~ 
 memorandum of association. It must be cxercL-^cd for the benotil of 
 the (iompauy as a whole, and it nmst not be exceeded. These eon- 
 
INTKOnilCrOKV NOih>i. 
 
 (i:t'» 
 
 ilitiouM aro alwuj.s implied and aro seliloni it over oxpiosMod. Hiit il' 
 ilifv are complied with, I can discover no ground for judicially 
 liuuiiii; any oilier restrictions on the power conferred liy the wctioii 
 than those contained in it." Allen v. (Inht Itrol.^ of Wrut Afrh'ni. 
 1 11(00) 1 Ch. 656. 
 
 The forepoing decisions aro in accordance with the principh's of 
 .oriNlniction ajipliod hy Chitty, .1., in Pepf v. t'ily and Suburban 
 IVniuuwiil Building Society, (1893) 2 Ch. .'Ul. In that ciuse, the 
 I'laiiilill, a holder of fully paid-up shares, had, under the rules, 
 
 ■ ivcii notice of withdrawal; aftjerwanls and before repayment tlie 
 .«o<ictv altered the rule.s by giving the directors power to pay oil 
 in |iriorilv members holding less than 501. in the society. Il was 
 liclil that the alteration was valid, though in some seiLses it took away 
 ilip veslei! right of the plaintill. 
 
 " It wa."," said Chitty, J., in that case, ' part of the plainlill's cun- 
 tiait with the society that the rules might be altered, and the j)ower of 
 ;d!ciin^ tlicm wa.s wisely frnmod so a.s to re(iuiro not a ban- majoritv 
 I. ul three-fourths of the members to bring about the alteration. . . 
 Tiic plaintitl's counsel says 'ightly that when the plaintill gave notice 
 of willi<liawal he had a vested right to be ])aid according to the then 
 existing ride, but this does not settle the question, because there 
 existed also against him the power of altering the rule, so that the 
 
 ■ [ucstion assumes this form, that he had a vested right liable to be 
 divcsled by any later rule they pa.ssed. It. may be wondered that the 
 ^o^iet3■ should have such a power, but it may be greatly to the benolit 
 nf all concerned to mako alterations. And I say also that members 
 |ila(c reliance on the sense of justice of the tlireo-fourths majority 
 rciniiiod to effect the alteration." 
 
 ,Sce also liritinh Equitable AamiraHff Co. v. Baih/, i lltoii) A. C. 
 ■'!.'>; Roxcnbi'rg v. Northumberland Building Socicti/, '22 Q. B. 37.S; 
 liarrnw llmnatite Co., 29 C. D. 582; Doman'.f Cfinr. :t C. 1) 21; 
 ArijuxCo., .■!9 C. I). 571. In the case last meulicmed it was considered 
 that a power in the deed of settlement of a company (not under the 
 .\r( (if 1862) to alter such deed of settlement was to have full effect, 
 anil included even power to insert, by alteration, a claii.so providing 
 for the sale of the whole undertaking. Jame.'i Calmer. Ltd., t ISitTi 
 1 (il. 521. shows the far-reaching operation of the decision in 
 Andrews v. (la^ Meter Co., supra. In Continental Union fia.i Co. 
 (IS'.t.t), 7 T. L. P. tif it had been held in effect that voting right.- 
 wcie (onstitutiniial and could not be altered; but in .lijnen Colmer. 
 l.lth, Romer, .1., held that, Ilutfon v. SMrboroui/h Cliff Hotel Co.. 
 ulii .iiipra, having been overruled, there wa.s no objection to an 
 alteration of voting rights. 
 
 Nevertheless, it is appreliended that some limit must be placed on i,i, 
 llie j^xiiieral words cimtained in sect. 13, and the limit would seem to •'■' 
 '"' lliis Itiat the section cannot be used to violate any statutory 
 |iio\ ision or principle of law; e.g., to take away a shareholder's riglit 
 
 i|!' 
 
 ml' 
 
 l\ 
 
 sto 
 
«4() 
 
 ARTICLES OK ASSOCIATION. [(yllAF. IX. 
 
 Principal 
 
 lUHttorM ill 
 
 artii-lotf.' 
 
 to present a wiudiug-up ijctitiou. Peveril Gold Minei, (,1898) 1 Cli 
 192. So, too, a majority will not bo permitted by tho Court, under 
 colour of the section, to comuiit a fraud, for instance, on tho iiiinuiii\ 
 {Matter v. Hoopers Telegraph Co., L. R. 9 Ch. 350), or to use extra 
 voting power, not created bonil fUle. And eco Cray v. Leu-is, L. K 
 S Ch" lOJl; Ativool V. Merry tccather, 5 Eij. 4(il n.; Mamii v 
 Harris. H Ch. D. 97; Maedougall v. Gardiner, 1 Ch. D. 1:!; and 
 liurland v. Earle, (1902) A. C. 83. Nor will directors bo allowed 
 to use a majority which they have obtained by a trick, il'unl v. 
 .symoHS dt Co., (.1903) 2 Ch. o07.) But short of some Irau.l or 
 oppression or want of gootl faith of this kind, or contravention ol tho 
 .statutes on the part of the majority, there is no limit to tho Nt^ttiitory 
 power of alteration. 
 
 Baily V. British Equitable Assurance Co., (1904) 1 Ch. 371, miu.-i 
 not be rofjarded as a decision that the Court will, at tlio iustamc oi 
 an outsider or otherwise, restrain a company fioin altering its articles. 
 In that case certain life policies had been is.suod conferring the ri-lit 
 to pavment of a fi.xed sum plu.s any sum added by way of bouu.~, 
 a.eording to the company's 'practice for the time boino;." 1 luler 
 alterable bve-lnws made sliorlly after the company's formatiuii. i^r..- 
 vision was "made for periodical divisions of profit by way of bunu^ mi 
 the policies. Later on a iiuestion arose as to tho company's pdwer t., 
 alior the s-heiae of profit division thus established, and Kekewi.li. .1 . 
 and the Court of Appeal held that a.s the policies were ellewed on tlu' 
 lu.iting of a prospectus which referred .o and set out the wlienie w 
 .livisioii embodied in the bye-laws, the company was precluded Ironi 
 apid\ing its profits otherwise lluui in accordance with the wliciuc. 
 'rhi.s conclusion was entirely at variance with the views expressprl In 
 Lord Cairns. L. C, in Doman's aise, 3 C. D. 21, and in //<'/^- < (-. . 
 1 C. D. 307, and with Anjtis Life A.isurance Co., 39 C. 1). •iVl. anl 
 I'rpe V. City and Suhiirbun Permanent Building Soc., (l^W ^ 'I' 
 ;!11, supra, p. 039, and it was unanimously r.'verscd by the Hoii.-c 
 of Lords (1906, A. C. 35 1, partly on the ground that the policy «a< 
 taken subje. I to the risk .if the scheme of distribution being alteivl 
 and partly on the ground that the prospectus did not form i-ari ..1 
 the contract, and could not bo referred to in tho construction ol the 
 |Kilicies. 
 
 The principal matters dealt with in the articles of a.ss.Kiali.m ol a 
 company limited by shares are the following; 
 
 , supra, p 
 
 t!:)0. 
 
 (1) The e.xclusion, or partial e.xclusion. of Table A 
 
 and infra, p. 789. ^^^ 
 
 (2) The adoption of preliminary agreements, supra. p|> --•> ' 
 
 seq., and infra, p. ti43 el seq. 
 
 (3) Tho allotment of shares, infra, p. G4ti. 
 
 (4) The payment of commission for underwriting shaves. 
 
 nupra. p 27.'i. and infra, p. 048. 
 
INTHODUCTOKY NOTES. 
 
 ti41 
 
 ,;ii ( iill>. Ik'ii "11, and tdrfi'itiiro, infra. \\\i. (>.">4. (>.")S el .y<'<y. 
 
 i(ii Tiii lister and liaiisiiiissioii ot' si, ics. iiifni. |> (iti.'i 
 
 i7i liici'caM' of <ii|iitul, iiifru. \>. (>«■!. 
 
 iHi K<>(l>it'tiuii of capitul. iiilni, p. tiSJ. 
 
 Ill Horiiiwiiifr. hifra. |i. ti8."). 
 
 10 (Iciit'ial iuc('tiii<fs, infra. \>. <>M!t. 
 
 11 i Dircclois. infra, p. "O'.t. 
 Il'i l)i\ idt'iiiU. infra, p. Tti.'t. 
 
 l.ii Accoiiiilfi and audit, infra. ))p 770. 77.'!. 
 
 (Ill Noti(<>s. infra, p. 77K. 
 
 ^l.'ii Special provif<ii(iix for wiiidiii;-'-!!!). infra, p. 7S,i. 
 
 I II) I Speiial provisions in tlie case of private companies, ( liap. X. 
 
 .\s 111 eaili nioinlier lieiiiy' entitled li. a copy of the ineiiioiandiiin Mombern 
 
 and articles, see sapra. p. ;t;!. . ntitl.d to 
 
 . . . CDjiy of 
 
 Wlieie articles of association have lieen iei;isiered, a copv uf everv artiVlis. 
 
 s|ieri;il resolution for the tinii- lieiny- in fone is t^i he einlMidied in r(.iiiiH..f 
 nr ;uiiie\ed to everv copv of the anicles of associali'in that may he rSutiniis 
 i-^iicfi ;iflei the i (inliiinaiinij of ihc' resdhilii.n. Sect, 7i' 2i of the 
 Act, 
 
 Wlieie articles have iiol heen ic^isicred. a copy of everv special 
 rescrhilion is to he forwarded, in |)iint, in any niendier at his leipiest. 
 UN paynieiil of one shilliiijr. or sadi less sum as the innijiaiiy niav 
 direct. .Sect. 70 i ;! i. 
 
 If a company makes default in priniinjr or foiwardiii^ a i.'ipv of a I'cnalty. 
 spcriid or e\lracirdinaiy resolution to ihe ie;:islrar. it is to he liahle 
 te a line not e.vceedinj;- two poiiixl.s for every day dariii;;- which ihe 
 (icfaull continues. Sect. 711 i4i. 
 
 If a company makes default in emhoilyinj;- or aiiiie\ino- io a <'op\ 
 I'l ii- artic les cir in forwardiiifr in prim to a niemher uhi'ii iec|iiiied 
 hy ihis M'ction a copy of a special resolution, it i~ to l«' liahle to 
 ii liiK no; exceediufr one jicmnd for each copy in respect of whiih 
 delaiilt is madi<. Sect. 70 i.")). 
 
 I\ci\ director and manae-er of a cnmpaiiv who kiiowiii;:l\ ami 
 "ihiill^ aiithoiizes or iiermits any default hy the i-ompaiiv in com- 
 |||mii;; with the rei|uiremeiil.s of this section is to he liahle to the like 
 |M'iialty as is iiii|iiised on the . ompany for ihe default. .Sect. 70 (il i. 
 
 lieloie reei.siratioii. the arii les nmst he stampeil with a ll»v. deed S'amps. 
 s'a:ii|i ami with a ."i.v. companies reo-i •nation stamp. See ■^aprK. 
 |c 1,H.-.. 
 
 A lihinder in articles can oidy he c(irreclod hy alteriiifr thiMu under 
 W'ct I.'t, and cannot he effected under the y:eiieral jurisdiction to 
 lenity documentn. f:can.s v. ( hapniun. 8ti L. T. ;JS1: 18 T. L. R. 
 50(i. 
 
 r r 
 
 'l\l\ 
 
m 
 
 'i-t 
 
 A.'/ 
 
 i k 
 
 fe> 
 
 
 f ml) 
 
 f 1:1 : 
 
 is 
 
 64-2 
 
 Interpreta- 
 tion. 
 
 ARTICLES OF ASSOCIATION. [ChaP. IX. 
 
 Form 251. 
 
 Artielw of u 
 company 
 limiteil by 
 shareH. 
 
 PRECEDENTS. 
 
 Tin; COMI-VNIKS (('ONSOI.IDATIONI ArT, 1908. 
 
 Aitirl^>s <,j Asmruilinii of the - — ( Umpawj, Limiled. 
 
 Thin torn! of articles, with suitable inodiBcations, has been used in thousands 
 of casea. It iniludes niont of the clauses usually inserted, and it will be found 
 that it can witli little difficulty be so altered as to suit the circumstances of 
 the ({rcat majority of tlie companioa from time to time in course of formation. 
 Various special clauses will be found, in/r.i. I orms 259 ft neq., some of which 
 may he occasionally required. 
 
 PREUMIN.\nV. 
 
 Sonic persons insert the words " It is aprced as follows "' at the bcirinni..;; of 
 the artich>>, but the words arc superfluous, liy sect. H of the .Vet of JWm 
 (mi/iiii, p. 12). each member is bound by an implied covenant to conform to 
 the regulations. 
 
 1 . [The marfrinal notes hto sliall not affect tlie constructiou hot'.] 
 In these presents, unle.ss there be sonietliing in the subject or ront^'xt 
 inconsistent tlierowith — 
 
 •Special resolution ' and '•e.\traordinar\- resolution" have the 
 
 nieanin<;.s a.ssi}rnP<l hto resply by the Cos (Consolidation i 
 
 Act, l'Jl»8 isect. 69>. 
 •The diieclors " moans tlio directors for tlic time being. 
 • The ollico ' means the reijistciod office for the time beinj; of tlio 
 
 coy . 
 •' The re<rister " moans tlie re<rister of members to be kept pur-uant 
 
 to sect. 25 of the Cos (Consolidation! Act. 1908. 
 ■' Dividend ' includes bonus. 
 "Month " means calendar month.* 
 ■' In writing '' and ' written " include printing, lithograiihy. and 
 
 other modes of representing or rejjroducing words in a 
 
 visible form. 
 Words importing the singular number only include tiie jilural 
 
 number and vice versa. 
 Words importing the masculine gender only include the feminine 
 
 gender. 
 Words inn)orting ])ersons include corporations. 
 
 • In lepal documents the primary meaning; of " month " is lunar month, and 
 there is no jfeiieral exception making it mean calendar month in commercial 
 documents. Bruner v. Moore, (1904) 1 Ch. 1904. 
 
FriRMS. 
 
 H43 
 
 Soiiu- iMT^tm.- i'l-^ert a Iciim lint of words iiiid f>x|M'i''<-<ionv in thf iiitorprrtation 
 dill] I'. Iiut fl"' praitiie is not to he I'otnnii'iKiiil. I'rulnilily "cvi'ral <if thn iiliovi- 
 mialil '"' oiiiit''"'!' ''■''•• " "I"''':'! ' '"><' ■■I'Ktraoi'iliiiiiry " resolutions, liiit tlioy 
 art' r<'t:»inr:l Ijorauso dirpi'lors and nicnifirrs ;irr not always familiar with thi' 
 Alt. and it niav tluTt'foro 1m» ronvcnipnt to ^iv«» sonic of the inorf* important 
 detii.itions in it. Hut it scpms niirc iioilantry to say that " thi' directors " 
 mean- tli'' "directors for the time hciiiir," that " memhcr " means " mcmlier of 
 the ( niii|iany." and so forth. 
 
 t,V( a>ioi>ally. however, additional definitions may lip convenient, c </.. where 
 theic is to he reserve capital, under .sect. .»!• of the Act. Thus " ri'serve capital 
 mans tlia! -.lortion of the capital which is not capable of iii'inif called up except 
 in the cveni ami for the purjioses of tho company lieinir vi-ound up." 
 
 Form 251. 
 
 J. Tilt' n'^'ulntiouH coiiiained in Tablo .\. [in tlie fir.st .sdiodulo to Tahle .\. not 
 til,. C..^ (("mi.solidatiou' Act, 1908] slmll not. apjjly to the cr/. to apply. 
 
 See *»/.,". p. 029, sect. 11 of the .\et. .\nd Fixhrr v. Hhirk- nml llhU,' I'nh- 
 lif/riiri Co., (IHOl) 1 Ch. 174, aa to the importance of excluding? provisions of 
 T:ililc .\. liy clearly expre-siKl lani;ua^'e. 
 
 ,;. Tlic CI iv uliall torthwiili outer hiUi aii agreement witli in tho S. il to he 
 
 t«'iiii.s ,,t i]ic draft, a (.njiv whoivof lias, for tlie purpo.se of idcniitica- !|,,riTnient. 
 timi, liit'ii .Miliscrihod by .A . H., a solor of the Supremo ( 'oint. and tlio 
 dir<'(t(ir.s .^hall carry tho sd a(;reemt into eifeot, with full [lOwer, 
 nt'veitiiok'.s.s, from time to time to agree to aii\' niodilication of the 
 tunu:- >>l such aj.'reemt, either before or after the execution thof. 
 
 j m 
 
 riic iil>'iie form will be used when Plan Til., supiii. p. .327, is adopted, and 
 the ai^rccinent is jtitt mentioned in the memorandum of association. When it i* so 
 lucntioncd, the clause will run thus: 'The dire tors shall forthwith atli\ the 
 seal to the airreericnf mentioned in pura'.;raph of diiiise 3 of the com- 
 
 panv's memorandum of association, and shall carry, \c." 
 
 \\ Iicrc the a^rrccment is made (Plan I., sii/trn, p. 32.1) with ■ trustee or 
 a^ent lor the company before its incorporation, the clause will run ' ,: — 
 
 " The c'ump".ny shall [ or niayj forthwith adopt an agreement datcu tho 
 
 dav of , and made between of tho one part, and on behalf of this 
 
 com|iany of the other part, and the directors shall [or may J carry tho same 
 into cll'cct, with full fiower, nevertheless, at any time, and from time to time, 
 either before or after the adoption thereof, to asrree to any modification thereof." 
 Or, if preferred, clause 3 in the text can bo used in Plan I., but in sueb 
 ca.-e llie draft referred to will be the draft 'nln/illmi contract. 
 
 tiiiMHlinict ilie words, "a copy whereof is sot forth in the schedule hereto," 
 are intrcHluccd: but it is not generally advisable to set out the a^'recment in 
 tlic M-hcdule. The object of sotting out the a(.frecmont in a schedule is to give 
 tho neniliers the fulhst notice of its contents, for every member is taken to know 
 the article-* of assoi'iation ; itui>rn. p. 77. 
 
 It used formerly to be the custom to insert in tho artielo? a clause declaring 
 that ■' tho company hereby ratifies and adopts the agreement, A;c." Iiut such 
 a clause is now rarely inserted, for it is misleading, since it does not really 
 Oijcratc to eliect a ratification, and yet leads the parties to suppose that it 
 dues so o|)erate. It probably does no more than authorize the directors to carry 
 out t!ie a','roemcnt. Kh'ij v. Pu^ilirr dor. Cti., 1 Kx. t)iv. 88, minri. p. (i34. 
 It docs not relieve the directors from tho obligation of exeroiaing a discretion 
 
 
 t;' 
 
644 
 
 Form 241. 
 
 ARTICLES OK ASSOCIATION. [ChAP. IX. 
 
 a. to whether the .ontraot i» a proper one to adopt, limzilm,, R„hher Plan- 
 talion, (\.. 1> (lail) 1 Ch.425. It rertuinly (1o.h not oporaU- a« a ratitir^itinn 
 of the asr..onK.nt, - Uecau.e," a» Je*..-I, M. U., -aid in K,.,.,c, A„,/.""n„r, r. 
 16 l-h 1) \15, '■ it ha.H l«»-n deoidod, and. a. it appear* to m... w.ll Amii»\. 
 that there .annot in law be an etfeetive ratifi.ation of a eontraet wluch could 
 not have l.een binding on the ratiHer at the tin.o it was n.ad,. l>e,a»„. th„ 
 rati«er wa. not then in existence. It does not follow from that that acts may 
 not l.e done l,v the ...inpany aft<-r its formuti.." whi.h make a new eontra.t t„ 
 
 the same etf,..; as the old one, but that -tands on a different prim.p e ; an,l 
 
 ,»,,™ p 322 It is obviously undesirabi,. to leave matters on sueh a fm.tin,.; 
 for it 'is ditHeult to sav at what sta^e a e.unpany becouu-s l«,und by a.t.u« or, .he 
 
 agreement. Thus. \u So.-,l,.....h.H.„„l .Ir,: Ilnfrl C, 33 C. D.v. 1«. .t w.x, 
 
 held that the eompanv was not bound, althoujfl, it had take,, possess,,,,, „„d 
 e.p..nded lart'e sums "on the premises agreed to !„• h-ased. rh,.n- .h.. ,,.r,,.- 
 mo„t was with a trusfe for the eon,|K.«y, and was a.lopted by t„. art,. l,v 
 \,.,.ordin,tlv an adoption eontraet is denirabl... Se,- I'orms W and 41. 
 l!u, no separate a,l,.ptio„ eontra-t is ne.,.ssury where the ,,n.l,n„..ary ,.„.n„ , 
 made with an a.-ent for the eompany is ./.V"''' «"'"■ ♦'»■ '"^rporat,,,,, «t ho 
 .s.n.p«nv: s„,h a eontra-^t ,. .apable of ratiHeation. Se,. .,-/"". !-• •-'• ' 1^''' ' 1_ 
 It has inde,Ml, be, n 1,,-ld that it m,.y be ratified even after th,. oth,T ,urt> ho. 
 purport..,! to r,.pudia,e it. I<„l,„„ i;.,„,rr. v. l-nnl.:,, .1 C D.v. 2..,, I.,,t 
 ref.rrinu' to this .as... l.,rd Li„dl..y sai.l: " Th,. ,l..,iMo-. ref,.r,.,l t,, ,,r,.s,.„„ 
 difti,ulti..s; and th,.ir lord.ships reserve their liberty t„ r..,.o.>s.der ,t ,f on son,.- 
 future .H..„sion it sh.mld b...ome neeessary to d,. so." Hrm.„„ v. ll;„k M 
 .\,;r ZruliUi,!. (1«U0) A. ('. 577. .W7 (P. C".). 
 
 The following' provisions of s..et. »7 of tl... Compaui.-s ,f„nsoli,l„tio,. A.,, 
 19(W. must be borne in mind: — 
 
 (3, .\nv ,„„tra,.t ,na,l.. by a .■..n.pany b,.f..re the date at whi.l, it is ,.,.i.l,.,l 
 to ..ommenc business shall be provisional only, and shall not be b,u,l,n.- on th,. 
 eon.panv until that date, and on that da.,, it shall heron.e b,nd„,ir. 
 
 («, No.hintt in this s,Htion shall apply to a private ,„,npany or to a ,-on,|an> 
 reKis.,.re<l before the first day of .Fantmry. nin,.teen hundn-d a,„l o,,,-, or .., . 
 ,.ompa„y r.x'is.ere.l before ,he first .lay of .luly, nin,.t,.,.n hundr,.! and e,, , 
 wbieh does not issu.. a prospe.tus invitiuK the public to subs.ribe for ,ts ^har,^. 
 
 \s to when a .ompany is entitle,! to eommen,e busin,-ss see sert. ST. s"!'- 
 8eet 1 .,';o". p. 2(1. liv se,t. 83 of tl„. .\et, "a ,.ompa„y shall not prev,„„s,y 
 .0 ,he :,a.„torv m,.cti„/vary the tern.s of a eontra.f r, ferre,! t,. in th,- ,,r.,sp«.- 
 ,us, or staten,:.nt in lieu of prosp,.<tus, ex,ept subj..,.t to the approval of .he 
 Hta.u.orv ,u...in«." As shown by se,.t. (i.^, the statutory :";"*'"^~' ;""'.-. 
 quired in .he ease of a " eo.upany lin.ited by shares and re«.ster..d .< " ' 
 Jan 1st IWl. Where su.h a .ueetinff is held the d,re..tors must, ,u the r.-|„rt 
 
 ref..rre,i'.o in s.-et. .i.5. sub-s..et. 2. state '"the partieulars of any ••■•"»™;^- ;; 
 
 moditi.a,ion of whi.h is ... be submitted ... the , ..„„' for ,ts approval, ...■-'. .Lor 
 
 with the partieulars of the ,n..difi,ation or p ..p..sed inod,fi..at,o„. 
 
 Where .he direetors are not in.l.'lH.n.l.-nt of th.. vend.,rs, r.y., w ,m .. 
 ven.h,r. ar.. .hen.selves the direetors .,r *.me of the diro,...,rs, ;- ^ - 
 direetors ..r some of them are interested as pron,oters, or wher.. ,t .s ,. n, 
 that .he dire.-.ors shall be excused fro.n .akin., the usual I'--*'"'- ' '; 
 ..o„,„a„v is no, a purely privau^ .omp.ny. it i. .™et.,.es , ,.,.,„ed e - 
 
 to add Additional words to the al»ve elause 3, as below ,n ,tal..s. Ph , * 
 
 operation and effe,.t of su.l. provisions has not yet been .as..ertaH,ed bj .1 ,Mon. 
 li m-,v be that the vendors eould not <laim by way of e.mtraet l--.,--',. p. -i-^ 
 L blnefit of such provisions, but at any rate they ,o far to fix the .ompany 
 
FORMS. 
 
 64« 
 
 ant) it" momlHTs with notice of th<> position of nffiiirii. nnd to ilcprivc iliow who gb ra 25 1. 
 
 j,,in the iom|ittny or Hi'iil with it of lau-in for complaint (I'ml.i.i,- Stn,n/i I',,., 
 
 ib!tJi 3 I'h. Atili; Srli:i„in„ V. /')/»<•,■ ■(• (■„., (iNilS) 2 C'h. til7; Hi;ti-I, Smm- 
 
 /r,. /'«/.., Ilux Co., 17 Ch. I). 4<i7); ('../. -i,<' /o/i /iV i„i>i,i„: and. furtlMr, 
 
 tliiv Miiiiiil «em til )fo far to bind hy l»cho« tlio*- who ohji'it t" thi' airn'c- 
 
 ni.nt, and yot abstain from promptly takin»f »ti'p« to ropudlatc It or wot it *t 
 
 a.icl... K.hinu.r v. .\,-<'- S..,„/...-,„ f.... .1 App. fa-. I'JIS. 
 
 Im a n-ent vn*c {Ilnn-i:,!,, Il„!,hri rhi„h,t;„n^ (No. 1). (IfHIl 1 Ch. |-j:.), 
 ail iirticlp provid.vl that " No director shall bo liable . . . for any loss, daniiu'e, 
 or misfortune whatever whii h -Imll happen in the execution of thi' duties ,,f 
 hi- "ttice, or in relation thereto, unless the sa -ii' happen-. tliriini.-h his own dis- 
 hiiiic.lv." And the Court hild that an action by the company a^rainst it.s 
 dirctort for ne^flinence. no dishonesty bcinif allcu'cil, i-onld not, in view of the 
 urti'ie. nueeecd. On tli(^ other hand, suih provisions to be effective must mii't 
 llic very case, utherwisi' they an- futile. Thus, in ll/,n,'/'s ,,i^,-. Il'<>imii,r'„„if 
 i;,.,„ r,... (IN9;)) 2 Ch. lilJ, where there was a provision on tlie lines of 
 il,ni-c A., below, it was held, that it iliil not protect a dinctor who had played 
 the part of an ostensible co-vendor, not havinir any real interest in the property 
 (and see l,7„rl,:i/>'i,i V. liiiriiif. ( ! ItOlt I A. ('. IW). The most eminent couns.l, 
 iiiAv in hiirh judicial ortiie. have advis<i| that smh spei lal pro\ i-ions are in s.nuc 
 c:i-c. c\pcdiellt. 
 
 \s t" the pnoision that every menil«'r is to be deemed to liaie iioiice, ,s.c,, 
 till, is by ho means a new provision. S'lhltfyrrn tni't t'fi,,iiH\ nt^, , '.\ Ch. ;J2(. 
 As lo purely private companies not bi'ini; within the Krlaiiirer rule. sn. /:,;/, y/, 
 .>,-.«//(..« /■«/.(■/ Il'i.r Co., 17 C. I). 4ti7; s,il„i,ii,„ v. ,s,ii,„ii'i„ i; c.,.. <i,S»7) 
 A, C. 22. and siiinn. p. I3J. 
 
 ! iie fullo«in^,' words, with more or li'ss nioJitication .idapti'd to the special 
 (iiriiMistances. itre xiiactimcs a(bie<l to clause 3: 
 
 \. Thr //./,-■■« i.,i el,:,!, Ilil rumiii'iilj |'.« i yhll,!',^h,:l l.s. '/'"' llr mi'i>"ll'i ../"'// 
 e,;-',, II,, i,i,.it,il)j ,nii(i,ii!«-:r !,l fir y'l'l i>il,"'iirnl oil tin- '.,■«,« ll,,,.nl <i-l 
 l..,ih. .-iilij,;-! h, ,11,11 silrli iii,„r,lir,ii:,,,,^ (If ,1,1'/) </s ,i l.,,;'^,i'„l , ,i,i,l ll,„l II,,- 
 .■,„,',„.. //,,.,■,,„ mi;l ilir 1; In- Ihi p'l.-t ,i:,rrl„,x „f II,, ■ ,,,i,i i„,„i/. „i„l „,;;,i,l- 
 
 :,'„', I ,1 .li.ill /„ „,) ,illi,rli,il, 1,1 II,, .^,i:,l ,,,l,;;'ll,r,il Ihill II,,- ,-,ii,l„,-„ ,<« ,,,,1- 
 
 n„,i i!:,-i,i,i,-< „i,n„i :„ II i',i,i,-iii,ij i„,:,:ii, 
 
 •/« '/■■■ < ■'>■.! 
 
 .'/,"■ II.,-,) ,1,1 „,it ill III,- rill-Ill, 1^1, ',11-i-n i-iiilsliliil,- I,,, iii,lr/ii-il,l, „l liiiiii'l. r„,l 
 ,,-,;, J ii.i-iiili, ,- ,,i II,,- ,-„ii, 11111,11 iii-i-.-'iiil mill i„l,n-, ii In ',1- i',i-, 111,1 1,1 i„l,i ll,i- 
 ,; -,,y.',,i/ ,,}, II, :i li,i.,:n. 
 
 It is advisable in some cases to insert a similar statement in any pre -[lecius 
 itnitini: application Vor siiares. 
 
 Tlie I'lilUnviin; words furnish another cxaniiile: 
 
 I' And it is hereby deelan'd that the purchase nsidcration tlieicby aifreed 
 
 to lie irivcn by the company has been fixed by the vembirs as the amount tin y 
 an- ttilliiu; to take. liaviuK rcj;ard to the fact that the value of the mining,' 
 cliiinis and jiropertits thereby respectively ajfrced to be sold has not yet bci-n 
 acicrtaiiied: and inasmuch as the said claims and propertied are situate in 
 V.t'.xUU 5),,ulli .\frica. and the value llicrof is sp, ciilativi- .-.nd untcrtain. and 
 can only be ascertained by local operations, whiih would be expensive and 
 inviihe delay, and, if successful, would enhance tin' price asked, it is expressly 
 dpi lared that tiie directors are not, before executing smd» a^rreemcnts on ludialf 
 of tiie company, to take any steps to .laeertain the value of the said claims and 
 
b46 
 
 AKTICLKS Ol' A8*»tiATU»N. 
 
 L 
 
 riiAi'. IX. 
 
 11 
 
 
 Form 861. Pf"l"''''t-- wlulliir 1.5 IimuI (i|Miati.>ii.i. iiHlcpciKlinl iiniuiry 
 
 'ill. 
 
 — m«uii^ 
 
 Com|iaiiy K 
 "h»re« ihit til 
 
 K- 
 
 pun: 
 
 hiisfi! 
 
 Wlun biiJii- 
 nt')«H may \m- 
 t'omineui f<i. 
 
 Priv:iti' 
 I'onipaiii"-. 
 
 Publi( 
 compunien 
 
 a urt' hiTiUy uh«ilvcil Iruiii all furtlicr ri".pmi«il>ilily in rcirarj 
 lier iif the inmp.niy, pn->iMit and futurr. hi'n'lij- ^.itriiilii. 
 
 tlicrptM. iiiiil c'M'ry miMii 
 lii.< u-i'i'iit til thii pMvi»iiii 
 
 111 it >liall in' iii> olijritiiiii 
 
 ti> til. 
 
 tllUt till 
 
 luliir- tlicriiii iiaiiu'il. or -iiiiii' m- iiiii 
 
 i.r th. 
 
 ill a-r 
 iit;l(' uiilliilH,- III 
 
 HUrli M'liJiiri-, uri' or ii ilirn tm-.-i iir a ilirntiir of llii 
 
 liul'iirr till' I'Si'i'iitiiPii cif •Hill aiiri'i'iii 
 till' utliir Jirritiirs. 
 
 lit III' iliall III 
 
 i-niupaiiy, pi 
 ili-.|i....-.l hi 
 
 iil.'il 
 
 1. Nmii' I'l llii' liiiiils "t ilif 
 
 <'lii|i|ii\<'il ill till' pun li,i-« 
 
 ■r. 
 
 l| till' C'l)\ 
 
 Tlii« 
 
 riiliiliitioli id mil 
 
 vliii li till' lu 
 
 iilri'ailv 
 
 iip< 
 
 far 111 ri'^Mhi- a 
 
 of iti sli 
 
 Kire- in 
 
 pun liii-u'i lull whi'n' ii iiim|iiiny ili'^in-n to olitaiii tin' i|ii(>tatii)ii o! 
 
 thi- iittiii.il li»t. Hiiili II ilaiiic HI uliovi' ilioiilil In- iiiMTtpil in orcli-r to iiiiuply with 
 
 til.' rill.' 
 
 I;i 
 
 'Jii7. for I'Ntra.'lJ fmni nili'- 
 
 AUotTni'iit.iit 
 shares. 
 
 Ill' llllMIK" 
 
 .1 I III 
 
 i\ iiiiiv Ix' run 
 
 ilir.iip.ilMlli'll I'l till' 
 .st.'nuliiiL:' tli.it )il .'iil> 
 
 ;l.s till' llii'Crt'.l- 
 
 iiiiioint'il ii.-- •i.iiii alli'i' ihc 
 hall lliiiik fit. aii.i ii..i\Mili- 
 
 .1 till' .>liaii'^ 111. IV liaxi' I'ciMi 111 
 
 U.'f.in ihr pa>»iiit;' of swr. Ii of tlii' ('..iii|iaiii.'-i .\i't, litlMI ( u^w r.'pl.i.i'.l bf 
 soi-t. NT of till' Coinpani.J \'l. llt'll i, tliii I'laii".' wai oft.'n in<i'rtiil. hat «ik 
 not iii'i I'^sary. for ii loiiipaiiy iniirlit tin iiii'sti.iiiahly loiniiiiiiri' liu«in.'" and thi- 
 din'i-tiir.^ niiv'lil inaki' .alN licfori' tin- wlioli' .apital hml liei'n IsHin-ii. .I/c/k,. .•/? 
 V. ./,.,»-./ /,„/,'■'"' II'"'' ''".' -' II- ''- ^1- ■'■-'"': ".■■""«".('"' "■'•.'/.'■-.< '■" ». 
 HriK'ii. '.' 11. .V <". Ii:!. lint the liin'ctor-. weri' bonnil to I'xi'n-i^.' tlii-ir di-r. ii"ii 
 l,f„„( I"!' OI"''<'<l I'""!'-. /••■.'■ I""-''' "■'''''■«"".-' ••'■<|. ■-''•i'" othiTwi-.' th...v iHi/!it 
 b<' lii'lil ..-uilty of aiisfciisani'i'. I.i>rrimi4 llof»ih<,hl Sl,.r,'. ii2 I.. T. ST.I. ! h" 
 abiiVL' rIaUH' bai. however, bri'ii iienerally n'lainoil to pn'vi'iit lai.'.iiii.l.r^t nuiihi,', 
 and it may for the sunii' reason lie slill r.'t lined in tin' la-.' of priat.' i ..iiipaniin, 
 for .-I'll. >ST of till' .\i'I of I'lim iloi'i not a|)ply to a private i-.,mp:iiiy. See 
 sub-sett. i(i). 
 
 ill the la.-e of pulilii- lonipaiiies, even b.'foro the .Vit of 1!KII», the trriii. or the 
 pro..pei'lii- iiii^'lu ;,'iv.- a nieinher an epiiiy to restrain the .'ompany fi-'.iii "'..i- 
 men.'iiii: busine-s with a tot illy insntliri.'iit lapital. /.7.'. ,■ v ,\ . . '., A 
 Luu'l <:.,. W. N. (1.S74I h.i: .-iO 1.. T. 2H.-.; s!,-r,.i<;, v. I...„H, ■,„■} /.■ ■' r-„. 
 itiiil. '■".. •-• ('. Iliv. liii:!. lint siH' Srnltiuli I'ririi'' ",ii I'l,.. -j:) C. III'. II:i 
 
 As to till' re-lrietion- whi.li the Aet of I'MIS imposes on t!i.' .•oiiiin.'ii. • ^h m .if 
 buBinew, sec aupra, p. 20. 
 
 .1. Sulijcit a.- afs.i. ijic sliaic.s sliall Iw iiiidoi- tin' iniilr'.l -.I 'lie 
 iliri'ii.ii.s ulin iiiav all.it or iillioi'vvi*<> ilisjioso of t.lic -iiiiie In siieh 
 jM'r.-iiiiis. III! mrIi l.'iiu- and I'rmilitiiin-;. anil a1 sueli liiiic's. ii> tlie 
 (liiritiir.s think tit [suliji'cl. iipvertliflc>i.s. to tlic stiiuilatioiis cmi-aiiit^ 
 in the fil afrrooiiii xvilii roforonoo to tlio .'iharo." ti> In' all.)l;e.l in 
 pui-.-iiaiiri' tliof], and witli full powof to frive t<j aiiv |k'1'-iiii ilio call of 
 uuv ^hun'.-. >'illior at J.ar .jr ar a prciniuiu. and for sucii liim-. ::!•■! 'or 
 siic'li eiinson H.S tlio dirwlors think tit. 
 
 The wonts in braekeis will he oiuittinl 
 urtieles. 
 
 no aifreeinent is refernd to in tl*" 
 
KOKMrt. 
 
 «♦: 
 
 i<,.f«. x.'i itiid l»« of till' Arf, a« to till' ii.mlitiimi mi 
 .,f ,,; I,, ulliitiiii'iil. iiiiint lie iMirni' in niiriil. •!••• p. ill, » 
 
 whi< h iliri'>'li>r> mik\ Fornt 251. 
 
 iiN 
 
 «Mt. SH ..■ 
 
 ilir \. I ii< t<i ii riltirti ft ulli>tiiwnlH. Sw »«/..■«. pp. HI. ti.i rl ». '/. -^x to »hiiri' 
 
 , ,1 .,1 a ili.iiiu!.t, wi- ».'/<!", pp. lltl. •ill: in to lioniit p<li;iri's v-^n", p. till. 
 
 .■^..iiiitiiu"- llif wuril* "oiiil t'ithiT at ii pri'iiiiiiiii or otliiTwisi'" ;irr in»irtej; 
 l„it II. I .p(viul uiilliority i- ri'iiiiriil to i^^iir -Imrr. iil -.i pn-miiiiii. Tli'' I'oii- 
 .lii.liiiu- Miinl^ nri'. it woiilil ki'PIii, niipiTHiniii-". 
 
 S..iii.iiiiH« till' woriN •• with tliH wimtiir. of ii i.-.iiiril iiif. tin-, i.hiiri- in thi- 
 iiiiiiiil lupitul iiiuy Ik> i«iii-(l with iiiiy profi-rciitial riu'lit« iitt;i. ImiI thiTilo iirr 
 
 uilllnl. 
 
 Till' iliitv of till- ilirfloiH n* to iillofiiciii in rliiir: tliry an- lioiiml to .n-l in 
 i.',«»l fiiiili in till' iM-t iiiliTi'^t'i of till- loiiipiiiiy. for tlicir powiT ami cli<i ntioii is 
 ti.lii.i;iry: Iml <^m<'|'I wIhtm it i« alHrmutivly »lio»ii timt tiny lunc not ai-twi 
 III ir.Kiil fuitli, till' t'ourt will not ovcrrnlc tlic I'Xcri'i'M' of ttu'ir ili< ntion. A> 
 ,,.;, ', /'. .,». l^ H ell. 4.12. iiillii. p. »i7l. I'rniiu lar„: lliiTi' i» no olljl'ition to tlli> 
 ilirii I'M- iiiakiiiif an allotiiii'nt to thi'ni«ilvi'!< anil tlii'ir frii'nil-. in pri'fir.'iH-i' to 
 .,r 111 iIh- i\i Ill-ion of otliiT piTioin; or tlii-ri- may be iii-'tiini'r'< of tin' lm<ini'»» 
 vvlnii il may li- liriiralili' to propitiati' ami si'iiin' l>y an advantat'i-oiii allot- 
 
 Miiiii liiit if il i- ihown that liny have not iii'tt"! in n I faith. <.-.. havo 
 
 iii:iili- llii' al!.i:iii('nt not lin aii«i- tin' i-onipany wanti'.l furtlicr fiiiiiN. lint in onli'r 
 ■ ucnalih' tl'i' ilini'tor-i thoni'-i'lu'i to nlitain rxlra voti-. anil mi i arry or n('(ja'ivi' 
 viiiii' iiiiili'niplati'il ri'iolution. tliry will loinniit a lirrai-li of innt /'■"/' >. 
 ,s„„ V ,v r,,.. (l»li;i) i Ch. .)(I7: A> i„irlr l;i,,ir,,, h„i„,i: i:;'i>„l v. Il rh/hi. 
 
 ,i!Mi-.'! 'J (11. •■-'1 ; /•'' f'"'//""' '''"'"■ ''"■■ (l"*"'') - 'li- •"••■ 
 
 Sii. ai>". a-i rc'.'anlK thi' prii'i' of i».iiii'. thi-i ilau«' (.'ivi" iImiii a wiilr ili»- 
 irptiiin: liny laii olfpi- the original Unw at par, Iimwi'mt pniM.i:.iiiif tin- prospnt'ts 
 
 arc. and upon a -iilisi'iiiiint is«ui' limy may. in fixinir thn priii'. fi ly I'Hi'ni.'-i' 
 
 tli.ir ili-i niion if tlii'y ai t in i,'ooil faith that i'*. with an nyn to thn cmiipany'H 
 iiilprc-ts. anil not to tlioir privato ailvantai;!'. ami urionlinjfly am not lioiiml to 
 (ilfir !lio sliari'i at a priMiiiiim diiial to that at wliii'h tin' out-ttanclinj: »liari>s 
 
 niiniiiially «tanil in tin- niarknl. for it i'* not n'tfi r,,i-s nf tin nipany to issup 
 
 Aa\i* at par whiTc it wciilil Im poisilih' to icll at a prcniinni. ///''/ > v. I>,xi,':\ 
 ilWIJi .\. C. (71. 
 
 Ahil tlii- liiliiir MO. thi' iliici'torM am fn'n to cKi'n isn tlii'ir iliiintion in tho 
 iiiitiir. ami tiny may I'lm-idcr it lii'it in the intcrpsts of the lompany to l«iui' at 
 par or at a h'«s pmrniuni than thn in.irki t pricn imliiali's. «■.'/.. to oxistini; sham- 
 In.lilir-. Whi'm. howivcr. iliri'.lors ulUil iliaro- othcrwi"!' than in (foo'l faith, 
 111. y may Iv hi'hl re-pon«ihli' for lirrai-li of ti-u.-t. sh.m s. Ilnll.u.'l. (1900) 
 'J I'll. :;"."). ami nimiiari' tliii with /.n,i-/;,i n,rl C,,h.„:„l /■■;„„, „; (',,.. 77 1.. T. 
 ITii .1'. .\.): rrrrh-nl v. (CWvA', (lil(lL') 2 Ch. 1-21. 
 
 lii-i- iiftin arisp in whinh it lipnonii'^ ili".iralili' to L'ivi- to allinti.s of shari.-i as 
 part of the (onsiiicration for auhsiriptioiH thi> lall at par i r a pmniiiini of 
 fiirtli.r shall--, ami to make the rail oxmiwaliln at any timi- within a year or 
 ntliiT limiti'il pi'riod. Tliii was lii'lil liy the llou.si' of Lords, in IIHil,-,- v. Iirj-lir, 
 (HHVJ; A. C. 171, to he l^■^'al, and not to lontravi'in' sc't. S of thn Conipanips 
 Alt, I'MIII imiw mplaii'd hy .spi't. SO of tlip .Vnt of IWISi, innn whiii tlin rail 
 nil- at par and at tin' timp it was pxPiiispil thn sharps wpre at a prpiiiiuni. 
 S.vv,;„„, p. '2SI. 
 
 It may lip that tin- ilaii-p without tin- aliovi- addition, "and with full powpr 
 tou'ivp to any pprson thi' lall on any -harps. \i-.." siiftiiii'ntly povprs tlip ground. 
 pspi'iially if rpad in conjiimtion with plaiiM- 113. iii(,n, p. 740: lull soiik- 
 ppr-ou- pnfpr to providp this px}irpssly. 
 
 it'i 
 
 if' 
 
 t ! 
 
 Ii. As re<riirds all allotiueul- lioia liiiio tu time iiiadi', the directors Return of 
 shall duly puiuiily with seit . 88 of tho Cos (Ciiiisulidntioii) Ad. 1908. allotmenta. 
 
«48 
 
 AHTICU>< OK A«S<»CIATION. [CllAf. I.\. 
 
 Form 201. '""' ■"'•'"'i rffi'mnl in imiviilra for ri'tiiriin tii the l(<'ifi*trar of ('<>rii|i,iiiii. 
 of alltjtiiii'iitM iitxl for HIiiii; i-oiitrii<-ti« a-* to |iiiiil-ii|i «littn>i(. IVnulty fur ili-f;tiitt 
 M/. jxr day. Kor the mttioii in full, with iiotiM, wt^ mi^irn, y. m. 
 
 
 I'i 
 
 t 
 
 J 
 
 I 
 
 1 
 
 Ri'Htrii-tiiiiiH 
 
 OD allotlUfDt*. 
 
 It' Iho CUV mIiuII oiler iiii\ (il il^ slmms In llic piiliiii loi 
 
 CommitiHU)nH 
 for placing 
 abarco. 
 
 siciipliua: 
 
 }ij Tli<> ilir<>i'tiii'N -iliiill iinl iiiaki' uiiv iilluliiiciil tliiil' iiii 
 
 iiiiiil 111 J<'U>t 
 
 I' 
 
 )l till' Nlmros so otfororl nSxM \\, 
 
 Ik 
 
 il>.' 
 
 '<!. 
 
 • 1 !l 
 
 H'vii Hiiii.vi rihcil, iiiKl lliu Hiiiii^ |ia_vul>li< on a)i|>li>(iii -< 
 
 i>li 
 
 ^iuil 
 
 IliUf llCOII 
 
 ll<l II 
 
 III I'd civi'il hv tlii'cuv; Iml llii- |iin\i.i, 
 
 Im no loiii;or to upply utter the lir.^l iillotiiii'iit of -\n 
 olleied to llio |iiilili(' I'or »iil»i i i|(liiiii liai Ik'i'Ii iiiinlc 
 I III llic aiiioiint iia\alii«' mi a|.|iliroii on eacli sliaro »ii i.lli 
 
 «lmll iioi lie less that 
 sjiaiv. 
 
 Ill liie iioiiiinal aiiioimt i,| tin. 
 
 Ami il 1 1 
 
 le rom|>aiiv 
 
 -liall 
 
 |iio|iose lo roiiiiiieiii t' liii>ihi 
 
 III ihr 
 
 fiioiin;^' III u siaiciiiciii in lien nl iirosperlns. the iliieilors sli;il| nui 
 make .i v alloiineiil u; shares nnloss 7 at least sliall lia\e Ipcni 
 .sitlisi rilieil lor on a la-li tootiiio;. 
 
 Till' filioM' (>liiu.-'e f'iiil>iKlifs the li-adiiii.'' |iriivisii>iH of .ii-i'i. s.'> of tlii- ('<>:]|. 
 |ialli<'> (('olisolidatiiill I Art, litOS. Sis- «./,/,,;, |i. !l. 
 
 It may lie ii,«i'fiil as a reiiiindir. The a|i'illration money must he aitiKilly piiil 
 in cash iM'foro allntnicnt ; if ch('i)ucs are recciveil, they must he clcarcil li.fnri' 
 allotment. .1/, •./,■.. V. //•,.,(<,(/ Cniinrhi I'lil/i n„il I'f ,.i ,■ Vf,., {DHI.i. t Ih. :)."i;i: 
 \>ii,„„.i' M.ii:if. Ar\ !■'>.. ( IHOSi ■> Ch. J'iS; //.),/.,,. V. /,',,-.„, i KiOHi i ( i,. :;i,i. 
 
 The la.st |iarui;ra|>h is iiirciidcd to operate under suh-sect. (7^ of s,.,.t. .s.'i. 
 
 h. Tlie ciiy may ai anv li:iie jiav a coinmissiori to any |ier~oii for 
 siilisiriliiiij; or a^roeino- m siili^nilie r«|ietlu'r alisolniely m n.iifli- 
 tiuiiaiiy I tor any shares in ihe coy, or jirociiriiij;- or aj.'ieeiiii,' In 
 proi me .snlisci i|itions i wlielher aiisolnte or conililicmal i Ini any shales 
 in the cin, lint so that it the lommissioii shall he jiii or jiavahle mit 
 of eiipilul the stadilory loiKiitions ami ie(|nireniuiits shall lie ol)- 
 servcd and coiiiplied uiili. anil the coiiimission shall iml e\ieei 
 [^10 p.e. on the shares in each case suhscrilied or to bo siihscrilieij 
 
 Si-e, as to these {irii\ isions, sect. HH, <>(/<,■,/, ji. '27^, and the notes to I'Mrni |:i. 
 
 The rate fixed is very c'lnimonly 10 jier cent.; hut tiicre is no limit, and Jii 
 order In priilude ditticulty, especially in miniii); conipanics, lOU per cent hun 
 in not a few cases hecn specified. There is less dittienlty in tixini,' i hi_'li 
 maximum, as the rate so tixiHl will not ttavo to he spccilied in tlie jirospeiius; 
 in that only fhc amount of rate actually " paid or affreed to he paid *" has lo 
 he specified. 
 
 If th«' clause authorizes only ,1 *' rat*-." a lunni sum cannot he paid, for it i« 
 not a rate. Hoi.ll, v. .Wir Al,irn,„h-r, *<•. '',.., (1!M)3) 1 Ch. 29.1. 
 
Ff>RMfl. 
 
 S,.tiMlimt- "I"' ili"!""" '* pn-'""""' «•"•< """■'• "I '"•' "iithorily; thii«: 
 
 • \- ri'iriinl* ll"' HHI.IKXt Hliarri uliiili «r.' fortlmilli tii lie i.tr<nil tn llii' imhli.' 
 ,„r .„l.-ri|.H"ri. llif ilirf. tor* may |iiiy I" »iili«rrilnrH ii »um not i'«. .Ttlin^ 
 
 p.r -i"'"' ''"• "Ubicriliiiitf ll"' -mill', iiiiil fiiiiy |iiiy a -ii f ii"! .xc ii iliriif C 
 
 iMit I'Xr.'.'.liiiX I'lT «liarf| to (iiti.iiim fur uniliTWritinif tlir «aim-; ami 
 
 Lhin.i.T -111 iii'-mly til.- (■.iiiii>aiiy <)lfiT< ;iMy «( lt« iliarrn l.i tin' pulilii' for 
 
 .iiLfMriplloii. ihi- diri'rt<ir» liiuy," iVr. 
 
 »i4!> 
 
 Fonn 251. 
 
 :«'< 
 
 •) Tlic iciv iiiiiv iiiiiko iirritiii,iMii«>iifw on tlif isnuc ni iliui-cs for ^i Slmri't. in«y h<> 
 .lill.'i.'iir.' iK'ltt.H'ii lli« hol.l.TN ol Midi >.liar.-i in lli.' ainouiil "I nilh ,„,, ;„„„.„•', 
 I,, U> |i.l ami iIk- limo of |ia>ni»>nt of snrli rallx 
 
 I'll. :)!• iif till' Art ( ri'plai iiiL' 
 
 riii^ |H.«i'r i- itiM'ii :' ii'iii|>iiiiy I'y 
 
 ,l„, \,., ,,f iNiiii, ./ tl ..Nipaiiy ii aiithorizi'J liy i'< artii I.- In iln 
 
 .1, 111-. tli<r<'l'"ri', rxiH'dit'iit to take tin- |»>wi'r. 
 
 K- lu III.' iliitii'-' .if iliii rtoi'- uiidir this artirli'. »i'.' imt<'» In i-laii-c '». 
 
 I'liiKlitinnii 00 
 to eallK, &v. 
 
 iif 
 ll 
 
 III ll. \,\ ihc ciiiilitio'i^ of all.'liiii'Ml of aii\ -liaii'. llu' wlmlc m 
 ,., ,,1 l>i.' aiiKiiiiil 11/ 'VM«' /"•'■'■'• ill"' •■I'all I"' pavalilo li\ iii-l.ilmi'iil>, 
 ,.\.'i\ Miili ii;-lalliii'lil .-iiall. wlii'li .liM'. lie ["l to ll"' io\ l.v ill.' 
 ,„.|-uii who lor llic liiiii> iKiin-: shall lie llic !'• ■i' liTi'il liolili'i' ■>>' lln' 
 
 Ii i- Mry i-mii ii ""» In i-iii< -liari'- mi t<'riii-< tint iixiil num> shall l.i' iianl 
 
 ,.11 a|.|.ll^iili..ii ;iiiil all.itnii'iit, ami tin' lialam-.'. i.r a i ..n-idrralil.- part thi-ri'iif. 
 I.y iii-tuiiiinits at -h.irt inti-rval- (in lii" "f riiH-). ll i" lli<'r>>fi>r.' ox|..'ili.nt In 
 ,;',-.rt -u.li a .lau-i' a» ali.iM-. I!y tln' joint ''tfi'i't .if llic .ilmH' .1 iii-i'. uikI "f 
 
 -i.t II .if till' Act of litllH, .'iiili iii-tal lit will lii' a ilclit ilu.' to lli.' ii«iii|.aiiy 
 
 V.,,", p. tCl'.'. Ill 1.111,'laiiil and Ireland it will li« « spi'<ialty, and tliir.'f..rc' 
 r...„Mraiilc '.vitliin twriity yrar-. Sre *-it. :l i.f tli.- Civil . .'.Iiir.' \. t, Im:!:! 
 (.! \ I Will. IV. .-. ^^>,. aii.l .'.mipan- '■„,/■ ,V /(",/'/..» /I"r'. ''".. 1.1 «'. U. ^K. 
 S'l' ».,.,". p. i'.'l. S.it. "It of the .\f't of ISIi'J ;m« t.) thf form of an action 
 f.iv .all-i i* not re-.'iiact«d liy tlic Act of lllltS. Sc«! i.ii,',. ii.itct t.. form litW. 
 I 111.' - such a clans.' is iii.-.'rtc.l. the iintalmcnts do not constitute a -tatiitory 
 <l.!it. anil if a tran-f.T is pass.'d wliilst an in-tnlmcnt is due. a -.Ti.Mi- .pi.'-tion 
 111.-.- ;is lo wli.'ther til.' traiHferce is lialil.' t.i pay siicli inHtalm.'nt. «...//.///• 
 Jt- '. ' ... !i (ll. 'Ja7. lint if llio transfer is in tli.' u-iial f.irni, the company <an 
 -ll.' the transferiv for the arr.'iirs. Ilrih,,! Il<ihl C,,. v. irnwnilt. ('. .\.. /■o«c«. 
 27tli .Mar.h. I!MI1. The transfeior ri'mains lialile, Imt it may he that a fresh 
 i;ill .'..uld he made on th.' transferee. Care -h.mid he taken that the forfeiture 
 ■l;ui-c> cNlciid to nnp.iid instalments. See clause IX. mini. 
 
 •.\ here shares are payahle liy instalments, and the company is .ir.l.r.d to be 
 w lUiid up hef.ire th'- final instalments arc due, the ILpiidator can .all up the 
 full aiii..iiiit without waitintr till the instalm.-nts fall due- they nn .(inverted 
 int.. a «t;itutory debt. Cmtoni r„ii,n C.hl Co., (lUiin i <". I). .iSO: .'.inf. 
 /•.."'-, V. /;,..»'/•« AiV/A( Lif/ht r,,.. (1».J3) 1 Ch. TU. 
 
 '.- !.. ti.u »\.ii'J.- ■■ or i.wur price therciif," tht-<e af In pr.T.vid*' f.»r -h:in>s 
 i-Mii'd at a premium, and tlms U) render the forfeiture .'lttUS.'H uppliialile in the 
 n. lit of nnn-payni.'nt of premium. 
 
 " l-'.ir the time heinfj." piiiiits to the holder at the time the instalment h.'cnmcs 
 in.yahl T.fndiiii /^ llririhtnn Rij. v. Fairclough, '1 il. »: 11. Ii74. 
 
 Instalni.'iits 
 .111 share!* to 
 U' duly pai.l 
 

 
 iii ii 
 
 '! 
 
 ■.,- is ■ I 
 = 5 1 
 
 0-)U 
 
 Form 251 
 
 Linbitity ot 
 joint hoMoi> 
 i)f Bhare. 
 
 TniBts uot 
 recognized. 
 
 AKTICLK-S OF ASSOCIATION. [ClIAP. IX. 
 
 tint 
 l"it 
 
 IJ. Tlie joint liolJors ot a .^liiiiii .shall bo severally a.-s will 
 jointly liable for the payment ot all instalments and calls lin,. 
 resjKJcf of such share. 
 
 This clautp is not iinixinmim. It appi'iir^ to Im' very rPii-H)niil)lp. nnd :i'li 
 an udditionul spcurity to the ciinipany. It oxtinda only to instalment!, jimv, 
 and calls madi^ durini; the joint live.-<. for on the death of one his li;il.i 
 ceases. in till' ulisencc of siieh a clause thi' liability is joint only. // 
 cafe. 20 Ki). 585. 
 
 .\ corjioration and a niit\iral [lerson may now hold shares or stock a* ji 
 tenants (Undies t'or|ior:itc .loint Tenancy .Vet. 181(!l ilVi k li.i Vict. c. 2Uv. 
 a company is not honnd to enter the name of a jiartniTsliip lirni on the nv'i 
 of tncmliers. I;,,/;.,,,., Ii.tlnin.t,' C„ll;,-n,-s. Kl.'i I.. T. -Jll. I'.ut see .,, 
 p. 7(i. 
 
 12. Sum' as herein ullierwiso prnvideil. the coy shall he ciitM tn 
 treat l!ie rPjiisleretl hoMer of any share as the alisoliiK- owner lliof. 
 anil a<i'.ir(iiiioly shall iinl. except as ordered by a Conrl of mm- 
 peleni jiiiisdiction. nv ,is by stalute rO'(iiiie<l, be bound to rei'i-iii.c 
 any e(|iiiiable or oilier claim to or interest in siich share on the |i.irt 
 of an\ lather persuii. 
 
 The oin ious intention and purpose of the ahme idausi' is to enalili ihc .oni- 
 pany Ut look to the rcL'isti red h(dder and deal with him exclusively a> tlie 
 owner of the shares witicmt licin); eudi:irrassed by any notice that niiiv lie 
 g\\vn to the company of any ei|uituble or other claims on thi^ jiarl of oat-iil. r-. 
 unless those claims ari' claims re™f;ni?.cd by the articles, as in thi' r,i, .■ nf 
 exerutors or admini^tr.itors. or in the case of tr.insferecs entitled to niri-^. i- 
 tion, or unles.s the t'ourt intervenes. 
 
 Tlie clause sroes further than sect. '11 of the .\ct. That se-tion providr. that 
 •' m> notice of any trust, cxpri'ssed, implied, or constiuctive, shall lie I'ntcrcil on 
 the refjister or be receivable by the l{ei,'istrar in the case of companies r.^-is- 
 tercd in Knjjland or Ireland." 
 
 On the construction of these wonis ;in »e.|. .'io of tin- Conipanies .Vit, l»ii2 it 
 was liehl In nrmUi.nl fln„Kin;i r„. v. /(/■.>."> (IHS7), 12 App. Cas. 2M, lli:it In 
 case of a company subject to the .Vet. hut mi! /I'iriii;/ tin frrmpi'ion fl.,.i~. as 
 above in its artiides, the section, thoiifrh it relieves the company from i.ikiiiL' 
 notice of trusts, dws not relieve the com))any from the ohlli;atlon i ■ i iki' 
 notice of an ei|uitable mortjiap- made by the shareholder. The ixeiiipliou 
 clause, however, framed as above, appears to relieve the company from this 
 ohlifiaiion also thus, in Snrietv Oi-iirnili- v. n'.ilkrr (l«.S(i). 11 .\pp. 'as. 
 211, .311, where there was an exemption elausp in the articles. Lord Selboric said 
 
 that he thouirht that, " u|H)n the true ami proper construction of the (' paiiios 
 
 Act, 181)2, and of ihf nrlicli- oj thin ciiiii/,11141/. there was nc oblipration upon 
 this conij)aiiy to accept or to |)reserve any record of notices of C(|uitable Inlvrcsts 
 or trusts if actually pivon or tendered to them, and that any such notici', if t'ocn, 
 would 1h> absolutely inoperative." It is true that this passafjo was thou.'iit hy 
 the learned lords who took part in the decision in /Irtulford Co. v. lii'i'i'i'- •"'/""■ 
 to go too far; but apparently attention was not called to the fact that In the 
 case last nientnmed there was no exemption clause, whereas in \h<- 1 .i.~. l...rd 
 Selborne was ilealinn: with there was a very full exemption elnusc. 
 
 liul even the presence of an exempth)n clause, it was settled lonif siuer. does 
 not prevent a person cpiitably interestel in shares from procurinff the inter- 
 
FOKM8. 
 
 HM 
 
 ,,,„,;,„, uf till' Coui-t to prolo^t I.h riifhts. /.'-wwy ^. /'"'• '/"" ''""' '■"• •" 
 I I ,.„ :),;3- T.n,!... V. .I/W.,»/ V;«./. '■-., » W. R. tOI. And now .t .» 
 ,;;„ ,„„,,„,n.,.n. a. in tl,n ahovo .luus... to in^.Tt words showing that »>"< ''a,.,,, .k 
 ,„„ |„ intprtVro witl. tl,e j,iri..li,ti,.n of th.- Court. Thi-. roniovos a d.tti.nlty in 
 ,„„str.,,ti,>n relVrred to l.y Lord KaNl.ury in ll.adiord U.n.k.,,'., I ■■. v. 
 
 '''■iC fol'l'mvint.' an. additional ca^o. in whirl, tlic ..x.-mptio,, .-lausc wa. [.n-rnt, 
 ,„d tho oompanv wa^ hrhl t...tith.d to ,lisrrs;ard noti, o of ,,,n>t>.s: \ I.,v:^.m 
 
 /„,/„./ ,*v r„. (ISSli), 32 C. I). 2.!«; //,• />,tAv',«. 21 Q. li. 1>. .il3. In the 
 ,,.,. 1,..| mentioned, Lord Coloridffo, sittinir in th- Court of A,.|"al- I"""t«d 
 ,i„t vi.rv fonihiy tho iraportamc of rpliovinR eon.pani... from th.- ol.li-at.on to 
 ,.,.,.„..„i>... equitii... "It ,s.MMns to mc.." said his Lordship, - ..Ntr.nvly nnpor- 
 ,,„, „..t to throw anv douht on tho prinriid,- that .on.panic have nothinR 
 «|r,tri.v to (h. with tho rolations hctw.-.-., trustors and thrir ,■.•../,/.-■ ./.-• tr-nt 
 i„ r...^,„...t of thP .sharos of tho ,-«n,pany . If a trust.*- is on the . .unpany s n-ister 
 ,. ., I'uhh.r of sl,ar,-, tho relations whieh he may have with sotae other person 
 i„ re^peet of tho Bhan-s ure matters with whi.h the .ompatiy has nothi.i- what 
 ,.ver to .lo- it eouUl onlv h>ok to the mat, whose name is upon the re-istir. It 
 «.,.,us to me that if we were to thr.,w any d,.ubt upon that ruh- we shouhl 
 „H,ke the ..arryinL' on of the business of joint st i k .o.upan.es extremely d.lh- 
 ,.ult ttttd u.iL'hl involv.. those eo.upa.ties in very serious ,,nestl.ms, and the 
 ultiuiule re-^ult would he anythini; hut heneHeial to the holders of shares t<. sm,!, 
 coliipanii-s tiieuiselves." .1,1 
 
 The- deri-ious are ha^ed 00 the pri.leiple that a shareht.lder .aruiot i-lh 
 aptuohale a.«l reprobate. a.,d that p.r<ons elaituim: throuu-h htm eau stan.l .n 
 
 no heto r po.itlo„. Q,. .-.,,>:> • - / "^- ''' '" " ' "" '- "■"■'' ' ^• 
 
 /,„„ ,,,, w. '•„. (IH73). I.. I!, ft <^ I!, ■y^^- /.■"■■"■'"'- '■"-'"■ '■ "'"■' 
 
 /(,.,.. ,1 C... ■ liini) I Ch. 2711. 
 
 li i-. and !i;i- to- Ion.,- 1 1. a uetu'val pra.ii.e with e..mpano-s at any r.ite, 
 
 Fonn 251. 
 
 th. 
 
 h 
 
 \iiiu- an exeinptioti elausi- i 
 
 their :i 
 
 rti-l. 
 
 of <i|i;iti.<. and lo inform a persoti w 
 
 11 1 
 llol i-eiii;,'lli/.e op 
 
 '.rive 
 
 to deliii'' t.. lei-i'ive notice 
 nofiee that ih. eompauy does 
 
 lities, and that if tin' party who is ^rlvlu 
 
 the 
 
 de 
 
 he liiil'.I t 
 
 ake .steps t.i obtain an injuinti.i 
 expei'ted to ilo. Tak'' the eii 
 
 id thi-. i^ all that a .■oiupany eau in 
 
 111 shari holders a not uin'omiuon number: it wmi 
 
 for in-itiii' 
 
 ,bi 
 
 onipany wi 
 
 th 
 
 old b( 
 
 ntoler.ible if 
 
 the 
 
 anv was obliired to take noti 
 
 f ali the various elaiins that nie^'ht he 
 
 I to it hv oiitsiiU'rs who i 
 
 hiiiu to he intere-ted in shares and yet a 
 
 ibstain 
 
 1 taki 
 
 iiiL' the ITilU 
 
 11(1. 
 
 II 
 
 livite lo;;al proeeedinps. eithe 
 3 \ I Vid. .-. H2. .-. 1: o 
 
 I an a'tion or under I li. '2 
 1;. S. '■.. Old, \l.\ ' I). 
 
 r. 1 
 
 ill,-ii. pp. 6ti2 rf 
 •e '* ehose^ in ael 
 
 Uliin 
 
 11 of the ll.inkrupt.y 
 
 \et. 1HS3. 
 
 id therefore exempt from the order and di-position pn.vision 
 
 id' thai seetion. 
 
 C.iA. 
 
 ,„/ I!' 
 i liu- 
 
 V. U'liiiiiieii. 11 Ap|i 
 
 fas. I3li. 
 
 Hut the doetrine of lir 
 
 l.di. 
 
 nl apply ti 
 
 sill 
 
 an. I aieordin;.'ly an eip 
 
 litable 
 
 >liare who does not (?'*" notie 
 
 thereof to the loinpanv will not be post- 
 
 poned to a sul>-*e [U 
 
 111 enuitable assipne. 
 
 A ho do 
 
 's j,'ive nolle 
 
 share- to A., and suhspiuent 
 miixini qii' /niur rut titnpore im 
 
 iute« a transfer of 
 Iv another transfer of the same shares to It., the 
 
 11 .ipj). (as. 3U. Itenee, where the holder ex< 
 
 ritt jntf a 
 
 pplie. 
 
 'ei.'i>tration to tho exidusion o 
 
 f the prior transfer to .\., am 
 
 nd .\. is entitled to 
 
 if II. But if B. is a pun baser for value without 
 
 il (fets on to the nr'ster before A., lie 
 
 thereliy fjaliis priority ovei 
 
 A. And he may. perhaps, jrain priority vv 
 
 ilhoui 
 
 .etud registration if he berotin' 
 
 oiiditi 
 
 iillv entille.l to reui-tration. It'Mis 
 
 ir.n 
 
 38 Ch. I). Ih:i. 
 
 m 
 
Vi 
 
 6.",2 
 
 Form 251. 
 
 ARTICLES OF ASSOCIATION. [ChaP. IX. 
 
 I'n frrenct 
 shiires. 
 
 It must lie home In mind that where a transfer by deed is required a lilnnt 
 transfer tilled up after delivery doert not paws the le^al title, and is, therefore 
 ineffeitive «.< af^aiimt a prii r -<iul»y. Ilihhlri'/nlr v. Mr.Viirhif, li M. i \V. 
 ■urn: l'„,r,ll \. I'rnr. H.nih ../ Eniihiiu!. (1893) 2 fh. .i.iS: H,nnr,- v. Chirl., Jei 
 Ch, I). 257. 
 
 Where a rej^uhir tran-^fer is pre«ente<l, but the enmpany has received notiip 
 not to register it. it should, unless it is prepared to run the risk, inform the 
 j)ers<ui who ^ave the notice that, unlesj* he within (say) three days (tlitain an 
 injunction, the transfer will be registered, and notice should alsr» be ^fivcn to 
 the transferee. See Tiihiti Vnftnn t'o., K.r ptntr Surfjriit, 17 K(|. 2H0; t''r</o'i<i,i 
 tii/il /ftiHM I'ht'-r Enttifr Co., \V. \. ( 187<») 91. Mut where the company 1i;l< 
 noti(c of an ecjuitable title it is not bound to register a transfer which wmiltl 
 be a fraud on the owner t>f such e()uitable title, h'oitfn v. WiHuim-^",', i's 
 C. II. 4N,>; Miinn- v. S„,tli-ll' rsUni Hunk. (ISiH) 2 Ch. 599: //■.•/.,,„/ > 
 11,1,1. (19(12) 2 Ch. 527; r,;,l v. VI„,jU,„. -1908) 1 Ch. '■•h%: <)li„„ K,.,,;,- 
 l)i„,„„i„l .Mi,,,:; (1893) I Ch. Iil8. 
 
 The company need not refjister a person as a member under a traii^l'iT nf 
 ahares of which they have any doul>t. but can leave the transferee to come to 
 the Court and make out his title. I'er .\lellor, J., linhin niu! San l'r,iiii-ix,;i 
 Hail., L. li. 3 t^. It. .>97. .\nd although a. nuirt^jaije of sharrw contains an 
 express or implied receipt clause, the company is not bound to act on it. hut 
 luay reijuire an account of what is due to the mortiya^ee. //oc/>'v \. It ,.^t,-,'i. 
 I 1S9S, 1 Ch. .'^O. 
 
 A perscMi claiming under a forjjed transfer, who .sends in and procures rr- 
 j^istration of such transfer, and the issue of a fresh certiKeate, is bound, iliouirii 
 actint^ in t:<KHl faith, to indemnify the conipany. SJ,,'tJichl /''-*■/>, \. U',,-<^h,,j. 
 ( 191(5 1 A. C. 392. 
 
 liider sect. 27 of the .Vet, a trustee who is the reifistered holder of shares is 
 jKTs<»nally liable. I'hiiinniin itml Bttfkry'H i-atir, 3 ICq. 3(11; llptn„i,„'i \. 
 .\l,iilili,i,. 7 Ch. 395. The ivfhii </«e liiitl cannot be made liable, either :i' 
 shareholder or contributory. Dinji/'s aise, 2 Dr. 4: Sm. 459; S,imm-n:i v. Cn;-. 
 \ App. Cas. tii8. .Vnd the same rule applies to Scot^'h companies c\ca ulicrc 
 the trustees are rei^istered " as trustees."' .Mttir v. ('ittf t,i f/ff.^,/nir Hut,] . t 
 App. Cas. 337. But a trustee is entitled to be inih'tnnitied by his <'>sini 'j'<i' 
 tf'st. ilt'ntnniitl v. Mnihlirk. iihi niii,,-". -Vnd if tile rr^tt'ii tfilr tyfxf is .v./j 
 ittfi^ and cannot disclaim the shares, it is imnmterial wliether he created tlie 
 trust or accepted a transfer of the beneticial owm'rship witii knowlcdi^'c of tlic 
 trust, lln.ilnun v. Ilrlilma. (1901) A. C. 118. 
 
 .\ company is by statuti' bouial to attend to a distriniras notice. .Sci> iiotis 
 to I'orm 581), ,„iri'. 
 
 I'kf,fkrkn( K Shakes. 
 
 l;i. Of tlio shiiros ill the iuilial tupiliil 10,000; ishall be pipfcieiiee 
 8lmies, iVif. (Sec Foiiiis i2(il et acq., infra.) 
 
 Where tlie initial capital is divided into classes it is eonvenienl lieic lo set 
 forth the particulars, unless the matter is fully dealt with in the memoranJurii 
 of association. Si-'. I-'onus 21(1 rt sei^., and fitt/nuy p. 575. 
 
FOKMS. 
 
 (lAit 
 
 Form 251. 
 
 CERriFnATK.S. 
 
 U Tlio .Tlificato-; of title Ui sliaios shall Ik- issiiod iimli>r the «oal Certificates; 
 ol ilio cDv. aud siirnod liy two (liiciidf*. ami ((miitoisiyiK'd liy tlio 
 sern't.iiv or some otlu'i ix-isoii a|i|i(>iii(('(l by the dircrtni^ 
 
 \- to till' siTimis r<"i|M.i;-\l>ilily incurred l)y a coiiipany in i<»ninu' certiliiates, 
 soi' hififi. Chap. XIV.. w here also will lie funnel furnis (if ei'rtitiiate<. 
 
 As 1(1 ihe ohliiratliiii tn insuc pnini|itly. »ec sect. ',12 uf the Act. licLMrd lieinj: 
 had tci that section, it seems donlitfal «lictlier a fee can lie exacted. 
 
 l."i. Km'IV iliniulici- .<liall lio cinld 1c> oiic efililiealc l'<ir all llif ntemders- 
 shan's ic^ri-^tcrod in liis iiaiiii'. <>v to sfvoial ecititiiatos. caili for oiip ''' ' 
 1(110 of sinii shai'os. Kvory fortilicatt' of shan-s sliall ispocify tlio 
 
 111(1 
 
 niiiiilior and dcnoliii-j: iiiimliois of llio pharos in i<'>|i(.( 
 i.ssuoil and tlio amount (uiid mi tlioivon. 
 
 ■t of wiiicli it is 
 
 M 
 
 \ niler an article in the above form it was held that a shareholder was eiitii' 1 
 in an action to compel the company to issue a eertiticate to liiin, and that 
 aliheiiirh after the word " entitled " the words •' within a reasonalile time " must 
 he implied, the Court in eonsiderin;; what time was reasonalile w.is not hound 
 to take into account the fact that the company's pnispe.'tus referred to eert.iin 
 iraitraifN under which certiKeates for some of the shares in the company could 
 not he issued until a certai;- period had elapsed. Hmihtl v. Slnndnrd Kr/i'^ra 
 lion Co.. 16 T. I,, li. Hi. 
 
 It;, if aiiv ccrtltioate lio worn oat or dclaicd. then, upon jirodni Imn iVs to i.s«ue of 
 
 II 1 II I 1 new eertifieate 
 
 Ihot to thv- directors, they may order the .same to lie cancidled. and ;„ ,,i„,.o „f „„e 
 
 nun issiio a new lertilleale in lieu lliof; and if any lerlilicale lie lost defuceil, lost. 
 
 or ilesiroxed. then, upon proof tliof to tlio .satisfaction of the direclois, '"" ' '" '"^''' 
 
 111(1 on Mich indemnity as the directors doom ade(piate heiii": <riveii. a 
 
 new (cililicale in lien tlmf shall be (^--iven to the jiarlx eiilld to such 
 
 lost (ir de-troved certillcate. 
 
 Tlic company, under the doctrine of estoppel (see inh-'i, p. 1 1 III <■! ">•'/■), 
 incurs a serious responsiliility liy issuinj: a new ccrlilicate, unless the old one is 
 laiiii'lleil: and it ou(fht not to lie done except on very satisfactory proof of losri 
 cr ilcstrncliori. or on a satisfactory indemnity lieinn jfiven. See further, in/.a, 
 CI XIV. 
 
 17 For e\ery certilicale issued under the last preceding; clause Fee. 
 ilicic -hall he paid to (he coy the sum of l.s . or such siiuiller sum as 
 the direcuirs may detcrmiiio. 
 
 The Stock Kxehanjjre Committee will not allow a fee to tie eliarired for the first 
 certilicale, such cerlilicato bein^; the shareholder's proper evidence of title to his 
 
 shares. 
 
U Pff^ 
 
 mi 
 
 ARTICLES OF ASSOCIATION. [^'hAP. IX. 
 
 n -r, 
 
 Form 281. is. Tlie corlifitate of .sliaics ro<,'islt>i(!(l in tlie uiuno-i ,,f two or 
 
 r" 7^ , , nioiv 1101-Kori.s .shall, unless otlicrwi-e directod l)y them, bo (U'livi'rcd to 
 lo wiacU oi ' 
 
 joint holderx the person first named on the register, 
 rertiticatc to 
 hf issued. 
 
 Calls. 
 
 Ill the abspiico of u .speiial provision in the mt'iiioraiiduiu or artiiltw, or uny 
 sjM'cial aftri'Oiiieiit as to payment, a sniiseriber to tlje nuiuoranduin of as««ia- 
 tion, like an ordinary shareholder, is not liable to pay unythinp in respect of the 
 shares siibseribed for by him until rails are duly made on him. .Ucxnmhr v. 
 Aulinnnlir Teli-phnnr Co., (1900; 2 Ch. 5U. Tlio same cise shows th.it if 
 the directors subscribe the memorandum for shares it is their duty not to favour 
 themselves, hut to make calls on their own shares ji'tri pnmi with the other 
 shares of the cla8.«. 
 
 Calls. I'J. The dii' r.s may, from time to time, make .siuli calls as lliey 
 
 think tit upon me members in respect of all moneys unpaiil on tlip 
 .sjiaies held bv liiem resply. an<l not. by the coiidiiions of alhiiiiiem 
 thof made payable at fi.\od times, and each member shall pay the 
 amount of every call so made on him to the persons and at. the tiiiips 
 and places appointed by the directors. A call may be made payable 
 by instalments. 
 
 Sect. 14 of the .Vet of in08 jirovidcs that "'all money payable by any memlwr 
 to the company under the memorandum or articles, shall be a debt due from 
 him to the con.pany, and in Knpland and Irelan<l be of the nature of .i 
 specialty dclit." Hence an action lies for the amount. 
 
 .is to an action atjainst a member for calls or other money, see infni. iicit<' t.i 
 clause 2'>a. 
 
 .\ call made by persons not duly ap|>ointed directors is prhM f"r!i- void. 
 Ilntrl.rnrh Coal Co. V. rrtu/iic. a II. & .\. 151. .\n(l it is a corollary from the 
 same principle that if the directors who purported to make the call were not 
 duly (lualitied that is primri faric a good ilefi'nee to an action for the call. /("« 
 ,S/ii]/, ,Vt. Co. v. illuHl, L. U. 3 C. 1". t«4. Soo also H/Mrp v. Dawet, 
 ■1 (J. I!. Div. 26. Care must also bo taken that the meeting of the directors 
 makinjj the call is duly convened iC!--(lr>i (lully I'liilnl Qmrl: Miuiii:/ Co. 
 V. Mcf.iffrr, 1 .Vpp. Cas. 4(i ; Fiiu,v Eh'rlrir .Iceiimulofor Co. v. I'liilliimn, 
 AH L. T. 52.1), and that a proper <iuorum is present, .tunlinii cw (1871), 
 24 1,. T. 932. 
 
 Uut sects. 71 (3), 74. of the .Vi:t, and a clause like HI, i.ifi'i. may make an 
 act 111' directors done before discovery of undue appointment or disqualilicatiun 
 valid. 
 
 In makinp a call care should be talon to make it payable at a time suffi- 
 ciently distant to allow the requisite notice to bo given. Under clause 10!) the 
 |)ower to make a call may be dcb-gated to a committee, but the power ( aunut be 
 delegated without some such authority. Iloirnrd'x ciisi; 1 Ch. .'jBl ; sec p. 742, 
 
 iufrii. 
 
 Tie- power to make calls is iii :iio nature of a trust to be cxcrcist.-J fvF the 
 general benefit of the company, (lil'iprfii ciw, 5 (^b. 559; .llrxtn'hr v. ./«(')- 
 mulir Ttlrpfionr Co., (1900) 2 Ch. 56. It it is iK'ing e.\erclsiKi iii'iM fide, 
 e.t.. for the directors' private ends or for scmie indirect purpose, it may be 
 restrained by injunction, but the Court is not very willing to iutcrforo. 
 
FORMS. 
 
 6W 
 
 
 ynnmn V. Mi'chrl/. lit Hoav. 278; 5 Ve (i. M. A. (i. 018; r.ori'iii v. Cmrloun. 
 ]3 llcav. '12; finilnj v. IlirkKiihead >'o., li Itcav. 133; fnisrr v. Whalliy, 
 2 11. .V M. 10; /"mo^ v. Si/monn, (1!K>3) 2 Cli. 50<i; l/iliiita/nrd Hotel v. 
 Kiti'ihinn. 102 L. T. 118. The onus of j>r()vint,' mala fi'lrg is on the party alle|{- 
 imr it. «'/(«"/ TrnmH. C". v. Mindil, 8 C. Div. 21(1. It may bi- proiior to make 
 a (all in order to prevent threatened transfers. (fUhrrt'n rimr, uhi mi/irn. 
 
 \ minute of the re»*oIution niakint? a rail oii^ht to be made, for there is some 
 (iui>tiiin whether the call can otherwise be jiroved. Cnrntrall Mininij Cn. v. 
 E,„i,rli. .') II. A: X. 423; 2» I.. J. l'.\. 157. .\nd the re.<olution should specify 
 thi' iiMiuunt of the rail, and when, where, and tn whom the call is tn be paid. 
 I!f I'liniij/ if Co., 42 (.'. Div. 2IJ9. Compare Julmmn v. /,i/lllr'» irmi .l;/riir;i, 
 .1 ('. I>iv. B87. It would .seem that even without expres.s authority a eall may 
 ciriainlv b<' made i)ayablu by instalments. .Im/ifrfiutr Jiail. Co. v. .\orf!i/l'', 
 t; Kx. li2S; l.ttwrmicc v. IVyiiii, 5 Al. .V W. 355. 
 
 .Mtliiiusrh calls are to be made on the membei-s (as in Table A., clause 12), a 
 iliiia-eil member, whilst his name remains on the re;.'ist<T, must, it would seem, 
 be iriatcJ an a cimtiuuin^ member so far a.s nmy be necessary to render his estate 
 liable. .\.('' /.rnhiiicl, ifc. Co. V. I'enioik . (ISlHj 1 (i. 11. 1122. It desired. 
 the words *• In this clause member includes the leiral ]>ersonal representatives of a 
 member " iiniy be inserted. Conf. sect. 21 of the Companies Clauses Cousolida- 
 tiuu .\i't, IHl.'i. Proof may bo made in an administration action for the esti- 
 inatetl liahilitv ill respect of all future calis. lir MrMnhou. Fullrr v. .Satnr. 
 { HMHt i 1 Ch. 173. .Vnd the same rule applies in baidirujttcy. Jt'r Jlour, (1904) 
 .' K. I'l. 1S!I. The receipt by the company of a dividend of less than 20«. in 
 tlie pound does not make the share fully paid (liouy's TruAtPt\ Chiin. (1905) 
 1 Ch. .597 latlirmed on appeal, (190l>) 1 Ch. I)), su as to entitle the shareholder 
 to participate in surplus assets on a windin);-up. 
 
 In an administration action executors need no protection ac^ainst fature calls 
 bv nieans of funds beinjif retained in Court. Mrllor v. South .ittstraliin J.nnd, 
 (1907; 1 Ch. 72. 
 
 Ilirceiors may make calls after voluntary li(|uidation ha.s commenced with 
 the sanction of the general meeting? or of the li<|uidators. fnirhoirtt Kngiufrr- 
 ,„<j Co., (1893) 3 Ch. 450. 
 
 Form 261. 
 
 •2'K .\ call .shall Ix^ (locnicil to liavo Ix'cii iniiiio ut the time when tli«> When call 
 lo^dhition ol' till? iliroctors ;nithoriziij(r sucli call wan iia.s.si^tl. (IcenK-ct to 
 
 " ' liave Ken 
 
 made. 
 This (Inuse, which •••nears in Table .V., is iiujortod in order to get rid of any 
 (Idubt a- to whet' all is '' mado " when the resolutio*' is passed, or when 
 
 notice 1 I it is g' c members. S/inn v. Itoivlrt/, Ifi .\I. A: \V. HIO. See 
 
 clauses 21 and 2i i, in eonnectioi ' '• which the question is sometimes 
 
 material. 
 
 JlOa. No call .«hall t'.xcood ono-foiirlh of tlio nuiiiinal amount of a Restrictions 
 
 ^ium', ui- bo made pavablo within two nionthf afl«r the l;ist preiedinLr "" I"'"""' •" 
 ' ■ 1 o make calls, 
 
 call wius pavablo.] 
 
 The above clause is sometimes used, but, exi.'cpt where quotation is required. 
 
 It !- i.'"el!er:lMv colisiticrcd better tjl lc:ivr the direr'f.-ir^ free t^i exercise thi'ir 
 
 ili-erelinn. The prospe-tus not uncommonly states that it is not intended to 
 make lails beyond a certain amount, but sui'h a statiinent of infrntion is not a 
 plisljre bindini; on the company; and it was held in one case that an .action would 
 lie, though the shares were applied for on the faith of a prospectus which stilted 
 
ti.56 
 
 ABTICLKS OF ASSOCIATION. [ChaP. IX. 
 
 Form 251. th^t *• Xu further calN arc roiiteHiplatcil." ArciitiHlnl InMumurr Co. v. /f/in^ 
 
 - - (ISfifi), 15 fi. T. 182. I'rimii farip a paymi'tit to l)0 niaclc on the allotniiiit of a 
 
 Hliaru is not a I'all. f'l-imk-ft^ v. Bank of ll'iilrg, 4 (litf. 314; Ali'rtnutpt- v. Ant<,- 
 malic Till i,hiinr Co., (I'JOO) 2 C'h. Uti. Thr Stock KxilianK*' I'onimittcc jri'iic- 
 rallj- ri«|uiri' a ilausc as ahovc, and will noir allow the word " fifth " to lie »iil,- 
 Htitutol for " fourth." .\n " iiiHtalmcnt " under clause 10 ia not a " rail " wiiliiu 
 this clause. 
 
 ¥ 
 
 Nctice of call. 21 . Foiirtooii days' iiolico of uin- call .sliall ho pivcii specifv iny; ijn. 
 time uud place of paynieiit. ami to wlioiii sucli call kIiuII he paid. 
 
 It is always cxpctlicnt to allow n rcasonahlc time for paynient of a call. If 
 money is urgently reiuirtHl, the directors should raise it temporarily on dchcii- 
 turos or mortjtaffe or otherwise, so as to allow sufficient time for the ni> inlnrs t" 
 pay up. Where so many "clear days' notice" or so many "days' notice at 
 least " is to be piven, the day (»f ^rivinj; the notice and the day on wliir-h tin- 
 call is to he pa''' should not he counted. Wntxnn v. Enli'n. 23 llcav. 2iM ; /^'/'- 
 vay Slrrjipi-F Co. (ISW.'j). 2it C. I). 204. If a call is made payabli' liy instalment-. 
 the notii'c oui^ht, it would seem, to l)e ^iven the prcscrihed nunihcr of d.-iy.) 
 before the time fixed for the |)aynH'nt of the first instalment, \otice must Ix* 
 piv^Mi in accordance with the articles of the company. IVii'-nn v. Fnlf<t. e/i. 
 Kujii'it, .\nd see clause 22, inint. 
 
 When interest 
 on call, or 
 instalment, 
 payable. 
 
 I'l. If tlio .■Slim payaMo in ro.spoct of any call or insta'nii'iit be n^i 
 pd on or bofoif iho day appointed for payment thof, liio lioldor lot 
 the time bcinjj of the .share in respect of which the call shall have 
 been made, or the in.stulmoni shall be duo. shall j)ay iiiierosi fur llie 
 same at the rate of ')/. ]).i'.p.i-.. from the tiny n))pointed for the pay- 
 ment thof to the time of tiie actual payment, or at such other rale a- 
 the directors may determine. 
 
 What the rate of interest should be is a matter for consideration. Sonietiii!- - 
 10 per cent, is .specified. See Stork-, h'h cnr, 3 Ch. 112. 
 
 Such a <lause docs not apply to calls made by the lii|uidators of a coinpaiiv 
 (f/'c/.i/i Fluiiiiil null Tiri'fil Co., 20 K(|. 3ti7 ) ; but intcri'st may be made pay- 
 able by the liipiidator (rivinjr notice of his intention to eharsje it. Sec Part 11., 
 p. 554. As to lial>ility t<> pay interest on calls after forfeiture of the ^harc. 
 pet* SlocfirUK riisp, I*. H. 3 t^h. 412. and Fum-r Klrrti-ir .lif'nnnl'ifnr C, \. 
 PhiUii,inl, 50 I.. T. 525. 
 
 It is now common to sue for a call on a writ specially indor.ied under Ord III. 
 r, 0, of the Uules of the Su[iremi' Court, .\fter judgment has been obtainni 
 afrainst tlie defaulting sharehtddt i , tlie company can proceed airainst hiin ii; 
 bankruptcy by servinj; him with a bankruptcy notice. /**'• Whitri t-ofimti. Is 
 <i. I!. I>. 44(1. So lonff as the coiripany is a ifoinir coiiei'rn the shareholder can 
 plead a set-olf, but not after a windini,'-up, whether voluntary or l)y the Cunrr 
 
 The duty of the directors, when a lall is nnide, is to compel every slianhniil! r 
 to pay to the comjiany the amount due from him in respa-t of that call: ami 
 they are truilty of a tirca. ,i i>f their duty if they do not take all rea-<on il)lv' 
 means for enforcinir that payment. Sji'irkmnn v. Kmnm. L. U. 3 II. I.. IWl. 
 directors must not favour tlu'msolves in this respeet. .ilfxiiniter v. .iiifonia''r 
 Ti/r,,l,oiir Co., (litOOi 2 Ch. .'ci. 
 
FOUMS. 
 
 (167 
 
 [I'lirt Oil tlip trial or hearing of any action tor tJic rocDVory of any Form 251. 
 iiioricv duo for any cnll, it shall ho sulHciont to prove liiut tho naiiio j.;ii^i,.,„.i> in 
 tif ilio iiionil)Pr «iu'<l is cntoroil in tlii' ri-^istor ns thi; holilcr, or aitimfi>roiill. 
 (iiic (if tho holileit*. of tho shurc-i in ro.-*pe<t of which such dcht 
 aiunii'il; thai liio rosoliilinn making- iho call is duly roconloil in 
 tiic iMimiio l)o(ik; and that notice of mich i all wius duly jjivcn to the 
 nicinbcr sued, ia pursuaneo of (hose presents; and it shall nut he 
 iicccs.-arv to prove tho up|)ointinent of tho directors who nuuh- mu\i 
 call, nor any other matters whatsoever, but tho proof of the uiador.s 
 al'sd shall he conclusive evidence of the deht.] 
 
 Thi-* clause i-* wnTictiiiius hiscrtod; it 1^ not rnntaiiicil in 'I'aUlr A. Thi- prn- 
 vi:*inns of tlie genera! law urc jjpiicrally cDnsidcrcil sutHcicnt . Si'ct. 70 of the 
 Alt of ISI12 in rrpcalcd, ami not rc-onactoil. 
 
 Ndlwithitandiiif; the terms of tlio aliovc elini*c. tlie defendant would still In 
 entitled to show that ho was not a niemlier. It would, liowover. seem that a- 
 ;ii.'ain-f a memlier the elau-*e would render the duly reeor.ied residution of a eall 
 i(tnelii^ivp. See and consider Vorntrnfl, ^-r. I'n, v. flrtinrtf, 5 H. ^: \. 123; 
 ami Umifi/'i rate, 4 I). J. & S. 42(). 
 
 I'i 
 
 :i.i The directors luav, if thev think lit, receive from any mendier Payment of 
 * .11' 
 
 wiliiiijr l<> advance tho same, and either in money or money's worlh. '^ij.!!,'!,'^ 
 
 all (II any ])art of the capital due upon tho share.s held by him beyond 
 
 ilic Minis actually culled for; and upon the amount so pd or satLsfied 
 
 ill iclvaino. or so nmch thof aa from lime to time exceeds the amount 
 
 ot' the calls then made upon tlie shares in respect of which siicli 
 
 alvaiKc liaj< been made, tho coy may pay interest at kucIi rat<> ius the 
 
 iiiciiilier ])ayino; such .sum in advance and the directors ai,'iee upon. 
 
 The jt.iwer to receive payment of calls in advaie'e is in the nature of a trusi 
 I'nr tlie lieneHt of the eompany. Directors should only receive money in advance 
 wlieii ill thi'ir judgment it can be advantageously used for the pur|ii)ses of the 
 cnm|iaiiy. Pon!e, Jnrksaii and Whites rnxi' (1H7S), 9 Ch. D. 322; lie f'j'r 
 U'vil). il C'li. D. flSt!. llenee, where directurs paid up in advance their own 
 share-, and on the same day appropriated the amount in payment of their fees, 
 fur which there were, at the time, as they knew, no other available assets, it was 
 lield that, the transaction not being hniui fi'fv, the dln^ctors remained liable on 
 their shares. Sykrs' case, 13 Ei|. 255. See also Gilbrrt's case, 5 Ch. 5.5!) ; 
 »'iiir/„im Shiphiiililiiiij Co., !) ('. Div. 322; !!•• A. M. tr.i.n/'.i .S7i//) niid Mn„,- 
 tlide Prolcrllaii Co., 2 Meg. C". K. Kit; iriri/uHfjIoii ninmniiil Co., ilS!t3) 3 
 t"li. 350; Lherpooi aio,roiiten Co., 30 \V. U. 37S; Kriifs case, 39 C. Uiv. 2(i(i; 
 .tii'jhi-Cuiiliiirnlrr/, ifr. Cnrjmrotkm. (189S) 1 Cli. 327, 335; and DrUfiiitl d'ln 
 Light Co., (1898) 1 Ch. 451. 
 
 It: has now been settled, by the House of Tjords, that such a clause justifies 
 the payiuent of the agreed interest upon the capital paid u|> in advance, not 
 r.icrcly .•■.lit rtf pr-.fits^ Ijuf, if nctTls be, out (.f < apit:il, provi'ied that the ji*>wer 
 to receive in advance has been exereiMed 'jcin fittf. Lock v. QumtKfund Iiirrst- 
 ntni r,,., (1896) A. C, 461. Sec further, «h/to, pp. 764, 765. Of cour.se, it may 
 he arranged that the intorest is only to be [laid out of profits, and that ji/iyment 
 up in advance is not to give any preference, in winding-up, as to e;>pital. 
 
 1'. U U 
 
6.".8 
 
 ARTICLES OF ASSOCIATION. [CuAP. IX. 
 
 Form 261 In " «i-.di>».'-"P- ''"Pitot I'^i'' "P '" '"'^""'•'' "' '""" '','""" ''"■"■ "" ' 
 
 ■ paymoiit m-^t nfU-r ..titsi.l,. .lebt,, and tlie .-o.t:. ..f w.n.lin«-ui. (-.■.• .1/ ., 
 
 ,Y/«f (.'h. 51, ancJ the ch-m f..ll..winK), and arrears of mtoro-t tlK-ro..i,. rank 
 III like iiiaiiiipr. h.irliit>i<j'' nrn/i'ii/, .in < . i». n^. 
 3 I'll. 1«5. 
 
 If call rir iii- 
 Htaliiifut not 
 piiiJ, uDlii-e 
 may be K'veii 
 
 FoKl'KlTfHE ANl:' TilKN. 
 
 21 If uiiv iiR'inbor fail to i)uy uiiy call .ir instalnifiit on or M 
 
 the <lav a,.i«)i.ilO(l for tlio payment of the .^anio, ll.o director.- i.,,,v ai 
 onv tin... I hereafter, .lurin- .su.h time as the rail or Mf^lalnuMit 
 remain- nn|.ai(l, servo a notic e on such member re.iuinnj,' him im (kiv 
 (he .same to't-ther with anv interest that may have auerueil, aii.j .11 
 expenses thai may have l.een incurred by the coy by reason of .-u. I, 
 non-payment. 
 
 Thf power of forr.itiirc i:f a most valual.le one for eiiforcinh' the pnji.i.iit .,1 
 calls and in.talme.iti. It is not inherent in a eonipuny, l.ut iiiu-t U- t,,k.n, 
 C/c/cr V. //,<,7, (i II. L. C. «:5.3. If the proeedare has l.een rennlar, tl,.' ■ ..,irt 
 will not Kive relief asrainst the forfeiture. S,,>u/.-> v. r.irrr,mnl II .:h , ,„,■■.. 
 13 \es. 428. IJiit like all provisions for forfeiture, it is to I.e tre.l,.! ii* 
 .,lnctM,Hl j.'rh. and aeeordin-ly any irrofjularity in the prot'ednre will ,„. 
 validate the forfeiture. Clr,,!,- v. //"-/. «>'/."-; f.'.n'l",. (!„lhj. ,w. ' -. j. 
 UcIMrr, 1 App. Cas. 39; JoJiMon v. 7.>y»/e'» Iron .tflenni, 5 ( . Div. Mr. 
 Go„llon V. Lomlo,, Arrhilerluml Co.. W. N. (1877) 141; Sluhh. v, h^ln: 1 
 Y & C C C 81 Kven where a shareholder is seeking to rescind his luiitr:. t 
 the Court 'ean restrain a forfeiture. L<„„l. v. !ia,nh„. It„hher (IWIM 1 11.. 
 415; Jouc* v. r.u;,;;, Jiuhhn- Co., (1911) 1 K. B. 455, overrulinjf h,,,., v. 
 P„l,rr Ilottlr Co., 57 L. J. Ch. 327. 
 
 Where the shareholder is bankrupt, the notiee may Btill be (riven to Inn. 
 i(!„,h,.m v. la,. Dieman, I.nnd Co., 1 II. & X. 511; 26 L. .T. IN. oiK lut 
 it i-. well to (five notiee fo the trustee also. 
 
 If the shareholder is .lead the notiee may I.e sent to his rei;istere,l .ul.ln>- 
 mc<, v. Cold Ue,'f' of Went .Ifrira, (U'OO) 1 Ch. Hit!. 
 
 Tt has been deeided that the power ..f forfeiture may I .xerei.-. d hy t\v' 
 
 directors with the sanction mentioned in sect. 133 (.-.) of the .Vet of ISW .now 
 replaced by sect. 1S5 (iii) of the .\ct ..f IHOS). even after the eomniciicmcnt 
 of a voluntiry winding-up. Fnirhoin, E„r,hu;;-n,,i Co., (1893) 3 ( h. I-.H. 
 
 \ power to forfeit may, it would seem, be introduced into the articles l.y 
 special resolution. D,urku,n v. .Ulrohus, 17 C. Div. 034; and see .UlenJ. 
 Gold Reef, of I(Vs( Africa, (1900) 1 Ch. 050; Re Roue, (19.) I) 2 K. b. 489. 
 
 The power creates a trust to be exercised for the beneHt of the company, and, 
 if it is used for the purpose of enabling members to escape from their liabilities, 
 the transaction cannot stand. Es'parlo Trading Co.. 12 C. 1). 1«'' """"J- 
 Sorth. Devon Rod. Co., 20 licav. 384; Spacknmn v. EcunH, L. K. 3 H- 1- 1»«>. 
 Lord WaVcoiirl'a cine, \V. N. (1899) 258. 
 Sometimes it is considered desirable to make the power of forfeiture exorcisc- 
 
 ablo for non-payment of debts generally, and not merely calls and insta iits. 
 
 Tlunlop V. Dzndor, 21 C. J) 5SP„ 
 
 Directors do not lose the power of forfeiture because the company cliaru'.s 
 all its uncalled capital in favour of trustees for debenture holders. R'- ./'/''"' 
 r.nnd and i'innnre Co. of AiiHlridia, 20 T. 1,. K. 41. 
 
 A clause in a company's articles forfeiting ^he shares of any shareholiliT who 
 nhould commence or threaten an action against the company or the directors 
 
KOKM8. 
 
 Hftn 
 
 .n |'.<viii*'iit IH tlit> "huroiioldi'r of tlif full inarkct v.iliir ■>)' lii« 4liari-< '■•> 
 
 as .111 iiifpim.'riiii'iit III' u Bliiiri'liiilili'i''" li'ifiil rit'lil-'. //!•/;<' v. Ini' , .■ 'Hn i il 
 
 I ,. ' V,.,. (lH;ii). t Cli. I). Ml. 
 
 T! !■ iniiiiluTH wiiiiM' sliari't liavi- lioin wriiiiL''y I'nil'iili'il iirr iiitilioil tii brill;; 
 
 in -.liim t I till' r.irfi'ituri- a-^idi- (S,!-,,,,/ \. ■.,;>/, , IHIi'i ). 7 Iv]. 'VJh. and 
 
 t,i jiim.' ill llii' wiiiilin:;-iiii iif till' I'linipaiiy in > "uipi'lilimi witli uiImt rri'ditur-. 
 V,.. i'/,:fr r,,., Ij ('. U. 5fl». 
 
 \ -ii;iii'liiil(l('r will! i" a dir''it'>r. and pri'ii-nt at and paiiy to pniri'i'diiit'" I'V 
 itiiiiii .lis 'hall's wiTP (ict'luri'd to be forfi'itwl for iioii-payiiK'iit of calU, raninil 
 ulhr Till' lap-t' of KL'Vi'ral yiarK iliHputr the validity of llio forfi-itiiri' on I In' 
 
 !'-> Form 251. 
 
 i.'r.inMl of any irri'^'ularity. 
 \. r :!I7. 
 
 ./.„/ 
 
 V. 
 
 .\o,i/, i; 
 
 l.„wl c, 
 
 (l!l!ll> 
 
 J."i Tlio iiulire .•'ImU iiiiiiK! u duv i iiol liciiiy Ic^n tliiiii luiii Ircii iluv-i I'orm of 
 iiiiiii til" (h;tt.' id' tho uoIIlo), uu 1 a jiliuo or places, on uml ut wliiili ""•"'"'• 
 -mil r.ili 111' iii'-luliiioui iimi siu'li iiiltMi'Nl ami <'\|ifiisps us ;ii~^il aio In 
 lie Mil Tlie iiotii'i' .sluill also slate lliiil in tlio cvi'iit of iiiiii-|inviiii'iil 
 a; 111 lictiii'r llio liiiio ami al llip |ilari' ai)|iiiiiil('il. llio sliaros in ro'in it 
 vi v.liii li till' liill wao iiiadB or iiistalinoiit is p.iyaMo will lie liable to 
 he li.iU iteil. 
 
 S-'mrtiiiH'' tlie above i-huisi' is omitted, and the prerodini^ I'hiiihe ('24) altered 
 liy iiiii'tin^' the words "within 21 days from the date thereof" before the 
 ivuril " loLretlier," and by adding at the end of tho ohiuso the words, " Hneh 
 fiotiie <liall eoiitaiii a copy of the next folhiwiiij; clause." 
 
 \'. liiiti'MT tho precise fnrinalities preseribed by the clause, they must be 
 -tii'tly pnrsiii'il. .Ii,lni.i„ii v. f.ijItlp'H Iron .l-/"ii>-ii, 5 Ch. 1). t!87. 
 
 Jti II' llic lOcjui.-iilioiiN of any stieh uotieo as ulsd aro not complied If i.otiee uot 
 
 wiili. aiiv .sjiaios iti respect of which sucli notice has been "•iveii iiiav, '^'"'■'I'''™ 
 
 ■_ * ^ ' Willi, stiares 
 
 at any liiiu' thuieafter, before puyineut of all calls or iii.stalnii'iil.s, in.iy be 
 iiueu'.'-t ami expenses, dno in respect Ihof, be forfeited by a resolution •"'''^'''''''• 
 of ilie (lii'cctor.s to that effect. Such forfeiture .sliull include all divi- 
 (leiiil> (It'i'laied in re-spoct of the forfeited shares, and not actually pd 
 Ijeiuic the furffiture. 
 
 Tlie forfeiture iii.iy be held valid although this clause has not been .strictly 
 ■)b-ir\i'd. linij/ntioH'a nsv, 4 l)e U. ik J. 437; KiiirjhI's cusr. 2 Cli. 321. 
 
 Iir (our.se the directors arc not bniiiid to exercise tho power of forfeiture 
 [It:-!,/' r„,r. 1 Ki|. 3(1!)), and will not do so if it is not to the interest 
 ef till' company. 
 
 I' 
 
 -ti(t Wlicii any share shall hnve been so forfciled. nolii'C of tlir Notice after 
 ie'-ii|iitiiiii shall be given to the member in whose name itstood immn- "' ^■""'■'■• 
 iliitielv prior to the forfeiture, and an entry of the forfeiture, with tho 
 iliiie ihof, shall forthwith be made in the reg-istcr.] 
 
 iliis clause is sometimea inserted, and it seems reasonable in order that ihr 
 mn.ihir may have an opportunity of getting the forfeiture annulled uiidcr 
 clause 28. It doca not follow that the failure to give the notice invalidatea the 
 
 U U 2 
 
INK) 
 
 AKTICLES OK A«8<KnATI0N. [ClIAl-. IX. 
 
 Form 2A1 forfeiture. U ehslrrt niMf. 32 \.. J. CU. I3i: 1 I4. V. 6iH. For the B»-hi:l.|Hr 
 uf the forfiitml nhurci \mnK no Irnitft-r a nipnilxT, ha* im '"'•iw »/.'»//; t„ ,.»»,.( 
 I'Ompliaiiic with thi' articlp'. 
 
 If 
 
 1 
 
 
 p 
 
 
 m 
 
 i 
 
 fa 
 
 'if 
 
 Korfeitwl 
 nhare tn 
 become pm 
 perty of 
 rompaiiy 
 
 Power to 
 
 niinul 
 
 forfeiture. 
 
 •21 Am nIiiiio no I'nrfoittHl sliull Im> deeiiiod to li«> thu iiply cii' ih,. 
 cov, ttiiil tlio ilirpt totN muv «<>11, re-allot, iind olhor\vi«o ilispnso of 'hi 
 sniiio in Mich iDuiinor a-- \ho\ think fit 
 
 Thin eliiiise ii4 nliiiiHl always iii*'rtod. 
 
 Tho urtieh'-i peiierally ifivo power fo the ilire ■torn to nell forfeited »iuir.-, j- 
 iihovi-. They ean xell at a din •ount, that is for h)« than the aiiiouiil |iiil.l uy 
 prior to tho forfeiture, and they are not hounil to treat the shares us if iinthiiin 
 had been paid on them. Muriitoii v. Trimi''''' Kj-PcutorH Cii. ( ISillt). tW 1.. .1 
 t'h. II; "(t I.. T. tiO.'i ((!. .v.). But the transferee will ho a holder of ■<li;ir.- 
 in respeet of whii h money is due, and may llierufore by a elause in the re({iib 
 lions be debarred from voting undir an arfielo disentitlinh' a shareholder in 
 default to vote. Uan'/t dnld Mliiimj Co. v. Ifnimiiiyhl. (1901) 1 C'li. IH4 .\n(t 
 he is liable iiotwithstandinx tho issue to him of a eertitleate that his share* ;ip 
 disehartfod from all <-alls prior to dato. Spw Balkit EeraleliH'j v. Itandl Co.. 
 (lltOJ) A. ('. 1«.). Ifo should, however, unless otherwise airreed. be erediUsl 
 with sulisiH|ueiit payments by the proper owner. Hiinill Oolil Mhiln'i I'o.. 
 (1904) 2 Ch. WH. 
 
 .\nd see infiii, note to elause 29. 
 
 Where a forfeiture is dulv and Imiiii fi>l" elfwted, eipiity will not relie 
 
 f.ircr/irt'il It'of/' 
 
 rH-.'t Co., 13 Ves. t2H. .\ »li irelmlilf 
 
 :i)(ainst it. .V/"(f 
 
 who desires to ehallent;e a forfeiture as invaliil m.iy brini; an aetion to set ii 
 aside (Sirniy v. Smith {1HH7), 7 Kq. a2t: and sen- .Inhimin v. /.///r'/. 
 <fc. C;., ^i,i'"i. and Re Sew Chile Co., 45 Ch. U. 598); and mere laelies will 
 not disentitle a legal owner of shares to relief against an invalid forfeiture 
 flurdri, (l„lly, ^c. Co. v. .McTMIrr. 1 App. Tas. 39. Hut his h.ivin;,' be n a 
 party to the forfeiture as director will disentitle him to relief. ./o,i,< \ Vor// 
 r»«eo»iv-/- r.nil'l Co., (1910) A. (". 317. 
 
 .\ shareholder whose shares have been irreRularly forfeited (<■.../., witliou, 
 proper notice) can sue the company or, in a winding-up, prove for dama^w 
 against the company. In )<• .\rir Chile, ifc. Co., 45 C. U. 69.S. 
 
 A director who takes part in a forfeiture resolution of shares in which h ■ 1^ 
 interested may be estopped from nucstioning the appointment of the dirc.tur^' 
 who eoncurred therein. .lonrK v. .\'orl/i I'oiiroiirer l.nii'l Co., aiiinn. 
 
 .\ (lau<e in a company's articles forfeiting tho shares of any .sharehohler wli" 
 should commence or threaten an action against the company or the directors 
 on payment to the shareholder of the full market value of his shares is inv:ilid 
 Ilope'v. l„t,;-nofionnl Finnurlol Kociely (1870), 4 C. 1). 327. It is a vi.,1.-. 
 tion of the .shareholder's common law right of ■ ion. 
 
 28. The directors mav. ut any time heloio any sliuie no I'urlViled 
 .shall have been sold, rc-allotted, or otlierwise disjiosed of. aiimil tlie 
 forfeiture thaf ui.-on -sucli i-onililioiis as they think (it. 
 
 The regulations very commonly give power to the diretors 90 long as they 
 have not sold to annul a forfeit ire on such terms as they think proper, but thn 
 power can not be exercised without the consent of the late holder. Kxchanoe 
 Trutt, Limileil, Larkworthy't cuae, (1903) 1 C'h. 711. 
 
FORMS. 
 
 (idl 
 
 •j<t Anv member whose Hhaiw hjivc been forfeitwl chall, notwitli- Form Ml. 
 
 stainiiut,', l> 'ial)lt> to iiay. and Khali forthwith pay to Uio coy, all cull-, ^^^^^^^ ^ ^ 
 
 iii'lalnK-nlw, intorost, oud exiionxow, owiiip upon or in ronpuct of s\uh ^,„j,i ,|„twif.h. 
 
 «l,art.« ul the tin>o of the forfoitiirt-s to^nfthur with int«.r..st th.-ri-on, ;;,';;;;|;'^_ 
 tnuii ihf linio of forfeiluro until piiynicut, at ['>] p.c.p.u., iimi lli«' 
 (liri'ctor.-' riuiv pnfnr*'*' )h«< pnyiiiont thof if Ihov think lit, 
 
 KiirlPiturc of shares ,,rlmrt lurie ptpvciitu niiy uiticin by the lomp.inv f'lr 
 |.»*t calls ( .V/o<*-«i ea><; 3 Cli. -JIS), oiiil wht-ii ii per*)!) Ii:i« l>wa iiidiinil l.v 
 misri'presciitation t*) t)e<«)mo u iiiiMubrr, forri'itviri- plnciM liim in ii p<)»ili"ii, if 
 .iii'<l !')• llif ciimpniiy, to Hct up tlio iiiinri'pri'wnliition by way of ilcfi'nif, cmh 
 i„ .1 wi.i.lin^-up. Aaro»$ lie, I v. TwIhh, (.I8!"' \. C 273. Hut th.' artiMrn 
 romiiiniily provide that whore n nhart- ha« born furfoitcfl tho mcmbor Bball still 
 I.I' li,il>li! for pnyninnt of the call with interest, and tlii« iriMilcn a mow obligation 
 wliicli .an lio cnforcod. Slnrkinn nmr. sii,,rii : f.nrllrt' IheiiM .tmoriiilioi, v. 
 I\'llnfuk, (I'.tllO; 2 (i. II. 376. 
 
 A call lany be '• owinjr " within the nicauinx of r.uih ii c'auio, tlioujfh it has 
 not lioiiiiiic payable when the forfeiture takes place. Fn.ire v. mi/i/i'i,i. 
 .-.s L. T. 52.5. 
 
 \i)r does the forfeiture of a aharc relieve the ex-h(diler from all liability In 
 rcipect thereof, for if the eorapauy should bo wound up within a year after the 
 forfeiture, he will Htill bo liable as a pant memlior to the e.ttent speeilieil In 
 seit. 12:t {I) (i) of tho Aet. Cieykt'ii am; L. K. 5 Ch. t)3. Ho a shareholder 
 hIio has tran-ferred liis shares within a year of a winding-up is liabl" as a pa^l 
 nicmhor, though tlie shares have been forfeited in the bands of a tran^fereo. 
 H.,.hirr-» invl SeiWn catt!« (1889), L. K. i Ch. 2<iB. 
 
 A liquidator has no power t« cancxd a forfeiture of shares duly made by the 
 diriHiiirs before the eonimeneemcnt of the winding-up. iMivr'i rnsr, Ii Kt\. 232. 
 
 Wlica sliaris forfeited for non-payment of calls are sold, the purchaser is 
 lialilo to a fresh call in respect of thi^ eapitjil comprisetl in such prior calls 
 {S,->( lluHoK Linlellnij v. Jtuiull duld Miiiiii-/ Co., (,1'JUt) A. C. 1«3), for the 
 company cannot sell free from that liability, liut subsotpient payments by the 
 cx-linldcr, on account of the prior calls, should bo credited to tho purchaser in 
 due course. I!a,idt (laid Miniiifi Ci,., (1904) 2 Ch. 4li8. 
 
 If a company proves in the bankruptcy of a shareholder for future calls, and 
 receives h s than tho full amount, this does not make tho shares paid-up .so as 
 to entitle • shareholder to participate in surplus assets. //<•»< Coniil l!o>'! 
 Vi,!ih. (IHll;-)) 1 Ch. 597. 
 
 .}% 
 
 I 
 
 ^2'.tu 'li'O lorfii'. J ipf a (sliurf HJiall iiivdlvo the o.\tiiiCtiuu of all Ktlect of 
 iutore.st in, and nloo of all claims and dcinand,s aj^ainst the toy in f"rf"."nr«>. 
 rcepoLl of llie .■share. an<l all ollinr rights int idont to the hhare. 
 • vit'pt only Kueh of those rights aw hy these articles are c.xpK'sslv 
 
 KlVt'd.J 
 
 Although the above clause is sometimes inserted, it appears to be of little or 
 no value. In substance it merely provides for that which is otherwise proviiled 
 for, namely, that a forfeitta share shall be deemed to be the property of 'he 
 company. If strictly (.onstrued, it would deprive o future holder of the share 
 ot the right of voting and of reeeiving dividem'i, 4ce. See Stocken's case, 
 3 Ch. 412. 
 
 In t:rri/ki\ cii'r, 5 Ch. 63, it was eonti'nded that tho forfeiture of shares in 
 
 If 
 
«iti-^ 
 
 AIMIC'LKH OF A»M)CiATIO.\. [ClIAC. IX. 
 
 Form 251. ' <<»"|'''>"y whu-i< urtiili'n mrHulnoil aui'li u c'tuu«i (ri«(l till! furfi ititi^' iiiiiib<r 
 I colli li.iltility i.>w'ii a-4 u pa.it iiiiMiibi'r; l>ut it wum Iii>1(1 thut thii wud not ^o. 
 
 .\-i In (iroviiif; for ilaiiin;;!':* wlirre u fut'iituri' in irri'}{iiliir, see .\' !•■ rl,:', Cu. 
 1.^ r. II. .VIS. 
 
 Oonipiiiv '• 
 lien on ^Imri h. 
 
 ji^Jl) 'riic t'n\ nliail iui\(< It liixi iti'il |i.tiuiiiiMiiii lion ii|iiiii ,i|| i|,d 
 bliunvs jDllii'f lliuii I'lillv |hI-ihi .slinrt't; itiiiil llirse irnrth if ijimhii:,,,! 
 I'ot rt'iiiiiitl n'<yist<'H'il in iIh- naino ni' cacli ni«Miilii'i i wlirtiioi --oli'lv 
 111- jdintly with diIkt.-i i. iiikI ii|i(in (lie |)ri>i(><ii-< ol -iiili- tlu'mif. 1.1 lii^ 
 (li'blx. Iiiiliiliii(">, uiii) i'iio[io:t'nioiil«, sololv or joiiillv willi aii\ oihor 
 licrniiii, tn Ml' with llio iiiv, wliotlici (he jioriiKl t'<'i' llio iiaviiiciit. Iiiltil- 
 lui'iit, III' ili.-rliui'o'O tliol .-'luill luivo iti'tiiiill\ uriivt'd iiul. .iikI no 
 , iliiil.iliio iiiu'irsl in aiiv .slmro kIiuII Iw croiiU'il «>mi'|iI u|iiiii iIii> i,iut- 
 int; aihl ciiiiililinii thai ilaii.sc 12 ImI' i-^ In liavi' lull ;• :» ' \.i.l iuli 
 lion nliail r\lonii tn all liividomK trnin liino In tiiiio il<>rl.iii'| in 
 ifspoM 111' .-.lull j.|iaios riilo>.'< (illioi wi-o aoun'il. tlio i<'i^is|iali"i: ul'a 
 tian-liT III' sliarc' >liall 'ipfralo a> a waivof nl' llio cuv^ lion. 11 .iiiv, 
 
 nil Mllll v|ia|("<. , 
 
 m 
 
 i 
 
 1 1 I1H1 Im 
 
 iiiir^'-itiofi 
 
 jl to 
 
 ^ri\i: a roiii|i.iiiy 11 lii'ii in r.v|iri'-i.i woi 
 
 iiN 
 
 al-oi. 
 
 The 
 
 Um I 
 
 iron niui 
 
 le lliiit II III 
 
 iiftit 111* iiiipliril tli'Hiirli hot 
 
 \|ir. 
 
 L,'i'.ei lahilliy on t'i>in|mnio'i, (itli ml. <i3>); hut thin iinsjiliility 
 
 Sro I'liih/I V. Il'nf//,'. J llu. IJO; 1'.' CI. .V l"i 
 
 Troll: 
 
 -aitir 
 a li"n 1)11 liii- slia 
 
 I'licil 
 
 Tfil 
 
 riH ^ivpH II lii'ii 
 
 on tlio iliviili'iiils wit 
 
 Milt r\pro-i 
 
 nivntloii. Ilfi 
 
 V. Ihiwhr'nii, 2 Kx. 7tl. Till' Stork Kmiiiin;,'!" ('oiiiinilti* 
 
 reiiuiri' tiio in-prtum i 
 
 f till) wonls " otliiT till 
 
 full 
 
 y |iaiil-nii 
 
 till! 
 
 iihovc fiausi 
 
 , the oil 
 
 .1, Im 
 
 ■ tliat tlicrr sliall in tlif i asi' of a fully |>aiil-iqi >!iarL' 
 
 lip uli.Holiiti' freedom of transfii 
 
 A ilau- 
 
 i|.lin;; 
 
 fiillv 
 
 -111, 
 
 troin til' 
 
 Itcnil liy ipn-ial ri'-nilution so as 
 
 to III 
 
 idr to apply to fnlly-paiil li 
 
 ;ind if the altrratlon is nrndo in good faith it will be (■tfi-otivc ai;ainst tin 
 
 older 
 
 if sharis alri'ady fully-paiil. altlioiiirli hi- is tlip only lioldir of fully-paiil -liaii< 
 
 the 
 
 lln,< 
 
 (.■oinjiany. 
 (llmti 
 
 .lllr.i V. 
 K. li. iH\K 
 
 „i,t i{,;'i. „i n 
 
 ./. ( I 'Mill 1 I cii. i;.' 
 
 It is well si'ttlinl tliat the lira thus i^rpati-il takes rtfirt us an in|uital)li- i li.iif: 
 
 n the ^harc'. 
 
 //,//,/■ (\HH-i). 21 t'h. U. 302; AV 
 
 \pp 
 
 Ca-. 2i>: V. 
 
 '■!■ 
 
 ■',.:. (ISTI ,. 1. 
 
 I! til. HIS: .\„i:,,.,-il ]l:nik oi H'lilis, (ISUD) 2 I'h. B2!l. 63:), tJT.J. And tin . :i 
 Kjihiiinje Hank, I.. U. C C'h. Nl«, 821. furtliir -lir 
 
 last cito'l 
 
 id a 
 
 Ihiit this ilaii.'O, with the jiowpr of salii (indfr ilause 2'Ji'. loiistituti" a ' 
 
 ■iirity 
 
 vithin till' no 
 
 ailing o. a puwiT 
 
 to d 
 
 ireitors 
 
 to adv 
 
 funds of till 
 
 npuii 
 
 sci'iirltlrs. and that tlo' li' 
 
 id power of sale are not d featid !' 
 hoard oniit*injf to olitain the eertitientes of the shares. (1899) 2 (h. liTo. 
 
 le elan^o 
 
 th 
 
 e inmpany a 
 
 iiniler a uiis 
 
 t die of fui-t. lUuh- 
 
 r, 
 
 lien for director's rei 
 1.. (IHOt) 1 Ch. 27ii. 
 
 And if shares are standing' in the names of trustees, and the arti'les i 
 
 .•ludi- 
 
 the 
 
 f!iiti.>n " 
 
 f e^i9it;< 
 
 (I l3r, 
 
 12. ^.^ 
 
 -M. the .■■nmnltnv. 
 
 lien clause, has, as was laid down in A'<»- f.oitdon »J- Hrazili' 
 
 ,d- \. y;,.../-.- 
 
 Iiiriik. 21 C. Div. 302. a eharjre whieh prevails over the tiile of the cmtait tjiie 
 iiiiyf: and the eomp.iny's rights are unaflfeeted. even thoiiirh it have notici of 
 
 thi 
 
 itahle 
 
 aterest. ,See also l/e /'.r/l /,/», 24 (J. I!. Div. (!I3; and vi/,rii. 
 
 ji. (iSl. 
 
(MCI 
 
 ,,,,,,.,1, ,|„.-tL iiowfv.i-, «iMi.iM,.r. ..riH. •>» I.. I cMii|.;.i.> ~ |...-i'i..n Form 251. 
 
 fi,; r. i.'i' lit a Mili'CiiiU'iit iUi>rl;,'iiK*'- 
 
 |„ '■,...11..../ It.',i;,.:i '■". » /'".":/• ^l«•'7^ 12 Aj.p, " M- ■-".•, ii «■•■' .!.• .M.-.l 
 
 i,v ,i„:i..u.oof r^...!- tiittt ti..- prill, ipi,. i.r //,././/..-„, v, a-.-mi ii. i. c •k. 
 
 '„,,li,.. 1.. . Ili-ii I'lmi-M in iirtlrl.-. ot as......i,iti..n ; nn.l. :i.r,.i-.liii!.'ly. Ili.it »li.n 
 
 ,|„. , ,.,|ai..v li.H ii"ll<- <'f "n "-I'litul.l.- im.ilKii-.- iiia.l.' I.y a ■.liar.l,..M.r it 
 
 , ,„ i.v urtu.' ..r the Ii''" I'laiii'. "l.laiii i.ri..iil)- I'nr uiiy a.lu.ii.-.' lua.l.' I.v 
 
 ',j ,„ „i. S..t a.,y -urn. Ur.xmu,/. di..' I., it fr..„i tin- -l,.n.l,..l,I.T alLr i,..:!,,. ..f 
 
 ,i„ I, ,iili«' iiK'Mt iiiiirlirai;"'- 
 
 |„ thai .•,-.- thr li.i. .luiw wa- that ■Til.' .•..ni|.any ..liull liaxr a lir-l ami 
 „,,,„, Mint li.a 111,1 ,!,ar>t" axalluhlf ui' "' '^''O' -I""-'' "' "■*"> 1"''*"" "'"' '' 
 ll,, |,„l,l,.r. ..!■ ...,.■ ... -.voial joiiil h..hl.r-, ih. iv,>f, r..r all .L'^t. ilu- (nmi liim 
 
 ,„^, ;,i ,■ juiiitly with .my imIht |m r-,.n. «h.'th.r a -hai. Ii'.IiI.t <>r n..l in 
 
 II;, ■ M.iiii'ai'V." 
 
 r;.r arl.ilr^ ':i' th'' «''••■'• •"'""■ '■'■'■'" '"-1 •'"" •""'■"I"'' "" '^'lai'l'"" 
 
 , 1:u:m\ .V i;.i,(, |i. 0.'>II. 
 
 1 1 1 ii.y'- |iriii' ]mI ..,n<<nii'iii- in ihi^ .a-,' «,ti il tlial h.' Inic 
 
 .n.lra.lH.i' ..i' tin iii|, '. I.iu-- (I'd i" i^- arli.h- tl.- !^ ,irl„,M f l,;i,l .M.'ive.l 
 ,1,,,, til,' .■.■ii,|..ii,v 4l,.uM ha\,- a li.-n r.ii.kiiiL' in iiii,,iliy I' ail ,,iii. i .haivc^ 
 „,il, „r i.;ilii,,ii' n,,!i,.-, and that thr -.<-,in,l m.,.-ltr.i«i .• willi n,,li,"' "I' thin 
 1,,,. ,,„ ii,r,!,l lint .'..tahli'li any claii.i in \i..lali..ii "f il ; aii,l . i ihat thi> 
 
 ,!,„"i,'.,„v «.,-, iin.icT M.,-t. iiii of til., A-i nf \Hiv> (n..« - t. ■:; ..r iIm- .\h „r 
 
 V,u> . ,."Mlhl.-,l |.. ili-r.-iiaril Ihi' luitic ..- iiHliii' "f a trii t. an,l. <„, tliii irvMiml. 
 , .i.iliil t,i |>i'ii>rity. 
 
 \. t.. il., tir^l ..r 111 •..iM.'nlW.n . tin- l|..n I' I."!'.!- h. !,l thai ilii- «a,. 
 
 ,.,, ,!„. „u iiiin- .,r til., il iiiM,. •■ 1 rann-.t a-r. ,•.- ^-.ml l.nr.l llla.'klnini. " lint 
 ..,:, i- Ii.,, tru,- i,in-liuili..n c,f .\rt. Iii:l.' Ami l,..r,l fil/.:.',rahl -ai.l lliat 
 • Cu. |..:,i, Iph' "f //,.,,.'.■.-.>•.., V. A-.,/' iroMTii- tlir inv-,111 ,u^,. •'-,'•■■ Ih'Tr 
 1- ..riidiiin^' in .\it. l(i:! whi,li prrwnls il, ui.|ili,Mtiuji, 'I'h'' ai-liih',* |inaali' 
 ,„• i:„, tnin-f.r .,1' ^-liai-,-; . . . hut tlicrr i.s ii" limit t" th- ri'_'ht "f th„ shan- 
 |.,|(|,i h, |,1, .l.T. or rai-o iiioiwy <m hi;* shartn uiih'». il i< t,i hi' fmuul in 
 .\it. l'!:i." aml'hr (■oi„iJi,r«l that " full cir.'rt may he ^'iv.'ii t.i i|,. tcnii-, ami 
 
 ,,, ,1;,. li,,„ ifiTivil hy il III- Hinitfil 1X1 to li,.lMlitii-, "f 111'' -hari'li'iMiT ■■on- 
 
 irati I np l.i tin' time at whiih tliL' roiiipiiiiy >hall iiavi' hnl ii,.ti,-r Hi.il In- has 
 
 ,,.,.,,i to I'l' the In-IH'lirial owili'l- ol' til,' ,'liai-lM." 
 
 \. I , il„- .-!• oiiJ font.'ntion. th.' l-.nN h.'hl tha' thi-^ «"ni lo" l.ii'. ami that 
 h..ti.i- i,f ill.' m,irt','a;;i' w:'-. ii,>t miti.-i' of u tni-t within th.' iii.'.iniii:,' of -ii-r . r.'i 
 ,.r i!„' Alt ..f ISIi'J (..-.Tt. '27 .iV Ai't of 190S). 
 
 Ti.ii sciiim provicU's that "No notice "f any trii'<', .'.mt.'-*.'.!, impli.'d, ..r ^||J«;^^^"*| 
 
 .nana, til.'. >.|iall he cnt.'i'i'd on the i'.-fri-.i, r .n- h.' r. ivahle hy tin- .'.-^'iitrai' [■}''■. -^^'^j" 
 
 ill the . .1-,' of lomiiaiiies under this Ail ami ri-!.'i>l.r.'.l in Knirlanil or Inlan.l " ; ^ .^^^^^ ^^^_ 
 uiid l!..' imiLirtam-e of thu- ri'lieviiis; the i'.ini|.i.iiy fr.iin .in ohli'.'ati.in to n- i„',',i,,'t„ n-^ii.. 
 .niriii/'..' .'iihtii'- is we',! pointed out hy l.or<l C.ilei'id-.'. »'. •!.. ■^ittiii;.' in th.' t. Ted hold. r. 
 
 C.urf of Appi-al in llr /V,/,/„.«, 24 (J. B. I). «l:!. -S -vlraT s.t out. «.,,„,(. 
 
 |,. li.il. Lord K-shor and Fry, 1.. •'., .',>m'urr.'.l. 
 
 Th.!.' are m..ny ease^ how.-v.T. in whi.li it is. in th.' h.'st int.'i'.sts of a 
 .„iii|,ai,y and of its sharelnihlers, desir.ihl.' I., se.-ur.' to th.' eonipany a par.i- 
 iii"Uiit lii'ii not only f.ir lulvanres iim.le and liahiliti.'s to thi- .■.inipany in, iirie.l 
 U'for.-. hut ifirr, iiotii-e of a sulise.,u.'nt eharu'e. Wh.'th.-r this s.'i'urity .an h.' 
 k'iv.'ii l.a- y.'t t.) I... derided. No d.niht (ll.;,/.:„.„„ v. IMl and l!,.i.:i n-.l 
 /;,,'.■./ r... V. Ilri'/'l". f(i,'i". show tliat) a first mortira^'oe laiinoi in .m 
 ..nliiiary lase, after nntieo of u sceon.l .'har^e, insist on priority for s„lHeiiueiit 
 iidvaii.-ei, hut there in no doubt that sueh priority i .:'> I"' ohlaini'd hy the a s,.nt 
 ..I tiie suhse;|uint imuinbraneer, and the .piestion i.s whether anythiiij,' short 
 uf lliis will siilH, e. 'l"he sug^'esliou is that where the arti.les expressly provide 
 
 
I'' ' !lj! 
 
 l' 
 
 i' 
 
 m 
 
 hi 
 
 
 fll 
 
 ♦l«4 
 
 Form 251. 
 
 What sufli- 
 fiPTit to over- 
 ride the case. 
 
 Aa to 
 euforcing 
 lien by sale. 
 
 ARTICLES OF ASSOCIATION. 
 
 rCHAP. IX. 
 
 for R paramount lien, and contain an exemption clnnse as almve (p. 650;, 
 providinpf that the company •' sliall not be hound to rccoj,'nize any e(piitublc "r 
 other claim to, or interest in, the share on the part of any other iicrsim," ajiii 
 the lien clause expressly provides that '' no etjuitablo interest in any share sliall 
 be created except on the footinjf and condition that [the exemption clause | shall 
 have full effect," that is sufficient to secure the priority. Anyone who rliiims to 
 have a ebarpc on, or equitable interest in, a share must reasonably be supposiil 
 to have read the articles of association, and to take the shares subject to tlie 
 provisions thereof (see Ilradfonl Kmikiitrt Co. v. Urir/irn, »///<,■«. pp. (JSJ, (iftj, 
 where Lord lilackburn recognized that this was so), and being thus fixed with 
 notice of the provisions of the articles, it seems difficult to sec how the clmrsits 
 I'an repudiate those provisions and deny to the com|>any the benefit nf tlio 
 clauses. 
 
 That ease (Ilradford liankitiij Co. v. /(,iy.v> did not deciile that there was 
 any inflexible rule of equity makini; it impossible by the articles to exclude the 
 rule In llojikDisiiH v. Roll, fufi-n : on the contrary, the provisions oi the articlr< 
 were carefully considered and it was held that tlicy did not show any intention 
 to exclnrlc ♦lie rule, for they in no way attcmptcil to relieve the company from 
 tioticini; e |uities. I'nder tlie^c circumstances, the principle of Tn^k v. Mn.rhm 
 (IS4H), i Ph. 772; /)»■ Mallm v. Othmii • IS.'iS), 4 Ue (!. & J. 27«: Mn<"h<,„jl.l 
 V. J.inr I'liiini, <fc. I'u. ( 1873), L. H. 9 Q. I!. 328, that a jwrson taking property 
 with notice of an wiuity attaching thereto is bound thereby, ajipears applicable. 
 
 Occasionally the lien clause contains express words to the clli ct that the lien 
 is to be for all debts and liabilities, " whether incurred before or after notice of 
 any equitable interest in any jicrson other than the registered holder." and 
 these words certainly go far to make the intention manifest; but more commonly 
 the clause is framed as above in order to i!itroduce a negative which sonic of 
 the cases in eiiuity, sujtra, pp. 6.50, (iol, ♦rcat a.s material. 
 
 W hen the holder of .shares, subject to a lien on the part of the company, sell- 
 some of them, the purch-ser is untitled to marshal as against an execution 
 creditor of the vendor, and to throw the lien in the first instance upon llic sliuros 
 remaining unsold. 6V«v v. f^lnnr .f ViinnpU, fi9 L. T. 282; W. X. (1893) 1:!3. 
 
 .Vs to the rights of a purchaser of shares against the vendor where the 
 company exercises its rights of lien subseciuent to the purchase, sec .}f(ifnni,'I". 
 renlield v. Mnrmurd,,, W. N. (1892) 73. 
 
 The right of lien may be discharged by an arrangement between the aliaro- 
 lioldcr and the company, but to effect this the terms must be incompatible with 
 the retention of the lien, or the arrangement must indicate the intention of the 
 parties that the right shall no longer be enforced, ttnul; nf .1', !<•<• v. Sni:J,:ir,i 
 Gold .Mining Co., (1892) A. C. 281. 
 
 .\ lien under a clause of this description is a charge upon the shares within 
 the meaning of sect. 2, sub-sect. vi. of the Conveyancing .\et, 1881, and con- 
 sequently sect. 13 applies and entitles the shareholder to rccpiire the compa.iy, 
 on payment of the sum dul^ to assign the ilebt and their lien on the shares to 
 his noniiiici'. Ki-rritl v. Aiitomnlir ll'eiiiliinii Mnrhiii,- Co.. (18921 3 Ch. .iOfi. 
 
 .■\» to etfcct of reconstruction, see It'- T.p"'h, ti Ch. 818. 
 
 [2!lr. For tlio i)ur|)o.se of piiforciiifr smh Hon, tlio iliiO(tor.s iiiav sell 
 the .sliuros subjoct llioroto in such maniier as they think lit; hut no 
 sale .>iiall bo made until such period a-s ;ifsd shall have arrived, and 
 until notice in writing of the intoiitioti to coll .shall have boon Norvod 
 on such lueiiibor, hi« o.xor.M or adinors, and dofault shall have boon 
 made by him or thorn in the )niyment. fulfiliTiont, or di.scliarge nf .such 
 debt*, liabilitie.", or enp-awcment^ for (*evcn days after such notice.] 
 
• K0RM8. 
 
 Thp lion i« of m.uh (jroator valno if it .an l.c onforcod in a summary mannor 
 ,, ■ ,1,. „f th. .h..ro suhjcot to it. Tabl. A (rlauso 10) now ..onf.r. on he 
 .„m,m,v «u.h a power of «alc. The restriction a» t« default oontamod m the 
 \2r n'.rt of the alv.ve clause is not in universal use, but it «-cms only fair and 
 „' ,i,,l.ie S,.e observations of Jessel, M. U.. in Storktc, Mnllrable JronCo 
 ., ■ 1) inl " Default " means " non-payment." Willinmn v. Stern, o Q. B. H. 
 nw Where there is a lien, but no power of sale, it was considered necessary to 
 ,,nn^ an action to enforce a sale. .\Vv ln,.don /r Itrazilian l!a„k v. lirarkl,- 
 I „k •>! (• Oiv 302 ; 30 W. R. 422, 737. Hut as the Conveyancing Act applies 
 
 '"Z-'KrrritI V, Automntir. «(C. Co., s.i^ra), it luay he that under swt. 19 of 
 that \. t i sale might be made by the company as mortgagee. No doubt the 
 
 harirc is' not given " by deed," only by arti.les, but articles by virtu.' of 
 .P,.t II of the Act oiierate :.< if the shareh.)lder bad thereby .-oveniinte.!. 
 
 ["'irf The net iirooofd.s of any bucli sale sliull be aiiplicl in or 
 io«"n-.l.s sati.starti..ii of tho .saul dobl**, liabilities, or ..nf;a-.'tnpnls, 
 and ilic residue 'if any) \n\ to suoh inomber. his cx..rs. a.hnnrs. <.r 
 
 a&«ifriis J 
 
 ;!(! Ip.in anv sale after forfeituro or for enforcing a lieu in inii- 
 ,,<,rte<l exercise "of the powers hnl.eforo given, the direcUirs may cause 
 ilio ,)ur.lia.ser's name to be entered in the register in respect of the 
 hhaies s.dd, and the purchaser shall not be Iwund to see U) the regu- 
 iarity ..f the procee.lings, or to the applicon of the purchase inoiioy. 
 ami allor his name lia.s been entered in the register in respect of such 
 siiiu.^s. the validity of the sale shall not be impeached by any person, 
 an.l the remedy of any person aggrieved by the Hale shall be in 
 damau'cs .)nly and against the coy exclusively. 
 
 CoMipa..' this and the pr.'.e.ling clau.-e with clause 11 of Table A, 1908. 
 
 Where tu.re are calls in arrear, the purchaser is not liable thereon, but be ih 
 liable to have a fresh .all made on him for the like amount. Ilalki» LerslrhH,/ 
 V. /t,„„ll tluld Miiio,;/ Co., 09W) A. C. 105. See ««/«•<;, note t« clause 29. 
 
 Where the company threatens to sell without justification, the existence of 
 this .laii-e renders it expedient for the sharehol.ler to apply for an injunction 
 before the sale is eifected: for after sal.' it will be .lifficult, if not impossible, 
 to reiover the shares. 
 
 As to the rights of a niemb-r whose shares have been wrongfully forfeited to 
 damages in the win.ling-up of the con.pany, see .Vc.c C/iile Co., 45 C D. 59H. 
 
 »Ki^ 
 
 Form 261 
 
 -\pplicatiim 
 .if prot'cedft 
 ,>i sale. 
 
 Validity of 
 sjiles under 
 ilauses 27 
 an.l 29r. 
 
 !'t. 
 
 Transfer and Transmission. 
 
 lly >c.t. 22 of the Act' of 1908, shares are to be "transferable in maniiir 
 ir.nided by the articles at the cmipany." Hence, it is ne.'essary to provide for 
 transfers, "it is well settled that, save so far as restricted by the arti.les, the 
 right .if transfer is absolute. It would not be within the province of this work 
 to enter into a consideration of the numerous cases relating to transf.-r, but the 
 f"llo»ing may be mentioned: H'esloHs ciai; 4 Ch. 20; (lilberts r„se, 8 Ch. 
 o.)S*. .\ccording to the princii>les iui.I down in the* . ,i~. -, tim artiflf 5 arc not 
 to be looked at to see whether they give a right t.) transfer, for th.- statute gives 
 that, but whether they restrict the right and what f.irni they re.piire. A 
 transfer even to a pauper to escape liabitily. if out-and-out, is vnli.l (/»c /•««»'« 
 cnte, 4 l)e Ci. .1: .T. .544; rm./cy .«• r».. 42 C l>iv. 209; IHwopiiof linatic* 
 
 W'tt.:' 
 
K6(S 
 
 AKTICLE8 OF ASSOCIATION. [ClIAP. IX. 
 
 Form 261. '"'>'■> J^i'id/n'-'x <■«»?, (1910> l Ch. 312 (C. X.), overrulinif ease of sum 
 ri'portoJ ill l<)ilM. 1 Cli. HI), ami it makes no difl'iTPiice tliat tlic tran^fr 
 
 paid to tiike tlio transfer (,'</iili' 
 
 articles rc'itrict the rijflit i 
 
 3.5 lieav. 3!11). iloreover. 
 
 if ll„ 
 
 speeitied ease, then the niaxii 
 
 •-X|)re».Mn iii]i;i« 
 
 est cxeliislo alterius " applies. fi'r»toti'a ruse, iihi sKpia. So where there n.i 
 power to decline to reijister a transfer made hy a member indelited tn 
 company, or, in ease of shares not fully paid up, to a transferee of whum 
 directors did n(jt ajiprove, it was held that a holder of fully jiaid-up s\t: 
 
 ot indebted to the company, niiiflit distriiiiite hi 
 
 lares anion)? a nunilii i- „f 
 
 nominees, although his olijcct was to si.,-ure to himself the maximum of 
 
 »"lMii; 
 
 jiower at a 
 
 ])endin 
 company's articles. 
 
 mectiiifr of tin 
 Slniiilnn .Xfi'l 
 
 iipany. 
 
 trary to the spirit of ih,. 
 
 .(/ 1,1111 (•„., 10 E(i. ,159: and /'/ 
 
 /,,'»/-/ 
 
 (! C. D. 70. See also Cn.i 
 
 and see Ah}„.i,j,„d ll„i,l 
 
 ,,,lr. 
 
 V. TniU, 20 Va\. (iOII, 
 102 1.. T. 118 (C. A.). A) 
 
 StoHin 
 
 MiiUf'hh- Iivii ('('., 2 ('. I)iv. 101, there was power to deilii 
 
 whilst the member 
 
 the tran<rcr 
 
 reirister nuy transfer of sli; 
 in<lebte<l to the company on ■■• aeconnt wliatever. The com]iany wiis iniliusi... 
 of a bill accepted by a nienihcr. hut not yet payable. On the construction of the 
 articles, it was helil that indcbli'd niciint indelited in respect of a debt due anil 
 )iinjii/ile, and coiiseipicutly tliat tiie luenil'cr had a riijht lo transfer, nolwiii,- 
 standiii^ that the company held his acccjilancc.. 
 7 C. I). .5111 ; and r,nrh>i .«• r,,., 42 (•. Di' 
 A di! 
 
 also .1/,,//.,/ 
 
 /■, 
 
 '"'/'' 
 
 20!). 
 
 Jirector who is a shareholder has as free a riirht of tiansfiT a- a nicniliir 
 who is not a director. I'mfrii H Cn., 42 ('. Div. 2ll!l. And it is submitted tlnil 
 he is not even bound to keep his (pialilicatiim shares. iJut his olfice is v.i'mIccI 
 if '' lie ceases at any timt^ l.i hohl his ipialiliiation . . , and [he is | iiH'ajiahl,' ci 
 liein<jf re-ajppoiiited diredor . . . until he li.is ebtained his i|ua!ili.Mli.in." 
 Sect. 73 (2), Companies .\it, 19IW. The decision in .s,j„t/, l.(ii,<lo,i I- i^h .M.,,lei 
 Co., 30 ('. Div. 321, cm this [loint, was bastd on the terms of the special .\i-t. 
 and there ap))ears to be no foundation for the doul)t expressed in f,''IOert\ r.<.,, 
 
 'lilt mijiir. 
 
 Where a company is threatened with insolvency, it may lie the duty "I iln 
 exe<"utivc to refuse to register transfers. .//<v. MilrhrU\ ruse. \ .\p|i. I',!'. 
 o67; A,'.«o„ MHfhi'U v. V-(,i i,j r,7(/.-/,/ic lhi„l:. t App. Cas. 624. Hu! -cc 
 i-oi,lin. Tinuine Cn.. 23 V. L)iv. 118; and ViiJrl Cou^nliflnlnl. ,(■, . C,,.. \\ . \, 
 UHOO) liO: OS L. .1. Ch. hVi: 80 L. T. tWl. 
 
 An afrrecment for the sale of a share doc^ not bind the selle o jirocnrc ilic 
 registration of tlie transfer. His duty is jierforiued when he hands over to the 
 transferee a duly executed transfer. Skimui- v. t'lli) of I.nii.'uii, .\-r. ('■■.. U 
 <i. B. Div. 8b2; I.o,„l<n, l'„,ii„}e, ./.<.sr„-. v. i'Uul.c. 20 (<. H. Div. ji70: '■— i/ 
 V. Beiillrii, (1002) 1 I. H. 37(i. Itut until reijistration of the transfer th( (raiis- 
 feror is a trustee of tlie shares for the transferee. Lmuiij v. 7>«i.», 32 <'li. I). 
 112.5; Iliinluoi, v. lUl,l,<i>:, (1901) A. C. ll.S; Slen-ii::i,ii v. inhmu (1907l I'. C 
 445. If the buyer wishes to protect himself, he must buy with " rejfi-tia'i a 
 guaranteed." , 
 
 The complete lef;al title U not ubtaine<l by the transferee until the transf. r i- 
 repistired. Sue. <:i,,. v. U'<i/l,-i')-, 11 .\pp. Caa. 20; Sliroimliiii' I'.iiuii Co. v. 
 r/iK Queen, 1,. li. 7 11. I,. 49(1; llool'i v. U'ltlmmx,!,, 38 C. D. 485; i'oie.n v. 
 Lnniinn iimI J',,>rn,rwr Hunt.; (1893) 1 Ch. (ilO; Iieliiml v. Hnit, (1902) 2 Ch. 
 527. llcfore that he cannot be sued for calls. I'inl Gohl V'ieUh v. I'lii^jti'. l.i 
 T. h. H. 330. Hence tiie iiuportanee of securiufr rej;istration. If the coin|iaiiy 
 improperly refuses registration, it will be liable to an action for dama^'cs. 
 .S^iiinrr v. Ci'y of l.oivlott, ^r. t\).. uhi nfijtea: Ofto.'t h'op/'r Dinttntttd .'/'./(■■', 
 (1893; 1 ''li. (il«. Moriiover, prociediiiffs can be taken by tlie transferor or 
 transferee for reetiiieation of the register and damages under sect. 32 of tlio 
 
FOKMS. 
 
 6«7 
 
 .,i,f|i,.ntirily 
 
 \,.t Init iiiile-s an ordiT is madv U>r mtiliratioii of tlif r.'!.'i>t.T ili^ 
 „„u'l(l appi'ir t.. huvo no jiirisili.-lion um.I.t tlii- sivti..n, fx.-.'|>t l.y •"■i 
 ,|i,ort a c.miiaiiy to pay ilaiuasii's . 
 
 \ ciiip.i'iv '>" ""* ^"'""'1 '^" f' f'^*"""" "* "'"'■■ '* '""y ">'I""'''' '' ' • ■' 
 'of tho tran-for >. ■. '.V". v. /(W/vr, U Vpp. fa-. M 
 
 „ ,,,. ,„„„ „ „hi w,,„„,- /,•,/„„,/ V. //„r/, (1!M!2) 1 »-li. S22. A trin.for 
 
 , ni'l U' duly stamped, and tlu- dim-tors may properly r.'fus,. r.-i.t ration ulien- 
 ,|,P f;„r coiHid.'ration in the tran-fer is not the real consi.h-ration. .)/"./,.".-' v. 
 
 , ;,„■,.,,.,/ h-.,,f C.l/i'.ir, C,,,,,.. (UtOli) 2 K. It. 12!. 
 
 pciwer to rejcrt a traiisf.'r, and tho transferor is ind.liled to 
 
 loiirt Form 261 
 
 ■nt. to 
 
 to the 
 
 \\l 
 
 ihiT- 
 
 if eill- or otherwise at the dale when tin' mattiT eame 
 must reffister the transfiT. nnle" the 
 
 !■ Co., 
 
 ,W paiiy in re-^|..''-t 
 
 before til'' directors. th( riipaiiy 
 
 ;,„|.Mnl„e-^ <'xi<ted when the transfer was left for rei-istrtttion. f' 
 
 l-M'. I>iv. 2IW. 
 .\ i,iiii|iany eannot refuse to 
 
 eu'istui- a transfer of shares to a hankrunt 
 
 ,i;n ,• on the ground that if reifistereil the i-hares will pass to the trustee in 
 
 l„,„,,|.„.y. S.ll.,., V. A'/-.//..-/- 'n„l C.I;,,;,.! I',,„>„.r C:. (imt2) 2 ( -h . -WJ . 
 
 ',.,. _" . ..I- ,......,,,.. ' • .,1 Mothoi'itv to oass trunsfi IS {fhlJ,, Miii,\'. 
 
 antliority to pass trunsf, is (C/,:,/, 
 ir has a Tuanairer. // /,if, ■/:",•,/ (/•'' 
 
 ;isier 
 
 the 
 
 '■t.,11 
 
 Tl.i' -cvretarv of a eompaiiv 
 r.i.f.y. ■/,../,,..■"-. 22 T. 1. 
 / ■,/ \ l„,;,:i,i,ili, «5 Ij. T 
 
 ,;,.,;,! ,;.re sliould he tai-.. .tors in re-ard to transfers, f .r if they 
 |,.t„ , lur-.'d naJi-fer, or a tra,.-i.r I'xei uted under a f,o-i:i-d [lOwer of attorney, 
 ,la.','„Pipanv nn'V i.nur :K.rion- h-s for in th.' ahsenre of sp-ial provision, 
 lo^nstration'of a'for^'ed (ran.-ter eannot .lef.vit the title of the truo own'-r of 
 ,1,", .h;,,e- IT stoik, and if his „anie has ho.'n r.Mno\eil from tho rei 
 ,,,.,„v may he oompell.Ml t» reinstate- if. /''■•'" v. /'.'"<■ "' /•'".'".'. 
 
 ,. A, v' V. ;('. /.v;/. c,-.. as Oh H. U9. 
 
 V |.. -on who presents a forifod tran-fer to a .ompany for re-i-lrali.ui, and 
 ,,n„.»ro, -neh registration, is liahle. th.m-ii a-tin- in p""l faith, to indemnify 
 tlie .nmj.any. 's/,.m,H Vn,,.. v. n„,;!„>l. (lflO.5) A. C :!!'2. S,.e /../-v, 
 (ha).. \IV." 
 
 Wiier.' Ihrr.' are joint re^'isterrd hohh'rs. a transfer, to 1 tloetn.', must he 
 
 ,-i,-, iit.'il hy all. and if the sifrnature of any one he foru'ed the tran-l'.r will h.- 
 void. l:,.,'i„„ ^. 1.. A- -V. n . Ii:;l. (•„., 21 Q. H. D. 7V. 
 
 WIrero shares are allotted to .\. and hefoie he is re(,'istt'red as a un-ndier he 
 iran-l'er. to li., the company may re^'istor It. witln>nt reijisterini.' .\. S „„l\ 
 ,,isi: 2!l ('. I). 431. And so, too, where A. heinn the rejristj'risl holder transfers 
 to 1!.. and he to C, tlie company may rejjister I'. 
 
 ./., /,; /»««',>«.— Shares held hy a lunatic mcndicr, or hy joint holders, one uf 
 whom is a lunatic, can only be transferred pursuant to an order in lun.'o y and 
 l.y ilie person named in the order. See Lunacy Act, 1H90, ss. 133, 13(i 139. 
 
 .\ Ala-ter in Lunacy cannot make a veslin:'- order aa to shares in trust, s one 
 of «liuui is a lunatic, on appointment of new trustees, lie r.oii,/,/;!,: 1!»01) 
 
 1 Vh. 3. 
 
 As to chart'in^' orders on a luimtie"» jiroperty, sec J/i Jlii„t, {^\WW) 2 Hi. -il, n. 
 
 As to transferrin;,' shares in name uufouud lunatic rcsidinir ahroad. .see 
 li:,r,yh,iii> V. London .| U'exlmiinler l!,iikk; (im») 2 ('h. 1,). 
 
 ;. ((( i;//««/«.— Transfers can only be made in pursuance of an order of 
 ^;m.e Court of competent jurisdiction, e.g., the Chancery Division, and by the 
 person nannd in the order. 
 
 ;.« I; /looeia o/ ,ill„ni,y. -'\ luoiiiiirr can trunjiVr his share- hy attorney, hut 
 the power of attornny must be left with the transfer, and should cither he re- 
 tained by the company or should ho filed pursuant to the Clonveyancinn Act, 
 l«sl, s. 48 (iofia, Chap. XV.). It should he duly authenticated, and. unless it 
 n irrevocable under iicct. 8 or 9 of the Conveyaniini; Act, 18.S2 (h,fra. 
 
lit ifa- ;' 
 
 fl»i8 
 
 ARTICLES OF ASSOCIATION. [ChAP. IX. 
 
 Fonn 251. Chap. X\'.), cvidmoo nhonld )>e ndducod thnt at the timo tho tran«for wn< 
 " (ignod the appointor was alive. 
 
 Ik to married nnmnx. — A morricd woman can transfer without the ronoiir 
 rence of lior husiband. Marriod Wonipn'" Property Act. 1882, b. 9. 
 
 .\s to vesting orders, see the Trustee .Act, 1893. Vcw Zenlniid, ilfr. tV., (1893 1 
 1 Ch. 403; lie drujstin. (1893) 3 Ch. 233; lie 1hi,munui. (1910) 1 Ch. 223. 
 
 In a voluntary windinf;-up a Iran-ifer may bo made with the consent of thi' 
 licpiidator under sect. 131 of the Act of 1862. See ynlionnl Hi'nlr nl Ifo'e,, 
 (1897) 1 Ch. 298. 
 
 Kxucution cif 
 •ransfer, &c. 
 
 .11 . The inwti'uiiicnt uf Imiisfoi' "f any r-hai« .slmll bo ?ig:ne(l b<jth b\ 
 tlio transferor and tran.sferoe, and tlie transt'crrjr shall bo deemed i.i 
 remain the holder of such share until the name of the transferee i- 
 entered in the rep;Lster in respect thof. 
 
 Stamp. 
 
 True state- 
 ment of 
 
 oonsiflerntiou. 
 
 Sec Table \ (clause 18). Tlio object of reriuiring the transferee to execute tli' 
 transfer is to fix him with an agreement to take the shares, and therel)y sccur.' 
 him as a nieml)or; for by sect. 21 of the Act, an agrceinant to beeome a nicmbi r 
 followcfl by entry on the rogister, constitutes membership. Hoc Lmi'iii-'t rns. . 
 37 L. J. ri;. 292; W. \. (18«8) H; and linr.ipi, v. I',nn»>!. 2 FI. I.. (V 
 497; Ite 'Vi'vrhie Cv.. 25 C. 1). 118. 
 
 The instrument of transfer is not complete until it is signed by both partii. 
 iMnrinu'i ciisn, 2 t'h. 596), and accordingly registration cannot be enrorced .ii 
 against the company until it is so signi'd, but the company may waive the tran- 
 ferce's signature. .See the above case. 
 
 Where A. transfers to himself and others, A. need only execute once. 
 
 A transfer may be good us against tlie transferor, oven though not executnl 
 by the transferee. Re J)od>l>*. Kx parte Itroirti and Contra, 64 L. T. t"*). 
 
 The main object of the latter part of the clause is to give effect to the jiru 
 visions as to calls, so that a member upon whom a call has been made shall net 
 be able to avoid forfeiture by a transfer. 
 
 As between transferor and transferee, there is an implied contract by the hit!' r 
 to indemnify the former against all liability in respect of the shares during tlie 
 time that the transferee holds them. Kelloek v. Kulhuveit, L. U. 9 (}. 13. 211; 
 Loriitg v. Daris, 32 C. 1). 025; hari v. Ayret, 3 -Vpp. C'as. 8.52; Hn,dnn,' ,. 
 Belilios, (1901) A. C. 118; Seton, «th ed. 2362. 
 
 .\ transfer on sale, whether by deed or otherwise, must be stamped with the 
 proper ad rnlnrfin duty, in accordance with the Stani]> Act, 1891 ; and sec now 
 9 Edw. 7, c. 43, ss. 7, 12 (2); and under sect. 17 of the 8aid .Vet of 1891 mv 
 person whose <>ffice it is to register a transfer is liable to a penalty of 10^ if he 
 registers a transfer not duly stamjied. 
 
 Hut where a transfer a|>pears, having regard to its contents, to be <lul.v 
 stamped, it is not the duty of the secretary to cross-examine the depositor in 
 order to ascertain whether the consideration is truly .stated: i^miiia i»-rrsiiinii:ii"- 
 rite isnc iirta. Thus, if the consideration oxpres.sed is ,5«., and the stamp 1U>.. 
 there is no nce<l to go further. l!ut if directors become aware that the eonsidcrii- 
 tion stated on the face of the transfer is not the true consideration, they may 
 go behind it and reijuire the proper stamp for the true consideration to h'' 
 affixed. Matjnard v. Consolidated Kent Collierien, (1903) 2 K. B. 121. 
 
 Where the regulations merely rciiuire the trantifer to be in writing, it wiii 
 not be tlic less effective because it i* under seal. Ortigoia v. Brown, 38 L. T. 
 845. But where a deed is necessary, it miist be duly signed, sealed unil 
 delivered. Powell v. Kond. i Prnv. Bank, (1893) 2 Ch. 585. And a printed 
 
FORMS. 
 
 ««» 
 
 . ,.le witli tlu' words " Place of seal," i« not onuivalciit to u «oiil. Hnlkii Co.. Form 261. 
 
 ,, . It- u 3*12. 
 A. to compMition for stamp duti™ on traiiaf.T, seo Stamp Act, l»!ll, «. 114. 
 v.. to L'ivins: the niimbors of sliaroa on a transfer of shares in Lank, aw 
 mm- \<t 30 Vict. c. 29. A < tiatom of the Stock E-fchanRP to dUroffard 
 
 ,ir"\.t i:^ unrca-sonnblo and void. P.rr;/ v. Wirn./t. in Q. 1!. D. 3H8; sec. 
 
 huwcvcr. Sr:t,m.„r v. Hrhl^r. 14 Q. H. D. 460. 
 
 \ rp-istcrwl tran.sfcr is presumed, iirimrl Mcie. to Ijo acccpt.><l by the trans- 
 
 fiTic even where he has not exceutini it. SInniliii'l v. lioH-rin-i, 31 ('. D. 282. 
 
 .l:-. The iiiMiiniiei.t o( traiLsfer of any sluiiv sliiill ho in writiuR in Form of 
 till' 'usual coniiuou form or in tlip ■ following form, or ut< iiouv tlieroto 
 as 1 iv( unif^tanoos willailinit: - 
 
 Tlie Stoik Kxchan^e Committee rociuire the words in brackets, so that the 
 „i.liiiMr.v ronn of transfer sold by stationers and others may sutSee. 
 
 I \ 1! , ,,f , in coiLSon of lli<^ -oim of i)oiinils paid to me 
 
 l„ (■ p , <,f , hnftr calle<l (lie sd traiisferw, do lil.y tmiinfcr 
 
 „, the wl tian«fore«! share [or .shares], nuinbeml -, in tlu< 
 
 iinae.takiM- called the - - Coy, Limtd. to hold unto the sd 
 iiaii.^feree, liis o.veciitors, adtniuistrator.s and u<-igiiM. .sul.jcct to the 
 ^r^olal conditions on whioh [I] held the sumo inimo<liately hofoif 
 the exe. utioii hof : and T the .sd tiansfeice do hby agree to take the 
 sd .share [or sliaivsj siihjcot to the oonditions al'sd. As witness our 
 huiuls, tlie day of - . 
 
 \\itiie.ss to the signature of, &c. 
 
 Ihe directors may refuse to register if the prescribed form is not nuhalan- 
 iv,ihi followed, but they may waive anv irrogularity, «.;/., non-signature by tin- 
 l,;.i,4crtc. Mari»os case, L. B. 2 fh. 59(i. When the articles rec^uiro the 
 ii\ii]-fer to be "in the usual c.mmon form," registration cannot be refused 
 hiKiusc- particulars found in a common form, but which in the cireumstiincos 
 iiic iinniaterial, arc omitl.sl. Lethebij aiul Chrislopher, Ltd., (19UJ) 1 Cli. SLi. 
 li is (-ciieially expedient to use the above form. It dilfers slightly from the 
 .i:ii given in Tabic A., clause 19; but it is in general use, and can be pur- 
 ,li:i-cd at stationers and elsewhere. Sometimes the articles require a transfer t«> 
 Ijc liy that: but this re<iuisition causes inconvenience and secures no benefit. 
 Iluis where the transfer lu.iy be by instrument in writing as above, the simrc 
 l.uldcr may sign a blank transfer, and band it over to a purchaser or mortgagee, 
 will, authority to tho holde- of it for the time being to fill in the name of a 
 transferee; and such a transfer when filled up can bo sent in for registration, 
 urul no objwtion can be ra !..d ly tho company to its validity. A'j: imrtr 
 >.-,.inil. 17 i;<i. 273; Trp» Holll,! Co., 33 I.. T. .S34 ; Kinihrrlni Co.. .iS 1/. T. 
 :!0."i. Uut where a deed is recjuired, this convenient plan is not properly 
 available; for a deed executed in blank is inoi>crative u,s a legal transfer. 
 //.iVcKAi:.; V. .UcM.>rir.c. 6 Jf. i W. 1')'}] r-^^"-" v. f.^-.-A. f; Proi: Bank. 
 (1893) 2 Ch. 555; France v. Clark, 26 Ch. \j. 267; Ex ,mrte Sargriit, 17 Eq. 
 ■273; Tee» Bottle Co., 33 L. T. 834. Nevertheless, such are the exigencies of 
 business, that even where a deed is required blank transfers are frequently 
 resulted to, in the eipectatioQ that tlic company will not notice or take advau- 
 
 ■4 ly^^k - 
 
«70 
 
 ARTICLKS OK ASSOCIATION. [( "lUP. IX. 
 
 Fom 251. t«sro of tlip ii're;rularity. Tt Mfpms. Iiowo*or, do^irablo to iiiako tho jirticlps aomrd 
 ~ witli the g'.'iicral uracticc. 
 
 W'liiMi a (lottl is iifco.-Hrsafy. the din't'tors liuvc no powor to di-'}on-*(' vvirli it. 
 ihi.rn^ V. //;(./,, I,. K. (i 11. \.. ,->(). 
 
 If (he artirlcH cx|ir('-<sly ppnnit a trainl'er In' imtrumcnt in wiitiii,', the 
 prartliT of the coinpiitiy hrivinir aiway-* been U\ reipiiro a ilced I'anmit nr.At> a 
 iloiil oblifjatory. Itr TnlilH l'„/fnii Co.. 17 K{|. 27S. It appears from tin' 
 deilslon of the Court of Appeal, in I'r'inrf v. Ctifi-f;. .-iiin-n, that thniii;li tin 
 delivery to a inttrttraLTee of a eertitieate of title and liUink transfrr may L'ive Iiiin an 
 implied riLfht, where a deed in not retiuii-ed, to in.-ert his own name, the ri'.,'lii 
 does not pass to his assigns. 
 
 In Home eases the delivery of blank transfers may establish an estoppel ,i> 
 aprainst the transferor. Cnltnthil linnk v. }V illuimt^ 1.5 App. Cas. 2*i7. !»ut 
 there is no presumption of re-di-livery of a blank transfer. See I'ni'.n v. 
 J^mtdint, \r. Ittijik, iih'i siiitt'it; and si'e Chap, X\'., infi'it. 
 
 Where for valuable eonsideratioit, «.</., an advanee, the shareholder il. ii\ir< 
 blank transfers, lie may be taken to bind hinr'elf not to interl'ire with n;'i-- 
 tr.ition. Iln,.,,,, V. //»•,/., (IWMii 1 Cli. .ltd iC. A.). 
 
 " SiiKjei't to the several conditicois on whieh 1 hold." Do these word- in tli'- 
 transfer subjeet th • transferee to a lien existiiiij as at;ainsl the transfiTiii'r It 
 is 1,'eiierally assumed that thiy do not. 'I'hey do not all'eit the transferee witlr 
 notiee of *'aets known to the transft ror. ll'vKtittui-rltiint (iift'n, ^-c. Co., i l^j'j:!; 
 2 Ch. (ii2. lliit it has been held that they do bind the transferee to ]iay i.illi 
 not i>aiil prior to the re^Utr.dion of the transfer and enable the eomp:iiiy to mio 
 him. Ileihnt Cold Co. v. Ilinirniit. C. A., Timrs. 28 Mareh, IftOI : mid -n- 
 Rmidt (lid.! Miniiifl Co. V. Wfiinirrhihl, (1901) 1 Ch. 1S4. 
 
 As to the etfcet of cxccutini; a transfer with the words " in trust " aild-il, sim; 
 London and C'liindoni /.nan. ir. Co. v. Daijijan. (189.3; \. C. a()(i (IV C.i. 
 
 It is misl'easanee for diro'tors who have aeeepts-d their qualitieation from the 
 prtmioter to e.\eeut<j a blank transfer of such shares in trust for the prnniotcr. 
 l.ondo,. and South IVrxIrni Canal Co., (1911) 1 Ch. 34(1. 
 
 \ transfer ouirht 'o state the consideration truly (so,t. 5 of Stamp .\et, IHfll \ 
 but if the full duty is paid, the iieualty will not be enft>rced. Fui'ni'sA Hud. v. 
 Cuinni'xsionem, 33 L. .1. lix. 173. .\nd the non-stat<^'ment diM's not alfeit the 
 validity of the transfer. Paa-tU v. l.ondttn and Vnn'tnc'tal Hank. (1893) 2 Ch. 
 555. Hut it may entitle the directors lo letuse I'ejfistration till the pni|nr 
 atatiip is atfixed. Mat/nat-d v. Cnnt/ohdaffd Krnf Coffieiu'y, (1903) 2 l\. It. 121. 
 
 A transfer of a bankrupt's share may be as foliowa: — 
 
 " Wlierea-s at the date of the order hereinafter raentionet' .V, ]?., of , was 
 
 registered in the books of The Company, Limited (hereinafter i-alled the 
 
 ■company), as the proprietor of ten shares, numbered - -, in the said company. 
 
 of 10/. each, .\nd whereas an order of adjiidieaticni of bankruptcy was on the 
 
 1st day of ,Iune, 1908, made afjainst the said .\. li., and on the day of- - 
 
 r was duly appointed trustee of the property of the said A. 11., and -sitfh 
 a{)pointment was certified by the Hoard of Trade on, &o. ; [or, but no trustee 
 has ever been appointed uf the property of the said .\. 11., and 1, as chief 
 
 <'lfieial receiver, am trustee thereof). .Vow I, S., of , in consideration. Kv., 
 
 do hereby, as trustee of the estate of the said .\. B., transfer unto the >aiil 
 
 tr ' ree the said slvares, numbered , in the undertaking; called, ."cc. To 
 
 h' nto the said V. 1>., hi« executor", administrators, and assigns, subjcet to 
 all the several conditions on whieh the said A. li. held the same at the date of 
 the said order of adjudication. And I, the said transferee, do hereby agree to 
 lake the said .shares, subjeet to the same conditions," 
 
 In considering the form of transfer the directors must not be too technical. 
 Thus, where the articles required a transfer tr> be in the usual (^mrnon form, 
 
FORMS. 
 
 671 
 
 aiinnlini.' to which tho adJr.'i-* of thi' trimsfcrur ami the distiiiitiw iiiimli«'i< 
 ,h..iil.l ii|.piMr, and tho tranifi-r ri'iidiTiMl iimitti'd thi'^^i- iiartiiMilar>i, Imt wa- 
 aiiniiiiiuiiod !)}• the transferor's share eertifieate ir'ninu the emitted particular'. 
 it na~ held that the transfer .shouhl he rcRistcred. I,ri!,.-ln, v. <'hi'i->ln,.h,'\, 
 I L. ./,.,/««■.< '■„,(, (1904) 1 Ch. 815. 
 
 Form 251. 
 
 ;;,! Tin' <iir(?ctuis may dudiiie to roifL-stcr any trausler of .shares [or In what eaw- 
 . . . .■ I • I ii I - dir.ctors may 
 
 finik. to In' oiiiiilvd if <tuotalion reiiuircil] iii)ou wliioh tlio ooy lia.'i a ,,,,,,|j,„. ^ 
 
 lien and in tlic «».so of shared not fullv [mI up, may rufii.so to roirUter register 
 n i. 1 i I ' 1 i transfer. 
 
 11 n.iiisrir (o a traii.-i force of whom they do not aiii)rovt). 
 
 II de-iied, add the v.. ;ds, " .\iid shall not 1)0 hound to K'ivi- any reason for 
 suili refu.-al." liut thisc words are implied, see iiifrn. 
 
 ['i,,Mi what has heen s.->'.rl in the note preceding,' elause 31, it ap|>ears that if 
 tlic rii.'hl of tran-'fer is to be restricted, express prinisions most he inserted in 
 till' article* for the purpose. 
 
 ir i^ iini found in practice that a clause as alxive alVoits the market value of 
 tlic share-: for it is always assumitl that the transfer will he pa«se,l, and. of 
 niui>e, it ireiicrally is. If, howi'ver, the eonipany has a lien, the elauv cnaldc- 
 it |:i prccrxc the same; anil this is often a matter of importance. It is 
 exi'Ciii.iil. as aliiive. In make the elau*e apply to nii;/ i-ase where the lompaiiy 
 ha- a li.Mi. and not merely, as is often done, to the ease of ;■ nieniher who is 
 •■ iii.lclitc;! " to the company. See SI,,./.-t„„ .l/„//,«/</<' /run Co., 2 V. Uiv. 101 ; 
 and see also sii/>,i, note to clause 2!)«. As to clause 20 of Table ,\. (ohl), see 
 A> I''''''' ^'I'l'yr, it (). H. I). 43(1. See now Table \. (new), elnuse 20. 
 
 It i< i;c ally thoui,'lit Huftieieiit, in addition to providini; for the )iieseiv.i- 
 
 tiiiM of the lien, to ai'e the directors power to deeline to re^jister a transfer of 
 -h 111-, not fully paid up, to u transferee of whimi they do not approve. If the 
 ciiiipaiiy (rets into ditficulties, this will enable the directors to prevent the intro- 
 ilii t'liii of insolvent members. Where such a discretion is given, the dirci'tors 
 will ii'.t. if actin;; '"'«« p'lr. be compelled to jfive their reasons for refusin'.; to 
 ri_'l-l<r a transfer, and no unfavourable inferc'nce can be drawn from their 
 ilnliiiiiit; to fiive any reason, but if the directors eluwsc to sjive their re.i.sons 
 ihc ('lurl will then loiisider whether they are lei;itimate or not. /Ir// /tiothcr', 
 (..-, I,. T. 215; 7 T. L. K. (i89 (Chitty, ■!.). 
 
 If til' v exercise their jiower caprieiously or wantonly, it must be allefjed and 
 liPAiil; the Court will then interfere, but not otherwise. F.J- iinrto /Vtiii'-ti, 
 H Cli. I.).!. " I cannot," said James, L. .1., in that case, " conceive that any 
 dini tiir would choose to accept office, or exercise the power entrusted to him, 
 if 1 !■ were liable to be calleti upon to sny what the particular reasons were, or 
 til. , irticular motive was, which intlucnced him in eominjf to the conclusion 
 t'lat any person was not eligible as a shareholder. ... I am of opinion that 
 »c cannot sit as a Court of Appeal from the conclusion which the directors have 
 arri\ed at, .' we are satisfied that the directors have doni' that which alone 
 tliey could be eom|ielled by mandamus to do. to take the matter into their con- 
 sideration." See also Coa/por/ China Co., {1S!)5) 2 Ch. 104; and //ii»i"j>i'ii 
 Ku,<i. ,Vc. C,,.. 14 T. L. R. 314, to the like effect. In /'iirk/i-'n cnii; .lessol, 
 .M. I{.. said that where the articles authorized the directors to refuse to register 
 a transfer ■' if they were of opinion that the transferee was not a responsible 
 iicrs.m/' there was no appeal from their decision. L. J. Xotes of (.^ases. 1875, 
 l!l. Hut if the directors' reason is disclosed, and is a bad one, or if it is 
 liroMHl that they are acting otherwise than Ijniid /We in the interests of the 
 iiiaipany, the Court will intervene, and order rectifies 'ion of tlie register. Belt 
 l:,',llirrs, 85 L. T. 245; 7 T. L. R. 689; Ceylon Laud and /'rodure Co., 7 
 T. I,. U. 692; cf. .S«» Fire Office v. //art, 14 App. Caa. 98. 
 
If 
 
 il 
 
 «i7^ 
 
 Form 251. 
 
 AKTICLK8 OK ASSOCIATION. [ChaP. IX. 
 
 Xi> trunnfiT to 
 int'>tiit, &('. 
 
 Power ffT 
 corpurationo 
 to huld pro- 
 
 If the directors rcfuw, tlii'y are not tiiidnr uiiy ohlination to send notiiv of 
 their refusal to the trunaforor. Guntard'H eiiie, 8 Ki|. 438. 
 
 DiroctorH may refuse to pasi a transfer if they And that the stamp id on tlic 
 face consideration, not the real eonsidorntion, and innuffiririit. M^iijimhI i. 
 ronmlidntril Kint Coltieriet. (190S) 2 K. B. 122. 
 
 Where the dircetorn have a disrretion and exereisi' it homi fiilr \>y \>n)«ting t|,i. 
 transfer, they are not liable for loss oceurring to the eonipany by reason uf tlip 
 traii'^feree proving insolvent. Faure Klinlric .leriimiilntor Co., 40 C. D. IH: 
 37 \V. It. lit), Restrietions on transfer are strietly construed. Bentham MilU 
 Spinmiiij Co., II C. D. 900. 
 
 The discretion under this elausc may, by virtue of elausc 109, bo dele<;ati'il t.j 
 n sinjric director. Taurine Co., 2.5 C Div. 142. .\ director may take part in 
 upprovini; of a transfer to himself {Bmh't cite, 6 Ch. 262), and a share certifi- 
 cate beini? wi^'ned by a director who is also a partner will, none the loss, protwt 
 the partnership by estoppel {Coantert, Ltd., 103 L. T. 632). 
 
 Where directors suspect a breach of trust they should give notice that they 
 will have to register unless an injunction is ubt-uined. Grundy y. JWuif/, 
 fl910) 1 Ch. 444. 
 
 [.■!;!«. N.I triiiiHt'or .shall Ix' ma<l«' lo mi infant or iH.'iwi)a of un.'^imiid 
 mind.] 
 
 The above is sometimes insertcil. Kven apart from such a clause, a ciiiiiiMriv 
 cannot be compelled to accept an infant transferee: and, it shares be traiist'.rr.cl 
 to an infant, the company may, on discoveriuff the infancy, decline to contiriu 
 the transfer, and upon motion under sect. 32 of the Act, can procure the 
 rectiflcation of the register by restorins the name of the transferor. .'^y«ci,,» 
 ritsr, 5 Ch. 301. The principle is that u man who executes a transfer renniin- 
 liable, unless and until there is on the li4t a transferee who is legally liable t(i 
 the company. But an infant allottee or transferee is clearly not liable in respect 
 of shares standing in his name; for he cannot ctfectually contract to take shares: 
 and by reason of sect. 2 of the Infants' Relief .Vet, 1874 (37 i 38 Vict, c, (i2i, 
 no action can be brought to charge the infant on any ratification after full ii^i'. 
 To charge him there musf be a new promise. Acting as a member after I'all 
 age may afford evidence of such a now promise. Diliham v. Worrntl, .5 I'. P. 
 Div. 410; Curtia' ciac, 6 Eq. 43i; Mann's cast', L. U. 3 Ch. 439, n.; C'lpfier'- 
 idxe, L. K. 3 Ch. 458, If, however, the company has knowingly ac((uicsccj iu 
 accepting an infant shareholder it will be bound, Parson'» cue, 8 lj|. 05l>. 
 And so also if it has allowed the infant to transfer his shares. Goorh't cm. 
 8 Ch. 266. 
 
 If shares are allotted to an infant, and repudiated when he comes of age, he 
 may recover what he paid the company in respect thereof. Hamilton v. 
 Vaughan Sherrin Co., (1894) 3 Ch. .589. 
 
 A director allotting to an infant son constitutes misfeasance. Crnn-r, 
 ir/icat Mining Co., L. It. 8 Ch. 45. In the ca<e of shares which ara only in 
 [lart paid up, t';e company may refuse to pass a transfer to a person rcsidint; 
 abroad. And .le seller of such shares on the London Stock Kxchanije ma\ 
 decline to transfer to a person so residing, (loldxilimidl v. Jonri, 22 L. T. 2'Jl. 
 
 Under the old law a company could not be compelled to register a tniiisfer 
 to a corporation and an ordinary individual jointly. Law Guarantef, #c. .^oc. 
 :4 Q. B. D. 406. 
 
 But the law in this respect has been altered by the Bodies Corporate Joint 
 Tenancy .Vet, 1899 (62 U 03 Viet. e. 20), sect. 1 of which enacts as follows: 
 
 (1) A body corporate shall be ca]mble of ac<|uiring and holdins; any real m 
 personal property in joint tenancy in the same manner as if it were au 
 
FORMS. 
 
 «7.1 
 
 inilividiinl; and where u uody corporate and an individual, or two or Pom 251. 
 niori' bodii'fi ror|«>rato, bwoiiio pntitlo<l to any Huch property nndcr 
 rirciinistiincps or by virtue of any iuHtrunient whiili would, if the Inxly l^'f^T at joint 
 i'iir|iorute hail been an individual, have ereate<l a joint tenancy, they 
 ;ihall l>e entitled to the property ait joint tenants). Provided thui the 
 iidiuisition and holding of pro|>erty by a body corporate in joinl 
 tiMuncy shall be subject to the like conditiomi and reatrictionx a'< 
 :itt:icli to the acquisition and holding of pro]>erty by a body cor- 
 porate in severalty. 
 ,2) Where a body eorporate is joint tenant of any property, then on itn 
 
 di^isolution the proiicrty ihall devolve on the other joint tenant. 
 An to married women, see the Married Women's Property .Vet, 1882 (45 i 16 Married 
 Vict. c. 7.i), and the Act of 1893 (5G k 57 Vict. e. 63), «. 1. womeiu 
 
 This .\ct placed a married woman transferer in the same position us if she 
 were a feme sole, and renders her liable on her contracts to the extent of her 
 ■CT'Orate property. lUit. unless satisfactory evidence of separate estate is pro- 
 (liiicl. the directors mij;ht properly (where they have a discretion) refuse to 
 register a transfer to a married woman of shares involving any liability. See 
 proviso at end of sect. 7 of the Act of 1882. 
 
 'X]b. Tlio lompuiiy adopU the Forged Transfers .\cts, 1891 uiid Forced 
 180:'. and tlio directors shall have full power to give orteut thereto.] AeJ""''" 
 
 .\ clause as above is occasionally m-erted, but it is superfluous, for, notwith- 
 i^tanilini,' its omission, the Acts will apply. 
 
 Tlic l'or){cd Transfers Act, 1891, as amended by the Forufcd Transfers .\ct, 
 l.'il''.', provides that where a company i.ssuc or have issued shares, stock, or 
 »ei uri(ic< transferable by instrument in writing;, or by an entry in any books 
 or rc!.'i«tcr kept by or on behalf of the company, they shall have power to make 
 cc)nipcii>ation, by a cash payment out of their funds, for any loss arisin;.; from 
 a tnn^fer of any such share, stock, or securities in pursuance of a forced 
 transfer or of a transfer under a forged power of attorney, whether such loss 
 ari-c< and whether the transfer or power of attorney was for^'cd before or after 
 ilie passing of this Act, and whether the [wrson receivinir such compensation, or 
 any person tlirouffh whom he claims, has or has not paid any fee, or otherwise 
 (oiitriliuteil to any fund out of which the compensation is to bo paid. 
 
 Tlie .\its empower the company, by fees or otherwise, to provide a fund to 
 mnt claims for compensation, and to raise tlio amount by mortgages, and to 
 impdse such reasonable restrictions on the transfer of shares, stocks, or 
 seiiirities, or ith respect to powers of attorney for the transfer thereof, as 
 they may consider reiiuisite for guardini; against losses arising from forgery. 
 
 These .Vets, it is to bo observed, do not impose upon the company any 
 "iJi;/i!i!oii to pay. They only give power to make compensation, i.e., if the 
 iiiciipany chooses. Ilenee there is no objection to adopting the \cts by the 
 articles or to passing (as many companies have) a resolution adopting the Acts, 
 fiir in neither case is the company bound to pay any particular cl:iini unless it 
 lliiiiks tit so to do. 
 
 The XnU were no doubt intended for the benefit of a purchaser who, having 
 ill L'l.cxl faith paid for and been registered as the holder of shares, stock, or 
 pruritics, found himself subsetiuently deprived of what he had bought in 
 ionsc<|iieiice of its being proved that the transfer to him was forged or was 
 cxe.uteil under a forged power of attorney. The wording is not very ilcar, but 
 it is submitted that it is capable of this construction, and the purport of tho 
 .\it.s. T'ruc, the loss in such u ease is not one " arising from a transfer," for 
 P. X \ 
 
 I 
 
074 
 
 AKTICLta OF ASSOCIATION. 
 
 rClIAP. IX. 
 
 Form 261 ''x^re U no valid trnnafcr, and the lonn ariam from thn fraud of the forKi-r; hot 
 to make hciikc of the pnmtmciit it may he anowablc to read in the wnnlii " thr 
 invalidity of " after the word " from." 
 
 Tr»ii»fer to be ,i4 . Kvory i iwtruineut of truiu<fer uhall be left at I he offipo for rc(!;«- 
 Iml "li'cVnM trillion, acvomjmniod l)y the pcrtifi<'ate of the shareB to 1)0 transferred, 
 of title K'vn. nii(i Hiicli Kthoi' csiiKinco as tlio toy may ri'i|iiiro to )iiove iho lillu of 
 the transferor, or liin ri^fht to transfer the shares. 
 
 It is t'X|ipdii'iit to have u ilau>i« of this kind beinii*c of the liabilitict wliich 
 n fonipaiiy imiirs if it tnKurn a ccrtiHrati' of «harc!< in parminncc of a for.'i'd 
 traiiiif<T. 'iirllior, in/ra, ("hup. XfV. It nhould use the utmo'it caiition 
 
 in rcira I i istration of transfers. 
 
 As a((ainii, the real owner, a forifed transfer ia a mere nullity, and accord- 
 ingly the real owner can compel the company, if it ha* removed his name from 
 the register, to reinstate him as the holder of the shares, and to pay him all 
 dividends which have been declared on the shares whilst his name was ol! the 
 register. Daiii v. /lank of En'jlnnd, 2 Bing. 393; Barton v. Snrth Sli/ford- 
 .hire /tail. Co., 3S C. I). 458; Sarlon T. L. # A. W. Rail. Vn , 21 (J. B. 
 Div. 83. 
 
 Moreover, if a oo.-npany has issued to the transferee claiming under the 
 forged transfer a certiBeato of title to the shares, the company will be liable 
 to pay damagex to any third person who acts on the faith of such certificate 
 being regular, e.g., by buying or lending money on the shares. Bahia, ^c. 
 Co., L. R. 3 Q. B. 884; Ottot Kopje Diamond Minet, Limited, (1893) 1 Ch 
 618. And the company is under the same liability even to the transferee, where 
 he acts on the faith of the certificate, e.g., by entering into a contract to bcI! the 
 shares ITompkinson v. Balkit Co., (1893) A. C. 396; //art v. Frontino, 
 L. K. .5 Kx. Ill; moomrnlhal v. Ford, (1897) App. Cas. 16fi), or by jiayinf; 
 a call. Where, however, the certificate has been issued and sent by the com- 
 pany's secretary vrithout the directors' authority and for his own purpo-cea, 
 the company is not estopped from disputing it. /iubrn v. Great Firt'inll Con- 
 lolitlaled, (1906) A. C. 439. As to the measure of damages, see Otlot Koptf. 
 $e. Limited, lupra. 
 
 But though the company incurs these liabilities, it has its redress aiainst the 
 transferee. Thus, if a person claiming under a forged transfer sends in to the 
 company and procures the registration of such transfer and the issue of a fresh 
 certificate, he is bound, though acting in good faith, to indemnify the company 
 against consequent loss incurred by the company. Corporation of VA.^/ic'e/ v. 
 /}arclay, (1905) A. C. p. 392, reversing C. A., (1903) 2 K. B. 580. And Bee 
 /lank of Enijland v. Cutler, (1907> 1 K. B. 889. 
 
 Where a c<:mpany i)ays dividends to a transferee under a forged transfer, it 
 is not e9topiM?d from denying the transferee's title, and can recover the uivi- 
 dciids. Fotler v. Pontoons and Dry Dock Co., 9 T. L. R. 450. As to proving 
 the forgery, see Copiapo Mining Co., 9 T. L. R. 615. 
 
 Very commonly the certificate relating to the shares to be transferred con- 
 tains words at the foot that "without the production of this certificate no 
 transfer of the shares mentioned therein can bo registered." It was held 1)V 
 I-arwell, J., in Haxnford v. Jam,:^ Keilh # Co., (1905) 1 Ch. 2aa, that ihnc 
 words operated merely as a warning to the shareholder to take care of the 
 .eriificate, and did not operate as a representation to or contract with a third 
 party, e.g., with a depositee of the certificate who lends money thereon; that 
 the company will not transfer without production of the ccrtiflcite. On appeal. 
 
K0KM8. 
 
 (IT) 
 
 Sm aim r/ijy v. form 2fll. 
 
 Il„. IJ1.I' w;!' ill- i<lr<l III! another |i<>inf, (1905) 2 I'h. 147. 
 
 M atniuu- llrulliirn, 25 T. I-. It- •il.'i. Kor liieta t« tin? iimtrary, «•« .Sixii <• 
 
 ,,,,„r<i,V ,lr P«ri> V. «-«/*fr, 11 App. Cm. 29. 
 
 It ij the prai-tii-e of companiM, on having a tran«fr'r toniiorml to thani for 
 rfci-trali"M, to (five tiotioe to the •liarohohier before roKi'tofing '*. thu«; — 
 
 • Sir— A triin»fcr of aharra of £ each in the above ronipuny, pur- 
 
 iiortini; to l>e oxociitivl by jroii, hoii been lod^^od for reffistration, and iinloM I 
 
 l„;ir frnin j'DU to the eontrary within clays the lanio will bo rogiatered. 
 
 I nr ilio lompany, , Sccrotary." Tho coiujittny ii uniler no nbli)fation to 
 
 ..i\.- -urh 11 nolin-. .S'ibi'M v. Ani/lo-Amrr. Cii., 5 (J. 11. Div. 205. Ami a 
 .li.irih"l(lrr who does not unawer the letter i« not thereby e«topppd ?roin 
 iriiptjichinir » fonfi^l transfer. Harton v. I., f .V. If. Kail. Co , 2t (j. B. 
 liiv. 77. (JroMa no)fliKen(0 on the part of a shareholder may, however, prwhide 
 r.lii f in ra^o of a forced transfer. Coin v. /Iiiiik of Enijianil, 10 Ad. Ji til. 437. 
 
 \ rliiii.u is occiisionally to bo fmind in artic^los, providin)f, intrr iiiia, that the 
 rliri" tor-i shall not bi' Iwund to in(|uire into tho authenticity of any transfer; but 
 .11, h a clause SI ems ine!ii)«ilient ; and where a ((uotation on the Stoek Kxehanf{i- 
 is ch'sired, the Committee of tho liondon Stw'i i'xihanire always re<iuiro tho 
 c hi use, If riintiilniil in the artielcs, to be atruek out by a spwial reaolution 
 allerlni; the artlilcs. 
 
 Kvcn withnut tlip words in ehiuse 34 us to the eertitiiatp, tho loncludinf; words 
 W'luld justify thedirei'tors in eallin*; fur a deposit of the eerlitieaio for examlnu- 
 tii.ii, A'f</ H7.<i//. .(v. Co., 33 Itoav. 1I!». 
 
 Where the direetiirs have a diseretiuii as tn re^ji.-terini; li transfer from u 
 ihiinlier who isi indebted to the eonipar.y, tho time when tho instrument of 
 tr:in«fer is left at the ofllie, not the time when tho directors consider tho matter, 
 Is the critical period. Ciiwli-tj ,(• Co., 42 C Div. 21)9. 
 
 C'KHTIFICATIO.N UK SlIAIllS. 
 
 When tlie huhler of aharoa exci'utos a transfer of them, it is for the trana- 
 fen c. as the ]iarty mainly concerned, to get the transfer registered, and in order 
 til ilu this he must be prepared to hand over, or to proouro someone else to kbnd 
 iinr. to til iDmpany the transferor's rertifleate of title to sueb shares. If the 
 icrtiticate comprises tho shares transferred and no more, it can of course bo 
 liaiideil over with the transfer to the transferee, and then can bo delivered by 
 h;Mi to the company; but very CHimmor.ly the eertitieate includes other shares; 
 lor example, the oertificato may certify that A. is the holder of 100 shares; if 
 he transfers only 50 he retains 50, and therefore does not want to hand over 
 liis icrtiticate to the buyer. And again, if, having 100 shares, he sells 50 to li. 
 ,iiid ."id to C, he cannot hand over tho eertitieate to both. In such cases the 
 transferor usually lodges bis certiliiatc with the company, and then at his 
 r:'|ucst, or at the re(|uost of his broker, the »eorct;iry "certifies" the transfers 
 ihcfiirc they arc bunded over tsi tho transferees), by stamping in the margin 
 the ferin I'f cortitication and signing tho same. Tho following forms are usi-d: — 
 
 ■Certiliiate lodged for the (,'onipany, I,iniite<I, Secretary," nr " Certi- 
 
 liiale fur shares (has been lodged J at tho company's office. I lute. 
 
 Scrretary." 
 
 i\ ccrlitication of this kind is nigardod as a representjitiDU by the secretary. 
 im hchalf of the company, that the transferor has pro<lueed such doeumonta as 
 ..u the faic o? theiu ishow a pumu fitvif tiliu iii the tr-tiisferui- (n nuke ili," 
 transfer, e.ij., a certificate of title that tho transferor is tho rogistorod holder 
 iif the shans coinprisetl in the transfer, or else a eertificate that some other 
 person is the registered holder, together with proper tran'fors from th.it person 
 111 tho transfonir. In giving such " certifications " the aoorotary is not supposed 
 
 X X 2 
 
iU 
 
 «7« 
 
 rorm 261 
 
 AUTKi.KM OF ASSOCIATION. [ClIAP. IX. 
 
 Wheu 
 transfers ti> 
 be retained. 
 
 I« <io mure than look iit thn ilixiiiiHMitK |>m<liii(il ; if they a|.|>«'«r In !«• in nrili r 
 lio <rrtifl<"<; if tlicy iirf not hi- rofuMw to rertify; but he in not bouiiil In in.|uir< 
 wlitthiT tin' dwuiiwnt* produpfd to bim are genuine or not, or wliethcr th« 
 vsrioUH triiii»fer» are valid or invalid in |)oint of law. " He does not warrant 
 the title of till- trannfenir, nor the validity, in jwint of law, of the variuu* 
 doruMientt whioh together (purport to) riitabli«h hin title." Per Lindliy, I.. J , 
 Hiiho/, V. Holkin CimtoUdnlnl Cn., 25 Q. B. U. 612. 
 
 .\ tranafcr eertifled na above in, by the rule* of the Ixindon Stock Kxchanifc. 
 arcepted an (food delivery of the nhares to a buyer without deliviry of th» 
 .•ertificate. lrre!<pe<'tive of the«> rulei, a transferee generally re<iuiris the 
 wrtiticute or u i-ortifled transfer, for the urtielcs of the company u.iuully iimviite 
 for the production of the certiHcatc before u transfer will be rei?i«tiT. ! \ 
 rercinl of eertiflpHtions should be kept. 
 Sometimes an official of the I»ndon Stock Exchange eertiHes. 
 It was held in ore ease (Rn Concrniiona Trutt, (1896) 2 Ch. 757), thai «hm 
 im instrument, purporting to transfer fully paid up sharot, is certiflwl by Ihs 
 ■secretary as alwvc, the company is, by the certification, estopped friMn -,4viDs 
 that they are not paid up. But it has now Ix-en decided by the llim^.' nt birJ« 
 that though a secretary has authority to certify, there is no ostopp<'l if the 
 Hci-rctary certities fraudulently for his own private ends, flroryi- W: .,-hufl, 
 f- Co.. (1901) .\. ('. 117. fonf. Itiiheii v. Grfol Finf/oll t'oimoliditf,,/, (li)ln.. 
 A. C. 439. 
 
 Certittration of transfers given to the secretary i-. an ordiimry l)U9iiie.« 
 Iransaction within the |>owcr of a trading company Jlin/iop v. /(«//,.». +<•. ('„., 
 2.5 (i. li. n. 620. 
 
 If the company, aftiT certifying, returns the certificate by inistuke to tli. 
 transferor, and the transferor pledges it in fraud of the transferee. thi< iriv.» 
 the pledgeti no ground of action against the .■nnipaiiy. Loni/mnn v. H,iih 
 KInlric Triiimiaijii, (1905) 1 Ch. 64tj. 
 
 Where the certificate is lodged with a view to the transfer of part oiJy of 
 the sliares comprised therein, the company in due course issues to the transferor 
 a fresh certificate for the balance; or, according to the practice of suni' 'om- 
 panics, indorses on the deposited certificate particulars of the shares traii-ferroi, 
 and then returns the certificate to lli.- depositor. Sometimes on the dcpiwlt, and 
 before the issue of a fresii t«rtiflcatc, the depositor is given a balance ticket. 
 
 [;54a. All iiwtruiueuts of trau.sfer whicli wliall bo re<;iMtoroiI shall bo 
 ivtainod by the ooy, but uuy iii.struinont of traii.«for whioh the dircdors 
 may decline to rci,'istor shall bo returned to the perwoii deix^sitiuj,' tlio 
 
 Fee on 
 transfer. 
 
 WhentruUHfi 1 
 books and 
 register may 
 be closed. 
 
 The above is ■umetimes used. 
 
 ;!5. A fee not ( \t«odiii^' 'In. i\d. may be charged for oui.ii Iniii-fci, 
 .iml shall, if required \\ 'liy directors, be pd beforo the rojri.stra^iuu 
 thof. 
 
 3G. The transfer book-s and ro<;i--lcr of members uiay \w iiloscd 
 during such time as (ho diroi lors tlimk fit, not e.xceediug in tiio wlwiu 
 liiirty days in each year. 
 
FOKMr<. 
 
 677 
 
 " Tlie (lipilori muy i)U«|>eii<l the rKifi«trtt(i n 'f traimfrM fluriim the fourtetn 
 ,|av« ininiwliatily |.ro(Mlinif th« nnliriary if. ii. . il mi>etin(( in oarh your." 
 
 il, ^-t. :il ill th'- Alt of llMifi. it in |.ti)Vi.loil tiiat a roinpniiy may, by ndvir- 
 i,^.ni.iit in «iiiie newnpapor c'iri'ulatinK in tlin dintrii-t in which the rivi"t'Te<l 
 „ffi,r of 111!' .umpoiiy i« xituated, close the ri<({i»t<T ..f iii.'IuImm for niiy tiino or 
 ,1,,,,., ni.i . xiwUiiitf in the who!.- thirty .I»y9 in oa. h yrar. 
 
 Fonn2dl 
 
 n;. Tho <>x<>rf< "r lulnmrs ..f a. (1oc«hi«<h1 menil>or (not Ijein^f oiio of ^^™;.'"^,'|;^"," 
 N<>v<Tiil j<.int lioldorwi xlmll Us lli« onlv jxTsonw r«>cotfni/(><l by llio coy ,(,„,.,, 
 iw liiiviii^r unv title to the -Imnvi r<-„'iMti>rP<l in tli« niiiiio of »<i<'h Att.>-iir- 
 iii,n.l«>r,"niKl in r^iso of tho (loath of any ono or inoro of tho joint «'VMr«hip. 
 n"ri>!<TC(l hol.h'rs of any shiirow, tho wurvivorx xhftU Ikj tlio only 
 l„.7>.Hi' nMo«nl«Ml by llm toy a.'* h.iviny; luiy lilU- In or iiilcrcMt in Huch 
 ■iharxv. 
 
 Tl..' Kr«t part of thia i-hnvv in tronprally inwrt(«l in orili>r tbiit tho lon.pany 
 inav iiol I"' irivolvitl in (|UO*ti(in>i of a<lniiiii-tration, hut may liK>k t-) thn lat^al 
 ncr«niial riprosi'iitaiivcs only. 
 
 If a«-ir.<l, pruvinion ran 1)8 niado to the I'tfeot that, on tho il-h ••■ i ■ kf*- 
 |,„M,r. Ill'- 'harp^ «liall, if not rti«po«'d of upclH. ally l>y will. -ome 
 
 -pp, iti.-d iior.i.n, or ho di«lt with in a »poi iHo<l niannrr to the rxi lu-ion of the 
 loL'd pir«"nal roprospntativos. .Vm to the N.ilidity of «iich provi«i..h«. «o .f.AAy 
 1. c-.'i./. .i9 1-. T. 224; //-jri>« v. 7)ai'i>», ( 1892) 3 t'h. <>3. 
 
 A (Ic. ft.p<l moiiilxir of a limitn<l company roniainH a lucmlM-r for the pnrponcn 
 .,f ihe articles of ansooiation so long an hi« name rnmainn on the ri^i-ter without 
 n„li(fi to the company of hii death. I'er Davoy, \,. J., .V«w Zealand (lold Ex- 
 tr.,ri;.,i Co. v. rfmorl.; (1894) I Q. U. f.22, U;!3 (t^. A.). Seo i„/ro. P- 781. 
 
 lint when notice of a general meeting i» to ho jfivcn to " the mcmhcr- " It is 
 lint iui'c«9ary to Rive it to the executor* of a deceased member, unless they too 
 arc niemhcrs for these are not members. (//'•" v. Unld lirpf^ nf H rnl .lirira, 
 
 I'HMi) 1 Ch. 55t>. See, howover, clause 114 of Table A. as to givin),' notices of 
 u'oninil iiicciinRs to executors or administrators. 
 
 ' A^ to survivorship, sbo //i«« ctiie, 20 Kq. 595, iu which it was hehl that even 
 witli.iiit express provision there is a right of survivorship as between joint 
 h..|ilors. 
 
 I'll preclude disputes, words are sometimes added to tho above cUuses to the 
 effect that " Before recognizing any executor or administrator, the directors 
 may rtspiire him to take out probate or letters of »<lministration in Kngland.' 
 Iliit <is' note to clause 38. 
 
 .;8. .\ny porfion becoming onthl lo shniv^ in loiisci [nonce oC tlic Astotmnsf.r 
 (leiMh <n- bankruptcy of any monibcr, upon producing' >ncli cvidomo ^j,,",)^,'',',;. 
 Iliiil he sustains tiie character in respect of wiiitli lie piup<>M?s lo act Uukrupt 
 lui.lii- tills clause, or of his title, a-s the tlireitorn think sulUcient, may . "p™^,";,,.;,,,, 
 rtiiii llio cimoeal of the Jii'Octois (whi.h tiirv vhall tit't t« finder »r,y -Sausi..; 
 .ililiiralioii to frive), be registered a« a meiiilwr in res|:)Cct of .such 
 .sli.nis, or may, subject to the rt<^''ulationH as to transfers Imbofoii' 
 wiitiiiiiMl, tran.sfer .such shares. 'I'lii- cliuise i- hnftr refoircd to a- 
 
 ilic traii.sniLsition clause. 
 
678 
 
 AKT1CLE8 OF ASSOCIATION. [t^UAl'. IX. 
 
 Iil 
 
 Form 261. "^^^ cUiue, with more or lean variation, ia a common one. It ia generally 
 
 expedient, if possible, to secure a member who is living and responsible In Uw 
 
 place of a deceased member or one under disability. Of course, if any penon, 
 under this clause, becomes a member, he is personally liable to thu company on 
 the shares, but this does not affect the equities subsisting l>etween him and the 
 estate of the deceased shareholder, or the infant, lunatic, or other member ia 
 whose place he stands. 
 
 Kven apart from this clause, the personal rcprcsentativos of a deceased member 
 can transfer ; for sect. 29 of the Act of 1908 provides that " a tranifor of the 
 share or other interest of a deceased member of a company made by his personal 
 representative shall, although the personal rcpre^icntative is not himself t 
 member, be as valid as if be had been a member at the time of thu execution 
 of the instrument of transfer." Until transfer under this power, or until the 
 personal representative personally accepts the shares, the estate of the decca.4ed 
 member is alone liable. See Baird'i ca»e, 6 Ch. 725. 
 
 The question sometimes arises whether a transfer by one of several executon ii 
 effective. According to tlie general law, each of several executors can sell and 
 transfer the per -onalty of the testator, but the terras of the company's articles 
 must bn considered, and where they are framed as above, or as in Table A, 
 clause '22, it would seem that a transfer must be signed by all. 
 
 One of two or more exe<'utor« registered as shareholders cannot transfer: both 
 or all concur in a transfer. Barton v. Sorth Htafford»hire Rail., 38 C. Div. 
 458; hartoH v. L. # .V. W. RaU. Co., 24 Q. B. Div. 77. See fitpra. 
 
 So long as the share of a deceased member remains standing in his name, hit 
 representatives do not become members of the company in respeirt thereof, but 
 when the representatives are registered, they b..oome personally liable, and the 
 company has nothing more to do with the deceased memlxir. Some cuiij|mnie« 
 have been in the hubit, on productiun of probate or letters of administration, of 
 registering the representatives as the holders of the shares, but this i» not 
 regular us regards <'ompanieH under the Act, in the absence of a '' distinct and 
 intelligent re<)uest on the part of the executors." Per Lord Cairns, 1.. C, 
 Buclmn't cate, 4 App. Cas. 588. When registered as members there should be 
 a " clean " registration without any reference to that representative capacity. 
 AV Suuiidert </( ('o., (1908) I Ch. 415. On such registration the executors or 
 administrators nmy choose the order in which their naniits are to stand. Utiil. 
 See Forms 430 et neij., infra. 
 
 Wlicro a shareholder testator is domiciled abroad, the wmpany, before re- 
 cognizing his executor or administrator, must require probate or letters of 
 administration to be obtained in Kugland. This is the evidence on which alone 
 the Court will act, and the company should not Ui'ccpt less conilusivc evidence. 
 Fernandez't Kxort., 6 Ch. 314; Attorney-Getierul v. Sew York Bictveriet Co., 
 (1898) 1 Q. U. 205; affirmed »«A noni. Xew York Breweriei Co. v. Altamrf- 
 Uetieral, (1899) A. C. 62. 
 
 .\s to colonial probate, see Colonial l'rol>al*^'s .\et, 1892 (55 Viet. e. (i). 
 
 As to shares in a colonial register, see sects. 34 to 36 of Uie Cumpaniw 
 (Consolidation) Act, 1908. 
 
 Occasionally a company which has foreign shareholders obtains a private Act. 
 enabling it to recognize devolutions of title without produition of prcjhate 
 See louian Bank (Limited) Act, 1899 (62 U 63 Vict. c. xcix). 
 
 By apt words in the articles it would appear {lossible to provide for the 
 direct devolution of shares to a specified person on the holder's death. /''I'h'< 
 v. Daiiet. (1892) 3 Ch. 63. 
 
 Where shares upon which there is a liability form part of the estate of a 
 deceased member, his executors or administrators should adverti.so iu the u.'>iial 
 way for claims iu accordance with 22 ic 23 Vici. e. 35. They will then be in a 
 
FORMS. 
 
 «7» 
 
 po.ition to distribute, having regard to tho oUim, of which the, have notice 
 ^t as if the estate was adminiBterod by the Court Clegy y. Rowland, 3 Eq 
 ■118- lie Freu-en Co., L. T. 953: see, however, Ruueirt Executor,' «i«, 15 
 'in] ' J 790 But they cannot safely ignore a claim not sent in, if they have 
 notice of it.' Land Credit Co. v. itarku^elt, 21 W. K. 35. They may, however, 
 .(ter due advertisement as afore«iid, distribute without maWing provision for 
 liability in respect of uncalled capital. Jervi. v. Wolfer,tan, 18 Eq. 18; Hobb, 
 V, Wavet, 30 C. D. 256. 
 
 If executors or administrators after distribution remain under liability (#.3., 
 OS holders of the legal title to partly paid shares,, and they are subsequently 
 .ompclled to pay calls, they are entitled to compel the residuary legatees to 
 refund by way of indemnity {Jervi, v. H'o!fer,tan, ,Hpra; Wittaker v. Ker,htt,r. 
 15 V U. 320), and tho company as creditor may, if need be, have the esteto 
 administered by the Court, and compel legatees to refund. GiHcine w. Alei- 
 „ndcr. 2 Russ. C. C. 136; David v. Frowd, 1 My. & K. 209; Williams on 
 Kiccutors, 10th ed., 108S; Seton, 6th ed., 1660. 
 
 Prima Ireie in an administration action, the Court will not require a fund 
 to be retained in Court to provide for future cases. Mellor v. South Amtrahan 
 Uml. ir., (1907) 1 Ch. 72. 
 
 Where a shareholder dies insolvent the company may prove for tho value of 
 future calls. Fuller v. Mc.Maho,,, (1900) 1 Ch. 173; Bankruptcy Act, 1883, 
 ■1 37 (2); and see note to Clause 19. 
 
 ' III r«lirori,i Co. (1894), 43 W. R. 190, it was hold that where the estate of 
 , .hareholder was sequestrated in Scotland, and afterwards the shareholder 
 died, tho sequestrator was entitled to rank for dividend in tho winding-up in 
 the place of the deceased. 
 
 Hy set. 50 (3) of the Bankruptcy Act, 1883 (40 k 47 Vict. c. 52), when any 
 |,art of the property of the bankrupt consists of shares transferable in the l>ooks 
 ,t any company, the trustee may exercise tho right to transfer the property to 
 the same extent as the bankrupt might have exercised it if he had not become 
 Lankrupt. Accordingly the trust<.c's right of transfer cannot be fettered to a 
 trrcat.r extent than that of the bankrupt. This is not always borno in mind. 
 ['rovi«ion» forfeiting the shares of a bankrupt member, or permitting the 
 ,„m,,any to dispose of them eompulsorily, cannot be relied on, as they defeat the 
 n.'hts uf the creditors by withdrawing part of the estate from them. Fx parte 
 .lay b, re llarrinon. 14 C. Uiv. 19; Collin, v. Barker. (1893) 1 Ch. 578. 
 
 ilut there is nothing obnoxious to the bankruptcy law in articles which pro- 
 vide that a shareholder shall in the event of his oankruptcy be bound to sell his 
 .hares at the price fixed for all transfers alike, and as part of a bond fide scheme 
 lor so<uring that shareholders shall be actively engaged in tho business, flr.r- 
 l;nd-> Triuler v. Steel Bro,. * Co., (1901) 1 Ch. 279. 
 
 Clnuso 13 of Tabic A (old) was very different from tho transmission .lauso 
 above, being as f oUows : — " Any person becoming entitled to a share in con- 
 -ciuonce cf the death, bankruptey, or insolvency of any member, or in eo.isc- 
 .|ucnce of the marriage of any female member, may be registered as a member 
 upon such evidence being produced as may from tim- to time bo requm-d by 
 the company." 
 
 As to its operation, see Bentham .Villa Spinnin;! Co., 11 C. Uiv. 900. In 
 that ca.«c it was held tlmt under tho last-mentioned clause the trustee of a 
 l,iinkrupt could insist on being registered, alti,oUgh tho iKinkrupt w^3 Indvbted 
 to the company, and tho company had a lien for the indebti^lness; not so under 
 clause 38 of this I'orm. It is true that in A'* parte Ilarruion, 26 C. U. 522, 
 r.:i(0M, V.-C, considered that the trustw, when registered, would be subject to 
 thr company's "sjuities; but that does not prevent the trustee being eiitith"d, 
 not only to registration of himself as member, but also to liave (a) registration 
 
 Form 281. 
 
 
680 
 
 Form 251. 
 
 ARTICLES OF ASSOCIATION, [ChaP. IX. 
 
 timplieiter, i.e., undefaced by my note or memoraiiduni that the shares ari' 
 subject to a lien, (b) a " clean certi&cate "—that is to nay, a certificate in tlie 
 ordinary form undefaoed by any such note or memorandum. Re W. Key ^ Son 
 Ltd., (1902) 1 Ch. 467. 
 
 Disclaimer of Shares. 
 
 The trustee in bankruptcy of a shareholder has a right to di^^clsim wiiliin 
 twelve months shares on which there is a liability, see sect. 55 of the Bank- 
 ruptcy Act, 1883, amended by sect. 13 of the Banlcruptcy Act, 1890; Itiidihu v. 
 Roberti, 12 C. D. 288. Under sub-sect. (7) of same section, the company can 
 prove for damages in case of such disclaimer. The twelve months run from the 
 appointment of the trustee. Re Cohen, \V. V. (1905) 138, C. A. As to the 
 measure of damages on disclaimer, see Re Ilallett. Ex parte National Intur- 
 ance Corp., 1 Manson, 380, and Re Hooley, 6 Manson, 404. As to vestinj; 
 the title in a third _ .■ . iy claiming an interest, see sub-sect. (6) and Williains 
 on Bankruptcy. 
 
 Sometimes the " trans-nission " clause continues with the words "or any 
 guardian of an infant member or committee of a lunatic member," but there I- 
 some doubt whether they are effective. 
 
 Transfers in the ease of infants can only be made in pursuance of an order 
 of some Court of competent jurisdiction, e.g., the Chancery Division, and by the 
 person named in the order. 
 
 And shares held by a lunatic can only be transferred under an order in lunacv. 
 and by the person named in the order. See Lunacy Act, 1890, ss. 133, 136- 
 139. As to the form of order in such a case, see Re Purvit, (1904) 1 Ch. 37.3 
 See also Lunacy Act, 1891, and Lunacy Act, 1908, as to persons not so found. 
 
 .\8 to a charging order against lunatics' shares, see LlewelUn v. Drown, 
 (1900) 1 Ch. 489. As to transfer to a foreign tutor or guardian of a lunatic 
 resident abroad, see Thiery v. Chalmert, Guthrie ^ Co., (1900) 1 Ch. 80; and as 
 to Court's discretion as to transfer to foreign curator. Re Knight, (1898) 1 (_h. 
 257 ; as to the want of jurisdiction to transfer securities where the lunatic is not 
 BO found and is out of the jurisdiction, see Didiaheim v. London and Weximin- 
 Iter Rank, (1900) 2 Ch. 15; and as to the jurisdiction of the Chancery Divi- 
 sion to order payment of dividends to a foreign committee, see Xrw Yuri. 
 Security and Trutt Co. v. Keyter, (1901) 1 Ch. 666, and Farnham v. .Mil- 
 ward, (1895) 2 Ch. 735. 
 
 As to the right of the official assignee of the Stock Exchange to sell a 
 defaulter's shares, see Riehardnon v. Stormont, Todd f Co., (1900) 1 Q. B. 701. 
 
 See also clause 22 of Table A. 
 
 Power to 
 iawe share 
 warrants. 
 
 Share VV.akhants. 
 
 39. Tlio coy, with ivsiiet't to fully jKl-up sIiun a, may issue warranto 
 (hnftr palle<l .shai-o warrant.-*), stating that tho boarer is entld to ilu' 
 8haI^>8 therein specified, and may provide by coupouij or oliicrwi~f 
 for the payment of future <lividende< on the Hliare!* included in suili 
 warrants. 
 
 The Companies Act, 1867, sects. 27 et leq. (now replai^ed by sect. 37 of the 
 Companies Art, 1908), cmimwered a company limited by shares, if authorized «i 
 to do by it« articles as originally framed, or as altered by special resolution, tu 
 issue share warrants. 
 
FORMS. 
 
 681 
 
 „.„»>. must bo under the seal of the company, and will entitle the Fom 261. 
 , TtoTshanror Ik therein specified ; and such share, or stock wiU be 
 '" f 1 1 bv delivery of the share warrant. By mercantile usage a d.are 
 '""tanCiablJ instrument. W.U, llaU * Co. v. AU.a,.lria Hater 
 
 *'"' 21 T. L «• 5"2= ^' ^'- ^- ^^^- ^ '""■'" "' '*""* "'"*"'• *'*''"■ 
 
 '"lTpt!t (1908) provides in .eot. 2ti a. to the particulars to be contained in 
 the annull 'umn.a^^ to be filed by . company, where share warrant, have 
 
 """lloldill^a share warrant will not qualify a director who i. required to hold . 
 ,haro qualification. See sect. 37 (4). 
 
 40 Tl>o dii^ctor« may dctorn.iu«, a.vl Iroiu ti.uc to time vary, ,..o j^-^^to^ndi;, 
 ...nditionH upon which .sharo warrant., shall 1>« i-^.ml ami in par- ,, 
 ;i;:L.. npon whioh a now .har. warran. „r roup.m w.ll ho ,s.u.., l.n ™nt..ha., 
 ,1,0 ,,l,ue of one worn out. defaced, lost, or destroyed; upou which tho 
 Wror of a share warrant shall te entld U. attend and vote at ponoral 
 „u.clin..s: a.Kl upon whi.-h a sharo warrant niav he surrender... and 
 ,1„. naiuo of the liolder entered in tlie rc-istor in m- --ct of the shares 
 ,|„.,viu specified. Subject to such condiUoiw, and U> those presents, 
 ,|„. boaror ..f a sliaix- warrant shall bo a n.e.nW to the full extent. 
 ■n„. l,ol.lor of a share warrant shall !« subject to tlie conditions t..r 
 ,1,0 tin... hein- in force, whether iihiile before ..r af-r the issue ot such 
 warrant. 
 
 ;mes all the matters referred to in the above clause are expressly pro- 
 , .y the articles, but it U generally thought better not to incumber the 
 ath such matters of detail, since, in the Rrcat majority of companies, 
 rrants are never issued. 
 *here the immediate issue of share warrants is in contempUtion, it may 
 be d.-lra!.le to set the conditions out in detail. In such case add to the above 
 ,la..»e tho words " until otherwise determined, the conditions following shall 
 have iffect as if made by the directors under this clause," and then set out 
 the .onditions in such paragraph.; or omit the rN)ve clause and insert a new 
 ,lau.o thus:— "The following provisions shall have effect,' and then set out 
 the conditions inserting before them the words of the above clause commencing 
 with •' Subject to such conditions." 
 For form of conditions, see i»/ro, p. 1134 et »eq. 
 
 The bearer of a share warrant may, if desired, be deprived of the right of 
 vntinp, hut this is seldom done. It is usual, however, to make the deposit, 
 before the meeting, of the warrant, a condition of the right to vote, see .«/r«, 
 Korm 653. 
 
 r.iwKR.sioN OF Shares into Stock, 4c. 
 
 41 Tho coy [in general meeting] may couvort any pd-up shares (■„„>. r»l..n ..t 
 into stock. ,tlH^k. 
 
 The power U not often exercised, and the elauscH relating to it might, if 
 
 Ml 
 
 M 
 
682 
 
 Form 261. 
 
 'i'rauiffer of 
 .ito<:k and 
 rights uf 
 holderM. 
 
 RiKhta of 
 iitockholdei> 
 
 AKTICLE8 OF ASSOCIATION. [ChaP. IX. 
 
 brevity be daairad, be omitted. They can at any time be supplied by upeciul 
 resolution. If the words in brackets are omitted, the directors will ho able to 
 varry out the oonreraion under their general powers, infra. 
 
 See further as to oonversion of shares into stock. Chap. XIII., infra. If 
 desired, the clause may run thus: "The company may by special resoluUon 
 couTert," tu>. 
 
 12. When any Bharci« have been cuiivorted into stock, Uie several 
 holders of such stock may, thenceforth, traasfer their resptntivo iu- 
 t<'re8t8 therein, or any part of such interests, in the same manner anil 
 subject to the same re-julations as and subject to which fully ])ai(]-ii|i 
 shares in the coy's capital may be transferred, or a^ near thereto a.-, 
 circumstances will admit. But the directors may from time to time, if 
 (hey think fit, fix the minimum amount of stock transferable, and 
 direct that fractions of a pound shall not be dealt with, but with 
 power, nevertheless, at their discretion to waive such rules in auv 
 particular case. 
 
 43. The stock shall confc • c > tlie holders thof re8i)ectively the snuie 
 privileges and advantages, as regards participation in prolits and 
 voting ft meetings of the coy, and for other purposes, as would havf 
 been conferred by shares of eijual amount in the capital of the cov. 
 but so that none of such privileges or advantages, e.xoept the partici- 
 pation in profitii of the coy, shall bo conferred by any such ali(|ucl 
 part of consolidated stock as would not, if existing in shares, liavp 
 conferred such privileges or advantages. And, save as afsd, all the 
 provisions herein contained shall, so far as circumstances will admit, 
 apply to stock as well as to sha. s. No such conversion shall atiett or 
 prejudice any preference or other special privilege. Tiie coy may 
 at any time reconvert any stock into paid-up shares of an\ 
 denomination. 
 
 The conclndinj^ words of sect. 41 (1) (c) reproduce sect. 29 of the Companim 
 Act, 1900. 
 
 Sect. 41 is a useful addition. The section is not framed like sect. 9 of the 
 Act of 1867 as to reduction of capital. It does not say that the company, if 
 authorized by its articles, may by ipecial retolution so far modify, but merely 
 that a company may do it if authorized by its articles. Henoe, if the articlen 
 contain the requisite power to reconvert stock into paid-up shares, that power 
 can be exercised in the manner therein specified, e.g., by the directors nr by 
 the company in general meeting, by ordinary or by special or extrauraiiiary 
 resolution. And if the articles do not contain thu requisite power the reconrtT- 
 sion can nevertheless be effected by a single special resolution (see CumiiheU't 
 eate, 9 Ch. 1), or the special resolution can insert the power in the articles und 
 at the same time vest that power in the directors, so that they can, the nionirnt 
 the resolution is passed, effect the reconversion. 
 
 Notice of the reconversion must be given to the roffistrar. Sect. 42. 
 
FOK.MS. 
 
 lis:i 
 
 Form 2fil. 
 
 Increase and Keuuction of Capital. 
 
 44 The coy [in geueral meeting] may, from time to time, increa^ Po^r to 
 ,h« capital by the creation of now shares of such amount aa may be ^^^.^^ 
 acemctl expedient. 
 
 r»u«l hw .hare* if so authorized by ito articles, may increase its 
 
 ,t::::^^"X-l^of::::^'^r. o. ...K aLunt ^ it t^nUs e^peaien^ 
 ha e cap ta y ^^^ ^^^^ ^^^^^ ^^^ .^^^^^^ ^^„ ,,„ ^ff„„t,d by a 
 
 n,„lore«lut on' passed nt an extraordinary meeting. Sot uncommonly .t .» 
 I'^lbTul to require the sanction of a special resolution to an mcroa*. 
 thought better to require resolution. 
 
 "'.::,;:.";c z mrhrrt. rn\rort;i. u-.. .... ca. th. 
 
 :;::,: „^U 'be kble to mcrease the capital at their dis..r^t.on. ..«.*.« • 
 ™,f, 9 Ch. I; Mo>eley v. Koffyjontein Co., (1911) A. C. 109. 
 
 Yo The new shares sliall be i^.ued uimu «uch t«rm« and conditions Ou »J|»'^ 
 «n.l with such ritrhta and privilegt38 anue.xed thereto [as the general „e» .hare. 
 i:nt riin; upon th'e creation thereof, «haU di.ct and if no may^^.^-^ 
 din,.etioa be given], a« the directors sliall dr'enmne; and in particular ^^^^,^^^^, 
 «uch shares may be issued with a preferential or (luahfied r.ght to 
 dividoids. and in the distribution of assets of the ooy, and w.th a 
 special or without any right of voting. 
 
 As to the issue of preference and other special .b.-" "f -'hares. ^- -H.ra, 
 DD 480, 876, and inirn, p. 811 el leq. . ^ , , 
 
 ''if clause Ua is used, then omit the words within brackets m the ab..ve ,■ biuse 
 .„d substitute these: " as by the special re«,lution creating the sa.ue ,h,.ll be 
 dircctwl, and if no direction be given," &e. 
 
 Sec further, as to increase of capital, infra, where form- t.f resolution .t ue,, 
 
 ie., will Ih- found. 
 
 40. The ooy [in general meeting] may. before the issue of any now ^^.^_^.o i.- 
 ,luiiv.s determine that the same, or any of thorn, shall U. olicr«d in ^i^^j,,^ 
 ,hc limt instance, and either at par or at a premium, to all the then members, 
 ■twinbere or any class thereof, in proportion to the amount of the 
 capital held by them, or make any other -ovisu.its a.s to the i.ssue and 
 ullotmcnt of the new shares; but, in defa .'t of any such det^rmina- 
 liou or so far as the same shall not extend, the new shares may bo 
 .ieul't with as if they formed part of the t-hares in the original ordinary 
 capital. 
 
 In lieu of the above clause, which is very commonly used, the following, 
 which i» simitar t^ the clause 42 in Table k, may, if prcferr-d, be sub-ftuted: 
 "Subject to any direction to the contrary that may be given by the meeting 
 that sanction, the incre.«i of capital, »U new share, .hall be offered to the 
 member, in proportion to the eii.ting .hare, held by them, and .uoh offer shall 
 be made by notice .pecifying the number of rfiare. to which the member ,s 
 .ntitled, and Umiting a time within whieh the offer, if not aooepted, will bo 
 
«84 
 
 AKTICLE8 OF A880CTATIOK. [Chap. IX. 
 
 Form 251. <'**"*' to •>« <leclin«l ; and after the expiration of such time, or on n>cpipt of an 
 intimation from the member to whom such notice is given, that he dediriM t„ 
 accept the shares offered, the directors may dispose of the same in such mannir 
 as they thinlc most bcneHcial to the company.'' Whore a member is dooawid 
 but his name is still on the register, his executors or administrators are, for the 
 purpose of such a clause, entitled to stand in his place. Jamei v. Iturnn rv,. 
 lurr, *f. Co., (1896) 1 Ch. 456. 
 
 How far new 
 share* to rank 
 with shares 
 in original 
 capital. 
 
 Reduction of 
 capital, &c. 
 
 47. Except 8o far aa otherwise provided by the oonditionH of issue, 
 or by these prftsents, any capital raised by the creation of new slla^e^ 
 sliall be considered part of the original ordinary capital, and sliaii 1k' 
 subject to the provisions herein contained with reference to tho pa^ - 
 ment of calls and instalments, transfer and transmission, forfeiture. 
 lien, voting, and otherwise. 
 
 48. The coy may, from time to time, by special resolution, reduce 
 its capital by paying off capital or cancelling capital which has heen 
 lost or is unrepresented by available assets, or reducing he liability 
 on the shares, or otherwise, as may seem expedient, and capital may 
 be paid off upon the footing that it may be called up again or other- 
 wise; [and pd-up capital may be cancelled as aforesaid without 
 reducing the nominal amount of the shares by the like amouut to 
 the intent that the unpaid and callable capital shall be increased by 
 the like amount]. 
 
 As to reduction of capital, see infra. Chap. XVII. 
 
 The words in brackets are sometimes inserted with a view to enabling a com- 
 pany in case of necessity to increase its callable capital without reconstruction. 
 Whether the provision is effective has not yet been decided. According to 
 Britith, io. Corporation V. Couper, (1894) A. C. 399, the Court can sanction 
 anif kind of reduction. And the new Act so providea. Sect. 46. 
 
 SUB-DIVISTON AND CONSOLIDATION 0" SlIARES. 
 
 49. [And] the coy moy olso, by sjxjcial resolution, sub-divide or, by 
 ordinary resolution, consolidate its shares or any of them. 
 
 As t» Hul>-division of shares, sec infm, Form 479, and Xet of 1908, scot. 41 
 (1) (d)- 
 As to consolidation, see the same s on (b) and infra, Form 478. 
 
 Sub- division [49a. The 8()ecial resolution whereby any share is sub-divided may 
 
 rato preferred determine that, as between the holders of the shares resulting- from 
 
 »nd ordinary, .■,•.• , 
 
 such sub-division, one or more of such shares shall have .some pre- 
 ference or spc<'ial advantaafo as regards dividend, capital, voting', or 
 otherwise over or as compared with the others or other.] 
 
 The above power is sometimes found useful. It has been doubted whether 
 it could be taken by special resolution, and in several cases private Aets have 
 been obtained to effect such a division. But the decision in Andreu-i v. '/nt 
 Meter Co., mpra, p. 6S7, appears to dispose of those doubts. 
 
FORMS. 
 
 b«-'» 
 
 Modification ot Rights. _ '"" 
 
 50. Whenever the capital, by roaaon of the issue of prcforenoe row^^'^J 
 shares or otherwise, is divided into ditferont classes of shares, all or 
 any of the rights and privileges atUohod to each class may be luodj- 
 tiod. conmiutt^, affectod, abroj^atod, or dealt wth by agrwmt betweou 
 tlie coy aud any i^reou puriwrting to contract on behalf of tlwt class, 
 provided such agroemt is ratified in writing by the holders of at least 
 ilirec-fourths in nominal value of the issued shares of the class, or is 
 njutirmcil by an extraordinary resolution passed at a separat* general 
 meeting of the holders of shares of that chvss, and all the jjrovisions 
 liiiftr contained as to general meetinps shall, mutat'ui mutandin. 
 upi)ly U) every such meeting, but so tliat tlio <iuorum thof sliall be 
 iiiombcrs liolding, or representing by proxy [onc-tifthj of the nominal 
 uiuouut of the issued shares of the class. This clause is not to 
 .lorogate from any power the coy v >uld liave had if this clause were 
 uinittcd. 
 
 Where there are diffirent classes of shares, great inconvenience is sometimes 
 caused by there being no power for the majority of the members of a claaa to 
 bind the minority, and accordingly- the insertion of a clause as above i» 
 
 desirable. , - , , lu 
 
 Where the rights tttached to different classes of shares are defined by the 
 memorandum of association, those righU cannot, it is conceived, be modified 
 under the above clause, except where the memorandum contains power by re- 
 ference to this clause or otherwise. See supra, p. 676. iVeUbach Co., (1901) 
 1 Ch. 87. But see now the power to reorganize capital with the sanction of the 
 Court (Companies Act, 1908, s. 45), and the power to arrange in sect. 120. 
 
 The clause does not justify any payment out of the company's capital us a 
 consideration for the modification. 
 
 Moditication does not include abrogation (Ufrcantile Imettinent Co. v. 
 hitrrnational Co,, of Mexico, (1893) 1 Ch. 484), but the above clause goes 
 further. 
 
 The clause was considered by the Court of Appeal in llemani v. Jlotchkiia 
 (hdnanr-e Co., (1899) 1 Ch. 115, and it was held thut the words as to the 
 (|U,)rum clearly rendered the presence of the specified qjorum at every meeting, 
 wlu'ther original or adjourned, essential. It was contended that clause 67, infra, 
 ajiplicd, but the Court held the contrary. 
 
 In Will V. Vnited Lanknt Pianltttioiis. L. J. Notes, 30 March, 1912, Joyce. J., 
 in the absence of such a clause, held that a siHHial resolution altering the rights 
 of the preference shares was invalid. 
 
 Borrowing Powers. 
 
 51. The directors may, from time to time, at their discretion, raise Power to 
 ur borrow, or secure the payment of, any .sum or sums of money fur """*• 
 the purposes of tlio coy [but so that tlie amount at any one time 
 •jwiiiL' iu r<»HM>ct of money.s so raised, borrowed, or i-ecured, sliall not, 
 witliDut the sanction of a general meeting, exceed the nominal amount 
 of tlie capital. Nevertlicloss, no lender or other person dealing 
 with the coy shall be concerned to see or inquire wheilier this limit 
 is observed. 
 
 ^^■■■1 
 
686 
 
 ABTICI,K8 OF ASSOCIATION. f('HAP. IX. 
 
 Fonn 261. 
 
 V 
 
 1 
 
 *; 
 
 In exercMing thi> power, net. 87 (1) of the CompaniM A<'t, I90S, muxt br 
 borne in mind, for it • company on iU formation invitr* the public to aubK-ribr 
 for iliaree it may not borrow until after it haa become entitled to commence buti- 
 neii nnder that Motion. See lupra, p. 20. See alio " Xon-proipectn« Coa- 
 paniee." Ibid. 
 
 An expreM or implied power to borrow maat be ^iren in the memorandam - 
 bat if the company hare power to Irarrow, the Act imposes no limit on thai 
 power, except this — that money can only be lx>rrowed for the purposes nf th« 
 company. NeYortheleu, the Stock £xohange Committee require some limita- 
 tion, and it ia not nnusoal to iniert in the articles a Umi<: as aboTc, or to 
 make the limit " the amount of the subscribed capital for the time being of 
 the company," or " the amount of the paid-up capital," or a specified num. 
 
 Where the company haa power to borrow and mortgage (as to which, •« 
 tupra, Form 110), there is no need expressly to delegate the power to tho 
 directors, provided that the articles contain a general delegation (clause 113) to 
 them of the powers of the company, as infra. Patent File Co., 6 Ch. 83; Oibki 
 awl H'eU'$ eaie, 10 £q. 312; Anglo- Vanubian, ^a. Co., 20 £q. 339; and ate 
 Australian Co. v. Uounney, 4 K. & J. 733; Pijl'- H'orkt (So. 2), (18<J1) 1 Ch. 
 173; Hampton v. I iee't Patent Candla Co., 45 1.. J. Ch. 437. 
 
 Nevertheless, it is usual to give the directors express power. How far the 
 directors' power should be fettered or limited is a matter of arran^rment. 
 It is by no means uncommon to vest the power in the directors absolutely. |( 
 this is to be done, omit from " but so that " to end of clause. In small com- 
 panies it is not unusual to require the sanction of a special resolution. 
 
 As to the validity of securities given for money borrowed beyond the limit. 
 see Blackburn Blilg. Soe. v. Cunliffe Brooki, 22 Ch. D. 61; 9 App. Cm. 
 857; Baronett Wenlock v. River Due (No. 2), 19 Q. B. D. 155; Re. Wn-rhnt 
 Hold Rail. Co., (1899) 1 Ch. 440. If there is power to borrow, with the 
 iianction of a general meeting, a lender may assume that the requisite sanction 
 has been obtained. Royal British Bank v. Turquand, 6 E. & B. 327 {lupra. 
 p. 79) ; Brynnt v. La Banque it'i Peiiple, (1893) A. C. 170. See also //'/m/. 
 <Air« /.and Co., (1896) 2 Ch. 743, in which case the meeting which purported 
 to give this sanction was irregular. But it would seem that the passing of a 
 special rrsnlulion must not be assumed because such a resolution as requiring 
 to be registered would appear on the file. Irvine v. Union Bank of Amlralia. 
 2 App. (as. 379. 
 
 For ether coses in which irregularities have been held not to invalidate thr 
 security, see Biggerstaff v. Rowatt's Wharf, (1896) 2 Ch. 93 (powers of 
 managing director); Davies v. R. Bolton i Co., (1894) 3 Ch. 678 (quorum): 
 Robinson v. Uoutgomerijshire Brewery Co., (1896) 2 Ch. 841 (authority of 
 agent); Comily of Olmiccsler Bank v. Rudry, (1895) 1 Ch. 029 (quorum). 
 supra, p. 80; Mnhoiiry v. East Holyford Co., L. R. 7 H. L. 69 {ile lact- 
 directors). 
 
 Where three companiei-, each having power to borrow on dobenturca, issuid 
 jointly debentures charging all their properties, tho Court of .Vpppal held th;it 
 the debentures bound the property of each company to the extent of ohari.-inf 
 it with the portion of the money which reached the coffers of that eoiiipuii)'. 
 .lo/insluii Foreign Pnleiils Co., (1904) 2 Ch. 234. .\ lender is not Ixiuml to 
 inquire how the company intends to apply the money — that is the conii>aiiyV 
 business — and a mi8a|>plication uf the money, therefore, will not, in tho absonic 
 of notice, affect his security. Dnvid Payne t; Co., (1904) 2 Ch. 608. 
 
 Overdrawing a banking account is in eStect a borrowing. Blackburn lll'l;i. 
 Noo. v. Cunliffe, 9 App. Cas. 857; Pyle Works (No. 2), (1891) 1 Ch. 173. As 
 t<> the claim a lender may in such catica have against tho assets of the comp.iriy. 
 see Baronets Wenlock v. River Dee, 19 Q. II. I). 155, and cases there cited. 
 
FORMS. 
 
 887 
 
 fwii whtn- dimtom h»ve »n unrcrtrioted power to liorrow, they not nnfom- Jqjj^ 851. 
 
 nuniT Kocli the iiin tion of a Rcnoral meeting before eiorcMing the jMwer. — 
 
 SomotiiiiM a clau«e ii inwrtod U) the effect that it ii intended that th.i cora- 
 p,ny »lia" forthwith create and iMuo a ipocified amount of first mortgage 
 debenturos, or debenture itock, Mcored in a ipecified manner, and that whiNt 
 the .amo remains ouUtanding, the company ii not to be at liberty to creata 
 „y mortpitre or charge on its property or uncalled capital [or a$ thr min 
 may r.'/'cf]. ranking, or which by any means may be made to rank, in 
 prii.rity •" '"■ /""■' /"'"" *'"' ""•^^'' ""* mortgage dcl)cntures or debenture 
 't.Kk. Tlic object i» to fortify the security l>y giving notice to all the world. 
 
 Siipri:, pp. 77, *'■ 
 
 Where the elaune nuthorired the borrowing of any »um " not exceeding the 
 amount of the preference share capital," and no preference capital was issued, 
 the Court <if Appeal held that no limit was imposed. Johtulon Foreign Patenf 
 Cu., (1904) 2 Ch. 234. 
 
 There in not in general anything to prevent the directors from raising money 
 hy rieiM'siting debentures with the lender. Strand Stutio Halt, 3 I)e O. -I. fc 
 S 147: llfgrnf' Canal Ironwork; 3 C. Div. 43; Ke Patent File Co.. I>. n. 
 
 a ('. I'. H-l. 
 
 As to loans to the company by directors, see Campbell't rn»i\ 4 ('. O. 4<0; 
 niirl- V, M,illatur. 5 Jur. X. 3. 1018. It would seem that they may lend t<i 
 lhe<(>miiany upon the same terras as the public are asked to lend; but when it 
 n |,ro|io.ied to borrow from the directors exclusively, and at a high rate of 
 interest and upon mortgage, the transaction must b« carefully safeguarded, and 
 the ilauacs as to directors' contracts should be considered [e.g., clause 92, 
 p. ".!! I, and a resolution of a general meeting may in some cases be dvsirablc. 
 
 Ai to pcr.sonal liability of directors to lenders on an implied warranty or 
 authority, where the borrowing powers are exceeded, see C^llen v. Il'riyht 
 (IM"), 8 El. &. Bl. 647; Weeks v. Properl, L. R. 8 C. P. 427; Chapleo v. 
 /;„,„,.« iVi Soc, 6 Q. B. D. 71S; Firbank't Exe vtort v. Humphreys, 18 
 tj. 1!. D. Hi; approved in Starkey v. Bank of iigland, (1903) A. C. 114; 
 (iU:rr V. Ilaiik of Enijland, (1901) 1 Ch. 610. And as to debentures generally, 
 see Part III. of this work. 
 
 52. The directors maj raise or secure the payment or repayment of Conditions on 
 such sum or sums in Buch manner and upon such t^rms and conditions * „y be""""'"' 
 in all rtjsjjects as they Uiink tit, and, in particular, by the issue of borrowed, 
 (loliciiturcs or debenture stock of the coy charged upon all or any pt 
 if the ppty of the coy (both present and future), including iti 
 iiiuiillod capital for the time being. 
 
 5;i Uebcnturos, debenture stock, and other securities may be niadf securitiismay 
 a^si^Mialilo free from any eciuilics between the coy and the person to ^^^^If^f'^'' 
 wlriiii (ho same may Ihj issued. etjuities. 
 
 ■I'his ilau.so is sometimes inserted. As to its object, sec Part HI. Where a 
 •criipany h;is ])owcr t« issue negotiable instrument*!, the above clause is probably 
 itot necessary. 
 
 .')l. Aiiv debentures, debenture stocks, bonds, or other pocuritios. Issue at dif 
 imy Ik! is-suod at a discount, prODiiura or otherwise, and with any ^'^.'jj^jj,,^;";] 
 |)t'( i:il privilogoi as to reUcinptiou, surrender, drawings, allotment of privileges. 
 
:!;' 
 
 tf88 
 
 ABTICLra OF ASSOCIATION. [Chai>. IX. 
 
 Form 951. vharea, attendiu); and voting at gcnerut lueetiugH u( tho coy, appoiat- 
 men* of directors, and otherwiM. 
 
 This cUuM ii nmotimM ioMrtod, bat th* powar to " raiw " monpy given br 
 cIsuM SI, and the general powen given infra, are probably luOoieot. AhqIo- 
 Danubian Sttam, fe. Co., 20 Eq. 341; Auitratian Co. T. Moiaury, 4 K. k 
 J. 733; Pfle Worki (No. 2), (1891) 1 Ch. 173; lUmp$on t. Priee, Pattu 
 Vandlt Co., ib L. J. Ch. 437. 
 
 Ke)(iiiter of 
 murtKageii to 
 be kept. 
 
 55. The directors iihall cause a proper register to be kept, in ac- 
 oordanoe with sect. 100 of the Cm (Consolidation) Act, 1908, of all 
 iiiort(;age8 and chargen specifically affecting the ppty of tho coy; 
 and shall duly comply with the roquirementa of sect. 93 of the Cos 
 Ai't, 1908, in regard to tho rogiHtration of mortgages and (Jiarges 
 therein specified and otherwise. 
 
 Conaidering tho serioua liabilities which director! and other* may incur by not 
 complying with the aectiona referred to, it leemi deiirable to iniert a reminder of 
 thii kind. 
 
 Upon aect. 43 of the Act of 1862, replaced by lect. 100 of the Companies Act, 
 1908, it wu hold that non-regiatrotion exposed the directors to penaltiri, but 
 did not avoid, as sect. 93 does, the mortgaKO or charge. Wright v. llorton, 
 12 App. Cas. 371. 
 
 The right of inapcction given by the section inoludet by impUcati'^ ight to 
 make extracts and notes. Mutter v. Eaitern and Midtandt V Co., 38 
 C. I). 92; .\elton v. Atiglo-Ameriean. ic Co., (1897) 1 Ch. 130; the right 
 
 to take cxtracttt is impliedly negatived where the Act gives a right have copio 
 un payment. Balaghat Mining Co., (1901) 2 K. B. 665, C. A., overruling 
 Board v. Afrloan Consolidated Co., (1898) 1 Ch. 596; »eo infra, pp. 771, 772. 
 
 As to a eeitui que trual'$ right to information, see Ti/lott, (1892) 1 Ch. 86. 
 A director is entitled to inspect virtute officii. 
 
 A right of inspection given by the articles ceases on a voluntary windinj^-iip. 
 Yorkihire Co., 9 Eq. 650; Kent Coalficldt Sgndicate, (1898) 1 Q. Jl. T.il 
 Hut application for an order to allow insiHxrtion van be made in a vuluntary 
 winding-up under secta. 193, 221. See Forms 722, 723, of Part III. So, too. 
 in a compulsory or aupcrvision case. Somvrtet v. Land Seouriliet Co., W. N. 
 (1897) 29. r -i 102 et teg., Part III. 
 
 The right t^ ispcct under sect. 101 is only given to a " creditor or member " 
 uf tho company gratis: to others for a foe. As to sort. 93 of the Companies Ai^t, 
 1908 [registration under that section is only required in the case of a iiiort;,':igo 
 or charge (1) to secure any issue of debentures or debenture stock, ur (i) ou 
 uncalled capital, or (3) by an instrument which if executed by an individual 
 would require registration as a bill of sale, or (4) on land, (5) on book debts, 
 (6) by way of floating charge]. See aupra, pp. 616, 618, and Part III. of tliii 
 work. 
 
 Mortgage of 
 
 nncalled 
 
 capital. 
 
 [55<i. If any uncalled capital of tho coy is included in or char^^d 
 by any mortgage or othor .lecurity, the directors may. by i!istrum<M!i 
 under the coy's seal, authorize the jierson in whoso favour .such mort- 
 gage or security is executed, or any other person in trust for him, to 
 make calls on the members in respect of .such uncalled capital, ami 
 the pi-ovisions hnbefore contained in regard to calls shall, niutalis 
 
F0KM8. 
 
 (ttW 
 
 mulandif, apply to call* mado under such authority, and •url. f^^ jji 
 utiioritv nmy be mado oxeroisoahle either oonditionally or uncoti- 
 dLiiially. and either presently or contingently, and either to the 
 ,,.ulu»ioD of the direotont' power or otherwise, and shall bo a»eignal>l«- 
 if exproKted so to be] 
 
 Th« «l>"v.' i« •omotimM used. But th« Htock Exchange Committoe lOinptiiiH- 
 „l,i„.t to the fUuiie. 
 
 Snmrtiino. it i> eoi»id.red e«p«dient to m»ert a <Uu«« M Wlowi:- - 
 
 '.•644 Where »ny ano»ll»d capital of the company in char«od, all por«.ii» 
 ..kinir any .ul.««luont ohanf. thereon ihall take the »me .ubjeot to luch prior 
 oh.ri?e, •n' I "hall not be entlUed, by notice to the ahareholden or othorwi«, to 
 „htuin priority orer inch prior oharge." 
 
 \, to irottinj? in caUi for debenture holdwn after a windinff-up order, tee 
 fovirr V. Hr,md-: ic. Co., (1893) 1 Ch. 777; and Part It. 
 
 Sec furtiier a» to mortgagee of uncalled capiUl, Part HI. 
 
 Meetings. 
 
 5f. The lilalutorv meeting of the coy shall, as rotiuired by sect. fiS ti,.. .t«iut.«5 
 „f the Cos (Consolidation) Act, 1908, bo held at such time not being ""'•"■'K 
 I1.9.S thin one month or more than threo months from the date at 
 which tiio coy shall bo entld to commence business, and at sucli pla<« 
 lis tho directors may determine, and the directors shall comply with 
 the oilier rpiiiiirementfl of that section as to tho report to be submitU<d 
 und otherwise. 
 
 An to when a company is entitled to corampnoo buKinoM, «to luprn, p. 20. 
 
 Soft. 39 of the Companies Act, 1867, rp<iuired every company to hold a 
 ppniral mrcting within four month* after tho rejfistration of iU memorandum 
 of iwdoiiation, and an extraordinary meeting was a iiulficicnt compliance with 
 this provision. Lord Clnud Ilamilloni ca,e, 8 Ch. 548. But that section was 
 repealed l.y wt. 33 of the Companies Act, 1900; that again by the Act of 
 H(W- and sect. 65 of that Act now provides that "every company limited l.y 
 shar-s and p'^istered on or after the 1st January, 1901, shall, within a peri. J or 
 not lc.9 than one month nor more than thn-e months from the date at which th. 
 company is entitled to commence busine.*, hold a general meeting of tho mem- 
 iKrs of the company, which shall be called the statutory meeting"; and in 
 further Kub-sections enacts how ;h< meeting is to be convened, what report 
 ia to l» submitted to it, what maUors may be discussed ther-^t, and what may 
 be done, it. 
 
 In the case of a private company, though the company must hold tho 
 statutory meeting, no i.reliminary report need be sent to shareholders or filed. 
 Sect. 65 (10). 
 
 57. Other general meetings shall be held once in the year and Whon suhws. 
 
 in every subsequent year, at such time and place a-s may 1« pr.-.iii«..l ;|;;:;^^7;;,™' 
 by the coy in general meeting, and if no other time or place is pre- be held. 
 
 scribed [in the month of in every such year] at such time and 
 
 place as may be determined by the directors. 
 
ft -ail 
 
 • !K» 
 
 Ai.T!CI-ra OF AHSnCIATION. f^'HAI- IX. 
 
 ttiii! 
 
 hi! 
 
 Fenn 861. **'"' ^''^ "' "*'' ""'" '"^ *''''** ('*''^° **' "p*"''** '*°'- ^^ ■'^ ^* (^'"■■pu . 
 
 ' Va, 1882) iliBt A iP'iii t«I maetiriK ■>' e^'r" «>mp«njr ahtll b« held i 
 
 lit the l<'»iit 1' e<cry ' Ai-n'nr ye»r, and not mure than fifteen mont) flor ii„. 
 Iiolding ol tie l.i-t j m . i-ig )(encnl riw<-ting " , tlii're «re priL.-.H for 
 ilefanlt; an<' •' ■ ••amf -ms; an provHoa that when default han bi^-n midf in 
 ;i irr of )li'- r.i'npany in ai-oordanne with the provtainn- of thii 
 iLfl may oi the application of any mmiber, call or <irect t^ 
 f-en.-ral ni< < naf it the -ompany. "Calendar Te»: nii.,ini 
 II. n ;,;({ I '.'iiuary an- ■■ndinjr 3l«t Dim-imiiImt. 'Uhan,, , 
 vi. B. 1 
 
 holding a n 
 H«ction, the 
 ivUing uf 
 llie yi'ar > '.n< 
 Barton, L. It. 
 
 If the itatuti / meet! .IT i' held within the year it will latiafy *e. t. 64, but 
 the 'tatutory m>>('tintr i' '■ " "» " ••rdinary " mcetiiiif; and, in ordiT to nimply 
 with MH-t. 26, an ordinary mi liiiK mmt Ik! n.ld each ye»r, for a H.turii i., the 
 liegistrar hi»a, under that wi'ticii. t<i lie made I'ach year within a shnrt time 
 ifter the expir ition of fourteen days frfiu the ordinary general niei'tin;.' If tl,o 
 iirtiolee permit, thin meeting can I"' 'leld on tl»<' eame day a» the »iatut(iry 
 meeting. 
 
 It in no answer to proee«din)f« for the penalty that th.- mectinir wii» imt in 
 fact held. Eilmnndt v. For'irr, 45 L. .1. M (". 41; 8:1 1.- T. ti90; /■ v< ,. 
 [.avion. (1911) 1 K. B. .WK. Evidenoe thiit a |icraon is a director i- i-nma 
 
 iarie evidei tliiit he kn<>wini;ly and wilfully authorized and |>eriiiiii<'il tlu 
 
 •'omimny'n default. Etlmund' v. Vnrtirr. tiipra. .\n o"?.!!..- under thix •citioti 
 is a iriminul i.fffnce. «>•?. v. Tylrr, 1891 , 2 Q. U. 588. I'nM-cctliiiiri t,, 
 enforce the penalty urc taken liefure a ii. ixiiitrate, who may ini|uire intn thf 
 sufficiency and accuracy . f the return. Br- n Untifal, 37 W. H. 52. Some- 
 times provision if made for half-yearly meetinga. 
 
 The i-ompany'a penalty is .V. for every dav during wiiieh the di /aiiH rm- 
 tinues. See Heg. v. Cdthulie, ir. I'.i., 4s L. T. 675: but i' has been hcKi ihii 
 the default iti not a continuing one where the meeting; has not heiit hi'lil «ithrn 
 the jiiir. Jhirli" V. .Soiill, .ifricitn S .»-r-.irratii>i.. 28 T. L. H. 425. .nd 
 sec |i. 763. 
 
 Distinction 
 b*tween 
 orilinary and 
 extraordinary 
 
 iDC'ctings. 
 
 When extra- 
 ordinary 
 meeting t'> 
 be c;illed. 
 Reiiuisition. 
 
 58. The general raeoliugs referred to in ilio last prcctniing clati- 
 shall be called ordinary ineetinjjs; all other ineuting8 of the '•">• i»ii 
 bo called extraordinary mcoliiigs. 
 
 59. The directors may, wlicnever they think fit, and they fhai 
 the requisition of the holders of not less Uian one-tenth of the i-^.i. : 
 (apiiul of the coy Ufx>n whiuh all calls or other sums tlieu due hav« 
 been pd, forthwith |.rocoe<i to > "uveuo an extraordinary general meet 
 ing of the coy, and in the case of sm-h reiiHi^ition the followin;.' pro 
 vii^ions shall have effect: — 
 
 (1) The reijiiisition luust state the obje- 
 
 be signed by the re<iuLsitioni8ts 
 
 and may consist of several dot 
 
 signed liv one or more requisitium 
 ('2) If the dir. ^-rs of the coy do not proceed i" cau.-te a mce' srti 
 
 be hehl within twenty-one days i ^ in 'lie date > the r» 'i;.*i 
 
 tion iK'iug .so deposited, th'- =-eiiu 
 
 them 111 value may themsel »h 
 
 uieetiug n-- convened shall not b 
 
 from the date uf the deposit. 
 
 >f the meeting and iiia-t 
 i depo- ted at the olhc 
 ■ uts in like fori ett 
 
 .Uiiuists or mujuri 
 <3ue the iu«>?i!ng. hut ;i. 
 held ifi»- :'tM> month 
 
FOSMR. 
 
 H9I 
 
 3^ if It unv such iBOetiuK a rev)lution re.|uiriB»? oonfirmation Bt Forir. 241 
 am.ther ..M-eling i« V'»- •>• t'"" 'lire' ««« "'"'i' """•'•^"'t'' '■""- 
 »,.m>afiiiilierextra.jir(ljuarv g^nM^l nieetin); for ll,. .uri>o«« 
 ,.f • iiHiiU>rinK Ui.' rwolulwn, »nd if thought fit ul jnlirni- 
 iii- u lu* tt i"'i»l «^' lutiou, »hm1 11 the ii^-Ujrx do «..>t 
 ,„'.vfm> Iho ueetinK «i 'in sevfln ius - t'ruiu llw <1 »t« of UiP 
 iMiwii-' •'»' tl"^ fl'*' i<>-olulioii -hi "i>(iiii^tioiiM<* or h 
 iiiajmii-. of ilieni in valu»> ui8< 
 iiHt'liiiL; 
 uii tiKWHiiitr coi: -lied umU this oi 
 Nhatl 1"' • iivfi ■'! i" III*' wiiiH) niH 
 ,is that ill ■vhitl: awtiii^w ; o Uj U 
 
 (■» 
 
 nmif-'lv«»- '..iiveur Uw 
 
 iliv Oil 
 
 ll. 
 
 'i|uixifi<>' 
 
 a» pi 
 (liroii 
 
 
 If lircviti 
 
 ie-iri'il '"•■' ' 
 
 s i^ab-pft 
 
 vi^it'im of 
 
 (ill of ti>. 
 
 ;p»lUCH 
 
 fvi -lio wiir. 
 
 ' f.illowii ;-r" 
 
 H,„. «h 
 
 ■■ -v'lioni'Vf 
 
 tl,.-v thii". tit 
 
 .,. ill- 
 
 i; |>h «nil stituti' the wonln ■ o- 
 11. ilidation Vi-t, IWH, shall HM .V " 
 li,i\e effect. 
 
 .0 I'KuM', nil iiw yiiiHU ftirii' »!.in ul 
 
 ii«B V. La i'riiiiiliiil Co., 37 I l>iv. 
 
 uid jrom Soul/ter'i fo'iulw; #«. v. *«<«•, 
 
 an', (1»03) 2 t'li. J39; and llotchurl. 
 
 I IH. it diifH not folli.w tlitif ll niiHttini; 
 
 -i M in ull caae» ir. ouiiM'l' "t. 
 
 i.rnft ll>. ' /»«.• •<•'"'" ' 'J-, U'*W)) i <'li. -:il'. ill •> " 
 
 „„».ting(. vened ny tin- «iTi -dry without thf uuthority of ihr <limt<n ^>\> 
 
 \m l> l«- .-r.')fular; foll..-n<J l,y Wright J., in SMr -I )|-„.,,„„.,, s>h.?„„^ , 
 
 I'liil I 2 (h l-ll, and /In ■■ ^ Krrr, > •/( * ('"■, W !>• 'i ■ 
 
 1 ImIiI tli.it a meetiti); .u^ .rfpgu' >rly 
 
 •r-' ratiii- tiiin bi-fore th" '-me hxml 
 
 •«" .Iwvc „,a«- follow VI y iosely til -diii)f iif «ert. 
 
 l-H- It ««'m« i! rablr to ixlopt the iiUtui ,v provi.imi ..x.l««i\ply. 
 
 ll:,! f 'issirwl ««'■ «Hiii..>iiiF uf m.'Ptinffi '«' riijuisitinn ran be rendiTml *< 
 -MK-. '--^ thu • •»">''' "W '"« t-miKiwiMod t4i m|ui«ition. 
 it-ir«l. 
 
 , 1,1 .1 laeeting tlx-y w det«rniiiii- 
 1. i ,. n appear* tnia (hat aa»e. 
 li I, I >;4: llntit- Itbeiil-' Cr 
 
 i;.;., ■■,'.■ I -'■■ <19«' ' 
 
 irri'iru; irly I'-'i 
 S«- iii'>"->«'r, 
 
 72!). in whii'li 
 iiml wa-i rendcrinl valid by tin' 
 
 66 of the Act ■■ I 
 
 
 I ittii 
 
 J ll'll'«'<i . 
 
 ■ metal" could be emp-iwered t«> r«iuiMiti or for tliiii Jttrr 
 
 Ui! will -ul 'Kquiiii! ID. But it swrnn uiidi'Hirublv in (> n 
 
 if ;u- or twi- ■ 
 •CI;. 1 mcptinir in i; 
 Ciiurt woir 
 roijui^itiuu whofi- 
 !/ r'hiii'j'tii V. ilardii' 
 will prubiibly bo adop 
 mei'tintf, if there wen 
 '.li»h. 1,. J., S. C. 
 
 •siblj 
 
 11 vi--: 
 m|.. 
 
 members to «"t tin iimiln' 
 
 hI 
 
 ijublc 
 onily 
 
 ■< tiirs to convene a (;ener:il iiiietiiitr | 
 . nableil the rii|uisiti<ini»t» to mil tlie m 
 |j. liOti). iii.il under the present Ai t the mm 
 iut the I'ciirt iniijht, perhaps. itiH'lf eon 
 no rectors, and no other uio.ie of proeedur 
 For ail example, see Trmle AuxUinry C. 21 
 :». where, tberi- beinn no proper board, ii n-ecivor wan appoi, 
 tinif lould ll, held. When- there U a deiidloek. sixt. 67 of 
 ply. Urk-k ami Stone Co., \\ . N. laiH) UO. VuU({Un Willi.. 
 lield that a complete dcadln. k was a good pround for making a 
 inlor. Smting Ship " Keuimerr " Co., W. N. (1897) 58. 
 
 It is apprehended that the mere fart that some of tiie rcsolutionii nf. i red to 
 ;n the Fe.iui=itii>n far.r--!; bo f-.t U- tha meetins a- b"!!!!'. '.';., •'"••'■ '■>'■« 'loex 
 not relieve the directors from all obligation to -all the meetini;, or if they 
 ibstJiin from calling it, preclude the nxiuiaitiouisu from calling it and dealing 
 with what can properly be put to the meeting. /»/« ' Wig/r Hail. Co. v. 
 rahourdiH, 25 C. Div. 320. 
 
 » \ 2 
 
 ll"K' 
 
 rule 
 
 tie a 
 
 I'cr 
 
 It. 
 
 ■A 
 
 y 
 
 once 
 linsr-up 
 
1^1 
 
 if 
 
 %V' :i. 
 
 i 
 
 ll 
 
 692 
 
 Form 251. 
 
 AKIK'LES OK ASSfKIA IION. 
 
 Chai'. IX. 
 
 Notice of 
 niMting. 
 
 f;o. Soven clear iluv.s' nolit* lo the meni1>crs sporifyiiif? the plaw 
 Jay, and hour of iiioclinu', ami, in ra!<o of »]^i>M l.u-mes-<, Ihc ^t-noral 
 natiiro of such busiiioss, f^liall 1>»' Rivon [oithor 1>> .i.Jvcrti-mmont or] 
 bv notice sont by pa^^t, or oUierwiso sorvo<l as linftr provitlod, and 
 with the consL-nt in \vnt.in!r of all tJic moinber^. u nioctinjr ina> Iw 
 convened by n ,«horl<'r noliw. and in any nianiior thoy think fit 
 
 Nntire of a (teneral meefmi: must, unlass otherwise provided, I).- Rivon to all 
 the m.ral.crs, Imt Hometimos the arti.lc:. provide thit mCTnlxT,. holdinB los^ tliaii, 
 •ay, [20/. I of the enpitnl, or that holdi-r* of -hiirfs of a particular .•!««, -■.: , 
 |.rutVrincu shares or niemhcrs not h:iving an address in the L'niU-d Kintfihihi, 
 shall not 1)6 entitled to notice. In the absence of any such iiualification noti.e 
 sh.mld be (fiven to all the members, and the omission to do so prima tnm 
 invalidates the meeting'. !<i»ylh v. Dnrlry, 2 U. L. (;. 780. Hut thcr ■ i> 
 usually a clause in the articles relaxing this rule in the ease of aecidor.tal 
 omission to give notice or m)n-rc-ceipt. See Table A, clause 49; and a-^ t" 
 members who are abroad, see infra, p. 779. 
 
 I nlcss the articles otherwise provide, the exe. utors or administrators of s 
 de<vased member, until retfistered as members, are not entitled to notice, for the 
 notice is lo b,; ffiven to the " members." It is enough if noti™ h siint to tlw 
 de-cased member's registered address. .f//c» v. Oold Rr,f, of We,t Afnca, 
 (19(1(1) 1 »'h. 656. 
 
 And thouu'h, under sect. 32 of the .V,t of 1908 rsoct. 3"., Act of IHM), th. 
 Tf^UU-T may l)e rectified by enterins a person's na.ne as a member as from s 
 past day this may be done without invalidatinff notices given to other member. 
 S>utrx hrick Co., (1901) 1 Cli. 59S. 
 
 As to notice, see further, infra, and Chap. XII. 
 
 As appears from the almve clause and <;biuse 03, an ordinary meeting may ded 
 with spe<ial business if the notice specifies it. And see Graham v. inn Ihr- 
 ,««-,» laud Co., 2ii L. J. Ch. 73. As to what is " spo.;ial business, we 
 clause (i3, infra, and Table A., clause 50. 
 
 \u adiournd mcetin,- is considered, for some puriH,<os, a continuation of tlie 
 original n.eetimi. See Sra.Mov, v. I.oran,. 3 II. I.. V:v,. 418. llen-e, in the 
 absence of spo ial provision, notice of an adjourned moetinR nee<l not h- s'nt 
 to the members. With v. Murray, 4 Kx. 843. 
 
 A notice whirh is to state the jfoneral nature of the business or the object of 
 the n.cetins mu-t Rive members fair noti.e of the matters to bo deal, witli 
 nri^lporl Itreurrv Co., 2 Ch. 191; llrhjhl, ra,r 12 V,\. 34.-,; l.awr, .„.,: 
 1 l)u (i. M. .^ (J. 431); llampMre Co., (189,!) 2 Ch. 743; Hop, v. Cr.,«.h» 
 Tr^imira,,., (18981 1 Ch. 3:.8. Hut it is not enoi^h in a nitice of an eitra- 
 ordiriarv moetin,' merely to say " special business." inil. v. M,irr.'». 4 U 
 869 .Cnd any resolution beyond the notice is invalid. Ilampthirr r.nml T,, , 
 ,upra But notices are not to bo .•onstru.^l with excessive strictness. I', r 
 SeUvn t,. J.. Ilriahit ra„; 12 Ki- SI'.; lleml,„„H v. ilant of .lw.ir.i!,„. 
 45 l'. Div. 330-: (.rant v. In.lcd Suilchh.wk, 40 Ch. It. 137; R^ ttr,l,.<h 
 «,,,/,., Uelh.in'i (•"., 3 K. Ai .1. 4IIS. They are to bj read and eonstruwl .is an 
 ordinary busings man would read and construe them, .ilrxnnd^r v. Simp,«,'. 
 43 C. I). 147; and se." Yomiy v. South Afriean, #c. Si/wliralf, (I89fi) 2 ( b. 2t.s. 
 Thus wher.' a meeting is convenw! lo lOm.jiO "any" of the dir>-tt;rs. it c..;r 
 remove "all." /•/'• "/ "'i.'M' 1"^- <""■ *• Tahourdm, 2.3 C. Uiv. 332. It ». 
 howeviT, ui-er to say '' all or any." 
 
 In another case i llrU, i Co., Ltd. v. Ma.„a>,hlen, (1910) 1 Ch. 430) .1." 
 urticlea provided that the notice of the general meotintf should specify the 
 
roKMf 
 
 693 
 
 I „-.turr of .he .poMal bu«im«. to i.e r.rans.,. t,sl. In (...r.u.nc ..f th>K Fo ntt 251. 
 ^'1' „ wl. U'ivc. .hat a .nc.,tin. w.. U. h« U,M for tho pur,.,«.- .. . .-n- 
 
 " .1 altora.i.n. a! shall he .l.t-rmin^l ,m at ,u-h „,...■..««. On. 
 
 : ; .'rdinary dir,...urs of the ™n.,..ny w..h --.M,/. per u..„..,u ...H. jU. 
 
 „:,nm,rm,m. and at tho m.^tin,' a ro.,l,..i..n wu, earri.Ml u,>,.n,n..n.' A., U. 
 
 .J 1 a-o .wo a.H .i.m:>l P- .... to h.- d tor. .u.h at ■iOO'. ,. r .,„u.m. 
 
 . n.::i«.io„ .h,. Co... h.Ui to .... Wf,..,iv... a,.a l.K.Mn, to tl. v,.ry Ma^c 
 
 ' - of th,. ..oti,.e of mortin.,' tho .ic.i.ion »o,-m. «.u,..l c...o...,'h .f ba*.d on th. 
 
 ,.",1 ,..r.,.» of the no,.,... but the 1, : .ed judso dhl not «. ha.- th. ...no. 
 
 ? ru,.,.d h,. t<.,k wa- that tl.c ..oth. M.ih.i.n.ly in-lh a.od t he ^rn,.. nat..,-e 
 
 , i: , in... .0 he tra..,.c.tc,l. - fnd.r tho .vrtl •le,," s..,d h •. ' a 1 th.t «:. 
 
 , ,,e . ,„,on .1.0 ecvcer. of tho meotin.- t. do wa, to ,p- ._ry the <,.. -ra 
 
 of ,1.0 s,^..ial h-si,.es. for wl.i.h the ,n«..tin. wa. ..onv,.no,l, and al.hoo.h 
 
 . ....a-io!. ,l.e convener, of the n.c..tin« went o... of th.-.r w..y to ...d.oa^ 
 
 u ,10 .,o,ie,.. wi,h particularity tho n.odn in whieh ,l.e Hp.v.al l...>....e.H w..s to l.e 
 
 ,:,i.t«d .o th,. .ne...i..,, their haw... dune so ,an..„t, i,. .ny op.n.on. .,..p,«e 
 
 „„v u'ro»„T ro.,ri.-,ions on tho .ne<-tin,' than wouM have hen ..npose.l ni..,. ._t 
 
 , he no,ion heon in more ffoneral term.- ,\.-,ordin. t,. the h.ar,.od j,..l,o . 
 
 ,i,.v w...ro ,ho nr.iclo. r..p.iro .he n..ti,o in tho oane of .,«v.al h..., to 
 
 „„„o' ,h,. Ke,.cral nature of -uoh l.u.inOH,. the noti.e. however ,p.M.. t,.-. o.nnot 
 „.,rie, ,1 power, of tl.o n.ooti-.^ to the .pe-irted hus.,..;.-. hu, have, U« 
 „,., ,i,>, fre.' o .leal with any bu.i,...» of a like ..a,..ro. 1 1... .vou hi ...e.-araK. 
 . ,iu„u'. ...... laxity in ,1... fra,..in, of .....h^e. ami the p....... -.wholly un- 
 
 „ ,0.1 a.,.l onerou. re«,l,..i..... ... the de,ri.,.o,., of al.-e... ,har..hold..,., put 
 
 <,,f ,l,..ir .n,«rd by an rpparnn.ly inno-ent no.i.-... Sup , L.r .nsta,...o. the 
 
 „,,i.o i> U. appoi,.t .\. U. t.. bo a director at lOM. per nn..,.,«. .■..oonl.n.r to 
 ,|,e harne,! j...iKe's view tho ro.oh.tion oan bo ....on-linl .md may be pa»~ed w 
 l: 1 appo.nt half a do«,.. por^n. to be direotor ..h .vt ^O •'•.•"■"'""•» " 
 u..w..r.lV; or -uppo* tho noti.e i, of . rosolut.on to auihon.o the d..c. .r, o 
 |„',rrow lay l.oo'./., it oan bo amend.l and pa.«^ «. as to author,..- th.-u. to 
 l,„rr„w'l(.thm/.; or suppose th.. no.ieo i, to «ra,.t t.. tho .l.r.H.t„r.. an e.tn, 
 ,„„/.. the resolution mi«ht be to ^rant then, an extra l,'..../.. for ... oaeh .-^ 
 „ „ .,,1,1 l,o said that th,. noti.e ...tH.-iently indh-atod the pre..eral nature .,1 the 
 
 "s',',',.h a view i. at varianoo with the reasoning of the Curt of Appeal i.. 
 „„/„.. V. Trench TuM... T,.r C..., , 1!.0.M I Ch. 4.)«, a...i w..h .he vew 
 of l'„,-e-Wo..l, V.-C, in Ur,A,. «.o, 12 !•>,. 341, n. That l.-arned iu.l.o wa. 
 „r opinio., that althou^'h whore a i..ee.i.« wa- .onvened .o . o.,s..ler and approv. 
 „, „„ a..,.H n,o„., a sharehohler o..uld not obj.vt to a r,-,ol,.....n approving- th.' 
 
 ,^ „,cn. wi.h .o n.,.litioatio.« n.,t making it ...ore ......rous ..n th.. ...m 
 
 „,„v ho w.,uld, noverth..|os,, be entitle.1 to ohjeet to a rosoh.t.o.. approving ol 
 ,l...u,.r,e,..e,it wi.h m.KliH.atior., raakin- it .nore oner.,... on .h.- .......pany^ 
 
 .„.! ,h.. .iow has b<^„ Ke..orally ...tod on duri..K' the U.l forty years a... 
 up.ards. The view, t.«, se.Mn, ....onsUtent will, what l>.rd J,.*t4,-e liow n sa.d 
 
 „, l/,v,„„/,r V. .v.»./..-o„, 13 C. 1). IW, a.H to the eUr.-„.o .n.iH,rta.,.-.. ..«< 
 
 ,h,... no.i.os should be so fram.-d that those who r,.n may re.id, and tl..t they 
 4„ „M he ,o.,s.ru..d in a sense in whi.h business men to whom they ar 
 ...hhossed W..U1.1 understand them. No b,.sino.i man woul.l ...i.lorstan.l that a 
 „„,oo „„.,,/„, f,r of a imn-iinK to ttpp..;n. A., li. and <' t- I- d.r^:!.:rs a'. -U.. 
 . y..«r ,,..h .ould be treated as justifying the appointment of Hve p-rson* a- 
 diii-.tor. .u.h a. iiMl. per annum. 
 
 |„ ,„„,tr..i..» a ..oti.e it is to be borne in mi..d tl...t all the .har,l.,.l,l..rs ..f 
 U,e .u.,.p«„y ..fust h.ve i ..«1 to the.n " knowWge of tl.. A.t of l-.rhan.o.,.. 
 
 If 
 
6^4 
 
 ARTICLES OF ASSOCIATION. [ChAP. IX. 
 
 form 261. 
 
 I 
 
 Anll>ndml■llt^ 
 
 and iilsto of their own nioinorunduni ami artiili'M of ansoiMation." Pit Ixirj 
 Sclbnriio, fam/ihrll v. C,,,,; I,. U. U I'll. 22. 
 
 \ notii'e coiivening a in(>otin^ to coiiHider anil d«tfrniine a* to the ap|iointniiiit 
 of a i-omraittoe to imiuirc into the workinif i<nd gcnBral manai^ement ot thi' 
 eoin|iany -^ould not juatify a resolution requiring the diroctora to larry into 
 effei-t the rrdinimendations of the ponimittec. I'er Cotton, 1.. .1., I-Ip "' U'l^iH 
 Hail. Co. V. Ttihoiiidiii. 'In C. U. 3:fti. 
 
 .\n insuffii-icnt or niiHieadin); notiii' invaliilat<-a the remilution. evpn th.)iii;li 
 no proxies are usied. " for how in it poasihle for the Court to know how ni.iiy 
 shareholdpr" uhstained from attendint? the meetinir, licing mitistied that tlif 
 arrangement an it wa< proposed wan advanta^coun to them, ami lieini: iinit,- 
 content to exerei*- no voire about it?" Per Pajre-Wood, V.-C.. r/i,.,« v. 
 Fiiinnriiil Corp., 5 Kq. 481. 
 
 " Then- U no ohlicration upon any shareholder rei-eivinif siiih notice.' cither to 
 attend the mcctinfrs or to make inquiries a.s to what is proposed to Ih- dum .it 
 them, in order to protect himself from hc'wg bound by aits or i-ontr.uts uli n 
 vim of any general meeting. Ho will, of course, be hound by all timt the 
 general meetings can do. a* lo the ninttfr$ mentionrd in tlif nnliris. witliin 
 their [mwers: hut he cannot, in his absence and without his knowlcdirc. he 
 t«ken to consent that they shall bind him by any resolutions or acts in eioc^j 
 of those iMiwcrs, whether such acts or resolutions do or do not relate lo tlw 
 particular business for tho transai uou of which <■■ 3 meetings were calli-d 
 together.'' Per Inird Sclhorne. Anhhiiry v. Hichr, '. A. 1 \l. L. ()93. 
 
 So where a meeting was convenc<l to luusider resolutions for reconstrihlioi., 
 and for winding-iqi !n regard thereto, and at the meeting a naked rcsnliitiiin 
 for winding-up was passed, it was held to bo invalid as a departure fnm the 
 scheme indicated by tho uoti(^c. Veede f Buhop, Ltd., W. X. (1901j 32; 84 
 L T. .'itil ; but sec Thomptnn v. //<-/«/«/ <io>. '» Ti'inivjiil Kn/iilf ('".. I'HUb) 
 I Ch. 765. 
 
 Where a ni"?ling was con\cii(Hl to ratify mid conlirm a spmilied agrcinii'iit 
 for the sale of part of the undertaking, it was held that it was not necess.iry in 
 the notice t< state why mich ratifiiation was neceaoary. vi».. because the diriit"r< 
 were interosted in the purchasing company, fininl v. I'liited Sn-iU'hhnrl: r. .. 
 40 C. I). 137; s«>e also S„ullwll v. Ilnlirl, .Uiilii.il, K Cli. <>I4 (C. .\.). On the 
 other hand, where the meeting was convened to sanction an agreement for lii>- 
 sale of the und"rtHking and the notice did not mention that the agn-emcnt al<o 
 provided for the payment by the purchas<T to the directors of conipcnsiition i.t 
 loss of office, it was held that the notice was irregular. See Tiesn-it v. /hn'l - 
 ton, (lNyS») 1 Ch. 8«l ; see also AViyc v. VroyHnn Tranitrnyn (•% (lNit«l I < !i 
 368. and A«imn«(/y v. Ind. fui<pr * Cv., (1«U8) 1 Ch. 84. 
 
 A resolution inconsistent with the articles is ineffectual unless it is to Ik- 
 oontlrifled as a special resolution. Quin <f .Irtriit v. Salmon, (1909) A. C. 41'i. 
 As to amendments. Xo amendment can be moved whiih goes beyond llic 
 uotii-e convening the meeting or, in the ease of an ordinary meeting, bi'yond the 
 scojie of the ordinary business which by the atticles may be transacted thereat 
 without special iiotiuu. Thus, in the caae of an ordinary meeting, where a 
 motion is submitted that the report and accounts be received and adopted. ;iii 
 aniendinont that the directors bo reinoiod from ofliee. or that the article l>o 
 allvrml. Would be irrogut.ir; but an amendment to thr effect that (he ».>•"-"!!•*= 
 and balance-sheet be received, but not adopted, and that a committee of shiir- 
 holders be appoinlc<l to look into them and report, would be competent. .'*'>, 
 liio, if the meeting be convened to pass a resolution for incieasing the capital, 
 aii amendment that the directors be authorized to borrow, or that a dividend be 
 declared, would be irrogutkr, for any such aiuondraent is not within the notiee. 
 
H)K.Mrj. 
 
 ,„ o.l,.r «..nl-. ...I am,.ml nt um,t I- fairly n!.>M.„ If .1 ,- .-I ^■ 
 
 ,1 „,,, .imnyif.i.cT.,lly l.cmov.Hl. 
 
 , , i,:,; r a.ro,. n,. it w.M.Ul s „ ... l-o ,,ermi..i..l,. ... r,>.,fy .1,. ««r,-,H. nt 
 
 X ,. .noai.i.a.i..ns .,r ....mliti.,,.. pr„vi<l„t ,l,.t ,h..y ,.o n... mak.. ,l.o 
 
 ::,,., ,uo noro,.. ,., r...unN mpany. •' An t -l,ar..h,.UU.r ,.„ 
 
 ', II „.. ■.llnwe.l to -av: ' 1 was invito,! t-. ,o"-i.l.r the a^r n.nt .,..,,, I,. „. 
 
 ;. ,;,te then, i- not un expre,. mvitation to .Mm.idor all pos,.l,l,- m,«i,h,a.....H 
 a ii taU. plac for th. /,.,„.,.f of th. .-o-opany. tho.fon. .h. _ n...,.,,,. 
 ! ,.,,1,,1 ,.„ that whic-1. was „lt,., r.rrs in c-nunK to any -». I, n.oj.h.-a r. 
 
 :;,i„„„„ ivr ruK.-\v.KKi, r,. .1., ii-,i,,/,r. ,■„„■, ii i-i,. in.-., an, n. 
 
 S„ if ,1,0 ,otic.o i, t-. .*n»id,.r a resolution for iner.s..-,inpr H"^ -apital to lO.iMW'.. 
 „,; „„omln..-nt to substitute 5.00<W. f..r U)..HM./. is allowable, but sn.^h a i^t.,0 
 
 r„„M ,„.t, it is e,.n.-..iv..l, justify a ne„dn„.nt to substmit.. l.,iKK)/. or 
 
 l.-,n.UUO/. for 1(I,'10(W. Wh..r.-. Iiowi'MT. th.^ n..lif.' wa- in ^-.n.ral l.rnis, su,l, 
 ,u :„iir.,„liuont w.iuhl be ttllowablc. 
 
 Or »i,en. bv the re^.ulations or the A-t there is general power to deal w.th 
 ,„r,a'in l„.^ine"-s at a jreneral n.eeti.« witlu.ut notieo ..( su,h business the fa,'. 
 ,1,,, the noti,-e ,ouvenin(t the me„tin« n'«'iB«'- » pa'tieular resolution for d.^al- 
 ,„!, «itl. M.,h b,.-ine« d..es not limit the powers of tho nieetinjr or pr..vent an 
 „„",„.lmenl or substituted resolution. See n.fhrll v. Tr.nvh 1 uh.U^n < „.. 
 
 1(1(1(1) 1 Ch. 408. 
 \,„l when, the noti.e was of a nutting to pass a resolution alt.-riiur th.' s, ah' 
 „f ^otiMu' bv ^'ivin^' to every .pialitie,! pn.pri,.t,.r <.ne vote for ev,.ry shar,- h,l( 
 
 ,, l",.. a„;i t restlutio. was prop,.se,, w hli.iou.l words I ..-. ,rr,..,dar 
 
 „-,l.i,m. the riu'ht of voting, .onditional ,.n a ni, uiber liavl,« h..hl his shan.s f..r . 
 ,,,,., i(i.d peri.Kl, it was held that an aULMiduientt.. omit the additional w,.nls 
 
 •;«•"• 
 
 Pom 291 
 
 wa* rt 
 A 
 
 the r 
 I'timiii 
 1. A".'/ 
 
 -. U,mti<»i;, v. lUiik »/ Aulr'tlia, 45 I*. U. 3:lll. 
 ,: , solution need not, at the «.»/ meetimr, f,.llow the cxa,t terms of 
 • may to some extent Ik- ameu,!-sl, e..,.. by n.i.eintf the amount of 
 proiKjscl for dire<-tor9 on an alteration of the artieles. I nrhmk 
 ,„, ,ll„„u (I!»II2) 2 Ch. 871. Hut when notho is tfiven of a meelin;! to 
 nu-s ,p...ial resolutions for voluntary wiu,lin,f-»p, the appointm.nt of a lepii- 
 ,lat,.r, and re,»nstru.tion, and a r-'sobition is pa»se,l simply tor vo umary 
 wi,„lin«.up, although this is ...nHrmod a. th,. «-■■-! "''■•■'>■"■'. '\ ^ !^'"'' ,,'; 
 
 /•„,/. ,«■ lU^hop, U,l.. W. N. (1!M)1) 52; 70 L. J. th. 409: 84 1-. 1 4, 
 
 that there was no valid spcial resolution for winding-up. 
 
 Hut the authority of this ease is niueh impairinl l.y the de.Msi«., in Tl, r^m 
 
 V lln.,,e,.<.„; Trun.,:.„l IMalr. Co., (.IWiS) 2 Ch. 7«,% in whieh it was held 
 that where the noti.e -pe. ifie<l s..voral res.>lutions, s-.me of wh..l. were «//.« 
 ,,„.. and s„m.. i.,,,;. n.r,, and all were pass,Ml. the i.ln. ,;re. re*,lut...ns were 
 t..«.l, though the other, were bad. And •e f 7,„eA v. F.n.,.c,ul Cor/, „ ^^i- 4.. ; 
 irally. L.I.... u.,J So.lh,n, .U..I., Cory. (N... 2,, (1898, 2 Ch. 469, 48., 
 and Straml v. Ao/irf.-n .tquuriuiH .Soriilv, 80 L. T. 243. 
 
 Oeeasiunally the arti,l,« .oi.taii. a elau.e provi.lii.g that any in.mber may, ..n 
 
 ,ivinR not less than three day.^" notieo f. the .■om,.any, Mil t any ro«.lut,.,.. 
 
 ,n ti,« mertim.- bevond the matters ,-ontaimK! in the noti.e .^oavenins so, h 
 ,„«.ti..gi but sueh'a .laii*.. is dang..r..us if it means what it apparently say-, 
 md tho Court therefore treats it as referring only to s.m,ethin,^ .■..v..r..d by th- 
 l.rin.ipal noti.e. /.u,,rr,..l H^.ho. .fr. C... v. U,„„,<'o«. 2:i t Div. .•• 
 
 (la,,-.. liO, .,.,„.,. do s m,t apply to a n linir "f the ,ubs,.r,ber. ..f the „„■ 
 
 raudu,,,. A rea>o,mbh. noti.e only is ne.es^.ry to ,,.n>e.>e the .>il.s,ribcr., uo.l 
 
 ii 
 
Form 261 
 
 ARTICI.KS OK ASSlXiATION. [CirAi". l.\. 
 
 a two day,' notiip liiiu Ixen Iii'lJ reasonable and »uffiiicnt uiidiT tlu' linum- 
 xtan. OS. .Inhu Mu,l,y IUii!,r„i>i r„. v. llarru», (1891) 2 Cli. 3M6. 
 
 Director'*, in the ahscnio of an oxprotfl provision in the artielos, have no 
 power to po^^tponr a mcctinir wliich ha.s Iiim-ii ilulj- iwivenol. Smith v. I'n-infjD 
 Miiirt, (l'J06> 2 Ch. !<j.\ 
 
 2^v"H*bT" *'' ^^ ''*''■'' '^ '*• proposed I., |.ils^ ji .(Miial rc-olutioii, the two 
 
 one notice. ■ iiiet'linp:s may lio coiivciiod by one and the .saiiip notiii-. and it is 
 
 to be no ohjcclion to kihIi notice that it only convenes the second 
 
 meetinp: eontiii>rcntly on the resolution lieing pa.ised by the rei)uisite 
 
 majority at tlie first meeting. 
 
 'flic oi)j.(t of the concluding paragraph of tlio above clau:ie is to iare the 
 ox[. n-c of the double notice, which in a large company may bo considerable. 
 In the absence of such words the second meeting cannot be thus conveii. d on a 
 contingency. .Ummlrr v. Simpmn, 43 t". D. 13ft; and iiifrn. Chap. XII. The 
 concluding paroarraph was drafted by the author to meet that case, and wxs 
 held to be valid by tlie (-'ourt of .\ppeal in .\orth of Enjl/ind Stenmahlp Cn 
 (1905) 2 Ch. 45. 
 
 In Tirsf'n v. /fenticrton, '1899) 1 Ch. 861, at'tor the resolution had been 
 passed on February 16 at the first meeting, an alternative scheme was pro- 
 posed, and notice was given of a meeting on March 3, to pass resolutions 
 embmlying the new scheme, ond stating that " if passed by the rcspiisiti' 
 majority," Ki.. as in the above form. The notice then went on to stitc that 
 "in the event of Bueh resolutions not being passeil, immediately after such 
 mp<'ting, an extraordinary general n-.ecting of the company will be held, whin 
 the following resolutions, which wore passed at the extraordinary ::encral mist 
 ing of tlie company held m Tobruary 16, 1899, will be submitted for cunlirma- 
 tion," and it was held that the notice was not bad as notice of a confirmatory 
 meeting. 
 
 Tlie notice must state fairly the purpose of the meeting, and disclose any 
 pecuniary interest to be taken I'y a dirwtor in the matter. See A«y/' v. rn.,,,lnn 
 Triiiiiinii/s Co., (1893) 1 Ch. 3.i8; '/'iranfn v. rieiiilfrann. nuprr : llnmpthirf 
 Co., (IH'Xa) 2 Ch. 743. 
 
 lOven in the absence of the clause, it is possible, as contended in former 
 t<ditions of this work, to convene the two meetings by one and the same nntiee, 
 provideil that lioth meetings are convened unconditionally, o.tj.. the second to 
 roeeiic a report of the proceedings at the first, and if the resolution lia< bis-n 
 passed to confirm it. Jenner /nttilnle, 13 T. L. R. 394. 
 
 Where a meeting is convened with a view to passing a resolution intended 
 to be subsequently confirmed as a spe'iai resolution, the notices convening the 
 first meeting should, as sect. 66 of the Ait provide*, stat'j that the meeting it 
 convened to consider and, if thought fit, to pass the resolution as an exirv- 
 orJin-tri/ resolution which will be submitted for confirmution aa a special resolu- 
 tion to a subsequent meeting. See infrn, p. 1097. 
 
 AsUiomimiiin 62. The accidental oiiiis.siun lo give any such noliif to anv mi tlie 
 togiveuoUco. i„m„i,t,fs ^i,„ii n„| invalidate any resolution passed at aiiv such 
 meeting. 
 
 Sometimes this clause runs: "The non-receipt of the notice by any member 
 sliull not iiiialldate the proceedings of any general mooting, ,s.u." Tlii, ii Uic 
 form in Tnlile A. . ■ lausc (9) 
 
FOKMS. 
 
 «!»: 
 
 . .Kn nfhpr thp i-lau«e U nlninst alway invrfod. Form 261 
 
 7K;.rAV/.'v./x.-../A'.r«,.6N.*M.203. 
 
 I>K,KI,KPIN-..^ AT (iKNEKAI Mr.KTl.SCS. 
 h hv a shareholder at a moetinif defamatory of the director, but in 
 ' r„ a n.a.i atcU tl.« intcraU. of the shar.ho.d.r. is pr.v.U.K«l. 
 ,o«ard to »»""'*',;' * .,j„ ,^ 1., -HI, And it w.uld «-cm that wh-rr 
 
 '; ':,:'::':;, i^:X li ..Swords con.p.ained of .ro ,p,^on wi-hout 
 
 ,h„ creation la priviiaci, „^i„arv courw doc-, not tal(« away tho 
 
 ivilego. /Vr-n/ V. 01,,'er (1901) 1 U- H. *l .^ .^ 
 
 f;r:l :;:: llTder ..Lin« u/defa-natory .Utement. A -. v. ...... 
 
 "''in,e dir-rtors of a company invite a new.paper to a private n.eotinK. -V^y 
 ,10 h r e c..„>pany >an .ue the new.papcr tor pol.lishing m a ro,«.rt of that 
 :': True .'ateLat of what w.- »id by a shareholder b<K.u. thutjta..- 
 
 ™,n, it defamatory. Urerpool Jlou.e>...t.l iVor.. v. .S»..M (188- ). i^ ^^- ^ 
 
 ''"[ report in th- pablic pre« of the procee.ling, of a general mooting Jf .-on. 
 ..ininJlibcllou. n.att,.r. i, not privileged. /•../''-'" v. >;-'cH'.„. 1 11. .V V 891 
 ;.J,. V. J„..ra., 7 E. & H. 229. Hut a report ^.-nt t. "'« .n.-a,or, ., 
 
 !";•;:;';: ,?/.L" 7 (tu. d. 619. And ^ c^^m im ow. ../,«.«, c. .. 
 
 lie,U, 20 C. D. 508. 
 
 „;, The l.usiuo..s of au ordinary n.octinjj otlior tl.an tho f.r.t one n,.ine«of 
 K'lall bo to roooivo aud co.i.-.idor llio prolit and Ios.s mconnt, tho ,„^ii„^. 
 bularxx-sheet, and tl.o reports of U,e directors and of the au,liU,rs to 
 ,lcrt directors and other oHicers in the pUvco of those rotmn- by 
 rotation, to declare dividends, and to tran.sact any other bustno-ss 
 which, nn.ier these pre,ve..t«, ouf^ht \o l.e tran.Hacl«<l at an oidmary 
 nioctin-. .\11 other business transacted at an ordinary ineetirig, and «poc<a^_ 
 all businetis transacted at an extraordinary meeting, shall U) dooiuod 
 g|)ocial. 
 
 •Ihc la.t paratfraph of thi. clau.e refer, to clauM fiO. Sometime it i. pro- 
 >i,l«l ihat all special business ^hall be transactMl at an extraordinary n.eetinR; 
 l.,.t a. this prec: ,.'... the trann.. tier, of sp.«ial bnV.ness at an ordinary meet.nfr. 
 even after notice, it may be found inconvenient. Of course, an extra.>rd.nary 
 meeting can be convened tu be held at the clo«. of tl.e ordinary; but if proii™ 
 ire wanted, there must be a «p«rato proxy paper for ragh. Infra clauM 81. 
 
 Where the clause is framed as above, special busines* can be dealt w.th .t 
 an ordinary meeting if the notice speciHe. it. 
 
 ..I TlntH. H.emberH por^sondlly present nltall I* a .luon.ui for a Quorum 
 p h.ral nioetinj; lor the <lioit^ of eliair.nan. the doclamtioa of a 
 divid.i.d. and the adjournment of the ineeMiitr For all oth. i 
 
t ■ 
 
 ! ,J- 
 
 U»8 
 
 Form 251. 
 
 ARTICLES OK ASSOCIATION. [CUAI'. IX. 
 
 l>iir|K)fi«« tlio i|uoruiu for a general meeting sliall be moiubvrs per- 
 Kuiially piiMiout, not being Ie»w than [3] iu number, and holiiiii^,', ur 
 n))r('Renting b^ pro.xy, not lens than ono-tentli part of Uio i.-,ju»Hi 
 capital of the coy. 
 
 iJ there lie no proviiiinii at to u c|uoru>ii iu the urtirles two iiinmljeri un 
 rwiuisitp to form a quorum. This in the ooniiiion law rule. One mrnibcr laniiot 
 ax a rule, constitute a (|Uorum or a moctinfr, even though he holds proxiiv 
 Sharpe v. Dnwii, 2 Q. U. U. 26; Re Sanitary Carbon Co., W. N. (1877) Hi 
 Hut where a single piT.ion held all the preference sharex of the company, it »a 
 held that such a perwn could exercise the power to consent on behalf uf pre 
 ferencp abareholders to a modifioatioii of their rights. Eait v. limnti-i' 
 liiuthen, lim., (1911) 1 Ch. 163. Kvcn whore the articles do not say i„t 
 tonatty present, as abovo, the word is implied. Per North, J., FlinttUrr lit 
 and Cnnnt/ Co., 1 Itli .May, 1887, in which it was held, two years after date 
 that the wiiidiii^-up resolution was invalid, on the ground that at one of tli< 
 meetings there was no (|Uorum p(!r»onally present. And see Vamurian, ^c. Vu. 
 23 VV". 11. 405; Kniesf v. /.i„na (/old Minea. (1897) 1 Ch. 1. 
 
 A resolution passed at a meeting at which a (|Uorum is not present is mill 
 (^Romford Caiml Co., 24 C. U. 85; Cniiihrinn Co., »ii;>ro) ; and so aUi ii 
 passed by votes of persons not entitled to vote, e.fi., because indebtisl in thi 
 company. See clause 82, infru, p. 7U8, and the last case above meiitloni'd 
 The articles sometimes establish a seulc for determining a quorum. .Vs t< 
 whether provisions in the articles as to i|uorum apply in case of meetings held 
 for passing a special or extraordinary resolution as defined by sect, ti'.t nf tin 
 Act, sec infra, introductory notes to Chap. XIII. 
 
 Sometimes the articles provide for a quorum " present in |H-rMiii ur l>\ 
 [iroxy," and in such ease proxies can bi^ eountcil. 
 
 In the case of joint holders it would sei'm prima facie that tiny one of tli'Mt. 
 may be counted in a quorum. 
 
 •).'). N<j hu«iue^^ >liall \>v iniiisai'lwl at any gonoial iiit'vliiso- unic-' 
 
 Quorum to be 
 
 business '"" ''"' 'luoruiii r(><|uit*ito shall Ije p^6^e^t at tho comiiieiieeniciit of tin 
 
 commeucsi. biisini'ss. 
 
 Table A., clause 51, is as follows: " .Vo busiiu<ss shall be transacted at aii\ 
 general meeting unless a quorum of members is present at tho time when tin 
 meeting proceeds to business: save as herein otiierwise provided, three iiniiiln ^^ 
 pcrsonaliy present ahull bo a quorum." 
 
 In the case of a small company the i|uoniiii is not (inroinmonly fixed ut iwu 
 or three. 
 
 rhsirmxt) of 
 
 geniral 
 
 meeting'. 
 
 t)(i. Tho chainiiaii of 'lie dircH!tor» »<1'bI1 1i« entld 'jO t«ke the chair at 
 eveiy general luocliiig, or, if thoio be lui riuch ihuiniiau, or, il'.ii any 
 mt.'oting he e«hall not be proc>eut within fifteen minuter after ih<' tiiae 
 appoiutoti for holding ouch uioetiug. the memberti present sliall ch<>im> 
 unuthcr (iirectur as chuiriiian, arid, if no director ho presont, or, if ail 
 the directors prosent decline to take the chair, tlien the meiiiheni 
 preMent shall chooee one of their number to be chairman. 
 
 Sometimes provision is made for a deputy chairman. 
 Coiif. Tabic .\.. rluu-cs 53, 54. 
 
•;<)•> 
 
 KOKMS. 
 
 T. , ,v .,f the ,.h»irm«n i- to k.M„, ,.rder .r.J «o th«t th- bu.in- ■- Form 261. 
 The duty of tn" 'n""^ ,,, ,, .„ ||i, , ,.<ii.i.>ni4 ii|«'" 
 
 aw«^ 2 Ch. 467. 
 
 ,.,7 If within half en hour from the ti.no appointed for tho nuv. ,»tf _W.,j.n. ;, ^ 
 
 . „uorum is not present, the meeting, if couvoncl upon .uv . rt-.,m->- ,,„.«.„, ,u,,^. 
 
 i n rrfl Bhan be dU>.lv«<l; but in any other c«-« tt shall s.au. .« t;. .;;...- 
 
 ::^;:'::!i7f at^:r^ ounJd ...in,. . .uoru. i« not pre... .., ..' 
 
 C; L,nber« who are present .hall te a auor^.■n. and .n«v transn... 
 {ho husinoss for which the mating wao cbIW] 
 or .lu. word, ia l.r..:keU may be omitted, and the following i-crtcd: •' M 
 
 ;i :*";;^t;iti. rn;;;^:;:.: n.:.-r:f ::::,i 
 
 bf pro»9in)f. 
 
 ,i8 Everv question «ubmitt«d to a uieeting .hall be decide,!, i.. the llow ;;"- 
 fire, instance, bv a show of hands, and in the oa.se of an OMUul.ty of j.,,ij.,, .., 
 1 .ho chaim>an shall, both on a show of hands and at tho po I .n.^.j. 
 have a ca<.tin(.' vote in addition to the vote or vote, to wh.ch ho n.av be C.„tn,K .u- 
 outld aH a niember. 
 
 \ ,how of hand» U the «.m...on law mode of a»eerUinint' th.. «•..«' of ;. 
 „,o..ti.,K, and should I.- tukor. even where the article, do .xprcssly so 
 
 provide. Korhurn lifulg-' <^o.. 11 C. Div. 10». , ,^ , ■ ,„., ,.„ 
 
 If ,l„- number of vote, at a ffcner.! meeting .* e.,ual, the chnn,,,..,. h,H ..o 
 (■a«tinii vote by iflmmoii right. 
 
 1„ l,:,f.,,l> 'llrnt/,.:., (1893) 1 fh. 603, Vauffhun William., J.. d..s..n,„.K fn." 
 
 l,.n-io„ of K„y, .... in r„/„.,> i:r„irr, *.. Co.. ,52 1.. T, 8M1. ,.■ . th. 
 
 „,,.„ a rc«.lution to t..ke eire..t ..nder «<t. .M of the C'ompan.e, Aet. H.,2. . 
 
 „u. ,.r pre^nt only by proxy had a rl^ht U, vote upon a show of hand,, and 
 
 ,.,at the .hairman wa, bound to a,.ertain as best he .s.nid the way -u.h , 
 member voted. This was contrary to common pract..-.., and the dccisum «as 
 
 overrule.! by AV,,..^ v. L,„.,., (loht .tf, , (IH97) 1 Ch. I. ■" wh,.h the I m,rt 
 
 of Vppeal held that where proxy voting is allow.,1. the .hairman .n as.erta.n- 
 ins the number of votes on a »how of hand., must cunt the hands .,nly. T h,-. 
 t<Ki. i» tlie eommon law rule. 
 
 .. K,,„alitv .>f votes " means e,,..alitv .,f valid votes, and the chairman may 
 give a .-..utin^ct .-r hypotheti..al castini,' v.>te, to .onie int.. opcrat...., if .■> 
 ,uh^iuent proceeding, it turn- out that there i. an .s,ual.,y of valul v..t. - 
 /,-,' / V. r.u.-h.inan. (1901) 2 K. B. TiS. 
 
 1)9. At any g«nomI uweting, uule»« a poll i. demanded, in the \yw -.,.... 
 ..«*,. of a siHxrial or o.ttraonlinary resolution by at least five \pr «/ „,„ |„^,,i„^ ^f 
 thought jit any k»er number] persons entld to vote, or in any « rcs.,iutio.. 
 
700 
 
 Form 291. 
 
 wher*» poll not 
 demandfd. 
 
 A KTICUa or ASSOCIATION. [('lIAl'. IX. 
 
 other ca>ir Uy [tho nhairman or l>j] at leout 'five] mombera, or bv 
 a member or memlien holding or reproflenting by proxy or entld to 
 vote in respect of at leawt one-tenth part of the capital represented at 
 the meeting, a declaration by the chairman that a resolution has been 
 carried, or carried by a particular majority, or lost, or not carried by a 
 piirticular majority, and an entry to that effect in iJie book of proeeed- 
 ing.s of tho coy, shall Ije conclusive evidence of tho fact without |iroof 
 of the number or proportion of the votwi recorde<l in favour uf or 
 against such resolution. 
 
 Then- i~ a coninion law righ' to demand a poll, but tho artiiloa lUiiy oxi'lujc 
 or restrift it. «r j. v. T/i- irimh/rifoit r.nml /lofini. 8 Q. B. Div. I.')!); hotter 
 rcportwl in HI) W. K. iOi, and M I,. T. 47; Campbell v. Vnumt. 5 A jt 
 
 !•;. Hfi5. 
 
 lnle»B the artieleo otherwise provide, a proxy appointed to vote at a Rcnurai 
 nincting it not entitled to dnnmnd a poll (por iiamn, V.-C, Harm Gold t,i., 20 
 ('. I), l.il ); and where the artii-leri rciulro tho demand to be mad» by several 
 holdem of »har<'«, a proxy U not a holder within the wordii. lley. v. Unrrrnmrit 
 Sloek Co.. S (}. 1!. U. 443. 
 
 When a poll Li duly drmanded it ii the chairman's duty to gnnt it, and to 
 fix the tinii' anil plucc for taking it. .Iiilinny v. .>V'/<t. 1 llnjiff. ("as. ('(in. 913. 
 
 A poll noil! not be demanded puhlirly ; it in (iu(8fi<-nt if the chairman acts on a 
 private diinaml. I'h'inix Co., 18 t,. T. 260. Nor need tho demand b- in 
 writing, or, in tho ab^rnce of express pruiMon, seconded. Rex v. Mnynr of 
 Dor,-.-. ( urns I I K. It. «fi8. 
 
 The cli.-iirman'« declaration is not " conchi-iive " whore there is no i)uorani; 
 JO if tire declaration states that the ro«>lution was passed, but shows on tlio fao 
 of ii that the resolution was carried by less than the requisite majof^t 
 will not be concluiivc. Varalal (Xe'r) .Vinr^. (\'M2) 2 I'h. 498; Chirl; ,)■ 
 (1911) S. ('. 213, Ct. of Sc<s. 
 
 Minute" of ,'--'jceedin|fs at mi>etin)?s are not ronclusive an to the rcsrularity 
 of the pnxc octinffrt. HrH, f C". v. .Vacnathten, (1910) I Ch. 1.10. 
 
 When! the resolution is to take effect as a spe'ial or extraordinary resolu- 
 tion under sect. 69 of the At the declaration of tho chairman is eoni'lu.sm, 
 unless at least three persons entitled to vote demand a poll, or such other iiuiiihei 
 not exccedintf five as the urtieles may fix, or the section so provides. 
 
 Poll. 70. If a poll is demanded a« afs<l, it .shall bo taken in "uch manner 
 
 and at such time and p\vL<tf as the chairman of the meeting directs 
 [and oillior at once, or after an interval or adjournment, or other- 
 wise], and the result of the poll shall lie deemed to bo the resolution 
 of tho mooting at which the poll wan tlemanded. [The demand of a 
 poll may Ih> withdrawn.] 
 
 A poll is an appeal to the whole constituency, and " is taken in order to .oscer- 
 tjtin tiie sense of ihe general body of (lersons qualified to vote, and to ifive 
 others beside those who are present when the poll ia demanded power to come 
 in and exercise their right of voting, and in order to ascertain whether the 
 voters have Ihe quulific ation which is re(|Uired in opler to entitle them to exen i.« 
 tho privilege of voting." Per Cotton, U J., Bey. ». H'imhledon Local Board. 
 H Q. n. I). 489. 
 
KHKMS. 
 
 701 
 
 ^ p„ll .houlcl he di-manded forthwith ttU-r tho .how of hand-. rampMl y. f^jj^ 261. 
 Jf,«.l/. 5 A. ft H. 8«5; The Quffn i. TKnmat. II (). ». !>• 2«. 
 
 Whoii a poll i" do'y diii.*n<l«l the .how of lan.l. «o,.< for uothiinr, «nd the 
 
 A^. n „f thp moclinK depend, on the r«iult of tho poll (•<»<*..«.* ». .V/"'. 
 
 I llw f..-. <'""■ 913; U-.-'' V. r."V'"-. '• »■ •■' <1. n. 4'>7): '» -"">- 
 i,nii.lati"ii of l»v. the ine.-tin)r lontinue* until the [wll ha. been takim. ll,y. 
 , iri,„hl,.lun fornl Il.mril. n'l/ira. iUnve. in tlio abnoncp of ,-\\>n--< provi- 
 .inn n« iil>ovo, a poll onco demanded cannot bo with.ln.wii. ftex v. Vayr o/ 
 ;M.7.r i»;'ra In th-- alwence of any proviiion in the artichi to tlin contrary, 
 ll,e rhairraan i. the penon to grant the poll. /I"',, r. ll>;ln'->. Vl .\. -V Iv. I.W. 
 
 A poll may, it Mem., without apecial provision in that behalf a" almve, l.e 
 taken at tin- meeting at which it U demanded. Per Kay, J., in rhim,,r,t,>„ 
 Inm Co., 29 (;. D 159, following ^ dirtum of [Vnman. 1". J., m «<•'/. v. 
 nOi/Irv,' \2 .\d. Si Kl. 139. See. however, Hiotn to the contrary in llorhur^ 
 
 If the arliolen .how that a poll is not to he taken at on.-.- they mu«t, of 
 •cpurrf, bo uhwrved. ItritltK Share Co., 6 I... T. 215. 
 
 A \o(er in».v vote at the poll even though not prewnt when the poll wa. 
 ilemand.'d. rnmi.hrH v. Mnui.il. uhi »uj>rn. 
 
 T.. eicIiLlo a voter may invalidate the poll. It,-^. v. l.nmh.-th. H .\d. \: Kl. 3Jtl. 
 
 I |w,n takii.t; a |«)11 'I'O f'tfl>* •» »"'«■'• »"<• ♦'" "H'"'"''" "' "'""■''* '" '" '"' ''''*'"'"' 
 .nineil. If n-y 'iiie^tim ari^e^. by a referen-e to the re^'i..ter of member-. V,-mhr 
 , l.,'i.h«.nt„„. 6 C'h. I). 70. The usual mode of Uklnv' a |)oll is to reiniiro 
 ,.v,.ry per-on who d ,<ire<. to vote to sign a paper headed, " Kor." or " Against " 
 ih.. ni.ilio 1. Th.' voiei of ea.h iiiembor are then ins<!rte<l, an.l, these having b.'.-ii 
 ..hleil U|N Ih.- ehair.r.an declares the result. There is no power at a poll, in the 
 ,l„i.ioe of express provision in the arti.lei, to Uke it by v.)ting papers. 
 \lrM,llny v. U Hoi Mining Co.. fI906) 1 Ch. 331. 
 
 If the |..)11 is imt ...impletod on the day .>n which it is .Minmom-ed it must \k- 
 ...mtinucl .,ii,s.s,uently. for the ..hairman is n.t entitle.! to .•l.>se the p..ll whiNt 
 vuter^ are comi.ig in (U^:,. v. St. Pancra., U Ad. it K. 15; R>-, v. Graha.n. 
 'I W. li. 73»); but the chairman is not bound to wait for hours to see whether 
 voters will coiii.- in. Reg. v. Lambell,. nhi »«,,r,i. X..vcrtlieloss, the .■hairman 
 ,„:,>• .lireit th.- eontinuan.e of the poll at a subs«iu«nt period in order to giv.- 
 Ill opportunity to other voters to i-ome in. 
 
 The |«.ll is to Ihj regarded as part of the proceedings of the m.-i-ting. /^^'/. 
 \. ll'imlii.'loM l.oral Bnnrd. i.ii;ii-a. 
 
 To appoint a 8ubM<iuent day for the Ukin»f or completion of the poll is not 
 „n adjournment of the meeting, although it in effect continues the me.-t.iig 
 [l>,j. v, rA«-.(er, 1 Ad. & K. 342; R"l. v. IPimbMnn. uhi tu/ira); but it is 
 u«.ial to adjourn the meeting to hear the result. Sometimes there is no f.>rm.il 
 adjournment, but it is arrang.-d that ;m, i.;e of the reeult shall bo given, and to 
 this there would seem to be no legal objection. 
 
 As to a si-rutiny: It i. usual to appoint scrutineers to compute the votes at a Scrutiny 
 ....11 ;>i,(i reiwrt "to the chairman, but the regulations rarely provide for a 
 MTUtinv. The meeting can appoint senitim-ers. Wnwhworth Cn. v. irright. 
 n I.. T. 404. Very commonly they are appointed by the chairman with th.- 
 absent of the meeting. Sometime, the chairman act. a. wrutineer. 
 
 It is for the chairman U> do ido a.s to the vaiidily of th» pr.^^ie=, and hi. 
 dcision will .land unless it is proved to tlte Court to be wrong. Indian Zoe- 
 dune Co.. 26 C. I). 70. 
 
 A r-efcr. nduni by iwlliiig papers cannot, unless iiho articles so provide, be 
 Ukcn in lieu of a poll. Maemillan v L* Roi Mining Co., (1906) 1 Ch. 331. 
 
 . 1 
 
 
i 
 
 7()> 
 
 ARTICLES OF ASSOCIATION. [ChAP. IX. 
 
 Form 2&1. 71. The chairman of a general meetinir may, with the connnnt o( 
 
 Po I' to T- *'"' "•«'<'''"K' a<lj(iuin the wime from time to time ami from piano to 
 
 JMurii ^I'linml place, but no businsHo Khali be lran'<arted at any a<ljourne<l nuH-linrr 
 
 ""■''"'"'■ olhor than the bu8ineM« loftuntinL«he<l at tho meetinff from which tlio 
 
 adjournment took place. 
 
 ^!;^ 
 
 '■M! 
 
 \t I'lmiinon law it M»-iiis tliut llw (xiwi-r t<i adjourn ri*^!* with th<' < luiirin m 
 It,!/. V. n'Oylry, 12 \A. k v.. 158. 
 
 Thn cliairniiui i*, l>y I'lnu^i* )>0 (</. >■.), ifiveii a iliwtwtinn, niiH he \* not iinnnil 
 to adjourn the mwtiuK. S^ihthiny, 4<\ Co. v. Jlathorn, (lSi'7) .\. ('. J'ii 
 
 If the iliairmun ini|>rii|>i'rly ]iur|><irtii t<> adjourn or nhm tht> niootiii); uml 
 Ic'iivcK thi> chair, the inpetinf; can clm't mnip other chuirman and jiriiK-'il 
 S.ilUi.ml /l,r,'n„gK SiH-irly v. Syken, (IHitt) 3 fh. 159. 
 
 Hut if till' mcctini; i* duly adjournnl or dinwilvpd. nicniinrn who n'in;iiri 
 behind cannot continue the hu^iine**. Kpt v. (inhnrittu, II Ka-t. 77. Ir 
 would «ecni that ii meetinif may Im adjourned t« a day to lie tixi'd by -uli«> 
 i|ucnt holii'c. Krij. v. Mni/oi. ir. ol l.tiint'in, » II. ,^ ('. I. Hut unli'«" tlj.' 
 rc^uliiliooH otherwise (•roiide. no fnwh notice of «n ailjourncd ini'itim; i< 
 niHcsKury (wc •w/.r/f, cluuw till; and Will) v. Miii'i-iy, t I'.x. HtS'i. «u ailj<>!jrtii'<l 
 uiei'tinK licinir a continuance of the ori|final moetiiifr (SmutiUmi v, II- ■■■i»>, 
 3 II. I-. C. 418). 
 
 Clause 55 of Tiihle A. cm|H>wer» a chairman, with the cou!<int of tin- ucot 
 'lug. to ailjiiurn, and oliliirc'i him, if ao dirm'ted by the mpetini;, to ailjoiirn 
 Thi)* i!4 connidered objectionable. 
 
 luwbat<am-» 72. .\uy poll duly demanded un the election of a cliairniiin uf h 
 p«ill taken m<>«tinar, or on anv iiuestion of adjournniont, shall be takon i»t th.' 
 
 without iid- '^ . • ' , •■ 
 
 j^nniincnt. mooting', and without adjournment. 
 
 It has been questioned whether, in the ab-wncc of ejtpreiw power, a poll ran 
 be demanded on a question uf adjournment. Munlriiiijnl! v. (lardiuri, 1 ('. I'ii 
 13. However, a (-bnMe as above ii fnv|uently inicrtt^il, and Hocnii i-xju'ilicnt. 
 Not uncommonly it \» provided that no poll shall be demanded in such c a«'«. 
 = 'iit no ^hmI reason c.tn be HUjjt^este<l why proxies should be de]irivcd of the 
 power to vote on these matters. If u poll cannot be I'eniamlitl, a IVw noiulurs 
 who happen to In- p'THimall) present may be ai)lc to clfcct un adjournriii nt. 
 say. for three nionil tliouKb »> a poll there would l>o a vaxt majority au'ainst 
 ailjournmcnt. Uesid. '. in tlic i-ise of a ineetin); to confirm a spei'ial resolution 
 very serioua difficultiis mi|:lit arise. 
 
 Husinetw may 7.'i The domand "1 n poll shall not prevent ttio contiiiuaiic)' of a 
 pnii-eed not- iiieoliii>;- fur llii> IraiiwiiLtinii of any biisino"^^ "tliei ihaii the uiic^iioii 
 
 dcnmnd of on wliicli a |)oll Ma^ lioen dcmandcKi. 
 poll. 
 
 Votes of 
 memben. 
 
 Viiih..>ot Mkmhkk>. 
 
 "•4. On a KJiow of liands every uu'ial>er present in pei>oii .vhull ha\c 
 one vot<'. und upon .i poll every inenibor present in [>or.sou or li\ 
 proxy shall huvo one vote for every share hold by hint. [Where a 
 
Ki'RMS. 
 
 7«»:i 
 
 \v)i» i* nnt a Form 851- 
 
 ,>,r|H>raiioii l^-inp u inpiiilK<r i« prcwMit l.\ a. (.Mxy 
 
 „„„„|H.r. Muh proxy «li«ll U- .'i.tillml to volo l..r m., I, .oii.onit.o.. on 
 
 4 ^hdW of llllixl* ] 
 
 The 
 
 • 1,1 i.r votinit ri'<|iiirr» rarrfiil win^idpnitiim. S.imi'timi-' » -"nl"' 
 ", „,, l.y udilinif in th.- almvc <laii««" the w..r<l- " up to ti-n, nml I.< 
 
 ri-i Inroiid thi- Kr«t tin u|) In unr limiclr.-.|. 
 
 .,,,1 „. ,„, tt.!.litioi>«l vu.o f„r ry ..nn li,ii..lr,-.l -linr..« lH.y..i..l t\»- Hr^t 
 
 liuiulrol." 
 Sonutim.-. o«o .■!».. of simrox i« tfi'-'" "" "'"■• '■'■'■ " '■^"'y >"™'l ■■' •''I''""' 
 
 ■nliimrv -hnr*- .hall h.vo on" v..t« f"r .n.ry ordinary .haro, >.>■. \W pn- 
 r,.r™.o"Hl..r« «h.ll n..t ™nfer o. th- l.old.r tl,- ri^flit to atfnd ..r l» v..t- :.t 
 v,y u-ii-r^.l m.'itinir. or <« r.<..ive any noti.-.^ tl..-r«if." Tho following !■. 
 
 ,i„.tlKT form -..ni.'linieH UHed: " Hut the siiid prefcn-ncc -hnr.^. »hall not rnnfi-r 
 on l> hi.lclir. th.- riifht to attond or vot.-, .ithcr in p.T«in or l.y proxy, at any 
 J,.,,, ral ui.olintr. or to have not!.-., of r.u.-h mo.-tini.', unle« th.- ni€..-tinK f .on- 
 
 vninl for riKluiinif the capitiil, or windinif np or »nnrtioninif a «ale iif Ihr 
 
 ,i,„l(.rakin|{. or altering tlip roifulntion.. of the rompany, or » h.-rc Iho pro- 
 ,11 t" lie -uliniittod to the nii'ctintf diriM'tl 
 
 I" 
 
 Ifw-tH til"' ritfhl-* and privili'dfi 
 ,f rhi- IioIiUtk, or th.- dividend thorwii is in arroar for luoro than thr«« montba. " 
 \i,(l .ri' l-'orm 3;U, infra. 
 S,iniPtim.'« it i« declared that no niPinher holding le"-' than [UWI.] nipital 
 
 •hall !iavp a vote. 
 
 And "hero a lar«p proportion of thp napital i- to Im i-«u«l t4. n v.mdor. hn 
 rlglil-' of \otinB in ro:<pp<'t theri-of arc wimcliaoH liniiti-d. Thpio arP niattc-rn 
 r„r ll on«idi'ration of tlip promotpr*. 
 
 Thpro i» nothing ill th.- Act to invalidate an arti.'lo ncitativinir Iho rijrht of 
 ■my spccitipd cla»!i of nicml.cr'i to vote. On tho contrary. ^f<t. ti7 (iv) provides 
 lh.'il ■• In ilcfault of and «ul.jp<t to any regulation- in the arli<leM. every m.nilier 
 .hall have one vote." This it a recognition that voting ■•iKht'* depenil on the 
 irti.lc-. Tahle .\. clause ti:j. fi>r in»tftncp, dcni. -^ the right of voting to a 
 uumher in default in paynu-nt of a call. Ilen.-e, it is for the articles to d.'ter- 
 miriR «liat -hall be the rights of votiiur. and whether any particular -hares 
 •liall or -hall not confer vote-. Mons.ver, (here is nothing in the .Vet to prevent 
 the arliiles from confrrring the right of voting on non-nieniliers, c../., del>cn- 
 
 •uic holders, and the Court has frixiuently sanctii.nod such a -chen f govcrn- 
 
 iniMit; hill, of course, votea liy iion-inciiil.crs cannut lie taken into account for 
 'lie purpo-es of a spei'ial or extraordinary residution. for the word- of -ect. (>9 
 cN.lor it necessary to count in such cases the votes only of niemlier-. 
 
 In like manner there in nothing in the .\ct to invalidate an article which 
 ■vclii.lc- a cla»» of lueniherH fnim attending general niwtings in person or liy 
 liroxy. and it is (luitc common to so provido where the elass is not enliflcil- 
 
 'U Vl.lC. 
 
 'I'lic right to vote in determined hy the register of nicinl.ers. /'<■..'/<■; v. /.«%/.- 
 
 •,;!„:,, tl C. I). 80. 
 
 A uicmlier is (suhject to agreement) entith-d to vote as he liken (/>»( I'l-m, 
 v.- Co. V. Meniiwrnt/ir,, 2 II. 4t M. 254; L.in/Inn * .Vfrr. /(.»--. t.'-i., I K-.|. 
 277; I'lhiler v. l.tii-hingliin, % ('. I). 711; .V. W . TruniiiortatinH Co. v. Ilrn/lif, 
 12 .\pp. Cas. 58»; lUirlnud v. Knrle, a902) .\ (". 91. Kor a sharehol.lcr's vot4' 
 ;< a right nf property, irhlch he m :y .-s^r. i-" 3- h- p!e»«'-=, even fiiou-.-h he 
 iiMM It in his private int4'reiitK, and against the interests of the iiimpany, hut a 
 majority will not be allowed to obtain for themselves nii unfair advantage at tho 
 •xpense of the minority. .Vriiier v. Ilnn/iri't Telnifipl' H'ortt. 9 C'h. 350; 
 ec also .ihcuul v. Merrt/irenl/irr. 5 Va\. 4(i4, n.; Maeun \, /lurrii. II f. Uiv. 
 
 II 
 
704 
 
 AIMICI,V.M OK \S8<M IVriON. [CllAI-. I\. 
 
 Form Ml. ^^-^^^ ^^ j^.^^^ ^^^^^ ^,^^j , ,.^ ^„. ;.„,, , .v,„ ^ ,.„., , iuimd i ch. 
 
 6Sfl Tho riifht of votini; ifivcn l.y •rticlc. m-.y 1..' ^'ivon up ..r ciitroll,,) k, 
 .|,P,ml BBrr..nu.nt. (,>,,■,..-■-// v. h.rl.r. (IWi) I CI.. 430. 
 
 A mi....l..T !• entitlod »« tra.^fiT h» -iMr-, to n,.i..in««, «. « to «.ur.- ... 
 I,im..lf th.. maximum of voting power, and the .lirt.U.M mu.t r,M,'..t..r tin 
 tr.i,»rrr.. u..U-« the article g>^o thorn a P"«or to Jcrlim-, whi.h .- appl.uM.. 
 
 in lu-h ca«.. .V/r«»/<.» /r«» '' 1'. i:i- S'": '•""'"• "' '"'''"i" " "'' " 
 
 Vll 70; iMw fur ' T, «M;ir<i, p. fi<"' 
 
 '-' It ii Mldom, howcvor, d«>mr,l no.-.»««rj eipro«ly t.. r.-.tri.t th- r„.l,. of 
 trin-fer ii. tl.i. re.p-t. Cliu-e Hi;, intra, U wmiPtimo, .n«Tt..,l, an,l ,„ all 
 
 „rdi„ary c pr.v .n wha' «;.. .lone in the c««> «lH.ve in.nth.m.l. Hut 
 
 thouKl, clau-o ,•'/.>., y i- f-.»d u«ful ia thi. roM«"-t. it » "l-" • ' "''J'"""' 
 
 „„ the «or« of iu.onv. ..in..-.- ainl dofoating the voting' riRht of ...» in.mWr. 
 i-vminK into the company l><iii,t fiiir. 
 
 If the nrliclm •« proude. the .-hairmun'- d«.i.ion « to the validity ..f a v,.u. 
 i,, in the a;.«nce of fraud, comlu.ivc. Ii:,ll ». /."»'/,o. ..«,/ .S.rlh. ^ /..w. 
 rnrp., (1»'J8) 2 Ch. 4B9. 
 
 A provi.lon in ar.iel™. .h.t no objeetion .h.ll be taken to any vote ej;,o,,, « 
 ,h. m,.e.inK at whi.!, it i- t..nd.reL or any adjournment t^er.H,f. .. b.nd.n,. 
 „nd vote, not thu, di.«lhm d -annot afterward. Ih> ehall.n«.J. > "" v. /,„.,*,, 
 .„d S..r,hrr» A..r„ Corp. (No, 2). (1899) 1 Ch. 560. Hut .anh a prov...on L 
 unuxial. 
 
 Ity the Coll-,-tin« »orietie, and Indontrial A.-uranee Crapan.e, .\.t, ls.«. 
 re.lrir.ion, are ph. ed on the voting by " eolle.tor, " who arc memb-r, of a„ 
 industrial axurame eompany. 
 
 A. to a company voti„« by it. offlniaU or any other repre«>ntativ.., «» 
 >n;t. 68 o{ tKc Act of 1908. 
 
 Vote, in -,h Any iH-rson cutld undor tho Irausmission cbuso {mi>ra 
 
 re.p.*i..f p|jju,c ;,H] ,„ tiiiiistVr any sluires may veto ut any froneral iiiootm- i" 
 
 tZ:\^i n.H,>eot tl...f in tho .atne m..n..or as if l>o wore U.e ropisU-ml l.M.ler ol 
 Unkrupt ,„^,,, si„iro., provided that furty-ci-ht h«iii« at U-a-t Injloro tlio tun. 
 
 """"'*"■ of hoUli...' the moctin? <.r u.ljour.R.d n.cH^tit.p. .« tho ca.so nuiv !«■, at 
 
 Nshi. h h.. i.n.|.,».os to v..to ho nhull sati.sly tho dire.-.or.s of his ti^'h' t,. 
 transfer «.ch shares, or tho dittxtor^ -hall have previously adtiutto.! 
 \w ri^'ht to vote at sudi luectiiiti; in respect thof. 
 Jomt holder. 7G. Where there are joint rej^istered hohlor.s of any share any o,,- 
 of such m>rson:4 may vote at any tnoetintr. eitlter perso.iall.v or h> 
 proxy, in re«,K.ct of su.h share ivs if he were M.loly enthl lher.-i". 
 and if ntoru than one of -such joint hohh^rs be present ut any nieel...^.. 
 ,M.rs.,nalh ..r l.y proNv, that one of the sd iK-i^on,* <,, pro-ont « hoM- 
 name stands first on the re^Mster in ros,H«t of -u-h share shall alo,,.. 
 ho entkl to vote in itjspot^t Uiof [or, those so present -liah ^"^V-r 
 be enthl to an equal pt of tho voles «)nferre<l by the joint holdiii!." 
 Several e.xeeulors or a<luior» of a de,«a.s«l inoinber in whose nan..' 
 any share stan.ls shall for the puipo^s of this clause be <lwnud 
 joint holders thof 
 
FORMM. 
 
 70ft 
 
 The nlxiw- rlaiiT ia riimmciii, liiil iti" fiillnwiiiir i-. i><>riia|>< nii'rr» ikuhI: 
 •7(1,' If tliiTi- 111- jniiil rciri'ti'ffil lii>|i|ir« iif any -'i.iri'*, I'l' iin'iiili.r wlm*.- 
 
 tmriir .laiiilit Writ on Ihi- n-jfi-tir, urij im ntliir. •Iiiil *«• "ntitl.Ml to v.ilr tii 
 
 r..|.. It iif -i" I) ■•li.irix; Ip'it It t'l-T "r i.tlirf. .if tin- j.iiiit lii.lil.ri -IwiM !"■ 
 
 iriiiiliil '" !«■ I'ri'x'''* »• ''"' tfiHTiil ini-ctinif." 
 
 Snnirliiiii-^ tlip wiinN fi'llnwini,- aro iii>.Tt..| in . 1 111.0 Tii U'Tir.' lli' «,.ril 
 
 ■ -mril ": " ii|iiiii 11 Piliciw of lianil«; Init ii|i"ii n ("ill iwli nf llirni i-h ill I"' 
 
 iriiill'-il. '• iii'irlv ill" Miiiy In'. ti> n ralivilili- |ir.i|Mirtiiiii iif lli" tutil nimiliir "I 
 
 1,1(1 . M.nf. rri.l hy llii' joint lurliliiiu'" 
 
 In till' al>"iMi"' of till' I'oiK Imliiitr |"ir.i^riipli of il.ii"' 7i>, it "i-i-ik llial tin' 
 
 ,v.rutor> or ii.lmihi-triilor*, if tlov want ti lot.', rioul nil y<>>- foL'iiln'r in 
 
 Irf-r^.n or by | ''v. 
 
 Form 251. 
 
 :: \ 
 
 l.<. oiM'll filln'l |«'l -111 
 
 1\ l'l"\.\ 
 
 l*rnii.n 
 |MTinitti..l 
 
 ., , . !,. ., -..vv 1 //.-.'..■.I V. 
 - . 'lix'n IV till" urtirli'*. 
 •■'.»i".:'.»; 1! wisliM of the 
 
 ,v r< 4|i!i ll H lliilt^lM'i., Ihr 
 
 ...I . .'.ay (irop.Tly w.iul 
 iiiliiiny. /'.'/ I- /. V V. IV . 
 I Cli. .'1, onrriiliiiif Si.,.hl;,> v. i1,..„:.,>h. .1,1 Cli. I> 'i-N, 
 -olitiif on II allow of liatiil-, imh* rluiim' !>**. n,tf,t*i. 
 
 I! ir.' a|>|ii':ir- to Ih< no riirlit at I'oinnioii 1. 
 /■/ . '>\ ('. I>, 3.1); (111. ri^lil mist In. f\ 
 Sill I 1 iihnIi' lit voiini; lii'iinf tlir only w.iy of 
 will. Iiiiilv of Mli!iril,oiiliT«. iniiiiy of wlimii ' 
 din iiirj aliiiL' '"oci li'lr in tin. inti'ri.<I.< of 1 
 iiiit «taii>|ir:l provy forms iit tin' t>K|«rn«i. of llir 1 
 /;.,. r,. , : IMli 
 
 A- I.I [inixii 
 
 T.i Till. iii.-.liiim(.iil ii|i|iiiiiiliiio: ii priixv wliall In- in writinir. mulor In-irnmcnt 
 . I I ■ 1 .. 1 ■ ■ ■ 1 ■ i iiniMiiniinir 
 
 thr liaml ol llii- a|i|iiimtiir uf nt his iillnriicv. nr. il wiirli ;i|i|i<i|iiliir !•* ii ,,,.,,, y („ i>. 
 
 ii.||iiilaliiiii, III! In- i\x ciimmiin m-mI nr llio liaml of it« allnliK'N ' in writinif , 
 
 No pi'iMiii .sji.i i lit' u|i|iuiiiti><l a |)rii\% wlin ii iml a iiM'iiilii'f nf lln' 
 
 io\ ami i|iialili' il tn viili', sjivo lliat a riir|>iiraliiiii liiiii'/ u iiii'iiiln'i- ..|' 
 
 lln' iiv iii;u ,iji|ioiiit lis its junw iiiii' iit it/- iilliicrs, tlimiirli ii"' •• 
 
 IIM'llllll'l I if llll' II )V. 
 
 >ii|i|ii«<. till, woni" in h kntu an. alisi'nt, iiiiisl tin- |iro\y |ia|irr In" nnihr 
 til" ii]i|"iint<ir's own liami'r It woiil.l »v\a tliat it mn»t. H',l>fin v. tl'nlhtin. 
 .'1 i;-.. II. 1,5.>. 
 
 Th" I liiiw. Nomrtimrs contains wonl« n- liii.-iTii; utti'station. Init tlii'V an* 
 Ix'ttir iiiiiittiil, for attestation nun l>o forj;"" n, ami in that crtui' tlii> instrunniil 
 is ni.t aiailahli'. Ifnrhrn v. I'hili « •1\ I'. Div. II. Tliorp wonl.l not appi'ir 
 to 111' any Ii'ifal olijeition to a proxy in blank. A> /i. '/■'>■ f."iir,,Hlrr, A ( '. II. '.til ; 
 S.,,1,1,,,,,- V. Ilrv'/rii, (IWi) I I'll. MiK: AVii.'s^ v. r.nni-i (!,i!it Miii-'. (IHUTi 
 I til. I 
 
 Till' .'i|ipiiintor lannoi iitt'..<t tin. ap|Miinti'i''s si^naturr ' AV /■<ir><- <'iilh n. i IHtll 
 1 i;. 11 l.il , or I..-.. vrrHii. Ill' hirrnd. II !.. T. Mil. 
 
 U III r. A. upiHiinta II. his proxy for i jiartiriilar niftini,'. ami aftiTwanlit 
 ap|iiiiiit-i ('. for tlip name nipctintf, iloi'i tin) in'ionil nnoki' tlii» first? It wonlil 
 Mil., tliat it (liH.ii. A> pnrti- Miirr, 2 Cox, (>7 : /tr l.urat. 17 Jnr. Il8rt. 
 
 Siiii|uisf t[|i. aiifujiitu^f i^ hini«»!f s^^*.'.H*^lt at ;! !i**H^t!ii^. it wool'l .w'l'ni that 
 his pri-si.nce ilopii not avoid tho instriinii'iit of pruxy, lint if In' viit"ii lirfori' liis 
 proxy has votcil for liini, it ii I'lear tliat ho his impliiilly rpvokivl thi' pnixy. 
 A"i.//,< v. Ilulkihy, .5 .liir. (\. S.) S17; .1:1 I.. T. 7; .Story on Aifoiii'v. *. 4?.i. 
 
 I iiilir thi- lattt.r part of tho ilaiiso it has boon liolil that tho iiistriitnint is not 
 invalid if the porMii lutineJ waa nut a niembor whou the pruiy waa liKncd pru- 
 
 P. t Z 
 
i 
 
 roi; 
 
 AKTICLF^ OF ASSOCIATION. [ChAP. IX. 
 
 1 
 
 ii 
 
 J 
 
 11 
 
 -i 
 
 Form 251 
 
 ■ lud to lie 
 it offi't'. 
 
 vidcit he wu-i h inciiibvr when it was lodjfwl and act«il on, and that under vi, |, 
 word* it i« sufficii-nt if tho |)or«)n appoint'il in imfflfiontly dcvrilicd ttlthimuli 
 not named in the inntrnnieiit. //-I'/itay llurmnh Tr<tdi)i;/ '''./•/'. v. Ii,„,il,ii 
 l'„r>fli> Sl.,,'il, (1!I0S> A. ('. 213 (P. ('.). 
 
 As li> 11 iMin|.nny'» ni" le of voting, n.'e scit. fiH of the Act of Ittd.s. 
 
 79 The iiistiiimt'ii) aiiiioiniiiis,' a jiroxv [nml tlio |.i)\vt'i nf 
 
 UltOI llt'V . 
 
 it illlV, Ull' 
 
 loss than fnrlv-ci] 
 
 lor wliicli it is sicriuMl^ «lmll l>o ilt'ink-iitoil at tin' olli< 
 
 'ht li.nii- Ix'foio llio tiiiio fijf holJintr llie iiioi'lin- 
 
 or udjmmiivl nn'ciiiii.'. m tlio ia»f iii 
 
 i\ 1k'. ut which tho )it'i>i>ii ilihu-.I 
 
 ill mkIi iinlnimi'iil |.n>|)(,M.^ t.i v..t*' Tlmt no iii-liuiiiciit apiioiniiriL' 
 |Mox.\ ^hall hf valid atlci iIk' .xpiialioii ol twelve month* lioni ili 
 
 (lutt 
 
 itM I'xc alion 
 
 SonirtinwM the wo 
 
 i)rd» 
 
 ithin liniikets in th« ulion' iliiu-e arr omiltiil, ami 
 
 the folhiwinif •<ul)«titnti'<l: "and no proxy uliull In' fiititlid to vote .xiipi iii 
 the partitular im etin„' niiMitioiiod in llic in'.trnniiMit, or any iidjournniiiit thiM.f 
 
 ;iiid u]K>n eviiy |h)I1 that may tnki' phu- at or in coii-n-|ii 
 
 or adjo 
 
 Itiit tliori- HH'in no ■•iitHciont ri'a«on why a nuiiib' i 
 
 •houlil not lie inaMi"! to appoint a pro\y for a npi 
 
 iHcl 
 
 i>erioa. /■.'/ 
 
 whiT.. I,. 
 
 1.1 Kolli'.' a 
 
 broad. It was vory prop -r to ininrt sii 'h a provl<ion wlifii ihi- l,i« 
 
 would not piTiiiit the appoiiitiiii'nt of a pi 
 
 I'xiept in ri'jari 
 
 I t'l 
 
 ctni^r. 
 
 \tfftf, noli' 
 
 .'l:i 
 
 NI. 
 
 iimonly 
 
 rlttu*' doo« not wintaii. the word« '■ or adj'.iii mil 
 
 niectinif at the ciiie may he," and the qucition nomftiin.H arisi's whither in th' 
 
 ahieneo of those words a proxy i« ineajiablo of u<e at an atljourniMl i Iiul- 
 
 leposili'd forty -litfht hours befon' the oriirinal nn'etins;. I'ii 
 
 unlesn it wax ile] 
 
 «ord< are capaMi- of that ronstrurtio 
 
 for 
 
 an adjourned nuH'ting 
 
 t.i I.. 
 
 ideri-d at anv rale for some purpoiix a 'ontinu ition of tho original 
 
 infj [ sufiift, notf 
 
 a proxy ile| 
 thereat. 
 
 lause li(l|; liut it is alio eap.ible of the eon^tniitioii ili^t 
 leiio>it.fl fortv-eiu'ht hours iM'fori- the a Ijouriied meotinu is avaihljl 
 
 Xow the obj.it of the i laii«f i" to iriie forty -liijhl hours 
 
 for t: 
 
 i.f th< 
 
 proxy jiap 
 
 • ■r^, and that olije, t as regards an aljourind lnl^■tiIl^.' »i 
 
 le exaininat'i' 11 
 '.Id 1h- 
 
 ■ tuiiKsl by admittinif proxies tiled forty-eiijht hours before sii 
 
 niei-ting. 
 
 Why vh'Milil a man wlio altinds in person 
 
 at tl 
 
 le oriu'ina 
 
 •h adjo 
 
 I .111 
 
 be unibh' to attend by proxy at the ailjourmsl meetinif? for that i« »' 
 
 OS to. Is sui-h a man 
 iiother and nioie rra- 
 
 to l)e disfranrhised seeing that the words an 
 
 aide 
 
 ron-truitionr 
 
 It is eonieivid that the inclination of the Court would be to constrii. tli.' 
 
 luso HP as not to nstri t the use of proxies. 
 
 If it is diVirid to eiilu'le the vote, the words folluwin)f ihuuld be ad«b I i» 
 le (lause: "and no proxy shall lii> usc I at an adjourned meictinff which ■ ■ ltd 
 "I have been used at the original inwtin;;." 
 
 Wb.-n vole by ITitd. A volo ^riviMi in uri-oiihincp with the teriim c)l' an ;ii«liiiiiicni 
 
 K'xy valid. ,,|- |,,,,xv Nhall !»' valid ncitwitli.-luiulinjf the pievicils death cd the 
 
 'ii'cu^fh atitho* ' • ... »• i' ii 1 
 
 rity revokid. )innil|ial. or revocation ol llie pioxv, or liuii.sler o| the hliate m 
 
 ic«|K>ct of which iho vole i^ (.'iveii |ir()vi<l<-<l no inlitnalioii in wiili.ii; 
 
 c t the dpnih, reviH'ition. cir transfer hIiuII Iiaxu Im'cii leiciyed al the 
 
 cilice hel'ccie lhi> lueeiini.'.^ 
 
 This ii uec'Oiuniilly iiiaerU-d and may be ufuful. 
 
KOKMS. 
 
 707 
 
 sii II .hint* «i -haw wanaiil- >liiill iml 1«> .miLI I.. \..i." I>s |-ro\v Form 3A1. 
 ,„ I, -jM. I "f llio sliaiVN or sto'k imliidwl in suili wiiiriiiil-'. iiMlder* c.t 
 
 m I'mtv iiislrumoiil "f i>r'>\\ . wIiWIh'I- tor .i -["•litioil iiicf'tiiis: nr .Imre wiir- 
 .,,|,.,„i>.', -hMll, a> no„rlv a- . iiv..n.»..in.v- nil! ...linil. Ik- i.. \Uv foiin ;;.:,;';b5;'i'r.'.':ly. 
 
 ,„ , , tl licit following:--- |-'..rmo( 
 
 •|l„, c.n. Linilil. '. il l(MHi;^ii«(l. . "I m l'"' l'n>«r- 
 
 ,,,„„n .1 l..iii-a iiirmlH'i 1.1 III.' < "V. I.iiiil.l. lil'v .ipiioinl 
 
 ,,1 (»/• liiiliiitf liiin. . ol' • '" tailiii'-' liini. , "1 
 
 .1- iii\ 1111. \v til v..(" l'..l' III.' iiiiij .111 iii\ lii'lmll' at llir .n.liiiiiiv 
 
 ,„■ iMi.i- i.liii.nv >(.. '/«• ' '.•'I' «".'»/ '"I Ufiicr.il iM<-.Mini; ..r lli.^ mv I.. 
 
 |„, I,, 1,| ,11 i|,r 'lav -if . amlul u.i\ ai| ji.i.i iiiii.'iil ill. if 
 
 \- mill.— lav liaiiil llii> .lav .if - 
 
 ^i..n..|l.\ lli.'MJ ill lll<> 1>H'~<M|.'<' .if 0„nt if III) iritiii'MH 
 
 hll, n,\, ./ 
 
 Ml, T..I.I.' \...-li' 
 
 III 111 .\ M Vi.l. 
 
 ill ..lllV ill 
 
 iiI.hI fi 
 
 ir 11 nlH'i-l 
 
 ti.xl 
 
 III.'.'llll';, 
 
 ..til 
 
 V.lK 
 
 war.' r.'i" ;i 
 Hv III. 
 
 Lit liv the Ihliiii.l l{.'\.inic U-|H'a 
 
 I A.I, IH.II (33 \ 31 Vi.-t. 
 
 Miiip 
 
 \.t, IS!il, .1 l.tti'r iir iMiw.T .if iitt.irni'V ..r i-.iiiiiiii»ii.)ii. fartnry 
 
 ululi' 
 
 tliir lii-truiiiiiit In tli.- imtiiro tliiTcif, 
 
 iif 
 
 apiH 
 
 h- nr iiuili.iii/.iiiif a proxv t.i v.it." iit at-.y .m.' iii.-iliiii; 
 
 I 
 
 vliii'li 
 
 :ll 
 
 i-ni I" 
 
 liy priny. wlirtli.T llii' 1111111I1.T .if imtikiih iiam.il ill »"; ti imtm- 
 I with :'i.' iliily .if .III.' (ii'iiiiy. uii.l u'ly ullur 
 
 IH ttmrt;.'i 
 
 in.tniiii.'n' ippmii 
 
 init a pr.ixy in liabli- to a tliity nf 1"«. Sii.li 1111 ni' 
 111, may In- itaiiiiK'.! williiii tliirly ilayi aflir ^^■^ arri\al in tli 
 
 iIimI im 
 
 if r\i'i uliil aliLiait, may 
 
 ,,,„htrv. .-.I .V .M Viil. .'. 3!t, *. Vt {■!<. AiiJ, >■.»/./,■, it may 
 
 |,..{,.r. it ii ■.luiiipi'.l. i:,,;in>h. Sr„ii,sl, „,„l l.iHl.iU.'in ll.nik. ilN!)3) 3 Cli. 3H5. 
 
 II,, , „ pruxy a- iilnnr <iiil> nMiiiir.-« u |Miiiiy »lain|i. If the jinixy ii Ut ho 
 
 f,.i ;i .p«iti..l pi'.i.Kl, .•.</., "at any if.'ii..al mi't'tinjf iif th.- .•.Mii|iany that may 
 be II' M lii'f.Ti' 111.' <l«y of ,"■ .>r f'.r ».'u-ral ,|..Tlfl.il iii.-i'ti. _-, it r.'- 
 
 imin- a 111-. «taiap. Il i< 'ifti-n fiiiiii.l .iini'nii'iil In ii:i -..i.tjI in tlii! 
 
 alt.iiiiilii' •.- alMHi-, Ir-t imi' kIiuuUI '■»• al.Miil 
 S.-.I. Nil .it ill.' Stamp Alt, IH9I, provi.!.-- an f.ill.iw^: 
 
 ill l':\iry l.ttcT or ikjwi r iif att.irn.y f.ir tin' piirpn-i' nf app.iiitiinf a 
 pr.isy til vote at a mictiii);, hihI .'M'ry mliiiif papc, h'-riliy ii->|).'e- 
 ii\ily .hurif.'.l with llif iliity 'if hm'' |«iiiiy. i-. '•• »pi' I'.v 'In- "lal" 
 11,1.111 whiih Ihf mi'i-tiiiK at whi.h it i« iiitiii'l.-.l \-> l»' "■•■•il i'' t.i I"' 
 111 III. mill i» til 111' aiailalili' iiii'y at tin- nn'itiiii.' •"'■ «|iii iti'il. "f my 
 
 .nlj.nirii Ill lliiTi'iif. IThi'. p.irai;ra|.li ili"« ii'.l apply « liiTi- a HV. 
 
 limy i" paiil a* iilim.'. | 
 : I 'I'll.' iliily of mil' jii'iiiiy may Ih' .1 iiotwl h.v an a.llii-i».' xtaiiip whirli 
 i- In III' .an.'.'lU-tl liy tin- ihtmoii hy whom tli.' iii«triiiiiriit ii ixn ui.il, 
 iiiil a l.ilir nr [hiwit nf attnriiry. iharir.il «itli ih'' iln'y • f ••iii' 
 |n'iiiiy. i'. mil 1" li.'«tuiii|Mil aftrr tli..' i-x.'iiiti"ii llirii'iif hy any pi i.iiu. 
 I Tl.i- laiii-.llatioii may lu.w Im' .tf.'it.l wiihmil Mritiiisf tlii' ii.iiii. 
 ami ilatv uini"" it. Mr}. '/,« v. .'>ic ;'»... ,' //../ikhh Slr.nn^h,), 
 c... \n T. I.. II. B-W. I 
 :) l.iirv iK-r-ipii who iiiak«i, or omtuIi'i, or \iiti'«, or ali.iiipl' In Mil.', 
 lu'ilir nr liy in. ,iii» nf any "m 'i '••"•■f "■" I"' •''■ "f altnrmy vntiiiir 
 pa|H'r, lint ii.iiiK .iiily BtaiiipiMl, iiliall imur a tir;r nf Hfly pnunil^, 
 and every vote (finn or l.mli'nJ under the authority nr hy iinaii* 
 
 t I. i 
 
ro8 
 
 AKTlCiU»'» OK ASSOCIATION. [('lIAI', IX. 
 
 Form 261 "' ""y ""'^'' '"**'''' "' l"*®"" "' »*'"""'y •"■ »otiiiK paper, not htim. 
 duly utoniiied, hIiuII b«" void, 
 
 Wlicii proxii-s arc wiit out, it will lio found i's|K'dicnt U> luivu them inipri-»».il 
 with liio riHiulsito stamp: for i-ven whore precise dirc-lionii »» to tliu prci|»r 
 mode iif ciinifljin^' nii adlieMve stump ure (fiven, it it guuoraWy found thul i 
 (food many fharelioldi-rs A-ill make some nilstaki-. It would seem that a pr .\y 
 bearlnir a stamp noi duly eum'elloil ouiflit not to lie i-oiinteil, unless it i< .x, - 
 euted ahroad. See tiipm. 
 
 To laiiiel u.i udlie«ive stump the siifuatory should plaeo his initials and the 
 dale cm it. or olhi-rwise mark it so as to he incapable of subsecpient u..v 
 MrMulIri, '.Si, lllrfl li:,i-i„,i, . Sfnini'/iir- l.iiii'l''' 71 L- J- I'h. 7.M; ,.^. 
 tupra, p. 337. 
 
 In SImldert v. luoimmi. .13 ('. 1). .VJH, Kay. .1.. held tliat it was ,,/im •■,,, 
 for directors to expend the money of the i-ompany in wndinif out proxy pu|«'r., 
 with the names of the directors Hllwl in as pnixii-s; Imt this decision w.is ..i.r 
 ruhsl in I'ltl V. /.. * .V. II'. H'nl- <'"■• (1!W7 ) I t'h. S, on the fcr..iiii.| 
 that such expenditure is in the inten-st^ of the lompany by uscertainint' tl,.- 
 wi>hes of the shareliolch'rs ; and sec Mndley on Companies, ttth ed. 13(1. 
 
 "To (he elfeit." Substitutiiii;, for instance, the words "a pMprietor ' fur 
 "a member" would not be olij«'ctionable. I'er Kay, ./., Iifliuii Xonl,,,..- i:, 
 
 2« ('. I». 7H. 
 
 When a proxy is to !»• in a spocifed form or "to the like offeot," rui|ui«itc 
 miKlifleations may Ik) made to suit tlie i ircum»tane<s.. Quren v. (Uwral r. ... 
 
 <,y of }fr<iiri,ir. '(1897) a n. u. ao;j. 
 
 A proxy sitfnod in blank ix* U, the naiie- of the »|i|mintBe, or as to tlie il.iic 
 of the mcotinif, and dcliveri'd with autliority to Ull up the blank, is not ..|...ii 
 U\ ol.je.tion if. when dcpositinl with the . omjiany. the blank l.a< b«Mi .Inly 
 tlllMt up. Hf l.„nr;»l,T. 5 f. Ili> . HI I ; S.i.t./r,,,:- V. «/«'/«... I \'MM I t'h .Ws : 
 and s<.c HV..'. *'..'«. , 12 I- T. 3n.-.; h:,,„->i ^ /"'-.•» Unl.l M,h.^. . l»t«7 1 CI, I 
 It is II. It a ded, and there is therefore no objo<-tion to the blank lieinif tlllsl 
 up by the air'nl of the ap|H>intor, even thouirb !ip|H.int«l by parol '.rr v 
 II hiH, i.'S ('. II. •>!><>. Tie instruii.eiit in su.'.i circiim"tani»« is not . ..in|.lii.- 
 until it i-. Hlli-<1 up, and when Hli-l up the t.nly question is whother it i< i! .ly 
 stamped a» risjuired in it' then .ondition. '.-ifcv v. AV./. J Kx l»iv. iiii. 
 Knfial ,m.,K- V. T:>tt>ii/,nm, 1 18»4 i i ^l. B. 71.'i. 
 
 MoreouT, tlw deliiery of an instrument, thus si^nisl in blank, impli.Uy 
 authoriies the |Mrs«m to whom it is ifiven to fill in his own name. It" /■»'•. /i 
 ( .,rr„„ Co.. 17 l-i). ■.'7.1; II. /Vc «..(/ic <'.-., 3:t I. T. H3»; fr,,,,. 
 •Jtif II. 257; as to which - //.../......, v. Ilh.eli;. ( 1002 1 I K. U 
 
 liill, :ihs 
 
 N'. m<NBfo4'i 
 
 tutitled 
 
 Tote. 
 
 wbil 
 
 to oompauy 
 
 .„,._„, S-^ N'.. iiMiiiliei -li.ill l»' "'iill'l '" '"■ I'rt'M""'!, *'l I" ^tJl*) "" ■'".* 
 
 tied to ,|ueBtioii, filhiM [M-rKotiullv or l.v proxy, or iW |iro.\.v for ttiiuiliei 
 I'etall due iiM-mbtT, ut uii> kTOiwral iiuH-lintr, or iipoii ii i"-!!, or Ik- ivik.iiie.l iii.t 
 ■mpauy. ,|n,.ruiii. ivIiii.Ht uiis <a!| or otiiiT "iiiii -^liull In) iluo aiitl |>uyuli!e I., tie' 
 (s,y ill n.'.s|«vt of uii\ "i lltf nharw* of .siicli iiit'iiilx-r 
 
 The disability attache- to a buyer, riius, aft.'r forfeiture of share* and n «.il. 
 t.. another per«,n, that |m rson cioinot »ote wt^ilc the oritfinal liohb-r ..«<-s call- 
 H^nfil '.'"hi .tfiBi.,, ''". V ir...c.c.,,/A/. (IKOlj 1 Ch. IKI 
 
 Hee <',„ri/.r..".. .Ic Tc , W N, (|M7.'>) fi. As to the invalKlily "f a iif.tiio; 
 (■iliiiK u .(uoruui, the follow'vt; elauie is not uni-inimon; 
 
 H2« N.I member «hall Ix' ontillwl to be pres<-nt ..r to vote on any .|U.*ti..i. 
 «>tl»r perwinally or by proxy, or .»s proxy for aiwll.cr member, at any ifen. -al 
 
K0KM8. 
 
 700 
 
 , , , „r U1.CII1 a poll. »■■ '«• rpokoii.ll in a .|iif>rimi. »liil-l any 'all or i.tli. r Form 851. 
 ""' "hall I.0 '!"" »■"" I>aval.l<- I" tlio .oiiipiiiiy in r..»|MMt ..f any "f Hi" »l'ar.«- 
 
 rf""url. moiuhor; ami >'» m.-ml.or .Imli I.p rntitlo.1 t i.r.>«Mf »r I.. <..tr u, 
 
 ,. „n 1 of aiiv -har.' Iliat lie lia» iir.iiiirr.l l.y traiisfir ,il any ni.i'tiiiif liiM aft. r 
 
 ""■'""' I,,, ii„;, „f tlir aloinlar monlli» from tli.- nv'i-iraiioii of tli.- (ompany. 
 
 I |„. 1.1. l"-n ,»««'««mI of 111- «liar.- in r.-M'"t '•' »'''<■'' h" 'lai"'- to m.W 
 
 l"'".! !.»-' '""•'•"• ' '""' I"-'-»'"'"^'>- •" "'"• •""" '""'^ '•"■ '"''''''"•' ' ""■' 
 
 ,',' .'hi. I. lie |.ro,.o..H to vot... or (if »ii.li im-tinB l"- an ,„l jonrm.l n„-..„nL" to 
 ll„. linip "rlt'inallv Hx>-i\ for hol.liniT tit.' «imii'. 
 
 ■J- 
 
 iU 
 
 \,n i,.«nliilii.ii ii;i»M'<l 1>> til.' .lir.Ml.ii-, imli. 
 
 aIi.M.miI -It 
 
 ;il| Uofolnti.m in 
 
 ^-^<i >o> - 1 ■ writ in); of 
 
 1,„ .riv.Mi t.. ill"' niomlcts ill iIm> iimiiti.M- in wlii.li imiin-s mo liuMr ■ 
 
 ,i„......,i ... 1.0 ^iv... 1 w!ii.i. ^l.ail. ..thi ..- nn.nti. Au. i, >i>uii ;;;>;-;;-;^ 
 
 I . 1, ,11 so i.is-c.l Ix" mlilicl uii.l .■.>ii(lnii."<l iii wnliiiLr I'.v ui.'iiiIkms |..„, ,„ r,.„,i„. 
 
 .!;!u.i :.. u'rii ... 'in'-"f""< "^ • ,„.... >ii.ii 1... as v.i,.i a,.,i ;;;-^;;:>-' 
 
 ,.,,,., ,,,,,1 as a i-.-s..liitii.ii .«! a (jciK'tMl iiK'.'tiii.^-. l.iil llns . Imiis.. sjiall ii..t 
 ,,.h I.,,, I,. -..lull. .11 r..r xMinliiio; up 1 1"' .•..>•...!■ l.> a i.-..inli"ii |-a-<s,'.l 
 ,'„ ,,-!..• 1 -.1 anv iiiutl.T wlii.li l.v ill.' siatulos ,.r lli.'.s,' |>i.'s,.„i- ..u-lil 
 ,,, |„. ,|,ah «illi I'V (.|rt'i ial ..i .■\liji..r.liiiai y ii's..iii»i..ii. 
 
 l( i< 
 
 iiin.'- 
 
 Ihi- ...."-■ i» now ,..nini..''y inwrl.'.l, aii.l i.-< f.'nn.l >.-.y .i-liil. 
 
 „„„- ...At to ii.i|...*il.l.' t.. if.'t a ir.-nral ni.'.linijr t...f.tlnr. an.l ai.tiin.' 
 
 i,„„ , ,, „l,ll>t.,l to I..' li'lt in aU'yaii.'.'. lint wli.T.' .|n..t«ti..n i- .l.-ir.-.! .t 
 
 1,.^, I,,.,,,.,. 1 iiillt.'.!, a', till' St...k Kx.l.an-.' <• milt ni.-tin..- ..I.j.'. t to it, 
 
 i,lth..ni.'l. 't lias in mmi.T.nis . a«.'s l..'.'ii i.us-.'.l. 
 
 l)lHhi mils. 
 
 :!>. l,„-i„.-.s ,.r a joint >l...k ...ln|ialiv i- ..-i...lly .a.i-i. -I •■.. I'V a l,..,l , ..r 
 
 ,,,! ■■ ,.^ It is >r..|..Tallv .all.'.! ..f .lir.v t..r-, Tio' ..IH.-.- of a .liiv. t.>r i- -n.' 
 
 „r l,.„„.,ii an.l r.s|i.in»il.iiity. an.l it »iis »..rll.ily Nin.li.at.'.l from ll..- ..nfair 
 ,.,,.. r..i,.i.« >....i.fii.i-H .'ait ii|«>n it in a m.'iuoral.l.' .p.'.' It l>y tliP H' ""n, A. 
 
 I ltalt..i.r «l..'n I'riin.' .Mini>t.'r in tin- II ..f r..nin,....^ ... l'«i:!: It 
 
 „ I ,.;,,.,. .f, l.p ,ni.l, ■• from tl..' I. f tin' 'I' ''at" tl>al ili."- i- ""ll ' '" 
 
 ,„ ...m.'thii.ir .li.irra.-.-fnl in li.inir ll..' .lir.'.t..r ..f .. piil.li.- ...n.pany .(>p|M„i- 
 I., .,, ri.«of ■ N...) I wn not in tV l.'aM .'Xanir.rat.w tl..' t f tin- .im.....nU 
 
 I il„. h..n...irabl.' K'i.il«"'"aii wli.. .n..N.Hl til.' am.ii'l i.t I'l..' l...n...i.Ml.lo 
 
 M .,.i„r \'mV->\ .'f a \lini.l.'r l..'iii|? ' L'uilty ' ..f liol-lini; .. .iir.- t.r.hip, Tl." 
 \|..„.t.r i* Mill ni..r.' ^'uilty if li.' I...M- Iw.. ..r Ihr.'.' .Iir.'.l..r.l.ip- .n.| if Ih- 
 
 1„.M. Loir 1..' i< a ,!..» nriirl.t .rlminal. Talk a» y..u will al»..il tin- \-"« 
 
 t..M.-- inwl.' in tl"' int.'i.'-t of .■..m....r. lal purity. it< .'ff.'.t wiH !"• pr.-. .-.'ly iho 
 i.|.p,..,t". T" -pr.'ail ;.l.r.«i(t tli.- i.l.a that a man is .I.Tojiatini.' fr.o.. hi' f«wi- 
 
 ,„,„ ,,, ;, ,„. V ,in.|„itt..! Ii..ii..ttr if 1." ^'iv ' hi" lal>.>nr« at a .rir.-.t"r ..f p.il.li.' 
 
 .•..iiipaMi.'s IS 111.- wor-t thu.t- y..u .-in .|.. m ll..' int.r.'sl ..f Ihi. i:r,-,i. . oit.in.r.ial 
 .,.;i.;irv. • ll..ar. h- ir V ■ on"' I""" lli.."(;l.t it w..rtli whil.-, I am -Try lo s;iy. 
 to ,1-k m.' to !..'. :mu- . .iir." t.»r. nnrt I .an as.iir.' v.. it llint I •li.oit.l r-t' ir-l »n.'h 
 a r.-.|a.si l>.,m an lii.n...iral.l.- . oi.ipany b« a wry Imtl. .■..n.plini. t.t ind.-Kl. 
 
 n.ir, li.'ar.' I «lr..nu'U' objct. in tin- pnlili- int. ri-«f , to ♦!»<• ....'...n that a 
 ma.. i» Join,; st,m..tliii» I.. oU(fl>t n..t t.. *.. -.:i,..t(.i.„r ..t 'l.i-l. I"' ouiri.» to 
 1.. ,. Iitll.- ...ham.-.!, i! \^ .•■..•pt« til.' r.-.p..n«J^!i»T • ajdinjr ■ n" .•' ilio" lCr«^ 
 puMi.' .■..r|«irati..n'. wh' arry ..n -o inii<ti .'' «-■ U.j.iiiM'. up...' ■rky-'t., n- 
 
 of cumiMmy 
 
710 
 
 AIM'KI.KS Of ASSIKIATH'N. 
 
 rClUI'. IX 
 
 Form 861 
 
 but their 
 
 mny biii<l 
 eompativ 
 
 wB 
 
 (\mi}N4riM>ii 
 with niHimif- 
 iOK pitrtistT* 
 
 "»>ml>nr. Ihi' |in>"f>wl« nl lln' I'liuBirv ili-f5«f>Ml«. ( llt'ar. hear. ^ I iiiiiikm 
 iiiiuriiic 11 iiiiirt' honoupolH' U'X' of «»<li l>r»ii^ iiiiil i-iicrKv ii'. ["Tin i.lim. .• innj 
 h«vi' irivi-n iiiiv <'iti«iii "1 tin- i-<>un»»^ thmi tlmt In- ^limilil r-xpimi th>>ni •< -mli 
 
 " j*iM*ft'>r *" uihI«'i' the ('<w<|nui*p^ fCiiiiwitwiwiittit \ii IH»h. «. "in;!. TnMHrfa» 
 " iMiy (•••'•■"•n <"i-ii|>.vinir tht- p rjw w i m of iliiv- r>.; liy KhHlt-nr nami' imII.mI ' 
 
 A din'<-r»*^ i^* ih»i Umml **■ nriwe »ny H(w'.-iai i)uitliH(tHtitMin U> bi* nrtij-c, hut 
 if hi- in iM-«i«>»»iil"l »ilh tilt |iitrf«-^ur I>u«iim'— nirrim. •>ii liy H»r »iu|>;i>iy h« 
 inii*t i.'i«<< ih< ■••mpitny thf i«tn»»»»MP "f •><» kwm li-dsr*' when Tuirui. imir Kih 
 ...ttl|.UIl. - W« /.' /... tf..... »•..,.,■..' • \.. I . IIHI : I III IJi 
 
 Ttw (4tr»'»-t«»r* rv hit****''* "I fHf '■<'m|«*iiy \ t- f . -n'^s'tn \. H ./»♦•... "J (')i. TT 
 ihuj ^ri' -(Hi'iHi. .lit sr^iitTHi. uet'iit-. that i« to w»y. tlwy ti»»i' »utli p.. mi, 
 I'lily M- arc vf«iiM in ihrm liy tin- mriiiiir«i«luiii .iiid «rt»<*lcii. !iini i\.tv.iii» 
 
 dpHJiru.' with thi' CHmiiany i- |irr"i I ti. h»M' ii-iul timmm- ilo- iiiiii'iit., iwj 
 
 artt(n»s«iriy I'l I"' i-i v<ii«i**>» I'f thf <'\t«*HI itt. mill Iht* ri".tri(**«*ii"* mi. Mi-' [.inv.-ri. 
 
 of th. <iii*.i"r-. /. \, ./.../'., li n I. I' 41»: I/../.,.,,./ * A- /'-./,. 
 
 I,.,.i I ... I.. K. 7 II I. "wx <■/,.,,.-.■■■ \. A.-...- cH H<i,i.i.„., >.., . li li h 
 
 <WS; uiid "•I- liitri«<iiii"r. • tia|>*>-r. In n«~"< i u*« Hi«> (iwwfrt' of ttii .li. -.Uir. 
 aro vtry widr. ««• cbiiw Hi ..<'i... |. 7I«. Una i-M.n when' 111.- .li , i„r- 
 cnii.i'.l thru powrTs or n»ir!««g<- tin- n'KtriiiioiiH tnip<~>'>i on thom. th"- .'iiiiiaoy 
 mav t.i' ImhiixI; for tii) "mt*=d«T 4i*nliiiir with llif i''>intHM.y i- otily ihiuit.! i.i •m. 
 tttui Ihr trau.<ifli«ii i- HfitHw "I^h ri'iyttlnr and .-..tWM^I.'ot with th»- -.rti.-t».^. 
 
 Hiiifi' H •hi.f, //....< « /■....,.... W. h Ki .v II. S'.*" W^-". « >. /;■.. ■/.■.,»,.,.' 
 
 /Vi,. ../,, »..,,,... Hf> iipaI ih#i Lf** !«•»- Mit'-riwI mtamjt^ ./.. .oMn^rkwii that a 
 |H>rtii'uiar r<->«liitio» \\** Xn-Mx |ia-.i«^ nuu a parta atar mm-tiim ha- own .tuiv 
 heUl. ..r thai particular formalitit"' lii«»' hm-ii .timpinni vvarfc hi- i« •iniilli.l t.; 
 
 nri'-ailli' ...w.*"^ rttf nffT, frrinr \. I ..«* tt*ttt^ t'f l'*^lrt*mk - .Vflfl. * 'a-. .Ititt : 
 
 y<«(.f> V /.• «o/»... ,1 < .• IIWI :t 111 <S?K- r,„„.^., „. f,.,.,-.r.,, /,■..' , 
 ff»rf.*. ,1 r, . ilm:> 1 th. Ii-i(»: // -^•-- /.."•• '■.. IHWi < h TC! 
 
 <«. 
 
 i ■-' Ch. 
 
 . V"A.oo./ 1 ^.. 
 
 (rrftriih»f*tv fh*- . 
 
 i.w ,• ,, (/.■/■ 
 
 ttt f„u„i-, (««,......,■ i I. I! ■> I'll. : 
 
 *itffit : hfit if a dir«f*or Uml^^-' "I 111 
 
 Huv:i <■ /•■'. /■■ ' • . •!'* ' ll I 
 
 I. T 2s:i 
 
 \or if ill r.'. lor* it:*.- |h.w.t i.. .iitrr-.w iiimi 
 lioaiul I" a«i'rlaiii »ii;it tin- iii.ihiy i- iiiiiiriHl tor thf pilr|M 
 
 /!,,,.■ /'...,... ,S ' .. .I'llll. •< (ll. (illN; It,"''- V. /•.'..'.: 
 
 |.,.- 7'.l. lil 
 
 //,./„/.„..' c... 
 
 V i^ dilfppem- 
 
 n II' bi-haif i- Ih.- l.-tiilt'i- 
 ^'- t-.f tlif ...itipaiiy 
 
 5 II I. I' .tai: //. H,i, „■,/',-. *.-. Km'. <•■■ . 7 fh IRI 
 
 Itiii iliri'.-tiiT" who ait in iixii-*» of thi'lr aiHliorily. . / . Ixin-ow in i\ uf 
 
 thi- I..irn.\\ iiiiT lil. III. may li.' |K'rMMially liahlr on thr L''roiiiift that thr\ a. n rant 
 thiir aiitliorilv. '...'/.-. \. U ,,,ihl ( I8S7 i. H Kl. & III. ri47; l\'r,l;- \. /■.■■/■'•l. 
 
 11,.,,,./., 
 
 is t) 11. |> U </■■ 
 
 1.. li. » t . r. 4^7; /„/.,(../. A'.....'. 
 \. /,n„/ ,./ /.,...;/..,./. ( IHtll I 1 Ch. fill). 
 
 .\ din. lor i- ii.il ill till' |H>-itiiiii of a iiiaiiuuiiiLT partiM'i. with iiiiln .dual 
 power- a- -u.h. Ui'll,-!) i. I'Ih'.;,,,'/. f,... J Kx. 711 : 17 I. .1 K\. iSI : I!. .\ . 
 ('u„i i„ii/,tiii. .iH 1-. T. Hi ill- is oaly oil" of a h.Kly of din\'ton>. .iiid aloin.' 
 ha- 1... (Kjwi'i. ixii'pl »«. ll a« i« dfle(fal<'.l hy them to him. or U'Hi.'d ih liiiii 
 indiiiduilly by thi' arliilc-. H,„t'iil \. \,.l.,Ui„. ,il„ »./(,... " WhatiM-r auilai 
 rity i- (zi-.iii by iihanhidd«r» to dirwti>r« i.- (?i\fii to tlit'iii as a body, and not to 
 MU'h of them individually." I'lT Turnrr. I.. .1.. .\oc>/- ..<».. 3 li. .v •! ItU 
 iKsiit : and -.«■ I> I,,,, \. Tl.,- T.imn, H.i.l . ('„., I.. U. 2 Kl. ISS: U- f-irlu- 
 ,i,n., I ,,.^.,i,.i;tt;l t'. ,,•,!•, .l/..,.«. \'l Ch. II. IHT. I'Ih' iiMiipaiiy i- .ntili-d 
 tt> tlit'ir rolhiliir wiadom in uKx-tini; awombliHl </..,/.. .k,' <'.». \ '■■'...m. 
 li Ch. .WS I unh'-* till' arii.lci othtTwiw pnnidi-. 
 
 Till' dif'ior ha- a -cparalc i-ni^ti'ii.-i- ami intity from that of tin' loiiijKiiiy, 
 
FORMS. 
 
 
 il.li.,m.'li lart'oly iiihrcti-d in i 
 
 it lis :i slniri'licilil'-r. i- ii"t li.iiiinl l«y 
 
 'fnr it* iMit. ill-fault nr nii'Uiirriiik"'. tin 
 
 'iiii|miiy 
 
 licilll,' 
 
 711 
 
 Form 251. 
 
 itliiii 
 
 tli< 
 
 iiiiiif *»f '**• "t. 
 
 iif till- Slatiiti' ipf Kra>iiN lliuliiini 
 
 „/, Co. V. .Watthi, (1902) 1 K. B. 77». 
 
 \. iliri-tiT' ar 
 
 1 thi' 
 
 of (111- law. 
 
 iif tl» 
 
 IlltllllV 
 
 i„. fiiiTa 
 i. till- ri'luliiill 
 
 ,1 |,riii.i|il.- "f till' 'i'w "f prill! ipal i>'"l ''^•"' " 
 
 'lii|> 
 
 uf til. 
 
 .onipany an 
 
 I ill iliri't.ir- 
 
 r.ir nlii.li till')- 
 ..'III it" in nil"-' 
 . I ) wIht.. 
 
 i- th. 
 
 „.i !■■ 
 
 .>ni|uiti 
 
 Iht! iiani.' iif or piirportiiK.' 
 till- (irincipal wliifli i« liulili" »n 
 
 lli'ii... 
 hinil tli< 
 
 ■1 Ch 
 
 I-/.I \. ll.'Kll.l: 
 
 I i: 
 
 lialilt' iiiili'ii it a|ipiiir» that tli<y iiiiiliTtoik (i 
 
 ^li^l*''t^l^^ 
 llii.y an- 
 I'^Hial lialiilily 
 
 liol III. 
 
 I/,-', 
 
 ,. 3 II *. N. I7T; !/• 
 
 I^ I! II. .IWI; I'- 
 
 \~hi 
 
 rih. 
 
 l\ T. I. It. .Mil 
 
 l.< 
 
 mtrailint' '"f H"' <""il'i<ny witlioiil 
 
 •IMU' 
 
 onlra"liii 
 
 iIm 
 
 tl 
 
 I own 
 
 Th. it iiit- 
 p-nerally 
 liiiiil ronipaur 
 only, anil nut 
 tliiniw-lven, 
 cxi-flil ill 
 r(>rtA:ii rawH. 
 Law of prill- 
 ci{>al an. I 
 H>fl-nt ohiaili*. 
 
 r.l •■ limit. 'il 
 
 nalili 
 
 *!(.. ... I. «:( ..f ihf \.t of I'lilH .J Wli.r.' ilin-.l..rs i.m 
 
 , „„ „«. I.ut r™lly on l«-lmlf ..f tl,.. ...nipany. H Ili'-r pari; 
 
 ..„in,.l .1.... on <li«i.v,rini: that tin- lonipany i- tin' rial prin. ipal. *w tli 
 ^ ,.„ ,), nln».t '3. \Vh.n- .lir.-..t..r- .-ntiT into i nlra.t wlii.li i 
 
 „i,t.„, ,1.. i«.w r of «*.. .n.nii«;iy. I.nt > l«y..ii.l th, ,H,w..r« of ih- 
 ,„„,.,„> liki. am <«fe-r priinipal. .an ratify tlir .-..Mlra.i '.. 
 ' .■ /,'„(.,. 3" <■ l». l*^. /• •■ > '■"•"'• """' 
 
 liriM-ior^, tlir 
 
 ,1 l;,l, .■!.„. 
 iHd.'l J <'ll. 
 
 ^..11 
 
 ) 
 
 \V>-... .Iir.if..r-. iMifiT into a .-..iil i-fl-t "H l»-hilf of a .■iiipaiiy tln-y 
 ..,.»,„«. tlui. ;h.v an- wiml ih-v pnr|H,rt to I. . that .- th.- ....Mipiiny'- au'.-nl- in 
 ;,;.. ...a.t.T. ni.l n.u>i an-wr f.M- any .lah.a.-. wl.i.'l. Hiri'tlv r.-ulH from .-on 
 w™.,. \.i-iu^ L'lv..,, to 111.. r."pr..«.ntai;..n th.v tin; ^^>- au.iiority. r.,ll.:, ^ 
 
 n. ..,!., ■; i; .v ii .mi: n K. .\ n <u:. n-")": /■•.'■">'' /;."■. v // 
 
 ,„ i„ii l; M :,l ami wv »•./• ' \ntt ihi.-. altliouirh fho mi»r. pi ntaf.on 
 
 „",m,.-'.i.' W..V.-, V. /(„„/, „^ /•.;//"...' il»<w \ f. IM. in; //.,■',.,. V 
 
 , p„,| I li,. sn Am! th- d.Kiriiii- -(iialh lopli. - -^ll.■.. ilth..iiL'h 
 
 T(,..r.. I- n- "nlra-t, thi- ak'.ni iixtni-i aiiotln'r t>. a i in a niatt.r of I.i..iiii..h on 
 II, ■ faith "1 th,. aiwnt haumr iiuthority. Sf.„i,v v. H',,,1 nl l.n.jUifl. »«/"« 
 
 Tin riih 
 
 //'. 
 
 ih. .1 
 
 W,.,, ^. Hank -< E.i'th,ml KHI'i 1 < li Kill 
 
 /,■„ . I I „.,i,;.„<l ...,.»". p- "M i."!-" I'ai lloW. 
 
 »;irn.iiiv of lohiparalix-ly ■•luall iniiHirtani • 
 
 lilt.', i.r- ar; 1...1 only au'i-ni... hnf Ih.y ar.- u: -.■nn' -'■ii"- aii'l i.i — 
 tni.ii' . or in tli.- |H.-ition of Ini-I.'.-. N'- H..nl.i th.'i. i«"ili .n iliN.r- 
 :il.i\ iron, that "f tin- trui-tiM-i of a niarriai.-i- •"ttivHi.-nt or will, ami 
 
 .,.,i'|,.| il,al lh."-tii.l ruliHapplirahl.. f. ".mh tri— -^-il.. t».l api'lv 1 i r.n.p...^- 
 
 „. ,li,-.ntor- Tl.. .Iitf.'r..n ... iM-twi-.n an .■•/.-nt --«f .1 t.-.i.i •■ i- >v,-ll , splam»«t 
 l,v la I. .1 in >-..'/■ > ,(-../.-...,. I.-, th l> -•7.-. 
 
 V.vrrih.l.... 11 \* impM-i-ihli. no* I., ili^put. thr pr!...«n.m ihai •.•■> .•"■in 
 .,,111.. -^VM- ir.i'tn-' thai pr..po..itioH liaviiiB- !"•>■» . ,!<ii-.i-U.> I hv .. loiiv «.-ri.- 
 
 Tl,',' m '/,..,. ^,/.V *■,.,,„„„/...,. < s,,,i..„ ,174.' ■-' MU I'M', i-"".! Hwl 
 «i,k. I I .. h.hl lliat ..mimiM,-iu,n or (lirf.t..r- of a , hart.-iiHl .i,r|H.rnti"ii 
 *l„. Iia.l ini.appli.-.l it:. fnn.N ami ..iiiiiiiitl.il lin-n In-, of it« l.y U« «fT.' 
 linl.l,- a- tru^i.^- for " l>..«<l, »l (,■>■' ' So. in \<>.k. I,.-. Hut. r„. ^, ;,• .,/..... 
 .|i<.-.;l . Ill lh-«». INA, ilinilor.* who ha.| inipr,.|«.rly ihaK willi fiiml. of tlir 
 ,.,i„paiiv »<r, held liable n« iiuttitt. 
 
 S" .iiri.M. in /. ..•...■„. V. »•,/-. -INW, -i til W". I "r'l •'"■'■■ '-'''I ''"" 
 ■ ,|,...,t,.,-- I...ii,t' ••• ■•*• ,■-■<■■■'■ "' '.-'•-■ ■■><■■■ -' '■•"'—■ '*''•'' '" "'•'- 
 l..,irl,' 
 
 I'his twufohl ,liarwt.'r ,.. .lir..tor» i». p.Thap-, i,.-i i\pr<«-. .| 11. -rJ 
 wonl. in', A /,■„,' '.. > / ,IS7J . M n. I I't. wh.r.- ti.. -anl 
 
 lt,,t.-i. 
 
 
 ,il 1' 
 
 
 Xl<lll 
 
 l),re.torfi li.'w 
 
 ,„.id.r 
 
 fjir iru,«i*H * 
 
 iH V^': 
 
 
 -|h..rii,. 
 
712 
 
 AKTIt'LKS OK ASSOCIATION, [< 'HAI'. IX, 
 
 Form 251. 
 
 FriiniU silt' 
 liirtx i.f 
 dint U<r». 
 
 (p. 152;: "Till- iiir.;i.,rH arr (In- mutc trii»li'f!< or UKPiiti i>f thn i-iiiii|iuiiv 
 trii-lpcs (if till' rompiiMjV miiiiiy iinil (iri)|KTIy ; up'iilH in ilii< traiiiarii,,n, 
 
 uliich they iiiur into iiii l.ilialf of tin- i (iiiny." And lliiit in tin' way in 
 
 wliirli it i* put liy Sir lli-cirifc .)r»«'l in tlif ca-ii' of F<,,nl , i Ih,,,,, .\,'i., 
 (iHT'.t). HI C. I). 150: •• Dir.'itori." sai,) that li'arni-il jmliri', '■ jr>- calLnl 
 tnistri's. Tlii'y arc, no i|,iulit, trintrc* of a«-ict-< wliiili liavi. iiiini' into ilnir 
 liaiaN. or wliii'li an- undi'r tlirir i-ontri>l." - C'onnni'rii.il trnitii-r« " is tlip liili. 
 Ill' (fiv.'s tin'm in tho -ann' i i-r. Anil iii' 1../;! ,i,i,/ .\,iri>, Mi,ll.„il /,'„,/. r,, 
 
 ». Ihi.h:,,,. ,„,n,i: I'arkr, V. MiKriina. lU Ch. UU. Karwi'll, .1,, cxpr ^ 
 
 liJni«i'lf t.i till' "uni' ilfi'it in iH'iini v. Surnl, .(•»■. S->ri,iii „/ Sn,iil, ,li,,..„ 
 1 l!MI5 IK. li. (i(S7, ll!i:). " hlri'itori," In' wiys " hcin,' Iwtli uu'onta of anil Ini^twj 
 fiir till- cnmiiaiiy. an' I'ntitlcil in W imli'uiniliiil liy llic ronipatiy auain-t all 
 lo-.o^ and ivpin^i" pnipi'rly snitaini'.l anil in, urrnl liy tlii'iu in thr iIim- Y'T- 
 fiirniaiirr of tln'ir olliii'. " 
 
 So in J., hit Si.nk Jj„n,:n,i i„. v. Ili„,i „. H Kij, ;)f(l. anil niuny -iili»i'.|ii,.|,t 
 ill>C4. H.ltriifl', ,„«,•, il I'll. I), jjtf ; /V//i/'< ,.r,.,', ,',. I!)'.' ; tuun- IJ.-.-i,- ■ ( „., 
 W Ch. IJ. 150; l)ri,„,l ISrmlit ,Sur„iii. 35 Ch. U. .')0J ; I eeh K,l,iir r„ ,' 
 Sl,e,,l,ri,l, 3ti Ch. I). Ts"; .l/««<i,.,' ,(■ <;,■„,, „l I.ii,- (•„, v. ,V//«r/><', (lh«'i I i|, 
 151. whiTi' dirnlori liail niin ipplii'il l'nii(l>. of the i-inipany, it wai ilwlarcl that 
 they hail " loniiiiittvii a linai h of tni^t anil wore jointly uiul si'parntrlv li.ilili. " 
 aiioriliii^'ly. It was in tru^ii's that ilin'i'tors wore In-lil. Iiefore the Trii.!,... 
 
 \<t. l«Hti, di<entltli'il III riaini (lie lii'nilit <if the Statute- of Liniitaiinn ( 
 
 t'/ilrrf/l'ii (</.»■. '21 C. IJ. 519): anil it is a> trustees that thiy haie sin.e that 
 .\it been held entitle.l to the lienelit of the ipialilii'd provisioni for llniil iiMin 
 of aelinn* euntaimil in set. H of the Ael of IfiNH. This was deiidiil in /.'„/, 
 Vlonneiii Co, (1»<M) I Ch. (illi, where l.indley, I.. .1.. said: - .Mth.m^rh 
 ilireiti.rs an- not, properly speakintf. tru^teen. yet thev Inne always liien n.n- 
 •iderisl and tre.iled a< tru-tie.i of money whiih eonies to their hands. .,r nlii.li 
 is :ii'ttially iiiiiler their miilrol, and ever sinie joint stoi k eonipanie< «.r. in- 
 leiitisl ilireitor- have Ih'i'H lieij liable to make i»o'»J inoai ys wliiih iliey lave 
 nii-appliisl, upon the sann footini; '" if they were trustees." 
 
 ■' Dal this tidmiary |Kj..ition of dire.tor!) lioi-s not extend to them .is liare- 
 holders in their inji\iliiaf eapaeity; there in nolhinif, for instanee, to pr-i.nl 
 diriilors piinlia-in;,' on their own aii ..iint shares in the loinpany fn.iii th" 
 esisiuors of a deivaM-J v|,«ri lioliler. /Vrr,.// v. U.iih'. ( UM'J ) i (h l.'l . 
 
 ei.lif. V,.,rui..,l \. t.n,',. iliHI'Ji A. C H:)." 
 
 And nli'Te u -oinp.i'iy had a:.'ns-d lo loanau'e leriain propeity of a l.iii.!- 
 owiier f"r a share in tin profits of tli.. estate, it was held that (!i. r.' >v is 
 iiolhiiiir III the doetrine ..f li.lu.iary relationship In prmnt the i.,nipai;y 
 eniphj.ni,' and ii.yiiii,' one of its dire.tors. who was an estate arfeni, ti ait 
 profi-sioiijllj-. ind another uireitor, who was an aintioneer, to sell. /( /, \ 
 St;„.l;,.i l.,„J Co., (l!»ll) I Ch liU. 
 
 .\« ihrowiT-sr some li^'ht on the proi is, ol' reasoiiini; liy -Ahieh ili:e|or- are 
 recmfisl as trn-tie-, it is p, he I.., me in inin'l lii it the funds of a eonip.mv are 
 hy staiiite made uppliealili oiilv to -(n" ilie pni poses, and are in thai » ly 
 iDifire-Msl with till pi.'iiiiei ,ii' a ira-l fund. See /:'/(.,.» v. r',ey,(,V (IvjO 
 I I). I', i .J. |T-,. |„.r Knii.'ht -ilruei' mil Turnnr, L. ./J., und (ir"!l /..i.'.c.i 
 tin, I. r,,. 1. i"./,,, ,. s ( ;,, IKt, |„.r |.„rd Seliiorne; am! .hl,h„,,i v. A'e /,. . 
 1.. H. 7 II. 1,. (i.ll, per Lord llatherhv ; and /,'■!. ■■/! \. II uLrlifhl »•«/.-,.■.,,,;.,, 
 ill l'..|. \ll, per .le,-el. .M . |{ : .!/..,„..„ ,. ^,,„», (KMH), | If. |1. SH. Iliu- 
 li;:'y my he f.,llowiHi into lie- Inn.ls of any alj.-.ie.. who takes with m.iee .,! 
 Hie lieaih of trust. 
 
 Any diiertor who is a p.irty to a fraud, sm h as the i-snim. of a iraiidiiloii . 
 pro.pirtii., or to the ii.inmissioii of uiiy tort, is (lerionally lahle, I'hi.. is i.n 
 (he prineipic that whj<\er isiiiiniitu .i wronjf is liable fot it hinis, If, and noi.f 
 
KOKM8. 
 
 71. J 
 
 . , . il,»t ho wtt« aiiiiiif ii« at. i»«.nr or «TViint .>ii l.clialf iiml (..r tin- Ponn 251. 
 
 ; „,;r,.r «„'."l.-. r^n v. ■n,..,.,.on: 7V«.^.,,. 4 .Ma„, 42 •. "i; I'ollo. k 
 
 I -Ih .^l I*' «". ">". "■ ''V "'•• ""^" "' ""■ ''''«•»'"■•*' " "••'"I''"" '■* 
 
 ';l„',',m^l', » pat^'t infrinifod, or ..th-r wrnn^-ful a. t ,n,M„.itt.-.l. tlu- ,lir.-ctor« 
 
 v.-ain if a .lirctor m'^le-'t, to .......ply with th.. >ar,„u. r- ,mro>..oi..- of th.. 
 
 ,,„,„■.,.!.- \.t, HM'Sor l.rinK« him».-lf will.i.. so,.. HI .,f th.. A.t ( r.-i.lar.ng tl,.- 
 ,,rovi.m„. <.f .1... Dir-otor,' f.iahility .X.'t, 18».h. ho ,., or .nay l,o. l.ahl., ... 
 
 ''^rArh:"ll^« «... «f ,H-nalti.., o.. lir-tors for hr... h of it, SUt,.tory 
 
 „r'',-....». S-, 'or exa.n,.lo. .«.-.. » (.l-fault i.. r,.l«t„.n ,o «lt..ra..o„, „f r"»'»-„„ 
 
 li t ■ wrl IH (.lofault in supplyioK .-opi.'s of .......loraii.l.i... .>r arti.'les) ; ,i,„.,.,,,.,. 
 
 '.'.H.I'.'i „l,.f»..lt in k«cpi..« rc<i,...r uf ........l-r-) ; «-.t. 2tl ^.l.f...l. i" ..mk.nu' 
 
 „,,.ual ro(urns)-, «.-.t. •«) l.lefaul. i.i ail..«in^ ii,*p.-.tio.. ..f ..■i.'.^t.-r) ; »fct. 41 
 
 ;j.|a.ilt a- to s„h-.iivi.i.... of -har.s,; .,-•.. 4J (.l.-fault i.. Kivi.,..' ..oti.c of 
 
 in,r. .'.' of .apital); »"»■ "^ (.li'faull an to pi.l.lish...u' .ia..ic) ; «'.-t. .0 (.Icfaull 
 ,1, rfL'Ut.T of .lir.vt..r,l; «Mt. »7 ii-im.iii.^...-i.itf l.i.^iii.'" pn-T..atiir.-ly > ; 
 ',',, ,, ,1. f lul. i.. makii.1? a .-.Mur.. ..f ullot,..,.nt.) ; so.t. 94 (.l.fault i.i is..,.i..K 
 
 ',.rlili.i.t.-r «■>■«• »■' I'l'-f""!' "' «!■"« »'""""'^ "f r.-.eiv,.r); ».-.■.. »» (.l.^faoU 
 i„ -,...i-|. rin« ...or.«ni;os,; ..■-■.. 10.) ..I«fa.ilt in r.vi.l.'ri..t' ...oHu-a,-.', or 
 
 ,,.l,„rj< ; ».r.. 101 -h.fai.lt i.. allm.u.i: i..-.p.vti..n) ; t. 2H1 ( fal,.- r.^nirns 
 
 iiiii !.iai.'mi'»ts>. 
 
 ■ llv „.-,|.tini,' a tru-t ..f this >..r. ;,.... .. .lire, toiNhip , a p,..-,o,.. - »„y-. 1.0.-.1 St-^U^emv of 
 
 |lar.l»ia.. -i" 1-.U...1 t.. ..x"r,i,.- it with H.l.'i.y a.,.l r,.,«.M.al.U. .liliK,.....o ' .Urv-ton.. 
 
 ,r/„.,,/"'.V l„r,.,.rnt.n„ v. .■'.<il.<„. i Atk. 405.; ai.,1 J.-ol. M. H.. in an..th«r 
 i.a«. <,,i,l •• dir.-.lorH arc bo...i.l to ,.«• fair ami r.M*.nal.l.- .lili-."<" '» thn ,li.- 
 ,har'^.. of their dutic* a.i.l to art h»..,.,tly, l».t lh..y aro not Imuo.l to .lo n...ro, 
 y„„'i -I llc.i, +' ''•>.. 10 »■ l>. •■■>•.'. ■• A .lir.-t..r in n..t l.,.un.l to take any 
 J..tini!.- part in th.- .■o...l...t of tho ...... pa..y-.H l,uHiii...s l.,.t »o far ..h I... d.M- 
 
 „nd.Tlak.. It he mu^t a»e r.-a».ii.al.U. .vir" in it^ .l.-»pateh.' IVr N.^vill.-, J.. 
 /:r„;,HH Hnhhr, l-l„„l',l,.m> . N... I). (l»lll I »l>- l'^''- "'..y ar.- not l.a'l.. 
 ,„r ■. ....T.- error ,f j.MlK...e..t, aad there i- .... i.npli.ul warranty l.y a .l.re.-tor 
 
 ,b.t !.<• i- .■..,..|».t...l. ■/■«,,..'.-/ V. l/«,W<-.« (INti'.n, 4 fh. 37li; (/.<r«<y * 
 ( v.<,..7. I.. It. r, II. I.. 480; Durrv v- (Wy, (l<tOI) \. f. 177. " If the 
 din. t..r- a.t within their po».'rH, anil with «u.l. .ar.. a« i« r.a.«)n-iLiy to !»■ 
 ,xp,..l...l fron. th...u, hu'.ini,' reiianl to li.eir kn..wi.'.l-.- and rxiwrU-iKv. and 
 if II,. V »ct hon.atly f>r the l.enetit of tl." .■.Hi.pany wl.ieh tl.ny repr.-sent, Ih.'V 
 ,li« li.iri,'C iM.th tlwir l.'K-al a.id .Miuit«l.l.> duly t.. th.' .■..mpaiiy. rn,! will not he 
 liable f"r miMak.'s or ern.r, ..f jii.l^'u.ent. ' /."./"..■'. \"r.,i.- r... v. /.-.,/.,«-i. 
 
 \,<,. '. sy,„iir.,t.-, ,1H'J9' 2 ch. ayj. 
 
 It l,u- ».,i..elii..,-, !..-.n said that din-.tors ar.' ...ily lial.le f.ir ^'nl^s n.-^liiten.e, 
 i,u. il.er.. is i.ut ill fa.t any .le iiii-.i to tl.al .if. <, an.l il.,- ."ipression " «n.*. " • 
 dws .1... pally assist in <ieliniii« the dire, t .rs' liahility; for, as ..Userv.Hl liy 
 l;.,ii,.. H.. in il ./.■,.. ». //...'/. II .M. \ W . IIV •• ifnjss n.-li-.'nee is th.' *(nie 
 thiii.„- a- ■ n.u'h.,'.'...*.' with the a.ldi.i..n of a Mt.ii.era.ive epitli.t.' An.l this 
 • piuram w.is .mLnI with uppr.val l.y W iU.-s. .1 , in I, nil v. I,r..,,„l. .,,. C... 
 I, U 1 C. l". tioa; atHrnicl L. H. i C 1*. 17«; and Krl,-, C. •!., referring to 
 .ill, esppssion in ;i6 I,. .1. f. I', -ii'-. said: ■ I advisedly abstain fr...n u^ii.if a 
 .vor,l lo wliiih 1 lan af.a.h no duti.iite in.<ai.ini;; a-.d iiu on.', so fir :ii I kiiu\ . 
 
 n-i, „i,!,. 1,1 ilo s,, ■• The .'\pr.Msi,.n, however, was il.f.'.il.'.l l.y 1-ord 
 
 . helm-ford m li,''!,.. v. Mr.l,,/!,;,. I,. U. 'J I'. •'. 317, 3M, and was r.sus.ilat-s! 
 .y the le.irt of App-al in \..l.n.,..l li.:..k .,, H%,/r., iWit) i <"l.. .i7': ; l.-.t the 
 
 i . i.f l.,ril.. i.p.ja th.' ap|*'ul in the «ai ase (/*,,',» v. '-..v. "</•.«.. 
 
 ■ 1^ .hciully i l.-tain.sl fr.'ii. i.'<in^' !h.' t.'rin. 
 I. may !«• '»ke:i, howev.T, that, in il-torininiiitf ul,.'llier i .lir.'.i.n hi' I... n 
 
 il 
 
714 
 
 Form 961. 
 
 MJHfciWwnrf 
 
 and brt-ftch >> 
 
 'k 
 
 Kxaniiiira ••\ 
 
 mi-lfuHhNIIC*' 
 
 ituil bn'fti'h f^i 
 triiHt. 
 
 ARTICLE OF ASSOCIATION. [ClIAl'. 1\. 
 
 Ifdilh- of niifli(t.-i:,r. tlii'Ciiiirt will, of i.iurnc. taki' into at^Mint tin- .iMi.i.t, r i,f 
 the buninviw, tint nunibfr of the liirei-tom, the pmviaioni of the arti.lc<. ih,. 
 ordinary eourte of inana|f<-nirnl and practiw of director-, the extent cif their 
 knuwlcdge Biiii ex|K>rienee. iind. in fact, nil the niirroiindini; iind «|>e.i:il ,„. 
 cunntaiiccs of the jmrtiiiilur cn«e; there can Ik- no >|He*tion that the ilincturt .-.ri. 
 not ex|MH.'tod to lake every (lO'xihle pre-aiitlon to ««fe>fiianl thi' interest nf (h,. 
 company and prevent ileception. 
 
 A director i not to lie held rc'i4|H>iisihle for the fraud of his <(i-dire.tor» nnliw 
 he han cxpromilly or impliedly authuri/iti if. Ciir'iill v. /lou;r (IK7H) |(i 
 V. I). .i02. -A director 'annot be held liahle for bein)f defrauded: to (Inn, 
 would make lii^ |Hwiti<in inlcderahle " l.,<ml llathcrh-y. /."«</ Cml.f r„. „i 
 Irchmi V. /.. .' h,,;,;„ (IftTO,, ,5 111. 77-.'. and «-c ff, I'l,,,,!.; It.;,!,.,,,, ^ 
 fo., 25 Ch. (I. 7.12: li,„;f/ v. i;.,„. > iwn \. C. (77: /;, i. ,„/,■;,„■ ,. i;,.„i,, 
 (1907) A. f. I'll. 
 
 So. tiMi. if u din (tor act,« lionc«tlv Mird in uccordiiiicc with a ciir f l.ii-^ 
 
 ••hicli appnnrM rea«o'i«hly calculntiHl i.i prol^t the inleri-tts of the e..pii|.;uiv 
 i-i not to be held lialilc merely In-. ,uw lii'< sul><irilimite< or c.-clirwli.i. hau' 
 ■netl hini; he is not called npoi, to diitrii-t. to nuard airainst the- po«-il.iliiv 
 
 e' .raud l)ein(f unitted by tie suln>rdiniitc< "It ii olivioii-^. .-aiil ll:i|.. 
 
 I'ury, I.. ('.. ■• Uiat if there i« «urh ii duty, it iiiu-t render aiivlliin;r like iin 
 intrllitrent ilcMiliitioii of laboiii inip<>«7.ililc ' Sie D,,,,,, v >',,,„, ( |!iii| \ ( 
 477. 
 
 Non-attendiinii at board meeting i- nil ne.c-saiily ii<i{liucnri' /'.,,,,, 
 rilnr. 34 I,. T. 71ti: hi.,,:l „l ll,;n, f,,.. 10 f. Il 4,i2 : ltr„hii„ ,v f ., . V> 
 ('. I». 7.W: M,r, ,,„,,. ,■. Huh , ,<„,, (1H92 2 fli. KM: A.., /„,,„'( /.,, ' „ 
 Miiir,,i/. r,,.. 114 1,. T. 2:14: for .i diriH't<ir i» not bound to attend "vcrv buanl 
 nni-tintf. bill the iMin-attendance may amount to i-nch a derelii Ii ii .! .|.ir> ,,, 
 to coiistiiut4* iiei^liu'''nc*\ i'h",-,l*,hU- t',,,-/,,,,-, 'i,,„ \. s,tt/„,.. 2 A k. M'.'v. 
 
 Ile«id e^rliifciice. diicii IPS. ii« 'Hfent-^ and IrUMlec". ni.iy be liclil lialpi. (.„ 
 
 \ariou.-< other kind* of nii'<coniliict and •lcliiii|iicncy. 'I'liiwc ac.. ifin, r.illv 
 /riiuped tivi-tlirr under lb. head of what in knoun a^ " nii«fc,ivini . ..r 
 breach of trust: tlie term "breach of trunt " beiiiir ircnerally i-oiitined > • n,, 
 minapplication of tin- fun<l« of tJie company, and the term " nii-feinnii . t 
 other brenehes of duty >v li.li do ii 't iinolve mnli niinapplication 
 
 " The words ■ breach of trust ' in wet. 21.i of tlii' ('omp:inie. it'oii-oli,l..!i„ii 
 Act. ItftlH (the n !J*'"a«iiiice xection i, are intended to incluile breaeli i,| ilmv ' 
 I'er Ne-ille. .i.. Hin il,,,,, K„i,l„. I-I„,.h,i„„„ (\„. 1;. (|u|| . | (I, ij;, 
 
 Tli4' follin. i!» are wiiiic ca«-i in which <lireetort have Im-cii iii.eic bable fei 
 iiiisfeasaiicc or breaeli of trust: .V/, ,«,/,/ '. c/.f. I,. |(. 4 t'li. 47.1: I.,,,,-'., „.„! 
 l.fiief ' H'' /.■ tl , \mS) 2 Ch. tl7.t 'dinitors onlen-d to repiv di.ilei,.! 
 (!' .'areii and paid iiiider delusive luilance-Nl., ct ; lt„,.,,\ .,,,., j . ;;. i; : i, 
 ll»4 (director (m'.,<e,l to repi.y iionus in^pni|>erly p'liil t.i liim ■ M, ,,/,:■.: ■ i 
 liffitv V. .Itnflr,,,,,;. W . X. I I (till IH.'J; '.'i T. I,. H. 7'i!i direi'tors orileml I.. 
 repay lirite «uius paid to one of their liod\ !,itore the isiinpanv started i.ir 
 • ». rvice^ " in obtaining' siilixripti >n' for »bare« this iMinir extra reni'i'ieii- 
 tioni: .\,il;.„iil t„i„h .Un„i,.,,r,- (•„.. 10 C. |) IlK: .tlr.,ii,.l. .'•-■/.■. (. . 
 21 C. I). 14U: FlihK.ir, c«». . 21 »'. !' .IHI; lt.„h.,„, .\ In. -.'., C. 1) 7V.' 
 :.l,a,i,<- ilM!l2i I t'h. 154: /..-,./..„ „,,./ r,-,„,,,n' //,/„/ ,2i. (lsil.1> 2 <li ii7:l 
 (direel4»rs onleri.d to repay dividends improta^rly paid to Mhari'holdcr^ "in id 
 capital : /'< H„,,,,„r'^ ,-e., . ,5 (. |1. .'Jofi : l',;i ,„'. ,■„• S V '» :t.H.; 
 MflrHlt\ ,ut, 13 ('. I), lllfl; but not when, the «hari-liolder« ,s.i.,j,|:o Itil' had 
 |iartieipala.<l in the dividend: Tim, 
 /'^ Hut''/,' '^ t'tse, „„. ttt ; l*f„,„„,,'M ,y,ii> 
 
 l„-„li,r,'ir A';,ii'ii"'it. 27 t'b. I). 322 (orders atrai-isi directors whi li 
 improperly ohtaiiietl their (|nidilicaiion shan-" from proioo'>r» „r v,.|id..r. 
 
 „,i/,,i, ; .Vit,i,ll , 
 
 . ( i!MN ) (11. as. 
 ■■'■ — '/"" '■ "■■• 
 
FOKM-l. 
 
 rio 
 
 .lirli' 
 
 (l»!«. 
 
 1 i:|i. Mi (orliTi iiK«i 
 
 list UiriHtor- »li" I'l'il .1' '•'•p'< 
 
 <i FonuMl 
 
 ,luiil> <r<iii 
 
 from 
 
 tli< 
 
 w Utf^l 
 
 prumiiK*! 
 
 ill tru»t for llii' iriiiiHiti r. i 
 tlim 
 
 I fiiv,.iir of llif |iruiii..t.r. tlim rniMiHiJ 
 
 I.I tliu 
 
 iMi 
 
 liiiii 
 
 Ill :lllV lll"lill'llt 
 
 In di-<l>li«'<' till-Ill); l.iiHitin, umI Vu 
 
 ilh II rain u I'minl ('■ 
 
 II M l> 
 i.U 
 
 tltt iiiHcr ii> foiiiiH 
 
 I iliriK-lor who had ..lit«iii<il fr'.iii pnmint.T 
 
 a 
 
 II iiiili'iiii.iiy tt(tiiiii''t l"»« 
 
 ■111 hit i|ii liitii'.'ili'iii 
 
 • III IM't-llllUt 
 
 L;iiitiiifr ;iii linn '■"•■•.' •-»»" • 
 
 /. ,,/. v/,„„,. ,(•. '•"., (l«»'il 3 <■''• •'»«'' I dir.fton unliTiil to 
 '"■„,;;",'• ,,|f,",",f'-l..,r..s I.V viMidor;: t:,..,''f'-l'' <•".. i C'- !»• SH" I'lin-.U.rs 
 '^,".,,,1 , ..kr ......1 MHi. p..ld lo l-romotor for ,.r.li..,i..urv ,.m,..,i«., ...t ,.f 
 
 I , ,av »i".."y ,.«i.l ...r ,.r..|imi..ary ,.x,„.,.«., l.u. r.-allv for 
 
 ^'f^T'l... |.r.-... mad., to lii...«l! witli.mt tlu- .an.tioii of tl„. .•.„i.|,a,iyV 
 , , ,,;/, » I/,//,, f, V. 4i:i, (1. of Sr«. (a«r.H.|ii.'iit I.V dirt-tor 
 
 "'rl.in"-r •'•'''"■• '■'"^•'■- '-"""" I-"-''' - •"'•'^' ■ ""■''• '"* 
 
 '! ' , r U.l.l lial.l- for ill.-iritini..t.- |ir.'fii- ii"«l" I'V •loaliiiir'. witli tl.- .t.m- 
 
 -h. 
 
 /(..«^. 
 
 ■'/' 
 
 N,« <■ 
 
 ./,„f//, ;|«t C. I>. :i3» o""""*-''"*? 
 n'r'li,,, l.ild lial'l' for -<M-rrl commlwioiH : »«,,. ,", , M„ T.... 'Jit C. I>. .Ha 
 
 , „,,;,,, /(„,/ / V. t:.,,l.. ,\Wl A. »■■ x:i: ""'1 •■■i MM'- <»- '•" 
 
 l" .. ,.,r -ll.HK Mh owi. ,.n.|..'rty to tin npaiiv "itlioiil di..lo,i,r.. • riir 
 
 „„.,, „.„„■,. in .11.1. a '••«•«• i- >"" «'•>•i»^'• '"" '" "'" 'li^''"""'*-' " '''•■ '•"■■'' 
 I'l',.,.-, 1„H \ii.l ■<-• I'"-' "■• "•'' '•''• '•'- 
 
 l„„„,„. «!,.. |,uriK.».|v nl..laii. fn.iii making l...)iiir..- w piirMMH. .■ ol an 
 ,,„i,r.t..ulin' b.t«.MU tl'i.m to that .ir-t Into ill.' |. i. .- ,.«mI to .a, t. ollifr 
 
 ,,,,„,, ,„.,.,i..- s„U t.. •!..• no.-l'..., »re ^..il.y of » ..'nH- d.T. H,ti I duty. 
 
 , / , /■ . '.'■'. »• '■' '""'/. ^» T- '- «• '*"'"• 
 l„ , , f mi-(,fl«,ii.v .11 l.ftt. ii of tru-l tl.,' d.lji..iiiriil .lir..l.>r liu.. ii.. i-.i?lit 
 
 ,.( ..I ..ir 
 
 \'.rl. I-;. 
 
 ,«./. 
 
 s 
 
 "n 
 
 ,lu 
 
 : 
 
 l„„!n-y,r,irl, f»-,.,«M.r.'. .."<.'.«. -I •'• " 
 , „^, '7 (■ \i.:Vl-i: t'li'<-"li' >«. . 'iM'. D. •'•H' 
 "Vi.iv ma't.riul altiTatioi. of Ho- law in '»»">"■ "f «"'"■'•"- l'^" '•' '" "'.-de by 
 .„t .■:'. ..I tl,.. .•.,„i,,a,ii.., .V.t. I!MW, ..iii,...w.-rin..' tl..- ( nuri -.. '.'ran. i-luf in 
 rIMM , .... Till- MM-tloll n.ii' ar. follo»^: 
 
 879 I, 1" ai.y |.r..-e.xliiig nK»iiwt a dirwtor, or (irrsoii oi.ui.yliij,' ll»- i""i 
 ,,„i, „i ,|,r.- lor, iif a ...iiipaiiv for ii.irliwi..-.- or briwli o' tr..-t it api-.-ars t.. the 
 ( ,u,. I,..,.. Mi' tl... .««■ that tl..- .lir-rior or i..T«.n U or may I* l.al.l.' iii r.-p.-ct 
 t ,!„. ,i,..ae.n.v or br.a. 1. of tru.t. but ha» a-ld hoiu-*tly ami r.-a*.iial.ly, and 
 , ,..|,t fMirlv I.. !»■ .A.i.-.'<l f.T tl'- n'-rlii;.!.' '• or hn-a.-li .f trM...t. thai I'-inrt may 
 ,,|„v.. hi..':, .itlrr wi.olly or partly. Ir..m hi- liability .m hu.'I. t.rm- .i. th.' 
 I iiri iii:i\ iliii.li prriwr. 
 
 |. ,- ,„i .:. .1^'!. to pr..u. that th.' appli.-.i.t tor r.-lii ( a I. J r,..,.,i..ail;. and 
 , .„. ,1, h ...i.t furth.r b- pr..v,.<l that h- ..u^-h fairly to b- .x.-iiM-d. 
 
 »„,,,.„„ y,,„/,.,. .■„,„/. I «v,../"-. V .' -"' ^• '■"■ ''*'^ '' '■■ •'"■^; 
 
 \or i- .. .....UKh that hi- a.l<r<i hon.stly.' h.' .iiur.1 haM' a.ti.d ■• r.a...i.ably ' 
 
 »,.|1 If ll:r /llrr V. H-h,,, k. (IWWi 1 Ch. ^fi. Slh- aU. «' Smilh. 
 
 ' ,.:, ,. ,1. ,„.-«, 71 I.. .1. "Ml. 411: It- v., •V-Ao' v, T... .1897. 
 
 1 CI, .-aii: llr S,ru...l t:,<>l lh,lu..h Uhll. ■<l,„,l..:i;„ ll;,/,l;„', S'.rul,, 
 ,.s I .1 Ch. IWi-. H' ii.„„l,„. r/r„: V. OV...-/.-.V. (lMJ(t. 2 Ch. .■*!•:{; /V.../.. v. 
 
 /,,// ,. , lh!)9 1 Ch. 7»7; H- /,..«/ ,/. <7.if<orf. 0W">» '^ <''• "'»' • ''"'"'" '• 
 
 /,„.,...„. (l»ll) I fh. 7.58; and «<■ Vn Vav. (,l»lll ' ''•'• *'"• 
 
 |i,r.H|..r- who diMK"*' of the .-oiiipaiiy'- property pi-niliiiif a wiiidinir-ui. |M.ti- 
 i,„„ ..r.. /.......' '"..'• li«l>l'-. on a wiiidini{-up, f..r all ...i. I, m..ii..y» n.it .^xp.^iidwl 
 
 l.y th.-m in flu- ..rdinary iour«.- of b.i«in,~... Compani... .\.t. H«»t. " i»''> ri) ; 
 
 \, ,'/ ll,„l„..i,- H ..,A-.», 3.5 \V. H. H.J7. 
 
 liio nmuily of a ioiu|.»ny axaiiwl a dcliii.iu.nt .lir.Tt,.r, whL-th..r lor ucbU- 
 ^-em, . fraud, misfeiuMiiu'f, or brewh of trn^l. i'. whil»t tlii' ...nipany .* a itoliip 
 
 |..*,r..f 
 Otiurt t" 
 ;frHi.t ri'li.-I 
 in r*'" lain 
 <^aa««. 
 
 l>i«|w«ition . 
 pr<>|H.rty by 
 dirr.ti r.< 
 |M>iidiuK 
 wiii.liiiM'-up 
 jiptiti'ii.. 
 
716 
 
 AHTK'I.KS or A880CI.M-ION. [tlllAI'. IX. 
 
 K««rt "f 
 <%impntii<'« 
 AH. 1'">H. 
 
 I 
 
 fff 
 
 Form 961. •'•""'<'"•. ^y sctidn. Jt,mt Si,,, l Hani v. /Irown, H Ki|. 3i<\ . .Vant-^-Olu. ,,.. 
 f^n V. ilriirr, \'l ('. I», 7'W. If thi" ronipsny i« boini; wniiml up. th« ri'iimly h 
 in ini»l riiwi 1111(1. T no't. :2l.t of Hip ( 'ompanioii Act, IWtH. 
 
 Thr Xil of IHiiS. rcpmiliK'iiiK thi' Curupitnii"* Act, 1900, ooiKiilnr.il.ly iitl.it- 
 thi> I ..■itiiiii iif .liri'i'tun. iind the fulluwini; fiointa with refrrpncr l<> It <lii.ii|i| 
 Im' n..t*-il: 
 
 I. If tliry iiri. to Ih! ap|Hiliit(.<l i.y tlic iirtiile< of a-iniatioii uiiil the lODipaiii 
 
 in I.I i«<u<^ a |ini»pi. Iii« invitiiiir •iil>wTiptifin< for "linrr*. thi>jr »h(iuli| -.. 
 
 tlinl "ivt. Vi 18 duly nimpli.d with. 
 •J. Thi-y "hiiiilil li.or in iiiiiul -ivt. 7.1 ..I). iin|Mii<in)( a fiiit. for iiitim; wiili,,iit 
 
 (|iijiIiH(':itiiiii. 
 :i. Thi'V -houlil liittr ill mind mm'I. h.'i, anil Ihi- aorioiH Aaxx^ft of per-'nal 
 
 lialiilily for tin- rrtiirii of lulinripliona if lhi> minpiiny allot* »lmri. In 
 
 violiition of •ri't. t45 of thr .\''t of lUHO. 
 4 Tliey Hli..iil(t rt'nii'iiilH-r tlirir lialiilily to j.ay ■luiiia^r'* f..r lin.i.li ,if 
 
 ,'). 'I'll, y -! . ilil a»oi(l. Iiy i'.iniplyiiii{ will, tlii- Art, tlirir liahilily l.i Iitoh 
 li:.= tiiiil.'r *M-t h7 ;.^^ if thr .iiiiipHiiy .•oinmriirp.. lui^ino^s Lcfnr.- it 
 
 i- IltitlfHl. 
 
 ti. Tlii-y .'liiiiild n-iiiriiilii'r tlj. liiiiiiit .if lie ir iiourr i.i pay undo»*wri'iri;.' ami 
 
 iitlicr i'iitiinii>.'<ioii.'i uim. r .'Crt. H», ami iliii- lialiilily fur payn .m< imt 
 
 aiitliori/i'd liy paragraph 1 1 ) of tlint Kiclioii. 
 7 TIm'v «liiiuld lii'ar In mind tliclr fluty tiiidrr -I'.-t. Hll .ih !.■ ilan^r 
 
 pr.i-piM'tii*!'-.. 
 S. Tliiy -liiMild sillily uiidiT pniprr i.h 1. r ll I.iliuratr and Inir.l. n..iiii, 
 
 pr«i\ i-iuii.. of ..t'.-t. hi aw to pr.ispi-i-tii-ri. and tlif ili^i-lo'.iiri. t.i In- mad. 
 
 tliir.liy. and •hoiil.l r. nii>nilii r tin' lialiilltli'< .if th.' dirci'tur" f.-r n.m 
 
 ii.ripllani'f*. 
 
 (I. Tlicy sli.iiil.l liaM' iliir ii'ifarti to -.it. h:1 a" to uiriatlon of itra.i* 
 
 10 Tlii'y ^li.iiil.l not f'lrifi't th.'ir .liitiii iiiidi-r wet ti.i of thi' \.l u. !i. 
 
 -lalntory iniH tiiijr-.. 
 II. Tlipy -li.iiiM not f.iri^i'l -.itI. HI a.H |.i nniMMilntf u'l'iii'ml inci'fin'.;-. 
 I'.'. Tlii'y fhoul'i lii-ar in riMiii'mlir.ifKo m'iIji. !1.'1 1ii2 a» to rciri'-lriiii'in .f 
 
 li»iirltfat,'f. iiikI i-liarKi'K ami tli'- pfiialtlt'H iiiipoM«.d nn the diri'ct.ir-i. 
 
 13. Tlioy -honld not fi.ru'it «.it.. Jli a- t.i annual ummari. -■. and <f.t. 7.'i a- 
 ic kci'piiiL' a ri'i'i«l<'r 'if diri'rt.ir" and Hlinir riipj witli the l(i".'i.t'';ir 
 of ('.in.paniiM. 
 
 14. Ttii'v i.|i.iul<l Ml- that thi. pr.i\lKi<iii4 of m^ik. 112, 113 i.- m .'..ii ar.' 
 .arriwl out, and almvi' all that tliry do mil -uljj'it thi. Mil* •■ to thi' 
 pi'iialtiri iif nii-dcniranoiir undrr wrt. '.'81 a< to falii- 'taiiriii iit. 
 
 Ni.:niier nf 
 lUrt'i'ton. 
 
 H.'J. [I'litil iilliciwi.so ilott'i'iiiiiitxl liv a jvtMKTuI luocliiii;] tin 
 
 uuiiilit'r III' I III- iliici |iir.» 
 [mwcii 
 
 -Imll nut lie It'si than llin-o! or iiioii' 'liaii 
 
 It I'. itiUlum that a lartfc iiumlii-r of dini'l.irH in a U'li.tlt to a iiiiipiiiy : ii 
 the I'onipany I" a larifi- oiii'. am! thrri' in iiiurh liu>iii<'!>.i to lii. doiif liy the l<(ianl 
 it may l.r a iieiviiiiiiy ; hut in many louipaniN tlu' iniwiTa unit duticM of tin 
 Imani arr for thi' mont part di-li»ijat«l to a inanai^ini; dirrrtor or luana^or, an.J 
 whore thi^ ii thi' riwi* tlu-ri' i^^ nu ri'aj*<m for havini; a lar^i' itunibi'r (;f diri'rt4ir-. 
 Kveii whi'rc this in not doiii-, it in iiiinmonly fouml that a iniHlorato nunilHT ar.- 
 liy ri-itM>n of thr iiirfi'imud individual rfujioniiihility, more likely to work. In 
 the .iSvierii* t»f thp fir-^t -^vnii WnnJi i! -vm'« Ihrtt tht- mimbrr i-artmii !;r rttlTni 
 
|iX)KMH. 
 
 in 
 
 HUlu.ul a -|«^ml rrm.lutioi.. U,;.,..,! llrv.., UJ. v. /..■«... 4H S. .1. U. U... 
 ,,ory «hcth.T thi. i< w where a ••luiuw likp (W, .»/.,,, «|.|..-iirH. /•-.«.<■ /-.... 
 «|„rr thi- nuiiilMT i« below fho piiwrilHil iiiinimuni thf r.nii«imit|f .iirc-tor. 
 ",m„.t ml. l-"t u'uttlly tlii^ m ni.-t by » <l».i..- like »0. ml,,,. 
 
 rh.' iiu.Tum ■•liiu«' JiH-> iM.t ..|HTat.' uiiU'M ami until tlit^ iiiiiiiiiiuiii it" r 
 
 „,,,,',.,,..'r. i- .luly ..|.|-i"f-' '"'■■ ^'""' * '■" • <"•"' ■•* '■''• "" 
 
 Form S51. 
 
 N 1 Tlu' |.*i«uii« lii'tii w«»">«l "l'"" Ij" ••'« ''"^"^ diroi^tors, tlwt is tu ^^'^^^ 
 
 A ..I 
 
 11 ..!' 
 
 uiid C. of 
 
 -, (ii-. 
 
 
 h 1, U.U..I t.> ttpi>«int tli« airwtow by th.- arti<lv», but tl..- |.l«:i udopl.-.! in 
 ,|»u->' lis "f ■|'"bl'' A. i* MUnetiiiiM |ir<'f''rr.il, imini-ly, to pniviili' Umt: " Tbi- 
 miiiil.T cif till' .lirr.ii.r< un.l tin- iiuni.i of th.- flr»t ilir.-<t..r« "bull In- .letrrmiiiy.1 
 ,11 viritihu' I'V ii majiirily "f tlif »»b«<rilirn. i.f lb<t ini'iiiorumlum i.f a»«.Miah..n " 
 nr.r.liiy tliu«: ' rb«- «r«t (lir<-t<.ri »liull Im- uiilioiiititl by tlio .4ub« ribvr. 
 ur lb.- majority of tlu-iii, by an in.trunient in writing under their 
 l,aiid«." In either iiw.' tlie apiwintment ihould bo made at a ni.-.'tinK "f the 
 .uh^riber* at which a majority i« preMMit. /louhra.h C-il «'..., l.l,'. v. 
 r,„.i,i,\ > II. i \. 151 : 2« I'. •'■ I'^i- 137; r.ini'lim * SoHlhfiu Co., 31 •'. D- 
 ■>-n The notice conM-ninit the nicH>tini;. whieh no-d not Im- a .■(even day»' 
 i,",',i,,. ,y„/,„ .I/..W...V H„,l-I,„; <■„. V Uarra,. i IH»1 ) i fh. .'ISii), cutfht U) 
 .|..^ify the |iur|M».' for which it ik i-ouvoncd. Il<,„l„->ich Coul Co. v. yVi«r/».-, 
 .,/.,.;! An a|.i«oinliiient ill writili|{ »i(fne<l by all the nub-cc-riliiTu i» »alid. 
 .,,,,/( .\..r/A'</. .v.'/' '.'"., *i I"- l». iTi- 
 
 Wliere the .uli-rilMTd are to u|i|ioint the dirc-<tor«, the articles - .i.rilly 
 ,|. liirc that: " Intil tlw Hr<t cliri-ctorn cliall ba\e lM>en ap|(oinle.l. ! -nb- 
 ^ rilM-rs to the nic-nioraiiduni of asi-iociation xhall lio deemed for all puriiomw to 
 l,e ihedlrcelors, save that elau«<) MB hereof ia not made to apply." 
 
 Ami »hen- the «ulwriber.< arc diroitom under muc'Ii a c-laii«e, they hold olliec 
 until the Hr»t direetorn are a- lually ap|>ointcd, notwitliKlaiidinif there in an 
 irliile to th.> eltect that the whole of the diriitor^i shall n-tiro at tl: lirnt 
 irccicral nieetinL'. •/"'"• M'i,li;t llu,U,,fi l'„. v. Hiirrnt, tii/ira. 
 
 Wlicre no directors are ap|Hiinted, and u incx'tiiiK eould not lie called in 
 .„. ..rilanii with the articles, it wai held that wt. M of the Coinpanie* Act. 
 isi;j now replaced by »cft. 67 of the Aet of 190Hi, appliisl, and aeeordinu'ly 
 il.at Hie nu .iili'^m eould eall a iueetin(f. Urirk ««-/ .N'-'W ('"■, W. N. (187M; I4tt. 
 
 S .11. S.-i' ^e^•t. "J of tho Act lU to tlio nu,-e«ity for cjualiryinir a person 
 iianiiKl in artieh's ua a dircxtor where ihe public- are to be iniiled to 
 ^.abM'rilH! for aharva, tupra, p. 6. 
 
 U to clerjry, a.-« 1 i 2 Viet. e. I0«, a. 28 rl ..-/., and 4 A. 5 Vict. e. II, by 
 which it it provided under puiuilty that it ahall not lio lawful for any apirilual 
 |«TMin hoMiiiu any cathedral preferment or benuHce, or any curacy or lecture- 
 !.|ii|', or who shall bo lic-c-nae<l to pc-rforni the dutie* of *ny oc-eloaiaatiinl office. 
 Id U.I a-c dirc.tor of any triuliiiK eonc-c-rn. 
 
 
 ."(■I. 'riic diit'itur« ,-';i«ll liuvc |iuwt'»- from time to liiuf anil ii( iiiiv I'ow.-r for 
 liiiie ic) a))|iciiiil iinv jiImt pi'ixciiLH to In) direttori, but so tliut tlitc (oUil ,.,p„i„t 
 immbtT of diffL-tor shall not at any tiino cxcowl tho iiiuxiiiiuin addiiioual 
 uuMilitT, (ixoil a.-* uIhjvo, and so that no nut-li appoint iiiont hliail Iki 
 ilfoctivii uiiU'(*« two-tliit'ls of tho directors [in Um United IvinjjdoinJ 
 u.iicur iliorviu. 
 
Form 251. J"'''^ clause is Vfry lommoiily inserted, and is found convenient, cspeeiiilly 
 
 where less than the niaxininni number are appointed hy the articles. Soinetiniis 
 
 it in considered expedient to insert, after the word " time," •• hofore the ordinary 
 :;eneral meeting to be lnhl in tlie year ," In tliat eis(^ ehuHe <J9,7. :i, t,, 
 
 casual vacancies, must be inserted. 
 
 .\lthough it is often done, it is doul)tful wlicther, under sucli a ilause, or under 
 clause 99rt, iiifm, direi'tors can be appoint(d in pursuunci" of a contract witli 
 some person or company for the purpose of ({ivin:^ suih person or company :i 
 voice in the nianau'ement. See V'<Ke iiii'{ H'c/Zi'i c (,«c, | Ch. CM; Jni,i, ■< \ 
 Eve, L. R. 6 H. L. 335; !><■ Ittii-I.ni'''.-^ r,f»r. 5 ('. I»iv . 'M»\. Conf. ',•,■,,„„," v. 
 Porter, (1902) 1 fh. 530. 
 
 .\9 to on alternate director, see Komi 280, m/,". 
 
 Where ijuot.ition on the Stock lOxchanire, London, is repiired. the foll.nviii:; 
 clause should be substituted for the al)ovc: 
 
 [85a. Tlio diroct<ji'i5 t*iiall liavo puwoi' ;il aiiv time, aiiil fnnu time to 
 time, to appoint any (pialititMl person as a director, either to till a 
 casual vacancy or as au aiklition to the Board, l)iit so that the Mia! 
 number of directors .sliall not at any time exceed the niaxinjiini 
 number fixed a.s above. lUit any dire<'tor ko appointed shall liuM 
 oflicc only until the next lollowino; ordimuy jrenoral nieeiiiio' of the 
 cov, and shall tlien be elio-ible for re-eleclion. 
 
 The word " until " may be read either as inclusive or exclusive aciordini; to 
 the sense. In many cases it includes the day named. See AVn- v. Jnnrt, 
 1 Uow, 538; Dawklus \. Itudnnr, 3 J)ow, 535; Im'VH v. Ito'ml lif'tninre, \i. 3(. 
 5 Ex. 396; Iicllhoiis>- v. Mellor. 28 L. J. \\.\. Ml: fliir,-nim,,i' SfnA- \. 
 Mui.U'i nail. Co., (1897) A. V. 81. 
 
 Uuiilitication «0. The (lualifiuilion uf ;; diifi lor >hall be the lioldiuL;' of 
 -f directors. ^iim.,,s ju iim eoy [or shall be the holding of .shares in the coy of the 
 nominal value of £ ]. 
 
 Xo (jualitication of a direitor was re(piired by the .Vet of 18()2. iiur is it 
 reiiuircd by the Act of 190S. Hy .\rt. 70 of Table A., where it applies, a 
 director's (|uaUfication is made the holdinj,' of one share at least. 
 
 The above clause must be read in eonjun 'tlon with se; ts. 72 and 73 of tiic 
 Companies .\ct, 1908. 
 
 Sect. 72 is only material where the first dire.tors arc named in the artirlc^. ^is 
 in clause 8t, «/(//j». It has no application to a " private company." In smh 
 cases, sect. 72 in effect re juirci that a dirertor shall either subscribe tlic nicniu- 
 raiidum of association for his ipialification, or shall sijirn and file a ei,:'tiact to 
 take his ciualiKcation. See further, KH/ifi, p. ti. If compliiince witli sect. "2 
 would bo inconvenient— (1) omit the clause (81) " naniintf " the first directors, 
 and in lieu thereof provide, as in clause 81i, that the sub.scribers may appoint 
 the first dinclurs; or (2) omit the •iU!^liH•'f^ti•^n r!sii=r ; or (-3) insert in the 
 above (lualification clause, after the word " director," the words " not being 
 one of the first directors." 
 
Seut. 7! of the tumpaiiiei Ait, 190S ( replaciiw Mft. 3 of the I' ir.tmr* .\rt, 
 
 ITOiij, i^ "f "'Of' gi't'ca' applifatioii. It proviilr^ in follows: 
 
 73. il.) Without projuilu'O to the restrietions iiiipos<;;l by the last foretjoiiid 
 .eiii.in, it shall be the duty of every dire::tor who U by the re^'ulatioiis of the 
 .uiiip:)tiv re(|uirpd to hold a spccltied share i|ualiti(Ution. and who is not alrejidy 
 aiialified, to obta'n his (|ualifiiation within two months after his appointment, 
 ..r suih shorter time as may be fixed by the reu'iilations of the eompany. 
 
 1 2.) The uHiee of direitor of a company shall be vaiated if the din ■ r doi's 
 not within two months from the date of his appointment, or within sm shorter 
 time as may b'' tixe;! by the rej,'iilati(!ns of the company, obtain his (jualiKeation, 
 r.r if after the expiration of such period or shorter time he ceases at any time 
 to liukl his i|ualifleation: and a jMjrson vacatini? office under this section shall be 
 larapalile of b.inff re-appointe»l direi-tor of the eonip.iny until he has obtained 
 liis {jualification. 
 
 i:!.) If after the expiration of the said period or shorter time any umiualiticd 
 ner-on acts as director of a company, ho shall be liable to a fine not exccedinf; 
 H\o puiinils for every day between the expiration of the said period or shorter 
 •inic and the last day on which it is proved that be acted as a director. 
 
 Form 251. 
 
 w 
 
 iMalific 
 ufdir.d 
 
 In relation to this section, it is to be observed as follows: 
 
 I The -cction docs iiot rc.iuire the insertion in the articles of a qualifiea- 
 tion clause. It is therefore legal, as it was under the old law (.viz., 
 the law in foreo prior to 1st January, 1901, when the Companies 
 .\ct, 1900, came into operation), to omit tho qualification clause, or 
 to make the qualification as small as desired, or to make it applicable 
 only to some of the directors. 
 
 ■i) 'I'he section docs not toueli the cases in which the qualification clause 
 )irovides that no person .shall be "eligible" as a director unless he 
 holds a specified number of shares, for in such cases the possession 
 of the rc(juisite qualification is a condition precedent to a valid 
 election; and if a j)erson who dws not possess the ipialiliiation is 
 expressed to be eleete<l, the election is void and he does not become 
 a director {/tntbrr's cump, 5 C. I). 96-3: Jttinii'a fivf, 7 ('. 1). 132), 
 and therefore does not come within the words of the section. 
 
 :i The section ai)plies to ciin;panii's formed before tin' .\i i of liHIO laiiic 
 into operation (1st .January, 1901 as well as to companies formed 
 after that .Vet came into operation. See .sect. 31 of the .\et. 
 
 1) Indcr the old law a director, under a clause e.s above, I. id a reason- 
 able time within which to obtain his qua"! . ion. /;,i/c,,'.% c./v', 
 9 Ch. 102. liut what was a reasonable ti s undilined: it de- 
 
 pended on the circumstances of the partici. .. case. Linil I iirhi- 
 ilidii's riiup, (1891) 3 Ch. 28. It might be a month or more, though if 
 the articles Jirovided that a director was to vacate ottici' if he did not 
 aiquire his qualification within a spci itied period, that was ngurdinl 
 as indicating what was in the circumstanci'S a reasonable *ime. Ex 
 ,m,lr Cammr/I, (1894l 2 Ch. 3H2 : l'in„h,i;i Thmlrr, 28 S. .1. 238; 
 (h....'c«\ nisp, 57 L. .1. Ch. 338; Sr!f-iiitiH<i S, ■■■;,,,, M,,i!:iiir ''«., 
 31 AV. 1{. B58. l!ut the seition has altered the law in this rr'spect, 
 and has fixed the time within which the <|nali!ication is to be 
 acquire*!, viz., within two months from the tlircv-tor's ;ippointment, 
 or such shorter time as may be fixed by the regulations. 
 
 .',.'>) I'lider the old law a director who did not qualify within a reasonable 
 time did not at the expiration of i..at time \ueatc office, unlou 
 
720 
 Form 251. 
 
 AKTICLK8 OK ASSOCIATION. [ChAI*. IX. 
 
 li 
 
 If. 3 
 
 liliMi 
 
 indeed the urticlex of tlio ruiiipuiiy so provided. On tlie CDiitnirv 
 he coil' ,,il in office until liy resignation or rcmov>,l or otliiTwiso 
 he vac. 1 tlic office. The section aitcn the law in thip respc.t. miil 
 in effect jirovidcH that at the exj)iration of tho two month.i or shortiT 
 time tho director shall ipm fiirlit vacate offiic. 
 (Hj L'nder the old law (whcri^ the qualification clause waa ax nlwve, im- 
 posing a duty to <|ualify i, a direcUir who did not quality witliin ,i 
 rca»onal)le time might at the expiration of that time be placid h\- 
 tlio officers of the company on the register of members for ^ll!l^c» 
 Hufflcient to qualify him, and althouj;h this was done behind his Imcli 
 and without his consent, he wa.s estopped from repudiatin^f the allot- 
 ment and liable to pay for the shares in duo course. See llrimn\ 
 rnte, 9 Ch. 109; Lonf Iiir/ii'/iiiii'.i nm; (1891) 3 Ch. 28; M„';,i:'niu 
 V. ImikIuii. n. mill M. limiiriniif Co., (1902) 2 K. U. 589; liut tlic 
 allotment was not. effective unless made before rcsignutinii ami 
 winding-up. See ('iimmrir« msr, (1894) 2 Ch. 392; and Thr /,. ., 
 ro., /fule/iiimo,,'.- rimr, (1895) 1 Ch. 22H. 
 
 The section appears to alter the law in this respect, fur at tlic 
 expiration of the time limited tho director vacates office it ihcrc- 
 fore ccivses to be bis duty to t^ike up the qualification, and if without 
 his reciuest tho shares are allottiil to him, there aj)pears to be 
 nothing to |ireclude him from repudiating. ('«/«w»7/'* w*. . ( |W)1 
 2 Ch. 392; Siilish,„;i Jo,,,-,' ,w.«c, (1904) 3 Ch. 35(1. 
 
 (7) l'nder the old law a director who did not (pialify within a rcaionalilc 
 
 time, or who ceased to hold his <|u:ilification, might ncvcrtlicli^j 
 continue to act as a director without im urring any definite respon- 
 sibility to the company for damages. In theory ho was liable to 
 pay damages for his breach of duty, but in practice it was impos- 
 sible to prove damage. Cin-iiilrij auil Jlixon'a case, 14 C. U. (itJO. 
 The section alters this, and renders the director liable to a fine not 
 exceeding 5/. a day. See sub-sect. 3. This sub-section, liiiwi\,r, 
 does not appear to apply to a person who is invalidly ajipointc'il as 
 a director, but only t^i one who is validly appointed. 
 
 (8) Under the old law a director under a clause framed as above was iliilv 
 
 qualitiwl if he held the requisite shares, even though he liad no 
 beneficial interest in them and merely held as trustiH- for ariollici 
 jicrson, nor did the insertion in the clause, after the word " liolilin;;,' 
 of tlie words " in his own ri'.;bt " rend, -r a beneficial owiicTslii|> \wyi-'- 
 sary, for it waa long since held that those words did not refer to 
 beneficial ownership, and meant in his own right as contracted with 
 a holding as legal personal representative or trustee in banliniptry. 
 Piilbrook V. Rii-I,m,)iul Miiihuj Co., 9 C. I). 610. Whether this 
 remarkable construction of the words was or was not right it is now 
 too lato to question. S<h> Biutthridijn v. Smith, 41 C. Div. 6\'1\ 
 i:<i<,l„-r V. Griffin, (1892) 1 Q. II. 740, C. .\. ; Iluininl v. S.nli,,. 
 (1893) 1 Q. U. 1; .Irtht'i-'a rnx", itii//nr ; Siiiu,,, v. EmjIUli <ii..l 
 Coinniu! Proihir,- ('„., (1902) 2 Ch. 502. It ccininly goes far to 
 defeat the object of a (|ualificatL<>n clause, which is that the (lircdor 
 should have a personal stake in the c iiipany. The section has not 
 alU"rcd the law in this rcsj)eet, and accordingly a director may still 
 under a clause as above (pialify by borrowing the shares or takiii;,' 
 a transfer in trust for tho tm isfcror. Hut if a person is entered 
 on the register as holding shares as liquidator of some other com- 
 pany, he does not hold " in his own right." lloachoek i'ropnetiiry 
 Co. r. Fuke, (1906) 1 Ch. 148; and see Sutton y. EngtUih and 
 
FORMS. 
 
 781 
 
 rulomn! I'ynihire Co., (1002) 2 Oh. 502, nrcording to which if tho Porm 251. 
 l)Oiit'H('iary ^ivcH notii'e to tho r-ompitny tliat ho rlaini:4 tlic sliurca, 
 tlip lioldcr thercujioii ecusoji t'l hdid " in his own rijjht," hut it sci'Iuh 
 doiilitl'ul wliCthcr this decision can i-tand ciiiisi.stontly with the oldor 
 
 (II) IndiT the old law a director I'oiiUI, under a clauw as above, (|u.-iliFy 
 hy Ifcin^ one ot tho joint iiolders of the rcquii^itc number of shurcs. 
 (itoiii I'lijier Mills Co., Diiii'lfr's m»c, (1894) 3 Ch. 473, V. A. Tlie 
 M'cticin has not ultcrod tlio law in this respect. See UruHilij v. 
 llriij'.ii, (1910) 1 Cb. 444. 
 
 Tho (ilijeit of a qualification clause as above mentioned is to give the director 
 A ppcuiiiiiry interest in the company so that bo may l>e risking his own as well 
 as other iTople's money {Arehrr't cane, (1892) 1 Oh. 337); and »onie people 
 have |;rc>t faith in this feature of a (jualitication us a );uaruntee of irood 
 nunnseriK 1 1 ; hut of course the mere liuldin*; a qualiKcation in no way assures 
 the cimpctciici' of tho directijr: ho niuy be iluly (|ualiticil and yet wholly in- 
 (■(iuipefcnt. It i^ only calculated to make bini more careful. Sometimes a man 
 manaije-; other people's affairs better than bis own. 
 
 Jhrrover, as he may hold the shares as a mere trustee, or as one of several 
 joint holders, the qualilieation may afford only a modiium of security if it 
 does nut render the security wholly illusory. To fortify the position it is 
 sometimes deemed expedient to insert after tho word '' holding " the words 
 ■■AS sHir, Aiisoi.ni; hi:.m:i ii'Ial i)ttxi:i! ami not Mi;i:n,Y as tuisii;i:." 
 
 In the ah-enee of a qu.ilific.ition clause, the law docs not re<iuire a director 
 to be a miniber of or to have any interest in the company whiih he directs, and 
 there are thousands of companies the articles of which reiiuire no qualification, 
 including the many companies to which Table A., tihnpliriter, applies. Some- 
 times, ,so far from benefiting^ a company, a qualification clause may detrimentally 
 affect its interest, e.</., by excluding from the directorate an able man who 
 could render great services to the company, but has not tho requisite funds to 
 take M' the (luidification. 
 
 \\ ■ there is a qualification clause it is allowable to modify its operation 
 to any extent, e.g., by providing that " the qualification of a director, not 
 heinij line of the first directors, shall be," kc. ; or that " tho qualification of 
 the directors other than A. B. sh.ill," i;c.; or that " tho qualification of every 
 
 director elected or appointed after the day of shall be," ic. ; or that 
 
 " the iiualilication of the directors shall be fixed by the st.itutory meeting, 
 and until so fixed no qualification shall be necessary." 
 
 .Vs h> the amount of the qualification: This is usually fixed with reference to 
 the capital of the company, but a qualification of 100^ or 2^0^ of shares or 
 Ic s is very coiniuon. Whore, however, the capital exceeds 5 ),OilO^ or 100,1)00/., 
 tho c|ualihcation is sometimes larger, e.i>., 500/. or 1,000/., and orcasionilly 
 ill very iniporbint concerns and in private companies the <|ualil!cation is as much 
 as .'i.iiOi/. or 10,000/., or even more. .Vs a guarantee of careful management. 
 I share qualitication is, of course, useless uidess it is substantial. 
 
 Where the qualification clause is framed as above, that is to say, provides 
 that the qualification of a director shall bo the holding of so m;iny shares, this 
 dt)OS not mean that the director must take that number of shares frotn the 
 civipniiij. The meaning of such a clause is that the director is tu a?<iuiro the 
 r( |iii-ite i|iialiKcatiiin in some way or other, whetiior from the company or by 
 transfer from a friend, or by purchase in the market. Brown's ensr, 9 V\\. 102; 
 anil the Companies Act, 1H08, has not altered this. Molinrniir v. London, 
 .?■•■ /( ■-■ C,,., (19U2) 2 K. K. oS!). 
 
 P. .1 V 
 
 a ■ 
 
 f:'' 
 
 
 
 §-^ 
 
 
 
 
 \i'^-^ 
 
 
722 
 
 ARTICLES OF AJSSOCIATION. [ClIAP. IX. 
 
 Form 251. 
 
 i 
 
 1 
 
 1 
 
 ! 
 
 - i 
 
 
 InluM the artii'lea otherwise provide, it would seem that a director may 
 transfer his qunlification shares as freely as if ho were not a director. C'lirl.n, ^ 
 Co.. M t'. Div. 209. The derision in Sjiith f.onilon Fiah Market, 39 C. Div. ZU, 
 was based on the terras of the special Act; but if he does, he given up his 
 ilireetorship. (lilbert'a cn»e, L. R. 5 Ch. 665. 
 
 Whether the acts of a director who has not boon duly appointed, or who is 
 disi|ualified, are void, must depend on the circumstances of tl case. Clause 111, 
 ii.lKi. and spotH. 71, 74 of the .\et (see infi-n, p. 743) will apply in mn-.t cases, 
 but only as to acts done before the defect or disqualication is shown. JlaUowei 
 V. Frniie, 3 Ch. 467; Murray v. Bush, L. R. 6 II. L. 53; Brulporl, ^r. Co., 
 2 Ch. 191; Briton Medical v. .Jonea, 61 L. T. 384; Briliah Aabeatna Co. v. 
 VojKl, (1903) 2 Ch. 439; Re Bank of Syria, (1900) 2 Ch. 272; Dawson v. 
 .tfricaii Co., (1898) 1 Ch. 6. .\nd not, it would Bcem. in favour of any pcr«on :it 
 the time of the act done having notice of the defects or disqualification. 
 Slaffoidxhirr <!a« Co., 66 L. T. 413; Tyue Htpamahip Co. v. Brown, 75 1,. T. 
 483; Howard v. Patent Ivory Co., 38 Ch. D. 186. 
 
 .\ director who accepts his qualification shares as a secret gift from the pro- 
 HKjters or vendors is guilty of a gross breach of trust. Ilay'a ra^c, 10 Cli. 59-3, 
 604; Knijhfield Co., 8 C. Div. 388; Carling'a case, 1 C. Div. 115; Tiri/erota v. 
 Giant, 2 C. P. Div. 493; De Riwigne'a caa», 5 C. D. 306; Pearson'.i nip, 
 5 C. D. 336; Carriage Supply .iaaociation, 27 Ch. D. 322; Boaton Shippini/ 
 Co., 39 C. D. 339. And he is liable to give up the shares or, at the option 
 of the company, to account for their value. S. C; Ilay'a ca.sc, 10 Ch. 593; 
 We,lona ca.-; 10 C. Div. 579; J'oalaye Stamp, ^c. Co., (1892) 3 Ch. 5ti«. 
 .Vnd there ia no right of set-off. Carriage Supply Aaaooiation, 27 C. D. 3ii. 
 
 And where he buys his qualification from a promoter who agrees to indcnmify 
 him, lin is accountable to the company, for the Indemnity is a thing of v.iluc. 
 Archer'a raae, (1892) 1 Ch. 322, C. A. 
 
 Tn London and S. W. Canal Co., (1911) 1 Ch. 346, where the articles of 
 association provided that the qualification of a director should be " the hnldinij of 
 at le.ist 100 shar'9 in the company," and some of the directors accepted their 
 qualification from the promoter of the company on the terms that they should 
 hold the shares in trust for him and should execute (as they in fact did) lilank 
 transfers so that he might deal with them as he might require, the Court held 
 that the directors were gui' y of misfeasance and must contribute to the assets 
 of the company (which had gone into liijuidation) a sura equal to the par value 
 of the shares. 
 
 Tlie London Stock Exchange rejuircs a qualification, and also the addlHon 
 of the words following: — 
 
 First directors 87. A first director may ad before acquiring his qualification, but 
 -qualifica- sliall iu any ca-^e acquire tlic same wilhin one uioutli from hifi aiipoiiit- 
 mciit: and unless ho shall do .so, he shall be deemed to have iifrrcod lo 
 take the sd shaies from the coy, and the same sihall be furtinvith 
 allotted to him accordingly. 
 
 Having -jnrd to soet. 73 of the Companies Act, 1908, aupra, p. 719. this elauw 
 may be su; rfluous. 
 Under tlic old law it was decided in relation to a clause as above— 
 
 (a) That a person who continued to act as a director after the lucuiih was 
 up was liable in a winding-up to be placed on the list of contribu- 
 tories for his qualification shares, even though no allotment was 
 
 tion as to. 
 
FORMS. 
 
 7VJ3 
 
 muHp hoforc the pommrnpcinent i^f the n-inilinfc-ii|i. Itnarf' rati', FonU 251 
 (1892; 2 Ch. 168. 
 
 (b) That <i fortiori he wus lialilo where the qualification ahares were 
 allotted to him before the comnienrement of u winilin(f-up. even 
 though that allotment was made after notice of hl< renignaHon. 
 Jlnrynia Copper Co., (1894) 2 Ch. 403. 
 
 iiO That a director who without qualifying rosi^fncd within Hic time 
 nllowed for qualification nuf^ht not, in a win(lin);-up, to he |ilni'c-d 
 on the list of eontributories for his qualification sharcn, no allotment 
 thereof having been made before the commenoenient of thi' winillnfr- 
 uj). SalUbtirif-Jonet and Dale't mle, (1894) 3 Ch. 3.56. 
 
 Hut the now .Ait materially affects the o|ieration of the clause, for in specify- 
 III!.' one month a.t the time within which the director must ac(|uire his quallfi- 
 I'utiiiii the clause fixen within the meaning of Hcct. 73 of the Companies Act. 
 r.ios, a •' shorter time " than two mcmths, and accordingly, at the end of the 
 lumitli, the director, if he has not obtained hl» qualification, vacates office. 
 N'liw, it may be that notwithstanding this the company might act on the clause. 
 iind allot him his qualification — that is to say, the shares which he agreed to 
 lake. See Miiliiirniix v. London, ^c. Insuranre, (1902) 2 K. 11. 589. llut if 
 no allutment is made prior to a winding-up. it would seem that the ex-director 
 »liou!d not be held liable in a winding-up to bo placed on the list of eontribu- 
 tories for the shares, for, the company not having accepted the offer whilst it 
 wa.-} ;i going concern, it is not just and e<|uitable to place him on the list of 
 cdiiiriliutories in the winding-up. See the above case, and IliitrhiiiKnx'n rn»p, 
 II.S95) I Ch. 226: Salishury-Joiirs timl half's ,■:•»!•. (IKHl) 3 Ch. 3.i(>; and 
 Ex parte Cammill. (1894) 2 Ch. .392. 
 
 [88. \ director may rutiro from his otKco upon giving one inontli s Tower for 
 
 niilioc in writinp' to thp cov of liis intention no to «io, and sucli rcHigna- "'fp''''"' *" 
 " • . ' "^ retire. 
 
 liiiii sliali take effect upon tiio P.xpiration of smJi notice or its earlier 
 
 a(x«ptam;c.] 
 
 More commonly a paragraph, " If by notice in writing to the company he 
 ii>igii his office," is added to clause 90, and this seeuis the best plan; for a 
 diroi'tor cannot be compelled to act. 
 
 Kven in the .ibscnce of any express power to resign, it is submitted that, 
 uiile.<s the articles aro specially framed, a director may by notice to the com- 
 I'liiiy resign his directorship. Directors •' are merely agents of the company " 
 (per lAird I aims, h'ergimon v. Wilson, 2 Ch. 89), and an agent may detcrniine 
 liis aceiicy. Story on Agency, sect. 478. 
 
 Where a director, who was both a permanent and an ordinary director, 
 rc-igncd his scat on the board, it was held on the facts that he had resigned 
 l«jth directorships. Mosclfij, v. Koffyfontein Minra, (1910) 2 Ch. 3HJ. 
 
 It is conceived that the rc(iu:sito notice should be served on the company 
 in the manner provide<l for by sect. 116 of the Ait, viz., by lc:iving it at tho 
 rcijisteri'd oftiee of the company, and that a notice so served is cireitive. In 
 Municipal freehold Lund Co. v. Pulllnglon, 63 L. T. 238, it was held that. 
 under Table A , a director might resign, but that he must resign "into the 
 hands of the company," and that a notice read at a board nun-ting (and, therc- 
 l^ere, no doubt served on the company in accordance witli sect. 116 of the .\et) 
 was not an effective notice to the company for such a purpose. Apparently 
 therefore the resignation, to be effective, must be given to all the members. 
 This decision appears to disregard the fact that the company is a separate 
 
 .! A 2 
 
r ^f 
 
 734 AKTK'bES or ASSOtlATION. [ClIAP. IX. 
 
 Porm 251 /""»"« 'I'l' 2' "'"l 2«). "id thut tho An bin providud l.y met. llii *i.fi,il 
 • ' incins of jfivintr notice to that /wrwim. Why aro the plain teriua uf act. 116 
 not to have full effect ? 
 
 In MelropoUlan B^ink v. Ueiron. 8 Ex. Div. 319, Cotton, L. J., said that 
 " it was made known in the only way in which th« company <an know anything, 
 by a communication made to the directors at a reKular board meeting." 
 
 It may be observed that Table A. contains no clause as to resignation. 
 
 In practice it i:i always assumed that a director can retire mero miHu~i\i» 
 object of a >Iauso is to fix the length of notice, or to restrict the risht; and 
 Warrington, J., ho held in Trnn^porl Co. v. .Schonbcrt) (1905), 21 T. I-. U. m. 
 
 A director may j.art with his qualiHcation shares, and so vacate office l)y dis- 
 qualification, mihrrfa cnie, 5 Ch. 6ti5; Companies Act, I'JOH, ». Ti el). 
 
 A re-ii?nation once made is irrevocable. Her/, v. Mayor of Wigan. 14 (i. I). D. 
 908; 67"..io/' *■ (Hofop, (1907) 2 Ch. 370. 
 
 itemunerati..!, 89. Th. ilirectors shall be pd out of the funds of Uie coy by way of 
 
 of directors, remuiieralmn for their services at the rate of £ pa. and such 
 
 further sums as the coy in general nioetin<? may from tinio to lime 
 dctorniino, and such reniunenition shall be divided ainonp; tliom in 
 such proportions and manner as the directors may determine, and in 
 default of such determination within tlie year ctiually. [Th.> directors 
 shall also be pd their travelling' expenseri of attendiuj; and retiii iiing 
 from board [and committee] meetintfs.] 
 
 Under such a form of article a decision by the directors as to how th" re- 
 muneration is to be divided is u condition prcucdent to a director's ri^'ht tu 
 sue till! company for remuneration. Morrell v. Oxford Portland Cement Co.. 
 26 T. L. R. 682. 
 
 Sometimes these words are added: "And in default of such detoniiination, 
 among them in proportion to their respective attendances at board meetings," 
 or " among them equally." 
 
 The amount of rcmuneralicm to I. • |>aid to directors is a matter of iiitcrnjl 
 management, lliirhud v. Earle, (IWZ) A. C. 83; .\on»aml'j ^,. Iml. r„.,.r 
 i Co., (1908) 1 Ch. 84. 
 
 Directors are not entitled to remuneration, e.tcept by virtue of the articles of 
 the company. T),mst^m v. Imprrinl. 4v. Co.. 3 H. & Ad. 125; flenrq,- \';,;„nn 
 i Co., (1895) 1 Ch. 674, 686; Yoiinfi v. yam!, .fc. .•iociety. (1905) I K. U. 
 687, 693. But where the articles fix remuneration as above, thu clamc li not 
 only an authority to the directors to pay themselves the rcmunorati.)n out of 
 the fundx of the company, but a dire .tor, who is a member, has a riffht of action 
 atiaiiwt the company for his remuneration. Whatever the effect of sect. 11 of 
 tlie A-t of 19i!8 may be ~.n to which, »co siiprii. p. 632— if the director is 
 not a member, the articles aro to be regarded as an offer made by the com- 
 pany ; and if he acts, he and the company aro to- bo treated as liavini,' a<(recd 
 by parol that he shall bo employed on the terms specified. .SicvA.y v. rort 
 Lanvin Gold Co. (1889), 1 Meg. 3S5; I nlrrn'tllniml Cable Co., «6 T,. T. 
 254; Ex parte Beekn-ith, (189H) 1 Ch. 324; Isaacs' case. (1S92) 2 Ch. 1,58; 
 Prrm-uin Co., (1894) 3 Ch. 690; Uolincaux v. London, Sse. Imurattrc, (!902) 
 
 2 K. B. 589. . ,. , 
 
 ^\ ^;^P„fi„ ,.an therefore, sue for remuneration asrreed to be paid him by tlie 
 company {Orton v. Cleveland, 3 If. i C. 868; Xell v. .iHantir Co.. 11 
 T. L. R. 407, C. A.), and prove for it in the winding-up like an ordinary 
 oi«ditor. Becin-ith-y case. (1898) 1 Ch. 324; Al Biscuit Co., W. N. (1399) 
 
FORMS. 
 
 72') 
 
 I'JS (I) (vii)) — punnot bd rrlicd on. 
 , t.ir^ may vote thpiiwlvos a i.um nii 'fcomif of HxflJ reiminiMation 
 
 lU- Pnlr V. /■'""'. 43 <"h- r* 2": T.firrM/rr r'ul, Co.. CmwH' ratr (ISM), 
 30 rii. IV (i-'O which wfiH n ilo<i<ion that n. dirootor'n romun-ration in a mim 
 Hnc t() liii" " in hi< fhnrnrt/>r of a mcmbor l.y way of dividonda, profits, or other- 
 wise •• «ithio thr ....anini; of tho Companies Act. 18fi2. ». 3H (7) (Compan..- 
 
 \ t. IHIS, 
 
 Tl.i' (iir J , , , , 
 
 tv.n wlitri' the artirlon provide for remiin.riition by way of annual salary 
 
 ll„,.,/ Shi,,,, S:c. Co., 61 L. T. ;.iO. 
 
 Wlion- the remuneration U pnyalilo " at »ucli tiino^ as the diroctoni may detcr- 
 iniiie." it is a condition preewlcnt to tlio riffht to payment that the dircetori 
 JuMil.l have determined the time. CarUlad Copper Mininff Co. v. Simlloir, 
 ilWi'.') •.' K. 11. 44; /"'""" V. Arroijd, 82 I.. T. 620; affirmed, (lUlU) 2 IC. 11. 
 I,|:l;'aud «c.. .l/"rrW/ V. U.Tford h„tlm,fl Crmmt Co., 2« T. f.. K. liS2, »-</.,«. 
 
 Uliere a director id entitled t.) • befo i qualifying, he is entitled to re 
 ,„„iMMuti.Mi under the clause. S-' ■>! Cohl,- Co., (ill L. T. 2.->3. 
 
 \ .iircctor's remutioration is . ais wrvicos, and, accordinifly, a 
 
 ,|irc. tar entitled to a percentage ^ . ..«t» " of a company as remunera- 
 
 li„n \* not entitled to a percent.-;,'e > '>e ^iroeivds of Hale of assets sold in a 
 winding-up, unless the contrary i . <:UMHy expressed. V.nmi'» v. llii'l/o>itriii 
 Mil:,,.,, r..., (IH'Jl) I Ch. IK). 
 
 if the arlleles contain a provisicm for riMuuneration, a promise by a direct.ir 
 to L'ive his services iiralis is a u'ldmn i"i<tiim in the absence of sonio valid 
 ccinMileration. and therefore not bindin^' i Lnwoiol v. Sorlhiiii, i^•. '-'"., 18 
 W. U. IS(I); at any rate, as rejrards tlie persons who were memliers of the 
 ivrm|iauy at tiio time of the promise. 
 
 Hut acriirdirig to Wright, J., the observations of the \'i( e-t'lian( tllni- iu tliat 
 .a>e are only directed to a case wliero the remuneration has already been 
 earned, and where the ajfreement as to acting as a director is only partially 
 [jcrfernied, and there has been no breach of it, the directors by resolution may 
 make a new eontraet with the company varying any agreement as to remunera- 
 tion. HrCuHiiillH rinim, (19(11) 1 Ch. 728, 733. 
 
 I niess the articles provide that the tVo.s shall be paid out of the protits only, 
 there is nothing to prevent their being paid out of capital. U,iri;>j l..-irU rn«r, 
 211 I.. T. 1)73. But if the articles jirovide that directors' fees aro to be paid out 
 .if prolits only, or that the dircntors arc; not to be cntitlc<l to remuneration 
 until (crlain profits have been realized, the directors will be liable to refund 
 any sums received by them in contravention of such regulations. Oxford 
 llci'til, ^c. nuclei;/, 35 C. H. .502; Leeds, .fr. Hociely v. Slir,, 
 
 Form 251. 
 
 ,(/, 30 C. J). 
 
 Directors' remuneration is subject to deductions for income tax. ISoichoek 
 /',(,/,) ;.7rrry Cn. v. Fuhe, (1900) 1 Cli. G4'), and a eontraet to pay free of 
 ineoine tax is void. Sc^tt. 103 of the Income Tax Act, 1842. 
 
 The taking of remuneration beyond that fixc<l is a misfeaaanec. IHiitehnV 
 Cuiirl.hi; I.. T. 280; (lonrr-r XrHmrrn * Co.. (1895) 1 Ch. 674; .yrrrlunils' Firr 
 nihi-c V. .tnnliooij, 17 T. L. U. 709; Yoiiiig v. yar.il, ijv-. Sorichj of Soillh 
 Af,,ca. (1905) 1 K. B. 687; Lcdn Eatatc Co. v. Sl.pphvid (1887), 36 Ch. D. 
 809. 
 
 And unices the articles otherwise provide, as in the concluding words of tie' 
 ntin\n clause, a director is not, in addition to his remuneration, entitled to his 
 (raxclling expenses of attending board meetings. Yotmij v. Sarnl, ,<r. i^nrioty, 
 sHfirn. And co-directors who aathorize such payments are personally respon- 
 r'.ii-i'. /'<<</. Rut under a special artirlo or a resolutiim of the <-ti:itjr;t!iy thf 
 jiayincnt m:iy be made. 1h\d. And see Mnrtnnr I.imilid v. .Ui-xniidi r (1908). 
 S ('. 78, Court of .Sessions. Where the articles fix the remuneration of directors 
 anil provide that the company may by r.'solution in general meeting grant to 
 
. i mm itjff-(i 
 
 79« 
 
 Form 2!i\ . 
 
 3 
 
 fell 
 
 ARTICLM OF A8S0CIAT1OX. [ChAP. 1\. 
 
 tlio directors any iidditionul rfinuncrutiiui, thU will not autboriie tl e dirrrtor* 
 Kraiititi^ a rptiriiiK pon^'ion U> a niuniiKii<K director Sormnti'lti v. /».' ''...^)» 
 .V r»., (iwm) I Ch. 84, ,ed quart. 
 
 Wliero tlic I'laiise provide* that a din-etor In to be piiid «o iniiili per .iniiuni, 
 tlio words " ut thn rate of " l>oiii(f omitted, and he vacaten office before tin . rirl 
 of a current year, tlie question whether he can maintain a claim for an u|i|«)r 
 tioned part of the remunorution for that year haw ^iven riw to boiiic ditferrnus 
 of opinion In f^wabeij v. Poyt Daruui, Cnhl Miiiiini <'i>.. in tlic <"iiurt of 
 Appeal (INN!»), 1 Me^f. 385, the article wa* a-< follriwH, and not as stated in the 
 re|iort; "The direetord nliall each rweive hy way of remunerafinn out nf the 
 funds of till- company in each y. ar the sum of 2110/., and the ehairnian in 
 addition I0((/. per annum." The words "at the rats' of" were not present .is 
 appeam from the articles registered at Somerset House). .\ director resi;>ii.J 
 in the course of a current year, and was lield entitled to in ajiportioni'd [i^irt 
 of the rimnneration for that year. Lord llalshury said: " .\s to thu point of 
 the service being determined in the middle and not at the end of the vear, 
 disentitling the plaintiff t« anything beenuse the service was for a year the 
 judgment of Stephen, .1., wai right. Uut upon the articles there are two .:i»e» 
 in wliich the service could be brought to an earli«*r termination than a vear, 
 namely, if the directors give a month's notice of resignation, the resignuliuo 
 must be accepted by the company; but if this were done, then both the partiw 
 contemplated an earlier determination of the service than a full year. On the 
 other hand, the company could, if It thought fit, by special resolution | presum- 
 ably for removal or winding-up] determine the service between it and its 
 servants. There was. therefore, a reciprocal right to put an end to the ierM,>e 
 at an earlier period than the end of the year. It follows from that, is a 
 necessary oonsetiuence, that both parties must have contemplutp<l that, as this 
 was a service for hire and reward, a propo' jnato part of the rcniuneratlon 
 agreed upon should be paid if the service determintMi at an earlier period 
 
 than the full year." 
 
 Itut in Siilldii v. Sew Bei-nlnii Cycle Co., (1890) 1 Ch. 775, whore the article 
 provided that '' the directors shall be entitled to rcieivc by w,.y of remuneration 
 in each yi ar 5,000/.," Cozens-Ifardy, •!.. hi Id, that a director who vaeati'd 
 office before the end of a current year was not entitled t« any apportionment. 
 This case was followed by Wright, J., in .VoCoiine/ls m»c, (1901) I Ch. 728, 
 tho words being •' each director shall be paid the sum of 3W)l. per annum ; and 
 by Bruce, J., in Inman v. .irroijd and Bert, 82 L. T. 621. See also ('i-nti-al 
 dr Knn)> (!uld Hinrn. \V. N. (1N99) 216, 235; 69 L. .1. Ch. IN (Wright, .l.i. 
 In these four cases the Court no doubt proceeded on the assumption that the 
 report of Swnhry^g canr was correct, and that tho article in that ease eontaiiKMl 
 the words "at the rate of." Certainly, Lord Alvorstone, C. J., acted on this 
 assumption in llarriton v. British Mitlotcnpe, ifc Co. {Timn, Nov. 10, 1903) 
 There the words were "the sum of 1,000/. per annum." In the meantime. 
 htinnn v. .trrniyd had btx'n taken to the Court of Appeal, (1901) I Q. It. GU. 
 and affirmed, but on the ground that it was by the articles loft to the direetors 
 to apportion the remuneration at the end of each year. 
 
 This case, therefore, really turned on the construction of the particular article. 
 and, as it was carefully distinguished from Sienhei/s rntp, the authority of that 
 case, on an artiilc omitting the words "at the rate of," remains unshaken. 
 
 Further, it is not easy to see why the Apportionment Act, 1870, docs not 
 apply. That Act expressly provides that all rents, annuities (including salaries 
 and pensions;, and other ]>eriodical payments in the nature of income siiail be 
 npportionable, and provides for the recovery in duo course of an apportioned 
 part of an annuity determined by death or otherwise. The -Vet was, however, 
 clearly referred to and declared to be inapplicable, both in tsallun v. -Ncii 
 
I'URMS. 
 
 727 
 
 /l«i(m ryr/. Co. and /nmaii v. .Irroyrf; but it i< ovidont that the point po„, 251. 
 
 ;„uir.M ro™n.ideration. In Saltan v. .V.«' //-»•'"» ^yr/. Co.. .u,,r„. Lo,r,,l,, 
 
 , £<.r/ SUmfarJ (1852), 18 «• B. 42J (dcoid.Hl on th.- Apportionment A.t, 
 1834), w.* reli.d on againit apportiunal.ility, but the wording of that Act WM 
 ,,rT ditforent to Uiat of the Act of 1870. 
 
 Where the remuneration was payable " for oueh year/ and the company went 
 into li.iuiJation a few day. before the expiration of a year, but the director . 
 work for the year was oo.npleted, he was held entitle.1 to remuneration for 
 ,„„y,.ar. .VW-, «-/"«' *^"-. W.N. (1901)124. . ,^, . , ,. 
 
 \ dire. tor may in «me .ades be entitled to remuneration although not quali- 
 Hed. ••>«/'"» V. .V.w ller^lon, Jfo. Co.. (1899) 1 Ch. 77,1; Intrnmliomil Cab'r 
 .„., tlii I.. T. 2,53. 
 
 Wher.. a dirc<tor in appointed rcciver and manager l)y the Court in a di'ben- 
 lurc hol(l.r>' action, he U entitled to remiiiierat'on in Ix.th lapieitien. South 
 \{;-.l,-rn of lenrzr,.!.,. ^r. Co., (1902) 1 Ch. 701. Hut a person a<ting a* but 
 not ilulv M.lH)inte<i a director U not entitled to a q,m>,t,o>i mrr,„l for his «er- 
 vi.e-. Ilnolf V. /:n,t .\i;H, ir. Co., 21 T. L. 1«. «60; llo,U;m Co., (190 J) 
 
 \ «t'off, within three months of a winding-up, of calln payable by dircitor. 
 agaii-t their remuneration, was held a fraudulent preference, even tlioutfh the 
 dire, (or^ had reasonable grounds for »uppoaing the ..ompany would not liavo to 
 pay the original debt shown to have been existing at the time. n;>K/,h,;jto,i 
 Di.u.wwl Mn.h,;/ Co., (1893) 3 Ch. 95. 
 
 ■1 he proper wav of taking in execution jverdue director/ fees n attachment of 
 the debt. A receiver of directors' fees was refused altogether in ll«o,ilion v. 
 ll,-,ideH. W. X. (1891) 3fi. 
 
 Directors purchasing their shares to discharge lees due to them (if the «rti<le» 
 authorire prepayment) is lot misfeasance, nor is it a fraudnlent preference, 
 imlc-8 there is a winding-up within thrc<! months. .l/"»»»« r,- iy) W. U. 378; 
 K. A. «'. llood V. .S7i./, lloo.l,tr Co., -i Meg. C. U. 104; but see .VyAc*- ca>r, 
 13 Kq. 2o3. 
 
 Directors must not, it need hardly be said, pay imonie lax on their remunera- 
 tion out of the company's funds. Bo,choek Vroprutary Co. v. Fiikr, (l»()(i) 
 1 Ch. 148. 
 
 The following alternative clauses aro given by way of illustration of the 
 many modes of providing for remuneration which are to bo found in artielea 
 of association: — 
 '• As remum.ration for their services each director shall bo paid a fixed salary 
 
 at the rate of < per annum, and the chairman shall be pai<l an additional . 
 
 Muu at the rate of H per annum, and the directors shall be paid such further 
 
 remuneration, if any as the company in general meeting shall from time to 
 lime determine, and such further remuneration shall bo divided," &c. 
 " The directors shall be paid by way of rcmu:ieration for their services a sura 
 
 at tlio rate of C per annurii, and whenever the profits of any year available 
 
 for dividend on the ordinary sharas shall be more than sufBcicnt to i>ay a 
 dividend . ; ^he rate of 10 per cent, on the capital paid up on the ordinary 
 
 sliares th- i r-ct^rs shall be entitled to per cent, of the surplus profiU of 
 
 such year, and such further remuneration shall be divided," lie. 
 
 " Each of the directors of the company shall be entitled by way of remunera- 
 tion for his services to a fixed salary at the rate of t-^ per annum, and also 
 whenever in respect of any year a dividend at a rate- cxrccding 10 per tent, -r 
 paid on the ordinary shares in the capital of the company, the directors shall be 
 
 entitled to a sum e<iual to 10 per cent, on the dividend in excess of per 
 
 cent, so divided [or they shall bo entitled to an additional sum of £ in 
 
i 
 
 TM 
 
 Fonn 9S1. 
 
 AKTICI.E8 OK AH8UCIATI0N. 
 
 <'lUI-. IX. 
 
 re«p»ct of evrry I per cent, of dividend for mirh yr.ir c|f.|jin,| in , ^ ,.„ „f 
 per I'rtit. )." 
 
 Where the division of the remuneration 'n left to the iliri>(l(ir« to ditcrminc 
 and there U no proviaion for dafault ax in tho iilmve ehiiiw, no diroitur I'.in 
 elaim rcmuiii'r;ifion until after sueh determination. Inmmi v. Arnnirl, (luiii, 
 1 K. B. 6U; Motrrlt v. OtforJ Pnrlliiid Crmfiil Cn., 2tl T. I,. H. mi. |, 
 •eem» expedient to divide the remuneration hy the artiules. 
 
 Wliere, in addition to fined remuneration in ul)Ove, the direetort are g\<t>n n 
 •hare in, nr cummiuion on, the profits the Stork l^xchanj^o (fenera'ly r«iuin' n 
 limit. 
 
 A dinMtor wlio hnidt hi« 'pialilleation share at trustee for another eotii|i,inv is 
 not lialile to aeeount to the latter for his director's fin-s. Itr Vuier (',11'h, I, 
 I'xttHtion, (IWm) 1 Ch. 65. 
 
 Direeton Diay 90. Tlio ouiitiiiuiiii' dirorlors inov ucl iiotwilli.-<taii<lin>' unv vticanev 
 Wt untwitn- • . ^^ "^ j 
 
 Ktaiidinff •" Hicir body, [l)Ul 80 timt if tlio iuiiiiIh)!- full-i In-low liio iiiiiiltiiinii 
 
 vacancy. above O.xihI tlio directors sliall not, exi-opt for t.lio purpo-iU of lillin- 
 
 vataiicios, act so loni^ as lliu nuiiibor is bolow the ininiiniiiiij 
 
 Where a maximum and luiiiimum nunil)er are fixed as above [el.iiise flOJ, the 
 directors cannot act if the nunil -r falls below the roijuired minimum (.('1,1 
 S/,itniin;/ Co., 16 C. D. 681; Uri/M Em/>!rf .V'Irh "t>., .VJ \j. T. 2M!. 
 However, in .SYy, Siiink <f Co., (1911) 2 Ch. 430, it i as ii^ij that power to :i( ( 
 notwithstanding; vacancies only applied afior u board .onsi^tiiijf of luore tli.-m 
 the miniinuni nuinl>er had been constitutixl, unless there is power to ai t imt- 
 withstandintf vaciincies. Scottish /'el role urn Co., 23 ('. Div. 131; /■■'Hire ; 
 Philllimrt, 58 L. T. 527; HennrtI v. /,««•-», 48 S. .1. 11. The words in bia.Ii.tj 
 arc sometimes insertin! and occasionally the words "so loiij? us the iiiiniijiuni 
 nuiiibrr exists " are used iiisteail: but they may cause inconveniemc 
 
 W here the words in braikets are omitted, the remaining words are not to 
 bo limited to the case of tillinjf up a vacancy or to cases of cmerj;cncy. IVr 
 Wriifht, .1., (hrp,i ,n„l AHliiriirtli'' Clulm, (1(»0U) 2 Ch. 272; allinncd on this 
 part of the case, (19ill) 1 Ch. Uj. Scontimes the words " but this pruvi-i.ii, 
 shall 1)0 deemed directory only " uro aJ l<J to clause 90, i.e., directory as ili«- 
 tiniruished from imperative (^Lindley on Companies, 6th od 22(i); but thi- 
 words are not intelligible to an avcrajje director. 
 
 The acts of directors of a defective board may still be valid in favour el a 
 person who has no notiic of the irregularity. British .hhentot Co., {^VMVi i 
 Ch. 439; but see Sly, Spink- ^ Co., supra. 
 
 IM. The olfico of a director shall ipxo facto l)e vacated: — 
 
 It Ib clear that even without the words ipxn larlo a director in cai-h of the 
 ea.~es specified vacates ortice automatically. limlrga Co., (l(t(tl) 1 I'h. 27t); 
 llunuiiigs v. iruiiam^on, 11 Q. li. I) 3. They w-^re originally iiisert<,Hi I" 
 meet the decision in Turh/m!/ v. II' Jimj Club. 70 I,. T. 92. 
 
 (o) li ho accepts or liohls any other olfice [or place of prolitj under 
 (he coy [e.\ccpt that of managing director or do|iartinontiil 
 manager— but the position of tru^itco of a deed for securing: 
 
 When iiftioe 
 of director to 
 be vacHttd. 
 
KOKMS. 
 
 72» 
 
 .l.lHMilurr.s or <l<'».i'iitiir.' .-tO( k of the (..mi.oiiy, <r of jli- Form 851. 
 
 ,ii,T, or luuikcr, U n' t to Im> . oii.^iilonMl uii niFKO or pUof of 
 
 (irtilil]. 
 
 11,0 wnl- ill braik'l-' will lir iii-ort.-il vvhiT.- (|ipmi'<) .-c|«ili.'n». 
 
 ,, ■ ,„.if II .lircfr wl." iirrrpN iiiKitli.T in.c.iiip.itil.ln "m.c iiii>lpr the 
 
 ., ,' ','v ui-ufn. hi^ .lir.,.t..r.l.i,.. «■/ » v. VA.'-A.r. 2 T. It. Hi; K.,U< . 
 
 ";l,,/ / ,.rM V,.., V, 11. i N. 4H1; 3 I-. T. mil; Iron SI.,,., .V-. ^-.^v. 
 
 ^1 |{ 3f I' 4»l. In tlio Itt^t-iiu'iitiiini'il <MM) tho ttrtnl(<» ('"ntainMl i; 
 ,'nri-'io.'. a.' above t«.. \. l."*l I""" a,.iK.in-. i s,..T--t:.ry ..t n ...lary, «...!, 
 i ' t -wri'i .ry, wan clrctol u .liro<t..r, uii.l a.t.il ft* ^.U'li, still. l.-iwevcT, .■■•n- 
 ,:, ,' „,, l„ |.<-rf,.riii tl.o dutios ..f tl..- M,.,r..tary, It wa, l.rM Hint tli.' a-, vptan.o 
 lf',1,,. .,Hi.c ..f Jin- t»r va.a(..,l tl.c oRi.c i.f -..,r..t..iry. ami that thr .iil..,.,..int 
 l,„„,i,„„ r.,.rii.a„.-.. of tli« .lutir. of th,. lutt.T olH.r .li.l ....t .l,s.,ualify lim. 
 
 iiiidiT (■'). • 1 • II 
 
 V. t„ tl„- «,.r(l. ill liriu k.tH, .'luti'" v.ry c.imiiioiily ari- ii. «l.i. I. it i* .l.'^iral.l.' 
 t„'allo« of tim appointmcit of a dir.-,t«r a. a..pai-tii...ntal mai.HK'.r or tru.Hl... 
 of a dilMiitor'' 'I"''. •""' «)'i'""'"»"y ■■'* «'l''''tnf "' l>anl«T, ami it niaj tlirn- 
 fore bo c.p.Hli.iit to qualify the rlaii-c a.vor.liri«ly, for thn word. " plai« of 
 orolit " are far-ro.i.liin«, and have Im'..!. liol.l to cover a tru..t.osl..p of a d.'l.cn- 
 iurc. .UMvl .UI.I,; V. .\V»,' T.roli. (18m») 1 Cli. 15' .iiit, ai a nil.., it .» not 
 d,. oil.lo that a dirpitor should bo trusto." ot a dfbonturo h .IdorV trunt dooil, 
 lavolviiiK ni »uoh a po.iition doen a divided duty. .\h to a diro.tor vacating 
 lu. ..!«..■ I'y bcins ai.pointcil seirotary, and sub.«|u.'iit a.s .uriiij? llic dcfoit, 
 „.,. lU-.thh .^..'„..^w Cn. V. Boy-/. (1903) '2 CI.. 139. 
 Si.metiim's this rjb-'lause is oinittt-d and -i rlaii-e in-ertrd that— 
 p A director may hold any other olHcc under the company in eonjunctiou 
 «ilh the ofH.e of director and on such t*rms aa to remuneration and othcrwisu 
 as 111" dircitors may arrange."] 
 
 Iridcr Miih a cIuum' he c/innot hold oiKcc us an auditor. Sec sett. 112 OO of 
 the .\ct. 
 
 (fc) If ho »)coomo8 liaiikrupt or susiwnds payment or compounds 
 with hi.-i creditors. 
 
 Sometimes the word •' insolvent " is inserted. This word was construed, in . 
 I!..j. V. .V«(///f/.<' fo., 10 II. I.. C. 404, to nie.m pulilicly insolvent; but that 
 (;,... Ikh 1 .-.•ntly been distin-iiii^hed in .1.tm.» v. Ho.ikimml Ciiin,-nj Co., 28 
 T. 1,. Ii. 2I.'>. where it was held thit "insolvent" does not mean public or 
 rot..rinus in-uUcn.y. but what .lossel, M. U.. called commercial insolvency, that 
 i-. -imply a man's not l.cinff able to pay his debts as they become due. 
 
 Tlie real aim of the disiiualification is to rid the board ot an unfit man; for 
 a |.cr..m who has mismanaged his own affairs to the extent of bankruptcy or 
 in-ulvency is not likely to be a successful man.if;er of the company's business 
 
 not to speak of the temptations to irregularities incident to impccuuiosity. 
 To have an insolvent director, moreover, reflects on the credit of a company; 
 all tliese considerations for vacating a director's office on insolvency arc inde- 
 pciiilcnt of whether the insolvency is private or public. It is the >,iiiie with 
 luM.uy. If a director is non com/io» mciUin it matters nothing whether he has 
 been found lunatic by inquisition or not. His presence on the board would be 
 e(|ually disastrous to the management. 
 
 u 
 
rH'ft-^ 
 
 i : 
 
 .,;!:, 
 
 In 
 
 730 
 
 Form 261. 
 
 i J 
 II 
 
 AKTICLE8 OF ASSOCIATION. [CUAl'. L\. 
 
 In Si,,on» f Co. T. Siuutu, 54 Sol. J. 862, a director was held diai|ualifi,d 
 under an " insolvent " clause where he aad called a mooting of iiia in-ilitors 
 and submitted to them a statement of affairs showing an excess of liabiliti,.. 
 over assets, and the creditors had resolved to accept a composition. 
 
 " Becomes bankrupt " here means after election. The article does not prevent 
 Hie aj.pointment of a person who at the time is an undiseharwod bankrupt ti, 
 bB a director. Dawtou v. African Consolidated Land and Trndina C„ mkdx 
 I C'h. 6 (C. A.). " • 
 
 (c) If he is found luuatic or beooiut's of uu^ound uiind. 
 
 (d) If he oeasee to hold the required amount of shares or stock to 
 
 qualify hin) for oiHee [or do not acquire the same witliin twc. 
 months after election or appointment]. 
 
 Sfo ■<iijjiii, p. 719, us to seet. 73 of the Companies Act, 1908. 
 
 A director duos not " coaHC to hold shares " where he ha.t never acquin ,1 
 them. FoHira' cni»: 8 C'h. 777. Or by the qualification being raised. Slotinr,:'. 
 V. London. #c. Co., (1902) 2 K. B. 589. 
 
 When a director ceased for a few days to hold his <iuali«cation and so vai ated 
 office, but shortly afterwards acquired the same and was recognized as a ilirp(t(ir 
 by the continuing directors who had power to fill up casual vacancies, it w:\* 
 held that the case must be treated in effect as a re-appointmcnt. D„irH,in v 
 African Consolidated Co.. (1898J 1 Ch. fi. And the same conclusion wa> 
 reached when the vacancy was caused by u director being appointed se,rit:irv. 
 Uritish Asbestos Co. v. Uuyd, (1903) 2 Ch. 439. 
 
 (e) If he is absent from the meetings of the directors duriag a 
 period of three calendar months without special leave of 
 absence from the direcloru. 
 
 This sub-clause is sometimes inserted. Occasionally the words, " If he ab.i iii- 
 himself " have been used; but a clause in that form applies only to viiliintary 
 or deliberate absence, not to involuntary absence such as that caused hy illne--" 
 Mack's Claim. \V. N. (1900) U4; McConnelVs Claim, (1901) I Ch. 28. 
 
 As to the validity of acts done by a disqualified director, see f»/r", clause 111 
 p. 743, and supra, p. 722. See also Halifax Sarjar licfimnrj Co. v. VrnukUi,,. 
 62 L. T. N. S. 563; Omen a,vl Ashuorth's Claim, (1901) I Ch. 113; llo,rl„'„,h 
 Coal Co. V. Teague, 5 H. & N. 161; Dawson v. African Land Co.. (18'J.t) 1 
 Ch. 6; Iron Ship Co. v. Blunt, L. B. 3 C. P. 484; S/iari> v. Jtaucs. 2 
 Q. B. D. 26. 
 
 Where an office was to be vacated " if he absents himself during six mniiths, 
 except from temporary illness or other cause approved by the board," it was 
 held that the officer was entitled to an opportunity of explaining his aliseme 
 llichardson v. Methleij School Hoard, (1893) 3 Ch. 510. 
 
 As to a director's liability for negligence by non-attendance at board mci-t- 
 ings, see p. 714, tupra. 
 
 1(f) -If he is concerned or interested in or participates in the prufiU 
 of any contract with or work done for the cov; hut no 
 director shall vacate his office by reason of his being a 
 member of any coy which has entered into contracts with or 
 
FORMS. 
 
 nn 
 
 doue any work for this coy, or which is concerned iu or Form 251. 
 narticii)ate8 in the i)r(){it8 of any contract with tlie coy. 
 NeverlholesH he shall not vote in respect of any contract in 
 which he is so intorcstcd.] 
 
 nhere thi» U used, clause 93, infra, will be omitt»d. Although heiiig iii- 
 tero ted * ■ automatically vacatei the office, the disqualification only continur» 
 -o lo.iff 'i-^x ■■ contract continues, and if after the contract haa come to an end 
 ,he per«,n interested is re-elected, his election is good, although the fact of h.» 
 having been interested has not then been discovered. I!oder,a Co.. (1901) I ( h^ 
 2-C \ man who is a shareholder in another company which contracts witii 
 the oompany is " interested " in the contract. Todd v. Hohm>nn, Q. «. Div. 
 739- Dimes y. Orami Junction. 3 H. L. C. 769; and see irAitelry v. Barley. 
 21 Q. fl. Div. 154; Citi, of London Eleetrio Lighting Co. v. Mayor of Loudo,'. 
 (1903) A. C. 434: Tiirnhull v. Wett Riding Club. 70 L. T. 92. 
 
 it • 
 
 ig) If by notice in writing to the coy he resign his olfice. 
 
 A valid resignation cannot be withdrawn. Heg. v. .V«.V"' ot H'ignn, 14 
 
 Q, B. D. 908. 
 
 It does not require acceptanM. Traimix'.l. Ltd. v. Schunhrrg, '.1 t. 1-. l' 
 30.1 ; and f-ce notes to clause 88, tiipra. 
 
 Siimetimrs a further parngra)ili is added: — 
 
 (h 1 If lie i.s requested in writing by all his co-directors U> resign.] 
 
 9" Xo direcutr shall bo dlstiualitied bv his otiii-e from coulmiting Directors may 
 . , ,, . I .ir .,..,. contract with 
 
 with the coy cither as vendor, purchaser, or otherwise, noi bliall any ^„„p„„j. 
 
 such contract, or any contract or arrangement entered into by or on 
 
 behalf of the coy in which any director sliall lie in any way interested, 
 
 be avoided, nor shall any director so contracting or being so 
 
 intcivsicd l)e liable to account to the coy for any profit reali/.e(l by any 
 
 such ((iiilnvcl or arrangement by reason of such director holding that 
 
 ollltr or tlie ftduciai \ relation thby established, but it i.s declared 
 
 that the nature of his interei^t must be disclo^-od by him at the meeling 
 
 of the directors at which the contract or arrangement is determined . 
 
 on. if his interest then exists, or in any other oa>«> at the lir.st meeting 
 
 of the directors after the acquisition of his interest, and that no 
 
 director shall ad a director voto in respect of any contract or arrang«- 
 
 nipnt in which he is so interestod as afsd; and if he do so vota hw 
 
 voto shall not bo counted [but this prohibition sliall not up|)ly to tho 
 
 afTivemt mont<l in clause ■'$ hereof or to any matters arising thereout, 
 
 or to any contract by or on behalf of the coy to give to the <lireciors 
 
 or tinv of them any security for advances or i>y way of indemnity, or 
 
 to a settlement or set-off of cross-claims, and it may at any time or 
 
 times be suspended or relaxed to any extent by a general meeting]. 
 
 Sometimes the words are addeu: " A general notice tl .t a director is a 
 member ot any specified firm or company, and is to bo regarded as interested 
 
732 
 Form 251. 
 
 AKTICIJ;.S OK ASSOCIATION. [LllAP. I.\. 
 
 ill «ny siil>so<)u(<nt trnnsactions with xiicl. firm or rnnip.iny, shall h.; ■^nffi.irnt. 
 disriosnre umlor this clause, iind after aurh ••onpral notice it shall n.t |„. 
 necessary to give any spocial notice relatinf; to any particular transactinn with 
 such firm or company." 
 
 The reference to the preliminary agreement is only retjuircd where a ilinaor 
 i-< interested in that agreement as a vendor or otherwise. 
 
 Hut when the number of directors is small it may he necessary to tiImn ihe 
 rule still further, as otherwise a proper quorum (see clause 106, iw/ra) lunnut 
 he obtained, for a quorum of directors means a quorum competent to tritiNirt 
 and vote on the business before the board, which an interested dir.-.iur .. 
 In/jwl/ifbi is not. tirrymuuth PubU, ^c. Co., (1904) 1 C'h. 32. 
 
 .Vs a dircct<ir stands in a fiduciary relation towards the company, I.,, c aiiaut 
 unless the articles otherwise provide, contract with the company, .in,:,,,,, „,.' 
 Cn. V. }f,irt:„. I C. Div. 580. \or does it make any difference that the 
 ' oiitract is open aiul above-board as between the contracting director ami his 
 co-dire<'tors. /A/,.'. Kor the company is entitled to the collective wisd.im of 
 its directors, /m/ieriul, #c. Asuoriathii v. Colnnan, 6 Ch. 558; as to which, 
 fcu ('o.tii liicu Itatl. Cu. V. J-oncuvd, (1900) 1 Ch. 751), affirmed (1901) 1 Ch. 
 741!. .\nd a dirc:t<ir is not "allowed to enter into entjagiMni'nIs cojifliijii!;, ,,r 
 which may possibly conflict, with the interests of those whom he is limin"l i,, 
 protect. So strictly is this principle adhered to that no question is allnu.d 
 to bo raised as to the fairness or unfairness of a contract so entered into " 
 Aberdeen Co. v. Jllr/r/.ie, 1 ilacq. 401: I'lirher v. MeKenun. 10 Ch. Ill; ll,:,,/ 
 V. hnr<l, (1896) A. C. 50; He r.V//«. Urtton Co., 29 Ch. IJ. 795; C/ir^hrl.,!:! 
 nml Ilui/lhor,>,> Colliery v. Illiuk, 26 W. K. 207; Leeih mid Ila.dey Co., (I'.WJ' 
 2 Ch. 809; I'.osloti l)r, ,) Sea FMiiiy Co. v. .tiitell, 39 Ch. I). S.M. 
 
 lint a comiiMiy may unquestionably waive the benefit of the rule. Imi>erwl, 
 ^c. Asforiation V. Coletmiii, 6 Ch. ,i68; h. I{. 6 II. L. 190; Sn„/I,„" v. 
 Hri>;sh Mutual, ^e. Society, 6 Ch. 619; fllurk v. Mallalue, 7 \V. 1{, 30:i; 
 AdamiioH'.i cnse, 18 Kq. 670; Kaye v. Croydon Tramuayn Co., (1898) 1 Ch. 
 358; Confa Hicn Jtail. Co. v. Forwoud, nufira. (In the last case cited, the 
 profits were only collateral, the director being interested as a large shareholder 
 in another company and a partner in the firm that managed it.) 
 
 .And it has now become very common to do so, and to insert clauses to the 
 effe 1 of the above. .Moreover, the comp.tny in general meetini; can sanction 
 a contract ii-. which a director is interested. Grant v. Vnit/-d Switehlmck Cn 
 40 C. Div. 135. 
 
 But when a contract is to be submitted to a meeting for confirmation, apul 
 directors of the c-nmpany arc interested therein, the notice lonvcnin;,' ihc 
 meeting must give particulars as to such interest, h'ayc v. Croyd'Hi Tr'ninrn'/t 
 Co., (mm) 1 Ch. .3.38 ((\ A.); Tie,,,.,, v. llendermn. (1899) 1 Ch. 861; .W- 
 nt'indy v. Iii,l, Con/te * Co., (1908) 1 Cli. 84. 
 
 It may be convenient hero to refer more explicitly to the well-settled rule 
 that an agent cannot, without the knowledge and consent of his principal, la- 
 allowed to make any profit out of the matter of his agency beyond his )inj|ior 
 remuneration. This rule applies with peculiar stringency to the directors of 
 joint-stock comjianies. 
 
 This rule, a« I^ord Cairns, L. C, said (Parker v. MrKriiiia. 10 Ch. 9i!. llS). 
 is " not a icchnieal or arbitrary rule. It is a rule founded upon the hit-lm^t 
 and truest principlc-i of morality. No man can, in this Court, acting as an 
 agent, be uHowckI to put himself into a position in which hia interest ami duty 
 will ccmaict." 
 
 Lord Ilerschcll has put the proposition somewhat differently, thus: - ll 
 ia an i.iflexiblo rule of a Court of Equity that a person in a fiduciary pn.iitiQn 
 >nch as the respondent's is not, unless otherwise expressly provided, entitle 1 to 
 
F0UM8. 
 
 T6i 
 
 mote a iiroHt; he i« not allow«i to put himself in a positiou where hU interest form 261. 
 
 t.id iluly confiiot. It docs not appear to me tliat this rule Is, as has been »aiJ, 
 
 foumlel uiiori primiplos of morality. 1 rejfurd it rather as based on the eon- 
 
 giJeratiiJii thiit, human nature being what it is, there is danger in such cir- 
 
 cuni'tjiues of the person holding a fiduciary position bein^' swayed by interest 
 
 ratlicr than by duty, and thus prejudicing those wliom he was bound to protect. 
 
 It ha', tlicrct'ore, been deemed expi-diint to hiy down this positive rule. Hut 
 
 I am satistied that it mi»;ht be departed from in many eases without any breach 
 
 of molality, without any wrong being inflicted, and without any consciousness 
 
 of wrong-doing. Indeed, it is obvious that it might sometimes be to the 
 
 advantage of tlic beneH.'iarie.s that their trustee shoul.l act for them pn>rcs- 
 
 «ionally''r.itlu'r than a stranger, even though the trustee were paid for his 
 
 service-," r.nnj v. Fo><!, (18%) A. C H. .M. 
 
 \ll tliat is reiiuired is that the other direitors should have sui'h knowledg. 
 as will enable them to scrutinize the terms of the contract with more than 
 usual eare. rmjierlal Axsoi-ialinn v. ('oh-M'tn, fi II. L. 191); SoiithiiU v. Briti/i 
 Muliinl. 6 Ch. 619; Adnm»oH'.i case, 18 Eq. G70; Costa Rim Co. v. Forwoo.1, 
 (1906) 1 Ch. 756. 
 
 It i- sMi:'.ricnt to bring the case within the rule if, although the contract is 
 not directly with the company, the interest is such as to cause a conllict between 
 interest and duty. Barnacle v. Clark, (1900) 1 Q. B. 279. .\nd even without 
 showing privity of contract between them a sub-agent is liable to the original 
 principal. Pn,r<-!1 v. l^vni Jones cf- Co., (1905) 1 K. It. 11. 
 Sec the above eases and the following: — 
 
 i::rh-r V. Lewis, 8 Ch. 1035; Ottoman Bank v. Farhi/, 17 \V. li. 761; 
 C„rn<.fi'» casr, 1 C. Div. 123; Morvah Coumh, .fo. Co., 2 C. Div. 1; ihnimn v. 
 rhomiimn, L. R. 9 Q. B. 480; Pearson's cav; 5 C. Uiv. 336; Vho^^ihale Co. 
 V. llartmiml. ihid. 394; Dumiv v. English, 18 Eij. 524; Do Bitssche v. .ilt, 
 8 C. Uiv. 300; Kden v. Itidsdale'a Co., 23 Q. U. D. 368; Boston Deep Sea 
 Co. v. .hise!l, 39 C. Div. 339. 
 
 .Merc notice of an intention not to perform a contract will not put an 
 interested director in an uninterested jwsition; ho must obtain a proper reh'ase 
 from persons competent to give it. (Ihnieester .Miinici/ml IClre'inn PelilinH, 
 ■ V.ml) 1 (1. 15. 683; Shiiiway v. Broadwood, (1899) 1 Q. I!. 369. 
 
 A direitor cannot sue for a bribe. Harrington v. Victoria Dnek, 3 Q. B. D. 
 .i49. And a dishonest agent cannot re.ovcr his remuneration from his prin- 
 cipal i.ltidrews v. Bamseij. (1903) 2 K. IJ. 635); but if ho has obtained, 
 without fraud and homi fide believing that under a custom he is entitled to 
 retain it, a discount, he is not debarred from re overing his remuneration less 
 <wh disiount. Ili/i/iisleg v. Knee, (1905) 1 K. B. I. 
 
 The company can sue the briber for the amount, because what the aircnl 
 iiciinires he a-i|uires for the company. Mmjor of Salfurd v. Leecr, (1891) 1 
 (i. 1!. 188; Ukaleij Bridge Co. v. Green, a Q. B. D, 109; Grant v. Gold 
 i:j,,hralion and Derelnpment Sgndieafe. (1900) 1 Q. B. 233, in which ease 
 the company was held entitled to sue for the full a unt of the commission 
 promised less the amount actually paid, although by subsequent arrangement 
 the ainounv had been reduced. 
 
 In the alternative the company may, if it chooses, n-cind the iMntract, fur 
 where one party to a contract bribes or has any underhand dealing with the 
 aicnt of the other party, the latter on discovery may repudiate the <-ontract. 
 fniiema and Pncifie, Sfc. Co. v. Indiaruhher, .fo. Co. (1875), 10 Ch. 515 
 (C. A.); .^lupiray v. Broadirood. (1899) 1 Q. B. 369 (C. A.); and see the 
 Prev.^ntion of r-->rruptir.n .\ct, 1906. 
 
 In Buch cases tlie Court will not enter into au inquiry what otfeet the bribe had 
 on the agent. " Uiroctly it is proved that money was paid or promised to the 
 
 m m 
 
 rlfir 
 
li 
 
 7;i4 
 
 ARTICLES OF ASSOCIATION. [(!HAP. IX. 
 
 Form 251. "»ft'"t of tlii> otlicr party, it is quite uiinei;tiBsary to go farther ami see wlmt lUVii 
 that had on the mind of the person to whom it was paid or to be paid." IVr 
 Chitty, L. J., in the cose laat mentioned. In direct conflict with these dccixions 
 is Houland v. Chnpmau, \V. N. (1901) 153, in which Buckley, J., held that 
 a contract was not rendered voidable by bribing the other party's agent, if 
 having regard to the amount, the balance of his interest was in favour of 
 doing his duty to his principal. 
 
 Sometimes voting is permitted; and it nould appear tliat even when the 
 party interested may not vote as a director he may vote as a shareholder in the 
 event of the matter being referred to a general meeting. -Y. IV. Transpurta- 
 tiiin Co. \. Hmtly, 12 App. Cas. 589; fireenfifld v. I'nrfey. (1902) 1 Ch. 530; 
 Jhirloml V. Karle, (1902) A. C. 83. 
 
 At times a clause as follows is inserted: — 
 
 y.'i. A diit'iior of this i^oy may bo, or becomo, a director df any 
 coy promoted by this coy, or in which it may l)e interested a.s a vendor, 
 sliarcholdor, or otherwise, and no Kuch director shall be accountable 
 for any benefits received a^ director or member of such coy." 
 
 Such a clause is oeiasionally inserted where the formation of other companies 
 is in view. 
 
 I'rim't fiicie a director may act as a director of even a rival company. 
 r.oiir/aii, 4,: Co. v. .\V/.- Ma^htmnhtml Co., \V. \. (1891) 165. And if he holds 
 his <iualific:ition in trust for another concern he is not accountable for his feen 
 to that concern. Dni-rr ConlHalih Krtominn, T.lit., (1908) 1 Ch. 65. 
 
 .\ limited company which has the requisite power may be the sole director 
 of anotiier company. Bidauayu Mniket Co., (1907) 2 Ch. 458. 
 
 Rotation of Directors. 
 !)4. At the ordinary general meeting to be held in the year 
 
 Rotation and 
 retirement of 
 <iireetors. 
 
 and at every succeeiling ordinary general meefing, onn-third of the 
 directors, or, if their number is not a multiple of three, then the 
 number nearest to, but not exceo<ling ono-third, shall retire from 
 office. 
 
 The above is a clause which is in very general use. Sometimes it is proviilcd 
 in the case of a small number of directors, e.g., five or less, that " two [or "ml 
 of the directors shall retire." 
 
 Sometimes the clause is framed like clause 82 of Table A., and provides Ihiil 
 the meeting is to stand adjourned for a week; and that if at the .idjnurni'ii 
 iiuH'ting their places are not filled up the directors sholl continue in oftice. li 
 has been held that in such case, even if the adjourned meeting is not in fact 
 held, the directors will continue in oiKco. Great }iorthern Salt, H C. D. 472. 
 
 Table A. provides that: — 
 
 " At the first ordinary meeting of the company, the whole of the directors 
 .shall retina from office: :i!id at the ordinary meeting in every siiliscqiicct year 
 one-third of the directors for the time being, or, if their number is not three 
 or a multiple of three, then the number nearest to one-third shall retire from 
 office." 
 
FOKMS, 
 
 7.36 
 
 liut this form of clause in seldom udoptcil iu its iutegrity. Tlio proinni. ..-. 
 itciierally iinminute the first directors, and it is considered only fair that they 
 ghuuld have a reasonable time to try their policy. Of course, if the company 
 chooses, it can iit any time remove thcra under clauac 99. 
 
 Form 251. 
 
 9,5. Till' one-third, or other nearest number, to retire at the Which ilirc< - 
 ordiniiry meetiuK to he held in the year - — phall. uule;« the ilirectors to" ^ ret"-' • 
 a.Ti'c aiiionfr thpni.sclve.s, be determine*! bv lot; in every subsequent 
 vear llio one-third, or other nearest number, who liavi been lonf^st 
 in ollice shall retire. As between two or more who have been in oflice 
 an ei(ual lengtli of time the director to retire shall in default of 
 a^'rcenit between them be determined by lot. The lon|nlh of time a 
 diivitor ha.-* In'on in office shall be computed from hi.« la.st election or 
 apixjintnuMil where he has jireviously vacated ollice. A retiring 
 (liiwtor shall l)e eligible for re-election. 
 
 <!(;. Tlio cov at any general meeting at wliich any directors retire in Meeting ti>lill 
 iiiamicr af.sd shall fill up the vacated olfirt* by electing a like number "l> vncancics. 
 (if pcreons to be directors [and without notice in tliat Iiehalf may fill 
 up any other vacancies]. 
 
 The words in brackets are very commonly absent, and in such case it is by no 
 menus dear that the meeting could, without notice, fill up a vacancy, unless it 
 was caused by retirement "in manner aforesaid." But see Mun$trr v. Cam- 
 mrl! Co., 21 C. U. 188, and compare with Imperial Ihjdrnpiilhio Co. v. 
 Iliimpson, 23 0. Div. 1. 
 
 Votes Riven in favour of a disqualified person may be thrown away where 
 iiotiio of tlie disqualifii'ation is brought home to the voters. He;/, v. Tevh-'n- 
 hmti. \.. R. 3 (J. II. 635. And in the result the candidate who stands ne.\t may 
 lio entitled to office. 
 
 Where there uro several vacancies to be filled up, each candidate's nanio 
 -hiiuld be put and voted on separately. To put forward a li^t .ind vote for the 
 eanilidates therein in a batch is not allowable, for the liioetiiiff is not bound to 
 fill up the vacancies, and list voting, in the absence of special provision, is only 
 iilliiwable where a given number aio to be elected on a given day under a Htatute 
 to an official position. See Reg. v. n,i;ihtweV, 10 A. & R. 176: Ri'>r. v. Player. 
 2 1!. .^. A. 707; Hex v. Monday, 2 Cowp. 530. 
 
 i i :- 
 
 ill 
 
 !»7. If, at any general meeting at which an election of tlircctors Retiring 
 imo:ht lo take place, the places of the retiring directoi'.s are not (ilh-d ''"•'<'!"'•» ».. 
 
 "^ I > I ^ , 1 , ■ 1 remain in 
 
 lip, the retiring directors, or such of Uiem a.s have not had their places office till 
 
 tilled ui), shall, if willing, continue in office until the oitlinarv meeting »»<"'»«>" 
 ' ' ' "' .11-1 appomtcu. 
 
 ill the next year, and s<i on from year to year until fJioir places are 
 
 filled up, unle.Sfi it shall be dctenuined at such leeting [on due notice] 
 
 Id iv<1u(« the number of directors. 
 
 If by reason of the refusal of a director to continue there remains a. vacancy, 
 it can be filled up as a casual vacancy. See Mmmter v. Cammrll Co., uhi Hvpra. 
 "Casual vacancy" means any vacancy not occurring by rfiluxiun of time, 
 
w\ 
 
 736 
 
 AKTlt'LES OF ASSOCIATION, [ClUl'. IX. 
 
 Form 2fil. 
 
 
 ill 
 
 Power for 
 (feucral 
 
 reduce 
 Lumber of 
 'lircctorg. 
 
 X'ower to 
 remove 
 direc^tor by 
 extraortliiiiiry 
 resolution. 
 
 that ix, any vacancy oecurriiii? by death, resignation, or bankrii|iti'y. 1',,,^ 
 Trnmtraii» v. Willnir,. M Q. H. I). fi91. 
 
 Hut for thii dauso the acts of a director who, after hi? office wa< varatcil. 
 under clause 9.5, continued to act, would, 9ubje(?t to sect. 74 of the Act (inini, 
 p. 743, note to clause HI), bo void as against the members. Cnnhn Cull,,, ,(, 
 Cn. V. Mcl.iitter, 1 App. Cas. 39. Apart from such a clause, a director whose 
 term of office is up vacates office, and if he continues to act is merely a il- fnri,, 
 director. See Tt/nf Steamship Inturance .Uimciation v. Brown, 74 I.. T. 2^:] 
 See iyifrn, clau-*e 111. 
 
 A shareholder can vote for his own ele[tion, for ho is not in a tidinhiry jjii<i- 
 tion. If he appoints a proxy, clearly the proxy can vote for the appointnr, and 
 it would seem that he can vote in his own favour with or without cxpre«» 
 authority, for it is the appointor wh > votes. Qui facil per alium furit per $e. 
 The doctrine that a person empowered to appoint new trustees cannot appoint 
 himself trustee (Skral'a Sulllrmrnt, 42 C. D. 522), is not applicable, for in that 
 ease the po\\cr is a fiduciary one. 
 
 If the words in brackets arc omitted, it sooms that a resolution not to fill u)> 
 tho places of the retirin'.j directors, and to " reduce the number of director.^ 
 accordingly," is operative without notice, if the reduced number is not bclnw the 
 minimum fixed by the articles. Bennett Bros., Ltd. v. Lewis, 48 S. .1. U. 
 
 98. Tho coy in general meeting i.iay from time to time iiirroa.so or 
 reduce the number of directors, and may [alter their (luulilication 
 and may] also determine in what rotation such increased or reduced 
 number is to go out of office. 
 
 The words in brackets arc sometimes found useful. 
 
 99. The coy may by extraordinary resolution remove any director 
 before the expiration of his period of office, and appoint aii"llier 
 [ipaliliedj person in his stead: the person so appointed shall Imld 
 office during sueli time only as tiio director in whose jilacc lie t 
 appointed would have held the .same if ho had not been ieinovi'<l. 
 
 Directors of a company cannot be remove<l during their term of oiliec liy ili ■ 
 shareiiolder^, unless there Is a special provision for that purpose in the arti<-li'-. 
 Imperial lli/clropnt/iir Co. v. Jlam/tftni, 23 ('. IJiv. 1; hfe nf Wniht /.'.;.'. '•>. 
 V. Tahourdiit, 25 Ch. D. 330; Browne v. L'l Trini'lad, 37 I'h. \). 11; anil >•'.■ 
 T.Of,a» V. DnriH, 104 L. T. 914, infra, p. 738. 
 
 If there is no power the articles must first be altered, and then the pewir 
 exercised. However, if in any c.ise where there is no power it is desiretl tn a't 
 promptly, a special resolution can be passed giving powi'r to a general iiHifinL' 
 to remove, and the notice convening the confirmatory meeting can st;ite that il 
 the resolution is confirmed a further resolution will be proposed reiuuvinu' 
 Mr. A. from office. Sometimes the majority is not sufficiently powcifiil i" 
 pass a special resolution for removal, as was the ease in .tiitmurtHi- s.'l- 
 rJeansiiig Fif/er Syndienic Co. v. Ciinnin^hame. (1906) 2 Ch. 34. Where thi- 
 h the sirjatlnn a mere majority of the shttreienji-fs eannot interfere r.-i!h t!;.' 
 mandate given to the directors by the whole bodii of shareholders. (Iramoplnn' 
 and Tiipruriter, (1908) 2 K. B. 80; Salmon v. Quin and .-tj-lens, (1909) 1 Cli 
 311, aflirniiHl by House of Lords; Logan v. Davis, supra. Sec, however. 
 
FORMS. 
 
 r;J7 
 
 jlartMrs Valve Gea, Co. v. Manning, Wardle i Co., (1909; 1 Ch. 267. Hut f^m 251. 
 
 it ni:iy still be expedient in suuh a cane to paaii a reaolution approving of the 
 
 dirrctor'ri exclusion, for where the majority of HhiireholdcrH is against a director, 
 tlii" Court will not force him on the company by injunction. Ilnrhin v. Philliini. 
 23 ('. Itiv. 14; Bainbridg* v. Smith, 41 C. Div. 462. It U a different nmtti'r 
 where tho directors — as distinguished from the company — exclude a co-director 
 from acting. Then the Court will interfere, as against the director*, liy injunc- 
 tinii. I'ulhrook v. Richmond Mining' Co., 9 Ch. D. 610. 
 
 .\s to the meaning of extraordinary romlution, see sect. tiO of the .\ct. and 
 11. 1092, infra. Table A., clause 86, provides for removal l>y extraordinary 
 itMulutiun. Sometimes the clause is framed as follows: " The company in 
 jreneral meeting may," &o. 
 
 8iimctiiiiis where paragraph (A) of clau.'W 91 is not inserted, it is considered 
 iipixlicnt to insert a clause to tho effect that " the directors may, at a meeting 
 -[■ecially convened for the purpose by a resolution of ii three-fourths majority 
 .if the directors present thereat, suspend any director, and at the expiration of 
 fiiurtcia days a director so suspended shall vacate oHiie, unless he, within that 
 (lericxl, gives notice to the company that he appeals to a general meeting; and 
 if he so appeals the directors shall, with all convenient speed, convene a general 
 inectiii;; to consider such appeal, and such meeting may annul the suspension 
 or may affirm it and remove the director." 
 
 Whore tlic power to remove is only for reasonable cause, it is for the meeting 
 to dei iiic wliat is reasonable cause, and the Court will not interfere with their 
 decision. I'l'lfiirir/c v. SnrH, 2 M. 4; (1. 216; and sec (1,-rKhiiin Li/v, 8 Ch. 
 ||!l; tl'riiiod V. Selson, L. R. .5 II. L. (>30. If a director cannot be removed, 
 and tlio result is a deadlock, a winding-up order may, stmhli; be obtained. 
 Xiulitiii S/i!/! Kriitmrir, \V. X. (1897) b>^: and see Brick- m,'l Slunc Co., W. N. 
 (187S) ,58. 
 
 'Wa. Any casual vacancy occurring among the diroctoiti ni,av bo Directors i 
 lilled up liy tho directors; but any iKjrson so ciio.«cn shall rotuiii his *i'l upcasua! 
 • dlkv sii long only a.s thr vaiating director would have retained the 
 .■-inn' it no vacancy had occurred.] 
 
 This ilaiise is usually inserted where clause 85 is not used. It would be 
 e.\trt'ijiely inionvenient in most cases if a general meeting of the company bad 
 to be callid to till up a casual vacancy. 
 
 .\ casual vacai y means any vacancy arising otherwise than by retirement 
 under clause 94 {Muiufer v. Cammell Co., 21 C. D. 183), e.g., any vacancy 
 ocourrini; by death, resignation, or bankruptcy. York Tramwayi v. WiUowt, 
 8 Q. Ii. Div. 694. Tho Court will not interfere with the exercise of a discretion. 
 I.nmliert v. Scuchatel Aaphalte Co., 30 W. R. 914. 
 
 To Kll up a vacancy there must be a quorum. Newhaven v. Newhaven, 30 
 C. 1). 380. 
 
 Where the directors are given a general power [»«/jn7, note to clause 85] to 
 appoint additional directors, this clause will be omitted. 
 
 vacancies. 
 
 I ft 
 
 H".i. No person, not Iming u retiring director, shall, unios-'* rcooni- -whtii esmli- 
 iMcndod by the directors for election, be eligible for election to the date for office 
 ollitc of director at any general meeting, unless he, or some other ",„Ist'give 
 iiiiMubcr intending to j)roj)o.sc him, has, at leant weven clear day.s notice. 
 
 p. ;l II 
 
n 
 
 738 
 
 AKTICLKS OK ASSOCIATION. [ChAP. IX. 
 
 Form 251. bol'oro the meeting, left at the ofiBoe a notit« in writing duly signod, 
 ni<,'nifying his cauclidaturu for the office, or the intention of suiJi 
 inenibor to propose him. 
 
 Thii clauHe is found convenient und for the benefit of a eompany. It cnahli'^ 
 iiKluirieH to be made a!< to a randidate'a antecedentu, Sic, Sio. 8ee Bnrber'» rnw, 
 .-1 C. Div. 963. 
 
 KcKistor of 101 . The coy i.s to koop at its offi(« a register containing the nmiiPH 
 
 .lirectorB iind ,j,„j tyJ,li(.«N(!s und occiiputioiis (if it.'* <lirei.tors, and is to send tn the 
 uotitiiation of . . ' , , . i i n r 
 
 .hmiKesto Registrar of ( ompanios a copy of such regi.stor, and Awm from Imub 
 
 registrar. („ time notify to the registrar any change that takes plino in Huch 
 
 directors, as nxpiired by sect. 75 of the Cos (Consolidation) Act, Il»u8. 
 
 The above clanae ia in the terms of aect. 75 of the Companies Act, 1908. 
 Ft neemn desirable to insert such a clau* by wuy of reminder, but if prcforrrd 
 the clause can easily provide that the directors shall comply with sei^t. 7.5 in 
 rcjfard to keeping a register of directors or managers, and notifying chanijcs to 
 the registrar. 
 
 Pivwcr to 
 iippipiiit 
 managing 
 ilirector. 
 
 Man.\gino Director. 
 
 102. The dirt'clurs may, from time to time, appoint one or more of 
 their body to bo managing director or managing directors of the luy, 
 either for a fi.xed term or without any limitation as to tlie porio.l tor 
 which he or they is or arc to hold such office, and may from lime to 
 time remove or dismi.ss him or them from ollice and appoint aimtlier 
 or others in his or their plac« or places. 
 
 Wliat provi- 
 fiiouH he will 
 he subject tn. 
 
 The above and the following are the usual clauses as to a raanaginf; ilinctor. 
 It seems expedient in most cases to insert thcra in order to avoid the ncioj-ity of 
 having to alter the articles. Of course, the exercise of the powers contalmd in 
 these clauses is optional. Not uncommonly the first managing dircitnr i» 
 appointed by the articles. 
 
 Wliere directors, under a power vested in them by the articles, ii;ivc ap 
 pointed one of themselves managing director, a majority of the s'l.irrh.iMcrs, 
 though disapproving the appointment, cannot interfere, because liy amithcr 
 article the directors are to carry on the business " subject to such regulatio a 
 as may bo made by the company in general meeting." Logan v. Datis, iOI 
 L.T.gH. 
 
 103. A managing director shall not, while he continues to h"M tliat 
 offioo, be subject to retirement by rotation, and he shall not be taken 
 into account in determining the rotation of retirement of dneeltjrs, 
 but he shall, subject to the provisions of any contract between him and 
 the coy, be subject to the same provisions as to resignation and 
 removal as the other directors of tlie coy, and if he cease to hold the 
 
FOKM8. 
 
 7W 
 
 o(lic<' 111' (lirtM lor frmn uiiv cuu.te, ho xliall, ii)go facto iiiid iniiiiodiutoly, Form 291 
 ,0.1^0 (o Ix" 11 managing director. 
 
 104. The remuneration of a managing director xhall from time to Rrm-morntiDi: 
 liiiM' bo tixod by the directors, iiud may bo by way of fialury, or com- jir™J^r.'^"'' 
 ini.->ion, »r participation in profits, or by any or all of thoHO modes. 
 
 Sniiictimi's the articlM give him a oommiafiion on the proflti, or on ths 
 viiiplns |>roHts, or on the dividend paid. 
 
 A uiunagin« director may bo untitled in a winding-up to prove for arrenrn of 
 dUiirv in competition with outaide creditor!. Itnlo and Plant, 43 C. D. 25S. 
 Ami see Ex partt BeekwUk, (1898) 1 Ch. 324; Shaw; Bryant i Co., W. N. 
 (I'JUl) 124. 
 
 liut u niaiiagiii^ director whose salary ha« not been duly awlgned to him may 
 liave to aiiount for it. Liwrpool Uoutehold Stnret, 62 L. T. 878. 
 
 Where a miitia^^in^ director ii appointed for a term with a covenant not to 
 conipcti' witli the company, and a windin^^-up commences whereby the company 
 i* di»ablc<l from continuing his employment, he may be entitled to diaregard the 
 covenant. Mcaidirrs Brolheia v. Meiisiirei, (1910) 2 Ch. 248; Oeneral BUl- 
 },o.^linri '■». V. AtkiiiioH. (1909) A. C. 118. 
 
 
 .^^ 
 
 Ui.'i. The .liifctors may from lime to time entrust to and lonfer T'.^v.cri. ami 
 ii|iim a managing director tor tho time Injiiig hu<Ii of the poworM l,"„',',i'J,in^, 
 cxcR'iscttble under these preweiilM by tlie diivcUjrs a.t llii'y may think ilin.ii.r. 
 III. and iiiiiv confer Kuch powrr.s for wiich time, and to lie e.xei^lsod 
 Inr .'<uth object.-i and ])urpoNPs, and upi>n sucli tormn and coiidiliiinx, 
 ami with such lostrictionH ;i.s t.hoy tliink cxpt'ditMit ; and tlicy may 
 .i.iilVi siiih jioHcr.s, eitlier coUaterullv willi, or to tlio o.\.cliisiou of, 
 iiiid iu (iubsiilution for, all or any of the powers of the directors in 
 lliat ht'lialf; uud may from time to time revoke, withdraw, alter, or 
 \^iiy all or any of such powers. 
 
 These poners will be conferred by resolution of the director.'". In the absence 
 i>f ijprcss power to delegate, the maxim " ilelr;/ntus non potest dr'rr/rire " 
 iiplilici to directors. Ilntoard't case, 1 Ch. 5fil; llarrit't case, 7 Ch. 587. In 
 the latter case, there being a power to delegate, it was held that an allotment " 
 Miailo by a committee, instead of by the board of directors, was valid. See also 
 I.tihti Credit Co., 4 Ch. 460. See the general power of delegation, infra. 
 clau.«e 109. For exceptions to rule, see De Bussche v. Alt, 8 C. Div. 300; and 
 lio^nter v. Trafalgar Co., 27 lioav. 380. The mere appointment of a manager 
 by directors under a power for that purpose will only operate as a delegation to 
 suf-h nianatj^er of the ordinary commercial business of tho company. CartjiiclVg 
 I'i'i-. \.. It. 9 Ch. liflfi. Pcrsrms dealing bond fide with a managing director are 
 entitled to assume that he has all such powers as ho purports to exercise, if 
 till y are powers which, according to the constitution of the company, a managiUK 
 director might have. Biygerstaff v. Rowiitfs Wharf, (1896) 2 Ch. 93; Owe^i 
 ■ , •(■ Aaiiaortii'a Claim, (1901) 1 Ch. 115. 
 
 .3 B 2 
 
740 
 Form 251. 
 
 tUnH^tufK, him) 
 f|uuruiii. 
 
 ABTKLI-a OF A88<X;iATION. [CHAf. IX. 
 
 I'lKH KKUIXiS OK DiRECTOHS. 
 
 KMi. Tho diifotoiH may niwt to(j;otlier for the dispaUh of busim-s- 
 adjourn, and othcrwiNO rojiulate thoir incetingn and prooeedini^s, an 
 they think tit, and may dotermino tlie (luoriim necesflary for tho 
 transaction of hu»inen«. (Jntil othprwise determined, two ilirodors 
 siiall Ix' u niioruiu A director interested is to he coiinti'd in a 
 i|noriini iiotwithHtandinir hiw interest.! 
 
 The dinwtorti inu«t, ininid facif, ui't by resolution at a board mwtiin,' Huly 
 convened and constituted (per C/ozRnx-Hurdy, J., Haprrnft Onld Hr:U,,-iinn 
 and Mining Co., (1900) 2 Oh. 230; «ee iiliio Harhfn v. PMllipn, 23 Ch. 1). Mi, 
 for the company in entitled to the bcncHt of their combined wisidom in iKpnri 
 meetinfi^ aisembled. But if the iirticles no provide (ace clause 112), a resolutiun 
 in writing, ni^rned by the directors without meetinif, is us e' ive n* a n-'iilii- 
 tion passed nt a mectinf^. 
 
 If a general meeting is convened by the secretary without proper autliority, 
 it is irregular (lln,,rraft (loH Jlediii-lion, (fc. Co., (1900) 2 Ch. 230; Si„t,- „f 
 Wyoming Syndirate. (1901) 2 Ch. t31 (Wright, J.)), unless before the day ti\od 
 tho directors ratify the act of the secTctary. Hooper v. AVrr, Slimrl Sr Co.. I.i 
 S. J. 139 (22 December, 1900); Trnmi/mrt Cu. v. Svhiiiibcry, 21 T. L, It, ;J05. 
 Where, as above (clause 83), it is provided that there hIiuII be a iiTtain 
 minimum number of directors, and the articles fix the quorum, it seems that 
 if by vacancies tho number be rcdiK'od to less than the minimum, in the ubscnif 
 of a clause similar to 90, nothing can bo done until tho minimum niimhcr is 
 made up {Alma Spinning Co., 16 Ch. D. 681; Kirk v. Bell, 16 (i. H. I'iW; 
 Scotliih Petroleum Co., 23 C. Div. 413; Fnuii: v. Philtipart, 58 I>. T. Ji7; 
 Ou.;n i- .UhKorth's Claim, (1901) 1 Ch. 115; British Empire Mulch Co., "iH 
 L. T. 292; «i/, Spink * Co., (1911) 2 Ch. 430): though it may be that in auih 
 cases the remaining directors could exercise a power to fill up thi- vmanc;-. 
 I'ork Tramways Co. v. H'HIowx, 8 Q. ». Div. 685. Notwithstandin? the ih - 
 foctiveness of the board the acts of the directors may be valid in favour of a 
 person who has no notice of the irregularity. Uriliih .Isbeslnx Co.. ilDOU, 
 1 Ch. 439. 
 
 A quonun, it has been held, moans a quorum com|»tcut to transact iiiiJ \»\i- 
 on tho businiiis before the board, and a resolution passed only by what would 
 be a quorum if one of the number was not interested and prohibitoil frum 
 voting is invalid. Greymotith Point, IfC. Co., Yuill v. Same, (1904) 1 Ch. 32. 
 
 Where no quorum is fixed by the articles, and no power to fix a iiuurum is 
 given, the directors must act on tho footing that, to constitute a valid unctiti!,', 
 all the directors must be summoned, and a majority must be present. York 
 Tramit'iys Co. v. n'iUont, 'thi xujrra. And where the articles give power tu 
 appoint u (luornni, and do not provide as above for an interim quorum, there 
 must be a majority of tho directors present at a duly convened mectinj; in 
 order effectually to exercise the power. Portuguene Copprr Mines Co., 42 
 C. Div. 161. It no quorum has been fixed tho number that usually act will do. 
 Lylri- v. Case (1867), 4 Eq. 233. Moreover, a meeting of the directors to In- 
 effective must be duly convened by proper notice to each director. Brm'-nr v. 
 T.a Trinidad, 37 C. D. 1; Ilarben v. PhiUipt, supra; Homer Co., 39 C. 1). 54(i: 
 Haycraft Gold, ^c. Co., (1900) 2 Ch. 230. But there may be cases iu wlii. k 
 even in tho absence of a provision to the contrary a.s above, notice need not be 
 given to a director who is abroad {nalifax Sugar Co.. 62 L. T. .5fi4): unless, 
 perhaps, he is within easy reach. Portuguese Copper Mines Co., 42 C. Iliv. 167. 
 Keasonable notice should be given; but where very short notice is given tu a 
 
PORMK. 
 
 7H 
 
 diro eor, iind l»' il"*' not »» ..mo objwt, h«i iiiftv Iw tuk. ii to waive any (.bjwti.ni. form gftl. 
 B,oin<- y. 1.1 rrii,<H''<l. .17 I'. Uiv. 1; «>.. ././«-. t'nl.*H i.Hi.Twiie providwl 
 by Uio r.u'iilii'i""-' "f ♦h" "Oinpany, i>r of tim .limtorn, tlin notin- roiivpiiiiiif b 
 miTtiiitf "f 'I'"" >lir''<tor« ii«h1 not t^wAfy Uic busines-i to be tr«n»«rti-(l. I.u 
 r..,„i,...„„.- ,/■■ M.,yi'll,' .. in.l/Uy, (I8W; 1 Ch. 7MH. 
 
 \, ly .oiiinioiily tlie iliititors (MormiiK! t-. hold ordinary Uwrd ni«Mti.i«» »n u 
 ,w( ih.il ilay or dny« in emli work or month, and at a »p«iHed pliw e and hour, 
 Ind nf i»>iir«< iH'tiiv of such det.rnilnation rondert it iinnwciiMry to (fivp fnrth.r 
 n,,tii (■ nf ia( h sinh nici'tinfr. 
 
 It the dircctof art at an irroffuhir l>oard nicotine, what Ihoy do may U- 
 i„i,l . Ihimrr Vn., 3'.» I!. I». -ilH). and the comiiany may bo involved in »criou» 
 iniw-|ii.iit diffliultie*. Hut it U usually o|him to a aubscMiuont roBular board 
 meitiMK l" ratify what ha« Ixx-n done by an irriruhir board. I'oihiyt,-,! fuppii 
 I/., .. '■„., 1.5 C. I>iv. 20; l.iitnl CrriHt Cu., i I'll. 473; Hooper v. Kiir, Shiiiil 
 J (■„., Hi I-. T. 72!l; ■'^''"ff of n'numlnn Sijiuti'-nh-, (1901) 2 Ch. 431. In 
 i:„f„,,„,r rop/ti,' Miiirt thiTc wn« an allotment of shares to A. niu.le by an 
 irr.-LMilar lioard. Some time aft<'rwards, \. not liavinR ropuiliated the allot- 
 miiit. il wa.1 ratified by a rojfular lioanl, and it wan lield that \. wa« Iwund. 
 
 •111.' (Itri^ion of the Court of ApiMiai in /Inllon Pnrliii-rn v. I.umbeit, 41 
 f, Uiv. 2'J.i, ycii» mueh further. In that eane it wa« held that a eoritraet made 
 U A., (mrpiTtinK to aet m l)ohalf of a eompany ibut in fact without authority), 
 cuuiil he ralitied by the eompany notwith^fjindiii^- that the i.thiT party to aueh 
 e,iiilr:i.t lia<l repudiati-d before the ratitieation. Tlii^ ii a »tartlin« doctrine. 
 Ther^urs ,.f SiilMuil Cofff,' l;il,n:,; 24 V. Div. 374; Kiihonhm, v. {f illmmtnii, 
 I,. H. i; (i. II. 27(i; Fit/xink v. Humphrey:; 18 (i. I). Div. hi, whieh show that 
 »h< !■■ enc [wrson pur|>ortM to act as agent for aiiottior he U to be regarded an 
 rqin -entinj,' tliat he is authorized by that other, were not cited; and, havin|f 
 roiiard to these laaes, it may bo that, if the agent is in fact umiutliori»ed. the 
 .>tlicr party may, on the ground of misrepresentation, repudiate the contract 
 heiorc it has been ratified. It has now l>oon judicially dc( lared that holton 
 l'.:ri»rr» v. I.iimhrri may re<|uiro reconsideration. Fleming v. Hunk of Sew 
 2r.:i.,„.l, (10(10) A. C. 5«7, 5HH. In any ea.se ratification must bo within a 
 rea-i.nahle time. l'orlii,jii<-ti- Copper Minf, Co.. ih C. Uiv. 30; MrtropoUtaii 
 .{.-■"'■•ina Ikmnl v. Kinrihani. B T. L. It. 217. 
 
 Will re the director intends but doe« not puriK.rt to aet as agent for the 
 voi]i|>uiiy, the eoraiiany cannot ratify. Keighlny. Maxted i Co. v. Durant, 
 rlHiil) A. C. 240. 
 
 A lorniul resolution is not in all cases necessary to show that directors have 
 Hanithjiied a particular transaction, as the following observations of Uitfard, 
 L. J., show. "I have no hesitation in saying," remarked the learned judge, 
 • tliJt il was not necessary for the directors to pa.ss any resolution in order to 
 mak.' th" acceptance of bills binding on the company, or in saying that if the 
 dire. tcrs mil toi;ether, and the chairman, with their knowledge, accepted a bill 
 of esthanije, that would bind the eompany. In the same way, it a bill of 
 exi liange had bean accepted by the chairman, without due authority, and the 
 direotors afterwards, at a meeting, knowing that the a. ceptanco had been given 
 and dealt with, acted on the footing that the bill had been properly accepted, 1 
 siiiMild not have the least hesitation in saying that the acceptance would bind the 
 torii|,.iny." Land Credit Co., 4 Ch. 4ti0, 473. But sec the note to clause Ul. 
 
 A- to ratification by a general meeting. flr«it v. i'nitnl Siriii/t/mrk >'t>., 
 <■! ( I). 135, Bo^irho'ek Proprietnrij Co., Lid. v. /(/>•, (lyOU) 1 I'h. 14N. 
 
 lor.fl A director may at any time [and tho secretary, upon tin 
 fciim-st of a director, shall] convene a meeting of the directors. [It 
 
 Director niav 
 
74a 
 
 AKTKI.KH OF AUflOi'IATION. [ClIAP. IX. 
 
 i ' 
 
 Form 2fil. Hliall not Im noooaaary tu givo nuti(« of a meeting of the (iirocton tr>i 
 Hiiw qucii- Jiroo'or who w not in tlio Uuited Kiugtloni.j (jUMtions ari.^iiin ,,i 
 
 tit (lis to In.' 
 decidtnl. 
 
 Cliiiiriiiuli. 
 
 any lueetiu); iihall be decided by a majority of vottw, and in laite of uu 
 equality of votoe, tlio uhuiraian oliall liuve a neiuud or casting vote 
 
 A p«non dealioff with th« computy is nut iiound tu a«:ortiiiii that thfi mmI 
 hM hern mtHxed by the authuritjr of a duly coiuttitutixl board. Cuunhi „f 
 llloiicrtler Hank v. Hwlrii Co., (I8B}) 1 Ch. (i2B; Ou>ait nmi ./«*n„f//, , 
 Claim, (l«(ll) 1 Ch. 115; lOiif. .l/xyt.i of Si,,,,/,, v. /{„»>. „l RnnU,,,,, j| 
 Q. li. I>. lUl, and other cai^"', tii)/ia, p. 83. 
 
 Where, aa in TaMii A., the power to appoint thii lint dirtxhjrii {, vested in tlw 
 subscribers, thty need nut hold a meetin); in order to make a valid apimintnnnt. 
 fr'nat Snrli„rii Sn'l. ^,- . Co., 44 C. U. 472, uiipra, p. 717. But in ^u^h .i cage 
 nit the KubwrilierH niu"t »i(fn and not tuirely u ninjurity. John M,iil, » H;,',U,,q 
 f«. V. *ourM#, (1891) 2 Ch. 3«'2. 
 
 .Sumelinifs pruxic* aru .lluwed, as thun:— " K director may attend anl vcte 
 by proxy iit any mei-t!n)( of the direi'tom, provided such proxy is a nn'mbcr and 
 has been approved of as such by the u'luniinoux vote of the dirci'torK, and hu 
 been appointeil by writing under the hand of the appointor. The up'iciintment 
 may tie general or for any partii'ular neoting or nieetlr^-n. The appointci- may 
 le another director of the i-onipany." 
 
 107. The dimctors may elect a chairman of tlioir meetiujrs. and 
 dctcriniue tlie jwrioil for which he is to hold otti,-w, but if uo isuch 
 cliairiiian i.i olooted, or if at any mooting the cliuiriuuii i.s not i)i(!>eiit 
 at the time appointed for holding Uic same, the diroctorx p^o^eul shall 
 chooeo some one of their number to be cliuirmuu of auoh meeting'. 
 
 Sometime.-' the first chairman is specified, so as to avoid discussion. 
 
 f^li 
 
 r.>werHof 108. A mooting of tlie directors for tlie time l>emg at which a 
 
 quorum. quorum is jireHOut shall bo competent to exerci.'ie all or any ol the 
 
 authoritiof powers, and discretions by or under the article's of tJie coy 
 
 for tho time Ix-in^- voste«l in or oxerciscablc by the <lir»>ct<(r8 pem'rally 
 
 This clause merely ezpresHea that which has hitherto been frenerally u.siumid : 
 but aa some doubt has been raised whether the ordinary clause (lOti; m I., a 
 quorum enable:* a board meeting to act in regard to important matters, it secrni 
 desirable to provide as above. See Sew Sombrero Co. v. Erlanger, 5 C. Div. 
 73; 3 App. Ca». 1218; Alma Spinning Co., 16 C. 1). 681; York Trnmrra^t 
 V. Willou-». 8 Q. B. Div. 697. A director who, being interested, is dii(|ualitied 
 from voting chnnot prima facie be counted in a quorum. Ibid. ; St (Ireymnutl, 
 I'oinl Elizabeth Rail. Co., YuUl v. Same, (1904) 1 Oil. 32. And it mmt not 
 be forgotten that, although a quorum may in fact be present, if they have not 
 been duly summoned tliey do not form a pro|)erly constituted meeting capable of 
 transactintr buunesa. Homer Dittrict Co., 39 C. D. S46. 
 
 Power to 109. The directors may delegate any of their powers to oommitlees 
 
 appoint con;- consisting o£ such member or members of their body as they think lit. 
 
 mittccs and , ..^ , , i ,■ ■ , ... 
 
 to delegate. ^"3' Committee so formed shall, in tlie e.xercise of the powers so dile- 
 
roKMH. 
 
 74:» 
 
 j-i.tl, .oiiloriu u> liny rogulalioiui that iiuiy from time to luim If Fomi 281. 
 imiK»e«l "I"*"* i' *»y 'ho director*. 
 
 WithiiMt an iiutliority of thU kinil (Urorton e»nnot (lelegalp. Cohb v. Ilrrk,-. 
 
 li l^ It. '•::' . 
 
 The niKUP <luu«« U ({enerBlljr in«<Tt«.l, and in of (jrcat praotual oonvcnifmc. 
 H«e Taurin- Co., 25 C. I). 11»; lliirnn'i raur, 7 Ch. 587; /,««/» A'./«^.- Co. v. 
 vA,;.A.■r.^ 3« t'h. D. 787. It will be obn(>rvn<l that tho rommittiH) may con»i«l 
 „f on.. iniiiilKT only. 
 
 Whero ihi' dir«'iti>r» h»ve autlturily t<i deleiralc their powcrn to cominittvi'ii, 
 <ui li ilolii'uriim m:iy !>« |ire.ium«l, if "tii- iir two <lirP<'toM act for the couipany 
 III a nwttiT whirh niiKlit liavo hocii <lc!lc(f:it«i to tlwrn. Tnttmhll v. h'nrrh'in, 
 Brii-li )■„.. I.. H. I I'- l*. tt74; RfjeDlt ru,„il Co., \V. S. tl«tl7) 7»; /,y»<#/V 
 MM, 4 l-ij 2:lH; Mnho„t!) v. /,'«.< Ilulyl„nl Co., I.. H. 7 II. I-. 86». S«o, 
 ho»'i<T, fiiioin- Induitrial Bunk v. VmUon M^iniifai-liiriiiij Co., U»0«J 1 K- H 
 
 I(h; 
 
 lKli.;;iili"ti iloM not prevent tlio directors (fi'nPfB'ly ''<"" »>'*"'« "> rrjfanl 
 to tlnwu:ittiT ilolenatwl. Iluth v. ''/«,<,•, 'i.. <J It. D. 3HI. 
 
 If diroi t.in doli'({iitc their pownr< to ii conimiilec without tixiiiB » c|u.iriini. 
 whalOMT tho lonimittcc doe< munt, unless tlio urticlo* otliorwiai' iirovi.li', !»■ 
 done ill the presence of .'// il^i mombera. Liimimui Homelwld st„r,:. (,< 
 L. T. 87(i. 
 
 1 10. Tho raeetingH f .nd proceedings of anv suvli comuiittoo, consist- rr.K;cedinir- 
 in;r of two or more mfinbors. i^hiill l)o govorne.l by tlio provisioai of cdmmitt.'. 
 hfifiu ciiiitained for rcufuluiing llie ineelings and pro«A>«diug» of ilio 
 .linttiirH, no far a« tho name are appliiublo tlioroto, and are notsupor- 
 st'ilod liy any ruyulatioiLs iiuidc by tlio directors under the la.si 
 |ir«'c«'iliiig clause. 
 
 It \* ciiiiceivwl that thin cluine (fivoi power to a •„oinniitt«'« of «'vcral to 
 aiiiwiint a c|uorum. Hut iirimn f'irie a iiiuimlttpo cannot appoint a iiuonini, or 
 sub-delopitc or net unless all the member* are prewnt. l.ir,ri>m,l lliiiiarlnild 
 Sl:irci, ubl Miiiira; Cook v. li'anl, 2 t'. 1'. U. 2S5. 
 
 Ml. All acta done by any meeting of the directors, or by a com- Wien acts .i 
 
 iiiiilce of directors, or by any person acting as a director, shall, ^.'J.'ilmit't'c.''' 
 
 iiotwitliKtandiiig that it shall afterwards bo dlHcovered that there was »iili.l. n..t. 
 
 some di'fect in tho appointment of such directors or porsou.-* acting as "Jf^^^tj""' """ 
 
 uforcsuiil. or tliat they or any of them were di.i(iualified, be as valid as Mpiwiutment. 
 if every .-uih person had been duly appi'inicil and wa.s tjiialitiod to l>e '• 
 a director. 
 
 It is to be o' .. .xi that this clause, unlike seeti. 71 (3), 74 of tho Act, is not 
 i|da;ifi«i \,y (ho words " until tho contrary i.s pruvcd." The rlaure is eff.-.<-tiv<- 
 not only in favour of the members, but of outsider*. Thus, in ilahoney v. 
 Knst Holyforu Co., L. R. 7 H. L <*87, the de faito directors had not been duly 
 appointed, but the company wa- Id bound by their ii"ts as regards an out- 
 sider. Tho articles oontainod ^. le (85) as above, and Lird Cairns said: — 
 
744 
 
 Form 2fil 
 
 ARTICLES OF ASSOCIATION. [ChaP. IX. 
 
 " It appears to mo that this is exactly such n case as the 8Stli section (if tin 
 articles is meant to meet. There is no rej^ular appointment of directors, and 
 the persons so acting may perhaps have been disqualified; but the am d"nc 
 by them are to be taken as being as valid as if they had been duly appoinld 
 and qualified." 
 
 See also Seiehmen v. Xeu/iarci, 30 ('. I). SCS; Re Bank of .S>;iVt, (190(1) ■: 
 Ch. 272; Ilonbeach Cnal Co. v. Tp<i„,„u 5 U. k N. 151; and Brilou .V,.,!;'..', 
 Co. V. JoneM, 61 L. T. 384, in which it was held that under sect. 67 of tli. 
 Companies Act, 1862 (Companies Act, 1908, ss. 71 (3), 74), a call made Iv 
 directors who had not I>een duly appointed was valid; and Dawmn v. .tfrh,'., 
 Conmlidalml, ^c. Co., (181t8) 1 Cli. 6; 46 \V. H. 132, is to the same cHVrt. 
 So where 11., one of the directors of a comp.iny with an article in the furni 
 above, vacated office by being appointed secretary in October, but resifjncd 
 the latter office on 2nd December, and at a board meeting on 4th Deccmli, r 
 attended only by B. and R. (another director) a letter was received from M.. 
 the third dirc<'tor, resigning his directorship, and B. and R. thereupon r. ■ 
 solved that B. «hould be managing director, and at the next meeting 1!. and 
 R. purported lo appoint D. a director, and B. and K. acted as directors till 
 after 3rd March, 1903, when they discovered the irregularities: Farwcll, ,1 . 
 held that the irregularities in the appointments of B. and D. (the quoriini 
 being two), and the subsequent acts of the three, were validated by the artifl. 
 and by sect. 67 of the Act of 1862, and that the three were a duly eon-titut..l 
 board, llrllhh Asbcstoi Co. v. Boyd, (1903) 2 Ch. 439. See also Tramp,„-i. 
 Lid. v. Srhoiiberg, 21 T. L. K. 306; Countij Life A.^s. Co., 5 Ch. 288; Or,- 
 Xorthfrn Sail Co., 44 " D. 472; and Murray v. Bimh, L. R. 6 H. L. 37. A 
 director who takes part in irregular procceding.s may be estopped from scttiiii.- 
 up the irregularity. Faurr v. PhiUipnrt. 68 L. T. 527; York Tranur,,,/. , 
 Willou-f, 8 Q. B. Div. 685. 
 
 As to convening a geni'ral meeting by de facin directors, see Brmrhnr-J: /', ,- 
 prietary Co., Ltd. v. Fiike, (1906) 1 Ch. 148. 
 
 The clause may not protect a person who knows of the defect. Staffnrdsl,;,, 
 das, 66 L. T. 414; Tyne, ^c. Co. v. Brou;,, 74 L. T. 483; Murray v. /(»../,. 
 L. R. 6 H. L. 77. As to invalidity of a directors' meeting where some 
 directors arc not summoned, see llarhpii v. Phillips, 23 C. D. 34. 
 
 Hesolutiou [112. A resolution in writing, signed by all the directors, shall he 
 
 mee^gTOl'id. ** ^"'''^ '*"*^ effectual as if it had been passed at a meeting of the 
 directors duly called and constituted.] 
 
 As regards this clause, it must be borne in mind that the London Sto. k 
 Exchange Committee regard it as objectionable, and accordingly, where a 
 quotation is d '., it should be omitted. In other eases it is found convcniiiit. 
 
 In the absence ».. such a clause directors cannot act without a board mectin;:. 
 yiool'a case, 3 D. & J. 440; Ilayrraft Gold Reduction and .Vininy Co., (KIIIO) 
 2 Ch. 230; .State of Wyoming Syndicate, (1901) 2 Ch. 431; D'.ircy v. Thr 
 Tamar, S/c. Co., L. R. 2 Ex. 158; Re Marseilles Rail. Co., L. R. 7 Ch. IKS: 
 Re Great Northern Salt Works, 59 L. J. Ch. 288. Compare Collie's Claim. 
 12 Eq. 258. 
 
 H«mi.ncr«tion 112a. If any director, being willing, shall be called upon l<j 
 
 i^J^.'^*" perform extra services, or to make any special exertions in going oi 
 
 residing abroad, or otherwise for any of the purposes of the coy, the 
 
FORMS. 
 
 745 
 
 lov f^liall roinunerafe the director so doing, oithor by a fixed suiu or Fom^261. 
 bv a pficfntage of prolit«, or otherwise as may be determined by the 
 .iirc.nors, and such rumuneration may be either in addition to or in 
 eiibetitutiou for his or their .sliare in the remuneration above 
 
 jirm'idod. 
 
 This rlaii'C is commonly iiworted. It must be rloarly nm<l.> out tliat the 
 «prvires aro extra: for when services are rendered to a company by one of its 
 own dirctors the presumption is that they are not " extra services." Loekhr.,1 
 V MMnrutt 5 T. L. R. 307. Travellinpr expenses to attend board meetinjf^ 
 „,11 not 1.0 allowed, soo Youag v. ^<nal Soc, (1905) 1 K. B. 687; Marmo,; 
 I m. V. .tbx:„:iln; S. C, 78 Ot, of Sess. 78. 
 
 Minutes. 
 nV2h. The directors shall cause minutos lo 1)0 duly entered in Miimu-s to 1«, 
 bookw proviilfd for the purpo.so — 
 hi) Of all appoiiitmonts of olliccis. 
 ,/)) Of the names of the directors present at each meeting of the 
 
 directors and of any committee of directors. 
 . ,) Of all orders made by the directors and committees of <lirectoi-s. 
 ,(/) Of all rosulutions and proceedings of general meetings and of 
 
 meetings of the diix>ctor8 and committees. 
 And unv such minutes of any meeting of the directors, or of any 
 coniinitteo", or of the coy, if purporting to be signed by the chairman 
 of such meeting, or by the chairman of the next succeeding meeting, 
 RJiall 1h' loreivaMe as priiinl f(«ir evidence of llio matters stated in 
 Mich niimites.] 
 
 Sic seol. 71 of the .Vi-t of 1908 a.< to the i-oinpany's duty to caiiso minutes to 
 he kept. 
 
 The above ilauso is sometimes inserted, and may possibly be useful as a 
 lOiiiiiHl.T, but if brevity is desired it can be omitted; for sect. 71 of the Ait 
 •.iiftiriontly provides for tbese matters. 
 
 lAiti ai.ait from the Act, the clause would appear to be effectual as against 
 iiiiy inembor of tlio company, although, of course, not aijainst strangers. Sei- 
 ;:'mri'-- «-,,, 12 \V. K. 81ti, itiU; 4 1). .T. A: S. 42(>. 
 
 Kntrios in the lompany's bouk.i which would be irrcfjiiUir iinlcas ba,s«l on 
 r.-.>liitii)ns of the board afford prima ffrrlr evidence of the resolutions, even 
 tli'nru'h no minute thereof is forthcoming, lie h'lti'iht, 2 Ch. 321; Orf't 
 S' rih'rn Sail, 44 ('. 1). 483; and see /,«hc'» r.ise, 1 1). 3. & S. 509. 
 
 Ami so, too, a letter written by the secretary will bo presumed priiiui fa,-ie 
 to lia>e bicii written with tho authority of the directors. Johnson v. tyttle't 
 Iron Agency. 5 ('. Div. 687; but sec George Whitchurch, Limited, (1902) 
 A. r. 117, 124. 
 
 The absence, however, of any minute of an alleged transaction is material 
 when the party who alleses the transaction was a director. /?« Rotherham 
 Co. {1.S84), 25 Ch. D. 109. 
 
 Tlie fact that the proceeding at a meeting are entered in tho minute book 
 I not conclusive that the proceedings were regular, and does not precUiiIc the 
 
 ir 
 
 [:?! 
 
m^ 
 
 r-ia 
 
 Form 261. 
 
 General 
 
 compuny 
 vented ill 
 directors. 
 
 AKIICLES OF ASSOCIATIOK. [CfIAI-. IX. 
 
 Cuurt from inquiring into the validity of the notiuc convening the meetin- 
 Bet It # Co. V. Mamaghtrn, (1910) 1 Ch. 4S0. ~ 
 
 The minutes, be. iig only prima facie evidence, ^ay be contradicted by otlici 
 evidence (TothiWs caie, 1 Ch. 85; and see 16 W. B. 1192), but if signed bv 
 the chairman are to be taken prima facie as oorrect. Indian Zomloiie Co. it, 
 V. D. 70; and see Southampton Dock) Co. v. Michardt, 1 Man. la Gr. 448. 
 
 A bargain may be made out, even though not recorded in thu book (Piil, 
 H'orkt (No. 2), (1891) 1 Ch. 184), and a man may be held to bo a merahor 
 although no allotment is entered in the minutes. Great Morthern Snit Co., i\ 
 C. 1). 472. But absence of any minute of an alleged transaction is maturi.il 
 wliere the party alleging the transaction wag a director. Hothtrham Co. (iNSli 
 2J C. D. 109. 
 
 A director who is present at a meeting of the Board at which the minut.a c,i 
 proceedings at a prior board are confirmed is not thereby made responsilili; tm 
 what was done at the prior board. Lands .iUotment Co., (1894) 1 Ch. Blii 
 
 l'0\Vl;R-i OK DlHKCTORS. 
 
 11.;. Tlie iniiii;t<roiii('iil of the Iju.'.iuos.'* of llio loy .shall bo veiled in 
 the iliiwlois. wlio, in addition to the yowoiw and authorities liy tlie-. 
 pit'.sents or olherwisn e\pr<'.s-<ly conferrod upon tlieni. niav cxcn i.-^e uli 
 -such power,-^ and do all .■juch ui;t.s and tlung:.s as may ho oxor. iscd oi 
 dono by tiio coy and aro not iihy or l)y utafnto e.vprossjv direi tcil m 
 required to be overci.sod ur done by tho coy in general inoeliiii;-. Ium 
 subjoLl iiovertheioss to the provi.'-iiins ol' the «t!ilnlo-i. nnd ui iIi.k,. 
 presents, and to any rofiulalions from time to time made l>y tlio ((.v in 
 general mooting: proviileu that uo regulation so made shall ijivahJutc 
 any prior act of tho diroct«rs wiiich would have been valid if .muIi 
 regulation had not been made. 
 
 The above clause is usual. If it is desired to limit the authority iif tli. 
 directors, express provision is accordingly made, but, subject thereto, the gini'ni! 
 powers of the company are almost always given to the directors. See nml 
 compare clausi' 55 of Table A. 
 
 And such a general delegation is valid and ctfoitual. Thus, in Vutent I'tl 
 Co., 6 Ch. 13, the articles authorized the borrowing of money with the san';- 
 tion of an extraordinary meeting of the company; they also contained a duu-i 
 substantially the same as above. Tho directors overdrew the company's Ijaiik- 
 Ing account, and, being required by tho bank to give security, deposited title 
 deeds of property belonging to the company. It was hold in tho windiriu-iip 
 of the company that the mortgage was valid. James, L. J., said (inter I'lia) 
 that it was " plain that, under these articles, the directors can do anything wl-.ich 
 tho (ompany could do, unless it is an act which they aro specially prohibited 
 from doing. I can find notiiing in the memorandum or articles to prevent the 
 directors from making the best terms they can with a creditor of tlio compiiny 
 by selling or pledging part of tlie property of the company." And .\Iollish. 
 L. J., said {inter alia): "Tho articles give to tho directors the whole powers ol 
 the company, subject to the provisions of the articles and of the Companie^' 
 Act, 1862, and I cannot Bnd anything either in the Act or the articles to pro- 
 hibit their making a mortgage by deposit. . . . There being notiiing in tlic 
 articles to prohibit the giving of such security, I am of opinion that the com- 
 pany can give it as wcU for a paat debt as a future one." 
 
FOHM8. 
 
 747 
 
 «,. alM, t,i„lo-Va„ubia» Co., 20 liq. 339. There the .rtul.^ contu.nod Farm 251. 
 1,^, power to borrow (cl«u,e 2»., a.id al«, 01a..«- ««) a general a..legal. on 
 "f Iwl a» above. The questu wa.,, whether the dire-tors had i>ower to 
 Ifd !.-..ture. at a discount. ..^.el, M. U., held that they eould: " fhere .h 
 Zthmc m these articles to limit the amount of int».rest ; the diro.tors nught give 
 m nor cvnt 20 per cent., or 30 per cent., and they might give that interest 
 bv wav of di..ou«t. If, therefore. I went on ti.e mere words of the 29th elauso, 
 (%l„m'lJ hold this was within their powers. Itut, looking to the 66th .'laus,., 
 
 ..ani.ot have any possible doubt. The directors can do anything "'« <onipany 
 can do- an.l as there are no regulations prescribed by the articles or the .■..m- 
 ,,any u'lidor the 66tli clause, they may borrow on any terms they think ht 
 S.c al-o .ImlrMmn Co. v. J/o«»*ey, 4 K. A: J. 733; P,r,n-im, Itml . Co., 2 Lh. 
 017; lla,n.,sim V. I'ricsi Patr.U (Ja,Me Co., 15 1.. .1. Ch. 437; fyle H ork> 
 
 (No' :;), (1«»1) 1 Ch. 173. 
 "in cxirciMng these powers, whether general or special, directors must always 
 
 i,eai- iu mi'iJ that th- . are trustees for the company and must exercise thi' 
 
 power, lor the beneht of the company and for that alone. Itic-hmonily rasr. 
 
 4K ^ .) 325; Gitberfa case. 5 Ch. 559; He ll,c:,l,„m Life .hs,ii<i„vv t,u,,rl,i. 
 
 Kx I'a.tH I'cnney, L. K. 8 Ch. 907; I'ui.t v. ,S>m««» .(■ To., (,1903) 2 Ch. 506; 
 
 Percivnl v. Wright, (1902) 2 Ch. 421. 
 
 \i,d where the directors act bnitu fide in exercme ot a dia.retion vested in them 
 
 by tl.o rcfrulations, the Court will not interfere with the e.toroiso of such di-i- 
 
 cretion. Ureiham Lift, supra. 
 If tl.o directors propose to enter into some contract, or do something of which 
 
 the luajoiily disapprove, it may sometimes be practicable to make a regulation 
 under the above clause; and if tho diractors threaten to disobey, un a.'tioii can 
 be loou','lit in the name of the company to rostraiu them. 
 
 Wlierc the arti.les vest the general powers of the company in the dircctoro 
 •• sulijft to such regulations not being inconsistent with the aforesaid regula- 
 tions •■ as may be prescribed by the company iu general mcctini;. the comiiaiiy 
 in general nioeting cannot override the directors' powers by prescribini; a 
 regulation or passing a rc8olutiv.n inconsistent with the articles. .l,it.,„t,ilic 
 Self-Cl,-ni,>.ifi!7 Co. v. r,„mi,igfiamt>, (1906) 2 Ch. 34; (irnmophoHe a»d Typ,-- 
 ufiln: (1!I08) 2 K. B. 89; Salmon \. Quin and .Ixtent, (1909) A. C. 433; 
 Lol^n,< V. Davis, 104 L. T. 914. See, however, .VatshMs yalvn Gear Co. v. 
 lU,u.iH'j, Hurdle * Co., (1909) 1 Ch. 267. 
 
 Wlicrc it is de-iret to give general meetings more ctfective control, omit the 
 woriN ■• and to any regulations from time to time made by the conipaiiy in 
 Hciicrul lucctim?" and substitute the words "and the exercise of such powers, 
 aiitlioritics and discretion shall be subject also to the control and regulations 
 of any general meeting si>eeially convened for the imrpose "; thus following the 
 pr^.vi>ioiis of 9. 90 of the Companiew Clauses Consolidation .\ct, 1S45 (H Vict. 
 0. Itil. 
 
 III. Without prejudice to the general powers ooulorred by tho last Specific 
 picKvliii- cliULsf, and tlu' oilier powers conferred by these presents, {^.X^tms!" 
 it is hby e.xpressly declared that the director.-* shall h!<ve the t'ollowing 
 powers; tiiiil is to say, power— 
 
 Ironi what is said in the note to clause 113, it seems that many of the sub- 
 
 sctiuns o; this clause might ^Y>t!iOUt dai\-,'er he oi;,;ttr^. Xevertheless. it is 
 usual expressly to confer all, or some, of tho powers contained in them, and 
 reasons for .. ...g so are not wanting; c.;/., 1. Directors like, as far as posMble, 
 
748 
 
 ARTICLES OK ASSOCIATION. [ClUP, IX. 
 
 Form 251 ** '"'^'' cxpiP^'s initlnirity ; fur wlirrr <'X|irP<« authority is givon by tlio arti'l<«, 
 — the company cannot comphiin that an act of the directors pursuant thereto i« 
 
 ultra riret. Thus, whore the articles authorized the directors to jay O,il()0^ to 
 tlie promoters of the iwnipany, it was held, on demurrer, that payment witiuut 
 taxation was not improper. Croakei/ v. Bank of H'alet, 4 (Jiff. 314. But exprcsn 
 authority is no protection unless the directors act bond fide and are not fruilty 
 "f negligence or froud. Eugtefield Co.^ 8 C. X)\v. 388; Mnrzetti'n rn»>,^ 2N 
 \V. U. 541. So when^ the articles authorized the directors to acquire a spccifir 
 business " upon such terms and under such stipulations as to guarantee or other- 
 wine iis may \w agreed upon," it was held that they were under no obliiraiicm t< 
 consult the comi)any in general meeting before making the purchase, although 
 the business was insolvent and the purchase would involve undertakini,' vast 
 liabilities. Ornrii'l ^ durneii Co. v. mhh, L. H. 5 H. h. 480. See' alw) 
 nhiMy nrdnn^icp Co., 3 Ch. 159; Bank of T<irki>y v. Oitomnn Rank. 14 \V. li. 
 S19; /.Vcy v. Pmilh-r, i(c. Soc, 1 Ex. Oiv. 88. 
 
 2. The insertion of e.tprcss powers "ves the directors from responsibility; 
 for, in the absence of fraud or gros egligenco, they will not be under any 
 personal liability to the company, even though, in the exercise of the powers 
 eiitrustcnl to tlicm, they are guilty of imprudence and want of judji;inent whiih 
 result in n great loss to the company. Ofrrrnd ^ Giinirti Co. v. Oihh, «l/i m-pr^i 
 Brazilian Biihh.r Plaiilationn (No. 1), (1911) 1 Ch. 425. 
 
 3. Mortgagees, vendors, and other persons dealing with a company like hi ■»;• 
 the powers of the directors in black and white. 
 
 4. ("oiiimcrcial people like to have their powers clearly defined, and to be 
 absolved from the duty of constantly consulting their legal advisers. 
 
 To carry 
 agreement 
 into etfcct. 
 
 ( 1 .; To (ako such steps as they think fit to carry into etfect the stl 
 agreeiut of tlie day of . 
 
 If clause 3, supra, is inserted, this should be omitted. 
 
 Tm pay 
 preliminary 
 
 * Tpenses. 
 
 (2.) To pay the costs, charges, and e.\pense.s pielimiuary and 
 iiM'idental to the promotion, formation, establishment, and 
 registration of the coy. 
 
 Such a power, though it is an authority to the directors to pay the costs, 4.i .. 
 will not give a promoter a right of action in respect of preliminary expenses 
 against tbo company {Melhndo v. Porto Aleijre Bail. Co., L. U. 9 C. V. .503: 
 Re Rotherhtim .Hum and Chemical Co., 25 Ch. D. 103), at any rate, if lie is 
 not a party to the articles. Eley v. Positive, iVc. Sor., 1 Ex. 1). 8S. .\ pro- 
 moter can only recover from the company what he has paid in preliminary 
 expenses where he proves a contract by the company to pay {Einjlifh and 
 
 Colonial Prndura Co., (1906) 2 Ch. 435); not even the registration f 
 
 national Motor Hail Coarh Co.. (190S) 2 Ch. 515. See also Crnokvy v. lUoih 
 of WaleK, 4 Giff. 318, cited »apra, and F.nijlrfirld Colliery Co., 8 C. Div. 3S8. 
 where directors were held liable for moneys paid witlinut vouchers or iinjairy. 
 See also Marzettt's laae, 28 W. 1{. .)41. The clause does not, of cours. . I'ive 
 power to pay that which it would he altrn rirm the company to pay. 
 
 To acquire 
 property. 
 
 (3.) To purchase or otherwise acquire for the coy any ppty, rigliffi. 
 or privileges, which the r(jy Is authorized to acquire, at ciii h 
 
FORMS. 
 
 74H 
 
 price, ami gcnoially on .such torins and oonditious, iia they Form 251. 
 think fit. 
 ,4 ) At thoir di.-*cretiou, U, pay for any ppty, ri^'lit-s or privilcRos l- P 'M'^^ 
 paired by, or services rendered to, tlic coy, either wlioUy };'','j';,t,f>vr. 
 i.: partially in eush or iu shares, houd.s, dolmnliinvs, or other \,.. 
 M.,.uritips of the coy, and any such shares may he is«uod 
 cither a/" fully pd up or with .such amount credited as pd up 
 thereon ii-s may Vx' agreed upon; and any such honds, dehcn- 
 lures. or oUiei' securities may be eillior specifically charged 
 upon all or any part of iho ppty of the coy and it.s uncalled 
 cajiital, or not so charged. 
 
 lk,lMvitur.s is,«ucd l>y o company under a t!vm-t»i pown- of borrowing iu pan 
 ,!i*l,ari,-c of .•sistin); liabilities are vali.l. /hh- «/ C'-ort lintel ('■>., « Eq. 82. 
 Sep aNo Howard v. Patent Ivory Co., 38 C. D. 156. 
 
 If paid-up share-, are issued under the above i>ower, a .-oiitract i.i relation 
 ,|,er, '.. «;il have to be filed under sect. 88 of the Act of 1908. See further. 
 .'ipm, p|i. fi* ft »eq. 
 
 ,5.1 To .secure the fulfilment of any contracts or engagements ^"^Ij^j";;;;';;;-,^. 
 entered into by the coy, by mortgage or charge uf all or any ,„„rtLt,iiri-. 
 of the ppty of the coy and its uncalled capital for fh«> time 
 being, or in such other manner as they may think fit. 
 
 Ki.i To a|n)oint, and at their discretion remove ..r suspend, such J" »i;.i;|"^'' 
 
 managers, .secretaries, officers, clerks, agent.s, and servants 
 
 lor permanent, temporary, or special servi<es, as they may 
 
 from time to time think fit, and to determine thoir jiower.- 
 
 and duties, and fix their salaries or emoluments, and to 
 
 reciuire .security in such instances and it) such amount as thoy 
 
 ttiink fit. 
 
 1 such terms and conditions a-^ Toaccvpt 
 
 ^o^^L■^dcr ■ t 
 'lis .shares or sto<'k or anv part „i,^r^,„ 
 
 To accept from any memb'' 
 .shall be agreeil i surn> 
 thereof. 
 
 A power to ac'cept surrenders is valid, at an/ rate to some extent; but, 
 liavinfT reffi.rd to the decision in Trevor v. WhUuorth, \1 App. Cas. 409, it is 
 1 power which can rarely be exercised without the sanction of the Court to 
 I ho reduction of capital thereby effected. 
 
 Forfeiture of shares is recognized by sect. 26 (2) (g) of the Act of 190S, 
 and by clauses 24—30 of Table A. (Bvllerhy v. ItowUmd, ^c. Co., (1902) 2 Cli. 
 It {C. .\.)), but subject to this the law seems to be as follows: — 
 
 Firstly, as to paid-up shares.— \ gratuitous surrender to the company may 
 1.0 valid' (Balgoolie Distillery V.u, L. K. 17 Ir. Eq. 263), if the eireurastaricos 
 are very special, e.g., where the surrender is part of a compromise. Trevor v. 
 Whu.,urlh, 12 App. Cas. i09; lidlcrbn v. Ratvr-r:-!, -'frr;. A ^■.■.mp:ii:y <.:uinut 
 luako any payment or give any valuable consideration for the surrender, for, as 
 Lord Macnaghten said in Trevor v. W hitworth, su/ira, "A surrenilcr of share, 
 iu consideration of a payment in money or money's worth by the company w 
 
 I r 
 If 
 
 ■:* 
 
 
 
 
 , :> 
 
 
n'S 
 
 -si 
 
 l'l« ! ■ 
 
 7oO 
 
 Porm 251. 
 
 ARTICLES OK ASSfKJIATION, [ChAI*. IX. 
 
 a purehni^e by it of its own s»iiares and iw t/fh-n I'iyps " that i-* U> ^.ly. uitlr., 
 conflrmed by the (Jourt as a reduction of capital. 
 
 Secoiidli/, aa to uluiren on uhich therf i» « luiliiHli/. — It may be that where 
 a i-ompauy is in a position to forfeit such sbarra, a bon/i fidr arrangcnifiit fur ;i 
 surrender aa a short cut to the same end, and without payment or comidcni- 
 tion, is valid. Sec what was said in Tn-ror v. \t'hlhi„rtli. 12 App. fas. KiO; 
 but it is rarely expedient to accept smh a surrender. It is far lultir fi 
 proceed to forfeit the .shares in due course, and thus avoid any i|uc<ti'iii ;n t,, 
 whether there has been an ultra vi,i:i reduction of the capital; for in !u.(|.t- 
 ing a surrender the directors incur a spct ial risk. In the case of forfriturc tlii' 
 calls in arrear remain a recoverable debt, whereas in the case of surrender tlii- 
 is //ii.vin fiiei'f not the case. .\iid, as a conse<|uenee, such a surrender of sliar.s, 
 partly paid, in consideration of a release from further liability is eciuivnien' 
 to a purchase by the <(impany of its own shares, and is iilli" inc. an<l \Miil 
 Hrllrrhi/ v. l!oivhu,<l, S[c. Co. In that case there was a suirencbr hy ih. 
 directors of partly paid slieres, not a" a short cut to forfeiture, but in erJi i 
 lo ro<luee the i)aid-up capital ami thus rectify the balance-sheet. The tnin»- 
 aetion was a liomi tide one and greatly to the benefit of the ciini|iany. yet 
 Kckewich, J., and the Court of .Vppeal both held that it was idtni -,,., -m „ 
 juirehase by the company of its shares; and the Ciiuit of .\iipeal. re\i r-iiii: 
 the decision of Kckewich. .1., in an action by the surrenderor, onlcreil \\U iiniii 
 to be restored to the register in respect of the shares. 
 
 .Vnd a flit I'll, i nothing can be paid by the company for a surrcnilrr of p irily 
 ]iaid shares. See what iMTd .Macnaghten said, fii/ini. 
 
 \ surrender of shares presents also this higieal dilemma: If it i- nil iii 
 tended to n-issuc thi' shares, there is a reduction of capital; ami if it i- 
 inteudcd to re-issue them, the transaction involves a traltieking by tic e.iiii|,ai,y 
 in its own shares. Sc>e IIopi- v. Inteiiuiliiiiiid h'hiiiiiiiul Suriiiii, t ('. I). :i:'T 
 In Eichbiiiim v. Citij of Vliirnijo Co.. (18(11) 3 Cb. I.iil. Stirlini.'. .1.. ii i- 
 true, held that a surrender in exchange for other shares was valid. In e..miiiL' 
 to this decision hi- did not act on his own judgment, but on what l:e (.«,], i,. 
 be the decision in Tfimdidi's raae. 9 Ch. oi; but the decision in that i .i-e w.i- 
 only that Teasdale, having more than six years before the windinir-n|. sur- 
 rendered his shares in exchange for others, was not to be put on the list ,,f 
 eontributories in respect of the surrendered shares. There was no ileiisicn 
 that the shares given by the company in exchange were validly crcililnl a* 
 paid up. -No doubt there are in the judgments dlctn which go f:ir l.,y"iiil 
 the point decided, but they are .issociated with other (/../,( which haie -inc. 
 been displaced by the di'cisions in Tifror v. Whitiioith, 12 App. Cas 
 other cases. And in llrnerhii v. Itnu-lntid, Stirling, L. ,J., with 
 candour, ailmitted tiiaf he ■■n.,'ht not to have followed Troailidi''!' c .;.... 
 The following arc some of the objections to surrenders in exchanu"': 
 According to the law as now settled, shares cannot be issued as paid np 
 they arc paid up in cash or money's worth. They have to be paid up 
 15ut it shares credited as fully paid up are to be issued in eschainre for p cicl "|, 
 shares, the amount of the shares so issued is not thereby paid up cither in . i-'i cr 
 in kind, for the company gets nothing. The share (say 10/.) is one wliic Ic lie 
 c-onipany could issue for cash, and inst 'ad of doing this it issues it credited ^is 
 paid up without any oiuivalent addition to its capital assets. The 10/. already 
 paid on the surrcndoriHl shares already belongs to the company ahsoiutrly; 
 how, then, van the slnrehcilder cffectivelv pay up the share which is to be is-u.' I 
 to him by agreeing that the company shall keep 10/. of \t» own money m 
 payment and satisfaction of the 10/. which he is by the Acts bound to pay 
 up in cash or in kind? 
 
 Again, the share to be issued in exchange is part of the capital of the coni- 
 
 lim. : 
 chararleiT 
 
 (omehc 
 
FOKM8. 
 
 751 
 
 osny and Imw ran the company properly gUf any purt of it* iiipitjil ..< the Fom 251. 
 con.idf'rntion for tho surrender to it of shares in its own eapitiily Surely this 
 ,ur..li:iie of the company's owp shares. See ol)servations of I^rd .Mao- 
 n Trevor v. irhiluorlh, tu/ira. and per I.indlcy, L. J.. Itenvn- 
 1 CI.. .504; RritM, >fo. Co. v. r,i»/„v. (ISIM) .\. (". 399. 
 
 bo said tliat to issue share.* in ox<'h«nKe for other shares is in 
 eff,.ot to triiftic in the eompany's own shares, osi)o,-ially where it is part of ii 
 .cl,.™e, a. in //../.<• V. h,t.',nutio„.,l C.,., 4 C. 1). 327. It is. ,x Iviv'l""'. ""» 
 a -iri'le transaetion, but a whole series of like transactions; and where is the 
 
 a a p 
 niighU-'ii 
 Unlrt. ilH"3l 
 AK-nin, it niay 
 
 I'luni'Sii;'^ (jower 
 
 to traffic in its own shares';- Does not this dilenuna presented 
 
 in tliat (ae arise? That is to say, eith,>r it is intended not to re-issue the sur- 
 rond.red ^har.s, in which ease there is a reduction of eapilul, or it is intended 
 to i^sue tlicni. in which case the scheme involves trafflekinp in the eompany's 
 own sliarcs. Sec the observations on that case in Treimr v. Jl'/i it mirth, 12 
 
 Snp. Ca.. 42.'>. 
 
 It U well known that Ri(tby, f... J., when at the Bar, advised, on the above 
 'ri.uniN, tliat a proposed scheme of oxehanKe would bo ultra virt$. and that the 
 ,"l,..i4un'ol' Slirlinir, .1., in Eirlihuiim v. Vilij nj Chirngo Cn.. «'(/.i». could not be 
 vcliid on, a- it was based on a n.isapprehension of the point actually decided in 
 /,„„/,,/,■« riii.r. .,«/<)•«, a viiw which was afterwards adopted by Stirling;, I-. .1.. 
 Iiiiiiscir. Sec supra. 
 
 i:vi,leiitly, therefore, an exchange of shares involves very great risks and i^ 
 lun-t .laiiL'crous. and allottees of such shares und?r such an exchange, even 
 tliuML'h apparently protected by a filed contract (where the transaction was 
 l.cl'orc 1901), may be held liable to pay up their shares in cash. 
 
 i!l.i 
 
 ,,s I Ti) iippoiiit any iht.soii or junsous fwlu'llu'v iiirorpoiateil "r To appoint 
 iiol) to accept uiul hold in tru-sl for tlio coy any [)|>t\ l>oluiio- 
 ing to the coy, or in which it ia iutcrestc-d, or for uny other 
 imrpo.so.s, and to execute and do all such deed.s and tiiino.'- 
 ii.s Miav he rcciui.site in relation lo any such tru.st, a;i(l to 
 provide for the remuneration of such tru.fteo or jrust<!0.s. 
 I iii.stitute, conduct, defend, compound, or aliandon ,iny li'tral 'robriuKand 
 pro< i'edlne:.s by or apuu.st the coy, or il.s ofHcer.s, or ntiierwi.se |,^,[^,y„_ i^, 
 
 lOMiernino- llie alVaiis nf llie coy. and also to coiiiii I and 
 
 allow time for payment or .satisfaction of any debts due, and 
 of any claims or demands by or against the coy. 
 
 Ilvci-v company has an implied power to eoiapromise disputes {Bath's ca\i', 
 ■i r. liiv. ;534; Dixon v. Evans. L. R. 5 II. L. 619), and directors may be 
 ilile I.I loniproiuise a claim by or against the company, even where some of the 
 lir.vtor* are 'ntcresfed. tlrnprnl Eri-hanrie Hank. 16 W. H. 1096. Such a 
 ■laii-i. dors not authorize directors to pay costs of petition to wind up the com- 
 p:iiv prr-rnted by thi'niselves. Smilh v. Biilce of .Manchcslir, 24 C. V>. 611; 
 ■!■-• \V. It HI!. 
 
 TJMTc is no need to say anything al>out proving in bankruptcy, for 'ly 
 »'<'. 14H of the liankruptcy .^.t, 1SH3. it is provided that " I'or all or any of 
 il.i' piirpn«M of this Act a mrporation may act by any of its offleers authorized 
 ill Ihat behalf under the seal of the coriwration." -V clerk authorized under 
 ■.Ml is Mil olHcer. Hr Tomkiiix cV Co.. (I'-'IIM 1 U- H. i'i'^- 
 
 \s to a bankruptcy jietition by a company, see Kp Ciilthrop, 1.. R. 3 Ch. 252; 
 /,'■ initl,-,,. fi.'i I,. T. 3.51 ; Up Basset, 2 Mnnson, 171 ; and Peal- Hill doltlftpMs, 
 I K, B. 430. 
 
 X \ f 
 
7.W 
 
 AKTICLE8 OF ASSOCIATION. [CllAl". 1\. 
 
 Form 861. '^^' liquidator of u company may iwrvu u l>ankrupt<'y notice, but tin- iiutne 
 
 ~ muit be in the name of and on behalf of the company. Se U'inu;hntii,m. In 
 
 q. B. D. 44«. 
 
 Tu ruf er to 
 arliilration. 
 
 (10.) To refer any claims or demands by or against Iho ooy t'. 
 arbitration, and observe and perform the awards. 
 
 Ai to arbitration, see sect. 119 of the Art. 
 
 ^11 
 
 a 
 
 To ffivi- (11-) '^o make and j^ivc leioiiils, voleusos, and otlior dUi liai-.'-u., fur 
 
 reccipiH. money payable to the coy, and for the claims and duiuaudB 
 
 of the ooy. 
 
 .Vud Huch receiptH may be ctfoc'tuul, even though the acting director:* iro nut 
 directors de jure. Mahonny v. East llnlhford Miiiini? Co., L. H. 7 H. L. 86!t. 
 
 To nuthorize 
 
 acc('iitancc, 
 
 &c. 
 
 ( 12.) To dotcrmine who shall bo entitled to .sign on the cay's liohalf 
 bills, notes, receipts, ai'ccptapces, indorseniotit.-*. clu'mics. 
 releases, contracts, and documents. 
 
 it must be borne in mind that directors and other persons who on IhIjuII' <ii 
 It company sign any bill of excliango, note, indorsement, che(iue, \i'.. ni;iy 1* 
 Kiibject to penalties and personally liable on the contract unless the name of the 
 company is correctly set forth. See sect. 63 of the Act of 1908. .Ilkiii v. 
 Vardti', 61 L. T. 23; and Dermithtr Co. v. Ashivorth, 21 T. L. K. .510. Tli. 
 uniiasion of the word " limitel " makes the niimo incorrect {I'enion'^ v. Martyr. 
 I). B. 4c E. 499), and so does the omission of the words " and reduced " whtri'. 
 under sect. 48 of the Act, they are part of the name. But see .h t.) " f.til .' 
 /■. Sh'reij $ Co., 28 T. L. B. 209, xiiprd, p. 454. 
 
 ( l.'J. I From time tu time to provide for tho luanageiuLMit uf ilir 
 affairs of the coy abroad in sueli manner as they think til. 
 and in particular to appoint any persons to be tho attorney- 
 or agents of the coy with such powers rincludiiitr pnui'i' \,, 
 sub-delegate) and upon such forms as may ho thoii;;hl lit. 
 
 The above should be inserted where the company is likely to carry on lui>iiii>- 
 aliroad, unless clause 114o, infra, is insertt-d. As to sub-delojjation, see »n/ii«. 
 clause 109. 
 
 .\8 to the power to keep a colonial register, see sect. 34 of the .\ct of lUiiS. 
 
 To invest 1 14.) To invest and deal with any of the moneys of the coy noi 
 
 moneys. immediately roquiiod for the purposes tliercul, ii|iOii --u. is 
 
 sei^urities (not being shares in this coy) and in such niannci 
 
 as they may think fit, and from time to time to vary I'l 
 
 realize such investments. 
 
 To uppoint 
 attomevs. 
 
FORMS. 
 
 76:« 
 
 A ninvcr to iiivp.-t ill iCfuritios docs not warrant iiii apiilicatiiin f.ir .1 numbor form 251. 
 
 of sliartv in :i propiwd comiiiiny with n vii'w ti> pruriintin^r it. !' i< ii"t u 
 
 Imnii fill- investment. ./oin'-'<l'>H- lti,rovnl C;. v. Itrni,-,,, :j i;,|. l:','', H Va\ 
 
 S81. 
 
 fd."). I To ivM'iiilc ill till' iiaiiii- iiinl nil hiMiall of (ho lov, in lavuiir Ti> uivi mkh- 
 of uiiy tlircotor or oilier jicn-on who iiiiiy iiK iir or \w alioiit \]WJf.Zn\\y 
 to incur nny porsoiml liability I'or tlio lii'iii'lil of tlio coy, 
 .siuh niorl<;aiii.'.-i of llio coy's properly tprc-iurit ami fiitiuu) 
 a." liii'v think lit, uml uiiy hucIi mortjja.;!! may (Miitaiii u 
 power of sale ami stii-li oilier powers, oovoiiautM. uml [iro- 
 vi>ioii.« a.s uliall 1)« !ifrre<5d on.] 
 
 SiMJi a pro\i»iou U very do^iralilc, fur in it< ul)-<'iii i' dirtii'ult ■|iii>-linin ,iri.<e 
 as til till' powers of the diriTinn In tliii lieh.ilf. See Sn-'il. .<„, >!■■.: ''... v. 
 Unnorl;. Vl W. U. 30. 
 
 .\ senility may be given, see /';//<• H'urk^ ^Xii. 2), (I'JOl) 1 Ch. 17:!. Tlio 
 Mwk K.xeliiince olijectii to this clause. 
 
 I li; I To ;rive to any person oiiqihiyed by llio coy a conuiii-'-ioii ou To trire 
 
 ihe iirolil.s of any parliciil.ir bii-iiies.^s or irausaclioii, nr a l«r' cntnge- 
 .-■hare in llio (.^iieral pioli;.-* of llie coy. ami such coinnii.-4sion, 
 or .-hare of prolit.-<, .-hall lie IroaU'd a-s (lart of tiie working' 
 espeiise.s of ihe coy. 
 
 All iiitcTc-t in profits is often found to render tlie services of an airent mole 
 Iciicliiial to liis employer, .\p.irt from a -peiial powi-r, a per-.on staiidiii!,' in a 
 tiiliMuiry relation to the company could not lie i^iven such an interest liy thc> 
 Inaiii. Sec notes to elau-e ',l:t. 
 
 II is Miiiieiiines desired to take express power to pay priiate i-oi ii-ions 
 
 111 the aireiils of other concerns which have dealintrs vvitli the company, and 
 iint'irt'inatcly tiie .success of some conip.anii's lartjely depends on sncli pay 
 iiieni-. i'lUt siieh eominissiuns arc lirilies in the eye of the law and a mis- 
 application of the funds of the lompany, and it is ajiprehcnded tliat an 
 clli" live |iov»er to pay them cannot be taken expressly or impliedly. .V company 
 wliiili by its au'eiits thus brilies or au'ree.s to bribe the a);ent of another party 
 is r.',pnii-ilih' in ilamaf:fes to that party. See s'l/ini, p. 733; and lliimi/m -S- 
 Snif-: \. MlHinff (KHMI), 111 T. L. It. SOB. The position of directors who 
 antliorize sui h payments is also hazardous. See tiio Prevention of Corruption 
 .\' t. I!ll)('i. There is further the dilli "iilly that nn auditor may not unreasonably 
 ict'i e to I'crlify tlic accounts without vouchers, and further that lie may refuse 
 ti 1 citify unless the company's liability fir dama^'cs is cliseloscd in the lialanee- 
 >!;eit or otherwise. 
 
 III some cases it has been sought to meet these difticnltles by fjivini; to tlio 
 maii:'i.'er or nianai;in<; director an extra salary and a commission on profits, so 
 that if he chooses to allow commission he will jiay out of lii.s own pocket; but 
 it. is ilnnbtful whether a company can by ?uch means escape respoiisiliiiity, m- 
 whether the auditors, if they are coffiiizant of what is goiiijj on, can eon- 
 »i»fciitly with their duty ij^nore the company's liability. 
 
 Occasionally a clauso as follows has bei-n inserted in articles: "The auditors 
 shall be at liberty to accept the ccrtilieate in writing of the managing director 
 
 P. 3 c 
 
754 
 
 Form 251. 
 
 AKTICLKS OK ASSOCIATION. [ClIAP. L\. 
 
 ihut 11 ffrutiiiiiMi" |inyin<Mit (or tin' l)iiuHt nf tlir lompany liai hc'ii ini.li' i, 
 -iiffiriiMil I'liili'iiic that the piyiiirnt ri'frrr.' I to in ttudi icrtiflcat.' has iii fart 
 bwii duly mail' for the lirni-ht of the coiiiiiiiiiy. anil sliall not rii|iiiri' priKliirtmn 
 iif any fiiilhir voiiiIht t'<r "inh iiayiiuiit." Hut siiih u ilau'ii', thociirh ii may 
 niCft the dllli ulty a« t.i vou' hiTn, doi" not nii'ft lli.> more forniidahir aillimliy 
 of illp^'alitv. which no lanition of thi' sharchohlur* tlirou^h Ihi- arti. |.< luii 
 condone. 
 
 Ti <>lal.li»li 
 reitrvi' fund. 
 
 (17.) lU'ioio locdiiiiiiciidiii;,' aiiv dividpiiil, lo set n<i<li', mil ..f th,. 
 iirolitw <il' the riiv, «iuli .sunn us tlioy lliiiili |>ii>|ht ,i- ,i 
 i'c,»CM'V(" riiud to iiir(V ( oiilili'.M'lnics, or fur i^|ii;ili-iiiL; .li\i- 
 (l-'iid.s, or lor .-poi iai dividi-inN, or lor n'paiiin^', iin|iioviii'.', 
 mid iiiaiiilaiiiiii;.' any of the pply of tlio <oy, uiid tor ,ii,h 
 oilier piirpo.so-1 as tlio diroilor.-i .slmlt in tlicir ali-oliit.' di- 
 (■ration think ooiiducivo to tlio iiit<'it's!.s of llii- rr.y, an. I m 
 invo.-it the .spvoral sinus ho not asido iijion sn- li iiivi'-iiiiiiii.s 
 lollior than .sliaros of tho ooy i as tlioy may tliiiik li-, and 
 from tinio to lime to doul wit!i and vary smh inve^hnciits, 
 
 and dispos.' of all or any part tliof for tho bi li! ul iliu 
 
 (oy. and to divido llic ro.scrvo fund inlo Muli sjic iil liiii.i> 
 a.s thcv think lit with full powor \> oiiiploy tin' a--is- .iii- 
 Miiutinj,' tho re-orvc fund in llio l)u~ini".ss of tlio coy. and 
 that without boiii-j bound to keep tho Humo sopanilc froiii 
 the o'.hcr as.sets]. 
 
 " Dividcinl ' a^i hero tir^t uied includes tiJted cumulative dividciiiN on |iri 
 fcrencc Kharcs. A'"'"' v. Itfinuir Ihrmalllp Sleel Co., fl9(rj> 1 l-'li. !■'!. ■'•'.■ 
 
 T fi is nothinsT to compel a company to divide the whole of its |ir(itil<, 
 thoufrii the rcjtnlatlons mi^'llt be so framed. A7roi7./'.« '".■"■, 1 I'll- !"•; /'" '■' ' ' 
 V. Ku.lp. (19:121 .\. C. Wi: n,,.,<l v. W,r,n,c Ihi-mnlil,- V,,.. ( IW.M 1 rh. :;.-,:l, 
 
 Vriimi fnr.r a company may form a reserve funil and the re.cr\.' fund niiy. 
 subject to the control of a gener.il mceCii!,', be iiive-ted in surli s,.. iiiili.- a- 
 the directors may sclct. Jliirl:ni-I v. i:'irlc, (I'Ml) \. C S3. 
 
 Where the articles do not provide for the retention of any part of il..' pmlits 
 by way of reserve, the articles can no doubt be altered so as to irivc the p.w. r 
 li;„}i<-'i v. Ill-- Hall Co.. 35 I.. J. fh. ;!li3. 
 
 Where the articles appropriate the reserve fund to specific puri.oscs, they 
 can bo altered. ir<,l/.;'r v. f.o,,./..,. Tr„m,n„j. C , 12 C. 1). T".). And ii..y 
 must be altered before the reserve fund is applied in a way incons,-i, „t with 
 them. h:i,>t<-ni ni,d .liislrai:,ni. Slr,t,n«hii> Vn., /Jmitnl ,ii,<l Itr.lnn.l. ns I.. I. 
 
 :iii. 
 
 The words in brackets are desirable, seeing that reserve funds are very c.jni- 
 
 inonly bO employ d. r i i 
 
 A reserve fund ac.uniulated out of profits preserves its character of M..divHlr,l 
 profits unless and until something is done elfectually to convert it into ca|Mt;il 
 lU.vcl, V. .s>m«V. \1 .\p|.. C'as. 385; Sn^d.n v. .iUlnni. W. \. (ls:W. \V.-. 
 4,5 V. I), 1^-:. Ill- .tr»ul»',r. (\H\)3) 3 Ch. 337; Drn.lo I'i-r Co.. (m\ ) 2 < '"■ 
 ;to4 And can be api.licd, where the memorandum and articles auiliori..c -.« ii .. 
 proceeding', in pavlic olf prol'erence or other sharcliolders, but the san.ic.ii of 
 Jic Court is required. See Vn.lcd State, l)rb.,.t:,re Co,;,.,Tim,>. .\w-.-^.\'M'- 
 As to issuing' paid-up shares in respect of the reserve, see Eastern and .lui. 
 Co., ubi supra, and iitfra, Torm 474. 
 
KOKMH. 
 
 7.5/i 
 
 L^lili itC cluH-rf-M iif «liai«-linUli>r« iHi tlin (Iftrihnliii 
 
 ,t 
 
 Form 2fil. 
 
 fuml. "I 
 I'Hi, II- ; 
 
 ./(<■( .\ni-iij,ili< 
 
 ln'fiiro Nurtli, .1. 
 
 ilN'JI 1 1 <li. 15J; 
 
 ell, ;1I7; «1 U. T. i7«, <-'. \.\ (lil.M,,, U'nlrni-oil:^ Cn.. i^X'.m) 2 I'll. 
 I>..,ii'!;, 4<-. '/.i» Vii. V. Tnijl"!. IM t'. of S. (*;i<. 1017, Sr. ; r,ir/ilo„\ 
 
 II 
 l(l..^ 
 
 ir^i 
 
 .iv 
 
 V ' 
 
 ,,,, I'Mi'ti I CIp. 
 
 //..«-/ V. «",," 
 
 V.M ; Ifp M„i„.. 
 
 ■ Itititt'if'ft' Sttrf '''*., ^itj'in 
 't/ir nnrt /tifi'/n'/ih ■^>fi'(fifiiti- 
 
 ir. .1 
 
 (IH't'h 
 
 larry fiii'vv.nil jmy proHt. 
 
 ,ii,i| y lull, without c'lirryiuif to timitm' 
 
 „, V. /..u/r, K\mi\ A. •'. 94. 
 
 ifMiipany rtvlii' iiiif it< i'U|iital \\\* u riM'r»f fuml, tlicri- i- no olili.'atioii to 
 ai'piv ill di'' '•'■■'* iii"**iin'N' tli« wlioir of hu -Ii riMiTM- fiiiiil to ri'iilin'c tli ' r;ijiil:il 
 jiiiiiiii. iiii'l if til'" ri'<firvi' h;i< liern ini'.l in tin' liiniin'*< anil not > . riiti'ly 
 ii,\i-t'ti. .I'i'l a los-i oi-'iir-i, tlio coinpany ii iit lib'-rty t-i a|i|)ortioii tin' l»i«* it^ 
 
 hi'iN^ifM I' t'l' M* anil till' {laiil-iip i-apitat. iinil tri-at a pro|>urtioii.'iti' p.irt of 
 
 ll,r I,.-. :i- (PM r.-i'r>i- a.M.iiiil. //r.-i.c ^ T,.., , Ittlll; •.> < h. lilis. 
 
 \. li. |iro' iiliii',' for a m'iti t ii',ii'r\.', "i r ili' l.i in Si n i„,t \ , I;,, .m. .j. ■^m s,,,.:': 
 J , (.,., ipiiiiii ■> ell. ,'t7N. Tlii'si- iliria arr not ri' ■onrilnahli- witli tlin 
 niiilii iirmi-ioii-' of tlir .\vt of KlOH. 
 
 S.v rurlliiT ili.-la in T. "',.'/ v. Il.niinl. r ,v fn., i I'.Ml ) S. f. ti77 (Cl. of .Si.,«.i. 
 aIiT'- ilirc I'T- iilicli'ivallii'il -.unrU ill Imluilii' alioi'l. 
 
 I l,s 1 I' rum liiiio lu (iiur lo iiiako, vary, uinl i('|ical I'vo-law.s fm llio M ly make 
 ii'<riiliilion of till' lnifiiies.i of tiio I'uv, it.s olliier- iukI '>'•"*■»• 
 .si'ivaiils 
 
 I't'i'-uiis ili'atiii^ u'itli a roinpaiiy are dt'rriied to Iiiim' iiotirc of ttio ni<nior;iii(liiiii 
 ukI ;irli'Ir- of a-«.>«n('iatioii (n'i/ir<t, p. 77), Imt nit of liyi'-law-i iiiadi' liy tin* 
 ilir.. tir-. I,'<ii/-il Hniik of I.i'H'i'k cur, 4 I'll. '2'yl. 
 
 \' III ilcli-riiiiniiii; the roasoiialili'iii'H!* of hyp-I.'iw-*. si'o Kinti' v. John^nn, 
 (ivih, 'J t^. li. 91. 
 
 I mil r iit!y it was i-iistoinary to ailil to tin' aliovi' i-laiHi- tin' worils "or tin' 
 
 iitt-mli-rs of till' i-oiiipaiiy or any snctioii tluTi'iif," Imt of latt' thn rf^^i-^trar, 
 artiiiL;. it i" (*aiil, on tin? iiistruftiuns of tin* lloanl of 'rriulc. Ii:i>* ohjccti'il to tlir^o 
 niri.U. ;iii(l, to till' iiitiiiit" aiinoyiin'o of tin' i-oniiin'rcial world, who roiiiiiionly 
 iiiMTt llii' ttoril<. has rc-piircd t. n to lio Ktrui'k out of urti Ins tcndcri'd for 
 rcsi-iiatiuii, or ilie to he iiualifii'd by the addition of the woid.i '• l'io\ klnl that 
 no liyi'-law or ro'jiilation shall ho niado under this power whirli would aiiiniinf 
 to .-Ml li an addition to or alteration of th.'se artiiles as could only leijally lie 
 mailf hy spi i ial resolution passed and lonlr I in iiiuordance with se.ts. 13 
 and li'.i of the < 'ompaiiiea Act, 1908." 
 
 'J 111' |iio\i-o i.s no diiiilit wi II ineaiit to pievent alteration of the urtiilrs niidrr ' 
 coMi- 111 a hyi -law without a special resolution, liut it iijnori's the fait that the 
 arti' k- are suhje t to the .\et, and the .Vet indi.'ati's as i-le.irly as ean he (in 
 -t'll. |:|) that the artieles can only lie added to or alteri'il hy spei'ial ri-oliitiiiii, 
 ;inii tlic ilir itors and luemhers arc presumed to have read and iiiidi rslood the 
 .Vti, -u lliai there is no ncd to warn them; ai^ain, the clause does not purport 
 to t;i\c power to make articles, hut merely liye-laws wlii.h must olivion^ly he 
 rcL'^inlril a- rules of a suliordinute ehura'ter; further, if such a proviso as this is 
 rei|uirid here, why did not the heffislatiire add some such proviso to the 'after 
 port lit elau-e 71 of Table .\.. which enablcrs the coinpany in g-enera! meet isj to 
 malic rifjulations as to the exercise of the direi'tors' powers? The absurdity of 
 this ollicial pratice is cnipliasi/.od by the fact that in the past many thousands 
 of louipanies have been registered with tlie now (irohibited words in their 
 articles without any such proviso, and that no known misehief has resulted, and 
 
 ;i (■ 2 
 
 
 4H 
 
76« 
 
 AKTICU^i OK ANSCtClVriON. [ChaF. I.\ 
 
 Form 261. 
 
 V I 
 
 
 that tlici Iliuint of Truji' lime rop4'iiti«lly pa-xxl iirlii'l«H umjer wit. ti of ili. 
 Cumpnnirt Aif. |H(>7 mow n'|il*'wl liy »i>'t. M of tho ("uriipunios Ail, IWH, 
 i'oiil»iiiiii|{ [lOwiT to iimki' li)i!-hi«« ttilliucil any »ii.li |«rii\i«i, <• y., Um' IhipkI..! 
 I'liniiilx'r iif <',iiiiniir™ iiiiil imut iif tliu utli.T <lmiiilii'i-« of i umnii'rii' uml |it> 
 ..ixittii s, ami llmt i«rtii|i>« cuntiiiiiiiin tlm pniliiWiti'il words willn.iil lln' prm ... 
 
 haM' l"i'ii rf|Hatr,llj- |ia I l>y iniiin'iit jiiiL"'', pa"! ami pr t\t. whil..! ,t 
 
 tiio liar ami mi tli'' Hi'mli. IIowomm-, in mott iim'i, tlii' wonU in ipi,,il .n .,,,. 
 licit of any i;n'at importuin'i. ; whiTu tlii-y urr inii^iiliMiHl Imporlaiit tli. y i m. 
 aftrr ri^fi^tratimi of tin' roiiipttiiy. lio iin'>ri«.l liy ape iai r««oliiii.iii wiih.ut il,. 
 pro^i'o. TliiMi' art', howi-vcr, many la^i'* In wiii li it in an r.iiiititl p;irt of t|,. 
 company '■< »> lnnn' lliat llii-ri' iliall I"' ;.ow<T to makr liyc law<, • /,. i, ., 
 mutual iinuramo tmii'ty, or in a iluli lompany, ami in nn'li vhmh, « i l.ini ,i< 
 tlio pn-fiit olflrial vii'w U pcr-isn-l in. tlmri' iiMi>t lit- lntiTt-i| wmiU nn i|ii> li, . 
 1)1" tlio provi--io. 
 
 (I'J ) To oiittT into iiil Mil II in'^n)iintii!ii> uikI 1 c>iilrii(l-<, aii'l n- ii, I 
 aiui vuiy all muIi i uiiiiui'-, ;iii(l oxi'tuto and <lii all Miclia' i- 
 dt'i'<ln, ttiid tliiii^.s ill tlio iiaiuo and on liuhallt of liiu coy ai 
 they may coiiwidi'i- t'xp<'<lit'iit (<iv or in leliilioii lo airy of 'h^ 
 matters afwl, or othorwi-'o for the jmrjiosos of iImi roy 
 
 L'K-al 
 iimiiH^'emtiil 
 
 LiHallioari, 
 
 i)eU-^)itluli. 
 
 Tlicri' I'un be little d ' t that aui'h a clauw ai aliuvu ia u siilHi iint .iiitlinm; 
 to tlic dircitoiN to vary miitract.H pxpn-i-'ly adopted liy the urtiiliv Si.> n ! 
 eoniider ftnhhirifo uml CnrriU'i rnn., :i Cli. :ii;i, a'iil; and f.itr-.t l;.'l.i,:-,\ 
 ca>i\ 3 I). J. .V S. 41; Itir,,,, v. A'i-.',.«. \. U. S U. I.. tiOii: and |ip iTl !.;■ 
 im to coiitrnets liy e<impanie4. 
 
 LlH AL M\N.vc;iiMl:M-. 
 
 Where th.) eoiiipaiiy U u'oiiiif to larry on liinini'iH aliiouil, llie folliivin,- ih n-.- 
 siiould lie iiUiTle 1 ; tliey have Ivh'M found extremely u- fu!. 
 
 Tlu! following;- |irovisions .shall liavt- ollVct: 
 
 Ul«.-M,li 'I'hc (liiL'etor.s iiiay fiuiii tiino to tiiii*; iniAiilo I'niiie 
 
 iiiana'j- iit of llio atVuii-s of llio coy aliroa.l [or in any .-|ie ;;il 
 
 localilv in iho Iniied Ivin^donr: in such niiiniicr a* tliey <li ill tliiiik 
 111, ami liio |ii<ivi.sion< contained in the --ix iw'xt followiiii; [i.tujiMph- 
 sliall be uilhoul picjuilieo to Uic oouoral poworri confL'ired hv Oii- 
 jiarajjrajili . 
 
 (2) Tho dircctorx from fiuio to tinu , and al any tiiiio, nuiy oUil'li^li 
 any local luiard.s or azf^neio.s for manau:infr any of liio ulhiin "I 'Iw 
 •oy abroad [or ia any ispociliod locality in llio Unili^l Kiiiu'-il'iiif, iiiii 
 
 IV appoint any pci-soiw to bu luonilK'rs of such hual li.iai.l. or an\ 
 .aina'ior.s or af;;ont<, and may lix ihcir lOnuiiiiMatioii. 
 
 (." ; Tht: uiruflol'^ fl'uiii tiliip to tiiih\ aiid ;l* aiiy tii'i", "-!■• -IcIcmL' 
 (o aii\ lU'i'S'On so appoinled any of llu; povicr.-, authorities, .iml di.-cie- 
 tionn for tho time beine; veKtcd in tho directors, and may antlioii.'e ilie 
 UK'inbci-s for iho tiino t)cin<j of any such local board, or any of llieiii 
 to fill up any vacancies thorein. and to act iiotwitluitaudiuj; vaixiucu's 
 
#* 
 
 K»KM>». 
 
 7rt7 
 
 ,1 :.ii\ Ml. Ii iipiioinliiKiit or .l..|i<.„T»lioii iii.iy U- riimlc im micIi lormn Form 2ftl. 
 "i"',l j^ubjivi to ituih <;nn.lilioii> iw llu' <lir«'(l..r- iiiii> think lit, and iho 
 aii'wtoM iiiav ftl any tinio romovo any i^n-on "« iii.iM.i..t..l. an.l iimy 
 uuMiil ... V... V any hu.1i .l.-l..^'uti,.». 
 
 |, Till' .lir...l.'r>. Miiiv al an> linii'.an.l Iron. Iiini' to ti I>.v pii««T IV.w.r. ..f 
 
 „f .,il..rm'y nn<l"r tliuwal, oppoint any porson-. to !.« tli<| atl..iM..>« of »»«"""7- 
 ill." .■.■\ f'T '"' '' |'UriMM<'s an.l with fii. h powor-, autlioiill"'- an.l di-*- 
 cnti'iis (,n..i . x.<'«.lititr tlio.-« v«mU;.1 iu or oxeicihoul.lo by ili.' .liiv.lor* 
 uii.l'T ih.'.^o iirosciitsj, an.l for .«ucli pciifxl ami Milij.v I to ii. li c.n.li- 
 li,,,,. !i> ill.' iliKHt.ir-' may fioni linio to tiiii.' Iliiiik lit. uri.l any -iidi 
 „|,,,„iiilnifnt niiiy fit' tli.« .lireotor^ think tit) I... nia-h' in fav..ur of tho 
 ,„.,.,;.• .r .iiiv ..f tii't mh'ihIhts of any local hoar.l t^wtalili"!!.'.! us 
 
 ,i-.l, ..r in fi.N.iuroiuny ...y. or oi lli.' i,., 'iil.oi -. 'liiv. '..rs n ii ■<■■*, 
 
 ,„ iiiun.iu.'i'.-* of uuy c.y or tirm, or olIi.T^iso in lav. mi- ol any lliii-- 
 t„aliii- l'"ly of ii.'i'.son>, wh.'i'ft'r nuininal<Kl .lircolly ur iii.lir.'. lly hy 
 ,|„. ,h"." I..l>; an.l any hucIi |»mu.i' of altoiacy may coiilaiii mi.Ii pro- 
 u.-i.iii- 1 'I- tilt' prolf'-Miou or convi'iiitMice of |wi-*oiis il.'alin.j: wiili -iicli 
 ,iii..i):' i^a.i ilio (liro'tiifM think lit. 
 
 I„ ,aii)iiig .)U ;iU»iiic« aliruHil il i» Ki'iiiTally r..iiii.l tl.:.l ii wi.lo (mwcr of 
 .■Itori.iy uilIit >1io ..inipiny"' .■Jim.aoi, ^'ul U rciui-lK'. i.ii.l Ii.'i".' H"' 
 ,i;i|."rt:Hi.i' of pi.ividintf ai-,.'iir(linL'ly. The »atii.- in-truni.'iil. •:\n ruMli.a'iz.- 111.' 
 :itt»ri..'y- to PKvnUo tlio I).>w.'t-. ..f tli.' A.-ts Ii.'low mi'i.tl..n.il, uiid t.. .x.-ri'iso 
 ai,_v .iiii.r I'uw.T- wlii.'h it may mthi <l.--iral.!.' U< .li'l.'K'at.- t.i th.'ui. .Si->' 
 .,'.1 Tk ..( the Ai'l .>f l'.H)«. an.l "<■•». « "f »hc Coiiv. A.t. lS«i (IS A: *6 
 Vi.t. .. :j'.i). 
 
 Si'i- aU.* Chap. XV'., tnfra. 
 
 .'n Aii\ .Mi.h (U'l.'-alf.s ol att.inivys a.-, al-.l ma\ \'C aiitli.ai/.'.l liy s.il,. 
 ill.. ,lii.'. li.fs to .suli-(li'l<'j;atoalloriiny of tho jiowiM-i. aiilliorilii'-i, and 
 (i: I, ti .ns for Iho time lioiiig vi'sto<l in thom 
 
 cise llic |io\>vi'.- ..Hilonoil l.v -ocl. 7'.' .if llio s. .U alinad 
 
 lie (o. 
 
 ..y may (^vt•^:l.^-^ ..._ ,■.■• — - i i -h 
 
 1 ..- .\,i. htiliS, aiKi >u.h (i.nvcr.^ Hhall a. voidiii-ly ho vo-lcl in tho |!"^i^,^.„. 
 ihi.' i..i> .\iid the coy may cjiu.'^o to Ikj kujit in any colony in v. Iiii'li it 
 ti.iii-a.N liiisiiio.ss a hraiich ro^ri-'tci' ..I' miMnlH-i.- resilient iii . uih 
 .-I'.uv. aiil the wonl 'colony " in this claii^o -hall have tin? ni.Miiinjj' 
 a--i-li..| ih.'ict.. hy th« Co.s Act. 1908, s. 31 (3;; and tlio .lii'-ctoru 
 m.iy fiuiii time to lime make smli inovir^ion- as thoy may think fit 
 h-|.i'(lin;r til,. k«M»|iin._' of any such hramli rctrislov. 
 
 I 111' f.ill.nvinir Ii .■>. iii'ii'C chilKiriit.' f..rm than (til: 
 
 I. Th.' .•.impany may <an«' to lie kf']it In (jurcnshiiid, ..r in any nthor ..ilony 
 111 .\u-fralasia in which it tran-ia.'ts bu-.ine<.<. a brunch r%»i:.tcr or rc^'ist.'rs (if 
 rn.iii:M-r~ ri''.iili'.it in (Jiicen-ilami. .ir ia nu.-ii nlh.'i ..<l.i,.y ..- tho i.i <' aiay nf. 
 Anil tlip .lir. '(.irs may fniin timi- tn tiiii.' a|i|i.iint an aiitliority In ()ii.'i'n-.lan(I, 
 iir in any (.tlior rnlony in whi.'h a liranih rciri'.l.'r i- k.'pt, t.i approve of or 
 r.'irct tran-fiT". iin.l to Hirwt tho roi^i^tration of approved tninsfcr^ in the 
 hriinoli r.'i,'i-.t('r of -.nch colony: and ovpry sii.h authority may. ir. rp«pc.t of 
 
768 
 
 Form 251. 
 
 Lucal Uv^^. 
 
 AKTICLJiS OF AHSOCIATION. [(-'llAl'. IX. 
 
 truii.sfer.H or otiior entries prdpoHed to be rej^istcred in tin? I)i-iuiclt n-iji^tiT f-ir 
 wliiuli such authority is iippoiiited, exenuse all tlifi poworn of the ilinitDis in 
 the samo manner and to the same extent and elFect as if the dirccHriN iImiu- 
 solves wire actually present in the eolony and exercised the same. 
 
 2. .Suljje.t to the provisions of the Companies (Consiilidatiou; Am. iliiis, 
 s. :>1, anil to the forej,'oinj? provisions, the directors ni:iy from time lo liiw; 
 make such pro» i-^ions a.s they nniy think fit respocliic' the keepini; ,,f -s, I, 
 branch re^'ister or rei,'ister.s. 
 
 As to eslalilishin;; a loloriial rcL'ister, si'c sect. :tt of the .\ci of l!iii:s. 
 
 (7) Tlie diiectoivj iiiuv iuiu[)ly willi tlio rt'iiuiieiuoiil,-* of an\ 
 law wliith ill their nijiniuu it .slnill in the iiiluio-ls oi liie .d 
 iicecs.sary or oxpcdieiit tn coiinily with. 
 
 Sometimes the regulations contain special^ provisions pointiiij; to -mi 
 cular colonial Vet, c.tj.: '■The company .-hall duly eunipty with lli ' 
 ment- of the Xew Zeal.ied .\ct. known a- the Mining .\ct .Vnicn'ln 
 1897. and the director-: m ly do all such ads and thinfrs ami execute 
 powers of attorni'V and in-truments as they may deem necessary or | 
 
 order to carry into effect, provide, |)crrorm. muiI o' ■\,- tin' pnui-^e 
 
 iliniog .\it, ISiil, the .Mining- .\ct .\Mcndmcnt .\et. IXflT. the said \> ; 
 and any other Acts of the New /■■alarcl l,e','i-ila)urc. .\ ceitiilcat' 
 respect of .-hares in any reu;ister kej)! pursujnt to either of the Iw" , 
 clau-e- sh.ill be under the ofB'ial seal of the company, an.' any tr 
 share; in cither of the s;,id register- may be ilejiosited at the otti i- \\i 
 regi-tcrs are kept in New Ze.ilaoil, and in app'yini; elau-c- 14 and I. 
 to 3S inelu-ivc, to -li.iri^s on either of the said lo;-al registers, -och . lei 
 be read as if they were modilied a- foli.iws. that i- to say 
 
 " (a; In elau-e 11 the words • .\i w /.caland 
 
 before the word ' seal.' 
 " (U) In e!au-c 31 the words ' New /.eilaiid 
 
 before the word 'office.' 
 " n') Throughout the clau-es the words ' New Zealaml autlioril 
 
 deemed to be substituted fi>r tlie w.ml 'directors.'" 
 
 '<al 
 bu 
 
 llf j 
 
 a 
 
 II 
 
 r,- 
 
 1,; 
 
 r- 
 
 :i|| 
 
 "■"1 
 11- 1 
 
 ■r 
 
 r 
 
 is 
 
 ill 
 111' 
 1.1. 
 
 i 11 
 
 •ll 
 
 ill 
 
 ,..-ee 
 
 ■a 
 
 ili; 
 
 ,11-r 
 
 ■r 
 
 ef 
 
 IHTC 
 
 . 
 
 el, 
 
 "t. ;i 
 
 J 
 
 :!.' 
 
 u-.- 
 
 -1 
 
 .Ill 
 
 -hall be deemed In li, 
 shall Im- deemed to be 
 
 il|..Tt,.,| 
 
 in-crl'-J 
 -Imll bt 
 
 Fint Holiuitor. 
 
 [1146. Mcs-iM. 
 
 SoI.UlTOKS. 
 
 of , shall bo the sulors of tho cov. 
 
 This requires a word of caution. The article docs not constitute a eniitr.iit 
 between the company and the solieitor. In A'/cy v. I'nxiluf .!««. > ■ .. 1 Hx. 
 Div. 21); .v. C, on appeal, 88, the articles of a company provided tint 
 "Mr. .\. 1)., of - -, shall be the solieitor of the <<unpany, and shill triinsiit 
 
 all the leg.'il business of the company, including parliaiin-nfary bii-ir for 
 
 the usual and accustomed fees and charges, and shall not be removed fi-ein liis 
 office unless for misconduct." Mr. A. H. was employed by the conipiiny after 
 its inrorporatioii, but. there was no evidence of any iigreenient to employ him 
 on tho terms nu'ntioned in the articliM. lie was not a subscriber to the nrticles, 
 out he was a member of the company. It was held that the article- lei not 
 constitute a contract betwi'cn the I'ompany and Mr. .\. li., and that he could 
 i.ut sue the company for refusal to employ him. /.'/(/■'cy-'-"«'''/ v. .s/e, ,.,„■;■.. f. 
 I'ich (imI S/inrrr Co.. flS'JB) '2 Oh. 80; /fr lt;i/'r-,/„im llitm f'o., io Cli. I' 10-3; 
 
F0RU8. 
 
 J i'i„,,i fil L T 207, yatioiml Motor Mail Cnnrl, Co.. OW'*) '^ 
 
 Xitors of tho oomimny, and shall I.p entitled to rcmnorat.nn notw.th.tand- 
 ■ lint a ■iicmb.r of the tirm U «. director of the con.iiany. ' 
 
 '"';, i„ an article ffiving a solicitor an annual r^tainin^; t.-. s.m- /.V-..-/ 
 
 /y„,„/;i.j- \V. N. ilHOli. -lune 22. 
 
 750 
 
 Form 251 
 
 f 
 
 . ;.: I ■ 
 
 SECRKTAin 
 
 A II.. .'f i<.i., cloik First 
 
 m^retiiry 
 
 11 t,v Tho liirti seLrt'taiy of the vi>\ AtM he Mr 
 „r tchdlrrcr he rmy ?>«]. 
 
 llavini; re-ard to tlie fact that the scir.tary of the rampany i» fretiuently 
 n.onti.....J in the fomimnio. Aet, IMS, it h.mm.is diMirabl,. to name hiiu in the 
 artiWe. Sec .e.-t. 17, sub-..eft. 2 ,«i>,- -lally ,, uUo «vt. HS. -.• -t tr,, suh- 
 ,.,t i id) »rt. 99 of tho Companies .Vet, lldtS. In the eaie of a elnl. >erl:iin 
 lt'.tut.iry r'e.,uiren.ents are made on the sorr.tary. See M.M.n.ins Act, 11102, 
 
 " A^ to'the's-rretary of a ..ompany not h.MnR entitled to a lien, i.ee Itaruton 
 llo'd fo. V. r,.„i (IfilW), 3ti Sc. h. K. liat. 
 
 \ -cTctary m «n.'l. ha^ no power to convene a gc-neral nu-etms' ^ Slate ol 
 ,r„„,.n,„ s„u,li^'-t.: Ui'lll) 2 I'h. ni), thoujjii the dirc'tor... may ralily tho 
 netice ,•'/<,../..-■ V. Km: Sl,u,rt .<• Co.. Sit f,. T. 72i.,., or to ^trik,- a name olf 
 tl,o re,.i«lcr of member, iWh.'.Urroff. r„.r. 2!. 1.. T. Ti.i,, or to pa-yind 
 rc-i-tr o transfer not approved by the direetor-. ri,„l; M,n<.<. I.I.I, v. 
 lnh,-"..-li'\'. I-. K. 27. 
 
 Kcnre-ci.tMtions by n secretary as sueh are not bindin- on the .nmpany. 
 y;,.,„'/' V. S..M Lo„<l..n T,;n,u,;,y>: Co., IS (J. H. D. SIS; "-''V 'n,llrln,rrl,. 
 l-.l <1''0'; \ ('. 117 124; CliUla Mh„'s. Jul. v. ,t„dr,s,m. 22 I. 1-. U. •-. ; 
 ,„,,l', .. ,, „:,; l-^cn where a .o;-retary i. h.dd out a. a per.so,, to ai.-«er e. rtam 
 i„„,,irie-, the company in.nrs no liability for untrue answers if made by the 
 K..re.ary for his own private ends. HrilM M„t,al lUnk v. Ch<^rmroo,l Forv.l 
 n„ihr.n,. IK (J. 11. I). 714; and sw ltah"» v. (i,.;! loi'jall Comol,dat, ,1. (1900) 
 
 A. ('. 439. . , , ., 
 
 \s to cheiu.s to a company indorsed by the -ec.etary and, without authority, 
 paid into his private account, s:-e ll<,<n,n,.; M.:' rir.r C,;,l,:,l v. .Irmslro,,^. 
 
 H; T. i-. i;. 23ii. 
 
 .\s i„ ehe pies with forced sis;natures of direetors, r^ee K,;,,!, :■':"" lluhhn 
 K^l;f^ V. Sulionnl Hank of Imli'i, 2."> 1". I., li- 402. 
 
 W here a man acts aa so retary of two companies, it is not true as a general 
 propo-i.ion that a fact wlii.h comes to his knovvled^-e a. so -retary of one com- 
 pany i-; notiec to him as s ■■■retary of the other company from the mere .xistenee 
 of tl,e eoimnon relationship. In order to make it notiv, it must be shown that 
 it wu, his duty to the lirst company to conim.inieate his knowledjre to the 
 .eeeiid eou.panv. rmwirk, St.<l„„l if Co., (l'^Wl\ I fh. 507. 
 
 .\ >cer...tary "is liable to heavy punishment for faUifyin- any books or .loeu- 
 ments „i the company; 8eo sect. 21ti of the Aet. Ho is als,. liable for nii.^lVasanco 
 if he recivc^ an improper commission. IS.<r,-i'>r.i rw, 14 C. 1). 433; Mrhuy'i 
 TOM', 2 Ch. 1). 1. Hut a secretary is in a very dilferent po/ition to a director, 
 and is not to be fixed personallV with liability for a misupplb'ation of the 
 
 ('niiii..ir.y - luna.5 ihouj^:! nc may nave nii'>*n .ill ■•■i.'.. n.. ■'•■.' 
 
 Co. V. Brou-n (1869), 8 Eq. 396. 
 
 % 
 
 It!^ 
 
7<)(i 
 
 ARTICLES OF ASSOCIATION. [CHAP. IX. 
 
 Form 251. ^ HiK-rutary Huod for iiffrligence may set up the Statuto of Limitations. 
 Municipa! I'rcilwld Land Vy. v. Polliuyton t^lStfU), 63 L. T. Hi. \a \„ 
 tW-mUf-A. fvv fii/iru, p. 414. 
 
 fiubittitute. 
 
 [11 !(/. 'i'lic directors iiiaj' 4ij)poinl a toiuporary subslituto for tho 
 .-ccroturv. wlio sliall, for llie purposes of tlioso pre-cn(.s, Ijo (JuoiiieJ t., 
 lio IJio .'■ccri'tarv.l 
 
 \\i 
 
 CuHtody ..f 
 
 The Seal. 
 
 [1 '."). Tlio diri'ttor.-i sliull provide lor tlio safe custody of ihc .^oal, 
 and the seal .-iliail never be used except by \'. ■ auiliority of the direc- 
 tors, or a touiuiiltt;e of tho direciur.s, pieviuusly jjiveu, and in thi. 
 pn'seiice of two directors at Ihe least, wlio .sliall .si;j;ii every in^tnuiiciit 
 to which tho KCal is affixed, and every sucli instrument >li;iil ho 
 louii'or.signed by tho Kecrelary or Koine olher person ajipoiatod bv 
 tho dircctons.] 
 
 \ clause a^ above i-* sttmetiinc:* in>ert4'tl, .-Uid c\cry(»nc tie iling witii thi/ < iiipary 
 i:i buuiiii t') take notice of it, but ia not bound to aiccrtain that ile juctu ilireitors 
 liave brea duly appnintod. Cuttitty Lift: .issuratice Co., 3 Ch. 2S8; M'lhoiicy 
 V. ]:ant lliitvlonl Mi.iiifj Co., L. 1{. 7 II. L. 8tj9. Or that t! ; 3jal li:u be.ii 
 alli.vcd with the authority of a meeting duly eou.4titutcd. County of (ilnuceiter 
 Hank V. ItKihy, i)-c Co., (1895) I Cli. 029; Dm-ii-n v. Vuttr,,, ,J Co., (Is'Jl) 
 o Ch. GTS. Xni see Owrii # A.-iliir,jrti,'s dahii, (I'JUl) 1 C'l. 11.5. lint the rul.' 
 diKi not apply where the seal has been fraudulently affixed and the signatuns 
 are forced. I'ul/cn v. Great liiigull CotimlirlalcJ, (IflOC) A. C. 430. 
 
 See further, lupra, p. 79. 
 
 Authentication of Deeds and Documents. 
 
 Deeds. ILVi. The followiiijr provision.s sliall hav , elfect: — 
 
 I. All deed.s executed on behalf nf the coy may bo in siiih form, 
 and conUiin such powers, jirovisoe^. conditions, covenanl.^, dauH'i, 
 and ai>-reemls as Ihe directors shall lliiidc lit, and. in addilinii to bciiii; 
 .sealed with the seal of the coy, shall bo sip;ned by two directors, and 
 countersigned by the seurolary or such other oflicor a.s tho ilirc tors 
 from time to time appoint. 
 
 Bill*. ■_'. .Ml bills of exchange, |iromi^siirv notes, Dr other neL''iiiable 
 
 insfrumcntij shall bo accepted, made, drawn, or indorsed for ami on 
 behalf of the coy by two directors, and countersigned by the sci rcl.irv 
 or such her ollicor as afsd, and all cheques or orders for payiiicnt 
 shall bo si;, lod by two directors, and countersigned by the secretary 
 or such other officer as afsd. 
 
 Ob«.|ue*. ;i. Choquos or other negotiable instruments paid to the coy's 
 
 banker for collection, and requiring the indorsement of the coy, may 
 bo indorsed on its behalf ) y the secretary or euch other officer as afsd. 
 
FORMS. 
 
 7«1 
 
 VII iMOnc.vs liolon-,'inf: t» tli«' < o y sliiill bo p<i to «i)ch bankors a- lb." Form 251. 
 .iiroc'or-' -liall t'rmn time to tiino in wiiliiifj or i y rosoliitioii of tlio 
 !|i„.,iorsiipp.aMt; .'iiul nil rcroii)ts for money T'l '" <•'" "^"y «l'all I'O R^oeipf. 
 ^i„,„.,l bv I lie stvroUvry or such otbor ollicor ii'< afsd: and su.li receipt 
 -lull Ih- nil onVxtual (lisoharp.' for ibo money tlu-ioin MiVM to bo 
 1 01 oi veil. 
 
 Tho aliovc .■!mu><'< uro o^'ca-iion: 
 •<f,. iinti' to the f.iUnwinir daii^c 
 
 lallv in.«M-ti'(b lint tli(>r.' U mi nwl fm ttipni. 
 
 1 1.")/) Any instru.ir^ni 
 ji.-m'(l Inr vdiiiablo conson Hliiili bo bindi 
 -niiKlinu' :iuy iriey;ulaiily lombinu' ilio aiil 
 
 i.sMii' ilio sini(!. 
 
 beariii"- l!io coiiiiiion seal of the eov and Whut B.'ciiri- 
 
 the 
 
 I'liv, n 
 
 otwith- 
 
 t»l 1)0 d(MMIl*Hl 
 
 !' tlio directors to valid. 
 
 II,, ;,i,„v,. <;iiu.o i. iKiniiully in-..ii(-,l. ':■:■, r /•■/'. r.... li n.. H->: /'•"■'■••' 
 
 1. /,'. /;•■■/.» .V ^''1., (IHOl) 3 Cli. (i7H. Jiiit it w.Miid seem tii !"• m.-P-Iy tho 
 ,.xi,rr-l,.ii „f the rule .settled in a »cri.-.i <>{ crises, of whicli «."/'<' Ilntlsl, It'ink 
 V. T:ir.,,<;.:,l. ti K. k IJ. 2lrt, i- :. l.M.lii.i,' mii.-. The ru!.' is ihnt where u 
 ,,.ni|aiiy i" re^'ulutinl liy iiri Ai't of I'.irliMmonf , i;eiier,il .ir -iic.;:il. 'ir I'y >b-ed 
 of ..•tthniiTit, or ni(-mor.iml«in iind iirti.'le.. of i^«ociati<in. re-i'tered in some 
 puhlic oHiic. persons dealing with the director.' are liouiid t.> read the Aet and 
 ri..'it<ivd inihli,' doriiments of the eompany («'J/>r.(, p. 79), nnd to see that 
 the i.Mp..-(-l ilialint; is not ineonsi-teiit therewitli, liat that ia all: tliey need 
 ,i„t ih.iuiie into tlie n „'iil.irily of th.' internal i.r.^reedinir^. Th. y may assuniu 
 ll.at :ill matters of " in(lo.jr iiianaireim-nt " have been done reL-iiUirly. Flei?, 
 ivliere the arthlea tri\e power to borrow with the - oie tion .if an ordinary 
 re-elullon of a teener :1 meeting', a lender need not imiuire whether the resolu- 
 tion hm hecn passed. Itni/nl lU-'U'li I'.ank v. Tiirriwin'l, ulii sy„r<t: -t'lnr v. 
 .Il!„',„n„i, S„Li,tii. -i <". I'.. N. S. 72.>. And see i> /I'lrh' Enrjlc C,,.. 1 K. »: .1. 
 .il'i, as to execution of policies. In l.n„l Cr,;/ll „l lrrl,n„l. 4 Ch, 4iiil. it u,,s 
 
 iieia that as the company had power to ; ept hilh. certain ac.eptmees could 
 
 iwt l.e impeached on the ground that they were irre;;ulnriy issued. S.i, .also, 
 it ha, heca held that the pulilie is entitled to assume that a per.^on ,ictin;r ,/■■ 
 
 ,,.<■/„ :is th impanyV agent or director has lieen duly appointed, Smilh v. 
 
 //,,/' (,■'■-;>. '■„., U C. B, 897; Cuu,.!'/ l^i,', J Ch. 2«M i M:iho„r>i v. E'ls' llnl,,- 
 jiir! Co.. I,. If. 7 H. L. 8fi9. It may als.i a sunie that an instrouicnt bcarin],' 
 
 II ..il ,,i ihe company was si<ale<i pursuant to a resolution of a lio ird nii i tinir, 
 
 (•„;.,■./ .,/ (,7<i«e<s^cr lli!)ih V. l/ui/ru, !lS«.>) 1 t'h. t>2!l ; 'It s,e ,is to the 
 limit, of this rule. It^ihr,, v. liretl H, ,.■!"'! r„„.„l„lnl,:i. llltOli) A. C ISII; 
 overririiiL' SI, III- V. fori rin',/i. ir. C,,., 13 1^. I>. I). HI.); also s-r.,,-.., p. «l . 
 V |.ei-.in (aiin.it a\ail himself of the presumption if he knows of the irre<;ulnrity 
 
 //,.„,,,,' V. I'"lri'l Inry Co.. 38 Cli. I), l.iti). and it would seem that .. person 
 ■s n.it entitled to assume that a spoeial resolution haa been passe.l, for he can 
 tinil out whether it hat lieeu passeil or not liy refer.'nee to the rejfistir. /, roi. 
 1. / jo.wi lUnik. 1 App, (-■as, 37(t. 
 
 (teca-ionallv exj.resii provisions a.s to the exe<iilion of doeonients an. in'.rled ; 
 l.ut as a (.'eneral rule it is better not to in«i>rt such pr.ivi«ions. 
 
 i i 
 
763 
 
 AKTICLKS OK ASSOCIATION. [Chap. IX. 
 
 Form 251. 
 
 Aonual 
 
 returiiK. 
 
 Annual Returns. 
 
 115c. Tlio coy shall inako the roquisito unuiial returns in accord- 
 ance with sect. 26 of tho Cos (Consolidation) Act, 1908. 
 
 It may bo well tu insert the abuve olau-ip us u reminder, fur tho penalties fur 
 default are onerous. 
 
 Sect. 2fi of the Companieit (ConMilidation) Aet, 1908, is as folhjws:-- 
 
 26. — (I) I']very coni|iany having u hiiare euj)ital sliaij unci; at leant in Pvtrv 
 yc-nr make a list of all persons win), on the fuurtecnth day after the first op oiily 
 ordinary genenil mectin'.^ in the year, are memhers of the eonipany, 'ind of .ill 
 persons wlio have eca»od to ho memhers since the date of the la t return, or lin 
 the ease of the first return) of the incorporation of the company. 
 
 (2) The list mu-t state the names, addrcscs. and occupations of all the ]w[ 
 and present memhers therein meiitioned, and the number of shares le-M i.v 
 each of the existing members at the date of the return, speeifyin^ shares 
 transferred since the date of the last return, or (in the ease of the first return) 
 of the incorporation of the company by persons who are still nierui'ers juid 
 have ceased to be niemhers respectively, and the dates of registration of tiip 
 transfers, and must contain a summary distlni;uisliinj.' between shares issued 
 for ca^h antl shares is-iued as fully or partly ]jald up otherwise than in ciish. 
 and specifying the followins^ particulars: - 
 
 (a) The amount of the share capital of the company, and the nunilier of the 
 
 shares into which it is di\ided: 
 
 (b) The number of .-hares t.aken from th" commencement of the company up 
 
 to the date of the return; 
 
 (c) The amount called up on each share; 
 
 (d) The total amount of calls received ; 
 
 (e) The total amount of calls unpaid; 
 
 (f) The total amount of the suma (if any) paid by way of eoniinis-ion in 
 
 rc-ipcet of any shares or debentures, or allowed by way of disrount in 
 respect of any debentures, since tho date of the last return; 
 
 (g) The total number of shares forfeited ; 
 
 (h) The total amount of share or stock for which ahare warrants are out- 
 standing at the date of the return; 
 
 (i) The total amount of share warrants issued and aiirrendercHl respeitiv.l; 
 since the date of the last return ; 
 
 (k1 The number of shares or amount of ■ tock eomprisetl in each shnrs 
 warrant ; 
 
 (1) The names and addresses of the persons who at the date of the return an' 
 the directors of the company, or occupy the position of directors, liy 
 whatever name called; and 
 
 (m) The total amount of debt due from the company in respect of all niopt- 
 gaK'cs and charges whiih are required (or, in the case of a coiup.-iny 
 registered in Scotland, which, if the company had been regisleied in 
 Knglund, would be recpiired) to be resristcred with the rCj^istrar of 
 companies under this .\ct, or which would have been required so to be 
 registered if created after tho first day of ,Iuly nineteen hundrinl 
 and eight. 
 
 (3) The runinidry iiiiist ii'so (ex.-ept where the . ompany is a private !;::::y.::::y) 
 include a statement, made up to such date as may be specified in the statement, 
 in the form of u lialance-shcet, audited by the company's auditors, and con- 
 
FORMS. 
 
 763 
 
 tainine a i.un.m»ry of iU share capital, its liabilities, and itt assets, k.vm.- »u.h F om 251 
 
 rti.ulars as will ai«li«« H'^' h"-'"""' ■'•'''"•" <'*' "'"^'•" 'i'*'''''''"* "'"' ""■"-''•'• 
 l'i',,1 l,.,«- the valu.M of the tixrd asM-ts huso htviLarrivwl at, imt ll.r l>alaiu-.-she.t 
 '",\ iwt iivlu.le o stati-iii.'iit of prolit ami loss. 
 
 1, The aliovc list and sumiiiary must he contained in a sciiarnte part of the 
 e-i-tir of meinbiTS, and must he completed within seven d:iys after the four- 
 M^Tth Jiv aforesaid, and the company muH forthwith forward to the rc^'istrar 
 l',u„,,.ai",ics a copy sinnud l.y the n.ana-cr or hy the ae.rctary of the company. 
 .-,, If a company make, d.fault in complying' with the rcpiircnicnls of thii 
 e tic.u it siiall be ifab'.e to ii tine not cxcceJinn five pounds for every day during 
 which the default continues and every dir-cior and mana-or of the onni-any 
 „|:o l,r,o«iM-ly and wilfully authorizes or permits the default shall be liable to 
 
 the like penalty. , ., ■ 
 
 •li.fiult' in forwardins.- the reiiuired return to the rc-istrar undiT this 
 
 -oahM ineaus a wilful continued neiflcet to do the act, and does not, il seems, 
 
 apply to a la.e where the default cannot ho reinedied. Ih.rfe v. So;l/, .lliiam 
 
 S„i,n-a,r..li"i<. l.umlrJ, 211 T. 1.. K. 12:.. 
 The ohlif,'ation to forward the li.t and summary is indcpondenl of whether the 
 
 urdiiary tjeneral mcetim; i- held in the year or not. Heme the directors cannot 
 
 had not been hehl. I'li^k 
 
 1,'i'iion, 
 
 dire. -tors and mana 
 
 liiible to the 
 
 1,. U. 10 11. li. :i2;l; J:.!„fi„'/- 
 
 W 1,. .1. M. 
 
 and IliiJ. 
 
 >et up in self-defence that a meeting 
 p.ll, 1 K. li. .588. 
 
 liif;iiilt r. nders the company and it- 
 staniioiv pMialties. See (,'i/j.vii, v. llu, , 
 , ■„,,-,. ," 1.-. L. J. .M. >-'. -Jl; lt<V- V. .Vc»7„ 
 V. Tii'ii. , IHW) 2 Q. It. 5K«. The eonijiuny's |>enalty is .'i/. per d.iy. A'ey. v. 
 r,iiin,i,r. ,-,.. Co., 48 I... T. (iT.i. I'rcM e-ilini^'s to enlorce the penally are taken 
 :,efor. a mau'istrate, who may iii,|uire into the sulfichvi y and aeeuraey of tlie 
 return. r.nt„„ M,;licnl, 37 W. K. 52. To comply with se.-t. 2ii th.' Ki-ni'va} 
 iiM.ti.ii;, referred to in sect. lU of tlio .\et of IHllS. as to whieli see note t" 
 ihni-e .i7, must he held at latest on ITth December. 
 S.o form of return, «M/i/'f. p. ()22. 
 
 DlVIIPK.NIi.S. 
 
 I !(,, Siil)jeel a.s iilsd, thu prolils .d' ihc ein slusll lw .livi-iMc ^iiiioiio- 
 :lic niciiiboi-.s [lioldii.;^- ordiiiafv kIuii-osJ in iini|M)ni(iii io llic ■ apiliil 
 p.l up on ih.! [.irdiiiarv] sliaic- hold hy tlioiii if-iilv. 
 
 •■Siil.jc.t a- afore-aid.'' Thc.-e words rcfi'r t.^ any clause deiann^- tie- ri,-iits 
 ..f tlie preference shareholders (if any) and t.. any elausc a- to ineie;,,,. of 
 eapitd and us to reserve; but sometimes it is e; nsidered expedient to provide 
 more ilearly as to the appropriation of profits, e ■•. 
 
 I Hill SiibjocI iia ulW, tlie pi'olit.-* of tlio cuv wliicli it .siuill Iroin 
 tiiiio 10 lime lio doloiiniiieJ to divide in iwpeci of aii\ y>'ai oi- odior 
 p.ii(.:l .•-luill lie applied lii.st iii payinii- the fixed .iiiii'ilalive jiio- 
 iVieiiiiiil dividend ou the capital pd up on the pivleieiice .-liai-.s lo 
 llie cjuse of .•<tii.h year or othof period, and, secondly, in p.iyi"^ ii 
 dividend for .such year or olhor period al the laie of p.r.p.M. on 
 
 the capital pd up ou tlio ordinary shaios, and. thirdly, the siirpluB 
 .shall he aiipliod to the payment of a <tividoiid ou the delerie.l ,-ii:ire» 
 ill pioporiion to the capital pd up thon.] 
 
7W ARTICLES OF ASSOCIATION. [CuAl'. IX. 
 
 Fonn 251. 
 
 Or, 
 
 [I |i-/>. Snliject, &c., shall be upplie<l first in paying a dividoml for 
 
 such year or other period at the rale of p. p. p. a. on the fiipii.il pd 
 
 up on the preforeuce shares, and, secondly, in paying a dividend fn, 
 such year or other period at the rate, &i'. on the napital pd up mi 
 the oidiniiry sliaros, and, thirdly, as to 20 p.r. of the surplus in pn\- 
 ing a further dividend for .su< h year or other period on the proforinn' 
 hhare^, and us to tlio residue in payinjr a further dividend fo. -iirli 
 year on the onlinary shares afsd.] 
 
 Or, 
 
 [IKic. 8uhjcct, ic, Bliall bo applied in paying the cuniul.iir,' 
 dividend on the preference shares to the close of such your or ullici' 
 |)eriod; .secondly, in payin'j; a dividend for .«urh year or other pcrioii 
 at the rate of 10 p.c. on the capital pd up on the ordinary sliare^. 
 and, tliirdly, in paying further dividends to the nienibors in pn - 
 portion to the shares held by tluMu resply of whatever clas.*, j 
 
 Ciipital p»ii1 ll(i(/. Where capital is pd up in advance of calls upon the footin;; 
 
 upiiiiidviiii.e. jjj^, ,j,(, y.j,„p ^jjjjji ^.^JJy intcros:, such capital shall not, wliiKi lair) 
 ing interest, confer a right to participate in prolit-s. 
 
 Chiusc 72 iif the Table A. of the .Vet of 18li2 provided that dividend* wc" 
 to lie paid to raemhers in proportion to tlieir shares, but olauao 9S of T;ilile .\ 
 (11108;/ now provides that " all dividends shall lie deelared and paid ac -.irdini.- 
 to the amounts paid on the shares, but if and so loni; as nothins; is paid up <•<■ 
 any of tlie shares in the company dividends may be deilared and paiil I'lnrd 
 in^ to the amounts of the shares." 
 
 In the ab=enee of sueh a provision as that above or in Table A. ilivideml 
 must lie pa'd in proportion to the nominal amount of the capital held by em li 
 ■harcluilder, and not in proportion to the amount paid up. Onklnmh (!■' <•■■ 
 v. Cnim, 8 .\iip. Cas. (15; il'i'H)i'Oii v. ('iimini,i'i.''. 11 Hare, 37; /■''"■•' ■ 
 Cro///>rr, 1 1 .\pp. Cas. 52.). 
 
 A(< irdinp'y, a 1(1/. share with 1/. jiaid up will take as mneh as a Id', fully 
 paid-up share. Uut many persons eonsider such a inodc of division inequit 
 able, and insist on a provision as above (clause 116). This riause aorain. 
 however, does not appear altom^lher fair, for it must i)e borne in mind tint lli. 
 compai.y trades to sd .i" "xtent on tlie eredit of its uncalled capital, ai:d w'lv 
 should tlio tbareholdi lo sujiply that eredit get no reward?— o-jicciaily a-. 
 
 in the event of the conipany being wound up, thi'y will, unless the article" 
 otherwise provide, be liable to eontribute to the losses in projiorlinn (o th 
 iinminni amount of the shares held by them. MniiJr'a mar, Ch. .')1 : and ^r ■ 
 the judgments in Or.khnuk Oil Co. v. Criint, ulti fiiprn. 
 
 Aecordinply, it is oeeasionally provide<l that " the proKts of the company i" 
 each year shall be applicable to the payment of dividend at the rate of 5 [><■'■ 
 cent, per annum on the paid-up capital, .ind the .^urplu.; .<hall hr dnn!t-l 
 among the members in proportion to their shares." This approximates to idp:il 
 jnstiee. See supra. 
 
 L 
 
FOKMd. 
 
 7ti5 
 
 Wl f thiro arc ditrcrfiit cltt«.-es of shurm in tlu- original iMpil^l t\»r .l.iu«- Jomi 251- 
 ,i|| |,Vm,«iilio.l an^ordintfly. S.m- Porms 2r.l to i.lHn (in.lu-iv..). -^r„ 
 
 1 1 ; Tlic lo.v 111 f.'« 
 
 'i'lliMill lIlI'lltlll'T Mill 
 
 V doclaiL' ii (liviili'iid In I"' |"l 
 
 to iIk' iiit'i 
 
 illlll IllilV 
 
 ;iil)cr.-i ac'CM 
 
 rdiii"- to their n<ih\n ami iiiteiosiM in tlio i>n>lit.- 
 
 n«t!laratiuu 
 iliTiduudx. 
 
 uf 
 
 V uiy 
 
 fix the time for payiiu'iit. 
 
 iiiiii'iiily it i^ proviilcJ tliat " tlif (/ 
 
 ■■>}■• 
 
 itli till 
 
 . li..ll of 
 
 l.lllpai.y 111 1,'IMKT, 
 
 . fur the diri'L-torit to rec-oiniii(Mnl 
 
 >l ineolin','," doclnre .lividriid-i, liiit the •^I'lii'ral i.ra<>ti.«' 
 il and tho i.ioctiiin to dfilari- tin- diviilind. niid 
 
 it ilicrcfi'ri' ^ccras lictti 
 J-, I'll. II. 7();i. 
 
 I'll,, ili'.lar.itlun of a dividi'iid j,'iv- 
 luiiipatiy fur tlio amount. /'.///</« v. 
 
 to frame tlio ilaii- • «■< ali 
 
 Si'O llr l>'-llll"iil ,V I', 
 
 < to i-ai'li shaii'lioldiT tliv ritflit to siir tin- 
 M!'lhu,'l Ihil. Co., 13 V. 11. 478; r.iiidl.y 
 
 .,!i (_'iiin|Mim-'- 
 
 (ith ed. |). 6119 
 
 it'iii. r, 
 
 (WM) 1 cii. ■■>.■>«; ''■' 
 
 l/um'<lilf Sled Cu., (m)-2) 1 Ch. 353, 362; but «.-e as to the ri-ht of 
 Xitrnte Co. v. SchrorJrr, 85 L. T. 29. Till declar.d, a 
 
 rilhiirawal, Lmjiinaa 
 
 diiii 
 
 ileiid 
 
 ot a tcbt, and i 
 
 t U doubtful whether a rijjht U> sue for a dividend 
 
 rithout ilerlaratifii can bo i;ivi 
 
 Fn the case la^^t luentioiii 
 
 il the riL'ht. to 
 
 of.r.-iitial divi.liMid was ^'ivcii in emphatic terms 
 
 but it was held that a ela 
 
 nplicilly 
 
 inaili' api 
 
 .li.able 
 
 Will 
 
 tlie arli.les" provide for the application of the proKts for thr ti 
 A.iilalile for the dividend." tlu-e words impliedly e.\elude protits i arr 
 
 /•■,//, 
 
 in.irk 
 
 1,1 II hilr I'.ihli^huin r. 
 
 (,ly;)l) 1 Ch. 171. 
 
 profits it is not allowable to take a jiartieular asset 
 
 hi I. 
 
 prulit ari-liifr 
 
 th. 
 
 ■alizaiion theri'of as profit of ilu' (onip.iiiy 
 
 ri'iranl I i tlie jjeneral re.iult of tlu eoinp: 
 
 o|ieratio!is 
 
 vhcthi 
 
 -hup^ 
 
 of pro 
 
 tit or loss for the current financial y 
 
 F„st. 
 
 I.nke .l^iiMf" Co.. (lili)l) 1 Ch. 208. See also I.nhh.vl- 
 
 l!,„.l ..I S, 
 I r.d 
 
 r.ilcr -ucli a e 
 
 h 
 
 (18n2) 2 ("b. 1!>H. 
 
 clanac 
 
 read 
 
 in conjuni 
 
 tion with ehuises 
 
 58, li3, North. 
 
 that a cumpaii 
 
 ly could only declare a dividend at tho ordinary ^'ene^al 
 
 V. Ith.;!,: 
 
 I Cn., (1H97) 1 Ch. 431. This dcci 
 
 ■ mn can, i 
 
 if de 
 
 held 
 mectini:. 
 ■cd. U- 
 
 H.nl 
 iMtl.in^- to I' 
 
 1- " oi-ilinary or e^itrao'-ilinary " after the 
 but it is scarcely worth makiir,' this alteration, for there U 
 
 iitrodueinur the won 
 
 .rev nt the directors from lallin;; an extraordinary '^'enc 
 
 ■ral niceti 
 
 i,hr ami, if tic j,'ht fit, to appr 
 
 of tlio payment by tho directors 
 
 >llc|l 
 
 idcr claa^u 121) of an interim dividend, and then tho dire tors can diM laic 
 
 delciiate their special powers t' 
 
 ■Il iliviilend. Directors, tliuuu'li they cannot 
 
 tliC niiiiil cr-, may 
 
 tlie c\erci-c ot their powers. 
 
 properly, if tlu'y think lit, con.sult a general mcctini,' as to 
 
 lla 
 
 \ ilividcnd ■' free of incoaic tax 
 >roKts to be applici in pay 
 
 pnoii V. 
 
 ■» P:l,;,l Co.. 4'> L. J. Ch. 4;iV 
 
 tliC I 
 "I 
 
 lav be declared on onliiiary -hares whi 
 tho same have already jiaid tax, for i 
 
 not hofitt 
 
 ■I in suli I'ase ti delu-t the tax ('ii.nr". p. 101); h 
 
 di\hl™d "fne of iiieome tax" on preference shares is objectionable as 
 
 the hi.ldcrs more than their ri;,'hts {.Ul.-U,;i. v. .UIiIoh (!o^ Co. 
 
 , (1901. 
 
 621) 
 
 ■ I" 
 
 111:!, h 
 
 A^ to 
 
 payiiicut o 
 
 tho artieh'S tliat their di\iJcnd shall be so paic 
 Tax .\ct, 1812. 
 if iiit.-re^t out of c ipital doriie,' construction, see I 'i 
 
 .\-t. IMOS. ■'. 01. a'ld \>. 871. 
 
 n 18. Nu lurocr cliviiloiid .shiill bo declarod thaa Ls nvi)iiinicude<l hy Restriction on 
 tho directors ( Iml tlic coy in t^eiioral uiecliiii? may dcclaio a Miialler '^l';.';'^'",,^';' 
 dividend) 1 
 
76« 
 
 ARTlCUa OF ASSOCIATION. [ChaP. IX. 
 
 
 Form 251. ""^ above I'luuae U commonly used, sumcttiinua with, 8oinctiini<!i without, tlie 
 — — \n>r(l« ill brarkFtn. I'rotitu may br lurrioj furwurJ. I'rhnii f'lrie thiTe is no 
 
 "lili^iitioii to divide, ttoiid \. linirritii' /Inmalilr, (1902) 1 Ch. 3.5i; IhiiUiidi. 
 
 Enrle, (1902) A. (.'. 83. 
 
 Dividend on' 
 of |irotit*<nily, 
 and not i iiriy 
 inti-reNt. 
 
 I'ointH ti» Ik; 
 obnervt^l iu 
 di'i-liirini; 
 
 dividi'iiils ; 
 
 Pnifil", iiut 
 cajiitiii. 
 available ; 
 
 ultra ii/r» if 
 p.'iyiintit out 
 ot r,'i|iitali 
 
 even if 
 
 ttii'boi'ize<l by 
 nieniortindtim 
 or urticloH : 
 
 or by (ftneral 
 meet in 1^. 
 
 Oriminiil 
 liuliilily of 
 dini:toi.s an to 
 jMiyiiient out 
 of capital. 
 
 Mtxleni 
 deeided easei- 
 uiiiitatii!<; 
 a>.'aiii.~t above 
 role. 
 
 What to be 
 drenied la I 
 protita. 
 
 119. No dividend shall hi> [iu\ utile except out of the protits of the 
 iiiy, and no dividend sliuU tairy inlcrest au iio^ainst the coy. 
 
 As to what arc protits, see intm. pp. 857 et acq. 
 
 In declaring dividends eertain important points have to bo borne in mind, 
 viz.: — 
 
 1. i)ivideiids are only to be paid out of proKts, not out of capital. i)jrl'r<I 
 
 JU-ttrlil Biiiltlinff Soc't I;/, 35 C. O. 502; \fififitini Fuiulx AaHumnrc Ca,^ 
 1(1 C. }). 12G; Flilnujta cntr, 21 C. D. 519; .ll.x;,iJrit l;it>irf („.' 
 21 (". I). 149; Lrrih E'fnl'- v. fJliephcrrt. 3ii V. D. 307; Shir,,,; 
 (1892) 1 Ch. l.)4; Foster v. AVic Triniihtl Lake .Uphtlle Co.. (1901 1 
 1 Hi. 2(18; Fh/icr v. /Il'ir/l- nud U'h't, riihlinlihig On., (1901; 1 n, 
 174. As to deeisions in dero^ati'ui of this rule, see in/rti, p. S;(-). 
 
 2. Payiiietil uul of eapiiai ii it/tt-u rnt:<, for it ainuiiiits to a redui-tion of the 
 
 paid-u|> capital, and no such roJuctiou is ullowablei unless san^;tiuiu-d 
 
 by the Court under sects. 46 — 56 of the Companies Act, lOOt), or on 
 unproductive capital under sect. 9(1 of the .\ct. 
 
 3. Kven if such payment is espressly authorized by the mcinorandtiin of 
 
 association, or by the articles of a'^soK-iation, or by special resolution, 
 it is ciiuaily ultra rirrs, for thcie documcnta cannot repeal the .Vet. 
 Treroi- v. U'liitworth, 12 App. Cas. 409. 
 
 4. Much less can the sanction of a general meeting justify it. Flitcnlt'i 
 
 cute, 21 C. D. 519. 
 
 5. Directors wlio are ]iartic9 to the payment of a Uctitious dividend, in order 
 
 to rai.->e the price of the company's shares, may be criminally lialilc 
 for a conspiracy. See per Lord Campbell, L. C, Burnei v. I'eniiell 
 (1849), 2 H.L. C. 525; and Xepina v. L'idaile (1858), 1 F. \ V. 213. 
 
 This fundamental rule prohibiting payment of dividend out of capital as not 
 only contrary to the Act, but commercially unsound, was at one time in scriou- 
 danger of being relaxed or explained away by certain unfortunate dei,'isious, of 
 which the following are the most notewortliy; — Lee v. Neuehald Co., 41 
 C. D. 1; Vermr v. General Commercial Trust, (1894) 2 Ch. 263; IVilmer v, 
 Uucna-Mira, (1895) 2 Ch. 245; Boaanqiiet, ^c. v. St. John del Jtey (1897), 
 77 L. T. 207; National Bank of Wales, supra. 
 
 See further, infra, pp. 857 et seq. 
 
 Hut the Mouse of Lords, in the ".ppoal in tho caie last mentioned 'uh »nm. 
 lloveij V. Cory, (1901) A. ('. 477, .new so much doubt on their dc'isions as to 
 effectually neutralize the mischief they threatened to do, and Hand v. Bnrrou- 
 Jlanmtilc, (19L2) '. Ch. 352, has still further minimized their operation. .See 
 further, infra, p. 866 et aeq. 
 
 ( 120. Tlic declaration of this directors as t.o the uinouiit of tho not 
 protits of (ho coy shall be conclusive.] 
 
 This tlatis*' is » ommon, and is found us-jf u! ; it pre;.-!iidc3 controversy over 
 many ditticult ([uestiona of management and u 'count, but it doea not enable the 
 directors to declare protits where in reality there arc none. 
 
KOKM8. 
 
 1>1 The (liroctcr.H iim.v from lime to tiim,' pay I.. tli« iiuMubei's hucIi Form 281. 
 aivid.'ii'U a- in llioir jiulj.'!"*.'"! tlio iic-ilinii ol the fov 
 
 imoiiiii 
 
 jut^lilii's 
 
 II r,p' il.-liiiii" .'vin ail iiit.Tiiii .liuil.'ii.l, the ilirctorH miMt «ti.fy th.-m- 
 
 ,ol>!. .1.11. there a'ic pri.tit- t.. -liviile. /• o- v. Ur.r,,.. T,,, n,.. ( IWl, 1 (1i. 
 
 V,v /."..» V. ni:,>.;-nl,l, 21) 1". L. U. Hi. I!>it. ai .-t^itwl l.y l-nl .\lur.^tono, 
 '(' ') ill the last eaae, "the tie limit ion i.f iiit.Tim cliviilemW .le|.eiul- ininli 
 ,„'„r. upon r-tiiiwtes uiul opliih.iis than tlie ,Uvlar,iti..n of a liual .livi.lm.l. 
 „ii 1, i. iiiuih- upoii the information lontaiiie.l in a formal iMlani e-»li' .1. 
 
 's„ii,etiiii- tlic ''lau^ »»y' " •^" '""•■'■'"' "''""J''"'' "" ''•■™""' "f "'" '"■''' 
 final ilivhleiul," or .onie sueh word-, l>ut s,i 1. provision'* often leail to dnpiite. 
 i-ur in-tiiiiee, where further sliarea are i.»iie;l lietween the interim dividi'iul and 
 ,1,, a rlarutiun of the tiiial dividmd, are llic holders of these share i, on the final 
 |M,|,,i,l h,iii' de hired, entitled to insist on the other »hareliolders liriiiK'inK 
 tl.e ii.t.TiiM di^>ide„d into aeronnt? fn some eases it w.i.ild s,x.in that they are: 
 l„it the i.'iini .an he provi.lel for in the terms of alh.tiiient of the interim issue 
 Th' din. tor-" paramount duty is not to pay dividends out of lapital, and 
 ur iiriliii-ly if alliT deelarinu' an interim dividend and before payin.'iit the 
 ,iir.vl>.rs'"i."v',.rlaiii that it will, if p:iid, have to he p.ii.l .mr of eapltal, tliey may 
 
 ,,r„|., riv refuM. to pay it. /.-"/ \ ■''■'" ''■■■ v- ■'• "• 
 
 17 T. I.. It. >>y>: «■■> I-. 'I'. •^'-• 
 
 IiiN rim 
 di\ ideiido. 
 
 ,i,-'f.;- A r„. (H»OI ). 
 
 It2. 'I'Ik' (lirL'il-ir.s may rolaiii any dividends on wliidi the coy has Uel.ts niiiy \» 
 a lifii. and may apply the saiiif^ in of towards satisfaction of tiie "■"" 
 drbl.s, iialiilitios, ot eugafromonts in respocl ol' whieli tlie lion exisU. 
 
 [ll>;!. Aiiv jrenoial mectinjr dcilaring a dividend may make a call J^;;,';',^^';.\»^';.| 
 oil tlic niiMillicf.s of such amoiml as the nu>otin;r fixes, but so that the 
 e^iU on ca'h nicmbcf isliall not exceed iho dividend payable to him, 
 and su lliat llie call be made pa>ablo at tiio .same time as the dividend. Set-off^ 
 and liic .lividend may, if .so airan;j;o,l between the coy and the 
 iiieiiilicr. lie set otV ajjainst the call ilic makinfr of a call uniler thi.s 
 .laiiM' sliall be deenieil ofdinaiy busiii.'-s ,,f an or|in;iiy •jeiioral 
 luci'iiim- which declares a di\;.leiid. 
 
 A ilau«e as above i> not uneommonly inserted, liut the London Stock Kx- 
 .i.anire ohjeet to it. It is eln ir tint. In the abs -n™ of su li a ehiusi., a share- 
 hol.kr limy au»tiorize a eomiiany to let.iiii any money due to him for dividends 
 .,r ntlierwi^e. ai , to pay Ul> his sliare. tberewitli, and tliat sueh p.iyiiii'iit would 
 he cpiivaletit to easli. See A'.<,jees rivr, »i Ch. 101, where a divid.Mid paid by 
 criditian the amount on the shares was tre.ited as opiivalent to easli. See also 
 /;...„/ ,. S,,,-.,,,;-. Pi -Vip. fas. 3S.3: /('■ U/./,. .,/„■;„„;■. (1(107) 1 Cli. 390. 
 
 This .hiiise iii.d the follovviuf; e:au-e are used where it is desirable to eapitali/.e 
 linilits, instead of paying them out in easli dividends. 
 
 lli.la. .\nv general nuM'liiifr dociaiino- a divi<leiid may iliiect pay- Dividend 
 lucui ,_,f sucli dividend wholly or in part by the distribution of in "pe-ie. 
 spccili.- usscl.s, and in iiarliciilar of pd-np shares, delienturos, or 
 deboiituio .stock of the coy, or pd-up shares, debentures, or doben- 
 
u 
 
 768 
 
 AKIICI.KS OK A8SO<;lAriON. [CllAP. IX. 
 
 Form 251. '""■ M<<'ck of aiiv other coy, or in uny ono or more of nuch wavs, 
 uml llif din'ilor.-* shall ;rivt' olTort to siii li ri-soliitiou; uud, wlii'ii' :iiu 
 (lillii ulty iirisos in regard to llic (lis(ril)Ulioii, llioy may sutilo lli<< <aiiie 
 us iliry lliinii cxpcilit'iil. and in |iailiriiiar may issiio fraiticinul cottiti- 
 ratcs, ami may (ix tin' valuo tor dislrilmtiuii of mulIi .-iiKJcitic u>.^ol*i,tJt 
 any |>ait tlicrcol'. and may dclt'rmino that awh payments j-hall lj« 
 made lo any mcmiiors upon lli«' fooling; of the valuo m) lix«>d. iji ..nlor 
 to adjn.it tlio rif!;litM of isl' pnrlii's. and may vo-<t any such s|i('iilin 
 as>i'l' in (ru-itpc- upmi tru-it.s for the persons ontid lo the 
 
 di\id'Uil a-s may .leom o\,, .out to tlio diroctors. Where it;.|iil.siti', 
 a priipor contract shall ho liloti in accordanco with sovi. ks nt the 
 Co- I Coii>oli<laHon> A<t. 11(08, and the dilOl•tOI•^^ iniiy ap|iuiiit urn 
 peixin to shj^ii Kuch contract on hohalf of thn por.sons enilil to thf 
 (liviiloiid. and .xnch appointment shall lifl clfeotivp. 
 
 Ill tlio ubMnco of cxpreHS authority, diviileiid^t raniiot lie paid in sh;in( i,r 
 di'liiriturBi but only in cisli. Il'omt v. I> !:f,ii WuliruorAn Co., 4'i ('. I). i;ii. 
 // ■(■ V. (;t. »'. Hull. Co., 3 Ch. 2112. 
 
 As to flio allutint'iit of paiil-up aliarei in ri'spput of ri'v'ni' and tli- ihm;, r 
 attrniUiif; it. Hue Eti^f'rtt atfl .t>is. Co.. 41 W. It. 373. 
 
 Kllrit I I' 
 
 !r»iu«fer. 
 
 12). A iran.tfcr of .•.liarc.-< shall not pa^s iho rij^ht to any (llviil.ii.l 
 declared thereon before the ro^fLsl ration of the traiLsfor. 
 
 TliiM is iinpliwl: the deilar.itiim vests a riijlit of atioii. .Vs lo a|i|)iirtion- 
 fflent: as between a seller and buyer, th« buyer is entitled to all divuliid- 
 deilurid after his eoiitrat;*, unless otherwise ajjreed. lUnck v. Jl"i„.r'/,,iii. 
 
 4 i'.\. D. 21. As between tenant for life and reinuiiiderinan, the tenant for lifi 
 take; all dividends and bonuses deelarcii in his lifetime. Prirc v. .tii'ln-yn,,, I'l 
 Him. 473; Ilopkhii' Truat), 18 Eij. (>%; .IniiUnye v. Gnrnell, (\Wii) :! (1.. 
 337; .Matan v. Ilifchtiii, (1894) 3 Ch. 57S. The Apportionment A.-t, W,u 
 (33 .>- 34 Viet. e. 35i, may t,'ivo his n'pros.'ntatives a further rii,'lit. 
 
 .\ company regi-tcred under the Companies (Cons.ilidutioii) .\(t, l!t(IS. i-i ;i 
 piiMi' company within the nicanin;; of >eet. 5 of the .Vpporti(inme:it -U't. it- 
 l.i/.^ii<i/it, 1.18'JS) 1 t'h. 115; but a deelar.ition in a will that a share beiiieitlnil 
 ■' ahal! carry th" dividend ae Tuini; it any death" is an " expriss sti|iii!:ii!ii.i." 
 within sect. 7 of tic A|ipcirli"nnieiit Vet, that no up|>i)rtioiiinent >h:dl tike pi ue 
 //,if. And «o also is a de.larition in a will that "the while of the iineme 
 derived " from shares shall be paid to a person durin,' his life. I/cn ' /■. 
 (17 1.. J. Ch. 4)9; 78 L. T. 492. Where after the death of the tenant fur liti 
 (•hares are sold '•rum dividend," and after sale a dividend is d'-larl :inl 
 received by the pureha-er, out <if profit < p.irt of whi''!i are eirn'vl 'I'l'irc' tlw 
 death, the e\e'utor is ?iot entitled to anythin',' out of tic divldeiid. I! I'l:.-'- i 
 v. Sitf>hcn.i. (189G) 2 Ch. 211. 
 
 The Apportionment Act only applies to sums which are aocruinff but have 
 not accrued due when the apportionment is said to be ro:iuircd. i:''!' v. 
 Jfoirhulham, (1900 1 1 Q. H. 740. 
 
 Hut where dividend is paid in sbarei it may be rcu'arded as lieini eaiiitali 'cil. 
 in which ea-e the tenant for life cannot e| dm it as ineoiiu-. Unr/'ni't Tn'.'-. 
 
 5 r:«|. 238: HoHcli v. Sprout,', 12 App. (-'as. 38.5; »e 0,i>)enheimT, ri907} 
 1 Ch. 399. 
 
 M. 
 
K«»HM»<. 
 
 7a» 
 
 1^^ _, ,.„„„ „ part of « diviili-ml |>iii<i in .lii»r.-« i.r piirtly in sliiiri- imiy h 
 
 1„|,'|' u> !«■ .HI''"'! Hiil'im V. Hitrh,,,.. (UtM) A »'li. ■'57H: A/'" v. fl«r/.V,,( 
 \\ \ (1H!)1)»4. Hvv lliime y^'helt Srtllrmml.iT 'i'- i'- ii- ^lii- 
 
 I,. ..,111. la-e- a di> iiU'iul iii tlio «hapi' -f piii.l-iip «hiire< will ifi> t.i ili.> li-iiun 
 l,„. lifi- /'.//»<•■'■ V. ('(i-«'V, 5ll S. .1. 3ii3 
 
 »>■ 1/ 
 
 VormSSt 
 
 \ I., ri'liiticm back i)f tin- title to (liviili'iidit wlii.li are forfoitcd by bmikruptiy, 
 ,,/„,,• V. (;,„.MIa. (IWn 1 fli. I3S; lf<^ llf^-lher. (iniW) 2 Ch. 2:1(1. 
 
 I', Tlw .liivcloiH iiii»\ ri'liiiii tli«' .liv iili'ii.ls |iiival.lr iipim sIuuok Butintiun in 
 '- . I . • • 1 rcHiiin rant- 
 
 11, ,, |.- t Ol' «hilll IIMV |1.1- > MM.Ii'l ihf trMIIMlll^sloil .l.ni-.- 
 
 ■,h,ii.i. ;iH oiilM li> litHimw u nifiiiU'i, nr which uiiv jiorsnii iimlci- 
 iliiii .luu^io i-i I'litlil to tianHt'in-. until siu^ii |H<r-i<>n *\\a\\ honiTiw a 
 „„ I, lir ill lopiTt thof or shall diilv liiiiiMl'or iIip -iinc 
 
 !:>.; Any ono of sovoral ,)crHoii>- who iiro ix>.^'i.si«.r«<l a.-, liio joint. |,*;j;j;';;;^','j^ 
 |i.,l,|,iT, uf any HJiuro may pivo cHectuiil riv<>i|)t« lor all dividomlo unit 
 IMMiK'iitK on account of dividends in lOHiwt of wuch share. 
 
 u: I iilcs,^ .lth(«rwi^'C din^otwl any dividend may ho paid by '^j""'"' ''•* 
 , I,. ,uf or warrant .momI lhrouu:l( tJu> po.st to tho rofri.storud addross of 
 ih,. iii.iiilior iMilld, or, in tht« ca-if of joint holdors, to tho roffiHti^ri-d 
 ;, 1,1,1 -- (if that uuo whoso nanw? .stands first on tho register in respect 
 vl tlic j.iiiii holilin;r; and every choi|ue or \vari-or\t mo .sent shaM ho 
 i]i,i,ii> |ia\iilili' to the Older of the |M'r.-<in to whom it in cent 
 
 Th,. ;il,ii\,' cl:iii-i' i^ (.(iimiiiMiiy iiisci-i,. I. anil c\pn'-<ly saiK'tions what i.< llic 
 .>r.liii:ny |,rM,ti,i., ii.im,.ly. to pay dlviiloml-i liy , luvpii- or warrant sent tliro'iu'li 
 
 111,. |iii-i. 
 
 \| ;,ri iniMi ,<ii.li a ilausi-, if tin- diviilcml warrant U li)<t in tlic po*t tli" low 
 f«ll- .,M the 4(M-k or share Imldcr. Th„;,,.nll ^. i;i. Snrthr,., KnU. ('„.. (iniKi 
 
 ■J K r,. •>"9. 
 
 TIio ilaii.-,. alliiwi the shurclioldi-r to tfivc ..peial directions, f.if.. to pay all 
 ilivi.l.iil- 1,1 liis liaiikem, vii.: 
 
 111 
 
 T., llic Coy, Limtd 
 
 I ,|iici.l that until further nolico all dividemlt. from time to time 
 
 1,,., in;.' payalilc <m any shares in [or stock of] the above-named coy 
 
 f.ii ilic lime heiii"; standing? in my name he paid to Messrs. 
 
 of '^for my aeeount], and their receipt mIiuII bo a {joul di.scharjjfe. 
 
 Date . 
 
 Si;,'nature 
 Addn'Kn — 
 
 Or, 
 
 1 iliicci that all warraulB for dividends at any lime heicafter 
 t.coiuiiiio payalih' on any shares in the abovo-naiued coy for th<? 
 
 time l)ciii;r wlandiiip in my name, Ik" sent by post to . of 
 
 my rifik 
 
 Date - . 
 
 Si<rnaturo - . 
 
 Address — 
 
 ut 
 
/TO 
 
 Form 251. 
 
 Ill iii< 
 
 iilupt 
 
 .if 
 
 AKTICLKM OK AHWXIATION. [ClIAP. l.\. 
 
 iliriM'liiiii luiyiiK'iit III iin<' of lwi> jiiitil lii>|.|, 
 
 would ^riii tti l>r ifiMid iiirititiMt tlu* ntlirr. for " the old ruin of romtnoii hiw tli ii 
 luiyiiifiit to oiif of two joint croditort U a i^oml ili^rhari^i^ of tin- joint ilritt .tin 
 rriimiii-i tfooil." I'lr rarwcll. .1.. in l'„ir,ll v. Il,n,lh'unl. i IIHII ) i Cli. Itio ii.l 
 Siii-li (lirt't tion.« ar>' not liiihlf to Htaiup itiity. Stf StHinp Act, 1H9I. Sflirilulr 
 uiiilir l.ittiT of Attorni'v. "•xrin|ition« i.'t). W lirrr, |Mimmnt to tlir iirli.l.. 
 or at thf* ri><|UP4t or with thu roiiHi-nt of tlin Mliurcliolilnrf a (-hi'tjui' or ilivitlnil 
 i< wilt llirouidi till' (MMl, it i- at lii> ri»k. Il'tij r nki- \. A't."/.«, l'f:il,i i,; 
 llii.rl,,,,' \. Il'ilt, ;l,:.l. ISli; l.i'ik. , SHT; /7,.-. ,-...//( . I!l. .\.„t/,,,.. I;,. , 
 (HMO J > K. I!. Aim. 
 
 Till' followini; flail"! 
 
 r.-Mioiiallv ii-i*i|: 
 
 Motl,;Co{ 
 
 •<ll\ iilend. 
 
 Vnc1:liuil'<l 
 
 •liviili'iuK 
 
 ll!7(/ Nolill! Ill llio lll'riillilllnll 111 illlV lliv illfllll. wlu'lllCl llltnilil 
 111' IllllCI'Misc, sllllll ln' UlM'll ll\ ill|\l'lliM-IU('Ilt, aihl III""' I' llll' 
 
 liulili'i'.s 111 i'i'i:isicr<'!| >ltiiii'- mill ii'tri-l<'i'<'<l stnrk in iiiiiiiin'r Imiu 
 
 )l|nvilllMl 
 
 ll'S. All iliviiliMiil- iiiir|iiiMii''l I'll mil' vi'iii' iil'tcr liiniii',; I .11 
 tirrluicil iiiiiv lie iiiM->!(M| or uilMTHi^i' niii'lc ii-ic nl liv llw ilin' 1 ■\- 
 t'nr till' lii'iiolil (if tilt' i'liv until ilMiiiii'ii aiiil all iliviili'ii !> iiii' l.iiiiiiil 
 I'll!' live MMl's iil'tcr luniily lici-ii ili' hii'od in ly U; l'"ili'ilril In ih' 
 iliii'i'lni'.s fur till' lioiii'lil iif till' iii\ . 
 
 Till' I'oiiiinitti'P of till' Stork l'^\rli.int;i- oliji'i-l to tin- .iliovi' I'laii^i' in ^n fin .1- it 
 |iriHiili"( for tin* fiirfi'ituri' of ili\ iili'iiil-« iitirl.'iinicit t.T Hvr year-;, ami aii'iH 
 iiiL'ly. if a i|utitatiiin i-i di'iiirril, it sluiiild In* in>Hlitii>d or oinitti'il. 
 
 As to wlion diviiii'iiih am liarml liy lajisp ol' liinr: In ll'nh'n \. \'>.tl, ^'. 1}, 
 llii'J. Pi,.. 38 Cli. I). J(i:j. Kay. .1.. a|i|irari'il to .-.in^iilfr that a ilianlioldrr i'i^l-IiI 
 lie I'l'irarded ai a jiartiirr, and would not lo.n' lii'* ri'.;lits iiy non-flaiiii wliil-t tin- 
 ]»ai'tniTsIii|i dintintii-d. Sim- /''•""/ \. /'iV/-i/ ;./ . Iii Itfav. 'il'i. Miit |iavrn r 
 
 .'lull mil's mIioiiIiI not lif iiii|ioi-ti' I. "I'l nii>aiiy is a si'jiarati' l»'idy. and ii|">ii 
 
 till* di'i-laration of tin* dividi'iid tlir .itiari'lioldi'r lias a ri'.^ht of ai'tion i . .- . 
 |i. Tii.i). and if this is riot ii|i'Hi ji sp ".ialty it is liirri'd iiy ii'im riaiiii f"' -i\ 
 yiais undir 21 .Jar. I, c. IH (S,',,„. Af. ''".. (IN<)i) I ("li. .i:!li. wIhti-i. H ii 
 is ujtoii a ispiv'ialty. it riH|iiiri's twi'iity yrars to l»ar tlii' riaiin. r,.,,f"'^ .'/'. "' - 
 '■.... (1897; 2 Ch. 74; 3 A. 4 Will. 4. <•. 27. s. 3. 
 
 Ill .Irtlztii-i' L'liiil iDi'i Mn,l,,„,j, 1;,.. (Hint 1 Ch. 7l»(i. it was h,-|.| liv 
 r»\ nil'. .1.. that whrri' tlii' shari' i'iM'titi"ati's in th' usual fnrm arc iiiid'-f tti 
 I'lnnmun .s<'al, dividends in respect tlicrcof arc spiviulty dchts; Imt thi- ' i"'» 
 ri- (iiircs rc'iinsideratton. for the rijfhl to t ic slun- and t'l 'liviili'tiil is iinhp'-i '1 fit 
 of the certificate, and the eertifi.'ato 1- 11 it a d il, ' *'■ is it a contra"t. \- f" 
 specialty dchts, see //-./',.,»■/ v. ll„//„.,,/. I Cli I Hi- I ■■,,1 v. F,,,! ,•• .v/.,,..-,^ 
 //.I,". 1() K(i. 28. 
 
 ^'•'^'1ln(^ to 
 %e Ix'pt. 
 
 .V((Ol N l.s. 
 
 121). Tilt- ilii'uctdi'.s .sjiail taiiso line aitoutil U) bo kopl nf ilio sin'is 
 <if iiuiiiov roccivod aii<l ('.\|n!ii(ieil liy the .ly, and llio mall' is in 
 ii'sjicci oi uliii h .sui'li i'('i(-i|il ami cxiK'ndituro takes plaiv, uiid d' lie 
 a.'-i'ts, rredi!s. and lialiilitic- if tin." cov. 
 
lOKMN. 
 
 IIm 
 
 lMi|.lli;t (.Mi|pi r il'iiilllll- 1- olli nl Ihc lir-l iIuIM' nl ililrii.il 
 
 .,,,,„, I,,., .if .ti.'r-iit-< unci tni. I. •.'■.. » /.'. >. /,...../,. (iHiia , s \<: ,tii:|, ..ml 
 „,. /,,,,„•,. \. f-',/"-, :i \.-i. lit; f,,,„„. '.,,,,-. I .1. \ W. ll.i. IIM, 
 
 I imIit i'> ^ -'> ^ i' ' '■ '•"• " "'■ ilif' '"I • .'I'l'Miif frii iiliili 111 iMiouiii- 111- 
 ..iil.li-liinu' friiiiiliili'iil ■Mli'iiii 111- iiii iir c riniiiiul liiiliility. \- In f.iKlHi .itinii 
 ,,i |.«.|, iiiiil |iii|iir> III «iiiiliii'_'iiii. -'•'■ ■•■•■• 'ilii iif llii- \'l \- I" f.il^i' 
 tiiiini'. -I''' "'''■•■ '-'*'■ 
 
 Form 2S1 
 
 I .1 I'll. liiM.k- III ;ir,.imil -liill III' kfiil ii! ll Ilii- III .il -ii' li Wliii-i t" l.i 
 
 • I ki'pl. 
 
 ,,i|i, I |ihir [iliii (•- ;i> llic iliii'i l<ir>- llmik III 
 
 \ . I.lll-I' Ml ll"' alliclr- |il'l.\illiln; Illllt tllr liiMil.- -h.lll Im' I,i|iI .It ;l |i.lllli lll.ll 
 
 iilii .• hki' llii' 11 .'l-liTi-il iiltiir iiiiiy |iri'»i-iit elir ir™ii f a lii'ii mi tln' liimk-. 
 
 (,,,./ /.,, /..,„,.-'...«. ■1\ C. liiv. JUS; |<) I,. T. I 7; ;|-: W. U. M). ;i- IK 
 
 „|,;,|,. II" -I.'. . 1,1.,, mn„ V. I„,U„,,I. (IH!tN. •_• (ll. I 
 
 I ;| III. (liiri |..i> -liiill liiiiii liliif 111 liiiir ili'li'i'iiiiiir « Iii'IIm'I- .mil limp., tiiii !■> 
 
 |.. \\\iA\ 'Aii'iii, .Hill ill wlial III ami jilaic-. a ml iiinli'i- v\IimI .•nmli- ""'" ''''^■ 
 
 111 11.- Ill irLiiilaliiiii-. till' iiiiiiiiiit.- aiiil I k.- Ill till' iiiv. ill- aiij ui 
 
 tliriM, fliall 111' .i|ii'ii In llir lii~ii('rliiin nl llu' iiu'iiilii IS. ami lin imiiilti'r 
 hli.ill liaM' aiiv iiy;lil nl iii-|i<'rliiiK any an i unit m li'ml* m' iIihiiiulmiI <il 
 ilic I ii\ . i\i i'|il a.s nmlt'iioil liy staliilc or anllinri/i'il I'V tin' iliM'cliil-^. 
 ur li\ llii' ri'V ill yi'iirral iiir.'liiii^ 
 
 ( iiiii-.' lOi iif Talili' .\. ii 11 .-"liy iif ill' ;ilini' i-laiiH'. 
 
 Till- :il<ni' ilau-i' U cmiiiiKinly im'.l. Krw i ipaiii.'i .illmv iiii'iiili.r- fii'<' 
 
 nil.-- Ill till' liiink-i. lint till' liaiiii' il'H'i mt .|iialify fli" si.ihitnry litrlil 
 ..f a -liariliiililiT til iii-pi'.t the ri'iriiti'r iif iiii'iiiliirs ami tin' ri'iii-tiT of iiiiirt- 
 tM-i- .Ciiiiiiiini.'- ,\it. IHIlS. »s :iO, 100, 101. lO'ii. 
 
 \- til till' riiiiiMiiin law rii;lit t.i in-pi'it. sn' lt,j- \. Mf,,l,,ii,t l',i,i ,,,-»' Co.. i 
 i;. ,V .\il, II... .\i til a parliii-r'-i riK'lit, mc' /'.'.'/.. v. Il„„/, i IHii.'!, I Cli I(i2; 
 ami a- t.i a ■ ■ -^/, -/"( h-ii'l's right to liifi.riiiatlnti, i4i-.- '/■.".•", ( l.H'.l'J t 1 Cli. Mi. 
 
 Ill an attidii liy a .ilinri'lmlilrr a);aiii-t tlic cDiniiany, tin nuiipai'v may, iiDt- 
 witli<»amliin_' tin- rlaii-i'. lii' or.li'rnl ti pr.iiliui' l.'ttiTi lii'twon tlii> iliri'iliM 
 and thi'ir li-iral ailvi.M-rs lii'furr aiti.m liniiiL'iil (i,i',.i,,il v. l',/:^,,i', .'iK I-. T. 
 81:j; \V. \. (\XXH) 1!I4. 
 
 U lii'ie a riiiiit uf iinpeutiiiu is kImii as ir;;anl« tlio Im.iK-i wlilniii tlio 
 jiriLi'iillin.'-. iif till' riiin|iaiiy an' ri'r.inli'il." a iin'mluT li.is tin riijlit la iiispict 
 fill' ininuir limik of prorciilinns of iliri'i'tor-i. II.',/. v .l/i, ..///■.'", A< . C,,., I 
 T:. .V I-:. •2HS*. .\ik1 it i- iiiit ailvisalil.' to allow it. for it uny lir u-nl fur nil 
 •anl-of |iur)ioic-i hostile tci th ■ I'linipativ. .'^it Ii' m V. I.,,,,,/ .\ .•>'. H',//, - Ci. > 
 (■■■.. \V. \. (IKHO) -'Oil: 7 T. L. It. lis. 
 
 .\ ri^'lit to inipi'i't u-iially (jivrs a ri'_-ht to tal> ijiir- ( .l/<.r. ■ v. Knal,,,,. 
 
 t;,-. <;,., M ('. I). 'I'ii, so hi'i.l in ri'L'ar.l to the rpiri-ti'r of mo.-ti;ai.'i's t\,-l'iiii v. 
 .h,,ihi-.lmii:rrn Lmi'l .^l(irt;iiiii'' -ln'iny (',,. (IS'lT) 1 ' ' 1:>I)), without lii-in;; 
 rcjiiirfvi to i;i\.j any reisiif! ( /fn>/,i.t// v f)..' .oi, .-IT ( i) (iti'n ■ ami in rci^aril 
 111 till' ri';,'istry of iiii'inlii'rs: lint the ri'_'ht t ikc o\lr i. ts is iinpliiilly nc.'alixrtl 
 «l:iTi' till' .\i't ^'ivc- a riu'ht to liavi' roiiir- i payiin "I /:,,', :y:/,,!l .1/ i. • /'.,.. 
 (llinlj •> K. ii. tiii.'i, C. .\,. oM'i'riilinir /l,>,„,.' v. .l/,,c,i„ V„„ led ' 1»<»n) 
 
 1 t'h. 596. 
 
 Si" a!,u M,' „i,:,!:i,ni. .f.-. r<,'„!i, Ex ),o.i ■<»«. 
 
 :! II 1' 
 
 1 
 
(72 
 
 ARTIC'I.KS OF ASSOflATlON. [C^HAP. IX. 
 
 Form 251. -^ director is eiititU-d rirlii/e ofti-n to iii.i|ii'<t. /(«.;< v. f-oiiil,,,, >( .v„ ,/;, 
 
 — 1 ff'o/fd CnnI Co.. \V. N. (1890) 200. 
 
 A right of inspeptioii g'lveu by tin- artiflui cea«ea when the voluntary wiiid- 
 iii(t-up bcKinx. !(-, /!•«/.;/.•, ,Vc To.. 9 E(i. 6.W; 18 \V. H. 541, approv,.! I,y 
 C. A. in AV,i< Coalfirlih Kijiuliml.: (1898) 1 Q. ». 754. 
 
 On a winilintr-ui>, whether conipnUorily or nnHer supervision, the powii to 
 order inspertion. under seet. 30 or scots. 100. 101. eeastw. Kent dml fi, ',1^ 
 .Itiwlirnlr: «///.,••; Sonifi-'rl v. /."/«/ Sri-milieu. \V. N. (1897) 29. Hut ihicI.t 
 sect. 221 the Court has express power to permit inspection by ereditors nr- cn- 
 tribntories (see S'vrth U,<izil)uii Siiriiir. 37 ('. I)iv. 83). 
 
 Tiible A. of ISIiJ. iluuse 7S. provides ns folli.ws: 
 
 "The liooks of .ici-ouiit sli;dl i kept lit the registered office of the ((.mp^my, 
 and. subjei-t to any reasoiiabh' restrictions as to time and manner of insj,,-. linir 
 the same that may be inipo-ed liy the company in general meetinff, shall l)e .,|„.„ 
 to the inspection of the inemlH is diirinir the hours of business." 
 
 See also clause 104 of Table A., 1908. 
 
 Uy seet. 114 of the .\ct of 1908. ''Holders of preference shares and del., ii- 
 turcs of a company shall have the same rifiht to n'eeivc arid inspect t!ii' bnlaiu . - 
 sheets of the company, and the reports of the auditors, and other ri'ports m- i- 
 possessed by the holders of ordinary shares in the company." ''"Iiis dee. n..t 
 apply to a private company, i/ii'l. 
 
 Auiiii'il 
 Hccouut and 
 balance-sheet 
 
 Annual riiwrt 
 i.f din>ctor~. 
 
 ]:V2. M iIm' tiidinaiy iiieeliiio iii tlio your ami in oacli .-iil.- 
 
 >.',iii.'p'' vear. the diiecturs shall lay l)ofi)io tho coy a i)iolit aii'l !.." 
 aiiniiiit. ami a l)rtlaiiec-,slu'ct. ciiiitaitiin^r a .suiiiinaiy of tl»i ppty and 
 lialiilitM'.'s of ;ho coy. iiuiilo up to a dati; not moio tlinn four montlis 
 lioforc tho meetinir. fifun tho tiiiio wlion the la.'st preci'din^f account 
 anil lialaneo-.shoct \v<MO iinulo u|i. or. in tlio case of the first aecuint 
 and lialaiuc-.shool. from Ihi- incorporation of the coy. 
 
 I.'K). Every such i)alami->liwl shall he accoinpauiod by a it'p.iri ..f 
 tho directors as to the state and condition of iho coy, and as to lli.< 
 amount which they recommend to ho p<l out of tho profits hy way .f 
 ilividemi or houu.s lo the lllemlll■r^. ,uid the amount (if any i ulii li 
 they propose lo cany t<> the reserve fund, accordino- to the piovisi.ms 
 in that behalf hnlicfore contaiuod; and the account, rtipoil, and 
 halancc-shoel .shall U' sionod by two directors and countorMi;iic.l liy 
 the .secrolarv. 
 
 By 24 i 25 Vict. c. Sli, sect. 84, directors keepiug fraudulout aceouuts. ur 
 publishing fraudulent statements, arc (fuilty of a misdemeanour. 
 
 Where a report contains false statements and is ailopted by the company in 
 (general meetinir and industriously circulated, the company may be liable to 
 persona aetiiipr on those atatements. Saaoii'il Errlfiiiijr Co. v. Ihe'r. 2 .\l;iei|. 
 103; .V«r H.iin^vlrk Vo. v. Coni/b^are. 9 H. 1.. <'. 711. 
 
 iVipy to be ^'>^- -^ piintod copy of .such uauuut, balance -.-licei, aiid rep^'it 
 
 sent to .shall, seven days previously to the meeting-, bo nerved on tlie r«sfis- 
 
 member.-. ^^^^^ holders of shares, in tho mai.ner in which notices aie hiilti 
 
Ki»KMS. 
 
 378 
 
 ,liii"ii'' 
 
 I ,0 1h' »ervo.l, [and Iavo iO|>ip.s of tl.os.- <lor.iine»l« «liall al iho Fonn 281. 
 
 Iiiiii^ 
 
 I),>|Milinfiil 
 
 h,. lorwiirdod to tlio Mvi-.-laiv ot ihf SImre iiml Loan 
 Sto<k K\(liaii(^\ I.iiihIiiii 
 
 SiiiiiPtirai' 
 i)i-|<i'('titiii 
 
 it is provided, instead of this, tliiit tin' Imlii 
 
 sliwt aliiiU U« fur 
 
 iit tlii'offlie. Ill luiviitr cimipiin 
 
 lies tllix I'lilll-"' i-l lOlll 
 
 imoiilv oiiii 
 
 ittod. 
 
 \\ iicr.' the nuinlier of in.'inlnTs is 
 
 very liiriji', iis ill a co-opcnitivi 
 
 store, 
 
 .iiiiiitiiiii' 
 iiinilii'r- 
 
 providcd that a copy o 
 
 ,f the liiiluiiio-sliift sliall only lie siiit to thosi' 
 
 ivlio hold iiiori- than a sped 
 
 itiod iiumlior of sh.irr-i, l)ut that " any 
 
 .itlior mcmlier 
 
 shall he t-ntitlpd to a copy on ap) 
 
 ilnvs. and iliirinK the same )«> 
 
 tiimI 
 
 "I'.V 
 
 ilicatioii at the oHiic within siich 
 of shall lie for iiir.pection hy 
 
 th< 
 
 llCniiMTS 
 
 at the oHiei 
 
 W here limitation 
 
 the l.iiiidon Stock Kxch.iiii,'c 
 
 lilted, the words in 
 
 lirackets iiii 
 Siiiiietinic 
 tii a lucnilier 
 
 isl he usimI 
 
 the «■ 
 
 ■ords •• the aceidental omission to send any such docunieiits 
 
 shall not invalidate the proceedinsts at the meetini; 
 
 re added to 
 
 the iiliovc clans*-, ai 
 liiilnliic--hcet is iinl to 
 
 nd occasionallv clauses a 
 
 re inserted to the ellect that tho 
 
 he laid liefore a (reneral nieelim:. 
 
 See l''orin SOOa, 
 
 
 1. I 
 
 Al'DIT. 
 
 I.i.-, Once al Icu-I in I'vi'iy vt-ar n>\.."|>t llio v.mi ., lli«' ai counts 
 
 01 ihe (..V .sliall lie .'.xamino.!, and tho .onfilno.ss of tho pn.lil and lo,s8 
 acmnl and halaiKO-sliool a.s.orl^iinod 1..V ono .i. nioic aiidilo. or 
 amliioiv. 
 
 Tl... .inditors arc agents of the lompauy, l>ut construdive notice of facts 
 ,,„„i„S to their knowh-dtfe is not imput«l to the shareholders. .V,""'^"""' ^•• 
 /,„„., I.. U. 3 II. h. 171, 19(i, M6. 
 
 Tl„. rc^'uhitions dealinj; with audit are ow e.mt. I in sets. Hi and I Li 
 
 uf the Act of 1908. 
 
 I.lii Till' cov at eaih oidinaiy t-vnoial ineolino .shall aiipoint an 
 auililof nr au.iitoi.'* to hold oBi.o until tho noxt oidinaiy o;i'"oral 
 mooliMjr. and tho followino- |,fnvi.sion.s shull havo olToit. that is lo 
 .'Hv: 
 
 ,li If an aiiiii.inlniont of auditor.-, is iioi iiiado at an o.idinaiy 
 jroneinl moolinjr. the l5oai(l of Tiado iiia.v. on iho iiiiiilicon of 
 iinv nioniliof of tho coy. appoint an auditor for tho curtonl 
 year and ii.\ tho winunoration to he pd to him liy tho toy for 
 his servioes. 
 l!i .\ iliroctor or othor otlieor of the coy shall not he rapal.lo of 
 iK'inj; ajipointed auditor ol tho oov. 
 
 An auditor is in » Kdueiary imsition and should not have any eontlictin^' 
 interest or duty. 
 
 ^:i) .\ poiwn. othor than a rolirinc; auditor, shall not lio i-apalilo ot 
 iMMHg appoints! \iiditor at an ordinary j.5i>noral mooting 
 
 AcCMUIltn tl 
 he Hudited 
 aniiuiillv. 
 
 .Vudit 
 priivi-iii'iiH 
 
774 
 
 A KTICUX OK ASSOCIATION. [(UUC. IX, 
 
 I ■ '- 
 
 I . Hi 
 
 m 
 
 Form 261. uhIoks hoi ire of an iiitoiHioii to iioiiiinulf that porsoii to the 
 
 oiticv (if aiulitoi liuN liiH'ii given l).v a Kliaieholdpi' lo tlif toy 
 not It'.ss ilian fcuiitoen days bofoie the niootinfj;. and the coy 
 wliall send a copy of any sueli notice to the retiiiiig aiuliinr, 
 and sluill frive notice thereof to the Nharoliolders. either hv 
 advertisement or in any other mode allowed hy the articles, 
 not h'.-*." than seven days lad'ore the meeting. 
 
 Provided tliat if, after notice of the intention to iioniiMute 
 an auditor lni.s Ijeen s" iriven. an ordinary general inoetiii;.' is 
 callwl for a dale f.arto<>M days or lass after tin- notii-. Ims 
 heeii given, the noti'O. though not given within the time 
 reipiired liy this provision. sluiU be deemed to liave hecu 
 [iioperly given for the purpases thereof, and the notice lo lie 
 .sent or given by tlie company may, in.stoad of iMjing seiii or 
 given within the time rec|uire<l by this provision, lie soni or 
 given at tlie same time as the notiie of the ordinary geiicinl 
 meeting. 
 
 (4~> The first auditors of the coy may i)e appoint(><l by the diii'i ini^ 
 before the statiilory mecliiig, and if so appointed shall Imlil 
 office until the first or«liriary general ineeiing unlo^■• ]iii- 
 viously removed by a resolution of the Hharehnhlci.^ in 
 general meeting, in which ca.se the .shareholder^ at that 
 meeting may appoint auditor.s. 
 
 (.">! Tlie directors may fill any casmil vacancy in tla^ odicc .(f 
 auditoi, but while any such vacancv coutiinios tlie surviving 
 or continuing auditor or auditors i if any) may act. 
 
 The above claiisc follows closely the provisioufi of sect. 112 of the Coiii|i:inii'< 
 Act, 1908. .\udit clauses arc usually iascrtod In articles, and it would lie 
 inconvenient if the artiile< made one set of provisions in reffard to the ni.itter 
 whilst the statuti' made other provisions. Xo doubt the artic'les mi^ht bo silint 
 alx)ut audit, thus catisin^ the statute to of>erate; liut it has been custoHi:irv ti* 
 insert audit clauses, and it is cnnvenient to set them out. 
 
 If ])referred, clauses 13ii. 137. and 13S can he omitted and the follnwintr 
 words can he substituti'd: 
 
 "The provisions of the Ciimpaiiies .Vet. 1908, as to auditors sha'i .ipjily. 
 
 As to auditor's lien for his f|.p4. see FimVaii v. H'mlrlrll. (IHlOi S (' liiu 
 (ft. of Sess.,. 
 
 Hemuueratiou 
 • if anditon. 
 
 RightH ai 1 
 dutieH of 
 
 auditors. 
 
 1^7. The reuuineralioii of the auditors shall be (i.\«l by the co\ iu 
 gvneral meeting, except that the renmneration of any uiiililor.s 
 appointed before the statutory meeting or lo till any ca«ind vacamy 
 may be fixed bv the directors 
 
 This (lause follows sect. IIJ df the .\i t of 1908. Simictiuies iiuditiir~ pcilciriii 
 extra work as aceountioits. men of business, experts, but as they stand in a 
 Hdneiary podti'in. thc-rc is a ditticulty in their lieinir remunerated, unles- with 
 the -aictiuii (.f a i;eiiPr>tl meetiit.; 
 
 138. ' 1 I K\er\ auditor of tlie coy shall have a right of accc--^ at 
 all times to the books aii<l accoiinls and v<puchers of the cov, and -hall 
 
 I 
 
 I- 
 
 Uk 
 
FX)KM8. 
 
 , ,.,„,,, „, ^,,uire from tl.o di.v,-.or. an.l ..m..>r. of .ho cov «url 
 ';,l„„„.tio.. an.l explanation as .n..v l.o ,»..<warv for the pcrfonnun.-. 
 
 ,1 ilHMhilics of the aiuIitor.s. 
 
 .., Tho auditors shall nmkt- a rfp'-ri lo the «lmrehol.le.'« ou ih.' 
 
 , ,:,.nl^ exainiue-l by thoin. aiul on every ba la .uo -shoot laid belo,,. 
 ',l„. .„ i» L-eueral uu*ti..<r<lurin- lh<.ir tenure of oHico. and the report 
 
 "''''I'.lvhothe. or not thev U.m- uUuunrA all the information an.l 
 ,.xplanation.s thev ha\e rcipiiiod. ami 
 I Wiielher in their opinion the halan.e-shoct roforrod to in th.. 
 ' " report in pro|)t>rlv dra«n up m. as to exhibit a true an.l 
 .orreit view of the Htat<> ol the .o.v's affairs aoconhnsr t.) ih.^ 
 hesi of their information an.l the explanationn -iven t.. tlnMu 
 and as shown bv the bo.)ks of the coy 
 , ., Th.. balame-shcet sl.all be Mtrned on behalf of the board bv 
 ,,„ „t ,ho dire..tors of the c..y. or. if there is only one director, bv 
 ,|,„ dinvtor. and the audit<.rs' -.^p.nt shall be atta.he.l to the balan.e- 
 j,,,,,, or there shall be inserle.l at the f.,ot of the balan.v-sheet a 
 „„„,;,„,,. ,0 t1- report, and the report shall be i-ead before the .oy u, 
 ,^,„e, ,1 n.-> and shall be ..pen to inspection by any sharehol.lo. . 
 
 " Vnv vti ' r shall be entitled t.. be furnished with a (opv ol 
 
 ,l„, lial, .. .1 and auditors' report at a ohartre not excecd.n- 
 -ixiKMi.c o' ry huiidrod words. 
 
 ■11,,. ,.la„.,. roll.,ws «.ct. 113 ..f .!..■ A.t of IWS. .•"■•■pt ■>- »" s»l— j-''^- ' " 
 .,„, 5). whi.h uro s... out at ,.■ 777. :..>.-., ■,.!....- to p.-ulf... ...l t.-.k.". 
 
 ""traitor who a.r,.pts otti-v ,.ur«u«.,. to tl>.. r.r..la.iou. of a .■.....(.ai^ is 
 ,„„.„.l ,o , „„for», t., the terms of th.".. .v^ulation-. • .Xamtors. ..al LoulL'.- 
 , , i„ K..„^to., r,.,lon Co. (Xo. -2). (1H9«) •■! <•'•■ i^^ (^ • •^■'' "'•^; '" 
 ,„, „,,i„i.,n. l,ou,.,l to H.... what .-x.-ptional .luti..s, if any. arc -ast »,H.n th.;,,. 
 1,; ,1,,. arti.-l.H .,f th,. .omiuiny whos.- a.-ounts they an- .•allo.J u,H.n to aud.t^ 
 |,M,„n..,.r of tlu- arti.lo. an.l of cxcc-,,ti....al .L.tL-s i,.M...s.Ml l,y th.-ni wo,.U „ot 
 
 ;,t(,„,l any U'K'al jUHtitt.'ati.in for not ol.s.Tvimj th.i.i. An.l " '"• ' '" 
 
 huiiiul to 'iHTf.irm th.' duties imposed on him hy the .V.ts. 
 ■■ 1, U ... ,mrt of au «...litor-. d.ity," as l.i..dley. l- .1.. saul '";;""-»:';''•;'- 
 
 „i>,. ,dvi,,' eithe.- to direeto,s ,.,• -han-h.-lde,- a^ t,. what they ..u-ht to do. 
 \n a...litor has ..othin^ t.. d.. with the ,.r,..l.m.e or iu.,.ru. .■...■e .,t mak.n,^ 
 
 - with or witl,.„.t s.M.urity. It U uothii.L- to hi... whether the 1...^....- of a 
 
 ,..„„nu.,v i» l..'i..tr .•onduet,.d ,,r,.dently or iu.,..-.uh..,tly. ,,n.t.,ahly ..,• ..i.proH - 
 ,,l,|v It is m.thi„« to him wh.-tl.e,- .lividen.l- are ,..-..,.erly or .m,M-o|.erly 
 ,l,.,h,r..d. ,.rovi<le.l he dis-har^es his ,.w.. d,.ty t., the shan-hoUlers, ll.s l.u,.,,.- 
 i, ,„ as.ertain aud stat,- the true f\na...ial lK.^iti.... of the e.m.pany at th.. I„..e 
 
 „, the a,..lit, tt.,.l his ,luty is .■..nf^...sl to thai. I!..t th. .m<M the .,»...4,.,..: 
 
 ll„« is he to as....rtai.. that iH,si,i.,„r Tl... a,.-w.... is: Uy exan.oa..^' .1... l..K,ks 
 „, ,1,.. ..ompanv. liut he .Im-s ..ot dis-har^e his .l.uy hy .h.o.tt th.s w.th..«t 
 ;,„,„!„. Hnd with..... tnkinff anv tro.ilde t.. se.. that tl... InK.ks themselves show 
 ,h,. ...mpany-s true position. II.- ...ust t.k.. r..aso„al.l.- .are t.. as,..-r.a,„ thai 
 th.v do «, Unl.-ss he does this, his amlit would he worse than idh- tar.-^. 
 V-.nmintf the hooks to he m kept as t.. sh..w the t,...e ,H.siti.)n of a e.in.p«ny, the 
 
 775 
 
 Form 251. 
 
 ..It: 
 
776 
 
 AUTICI-KS OK ASSOCIATION. [ChAI'. IX. 
 
 Form 2S1. aoditor lius til franif u lialaiire-sliivt almwiiift tliut pd-iition iicronrniK tn flic 
 Ijiioks, uiid to certify that till' Imliinio-.ihi'rt iHOHeiiteil in correit ia tint >iri-i' 
 liut lii-i lirst iliity i> to i-xiiiiiiiii' the lK)ok» not inorely for tlip piirpmo of a>irr- 
 tainiii^' what tlii-y <lo show, but ajxo for tht" piirposi" of Hatisfvlnt; liini-cir 
 that tlii'y show tho true tiiianiial )iO'<itioii of thi" I'liinpany. ThiM is ipiiti' in 
 aiiorila'iic with tin- tie; isloii of Stirliiiir, .1.. in l.mlH Kxlntr HiiilJIini ,i,„i l„. 
 vfMhitfiil I'll. V. slifpln'iil. Mi I'll. I). 7H7. An auditor. howi-viT," i;oi'. i,n 
 Loul i.indli'y. "is not Ixmiiil to ilo more than I'Xori'iso rcasoiiahlc larr mid 
 -' i . ill iriaklii^ iiii|uiri('M ami iiivi'sti^'atiuns. Ill" is not an insurer; lii> ilix- nut 
 1,1 .i.inti"' that till- liuoks ilo inrrritly show tin- true position of the ennih.inv'., 
 ..ftairs; hr iloi'^ not I'vcn jruarantri' that his lialani'i'-shoct is aoruratc aiiiiiihii' 
 to the books of the eoinpany. If he iliii, he would be rosponsililc for an ermr i>ii 
 Iiis part, even if he were liiinself deeiived without any want of reasmiabli i.iri' 
 on his part say. by the fraiiiliilent ionieal.;:"nt of u book from him. His 
 olilipitioii is not so onerous as this. Sinh I 'ak to l>e tho duty of the aiiibiu, : 
 he must be honest (.<■.. he must not lertify what he does not believe t.i 1.,- 
 Inie, anil he must take reasonable eare ami skill before he believes thai wImi |i,. 
 • ertities is true. W'h.i* is reiLsonable lare in any particular ease must dip, i,r| 
 upon the liiiunistanees of that rase. Where there is nothini; to exeite suspiiioii. 
 very little imoiiiy will be reasonably snflieieiit, and, in praetiee. I believe, busi- 
 ness n.en seh'it a few ea.ses at haphazard, see that they are rifjht. and assum,, 
 that others like them are eorreit also. Where suspieion is aroused, niori' i.iii' 
 is obviously necessary; but still an auditor is not bound to exercise nioic than 
 reasonable care and skill even In ii case of suspieion, and he is perfectlv jiisii- 
 tieil in acting; on the opinion of ar expert where "'lecial knowledge is riHpiinil " 
 .\nd l-opes, I,. ,1., in Kinij^l,,,. V„lii,„ Mill, I.... (No. 2). <upri'. at p. 7;.i. 
 added: " .\uditors must not be made liable for not tracking out ingenious in,ii 
 carefully-laid schemes of fraud when there is nothing to arouse their suspiiiun. 
 and wheij those frauds are pcrpciraleil by tried servants of the company ;uiil 
 Mre undctectiil for years by the directors. .So to hold would make the pusiticn 
 ■ if an auditor intolerable. The apjieal will be allowed." .\n auditor shnulil 
 not be sati.stied merely by vouchers, apparently formal and regular, but shoiilil. 
 by fair and reasonable examination of tliem, see that they are not for paviiicnis 
 in any way unauthorized, or iHcgal or im)iropcr. Per Lord Uussell, ('. .!.. in 
 T/i,j,)iii.i V. /)riuii,»j,l Cn, iinidliiiii. (IMOO) I (J. II. Iti, 21. In accordance with 
 these principles, it was held in the above case that auditors who, without iiiiv 
 ground for suspicion, hail acceptisl and acted on the ecrtilicate of the niainii;t r 
 of the company as to the amount and value of the company's stock, such maini);i r 
 having been long in the ser\ ice of the company, and being a man of hi;,'li 
 character and iini|uestioned loinpetence and trusted by every one who kmw 
 him, were not under any liability, though the valuation proved to h;nc hen 
 false to the knowledge of the manager. "The ipiestion," said l.indley. I.. .1 . 
 in Kh,<isl.„, Cull,,,, MilU (■„. (N,.. 2i. ."/.,". at p. 287 of the report. ■ i- 
 u hcther. in) suspicion of anything wrong being entertained, there -.> :i 
 want of rcnsiinable care on the part of the auditors in relying on iljc 
 returns made by a competent and trusted expert relating to matters on wiiich 
 iuforiiiation from such a peison was cssi-iitial. I cannot think there was. The 
 manager had no apparent coiiHict between his interest and his duty. Iliii 
 position was not similar to that of a cashier who has to aceount for the ciish 
 which he receives, aad whose own aciouiit of his receipts and payments . nnhl 
 not reasonably be taken by an auditor without further inquiry." 
 
 This la tl>p cc.rrix't view of an imditMr'- (..(sitiun. Stjn'irr Crth Chmii''. /.■:■ 
 V. Il«!f (1911), 27 T. L. R. 2«9; afliriniil 2H T. I.. R, 81. 
 
 \n auditor it has bt>eii laid down who is appointed to investigate .he cmi- 
 dition of a business is bound to iiiike a lea-imable and proper inventigalliai "f 
 
KOItMS. 
 
 7i < 
 
 tilt- : 
 
 lint 
 
 . ,„ ,1 -,o.k .ht-ct-. atiil if. a. a rivi-nalilv |.n..l.n. mail, u- .lu^-lit t.. pom 261. 
 
 '^■■""" ; ' • ' tt'tinn to th,. fa..t. In I>lii« Lis inv..,ti...,ti..,i an an. ...ir .. 
 
 I'i--" > ' , , o umrnt- vm,.l,.Ml l.y ..Tvants of tin- hnHi,.-,.. uol-s li- 
 
 -:;':; 'r^."sin-- 1- ..^^ -"y "-.-..tiy .■..n,......-^. i^ 
 
 ' '"".;: ,r,ort to ,l„- ,har.-l,.M.-r. .la-th.-r tin- l.ala.iw-.hoH ixlnM.^ 
 
 '""•"■■":'.'.- stati- of thn -oinpaayV affair, a.i.l its tru- Hna,...al 
 ■' '"" , t i" I ..■ of th.- aiulit this .nu.t IH- as,..r.ai,i.-.l hv .-xani.,n,i« th,- 
 
 '""ni..; in V , .„..:.... of ......uirin. it. iiu.t I- p.a.-.-.l M''^'' •'..- -har.- 
 
 ; ' ' .l,„r who .ommit. u hr.-a.h of hi. -laty may I-.- m.-I Ly tl,.- .•.m.l.any 
 A„ au.lt.,. »l'";"'"" ,,„ , ,s7„,,,/„,,/. :!.! Ch. I>. TS"), or ...ay h., 
 
 ' ''" " ,iH.,fi, -. Ch. m «•. .\.). li'it <o 1 to atta.k .....l.-r 
 
 "■. '^; ■ :, 'a,..litor n....t 1..- at. ..m.-.-r of th- .......,.a.,y. A.. ..■.•o..n...... wl... 
 
 ,.;!• ai .1 i" to a...U. th.. a.-.o....ts „,„ /,-. rirr U not an ..(h.-.-r. " r-r,,. 
 
 ,Xtu„. ..r Limitation.. ,.,:.>. A/W,.,. «-o/-/...,/ '„. v. S,.,,.,,<^..,.,. 
 
 „;;;:;.i ... ...,.-., t.-.t tl... a....|.ra..y ..» th ..r^. /- V. ,„... 
 
 "t!'aaaL'!l...,t .,l.tai„ an i....-ri.n i.,i,,n..,ion ... ...train »>;'; ^^'-'l;- 
 
 ,„„„ i..t,-rf.-ri„, with th- pc.f,.rn,a.,.- ... h,. .Int,.-. ' W, v. r. 
 
 ,., ,„ r. '. 11912) 1 <"h. HO. 
 
 ,Suli-«-.t-. (4). !.i) of th- .\.t of '"<»* •"■'■ ■'■' f' ""■ 
 
 , !•• mv .ol.v of a l,alu...-o-.>l..-cl wl.i.l. lia- not l-oon Mon.-.l a-< 
 
 , .1,0-1 l.vtl.is ;o.ti<.n L. iH.uo,l. .■i.-...lu.o,l. ...• lu.lilished. or .1 uuy 
 
 ]J .,f , ,„UuK..shcot is i-.....vl. >i.v,.lau..l. ... p.. .l|-l>o.l ...I.O.., 
 ei'l.o,- havh.fr a fO,.y of the a...litor...' .vpor. .t.ta.-! I tl.o.ot.. or ..m- 
 „., ,i...'.s.Kl. rofm-...ue to that ro|...rl as i. v...,..i.v, «..v tl..s ..-.• .on. 
 ,1,0 .om,.a,.v. ami every .liro.t..., ...anaoo, . ....rotarv ..r other ..th.or 
 of .1.0 .o-niKUU- who i.s knowingly a party 1o .ho .lotanlt. .h:.ll .... .on- 
 vi.lioi. 1« 'iahlo t.i a tino not oxceo.lii.o lifly pom..l.-. 
 
 , ,-, , I„ ,1.0 .aso of a hanking .■..n.pa..> .oois.orc.l af.o, .ho hf.i'o...h 
 .lay of An-ii.-*! oijrhtoon hun.lro.l a...l Mno..ly-ni..o 
 
 ,u, if ,1,0 .o.npanv h.w h.unoh hanks hoy..,..l .ho li.nit.s of Knropo, 
 it shall 1x5 M.fli.ient if (he au.liior is a'low<"<l airo.s.s to mi.h 
 ,.o,.ios ..f .in.l oxtnu-t« from tho h.„.ks a.,.l a.oounts ol any 
 s... h h.anoh a,s have heon tians,..ilto.l to the head otli.-e ot 
 tho oompaiiy in tho Uiiito.l Kingdon.: and 
 ,h. .1... l,alan.o-.-sheet .must bo signed by tho so.r.-tary or ...anai-or 
 lif „„v;, and whore there are n.oro than throo directors ol 
 the .on.panv bv at least throo ..f those .li.-e.t<.rs. and where 
 there are not in.ire (ha., three .li,.-. ...is by all the .l,rer(or.s. 
 
 " r 
 
778 
 
 AKTICI.I-^ OK ASSOtMATION. 
 
 [('MAP. IX. 
 
 Form 251. I.IO. K\oiv itcromif <>f the diiortorH. whoii uiidiied mid niipioMil |,v 
 
 When " gonoral iiipptiii);:. shall ho conclusive, except a^ lejjuiil.s uiiv iimi 
 
 '}«»""'* to be discovoied thorciii within three months next uftoi the approval tliot 
 
 J^^ "* y Whenever any such error is discovered within that period, llii> ii( . .mhh 
 
 .shall forthwith Im> corrected, and thenceforth shall he c(mc|ii-i\f. 
 
 Apiiroved !>>• Ilaioii. \'.-('.. in l,„„rl,.i, Fiiini.rin/ d,. v. K-'ll. 26 C I) 
 
 I). I.-.I. 
 
 Notices. 
 
 How notiooH 140. .\ notice niu\ be .Norved liy the coy ii[ion any nieinhci. ciijii.i 
 
 ra membra. P*^'"''0"''l'.^' t"" l>.v sending it throu-jh the post in a prepaid oiivelopc „r 
 
 wrapper, addressed to such ineiiiher at his rejristered place of iidMnss. 
 
 How notion 
 to be giTen 
 oumpany. 
 
 to 
 
 Tlio rcKistiT lit' inriiilii-is. tn lie kept |nirsciiint tii «cit. 2.> of tlir \.l 
 contain (hitr,- n/iii) the add rcusiM of tlic nit-nibcrn. 
 
 As to notieC!< t« the <'iini|iiiny. the .Vet provides: 
 
 Sect. 116. — \ diieumeiit may he nerved on ii inni|iany hy h^avinir it <ii 
 in« it l>y poat to the registered otKee of the company. 
 
 " Document " iuciiidei sinnmons. notice, ortler and other lc|?:il prmi 
 registers. Sect. iM. 
 
 This includes a writ of sunini 
 
 II ■/,,/, ■ 
 
 "/. *, 
 
 , W. N, ilHS:i) i;t: 
 
 Sup, C't, Kules, Order IX r. H, ,\ii, Pr., latest edition, 
 
 " Where an Act ]ias.sed after the eomniencenient of this ,\it authoria - c.r 
 rot|uires any diMunient to he served by post, whether the expression ' serve ' nr 
 the c.\pressii)n ' give ' or ' send " or any other expression is used then. unlr,> 
 the contrary intention appears. tln> service shall he deemed to lie .fleeted l,y 
 properly addressing, prepaying and posting a letter containing thi' ilocuiinnt. 
 and, unless the contrary is prove<l. to have been effected at the time at wlii.li 
 the letter would be delivered In the ordinarv eoiirsi" of post," rnterpieiiitj.in 
 Act, 18H9, 9. 26, 
 
 Authentica- S"*- "7. -A document or pr.M-eeding reipiiriu' intheiitieation hy a i |.aii_v 
 
 tion of notices may bo signed by a director, secretary, or othc. .ithorized officer of the eeni- 
 byeompiiuy. pany, and nei-1 not be under its common s<'al. See also sect. (>.) of the An 
 
 Tho above sects, llli, 117, so far as they relate to notices, arc ..iiiiiliiiie< 
 inserted as clauges in the articles. 
 
 Sect. 20 of the Interpretation ,Vct, 1889, pnivides as follows: - 
 80. In this .Vet and in every othi'r ,Vct whether (lassed before or after the 
 commencement of this .\ct (•xpre-sions referring to writing shall iinle^« the 
 contrary intention appcav be constrin-d as Including references to priiiinir, 
 lithography, photography, and other iiumIi-s of representing oi n|inM|e. iii; 
 wonis in n visible form, 
 
 A verbal notice given in the alisetii f the secretary to a clerk ef the 
 
 eompuny. at the lompanys office during officii hours, has been held in I.e :\ 
 notice to the company under certain circumstances, Tiiiiiii',,'^ in,.-, i ISMt) 
 3 Ch, 272, 
 
 Notice to a managing director, in that character, on a matter affectiiiL' tliu 
 busines.s of the itimp.->ny under lii« maiiagemesit, U T\M'vf- t" the tttii,|.iii.y. 
 Jneijfii, *c. Co. V. I'nllf,,, 77 1,. T. K, 1«0: but knowledge of a fact hy a 
 single director is not necessarily notice to the company. llaM/mfiiif l.nifl '■., 
 (1896) 2 Ch. 743: Mar>eil/eM, ge. Co., L. R. 7 Ch. 161; /M Id Pi'vnr .v r,,., 
 (1904) 2 Ch, 608. 
 
KOKMH. 
 
 (( a im-ml'T IS 
 ,|„- rijji^t.T 
 ,/ 11,.,/ .//."". ('»»"> ' "' "•'"• 
 
 known to !..■ deu.l. if i« .mioukIi. wl.iUt t.i- i.«>"<- Tnmin. ..i. 
 
 t., wnd a noti.-.- to IiIm r-tfi<tor«t u.ldr.-". .('V,, v. '."''/ ff- 
 
 779 
 
 Form 251. 
 
 ,,, F.ul. I. 'ulo. 01 .•ej.i.H.o.x.l .lm,e«, wl.u.c ...^rl^K-.od ,.lao.. of M.jnber. 
 
 m,.. to the co> an addru.s.s iu the Unitwl Ivu.^.l.m.. wh.cl. .l..ill 
 U. aoo,n;i l.i. re,a.stered ,.lu-e of u.ld.e^. witl.i.. -lu, nu-aum^ ot tlu- 
 |.,,i ,)UMCiling flaiwe. 
 „ ., ,,.„orullv dc*mo.l cx,.,Kli.-nt ,o n„.k.. sp....ial provM... for the ..Tvi,-.. of 
 
 "t:,:::i::'::::;^i.rr"n ...,. r >- i-.. 
 
 "'.r""l"„ .. Ill of TMl-lr \.. ■• If a "..'■"Iht Ims no n'^M.-nMl midn.- i.. tl... 
 I L: ; ;;,.>lon, .»». !.«, «... .«,.,.li.Hi to .l„. .on-pany an ,ul..r..s, within ... 
 
 ,1 lun'.lon, for .1... ,Mvi«« of noth-.s to him. a no, a.h ross... t.. Ion, 
 
 1,1 in a aows,.H,...r ,.in.ulatin, in th- «oi.i,l rl,.«K „. ,1„. r.-..^- 
 
 : ; ;; ,r ,1... , ...an • 'l,all U- d Inly «iv..n to h,m on ,1,,. ,lay 
 
 ' ! , dv..rtis.'n.cnt a, r." T o.o.i,y ..f son.,. -;••.-;;;-";:; 
 
 :;!; "r .,0. .hat A ,., -ry t rv,. noti,-.- on -h..r. .oh ..rs who l..v.. 
 
 7 ;.„ ,„ r...i.l.- onlsi''-'- til- I '»"•«' Ki"*"!"'"- ^"•' ""^ '■"'^■- '"""■"•"""''> 
 ',.„!,",i,ttM,t with ,ommon «•.,«• and ..on.nu.n .•onv-nh.n..... has h.-.i .ntrd ..,. ,.v,^r 
 
 , „ ,1 , (■ 7S« In th,- .nanv .'asos. how,.v,-r. in wlinh tl... r.^Kulatioo- 
 ,r!i^i<i,'■ ".s h.-lo« that tl.,- noti,-,. is to 1. n..Kl to I,.' s,.rv.Hl on ,1 v 
 
 ■ tlial 
 
 „n whi.h it U \m<i»\ th'' ditli.nlty i< ..ntii-.-ly n'oouil. 
 
 Uo A> .,.^a.d. tl>oM. ...wa ^.iio 1.-. .•^.Mf.v.l ,.la-. of N..t|-where 
 
 ..,l,l„..s.s . noli..^ i.u«l«<l up in tlH- ,.m.o .sl.all l.o doonaMl lo !..■ woH 
 >orvi.,l ,.i. Ila-m at tlu> oxi-iration of Iw.m.Ix -f-ui lio.n.s atfr it .s h,. 
 
 pOsU'll Ul>. 
 
 Snn.ilim." it i- (..•ovhli-il that in - 
 .1 .mv noti,',*. 
 
 .1,-1. 
 
 :i(.inli,.r "l.i.ll ..ot I ..titl.'il 
 
 lii; 
 
 U;l TiK. holder oi a ..har<- warrani ..hall not. uule.., othotwi.o No-;^'-*" 
 oxi.re.s,sod thmein. 1)0 enthl h. rospoH thof I,, not.,-,- of an.v -.'iioiai „,,„„ 
 iiict'tiiifr of the C0J-. 
 
 ■||,c. l...hlcr ,.f a -har,. warrant is «en..rally .le,.riN.-d ,.f tl.,. ri^.t „. noti.-.. of 
 tr,.r„.ral nn.etii.Ks. Son,..timos \w is porniittod to app..int a.. a,ldr,.»s for s,.rv..f. 
 
 hut ,h.. „bj.-..,io.. is. that tl n.pany wili \v.xm' no m-ai.- "f .-s.-.-rta,,....- wIom. 
 
 ,1,.. -har.. w:,rr.n. has !,«... part,-.l with. an,l n.ay, ,.nk..ow.n«ly. .-ont....... t.. 
 
 s..,.d noti,.,.s to a person wh,. has .•■•as,.d to he a n.emher. it th,. l.,.I.l,-._ oI .< 
 -hare warrant is ... he entitled to t.oti,-... the usual plan is t« prov.,1,. that ,t 
 -hall he Ki»en hy advertisement. In -..cli ,..is... th,' foHow.i.tf elans,' w.ll he 
 inwrted. insteail of the al)Ove: - 
 
780 
 
 Form 261. 
 
 ARTICJ.KH OF A8«0<.'IATI0N. [ClIAP. IX. 
 
 •' Any iKitiic ri'.|ulri->i to lie ^ivi-ii by tlio ODrnpany to the Imlilor of «lmni 
 wurrants Mlmll Ixi (fin'ii by ailvi-rtiHiiiir the wnie om-o in a London dnlly new,. 
 )>upor." 
 
 The ohjcitioii to tlic ({I'ni'iiil iiduption iif the plan is the publicity whi. Ii 
 utteiid^ it; I'omp^inii's do nut likr to piibli><h noticu of thoir private affairs 
 
 The followinK rlaiKe it sfinii'tinieH adopted, and i" not open to thi' xam,, 
 ebjei-tion; 
 
 " The hohler of ii nhare warrant may from time to time notify in writinT ti, 
 tlie eiimpauy «)nie plaee in Kn^land to l>e palled hi* aildnvis for «en iio, gi,„| 
 notiee of any general meeting eonvened within the nix months next t'oll(i«iii„ 
 »'iih notiticalion xhall (uidesH he meutin); is eonvcneU by advertisenienl) In- 
 nerved on thu hcdib.T of HUih xliare warrant by xcnding it throu)(li the po^it in 
 a prepaid letter addressed to him at hit; address for scrviee. Hut, »a\o ai afori'- 
 •aid. the holder of a share warrant shall not bo cntitlinl to notiie nf any 
 iteneral meeting;." 
 
 
 AV'hen nittiee 
 may be given 
 by adrertiee- 
 ment. 
 
 How to be 
 advertised. 
 
 Notii-e t> 
 joint holders. 
 
 Whin notiee 
 by jHist 
 dwnirtl to \tc 
 nerved. 
 
 144. Any notice roi|iiii'e(l l<i be y:ivon l)v tlio oov to llio moinlior.s. ..i 
 nny of tlioni. and not c.vpi-cs.sl_v i>iovided for by those prosonts. shall 
 b(' .-(ulfieiently given if given by advoi'tiseinent. 
 
 I ».'). Any notice reiniiivd to bo, or whiih may bo given liv mlvei- 
 li.senieut,.>'hall be ii(lv('rti>ie(l onco in two [London] daily ne\v.spapi>rs 
 
 146. All notitec .■^hall. with io.'<|i<'(i to any registered KJiaics lo 
 whii-h person.-* arc jniaily oiitld, be given to whichever of such poixoii^ 
 i.s named lirsl in tho regi.ster. and notice hd given nhall be snllicieiil 
 notiw! to all the holder.* of si>ili shares. 
 
 147. .Any notice nent !>v put<t slmll 1k> deemed to have boon h rveil 
 on tho day loUowing thai on wiiich tho envelope or wrapper conlain- 
 ing the Biime 's posted, and in proving .such service it shall bo sultl- 
 I'ient to i)rovo that the envelojie or wrapper containing tho i;olico Wius 
 pro})erly addre^jscd and put into the post-office. And a certificate in 
 writing signeil by any munager, .«ecretnry, or other officer of the coy. 
 that llie envelope or wrapper containing the notice was so addressed 
 and poatod shall be coucliis;ive evidence thof. 
 
 It is not necessary to follow literally the address on the register, provided that 
 a substantially accurate designation of the place of al>ode is given, f.ii-n/'ool, 
 4c. C'u. V. Jlniir/AloH. 23 \V. J{. 93. 
 
 Handing to a postman outside a post-ofHce or pillar-box is not "pnstiniir." 
 London and Northern Hank, (1900) 1 Ch. 220. 
 
 Kren in the absence of express provision notice may be si-nt by post, wlir're 
 the circumstances show that tho parties contemplated that the post mii;ht l>e used 
 as a means of communication, lifinn v. Mumf, (1904) 1 Ch. 30.5; //.../«.//../</ 
 /'(■/■<■ liisinnnrr I'li. v. tlrnnl. 4 K.x. 1>. 21H: llnit/mr/i v. Frniier. {1S92) 1 I'h 
 27; .l"i„r» v. l„HlH.iti- nl .l.:i:f'u> (1908i. 98 I,. T. 22H, 230. 
 
 Transferee*, [148, Every person who, by operation of law, transfer, oi- ollior 
 
 priornot'i.ies.^ ««'an.s whatsoever, shall become entld to any share, shall be houud 
 
 by every notice in re8])ect of snch share or stock which, previniisly to 
 
 4- 
 
FOKMH. 
 
 7M1 
 
 h-^ ,„.ni<- aii.l a<W'0>- boin- (.i.'o.oa o.i tli.> n-nlsM . .Imll 1h- .l.ily Form 861. 
 rivon t.. llx' |..<.«cm frotn wi.oin 1..- .lorivos ).i« lillo f su.li -Imro or 
 stoek.] 
 The ubov. clause is not u.«»mmon. but it U not l.y uny n.,m»H o«*.|.tial. ami 
 
 jXo»M.d if brevity is desired. It d. ,.., ,.,.|H.ar ... UU\r A„ or ... tl... 
 
 rmn|«.n.r-. Clauses Consolidati.m A.t. ISt.V 
 
 „ ,|„. ,(..ris|,.ri'il addrc.sM of. any nK'ml..'r, in i.ur.simnct! of thoso i„.r ,i,..,.,«.d. 
 ' ,M„i- "ik.1I, noUvill.HluMilinfi: mi.Ii uu-n.l).-r be tlioi. d«.Oiise.l, ami 
 MInJor mt the coy have mlic of hi.'< dcvca.e. I.o .I^ouhmI to lu.v,. 
 b«ei. dulv sfivod in ro»i)«.=t of uuy n^-iHtoro.l Hl.ar.-s. «h.'ll.(>i' \v-V\ 
 <ololv .>r"j..ititlv Willi other persons l.y such n.oml.er. m.lil sou.o olhc. 
 ,,oiMm l.f ro-isK-itnl in his Htea.l u.i tlio hoMor or joint liohler ti.nl. 
 ,'„,l Ml, li Mirvi. o shall for all i.uri)..N..s of thi^-o prosnnt.s ba .looino.l a 
 M.lli. ioni >oi vi.* of surh uoti.o or .locunient on liis or lior hoirs, e.<or«. 
 
 0,, „,i r.„ and all persons, if any. jointiv i..ler,-sl.-<l «i-h l..n> or he. 
 
 j„ M\\ sii.li share. J 
 
 Ulur.' the a.lUles eoi.tuii.ed no provision a, to notice to .leee.i.s.'d ...e.nb.r» it 
 .a. held that a ..otieo of a call by letter to the registered address of a de- 
 eeased n.on.l.er was valid, the company not bavin- not.ce of h.s de:.lh. Srv 
 l,;,lan.l (IM K:t1rarlio,i Co., (1894) 1 Q. H. 022, C A. 
 
 The ibove clause carries the matter further, ..nd is very generally u-e.l ; .t- 
 validity was reeotfnizcd in Mhn v. OoM li.eh "' "-' </.,>-,. (IflUO, 1 fb. .15H. 
 
 [lou. The «i«nature to any notice to be -nven l.v the eoy nniy be »«•- ■■' J- 
 written or printed.] 
 
 The above is oeeasioi.ally inserted. 
 
 \ ,,erM,n ...ay si«n by sta.ui-inu' u fa, -si.nile of hi- ....toeraph. It. ,1 s. 
 
 Ih'wfll. T.. U. 3 C. P. 2S, 
 
 1,„,„ WlKie a nivon nun.be. of .lay.V ,iuti,e. <n ..olive oxfe..<li..^: ^l^^; 
 ove. anv other period, is required to bo given, the day of service shall, 
 u.ile.ss it i^ olliorwi«e provided, bo counte.l in udi number of days or 
 otlici pcriixl 
 
 Wliere the regulations, as in elauw BU, provide f..r so ...any char days" 
 n„liee. this elause does not apply, for it /, otherwise provided. See Umhra^ 
 Sl,,,,.'r> S„,.ph, Co.. 29 C. n. 204: r>,.-iHn,, y,wea>lh-u,,.n.-r>i»<: W.N. 
 (1911) 235. 
 
 ^M^b. lu the oveul of a windint'-up of the toy iii England cv^i y Servj- "* 
 inon.ber of the coy who is not for the time being in England shall be 
 
782 
 
 AKriCl.KH <»F A«(M)CIATION. [('llAI-. I.\. 
 
 Fonn 2&1. l*"""''- «itlii" I'Miiteou dav- atn'i il"' |>ii>"«iii«: <•! an ijlloctiM) io^u\„. 
 tiou to wind up the coy voliiulwiily, oi- ilio iimkiiiK of an onlcr i.n ili.. 
 wiiidiiijj:-ni> of the coy, to woivc iiolict' in «iilin«; on tln> cny a|i|iiiiiii. 
 iiig Nonio hoii-<t<holdi'r in Londi)n upon whom all NUinniuiiMr-'. ii.ti.,.., 
 jiro<-«.'«s ordtTN and jiulgnioiilB in ri'latioii to or under the winiliMi;-ii|] 
 of tlie cov niiiy he MCivcd, and in default of f-uch noininalion iln' li,|i 
 of the iMiv "hall be at lilKJily on hehalf of such ini'iiilier to ,i|>|jniiii 
 some »U(li person, and »ei-vice n|)on any smli appointee, wiii'iliPi 
 iippiiiiiled \>\ the nienilier or the liqr, hIuiU Ite ik-cuied lo li • -u.hI 
 personal servire on such nieinher for all purpostw. aiifl. wlieic the \l^y 
 iiuikes any such appoinluienl. he shall «iih all couvenieni >|ic(v| 
 
 j;ive notice ihof to wiich ineiulier l>y adverlist >iil in llii' ///,(,< 
 
 nt>\v.s[iaiier, or liy a retjistoreil letter sent ihrouyli the puM .md 
 addressed to such nieniber at his address as mentioned in ihc rc-i-n i 
 of nienibors of th«' coy, and such notice shall bo deemed in l.c ,- ■i\.'J 
 oil the day followinjr that on which the advert i.seiiienl appeals <>i ili. 
 letter is posted. 
 
 Ill ail ttctiiin, service out of the jiirhJiclioii miiy in ccitaiii cascn 1 hI.imI 
 
 iiiiilcr J{. S. ('. Onl. XI.. «"/(/'», p. H); lint the Court li H a (lisiretiori. uii I v 
 liii« lieiii laid down that the [lower U only ifivi'n hy statute «> as to he hiiuliiii: 
 on British suhjeets, and not on others. Per l.,indley, L. .1., Anglo-.tfii'-iH r,,.. 
 32 •'. I). :J50. Ai<ordin)?ly, it i< desirnhle to inaku provision tor the iiiaiter iu 
 the artiekw. Such a provision diH'< not provide for sorvieo out of tlie jurisdio- 
 tion, hut ftir -iorviee within, upon an aifent of the shareholders. This is v.ali(l. 
 Copin V. .Utaiiimii. i VjX. l)iv. 17; Thn,i-i> Sol/i/mr Ci>. v. S,iri,i,- ,U~ 
 Mrl<ii,x,M I,. .1. <i. H. 435: M';,hiOM,t;i v. /.ieOcilfinl. (1898) 1 IJ. li. W. To 
 provide for service out o' le juris<lietion, in lases not lovercd liy <>n! M . 
 would lie iiietleitive and "/•. >:,.■>. II,, t:./, Il<.i',,i C. v. dm,,. (IHlNIi I IJ II. 
 :j>: ^ce «","" P- 3''^ 
 
 Stsrccy 
 • lioise. 
 
 Skcrf.c^ Cl.llsKS. 
 
 [l.jl. Every director, luanaoer, auditor, tree, member of a loiii- 
 inillee, ollicer, .servant, agent, accniiiitanl, or otlier per.suii ciup! lul 
 in the bu.siiioss of the coy, shall, before enteriug upon his diitic-. >'vzu 
 a ileclaratioii |iloil<riiio; him.self to observe a strict .seirocy re-pi'r'iii- 
 itll transactions of llie coy with tlie tustoiiii'i-s and the stale ol' m cmiiii.s 
 with individual.-', and in mailers relaliii!,' thereto, iiiid shall l\ ^ii h 
 dei laration pled<:;e hiiiLsolf nol lo reveal any of the matters wiiicli may 
 collie lo hi.s knnwleiln^ in the di.scharf.'o of his duties. e.\cc|it uhcii 
 reipiired .so to do by the directors or by any mootiuH;, or by a c.mmI 
 of law, or by the person to whom such matters ivlate. and eMfpt so 
 far a> mav be necessary in order to comply with any of the provi-ioii-- 
 iii these prcscutH contained. 
 
 The ahove is usually inserted in the ca-^e of a bank. 
 
 As to the etfec't of a windinjj-iip on each a clause, see Binii'mghant lhi„l,' ^'j 
 Co.. 3(! I.. J. Ch. l.->0. 
 
 '■* '■'■■ 
 
KOKMf*. 
 
 :h:\ 
 
 ,.,, s., ,„1„M .4...II l«' .M.il'l !'• 'VI"'"- •li-"^'-',v 01 or any Form 261. 
 
 ' ,.'.„ ivMK.(IJML' i.iiv <l<'tail <>r Uio cov'- tniilinir. «>r "".v •"""«"• M-iuI-t uot 
 
 :;St:; n- -"" • ■•• -^ ^ '-- ^'r- "!--7 -^ ••■' : in;^^«. 
 
 'rot pro-ris wl.i-l. .n«v roklo ... ll... .un.lu.-. nl ll... Sm.s.ik.hh ot 
 r.„v a'..l wl.i.h. in .1.0 opinion of .1... .li.-.-.or.s, i. «,!! Im inox,K.. 
 ;,;,„, i„ ,|,p i„„.r,.^t of .1.0 nlM>.- of Ih" •">• <" "•o.n.nnt.u.o to tho 
 
 iMii.ii-.: 
 
 •n 1,,,.. ,!«.«■ i- «..n..'.iin.'« iii«'rf.l in tli- .■,...• uf « »u,m,tm*nr\ng .•.«»- 
 
 , '"l... H, in<rm.lm.l .,..,. ,W.T Im- not in f,..-. any ri^l.t ... inf..rnm.,..n or ... 
 
 ! ■ •|V.lir.-....r. ..r.. .!..■ -n ....- -.f .1- 1-l.v .-..n-'"."- >-'" "' •>"• -'""'- 
 
 r?u' •..Hi if, a, Kuardian- nJ th.. .-.ni-any- i«..T...... in tU.ir .liH.rHi-.n .l.-y 
 
 :,;,■„ r..t..*. ... Kivc ... an in..i>i.lual m..n.l,.T i«forn.a.i..n a. ... .!..■ ...n- 
 
 """ , I,.. |.,„ no .Hus,. ...r .pLiin.. ll.' -ann... n>..rf..re wi.l. .!,.• 
 
 'r"''r tM.n .1. 1.-««..'J •" •>'- .<if"-'">-' '">• «'»■ '■•""l""'y '<" "'••"•'■"' »"•'•«"'«• 
 
 WiM.lM.-l 1' 
 
 .1. I«.rn.> and -iirpliis a~..l- (alt.'n I.) tin- in.'nilKTs |)i,trib»li..n 
 
 of rt^«ft>. 
 
 II ,|.-in-.l 'l.a. I.""." '''"" ''^' '""■'"■ "'"^ ""'t' 
 j„ ,,n.|..Mti.." »l-"l' '■•'.''♦•''' "'"■'•' ""• '"""*""■' 
 
 IV- n !l,.. ,„v ^liiill !.<« «..i.n.l ui.. i.ml .li.- a-.'l- ..xailal-l.' ...r 
 ai-„il.nn..n ai....i,- th.- .noinl.oi- ,.- s,.,|, .|i .11 I.." inM.m.MOu. ... r.-|.nv 
 
 ,1„. „|.„1.. ,.1 .1... 1..1- apitul. >.i.l. M-MM, sjmll 1... .lis.nl.a..Ml -, 
 
 ,|,M ,.> ip.nlv a. tn;,v l..-. .!..• 1"".- ^hM !..■ I....M.- l.v .1... ■...•M.l.-.s 
 
 ,„ ,„„,„,,i„iM.. .ho .apital 1..1 ..p. ... «hi. -h. ... havo l..>.-n i„l 
 
 „|, ;it ih.. ....uiM.Mi.omcn. of .h.' «in.li"«-o|> ..n ih.' >haie. h.'M l>> 
 
 ,|,„i„ „.,|,lv. An,! il ill a «iM.liM-...p .I..- a.-^o..-. available tor .I.Mn- 
 
 l„„i„„ „,„„i;: th,- n...|ul.ors shall ....>.' »!. '" >'illi' ii'"'. 'o '•<'l'"y ""■ 
 
 ,,h,^\v ,.r till". apital pil up at tlio .•oniiaon.P it <>( the win.liny:-np. 
 
 ,|„.ON..'s> shall I... .listrilmtoil anionvr-^ t! KMiih.-is in !.n,poi(...n ... 
 
 ,1,.. .apital at (ho .oMunoiiconicnt „f ilu' win.liii-:-ap 1"! "I' '^ ^^'"' '' 
 ,.,r'iit ... hav.- l..-.m pi .>|. "n .ho sha,.- i.ol.l l.y .lu-.n n-ply. n-.l 
 i|,i, ,l:„iM. is 10 he vvilli..Mt p.oju.li." to tho ri-hts ..f tho hol.lc.s ,,| 
 sli.ii.'^ i~>iio.l ii|ion spniial .(Tins ami .M.ii.liti..iiH. ] 
 
 |„ tin ;,l,-..,„.' ... s|,...ial i.n.vl-i II..' a->.'.- a>ailal.l.- r..r .li-.nl.i.ti..n i.moi.t; ^.njaus 
 
 ,1,0 ,„.n.l,ors, ■n.ln.li,,.' . api.al nn.all.J at .!.,■ .■omn.,.n.i-m.nt of tho win.hnjr- a-sels. 
 up ,/;,,W, V. r.:.;,r-.: It App. <'a.. Wr.; n-rlO,n v. S.,,f.n,, (1897) A. ( . 200: I ,.^.-. 
 A', ,„.,.<■ I...,. j,IM. 70 r.. T. 3). ar.> di^.ril.ii.al.lc so m t.. tlir..«- any lo-'s of 
 .•,|,ii,| .m .1..' v'..m\wT^ i.i propoiti..!! ... tli.- .....ninal amount of tl.c .apit.l Ik'1.1 
 
 l,v II iin. Tliu-. «.i|.piiK- in.OOO?. of pai.l-up 10'. xliar.-. ar.- i"- 1 in roii^idrra- 
 
 .i„„ „f a ,,al.r,t, ami lll.CMlO/. ..f slnin- an- tak.ii l.y .1..- p.d.li.' and pai.l ..p ." 
 ll,.. ,At.M.I of .V. p.r sl.an- r lu.il .-..IHM)/., ai..l lliai tl.is sn.n is lo^t in osporini.'n.-. 
 auJ that 11m- .-..nipany i. w.mnd "p and ll..' pat-nt s„td f..r 100/.. a...l that, 
 aft..,- payin- ..fV th.- .I.'!..-, .....hint.' remains l„it th.' .-,,(tHII'. mva\\^\ .api.al. 
 Of That >iini lif .").!tO«.'., 2,.5(W.'.. !■• ' 
 
 inj? 
 
 til-. 
 
 »t be 
 
 .-.-ilh-.l n. 
 
 and 
 
 [I Imii.li'J ov.-r to the lioUl.-rs of th.- vi-n.l.irs' sh,n- 
 
 t'lat tin? loss (o.pial t.i 
 
 7/. 1(1.-. piT share) may 1m; home in th.' proper pr,>|...rti.ins. M'liiir 
 
 6Ch. .'il; trtde/i.hl /?..//;.,.</ Stock l^f 
 
 (lS9-2i -3 ''h. H'..i; Exi-h<uiyii llmin 
 
 .■)H C. 1). 171. This, however, is 
 
 not alvi 
 
 loi-iiler.'d e.vpedii nt, cspeeially 
 
pig 
 
 7H4 
 
 Form 261. 
 
 PrwfiTeii'i 
 nh»r<'!<. 
 
 liniiiK. 
 
 A I ' M I 1-^ 
 
 -M.' 'ATI' -N. 
 
 Chai'. i\. 
 
 .oiit.i. . i. |ini|>.irti 'II (<• ili«- I ipitiil paiil up. 
 inliiirfl' 1 i- wit liiiimiul In .[milily, .,, j,, 
 
 V" ' ' ' rin. II; . t (if thul cluu-.- I, lhi,( 
 
 -ii|i «ill i" |> I I iiff 1)1 '■ii" i'i|iit.il |irfiini<lv 
 
 wlllll tllr |lliitit> lllV linlll' I ■' 
 I'lailM* IVi, till' III!'' Illill (lllWli Ml 
 
 i'«|>ilii' fiilli''! ii|' ill t'li' wiiiniii 
 |lllill up. 
 
 W lii'ii- tilt' iiiitiil 'upitiil ' 'lixiili'il iiiln pn-fi-ni i mil iiriiniiry iti;ir 
 nut iiiiiiiml in tin' iiii'nini n.Uim it irtirli's tn i^'n a pi< ^-ri'iitiul v 
 wiiiilin^-iip til tlip pr'fcniur •Imrt"'. Sw Korina -ill, 211, 21 1. il'i Jl'* ■ 
 p. TiTH ,1 fiu. Ill til" iili»''iin' of .soiiii' •^iirli p'-'ivi-i'in. prifiTi-tiii' -hi. . ,| 
 ronfir u pr('fi'ri'nti:il ii«lil tn nliiiii "f i .ipiliil in a » iiiiliiiii-iip. / 
 /(I,/, lliihl,,;- 1%,.. •. Dii. oMi. 
 
 Ill Millie cu-t'^ it i" iIiM'IHi I i-\|Milit'iil to ]'t»i\i«l*' ii'it only Ilow lo—' ■ A\ 
 borii' , lint liow ii lurplii" "liiill I"' ili'tilt Willi, inaimtii'ti .t-^ I'ompan < u,, 
 lii|iiiilntioii <>ii'ii-ion.illy wlii'ii tlii'V arp not only mh nt l>ut pro )m nm- 
 tlicMio ca«i"J thiTP i-i ofton a itiiiti*-*! .i- to how tin* proii* i-* to bi* t!iMil'''l 
 
 111 III 
 
 !! h.' 
 
 inti' 
 
 I- 
 
 In 
 
 Muiuaroi-' iiiitl llioo, ,,/,/, nviiiliritt,-. i IHllHi 1 Ch. H!M>, t,' .• I'ttpiUl Wiw ilividiil 
 
 into sliariK of 1.' i uli, nonii' of wliiili « i" folly paid at 'ho i'oniMi''ii iit "f 
 
 tln> winilin«-up, wliili' on otlii'i- only U>«. P>'r ilnri" hail li<"n pi ! Tlu' 
 nrticlfi of tlii' rotii|iany proviili-il that if upon tli.' winilini;-up tin- fiirpl i- .i-*t- 
 «hiinl(l 1h> moro than iiitfiiit'iit to ri'|ia\ lln' wluil.' paiil-iip I'apiiil, tli- I'sc,.. 
 clioiilil lie distriliui il unioiiu' the nu'iiiln'ri in prop- 'Oi ii tlu' liipii^il p.iiil. i.r 
 wliirli <'ii','ht to have li.'i'ii piiiil, on thi- i-iiiii'- hrhl liy ' in r.'-ji" tiv.'ly at tli. 
 i.'iiiMi' II. niciit of tlio winilin(r-np. Tln-n- »a- an i-mi'-w ' ili-' « mil in;- up ufl' 
 payinir debts and I'xpi'iini'n and ri'payinif all tin- pai-l np ('apilal, mil Wiit'lit. ,1 
 luld that th'' «xrL'« kw* dittriliiitalili' in pro|iorlion ti> tlin .-iiiiilal ailuallv 
 paid np, diHtini;uiHliiii>r .l„iihi-C,i,>io,,,ii"l (•.■,i,.,rnlln» nf M', .'rrii .lii>lf>':ii. 
 I ISMS) 1 Cli. a2T, wliiT'- thiTc wii.i intiilliiii ii In n-pay tin' paid up rapital. hut 
 '.I'lin- ~liari-< wi-ri- fully and ..tliiTH partly pai I .mil on an arti'li' homh'wIi il Hkr 
 tbi' first part of th" ulwiv" ilaii-.", it wai li"ld that thi-n- init !'■ :i ri'' "n 
 th« lull' 1 »bar"H -iitlii'ii'nt tn pay I'uoujrh to tli'- foriin-r to ni.:.'' th" ui'; mi 
 |iahl up unilorin, ami that th'- iilli. iii..*.-!- in liiiid luu-t th.n In' ili-inl. 4 
 /,,■« nif". 
 
 It ill u wiiuliiiit-up till' -nrplii- i- •.iirti'ii-nt I., pay "11 all H.. 
 it must, in th" ab-iini' of "\pri'«~ or iinpliiil pnni-i'in t • 
 applitil tir^I in piyiiij: otf th" faid-iip i-apital. and III" r"-iilii. 
 the protit mu't h" di'^lriliutnl aniinii,'- tln> iiicinl.i'ri in proport 
 amiiunt of the capital hi'ld by tbi'in rrspoi'tivi-ly. /liril: 
 liri<l;iniii/i i SaiUini.^m Cfi.'n (•«<• I. 11 App. C'as. 5-5, rvi-i 
 of tliP Court of Appi-al. which " " coninn-ntcil on in the f.iurt 
 
 ai'i-iip "iipit-i! 
 " "ontr iry. I'" 
 
 any), nanu'ly. 
 
 •'I th" ""'.' 
 
 Ir(iiil„ yTt, 
 
 : tli« Ui "ii'li 
 •• ! tiirti of ihi- 
 
 book. For in the abseni'i' of si I ajrwrnpnt, the niop-^ "r« of a .int 'ii" !■ 
 I'ompany, ba%ing a nominal rapii.ii dividi-d into shares, ur- ntc-i-stcd in ti 
 company in proportion to tlu'ir shares. Il'il/iin.^un v '«», «, 11 Ha. ii 
 6'«in«MS V. Land C r/.., 22 C l>. .14»: Onhl.nnk Co. > o ^ App. <"a» f-- 
 
 MuMlt's riiKr, ulii su;iiii; Brul,:,u tt yni-i'intinn Co., ■ .i . 
 
 Undivided profits in a windin(;-up ar" /niimi fncir par' ' ii" as- 
 butalilc as such (Cr"./:"'»'» OH f" (ltif>) 2 (^h. Hf.j, In the v 
 
 npecial provisioiiH in thn luomorandum or urticlvs they lay h. hi 
 
 differently dealt with Thus, in Briil'i^ inier Cu., (lS!i .; t'h. 
 ordinary shareholders were held entitled ri undivided pi" -tandi«_- 
 (iredit of rc-ierve; but then' the arti.les staled tliat the si N . 
 
 year "shall bcloii;; " to the li ilders of llie ordinary slian ■ ami 
 /(i.«Ai./< V. SiH'iin'i Hnil. '> , (.IX'iS) 2 !■- 2li'), undivided priflt- 
 upplieablc to the payment of arreaf of divi'Ieml on preference aha: 
 by the meniora iduni to a prefirem: il divtd. i, but there a;;ain \ 
 randum was m »pe. ;al terms; t.nt in Inrhiu, itU C"., (IWH) 2 (^h ni 
 
, ,r.,7/nrr.iw C. (in not.- I., .a lut pito.1 prefer. 
 
 ', , .t,titl«l, their riiiht U. d.»i«.«. Icpenaitiir . i dMi 
 
 ,'„,. f.,ll..«.Hl l.y »?"«!, J.. ... >•■>'«- •<''•■-"' ''xi'i-l- •• 
 
 Kti. 1;mi»; ai"l "* >-""•"'• /'")-•«■'•'•» ''"•. '"•'«• ' 
 
 TI,o .Uii-e for di*trili..tiot. liteH'.-l of -ing »l- 
 for di-tnl.niii'ii amni.K -'» mrml-r..' - ...fimc- 
 „^.(. •• I'lil. esproMi. » not n te.-l.i. .1 uilf, «! 
 ,f,,r p.vlntf off del.l' ■ ,.i l.al.ilit. tb^en--. 
 
 «[i. - r"' "ft "'*' **"** " '"* '""* '"••'■""• ''"■' I*"' ' 
 1^,,^, ,, ..ni>> -.ingot i*i.' ."xpre^-.-.iJ. -:* 
 75,,, /■., .dsft '••9Co..\\ V, 1H97, 170 
 
 .,■ TIJ' 
 
 78fi 
 
 •Id Form 261. 
 
 iwe» 
 
 17 
 
 Win, 
 
 •lie cxp 
 may i 
 ■ ! windiii).- 
 I capital. 
 
 iittitriltil f'l 
 
 114. ,t< ii '.*h\e 
 ,1.11 '■ -lirpIlM 
 a tin' iur|rlii» 
 -p. or Kurpliit 
 . im'i tiifie tho 
 . • IS9ti) 2 <li. 
 I mil) I C'h. 
 
 , lipi»l that ti-.- ter' 
 
 "'•<>'.• |(ing capi. ■' • 
 
 7». 
 
 1,1 the la-t eii'i' N. ■ .He •' 
 ,„,. . ,,„t< reraair UK »*' ■■ 
 co>t« .if li'iaidBtioB. 
 
 i ^iteU iiie!tid<a , I'J '"ce 
 .!. 
 
 „■ llnffir'/ I.. ■ lujht Co., U'""' 1 ' ■'• •»•''' 
 
 \, (1900) 59; HIT. L. H. i' . '■ Hal' -\ 
 
 ., l.,.l,.orr. .' to a bankrupt hi.sU.T. m re *i 
 liaiijr hi- r>vcd mid p 
 ;arc ,1 tli-tril>ii»iori 
 ■ , , f .«»« Co/./ •/', '"'•'■ 
 
 surplus rt'.'^.-t'* " m.'urit />rinid 
 'I'll a« di"''horfrin(f i|.I>Ih and 
 
 S.. 
 I.. 1 
 Aii-i 
 
 s 
 
 rarili 
 
 iU..I enpitdl. /.. r.'..r,„l,i.' 70 
 
 • d a di 
 't -urpiui* 
 I (h. J97; 
 
 , (1909) 1 Cli .Wl. 
 I'.if unt-uUe.t liatiility 
 1. an' not eiititliil to 
 
 . I ill c. .\ . (latxi) 1 
 
 ( 
 
 .1 p., 
 . r,,.. 
 
 in n 
 
 ,. e of . 
 165. 
 
 1 i,itcrcst tli.-,-i'.iii, '.'.• Il'nt:,-fl,lii 
 
 I,-,;), , i i tliP cm l»ll 
 ■ hcrwisc ,i lljis uiii.v, wi" 
 .a.jii, .li\ iilu aiiii.ug tlic com 
 
 the as- 
 of the 
 
 (v.ntri!' 
 
 bl. .i 
 
 I' the cov, ami uia-. 
 of tho coy in tix'i 
 
 be 
 
 "1 
 
 .1 nil. wholhor voluntarily or ;, 
 .'III of ail cxtraonlinnry re^o- '•' 
 lifi" ill '*i»'>io or kind, any jiurt of 
 
 I tlio liki' -aiicti'iu, v<-t any part 
 
 II -.uch trii>t-- for thu lioaotit of lli" 
 
 ^, or any of them, a-i llio li.irs, with the liko Kanctii 
 
 .u;,'ht expedient any tiuh div'' ...n may bo oUierwiso thii 
 lauco with tlic legal rights if tlie coutributorios (excopt when- 
 ,l,ly fixed by the mcmduiu of u.sson), and in purtiiudar any 
 .ly be given preferential or special rights, or may be excluded 
 her or in part; but in ca.si. an', divi.sion otherwise than m 
 .anec with the legal rights of tho contributorics shall bo 
 -mined on, any contributory who would be preju.ii" I thofby 
 liavo a right to dissent and ancillary riglit^ ok if KUth <b- "rini ■ ■-- 
 were a special rcfiolutiou pa*?cd pursuant to sect lu of .e 
 (CiinRoiidation) Act, 1908. 
 (;!.) In case any shares to bo divided ,w afsd involv- liabil 
 cails or othcrwLso, any person OQtld under .-uth ;• -rjt: .■ auv "-i *••" 
 wl shares may, within ton days after tho p:uisinu' of tho extraordinary 
 rci«olution. by no;ice in writing, direct tho li.|r.s to sell his pioportx^n 
 ami pay him the net proceeds, and tho li.jrs -^hall, if prarticiiblo, act 
 accordingly. 
 
 3« 
 
 to 
 
 
-86 
 
 AUTICLta OF ASSOCIATION. [ClIAl'. IX. 
 
 Form 251. 
 
 A« to para, il) of tlie ahovc .luim's, tlie power to .liHtributu in »po.ic or ki„(i 
 h in muiiy <•:!«■» found oxtronn'.y poi.vrnient, for wl.cro the assi'ts „r tl,,. ^v tot 
 part of tlicni iou»ist of aharc.-t or otlmr inti-ri-sts in or soruritii-. of ai.oili.i m- 
 pany. it n.av 1).' iu.practiial.l.' to -ell except to tin- serion* .letriinci i th.. 
 eontriliutorii's. The Court han l>ower to iliroct ilivisioti in sp,.,ie ..r kind 
 (/;„.,/;,/, o,„l hm-.iyn Crnl.t Co.. I T. f,. U. 1). hut it U ^'cnerally ro„.ia,red 
 that tho li.piiilal.ir in a voluntary wimlin--up ha., no «.ieh p.,w. t in thr. 
 absence of mnic clauM an above; and altli..ns;h this view, lon^ arted cm, may 
 be unsoui.d (...e sect. 1H6 (1) of tho Art of 1908, ropla.-inff seet. 13:1 (1) 
 of tho Aet of ISIi'i, whiih does not in terms rcpiir.- n sale), it is de-inilil.- to 
 provide f.-r the continBency. and in numerous eases tho power has l>. . ,i , sit- 
 eiscd with satisfactory r.'sults. See, for ex:;n.ple, S„.,i/, tlri-m v,,,, .'„ „,„/ 
 Colli Stoin;ic Co., (1904) 2 Ch. 2li8. 
 
 \» to para. (2) of the clause, thia is inserted to meet n practical difficulty 
 which often arises. Tadcr sect. 186 (1) of the Aet of 19(H, replacing 
 sect 133 (1) of tho Act of 18(12, tho property of the company which is l,<,in- 
 wound up voluntarily is to he applied in satisfaction of its liabilities f'" !■""•'. 
 and " subject thereto shall, unless the articles otherwise provide, l)e d.^^tnl.utod 
 iimongst tho memlwrs acrorjin!, to their rl;,ht> ,<od i>,lfrf,l, in the company." 
 ITenee in the absence of special provision in the articles, thero is no power to 
 distribute otherwise than in strict accordance with the rights and interest, of 
 tho members. Now where there are several classes of shares this w:i..t of power 
 may be vcrv inconvenient, especially whore the undertakini; has l,.cn ^uld 
 with a view 'to reconstruction or am.il|{umation, whether under a po«cr of sale 
 in the memorandum (««/-™. p. 510) or under sect. 192 of the .\ct or l.ms, 
 replacing s,Tt. 161 of the Act of 1862. Thus, if there are preference and 
 ordinary -hares in the selling company (both ranking pnri pn.m in a uimbnt- 
 up), and it is desired to give to the former preference shares and to the latter 
 ordinary shares in the purchasing company, this cannot be d)ne in the .il..enoe 
 of some such clause or of an arrangement under sect. 120 of the Act, sin t,„„od 
 by the Court Kven sect. 192 of the Companies Act, 190S. does not allow of such 
 a thing. Oriffith v. PngH, 5 C. D. 894; 6 C. I). 514. But under j.ara. (2i 
 of the aliovc clause, such a scheme and many other advantageous scheme, are 
 
 allowable. 
 
 As to para. (3), it seems well to preclude the suggestion that a man may, 
 under this clause, be comi>clled to toke partly paid shares. 
 
 Formerly it was customary to insert her» s clause depriving dissinlient., 
 under sect. 161 of the Act of 1862, no* feet. 192 of tho Act of IMS, of 
 tho right to be paid out in cash. The clause first came under consideration in 
 /W. eaie 6 Ch. 183, where it was inserted ju»t before liquidation; but it 
 seems to be conceded that, even if inserted in the original articles, it is inettec- 
 tive rnrril Gold Mine,. (1898) I Ch. 122 (C. A.); Baring-Gonhl ,. Sl.arp- 
 .iwlon, (1899) 2 Ch. 80; Pavnt ». Cork Co., (1900) 1 Ch. 308; lii^vo..,! «. 
 ll',„d.;:-oii's Trannvaal Entatr, Co., (1908) 1 Ch. 743. 
 
 First, /V-vr.f Gold .tfm«, (1898) 1 Ch. 122 (C. A.), to say the ha-l. threw 
 irrave doubt on the validity of the clause. 
 
 And in Baring-Gould v. SharpiHgton, fe. Syndicate. (1899) 2 Ch. 8(.--«liere 
 tho articles contained a provision that " If at any time a sale or arraniera, nt 
 
 shall be made or proposed in pursuance of sect. 161 of tho C.mipa .\et, 
 
 1H62 tlie purchase-money to be paid for the interest of any dissentient niemher 
 ■hall be such sum of money as the liquidator can obtain by .ellinir the .hare.. 
 rtmk or "th«r property to which such dissentient memWr would have bcea 
 entitled upon the oompl'etion of the sale or arrangement had he not e.tH..»«l 
 bU dis«!nt "-the Court of Appeal held that it wa. ineffective 
 
 And Stirling, J., in Pa»n» ». Cork Co., (1900) 1 Ch. 308, held that artieles of 
 
 liiL 
 
KOKM8. 
 
 787 
 
 oiatioii werf '<""' '•"'» »"J ii>i>l'e''«t'*e «> '>"• i" "'">' l""l""'<'''' '" ''''i"''*'- 
 ^»,',',l',.i s!,i.iel.olJcr» of tlio ri),'lit« .-..i.f.Trcl i.i".n thon. l.y s, t. Itil ..f tli.' 
 
 Act of 1^''- i» 
 
 I'ji of Alt of l»i)X). 
 
 \ t«illi't.iiHlin(.' tli.w ca^e", >t nmy I.e douhtwl wliitlipr suffi.i.nt f,)r.-(. ha- 
 " , „ ,., ,!..• words of wx't. VV.i (I) of imi2 («M:t. IHC, of AH .,f IlHis,, 
 
 f,,r I..- 1 
 di-lril.u 
 
 C. U. «'.>!, 899;, and those solutions providn for dis- 
 
 t,;i„„i„„ .ooonir tho niomhers oo.onlinff f« th-ir ri-hts and int.-r.-sts, " unL-ss tho 
 
 , .|.4 „th.r«i-^« provid.-." These word -Ifttrly suhordinato to thi- si;.liil..ry 
 
 !L'i,t li.v M'^i^'' "i-T'-cnu-nt in the arti ., . Kiirther, it may ho ..ru',-,1 wit), 
 
 ,, loiii' tint the |irinriiiltf eml)(KjiiMl in th« maxim " (iuihlii't potest riijiiri- 
 
 1"".. JTi pro «e introdu.-to," is appli.al.li'. No d I. . individual ,.uni..t 
 
 ,.,i>(, a ,ii:.liiT in wliiih th.' pul)li<- hmn an inton^t. hut -ircl) 
 ,li.„,„ ;. piriiliarly a niatlrr for the indi\idii:il, not fnr Ih.' pnl.l 
 
 Fonn 251. 
 
 Iiil ..f IKtIi and MHt. I'.rl of 1908 iiri- undoul>t«dly to he rrad as nranls 
 ,„', in .on'jumtion with scot. VU (I) of IHfii or scot. IHii ol l'.MH 
 
 ,-lll ol 
 
 Indemnity. 
 
 I,,l, i;\oi.\ .lirocK.r, maiias^M-, [uuditor,] secretary, and other oniccr Indemnity. 
 ol .s<T\aiil "f tho coy sliall b« iu(ifiiinili<>d by tlio coy aoainst, and it 
 shall l.<' ilio iliily ol tilt! diiotlois out of tho I'lmd-i of iho coy to pay all 
 COM.V |.-x'> ;iii<l oxpoiiM'^ which any such olliciM- or xorvaiit may incur 
 
 or Ih.., Iiahic to hy i-.'a<soii of any contract onK'iwI into, or act or 
 
 ,lii„j,. ,1( l.v him ii« Mich olliccr or Hcrvani, or in any way in ihcdiN- 
 
 cluijic ol liiri duties, including travelling expenses: and the amount 
 tor whi'li Mich iiideiiinit.y i.s provided -shall iminodiatcly attach a« a 
 1m h oii liic pi>ly of the coy, and have priority w botweon iho mcinlH>r.s 
 o\.'r all other claiinBl. 
 
 Tl.e alMnc clause is otTasionally insertud. See, as to tho rijrht to indemnity 
 of .linstors and other aKent«, Oerman Mining Co., 4 De I'.. M. A; 0. 19; 
 y^niirh y.nf, (%,., 22 Ueav. 143; Jnme, i. .Way, I-. R. 6 H. L. 328; Bf-nett 
 ., Ifynrf/.«m. 4 I)o (i. K. & J. 259; «VVr. v. Woodhridgf, 7 C. I). S04; llunfi 
 Claim W. N. (1872) 53; hi»n„ri.,l ('„r,,nratinn. 28 W. H. 700; \V. N. (18H0) 
 S»; » .7«-m V. I.<^d Bury, 5 <i. B. D. 518; Smith v. Duke of Manr>,^>trr, 24 
 r. It. till; 32 W. a. 83; Pyl» »'<>rk, (No. 2), (1901) 1 Ch. 173; Y,mnj i. 
 }imaL ie. S,.n,-ly, (1905) 1 K. U. 687; Ilardonn v. B<'lilio>, (1901) A. C. 118. 
 
 Thor.' can he no riifht to indemnity in renpect of an ulln, rirm or fraudulent 
 transaction. HmUh v. />«*« of .Vnnrhrtlrr, 24 Ch. 1). 611; Be Hrank,ea 
 hl.m,n:>. (No. 1), 1 Mo^. (". R. 12. 
 
 Dirclors who pay a dividend rcpres.Mil I ng that it is pai.l out of profits 
 i>m].>t claim indemnity; tint where diroetors pay a dividen.l to memliers who 
 knuw that it is paid out of capital, they may have a riRht to indemnity nn 
 iigiilmt su h memhers. Morhnm v. (Irnnl, (1900) 1 Q. It. 88; but the dirertom 
 will he primarily onleri-d to malio good tlio aiuount to the company. Alrjrnnilrn 
 Fai.icc (■:.. 21 Ch. U. 149; Sational fund; 10 Ch. U. 118. It in not, however, 
 rompelent to shareholders who have reeoived a dividend w"th knowlodf^e that it 
 ha» l)ccn paid out of capital to maintain an action to have the money rrpUeod 
 by the directors. Towrrii v. Afrioan Tug Co., (1904) 1 Ch. 5.'»8. 
 
 A. 1.. .iKitiiuhily whoro tho name of a pcmuii i* improperly inwrt^-l .v dirortnr, 
 Me Corapaniea (CoMolidation) Act, 1908, i. 84 (3), replacing the Dircctort' 
 Liability Act, 1890, I. 3 (4). 
 
 3x3 
 
r«8 
 
 Form 251. 
 
 ARTICLES OF ASSOCIATION. [ChAP. IX. 
 
 lu the absence of clear provision, directors who are paid for their ».rvi«.» 
 are not entitled to indemnity in respect of travelling expenses of attending 
 board meetings. Youny v. Saval, $<•. Sooielu, tiipra; itarmor, Ltd. v. .ihx- 
 ander, S. C. 78 Ct. of Sew. If it be desired to give such indemnity, insert 
 after the words " travelling expenses " the words " of and incident to atUndini; 
 at and returning from board meetings." 
 
 The words in brackets aro somotimes objected to by the Loniiun Si„t 
 Exchange where a quotation is wanted. 
 
 As to giving security to the directors, see Py/f liork-H (No. 2), (1S9I > 1 Ch. 
 
 184. 
 
 t « 
 
 IndiTidual 15a. No director [auditor] or other oUicor of the coy shall 1« l.aMo 
 
 re.pon»ibility f^, the Bit«, reooipU, neglecta, or defa'lta of any other dimtoi or 
 of direotorB. ^^^^ ^^ ^^^ joining in any receipt or otli£r act forconforn.ity ,,i 1 ,r 
 any loss or expense happening to the coy through the insutli. i,,!. v ..r 
 deficiency of title to any ppty acquircil by order of the dircctoiB for or 
 on behalf of the coy, or for the insufficiency or deficiency of uiiy 
 security in or upon which any of the moneys of tlie coy ^l.ali t« 
 invested, or for any loss or damage arising from the baiikru,,u.v. 
 insolvency, or tortious act of any person with whom any nionov,,, 
 securities, or effect shall be deposited, or for any las- '■^lon..! 1a 
 any error of judgment, omission, default, or over^,ight • t.is part, or 
 for any other loss, damage, or misfortune wiiatever whioli s-hall 
 happen in relation to the e.-.ecution of the duties of his ollic.* or m 
 i-elation thereto, unles,'* the same happen through his own di^huue^tv 
 
 The above elauM is sometime, inserted. As to liability of direct«rK for ;ut. 
 of each other, Car^ill v. Jl.uer, 10 C. D. 602; Land CredU Coolrr,..,ly^ 
 Lord Fermov, L. 11. 5 Ch. 772; Jle Charles Denh^im if Co., 25 Ih. I . ,.. 
 Sec also H'eir v. UUI, 3 Ex. Div. 238; CM.rne v. London a,„l y.^.r/..,n 
 Society 25 Q. B. D. 485. As to the right to contribution, «-c I.u.dioy on 
 Companies, 6th ed. 532 et ,e,.; and .M.'.l v. 3ta,on, 20 E<,. 225, .-xpl.mod 
 in Jork.<on V. Dickinson. (1903) 1 Ch. 917, where two trustcc-s m broaH, of 
 trust invented trust funds in partly paid shares of a company, and <n,„,. y.a» 
 after the death of one trustee the survivor, who had made every -;- •'-;'"^'"l'; 
 effort to dispose of the shares, but without success, paid » <•"» "' ""' '• ''^ 
 contributory in the liquidation of the company, and Swin en J^dy. , lu 
 that the deceased trustee's representatives, though not liable t« th. M,n>,,u.j 
 for the call, were liable to the surviving trustee for contribution. 
 
 In A,hur,t V. Ma.on, .hares of a company had (pursuant to an ultra v,re, 
 r«olntion of the board) been purchased and transferred into the name ,.f A a 
 director, in trust for the company. It wa. held that A. wa. entitled o con - 
 bution from the director, who concurred in the transaction for call j'^ 1»1 
 paid. See also Pouter v. lloe,, 19 W. U. 916; Pou,ery.OConnnr. ,M^ 923, 
 and Ram.Ul v. Edu,ard., 31 C. D. 100; Re Enal.field ''f '-J'/'";. « '^^„^; 
 388; Re Anglo-French .SonXy, 21 Ch. U. 501; V.Uner v H .rf. .$-. « "_. ^ ■ 
 A. C. 3.3; Robin,on s. llarkin, (1896) 2 Ch. 415. And ^ Kulc, uf hupnm, 
 Court Ord XVI. r. 55. and Annual Practice, 1912. 
 
 In 'Brazilian Rubber Plantation, and Estate,, Lim., (1911) 1 th. i.^, - 
 clal in the articles ran thu,: "No director .hall be iablo f" .-^ ' - 
 damage or misfortune whatever which .hall happen in the --"-';' J 
 dutie. of hi. ofHee, or in relation thereto, unleM the «me happen, through h.« 
 
 ^^- 
 
FORMS. 
 
 7W 
 
 , ,,„„o,tv" and it wa. held that the cluu« «a» a,, answ.r to an act...,, 
 r" t .n^ .y the company not nlleginR an, di.honcty. 
 
 ''•"*'• -..In., to nac Bce Forc.t of V,n.,. 10 C. D. Hi; "V-Zy,™-/ r«., 47 
 
 . TXi^X^'""-'"''"' ■^•'""•'' «- ■'■ ""• '"^ '■"""■ ■"•'•;".""':"■' 
 
 f" li^reton a. to whether they shall -ue the cu,t«mer, or dehtor, of the 
 ^""'' ' Jh h tru.tee, have not, ihul. A, to general position a. hdacary 
 :rr^S.W». V. Str,>u.„.o,„ 14 E.,. 322; .V,,.-.;. .-; 
 t! Vr,'.o» V. Lord Bury, 5 Q. B. Uiv. 519: A, rv^-.,. v. /. ■' 
 CI, 77: ^"■'■' ^""•'i' ^■'"•'""" '^"- ''■ "'""'"• " '• 
 
 [The SiiiEuiLE ftlwvo roforro<l to.] 
 
 So„„,i„,o, a ,ched..lo i. added containing a cpy or draft of an agreement. 
 S,'c ,.»/'r-,. Form 31. H no schedule, strike o,it the title. 
 
 Form 2S1. 
 
 2S W. R. 
 .. \. H. 2 
 
 N»MrS, AM.HFSSES .4NI> l^V.9' IllI'TICNS -K SVDS.IimFRS. 
 
 [Space for Xames.] 
 
 Mffe 
 
 *e .//■■"■ r- 491, omitting colnmn of shares. 
 
 Ualod the -d»- '■» — . 
 
 Wiin.vvs 10 tlio al ..• -i natures. 
 
 1 • 
 
 Articles of Association, adopting in part Table A. 
 
 Set. 11 of the Companio. Act, 1908 (replacing sort. 1.5 of the A, t of 1862), 
 priiviilc- a^ follows; — 
 
 ■■11. la the case of a company limited by shares and r..gi.tercd aft. r the 
 «,„.,uc,uc,nent of this Act, it articles are not registered, or, .f ar .cU-s are 
 rc.i»tc^,^l, in so far as the articles do not exclude or mod.iy the regulat.ons m 
 Tahle A. in the I'irst Schedule to this Act, those regulations shall, so far a. 
 „,|,h.uhle, he the regulations of the c.n.pany in the same manner and to the 
 war' ixtcnt as it they were contained in duly registered articles. 
 
 \,Kl hy sect in (2), where articles of asswiation ar.- registcr.Hl '• they may 
 adoi-t all or any of the regulation- contained in tho Table A." in the lirst. 
 Silii^lulc tit this Act. ,1,1 
 
 Therefore, in the ease of a company limited by share.,, it is not »b«>l,.tely 
 „e,o..ary to register articles along with the memorandum of a.«)..at...n ; and 
 
 i 
 
* «„ ? 
 
 790 
 
 Artiflo 
 partly 
 
 ■dontiiitr 
 TaW.- A . 
 
 Form 252. 
 
 Tabl.' A 
 
 to H]ipl> 
 
 ARTICLES OK ASSOCIATION. [("lIAI'. IX. 
 
 it article* arc not rejrislered. Table A., so far as it U not modifted lij- the Ai-t 
 of 1908, will apply and constitute the articles of th' company; unil many 
 companies have been thua re(fi»terod without articles, iliit to adopt TaliU. .\. 
 simpliciter generally leads to dWKcultics, and a.Toi.linj,'ly in many la-i.. k|,,.„ 
 with a view to saving expense tlix rvJoption of Table \. is in rontcniphiiinn, the 
 parties avail tlicmscl'es of the p.n.Ts given l)y sects. 10 and 11 of tlio Act of 
 registering special articles, a.s in tlie I'orm below, modifying Table \, in a f.'w 
 particulars, and in the result Table A. as .so modified will apply, T|,i< |,|jn 
 ban its odvaritagcs; but if the niixliticwtions are extensive the saving of cxp,!;* 
 is triflin^', whilst the inoonveuicnie of beinir obliged to refer tj two ilmumr iit« 
 (the one nimlifying the other) as eont:iiiiing tlio articles of the e.iiipnny it 
 considerable. Unless, therefore, the preliminary expenses have to be k. pr :,i t 
 very low point, the possession of a simple code of articles is well wurih tlie 
 expenditure of a few pounds. 
 
 The following alford a specimen of articles adopting Table \. »ith 
 variations: — 
 
 1. Subject an huttr providoti the regulations iu Table A shall 
 apply to this coy. 
 
 Table \. will be found infra, ul'tvr seit. 29ti of the .\ct. As to the iiiipntance 
 of cxdmliiig provisions of Table .V. in clear and unambiguous lan^'u;ii.'i', Mi 
 Fi>h>> V, mar/.- „„d H'liitr PiihHsliii.f, Co.. (1901) I Ch. 174. 
 
 1 
 
 Agrisiniii\ 
 
 Limit of 
 numlH'r of 
 members .ind 
 no public 
 issues. 
 AUotnieiit 
 of shares. 
 Instnlments. 
 
 C'onintissioi!' 
 
 Modificatio 
 of clause 'i 
 
 Modifieatii.n 
 of clause 4 
 
 2. The coy ehuli iorthwilli outer into au agreenit. ir [.Ai* in 
 ciaubo 3 of Form 2i>l, p. 013, supra, ll' need" be add any eiijipl 
 mental provisions as at p. t)4"), supra.] 
 
 [2a. For a private coy a« dclined by setjt. 121 of tbo Act. insert. 
 clauw ;iU7(/, p. 9.")!t. infra, as lo limit of number of nenibors and no 
 public issues. J 
 
 3. The shares shall be under the control of the directors, ic 
 t'laii.M' .">, p. GH), supra.] 
 
 4. If, by the terias of allotment of any share, &o. [Clause 10, 
 p. til'j. supra.] 
 
 5. The oov may at any time pay a commission, &c [Clause « 
 p. 618. .•<iipra. 
 
 By sect. 89 of the Act commission may bo paid by any company, and tin- 
 iIlcludc^ a priiatc company. !Sce p. 279, aupro. 
 
 tt. In cluuso 3 of Table A. the words '-extraordinary resolution 
 shall bo substituted for the worde " special resolution." 
 
 To pass a special resolution takes about three weeks, whereas to pass an extr ■ 
 urdtnafy r»^!ution tRk«! about ten day«. 
 
 : In (laii.se 1 of Table A. the wirds "of the nominal amount 
 sliftii bo inserted immed»tely after the e.xpression " throe-fi'urtlis," 
 
FORMS. 
 
 7!M 
 
 , Mo words •■t.o-thirds of the nominal amount" shall be sub- Form 252. 
 ""f'll^rtho expression "one-third.' 
 
 "rlocl of a'private company iusort the f„l.ow.„. cUu.o:- 
 .. il Cluu.0 5 of Tabic A. shall not apply. ] ^^^ 
 
 H save as herein other^vi.e provido<l .ho ..> .hall bo ou.ld to tn>at _ ^^^^, 
 
 „^S.ored holder. &c. Xlauso ,2. .>,... p. .-.O.. 
 
 ,,, , ,. .Mitiou to .cot. 27 ol tUo A-t .. t,. .u, no.. of tr...^ .-.in. 
 
 T, ,,.uso f.-Uowiug HhuU bo subMitulcd for clause 9 of Lun. 
 11„ procecls of sale of .uch .have. U.-t--l "« ''«"'K «l'P"^, «.lc. 
 
 10. 
 
 .■nil-. 
 
 . , ' u of Tabic V provided) .hall be applie.1 in payn.o>.l of 
 
 li:; i:;... ..d .o such ...ombor. hi- oxor. admors, or as.,ns. 
 
 , ,.) f T..l,le A U.e word> 'and not by tlic terms ot 
 
 " '",^ "" It ^ lit- -1 ■ shall be u..erted ..mucd.at«iy 
 -"" 'f'' 'T Mhei .^^l^ a"<l the words -.i.ue vvhe,. the l.-t 
 '''"' T ^lv.Jm^i;^ble- .hall U. ...bMi.u.ed fnr the .o.U 
 dS -t .1 h<' Sol.n. word, shall bo added at the end -d tlu> 
 7 u ,. n...elv ■■ A , .11 .hall bo deen.ed to have hoc. n.ade a 
 ;;r;i .:hrI-n.olution of U.c director, authoruin, such call 
 
 IpLofapn^tecomp^^^^^ 
 
 ;;,r •■ ;:':;;^o ^:;/S: A. the .o.. ■ ..ot i.inMuny pa^^^^^ 
 r ,:':;ir ri^li a. ,he ..... • ..... i. b.o.ne. 0.^ m,....^ 
 
 U,c;.o Iv reLon of such bankruptcy ' .hall 1. in.crt«d .mmed.atcly 
 
 af.or iho word, 'except ''"^^^ ^^^.j, ^,.,„ Modiiication 
 
 1 i At iho cud of clauw 24 ot Tat.lo A. tnc io.io«ii.t, ^ ^j^^^ ^^^ 
 
 I. • .s:^;;: ..a.uely, -^ and all expense, that ....y have been incurred 
 
 bv the coy by reason of such non-payment 
 
 , , 1„ cbuse 25 of Table A. the words ' a.ul .!..• P uco a. « h.c . 
 
 .hill ll. acted i.nmcdiately after the w,..ds ■ o.. or before wh.ch 
 
 ta ,1.: ::.ds • a..d at the pla.., • >haU U i..ser.e.l u..„.ed.atoly atte. 
 
 the words ■• before the time.' , ,, „ ,,, . 
 
 - . «. fT 11-. A t ho lollo win-' wonls shall M.^lifipation 
 
 i:, At the end of clause 2G of Table A. the lot o\mu„ wi ^ ^ _|^^^^ ^e. 
 
 ho nserted, namely, -Such forfeiture .hall i..clude all d.v.de .d.- 
 Iloci:;:; in ;..pect of the forfeited share, and not ac.uallv paul before 
 the forfeiture." 
 
 Mixliflcation 
 nf <li..u(o 2ft. 
 
 ■lb 
 
 y* ' 
 
 11 
 
792 
 
 Form 252. 
 
 Liability Bfter 
 furfeiture. 
 
 Nu aharc 
 
 warrantn. 
 
 AHTICLK8 OF ASSOCIATION. [CllAI'. IX. 
 
 Iti. lu iluuso 28 of Tiibio A. tlic word " presently " and ilic »,,ijs 
 " but his liability " uud all .subsC(iuout words .shall bo struck oiil and 
 tho following wolds .sliall \>v substituted for tho latter ^,llrds so >iiiak 
 out, uamoly, together with iiitorust thereon from the time ol for- 
 feiture uutil payment at the rate of .> p.o.p.u., and the iliroctoi^ mav 
 onforro tho payment thof if they think lit." 
 
 HiA Clauses a.> to 10, inclusive, of Tallin A. shall not appiv 
 Tliis Is, "f coiir"!-, only impprativc in tlip laio of n private t'onip.mv. 
 
 Moditicati«u 
 uf ciauw 1 1 . 
 
 Modification 
 of clause 42. 
 
 Ordinary 
 
 f^encral 
 
 mmtings. 
 
 Modification 
 of clause 4K. 
 
 Short notiei! 
 of ^neral 
 meeting. 
 
 Special 
 
 reiiolution. 
 
 One nDtice 
 for two 
 meetinjrii. 
 
 Modification 
 of clauHf 49. 
 
 MtHlification 
 of clatiNt' .') ( 
 of Table A. 
 
 17. In clause -11 of Table A. the words "u general inopiinLr 'huji 
 bo substitute*! for tho words, "an e.Ktraordinary resolution. 
 
 18. In clau.-<e 12 of Talile A. tho words 'tho registered nioiuljcrs ' 
 shall bo suhslitutod for iJic WDids, " such persons as at the date ..l the 
 offer aro entM to roeeivo notices from the coy of general moelinpi." 
 
 19. The following piovision shall be sub.stiiiilod for rtaii-c in of 
 Table A., namely. "Other goner.il meetings .shall bo held on. c in ihc 
 year 19—, and in every subse(pieut year at >^iich time nml plac ^i» the 
 directors shall <lelermiuo.' 
 
 20. The latter part of olau.se 18 of Table A. <>ommencin!.' vviili -he 
 words " If at any lime,'' sliall not apply. 
 
 Tim omitted paragraph -si . .jinmemintf is iiiiu-mal. and w. ni> ..t li ■lil.tful 
 exjicdicncy. 
 
 21. With the cou.scnt iu writing of uU the meud)er.s for ilic limp 
 being, a general notice may bo convened on a shorter notiro ihaii 
 seven day.s. and in any nianucr they think lit, and I.iiim' ;'i of 
 Table .\. .shall be modilied accurdingly . 
 
 22. Whenever it i.s intended to juiss a special i<-nliiiinri, ,vi 
 Clause Gl, nupra, p. G9(!.] 
 
 2;! In cliin.so la of Table .\. the words •the roy:isipre(| me ul, r,> ' 
 shall be siibslilutod for the words "such per.son.s as are iiii'lir tho 
 regulations of the coy eiitid to receive such notiros from tho cov.' ;iiid 
 tho woids or accidental omis-jon to give" shall be in-erfe.i iiiiioo- 
 diately after the word.s "non-receipt of" iu the same clause. 
 
 2-t. In (lauso .VI of Table .V. the words some odicr diic.tor 
 j>re.sent, or in default of direclniw ' shall be inserted immediali'lv iiftcr 
 the- word "-hoo.ie." 
 
 Modifi.ation 25. In clause .'>."» of Table A. the words ' and sliall if so dircc led by 
 tho meeting" shall bo omitted, and the word ' when ' mid .ill tho 
 subsequent words of the ckuse shall bo omitted. 
 
FORMS. 
 
 -,<^■^^ 
 
 .,. ,„ , h«.M, ,-.G of Tabic A. tho w,.r(ls ■ or not oarriwl \>y a par- Form 262 
 ",' niaritv" shall bo iii«orto<l iiniiuMliatoly after tho word M.^iifl^ation 
 
 .,- l„ . l„u.so 57 of Tublo A .ho wor.U • au.l either at onc-o or aft«r M';}^-';--" 
 an'int.-v.i or adjourtitnout or othorwi.o ' shall bo insortml nnmo- 
 j,.,„,lv ;iltor Uio words "in such n.annor.' 
 
 ..H ' X, ,ho oml of Hauso 61 of Tablo A. tho following words shall iWm-.i™ 
 1,.>*„1,U.,|. na.noly : " Tho oxors nr lulinors of a doroused nu-nibor, &c. 
 I'liuM' ■i'- supra, p. 077.] 
 
 .,, I„ . 1UU..0 f.r. of Table A, tho words •' or adjournod tnooting. as M>^i«ca.ion 
 ,1,0 , aM, may be." shall bo in.orlo.1 i.mno<liatoly botoro tho words at 
 wliiih ilio person name<l." 
 
 ;;„ Ai, nistrumculuppointinga proxy .nay appoint ^ovorul por.ons IV.,.!.,. 
 ,„ „,. .Uornativo, and clause .^ of Tublo A. shall bo .uodihod 
 aecorUiii'J:lv. 
 
 ,, , luiso 68 of Table A. shall not apply, and nntil othorwiso N~..f^^ 
 .loUTininod by a general mooting tho nu.nbor of dirootors shall no ,,,.«, 
 tZ. than --nor more than -, and tho first d.ro.tors shall d^t,.r„ 
 
 """i^ Tlio words " and until otherwise dotornuned shall bo at tho rate «-u-»»- 
 of £ ■ -pa. and such rot.n.noralion shall bo divul.-.l a.nongst then. 
 i„ M.,1. propur.ions as thoy .nay f-ou. tin.o to tin.c do.la.. and .n 
 ,lof;iul' cMi„ally " shall bo added at tho on.l of -lauso 69 of ral.l- A. 
 In clause 70 of Table A. tho words 
 
 utcd for tho words "at lonst one share." 
 
 shares " siiall be Qimlitictttiou 
 
 ■ .f directurn. 
 
 '" ..' A ...eeting of the din.tors at which, &c. [Clause 108, .upr.i, ^--f 
 
 p. r\-2. 
 
 .;,, .V ^o^o!^lli'>n in writing, signed, &c. 
 
 711.1 
 
 rt'lauso IIU. SHpra. RM"I»ti"u 
 
 . . j bU ilirfctom 
 
 1' ' "J crt.vtivd 
 
 :,.„ W.thou. projudico to the gonoral powors .onforrod by il^;"^!-- 
 ila.H. 71 of Tablo A., and so as not in any way to limit or -oMrict. j.^_^.._j 
 ,1,,,.,. powers, and without projudi.o to tho other powers .-on ferrod by ,,,w..r,^„r 
 ■l.,|,lo \ and by tl>e.s.^ presents it is hby expressly do.lavod that the 
 .11,. .,„•. sbull have the foUowin- powers, that is to .say, powor- 
 
 11,.,,. .,.|opt a,.v of the paniL'taphs of elause 111, .v»;.n-. pp. .48 
 ,t s,,/ as may scoin .lesi.able. For brevity, perhaps, o>dy para- 
 ^laphs ,:!.. (i\K (7>, (8), ll5) and .16. neod bo used, with the 
 :„l,ii,io„ of a power of borrowing, e.<j., -To borrow ..,■ nu.so or 
 M-uiu. tlio payment of money (<•'■ i-i'" pnrpo-o "f ""^ '^^'O "" ''"'■^' 
 t.Mln..^ and in such manner as lhe<- think tit.' ] 
 
 {:V,h. Insert, if ro.p.ired, provisions for mana-emonl abroad. J^;;2V«nent. 
 Supra, p. 756.] 
 
ry4 
 
 Form 252. 
 
 Kemoviii 
 of muiaipu)^ 
 ilir«'t«)r. 
 
 ARTICLK8 OF ASSOCIATION. [(.'lIAP. IX. 
 
 [3oe. In clauM 72 of Table A. tlio words "the directors or" shall 
 be inserted iranicdialely before the wordu "the company."] 
 
 Tlii» empowori the directon to rmiiovo a managiii(; director, anil it may nut bi 
 deairablo in many caae* tu liavo auoh it proviiiuD. 
 
 Dirertof!. 
 may invi»t 
 m»naK>ii)f 
 directorn 
 with I trtaiu 
 
 |K1WCI». 
 
 CliiiiRpii 73, 
 and 77 not 
 to apply. 
 Directors 
 vat^ating 
 office. 
 
 Director's 
 cuiitractc. 
 
 7t 
 
 .'Jti. The directors inay from time to time eutru.st to and confer upon 
 a managing director for the time being such of the powers e.XKrciHe- 
 ablo under therio prosenis by the diroctorM a.-i they think fit, and mav 
 confer such powers for such time, and to Ihj exercised for .^ucii otnect.s 
 and purpoeo.s, and upon such term.-* and conditions, and wiili such 
 restrictions as they think expedient, and they may from time in time 
 revoke, withdraw, alter, or vury all or any of such powor>f. 
 
 .37. Clauses 73, 74 and 77 of Table A. shall not apply. 
 
 yS. The office of a director shall ipso fucto bo vacated (1 1 if he 
 become bankrupt or lunatic, (2) if by notice in writing to the cov lb 
 resigns his office, (3) i' ho cease to hold hi^ qualification. 
 
 39. No director sliali be disqualified by liis office from contracting 
 witli the coy, &c. Clau.«e 92, supra, p. 731.] 
 
 Snob > proTision ii generally requiaitc. 
 
 Diiectorr. 
 may hold 
 other oftlcea. 
 
 IJiintor- 
 limy appoiut 
 III hem. 
 
 Quorum 
 at hoard 
 meetings. 
 
 40. A director may hold any oilier office or place of profit in die coy 
 iu conjunction with his directorship, and may bo appointed ilicieto 
 upon such terms as to i.tmuneration, tenure of office, and otlicrw isc, m 
 may be arranged by the directors. 
 
 41 . Cluuses 84 and 85 of Table A. shall not apply, but the diicctuw 
 may at any time, &v. [(Jlau.se 8j, supra, p. 717.] 
 
 42. In clause 88 of Table A. the words " when tlie numlior of ilircc- 
 tors exceeds three," shall be omitted. 
 
 Perhaps " two " would be the preferable quorum if the maximum iiiiuibor of 
 directors in less than four or Hve. 
 
 Modiflcatiuu 43. The lixat five words, 'but for uo other purpose," .•sluill I'O 
 of clamie 8!t. omitted from clause 89 of Table A. 
 
 Notices til 
 members. 
 
 When uotioc 
 liy podt to 
 bo ueomoil 
 serred. 
 
 44. At the end of clause 110 of Tabic A. the following words shall 
 be iR«ert»d. namely, "As regards tlrose member^," &q. [Clau-r 142, 
 KUpra, p. 779.] "Any notice required," &c. Clauses 144 uiid U'l 
 xupra, p. 780.] 
 
 45. Any nolii« sent by post, &c. [Clause 147, supra, p. 780,^ 
 
FORMS. 
 
 795 
 
 46 rlau-oH U I and 114 of Tablo A >hall ..ot apply Form 262. 
 
 .7 Tf th.. oov Bimll '"• «""'"' »!' (,>vl'oili.'r volunUirily «r Otiior- ,';,',';,'.;;:'" 
 
 47. II i'"^ . . -U-. 1 111 "iiiil !"■ 
 
 „i,,,i,: CluuM> l,..l. »./.",, p. .8...] „i.„n,u,i... 
 
 ,S Tl... <lir.Hto.* slmll bo imlr.nnilioa by tho .oy «u:>iiu.t. a.ul it »f^...;J-.» 
 
 u II 1.. il». (lutv of tho (liroctor^ out of tho fun.lH of tho coy I- i-uy «„„,,„^.u,, 
 
 ,i f. ..II H>st«, lo-OH, ..xpcn^w, au.l liabilith's in.urml by ai.y ,„a..„.ni,y ,„ 
 1.1. au....or. in th.. c.u,.,>o of tho .-oy H b„-mos. 
 
 N4MI.S. ADUUtSSES i!«U UESlHimoSS UK MU31I.1UI.HS. 
 
 [Space fijr nijn'itiires, tfcj 
 
 Dated, &'■>■ 
 
 Wituow* to tho aiioNo snjiiaturos. 
 
 Companies limited bv Guarantee. 
 
 The M...i.l provUio,.s ..f thn AH of H.OH as to the for„.atioi. of .•ompa..ic^ 
 j;,:. ',. .uLnt... are sH f,.rth i„ .-ct-. 2. 4, 10 an.l 21. a.,a pn.v.de a, 
 follows:-- 
 
 2 V„y ^cv... or ...ore ,....*on.. ,ur, where the co...,.a.., t<. Ik- ror...ed w.ll b. 
 . pri:! eompa,.y within th,- n.eani,.s of thi. Act, a..y tw,. or ...ore per«....) 
 J lt.^1 foTa,., lawf,.l p..rpo«. may, l.y .ul>«rU,i„« their ..a-.-n to u mo.uo. 
 r, n f aL-'.io., a„] othcr«i«= ..o...plyi..« with the ro.,u.rc...,ent. o th.. 
 "; i.. rot- t of registratio.,, for,., a.. i.,...«rporat,.l .•o,..pa„y, w.th or w.thout 
 linill«l liability tthat in to say), oithcr - 
 
 
 
 (ii, A company havi-.^ tho lial.iUty of its ...o...l,..r, limited by th. m«mo^ 
 rami-'m to .uch n.nount a, tho n.ombers .,.ay re.p.Mt.voly therebj 
 uml.rtake to eontribute to the as,cU of the .•o...pa..y iit the event of it« 
 boinp wou..d up (in this A.-t U-r.nod a .on.pany limited by ^..arantee): 
 
 MimI.' of 
 fomiinK 
 iiirorporated 
 i't,i..jtauy. 
 
 11 
 
 4. Ii, the ta«e of a company limited by guarantee- 
 (1) 'i'hi memornndum ini'st state 
 
 ,;. .■lu- nam- of the company, with • l.imilcl " a. th 
 
 'Mn The part of the Unite,! KinHom, whotl.er K.ipland, Scotland, or 
 lr-.and. in which the registered office of the company i- to be s.tn.tfl: 
 
 (iii) i'he objects of the eon.pany ; 
 
 I ivl That the liability of the members it limited; 
 
 (V) That ea..h member undertakes to contribute to the ,««t, or the 
 company in the event of it* beinff wound up while . o \» a m.mU^r, o.^ 
 withh. one ye,.r afterward., for payment of the debta and hab.l.t.e, of 
 the company ..ontract«l before he cea«« to be a meml«>r, and of the 
 eo,U. eharp*, and cxpen-e. of winding up, and for ad,u.traent of the 
 
 MciuoraudiUB 
 of eon.pany 
 limited by 
 liKt word ifuarant..,.. 
 

 79ti 
 form 859. 
 
 ARTICLED OF ASSOCIATION. [ChaP. IX. 
 
 right* of the rontribntorin among th^miolvM, nuoh •monnt u rn«» i^ 
 
 re(|iiirrd, not PxcMding a ■pniUi'd amount. 
 (2) If the company haa a iharr rapital — 
 
 (i) The nirmorandum must alao iitate Iho amount of Hharc cnnital 
 
 with wliieh the ram|>any jiropown to be ri>giatorc<l and the (livi,ioj, 
 
 thereof into aharea of a fixed amount; 
 
 (ii) So Dubacriber of the memorandum may take Ion than nnf ihare 
 (iil) I'^oh HubM'ribor mint write (>ii(>ONitp to hi» name thf niimt.pr 
 
 of .<haro8 ho take^. 
 
 Regiiitration 
 of articlen. 
 
 Prunnion ui. 
 to compatiieH 
 limited by 
 guarantee. 
 
 10.- (1; There may, in the ca.<e of a rompany limited by •h.TC.<. .■■n 1 tlierp 
 shall in the e:ise of a company limited by f^uarnntoo or unlimited, bo r. „'i-i.r(il 
 with the mcmoranilum articles of ai.toi'ialion siifnud by tho »ubicril.erH ( . thr 
 memonindum and pro»ciibing rcRulations for the eompany. 
 
 (2) .\rlicloa of o»ao«'iiition may adopt all or any of the regulations >..nt,.inf(l 
 in Tabic A. in tho Vittt Sehedule to this .Vet. 
 
 (3) In the ease of an unlimited lompaiiy or u eompany limitcHl by i,'uiir.iiitei- 
 the artieles, if the eompany has a share capital, mu.'t »t:ite the aniuuut nf ,],.,„ 
 eapit^il with which the cnnipany proposes to lie rejfistcred. 
 
 (41 In the eaae of an unlimited company or n company limited bv i;ti irnntLT, 
 if the eompany has not a aharc capital, tho articlea must atato the nunili.r of 
 nicmbira with which the company proposes to be re^iatered, for the piirpo*. 
 of enabling the registrar to determine the fees payable on registraliun. 
 
 81.— (H In the eaac of a eompany limited hy guarantee and not hiiuni; n 
 share capital, and registerwl on or after the first day of January, ninclc.n l,un- 
 dre«l and one, every provision in the memorandum or articles, or in any r.sulu 
 tion of the ccimpany purportin;f to give any person u right to participai.- in thi' 
 divisible profits of the company otherwise than as a member shall bo vciiil, 
 
 (2) l"or the pnr|>Ose of the proviaiona of this Act relating to the mem •r.iiidiiin 
 of a company limited by guarantee and of this section, every provisiun in tbi 
 memorandum or articles, or in any resolution, of any company limitnl hv 
 gicirantiH. and rei,'ist«'red on or after the tirat day of .lanuary, nineteen hnnilred 
 anil one, [■ ir|>orting to divid.- the undertaking of the company info sli ins or 
 infi sta aliall be treated as a provision for a share lapitai, notwithstanding' that 
 the ii.niinal -ino'int or number of the shares or infen-sta is twt s|ieciticil thi rchv 
 
 K, 
 « 
 
 Inenaae and 
 
 reduction nf 
 •hare cafiital 
 in case • a 
 company 
 limited bj 
 guamntee 
 Earing a 
 (hare capital. 
 
 W I t're there is u sliare capit ■ it can l*. 
 .if tie Vet of l!)OH, which is as f..ilow»:- - 
 
 increasfMl 
 
 redui-'Ml 
 
 iin.i'T ~)''t. .^'i 
 
 60. A company limited by guarant<e and registered on or after the lir-' dav 
 •f .January nineteen hundnsl and one, may, if it has i -rirc capital, and is .so 
 authorized by its articles, increase or rwluce its share lapiial in the «anii ni inner 
 and subject to the s^irne comlitinns in and subj.^et to which a company '''iiitisl lij 
 sliares may increase or reduce its share capital under the provisiM|,s of ;iii' .\ct 
 
 -Vs to the liability of members, see sect. 123 of the .Vet. -ub-sccts. i,i ) a.id (v). 
 
 See also sect. 118, which provides that the forms act forth in the Third S, hcdul' 
 to the .\ct, or forms aa near thereto a.s circumstances adnj^t, ahu. lie used 
 As to the liability of persons whose ap:oiitit become members, see llriti'h ^luriti'. 
 #r. '■-■. V. Jrn::;::s, (ISOO; I Q. 15. 2yS. 
 
 In the ca.sc of a company limited by share« there must be a capital nf ii"ininal 
 amount, and that capital must be divided into shares of fixisl amount, and thi 
 holding shares is an essential featuri' menibership; for a person canimt he ;; 
 member unless he is a shareholder, and every ahareholder is a member. Hat 
 there are many eases in which pemona deairc to form an nssoeiation with limitiH 
 
FOKMii. 
 
 797 
 
 1 liiiP" wliii'h rainnr 
 
 i.t hp l.r..oi?hl within Itiom- traood i>tit bjf tl 
 
 \.i 
 
 Form ast. 
 
 ■ limitPil t>y ihari'" It in I 
 
 llllH-t llip*' i-ii«<-< I'liit ♦*"' ■^''*- "' '"*''■ 
 
 "he," of i..-rp.,r:.ti,.n un.Ier *hi. 1. it U ull.-w..l.l- to f..rm . com.mny 1.n„t...l 
 
 I„ M.,1. » ."n.i,.ny th-r., is n.u.h Kf-ter ..lu-ti, ity. tlu, .-.u.oHt fm-Jon.. It 
 
 V ". ,,.pital of no...inal .mount divi.U,! into -hare, l.kc a .o.upany 
 
 ;":i , ,v ,!.arL Imt th.re i. no ol,li^.aion to l.av.. any .u.h .uiuUl or any 
 
 '' ' ut' all, and therefore the hol.linK of .hare, i, in no «>n,e an r,...nt.al 
 
 ', ,„. „f im .nl..-rship. On the -ontrary. tho tern., on whi.h m.-ml..r.lo|' n-uy 
 
 : , u :.a n.»y hi of the mo,t, variou, character. ..... it n.ay he ,.r led 
 
 ha .. nl.cr.hi,, -h:.!! 1 on,litutcd hy in-nrin. with the company or hy -ul- 
 
 V lar^,. ■,r..n„rti.m of the .ompuniei lim.to.1 l.y guarantoe from t.mo m luur 
 
 fumuHl an' r.^-l.tered under a licenee from the P.uml of Trad.. ,.ur,n..nl to 
 
 . -i of ,!,.. Companies Ant, 190S, replacing ..,. . 23 of the . ,n.pan>e, A-t. 
 
 m- '^^.■mptin^' then, from tho u*c of the word "limited" a, part of the.r 
 
 „.n.e »nJ are as«Hiation. formed for promotinR commer-e. art. «-.enee. rj 
 
 Z ; l.ari.y or other useful object; hut man, other com-ern Mop th.. mode 
 
 lfi,„ ,rp„ratlon a, hcin^r h^ter ,uited to their .ireumHtan-e, than tho n..« e of 
 
 I'r,,,,'..;.., a.l,,„e,l in the -a.e of a company limited hy .hare., and ,n 
 
 ,;,rti'ul:.r. .v.mpani.- for in-urin^ against xari.uH marine r..,k,, eompan..- for 
 
 Iri.... a..:o«.t areidcnt,. rompanie. for imlen,«ifyin« tl». n.emhers .ora.n.t 
 
 »l" i.v ... l.:.y n,„.pen«.tio„ in re.pe-t of accident, to en.pl.. yc,. eon. pan.e- 
 
 for trilo pr..t.M.tio„ purro,OH and for mutual inforuiation, ■ m.pan.-H for ex- 
 
 „|„ri„L. le-,inu' and ro.disin^- mine, patents and e„n i-nn, mipano-Wor the 
 
 ;„„,|l„t; „f -harCH and .leh..nture, in other .ou.ern^.. e.nnpnnie, for ,HH.l.n... and 
 rcjli-inu' itkIui e of varimn kinds. 
 
 I„ ti,e ,a.e of companies re«i,ter.Hl without the word "limited" < "<,>r„, 
 ,, p,,„, the executive ,-enerally consists, no, of dir.-U.rs, hut of a ,.on„.,t eo, 
 Ir „t a council, or of a lK,ard of mana^'ement. or of Kovernors. and ..o.mhersh.p 
 i. ,ery connnonly constituted l.y election or hy adminsi..,, on subscr.pt.on or l.y 
 brin/n- int" the p<..l ecrtain pro.luce, and in so.ne ..as,.s there .s a pre-dent, a 
 vioe-pre-i.lcMt, a patron or patrons, besides subscriber., a.s.«..atos i.c 
 
 Form Jj.-. Hhows the form of article* which ha, .sometin ..-n adopte<l .ii the 
 
 „..„ „f a -ynd.cate for.ued for the purpose of Rain. It is in the nature of .. 
 .K Ictun f.^rm framed with a view f. obtainiUK' re^ristrat.on and capable of 
 beii.u' .ub*,ucntly modified by special resolution so as to meet the e.n-.nn- 
 ,tan!^c. <.f ll.e ca^c. 1-orm 2." "hows the m.KliHcations whi.h may be adopt-d by 
 ,p«ial resolution where the mcnbers are to be interest.^1 in d.fferent 
 
 ''Xm 253 is an example of the re^-ulation,. ad,.pted by a company fornn^d on 
 the f«»,i„B that membership is to be constituted by .ubscription or donut.o,. 
 
 Articles o! Association of a Company limited by Guarantee, 
 with a Capital divided into Shares. 
 
 Prior to the Companies Act, 1900, eompanio- limited by guarantee but with 
 a .h..re capital were occasionally reguter.^, for they were cxcmj-t from =om.- 
 ot the fctfr. imposed by the Act of 1862 on companie. limited by shares, and 
 in particular they could reduce their capital without the «inetion of the Court. 
 «,d thus it was possible to provide for realisin.,' and distributing tho capital 
 a»«,U, or for redeeming the .h»re« by drawing, or otherwise, or for paying off 
 
riiH 
 
 AKT1CLK8 OF A8S«>nAnoN. [( 'llAI'. IX. 
 
 Ill- 
 
 Fom 2ft2. '"!'''■' ""' rs'iuir"! ; imil ull iIik lould In' il"iu' liy »|n< iul muilntiuii, nhiriu 
 til tlio <'a<*o of n niiii|>^iiiy liniittNt hy ?iliiirr-> tliiTi' iiiUKt bo ii M|ir' uiI ri'^'ilutiou 
 and tho tmiictiiiii of tlif Citiirt iini^t l>t* (»litaiu«*<l uiitl tint lon'.i-iit nf the i-r^'liiuni 
 Mut it nocDia unlikely tlint iliiii iniHlo of iiiii>r|iiir.ilii>n uill licri'aftsr Im :ii| ijiii^ 
 fur liy Hub-wt't. I of nwt. 27 "f the ('imiiian'h 4 Ait, 19i)0 ( rnprixluii'*! in 
 "Wt. 4 (2) (>f tliB (''>in|>iiiiii'it Ai't, IlKW i>ri' »r,ii)-/ii), the l;iw vcni iiltirtcj, mil 
 it wa* rc<|uir<Hl th.it thi' lupital ^•biiiilil be i<|iim itiinl ia tliu miniuninilMn uf 
 ii<«<«toiatiun. I'liii^ tlio rapital b(>(-i>ini'« a ■ " litinn <if thn roniiinnv'* iiiri.rinim- 
 tion. nnil ran only lio alt-'rnl if nnil no fiir -m tbc Actn allow. Siib-«f,'t. i yf 
 nti't. '21 w»t iiuriiiiiily «X|>ri"«l, but it .■hh-muiI that tho wcirdu " ^iilijwt i.i i,,. 
 irciMO or rtxlurtion iti aiionlnni'- with tin' <'uni|iatiii's .Xftn " iniiiiutn) ig 
 intention that the provisioin ol |i Xitu ■•( JMlii, lNll7, ai»l 1077 M (o iniri v,i 
 and rwluftioh Khoiild ajiply. althoii^d ilm-^o |tro\iHioiiK wrro in tormi titi.y 
 ttppliniblo to i(iin|>Bnii-i limitwl by -linrvx. It van to bo noted that riono of i|,. 
 other imwor^ whioh by tho .\itM wore o«|iti'4<ly jfi»on to rompiinioii ImiitrJ In 
 fhare* woro by nii't. i7 mado up|ilii'abln to ronipnnio< liniito<l by i;ii'irant«<> 
 and haviin^ u aliure oapital, mi timt au'li U'-t-nionlioniid lompaniM, eron if ilioir 
 I apital hod born duly xlatod in tho nii'iiinniniluni of ii'^Kiation, wuuM n^it h>v(> 
 power to oonwiidato thrir ^hni'o«. to coinort tlioir ■•liatot into stook, to -ulnlividn 
 tiharo', or to i««ti- »li:iro ivarrnnt'. Nor iiro any of ««rh " otiior pow, r* " lon- 
 ferrod on <uoh finipanioH by iho .\it of 1!M»8. Soct. .'>C of that .\i t ( ^uiira, 
 p. IWt) only rofiTi U> incria''r> and roduotion of capital. Aopordinf;!y, it oati 
 only be in very 'porial cirouni''tanoo« that a oonipany liniitol by (ruaraniee 
 with a Nhare oupiial will be ri"|tiirod. If in any ra-*** it ix re<piirod to rpgi^ttor 
 •uch a coinpuny, tho pointi to bo borno in mind nro; 
 
 (I.) That tho niriiurandiini of n-..oii;itiin miMt «pooify not only tl:i m.itter'. 
 ro<|uirod by wot. I of the t'oin|ianip< .Vi i, l!>08, but alio tho rapilal of 
 the company and Iho iiiinibor of »liarci into which it is dividcl and 
 the anioutit of each ><harc. 
 
 (2.) That tho capital .'hould also bo siH-oiHcd in liko manner in Iho arti' I-" of 
 a!«<44H'iati(>n of the onmpany. 
 
 Accordingly, I'orm 251 or '2.>2 can bo adopti-.!, saic that tho olau»c in cafh 
 ca«o (6 or 5) rofcrring to wit. HH of Iho f'oinpaniog Act, 1908, nimuM In 
 oniittnd, for that section applies only to a lonipany limited by nhani; and 
 further, the cl.iuw rofcrrini; to the statutory mooting ahould \o oniiiiid, for 
 Beet. 63 of the ('ompanioa Act I'JOS, only .ipplioii to a company liniilnl bf 
 shares. 
 
 Form 253. 
 
 Interpreta- 
 tion. 
 
 The A.ssociATio.N. 
 
 Articles oi Association of a Company limited by Guarantee 
 withont Share Capital; Council. 
 
 1. In (liesc re};ulatinn.<, uf.k>«.s tlicro bo soinethiiio: in tho i-ulijoct 
 or context inconsi.'ttcnt lliprowith -- 
 
 "Tlio As.s.)ciation " means tlio iibovc-namod osson. 
 
 "Tho Couaeil " lucaii;^ the inoinbcr.s for llie liiuo bciii^ of llie 
 
 council hereby cuiislituteil. 
 "In wriiiug ■ uieuiis wrhuui or prinied, or partly wriittu or 
 
 partly printed. 
 Words importing the singular number only include the plural 
 
 number and vice vasd. 
 .Word* importing persons include corporations. 
 
FOUM8. 
 
 o The ».l.^crilK.r. 1.. tl.i- nu..aa..iu of .w.^u ol ll,,- u.m.u aud mi.U 
 
 I, ,, sliiill !'<■ !i liiHll''.l u. muiiilii'i-liip 111 .1. iMinhinrc «i'h M.n.l«r-.. 
 tZ I'l.wM-. UM.1 ■>.>..,-. .,l,...s, shall Ik. UM.n.U..- .,f tl.o ,w..,.u,aml 
 J'.ll lK.',...t.-iv.l in 111.' rojjiM.T of monilMT- a.v.,i.l.i.-lv 
 
 ', .,.,.,,., .Hall 1..- tl.r..«.la-^..^ of ,n..M.l„..-. .,.....■l.^ . ■ ■ ' l" ■ in.n.Mi. - 1 
 
 ' 1,,,. (•') lifo .oomlKTM. .in.l t;li Hul.scril.iiiir iu...nl«Mv 
 
 "" ' .,„,' li(i.:.tio„ .,f ^ ,..-.■-,.,.,,..,. I.'..', -li.ill 1- -'"• l-^"-;" WiMliH....... 
 
 ,„„;. ,„ ,1,., a^M.i, ol Iho MUM of loo; Tl... ,iuul.lk'a- on of :. 
 
 ,;,„ ,„..,„l„.r shall l»> tl... ,..sn..-..t at .au- i.i.... fi H.o -f :io{ 
 
 , umi.«.i..u of a M.I., ula... .....n.l„.r .hall U- .ho annaal pay^ 
 
 :,.,',„ ,1,.. ...sia. n -ho sun. of •./ 2, Pa., .h- M»"'""«";" "^ 
 
 III! in 
 I 
 
 Ul "li' 
 
 mI by 
 
 ■ (;■■ 
 1... 
 
 N'liiiiln r U<r 
 r» uifir;Oit*Ti. 
 
 ,„,„,.„. „r Kolu.iion a- nav fioni ti,m> to timo U •■.>■, 
 
 ^„ f ;„, ,.xtra(a.linar.v -oiionil MUM.tiii.r "f tin- afM.n. 
 
 K.a tia. |m>T *« '"'' roK'isfrution. lli- nuiuU-r of ni i! 
 
 ,„,.,,.„,„, 1 ...,u f,un.limi.|..tinionriMoran.ii.n.aM... ■.-■' "- 
 
 ,„|.„" I,., i, ti... uin.rovod l.v the cou.uil. ami tho .^unc.l nhall have 
 („il ,I.Mn..ion a« to the o.lnn«Hiou of anv porKon U. .no.ubor.lup m 
 
 anv rliu-w. , . 
 
 - W l,o,v anv pewon dc^iros to U. a.ln.ilti^d to n.o.nhorslup ot the A,.,.h...«i.>n. 
 ,Jn,. la. .MUM Mjrn and .IfiliMM ... .ho ns^on a., appli- .... to.' adnusMon 
 fra....'.l i.i M>,h tonn. a« tl... ouncil shall r,..,..iro. and .uoh appl.coa 
 „„.«, Ik, acvonipunUMl b.v th.. muof loOt.. or 201 .ur 21. 2, according 
 t„ th.. .la^... iu rospcft. of ^^!.i^ " he dosiro.^ U. lior.,nu> a ni..u.l.i.r. 
 
 S Tl,.. piivik-..^c« of a i„.nnancnt n..,n.l.ci may Ih, transf,.rr.-.l l.y Tn.n^f.r. 
 „„.i,.' andor hUhan.l ...anv por- '■ .ip,...v,.l l.v tho ....um.l. and OQ 
 ,1„. d..a.li ..f the i,..rna.nout ...caiho. ^ lo^al p.r.sonal rop.v«o...«..vo. 
 ,„. ,„„. ,,.- his h.-'al perm.nal ropro-oniativi^s if n.oio than on.. Miall bo 
 ,,„M. M.l.j...-. to .1.0 approval of .ho .-...i. il, t.. sn.v..i>.l t.. Ins r.-h..» 
 .,( ni,a.l,.'..«hip, or amy tranMer .!». -^mo to rouh, oUier jH-rson 
 „,,nn,vrd by tho rounoil, and tho iK-rsun ^ ■ su.c- 1...^? or t«k..iu' by 
 „„,>.■.■,■ ^Iiall be,o.no a porn.anonl n.on.l.. . . ^vi.h .ho sa.n.. r.^-h.-s as 
 tl„. ponnancnt moinbor throu-^'h whom ho olaiins. 
 .. Tho 1.1 ivilo.'cs of a lifo nion.U't .<hall no. U- .ran'.forahlo during ft-,,, 
 *" 1 ■ 1 M .."1." 
 
 hi- lilo. un.l shall (X'a.so at his doath. 
 
 10 11,0 piiviiofres cf a suWribing n.en.bor sudl not b.- Irun^fer- 
 tthlo, a„d shall .^.ose on his doa.h, or on his failure in any y.^ar to pay 
 his animal .uhscription on or boforo the lU.t .lay of Docon.bor in Uiat 
 
 " 11 \o infant, idiot, lunatic, or ;narricil vv.,:uan nhall !»' rcgistr-r^d l„f .„». &c. 
 a.- a n.fn.l.or uf tho assou, nor shall two or nioro i.cr.uns bo registarod 
 OS n.o.,.lH>r« of tho asson in respect ot any one pay.uont or annua. 
 6ub.criplioa. If by any means the righU of momber^lup become 
 
 trau«f*T. 
 
Slid 
 
 Form 253. 
 
 Dutit'H uf 
 meiuben. 
 
 ExcluFiion. 
 
 AuiiulliuK 
 cxiiuaion. 
 
 Forfeiture. 
 
 I'rivileiffii. 
 
 I. 
 
 Meetiogi. 
 
 ARTICLES OF AMOCIATION. [ClIAP. IX. 
 
 vofltoJ in any infant, idiot, liumtio, or niarriod woman, nr uny two or 
 more jiorsons jointly, thoy shall bo suspended until again vo^ioil ii, 
 Monio ono person under no disability. 
 
 12. Every member, whether u jiermuncul, life, or »uli>i.iiliin^f 
 member, ehall bo hound to further to tlio beet of his ability the 
 objects, interests, and inllucuco of the a-sson, and shall oli-»Mvt all 
 bye-laws of the osson made pursuant 'o the powers in thai I., half 
 hnftr contained. 
 
 1A». Any member who shall fail in obsorvauce of any uf tlm 
 regulations or bye-laws of the asson may bo excluded Irom th« 
 osson by resolution of a majority of at least three-foiirtli- uf tjio 
 memlicrs of the council prc.sent, and volinfj; at a s|K.'iial luuufil 
 meeting at which not le.sa than twelve members shall be pnx'iit 
 Such member shall have soveu clear days' notice sent to him irf ih.) 
 council meeting, and he m.iy iillend the meeting, but shall w,i bo 
 pn'sent at the voting oi take part in the proceedings olherwis.. ihau 
 as the council allows. A member excluded from the as.soii liy suph 
 meeting may, within seven days no.vt after notio«» of Iuk e\' lu-ion, 
 apiK<al from the decision of the council to a special mcelinj: uf tho 
 i»«.soii which shall thereupon bo convene*! by the council. 
 
 13. A majurity of not les.s than tlirce-fourflis cf the iiIht»' 
 
 pre.-oiit ut such laai-meutd special meeting shall have power lo annul 
 the exclusion, or to annul it subject to the jiorforniauce of any 
 conditiona which the meeting may think lit to impose. 
 
 14. A member so excluded shall forfeit all ekim lo a return "f the 
 money p<i by him to the aHson on his admis.-^ion as a iwiiiIht iliuf.ur 
 by way of annual subscription, as the ca.«o may be, and shall r< .i^c t(> 
 Ik) a member of the osson. 
 
 1.5. The following' shall bo the privileges of the several cLx^scs of 
 inembera, that is to say: - 
 
 (1.) A pcnnaneni memln'r shall bo eutld, ic. 
 
 (2.) A life member shall bo entld, 4c. 
 
 (3.) A subscribing member shall bo entld, &c. 
 
 10, The following provisions an to general moolings shall have 
 effect: — 
 
 Countil 17. There shall bo a, council for the management of the ullairt nf 
 
 the ass<.n, and the numlwr of raemlwrs of the council shall imt !«> 
 
 less than or more tlian , anu tlio Crst members of th« 
 
 council shall bo the following: — 
 
 [Add proceedings, powers, amJ duties of council, miniiteg, arcountf, 
 notices, declaratuyn of secrrry, provision as (o distribulinn of 
 assets in winding-up] 
 
 llkM. 
 
FORMS. 
 
 HOI 
 
 *■ ^: ! s; 
 
 Articles of Aaaociation of Society limited by Guarantee without Form 254. 
 a Share Capital : Committee o£ Managemen'.. 
 
 Iff 
 
 Intrrjiri T.i- 
 tioii. 
 
 I. ^ulcryretation clau»e.'\ 
 
 ■> K"i iIk' ]mrp(.isO'< of registratiou 'h<> .«o<iet y i-< dcthui'd to oonsist N'hitiI^ r ..f 
 
 ul 1011 miMiil.or*. '.Ill tlio coiuinilloo iiuiy wlii'ii llioy think tit ro^i.stcr '""" "''"■ 
 
 uu ill' !'• !-<' u' uiembcrs. 
 
 ;; Til' Mili-i I ilx^rM to tin- iiH'iu'liim ><( a.^smi ;iic tin' lii>t niomliprs of T},.- .uI. 
 
 M-riliiTi*. 
 th.. ...o, ii'iy. 
 
 4 Tli.' roiiiiiiilt«M> may from tiiuc to lime <iotoriiiiiii' the tcim.s and Sul-f'^iiii 1 1 
 (oii'ii!' II- "II uiiiiii any furtli"r oi other persons shall Ix' adniiltpd to 
 Iht; iii.iii!'<i>iiili of •he Norioty. Xi'vitIIioIiwh, no |M'ison hIwiU 1>o 
 a,|iiiii>'l to iii(Miil«'i-.>hi|i null*- and iinlil ho whull havn si:;hi'd an 
 iinnli .i:i"ii f"V iiioinhorBhip ir. tho tciiii> foliowin^r. that is tu.-ay: — 
 
 T.iIm' Sofioiy. 
 
 I _ yf _ desire to lie' omo a nienilier of the society, 
 
 .111.1 i.N|iie>t you to enU-'i my name in tho rejri.stur of inombers 
 u.tMidiii;:lv, cubject to your luenidum and urta of asson. 
 Dolled this - day of — . 
 
 ;, |< .-IkiII ie,-l with ilie coimuillt'e whetlier any such aiiplicQiK i ..inmitt.'o'n 
 -lull Ul sli.ill 111* bo admitlcil to iiM'iiiI.ershi|). .Ii*.r.ti..ii. 
 
 r. Am iiieiiilier may \viliidra«- from tlui wm iety l.y gi<.iui; one \Viil,iln<».il 
 luoii'ii- M'lie in writing; to (lie .society of his iut- ulioii m) to do, and 
 ,i|,.,u il \|.iiaii"ii of hui h notire he shall cease to be a moMiber. 
 
 7 The Minuuitlee may at an\ liiiii", !iy iiolico in vvritint; .serveil a.i 
 lir.tir |.r(i\i.le<l, iei|uir«^ a nieiubor to witlidiaw from 'lie so ie:\, and 
 the peiMiM M.I recjuired to withdraw sliall at the ospiraiion of one 
 lueiiili fr.iiii such notiio being yiven eea-e to be a member. 
 
 «. The ri^rhiH of a memU'r as sm h (dial! be ptMsoa.d and «liall ii't Ilu'l.i- 
 U' huiisleiahle and shall cease upon his ileatli. I" r~ n.i 
 
 '.I Th Mimilt<'e may iuake eallrt on the mend'Orsi. but so that no c.n,. 
 
 (.ill -h.ill e\r.N.i| - shillinjrs and thai the calls in any one vi ii hhall 
 iiu' I \ eci f per member, and every member shall !h) liable to |iay 
 to ilic .s.H iety tJie calls so made on him. 
 
 'Il/:/ yrnv:-)ions for nolin^ uj .vi//.* </"i/ for in'crrM mid fur f<'i- 
 fiilurc fur non-piiymi-nl nml (/.•hiTii/ in 7i»;;.vJ 
 
 ln-l(»iit iif ral!i4, the regulation! «oinoliiRi>>i provLlo for riitr«i.oc f ••« and 
 kuiiuul «ut>ft('ription«, 
 
 1-. 3 I- 
 
»H2 
 
 AUTItLl':8 OF ASSOCIATION. [ClIAl'. IX. 
 
 Form 254. 
 
 Uenpral 
 iiiculiiige. 
 
 CoMMITTKE. 
 
 10. TliOlu nIuiII bo ii coiiiiiiittoo, which shiiU ctin-iifit of mdi Ii>v.; ili.n, 
 
 and not iiioro tlian inoiiibers, ami tho followinjj sliull Ic thu 
 
 first lucinlx^rs of the conuniltoo, tliiit is to say: — 
 
 [Powell' of Ihf co.iimittce, roUitioii, pron'eJitifis, <fc, ncunnts. 
 aidlit, iiolUm, iriiidin'i-iip.] 
 
 Form 255. 
 
 Company 
 limiti'd liy 
 ^utirunf*.H> (no 
 ^liurc capital . 
 
 Nnnilx 1 !■( 
 itn*ait»irs. 
 
 Company Limited by Guarantee and not having a Capital 
 divided into Shares. 
 
 Articles of Association of (he — Syndicate, LimiUd. 
 
 MKMiiERsmr. 
 
 1. For the purpose of n'i,'i.siralion tho ninnher of nioiiiln'i^ nf tl,,^ 
 lOV is doclaroJ to bo one liiiMiin> I. Imt tiic dirorlors may rcL'i^icr un 
 imi-oasc in the number of niumbertj wheix'vor thoy think lit 
 
 8(0 Tallin II. in the l-'ir.>t SclioduU- to the Act of 190S. inpnt. p. 4Hi! .i- t., 
 regiatralion fc-e^. 
 
 MeinlHr»hip -' The subscribers hto shall lie tho first nienibor.s, and il ^li all i.- 
 
 with the dirOL'tor.-' t" de'.orniiiiO llic terms iinl condinon- ..ii 'aIhi 
 euliM>qiiont iiienibii'M shall from lune to tiuio bo udinitlei! 
 
 Th.vnsfer. 
 
 Tri»n»ffr .1 ;!. Any member may Ir.innff'r \\\* interest in tiio coy by iuiiiinunt 
 
 iiittri -ts. ji^ wri;in}r, ^i}5ned bo;h liy the uiiusferor and tran^fere'• unJ duK 
 
 n gi.siered With the coy. 
 
 C!em.uai .MEfTlSt.S. 
 
 l#.n«»:«i iB«'t- 4. Clauses Iti to .I'J uf T.J)lo A sliall apply, uubject lu tin' iwili- 
 Mifllififd'.' li'■atio^.^ fullowiiip: ^thal in to say.: — 
 
 (b) With the consent in writing of all members, a yoiieral rii. ■ hl' 
 iniiv Ik) conveneil on shorter notice than seven d,i\~, ui; : ai 
 any manner which such members think fit. 
 ib Tlie worils " bv at le;i-i. ;.hree momlH>rs " in claii^i' '>'' <■» 
 
 Table A shall be deemed to bo expunged. 
 ^,cl Kvery mcmU'r shall be eutitliNl to notice of a general ruecliii|;. 
 
 lii^i^ 
 
KOKMS. 
 
 HM 
 
 * IS rifpm to mwtinK" <nll«l mi rm|iiii.itiim; liut it i. iir.r«>ary to retain porm 286. 
 , .■.; nf til- \<t of 19iW onlv applies whon tlic lupiliil of ttio .ompany - 
 it. ** *'''^''- "• ■ 
 
 i, in -iMir.- "r »to<-k». 
 
 QlORI M. 
 
 - .,1,. ,|„„iMiii "f u tfeueiul ni.-clii.y: «hull !.<■ thr.-i- uipiuIxt. i-io- «iuur».n. 
 
 K'lll 111 |'<'l>Oir 
 
 VOTKS. 
 
 ,, 1 ,,,,1 oih.Twi.-e (loaTiiiimKl l>y special ic-olulioii. ^-wry mombcr J'_|;j^^^'^»' r" 
 
 fhall liaN"' "I"' vote. 
 
 ; ( liui.H^ tiO. ori aiifl ti(i of Table A. fhall upplv. 
 
 TiiWp A. 
 pruvinioti*. 
 
 UlRECrORS. 
 
 s. It .shall wst with U.0 8i(,'natorieH ht.), or the majority of them, Jj,;"";',, ,., 
 bv Hiltin" uii.Ior thoir hands, to appoint the first director*.. 
 '... A .."oiution sifrned l.y all the directors shall bo a.s valid and ;.;;;;';; ;;':,"""' 
 ..ti.vMril ;i- if il lia<l In-en tyjjifod at a feeiieral nicotiii};: of the directors ,iir...i..r. 
 
 J «|lli\ llrlll tl. 
 
 ,liily lullf'l mid conatitulod. j„,ard 
 
 HI. tlaiiw 01) of Table A. bhall apply. Thm"''<^< ..f 
 
 Ttt.l.' A. 
 
 I'OWKHS Ol-' DlltEITORS. 
 
 !l ( hiii.-r- 71 1111(1 72 of Table A. shall apply. 
 
 INiWiTM 4tf 
 
 iliri'utoni. 
 
 Vacating Officb. 
 
 ij. Cli.iiM' 77 of Table A., except paraf<raph (a) theriv.f, xhail ^j^*''"« 
 ! |.iv, Miiti in aildition tJiereto a director shall vacate otlic-e if and 
 ill. I ■> is ic,|ii..steil bv the i„y in general moetint; Uj ros!j;n. 
 
 KOTATKIN OF DlUF.tlOHM 
 
 I ; < liiijrt;.'. 7« to Hii of Table A ^liall apply. 
 
 iCotatioii. 
 
 I'kiicekui.s'.p' of L)irf.«tors. 
 
 i ! ( latiwf^ H7 to 94 of Table A •«t»all apply, but ii shall iiol li« 
 i;.M-»aiv to jTive nolio' of a in**tiiii; of the dir«Ptor« uj a dire 'of 
 nho V, I,:' within tJie United Kiusrdoiu. 
 
 a 1 2 
 
^ 
 
 H()4 
 
 Form 255. 
 
 ■iMWCxrn OF associativw. |_C>iai-. iX. 
 
 DlVIDK^OPS. 
 
 I,) ('lttll«» it"). Wi. "" '•'■' !"• *•"' I"- "' '•'"''•" -^ ■'"'" ")'!"• 
 but ill Uiiw 'J'.t III'' rol'oK'ii'v l.> ^J»»i«-* Hhttll l>i' ')iiiilt<*.i KtvuUiHi- 
 
 Htuill lit' I'ai" to 'III! IIKMllluT- e.^H4fc»>-. 
 
 III ( luii.-*.^ lt(.; •., 11K» ..f TuUJf \ -imll !i|i|'l> 
 
 Ninji i> 
 
 17 ('!»«««■ Hit 1.. ; "t Tul.l.' \ ^hall aM'l>. '-'^'- ''" "■■ 
 
 ,|«,i.-*.- 112 »»U 1 1:! tho ■>.!- ■ iui.'ivM "f " inouilH). 4uiil u.. .„ . 
 
 -titutwi for "•liarw*." * 
 
 NAVKH. Alil>lil-<m-' 'll' '• 
 
 i>rsiiiiiTiiiss or snT-<:t"nrii> 
 
 [.S/KK*? inr 
 
 «». I 
 
 l)ai«-<l !h«' — «1»T «f — - IS— 
 
 Wiiiwss to aU tb»- siimaiurn" aiM»v«' l-ivph 
 
 Tl..- ul«.Te i. a »|wlm«.. ..f th.. artl.-l»»..aaot.ill«B '" Ma. ' i^l« -^-. «'■"« !»>' 
 in B i.'.««l n.»»V ••«>«« l»^ .uloptH.! Iiy . .yiwiirat.- l..riu.Hi t,7r tm.i...r:.fr -.mr 
 |«»w. • ;;.. for'iir luirmir ur tei.tiiig a (wM'tit or uum; ami iK-cUin^. 
 
 Form 256. 
 
 Mun 'ti uiidrr- 
 taking into ■ 
 t\\f\l iiiimU-r 
 ut -iliurt.-w i.f 
 lt.u•r»-•t^ "t n- 
 tix«.il uufitiiml 
 valui- . 
 
 Itil..q>i<lii- 
 tiim. 
 
 NuiiiUt "i 
 memtxT'*. 
 
 l^ivmiuii i 
 iiiMlt-rtJikinir 
 ii.iii fintMl 
 iiunihrr <»f 
 nharrii or 
 ii.f.f.-i- 
 
 Articles of ABSOciation ol an Unlimitod Company not having a 
 Capital divided into Shares. 
 
 1 [Inter irretali/ni cUiuse] 
 
 2. For lli<> imr|i.»«' of rr-.MKlr!iti..M tlif iiuiiil>«r of iiM-nilHT!. ..f the 
 .-oy wiw aiui i^ an^Lm'.l I.) lio twoiity, Iml iho ,lir.Ml..rs in .> n'-.-u^r 
 ,1! in.n'UM) ill ilu' uiiiiilM'iot iiifiiil^Ms wlioiiPvcr ih.-v think lit 
 
 ;!. In onlor to ilclonniiif the iiPiporti-.im in win. Ii tli<' iiummIht. f. r 
 the (im« hpiiiK of tliP •■oy aro inl»>rt»lt..l in tl.p ix.y. th.' iiii.hiiakiii.-M 
 
 tli«> (ov >liall Ik> .hM-nif.1 to 1-) divuUxl into a spivilicl iiiiml i -1' i" ' 
 
 or inKTc-'M, ami tlio inonilipr^ nliall li»> cIwiimhI to Ini int.'n'^t.Kl in it- 
 otiy in proiKirtiou t4, the number of Huch share« or int4>r.-t- l..t th 
 tim« U'inj; ro({i(»lered in thoir rospivo uaiiK's iu< hiittr proM l.'l «»'' 
 until othorxvls.' .leteriniuwi by sixjcial reuolutiou tlw uudirUikms: ol 
 
FORMS. 
 
 ■ , .,v Mw.ll I'o aoemod 1o 1* divi.lc<l into \.m sl.am< or int,.r«.ts, 
 "" : , ,, 1 4..0 incluHivo. The .nou.b,.rH of th« ^y, at tl.e Umo 
 T ;;„1; ^l.;inl...nH con.e i,Uo ..pomtion. shall h« -lovaod to be 
 
 _^jl^, ,„ ,,„. «i i.iuu Mhuree or intt-rc^U in o,iual proportions. 
 '";' •,.,. ,„„„l„.r of shares ..r inUresl. into xvhich Uio .ov is to bo 
 ,,1..,, ,„ I.. a.vi.lo<l nu,v at .u,v u,u. by s,.vial .-...olnUou U> 
 :,1 ,., M., h ox.en, .s .nuv .h,.u ..x,KM.i..ut. an. any ..la.tu.na 
 1„. ..,• .nvro.i« ...ultins tTon. <ud. in. rc...e n.uy bo ..ppropr.a.o.l 
 ,'l.l.ah .,.binsu,humnn,.r.«lho.l.n. tor. think ..xp..honL .\i,y 
 
 t,...vnt>ul. ,,uulil>..l. or .pcH-ial r.^^hu, pHvil.,.'., or ...n.in.ous may 
 
 ;!. 'mu.!,..! to any m.. h a.Klitional.hure»or interosts. 'Ih- n.Klmoual 
 
 .i,..r.- -Iiall 1..- uun.l«M<.,i l.lot and on«ar.ls 
 
 , P,.^.,„s .nnv I..H-M,,.. a...n,b...., of ihv ,.> by ori^^in:.! sub-.np- 
 
 ,„,„ ,., |,v aan.i^Mo,. .... ,„u.,for, ..r by > .ion Tb.- M.b.. r,lK)r. 
 
 „. ,1 v"s t,».m,huu ..f a-.. ,. ar.' ,M,.n.l,..r. by ..ri^>nal -ul.-cnpt.on. 
 
 X,,v ,H.r...n who ,„-r.Mftor .U....r.-^ lo U«...n.o a a.vmtK.. U a.luos.ion, 
 
 : , ',., „.^,. hi. hobUnK '" «i«' '■••>' """•' "i'i''>' '" ;v"',";.^' '" '"'" 
 
 .„ .„l,ai-.ou . lUoiatK-r-Aip or for an in.-rwi.-.-,! b..l.lintf. a.al 
 :.' „Jt. .n M,„h appti.-..n i.!ir n.,ml«>r of sh.u - ..r inlerost.. o, 
 i,iui.„u.l .iHi^,^ .a- ini --(«. .n i^,.e.>tof wbi.h hi- <U-i«* .■■ l.<-.ouu. 
 
 ,„ .r an.l u ti.er,. aro any .ippr,.p.ia.-M slmros .„• ,n..n.s,s. ,. 
 
 .„.,U ,.. n.v ,l«>a.reoto.> toa,,,.pt or .vjo,! vu-b ap|.l...m. an.l m b.' 
 rnrmer .«* .o .iotonniuo tbo n.nuU.r of ^.l.a.v^ or mlon-Mt.. m r.-spvcl 
 ... *b., ., -«. h .M.pli™"' •-*«'" '•*' "'•""'""l •" ""■"''•^••^'"l- "^ l''-nn.tt..l 
 „ ,nfr...«- u,«b..l.lini;, an.l ibo api^l. an. shall l.M'oiu.- ,. .M..M.lK-r 
 ;K„**HHi .., a.l.lili.mully inl*>ro«t.xl in a. ...r.lant.- nmiI. ■ u, 1. -lot.-, ■ 
 
 I;.^lillti<lU. 
 
 „ Ti... ,, ..i...«r ..I iu«..n.borB of lb., .ov ... !»■ u.-pt pm^.a.... lo 
 
 «,„ .-, ,1 .(,.• (u- \' t. I'.ti.S, -hall, in a.l.lili.... 1" slatiii- ibf n.m«?«, 
 
 a.l.ln^->, ana .... apal i-n-s nV any . .-l lla" m-mU'V^ ... .!>" coy, >UUe 
 
 ,,„.,.,„1m,>, ol-ba,.-... inl.-M.M. in 'b.'-ov .-..MMroaM.. ibc .....•.,.>!« 
 
 „t -ad, i.....,.!»..> r-splv a.M lb,- a.-.in-...>bi..;; .u.n.UM- ..t Ml.h 
 
 •hiin.- ..r inn'resta reeply. 
 
 : \,A na-iolH.r may bo a.l.ui.l.Ml t- ........UM^bip «T U ,«'r.n.ll..d to 
 
 iiiiva*,- lu.- b..iaiim on ibo f.M.li.lz that h- i> I" pa^ t.. ,h..K..> i" 
 n-p..,. .,t lb.' >bar«>- or inl«ro«t- . on-tilniin.' bis inl.-.^vsi, <* any .•! 
 •h.m a 8poM!i,Ml Hun. i*r ^baro ..r infr-st o.lh.-. hy in.slal....M.ts . r 
 
 «h..u ...a. 1 for hv Iho dir,.cl.>rH or othorwiso, and tbo rf^ffisti-n-l 
 h.,i,i,.r l.r iho tina- b.'.n.^' .a' uny «harw ..r inierC^ i.. »'-\«-''< of «b.. h 
 ain n,.....v i* -.. mad.' oa\,.l.lc -hall (.ay .1..' ~..ni.' >• iH"' ''I" '• • "' 
 
 Mu„- ^l,ali bpi-on... .1.10 : bill -^ive a.s afs.1, ami ave :r pL.^.b^l bv lb.' 
 
 n,.„..lun.of u««on. membership ^bali not iii.po.- .... ib.' ..eiob. . anv 
 
 liai.bn ... pay any lalU oi ■..ntribuuoii- 
 
 s !i anv mU'r fails I., pay anv ...Oai nt. • all or ..thrr 
 
 .„..h. V , an • 1...... bin., the air..c...ns mav ^Tve him «itb .. ...remptorv 
 
 uoii... u. pav n.ferrin- t.. thin .la...- ana if b. fails tor ro.irtve.i 
 
 80.^ 
 
 Form 256. 
 
 Pi'-. II. .1. '■'..■ 
 
 1,PT« .•ll'ltl.-.l 
 to till ••Xlrh 
 t«lltkl. 4 .■'■ 
 
 iiitfltwtit. 
 
 IliiT.;.'. Ill 
 siii.1 iiumiIn r 
 ..f »hiir." .T 
 i.i.erest-. 
 
 Mo,lrp i,f 
 
 ll.S>l.|lljllu' 
 
 iiff.-it»iii-; 
 li..l.UiiK~ 
 
 U.:r;-'.r,.f 
 
 i'itiiNiti r»-p»s'T 
 aiUT*""..' 
 
 :1. 
 
 '.t -.i : ;k- 
 
Form 2S6. 
 
 AKIICMiS OK AHSOCIATION. 
 
 VUM'. IX. 
 
 (■wrtifiratt*. 
 
 ittm\»tuy . 
 
 'I niii"f<'>-. 
 
 ( h.-iiiirif 
 
 Uioki.. 
 
 ilu)M to <-uiii|il_v with Mi'li noli(to, tlio iliroitoi-x nun l.\ i,,,:,,,. ^ 
 writing' to such iiiiMiiljt«r de«lun( lii> ^liuros or intertwt.s to U. i,.rf.'il.^ 
 to tho lov, ami Ui« uaiuo hIiiiII Iio I'orfeittvl ii.for(|iii^lv, .ml ^u,^ 
 uuiiiiU.'!' hIiuII thtirvu|)<m couwc to l>i' si iiii'tiilMT. 
 
 'J KvtT.v iiieinl)flr shall Ix- oiilKI to u c t-rtilicult) ol iiioiiil.,i.|ii|, ,„ 
 respect oi U'f sharps or iiiterost.s in tho cov, and su'li . t'filii.n.. ^||,,|| 
 bo uniioi thi' iijinnioii itcul of tho co\ . 
 
 111. Thn iiiy shall JiavB a lii-n on llic chares nr inl<'ii'>N i,l i..„h 
 
 MKMnhor lor thf dcht.s und liahihiios of Niii-h incnihcr n, h , 
 
 whether alone or jointly with others, and in dolanli of ii:nii„„i ,'„! 
 i*ati>faitiou thof may >ell surh .xharos or interest-i. ami :i| |.|v the 
 proceeds in or towards such |iayiiient or ^iitisfadion 
 
 Jl Tlio share- or interests of any inoniher in the undei mIvim;; . f 
 tho coy. or any pt Miof, may be transferrerl by insirutnem ii, uiiiii, - 
 in u form appn.vpd by the diieitor.s und M<,nR'd by both ihe :i,u, i, i:,r 
 ami fraiisferee, and the lraii«feror shall be dtn^'-iud to r.-m lin the 
 
 holder of llie nhares or intero-^U tran'-ferred nnlil the uni if iK.. 
 
 transferee is enloied in the ref,'i~l('r in r.'.speil thof The dii.(l..n 
 may decline to register any transfer of any shares <ir inlen-- m ihe 
 coy upon which tlie coy has a lien oi to a tian-lene oi .\|,,,i,i il,,., 
 do not ap|)rovo. 
 
 IL'. Tho transter books und rey;isier of nieinln'r-. max l.^' . lo-n] 
 duritii,' such time as the direi tors think lit, not exi-eediiit' in iIm' wii le 
 tLirtv davs in each vear. 
 
 Tritii-nii.-ioii. l.'i, Tho evois or admors of a de,e„-ed meMibe. i uoi iicin^ one uf 
 (sevoial joint Icildersi sliall be the unly persons rei(i!,'ni/ed Iv llnnov 
 as haviiif,'- any title to tla; share- or iti(eu<-l- rejfi-lered iii il.c uaim,' 
 of such iiieiuber 
 
 H. A member ol the coy ma\ al any lime, by iiolict* in wiiliiitj' h.> 
 the coy. relinipiish his shares in the coy, and Iheieupon his ikiiuc sh.il| 
 bo reoioMsj fr^m the renistoi of momiier-, and llio shaic- ilm- rclin- 
 4uLshed -hall be deeeied to be the jipty of lh(> cov, ami iii.i\ I'.' 
 dispo-eil of a- the toy thinks lit, and any shareholder inn |iiirfli,i-t! 
 any .-i|. b siiaies if sold. The eoy shall not be bound lo iec..-iii/p ih.. 
 relin(|iii.-liiuenl of a fiactional part of a share. 
 
 l(<-liu<|iii-li' 
 limit. 
 
 A |ii)wer to rclininish m one of th ■ cliaraeterlitic features of 
 miiibif? ounipuiiy. 
 
 ,.,f.|i,„l. 
 
 V'hIi'OIx 
 
 !.'> \ slaliiloty declaration in writinff b\ the director.-, or iny to i 
 or more of them, that a sluire ha- been reliiii|uislied shall be -utiiiici ■ 
 ovidetice of iho facts therein stated a* asraiiisl all person- intcr'-sttf) 
 in the shaie; and Ihal liei laratioti and the roce-pt of the diic I r- to 
 tho puK hasei of Ihe nliaie for the price Ihcreif, if sold, .-lull cm- 
 stitute a H'MhI tith- ihenMo, and the purchaser shall be enlei.l in dm 
 
tOKMS. 
 
 .s(U 
 
 ri-iei ol iiiotubois 0.H the hulilor of Iho sliaio sohl, und theroupuii Form 258 
 hi.*lli.ill 1'.. (Iwiiiuil tho holder ihof , (Iwihari,'*'"! iw iit,niiii«l tJio .-..y from 
 all iiiii'il i^'ll"- i"f«'«s' ""i^ oxpoiisft, dm« lo lln- <■<.> iu rosputt thuf 
 aiuii''! bt'loro his puirhaKO, and ho hIiuII not hu bound to wo to tho 
 a|,|,li, 111. "( the |>uri'h:i«t« uiont'.v, u<>v -bull lii-< liiU' 1'^ (bo ..ban' bo 
 ail,.r!,',l b\ any irio^ulurily iu tho piweodiuijf.H in roloienw to sui-h 
 
 sail' 
 
 1,, Til- Miv in noui'ial nii-oliun ni;u tinni tinio M> linio ilotorniin.' Mertnm^. 
 il„. iiiiii-;iM.lpla(o-iil wliirli urdinaiy p.noial ni.'.-linu^ . Iinfir . all-d 
 oiainiiv iii<o:iii-,ns "t shall bo li.'l.l, and stub doloiiniruitiou sliall 
 
 1^.,^ i;iiiuini:ollO'l niilil cHh.T«iM< ilo'oiiiiinod. and iioli-o ..I' ovi-ry 
 
 Mirli .l.'oni.inalion nball bo -ivon to tbo nioinbor-. anti iboiouflor 
 ^|,il>! M. b dotormiualion roniain^ in I'Tco im Inrlbor ov otlior nolii.o 
 Olanv ..nlinarv niooiins nood bo fri^on, but in any olhor i-dso lU. loasi 
 MA.iiday.-.' noiio ,.l' an oidinaiy ni. oliny shall bo t;ivoii I" tho nioni- 
 Ui,. i"M .Ml, h no i'O «hidl Hiato tho iinio and phiio at which tho 
 ii!.rl!ii.' 1- '■<, bo bold, and in tho oa^o of a ro.olntion propoM'd to b.. 
 jw-ol ,1- an oxiraordinaiy or .Npo.iul ro-olmion the tonus tliof. 
 
 i: III tlio .a.--o of an o\tra'>rdiliaiy uonoial niootiuL'- (linfir lalb'd N '"'•• 
 an •,\lr;ioi.Hnaiy nioolinLc"' ut Io.ihi ...ovoii day' i.-ii o shall !m- 
 
 j;iv, 1, !,. ilio iiioiiii"'M. and siK h ii'.liio Nliall sliito iho tiino ,ui.| pi ' 
 
 ',: »lii h llio niootin- i." to bo lioM ami tbo irorioial n.i'iii i.f tbo 
 l,„,ii„-- lo lio transai tod iboioit. 
 
 1,> Til- diitHloiM may, whonovoi iboy iliiiik til, .niiviio an oxtia- c.nvM.tini. 
 oi.liiMiA -oiioial mooting:; und llio diiu.n.i- .-ball, on dio lo^nos!, i. . 
 11,.' iiMi.ii pioviMon^ for roiiisilioii nf niootiior^ with lbs assoiit in 
 Willie ol' all tho nioinbois, &■■, Wluiiover it i- inlondod, i. . Tlo 
 
 ill uniituion, &ii. 
 
 Ui flrlt'lll 
 
 t'.i \i. niiliiiary nioetipg nii>y o.\o;iiso all tho powers of iho coy, I'.. with of 
 and Hi) n^lbo of tho bii.,ino.ss to bo tian>a(,to<l iiotul bo uivon, fiivo "^'''J""'' 
 oiiK ,..s loiraids businosa to Ik) doalt with by e.vtraordinarv losoloiion 
 III l)v npoi iai rosniution. 
 
 ■ iimirv 
 
 10, 
 
 , I'niri'i'lini)" III iiiUfiiil iiiiiloi'is. iliiciiiiiK, iVc.j 
 
 ;l rlio iliroMoiH may, with tbo n.imiion of t"<o toy iu tjoiioi.il l)i,i,londs. 
 iiui'iiiL-. Ill aiiv tiino doilaro 11 diviloiid lo tho lociiib'Ts in pvnportioh I'avni.nt in 
 to til. ii .-Imio< 111- intorohlK. and may do'oriaiiio ulo'ii tho dividoml '^'^r,',!' "'' 
 shall lo p.|, and wholhor tho saino shall bo wholly <ir in pail a «;i.-li 
 liiM li .1 III wli.lly Of in pari a dividond of u—ol.- olli'<r tb.m <:\.-<h. 
 ami ttlioi.' a;i\ dilb.iilly ariso* in rocard to tbo dislribntion bv w^iy of 
 diiidoiid ot niiv shares or dolH'nliiios of any olhor ooy or olhor i;.-.>oi.s 
 nf i|ii< my, tho d->o 'or-i y.uiy soltb" thf; saino its thoy tlii'ik jii4 and 
 o\|io.lioht. nil,! . . irlicular bv tho i.isno ol fia.linnal . or'iti. afs. mid 
 I'.iay iix thoir vub.o for dmlribnliou of smh spoiilio iw^'ts or any part 
 
 V, 
 
 !^( 
 
 i.t 
 
*'0X AHTICLKS OF AMOCIATION. R 'HAP IX 
 
 Form 258. thof. and mny dotornnno that cosh paTnionts shall bo mado (,, «,,> 
 liionibors U|iOfi thp fdOliii^' of iho value HO fi\od, in onler li .-iiljii^. ii' 
 rijrhtrt of purtiot, nnd iiiuv vott any bikH Hpocilic a^aets in troc^ i,,„j„ 
 such liiisi* for Iho poi-Sdns oiiild to »ho dividend as iimv xoci.c i.\,,e. 
 diciit 10 the director'^. Any of Iho iwieti for tho tinio Ikmh^t ,,(■ ,|,g 
 coy xhull 1)1' diitiiliiitalilu us afnd hy way of dividoiid. Xn hirifof 
 dividend j^liall bo d»" hired 'ban ibo dirpi tms ic-onmioiid. The 
 diroitors nmy deoliro ku -h irilt'i iin dividond-i a< in (heir nninion iho 
 l)o.vilior. of the coy justifies. 
 
 ArooUDt*. 
 
 Dintrihii- 
 
 tiiiii in 
 wiiiiliii(f-u|i. 
 
 Ncitiii' fiT 
 
 ■i'2 — 47. iliTOinil^. iiiiilit. noticrs.] 
 
 48. [DMrihulion in uprnc in irinilhiri-iii).] 
 
 40 ■ i! iMiy linio ill loan! two-tliird.s in vahio ••( the ini'iulivrs 
 ate 1. 'o 'lipir .'ibnroH nr intor."!!,-- -hall, by no'iip in Mriiiny tn iho 
 coy, d«"_jie that in tht^r ')pininn ibn roy ishuuld be dis-olvi'.l, t||i,q 
 and in that caao tlie coy is to bo dissolved. 
 
 RixlifHof iU. Ill I ho fM'iit of a wind lily -11 |i .d I hi' i in , llio a.^.^ol.-^ dl-li il.iiiaMi,' 
 
 wiu.'liuK- '" . "'"""S"' ''"' iiiOii'l'T.-* bI' ill b(l.)ii.,r (,, tbi'iii in |)iu|.oiii,jii i,, li,,.,, 
 
 sJiaio.s or iiiterc-ils in (ho uiidi'ilakiii!;. but this prDVi-^ioii >L ii| ijj, 
 
 witliout projudi'O to nny pr»>foieii(ial. ipialiliod or spiM iij rl.'lii* 
 
 aflocting llio Hhaios or intciO'^t^ of any of tlio iii.'inbcr--. 
 
 Unlimited Companies. 
 
 Cumpdraiively f < w conipanici -.is niiiflit imtiiritlly \<o oxpoolcd -havj im.i 
 furiiiwl uiiilor tho .Ut of ' "i2 mow ropUuHl liy iha v'i.iii|.ihik'.h .\. t, lliosi, 
 lu uiilimitf<l ti>iii|'anif'i. Tin principal ri' (.lifiiirnti of tlio .\ct uf I'Wfi in 
 rc;.-ar»l t" tin' n .i^iritj.iii llirri»>r ;iri> "i-t iorth 'n seen. 2 and .i of llii- A. t. |ly 
 •wt. 5 th" mein'jramluni inorfly h:n lo ifivi- piirfi.iilBrt »« to name, otfii-. au,l 
 objiK-t'>; liut It nHHt \h- an iiinpiiiiiiil, u^ rrpiirwl liy <eif. III. I>y urfi.l i( 
 aKsociutiun. 
 
 MeninrHiidnm 
 • if iiiiinntti..<l 
 tvmpitny. 
 
 5. Ill tlie raw of an iinliinltcd rompany — 
 ' ! ) Till* nii'iuiirnnduni must .'itatc - 
 
 ti) TIh> naiur uf (hu i-uiiipuiiy; 
 
 iii) The part (if llw Inilril KiiJirdoin wIhiIkt Kiijcluiid. S.'.llanil. 
 or Ireland, in wlridi thr rc;fi«t4T(-l orfircr.f liic pomp.iiiy i« to Iwiliut*. 
 (iii) Tlio ulijiTt.i of the rumpnny. 
 
 ^21 If thp rompany ha4 a uliarr rnpital - 
 
 (i| No Nuh'*<-rili«>r of thr nifniornndiiin niuy take los^' tha' "r: lian- 
 *ii) Each iibsrribcr inuat wrifr op|)c"ilc to hia namr th' . miliar if 
 nharn hi- token. 
 
AdiI 'I'"-' 
 
 FORMS. 
 
 „,i.t- m«v «.lopt .11 or any of the i.r..Ti,Mm, in T.blc A.; and if 
 1,., ,i rapital .livid-a i>.l.. «harM, «h« .irti.l-v, mu.t .t4.to th.^ 
 . , „„„ ,vi 1. .Tl.i.h the o<,rap.ny propo*-, to t«, re«i.l.T«l. .nd if .1 
 """" i.al aivuled inu> iharr,, tl.-u tl..< arti.U» i.mHt ,tnt,. th.. nuinWr of 
 
 '■"' ';" ". Il wht .7. company i. to ...• r««i,tered. Hut .her. i. no ol,..«.- 
 
 ";";'";!,,«,...' .livi.M into ,har-.. .an havo a .,.»......„ -..mK ■-: -"- 
 
 "' „Un -r .'" artiol.>. may provi.le that the un-lnrtakins' -hall b- 
 
 r'""'M r,livi.i.Hl ...... a .pe.'irted ..uml." ■•' '»»"«• "' "" ""■"""'' ""."""''• 
 
 w'tUMi..^ ...."■''"^ .hall 1.0 ctilhsl to ,.arti.ipat.- in ,.roBt. in pr.,,-,r.>Mn t.. 
 
 *i"r -hnr. - 1'<-M ''y """' r.-»P«-t>v.'ly- 
 
 ^ , , i,„.,. ,ho lu.t-menti.med form of ron.ti.ution was «,l..,,t..l by .. 
 
 „ 1 whLh ha.l l..-cn for many y-ar. .arryi..^ on bu,i..o« upon th. .■...t-lKK>k 
 '" " ",„„, pr-nalcnt in Devon a.,.l fornwall, alll.o.i^h .. »a. ..... .n f.rt a 
 
 ■"■""" ■ ,„.an V The r.a-on for r,-;<i.tr..io.. wa. .hat .he .M.n,-..rn d.-.r.-l f. 
 ";"",.uh «;.;».'.■« of inroriK.r..i..n and .« ■■». ap- from .ho i,.,-,...v..,m....H.. of 
 
 1'"\;. Si ,';...... an.., f...r.her. wa, d..iro.„ of ..inK in a p...i.ion to 
 
 ' ' .. ..r of it. m..,.bor. to ...oro .ha,. .w.....y with..,.. I ,....S •■• 
 
 ;'Cr."i^"i" --'""• p. "«, a .hi- f .r„. .f ....n-.i..„i.,., wa- a,|..p.... 
 
 l':^:!,,r,...lin.t most nn,irly to that of the o.Ht-lH»k .n.m..K .•.,mp....y. 
 
 " V. ' .r. .... ..nlimi.e<l ■-•"P'-'y " *" ''^'« » "P"*' "' ""'"T' .'""""r '""•f'f 
 
 „„■;;„,.- .ho ar..,le- may f..llov. pr.-My . lo-«ly tho,e «,. forth .n l.-rm J.l, 
 
 ' ,; , .;,..: hut .1... .ai.i.al m,.-. p.- ih.^ in .ho .,r,i, h-, of a-..,, .a„..n a- 
 
 '„■ 1 l,v -ot 10 (3) of .1.3 V.t of Vm, an.l claov,, 6 and 5.. of 1 orm 251 
 
 ;: ' a l.".....i.t.-<l. for aeots. HH (l(-- :rn of Uh.un.M,.-) and 6:. .HUxi.U-ry 
 
 M!.,in... ..f .he (-..rapani.^ Act, 190s. d.. n ..pply to an u..lim,..Mi ....m„a..y. 
 
 \Vl,cn a.. ..nlimi.e.1 .-m.iuiny has a oapi.al divi.l.d i.o .hare,, ,.a. 1, „.l,-. rih.r 
 
 .vi.lvl 1." *.t S .il (i) of 'I'" ■^'•' of ""'■*' '"'"' """ *'""" "* *'" 
 
 12: »na "...,t wri... ,. i.e .o hi- ..a...e in the m,. u..lu.n "' --^--^^J^ 
 
 I,,., of -har,- h.. .ak.". l..olii..K' ." "h- «.l..;.n.' of the- A ., th, -. wonU 
 
 ,.n„.r.nd,.m of ..«.-i...ion " aro probably .nis.ake '^'^'*':''-^ "'"'^''T 
 ,.„, a,„l i. i, .0 be n,...Hl that i.. lorn. 1.. in .he Th.rd .^.h.dul.- ... h., 
 
 , ,„„ , \,t. V.m, no ,h..r.« an- -..t opp.si... .h.- -i-n..orie, ..am.', .n the 
 
 „;'..„ '.ra.-..b...., wl.<.r,.a' in .he a., nn.oanyin.. arti.I«- .he nnmber ., so. o,.po„.e 
 «, 1. ...mc- ll..«e>er, i. ■ ■ "., .loMrable in .he .■ir.u...-lan,.OH to -.'t .he ■ii.u.bor 
 .f -har.« ow-o^i.- the ..*....• in both .h.. ,>.,.,o..ra.Kl..t,. and ar.i.-lcs, an.l .n .he 
 ,„ > ... ia.t t,.:,.n .i.o ,,-na...r..,. .!,e «-„rd- f..ll..«i..- n,o-. 1..- .n-er..-.!: We, 
 
 „. ,,.;r,a ,m s who- ..a....-, and a,..lre«.., are sob-rilH-d, a„'r.-e .„ take the 
 
 Buulor ..f .iiar.- i., ii.e '■ "iUi\ of the , ,.mpa,.y a »pp..-i.. r n-p.^itive 
 
 niiu... S. !■ l-.-ui l>. al...ve rcrorr...l t... 
 
 I, ,,,,,-t 1... ^.rn- i.i t.iind that when- an a-oola.it n U ro^i-t.-red a- an un- 
 li,..„Hl ...,n,..nv, i. i- alway, open to ,he ...mnl-r, ... r.,-re«i..er i. a- a lim.tcd 
 .„„,,a,.v ,.„a,.r' .h.- ,,r..vi-i.m, of .o... .17 of .he Coiupani.., A... I»»H. 1 he 1.^ 
 o„ r...i;...rn.« a ..ompanv a, an unlimilcnl , o.,....rn are v..ry tr.tl.nir, and .t i. 
 
 ^ ,;h..„ i. ......... to .K, nv.^.cred or re-re.,-i..er..d as a r....i..nl . ..n....rn .ha. the 
 
 ...t',,l„r,m .ai.i.al d...v b..,o,..o. ,,ayabl... Thin b..in« «., it i, .n some .a*. 
 ............... in the fir-, in^tanro to re-ister a e,..,<...rn o.jf., a pr.va... ...mpany) 
 
 .- a„ „„ii..M'...! • ,mp«nv, «. th:.t i., ..:.m,. may for a wl remain wn.h ...««1, 
 
 .•„„1 ,ft..r«.vnl-. when »..ne death or event .K-..ir» rendering 1. praoti.able or 
 ,x, .h..nt ... ..htai.. lim...Kl liability, .he .-oniern .an. «ith....t any di-l...-at.on or 
 .ii^.uri.amo, be re-r.-ifi».ere<l a- a liinit.Hl ipany. 
 
 «Oft 
 Form 256. 
 
Hid 
 
 AKiicua* or AHSoci.vnoN. 
 
 •hw. IX. 
 
 Fona Sft7. 
 
 (*niTi»iiiii in 
 ■rtid)'-> uf Mil 
 uuliniitivi 
 vompaiiy !>• i' 
 mfmb**riilii|» 
 
 The ■uLsL'riboix to tliu cuv V iiKMudum (>' ;um«ou utu iik>iiiI>. i> „{ u,„ 
 coy. Ko ollior |Hfr«oii hIiuII U> u luciiilHjr uiik-wt liu lui ■ Umiuid u 
 loonibcr in iimiiuur t'olldniii);, ihiit in lu ituy: - 
 
 ^a) IIo iiiunt Imvt' u)>|ili(Ml to tlio <'oi|iiiratiou by urilinu' iiinlor lii« 
 liuuii tto foilouH: — 
 
 To tlif Institute of . 
 
 I n.>i|ii(<8l you to ttdliiit mo U> riH iiiUjr.Hliip, and ( 
 reijut'st you to pluue my nam« on the r<>gi>t<;r uf uiom. 
 Ik-'ih of the Iiistitut*' ki'pi |<iir?<uuiit to soct 'j:i ,)f i!,g 
 ('<>« ^('iinNoliilalioii I .Vet, I'.tiiH A« witii(>s« iii\ lurij 
 
 this (lay of . 
 
 Si^nuiuif 
 Addnws — 
 I)«*cii|ilion - 
 (b) He must bi. II -nlutioii of the foiincil duly notified to luni have 
 
 Wi'ii iiiliriKDd to i!K iiil)fi>ihi|) pursiiant to sm h u|i|ili.i,.n 
 Tlio ajuniil sliuM huvi' absolulo discretion iv- to tli« iUMii->.iuu of 
 uibnibcni. 
 
 !JI1 
 
 Form 268. 
 
 Powpr for 
 UT)Iimit4Nl 
 iimpniir i • 
 fe«ltt*m it- 
 Hhttnw. 
 
 The coy is lo hf ut liboity ul uny tiinu Ij ^ive notii« in writintf 
 to any holdor of eluilX'n iik tho coy of itn do.'jirt to rcdwiii liu' Kainc at 
 [lui . Mini i* U) duy, at u [iriif f.|Uiil to the ciipilal p.aid up thiri.in. 
 and iiiiiiii pa\!'U'iil of the rodt'inptiou pri.'c thf lioldvr's tiain.' >li.il| 
 bo iTiuovtvl from llio n'^iislor of ukmuImmv. 
 
 An iiiilimitpd rompary can ndoMu -Imrca in it' capit.il if it-, n-^ 
 authori/u the «ame. Il'jio,,,/, rnmrnrnlitl, ,f.-. v„, , '|s'.):li ■.' ( li •.'(• 
 
KOUMM. 
 
 Sit 
 
 MISCELLANEOUS CLAUSES. 
 
 h'l-i I *f i« Arlirlva uf AmKiritilimt 
 
 \Uv ,iu.< iui> mu> |miv|iu<.<' uruciuiiv, upou (.uth li-rm- and iiii.ici 
 fU'h-'ii'i'l-ni""-' iwt U>j;imruulooorntli»'r\vi-«a'* may 1« il^a•.•«•.l upon. 
 
 itllll'l!*. 
 
 IIM tho NUIIIU IIUW 
 
 ri„. abu.u »»• till) BUlliurity tfivf" •" »'>" dif''"" "' <'>''f"'l. *'urwy A. < 
 
 Form 259 
 
 I'uWi I t'l 
 
 iw-«|uiri' 
 
 , ,„„,.,|. •• Tlar.' n til.' /'-;/'-' /'"-..''/.■ /'.'«yr niw» •" tl««»<- K.-ntlfinni U> l.uy 
 ,j„. „|,i,l, ytw ill il.olf u »i"-.iiluli»p l).i«iiii>sn, ttii<l tli.-y iir« t.. .lo il .-iitin-ly in 
 .Ih n.aniRr iw lli'V nmy ll.iiik •.•jjH'Jii.iit." I'l'i U.r<l lIutli.Tl.'y, (hrreml. .V 
 
 1, «.,. I..ia tliat llii' uliL.f iHiwer autliori«.«l ill'' iliiv.torn U> j.iin !i.i«.- lln- 
 Im.iii. -■ aii'l t'« uii.l.rt:ike thr /.../../i/.r. ih.Tcof. •' I liiiv.^ no a..til.t wliiil.N. r." 
 !*„! I..nl n.ilm.f.nl. -111.11 tlif w..nl. 'u -li- ««ni.- mn» ...taiMl' ' ni.i-t ni.-aii 
 tl.v llif l'uim«« i» tu be tiikfii u>.T willi its .ri'.lit.s uii.l lial.iliti.'.., timt is »•. Ihr 
 
 I.Ji .,,,„uml ill 111" l"".k- -f til.- .■..,i.,.ai.y.- V. C. 1,. U. .". II. I.. Mo 
 
 11 ,. „„.,;, I...»f.-r, ill fm|...».rinu' ilir... lor- t.. * .inir.' a l.ii.im-s ox|.r.v.ly to 
 ,,.1 I- II. Ilio liubiliti". 
 
 111.. (lii...lMrs iiia\ imrdiiiM'. ui oilu'iwiHO m-.iiiin', iiml umiiTtakti, pomi ".60 
 , „ -,„li UT.n- a.i.l .-..tMliti"..- .i« tli.'y think lit tho Im.'iii.".- of a ^^,„„,,„^ 
 
 I ■ kf K.I*.. ..I .>iilitllikriiiiv^ -*.. 
 
 II .«• rani"'"! "II '''. M''.-'>r~ 
 
 .,!■ ..| '111' |i|>t> ail'l liiliililif- 
 
 \ ('.I , al . an I all or any p„w..i to 
 ,1 th-' -il (inn ill "'I 'i"i' «'''' 'I'" "''1"'"' 
 
 bllKllK'W 
 
 5i| i.||«;lli-'>.-. 
 
 1„ i,in. .u.. , .ml of ten, v. I'o llic ui nii-iti"ii ..f « ^1 itlf<l Ihi.miu'-k or (.ro 
 
 p^riy i' in m.mI mi.Ution, the arti.l.i. refer to a i,.-irti..ii!Mr airrr.-iu. iil insi<-,iil of 
 
 ... .1 .iiiiiij a L'1'iii.'rnl |..i»-i'r an alMi\i'. Sit |> (il-'l 
 
 Classes of Shares. 
 
 .- : ,. 111,1. - III.' riirlit- .Ilia l.i-<l lo lli<- ililfinnt <'la>'c-s of nhar^ ar.- -I uiit in 
 II,. ,;..„,.,.•, iiiliiiii of a..90<Mafi.>n (ixv l'"orms 'Jill ■■! «-■?.); Hiii rcn.l. -.■ th.'ni 
 ,ii,.,ii. i .l.i.. .l-l,i''ii'i V. Il'nl-', . :iil C. IHv 37li.. iiii!r<< III- iiLMii'iniKluiii 
 wlii'lli r l.y r.'fiTPiii'f to tli.' artii-lfi <>r .ilhcrwis... jriv,". powr to niinhfy 
 /(,,.., / ,.,„./r»r,.„* II.- I.i'ihl (:•.. (r.t'M) 1 Ch. N7, ».//-<•'., |>. .iTii; fn'/r. 
 
 ,. 1 ,',■/..„ tf".,-.. //«'/ l.if . ilW.l) i Cli. 3'W. 1"'". p. HIM, 'IV ih'-'i 
 ,i..i,. ii.m.n.r. in .(n-frci.-. v. ^'.i. Urt.-r f'n.. MH'tT) 1 Ch. 3fil. ami th.- 
 ,il...i. ca-.. .how that riifhtH atta.hwi l>y thp ar>. ■■/■■> only may h- alt.-r.".! by 
 -l.,,ial ri-olution« i .../.rn. p. .^'111. ami a.-TOrdin!fly it i* )f''"'''''»"y 'hoiiu'hl 
 Ixtir to i.ikc iww.T hy the mom.irumtuni to ilivid.i tho nhar.-^ into diff.r.nt 
 .1.1-. > , ...,...(. p. WOV ami thon l.y pr.ip."r iliiuio' in tin- arti.'lei to .l.-.lar.- th.- 
 
 ri:/!.l . . ( t.«i-|i .'la**. 
 
 If^¥- 
 
812 
 
 ARTICLES OF ASSOCIATION. [ClIAP. IX 
 
 Th< 
 
 'hc9o clauses, which come into Form 251 at (about) clause 13, aro imiali ■ 
 in.;!jioa •• Preference and Ordinary Shares," or "Preferred and I), fnri 
 Shares," or na tlio case may be, and genenilly coinnienpc with a statcnicrit "art,, 
 the cnpital, .•.7.. "Of the (apital mentioned in the memorandu-n of ass,>riutio 
 10,00(1 shiins shall be called prefereni'e »harc< and 10,0011 shall bo ,,l|,.ii ,|"' 
 ferrcd sliaiw," and then the claaaos proecpd to define .iie riijhti of th,. hoMo . 
 But wlicro the division is effected by the memorandum of anaoiiation, the l\n-', 
 dofiiiinp the rifrhts of the shareholdors cm be intituled '• Appropriation „f 
 Profits " and inserted near the heffinninor of the articles or ju-.t before tlic ,li,i. 
 dend clauses. 
 
 As to the form of the dividend clause where there r.re preferenoe sliare-i ,vi- 
 SCO K'l/ira. p. 763, note to clause 116. 
 
 In defining the riifhts of the holders of preference shares in rcirar.l to diii 
 dends, one of the first questions to be settled is whether the dividind nviM, 
 tt> thcni is to be non-cumi lative, i.t., continfjent on the profits of t;iih voa- 
 beini: .Miftiiient to pay the proferente dividend, or cumulative, i.e., so tli;it .inv 
 deflciiiicy of niie year is to be mailo up out of the profits of subsiupiont viars' 
 
 Preference Shareholders. 
 
 r 
 
 In dcterniihin'' 
 
 this question and tho rights (jenorally of the hoKlr^ ,jf pr, . 
 fcrcnce shares it is neiossary to consider what priorities and privik';,'i'i nHut i, 
 attached to the shared, and at tho same time how these priorities and j.rivilcgH 
 will uffcct the other classes of the company's shareholders and If'^ iutor.'st. 
 generally. The following are some of the priniijial points: — 
 
 fl) Whether the dividend to lie attached thereto is to be iMininiali r rn.t: 
 
 cumnlative. 
 
 The t<'rm ' cuniula'ive preferential dividend " means a dividend p;.\able out 
 of tho profits generally in priority to the .subordinate class or d.asscs ,'iC «|,ari.-, 
 so that if the profits of one ye.ir aro not sufficient to pay tho dividend for that 
 year, the deficiency accumulates as atrainst suhsc(|uent profits, and has to bf 
 clearcil off before any dividend can be paid on the subordinate cin-s or cLissfe. 
 On the other hand, a non-cumulative preferential dividend means a dividi-ntl 
 payable as re<rards each year out of tho profits of that partir-ular ycir only in 
 priority to the suboriliimto class, so that if the profits of the year .irc insulli- 
 cicnt, the deficiency is extinguished instead of being carried forw.ird as a^'aiti-i 
 subsciucnt profits. There is or may be a great dill'ercnce in point of sn-uriiy 
 betw.'cn prcfereme shares with a cumulative dividend and prcfciciuo .sliarw 
 with a non-cumulative .lividm i ; for in regard to tho former, if the dividend 
 for any year be passed, there is at any rate the certainty that it will hive to 
 bo paid before the subordinafo shares get any dividend in *l e future, wlirrea- 
 with a non-cumulative dividend, if any year should happen to be unfurtiinato. 
 the preferential dividend for tbat year may be entirely lost, each ye.ir hciriK 
 treated as a separate venture. 
 
 I!ut the added security of the cumulative preferential dividend .arries 11 
 corresponding disadvantage, for cases sometimes arise in which, there being ,1 
 cumulative dividend and a series of b.ad years, an overwhelming arroar of 
 preference dividend accumulates, and thus postpones for a lengthened period 
 any possibility of dividend on tho subordinate shares, the holders of whieli nay 
 see no chance of benefit otherwise than by liquidivtion, and thus the two classes 
 of .shares are brought into conflict. 
 
 It is not essential, in defining preferential rights, to use the word ' cumula- 
 ti\e." for prima facie, where one elaiu of ahares in U> e«rrv dividend :>t a fixpd 
 
IIIj.'' 
 
 FORMS. 
 
 in iir<fireii.c to another rIaiM, the dividend is cumulativi', timt is, not liiuitid 
 (ntho parti, iilar yt'ar, and thiTcfon- payaldo out of the protits whenever aeeru- 
 Siv llrnry v. Grcnl yorl/irrn Hail. Co., 1 Dc 0. 4: J. 606; Matthiws v. 
 S,.rlhnn l/uil. Co., 28 L. J. Ch. 375; Foster v. To/fs, 22 T. L. K. S53 ; 
 u'ehb \. I'.iiilf, '-U Kq. J57. In the ease laot montioiiod prefereneo shares 
 li:iJ lictri reiiltd with a preferential dividend of 10 per eent. per annum pay- 
 able lialf-yiarly ; and it was held that, although tlic word '■ cumulative " was not 
 iiied, tl»' liiviclend was in point of law cumulative. Of course, when the word 
 ■fiimulative" is u-ied. the question whether the dividend is or is not cumula- 
 tive U lon.ludcd; and although formerly ''* was customary not to use the word 
 in tlie rl;:n-c ur resolution detining thi' .ifhts of preference shareholders, the 
 viurJ is now geni'rally used, and in some eases rotjardod as a speeially attrac- 
 tive feature. Oeiasionally, where a dividend is intended to be cumulative, the 
 toriii ailuptp.! is to say that the holders of the shares shall have a right to resort 
 to tl]c prolits of subsequent years to make up any detleicnoy in the dividend of 
 iiriv .din;,' years, liut this is only the word " cumulative " " writ large," and 
 whiUt it [.rovides for making good the dehciency, it unnecessarily points to the 
 possibility of a doticieniy, which is not generally considered politic. 
 
 WlnMv tlie dividend is to be non-eumulativo, the clause must either be so 
 frauicd tliat there is no room to contend tliat it is cumulative, e.g., by providing 
 that as re/arils each year the dividend for that year shall be payable out of the 
 profits of that year only, or it may bo expressly provided that there shall be 
 no ri;;ht in ease of deficiency to resort to 8ubse<iucnt proHts. Sue l''orm 2l>2. 
 It is nut usnal to frame the clause so as to attach to tho shares the ri^'ht 
 to -a mi!i I uiiiulative preferential dividend" at tho rate of so mu<h per cent., 
 I\jr tin' vijiiK ■• non-cumulative " do not point to any spocitio time. They ilo nt't 
 iiidi.ato wh. ther, if the profits of a uiontli or of six months or a year are insufii- 
 .iini. till (Icliriency is nut to bo carried forward. Sometimes the terms in which 
 tho ri^'ht3 ailaohed to prefereneo shares are stated are very imperfectly ex- 
 prcs-eJ. Sis' st.i^lfs V. Eustmnn^. SfC. Co., (IS'Jlj; 2 Cli. 303, in which case a 
 dl\idcml wa-s held to be non-cumulative, althoutfli the wordinsf of tho clause 
 was amlii^ruiius. it is not easy 'o reconcile this case with MfUthi-nn v. (limt 
 yorthirii Rul. C'l., luprii. Sec also .\lUn v. .irizumi Co/ip'T Co., 30 S. I... R. 
 711. 
 (■Ji Whether the dividend is to be I'KUMWIntlt attached or is only to hi' 
 j ii'fcrential for a term of years or until a particular period shall have 
 arrived. 
 I'li'm I'irle a preferential diviilcnd is permanent, that is to say, will remain 
 liroforential as long as tho shires exist; but occasionally it is considered cxpc- 
 diiMit to provide tliat in certain events the dividend shall cease to be preferential, 
 e.<i., wh 'n a dividend at a spccitieii rate has for a spocitied term of years been 
 paid on some subordina'- '''iss of shares. Soe I'orni 26i). See also I'oriiis 271 
 and 27;; as to the conve sii.n .f preference shares into ordinary shares. 
 (3; Whutli.r the divid, . is to be paid out of tho iiioins made before carry 
 ing anything to reserve, or only out of the profits availtblo after 
 carrying to reserve what may bo thought expedient. 
 This is a very material matter, moro especially if the dividend is non- 
 ouiuuliitivc. Whcie the dividend is cumulative and profits are c irried to reservi-, 
 the riiiht to the dividend is only postponed; but where tho lividend is non- 
 ouiuuiativc and the directors are to bo at liberty to carry as much as they think 
 tit to roiTve, they are in a jwsition to carry tho whole of tho profits of any 
 particular year to reserve, and thus to extinguish once for all tho prcferencu 
 dividend for that year. However, as a general rule, it is desirable to leave the 
 directors with a free hand to carry what they think fit to reserve. Any deroga- 
 tion from that power must be detrimental to the company. See Henri/ v. Great 
 
 81 « 
 
 HIM: 
 
 J 
 
 ill 
 
 i r I i M 
 III 
 
 
 M 
 
«14 
 
 
 ARTICLES OF ASSOCIATION. [f'llAr. IX 
 
 Aiirtfirrn Rait. Co., 1 Do (}. & .1. 606; Hitrlniid v. Enrlr, CI'll2l \ r ai 
 ami WVmi/M Collieriet Trmt v. Melville. 8 K. 143, Ct. of Sons. No il„iibt ' 
 Hi« rcHiilt, wlioro tlio iliv'Jcnd is non-cuiniilativo, tlie jiosition will l.c rimro or 
 IrsB |)recariou3; liut it U (,'cncraliy assumeJ that tho diroitors will act fuirlv in 
 the iiiattor, and it' in any particular case siHHnal precautions are dp-iinl, ihore i< 
 no difficulty in p.oviding that where profits applicable to tho payui.nt of tl„- 
 diridcnd are carried to rescn.j there shall be a rijjht to resort to qih^Mnrnt 
 protita to a corrospondinR extent. As to tho mode in which provisi.iii slmulii ho 
 made for carrying to reserve, this is sometimes done by prmidiiis;. m in 
 i'orm 204, that the proKts which it shall be from time to time determined to 
 distribute shall be applied in paying preferential dividcml, >>cc., for thoio word. 
 obviously leave tho company at lilwrty to carry to reserve as much a< it chiiovN 
 Sometimes, too, tho provision as to tho application of tho protits expressly 
 provides that the profits of each year shall bo applied first in piiviii^- to r.<.r\i 
 so jnueh as the directors consider expedient, secondly in tho puymeui „( the 
 preferential dividend, and so on. In all cases the (|uestion whether the . nipany 
 can carry to reserve in priorit • to tho dividend depends on the coiistruiUon of 
 tho documents. As K general rule, where the provision for reserve empowers the 
 directors, ■' b.fore recommending any dividend," to set aside out of the profit* 
 such sums as they tliink fit as a reserve fund, those words enable the illr.'etors to 
 net aside in priority to a preferential dividend. Hoinl v. ISiirr;,'- llnmuie 
 Slfel Co., (1902) 1 (;h. 333. So, too, whore there is a provision fur reserve, 
 and the articles in some 8ubse<iuent clause provide that, " subject .is ■ifor.«:iid, the 
 profits of the company shall 1)0 divisible" in a certain way— c.v., see «i,„m, 
 pp. 763, 764 — and there may be other provisions which indicate or eiii|,!i j-i.^e the 
 intention that the reserve fund shall rank before the preference ilivid.mi. 
 In a recent case, whore the re;,'ulation3 provided that the profits froia time tn 
 time available for dividend should bo dealt with in a partiealar way, and there 
 was a reserve fund clause providing for the setting aside ' before reeommeniiinK 
 any dividend," it was held that the words •' available for dividend " me:int the 
 net profits after deilucting all sums properly deductid by the directors Ijcfore 
 arriving at the amount p.iyablo to dividend— including, therefore, jirovision 
 for reserve fund. I'U-hrr v. Itlnck tiiid tl'/nle PubUahiiig Co., (19t) I (h. 174. 
 
 (4) Whether the preferential rightji in regard to dividend are in :„. tn„\ 
 and limited to so much per cent, per annum, or whether there is also 
 to bo a right to participate in .sciii'i.is ritciiiTs, e.ii., after pnvin- :i 
 dividend at a specified rate on the ordinary shares. 
 
 Generally the preferential rights are limited to so much per cent, without 
 any further right to participate, but it is not altogether uncommon to attach 
 to preference shares the right to participate to some extent in surplus profits. 
 [n su. h case tiio shares are sometimes called " participating preference shares." 
 Whether there is or is not to be such a right depends on the leriiis of tho 
 articles. It is generally assumed that where the preference shares are 1,'iven 
 a fixed preferential dividend at a specified rate, that impliedly ne-Mlivcs my 
 
 is well 
 capital, 
 sets in 
 ' L-n^, 
 Mttaoh- 
 parti- 
 -iiares. 
 
 right to take any further dividend, and probably this assuui|ili"n 
 founded; but where preference shares are given a preference as ri'i.':ir(|s 
 that does not impliedly exclude them from sharing in the surplus a 
 winding-up after clearing olf the whole of the paid-up capital. /;'■;/;. 
 ifc. Co., (1909) 2 Ch. 187. It is therefore open to contention that the 
 ment of a jircfcrcntial dividend docs not impliedly exclude tho riirlit t 
 cipate in surplus profits after paying a like dividend on the suhordinatc 
 In order, however, to preclude any cjuostion on this point, it has for some time 
 past been customary to insert express words negativing the right >f preference 
 shareholders to participate in further profits. See Form 261. 
 
 If preference shares are to got a share of surplus profits, the question ari»e» 
 
FORMS. 
 
 I ether thi'V ^l'"" '''<"'' ?""■• P""" "'"' **•* subordinate sharps after those 
 Urcj huvp rtnt'ivod a spcoitied dividend, or whether they shall rweivo an 
 
 , uiit purlieu <<t the surplus profits, c.;i., 10 per eent., or whether tlio divi- 
 t, 1 „„ ||„, prct'iTcii'e slmres shall rise uutoniaticully in proportion as the 
 .IvI.IpikI on till' ordin;iry Khnrcs rises liey.ind the speeitied figure. In a suceess- 
 (,il ivMipuriy. preference shares whieh give a ri|;ht to partieipato p'lri paaaa 
 «itli iinliiiiiiy .-h^ires in surplus profits may he i.f prreat value— perhaps of 
 „f.,l,r \alui' lliiin the ordinary »liant-l>ut preferenee shares wliieh take 
 'nn an extra one or two per eent. may be largely augmented in value. 
 
 :,\ Whili.i ;■ the ] referential dividend is to l)e paid at a rate per 'cnt. 
 rail ul:ite<l on the cvpitai. I'AII) IP on the preference shares or calculated 
 nil ilic muninal amount thereof. 
 
 V- a i;oi:pr;il rule, it is provided or intended that the dividend on preference 
 .hare- ah ill I'e paid at the specified rate on the capital tor the time being paid 
 up tlicreoii; Imt not uneumnionly this intention is very imperfectly expressed, 
 ,11(1 where it is |>rovided merely that the .shares shall carry a fixed euinulativo 
 irilVniitial illvidcnd at the rate of so much per cent, per annum without 
 -iviiiL' "iin 'III' cujiital for the time being paid up thereon." grave (piestion* 
 ^iri-e II- tci wliithcr such last-mentionixl words can be implied. Certainly the 
 uiirJi -(livicUiHl on the shares" are perfectly sensible if they are treated as 
 ivkTrins; I" tin iiuiuinal amount of the shares, and the difficulty is to justify 
 i!;o iidditiiiii liy implication of the words " capital paid up " on the shares. 
 S. 111. lime- tlir aililition may lie justified by reference to some other provision 
 111 the article-, cij., one providing that all dividends shall bo ])aid or calculated 
 1,11 the amuuiit of the capital paid up; but where the context alt'ords no such 
 ihJiiatioii it is difficult to avoid the conclusion that tho preference dividend 
 iiunht to he calculated on the shares, not on the amount paid up. In Cnim v. 
 i::h ./>■ Co., S App. Cas. 65, it was contended that dividend must always ho 
 pav.ible ill proportion to the capital paid up; but the House of Lords rejected 
 the arcuiiiciil and decided to the contrary, holding that a ])rovision for p.iyiuent 
 t diviJciiJ to the members " in proportion to their shares " meant in pro- 
 portion to the nominal amount of their shares, and one of the grounds for 
 arrivint; at this conclusion was (hat otherwise a sharohohler who had paid up 
 iiothinir on his shares would get no dividend although the company had had 
 i!i.' Ii.iic;it of his liability. Sec p. 7(i4, aii/ira. 
 
 yti) Whether there is to be attached to the preference shares any special 
 riL.iit of voiiMi, or whether the rights of voting attached thereto are 
 p) I e restricted or only to be a\ailable in certain vases or for certain 
 purposes. 
 
 Formerly it was not usual to distinguish between tho preference shares and 
 the ordinary -hares as regards voting. They were all treated as interested 
 alike in the company and given the same right of voting, but for many years 
 ]ia-t it hiH been customary to give only quali;.v>d voting riirhts to preference 
 ^lla^es. Sic yti/nn, p. 703. Sometimes preference shareholders arc given no 
 right of voting whatsoever at general meetings; but the London Stock Kx- 
 changc ilec- not generally approve of this. Sometimes the holders .iir not given 
 liny riirlit of voting at general meetings unless on ipiestions specially ahecting 
 tlicm— as. for instance, winding-up or sale of the undertaking or reduction of 
 capital. Sonietiincs preference shares are given rights of Vt^'ing on a modified 
 scale— for example, one vote for every two preference shares a.rainst one "ote 
 tor every ordinary share. In any case the matter is one of great imjiortance, 
 for if tlic preference shares have full voting rights they may bo able to direct 
 the proceedings of the company in a manner oppo.sed to the interests of (he 
 erdiiiury shareholders; they may be in a position, for instance, to elect directors 
 
 Sir. 
 
816 ARTICLES OF ASSOCIATION. [OhAP. IX. 
 
 ■nd to control tlioir proceoilin«!<. and to restrict the development of thf liu»i- 
 ncua; and they miiy | untluly | cxrri'i«' their powers in their own favour and in 
 B eeltisli iipirit, for tin- intcrestH of the two el«t«'s uro very eommonly more or 
 less in ronflirt, the interest of the preference shareholders heinp to pn^iTT^ 
 the l)U«ino«g on a safe basis snttic-ient to priKliiw their preference dividfnil, 
 whereas the interest of the ordinary shareholders is to iniToiisc it. ami f.ir that 
 purpose to incur sonic risks, if necessary. 
 
 (.7) Whether the preference shares are to have any preference as rieards 
 RiiTiK.v OF rAriTAi. in a windinp-up or in relation to a redu^ tiun (.f 
 capital. 
 
 Unless otherwise proviiicd by tho articles, or by the resolutio:! criatini; tlio 
 jircfcrcnce shares, prclVrcnee shiirc-i do not confer any ca|)lt;il priority in 
 winding-up. London liidin Rubber Co., 5 Eij. 519. Thus, if there lie Imlh 
 preference shares and ordinary shares, the assets in a windin(f-up availaWc for 
 distrihntion amon^fst tho members are /jri"tn faciit applicable to the iiayiii? off 
 of the whole of the paid-up cai)ital, and tho surplus is to bo distribnUd anmnKst 
 tho members in proportion to tho shiirrn held by them of either class. IlirrI, v. 
 Crojipr-r, 14 App. Cas. 52j. Jbit in many cases it is thought expedient, with a 
 view t<) placing the preference sharcvs or for other reasons, to give to tlic (ir^'fir- 
 encc shares a proiercnco as regards capital, so that in a windinu' "i> the a-itj 
 available may be applicable first to tho p.iynient of tho capital paid ui> on the 
 prefcrenee shares. See Forms 2(il and 2G5; and sec ttn Kmnjnr Co.. 20 Ki|. 59. 
 Such a preference is expcctoil nowadays, and is regarded as very i ■cc-.ary, for 
 if the profits are insulHcient to pay a dividend on the ordinary shares, and tho 
 preference shares have no preferen( e in winding-up, the holders of the ordinary 
 sharm may be strongly dis|iosed to wind up and ns'onstruct, so as to citinjiuish 
 tho preferential rights and bring the preference shares dow^n to tin' level of the 
 ordinary. Tho preference shareholders having a priority as to capital opcvatfs 
 as a deterrent to such a proceeding by tho ordinary shareholder-. The givinj:, 
 too, of such a prefcrenee is some compensation for cutting down the voting 
 rights and depriving the preference shareholder of the right to partieij.ate in 
 surplus assets. 
 
 Where preference shares are not given a preference in winding-up, and their 
 right to participate in tho surplus is not negatived or restricted, it is scflcd 
 that the surplus remaining after paying olt the preference shares ,ind tho 
 capital paid up on tho ordinary shares is distributable amongst both classes in 
 proportion to the shares held by them respci'tively. /?/>c/i v. Cropprr, S'ipia. 
 But very commonly it is desir&l to negative tho right of the preference share- 
 holders to participate in such a surplus, and accordingly words are inFcrtcd to 
 the etfect that the holders shall not be I'utitled to participate any fnrthcr ^ tho 
 profits or assets (8<>e Form 261), or that tho assets in winding-up are in bo apjdied 
 Jirst in paying off the capital paid up on the preference shares and that tho 
 balance shall belong and bo distributable amongst tho ordinary sliarpliiildcrs. 
 Se«' I'orm 302. Occasionally prefereni* shareholders are given a limited riiiht 
 to participate in surplus assi'ts: e.ij., a right to have the surplus a-sets appliid 
 Urst in paying olt the prefcrenee capital; si-eondly, in paying off the ordinary 
 capital; and then, as to not exccoding (sayj one-tenth of the surplus, in paying 
 to preference shareholders a bonus of 10 per cent., and tho balance to tlic ordi- 
 nary shareholders. Sometimes preference shares are given the right, in a 
 winding-up with a view to recon.struction or amalgamation, to a bonus or [iie- 
 mium. See Form 264. To give to preferenco shareholders a right to particiiiato 
 in surplus assets may, if tliey have largo voting rights, constitute a serious danger 
 ehe-ldcrs. 
 
 to the I 
 
 unary ; 
 
 m 
 
KOKMS. 
 
 817 
 
 ffl) Wlii'tliir arrours fif diviilond on the prpfcn^ncc shurrs uro in a winilinij-up 
 to hiivo any priority. 
 
 Cnsi'i HOiiHlimc* ariao in wliicli it is dciircd to ^ivc to tlu> prcfiTcm'e »lmri'- 
 hoUiT'' priority in u windin^f-ui) not only us to ra|>ital, but also " as to arrears of 
 dividfml fwhither di'clarod or not] up to tlic coninK'nci'Micnt of tin' windlnR-up." 
 The won!" in brackets aro in«prt«l bwauso a riiiht in winding-up to priority as 
 rowrcli (iiuilcnd. mrans declared dividend. Snntli Afrirt,, Sii/:/:/!/ mi,/ CiUl 
 Ston'ie. liynip, J., 17 Keb. 1904. 
 
 I'rim'i fiieir a preferenie dividend is j>ayalilo only out of the profits made 
 whil-t till' lompnny is a Koin); concern, and it wants special jirovision to jiivu the 
 Iioliirr- a riirlit to have the arrears ])aid out of assets in \vindin(?-up. i^rii'htont 
 Oil (■•■>.. il'M2) 2Ch. 8t!. 
 
 Where preforenee shares arc pivcn a preference as to arrears of dividend and 
 the word-' " whether declared or undeclared " are not used, it is si>nictimes 
 oontcritlcd that arrears means only dividends declared but not paid. In most 
 ca^e^. Imwiner, this eontontion cann«»t avail, for a dividenil once declared 
 iicfomc* a ih lit [«iii>in, \t 7ti.") | and is cntitle<l as such (subject to sect. 123 (11 
 (vil) ef the .\it) to payment out of the assets before anything; is divisible amonj; 
 the mrnilicrs as such. 
 
 Ilerii'c. to construe the ]>rovisions for payment of arrears of preference 
 diviilciai a* ilcaliiif; with payment of such a debt would render the provision 
 ■upcrtliioii^. 
 
 Tlieu It !■; slid that nirc.irs as ajiplicd to a dividend ac'Toi'd but nol dcdareil 
 i« a iiii-iimrner. but this is not so: the word is eonimonly u-cd in thai sense, see 
 llui'iuH .\yre- and Knscnada .Vet, 18SI, Xorthorn Railway of iiuen is Ayres 
 .\it. 1S8.'>. Cordoba Central Railway Company .\ct, 1897, infrn, " Private .\cts "; 
 and we Crirhfnnt 01! Co., (191)2) 2 Ch. 93, in which Collins, M. R.. used the 
 cxiirc>.,ion " arrears of dividend in former years in whiih no dividend was 
 di'iliiri^l." However, to preclude controversy it is not unei>mmon to insert the 
 nord< "whither declared or undci hired." See y:i/)iii, p. 7t)."). 
 
 Where pret'erciice shares arc j^iven a preference in winding-up as r '^'ards 
 dividend^, it has been held that in the winding-up the arrears are only pav- 
 idi!o out of iirotits. (f. J. Hall ,(;■ Co.. (1999) 1 Cli. 521; and f:.y,iir/,i l.„wl. 
 ,V'-. r,,., ( liioil) 2 Ch. 187. 
 
 Si'metinie.* when the dividend on preference shares pels into arrear for 
 wveral years the ipiestion arises whetle'r there is any priority as between thc> 
 »n ral year'* arrears. Primd fncic there is not any right to priority ; the 
 arrears are all payable out of a common fund; there is no eharj»e and nothini; 
 to jive priority. Sec .Meh-rr'n ni^r, 5 Ch. 424. It rests therefore with the 
 rompaiiy in deelarini; or pnyinir a dividend in respect of the arrears to indiratc. 
 
 if it I'hi 
 
 .11 
 
 le pa 
 
 rticul: 
 
 i< nindc. Hut, of eour 
 
 r year or other i)erio<l in respei t of which the payi 
 
 the 
 
 words use 
 
 'd may be sufficient to irivc 
 
 .■1. 
 
 ar's dividend to rank for 
 
 1" 
 
 riu' vlivideiids i 
 
 eh aha 
 
 payment in priority to suliseiiue 
 
 entiv 
 
 ill) Whether the rif.'hts attached to the preference shares are to hi' allrTalib- 
 liy any me.tns. 
 
 In »mi' cases it is desired to render the rij^hts attaeheil to the preferene- 
 shares unalterable. This can ln' done on the formation of the coni|>anv by 
 Wtiii!; out those rielits in the memorandum of association, and providin;; 
 there in clear terms bow the profits shall be applied, and how the assets in 
 wimlin^'-up shall be dealt with. See .hhhiiri/ v. Walxoii, 30 C. II. 37(i. in 
 whii'h ease the memorandum of association expressly provided bow the prolits 
 should he dealt with, and the Court of .\pi)eul held that this siiecilieation was 
 « 'condition" withiu sect. 12 of the Companies Act, 18«2 (Companies .\et. 
 
 \\. 
 
 I 
 f 
 
 'if 
 
 f 
 
ir'"! 
 
 816 
 
 i: H 
 
 i! 
 
 ART1CLK8 OF ASSOCIATION. [('lIVl'. I.\ 
 
 1908, ■. 41), and necorilingly innip within tli(> words of that section that - ,»,!< 
 iU aforesaid no alteration .tliull he made l)y any eonii)any in thi! iiinilitiniM ,„„ 
 taine<l in the nienioraniluni of a-mieiation. " See nii/irn. p. (Si), l!,,! , . 
 lommonly it iM not desired ti) remler the ri^jhti *i attached unalterihl... ,„„! 
 acoordingly a clause if inserted in the meniorandiim ^fivinif |io\ver to alt.r, ai 
 in Form 211, and this is effective. IVelabnch /iifaiKlrtrenf Co., (l!»OI) 1 Ch 
 87: and wo I'luliruourl v. I.ninhin Miiilr IliiU, /.Imlit., (1901, 2 I'h. 309 
 Another jdan i< to attaeh the preferential rights hy the artii le<, and in-i rt in th.. 
 articles a clause («ee "i/mr, p. fi8.">, elaiHe ,)0) allowini; of tlie alteration of tl,,. 
 rights of c!a^J^e^, ^.ubjeet to I'onsent of ncparate meetinijs of the ila».e-i. Wh.ther 
 in the ahnenee of any <ueh clause the rights can he altered liy special rcolmi,,,, 
 lias not yet liecn settled; hut .tiiflri-iia v. T/ir (int Mclrr ''.>., (IHliT 1 ( |, j,! 
 appears to point to the conclusion that they can be so alteroil (wi' ,iiu,u 
 IHl), or at any rate that l>y introducing a niiidiHcation clause, as at p. ly, 
 and afterwards exercising the powers conferred liy that clause, it is p.^-il.lo to 
 modify the rights. ,\nd see Il.initnliiiic v. Dh-vrl Simni-ih Trlrri,;, .,1, C, ■\\ 
 Ch. I). 287; and Tliitixh ICqwIahle Aijiirtiw Cn. v. It'iihf, (ll)O(i) A. (' ':t.5 
 If anything unfair or oppressive to the preference shareholders were l„ in^- d,,,,,. 
 hy a majority of the other shareholders, no doubt a Court of c^piitv wunij 
 interfere by injunction. Mnvrr v. lfon/irr'n T(lr,i}„j,l, r,,., ].. jj. y ('I, ;jj;). 
 men V. Oofd Jferf, nl lf>,< .//n>i. (1900) 1 Ch". OSfi. N'ut un( umnioniy'tlH' 
 nii'nioraiuiuni of association contains iin express provision that ■ the ri .In, 
 attached to any prefereneo share-i are not to be altore.l othcrwi.se than in ii. . "rj- 
 inee with the provisions of ( lausc - - of the accompanying arti.los of .\-*w'u. 
 tion," that is to say, of the ninditicatiMn 1 1 luse. S^'/ii-'i. p. GS.>. Tlic olijw i vi 
 this provision ia to fortify the status of the preference shares and to iinvent 
 an alteration of their rights by special resolution, unless with the ^an. tion of 
 a class meeting. Sect. 1.5 of the Companies Act, 19(13, now pro\id.s for the 
 reorganization of a company's capital with the sanction of the Court. 
 
 '■ 10) Whether the company is to be at liberty to issue preference slians rank- 
 ing in I'RroniTY to or pari pamu with the original preferencp shares 
 
 It has generally been assunnvl that where a company issues a scriis of pr.fr- 
 cnce shares, it cannot issue any preference shares or any shares rankini; in 
 priority to or /;'(,; /uishu with thuni unless on the issue express power so tu do 
 ha- been reserved, as in I'orm 468. The (luoBtion whether the eouipany has such 
 a jiowor turns generally on the memorandum and articles of assoiiation of the 
 comjiany. Whore the memorandum provides unconditionally that the protits uf 
 the company of each year shall be applied first in payinL' the divideu.l on tln' 
 preference shares in the original cai>ital, there is, of ...urse, no ipicsiioa that 
 further .-hares cannot bo issued iu prejudice to the rights thus given {AMury 
 V. Ifatsuh, 30 C. D. 378); and it may bo that if tho memoranduui creates 
 pieference shares and lonfers on them a right to a fixed preferential dividend, 
 it would be held that this means a preferential dividend in priority to all ether 
 shares, liut very .•oiumonly tho memorandum of association, even where it 
 contains such words, contains otlu r words providing for the creation of further 
 -hares with preferential rights attached thereto, and these words may lx> and 
 often are sufficient to show that tho preferential rights atta hed to the original 
 lirefereiicc shares are not to bo incapable of postponement. r„'f,ri-'„„l v. 
 /.ourlon Music Jlall, (1891) 2 Ch. 309; WrUlMich Iucn,„h;r, „> r..„ (|<i,14i 
 1 Ch. 87. Sometimes, however, tho additional words so refernd to ixpressly 
 provide that none of the preferential rights attached to the oriiriiul capital are 
 to be affected. Where, however, the preferenlial rights are deliiicd only in the 
 articles of association or by resolution, it is not so e:i-.y t.i he. «ori! in any 
 particular case that the company cannot create pre-prefercnce shares or sliaros 
 
KORM8. 
 
 H]H 
 
 nnkint" '""' ;"""" "'t'' original prcforcnoe sharex. No doubt, in llarptr v. 
 /',„;, I |,i,i/.i, riirm 741), Jrii«>l, M. H., Krantc*! uti injiiiictiun nstriiininjf thii 
 i^iii' of />' ' ' /"«'.' [)ri fpriiuv shares; but that wiim only an intrrlo ntory injiinr- 
 liun, ami //"""■! V. Sfirborotiijh ('liff llnlrl Co. hail not bi'oii flii-n ovnrruliMl 
 l,v /„7,, ., (. /V," '/n Mrtrr Co., MH!(7) I <:h. 3lil. (Vrtaiiily tho la-t- 
 ini'nii»n'<l ''> '' linint-i to the concliixion that preFcreatial rii;lit^ may in mini' 
 ;a«^ h'- ultt'rt'il l)y siHM'ial riMolution. Sen. howoviT, Hoint' ihrto of HoniiT. .1.. 
 ill,,. V. f!„l,l Hiffa of Ifeit Africn, (VMO) I Cli. (i.)(i. 
 
 1 '" 
 
 I. \ 
 
 Setond Preference and Preferred Ordinary Shares. 
 
 Si'iritiiH.' - ;i rta.sH of !*liaroH cattcii " si'conii prcforenci^ " or " jiroffrrtul ordi- 
 ii;.r\- ' I' '■ l> -li:irr-t is *'r('at)«d, TIu'-m- shares UMUaily rank as rej^ardx dividend 
 juj • the preferenee Mliares and befi»re tlin ordinary shares, in 
 
 ,1 lall be the riifhts atta he'l thereto, many of lie" ipiestions 
 
 i, re;;ard to preference shares have lo be taken into aei-onut. 
 
 .i,ii i,. .1.1 'hi' iini'iliDns whelher the ilixidind is to \k: luniulative. or 
 
 , iiiii. ill . wliether there is to bo any special ri^'ht of votinj;. and 
 
 »fi'i!ai the I. ires u< rc'.'ards ca|iital are to rank before the ordinary shan't or 
 . ■,, ,;,j,...r with thcia. 
 
 Ordinary Shares. 
 
 I -ii:i!ly very little has to bo said in rei,'ard to the rights of the onlinarv 
 iliirdi.ililcrs. They take whatever is left, rcijard \»-\n\t had to the rieht nf tlie 
 priiT ci.i—i's of shares; and aceordinijly, if there are not any founders' >hares 
 ir ipiliiT shares to interfere with their ri)fhts, the position is cle.ir eniiu!,'h. 
 Nt'^'Tthelc s the iiucstion whether they are to participate in profits in propor- 
 ti'i Id the capital paid up thereon, or in proportion to the nominal amount of 
 f!;'- ^li;u- s, is xm^ which has to bo consldereil, for, iniless otherwise provided, 
 tl ly ruiii for dividend in proportion to the shares held. .Vijain, it is sometimes 
 nuiiriiil t" iiiii-iilcr whether it is desirable to depart from the ordinary rule as 
 to the (]i-tril)ution of assets in windin^-iip. According to that rule, as apjM-.irs 
 .iliM. . whi ic liifi'ient amounts aro paid up on the shares the eNcess is in the tirst 
 j'iaci' t'l h.' p;iiil I'tf, and the balance of assets is distributed pari jytisttu; but this 
 is !:«t always considered just. See elause 152, p. 783. .Vs reijards the rijjht of 
 vutini.', it is usual to provide for this in cxprc-is terms. Unless otherwise pro- 
 vid'HJ, every momber of the company has one vote, .See sect, li" Mv) 
 of till' .\it of VMS. 
 
 Founders' Shares and Deferred Shares. 
 
 \; allies the capital of the company consists in part of fuunders' shares or 
 ilclrreil shares, Xhoy usually ffivo to the holders a riu'ht to a share of the 
 ■urj.liii profits of each year which remain after payini? the prelVrence dividend 
 imi a tixixl dividend on t ordinary shares, and also the rii;ht to share- in the 
 ^urpliH ai-ets in windiii){-Hp. Sometimes the share of proKts thus (^iven is 
 10 jcr e.iit., simietiincs 20 per cent., sometiiues 30 per cent., and .soiiutimes 
 llif uliulu of tlic surplus profits is given. Where the rights are large it is 
 gem rally thought expedient to attach them by provisions in the memorandum 
 of ass,„iation, so as to fortify to the utmost the i«)sition of the holders; at other 
 times it is thought expedient to embody them in the articles of association, so hm 
 to tacilii le alterations in the rights attached if it becomes deiirable to make 
 *ucli alteration-, and in order to secure the position it is easy t« insert a clause 
 
 3 G 2 
 
820 
 
 AKTICLES OF ASSOCIATION. [ChaP. IX. 
 
 in the mcnioranduiii providing that alteration* ihall not be msdo without ili.' 
 unction of a meeting of the holder* of aharm of the rIaM. Various (|iir.tii>na .,f 
 importanra arino in regard to d<'H'iitifr what ihall b« the ri;}ht« nttaihfd i., 
 foundem' and dofcrrod Kimriw. and .11 particulor wheth<T tlw «liurp nf pri.tit< 
 to be ajmiffncHl to them ihall bo a «hare of the nurplua rem.uninif after iiayinir Hi* 
 fixed dividi'nda, «.y., 10 per cent, of iuch siirplm, or whr'thcr it HJiall \w a >luirf 
 of the proHt4 of tho yoor payable out of the lurplu* prottfai after paying llic lii«l 
 dividendii for tho year. .Viriin, tho important qucntion a« to whetlii r ili« 
 foundiT!! urr to got a iliaro uf tho lurpluu aftur carrying to rcwrvp nr brfrirp 
 larrvini; to rcwrve h»» to bo conaidoroil, and wliotuiT, if fundi an- larriil ti 
 rnxiTvo which might otherwise bo appliol in payrinMit of dividend, thi' foun I. m 
 are still to retain on intore.tt in the reserve. 
 
 Sometimes founders' share- aro t'iveii a right to partieipato in pmHti , , 
 l,aiiu with tho ordinary sh.'ires. This is more espoeially adopted «li.>ri- t|„ 
 founders' shares are i;ivon to vendors. In sueh ease it may be prnvid.il tint 
 the founders shall take a eertain proportion of the proHts of nai'h yoar, ih. 
 ordinary shares to take tho balanee fsee l''orm 219), .)r that each 1/. feuuiliTi 
 share shall rank for dividend as if it were a 10/. ordinary share fully paiJ ii|. 
 And see pp. 581, 687 et »rq., nu/irn. 
 
 The number of founders' or management or deferred shares, if any, and tin 
 nature and extent of the interest of the holders in the property and protitt of 
 the eompony must bo stated in any prosi)ectus i'lsuwl by the cunipniiv I'm. 
 paiiies (Consolidation) Aet, 1908. s. 81 (1) (a). 
 
 Form 261. 
 
 < apital 
 
 ilixiJed iiit" 
 
 cumulative 
 
 preference 
 
 nhares and 
 
 ordinary 
 
 sharea. 
 
 (Simple 
 
 form.l 
 
 The initial capital shall be dividoil iuti> - pivfoicii «> .>li,iiv> .1 
 
 £ • ondi ond ordinary .shuro.s of £ - eaili, ami tlnj si |ire- 
 
 I'ctt'ii' iliarc.i shall uoiifor lliu rijjht to a fixed cumulative inrfcroiitial 
 
 diviuuiid at the rate of p.c.p.u. on the capital for tlic time beiu;: 
 
 l)d up thereon, and the riij'ht iu a \viiidiiii;-up to pavin.'nl ulj ni 
 capital [ami arrears of dividend, wliether declared or uutlccLm'd, up 
 to the coinuiencement of the winding-up] in priority to all otlier 
 shares [or to the ordinary shares], but shall not confer any further 
 right to participate in profits or a.-*sets. 
 
 In the above ease the dividend is eumulutive, and there are wurcis tiilKi ii iit t.. 
 e.\elude tlio holder's rigut to participate in surplus profits anil in any Mirplii- 
 assct-i. whiih in a winiling-up may remiiin aftci- paying olf th" ivlioli- of tin 
 paid-up ( ai)ital. See fU/nd, p. 814. As to giving a further rijjlit in a wimlint- 
 up for the purjio-^e of reconstruction or amalgamation, see Mi/jr ,. ]>. slii. 
 
 For resolutions creating preference shares of various kinds *ec 1 ■'< . \i. s;;! 
 et ttq. 
 
 ^iiH 
 
 Form 262. 
 
 The initial capital of the coy shall be divided into 
 Khares of £ each and — — ordinary sjiarc.s of £ 
 
 !)ref' 
 
 Nou-camula- (i,p g(j preference shares .shall confer the ri<j:iit to a lixoil iircloivn'iul 
 
 wltbtoright dividend at tho rate of £ p.c.p.a. on the capital for tho time 
 
 to participate being pd up thereon, payable as regards each year out of fJic |>rolii~ 
 
 in surplus. ^^ ^^^^^ ^^^^ available for dividend, and the risrht in a vviiiiliuir-up t. 
 
 repayment of capital [with » bonus of £ pc. tliou] in priority tt 
 
KOKM«. 
 
 H21 
 
 tii oth< r nliftrcs [or to tlio ordinary sharenj, but shall not ronfer mnj Form 86S. 
 fiirtlior riglit to participate in prolita or oMOtt. 
 
 (PiHiihlonsllT » dividend i» rumnlafivc but to a liniiti'd extent. I'liim lh» rlaum- 
 raaT provide fli^'t " oui'li dividend »hl»ll an ro|{ard» each year l>e payalilo out nf 
 till- iriitit* "f 'I'i't yi'ur. and if they sliiill he in<ulBiient the dflicicney »''all !>" 
 n»»Blili' out of the Riirplus pruHt* of tlic next followinj; year wlii<h nliall remain 
 »ftrr iiivinc the [irefi'rentinl diviilend for that year, Init the deKi nniy ihnll nnt 
 hr (.nyahle nut of any "uhii-iinent protltB." 
 
 1 01' tlio slmres inenttl in Uio inomdum of ii>«oii of (In* coy, 10,000 Form 263. 
 
 ulall 1k> cftUert preferenro sharps und 10,000 ^(wiH Iw eallod ordinary p^fg^.noe 
 
 .hares. »"^ ordinary 
 
 Huar^H, 
 
 2 Tlic lioitlen of llio prefcrcneo sliarps shall ho ontld to r-eeivo (y„„.„„„u. 
 
 Mit nf the profits of oach year availnldo for <lividond a pnM'orontial latire prefer- 
 (livideiid fur such year at the rate of 6 p.o.p.a. on the eaiiifal for tho ''''™ "nareii.) 
 time lieing p<l up on tho proferonro shares hold hy them rcsjily. 
 
 ;t Tlio PurpluB profits of i-ach year nvailahle for dividciul shall Ih» 
 upirlicaMo to tho payniont of dividends to tho holders of tlio ordinary 
 shares in proportion to tho capital pd up thon. 
 
 4. Tlie t:oy reserve.'* power to pay off tho capital pd up on the 
 [.ntVicm* shares out of protitii or otherwise and to cancel same 
 «;il.jeef to tlio sanction of tho Court. 
 
 See liintlo Pier Co., (1891) 1 ( 354. 
 
 Sometimes, where prel'erenco sliares arc to earry u non-cumulative dividend, it 
 is thought lictter to tramT tho ela'iso as above rather than exprc,<sly to provido 
 that there <hall he no claim for arrears in ca.>n of delicicney in the profits of iiny 
 
 Mtie year. 
 A- 10 ihi' words " uvailahle for diviilend." see 
 
 'i/irii, p. SI 4. 
 
 I'referrcd and 
 
 ordinary 
 
 share*. 
 
 Tlif sil preferre<l ordinary shares shall, jsubject a.s hnftr provided, Form 264. 
 cuiiier on the hosiers the rights and privileges following, that is 
 to 8ay : — 
 
 ill Th(i right to a Hxed cumulative preferential dividend at the 
 rate of 7 p.c.p.a. on tho capital for tho time boing pd 
 up thon. 
 
 (2,1 The right, whenever in respect of any year a dividend at the 
 r.iie of 10 p.c. is pd on tho capital pd up on tho ordinary 
 sli.iros, to a further dividend for such year out of surplus 
 profits at the rate of ;t p.c. on the capital pd up on the 
 sd preferred ordinary shares. 
 
 i,ai The right in a winding-up to liave the capital pd up on s h 
 preferred ordinary shares, and al! arrears of dividend, 
 whether declared or not up to tlie comiuencoment of the 
 wiuding-up, pd off in priority to any payment off of capital 
 
 » 
 
 I 
 
 It;}, i 
 
 lii 
 
 t! 
 
ir '^ 
 
 82-i 
 Form 264. 
 
 .\KTIt'l» UK AHIHOCIATION. 
 
 ClIM', IX. 
 
 on tti<' onlitiiki'N Hiiart>n, hut wilJiuiit uiiy fiiiilii.i i,_.|,| ,„ 
 |mrliii|Mif in prDlit.^ or itHsntn, rmvo that if tlio wiiiilui...|,,, 
 in with <i vit«w to n'oMiHtrurtion Dr uiiuil);ariuitiuii tlio i,n.. 
 ft'ired ordiiiurv i«lmra-< bliiill uUo iiinft't on llio Imlil, r- ih^ 
 lij,'lil to Ik- |)i1 u iirciiiiuiii on tlio (Ikmi inolfrn'il onliuarv 
 hIiiii(k iii'iil lit tli<' into, if .M per slmro. with thr likr piioulv 
 Aft ivpirils siii'li [iriMiiiiiiii. 
 
 Porm 26S. OJ iln' M.WIO ftliuivs .4 Jl. oucli in the initiul (aiiiliil ot iIm , ,v 
 
 fnien nin ^0,01)0 liliull bo juvlen-'iK.c simre-f ami ao,()l»0 (.iiiili b« onJii.:tn -li.uvs 
 
 nharfH with Tlie od pnd'oivili o Kliart'N sliull ioiil't«r the rij,']il tu u lixid < iiiiiiilalUf 
 
 urt errit; t«. pr^,fi,,.j,m^^,, |;\i,loii,| at llic nite of 7 li.c.j'.u. on llio cuiiilal jxl up tli. 
 
 uud tilt' ri^iit, ivJicnoviT tlio Burpliw prolit** of any ycur i.iv.iil.i: . 
 
 for dividoud) romaiuiug aflor jiavniont of Huch dividend to ihv d ... 
 
 ol lliiil yoiir shall l)f ni.jro than Mdli. icnl to pay a di\iiii.|i,i i ,i ;, ,. 
 
 year at tlni taUs of p.o. on thu capital pd ii|) on IIjc .n.liiiun 
 
 slian-s, I.) piirliiipat<' in the surplu-t piolili of tliv yu;ir avaihil.lv lur 
 dividend raioably with the hohlorx of tho or.linary shiiic-. in hi..i.,ir- 
 tion to the capital pd up on such kIuuvs. wIicIIkt prilcivn.t' i.r 
 ordiiiar\. an.' |tl rij;hl, in a «iiidini;-up, to paymonl oil .| ia|.i',il 
 and any urr- ..r> oi' ilivi.h'n.l. whcthfi- di'i|ai'i.d or n .1. m, i,, tin- 
 eonn.H.nccnicnt of the wijidiiii;-iip. in piiority t.. the oi.liiuiu .«iiart«. 
 iiii.l t.i paili.ipate in any Miiplii- a-.-ot.* wlii'li in.n hmmjih ..tt.'i 
 
 payin- ..IT Ihc rfniaind€<r of tin,- capital //./rt ikihsu with lli Iimir\ 
 
 shuri.'>, in ])r..porlion t... the amount held]. 
 
 Form 265a. Iho .■-aid picfeivnce r^haroM .«hall confer on the hoMcr,-* lln' iiL'ht to 
 a ii\cd <uiiiidativo preferential <li\idend at the rate of .'. p. pu 
 on ilic .apilal I'.jr the time boiny; paid uji .in the h.1 shai.-. mi tho 
 ri^dit to an <.\tra 1 per (X!nt. on such (jaid up capital i.i oveiy 
 1 jH'r cent, of dividend on tho capitiil paid up on the ordinary .-kan* 
 in exce.ss of .") p.e.p.a., l.ul not e.xcoedinj^ for any year an u.xlra 
 3 p.c.p.a. on the sd preference sliaro«. 
 
 Preference 
 i^harfM witli 
 limited extr.'i 
 rights. 
 
 vl 
 
 Form 266. The 
 
 holder.- 
 
 ■apital. Ac. The sd profereiico shares .shall (oiil.'i "ii ilie 
 
 Preference """"^'■^ '!><? right to a fixed dividend at the rate of <l j) ■ \< a on 
 
 dirideud iinil the ca])ital for the time boini.c paid up thertHui. and the riirht lo one- 
 
 th of the surplas proiits of each year available lor dividend; 
 
 out until the uliole of the sd prefercme shares shall h.ive been i.>5ui'J, 
 
 the .sd one-four. h shall bo reduced to a sum beariny tho .iaiii.' ratio 
 
 to the full amount a." th.o amount of the isnimd preferoiiii' -!i:ii- \)cais 
 
 to the full amount of the sd preference .sliares. 
 
 quarter 
 Kurpliu 
 reduoihl 
 
 ill 
 
I-ORMM. 
 
 823 
 
 liiutrmitiw] 
 .ri'l ordinirj 
 
 'nntinifpnt 
 rminntinn 
 ' prrffnnoe. 
 
 I Til. liiiMcrh of tli)i (;iiuruii> .'<! |>> .tt(>ri< ti hImii'i xhitll l>u t'lilld FonB 967 
 to i. iiniiil.ilivo |)rol'or('iitinl ilixiili-.ni cf H p.i' p ii nn tin- iininiiml 
 giii.iurif I'i iIk' pri'fi'rt>ii( MliiircK hold liy tlii'iii rc-<i>ly. 
 
 J Siil'ji'it to tlio riL'tiU iif iIk' hiil'li r. if tliu uii.imiiIi'inI |iri'l'ori'tM.. 
 >|i;iii'-. iIk' lioldors ot' iho ordinary sluirc shull Ik- ciillcl to In- |>d uut 
 (il ilir >iii|ilii^ prcilitu uf I'urh yiMi iiv;iil.ili|i- I'm dividiMid ii dividend 
 
 at lll>' l^ll'' "I '" I' ' -I'-il. tV)l' lllil' y<Mr nil IIk' UMInlllll <r»'dil<'d im |ld 
 
 III! nil tin' "itliiiary slmrt's hold by ihi'iii lO'ply 
 
 :: Tlic i«>>idiir of tho surplus pi'lil« of each yt'iii uvuilulilc for 
 i|i\iii>'ri(l "liall liulon^' to and be diviiicd uiiioii^r tiu- iiiiMiiliorN iii ]irn- 
 |ui'i..ii I" iIk' ttliiirt'i hold by !h<!iii imply 
 
 t li ,i! :ii:\ liiin' lior>iii' thi' d;iy ••! . J, . tliodividi-ii 
 
 |i 1 lu liir l.iJdois of tho j^uariiiiitCil piid'cifii' o .-hiiir-- in :o.";it>ol ihi 
 -hall .iiimiirii ill the agrtriepilt' to So p.c- on iln' nnniiii^l uiii"Uiii 
 tliul. ilii'ii Mild ill Mr h iM-'i' tlir pii fi'ioiii I' JiiibofiiM i^i\ •■■ k. such 
 ^liirc- sii ill io:i»<' to tjxiit. uiiil tliotuofirth the iruiiriinti'(.<; ■ "Inrciicc 
 iinl iirdiii:ii'> sliaros >ihnll rank pitrl passH ■ ''iTidond 
 
 It i- liy i!" imuiw iiiHs „ .im to inarrt mrli > . lauH) U" iibovr. 
 
 \- .ilri.Jv iiii'iitiiini'd (sniirn, \>. "(it,, the [.nni-imi* .is tn |iayiiiiMii nf jiri'- 
 tiT' mil! diulciid-' art' xomptiiuKf inicrlcd in :i claii-i' iiitrodm cd in tliit part of 
 tl:- ;iri •'!(■- wlii -Il ri'latiM to tho payiinMit of diviJinicN. Suih provisions are 
 al-'ni. -iralili' whor-' tin* lucniorandinii sets out tli^ ri;rlit- attafUi'cl to on<» or niorp 
 rla.M". Iiiif the jirovijioni niu^t. of rour*" . ai'. iinl » itii tin niPmornndiini. 
 
 I, Till- pioili.- I'l tlic lity iiiiidi' iluiiuj; ilii (iiiMin i il mmi, oi .■ijicr Form 268. 
 
 iicii'Hl ( '.npri.-cd in ;lu' utcoiuit.'* >uljiiiitu'il lo iho .ndin.irv Lri'iiciul ,„ 
 
 111 ■ ( liiiiHi- nni- 
 
 uiic'iii.; ill i',i' Il vi.ur and available lor di\idiiid. willi any prolitri \iiliii){for 
 
 farni' i lorward from piist voaic i^hull In' appliruldi' i ordor of '>I'r"^P"«tio" 
 
 . . 1, • ■ "■ I'rofltn. 
 
 ruuirv jnu iiiiiiiiii'i' lollowino;: - 
 
 Fii,~' '111 ilif jiayiiu'iit of a i uimtlaii\t' profoioiilial dividoiid at the 
 ij'i' 111 tl p.r p,;i. uu the rapilal pd up on the A. >liai'e> lo the duso 
 ol' .-U' h period. 
 
 Siiijjii||\ To l)n' payiiH'iii of a dividend fur ■^le h period at tho like 
 rate un tlie capital pd up on th(> B. ^llal■e<. 
 
 Thihlly. Tho residue shall bo apitiieable to the paymont of u 
 further ilividoiid on the jid-up cupiial. or may be earried to reserve, 
 or "ijii rui-e de;ilt with a-< Iho eoy in general ineeiinpr dotorntino''. 
 
 I'll-: To the paymont of a dividend al the rale of (I p.r [i.a. for Form 269. 
 jlich period on the capital pJ up on tho ineferonee shares. Another form. 
 
 S'lunJly. Of tho surplu.s, sueh pt I not exreodinff 10 p.c.) uk thfi 
 liiiei lor.'i detorniine may bo carried to the le ervo fund to bo ostah- 
 lidied ])ii'>uunt to clause hof. 
 
 M 1 
 
 ^1 
 
 m 
 
 I 
 
SH 
 
 ARTICLES OF ASSOCTATION. [ChAP. IX. 
 
 Form 269. Thirdly. The balance, or a competent pt tliof, shall bo applicable 
 to the payinont of a dividend for .luili period on the capital p<l up on 
 the deferred shares at the rate of '> p.c.p.a. 
 
 Fourthly. What remains shall bo applicable [as in Furin iliiiii. 
 
 Form 270. 
 
 Another. 
 
 Form 271. 
 
 Percentagi' In 
 direot'T.". ic. 
 
 First. To the payment of a preferential dividend for ,-ui h i ,] 
 at the rate of 10 p.c.p.a. on the capital pd up on the shares i other 
 than the founders' shares). 
 
 Sc<oiidly. Of the surplus, four-lifths shall be applicul'le to the 
 payment of a further dividend on such pd-up capital. 
 
 Thirdly. The residue shall be divided ratcably anioni,' the linMers 
 of the founders' share. 
 
 First and secondly [a.s in Form 208]. 
 
 Thirdly. Of the surplus, 10 p.c. shall be pil to the dirciiors hi 
 further remuneration for their services; 20 p.c. shall bo larried tu 
 the rodeiiiption fund to be established as afsd: and 70 p.c [as in 
 Form 208 rt soq.]. 
 
 See I'eruiim Co., (18'Jt) 3 Cli. 690, where direotors wore held cntitlni to 
 ttieir pcrt'Oiitafre on the profits which lia<l l)ooii rcasonibly and hoii'i fi.h' i'scer- 
 tuincd, althoii^di the assets representin™ tlie same h.id >'uli»eijiii'ntly hceomc depri"- 
 eiated. 
 
 Form 272. The profits, &r., as in Form 208. 
 
 Special furm. !• Ii ra>i"g 'o ''iG members a dividend for suih year ni other 
 period at the rate of p.c.p.a. on the pd-up capitaj 
 
 2. Of the residue, three-fourths shall bo divided among sii' h of the 
 members holding not less than live shares oarh as .shall have contri- 
 buted to the coy's business during .such year or other period ratcilily 
 in proportion to the amount of (he freight contribiitcvl by tliciii rcsply. 
 
 3. What remains shall bo divided among iho members in pruiJOi- 
 tion to the nominal amount of the shares held by them rc~|ily 
 
 Occasionally profits are divided so an to give members an indu oment to deal 
 with the company. This plan ha.s .sometimes been adopted with u:reat sunis^. 
 
 Form 273. Any registered holder of preference shares afsil may, subject t" 
 
 ConverRion of '''** approvid of the directors, elect to have his proferonco siiarcs, or 
 
 preference any of them, converted into ordinary shares ranking in all rospoct.s 
 
 ehlaT^'""^ ?"'■' P'^**" ""''^ ^^^ 10,000 ori-iiial ordinary sli;ires aisd. Such 
 
 election shall be declared by notice in writing to the cov, sitrnod by 
 
KOKMS. 
 
 82A 
 
 -uili lioIJii and aecompiiniod by the cortilioate relating to tho shaves Form 273. 
 
 tijlio i..]iv('rt<'il; and if the diroutors approve of such conversion the\ 
 
 «liiill loulvo that such conversion be approved and have ellect, and 
 
 the .siiiie >li.dl have olfect accordingly, and tiioroiipon tho cortilicat*' 
 
 atVil shall lio cancelled, and the re(pii-*ito allorations shall bo made 
 
 in tlip coyV register nf members. 
 
 Intiie :il«iM!<>i*o tho directors arc ffiveii u discretion, l)ut .■.oiiietiraca the share- 
 holder is iiii|ic\vered to convert, and it in provided that upon service of the notice 
 ihe -liiirr -liall ipso iacto be converted. 
 
 It ilic hokloi.s of t\vu-third.s of tho siiares uuiiibered 2,0Ul to ;i,00o, Form 273a. 
 imiii-ivc, in the original capital (hnftr referred to ns 'the incdeem- p7^~to" 
 able .<li;ucs "j at anv lime wiliiin live years from the dali- of incor- holders of 
 liomtioii i.f the coy notify in writing to tho coy their de.siro that tho t'f.'lll.vprt '*" 
 iliarcs luiinbered 1 to 2,000, inclusive, in tho coy's capital (hnftr nthern into 
 rclencJ to as ' the redeemable shares ") shall be converted into J'^J.p™™*' 
 nrelcrciRC .-Imics, then and in that case such shares shall thereupon 
 ,;i,y) j(uto 1h converted into proforeaco shares with the following 
 5|. iiil ii'.'li!> attached thto, that is to say. the sd preference shares 
 shall cairv a ti.xcd cumulative preferential dividend at tho rate of 
 .i p c p.ii. on the capital for the time being pd up thereon ro.sply, 
 but 110 further dividend, and shall rank, both as regards capital and 
 dividend, in priority to tho irredeemable shares; and notice of such 
 (onvciaion shall be given to llie holders thof, and they shall be liouud 
 to frivc up their coriilicates for indorsement or in e.xchaiige for fresh 
 lortilicate.?, and until tliis has been done shall not bo entld to receive 
 anv of iho right*- of iiiomber.-hiii incident to such shares. The sd 
 shares af'or lonvpision shall conlinue to boar the same numbers as 
 before. 
 
 ill .Viiy holder of jireferciK e shares for the time being in the Form 274. 
 initial capital may convert his profereni c shares, or any of them, into (-vnverHroiTof 
 ordinary s1kuo>, and anv holder of ordinary shares in tho initial ]iTeference 
 (ajiital may convert his ordinary shares, or any of them, into i>ro- i,',"^',"^'^"""^ 
 ferenic shanks, and tho following provisions -hall a))ply to such con- 
 vcr.^iuii. that is to say: — 
 
 ui I The holder who desire- so to cmivert must give to the coy notice 
 in writing of his desire, and such notice must specify by 
 number the shares he desires to convert, and mu't bo iiccom- 
 panicd by the cerliticate relating thereto. 
 
 (b) Upon the n ceipt of such notice and certificate, the coy shall 
 ifcord llio conversio 1 in its retri^tor of members, and thore- 
 
 rpi 
 
 Ihe 
 
 conversion s 
 
 hall take effect, and a fresh ■ Tlifieato 
 
 i ■ ■ 1 
 ■ I, ^ 
 
 bi 
 
 
 1 
 
V. 4 
 
 826 
 
 Form 274. 
 
 AKTICLES OF ASSOCIATION. [ChaP. IX 
 
 or c«i'tih<'atos shall lie issued in io-ii)€ct of such of tlio Khare, 
 30 converted. 
 
 ( j) Proforcneo share.-) ro«ulting from such couverr.ion shnll nink in 
 all respecfs as proiereiue .sliai-os in the initial oaiiital. 
 
 (2» The holders for the time being of two-thirds of the piot'i'ivmo 
 .■jhares for the time bcinpj in the capital of the coy may at anv time 
 notify in writing- to the coy their de.sire that nil the [ireferenwsharcs 
 in the coy's capital shall bo converted into ordinary shares, and upon 
 the receipt of suili notice the coy shall record the same in its iv;ri>ier 
 of members, and thereupon all the preference shares .shall iii.s,, /,„.f„ 
 liecomo ordinary simres, and the holders of certificates rolatin" to ih,. 
 preference shares so converted shall forthwith surrender to "tlio (,n 
 the oertificate-s relating thereto, and in jilace thof the cov shidl ia-u.. 
 fresh certificates; and after a general conver.siou under tlii.s cliu-o the 
 provisions of the last proce<liiip: clause hof shall cease to <ipcr;iii' iin.l 
 thenceforth all the sli;ire« in the initial capital shall ho onlinnrv 
 shares. 
 
 Wherr tliero is a (fovtTiimi-iit aubsiJy or uimraiitec, jirovlMions fo 
 Britisli control arc sometuncs required, <■.</., .■h follows: — 
 
 that 
 
 Hu<!uriii}; 
 
 Biitiith 
 
 ruutrol. 
 
 Form 274 a. 1.— (l.j It is to be ri-garded as a cardinal principle of the , 
 Provision for >* ^^ *" ^ and remain under British control, and accordiiiEh . 
 
 (a) No foreigner shall be qualified to hohl oflice a.s a dirci tor nt tJie 
 c<iy or to be employed as one of the jipal ofliccis of tlic riiv 
 
 (b) No share in the coy shall bo held by, or in trust lor. or lie hi 
 any way under the control of any foreigner or forciL'ii mr- 
 poration or any corporation under foreign control. 
 
 (2.) In this clause the e.xprespion 'foreigner" means anv |)er*oii 
 who i.s not a British subject, and the expression 'foreign (orpor.i- 
 tion" means any corporation other than a cor|)iiivUion e.-tiihlislie 1 
 under and subject to the law.s of some jiart of hi.s M,iio-i\ - 
 dominions, and having its ppal place of business in those doiiiiiiioiiv 
 
 The expres.siun 'corporation under foreign control" ini hides 
 
 (a) A corporation of which the majority of the directors 1 1 
 persons occupying the position of director.-- by wluitcvei 
 name culled, are foreigners; 
 
 (b) A corporation, shareholders in which holding shaies or i-tock 
 conferring a majority of the votes are foreigners r 
 foreign corporations, or jjersons who hold dircitly or 
 indirecdy for foreigners or foreign coqioralion.s; 
 
 l,c) A corporation whidi is by any other means, whether ul .i 
 like or of a different chararter, in fact under the coiitru! of 
 foreigners or foreign corporation.s: 
 
 (d) A corporation, the oxeintive 'vliereof is :• corporation witliin 
 (a), (b), or (c). 
 
FORMS. 
 
 827 
 
 Villi 111'' i-\iiir-ioM •• ppal ollutii-s ' of tho cuy sliiill Im> (1w>iiuh1 to For m 274» . 
 iiillu iiiiJ iiicludc poisuiis hol.liiig the following or any analogous 
 
 |i,.,-ilinll~: 
 
 ^ll liuiKM.il luauager; 
 ,iii As-istunl gt-'iieral manager; 
 , iiii Sccii'tary; 
 , iv I .Vs^islaIlt (icci-ctary ; 
 
 .\ ; (Iciicral superintendent; 
 I vi I As>i~lant general superintendent; 
 ,\ii) Marine superinlendent; 
 ( villi A-<>i.slant marine superintendent; 
 ,i\i .SupiMinlondcnt engineer; 
 
 ixi \.--i~lanl suporiutendcnt engineer; 
 
 , \\ , Masters and ollicern and engineers in charge of u watch on 
 buard any of ilie I'oy'e oii-an steanishijii-. 
 
 I.! I W lii'nevcr a niajnrily of tlie directors certify in writing that 
 til. !■ i-. ill tlioir opini.m, reason to believe that any sliaro in the 
 cuiiii'ain i-. in violation of sub-paragraph tb) of jjaragraph (1) of 
 tjii- > l;ii!-r. held by or in trust for, or in any case under the control of. 
 a loivi-ji.r or foreitrn corporation or any corporation unilor foreign 
 oii:ni|, ihc directors shall call on the Imldcr of smh sjimc to piovi> t.i 
 liicii jali'laction that the share in .[ucstion i- not so held, and uidcss 
 Hilliiii lliicc wooks thereafter such proof is given, the directors shall 
 .scivi' ~uch liolder wilii a rei|uisitiou iu writing to transfer such share 
 io ^ciiic properly iiualiliod person approved by them, and unless such 
 tiaii>fcr is duly ina.lc and deliveied to the coy within three days after 
 ihc scivicc ot such rei(uisitioii the directors shall sell tho share at 
 ilic iiwrk.'i price to any properly (jualilied person apiiroved by thom. 
 iiiil liiav auiliorize any offiwr of the coy to execute on behalf of the 
 Imllr; I !!aii-tor of such share ;o tli(> purchaser, and a tran-fer 
 cxciiiicd luhioi siiih authority shall bo valid and oiroctivo, and the 
 purLhaM'-ni'iiey shall be paid to lli<' coy. whose receipt shall be a 
 L'lioil cli>,liaiue. and shall be paid over bv the coy to the late holder 
 on lii> applicon. 
 
 1 4. 1 .\s fioiii the time when any such certiticate as afsd is signed up 
 10 ilic time when such i of n.s nfsd is given, or siu-h tran-fer is it>gis- 
 wrc.!. tiie share referred to in such certiticate ■^hall not ( onfer on the 
 liclijrr c.r n\\iior any right to vote. 
 
 '•"). 1 Tlie pinhibiliou ill sub-paragraph ( b i of ])aragraph ( 1 i of ihie 
 cl.'iii.-^c shall U'jt apply where the holding by, or in trust for, or under 
 the cDiitiol of. a foreigner or foreign corporation, or a corporation 
 under foreign control, e.\istod at tho time when this clause came into 
 O[icaiiioii. and so long a.-- such holding e.^ist-, and paragraph (2) of 
 tlii> clause shall ho qualiiied accordingly. 
 
 Ii » i 
 
 
 t' 
 
 • f 
 
 it 
 
TPr 
 
 828 
 Form 274a. 
 
 
 
 1 
 
 J 
 
 11 
 
 
 i 
 
 t 
 
 Sini 
 
 J 
 
 9H 
 
 i 
 
 t 
 
 II 
 
 h 
 
 ■ 
 
 flV 
 
 - • 
 
 
 Hr 
 
 1 
 
 1 
 
 
 ARTICLKS OF ASSOCIATION. [ChaP. IX 
 
 2. Every- transfer of any share must contain a declaration n« 
 follows, iiauioly: — 
 
 (.a) WIk'io the transfer ia not to u corporation a ileclaratioii h\ 
 the transferee (1) that ho is a natural-horn Hritish suhjoci 
 and has never taken tiio with of allegiance to any (<,mgn 
 sovereign or stale, or lias otherwise become a citizen or 
 Kiibjoct of any foreign state; or (2) that he is n person 
 naturalized by or in pursuance of an Act or onlinanco ol 
 the proper legislative authority in a Uritish possession, and 
 has taken tiio oath of allegiance to his Majesty, and is » 
 liriiish subject, and, in either case, tliat tiiore is not uni 
 arrangement under which ho will hold the sd shares oi au' 
 of them in trust for, or in any way under the control ol', an\ 
 foreigner or foreign corporation, or any corpoiatioii umlci 
 foi-eign oonlrol, in contravention or tho provisions ol' ( Liusc 1 
 hof; or 
 (b) Where iho transfer is to a corporation a docluration by mm 
 pjial officer of such corporation, duly authorized by surli cor- 
 poration to make tho same, that such coqiorUinn is not a 
 foreign corporation, or a corporation under foreign control, 
 within the meaning of clause 1 hof, and that to the best of 
 his knowledge there is no arrangement under wliieli the 
 transferee is to hold such shares or any of thorn in trust for. 
 or in any way under the cont ol of, any foreigner (.r Ini-ei^n 
 corporation, or any corpoi-alion under foreign lontrol, within 
 the meaning of clause 1 hof. 
 And where the dii-ectors think lit they may, before pa^-sing auv such 
 transfer, recjuire such further evidence in support of any such dock- 
 ration, whether by statutory docluration or <itlierw iso, as ihcy liiiiik Hi 
 .3. Before registering any person as a member under ciihcr of the 
 last preceding cluusw hof the directors shall require the person pro- 
 posed to be registered to provide a declaration as follows: 
 
 (a ) Where the person to be registered is not a corporation, a dorhi- 
 ration by such person to the ellect set fortli in paragraph (a- 
 of clause 2 hof: 
 (bl Where such a person is a corporation, a declaration in writing 
 by some ])pa! olhcer of such corporation, duly uulJiori/od h} 
 such corporation to make tho same, to the ellect set forth in 
 paragraph ib) <]f clause 2 hof. 
 Anil where the directors think fit they may, before rcgisti>ring, 
 require such further evidence in support of any such declaration 
 whether by statutory declaration <;r otherwise, a.s Ihev think fit 
 
 F orm 274b . xhe rights of a member as such shall lie personal, and accordinRb 
 
 ShareB to be .sjiall not, without the consent in writing of all tiie members, l)c 
 
 OTmpany^B"° transferable except as hereinafter provided, and accordingly, if 
 nominee*. 
 
KOKMH, 
 
 H29 
 
 luv iiK'iiiliur oluill liif or lieuomo liaiii, i upt or be found lumitii'. Form 274b. 
 lis^liuK'' shall lit' tiiinslfrr(!tl to suih iiorsuii oi- poivoii'*, whotla-r a 
 
 lueiiilitT ol' til luiianv or iK^I. as .shall l)y wiititij,' soivtvl on the 
 
 .oiiipain ln' uoiuiualed by the other iiiomber.s tor the time beiiij; of 
 till' louil'aiiv. ainl upon receiviug such notuiuatiou tho diroetora shall 
 |,v ri.-(]liili"ii api)oiut soino person to transfer tho slmros to such 
 iioiiiiiiti' "f "oiaiueeo, and a transfer by Nueh person tthall lio elVee- 
 ii\c ami the transferee or ti-ansforeos shall be registered as the 
 jiolilor nr holders of the sliares and iis against tho former registered 
 holiliT, uiid all persons olaiining through him shall bo absolutely 
 I'liiiik'il to the same, and after such registration tlie reguliirity of 
 ihc |)io ecdiiigs shall not be questioned. 
 
 |ii liii- 1 u-i it i^ >U|ipo-i'd tli:it thi' cDinpany is ii l)enev()lpnt or 7i((;«i-clmrital>lc 
 
 romfiiiiy. 
 
 ■Ml 
 
 Management of one Company by another Company. 
 
 Si'C 
 
 t'lici-i'- I'l tli:« ptfi'it lire aomutiiiics sulntitutcd fi)r tlip (lirectnr I'laii.."' 
 nil jiltiTTiiiiiM' in I'lirm 27ti. 
 
 .\ liiii!'«l i'oni|'aiiy iiiiiy bo a diriMtor or ttio sole director of onotlier i'ciii>|Kiiiy 
 if it \iti~ till' ri'iiui^ite pov cr. Hiiluwuyo Market Co., (1907) 2 Ch. 458. 
 
 I Till' A Cuy. i.imtd (liiittr called the \ Coy), shall be tin- lirst 
 iiLiiUL"'''!.- of til'' coy. 
 
 .' When the A. Coy eea.se to be managers, this coy in general 
 uico'iii:: tuny a|ipoint any other persons or coy to bo managers, and a 
 geueiul iiieotiiig shall forthwith be oonvenetl for the purpose liy the 
 .\ ( ov. or if that coy does not convene tlie satue within seven ilays 
 alter thev coiuse to be luanagors, then the meeting shall bo oonveuod 
 liv the holders of more than half of the issued capital for the time 
 lii'iiiL' of this coy. 
 
 :!. Tiic managoi's shall h>^ entld to charge and retain out of the 
 
 a."c!- ol' the ciy the sum of £ p. a. as retuuiioration, and shall, 
 
 ill ri li'iou, oul of the asse'.s of the coy pay all outgoings for clerks, 
 ii;,T.'ii',-, oilico>, travelling and other expenses iu relation to the busi- 
 ness of the coy. 
 
 ). The iiiatiagers may reinitiate and conduct their jiroceediiigs as 
 "It: li ill .siich iiianuer as they nay from time to time determine, and 
 may ileleirate all or iiny of their jiowers, authorities, and discretions as 
 iiiaiui'j-crs to such persons, and on such toriiLs and conditiotis, as they 
 think 111. and niay revoke or vary any such delegation, and until 
 olhi'i wi-o doicriiiint'd liy the iiumagers they shall be il' eiiied to have 
 ilck'i;uted all the powers, authoritie.s, and discretions vested in them 
 b} '.lio rc„'ulations '.he time being of this coy to the directors for 
 the time being ^f the A. Coy, who shall accordingly he deemed depu'y 
 mauageis of this coy. 
 
 .') [!i:i.-!!mi !i li.s this rov ijiav have dealings v.-itls the A. ( .'V. il is 
 e.\[ue.ssly declared that this coy may make atiy contract witli that coy 
 
 Form 275 
 
 A. (imipauy 
 
 made 
 
 nittiinjfiTM. 
 
 Siib»i'iiueut 
 maiiaf^iTfl. 
 
 Uemiiud-.i- 
 tiiiii. 
 
 I'rout't'diuirs. 
 
 Contr.i'.^tH 
 
 with 
 
 muuagori.. 
 
 t :' 
 
 : Ii ' ■' 
 
 ;i : 
 
 :m 
 
 m 
 
mo 
 
 ARTICLES OK ASSOCIATION. [ClUP. IX. 
 
 Form 275. « liich may soeui exptHlient ou suoh tcruis as tho deputy managers may 
 Irom time t<.> time lOiwiJer oxiiodit'iil, and that tliu A. ( o_v >li;ill lio in 
 nowise liable to account for any prolil.-i realised liy any smli (omiact. 
 
 Form 275a. ). Until otherwise determined liy ihe i-ny in "general niut'iiiiir in 
 ~ accordance with claii/'e hof, the directors for tho time boinir and 
 
 Anothfr. 
 
 from lime to time of the A. U. Syndicate. I.initd. .shall he tho direc- 
 tors of this coy, and such determination i.s linftr refcrreil to a-< the 
 lerriiination of tho interim management. 
 
 '2. The coy, by re.solution passed at an ordinary ij;enoral nioctin;; 
 held in the year 1912, or in any wub.sequont year, may determine ih;it 
 the manat;ement jirovided for in clau.se - .shall cease, Idit mkIi 
 determination shall not come into operation until a board ul at Icist 
 three directors shall have been duly elected, and with a view to smii 
 election the meeting at which such re.solution is jia-sscd .^lial' stand 
 adjourned for three weeks, to be held at the t.ame time and idutc, iuid 
 notim "t the resuluiion .shall be jiiveii to the members, ami at tlie 
 adjourned .'.eetini; it .shall be allowaldc to ele<t directors. A resniii. 
 tion for such determination as afsd shall bo valid whether tho iiotiie 
 conveninii: the meetin<^ at which it was passed did or did ii'ii ,s|i(., ii'v 
 the inientiou U> propose .such resoliiticm. 
 
 ."!. After the termination of the interim manajreraont, the miniljor 
 <>( the dii-octor.s shall, unless the coy in freneial meetimr otherviac 
 (leiermine, be not le.ss than three nor more than seven. 
 
 1. After the termination of the inleiim manaf^ement, tlw (iir(>: lnr,< 
 shall have power, &v. 
 
 In the clause providin;; as ti> niiticc of ppucral mrctini,', it was nii.ntinii.'d that 
 amonRst tlie ordinary liu^ini'ss was tin- ileternilnation of the intiTini ii):in;i:,'i- 
 nicnt. 
 
 Fom 276. 
 
 Deljt ntiirc 
 
 ^lirci'tdrs. 
 
 The sd A.. B., V. and D. \i.)'., four of the difirlor.1 ihiuwd in Ihr 
 artirU's] shall be deemed to iiave been appointed by tic trees ut 
 the trust deed coiistitutini.; the lirst debenture siuck of the my, iiiid 
 they, and tlieir sui cessurs in oflice a[)poinlod under this < l.ui>e shLill 
 be tilled the 'delienturo directors." Tho debenture direrlins ^ilall 
 be enthi to hold olhce until r<!ipiested to retire liy the trees or liee lur 
 the time fieiiif,'- of the sd trust iloed, atid accurdinuly they sh.ill iinl lie 
 bound to retire by rotation or be subject to clauses - - and 
 hof. A.S and whenever a debenture director vacate, oliiie. uH'lher 
 u]ion retpiesl as afsd or by death or otherwise, the trees ,„■ tie • al>d 
 may appoint another director in his place. A debenture direnoi sii:iii 
 not require any (lualilication. A debentiiro director may at any time, 
 by notice in writing to tlie coy, resign liis office. 
 
FOKMS. 
 
 8ai 
 
 A.i..llu 
 
 Tilt' lioMom of llio (k'lioiiliiroH ol' tlio coy known a-i prior lion Form 277. 
 l,on(l>" -liiill ''«' entld to liavc ono noniinoo on tiie dirocloraiu of tin' 
 ,0V. anil tlio liHl.k>r.-< of llit) dehontiiro stock of tlii» coy sliall bo ontlil 
 u) liivo twii iiniiiiiioo.-i on tho <liro>Io!;(!o of the coy. Tlio uoininoc or 
 riiiiiiiiMCi "f o;i''h cl;i.ss >o ontl<l sh:'.II bo upiioiniod by a iiu'i'tiii;,' of 
 -iili ill--, coiivoiieil and constituted as linfir providod. and may bo 
 iviiioveil at any turn; by a like meotiiiif of tJio nanio class. A nioctiii;;^ 
 .,1 cadi cLiM- af.sd may bo couvonod by the coy wiionevor any iioininoc 
 im the lime bcinj; of .such class vacatct* odice, and a inortintj of i-ithor 
 ■ U- -liall !■«' loiivcncd by the coy wlicncvor il is sorvcd with a rcipii- 
 -itiuii ill uiiiin^: .specifyiii},'- tho puiposo for which tho inc lin^' is 
 ic.|iiiioti. and f<ii,'ncd, wlioro tho mootinfr is for tho rcmo.al of a 
 iiciuiiicc. by llio holders o.' at least one-half in value of the cIilsn, or in 
 .my uJlior case by tho holders of at least one-tenth in value of the 
 
 i,i.-<; ami if the coy fails for sovou days after boinj,' so .served to 
 M.iivciic llic meeting to be held within twenty-ono days of such 
 -.ni'C ilic rcipii-itionists, or tlio majority in value of them, may 
 
 hciii-clvc.- roMveno the moetin;;-. Not loss tJian ten day.s' notice must 
 i.i'i.'i\(Mi 111' cvi'ry .such meetinpr; but where il is cirivened bv reipii- 
 .i!i.HM>t.-, ihi- Miili •<■ may be L-iven by advertising thosiimo twice in tho 
 Tiiuco iic»>paper. At any such meeting; tho holders of one-fifth 
 ill value of llio class shall constitute a cpiorum, and the nieetinfr tnav 
 
 ipiioiiit a chairman. But, subject as ai'sd, all the provisions hof as 
 '•I cxti.i nliiiary general meetings of tho coy, including votes, 
 :uljoiirtiiiieiit noiices, minutes, and otherwi-e, shall apply as neatly 
 ,1- may be to such meeting. Notice in writing of any such appoint- 
 hicn! or iciiiiival shall forthwith be given to tho coy bv such person 
 
 I- the luceiing making the same shall authori/o in that behalf. 
 
 Tlic 1 
 
 iiia\ ai a 
 ■ f Ihc ,, 
 (■iila.iiici 
 ■IIIiOnI 
 I..I li,i|>| 
 ilii- ilan- 
 ;l.c^il ir, 
 
 I'LlM' "t I 
 
 ..ji|)"iiitii 
 
 or tree for the time being of the will of A. li.. deceased. Form 278 
 ny time appoint tho sd X. li. to be a jieriiiiiiient director 
 •N. and in that case ho shall bo enlld to Jmld ollice as a inM.-^.s^Tf :, 
 It director until tho doterminalioii of the trusts of tho -will "iH'if.i 
 .\. H., or until tho sd X. 1!. resigns or dies, whichever event !,nri.u'*m.I, 
 leii-; and if the sd X. 15., or any successor appointed under taki n ,,v,.r l.y 
 ■c. resigns or dies before the determia.ilion of such trusts, a,',3'','^/'' 
 c- or tree may appoint any pi'rson to be a director in the j" nn:oiciit 
 il" ^d \. ii. or any such succi'<-or. and any and oveiv such ""■'■''*'"■■ 
 a'lii siiall be ell'octivc. 
 
 lii',1 
 
 < f 
 
 1 iili' Iclilcis of tho li. share- may from lime to iim(! appoint Form 279. 
 ■lay iic!>Mii ti, 1,0 ,1 director, but so lliat not more than .two, persons p„«,rf,,r 
 
 ■■ .';t .t 
 l,lll-C. 
 
 ■i:' iiiue hoKi oilicc by \iiluc ui a|)poiiituieiU under this 'ia.-...,,i 
 
 f.liari.tcililprs 
 . I" appoint 
 
 • Viiv -iicli appointee shall hold otUce subject only to oluuso and rdnovi! 
 
 dirccti/rs. 
 
M-2 
 
 AKTICLl'Ui OK A880CIATIOX. [ClIAH. IX. 
 
 Form 279. hot' the disiiunlijiration daiixc 91, Kupm, \>. 728;, mid iiiii\ m .im 
 ~ lime 1)0 romiivod fnuii ollii'i> hy tlw linlilcr.s cf llic H. .•'liaii'> 
 
 .'t. Any siR'h appointim'tit or n'moviil shall \y in writing' mmmvI on 
 the (-(ly and wi^'nod by tlio hoidors of ut icnsf two-thirds nf tlm |{ 
 iN'iit'd shares. 
 
 Form 280. 
 
 Altcrririte or 
 
 -'iibjititute 
 
 iliri'itiir-. 
 
 A dirc'L'tor who is abroad or alxiut lo (jfo uhroad laav, wiili the 
 approval of tho directors, appoint any pornon to 1)C an alteriiul<» or 
 .■'iil»(ituto director during liis ubsonrc ahroud, and sinh uppoiiitiuent 
 siiiill have ellert, and .•■iich appointee wJiiNt he liold-t olliic as an 
 MJiernuto direetor shall be entld to notice of meetings of tlic diuttuiv 
 and to attend and vote thereat acuordinfjly; but ho sliali nut re iiiin" 
 any ((ualilication, and ho shall ipso futtu vacate otlicc if and wlieu tin' 
 aj)pniutor returns to tlio United Kini;dom, or vacates olli,,. us u 
 diiector, or removes tho appointe(> from ollice, and any appdintniont 
 anil removal under this clause shall lie ortei'ted by notice in wiitin;: 
 under tho hand of the director nialdnt: the .same. 
 
 .Siicli u provision is occaMioiiRliy Uf^tn!. Imr tlic I^undoii .Stuck I'ixchaii:^',' ;:iTif- 
 rally iilijects to it. 
 
 Form 281. 
 
 As^i..italit 
 cliri'cti.rs. 
 
 The directors from time to time and at any time may appuiiit iiiiv 
 other poisons to bo assistant directors of tho coy, and nuiv (ioliiip, 
 limit and restrict their powers, aulhoritios. and disorolious, and imn 
 li.\ and determine their reinuiieratioii, duties, imniunities, aiiil (|iialili- 
 calious, and may remove any diiector so appointed. I'niess (,ilicr\vi:-c 
 delermiued by the directors, the (pialilicatiou of an as.sistaiit diicr'"! 
 ^i|lall be the holding,' of shares or stock of the nominal value uf 1 mw/ 
 Ati assistant diiector may act betore ac((uirinu- his (pialiliiaiiipii. 
 
 ! ! 
 
 rij; 
 
 Form 282. There shall bo pd to tho direclors as reiiuineration for their scrviics 
 
 Sli ire «.( Mu- ''"' '"'"" ot ^ p. a., and al.so the share of sur|ilus prolits >|ic ilicl 
 
 plus jirniits til ill clause - - - liof. See Form -71. Such remuiieraliun >liall 1"' 
 """ '"'■ dix ided nmoiifi; tiiem iii such manner as the directors mav ficim liiiic i.i 
 
 time ay;reo 'or in such manner that tho chairman's share siiall !■■ 
 double that of any other director . i'.ut the total reiiuiiienitiMii in 
 respect of any one vear [layablo lo the directors shall not. witlnui! llic 
 sanction of a ceiieral meeliiijr. e.\ceed t; 
 
 Form 283 There shall be pd to lho directors as remuneration for their scrvii c<. 
 
 ,, .— . il "■ p. a., and also, in each voar in which a divi'lercl is p'l lo ilic 
 
 l,oiiuni»-r' n ... ", , i i i i i i 
 
 t'l (lirectiira. members o.xceodiiifj (> ji.c. on the amount jiil up on llie ~liarcs jici'l c^ 
 
 them, the sum of 100 ^, in i-ospcct of every one p.c. of ili\iiiciid >" 
 
 pd in excess of G p.c. 
 
FORMS. 
 
 833 
 
 The itiroctors Nhall roooivo, by way of romuiioraiion, in each your Form 2M. 
 the sam •<( i' - . "'"' ■'*"'''' fur''""" **"'" n-'' ""»>' 1>« oijiiul lo i> p.c. of 
 the not proliti of tlio coy in that yc ir, payal)lo out of tlio surplus h.i».''|Hr- 
 reiii-iiiiiii;.' afler paymo'i' <>f tlio pro.'urtMitiul dividoiid to tlio lioMcrs ii mitfn on 
 of A >hare< and of a dividend of 7 p.c.p.a. on tho uiiiount pd up on '"" ' 
 the iinliiKirv sluiitM, so far as su'h surplm will oxtoiid, and all Huch 
 rcMiiiniMaliiui shall bo divided so that thoro shall bo jjivon to the 
 ihairmaii i)f the diroitors - equal paris thof, and to c.nli of tho 
 o'hor iliM'ilDrs ouo Otpial part thof l!i.'. tho total reiiiuiKTalion in 
 rc-iior! (if any one year payable to tho ilirot'lois shall mil williont tlu> 
 smirlioii (if a j,'ciicral meeting, exceed £ — . 
 
 if! 
 
 Iftfi 
 
 Tlip (lirertors may from time to time appoint a general iiianuj;or Forin'285 
 of iho liii-iiio-i of tho coy, ami miy re:>")ve and di->oharp;o any smli 
 pci^iiii ami appoint a sub-iliulo, and tho diro tors shall take .such 
 KMiriiv (if aiiv I for tho j^oo.l coudu't and salisl'.'ictory dischiii'^o of 
 tho liii ii'- i>l ■^iiv'li <;oneial maiia^ei- m tliov- shall in tlioir disiToiion 
 think .Mitliiient . 
 
 A nuTC juiwiT to appiiuit a manager will not aathnrizi" diri"t)r< tii di'li'ijato 
 t,. f.u ii man ii^ror it jinwor ^Ivon liy tho article* rtpro.^-tly to th,! diroftor.H thom- 
 gflic'. Soo Cnrtmetl's canr, L. K. Cli. 490: and as to taliinff soiiirity, 
 /'«»< V. Corrii.'rij, 8 Do (i. M. & (!. 835. For appointment of firm, sco 
 F(.rra 2Sn. 
 
 A mana,'er may ho liable for miifoasancc. Soo Companioa Act, 1903, 8. 215. 
 
 1. Tlio sd - shall bo tho lirst niunajior of the coy, and shall not 
 ho roiiiiivalili' I ill ollico oiheiwiso than by hi-> own reiij;iia'ion or by 
 ^|lCl ial lo-iiluiiuii, and shall, while holding that olli(0, dovuli' ! 
 uhiilo uf liii linio and attention to tho bu-iiioss of the coy, and shall 
 cwitiso and perform the function.-i and duties prescribed by tho 
 dii'i'i'lurs. 
 
 2. Tho salary of tho sd as suoh manapfor .shall 1)0 at tho rate 
 
 of £ — pa., jiayable monthly, on tho lirst day of every month; lie 
 eliall aUo while holding such oHice l)c eiitld to a rommi'^.sioii ei|u,il to 
 .■)lio.on the not prolits of tho coy in each year in which tho same 
 
 shall lio moie than siilliciont to pay a dividend at the rate of p c. 
 
 oil Iho pd-iiji capital of the coy. 
 
 .'). The dorlaratiou of tho directors as to tho amount of tho net 
 prolits of the coy in each year shall bo conclusive as against tho 
 sd . 
 
 Form 286. 
 
 .\lip'>iiitinrnt 
 
 ' li.^t. 
 
 uiunaxor. 
 
 i :i'|: 
 
 1. The directors shall forthwith provide a common seal for the coy. Form 287, 
 awl they .shall have power from time to timo to destroy tho samo and CuuimnuBeiil 
 substitute a now seal in lieu thof. 
 
 3 a 
 
 t 
 
i*34 
 
 AUTK.XKH OK A8S(JCIAT10N. [ClIAP. l\. 
 
 Form 287. '^ ''''"' <<>•"">'"' "**""' "' '''" '">' ■"'"'" '>* flppnsitoil i»t iho ,,iii,o „f 
 
 (ho coy, iiiiil sli;ill iiovor Ijo ullixe I tu any dor iiriit'iit I'vicpi in th,. 
 
 preseiito of u (li:o.(or, and in iiiii-iniin i< of u lOMjluMon „< i lip dire, tori 
 or II {'(imiiiiltoo of tlie diri'i'lor.-t duly itiitliori/ud l)y tlio diii'-tors 
 
 Sen Cinititij of (iloucistir Jlnnk v. Hwlni, fc. Co., ^189j) 1 Cli. il^'.l; i),r(„ 
 i A'liiri'ili'f riiiim, (iUOl) I Ch. JIJ; /^^4.■<l v. (Ifful fiifjull r„„,..i,,l„t.,l, 
 (1904) 2 K. It. 7U. 
 
 3. UochIh, hoiid-i and otlior uoiitracfs liiider soul mado on ln'li;i|l'<if 
 tho coy, fcalod with Iho luiiiiiioii seal of tlio loy, and >ii,'Me(l hv Uvn 
 directors, and ioiinter<i^'ncd hy iho secretary or the ju'i-on ailiiij,'a-i 
 Bocrelary, sliull be doon \ to bo duly o.xeiutcd. 
 
 Sou Daiiei v. Bollon, ^o. Co.. (189*) 3 Cl>. 61«. 
 
 Form 288. 
 
 CuotiMtr of 
 securitii's. 
 
 Unless and uii'il rotiiiired for some spooial purpose, all \\w mm un- 
 ties of tlio coy shall bo duposiloJ in tho nainos of the tro :s with Aw 
 bankers of the coy, or o her |)lafe of cnsio ly approveil by llic irocv 
 
 The trees shall make such ro;jrulatiorH as they may from liiiio lii 
 time think o.xpedient for examining the soLuri'.ies 80 dcpo-itrd, ami 
 certifying tho safety Ihof, and so that, tho same shall, on'o a! icu-t in 
 each quarler of a year, bo poi'sonally inspected by two ln'o< auil on ■ 
 of the audilor.s to bo named by tho trees for that purpose, uin; ^ll,lll 
 (ortify to tho trees tho result of thoir examination. 
 
 ■|i' 
 
 1 
 
 : i 
 
 W ' 
 
 It 
 
 •l J 
 
 
 , 'i 
 
 
 -.11 
 
 ■ 
 
 
 
 til 
 
 " 
 
 ill 
 
 
 Form 289. 
 
 Appoiiitmeut 
 vf Htiips* 
 hasbnnda. 
 
 The (inn of A. and B. (which now consists of the sd A., I! , I'., 1) 
 and K.), and their successors, .shall bo appointed to, and sliall liokl, 
 tho oHico of ships' husbands of tho coy so long as they am a!il<' ;iiiJ 
 willing to act as such, or until they shall bo removed by cxtraonlinirv 
 rtv-iolufion; and any firm which, by death or retirement of any p.ir'iicr, 
 or by the admission of any new partner or otherwise, .shall from tinio 
 to time, and at any time hereafter, succeed to tho business nowuarrird 
 on by tho sj e.xisting firm, shall, for the purposcj of this clau>o, bo 
 deemed tho successors of tho sd existing firm, provided that somo 
 member of tho sd existing firm is a member of such .succeoliiiu: linn. 
 
 Tho (pialification of the firm for tho office afsd shall be llic huMiiig 
 by meiidiors of tho firm, or soino or one of thorn, of capjal of lliciuj 
 
 of tho nominal value of £ . T!io firm may act before ac(|iiir;iiu' 
 
 thoir qualification, but shall vacate office if they do not acquire the 
 same wi liin thrnn months .aflor bofoniinET shins' hasliand-i. 
 
 The firm may regula'e their pro.«odiugs in such maaiicr as timy 
 from time to time think fit, and, unless otherwise arranged among 
 themselves, any two members of the firm which shall for tho time 
 
KORMS. 
 
 ¥96 
 
 bfiiiu lioM llio ulfi(P lidul mav (•\oi(i>o all Iho (lowors, iiiitliDriliM and Porm 289. 
 
 lliNH't.ilH-i llllV VPSlod ill or IWsi;,^!,,.,! (,, (|,p (j,,,! — 
 
 Till' ii|'|ioiiiimoiit (if Iht' linn i<i tlio olliio iil'.sil .sli ill 1<«' niiidi" In- ii 
 
 u'ufraci ill lli.' Iitihh of llii' a<,'r.'fiiif HiMuidly ii'l ricd to in ,'\.iu>.' 
 
 hot. iii'l !li<' lirovi.iioii- of Niicli ii;.'ro()iiit, iim royfards llio |)i>\vi'r.->, 
 
 ju:lioiiii< ', ili-rii'iioiis, roiiniiicralidii.-*, and pron'i'diny^ aihl i.ih.'i- 
 
 «iv. .-Il.lll ll:IVl' I'lIPft. 
 
 It' ilif llriii lor ilto time boinj^ outld under clunsc - liof lo hold 
 till' ulli •• .ii.vl -liall lK'(!onio (lisiiualilind or Nliall diH'lino lo ad, iliu 
 due Ml- iii.iv (ipiMiini any poisons or linn lo ilii> oilic*' al'^d ii|ioii <^iiili 
 riiiii- ii- iii.i.v -ooni oxpodioul. 
 
 Ihii.'iiiii li a-, till' liiiii, iioni llic imtiiio of ilicir (j||ji(«. will alwavs ho 
 ,111, liT (iimiit li:il>ilily lo till) coy, llii' sliaios held hy iht'iii or uiiv of 
 
 till Ml in c'\.r.-> oi ihii.-c noi-OH-iiry under chuise hof, may ho Iran — 
 
 Arrptl fi iiiiy lien on tho j)t of the toy, and dnuso hof shall 
 
 I* (.uiiIim||<'iI uicordini'lv. 
 
 Managers and Consultative Committee. 
 
 I. Thnc .-li;ill he manu<;<'rs of the i-oy who whall i.savo as roirards Form 290. 
 the liioi iii:iiiai:iM>) ho fioiii liiiit- to liino a|i|MWnU'i| hy uMraordlnarv 
 
 rf-olii!i(.ii ol tho coy. Thf lirsl iiianai,t)iM Mhall ho A. and 15., of ". rn'migl'-TH hu!\ 
 
 Till' 111,111, iLii'is niH'd not ho nionihers of tho I'oy. Tlio roiiiunoration •;<">>"""<-'<'• 
 <.t til' 111,111. iircLS .shall from lii lo to timo ho settled and arian-jcd 
 L'lwci'ii llii'iii and tlio coy in gc'iioral moo!in>r. TIk- iiiaiiaL,'or.s m iv 
 n-iilaii' tli.ii piur('o.iin>;.s in sm h maniior as they from liiiiu to limo 
 think 111, and tlioy .shall ho iiudor no ohli<,Mlion to hold hoard niuot- 
 iiij;-; uii.l. tinli'.-s otherwise arran^red uinonj,' theiiisolvos, each of the 
 iiuiii,i-ri.v liny p\fiii-.(! all the powers and discretions lihy vosind in 
 llu- iiiaiia^rois (olleciivoly. Tho mana^'ors shall not hoili alwent them- 
 folve. from liic Fiiitod Kingdom at tho same time willioul the sanc- 
 tion n{ till' iQiisnltativo committee. 
 
 :'. The iiiaiiiip:t^nienf of tho hu.sines.s and tho control of the rnv kIkiII 
 be \i'«to(l in tlip inaiiager.s, who, in addition to tho powers, authori- 
 tii'-. ami liiMretioiis hy these pre-onts oxpre.s^ly t<mfrrred upon them, 
 Miuy ovL'ivi-o all .such powers and do all such act.s and thiiij,'s as mav 
 hp o\cr.i,M'(| or done hy tho coy, and are not hhy or hy i^taiiito 
 t'X|.ro>.|y ijiioctcd or reiiuired lo ho e.\ereised or done hy tho cov in 
 u'l-'licia! iiicciiiid'. 
 
 ■I 'ilic iiiaiiaf,'ers may ai)poiut, and at their discretion remove or 
 su-pend, mk h suh-nianagors, secretaries, ollieor.s, clerks, agent.s, and 
 HrviH-y- for (icriaancnt, icmp.jrary, or special sorviees a.s they iiiav 
 fioin lime to time think fit, and may invest them with such jjowors", 
 aii'lioritios, and discretions a£ they may think cvjiodient, and may fix 
 thoir salaries or emoluraontfl. 
 
 3 II 2 
 
 
 r.i 
 
 
 : ! 
 
 
 
 
 
 > t4fk 
 
 ^4 
 
 w 
 
 
 
 TT*^!? 
 
 
H;i» ARriCI,KJ«OK .'.880(;iAT10\. [ClIAl-. IX 
 
 Form 290. t. Tlio inuiiii^or* luav from tiiiiu to tiiiio pioviilu for thn iiiaii;i<,'i. 
 mciil ol tli(< ull.iir.< of Uio coy abroad in Nueh iiiaiiiior, .to 
 
 ■'). TlitMO shull Im) u foiiiiiltiUJ\u coiiiiiiittoo, (;oiitistin^ of w \ l.„ 
 ihuii lliri'f or more tliari sovori iia'tiiliors of iho coy. It -.liml bo f,,, 
 llio coy ill f;onoial mcotiii'^' to (lolormiiio who xliall 1>« the m.'inl ri 
 for tlic liiiiu lii'iiii,' of liio (!oinuliu'ivo PoiiiiiiiUoo. Tlio coiHulutivn 
 coiiiiiiittco may act iiolwitli.slaicliiiif any vacaiuy in thoir limly. 
 
 U. A inciiihor of llio fuiLxiillativi' c(iiiiiiiilt4'i' aliall vit ,iV 
 
 Officp, A'l:., Xr. 
 
 7. No nianiijfor HJiall bo (li«ijiialill<>il by bis ollii'u from iuiniaiuii^' 
 will iho coy, oiliim- u.t VMiilnr or o'liorwi^c, or jiartiiipalin- in any 
 boiielil.-* i>Iaieil al tbo di-iixHal of tbo mombors. 
 
 8. Tlio fiiiictioii.-' of ibo I iiii>iilUitivo commiltco shall bo Id aiKi-i. 
 the iiiaii;i|,'er.s ivs to tli(5 coiuliii't of tbo coy's busiiiO'iit, ami sik h oili.r 
 fiiiu tioii.s a.s may be a.ssi^'iiocl to thiim by iho coy ii" ),'Oiioial iiicc'ln,' 
 W i CIO the (Oiiiiiiiiico ;;ive.-i any ailvico to tbo maiia;;or.s, tlii^ iiLiiiasiT^ 
 shall act in accoidanco with sue h advico, unless othcr«i-o clincloil li) 
 a }jonoial inooiiiiiif. In tiii.M clause, managers shall bo ilii'nird i,, 
 includo Iho |)or.>ons who shall bo ajipoinlol to conduit ibc bii-iiic<-i! 
 iho coy in the absonco abroad of the manafrors. 
 
 SiinictiiiH i it ia [jrovidnd that various tliin;,'s Hliall only he il"ii ■ witli lii' 
 ujiproval of the lommittiH', uiiil tin- roiMiuittco may lie •.•iv.Mi |i.i\ht Li u'iv. 
 dirittioii', yineral or special. 
 
 9. The consultative conimitloo may ment lo<;elhor for the Ir.ui-ai- 
 tioii of busiiioss, aljoiiiii and o;h(>rwi>o roy;ulalo thoir iiici'iiii;-- a> 
 thov think lit. The inana;,'LT.s, or any mcnibor of tbo coiniiiiMco, mat 
 at any liino convono a incolinj;; of Iho coniinittco. I'litil otliLTwJ.'U* 
 detr- iiincd, two inciiibcr.s of tbo coiniiiilteo slmll bo a ipio. iiiii. (^ii "*• 
 tion.s arising at any niuoiin;; of the coinini'tx'O .shall bo dc iilcd hv a 
 ina;ori!y of vuto.s, and in ca>o of oi|nalily of vo.os tbo chaiiinan hhall 
 have a .so( oiiil or ca-stinj; volo. A nice ini;; of llio ciiinnii'tpi' may cl'tt 
 u chairaiLiii. A rcsoliilion in wiiliii;,', sifrncd by I';: majUiily of ilio 
 niembcis of tbo committco, shall be doomed oqiiivalpiit, to a ro-ohition 
 pas.sed at a meeting of tho committee duly convouod and liclil. 
 
 Form 291. The directors may from time to time apiioint an oxcciil.vo com- 
 I'iecutiv7~ miltoe, consisting of not loss than two and not more than live of iho 
 •.•oiiiinittce. iliroctor.-". and tb.o following' provisions «haU cipply t'llo. lliat is to 
 say: — 
 
 {a) The directors may from time to time de'orniino which of tlu'ir 
 body shall be members of the o.\oculivo coiuinilleo, and iln' 
 
r(iKM8. 
 
 M8; 
 
 dirccior* may at any fiino mmlify, (ii^solvo, or rooonntitute Fom S91. 
 tlio <'\iMUliv(' coiiiiiiilloi.', iiikI iiiiiy riiiiko hu' h r<';,'ulatii>n in 
 rc;,'iiril llilo (is llio iliro('ti>r« iiiiiy think cxiicJiciit 
 
 ,bi Till' cMMUiivi' I oiuiiiillou tiliall, milijoi't. to iiiiy retriilationt tlio 
 tliHM'tuiH may I'rulii liiiio to liiiio muko, do roiiipi'toiit to 
 oxen i-ic all or luiy of tlio powor^', .iiitliorilira, ami •liicroliutit 
 vcs't'il ill or cxcrciMililo liy iIk^ diipclurs. 
 
 (>i Till' inri"in;fs iind |iri>( ro linj^s of tlio oxocutiv" (Oiiiiiiilti'o shall 
 Ih' ;r'i\''iiifil hy the iiroviNJoiiM herein lonlaiiioil fur rotru- 
 l.ilin;; llio iiKHMiiiH"* uiid liroc*'^!!!!;;^ of tlio dirnctors co 
 l.ir ,\s till' fiaiiH! arc apiilirulilo llilo, and aro imt supni <(>(!('<) 
 ii\ iii.y ri';;ii!iitiuiis iiiudo liy llio cny »•• al'id. 
 
 (ill TIh' iliio'!or.s may fniiii liiiio In tiiiio lix and do'oiiniiH' llio 
 iiiiiiiiioralion U> bo pd to tho mo iitivo foiiiiiiiitoo. and Miih 
 i('MMri"'f;i!iiiii may lio hy way nf salary, ( oiiiiiii^-<inii on, or 
 pu'iripaliuii ill, prolii.s or o'lii'vwi>o, or by all or iiiiv of 
 tlii>~(' iiii>do'4, and Hliall lio in addition to any r'liiiiiM'ralinn 
 pay;. llio to iho nii'iiilicrs of tlio loniinitloo. as diroctors or 
 ii'liciivisp, undor tlin provisions hof. 
 
 Form 292 
 
 S|.*.*'ial pro- 
 
 \ l^lon-. HM lu 
 
 (I'-ljfiitureii. 
 
 Any (Icliciiliiros i^^ii' 1 bv llio roy, and any tiii^t dood i'nr si. iirinj; 
 ilio ^.imc, iiiiy bo in -iiii'li form and coulain .su li provisions as ilio 
 (lire ii.'S iliiii', li'; and in p.irliiiilar any sii. h dcbonliiios or trust 
 uiH-d may pro\idi' flial diiiin^' such period a-; any of tlio doliontiircs 
 nipuiii i)ii!.--l.;iiilin^', no tran^fiT of sliaros in tlio I'oy's capital, other 
 than fully jid-iip shares, Nhail bo made, and that the nty and its 
 diroctnis shall not perform any spei ilio I acts willuMi ho sanction 
 of the trees or tree for tho time boin;,' acting' on bohall' of the 
 Li'lilcK 111 s,i, h ,lelienliiro-i; and that diiiiiiu; such ]iorio I anv biicIi 
 trcos (ir nee siiitll hive a ri-jrl'.l (o attend all iiiec'iiiirs uT the diieeldrs 
 iir (if iiiiy Miminiltoo of tho diro.'tors, and in have ]>ievioiis iintico 
 lif iill s|i h iin'ciinu:-. and lo o\amino all or .iiiy of llio bonks and 
 diitiiiciii- uf the ii)\; ami thai diiiiii^c -u h p"vinil iho debentiiro 
 lii'lileis, ,if any of Ihoiii. shall bo ontld 'o atleud and voto a! general 
 nipo!in;;< nf ilio coy or general nieo'ines )',),• .-.po! illod pinpn-es. and 
 <iriil hivve -nt h nuniber of votes nl such mcotiitgs ns may bo spiv ilied; 
 ai'.d iha- ilic debonliiro lioldor.s, or troo-i or tro.' of any --nrh deed, 
 fli.iU li;ive power lo api)oinf any one nv more director nr directors 
 of llio ctiy, an 1 lo remove any diroftor so appointed; and all Mich 
 pruvi.-iiin- shall have eltoft and be binlin;^ on the eoy. anil ita 
 dirf<t.iis iiiid iiiembors, for tho time beinpr aecordinely 
 
 A Club Company. 
 The ('t Minrs may from time to time, by instriimont iindor Hoal, Form 293. 
 make 1. iws in relation to the club, and may at any time in like Bvc-l«w»for 
 manm ...ul or vary any bye-laws so made, and all byo-la«s «o '''"''• 
 
 S 1. 
 
 
 SK 
 
 i%. 
 
 , ■*%•■ 
 
 ;^ 
 
Form! 
 
 AKTIOLKS OF ASSOCIATION. ft'llAl'. IX 
 
 inado and for the tiiuo licin^' in force shall ho hindinir ou the iniMuhers 
 of tho cluh, und shull have full oileit iiccoidiuglv; and it is oxnrcssl 
 dec'laio.l thai (ho fcllowiuo; shall he d, -med lu he hjv-laws in lolutl.n 
 tu the cluh within the meaniiii:- ul this clause, that 
 lafions: — 
 
 n to ,>.ay, rei'ij- 
 
 (1.) As to tho iH)rson>- oliu'ihle foi iiiondici-lii|) of the dul,. 
 
 (2.) As to ihe conditions on which persons shall he adiiiiiiej tu 
 
 iiieinheiship of (he clnh. 
 (,.i. 1 As to tho ca-es in « lii( h poisons shall ho ontld to life nicmW- 
 
 sliip of theclub. 
 1 4. ) As to the ontiance fo(>. (if anv; pavahle in re>pef ■! ji]iii,b.r- 
 
 Khip of the cluh 
 (,5.j As to the annual, ^uart^^rly, or other .subscriplion.s or |iaviiiei,u 
 
 to ho pavahle by tho nionihers of the cluh 
 (»">.) As to honorary niomhers and visitors. 
 (7.) As to the manner in whii^h lueniheiship of tl:e cluh. wlirilnji 
 
 for life or otherwise, may he toriuina'od or shall (loiciuiiiio, 
 (S.) As to tho rights and privile<;os which shall ho acconkMl in the 
 
 inombors of the club. 
 ^9. I As to the (pialilications. restrictions, and conditio. ii~ which 
 
 shall bo attached to nuMubois of the club 
 (10. ) As to arrang-ement.s wilh any other clubs or a-surialiuu, fur 
 
 rccipnxal c (inces-ion or otherwise. 
 (11.) As to committees of nioiidjorsin connection with the luaiia-a- 
 
 ment of the club, and as to tho appointment, removal, 
 
 (pialillcalion, disrpialilicutioM, duties, functions, pnwcrs, and 
 
 pri\ile^o> (.f niomhers of any such committees. 
 (12.) As to suspension of raemborship. 
 
 Sometimes tlio registrar has rotjuired the iMertioii of a proviso to tlie effrtt 
 tliat no rojrulation .shall bo maJo under this clause which would amoiint to sufh 
 an addition or alteration of the articles as could only legally be made by apetia) 
 resolution. Sec p. 75.'), au/ira. 
 
 Form 294. in conson of tho y reat labour, o.\pou^es, und risk which A B., one 
 
 Remuneration "' "'" ■■;i'«t'ibers of the inenidum of a^son, has incurred and boon 
 
 ■ ' ->iuoter. put to iu and relating to the promotion and formation of tho cov, 
 
 and in regisloriug tho memdum and arts of assou thof, the coy .sliail, 
 
 when and so .•soon as shures shall have been allot led. pay to the 
 
 said A. 1'.., out of the assets of tho coy. the sum of £ - 
 
 I'ayuient of promotion money out of tho eonipany'.s funds is u!trf, i-ir,-'. 
 unle-sa aiithori/id by tlie memorandum or artielea. lie Anrjlo-French Co- 
 operative Sof-.ehi, -IX Ch. I). 492. Such an article is an au^h.l^ity to the 
 directors to pay the remuneration, but it does not constitute a contra .t on wliitli 
 tlio promotrr can sue the company. Re Ilnnford If'ajon Co., 2 Ch. D. iKl: 
 /.Vey V. J'o.-,Uii-e Afsuriince Co., 1 lix. U. (jH; He Rnthcrhnm Ahim Co., 2:< 
 (.Ml. 1>. lO.'J. Sec alio V,„ik4y v. Bunk ul WnUn. 4 Giti. 317; MaiU li,',ik i. 
 
 i'^'«'i 
 
 ^i■m«V^i^SSmSSi\:^''W '- 
 
T 
 
 m 
 
 FOKMS. f^ 
 
 rellti 7 Til. 412; tiiolrpeU Collirnj Co.. 8 C. Div. 3SS; fHurktlein v. Harnr>. Fomi 294. 
 I'Klt)) \ ^- 210; lirithh Se:t.nlfn^ Pti/ier Box Co.. 17 Ch. 1). 4fi7 ; Lngtniftg 
 Uln'. '('■>■ »■■ f-"'"iiin'< S;iii,llr'itr. {189'.)) 2 Th. 3U2; AV .SV/Zc ll;l,ii,i,;U r/«r,?, ,..., 
 "S L T. 3ii.">; ""J otl't''' I'a^P-' referred to above, p. US. 
 
 If V r«. U to allow any tlireetor or otlior persrui in a fidii'-iary positiitn 
 t.iwanl- tlie eonipany to parti -ipat-, the fart slioiilil appear. See I'n-s/n,,'i 
 ^-.,f li; \V. I!. fiiS; Kifjlrticlil Collier;/ Co., ulii sujii-a. 
 
 \ iiremotiT ean only re'over from tlie eoinpany wliat he has paid in ]ire- 
 liminarv exp'^n^ci where ho proves a eontra t. /wiy/'v/i Co/oiinl I'nulnc- Cn., 
 iPmiJi i Cli. ■!■'''■ Aceorilin;; to thi< decision he couhl re over the registration 
 ff.s without pro\in? a eontra 't, hut this is ov(>rnded. See .Xn/ioiii! .Mol,,,- 
 ihdl Coneh. (liHIS) 2 Ch. 51.5 (C. .\.), aftirniini; Swinfen Kady, J. 
 
 Whomncr any «li;ueliolil«r iu llio lov wliile a Mliiiioliol<lor .sliall Form 295. 
 ciilior uli;aiii uiiy pn'.out for any mo ■lianicul or oilier iiivoulicjii or jK.n,K.,s' i„. 
 (liseovci'V loniK'i toil wiili or llkoly to lie ii-olul in any part of llio vci^tiouH, kc. 
 cuv's Hoiks or business, or shall make or be oino j)os.se-.soil of any havenirlit of 
 siirli iiivoiilicm or discovery, he shall in (ho lirst iuslanf'O make to the pre-emption. 
 (lireriois a wriccn oiler to .-oil tlio same to the coy at the fair value, 
 uiul ii|iou tlie foolinir that any dilfcronio in regard thereto shall be 
 le'eiiel In two aibitrators, one (o bo appointed by each party in 
 dillcu'ii'O, and ii the diretMors shall cither dei line such olVor, or shall 
 f.ir tlic s|KUc of six calendar inoiiihs next after siidi oiler shall have 
 lit'oii made, neglect to accept the same in uriiin^-, then and in such 
 la-e the sjiareholilor making such oiler shall be at liberty forthwith 
 to sell or otlipiwiso deal Avitli his sd patent, invention, or discovery 
 II- licsli:ill think most expodionl for hi- own bciielit, and in estinialing- 
 the v.ihie or the price to bo pd for the .same by the coy, the directors 
 and the arliitiators, or an_v umpire resply, may take into con-on liow 
 far the person making- such invention or di-co\ory has derived assist- 
 aiue ihcrciu from hi-, beiny connected with or employed by the 
 r.iv. m- ficm ONperimenls made by or at the e.vjienso of the coy with 
 reie;' !iic to siirh invention (.r discovery, and may make duo allow- 
 aiiii' lor such assisianco. 
 
 ! !!■ 
 
 Ascertainment of Profits. 
 
 Prcli'.s shall be ascriaincd by mean.s of a balance-sheet s|)ecifvino: Form 296. 
 on the one side all tlio debts aii<l liabilities of the coy (pd-iip ca|)ital ^i„,,i„ 
 aii'l ic-eives being treated for this purpo-e as liabilitie.'ij, and on tho aoeount. 
 other -ilc all the assets of tho coy (except uncalled capital) according 
 tu iheir ic-]icctivo values as detormiued by the directors with the 
 us-i-tume, wlien nerossarv-, of oxperr advice, and tho credit balance 
 .shall he considered profit, and any debit balance shall be placed to tho 
 deliit of an subsequent balance-shoot until (ho same shall have been 
 made good or eaueelled. 
 
 *iftf?"2?iSriiaiMFri:; 
 
 '.^ *r«ff»' 
 
840 
 
 AKTICLtM OF ASSOCIATION. [OlIAP. IX. 
 
 Forin 296. The .ihovp form wa? ,. scr^od whore tlip jmrtiua desirpil the sinjln acouni 
 
 system til l>r .idopto,!, and to i)rc;ludo any sufri^e-ition that the doulili' account 
 
 system should :ipply. 
 
 The single acoount system in spceially applicaWe to the ensc of rompaniej 
 wliiih from time to time eoU otf part of their land, and to financial cimipunics 
 
 Form 297. 
 
 Sep.anite 
 oapitiil and 
 revfnUH 
 au(--uunt!4 to 1)6 
 kept nn'l ilivi- 
 di nd^ jiHViitile 
 out of latttr. 
 
 1. Scpimite accounts shall bo kept as to tlio capital and revenue of 
 the coy, that is to -say, there shall bo kept — 
 
 (1) A capital account spoiii'ying the nature and amount of all 
 invcstincnts and -C'liii'lo-, anil all other assets in the n.rmo 
 of capital for the time bcin^' bclonoin>,' to the cov. ainl Muh 
 capital account shall bo from tinio to time dobiiod \vi;h all 
 
 capital ox])endilurc of the coy. 
 
 (2) A rcvonnc account sta'inf^ the rc^pivo ainotmts of all dividends 
 
 and income, and other returns in llio nature of inKinii', fimn 
 time to time ari-iin'^ from the invo<tnionts and wimi-ics 
 afsd, and specifying the sources from whii-li sucli dividends 
 and income rosply have been do:ived, and al-o sfailnt;- niiilor 
 convenient heads the ro-pive amounts and sources of all 
 other returns in the nafuro of income or rovo;ine, an ! siidi 
 revenue account shall bo debited with all outgoin-s mid 
 expenditure not being' capital expenditure. 
 
 2. Upon soilintj; or purcha. in^- any investment, or other tran=a'tion, 
 the trees sliall xs nearly as po^siblo adjust the ri:idits as betwe-.Mi :lie 
 capital and revenue, and if, as regards any cxponilituro or oilier vise, 
 any question .shall ariM; as to what pt thof is properly cliar^'cildo to 
 capital account and what to rcvenno account, it .shall rest with tlie 
 trees to detcrniino such question, and their dotc>rniinalion .-liall bo 
 conclusive. 
 
 3. Without prejudice to ' lauso 100 hof, the not revenue of the coy 
 of each year shall be appli'.'ablo .^.s follows, that is to say:-- 
 
 (a) To the ]iayment of a dividend on the capital pd up on the i.N-und 
 
 shares at such rate as t'lo coy in ^'eneral mcetin;,'. ou tlio 
 roeomniendalion of the <iirc<tors, shall de:einiinc; and 
 
 (b) The .surplus may bo carried forward, or may be [ili cl 'o 
 
 reserve, or pt thof may !'<■ carried forward and pt ni.iy bo 
 carried lo nssorve as the coy, ou the reconnncndalion of tlio 
 directors, shall fleterminc. 
 
 The ahove form is a sample of the form of chtusos adopted in one t a<o i:m tlic 
 assumption th.it the '!!■ In in /,<•'• v. ,Vr'(r7. ^ir' Co.. infr". p. H'.V>. i!ii.,'ht lie ivlic'l 
 on, but, having regard to subsequent eases, it is more than dci:!)tfiil «liethpr it 
 can safely be adopted, for it provides for distribution of the In omo of the yrar 
 notivithstaiidin^' pa-t losses. Seo further, infra, p. 83.) ,'l srij. I'orm 2JS (,'ws 
 further. Looliing to llaiul v. Dirrow llwmrttilr, (l!tl)2) 1 t'li. 353, it aiiiii'irs at 
 any rate necosaiy to aitd to paragraph (2) of clause 1 the words " and with all 
 losses of lireulatini? capital.'' 
 
 ■^¥-^x--m 
 
I-OKMS. 
 
 Ml 
 
 |)lvi,iiir' -iiall »'"'> lit) piiyablo out of tlio not revjiiuo, and such Form 298. 
 „c, nvoi.iit for any year, or oilier si.ccilicd period, sliall be arrived at ^^,^^^^^ " 
 |,v ;,ii ai'ount sliowing oa tlie one side all the incomo of the coy 
 illniii" >i"li y*'*^ ""■ "*'"''■ I'ciod aftually roocivcd in respect of divi- 
 L;nU. iiitcro-l, coniiiii<sion, remuneration for service^, or othorwiso, 
 dicllici- reirivod in cash, shares, debentures, or olhor iw-^ols, and on 
 llic (iihor siilo all outgoings for such year or other period in respect of 
 BWiu.'cmcnt expenses, rent, rates and taxes, int<^re->t on loans and 
 oihaiKi's. and coniini-^-ions and other remuneration in rospe<:t of 
 soiviir^ rcii lered, and any oilier onliuary outijjoings pil or payable, 
 ami a!s'j luss of circulating capital, and i:i so far as such incomo 
 . M-,.o(ls sill h ouigcjings the sur|)lus shall be deemed to bo net revenue 
 ,.[ the coy and sliall bo divisible a.-cordingly, notwitlistauding any 
 loss or iliiuiiiuiion in value of capital assets, and it shall be for tlio 
 Jiivctor.s to (Ictcniiiiie what re^eipl.s are revenue within llie nieanin;- 
 ,,f this (!iui.-e, and ilieir dctijrminalicin shall bo conclusive. 
 
 T!;i> ,il«>ii' rl:ui-e wad usikI ill tlie cuso of a. iiimiiiiny li:iiitc,l liy (jiianintcc, Imt 
 !ia\iii.' .1 cajiital diviji'd into aliarcs. Having ro.jard to si?rts. 4 ami 21 u.' tlio 
 i.'omp;iniiM ^Oiiisclidition) Act. 1!»03, tlic c!aii-e ;!s rc'nrds .«u1,m- lucntiy ro-is- 
 l.'ml iiiiii'Muii's can only l^c rc'.i.il (in if it can l»' ii«i'd in the ca>c .if ;i cunijiany 
 liraiuJ liy -liaips, and this i^ lonlitful. 
 
 I. t-a\e as ollieiwiso fniiii time lo time delerinined by a general Form 299. 
 ini'ctiiiir. till liii.^iiics.s of the coy shall bo conruied to that of acipiiring, ][,„, |,ro(in 
 
 to tio aw 
 taint'd. 
 
 liuu'. and, as occasion iiiav in the opinion of the directors ronuire, to lio acccr- 
 
 di-po-iii;.' of iiives:iiien!s and re;-eiving the iucoiiio thof. and dealing 
 with tlio H.iiiio and such utlioi- mutters incidonUil to the [iromi.se- ns are 
 lu'liori/ed by tlio iiiemdiini and art-s of asson of the coy. 
 
 ■2. Till' e\pi<'s>i()ii " ilio pi-olits of llio coy of each year," coiitainod 
 in cliuso 11.'), shall be (loomed to moan the revenue of the 'oy of each 
 veil i'io!.i iliviiioiiil.s and in'oiost loss all outgoings of tin year for 
 iii.-ina'.'ciiiont e.\penscs, interest on loans and advance-, legal expenses, 
 nil'.. I'.iics, taxes, roiuuiieration for services, and in-uraiKe, and 
 an- ■iliimly, in ascertaining tho jirolits afsd, it shall not bo neco-sary 
 
 aiako t:ooil iiny los.ses or (loprocialion or diiiiinution in value of any 
 of tlio assets (except circulating capital ). Nevertheless, the directors 
 iua;\ if lliev think fi', carry any of the profils ascertained as afsd to 
 «.scivc> as provided by clause 11)0 liof . It shall be for the directors to 
 (Ictcniiiiic any iiuesiinns that may arise under or in relation to this 
 plaii.so. and their drtermiiiafjon shall be conclusive. 
 
 
 Hi 
 
 ii: 
 
 I lie aliovo claa.iCii were adopted by a trust (uinpany which de-ired, ui. far an 
 jossiblo, to hrinfr itself -within tho decision in I'l rmr v. (Imt. ^ Cfimiiii , rial Triul 
 *.."., (■/■■? [., S.'tJ. Sctr a'si. Ic.nvcvrr, ru.-tf t;f i**unu 'Jl>7. 
 
 <--^S^Iffl0^' 
 
 IW^-TI* . 
 
 :^^i~M 
 
HV2 
 
 AI.TICM-.S OK ASSOCIATrON. [('llAI'. IX 
 
 Form 300. 
 
 DltflTCllcl ■« to 
 
 bo r«f«rred. 
 
 Form 300a. 
 
 BiUancp-NhK'i 
 not fo he 
 laid bofort' 
 general 
 
 1 ieetiu;; 
 
 Arbitration. 
 
 Whont'voi- any flill'eroiice arises bclwccn tlio i;uy, on (ho one hanl 
 ami any of ilic inonil)cis, tlifir cxon, adinors, or as-L'ns, on the olhor 
 liaiiJ, toucliinif the truo intent or construclion, or tlie inniiloiii.s ci coa- 
 t^eijuenros of these pro-ents, or of the -siatutes, or touching auylhin" 
 then or thoroaftttr done, exonUctl, omitted, or .siiflered in piwvu.inio uf 
 tlie.so presents, or of the statute^, or touihing any lirearli, or allc-o,] 
 hrcach, of tlie.se pro.sents, or any claim on account of anv sik h lin;,- h 
 or alleged breach, or otherwise relating to the promises, or to tiie-o 
 presents, to any statute all'ecting the coy, or to any of the iillairs of 
 the coy, ( y .such dill'erence shall ho referred to the decision .fan 
 urhitrator, to be appointed by the parties in dilfcienre. ci- if ihov 
 cannot agree upon a .single arbitrator to the decision of two ailiiTi- 
 tors, of whom one shall be appointed by each of the paiiivs in 
 dilTerence. 
 
 An artiitration clause is soiui'timef inserted, but, as a general ruli', it may be 
 omitted with advantage. See, further, t!io .Arbitr.ition .Vot, lss:i. 
 
 That Aft applies to Hulnnissions ^d^ widl before a.s after the .\.t. /; , ;j»„ y 
 UtepiiFi/, (1891) 2 Q. H. 257. 
 
 Balance-sheet to be kept Private. 
 
 1. Once ut loiust in every year the diroi'tors shall piepari\ of caiiso 
 to bo prt'])arod, a balancosheet made up to a daie not more diaii ihno 
 moiilhs bcfoio the annual gonoral niooiing, showing the coiii|ianv's 
 financial pot-ilion. Such balance-sheets sliall be signed on bclialf of 
 the board by two directors oi tiio company, and llic diiwiors sliuli 
 report tu the animal general nicoting i\s to the company's atlair< and 
 the atnnunt (if any) which they recommend to bo i)aid by way of 
 dividend, and the amount (if any) which tlicy propose to (any lotlio 
 reserve fund. The report of the auditors on the accounts f\auu!irj 
 by them shall bo road to tlc' shareholders at the animal eoucral 
 Jiieoling, and Kiich report shall Iki opoa l.i) the inspection of uiiy 
 shareholder. 
 
 2. The annual balance-sheet af</iesaid shall not be laid before the 
 company in general meivitm-, liut it shall, on the three days jiro tiling 
 the annual inoeting, bo opt'ii to inspection at the Kimpany's oiliro liy 
 any .shaivholder of the company desiring to .see the same. Xo .-liaro- 
 liolder shall be ontitle<l to make or obtain a coi)y of sueh halanw- 
 shoo.t i!f>r shall it be is-ned, eireulated, or publi.-hed. 
 
FOUXIS. 
 
 H43 
 
 Winding-up. 
 
 The as-oN ot' tho coy in winding-up avuilalilo lor disliiljution Porm 301. 
 iiiiiiii"- llic iiicmlior.-i «Iki11 1)0 applioil, tirst, in rcnayinj; to tlio lioldi'is - - - - 
 of llie S.I |)r('li':oiice s|i;u('> tho amount pd up tlicit'on; tlion m repay- ii,.,.t» t.i l>e 
 ill' I,) till' lull luis of tho dol'oiTod und otiior ahaivs (lio aniininl j)J •li»tributi'<l. 
 un Mil .-11 li -liaro-; and tlio iiniduo (if any) shall ho divided union;.f 
 iho liieiiilurs in jjioporl mii ro the nimiiiial aiiiniint of tho capilal 
 hcLl by llieiii ie<ply. 
 
 Ill the n!>-i'iii p of spoiial jirovi^ion, the hnlilors of prcfeicn™ shariM stand in a 
 wiiuliirr-i'l' oil a Ipvi'l witli the holders of tlie ordinary aharea, that U to say, 
 tlii'ir prrfcniitial dividend eea<i'H at the conimeni'riiiont of the ivindintj-iip, and 
 tliov ran claim no preference on tlie return of rapital. I.oinloii lit'tm Italihcr 
 Cf.. h V.<\. 519; Griini/' v. I'"'jel, 6 C. I), ."ill; Pr linrmir llirmnliln Steel 
 r,,.. 3-: Hi. U. 38'2; llirrh v. Cn>,ii>rr. 14 .\pp. Ca-". .'j2.',. Se;- ji. .577, s>i,,ra. 
 
 Wlirr*' t!ip eompany has provetl in tho bankrupt:'y of a shireholdor for tho 
 uni'alli'd li^iliility on his shares, and has rceived a dividend of i'<s than 20«. in 
 tlip •:, ih.it d'j'.'s not entitle the trustee in bankruptcy to rank a-S a fully-paid 
 -haulinld.r in a suh.-e [uciit windin'.^-u]i. Jl'r\f Cmnf fiolttprJth, Unirr's Tru*- 
 ifo-, n.,;,.,. VM)--,) I Ch. .-.t-; affd. (1901!) 1 Hi. 1. 
 
 Hi,!: 
 
 If the fi>\ shall ho wouml up, tho a-se!s available for distrihn- Form 302. 
 
 lion aiiHiiiLr the nicnitiers shall ho apidiod. in th.e lir-,! place, in r 
 
 1111 .ill 1 1 , . 1 refirinco to 
 
 lepayiiiLT li the liuMors ol tho A. sjiaios tho amount pd U|) tlion. and h.dd. r.t of 
 
 tho lo-iilue shall holone- to tho holders of the H. shan-s. A. nhareH. 
 
 Ill tlio even! of tho coy beiiii;- uouad up tho assets remaining altoi Form 303. 
 
 the io:ii!n of tho wholo of tho pd-ui) capital shall holom,', us to ,, " , . — 
 
 1 1111 -11 1 I t .' . I'liUlldtTN 
 
 luiio-ieiitli-;. to tlio lioldors o! tlio slia!os other th.in the tomidors »i,i,r,.„. 
 >liaro-. mid iis to t'"^ rosidno to tho Jiolders of (ho founders' .siiare.s 
 
 )Spt.H,ittl. 
 
 in tliO ovoiit d ooy boin^ wi. i uii tho asson thof available Form 304. 
 lor ilistvibuiioii aiuoiii,' tho monibors bliull be applied, fir.M, in n'|iav- 
 iuL' Id tiie holders of the shares, ollior than those to bo issued pur- 
 suant to the sd aj^roonU of tho day of , tho full amount pd 
 
 up on the shares hold by ihom rosply; neeoiidly, in jnniny (o the 
 holder^ of tlio shaios, to bo is.suod pursuant to tho sd ayreomt. tho 
 amniin; cioililed as pd up thou; and tho lo^iduo (if any) of sucii 
 assets -ImII liolono; to and bo divided amon^ the iiKniibois in propor- 
 tion !o the uoiiiiiial amount .-f rapiial hold by them. 
 
 ■ sj-rp^^K" w»- ^- -wp- . 
 
X44 
 
 ARTICLES OF ABSOCIATIOH. [ChAP. IX. 
 
 MISCELLANEOUS NOTES. 
 
 
 III 
 
 I:,i 
 
 19. 'i 
 
 ^^H 
 
 
 1 
 
 
 11 
 
 'I''' 
 
 1 
 
 I'roowhirn at 
 
 general 
 
 nifctin>:8. 
 
 The oliainnan. 
 
 Qoomm. 
 
 iinticH and 
 ininutfH. 
 
 Procedure at General Meetings. 
 
 TIio arliclos gouorally proviJo that tlio cliainuuii (if any) of Uie 
 board of directors vi to tako tho cliair at every general moetin", 
 wlu'ilier oidiiiary or exiruordiiiary. See 1). (>'J8. But llioio aru (■■i- 
 laiii events in wliicli the articles coinnioiily leave tho si-ieciioii of 
 llic (•Iiiiiniiaii 10 tlio .slia;clu)ldtTs pio^ont at !ho niooiinn;. 
 
 Al the lime appointed for the lueeting, the pcrFjn (if any; who i- 
 enliilod arcording to tho articles to pro-iJo slioi id at once tal;i' tho 
 •..hair. If there is uo such person pro^ont, tho niomburs, after tiu' 
 lapse of a proper imorval, usually li.xod by tiie ar'.iclos, siioiiM olcci 
 a cliairnian. This will bo ell'ecled by passing a rosolu.ion, dulv jirn- 
 
 poscd and scoonded, " Tliat Mr. bo appointed rhairmaii of thi> 
 
 meeting." Some loading shareholder will propose this. 
 
 On tlio (hairnian taking tho r'lair, tho sotTotary shoidd lay bcfori' 
 him an ajionda paper. ' 
 
 The cliairnian, having t.ikon tho chair, will ascertain that a jiropoi 
 (juciruni of inonibeis is pro out. This dei)oiids on the articles. Sonw- 
 limes a speciliod number forms a ijuorum, and sometimes a spcjilied 
 number holding a certain amount of tho capital. Very cuniiiioiil\ 
 the ijuorum for an ordinary mooting is dillorunt from that of an 
 c.xiraordiiiary meeting. See p. G93, supra. In ordur to ascertain 
 that a quorum is present, it may bo no.ossary to refer to tho reirister 
 of members and share lodger, and accordingly thoy sliouhl bo brou^jlit 
 to tho mooting. 
 
 If there is not; a cpiorum proiont within tho time il.ved by the 
 articles, tho mco'.ing must bo dissolved or adjourned, according to the 
 provisions of the ariitlos. See p. G93, supra. 
 
 If, however, it appears that a proper quorum is jjrosent, the cliair- 
 man should announce tho fact, and should then call on tiio socrciarv 
 to read tho no'.ieo convening the meeting. This havin;.,' been dan( . 
 the secretary, accord' i.g to the practice of some conipaaios, will be 
 required to read the minutes of tho last general meeting; and the 
 chairman will then say, "Gentlemen, with your approval, 1 propose 
 to sign these minutes as correctly entered." Upon this debate niav 
 .".rise, but the u;:\y qne^Mon sliniild bo •.vhothor they :irn .a correct 
 record of what passe<l, and tho chairman should keep the discussion 
 lo the point. The minutes, if found correct, or when correct«d, will 
 
 ./-.. 
 
HISCELLANIIOUS NOTES. 
 
 845 
 
 be si'/ncd by the cimiriuaii. The object of 8i<j^uiii<; is to obtuin tlie 
 benclit." lOii'-'rri'J by sect. 71 of tho Act of 19)8. Soo p. 71"i, niiiirn 
 
 Tlioro is no lo^'al no30<sity thus to roail and conlinu (lie miiiulos. 
 In smiio coinpunio-i tlio rliiiirinaii of tho mooting to which the iniiiiito.s 
 relate ^l'-'ii'< ihoiu us soon as tlioy arc cntorcd up. 
 
 Alter these preliminario'f, tlio meeting will proceed to transact 
 tlip liii.'iiiio-s for which it wa.s convened. 
 
 At an ordiiiiry mooling tho lirst stop will be for tlio chairman to Onlimiry 
 
 refer to tho directors' report, which will probably bo taken as road, I'l""'"'"". 
 
 1 • 1 • 1 1 .. -1 ri-|>.)rt, So 
 
 and make a speech in relaliou tlioreto, concluding witli a motion, 
 
 That the report and accounts bo received and a(lopte<l." Tliis 
 liaviiit; lieeii seconded, tho chairman will put the question to tlir> 
 iiiectin'-'- as follows: 
 
 " Tlio question is. That the report and accounts bo received and 
 adopted. " This is tiie stage for discussion, and members will jiro- 
 balilv ri^o and speak in support of or opposition to tho motion. 
 The 1 liaiiiiian should nanio those who ri-o to address tho inoetiiig. 
 
 It is not necessary apparently, that every one who wants to spoak 
 sliould be iicard, or that any speaker should bo hoard at an inordiii:ito 
 k'ULrili "As to the closure," says Ciiitty, L. J., in Wall v. Loiulon 
 „;(,/ Snrlhern Asnels Corp., (18U8) 2 Ch. 4G9, 483, "I think if we 
 laid it down that the chairman, supported by a majority, could iiul 
 |iut a tciMiination to the spco:dies of those who were desirous of 
 addressing the meeting, wo should allow a small minority, or even a 
 mcnilicr or two, to tyrannize over tho majority . . . wo should put 
 a: weapon into tho hands of the minority wliii h might involve tho 
 tuiii|iaiiy in ull-nigiit sittings. ... I am not, of course, saying tliat 
 tho uiajorily must uot listen to reasonable aiguiiKnils for a roasou- 
 aMo time." 
 
 Wlioii tho discussion has been brought to a (lose, tho i iiairman will Puttiutr thn 
 ri<c and reply to any criticisms which have boon made, and to any 'l"""""" 
 relevant questions tiiat have boon asked, and will in conclusion linally 
 put tlio (luostion thus: '' Tho (piostion is, That tho report bo adopted. 
 These who are in favour of the motion hold up one iiand ... 
 SO. and the contrary . . . 1(1. I declare this motion carried" 
 or '■ negatived " :. 
 
 The articles very commonly provide that every question shall bu show o( 
 decided in tho llrsl instance by a show of hands, and where this is liaud". 
 the ca-c a show of hands must bo taken; but oven if there is no such 
 provision, a show of hands should be taken, for that is tlio comuiou 
 law mode of taking tho souse of a meeting. See p. 09!l. Upon a 
 show of hands the chairman will look to the number of hands only, 
 and will not take into account the votes which the owner of each 
 repro^'oj.v in person or as proxy. See p. 699. In other word.s, in 
 the absence of a poll hands only count. 
 
 Though it is not uncommon to declare tho number of hands in 
 
 
 i 
 
 -1 - 
 
 f.: ,- 
 
 
 I 
 
 HI' ^ :: 
 
 
 :-rn 
 
 ^^^H 
 
f<4« 
 
 AKTICLKS OK ASSOCfATION. [ChaP. IX 
 
 favour of or agains( a iiioliou, tlio cliairiniiii i-i xiot linund to nuke 
 -uth (lecliinition. 
 '"''■ The cliairiiiuii having: dcclurod the result, a poll may ha donianiled 
 
 in aocordanw with tlio articln.s, or tlio Act. As to polls, soo lurlhcr 
 supra, pp. tiyj- "I*-, mid htini, p. 8.">(). 
 
 A poll may, iiiilos.s the iini' los oihi'rwiMC provide, l)p taken ('i:]ii>rat 
 "pii((> (ir at .soiiio fiituro d ly. Tiic arti(lo.s goneiallv vust in \\^^ 
 chairinan tlio ri^hf to delpnuiiic liiis point -wlien the poll hIiuII be 
 taken. 
 
 (jonerally spcakinf^, it in inoro tonvoninnt, if the articli's al|f)\v, to 
 take the poll at oiii'O. but tlu-ro may bo ca.sos in which an adiuurii- 
 monl Is dosiraldc. e.fj., whore it will recjuiro inanv hours l., i.iko ili. 
 poll. 
 
 The poll havini; boon taken, tho chairman will statu the result, and 
 will declare the fate of tho motion accordingly. 
 -Aiijoumnii'iit When u poll has been fjraalod and tlie chairman has lixcd k(;iii(. 
 future period fur taking it, e.g., "Monday no.\t, Iho — tli in.stant, 
 
 between tho hour.s af and , at tho registered oliiio ni the 
 
 company," or "hero, so soon us tho other businoAs of the mcoiiti;,' 
 shall have been transacted," there is no objection to tlic iiic'tiiij; 
 tran.sactiiijjT in the nioantinie any oher busines.s which it Is c,iiii|)(Mi'iit 
 to transaci. If there be none .such, tho incelinjjp will proliaMv lio 
 adjourned till after the taking of tho poll. If the poll is to lio taken 
 at a future day, the nieeiing will be adjourned to a 8ubse(jneiit dav; 
 if it is to bo taken at once or after tho transaction of tlio o'lier 
 bu.siness (he nieeliii^r will bo adjourned for a short time, l.iit no 
 adjournmeni is necessary, for the poll Is part of tJio business of the 
 nieetin<;-. Where the toiiipaiiy is a small one, the takiiirj of ;lio poll 
 may bo ellooted in a very short space of time, and in nucIi ca.so uo 
 adjournment may be necessary. 
 
 If the iiie<,'tiii;4 is adjourned to hoar tho result of tho poll, tlici h:iir- 
 man will, at the adjourned meeting, stale the result, and declare that 
 the niolion has been carried or negatived accordingly. 
 
 Whore (he articles give power to adjourn " with tho coii-oiit of 
 the nieeting " the chairman cannot adjourn, even to Uiko a poll, with- 
 out that consent. On (ho other hand the meeting cannot, in .^ucji (asc, 
 adjourn williou! his consent. Sec p. "02. But, if the chainiian li\e> 
 a future day for the poll, the mee;ing, in oon'emplatioii of law, con- 
 tinues until the poll has been taken, whether it be adjourned by 
 resolution or not. Set! .<«/(/■«, p. 702. 
 
 It may hero be observed that, al. hough i* is usual for motions lobo 
 jiropo.scd and .seconded, and then for tho question to bo I'ornialiy put 
 (o tho meeting, a les-s formal course of procedure may bo iierfcctly 
 
 rmpowti«r-ind 
 
 whether 
 neceMiarr. 
 
 valid unless it be contrary to the articles, e.g., if the ehairiiuin puts 
 the question without its having been propoied or seconded by anyone, 
 and (ho nieeting voles tliercon, this may bo valid. 
 
MI8CKLLANEOU8 NOTES. 
 
 847 
 
 After utloplinft or rojocling tlic directors' report, iin ordinary moot- Iiu-inpiwof 
 in- u-iiwllv pio ceils to tho declaralioii ol' .. ilividoud in uecordiincn '""'"""y 
 Willi llie 11'. iimiiioiiuiition ot tho (luoctors. Soo niijira, p. 7().i. And 
 afttnvariLs it olotta or ro-olocW diruutors and ollior ollicor-t, and 
 iraiiMiil.^ anv olior bu^inos-i wliich it U conipotont to transact. 
 
 A ^TiitMal iiioo'ing usually closoi with n vote of tliankn to »ho Vcipof 
 (haiiinaii, ami, if tho company has boon prosporous, with .similar volo.^ ""'"'"• 
 in l.iviiiii "f ilivor.s oilier [H'r.sons connected with it, t^//., tho manaf^cr, 
 lilt' .-c rciary, the afjeuts, ite. For o\am|)lo — 
 
 "Tli.il llii> lii'^t thanks of thi't mootinif be prciientcKl to tho dirretors for their 
 very .luir'^^ful iiiaimtjpiiient of tlio eonniaiiy'.i Im^iiicsa durinsf tho pa-.t yoar." 
 
 "Tiiat tho th»n!i< of tliia nn'ctinj; bo prosontod to Mr. , the maniifcr; 
 
 to Mr. . the 9"cretary; and to tho other ofHi'ors and emplo^i't of the rom- 
 
 farij-, for t'lcir I'llii'lcat servii'ps." 
 
 ■•Th:it till- conlial than.:< of this meetin(f be prcaonted to tho ehairman for 
 \iU Mo anil cuurti'ouii conduct in the chair." 
 
 Tlic [lUhOilure at an extraordinary or special },'Onoial meolina: U Kxtraordi- 
 Miu.il till' .^aiiK? as that at an ordinary mooting. After tho chair has '""^ ""fotiiig. 
 kea (akoii, (ho noiico road, and the minutes of tho last meeting 
 fi.'iicd, tlic cliairnian usually o.xplains tho circunistances which have 
 led 'lio (liuHiors to convene tho mooting, and concludes with a 
 molidii, c.y.: — 
 
 ■'Tli.il tlio directors be authorized to borrow, on behalf of tho company, the 
 ma of 10,11(111/.; " or — 
 
 "Tliat tiie lapital of the company bo increased to t by the creation ot 
 
 - — new >Iiari'(* of £ eai'Ii ; " or — 
 
 "J'liat the lontr.iet, dated, tc,, and read to thi.s meetin)», l)e approved, and 
 (liat llio dinotors be authorized to carry tho Bamo into etfect." 
 
 t 
 
 ''■■ 
 
 
 1- 
 
 1; slioiiid lio .soon that the motion couios within tho tarnid of tho 
 iiojic. .sioo |). li;*.). Tho motion having been seconded, tho chairman 
 ^vill put it to tho meo'ing, and the subsequent proceedings will bo 
 .<iirilar lo ihjse above dolailed. 
 
 \\ lieic a inco:iag ha.s boon called pursuant to a rC(iuisition of share- 
 liolclor.s, u'lo of tho roquisitionistd usually moves tho resolution. 
 
 If at a ^.'ciicial meeting the chairman perceive.s that the liniu of the Mutinn tbat 
 nii'C iiiu' i.s being wasted by a cantankerous shareholder, and that the >l''<-tiiin be 
 nice lap: want.s to voto, ho may move or get someone else to move, ""* ^" ' 
 "That the iiuesiion be now put," and if this is decided in the aflirma- 
 livo. will act aicoidingly. A meeting is not bound to hoar a member, 
 1101 i> ihc (hairiiian bound to get him a hearing. 
 
 A ;ii,-iinviaii ..-liuukl rule a meeting fairly and lirnily. His duty is io 
 koep order and see that the busine.s.s is properly conducted. He 
 should Lear in mind that if a majority of the members of the company 
 
 !■ ■; - 
 
 Jl 
 
 "'41 
 
 ^11 
 
TW 
 
 MH ARTICLi'::* OF ASSOCIATION. [ClIAl'. IX. 
 
 »ro with him, a minority will ui>t 1)0 iil)lo to upmd tlin iiiurii,,|inys 
 UMucIv l)Ci iiu.'io Mii'iii «li'„'hi iriovfiilarilic.'* Iiavo orcurroil ui a in.i .linjj 
 Sco |i|). 7 1, 7.">. 
 
 AiuendmeuU 
 
 ti>UlUtiull. 
 
 ,. S 
 
 Amendments. 
 
 Til.) limo for moviiii^ uu aiuoiulmnnt, is aftor iJio motion li;i-« Im'uu 
 niovi'd, souondod, and put by tho ciiairuiuu of llio niuolin,'. No 
 aniundiiiont tau bo niovod wlii 'h foo.i beyond tlio notiro CMiiviMiinj 
 tlio inoolinfj, or, in tho ca.-*o of an oidinury meoling, bo)oiid lliiiw.^pt. 
 of tho orJinury bu-jinoss wliich by tho rof^ulations may bt> tiaii^.iclej 
 thoioit without spoiial noliuo; e.g., spo clause 5U of Tablo A . inlr.i 
 Appx. And if any mombor purs forward any irroguhir ami'inlinoiii, 
 tho (huirniun .should point out tho irrogularily, and should (l<(liiii-tn 
 (submit tho amendment to tho meeting. For example, if the in cliii:' 
 i.H an ordinary one, and a motion 'n submitted that tho rc|iiirt.< uml 
 utcounts bo received and adopted, an amendment that all the diriviurs 
 bo removed from olliee, or that tiio arli'los of associa'iuii be uiteml. 
 would be irregular. But an amoudmont to the elVcof that tin- atrnuiii- 
 and balan(e-.shent bo rojeivod but not adopi^jd, and that a ruiiiniiiti'.; 
 be appointed to look into them and to report, and that tho m(«;iii^' bo 
 adjourned, would be within tho comiiotoncy of the muo'iiifr. So, toi 
 if tho mooting bo convened to pass a resolution increasino; tho lapit.ii, 
 an amendment that the diroetor.s bo aulhori/od to borrow, or tlnit a 
 dividend bo declared, would bo irregular, for these aro not witliin i1k 
 notice. An amendment cannot be adopted if tho adoption woul.l in 
 cfl'ect render the nolino convening tho meeting misleading. Tliu*. 
 whore a meeting was convened to consider resolutions for ro oii-lni.- 
 tion of tho company, and for winding-up in regard thor.'w, uiul ut 
 the mcmin^'a naked resolution for winding-up Avas passed, ii wa.slioIJ 
 to be invalid as a departure from the noiiie, wliii;h only coiii'iiiiiluiJ 
 a winding-up for the piirpo.seH of reionslruction. Tceile and liishni: 
 Limiled/W. N. (19!)1) 52. "A shareholder," said Cozens-llirdv, .1 
 [in doi'iding that case], "receiving tho notice might very well .-;iy 
 that ho would not trouble to attend an ordinary rocon-slructioii iiica:- 
 insr, and at tho same time might have tho strongest objo. tion to m 
 ordinary voluntary winding-up whi 'h wa.s something inoro than .i 
 winding-up for tho limited purpose of reionstructing the coiiiptuiy.' 
 This is" in accord with what Page-Wood, V.-C, said in Cliiirh v 
 Financial Corporation, 5 Eq. IGl: " How is it possible for liio r„urf 
 to know how many shareholders have abstained from atlcinliii.' tl.i 
 meeting, being satisfied that tho arrangement as it was propo-od 
 wa.s advantageous to them, and being quit« content to oxoni-^o nr, 
 voice about it'" 
 
 Whore, however, by tho orlicle.s or the Act, there is general po«or 
 to deal with certain business at a general mooting without iHitice 
 of such business, the fact that the notice convening tho meeting 
 
MIBCELLANKOirH NOTES. 
 
 MA 
 
 .|» , ilio II purtirular nwolulion for (l»»alinpf with muh hiiKino'^M doos 
 iiiv liiiiii llio poweni of the mfletinjir, or prtvludn an nniondmont. 
 i;,lhflly. Trench TitheleKnCo , (ISXll) 1 Ch. 408. In that cose it waa 
 lidil iliiii at ft mootinpr to oontirm a xpocini roxolution for wimliiiif-iip 
 idluiirarilv, tlic ((unpany, having; without notice a gpnt>rul powttr 
 fin<l<i till' Act to appoint a liquidator, inight appoint B., thoiifrh th«« 
 iioiir xiiiMil thtti A would Iw proiJOMMl. Ao, if the notice convonin(j 
 
 it iliii;irv inoetinc Htaie» that A. and H will Up proposed an 
 
 , III.', lorn, this dues not prevent lui ainendiiK ,1 tor the iippointment of 
 r iiiiii I) . if bv the regulatiomt the appointment of directors in part 
 (.1 ilii' liii-iiioss of the meeting, and roquiies no Npeciitl notice. See 
 fiirihcr, Betta (I Co., Ltd. v. Maenaghten, (1910) I Ch. ■I.'W, accord- 
 1111; to wlu(h, where a notice haa to state the general nature of 
 (Ii(> .■.peiial busincM, any amendment can he paM<e<l of a like natnii- 
 lull it isdoiilitful whether this is ijooil la.v Hon siipro. pp. W2 (i'tl. 
 Ai 1 ini'oiiiifr held to conKriii a roRoIutinn piisscwl hy the roi|iiiNil)' 
 iii.i|ciiil.v iit ii former meeting, ho a» to make it a special roNolution. 
 it i« irr('<;idar to propone an uniendment to that resolution: " because 
 ilii' -intric purpose of the meeting wiix to nhv. — Aye or Nay,— ii' tho 
 (.riuiiial ro-nlution to stand or fallV" Wall v. LonAnH and NnrthciH 
 .\s»t< I i„i)„r(itlon. (1898) 2 Ch. Hi't. »Ht, tiqtrn, p. 84.>. 
 
 Nt'niiliclcsH, an amendment fairly relevant and within thr iinlir^ 
 w piii|iiw iii.iy ^roiii'mily bo moved Sec lurllii'i. p. tiOl' .\n Miiii'iid- 
 iiMii! .-.iii.iiiiics purporto to modifj the orit'inal inotion; <•„//.. if ilic 
 in.>ii"ii i> to increase the capital to 10,0noj., .\ . R. ninv ri-Jc and move 
 th.ii till' pr..|H).m>d roHoIution be amended by suKitituting 5,00t)l. for 
 
 1" '' : I'lil more commonly in company iueoting« nn amendment i.-* 
 
 fniiM'il as iin alternative motion; e.(j., A. H. will say: " I move as uu 
 njiii'Miliiic i|iat the capital lx( inoreaBod to .">,00')r" If at n meeting 
 ;ui Hiiirihliiicnt irj duly moved and socondod, the (h'liute on the original 
 iiiMii >ii :iii.| ilip amendment will pi'OP«»od lonciirrently, some raemberN 
 MippMiino one and some the otlicr. Th« debat* liaving ooncludod. 
 ill.' "luiirmaii will p;;« amendment or amendmentii to the meeting 
 
 'Till' uiiirinal motion was, That, &.i\ To tlii< an itinpiidnient tiua b.t-n moved. 
 Tliat. i.1. Thwc who an- in favour of the amftndm.'iit hold up one hand. . . . 
 Tlio«e»lio;in' a!»ain8t the ainunilini'nt holil up .(IIP hnnil. . . . The ;iiiipndiii.rit 
 K ii( .'itiv.d for .'arricd, na the case may he]." 
 
 A p'.ll liiii Ihon lie demanded kuIijci'I to ulie Kgulalioii.^. 
 
 \^ III 1. I lie aiiicndiiient is negatived llio original motion stands, and 
 '"!■>- .1 iiiiiher auiendr.unt be proposed will then be put ip. H|."i> 
 I'.v ih.' cliaiiiiian of tlie meeting Uut if the araeudmeiit \m allii incl, 
 
 a. 
 
 if' 
 
 lii 
 
 . I I 
 
 -ii' 
 
 il 
 
8AU 
 
 AKTIULKB OK AMOCUTION. 
 
 [('MAC. IX. 
 
 I'.Uii. 
 
 tlioii llii> uriu:!!!!!! iiuitioii tliil\ iiiiicii(|t'<l riliouM u);uiii Ix- jutl |.. i|i< 
 lili>otiii|;:. TliK I'liuiiiiiuii nlioiild tta\ : ' Thti iiiDtion un aini'iMlcil ,, 
 that tlie I'iipitul Ik- imroHM'ti Ik j,(MMi/. Thiwo wli«> art-, Ar Tin- 
 in iIk* rctruliir I'liurMt*. Kul wh«>rit iiii uiiicii<lni*>iit i* rraincil i- .„, 
 iilti'i iiativt' iiiiitioii un uliiivf iiH'rili'iii(><l iiiiil is iilliriiH'il. ii i. .1 i,n 
 ■'■iriitiKiii piiu'lico (0 troiil llii.s a.s a tiiiikl tloh^'iiiiiiiiiiiiii nt' ilui ,,,„... 
 lion willhiiit piitliiiu llu> ■iiiicikIoI icMoliilioii aj^uiii to llii> niiiiiii'j 
 Tlii-" ciiiii'M', liowpvcr. -iiiiu>liiii»w U'lul* (o iiicDiivcnioncr, aiiJ ii - m. 
 ii<il III' ail<i|it<><l whoi-)' llii'M' iiit' M-M'i.il iiiiifiiiliiu' III xiii Ii ,1 ,.,., 
 
 till' aiiiciiiliiK'iilM .-limilil Im' |iiit liv till) I'lmiriiiuii tu ihn inci'iini: m 
 llio iiiiKt in which they ullt'ct, th« main ,ji-' ii>ii, ..i„l uitin , ■ 
 IIk' iiiuiii ((UOHtiuii ill itit iiriiriiiul roriu or as liimlly aiuonilitl >iiniil(l 
 Ih> |iiiI III tho luootiii^- Soiiii'tiiiiCM ti iiiuinlior iiiovoh iiii aini'ii'liiiiiii 
 III' nil iiiiK'iiiliiH'iil . 'I'lii' rliiiii'iiiuii nIiouIU in Niirli fi\M' |iiil iln' ^uli- 
 itiiii'iiiliiiciit. iiiiii il' il ir< itfliriii<.>il ho xlinulil thou put lliv I'liijii.il 
 aiiii'iKliiiriit UN iuiumiiIikI, ttml it' that in ultiriiioii Im will piil lii' 
 tiiii^iiial liiuliiiii an aiiit'iiiii'il Tlio rhuiriiiuii hIiijiiIiI piii a ii';:iiin 
 uiiioikIiikmiI, hut nhoiiM nut ullnw an uineiidniunt which in Milivi.in.r 
 irrcly uiiiiiiiiilN to a tii>;;atioii nf tlio original motion. TIii>.m> wKm.,!. 
 Ill tavoiii lit' HiK'li iiiiiiMKliiK'iit ran jjive cH'cot to Ihoir vi«<w.i li\ mmhil' 
 a^-ain^t the mutioii. It in tIcMimlilo for tho inuvor of uii aiiii'iiiliin'iii ii 
 put it in wriliiiir, ami haml tlio writinij to the chairman nr l"i iIh' 
 L'hatrinun lo laki' ilnwn tin' Iimimh in writiin;. 
 
 Polls. 
 
 rnlcKfj the aiticloi iitht>i«iM' pi'nviiU', a poll iiiav he 'Iriiiiinli.l n 
 any quodliou put U> ihc nii'i'lin<^, but tin! chairman ii nut liiiiiil hi 
 (4;iaiil 11 jioll unless it ii ilcinanili'il in strict a ■lorihiiiic \si:' llir 
 articles. E.ii.. if tho arlirlci reipiiro tho (lomanil to 1m' in wriMiu. I' 
 1m1.1t lie I'laile in wriliny;; ami mo if the permn^ iliMiiainlin.: 'Ur i"!; 
 all" reijuiictl to hold a certain miiiilier of .shari'.i, the cliaii 111:111 In fir. 
 yrantini^ the poll shouM .leo thai lliey arc duly i|iialilii'i|. In :in\ la-i' 
 it is expedient to iniike iho di'maiul in writinir. and ii ^honhl In 
 handed in vui hrjii as the chairiiiaii has taken the -eii-e ot liic 1111.11111; 
 on n show of hamls. The deniand will he as followi: 
 
 Tlio 
 
 ('uni|iHny, l.iiuitril. 
 
 \Vi'. till' iindcr.^ij^neJ iiicnibcni of tlin above -nuiiii'ij eoiiijiaiiy | liuliliiiL' iim inli 
 
 of — KJiari'S in the capital |, do licrdiy ilcmaiid a |i')ll ii|mii t'n' n li" ii"» 
 
 before tlii.^ mcetinp. 
 
 IJatod this day of . 
 
 II havinj^ boon ascoitainod that tho pcrson.s dOinandini;' the imll are 
 duly ijualilied, the chniniinn will road out the doniaud, and »ill "talc 
 
MI.S( KI.I.ANKol'S NOIKJ*. 
 
 xrti 
 
 I,,, I III iTMiil' ill"' -iiiif, ami will li\ ilic lime wlini ,iiii| ihc |iluic 
 'ilitrr 'li'' |"''l ^^l" '"' <'>li*-'><' !'»'! il iH<('(viil'\ llic iiiifliiii; uill Ih' 
 
 ;ii|j..uiM"l \\ II' II i> I'lill i-< 'liil> il iiiidcil llio allow 111' luiii<l-> ifiM* 
 
 l..r ii'iliiiiii: 'ii'l 'Ik' |"'II iiiii''t Im' tjikoii. iiiil<t<« iiidtH-d llii> iiii|i||.i. 
 ^i\.' ji.mt'i- 111 willhllitrt 
 
 Till' .|iii>ii'ii -'iiiicliinc- jiiiM'. \\li«'tlit'r ijic |iiill can Iw laki'ii al 
 .,,i,v. If , «i'li"iii aiiv ailjiiuiiiiiii'iit. Tliis <lo|i<>ii<tH on llir urtiiltM: 
 It liii'v ui^" i'V|ii''>^ aiilliority. at wcll-t'ruiiMxl arlirlc-t toiiiliKmly ilo. 
 hi iiiki' ilii' ||'<II ''iiliiM lit oii>'<' or aftur uii a<l joiii'iiiii«>iit, ' llit- |ioll 
 ..111 ill' i.ilirii i' I 'iiliiiulv ; ami t'M>ii if ili<'i«« is no miiIi aulJioiitv. c (/., 
 Il i|>. |M.|| ,1- ill Talili' A. ((/(/rii. Ap|»x. I it lo Iw tuki-ii "iii tinli 
 .. I.I mil 1 .1^ ilic 1 ii.iinii.iii '. iif. Is, it. sriMii-. llml » ln'i«' MituiL' 'n ['low 
 I, ,ili.i«itl i!ii' |iiill iiiav lio taken al onrc i-wn- |i. 7iM), siiinn 'J'iii' 
 (lrii.-inii i' ii,.i\cnitMil. 
 
 Il ill.' riiii)ji:iiv hint iiiuiiy N)iun<hul<l<>rK it is not iiniiMial to aiipoinl 
 u -cruiiiH'"'!' Ill' iwo to take tluj poll, uml some aitii h's of association 
 i\iiiv.ssl\ 11' |iiiii' su( Il :i|i|i<iiiitiii('iu, ill a .siiiiill lonipaiiv llir poll is 
 'I 1 11 mLi'Ii Ii> till' I'liainnan. In lakiii^^ tlu> poll it ia umiii! io caiisti <i 
 
 1.-! iif iiilicrs In 111- nm.li) out from tlio ro^jisfcr, with fix coliiinns 
 
 Ir.uluil iliiis ill Names of \oii'is, 1 L' I NnnilK'r of Slian's i ;i i 
 Viiiuln'r 111 \ir,('s, 1 J( Uliscrvalioiis, i .l i Vot«'s j^ivon: For A};ainsl 
 
 .Vl iJii' liiiH' appiiintoil for taking' tlio [mil, llio iiKMiihcrs «lio vol«» 
 |i.rs.iii,i!l\ will (iiim< up to the Mitiuir talilc ami wrilo llioir iiuiiuvs 
 
 ||'«N I'll s| Is of paper lioa'li'il "Fur ' or 'Affaiiist " tlw luoiioii, 
 
 .t- till' till' may lio. A iiit'iulx'i' voting u.s proxy for aiiolh<-r will 
 "li'v il'iuii l;is iuMi uainc ami also that of thu jiorsoii whiwe proxv 
 Il i'. (■ <;., ■ .liiliii Siiiiili, liy N\ . .loiii's. his pnixv." 
 
 II ittivi'i', MiMic'iiiiK'.s il is arrantruil that a iiioiiilitir Migning hi.'4 uwii 
 iiiiiit' .s|i,i!l l.t' ilci'im'd 111 voto for hinisolf ami for all tJioso wliosii 
 ]ini\\ 111' is, 
 
 Tho vuit's liuviii'^' Ikh'ii takoii, tlio cliairmaii or .si'riitiiifi'i',s will 
 iii'ir tlioiii ill the list of voto-i, in the I'oluiim ' For " ami " Against, 
 it- ilio oa-'' iii.i\ I c. If, oil roforeme to tho hooks or olliorwi.sc, a vot<> 
 ti lull re I is fur any rt'ason fnuml lo he iiivaliil, f.f/., Iiooau.sc tho votor 
 .- Ill airi'i: o;' iilN, or hoi'ause iho iMstruincnt of proxy is not diilv 
 i-MiiilK'.l, i,r was not dopOsitoJ in time, tlio cliairinan or scrutineor.i 
 «i!l ivj.'c. the .sanie ami put a nolo in the lolumii of olwenations 
 - Jiiii:: the ii'iisiin for rojeclion, 
 
 ilie |'o;i having hecn closed, the numbors will he added up and the Scrntinwri-' 
 iv-iill ;i-i-.'riaineJ. Where .seruiineer.s have heen appuiuti'd, they will "■l""''- 
 I'lU' a n'|.-in in wriiing of tho rewult to the chuinuan, Thu.s: — 
 
 Tho t'oiiipany, Limited. 
 
 ■'•■, t.i" iui::cr-i;nrii, l,.iii;^' liio s-.-iuliiiejrs uppuiiiU'ci at the general meeting 
 
 1.1 l!.o alw„'-na;iie,l cmiiiiaiiy, licUl at , on the — th of , on the nmti.in. 
 
 • li.at the rqion and a., uuiit j of the dire.'tora be adoptod, ' and baviug taken a 
 
 1 
 
 
 [ 
 
 r 
 
 m 
 
 '■k'Sk i^; 
 
^TfF 
 
 fW2 
 
 ARTICLKS OK ASSMcrATlON. 
 
 "^'IIAI-. IX, 
 
 poll at Hic pompan)''! itfUn- on Mdnduy. tlip tli inxt.. Iioroliy rcpnrt ui vm i 
 the vlittiriii!tii of tin- «Hiil mwtinif, that thi- nwult of ■lui^h poll wan -.u foUowj-. 
 
 NumlxT of Vot« 
 [n favour of tho motion ...... 700 
 
 .Vffain?*t tho motion ....... ,327 
 
 To 
 
 .Vfajority in favour of tho motion 
 r)«tP<l this th Hav of - . 
 
 , Ksiinirc, 
 
 (Mmirmnn of thf* iihftvr-mpntionp*! nH'otinar. 
 
 .17:', 
 
 SiTiitinvi-r, 
 
 \tm> 
 
 
 i 
 
 Chairman''' 
 ■Itwiaratiou. 
 
 Pro.xiow. 
 
 It' desired, the wport iiiav show ' tli9 number of peitsoiml vote.'* in 
 favour of tlie motion" and a^aiust, and iiuuiher of voten ol' meuib*R 
 votinp; l>v pm.ity in favour of or against. 
 
 The chairman will then state the result to the meetinff or fKijouriifd 
 meoliug, as tho case iimy bo, and declare that tlw motion liii.'< befn 
 carried or negatived. 
 
 Ak lo llio elfiMt of tho chaiiniaM's deilitration. sco ,w//»/f, p. 71111 
 
 A few words its to proxies: 
 
 Whoro 11 moml)er proposes to vote on a poll as pmw fni iiiiotln. 
 it should bo ascerliiincd - 
 
 1. That the shareholder ap])()intinof him is entitled to vote, e.g.. 
 the articles sometimes provide that a member in arrear of onlls »liall 
 not vote, or that new momliers shall not vote for three month". 
 
 2. That the proxv is competent to act as proxy. ('7,. the artiiles 
 sometimes provide that a shareholder in ari-ear of calls simll not vote 
 as proxy for another, or that only a shareholder shall Ik) a prow 
 Rut it may bo sufKcient if the proxy is a shareholder uhen the 
 instrument is deposited and when he votes, aithoufrh he wa* ii'H 
 .such when appointed. See supra, pp, "O.l, 706, 
 
 ■'t. That tho instrument iippoiiiting th<! proxy has heeri de|io«i(e(l in 
 due time. It would seem that under clause fit! of Table A. a prow 
 may vole at au adjourned meeting provided the instrument be Hp- 
 posited forty-eight hoiir« before such adjourned leeting: hut ni\w- 
 limes the regulations roipiire the deposit to be m.ide licforc thf 
 original meeting. See further, p. 700, .mpra. 
 
 4. That the instrument is in proper form, and i-^ duly atte><((>(l 
 where tho regulations require atte-'lntion. 
 
 •">. That the instrument is duly stampefl. 
 
 (>. That notice of evocation has not been given 
 
 As to I, 2, .'(, 4 and <!. there will lie little <lilliculty, but i|no*tion.< of 
 some idcety arise a''^ to five. See supra. 11. 707. 
 
 Unless the articles otherwise provide, a shareholder »lio i'^ prest>iit 
 at a meet in-. Imt abstaina from voting on a question put i<^ the 
 meeting, ought not , it would seem, to he rounted iw voting either wny 
 
 ■Af'rm. 
 
MISt'ELXiANKOUS NOTha. 
 
 85.'{ 
 
 Dm Ik riiusi lip i)i)iiuU.tl ill riifetiiic> i< 
 r,.«(iliilioii (I'liap. XII.)- 
 
 I«f-f It -iMiiul or cxITHOi'diDarv 
 
 Votes and Proxies. 
 
 rlie iiiiml*' "1 votes which a uieinlicr is (.'iiiitlt'il (o (lo)K)iid!4 ou <ho Voti-i. uml 
 aiiiilof lit ill*' lompauj . In lln> ab<ein« ol' uuythiuf,' to tho coiifrary, P"'"*"''"- 
 lio is (Miiiildil only to one volo. Hut j^fonerally it is piuvidwl thai a 
 iii«inlii'r shall liavo one vote lor each share, or, at any rate, u number 
 v( voles varviiij^ with llie number of his sharos. Very tomiuonly it 
 h iiriniileil that no nioiuber shall have more than a (t'rtain number of 
 \utt'.-. (■ '/ lit'iv. Where this is so, a nieiulwr jiiay ilistribute some 
 vi liis shares (by transfers I unioug- his friends as trustees for liim, 
 aiiJ lliu~ increase his voting power. 
 
 Veiy comnionly a member cannot vole unless lie iias beuii possessed 
 i. c , reiri-lereil in respect i of tlie shares for three jnonths liefore the 
 moetint,' at which ho pro|)osos lo vote. Tiiless utlierwise provided, it 
 uMiild seem thai this does not prevent vtiting at an adjourned meiMing 
 hi'ld alter, though the original meeting was held within the three 
 iii.iiitlis See p. 706, mpia. 
 
 L'liie^^ llic aiiichis authorize voting by piii\' , volivs must he given 
 pcisonallv. For u.sual form of instrument apiioinling a proxy, see 
 mjru. Table A., clause 67. 
 
 The Stamp Vcl, 18!tl, charges every iirstrumeut of pro.\y , ' Kor the Stouii) duty ou 
 sole piirpiise ol ap|>ointing or authori/.ing a pro,\y to vote at any one pro"?' pofrs. 
 mwliiig ai wliicli votes may 1k) given by proxy, whether lh(^ number 
 (if pisiiiis limned in such instriiincnl lie one or jiiore," with the duty 
 .1 l(/ And .see iniportaul .sections .s(>t out at p. 707, Kupni. 
 
 Musi proxy instruments appoint a pro.xy for one meeting only, 
 and acdiidiiigly reipjiiv a Id. stamp. 
 
 In any other cane. t'l/.. when the pro.xy is appointed for more than 
 mip lueeliiiti; or for a year, a l().t. stamp must be impressed. As a 
 |iiii.\y paper liearing a \d. stamp is available for one meeting only. 
 it folicHs tlia! if there lie two meetings held on the same dav tsee 
 Kiiiiii ir,8 : lliere must be tw<i instruments of pro.xy. 
 
 Where an ailliesive stamp is used, the i iimmoii postage and inland 
 re\«mui siaiiip is of the right description. An iiupre.s.sed stamp is 
 inuoh til lie preferred to au adhesive stamp; for if the former is 
 n>ed. the dixument has merely to be signed, but if an adhesive 
 ^t.■ll^|l is used, there is coiisi<lerable danger that it will not be properly 
 lanwjUed, and in such ease tho iustrumout is void, and any iM-rson 
 siteiuptiiig to vote under it is liable to a heavy penalty. 
 
 In order lo cancel the adheaive stamp, tho jwrsoii signing the 
 InMrumeiii should write /iw tmnu> or initioli on. or ncntHn thi- -itiimp. 
 •iiiil pul the trite date of dgiMture on the stamp. Tho stamji will 
 uut avail iiiiles^ he dijes this, "or otherwise effectively cancels the 
 «t-tinp, iuid renders the same incapable of beiug used for any other 
 
 1: I : 
 
 t 1 
 
 »»• --^•- * 
 
854 
 
 AiniCI,F>i OK A.SSOL'IATION. [( 'llAI'. IX 
 
 iii.-ti(iinpiil 01- fill aiiv |iostul piirpiB«i.'' It is sulcr. Iiut nii: i'>M;iiiJal 
 li> put tlio initiiils aixl dale. So(> Mi Mullen v. Sir AlfrrH llli-h„u,', 
 Stciinisltiii. 71 L. .1. ell. 7.'>."i. A lufrocioss or mark woiilil nm renilir 
 tlio stamp incapable of bciiifi: usoJ, I'l/.. for a ivcoipi 
 
 III many rases the iiisti'uniciit coinludos: '• As witness mv IuukI iIh, 
 (lay of ." and the slumi> is fixed helow and the sicrnatuiv 
 
 written across it. The case lastly cited ;|io\vs that this is an rll'nctiTo 
 cancellation. Sec sect. H of the Stamp Ai-t, IKill. 
 
 Upon important occasions the directors or some of the nicriilHi- 
 sometimes send out staniiHjd jiroxy pajiers to the sliareiicililcrs t.i 
 niguatunv In such ise the documents ouiflit to \m -tiiininil wiili 
 imjiressed stamps if possible, otherwise ailiiesive stamps slimilil 1,. 
 affixed and precise directions as to the mode of si-jnini;- ili(> panri- 
 and fiiiirelli)t() the si, imp .should be printeil in the margin, cji 
 Please si^^n your nam<' at the foot of the jiroxy, aiid alsc, pni mhh 
 initials and the date on tlie .stamp.'' 
 
 The propriety of |)ayinfr out of th(! company's funds f,,i- siiiiiiiiiii;; 
 and issuinir .sucli |)ro.\ies was tor ii lon^r time in ijueslion.* Imi in 
 
 "/'I"" 
 
 ihv \ui. ,,r.i„. 
 
 th,^ 
 
 ..',',■./„.' , 
 
 • Tl„' h.lli.i,:,,;! „.,lr 
 
 •'Sm. St,i:l,l)rl V. (l,i,si-rmii. :i3 ('. I). .i2H, in wliicli Kiiy, .1.. luld ilim it w.i- 
 
 •illrii ii,f< for till- (lirpitorn to apply llic iii y cif tlii' ci)inp;iny hi iiayiiif tin 
 
 costs of Hciidinir out of duly stamped proxy paiMTi with tlic iiaiinw of tlio 
 dirwtnrs inserted as proxies, and the views expressed l,y the le.Tnid j'.iilc<> 
 
 would jioint to the eonelusion that It is iillrn riiea to pay out of the i i|i,niy. 
 
 funds such expenses in any i>ase, or the expense of sendinr ""t einulars i xplain- 
 iug the position and urKini; nieniliers to vote in a parte .ilar manner, lint ii 
 seems (juestiiinalile whether this application of the do.triiie of nlli- /.. .. can !»■ 
 -upported. .No doulit tlie .' "ts do not expressly authorize the payment of surh 
 expenses out of the funds ... the company, hut the doetrine of iil/rn i-ini Is to Ijr 
 reasoniilily and not unreasonalily understood and applied; and whatever maj 
 fairly lie retrarded as ineldental or eonse piential ujion those thinjjs wliieli tin- 
 l.ejfislature has authorized 0,11,'lit not (unless expressly p-ohiliilej) t.i lie lulil 
 liy judieial eonstruetioiis to lie •illic r-o. I'er I^ird Selliorne, L. {'.. /• .-'/.. 
 \. '•'. I'.. Ittn'. Cn., .") App. ('as. 47H. It sei'ins to lie fairly irieid.nfi! t.i the 
 liuslness of a eompniiy to fake steps to profure the presenee at a !."'iieral iiii't- 
 iii(f of a i)uonim. and to Induie alisent shareholders to attend and \ote hy pmxT. 
 at any rate, when the directors urtinjr in (food faith consider that it i< di sirahle in 
 the intiri'-ts of the eoinpany, r.i/.. when they know <ir have reason In anti. ipate 
 that some motion iKlverse to the eonipauy's interests is to lie liroiiu'ht fnrwiril: 
 and shareholders are so supine that in many eases they will not vote if they 
 have to pay the expen-e of stanipiiif; and returiiinir a proxy. It is njiic .inil tisi, 
 that it Is within the powrTs of the eoinpany. u'tinir by its director^. In present to 
 the shareholders from time to time, liy means .if eireular lelt r- ir oili rvvi-e. 
 sneh intormation a.s the shareholders may reasonalily re|iiire to enalile th. in to 
 form a judgment as to how they should vote upon the matters to lie suliiaitti'd 
 litlier In person or liy proxy. The diroetors are the trusted a-rents of tlie nmi- 
 jianv. and it is their duty to conduct the liuslness in the interests of the r.>in|ianT. 
 nni' innnmneh as the control is vested In general mectimrs. it seems to lie «n 
 
MISCELLANEOUS NOTES. 
 
 r.,1 <.. L d S- W. Hail. Co.. 'l!»i)7i 1 (;li. .;, the Com! of Appciil 
 IihIiIhI oiNcrriilinji' Shidilcrt \. (iiiixcfiioi . iiilrn) tliiil rliwcloi- 
 ii.iiiii; i" t.''"J'' tiii'l' '» '''6 interests of tlu' lonipaiiv uiav do ulial 
 ilitv (orciiloi' roiiuisile to got tlio iii«ml)('r< to vnto for or iigainsi n 
 ii.iiiitiilui nwolutioii, and lor tli.'it |mi'posi> miiy send out stainpoil 
 iiimw iVirnis. iiiul j)ay tor iheni out of tlio liind> nt the i-onipiuiv. 
 
 A •.liiiK'lioliU'f inav appoint sovcral persons allt>ri)iitiv(>ly as iiis 
 1,1 AV (• (/ A., tiiilinfr liiin 11 , mid tailing iiini (' " 
 
 All pidw piipors 'juglit lo 1)0 IHU-Ci'vod hy tlio din-clois liv l)oinj: 
 i,;i>ii'l ill ;i lioiik with a projicr index. 
 
 r „ii» ipiiu'iwiso providtMl. a sliuioliiildi'i may vote poiscinallv al 
 .1 |i(.|l. ili"ii-li III' was not p' al llic iiiootiiin' at wliicli the |)oll wa-- 
 
 .|.iii;niii''il II a isharclioli • poisonally on any (piostion. aiiv 
 
 >ii.i>t'i|ia'iil volo on lliat (p' i n a proxy is void. A Nhurplioldor 
 
 iii,i\ icvnko the a|)poiiitmoni . a jnoxy at any liiiK-; Iml a voto }rivon 
 li', ilii' |iro.\y lioforo llio revocation readies the company or the pro.w 
 will 111' valid. In ia.so of revofaliuii. Iho sharelioldor ought lieforp 
 ilir iiu'ctiiii; 10 wri(<' to the company giving iiotir'c that lie has revoked 
 ilii' .i|i|i(iiiilin<'iit. If he attends poisimally at a meeting, ho ran hand 
 III iiipiin' (if the revoiatioii to ihe I'hairinan. SometiinoM the instrn- 
 iiii'iii is .'-II flamed tlial jiersonal atleiulanre hy the appointor invali- 
 ilaii'- it ('.//. whore i( says ' in mt/ olmeiii-i' to attend and vote." i\.i-. 
 T'l i|ipfiiMt a .seeond proxy vnnld seem in lie an implied revocation 
 of ijn' tirst. 
 
 Adjournment. 
 
 8Sft 
 
 s i 
 
 Till ii'<;iilalions generally empoHoi the ehuiiinaii to adjoiini a AdjonmnipM . 
 ^iiiiTiil iiii'oiing with the sanction theronf. and very oonimonlv )iio- 
 vilr iliai no pull shall he doiiiaiidi'il upon a ipiestion of ad joiirnnienl. 
 Ill iliiii it a pull is demanded upon miy cpiestion of ad joiirnmenl. it 
 >liiill 111' taken at the meotiiig nud without adjiiiirnmeiit. In the 
 iilwiMi' (if any such provision it would seem that a poll niav lie 
 il('iiiiiii(ieil (III the i(iiostion. and should lie taken then ami there. 
 I li,ll,,h,l,,,i Irnn (o.,'2'M'. I). l.')!l. See p. 702. Iiile.ss the arlides 
 iiiliinvi.-e provide, no notice need lie given of an adjourned iiieoring, 
 1(11 .1- ii';;aiils iiiitiio an adjourned iiKVliiig is n (•ontimiation of the 
 "ii;;iii.il meeting; liuf no business can lie transacted at an ail jmiriied 
 
 iiii|i.irt;iiit [lart of that duty to warn nlmreliuldt'i-s aifaiimt olijcitidiialilc sclicnii's, 
 lit "mltm.Hir t<i sp. urc, liy tlio ixsuo of proxy t'orni.-*, tliat ^U(■ll vliciiics shall not 
 l*(»rriid by a i liaiire niajiirity. Kay. J., appeared to think that the direptor" 
 
 "' Id 'III tiicse t!iiii);,s at thoir own cxpensi". Imt thiirc arc iiui a few coiiipaiiii's 
 
 «iili i.lHIII or 1(1,000 KharchoMcrs. and it swins iiiircasniiablc to impiisc kucIi a 
 li'inli'ii (HI the directors." 
 
 Tlic (li'iisiiiti ill I'frl V. /.. 4f A". «'. Hoi'. I',,., .n/,i>i. nhows that thooe observa- 
 li'.ii" wcri' well founded. 
 
 - I 
 
856 
 
 AKTICLKS OK ASSOCIATION. [Oil At'. \\ 
 
 iiH'efiiiji ollifr thuii iJic liusiiiosw lor wlikli rlio original ineuiin.. « ,s 
 .■onvonwl. S<H' p. H)2. Where u meolinfi i-" adjourni-d, iiiiil m iZ 
 a(ljourm><l um'tinfj: u j)oll is doiuunded, the question f^omelimo^ ari«,., 
 whether a (lau.s*' rtMjuiriufr »Jie <lepfwit of tho instrumoiil .,| jnoxi 
 bt'loro th«' iiK-etiii}; i,st'o clauso lJ6 of Tabl.' A.) is satisli.'.l l,» ,|„. 
 •lejioMit beintr niude Ix^fore the adjourned meeting. It would «.,.„, 
 that it iH HO watisfiwl unlew< the clause expressly provides ,.. ti„. 
 ♦•ontrarv. 
 
 If n- 
 
ItlVIIIKMIS AN1> PROHT8. 
 
 Hfl" 
 
 1; 
 
 DIVIDENDS AND PROFITS. 
 
 Tilt' Idllouiii;.' ii'<' 'li'' ]iriiiri|i.il iii>e^ illiisiiiiliu;; ( lii^loiirally) tlio Le«diuK 
 ili^i'l iimicnl I'f iIk' I'I iniiplc* ^ovcrniiiu luulits and diviilond.s: 
 
 ,1 
 
 Burnes V. Pennell, :! II. I. (' .">2.') i l«4!ti. 
 
 //,,■..„, iif l.iird Oiiii|)bcll, ly. <'., tliiit dividends are rtiippusod to lii' paid out 
 ,,l i.roliH I'lily, !tii<l tliiit whpro dirwtors order ii dividend l<i any uiven ainuiint, 
 «iili(iiit expressly sayinjf w). that impliedly deelares to the world that tin: 
 i..m|Miiy U.n made |)rolits which justify sueh a dividend. If mi Hueh prolitii 
 liitM.' tieeii tiiade, and the dividend is lo be paid out of the capital of the concern, 
 ;i :rr"ss t'r.nul hiW hcM-n practised, and th(! directors are not only civilly liahlo 
 tM i1i"-l' wheni they have dcccivcil anil injured, liut. in my opinion, they arc 
 •,'inltv ef a loiispiracy for which they are liahle to In- prosecuttsi and 
 j)Utiisliod. 
 
 ,2 Regina v. Esdaile and others, I K. A- K. 2ia (_1h.">8V 
 
 111 I riniiiial jirocccdin),'s against the directors of the lioyal Itritisli Bank, for 
 ii)ii^|tiraiy t4) defraud by false rcjiresentations of solvency, it waa held, that 
 till' ilci liinitinn of a dividend out of pretended profits was fraudulent, and that 
 it ilie (lifciiilants knew that debts hopelessly bad were included in the balunce- 
 jhtyt as iwscts, without any correspondinff reserve, this would be i.'videnoe that 
 the halaiiic-shwt was fraudulent: also, that evidence that the defeudauls 
 liiuw the true state of utfairs wou, . suffice to show that the bouk.i, representing 
 otiiirwise, were false to their knowledge; and that, in that rase, though the 
 lialioiic-slicet truly represented the 'i(i«/.«. it wiiulil be fraiululent. .Ml the 
 def''iiilaitt> were found ^uiltv. and sentenc<'d. 
 
 (3 Macdougall v. Jersey Imperial Hotel Co., 2 H. iV: M :>'2S 
 ^ \H(H), ill which Pa'ro-W I. V.-(".. .said: 
 
 ■ The liill avers that there 'ire mi /unlit.', and that interest has been paid, 
 iir is ahiiut 111 be paid, out of i apital ; that the shareholders have paid I/, per 
 sh«re, anil are discharired to th.il extent, and that they are now about to take 
 bmk suni- c pial to ")/. per cenr. of that very ca)>ital in the uhape of interest. 
 On irriiumls nf public policy, and on every principle not only of honesty an 
 retraril- the public generally, but of the interests of this company itself, J feel 
 IkmmkI til prevent this proceedin).'. This is not in aeisirdanee with the contract, 
 entered into with the Lejrislature on behalf of the public, whereby it was 
 di'icrmiiHsl that the shareholders should be liable t« a certain defined amount, 
 ami nil iiiiire. to the ert-ditors of the company, and not in accordance with the 
 mntraci liitween the parties whereby each shareholder waa protected against 
 ■ rislitnri til the extent of the eontributive liability of all the others." 
 
 '♦• Stringer's case, I eh. 17.5 (KSfi'.ti. 
 
 In this la-e the company was cn^faifisl in liazardmis trade, namely for runnlnsr 
 t'li' I'liiekade during the civil war in .\raerica. .\ balance-sheet and profit 
 
858 
 
 AKTICLK8 OK A8St)CIATIO\. f( 'haI'. IX 
 
 and-l<!« iipponnt wen- madi- out uml u <livi<l<Mi.l p.iid on Hip lin«i< nf tlir proHu 
 
 disflo-^wl tlicreby. It w.i- held that tlir Imlun -.hw.t was i,nl tu Iip ivMrd,,! 
 
 as delu-ivc and fraiidiil..|it ninvly Ix'iaiHC an .•stiiiiated value wa-i put up",,, ,1', 
 anxt-, whicl] Kvvf iIkmi in jnipardy and wpio sulne:|U<.ntly lo-f, providwl th,t 
 tliP facts fairly app.aicd on tlip l>al»n,-,.-s|,..,.| and that the l,alan..p.s|„.,.t f.irlv 
 rrprc-^pntol proHt^. " I .|uitc afficp." »aid S..|»yu. h. J., in that ca-,-, -'„■„], 
 tiip arfrunipnt which h:.> h.-on address,..! to ns l.y the official liipiiilat.ir to flii- 
 
 pxtcnt. that the Act whi.h fers on these eonipanies tliP jirivllpiip „f |i„|i,„J 
 
 lial.ility, imposes njion them at the same tin rtain conditions which tli.-y 
 
 are hound to ohscTve. and whiih may he lonsidered a,s the pri. c „f ti,,', 
 privilet'e, and if it is made to appear that f.)r tli.. purposes of fra.:,l „r f,„- 
 any other iniprojier nn>tive a lompany has declared and paid n wholly dclusi,,. 
 and impiopei dividend, anil has thcTchy. in etfect, taken away from its , rcilifoi. 
 a [jortion of the c.,i,ital -.vhich was a\ailal>le for the debts of those crnlitors I 
 entprtain no douht mat the Court would have full jurisdicti.m and k,»M 
 exercise it by orderin(r ilu' repayment of the monc^y so improperly piiil " 
 
 (5 1 Mills V. Northern Railway of Buenos Ayres Company, :, i h 
 
 • il'l I.S7(»i. 
 
 In this case it was held that a simple contract creditor of a lonipuiiv i\.i, not 
 entitled to restrain the i-ompany fnnn di'alinfr with their assets as tiny plcas„|. 
 on tho pround that tiny were diminishing ilie funds for payment of hi. dclit. 
 And see r„.,;iii v. I.'r'i.it. (ISflli •_> Cli. "S. 
 
 (6) 
 
 Ranee's case, tl Cli. I04 i 1S7I) 
 
 In this case the direi'tors of a marine insurance company di-clared a li.inu- ..i 
 10s. per share which was ajfriwl to at a jrcncTal nu'etiufr and paid Tli,. 
 directors in declaring' this bonus prcpare<l no profit-nnd-loss account, hut only 
 an neeount of rp<pipts and payments of the company, which made no allow,iii.r 
 for the risks to which the company was liable. A director who was party tu 
 this transaction was held liable to repay the biu'us paid to him. .lames, |.. ,| . 
 in this case Baid: "Was there any attemp* to make a balance-sheet or :,ny 
 proHt-and-loss account in su<'li a way as any mercaotile body and certainly 
 any insurance company ou^fht to have doney To tike the money wliirh the 
 company had received to answer risks and to treat it as money capabli. nt heinir 
 divided as profits without ni.ikinjr any |.stimafi. of what the risks were in rcspc.t 
 of which the money wa- pai<l s«.ems to nn' to be the most extravagant prnc-isliii;.' 
 that 1 ever heard of. The directors simply had bcforp thera tho cash halance 
 of the receipts and payments, and without makinj; the slightest pmvision in 
 that acecMint for anythiuff wlie.t(.vi.r. they procecHi out of that balance to .led ire 
 this bonus. I quite ajrri.e that it would have been different if there hail Iiicm. 
 
 there ouirht to have Iwen in the ordinary course of business, a halanci.-s| t 
 
 •'■ /ir/f made out with proper assistance, so as to ascertain the true state nf 
 the company. If the. directors had followed the direeticms of the Il2tli article 
 of their own deed, and if at the first ordinary ffeneral meetiiii; tlay had laid 
 before the iHunpany a re|)ort comprising' a lialani.e-shi.et showiuir as arc ar:iti-ly 
 us eireumstanies would permit the tinancial position of the eoni|iany u|i to that 
 date: if that had bc.en done. I am of opinion that it would not he riu'ht for 
 this ('(mrt to sit as a Court of .Vj p(..il to dciide upon such a state of la- ts 1. 
 made out. If thi. directors, by pla iiiir unfounded relianci. upon the rcpre~cntii- 
 tions of their servants or actuaries, had arrived at the conclusion that tlay li:id 
 matic a divisible profit, this ('ourt ontrht not. I say, to sit as a Court of .Vpihal 
 from that conclusion, althouffh it mi)fht afterwards be satisfactorily pre\id 
 
I)IVII)KNI»S AMI PK0FIT8. 
 
 8At> 
 
 rijit tliiT'' »'■"' *''fy (f''"* <'rr<ir.< in tlii' iiii'iiiiiit' wliirli wiiiild not Imvc mciiriiil 
 ,f fht'V Ii3'l '""**" nindf "lit with ifri'Jiti-r -^trii'ttifw nr with nnn-r Mrnitini-tiiii.'' 
 , trf Ihit nn ''iifh acrnunt at all was miuh' out. A mere cuHh aci-mint or 
 1 3|;uiri'-''IiiH't ill siii-h a I'iiinpaiiy an tliin. jiro-rt'iitiHl in order to di'tiTiniiio wln-thiT 
 iliiri' li;i<i I"'''" " profit mad*' and for the (inriwiso of dt'clariii^ a bonus th('ri<<>n, 
 M 111 iiiv mind, within the inoanin).' of St,iiuir,'» rt.si | 4 |, a frauiltilont atid 
 ,i,.lii-ivc' h.iliiiMi'-<hoct. It purported to show sonii'thin);. iis was said in th;il 
 ,,i,c, wliicli .iiiy man wr.o appliiil his mind to tin' (<iihj«t would say. nlfordi'il 
 II,. iliif wliittcv'T to till' orofit which Inid lii'i'ii inadi'." 
 
 7 Re Ebbw Vale Co., 1 < I). m27 i In77i 
 
 III tlii« iMsc till' property of the rompany consistwl of niiMii'roiis iron and loal 
 mint'-. Till' pr.ipcrty had liren l:ir;;i'Iy drprrriated throuirh the threat fall wliii'h 
 iiiui taki'ii piai-o in the valui* of iron and I'oal. and l''ry, {).{'. (afterwards L. ,l,j, 
 i.aiiii).' 'I*'*'-"'' '''•'' •'"' loinpaiiy eouiil nut pay any further ili\ldi'nds without 
 ^.ritiii;:: elf ti'e lo-is. a spe.-i.-ij re-ioliition was passed redm-inL' the lapital liy 
 «iitinL' down the diar-'s from 3'J/. to 'J3/.. and thus eaneellinir '.I', per sharf> 
 jiiiil-iip e:ipit:il. lessel. .\l . U.. held, that he had no power under the Coni- 
 |raiiie-i Alt. IS(i7. to sanetion the lediietion. Aeeordin^rly upplieation was made 
 1.1 Parliament to confer the reipiisite power, and in due eoiT.se the Companiifi 
 \i't. InTT. was passed, and shortl\- afterw.irds. the eonipany liaxint; passed the 
 n'|ui!-iti' special resolution, the proposed reduction was atjaiii snlimitted to 
 .li'.sci, .M. li.. who made an order, sayinir. "that this was a matter which wis 
 MW very properly left in the discretion of the eonipany which mi({lit desire to 
 ri>duce its capital liy writin); otf losses. The [Hiwer was extremely lienefii iai. 
 iiiiisniuili as it enabled the company to diclaie dividends where, lint for ihe 
 l«i\n'r. nil dividend would be possible." '/'/wc. '.Jllth .Ian. IS7S. But the 
 -i'iiri(liii'-s of tlic decision of .Ii'ssel. M. {{.. in Khhn- Vulf f'o. has been doubted. 
 
 i ti,' 
 
 8 Re National Funds Assurance Co., liM. I) IIKiIH7hi 
 
 Tlic articles provided that the directors, with the sanction of a freneral 
 iiiiitliiu', laiirlit pay interest at the rate of ;j per eenl. per annun. on the paid-iij> 
 mpii i 111' the eonipany, but that no dividend should be paiil except out of 
 protil-. The coiiip.uiy issuiil share warranti purporting' to conl'er on the 
 liiililcrs llii' riu'lit to interest at .> per cent, per annum. 'I'hi' company never 
 made iiiiy piulif-. and the interest on rh" warrants was rroni time to tinii' puid 
 iiut of capital. \..!li the sanction of (.'eiicral mcelint's. Ilclil, that the dircctiirs 
 were jeinty and severally liable to make piod the amount. 
 
 li— 1. M. I!., said, that a limited company trades u)ion the representation 
 111 it. I" iif a limited company, with a piid-up capital to meet ics liabilities. 
 It is wli.iUy inconsistent with that represi'ntalioii that the company, havinjf its 
 nipilil paid up. sliiiiild pay it back to its sluireholders and irive its i.reditors 
 ii.itliinL' at all. See (18). 
 
 9 Davison V. Gillies, 1(1 ('. I). .147. n i I.SNii 
 
 riii' was .1 ia~e of a tramway eonipany. The articles providi'il that no divi- 
 dinil should be paid except out of |irotits of the .'onipany. The cimipany had 
 alliiwej its lines to irct out of repair, so that it would re!|uire HO.(H!!!.'. to •nif. 
 tlii'iii in repair. The company declared a dividend, but it was held by .lessel. 
 M K.. that the dividend was i'//,n c.e.. inasmuch us there eonid be no proHt» 
 until proper pn.vi.l,,,, hmi i,,,,.,, i,,,,,],. for the ri'pairs. 
 
 ^MTW 
 
660 
 
 AKIIfl.ES l>K A««<W;1AT10N. 
 
 ^'n^^-. IX. 
 
 (10 1 Dent V. London TramwayH Co., Di ( I) .\u i inho. 
 
 Thin i-rt"!' icliitol t(i tlie Slim iiiiimiiy. 'I'liv rmii|iuiiy liiiil iiouiMt |ir. fin nn. 
 
 hliares ciititlrd in iliviilciiil out nf tlii' (inilitu of nuh yi'ar. It w;n ..ii|i|»,„.,| 
 that till' liint-iiii'iitiiiiii'd ili'risiim |ir<'i'liiilril it fnmi payin); tlir ilividi'iiil ili.riini 
 until tlic 1 ciirciiiitioii «.i. niihli- (jinnl : Imt .Ii'^kiI, M . U., )w\i\. tliit in.i.iiiu h 
 as »hi' liiilili'rs wiTr I'lititli'il to hi' piiiil tlirir ilividi'iiil out of tlii' |iriilit> ,,( .i,, (, 
 yi'iir, tlii'V wrri' cntitlpil to lir p, iil without ro^ranl to past ili-pniiiitinii 
 
 (111 
 
 Alexandra Palace Co.. 21 ( . I) l.'i!) « Inh2' 
 
 JvMiel, M. R. 
 
 ^fe^ 
 
 111 this I iisi'ctiiiili-iiils oil |irrf<'r<'iii (' sliiirt's iiiid liitii paid during loiistrin tii.n: 
 it was I'oiitriidf'il " that thp dividviids wiri' not (laid out of rapital: ami ii ;, 
 <|uiti' proper to di'liit to rapitul aiiuuiit tlif intiicst on rapital i'X|H'iuh'<l im 
 work>, such IIS hiiildings. so loii^' as they are iinproiliiitivo diirinj; the pirii«l ..f 
 (■onstriiition." Iliil Kry, J., rifirriii|ir to this i-ontnitioii, said thiit iouiis.1 ■■ In,. 
 very iiiitcnioiisly arifuid lliat this was really a |iayiurnt out of proKts m,,. ai 
 
 loast, I understisul his artruiiiciit). hccausc, he says, you are entitled t( input.. 
 
 interest on the money you lay out before it lieiiuiies reiuunenitive, .mil In trrat 
 that interest as profit, and divide it aecordinKly anion^ the Hharehiililei>. I 
 eaniiot yield to that arjfiiment." .\iiil aiiordinjfly tlii> diri'itors were held jiiimiv 
 and svvorally liable to make ^'ood the amount. 
 
 I'"ry, .1., ieferr!n)f to the passa^je from the juilifinent of l'a!{e-\Vood, alinn- .1,, 
 paid: " In my view, that lays down the law with perfect proiision, and I tliink 
 uo .subterfuge by which it i.s attempted to return capital to sharelioldcrs. uml 
 
 thereby to diniiniith their liability, oujtht lo be countenanced for one i r 
 
 by this Court. J eonfeaa it was with some »urpri»e that 1 heard the ari;iiiuciit 
 addressed to mi.' at the bar that the direetom were at liberty to pay this iiidihv 
 out of capital, because ntherwi.su they eould not carry on their undprlikini.'." 
 But see now as to payment of interest nut of capital during cnnstrnctio!). Cdju- 
 panies .\ct. 190H. s. !tl. 
 
 (12) 
 
 Flitcroit's case, 21 C. I) .519 (July, l8H2i. 
 
 In this case the ilireetorw of the company for several years presentisi in 
 gouerel meetings of shareholders rejiorts and balance-sheets, in which vari'HK 
 debts known by the directors t i be bad were entered 08 assets, so that :iii 
 ajiparcnt profit was shown, though in fact there was none. The sh.ireholHci's. 
 relyinjf on these documents, passed resolutions deelarins dividends, which fhc 
 directors aeeordingly paid. 
 
 Held, in le windiii|;-up. that the director- who paid the di\idenil- were 
 jointly and severally liable for thi^ amount. 
 
 " .\ limited eomiiany. by its inemoiaiidum of association, dcchires tliMt it. 
 capital is to be applied for the purposes of the business. It cannot reilinr it- 
 capital eieept in the manner and with the safeffiiards provided by statute, ami. 
 looking at the Act. 40 & 41 Viet. c. 'Jli | the Companies .Act, 1877]. il rlmrly 
 it agaifut the iiileiitioii uf the I.'ij't^hil lire lliiil any jiortion of the miiiliit xlirmhl 
 bfi returned to the nhat-fhnl'ffi-i n-ithfu't thp ntitiutory conditions biinij Oifn/tliett 
 Willi. \ limited lompany laiinot. in any other way. make a return of ca|iital: 
 the sanetion of a general meeting can give no validity to such a pMcccdiiii;. 
 and even the sanctiiui of every shareholder cannot bring within the powers of a 
 company an act whi;-h i- nor within ii< powers. If. thcrcfiin', the .iharrhoWi-r- 
 hail all been present at the meetings, and had known all the facts, iiiil luil 
 all eoncurri'd in declarinir the dividends, the pnymcnt of the dividends wmilil 
 not be effectuilllv sanctioned.'" 
 
 "v*1»»»l>*-.= '"l^ 
 
mVII»KNI»S VNIl I'KOKITK. 
 
 861 
 
 1 13 > Guinnesa v. Land Corporation oi Ireland, J2 ( 
 
 I) .'El'.i 
 
 TliP «rti(l« of aawwiatiiin |>ru\iili><l that a |H)rliiiii of tlu' iiipitul »lii)uld l>c 
 a|i|,li«l ill (iiTinif ilivicli-nil on mif rin" of iliiin^. Meld, that thi-i *»- u'l.'i 
 
 Cliitty, .1.. ill lli»t (MHC ■•iiid; ■ Tli iiilititiim of till- iiKinoraiutiiiii urn iii>l 
 
 iiier.' pupiT conilitioiK. Tlioy iirr iiilcriili'il In l>, 0|iiTatl\i', ami it wnulil lir a 
 luii-t rciimrkalili' thini; if the Act of Piirliainriil wliicli alluwt nicailii-ri ti> limit 
 tlicir liability liy [layirii.' a »»in of iiioiii'v to f.inii tlio cui.ilal. ^Iimild allow lliow 
 -anil- ptr.-.<jii3 llif nt'\t day to P'ci'ivr haik tluir lapital in any "liapo. ... It 
 »,'iilil li" a "traiitrc ( iin-triiclion of tln' Ait of l'»iliann'iil if liy any of tin' 
 iiiiiinal rii-'ulationn of tin' ioni|iany it would iir i iini|i<-t('iit to tlic company to 
 rt'turn any part of the rapital to the i|iari'holdiT«; hrcanii' tin' Act of 1HI17 
 .iiiitaiii- clalvirat" and carcfnlly-rrannd pro\i«ioiii under which thi' capit.il 
 raiiy I'll rodui'cd, and it »ocm- to nn' an cxtravaii-nnt propo'<ition to say tli.)i 
 tliat roliiti- only to the nominal capital, anil not to the actually aiilwcrilicil 
 
 .:l|iit;il." 
 
 Till' cl.ii-ioTi wai aflirmcd by il i onrt ol' \ppcal, Cotlun, L. J., iaying; Cotton, L. ■\. 
 'flint which i- dcacrihcd in the memorandum a-i the capital cannot be diverted 
 from the objects of tlio S'xioty. It U, of course, liable to lio spent or lost in 
 i.irryiiii,' on lliu biwiiicsi) of the company, b'tl no pnit of it C'ln b» refurnat lo n 
 ,,i,„ih.i, <o nn to ttilif nway from thn fund lo vh'irh Iho rrnfitom hnrn a rii/ht lo 
 hnl- nM thnt o'lf nf whirl fhi*y nrr to /»*» jynnf'* 
 
 il4' Re Oxford Building Society, o") c I) .")SJ , iksh) 
 
 Tlii- iiinicrn advanced money to liiiilderK on uiorlirit^es, pavahli' hy in.ntal- 
 iut'iit<, anil the ilirpctorn treated as part of the protit.i livailahlp for dividend the 
 valii" for the time bcinL', upon estimate ma<lo by fhuir surveyor, who was also 
 llii'ir BciTclary, of tlio instulnieiitH of principal and interest, and upon this 
 foiitiiiL' the directors j lid dividend for several y'"ars. The irticlcs providiil 
 til It nil iliiidend -.liould be payable «'xr'ei)t out of reali/.ed protiis. Held, that 
 ro.ilizi'il profits mrrint profits tansjililo for the purposes of division as eontrnsfed 
 witli c^tiiiiat i proHts, and the directors «ere jolntlv and severally liable to 
 tii;ike iri>o<l the aniountis neeordinvfly. 
 
 (15 
 
 Trevor v. Whitworth. \-l \\\\\. v-.i-^. titii 
 
 riic irtiilc^ loiifaitioil express power for the coiupany to pun base its own 
 ■liip-. Held, by the Court of .\ppeal to bo a valid power free from all nbjec- 
 lii'i-. Held, by the Ifoiise of l^rds to bo "lln' ciic*. 
 
 I'lfsuiis doa!in« with the company have a riirht to rely, and were intended Lord Her- 
 liy tlie hi'ifislature to have a rii?ht to rely, on the capital reinaininif nndiniin- "•''f"- L. C. 
 ishcsl by any oxjM?nditure outride these limit*, or by the return of any part of 
 It t'l tlic aharcliolile-s. Kxperienie appears to have shown that circumsfanci.'S 
 iiiik'lif 111-1 ur in which a roduction would be exiu'dient. AccordinRly. hy the .\ct 
 'if lit)", iirovision was made enablini,' ti company, under strictly defined cotidi- 
 imns, lo rixluoi' its eapital. N'othinff can be stronger than these carefuUy- 
 wiinli'd previsions t'.i .show how inconsistent wifb the very cnnsfituti.in .)f ^ jr-:;!- 
 i-tiKk coinpaiiy, with limitwl liability, the riu'ht to reduce its capital w.in 
 I'liisiilcri'd to be." Per Lord Ilerschell. 
 
 ■Tlic .\pt of I.S77, ui>on th.' preamble tb.ii doiil.fs have Imh-h entertained Lord Wdtson. 
 
 T^s^^^TimmK wr-yTi 
 
Hb2 
 
 AUTICLi'X iiK AHHOCIATKlN. [('llAI'. I.\. 
 
 U>nl Mac- 
 
 tl 
 
 wlii'tlicr the |niwir nf ri'<liirti<iii niti'ii liy tlie pre ■ciliiii; Ait t-xti'n<l>'J i,, iijiii.,,., 
 >-a|)ital, rnai't' (wit. 3) tluit the wiini ' nipitnl ' in u-.>J in that Ait «luil 
 ini'ludo paiil-iip rapitnl. That di-cliiraliuii iluarly «x|iriui<i-i thi' will of eli< 
 l<P){i!<hitiiri', that iieithi-r thu puiil-U|i nor tlir miniinui rapital iihall lir tpiIikmI 
 iithcrwiM' than in thu inunnvr pcrniiited l>y tlii' Htatutrs. . . . IVrwuit vUmiLii 
 Hith and u'wt- indit tu u liniiii'l ronipuiiy nBtiirully nly upon the fuit lli.it tl» 
 riinipaiiy i-i tro^lini; with u cortain aniiinnt of oipit.-il ujri'aity paid, at wril .1. 
 
 upon t!» Mumihility of itn nionilHT.'i fur !l apital ri'inainiin; at r-ull, .nul 
 
 thry Tl ';'il to aiinmi" that no part of the rapitnl whi'h has hi'i>n p,iii| Inf.. 
 
 th*" roffcr of the loiiipany hn.H hi'on inlHi- piuntly paid nut I'Xi ipt in tin' li-jn, 
 niat4- roiir7*i> of it>4 liti.iini'i^." I'lT Lord \Vatrti>n. 
 
 • I'aynii'nt of capital to any oni' ihari'holdi-r i* just an nui'h a riilm tioii nf 
 rjipital, and jn-^t art drtrinn'ntal to thr intrrrit;* of iTi'ditorH, a* tin* pnviih'ut nf 
 tho samr anionnt anioni; all the Mhariholdi'm. It ii n»ni' tin- U-n n paviu>iit nf 
 of capital within tlip mianin;^ of the .\rt of lHfi7. a-t cxplainrd 'ly tlii\ Aft d 
 1H77." I'er l.on' Mai naifhtvn. 
 
 1 16 Leeds Estate, &c. v. Shepherd, 'Hi ( '. I) 7K7 ( Ihk: 1 
 
 The articles providrd that no dividi'nds ^alioiild lii' paynldi-, exrrpt out of priitii- 
 arifinff from tlii" hnsim-sH of the company. 
 
 No proHtM were ever made, but dividends were paid for many yearn at the rat. 
 of live per cent. Tlie l»alanre--*heet-i on which dividends were diMl:ir>tl miti 
 prepared, not liy the director.-* hut liy the manager. They were dchisve. am! 
 over-CHtijnated the ai*!«e(s, and were framed with a view of 8liowin>; a protii 
 available for dividend. Tin' auditor never looked at the artioloi, hut .iiTiptiil 
 tho xtatcnn'nt of the niana^'er, and eertitied from tinn' to lime the aciMuats win' 
 true copies of those »hown in the hooks. The dire-tors did not know th.^ tnii 
 Btato of alfaira, or that the halancc-Kheet* were delasivc; they ncier cxitiImiI 
 any judgment with reforeneo to the a"euunts, but relied on thi" manaiicr anil 
 auditor. HeUI, that the dire/tors were jointly and Mtiverally liable, ib-lil uImi. 
 that the duly of tic auditor, after auditing; the aecuunts, was nut nunly t" 
 verify the arithmetical aeeuracy of the balance-shi's't, hut to ini|uire into il- 
 itubstantial accuracy, and to a.i'ertain that it containi>d the particulars >pci'itiiil 
 in tho articles and was proi>erly drawn up, so as to contain a true and cirrc t 
 rei>resciitatiun of the state of the company's atfuirs, and that he thircfon' hail 
 been guilty of misfe:isanee and was liable accordingly. 
 
 l,17> Lee v. Neuchatel Asphalte Co., H ( [). 1 (^188!i) 
 Si'u iufni. i> 81)11. 
 
 The company had a mining concession which was running out, but there »n> 
 no evidence that iti assets were of less value than they were when the 1 oiupany 
 bou);ht ita undertaking'. Held, that it was at liberty to divide the luruni' . 
 and under no obligation to make provision for depreciation. 
 
 (18 1 In re Bennett, Masonic and General Life Assurance Co. 
 V. Sharp, .1892> 1 Cli. I.i4. 
 
 Ill this ea«e the articles provided that inti'rest should be paid half-yearly d" 
 all tho moneys paid on tho shares until otherwise determined by the dirc^•to^^, 
 but that no dividends or bonus should be payable except out of ]irolils. -Nu 
 regular profit and loss ae:'ount was ever made up, and the company never 
 «>arni'<l any profits. Interest, however, was continuously paid on the paid-np 
 
nrVIDKNDM ANI» I'KOriTS. 
 
 .ii|pilul. ll'l'l. ••"•' ''"■ <li''>-'li>r- w.Ti! jiiiiidy UM'I w'liMully lialilf; iiiij llial ii» 
 ihP iirtiiiM ii.riiriii'iicml ln-fnn- tin- \hI i,f jMiiiinry. liitW. thoy loiild ni>f jilrinl ttii' 
 
 -,t;,Iiit<' "f l.iinitMlilHIK. Sl'l' iK), 
 
 19 
 
 Bolton V. Natal, &c. Co., U'jji ;> cii IlM 
 
 Til. iriiiiipnl iil)ji'itH of the iiiiii|iMiiy wiTi- to liuy. Ii'i. anil ncll l.iiid. ami to 
 
 11.1,1. il,al laiiiii; ntfiiKl to /.»-.• v. .\,;ir/,ni,/, „hi »,(,„,,. it w.is not lioiiiiil to 
 il.l.ii til. pr.ifit ^irul lo-» aivount with ili'|in'ciatioii. Hut :i.i tin- Liiid il('|irr.';:iti><l 
 «n- |iiirt of tin' riniilntiiiif inpilal llii> dc .iiiori inn Ni-.inrly li.' .iii|i|iortpd. 
 
 20 1 Lubbock v. British Bank of South America, i lN!t2i i; ( h 
 
 P.m. 
 
 V l.jiikiiii; nini|.iiiiy, with u |iiiid-M|i .jpitui uf .iOU.iiiii)/.. ,old jiart of il» 
 iiuliTlakiML' fiT NT.'i.mKI/. .\ftir di'ductiotf Hin |iaiil-ii|> rnpitnl ami tlio drbti. 
 i;il lialillitii'-'. tlicrc remainpil a ma balaiiir of •JO,>.nfln/. 
 
 liilil, tliat tliii »•«» inoHt, and miiflit l)i' dividpd. 
 > .. fiirtfiiT a* to tlij.* ra^o. inf.tt. p. H7H. 
 
 mia 
 
 21 Lands Allotment Co., i Ik<i4) I ( h uiti. 
 
 Ill till- ia-.> till' dire tors had applinl. hut without fraud, niom'ys of thi' 
 ...m|.:.iiy III an ,i//,« ,;,•,., purpiw. Ilrld. that mop. thin six ycirn having 
 'l»P*'' •' 1'"'" i>!-'.iin-t thpin wiM harrivl l.y ^m-t. 3 of thn Truitoi- .\ct, IHHS, 
 
 22 1 Verner v. General and Commercial Investment Trust, 
 
 ilS'JIl 2 ( h. L'.i'.t. /(///,/, II sit.i. 
 
 Thi. artiil,., uf an inv.-stin.iit trust lompany dcrlared that thore should \>r 
 Ij.lit'd t.i Jivid.udn tliii rei-oipts from thii dividends, iniomp, proHtn, honusiw. 
 iiiil wlvaiilai;.-.. payahh" in res|wt of t\w lompany'M invratmenti. Tlio valuo of 
 il." invi-tmeiin liad tfrratly dcpriTiat..il, to .somr extent p.rniani.ntly ; but 
 diinii!. Il,i. (,a,l liiiamial year the imome had mil.stantially exeocded the mau- 
 ax.1.1 at e.M.ensei. The Court of .\ppcai held that the exee^s wa.s applieahle u« 
 diviJ.uil. altl,i,u^-h ■• Kxid eapital '• had I.een lost, and dUtim,'ui.shed this ease 
 '""" ' '" "■'''''' ""■ ""'"'"<■ ""^''s '>'"" the turning' over of eireulatinu capital 
 
 '23- London and General Bank, Ld. i No. 2 1, i iH'j:, ) 'j d,, (jt.j, 
 
 llireHi.r. and auditor held liable for paying dividends out of eapital, it beini: 
 l'iui.1 m faet that they had not aet«d hoiid fide. 
 
 24 Wilmer v. M'Namara & Co., Ld., Siirlinfr, J., ( 1895 , 
 '-' Ch. 24-,. 
 
 J!l'!^l'l"' ";'7''"""7"'' '''.""•'■ "■ '•■'■'•""'■ -f- Tru>f. (1894) 2 Ch. 239, that 
 It ... not nocH..sary to make ^'ood any depreilation in ««.ertaining profits 
 
 J' J 
 i- ■! 
 
 **-.M 
 
HHi 
 
 AIM'ICI.KX MK MtMOt lATIoN. rClHl-. |\ 
 
 (25) Kingston Cotton Mill Co. > S<> -It. i Inimii 2 i i, ::7<i 
 
 Anditor" who hixl r»'lif<l »mi i'iTtiHi-nt« * i»f inuiiHifi-r wli<» |rrM^.«!y n\t*r *tcti.-.| 
 the »alur ot tlu' sto. k-iii-truili'. lirM imt liiihli' fur ili\ l<li'iii|.< piiil mil nf . |i„t.,| 
 on tin- faith of «uih c'iTtiHiMt<>«. 
 
 (26 > Bosanquet v. St. John del Rey Co.. Nmili. .1 1 in'.tTi 
 
 77 I,. T •.'(•7 
 
 III thi.« cii!*!' thf ' "•iiii»aiiv'-* mini' fi-ll in. iiikI. Iti ri'^iton* ii t.t uut;.Mi4 .ml.-r. 
 luiiiM'V hfifl Ui Ih- nii^r.l tiy tin' i^iiii- nt' ilchiMidiri'^ ; iiini. thiTi- t"'inu' n<i ni-i.tit. 
 tho iiitrre'*t thrriMni wan piiid nut nt |.u|>itul. The inini' hiiviit^ Itron rf^tornl tn n 
 pr<iflf-|iro(liii'!ni; rniiilition, it wim holil that it I'oiihl pay ilividimi* wiih i' 
 mskini; gnn] to rnpitnl what hud litvn hi (>\pi'ridp<l in inferMt. " Thp I'linlcnti .:. 
 in that , . . tho ai'ioiinm oii^'ht in ho kept *» a-* to k. t»p tho elaitn in redpeft < ■ 
 inf»'ri"'t alive, or. nt any rnto, that tho proHt* oiirht to bo dealt with on th 
 fuutliiK that lui'h liuliility PxiiitiHi. I <oi» imtliiir,', oitlnjr in tho artiili* of t'l 
 company or in tho jfonoral hiw, to riKpiiro thit, boforo diudoiid.1 .in' paiil, il 
 protitJ niunt ho applii'<l in payinir olf a iliart'C prnporly iniiirnd in |pri'v .. 
 yoar«. Having ropard to rocont authoritiim. f nmio to tho I'oni'lu^ioii that tht'f* 
 Ih no roftson why tho propo-iotl di\idond wlioii! 1 11. it lu* paid." Tlii-* i.< in .•*?..! 
 i.virrulicl hy /l"r,i/ V. Cr'l. Ut pp SHiS. SiHt. 
 
 (27. 
 
 Moxham v. Grant. IH'tdi 1 i) W hs 
 
 Tho in'*iiraiii'i' iiionoy paid by " l''rwi'itoi> to a 
 iif it" ship oannot lio iliitribiiii'd ii" diiidond 
 
 iMiipiiiiy ill roipoi't .»t' til. I- 
 
 (28. 
 
 In re National Bank of Wales. IS'.tiii 1 eh ii2'i 
 
 111 thi'- i-iiso il \v;i« laid d<ox n that. tliiMii/li thi- paid-'ip lapilal nt ;i liiiiin'i) 
 riimpany i-annot bo lawf'illy I'otiirnod to tho sharo!ioldor?i undor tl.o iriil«t' "f 
 dividond'4 or oth'Twi-o. vot tho l:nv dooH not prohibit Hiioh a rompany ovon it it 
 bo a banking; company -from payiiiL' diviih'odi imlo<^ it.i paid-up i':i|iit;it i" 
 intact. 
 
 'I'he pavmt'iit of dividond.! out 'd' tho oxoiv.; of tlio r ipt-* nvor tho 'lufirniii;.'' 
 
 of a year, aftor iiiakinLT -otiio allowanoo for bad dobtn. Ios4os iiiado in pr«n!(iii< 
 voarH bcinir ignored and in otfoot thrown on tho capital, lioO'i not amount to a 
 payment of dividondn out of capital. If [>aid-up I'apital li.a.* hoi'n lo,it, it.* ^iili 
 KCiucnt upjilicatiou in tho paymciK of dividoiuU is iinposrtihhi. 
 
 Kxcludincr cn-in in ivliic h it would bo obvious that a particular debt nroiiiliy 
 could not hf reasonably el .-^rgra' to capital, the ipiMtion what \m-v^ can lu' 
 properly charnod to capital .mil wi..i' lo income i-. a inattcr for 'iii«- im " I " 
 dctorntino. and <ui such a matter the opinions of honest and compot. nt men m:tv 
 difl'tr. There U no hard and .'ust loir.!l riilo on the Hubjc.-t, 
 
 Hilt if expeiLscs or paymontfl :»ro obvinusly improperly oliaiyiHl tn .a|iitil 
 simply to swell tlio apparent protits :. .d to make it appear that dividciuis niiy 
 properly be declared, iliiidends declared and paid undor such ciniim-taii es ..in 
 no more bo justitie*! thtin if thoy were ni^id oio of eapit.il. 
 
 On ::ppoal, however, tho Hoii-e of Fiords (1),,,-,;/ y. C.tj, (IMOl) A. C ITT 
 whilst attirmine the decision on other Krounds. (lointodly and siirniticantly 
 abstainiMt from approviro/ of the nbovc prof>o.^itioii. See further, ih! • pp ***'•'• 
 8f)il. 
 
DIVIDENDS AND PKOFITS. 
 
 >w 
 
 (29) In re Barrow Hnmatito Steel Co., (I'JOO) 2 Ch. 840. 
 
 In tlii« r«*' 111.' Court wiw aokou metiun « rwluction of papitsl slligcd to 
 
 Iia>« h-eii l.i-l or to lio uiiropnwnlwJ hy available a^sdH. In nwortainin^ Iho 
 ».«.t* for t!i. |Mir|K,«o) of lh« ri.luotion, tlin r«<-rve fund and th»i unappmpriat.-d 
 prlil anil iIih valin' of )fO.Hlwill were not taken into aiMoiint. (.'oiena-lliirdy, J., 
 hflJ timl 111.' U»» or depreciation wm not m:ide out to the full eit.-nt, niMl'lK-! 
 th.nf..n'. r.rii-i>.l to mrtioii the reduction. Thi* dmi.ion »a< bawd piirtly on 
 thr itnmr.il thut the rwicrvo fund and the unilivided proKU ought to be tnuN-d ua 
 |.irl of tho v«.f , and, further, that the kwxIwIII of tlio company Wii< probably 
 of ccn'id.ril.lc value, and ou»fht to be liMujfht into acoount; and, laitly. hi« 
 l.nrd.hip wii.i that even if the low wore made out, ho would not have thoulfiit il 
 ri^jht I.) cnnlirm the reduction, for that, huvinK re^^ard to f.rt v. \eu.-/,attl 
 .t,;.A,j/.v r,. , 41 C. U. 1, and rerntr v. (Jm-ral unj Cnmmereml lni,tlm,nt 
 Trvl. ilsiti) i Ch. 'J39, to tho effect that .. iradiiuf profit may be ■ '■■<■ I in 
 payment nf dividendn notwithstandinif doprwiution in tho fixed c , t, i hn 
 rom|iany, tlicre wai no noi'mwity for reduction. .S«e, lumevnr, aa >'., .uat 
 «a< •aid hy the IauA Chancellor in /Mr/-y v, Cry, in/r.,, p. H9<». Ilnrrof 
 Utm„nl,- SI. el C„. wai eiplaimnl in tho Court of Appeal in floar» » Co 
 {WA\ i Ch. 208, iiilra. pp. 887, 868. ' 
 
 1 30 1 Foster v. New Trinidad Lake Asphalte Co., (190 n 
 
 I Ch. 208. 
 
 In that ia,e cerUin promiwry noten forming part of the aucta of the com- 
 ia„y liail ho..,, considered of no value, but were paid off with arrears of intereat 
 H,(i the dini ti.ra proponed to treat the whole aum as a windfall in tho nature of 
 VA uiaipiiKxl profit and distributable by way of dividend. It was held 
 ii.,.cv,r. (hat tiio amount ou^ht not to be di-tributed without reference to the 
 other Im.i,,,... and assets of the company. Byrne, J., said: " I must not, liow- 
 ivir, bo unihTHtiKHl as determining that this sum or a portion of it may not 
 rro|H.rly lic brouKht into profit and loss account or be taken into account in 
 a..iort.,„i„K the .imount available for dividend. That appears to me to depend 
 iin the result of the whole accounta for the year. It is clear, I think that an 
 a|,|imi;,t,„„ in total value of capital assets, if duly realized by sale or getting 
 "f .uch i«rtion of sui-h assets, may in a proper cai«. be treated as available for 
 the purpos,.* of dividend "; and then, after referring to I.ubhock v. IlrilM />,.„/: 
 ■'I s,„„l, .Ifyj,^, and IWnrr v. General and Commercial Invclment TrmI 
 ■■.,.M. the hurned jud-o proceiKlod, " If I rit'htly appreciate the true effect of 
 t ediCMim... the question of what is profit av.iilabS for divM,,,,! depends on 
 the result of the whole accounts f.urly taken for the year, capital as well as 
 pnifit and lo«, and although dividends may be paid out of earned proHU in 
 |in.per eases, although there has been a dopre.-iation of capital, I do not think 
 t lat a r«il,/,.l anretLin to the estimated value of one item of tho capital assets 
 « be d ened to be proHt divisible amongst the shareholders without reference 
 ' the rcult of tho whole accounts fairly taken." 
 
 31 1 
 
 Dovey v. Cory, (190n .\. C 
 
 • of \^:r:U Sr, V;.-..,. 
 
 rUs CISC was till- appeal in the ! 
 1 «i .' Ch. (i-29, aupr,,, p. 897. 
 
 Ti e House of Lords affirmed the decision of the C- 
 1 the ^rniind that the respondent wao e 
 " breach of trust merely beeauso ho h." 
 
 I> 
 
 Infra, p. 899. 
 
 •rtrr.' Ban?: ,-f n~u'ei>. 
 
 of .\i cal exclusively 
 
 ^«i' ? misfeasance 
 
 iUc -tut. .iicnts made 
 
 n K 
 
 s I 
 
 
 VM 
 
 
 ^l^Kmm^awn 
 
 3««P'f''' 
 
8«f) 
 
 AKTICLES OF ASSOCIATION. [ClIAP. IX. 
 
 by tlic uDiuiiany'a ofliciaN. Tlip House poink'dly doilined tu uxpross any opinion 
 on tlio (|Ucstion principally discussed in the Court of Appeal, that is, wlii'tlur 
 tlic double account system of ascertaining proKts sanctioned in Lee v. .Seuehalel 
 Co., tu/irii, and Verner v. General and Commercial, ifc. Trust, itipra, was alluw- 
 ablc. See pp. 880, 893, infra. 
 
 (32) Fisher v. Black and White Publishing Co., ( 1'.m)| i i ( l, 174 
 
 Where dividends are payable out of "' the profits from time to tiiiu' available 
 for dividend " and the re^rulations empower the directors before declaring a 
 dividend to I'lirry any of the protits to reserve, profit placed to lescrve is not 
 profit " avail.iblo for dividend.'' 
 
 (33) 
 
 Burland v. Earle, (1902 1 A. C. 8a. 
 
 There is no principle which compels a company, while a (foin? cuni-prn, to 
 divide the whole of its profits amonf^ the shareholders, and the rcservi' fund may. 
 >ul>je<'t to the control of a general meeting, be invested in such seciiritiis us the 
 directors may nelei't, the matter being one of inti>riial managenienl. 
 
 ( 34) Bond v. Barrow Haematite Co., ( \'Mi2) 1 Cli. ;!."i.! 
 
 The defendant company was a smelting company; for the purposes of il.< liu»i- 
 iiess it had bought iron ore mines, and in conmxtion therewith crci tij blast 
 furnaces and cottages. The mines were flooded and the coni|iaiiy «iirreiuliri'd 
 the lcasi-8 and pulled down tho blast fumace-i, and in the result sustiiincil ii Iwsof 
 20(),(IO(I^; there was also a loss of SO.OOO/. on otiier accounts. In the rir- 
 eumstances, the directors did not recommend tho payment of any ■li>iilenil on 
 tho preference shares, although there was a large sum of undivided pnitit, and 
 
 the holders in the action claimed a declaration that the undivided pmlit ;.'lii 
 
 to lie applied in paying the preferential dividend on the i,'round that the less wa.^ 
 of fixed capital, and, therefore, that the cases of f.ec v. Seiwhuti!, U C. I>. 1, 
 and I enter v. General nml CtmmerrM TrmI, (1904) 2 Ch. 2-33. iipplicl ;iml 
 enabled the company to pay the dividends notwithstanding such a lo-s. It wa- 
 hold by Karwcll, J., that tho 200,00(«. loss was not a hws of fixed Init of cinuls- 
 ting I'apital, and that the loss must be made good before dividetids niiild U- 
 paid; and that as to tho oO.OOO/. loss, the plaintitfs had not proveil lh:it it wa- 
 a loss of «xe<l capital, and accordingly the action failed and his l,.,rdship dis 
 missol it with costs. 
 
 The learned judge referred to I'mfessor .Marshall's definition of prolin u.,lru, 
 p. HN3), and saiil : "I am preeliide.1 from adoptins,' this in its .riiirety by 
 authorities whi<h are binding on mc, because in this definition ' stoi k and plant 
 
 obviously ini-lode lM)th fixed and (inflating lapital VII the aulheritio, 
 
 linwever, agree, 1 think, that circulating capital must be kept up. N"«, in the 
 present ease, tho 200.(H)0/. realised loss arises from the surrender of lie' leases 
 of certain mines, by the pulling down of certain furnaces, and im the sale of 
 lertain cottages. The company is a smelting compiiiy on a very lar^'e se.de, 
 mid for the eonvenicn.o of its works and by way of eeoiiomy they a. jiired tin." 
 l.nses of the surrendered mines in order to supply themselves with i.i ir own 
 ore instiad of buying it .is rftiuirinl. Tlio ore was used cxelusividy for the pur- 
 |ii)-,s of the company. Tho mines were drowned out and the cost of |nimpin(.' 
 iheni out was prohibitivi'. The company therefore surrendered the Icaj-es, 
 piiliwl down tile bi usl furuaeus, and noid itiO .ottagcs conne; tnl t!,. -• w.th 
 Now the evidence before me is all on one side. The plaintitfs ealh d mine, and 
 
DIVIDENDS AND PUOFITS. 
 
 8«7 
 
 Sir Haviil Dal" :>"'' t^r defondantt' otlior witnesses all affrce that in « company 
 J,J'^,l,i, naturo theso items omjht to rome into the account before any profit can 
 h,- Mvl I" !'■■ ""■'"'''•• "i"^ "*V <>«"' ni>''>'0» roinridet tilth theirt, ina«raui-h as I 
 think tli»t il.e money invented in those items is properly regarded in this eoiii- 
 . as liMilatins eopital. Sapiiose the (•onipany had bought onornioiia stocks 
 of lOT. sull.' i at to last for ten years; it eould hardly bo said that the true value 
 „l .1 iuu'li "I this »■* remained from time to time ought not to be brought into 
 ll„. inlanii -'lieit, and I can see no differenee in principle for tin- purposes of 
 tliiv .MT<iiiiit between ore in ailu and ore so bought in advanee. ... I lannot 
 think that it would bo right for the defendant company to punhaso out of 
 ,.ai,ital the last two or three years of a valnable patent and distribute the whole 
 ,'f the nrcipts in respwt thereof as protits without replacing the caintal 
 I \|i iided on the purchase." 
 
 \- f. /,'■'■ V. Sciirhnlcl. his lordship said " it was relied on as an authority 
 fur tlie iin)|io»ition as a universal negative, namely, ' that no company owning 
 » i-tiii ' property nee<l ever create a depre<'iation fund.' In my opinion that is 
 not llic true rciult of the decision. It must be remembered that in that ease 
 tiiiT.. hill been no lois of assi-ts. The company's assets were largiT than at its 
 fnrmitiMM. anil the Court decided nothing raoro than the particular proposition 
 (i,.it foini' 1 onipanics with wasting assets need have no dcprciiation fund." 
 
 -, I 
 
 (35) 
 
 Hoare & Co., Ld., ( 1!I04> 2 Oh. 208. 
 
 In this case the .ompany had a paid-up capiUl of l,9.j0,l>00/. and a reserve 
 fiiiul iif :'3I,IS7/. 10». 1'/., which was composed primipally of premiums on 
 Mwrw. iinil, to some extent, of premiums on leases, and as to the balance of 
 iinlinary profits. The reserve fund was employed in the busin.-s and not .sepa- 
 nlily invisteil. The c.mpany. having lost ubimt .ja2,000/., proposed to deal 
 with the aninunt ;vs to 3ftli,()00/. by writliu: down the paid-up capit.il, and as 
 to alii.ut lIMi.lllKl/. by writing "If a like amount, part of the reserve fund. 
 S|»i i;il re-nlutions were passed accordingly, but "uckley, .1.. refused to sanction 
 ihc i.ril. r, hiililing, on the an'iority of Jimrow ll,ennit<li- Stir' Co., (lllUO) 2 t'h. 
 slii, that reserves must be o.\hau»tod before capital ran be cancelled. The Court 
 ■ if Appeal reversol the decision and 8anctione<l the reduction, holding that in 
 
 1. 'i 1 in innsl uieci the loss should be treated as failing on reserves and capital 
 in preportiuii to the amounts thereof respectively, and that as the conip.my was 
 writini; "rt reserve rather more than its duo proportion of the loss, there was no 
 ..hj.ition til tlic sihcine, notwithstanding that it left the company with a reserve 
 fiMiil iif -iilistaiitial amount. IJonier, \j. .1., who at the ropiest of \aiighan 
 Willi.iriis. 1.. ,1., delivcreil the first judgment, eonsidcreil that the Court bad 
 jiiri-dietiuM, and said that the " reserve fuiel was a fund wbi.li, at the tinn^ ii 
 w.i- 1 rial -il, arose from the fact that there were aiailable assets (after deducting 
 all li^liiliti.s of every kind, including the amount which is represented by the 
 -li;ire ,:ipiial) wlr.i h might have been applied as the company thought Jit 
 wiiiiiiul lliinby doing any violence to the provision of the t'ompanics Aits or 
 !e the .iniilcs of the company. In other words, the surplus which was carriiHl 
 I.I the ri -crM' fund represenleil that which might have been properly ai>pliiil at 
 the tine . if the cunipany bad so thought lit, in paying further ilividetuls to the 
 •liurtliulJirs, and no person i-ould have complained if they hiwl iloue so. It was 
 
 therefore a 
 
 fund 
 
 proi 
 
 lerlv 
 
 aled 
 
 lluv iniglit have utilise<l it in 
 
 eiiuiilisini; ili\idcnds, or, if they had chosen, they might have applie-d it in 
 laikiii:; geud lost capital. 
 
 ". . . In my opinion, un<ler the eireumstances of this ease, the loss ought to 
 ill- tru.il..i .i> apiMiiiioncd ticlwceii lite ren-rve fund .iiid the capital ai . ount 
 pMperly mi called, that is, the share capital. 
 
 .! K 2 
 
 I if 
 
Ill 
 
 868 
 
 i 
 
 AKTICLE8 OP ASSOCIATION. [Chap. IX. 
 
 " lu the present caae the company propose to do more than tlmt : they 
 propose tu attribute a larger proportion of the loM of aneta to the reserve fund 
 than they do to the capital account. In my opinion that is a thin^ which 
 they were not absolutely bound to do, but which they certainly had a rirht 
 to do ... In the oircumstancefl of this case I think that the Court ought to 
 allow the small proportion of the reaerve fund, which aooording to the schemt 
 it is proposed to keep, to remain aa a reserve fund." 
 
 Vaughan Williams and Cozons-Hardy, L. JJ., concurred. 
 
 This decision is of importance as emphasizing the principles that premiums 
 on shares are, where the capital is intact, properly treated .ts profit (eonipan' 
 Luhbock V. Br.iwA Bank of S. A., (1892) 2 Ch. 198, tupra, pp. ftfi3, and inlr„. 
 879); and n loss of capital dues not automatically absorb reserved, unil that 
 where reserves arc employed in the business and merged in the general mmis 
 they fihould bear their ratcible proportion of low. 
 
 The resolutions, 4;c. were settled by the writer, and the derision wiw in 
 accordance with his advice to the company. 
 
 (36) 
 
 Lucas V. Fitzgerald (190.1), 20 T. L. R. IG. 
 
 m 
 
 IH 
 
 1 1 ;•; 
 
 In this case an interim dividend was declared by the directors and paid, and 
 at the end of the year it turned out that there had been a Iosh. The board 
 which declared the dividend acted on the information supplicil by the manag- 
 ing director. Lord Alverstone, C. J., held that such of the directors as had 
 only been present at a subsequent meeting, at which the minutes of the previous 
 meeting were confirmed, were not liable. lie also said: "The declaration of 
 interim dividends depends much more upon estimates and opinions than the 
 de<'1uration of a final dividend which is made upon the information contained 
 in a formal balance-sheet." 
 
 (37) 
 
 Towers v. African Tug Ck)., (1904) 1 Ch. 5.58 
 
 in this esse an interim dividend wa« paid, as it turned out, out ut capital. 
 One of the directors and the manager had received their share of the dividend. 
 and not returned, or up to trial otferud to return, it. They, liowevir, brought 
 an action on belialf of all the shareholders, except defendants, against the com- 
 pany and the other directors, asking that the defendant directors might be 
 ordered to repay the amount of the dividend. Afterwards all the other »liari- 
 lioldcrs were joined as defendants at their own request. It was held l>y the 
 Court of Appeal that the plaintiffs, having re- ved their dividends with full 
 knowledge or notice of the facts, could not, suing cither individually ir on 
 behalf, &c., maintain the action, although the payment of the dividend was 
 ullKi virm ; that the action would not have lain even if plaintiffs had repaid 
 tbcir shares before trial, and there waa some doubt whether payment even before 
 action would have availed them. 
 
 (38) In re Spanish Prospecting Co., Ld., (1911) 1 Ch. 92. 
 
 .v. and B. agreed to serve a limited company at a fixed sjilnry, which «■«• 
 only to bo paid " out of profits (if any) arising from the business of the 
 company, which may from time to time be available for such purpose, but such 
 salary shall nevertheless be cumulative, and accordingly any a^r^..r^■ thereof 
 shall be payable out of any succeeding profits as aforesaid." The business nf 
 the company included the purchase and sale of shares and debentures, and 
 •hares and dcbonturet were accordingly purchased. The shares wore sold for 
 
DIVIDENDS AND PROFITS. 
 
 8«» 
 
 h and the prwoeHs brought into profit* and Iom luwount. Tho debentures 
 "^rc' included in the yearly balanee-sheeta of the company M an unvalued aMOt. 
 Then the rouipanv went into voluntary liquidation; the liquidator ««)ld the 
 whole of the ii-^ct-., the dcl.onturos reali/.inff 2,072/.: all the creditors, except 
 I and It. (t" whom alrout 8,000/. in rospeot of arrears of ealary were due), 
 en paid in full, and all the Rulwcribed capital wa« returned to the Bhareholdert, 
 rivine a »urpl«« of 3,328/. in the hand« of the liquidator. Waa thi» si. ,.lus 
 pro«t.( «"»•"? from *^« busin.-s of the company "1- The Court of Appeal 
 held that it WiW. undrawn pro6t^, and that A. and H. were entitled to be paid 
 their cumulative arrears of salary out of it. The case is instructive, more 
 wpeoially on account of certain pas-nages in the judgment of Fletcher Moulton, 
 I J His Lordship said, ■' The <iucstion for our decision in the present case is 
 ot twrae (leneral interest, because it turns upon the legal meaning of t:.c word 
 'nrofits' . • The word ' protits ' ha« in my opinion a well-defined legal 
 meaning, iind this meaning coincides with the fundament.'., .onoeption of profits 
 in eoneral p.-.rlance, although in mercantile phraseology tho word may at times 
 bear meanings indn:ated by the special context which deviate in some respect* 
 from this fundamental signification. ' Profits ' implies a comparison between 
 the state of a business at two spocifio dates usually seoaratod by an interval 
 of a v«ir. The fundamental meaning is the amount of j;ain made by the busi- 
 ng.- during the year. This can <mly be ascertained by a comparison of the 
 k . jf the business at the two dates. 
 
 iiractical purposes these assets in caUulatiiig prolita must be valued and 
 
 ely enumerated. An eniimerati'm might be of little value. Kvcn if 
 
 sets were identical at the two periods, it would by no mi^ans follow thali 
 
 had been neither gain nor loss, because the market value, tho value in 
 
 ,v.,:m):e, of these assets might have altered greatly in the meanwhile. A stock 
 
 of fa-sh^onablc goods is worth much more than the same stmk when the fushion 
 
 has changed. And to a less degree, but no less certainly, the same considerations 
 
 must apply to buildings, plant, and other flxod assets used in the business, 
 
 booause one form of bu.siness risk iigainst whii i. business gains must protect 
 
 the trader is tlie varying value of the fixed assets used in the business. A 
 
 depreciation in value, whether from physical or commercial causes, whi( h alfects 
 
 th.ir realizable value is in truth a business loss. 
 
 • Wo start, therefore, with this fundamental definition of profits, namely, if the 
 total assets of the business at tho two dates be comjiared, the increase which they 
 show at tho later date as compared with the earlier date (due allowance, of 
 course, being made for any capital introduced into or taken out ot the business 
 in the meanwhile) represcntu in strictness the profits ot the business during the 
 [HTJiid in question. 
 
 ■' But the periodical ascertainmimt of profits in a business is an oper.ition of 
 such praitieal importanie as to bo essential to the safe conduct of tho business 
 itself. To follow out the strict consequences of the legal conception in making- 
 out Ihe aiioiint^ of the year would often be very difficult in practice. Hence, 
 the strii t lui aiiirig of thi word ' profiU ' is rarely observed in drawing up the 
 accounts of firms or companies. These are domestic documents d«iigne<l for 
 the practical guidance of those interested, and so long as the principle on which 
 tliey are drawn up is clear their value is diminished little, it at all, by certain 
 departures from this strict definition, which lessen greatly the diHiculty of 
 m;ikinir them out. Hence, certain assumptions have become so customary in 
 dr.iwing up balance-sheets and profit and loss ai^oounts that it may almost be 
 said to retiuire special circumstances to induce parties to depart from them. For 
 irnUiTicv, it h uraal to eselude gains nn-l lo=«w arisin? from causes not directly 
 connecttHl with the business of the company— such, for instance, as a rise in the 
 market value of land occupied by the company. The value assigned to trade 
 
 
 I 
 
-' f5 
 
 4' !!' 
 
 870 
 
 AUriCLF:S OF ASSOCIATION. [('|(AI'. IX. 
 
 l>uildinj?8 and plant is uaually fixed accordinif to an arbitrary ruh' hv wlil.li 
 llipy are orif^inally taken at their actual cost and arc asHumed to Imve dcpriciiitrti 
 liy a certain perpentape eacli year, though it rannot bo pretended that iiny 
 nucli ealculation ne<*s«rily gives their true value either in uae or in exclianiri' 
 These, however, arc merely variations of praetice by individuals. They rest on 
 no settled principle. They mainly aritte from the isound business view that it is 
 I'ctter to underrate than to overrate your profits, since it is iniponsilile for you to 
 fort leo all the riska to which a husiness may in future bo exposed. Tor iiistiiricp 
 there are many sound business men who would feol bound to take account of Ihi' 
 depreciation in value of business premises (or in the value of plant snei iallv 
 ilesiif ned for the production of a i)articular article) although they would not taki- 
 account of appreciation in the same arising froia like causes. 
 
 " To render the ascertaini.i^nt of the profits of a business of practical use, it i^ 
 evident that the assets, of wl .tevcr nature they may be, must be npreicntid 
 by their money value. But, as a rale, those assets exist in the shapo of thinirs 
 or rights, and not in the shape of money. The debts owed to the company mav 
 be f'lod, bad, or doul)tful. The figure inserted to represent stock-in-trade, 
 must be arrived at by a valuation of the actual articles. Property, of whatcviT 
 nature it may be, acquired in the course of the business has a value varvinjr 
 with the condition of the market. It will be seen, therefore, that in almost 
 every item of the account a c|uestio>i of valuation must come in. l<\ the case of :i 
 (■()ni]>any like that with which we have to deal in the present case this process 
 of valuation is often exceedingly ditficult because the property to be valued mav 
 bo such that thTO are no market tpiotations and no contemporaneous sales or 
 purchases to atford a g\iido to uj value. It is not to bo wondcnnl at, therefore, 
 that in many cases companies that are managed in a conservative luaniicr 
 avoid the difficulty thus presented and content themselves by referring to assets 
 of a speculative type without attempting to alfix any speiifie value to them. 
 Hut this docN not in any way prevent the necesiity of regarding tliciu as forraiiiK 
 a part of the uss<-t8 of the company which must be included in the calculation l>y 
 which fir fmin profits are arrived at. Profits may exist in kind as well as in 
 cash. For instance, it a business is, so far as assets and liabilities are comerncd. 
 in the same position that it was in the year before with the exceiition that it h:i» 
 contrived during the year to acquire some property — say, mining rii.'hts- whidi 
 it had not previously poss.ssed, it follows that those mining rights repres.nt iIjc 
 ]>rofits of the year, and this whether or not they are specifically valued in I In- 
 annual ai-coiints. 
 
 " Hut tlioush there is a wide field for variation of practice in these 'liiiation-. 
 of i)roHt in the domestic documents of a firm or a company, this liberty ci'a-"s 
 at once when the rights of third |>ersons intervene. For in-^ta; it, the rcvcriii'c 
 has a right to a certain j"!rcentage of the profits of a company by way of 
 income tax. The actual profit and loss accounts of the company do nut in anj 
 way bind the Crown in arriving at the tax to be paid. \ company m.iy wiscK 
 write off liberally under the head of depreciation, but they will bo only .illow.il 
 to de<luct the sura reiirescnting the actual depreciation for the puriwsc of 
 call ulating the profits for income tax. The same would be the case if a person 
 had a right to receive a certain percentage of the prol'ts made by the company 
 
 " In the absence of special stipulatioas to the contrary, ' profits ' in esses where 
 the rights of third parties come in mean actual profits, and they must be calcu- 
 lated as cloaely as possible in accordance with the fundamental i-onception or 
 definition to which I have referred." 
 
 The learned judge added to the above some observations to the effect that 
 his remarks did not bear on the vexed ijuestion of the fund out of which divi- 
 dends may legally be paid in limited comjianies. "Cases such as I'rrmv v 
 Ormtnl antl Vnmtnrrrinl Ii,rr^i„ii'„l Tiii'.-/. CIHyj) 2 Ch. 239. -ind Ket v. 
 
mVIDKNDS AND I'KOFITS. 
 
 871 
 
 r„„r V. Ilhifiorlh, 12 App. C'u-.. 409; fhtrrofl h r«-. 'Zl in. u. oi«, 
 >,„P', r.;'/', 4 T. L. R. 303 (K.-k.'wicli, J); Meriina niiif .VInnn Co., 5 
 1> H iwo' (Stirling. J.); /■'"»"•'■ v. -W"' TrlniilM Lnh- .t'fhnllp Co., (1901) 
 Cii 208: /'i.'/i*''- V. /"«'* "'■'^ "'"''• l'u'''i'''i»P ''«■. (19"') > *^'''- I''''- 
 
 V^M-r^r- l^;'*"'"- ''"• (1889). " C- "• '■ »'"'"' *■"" ""' '""'^ ""^^ !" 
 ' _„ cfts,.s !"• larijor than what can rightly l)o regarded as profits, and the 
 dwiiions in *! -^ 'asos depend largely upon the fact that there is no statutory 
 ..niMtiiicnt wh. :■ forbidsit tobe so. ' ^ ,„ 
 
 Not even an express power in the memorandum can justify the payment of I ..w.r n. 
 li^il.nas out ..f capital, for sui'h a p .yinonf w..uld bo a rchution of rapital, '»'|;';""" "'" 
 ro.,ulriiii.' ""'I" x™'- •*•' »' "•" Companies Aot. 190.S (rcpn.du.'injr the A.-ts of ' 
 IS. - .nd IH"). the sanction of the Court, and the memorandum cannot dispense 
 »'itl', the ..am'tinn. whioh. for the prot«-tion of the puhlir, the Act ro.,uin«. 
 f„r„r V. llh'lwoH/,, 12 App. Cus. 409; Flitrroff. r«-. ',!1 Ch. U. 519; 
 
 r. 
 
 \i,i"Ti.'rlir,ri, nothing in the articles can justify the payment of dividend 
 or interest (except on capital paid in advance of calls: Lock v. Q„^,-»Hfm,>l. t,.-. 
 Co (18W) \.C'. 461) out of capital ('/Vcco-v. •r/iitirnrlh. ul>i fH/,ia . (;„h,»r'« 
 V "l,,„d Corvorali.m of Ireln,,.!, 22 C. Dlv. 375: In rr Ilrm.HI. (W.m 1 
 Ch 151); l)Ut the articles may, of course, restrict the mcaniiiif of the word 
 "nrotit "and .Iwlare that dividends shall only be payable out of protit in that. 
 r<itricle<l sense. Sec Oxioril Btuljhu/ .VocV/y. 35 C. I). 502. where the tcrni 
 " rcMlizcd proHts " was regarded aa meaning " profits tangible for the purjio'c^ 
 of division " a., distinguished from estimated profits. As to " net profits," see 
 B„ .ry V. hire Hall Coal Co., 35 L. .1. Ch. 303: (lln^l'-r v. Kolh. 42 Ch. 1>. 
 m- as to ■• profits in hand." see Striiigi'r'- case. L. R. 4 Ch. 47.'). 
 
 Snme persons, whiUt admitting that dividends eann.t be paid out of .-npital, l^j^Y^^'^'^'^''^'-','','"' 
 ha>.' imiti-ndecl that where a company engages in the construction of works, 
 inl,.ie-t may be pjid on capital during .onsl ruction. See .thj-umlr; I'alarr Co.. 
 21 C. Div. 149. above, liut the principlei biid ilown in /j, c.r v. Il'/iilinu-lh. 
 12 .\pp. Cas. 4U9, arc wholly inoiisist.'iit with the ieifaliiy of paying dividends 
 out of capital during .on^tnictioii or otherwise. And the Indian ll.iilwMy» Act 
 IS'.it (.i7 Vict. c. 12), was, in elicit, a Parliamentary recognition that dividend>. 
 m.-iy not, even during construction, bo paid out of capital without statutory 
 powers. So is sect. 91 of the Act of 1908 giving companies power with certain 
 >afe!;u:irds to piiy interest out of capital during construction of works. 
 
 Where shares are offered to the public a -ramitsion may, under sect. 89 of 
 the rompaaics Act, 1908 (replacing sect. 8 , the Companies Act, ISUO), be 
 paid to subscribers. 
 
 As a (omiiany may not pay dividends directly out of capital, neither may it Tbiough 
 do so itulirectly, e.g., by entering into a contract with another company or couiruciori.. 
 person, one of the ttrms of which is that the latter shall pay interest on the 
 capital of the former. Jami-n v. Arr, L. R. (i II. h. 385. " There is no doubt . 
 that if it cannot be done direc tly, it cannot bo done indirectly." I'cr Urd 
 Ch.lm-ford, I.. C, and see per Fry. .1., in In re .1lrj->',i'ht Pnl.;-r r„.. s„,,ra. 
 |). KtiO. 
 
 Thus in n-her v. Hull * IlarnHlnj Wiil . C,.., 4 Mar. 1881 (25 S. .1. SS.'i), 
 where the contractors htul agreed to pay interest during construction, .li'ssel, 
 M. R., granted an injunction restraining the payiocnt, and the company in two 
 lubsequent sessions endeavoured, but without suocess, to obt;iin legislative autho- 
 rity. Sro al,o IVi/e ValUu IM'. Co. v. Il.ure.i. 18 C. Oiv. 489. Rut see now 
 sect. !)1 of the Act. 
 
 The payment of dividends out of capital, l>eing a misapplication of the com- Liability > f 
 pany's funds, is treated as a breach of trust on the part of the directors, m.l dir'stor-. 
 accrdinclT thev are jointly and severally liable to make good the amount with 
 int'Tpst at 5 per cent, per annum. Flitrrnlt's rasf. 21 C. Div. 520; /{< 
 Aler.v.dm l'„ln<-r. ibid. 1«0; Oxiord, ^r. Society. 35 C. 1). .')02 ; Z,w/.., ,f-r. C;.. 
 36 C. D. 787; Carriage Co-operative Aimc, 27 Ch. I). 322; Mutiiripal Frrrho'd 
 

 ■"¥. 
 
 i 
 
 H;-'«' 
 
 M7a 
 
 Iiiaitetio& 
 
 Vriminal. 
 
 ARTICLES OF ASSOCIATION. 
 
 [Chap. IX. 
 
 2), 
 
 £a«<i Co. T. PolUngton, 63 L. T. 238; Zob^/ok # r,Vn<T«; ll„nh (N„ 
 (.1895) 2 Ch. 673; Bond v. Barrow Jltematite Steel Co., (1902) 1 Ch. 353. 
 
 And the directom are liable not only for wh«t they pay themnelvoa but for tin 
 whole amount. " I do not aee how to make any distinction between what the 
 directors retained and what they paid to other shareholdera." Per Cottuu U J 
 Fliterofft eatt, 21 C. Div. 536. ' ' ' 
 
 It is true that a member who receives a dividend knowing that it \» paij ,,„( 
 of capital, may be liable to make good the amount; for " the monoy of » toih- 
 pany ii a trust fund, because it ia applicable only to the special purposes of thu 
 company in the hands of the agcnU [i.e., the directors] of the company, and 
 it is in that senae a trust fund applicable by them to those spe- :al purpo.-os'; and 
 • person tukmg it from them, with notice that it is being applied to other'pur- 
 ponea, cannot, in this Court, say that he is not a constructive trustee." IVr 
 Jessel, M. R., Riuaell v. H'nke field IVaterworka, 20 Eq. 479; Il„lme! v. Sev- 
 cattle Co., 1 C. D. 682; Moxham v. Grant, (1900) 1 Q. B. 88; Tmrri, m 
 African Tug Co., (1904) 1 Ch. 558. But even in such cases the directors will 
 be primarily ordered to make good the amount, and will bu left to recover from 
 the other members if they can. Alexandra Palace Co., 21 C. D. 149; Xationvt 
 Funds, 10 C. D. 118. 
 
 And a member who takes a dividend in good faith, not knowing that it is paid 
 out of capital, is not liable to return the same. Flitcroft't ense, 21 C. U. 519; 
 Re Denham .f Co., 25 C. D. 752; Uye Valley Mnil. Co. v. Uaice), 16 C. Div, 4HI). 
 
 Tliis is a common case; for where dividends are paid out of capital the 
 members can in most cases show that they wore deluded by fraudulent aeeounta. 
 And where the directors represent that profit has been made, members art net 
 bound to investigate. 
 
 " The directors made un express representation to the shareholders that profit* 
 had been made, and the effect of that representation cannot be tiken aw:iy liy 
 showing that dwuinonts were laid before the sharp'.olders, a thorouuh inve^tip-a- 
 tion of which would have shown that the representation was untrue, unless it 
 is also shown that they did investigate them and discover the untruth." Per 
 Jessel, M. R., Flitcroft't case, 21 C. Uiv. 532. 
 
 And even a director who in good faith concurs in the payment of a dividend 
 out iif capital is not liable to refund it. Satinmtl Bank of ll'aUn. (1899) 2 t'ti. 
 629, 675. 
 
 Where directors openly and avowedly pay dividends out of capital, they may 
 have a right of recovery against shareholders who take with notiie thjt the 
 dividend is paid out of capital. Moxham v. (Irnnt, (1899) 1 Q. B. SS; hut 
 shareholders who have received dividends knowing them to be paid out of t-npiliil 
 cannot keep such dividends, and at the same time compel the directors to niako 
 them good. Toxcirs v. African Tug Co., (1904) 1 Ch. 558. 
 
 In some cases a claim against the directors may bo barred by soit. 8 uf the 
 Trusto<! Act, 1888 (51 A: 52 Vict. c. 59). lamU Allotment Co., (1891) 1 Ch. 617. 
 Cf. In re Shnrjir, (1892) 1 Ch. 154. And where they have acted " honestly and 
 reasonably " and " ouprlit fairly to be exeuse<l," the Court has now a disiretion 
 to grant them relief under the Companies Act, 1908, s. 279. See p. 715, mipra. 
 
 Not only are directors who pay dividend out of capital civilly liable, but thejr 
 may, at any rate in some cases, be prosecuted for conspiracy. Burui'i v. I'ennrll, 
 2 H. L. Cas. 497; liegina v. E»du,'e, 1 V. A: V. 213. In the case last mentioned, 
 the directors of the Royal British Bank were convicted of conspiracy to defraud. 
 They had issued fiiNe bal wice-sheets, and, in particular, h;ul included therein, 
 am.-ir.g thp -.xt-^Af. of thf- .•--•ni]>any, debts which they knew tu be bad. Sec 
 «upra, p. 857. 
 
 Moreover, a director or manager who miikes, circulates or publishes, or 
 concurs in making, circulating, or publishing, L.iy written statement [e.g., a 
 
DIVIDENDS AND I'KOFITS. 
 
 873 
 
 ,1 „r .wvount l^j/., » bulanco-shoet] which he knowi to be f»I«e in any 
 
 ''■I .irtl.ular may bo liable to punishment under sect. 84 of the Larcony 
 
 TTli ?4 ." 25 Vict. c. 96). See Que»n v. Gur.^y FinUy.on. K. P. 254. 
 
 v to the Court directing a prosecution in winding-up under sect. 217 of the 
 
 „- V,t 1908 me T.inuhm niul (llohf Fiwnxt- Corinnali.tu, (1903) 1 Ch. 
 
 ;,;;':'XT'w: ^.:/».». * cc, 32 w. u. 921 ; r. a>..." t-un c-«., w. n. 
 
 "\*-',\ 10- and .\orlhern Countiea Bank, 31 \V . R. 546. 
 
 t'i C u'rt will at the inshinre of a single shareholder, interforc by injunction Injunction t.. 
 , ;„!tra'i.. the payment of dividend out of capital (^Uacdougall v. Jer,et Im- restrain. 
 
 " //.".' (" 2 H. li M. 528; Oui ',. v. Ln«d Corporation of Ireland, 22 
 r7)iv 34!)- jinvhon v. Gillies, 16 C. /. 347; and an interlocutory injunction 
 V l,c cranted; Fo,Ur v. Sew Trinidad Co., (1901) 1 Ch. 208); but not at 
 ri suit of a mere simple contract creditor. Milt, v. Sorlhern Co., 5 Ch. 621 ; 
 V Uranl, (1891) 2 Ch. 78. Nevertheless, it would §ocm that there may 
 l,re*<es in which a creditor would have a locui standi {Ftitcroffi cate, 21 
 (■' I)iv 5;i3); and if he is not paid in due course he can have the company 
 .Mund up and make the directors personally liable through the medium of thr 
 liquidator as representing creditors for the breach of trust. Re Sharpe (1882). 
 I Ch. 154. 
 
 1 ' 
 
 General Observations on the foregoing Decisions. 
 
 The Compauies Act, 1862, did not mako any expre.ss provision in The Act 
 ii..rard to tho payment of dividends. It did not require that the "'''""»• 
 p<i«er to pav dividends should be specified in tho memorandum or in 
 the articles of association, nor did tho specimen forma of mcmoran- 
 diMU of association scheduled to tlie Act raei.tion the payment of 
 dividend a.s one of the objects. But tho Act di-<tinclly contemplated 
 tlic paympnt of diadond.s; for .wt. .m made special provision in 
 rc?ard to payment in a wiuding-up of any "sum due to a member of 
 a ccnipany in his character of a member by way of dividend, profiU 
 or otherwise." Moreover, the regulations in Table A., which were 
 iiiiidc jirima jade applicable to all companies limited by shares. 
 oxiiro.s.sly provided for the payment of dividends, thus showing that 
 payment of dividends was regarded by the Legislature as a matt«r of 
 course ill iho cuae of a company " formed for the awjuisition of gain.' 
 
 Whilsl the power to pay dividends is thus treated by tho Legisla- The p<iwer to 
 lure as implied, there is no express provision as to what assets may ''"^ ""P ' 
 b*' applied to the payment thereof. It was, however, assume<l from 
 tin' lirst that the fundamental principle.s of sound commercial trading 
 applied, and that dividends must be paid exclusively out of jirofits. Outo^f profits, 
 This u.ssuiiiption was not an unrea.<onablo one to make, looking to the 
 echeriic of the Act and to the opinion expressed by Lord Cainpliell, 
 L. C, iu Burnes v. Pennell (1849j, 2 H. L. C. 497, 523, to the ellcct 
 that dividends are supposed to be paid out of profits only (Case 1, 
 nupra). and to the prosecution and conviction, in 185G, of the directors 
 of I'le Kuyal British Bank for ooitspirary [aj .lefraud by false repre- 
 seniaiions as to solvency, made, t/i<er alia, by paying dividends 
 otherwise than out of profits. U i-< a corollary from tlie primary i)rin- 
 
 I *|ii-. i|i 
 
 ■m 
 
 i 
 
■■',r.i 
 
 i' ■ 
 
 ■3. 
 
 
 II 
 
 .11 
 
 H74 
 
 ARTICLES (»r AHSOCIATION. 
 
 [("IIAI'. 
 
 IX. 
 
 ciple that a liiaited company cannot reduce itn csi[iital l>y rotiirnin" 
 auy part to the shareholders. 
 
 Acoordiugly caav after ou«o is to be found in which the i)r()iiosiiiou 
 i.s laid down that dividend.s can ouly b« paid out of profits, uuil that 
 dividunds may not be paid out of tlio capital. NovcitlioiiW's, Lord 
 I.indlcy, on moro than one oo<a8ion, ol)j«!Cted to the proportiiioii tlw 
 divjikiid.s cuii only 1k) jiaid out of proi.i . and preforred us iiioiv (.orr('( 1 
 (lie propo.sitidn that divi(|"nd mast tint l>o paid out of cajtital (aii(ls«( 
 the ob.scrvalii.ns of Farwoll, J., in Houd v. Harrow Ihrm.tlite r,, 
 (1902) 1 Ch. 353). 
 
 The objection raised by Lindley, M. R., to Uie propasitiuii ilmi 
 dividends may ouly be imid ou< of profit is that this e-xproo^iou " leaii> 
 to the inference that the capital must always be kept up and 1* Km'- 
 sonted by assets which if sold would produce it." Verier v. (ieneral 
 and Commercial Co., (1804) 2 Ch. 239. On tlio other Imml, ii, 
 Xational Hank of WaUn, Limited, (\H^\)) 2 Ch. 029, the .sumc l.vun.d 
 judge held that even wlioro the articles pruvido for |iavaifnt i.t 
 dividends out of profit, there is no such infcrorico to be drawn. The 
 objection therefore falls to the ground, and upon tlie whole ii soiin' 
 that the propofiition that dividends are only to bo paid out of prulii> 
 may stand as the leading rule, subject, however, to one ciution, 
 namely, that the term " profit " is ei|uivocal, and the o|Kjralioii uf ilic 
 rule therefore de|>en<ls entirely on the meaning therein of the Hur.l 
 " profits, " and, as Farwell, J., sai<l in the oaso ('itod: " Tliorc i^ 110 
 single definition of the word ' jirofit-s ' which will lit all cases." 
 
 
 
 1 
 
 Tl^VOM-t 
 
 itf ui uh: 
 
 '■''f 
 
 frmiit .sy.! 
 
 ;r: 
 
 
 i':'y 
 
 r..iiiil -)-l 
 
 /... T. 
 
 How Profits are to be Ascertained. 
 
 In regard to this o|)iniuus diUor, and there are .s<>vcral Nvstciii- 
 uiiich are ailuplod 01 liavo beoii suggobted. Of those, the i'ullowiiii; 
 may be menlioned: — 
 
 (1) What is calhxl tin' "single account' sy.stem, that i>, the onli- 
 
 uar\- sy.stem adopted by business men, according to which 
 profits arc to be ascertained by a balanco-sheet, iueludins; h) 
 reference a profit and loss account. 
 
 (2) The double account system for many years advocated by an 
 
 eminent legal writer, acctording to which all coiiiiianies 
 under the Act are to Ix' assumed (contrary to the fact) to 
 keep a capital account and a revenue acoo'iut, and thiwc 
 accounts are to bo regarded as distinct acoouiito, ami t'ur the 
 purpose of determining profits, accretions to or dimiiiutiniis 
 of capital are to be disregarded, but loss on revenue accomii 
 is fo be niadp goo*l out of Pub^c-'itK'nt r^^v'-im" >«•" ?'»<><» 
 p. 889. 
 1 3) The system propounded by the Court of Appeal in /..v' v 
 Xeuchnfi'f Co.. 41 ('. I). ] ; according to which, whenever tin 
 
HOW PROFITS AKK TO BK ASCKKTAINKI*. 
 
 87* 
 
 onlimvry revouue of the loiuiuiny for any spec iil.-il poiiod 
 I'xceeds the onlinury out-oiupi of tho coiniMiiiy tor siii-li 
 iKTiiid. tho oxccMM is to ho ret,'arilocl at piolil iivuilublo for 
 Jivi-ieml, isvoii Ihou^fli llio ro\<'iuu! 1* (lori\oil from a wasl- 
 iii^' liiui>«»'y. wliicli. in ll'o touiM' of a fow years, will U> 
 uxhuublutl, auJ eveu though tlio uouipuuy luui lott capital 
 during the same period. See iiifru, p. 8'JO. 
 u) Th<' system propoundoa by the Court of Ap|>eal iu \ eriitr v. 
 (it'neral and Commercial Trust. (,1«9«) 2 Ch. U.l'J: actonliiig 
 fo which the not revenue of any s|K)<ifi('(l innioil i.i to bo 
 regarded as profit available for dividend, subject to the 
 inip<irtaut qualification that, whilst lo.ss or depreciation of 
 "fixoil" capital (infra, p. 804) need nol bo taken inlo 
 acci)unt, loss or depreciation of 'circulating,' ' fispital must 
 be taken into account, and debiteil to profit and loss account 
 in a«c<Ttaining profits. S^-e infra, p. 8S>;( ct acq. 
 
 Wtmr V. 
 
 lil-ll: ml lH.'l 
 
 X—The Single Ac^ntnt SyHcm. 
 
 According to this systoni, tho profits for any particular period are ^'^■^^'^•_' 
 to Lie ascertained by a profit and loss account and a balanct'-.shoet "y',;',',',II 
 shuuiug llic true financial position of tlie company and the result, 
 ttliclhcr in tlie shape of profit or loss, of its transactions durin;,' suih 
 period. The balance, whether to tho debit or tho credit of profit and 
 luss account, appears a« an item in tho balnni'e-sho<'t: and the 
 lialance-slieot is not a capital account showing, a-s a matter of history, 
 how the caiiital contributed has been appliwl in the pa.st, but a living 
 amiunt showing the true financial position of the company at its 
 date, and the diiVercnco iu amount between the assets on tlie one hand 
 ami the debts, liabilities and paid-up capital on the other hand. 
 
 Kveivtiiiiig depends, a« in an ordinary partnership, on how the 
 bahni(c-.s|ieet works out. The mere fact that the profit ami loss 
 utTimiit idisiegardinp losses and depreciation) shows n credit balance 
 i.s 1101 treated as establishing the fact that the company has made a 
 prolii during the period, since that balance may, in the balance-sheet, 
 bp (ounterbalanced by an equivalent or greiUer lo.s.s of capital sus- 
 tained during the year [or previously, unle,ss, indeed, the previous 
 lass shall have been written oft'J.* 
 
 Ill this svstem paid-up capital is treated as a liability; not that tho 
 coinpauv is renlly a debtor to its shareholders in respect of capital, 
 any more than a firm is to its members, but because "if you want to 
 fii.il out how you stand, whether you have lost your money or nol 
 
 f*!!!^!*" 
 
 •The .same result is Tcry commonly arrived at by debiting tho profit and 
 loss account with loss and depreciation, and crediting it with gaini and receipts, 
 wlii'tlii r o-itraordinary or ordinary. 
 
I : ■ H • 
 
 ?! 
 
 876 
 
 authority in 
 enpport. 
 
 goes up, 
 
 «s to bo 
 
 Jar uD thu 
 
 AuncLra OF ASsoaATioN. [Chap. IX. 
 
 yuu muat briag your capital into aooount iiomchow or other." Per 
 Lindley, L. J., Lee v. Mcwhalel Asphalte Co., 41 C. D. p. 23. 
 
 According to this eyetem, if a louaehold colliery, or a patent or other 
 wasting property is acquired, it appears as an &<iHet in the lialunce- 
 Mhrcl at fOHt price, and as and when any depreciation takes plai o it ia 
 written down, or, what comes to the same tiling, a depreciation fund 
 iM established and the amount thereof is placed on the other siilo of 
 tiio balance-sheet. 
 
 And if the company suxtuins u loss in any other way, e.y , bv the 
 lass of one of several vessels representing a part of its assoU, the 
 item "by value of vcshcIs " in tJie balance-sheet will be writt<>n down 
 accordingly, or the amount can bo written off reserve. 
 
 On the other band, if the value of the company's prope 
 and Iho company is satisfied that the increase in vai 
 regarded as a permanent increase, the property may r , 
 bulunce-iiheet as an asset valued at the increased figui 
 
 Nevertheless, it would be entirely contrary to practice to write up 
 or down the value of a permanent instrument of profit, e.g., a tram- 
 way, or factory, or building, merely because the value of labour and 
 niatcriuU has gone up, or because the business has been more or loss 
 successful, or to write up or down any assets in sympatiiy wiili what 
 are or may be mere temporary fluctuations in market prices or values 
 
 So, olso, if the company by its expenditure creates a new asset, 
 e.g., a pa it or a concession, that asset may be brought into the 
 balance-sl ! at some figure not exceeding its estimated value. 
 
 And even goodwill, whether bought or created, may be an osset to 
 be reckone<l in order to determine the true financial position of the 
 company. Thus, in Murrny v. Bush, L. R. 6 H. L. .17, the deed of 
 settleirent of an insurance company provided that the company should 
 be dissolved if the losses absorl)ed the reserve fund and 80 p.c. of tho 
 paid-up capital, and the question arose whether the contingency had 
 happened. Lord Cairns considered that the goodwill which had 
 been created by the company ought to be brought into account; 
 "and whether that goodwill should bo estimated, as it is staled to 
 have been 08timate<l by a valuator, as of the value of three years of 
 their annual premiums, or at a smaller, or at a larger sum, I need not 
 stop to inquire. It is abundantly evident that the goodwill of tlie 
 concern as a growing concern was worth some substantial sum." See 
 Barrow IlcematUe Steel Co., (1900) 2 Ch. 846, aa explained in lloare 
 d Co., (1904) 2 Ch. 208. 
 
 This is the system adopted, with moro or less modification, by all 
 the banks and all the insurance companies, and also, in fact or 
 osten.sibly, by almost all the companies under the Act of I'JUH. 
 
 There is a considerable body of legal authority in favour of the 
 single account system. 
 
 It seems to be the system which, in Stringer's oase, 4 Ch. p. 475, 
 
HOW PROKIT8 AUK TO BE ASCEKTAINKU. 
 
 «M treoted m tho proper ttyBlam of a»cert«ining profits. In that 
 Lord Jusiifo Selwyn oonsidorod that the coiupany- 
 
 " would have been ju»UB«d in daoUrii^g a di»idend, providad thoy ha<i put a 
 (»ir «nd no more than a fair, value upon the nhipd and other »Moti whinh thoy 
 ictually had. Tallinn it one iti'p further, and aMumin)( tho lano that aeveral 
 of tlie »hli>» had been lo«t, that the oonipany wiu bound to put di»wn, as they 
 did put duwn, their proportion of that Ion aa bein)( a Iom up<iu thi< bolance- 
 «he<t, the I'ther two-third» of the lo*i were to bo covered by the rcvponxibility 
 and ifuaraiitoi- of the Confedfralt government, and, according to the view of 
 the liarneil V' ■o-fhaneellor, inaimuuh aa until tho end of the war thti value of 
 that L'unrunloi! could not be aitoertained, no dividnnd could be doclarod. I eon 
 tea I am unable to agree with that view. I think that under thoae oircuiu- 
 lUncea tlie company waa fully justified in putting a value on the ahipa and on 
 the Canlnlrr'ilf debt. ... 1 think the rompany wa» juatiHed in doing that 
 whiih in truth \* done in almoit every buainemi, namely, taking the fai ta aa they 
 actually atixxl, and forming an eetimato of their assets as they actually existed, 
 ami then drawing a balance so as to ascertuin tho reault in tlie <ihnpe of 
 pratt or of loaa." 
 
 fi77 
 
 1 li ! 
 
 If, as sufrgpsfed by tho advocated of the other sy.'^toras, profits art> 
 to be asceriaiiied without regard to loss or depreciation of capital or 
 fixed iu|)iial, what could tlie learned judge have mount by theao 
 words? lie was dealing with a case in which there was evidently a 
 balaiic'e-sheet of assets anil liabilities, and he considered that this wa.s 
 a proper mode of ascertaining "tho result in Uio shape of profit or 
 los.'-,'' and ho imidenfally recognized tho fact that in thus ascertaining 
 piofita the company wa.s doing " tliat wliieh in truth is done in almost 
 every lui-sinoss." 
 
 So ill llance's case, C Ch. lOt, James, L. J., said that the wjmpany 
 had onlv boon in existence for eight months '••Ixon a bonus 'wa^ 
 decliircj - 
 
 "a bonui which, of •oiirae, could only be lawfully made out of moneys which had 
 boon earned or bciievod to have biMjn earned in the way of prn/it. . . . IIow 
 was this dimcf' Was th to any attempt to make a balanco-sheot or profit and 
 loss aciount in such a way as any mercantile body, and certainly any insurance 
 coiii|i;iny, onijlit to have done? . . . The directors simply had before them 
 lliecah lialance of tho reicipts and payments, and, without raakin); the slightest 
 provision mi tliat account for anythini; whatever, thoy proi'cod out of tho balanoo 
 So declari' this bonus. I quit« a:irco that it would have been different if there 
 had been, j.i there ounht to hivn been, in the ordinary course of business, a 
 baiance-alicct Imna firle made out with proper assistance, so as to ascertain the 
 true statL' of the company." 
 
 Here, again, we have an eminent judge, well versed in businos« 
 matters, deolarinir that " there niiqht to have been a balance-.sheel 
 honii fide made out with proper as.sistance so as to ascertain tho true, 
 state of the compatty ." If for the purpose of ijscertaining profits tho 
 I0S.S of fixed capital may be disregarded, what could the learned judge 
 
*7n 
 
 , ICI t» Ot \8W(X'UT|ON. 
 
 < IIMV l\ 
 
 Ikivu iimuiit I , rvH|uiiiii- a (•ataai-r--,iheoi in oitler to nniurutiu j)rii|i!- 
 ( .la it bo lliitl both thi .- • It'ainod |iil;roH \v«irc iiiidnr a inisii|)|ir>'hKii- 
 «iuii u^ tt> tho l.iw? 
 
 So iil(«n in Helby'-i «*»#«, 2 F| I7'>. KimlorBlvy, V -i' , siid 
 
 ■' A Imlnii' I' ■■h'Pt or lummary ■ iimnt« » >iild thou m thr mn hand, all 
 the U'wtK, iitiil, im th" othiT hatnl, i i Iho Imtiilitlci if i :,.• lompnnv, hk/ .' r.« 
 OH/y e>/J /AiJt ji''/7 o/ stnffmt'nt thit iihi/ itnfe --onrUmion ■ xifif br ■Inni'ii •/% ^, ^^ 
 iliirtli'iii ukilhir Ihrrv hml liirn iimi /irnHt tot th'> half-yi'Br or not, iimi whethrr 
 niiy und wliHt ilividend should he iti'i'lariHl." 
 
 I Hi 
 
 Chitly. •).. in The Midhnd l.'i I niid liirc--tnwiit 'orj).. H Nnv 
 1880, said- 
 
 ' III iliH'larinir n ilividiinl, In my Ofiinion, in tnidiiiK ■oni'ern*, tin? i! -I'ton 
 arc ciititliMi to put un c'-4timatJ> «>i» tip- value of tlioir iw'*'-*' from titn*' i>i tiiur, 
 in iiriltr to UMirtain wlii'thcr then" ii or i* not a, <iirplm reniiiimnif .ifr. r pro- 
 viilip;; (or liuUilitiea | iwluilintf, of uors- , paid-up i'»pital|; und wlwrr tbcv 
 niiike thoH" valiiutionH troni tirno to ,rn" ■ i i jii-t uiil fair ba-H, and lak, 
 tho precautions whi<'li ordiimry prudent .-M-'n ut" l)U.4in(<>ts tm^au''-d iu a 'Uiii 
 liusincHS would do, tiny arc iiilii|i«l to tri'at lli" surplus thii» a-icrtaini'd 
 pioHt." 
 
 S('« I'ihiIkm- cxliiict, inh-i \>[\ W)i 'JUt!. 
 
 So, ulsd, ill Unhitison v Athlon. 'J<» Kij J8, .los-ol, M R.. >.\v\ ri.it 
 ' ill tiio uli.soiw (> of special uirieomoul, tho ri--o ami full in the \aiiii f 
 tixinl plant or real ostal<» bfllou^jili'^ to a imrtliorsjup wa< a< inu 
 piolit or lo.-4-i of iho paiiiiei>liip us anyili i:,' olso." 
 
 And Iho saiiH' jiidire, in another ca-f said: "No halnno-shi'i 
 can lio iiiado out for any u.-h-IiiI purposo 
 bad, and doiih'fiil doblM.' Fniiih' Mil'- 
 
 TIk'io ii <fi)od loa^oii (o lioliovo thai .1 
 the siiijjlc acioiint systoiii was tho prop 
 that in aster:,! ■ ir prolits a coiupanv nu? i><vufid t« lakoinli' 
 and make ^oixi i or dopiwiation in ai-ital 
 
 Thus in F.hhw Vnle Co., 4 C. U 827, = il it'arne<l j'. Ictp oh 
 cunsidered ii iK"-o-ary to eaneol I'>-' capital in or I' ■ i <Mial 
 CDinpany to apjil' iirrent iiiooine . lu laytiK'nl 
 after llio passing; <i{ thu Companies \' . 187. 
 requisite order saiuljiciiiig the rodu' 
 Hiiid. n- appears above, p. H.")9, that " i 
 was cxtroiiioly lienofirial. inasmilcli n-^ 
 dethii'e dividends wlieio Imt for the •; 'lo li; 
 
 possible"- thus indi(^i'in<r dearly his i -.(jw 
 p;:rpu^f of i::c Aft. A.. 1 -Cv obsCi vaiiulir! ::f ' 
 Fremh Kxpl-oration Co., ( VM>\> i 2 Ch. 845, 8:il 
 
 So also in Iiaii>nii< v. (lill -, Hi < '. I). 347, the s^^ati 
 
 hout dislinj^uishiiiL: .-'kxI 
 
 1 C. I). J7. 
 •I. M. i;.. considi'f^d tliii! 
 
 -vstein, :iiid aii '.v. '- 
 ou 
 
 of 
 
 pow, r 
 onaljl' 
 
 a, 
 
 VP! 
 
 .!"ii(i. .. 
 1,1 .--in>.' n 
 ■ !. .l-hip 
 :.. \,-i 
 
 ^ to 
 
 ,:l !..■ 
 
 S ;.ild 
 
 iiod judjio 
 ^Je(--el, M. R. I liold tliat ll 'lo could be no proli unlii proper jiru- 
 
)ii»W I'KOniM AKF. TO BK M i. I'AIVKIi 
 
 HT» 
 
 , ;, littd li'H'ii liiii « for d«>i reciatii. 
 truiuAi^. uh.i Ins 1, Jtliip ron i.l»<r«)il 
 
 Tbtt.: I hi' ui*** of ft 
 
 tu >»"ar p' Hion 
 
 sliiiul'l l* "'a^' '*"" *'U""'^''*''°"' *"^ ' ' '*'" ' •^' " 
 
 wiirt'h'"!'*: ^mii-oHJug i warfilic -e-kwiprT ^*ioui iiiul, ul .<> cud 
 (pf the li -' >i'i»«'. ''"'' '•' i'**' "* ^^''^" '' vpuml uuuuy in lir*, 
 
 l,ut ih 1 that. l>v 1^ iwn of hf Hual ir ami uiiir of tli< iiii»- 
 iiou?«' ■*•''' I.'**'" Mir-* I' .in It WUM lli« lieifiniiitiM- -t tlii< 
 
 ,,„r 1,. \ iild «'^ 1" I ''" I'" I* repn . 'T n'licnul. ci <lc|irt'- 
 
 iiimi liiiiil in'for III' ««liiii any prutitH, Ikhviu^o, allhouj'i tliat 
 
 I- uot rt>i|uirt- t to lio p ii<l iiat yuiir, still it if ti MUia \\iih li ii 
 |i„i . Ill »»>■, i-^ut of iiipital mil ruust ln! rephutjd." 
 
 Villi ai 'ih .! ii not - ' iviiiiuiio with t)ii-< defiMioii l>ciii 
 
 l,,,H(ltni in, "•'»#«. I*' '' " ''"♦♦• '' '■* t''*HOr»lly ackiiowlod «<! tlim 
 J ,M'- M li iin'*idert-t the -iii^^k- account systotu In Ik) th- ti)|)i'.- 
 ,, do atitsituiiiiim pi.>Ht- I'or Stirling, .F., IVrwtr v, ilrnri 
 ,.nl ( '•ii'i't-rrkl. «#' />-. yf, (18'j ' 2 Ch. 2.'i!», and injia. j). «'.' 
 
 „1 [HM i.iiidloy, M K-. lu y '.Hi ■ Hank of WaUx, (\HWti 2 (1: 
 
 III 
 
 \s:iuii. 
 .....riny 
 
 Mil 
 11,... I Sil 
 
 'flJiMUt' J'lJ.V 
 
 iii.i lal'lo 1 
 IC iiiiciliri'" I 
 
 iiilpr lh<" ( <>iii| 
 [n'liiii n'-ii|iilioii 
 ilicw |•^^llllllil>n^ 
 
 ohipt 
 
 of 
 
 IKI.l 
 
 tl 
 
 f nui'h 
 
 a 
 
 bnnk 
 
 hf 
 
 bcfi 
 
 ire 
 
 iiip 
 
 <lll 
 
 ' (li>wn 
 
 :, 
 
 till 
 
 -la ■ 
 
 b. 
 
 i-n ^ 
 
 ;\- 
 
 inyr 
 
 • ua 
 
 ii . 
 
 
 '.iili'. 
 
 1 
 
 '! ■ ■: 
 
 
 >irec' Spiiiti^h Ti'U';, ,'h Co . M4 ('. l)iv. 307 'k' 
 ■ itr '-.iif coii-iderulilf iioitinii of its (a[iital li- 
 no of ^ 1 Uilo-i, wii-i advlMul liy cduiisol of v 
 liiraee itt'uiwiirdu Lord -iJavoy) that tli- nui 
 i\v\\'- II uii> "I liie slmroM until thov i. pi m 
 I ji ijier m: t ■! of repair mid workiii;: m 
 
 vi«i'' for that purjioso, or roilmfd tli .li 
 
 1377 Si.'o (/i/nj, p. yiU. Acfi.i uu-lv. 
 > (Lissoij lor camelling tho lost fapii:il, and 
 .If ontirmeti liy tlie Court althuujfh \\w iiictdla- 
 linii uiiiiiiiilili'dlv ihvoIimI a liai-ilMliiji to tho holdors of (In \\ mih 
 -iiarc^; ami \t't no one venluiod to initiMid that tlio c. !]i i iilil 
 
 U' platod 1 a dividciid-payinir i midition olliorwin' ' m- 
 
 ttilinj; llu' lost capital. 
 
 In l.ulihock V. lirih^h Hank oj Sui.lh Anu-iini. ^18'.t2i 2 i li ]'• 
 llid (jiicstion arose whether certain asuets of a company wei' prolii 
 auil (.'liilly, J., said-- 
 
 '"Tliii U a trading; compuny, iuul I liavo b<-fi>rn mo h buliim ' 
 witi. li I rrfiT tiy way of iliu-tration to dliow liow the a. oiints ■ 
 i'iim|.any are kipt, and pntpi-rhi kr/it. In my npinmn I ba 
 d'f' riihiiit i-i.iiii{iaiiy*4 accounts up to IU'.'»ibpr, 1890. iiey 
 ■ini' -iilii fhiir lialiilitii'S, trcatint; pror'rly ttic .'iIKI.'HHK «li 
 -iribiil liy llii' sliari'bolilcrs a< a liablliry for the (j'irpoiea ■ 
 iiri"Hht. a< airainst tlic assi'ts whi- ii tlioy pa: down ');•' oil.- 
 tlie ^tm\l■ liability sidi', tlipy proprrly put '.iir ca-ri'nt liabilitii'^ .imt . i ii 
 "tliir liuliilitit's anil ri'scrve fund, whii'li lia* eomfnny ai-copdiiii; In it>. . .ii- 
 -liluiiiiu is jiisiiiii-ti in makini;, ami tiii-y aiiii up tbc total nmoiiiit ot tli'xr I'l- 
 liilitiej. On the other side they put down their as-iet^, and for the piir|Mi^' i.f 
 itiunir information to the tiharehoUlerA tlioy divide the atrotK into certain hi:nl- - 
 
 t'aiih at liaiik,' 'Bank premises and mana^jers' reuidcnccs in Brazil and Itiier 
 
 l: 
 
 /. -'. . V. 
 
 -_-,^ 
 
880 
 
 ARTICLES OF ASSOCIATION. 
 
 L^'llAI'. IX. 
 
 Plate ' — and thin tliey add up the total on that «idi>. Thoy if cour*' boi»u*- 
 Uiere in not a suggMtiun that thcao accounts are not kept wi'h perfect pnipritiy 
 mid perfitt honesty— therefore put down on the anet nidc the monpy valu.' .if 
 their Basctii, some being in money itnelf and some not. Th'n when the two sidi". 
 of this arcount are compared, there is a surplus of 44,0011/. shown, wliii h itms. 
 acFordin); to the s'^rountant's regular method of keeping accounts, tn thv lia- 
 bility side, and rcpreaents the balance of axsets over liabilities. Nnw wh.it ii tin' 
 result of keeping an account in this form? The capital of the li:ink \* intut. 
 and the account shows it, and after providing for the capital there rBinains n 
 Hurplus whiuh rightly goes to the profit and loss ai-count. All that the ■otuiiiiny 
 is required to do by force of the Companies Aut of 1862 is to keep It-i cajiiul 
 intact, and not to pay dividends out of its own capital ; in other words, to \(,■l•^, 
 that capital for its creditors and any others who may be concerned Ihi-rcin. Thai 
 mode of keeping the account U an excellent illustration of the ri;{ht way u> 
 divide profit and loss. Taking the figures on this account, this sum of 44,mHjr ii 
 profit made and profit available within the Act of 1862 fur diviiion anions tin' 
 iihttrcholders, unlest there U Domethiiig in tho articles which would pnvcnt tij.' 
 directors and prevent the company from dividing the sum which thus atsnds 
 to their credit. 
 
 " I say I have great difficulty in following the first portion of the ari;iiniont 
 for the plaintiff, because it was said that what was sold was part of th.' capital 
 of the company, and tliat what came in over and above tho SOO.OUi!,' was un 
 accretion to capital, therefore it must be kept intact as part of the capital. Th;it 
 has — with great respect to the counsel who put forward this argument nothintr 
 to do with the matter. The sale being an authorized sale, it is immaterial what 
 is the thing sold. I put, during the argument, a humble illustration. A niaii'i 
 business is t<i make l>oots and shoes. lie has lO.OlWi., which he Ukm into that 
 business as liis capital, lie makes boots and shoes, and spend-i tho whole of hin 
 1U,000/. in doing it, and he sells and gets back from bis custumi-rs a certain nuiti 
 on the sale. He compares then, assuming he has sold all, what he has ifot baik 
 with his expenditure in producing the boots and shoes and putting them un the 
 market, and if he finds he has his 10,000/. (I am treating it apart from any 
 (|uestion of debts outstanding, supposing it is a good solid sale), then hi« capital 
 is intact, and the rest — if there is a rest remaining in his hands— is prolil. On 
 the other hand, if he has only 9,000/., his capiUl is not intact, and ho has hut. 
 It is exactly the same principle that has to be applied to a tradintj eom|any 
 under the Companies Act, and the capital that has to \m regarded for the |iiir- 
 pose of the Act of Parliament is tho capital a<'eording to the .Vet, ami not thi- 
 things, whether houses, goods, boots and shoes, or hats, or whatever it may h. 
 for the time being representing the capital, in the sen.se of being things in uhuh 
 the capital has been laid out. When the company is formed to work a wastiiih' 
 property, such as a mine or a patent, different considerations may apply, as 
 was decided in /.»« T. y»ackat»l Atphallx Co. I am not dealing witli any 
 such special case.'* 
 
 And although this case was distinguished by Uyrne, J., in Fi»lrr v. .\>k 
 Trinidad Co., (1901) 1 Ch. 208, mpra, p. 865, his Lordship in no way im- 
 pugned t^o principle of the decision. 
 
 Kay, L. J., in Verner v. General and Commercial Trunl. (18'J4> 
 2 Ch. 268, said— 
 
 " I should be sorry if it were held that a joint-stock tr»ding i-«mpany nm 
 properly catiiiiate their profits in any way diffcrinij from that in "hi.h an 
 individual, or partnership of individuals, cjtrrying on a similar business wou-.l 
 
now PROFITS ARK TO BE ASCKRTAINEU. 
 
 J \n nnlinnry trader takes a yoiirly aci'ount of all the- capital employod in 
 hi I uint's- ftlliiw* for any loss or di'prerintion in value, and oarrips tho balance 
 
 the pr"''* ''"'' '""' *"'"""*' ''^'" *•"'''> '»■ inakM out tho proflt or Ums of the 
 
 III tliH mode » loss or depreeiation of sunh capital affects directly the 
 
 • ^iij g[ til,, v,.ar, which is thereby ditiiinishnd. liut if upon tho whole capital 
 
 ii.iunt there i» a eaiii, this coos to swell tho year's profit). In my opinion u 
 
 j„ii,l 4(kI< (niiliii!,' eonipanv should do the same." 
 
 S.e furth.T. •,.h„. p. 8»-i. 
 
 SMI 
 
 i 
 
 In tho ilpfisioiis relatin;^ to imoriio lax, viiiiiuis oxprossioiis occur 
 whMi it'riil 111 support tho single account system. 
 
 ■ ■« 4 f ... •> t.^.. I' . tt*l 
 
 Tims 
 
 I It'lltl lo SUIipOll lilt' MIl^l" urcouii! ^_>^iuiu. 
 
 IIS ill Kmm-U-s v. Mr.Xdnm, A V.\ iiiv. l!.l. Kelly, V. H.. in the 
 course (if lii- judgment, said- 
 
 " What is the balaneo of tho profit or (jaiiwy Tako tho simplest ease. A 
 man biivs a bale of cotton for 20/. and sells it again for 2.5/,, no expenses bcinpr 
 incurreii cs.cpt the prico of the bale. His balance of profit is .V., which remains 
 to him ;ifler having repaid hini.-mlf ovorythiatf ho paid to obtain the bale. . . . 
 Suppo«e !i merchant dies and bwiuoaths to his son u warehouse eontainin(r 
 •HKKMI bales of cotton; the son carries on tho trade and sells 1,(K)0 of Uioso bales. 
 U lii< ppifit nh.il be receiver fur Ibnse ball's without any deduction? No: his 
 profit is the price at which ho sells loss tho prico he h.i-s paid for what ho 
 ■flls. or, if he has not bought it, less what ho would have had to pay if he 
 lia.l houL'ht it. Apply this principle to the c ;ise of a c<ial luiiie. .Sup|M)sc a man 
 pavn l.iMKl/. for a lease of a mine for one year only. At tho end of that year 
 ho hai t'ot all *•>'' «>»' '" 't"" ""'"O ""^ '*"''^ '' ''"■ 1.200/., tho expenses of 
 blinur niul materials being 100?. Is his profit 1,100/.? It would be an abuse 
 of laiiL'uii-'e to -ay so. His profit is what n'mains in his |>ocket after di'ducting 
 the ixpeii-cs. iKimely, 1,001)/. for tho liberty to get tliu coal and 100/. for the 
 (wt of L'cttiug it. That is, his profit is 100/. only. >w if that be true in 
 the (u-i of a lease for one year, it must be true in the present .'ase, where 
 the 1. 1-C1 liaie an average of tliirly-two years to run, and where the lessees get a 
 wirtion "f the coal year by year. There can be no difforonce in principle." 
 
 S.e al o AV Spiniish I'rimj'i-rlinfi Co., f./rt., supra, pp. HtW, Kti'J. 
 
 Nil ildulit it t\ow apfwars that this modo of aMcortaining annual 
 IMoJils 111- oairis, though in strict acconlanco with tho praitico of 
 hiiMiicss moil, is not in atcorihuKO with tho peculiar rules laid down 
 ill llm Iiicoiuo Ta\ Acts {Coltness Iron Co. \. JiUuk, <i .\pp. ("a.s. 
 ^IW. fiijirn, ]i HT i; but that <loe.s not ilciu^iato from the value of the 
 above p:is<age as imiicaliiig the view of tho leaiiiod judge in regard 
 to liie u-c«rt;iinment of prolit for other purposes. 
 
 And this -ingle aceoiint system closely aciords, moreover, with the 
 rule* liiid down or loiogiii/ed liy ei onomists. 
 
 Tims McCiilloih, in a passage approved hy Lord Hlackburn in MiCullo.li 
 Colliifs Iron Co. V. liUirk. uhi Mipra, says; — 
 
 " I'rotits must not l>o confounded with the proiluee of industry primarily 
 ri».i>isl liy the capitalist. They rmlly consist of the produi'c or its value re- 
 maininir to tlio-e who employ their capital in an industrial undertaking after all 
 lli'ir n-.t'j?:'rv p.ivRit^iits liavc been deducted, and after t!i'< capital waste"! ami 
 U9«i in the undertaking has been ropl-w^tl. If the produeo derivisl from an 
 
 p. M I. 
 
 1- f 
 
 \ lews (■! 
 *'*uiionii«t>. 
 

 882 
 
 Mill. 
 
 AKTICI.E8 OF ASSOCIATION. 
 
 rCllAP. IX. 
 
 nndorUkinp, nft»'r defrnyinif the necessary mitlay, bo iiisuftiricnl to r.plarp the 
 oapital exhausted, a loss htt» l)eon incurred; if the produce is merely suffici,!., to 
 i«|>laoc the capital exhausted, there is no surplus— there is no loss; but tier.. i« 
 no annual profit, and the greater the aurplu« is, tkv greater the profit.' 
 
 Joh-i Stuart Mill says:— 
 
 " The capitalist, then, may be asMimed to make all the advan< es and rccivp all 
 the produce. Ilis profit eouBists of M<" pjv,/.«.i of the /irodnre nboie Ih,- ,i,lrnitcr$; 
 his rate of profit is the rate which that excess bears to the amount advanced." 
 
 |t|i{ if 
 
 TV>namy Price. Bonaniy Pike .savs (Practical Political Economy ):— 
 
 " The capital engaged in the business must be replated in full by the pruduiU; 
 for no business goes on permanently at a loss. We have seen that cajjital U 
 consumed in producing; capital is wealth; and there must be rMtoratiun of 
 such wealth as is destroyed not by enjoyment, but in creating other wealth. It 
 that new wealth were not forthcoming there could be no motive to apply am 
 wealth to capital. Profit, which is reward, oannot begin till the ri'pni'fment w 
 the thingi comumed has been completed. . . . Endless unforuuvu cunsm may 
 conrert hope of profit into loss. In some operations, especially in farming, tho 
 product may not appear at all after all the < i. for procuring it hn heifu 
 incurred. Now all such risks for the restorati ' <>. the capital consuinisl must 
 be met by an adequate insuranoe emuo>Iied in an increase of price. l!y joiiv 
 writers this insuranoe is regarded as a doduition from profit; but the morf 
 correit way of viewing it is to consider it us an item in the cost of pro<lii(tio!i, 
 as an expeiise inuluited in it.'' 
 
 Sidgwick. Sidgxviok (in his Principles of Political Economy i poiiitrt (nii tiiat, 
 
 in order to understand wliat is profit, it is necessary to fonu un 
 e.\act notion of capital, i.e., of wealth, employed to bring a surplus 
 or profit. 
 
 " To attain this result, let us begin by asking what is exactly nieaul from llii- 
 point of view of the individual capitalist by ' wealth employed to brin^' a profit.' 
 It does not mean that the wealth is necessarily in the form of instrunicuti or 
 materials for making new wealth, or in tho form of food, clothing, ivc. for the 
 labourers who are using the instruments or materials; for, as wo have seen, it 
 does not matter to the individual whether his wealth is used pnsliu'tivcly or 
 unproductively so long as ho gets his profit. It merely moans tliat the individual 
 is using his w<>alth— I'ither personally or by lending it to others -in suih a way 
 that he continually finds himst^lf possessed of TiiK Kgi'lvMKNT of what was 
 originally devot<'d t« such use, together with some additional wealth, lliii 'Mi- 
 linnnl irrnlth brimi what if failed profit. . . . 
 
 " Wc have, therefore, first to ascertAin what portion of a man's wealth is 
 being employed with tho aim of making iU owner continually Riniiii. and then 
 to distinguish the capital from the pmfit. In the case of wealth thai lias been 
 lent to some one else there is of course no difficulty, as the sura which the dibtor 
 pays for the use of the wealth is clearly profit, and the sum which ho is Isiund 
 to replace ele«rlT capital. And the line drawn in thU ease can be ideally 
 extended to include the ease where the wealth has been spent in purchasing * 
 perpetual annuity; for though here there is no one under legal obligation to 
 
HOW PROFITS ARE TO BE A8CKRTAINED. 
 
 • -,( onv fix"l t'""" »" enuivalent for the principal, still ai-tually the annuity 
 ran L ut any time koU »t it» uwrket valu<-, so that wc may rpyiird this )Hwiihl.- 
 "•'..a- till' iapital. In this ca»e, however, the pri(y! at any time may be le»» or 
 '"1^ tliuii th" «ura oriffinally «pent, itnd, therejore. in <-alr„lnthiq prn/lt. ./■- 
 ,„ .„r,lr,rrt frnin or mid to thf »«m» nvriimllif rrxn^rd n fim nufficitnt A. 
 r..,„pen»(ilr lur the difrrimrt" 
 
 88a 
 
 .\(ruiu. Tu-faeHor Marshall in his Priiici|)lc« of Eionoinii'.- 
 142, (J.'tiui's profiU thus:— 
 
 Vol I 
 
 •' When .i iimii is enKatted in business his profits for thf yi'ar arc the exc's- 
 ,ri,;^ ri'ifipt- friiiii the busineas during that y.-.ir over his outlay fur the busi- 
 „.<, tho • iV. TPncp Iwtwcfn the value of hia stock and plant at the .'nd anil 
 jI the biL'inninK' of the year beinflr taken M part of his receipts or as part of 
 |,i, .nitluj . »<(ording as there haa been an increase or decrease of value." 
 
 Ii ha*, iiitlwd, Ixjen 8ugg«8to(l in the Courts that oconomista con- Economists d<. 
 aider that lo«8 or dopreciation of wlmt is callwl ' fixed capital" (soi- 5;'|„*''^;'f^^ 
 i»jui. |i HH4 ) nhoiild not be taken into aicount in asoertuining I'.roliln, 
 but. ii.s aiii>oiir!( aliove, this is not tho case. See also infra, p. 901. 
 
 Aimin it lias been sutrKested that econouiists oonsider tliat funds ortreiitrnmifv 
 cx|.cii>l«'tl in the acquisition of " li.xod capital" (injra, p. 884) are h„,i ,.„j,it«i 
 to be treated as sunken and gone, so tliat anything recovered in tho as l.wt. 
 «av(if iuwjiue is so much profit ; but tliis is not s<), for the ecoiiouiist, 
 like the Imsiuess luan, treats the capital euuk as represcnU>d by and 
 iB-aii|K>nriii<,' in the assets, whetlier in the shape of goodwill, or 
 (.■oum'oliui - undertaking, whicli tJio oxi)enditure luts brought into 
 txislenc i- eloped. 
 
 Thus, . ; •" '■ k says (Principles of Political Economy):— Sidgwic.k 
 
 •This li;ul< me to considor a sourec of profit noticed in a preceding chapter, 
 wliicli pxhiliits the immaterial results of labour and expenditure as still more 
 dearly s,.p:iratc from any mati-rial capital than in the cases just discuss»Ml— I 
 luiaii, the ulialilc article called 'goodwill' or 'business conmn'tion.' Let us 
 ukf. for cxiirapic, tho business of publishing a newspaper. The sale of a 
 iic».|iii]icr when it first starts is ordinarily so limited that its proceed.-, do not 
 npy the current expenses of production, so that the business haa to be carrii-d 
 on fur -line time at a losg. Hence, in order that the undertaking should be on 
 till' »li.'le a iirotitiible one. it is ne<'ea«ary that tho proceeds of the sale should 
 ultimatclv be sufficient to pay profit not only on tho material capital actually 
 miil.yi'.l in production, but upon all the wealth and labour that has bwn 
 ,|«'iit witliiiut return in the earlier years of the undertaking. The business 
 m»y lie reir:irrli'il a" having capital sunk in it which would be recovered in it* 
 (.riip if it lame to Ih" sold, thoagh it is actually represented merely by a certain 
 lialiit of purchasing the newspaper that exists in tho community at largi'. Tl',» 
 poleiilia! jince it properlf reckontd a> part of the ueallh nml rtiiiil,il of tin- 
 iniitidml uv-niitg Iht ituiMM*." 
 
 3 L 2 
 
HH4 
 
 ARTICLES OF ASSOCIATION. [CUAI'. IX. 
 
 Kixcd iiuil 
 ciroulatiiiL' 
 c«pitHl . 
 
 [ii connwtioii with tlu' aUwa wunvoMtionw, and wlml in sttiil, injra, 
 |). "Jil.l, it may l)0 convenient here u> refer to the distinction between 
 " fixed " and " circulating " "sapital which is to be found in writers on 
 political ecouoniv, and has been adopted by learned judges. 
 
 Th«i notion inui this distinction had some bearing on protita and 
 dividends was first put forward in the Court* by tlio ilofenilant«' 
 counsel in Lee v. Neucluitel, 41 CD. 1. " The appellant loraiets the 
 distinction drawn by economists— which is a very substantial oiie- 
 betweon (i.xed capital tiie money exjiended in purrliasinji which is 
 sunk once for all -and circulating capital, like stock in trade wlii, h, 
 in the ordinary oour.so of bu.tine.sa, is parted with and replao I by 
 other capital." In that laso Uio Court abstained from rolyin<jr on the 
 listinction thus drawn, and laid down the law in t*)rms far beyond 
 anything counsel had argued for; and in National Hank of Wilen, 
 (1899) 2 Ch. 629, 670, the same learned judge says, after citiu;.' Lee 
 V. Neuchatel Co. : ' Wiiat was lost Uioro was fixed csipital, and it is 
 obvious that circulating capital, or any other money eniployrd i,i 
 earning returns must be deducted from them in order to a«i*rtaiti 
 how nmch of them can be regarded as profit " 
 
 But in Vcrtwr v. General and Commercial, dc. Trust. /M/r,;. i>n!).l. 
 liiiidley, L. J., in the Court of .\p{)eal, laid great stre.ss on the dis- 
 tinction, saying " that fixed capital may be sunk and lost, and yet tlwi 
 the excess of receipts over current paymontrt nuiy be divide<l, but that 
 floating or circulating cai>ital must Ikj kept up, as obviously it will 
 enter into and form part of such excess, in which case to divide surh 
 excess without deducting the capital which forms part of it will be 
 contrary to law." And the distinction is empha9i/o<l in llund v 
 Hiirroic llirm<ilite Steel Co., mpra. p. 860. What then is this di^■ 
 tinction l)Ctweon "fixed" and ■circulating" capital? I^tustake.bv 
 way of elucidation, some extracts from tlio leading writers on politi(al 
 ewmomy. 
 
 Adam Smith was the first to draw this distinction— 
 
 " If it (i.e., stock) is employed in procuring future profit (as distimt from 
 present enjoyment) it must procure the profit citticr by (tUiyinB witli him "r l.v 
 j,'oin»; from liini. In the one ca.se it is fixed, in the other it is a nrrul.tiini 
 Tiipitiil." (Wealth of Nations. Pt. II. Ch. I.) 
 
 Ricardo altered the use of the ferm.s, a|>piying the name "oirculal- 
 ing" to that which is fre((uently dostnnod and has to bo reprodu'^il 
 He says (Principles of Political p:cononiy, ch. 1, s. 5) ' In propor- 
 tion as fi.xod capital is less durable it approaches to the .lauire of 
 circulating capital. It will be consumed, and its value ropn.du.s'd in 
 a shorter time in order to preserve the capital of the iiiiinHraclunr. 
 Hilt Mill a-ivl iniiflt other recent Englwh eoonoinistw disliniriiish 
 circulating eni)ital, ' which fulfils tlie whole of its office iii the pro- 
 duction of vxhicli ii i.s engaged by ii Ningle use,' from "fived cipital, 
 
HOW PROFITS ARK TO BE ASCEKTAINED, 
 
 W h oxist^ in a durabU' shape, ami tlie roUirn t« which is sprnatl 
 over a IhtI'"! of correspondin}; <Iurulioi.. ' Marshall adopt* those 
 
 d(.finili'>i>»- 
 f!<,naiuv I'ri.f says, in hi« Practical Foliticttl Economy- 
 
 "(■anit.l i- divi'led into tw.. . la-*os, founrt.'d on ;i dhtin.tion l-ointrd out l.y 
 .aL Smith lie das»e.l rapital into . ir.ulatinff and tixod. Circnlating ™,..l.il 
 
 ,hr,"»l,i,hi. .^Msumod by a »inglc uho, and rc-ap,.oar« in full in tlu- prmturt, 
 '"h'l, i, i,a. , reatorf. Thu, tho food ..f tl.o .mrdener i. rostonnl in the ,.ot«t..r» 
 r ,.. The c.,»k burnt in tho fa. .ory, and the iron-ore whuh has bc-n 
 HLlved r..-appoar i.. the pist-iron oreatcd. Kixed capital i» that which i, not 
 ' tirelv .'....-u.atHl by a -iuRle u«, whi.h i. rapable of doing it. work more than 
 Lo, and conso.iuontly does not require that iU produe* should, on a single use, 
 rest.Tf i* in its integrity. 
 
 ■ Cinulaling e^ipital derives its name from it« rapid movement. It is applied. 
 then ,le*tr<.y"l, and then re.'overed. A master cariH-nt^T sends his man to make 
 ,,n»ir* in a huuse. The work takes a day, and w.xkI and nails aro used up. 
 \VI,.., th« n.an leaves at night the job i. paid for. The wood, nails, and the 
 man-- wu^'e. dostroycl the carponter's .apital. lie receives it back again in 
 ll,e money rci'oivcd. or, rather, in tho things which that mon.'y purclia.-«'s. . . . 
 |l„t a di-tiu(tii.n of importance must be d.'awn here. There is no such thiny 
 uiiswl capital in an absolute sense, A part of what is oiMod by 'his name is 
 rwillv oiMil iti"« capiUl. The wear and tear of the engine au.l the building 
 „f tlic nicnliant »hip and the cart hors« arc pure eir.-.ilating .'apiMl, as truly 
 ti t!ic lu.il- which generate tho steam. I'lio circulation is completed by repairs, 
 uid re|.iir- arc only the capital destniywi in a machine by working re-appear- 
 ing in its renovated st4it«. These repairs are chargitl upon the goiKis made in 
 ti.eir place. They enter into the cost of production. In the c.isc of a cart 
 hor^ and similar instruments there are no repairs, but the depreciation in its 
 v»luc is met by an annual item added to the cost of production. A farmer who 
 empluy* twelve hor-ses. ca<'h of which is expect.'d to last twelve y.'ars, must Ih« 
 r*p»id the co't of a hor^e each year as repla<«ment of capital used up." 
 
 ?<H5 
 
 Madeoil ill his Theory and I'lactice of Banking, p. 77, says iJiut- 
 
 " Capital itself may be used in two distinct ways: — 
 
 "(1) The lapitalist may retain it in his own possession, and make a con- 
 unuous scries of profits by its use, and consequently the capital is only replaced 
 with the priilits in a scries of instalments. Capital used in this way is termed 
 'tiled capitid.' 
 
 •• Till' 1 apitalist may part with it entirely ; and replace the entire capital and 
 pn.lits in nnc ..|Hration, hence it gix-s away fnc" him entirely. Capital usisi 
 in this way is termed ' floating ' or ' circulating ' capital. 
 
 " It must be clearly understood that it is according to the intention of the 
 person who uses it, and the purpose and methfid i.i which it is used, that it 
 p« fives either of these name*. The same article may be floating capital in the 
 hand- of (ine person, and fixed capital in lh<! haud-s of its next possessor, if the 
 first produces it for the purpose of selling it outright, and the sretmd jMirchases 
 it for the purpose of making profit by its use. 
 
 ■ ii.i- d.-iimiioii U often ovorlookrd. and the term ' ii.xctl eapit.-i' ' i* r.ft- -i 
 ipplied to articles of a particular iuit\ire, and Uoating or circulating capiUI 
 lo articles of another nature. ■ . . 
 
 iM 
 
 um^**'-^ ■■ ziV 
 
 wr:.> 
 
 •;^'#'. *^ 
 
*;. I; 
 
 I $ 
 
 f 
 
 1 ; ' !■) ; ,' 
 
 ><86 ABTICLES OF ASSOCUTION. [ChAP. IX. 
 
 " It must be carefully obaervod that Smith'* dutinction of certain artiiK-i a» 
 fixed capital, and of other thinf^ an ituatinv capital, ia crronrouM. 
 
 "Thus houHOH, \tind*, tu-. arc by no meanK invariably fixed capital. It l> 
 quite commun for upcrulators to buy up land and build house* for tlic ixprow 
 purpose of nellin); them BKain. In the baud* of thexe Bperulatum, hnii^'i and 
 lands tui traded with arc floating capital, bocjtuae the entire property in tlirm 
 is parted with in one operation. But if a person buya lund for the |iur|j<iMe of 
 farmin); it himself for profit, or of lotting it out to furnicra, or buys or liuild* 
 the hounes for the purpose of letting them to tenants, then such houm's and 
 landa are fixed capital. . . . 
 
 " i<o a shipliuildcr builds ships and hcIIs them to a company. In tbu h»nd< nf 
 the builders the ships are floating capital; in the hands of the conipuny they 
 become fixed capital. . . . 
 
 " If a peraon buys into the Fundi or shares as an investment to jiroilure sn 
 income, thcr arc tixed capital. Hut there is a class of persons, called iturk- 
 jobbers, whu buy this kind uf property with the intention of selling It t^Mn 
 with a profit, and they keep a stock of it as traders do goods. In the hands „f 
 such persons such property is floating capital. . . . 
 
 " It is therefore incorrect to apply the terms ' fixed ' and ' floating ' capital tn 
 any nl>j«<'t. whatever its nature may be, unless we know the intcntii>n of ih 
 owner in using it. 
 
 "... The only species of property whinh is necessarily floatini; rapital is 
 money. Money, to be used, must ni-eessarily bo paid away and change inusttn 
 Almost all other property is capable of l>eing used in either way at the will 
 of the owner." 
 
 Tho (li.'<tincfion betweon fixed and ciroulatinp: capital we Ihim see 
 doe.s not, according: to ooonoinistw, depend on the nature of the n.-«et, 
 or <iu its diintliility, hut un tho luiud and iutuntion from tiiitu tu litue 
 of its own«r. Wo iil.so seo that- it is extremely dithcult to doteriiiiui' 
 what i.i and what i.-* not Kxed oapitnl. Thus «hareM or other a.ss('t.s aro 
 8omefime.s boughi \>y a companj' without any distinct dcf«>rininLition 
 a.s to whether thoy -shall be kept- or resold; and aopoi-dingly \vlu>ihet 
 tiiey aic ti.xoil or circulating capital is au opea (juestion. .Vnd even 
 ■where as^etn uro reiiuiiod with a s|)ecific intention, there is no (libj^a- 
 tion to roiord tim: intention — indeed, to do so would be contrary to 
 all practice. 
 
 Furthermore, intentions change. Thus, suppose a company formed 
 to buy, sell, hold by way of investment, and deal in shares, and that 
 it acquires some shares intendino; at the time to sell. They are at this 
 stage circulating capital, but if they hapjien to fr.ll in price the com- 
 pany may change its mind and determine to keep them, and thcroupoa 
 they become fixed capital. A few muullis afterwards the > vii>pan.\ 
 iiiay determine to sell thetn, and thereupon they return to the cate^orN 
 of circulating capital. 
 
 So as regard.s " fixed " capital, there is no such thing a? fixed cafiital 
 
 in an n'isol!i*c- lionw" Tn many cw^i^ » part of what i-« called by th'* 
 
 name is really circulating capital. 
 
 Act of 1877 Lastly, it is a matter of notoriety that tho Companies Act, 1877 
 
 (.replaced by sect. 4G of tho (Jonipanies (^Consolidation^ Xiil, 1908 1, 
 
F!^<-*#. 
 
 HOW PRonrs are to be ascertained. 
 
 887 
 
 fMu- Vtttt r. 
 
 wherol'V |Hi«oi was given with the sanction of the Court to cancol 
 . .1 " VI hi( h Iku* 1>c«ii lost or is unrcurosentod \>y ovuilablo litwetn," 
 ttis passiMl to romody tho particular n-riovanco whu'h was supprwod 
 I!, oxi«t. iiiiit«?ly, that after a loss of capital by deprc.iation a limited 
 ,','„„|.iinv (■..ul.liiol pay dividends uidc.-<M and until tho lo«.s was inado 
 ,0..*! aii<l 'ould not, like a partnership, write olf tho amount and 
 |""iii.K' pivinout of dividends. This griovam* had boon accontuatod 
 l,v il,o ,lp.i.Hion of .)es«)l, M. R., in The Khhir Vale Co.. 4 U. Div. 
 y>- See sHjirn, pp- 8."i9, 88t). 
 
 Tlv Bill fof the Act of 1877, the outcome of the decision last 
 ,,,entiom>.l. was referred to a Select Committee of tho House of 
 I unimuii.-'.und from tho evidence before that Committee it in clear that 
 overvone Mipp<^sed that the grievance which the Bill was to remedy 
 ttiLs that whore there was a loss of capital a company could not write 
 .lown its capital by the amount of the loss but must make good the 
 iniuuiii m:i of subsecpient profits, and as we have seen, Jossel, M. R., 
 j„ , ven iMiiir in relation to the Ebbw Vale Company the lowers tijivon 
 bv the Act within a few months after it came into operation, took 
 „',,iM,m lo say explicitly what he understood to bo tho object of the 
 \,i. for in ^rivinfr judgment his Lordship said that the power given 
 l,v ilic Act^wiis extromoly beneficial, inasmuch af it enabled tho 
 .onipuiiy tu de-laie dividends where but for the power no dividends 
 would tie )iiissible. 
 
 Y.t now it is not uncommon to argue that (he real object of the Act 
 «os nut to enable <lividonds to he paid which otherwise could not bo 
 |,ai.l until loss was made goml, but to enable a company to roducc 
 ,t, .apilal so that the subse.iuent dividends mijiht bo lid at a 
 hi-lici rate per cent, on the reduced capital than the rato . iiich the 
 rompanv woidd have bwn able to pay on the unreduced capiuil. In 
 lift lioll: lu'netit.s result from tho Act. 
 
 An ol.je( tion sometimes made to the single account system is that it Objection,. 
 involves periodical rc-valuations which may be difficult and, perhaps, 
 ■ uiipimticable. As to this, it is generally considered that there need 
 he no rc-valu.ition of assets of a permanent character so long as there 
 i.< no rciisoM to suppose that they have diminished in value; and that 
 what are bond fide regarded as casual and temporary fluctuations in 
 ihe value of such permanent assets should bo disrogardo<l. 
 
 Even if a ro-valualion is to bo made, it is generally considered that 
 in ilcicrniiiiiii^^ the value ii is not necossary >n- luopor to regard merely 
 seilinsr value. It m.ay be that the a-sset coidd not bo sold, or could 
 not bo .s..ld for what it cost, and yot, afl part of a going concern, it 
 may lo the c.mpany bo worth its cost. On the other hand, if a com- 
 pan\ fives 20,000/. in ciish or paid-up shares for a patent, and the 
 Hfttent !» held void, it i' srennmlly nonsiderod that such a loss cannot 
 i«' disregarded, unless, indeed, it can be set oil against some increase 
 in the value of another iLs-set, or some newly created asset, or as 
 goodwill. 
 
 wwi^mss^S' 
 
 w 
 
bH8 
 
 If I 
 
 lli^i 
 
 ARTICLES OF ASSOCIATION. [(!||Af. IX. 
 
 Another objection which the udvocu(«8 of tiio otlior HVHtonin sumc- 
 tiuies ruiae is, that Uie Hiuglo account system gives a sunctiun to the 
 writing up of the value of permanent a&sotM ao as to accord with their 
 eatimated value for the time being, and that this is likely to load h. 
 payment of dividends out of profits which only exist by way ot 
 estimate; in other words, it open to abuse. 
 
 The answer to Uiis criticism is that writing up the value of pei- 
 manent usisets, and carrying the incruuse to proht and lu^s, i^ uu- 
 ilue«tionably u departure from ordinary commercial practice. It 
 may \>o justiliod in special co-ses, and great numbers of concern.'-, 
 including macy lianlcH, insurance companies, and trading conipanici 
 do, as a matter uf fact, write up some classes of a-ssets from time t(> 
 time, e.g., when they act on the rule of taking them at market price." 
 of the day ; and it is clear that there is no law against that proceHN 
 
 There is clearly also no obligation — though there may be a tenipia- 
 tion— t(i write up permanent assets, and even if they ore written u|' 
 it does not follow that the increase in value will be divided. Then 
 is no obligation to divide, and there is an obligation — a very strung 
 obligation — not to pay dividends otherwise than out of profits. 
 
 The single account system has this morit too that it foUuwa tlic 
 practice udoiite<l in an ordinary pa'ticrship. In such a partnetshiii 
 there are no profits available for division till loss has been made ^'ood 
 and it nuitlors not wheiher los.s is incurred on capital account oi 
 revenue account, for it is a question not of revenue, but of profi' No 
 doubt, with the consent of all the partners, the revenue, or, i ii 
 matter, the capital, can be divided without making good tiie lo.?' ui 
 prima fori .1 lass has to be made good out of subsequent oarnin;;" 1 
 fre.-ih contributions, or must be written off, before divisible protitf 
 can be made. So, also, upon a dissolution of an ordinary parliier.-<hi|. 
 notliin<r can Iw taken by way of prolit until lost ca|iital has Ihh'd nadc 
 good. See the Pariuership Act, 1890 (53 & 54 Vict. c. ai>); A'oi.v/' 
 v. .\owell, 7 Eq. 538. 
 
 And in Itishton v. GrlnseU, 5 Eq. 326, where an agreement hiul 
 been made that tlie plainlill, a.s manager, should have a [icrcciiiagi 
 on the prohts of the defendant's basiness, it was held by Page-Wuoii. 
 V.-C, that the defendant was entitled to charge the [irolii and lo^ 
 account in every year with sums representing the de|)reciation aris- 
 ing from the running out of the lease and the waste of plant and 
 machinery. 
 
 It is, therefore, not surprising that the single account system should 
 have been so generally adopted by companies, " for, after all," an 
 
 * When at the Dar, I.,ord Davey in one ca«e adviaed that a company havinK 
 lost one capital asset whiUt other capital assets had largely appreciated, it was 
 allowable to have a resolution and to adopt a new balance-sheet on the footin)r 
 thereof, and thus to extinguish the loss. 
 
HOW PR0KIT8 ARE TO BE ASCERTAINED. 
 
 ,_,,, M R , said in (Irifflth v Paget, C C. D 5i:,, " tfie«e com- 
 'anie«' atv ciiiincuml par(nor4u,m, uiul arc. in tho alwonco of 
 Lri.*s proviHionn. «lttlut«ry or otherwisKS, subject to il>e same ...m- 
 lideratiouB " Ami see vwmt ntpra, pp. 857 et svq. 
 
 SMM 
 
 2— The Double Account Syatetn. 
 
 Vocordinjf to this syHtem. the profits of an undertaking are U>c 
 exetm of rovenuo reocipte over expemon properly chargeable t« 
 n-veniio account; the capital account and revenue account are to bo 
 kept distinct, and for tho purposes of determining the profits wo are 
 U) disregard accretions to or diminutions of capital. Accordingly, 
 k«j on wpilal account need not, whereafi locss on revenue account paid 
 out of capital must, be made good out of 8ulHe(juent revenue or 
 otherwise. 
 
 The principal objections to this system are— 
 
 1 That it dra^vs a diitinction Iwtwoen loss on capital account and 
 loss on rovonuo aoonunt. which apiwars to have no foundation in 
 principle. Why should it bo necessary, in determining profiU, to 
 flwkp tro<Ki out of rovi-nuo a loss of capital on revenue aw^ouut il it 
 is not necessary tj mako good n loss on cai-ital account? Why should 
 it bo np-ra.^arv to make goml gra<lual loss, and yet not necessary to 
 make ffx:>l e sudden or e.xtraordinary lo.-<s? The rasult of the loss in 
 either case is exactly tho same, namely, th.U the paid-up capital 
 is pro tantn diminished. On what principle, then, is the distinction 
 bcitt-ocn .rra<lual ami sudden loss to bo supported? It is not sup- 
 pori.Mi U tho ca-sos. Tho views exprosse<l by the Lords Justices, 
 in ;., .■ V. .Seuchatel Co., and Venter v. General and Comvierciul dc. 
 Trust, mfra, and in Bosanquet v. St. John Dd Hey Co. (1897), 77 
 L. T. 2U7, and iSational bank of Wales, (1899) 2 Ch. (i29, G70. aro 
 opposed to any such distinction. 
 
 2. Tliat it liivs down aa an arbitrary rule that " accretions to 
 capital " are to lie disregarded in determining profits; but there is no 
 autliority for such a propo.sition, and tho every-day practice of tho 
 wmmonial world negatives the existenro of such a rule; and now Uio 
 Courte have held that there i^s no su.h rule. Lubbock v. British 
 Imk of Smih America, (1892) 2 Ch. 198; Wrner v. General and 
 >..>.rierriaK dc Trust, (1894) 2 Ch. 2;!9; Fo.fler v. A'ew Trinidad 
 in.,yl.»n) ICh. 208. 
 
 3 That it does not even require loss of circulating capital to be 
 mad" ^'fKxi, whereas, at any rate to this extent, tho Court of Appeal 
 considinj that lo^s8 must be taken iuio account. See Vemer v. General 
 and ComtHcrcial, dc. Trust, supra, and yational Bank of WaU-s, 
 (iSySi 2 Ch. C29, 670, and infra, p HOT; al.Ho Rnnd v. Barrow, dc. 
 Co . (I'.toi) 1 Ch. 35:>. 
 
 4. That it assumes that every company has, or ought to have, a 
 capital account luul ii n'vi-imc ini.ount. whereas such u mode of ascer- 
 
 .'. D..ublt. 
 lit .count 
 
 NV*t<'ln. 
 
 1^:aK^':' 
 
 lE' 
 
 W-, 
 
 
 
«90 
 
 it' P 
 llllf 
 
 !. .iff 1. 
 
 ARTICLES or AH80CIATI0K. [ChaI'. IX. 
 
 lainini; profits in only adopted hj a comparatively few oonccrnH, such 
 a« tramways, truHt invedtmonta, and other oom]>anieH of a .-'lepkl 
 churactcr. 
 
 a. It nmkoH the ('<>inpani<w Act, 1877, HU|M>rthiotin: fur it' tlii-i is the 
 pro|i«r iiiudo of aocertuiuiu); the prufite, it fullowH tliut iliuru uo.^ ui, 
 n-nl noco8«ity for the pu.'tMing of tliut Act, whcrcliy jxjwur wa.> jjivuu U. 
 a ('()iii|iuiiy lo nxluw aipitul loet or uiirepn>Ment»l hy avuiluhii' iwriotii. 
 for what w«« th« un* of reducing; (tipital if Ions or deprociutioM iliil imh 
 in any way affect the payment of dividends? 
 
 •1. Double 
 aooount 
 iyntom (Court 
 of Appeal). 
 
 /« V 
 
 The system approved by the Court of Appeal in \a>c i\ Xt«uciiat«>| 
 Co., 41 C. Die. 1. 
 
 in this carie the company hod a nominal oapital of i,()U(),U()0(. in 
 Vriifhalfl Cu "^'' "'""^*^> *"*! '""^ iswued tho whole of these MharcA as fully paid up, 
 ao tho L'uusideration for the tMtniifer to it of an aiqihalte eouut'^iun. 
 and other asttets. It was allof^ by the plaintill, hut not provt^l, tha' 
 the oonoeesion and ossetH liad become depreciated, and thai ;i Unn- 
 part of the capital had been loet, and tliat tho company nu;rhi to \m 
 re<4trained from payinj; a dividend (which it pro|)Ofled to pay out of 
 iU revenue) until the loss or depreciation liad been made go(n\. It 
 was, however, held by the Court of Apjteal, alHrminff the decision ot 
 Stirling, J.— (1) that there was not suthcientevidence of deprcciatiuu 
 or lo8«; (2) that if the property of the company was not t'ulliiiuiit m 
 make good its share capital, there Nvas no obligation to iimke it good 
 out of revenue; and (3) that although the property was a \va8iiug 
 property, there was no obligation to make any provittion fur degire- 
 ciution. Cotton, L. J., it is true, treated the ca«e as H|Hiciul. "Of 
 course the present cu«e is verj- differeut from that of a company wlicrp 
 ni' >ney has beon paid on all tl»e shares. Tliat case is open to dillorinl 
 coiistructiomi. All tlia! was taken by the company I'roiii the lir.-l 
 were the aa^eU- Ihit Ins Lordship agreetl that there wa* no i>t)li>ra- 
 tion, under the Act of 18«2, to make good loet capital out of iwenue 
 
 And Lindley, L. J., considered that it was wholly iinuiateriiil 
 whether there had or had not been n- ^mt or depreciation of i-apitul. 
 inasmuch as a company may apply iifi net revenue to payment of 
 dividends, even if it has lont tlie whole of itN capiuil: and I^jjie^, L. .1 , 
 concurred, being of opinion that capital and revenue accounts are 
 distinct, and that for the purpo.sf of (IcU-rniimng protitti, aicrotions lo 
 and diminutions of capital are to be di«r<' .irdc'l 
 
 In the above case Lord .Justice Lindley put tlie case ot a oouipuny 
 which had sunk SrjO.OOOJ. in acquiring a proix-rty " whii h, if put 
 up for sale, would, perhajw. not yield 10,000J.," and said that in suih 
 case — 
 
 " So long u they pay their creditors there is no reason why they Hhnuld nnt 
 go on and divide profit.*, so far >■ I can so«, althoa((h every ^liilling of the (<a| itnl 
 may be lost." 
 
HOW PKOKIT8 ARK TO BE ASCKRTAINKP. 
 
 M»| 
 
 Ami at'"" •>>" '-""^'"P •«»»'*- 
 
 •• If . ,„ini .n>v » '»"""* •" "-'lui"- »»«» *'"'' » Pffrty <•' » »»»»'»« "•to™ 
 
 ,„, „,. I. , a mine, . quarry, or a ,mt..nt th« ..pitml .,»pe»d.Ml in ■i..,u.ru« 
 
 ,r„..riv i.mv Iw r«K»rd«l lu «uiik and ifon-, i( thf .•oiiipaiiy foUii. awt't- 
 
 Tl nl l"'l">v i" '•••''''■ '* »1'[>™" to ""• thcrt! i« .lothinK wliatcvor in th,> 
 
 "it,. ,.rev.nt«ny •««-• of money ol.Uin«l by working the property ovrr the 
 
 , „f workinif It from beinff divided .mone the «h»reholder», and thi«, in my 
 
 ' i„i„„ i, irm- ilthouRh lome i-rtion of the property itMlf i* -old, and in w.mo 
 
 1„. ,h'e ,.|.ital » thereby diminuJ>«l. If it i- «id that nirh a euur^ involve 
 
 ..vment of .llvi.l.'nd out of .•apital, the aniwer i» that »h« Art ncwhere forbid. 
 
 jl, » ...vnient a. i. here .upi.««i. ... But it i., I think, a mi«.pprehen..on 
 
 ,„ «v tl.ut .lividinit the .urplu«, after payment of exp^nw. of the produce of 
 
 vour wa.tin? property, i. a retnrn of rapiUl in any -urh mtm a« » forbidden 
 
 by the Act." 
 
 If ihi.s Bystcni is twrrect, uo bttUuoo-ohoeL is uoces.-«u} in order to 
 a*H..rtain divinible profits; all Uiat vuu wuiil is an a.ooiuit of iucouio 
 auJ o.xpemliture. And, although a company may ii.it dii-ectly pay 
 diviri.'iid.^ out of cjipitol, there is not by liiis moth.Ml thu sliK'Iitoal 
 ubjmtiou, in point of law, to it« doing so indirectly, for, according to 
 I,or<l Liiidley's view, there ia nothing in the Act to prevent that. 
 
 A. (OKlirigly, if a company with a paid-up capital of 100,U00i. likos 
 ,0 luiv, say, ten acre,-, of coal for 10(),oyOf., and works one acre per 
 auiiuin, and, after paying expenses of raising the c.al and of inanage- 
 lufnt. luis, say, 15,()(Jt>/. per annum in hand, that •*uiii i.s proKt avail- 
 ublt' 101 dividend, and there ia no obligation on the company to treat 
 any [.art of it as capital, and when at the end of ten years the coal has 
 \^,x worked out, and the 100,000/. has disappeared and the capital 
 ha.s ihuH \mome reduced to nil, we are not to regard this as a roduc- 
 1,01, of , ai.ital prohibited by the ActI But ia it not obvious that each 
 year .-. im otne in such a case includes a rettirn to the company of part 
 of ii.s capital outlay, and therefore that the company is each year 
 l.a\in- <livideiid8 consisting in part of capitul' What wuuM be.oine 
 of d.l.«iiiure holders whose principal was payable, aay, fifteen years 
 after isdue? 
 
 Th(^ Court got at this strange result on the theory that iho mode in 
 wliich profit is to bo ascertained is by tlie law left to tlic particular 
 toinpauy, awl there is no objection to a clause in tiie articles of asso- 
 riiiiion to the effect that a company shall not bo bound to make good 
 wusiintr pro{)erty, or that the net revenue shall be available for 
 dividend, notwithstanding lose of capital. (See Forme 29(1 and 297, 
 mim. ) It is clear, however, that the articles cannot effectually autho- 
 rize that wlii.h would amount to a reduction of .upital. Trevor v. 
 Whituwlh. 12 App. Cas. 409; Re Sharpe. (;1892) 1 Ch. 154. And 
 thw beiiii; so, il is not easy to conceive that they can offwtually 
 santtioii that which is only an indirect mode of authorizing the return 
 of eupital. 
 
 !ll! 
 
 f 
 
 i|: 
 
y*-,' 
 
 WtnCLVJt OV A8HOCIATION. 
 
 '<'llAI-. IX. 
 
 
 mi 
 
 t :l 
 
 PK\irri<\i 
 
 ••n 
 
 It ahuuld, howi'vor, l»r a<l(l<vl tlint l.iniiloy, L. J., appears hiiImc. 
 (jufnUy to Imve iiKMlilii'il to noun- n\(t>nt tho view*" above ri'forrn! In 
 and it hai* UM-omo abumiuntlv cluar that ttuwo view-t arc not hiiarnd 
 by Momo other learnml jud^en, and that they do not romnxMiil ilu-m- 
 wives lo the common wrui*' of anouiintAnto, eoono'iiixtfl, or hii^ini.u 
 iiioii in (i^iifiral. 
 
 ThuH wt> find Chitty, .1 , adoptinf; an entirely different rule an tn 
 ihi' pro|M'r u\'»U> of iijM'ortmiiintr prolila (p 879i; we find Slirliiit', •' 
 followinpr /,(•«• V. S>'iirhttfel with hOKitation fp. H9.1), itml eviiji'titli 
 111,'ainNt hi" <;wn jii'lunrciit: we tind Kay, J , in pITivt (p HHOi, di,. 
 <'lainiiii(r tlio tlociririo lai'l down by Lindlcy, I, .)., and il is wi.|| 
 known that Riufby, L. .f.. whiUt at tho Bar, adviced, on mon^ ihun 
 on<' (K'cu.-iion. that im unie wuh not profit when it waH roiinlPr-liulaiKwJ 
 by lo*< or doprtx'iatioM. Set> aluo Dovey v. (^ory, (1901) A. i'. iTT 
 Lindley, \,. .I.'m view has also provoked much iinfavourablo I'orMiiifnt 
 from accoiinlantB, bankom, and others. 
 
 Til*' f'dlowinj,' oltAeivalion" in I'algrav^s'M DiiMiouary of I'.iliiicil 
 Economy, nub lit. "Capital," un- very |)erlinonl and to the point: 
 
 " Letral rulinK tijat capital nrad uut Iw replaiwd fron: profiu. — \ trader''^ 
 umta r.ri' in iiiont ca'Wi wholly or partly of a periahablo nature. Uafnre aorr- 
 tjiiiiinf; tilt' (iruHu (l<'rive<i fruni nuch aMeti io a ^ivaa yoar, pruviaiim imlkIiI 
 III lit' niiul>' fur till' ilcprrriiition C'ltiniatad to h»vs *akcn plara durintt that vivir. 
 If, for in~t-ni'<", w |Hr-*<iii ^lio invnult'il 1,00(1/. in the purrhaDe of a patent haviii); 
 Ave ycart t4i run, and proUiieinf; an annual proHt of SOW., treat* the whole of 
 the iinnuul .500/ as tbu proHt of the roipeetive year, ha will Und at tb» ind uf 
 thu Uve yean that hit source of ouKiina has dUappoarad. If, on the other hand, 
 at the end uf eai-h year a Kum o{ 20U/. in carried to the credit uf a ni-ikin^ 
 fund, and the rciuainiuf; 30U/. unly are treated an inoome, the ownur uf tbi 
 putiiit will, ut thi' end of the live years, be able to invent his original 1,1)011/ 
 in inme other profltahle manner. Where the faets arc no very pl.iin thi» «e.m« 
 ■tlinoHt t\ tnii«ni, but in many eamh it is more difflrult to diMtinf^uish Mwern 
 income in the proper sense and repayment of eapital. The imjuiry ou)t>it, 
 however, always to be made and acted on. The importani'C of taking; the 
 deprieiution of [iroperty into ai^ount in a'lcortainin^ tlio proHtu of u givtin year 
 is even more olivion'4 in tho I'ase of a company than in the eate of a private 
 individual. Tho gradual disappearance of wnstinf? property must, in (he end, 
 materially damnify prefereiiei' simreholders, ilehenture holdets, and oniinarv 
 ereditopi, and must also eause great injustice as between the persons entitled to 
 the income of shares tor limited periods and the jHtrsons ultimately entltli'd to 
 ttie property of the shares. It seems Strang that, althou^^h the inte<;rity uf the 
 capital of limited companies is in other diructio.'u most jealously watched hy our 
 t'oii'ts. the jjn'atetit If.jtity U allowed with reference to tho valuation uf a.*'t» 
 of a wasting nature. In the leading oaao of t.M v. Stuckatel .Ujilinllr Co., 
 41 ('. 1). I, it was held by tho Court of Appeal that 'there is nothinir in the 
 Companies .iets to proliibit a company formed to work a wasting; property, a*. 
 «.rr., a mine or a patent, from distributing as dividend the excess of the pnni'cds 
 of workinj{ above the ex|iense« of working, nor to impose un the company any 
 obligation to .-et apart a siitking fund to meet the depreciation in the value of 
 the wasting property.' " 
 
 See also the article on " Depreciation," ibid. 
 
HOW rKOFITU AKK T<< HK AHCKHTAINKP. 
 
 
 I The SytletH approved by the Cuurl of Appeal in Vertior v 
 lieiMTul and Couiiin>rtial TriMt, (J89J) 2 <.7t :il!i 
 
 III ihiit I*'**' ihe rompttiiy wa« t'oriiDNl U) invcwtt ii-i cupit.il in »to<li», 
 fuuil". 'hiinw. iind )to< urilion of vuriouK di:iifriptJoii», ami to iipplv llio 
 iiuoiiK' III |mviii;r dividoiid;*. It had rai»i«'<l tiOH,(MM)/ hv lln- inMiie of 
 Khun' liipilftl. und 3i»0,lH)0/. by ihe issiio of di'l^ii' ir« stock, uiid had 
 inx^^twl iho wtif>l». The niurkul prico of i<oim> of llin iiivi'Hiiiiiiiilo 
 iiiipiiri'<l f''ll- tt'xl ofht'rM proved w(irthlo-<H, »o ihut to ihR .'xicnl of at 
 Iciint L'"'»i,i '"'l the rapital was not rt'prosoiited by cipiiviiknil oH^ota: 
 |)iit tli(> iiiu. ' from tho iiiv4«tMiont«, or fi , i ii, mj wiiirh yiulilu<l an 
 iiuoiiH", wtu- . excosi of tho uiiiiual out • ■titr-' '•*'' •heso fai;tJi M 
 »,w«li<!l I'V lh«('ourtof ApjM'ul.allinuiii^l.. • li- i- i"!i i 'lirliiiM:. J . 
 that til' roinpany niiKlit apply thin ovm'm.'* in i • w 'i.i. nyinont of 
 (|iviil<'i notwithstanding the Innt of capi»' . ti'un . .ition 
 
 Stirliiii.'. ■' , in hi« jmlffTiiont, rKfi-rrfsl l<i vt 1 . '• .- "'. \i. U., »iiid ill 
 AV FMu- Vale Co , 4 C. D 827, "iu» indicatinj? hw opinion to Imj 
 ihtti wlii'ii lo*< i>f capital hiwl o<.currod in a coiupanv ^jovorned by tho 
 Act of IHtil', dividends could not bu piiuJ uuIomh tho \o-*» wan iiuido 
 PO<hI.' and to tho couwiucut pu8Min^ of tho t'oinpaiiios Xnt of 1877, 
 whi<h 
 
 (I.Kw provMii » meaiu liy whioh a i-ompany which hai lost «apital, or whow 
 .;ipital i", ti. i'lme exoiit, not reprmeiitod by available iiMi't<, may rwlurn that 
 rapital, and w) be (>; ililwl properly to pay a liividi-nil on tlie nHliiriHl capitnl ; 
 ai>il we all know that to thi< proooM of reiliiili»n of .'apital fur the pur(M>«! "f 
 • luiilinir ilividend (■■ iie paid, rti'ourafl h.n been lar;fely had in priutirc>. 'I'hin, 
 I am liMiind to -ay, iti-ms to lie a r<)n«i<UT:itioii lo whi'Ii tfri'at we'tfht oui,'ht t" 
 h' eivin, •<> muilr «o that if I hiul not tho ifuidanee of the judirtnent* of tin- 
 iiicmh. r. .)f the Court of App. in /-e« v. \rue>uitil Co., 41 ('. IJ. I. I should 
 prcilialilv iome to llie eoneliwioii that the only pro|)flr eoiirso whirh rmild be taken 
 l>j a (onii'aiiy, lon-ttituted a« the prratont company inf would Im' to pre<ent a 
 pctiliMn. ai"l obtain tho sanetion ■ f tiie Court to a riHluitioii of eapilal before ii 
 iliudonil vsi." deelarwi. ' Hut a* l.o- l<hip aaid t' it -nii-h a \iiw was iiieonsistent 
 with the jiriniiples laid down by the ' lurt of \ppoal in A.eo v. S-'i' hntrl Cf . 
 t,*i nw/iri. and, aeeordiiiu'ly, apptyiiii: tliote primiple^ to the partieular ea^e. he 
 iielii that it had not bien made out that the payment of dividend wiw iilirn rini, 
 iul he said, ' I biute my deeinion on the |N«'ulittr nature of tho eonstitution of thi- 
 I-irtifular lompany, and it U not to ho assumed that I nhoiild have nrrivetl if lie- 
 -lime nmilinioTi if I had b<'en ileatinif wit! an ordinary tr.idini? ompaiiy: 
 if, for example, the objeet of the eompany ha<' "en to earry on the bu''ine'« of a 
 <t«klirolier, and the investments h:wl been the ordinary stoek-in-traile of thi< 
 
 ll'iainMS/' 
 
 I >'■•*• I V 
 
 I fl 
 
 This ilnii'itiiip; jud;rin^'nl w.os n >t entirely Hati.sfai'tory to the 
 
 j.lllifs io liil^ veiv illiMllJiv illlloll ul lo llle Villl'MI-, oliltM < olIipailitM 
 
 iiiierwit.'il. and acooidinfily the nuit'er was carried t<> the (loiirt of 
 Appe.il I t.indley, A. L. Smith, and Kay, L. J-l.'> as an intorloputorv 
 
 a]'|ie:il. 
 
 i-i. 
 
 f^sss'iHB^'n:. iisir- -k 'jjk 
 
 : Wjk .IVv t,f - 
 
 riii»i"'*v^t:. 
 
MUi 
 
 ARTICLES OF ASSOCIATION. 
 
 rciiAP. IX. 
 
 In lli<> roHiill llu; iltH'iniun ul' St>rliug, J., \\d» uUiriiicil 
 Lindley, L. J, in dolivering thi' jiidKinent of A. K. Sinith, |, i 
 and of h.iiwlf, said that tho broad (juostion rnisod \va-« wIm-iIi't ;i 
 limited coni|)any wliieh lias lost part of it« capital can lawfully l.ilire 
 and pay a dividend without first making good tho nipital wlii h ha, 
 Ix-fln lo«t; that ho had no doubt Umt it uould, ullhoinfh it cinilil ri.t 
 lawfully return jmitl-up capital to the Blittroholders. 
 
 t 
 
 
 " Then> u a vwt diSoreui'o," the lattriKKl jud^e went on tii nay, " Ix'twrrn 
 payini; diviileiidx uut of capital aud paying dividenda out ut utiior iiiiiiii'v be- 
 Itiiigiiig tu the <'om|>any, and whiih is not part of the rapital mentii>ni<<l in ilir 
 I'onipany'H memorandum of a»Ho<-iatii)n. ... It, therefore, tho (•(>iii|.un.v lia« 
 :iiir a»K<'t» whiih art- not it« rapital within the meaning of the ('(iiiipiiiiiot \rt«. 
 IhiTc i> no law which prohibit* the division of nuoh ametii amimK^t the ^harf- 
 holdera. 
 
 •' Further, it w«i decidad in that aase (t« >•. XiucJuitvl .Uitkulir t.,min,Hii\ 
 —and, in iny opinion, rightly de<idod that a limited i-iHitpaiiy funui'd i.. 
 purchaiio and work a wa«lin({ pro|>cvty, aurh a* a leawlmld ipmrry, iiiiiilit In* 
 fully dtflnre and pay dividondu out. of the mont'y produced by WMrkinu' »ii'h 
 wanting; pro|>erty, without aettinf; aside part of that money to keep th.' c«pit»l 
 up to it« ori)rinal amount. 
 
 •' There it no law which prevent* a company from iiinkinK 't« capital iu thi' 
 purili»«c or production of ii inoncy-makinif ii-o|»rty or utidcrtakini:. and in 
 dividing the mom-y annually yielded by it without pre^rvintc the n\':U\ iiink 
 10 an to be able to repn)dui.p it intai't cither before or after the wiiidinir-up of 
 the .-onipany. . . . 
 
 " Uut although there in nolhinff in the atatutea re(|uiring ovoii a liinitiHl 
 ciimpany to kc<'p up itt capital, and there ia no prohibition ajjainal payment ..f 
 dividend'* "ul nl any other of the company'* aaacta, it do<>a not foll.iw tli.ii di>i 
 deiidii may be lawfully [Miid out of other aaaota reifardleaa o' the dcl.i- an.l 
 liabilities* of the minpany. .\ dividend preauppo** a profit in aorae nlmpc. and 
 to divide aa dividend the receipta. aay. for a year, without deducting the cxiK'n*- 
 incurred in that year in producing the receipts, would l>« aa unju»tiKal>le in 
 point of law ai it would l>o r'<-kleaa and blameworthy in the eyea of limine*- 
 men. The i-anie obaervation appliea to payment of dividenila out of JKirrrwi^l 
 money. I'urthcr, if the income of any yi!ar ariaea from a conauinptii.n in that 
 
 year of what may I ailed lirculatiiu; I'apital, the diviaion of audi i iiie a- 
 
 dividend, without rcplaiing the capital consumed in produiing it, will in- a |«v- 
 nicnt of II diviilchd out of capital within the meaninK of tlie prohibition which I 
 have cniicavoureil to cx;d»in. 
 
 " It ha, bci-n already aaid that dividenda preauppoao pr<.«ta of aome w.ri. and 
 this ia unquestionably true. Uut tho word ' proBU ' ia by no ineiin< free fr.im 
 Biubi)t»ily. The law is much more aicurately expressed by saying that diMdeml. 
 cannot be paid out of capital than by aaying that they can only lie paid out t.f 
 profits. The hiat expression leails to the inference that the capital mn-.t al»ay- 
 lie kept up, and lie reprosi.nt«l by aaaela which, if aold. would proilu. e it . and 
 this Is more than ia ris|ulriHl by law. I'crhapa the ahorttst way of ei|irea»inir the 
 distinction, which I am cndeavoiiriii(f to explain, ia to aay that fixed capiiii 
 may Iw sunk and hwt. and yet thai the exceaa of current receipts over current 
 payments may b<' divide<l; but that floating or circulating capital must U- kept 
 up, as otherwise it «ill enter into and form p^rt of aueh excesa, in which en«e !• 
 divide auch iKi>ea8 without dinluctiiig the capital which form; part of it »dl ■«■ 
 .contrary to law." 
 
HOW I'KOKITS ABK TO UK A8CEBTAINKU. 
 
 H9« 
 
 Kav 1. J ■ h(i«vev«'r, whilst ft(fr<*»"8 tliut in tlie gjKioial oircum- 
 „a„,^^ ni the COM) the apical miwt be di«iiii»ii«l, said: ' I liavo nota 
 v,.rv w.itidoiit ..pinion in the matter, but on ti.e whole I an. not «ttti«- 
 ^ ',• c. in the circuinetanct* of Uie cane] that thoro is any lojral 
 obli -aii >ii on the directors to replace lostcapital out of income "; but. 
 lapi«ar- troiii U.o paHsa^o cittMl from his ju<l(.Mnuiit abo%.,at p Hso, 
 l,is LonWiip diBapproved of the double account Kyntom, uiul was of 
 „pini-ii that Uio proHti* of a joint atnck inidinir .».nipany should Iw 
 ^irluintMl in iho mannpr usual in tho .ti-st. of partnorsliip (•..n.criis, 
 viz on thf Mugle account syRtem, nuprn, p. 8H(». 
 
 Surh wii- ilic uot too encouratrinK rwult of this fni'mlly uotion, in 
 whiili ilic dcfcmhints ha.1 tho t<n)iit ailvautatro of \mng sued by a 
 nlainiilf «ii" «M not unwilling to Iw defoftte<i. Slirlin)!;, J . apart 
 from III.- iiiitl...iity of Ue v. Sruetuilel Asphalte Co., xh/t.i, which 
 «iwi MniliiiK on him, waM cvi.lently against the i)ayinont of .lividon.l 
 ii, the 1 lirmnstancefl, Kay, L. J ., wan not very confident that it coul.l 
 1,, „ai.l. iin.l l.i'i.lloy, L. J., whilst in tornw nutcratin}; the pura- 
 Juxi.al pr..|«>«ilion»t laid down in Lee v. Seurfuilel (•■ show.l Uiat 
 h.. ill .'tic. t .|ualili<'d them c. umiderably by laying <lown that dividon.l 
 ,,n'>ii|,l«»..~ pr.)tit, and that loss ot "circulating" capital must be 
 hukIo (j>j<»' iu ascertaining protita. 
 
 The vic«-8 expressed by the Court in Yemer v- Oeueral and Cam- R«.HUhi(t 
 mrruil 7VM.f/ depart somewhat fron: the views o.\pressi«l in l.,p y pr'T'wtion". 
 Si-uchatel ('< . and appear to involve the following not altoffolhci 
 coueiBlenl propositions: — 
 (I ) Divideml presupposes profit of some sort; but it is for the The nvuls- 
 o.rtni)a«y to deU'rmiiio by its articles or by ree.dutiori. what {J,",'"|^|",".,,j 
 sort of proliw are available f r divi.londs, and if they do s.). subj.vt Ut 
 the (Vurt will not, subject to wluit follows. inl«rfero. Iiow- JJ^p^^" 
 ever illu8<i'y or unsound the principle adopted for arriving 
 «l profits may be. 
 (2. ) t" <livi.lo th'j net income arising from a comiiauy's j.roporty is NVt inromp "f 
 not to Ikj rPKarde«l as in any sense a return of cupitul, oven *.;"'" -If J ■''v'i. 
 when (ho inc.mie arises from a wasting property ac.|uir<><l by «il,li iMpnt.'^. 
 un ex|M'ii.lilure of lapilul, for iii8tan«>, from a lease .>! ten 
 acres of coal, one acre of which is worked out each year, 
 unless indeol the wiistinp property is circulating capital 
 S-e Ikiiul v. liai-niw Ihrniatile Co , (I902i 1 ("h. 3rj;i 
 
 (3 ) Theref.ire. IhouL'h nn express power in the memomnduni to Kxprrw 
 . . , ■ • , 11 • I ii ,1 iNiwiT in 
 
 i.tiirn .apitnl to Hhun'liol.lcrs can only h- e\.'nis.Kl witli tin- „rti,i,„to 
 
 san.li.in of tho Court, a pow.T in the uriicles t.) apoly ili.^ uj>i l.y»u.liii.t 
 
 pr.iceedK arising from a wasling pr.ipi'ity in paying divi 
 
 (lends, is fn-o from obj« 'ion, alth.mgh the rwult is Ih' 
 
 (4) L.1B.S or depreciuti.ui of 'fixed" capi'al .lies not utTc • th« 
 profUs nvailable for dividend, or render it nee<<»mttry to iiiak. 
 giKxi the same out of income. " Fix««d ctipital does not iil,' nmd.' ,«).« 
 
 out uf iuvoitif. 
 
 Iti.'iiln*' IM 
 .•<|tiiv,it.'itt tu 
 p*an(-ti.iii .if 
 t'.iurt t" ri - 
 .lure rj||fltal. 
 I-.-. *.-. i.f 
 " fij.ll i»pi- 
 tiil " ii»'»',i not 
 
 1!? 
 
hi 
 
 mi 
 
 OtlnTwiw «- 
 to "circuUi- 
 intt lapital " 
 
 K<'iili/<'<i 
 accrrtumH M 
 nH|>itttl lire 
 ilivioible n^ 
 prntitH. 
 
 Lefrni niiMlc of 
 lUNvrtuiuitiK 
 j)rofit» if 
 rt'(rulHti"ii - 
 •dmit. 
 
 AKTICLM OF ASSOCIATION. [('HAI'. IX. 
 
 mean i)ni|)erty phyfiiulU tixo«l, but |iro|^it) »ln,;li ti,,, 
 (jompttuy nioaus to leUiin ua part o( ito uudortuUiin,' Sw 
 further, pp. 881 et »eq., xupra. 
 
 (5) Ruf in lufoertaining profit for b particular period, loss or de- 
 prwialion of "circulating" capital during the miino period 
 must be taken into account. Circulating capital ineaiw here 
 capital wiiioli [lerforins it« wliohi office in the priHludion in 
 which it i* tMi'_'aiz<'d liv ii Kinjrie u.h«\ e.g., the (TinxIn whiih 
 tho triulosnir.li has for tale, ho sells out and out and at-U the 
 money in <«x(hange; the materials which tho workman uses 
 up in making repairs for a cu'tlomer; the horbos cf a hor^e 
 dealer. 
 
 ((i. ) Accr«'tii>ii« to cjipitiil. whfii realized, niay Iw brought inl.i the 
 profit and losjt atxiuiil of tlio >fur and dealt with jironl- 
 ingly . I.nhhock v. lintM Itank of S. A., (1892) 2 Ch. m 
 Conijian' Foster v .Yew Trinidad Co., (19on 1 Ch 208 
 (supra). 
 
 (7.) A legal niwlo of oacertaining tlie proliU of a particular jteriiid, 
 if tho articloti so rovide. !« U) tako an accouiii ijf the 
 ordinary outgoings, and in so far as tho receipts e^wM tiie 
 <iult;oiugB, and the losx of circulating capital <luriiiir mrh 
 porii«l, th<' name may U> treated as protit. But see D-nvy v 
 ' nry. infra 
 
 (H.) A Ijalance-shoot need n..t discloM! tlio true (Kwition of Ihceom- 
 I»anv. It d««lH, an n's,'ard« tlip lUf^U, not with c\i>tiiiL- 
 fact»i, but Willi |«i«t lii-.tory. It show- what ilw iiariicular 
 a^s.-t« <t.».t. ii..t what th.>v are worth. Thus, if a c.mpiinv 
 huvM a proiierly for lo.mtof. and the value Inn f.ilh'ii '•• 
 \,imM , it will on iIiLh hyiHiUienis -!«• proporly eiiU-n-il on 
 the baianw-sheit as pro|>erty that cost 10,0001 . ,iii<l i' «i!l 
 roiiMiin al thattiirui" even thou(j:h each .\oar, by «(».'<iiiii|iiim!i 
 or otherwiM'. it dciircciatos iinjre and more 
 
 c<>ninnr.'la'.)y 
 
 From this iiimlyKi.- of tlio judirment in Icrwcr v Criuraliiivl < "<•' 
 werriol I ruM it t- plain iliat the Cour: ..i Ap|H!al allowed ilie i;ic,it.- 
 poMible Irttitittio to sharol.nldors, and aHorded the loa-t po-ilile 
 protection t. cr..dil4>r».. and it the abov propositions ..re all lu I. 
 
 .ici'ptwl .w curioct, it is obvious that tb-' liw i- in a .iol' >c cin- 
 
 dition. 
 
 One thing is clear, \\f , that those dooi-'i<>n«, .whatever (h. n 
 authority ae ex|>o«itionH of Uie law, did nol prot»>ud to loiirh ili>' 
 
 commorcial ni ..r; -nical practice in such mattors, and fioni lliai 
 
 jKMUt of viow. the sysUMU- of xicortj.n.ing pr.>lil- which llicy vati.iiun 
 are K> obviously unsound thai luon .'f buMiit'i.. sri-nerally rcfii-c !■ 
 act on such •'vstcin'! 
 
 BrT 
 
 Tt5WM 
 
now PROFITS ARK TO BE AHCERTAINED. 
 
 |.',.llii«iiin tlio-x' tli-cisidn-. taiiiK'. in lH!»".t. Ilio dwirtiaii of tlio Court 
 of A|)|Hal Id 
 
 National Bank of Wales, Limited, {iHW> 2 V\\ f;i".t lou ii|.poal, 
 siih iiitiii. Ihivi'ij V. Cnril. si-i- iiiiru. |i. H't'.n. 
 
 Ill iliai ia»t' tin" cuiipaiiv wiis U-iii^c wniiiid mi, uml il wii^ .--iiii'^lit •«> 
 make II l.iiiiii'r ilircrlnr. Mr. ('.)i\. lialilo for alli"_'i'.l iiii-<fra~aiii-<i or 
 lin'arli "I liii>l ill iHiviiiir iliviiliMiil-i <ml of ciiiiilal. i^r iiiakiii'.' fai«« 
 ^lall■llu'lll.» ill ii'iKirt-i iiiid iitlicrwiM' wliicli ri'^iilttvl in ^iicli <li\ iili'iidn 
 Inih- |>ai.l Tin- (IcfciHC tta> iWii-fiiM; il) Tlial li«' liail ado J 
 li..iit.-ll\. and lliat if llic dividi>iid.H wx'ii- jMiid oiil of ra|iital hf w;is 
 Hill nii;iii/ant thi-rcof. or lliat flii> .italciiiciilt <«iiii|ilaiii<'d i.f \v(>ro 
 fiil.-i' and ilM llial tln' dividi'iiiN were iml in fact paiil oiil of (a|i|ial. 
 I, lit I. Ill i.t nnciiiio u|iplii'alil<' to llio |iaviiii'nt of dividoiid.-<. 
 
 .\> I ' ' I 1. il appoaiiMl that Mr. Corv had actod mi fal<<' iiifoniiatioii 
 ■juin I ' him liv the lltlil■ial^ of tilt- i-iiiiiiuiiy, and il wa-i liidd h\ tho 
 loiiii that iu" was not {xiiilly of a liicarli of diil\ in not disoovci inj; 
 ■ lull 111"-'' ttlioiii in' tni-tcd well' Tiiislcadin^ lillii A- to i 2 il w.x* 
 li.'l.l III a ■ .idaiK-;' willi lli«' |iliiic i|di'.s laid down in /.cev. .\i nfhfiti'l 
 ( ,, III ( 1) Land \i'iiiii\.<<iii'riftiiiil('i>iiuii)ii!illi>.\K'.lti 
 J ( h -i'.' that the divi l<'iid« in i|iU'<liMn were not in fact paid out of 
 .ai.ilal What wa« doin'.' ^aid I.'HiI Ijiiidli'v. wlm ih'liv.'rcd tin- 
 lihluiii' 11^ "f till' Conrl. 
 
 S97 
 
 M^t-tlii" ili>* aiTuiint'* ut'iv luudr up uiiiitially. Siicii 1>i?>m'^ inrurrrtl diiriii^r tin 
 \..tr t- til tlin'Ior-* n- ■ojiii/.c' jm Iim^i'h wimt writti'it off or |irt>vi(|i*t| fur hy 
 i.iTMir.- •■iiiii' lit' iiiinn-y ov.T t4t u re-*rrv<' fiiiiil. anil tlio haluiit-r ttf tho riMM'i|»t4 in 
 m-li Yiiir t>.ii tlir outi_'oin^-i in thr »;inn* y**ir, aflrr making "■»»!•' allnwanri* fur 
 M'tr't^ 'i^tl .I'lliiitiuii-i fi»r sniu:* carrii't! (»\i*r l«i tiit? rc-ervi' finnl. «. rt" tnuttil 
 .1- tiii (ti'ttit- '■! tlKii vtiir, aii'l wen- ili-itrllnii'-il n^ »livii|i'mI-«; I.kjmm writdn off 
 intuifV'iir W' *i iiM» lii'itiitftit ftM'tt.ird tli*' next ycir. fo a-* to iliatioUh tiw [»r»tlit- 
 tit t'tat \ri'. i.iit U' if -iniply ixeioml, a irvAt isiart Im-ui^' mailo r».'-ry year an<I 
 t1i\tti<-iifi<> Um-r )iai<t out of tito e\i'i'4^ i»f tho uniiuut p*»'tM|>ti ov» r tin* annual 
 (.^p,M,M-. Tit* fff t t»f till-* wa^ t"* tliruw al! I»ail <l»-t't<, wrilt<'n i»^ ami ntit 
 I^Miii-l for IfV an iuiT-a^p of tin* rosorvi? fuiiil, on to tho taiMtal : t-> diuiini4f 
 til* |KH'I ii[. rapital yiar !>y v»'.ir, an«l nfvnrtholt*^-' to ktsji paun^ ili^iili'mU otit 
 (■f (lit- ixn-^ <•! titf aniiUHl If I'ipti owT the i-urrrnt i'\piMi-*ci. li i-> oli^ ;.•)- that 
 tiiU iii'-t!ii)>l of pn >•■>■■( a ri>, if Ion;.'' i onlinui'd, utnilil ulttniafi-!y t-vhaus! tlii- 
 ^iikid t);Mup{'.tt ttf the - ontpany. and thf lir^-t dt-aitroii-i year in whi< li tin- mrr'. nt 
 ■ •'•*:• ifi-.'i i-\>- t-^li- 1 111*" I iirrcut infoinin .-^ * tuKI protint' f^rt-al iinliii hi'IH' (it 
 I tii'-i*' t»f it .tiin^ wiiii tli»' .•oinpaiiy">' a-'^'t*. liow('\fr rnprt'lcn-ihi'-. iiiu»'t 
 ' t 'i . tK't Im ' ^mfutiitdi* 1 uith paviiitf t|i\idtMidK out of tin* paid up • apital 
 "t tit'- 'otitjtaity. 'Hi-' paid up vapitiil of a linii!»'l coinpnoy cannot l»r l.tnl'iilt) 
 rrTii h-il t'l t!i«' -han-twtJth f« itudttr tin* w^ai-w' of dividfudt or tttli<-r\t tM>. \]\rn un 
 aril ■■ «4 a «•' iatiun autiiori^iusf th*' payiniMit of iiit T^'it to shHrphoUI*^- i.!i ih*- 
 
 aUl'Kitt*- p;Ut! i||Hi:i till ir nlia**'-* rann:t'. aiJthoriii' a paVltli-llt of »Ut II tot- rrst f»ut 
 
 of i.i(.if:d H'-' >/f '//.», ( iH'Mi I ( 11. lal : !»»( p *«! ap i ajrttal whi<h m lo«! *an ii«- 
 Bttr- ■:•• appUfil to p.-tyiutf i^t^Ml- itd^ lltan in pa^iu„' dililji. It* t i -. rt-ud* r« ;*»> 
 «:lm-j(nnt appIiMtion of it imp*M-^il>tp. Tlirrf ^4= an -ii-h draftriH' w^'^ 'h»- 
 |ff*i'l iip » upita! id llir txHUpaov t'l tlii" cam' an |o am->^ti.-*rf !o <»ii itU^ttl ii^ :->' :.t% 
 
 I .1 w 
 
»J'* 
 
 ARTICLFS OF ASSOCIATION. [ritAP. IX. 
 
 i:a 
 
 ihvi»ii|.»v 
 
 .if it. K'urHwr, h i» not p<miW.- Tir tuv Cnurt to «ay th»t the law pmnibitj t 
 liniltoi >»m).aiiv. ive i a liiiiiiM liunkiti.' ru iipuiiy. fmui iHiyinK <i>^ .il.nil. iiii|o«i 
 iU ;i.iiit u[> rapii.ii u iiitai'l. Su|i|i(i<e u hiuiy iit^oxpfi tisl lii« i- -ii-tainnl, ivhi.li 
 iiivixl he iiirt it thort' art a*«i»f^ with wliii-ii to ine-'t it, tlie cafHtiti, i-wn in- nil,-,! 
 cafHtHi, niu>l. it' itt'.*<MHttrv. *>e applio^j r.t nieta it. Hufh nu n^An^uintn ,.f 
 t-af"^i*l i-* it ni-pftftly tir ?ili<«i«t4> u*f i; u. Thoro i< no law whif.ti iii t.ii. cj^. 
 iiui>|"~>l pp viMits ttie naywMrat of aii fdturc ilivi.tmi.lt until all the laiutji nn 
 cx|k-nibp<l !■ made jcmad. %iuiy h»Jii-»t ami t"-!! lent ii»»«i •>{ iHniiu.,, vv„iil,| 
 rvptaoi' ;i Uirire !»-» of ''»(>it»l Iw iia^jriK-.. ,iiiil wuu'il i^jatt- ihi- liividcii.!-. i.,it 
 not ^lt»|t liu'm t'i»itr«ty. lutiit! »»» wlti)(t* !<j<^ w4< niado ;^»»4. No I.i\v i- numsl^ 
 Ctirai I" n.v iM>-«' at »(l, Thwr"! aru Pi.*! in wlii 'h i»i honeit, «>n>|>i.irMii nun 
 'jf hu'-iiH* \ouki tiiink of ehar^iiiif parii -ular tl -lit:* tir oxpciiv^ to i*ii[.it-il. 
 
 •' \Vr ur .»-n.iiiily mil pri-iMtriil tii sjin lion ilic iii«i.iii th:ii all (lei.!i Mnurrni 
 i« carryiii:; on a bu-iiim» can b ' prc>[H"rly pcriiianniit :y c'har;;i'<l li> i',|„ij| „,„| 
 nmt Ihf isi*..? .;' rct-ipU ovit hIIiit oulf'Hn," '-an he aftcrwani, pr.iiu'rly 
 «tnfUi*ii aii (tnilil »« if tlicro ha 1 b"»»ii no proviuu^ io-^. Nu honeu-. <MinimM<^i)t 
 man i*n;ra/t'ii in "'a»ii« or '"onuuerce woulf* -arry on tiu^ttttM^ imi -su 'h a priiuttilr 
 Itui i-\iliiiliitB ia«<- .a wiairh phtv me lan m^ tliat, a parti' ular iliHii. .,r .mtlav 
 r»nj.i>t be ri'isoBMiiy iiaaarflU i<i inpual, it u«y bt; taJi-.y >.aiil Ma: wh n ,„^-, 
 i«n 111' priiprrly rkarr**! ai i-npital ami what »♦ ur'niiic* i-i a m titer ftir iuuin^-i, 
 men to tl-'lpriiiim-. ami ii t-* often a matter t« witit-h tijc fipiaiotiM of hiiM" ■ .md 
 ftimp«-t"«i met* will «iitft?r: Mm (^■-•'•tturit v. /'rttntt^ff, 33 llfMiv. [Ifri. Tticrr i^ n" 
 hard ami la-t l^al ntif iw ^H- <M«>jent. 
 
 ■• Tlwri- ran. Iiowmer, iv ■tuwntnt that, it '"itiMw^or |iaynii>ii'.< .iir 
 i»prop»'fly <*iiar^tii to t-apiuil, .atJ -lvv mo iiAa.r:r-*tl nttaply Ui mvni thr 
 prtitit*. itiitl Ui make it afi|H-ar Umi ilat iiii-nti* aax nn^pp* y in* Hf^tarcl. td » Avyn> 
 det'lar*^ anil ptwii unJi»r «u.'h trir'-'«iB-*tan '<m lutiitttt B^* trfa!<!j »% h'zitimnti't? 
 paiii i#ul ot pfoJit', ouii can no mon- b- ju«titicj Uian if tlv^-wj^re pa.ii ii-.it .if 
 t-«(ntal. Thi« waa iipti-nninaJ in &»*i«ii(i v. MiHunt^ti-m- fi.id. I',i., ami ha< 
 btt-n arteil upon in mann otiter ra «w «-^-., Uuttrr » '^amt- : itrmnl /,>../.',? It;i:il- 
 .ny ,!ifi Itutmlmiitt Sitrwii/: l.eeil- tn'ite liHtldiuil iiaii Jiifralmral I',, i. 
 ^hefth*'td : LoittUin tiiitl 'teHfrtii Itank i No. — . . 
 
 " It wiMitii scfiH that .letsw!. .M. R.. luitiiaci i.: tlif opniioti that a imiird 
 fompany i-imUl mji pay tlivittitntl'i unlritM itt paitl-tp cuioial wa-i kf|ii iit- -w 
 Ehhir t'fih' >'.*'/. Ir"u tnift t\f.i,- /' . Hut no dtM^i^iati lia^ ypt -.jMit* lbi< Imic^h, 
 and it hik-i waiw l> t-n dcidcl that iliwIrnU ni ly Ixi pail, even by a lim.inl 
 i-oin|>any, althouifh it< nominal rapital ii not kept up: 8 e I'-rmr v. drnfri! nvH 
 CoiHMrt' lut lurt-fstrnfUt Trutt anil /.*'»- v. Sntrhflirt iK/ifii'f-' /*->. What wa* 
 hmt there w.i« lixej eapit;i!, an I it it oiiviou* Ih it lirL'ulatin,' lapital, nr any 
 • ilher moniy ernployi-d in earninif return-, mint lie delutivl fniai ili in in nrd' r 
 III aM'erlain bow niu h of them ean be re,'ardp| i pro!il. If the return* ili n"t 
 exeicd the inoni'y spent in prourin;^ then (whellier au. h money lie i alhil lir 
 latiii({ capital or by any other nam') there lan be m pro it', anl ni in:.'eiiioin 
 pnM(""< of book k' epint.' ean alter the fat. It n not deaie I that in llii- e.i«i' ilif 
 anniiul reeiipn did ejii-ed the annual out.foin^<, and, the ili\ijend!« havin:; hion 
 pnid out of the exrem, the allocation thU they were ptid oat of eapiiil i< not 
 aii'urate. liut, ai already pointol oat, it diti nit at all follow that 'li- 'mr*" 
 adopted by the diro.'tori* in de'larinj^ divilenl:) y lar after y'ir a* th 'y <li I \s i.< 
 lejfully jtiitilialile. It eannut be dcnie I that, th? ba'.an o iheett and prnil ami 
 IiH* aeeount*t eoneeiilrd the truth, a* now kniwn, from the <*fi ireh i' J'T'. and 
 were, ot it now turn* out, i;ricvou4ly miilealin;. The ■•hareho! le-s wer.' iie>er 
 ttild that the paid-up eapitat wai b'in; <o utmt'y diiui lidiei by bid d ht", »» 
 now ap|iear^ to lia>. been the caie. The ahari'h<ilderi> were l.ild eiury y ar tint 
 priiper provision wwt maile fur iiueh debti, attd now that the ea^e It it been 
 lhornii)^hly invMtigated, it ia raally redui<«d to the ijueitiun whether .Mr. Juha 
 
Cniv • '' J"" 
 
 now PKOFIT8 ARE TO BE ASCKRTAISKD. 
 
 ii.titi(Hl in m.ikint' t'li- •"Infmontn ho did, iinil in di'ilin,' as he did 
 I ,|,.M. «liili liiivi' mm- lie ii a* I'rt.iiml to lip liid. Ir i< i-ny to lii »i<n 
 , ,i|, , .,,1, ;iiid tlipri' it danger iii tn-itinj a dirr:ti>r as kiiowin-r ymrs ncn 
 I v,m j|.i>.ar- to li ■ the fi't. Hut it U flin dity of th' Ciiirl ti i^iimi?!.- 
 ,. .tj,. i.f iliiii,'-! in tluiy up|)i.'urcvl ti) liiiii wUi-n the <li\icl"iid< with di'clnri-d. 
 , I I , ,!(' I' Ml :;•• wlictlii'r lie »' i.» jiKtiliel in what lie did liy what hi' liiifiv cir 
 .;,- u> lii\t' kiii'wri. What h" otirlit to have known i-i a-* imjiortatit :i* « -i.it 
 
 Tlir \ii«- ill"- ixpic-t-oi <li(l iiol iidvaiiie niulici- iiiiirh lic\..ii'! llio 
 earliii ill' i-i'ii- Thin' (inlv eiii|ilia-'i/i'<I ami iMiricij to llii'ii lo.'iiiil 
 M.i>lii-i I' I" I'liu: i|ile» hiiil (lowji in tin- . ,i-i's jn-i ificrrcil Ki, ami 
 illii laH'l Hi llic rlcari'^l wa.v lliai, acordiiij; l-i llii" \ imv o; tin' ( oiirl 
 oi'A||«';il. Iiiiii:<'l (■ 'iii|iaiiy wa~ ,ii lil'iri\ lo |ia\ ili\ iili-nd- M'.ir li\ 
 v.m al iiiMi. '1 1 « rarilal was beiii;; (■.inciiiToiilly iliiiiiiii-hi'd iiiid tlip 
 ,U\mI<'I" - "'■"' [ii" ' in •> I'H^iiK"^-* NOii-r paid nut of iitiilil-< 
 
 Tlii- ■-< tioui'M'i, was cariii^d In lIli" llniisc of liOnK, and i" 
 Tcpifi'.i ll"I<' lllldl'l- >:hv IiailK! ut' 
 
 HMt 
 
 I h 
 
 Dovey v. Cory, H'.tOl i A ( ^: 
 
 Th. !li.ii-<' "1 l."id» iiltiriiH'd tin- doi i^inn mi ihi' (unit 'if ,\|i|ip.ii. 
 hir .-<iiii\ "II ilii' irroiiii I tlial, a-i thf rii-|itiiid(Mii'* li_v tlioir luiiii-it'l 
 riuti"! 'Iiai 'Inn lid iiol iiu|iiiti' t ' Mr. ( iirv any iiim.il (ililii|iiii ' ." 
 •tu[ :iiiiiii — idii ill cIlo I cleared him nl llio i-iiaryit? of iiii'«f<'a.--aii' ■■ or 
 breail' o; iiii>l, and llioicfuri' "f any iialiiliiv for the saiiio; Imt a- 
 r-nin|.- ilii' II luM irnmmlh on nlu li the Conn nl Appeal had dnidi'd 
 '.!:>- 1. k-c till' ll'iii^i' of l.oid" t'\tii"»'.«>d an cxiroiiii'ly u^iiarded niiiiiinn 
 Th" I.iii.1 ( l.aM.<'l|M^^aid: 
 
 "Mr l.'Til . I .iiti M'ly i-leir'y "f Mpiiiion thti! th- juiiu'iiieiit uf the t'liiirr of 
 Apin-al !■• riirl'* Hid oii^'tit t^i t»e afliriniKl. But my npintoii i-i entire'y liaw-rf '•n 
 tito ijUiTt oil o*" fai't th it 111' fC'iryl was guilty of im Itreath of trudt whatevi-'. 
 ird for rci-nii* wlnrh I will refer to hereafter. I »m >»'ry an\i<iiM no* to dtml 
 • til -■me rei-iH'i iriven f»ir their jud'.'iiient liy the (%»»rt af .\p|MkiI, ivhieh. in 
 tl:p\.' ^ lit ill'- failt lit it r take, do nut ari'*e lore '* 
 
 All! lien. al:i! diiliri'^ Uiili ih'' ipitv-Moii 
 of •iii>i, liH Ijird-liip pron'odt'd thus: 
 
 'f iiii>fi'a.''ai»it) and hr«»!Mh 
 
 If I ii'-time. ai I do, liial Mr. t'ory ai-tcni upon ri |ireietiiatioi:-i niailc 'o hiw 
 *ii.i ii In- l.e!ii-\ci|. ,itid whieli einie from tin- officers of the hank, to v.Iioim he 
 ia., ill ray .iii'k'iiieiil, ju,litiiil in iiiviiii,' ii-edit, the iliieui-iiin uf wIlIImt the 
 il.Vi'leid- :u(iirl!y jiaal were or were not properly divi.'ilile lm« ii" lieariiiL' on 
 J!r fury'- l.aliility. and I am very rcluelant to yiie any opinion upon it. iiia*- 
 oui-ti a- till' ipie.tion in ly iiriw when it may he neee-wary Ut deride it. I 
 (it,i,re<..ie oy preniHture jtidicnent. My I/irtiK, I am, .i" I have naiil, lery 
 fi- i.-tiint ti. eiitt-r into a <tiieaion w'lieh. fur the reawotri 1 havo ifi\en. diHW 
 mt »ri-e here, and into whiih the Court of App. al hni enterid .it mime lenjfth 
 Tire 01 1 reiflin wliy I refer to it at all U ie«t \>f »ilene« I iihoula 1mi >up|iiHie(l 
 
 .1 M 12 
 
 ■filii^^f^^PliBW 
 
ifil 
 
 woo 
 
 
 AKTICLKS OK ASSOCIATION. [C'llAl-. IX 
 
 u< adniit ;\ iniir-r iif rcii'MMiiiit: ii« |i> wliiili I am nut ^itlir-Hiil (hat it !•. mrrr.-i 
 I ildulil very niucli whcthiT ■.iich (|iio<tiiiii» laii I'vcr In- triMli'il in tlii' alr.iiau 
 at all. Tlir iiimli' ami itiuiiiiii' in nlilrli ii Ini'iiirija i'< rnrriiil mi, ;in>i »l, >> j. 
 (Hiijtl or the mcr*!'. !n:iy luivp a I'liiidliltTattlo infliifm-f in ilftfi-iiiiihirj t!.' 
 <{iii'%tiiin wliat itiiiy l>*' trcatinl »■« prolitn iiihI what a- •'.i|iit;il Km-d tin- tli. 
 titi'-tinii lic'tv'iM'n Kxf'it anil tliKttiiic i-a|>ital. uliifh may )»■ a[i{iru|)riiit4' rtiuu^ri, ,,> 
 ail :tl»-tia'-! trcnti-n like Adam Sniitli'H * W'caltii of Natioii!*.' niiiy aitli ri- 
 
 frrriti-c t.i a i-olirn'tf r-l-r Im' qllltf illa|>|tro|iriatc. It i« ivi^y to !:iv 'I'lWii :o 
 
 an ah^trai't iiroiMi-fition tliat yon iiintt not pay ili\ i<l*>n(f'« out of rj|tit.il. Iiut- 
 till' a|i|ilitMtioh of tliat \t>ry plain propfi^ition may rai»i- ipiMittiiiii^ ..t tin- 
 iiliiio«t (lilHiulty in thi'ir dilution. I di'^iri', a" I havi- wiid. not to i'\|iri . nn 
 opiniiin. Itut a« an ilhutration of what dittii iiltii-n may ari-i'. thi- i-,:iiii|,|. 
 (fiifti hy thp li'ariH'd rouii-*<'! of ola* -hip Itrillir hwt ttilt of :i < iiii-.i.lcv;((,l.. 
 nnni)>iT. and tin- (jnc^tioti whether all dixidends mntt Ite '<top|H>d until tie' \')li: 
 of that loJt -hip i.'* ni:ide (.'.mhI <Mit of the further earninu"" "' tlie ei.!ii|i:i'iv , 
 jiart tier^tiip, i^ one whieh ono would li:iii* to ih-al with. On the one hand. \»-'i,\, 
 put their money into u tradintr ( oneem to (rive them an ineome. and tlie •!)>].! i 
 !«t.;j>p,iu'e of all dividend- wonhl -end down the value of their -Iiare^ ta <; r 
 and po-i-ihly involve its ruin. On the otiie.' hand, eompaiiie- eaniiot .it llnir 
 vill and without thf pi-eeautioiiM ciiforetNl Ity tin .statute, rednee tln-ir lapir.M 
 Jlut wliBt are proHt- and what i< lapita! may lie a lilRleiilt and •oiietiini- i 
 alino-t impo nihlo priddem to nolve. When tije time eonie- that (he-i- .(ii,-,t .ui. 
 eoiue , pfore U' in a e'uierete ea-« wc mui«t deal with them, hut until itev 'i-, 1 
 fur one dwdiiie to expre-i- an opinion not eilh'd for liy the partii ulai fi i. 
 hefore H-. and I am the iiiore aver-e to doiiej ko heean-e I fari'-ee that iii;i i\ 
 matters will h;no to he eon-idered hy men of hu-inei- whi< h are eot aii..i.',.;ii.t 
 familiar to a eoiirt ot lav\ ." 
 
 .\ i.ij l.nid .MaiUoi;;lilvii, in lliv .-.iiiif r.i^c, wliil^l ('\|iic.-iii^ lii- e .n 
 1 iiiiciiK'. isaiil lliut 111' ^^•^it^•ll to ouaul liiiiiM'll' fumi iiiino uril' ,-ti o 
 
 It) ll.s.-iMlt III ull llic |U(>(M)-i'ii)Hf >U|>|IOsl"l 111 liavi' lieeil llil il vmi le 
 
 till' (uiitl 111 A|i|ieal ill llii" case 
 
 l.uiil DaVfV ut'iil iiilliu'l Alii'i i!\|)it'.-.-iiio lii^ eun m uiie a 
 i<"jiiril> Ml. (oi \ s lialiililv, lie ■-aiil; 
 
 " I de-ire to evpre-^ inv ili--eiit from -ouie propo-itiotii ■ti' law wniili wrn 
 
 laid ill. we ill |l:e t 'ollrt of .\;,peil. and on »llieh your l<onl<hip- lle.ll:.lll il li-'ll' 
 to hl'Lir the re-polldenr- e.illll*el. The I.Mflled jlldlje- -eem to ha\' .Itetu'lil 
 
 that a joint itiiejc eompuiiy iiieo/ poratitl under the I'onipanir- \i t- mm;, \. n!*- 
 otf t' eapit ;1 |.t-««M'H iiieurred in pre\ ion- year-, and may in -iiiv -iit.-.-jn. iil 
 year, ii the reeeipts for that year iixieed the outifoinirH. pay diudeml- eii "I 
 iiu'h OTiee » willKHit inakinif up the eapital aewnint. If thin pro|Bi-iii .n I'e w.!! 
 foiuiditl it ai'peir- to ill" that a eompany wlio-e t.ipitai in not repri -< ,:'-i! \>\ 
 livailalile a..el> niM.:| never trenhle it.elf to rediiee ill eapilal with ih' ' n' "' 
 the ('..iiri. ami -uhjc t ti ^'e' oihi.r ..lelilion- impi-ed hy liie \i I ••> l~'^T. ii' 
 aidiT I', e, alile il^'U ti pay diiiitend- riul of eiirreiit rce.ipi- My I.enli. il 
 
 may lie th il I have mi-appreliendeJ the -lateim nt of la« ieienu' I i ■ i' ' 
 
 hy h ir'M-d jail).—- in the faurt of .\ppe.il I llliilL tiiat i. p i.-ilile. l.e aa- I 
 
 ii.,d that in (•<,„'(■ v. ■•■..,.. ! ■—I C.,,, ,,;:! I. ■ -i /■-•-■. I M'M -'I' 
 
 '.':!;•. al pii-e 'Jiiii, Lard laudley -.lyi: ' rerliapi tiie -iiorti •! ».i_» ■■!' . .|.r.- --a^ 
 the diriiie tion wliieh I «m .'iide .vouring to explain i' t" "ay tint tive.l ,a|MiiJ 
 may lie -uitk ale! lint, and yet that the eicMs of eurren' ree.|i|- om i .innie 
 
 payment- y lie divhl d . Imt that Hoalinjf or eireiilatinu lapilal niiii 1"- lap' 
 
 up. B- otlo rwi»c it would enter into anil form part of "ueji exeet-, in >. Iii'h i a-r 
 
now riioFiTS ARK ro »k asckktainkk 
 
 <H)i 
 
 I'" 
 
 .„,|:viili' -ii'li f-"''* witli.)iit dmliii-tinK thp lapilul wliiih fi.rin^ piirt nf it will 
 
 irarv '■•• I'*- ' riwiTve my i)piiiii>i> a^ !<■ tli.' ill.-, t i.f .111 .utual uiul 
 
 ,ir.l I..S "' 1""'' "f ''"' i'"'"l"»"y^ "•'''"' '^l''ti>l. "* '" •!"■ '■'"'I" I'"*' ''}■ 
 
 u Sviiifin Ivicly "f :i I"'-* "' " "'"1' >"iin»iiml. Iliil, -iil>ji'.t i.. llii- iili>Mr\ii- 
 
 i„i I tl.ii.k tint lli<" -I il'iii.'iil <>t law f.intaiinMl in llii' |.;i.»iii{i' I \m\'- i|uot.il 
 
 ",, t ■I .1. ' ■ "I'i'' ""»• "'"' 'f '" ""'y ' •'""' ''"' '''■'""■'' i'"'-"' "ri"'.""' I" '"» 
 
 t", luiv.' clii.u'.'.l fr.im il ill I'it jiiil(?nii'nt in th.' |iri--nt •.,-..■ iltii I I.im' 
 ,r',ul.:.-.l >ai> l.'T.I-li'l" »i'l' 'l""^' "•"'""■I'-'' 
 
 |.,,„„ III ,li,l<i il il iilaiii ihal iln- ll'.ii I.i.iil- iv^i- m.t 
 
 ..i,,i,jii.l 10 ;irii'|)l OS SI. mill ill'' prill. iiilf* ii-> m iln' |i:iviin'iii of 
 ,!,, „l,.ii.l lil.l .lown ill llio Ciiiirl o( .\(iihmI in lli>' Sntinnul llmik of 
 H,,',» ii.iM i|>lo- wliicli ill ill') iiiiiin ac oi.lc.l nilli iti.i^i' .ii|..|il<'(l 
 .„ I, '\ ill'- Xiifh'li'l I I)., iiii'iil. 1>. K'.'it. :iM>l III I ri iiri \ (•.Hri.it 
 , ,,,/ ( i,ii,ii'it'"il Trii'i. Kiii-rii. !> 8'.»:i. 
 
 111. I ;lii- i.iiiM ipio llicri' lai.l clown imt liccii .i|iiii m .ri'j. i~iii. llie 
 I, 111-' •■I 1. .hN would liavi> allirir.i'il ihodmi^iiiii without iiiiikiin. Mirh 
 III. I -i._'iilli'aiil rosciviili'.n-. In (IcMliny .i-< il .li.l \(iili Hm 
 lie lloiiso. ill olloct, Miliniiii-'tiTod ,1 •.iiliit.iiv iiiiili"ii t" iIhxo 
 ,1.11 ili.Tiil'i'i WITH iiiin.li'il |4i ail on tlioso i>i-inri|i!i>- 
 
 Iti'viiHiiitr lliiMi the sovpial .s\>iti'n.-i iiliovo .li-.ii-scil, it i> -nlniiliti'd ItoTif* .if th( 
 
 :h;il ih" -in.'Ic ;i .omit -iVNloiil !■• iho one wliiili is opi'ii ••> tin- li-aft 
 
 !,..,■, Mil Clearly iho I.fy:i.-<laliiro inifn.li'.l H' litiiii tin |iowoi- of 
 
 .iiijii'..'iiiv ' ;'a' (livi.|<>ii(|.-<; anil it Sfciiis inu iim«a-oniililo tn iis^iiiiio 
 
 hi! ihf liiiiil lon'oniiilalod w;i« llml diviili'inl* «li..iilil only lio |Miil 
 
 .ir ,.1 PMiits, ami 'lial prolit-^ ^limiM he uk. ortaiin'il as men nl' l)ii>iiiOSH 
 
 i^iiilli a-.ciiain tlio «aiiic'. anil not in iiccirdanio with ni!.'-' wliii'h 
 
 v,.iill ill.M .ajiilai a-^M'U to I.0 y:nidimlly IranstVntvl to llio pockota 
 
 ,1! ill.' -lincli.ii.lcr, althoiiirli repm-onlinir iih-ims ar(|iiiii'd wil'i llif 
 
 . ij.ii.ii ilifv lia\o ronliililiK^I. and meant li\ tlie I eL'i-lalilie to i.ieet 
 
 I, 1.1111, . II i-ie.lit..i-^ -iilije.i to till' i'air li-^U-iiil tiMiliiiu' 
 
 T!i.- -iii'jii' a roillll svsteiii I'liiil'oiiii^ 10 llif.se icijiiii eiiieiii - Il llilS 
 
 ill' 11 I ..iiiihl;!' ut Iiein;; I'.iiiiiin'ri-ially and e' niioiiiirallv sinind wliieli 
 
 ;. uii.!.' !lii;i .an 1.0 pic'liiMtcd oj' Iho olln-l- sy-ielir ■; and the oliiee- 
 
 iiii'i iiMi 1' 'jiM'.s ta ilitie- i.ir writitie- up an.! ,|..wii the a^-i'i-, and 
 
 1.11 ilie i.iMii.'iii i.f ijividi lids iiiit of li. li'iiius pioli;-. ipplies iv|iially 
 
 .. till- .-\>ii-iii iippi'.ived liy the ( 'oiMt ol' Aii|.e.il in i (•/("■' v 'icirnil, 
 
 iir / ,1 .Wi, y(((,(-(i, lor uei or-liilfT 10 th-a N>-'i«'iii riiiii! aline .apilal 
 
 iiii.-il \l-ii'ei.ver. a-i appe.us uliiive i[>. NSSi, ii ^-i i-.iiiiiaiy 
 
 svntcnu. 
 
 .1-1 
 
 >lie.l I 
 
 f'riiiaiieiii laiilial a«-«Ot'< 
 
 ippi 
 
 1) llie ~iiii,'le 111 I mini nv.--i<>iii i.i \Mile up ami 
 
 \-'. .l.,„l,! I 
 
 iiii!(-:! !.\ .-liai' 
 
 le sin-^le ai- 
 
 iiiiil -.\>iei 
 
 11 il.M.s iiol peiaiii a uui.ipany 
 
 e\|h'iid itM eapilal, or iiio-'l ol 11 in the at iiiiM- 
 
 .1 ",i.«liiisr prui>eriy "ny. a li'ii y<'ai->. miiiitm- |en.-i(> 
 
 iiiid 10 
 
 'llW.li- 
 
 ':lll\ 1. . -II' Il .1 
 
 yeurlv im OHIO .■<> thin a! the end u! liie leii«e Ihe i-apital 
 \imI il i- siiM-jjosted till- l|. ; 111 he .i!'ie !■) nuiu a .0111- 
 
 -Kud. 
 
 fiio'in.j: is a hurd-hip Wli.i is liariue<l " if i" a 
 
 Th- 
 
 I'l i- ill It '1 is not 
 
 IISJi^tlMit v\ I 
 
 th ihe s.-|i,iiiie of llie ( '0111- 
 
9m 
 
 AKTlCI.ra OV ASSOCIATION. [Vuw. l\ 
 
 puiii<-n Art for iJiu protoi'tion of iTolitor'* lo allow ilm (uiiltal i|i,i» 
 ill ollfi'l 10 bi^ ri'lmiui 1 to tho .Hlmlolll)lll^.•^ uillioul tlio .siiiciii,,, |j( 
 tho (.'oiirt. mill ihiwto who oli'il lo lalio iho |)rivil('L,'('t ol Imiitcil 
 liiiltili'v iiiidor tiui Art mint |>:>y ilic piicn imil siilniiit to llio ri'>iii . 
 tioiM irnpi'snil by it, 
 
 Tli<> niii-! soiiiius oliJL'ition to llu! »\^!oiii> u|)|irov<>^l In ||u< Court 
 of Ai'|ic:il i-. ju>l ilii-., Iliiil lliey ili'iu;,'iilf froin ilio ri;,'lit^ of i.|i;.,r, 
 by Mim 'luiiiii'.f llii- (li^tiilmiiiiii as [iiulit oi lliii wliicli (i!ivii>u-U 
 iiii liidi'- tii|>i!ul. If llic iiioiiioiiuiiltiiii woio to uulliori/o llm iliviMnn 
 of llii^ lapilal iiiiioiitr llio MliainlioliliTs by ton eiiu.il iiistaluii'iil-i. ila- 
 uiillioiiiv would bo rlcMiiy \oi;l: ran it lln.-u l)(> Io.mI to .milion/e 
 the (.'\|u>iii!iiur() of liio i i|ii!.il ill ail arn of roil, or in an miiiiu;v 
 for ten yiMi- or a Iim-^'ImIiI for U'n yi-ars, aiil in cli--iril,ii:i' iIk 
 ii:iiiimI ill oiiii< w>!|i>iii) iiiakiii'^ i<"o I llio lajiiuil from limi' ui iiint> 
 roii-itiiiicd iiMilor tb« naiiii) of iiuiiiiic, uIhmi in |li« i.^ ill ,(i 'h" , mi ,,[ 
 tho liiiio the capiUil \v;ll lla^l! in la. Ihimi loluiin'l In llu ^ iui ■- 
 hoMoi.-*? Siiroly tlii' uimW' i iiiutl bo in tho iio^'aiivu if thu A; iirD- 
 liilii'iii^'' niiiiitioii of oapiial niihoiil tho «aiutloii of tln' i 'u,irl u 
 iiol I" bo ryii.lorocl a iloail loLior "I thiiili," eaid Fr\, I . ;■! ',v 
 Alrriiiidru I'alico Co.. 21 (.'At. I). lH'', " iii xiibforfu.'i' by iviii.h ,: 
 is afloiii|iiol lo lu'iirii oapilal to nharoIioMe's, i^nl Oioiiliv .!;'iii,ii > 
 tlioir liability, ou;',ht l/O bo coiiiiu'iiaiu cd for on • 'iioim 'ir hs "a 
 Court" And sco the remarks <.; Farwoil, I,. . ,, :ipr i. f<. ,s , 
 Aiiu'.Iior i.lijoi tidii to ihoMo KystoniN is that they aiioid ^'irit ii|i|iiii- 
 tuiiiiii ^ in alio. hoi' wuy for lovortly tiaii^fi'niiiy: tho i'a|)iiil u■^.s('^ 
 into the I'l ckctH ot iho niiarohol lor-.; for no' only may imuii,.. vvhi h 
 ruiiliy io|iio.--.'iil.i a lolurn of ca[)ilal bo dividod by way i,i |i: 'it, liu' 
 a lar^.! o\|ii'ipl!'iiro ono vn may lio dobilod to capiMl a •-' .m. ani 
 tho oiiIkiihoiI iii.oiiio of tho iioxt yo.ir tro.i'od a.s proljt.i; t" </., capital 
 may I"' o .; 'Midi'd one year in roniovin^ tho covor from a pii-ce if 
 -lof -iilllrioii for iioxt yoai's work; this oxpoudiluro may bo pli ..) 
 to tho ''bit of capital, uud next year tho wholo iiicoino fioin \u .kin;; 
 tho I iou! lURovoroJ, Jo.*.-* the workinsj oxpi'iisow of i'; it uvir, :n-<y !.. 
 tiLiLud iu* jirotit . 
 
 Or. a ir |- .it muniilful prioo-s iiia\ bo mhvo.i ono yoai ai loLr. 
 by (Irivinuf comiKitilion uway. i-. reap a fnllor harvest of [nolil no\t 
 your; in hucIi t;».s<>, if tho unfruitful |iri(>»M ro-iult in a Irxs, tint .vill 
 fall on (taiiital, and iioxl year tlio wholo prolit of tho yo.ir «iil li« 
 aviiilulil'j for di\idond. 
 
 Fnrilior, if in applv in<r tho rii!<' laid d wn in I i niet v ii>n,Tiilitni{ 
 Commercial Co., (I8!>!1) 2 ''h. 2'>!i ibiif in utcortAiiii'iir proiita 
 "fixod" capital no"d not, but "cirf ulaf .n;; " o;i-,,ilal • mst, be kept 
 
 up ti .~iial {Kiipni. p. 8Sli dolinition-^ of li'od ai|.i . !niilatiiis; 
 
 oapilal uro lo bo adoptcil. ino ali.siird roii'lii» oi 'v.iuu idllow iri.i in 
 asofi uiinin;,' tno profits of aii oniiiibiH i mip.ai v tho los- or ih'pro.-ia- 
 tion of hoisoM and vohiclos iioo.l nol Ik< Uikoii 'iiio aivounl. uii.l that 
 in OH0orluinin>r tho profit-- of a miiiiuficlurinir ('i)i.,i'dny tho I .,, nod 
 
 ^■'?M^^^mms^m^mim^ ii::j^ 
 
HOW rRonxa akk. t<> be ascektainkd. 
 
 ,lpr,r cull"!! '>f mailiiiiory, iniplriiu'iilh aii>i rollins ^ti>,-k iioci mdi 
 i«. taUii ml'" uin.iint; ami in eiiliT civu- tl.it tlif ,M>.,all<>l |.r .hn 
 „( 111.' vciir inov loj;ilii"'»l''"ly '"' """"<•" ''.*' '"•i^lliiij- to niiUc :r.,y 
 ,r,.u-iin f'T Mii!i li'^s or ,li'i.r<riiilii>ii. If llii- i- «lial l)i" < "in! cf 
 \,,|„..l iiKaiil it lolluH.- Ili.il ilioC.iint. \vliil>l ii.i..|.i in;: llu' plir.Ki'i.- 
 
 j. il, t.coiioiiii'.t.^, luis ili^Ciiiilcl IlK'ir |iriii.i|ili>', fur .|.:irljf 
 
 iifsii; Il r;i-t-i iIkto rail, frulli all t'lKliiiiiiL^r^ jxiiiit of vi«»v. Iki no jir .lit 
 uiiiil til*' I"*'* "'"' il''Iii"''ii»ti<"> '">'< '*<'" """'•' -"""' '"■ l"'"vili' I I'T: 
 „ii|,.-- iho \ii'W isiiiini. l> HSJl of I'lofc.i-or Hoiiiunv l'il<i; slioull 1k> 
 u,|..i.lr.|. iiiiiiH'ly, lliit iIk'iv is nosu.h tliiiiu ii'» iil)-uluUi liwl raimal, 
 ii!iJ ili.it .i''>i't< "f lii'" ilp-i^riptiaii jii-t iiH uiioiici nimlil to U- i.iUi'ii to 
 iu.lml.' .ml to ioii.-i,l in part of ciri'iilalin'.; capitul, so tlial iho coii- 
 ^,„„|,i M of I'acli v.ar. h) far in it ciini-ti of circulaliii'i capiliil. 
 pli,.;il.l Ik' liialo piol. Ullil l!i:it t!li< i-i wlliit lli>' Court iiu'aiil. i!ill 
 ll,,.. laii .■■raiivlv Ih> iiiaiiilaiiic 1 ; for tli<' vi.'wt cvpr.'-ol by llio 
 (uiir! of Appeal in /..<■ v. 77i.' \eu<lulh-t ( .. . 40 T. 1) I. "''lo 
 uiipMil. iiihl in lli.it tiu-io llio Court sai 1 thai it was tiol iiccc^-ary in 
 tl.,. .a-.' "1 a wa-tiui: p'.npprty to iiiakL- IT'""!, in a-soflrtaininLr llio 
 i.r.lil'*. ill'' vi;ir'.s con-uniptioii of ca;ilul. 
 
 ll i„av U> liuil III-' lloiisoof I'll- will iilliiiiaU'ly 'lol.l llial wtiiUt \-r<va- 
 tl;.- MML'li' ar,' .lint ,4(11 n n soiiiiil nil I projMT -y>l4'iii for llin 
 u-rr aiiininii of prolil... i i :i"t llii' oii!y allowaM.' -y.lom, i-ml tlia', 
 11, 1,1 lliK C.iiup.iiiii'-. .Vil, uii> niol.' of aM..iliiiiiii-: proiil miy I'O 
 u,lio .-1 v\liiili iluos not (liicialy .a .iicliiv. ly in\ol\o liio tir iiiii;; aa 
 |.i,>lii l!at ttlii.li in in fiict capiul, or proportv wlii. Ii oii-lil li 1>0 
 U].|.li.il 1.1 m.ikc pxxl cil.i .ll lo>t or iinr.'pn.Miil<"l liy avallalilti 
 
 Thu-^. it iii-i'. 1h' Ih'M all.iu.ililo lo art oil the fooliiiy lli.i! 'nkIi 
 
 tiuaii. lal K'ar of llio c.iiiipaiiy i* to lie i-oii-i.l.'vc I a st'iiaralo ailviii- 
 
 tur.'. ami liait tlii' t-iuplii^ rfix'ipls of llic year, af.ir payin.:,' t'\p -iim's 
 
 ui. I n-i.iiiii'4- <apnal to ilic po-ilioii it wits in al ilic tuiiiiiH'in <'iii 'in of 
 
 •I.' \iai, iri', uii't'** llio iirtiLlo4 ollici«i-<' piovilo, to 1h' ( ui-il'r'il 
 
 (111. ,■■ '.\u- 1 '■ t!n' VMr. Tlii-> \v..u'..l l.<> a «or';:ilili' sy^tciM .1,1 I .110 
 
 1 iiH ilillii iil:i"f ait! 
 
 ^a; 'ilia; il i ^IMIV-^ ll.i- iii.ii:i piii .o- ,- for v.lii.h ilic Coiiipaiiii'^ Act. 
 
 1.^;;, wa.-i pa^M'<l. ai I in < IK'ci -liow- lliat Act lo liav.' Iiccii 
 
 praiiiiylly ik^'iIIi'^-.; ami 
 
 il.) 'I'iial it is not (on-i^l.'lit «illi lli<' rnU'< l.ii 1 donii in l.ri' v 
 
 .\(itclialrl('ii.. I'l C I) l,arr..nlin;r to wlii; ll it i.-^ llnl lii'<-<'fi- 
 
 ^:lrv. in a~(i'rlainiiifr the profit- of ilic y 'ar, to make «oimI 
 
 lilt' c.ipilul c iiiouiu.'il liiiiiii;^ .-'nil vcar. 
 
 or it nia\ U' ilial the IIoum' of Lords will lioM ilial ano'livr allowahlo 
 
 nuHlc of ii.<i..rlaiiiin.jf prolll.s \* t» trca! llio pai.l-up capital anl all 
 
 linrr..A.'.! Mi.iiii'y-i like llic oapitnl of a >ol!lo I fiiiul, ami ncrordiip^'iy lo 
 
 invi.-t it in ppniiancnt invi-^liiiciit-*, ami tlioii to troat tlio net iii.'.niio 
 
 aiisiii;.' tlieit'froia, aflor puyint'nt of i-xpiMisos uiid iillori'.st, a- pr.ilit 
 
 availablo for dividomls, accreiioiia to and iiiiiiuutioiis of capital. a.H in 
 
 90:i 
 
 
iftii 
 
 <H)| 
 
 ittii 
 
 Hann*» iti*' 
 
 ARTICM'> OP ASSOCIATION. [CmaP. |,\. 
 
 •ho (•a>o of II «(>llk'cl funil. Iininj: di-rfiranloit in awBertiininj; iiunm. 
 I!ul this s\-t<'ili n^riiin i< opi'ii tn llic iliiliiiilly («» iiIm.v.. icI'citciI ti> 
 iliil il ruiiiini III- a|i|ili'' I til .k i'iiiii|i:iii\ ill uliii'h llio i"i|iil;i| < niiiiit 
 ihii.M Im' I.i'|iI f('|iiii.i(<v 
 
 <)l. iiiriiili. il iiiiiv Im- Ill-Ill lliiit il U 'm«>ii Ik ii iiiiii)i,iiiy l.i.i-i-.riuiii 
 priilil.^ hy |MTi<Mlicnl valiiiitiiiis nf .i^-i'l-, >«> llial it iit ilii'cn.l n| ,,,1, 
 vciii ji iipiHMi'' that the \aluc (>r ihu a"<>ffi I'M fi'ih ihi' |':iiil-ii|i . ;i|.ii.,| 
 
 ami till- ih'lii-i iiikI lialiilitji'-, tl \t«><-< ni.iy Ixi lioit ^il a- iir.itii; aiiH 
 
 ihcic iiia\ 111- iidu-r iilloualili- <y.-l(MM-<: ami thon> ran In- lif(|.. ,,r no 
 liiiulil thai iImn la->l-iiii'iitiiiti''il 111, n|c wutiM Ih' allowaliio. 
 
 Hut all lliiH i-4 in H»< lutluro iif «|ii>i'tiialiiin, ami |K>iii|ini;uii aailimi. 
 talivc <l*>claratiiin <iii tlio Miilijcit the piaiiiri' of |iriii|i>iit hh'ii ..f 
 hiiHiiM>»-i niMii Iii< (ho •infp-it [rniih'. 
 
 As to the Employment, of Accountants. 
 
 finployiii. Ill Fir llio imi'pofto <il a.iwitaiuiii;.' jii-jlits, iliriHt<ir.-t iir<> 1 i;iii|(.,| i<, 
 
 t>f IMt^oinittiht-* .. I . I -11 I . I . * ■ 
 
 I.U.1 niiJit..,-. ""I'''0 -KlthMl iiKful:*, -ii.h m ill. Miiit«iit.-i, valuers, luia, , .u, | 
 
 • iiii|iloi.> , /.ci'i/v /;.«/,(/.■ /,) V >/(./;/(■«./., ill Cji. I) 7H7i,aiiii lo -IM. 
 iiiilil 1.1 llirii icporirt, (iivvilcd that ilu-v ihi< ilifn mr- ucl 
 '<u/i<i liili', ami 
 
 ■' If," -ili.l Uinl .lii-lir.. .l.iiiHi. ill /.'•I./.-. \ ..I,.', Il Cli. llM, •■ III,. .|ii,,i,r-. ;,v 
 jilmiiiir iinfiMiiiiti' I rt'liaii.c ii|ioii llii> rcprffl-nliiliniK >>f tliiir ».rv ml. I'r 
 iitu^uK's iiii'l iiirmil III tlir r.iiK liisiiiii that tlii'y luiil iniiili' a iliM.,il,|.> |,i,,iii. 
 iliit JJuiiit miiflit nut. I May, i.i ^It in u ( lurt iif .\|i|«al f,.,iu llii; i,iii. U.i.n,, 
 .iltlioii!.'h il >uii,'lit atliTwarils lir .ati»far(iirily jiiOM il that tliii-r win- i.ry ur.at 
 ■•rrur* in l,ii' aivrtuiit-, wliii li wmild mil have ixcurr.il if ihcy liail 1... 11 iii.i.l. 
 "lit with ifr^MtiT •ilrii'tiM'-'ii or witli ninri- <i<Ttitini/iiiL; i-.iri'." 
 
 fn he naiiii- a-o, Lii'l .Fii-tii-o Mi'llLsli -aiil: 
 
 |u!li a(friM> lli.it if JirrpfT^, ,i,- u |ir..(ifr ii.t'i.iry. ii..il , , ]. 1 ., pn.iit 
 and ill- .ifiiiiiiil, Ilii> C.iii-t iiaalil tu ai^iiiin'. very ltl^•m^'ly i „|., i, liai it w.n 
 a corrirt aiiiniut, anii (iiij^ht nut. willmiit viTy 'ti-mi;; i.'mur,. .Imniii,' »)i .t it. 
 na< iliiiH' (.1/.. ti.r,-. II. <.'t il a. ills ..r .luiiar.' a ih'- i.'.-i.l i,..i.li. :.i..ii it 
 iin|'rii|»'r." 
 
 " Il i-i 5»f!ii ii'iit if iliiiMliii-. a|i|ii>iiit a [mtwhi iif 1,'ij.hI ri'|iiii- n.i.l iu{i 1. ui 
 
 ■kill t'l amlit tl" ai'iniint . ami liaii' w> ri'as.iu i,ir -.u^i liiiit that aiivlliiiiir 11 
 
 wriiiiif. 'I'lic iliriitor< ari' liuumi in fniiiiiim- iMilrio* in thi- iiiiiiiiain - imiilii, ' 
 IVr Chilly, .1.. l>r„/,„,„ ,<■ r,,.. •...» ('. I) p. 7iii>; apjiniusl in //„ / , . " ,,. 
 (1901; .V. C. 17V. 
 
 Ill till" i-aM' iif Ui'l/",,,/ f..f,„r iiiul III' I t'liin,! I'„. ,„„'il'i,. , /...,. /. .' «hi''i 
 
 afp^'fliot" "' *"'■ '"•f'"''' <''''"y- J • '" ^"v. IHWil, till- .|ii..<t|..n arim- whcfhcr u ili.i.li ml lul 
 
 lipcn paiii nut of capital. It kp|><<ur<-d that tin- ilir.i tori hiiil fiiipliiynl iin 
 
 ••xprri.iiinl \a!inr to viliip the »*m-x* .if Ihit lorporation, whirl M^i-Lil ■i 
 
 liuilJiiiir laiiil ami irroiin.j rniN ami lontia t. ami ..pli.iiH. aiul luul pr. pin^l 1 
 lialaii.-i-shiv t ill whirh. ii|M)n the haiiii of tlin valuation, it appi'ir.il ilnt tli.i 
 valuo of tho H«-tn i-itc,>c<li«| thi' .|i-l>t< ami lial.ilifii- liy HIO.IIIK)'., ami out . f 
 ihe nurpliii thtii «hiiwn the ilir<><-tor< hii.l iirriiil •J(t,(MK|/. to the iliviih ml fiiiiil 
 and hecii party to \U dinlriliution by way of dividend. 
 
HOW PROFITS ARE TO BK ASCKRTAINEU. 
 
 ,.„ v.lurr h..a in many ■■»«"• '-""^l ••'" •-" »' "'""" •••:'" ""» """' ''"; 
 
 ',,;,, 1. .....r. ...an .....y ..f.-rw , r,.,.l ..n.l .. w... ...l-.l 
 
 2' :;,,>i,l..nU .....rh. n... ... h.v.. .H^n ,..1.1 ,„., ..f ..n.H.- «l,..l. .-..M .... 
 
 '"lT'„"f.,ll,.«;.;« .-^•"••K ''■«» hi' ju.lL'....-.. H X..V. lHH.i) are .,f L.t-r-M.: 
 
 *"1,„ ,l,..I,n,„ .. ,livMl.....l. i.. ...y "l'i"i"''- "' "••"'"'■- ' '"'■ ""■ '■'''•■■••■" 
 
 ,i,.„M„ ,,„l ... .Mi.....l- ..II »l^<- <»!' ' ""•*'■ ■■ " '■■ ''""• ' '•'■ '" 
 
 'Z' ., . ,.rt.i.. "I"II..T tl«T.. i. ..r H i...t a i.ur|.l..< r.....i.i..i...J Hfl.r ,,r<.»..l- 
 
 ii.i,iii.i.-. -...'I •I'-'o •'•■•y '•"•'"• "' ^"'""' '■• •■' '" " " 
 
 '"',' . ! ti i.. .. '.. '•" 'I'-- «""!'" ■'•• •'"■y "•''■ '■'"''■"■'' '" '"■"' 
 
 ',■,"'',.,/.■ 'I.V..-.-...t.i 1 «' |.r,.fi. Iln. in -ayin!.' tl.nt, f.-^:.r.l ........ "f 
 
 1., ». I.,. I....I ... tl... ...... .r.. ..f lU.. iM.i... -. I |...t fl.i-. ill.i.tr,.. 
 
 i"'"^ ,:,.. .r....,..,...r. I I I'll* '> ■■'■^"'<" ■'■''•■'•'• '"•'• "'"'•• "■'"''"- '■••"•■'■"'* 
 
 , ,„(, „,.l 111., lik.. «l"''- ''.'■ l"i'. ">■'■ i~ .•.'l'"' •""' «'"■"■ •'"' 
 
 'ilil'tv'l.pM.^L.V rl:... will, tl..- HP-:.'., t f..;ii.y. Wi-I. a 1m, ^ .^i-.- -. 
 
 " I Mi.i.-i.'if I'". «''■''"• «'"l--li>-'r'.''- ' l">'."'l ""•■' ■""' "'IK'''''' ' """• 
 
 r,„.v ... i!f .r.li..:"y '•'.'H-'" "' 'l'''l'".<. »'"•'" » '••* "■■''■'" '" •' '' "• ""'"■ 
 
 t|,ril..."..r- .'.'•'•P •'■•'• ^'i'.'"''.' '» l"'» » Vi.l..i.li.'ii .i|"'" ••"• t' I'. '.."1 I" -"y 
 
 r.':ir.l I.. ll.«' -':...• "' ''"• ..'"rl"'.- -«•>■'.''' ''i"' ■'" "' '" "" '■.i""'* 
 
 .Ik... 1' 
 'I 
 
 ,,, f, ih.it III.' •■il.- 
 
 aIII ii..t |>r.i.-i'.l II. tl... ..nlii.iirj «.i.v. .Iny ..re 
 
 !it,', I 1 tnal. I.r tin. |..ir|H.«. i.f (T-.H!, .(..'ir >..lM..li.... ..- . l.«-i' "n »l.i'-h 
 
 il.-T.M.. • y thon- i< « l-n.lit «l...«i. 'I'li'l i- > 'i'"!'''- '•■'•"■ ' I"" ""• 
 
 ,„,;,|,„ ,.,. ,„r,^.iM.r...-..nli. .. ..n il.'' |....l -f II... <l...-..|..r.., u.i.l tl...l i.- «l..n- il..- 
 
 „ir..-.. .. .- .."I i-ai'"'. '»' "'"•"' ""■ '■'"'"■•• "'■ •'''■ I'll-'"--'. '"'' •" "'" '■ ■' 
 
 ,„.„ t|,..,. ilinvH.r. l.^ul I'. "I'-.l «illi. i« .... ■•... i.'ly -iH.i.l.itiu ...i. , ..«! 
 
 JJr,. il„y .^i...."t I'f.'-' "'•'''■ ....i..."<l'.iy. »l..li..r .1 iniy I"- ..nliuaiv ^...kI^ 
 
 „, i,,ir.ii"i.' i«'"i. -..'I' "- ill 'I'i^ ••'■'■• '"'" ''"' ""•"■'"•' "'i'i'"y- •"»' "'"■■■" ''"'y 
 
 ,„„., «,. I„.|,.r.- Il,.y r,..l,i!.-. Mi,.| «h.-r.. tli.'ir .....rk.-t N lial.l.. I.. •.-..■... ll.i.t.i..- 
 
 ,;„„-....,• «..y ..r il... ...l..-r. \ . •-.■ -f tl...t ki...| r.-,...r..< im.r.. -K.ll. ....I 
 
 iu<Urrai-..'. ai'..l .i...r.. .■...lio... Si, II I r..f.-..ii. .•.•.m lay... a .l-w". ai.l I .hiiiW I 
 .|„ii;.| =>■ wn.i.if i.. Iayin.f .l..»... .!.... "l.^t '■'■im.' " ira.lh.u' , .....-.•ri. tl... 
 
 ,i„e,t r ..-r. i,"t ..i.tilVl I'" ....il"' ■> J'l-. •Ml"....'" "1 «''■" <'"y . ..i.-i'l.i'J '" 
 
 ,. |i,.- |.i ■,..■ .,.,l.iii..' all ..a-. 1.1.1. I|. all.i«aiii-.-<. ai..l ail rc.-.M.i.il.li' i-i'.l.i.lloin 
 «itl, :i .,r.! Ill i'- |.n«|M...-. »t iraili". ai..l tlii' (iirtl.i.lar trttd.' in aliiili lli'y 
 ,„.,■! r.'/.il ail.. ..• u'l ..iTnl .......iin'riial |.ii.«|i.-.ily «l.i-l. ..my. .'.■ i...v not, "f 
 
 .ill, ... la... ' >iir..-l .T i..il.i-..t li'-arii.^' .... iLi-ir i.«ii paMiiulai liu.iiii--.-. 
 
 V..W. wlipn 1 ........' t> HI.."' ' "' viiiiialioii. it in iiiijuulilt-il iliat. ,.\ii.|il in 
 
 ,jr:„u, r,r.. tl"' .I1.-...I..H an- ...il .1... |MT«ii.« wli.i lia.i- .1..- i-kill. I'l.'ir 
 
 ..n-.^lii. UI-. .Ill- >liar.ii..l.liTi'. ir.. n.» ... "ipi ll.'i' H.'V l'.>.' M"- •l>ill <" 
 
 ,,k.. i il, .''.11- V. hi. I. r.'i|uir.' a »|H.i'iiil k.nm livlifo ai.il «|>.m iai .•.nuiiliTali.ii.. 
 ii,,| (.,.' .lir.'rt I' i.'ulir tl.i.H.. lir.'i.mM! ,n,'C-. )i.ir-.i.. a ...^1.1 ■•.nir".- if tlii-y 
 ,i!-ini • a L»..tit..'ina.i .if iiiti'^'rity a uiii.l.-.i.iin "f ri'iii.i 'i.iii in tlin M« i. or 
 .li-tti't .vK.i'f hi' liM.'. :i iH'iitlcmaii win. i.* -ii|i|i..-'l ami i . i.«.rally r.'i.i.l.nl ... 
 |.c ,1 . .i;,!.i.t, 1,1 11' I kil!i..l ...ai. t.i mak" a .ali.aii.H.. PI..- iliriM'.nr- -ani.i.t 
 ..11 ri.'.il. a- I i, .vi. .-aiil ili.ri..tf .I... .....rye .if .I..- ariri.ii.i...l , i- a. I. ...an ii.- 
 
 ,li.i,l,i.l!v. nil uili... 11... iiri'i.iTlii- -.III. ..'« llii.'"' whii'li furmiHl tlii' -taiili- i.f 
 ill., i-,.'- ..1 111.- ii.mii.ny ! In .• .a!ii«ii»..< »<...lil 1»' ..•.•l.'i., a..il ll.cy inii-i 
 :l,..r,.|.,ri- ,ii.|.l..y a i ,.i..|... I'l.t iu.m. I'. Il''" 'a-'' t'"- 'lir<..'t'>ri ili.l .'..i|il.iy a 
 ri'i.tiiiiiii is::. ..-t «!ii.|.. .ii.ll.ii.i; Im- l>..'ii I'aid. N,.ll.i..tf l.ii 1.. "ii -iii'l at tn 
 ,i. |,.,-lti,.M a- 111 hi- -kill, i.r a- ... l.i« inl.n.M.iiy, a.i.l tl..' ilircrt.ir- n , ii\i.«l fn.n. 
 ilii« u'. nil. .1..I. a r.-|«irt a..il vali: .Hon wl.ii 11 i» .l«..-.l tl.'- -tU. .lai. .ary. It*t". 
 iiid ill,' l.irmil .hi- lia-i- "f tlir iiiili.... i---.l..-.-t in ro-|>'-. . "f wl.i.-li ll..- ili\ iil.-ml 
 
 iir II,. vi-ai- ...1111111? till' :il-l I.f l)i',..inl.i.r, IS7!>. \va- ili.il«ri-il. 
 •I |M.i, thai ii.|,..ri 111. ail.i-.il (111- .li.i..-tiii-« lliai h.- Iinl , iii-fiilly .,ii- .y.-.l 
 
 w()^ 
 
 n, 
 
 'i\- 
 
 \^ 
 
^1 
 
 
ii 
 
 9U6 
 
 AKTlCUvS OF ASSOCIATION. 
 
 ^ClIAP. IX. 
 
 and vnlupil the whole of tho proportip^, and he loncludod hii report hy statin? 
 that he c-t:m ited the total pre cut value of all (he above properties at 821 747/ 
 and he said ho had arrived at thi, vaiualion without any knowlod,i,'e of tl.p' biiok 
 do'oti of the eoiporation reprceiitintr Biit-li propertie-^. 1 under. tr..,J that to 
 he. that he hid arrived at lii-i eom-luiion without referenie to tiie sunn t<, l,a 
 found in tlje eoinp;iny's hooks. ... lie 8iy< in hii e.liniate ho hud not taktn 
 ircd:t for any prospective v:ilues. Now. there I think he was ii:rl,t; i^j j 
 think the dire.iors wer.- entitled to rely on what the skilled v.iluer told t|„.in 
 --t!;al he hid, as he says in aulntaiu'e, taken the present value, and had not 
 taken credit for any future, and in that sense speeulalive, vain. .... The 
 sul)--t.inee, therefore, is tint the dividiv)d was to he paid out of il,.- fui:,! whi, i, 
 was repre-ented hy th,- surplui, whi h had been a-r'rt lim- 1 l<, iu' lin.Mii' 
 of tlie assets as valued over and above the liabilities. Now, it is obvious tint 
 the direi.'tors did not .idvi,e tint the whole of this esiiniated prolil luians,. | 
 agree that it is an Citimate, and it must lie an estiin..te— ..hould be dealt wltli. 
 ... I think, under tln'-e eireunistancn, th it it would be a terrible tluie- f„r 
 all compMnle-. sbareliolders as well as direet.irs. to say that this was' not 
 ju tilled. ... I think, therefore, . . . that no ca.-c is made out ai.iinst tl,? 
 direit..rs with re„'ard to the dividend paid on the balanee-sheet of ;iht D«i- 
 lembcr, 1879." 
 
 [Tii/icn jiom (rintscrljtt of .sliurllmnd nute.] 
 
 " I eannol think thit it ean be expe.-ted of u direit^ir that he slinnld bo 
 wati'hini,' either the inferior ollifirs of th" b.ink or verifyinT the caku!atii)iij 
 of t!ic enditer-, himself. Tho business of life eou'd not pfo on if people r-niild not 
 trust tho-c wlio are put into a position of trust for the express purpose of 
 afteiidin',- to det:iils of manareni.-nt. If Mr. C.^ry w.ts deceived by liis own 
 offieers.— and the theory of his be!n;» free from nior;il fraud assumes. unJor 
 the eireunistaneei, that he was— there appears to me to he no ea.e auMiiist 
 him at all. The [irovision made for bad Jobta, it is well said, was in:ule ]uit.': 
 lint those who assured him th it it was a lepiate were the very pfr-mis wlio 
 were to attend to that part of the business; and so of the rest. If llic state 
 and eonditlon of the bank were what was represented, then no one will say 
 that tho sum paid in dividends was cxeessive." Per Lord iialsbury, I. (' . in 
 VnvP!/ V. r„ri/, (19(11) A. C. 477. 
 
 " I think the respondent was bound to ijive hi- .itiention Ui. and exiT.ise hi- 
 jut!irinent a^ a nit.n of business on. the matters whieh were brnu.'ht before the 
 board at the me^nln-JTs whieh he attended, and it is not proved that he did not 
 do so. l!ul ( think he was entitled to ro'y upon the judcrnient. information and 
 advieo of the eliairman and general manager, as to whose int<','rlly. sUil anrl 
 -ompetenee he lia 1 no re ■■'on for sdsp'i'ion. I a^ree with what wa< rail l.y 
 Sir Oeorrre Jessel in llnl'imrk'.i mxc (9 Cli. I). VL-i). and by Mr. .lu-ii^e < hitiy 
 in Ttihhiim f- Co. (2.) Cli. U. 7.i2). that diredors ere not bound to nvainine 
 cntrlci in the eompany's hooks. It w.is the duty of the general manairnr anil 
 (popsib'y) the ehairm in to ijo earefully throuirh the returns from the li- mips 
 and to brinir before the bo.iril any muttiT requirin'r their eon-ideration; but 
 tho respondent was not, in my opinion, f^'uilty of nei.'li'.,'enie in not e\iiniiiiti^ 
 thciu for himself, notwithstandiu'.; that they were laid on tin' table of thi> 
 board for reference." Per I,ord Davey, 7>o/',y v. Corv. flOOM A. (', (77 
 
 An iiuililnr, or aceoiiiilaiit, i^r vnliior wiio nro-locLi Ids ,liitv may Ix" 
 held lialilo for tho coii-r iiictuM's, r.ccds Est lie Co. v, SItc])hnr(l. 30 
 C. D. 787; fAinilon mid (Iciicral Hani- (No. 3), (189.')) 2 C'li. 1173; 
 Oxford lUtufil lUiitdiiiii .incicd;/. oH Ch U. 511; New Oriental Bank 
 Co., 41 W. J{, lli, liut ill making h'na iiivoeitioatiou lio i.s outiilod to 
 
HOW TROFITS AKE TO HE ASCEKTAINM'.U. 
 
 ^.ly on docanienls vouuIkmI by scrva.iUs of tlie conipaiiios unions lio 
 ha ivi-oii lor bclicviii',' tli(>so servants to bo di-lioiicst. Squi-e Cash 
 Cilmhf V ndl. 28 T. U. H. 81. Tho Acf of 19)8, soffs. 112. 
 1,;;, rc|.ro,huing socU. 21 -^2:! of tho Act of 1900, imi-o^es on him a 
 sta'.utury July, ami lio i- liable for brcacli thoreot. 
 
 »07 
 
 Opinions of Counsel. 
 
 Loiiliiiiir to tlio divei^i'iit views wliirl 
 wi)i li [Uoli'.' iiro to bo a^eertiiiiieJ, it m.^. 
 o[iiiii.ins III (.ouusel. 
 
 prevail as to tlio mode in Opinions.,/ 
 bo of iuloio^l to ^ivo a low „„„i,. »f 
 
 a.*fi'rt liamir 
 , 1,1 lOUUSOl. proliu. 
 
 TI.e foll'iwini;- is an extract from the opinion triven (1881) by Uio 
 h\:o Lord Davcy ( whou at tho Bar) b> a cable coiiipany:- 
 
 ■' i :,Mi u! o\muon tliat tlin .lirectrirs ciiimut properly i>:vy a aivl.K-iid on any 
 „f tw- siKirw (ii.cli.Jin- tlK- preferon'O sharoi) until they have taken one of 
 two roiirsea, i.e.— . 
 
 .. ,1) Ihy put the orij;inal .able into a jToier ^tale of repair and working 
 
 order, or made adc inato proviMon fo,' tiiat purpesi'; or 
 
 ■• .■>; If tlicy di'termine to ahandon the old eaUle, have taken proper steps 
 
 under' the Companies Act, 1S77 ^-10 J. 41 \ ic-t. e. it!;, to wrile olf tlio 
 
 wpiial represented l,y that eal.Ie, or a piopei amount of it, as lost 
 
 capital unrepr.-sentid hy availahle :,^-el-. Se. jnd-menl of Sir Ceorge 
 
 ,!o->'.l in Dnviion v. diilies, 10 C. D. MT . 
 
 ■' In r.iakie- provision for the restoration of tho old euhle to a pr<.i"-r state of 
 
 iCi^uir, 1 do trot think it would be nc-^essary to set a^ide the full amount re.iuired 
 
 in'.e e'y.ar; hut it tlio expenditure ii of »ueh a eharader that it ean be spread 
 
 „u.r a limited numh- r of ye,r--, the dire.tors would he ju^ilied in so dealin- 
 
 ••If the direetors determine to diseoutinue the uso of the old eahle. they 
 4..,M, of eourse, in arrivin- at tli • amiunt "f the loss to bo wrilleu olf, tako 
 into ,i,'.nii!it, on the one hand, tho v.alue 'if any) of the eahle in its prc's^^nt >.|:ite, 
 ;,nd the viilie; of the new eahle; and, on the other hand, the sum still owin- in 
 rc-ii.-ct of the Inrrowed money for the loiislrnetion "f the now eahl'." 
 
 The lo'dowino- opinion (in relation to a trust iuvestnioa' cotiipany) 
 w:!> -iven in Dj,-eiiibor. 1887, and \v;is si-iied by the la'e Sir .lolin 
 Uidiy i.tfleiwardM i.ofd .li.-»iee Hi.iibv) wlioii at the liar, and by 
 M-vci.il odicr wfdl-kiiowii *Mian eiy lawyer-: 
 
 •■ 1. Is tiiero any ohii-aii .. a, on diroetors to take into eon-idcratioii tho 
 ,,,10 tiun of loss ari-ins from ,. ..lent deprwiution of seeuritie.. and to exereise 
 ti.eir /.o,.; /;,/,■ jiKlifineiit in s„.-n eonsid 'ration? Are they under ohli-ation to 
 write ilown tlie value of sueh sivurities in their books, and to roplaee sueh loss 
 either out of res.-rve fund, if there he any sulli-ient for the purpose, or out of 
 the profits of tho eompany .lerivod from dividends or interest on »e.uritic8, 
 it tl err he no other funds availahle for tho purpose? 
 
 "Directors should not ne^'lo:'t to take into eonsiderafion a depior'iatioii in 
 >alue of securities wliLh, in their jud-ment, appears to be of a pernianent 
 character. Loss should be made 1,'ood out of reserve fund, or, failim,' this, out 
 uf the income of tho then eurrent year. Doprc iation in value which has 
 become of such a marked eimracler a.s U, Ije uii.ivoid.ihle should be dealt with A8 
 •«c<Ttained loss. 
 
 ! i 
 
^'liii^ 
 
 mn 
 
 AKTICLES OF ASSOCIATION. [ClIAP. IX. 
 
 "2. Are they (tho directors) bound, for the purpose of dividend, to no'l,! 
 entirely temporary iluetuationa in value of sccuritica? 
 
 •' Directors arc justified, though not bound, to take a very iloao estim.uf „f 
 >sccuritic3 of tlio company, at by actual valuation on a certain d;iy. Thoy m.iy 
 con»icl<.r tJK- wcnrities as rctaiiiinjf their value if, in their o|Miii..ii. the i:,l| j„ 
 value i< only due to casual variation of the market. 
 
 ■•:!. Whether, in case of an investment, eon^istiu^' ut sliai-es in a rumnjuv 
 which has pul.liely reduced its capital, <.f a company in liquidation, er in \mn.i- 
 of .States, or other debtors loni; in default, they (the directors) would n.it riu 
 a risk of a Court holdin^r that their judgment had not beec /«)«,; fi,i,- exp,(i,,| 
 if they ne;,'leeted to treat the loss as permanent':' 
 
 •' This case comes within the principles of the answer to the i|iie>ii..n Nn. J 
 
 ■■ 1. Whether llii'y may take into iKcount ri-es in value of securities li..|J 
 whether a ircneral rise or what the directors may conclude to be a ji.rniini.'if! 
 rise in any particular security, as a (■ct-olf or in reduction of tho iwrmancnt l<i-« 
 of capital arising in the case of securities not sold? 
 
 " The directors may take into account tho rise in value of a se uritv Imt i' 
 mu.-t he of Ihe same nuirked and pernian. at character as a ilepre( iaiion nl'iTrMi 
 to in answer to t|Uestion Xo. 1." 
 
 Tlio lollnwiiisopinioji was "ivoii in 181)1) hy Sir .liilin Kinhv ,,ii\.r. 
 wards F-ord .Iiislico Rifr'iy) wlioii at llic Bar: - 
 
 ■' 1 am of opinion that the directors would not, under the rinuni-tan, cs, ii,. 
 justilicd in <li-.l.al)uti]ig the balance of revenue aecount, or any part tli'Tcof, Ijv 
 way of iiitcriiu divi'leiid. It .ippears to ini' that the prolit i!i. m. 1,.,iu, , 
 eount"rl)ahinc( d hy loss ilurini; the same period arising,' from dejiret' ition i.f 
 securities, so that in substani'C there are no protits out of wlii. Ii dividcmls en 
 properly In' declared. 
 
 •' My o|)inion, above written, is foiiudel on the ji^sumption that tlie \,ilii.itiou 
 of securities of .lune .30th was a proper valuation, such as the diri'i'ters wcr.' 
 williiia; to accept as correct. I am hy no means of opinion that tlie niarlii 
 prices of the day for the dilfercnt investments would neei'ssarily be hindini,' e. 
 the directors, as the value for immediate sale would not necessarily represent 
 the true value to the trust. If it could bo shown, by satisfartory v.iliiaiien of 
 competent persniis such as the dir.-etor^ eoiild .-tiud hy. and jn^iily if mv e-sii \ . 
 that the pi! value of the inve^tnuMits dilFcred from the market value of the diy. 
 1 am of o|,iiiion that such real valur'. when asei'rtaincd, miirht properly be 
 taken as the basis for estimalini; wheiher, on the whole, there h.id been a ies- er 
 prolit durinir the period iivcr which the transactions of the .■iiin).any :\U-w\. 
 •iiiil the n>uU miu'ht be to liberate a sum available for interim dividend." 
 
»w 
 
 PKIYATE COMPANIES. 
 
 CUAl'TKU X. 
 
 INTKOUUCTOKY NOTES. 
 
 'Iiip loim ■ private lompuiiv ' liad until (iiiiio roL-eiilly a^ vi'iy inuci.so M..:n.ii« ..I 
 
 .si.riiiiiniMuii. Ill the lust oiliiidii hut oiio of tlii-- work it wa.^^ usimI in ^.^ 
 ,i.r|,Mi,Ml:ii -cii-o a- (loiiotiiiy a conipaiiy ri'>,nstere(l under the Act of 
 isr.j. l.ii: iiiieiiilcd to he carriiMl ou witliout any apiioal to the i.ublic 
 101 .-liiur .a|ii;al. lu this seii.-.e the toriu liad l«w^ been recojiiiized, 
 ,.\vu ill i1k< iiurt.sof law. Thu-^. in a case helore the Court of Appeal 
 ,11 ISSI. ( iiMiiii. L. •!.. .said: '• Ihit here it is au eslahlislied tact that 
 „1„.„ ilir ruiuiiauy wa.s loruuMl it was intended to ho a prmid- com- 
 lMi.\. till' is, it was intended to carry it on with<mt eallinf; in the 
 pulilir. ur issuin- any share- except to the tlien o.xislin;;- share- 
 li,.Mci> llrlllsli Sraiiilcnx I'dprr lint Co.. IJni.. 17 ('. Div. HIT 
 Ami ill <in)i;i<- Srinmii (f- Co.. .,1.S'J'>1 1 Ch. tiH.",. I.indley. \. •!.. 
 siil: 'I' is inie that this <oinpany wa'- a small <ine. ami is what i- 
 sillcil a inii-iilc coin|iaiiy." 
 
 Miii\ iii(lu.-!ria! and hanking- companies," said Lord Her.^ hell 
 in .s„|,;,„.„/ V. S,ih„>,oii <t Co.. (.1897j A. ('. 2J. -of the hiohest 
 >Mii.liii- and credit have in rocont years been, to use the eomimm 
 c\|iH— inn. 'convened' into joint Block companies, and often into 
 wJKi! inc lulled private compnnk'S, where the whole of the shares 
 lire hcl! by the former partners. " .\nd in tiie same case l.nrd 
 .M.uiia-liieM .-aid: -Among the principal rea.-ons which iiidiiT 
 |.ciMiii^ 1.1 [iiriii private companies .... ire the desire to avoid 
 ihcii-k lit biiiikruplcy.and the increased fai ility allmded forbovniu- 
 lli'.:" liiiiiicy. 
 
 .\ni| ill UV,(..///. Uiuih'd, I l«!t7l 1 ( h. 7Ui;, Vauirhan Wiii;.;;ii-. .1 . 
 .sii i Tlicie hive been probaldy in the last 1weniy-(ivc yeai- an 
 cimiiiiiiii,- i|uan:ily of y«i'n(/t' companies formed in which the partners 
 ill liic business wliich was -old and the .sharelmldeis in the new ciiii- 
 
 priviit*' 
 iiiipuny. 
 
 (laiiy liave lieen idon'ica 
 
 x\. It 
 
 IS a very usii 
 
 way o 
 
 im>iiic--. una iiio 
 
 liuiii of the matter is, that the im 
 
 f dealing: uitli a 
 ic valuable the 
 
 . the more often does this in practit* happen Two pa it ners 
 
 \ >l^f 
 
«10 
 
 PRIVATE COMPANIES. 
 
 [OlIAP. X. 
 
 M^i 
 
 in a fii-st-rato businos.s do not want, lio<'aiiso they are convortin" their 
 l)UKine.ss in!o a cunipany lor touvoiiioiicu of adininisiiation iiiui ilisiri- 
 hutior. of prolits anil lialtilitics, (o lot any stianf^ois or ouisiilors into 
 a share in the business, and llio conso.|uei:Po is tliat in all prohuliili'v 
 if you were to taiio a list of tho private conipanios in o\isU>ri(o nt iho 
 present nioniont, you would find that their solvonoy <'oinp;ir('d v(>rv 
 favourably with that of Ihc ^' ' oiiiy of wliaf are ordinarily siiokon nf 
 aa public companies as <lis!in(>t from private." 
 
 It wa.s quite time — with this rapid multiplication of piivule <ciin- 
 panies goin^ on — that a more precise moaninpf slioi.l 1 bo allaclicil (n 
 the term, and this has now boon done by so -t. 121 (I) of the Act of 
 I9:)S, reidacinp; .sect. 37 of Ihc Act of 1907. Tho dolinilion runs as 
 follows: - 
 
 121.- (1) for tin- puriiosrs of tliis Act the ixprc.<.sioii "private rompant" 
 mrfin^ a company wlii -U hy its articles — 
 
 (n) rc-tricts the ri.nlit t tvaiisrer its shares; and 
 
 (i) limits the number of its nie:nl)ora (exeliisivo of persona who aro in the 
 
 cmployniLnt of the company) to tif y; and 
 (c) jjrohihits any invitation to the public to siibsc^ribo for any -harci or 
 
 debcntiiroi of the company. 
 
 (2) .\ priviiti' cipni|iany may, subject to anythini? contained in the mi'mo- 
 randum or artii'lc, by passirc.; a speeial reiobition and by tiliu'.? witli the re'i«- 
 trar of eompanies su ;li a stat 'merit in liaii of pro-ipcrtm as tho ecnpinv. if a 
 public company, would have hil t) file before allottincf any of itt ihires or 
 debentures to^etiier with such a statutory do 'laralion as tlie eonip:iny, if a 
 public eompany, would have had to tile before commcneins bu-incs-i, turn it>eif 
 into a ]iublic company. 
 
 (3) Wliere two or more persons hold one or more shares in a conipuny jointly 
 they shall, for the purposes of this section, be trcate 1 as a single nienibir. 
 
 This (k'diiilion summari-es what in.'iy bo called tho throe cliarac- 
 foristic points or incideiiLs of a private coiupany — (1) rostricliiins on 
 tho transfer of shares: (2) limited incmt'orsliip; (3) no appeal lo llio 
 jBublio to .subscribe. But it is to bo observed that tho toit whc;licr 
 a comi)aiiy is a private company wilhin the definition dcpeiiiis 
 not on whether the company posses.soi tho<u three fcalu!05, but on 
 whether its artiflos coiiuin tlio spocilied provision-;. And so Ion;; 
 as tho artii los contain tho jjrovisions tho company is a private com- 
 pany even thouj^h it di.srof^ards and acts in contravonion of tho.se 
 provisions, cr/., by allowing tho number of ironibers to bo iiioro 
 than lifiy. I'liric v. RoiiiVii's Siindicatc, (1912) 1 K. 15. ■',',). It 
 appeai.s from the 20lli Annual Keport of tho Bo.ird of Trade that (lie 
 number of companie.s registered in 1910 was 7,181, and tliat of tlicso 
 5,(iyG were registered as private companies, bolides which l.j,tJ21 
 companies were by special reiolution converted into private com- 
 panies. Thus the popularity of the private company is marked. 
 
INTRODUCTOKY NOTES. 
 
 911 
 
 Thus <!('(ino(1 tho ' [irivatc coinpany " i-< frivon varioiii privilogw 
 ami inurmiiit it's l.y the Act, tlms: - 
 ,|i A piivalo compuiiy may lio I'oniiod liy two pcrson-f iintoail of 
 
 MVfii (-iili>riil)iii^; tlio inomurauduin of association (t'om- 
 
 paiiics Act, 1908, 8. 2). 
 i"! X(] ('iiiisoiiis liy ilii'pctors to act need l)0 filed, or li-it of directow 
 
 (itiivcrixl to tho roiristrar (-t. 72). 
 i;il A iiiivalo ciiiiipauv is not lioutid hy tlio provisions as to ;;oiiiij 
 
 Id ;illiilim'"t iindor sect. H.") (7). 
 (I) A luivaU' (iiinpaiiv may conmu'iici! liusinus.s inimodiatoly on 
 
 it'ljislraii'in, and uithont olitainin-r a cortilicalo cniitlin^ it 
 
 Uiconuncncfl hnsine.ss (soct. 87). 
 i,"ii A private company need not lilo with tlio ret;istrar a statement 
 
 ill llio form of a Lalanc<;-slieot (sect. 2()). 
 ((',) A private cmiipany need not forward and file a voport for (he 
 
 Maiiitiiiy iiieetin<^ (sect. Gu (.10)). 
 i7i A private coiiiiiany may pay commission to persons for suh- 
 
 Ki'iiliiiif? or underwrilinj;: iti share.s (sect. 8!)). Dominion of 
 
 (iinada Trtuliiui Siiudimtc v. Uriiislonc, ilOll) 2 K. H. 
 
 (i4S. 
 (S) A private cdiiipany is exempt from the provisions of sect. 1 14, 
 
 wliiili ;;ives to the licjldeis of ]irefeioiico -shares, debentures 
 
 ftiid <lel>enluio stock the same riuflit as ordinary shareholders 
 
 have to i^eceive and inspect the balancc-.shoets of tho com- 
 
 jiany, tho reports of the auditors and other reports. Seo 
 
 further, infra, p. 990 t'l seq. 
 
 liut, siiliject to these and a few other distinctions made by tho 
 ('mii]Kiiii<'s Act, 1908. a so-called private company, tliou.;h private in 
 till' .-cii-i' uliiive-mentione<l, is in no way diileient from any other eoin- 
 I«Mv iin.jcr the Act. " If it takes the lienellt of tho Ac: [of 18(i2], it 
 
 is li 1 1 liv the A( t as iiiucli as any other company. It can have no 
 
 ^|l(liai liciii'lli or immunity." Trcvcir v. W hiliiorlh, 12 App. Ca.s. 
 ■|:il .\ii(l ill piiiiii (if law it is a public com|)any, for all companies 
 np:islorc(l under the (Companies Act, 1908, are public companies 
 (SCO Sliarp, 45 ('. D. 28(i, and Lijaaghl, (,1898) 1 Ch. llo): althoucjh 
 (ijiciLTji ciiiiipaiiics purcha.-^injr their undertaking's are not n<'cessarily 
 IHiMic (<iiiipaiiie.s. See lie Castlehow. (190.'!) 1 Ch. .'!"j2. 
 
 .\ private company, for instance, must make a reli^in of allotnionts 
 t" llic ri'jiistrar under sect. 20 of the Act. It must hold the .statutory 
 m('ctiii>;- rcijuired by sect. 05. It must keep a register of its members 
 aioc.s.-ilik to tho public under sect. ,'50. It iiuisl register it.s niortgagcw 
 aiui cliar;;e.s under .sect. 93. It mu-t keep a register of its direct.or.s 
 (wlicllicr tliey are called manai^'ers, trustees, or otherwise in tho 
 uriirlosi and notifv changes in the directorate to the registrar. If it-s 
 iiriirlcs rciiiiire a .share (|ualiticatiou for tho directors sect. 73 applies, 
 uiul no director niu.st act wi hout one unless within some proscribed 
 period not exceeding two months from his appointment. It must 
 
Mia 
 
 FUIVATE COMPAN 
 
 [ClIAP. X. 
 
 iiiuko u return of ullntiiu'iit" In iIk> i-ofristrai- iiinlci- M-ct. 88, It uiii«i 
 oliwcivo tlio hliitiiliirx H'.iuinMiK'iits u^ lo amlil of it-; uccuuiits 
 (N(M't. 112). 
 
 I'livulc cniiiiPiiiiio mm Im" Inriiirii 
 
 I T't uciiiiirt iiii'1 Lvirry on Hii cxiMl- 
 
 iiiif l)itMini's<«, (ir to rarry out mid f \ 
 
 cnmplctc wimr poTnliii(f 4»p<'ratioii i i 
 
 or tr«»'*;tt'tinii. f C'Ihhs A.I ' 
 
 To cHtiihlisli iinil ciirrv i.ii rti.n,,. 
 iifw Viu^iiioH, or to nirrv oui <.«ini(< 
 operation or tRiii.-uutioii ulxait ti> 
 
 W lii'it' all ••xi.'<liii<r liu^iii<'*.-i is made ovor l<i a |iii\al'' niiii|iaii\ 
 foriiiifl I'dt the iiur|io.--i' of taking it over, tlie oiMTutioii in Icniit;! ilir 
 I'oiivorsioii of (lie liii<inp-:s into a private caiiiiiaiiy. Or if. a^ i^ 
 iiiiiiinoiily tlic (ii.M". tlio voiiilors liuvo jiraptii'ally ail llio sliaic^ in ilio 
 (■oiii|)any. thcv arc |i(i|)iilarly saiil to liavo Muriioil llioiu'^<'i\i'- jjilo u 
 «(iii|iaii\ ,' a (Ifxiiplioii lluit i^ iiol [MM'foc't, Imt a|i|>roarli('> mure 
 lioarly to arciiracy lliuii llic oiio iiroviously iiotiioil. W licri' |ici.^uii> 
 arc ciioairtMl in fuinc nino'l*' traii-~atlioii. o|)eratioii or a Im'mIiiii'. J! 
 is cvlrcinclv coiniiion to form a private cumpaiiy to lake over lluii 
 intere-ts aii(i iialiiiilies. aiil carry out ami i onijileli' .-iicii li.iii-a. linu, 
 operalioii or advonliiiT. 
 
 I'rivale comiiaiiies fmiiied tliiii to curry out ami loiiijiliU' .mhui' 
 pouJinp: operation or tran.saction, or nouw coiilomplatO!l o|iei;iti mi or 
 tran.saclion. are cnnmionly called Siiiiili<iiti:s. .\t one lime, Miiji- 
 cates wrro iHiiallv formed liy aoieeiiieiil in writino; siiiiieil liy the 
 nienibeis of the s\ iidiiiile. Imt >ucli aorecnienw had the di-;iilvaiit.i.:i' 
 of reiulerino- tho ineml)cr.> parlneis. to tlie fxtent al lea-i i>| mikiiiL' 
 them a;:;eiil.s for oacli other, and tlierehy oxposino; them to Mii.iii- 
 risk. Accordino-ly. it ha.> now iiecome u-ual to form airl ii'i;i-lir 
 M_vndicali'~ us ))iivali' c;>m|>anie>. A> to synlirale^ ocmially, mh' 
 ■««/'*■('. l> I ■<>^. 
 
 jiidiii'ciiuiit^ There can lie no doiilil that in most eases the |aiiui|ial iiiiiii- ciil 
 
 *'";"'>virsioii. to convorsioii i.s tlmt liy moans of a private company liie ;jreat li'iielil 
 of 'liiiiilcd lialiilily " can lie olitaiiiod. 
 
 in order to a|iiir!'i iaie tiie extent of thi.s liooii. il is iiecj'-- ir\ loc.ni- 
 Irasl with it the po-ition of tho-e who enL:;V.:e in lin-iiic - wiilioiii 
 avaiiino; lliemselves of the Companies Act. 
 
 According to the law of Kn^land (prior to the Limilei I'ailni'i- 
 ships Act, 1911"), a person wlio goes into Innino^s, winther en iii^imn 
 account or a.s a partner in a lirni, i^ lialdc for all ihedcli:- in inivl 
 in lh(! business to tlie full oxtonl of his means. " If, says tlic laiv, 
 "you want to trado, you niii.st risk all you liavo." This is had oiiuir,di 
 in tho caso of an individual trader, but it is worse still in thoc,i>iM.l a 
 partner, for liis whole fortuno i-; at the ineicy of a dishonest or iiii- 
 prudent partner. Tlui.s: 
 
 la; Suppot^o a man to have 20,I)U0;. iuvostcd in his liusinevs, and 
 5.000/. otherwise invested. He desires to limit ids liabdity 
 
INTRODUCTOKY NOTM. 
 
 to the 'iOiOOOi., (*o Unit it' tho l)u«ine«n fiiiU tho ii,(WiM. will al 
 anv lato roiuuiii iutuct. Ho oaniiot do so. 
 
 b) Suiipo«-' i» "»»*" ^^'''' " lull line <if .)(i,0(Hl/. to bo partmir in a 
 
 timo«rii ill which h<> lias invested i'l.dOU/. Uo dtisires lo limit 
 hit liability to the .i.tMMl/. Ho canuot. If tho liriii fail", the 
 whulo of Ills foiluiio iiiav bo .■<%vi'|(t uwuy to piiv tho oro(lil4)rs, 
 even Ihou^fh tlio fuiliiix! niuv havo Ihhju cauwod by I hi' dis- 
 hdiioMtv or im|irudom'« of ids iiiHiiiiTs, or siiinc por-oii in 
 tin' oiliploynicnt of tho lirni, and oven though the parlnor- 
 HJii|> docd exj)iV89ly deelaro-* that Ids liability is I > bo lindtod 
 to 5,000*. 
 
 c) Sujip'v^o \., B. and C. tocntor into partnorship upiin an is^roo- 
 
 nicut that each sliall coiitribiito by way of I'upital 2 noo/., 
 yj/ '.01)0,' down and 1,000/. wlion wunlod. and that tho 
 i •' 'h tocroditorsshull Im) linuK'd to i]io ainoiiiit HO 
 
 ' . . contributed. This atl<Mnpt to limit tlioir 
 
 liali .s .oid as to ont^idors; and if debts aic incnrn'd. 
 
 t..'li :i(Xiliicr will 1k! liable "to his last shilling; and his 
 last acre " to jKiy the creditors in full, and in default may bo 
 made bankrupt. 
 The Hliikinj; observations of .lames, L. .1., in liaird'" t-nar. .') Ch. 
 :3.!. find here an appropriate place: 
 
 As between the partners and the outside world ( whatovor may be 
 lioir private arraii^;emciita betwtjon themselves), each partner is the 
 iiiiliiiiiled a<:ent of every other in every matter conno<'ted with the 
 partnership business or which he represents as partnership business, 
 .ind not bein;,' in its nature l)cyond tho scope of the j)artnership. A 
 parlncr who may not have a farthin}; of cajiital h'ft may Uike moneys 
 ui as.-ets of the partnership to tho valuo of millions, may biml the 
 |.ailm'rship by contracts to any amount, may give tho partnership 
 Hrcjiiances for any amount, and may oven — as has been shown in 
 iiiunv painful iiistance.s in this Court^involve his innocent ])ar'ners 
 111 unliiiiileil amounts for frauds which lie has craftily < onccalcd from 
 tlicni 
 
 Ami in (ireenwoud'n msi', 'A l)e CI. M. A Ci. 4')9, 47(), l.onl ( raii- 
 HOi'ili. \j. (/'., said: "A., B. and C, carrying; on business to;.:('liier, 
 may stipulate among them.selves that no one of them shall be liable 
 liir mure than 1,000/.; yet, if in the conduct of their business they 
 iiKur a debt to the e.\t4.!nl of 10,000/., every one of thom would be 
 liiiblc lor it not withstanding any stipulation they might have made 
 with one another. That doctrine does not depend upon the persons 
 ili'iiiinjr with the partners .aving notice, and any notice would be 
 '|uitc immaterial." 
 
 iSnclx are the risks which the common law imposes on those engaged 
 
 III bu.siiic,s.s a.s individuals, and however wh(dc.suaie a Ionic titdimitctl 
 
 liiibility may be to a trader, it is highly detrimentiil to all enterprise 
 
 ill trailc Who can wonder that the Legislature at last found itself 
 
 I' :! N- 
 
 »|:t 
 
 i'f il 
 
Hi 
 
 !i I 
 
 im^ 
 
 •♦14 
 
 Slcepiiijf 
 
 paitiitT 
 
 faoilitics. 
 
 rRIVAlE COMPANIES 
 
 [Chap. X 
 
 ul)li^ud Id lelux thtt mn-fiily of Uie law, iiml to pormil person'' Jiv 
 loniiiii^' II limited liability ciiiupiiiiy iiiKltT iho Act of iMi;^, to plao. 
 siith limit on their liability uh the (licfiit«!N of prudent* mi^'lit Micmjsi ' 
 
 " Thcso limitwl <oiiipunie«," in the ivor ■ of .)08s«l, M. It.. ' :iro tlio 
 otl'sprinH: of a }jroat noi'»»sMity, that i», that mon .should bo >• iilcii to 
 onpapro in coiiimerfiul pursnitH without uecosNarily involving,' thi' 
 whoji' of llioir forluni' in that parliiiiiar pursuit in whiih ihin ui. 
 onjjatrt'd Kt'puit of CNjiii. of 1877 (Jii the Aclw. 
 
 And llii- observation may aNo be a<ldt>d to tho irodlt of ilic ,-,„i|. 
 paiiv sv-t.in: lliat thoii^'h liinilod liability rcMtiiitH the fund ;n;uLil,|c 
 lo creditorn. ilii» fund- 'lie lapilal of tlie roiupany is, ho far -.i- n 
 '^w>*, a reality, and pwiNoiiH dealing with a tompaiiy liav(> ilic mmmii.s 
 of kiiowin^r what thoy have to (lcp<>nd upon. In the casi' <it an 
 ordinary trader, won mnsUU ho ha« any capital at all availalili' for 
 his creditors. 
 
 Nevertheles.". it took a j;()od many yeais before the full Hi^iniliiainr 
 of iJie I'hunjre and immonse advanta<fes otiored by the Art of lNr,2 
 were under.«tood and appreciated. At first, the machinery of tin' \y\ 
 wu.s u.sed alino.st oxclu.sivoly for public coini)anies with niimcr(vi> 
 .shareholders, and the notion of utili/iu;.; it for private ccimcrii' 
 scarcely entered tho inind.s of the commercial community; it i]ia> 
 lio doubted whether it was contemplated at the time even liv the 
 [.ofrislatiire; but by dofi^reen it was di.fcovered that priv.ilc ci.ni- 
 panie-: and syndicates could without difficulty or iiu'onveiiicnic he 
 formed Hiiil worl- I uncb-r similar conditions, that tho Act liaH, in 
 ellecl. struck o'' ,ao fetters imposed on freedom of contnict by the 
 conuiion law, and had emancipated the community at larjre from the 
 tyranny of unlimited liability. 
 
 Since Ihi.s discovery of tho advantaKt'.s of convor.sion, lliou-iaiids of 
 private companies have been formed, and tho number is rapiill} 
 increosiufr, as day by day tho advanta(^s of the sv.stem becnim- ninrc 
 apparent and moro appreciated. Out ol 7,000 comjianies rcL'i>tcr('il 
 in 1910 no less than .^.OOO wore private conipaiiios. 
 
 It is ill what is known asaslei piiirr partnership that thcalv.iritas.t- 
 of ex(linlint>: unlimited liability are perhap.s the most slrikinirlv mani- 
 fested. .\ sleepinjr partner takes no ])laco in the inanauroiiMii'. and i> 
 not ostensibly a ])artnor, yet he incurs tho same liuliililics iis nn 
 ordinary partner. Tho fact that his interest i-< kept private, and tlia* 
 tho cro<!itors never oven heard of him, affords him no ])rofeilioii; and 
 if the firm uot.s into difficullio^, and his connection witli it i~ di.s- 
 lovered. ho can be sued alongr with the other partners, and may lie 
 made bankrupt. 
 
 Thus, suppose that A., B. and C. are in partnership under liic iirni 
 naiiio of " A. and B. " and that O.'s interest is kept entirely .scirct, 
 and that the firm <,'ets info difficulties, and is sued by 1). f"r a lar^c 
 sum: n. will have an op)>ortunity of askinir A. and B. on oalli 
 nhetlier they have any other partner, and out will comic the tail taat 
 
irr 
 
 }t<>mi» \un 
 t'aiililii - 
 
 INTRODUCTORV NOTKn. 
 
 (' is ii |i;irlm>r; llit'icupoii ('. will In- iimilo ;i r.i-(|cifii(|iitit. ami jii<l(f- 
 PH'iii will t{0 u({uiust the ihrt't,'. Tlii.s risk oj)oiuto« an a soi-ioun 
 di.-i ouniK<^>u>*iut ^ capitalinU to pui iiionuy iatu a privato tirni oi 
 hiiji a tnidur wlio in starting in busiii«)ti(«, wliiiUivur may l)0 tli(>ir 
 a>iiliii«ui.o in his integrity and ability. Jf, however, the hu.siuoiH 
 i> wi.iktNl as u private company, C. can have a*< larg« an interent 
 .1.^ Ik' likoK without incurring any aiidifioual liability Iwyond liih 
 .,luiir>. iiinl then' i-* no need for bin iiaiiie to appear in thi< ro^isicr 
 01 hii'tubcrs or eUowhere in connection with the company, for hi^ 
 sliiiii"- tail be placed in the name of a truHtet! or iioiuinno, or in the 
 iiaiiii'h of sevoral. 
 
 Tills option of remaining incognita i« in many cunoh a inatl<'r ot 
 ;rr(,ii liii|M)rtaii(e. an.l ».',s|M'(Mally in the nv«' of wyiiilicatcs ip l.'.K 
 fii^iriir, lor it very comiaonly happens that Icailin'.-' (Itiancicrs. peiT.- 
 of ll.<' realm, iiitMiibcrw of I'arlianiont, and (omiiicn i^il lui-n of Nlatiil- 
 iri-. wliil.sl williiii,' to sobscribi' to a syndicate, iiiako il a c^ouditioii 
 that tlii'ir iiaiiie.s shall not ap[)i!ar. 
 
 TIte tai'ililii'M which a company has for borrowinf^ unquestioniibh 
 toiislitiilc another inducement to the I'oriiiatioii of private c mipanit's 
 
 Tlio.-c lai ililics are much yreaier than those ot nn individual <o' iiriii 
 (iTi;,'airL'il ill trade. Not only can a coiiipany borrow in the haiiie wii\ 
 and b_\ llic .sariio r.ietliod.s a-s mi ordiiiaiy iii(li\idiial. but il can rai-c 
 niiiuey by the issue of debentures or ilobenlurc mock, iml ilic advan- 
 wj;cs of (lulienluros and debeiiluie sunk are Iwo-lold. In iho lii>u 
 )iLi((\ ihcv ciiabh" a company to rai.so a liirf;;e .sum on easy tei in.s In (be 
 ■ I. lit: liUliiiiis 111 a uiiiiibcr of siiiull ! dci-s on ihi' same co-upciainc 
 |;iini i|iic oil which a company '.s lapilai i.s subscribed; aixl in ihc iicm 
 |4;iii' they are stMiirities with which the public i.s familiar: they an' 
 ' ii.mIv onloricil. and can bo made readily traii.'.frrable. If issued bv a 
 'Oiiip;niy ill o;iiod n^mto. they are a very marketable fiecurity. So 
 
 I lv;iiilai.'Coii.s, indeed, is this mode of raising money found (« be that 
 
 II i.s by iiu means uncommon for a business to be converteil inlu i 
 iiiiipaiiy s^b'ly for tlu' purjiose of rais;i|iir a loan by the is-ne nf 
 II lii'iiliiics or debenture stock. 
 
 Ill llii.s way a large sum may be raised on easy (erms, whiili.Iuil fi.r 
 ilic loiivcr.sion. it would have lieen impossible to raise. .Moicom'i . a 
 I I'iiibei of the eom|)aiiy may hiiaself become a .secured cicilitoi' on iis 
 '.«-ct> by beioiiiintr a debenturo holder (Salomon v. Halomoii <('• <'t>.. 
 IMt7 ' .\ ( '. '12. .'t2 I, without lieing post|)Oiied lo other lenders, us be 
 «(iiilil lie li a.s a partner he lent money to the iirm. 
 
 I)i bciituics arc ronimonly mailo payable in ten or tiflecii veiirs. 
 Itilionliiit' st<Hk is usually in tJie nature of a permanent loan. 
 
 .Viiolher iiidmement. to conversion which very conimonly (i|iiiaies i« Kurtljf r 
 
 !»li 
 
 iJI^'l-i 
 
 ill 
 
 '■%'^ 
 
 I .■ 
 
 'Ill' urireiif neicssitv for the introdudi 
 
 )f addit 
 
 lilC k 
 
 oiial capital, aiK 
 
 I capita). 
 
 iiowledf.'-e that a private company has far greater facilities for 
 iriii^r such ai'ditional capital than an iiiicon. cried cnincni 
 •■! s 2 
 
 i ! 
 
 ■ I ' 
 
 i. i 
 
 n 
 
'.1.; 
 
 Till- tinl- 
 lioujii; »yHtt'l; 
 
 I'KIVAIK COMPANIFJ*. 
 
 ii'ww. X. 
 
 ('iii)itut ill iiiiiiiv I'VMw JH tho liltvMoi"! id' a roiim-iii. ami ii i- .ilw.n.. 
 a jriiMl iiii-roiiiiiii! wlicro tliu ilov(>|ii|)iiii'iit of a j>roiiii»iii({ rom-orn in 
 uiii'ntcil \i\ w.uil ol il II i^ "'>• iMi-*!iil>l(^ here to ^|l<•(■ilv all iln' ca.^.. 
 ill wliii li inliii'ioiial riipilal ina> bf lOijuiwil, liiil in ilir ra.ie ol ;, 
 iiiaiuil'ai:liiiiii(; coiin'rii the fnllo\viii(i iini ii d'w «alitMil iii^laine'* 
 
 It iiiuv bf waiiiDil lo uiiabli- thi> partio.s iiiU'ti"<t«il i.i mlny,. .ii,,| 
 cxloiiil llic work.t; ti> buy. imiiiuluilurc, uikI IidIiI laiifoi »i.» ki. id 
 1)U\ ill the ( hoap's' liiaikct lor I'luii; U> iimko u lar;,'(» cuplhil niitiiv 
 ill till' wayoT a<Kfrli.ii'iiiiMiU; to ropl.ii <i uiiil clour oil hank ami mIum 
 ttilvaiicc.--; to iipcii aiul <'.stuli|i»h luaniln'n; lo buv up oilii'i iniii itn- 
 to Ic'iiii mmun lu . iisIoiihts .villi u viinv to lyiii;; llifir tni'lt': hi jkiv 
 out a nMiiinir <>r deioax-d paitiior; luiil for many other piirp.i-ic^ 
 
 l!v (oiivortiiii; llio coiiwrii iiilo u privat*" rompaiiy. tlii' pariii'^ .itr 
 
 at omo (ilucoil ill u po.Mtioii, by is^iiiiip: proft'ioiiio hharo. <lrl in> 
 
 or ilobeiiture mIoi k, or by iiiortsa'.'iii}? thi) uiiiullod capital, lo rui-c 
 additional ( apilul on the nio.it favourablo tonus. 
 
 .\iioihor iiiiliicoiiiont lo convi'Mioii i.s tlio rncojjniiion of ilii> i;i,i 
 tlial llic loiicciii i.H ono in which the ti«:l-hou»f Hy.-iloiii can «ith 
 n<lvaiita>fc bo adopted. That, HV.stciii nore-'.iuiily involve^ the )io>-n'<- 
 .sioii of largo <'ai)ital rosoiirLV, and it is rarely that it can he Hoikcl 
 .suti.sfauioriiy wilhoiit eonvo-tiiiH: tbo midorlakiiin into a ■ niii|.iiii\ 
 The isv.stoiii ihuM referr'jd t' ■ that which i-f ho e;oiieially adoptcl i.v 
 l.iewory (onipa'iie.s A<ror:iiii|.; to it the broweiy company ac'|uir - ,i 
 piiblic-hoiLso and then lot.s it to a tenant at a lixed leiit, ilie si,,!,! 
 beiii;.' bound by emtiact to buy all hi--* malt liipior.s fioin the hnwr; 
 compuiiy at ordinary piibli.shod pricot. les.s .Mime sjiecilied di-*"iiiMi 
 tbii.-: the piiblic-hoii.so is "tied" to the biower\ . Aiioilic. tii' i> 
 ellectod by ihi? biowery company leiiilin;^ to ihe owner or tciiai'l "t .1 
 piiblic-hou.se a sum "i money -cnired by mortj:aj:e of ilie puMn - 
 house, and bv a .slipulalioii that whilst tlio loan is outstanding all iimI'. 
 Ibpiois shall bo boujrht from tlio browory (.oiiipaiiy. Ol lal« yi'ar^ 11 
 has been di- overed that the tied-houso sysloni is not applicalilc lo 
 breuery Inisiuo.se.s only, but can with advantujiO lio adoped in nl.- 
 tioM to other business conct^riis. and tliero can be 110 ipie^iion tin! 
 the .system is .suscoptiblu of further dovelopment. In oider. hn«- 
 over, lo adopt and work this systoni, it is es.sential that llie lyin- 
 concern should be able lo supply o;oo<ls of a sati-fadoiy ipiiility. iiiiil 
 that by means of compeumt inspectors, or otherwi.se. il .slnuiM !»• 
 lible to" watch and safe-juard it.s interoHt.s in relation to the lionoHci-^ 
 or lenant.s. Where a concorn tios a business by a loan, it is extiemelv 
 common to require the conver.sion of the business into a priv.ite rom- 
 paiiy, .so th"* the tyiiisr concern may 1«» able to have its loan ^eciitvil 
 bv (iebc , on the un<lortakin;_' of the tied concern, .--onielitnes the 
 
 tiod-hoiLso sysieiu is sllii luiihci .lovoloiiod by iiialaiii.' if "it" •■' '•'•'' 
 tonus of the lettiii<r or loan that the toiiant or borrower slnill not only 
 purchase a certain class of goods from the tyilipr c'oncern. Imt slnill 
 pur(ha.so sumo other class of goc«ls from micli person or peisnii- ov 
 
INTKi»|»IT(TO|{Y fJOTFil. 
 
 vi: 
 
 1 iili-« .11 <•< 
 < \tiiMtriliiMir\ 
 iitiiiiHtf*'m<'nl 
 c uMi'ity. 
 
 gr ,i,,,r,' nij.i'iiii" iiiiiv thuM lii- liMil<- ik. ' iiinii .iiiiiiiiiti- tMili otii.i. 
 
 il l.\ .1 null ii'i'' MVntiMii "f (ii-di.ciiiiinii CI. ,iii< kind lii^Hilv I'iimhii- 
 .ihlr ri'Mill' '"' '•omi'tiiiiD.-- oliluiiioil 
 
 .|l, i„ aiiciliiT iiHi«'rt tiMoiivcr'iiiii. It MHiKMiiim- liii|iiM«n> tliul a 
 
 1,1111 i'ii;:iii."'il '" l>iisiiu'-s <l<'M'lo|»i «iMni<ir.lliiai mnniiKOiiii'iit •,i|>.i- 
 
 |,iliii, , " i'.ili.ip- lit' liii" '"• iiMi-ln'<l iiMil I'liill ii|. lli« lm-iii.N. I iiliir 
 
 al.ii.r Ml \Mili iiiirlil.TM. or liu may iiu'ivly liiivc \'orko(l u|i lln- l.ii.si- 
 
 >,<- III cillM'i i'i-<' II'* ''siK'i i<'ii"'<' iiii'l juili;iiii'iil 'imy in llif ri'>iill 
 
 |,.ni' n'MiiiMT.! Iiiiii iiiMiliialiUv mimI hi- i;i|iiu'itv I'-ir onrikiii''i'i"'i ^"I'l 
 
 ,,,,„.,.;riii.tii nun aiiH'iiiil I" '1'"''' ■'" <'M«'|'i'>'iil '/ift ll<' niiiv I"' 
 
 i„,,.i-»c<l "f i'l'-ii* ini'l iiiiliiitivo, ami of ;:r<>:it «ii(>r'_n . courai^", and 
 
 ,l,.'riiMiiiali"n. iiud "itii lli<' powtT to insjiir.- nUioi-i «i;' unliniilod 
 
 H.iili'liMcc in lii.i raparily A man .il' llii» kind i" id'h'ii alil<> . iilicasc 
 
 I.. liLiiiii!'"' diri'illv. or l.y means of skiil<'d siiliordinatos «.di'i;l«>d 'i^ 
 
 liiinv If, not oiilv llicoiiL'inal lm>iri«'~-i. Inita liii-in<>«H of Icn imii.m .( ■ 
 
 ina-iiiiiidiv iind ImiiIi In- mid lii-i fiiiMiiis an<l sii|)|.ort<T- ma\ ' •• 
 
 fiill\ niirni.-iiiil of til.' fact Tlial >mli a man should ■•■main siir x 
 
 niiina'.'iii'-' a roni|iaialiv«'lv wnmll hu-iiiiws anioiiMt< U j i-at wa-U? il 
 
 ul.iiii\. i;v loiivfilinyr tlx'f ■«'rn inioa inivii.' c .....\ . full mo;)« 
 
 iii.i\ Ih' ullordcd for liiw rcmarKulilc iiowors. Ih.' coiniiany may laki> 
 
 ,ivi I till' <'\i>lin'j' coni'i'iii. mid «itli lh« a^-i-taim' o| fnitlicr ra|ii:al. 
 
 mntrilaitnl uillinjrlv l>y Unwr ulio know and fi'*'! coiilldcnci' in tlio 
 
 miiiKittf'r .- aliilitv. |)riidi'iil dovt'lopmoiit.s may I"' iiiiidc, and ii<!\v 
 
 liramlios fstablislicd in dilloroiH (iluet's. and otluT oonccrnt may \>r 
 
 ai .iiiivd Tliii.-i, l«'for«' vi^ry lony: a •rrt-at concci ii may lio Imilt ui) 
 
 w.ii li\ to t'li'.'-anc und rapal)l»' of alisorliiun the attmilion of sucli a 
 
 cLiiPitcnt niaim^'cr. a.<.-ist<>d by other diroiMoi-N workini; in li.iriiiony 
 
 Willi liini. M<'ii if this (aliliio ar« not l<» Ix' found I'vcrv day, lull. 
 
 iiliii liiund and hai ki'd liv capital, ihoy niu cajinlilo of acliicvinir tiie 
 
 .. r\ liiiilicst >uccesH in commercial concorn>, a< may lio seon oxci' ili- 
 
 liiil iu til" heiuls of so many great industrial uudertakiiiirs both in 
 
 IJiahiiid and America to-day. 
 
 \iioiIki indncemonl to coiivcr.^ion con.si-t.-< in tin! facilities olfered foniliinati'.n 
 
 .1 1 Jiii'i jimaUrn- 
 
 h\ iiirjinrate existence for co-operation, reciprocal couoession, and ,„„,(,„„ 
 
 |(iii I piii-se arraii'.'cments. Thu<. llireo or four lirinr. may lie carryiii(r . 
 
 (Ill a .^iiiiilar class of Inisincs^i and he on frieiidlv terms, and yot li( 
 
 CDLML'od in coiiipcliiion. Kftrh employ.s a scpanito sol of travellers 
 
 aiiii each has to incur variou.s expcnsiss which minhl lie lartridy 
 
 niliiwd if the finn.s worked 1ii'.:etlier. In siiuli cases it is very 
 
 niiiiiiion to convert the firiii-s into a siiitrlo compaiiv. dividiii;:- the 
 
 lapilal in jiroporfion to the value of the .sinnral undertakiim-s nd 
 
 nuking Iho members of the firms or some of them dirertors of the 
 
 (icippanv. In adopting such a course there should be a lari;e savin;; 
 
 m 'Miikin<r cxjieusos, and the combination may endow the unit«'<i 
 
 concini wilh opacities for development and |)rolit far exceediiiL' 
 
 tliiKsi' poss<'s-jed bv the individual tirms. Sometimes a number of 
 
 i 
 
!>IK 
 
 riii\.\ri: cuMi'ANii-s. 
 
 [Chai-. X. 
 
 < jUUrerHiuii 
 with It view 
 tu Mubse<iTii'Ut 
 public 
 -iniiverKioii. 
 
 (-iiMt^niHTs' 
 
 imrti'-ii>ati'»ii 
 
 liiiUB prefer not actualh to aiuuljruiuute, but to oouvert oaoli into u 
 -separate couipany wilh its owu ueparate capital, and then all (.-.in enter 
 into an agroei .ent to pool their protitH and divide tlioui iu wruin 
 specified proporlion.s, or to ollor to one auotlier special advantage!. 
 and privileifcs wliich, in the rewult, will tend t<j the common hoiiefit 
 
 It not uuconmiouly hap])ens tliut tlio ownern oi a business find that 
 it is doiuj; very well, but are coulident that certain measures wliich 
 iiave boen adopted by them, e.g., extended odvoriisoment, iuiiirovt'ii 
 prowwses of manufacture, acijuisition of patents, or what not, will, in 
 the near future, result in a great development. They, however, want 
 at once further capital and the advantages of corponito life, ami 
 accordingly Ihey convert the concern into a private comiiany. fully 
 intending that in the coui'so of a year or two, when the anticipated 
 dovelopmonts shall have taken pla(t\ the busine.ss -hall lie brou!>ht 
 out i» a public company. Such a conversion may facililati' verv 
 largely the ultimate conversion into a public company. Thus, there 
 may be a number of memU-rs of the jiartnership at the niuiiient 
 willing to convert tlu! wjncern iiit<i a private company who may not be 
 unwilling in a year or two hence to convert the same into a public 
 company. Again, by converting into a jirivat*^ company the concern 
 is enabled to raise without diiliculty liie reijuisit*^ funds to secure the 
 anticii)atfld <leveloiiment, and further is able to i)laee the undoriaking 
 in such a condition that its auilil«<l balance-sheets and accouni.s wiU 
 figure wt'll in the prosiiectu^ of the future public comiianv, and that 
 the large dividends on the shares iu tlie private company will justify 
 the capitalization of the undertaking on a satisfactory fooling. 
 
 Not uncommonly, also, it is considered desirable to convert a con- 
 cern int<i a private company with the full intention that some of the 
 company's shares shall before very long be offered for -ubscription b\ 
 tJie public. Thus the members may, on the conversion, receive, sav. 
 lOO.OOO prefercni* shares and lOO.OttO ordinary shares, and they niav 
 determine that, after the companj- has been in e.xisti'noe for a lime. 
 they will havi! the )ireferonpe shares offered for public r,ubscripti'in 
 and either appr<ipriato the jiroceeds themselves, and so, in ellect.diaw 
 it out of the business, or apply the proceeds in taking up furtlicr 
 ordinary shares in the company. This is a mode of converting the 
 concern into a public company without re-registering the concern 
 Many instances might Im- pointed out in which this coarse lias been 
 a<iopted, and amongst those the great concern known as Uass, Rat* lit! 
 and Gretton, Limited. 
 
 Another inducement to (ionversion is that by means thereof ii is 
 possible to enable customers to participate iu the profits of the uiuler- 
 taking, and thus to interest them in its succe.ss. With a view to Mioh 
 participation the ca|)ital of the concern may be made to consist in pari 
 of preforonoe shares carrying a fixed dividend, say 5 p.c.p.a., hut 
 without any right to attend or vot« at general meeting-s or to ins|icci 
 the accounts, and customers, or leading customers, at the lime of ihc 
 
INTKOUUCTOKY NOTKS. 
 
 oonvereioii niav bo given the opi.ort unity of lakin}; ui> Mich prefon-ncf 
 shart-s or .-oiui' of thoni.and if dosircKl some con bo sot aside for uUot- 
 nient t.i Mil)sO(iuent <mMtonioi> <i.« and when thought vxpedioni. 
 Occii.''i"nallv, also, such preference shares may bo given a limited 
 rii'ht U> larticipato also in surplus profits, e.g., in proportion to the 
 .r<^.-' punliiused from the company by tlio holders. .Sometimes, 
 Instead of proferouce shares, debentures or debenture stock, or even 
 ordin.irv siiares, are issued to customers. It lia.s been found from 
 ,..\iH'iipme that the possession of a continuinj,' eapitul intorost of this 
 kind ill an undertakinf,' is hij^idy favourable to tlio dovolopment of 
 business «heio llie number of persons so interested is considerable. 
 for ea(h [lerson so interested is consc' * that iu doalin<? with the 
 ooncern, and in introducinij; additional customers, ho is indirectlv 
 oiilianci'njr tlie value of his own shares in it. The writer knows of 
 ca.ses where the adoption of tliis mode of development has. in the 
 course of a few years, doulded and (|uadrupled the i)rotit« of a 
 ooiicorn. 
 
 !l|!« 
 
 ]•' 
 
 Restrictions on Directors. 
 
 Another and very strong inducement to the formation of private Limited 
 companies i-, that pets ms trading as a companv can effectually restrict ,'Ji^,™.',,^r" 
 the powers ■ f the acting partners, i.e., of the directi>i><. Tn the ea.se nf 
 an ordinarv tra<ling partnership every itartiier is, in .ontemplation of 
 law, the unlimited agent of every other partner in eveiy matK'r 
 iNiniin" within tlie scope of the partnorshii) business. Thus, every 
 partner may enter into engagements, however improvident, binding 
 on the linn, may plodgo and sell the partnerslii|) property, may buy 
 '.'uods on account of the partnershij). may borrow money, contract 
 ,iebt.s, and pay debts on account of the partnership, may draw, make. 
 sii'u, indorse, accept, transfer, negotiate, and procure to be dis- 
 counted, promis.sory notes, bills of exchange, and other negotiable 
 paper, in ihc name and on account of the partiK'iship. And this 
 peril' us general ajj^ency of |)art tiers cannot be limited by agreement 
 tetwieu the partners so a.s to bind out.si<lers. liiiird'n ai.fc. a Ch . ".'{.'t. 
 .\ceordingly, a person dealing with a partner is entitled, unless he 
 ha.s express notice to tlie contrary, to assume that the pari nor has the 
 usual powers. For instance, suppose the articles of iinrtnership 
 provide that one of tlie partners shall not be entitled to accept bills in 
 the name of the firm; a bill accepted by him in the name of the linn 
 will neverthol&ss be valid unless the person taking it knew that he 
 was not entitled to accept it, and even then a honi'i fidr indorsee g<>tfi 
 .1 good title. A man, therefore, who is a niemUr of a trading linn 
 i.s at the mercy of his partners, just as they are at his mercy. If 
 one moitibor of a lirm proves imprudent or dishonest, ho lia-s it in 
 his power to involve his partners in liabilities unlimited in amount. 
 I'arlnership. in other words, is essentially based on mutual (■(mtl- 
 lionie, and there is no .security that such eoiilidLuee will not be 
 
w^o 
 
 PRIVATK COMPANIKS. 
 
 K'iwv. X. 
 
 iii 
 
 Advantap'sdf 
 iiicurpuritliuu. 
 
 Death 
 
 ibuscd. But the directors of a coiniiuny an- in n \o\\ .iitloiiMn 
 jiosition. They aro special agents, and have only sucli powers as 
 are given to them by the articles of a.s.sociatioa or otlnT l■o;;uLlli(|Il^ 
 of the company; and every one dealing with a, company is pnsimici 
 to know tl J contents of such articles of association, for thov ari' 
 registcrod public doruniont.s. Sdjini. p. "!•. If, tlicrotun!, ihi' ;iiiii |.- 
 say that the diroctors shall not borrow more than a s|)eciti('il -.11111, i||. 
 onus is on a lender to see that they ant not excecdint; lip ir ihiwim 
 If he does not, he takes the security at his risk shimld tlic 1 iiuwiii" 
 limit prove in fact to have b<M?n exceeded. So, if tho arliilos sav thai 
 every contract of a certain kind, e.fj., a negotiable instriiinont or ,1 
 niortgag<>, mu-t be signed by at least three directors, tlio persdii 
 dealing with the company mu.st .see that tlire« directors siirn, otlit'i- 
 wise the instrument or security will as a rule be invalid. .Soe .^ujirii 
 p. 7t>. The power of tliu.s oflcctually limiting the autlicnity uf ili, 
 acting partners is of great value, and constitutes one nf tlio cliici 
 advantages which a company has over a partnership. 
 
 Not leM.s striking is the convenience which incorpoiution allord- jh 
 dealing freely with the shares of a trading rnncoiii. In uii onJinan 
 parlnershij), the death, bankruptcy, or rcliremont of a parinor, tin 
 admi.ssion of new members, or the sale or .sottlemciit of sliaic- 
 seriously dislocates, if it does not dissolve, the paiinei-liip. Not - 
 with a company, which is a body coi jioiate with iierpctual Mi(:i('>.~i,,ii 
 
 A company, in con:eiii))lalioii of law, is an artilicia! pcisou lia\iuu' 
 an e.xisteiiL-e iudeiion<lent of the inemhers who from limc 10 tiiiu' 
 compose it isiipni, p. 27). It is also a body coiiniratc with u )i(i- 
 petual succession; and accordingly no change among tii'isc iiieiiilii'i- 
 occa-sioned by death, bankruptcy, retirement, new admission, or otlior- 
 wi.se, allects the company's identity: it .still remains in law liio saiin- 
 per-^on, and cuntiniios to exist uiiiil dis.'-olvcd aicordin;;- to law. 
 
 Some of the advantages resulting from ihis indejiendont KO|)aiaif 
 existence of the company may be specified. 
 
 I .!.'» rcfitirdu Death. 
 
 Whore a man is poss(',s.sed of a profitable business, or of a biisiiK'>» 
 which promises to be profitable, he very commonly wishes to provide 
 for its continuance in the event of his death. If ho proposes n 
 bocjiioalli the concern t^i some person («.;/., a son) absolutely, llieri' i^ 
 no diUiLulty; but perhaps his sons may be under ago or not au\ioii.- 
 to go into the business; ami he maj- wish the concern to be carried uii 
 for the benefit of his estate until they attain maturity, or until certain 
 sums are raised u'.,'/., for his widow and daughters), or olliorwi.--e f.pi 
 a limited period; or he may desire to give an interest in tlio coiioerD 
 to persons {e.g.. his daughters) who could not personally carry it im 
 
 In .' .ich cases the ordinary course (where the concorii is not con- 
 verted into a company) is to bequeath the biLsiness, with tiic rapil:il 
 
liri.l 
 
 iNTRonircroRY xotks. 
 
 Diiiulovctl ill it. '<• liurtlf«s> will) iiro diriMtuJ to niiry i( on so an In 
 olloct th.,' lostator's wishes. 
 
 liu' ii i- ot'lcMi ii niuiier "f ffival diilicully l<> tiii<l tnisU'es ooiii|iolciii 
 „1 w-illiii" to iiiulortako siuh tius(«; for in oarryiup; on the conicrii 
 ,nen llioifh acting avowedly as trustees or executors) they lioconic 
 tMiv-omillv rosjionsible lor all <lebt.s and liahilities incurred in carryin}; 
 o'u the hii.'-incs< after the testator's death, with a right of indemnity, 
 ii is true (see Bennett v. Wi/ndham, 4 D. F. & J. 2o9; He Raybould. 
 I |!i(l(i; 1 Cli- li)9;, but an iudemnity which is frociuonlly restricted to 
 the assets employed in the busine.ss. This rosixmsibility may oven 
 i,..idi in bankruptcy, if the concern is not suoresstul. Moreover, how- 
 ,^ci pniilouily the trustees may act, there is a cortuinty of anxiety. 
 ,,ii(l no! iniprubably the exe<utor.s' ruauuj,'emenl may be i|UOstiuiicd. 
 cIIikI with, misconceived, or <lisapproved by the person.s bene- 
 aterested, and they may be oaliod to aicmint in an action 
 in liic {'liancery Division or olsewhero. Even if trustees are found 
 who arc willing to undertake the responsibility, they may predecease 
 ihc icsialor. or when u(ion the death of tlie testator lliey are properly 
 aibiM'd a> to tiieir responsibililie--. they may (le<line to act, or they 
 iiuiv die before the trusts are at an end, or wisli to retire, and there 
 iii.iv thcM bo great ditficulty in finding successors to them. 
 
 Wliero, liowever, the business has been converted into a private 
 lompanv tlicM! ditlicultie.s disappear. Upon tlio conversion all the 
 .■.|i,ne> in the company (with the exception of perhaps a do/.en) are 
 is«ii(>d to the former owner as fully paid up. and lie becomes managing 
 diicrlor, with ])ower, by will or otherwise, to appoint, or authorize 
 (I'hcis I c.ii.. his trustees) to appoint, directors. l?y his will the sbare^ 
 lire liC'|ue.i:lied to nusK'es. who ibemselves bei ome or ajipoint direc- 
 tor.-. .\> the directors of the company aie under no per.sonal liability 
 101 till! coiiipauy'.s debts, there is no didiciilly in lindinij: pcuson^ to 
 ■k!. especially as directors receive remuneration, which trustees do 
 iiii;. Tims uiion the death of the testator the business will go on a.s 
 iiMial. and in due course the shares will bo Kold. distributed, or olher- 
 ui.-eili'ab \\iih as the Icsialor direet.s. 
 
 Till! above deals willi the case of a sole trader dying; wbero seve;.il 
 l'er>oiis are carrying on business in partnersliip the difficulties are ■ 
 .-lill -leaici , and the death of one or more may .seriously prejudice 
 liie.-invivors and the jierKons interested in the esiaK; of the deceased. 
 I'liiiii'i fiiri,'. the death of a par' -r di.ssolvos the partnership as to all 
 tlie |iarliiers. and the concern has to be wound up and the a sets 
 rcali/od and distributed. In the absence of special authority under 
 iho will of the deceased partner, his oxccutor> or trustees cannot leave 
 liLs capital in tlie concern, and accordingly, if the surviving partners 
 desire to coniinue the business, they must purchase the share of the 
 (loieaseil partner, if, that is, they can arrange matters with the execu- 
 tors. But this may entail Iho withdrawal of such an amount of 
 capital as will seriously cripiilo the concern. Moreover, it may be 
 
 »i\ 
 
 H'^: i 
 
 i 
 
 • i' 
 
 '.1 ! 
 
 
il. 
 
 mm 
 
 rt ' isifc 
 
 »:i:> 
 
 PRIVATE COMPANIES. 
 
 [CllAl>. X 
 
 impossible to arranf,'0 termn with tho executors, mid an aoiiuii in tin 
 Chancer^' Division may bo necessary. 
 
 To meet these dilKciilties, tlio ill•ticle^^ of partnership very commonh 
 provide! tliat the survivors .shall purchase or shall hiivb tho option of 
 purchasing the share of the deceased; but in either case, wln'tiior 
 there is or is not an ojnion of purchase, the withdrawal of capital ina\ 
 bo di.sastrou.s to the concorii, even tiiough spread over Hevniul vnar- 
 not does it preclude the repie.-ieutativcs of the dcceiisod panncM' iiom 
 liuviiii;- the accounts taken by tho Court. Somotiine.s the ilccca-scil 
 partner authorizes tiie trustees or executors to carry on the l)ii<ini'" 
 in conjunction with the surviving partners; but hero again dilli. nl- 
 ties aro apt to arise, for the trustee.s or e.\o<^utor.s may disiliiim, ur tin- 
 .surviving partners may be unwilling or find it irapraiticaljje u< uc 
 with them, or di.s|)ute.s may arise. As stated in Lord Ju.stii o Liudlo)'- 
 work oil I'artneiship. ' Tlie po.sition of tho executors of a (leLt>a.<(il 
 partner i.s, in fad. one of considcrablo hardship and ditficultv; ii 
 they insist on an immediate winding-up of tho firm, they mav ruii, 
 tho.'o whom tiio decca.sed may have boon mo.st anxious to lienilit 
 whilsi if for their advantage the partnership is allowed tu go un 
 tho e.xecutor.s may run the risk of being ruined tlieniselve.>. WiiL 
 the view to obviate this, it is not uiiiisiial for one partner to niako lii> 
 co-partner his executor; but tho difficulty of the e.\ocutor's jm^iiiiMi 
 is thus rather increased than diminished, for liis nwn personal inicrc^i 
 as a surviving partner is brought into direct conflict with liis ijnh 
 a.s an executor. Everything, therefore, which ae does i« Ijahlo n. 
 ipiestion and misconstruction on the part of the persons benefiiialh 
 entitled to tiie estate of tho deceased; and he is practically much nmrc 
 fettered in the discharge of his diitios, and in the exorcise (if hi- 
 rights. tliiiii if Im had not to act in the double charactci ini|")sc(l on 
 him." 
 
 If. however, llie concern i.s converted into a company, these dilli- 
 eultics and inconveniences are got ri<l of. The sliares of the ilccoascil 
 l)artnor form part of his estate, and arc bequeatiied in trust, or other- 
 wise dealt with as may be convenient, and his o.state will \n^ repre- 
 sented on the board of directors by his trustee* or their nnniiiiecd, 
 who, being more agents of the company, can act witlinnt incurring 
 jiersonal responsibilities. 
 
 B;iukntptrj. 2. .1.V rcf/anis lianJcruptcii. 
 
 Where a man is engaged in trade, whether alone or in partncrsliip. 
 lie is liable to bo made a bankrujtt, if be geth into tinancial diHicullies 
 His position may be the result of misfortune, or of the fraud er iiiis- 
 ' onduot of a partner or clerk, ami ho may Ikj ((uite blameless liiiiijcll . 
 l)Ut as he has neglected to avail himself of tho advantages ollercii In 
 the Compauieti Act, 1908, he must take the consociuences udinini.-tia- 
 
INTRODUCTOKy NOTKS. 
 
 9^3 
 
 uou of hi- a^^ootB in bftiikrupU!>, tof?ollier with iho ^tignia ulUioluut; (o 
 nublicK di'clured insolveuuy. A uouipuiiy, ou the uirui>, caauot bu 
 iiiadf Uuikruiil ; nor con iUj sharoliolders bo made baukiupt iu rospoct 
 of iho coiupauys liabilitio«, for tli« wMupaiiy « liabilitius are uol 
 thfiitt. II ilie'oouipuny gefa iuto dilliculiics it will, it is true, b« 
 ttduiid up vuluiilurily or otlierwisc, aud ite shareholdfi-8 wiii have to 
 na^ up the amount, */ any, unpaid on tlioir sharas; but that is ail. 
 \\ h.'ii', un liio otlwr hand, bankruptcy befalls a member of a pai Incr- 
 <lii|). "W'l'' iuoonvonienoe may be tau.se<l to tlie solvent partner.-; 
 i-„r ilio^sliare of the bankrupt partner hari to bo u-certained and pai.l 
 li, thr tiusl*'e in bankruptcy, and this a^raiu may involve an action in 
 ihe Cliaueery Division. Sometimes articles of partnership try to 
 moot the caae b} f;iviug the solvent partners the option of takmi? tlif 
 share of Hie l)aukrupt partner at a valuation, or at the amount al 
 which it (itand.s in tlie books, or otherwise, on favourable toi-ms. Such 
 niuvi-Iuus, however, cannot be relied on, for the law will not allow 
 11 mall to interfere witli the ordinary operation of the bankruptcy 
 law by ^'ivin^r his i)artners a btmetit at the ex[)«nse of his creditors (ir 
 to thcii"prejudice. Uut if the partnership has been oc>uvertea into u 
 wiiiiiauv . the bankruptcy of a member does not aUoct the company, 
 or will only do so indirectly. The trustee of the bankrupt on his part 
 s,.|ls and transfers the shares of the bankrupt, or if worthless .,r 
 ,,w\,'n> di.s.laims them, but that is all I, see p. 2i», mpni). The 
 luuipany on it.s part proves for the estimated value of future calls ur 
 lor (iuiiiagcs for disclaimer, and there is an end of it . The trustee i- 
 uot entitled to have the accouute of the company taken ami the 
 |,ioiKriy sold, or to roijuiro the other Khareholders to pay olV the 
 tianUrupl's share; accordingly, the concern goes on as bofor.>, its 
 ivipiial leiiiains intact, and ita powers are unallected. Moreover, 
 aiiirlr> may bo so framed that on n shareholder becoming baiiki upt, 
 thf inisU'e is compellable to sell the bankrupt'.s shares to some of 
 \\w oihci shareholders. See supra, p. 84!t. 
 Si'i' l-onl Maciittfrliti'ii'.s observations, iiifrn, p. 911 
 
 .1 As rei/ard-n Lunacy. 
 
 When, again, a partner becomes lunatic or of uii; 
 
 Luuai'V . 
 
 Diind mind, the 
 parlmnship is placed iu an o.\.tremely inconvenient position, worse 
 ihau iu the case of bankruptcy. Litio ition is generally inevitable, 
 ami the capital of the lunatic partner hari to lie found and paid out. 
 Hilt iho ImuKv (if a sharehohler cau.ses a company no material incon- 
 venionue. The committee retains or transfers the shar<!s as tin? Coiirl 
 .limi..-. and tliei-e is no room for litigation so far its the cumi)ai)\ i- 
 ixiucenicd. 
 
 ! .!«. rcKwds (he r^Ulin-n of Property. 
 
 In I he case of a partnership the property of the tirm is usually 
 vested in the partners jointly, or in one or more in trust for oil, and 
 
 Jlol'Uu,; 
 
 proptTTy. 
 
 I 'n 
 

 1124 
 
 I'KIVATK rOMI>AXIK8. 
 
 ^'HAI'. X. 
 
 (^tiitnu'ts. 
 
 the ;idniisvji,ii. rt'lirciiiont. doalli. nr liaiikiuijtcv <if n inciiilicr 'i.hr- 
 riilly invoKcs s<iinc di-iilini;- \i\ rDiivcviiiic*' or ollrcru i^o «ii|| (i,,, 
 property: wliieli is liotli tnmMcsdini' and <'\|M>nsiv<'. Mdicuvcr 
 wheiT ])artni!rsliip pr(i|«'rlv {■< tin Ik- d«ialt with. (M/., 1)v side nr iiKJit- 
 ■jai."'. it is vrrv <'<iiiiiii<iii to liiid that by ifaMPii iitnoriio <li|i ur <.iiii>Ni.iii 
 (li<' lo^'al ostnto is outstanding; in tho M'pii'soniativi-s of ,^ <|,.i,.;i„,,| 
 partner, or .some release or conveyaiKM! is rei|ni,>ili\ in order t;0(iiiii. 
 ph'lc the title of the parttiers. lint in the case of a eoinpajix dii~ 
 niuliiplicity of conveyances is avoi<ieil. The property is ve>ic.| jn 
 (he coni|iany ii.s a hody corpniati- with perpetual sni'cession. an! im 
 clianpes of indiviilnal iiieiidiei<hip can alVecl the title ^ siiin-ti. p :J7 
 Shareholders may cotiie and yo. Imt th<' iimpoitv leniaiiis vcmcI in 
 the coinpany. and lli(Mlii(>ctor.s lor the liine heinj; can, in the iiamcif 
 
 the conipanv. convey, a.-siirn. lisrajie. or deal with it nri.illciicil h\ 
 
 ihe.so vicisviinde.s 
 
 ">. /1.V n'fiards CirntracU. 
 
 Then. tiio. in ic>|io(l of contract^ a comiiany ha- inauv adv.nita^i- 
 {•'or example: • oiiltacls with a partnership ar<' in law re:;ai(lci| ,i. 
 conlraets with the e Mnlier^ of it. for the partnershi)) has iiul iu la« 
 any .sepaiale existence; aocordiny:ly. if a partner dies, retires, nr 
 beconie.s lunatic or Uariknipl, or if a now partner i.s admitted, diffi- 
 culties and iucunveniences may onsue, and releases, u-isii,'-iiiiieiit,>, 
 jHiwera of attorney, and indemnities may be rei]ui.site. liut a com- 
 pany, beiiijr a body corporate, can sue and be sued on contracts made 
 wifli it, mjtwithstandin;.'' any alterations ainon;^ it.« sli.areholJcrs 
 {Kitprit, p. J8i. Afjfain, where a (Ontinuinj; "luarantee is niveii tu a 
 firm {€.<!., that "xoods supplied shall be paid for), any alteration in 
 the (irui will prima facie put au end to the guarantee as to !,'ooil.s 
 subsequentlv supplied. Not so in the case of a company. Moreover. 
 a com|)any has the great advantage of l)€iug able to contract with it.'' 
 shareholders, and to sue and be sued on such contracts (supra, p. l'9i 
 Thus, if a .shareholder is indebted to a company for money lent, nr in 
 resjject <d' a call made on his shares, the conijjany can <ue for the 
 recovery without dilHcnlty. Conversely, if a sharelmlder leiidi money 
 to the company, he can sue for it and enforce any security iriveii liitii 
 by the roinjiany, just as if he were not a shareholder (Suhiwim v 
 Salomnn rf- <'».. (18',17) A. ('. 22»: and if the company fails, he can 
 prove for the immey lent in competition with the outside creditors 
 {supra, p. 2!»). I'>ut a firm has no such indeiiendent .status, and ^reat 
 diflic idties and inconvenietices arise in seeking- to etifon'C coiitnirti- 
 between meiidiers of a i)artnersliip in connection with the husiiics'^ of 
 the linn; while, should the firm become insolwnt, a moinher of it 
 (e.xcept under very special circumstance^) cannot jirove in competition 
 with the outside creditors of the firm, who umst first be paiil in full 
 before the creditor-partner coji got anything. 
 
INTRODl'CroltY NOTKS. 
 Is yciiirds .UbnitaUmof Sen- Mewhers 
 
 lfjl> 
 
 AdmisniiMi "l 
 now Tii'-mbtT-* 
 
 Tl„. a,lims.-ioii of a new pailiier t.fiuTally iiivolvo^ tlio prppuration 
 ,1 V s|).M ill! <l<'<'<l ui covt'iiaiit, uiul w.iiiotiiiie« of aii (Mitiivly now (IcihI 
 of ,,.irlii("r-<l'i|'. lN..si,lcK uccimiits, valiuitioiiH, Ac. Hut in the case ..f a 
 LmKiuv iIk' tiuiusiftioii i-i of tho siniplc-it <.lianict<T. If llio now 
 's|iu!vli.il(h r is 1.1 lirintr in tupilal (in oidinaiy parlatiw, sub^^ciiln- for 
 'hart's ), liu laiics sliaivH in tlio toinpany U> th.' amount a^'rwd on, is 
 rnU'ivii in llio iet:i.ster. anil tlu'ivup-.n tiic tiansaclioii is wjniploto, 
 Wii.iv lu' is nut to brinj: in now rapital. lm( is to t^iko iho plaw- of 
 „,„„• rxisiiii- mi'MiU'r, tlu< latlxjr si;:n.H a tran-fur of his sliaics Ui tlic 
 iiow Micnil'<'r. wiio !)a>.s iiiin tlio purcluu<o-nion«'y ; the transf.-r is 
 ,,"'isl«>rc<l. and tlio trausaction is coniplotc. 
 
 fv 
 
 I .. 
 
 7 Axn-tjords Reiirement. 
 
 W h.io a iiiomhor of a partnership rotiroti, tlie cono-rn is nion^ or 
 |,..-s (li^l.Kiitod. tho capital pro tnnto roaucod, and tlio ri<;ht.s of all tlio 
 niiiii.s ulloitotl. Moreover, the rotirinfj partner Btill romains liablo 
 for the oxisliiijj; dolits and oblisatious of tho iiartnership, and uiiisl 
 iriv <iu tho (-oveiianl of tlio continuint;- partiiorM to indonmify him: 
 and if that covenant is not i)erfornie<l, ho may have to pay tho 
 nvditors or iM'Ooiiie bankrupt, oven thou'rli years have passed since 
 his rotiroiiiont. The retiring' inomber may even bec<^)mo liable for 
 ..uhsc^iiont debts <if tho firm, unless his retirement is a<lvortisod in tho 
 tia:i'ltc, and, as iet,'ard.s oxistini? cust.imors, notified by pin iilar. l!ul 
 in the case of a comiiany tiio r<>tiremont of a sharoholdor is olVo(to<i 
 ivithdut (li(li<ulty. Ho siyriis a transfer to tlie person who lakes his 
 lihi.c: tliis is ie-;ister«<d. and tho Iraasaction is complote. There is no 
 
 „ 1 t,, -ive notice in the Cawite, or by circular or otlioiwis.'; and 
 
 ihc loliniiLr niemlior is entirely freed from the debts an<l liabiliti) - • 
 tlip coiiipanv, with this iiualifiaition, that if within one year after s 
 iptii-eiiieiit the company is wound up, and any debt.s or liabilili<'s, 
 cintractcd before his retirement, remain, which the evistin;? shai-e- 
 h.iMcrs have not tho means to pay. ho may lie oalled on to coiitribut*' 
 t.i the payment of the same, but only to the extent Cif any) of the 
 capital reniainiiiK unpaid on the shares formerly held by him (see 
 sect. 1:2:! <if the Companies .\ct, l'J<m, ivplacin^' sect. 'M of tho Act 
 of 18ti2). .\ccordini;ly, if his shares were fully juiid up, he is not even 
 for a year under any liability; and so, too, ho is under no liability 
 whcic Ills shares were not fully paid up when ho transforri'd them, 
 hilt wcie sub.sotpioutly paid up by tho transferee. 
 
 Rc'tiniiu III 
 
 s .1., rcjarch SaU\ Murtyuge, and Settlemeiil of SImr,:'!. 
 
 Tiic sale of a share in an ordinary partnership dissolves it. and t. 
 mortsxaifo or settle shares in such a partnership involves very serious 
 
 Sale. mi)!-t- 
 tfagc, &. . 
 
I 
 
 «w<. 
 
 PRIVATE CX>MPANIK8. 
 
 [Chap. X. 
 
 FjTiiplf>y*V. 
 
 fli)vpmmpnt 
 
 contracts. 
 
 (lilliciiltieH, and in likely to give riNo u> liti(;atioii and dinfiuli' |!,,> 
 8hure» in a company can be readily gcjld, inortgafred, charged, wttltvl 
 l)0(|ueathod. or otherwise dealt with. Thus, in the <a.se of » iiioricair,. 
 the shares can be transferred to tho mortgagee Huhjeot to redemption 
 and with authority to sell, in cortiiin ovontw; or an oi(iiitahln soriiritv 
 can bo created by signing a blank triin.sf(>r of tho slmrtw and deposit'- 
 ing tho shore («rtiHcatOH. accompanied by a meniurandum, with tin. 
 mortgagee, and giving notice to tho company. In the citso of a 
 (M'ttlomeul the shares can bo transferred to trustors, or the sottlnr lan 
 •'xecuto a dcilnration of trust. 
 
 It will thus be seen that the conversion of a trading concern into ;, 
 company, while it gives protection to the partners by limited liiitiiliii 
 and permanence to tho business by incorporation, suppiie.i, uj-io. ;i 
 sinifde and ellectivo machinery for dealing with all the iiiicrests ,,[ 
 th(! j)iirtiicr.s, thereby rendering Iheni more convortihlc and ckv of 
 reaii/iitiou. and proportionately enhiin<ing their vubio and the vuhn 
 of the businOHs, 
 
 '■> Ailmissinti of I'.mpUnji'x to sluire ProHtn. 
 
 Tho appropriation of some share of the profits of a concern in the 
 employes therein is well calculated to promote tho success of iJii> (oii- 
 cern; but in the cu.se of a paitucr.sliip it is not easy to grant anvtliiii" 
 but a precurioos right to share prolit.s, unlo,s.s tho employes .iro 
 admitted to the partnership, a thing which may be open tn ^^nnc 
 objection. In a company, iiowover, there is no such dilHmltv or 
 objection. Tho schemes commonly adopted are to give tho cmplovi > 
 a special class of "employes' shares," or to allow them fo take up 
 .shares on favourable terms, or to vest shares in trustees, who are to 
 receive the dividends and distribute them among tho ciniiloycs, or 
 accumulate for their benefit. Another scheme is to establish a j)ar- 
 ticipalion fund, and to notify that at the end of each year a certain 
 percentage (^either specified or communicated in conlidonci' to the 
 auditor) of the surplus profits will be carried tlierefo; and in .siidi 
 case tlu> employes arc given participation certificates conlerriii',' n 
 righ* to equal or varying shares in tho fund Kul)ject to condition.-- 
 Sometimes all the om|)loye.s are admitted to participate; in other 
 cases only those who have been employed for at ioa.st two year- or 
 more; in other cases only the managers or hei.d.s of dcparlnicnt.s 
 See Chap XI., iiifru. 
 
 10. An ri'ijards dnrernmrnt ContracfH. 
 
 My the Act 22 t!eo. 3, c. 45 (repealed in part. Statute Law Rcvi.sion 
 Act, 1871), it is provideil that any person who shall diicciiy or in- 
 directly enter info a Government contract shall be incajiahie of bcini: 
 
INTHODUCTOBY NOTK8. 
 
 «.|i>(io<l 11 iiif^niber of Pttrlianient, or if ulroad^- a lueiuber, hi" sout 
 bcioiiii"' viiiil; and there are severe jienaltioH for violatiuus of the Act. 
 llciico 11 M>lo trader or member of u piirinorshij) cuiuiot wit in I'urlia- 
 uioiit ii' lie or his firm is interested in any Ooverninunt contract; but if 
 till' roiKf I II is converte<i into a private lompitny this incoavcuiemo i" 
 iivoiilt'il li'r the Art doc>« not apply to an inrorporaled trading imiii- 
 iiariv Kiiilriicliii!,' i" i"* CDrporiiir ciipacity and lor the ^foncnil bi'iiclil 
 of .-mil iHliipany. 
 
 I.oiikiiit:. however, ut the heavy penalties, it in not de!«irable to mt 
 in mih n '•a'*e without careful consideration anj taking the 1)0.--l 
 iwiviic ill viHw of all the circumstances. 
 
 !WT 
 
 II .1* ri-'janlK Simplicity of Arrangement. sini|ilicity. 
 
 Till.-' allordi* luiiither inducement. 
 
 In liic liiso of 11 partuersliip, particularly if tiie anansxeiiiciil.- arc 
 siiocial, the preparation of tho articles of partnership involve^ vcrv 
 laietiil (oiusiJeration and, couHeipiently, considerable delay, .md in the 
 n'.-iiiJ! a lioi uiiieiit is produced in the most admired style of tlic con- 
 vi'vaiiiPi'.s cabalistic art, whiih. in all pioluiliility, if not bewildering, 
 i.s Laiclv iiiielli!.:ilde to the partners; whereas, in the case of a private 
 ioiii|i.iiiv, the memorandum and articles are comparatively uliort, 
 simple, and rea<lily understood by anyone. Matters wliicli in a 
 ilci'il 111 |iaitiicr.sliip iiiviilvc elalioralo provisions can lie easily dcali 
 rtiili ill arlit h's of astiuciatiou, and tlio reujjou is ;hat a cumpany bciii;; 
 ju in(le|iendent entity the legal relations between tiie company and il.s 
 iiciliiuis or tlie company and its siiareholders are ineomparabh 
 .^iiiijilcr ami work more smoothly. Yet a company remains in sub- 
 .■.lumc. llioii;;li not in 'int of law, .simply a statutory partuersliip. 
 and ciiiliieil with all llio advantages of u partnership, but free from 
 il.s (ii>advaiitages. 
 
 m 
 
 \'l. As regards Death Duties. Dratli ilutitc 
 
 Coiivci.sion all'ords considerable facilities for the working out ol 
 |ilaii.^ it not for avoiding, at least for miniini/.ing as far a.s practicable. 
 the lu'iivy estate <lutios ini]iosed by the Finance Act, 189 1, and .suli- 
 >i'i|neiil .\ct.s. Moreover, it has been held that in computing estate 
 liiiy wliirh. under the above Act, is to bo paid upon tho ' principal 
 Millie' of all property which p.os.ses on death (.sect. It. and under 
 >n\. 7 I ."i) is to be ascertained as if the j)ro|)erfy was sold in the 
 upon inurkol at testator's death, the valuation of share.s, which art' 
 .-uhjc-v! lu ^jIO^:•ial ivalriclions [a.-- in Forms 312 ci seq.'] as to tnin-fer 
 uid fair value, iniist be made with due regard to those lostriciioiss. 
 and not lus if the shares were freely transferable. .Xtt.-dpn. v. 
 ■hmcsuH, 1 1904) 2 Ir. Rep., K. 11. D. 044. 
 

 1 
 
 1 
 
 if 
 
 
 h 
 
 !tiM 
 
 ( 'tmvtTMtoti 
 t'ti'-inriiM. 
 
 I'KIVATK COMPAMl'^t. 
 
 Where Private Company Advisable. 
 
 [•'IIAI'. X. 
 
 At ilii» utajjti it may bo foiivouiont t4) give soino inHtunios of ilic 
 uiuiiv < UM'-- ill whirli piiviilo companion ure i >iiiiuonly lurmod. 
 
 Ami. UiMt, ua to I'iuws of I'uiivurMiuu, thai i.t to say, whim an uxisiiuu 
 liusiiio.-is i.s to lie turned intu u cuinpany. 
 
 1. A iiriii coiiwistH of Moverul membciM, each of whom ha.s laid hs 
 noinc [iriviite iii(>iiiis whiili he i-* (h'xii'du.s of frocinrr fniru Mn' l■i■<k^ ni 
 trade. To cilt'ri Ihi.-^ ii.irlrH'i-.s cimvorf the businosf* intu ^i |iii\;ii(. 
 I oiii|iauy. Im'cmiuo the .soh' dirt- ■lois of tlie i imipaiiy, and irv ri\c n.nd- 
 ii|) .share.-, in sid).stinilion fur thoir interests in the businL'■^~. II.. ni... 
 loilh their a.sseiN <iul.side tlie bu>ine.->!t are free from risk. 
 
 1*. An individual, or a lirni, i.s engaged in u business of a jiiiilitalih 
 but -i.oculative ihaiactei, out of the prolit.s of which lie or thev cun 
 make nuvinjf.s. It is dosireil to p' those .savinp.s beyond the ri>k 
 of danger from the bn.siness collapsintr. .\fcordinjrIy the liii>iiic- 
 is converted into a |)rivut« company, and Uii' .savinjrs are tliii.s freed 
 .!. A firm lonwists of f^'veral iiicmbcis. one of whom is entillod lu 
 the greater part of the capital, and has, besides. ))rivaie iiien?!.. ||,> 
 is disposed to retire on the fortune he ha.s accumulated. If lii« 
 liability could be limited, ho would bo willing to leave j)art of lii.« 
 capital ill the business, and to assume the position of a sleepin;; 
 partner. The only way in which thi.s can be etfectofl is bv coincrliiiL'- 
 the liu.sino.ss into a company, and it in accordingly done. 
 
 4. A man de.sire.s to leave his busines.s to trustees, in onler tliiit il 
 may be carried on for the benefit of hi.s family until hi.s sons attain llic 
 age of twenty-ono yearn. Ho finds that the j)orson« whom ho wishes 
 to appoint as trustees object to undertake a trust vvhii'h will IiivciIm' 
 them in unlimited liability, and may prove ruinous. Accordingly, he 
 converts the concern into a private company, and the dilBculij- i- 
 removed. 
 
 .'). The owner of a prolltable business dies. There are competcni 
 iiiana;r»'rs, but the owner's sons arc not inclined to devote thenisclvcs 
 lo th<! coiireni, and at the same time they are unwilling to iiu iir tlir 
 unlimiteil liability involved in carryinj; it on tliidn;;ii iiianii^cr^ 
 Accordingly, they convert it into a private company. 
 
 (». Another example is given by a very great lawver (Sir (• 
 Jossel).* "A man dies, leaving his property tn three or four smi- 
 Ile is the senior p.artnor in a concern. If the capital v, i>rc taken mil 
 the concern would Ik) ruined. The junior partners <aiiiiot j;o mi, 
 thev say to the chihlrcn, who are not in the business and who liavi' 
 succeeded to large fortunes, ' If you shut up the business von will 
 lijsc a great deal, let ii.s foi'iii it into .-t limited comijaiiv. «!ij-!i ■■viM 
 
 • Select Committee (1877) of Iloiiso of CommonH on tlic (■mii|>iinie» Acts. ISHi 
 and 18ti7. Jlius. of Kv.. .Vnswers 2307. 2.109. 
 
iNTRouircrroKV notk**. 
 
 Wi'.t 
 
 eiiiil'lf vi'ii ^.Tiiiluallv 1<) (liiiH 'Mil of llu( ciiiicdrii, .iikI. hi iIio iim'.-iii- 
 tiiiH'. it i.iM ji" »'" If ii'iiiil. I liiixf kiiouii llial (liiiic hiiIi j;it»al 
 
 ; A ia|pil.ili'*i !■> willing in Kiipiilv u Imilci. nr u tni<liii^ lirni, in 
 vtljHjii lit' liUN I (iiiliclviicu, with itdtliliiMiul lapitiil in riiuiidorutinii ol 
 a -liitrv III' 'Iw piolils, imt (iix"< iinl «i»li in imnr llio lialiilitics nl 
 liaiimi-hip iU' llioi«lorc >ti|iiilali-- llutl lln' lai-iricss ,>|i,ill 1„. ,,,ii- 
 (<'il<'il iiiiii a iuiiipujiy. Ilu will llioii liiiiiv: in tin! u<t<liliniial rapjlal 
 \i\ liikiiiL' >lian'> in lli« fouijiunv lo lliii uinoiinl aj^rood on. iiiid puvin^ 
 for iIk' *.iiiii' ill cifli. In such li (iimi ||i(> lajiilalisl vi'iy iDiiiiiionlx 
 ■.liliiiliiK'- thai lie or his noininoo shall ho one nl' llio diipdors I'di a 
 tiMin I'l M'ai'^. uiid Nuiiiolimes lluil ilii' Nhiirtw to he allnticd to him 
 <liall lit' (iii'l'oieuco shares. 
 
 S A . li and ('. arc truding: ia {iai'tn<'i>hi|i as shi|io\Mi(ir«, and arc 
 I'litiilcil III Mixoial stoanisliips or olhrr VL'sscjs. Hv ihc iii'i;lii;i'nci', 
 iiiiwMiiilurt, or iMi|inid<'iiro ot their .sor\unt.s tlicv iiiav Ik' iiivoUud in 
 liiii.Miioii and iior^oiial lesjmiisibiliiics of the most nni'iniis i liaractcr. 
 r // . ill resjM'i I of loss of life, of dutiiaf^o to other ships or to nu>r- 
 tiiuiiilise, (■aus*.<l by collision or otherwise. Thov desire In >^'el rid 'if 
 .ill poiMmal lialiility, and to throw upon eacii xossol the liahililit 
 iinuiivil liy or in rfspeet thereof. .Vccordiii^'ly each .ship, with the 
 liii-iii(>» r.iniHTied llierowilh, is (■oiiv<>rtod into a ])rivate coiupaaN. 
 and llie meinliers of the linn lioroinc iiianaifers of the coinpany. 
 ilcnrt'lorlh the assel.s of the rompaiiy iiiii^t hear the liabilities. 
 lircit iiiiiiilieis of suili " siiie;le-sliip " coinpaiiies have been foinied 
 
 H. .\ . H. and ('. ate eiitilltul to a valuable business. |{y reason of 
 ,1 kMii|iniaiy lork-up of funds, or otherwise, they find it iieiessarv to 
 imiMih their principal creditors. Hankruptcy. with its cnsilv 
 ulli. idli-iii and coiimierciul diseiwlit, would be disastrous to all con- 
 iciiicil, and more especially to ilie creditors. .VccordiniiU the 
 Miiueni is converted into a eonipany. The snialler creditors are 
 [iMiil iilV ill full, and the principal creditors all take debentures for 
 iliL'ir ileliis. and are (.'iveii paraninuii! control in th(> manatienr- lit of 
 llic ii'iiiiiaiiy. The loiuern is tlius placed on its )ej;s. and a^ iiiid 
 when piailicable tii<' debentuies are cleared olf. and iiicanliiiic ilie 
 ii-(litm,> iiave the fullest security that it is po>>ible to oiv(. tlieiii, 
 uiiJ are able in fact to iuaiia;;e their own alfairs anil protect their 
 DHii iiil<'iests as well as, if not bettor than, under that speciivs of 
 aiiaiiL;ciiicnt known as an inspectorship de(>d. 
 
 111. .\ and I!, have for many years had the exclusive sail' in 
 Kiiiilaiiil of a cdinniodity inaiiiifactui-od abroad by ('. and I). I'acli 
 linn lias made lurj;e jirotit-s, and they are disposed to combine their 
 iuU'iiht.s, .\ccordini^ly they convert the two coueerns into a com- 
 i'MV, ..lid -ft sliatx's in the company in proportion In (heir avera^re 
 (Jiolits ilurinc: the last five years. 
 
 11. .\ H. is a builder, and has taken land and erected larjji' 
 nunilicrs of houses. Of these he has sold .some, but the bulk he hii.- 
 
««30 
 
 PKIVATK COMI'.VNIKH. 
 
 <'HAI'. X. 
 
 i-» 
 
 ■M ^ 
 
 Non*conver- 
 Hion caHeii. 
 
 !«>! Aixl iIk'ii iiiiirtt;iiu«><l Altui |iaviii^' llii' uruiiiiil iimiIo ami irii(>ri'>t 
 ■111 fill* iii<iiiK'iir<'x, ilio |»ro|)ortv r<'liiiii-< u roiixiiU'iiilil)- uiurcin .,i 
 iiiroiiie: hill llio ' uil(ler"H iiiteruHl is mil t-uMilv <|palt wiih. ami |||« 
 |iiiitit. roproMMitti.! Iiv tlic (■i|iiili<>« of rfii('iii|ilii>n. it lurkcil ii|> ||m 
 wiclHfi to t'ut'ilituU' llui roiili^atioii of liii iiib>r<<rtl. ami in y(>t Mmw 
 iiiiii'kt'tulili' I'ljiiiviili'iil Arripidiiiuiv In- \<it\.» tlir |iiii|iiriv m .1 
 luiviitc riiiii|iaiiv. uiiil rci-«'i\«w in cMliaiiu'v di'lii'iiliiio ami |>aji|.ii|, 
 shares. Them* he can sell m- |>l<Mlir»' li" ho iiiii\ iliink lit, ii^im; 
 "KMurilies iiiurli inoii' iviiitilv. uC iniirsc, (UmIi nidi lliaii i'.|iiiiic-. nf 
 i'<<<leiii|iti<>ii 
 
 12. A. H i- .1 iiiaiiiifuitiirer H<' ha* a pnilitali'c l>ii«iii4'... »||i,|, 
 is mainly \Muke<l by a iiiiiiiImt nf ox|)eii('ii(i'i| <li'|iaiiiiii nt.tl 
 iiiaiKH:»M>. 11' wishes to l«< liiiii);ht nut liv tlieiii, l)iil llii'v have liiil,. 
 lapilal .V<coi<liin;ly the cnlKTrii is iiiailc over to a plivati' ri>iii|iiiii\ 
 ill ('< iisidoratioii ol the wimlo of the unliiiaiv shares: aii<l lie cnli'i- 
 into an a<;i'<><Miieiil with the iiiana^i'is |ii'oviiliiiu: Ihat. lo llir i'Mimii 
 of the piolits III oacli year in e\inss of. say. ."1 jwr kmiI , lir will 
 make over a 1 oriespoiidinu' aiiioiiiil of his |iaiil-ii|i shai-c- in the 
 iiiaiiairers. Tliu-. in the course of some years they will, if \\w Km- 
 'srii is worked .suiiessfuli\ , olitaiii the whole or the '^'icatcr |>aii 
 of till' share- Soiiietiines |irovisiiiii is made for aiimilliim llic ai;ri'i' 
 ineut if the |iroKts do not keep up to u minimuiii limine 
 
 l.'l. A., li and (". are larryiiiji 011 luisiness in a foi-ei;;ii idiuiih 
 of wliirh tlie\ are sulijecls. Th(>y have, or want to have, ,1 liiamli 
 or ufemv in Knjrlaiid lo .sell jtimkIs nniniifailured hy llieii, alnnail. 
 and lo hiiv law niateiial and lake orders. They find thai liic) aiv. 
 or will 1m'. ehur^eable with Kntflish iiuiime lax on their piulii^ 
 whothftr made here or abroatl. To avoid this they lonverl the Knirh-li 
 hraiu'h or a;.'enrv into a private 1 ompany. and hy re-arraiiireiiiiMit nl 
 svstein ihi'nK'foilh only pay on the prolits of that Inaii' li or a^'em \ 
 
 11. A foreiirn company finds that in order to maintain ii.- Knuli-I' 
 patents it must mamifactiire "loods !?• Kntrlaiid. and liiiilil up hi 
 acquire works fi '■ that piiriiosc, Imt it rather dit'ads llic i nn^c' ini'ii' 
 risks, to sav nothinjr of income tax. Acc.irdin;;ly it forms a private 
 company here and works throii;;h that, and thus limits its jisk- ami 
 iiahilities a.s much as it chooses. 
 
 The above are all cases of conversion, but i;reat numbers of imni'f 
 lompiniif.t air foniu-d to rjdnhUsh xitiiie iirir liii>ii)H'/(.i 01 caiiv "iii 
 some s|H'cial operation, or transaction, or adventure. 
 
 The following! are exainiiles: 
 
 I'l. A. is the tenant for life of a landed estate, and H 'li- son i- the 
 tenant in t:ii! in reinninder H has i-o,.ent!y come of aL'e Th" csiiiic 
 is capable <if heinir utili.scd for buildinir purpose-; if i- -iilijccf 
 I,) mortfratres for larcfe amoiuils carryinpr interest at dilleri'in rales 
 and liable lo be called in on comparatively short notice. It i- desir- 
 able to eousolidate these and lo facililat« future operatiims. Au- 
 
 mgm 
 
INIKODULTUKY NOTKj«. 
 
 ri.iiliiii;l< •'"' <•"•"•*' '" v«»>l»'il ill u iiiiiiiiuiiv ; lli«< ('«iiii|iiiii> ii.«iii'« 
 ilfU'Mliiii" in iU<Ih)iiIui<' nIim k. uitli wliiili, or «irli tli(> proemU 
 ,.i rthuli. iill III** iui'rt(,'u>{»'« uw I'leartMl iitl iiikI iIm- r<*<|ui'<iu- unrkiii^ 
 ..ipil.il >• \ir'<\iiU'*l, uiid iIk' I'uthor uml l|i<< mhi i')><t>i\(< |iiiicl-ii|i 
 .|i.ti<'> ill <li<' iiirii|muy, whiili. un Iu puit. miii iiiuilt* i'vit In tin- 
 .,.11 :ili-(iliii<'lv. 1111(1, an t« the itcidiio, an- s»'(lU><l mi (lii- liitlicr l<>i- 
 lite ,|M'I allf'iHiirili nil lilt) kuu uhMiliiUil\ In tlii> n'MlU llii- com- 
 j,li. atinii hI a MM'ie.-i of iii'>rtKaKe'« i" K'lt i'i<l ol Tlimt- is one poi- 
 iiLiiKiil iliui>;:i' at u iiiodcralo luU" <il' iiiliTC-'l, ami iIh'Ic i^ aiiiplf 
 
 .,i|iital III il<>v«'lo|i tliti «slutu u»(l tmii il lo tlii< In?*) ar ml. anil 
 
 tuiim' c1'mIiii(;'- and o|M'i-atioii> ai« (.'itMilix tai ililatcil 
 
 |i, A . H and ('. (I«'f*in' to .start, a iM'ui|(a|ii'r. nr t<inii|>|i|\ II villat;!' 
 ui I..WI1 "itli waU'rworkM, or l<i liiiild a thoalrt> or a town hall, or t.. 
 a(i|iim' .iiiii »<irk a Iniildinu: cnIuIi', or I41 proviili> a ra<'<--ioiiiK»> .ir a 
 1 111 ki'^ ir'nii'id iir sHininiiiij; liallis. or to i-rri 1 snnir llat.s or \u>ikiii<-ii ~ 
 ilwclliiiys. Inn llit'.v do no! wish lo inrar iiiiliniitfd lialiilil\ Aitord- 
 iimlv \Uv\ ii'irii-ln a pri\al«' iniiipaiiy and tuki' up .sliariw thoriMif tn 
 ill). •'Mi'ii! ot llic rapital which iho.v are diH|ioHi>d lo iMiiliark. Knfh ol 
 llu' MiliM rilicis lifioiiH's a din'rtor. and I'lirlht'i liiiids, il' uaiitod, arc 
 i.iwd li\ ihc issiK' of fiiilhcr ^hal■<>^ or of dchciiiiiics. 
 
 I, .\ . li anil ( . dc.siri' to piinhascand work a sliip. iind plac<' it 
 iiiijcr ilic iiianai;cniciil of a pariirular firm in wlioiii ihi'\ liavc com- 
 Ijilciiic; I .It ihcv arc nol ]ircpaii>il In iinin the serious ioNjio'i,siliilii\ 
 ,iitiiiiicil 10 the iiwncr.ship of a ship liv individuals. .■Vccoidiny;lv tlic\ 
 liiiiii a private cniii|iain , in which ilicv lake up fdiares so far as uuw 
 111' iicitvsiirv to provide the purchaNc-inoiicv for the whip. The 1 oiii- 
 |i:riiv then aripiiiCN the .ship, and the linn are appointed lo he a^rents 
 l..r its inanap'ii.oiit. 
 
 18 .\., H. and ( . desire to estahlish a iiiaiiiilacturiiiu- or coiniiiei - 
 i;il licsiiicss. Kacli has some capital. Inil one of them does not relisli 
 ilic iioliiiii of iinliniitod liahiliiy. .Accordinirly il is atrrced flint 
 iii.Mcail of iriiiiii.' iiiln partnership thev shall form a private lompain 
 iiiil rally on the Inisiiiess on that footing, each contrihulini.'- hi> 
 |inrlii/!i iif tiie capital, and tjikinji' part in the iiiana<reiiieiit 
 
 lit .\ is a pulilic coiitriulor with yfieat resources anil repiitnliou 
 i; anil ' me loiiipeleiit and trustworthy contractors, hut with limileil 
 iiicaM,s. Th"y are anxious to undertuko some contract, and .ippiv in 
 \ fill avsisiamv. nllerinn- him a larfje share in the |U'olils if he will 
 oiitril.ntc a ccriain pmiimi of the needed capital. ;<nd jjive his advii c 
 mil ;ussisiuiice. \. is not prepared to jro into partnership with those 
 -ciitieiiien. und thus place his jfreat fortune at (heir mercy, and 
 aiiijiiliiiy-ly he stipulates for the formalion of a private compan\ l.. 
 ■.Ill' ihiiaiirh the tiunsactioii. and oilers !n sii!:-,!vi!.c for shji;. 
 ihi'iciii. H. and ('. uiwlertakinji: the whole iiianairement of the Inisiness 
 
 liii. .A . has a patent for an invention, but no caj.ital. The iitilitv o* 
 III' iiiMiitioii is fi '-ly obvious; but it reipiires to bo more thoroiiu-lilv 
 kvsicil. .iiid exue : must be incurred in .so testiiijr il, and also in 
 
 ;t o 2 
 
 :>M 
 
 ' ) 
 
'.r.i4 
 
 PKIVATE COMPANIKS. 
 
 K'hap. X, 
 
 oMainiii!; t'orei-f^n patents, and perhaps in ttoaling a company i.i pui- 
 .■liaw tlif ])atcul li^lits. 1?., ('. ami I), afi^rco to form a syndicaU' 
 ttliicli sliall KikI the loipii^ito funds. The patent i i^'ht« an- mado over 
 to th<' rtvndicaU', on tlio footinjr that A. shall liavo. say, uiio-thini nf 
 thp shart's in the .syndicate free, that is, fully paid, and tlial llic otiici 
 suliscrilxTs shall ])ay up their shares in cash. The caiiilal of ih,. 
 svadicate is tixed accordingly, say, at 3,000i in 100/. shuro. Tin 
 invention is tested, and, if found satisfactory, foreiirn [latciit- .in- 
 obtained, and the puhlii' company Ls formed and floated. Tin' innciii- 
 an< re-sold to that company at a protit. and the net proceeds „i sale 
 :\\e divided rateably amongst the members of tho syiidicaic. uliiri 
 i.s then dissolved. 
 
 21. ('. lia.s obtained in .'Xinerica or in one of the Coloiiie-i an (i|'ti"ii 
 or contract to purchase .some mining property. Money is wmited ii. 
 -t'lid out an independent expert, and, perhaps, Ui work the property i,. 
 a limited extent, and thus prove its caiiabilities. (;. places liis (ipiinr, 
 or contract and knowledge at llie disposal of a syndicate in coiiMdeni- 
 lion of shares in the syndicate. The syndicate then obtains tlic iiece- 
 sarv reports works the pro])erty sufficiently to a.scertaiii its viilue m 
 |)racticability, and re-sells it at a profit, either to some conipiiin 
 forme;' for the purpo,se of aiquiring it or to anyone who is williri'; in 
 buy it on satisfactory terms. 
 
 22. A. has a going business which re((uires immediate liuniiriMl 
 a.s.sistance. For certain reasons it is not practicabh? to convert the 
 busine.ss at once into a company, and go to the public, and, aewnl- 
 iiiglv. a private company is formed to find the re(iuisite fiindx in 
 eon.sideration of a share in the business and the power to di-^po-e nl it 
 The svndicate takes over tho business, sot.s the concern on its Iil'~ 
 and then, on a favourable opportunity, disposes of it on the best lei iii~ 
 obtainable. 
 
 :.'.!. Tlie prospects of some company are likely to be (liuiia<:ed hr 
 hostile attacks and fictitious sales of its shares. A., U. and ('.. ;iii'l 
 others who are interested in the company, and desire lo resist tlese 
 attacks, form a syndicate U) buy up all shares ottered for sale, and t« 
 hold tho same for a limited period, and then re-sidl on the best teiiu.v 
 
 obtainable. 
 
 24. Some mercantile commodity is likely to rise in value A syndi- 
 cate is formed to acquire and hold a large stock of it, and to re-scll 
 when the ri.sc has taken place. 
 
 2.". A company is about to be brought out. hut coiisidei iMe pre- 
 liiuinarv expenses will have to be incurred in advertising. ie-;d 
 chaige.s. fw>s to brokers, solicitors, and otherwise. A pnvntc com- 
 paiiv is formed to find the requisite funds, the vendor a-i-eciiiir t" 
 repav them with a bonus out of the purchase consid<Mation which le| 
 i.s !o obtain from the company. The company is then (loiited, and 
 in due course the vendor pays off the private com|'any s aihaii.c 
 and bonus. 
 
INTKODri-TORV NOTES. 
 
 •',; Ii i> lU-ired by eorl«in parties to apply to xome jrovemmcnt oi 
 aiMliorit.N lur a confession, (.liarlor, or otiicr spuoial priviloiro. In 
 order i,, oliuiiii lliis, expense must be imurn'il, and llie re(|nisi1<- t'nn<l> 
 can nnly U' found by w-opomlion .\c.ordin<;ly A., H. and C and 
 others iorni a private company. 
 
 ■<: \ iiiid H. have farriod on bn^ines> Tor many ycar^ in Soutb 
 \imMiiii ii-* afrenis ami cunsis-nee.s for a larj^e number of Knyrlisli 
 ,„.,„„l.„:iuier.-". A. and B. have stopped payment and lieconie in- 
 .olv.M.l. an<l tlieir aftairs are in confusion. They an) larfrely indebted 
 10 ilir Eujrli.sii nianufarlurers, and hcd<l <,'0(.ds iK'louKin!.' to iheni 
 wiiiih Imvc been conNigued for sale. A. and M. are also lar<ri"ly in- 
 .Icliicd to local creditors who claim priority, and who have attacheil 
 not only liie irnods of A. and B., but also the goods consigned. The 
 Kii'di.'^h nianufacturers determine to co-operate for nnitnal protec- 
 tion and hont'tit. Accordinp:ly they form a private coin))any, make 
 o\oT ihcir ( laiins to such company, and receive in e.xcharifre shan-s and 
 dolionturcs, or a wmnion stock of nominal amount, c(jnstituted by 
 a iiiisl deed, which pools all the claims and securities. The company 
 then ap|)oinls a comiHUent afrenl to protect and enforce the intere.-tt.s 
 of all the Kn^lish creditors, or of the corupany as their Iransforee. 
 ■1,1(1 to enforce their rii;hl.s; and, further, lo establi-h and work an 
 a.^ni V loi the further .sale of !j:oods to be consijrni'd by llie Knfrlish 
 mannfailurers. 
 
 2S. The niombers of a club wish to provide the club with suitable 
 Imildinu^. AcoonJinffly a private company is formed, and the requi- 
 site fund.s aie raised by the issue of shares and dpbcnt\ire'.. ,nn.l the 
 (liib pays a rent for the use of the buildings. 
 
 L'9 An .Vnierican or foreign firm sells large quantities of it,s pro- 
 (iiKls in the United Kingdom. It desires to establish an agency here 
 wilhoul incurring more than a limited liability. Accordingly it 
 form.s a private company here, and appoint.s its agentw to be director- 
 tliereuf. 
 
 ;!(! A., H. and ('. are members of a theatrical company, in receipt 
 of a salaiy of :>l. a week. They wish (.o lease a theatre, manage it 
 foi llioin.selves, and divide the profits. They form a private compan) 
 sulixiibc the cajutal as far as they are able in the ratio of their 
 
 salaries and rai.se the remainder on debentures. 
 :ll. .\. is a market gardener and fruit grower; B. and (•. expert.^ 
 
 at jaiii-inakitiL'. A.. B. and (". c/imbine to form ii private company. 
 
 and work uji a jam-making busine.«s. which may be sold at a large 
 
 profit to a public company. 
 .!:'. A few persons are interested in a project (e.g., the promotion 
 
 ol a inililic company, or the acquisition of a concession or patent), tor 
 
 whi. h fnnds will be wanted for a time. They form a private coni- 
 
 p.iin an.l subscribe for, say, 50,000/. of shares, paying up 5 per cem .. 
 
 and the (oinpany raises any further money required by niorigage u< 
 
 il.- lunl.oi- n|' the iini'alled capital. 
 
 «»;n 
 
11 
 
 
 '.r.i4 
 
 PKIVATK rOhPANIES. 
 
 [< 'IIAP. X. 
 
 m 
 
 I'r'iceiluit' 
 
 •'!.'{. Ill the (use of a private oninpaiiy it frpquoiitly liai)p»'ii> thai ,|„, 
 pui lit's, &f. who form it desire .!>:, to disclose at first its iimiii purpose 
 Thus, supposf A., B. and ('. wish to t'oriii u |)rivat<' coiiipiiiiv to 
 seud out an ajjent to acquire a concession for tlie constniction oi » 
 partii^ulur railway, or for the purchase of niiiies in a particular cli~. 
 trict. If the objects clause of tiie coiiqiany's inemoraiidiiin wch' 
 expressly to state this object, the result luijjht be to raise up rivaK, 
 and wreck the scheme by preiiiatiire disclosure. This daiipor m- iu- 
 com'enience can, however, be readily avoided by ex|)rcssiiia^ ih,. 
 objects uf the private company in p^oneral terms, e.g., to uccpiiie any 
 concessions for the construction of railways, tmmwavs, docks, or 
 harbours, &c. Or, again, if it is desired that the iiaiiic> uf ihe 
 capitalists who are iiudin<r the requisite funds should be kept in ilie 
 buck^'round. their siiares can b<' put in the iiaiiios of nii.-locs up 
 uoniiuees. 
 
 \\'he«' tiie mI ruUjreiii staui]) duty would be heavy, a special course 
 of procwlure may lie necessary to avoid or minimise it; liut wo shall 
 now proceed to de.scribe the ordinary jirocedure to be adopted in the 
 establishment of private conqianies. wlietlier of Class A. or Class B. 
 yslipra. p. !)12). First as to Class A.: 
 
 1 . \jet us take a case of conversion. Where it is desired to coiucit 
 a ;;oinff business into a jirivate company, the first ste)! is to asccrluin 
 the value of the business. To arrive at this a valuation will !«■ iiuuii' 
 of the assets of tlie firm, including the goodwill, the stock-in-lraiie, 
 business pivinisos, moneys, bills, notes, and book and other debts due 
 to the firm: and an account will be taken of the debts and liabilities 
 of the firm. The valuation and account ure sometimes made ami 
 taken by the owner or owners, and sometimes by some [lersoii a|i- 
 IKjinted by him or fliein. In most cases the valuation and airoiinl 
 aiv uot made or taken in a detailed manner, but the position is 
 fairly estimated, i-egard lieiug had to the lost balance-sheet. In 
 the present case we will suppo.se that the jiartners come to the conclu- 
 sion that the assets are worth 200,1)00/.. and that the debts aiul 
 liabilities amount to 42.000/..* so that the net value of the Inisincss 
 is 158,000/. 
 
 The next jioint is to settle the limit of liability which the partners 
 desire to fix, for on this depends the most important term of the 
 agreement. In many cases of conversion the owners of business 
 (wnoerns, whether sole or in partnership, desire to incur uu pcisoual 
 
 •The vendors of the l)usiiiPS9 of course riMiiaiii personally liuljlc to tlii> i rnW- 
 tors in resiH'it of these I'.ebts and lial>ilities, unless the ereditors novate, th;it is, 
 accept the lialiility of the eompany in substitution for that ot' the vciuinrs; ijui 
 whether they do this or not the vendors are entitled to he indeninifieil hy the 
 eompany against all sueli del>ts and liabilities. 
 
IN rRODUCTORY NOTI-y. 
 
 ,. liii-v to tlio .iwlit-.is of tlu. tvmpony: t.icy an- willinp to ha..,l 
 ' ,i;,. Imsino-. will, it-* a..*ts and liabilities t.. the compauv. but 
 ''l.',' a.'siio sl...ul.! :..e coin,.auy be uusuwe.sf.U, .lot to be under ai.> 
 'p,„ual lial.ili'v t.. ,.ay it. debts; they wish the remedy «t^ the 
 Zu.v^ of th..V.i.-l.a.n to be exclusively asaiiist the assets ot tlu, 
 ' ,„,,„„ \\ l,e.-e .his is the d-Mie of the parties, the c^onversiou. to 
 "i'v,. ,.|1.M I 1.. it. must be on llio f.M.tine- that the owner or owners 
 Till'rereive the vnlue of the busine-*s in share> issued a- fully paid 
 ',,',1 ,v„nn.d as su.'h under -eet . 88 of the ConM-anies A.^t 1908. 
 I ,„„, .,,,1, -haivs there is no p«Msonal liabdity. Ihey entitle the 
 
 I ',1',!,,, ,„ votes an<l dividemls. but no eall cm Ik- made on him. 
 S,i,„.|iriies hovcNer. a vendor may U- wiUin": to aceept in payment 
 
 II l,i, Im-mess, or share of a business, shares not fully paid up, but 
 Ji,|, .„„,.■ iiabilitv attaehiuK; for instanw, a tnwler .losirous of oon- 
 
 ,,i,i,r l,i. business. valuiHl at li),0(H)^, into a iwmpanv. may be 
 Jillin" to i.u-ur a liability to supply 2,()00i. additional working- 
 .aiiilol if .vciuired: in m.cii mse the conversion will be ettected on 
 ,1„, loutiiK' that he shall roeoive :J,()00 shares of (!/. each, with ../. 
 ,„,, <hare7re<liled as paid up: he will then l.e liable t^ pay up the 
 l„laiK^" of 1/. i.er share (equal to 2,000i.) when leipiired. but will be 
 iiuilei' no further liability. 
 
 ■- When the company is formed to take over and complete a sinfrle 
 in'ii-actioii, the preliminary steps are of a similar character. Thus 
 suppose that tlie transaction is a contract to erect an exhibition; the 
 value of the cont.act will be ascertained, ami the owners will receive 
 |,ai,l-iip or partly paid-ui> shares of e<pial value. 
 
 StotkUv. iis to prvate companie.s of Class B. istiirr,,. p. 'J12), /..'.. 
 i„ cstabli-h or undertake some new busine.ss. transaction, or 
 ciilcrpviso. 
 
 Ill such casi>s the pei-sons interested fix the amount of the capital of 
 ,!„. ,o,„i.auv, and the amount to be contribute.! by them respectively, 
 and whethpr thev are to pay up at once, or by instalments, and what 
 .,r(.|.crtv , if any') thev are t.J make over to the company, and for what 
 wmsideration. and what will be their duties; and having settled tb. -e 
 matters they proceed to form the conipany accordingly. 
 
 The p I ...inaries having U-en .settled, the further course of pro- 
 ledure will be as follows: 
 
 1. A'tlle and sign a preliminary agreeiiieiil delining the terms of 
 
 couvei'sion, if 8uch agreement Is consider«'d e\i)edient. (See 
 Form ;!fl."i.) 
 
 2. Settle and sign the niemoiundum and articles of association und 
 
 the agreement for transfer to tho company. (.See pp. '.••'■'' 
 ri wf/., infra.) 
 " Apply for registration of the conipany as a private company, 
 
 !):»■> 
 
m 
 
 !»:{•; 
 
 
 PKIVATE COMPANIES. 
 
 [t'llAP. X. 
 
 ono which does not invito tlie public to wubsLTibo inr it^ 
 shuro> i infra. \> 'J'.tT). and prociiio rciiistrutidii ai((]i(iii,n.|v 
 4. Then <jii iiK^orpoiaiiiui li'l tlic (lunpuny outer into an aiTvo- 
 monl with tbo voii<b)rs, uiid let that a^reoiiiont 1m. larriij 
 iiilo ell'ei-1. I Sec p. i).'>(>. iiilin.) 
 
 The fonimlioii <j1' a piivali' cniiipaii\ ui- ,-) ndicat^^ iiivolvos, in must 
 cases, (iio ovculioii of an a-ireonicut. 
 
 Form ;!()(;. infra. |>. it.'ili, will liivc ihe H'ador wniio idea „( ihc lom, 
 of Much a document in the ca-<o of a coiiveifiiou. 
 
 In rclVrenie lo (he afrroomeiit the followini^- iioiniN -linulil \^, 
 noticed: - 
 
 1. The UjiieeuK.'id, it will !» observed, i.s made between ihc 
 iiieinbeiM <d' the lirn uid the company; iicr()rdiuu:iv it. canudi In. 
 executed until after c<impany ha.s been ro^istered. bi'iaus,. until 
 then the company lia.^ uu exi.-*teuce. 
 
 Soraetinie.s. as in the ca.so of other comjianias, it i.s deemed i'\|i.'ilicui 
 to have anafireoment liefore the memorandum and articles of associa- 
 tion aiv pre])arod, e.g., where there is rfii>;on to apprcliciKi tliiil a 
 member of a lirnt who has a.ssented to the conversion muv change in- 
 mind unle.<< bound by agivement at once. In such case the a.:rci- 
 ment will be made between the vendors and some person 'on bchall 
 of the intended company," and will recite the intention lu foini ilic 
 com])any, ;ind provide that the memorandum and articles shall be iji ,i 
 form already approve<l. or in such fonu as the vendor-^, or tlic 
 majority of them, shall approve, and will dotine (he (erins of >alc a.- 
 in the above agreement. 
 
 -'. In the form of a<iteement given at p. O.jG, the bnsincs- i- 
 eui)po.sed to bolonj,^ to tlire<; persons; but the form can readily Ik 
 adapted to a case where the business belonjr^ to a sin^rle |)er<on, or to 
 a firm consisting of a greater or less number of jiei-sons than three. 
 
 3. Sometimes, instead of speeifying part of the property ti.m.- 
 fcrred in the body of the agreement i^clauso 1), it is found ju-in 
 convenient to specify it all in the schedule. In such ca.sc elan-e 1 will 
 provide for the sale an<l purchase of "the property specilied in the 
 schedule hereunder written," and particulars will be given in the 
 schedule. 
 
 4. In some cases the .sale does not include all the iiroperty of (lie 
 firm. Part of tl.o ready money, for instance, may bo excepted, or 
 some branch of the business, or some other item; indeed, the Nile 
 sometime^ includes scarcely any property e.xeept the goiMhvill of thr 
 business, and possibly some pending contracts, or the bn<ines,- 
 premises. If the vendors are carr\ uig two cognate busiiie--es, e.g.. 
 bootmaking and saddlery, but converting only one of them, it may be 
 desirable not to p;irt. with the exelu.^^ivo right to the tniHe jv.v.w 
 
 5. The shares agreed to be taken by tlio vendors in the form at 
 p. 957 are, it will be observed, to be deemed to be fully paid up. 
 
INTRODUCTORY NOTES. 
 
 H;t7 
 
 ,1,0 o\>wv\ beiiis; that the partners A,, H. and C. -may be free hum 
 ,11 liaiiiliiy to croditors of tho company. Such oroditora have thou 
 ',',,„„.,lv . ^.iiist tlieussots, hut mme at,'ain-.t A., H. and C. personally. 
 Thi, fivoJoiu from liability, however, applies only to <lebt« and 
 s'iliii.'s iiir,.ne<l by the company Hul.so.iuontly to tho conversion 
 \s K. Ilic (i('l>t< of tlm liim existing at tho date of tho sale, tJiniifrh 
 .,.'l„.|«.>pn the vendors and the company tlie lattor is. by clans,. .■! 
 „f ||„. u-rccnient, bound to pay, yet tho cro.lifcor.H who have nolhin- 
 ','„ ,i„ ui'h the ,onvei>ion .still retain their ri-ht to ftdl on A., 1$. luid 
 ( I.. i.;iy and would no .lonbl enlone this riyht if the company failed 
 ,„ ,,av in due liin<'. It may 'Mirly be as .umo.l, however, that t!io debl> 
 1,1,1 lial.iiiiics taken over will in ordinary cour.se of busiuo.o.s be 
 -.lon d'is.liai-ed bv the .Himpany, or, at all oventa. A., H. and C. be 
 ^i.|ea.-pd l.v novation, that is, by the creditors lu-eeptinL' (he comi)an\ 
 ,,s ili.'ir dclitor in substitution. 
 
 i;. Sometimes the vendors determine to accept part payment iu 
 fnllv piiid-np shares and iiarl in debentures or a<ceptaiices of the 
 ...lupaiiv. Or, again, it i,s sometimes provided that the share ci one 
 IKiitiici- ic.f;., the wealthy partner, who desires to withdraw) shall 
 U. paid for partly in shares and partly in cash iiayablo by instal- 
 ments. Special cases of this kind mu.st. of (Oiirse. be specially pro- 
 vided for by the agreement. 
 
 :, As to clause of the agi-eoment. Upon tho conversion of a 
 l,u~iiic<s 1,1(0 a private company it is almost always provided thai 
 the company shall accept the title of tho vemlors without investiga- 
 tion. 
 
 ,s. The at;iecment is expvessod in the above f.irin lor the sake ol 
 -uii|iliiity. but modilications ai-e generally desirable in order to avoid 
 or niiiiiniise stamp duty. 
 ',' .\.- to fraudulent companies, see p. Otti. 
 
 In ihc ca.se of a private company of (Jlass B. (supia. p. '.H12i, iJi<' 
 auiwmciil ( if anv ) will provide for the transfer to the company of the 
 cuiKCssion. pat. ut, or . oporty, or for the placing at the dis- 
 
 posd of the company , ^rvices of some .-cpert, or otherwise as 
 
 ihe ciicunisiances may i , •*• 
 
 Cuiiversion coramoiily involves some ad rnlorem duty, but this st„„i..lMtv. 
 ii,;iy iu s,jine cases bo avoided or minimised. And it is well settled 
 ■ iuit pers..iis are i>erfectly free, provided they comply with the Jaw. 
 l.( adopt that course which will best enable them to avoid or minimise 
 the duly. " It is no fraud on the Crown; it is a thing which they 
 are iwifoctly entitled to do." Per Lord Esher, M. R , Commis- 
 ^Murs of Inland Revenue v. Angus, 2i y. H. Div. 579; Simms v. 
 Itrqlxtrar of Probates, (1900 > A. C. 32.'). 
 
 It must, however, be left to tho practitioner to point out the various 
 cvj^-;!ior,!s njKin; for to specify them bore would be to invite the 
 Legislature to intervene with fresh taxation. 
 
 Where a business is converted into a company it is usual to send N..ti.c ut 
 
 i'lmvprsf.n. 
 
 H 
 
 m% 
 
938 
 
 Form ft 
 ('ircu]Hr. 
 
 PRTVATK COMPANIFX. 
 
 [Ciui'. X. 
 
 out a notice to customers— and, in the ease of an important onncorn, 
 iij procure the iuf<ertiou ol u paragraph in the luoiiov urtulo uf 
 sonio of the leadinp; nowspapors sialinj; tliat the business lia« Loen 
 converted into a company, »itli a capital of so juucli. and lliai tlw 
 share.s tiave all Ijeen taken up b\ the partners and their rchuiun-. 
 or as the case may Ix;. 
 
 The foUowinij is u specimen of a circular: 
 
 liniitt'd li> 
 
 A., It, and C, l.iiiiitiKJ. 
 
 Sii:. — W'v bc(f to inform you timt wp have ('(tnvcrtct! imr Itiir4ini>>4s intn a tiriiitnt 
 company bearing tiic alK>ve name. 
 
 Till' object of the conversion is Ut secure tiie many advantaifcN mriitciit tu 
 ineorjHiration, and more cspocialty to avoid tlie diHlwations and inconvcniciii v^ 
 which the death or retirement of any partner mij^ht cause. 
 
 Tiic capital of tlic company lias been tixed at tlOO.OOO^. divided into (iu.u.it. 
 shares of Id/, i-acli. the whole of which are ap]>ropriatisl to ourscKcs iw fullv 
 paid up in substitution for our interests in tlic business. 
 
 The directors of the company are .V., K., ('. and I)-, and i). has been ippuiiitrd 
 to the ortiei' of mana^in^ direett)r. 
 
 .VII debts and liabilities of the lirm arc undertaken by the company, jnul all 
 debt^ due to the tirm are to l>e paid to tlio tympany. 
 
 The conversion will not affect the general conduct of the business, which will 
 be carried on as heretofore, and we trust that the satisfactory relations wliiili 
 have heretofore subsisted between you and the firm will continue to .^iiliiiit 
 between you and the company. 
 
 We have the honour to r(>niain. 
 
 Vours faithfully. 
 
 \., I!., C. S: Co. 
 
 Companies Limited by Guarantee. 
 
 \\ hen a |iriviit<' i oiii[)aiiy oi syndicate is to he inniicd Im smue 
 temporary purpose, i' ij.. to mcpiire ))at«)nt riojit.s and aw a pit'liniinarv 
 thereto to test tho invention, and in due lime 1<i sctl and diviile tlie 
 proc«>eds, it is now not uncommon t.o refiister the concern as a coin- 
 pany limited tiy truarantee and without a share capital. This is a 
 mode of formation much more elastic than tlie ordinary in.nip 
 Though there is no capital divided into shares, it is possible to 
 place the members in as necure and advantageous a ))0sitifln iis it 
 they held shares in a capital. The giuirantee is no hindraiiw It 
 may be merely nominal, >'.(/.. a liability on each mcmljer. in liio 
 event of a winding-tip, to pay, say. U. Where this m<Mlc of incor- 
 poration is adopted, it is possible to enable the company to divide 
 any of its assets (whe'her in tho nature of cai>ital or profits i liv 
 way of dividend among its members, and to do a variety of other 
 (hings which, in the case of a company formed in the ordinary way. 
 are not permissible. See further, mtprn. pp. 492 et acq-, Ti'') ft spq. 
 
II i.,h. 
 
 ■n . 
 (K<"li» tiiiu ' 
 
 INTKOnUCTORY NOTKS. 
 
 Cases as to Private Companies. 
 
 T|,o f,.lluwiu!i cuso>. a.s ^oiuo -f the .n..-t iustnhtivt- lolutiiig to (.-.- 
 l„i,„o ...upanio^, .nay he.-.- be .ueutiu.uvl. TI.e.v ar- ;;.vo.> n.os.lv 
 ,„ ,liion'>lo;:ii-al Dnler:- 
 
 Trevor V Whitw^^rth (1887.K 12 App. C^i^. UW. Tl.is w,is 
 , „|nrh th.' .irti'l«« of a.-<8(«iatiou of u private couipanv, IiiiuMmI by 
 ',', ,„.> ,o„.aine<l power for the coiui.any to purcl.a-e it<* own Mmros. 
 t,M-' 0.. thiH IH.wer, the di.«ctor« bous;ht up the share, of one o. .he ^^^^^ 
 „„,„,i;;.,s h,>,m Hde thii.ki.iK that it vv„^ to the interest ot the .■.....- .,,„„„ 
 
 .„v M, to ao Hol<l, that the purchase iuvolve.1 i.i ellect a .-eduction 
 !!', ,"|„. .ai.ital of the .o.upa.iy, au.l wan the.elo.e ,iUro vin-.s au.l 
 ,ll.,„;,|. Ill tliat (-a-^e Lord Macua^'hteii said: 
 
 .. I, „ .uul tim. .!..• .•oinpany wa« a family .•on.i.ui.y; l.ut u ramily .ompaiiy, 
 
 ,, ,,,, , ,1,., ,.x,,r,s»ioii ..»-ans, does not limit iU tra.lins,' to tl..- tam.ly e.rcl... 
 
 ;; ,.,k,., the beneht of the Art [of \mi\. it is l.,.„„,l l>y the Act a. ...u.-l. 
 
 ,. ,„v'other company. It can have no speci.il privili>Re or immunity. It was 
 
 ,ai,l timt the hoanl did not want \Vhi.«-orth-8 shares t« l,e sold to outsiders or put 
 
 o„ tho niurk.t. Cnfortunately there was nothing spei-ial ui that. 
 
 Tlii,s decision is «till ^'ood law a primary principle for private 
 a„| |,ul,li, companies alike that a eompany cannot pi.rclia.se its owi. 
 .|,,nc. hut tiie Companies Act, 1908, wiiile iiiiposiiio; many new ami 
 uucH.^ obli-alions on companies, e.vempls private companies Iron. 
 uuinv. although by m. niea.i.s all. of the obU-ali-'..s ..upo>cd on 
 roiiiiiaiiies ^reiieially. See ]). 911, mpiii. 
 
 Foster V. Commmiouers of luUuui Revenue. (1894, 1 y. B. ^il"! ;;;-;--^ ^^ 
 
 III this ia>e it was held that an a<rroement in writing; to transler a „,/„,„„,, 
 Im-iucss to a company in consideration of shares was. in ellect. a.. ltn,„H. 
 a..«M,.cnt for sale within the Stamp A.t. 1891. It wa-s contemleil ^Maja,, . 
 ihai in siili.slaiice the vendors sold to themselves: but the t ourt „^,r.,nu-... 
 hel.l lliai ihe cmpanv. liein- a separate entity, was the pur.haser. 
 au.l tlKii it was not possilde to disregard the fact and treat the 
 ,i,CMil,..r- as liie company witliou. dlsie-aidiii- the seltled le-al dis- 
 iiiKlinii l^tweeii the members and the company of wliicli they are 
 ini|i(irators. 
 
 Xewnuin it Co.. < l«9.->. I Ch. tiS.V In this .aM' one Xowiium hatl .y,„- , , ' 
 
 ,„„vcrtc,l his business into a private company, and iiad applied ,^-';-';;;„ 
 
 tumls „f the company U. ultra cires purposes. This was done with ,,„.. 
 
 ihc privity and consent of the other members, and it was contended 
 
 that, as it was a private company, no objection should be made 
 
 ic such transac.ions: but it was held otherwise. The following 
 
 o.Miacl.s from the judorment of Limlley. L. J., are in point:- 
 
 ■ It is true that this company wa.s a .small mic, lOid is what W culled a privut* 
 .•(mipanv. hut its corporate capacity cannot he iRnorcil. Those who form su.-h 
 co.n|,an"ips ohtain special advantages, but accompanied hy some disadvantages. 
 .\ registered corai«nv cannot do anything which all its members think expedient. 
 
 .1! 
 
PRIVATE COMPANIES. 
 
 : <'iiAP. X. 
 
 und which, njiart from the liiw nlafinif to incorpiiratpH r<omp«nip«. tliov miffht 
 lawfully do as inrorporntod. A c-ompaiiy'n ai«ipt.< aro itii property, aiidniit thi 
 property of the nharolii>!di^rs for the time wPin;;; . . . Mr. ti. Xi-wmaii and hi^ 
 co-directors evidently ignored their le>„'al position entirely. Th(!y riifaidtd 
 Mr. fi. Newman as the company, and it never aeems to have occurrcil to thorn 
 that he and his brothers iiiidd not do an they liked with whiit tiny rcL':ir(l.><l a- 
 ehcir own jiropcrty. or, rather, as his, for he and his children held the bulk of 
 the shares. If this view were correct in point of law -if the Ixnly ccirporat.- 
 loiild be disrci;ardeil -it would follow that .Mr. (!. Newman and his lirother- 
 wiMild lie liable without limit for the debts which wore eontr.i(tod in the nam'' 
 of the company. This would bn a just and proper result to arrive at; but the 
 Court is prmlnded by the terms of the ('(mipanies Act, IStii, ss. 191, liij, fr.m, 
 adoptiiiu' it. The Court is bound to recognize the company a« imorporatcd, mid 
 to jfive effect to all the eonso<|ucnccs of sueh incorporation.** 
 
 It was ii pily tlio piiiiciplos so cloiiilv e.xpuuiideii hort> were not 
 adhered to hy the Court of Appeal. 
 
 Salomon V. Sdlornon cf Co.. (18il7» A. ('. 22, dealina: with ono-mati 
 and otlipf .small loiiipiiuies. In roimiion parlaiue. a ' oiie-iii;in 
 (■oinpaiiy " is a coinpaiiy in which all, or praptically all, the shares 
 belonfr to one man, e.;/., \vhei*e the capital is dividod into loo.odd 
 shares r.iid 'j;t,'.iy4 of ihem are held hy one man, whilst the rt'inaiiiin" 
 six belonpr to other persons more or loss subject to his inlluenm, a.s 
 his clerks or relatives. X '* two-man company " has a correspomling 
 meaning'. 
 
 Thoii.sands of private companies have been formed within fho list 
 iin.irtor of a cHJntury having the groat bulk of their siiare capital in 
 the name.s of one, two, three, four, or Hve principal shareholders; the 
 other members holding only one share apiece, and being mere 
 nominees of the principal .shareholders or shareholder: and imtil the 
 year I89t no doubt was openly expressed as to the retrularify of the 
 consiitution of such companies. 
 
 In that year, however, in the case of Broderip v. Salomon. ( IHy.'ii 
 2 Ch. 323, the question was for the first time raised, and the regularity 
 of the constitution of a so-called " one-man company " was challcnfred 
 in the High Court of .lustic<>. 
 
 The facts of that case, shortly sta'ed, were a.s follows: Salomon, a 
 .solvent leather iiiorchant. owiiod a ]inifitable businoss, and in order to 
 obtain the advantago.s of limited liability • *M,>?ra, p. 912 et seq i, he 
 determined to convei-t his business into a private company. Of tlic 
 shares in the capi al he took 20,000, and his wife and sons ;ind 
 daughter each took one. No one else ever had a share in the com- 
 pany. He also received mortgage debentures for lO.OOOJ. as purt 
 of the considemtion payable to him for (he transfer of the linsincss. 
 These debentures he mortgaged to one Broderip as security for a 
 loan. The buoi iiaJo later on lifiame imexporiedly depro.^sf!,! . :iii;: ui 
 the end of (he year tiie company got in(o ditficulties, Broderip then 
 brought an action to enforce the debentures, and a winding-up 'ndcr 
 was shortly al't«M«aids nuidc Mgainsi (he oimipany on another crodi- 
 
INTKOUUCTOKY NOTl>. 
 
 »4I 
 
 M)i',s |ii'iiiiiiii. 
 
 Tlieif wi'io iiii«oiurt'il iiviliiorn lo Uit> i-xioui "f ccst-ral 
 
 ,|iuu.-an.i- «( I'OuikIs. The lourucd juiIk;i> buloiv wliom ilii- a. tion 
 ,uiuc .oiaoiv«il the siugulur notion timl the coinpuiiv, ullhough dul> 
 ,ii,t)i|Mjral<'<l, was* u (ihuui, ami timt, althoii^'h it was a (liniincl eiitilv. 
 It wa.> a iiui« alias for Salomon, and he docidod in olfoit that, in tho 
 .irciiiiislanf^'S Salomon was bound lo pay the uhmm nrcd <Tt'ditoi> 
 uu! oi Ills own pocket, althouph hi.s .shar<>« had alrea»l.v l^-i'ii paid 
 
 up ill full- , . 1 
 
 Til.! tiuse then went to the Court of Appeal, and wa« ro-hoard by 
 ilio Lonls .Justices Lindley, Lopea, and Kay, who, strange to Hay. 
 attiiiniil the decision, and in doing so expressed views of a .still inor.- 
 lon.aikablf character. Lindley, L. J., said: " The Le^'islaturc novor 
 ,onlciii|'lat»Hl an e.xtcusion of limite<l liability to .sole traders or lo :i 
 
 l..wcr imuibcv than seven .Mthough in the piv.suni (a-.- 
 
 (here wuro, ami are, seven members, yet it is iuanife.sl that six of 
 them are moiubers simply in order lo enable the seventh himself I" 
 larry on bii.siness with limited liability. The object of the whole 
 arraiijromtMit is to do the very thing which the Legislaluro intended 
 not lo b" douo." 
 
 .\ihI Loim's. li. ■!., said: "It was never intciidetl that the company 
 10 lie . Husiiluted should consist of oiw substantial pors(Mi and mx men- 
 ijuiiiiiiic.-. iioniinecs of that poison willioul uny real interest in llir 
 lonipaiiv. The Act conleiiiplaled iho incorporation of seven indepcn- 
 ilciil hfilii'i ll:lr inombcrs who had a mind and will of lli(Mr own. and 
 wciv not the mere puppets of an individual who. ado|)tinir tli<- 
 iiiatliiiK'iv of the Act, <:arried on the whole business in tlio siinic >\a\ 
 as liPlore. when he was a sole tra<ler.' 
 
 And Kav, L. d., said: " The statutes were intended to allow .seven 
 ur more persons, bond fide a-sstniated for the purposes of trade, i.. 
 limit their liability under certain conditions and become a corpora- 
 tion, bill lliey were not intended to legalize a pretended associatiun f^i 
 the iuirpo.se of enabling an individual tc carry on his own lmsine>~ 
 with limited liability in the name of a joint stock company." 
 
 Tiio views thus ex|)ros.sed naturally created ^rreat uneasiness, nut 
 icsav rdoubt and anxiety, and some] consternation, in the minds ol 
 ihosc who were interested in private comiianies, and well lliey iniglil. 
 lot thcii cllect woulil have been to disincorporate and wreck ihoii-ands 
 iif tlimrishing concerns. 
 
 However, experts in company law soon arrived at the coiicliisiim 
 
 that the derisions of both Courts were erroneous, and that the views 
 
 cxpie.s,se<l bv them were unsound, and in the next edition of his work 
 
 Private Companies" the author venlured to make the folb.wiiii; 
 
 obseivatiiins: 
 
 •Cnivi- doubts exist whether the views expressed in tliese dicta arc- well 
 tnundccl. It is pointed out that there is not a syllable in the .Vet to show that 
 it was inteiidod tu enact that limited liability should be conditional on there 
 
 lii_._i-.,- 
 
H4'J 
 
 I'KIVaTK ti)MI'.\MKJS. 
 
 ['•hap. X. 
 
 |l|ji 
 
 l)fiii)f, mid rontinuiiiK to lie, rt«-\4-ii iiiciitlM'm ' iHMicrii-iiitly ' or * ^utisTumutjiy 
 inti-n'>t<«l ill tlip i'<>in|iaiiy : iiml it iit iir^iiiHl. with oinn' ri'iiom, ih^it |f ii,^ 
 l-Plfixlatiirc ha<l iiitPful)><l to im|io«p •oicli ii riimliticui it wmilil hiivi' i^ii,! «, j,, 
 pliiin torntn. AKain, it iit «aid that, if thin wii« thi' iiiti'iitinn, it in vitv >iiiif'ilar 
 that p<eot. 48 of tht' .Vet iayii not a woni on tho "iilijwt. Thnt wiiinn prmid.-, 
 that if any rnmpany undpr the Act larric" on Inniini'M when thi' niinihiT uf tu 
 iiiciiiIhth i« U'tH thiin H<>vi'n for a |M'riod of ftix niontliM iiftnr tin* niiiulicr hii* 
 born no rtnluifd, any pcrmii wlio in a uifinlKT of Muh roni|iuny diirinif tin' tim 
 dial it so larrii's on lin-iinisn afti-r smh |ioriod of -ii month'*, iind U fanmum 
 of tlio fait tliat it i" no iiirryinif on iMixini-Kii with fpwpr timn wumi iiii'inlicr-. 
 
 hIiuII hp !4*>vprally lialilp for the piiympnt nf the wholp of tliP dclitn of th tn- 
 
 puny piintrapted during midi time. 
 
 "If thp intention wan aH HUfrtrPxt"!, <t would havp hpen easy to diMil with ili, 
 iiattpr ill this sivtion, and iixe the phra^ie, * nipintivni hpiiPtiiiiilly un<l luli^iaii' 
 tiiilly intprcitpil.' with a |>ro|»'r di-tinition of thp word ' Kulmtiiiitiiilly,' hut thi' 
 "•'I'tioii olMirNps a "iitniHcant Hilpiicc. 
 
 " Kiirthrr, it it luid tliiit if tho law lii' at »iiif (f psted . the Le^riilatiirc luii. in 
 Ptfect. laid a trap for the unwary, for it otfer-. limited lialiility cnnclitiniiallv 
 i>n there liein(f Keven inemlierM. without a word iw to ' lieiu'tii'liil ' or ■ "uh-iiinii;!! 
 Iioldini;; and yet. if the lUeta be );uod law, a shareholder may tintl tli;ir lu' i. 
 under nnliitiit'>d lialiility. becaime hii< iiiterPHt, eonipared with that of tlic othtr 
 ineiiilM'rt, i'* too lartfe. 
 
 " Aifaiii, it i.* ,«aid tiiat it i'* a well-«ettlp(l rule in the interpretiition nf \. t. 
 of I'arlianieiit that what an .Vet dopH not prohibit may be done, or, rather, th.ir 
 ii tiling i." eithi'r prohibited by the .Vet or i» not prohibited, and that in tin' 
 latter ea<e there i'< no obli){ution not to do what the KpKishitiire ha:< iml. ri'illv 
 prohibitwl (Ii II. r,. ('. 33H; 1.. K. H ('. P. tit); and that it is theilutyof tiji 
 jiidjtes to interpret, and not to lei;i.slate or to |)rovide for eases whiih tlif 
 Letfislature has not tliou|;ht Ht to provide for (1 C. I). Itil): and it is «.'iiil 
 :ii,it the dieta in /ti-in/ni/i v. Snfntnon in effect jfo beyond the Act, an I defKirr 
 from this rule, and are therefore Uy be disre[yarded. 
 
 '' Nor is it easy to answer these objiH'tions and ar^fiiments.'" 
 
 TJic ov<'iil jii.-iliticd llic aiiilioi s I'lilicism.s. |<ii' the IIimim- (d \.tni\-. 
 ill Novt'inlier, IHW>, revoivicil th<' (k^'isiim (if llic ( oiiit (if .A|i|hmI. ami 
 <loleiniiii('<l that tho view.'* oxpiesseil In the U'lirned jiidyes tlnre wcic 
 <'tilii('ly <'i'ioiioim'>i iiiKJ mi.-'^diiiKl. SiiIddidii \ . SnloiDaii <f in.. ' I.h'.i; 
 A. C '22. Tlic nolile uiid ItMriicd lurd.s who lieaid the ca.sc weic tin 
 Lord Cliaiii-t'll(ir i L()i(J HaLshurv >, Lord \Val.'«)ii. I.did lli'iMJeil. 
 Lord Maciiiifrhtt'ii. Lord .Nhjrri.'s, and Lord Davcv, iiiul iliev w.re 
 iiiianiiiKjii.'^lv <if opiiiioii that a ono-iimii c'Oiii[)aiiv was imi an nim-" 
 of the Act. and a fortiori, that two-iiii'ii. tlircc-iiicii. ur rnm-iiir;! 
 coiupaiiie.s wim-c not opoii lo olijettioii. 
 
 In arriving- at thi-i coiichi.sion. tho law lords all laiil .siics, on liie 
 wcll-fsettk'd rule of the iioniinoii law. that tho ii.toiiiioii of I'.irii.iiiicii! 
 i.'< to 1)0 soiiofhf for in tho wordw of tho oiuutineiit. " I can only, '-oi 
 tho Lord Chancellor, "find iho (riio intent and iiioaniiio; of liic Aii 
 from the Act it«elf." "In a Court of Law or Eijtiitv, ' •-aiil l.iiii 
 Wat.-*©!!. " what the Lejrislaturc intended to bo done or iiol to lie lii'iic 
 can only l)0 lo^'ally a.scertuinod from that wliich it has iliosen in 
 onact either in o.xpre.ss word.s or by rea.'tonable and nocossiiry inipliia- 
 liou." "I know,' .>iaid Lord Henschell, "of no ineajis of asrciiaiii- 
 
INTKODUeioKV NOTI'X. 
 
 „|,ai .- 111.' ii'K-ii. liiKl MK•.^l.ill^ ol iIh' lnm|.aiiif> A.I. .•xr.'pl 
 t"\.x.n.HnM-- iiH provisions .iii.l liu.lintf "h.il ivKulation^ i. hi.» 
 „;,,„„.'..| ,,s u >.,m.litio,> of Iru.liMjt with li....u..l liul.ilit.v/ 
 
 \„,1 »|.plvint: ll.iH .•U.n.t.i.taiv uiul liiu.-lion.Mii,..! r.il.-. <l..> l...ni- 
 , 1 1 ,!,.„ ull Iho A<t ircpiii.-.! w.u. Ilml tllt.r.•^lKM.I.l Lohi'vpii iii.-i.iI>.>i>. 
 
 ", ',, .„' „|,„Mi .hoiil.t l.ol<l "I"'' '•l>""<- at LmhI; ll.at tl.i> «as , un- 
 
 '|'„',„„ i,M|M,.s.Ml l.v til." MiimU!, iiiul llial lli.'.o «as ti.> lomi.lalM.ii l-r 
 ,1,,. Hi.'-|.-iioii that su.h u .ompaiiv wah iir.'K.ilai LcaiiNf h„i.i." or 
 ,',',, 'i.lTlio '•••vn. iM.'ml-or> happ.MUvl I.. l.olH a rolaliv..lv hmuII oi a 
 luiwU lari;.- rn.iiil..'r of sha.o-. nr liol.l then, i- ust for i.t.otlirr 
 i,„,,i,|„.| -a- iihmiiIhth. 
 
 Tl„. Htamto,' said Iho Lord CluiiiroUor, oimct/- noilinm a^ lo ihr 
 ,.Mn,i Ol 'l<-;:i't' "f i'ltf^'si wlii.h may l>e HhI.I l.y .'acli of tlio s..vrii. 
 '„ ,i> I., til.. pio|M)ilioii of ihiorost .>r iii(iii..ii. P posw-ss,..! l.y ..i ll.'' 
 
 94H 
 
 iiiMi<iril> 
 
 I ill,." wliarchoidcis over tho others. One hliar.' is .-iioiiy:)! 
 
 11 tli..y ai.' .sh»rfh..i.i<'i.s. lli<>y an' shar.'hol.l.'rs I'o all pui- 
 „ ,... aii.l <.v».|i if till- iHlatiito \vu> (*ilou1 a.s to the rccotriiitioii ..f liiisiv 
 i'ImiI.I 1«. pr..par.'<l I" I'oi.l that if mx of tho ni-vci. w.'ro m-sliils ,,Hr 
 in,-l of th.. .scv.Mith, what.'vcr iiiii;ht i)" tli.'ir riu'hlN l)itrr .v.-. tli.. 
 .,.,„„.. «.ml.l have iiiiui.. th.-iii HhaiiihoUU-rs to all into.it.s aii.l pui- 
 i„,>,.^ with their rPsiH'.'tivo ri<rhtH iiii.l liahilitiivs." 
 
 \., t.i ih.. mIiJ... tioii that the lorinatioii cf the .•oiiipauy «^i.s a iiiei.. 
 ..h,.,„o to enal.le tho fouiuier to .'arry on l.iisiiieHK in tho name of th.' 
 Mnapanv. the Lonl Chumellor sai.l: ' I am wholly iimil.le to I..1Im« 
 • he prop.«^itioii that thin «ii.s .ontrary to the true intent and meani..!.; 
 ,,1 the CompaniPH Act. I ean only find the true intent and meanin-r ..f 
 
 ,1„. A. I fnau the A<t il.self,aiid the A.t appears t.. me t.i -i\.> th.-.' - 
 
 piiiiN M le-al <.\isteiic.>. whatever mav have lieen the ideas ,.r selK'tiirs 
 „f tliHse who hroiiuMit it into existence": and as t.. the hny:o:.>sti..i. 
 t|i,,i the whole ar- inpremeiit wii«. in the word.s of Liiidley, 1. •!.. "to 
 ,|o the \erv thin>r .. '.if h the l,e<ri.slatme iiiteii.le.l imt t.. he done, the 
 l,„nl Ciiaiieellor «aid: " It i.s ol.vions to iiupiiK" ' Where is that inton - 
 liniiuf ilieLetri.slaturemanifcste.1 in the statute:-' Ft is. ,,f (■<.iirvi>..'as\ 
 ... Miv that it Wii..- contrary 'o the intention of the Leirislatiire a 
 ,,i„l,„>iti(m which, hy mean t itH jronerality. it. is dilliciilt t.. lainy t.. 
 
 ,1,,, „,,;| If the Le(ri.slatnre inteiuh-d to prohibit sometliin;^. 
 
 von ,.,1-hl to know what that somethinfr is. All it hii-s said i.s that on.. 
 >li;ii.. is siilBcieiit to (...nstitutp a sharehohler. although the .shares may 
 |„. „„(. hundred th.ai.sand in nuinher. Where am I t.i iret from the 
 >i;,tiitc it.self a limitation of that provision, that the shar.'hol.ler miisl 
 l«aiiiiide|K'n<lent an.l heneficially intereste.1 iM^rson':- ... 1 must 
 .1... lino to insoit in the A.^t .d' Parliament limitations which are not t.. 
 I... fiiiind there." 
 
 I...ni H-Tsclu'll .said; • ll «a.s sai.i thai in ihc pft-ent ra-*' ttic ^\x 
 sli.in.li..ld..rs other than the appellant were mere .lummies. hi.s 
 
 liiars. and held shares in trusi lor hiin. 1 will a.ssunie that this 
 
 was .so. In my oi)iiiion it makes no dirteren(.<'. Tho statute forbids 
 "iilry ill tho register of any trust, aud it certainly uoutaius no ena.t- 
 
 Sl 
 
 WH^T^P^T 
 
|if;| I'i' 
 
 !>ll 
 
 PKIVATK COMPANIES. 
 
 ICIIM'. X. 
 
 iii«nt thut puch of the uevon p«rKOiw sulxwriliiiiu thi< mciiinraiidum 
 iiiii.st bo IxMieliciallv niilitlml Ui tlu< sliaro ur sIiuum lor nlncli In 
 Mil)«c r ilwi . . Wo liiivi' l<> inl«r|ir<'t tlio liiw, mil to iiuiki> ii ami 
 il mii>t lie rtMiionili^roil tlmt iio oii<> ihmnI tiiist li liniili'ii i uinjiarn 
 iinU'«> 111" -"I jiluaM)", itiiil llial ln'1'iiti' In' iltM-i mi hi' ciin a-.i»Tliiiii it 
 111' nil ])|"U'<o, what it th»' rii|)itjil ol' tin- rniii|mii\ mill liMH ii i- htlij 
 Miiiiv iii<lu.Hft'iul uiiil liiinkiiitf r"iii|iiiiiii'< 111' llii' jii^jlif^t siaii.lin;; 
 iiiiii rifilii Imvf ill roiviil vi'iirs Iwoii. tii a-t«> u loiiiiiiDii i\|ir.i«i,,|| 
 <xiiivi>rtiHl ' iiilo joint nIihU riiiii|iiiiii('n. iiiiil ol'lt-ii inln whiU m,. 
 lallcil iniviiii- i;iiiii|iaiiii'>. wlii'ii' llio wliolc of tlm ^liari't an' lir|,l |l^ 
 ilic l'(ir.ii('i- |uirHii'i> It u|>|i<'iii'> to iiH' ttiut ull tlies« iiiiulu \,,> pr i. 
 iiuiillit'il "rliriiii'i III ciiiililc llii'iii t'l iitiry on liii'<in<t.'>i in inv n.iiii' i . 
 ill)' ('iiiii|iuii\ uiiil with liiiiiti'il lialiilily in lli«> vt'iv .-i«mi-.i' hi ulii<|i 
 llii'M' \niiii.-< uio ii-ioil ill llii' iuiliiiiiiiit III' tin' ( iiiii'i n|' A|i|ii'al 'I'lir 
 (iioliLt of th«^ fonotu'ii lurriiHl on liv tin,' i'oiii|iuny will an to lliu [ht- 
 woiiM whoso busini'-* il was bol'oio tlio trunsl'cr, ami in tin' !.;iiii« 
 |iro|iortiou8 u« Ik-'Ioic. llic only (lill(.'r{'ni.'<' liriii^; that llm lialiility i>l 
 lliooi' who tuki' tho (irolito will no lonp'r Ik> iiiiliiiiili-il. Tin' vi'r\ 
 olijct't of till' croatioii of llic i'oiii|i.iiiy und tlio traiislVr to ii ni ih. 
 biuiint'Ks ir, ■ .lit whi'ioa» tlio liability of llio paitnois for ili'lii.- m- 
 riirroil wa.s I'lilioiil limit, the lialiility of the lueiiilwirs for tin' ilclii^ 
 iiicurri'd liy Iho uoiiipaiiy shall b<) liniitod. ... It is suiil tliat tli« 
 ii'.spoiiih'iil coniiianv is a <in«.'-inaii onnpany,' and thut in this ro.'-pi'it 
 i( dilliirs froni surh Loaipanii's lus thoso to which I havo alhnloj; hut 
 it hu.s often ImpiM'neil Uiat a l)usines.s trausferred to a joiiil »toik 
 ronipuiiy ho^ boon the pro[H)rly of tlirou or four persons only, ami 
 I hat the other sulwcribers of the iniMiioraiuluni liave been oli-rks ur 
 other persons who possesned little or uo interest in the conijcrM. I 
 am unable to see how il can 1k) lawful for three or four or .-.i.v w 
 form a coinpuuv for the purpoHe of eiii|)loyiiinf their isipiUil in liudiiii: 
 with the beuelil of limited liability, and not for one person loduso. 
 [irovided in oath coso the reiinirement.s of tlie statute have bceii cuiu- 
 plied wilh, and the ojiniiany has been validly ooiistiluted.' 
 
 Lord Maciuifihten wa.s cijually clear, and said; " Tiiero is nothiuL' 
 in the Act reipiiriii^' tliat the subscribers U) the memoruuduin sliuiilij 
 be independent or unconuecte<l, or that they or any of tlioiu siiuuhl 
 lake a substantial intorest in the undoilukinji, or that they shmilil 
 have a mind and will of their own, a.s one of the leariicfl jiid;.'i'» 
 seems to think t Kay, L. .J . l, or that there should be anylliiiiL; like i 
 balance of power in ihe conslitulioii of the company . In aluiust cMr* 
 companv that is formed the .statutory numlH.'r is eked out by clerks m 
 frieud.s, who sign their names at the reipiest of the promoter ur 
 promoters, without inteiidinir to take any further part or iiileivst in 
 the matter." And witli reference to the nug^t'siioii licit tin' pro- 
 motion of Ihe coiniiany, with a view to obtaininp; limiteil liability ami 
 to the issue of deli<Mitures, wa,s objcitionable, his Lordship exprissiHl 
 his dissent, and .said that ' Amoiiir the principal reasons which iiidiiw! 
 persons (o form private companies, as is stated very clearly by Mr 
 
U45 
 
 111' a 
 
 iNTRouuciouv Narra. 
 
 I'lliii'T. ill 111- mnili-M'* oil ihf r.iil.ju.1, uio ihii iloniro i" iivoul lli.- 
 
 .k ,,t luiikiu|)lr\ mill till" iiitiva-i>.l facility ulforiU-.l lor lN>rro«iiin 
 
 Z„x-^. l;v in-''iM« ol 11 piivalo ,um|.ui.,v, an Mr. l'iilin.'r oIh-itm-. 
 
 , „,„l,. ,111 I"' carricKi tm wilii limiU>.l liiil.ility. uml will I o\|«.- 
 
 ,„.r il,.- |«.i,'nii^ iiilur«».t»«<l in it. >» il»' t'vout of fttiluro, lo the liai>li 
 
 I'vinimn of 111.- Iiuiikruptiv la«. A comi.iiny, Uj", mn mi"" nioii''> 
 
 .|,.l„.iiiiiif.s whiili nil onliimrN ira'lcr ciimiol ilo. Any iiicihImi 
 
 ,„i|iaii,v UfliliK ill uoinl fiiilli is a* iiiii.li nilillcl lo laUo ami 
 
 |,.,|,t ih.' i(iii|iaiiy M .IpIu'IiIiik', a- any niit.M>l.' ni'.lilui Km'ia 
 
 ,„,,|,i,,r i- riititli''i •'• '-'<■' '«'"• l"'''l ''"■ '"'"' ^t-'riuiiK iIk' Iii« alloH.- 
 
 Iiiiii I" lake ■ 
 
 Til.. Siipn iiic Coiirl of A|p|«'iil h.u* tliu.- Iia|.l>il> roiiiovcl vvlial 
 i!i,,.ii, iir,l lo 1.- .. -I'rioii-* oli-l old to llio formation an' vvorUiiiir ol 
 
 niii.ilr iMiiiiKini«'H. us wull Its a (lanyir lo i',»i-.li:i;; pii\al >iii 
 
 |,;»iiic-. iiihl lias oiKf fo; all ilisposoil of lliu itioii.'oii^ anil iiii- 
 ni.i.ii.al.lc viows onuiuiiiU'fl in the Omrte below. 
 
 Il„i7-/, LimilcU, (l^'M) I <-'li T'J'i. <li''ilt with llii' |.aMiii-nt for /.'. "•«'//. 
 shairs It wa.s a .-ii.Hi' ill whicli it "a-^ Iwl.l tluvl, «h.>rc ii privaU' j^;;^;';",',;,. 
 ,„m|>iinv wilhont any iiiilc|ion<UMit oxi'ciitivo liaii Ip<<oii forni'il to ;, (.nMn..-. 
 ;„.,|„i„. a |.arti(ular l.iisiiios^ on llu- t^Miiis of a -|>c,ili...l a-iw- •J^^^'j'^J^'" -• 
 ninit. 111(1 had ariiniivil tin- suiik- in part ooimidcialion of vjuirfs i,„i, ,„.,„ini» 
 ,i,.,|ii,..l a^ fully paiil up, such sliaios «vi«< to ho troiilcl as fiillv •x""iiv-. 
 {>,ii>l lip airoiiJiii>:ly; proviiU-il. said Lord .Iiislico Lindlcy. "in 
 ihal ra.-.f a liiiiit<'d company ihnw so lioiKwtly and not (•oloiiriild\ . 
 1(11.1 providi'd tliat it has not lM>on ho imposed upon a-s lo ho ontilU'd 
 lu ln' ri'lieviil from itw har^raiii. It appoam to ho -cIllKd bv /'<■//•■< 
 ,ii,<c, :. I'll. 11, ami tho otliors to which I havo rcf.rivd, . . ihiU 
 uKwiiioiils liy limited companies U> pay for properlv or norvic<'s in 
 |iuiil-up sliaits m-u valid and liiiidiiifj; <m tho foiii|ianios and I heir 
 . rcilitui-s. . . . Value pai<l lo the coiiipauy m measured by tin' prico 
 al ttlii.li tlie company airice- to buy what it thinks it worth il.s 
 while to a^ipiire. Wliilut tho Irausaction is unimiwached, tlii< i- 
 liie ouly valu« to bo coiwiiU'rod.' 
 
 Aiid Hii:hv. L. .1.. says .at p. SHi in the same nt^e: I iliiiik 
 that tho scrio-s of authorities cited by Liiidley, Fj. J., be^innin^ 
 with I'i'lls nisc (SCO mijrti. p. Oil. have made it impossible, in sudi 
 iica-e as aliu\o indicated, to iuipiire eilectually into tho value of tho 
 |iii)licrty taken in exchauv!^ for shares whore tlie contract itself is 
 ii'it iiiiiieaclicd. If ihoso aiithoritios are to lio overriileil, that must 
 he iliiiic hv the Mouse of Lords. " 
 
 h\'lix ll,„IU-!/ ii- Co. V. Iludkii I 18'J7i, 77 L. T. l;U lUooilwilll. In ^'''i',J[,"f ■' 
 tlii> rase tlic defendant had cotiverted his business into a private com- One-nwn 
 IKiuy . He hchl the bulk ol Iho .sh-.ires. Lat<T on ho partwl with »omo "*^^f*^J *'• 
 I'i the shares to friends and others, and lie f>Tailually reduced Jiis {j,t,. 
 1 linally only ■JOii sli;ue> stoixl in his namo; tl 
 
 The author's '• I'riviitv CiMiipuiiics," 27tU od., 1912. 
 
 holiliii.' uulil linallvonlv ■JOii sli;ue> stoixl in his namo; the jiiuiuiiiO- '•'""''^"''' 
 
 ■i 
 
 It. »<mp>va 
 
 % 
 
 U^ 
 
 w 
 
!»46 
 
 I'RIVATK COMl'ANIES. 
 
 [Chap. X. 
 
 raeui fell into other hands, and later on the action w:um bini[u|,r 
 a^riiin.sl the clofondiiut clainiiiiir duinage lor excessive prnv jiaid 'm- 
 <r(X)d\vill and repayment ol' sums taken by way of reiiiuiicrutiun. ,,( 
 The action was heard by Byrne, J., and that learned jiid^t- Ijili 
 that as the conversion was lionestly etl'ected there was no iipiindati in 
 for the action, wliich accordiiif^ly lie dismissed with cdsIs. It hi, 
 eiintended that the juice i)aid for tlie ^'oodwill was exccisixr. .iii.| 
 tliat as the vendor stood in a iiduriary jMisitinn Id (1i(> ((iinpa.iv li,. 
 must be lonsideivd as havinjr acleil recklessly and iiniiKiviilcuK 
 in allowing the lomjiany to i)urclia-i' at a pric'o asc<>rtaiiii'(| up h 
 
 the footinj;- of there lieiny^ any value in ^uoilwill; but tiic Icai I 
 
 jiidfre was not satislied that an exicssive price was paiil l.ii ilir 
 goodwill, and observed tliat " <i;ooilwill is a property as to tlic Naluc 
 of which opinions may materially and honestly dill'er. It i< \\,.i!|! 
 mure, if the old mantigcmont is to b(.' kept np. if thi^ old scivani- 
 are to be retained assuminji; that the business has been «ili 
 manaji:ed and well .served -than if the manairenionl is t i be iien 
 and untried men are to bo emi)loyed. Hut it is material to the \j|nc 
 if the uld iuana{i«r and servants retain a substantial iiitcri'^i in iLe 
 concern, and especially if the expenses of the inana^.Tnicin air tu 
 dejjend iii>on the will of the purchaser. It depi'iids upon llie jiiinin' 
 of the l)usiness, the oxpeiuliture already made in advcrtispinem and 
 establishing- the business, the reputation existinjj, ami the piul'a- 
 bilities of the market. It depends upon a hundred cin lllllstalll('^ 
 It is wortti more to one man than to amjther. .\s a mailer id lart. 
 iu tlio piX'sont case. 1 am not .satislied that too laijie a value \\a- |nii 
 upon it." 
 
 llirth. In re, (,l«!)'.»l 1 Q. U. tll2 i^Htfect of vendors baii!viii|ilrM. 
 A trader, who was liable under a judgment for the co-^ts ol an 
 ruptey after action, purported to sell his business to a company, which he lia-l 
 Kale to formed for the purpose, iu consideration of fidly ))aiil-nii sjiaie^ 
 
 ■ompMiiy., y^jjj yc jjij, (ouipany tindcrtakinj: to pay his debts. He wa-; the 
 ehairman, managinfi; director, and se;retary of the compaiiv: lie ci 
 liis nominee held substantially the whole of the shaic^ in il, ,iiid In' 
 liad the ccmiplele lonliol of it. iuclu<linir the power to dr.iw i licijiie^. 
 whi(b iie exercised in hi- own favour. Within tlirt" nionllis cif 
 this transaction u bankruptcy petition was presented auain^i him. 
 •rroiinded on his non-compliance with a bankruptcy notin' in i('^|"'.t 
 of the rost.s in (]uesfioii, and a rci eiviiiir order wa- iiiaijc iipnii it 
 His liabiliti<'s exc<'<'dcd 2,000/ , with assets nil. I'etwcen llie pre- 
 .seiitalioii of the petition and the inakinp; of the order a jcsujiitioii 
 vva-i ])a-s<'d for the voluntary windintf-up of the companv. and a 
 li(|uiiiator was appointed. Upon a motion by the trustee in liaiik- 
 iiij)tiy against the liquidator impeaching the validity of the transfer 
 of the business, the Court of .Appeal, reversinir Wri'jht, J . licM 
 that iIk' transfer was fraudulent and an act of baiikrii|itr\ ; llial 
 the title <•( the trustee to the liiiMiiess related back to the dale oi the 
 
 HirU. l>, 
 VendorVs 
 early bank- 
 
iNTKOUucroHY xorh:s. 
 
 ti.iii-lii .iii'l 'ivt.'iioilc the cliiiiu-* of tlio citMlitois of tlie loiiiiiaiiy in 
 tin \vinclliif;-iiii; iiiul lliat tlic liciniiluluf was lioiiiid In hand ovor to 
 ill,- liii~li'- ill" assols i'C[(i('M'iiliiiy: llio hiisiiioss at tlic tiiiio of iIk' 
 iraii-lci . 
 
 |,in,ll.\. 1, .1 .at !>. (i;J(». said: — 
 
 ■ \../, „/ii,.'.» ."M- lias ilci-iclcd a jrrrat ileal, anil | plr liavr mil licrii -low ti. 
 
 lakr :id\unta)it' of it: it lian ili'iidcil that a iiini|iaii_v I'lm l»' livitiinati'ly furiiii'il 
 uiiilir the Ciimpanit's Aits by mii' pirsiiii, ur one or twii imtsoiis, with all tin- 
 r,'-i uii'ii 111 >lraw. and that tlnrc is at jinwiit im iiiaihiii.'ry rxrrpt wimliii^'-up 
 1,1- Mliiili it lan he i-xtiniruishfil, . . . lint tlif iiir-ti.in was ih'MT nii-'i'il tin it 
 vvliitliiT Ih' inilitui-s iif a soil- trailer wlii> hail i iiivn-teil hiiii-elf int.. a iiuii- 
 iiaiiV. I'liil fraiislVrreil all his assits to the riiiii|iany. imilil iint iiiipeaih the 
 ii,i.isutiiiii either as a fraiiil iipim the ireilitnrs iiniler the Statute of ICIi/.alieth, 
 ,ir ui iiii ail iif huiikniptiy under the liaiiliriiptey Ait. lNH;i. . . . '\\i i-eaih 
 Itlie traliiaitiiin miller the Statute of Kli/aheth | it must be sliiiwii that the sale 
 iva- lit' the whole, or suhstaiitially the whole, iit' | the veiidiir's| property; anil it 
 mi;-t lir >h"»ii that the lompany hail notiee that he was eheatini- his ereilitors." 
 Hut Mit, 4. suh-seet. 1 {h) of the liankruptey .\it, IMSa. "extends the Statute 
 if Kliz.iiieth enormously, heeause here the Court has not to eonsider whether the 
 -rr-eii wli" takes the property knows anythini,' ahoul the fraud, nor whether 
 iliitt wliirli i- transferred is the whole, or Mihstantially the whole, of the ilehlor's 
 iini|iiTly. It has to eonsider the ilehtor and what he has ilime: anil if he lia.s 
 iiui!" :i ininilulent lonveyanee, tjift, delivery, or transfer if his jiroperty, or any 
 part tlieri'i.f, he has eiimniitt<'d an aet of liankruptey. ... So far as llirth 
 was leiiiirtieil, he had reeourse to this seUenie to defeat the people who were 
 -uiiii: hini. and who ultimately u'lit an order a;_'ainst him for more i osts than he 
 luulil pay. ... I in^' been adjudiiated bankrupt upon it petition wliiili was 
 lircieiiti'il 101 .May 1-, ISUt*, his liankruptey relates haek to the transaetiiin of 
 .March 7, IH!tH, if that was, as it elearly was, a fraudulent eonveyanee | to thu 
 umiiariyl within the nieinini; of the 4th seetion of the liankrujitiy .\it of 
 ISKo. . . . Supposinj; that this eonip.iny were an onlinary person, the title nf 
 thetru>ti'i would, in my opinion, be perfeetly plain. What ell'eet has the wind- 
 IiijI-iili ef the iiimpany'/ It appears to nie that it really has none at all." 
 
 'flic Lssciieo of tills ease is tliat the tiaiislVr of tho busiuuss lo the 
 iiinpaiiy was a fraud on the voiidoi's cfcilitors. and so an art uf 
 liankiiipli V. Till' rii^hts of Iho eom|iany in sinh a ease ato ciin- 
 
 mi 
 
 ■Mileie. 
 
 IM 
 
 He Slnboiliiif^I:;/. p. 'JIH. inlra : ;inil sot' In <c (■o!tll)iiiii; 
 
 I'.i iKirti Silri'r.stoin'. i 111112 1 1 K. 1>. .'!Kt. p. 'J')l, iiifrii. 
 
 Ill /r Elii. Ex parlr The Trustee- i I'.MKh, 1« W. K. (i'.t;!, (A In ;/„, /„ 
 
 ■/•/„■ yvi. 
 
 10.^0 lino, Kly, i ouv-oiteil his business into a loinp.iny. Subsc 
 
 /."»■ fi/trli-. 
 
 '|uenlly he bocaino bankrupt, and tiio .sale to the loinpany was hot '|.-,..„„ii,i,.m 
 isiile on the i:roiin<l that tho .same was a fi:uiiliileiil roiiveyann* sule to nmi- 
 iiuiicr sci t . 4, Mub-sect. 1 (bl, of tlio Hanknipliy Act, IKS;!, and o7ve,,',i,',r'«' 
 llio eiiMi|iuiiy :ind tlie diixsctjjrs wore ordered to aicounl ; but the liankruptey. 
 'oint of .Vppeal liehl tliat tho judi^rnient airaiiisl the directors coiilil „f ,i'',.,., hirs " 
 ii"l Im,' Mipponeii. Till! eompany," said Cntlins, 1,. .1., has Intcii 
 airyine- dm a business which bchinsed to tlio tiiistee which was 
 
 1^ 
 
 i m 
 
 :! p 
 
948 
 
 I'RIVATK COMPAMEt*. 
 
 [ClIAP. X. 
 
 .mkruptoy. 
 
 not tlieir uwu ixi all. Tliul beiiij; so, tlio trustee is at lilH,'ii\ in .^n 
 'I am ill a position to sue iu tort, of, in tlie alteiiiatuo. tci call vuu 
 to at'couiil till' tin- proctHjds as luuaoy had to my use. it ho cliiwe 
 to i)ioi'eo<i ill tint till- facts would justity judgment against tlio i-iim- 
 paiiv and iis diieiiors alike. If he chos« to piociH'd liv wav nf 
 account, doaliiifrs which withoul his consent would he unlawful arc 
 mil unlawful now. Ho has cho.'^'n to proceed by the latter (i,iir-c 
 hut at this point aKother fact is introduced iiuo tiie di.scn^sinn li 
 is admitted that the directors has'e paid over everytliiu<.' that ila-v 
 have reiKjived. To a'^k them to account for this now would be inc.iii- 
 sistoiit wilh the aliernalive thai the trustee ha-^ adupied; the \v.n 
 states of thinifs caiinol ro-v- -t." 
 
 sinUKiinakii. He Slubudiiiskii. I'll iKtrlr Miiiiii-. {HWi\ 2 K. li .")I7 In tlii- 
 
 Jli, Moorf, ,.u^,g >,^ .^^.jiQ ^^,j.^ .,n iimolveiit trader, through the ageiic\ of X . 
 (Another '" December. 1!M)2. sold and fraii-^t'eired his business and buMk (lcl)i>, 
 
 .-ale on eve lit the business of M. (which he liad contracted to purchase i. and sioik 
 bought on credit and not in the ordiuiry course of business, tn a 
 company wliieh he promoted for that purpose. The j)urchase-in(iiic\ 
 (;!.'), .ia'j;.) was paid, as to 4(10/. in cash, as to lO.OtHI/. in loi) delicii- 
 tures of 10(1?. each, and as to the balance in fully paid shaics. The 
 dobontui'es, at the recjuest of X.. were issued as follow^: .,cvcn in 
 B., fifteen to Z.. thirty to N., thirty to M., and eighteen lo .S. The 
 fully paid shares were allottetl to vS.. who iiad been apiiointed diair- 
 maii of directors. The delientiires issued to N. were the reiniiueiu- 
 tion for his services to S. in the matter, and H. and 'A. uei-c cusli 
 <'reditors of S. The first acting <liix'ctors of the company and X 
 wore the luere instriimenls uf S. iu carrying through this traiisacliou. 
 which divesteil S. of substantially all his property, uua lefi hiiii 
 with trade creditors to a large amount and .some cash creditois lotaiii 
 unprovide<l for. M.'s busines' was genuine: he acted in godd failh 
 and without notice of any fraud, and accepted the 400/. in lash ami 
 his debentures iu payment for his business. There were some hom'i 
 tide- sharehoUlers of the com))aiiy. Within throe moiilhs S. wa- 
 adjudicated baiikiiipl, and Wright, J., held (li that ihe Iraiisfei el 
 .■^.'s pro|iorly to the cmiipany was fraudulent and an act of bauk- 
 ru|itcy within sub-se( t . 1 dn of >fi{. i of the Dankruplcy Ai!. lHS:i: 
 dial tho company had notice of the fraud; and that under ,-^i" ts I:; 
 and 4i of the Act the tnisteo in bankruptcy, as against the roiiiiian\. 
 was <'nlitled to the proiierly of S.; (^2 i that X. was a party to ihc 
 fraud, and that his delienlures were not u charge upon the iiioporiy 
 of S. iu the hands of the trustee: but (^Jl ) that M. was pr(ilect"J by 
 sod. 4'.t of the Act. and that his debentures were a <liarge upon the 
 property of S. in the hands of the trustee so far as the assets of tiic 
 compauy might prove insuHicient to satisfy the same. The jioiul 
 in this case was tha! the cmupany, having notice that liie iiaiislci 
 wa-s fraut' ileiit. could not claim to have it treated as a |ii-,ilecle'l 
 
l.NTKODIK'IOKY NOTKS. 
 
 ,; ,„ ■ uiidcr s<>(t. 4!t of the Ad . Soo also Whcntk'.ifx Tru-'^lee 
 
 949 
 
 
 lir .1 
 
 lunutii' 
 
 /,' , \V. N. (l«i»i'i -•••■'■ 'l*^i"li "i"'' ''"■ ">ii\<'"'-""" 
 |„iMMObs, In tJiis case it was held lluil llicir is no 
 
 "f a A', 1. II., 
 
 jurisihc- "l"n'"i'^- 
 r, ,Mi-....«- . — — ■ Vendor. 
 
 ,;,„. ,„„|,., .soot. 117 of Uio Lunacy A<t, 18'J'J, lo sanction tlu- salo ol 
 ,l|^. ,„„,,oitv of a liinatii' or poison of unsomiu niiud in .-..Msicloiaiioii 
 „, ,1, „.- in' a .umpanv. He Chm/lor. W. N. I 1900 li>.V 
 
 In liii 
 
 «,!> iiii|i.MrliiHi. The inipoaclii 
 
 lOMiliiiicii. witli a view to ens 
 
 ,;,„/..„/• Tn.ste,. V. Slr,-l liro... .K o . Lid., .H.un 1 (.'li. 27!., ^;;;V;;;;;^-; 
 .i,-c the validity of a provision lor coininilsoiy ritiifiiitiat si.rl lin.<. 
 • h; had liei'ii adopted hv special {V:iliility of 
 H„ ,ho oidinaiy shaieholder« ^J^jJ^y 
 ,4,0111(1 IK' actively engaged i.' ' miiess eithei' as inana-r.'is or ,,rovi«ion.) 
 
 ,,,-i,i,iiils. The article enipowe. , .no directors to .ompel any pei,snu 
 liolihiii; sliiii«» "li" ""^ """ t''>K"K'''l '" "'•■ "'''•"•'fi'i'ii"i'< »o '**''• ""*' 
 UMiislci 10 a pers.jn so eiioaged at, the fair value not exc.-eding )iar, 
 tu he a.s.crtaiiied as therein ineiiiioned. The i.Iaintilf. as trnste,. in 
 luiikiiiiu.y of a shareholder, li<>canie entitled to certain ordinarx 
 shares aiul was served with the reciuisito notice to sell at ])ai . T'lie 
 par value, calculated accorilino- lo the articles, would be about 8,ti.-.(l/., 
 whcicas the real value, as tlie ijlaintilV allege.1, would be about 
 :i+.(l(il)/. The ])laiiitifl - the trustee- claimed an injunction to restrain 
 the coiiipanv from enfnrrin-j: the transfer, and relied priiicipallv on 
 three (,lijections: first, that the provisions of the articles were le- 
 IHiuiKinl to the legal conception of the nature of per.sonal property, 
 aii.l weic conse<|uently invalid; secondly, that the provisions were 
 invalid as transgressing the rule against perpetuity: and. thirdly, on 
 the ground that the articles coastitutetl a fraud ui)on tlie bankruptcy 
 lawrbnl Farwell. J., in a luniinou.s judgment, disposed ot all these 
 olijociioiis. As to the two first objections, the learned judge con- 
 Akmi that they involved an attempt to apply to company law a 
 iniifiple which is wholly inapplicable thereto. 
 
 ■ It i« til.' Hrit time that any suggestion has been miute, ami it rests, 1 thii)l(, 
 on :i miseonecptioii of what a share in a comi., ..y really is. ,\ share aeeordinp 
 t(. the plaintiff's argument is a sum of money whieli is <lenlt with in a particular 
 manner Iv wJKit are ealhxl, for the purpose of argument, .'xeeutory limitations. 
 To mv niin.1 it is nothing of the sort. .\ share is the int.'ii-st of a sharehol.ler in 
 llie ri,ni|,;iny nieasiiiod by a sum of money for the purpose of lial)»lity in the 
 tir«t plaee. and of interest in tho second, but als.> consisting of a series of mutual 
 .lA.nanl. entoHKl into by all the shareholders iiiU;- ,.« in ueeordanee with 
 *wt. Iti "f the fompanies .\et. 1862. The (^.mtraet contained in th.- articles of 
 .w<.«iati..ii is one of the original incidents of the slian-. .\, share is not a sum 
 of money ^ettlcl in the way suggested, but it is an interest lucasured by a sum 
 of nion."v made up of various rights contained in tho contract, including the, 
 riKl,!. I.,'.i ,.iim of money of a lurc of k-rs amount Th.at view seems to me 
 to he supporte<l bv the authority of Xeiv T.oiiil'in ii„d lii;-ui:„„ ll„iik v. 
 K //,/,„„/, 21 (".1). 302. . . . Then it is said that is contrary to the ruh- 
 
950 
 
 ruivATE cnMrANn><. 
 
 "<"ii\i'. X. 
 
 aRiiir.st porpphiity. Ndw, in my opiiiiiin, tin- rulo iiiruiiiHt iuMpotniiv hi, »,. 
 .ip|ili(Mtii>ii wImtc'viT to |»T*inul ciintract*. If nutliority in ncii'i^iirv fur liiit 
 the insr lit' ll')llrnii V. I'diir, C'liallis. 2ml cd. 401, i< a dircit aiitliDrity ul Ih. 
 House ot' l^ird'^, ami to my niiiid an evi'ii wtroniriT ran*- i-* that nl' //../,/. ^ 
 
 .Srr,ri,i,i, nl Sliilv Inr I ,i,l •„ , 10 If. (,. C. 3li7 I liavi- salil il,;ii il,,.,, 
 
 articlrs arc icotliinc niiirc or Ic^n than a fHT-ional contrail lictwi'i'ii Mr. Ilnrl.iml 
 and thi' other shiireholder-i in the eoin|>any unilcr the llith section ot' tin (du, 
 [lanies Act. lSt)2. Mr. Horiand was one of the ori^'inal .shareholders, ami he ami 
 his trustee in hankriiptcy are hound liy his own contract. I do not kimu tlmt I 
 am concerned to consider tin' case of other shareholders who etane iti ;iftei\\arii, 
 but if I am. the answer, so far as they are concerned is. that each uf tlicni in 
 coming in cMs-ntes a rfleed .)f transfer which, in the terms in which it i.s*vi.,ii',.,j 
 makes him liable to all the provisions of the orijfinul articles. \lr. Ilnrlnail 
 cannot lip heard to say there is any rcpui;nancy or perpetuity in the .ihciiimh 
 he has entered into, and his trustee in bankruptcy stands in no better |iii.jti.iM ' 
 
 A.S Ul llic iliiid nil jcciidii. ilic IiMiiied jii(lo<- tniiinl. ii.s a i.ki, ih.it 
 llii' tirtif'lo.-i wcie iiiailo botin Jhh'. ami ciin.stitiilcil a laii aoreeiHciii 
 for the piirpii.so of the Imsino.s.'i of tlio ((imiiany; and tlial \\n'\ wet. 
 not obnoxi'iii.s to the l)aiikiii|)t< v laws, ot a fiaiul llioicmt 
 
 The ^'alidity of the>e special transfer clauses was also upheld in Iff.f,'. ... ..r 
 
 l,,1«,iil V. J>i,»,-'iii. (KIOI) -1 Ir. Kop. K. li. !». <i44. 
 
 lie Miinii'dii. Mtiili-iuii V. Mm I /"(III. I'.tOl ) 1 Cli. 701. In lliat lasc 
 it wu.s jiiujiii.st'd tlial llif cxiMntor.s ol one Mui'i'i.smi, dccL'a.sed, .sliiiiiM 
 lOiiLur witli llic ollici- paniit'r.s of tin- dtn-oastMl in ( iiiivi-iliiio mto a 
 liiiiitod tonijiiiuy a Im.sinoss in which tlie <l('eua.-('d «a> iiiti'icsie,! as a 
 puituer. It wa.s projiosod tliat the jtartni'is aud tlic ifxi'ciiinis of iln 
 doecascd partiirr .sihoiild icii'ivt' .sluiie.-> and dolioiuuio .•stock in .sali^- 
 fuiliou of llioir inloicsl.s. Tlic will did not contain aii\ .s|ierial 
 powoi . The I'.M'riilor.s ii[>j)liiHl U> tiic ( oun lo .sanction the iioic<>ineiii. 
 and foi lilioily to lake the shaio.s and delionliiro .st<xk. Tiicv joferred 
 to liio ,s(-v('iitli cdilion of this work and liu' varioii.s casos tjierem 
 rt'lcricil to ill wliii li thcCiuivl had o.xcici.sod juri.sdieti<in: hiii. snaiiuc 
 lo .say. Hui kicy. .1.. hold that llio Court had no jurisdiction, and thai 
 allhouyh ordcr.s on the footino that there was jurisdiction hail no 
 donlil lici'ii made from liiiic to time, tlicv were to lie i (in.sidered 
 '■ liciicMiipnt ordors," in other words, that a jurisdiction «liiili had. 
 undoiiliK'dly. lioiMi <'.\oii isod in hundreds of cases hy ihe ino~l •niiiient 
 judires wa.s jioii-oxistont. This was indoud a startiiiio- coiicliisjoii 
 See. howover. the nc.\t followiiio case, in which tliis iintoiiiiiiatf 
 docisioii wa~ distiiiiruished. if not in (>llect overrnleil 
 
 ftt X'v. Itr .\i'ir: He Lfo vt^r.s : !{<• Murlci/. i I'.Mtl i 2 Cii. -lol 1" diis la-e 
 
 UcciinMiuc- .shurtfs ii: a limited company had been »ellled. ilie coiii|i,iii\ h.iii 
 
 Sanction of P'oved a fjieat success, aud the Nhuros were at a preniiiiiii of iicnc 
 
 Court a- to than KM) perionl. Il was propo.sed to leconslrinl the i oiiipau\ . oel 
 
 .V'irr'twi). 
 Couveniion 
 bv CTis-ntofs. 
 
INTKOUIJCTOKY NOTF». 
 
 9A1 
 
 
 ,„ „,„, ,„ th.- .-harol.ol,l..r.s U.-ol^ I.hm,.um>.1 holdiMu^. partly in ^;'«^^;';[^.„ 
 
 ,l,,l,',,iuii!' si(« k. purlly in piolerenco slmios. and pailly iii <ir.lmaiv ,.^n,.un^nij.- 
 
 ,1, ,'„-■ I'lit ihP will (11(1 not, contiiin th.< in,iiisite powpr. Tlio iih.sUm'.-^ 
 
 i^„ ili,.M'tllt'nif-Mt applioil t.. tho Court loi- .-anction and (on.'Uiii'nic in 
 
 ','l„. HHoiu-lracticni; hut. t'oaMis-Hardy. .1 .. in rclian((> (M1 tho .h-. isi.m 
 
 ,„ \lniris<,ii. almvc rolViTcd to, declined tn sanction the simc, h.)ldiii': 
 
 ,|,„ the Court had no jurisdiction. TliP Ciiso. howpvcr, was carried 
 
 ,,,ilicCi.iiil of Appeal, and the(h'(ision was reversed, and, indirectlN 
 
 ,1„. views exinr.-sed hy Buckley, J., in M„nisnn weic dissented Iron, 
 
 •|h,. ;,„li.'n,ent oi the Court was deli\ere,l hy I.<m<1 .1 nsM.e Konier.and 
 
 u,i- ill tiic lerins followin<r; — 
 
 \. ;i rule, the ('"urt ha.-' no jiirL^diition In g\\>: ami will iii)t trivo. Its >aiH - 
 , „„ „. the i.crfnrmancc by tho tr.Htc-cs of acts with rct^cicncc to the trii'^t . -.latc 
 „!,:,!, .are ii"t. on tho fan- of the instrument .reat.in- the tru-^t, authori/..-(l l>y 
 ,,, „>niw. The raises of r«»-../,,/y (til) l>. "I". 537;. ih'ci.led liy North. .!., ami 
 ^l ,„„ (ici'ded hy -Mr. Justice IJuckley, arc instances where the Couit wa^ 
 ,.k!a to ■s.nctioi. 8te|'« to he taken hy trustees whi.d. it thouirht nnjuslilial.lc 
 „i,l which it declared it had no jurisdiction to authorize. lUit in the man.isic- 
 „„.,it .it a trust estate, and especially where that estatv consists of a liusincs- 
 „■ shares in a mercantih' company, it md infrcpiently happens that .me- 
 |,(Huliar state of circumstances arises for which provision is not expressly mail. 
 |,y il,e tru.st instrument, and which renders it m.ist desirable, and it may he even 
 ..^..Mtial. I'or the hencHt of the estate, and in the interest of all tic , ■,'-'.'/■- 7/'. 
 ■ ,'. thiit eert^iin arts .should he done by the trustees which, in ..rdinary cir- 
 , ,im-tanccs. th.y would have no power to do. In a case of this kind, whi.h may 
 ,r,i-nnalily hi- supposed to be one not foreseen or anticipated by the author of 
 ihitru.t.where the trustees are embarrassed by the emer(;pncy that has arisen. 
 „„l the duty cast upon them to do who .s best for the estate, and the consoni 
 .tali the herietieiaries cannot be obtaincKl l)y reason of some of thcni not heinc 
 ,„,,,.. nr in existeme, then it may ho riplit for th(! Court, and the ('(mrt in 
 , |,i-..,„.r caM' would have jurisdiction, to sanction, on behalf of all concerned. 
 •lu-ii ait- .'ii I'chalf of the trustees as we have aUive referred to. liy way neiclv 
 „r illusliaiion, wp may take the cas.- where a testator has declared that sou..- 
 pn.ji.Tty of his shall be sold at a particular time aftoi his death; and tlien. 
 .mill- til unforeseen cham^'O of circumstances sine.- the testator's death, when 
 \'.- !u,ie for sale arrives it is fouml that to .sell at that precise time would be 
 ruini.ii. to the estate, and that it i^- necessary or ritrht to postpone the sale for 
 a -li.irt time in order to otfeet a proper sale: in such a ease the Court woul.l 
 liine jurisdiction, and would author .•.. the trustws to postpon.' the sale for a 
 ivisiinahle time. It is a matter of . ■.mmon km)wled)re that the jurisdiction wc 
 iiioe Imn referring to, which is only part of the pfpneral administrative juris- 
 iliitiiiii of the Court, has been constantly exercised, chiefly in Chambers. Of 
 
 ...iirse. the jurisdiction is one to be exercisp<f with j;reat cauti and the Court 
 
 »ill take care not to strain its iH.wers. It is impossible, and no attempt ouffht. 
 til be mailc. to state nr define all the circumstances under which, or the extent to 
 Mliiih. theCiiurt will exercise the jurisdiction; but it need scarcrly be said that 
 liie Court will not he justified in sanetioninir every act desired by trustees and 
 111- hciieticiaries merely because! it may appear beneficial to the estate; and 
 nitainly the Court will not be dis]M)Scd to sanction transactions of a spi'culative 
 ir risky cliaricter. Hut e:tch case hrought before the Court must be lonsidcnd 
 ami dealt with necordinfr to its special circumstances. .Vs a rule, these circum- 
 -lames are better investigated and dealt with in Chamliers. Very often they 
 
 •5 
 I 
 
 V 
 
ur,2 
 
 PRIVATK COMPANIES. 
 
 [I'liAl'. X. 
 
 If'r 
 lis* 
 
 -'V 
 
 iiiMilM! mutters of u doliiato anil |iri\iif<' imturc. the publiration i>r wlub ;. „„( 
 r<',|iilsiti' nil liny jjmimI );ruiin<l, iind nii(rlit lausi' jrrrat injury tn tin' tru-i . -i.ni 
 " Witli iIu'sc (jencral observations we pass to tlip easi-i now lifl.in- u- lii, 
 eiri iiiii^taiiees ami the evidence have lieeii eonsidered liy us. \\i- do nut tijiiik It 
 is neicssary to refer to them in detail. W'r nei'd only say that tle'y vhu- i.i i, 
 Iirosperoiis liniit'd eompany whose shares are fully paid up, and t[> a fciiiiliii.ni 
 of affairs that has arisen wliieli iiiakiv it di'^irahle in the intere<t< of f'\.. -li.,:, . 
 holders that l>y their consent the loiupaiiy should be reconstituted by the ...m. 
 )iany heiiif; wound up and a new company t'ornicd to take over its as-ict.. I'lic 
 new lonipauy is to be like the old company, except tnat the cajiit il i< laru-.r 
 and that the ni'W eompany will have power to issue debentures. The shan-- m 
 the idd company will be represented by fully paid-up shares and (hhcntiiii- in 
 the new eoiiijiany. I'^very shareholder who is sr/i fitrin af?rees to the sfleiiir. imt 
 some shiircs are held by trustees who wish the sanction of the Cfnirt !■ iln j- 
 :i-sciitiiii: on behalf of benetieiaries m.t .«"/ /»/i.« or not in existeiic. thi' "'Im- 
 bencKciaries uiireeim.'. We understand that Mr. .Justice Cozen- llanlv \v;i, 
 himself satisKed that the I'ourse proposiil in be adopted by the triHtcr- «,,, 
 • MIC which, if it could be, should be sanctioned by the Court. We think, hinl'i- 
 the circumstances of the ease, that the Court has jurisdiction to saip tim,. rml 
 oiifrht to sani-tiun, the propo.sed acts of the trustee-i. But the eviilcie i- -Ic iM 
 be supplcmeiit^Hl so as to make clearer llie points nr^cd in the roiir... j.f tli.> 
 iirurnmeiit before us as to the importaner- of tiirthnr capital beiic,' pn.\i.|..l i.\ 
 the proposed recoiistniclioii of the loinpany, the issue of debentures by the m « 
 company, and the difficulties that will arise if the trustee.; jire obliijej tn -t;iii(l 
 aloof and to take no part in any nnonstruction. Then, in the ca>c. \\\\,,v tljc 
 triistDe« arc not by the terms of the trust instrument authorized to iimst in tin 
 shares or d»'bentiircs of such a company as the proposed new coiiip.iiiy. lii.y 
 must undertake to apjdy to the Court for leave to further retain the sh.ocs 
 .and debentures they will obtain under the scheme of reconstruction if ilin 
 desire to retain them beyond one ye:ir fr<>iii the time the recoii>triicti"n is 
 carried out." 
 
 Affordiiigh' tlio Cuiui levt'r.iod the order in the Coiirl IioIhh .umI 
 NinctioiKHl tlie agreoinent. In Re Tolleni'i-clie. (1903) 1 Cii, HiV 
 Cnzoii.s-Hurdy, L. J., cuusidcrcd the above ca.so llio iiiirli-nalcr iiiaik 
 of the I'xcrci.so liy the C'oiiit of its oxtijioniiiKuy jiitisdictii.n m 
 iclatioii Id tru.sU. 
 
 .S.iiiil, v. He Smith. Smith v. Lewis, (,1902) 2 t'li. (iG7. In tliis case tin' 
 
 ■""■■ H'.stiitor lield fullv paid-nn ordinary nhares in a ioiii[iaiiv which h.el 
 
 (Trustees con - . '^ " i. i ■ -n .i . ". . .i 
 
 eurringina "o pi'wor to i.ssuo profcreneo sharc.s. Hy Iih will llie k;--ta!or .liiilc- 
 
 recouHtrue- yiy,. tru.stoc to retain any part of his estate in it.s piesoiit loiui ■.! 
 
 tlOll.) » . , ,111 
 
 iiivisiiiiciii. Atlcr the testators dualli Iho company wa- i i- 
 
 slrmtod, and each siiaivholder was <riven i'ully paid-up picleieiice 
 wharos and lidly paid-u]> ordinary sliaics. The trustees acccpleii iln' 
 .shares allotlod to them in resjiecf of their shares in the old rMiiipaiiv 
 The iin'IV'ionee Kliaies wore within the terms of the invesiiiieii; i Im-e 
 ill (hi; vvi!!, and the quostiou was -v-hetlier flit' trustees li:i:! jciv.ei' !■.■ 
 relaiii tlio ordinary shares in tlie new company. It was held l>v 
 Buckley. J ., that the ordinary shares in the now company came w illiiii 
 the wonJK "in ihs present form of investment," and that tii(^ tni^iecs 
 
INTKODIICIOHY NOTES. 
 
 !>o:t 
 
 tluMU 
 
 •The now shaios,' .>iiiil \\U l.oni- 
 
 -:;: '":;;:;:;:;:':;;;:;::.;■;;.:;....> ... ...at... i.... ..... ..... -o..>.- 
 
 -'",,„,, „„.or nuso... Tl... .haros i,. ,l.e ucw ......,.-.> >vs„ .,-< 
 
 "' ,,„..^ i.. th- oM r.„n,.a.n- without any uH o,> .ho pa., m 
 
 T'"; ' ;: : , ^Jv L.a..so .hoy held .ho .o..a,o.s ...a.-. 'I'o .ct 
 
 " : .,:.. ,h v'^ouM hav- ha,l a,..ivoly U, .1.. s,„n....M.,^. ..a,.... v. 
 
 '" , .Ium'^oc.. 1«1. Th.- tr..s.eos, .h.M.-.oro. hav. ...>. ...ado 
 
 ::::,: :..n;;'no... ha,.... t. ..o...... ..,.,......,.. a.... .o 
 
 ,;, ,1,.. ,„v...s.,u.-.i. «l.i.hth.'iito.stalorha.l 
 
 /;,„»„,./ v.. S„...a«'ja),G«l.. T. >s.>... Th.. ...Ma.or ... /; 
 
 . I V. 
 
 ,.;,,„ l.o,,.oa.h..d his lmMa..-s a,..! .1 oU .h...v.,i .. 1 .> < h > -^ ,. ,,.^.,,„ 
 
 „ ,,„.li.iou that (..<-v ,.ai.l ...s uit.' .I""..^- ^^.....^v...)...l a.i ),„„„,„,„. 
 
 •inmiit\; ami .1.0 »i" 1"""".^"' ■ • i- i, :, »■> -'inrv mil 
 
 , ,; „u .he said l.usi..oss. tho ...os...a^o or .a.....y ... «h..l. t 
 
 , ,„,i,„l „„ should fall i..to a...l for..i i-art of h.s .os.dua.y o-.al.v 
 ; „,' ..... U.s,a..as d..all. ....o of the .o... rotirod, a...l asM^.od 
 
 , ' ,n,..n.M ... ..is ...o.hev.s. Sul.so,iuo,..ly tho t«o co.........mm sons 
 
 '' „ ;;„„i „.e husi..css into a cn..,.a...v a...l l...ca...o tho ...a.,a,..>, 
 ,„,„,.„> ...oroof for lifo, a..d all tho sharo. woro .ssuod to tho s^o..- 
 
 , „,,i, „,„„;„..os. hut ,so...o dolK....tu.os uoro i.ss...-.l to outsidors. 11... 
 
 ' .,iou a.oso whothov tho fa.torv ha.l o. had ..ot ... tho c......... 
 
 t.,:rtalIon ...to tho ..siduo. It .as hold hy Nor.h. .... that the 
 
 „„,„„..,. had .alio., iu.o ...o rosi.luo: that tho =vsM.„n..,.o..t by ho 
 L .so,, to tho othor .«o did ..ol i..volvo a oo..s.„n; to cany o>. ..> 
 busi..o.s, hu. ...at tho >ussigu...ou. to tho .■o,ni.a..y ...d so. the 
 
 „„„Mi.,., ■ said his l.or.l.sl.il,, 'is whothor. ....dor tho.o o...o.....sta..cos. 
 
 ,1,.. .„.s huvo oo,use.l to carry ou tho busiuoss. I tJ.iuk tl.oy l.avo. 
 ■ri„.v havo sohl tho busiucss, an.l tho a-.w...o..t was that tl.o 
 „„„,,„„ „,,,. ,o i,...vl,a,so it a..d .arry o,. tho busiues- as tho.r 
 
 -.lUCI'S.-Ol - 
 
 ;/„. <:a,nl,U oud (uuntks lia„k v. The (ioccruor and Com,mny r,,^,^-/..W 
 „, Uu: vlk 0/ Kn;tand (188..,. .il L. T- ..l.i. L. .l.>.^ ^-^ ^ co...- '-;«-■ 
 i,„u ..,i..-i..ally ior...od an.l ro-is.o.od ;i.s a oo...u..hi law partnorsliip ;,„^,,„„rf. 
 Lu.; r t...o. t. had <r.>..o thro,.^h ^.oat ..ha..t,o« -i..oroa.od .U, (Co^~, 
 .,i,,i,al o„o.M,o,.slv, ol.a,.-od its ..a.i.o ......o tha.i o.ioo, bo.-o.no a b<,.l> 
 
 o„n,n,aio bv iv^a«tratiou u..dor Part Vli. ..f tho (■on.i.a,..os .\,t. 
 Ih,;:; an.l ..ono tho Io.sh clai...«Kl pay.non. of an a..n.ial co.npos.t.on 
 uu.!..,- soc. -J;.. ..f tho 15a..k CharU-r Act. 1814, payable by the dofon- 
 
 dai.',.- ... tho Ilan,l.^bi.■.. lianki„;j. (■....ipa.iv. It was hold that, hav.nfr 
 
 r,...anl to soc. . It..! ..f tho Co.npauio.s A<;t, 18.;2. th ■ .■oinpany ha.l not 
 lu,r, „,< i.lont.tv, and. uot wilhstandin}.- all i..s tra..sfor.nati.Hi.s a.,.1 
 , iKii,.,. of ..a„,e, it still was iu law the sue(,*s,or of tho original bank, 
 aua ii,..,oloie conlluuod entitled to the e-3liipo*=ili".i- 
 I'rvsadl. DwmUile. Cave, Tw,wdl <C Co. v. Bank of Eivjlaml. 
 
 IW.;il 1 If H. ;t.-.l. This ca.so is to bo di.sti.i<fUishoil t.o... the pro- 
 
 r 1 
 
 1 
 
 1 .^ ^ -i 
 
 
 i^H^" ' / 
 
 riU!2t"^''WitTm-mB 
 
!*54 
 
 PKIVATK COMPANII-». 
 
 <'llAr. X. 
 
 (fotdbii t-g . 
 Kf parff 
 Silvei-ittinf . 
 
 Giimpany 
 frnnd.) 
 
 />ar/ij/. 
 A> jMirft 
 Itnin'th'ii 
 
 oetlinp casM'. K.iur liniiK of Imiikors hy uu'iwMiieiil traiislciicl Uhi, 
 iiuHint'Ns to u new coinpuny. Tlmt oriin|miiy rlitiiiiivl pnvniciil ..| 
 tho coiiipositionN due t<p tlu> cuiistitiitinp firniH, liiit i( was |||.|.| tl,.,! 
 I ho eonipociitions wascd to Ix- payulilo wlion siirli (lini- nMs,.,| i,, 
 curry on busiiM-ss. and tlmt, in Hclliiijj thoir hii-incssi.s („ ii„, ,„,„ 
 coinpanv. tht>\- had in lad rciiHOil to aiiry on thoir hu^iiicsscs 
 
 In rr (iuldhuin. Ih imilr Silc-i.tloin', (l\>\-2\ I K . 11. .!Si. i,, t|,j, 
 case ttn insolvoul trudor rogislorod a private ooinpauv calhvl l{i|;, 
 Limited,' with a caijitjil ol 2,00(1/., dividod into .sliari'> i,f |/, ,.|„.|| 
 It was |>r(uli(aily ii ouo-uian conipuny. Tho trador a.s>i;,'iic(| hi, 
 business to tlio company lor shares and debonturos, and indiKwl .1 
 bond fidr niorttjaj.'-oo of his business, who was no party U> tlin Idiiim- 
 tion of tho (Hiiiipany. to a(^<opt some of the dol«'n(uit>s in Mdistiiu- 
 tion for his niorti;airi'. Slu.rtly afterwards tho trailer lioiann' Imrik- 
 rupt, and his assip;nnicnt to tho company wiis -ot aside a^ liaihluli'm 
 under 13 Eliz. c. ."1. and as an act of bankruptcy under .•.ul)-M'ct. 
 
 (1; (hi of sect. 4 of the Bankruptcy Act. ISK.'!. Tho ( pany,- 
 
 dobontures woru worthless. Tho ((uestion thoi-enpon uro-e. what 
 was tho position of the moi-t<ray:oe y And it was hold thai ho \va« 
 not roniitt<'<l by the avoidance of the assiirnmont to his ori<rinal posi- 
 tion, and had no charg»> on the assets of the bankrupt, ami that liii 
 only right was to prove in tho bankruptey of tho tradoi- for tlio 
 damafn's ho had suslaiuo<l by iva.son of the trader's fraud in iinlin iiii: 
 him to acc<>|)t woithlo.s> dolienturos in substitution lor lii> sc.iiril\ 
 
 In re Ihirbi/. Er i>intv liroiniluiiii, ( I'.H 1 1 I K 11. ;•."> In ihl, 
 oivse company A. was forini'd liy IJ. and H., who nromoiod aniitlior 
 company (C'.i, and made by tho promotion illeufiliinate prolit« h 
 was hold that in the liankruptcy of .\. and f'. tlu' lii|nid:itiir of ihi' 
 ('. company was entitled to prove for tho iimonnt. Sohniioti \ . Snl'iiiini, 
 <t Co., siijirii. p. 940. bein;,'- distiny;uished. 
 
 See also Tru»ti'c of donville i<i Baiilcruiiti v I'n/riil < unm^rl 
 Co., Ltd.: (1912) 1 K. H .V.t9; In re <ioldhi(i<i ( .Vo '1\. K, i,.:,l, 
 Page, (1912) 1 K. B. 606, 
 
9fir. 
 
 i!! 
 
 |»RK( KDKNTS. 
 
 .\< m r.MiM /-// I'VRTMH-* hi ronn, 
 
 1'rIVMK COMl'ANV Kim 
 
 \N At. UK KMT, Ac . Ii.'iv 
 
 nt 
 
 I Ihiii IUmmss info a 
 pli' ftiiiti . 
 
 I! . ni' -. niid C. 
 
 Form 305. 
 
 i.i 
 
 \\ iii.ia:\> I 
 
 he mI a.. 1!., iiiul ('. Imvf, lor iiiaiiv voars liasl. iii 
 
 |„i.-iTic.-.> 111 pur 
 
 ■tiiorslii|) tofrotlifv 111 
 
 iiiKicf tlio tiiiii 
 
 
 Am> wiii;k!-:vs 
 
 (hf sd A.. H.. aii.l (' 
 
 (lo^irou-* <it coii- 
 
 ,l.t.iiiiim'< 
 
 ,u ilicir «l lMi«iiios.s 
 
 1 Id oiitin- into till 
 
 into II iM>\ . :iiii 
 thi 
 
 I witli a viow tlieri'to liav. 
 
 Now TIIK.KKKORK IT IS DECIAKKII US 
 
 I. A .,, 
 ,.liclali<'M 
 
 ilCCllll 
 
 I'dllu 
 
 hall forthwith U> ton, •<! umler tli.- Coiiiimiii.'s iCoii- 
 Arf. lOOS. foi- the awiiii-iU'Hi uii< 
 
 1 (iiii\ iiiir on ol' the wi 
 
 l.ii»ii»'; 
 
 The iiicmkIiiiii 
 
 ,f ussoii of the lov fliall li\ lli«' ■ i|iital at f 
 
 shanis of t' 
 
 Ciifh. anil <■) 
 
 iif the partif' lil< 
 
 ,,|| MiliscriU' t 
 
 he said niomdnni tor one -uch shaio, and four o 
 
 >iili»i li 
 
 ,1hm>. wlio shall each sulwrriho for ono <ii<li 
 
 s ha li- 
 
 lt lipr 
 hall >>•' 
 
 ,.|,.,ii"(l \<\ iho iiartics hto. 
 
 liy till- arl.s of ii^son ol the loy 
 ,i|)|iiiiiilpd iicrniaiiPiil iliroit^irs 
 
 ml innn. 
 
 iotis irhirli iiuui he ilrxiifd • 
 
 i I I ihi. ><l A., n.aiid ('. ^hall 
 rl iimi nihil 
 
 c. ihi'tr <//v( 
 
 I 
 
 Till' partie."" hto shall ouU-r into an awri'CMil 
 
 , liiiftr called ■ ill.' 
 
 irlTl'int " I wi 
 
 th th. 
 
 >v for 
 
 tho sale and Iran^for lo tin- io\ of 
 
 ill.' lla^■iM('^ 
 
 iitVd. a id all tht' a^scU thof. a-; from tlin 
 
 d: 
 
 i)f 
 
 . in ron.Mia of fully pd-i.p f >liaiv> in ihc tiipilal of 
 
 ll„ ,uv. and of Ihu coy undortakin^- lo pay and .silisfy all lli<> del.ts 
 :,ii,l li;diilitio.-« of till' parties hto in coiinootion with th<! sd hnsinov*. 
 ,,M,| .Miili .-liaiv. shall l)o allotted Ui tlio parties hto us follows, vi/.. 
 .„ il,,. sil \ slmrt's, to Iho sd li. shart-s.and to tlu' sd ( 
 
 ;, riic cxpcn.sos of ami incident to this aureeni*. ami liio toriiia- 
 ,,,„ .,f die coy ami the conver.sioii of the sd Imsiness, shall lie horne 
 U ihe parties hto in proportion to the siiaivs to which they are to 
 
 l.(' I'litlil as iilsd. 
 
 i; The sale airreomt and the .sd ineniduni ami art-s shall he pre- 
 |,aiv,l l,v Messrs" E. & Co., of, &e.. .solicitor-, on liehalf of the parties 
 111.,, ami if any of the parties hto .shall have any diltorenee as to the 
 ,,,n.i< ..f the sale uLnoeint. and inointliini and arts af.sd. Midi dillerenw 
 
 l;i 
 
 I.e referred to the arliitration 
 
 .\s W ITNF.SS. Ac 
 
 if R. M.. of. Ac. , harrister-Mt- 
 
M64> 
 
 TKIVATK COMI'AMKW. 
 
 i < 'IIAI'. X. 
 
 Form 306. 
 
 AgreeiiU'Ut 
 for Httt" of 
 I n»inc»». 
 
 S:,l.-. 
 
 Sale Ai.Rr.KMisiH. 
 
 AN AliHKKMT iiiadoihe iliiv ot , liotwccn \ . l! ..,ii.|( 
 
 all of — iliiit'lr Lullcil "llio vomiur!< ' ). of itic oim pui .iikI \ 
 H. & Cov, Litiilil (hiifir callol " Iho coy ' i, of ili(> oilici- |i;iii: 
 
 WiiF.nKAs tlic vfciidor.s liiivo for soiiw limi' jkisI larricil on ilir l.ii,,. 
 ii<>«M of ,. - , ill Iho couuty of - ; Ami \\iii;iikx- ihc mm,!,,,, 
 
 lOd'iilly (1 U'. 0(1 to traii.sfcr the m<1 hiisincNs to a i,,\. inul wni, ,, 
 viow llicriUo ihi-y havu taused tlio coy lo Lc loj.'islcrtHl: And uiii hi \« 
 llic iui>itul of tlio coy is lOO.OOO/., divided into 10,(KH) sli.nr, oi |ii( 
 cacli. 
 
 Now Tiii,>i; I'liKSKMs w I iNKs> aiitl d»!(laie iui folln«>: 
 
 1. Th«! vciiiioi.s sliall «cll and tliu coy uliall |iuirlia~t' 
 
 Tlic goodwill of ;lio sd biusiiu'ss jicielofoii' liirrii-d on l,\ \\„, 
 vcridois at tlie — an 1 olscwhero. 
 
 All and wiiijriilar tlio freehold and Ica^oliold hcHMliiuiiieni-. Ii.uli 
 laai'kt), Ijcences, co))yiii;lit, plum, inacliiiK-ry, Htoi'k-in-lradi', fninilnu- 
 iiniiloiaontti, utoiisils, bills, notes, books of atcount, and tiro insiinni'i 
 liolicie.-s, to wliiih the vendors arc eulbl in i-onin'cijon willi tln' -.1 
 businciis. 
 
 All debl.s owinj;- to the vendors in conncclinii with ihc ~cl Kll^n|l" 
 aiid the full benefit of all securities for the same. 
 
 The full benefit of all contrait.s an<l eno;ao<'nienis in (onnc. tjn., «ji|i 
 I he sd business. 
 
 All other jipty whatsoever and wheresoever lo which the \('imI. i- 
 are cntld in connection with the «d busine-^s. 
 
 The above-nicntd assets are more |iartiiularly .■.[iccilii-d in llicslai'- 
 ment tliof. wliich has been entered in a book marked " A,'' and lor tli> 
 purpose of identification subscrihod by the parties hto of the lirst mihI 
 .second parts resply. 
 
 For the rent. Form al <iin hi' ailupti'd irlth suitable inoditii-iilioii"- 
 
 .\s to staiiijj duty, sect. .59 of th<' Stamp Act, lb91, applies, on tlie footing tli.it 
 tlic aijrocinciit is for sale. Soc %■■(/>/'', p. .33H; Fushi- v. hthnt'l /wt.',.^, 
 (.1894) 1 Q. B. ."Jie. 
 
 Form 307. 
 
 Another. 
 
 AN AtiREKMT made tlie - day of - . IDlL', between A., 13.. A 
 
 (.;., all of vhnftr culled ' the vendor.s " i, of the one pt, and A., P.. 
 
 k Co.. Limtd ihnftr called 'the coy"), of the other pt. Whfre\> 
 the vendors are the joint jjioprietors of an ironmongery bu.-incs.«. now 
 carritnl on by them in partnership, under the firm name vf A.. l>., A 
 
 L'o., at . AxD \VHKKE.\s the coy lias been formed with a tapilal 
 
 of l(jO,000/. divided into l(j,00tt shares of iitf. each lo iai^c mui lii.; 
 sd business. Now therefore it is hdv ai^rkkd us follows; - 
 1. The vendors shall sell, and tlie coy shall jmrchase- 
 Firstly, the leasehold hereditaments specified in the sclii'dnlc hi", 
 
FUKMH. 
 
 M7 
 
 ,.i" 
 
 via' 
 
 .,1 hii!"!!"-"- i> "'"> i-iiirii'il 1)11. jiK 
 
 1(1 iIk 
 
 hIh ill III' Uh- Form 307. 
 
 .,l iiii.-iii"'--- 
 
 .(1 
 
 »;.. l.ill«. 
 
 , IIIIIH' 
 
 lie nuiw; 
 iiir iiioiii'v. ii 
 
 III oil 
 
 I'l iii'i;iili 
 
 >ti;il< 
 
 ' iiiMti'iiiiii'nl.- 
 
 iid the ImkiI; Hiitl nlli.'l (lclil.-< anil ( lio-^i'- m 
 
 ,1, llnll 
 .l-|Vi'IU 
 
 [laitiu'isliil 
 
 1(1 llii- full lu'iii'lil 1)1' all K.iilracl" ami 
 
 ,1.- 1" «M1 
 
 h tho voiK 
 
 lor.s urooiilld in rolatinii to ili<> -d l)u.'<iin' 
 
 lliinllv llii' I'l."". 
 
 !||M S.I I'ill 
 
 iiiachiiitMv. liinuliiK', -* 
 
 ,tiMk-iii-lra(l<' uinl olii'il- 
 
 i«liii> 111 oi- a 
 
 bout iIki wl Ica-i'liulil hen (lltumciil- 
 
 \,- \: 
 
 1,1 till' iiill^lill 
 ,llrll |l('l>01i> U- 
 
 liir (111! K(i fall- lli< 
 
 shall allot to til 
 
 llii'V ^hall iv'pl.s <lii«''l. l''.HOi) ol ii.- 
 
 |,r ill'Cllli'l 
 n inii'lv. lo 
 
 |„ i.iliiilK'lva H to i:.,«07 i!iclusi\f. aiul Mivli -li 
 1 lo he fully I'^l I'l'- ""«' "'"»" '"' "ri""'i 
 
 ■il a> lollowv 
 
 III. ami to H ii <' t'utli ;!.'.l."i<i 
 
 Ah the le^'iiluo of the coii.son 
 
 for tlio Htl ..'all' til 
 
 IV -liall iimli'i- 
 
 iv, .«ali'l\. nil' 
 
 1 ili.-iiliiiiirt' a 
 
 II tli<- <lt'lits uml lialiiliti 
 
 if till 
 
 1.- Ill K' 
 
 latioii 
 
 tot 
 
 Iwtiil bii«iiitw>*.iiiitl >liall imU'liii.ilv the vi'iidu 
 
 „1 ilirii iv>|iiv.' Ii«'ii>. i'\oi's. i.ml a.liiiors. , 
 
 :l, '1(111.-. I 
 
 laims. am 
 
 I ill 
 
 iiiamls 111 |.OH|M'(i th 
 
 stall's ami ctli" Is a'jaiust 
 tli.if 
 
 I. Tl 
 
 hen I 
 
 all' shall 1h! loiiiiilftod on tin- 
 
 lav of 
 
 IH'M. 
 
 he .mI shares s 
 
 hal' lio Issued lo tho vomlors On or at any tiiiic 
 
 |,-,l (lav ill.' vcmloix n'^ply will, niioii lli.' i n'sl and at the roM 
 
 .it tlio 
 
 CIIV 
 
 ICil.^OIKllllV 
 
 l'\«'(Ut4' llIK 
 
 lie iciniini 
 
 I do all Mucli ii.st.uiam>'s ami thi 
 
 shall 
 
 il liv till! toy for vtistiiiiT in il tho piUy a<j:r<.( 
 
 , 1,0 hliv sold, and jrivinsr t( 
 
 it the full iM'iu'fil of thi^ a<ri''''iiil 
 
 iilijt'it af 
 
 .if.sd the vendors ^ 
 
 shall. 
 
 frmii 
 
 late 
 
 if. h< 
 
 \ to lie carrviufr on the business on the co 
 
 (■eiiii'< 
 
 ,.,.(niiit 1(1 am 
 i;. The 
 
 v's lielialf. ami shall 
 
 vemliii'.' 
 
 he indoiiiuitied by the c.y acioidiii'^'ly 
 shall aceeiit. withdut invest jodtx 
 iiave to tho ppty lihy iifrroed (o be sold 
 
 cov 
 
 su( h lille 
 
 t'.c 
 
 wit lie- 
 
 he hands of the vendors an 
 
 d th 
 
 111 seal of till- 
 
 lOv. the ilav and yeai 
 
 lirst above vviitt<.|i. 
 
 Till. SciiKnrii;. 
 r/iA irilt vonUiM inirlloilin-- of thf Iriisrhohl hrr,;lit,n,„;ilx.^ 
 
 The Memorandum ol Association. 
 
 Tl,i- a,--...nant. on allolnici.t oV tl... ..hares, will have t.i be rc-islcred under M™";™';^^;;;;' 
 .,..t SK (1) (1>) of the .Vet. 
 
 S.(. ..-;y,Y,, pp. 447, 50t rl .<-/,. Coiiteiiipcraneou.-ly with the preparatiiiii of 
 il,e.i.Hft atrri rment, the meinoraiiduni and articles of as-.iciatiun must be settled 
 for the intiuded (.ompany. 
 
 The nieniorandum of association of a privat(. (Oiiipaiiy needs only two sub- 
 scribers (fuinpanies (fonsolidation ) Act, I»OH, s. 2). ollierwi..." it docs not 
 ditf.r from that of a pnblio (ompanyi but where the coinpaiiy is fo lie formed 
 f„r the purpose of , ,.nvertin(r an exist inif business, the iiniuisithm of that busi- 
 iie«s is usually i-peeitiei «« the first object. See ..«/</,'. t'orm 85. 
 
!».')8 
 
 PRIVATE COMPAMEW. 
 
 .«'ii\i'. X. 
 
 
 
 
 .!• In Ihr \..mi. I |K>ii the I'.iiiMTsioii (if It liiKini'tB into tt |iri\«lf n.uiii.iin 
 the Btyli' iinHiT whii h thr hiininrHi, jiricir to Ihr riim(r«i4iri, hui hifii ■ iirriwl .,t, 
 i* UHiiully u(li>|>t>'(l, witli thi' udilitiDii i>f the wuril " liiuil<'<l," iii urtl'T t» jii.ii„ 
 the j{iiuil»ill !ittu<liinK t" tl>'' Inult; iiumi'. 
 
 Thus, i. Smith and (oiiiiiaiTV hi'ri>iiii"< .). Smith and (onipany, l.iniitnl .ii„| 
 
 llrown uriil .liini"< I mi'< llniw n and .li)ni"<. I.imitid. Hut, iif niur^i, ili, 
 
 iiBinr can !"■ altin-.' if Ihmik^hl tit. Sonu'timr* thi- ('<itn|>aiiy i" lalliil hy tli. 
 immi' "if thi' |iriii('i|ial worki of the owniT "f the iMKini'^. >'.</.. th, I'.nj,, . .j, 
 Ironworks, laniititl. 
 
 Thi' lolliiwinu: i-how -onii- of the dillrri'iit i hi^si •• of iiaiiii'. uhi h m.n l„ 
 adoi'ti-d: ' Ihirlnr'M l'uli-nt'<. l.iniiti'd ; Tin' Uuriiham Cluii llui!dinu«, [.iniiiiil 
 Thi' Al|iha Miiiinif Symlii ati', l.iniiK'd; Thi' Noithurn and Snulhi'm l'iir|i.if.i 
 lion, l.iinitiil; Thr A^wMlatinn, l.iniiti-d; Thu Sailing Sliip I uiin'ii. 
 
 I.iiniliil; Thr Sli'ani-hi(i Mo)fnl, l.iiiiiird; Thu Suburhan Ni'».-, I.iriiiliil : I'.t. r 
 liubiiKon'H, l.iwiti'il; ' Cliir," .l.iniitrd ; Tho \Vull|iapi'r .Manufui tunri, Mniirnl 
 
 As In Ifii- Cfifiilft/. 'I'luH W j^rniTully, in thi' fuio of a |irt\at'' ruin|iuiiy, ti\i'.t 
 at a Kuin Kliifhtlj' cxi-^i'ilintr tho aw"'!"''" amount of the shan «liii h nmhr t\f 
 a^'ri'i'iui'Mt arc (o he i-^ucd to tlic vendor*. It in jfciuTally, for lonvcnic iin , 
 fixiil in rounil nnmlur*. In the alMive ia«'. for inttanee p. ^>^':, the mihI"!- 
 iire to take l.'),«IIO ■.hare" lUHmW.. and the ia|iilal ii arionliMi.'l\ tixnl at 
 lliO.IMKI.'. 
 
 If the menihir- of the lirm are »e>en or more in number, the eapital .,in. ii 
 dcircil, be fixed at the cx.iet amount of the »hari."t whi li ihcy are to liai. . .nul 
 tlicn they niav cither sidHi-ribc the nieinor mduni for or a^ree to take fr-im t|ir 
 company the sharen in the u>iml way ; but if they subsiribe the memoriwlHiM fn 
 tho nhareH, it will bo neee^isarv to c\jire-s the airrcement soinewiiat (litfen-htiy. 
 e.g., by providim; thtit th ■ «ih' «hall he for ea'.li, which ahall lie ^ali'tinl I'v 
 crcdilinu as paid up the siiares .'«ulmTil)ed for in the inemoranduiii. If tl,. 
 \ondors are Icsh than seven in numlii'r tlirrr niunt be «oiiie extra >h:iM-' for fli- 
 persona who subscribe the memorandum 'ither than llie vendor or M'ndor>. 
 
 These extra Mubserihers are only oMiifcd to take one share apieee. hut of inur-M 
 thcv uiav, if the vendors consent, subscribe for a u'realer number, ilowiin 
 thoy are rarely jfiven many shares, lest they should iulerfcre in ine manairi im ni 
 Sometimes the capital is divided into preference and ordinary .shaii- Tli. 
 t'oUowinf; are cases in which such a diiision is sonutinic^ sli|iiihitiil !'"r 
 U) A wealthy imudicr of a linn is desirous of rctiriiifr, but at the roiiue-t of In- 
 partners !if;rees to leave part of bis capital in the business. lie, lioncMi, 
 stijiulalcs that the biisiiie-s shall be converted into a company, and that his ^liarc 
 in the assets of the lirni shall be |iaid for in prcferince .shares. (,'2) .V ca)iilali-t 
 is willing; to brint' aildilional capital into a busines". It is airrced that the hii-i- 
 ness shall, in the first place, be converted into a company, and that h,- -hall liriht- 
 in the aihlitiiiiial capital by subscribiic for prcfen i,. e share-. Tl.c ri'_'lit- uf the 
 preference sharchohlivs will 1h' ih'fincd by the article- of association. ( Inliii.ii ily 
 their rijfht is, to receive out •( the protits a li\ed dividend, t-.ij.. •)/. per nut. 
 per annum, before any dividend is p vid t) the other shareholders. ,S..niriiiiM-. 
 in addition to this, it is provided that if lie ;i.!iipany is wound up the pr i le 
 ^harc capiUil shall be returned before any i.;ti.i ': of capital is made to lln- ln.lil :s 
 of ordinary share-. Ser .v"//i«, ji. ,S'J1I, 
 
 Sometimes the amount of the share is n,;aie a pie-cnt to" the extra -ub-iribcrs 
 by the owiuT or owners of the busine.ss; sec.c'iiues the shares of tic- extra 
 r.nh-crib'.'rs :tr" h'-ld ili trust f'T the princiiial shareholders. 
 
 Articles of Association. 
 
 Iiaming of In the ea.se of a private co;npH'iy, Form 'i.Jl will ifcneraily serve as a 
 
 the articles ,1,^ articles of association, 
 id' association. 
 
 Ii.i-is for 
 
 wik 
 
HIRMM. 
 
 iJ.Vt 
 
 III,- ..111. I." I""-'- l>"W>'''. '""•"'" •' 'I'"""' '" '"ll'>«- 
 
 •n... ...M.i>iM.> i" t" !"■ .' I'l'N^'t*' ."mi-aiiv. a.i.l a..M.r.lii.i.|v tlio fi.l- Form 307a. 
 
 ,,.,;„,, ,,|,,Ni,>ioiiH '.hull liitvc I'lltxl. ■ i^t'ly; - l.uiiiiii.K 
 
 , I 11 iinilw'i (It iii.'|iiIhi.s In) ilir time bi'lii- "1 tin- i "inpanv „„.mi».i. 
 
 ,^\llll^i^«! ol (HTwiiih wIk. itw lor \\w linit' luiii^ in tin- 
 .■iii|>loMiioiit <>»' thf ..iiiiiianv* if* ii'it t" i'\cim',I lifty, Iml 
 „|„.|.' t\V4) or liioi-P iHTHimx liiilil oiif iir more *li;iri>s in llir 
 ,„Mip^in\ |..intlv, th.n ^liall, |.>i il.f |.m|.,.— ..i lliis |.,ini- 
 i;i,i|i|i. Ill' iM'iitfii a.- .1 .-inu:li- liicnilicr 
 
 ,1, All' iiiMtiilion to IIk- |>til>lii m sul.Miiho i.ir .iiiv -iLiif^ or 
 .I.UMitmv.s or a«'lK'iitiii«> .>l'.< k ol llic ,oiii|.uiiy i-^ lii'iuli> 
 liuiliiliiliHl. 
 
 HI Tlir ri;.'lil >''■ lliiu.-<f«'i ol -Ikii<-> .xliiil! lie n-tiic|iMl .l> liiMClli- 
 ;||||M |irovliloil. 
 
 ■IV ^.Ih.w . I.ui>.- i- lui-ril (.11 «i-.t. 121 ( I . .if th.' .\.l ..f I'Mis. II i» i„M , s.iiry 
 
 ,,. ;„..rl in i.triLTupl. (1.. tlif «...as -or il.'I..M.(,ir.' «U,.\" mil.'". in<l 1. t'"' 
 
 .„,i, 1,.,, lik.' t\w \'-t 111 Wm. |.r.ni<l.' th.'.t the tiTiii •' il. l..iiliiii- " ^liull iiirlii.li' 
 ,|.!,.„iii'i. -l"'k 'I'll''" ""• «'"■'•■' "'■ l':"-''k'nil.li nil l<'ll"« tl..' I.Tiiw iiC 
 ..Nt I jl ; l.ut .•xp.ri.Mir. hill ^li"Wii tlml tin- (.iv«.n.-.' ..f tin-.' w"nli may I..' 
 „„,.i.o"ni.nt. I..r. .i-Mimiiitf tin- i.iiinl..r ..f iu.ii.l"rs t.. !»• Hfly, plus «.m.- 
 ,.,„|.|„y,'-. ,111.1 oil.- ..f tl.r .•m|.lMy.'-< .■.•a«.- t.. I.I- in ■•iiiplov.- witlimit .■.•a^.iiitf t.. 
 1... ,1 ni.-iiibtr. li..' iiuml.i'r of iii.mli.T- would .-mim..! tli. -t.ilulory maximum. 
 It 1-, tli.ri'f.,1-.-. not uiw.)mm..ii to yiili«titiit<- llu' word " iii.-lu-iv.- " for tin' w.iril 
 -.■x.luMO-.' ..r t.i iiis.Tt a i-hiu.*!- .iialilini; tlir .lirci-toi-N to timl ■< imnlia^r 
 
 for tl , -! aii-s of .in cmiiloyi' mi'mliir wlio cfUscH to I m|iloyi-il. 
 
 S.iuiliiiM-., wliiT.. it is iliHirult to ki<<<|> within tlir iiuiiil>ir lifty, ki'mtuI 
 .|iarili"l(lir> plucr tlii-ir sjiari h in tli.ir owii n'inii-> jointly uii tlii^ tru>ts of a 
 Iwl, uii.l lliU' arc to lio triMt.! a-, a iiidli- iiiiiiiliiT. In »ii<li i a.<i> it is ili'nir- 
 iblc to iiltiT llii- articles so as to .Mialilo i-a.li of tin- joint li.ilik'rs to voto in 
 ..■,|,i-.t .11 111- ^|M■.■iHl•(^ proporlioii <,f tl..' j.iiiit liolilim.' as it li,' weiv tin' solo 
 ■ 'Wiit-r tliiTi-ol'. 
 
 .\ll .-liiu'i's ill it- ;.rti<-li's iiic-oiisi-t.iit wiih tlic iliara.-lir of -i |. rival.' i-oiii|iany 
 i.iiM i,.- omitliil. I'.f/., 39 and 40 (,.',..-•, pp. ««», liSD. n- o, "lian: warrants, and 
 tlip riu'lit of transfer of shari's must l>r ri'strii-ti'd. 
 
 \:iriuii, St- lions of til.' A.t wlii.-li do not apply to |.ii\at. . .unpaiiiis will 
 l.,-...iiii' appliialilc if tlu' tompanv slioulil ili li-riniin' l.i uliandon its i-harai-t.-r as a 
 privut.' .•.iinpiiiiy- Sit sect. 121 |2). aii.l for .■•-:. mpl.-. -i-its. Nil. Nj. wliicli 
 (.n.viili' fur the tiliii!; of a lopy of any pio-pcitu- invitiiiir thf public to suli ' 
 *iribi' for sliur.'s, dibcntun-s. or drbonttirc stock, or if no prospectus is issui-d. 
 .,f a >I.itcmcnt in lieu of prospci-tii." ; and se.t. HI, which provides for a 
 i,iiii;l..-i ,.f iniiii.'i' whicli mn-t lie set forth in .my -'idi prosp«-.-tuK; and 
 -.-, t. ,s,). vibii-b riiiders il iiei-t's,nry. in the evi'nt of .. prospe.tiis oll'-rin)f 
 -li,.r.-- f..r -iibs.-riptioii l>eiii)c issued, that tin- (s.mpuny shall not pro.-.-'-.l to 
 ,,11. .1111. lit iiiilcss the minimum -.iibsi'ript'ioii •pc, ili.-.i in the articles and 
 l-n,-|,|.,tu-, .ir, if none bo s.i ^pccitied, then the wliob- aniount of the shar«> 
 ,;i|iit:il iiir.'risl, is subseribod and the applicati.'ii i .;. \ paid. 
 
 si>innpast!ic:'rlir!t i.tain tb- i-r- - -iUi'4 pr..^ .^i;.:.-^ : ,ect !2I of (be \:-t\. 
 
 ilii- i.mipaiiy will euntiuue to be a pr .l.- e.unpany, althou^jh it dofs not act 
 in ...nfiinnity therewith, e.;/., allows Ti.e iiuuiIm r of nicmlwrii to en-iisl fifty. 
 r..,. V. Kt.ii'illifi Sfiudicate. Su held by Kinir's lien. I vision '.Kjrd .\lvcr- 
 .t"n., llamilton aii'l llankes, .l.J.'. .I'JIi ' '' ''■''■" 
 
 Ki- ■* 
 
 i 4 .'^r . -■ ■;* 
 
960 
 
 I'KIVATK COMI'ANIKS. 
 
 r<-"llAI>. X. 
 
 The following; elau»(^ will atturd .i»mr iiidii'atioii of the moUili. utioiL^. i.t 
 l-'orm 231 wlilcli arc cDmrnDiily rciiiiin-il in the eauc of private TOni|i.uiioi, m,.,, 
 withciut roferi'ntM' to tin- V't of 1908. 
 
 Form 308. 
 
 lTitr»Klurt'»ry 
 note to. 
 
 Form 309 
 
 Hi'.ttrictioii 
 ou i.-«(*ue of 
 shares. 
 
 liiltodui titrij Note. 
 
 Wliore an rstahliihcil hi^inr-.-* i-< ronviTtcd into a privati' roiiiii.uiv ili. 
 foun.lrrs somctimcsi desire tlic insertion of a lirii'f intrediu-tory note stilting' tli. 
 circunistanee^ under wliicli the ciim|iMny i- I'umed, <■.;/. 
 
 'Till- lui.sJiK'.s^ which ill'' ;il)i>v<'-n:iiiici| coy is IimiikvI i<> \.xU- .h,i 
 wa.s t'slalilislicd bv 15 in llio xcar ISTtl. On hi.s doath. in tlic v.mi 
 1885, the Im.sinoss |.a.s.s«>(l to hi> Iwn son-*, H. and ('.. ami was c;irric,l 
 on bv tlioni in partnership until the year 189.'), when I) and K wow 
 adinitU'd to the partnei>hip. Since then B.. C, 1). and K liav. 
 
 curried on the bu.sine.ss, and. haviny: rosjard to its piosoni L;iiiiiMli 
 
 thoj- have dcternuned to couvcrl it into a private (dv, mid tin-. 
 articles have been piepaied with ti view thereto. 
 
 Tabic .\. is inniinonly exclodcl .■.- iin-iiitahle to a private .■.,i,i|.Mriy. 
 
 Allotment of Shares. 
 
 A private company i.s subject to sect. 8« of the Act of IWW. and acorclniirly 
 nlunever it makes any allotment of shares, it must, within .uie month tli.T. 
 after, file with the Reiristrar of Companies jiroper returns. ,•,.■. 
 
 J{t>TKUrii)N^ ON .\l.l.(»rMKM' 1)1 SlMI<l>. 
 
 I 'l"ho xharus taken In the *ub.sfribei> to the nionidiiiii of a-ni 
 and those to be adotted pur.suant t^) the preliminary ao;reernl, AvM 
 be (liil\ is.sued by the director*, but no further .shares shall he \<-nv.\ 
 without the authority of the coy in ^jeneral iiieetino. 
 
 2. Subject to any direction to the (oiilrary that may lie •:i\cn \<\ 
 the meeting that authorizes the Issue of Inrthor .share-, .ill iiiuli' i 
 share.s authorized to bo is.sued bhall be ollercd to the iiK'n.l.ct- in 
 pioportiou to tlic e.\Lstinfr shares liold by them, aii.l such otlei .shall !«• 
 made by notice spocifyiuo- the number of the .share- to which iIl- 
 lueinber i.s entld and limitin". a time within which the oiler it ifi 
 accepted will be deeme<l to be declined. un<l aftur the expiration oi 
 such time, ..r on ihf re.M'ipt of an intimation from the inciiilxM i.. 
 whom such notice i.- aisen that he declines to aceept. Ilu^ shaivs 
 offered, the tliifdor.s may allot or otherwise di.spose of the n.uic t.. 
 such per.sons and upon such terms as they think tit. 
 
 A elau.se as above, or like the followiiifr. is not uncommonly in.serte<l, in orJo. 
 to (five the existing member. s the option of takinR up thu -har.- It «:!..-"• 
 seen that the above clause d"es, but the following docs not. confine the optinn 
 
-jrv 
 
 U6\ 
 FOKMS. 
 
 „,,,,,•. „„.p,.rtion. Som..time» th.- ..pti-i' i- ""ly ».'i-» •-' H'" l"-"»'l';'' 
 
 '"",'",' , ,/. tl."-e •">"''■""-' "'"'" "•^•" ■"""• '■"'•""'• ^"' '""■""""""'> 
 ■.li.ii' li""'*-'^'' ■-' " ■ 1 
 
 ,,,, ,„||„«iTIJ.' lla-'^l- "< Pff''"'-*' : 
 
 „,,. ,|„, i,„ue ..f Hlia.v,-. in thr ■ „v > ^.piial. any l..itl,..v i.suo Form 310 
 
 ' 1 ' ^liill In- iiuulo on ."iirli (.M-ni~ and c^.ndilifHK. ami eitlior at Another fi.n.. 
 '" '!"imu or ull...rwi.o a. -hall !«■ -iMonnincl l.v oxtrannlinary 
 l,„inM and, unUvss o^Ui'V^^i>v ,|c(,TM.in.Ml l.v ..Mraonlinary rr- 
 
 "■;;;,; in UmUo,- sl.an- au.l>...i/...l m l.- i-n.-l nn.st .n tho )ns, 
 
 "" ,^ „■ |„, „n,.nMl to all tl.o osi-lin- inonilM..- lur ili.. ( l.-inji-. 
 
 '"' I nllr. shall hv Hiado l>v uoii.v .siMM-ilyin- lh<^ n.iinlM.i- of sliarc^ 
 ■ '||,',,i/.',l to ho is«uo<l. an.l tli.' torn.- of isMU-, and statin- that tin- 
 ■",,„|„,,. nv at lilK.itv t.. lond.T fur tho >a.n.- <lmin- a |mmi.m1 to !«■ 
 " ItUMl in tlu. noti,.:. and n... hoin^ h'-. than s.-von dav- trom tho 
 |'"u, ,iK.f Ka.h aien.hor .-hall l-o a, llhor.y to rnako a toudo. in 
 ';„,i,r ,l..liv..r..l at the olli.'v within tho riiod afsd, tor muU .han^ 
 ,. „„"„f th.-ni on tho Un-nus .pofilicd. and tho <lim=tois Khali allot th.- 
 '.I,;,,: ,„ il„. mcHihers who so t*Mulor, and in tli<. ov.-nt of u.on-.^luuv> 
 I .■„,„. „,,„|,.rod for than art- ,tuthorizo,l to h-' iKsn.-d. tho sl.ams 
 i',,|!',.. noarlv as inav I..' allotted to tho tondorinjr nioinl.ors m 
 ,„;,„.,,,i„M to tho capital alroadv hold l.v ,ho,„ rospiy Tho d.ro.lor. 
 !|,:,ll ,1.., ido l.v lot or othorvviso any dilli.idty as to such allotmont. 
 
 Classes of Shares. 
 
 S„„„„ «pi.'.' of a pr nM.:o.y is ...wH.-d into --"J ■;';:-^;;f 2^ "' 
 
 ., ,,,. H>ii ( .. ./ fur i:i-''s oi » mil prt'toronii; Hiiarcs 
 
 ,:,,iv I"' (l-iralilc. »w Kif;..". \<- '<1-- 
 
 Conversion of Shares into Stock, and Re-conversion into 
 Shares. 
 
 Ill' <j'r iif ii pii\utv loiiiiiaiiy tliry 
 
 Tlii-.r .luu-i's arc niiiiiiKiiily ..niiili'd : in tl 
 an' of little practical uw. 
 
 Increase and Reduction oi Capital. 
 
 S... Forn. irrl. d. 33 ,/ .«.-,,. W l..'.v tl.r is«ic' "f li^ires ix rc«trirtc<l. »k in' 
 lurin- VW. :illl. .«"/'"/. the ii.w -lian- .in' nsually ..ladr sul.je.t to the lik.: 
 
 rtstlirtioil^. 
 
 Proceedings at General Meetings. 
 
 S..>iKtini.- it i. prc.vi.leil that a p.,11 may h Miaiideil l.y any ...emher. ami 
 
 Ike .MTV p..ll shall he taken al th.' ...ectintr wilhmit. adjournment -whieli i« 
 liiiit.- prartiial.l" in the eiis,- of a privat.' .on.paiiy and o<.ii»ionally that the 
 iliairmaii shall not have u castini; vote 
 
 I -\iilly the ijuorum i« small 
 
 
 •■{ Q 
 
!J62 
 
 PRIVATE COMPANIES. 
 
 L'"hai'. X. 
 
 Ci.AUSK IN Articles as to Execitios oi a Deed oi ('oviwnt 
 BY Members. 
 
 m 
 
 Fonn 311. 
 
 Claiue in 
 articleH as 
 to deed of 
 covenant t<i 
 make rertaiii 
 cUuw's in 
 article« 
 unalterable. 
 
 ('Ill4l| 
 I- 
 
 Form 312. 
 
 KettM'MeA 
 
 Hjtlsluf 
 
 '•VDiifer. 
 
 Tlie bul)rtciibcrs hlo sliall fonhwitli execute au induiitiin'. which 
 haa alii'udy b«eu prepared, and is expressed to be inado Ixitttfcn tlic 
 v*)y of tlie one pt, and the bd subscribers aud the sevoral otlior pci- 
 SOILS who shall hereafter sign thoir names and affix thoii- s«>als th.i.f. 
 of the otiier i>t, and uo jierson siiall at any time horeaft<M- Ih- i.-i- 
 t<'re<l as a member of the coy unless and until he shall havf ex 
 tlio sd indenture; and it at any lime hereafter, by oversight cr otli, 
 wis-, any i)er8on shall bo jieniutted to Income a member bofmi' 
 exfiutinfj: tiie .■^l indenture, such person shall lie deemed to haw 
 ojinH^d U> e.vecuto such indenture fortlnvilli. and unless he oxcditoK 
 the same within seven days after he is registered as a im'tnlii r ihe 
 i.'ov shall Iw at liberty to authorize its secretary, or any other odiioi, 
 to execute such indenture in the name ami on Iwhalf and ns tlic 
 attorney of su(th iM>rson, and e.\ecution by the |ierson so iuillinii/ctl 
 .-hiill be elVective for all purposes. 
 
 Souu'tiuira it in desired to make certain arranjfenient' l>otw.-.n the sharr- 
 holderK wliicli it is not necessary or expedient to set forth in the ;irtirl<-«. .,./.. 
 options to pun'hase shares; restrictions on tlie power to alter artirles without 
 speeiflcd covenants. In such cases a deed of covenant may l>i' ilc^iral.h * 
 above. 
 
 Transfer and Transmission. 
 
 .V i.-trictioii on the ri(fht to transfer the shares is now an in. idem of :i 
 private company, as deKned by sect. 121 (I) va) of the Companies ^C.msulida- 
 tioni Act, 1908. The ilause runs thus: " Kor the purposes of this Act. th.' 
 i-xpression • private ciunpany ' means a iomi)any which by its articles (a n- 
 striils the ri)fht to transfer its shares." 
 
 The ri'striction to comply with the section must be (jeneral ; sonic share« 
 
 must not lie exempt from the restriction. It is aulficient for the (lurpo f th>' 
 
 section to provide-in the terms of the common clan that -the ilirr.tors 
 may refuse to rejfister any transfer ..f shares." but usually the . ).ui-' i- 
 aupplementi-d. 
 
 In Ho,/»H,r, T,n,l,:' v. Steel H,otl,er» * ''"., (1901) 1 Ch. 27!». it w.i* licld 
 that pro\isions in a company's articles eorapellinK a whareholder. at any tirac 
 during the continuance of the company, to transfer his shares to particulnr 
 ,M-rs.ms at a partieular prive was not void, either as beiuK repuKnaut to ali-ilut.' 
 ownership ,,r as tending to a perpetuity. See p. 949, tiipra. 
 
 1. A share may be transferivd by a member or other person cnll.l 
 to transfer to any member sele(tol by the transferor; but save as iifwi. 
 .j,„| ^,,yp .,x prnvided by c!au-'e ti or H hof. no share sliuil be tra.. ■ 
 rnrivd to ii person who is not a meml)er so long fl-s any itipinhcr [or 
 anv person .selecteil by the directors a'i one whom it is desirable iii 
 
POKMS. 
 
 !tti;| 
 
 ihe iiitt>i-«sl« of iht' t'"^ to utlmit '" iiicriiltersiiiiij is willing to piiiiliaf-o 
 the sniK' lit 'hf fi"i' value. 
 
 Sumitimc" i' i« proviilud tliat the«c reatrii'tivr iIhums uliall not apply to iiTtiiiii 
 .liinlioliliTs. <■■.''•' ''"' f">'"dcr8 of th(! eoni'crn, or ti> part mily "f tlii' sliiiios 
 hi'ld l>v thi-in, ur only to a certain I'lass of Hliaren, e.;/., tho«' which ar<! tu br 
 ,i«ii,ii tiF the einployi'a or tho ordinary «harp:<. In nucli i-hm-* Hir wording muKt 
 l,e moditicd accordingly, <:.</., " An ordinary share may be trunHfcrrcd, *.!•. to 
 jnv mcralM^r holdinK ordinary ^.har.•s wlecti-d by the tran-feror," .U-. 
 
 •' Kxnl't wli«'i<' 'I'*' tiaiislt'i' i> uuiilc piirsiiitiil Ui ( liiii.--i' li or 8 Ni tice. 
 hot, tilt' peifoii propo.iiiijf to tiannfor aii.v shaii-s liiilti- liilioil tiic 
 i)ioi">.-iii}.' traii.-'tVioil ^hull give iiotiio in writing ilinltr lallcd llic 
 translVr uutico) to tho loy that ho dt'siros to translVr the xi...,<\ Snch 
 auliip shall specify the sum ho tixos as tlio fair valiio, ami sliall lun- 
 -tilurr the cov his agent tor the sale of the sliaie to any nn'niher of 
 the rov I'lir poison solectod an afwilj at tho jjrico so li.\c(l, or, at the 
 ,i|iii(iii of tJie pan hasor, at the fair value to bo fi\oil liy tiii auditor in 
 aiiordaiiK' with these articles. Tho liansler notice may include 
 several sha ■ and in such case shall operate as if It were a se[)arat<' 
 notice ■ of each. Tho transfer notice shall not he itnocable 
 
 excel ''. sanction of the directors. 
 
 'I'lio w . rupoHinLr transf*'ror " cn\er tlie shari'loldcr^ ami also executors 
 
 ami otlicr , crsons taking; by transmission and havin^f i)ower to transfer. Sonie- 
 timw, instead of [iroviilin^r as aliove, it is provided that a member who desire* 
 to transfer to a stranj;cr must send in tho name and address of tho proposed 
 transferee, and that the directors may approve or disapjirove; and. if they dis- 
 approve, the miinlier may rei|uire them to find a luirchaser. and if they do not 
 within a iriven timi' lie is to Iw free to transfer. 
 
 .1. If the coy shall, within the spmv of twenty-eight days aftor Compioiy" 
 iieinj; .served with such notice, liud a nieinhor [or person selocloJ as •"'"" 
 al.silj willing to purchase the nhare ihnftr called the [(uichajiing 
 iiioml)cr}. and shall give n<jlii-e thof to the proposing tiansferor, ho 
 .-liall lie I'oiind, upon paynienf of the fair value, to transfer the share 
 10 ilic purchasing memlier. 
 
 Suiuclinies it is desired to provide that the rmupdiiij itself sliall purchase the 
 ^ilarc, but in the ease of a company limited by shares tliis is not allowable. 
 Triiorw n'hUu-urlli, 12 .\pp. i',\x. 41)9. Sec «"/-/■«, pp. 177, 17H. Sometimes 
 the foregoin<r provisions are nioditiiHl. thus: 
 
 ■'A person, whether a member of the uompaiiy or not (hereinafter lalled the 
 proposinj transferor), who desires tu transfer any share to a person who is not a 
 riiotiilnT of tiie <'ompany must serve the company with notice in writiuff (here- 
 inafter calUnl the transfer notice) that he desires to malte such transfer. The 
 transfer notice inu.st speify the name and address of the pro|Ki8ed trannferw, 
 «ik^ llie sum at which liic pro|H)s(ii^ transfeioi' ti\e<^ the f.iir valo> «>f tie .^)kun s, 
 and within fourteen days after the wrviee of Buch notitw the direetom shall (^i^e 
 til" proiwiiK.' transfiTor notice of their approval or disapproval of the transfir, 
 
 'i K» 2 
 
 11^ 
 
'.»A 
 
 I'KIVATK tOMPANIKS. 
 
 <'||.\l'. X 
 
 Form 312. 
 
 Audltol' 
 
 tiauBfen'i. 
 
 .'ind if ihi'\ H|tpr(ivr, tin' jn-t>|H)s('«l triin^f'T may Im- t'orttiwitli cai-rifd nut hhI.j,.,., 
 only hi i-litiHf^ liiTiHif 1. Kilt i*' tlicy ill.-ji|i|iriivi', the traii^t'rr nutirc ,iiall U- 
 
 <lri'iiHil tu 1-oiwtitttt)- till- i-oMipany tin- a.'rtit of (ho |iro|iosintf traiisforor fi.r t!i,. 
 !M»lo of rill' -^liari' to any iiioMilH»r of tin- i-oiiipaay or |)orsiiii ii-Iimi,mI Kv tIi. 
 directors as aforrsaid at tlir fair \alin', and -null aiitliority sliall not lii' ii\ „,,lii,i 
 and if tin iiipany -'liaii, witiiin flii' spa'-o of twoiity-rii^lit liuv.!." A.-, 
 
 I. Ill iM.^o aiix ilillciciiii' ;ii'i>o~ liciwccii llic jnoiin.-inu iiaii-i'i - 
 and lli<> |iiiii lui.-iiiL: imcimIici- a^ In ihr lnii valiio nf iiNliarc, llic ,iii.||! ,| 
 sliall. on llic aiipliiiiii •)!' oitlirr |iaily, lorlifv in writiim iho -im, 
 
 wliicli, in Ills opiiiiiiii. i-i tlic lair valiio, ami -mil Mini slnill hod iri 
 
 U( lie iIr' lair value, ami in w. '(nlilviiii; ilii- aiiilitnr >liall lir nm- 
 .-iiloied to be arliiio- as an c p -it. uiid imi a^ an arliilialoi; an,! 
 ai Kjnlinolx llic .Viliilialinii .Ail. IHH'.K .<liall nut apply. 
 
 Somi'tinirs it is pro\ided tiiat " tlp' fair \aiiu'." or *• tin- lairrcnf traij..irj 
 prirc." sliaii lie a sum I'lpiai to llir amollht paid up on tiir sliari'. or .1 .luiii in l>. 
 i\\VM (t tin' ordinary ironrrai mrotiiii; in I'arli year, '•.'/.: 
 
 '■ .\t tlic ordinary iri'iirral motitinir in I'ai-li yoar tlu^ company sliall. liy ri'^niu 
 tion. di'riari' wiiat is tin' fair valui' of a sliaro. and upon any s;ili,' piir."iai!t !■• 
 rlau^f licreuf tlie amount so dm iarml. with tiio addition tlii'rcto nf tii. 
 
 pt'r ci-nr. prr anntiiii from llic tiatc of the nici tiiii; to the date of tlic roiiiiiirtiiiii 
 of .iiirli sale 1 less any iividend in tin leantime paid), shall Ih* deemi'd in ti. 
 the fair value for the purpose of clause hereof." 
 
 Another form is t'l strike out of the ahme clause the words "the ainlif'ir,' 
 and all siiliseniient word-, and to sulistitutc for the same the words " the dirt'ir- 
 eni'e shall lie referred to two artiitrator-. on., to lie appointed liy earli of ili-- 
 parties in difference." 
 
 lint there is this ohjection to sin-li a form, that it rommits the parties to .ei 
 arliitiation wliieli may involve full discovery of all hooks and doriiiin'iii- ;iii<l 
 not a little worry and inconveiiieiiee. 
 
 Sometimes the I'laiises are framed ~o thai a luemher must offer at a (ciie in Iw 
 lixisl liy him. with a provision that, if the price is not ai,'reed to. he -liall iin^ 
 «ell to any one at a lower priee. If this is desired, alter ( laiise 1 liy siihstiiutiii- 
 I'm- -at the fair value" the words "at a priee to lie tixivl as hereinafi-t |.i . 
 viil'd"; and in elaiise > siilistitiite "price he fixes" for "fair value ' , 111.! in 
 clause ;i " price so tixisl " for " fair value." and omit clause I ; and in clau-e li t 
 the last four word- suiistituti' the words " hut so that the price paid shall ii"! In- 
 less than tile price fixed l>y the retiriinr nieniher in his notice to the eiunpiiiiy 
 under clause 2 hereof. Itefore pas-inir any transfer under this claiisi'. the iliri-- 
 tor- may rci|uire the transferor and transferee ri'spectivcdy to make dcchiratinii- 
 piiiMiaiil to the .Statutory Declarations Aei, ls:i>. that tlm cm ideralinii iiu-ii 
 tioinsl in the transfer is tlie true consiilcration paid liy the trinsl'iTc.. f.ir tin 
 transfer of the siiare. and is not suliject to any deduction or rehate. When tli. 
 retiriin.' nieiuher cannot tiiid a purcha-cr at tin' priie -0 ti\eil. ic ma\ .'nc 1 
 fresh notice under claii.-c 'J hereof." 
 
 l-'or other altcrnatiic forms as to fair \alni'. see h'ornis ;il:! and )\U. ■m,-. 
 
 ."1 II' ill aiiv rase llic piopiisiiio- translcinf. txUi'V liaviiiir licniiiic 
 bound iu* at.sd makes dctaiill in lianKtcrriiii: liie sliain. ilie ">'• i"''* 
 lOioivc the piinliasc-iiKniey . and shall tbcienimn cause the niinool 
 tlic jjniihasinu '!ioiiil,er 10 lie eiitcicd in the ico-isier as ihe ImMer el 
 
K«JKMS. 
 
 I,,, -ii.ih'. ..ikI >1m1! '"j''' •'"' I'll" 'i"-<'- i'<^'.^ '1' '""' ''^' ''"' I'lopt"^- 
 
 ■ '!, iiaii.-li'iui. Tlu" iT(<'i|>t i<i tlie cov lor IIh- iniivliii-f-moiicv K\\.t\\ 
 I'r, .ronii (lUilmr-rt' !■ tlif piircliiisiiifr lUKiiilioi-. and iiftt-r liis imnii! 
 ji'„ Ik.imi (-rilcii'il ill ll"^' iPjri-^l*'"' i'l l>iii|M,ric.l ..\oiviso of ill.' iilsd 
 ',1',',,., Ill,, xiiliilil.v uC III.' |)n'".'<':liMLr> -linll n." I-' (|ii.'-li"Mi'.l l.v iinv 
 
 I"''"*'" 'II f 
 
 ,; ii ||„ ,<,v sluill iM'i. "iiliiii iIk' >l"i'-«' "' MV''iii>-i'i(,'lii il'i.v-^ iillpr 
 
 l^,|„„ HPV.'il with llu- imii^l.'i- ii.'li.-.'. liii.l » im'iiil..'r williM- u, piii- 
 
 1,;,..' ih.' -hirr-. mill jrivi' notice in niiiiiiiof iilwl, llio proixising trans- 
 
 i,.i„i >li;ill lit any time within tlin'c .iiloiKlai- in.uilhs iillcrwaiils 1"' 
 
 ,, |,|„.,iv. Mili.jo.-t to ilaiLS.' '.» h.il. tu M'li anil Ininslor tii.! share- m 
 
 • In,, ,1 pla.t'd) to any porwon mid at any pri.o. 
 
 7 Th. ...V ill ^ron.Tal im-etinir may make uiitl Irom liiui' I" linu' 
 
 i ,n jiili'-aM.'lh.'iiiodi' ill whi.iiaiiv >hiii.'.- .-lii'.i'"d in any iiaii>r. r 
 
 ,„,.•,,, „|v,.|| I,, ih. y iniifimnl l" .■laiiM' 2 liui Nhail 1m! oli.'i'.'d to lhi> 
 
 i,„.iiil)oi.-. aii.l a.- 1.^ tlifir ii«lit.s in ri'>;ai-.l to the pur. Iia^o ihof. an.l 
 
 11, parliiiilaf may jrivo any incmboi- oi- clas.'* of nicml.ci^ a piotVivnlial 
 
 ,ii:lit to piir. Iia.-^e Die sum.'. VntU oth.-rwiM' .loK'iiniiicd, ovciy mi.Ii 
 
 .|i;,ii. -liMJI ill' (illVri'd t.i th." mciiili.'is in mi'Ii <ir.l.'i as shall lie .hn'i- 
 
 ii,iiio<l l.v lol.s.li-awii in n'irar.l th.'i.'ln. ami ih.> h'ts -hall he .Irauii in 
 
 -iirl, iiiaiiii.'i as llu' .liici'lois lliiiik III. 
 
 s„m.lii.ii- it i^ pr.,vi.l.»l lliat the «liar.- -Iiall l..' ..llVic.l a, as in l'..iin IJl. 
 ,- I,, tu tlie >li»r.liuldors smr.'w-ivcly. a..i.nlinL' M tli.' ihmiiImt ,.f sliai-.'s li.'l.i l.y 
 
 ,|„,,, , t,i -omi' iiarti.MiUir shai-.'hi'l.l- r. -•.'/.• ll"' f"»ii<l.'i-- "r C'l) <" •'"• 
 
 ,„',,'„l,. r- «lin.e nain.'s an' .■nt.T.il ill a iv-i-n- «< a|.|.li.'ants in r.itatiuii. S.r 
 i , |ili' I'nniis :!17, SIS, iiiii-f. 
 
 s Aiix slian^ iiia.N !«• iraiisl.'i i.'.l \>\ a incniliof to any .hild.n- ulhui 
 I-.,,.. -1,11-iii-laH. .laii-hl.'i-iii-hi". lalli.T. iiuniifr. hrollicr, sislor, 
 M.i'liru iii.T.', nil.'. ..I hiihl.aii.l of niciiihcr. . mI any share <>l a 
 |..,, ;i.-..il iiii'iiilx'i iiia\ he tiaiisli'ir.'.l Wy liis o\.'ii . 'I's .n- a.lminislia- 
 
 • n,, t V .hil.l. iir olh.'i issiio. son-iii-law, .lantrlit.'i'-in-ki" • lalli.T. 
 
 iiKiili.']. l.i.ilh.'i, si>t.'i-. n.'plit'w. nioic. wid.iw. .if wi.lowi-r ..! smli 
 , I,. ,. ;,.-■.! mm'IiiIm'i lo wl siiili 1 Icicasi'.l inciiili.'i' may li.i\t' sp.. ili- 
 
 all\ l.r.|ii,Mili,.,l ih.' same , and shari-s .-.laniliii;:- in tlm num.' of the 
 i|. . - of ill., will .if any (h'.oased inoiiilK'r may he iiaiisfei r.-.i upon an\ 
 
 haii'j.. ..I ii.'.'s 1,1 Ih." liees for llu- time heiny ..f sn.-li wi" an.l th.' 
 lesin.li.His in .-laiise I In.f shall m'l appiv t-' am naii-lVr aiilhori/.'<l 
 Ia ihi> i-liiiiso. 
 
 s, ,.„tiM„-, |«i«,.i- is aUo fiiven t.. traiistVi-, uiiii ll,.: approval .if ll..' liuar.i. 
 In ll... tni-t.,.s iiV any si.ttl..m..iit lua,!.' l.y a iii.inl..r. ..r M any prrsDii win. ha- 
 bi.<ii ,i|ipi.|iit...l ,11' <.|..|.t..il a (lir.'i't.ir. 
 
 'I Til. .iirciors may refuse 1.. ic^;ister aii\ liannfer .if a sliaie, 
 .«' ttlici.' ill., i-oy has a lien "ii llie share: .a • h^ where th.' .lir.'.'lors 
 ;ii.. I,,.' ,.f an ..pini.in thai it is dcsirubh' l.i n'linlt the pmpose.l tian-- 
 
 ".t6."i 
 Foim 312 
 
 Difitiilt by 
 
 iiiinpaiiy. 
 
 Unw sliar.'s 
 t,,l».,.tti.r...l 
 t.i memlifv-. 
 
 111^1, t IM 
 transfer tu 
 
 ii-Dcial 
 p,iw..r l.» r*- 
 fiis.. traiisf. 1 ■ 
 
 P*^?«*aTr 
 
 JL-J.i!JSH 
 
:l 
 
 
 IKiB 
 
 PRIVATK COMPANIKS. 
 
 "<'nAr X. 
 
 Form 312. ferec to iii<>MilioiKlii|i. Hut i)iiiii<;:nii>li ib) of this clmis,. ,|,;,i| n,,, 
 apply I where tli« pi'0|»««'(l truiinforec U itlnvidy ii iik-iiiIkt holdin.. 
 inoru thmi stiiinvsl. nor] to >i tninHl'er iimdi- |iiirNiiaril \it <l,ii,v 
 
 8 hot 
 
 Si)iii('tiiiir< till' vniicl'< ill lirm kit> :iii' inirrtcil »i> a< In cmIiicIi' siuiII .Imn 
 liiildrrs friiiii till' lii'iH'tit of llii' i-xii'iiiiim. Km in j;!!-!! i :i«ij rlnu-i- i «ji[ 
 rcijuirp iiioditii'iitioii. 
 
 Form 313. 
 
 Fair value of 
 .•rdinary 
 >liaro« to Ix" 
 ilcoUred by 
 L'cneral 
 incctiiijr:-. 
 
 Tlie fair value aff^il shall l)C a.si ertaiiioii a* lolldw.-: 
 
 (a I The toy in treneral ir.eelin^' may frimi time to tiiiie, liv iv.m.- 
 liilioii pM<<Ne<l by a majority of not le^K than throe-fuiutJi. 
 in value of the hol<ler.-i of ordinary shari'i. deilai-e llic f.ii 
 \aliie of ordinary .sjmres to Im' tliei-eafliT dciijl wiili n, 
 accordaiK* with clause ^1 hof. 
 
 ; b) .Such rewilution shall remain in force iiiiiil the expiratjou ni 
 one year after the pafisinp thof, or for hui-Ii leK> ])crind ;i» 
 slmll be s])eoitied therein, or until by himple re.sdhilinn ni 
 a pMieral meetinjr it ■•^luill lie annulled. 
 
 •V) If at the lime when a tran.sfer notice i.s yivi'ii an al'>il. am 
 such refidliifion lixin^' the fair value is in funs', Uie f:iir 
 value fi.xwl thereby shall be diKMiied to lio thi' f;iir valui' 
 of the sliaies cinniiiised in snob transfer notice. 
 
 id i If at the lime wlien a transfer noliie is j^ivec. as afsd. ii'i mii li 
 resolution is in force, it shall rest with the iirii|iM>iiii 
 transferor and the purchasing- memlx'r lo fix by ayrepiiii 
 the fair value of the shares com])rise<l iu tlio tran.^lci 
 iioti<e. and any difTcivnw in rcp-ard thereto .shall Iw 
 referred to two arbitrators, one to Ik; appoiiiU'd by ea' li 
 of the (larties in dilferc ■. and the .\rbitration .\ct, l«s'.i 
 Khali apply. 
 
 Sro cliiuM- 4 of l'i>riii .'Jl'J. 
 
 I' 
 
 !llil. aiMJ ll'ltc-* tliorcth. 
 
 Form 313a. The following is another form: 
 
 Fair valup For the purpiLses of theMe clause- the fait value of a share -liall in- 
 
 .f Bhare | „,„„„„( f,,^ f],,, tj,,,,, |,einif lid up thereon plus a premiiiiM if any i. 
 
 • Jtimiitca bv I- I I 11 
 
 icfcnntc to" regulated a» follows: /.c. i'' the dividend and bonus for the financial 
 
 ..mciuit iiaid immediatelv prei-edinj; shall not excwd 7', p.c.p.a . i lie share- 
 
 n n unci til p:v»t •' .11- _ 1 1 
 
 .liviiliiiiU. shall be olfeH'il at the amount for the lime lieinc- pd u|> tiicicou: it 
 such dividend and bonus shall exceed 7\ )).c.p,a.. but uiii cxiccil 
 10 p. C.J). a. the pHMiiiiim shall be 10 p.c. on the amount pd up, ami if 
 such dividend and bonus shall exceed 10 p.c.p.a.. but iiul exrccil 
 15 p.c.p.a. a premium of 20 p.c on the uiiioiinl pd up. and if -x'h 
 dividend and bonus shall exceed l-i p.c.p.a.. itc.. itc. 
 
 See clause 4 of Form 312, »'(/).»■. and noteM thereor 
 
VOKMS. 
 
 }H>7 
 
 Ml ^hu.1•^ <^mpri«xl in a IranHfcr ..oli.v >lmll. unions tl... .li.r.-to,.- Pom 314. 
 
 ■ I «, u, oiler them to any person selett^l us uts,l, Ik- lii-l oHon-l pr„,erenti..l 
 ;■";;..!:; :.'direot««\h':m«eIv... .....l .. that in .«.; ...an, ^^^^ 
 
 ,,. „.,„.. "iwl ween them as to the di«,K«.il or di,*tribution ol a nhaiv „„j j^^,, „. 
 ';":,"„.. ,h.. mode of diH,K«al or di.trihution shall U- .h-...nui.u.. otW^^^ 
 
 |„ and anv shares not taken by tho diro.tors. or h..h.. o, .m.. -I 
 
 ',,„„ shall the., be ofteroil U. the other mo.nlMMs in hu. h ..r.ler a. 
 
 I A\'w ,l.-tern.i.ie<l bv U.t. And in ca«h cvse the in-rson to who.n tlK' 
 
 M',,, i. ,>,a.le nvhether a director or ..ot nhall have the option ot 
 
 i'„„,„.' i.- the prire fixed in the trannfer ,tioe. or. at h.s opI.OM. ..i 
 
 ,|„. fair value, to Ik- fixed by the auditors i«. afsd. sn.h opt.on t,.lK' 
 
 |.,,|„.M i.i accepti.!;.' the otter. Where the slmn-s ..o.npi.sed ... a 
 
 „ .„.f,.r »oti<e «t4vnd in the name of a d««u«ed uwinlKT, the diretton. 
 
 |,all have three .•alendar months from the service of the l.'.in.sle. 
 
 „.„i„. within which to determine whether they will .he...«.'lv.'s pnr- 
 
 ,|i:i.se iliem or not. 
 
 S„M.r!in.es provision is mmlo for plaeiud the .-hare- with ih- 
 liiirheHt bidders. Thus: — 
 
 •• Wherr tliP -ompanv U «TV«i with a tia.,.IVr noti.-o as «f.,r.-,Hi,l. .1. n- 
 
 ,,nv .hall f..rthwith Kive noti.o thcrcf to ..U th. mcmb.-rs (oth-r than .1,.- 
 .ariv Civinc th« transfer iiotirol, and tho n,.tiro shall »po.ify tl». ,.r.(r tixoH 
 !v L m.endins- transferor, and .-^eh memher shall l„. at Iib,-rty. with,., four- 
 ,:,„ dav from tho tirae such notice is served on hi.n. to dcliv.-r to the conipany 
 ,., „Hv"r in writing' l.iddinB for all or some of the shares .ompris-d ... t...- 
 ,™.fcr .mtice, and agreoinp to take, at the price he bi.ls, the whole or a..y 
 ,.f the -har,-s he bids for; a..d as between thos.. who so bid th. h.^h.'s. b.dder- 
 ,i,all l.e selortiKl .u. purchasers in the order in which their bids sta..d a. r.-«ard> 
 ,„„.r„itude- and as between those who bid the same H^ure the select.on shall 
 l„. Jc.cnninea by lots, which shall be drawn in such manner as the d.rertor- 
 ,|,.„.rmi..c Nevertheless, if the selected bidders i..clude any who bid l.-ss tha.. 
 ,|,e i.rirv ~p.ciKe.l in the transfer notice, the company shall eall on the a.,.lil.M- 
 
 , rtify what sum is, in his opinion, the fair vain.- per share, and shall not.fv 
 
 ,j,. .a.nc to such last-mentioned bidders, and unl.-ss they forthwith b.d such 
 |,riic. their bids shall be disreparded." 
 S., iintc to clause 7 of Form 312. p. 96.5, and .i.'Xt foriii. 
 
 Sliaiv> 
 fiillowB:- 
 
 ai W 
 
 .b) W 
 
 Form 315. 
 
 hi 
 
 wmprised in any .runsfer iiolioo nhall he dealt with a- 
 
 _ IVefen iitial 
 
 . . offer of share-. 
 
 here the tra.i6f«r notice L- {j^iveii ui i-eBi)e<;t ot shares stiiiuli.ig ^^ BpeeiliwJ 
 in the name of the sd A., Oi© sliares compriswl theroiu j^'^'^'l^;;;'^;;^ 
 shall i.i the first place bo olVcred to the sd H. director-. 
 
 ■hen» the transfer notice is given in iwjwwtof sliaic- stiuiding 
 in the name of the sd B.. the shares comprised therein 
 shall in the first place »je ottereii to tJie sd A. 
 evory "thor ctw the .".hares coiiiprised i.i a.iy transfer notice 
 slm.ll be offered in the first i.tstu.ice to the directoi's. and 
 if and bo far ae the same shall not bo accepted by the 
 directors, or some or one of the.... such shares or tho«e not 
 
 if 
 
 SSTO 
 
Form 315. 
 
 I'KIVATE COMPANIES. 
 
 L<"HAr. X. 
 
 iip<»'ptp(l hIihII lie <.IV<'n'il K. the otiipr inenil)or.s in ^inli cnlcr 
 UN kIiuII Ik" iloHMiiiiiKMl In l<lt^ drawn in roy^anl ll»n'l-.. ^mil 
 tlio l<itf» kIkiII 1«> <lia«ii ill "-in'li nuiniior us tins iliiivi.r. 
 think tit. 
 (til Sliiiitw i.tlcic'd lo tin- (liiTcliii- a> alnd -luill Ih> olVcicil t<i il,,!,, 
 <<illootiv<'lv and individiiall\ . Imt «n that in rasu ot i.„ii- 
 (M'titioii tlu'v shall rank /.<ia/ /Ki/isn for acwjitam*. and ;iii\ 
 ditlcnMico siiall li<" M'tllfd l'\ lot. 
 
 Sci' la-t fiinii and iinlrs. iiiiil iii"< ■ Imii»i- 7 ami iioti' thiToto nf I'.inii .\\>. 
 
 sitfint, p. !Mi-l. 
 
 Form 316. '"'"' fuMiiwiiiK i« anntlicr form: — 
 
 Aiiotlierfoiii.. '"il'l "ihcrvvisc dctcrininfMl. v\vv\ -ii< h shaio shall 1"' ollrir,! in 
 
 Iho lii>t |>lan' U> the sd .\.. and aiiv mil. iU-wpttMl by hi;n -^liall ili. ii 
 Ih' c.lli'itid 111 llio sd H., and any nut ai-oopled by him shall lie iiltni.l 
 to ihv nthiM' mcniU-rs in ^urli ordiT a- shall 1m' dctorniincil hv l-.w 
 drawn in rciiaid tlifioM nndci llif .■•u|iOivi-<ion <d' the fjMV.TiiiiiL' 
 di«'cl<jri<. ' 
 
 Form 317. 
 
 I'rufeix'ntittl 
 "Hit nf sliari'^ 
 t'l larjfcr 
 liulders aihl 
 tlicn til iitliiT 
 Imldor^. 
 
 linli! otlii'iwi.so ih'UMinincd liv i'\tiannlinaiy ic<i>lntiiin tif ilii' nv. 
 the shai('< ininiiii-cd in any transfor notice shall Ik- olloifd in iln' 
 lir.ll idatf 111 the iiriiaipal shar<diiild<'T> v which oxjirt-s^ion in ilii- 
 i'lans<> ni<'an> and include- lli<«- ini'inliors who «w|dv hold al Ici-l 
 Id ]).('. of tlu' ismcd capital I, and smh ollVr shall he made tn ili.in 
 <olU'<li\ ly and indiviilnally. Iml mi that in case of c()m|wtiliiiu ilii\ 
 shall rank fur accoiitamc fniii /ki-^-^ii in liropurtion to the shai-o- Inl.i 
 li\ them, and so that if any shares cannut be so apportioned, mm li 
 shaifs shall be ollerc'<l to them in order dotorniined by lot. and die 
 
 diifelors shall <uuise lots t^i b<' dravMi arcoi-dinely. and any -iiare i 
 
 taken np bv the ppal shandiohUT- as alsd -hall be ollerod to the ..iIht 
 meinbeis in sni h order as shall. Ae 
 
 Si'P alx) ilaiisr T. anil miti- tlicrcto. nf l-'iiria 'iVl. »•'//.", ji. Wli.'i. :iii'l ■''•" 
 Kiiiiiis :)l I. :il.i and 316, siipni. 
 
 Form 318. 
 
 i low ahnres to 
 Ix? oSered. 
 
 The shares spoeitiod in any transfer notieo jfivon U) tho coy a- al-l 
 Nhall U> olleretl by the coy in the tirst place to the niembcrv hiIh i 
 than the proposiiiir transferor, a-s nearly sus luuy Iw in propiiiiim m 
 the existini; shares hold by them resply, and tho otfor shall ni ea. li 
 ca.s<. limit the time within which I he same, if not accepted, will I"' 
 iloeniol to !* dedincl. asid may notify to the iiienibei^ llial aiu 
 memlK-r who dofsires an allotment of sliarort iu exwsj* of hi- piij|iiii- 
 lion should in his it>ply stat*' how many exc<vis shares he de-nc- in 
 have: and if all the memliors do not claim their pro|iiirtiiiii- iln' 
 mil liiimwl xhares shall be used for suiisfyinjr the ilaims ine.xce- Il 
 
KORM> 
 
 m\t 
 
 not 
 
 111' iiiiMil>U'. «ill»>iil li.K li""- 
 
 )i' Ix-iiii; ollVrwi to Fonn 318. 
 
 \i-iliiHf lioUliup*. tln! Hiiiiio hImiU 
 
 1 ' ,,,1,1.1- ill iiriiliiiilion t<' I"'"'*' •■'< 
 '"■;■",„„.„ ,, „,av U. .l.-l...n.i...-.i l.v li.l- t.. !"■ -Irawn ...hI.t tl..' 
 ,li„.i.i.... 1.1 il.'' *r>''wt-rH. 
 
 lav 111- Mi.ii^lciK"! l.v the hollies ihof FoiTO 318a. 
 
 \„\ .-Imi'- 1" 'I"' '■"> '""■ . . 
 
 ; „,i ,.,| ,.,M...M'tio..« oi Mill, hnl.li.. .■.■ 10 tm.s ui.oii tr.iHt ^1^,,,;,,, 
 
 ;;;,"!'|„. I,..n..|." ..Ml..MV..ly n.- o,h,..>viM. .,l .-.> I-'ivih-^l"! ;"";•-; .ran^.r 
 
 liull.- 
 III' 
 
 , ,„ 1, |,„|,|,..- anil u.iv slmnw sia.nlii.- 111 tl..- uaii.c ol i. .Ioc.1 
 
 !!!ll!niiKn !«• trui.«r<-rr.-il liv his losral ,..'.-.„al .■..(..■.-vutativ-s to 
 
 ' ,„„,|i";..,l ",i.i....tiu,... of 111.- .loiil Ol- .0 a.iv ..v..> ..lum t.-i.Ht 
 
 ■„„ ,|„. ,„„;,i, I'MliiMvoly or o,li.MvviM> o. aii.v ,.rivilo..-,l lonn.'.t ,...,. 
 
 . ,1,.. .1,, .1 ,„il n.iv .hares s,a...liMir i.. ih.' ..a...*'.s oi lh.« tn<.s f„r tho 
 
 ',1 |,,i„" lit tl..- will of a .h-iil .iKMolicr may lx> iran.stVr.cil .., im imy 
 
 I , ., „n„'i'- tl. .h.- iic.>.s lor tho li.iio ln-injr of «<"l' wiH- wln'thor 
 
 ',l,'i!v''l„ ,iili...-,s i.t .1..- roy or not, an.l pa.a. I . .'• nis clans,, nlmll 
 
 „o, ai'pK 10 ■^n^ muU transfor or to a l.ai.sfrr hy any .lircotor to an.v 
 .„„„i;i'.. „t 111.: lov ai.prov.Ml l.v tho .li.-.vto.'.s. In this .'latiso tin- 
 ,.mI,i.--,u,. i.r.vil.-sfP-l .touiiwlion,- when ..-od in rolalion to any 
 ,„'.,„|„'>- ur .|.'.-.'a.se.l .noinhor. ...oans any a..r..s!.ir. ins..... .on-i.i-law, 
 
 ,,,„„|„.,,.i„-|;nv. l.n.tlK-r, .iMor. halt-lir.'.h.'r, half-sist-r. stop- 
 lirolliir. .M.'p-siM.M-. hrolh.'r i.i-l.w. ,-isU', -ii,-la« . wifo or hii.sliaml, 
 wiiiiin "!■ »iili'«.'.'. 
 
 S c..i...i'« .■...ail. sl...r.'< uro traosfi'ialiU l.v C tl.e do.<"...lu.>t. a...l ."..- 
 
 i,,.ti.'i,s uf \. II.. 1..11I tl." r.'^» tl. til.' ,l.-i-.'.i.l .nt- anil lonmitii....-* ..f < . I'. 
 
 \\H 
 
 Transmission. 
 
 •ri,. tn„„„ii,>ioii ili...-.'< aro u~»-..lly fn.>..i'.l a- aliovo (p. 677). and, wli.-ri' 
 ,|„. ,.i„l,, iif triin.fir ti. stran^erH i- ri.Htrii'ti.l. a. in Korm 312, i\w oxp-.iti.« 
 a„d othiis ilaiinin« l.v tran.n,i«sii,i, will l.« l.»..nJ thereby. See llo,/<,ml y 
 /■,„.,,,. ^ >l,;/ /(,,„. V '■'.., (IMOI) 1 Ch. 279. 2<)(). Sometimes it is desirinl, 
 ,„ ,1,,' ..ui.t i.r .lia.li, ... provide for paying out part of tl.e lapiuil of the 
 ,|ivi'u«il. Thi. .'aniiot he elf.'i't.ially provided f..r in the ease of a l.nuW 
 I'onip.nv <l.i.e it woul.l amount to a rednition of lapital. To m.-et th.s 
 <lif!i, ull'v It is h'.t iinii.iiiinon, «l.in' a Lii-ini- i- .onvert.sl into :. .-onipany, 
 
 ,„,„„^i,l.■ .hut 111.' u'liil'iri shall take part of tli nsideration in delie..t..r.-», 
 
 wlii.l. lan, if desired, he framed 1.0 that th.- interest shall only be ,,ayahle out 
 ■ if pr-iHt- (s,..' Part 111.), and so that the pnn.ipal shall not bo calh-d .n till 
 till' ili'alli .if tl"' per».iii to whom they are issued. 
 A- i.'irards lu.ia y. see »/(/;(«, p. tift7. 
 \, regards marriage, it is sometimes provided that on the raarriaKu of a 
 
 female slianluilder the eiimpany may .■omp-'l the transfer of l.er shar.'s f. its 
 
 notiiirici' :it the t'tiir viiltir. 
 
»7U 
 
 f onn 319. 
 
 Kxn-uton 
 ur ■dminin- 
 tratoiw t< > 
 tmniifrr tn 
 
 uomioei'H or 
 be dfpmnl tu 
 •«»<• frmwfiT 
 
 I'RIVATK COMPANIKK. 
 
 ['"IIAI-. X. 
 
 Th- (lii'OcUm* tuny (till nn th«! r\mn or aHiiioi'^ of ii «lci 4'ii...(.(| iiii'iuliHr 
 to fninHfor (ho Hliaro" of the •Ioii'uwmI to hoiiio ]H>rxoii to ],!■ •»>Uhh^ i^ 
 wiiih oxopH nii<| oHiiiorN ikiid ftppinwd hy lh«* diici loi>. ;ii^| if (||j> 
 «>xoi« or luinioni do iiol ('<>iri|)ly forthwith with hucIi ihII llun KJial! h,. 
 df-eiiKHl to luiv<> .Horvod tho coy with ii truusfor notice, inidi'i |iiiiii. 
 ^ruph .'1 of Art. 17. and tii have »i|MK>iK«w| t.horoin ii nihii <><jii:iI to the 
 iiuioiint imI up on tho xhurLw a-> th(> fair vahi<-. ami llii' siili<i>i|iip|„ 
 provi.nions of that claufK- shall take f(r<Mt 
 
 ''■ '.-if ! 
 
 Compolsory Retirement. 
 
 Proviaiunii fur cuinpulaory retireniniit aru IxN'omiiiK x'O' <'»>i>ii»iii. .Siidi ;, 
 power i» ronvpnirnt, for pxaniplp. whppc a nipnilior conw"! ti> lii' I'ltiiiliiviHl by 'lii. 
 company or liwoniM intiTPxtoil in mnnv rival I'unccrn. And it n fruqi 
 deemed doMirablo to rnalilr a lar^i' majority of tho »(harp|MiI(]iTH ^.-.t; 
 tenths in value) to exereine tlie |Miv»er without a^ni^rniii); any na'toii. ., a 
 
 power sei'niH peeullarly deiiralile where the jfreat nia«.< of IIm' lapital iki.|j 
 to bo voKti-d in n few iH-rwinn. 
 
 Suppuite, fur example, that a shareholder who lian heeii l)riMii;ltt into a miiu- 
 pany merely to keep the number up tu »even, or because lii. appoannl to lie a 
 deserving employ/-, in fount! to be objectionable, he caniint, it) tlie absctiiT of 
 •ueh u power, be (jot rid of airainst hi« will exiept by vvindln-r np the lompHnv 
 
 Tho power is istmmonl.v vested in the directors, see Korni ll'J't tf >../ 
 
 Sumetimes. however, the |Kiwer is vested in thi. iiriirinal owner I'f ih, 
 uumpany's business ntid his cxeeut'O's, so htuir as n spccitied nuniber of i-iiaiys 
 stand in his natne, and is so frainiHl that In nr they may taki' the shares nt a 
 fair value or at a si "iHid prici., r.i/.. par. 
 
 Form 320. 
 
 Retirument 
 of duniiNS4Hl 
 employe . 
 
 Form 321. 
 
 Another. 
 
 WIm'ik'vc'i any iiicmUei of I ho coy lioiilino- l<'f>.s liiaii sliaic.- , 
 
 who i." employed by tin- toy in ain ca|ia<'ily. i« dismi,s.»od from .sm h 
 onjployint'nt for broa«ii of I'uitli. mi.s<oinlii<t, oi olhci- olfpnce which] 
 the diroctors |<le<"ni prejudicial to tlic in(eii'Nt>s of the coy. tlicv] niav 
 at any finie within - - duy.s after liis disiiiiissal. resolve that sikIi 
 moniber <lo retire, and thereupon he .shall Ix- dfn'iiied Ui have (^crvoii 
 the coy with a tran.sfer notice j)ur«nant to clause — hof. and lo iiave 
 8peciiie<l therein the aiiioimt |>d up on hi.s xhures tm Uie fait value. 
 Notice of tho pas-siny of any such resolution xliall lie g-iven lo ihe 
 member affei'ted thereby. 
 
 The transfer notice is intended to be a notice to the isiiupany in aieortl.iin • 
 with para. 2 of Form 'Hi. ■"•/nn. p. 9t>3 
 
 Whenever any holder of any (' wharos f!«!a«o^ to be eni|iloycd \i\ llie 
 coy, the directors inay at any time within - - day.s afterwards resolve 
 that, &c. See la/<t pn'c<niiii<r form. 
 
 SometimpH the ])Ower is not contined. as in form 3211, to dismissal, hut i- 
 framed as al>ove, or is exerciscablc only as rejranls a particular class of «hnre« 
 Occasiunally the holder is (riven a liiuiteil time to ri'tire. and only in dcf.mlt 
 of his doing so is deemed to have tfiveii the notice. 
 
RORM.X. 
 
 i»7l 
 
 »h' rc" miiii- 
 biT iutoniit^'l 
 ill Kimiiotiiii/ 
 rmirtril. 
 
 V „ m^U^^ ..I thih ■ ov Mhall. without Uio n.i.H..|.i in «.i(tii>; uf ..II Porm 388 
 
 , ,l«,ulK.n< for th.- tin.".. Lointf -f >'»« '">. I- i..t<>n....<.l .h a mUui-o- ,,,^,.,i„.,^, 
 "11!! „artn....<li"Htor. .u«.u.k.'.. UmuUm. or o.l.,-.wi«... n. any 00,.- 
 ! ,u. v.n;ronanv l....imw. i. ui-'i'i"- «..!. •!..■ .oy. o. l.av.nK 
 
 l^....iol of .1... .lirtM-lors that any n Ihm lm~ .ou.nntt.vl a l.roa.l. 
 
 "' 1 .lau^r, .hcv nuiv s,-, vo hin. with noli... in w, ilin« .-MU.r.np 
 ; ., „ ,;, ,,,,ir.. fr..". or otiRT«-iH.- .lot.Mn.ino I.Im int....".. in «u.h ...m.-. .. 
 
 ,,„i„L' lliat, in .ho ov.-n. of nnn-.o.n,.lian.,. wi.h ^u, h mpuM...... 
 
 "";,:,„. n,>-oi«ht.h.vH. hi. Shan- will h- liahlo ... forf..i.Mr.., an.l 
 ;;;, , „;,,,;„ ,vvo«.v-c.inh. .1.0- af.or the sorvice of m„ 1. not,.-.- n 
 
 ■ - . ,,„,voa .o the ,Ha.isf.,.ti ^f .li<- .lir.-.or.< that th.- ...M-nM.ion. 
 
 ;i,c„' him. I..'.'" "•>"l'li<"l «itl'. 'I'" «l.ol • a..y of ih- shan-^ o. s„, 1. 
 
 ,;„„,„„ „„, ,H. lorlVi....! hv ......lu.ion ..f .lu- .Ihy,-..,.-. ... .ha. ..11.- i 
 
 l,,„j,l„.l aiwaVH. .ha. nothin;r h.-XM-. ...n.a.n.Ml -hall ,H..v..|.. anv 
 
 ,„„,„U., iron, hol-lintr M.o.k ...• sha.on i.. a .•a.lwa> ..-■ ■ nn.l .•..v. 
 
 ,„ ,. ..roa.c n..„,.»ny a .■!.....« « above i, a..t ... -I. S,..,....i,m., i. i- 
 ..iJu. .Iir,r.«r.. and o..a.ionally pn.vUion U ma.l- for ,.....•.; ...-f.-ro -r- 
 ,1. S,„„.-.im... provision for li.,.,i.lat«l dan.a«... for l.r,,,,., ,s M,..r..Ml 
 
 , .ii,., „„,.„..^ of .1... .lir.Mt„rM ,nay a. aov .in... m'.a.. .1... .■o^ w..h Form 323. 
 , „.u,.i<ilion .o t.nfor.^> .ho lni..>for ,.f any |.ai-.i.ula.- -I.a.v- ..... I...1.1 ^„„^,„., 
 
 ,, ,|,;H.,,Mi>i.ionis.^. an.l wl..-. a .......I....- .li..^ .1. ...j.oiu of .!..■ ,v,ri,.«.n ... 
 
 ,li„.,i„.> loav .s..rvo iho coy xvitl. a .-...ini-i.io.. ... ....l-.-o .h-' in-"-'-'' 
 
 ,,i ih.'.-li;.it"* of .ho (Iccasea. 
 
 . Tlio ...v .-hall f..rlhwilli ^mv.- ..) .i.-' hol.l.'. ... >o. 1- ^l.a..-. ■» 
 
 «|».,.. .1... hnl.l..r is <lca.l. ... his .-x..: - -r ...in....>. .....i'" 'n «.-......^ ... 
 
 ,|„. ...uniMlion iwi.h a .i..l.y ..f this ,la..so M.l.j...n...l ). .....1 nnlo.-^ 
 
 „„|,i„ |„,M-.....|. .lavs af.or.v.mls tn, hohh--. or. a- .1... .•..-. n.ay h<: 
 
 ,|„.,.xw> ... a.ln.o.s. shall j.-vo ... .l.o .-oy a iransfiM- notuo ... .os,..., t ... 
 
 ,|„. xl sha.-..-. in a.cx.r<lanf,. with paiairiaph (2) of .laus.- - ..-..'ol . 
 „„l, hoMor. ..r s,.ch I.X...S or a<l......s. a- ihv .a-o ...av I..., shall I-.- 
 
 .l....n,...l a1 Ihi-expii-ation ..f .hat i^-ri.Hl, t« l.avo ;riv.>.. ... .h.' •"uiy-xu^ 
 
 MMh a tninsfor notiop, .in.l (o l.avo s|H'.-if.o<l the.o... .ho a... "I ■ 
 
 ,|„. ...pital pai<l up on the sharos as tho so... he lixos as th.. fa.r val,..- 
 
 ,|„.,.oi and thp s,il.so.i..ent pr... .....lin-s ...ay U taken on that 1o.^.- 
 
 ,,,.' For tl... i...rp...srs of this rla..-.' any pots.... o.iti.lo.1 .....l.-r il.o 
 
 -r;.M>,nivMO.. .lanso t.. transfer shall l«. (loenied 1o 1..' .he h..l.ler 
 
 S.T |.. 9«". 
 
 Tlio holde.8 for the time l^i.iff of ..ino-t.-nlhs of .1... iss.....l ..apilal Form 324. 
 
 niav at anv ti.ne serve the cov with a ro,,..isifi..n ... enfor.'.- tiie Cu,„puls..r>- 
 
 .,«„sf..r of a..v particular sh>.ro- n..t heW by the req..isi.io..ist«. The ret,r..m... 
 ...vf-hall forthwith srivo to th- holder ..f su..h shares noti.e ». wr.t.nc 
 
 ..U.. J.lfLiLJ' . 
 
£ ■(. 
 
 '■>7\> 
 
 I'I'I' ' K I fiMr'v IK». 
 
 r<'llAI.. \. 
 
 Form 3iM. ol ilir i<'i|iii.iii.,ii nl. u . p- "H il'i" > 'mix' ,-iil,|,,iii,>.h. ,,„,! unir.. 
 williiii ItiiiiUH'ii (I. IN.- nffM^ li't, ihi hi.l,!' 1 hliall ({ivi- id tho cv 
 inni»'liii' iioli.c ill ii"<)M'ii I hi- -Im:i'- III .1 iiiiluni'o wiili lau,, 
 
 liol, lie cliiill !"■ il"i' I, ;ii ill.' i'\|iii.iM,.ii i,| ilmt |M'rio.|, Ut |i 
 
 .Ktiiiilly jiivfii Ml li MDiiic. .111(1 m li i> ■ -(H'cilii- I iliori'in tlic ., , , 
 III ('a|iit<il |iil 11)1 I'll till' .'Ikii"-. ii» ill' mil Ik' Ii\ii< n< \U l;iir\;i|,„ 
 
 Koi' tlH' |11I1|1.IM'» 1.1 llll~ rhlll-C lim I 'l.-OII Cllllll llllili- lli|. Ii ,11,111,,. 
 -inn rlllll-l' ! ' ILIII-Ifl' -lull I'l ilri-li|i''i llic ll-ilil"r .if -n, I, -Im,,. 
 
 Form 325. \ mk mliiir «li" In. hi.- li'N- ill. Ill .'.11/ II. liii.il of ill. i|iii.il lull!'. 
 
 \i„,,l„,. Iiiiiiiiil, ii|i(iii iIh' ii'i|iii-l I, wiiiiiiui'l '111' 'iildor- .'I i.il.liT ..I iiini- 
 
 H'iilli>» III' till' i'<-iii'.l .sliiiii- I'i I'll mill ti ifmfpi 111- -li.ur-i ti. <h, 
 IllilllillCO 'I vilill llnMoi- 'II ll'lij. I III r.. 11*1111 ol tlio |i.i '. i.ii'iil .it'll >,,, 
 ii|iiii! to the ciipilal |iil ii|i "II hi- -'I -iiiiii"-. nil. I tin' ili» -hall i.. 
 .iii'i'it'il iiiT.i cltt'it .11 till' iiiv - i.lli I' nil a iliiv ii|i|i.iiiiii>i| liv ihi' 11. Ill 
 • ir piil'ti"- iii.ikiiii:' mhIi ii'|iii'-i. iii'l i' i'' i'k'iiiIh'i iiiaki'- ii|i|';iii|i i|,, 
 riiv liiiiv i<>.-<>i\r llii' mill. mil ..m lii.> 1" IimI iiii'l in.iv iiiillinrl/-' -..iii 
 iliri'iliii I'f llii' ii.\. "II hi- h'li.ill 1" ii.i.i-l.-i iln- -liiirc^ i , ,||. |, 
 imiiiiin'r .iliil .-ll.li tiiMi-l'i'i ii.ill ln' .lli'rlivi'. 
 
 Form 326. ' I'l'' fuiiinli'i "i llu' I'mihli'i .- i|in'iloi> s|i;il| Imvi' tlir "|i!ioii. 
 
 ; - lie I'M'K i'ii'd ill am liiiii!. ti\ ii.iMii' ill nriliiiir tn llu- cov , linilr .alli 
 
 Ojitiou 111 7 ' 
 
 foundiT or hi- '1 |ili'i|i.il imlii'Oi. iil' ]iiiii|iii«iiiL; ii tlio tnir v.iliic. t!io wli-.h' of il 
 
 .lirii'^tor. f.i ,„i|.s|i,i„lii,t. ,-h:i,,'s ,„ i| 
 
 IHin-llaiM- 
 
 .lUUttiiiditiL' 
 
 Kuir viihi. . 
 how i-ti- 
 matiil . 
 
 Niiliii' I.' 
 iiWtiri> iif 
 «hiirw<. 
 
 .Siii.., Ii.,« 
 effit't.J. 
 
 \ - ..ii'.ial Mill lii'lil V thi' ]ii>i>.iii-i i'\ii- 
 »'i.«ini; -iicli (ipliiiii. pr.iviilc'l lli.ii Hie pi'i-oii- '^lo y;iv(' llio nptinii..' 
 iiotii*' ill till' tiiiK' .11 i^^-ixiiiy- till' -iiiii' all' en i us tin. roiri<trii' I 
 liiihl('i> tliiil, til iiiiiif than iini'-halt iil ihf issue'! ipitnl 
 
 ■J The liir vallii' al.-il -hall. I'm' ihi' [iiiip "!' ih. i l,iii-o. ' 
 
 ili'i'iiicil In I'.' the I'iinii.il pil up "ii ihi' sli.ii-p- ! "iircli,; I ri'-]'l 
 
 with a Ikhiii.'* I'ipial : p.i .p.a. siiiro th.' la-i j ; 'eiliii^ ilividi'U' 
 
 thi'i'i'oii wa.s 'h'.'lai-i'i!. ., I i\illi iiiii>ii"<t iii •:••■ 'at.' "I ■'> p. '• -,i '• 
 >»fh i-apital ami I'i.mu- a- li"iii ilm 'j-iviii'. of io nptinii.il i . i 
 the pavtiiri' iif .-11 ■ I li- \aliii 
 
 ;;. Niitin 111' till' uiN 11 . I'l iln' npiiiiiiiil 11.. luill 1 ■ :. 
 
 lOy t(i the i't'-pi\(' DWiK'i- nl ''ir -lnK'- llirr. I'i'Ito- .n; 
 
 ..^iiih owMi'r st'all. a>* fimii tlir Liixiir.,: nt ihr n iiul : U' 
 
 lo .'-I'll, mill till' por-iill~ wlin ;: ivi' ihr npii.ill.i itirc i-' 
 I" piiirha.'^r till' -h. Ml'- 'il' .-mil iiirinl'ri al lli' ' ilu.' 
 
 ; Kvcrv .sm h ;ilr .hall : :.;;;ifil nila ;■:: ;■ 
 owner nl' the nhari'- ill earl. ' .i-e .-lliiII tiaii-lei' l 
 iiOniiiH'os ..r the pi'r-.,ii- uiviii"; il ■ ii|itiiiiial notice, ^ "• 
 
 upon pin ilif tail x.iliir .i^.eilaii' i a- al-.l ami if i ih.' 
 
 iiwn«>i luaki'.- <li't'niilt. Vr. F"iii '.ij'i.i 
 
* fl 
 
 I '>lt\i!- 
 
 T|„ i.ainu .:; i.roviM-.ii- -I M Inn.' .p.'.i 
 dpril"!-- Ill" <" 'ill 
 
 !»78 
 Fora327 
 
 .1 lIllMU. '!lf vl 
 
 1)1 
 
 tiiiru<ti" 
 
 lillnll 
 
 -nil- 
 •111' 
 
 „iiti..n uf |.m.i isiii: li.' sliarc mIm- •■■,■,*,. mI.io 
 
 I, , k|,,, I ix.^ri-,. 1, ,( lllu.l -ilrll 
 
 l-ltl (1= \\ \*'>l. 
 
 ,b) TI.<'<'X'i r ,.,iiii...- • . ...■aet<-....'. Miunt ■:. • noil. ,■ (.. li,.- 
 _,| (■ , ii„>j, ::ivitr iihtit-' ! jirolwiU' l' tlio «ill <n 
 i..tt.M> .! .,.;.iiin-lniH..n •• «-t'il<' "' il'"' 'l'-"'ik->'l 
 
 williin i.v«Mii -.-i-iht ■ ii,M Miili ii.li"' t' '■liiil 
 
 iiii.l al, ;iii< III.'- Ailli.^i III . . Mlfiiiliir iiinulli- iilircuih 
 pr..batf I Jii siiiiiHU.ii ■- nl,tiiiii('.l lio mav iidlilx 
 to ni.li r ■- «r tt(llii«'i>. Ii- «ill'ii;n.--' t» t'\>'ir\-' tli^ 
 »iJ<i|Mun,- hilt !»• u- 111- .j.umi, .in<l ill 'IcI'.iMlt. (11 
 ■i,.,v ■ i.h iioiilici^ ' 'II '"■ <U'<'iii'-l *'< \*^''\'' •'"• 
 
 iiptioii 
 j^., 1, I,"' mI C ii'ililii- 
 
 utiiiiin* ■ ' 'Ik' "Ii"' '••' 
 |,K chit • . !''• "h.m-.- 
 ,i.v:<-rt!iiuc'' I" '" 
 
 ' ■ ;, HI 
 
 lilltT !•■ 
 
 •Imri > 
 
 ■ 111-"! 
 
 1 l.M. 
 
 ain iH 
 
 - -hilll • 
 
 1 ill' lilM ■ 
 lUMll'l 
 
 I ;il-l. iIk' i'\ir-i or 
 ,„.| till' -.1 «'. sIkiII 
 I ill llir valiii' I" !"■ 
 
 •|-| , I,,;, ..III" ^.' \.ilii.' •'!■ iIm- -lianv U-. ii|ilMMiiiii: 
 
 lA • luBt iiualU.ia.it. -sliiM't ..I tlii'C(i>. or if iIkmIimi' 
 ,^.,„- l.t>f,it. iU!v lialji ".-kIi-"! Ik'II tho |»ar v ilii.'. ' 
 II ■•= ^t in li. I (Ji ii'l-- I'*' '■"'"' "f •' V '' y I 
 
 Tl punhuw -Im: I*' niotvd Ml i-imIi time ami iilact' .i 
 
 Mil) Bd (-'. •'lUii^ '''• Ik- 'A'ii-* "I ailiiii'is, wh.. ^llall 
 
 . -Iiiirt'~ '1 iIk' <lei-<>.i.--i'<l, aii'l ii|"iii 
 Millie ll" -'I t' sliall ra\ tin' valii> 
 
 thoKUpon trail 
 Midi lraii.-1'i'r 1 
 aM 
 if the <'\iii> ii' a.liii'i- iiiakr .k-liiult in traiislVuiii I 
 fhart'**, 111' <-iiv may i(iiin\<. ihc iiaiutMif tho doci'ast' ' 
 tlio ri'Slihtcr, ami iiiwii ilic n. iii«' i>l' lilt" "'l < as thv li 
 (if iIk' sliari'-.ami il •' \ ili"ln.\ "f lit'- |iri>i"<'.lin-- ^liuli 
 Ik' nui'itimuil- 
 
 Vi> n'^'ards all the unliuarv ..liaii'.~ B[.*'(ili('d ui tli< ioliudulv lit... Form 328 
 
 uh of the iitTions who >hall Ik' the rt-Mpive holiler" tJi -f on the ^ ,.„„,„,|„„.v 
 
 .,v of 8hall bo eiillil t<i eoniiiiiie 1" h-'h' the Kd >liii! - tli' liehl r.firiTuotit in 
 
 ^ him iiiilii he Hluill die. or shall voluatarilv tj-aii-f." ■<' ^■ - i" '^^ »* b"'il>- 
 
 uwrdanw with tiie ju'n\ i.sioii> 
 bankrupt. 
 
 .1 tl 
 
 ire-eiiK. >i' 'liiM ■- -nnw 
 
 ruptcy 
 
 .V I'lause (-\il. 47> tu tin- .ii".>i cifi'ir k;i :rii.r'-- ■:!•■ -=t-— -f ■, ' 
 
 tion in Burl'in,t\ Trmlee v. Sh.-I It,,.,. .V »'.,.. ( IHiii 1 Cli. •.;7<.l, in i'i)n.jiiin'ti..ii 
 witli ottier t lauKi-s pnivijiii^' fur .iiiiiiiiil-orv ntiri-iiniil. A »li:inliiil(lfr li.iviiiL- 
 lincimr lmiikrii|it. the I'limimiiy. in aii'inlHiii'.- «itli tli" iirtiolo:!, s.tvimI hU 
 tmstec in Ijankriipti'V wifli netiii' I'l'.iniriiiL' lion t.' i-'iu' a traii'<fcr iintii-i', aiil 
 
\w 
 
 ji 
 
 i 
 
 974 
 
 Form 328. 
 
 I'RIVATK COMPANIES. 
 
 [< 'llAl'. X. 
 
 that in licfaiilt hc> would bv dri-mod tii hute );■>'*'" » tranafpr iiotio- imd ntui,,! 
 tbo privo H«<il liy tho a^ti('lt■^<. The value of the Hharoa a^ (ixcil by th iran«f r 
 iiotiro was cuiHidpruhly IrsK than the actual value of the Hhuns, miI it «.i, 
 <-ontciideil that the urticleH were a fraud on the hankruptey law, hut I'arn.l! 
 .1., held that that wan not no. At p. 291 he wid: " If 1 onre arrive nt \\u- 
 lonehmioii that these proviiiions were inserted lioiiti fiilr — and that i« not ili- 
 puted and if i alw) tome to the coni'lusion that they constitute a fair .h:m 
 nient for the purpoM' of the liUHiness of the I'onipany. and are binilini.' iipuiHv 
 upon all pers4ins who come in, so that there iff no suif^estifui of f nimlult nt 
 pri'fiTeiii'e of one tiver another, there in nothin^r ohnoxious to the li;iiikrM|itM 
 law in a elauHe which provides that if a luan bis'omes bankrupt he shall sill in. 
 shares.'' "Then the ((uestion of price arises. Now 1 find the price is a tiMil 
 sum for till ptTsons alike. No difference in price arities in case of liaiikniiitM 
 tlio flfiil of bunkruptey is men'ly to cxiept the bankrujil from the privilifr. 
 of Art. 47. ... If 1 came to the conclusion that there was any provisiim ii, 
 these articles compelling persons to sell their shares in the event of bankrupt' v 
 at sumethin;; less than the priiv that they would otherwise obtain, sui h a \>ju 
 vision would be repu);nant to the bankruptcy law: but it is not so. Tliiv .ill 
 stanti on the same ftsitin^'. and the proper value is to be ascertainable fur uli 
 alike." 
 
 Fonn 329. 
 
 Ii 
 
 Ou death 
 siirrivora to 
 tmy ordinary 
 shurtw of 
 det:casi.d. 
 
 'I'lir liilloniiio |iii>\i-i<p|i.s ^llillt Imvo oH'wt: — 
 
 (ii) ill llx- ovi'iit III' the (Icatli Ih'I'oio .lunuarv 1. I'.t.id, <ii ,iii\ 
 iiHMiiU>r hiildiii^ Diiliriurv Kliurow, xwvV «lii»res slujl U 
 l>ur('liu.s<>(l uikI tiikcii at tlieir fair valuo by \\w int'iiilii i- 
 li<)liiiii<r oiiliiiarv hliur<'.-< at tlio time of siuJi deatli m 
 |>i'<>|iortioii iH'lwit'ii tlioiii a« ucurlv a-s may bo In iln 
 aiiiouut of llic capital )h1 up on Ibo unliiiary Kliuru.s Id 1 1 
 by them icKply, and fitntriitfcs for nalo anil piiri Iui.m' iu 
 I hi.' foolinfr of thi.s «laus<' shall bo ilciMiied to have bicn 
 mad'' HKviniiiiply iniiiiiHliatoly bt'fori' the dcalli ul.sd 
 U'twi'i'ii till' diHi'ii.si>d and the mi'iiilii'i's who are tu piii- 
 chaM«' U.S iifmi. 
 
 (b) The fair valiii' of any particular ordinary Nhari's shall tui the 
 j)urj)o*<i's of thi>* clau.-ii' lit' dooniiil to be a sum beanny: tin 
 same ratio lo tho ao:}^it!;.'alc fair value of all the oiilimii v 
 sliiin'." for till' time Ikmiij; issued and oiitslaiuliiiir a- ili. 
 lapiuil pd up nil siii'h purliciiliir ordinary i-liaivs sliall 
 liear lo the ii;j:tf''<'pit<' fapitol [itl up on mieli oiiUstaiiiliii:: 
 onlinary Kharew. 
 
 (rj The atrfrri'pito fair value of all the oiit.stuiidino' ordiiinv 
 ohareN ntW at any ptirtiiuliir lime nhall for llie pur|)iiM'- 
 «»f tiiiH claiiso bi' the biilaiioe a-siertiiinisl by meiins id an 
 UK'ount on the cii'dil side of uhirh .shall lie entered a .i 
 mini ei|iiiil to the value of the eoy's assots ^^e.vclusiii' nl 
 piXKlwill I as shown in the liooks of the coy as ou Deo'in- 
 ber 31 next jireeediiiK the day of the death, and (b a 
 Huni for (TiMHiwiii eijiial tu tivu-si.vths of the aiiKiiini "i 
 the prolilj» of tJie whole businefws of tJio coy for the tliree 
 
\,.:ii> .MKliiiK with audi Dowmlici' .il alloi .lo.liuliii^' from Form 
 Midi |«i"lil'< in resiH.'cl ol' oudi \oiii a Mini o<iuivalfut 1-. 
 imvivht at (lie lulo «\ •")/. (. *-• l'" "" tli.> umouiil <.l 
 111.. ,;i|.ital lor tlu- liiiK' Ix'iiifr !hI "P <>n Uio iin-forouu' 
 fliait.^ in till' <<>>" lai.ilal. An<l on the ilchit «iile of 
 
 «hi.li ii(<<mut shall I iiU-'ivil una .^mn i'i|imi Ui lh<> 
 
 auiMiiiit of lin' (•".v> 'I*'!'!" aiiil lialiililios iu* .sli'.wii in 
 llio lA iMK.ks as on -in-h l)t.T<>iiiU'r :JI. and (hm sum 
 ..,,iial to Iho .uiiital |.' MP on all tin- 'o.n s i-siu'd piiM.'r- 
 iMiii" ^lmros. 
 a, Til,, .ntiliiutfol ilK'.iiKliiiTof tJK'ox .:- id ilu- luir \alu.' of 
 au\ .Mil h oitliuarv »*hare»« ami a.s to >in li value haviiiy; Ikh-h 
 wtinialc-U iiunsuanl lo lh«^ fon-going provisions nhail \» 
 Mnicliit*ive. 
 ,ei WIk'iv iiiiv monihcr «lio,< Lcfoio l.-i .lantiaiy. ll«;t«. oniKl to 
 .,,iv ..i.liiiarv sluii<..>. ili.. ilirfrU.rs shall foiihwith privi' 
 
 „„iii.. of iIk' .h'iith 1" il fiiil'i'i.^ holiliu}.' orilinaiv 
 
 -huiv.-. aii.l iho iMili.-..;. ..hall siMHJfv llio proportions in 
 vNliiili lln-.v have lo piii<hiisi. smh nr.linaiv sliari-s. and 
 l„,li,l•^ .>hall at lli<. -aim- lini.. U- uixi-u t-> tlit" k'^al IHir- 
 ..Miial K-prt.scntaiJvcs .if an.v; of Ihf div oiwd spocifjin;; 
 tl,.. iiaini-s and a.ldn'sso of thi> piir. ha-.M^ and th>. i»r.i- 
 puiiioiis in which iln-v are lo piinliaM-. 
 i) Tin' pur. lui.-i.-iiioii<.> "t :>u\ ..rdiiMii.v -liar... i.p i..' piiivhas..d 
 aii.h'r this . lause .hall !«. llic amouiil of iJk- fair valiif Ihof 
 ,i.>.<'rlaiii*'<l a. afon'sai.l. lcs> tli<. amniinl of anv lien or 
 .liHif;.. for ill.' lini.. Iw'in^ xili.istinjf ihcu.oi and shall. 
 iiiil..^s th«! parlii.i. ...n...nn.il olht'rw i-.' .ioltMiiiini-, U' puv- 
 iiM.. hv iwcniv fMii.'' half-v.ailv iiisialmcnls, the lirst of 
 villi, h ..hall !«• p.l .it lli.. ..xpirali.ni .f .i\ ni.intlis from thi. 
 ,|iit.. of lht< doath •'( ill.. i|>(..a..i.<l iiic.|iil>«.r, lofrcllicr willi 
 
 int.. rest on llu- an t i'.r tlii' linn, hcin.^ nnpai.l al thi' 
 
 rill., of •">/. p.l'. pa. from ..iii h .Iralli. .Viid vvh.Mi aii.l s.. 
 
 „ ii.s lh« piir.ha.<'-m. v af...l «r lli.. Iir..l in.lalmfnl 
 
 ihof ..hall liav.. Ip«.<.ii p<l. io«t.|li..| "illi iiiit'r.>.t a. al.*.l. 
 th.. U't-al iXMXMi.il i(.pi|.M.|itali\... ..f ilio .luivuM-d ..hall . 
 foithwilh. upon ili.. K.picsi of lli.' pun ha.i'rs, transfer 
 tli(. ..hares lo ili«- piii. Iiasi.rs n..pl\. ami in .li-fanlt th.. 
 ,,.\ may re;.'i..i.i the pin(ha-'..r. a., lli.' Ii'.l.li.rs of tli,' 
 .liai.... and llu'ii l«'S;al lilh' thereto .hall lln'M-hv Im- ..nn- 
 pli'ti'il. hut suhjeil to the proviso n.'M hnflr conluined 
 anil lo llie suli.e.pieMi |>arairraphs ..f thi.. |iiesenl .lause 
 rr..vi(h.<l ulvvav... ilial if «liih' aii\ of mi. h in.«lalim'nls 
 sluill remain iin|iaiil the unih-rtakin;; of llie t..v ..hall he 
 *ohl. the unpaid iiiKtalinent^, U)K«lh<'r witli interest up t.. 
 the tiiiiP of actual pavmtnt ihof, .-hnll imiiiodiatnly, upon 
 th)' iiHuer of the ordiiiaiv shan-. -<> piinhiwed beooniing 
 
 '.>7."> 
 
!»76 
 Fonn 329. 
 
 I'KIVATK CUMPANIES. 
 
 rCHAH. X. 
 
 eiilld to (lavMiiMil iif liif. sliuit' of tlic Hiiiplu.s as>cts nf thi 
 coy in llic «iii(liii<;- up tliof. !«> pd liv the (■o\ or its liiii.s,,, 
 diroctors las ilio cafe may iciiiiiroi fortliwitli out of smh 
 MhurL- of as.si'ls to tlic cxociitois or iulniiiiistrutors of ilii' 
 doi'ctujcd mcinl'or. and so fur us mnh share »lmll he iiiMilli- 
 C'ior ; sutli owner sliall forthwitli makt- up th(' anioiint 
 of such insidllcicncy . 
 
 (g) So hjng 111* an\ inslalnK'nl ni mti-rcsl is unpaid iln' mv. it- 
 li(|rs or (iir<M ii.r.- i as the cast" may riMpiirei. sliall lii'i'iitlil 
 to iind sliall ifn-ivc and Imld the cortilicalc or i i'rtiliiali> 
 of fitlo to till' iiixlinar\ sluiros on behalf of all parlies 
 interested therein until 'he <onipletion of the ]iur('liiiM' nt 
 such shares, when the i-anie shall he cancelleil and lexccpi 
 ill the case of iIk- ihv l)oiuf,' in li(|uidation i a new icrii- 
 ficute or certiticates in respect of such share- sliall li.> 
 issiH'd to iIh' iiwiu'r of such share-. 
 
 (h) For securing the payinenl of such iustaliaeiils and inti>rc-i 
 and (^in th<' case of uiiy ordinary shaix's not having;- iiccu 
 fully pd up !<■ the coy i for indeuuiifyin^ the estate nl .-a.-li 
 deceased nii'rnlu'i. the pu'cha.ser of ai- 'ch share- i-li;ill 
 frive to the e\e( nuns m adininislrato ■ . such dei cu-cd 
 nieinher his lioiid in a iienal!_\ of dcaihle the ajj-^rroirato 
 auiouuts of ; inh iu.staliuents and sums if any) reiiiainiiii: 
 unpaid on any <if such shares. 
 
 (i) The e.xors or admors of smh deed menilier shall aNo. in 
 addition I" the fair \aliM' of his .;d ordinary shares .-old ;u- 
 afsd, h" enlld to a shaK- of the dividend lif any) nu surji 
 shares for the current \ear ending' on the Deceinlier .'il 
 next precediim- the day of his death to and inclusive ef tlio 
 * day of his death, hut any interim dividends paid U> Muh 
 
 dcM'd niendiei in such year in respeil of sui h share- shall 
 bedediiiled h\ theeov from the share of dividend payiMi 
 under this puia rmvided. however, that if smh death 
 .shiill (Hcur in the year litlD. the date of the incorporatimi 
 of the c<A shall he lU'cmeil siihstiluted for the sd la-t ila\ 
 of December for the purposes of this jiara. 
 
 (j) Provided ulways. that if the coy shall Ix' insolvent at tlip<laic 
 of tlu- death nf any member holdiiifr ordinary shares, the 
 oblifration In puicha.s*' such shares imposed hv sul.- 
 pttTO. ill of para, la » of (his pie.M.'n; <lause shall not aiiplv 
 to such ordinary shaivs. 
 
 Lien on Shares. 
 
 It L, usual t<. providP tl;:.l .n privr'tc .•empHnv -Imll Imvn a lieu on thr slian- 
 of each membor for «ll i»..i..y- due fn.n, liiin. ami timt if he m.k..s d.^fuull u> 
 navini? the Mime, after dm- i.oti.c, the -Imre- nuy be «.ld. and th,' |.r<";.H'<l» 
 uppli.^ in Bati-fvin^r tbe lien, and tl..- bulame paid to him. Sc<' p. flfii. ^M>m- 
 
FORMS. •" ' 
 
 rivtte .on.|)any ha» trade dealing, with ita mcmbcni in their own business, j^j^ 399 
 *uch a Uon preicntJ obvious advantages for gecuring payment of indebteUni»« 
 to the company. 
 
 Forfeiture of Shares. 
 
 The forfeiture clauses are important for the purpose of enforcing the payin.iit 
 of call* \Vlien » call made on a memlx-r is not duly paid, the diroctor^ ( an 
 i rinif an action in the name of the company for the amount, but this privilogo 
 .lone which involves expense, risk and delay. Instead, therefore, of doing this. 
 ,1,0 din-ctor« give notice to the member that if he does not pay ttio amount 
 lue his •<harc v»ill be forfeited. This generally secures the payment of the 
 .mount and prevents r''L'ation, but in pursuing this reme.ly directors n.nst be 
 ,orT careful to strictly observe the provisions of the articles as t« notice. \c.. 
 th/law rciiarding forfeiture with disfavour. See p. 658. Sometimes, however. 
 .n a private company forfeiture clauses are not inserted, or, if inserted, they 
 Ire made not to apply to shares held by the original owner or owners of the 
 liusioess. 
 
 Restrictions on Members. 
 
 k member of the coy shall not [without the coy's confent] either Form 330. 
 >olely or JDiiUly with, or as manager or agent for, any other person, r;;;:^;^;;,^ ~ 
 ,li»(lly or indirectly carry on or bo engaged or concerned or in- w*"®™*"; 
 it.iwtfd a.< a shareholder or otherwise in any business whicli (he coy riJ^eonMrn. 
 is authori7iP<l U) carry on, and the directors may by resolution forfeit 
 ih« shares of any member who acta in contravention of this provision. 
 and cluiise 30 see s , ;-. p. 66J] shall apply. 
 
 A iier-'-oii who cea ■^- o be a meinl)er of the coy .■^hall not at any Form 331. 
 iinie wliliiii five years, to bo computed from t!io time when he bo J^^^^r^g 
 .c^u-o- to !«' a nicmlior, either solely, &c. 'Form 31, d. 12]. in the member not 
 hu-iue.-* of a within 100 miles of the city of . ocompe e. 
 
 rrovisions as above are very common. Sometimes they arc restricted to the 
 |icr«in» wlio have held a particular class of shares intended for employes. 
 
 As to the effect of winding-up in such an agreement, see MeanmrH Brnll„-,H, 
 hm. V. .Vemiirei, (1910) 2 Ch. 248. 
 
 H 
 
 The lioldoiv for the time being of two-thirds of thr issued shares Form 832. 
 
 may al any lime, and from time to time, as and when they think tit, orerriding 
 
 lo all or any of the following things, that is to say:— [^*uli^ 
 
 raajoritr in 
 1 1 Tlu'v mav, by notice in writing U> the coy, appoint any persons value of 
 
 ,■,■,. , . .1 „ „ nhareholden. 
 
 !o he (lirei^t/ira 01 the cov. 
 
 Appointment 
 
 i:!i They niHV, by notice in writing to the coy, remove any director ofdireoton. 
 
 of thecoy from ollico. Sj^^.°' 
 
 p ."I It 
 
978 
 
 PniVATK COMPANU>!. 
 
 [C-'hap. X 
 
 Form 332. 
 
 RoniuDcra- 
 
 tion of 
 
 din«torH. 
 
 Convcn« 
 
 gcuvral 
 
 nu?«tiu|^. 
 
 Retmlatc 
 
 <.>uiiduct i>f 
 
 tiuaineiw. 
 
 (ii) They may, hy notice in writinK soivod on the cov, tix the 
 remuneration of the direetom, or ,iny particular director or 
 director)*. 
 
 (4) Tliey may at any time convene a general nieoting of the cov 
 
 (5) They I'lay, liy noiioe in writing U> the roy, make any reifula. 
 
 tioisH in M'jjanl t<i tlie conduct of llic I)n.siiiccs of ilio lov, or 
 dii«<'torH ihuf, and in like maniior may vary and annul anr 
 fuch regulation.s. 
 
 (()) Thoy may, \>y uoikv in writing to lh« coy, make any re^'ula- 
 tionrt dt'claring wlio Mhall lie entld to sign, on llic e<i\ « 
 behalf, che<]ue.'s, hillw, notes. accoptaiu'e.H and iti'lor-cments, 
 and for what purposew and in what cases, and may in like 
 manner annul and vary such rogulationa, and nu •■iirnature 
 to any such document shall be binding on the coy nnlosjt it 
 iH in accordant with such regulations for the lime being in 
 force, and filed with the Registror of Companios. 
 
 (7) Whotsoever is done under this claaso shall have full effect, 
 save that as regards any notice under paragraphs .'> nnd U of 
 ibis riau.-e it shall not have full cllecl until it is lileil wiih 
 the Registrar of (_'ompanies. 
 
 (8» A notice in writing under this clau.se may l)o sigmxl by th« 
 |M'rson giving th<' sume. or any attorney or other agi'nt nf 
 such pci>on authori/"d iii writing to give the saniiv or 
 gi'iierally or .specially. 
 
 Tlic iiliiivf ni.iy lie fciuiid usi-ful where 'I'alilc .\. is not a(lii|iti'cl (in ii- .ritinty 
 at Ii'a..it), and sliort articles are desirisl ; liut unly in ttio case of a ciiiiiirniy wiih 
 a KHuiU niinilier nf nieinlsers, who are usually within easy personal reach of 
 each other. 
 
 Form 333. 
 
 <'onverMi4»u of 
 onlinary into 
 preference 
 i-liariK and 
 
 net ' ' ■ »'J. 
 
 C!onTersion of Ordinary into Preference Shares and vice versa. 
 
 1. When anv mcinlior u[ the coy who has Irhmi actively cnj.M^.i'd in 
 the maniigeiiiciit of the alfairs of the coy, whether as a dirt^otor, 
 assistant diioclor, or otherwise, ceases by reason of resi-ination, n'- 
 inoval, incapacity, or otherwise, to bo so engaged, the diin lots in.iv 
 at any time within six muiiths after such censor by le-oiutiDii convert 
 all or any of the ordiimry shares held by such member ut the time of 
 such c^'sser into (iroference shares currying a.s from the ihiK' of con- 
 version a cumulative dividend at the rate of ti p. op. a. on the capital 
 paid up thereon, and ranking for dividend pari passu with tlie pro- 
 ferenco shares from time to time created under clause 10 hei f, ""' 
 such resolution shall have effect, and whore ony meml)cr holding 
 ordinarv shares dies, such onlinary shares shall ipso facto be eon- 
 verted iiilo like prefereiK* shares. But the shares so convcriini 
 shall be tn'ate<.l an carrying dividend as ordinary shares up 1*) the 
 lime of conversion and lucorilingly, the member, or tlie e\eculom 
 
KllKMS. 
 
 l,„;,,iMiaiur.- ol tho .kHOUM.".l uioinber, bl.all Ik' outl.l as nn<1 
 
 "i."n tho prufim of Uie current year ehall have been asoorta.ued am 
 
 I, rato ..f.livi(leml on the ordinary sharow tor the year .let.-rn.med 
 
 „..h an amount of such profits as sliall re,.ro,ont the .l.vidend on 
 
 Th. s|ma>s ■<" converted avlculated at the mte afsd up to the tune 
 
 f .lavorsioM lees any interim dividend pd before conversion. 
 
 " ' \\ li.-iv tlie shares of any member have be<'n so conv.'rK^d during 
 
 Ui . lud afterwards such member aguiu becomes actively engaged 
 
 .Tih.' 'nmna-euient of the allairs of the coy as a director, assistant 
 
 iin.tor or olhor.vife. the directors may -t any time by resolution 
 
 '!^'m ai hi^ r.Miuest reconvert any xuch pr«?ference shares for Uio 
 
 \iZ l-.iiiL' liel.l bv him int.) onlinnrv shares, and such resolution shall 
 
 "*", ' W h.i.' ai.v meuiU'r ..I the ••..y. bein- actually .•usiaKcd in the 
 ,„inat'.ni.M,i of "the atVairs .,f tho .-ov. ..r U-i.i- employed in any 
 ,,,"pa.iiv ill til- I'li-ino- ot the coy, i-< the owm.t of any pr.-leren«- 
 
 "|,,,„^i„ ,1 V. tho .lir.'ctor-< may at any timo by resolution p.aswed 
 
 l^., i„„„l lin..' (lulv cuvoikmI .■..nv.Tt all or any of the preferenc.' 
 
 .h'.iv* ini'. .a.linarv ^haivs, and -uch ro.,.lution -ball have ollect. 
 " ';; A ivsolulion uii.h-r Ihi:^ .lau-o shall not U' ollV.jtivc unless a 
 ,:,a'j„ritv ..i ili.' .lir.'.tors fur th.- tim.- U'iiii;- in th.' riiit.-.! Rin^xloi)' 
 
 .,'iiiur th.'ri'in. 
 
 1 Wli.i.. aiiv such rosiilulioii for cnii\crMnii ..r r iversion i- 
 
 ,,,,„.h|. n..licc tiu.f shall fnvtliwitb be -ivon to the hol.l.'r or owiuT of 
 :|„ .sImiv-. and he sliall Ihoicupoii .leliver up to the coy tho tvitilicate 
 ,, l.„ii,,_r I., ili.> >liares so cotiveri.'d or rec.mvorlod. an.l the din-ciors 
 -Lai! iiii.'i the n'L'i-t«>r ut lucmbor- of the coy. and is-uo I" him a 
 ii,.w ivrliliiale duly framod. 
 
 Tlio ;il,„>o f.irni wa^ .Iraftni for a <a«' in wlii.h it was dcsiml tliat tlio 
 •..fMTal l.ri.tit^ »l»nil(l t,'" to ♦'"■ :»•''*'' «'>rl"^i--, and that tliv other iiiiihIkts 
 "liould tali- a HX.-.I prcr.Tontial ilivid.Mul. Several oth.-r important con.vnn 
 hue adopted a similar form. 
 
 '.tT'.t 
 
 Form 333. 
 
 Annual Summariea. 
 
 .\ priv;,te eoiiipany Is >.iil>j.-et to the provisions of sect. 20 of the .\et of \WiH 
 
 m,v..lidaliiiL' sct^-. 2fi and 27 of Conipanin-s Act, I8(i2, and sect. 19 of Coni- 
 
 laiiL-s .\it. litlHI). Th.' summarv and list must l)0 so frani.Ht as t« distinK"i^l» 
 
 !«l«c.M. tlie shan'S is«u.sl for cash ;, :.l the shar.'s issii.sl otlcrwisc th:m for cash, 
 
 ur only partly for eash. and must, in addition to the particulars ri'ipiired hy 
 
 rlial ^e^tittii, a\-*h specify 
 
 1:0 The t,it:d amount of d.'lit due from the iom|iany in ri'spert of all luort- 
 
 uML'e- .Old rhar^es which re<|uire nvistralion iind.T the .\.l, or whirdi 
 
 w.iuld r.spiire suih r.>jristratioii if created after the ciunmenceni. nl of 
 
 this A( t ; and 
 
 (li) The names and addri'ssea of tho pcrsoi\s who are th.- liireelors of (lie 
 
 ci.iapaiiy at the date of thi- summary. 
 
 S, c pp. Ii2», "1)2, 783, «"/>' 
 
 , and for form, pp. 1)22, ti23. <"/'ii 
 
 :s i: 
 
!»Si» 
 
 Form 334. 
 
 RwtriitiouM 
 on pri'fiTiii' .• 
 ►hBrif. 
 
 PKIVATE COMPANIES. 
 
 Borrowing. 
 
 rc'iui-. .\. 
 
 A private company u Kubjeot to thn proviaiont contain<>d in mvA. <t3 of ,[,, 
 Act of 1908, which provide* that every mortgage or charge rrentij liy a lou, 
 pany reglntered in England or Ireland after the litt .July, lAim. hikI hrini; 
 either — 
 
 (a) A mortgage or charge for the purpoae of fwcuring any m\ f 
 
 debenture*; or 
 
 (b) A mortgage or charge on uncalled share capital of the conipniiy; or 
 
 (c) A mortgage or charge created or evidenced by an instrument whicn. if 
 
 exe<'Uted by an individual, would retiuire regintratiun us a hill ,,f 
 *ale ; or 
 
 (d) A mortgage or charge on any lanil, wherever situate, or any intinsi 
 
 therein; or 
 (c) A mortg:i(,'c or cli^irtrc on any IkkiIc debts of the company: or 
 (f) A floating • liarirc on the undi-rtakin;; or propt-rty of the conipaiiv: 
 shall, so far as any security on the company's property or undi'itakini; i- 
 thereby conferred, be void against the ll(|uidatiir and any creditor nf i)., 
 company unless duly registered us required by sect. 93 of the Act. Sic pji i;ii, 
 -*il8, Mujn-a. 
 
 Requisition lur General Meeting. 
 
 .\ private company is subject to the pnivisions of sift. <>•> of the A't uf Iwh 
 which in effect provides that, notwithstanding anything in any rcnulafinm i.i 
 a comjiany, tlie direetom of a iiunpany shall, on the rc<|uisition of the holdor.. 
 of not less than one-tenth of the Issued share capital of a company upon mIm.Ii 
 •II calls and utiier sums then due have been paid, forthwith proi-ceil to louwiie 
 an extraordinary general incetinir, and in default enables the reiiui^itiuni-Jt^ u. 
 call the niTOting. See p. 690. mifini. 
 
 Votes of Members. 
 
 \ iiiemlior lioKliiifr lt>tJs timii I.OOO/. of onliimrv shiiii'- -li;ill iioi Is 
 L'litld to vtito, iwid tlie prot'orciKx; bIuitcs shall only Oiiufrr mi the 
 holders th<> ri<;;ht to vote at a funeral moeting upon some or uiie ijf 
 fht) ([iiofitioiis f<illo\viuo: (that in to say), us to reduction of ciipilal, a- 
 to wiiidiiii,' up the coy. ii.s to suiictiouinj; u sale of the uiidcrlJikiiiL'. "i 
 as to ultorinp; the rejiulatiotis of the coy so as to alfoct dircrilv the 
 rights of the proferonco sharcholdoit*, but subject a.s -aM the lol- 
 lowiiifj: provisions shall have effect (ihsxi in to say); - 
 
 i. I'jMin a show of liuiidH every holding of at leiist l.oDtl/. of 
 
 ordinary shares shall confer on ;he holder the riLdit to one 
 
 vote. 
 
 2. I'pon a jK)ll every hoUlinp; of at least I,(K)0^ of ordiuaiy sliare- 
 
 shall confer on the holder the ri^ht to ojie vote f^ii e\orv 
 1,000/. of ordinary shares held by him. 
 
 3. Up"n ■*» shnw of !i,T!id.-i js" if!r,TrdK any :j!j<^«!;iin iisi •.■.liiJ! thp 
 
 preferemx) sharoholderH arc entid t« vote, every lioMinir of 
 at least l,()()Oi. of pn>ferenee shares shall confer on the 
 holder the rifjht to one vote. 
 
FORMS. 
 
 y^<l 
 
 ,„ „ , noil as ivpardK anv ,,uc«ti..„ ..„ which iho pretercuo) Form 334. 
 ,1, „.'li..l<k-rs arc .'iitld to v<.t«<, ihf ,.ivfcivn«> shares «hall 
 ,.,||,.,tiv.>l.v ooiifor on the lioldcrH the risht to as niany 
 v,,!,.,. lis ^hall Iw ciiial to the number of votP« at a poll 
 ...iif.-rMxl hy all the other isMUwl xharw on the holders thof, 
 ',"„,! onoh holdintr oi proferenrc shanx nhall confer the right 
 to a lalPuMi' proportion of the voles thus collectively 
 (oiifcrred. 
 
 \ ,,p,x> may be appointtnl KOiicrall.y to vote for and on behalf Form335 
 „i'Il„ „,n.,iiitor, a« in Uie form in clause hof indicutcti, and in j,„^„ ,., ^j,^ 
 .,„ I, ,,.!.' the proxy «hall not be entUl to vote on any cp.est.on il the m' v.«Ht,l.. 
 a„i.,.iiitoi- iitteuds and \ot©« thereon. n.»l«^.t „f 
 
 I, ii„t i. member or other person eutid U> vote may api.oint a ,u.nc..l». 
 [,r„u to ^oto for and on b<'halt of the a|i|M.intor in i-espoet of any -'"■'"• 
 ;,K.,lli<Ml >hau.<. ami mav by the in.xtrument declare the appointment 
 irn^ocal,!.' or inev.jcable for any speciliod period, and .-iuth doclara- 
 t,„„ .itall !«• etlective save only that if the appoinU.r, by transfer, 
 d,,„l,. or otiierwise, lo<es his right to vote in inspect of the shares 
 6|„ , ilieil ihoreiii, the ai.i)ointment siiall thereupon bccom.' nidi. 
 
 ,, . Aii'l «liere a proxy is irrevocably appointed as afsd to vole for 
 „„| ou l..lMlf of Iho appointor in respect of shares specilied in the 
 „,.!nim<'i,. ol appointment, the proxy shall, whilst the appointment 
 ,<.main.s irievorable, bo exclusively eutl.l to vote in resp.ct of stub 
 ,1,,,.- .•^..l, li.oii-h the appointor ho present, and whether the 
 •,j,|,oiiitoi ,[>*■> or tloes not vote on the (,uostion in respeit of any 
 
 otiiov .-liiirc- 
 
 4, ,\„v .-mh ai)poiiitnMjnt as afsd. whether revocable or irrovoi 
 ,,1,|, Mi.iv !«■ made in favour of one person or of several persons 
 i„ .|,. ;ili,.n.;ilive, as in the form set forth in clause 97 hof. 
 
 Directors. 
 
 ( ..mpaniw ar.-,*. a rule, niBiiaKed l.y<l ire-tors. Tlioy .uii only iint l.y u^jont*; 
 ,„.! «l,.r. M lm..iiic«s U cnnvert.Ml into a private cDiiii.aiiy tlic mo-t natural 
 per....,-. I.v i..,-..„ „f their int^rost, to Hll the office, uk well as the most .om- 
 ,„t.ni. an. -.n.-rallv tin- original owwrs of th>- biisinoss, ami acronlintfly the 
 arti.h- c.t . proiilc ".•..mpaiiy common' r provido that wim* or one of su.h owners 
 ,U11 be the dir.s-tor». Tlir terms of their tenure of ottiee vary. Sometimc^s it 
 ,. ,.rMvi,le.l ll.at the owner or owner- shall 1.0 entitled to hold offiee. for m.stanc.-, 
 r..r v. mai.v y.ars, or for lifo, provided he or the, <-oi:tinue to hold a .ertain 
 nun,her ut'shar.-s; Hometimes an owner is empowered at any lime, and from 
 tiiiw t.. time, to act, 80 long and whenever he chooses, as sole director, and at 
 lii. ,l,..ritioii to appoint and remove other dins-tors. Occasionally an owner is 
 ,,,.,..,.„r"i t« nuthoriiB Ids executors or trustees, whilst holdint; a .frtaiii 
 „uml..T .,f -l.ares, to appoint directors, and to define and restrict their imwers 
 aud in>e tlicin their shares .n,a!i«<;»tion. Where the owner or owners hold office 
 ..n .(... lal terms like the above, with other dire<tors apiHiiiiled l.y themselves 
 or otiierwi.. , they are generally describe.l by way of distinction, in the articles 
 
 *f 
 
 '\ 
 
U»2 
 
 PRIVATK COMPANIW. 
 
 [Ojiap. X. 
 
 Form 339. ■• ""•• ffoverninif diroi-tor*," or "the |iorraHni>nt direitors." or "tW If. 
 directors," wliiUt tlie other dirootorn arc railed " the ordinary directors " \ 
 " (foverniiitf," "' permanent, ' or " life " dirert«ir, im hi^i title impliiN. ri'taim liu 
 pliwe un the board, but witli reaiiuct tu the " ordinary " direitorK |iru\iai„ii >. 
 generally made for aonie or one of them retiring; by rotation inch viar 
 The vapancien no creati^l the company in (fonrral nicetin^^ ia authorized t<i nil m, 
 the retiring dirrrtors being made eligible for rr-election. The practical ^Hm 
 of thia in that the elioice rentu with the larger Kharelmlderfi, who nmtMl tii- 
 eompany by their voting power. In the e:uiv of Hiiigic-Hhip eompanle^ (•!<..,„ 
 p. 558), the original ownorn, or some of thorn, or some Hrm in whiili ilicv ap. 
 intereated, are unually appointe<l managem upon nptn-ial ternH, and subjert l.i 
 the control of the company in general meeting. Where thi^i i« done the iirtii'ln 
 generally provide that the iiimpany may at any time appoint dii'e..t.ir4. and 
 determine their rotation, i|ualiKeation, remuneration, kf., but liirotors arc 
 often found unne^'ssary So in the case of a »yndieat<! it i» not iiiwoinmini tij 
 have u manager or nianui^'TH instead of dirretorK. 
 
 Of <'our:<c, the articles neetl not contain any c|uulitieation clause In ii,(> ,.,1^ , ; 
 a private lomp.!";* ^'oroover, in nc;irly all private eonipanie- tlii' director. 
 hold the bulk uf the shares. 
 
 If there is a iiualifieatien I'lanse in the articles, the direi-loi im t qualify 
 within liio time »peciKed in the articles, not being more than two months afttr 
 appointment, or it' n<> time is specitiud then within the two months; otheririie 
 at the end of the period he will vacate iittier, and if any uni|uulltlpd nrnwn 
 acts as a director after the period he will have to pay the nompaiiy .5^ for 
 every day between the expiration of the period fi>r f|ualirying and the hist dav 
 on which it is proved tlmt he acted as a directed during which he so ai^ts, Sw 
 sect. 73 of the t'umpanies (Consolidation) Act, 1908; and pp. 718 r/ .>»/., ^upfi 
 
 A private company must also comply with sect. 75 of the Act of I9i)s, and 
 accordingly must keep at its registered office a register containiiii,' the nanii- 
 and addresses and occupations of its directors or managers, and must send tu 
 the liegistrar of Companies a nopy of such rcgistiT, and must froui time to timr 
 notify to him any •' .nge that takes place in such directors or nianai-ers, and in 
 default penalties are imposed on the company and every director and manager 
 who knowingly and wilfully authorizes or permits the deiault. 
 
 GoTerning Director. 
 
 Form 336 
 
 tiovcrniiig 
 director. 
 
 Tho t'ollowiug pi'ovisioiM shall huve effect :-- 
 
 (1) Tlw sd A. B. shall be the govoniiug director of the coy uuiil 
 
 he rosigus (he office, or dies, or eoasoii to hold at Iciti 
 l!U,000i. of the sharen to be allotted to hira |)ursuant to the 
 ugreeiut iu clause 3 hof, and whilst he retains the sd otlico 
 he shall have authority tu e.xerci.'se all the powers, autlio- 
 rities and discretions by theso presents expressed to Iw 
 vested in the directors generally, and all the other direc- 
 tors, it any, for the time being of the coy, shall be under 
 his control, and shall be bound to conform to his direc- 
 tions in regard to the coy's busines.'*. 
 
 (2) The sd A. B., whilst he holds the oflSce of governing director, 
 
 may from time U> time, and at any time, uppi)iiit any oiIht 
 
roRiis. 
 
 '.(M 
 
 Persons to l>o <liro< •'>"■■* "»' I*"' '•">• »""' '"": 'lul""". '""". rom^336. 
 uud roBtrict their powers, aud muy lix tiud tk-loniiiue iliuir 
 rcmuiierolioa and duties, and may at any time remove any 
 director howeoe' "f appointed, and moy at any time con- 
 vene a general meeting of the coy. Every such appoint- 
 ment or removal must be in writing under tJie hand of 
 the 8d A. B. 
 
 (3) It the *1 A. U. shall resign the olUro of guvi-iiiiug director, 
 
 or shall cease to hold at least 20,000/. of Uie shares to bo 
 allotted to him as afsd, he shall become an ordinary 
 director. 
 
 (4) If tlu' sd A. B. dies whilst ho holds tlio office of governing 
 
 director, the trees for the time being of his will, so long oh 
 20,000/. of the share capilol stands in his name, or in the 
 niiuies of such iroe.s, may exercise the powers vested in the 
 sd A B. by para. (2) hof; or 
 (41 If the sd A. B. dies wjiilsi, he holds tho office of governing 
 director, he muy by his will or any codicil ihorcio appoint 
 uny person to be g-jverning director in his place, an<l 
 direct and doioruunw what shall be tlio powers, autliori- 
 tics, and distre>iou8 of such governing director, and what 
 hi.i len'iinovation aud qualification, ana how long ho shall 
 be onlld to hold olli' o, and in default of such direction and 
 dotermiiiuuoii sudi appoinU*u shall only liavo the powers 
 of an ordinary director. 
 
 (5) The remuDcraliou of the sd A. B. whilst ho hohhi tho office 
 
 of governing director shall be at tho rata of £ per 
 
 Binmm when the dividend declared by the coy amounta to 
 
 1(1/ p.c.p.a., and £ pa. when the dividend declared 
 
 uniouuts to I.-./, p.c.p.a., with such additional sums ii-s tho 
 coy in general meeting shall from time to time determine. 
 
 (6) If and when there is not a governing director, which event 
 
 is hnftr referred to as tho termination of tho original 
 management, the other direct/ors, if any, then in office 
 Hhall forthwith convene a general i;oeting of tho coy for 
 the purpose of electing u boanl of director's, and if they 
 ■in uoi convene such meeting within four!oen days after 
 („<• termination of the orijiinal management, any five 
 meral)ei.< may convene such meeting. 
 (7) On the termination of the original management, the direc- 
 tors sluill have power from time to time, and at any time, 
 to app<.int any other ,)er«ons to W directors, but so that 
 the total number of directors shall not at .ny time exited 
 Bevcn, and so that no apiwintment under this clause shall 
 have etTopI onloss two-thiixla at least of the directors in 
 the I'niteil Kingdom concur therein. 
 
^Hijijij 
 
 i at i5j_MK 
 
 !i 
 
 
 !*84 
 Form 337. 
 
 Another. 
 
 PRIVATE COMPANIES. 
 
 [Chap. .\. 
 
 1. Tlko H>1 A B. itliull be the lirs( p>\fniiii|; diivihir n| i||,. „„ 
 .Subject an hiiltr providiHl the (i^ovc'rniiig (iiiector lor llio lim,' Wii^n 
 shall liold that ufUiio for life, aiitl whiiNt ho in (fovt'tning director iLc 
 governiiieiit and rontrol of the coy Khali Ih> vented in him, and he iiu, 
 cxerciuo all the poworn, aiithoritipN. and diNrrctionn hl»v o\|irf>s.il i 
 be vested in the governinjr diroilur and all those hln- oxpro'.'-tsi tn li. 
 vested in the dircotors. 
 
 'J. Tim jrovorning director for the time lieing iiuiv from tinio to time 
 and at any lime appoint any nthor |K>rKon« to be direitor-^ nt ihcrnv 
 and may define, limit, and re.slrict iJieir power-, ami umv li\ umi 
 determine tht'ir remuneration and dutieN, and may at any tJin>' rumuvi' 
 any director, however appointed, and may at any time (X)nvum' .1 
 general nuM'tinj.' of the coy. Every such ap|)oinlnii>nt or ri'inoi.il 
 must be in writing under the hand of the governing direc i(ir. 
 
 ;;. The governing director etiiall ipau facto vacate otfiic— 
 
 (1) If by a resolution of the coy in iriMieral nicotinL' ln' i« ji. 
 
 ((nested to resign. 
 
 (2) If at any time, by notice ia writing to tJie coy. he resi;,Mi> thi' 
 
 office. 
 
 4. Whilst and whenever there are directors of the cov, Imi nu 
 governiu;;- director, the directors may exorcise all llio po\vor< ,iini 
 perforin all the dutie.s hby expressed to bo vested in the diiector>. unj 
 all thas<' hby exprosscnl to be vested in the governing dire<'tor, oxtP|i| 
 tho«e specilicd in clauses and hof. 
 
 -■> Whenever the governing ilirect«pr vauil<'w offitu'. wliolhcr under 
 clause a hereof or by death, the vacancy may 1)0 Hllod up ■ 
 
 I a 1 by resolution of a general meeting; or 
 
 1 1) I liy writing .sigiu'd In tJie holders of at least Iwu-lhiids ot' llit" 
 is.suetl share> in the coy's capital. 
 
 ti. If and wlienevor 'lie gover iing director vacate.- ollicc, ihcdiin- 
 ors in ofhce shall call general nuHMiiig to consider and (icieniiiue 
 whether the vacancy sh ill be tilleil up, and who shall lie apimiiitcil, 
 or whether the business may Lo nianage<J by directors, and wlio fliull 
 bo the directors, and, if there are no direct"', in offic*'. or if tliey do 
 net convene a general meoiing as af.sd, tiion fourteen d.iys after the 
 vacancy the holders of two-thirds at least of the i-suen -liiires luuv 
 convene a general meeting for the purposes afsd. Vny mocting i-o 
 convenc<l tnay <letermino as al'-d, and its deierniii^.iiin;! slinll hiivi- 
 effect . 
 
 7. Whilst and whenever there shall be director- of the <:oy in olfiie. 
 and no governing director, tlie following provision shall have elleot. 
 that is to say: — 
 
 (1) The nuiid)er of the dii'ctors shall l)e not less than and no! 
 
 more than . 
 
 (2) The coy in general meeting. "T the holders of at least two- 
 
fY»RMf». 
 
 <t8I 
 
 il.inl^ .if ilif iH^ue.1 Mliaros, iiiuj ul uii> time apiminl any Form 337. 
 iMTKOiis tip bo dinM'tors. 
 ,,() 111.' .liifdoiB -hall huvi! power, Ac. 
 
 WlKii ill'' -I " .t-aMW lo Im' a j,'.)\«'iiiiiiK .liioitor, ihc loy Jii Form 33S. 
 
 „,,pr'll', lii.i: xm.v upimint anv \>vrx'>n- to he -lire-tor^ cf the cuj , ^,,,,„„„„„„„ 
 
 '" 1 mn ii\ ih.' luiixiniuiii and luiiiiiiiuiii number ol diroctord, and u „f .im-inr- 
 
 ''.!!'„«n,'i ,„...'iiug Hiuiii foitiiwith bo c.nvoiieii I.,, ibu purpose, aud •;';;;i;;,x™- 
 
 H,,|, iii.-.'iiiu -ball bo coiivoiiod bv iho «.l I) i if living:;, or if ho i« vmatoi. 
 Vad 01 .1 .''"mwI .oiivono llio «amo " itliin sevoii dav« after he eeuw'.- 
 „', u. ...vfiuini,' direetor, then ihe iueolin>f Himll Iw .ouveM.d bv lb<« 
 ,Ur^,.t,„> .1 anv) in otlito under . lau-»e «» Inf. and if fliere are none 
 „, ,, iliev do not .onvoiio the meeting' williin M-ven duvH after the 
 .,u„,'f - ■ I" do an:,o^ Uieii the |)i"vi«ioii of -oil. <iti vU '>f tho (,'<»< 
 'ron«.ili.l".i"tn Act. 19(»H, «haU havo olle.t. The om, s or admors ol 
 „ ,le.*w>.| liolder of share- .-hall, for tbe purpose of llii.- elau-se. b,. 
 ,1,,j,„i,h1 t„ be Ihe holder.- of any shares slandinj,' in the name of the 
 clitcaM'd 
 
 . * 
 
 11,0 vl \ and H. -shall be the lirst -overiuug: <liie mts u! the toy . Form 339. 
 and .siiall both U) onlld to hold odie.^ «o lout; as they between thorn .,.,,„ ^„..„. 
 |,„1,| uiie-half of tho ordinary ^haro (^iiital of Ihe coy. and lu the event i,,^ .lin-t-.r. 
 01 n,ie of ihein vacating' olfice by death. i-e8ignation, or otherwise, the 
 otli.'i shall be the s.ile j^overninp: .lireelor. and nhall bo .nild to hold 
 otii .. .s.i loiiir a.s he hohls one-third of the or<liii.irv Kiiare capital of 
 
 tlu'iov. 
 
 Tli(.. S.1 .\ and B.. whilst hobliiig olH,o as goveiniii',' dire, tors, and 
 ,i„.| one of them vacates the oUi.e .if tfoveruin- .liieetor, tho other, 
 ' liil.M liol.l.iiff otiiee u« ijovcruin^t direetor. nhail have full control of 
 Ihe Liisiiiess of the cv. an.l one of ihoni .shall be the chairman of the 
 l,uu-l .1 .liie.loi.s. and they, or the survivor of them, shall havo power 
 K, .iiip .Hit .ni.l leinove any other diie.tor or directors, and iua\ 
 u|.|..i„.i ,.ll^ iKM-son in addition to any exist in<r dii'ectors. and may 
 1„„M tin,., to time, and at any lime, upiioi.it, delino. liiuit, and rostrut 
 ,|„. ,,u«..,.. and duties, an.l (i\ th.^ .lualili.ati.ui and remuneration 
 v[ aii> other .lireitor«, an.l may lemove any director howsoever 
 ,.|,|i„iii!e.l. iiiid inav at any time convene a jteneral meotinj,' of the coy. 
 
 So lo„L' ^us the «d A. and B., or one of tJiem. shall be governing- 
 iliie. toi.- or director of tho coy, no other dire, tor o, directorN of the 
 (oy shall be appoin ed without tlic couBCUt of «uch govoruiug director« 
 or 'iirt*'-'t'-'r 
 
 lu (4W0 the .id A. and B. shall cea«e to hold one-half tho ordinary 
 ►hare .;.pital of tho coy. each of them kIiuH be doomed thereupon to 
 
 be (•!.•. te.1 to office a« an ordinary dire.tor, unless under clause 
 
 Iw; bt'rotnc'H the sole governin}r di rector. 
 
9m 
 
 Form 339. 
 
 PKIVATK fOMI=ANII'><. 
 
 ''^•lAI. X. 
 
 "rr..^ 
 
 Form 340. 
 
 Prruiaiit-nt 
 direi-t>n». 
 
 Whioii both the wl A un<J R Himll have u(Nue<l to do 
 directors (whiili ov«?m1 in hiilii n'foricd to oh tho teniiinatirti of ||J. 
 urigiiml tu.inuguiiu'iit j, tlit'ii uiiii Iroiii thviicelorlJi the diiiu'inii Kh»|l 
 havo power t'ruiii 'iiiM> to timt'. uiiil ut mii,\ time, to u|>|ioiiit air, ciihii 
 |M'rr>on« to Ih! ilirut'toro, but no that the total iiiiiiil>er ■;! ilirt'i Uir^ xhali 
 nut u any timo oxicol live 
 
 After the Uiriniiiiiiioii of ihi> oii-iiiul iiittiiu|„'eiiioiii thi> i|ii:tliiii'atioii 
 
 ol' every <liii'ii<ir hIuiII l>t' ilii! ln'Miiitf of nIuiion of tin v nf t|,,, 
 
 lioiiiiiial vulii<> <■( '>oil/ \ liiiui'ior iihiv art Inifortt ti iiiiiiii • hi- 
 i|iiiililii .itidii. 
 
 TIk' roiiiiiiDTuliuii (.t til" (fDveiiiiiip diro' 'orK. whoii tlnMo ,ir. i v 
 nliall Im> at tlu) liilo <)( H">i»/ p ii (Mrli. ami wliori tlicn' is mih o.'ir 
 ai the rale of 1,201)/ j>.a. Tho rt'iiiiiuoratiuii of thu othi'! iiir«ct<ii 
 or (lirwtiirn (if nii.vi nIiiiU lie BximI by tho govoriiiiis^ ilir>«tor r 
 <lii<M'lur^. Ill ill ilol'aiill of tlii'iii or liiiii Klial! from tiiiii> ii, linin |„ 
 (loteiiiiiiu'il In tlu" coy in jfent'ral inoi'timr. 
 
 A , Ii Ill ( ' hlmll lie th« lirst dirvclors, and each of lliu:ii -h.iH I,, 
 
 i'lilli', .siilijo. I to claux'^ mill hi)f, t<i rt'tiiin oiti ■ i Imi^a- 
 
 lio lioliix not loss llian - of tlu- wli.iroa s|H!eiliod ir i i Im ulliinnj 
 to him puisiiunt t" tho ajjreoiiit roforroil toj in clausr — h.ii'. ,,ii,| 
 whil.st hoiiliii;.' iitlirc liy viiliio of tlii-< jirovijiiiir niiull be ,;il|i',| a 
 jH'rmaueiit dirortor, ami if by ro.sijrii;itiuii ho wasos in i,i> n |, •iiiiuinul 
 (liroclor, lio .shall, if iiii.iiiliod. be ili'i'inod to havo boi'i il,.nii|iiiii 
 elected to be an onliiiiry director. 
 
 Sometimeii the following worda are Htidml: — " And ahali bo ontitliii to bolil 
 office M sm-ti no loii({ ii.« ho lives [or until the becond ordinary iiiii'imjj ni«i 
 rulioning the date when he eoaaes to lie ii permanent directjirj." 
 
 Form 341. 
 
 Fiiundem, 
 
 while 
 bpycittlly 
 i|ualilied, tn 
 bo directors, 
 with piiwer to 
 upjiijint new 
 liireetors. 
 
 The following pioviMions shall iiuve oUi(ft: — 
 
 (1^ Rich of them, tho .s<l A., Ii.. and V., shall l«! entiil i« Imli 
 
 office as ,1 diro.'tor .so long a^ ho holds ii special 
 
 qualificution. 
 (2) Each of them, thu sd A.. 15.. and C, in ca.«o lie lusi-ii lii.s 
 
 directorHhip whiUt holding a Hjjocii)! (jualiliiation iii.iy 
 
 appoint two direcforrt. 
 (■'!) Each of them, the .sd A., H.. and »'., who dio.s wliiNi lioMin;' 
 
 a spo<-iul qualitication, may by his will or codicil iippoint 
 
 any two [Kirson.-; to bo directors, and in dofaiilt of aii> Mich 
 
 aiipointnioni. or no far as tho same dood not tako t-lieit. 
 
 the legal jiorsoiial representatives of tho do(.t3asoil sh ill lie 
 
 <'ntld to exorcise the power. 
 (4) Noti(« of every such appointmoiil as afsd muMt be served on 
 
 tho iti\ within tho poriiMj of Ihrco calendar month-'! after 
 
»•<>!( MM. 
 
 ('>' 
 
 I til 
 
 ,1... ...«iKiuilioii or douth of th« .lirei.or, aud th« iioMre Form 341 
 
 ,nu8t U' mcoii.imniutl l-v lll« <-""*-"' '" «■''''">? "' """ 
 anpoinU^u •.. u-t. and ill.' uimm>.«.I"'<-'" "'''l' ""'> >"'"' 
 ..(UMt Iro-i iIh- «.>rvi.vB ol ^...h nolu-... u..d ii. th" ovon. 
 of iho i«m« U-ing wrvtxl within suli [M-.i .,| 
 
 ll... api-oiiilof.. iia>«l '»• •<"«. brolhor-, »oii^-iii-law. kwimI- 
 hons, or iiepliewH of the r««iuMli.l^' or de.oa,t"l dire. I.ir 
 
 Tl... apl.oit.tim>nt Hhall havo olio. I .r.l»itl.Ma.,diiin that .1 
 
 ..imll i-ii-<- ll'i- """l«'f u' di..M|..r- l.ovt.d tl,.- in.xm.um 
 
 mould ill 'lttu»o 8' 
 
 - , \„> M„h upi uitineut UN at«l Mmll Uiko .• : • Mh..ut pre- 
 
 judi.v to (1 .iM - - h.if diroctorn' q ■„ .i;,.,MW M. '«v» 
 
 lliai .1 diredor or diroi'lors appointed I li: "H <•' « 
 
 d.-(«a -d director, or l.v ilm 1i%mI peisoniii . [. ....'..t»'.»o 
 ol u ,1. cused director. «hall bo deoiued lo I- ' .ho iec^:U.- 
 
 «iio .pmlifi<iition t«'r o"''* "'" '""- "" " "1"' ' • '''''''' '* '°° 
 
 Hiand- in the name of ti.o de,oa..od, or in ine na!-..-- of the 
 
 treoH for the tii.ie beinu' of liin will 
 ,8, Kor the ptup...^ of this .lause u special .pu.lifieation .uou.m 
 
 ordinnry .hare« of tl.o non.inai vuli.e of .to.O.K)/ ] at U.e 
 
 l.a>l 
 y^Ax of then., the ..1 A , B , a.„l C. who coaxes to hold » 
 
 MKMial ,p.alili.aMon .|<..ilied i.. l-ar. H of th<s . hlUM-, 
 
 .hull be .lei-in. I thoreopon to bo elo. led lo ollii e as uu 
 
 ordinary direct^ r. 
 ,10) Kurh of "then, the S.1 A.. R , an.l C. and un> Hp|«.int.>6 
 
 ulVd. bliall. whilst holdi.-K ""'t* «'••' " "1"'""' "l""'"''""- 
 
 lion ii:^ ulVd, U- leruie.: a permanent .lireetor. 
 ,11) No upp..inlee ufHd shall liavo a pover of appointing any 
 
 IHM-soii lo I* a director uml«r this olau^e 
 
 ('.I 
 
 
 The Permanent Governiny Directors. 
 
 Tii- «1 .\ 1!. .shall Ih- Iho p.vernini,' .liie. tor of the oo.v. and, sub- FOHB 342 
 ».ct ,us huftr provided, tho jr„vernin._' dire^to, In,- the lime Iwing shall i..,,^,„.„i 
 hold thtti olli..> fur life, or u.itil ho t^uv-se. to hoM a special qualifaca- Kov^rn...>. 
 tion. and whilst he hold*, the san.o the ^overn.n. : and control of tho ,„„,.,„, 
 , .11. ..1 :.. 1.:... rc-i)fii»i 
 
 .iill U" vested in him 
 
 The -ovcniinfi director lor the time Ihmmo; n.av from time to time 
 and at any time appoint any otiu-r jwr.sons t(, he diio.tor of the coy 
 
 
 dciiiic, limit and ifslrivt tlwir y-^.-.^rrH. 
 
 :u'.d nmv fi" and 
 
 delcri.:ino their remuneration and dutio-s, ami may at any time re- 
 move anv .liroctor, however appointe<l, and imiy at ai.y time convene 
 ft g»>ncral inoeiiut; of the coy. Every such appointment or removal 
 mu.st be In writin- under the haml of the i,'overni.i- director. 
 
n 
 
 ?, 
 
 988 
 
 Form 342. 
 
 PRIVATE COMPANIES. 
 
 (.'HAP. X. 
 
 -I 
 
 ■ ii 
 
 The following )ii'oviHiuiif< ti* lo a j;oM'rain>; director sli.ill nl^.i li,i\, 
 effect: — 
 
 (1) He Bhnll vacate tlip ollii* of j;ovf'rniii(j director if and when In 
 coaspii to hold u special <|ualiticalioii an liiiftr deliiiol. ami 
 18 rvijue^lotl l>\ the coy iu geuerul iiieetiii); to rcsi^ju. 
 
 i'2\ If ho ri>wi(rii« llio otfi<<r of jrovorniuf; director wliiUt )ioldiii.r 'i 
 s|H'cial ■|iiuliticutii>n. ho iiia\ appoint wjiiio other per-foii m 
 lie the piverninir director in liii* plac»', unhject ai next liiilir 
 provided 
 
 t.'J) If lie rcMijjn.'- nllice and uppoiiiln n nucoetv' i.-r a~ ai'vl. he m.n 
 A'hiiNt holding' a r-|M'cial jiialilioation. )i\ iioljcc in writini: 
 to the CUV, declare tliut he rexunieH the olHc<' i>f troverniiiu' 
 din'ctor, and he wluill tiien'upci', to the <'\chi>ion of In-- 
 nppninte<>. npiin iMtonie tlie troveriiiii}; direotiir, and ilm 
 alnive iirovinion in thi.'< pnrairraph .shall apply as ofti-ii i- 
 the jrovcrniini; director I'o^nnin-' olliec a-i afsd. 
 
 (4) If he hhall die whibtt holdint; a special i|Ualilic<ili<in. lie ni.i;. 
 by hin will, or any codiijl thereto, apiH)int .••ohio other pci- 
 Hon to lie the pivernin^ director, and in default of any furh 
 appoinliueni the K'jral in'moiuil repre«enlali\e^ of (In -.1 
 .\ . I> iiia\ make the appointment. 
 
 i,;'>l Every micIi ajipointment umut 1h> niadc hy writing under the 
 hand or rewpcdive liundM of the appointor or appointoi'- 
 
 (0) Notice of an appointment under (uira. 2 or para, t of thiN 
 rlaiiM' inunt lie ^ervtyi on the ooy within two calendar 
 nionlliH after the renignation or death of the governiiia; 
 din'ctor. and the notice niuj*t \k) acconipaniwl by the ooii- 
 Henl in writing of the appointee to tut, anil the appuintincMi 
 shall only lake etloct on Hervic« of hui-h notice, and in iho 
 event of the name being served within Huch period. 
 
 (7) For the purposes of thisi lauM), any |ierHonuppoiuleda novem- 
 iii^ director under para. 2 afsd phall bu doonteit tu hoM 
 n sjiecial i|iialilicatii>n if and during huch time a.s a n|ie(ial 
 i|iiiiliticalion i.s ii'^i-;cr(>d in his mum., ut aH his appi'liil^r 
 holdn a N|MM'ial <|Ualili<'Ution; and if a|ipointetl under par. I 
 afrid, Nhall Im> d<H*Mied to hold the Ndino if and during ~m( li 
 tim)> aK a ><|HM'iul i|Ualilic«iliiin ix registered iu the name <<\ 
 such appointee, or if and so lontf a.s .such re|ires«)ntative- ur 
 uther the ic^ral |M'rsoiial representutives for the time Iji'ini: 
 of the a|ipi<iMlor. ^r the lit<<'s uf his uill, shull hohl a i*[iv i.il 
 i|uali(ic«tlion. 
 
 (hi For the purpo.se..< uf this clause, a .s|K>rial i|ualiticatiun al-d 
 means sltareK or Mtock in the lapital of the coy to llic 
 nominal value of £ . 
 
FOKMH. 
 
 989 
 
 Ti,B folio* iiiK ''"■•" *>" ""«J '" '• "'-^y '"•I"'"'"" <■"*« *''"■•'■ '' *■" '•"'•'•^ 
 
 t,, prwirve »- f;ir ui |H»»ilile the .(«<«. -/h- uiidcT th; |mrtiuT«hii. .le-^l: - 
 
 Tli.> followiiif; |ir<)vi«i(.ii.' >lmll Iuinc i-IUmI tllmt i- to mivV Form 343. 
 
 , I) Kiuh ..!' tilt' tirwl tiv«' dirwlois nIiuII, niiI.j.tI (•> piiru *7> p„,., ,. f„r 
 
 of tiiiH ciuuM-. lu •«. |)ovv».i fi-.Hu till..' t<. li.ii.- i.x <ioed to ^;:;*;';;;'|^i 
 
 ui.poinl a« (liii-" lor a son. uiid in lik.' nmiini-r t<> ivuiove 
 
 uuv Hon Ml a|i|Hiinl<'<l 
 
 (J) Euth of tli<- liml llvo <liitMtoi>. .-Imll. miI.j.'. I .i- iifMl. Iii»\«' 
 l,ow»'r from Hum to time \<\ «i!l oi .Hxliiil to iippoiut m 
 dirctlor aiiv iK<r«on. but w tliat no appoiiitnwMit of ii 
 por^on not b«inK a son of lliu appointor sliall liavo ollfol 
 unl«.s^ an.l until tim appoinltm shall l.o approvinl in 
 writing bv tlireo-fourlhs at U<a>t of tlio (lirwtcs. 
 
 (H) Nono of thoin tlio 8<i A , H. an.l (' , shall l-r capahlo of oxor- 
 ci»in^' the powor of appointnu«ut conferred bv para (1) 
 of this claase until one of the throe shall have iliotl. \nd 
 the powor of apiK)intuieut tonferred b> para (2) of this 
 clause shall not !« oxor iseablo by »ufh one of theiu, the 
 6d A , H and V , a^ shall tirst die 
 
 (4) Not uioiv Ihanono person appoiiilwl !>> tne -auie appointor. 
 
 or lii» uxecuton* or aduii'iistrators, under tlii> olan.so shall 
 at the same time U- entid to hold olli.t' by virtue of this 
 clause 
 
 (5) Where any appoialee un.loi tliis clan.*' is uniler the a^'O .)f 
 
 twenlv-one. the ,ip|><«inlmenl shall not lake elVei t until he 
 attains the ap" of twenty -one years 
 (i;i Ab n-jjanls each of them, the s.1 hr«t five direiloi-, if '.• di.-s 
 whilst a nieuiU'r .if the coy, his e.\cctilors or a.luuuis- 
 trators shall have power U) appoint a director in the cas.>- 
 followinp (that is U> wiy) 
 
 (a) Where lliew is not any person app.pint<"<l by the 
 deceased un.ler pam ( 1 ) of this clause in otii.e ai Ibu lime 
 of the decease, and by his will or cidn il the .|i-.-.>ji>.'.l 
 ha-s not ex.rci.sod .he power i-onferiiMl l.\ pamurapli (lii o' 
 
 tliis clause. 
 
 (I.) When" al ihe-leath of the .Ic-ea.-c-i an appointee .if 
 the d<M«a«ed, wliellier uml.'i para^'raphs i n .ir CJi .if tins 
 clauBO, in undei the up' .if Iwenty-.m.' years 
 
 {!■) W heif an app.iinlei> of the d<..-.'a.s.'.l, un.ler pani- 
 j;ruph ('2') -if Ibis .lause. Is-inn.if full at'c. is not upprov-d 
 in writing' by thr»'e-fo. ♦.Im al least ..f tb- dir.Mlors within 
 lhr»H» we«'ks aftc- the .b-atli .if ibe .i.'.va.se.l 
 
 l'rovid«>l that the executors .ir a.liMinLsiralort. ■ '' smh 
 one of Iheui. ibc sd A , H. an.l < ' . a.s shall lirst .h. shall 
 n.it 1* cutld to apjwiut under sub-sect (a) of this para- 
 
 u|'|N»iiit 
 
 SUCCt'Ss- '! s 
 
 .■A-T?**Vk 
 

 ; 'I 
 
 WO 
 Form 343. 
 
 HKIVATK COMPANira. 
 
 [Chap. X. 
 
 graph, and providwl alco liiiu uo upp-iintmont under thin 
 paragraph ol a person not iK^iiig n «>n of ono «f the firnf 
 five diwetors shall have efioct iinlww and until tlio ap- 
 pointee shall be approved in writing by Uiree-fourtlis 
 at loeat of the directors. 
 (7) Each of the «d Hr«t liv« dir<>otor« and «i<h dire<;tor appointt^l 
 !,v virtue of thi.s tlau.se shall be enthl to hold olHce io li»ii;r 
 as he remnin.s u nioniiier of the c<i,v 8ubje«t only to plau.w 
 and to tho following provisions: - 
 (First.) If uppoint«Hl under «ub-.sect, (hi of p.ira- 
 graph ((;) ho shall vacate o1U«m) if and when the appoiiitw 
 referred to in that sub-M-rlion attjiins tiio age of two.nv- 
 one years and lakes ollice. 
 
 (Seoond.) If he is appointed under sub-sect, (ci c,f 
 panigraph (li) he shall vacate odice if and whon the 
 appointee refeire<l to in that paragraph is approval \n 
 the board of <iirectors and tiikes olliw 
 
 Form 344 
 
 l'i.riii:iiient 
 .liriiliifHliiii 
 in riKltt of 
 ..h:ir.-< li.ia l.y 
 aii..flirri>«rtv. 
 
 Form 349. 
 
 Direitiir* to 
 in» Hp|>«iint«'d 
 hv tnt>t OH 
 ..(will. 
 
 Form 348 
 
 !-,,». r for 
 •tir<-<t.ir- 1. 
 ■%• I ii(.|»i»rut« ly 
 
 The sd .1 1! -Iiall be eutld to hold offic* fts a poniianent director 
 in R-spect of Iho shares held by u.i^ s.l F. D. until he thesii.l 11 
 r, signs or <lies, and whether or not he holds shares in hi- own n-ht 
 or otherwi.s..: and if and when the .s.l .1 H. resigns ,.r di.v- tho s,l 
 N 1) or the .'xors or tre-- of his will shall hol.l ..rrl.narv s|ian«- m 
 t'lH. i.,v of the nonunal value of at least .-.O.lMlo/ , ilien tho <,\ N I) 
 if living, or the oxors or trees of his will if tlierobv authon/e.l n, 
 • hat U<hall loav appoint any p-reon w Uo a dir,M-t..r in llu- pla,.. ..f 
 ,1,0 s*l .1 1! . and uny such appointment shall bo elTeotivo. 
 
 Th. ir.>e^ . ■• triM. fur tlu- time U'ingof the ml A. H may from time 
 ,.. time and at nnv limo, while trusts of such will continue, app-.n. 
 ,0V lK.reon to U- a dirorlor ..f the cov, un.l in every su.h <:^' ihc 
 app,.intw shall bo enlld t.. hold otiioe .i« a dir.H^tor unt.l the eM>,r:,- 
 
 ii,,„ „f live veai« fron, his appointment or until the trusts ol il I 
 
 will shall U' d.'t..n..ined nr until he resigns or .lies whiohevov rv.nl 
 ,„M hapiH-ns and upun tho happening ..f any such event tho 
 appoint«M. shall i,.x-> InrI: v.u...e oUhv. i.u, mav Ik- r,-appo,n.cd 
 
 \n appoinl.ne.o under this cluuso to Ik- olb-clive must U- ih.oI. n, 
 ,vrilin" .M.med b^ all ihe tr«*s fur ihe lime lK.inir of tho s.j will hw\ 
 „„, „,o„.'~,han one i-ers,,,, shall ..t any om^ time U. in olh.e as a 
 .liiTcliir under this olausp. 
 
 Intil otberwisT de.ormine,l by s,H.eial resolution, each of lie 
 l,ro.tors 4iall. as provi U '. by the agreem- ment<l m olau.se - lu.l 
 u. at liUTlv with.mt Ihe .oncur.en,^ of the others, to exercise all ne. 
 ,„wers. authorities, and d.-wtions hereby vestwl in the .l.re.Uus 
 ._r< 'lie rally. 
 
FORMS. 
 
 '.»Ul 
 
 Tlio iM'riimiiCiil <liivf»iir« nr |iurMiiiii)'iit iliir'clnr Im llin tiiiu- tM'iiiir Form 347. 
 
 lutt^ at any tin«>, ami from tiiiio 1-i linit'. I>v iri.Mlriiiiiciil in wiilin(;. j,,,^,,.^,, 
 
 nppoint Buv iwrsons to 1h> (inliiiury <lir<>ct^n .. ;iti<l iiiiiv ixjiiiovo any Bpixiint ..tlitr 
 
 .K>i>iiiii» KO ap|ioinlc<l. Kvorv such a|i|M>intiin'iit or rctnovnl shall Iw 'li"'<;'"'-- 
 ni.nled in the ooy's minut«-l)ook. 
 
 1 A (liiritiir who is iiol in tin- I'liilcl Kiiii;>l'ii .i\ ii|)|M>iiil luiy 
 
 |H'i%Mii in lilt' TnittHl Kin^.lcini t-i lui ji.s liis pn.w at nivoliny;s ol' lln' 
 (liiv<l<irN, un«l ti> .sifjn n'Holiitictns imhUt cIuiimi hot Suih ].it.xi4 
 
 ii|,|iiiiilinont munt Ih' niiulc in wrilintc nndpr tic hand nl tin* 
 ii|.|. liulor, and inny at any tiino l)0 rovoktsl in liko niannor, and may 
 Ih' ;:.n<>rid or for a Biwcilit-d iwrio<l. or for Mppcitiod m<vlin!~, or 
 fur sprcitiiHl rusolulions. and may aiilliori/t! an<l dirtnt (ho appoint*!)' 
 1,, Ik' ihairinun if tho appointor would, if priw»«n(, In- ciilitloil to pre- 
 Mili'. Mid notice of ovory nuoIi ap|H)intm<Mit or revocaliiui niii-*! Ixi 
 ■ytwu to th»> loy, anil the appoinloo n<"<'<l nol I)G a din-ttor or nii'mU'i 
 ,,l" (lie coy, hut Ik- munt furnish tho <vty with his addirs* in lh«' 
 i iilicd Kin<i;«lom. 
 
 J It sliall not bo nt'nv ^iry to (five to any director who js not 
 witliiii tho United Kinploin notice of a mo«tin<,' of the dimctors to 
 l,c li<ld iUow. hut whoro «uih director is ropresent<>d hv a proxy 
 
 iippninted under clause hof, duo notice of such mcetiiit; shall 
 
 lie i:iven to such proxy, either personally or hy sending the Hume 
 tlihic.'h tho poHt, iuldreN«o<l to liini at his lost known plaw? of addre-- 
 ill Ihc fiiiled Kinir<loni. Where a meet in ir is to l)0 held in the Inited 
 ,S(ii(c> alVd, it shall not lie nex-h-ary to (five jiotiee tJiof to any director 
 who is not for tho tiino boin^ in tho I'nite*! States afwl. 
 
 Form 348. 
 
 I»ir»s-t*>r«' 
 
 Managing Director. 
 
 I'll!' coy. in tfoneral nioetin;,', may at any time uppoini ,i maii.iirini; Form Mff 
 
 • liivctor to o«»n<luct the Imsiness of the coy. .iiid may make mich ^ 
 
 .ippointmont on hucIi ti>rniH, and may from tim<' to timo vest in or „„^tin(f (.. 
 
 ii>Ni>'ii to anv manatrinvr din-ctor such imwers. ilis<rclion-< uik! diiii«'- ipiHiiut 
 
 ~ ■ II i"-"»'*L'in>,' 
 
 iinl may iuip<i«e on him such repilations as may -win e\pts|ieiit. and ,)„. ,,,,. 
 
 nui' remove any muna^'inj; diroelor so appointo<l, and iii;iv till up any 
 
 i'iiiic\ in the oIliiM- of mana^fiiisr director; and for the piirpo-se of 
 
 ■ \ii. isin>? anv ..f tlio (j«)wors coiifi'rre<l liy this clause, anv maiiajjinvr 
 
 iliiiM tor. at«l am iu«Mni<er or iiieml«M- Jioldin^ not !e>s ihaii - 
 
 (•liiircs, may convene a nioetinsr 
 
 -. iiiptiinp-i no dirwtor" arc ap|niiiiu-<i liy the articlot, bu* a clau-n- appoint- 
 !t;„' :i ■' lIl:lt)l^rcr " tm thp iin*'^' of th*" alM»vc i« iniwrieft In nurh !■»«• ilw* rlitUAr- 
 •.- t.i ilirci tiiri' will Im- i-«m.iilir.ilily Kliorti'ncrf jw" th' "ord nan^'^rr" wit) 
 .« «ub»titutu*l throughout for " Jirectora." 
 
PKlVATb COMfAMKiS. 
 
 iVllkV. \. 
 
 Foru 360. 
 
 tinn III 
 
 RsBHinerfttioii. 
 
 Tli< <liii'('torH Kliail be pd kur their nerviceM oitt of the fuwi» of ti» 
 ran tiM' ri'inunomliiiii t'i>lk<«M«(r, Uuil >»■ Mmay. the «<1 A mhI H., «»eii 
 la thv m»«> "f MHtl f> a WMi theni ■ nt th«' mi« of StHti p.tt., nn.j 
 ••ach of (Iw ottior dii<Msto(» nuch «uii4 an tlio ■•<(> iu c;naMal iiie<>iiii- 
 lor the |icrtHttiiout diradur bImU troiu liiut lo tiuw dMerttuiii' 
 
 Tlte pn>viiH«»i9 u t»i r«vnuiH>niti»ii of dinvton of prtvat*' roiiipanii' mry 
 (•ommianMj. "i in wi- mro'i. ilic |irt>i<'i|>al .iirM'tur^ t»kc n<i n'rniiiKriiii'Mi. I.nt 
 iMiwer t<i nvHinomti' tlw ■■nliimry (linx'torK. In '>«k»rs they tak> a htnl 
 M above. 
 
 iiiuaii it U ilMi io J tu proviili . iw in uii oriidutn' partatraliiii. ii.ti a 
 sliall lie at iwrty U> draw out a fixed allowaiuw, witli the obiiifatiuo 
 t.> reruu)!. if at llie "wa of tin? year it iip|»> ;« Uiat iii« aiiam nf prodw ilii.-. 
 nut aimmnt t'l what hr »■> drswn. lint < h ><(im|iaBy then- it more diffhiilrT m 
 raakiBir any awh |>rt>t itinn. inaMnuch .'t.i divideMtn can unly lit- jiaul nut ..f 
 pruOta. Howvver, tliv AOmitty in Mimetimm ant. whnr*- tho mvmlior i.' a 
 diret'tur, by irivinff hira the tixe<l allt»wanoe a^t Bnoiuneration fur hm t(ervirf.M 
 H^ director with liability tft rm^outi u» aformauL Kiir ttien' iM m> riiic that 
 directom" mnuneration i" l»i b» iiaiu 'inly out <rf imilitK. lit /.ti,„iii (■. n./.. 
 Co.: Barrn, l.rmt' mitr. 28 L T IK3. 
 
 Form 351. '"''*' l.'"><'riniiij; .ImMtur sliiill Im- -tillil to ifi't<ivf o«! mI '(hi ('tiiii|» ..f 
 I In' <(i\ ."(icli HiuuK 4u< ke Hhull from mai*' to tvBa» f^ffmmiaxne . not pxi»*»^l- 
 itm at ih« rate of i' |».a. 
 
 AiiothiT. 
 
 Form3fi2. 
 
 Aoother. 
 
 Form 953. 
 
 Kiupl'iymint 
 • if dinrtur". 
 
 Tkt' |N>riuaa«itt (fn<(>('t<in« hIiuII Ih> pmaclod to f«mv«< out ni ihi> I'ttiui'- 
 ol th«t toy i*u<*li iMjui-*, not t>xu«wliiitr i jj.u.. a« tJiev r^liall fr«iii 
 
 tiiiN> to time 4Bt««riuiuv. ami lltf oLliwr iliroilont Hhall bu I'litlil I" 
 u'tfivc .■'iirli iviiiuiieratiuii u.s tlio |i<'niiaiit'iil ilirodor* shall I'loiu liiif 
 l<> tiiiio tiiiiik tit to jiay thoiii 
 
 Employment oi Directors. 
 
 Till' (liret'torK uiav from time to tiiiit' iMiiploy any (lirocior lo jni- 
 loiiii any worlt or labour, or to ftupply any >jroo<lN rtvjuiiwl liy llic i.a , 
 111 (o «or\o tho coy in aiiji |)rofi'.->--i(>nal ia|ia(ily, or a.-> lieail ol .i 
 (io{>artracut, or in any otiier caparily or <hiirai tor, ami inu_\ f 
 imiiioratt' him for (suih work or laliour or >;(mmI.s or Herviciw a' lln' 
 ilircctorM may think ]<ruiK)r, auil luuy c'iit<.'r into ('ontral't.^ with him 
 for tho piirihi.s««.-i af^il, but no (iiitnior Hliall vote at any iliivrii)i> 
 nipofinj; upon any (|U('Hlion atlcctinn lii.'< own cinploymont ;im afwl, ■■! 
 any contrail icliiliiiir llitTi'lo. A diri'dor Khali not be iinoiinlubli' 
 for uuy prolit arixiii^' from mhIi employiueiit. 
 
FOKM8. 
 
 mi 
 
 l^uili of tlioin, tlic ml A.. I!., nii<l t'.. whllr<t he rninajus n poriiiaiu'iil Form 364. 
 ilirci lol'. wliiill lit" <'iill<l. williiilll iliaij^rr. Ill liavo Ills ^ori, (II aiiv oiii" dl' 
 lii> M)ii>. iii.-'iiiirK>c| at ilii- r<i\'s \v(iik-i ill ilui Im-'iia'-.s <ii l>u.-iin-i;.L's <it --iii. 
 lor I 111' iMiK' Ix'iiiy ranii'il <iii liy tin" ciiy. 
 
 'I'lii^ <-laii«t' vari<*^ a i^nul ilral in fnriii. Sniuftiiix'H imiwit i-* i^ivrii t^j fii.ininutti 
 \,y w.ti .1 ^ori for ipiHtru.'tiun. Sumrtiiiic^ uiiy ImWiT nf a ^pcriHt'd miiitIxT (if 
 
 tlir ^irirt-* i" ^i\<'ll tllr JMiwiT. 
 
 Attention to Business. 
 
 i:;i.|i <■! ihi- 'iriiiriiny iliiodor.- .-^Ii;!!! ilcvm.. llic whole ..f \\i< titiip Form 366. 
 
 aii'l :i!l<'iiliiiii ('■ tin- liu-iii<'-.< (il llio r<iy. lint llic .-"il .\ . ari<l I!, i-liall \\ i,,,, i,,,,,. 
 
 110' \'i' I' 'ii.iJ In (IcMiii- m.iii' liiiic .111'! ;ttti'iitii)ii to tlio i ny !liau ihcv 'liritt,.rK 
 ro.^i'lv "la^ rhiiik lii. 
 
 til IflVi' 
 
 Si'lit' ^lu-li [irox i^'fii a.~ .ii*o\i. i- mil iill<' iiiiiiMtt. 
 
 Rotation. 
 
 I li-ii uiIh'I wi.'x- ili'iiiiiiiiicil li\ i'\! i.i<ii,liiiar\ rt'^olutiori. llic diri'i - Form 300. 
 
 lot.-' i"i' iIh' mm' Im'iu^ .-liall ii>ii iiiiii' lo Imjil ulli.c. -.uliji-'i uiiiv in (■.,,,!,,, ,im'.- 
 
 lLium's its lo ilmiiHiliticiituin tin-i iion I'r lo ri'iiii-ii \ lini. "' ' ''' ' ""'* 
 
 ' ■ 111 •■thcf. 
 
 ill a |iri\«U' r.>m(ittiiy n •luusr a- jImhc i- icry • m iTiiun, tlii' iiili'iiiiiiii lirnig 
 • i: 'ti'- iliri'i-ior* ^ttill iiiil ri'lipf liv mlatinii, Imt >iuil! rcinuin iii oliict' until 
 •tn^ iiiviinii' (iint(iialiti4'(i liy li.iiit. • 'ipl' \ \i- . nr an* ri'm-ivrH \'» )ii*ri --i-ti a 
 iia»" I" iii«iTtiHl, till' ii"ii.il riil.tliiiii 1I.1111C will Ih' 'iiiiituil \\ 11. II ri'i iiiim 
 .iau-t'i air iii'M'rIf.l. it i^ inual t.> pnn uti' tliai tln-v -lia'l imt apiily !-■ iIh 
 ,M\t-Tii;nj:, " ]'i iiuii- ui," itr ' nit " tiiii-t t'-r^. 
 
 Proceedinfl.s ol Direct»*K 
 
 it 1- «(iiiictinii"- |irii\iiliil tlui! (a» in an imlinirv |i.irin.T»lii|i 1 I'ui'li iUr<-u<r 
 :i. IV ')'• v.irtiius lliiiiifM witiinul a iittarii Kici'lini;. it in ai*.) ut't umoallimii lo 
 jT.n.lv fur »|»'('ial Mitinir jHiwrr an follciw*: 
 
 \' .in\ rui I'liiiL' ol" llic ilili'i lii> a iIim'. 'or .-!'.. ill liavi' oiii' \ tM' I'lr Form 3&i 
 
 I'M" .^liar.' Inl I In liiiii. uinl Mic- may In- tfivfii riltmr iifl'^miallv <r \. ■,„.^ „, 
 
 I'V |iiii\\, Imt a iir.ivv iiiii-'<t fn' m 1' tin' iliii'i'loi-s. ami inif-l lif 'ln'-''"-' 
 
 ■ I ■ ' ■ nii.in,^-- 
 
 a|i|iiiiiit«'il in wriliiit; iitiiliT thi' hiiiij ol' tlf .i|i|iiiiii'i>i 
 
 S .iii.lini.w no rc«"liiliiin it tn Iw" valid if • parti -ular dirritar ili««iiit«. m 
 
 wrtain biuincBS in only to l«i tran>ai'l««l witli th" iiou. urreui'o of a parii. ui.ir 
 dirn tjjr. 
 
 r. »• 
 
994 
 
 Form 358 
 
 CliHMlllUM 
 
 uhil lii'iiuty- 
 cliairuuiu. 
 
 PRIVATE tX)MPANlK8. 
 
 [Chap. X. 
 
 form 359. 
 
 WliHii elm r- 
 m-iii ub-fiii 
 
 The m\ A. n. slmll l>o <lii.irnian of lhc> b"iir.l so lone: us liP r.Mnain- 
 
 I (lir.v'nr an. I i- willlt.Lr U, u.l. uiiJ iIh' h,1 C. D. -ImH l-l'i^- 
 
 duiinim... \VI..-n llio .>.l A. 15. <v.i-."- to I... ■ lu.irio.n. th.- ..I ( 1) 
 .sh.ll if tlKM. ii -linvlor. Uvomo . Iiainnaii, an.l .shall l.o .•nll.l t,> 
 ro'ai.'i II... olli.o «.. I"N_' a, h- .c.,naii.> a .lin-lor, uu.l .- wiiln.ir !■■ . .t. 
 S.il.V,.' a< af-.l tho lo.rl n.av app-iiil a .liairman ami .li'|>at> - li ur- 
 inaiiof ihoii- luoelin-.-, i.nd .l.Monuim" il.o jio. LkI for «l,i, h tl.o) .. -plv 
 retain olliw. 
 
 Ml m.<o'in->'of tin- l...ar.l ~hain»- pi.-MtMl ov.M l.v i1.,m l,,,in.,,.i, ,f 
 i,.v.sont, an.l.""i.. I.i^ ah^.M, .-, l.v :h.- .Lmm,;;, -.■l..unMaM. an 1 i! a! ,,:.;. 
 mofin- of thi" boani lu'ithcr of tho .<,\ persons hIkiII Ik- piov-nt at il.o 
 lim.; appoiutc 1 for hohlinj,' the saii.o, tl.o diiv ;ois |)ro,i-nt luav iho,,.-.' 
 ouc of ilu-ir iiunibtr to pirsido at tho mt'iViiiir. 
 
 
 Form 360. .\..v .pu-.s-ion whi. h .-hall aris.. at anv ..uvl.n- of tl.P l..,ar.l ^l■ 
 
 ho derid.-.l l.v the vo:i- oi ih.' .liro-to.s pn'MMit, h.il vvU „I ih. 
 
 "ZTwra Ih.. sd A li.and C. D..M.all ho at lil-ortv.so 1„,.^ as h. ^h,.ll I. 
 ,lir,.,-oi, '.v w,i;in- undo.- h.> hand I- au:hori/o anv o her .n.Mnl ■■, 
 the hoard lo vo!e for him .it anv nio-^'in- or m.-otinir-s "I ih.' 1 •■ 
 and M.rh aii:hoiitv n.av ho -onoral n, uuy hi- lin.ld lo an> ..,.■ 
 inoro nKvin-s. or to any spi-ilic 1 ipn-stion or qu-stions. and ..,. 
 if rtxp.iro 1, h(> pvolu..-.! at anv niooiinL's at whhdi the hold.-r .it 
 uuthoritv prop ..S.-S to voto. No r..s„h.->on of tin- hoard sh.ll 
 hindin- if two ..r ium.o di:orio:.s, riih-r in pors.n or hy prn^^, .,! 
 nH'i.-inl'- at whi^h .sn. h if-olntion is pi-opos.-d, or at tho n.'xi s 
 Mviucnt mooting', di-ont iliorofroni in vri'iii'.' 
 
 ho 
 
 '1,0 
 
 lb- 
 
 Form 361. 
 
 llow I|UI1«- 
 
 ti.inx t" '"• 
 dM'idisI St 
 
 llicvUlij/. 
 
 Q.ip.s!ionH arisinsr at unv .n.-tin- eliall. .snhjo -t a.s horoin ..-hPruis,, 
 proxido.1. ho d,.. id.'.l hv .1 n,..jori-y "I votos, and .n laso ol an .-M-'^diiy 
 of \o;o.s the (haim.an .shill hav.. a *o<M)nd or .as.in.' v.-to. hn! .'arh 
 of llu-in, tho ...1 A H. and C D.. shall 1.0 at lihorty, s- h.nu- ■> h.. 
 .shall he a .ii.c'or, hy wiiiin;.' nndor his hand, to :ui>\vvw<' ln^ '■ ^'^'^ 
 • luo.'or to voio for him ut any luootin- or nirotin-s ol tlio hui I 
 Suih au:horitv may ho -onoral or may bo limt.l to any otio .., tu av 
 !,u.cin-.s, or to anv ^p.■. ili<'d ,p.oMion or ,p.o.s ion... No ro -ohrr >i. of 
 o n^ooi,,;. of tl.o d.ro, t....- shall ho bin dm- if tin- sa A P. and « 1' . 
 vhihi .lironors, oithor in por.-.on or ty provy. at tho moottn.- .,t «h,. li 
 Mnh ro-olu-i -n is propOMvi, dissont tl.orofrom in wrilin.:. and ,1 .. 
 anv limo anv dirotor hold not loss than two-fifths ,.1 th- ..o.n.n.l 
 D.nonnt of tho i«sue<{ oapilal, no rosol.Hion of tho dtro tors ^l,a 1 l-o 
 vadi nnlo.ss if is pas-od wi;h his ,on. .1. ronno; hnl il no ,1 ,o lor h. M 
 two-lifths of tlio n.iminal anionnt of tho issuod .apil-d. and tv.o .,! I i ■ 
 di.ocor.s (•..llorttvolv lwl,l throo-liflhs of tho nominal amouni ol the 
 iKsnod oapi'.il. no ros.,l,.-,on ...f tho .lirootors shall be valid unlo.-i .1 .4 
 j.a^=oJ wit], tlm cnnonrrenco of both ot euch dirootors. 
 
FORMS. 
 
 H«».S 
 
 Qiii'nM"iis ill any moolin^ uf ilii' Jiruiluri* nliuU lio dciidod a.-* Form 362. 
 foi;,,».v ili.il IS to 8:.y;— .\„Mtl,.T."" 
 
 (1) li lilt till' iliic'tors 1110 iiri'soiit in [tcr^uri <ii- hy provy, the ri">'i.i..iiiifor 
 <i<M i>ioii 'it llio luaJDiily ot tliusi- ulio vulo •<liiill ho lurnliii;;:. .), ,r,, )„.|,| 
 iiiilt'.-.- ill liM-t l\\.i (liicrluis, |ir('~oiil ill |H'r-iin oc liy |iiii\y, 
 (ii'liiilliil a |M)I1, aiitl ill >iiih r;i'0 a |i>ll "-liill In' liiki'ii llii'ii 
 .mil iIk'H'. and lli" ii'miI: oi lliu |i<>ll ^litll In' liiinliii^. 
 
 (2; li all llii' iliioitois .-^IliII imt Ijo |iii'.seiil in |»>r>(iii or liy iimxy, 
 ;li(' lie i~!'i|i <il till! inii;oiii\ cii lliu-i' wliu yi'.i} ^liill lii' 
 liiiiilin^ iiiil<'»-.al lua>-l two iliii'r(.ir-i, |iM-iMit in |ii'i-iiii ur liy 
 I'liivv. ilt'ni.inil a |>n|| In lie takiMi al an ad ,<iiil'ni'<l ihrriin^, 
 and. ill mi' li i i-i', lliu nn'i'iiiiL; fliall, -n far as ii'i^'irds llio 
 lakiii;.'- oi MIC li ii'dl, lie a l;iiiiini'd ioi' line" d.iNs nr -luli 
 o'lii'i liiii;i!r liiiK" a.s llii' iiiociiny: may dc'ciniino. and inilict" 
 fli.ill, ii prarlicalilf, lio m'iiI liy t4'lc^ia|p|i, 'ir nilii'iui-i', to 
 till -I' diifitiirs who. Iiiinir in I'!ilio|ii', -.liail iinl lii\i' li I'li 
 |iic-<'nl in |M'i-on or li\ |ii()\y il lln' oiiL;iiiai iiii'i': iiiir. aiii| 
 tlio iioliiO ^llall .-.iM'riiy lln; linn' and |iia' p ai wtii. Ii tin- 
 ud.dnini'il iniM'iinir i.s to In- hold, and .shall .stale ritliiT in 
 (.•eiicial liTiii.s the iialiiio of the linsiiie>s to lie dealt willi 
 llieieal. or thai llie adjoiirned ineetinL' i-* l" In" l.i'Id lor a 
 lie nil inee'iiit; |iiill, :uid at the lime .>i li\e 1 lli ' i|iie--li(iii 
 .-hall be iiirlher loii-ideied and the |i"ll >li ill he laUen. and 
 (lie le^iill oi |lie jiiill .--hall he hiiidiiiii- 
 
 (.;( \\ heie a poll is In iie lal>en iind"r thi-* cl.iii-e. every diiertur 
 pie.-eiif in per>oii or hy pro\y shall he enlld to >ii' li niinihrr 
 of voli'.i ,; 4 he wenld have hi (>ri enlld lo if the poll were a 
 pe'I dniv demanded at a tr<*neial nieeliiiir of ihe eov. in- 
 ilie'ln": any vo'es |o which he wnnld he enlld as appoii.loo 
 niider an irrovocahle proxy e\eiiiii'd pui.suani to elaiiso 'J^ 
 hof. 
 
 A 
 
 oidi. 
 
 ! 11 1 
 
 lirei'or may att*;nd and vulo al any iiieeliiiL' '>'- the dlrerlor«. Form 363. 
 1 in pei.«on or hy prow, hiil the pro\y inii--l hiiii-elf lie a Ppninhms 
 ■ill, and anv appiiiiilnienl under this ilaii.-e of a jirosy may he fir iirmiiT. 
 Ill or for a spi' ilied perin.l, or fir Mpe.ilied ipie»!ioii.s, and, 
 -- o lierwi-e e\pre-ed iherein. may ho nvnki'd al any liine. and 
 • ■ 111 evei i snili appoinlnient or rovocatioii must he i^iven In Ihe 
 in I in the la-e of an appointment, t!u> instriinKMil elfe lin.r the 
 , and the power of a'tornev, if anv. under i.hiih il is si^nied 
 
 he de|'o-i;ed hefnre Iho meetintr wi'li the loy, aloii)r "illi the 
 ('. an I a e;ennral pmvy may attend and vote hy a «ubstitiili'd 
 \ ill iiiiy spoiiliod meetinjjs of tJin diroelor< or for upcciriid 
 
 3 s 
 
I M 
 
 996 
 
 PHIVATK COMPANIES. 
 
 [ClIAP. \. 
 
 ii'!ii 
 
 U •■"! 
 
 Form 364. WIumc h .lircclor lm«. wilhciit Miio<ial loavo of nb!*on(>e. ulwiii. a 
 ., hiinsolf from liis diitii- fi-r ii i«'ii...l or ixti.hIs o iircilinsr - moriili. 
 
 from"«mnl in imv OOP yoiiT. h« ^Imll n<.t l)0 eiitLl l-> any ruiM..ii.>iatjoii iV.r lli,. 
 
 mcetitiK" p„rio.l ill .'xn-s.- "f iiioiiths. uii.l his rcn «'riiii..ii >lmll l.e 
 
 pio|i'ii'liiiiii»t''l> rtiliiivcl. 
 
 Powers o! Directors. 
 
 Stf |i|i. 7tii • ' ><••/• •"/"". Somi'tiiiiiM Ihi- piiwcr* of dirtvfirs ur.? limii.il tt 
 rcganN .-.•rtaii. thiii>rs ..;/.. l.,>rn>wiiitf mi)my .iiliriiiir i»t<. .■ontra.t-. I...v.,imI 
 a rertniii valm-, iiiirru.«in>; rapital. *!'■ 
 
 Porm3P 
 
 Powem Of 
 
 director- 
 
 limited. 
 
 Til.' powtM.- '.I ill,, .tirwi.'i- -ImII '"■ liiiii"''! <" ''"• r'>l!'>»ii;-' 
 (1) To. itt. 
 (:!; To. .Vf 
 (.'!) To. &<•. 
 
 Dividends. 
 
 HiX l'"urm 251, iluunt- llti. 
 
 0<<a^«ionally it is proudi-d thai prolit^ -iliall l.f ap|ili..i! iw 'ii K.irMi -'<.i 
 Whfio thirc ar.- pnlcriii.f «lian-. lln•^i^i.■l| will I"- >na<l'' »= 'nlii irlv ■^• 
 rorm^i 2t>l el »»■'/. 
 
 Fonn 36h. 
 
 lutrrent 
 on unpaid 
 klwr>.«. 
 
 S(. 1..I1- .1.- aii.\ «' -liar." i- iin nill\ [mI up. lli«' li..lil<i -liall 
 bo 1x1 out 1.1 :li« (liviili.ii.l.-- I'loiii liiMi' "o liiiio (Jpdar.Ml iImtcoii ^ 
 Bum II-. Willi 111-' iiiiioiiiil lif iinytliiiij." prcvi..u!<lv p.l to lh< liol, 
 huih >lu.r<. piirMiaiil •', lliis .lun^*.. ..-Iiall li.' «Mpial I- mi.>n-M hi . !;■ 
 of .-, p c.p.u. on llio lapital P'l up |li('ri>"ii, coiiiput.'.l fiom ili.. 
 wlicii Mirh la, iMi "ii.- ptl up. ami lli« ."Xih.** i-liall be n-taiii..! I 
 (iiiirioi> ami a) plicii in paviiij up -u. li .*li:ii<'. 
 
 This pljii 1- II. .t im..iily .■oiitii!...! I.. »li«r.-^ i.^iui..l to ..mpl..>— 
 
 timo. ,|.. r.t.-ntijii i- only t. op.T:it,- until tli.' -harr i. paid .,- I; th. 
 of 80 per "cnt 
 
 <iiih 
 i.'li .1 
 
 l..r..| 
 
 ■ 1 iH- 
 
 I ' 
 
 \ ill.. 
 
 Form 36T 
 
 Italauc*'- 
 »hf...«. 
 
 Accounts. 
 
 Thp^- an- ^'oii.nilly i.i .•oaiiiioii f..rm S.-.. I'oriu 2.'il. •Ian-' '-'H ■' • ' l'"> 
 •omctiniiw a i-lausi' as follow.( ha« In-.',! iiiwrtod: 
 
 A .opv uf «ucl. a<TO..iH, l.alaiuv-.-luH-i .u.d ropoit ..liaU, to, neve., 
 .lav..* proviousi) In iho UM.o-iNi;. I-.- ki-pl . ! ll"' ""' " "I" '^ ""■ "" 
 .u.MMTtiou nf iminbci.-.. but till, -aii..' .-Iiall u«t bi- ,inul:. 1. ami p ■ 
 
 -I" 
 
 ..oii\ >d'. .ir t'.vtrart I'mhii. iIr aiii<. ..^iiall bo lakuii . ■. ■. >• 
 
 id di. 
 
 The ..l.jct i. ill "<iw .•*«« t.. sav.. the ..x|>.-i|.«', ai-d m .■thrm f.' hv' 
 clMurciof fai-tH whVh mitfht Ind lo th- .■Ht4il.li-h|.|..iit of r,- al '\'|''';'"|;''';.'^-^'^^ 
 Si.t 113 of the lompaiiiim i,(oii»oiiU.ilii<.i . \'I. i5CS. n; - i'Jnt«! 
 
F< iRMS. 
 
 W7 
 
 . 1..U-I- .iiipf*" to b« v»li«J, for th« acvtiou doe* not rmiuird any l.iiliiiif.'-i-liwl ui 
 ,. 1,1 il Ill-fore the i-omprtny in iffnerul mwtiiiir, ami tin- " ri|x)rt " wliiili tlio 
 .,, luu iisjuir'^ lo l>o rraJ hcfiiro tlii- rc>in(iiiny in ^fi'iii'ml mi«linir in n'lt llio 
 r,.,,.,rt refirri'd lo in the <'lnn»f (whii-h ii th« .//r.<7.i.»' ri-j'^rt iiiuh-r t l.m*; I:'.' 
 ,,( I'.rni JSl . I>iit till' rr|iori of thi- «.«/./.ir« on Ihi- .icioiiiil- i'\uiiiiiii'l hy tin m 
 anil ' ■■" I'Vi-ry lialiiii.i-i<lnft Iniil lii'fore th.' i'iini|uiiiy in lth.tuI iiif.li«;.' ' 
 tl.at -. I" '!'>' li.iliiin ■•-■'hift, if uiiy, laiil hifiin- Ihi' nii'rtinir. 
 
 \ 1, 1,1.111- ' pm|>iiiiy i-i -|M-iinlly i-xi-niptiil fnun iin lllllin^'• in it- :iniiu;il li-i iif 
 i,„nil..-rs nml -iiinniiiry ii «lttli-niiiit in thi- form of u l.iilii;ii r-»hii t. f.iniiKin,.- 
 (■.,ri-..liilati"n» Art, 11HIH. «. '.'Ii iH). 
 
 Form S67. 
 
 Audit. 
 
 Ilie |ir(-viiionii a« f" lioclit i>ontttini-il in -i-i-l-. I U. I I -I "f th' \' ' "f ''■""* 
 ,.j.., a|i|-ly 111 n pri»Bt<' i«im)iuny, iiml iiii-urilinitly iIm- fi.iii|iiiiiv iiiu-i. at i-mh 
 irMial :.'. iii-ral iin-i-lin;;, ii|i|ioint nii iiii.litiir or iioclit^ir* t.i Iml-I olHii- oiiiil thr 
 i,-xl annual (fi-ni-rnl nuvtintr. \ ilir.-clor .ir otfi. ,t of tin- i-iirnpany !-• n"t t.i 1m- 
 v:i|.iibli' nf liiMoif ui'iMiinti-U. A n-muni-riilion fur tin- amlitori i-i to !•<■ Ii\i-il liy 
 , .'.niiul 1,11'rtiiii;. ami tin- iinlitori an- to hiivi- ai-ci-.i lo th" IkiiU, aii.l an- 
 !.. niaki i; ri!|>-irl to llii> •liari-hoUli-r- m pnnnli-il ii tin- Ait. Sii- -.,,,.. ji, T7I; 
 
 ..ml .^V'liv f„>r, ri,rm,.'. 1 1, /(.'". 'J" T I. It .'IW ..lliriii-.l JH 
 
 r I.. R. Ml. 
 
 rii.< .!•. tii-ii .aiiiiiit 111- iA,i(|i-<l in 'hi' -.i-i -A any i.iiii|iaiiy himIi'i- tli.- \.t. anil 
 ti.ri-fiTi MiilhiiiL' i- itain liv in- .-tifi-.' .i ilaa-i- lliat 
 
 Tin- ^liiiHiiit.- i-«'latitii; III ihc 1 1«\ ^ iilliiit- A\.A\ l>»- iiinlilcil in mi< li 
 iniii.ii-t :is flic lov ill u-i'iicral iiioi-'i u -liall Iniiii tiiuo In Imio ili-li-t- 
 niini'. 
 
 ■-11. h a ilaii-i- wa-. hofoi-i- l<MII thi- ilaii- nf tin' < ..iiip.ii.M- \.', I'MHI ..nn-- 
 ti.fir- in-'-rti'il innt'-iul of thi- ii-iiial provision. 
 
 Rrgistrution of a Private Company. 
 
 I |H,i, liii- iiirniali"!! "f .1 privali- i-.iiiipaii;- it will I"- iirii>-aiv I ■ i.nnln < 'o 
 I. a K-;-i!.irar if ('..inpiinii" tin- -latiit.-rv ili-i la-Mtlcii rii|iiiri-(l li> -ii. !T . i i 
 ,.i il.- \ I, l.v a -..liiiti.r ..f till- lliirh C.irl. .mil iti S. ... laii'l hy an .-nr-n -i 1 .w 
 :iL- I .1111.11,-11 in til-' liirniali.n "f tin- .ninpany. or iiy a pir-on iianii-.l .-. iln- 
 
 nr; < .1. a iliriitir or »i-i i-.iary nf i!n' . miipany, nf iniapliaii. i- \uil. the 
 
 I ,ihr.in. i.l- "f tin- A.-t in ri-«pi--i ..f r.-^i-tiaiii.n anil of inatl. r- pn .'i-.linl 
 an.l Imiili-ntal thiTi-l... Tlii-i i« a -ii.ipl.' ni.iil.-r im.ihiriL' l-ui littl- .Atni 
 tr-.ii'l'-. iriil -i»' p|i 'i".->. lioil, , /I./-.I. 
 
 Statutory and other Meetings. 
 
 . h. tirit nii-itaiK niiuiri-.l m In- In-I.l. m tin- i;»-i- n' all .■ pain.- iinil.r thi.- 
 
 \ I ul ISti-J, liy lilt, an of till- ('i>nipanii-« Ait. IMlJ. wa- .ilinli-hi .1 l.y Iho 
 
 -.-p.»l of tint lion by --It. :iS nf th- Alt ..f rmil. In lii-ii Hii-n-if. in thi- 
 
 a.-. ..f "i-\i-ry r..nipany liinili-.l liy -hiir.-- ami ri-i;i-ti-r.-il " -m m afii-r Ian l-t, 
 
 I'lol, till- "-italiitory mi-itin;; " n-f.-rri-il tn in t ti.'> nf tin- A.t of liMW iniHt 
 
 in- holil within u jM-ri'Ml nf not li-»-> than nn.- nnnitli nnr nmn- than thn-i- inonthii 
 fMHi llip ilitti- at whiili Ihi- i-onipBiiy i-« iiililliil In loiiinii-iiri- |in-<iui>i-i. 'I'hiii, 
 
tf9H 
 
 lUIVATK r'>MPANI»>*. 
 
 [ClIAP. X. 
 
 In the CM* of ■ priralf i-om|Kiny, will he tho d«tn of tt« Inrorpontinn. uiil.'4( 
 tlie »rtiiltM of nsxiiiatioii othrrwi'u- provide, lliil thnu^'h a prii .t. .,1,1;. my 
 mu^r hold flu- il.ilutory nii'rt:ni» it i- cxiiniit.Hl liy Mvt. M M'l tttm il,4 
 oblit'ifion of forw.inliii..' iiii'l HIini |i:i- «t.itiir.ry r>|H«rt pri'liminiiry 1., il„. 
 nitrtini;. Ai to tlic l'<'"' rnl m.-.-tin«« lo l«<- li'ld onrc » yi'«r, ■..■« m-rt i;i „f 
 the A'l of IWIM. 
 
 Minutes of Meetings oJ Shareholders and Directors. 
 
 1 In- Vx of I'.MIS («iTl ri) n->|iiiti^ iirry <om(iiiiiy Ut (••lu-r iiiiiiuti . <.| ,a 
 (iroii'i'.linif" of (fcMiiTttI mi'i'tiiv,'<, -nA « lirr • tlii-n- an- didrfor^ or 111:111:,. r .f 
 it* diri"tor> or iimiiiiifi'ri 1,1 lif rnl.ri-d in limilc li''pt for llint piirpo-i- Xm..-,!- 
 iiiirlv, liii ilts mil t Im- |)ro\i<lril liy tlii- illr>'i|..r-., iiii.l iiiiniit.- I'nfcn.l Th„ 
 followiiijr will gisv «iiui' idea of tin- modo in wliiili iiiiiiud . arc i-nlrri-d:- 
 
 Vi 
 
 % 
 
 Form 368. 
 
 Hr»t iiLiiiinf 
 iif diff t.r« 
 
 .Nh'c'iii. • i ill" (Jii.'>'t.ir.M ol tlie - t.'o.V, l.iiiit'l, liold ui .,» 
 
 the i ■ of 
 
 I'retioiit. A . B., (' , 1111! U., ilin-. uii.s uiiJ E., tin- hhIui 
 Mr. A look llie cliaif. imrtiuant lo ilio urts 01 a-*.m. 
 Tlu'.-il .1 rfi'iiilC'l lli;il llii''Ov li.iil lifi'ii (IiiIn in. .h imh.iIciJ, .111 ! lie 
 j/ro(lun"l liil" n'riili<alc i ; in oi|.iii. Mwn. ;unl ,1 (iiinl d ilic iiiiiimJiiiu 
 ^ anil arv ol 11— <oii ii.^ ro^fi^ioriil. 
 
 Il was ii-olvi' I \\u\\ Mi. (• I't" :i|il>oiiil('ii MTiclun o! llu- nn .n ,t 
 
 ,Nil.ii\ ol I |i I. or. 11! il saliiiv 1.1 !ic lii'iisiti'i- iIcutuu I 
 
 It wa.- n-oJM il lliat Mo-*i'-. A U. aiul ('. 1)., ol' llu' liiiii ol 
 cliaitt'ii'il .iiioiiiilaiili* Im) ii|i|ioiMliMl uiiilitorx ol' llui loy lo art a- .-.ir 1, 
 iiii'il l!i«' lii.-i uiiiiual o;('in'ral iii!i''iii- ol' tlio I'oy. .iml iliil th.ir 
 
 roiiiiiiR'iaiii.ii shoiiiil bo tin- sum of £ . 
 
 Il «a.- ii-'ol\ci| ilial M»'s.-ii> lie a|ilM.iiilOil liaiikcrt iil !lioi..v, 
 
 uu'l Im' II '|I1('.-'ii1 to o|i.'ii an airoiinl in ijii' name "i •';;. ,-,,\ . ami lo 
 
 .. hoii.iiii tli>t|in'> diuwii oil llial Hiiouiil Mi;.it\l 1 v any n\o ol liiu 
 
 diroi !or.->. unl lliat llie liuiik U; iiiruinliwl willi i<|ii'rime .- i :lio 
 
 .•>ij:nat'iii'. of iho Jirectors. 
 
 ^^ It wa.i n-oivci! iha' Mr. - bo a|iiioiut:>(l folor to th • ■ ■>;,. 
 
 It wa* iii-olvod that the rfjfistoioj uIBi o of the roy lio .it - . and 
 that iht! .sorri'Idrv ilo uivi' li iho li'^jri-'^trar of ( 'om|iai'i<'- iIh' n-jia-iii' 
 liotico 
 
 A «<'.'.! for til" coy onlrrod l>y tho (liaitiiuin on il.'* Iirlialf '^ i^ pro- 
 dii(i>'l ami a|)i>i(ivO(l. and it wa* resolveil thai ^urli sual Im' al I'l w 
 tiio ion. moll ncal of llio coy. 
 
 Tin- iliaiiiiiaii Hlalod thai hi' hail, on Inliall o| tlif .ov oidi red 
 
 eertuiii ho ik.-* tor tho iMirpo.-'O-^ of lln y. an. I tho ..nlor w:!.-* ai'i'Tovod 
 
 and raiilit'il 
 
 Tin- draft ajrieoml rof' rrod lo in rlau.-o a of iho url> o!' .i—on ..f il . 
 lov was road anil rou'.idorod, and it wis rofsolvo I thai llio ■ m .1. oii'or 
 into an a^'ioonit willi .\. and I! in llio lor.n- of iho mI draft. 
 
 Tho Kolor haviiij: |iiodui«,>il an oiii^rotsiuonl of llio sd drill. >U' h 
 engroasmflut was sealed with the ooniinon seal of ihu 1 oy , .mi «,«• 
 
rORMH. 
 
 809 
 
 ^,,r„.,l by tho id A. snd B.. ami tlio Holor wi-« iii»iriict.>>l !•) Iia.t< it Form 388 
 
 ,;."ui|r.l, .liul lO ''•'III "> ">'»'l ''>"' '' WMtllJ h.lVf lo Im' liU).| Willi tho - 
 
 U,.-i-!rur ol l'uin|>iiiii'.'H uwUn mti HS of lln' < in Ail, ['.)>»i. 
 
 I. »,i.- n'M.lvf.l Ih.it Ih.' >t..l.>r .1" |m.'|mh- ilii. r...|iii-.ii.' i ,.i,\.'y<ino.-H 
 for \...:iii;r in lli« "'V lli" In'i'lioll ufrl l.'.i-.«'i."M |'|'i.v u'IIoimI tu 1... 
 „,: 1 ! ■ ll"' '">' '■>" ''"-' aliuvr-imiiUi ai;ioi'!ii . :imiI iIi.iI Ih> 1"' ic iiu-IimI 
 to aUi <■ «1>'»I ^'CV* «l>""ld •"" <^»'^"" '" '■""■>■ "'"''' "lirocml into 
 
 ell«- : 
 
 1: WU.H r<'-i>lv«nl llial lln' miI.s. lili.T.s U> tho mv's iiiciinliim ot umidh 
 be if.'U:<i''l »- Nhaii'lioMcr- iii llic if. ! li'" nl mi'iiil'or^ "f ilif ""v 
 
 1 H,i, |..-..ln'l ih.ii Mr. Im' .iiiiH.iiiUtl iiuiii;i-oi o! llio ..•vs 
 
 „,,ik- ii|i<.ii till' li'iiii' ni an uuM'.'iiil Miliiiiirnl lo lln' iiii-i'tiii';. uml 
 Ml li ijiicml wi' llitTcu|.oii oxoiuli'.l ill iliililiiMtc 
 
 1: v.,1.- i.'.-,olvr(l lli.it till- ii<""'""' '''"" " iii''»'ii"tr "f tho (|iic(i,,i!i 
 .liiiul'I 1m' iwo. ami ihai until u h(M\>i.-c> di' I'riiiiucil a iin'.'liiii: <>l' ihf 
 ,lii,.. ipiv lii.iild he luld 111 ill'' I i«-i-<i<'i I'd olh.*' fv rv 'rui-.day al - 
 ,1 ( 1.1. ill the fofoiioon 
 
 I w.i.s i«-olv<'.l that llio I'MiiiiiOli Hcal of iho coy Im iiol adlM'd to 
 ,inv .loriiiiK'iit ()X(C|il ill tho pio-oiir.. of two of tin- dill" tori itiid of 
 • |.,' -(• rclarv. who au' to alto^t llii- MMliiiLf 
 
 It wa* r<'>olv.'<l ihal, Mr. - tio apiioiiiicd u . oiniiiilt.M'. with 
 11,11 |io«iT I,. lU'LniliiU' wiih Mr ■ .-i-'i Ki ih" i"nii' on \\],i i !-• 
 «,!! .-iiiiiih till' roy with, iic mid U il.f -i .ontn. ! with luiii 
 
 idonlintrly . 
 
 .\ Icirr from »a.s ri'ad i.iiilailiiii'J an oil... lo. .Vi'., and ii ".if 
 
 ,v-.-!m'I ihai (ho olT.T i onMiiii'd in 'li.r h'ti'^r I"' ii.'< i-)ii-'d. Mil Mil 
 ;|ic <!■ r''!.irv .|o wiilo I.) !li<> mI arr.Mdiii.:ly 
 
 M ii.it.-i 
 uii-ului^ 
 
 \;,.lln'.' of ihi- diivilor- ..f 111.' toy. laiiitd, h<-U al on p^^„, 3gQ 
 
 :Im- d.i> .•,!;• 
 
 |'i. -viil .\ , n.r.aiid I) . diroitor-, and r. , tlio solor 
 
 rh<' liiiliuUv- of 111!' hoard ni.'clin'u li"ld on da\ ol wore 
 
 r I an I roiihriiicd 
 
 i'lii. .inlor ri'iiorli'd ihal llii' a.^rcnit l.ot«i'< ii ih" r<i> and M'l's-n-s 
 \ .Old ll.oMM Ulcl al lh«' In.-^t htKud lurol iiiu. had -.ndiils .>laiii|>i'd 
 mil uai ivad\ for liliii;,' wiih tho l{(•.'l^trar of ( on.,. mien. 
 
 A l.'ilci \\.i.s .il o roiid from th<> solor. dal<vl, .Vc . and ad\i-ini; an 
 to ihi' st 'i>- lo ho laU(<ii t: tarr\ tho -d a'j:r<^''Mil in'o olloot. 
 
 'I'll.' s..lor iir.Hlini'd t'lif ro'|iii-ilo ciiivi'vaiiri-i for rarrviii'.' tli.' 
 aj:iT.'inl into oiloct, iw alvi-.-d in siii'li h'ttor. and it wa- r.'x.lvcd 
 ihal lho,<. ioiiv('vnnoo.< siiould !"■ i«n<m iiLil ami tho hcuI should Ihi 
 alliv.d ihciolo; mid thoroiipoii Mudi loiivoNiiirO' woro scaloil widi 
 :1a' iiiiiiiiioii wal. and wi'ii oxoculod \>\ Ih.' viinhn-s. Mo.ssr-. .\ 
 ami Ii. 
 
 Mvsoni A. utiJ !! =-.al->J tluif tlioo;--; hi"! !«•■•» p!-.!"'d in po-.se.-.-.ion 
 
'*/-•:*! 
 

 m 
 
 Ml 
 
 filj 
 
 i- 
 
 ' 
 
 ■^JF 
 
 
 I 
 
 1000 
 
 Form 369. 
 
 PRIVATE COMPANIES. 
 
 [Chap. X. 
 
 of the works and of all fcho pptv capa1)lo of manual delivery, and thcit 
 the bank balance had been trunsferreil to the gov's account. 
 
 It was resolved that, in accordance \vith tlie as^ocmt of the 
 
 day of , shuivis in tlio caiiilal of the uoy of f laoli. 
 
 numbered to inclusive, Ik; allolt^'d as lollow^: tliiii is tu 
 
 .sav. to Mr. -V. - of sutli siiar,'.^, uumli.Tod to ii..lii-ivt;, 
 
 and to Mr. H. - of suili ^har::-, uumbored - to - inclu.sivc; 
 
 and that .sucii .shams bo credited as fully i)d up in u •oi^Imiuc with the 
 sd agruemt; and that - .shares of the like amour.t, numbered, iu., 
 
 should be allotted to as his (lualifie.ation shares as n dinHlnr: 
 
 and that a.s to other directors' ((uaJitication shares]: and that the 
 names of the above-named allottees bo entered in the ri'jri.it<.r of 
 members accordinyjly, and that certilicate.s bo issued to tliem ])ur-u;iiit 
 to the arts of asson. 
 
 The certificates of title t;j the alxive-menttl .sliares were ihereu|Hiu 
 sealed and handed over to Messrs. A. and H., V. and I). 
 
 Aijjiliton.s for .shares by the uiider-menid i)ersiins \m ic tlieu 
 
 handed in by Mr. A., and at bis re(|uest it was resolved, that 
 
 sharos be allotted in res[ion.se ti> ■■ucli applicons, that is to say, to 
 
 101) shares, to 101) shares, and to - - li>0 shares, and ibiil tlic 
 
 secretary do frive notice of allotment to .such iiersons aicurdinuly. a.ul 
 do reiiue.st them forthwith to |iay intxj the coy's account at it.s biiniicrs 
 the full nouunal amount of the shares allotted to them re-jily. 
 
 The returns of the above aUotments, produced by llie secrelaiy, 
 were approved, and the .solor was iustracted forthwith to tile the same 
 and the above-inentd contract with the Refriatrar of Coniiianics. 
 
 It was resolved that the statutory report produced by the secretary, 
 comprising the particulars re<|iiired by .sect, ti.") of the (DiniLniics .\it. 
 1908, should bo approved. 
 
 The proviHion.'f (if sort, (i.i of tlir Act as tit fuiAviiidiiij: and tiliiv.- tin' 
 atatutorv report an' not ,'>pplloalil(> to a private company, ■*() omit tin' aimvo 
 clause if till' c'(j|iiiiii y still i-ontinuct to I)0 a jirivatr ion\pany. 
 
 It was resolved that the notice convoiiino- the statutory meeiin'J: ot 
 
 the coy for the <lay of , 19 . should be approved, and the 
 
 secretarv was ordered to issue the sane to tin members of the coy, 
 and to make all necessary arrangements for liolding the mectin;;. 
 
 It was further resolved that the list referred to in sect, O-'/ tiit 
 should be approved, and the seal of the coy was ilnly allixed lliereio. 
 and the .Siime list was handed to the secretary, who was direiled to 
 produce the same at the commeiu'eiiuMit of the statutory inrcliiiu' 
 and to eau.se the same to remain open and ui;ccssiblo to any miMnbcr 
 of the coy during the continuance of the meeting. 
 
 It was resolved, that the secretary do forthwith issue to ciistomon^ 
 of the cyjy a circular-letter stating the conversion of the business inii 
 a coy, and that he do take the necessary stejis to i(rocui<' the in^irtion 
 in the following newspapers of a statement that such conversion has 
 
KOKMS. 
 
 1001 
 
 Iktii oll<'<tod. and tliat iioiu- ol llio Kliaros an- to bo issued to tl>(< Fo rm 3 69. 
 )iiiblii : --'The Times," <SiC. 
 
 Tin' linnkci'ji' (lav^M-liook way inoducod. and il apjioarpd (hat the 
 lial;ui'i> lu til" credit of the e<iy was f . hi'liin tlie amount Irans- 
 l.livd Iioiu llio veinlols' aceoUMl to ihe cny's acinmil )uir-uaMt to the 
 ,ii,'n'i'iiit for Kah;. 
 
 The follottiiiy rhei|ueN uere diawu. llial is t<i sav. in favour of 
 _ . 1,11 t' . in favour if fiU' I' . and in favour of for 
 
 DEEDS OF SHTTLK.MKN r. 
 
 h m 
 
 Sdiuf wars sinie a very i-iui\enionl niodo of roiivei'linv: a liUsincNs lioifijtrntion 
 
 ;iil(i a t-onipaiiy uas .U'vised hy tho writer. It involved ilie (weiuliou "f"(.''''{'*-,^'j 
 
 .if a dt'ed caUed ' Ailiilcs of A.ssoi iaiion,' wliicli endioilied the pri)- ,,t iiowly- 
 
 \i<iuns as well <if a memorandum a-s of artieltw of a>siK,iatiun, and f'™"'"! . 
 
 ... , • 1- c 1 cnrapauie!-. 
 
 lonstituted a commun law joint stoik company, con-iistiiiij: ot ikh less 
 
 iliaii seven nor iiifue than tw<'nt\ iiiemliers. This cDiiipany llieu 
 
 |MS,-e(| a lesolulinu ftu- reikis; lath ui. iindci' I'ait \ll. nf jlie Ai ; nl 
 
 ISf.J iCunipaiiies Art, 1908, ss. J I'.t, MV,i, as a compain limited l.y 
 
 shaits. and in due i nurse a cerlilicale of iiiciupotatidii wa- i-^ued. and 
 
 ill the result tlie cnmpany ohlained iiienrporatioii in a .-iiaple and 
 
 ■-.iiisfaciiirv manner, free from smiie (if the complicalinus aiieiidant 
 
 .'U iirnversioii in the ordinary way by sale and ir.in-fer. 
 
 Tlii> mode of conversion was largely aiiprdved liy linsiiie>- nieii, for 
 
 it disl)eu.sed with what appears to them the i irniitoiis ,ind absurd 
 
 formality of an agreement by t'u? jiardieis to .sell to the inmpan\. 
 
 coiisisliiig of themselves, and enabled ihem .so to frame iheir pai liici - 
 
 bliij) deed that, on passing a resdluiion lo register, and taUing in a 
 
 cojiy of tlic deed, registration would follow as of course wiilinut any 
 
 need fill sales or loiivey.iiices, ai;.l without any breaili in ilic <iin- 
 
 liiiuiiv of the concern. xVccordingly , a coiisider.dile uumbor of idiu- 
 
 lianies. iiidudini;' many of tlit^ h'adiie. brewery cumpaiiies, wioc so 
 
 rcLlislered : but uiifordinate , ..r the scheme it had the additional 
 
 incri' of avnidinu- the ml nu... i duly on sales which allached when 
 
 niiner.sion was elVecled ill the rdinary way. This was an unpardon- 
 
 ililc olVence in the eyes of the Hexenni' .\ulhoi iti<>s. and :il their 
 
 in.stance the Registrar was directed lo refusi-. to register any further 
 
 oiiipaiiies .s(i conslituted. It is believeil that the Ucgistrar ha 1 been 
 
 ulvi.sed that this mode of eonstitutiou wa.s perfectly reunlai'. and 
 
 ilie then mo.st eminent lawyer of the Chaiicery H,ir. afleruards I.oid 
 
 Davey. hud roiteatedly .so advised. However, the refusal was per- 
 
 -i.-icd in. and no .uie was fciuiid icad\ tu OKpi;^e in li-igMli'Hi with the 
 
 crown in order (o test the tpiestiou, until 18t»l, when au applicaliou 
 
 ■i^,: 
 
 - «t t. » I! W 
 
1002 
 
 I'KIVATE COMPAN1K8. 
 
 [Chap. X. 
 
 1^ ..'! 
 
 I 
 
 iAi 
 
 Powpni in 
 
 wills for 
 oouversioD. 
 
 Form 370. 
 
 Power for 
 trustees of 
 will to con- 
 vert testiitor's 
 buHineHH into 
 • oomoany. 
 
 for a mandamua wai iiuido by some poisons who dosirod to roi^ister 
 wliat tliov rc|)ro.s('ulo:l to bu u company oonstitutod in accordaiire 
 willi this schemo. Tlio so-callod company was, liowovor, fciiiiif 1 
 not to carry on a businos^, lint to wind nj); it wa-s a hnrlc-^ipio v{ 
 the scheme, and the atiompt to cnlnrco rofristialion of tlio company 
 an absunlity, it, indeed, il wa.i ever serionsly cuniemplated. 
 
 It is therefore not surprising that th'- Court of Appeal, rovor-iii;> 
 the deiision of the Court below, held that there was no rifiht in that 
 case to a mandamus. Ucj. v. licgislrar of Joint Stock Companies, 
 (18'J1) 2 Q. B. :m. 
 
 There are, in the judijmonia, some doubts expres-cd a.s to wIkmIkt 
 any company formed by deed after the commencement of the Ad of 
 18G2 Is a company "duly constituted by law," and no eatilied (o 
 register in a' lordanco with this schemo; but the.se doubts were m ro 
 obitrr dicfd. and in (Icorijc S'cirnKni (f ^'n., siiimi. p. 9:!<), where tin. 
 companv had been form(>d and rep-i.stercd in this way, the Court of 
 Appeal recop:nizcd it as duly incorpnr.ited. 
 
 Powers in Wills for Conversion by Trustees of Businesses 
 into Companies. 
 
 Where persons are [losscs-cJ of eoiicorns, or sh:ircs in concerns, and lU'-ire 
 the l)usinesses carried on after their deaths it has now become usual for ll"iu 
 to malvc provision in tlieir wills for the conversion of the concerns into iiriiato 
 companies. Sometimes porsiuis wlio are solicited to act as trustees of an 
 intended will, or settlement, urtje the insertion of sucli a provision in the will 
 or settlement. In other eases the testit«)r or settlor is advised to convert, or 
 concur in converting, his business int.j a private company before his death, 
 but ho may prefer to le.ive jiower in his will for that purpose. 
 
 />)■.•«,<; fi'di — that ia, apart from such an authority— trustees or cxeiuturs 
 have no power to convert, or concur in convcrtinj. a concern into a enmpany. 
 See Morrison, (1901) 1 Ch. 7U1, supra, p. 9o0. But sometimes a conver-inn 
 may be supported as a compromise under sect. 37 of the t'ouveyanuinfr .\i t, 
 18ai (or under the Trustve Act, iHlIU). See W.-xt of Ku'j'aml Br„h- v. .1/ :(./.. 
 23 C. D. 13H, where a sale of a testator's share in a business, in consideration 
 of cash and of pharos and debentures in a company, was held valid, on tlic. 
 ground that the vendor, who was the cxerutrix, was enabled thereby to make 
 an arrangement with the testator's creditors, and, accordingly, that th- trans- 
 action amounted to a compromise within the meaning of sect. 30 of •1\ •y 2» 
 Vict. c. 145. The following form i.s a speeimeu of a power in a will for 
 enabling conversion. 
 
 I nutliorize my trustees or trustee at any time within twelve 
 calendar month.sl after my death, to oouvort my business into a coy. 
 limtd bv shares, uih. i ~uch terms and in such manner as my tnislco^ 
 or trustee, in their or liis un(ontrollL>d discretion, shall think tit; and 
 without limiting such fi(Mieral authority, I expressly declare that my 
 trustees or trustee — (a) may accept fully or parlially pd up oharoi cr 
 debentures, or any other interests in or securities of any such coy as 
 
FORMS. 
 
 looa 
 
 tlio eonsuii or part o 
 
 ■l of tlio TOii-ioii for tlio traiisfnr of tho sil liiisincss, Form 370. 
 
 (b) mil 
 
 sc'MIo tho torm-i ol any iiiL'iinluin nn 
 
 1 arts of a. 
 
 ■d of 
 
 illlcllH'll 
 
 t or otlii!r doLUiiieiit.-< for uso la i 
 
 eliilioii to Hiicli pouversion, 
 
 of JIK 
 beiii^ ai 
 
 \ .mgn or exunite lliu saiuu; (c) may act as <lirorl^)r.s or (lircctor 
 h ,:iiy, au.l ciiliL-r aluiio or iu uoiijuiictioii with others, wiihimt 
 
 ilo to them as siuh; 
 ills to bo (lirccldrs, 
 
 countable fur any roiuunoratiou p.iya 
 
 iiiocurt' 
 
 ipii 
 
 uintniout of any otlicr pui 
 
 ^.illior alono o 
 
 iiir~oivni 
 
 iir othfrwi>o; (o) may, for tlio i>urpo-o of socurin- or 
 
 tho linild liability of 
 
 ihi' luonilior.s aflor 
 
 stration, vest 
 
 illlV 
 
 of tho .shares iu tho sd coy, cuustilutinf;- jiart of my 
 
 stat(> 
 
 ih iior' 
 
 ons au( 
 
 fi: 
 
 1 upi 
 
 such trusts as 
 
 thov or ho think fi>; (f) 
 
 loud nionoy lurmi 
 •h terms I 
 
 lart of niv residi 
 
 larv cstato to anv su( 
 
 ■U cov 
 
 iiliou -sn 
 wiiiilin 
 
 IS thcv or ho may think til, ami m.iy concur 
 
 in 
 
 I,: up. roioii.struclinfr. and an 
 
 ;ilu:am; 
 
 anv .such rnv. or in 
 
 I he 
 anv 
 
 niodilication o 
 
 f anv of the ro2:ulatioii.s thoroof, and may exorcise 
 
 nowors \v 
 
 iiich by "the re-julations of such coy .sliall be vosfod in 
 ,„y tni.stees as inombor.s or diroLtors thereof, or otherwise, and gene- 
 rally may act in relation t..i any .such coy in Midi manner as they think 
 l',..-.' i.drnlaled to l.cuclit my estate; .\nd I declare that all shares. 
 drbcntincs, or oilier inteiesl.s in or .sei uri'ios of any such coy acpnred 
 |,y my irustoos or trustee .sh.all be deemed to be authorized as invcst- 
 
 iiunt.s bv clause hereof, and to have boon purchased by my 
 
 iiusH c- or trustee out of nioney.s aiUin;^- from a .-ale under <'lausc 
 lioicof; And I declare that for the purpo.so of this clause the expivs- 
 M,,u, "my busiues.s," .shall be deemed to iuchide the -oodwiU of the 
 
 ImMia-ss of a carrle 1 on by me at - . and the whole of my 
 
 pp y and riphta in connection with such business. 
 
 Application to Court where Will defective. 
 
 \Viie.v the trustees of tlie will have not the rc.,uiMte power tn convert the 
 te«tat.!r's Ini^ines. into a eompany, it may nevertheh-ss he po^sibh- to effeet a 
 ,.o,uersion liy obtainin- the sanction of the fhanrery Di^i^on, or of a ( lian.ery 
 I'ah.tlne Court, to the eonversion. Tliere uj.pea.-s t.i he no ,lonl,t thai the 
 Cluuicery Division ha.s jurisdiction to jrive the rciui^ite -an.tion in a lar-e 
 nu.aherof eases. As the eireumstan.es of each ease dilfer, it wouhl he usele.s.s 
 litre t.) attempt U) specify th- e.<c-, in which the jurisUUtion of the Coirrt may 
 bo invokiHl with a fair pro.p,.et of sueeo-<. Sutfiee it to say that the jnrH,hetirm 
 was repe;<te,llv exercised l.y Chitty, Stirling', ami Kekewieh. .I.f.. an<l hy Sir 
 (leor-e .lessel", M. R., and many other Chan.'rj jiid-es. North, .1., in 
 CruKshny 60 L. T. 357, considered that, in the eireumstan.es of that partleular 
 case, he had nut jurisdiction. 15ut the Court of .\i>pea! has now deridrd that 
 there is jurisdiction in a pn.per ea.se. See the sul.je.t further dis. us i and 
 th, in-trurtive judsiment of Uomer. li .T., Kitprn. p. 9.>1. 
 
 Where the sanction of the Court is required for the eonversion of a hu<in.-ss 
 int,. a company, a provisional asrreement should he made between Mie trustees 
 and some person as trustee or a(,'ent on behalf of the company for sale of the 
 subject to the sanction of the Court beini,' obtained. Form m .-'.i-ia- 
 
 l>e utilized with the foiiowiu',' apeeia! elau 
 Another mode is shown in Form 306, supra. 
 
 ..'.> in modiiication thcret>f. 
 
 m 
 
r t 
 
 1004 
 
 PRIVATE COMPANIKS. 
 
 [Chap. X. 
 
 Porm 371. 
 
 8p*'<'ial 
 
 cluuNcs, where 
 mnrtimi (if 
 Ciiiirt 
 re<luisito. 
 
 Practice by 
 originating 
 HUinmons. 
 
 The agrcomont will provide — 
 
 1. Il' tlii> auroi'iiit is not udupled by llic coy in mauuL'r af^d wiiliiii 
 .alcii.l;!) iiiunllis iit'liT llic siiiiir -^liall liavo boon sanrtinuciJ by 
 tho Cunil as hnt'ir i>ri>vi(lod, any of tlio parlios hto may, by notiw in 
 wriliny to tho otliciw or otlior of tlioni, delorniino tliis a^icenit. 
 
 :;. Tliis aLHConit is conditional nn tho sanio being sanclionod in tlir 
 ( hantory Division of tlio lliuli < m't of .fnstiro, and unloss an .iidoi 
 shall be uiado within — calondai inonths from tho ilato hoicdl 
 .-anctionin;; tiio sanio and authorizing; tlir Vi'ildora] to carry tho same 
 into olloii. liion this ay^roomt may at any time after tho expiration ol 
 such [loriod and boforo smh saurtion is obtained, i)0 dolorinined b,\ 
 noli' !■ in wrilini;- ^ivon liy any pan \ or jiarlios to tho other or oilier- 
 of thorn. 
 
 In the lllirli CiMiit the reiiuisite sanition in usually "litained liy ciriirinjiiiiL' 
 >iMMnien.H \incler It. S. ('., Ord. \A . r. 3. See i/i/yvr. 
 
 Form 372. 
 
 ,1 
 
 II 
 
 «.,i 
 
 i ! 
 
 In tlio I! mil Court of ,Iiislioo. 
 ( haicory Division. 
 Ml. .Justice — -. 
 
 In iho Matloi ol tho osiati- o| .\ I! 
 
 IVlweon .1.1' 
 
 and 
 .1. (i. ovidov) .... 
 \[. M. ta married woman i 
 A.. B.. and ('. . infants i . 
 
 i>od. 
 
 I'laintill. 
 
 nd Dofondaul.- 
 
 Let iMiiifs (iiiil luhlri'^scs uj dvicinhnih^, all of them i>er.-ons claini- 
 iiiji- to be lieneliiiilly intoiestcil under tlie will of tho abovc-naiiiod 
 A. '.,., witJiiu eiji-ht yhxyi, after service of lliis .summons ujion tlioin. 
 exclusive of tho <lay of sucli seivice. c au.se an aiip(>aranco lo bo I'nioied 
 for them to this smnmoii'^. whidi is issued upon ihe ai)|)lication ol 
 J. P.. of ]... in Ihe county of — , chemical manufacturer, who claims 
 under the will of the .sd A. B. to bo tlio legatee in trust of the share 
 of the .sd A. B.. in the business of chemical iiianiifaclMicrs cairiod 
 
 on under the stvle of at L. af.sd, for tho doleriiiinaiion of the 
 
 followinfr question.s or maltovs, namely: 
 
 1. Whether the plaintilV may concur with X. and V. in sellinir the 
 «d bu.siiiess upon the terms of a provisional agreemt. dated. Ac, tinil 
 made between, Ac, or with any uud what modilica>ion tliof 
 
 2. If a.ud NO far ;i.s may be necessary, that the trusts of tho willol 
 tho said \. H. may be administcre<l by tho (^t. 
 
 .'!. That tho cofit.s of tlii- ajiplicon mav bo provi<lod for. 
 
 Dated, Ac. 
 
 This tiummoiis wa-s taken out by, Ac. 
 
FORMS. ^*^"'* 
 
 Ttu- fullowin); i» an outline of u . .si- in wliicli thf Court sanctioned tin- *^U' 
 „r land l>y tiustfiM for aihirci in u company to !"• forniril, althouirli tli" tniM 
 ilcoil "avc no power to invi"«t in !>li;iri'<; 
 
 liv'thc trust (Ic'il tlw trustees were to holil a eertain l>uil(liiu,' estat.', tlnreliy 
 ,oiixived tn them, up..M the trusts <leehired hy an indenture of even dale, 
 „ameiy, to nianuce the same, and sell it f.u- eash or perpetual ehief rent, or 
 pirtiv iti e.,eh mmle. .Vfterwards a eonditiimal airreeinent win entered into hy 
 ,he trustees with a. person n„ l.ehalf .if the proposal e<.mpany fi>r the sale of 
 the land t.) the eompany for paid-up shares, with an option for the trustee.s 
 ,„ take shares <ir dehentures of the eompany, and liy the atrrei'iuent the trustees 
 «-on- to |.av 111 ■ .-St of reitisterinf; and thialini; Ih.' .■..inpany. The au-r.-em.'nt 
 vvxs conditional on the samli.in .)f th.- Court being ohiaine.l and on a certain 
 imiiiiauni aniouat of dehenlnr.-s I.einp suhs.-riU.'tl. The truste.'s then to..k out 
 ;.„ oriirinatini; sumim.ns under K. S. C . Ord. LV. r. 3, which was in the 
 i.ill.iwins form: 
 
 That the followino- ((Uo.stioii.s or inatterw ariwinj;- in the adiiiini-i- Form 373. 
 tioii of llio trusts of .such iudouture may Ih; duU'rmiiKMt luidor tho y„„„ „f 
 Rules <if the Sui)ivmo Court, Ord. LV. r. 3. and loliof giv.-n in 
 rt..speet thof witliout the a.lniiui.stratiou of the tru ^t^ of sucli in.len- 
 tM«'. that i.s to .say- - 
 
 I That a j.iovisional atiiwuioil. daU-Ml. cVc. and niadf Ix'twcoii 
 tho plaintilfe of tho one pt and A. M. of the otlier pl. for 
 llic .-ale of tlio k1 estiitf, iiiii_\ he ai>|)voved, aii.l tlial ihc 
 lihiiinilLs may lie at lilicity lo cany tlie siime into olieel. 
 :; 'I'lial in tlie event of tlie iiroposod sale not \mivj; carrie.l to com- 
 pletion, the plaiiitills may lie at liberty to raise and pay 
 out of their trust estate so miiih of such costs and expenses 
 
 under claase of the sd agreomt referred to as .shall liavc 
 
 heen pd or incurred by them. 
 .! That the costs of tlii- ap|ilicon nuiy be provi.le.l for. 
 
 .iri>rinatinK 
 summont* to 
 obtain saii.-- 
 ti.m of Court 
 ti) conversion. 
 
 Dated, -^ic. 
 
 Tliis >uiiimons wa.s taken out by, i^ 
 
 That direclioas luiiy be given with rewpeet. to the whole disposal or 
 winding up of the bu.sine.ss of hat manufactui'er.s carried on uiuler the 
 firm of^J. K. & Co., with the freehold and leu-sehold hereds used in 
 tunnection therewith, and the trailo marks used ihereiu, formiiio- 
 p( of the residuary estate of the above-named testator K., and in 
 ],.iiticular that the" plt.s may be at liberty, if so advised, to bring 
 proposals into chambers for the convei>ion of tlie sd business into 
 a coy linud by shares, and tluit in tli.- meantime tlie pits may U' 
 auUiorized to carry on tho sd business, or permil the sumo lo be 
 carried on, and that tho sd S., or some other proiier person, may bo 
 ai.point^.d receiver and manager of tho sd business and premises, 
 that ail neees.sarv and proper direetions may be uiven in that behalf, 
 and if and so far an may be necessary for the purposes afsd that Uio 
 
 Form 374. 
 
 Another. 
 
 
1006 
 
 PRIVATE COMPANIES. 
 
 rciTAP. X. 
 
 i 
 1 
 
 ■i'\ 
 
 pi 
 
 i; 
 
 li 
 
 .6 ; 
 
 Form 374. trusts romaininfr unperformed on the will of the sd K. may bo car- 
 -- rk'd into oxorution, and tliat all ncco:«sary and proper accounts may 
 bo taken, impiirios made, and directions sivoii, and that, if new*.suy, 
 pursuant to Ord. LV. r. IJ, .sucli other persons, if any. may be direticl 
 to bo served with this sumiiion.s as the jud<,'0 may tliink lit, and liial 
 t.uch further or other order may be made in the premises a.s (o tin' 
 judge shall seem meet. 
 
 Dated, &c. 
 
 This summons wa.s taki'u out by . of 
 
 named pits. 
 
 The dcftij may appear, itc. 
 
 jVo<e.— If the deft.s, .U. 
 
 . solor for tlio above- 
 
 Form n74a. 
 
 Another. 
 SQmmoiiii. 
 
 Let the dtts - , , - , and - , all of -, in tiio county 
 
 of , infants, within ei-iit davs after service of this -unmioiis on 
 
 thoin, inclusive of tlio day of such service, caiHO an appearance to In- 
 entered for them to this .summtms, which is issued upon the applicon 
 
 of . (jf , of , and of , who aiv oxor.s of llio 
 
 will of the abovo-naine<l W., for the determination of the Inljouin,- 
 questions, namely: wholher, under the tornw of the testator's will, 
 the plaintili.s are empowered to form the businos.s of W. & Co. 
 tlierein mentd into a joint stock coy, and become diret'tors thof, ami 
 to exorcise their votin<j; power in favour of fjivinu; to eacii of the i)lis 
 as a director of the coy such remuneration, not oxot^edinf? 1-'>)I. per 
 annnm, as they may from time to time think fit, and to retain ilio 
 same for their own uae, and that the costs of this applicon may bo 
 provided for. 
 
 Dated, &c. 
 
 Form 375 •'' > °^ ' "^^^^ "^"' '^"'^ **'^y '^ follows: — 
 
 L J i5y an indenture of .scttlomenl dated of -, and made 
 
 .^,n™?rV! f" between, ic, shares of £ each in the X. Manufaoturi,,- Coy, 
 
 application to I.initd, numbered, &c., and certain olhor shares and delionturcs wliuli 
 sanrtion u re- j^^^ ^^^^^ ^.^^.^^j j^, ^^^^ ^^ ,j„,i _ ^.^fg gottlcd On trust cither 
 
 to permit the whulo or any of the .sd shares to remain in thoir actual 
 state of investment or at any time or times at the discretion of the 
 trustees or trustee for the time being to sell the same or any of them, 
 and to invest tlio moneys produced thereby in or upon any of tlio 
 public stocks or funds or Government securities of the Uni'od Kinp:- 
 dom or India, or any colony or dependency of the United Kin;.nlorn, 
 or stock of the Bank of F.ngland, or upon the debentures or debenture 
 stock or guarantee or preference sto,-k or mortgages of any coy in the 
 United Kingdom paying dividends on its ordinary shares or stock at 
 
FORMS. 
 
 1007 
 
 Iho timo of tho invostmcnt, or upon frpohold or IpaspliolJ or ropyhnld Form 375. 
 pri •riv in Knirlunil, witJi power to vary invcsuni'iits at diMruliou, 
 m„. .,|,uii (rust to p:iy tho in.oinn, iti\, luiil iilU-r tlio iloatli of. .v:o., 
 (liori lo sliiiid possox'od in trust for ull tlu> liiililron. >kc. 
 
 1', Tho »J , settlor, died on tho of , at . 
 
 :;. The .soltlor's daughter ahovo naiuo 1 lia-* hcon omo niarriod, 
 
 iiiiiui'lv. to , and thoy have is.suo of tiio sd uiarriajjo childrt'n 
 
 an.l no more, namely, and , both of whom aro xiii juri.t. and 
 
 aiv ih'i'eiidints in this action. 
 
 t. Tiie .Mitllor's daughter above named has been onto married, 
 
 n.iiiK !v, to — on iho - ■ of — — , and there liavo been is»no of the 
 
 s,i iiuirriiige children, and no more, namely, tho iibove-named dft 
 
 . who is »(«J juris, and and — -, whu are resply infants and 
 
 (\i\- ill this a't'-.'i, and , who i^ siii jiiQS! and now in South Africa 
 
 f„i; (,i ilio ■ . of this|h onourald ojCourt, &c. 
 
 ,-,. Oca' ' ■ ixtcc, leaving deponent sole truntcr.] 
 
 II. Thcvo lo s. I tiding in my naino as hucIi trustee af.sd, and 
 
 iu !ho nan.' ot my deed co-tru.st€0, tiio sd shares in tho 
 
 Muuil'acluring Coy, I.imtd.and tho sum of £ in ca>h in my namo 
 
 1, 1 rc.-ciiting some debentures of liio said coy wliiih wore allottoil in 
 l;)_ by way of bonus, and whi( h wore p<l olV in tlie month of . 
 
 7. I have made inquiries in various directions, and in the result 1 
 
 verily boUevo tho capital value of tlio sd shares in the Coy, 
 
 l.iin'd, taken at the present market price, is tho sum of £ each. 
 
 The ilividoiids and bonuses received in respect of such shares for tho 
 liis! live years hive boon resply as follows: 
 
 8. Slatcmcnta as to incorporation of the coy, an to tho character 
 of the prnperlij owned by it, and as to its general position: circular 
 with a view to reconstruction.] 
 
 "J. Tiie statements in the sd circular, a copy of which is now pro- 
 
 (liiiod to me marked , arc correct, and, as regards tho statement 
 
 therein that roi ons'ructiim is, in tho interests of all coacorucd, a 
 ncie.ssity. tho following facts support that view, &e. 
 
 10. Tho said circular contained a scheme for tho reconstruction of 
 
 (he s;ii(l ( oy. a copy of wliich is now produced to me marked ', and 
 
 al-o a copy of a provisional agrcemen!, a copy of which is now pro- 
 
 diKcd to me marked , and tho draft of a confirmatory agreemt, 
 
 a lopy of which is now produced to me marked — -, by means 
 wh('reof it is proposed that the said e.-iis;ing coy shall bo wound up 
 
 voluntarily and di.ssolvcd and a new coy under the namo of Tho 
 
 Miimifacturing Coy, Linitt shall be incorporated under tho Com- 
 
 jianies (;Cousolidation) Act, 1908, with a capital of £ , divided 
 
 into, ic. 
 
 11. Tho shares in the o.\isting coy aro proposed to be exchanged in 
 accordance with the sd scheme for fully pd-up preference shares and 
 
 H' 
 
ml 
 
 1008 
 
 PKIVATE COMI'ANIM. 
 
 • IIAI'. X. 
 
 IIhIw 
 
 
 \ 
 
 Fonn375. ordinurv »hiir«'« uiid dol)fnluifs of tlio now toy on tho fooiiny; tl.al 
 
 ,.,1,1, «li;iiL<liul<lci' shall 1m' utilld ill 0X( Itunjfe tor each of hi» oxisiiu^' 
 
 i. .sliarc-i to, iic. 
 
 IJ. It is |iioi.o.-tKl lluii till' »d pivlVrciue hIkiics shull tuiTv, itc. 
 
 t;t. Tho <l»"l)<'iiniri's utWl arc to lie part of -uric.-', &r., and ^m' to 
 lio M'iur«Hl. \c. 
 
 11 1 am dcsiiiiii- of olitaiiiiii^r lli<' >aiiitiiiii of the I ' to ,h\ ..,i,- 
 1 lining' in 'li<' inoiiosod .schctiic of ir-i on>trii( lion. a.-*, to the ho-l ni' mv 
 knoHh-d'.'c. |Mf'.iiii(itioiiaiidjiid;.niicut,tl..'«l. -scheme i-< advaiit.iyv.,11,- 
 to the shaich' M<'rs. ami t sulmiit to the diioiiioii" of tin (I as to 
 li'taiiiiim' [ir 'iiaiiiMillv or otherwise the proforcm-e and nidliinv 
 shaves ami .lcl)oii!iir<>< of tin new co.v. or aiiv of them, to he isMi.d 
 ill exchaiiy< fur the (<liarcs in tho exi-tiiiu' mv, a.s a mist inveslpiinil. 
 
 I.-,. I am advi.soil and verilv hclievo that, althou-h there is a marli.i 
 fi>i thi- .share- of the e\i-iiiiy: co_\ . 11. woiiM hu disastrous to atleni|ii lo 
 rcali.so anv laryc pioporlion of tin- .shares or delienfiires of die luw 
 lov when i.ssiied hv [daring' them ou the market at once, and acKinl- 
 in^'lv I desire 10 ohtaiii leave to rotJiin such shares and delienlarcs 
 when obtained subjecl lo tho direction of tho Cl as to lealisiilioii afcr 
 a periotl of po!<tponcmcnt or otherwiso a> may Ite deemed c\|iciliciil 
 
 K;. I depo.se to tho al)Ove fuct^i of my own kiiowlo Ip^o except xvliciv 
 otherwise expressed; and a.s to the facts deposed to. which are n«i 
 within my own knowlivl^'O. I believe the same U> bo true, and that 
 Udief is oroiindeil on inforinatioM obtained from memlu'ts of tho 
 faiuilv and from tlio nianaurers of tho sd busines,s. 
 
 Form 376. 
 
 Another 
 utiiiltvit ia 
 sui>]»"rt of ii 
 gchimc lit' 
 coQvcrsiou. 
 
 Wo, . of - — , of — — , uud of , .sc\orally make 
 
 oath aud say as follows: — 
 
 I. The pit A. is the .surviving tree and uxor appointed by the will 
 of, Ac, and the plt.s li. and ('. are, with tlio sd A., the luosent trees 
 of tho .s<l will, the sd B. and C. having been a])i)ointed such trees by 
 ail indonlure dated, ifcc. 
 
 1>. Tho .sd testator was at the time of hi.s death (wlii. h look pkirc 
 on, &c.), in conjunction with hi.s then partners. L.. M.. and X., 
 
 carrvinjr on the business of manufacluiers under tho style. .Vr.. 
 
 whiL-h business under the same .stylo was, with various j)arl tiers, 
 pursuant to tho power in that behalf in the .sd tostator's will 'on- 
 tained, carried on by the te.stator's widow, and on tho death of the sd 
 M.. on, etc.. tho then existing partnership came to an end. 
 
 :!. Before and at tho time of tho testator's death and over since tla> 
 whole of tho capital, including, &c , belonged to and formed part of 
 tho .sd te.stator's estate. 
 
 4. The capital, including the value of the plant and machinery, 
 stood at tho testator's death, and has always since stood and still 
 stands, in the firm's books at the sum of £ . 
 
 5. The goodwill of the business has never been valued, nor is it m 
 
FORMS. 
 
 1009 
 
 our opinion advisable in tho interesto of the biwinosM to call in an Form 376. 
 
 export MiliitT, who inua* ue<«H«arily bo somo person in tlio buHincst of 
 anil w»'Il known and ex|)«rioni'e(l an a manufacturor. 
 
 ti, Tlio freehold property, &c.. whirh has boon valued by , a 
 
 duiv i|Uiilitied valuer, in of tho value of £ . 
 
 7. Tho Icaaehold property at rack-rontw of no value.] 
 
 f. t'o|iic8 of pawt bulanco-sheots of firm exhibito<l. 
 
 ;t Wf uie advised and believe that neither tho sd A., uh Much 
 siiiMvintr exor, nor ho and the sd B. and O., as such prewont trciw of 
 the "ill ot' tho sd testator, has or liavo any power under tho sd 
 tcsiatoi s will t(> carry on tho «d partnenthip busimwf 
 
 1(1. A dissolution and winding-up of tho partnership aasots and 
 liii.-iiic.--' is a niattor of g'vat moment to all parties iuiorostod in tho 
 tt>.>liilui's estiite. and, alter duo consideration, wo have come to the 
 lOiiilii-i'iii that the niaf;nitudo and special character of tho business 
 jin rlii(lc> all prospect of a sale to individuals, and that as none of tho 
 iK'i.Miiis beuelicially interested in tiie loslat.or's estate are able to lake 
 It iiM'i, the only available moilo of realisation Is to form a joint stock 
 cov lor the purpose of purchasinjjr and taking over the business. Tho 
 question of the time when this may be done has al.so had our serious 
 attoiilion, and it ha.s been doomed proper, wdth the sanction of tho 
 Colin, to effect the conversion at once. Wo have accordinfi;ly pre- 
 paioil proposals, and the drafts of an asjioemt and momdum and arta 
 of asxji. for the .'^alo to a coy to bo fo' '-l for tlio purpo.se of acipiir- 
 iiiu tiio parlnership business and assets as from tlio 1st January l.i-tt, 
 iin iiiiling- any balance accrued since that dato which may bo in tho 
 liuuils of the receiver and manaf;er appointed in this .action by order 
 
 dated . but subject to the debts and liabilities of tho sd business, 
 
 for 73,000/., to be wholly satisfied by the allotment to us or our 
 uoiiiiiK'Os of fully pd-up shares in the roy, subject to the ajiproval of 
 tli<' (1. Tiio sd propo.suls and drafta of tho sd provisional a^jrcemt 
 ami uieiiidum and arts of asson arc now produced to lis marked 
 rc.-ply, &c. The draft of the agrecmt, also prepared by us, wliinh it 
 is proposed the coy i^whcn incorporated) should entor into with tho 
 .sd — , is now produced and shown to us marked F. and tho sd pro- 
 po.-als and drafts in our opinion aro fair, ro:isonablo and proper in 
 all lespoct.-, and have been settled after much conson and consulta- 
 tion, not only between us, but between us and tho beneficiaries of 
 tho estate. 
 
 11. The estate of the testator to be diviniblo into 30 part*, and dis- 
 irihiitablo as follows: ^ to tho dfts , as e.xors of tho 
 
 ?er, deed, 4;c. 
 
 3 T 
 
lOlO 
 
 PRIVATE C MPANIE*. 
 
 [Chap. X. 
 
 I i 
 
 
 
 
 i 
 
 -■> 
 
 1 
 
 
 i 
 
 ■ i 
 
 
 ?«rm 878. ^statement* lU to the v<iriou* titles of the beneficiaries] 
 
 Vi. All tlio tlfl» having limitod iutfrunt so far us thoy ptwiiitjly <aii, 
 and wo as sui ii oxors of iho m\ .V. as at^J, upprovo of iJio s.l piu- 
 po-HuU, draft u(froomf, and muiudiim and aiW of a.s.,on. and dusiro that 
 tlio same miv l>o appiovod and cariiod into oUoot. In our jud«imMit 
 (ho tornis of Ihi- »d pr.iposod ugiouiut aro for tho bonclit of all \^^.v\w^ 
 intoro.stod. and wo aro of opinion that it is lit and proper that tin-, ba 
 nanctionod and approvo<l by this honoiirablo Cl. and wo ilo not >pi' any 
 Other way, or how thu »d busiuosi lan bo realised or sold or dispo.cl 
 of on moro favourable tornw. 
 
 Form 377. 
 
 Urdtf. 
 
 Upon applinon by originatinsj; wuinnions, dated, tic, of A. B , of, 
 itc, and upon hearin>,' ':oun.'5cl for pits and dfls, and upon reading' an 
 afft'of L., filed, &c., and tho oxhibiU Iboroin referred to, it is ordond 
 that tho pits bo at liberty to carry on tho business of .J. K. k Co. 
 until the .list of January, 18'J7, subjout to tho appointment of recoivrr 
 and manager hnftr montd, and tho judge having ai)provod of X. as a 
 at an! proi)or person to bo appointed roLoivor and manager as hiu'tr 
 mcntd, an'' tlio sd N. having givou Mocurity as such roLoivor and 
 manager by entering into his 'ocognizance on tho 8th of .\u;,'iist, 
 189G, and by entering into a i^o.id of even dato, together with tlin 
 
 Guarantee Afison, Limtd, os his sureties, which sd recognizan ■ 
 
 and bond having been approved by tho judge and duly enrolled, Mio 
 judge doth hby appoint the sd N., as and from tho 27th of .lanii iry, 
 ]\'M, to collect, got in, and receive tlie debts now duo and outstandiiifr, 
 
 and o'hor assets, ppty and effoct« bolon-ing to the business of 
 
 manufacturers, carried on under tlio stylo of J. K. & Co., and also t'l 
 receive the rents and profits of tho freehold and leasehold hercds used 
 in connection therewith forming part of the residuary estate of tho 
 testator, J. K., 'loed, and out of tho first moneys to be received to pay 
 the debts due from the sd business, and to manage the saino. but tho 
 sd N. is not to act as such manager beyond the 31st of January, 18t)7, 
 without the further leave of the judge, and it is ordered that the 
 remuneration of the sd N. as such receiver and manager be one-fourth 
 of tho profits of the sd business; and it is ordered that tho sd N. do, 
 on tho 10th of August, 1897, and the same do in each succeeding year, 
 leave in tho chambers of the judge his accounts as such receiver and 
 manager, and do, within fourteen days after tho allowance of each 
 such account, pay the balance that shall be certified to be duo from 
 him as the judge shall direct, and it is ordered that tho roU of tho 
 sdapplicop ■ Jindover. (Chitty, J., Be J. if- <« Co., Hh August, 
 
 1896.) 
 
FORMA. 
 
 Tlio (irupoaa) taken into ('hiiiiil<i'r-< wa* houtlud i' i.hii uciion: — 
 
 ton 
 
 Form 378. 
 
 K, .vco. i„toa|::ir-l 
 
 I'lOIMlWlN for IOMV('l>.il)l| of lllll llU.ili. .. of 
 
 ■jrivalo roy to lio inrorporutvU umlcr tho Cim .\.ii», lliti'2 to lHi);l. ' ilminlirra for 
 
 roiivcmiDii of 
 l-'oi «uiii«> H'urs piinr 'o tho dciith of Mrs. K' . fli(> «iili)\v of llio hu»iu«»» 
 
 alxivf toslalor, tho Itusiiiotts of — maiiiil'ii' tii '•rn cMnifil on Ky 
 
 ,1 K it' Co. «ii« <'urrit>il on by her in jiiiritn'r^liii' wiili llif pile K. 
 
 arul S. iiiidur the tfirnu* of certain articlon of partnership. dat/>d, Ac. 
 
 I'ul on MrM. Iv.H douth, on tho — of — , flu purtncr-'hip wtus 
 (ji'ii'i iiiiiK''! The pit K. and ono S. wrrn inl(>n<>tfd o'l ly in prolit« 
 ol ihi' hii«ino-<« — the whoh' of the capital oinployci! ilioiein 'ifli'niiiiijj; 
 to ilic l<\-i|ator'.s estate. The capital employed in the Ixisines.s a! thu 
 (l.itc of .Mr.H. K.'h death uiim I' The reluni.-< of the Imi-' '-^ fioni 
 
 the ycai 1H!)1 to the J.'illi of .lanuary, 18!t7, wore a.s follow... - I'ut 
 uliove statement in colnninH headed: — year, MaloH, f»ro.s.s profits, net 
 protilf.J 
 
 The troo.H have carefully con.sidorod tho host coiiiwp of disposiupr • f 
 the hiwinoss in pursuance of tho trinl.t of tho tcMt i. will: ua: 
 al:lioii);h tho hu-sine.ss ha.H l>oen and continue-i to he i.l!ahle, ytt 
 lo.liiiin' to the frradual diniinu.. i in the annu;il ic'iirns at the end ot 
 \>iW. they have (orne to the conclusion that it wnuld lio inipo^tjlilo to 
 fiiiil a purchaser at an adecpiute price, and that to altcinpl to ellec: a 
 ball' to a pubiiu joint .stock uoy would result in failuro and occasion 
 coii.-5iderablo dunia^ to tho businc.s.s. 
 
 Tho troe.i therefore .submit the fnllowinp proposal for conversion of 
 tho business into a private joint stock coy: 
 
 la^ The coy to be I'oriueJ to acquire the goodwill and a.s.soi.s of tho 
 business, tojroiher with, &c., subject to the debts and liabili- 
 ties thof a.s from tho 2.»th .January, 1897, with a nonii il 
 capital of lOO.OOOi., divided into 10,000 shares of lOZ. each. 
 
 fb) Tho purcha.se price to be 73,500i. to bo wholly satisflod by tho 
 allotment to the trees or their nominees of fully pd-up shares 
 in the coy. The whole share capital will then bo hold by tho 
 trees, with the e.xce|)tion of tho shares to which the tro 's of 
 the will of the sd K. tho younger will bo entid a.s pt of 
 the invostiuonts of tho trust funds subject to the testator's 
 will. 
 
 (c) The board of the propo.sed coy to con.sist of three directors, 
 namely, &c., the latter being appoinled manager for a te'm 
 of seven years from the 2Gth January, 1897, and the i .- 
 
 muneration of Messrs. to be such sum as may be fi.xod 
 
 by the judge in chambers, and that of S. to he the .iiim of 
 1,000Z. p. a. with a commission of 10 p.c. upon the profits. 
 3 T 2 
 
101-.' 
 Form 378. 
 
 PRIVATE rOMPANIKS. 
 
 [Chap. \. 
 
 Form 379. 
 
 Order on 
 
 above 
 
 ori (filiating 
 
 summons. 
 
 Form 37 i 
 
 (d) That ouch of the dircptor.s other than the first directors slv.uM 
 hold a.s his qualifi-alinn so many shares. 
 
 (e* Tliat the luts sliall provide tliat the directors shall lio ontlil |., 
 ielu.se rej;i.-iiaiioii .if sliaies to any jier-sou tliey do i,.t 
 upprovo as transferee wilhiml bein^' lalleil upon lu as>imi 
 any rea.soii for such refusal. 
 
 Tl.o dinfl a(,neeint for sale and the iiKMuduin and ai-t.s of as.son of 
 tho proposed ooy to be .settled by the ju.lge in .iiaiiibors. 
 
 There was aBi<^u^it vv\>U-nrv in .support, uml uii order was luade l.y Hie l.:in,.d 
 judge sanetionin}.' tlie eoiiversioii. 
 
 Upon the applicou by originating summons, dated, ic. and u]u.n 
 hearing couu.sel f<ir the appUcants and for tho <lft.s, and upon rea.lii,-. 
 &c., itl.s ordered that tlie conditional agreemt dated, i\:l-.. and iii.hIi! 
 between, ic, for tho sale to tho coy of the hereditaments and prenii.M., 
 
 tlierein described at the .sum of t' . be varied in the ji.ain,. i 
 
 following, viz.: — 
 
 ^1) That the option given to the vendor.s by clause l' h< i:ik'' ., 
 further part, not e.Kceediug £—, of the purdixM -m.-nrv n, 
 .,haios or delieiuure= of the coy, be conlined to fully iiaid-ui, 
 shares or debentures, and that such option be not e.veni.cd 
 without the leave of the ( ourt; and 
 
 (L*^ That the sum of £ 
 nientd in clause - 
 
 - be substituted fnr the ^uui ><i 
 
 And the judge doth approve of tho sd agreemt as so varied. ,...1 
 doth order that tho pit.s he at liberty to carry tho same into ellcct; -.r.A 
 it is ordered that it bo referred to the ta.xing ma.ster to tax, as between 
 solor and cliont, tho costs of tho pll.s and dft.s of thi.s apphc.n, a,i,l 
 incidental thorelo, including therein tho co.st.s of the sd ,illls hnbeloic 
 road- and it is ordered that the pits, as trees of tho above-iuenl-l m- 
 .lenture, dated - , 188(i, do pay and satisfy smh costs, when taxel 
 out of tJie estate of th(- sd testators, and any parties are to be at libon- 
 to apply a.s to exercising the before-mentd option, or ,.ilieiw.-c ,r 
 they mii> be advised. Stirling, J.. Lord v. S,:ld„». 4th An-u<l. Is'.m. 
 
 Kek.wieh, J . in sanetuimn? a oonver^ioT, where infant, were i«ter.-t.'.l 
 required provision t.) bo made which should prevent the infanta v/...^- fo.t'in. 
 bcinjf embarked in ono company. 
 
FORMS. 
 
 1<>13 
 
 liKm tlie poton of tlie pit ou the day of - proforred unto Form 380. 
 
 this Ct, which, upon hoarinp; oouiisol for tho pit and for Iho <lft« on (,,.,j,,ro„ 
 
 (lio — day of , was adjourned for further (wnfiiliMation in pitition for 
 
 (hniiilers, and upon iioarini^ ooim-'ol for the pit and for tho dft« in o("^,'"""q.'°" 
 cliiiMil'ci.-. and upon reading llie s<l pelou, the pruliale <>i tlie will of vornion. 
 tli,> alxive-nanied tesUitor. A. li.. deed, ^;vanted hy the District 
 
 BeL'i-try. on the - - day of , to , an alVt of, .\li-.. i^e., all 
 
 filcii llie day of - . and liie exhihit« therein resply referred to, 
 
 ana an aftt of the dft. \ , tiled tho - day of : 
 
 \u.l tills CI being of 0|)inion that th<' '-ims of foniprdinirfe in the 
 [„.t(in nientd aio for tho benefit of those parties who are not nui juris. 
 (idlh oitler that the dftn, X., V., and Z.. the treoH of tlie testator's 
 will, he at liberty to accept and retain, in lieu of the several legacios 
 intended for their several cestuis que Iriiafrnt. debenture- and sli.ires 
 111 ilie coy in the peton referred to when formed, and to join in 
 iiiakini:- over the real and personal estat« of the sd testator (other 
 ihan liie landed ppty at, &i'., and tho shares in locjd cos, and the 
 
 liht owing bv the dft 'A., f<triiiing part of such estate) to such coy 
 -rh.Mi formed in accor'lincc with the schedule in the peton mentd, 
 ■mil all parties interred ,aro to be at lilwrty to apply in chambors 
 
 ,-iili i-espect thereto as they shall be advised. /'. >'/r Titux Salf, 
 Hurt., ilcceaned. Salt v. Wripht. Jessel, M. H., liTth .July, 1«81. 
 
 Hi 
 
 I poll tlio applicon by originating aumnious, dated , of the pits, Form 380a. 
 
 uiid upon liearing counsel, &c., it is ordered that it be referred, &c., ^^~^^^^^ 
 lax costs as between solor and client, and that such costs be pd as ..rder. 
 prfivided for in the agroemt hnftr mentd: \nd the judge being of 
 .pinion that it will be for the benefit of the infant dfis that under a 
 lirnper schemo the testator's business in the suiumiuis nienttl shall be 
 . oiiverled into a linitd coy, of which the ])lts shall act as ilirectors, nnd 
 ili.il tl ■■ pll.s -iiall be allowed to vot«' and retain for their own benefit 
 ,a [iioper remuneration as such directors, and that the scheme jiro- 
 jn-nl ill tiie m1 allt of tho pits filed, \,'., mid in the dnil'' ini'iii<inm 
 fiii.l arts of the proposed coy and draft agroonit for sale when signed 
 h\ the Mafiter is a proper schemo, Doth order that the nominal (sijiital 
 of the proposed coy bo 10,0o()?. iiLstoad of :,{).000l.. and that tho sd 
 dial I luomdum and arts of a-s.-ou b(! altered accordingly, and with this 
 iihcnition the judge doth hby sanction the formation of ihe sd pro- 
 |n-c(l CUV with the sd draft iiiouidum and arts of asson, the sd draft 
 !iL'iv(iiii, and doth order that the pits be at liberty lo ca>ry the same 
 iiiio otToct; and it is oixlercd that, until Ihe testators estate shall 
 have become distributable under the provisions of his sd will, the 
 yi: or other the trees or true for thu tliiic bviug of lua =d "\\ill and 
 (oilicils are not without the sanction of tho Ct, to be obtained by them 
 ur him as such trees or tree, to make, or consent lo the making of, any 
 
 -fft 
 
 j-ifeL-atei^BBitea— -ii.^:»g . 
 
m 
 
 r 
 
 f 1 
 
 
 lOJl 
 
 PKIVATK COMPANIKH. 
 
 [Chap, X. 
 
 Form 380a. alteration of auy of tho sd art^ of usson of tlie sd proposed coy ur auv 
 iiicit'u.su in tho ciipi.al of the sd proposed coy, or any appointment of 
 uianauin^' tliieetor.i tliof, and liberty to ai)ply. Wanier v. Marrl.njr, 
 Swinfen Eady J., 8th Dec, 1902. 
 
 Later uii it was found that the order did not auiliciDntly provide for piittini.- 
 in an extra ti.OOO/. rotiuired for tin- olfci-tiial working of tho business, and j 
 further suinniuiis w.n taken out acfordlngly, and a further order wa Kiuicd. 
 I9th .May. l!K)a. mollifying' the ■•rhi -.ne «■< follows, that is to say:- - 
 
 1. The pltH, all trees of the will of the sd W., are to bcatlibeiiy 
 before tho prouiolion of tlie proposed coy to set a'*ido out of his 
 residuary estate the sum of G,t)00/., or iuvostmont.s of the value of 
 6,000/., and to place the same to a .se|)arate account in the names cif 
 the trees for the time being of the will of the .sd \V. lor tlie purpos,) 
 of moeting tho expenditure recommended by the report of 1... beiu;r 
 the e.Khibii - to tho allt of the sd filed, &c. 
 
 2. The fund projioscd a.s afsd is to be included in the sale to tlie 
 propo.-jod coy, and the draft .sale aprrecmt is to be modilied acroid- 
 ing-lv: but tho sale is to be sul)jcct to a provision to the ellect tliat 
 the fund i.s to Iw retained by tlio trees of the sd will, nnd is to ],.• 
 pd over to the now coy by instalments n.s an<l when required from 
 time to time for the ])urposes of the e.vpeiiditure af.sd. 
 
 ;i . The sd draft aj.'reemt is tu eonuiin a covenant by the coy to carrv 
 out tho recoiumondatious contained in tiie sd report. 
 
 4. The purchase consideration to be specilied in tho draft ajjreeint 
 for sale is to be in(rea.scd accordingly by tho sum of G.OOOJ., and tlie 
 sd agivemt for sale ii to provide that this sum of C.OOOJ., shall be 
 eatisiied liy tho issue to the pits as such trees of 6,000/. first mortgapo 
 debentures of the coy, and that such debentures are to bo .socurod \n 
 a .specific first mortgage to trtHJs of all tho lauds, buildings and (Ixr I 
 machinery of tho coy, and by a floating charge in their favour on iiM 
 the other ppty and undertaking of the coy. 
 
 j. The sd agreemt is also to provide that the sd debeutuies shall be 
 issued fi-om time to time to trees of the sd will in e.\chauy:e for 
 similar amount* of the sd fund as and when ])d over for e.\ponditui<' 
 an af.sd. 
 
 6. A corresponding modification shall he made in the sd drafi 
 memdum and arts of asson. 
 
 And it is ordered that the sd scheme as so modified be uanctioned 
 and it -i ordered that all documents requiring modification and all 
 new documents re(juired for effecting the .same be settled by Mr 
 F. B. P., barrister-at-law; and it is ordered that it be referred i) 
 
FORMS. 
 
 1016 
 
 ^inTIlllU>Il^ 
 
 HUiicliuiiin^ 
 
 convernion. 
 
 the taxing master to tax the costs of all parties of and incident to Form 380a 
 this ai.piieon as botwoeu solor and client, and (hat sueli co^ts ho |>d aa 
 proviJod by iho draft agreenit hnbel'ore mould. Liberty to apply. 
 
 I pon the applicon of the pit, H. A., of, &c., who elaim.s to bo the Foria^^ 
 lo'atco in trust of the share of tho abovo-nienld testator, A. B., in Anoth.r imler 
 Iho business of, &c., carried on under tho stylo of, &c., at, &c., and ':',',;;:.',:,;;':"'"« 
 iinon hearing,' counsel for iho appliciuit and for the dfts, and upon 
 R'uJiii^', >te., &c. 
 
 And the judge being of opinion that it is for tiie benefit of tho 
 iiifaiii dfts that the sd business should be sold to a coy as hnftr 
 [iruviJtxI: 
 
 It is ordered that the pit be at liberty to execute the draft deed of 
 
 di.s.-^ulution, being the o.-chibit to tho allt of, &c., filed on, Ac, and 
 
 to a-ssist in the promotion of a coy to bo formed to take over Iho .sd 
 liLsiiiess, with a memdum and arts of a^son in tlio form of the exhibit 
 
 to such afft, and subject to the whole of tho preforonco shares 
 
 lioiiip- subscribed for at par, or nllottol to creditors of tho e.visting 
 tinn'^at par, in discharge of their dobt.^ to join in soiling tho sd 
 l,u.>iiioss to such coy when formed, on tlie terms of (ho draft contracts, 
 
 hciiig the oxhibit.s and to sucli allt, and to carry out such 
 
 tuulnict.s and give effect to such sale, and to rcUiin any sliarcs in (lie 
 gj proposed coy to bo allotto<l to him as tho tree of (ho will of the sd 
 A. H. for a period of two years, or until further order. 
 
 And it is ordered, that tho cost^ of the pit and dft.s of (his action 
 be taxed by tho taxing master as between solor and client. 
 
 And i( is ordered, that tho pit bo at liberty to pay and relain such 
 costs wiien taxed out of tho estate of the .sd A. B., except so far as 
 the same may bo pd by tho sd proposed coy. 
 
 And any of the parties arc to be at liberty to apply as (hey may 
 he advised. lionce v. liullard, iSiirling, .1., 2,)(h March, IS'J:-, Reg. 
 Lib. A. 1305. 
 
 
 f'H 
 
 II 
 
 n 
 
 I 
 
 1 
 1 
 
 1 
 
 
 
 
 si.' 
 
 %^ 
 
 1 
 
 .1 
 
 
#l!' 
 
 ~.tr 
 
 A 
 
 
 V, 
 
 '••'i 
 
 ii 
 
 ' \\l 
 
 m 
 
 :*t i" 
 
1017 
 
 EMPLOYES' BENEFITS. 
 
 ClIAPTEK XI. 
 
 INTK01>i:CT( »KY NOTK.S. 
 
 Where ouiiipdiiieB cuiploy iiiucli labour, il is ot'teu found oxpodieut ?l^j_^J^^^ ^^^^ 
 10 [irdviJc for the emploves fcrUiiu l)oii<,>lit,s ami advaiiuis-cs Ijoyoud J" "n*']"^' • J", 
 ihoir onliuary wages, so tliat by boiiif? intcic>tcd iu the fortunes of 
 tlic cuiiipauy tliey may have special iudmemcute to uso their best 
 (Dor-ios and abilities iu its scrvii-c, and to abstain troiu tlio ruinous 
 warfare involved iu strikes and aifilation. 
 
 Tlieic sccuis good reason for antipii)aling that prolil -sharing in 
 some f<irin will play an iniportaut part in the industrial system of 
 the future, and nuiy even prove the true solution of the problems 
 arisinfr out of eompetiu^ claims of labour and capital. 
 
 Tiie following' are some of the various schemes which have, from Kxamplcd ..i 
 lime to time, been adopted for the purpo.so;-- 
 
 Profit-sharing Schemes. 
 
 la) One scheme is for the company to make re<^ulations declaring 
 ihat a certain portion of its annual prolit.s sliall lie divided amongst 
 it.-- employes, or stdecled em|)loyes, in proportion to their wages, or 
 jii some other proportion. 
 
 (h) Anotlier scheme is to create an issue of a special cl.iss o* 
 .■niplovcs' shares, and Uj allow (>iuployi's to take tliein up ;ind to 
 lioM tii'Mii whilst in the cniiipany's ciKiilowiicnt _;. 
 
 ic) Another scheme is to establish a fund, which is placed iu the 
 hands of trustees, who are empowereti to invest the suiiie in sliares 
 of the company, to be sold on ca.sy terms to employes, all dividends 
 ..tjiiij: in part payment of the purcha.se-moiiey untd, by means thero- 
 
 • >(. liie whole price of the shares has been paid. Thus an empl.ne, in 
 
 • 'IFect, saves up his sliaie of prolits until he obtains with the amount a 
 share in the company. 
 
 id) Another scheme souk i js adoptcil is for the principal share- 
 !..-,i,)ors to make ^ver tr trustee a spciHed number of paid-iij> .shares 
 in the company, on the footing that cert.ilicates. conferring a right to 
 the dividend declaretl on such shares, shall be issued to selected 
 
 I'rotit- 
 slmr"" 
 
r 
 
 101 R 
 
 EMPI.OYKS' HKNKFITS. 
 
 [(-'HAP. XI. 
 
 eniplojt's, (rueli certificates to be retaiiiotl so loiifr us ilioj rt'iiuin in 
 the coiuiiuny's einiiloyniciil. This sclioiuo i)o.ssGswes iiiuuy advau- 
 tag^os, anil this in particular, that whilst siviny; a sharp in the |)riilit.v, 
 it docs not romlor the ciuiiloyi's ni<Miibors of the company . 
 
 SupiT- 
 
 aiiiiu:ittnn 
 and puuniiin 
 (uudli. 
 
 Superannuation and Pension Funds. 
 
 Siiuh funds aio very attraclivc to eniphiyi's where liio businu^^ .f 
 flio company i.s woll o.slablishcil and likoly to bo puruianonl, and. .li 
 thi' bcnclit-s arc usually lonlinC!] to cmployL-.-- dyini;- or ln'cumiii:,' 
 iucapacitatod by iil-hcalth whilbl in llio employment ui tlio Lom|iain, 
 tlic sthenic allords a strong indueeniont to employes lo continue in ilu 
 service of the cunipaiiy. Such schemes generally vest a discretion in 
 the admiiiislrator.-- of the fund as to the amoiinl of the aliouaiue (.r 
 pen.sion, and this enables the most deserving oases to be discriminate I 
 and specially favoured. 
 
 Moreover, the provisions of .such a scheme are ^'onorally nintu 
 liberal than tho-ie offered by insurame companies, mainly because tliu 
 comiiany itself larp^ely contributes to the fund, either by donations 
 out of pioliis or otherwise. The omjjloyes are somofimes rciiuirod ;o 
 contribute to the fu id, but as a rule it is better not to o.\ael surli 
 contributions. 
 
 Life Assurance Schemes. 
 
 LifeMRuriiiicc Occasionally a company adopts a scheme of life assurance for the 
 (ohemi'ii. bcnolil of its employes. Uiile.-*s llie company be a life as>uiani c c uiii- 
 
 paiiy conforminj,' to the roijuirementd of tlie Assurance t'omp.inics 
 Act, f'JDO, it cannot itself insure its employes, but there is no dilli- 
 culty in lindin^' an insurance company ready to give elfoct to any 
 sudi scheme, and as a f^oucral rule ibo company il.solf, under tlic 
 powers (if its nieniorandum of association, may pay or contribii'p 
 towards the premiums payable under any such scheino. If desired, 
 a lilc as-iiranro Scheme can bo oUectuatcd by means of an inibistrial 
 and piovidenl society consliluied under the Acts of 18'.);! and ISU.j, to 
 be formed and worked by llie compaiiv's employes with or uilliiiut 
 supervision; and this course i-- sometimes inelorrcd. on tin; ;.'rMiiiHi 
 that the persons intcrestcil are thus enabled to frame tho scheme :is 
 thev clioii.so, and to work it without referenco to anv outside body 
 
 Sick and Accident Fund Schemes. 
 
 8!ck and Such funds aro very common. They can be work3il by a < ommituo 
 
 tocideutfnnd. ijppoiutod, or in part appointed, by tlic employes, or by moan.- of a 
 
 fiiendly society registered under tho Friendly Sociotie.- Acts, 18i)i;, 
 
 1898, and 1908. In either ca.se the company contributes to tho fund, 
 
INTRODUCTORY NOTES. 
 
 „d in mu8! caau.> llio orniilovrs aUu LO.iUibuto u .-^u 11 sun. «.'ckly. 
 H„t -iiicc tho WorUuR'i.'s C.>i.ii»'i.>ati()ii Act, IS'JT, ri^\>rAi-d and 
 ,o(,lJecl bv tho WorkineuV Cumiieusalion Art, 19.)il, uo i.leiil liiii.ls 
 arc iaiul> adopUsd. 
 
 Guarantee Fund Schemes. 
 
 101» 
 
 Wlioio the omiilovfft ol a LiiiiipaiO-, or a fou-^idorablo luiinbot of lJiiirnnta» 
 thciii, aie iLHiiiiied to aha .socuiity, it is not unusual to o-itabli-*h u 
 ,r,Kiiaii!oe fund to whi.li empluyo.-* and oniployuis bolh loulributo, 
 ami lluis in elloot iiisuio oacli ollioi-'s iiitorosts. In .such .asi-s tiie 
 rulo.s .-^oniolinios provide that any surplu: from time to tiino shall bo 
 cairicd over to tho jJrovidtMit fund. 
 
 Deposit Scheme. 
 
 Ociiusionally a schomo is establi.shed for encouraging^ oinployiVs to K.i<-o.iit.r(>- 
 eavi' a proportion of thoir wajros by di'positin<-- tho saino with the p,„,,i„v,-,, 
 coM^' '">. '"■ ^vitli tru.st«.-e.. tho co.npanv allouin- intoro^t at a bioi.or ^^"^1,, 
 ra!o tliai: can bo obtaiuod ol.scwhoiv. and the ri-ht U> witiidraw the „.i,i, eom- 
 depu.-i's bcinjr "'"ro or k>s< feltorcd ?»«>?• 
 
 Truck Acts. 
 
 In framing and working any 8thoino which involves contribution 
 by (Muployc.s!'tho Truck Acts (18:JI to IHOO) must bo borne in mind, 
 iwiii.h. 1 & 2 Will. I, c. .'J- (Truck Act, 18!lj; .".D i :>\ Vi,l. c. 4(! 
 ^Tru.U AiiuMidmciit Act, 18H7); and .V.> & fiO Vict. .'. 44 (Truck Act. 
 18:*): And tho Ho.sicry Manufacturo (Wages) Act. 1874 (:!7 '> 'is 
 
 Vict. c. 48). 
 
 The main object of these Ai't.s was and is to prevent emi)loyers 
 from taking an unfair advantage of theii workmen by paying wagw 
 in goud.s. or orders for goods, or insiMing on workmen ap|dying their 
 wages, or part thereof, iu [Jiirchasing goods at .stDres kept by em- 
 plovers (ir their ageut.s, or in which employers are interested. 
 
 The operatiuii of the Act.s of 18;J1 ami 1887 was eonsjilcrcd liy the 
 lIoLK-e uf Lords in llrtrli-lt v. Allr,,, (1891) A. V. ;i8.t. In thai case, 
 A., the appellant, upon entering the lirm'.s .service, signed an iigree- 
 uiciii whereby she agreed to conffuin to all the rules of the lirm's 
 woiks, ,<ne of which provided that all firin'.s servants should bceomo 
 members of a sick and accident cliili, to tho funds of which weekly 
 subscriptions were payable. A deduction wa.s made each week by tho 
 liiiii fium the appellani'.s wagi's. with her c-.nsen', and paid tn Hie 
 club. The appellant brought an action to recover thi.s deduction, 
 relying on the Truck Acts, but it was hold that the payments so mado 
 
 Th.- IVu. k 
 
 Actn. 
 
'. Ij 
 
 lO'.'it 
 
 KMPU)TE8' HKNKKITS. 
 
 [ClUP. XI. 
 
 hi 
 
 Ijl^l 
 
 \vero not doduetions within iho inoaniug of tho Ait, and therulVno 
 i;ould not be reoover«d. Lord Horschpll, L. (!., in that rase, aftflr 
 rfferiinp to sonts. H and 4 of tho Art of 1831. Nuid: ' Tho contMst in 
 thoM' M'(lii)n>< is liolwoon paynicnt in ciirront coin of tho reahii and 
 puvnicn* ill .sonjo othor fn-liion; and I liiii myself onlcitiiiu no iluulit 
 that u payment iniido by an cniployor al iho instanco of u peraon 
 onijiloyed lu discharfrt' soini' ol)ligiiti(in of llie jMnsun omployod, ur Ui 
 plai'c tho monoy in iho handfi of kuiiio p<M>oii in wh'wo luiiids tlii' 
 pcr.-icn employed <i<"jire'< it lo bo pliiit'd, i.-* in tho son-'' and nlcanin^' ol 
 thoso .section'* ;' paynionl to tho i)ersou oniph)yod as niiirh as if tho 
 ourroni loin of tho loalm had been |)laced in his or hor hands.' 
 
 In tho ouco lust citod the contract did not provide that the omplovr 
 shoidd pay tho contrilnilions out of her waft's, and tho majority of tiic 
 learned lords laid .stros.s on this fait. See al-o I.anih v. linui! 
 yorlhcrn nail Co.. (1891) 2 Q. H. 281. 
 
 In Ou-iwr V. Hooper i 1903), 89 L. T. 1;10, fortni-^htly wages wore 
 l»aid in fnll, and a slip v.. ■> at tho sanio lime haiadod to (lie workman 
 indicatinfr a sum which he thereupon repaid to the master. Tlii< 
 .siiin was to covor insurance ptotiiiiim paid by tho iiiastor. and it was 
 held tha' tho wa^o.s wore paid in full in cnr'ont loin as iiMpiiiod by 
 the Act. 
 
 The do(bi(tioii liv an oin|iloyor from tiio waiios of a workman of 
 damage.' awarded bv a Court of coiiipoloni jurisdiction to bo |)aid to 
 the omployoi for bioaih of contract i.s a violation of sect. 3 of tho 
 Truck .\ct, 1831, which roijuires payment of tho onliro amount of 
 wu^'-cs ill coin. WHImhis v. S'nrth'» Xoviijiition Co., n9i)(j') .\. C, 
 130. 
 
 So, where a man «a.s employed a.s a journeyman iua<hinist at 22,< 
 a week, and his (Outract with lii.s employers (a coini)any) was on ilio 
 basis that I'*-, pel week was to lie satisliod by .shares in the eni|)loyinj; 
 coinpanv. the ('oiul of Apjioal in Ireland hold that the uLrrocmont as 
 to iho .shares was void under the Trm k .Vct.s, althoun;h liis fcilow- 
 workinen had acqiiiescofl. (llnsqnir v. Inilc)ie>ulriil I'rinfhui Cn.. 
 (1901) 2 I. K. 278, C. A. 
 
 But where a workwoman was employed al .-is. porwi'ckof ■").V' lioiu>. 
 with a bonu.s of '2s. a week for full atlendanio, and thai aloiio. iiiul 
 printwl rules posie<l in the fact^iiy and admittedly road by the wmk- 
 woinan jirovided i inter dim) thai 'any por.soii alisool without roasun 
 and not aa-igning satisfactory reason shall lose bonis," and tho work- 
 woman was absent f'T a quarlor of a day without siitficient reason, ii 
 wii-s hold that it was not an offence under the Truck .Xcfs for Uie 
 eni|)loyer to deduct tho bonus. I)cuiie v. Wihon. ( 1900 i 2 Ir. U. )o."i. 
 K. B.D. 
 
 With ro!^';ard to liio Truck .\cl.s, (he following- obscnalioiis may 
 be made:-- 
 
 Bysect 1 of the Act of 1887. the Acts of 1831 and 1887 only 
 e.\tended lo workmen as defined by the Employers and 
 
INTKODUCroKY NUTE.S. 
 
 lOJ I 
 
 Workmen Ad, 187."> (.;« iV ;i'J Viii. c. ".(0), m. 1((. ihiit i« li> 
 Miu Tilt; cxprosiuii ' wurkiiiiia ' dutM nol imliido a 
 (loiiicKtic 111- iiiciiiiil ^»'|■v:Ull, 1)111 .xuvc us ul'oiusuid iikmuh 
 iiiiv |H'isoii who, liclair 11 liilioiiiiT, .-iTViiul in liiiiljuinlrv, 
 joiiMif.viiuiii iirlilii or, liiiiidii lallMiiMii, iiiiiiiT, or otlicrwiso 
 uiii,'ii<.'od ill iiiuiiuiil liiliour, whotlior under l!u' -.v^r of 
 Iwcntv-ont' yvniti, or aliovo tlmt u<^o, lia.t eulorod into 
 01 workM iindor a coutrait with an oiiiployi'r, wholbor 
 ihp contrail ho niiulc lictoio or al'tt-r tho |ia.s,siiiL'' of tliin 
 .Act. Ill" cxprrs- or iiii|iiit'd. oral or in wriliiij;, and lio a 
 loatracl of ncrvico or a rontraft )i('r.-oii:illy to cxi'intc aii\ 
 work or l.ihoiii ' 
 
 Manna! lalioiir i^ llu' i»»l . (iiithiifi'i \. .{iitixli-ij 
 (I8H01, (i {}. 1!. L) 1H12: Moriinn v. Linnloii (irrmil 
 (hini'hu.1 Co. ( 1HH4I, l;{ (^t. ii. I). H:f2. ('. .\ 
 
 Tlioroforo tlio .A<t-i of IS.'il and 1887 wcio licld nol to 
 a|)|)lv to clerks or sjiop saN'snieii. o. orscers, or dri\('is of 
 oiniiiliusvs and oilier \ohiclos ( Mci t/iiii \ . I.iiiulnii iii-nrml 
 thiiiiihus Cn.. 1.", i} I!. I). H:;2: Cool: V. .\,,)lli Mrlrri- 
 liolililll. (tc. Co.. IH t^. I'.. I). tiHo; liouitd v. I.ilirirncf, 
 I \y.'.>2i 1 i}. I!. l22ii I. Ill' to railwav f^nards {limit \ Crrtit 
 Soillinii 10/. ■ I \^'l^ ' I <^ !'• lilll '■ or to a iiianii^ci of 
 coal ininc~ • Sliiiii-<oii \. l-.lihir \ iiU <'o.. (I'.'i(.')i I lv. .11 
 t.'i.! I, oi' lo a workiiic- [jaitiier ^ Ell In \. .lo.ti'iili t'.llis it 
 Co.. (I'.iO.ii I K H. ;i:;ii. or to lace cli()|)ers who took 
 home from the failory laco uiiicli they were not liniiiid 
 to work on |ier;-oiiaily . Sijiiirc v. Mijlltiml l.iiro Co . 
 ( llMi:. I 2 K. 15. lt«. 
 ( 'J I Tliev <lid nol |(re\enl an omployer from insisting; on his 
 em[)|oyi.^ I kini; i-ontrilnilions to any fund for the lienelii 
 of the einjiloyes, provided tho employer was not fo licnelit 
 theiehy. 
 I . ". 1 It is de^iraldc to avoiij ])rovidin<r for deduction from waires. 
 
 Tlio Truck Act, 18'.n;, does not make lawful any contract or pay- 
 ment wiiicli was illetjal under tho previous Act, or certain other .\(i> 
 ;ol'ened to whii h relate to particular industries (seel. 'J). Ami the 
 Sccrelarv of State may <^ranl exeniptioiis from its provir<ioiis in 
 rerlaiu areas, ic, when thoy are found to lie uunecessaiv (sed. 10^. 
 l^ertain e.xeiuplions under this section have been made in favour of 
 the cotton weavini;; trade and iron ore and limestone ijiiarries. See 
 [Million GiKeitc. March 'Jlh, 18",IT; Juiio 18tli, 18'.)7. On llie other 
 haiul, contracts for tho payment or deducliou of linos are invalidated 
 unless made under the eonditions specilied in tho Act (sect. 1; as 
 to which, SCO Squire v. Baijcr £ fcj., (lUOl) 2 K. B. 2'.>l),i, and thi.s 
 provision applies both to workmen and to '' shop a.ssistants." 
 
 The Act also places restrictions on contructiujj with reference to 
 
 
 .\ct ut' 1S'.»G 
 
 
 
 ImBBp^ 
 
 ' 1 
 
 iL 
 
 1 
 
 ■' 
 
1029 
 
 EMPL0YF.8' BENEFITS. 
 
 [Ckap. XT. 
 
 I I 
 
 i 
 
 -■f i 
 
 dwlurtions or paymoiits in ro«i)«ct of (a) (lamai^cd gocxN (wot. 2). 
 {b) llio u-o or HU|H)ly of iii!Hoii,il-«, Ac. in relation to llio wnrl; or 
 laliour of (hu «o;kniun (mx-I. ;i). Tli<-o j.ioxImoiis 1io\vov«t, arc ,v\ 
 in terms apiiliod to "shop a'<M.stant-i," and ap|)ui«'iill.v only u].] Iv 
 in lilt' <:i.-<' ot wmkiiK'n 
 
 Tho Shop (•lubs AH, \'M2 l.li Edw. 7, <■. I'l). 1k!ui-< somi- ,iii,.!h.'v 
 lo the Truck Acts. I ndor .-p.t. 2 of Iho Act, it it provided tin' it 
 >liall hf un ollcn.i; uiidor tho Art if an (Miiplinor shall niiikc i! a 
 condiiion of oniployniciil lliut any \M>rkiiiaii ~h.ill join a >li..p dul, ,,r 
 tlirift fund, unless iho shop .•luh or thrill fund is vo-isioicd niiLr 
 iho Friendly Societies Act, l«'.tti. snl.je.t lo iho p!ovi«iniis „f tlia 
 Shop Cluhs Act, l'.Mi2, and cerlilled under ihal .\ct hy the llcu'is'mr 
 of Friendly Societies; and there are certain r<"<tri( lions on I ho ji'-i- 
 ir.illon <<( the .-hop cluh or thrift fund, and provJMnn- for imnpiMvi- 
 tion i-i certain t ases of woikiuen disnii~-cd. Tho Act ilo<'s jiot 
 rotrospedively invalidate shop dul. ■ ■>. Ilalchiii v. /.(;/</ I.hun,, 
 20 L. T. R. i'.O. And see Macdnnell. .Master and Servant. 2ii 1 cd 
 
 3;il— .ija, 'itio. 
 
 Workmen's Compensation Act, 1906. 
 
 This important statute, Ldw. 7, .■. .VS, uhirh replaces the Work- 
 iDCns (.'ompen^ation Acts, 1h;i7 and lUOO, and came into oporiilinn 
 on July 1st, l<t07, umst not he forsjotton, e-pe ially as tho term 'em- 
 ployer ■ a> u^'d in its dauses expressly ' includes any body of prr-ons 
 torporale or uuincorporalc " (_s<'0 sect. 1:1 1. 
 
 That it was compecnt for a workman to contrat 1 «iili his oinplnvor 
 not to claim (Ompensation for peisontil injuries under the Kiii- 
 ployer.s' Liability Act, 1880 (4.! & 44 Vict. c. 11>I. was dearly dod.lcl 
 in Griljith't v. liirl of UudkiJ, 9 Q. B. IJ. ;!.-.7; but contracts eiitero.l 
 into on the faith of that decision Hliouhl be carolully examined wilIi 
 reference to the provisions of the Act of I'JOO, for by sod. 1.". of 
 that Act "any contract (other than a contract .substituting the pro- 
 vision.s of a scheme cerliiicd under tho Workmen s Compensation Act, 
 1897, for tho provisions of that Act) existing? at the commoiKomciit 
 of this Act, whereby a workm.Tn relinquishes any rifrht to componsa- 
 tion from the employer for personal injury aridng out of and in tho 
 course of his employment shall not, lor the purpoxca of thin Act. bo 
 deemed to continuo after tho time at which tho workman's contract 
 of service would determine if notice of the dotorminalion thereof 
 were given at tho commencement of this Act." The Workmen .s 
 Compensation Act, 190G. therefore terminates all then exisinpr con- 
 tracting out agreements iMtwocn employer and employed as if notice 
 to terminate had been given at (he date of the Act. 
 
 Starting thus with a clear field, so to speak, sect. 1 of tho Act 
 renders the employer liable to pay compensation, in accordance with 
 the first schedule to the Act, where "personal injury by accident 
 
iNTUODiit-nmy notes. 
 
 lOtt 
 
 m 
 
 iii-iiiL' out of mill in tlio cour-io of tliu ciuiilnviiienl is (iiiMml to a 
 Huikmuii.' And llio power ol' coiitiai.tiiij^ out J" wry coiiiiiloialily 
 jiKiililii'ii. Tiic Alt ii to "HI)!!!) notwiili'<tuiiiiiiiK any contrail to tlit< 
 (oiiiiiiv Miuilo iiftj'r till) (■ iMiiutiniciHHnt of this Art,' ■•<Hhji'<l l<i ilii». 
 i||.it ■ if the Hi'vjiitr.ir of Friondly Soriotio^, alter lakin'j; slep-i to 
 .i-.oii.iiii tlio viows of tlio oniplovcr anil uorknicti, i'<'rtilii>< that tiny 
 ■.rliriiw of torn prnikil ion, benefit, or iiiminiiiif U r iho wnikiiiiMi of an 
 (MiiiliM-r in any oniploynionl, wlictlior or not ."urli schcini' iiirlii.lox 
 cilic! oiiijilovors ami tlit'ir woi iiiui'ii, proviilrs Males of roiiipi'ii^.ii ion 
 iiiil li'-> lavouralili! to tin) workinou ami tlu'ir ileponilanl-* lliaii tiio 
 iniii'-iiDMiliiij,' "t'ltion 1 ontainiHl in tlio Art, ami llial \vinM«' tlii> m lifnii- 
 |iiciM(lrs for tonlrilnition>i l)y tlio workmen tlio ■*ilienio tipiifers lieno- 
 ijis at least equivalent to tho'O coutriliutioii-i, in aililition to the 
 liMii'lils to wliirh tlio worknion wouM have heeii eiititleil iinler the 
 \i<, ami that a majority (lo be iiscertaiiioil by hallo' ) of tiio work- 
 iiion to whom tho 8ohoino is to apply are in favour of the mheiiio, 
 iho 1 iiiphiver may, wliihi the n.Mliliiato i< in fone. ronlract willi 
 ;iiiy of his worknieii that tlie jirovisions of tlio siliomo shall ho 
 -iili^litu'eil for the provisions of this Aet, ami thereupon the em- 
 jiluMT shall lie liable only in arconlamo with llio sirheino " (sect !i, 
 siil.-siMt. 1 1. l<ut no srlie'iio is to Ijo lortilioil " wliieli tontains an 
 (.liiliralion upon the workmen to join tho si'lieme as u ronililion 
 i.l tlioir liitinu:," or wliieli iloes not eontain provisions cnabliii^ u 
 wiirkiiian to withdraw from tho ki'Iiciiio (s«it. ;!, sub-sort. .'ii. Tho 
 saino section provides for limiting the duration of rortiliiates, for 
 n'licwiiig lliom with or without modilicatiou, for revoking; tliom, 
 uiid fur tho distribution of funds on surli rovoiation or expiration. 
 
 A «()ikiiian'.s ronlract that the |)iov..sioiis oi a lor'.ilied hi lieniu i^hall 
 he siihsliluted for tho provisions of tho Act of I8'J7 is a, bar to a 
 ilaiiii by liis personal roprosonlatives to recover damages for fatal 
 iiijinios under the Kmployors' Liability Act. 1S8(). Tnylur v. 
 Ihiinslwd CoUicnj Co., (1904) 1 K. B. 8;i8. 
 
 Sect. .■) vests in workmen onlillod to compensation tho rig;ht.s of tho 
 I miiluycr against the assuror in respect of his liability under t!ie 
 .Vrt when the employer becomes bi'iikrupl, or, ij a company, oom- 
 iiiciuos lo be wound up. 
 
 Sect. 7 applies tho Act to masters, .seamen, and apprentices to tho 
 soa service, but (by Bub-sect. 1^2)) is not to ajjply to such memliers 
 of the crow of a fishing vessel as arc romunoraled by shares in the 
 pnilits or gross earnings of the working of such vessel, and (_by 
 siih-soct. (3)) the section is e.xtended to pilots to whom I'art X. 
 of the Merchant Shipping Act, 1801, applies, as if a pilot when 
 employed '' ou any such ship a.s aforesaid " wore a seaman and a 
 member of the crew. Sect. 8 applies the Act to industrial diseases 
 laciilionod in the third schedule. By sect, l.'i, unless the conte.xt 
 otherwise requires, "employer" includes any body of persons cor- 
 porate or unincorporate, and the legal personal representative of a 
 
 ^y 
 
 
lu-M 
 
 KMI'LOVW ltKNKKIT«. 
 
 [ClUI'. XI 
 
 i ; 
 
 s 
 
 I!. 
 
 ^* 
 
 
 I 
 
 H..W far 
 
 mmpaiiii-* 
 
 tn i-arrv i>iit 
 
 iitT<'iit««l oiu|>loyci. aiiil wln'ic tli.- .-.t'lvicr^ ol' u \>i)ikliiuu aic lirn- 
 |,inaiil.\ Ifiil "1 Ici (Ml Jiiio 111 iiii'iltuT \wy>'H\ l>> tliu jmm-uii ttiil, 
 wlioiii llii- woiUm.iii !ui« eiiuuwl iiilti u (ontiiicl iil ^uivjin or uiiprt'ii- 
 tiic-'liiji, llic lailff "hall for llio piuposo^ of tli<i Ail Im! iI.'imiumI i,j 
 iMPiiiiiiiK- Id lie llu- iMii|)lo.v<T 1)1 lli<< «(.rkiiiii'i wliil-sl li<> is nMikiny; 
 for that o'.lior iwrsoii; ' WOrkiuan" ilm's iioi iinliuli' any |hm^..|, 
 oiiipliycJ ollniruiso tliaii l>y way of iiuiiiial labour wliov(. x-i'uw 
 iioraiiou cxitHxU 2.")()/. a year, or ii [.fr^oii wiioMi t-mploy im mi is 
 of a la.'iial iialurc. and who is (i|u|>loy<"<i olliorwisc than fi.r iln' 
 |)ur|)oso.s of tlio t'liiployor'i liailo or husiwst, or a iiii'iuliur (jf a 
 police fore*', or an oiil worktu-. or u luoriilnM of tho cmpluycr's taiiul\ 
 .l«'lliiitf ill lii-* h Ills*', l.ul .savt! as alorc-aid moans any ix'isoii whu 
 h.i- .■iifoioil iiihp or works umior a lontract of sorviio or upi>icMilii.- 
 blup Willi ail «Mii|.l >yor, whcllicr hy way oi manual lahour, (liMi.il 
 work, or otlicrwisp. ami wliolhtM ihtMonlrait is cxpitw-cl oi implir.l. 
 is oral n- in wriliii-. any icIimimuc Io a workman alio has ',(>,. i, 
 iniiiroil .shall, wlion.' llif workman is iload. im luilc a rofi'ioiico lo lii- 
 \v\i:i\ iHMsoual K'pio^oii'alivi', or Jiis (Ifpondaiils. or othrr piT>..|, 
 lo whom or for whose houulil couiponsalion is payahlo; " Uc|,.'ii- 
 .laiil.-" MK'ans mi h of the iikmoImm.- of the wiMkinaii's lamli;. ;i- 
 wfiv wholly or in (larl dcpt-'iKlrnl upon iho oarninu'^ of tiio norkuui,, 
 al Ihf tiiiH" of Jiis death, or would, but for the incapai iiy duo to ihr 
 acrideiit, have been so dependent, mid where the workman. Iieini: 
 »he parent or ■^Mandpiirenl of an ille^i-ilimale ehilil, h'a\es .Mirii a 
 child so dependonl upon hi- earning-, or bein;; an ille;;iliniale i liiM 
 leaves u purout or ^landp.iiem .^o dependent upon his earnui^-. .-I1..II 
 iiiiludo j-mh an illenilimate . hild, and parent or j^randparcnl resp,, - 
 ti\elv; "Member of a family"' moans wife or hiLsbaud. f.nli.r 
 inollier, jjramlfallier, -randmolher. stepfather, stepinother, .-iiii, 
 danjihter, i,'raiidson, jiianddauuhler, stepson, stepdauuhter, brollici. 
 si>ler, half brother, half twister. See also the delinilion of Ship, 
 " Ves.sel," "Seaman." and ' Port." 
 
 As to the Powers ol the Company in regard to Employes' 
 
 Benefits. 
 
 In framinsr, for the benelit of employed, any seheme for esfablish- 
 in^' funds to which the company i.s to contribute, it is neces-ary lo 
 con.sidcr, lief'ido-i the Truck Acts, whether such eoutributions aro 
 within the powei-s of the company, for a com|)aiiy cannot exix-ud the 
 fund* on any scheme, however e.\cellent, which i.s out*iido the scope 
 of it.s objects. Very commonly the memorandum of ua-sociation con- 
 tains express powers to make such coutributioiw us in Form lua, 
 KUiira. p. .JO;; bui even witJioiil uuy <iwh. ospn'SK powers a comv-.tav 
 employing labour may do whatever is reasoiuibly necessary to en- 
 tourage ita employes to u.se their liet-t endeavours ou its behalf. Thus 
 a company may grant a pension to its employes out of profits, for 
 
INTRODircTORT NOTKH. 
 
 llii.s i-< oalriilutcd to iucili" tlioiii t<) n|x'ii:il <>\(<i'lii>iiM llrii'lrrmti v. 
 /(((«', III Anx/rahiiid. JO 111. I). 17<» So, i<mi, it imi.v frivc llicin an 
 )Ar'ji>i"ti or t'litcrliiiiiiiKMit, mill it iiiav ileal lilivraliy with iricaiuici- 
 tuliil i>tii|ili)\i« tllainiisiin v. I'lirrs I'lititil (',i,i,\U' Id . •_'( W . H. 
 7,'ili, mill with |n'rxi)ri< <ii'|)uiiil<Mit on ilt'n-ii.'d'il ('iiiplnvi'n 
 
 III III! tlicHi' titsoH till! ini|iort;iiit point i.-<, i> thi> idi mho ilcviscU 
 hnthi title "itli a viinv to bcnt'titiii'j tlio coinpuny hy cnahlinj; it to 
 nl.i.iiii iIk' Ix'Nt .lorvicM's from it>t piii|iloyi''«? A^ wum «ui(l liy Ik>won, 
 I. .1 . ill Ihillitit V Wist Ctrl- It. I'„ . J.l f I). t;7J: • ^,,ii niniiot 
 
 Miv till iii|iany liii« oiny pit power to upend the nionev vliich it is 
 
 h.iuii'l I'l pay ui'CDnliny to law, otherwise tiio wheels ol Im inexs 
 rtuul.l .-:op; nor can you nay that din'otoin who have pjt all tho 
 
 [Kiuiis of the roinpany {riven to them are alwayis to Iw 
 
 iiiiiiti'd to the Mtrirle-t pos-ihle view of what tln' olilij-aiioii' of iho 
 iiiiiipiiiiy aiv. They are not to ke(>p their pfK-kelM Imtfoned n|i iinli'ss 
 till 1 Ml' liahle in a wav whii h rimld he enConeii at law or ii, eipiity. 
 M...~t liii-ine-Mx roipii'e liheial dealiii).'-*. The tost tliero, apiin, U 
 ji i! ulii'ther it is liuini Jiilr, Iml whether, a-' well u.s heinn l>'iiiii liile, 
 \i i~ .lull" within tlie ordinary seopi" oi tlie conipativ's Im-iiie^f*. and 
 nliiihii it is rea-iona'.ily ineiilenl '.I to the eanyitiir "H of the roiu- 
 j..iii\ s liii-ineKs f.ir the eoinpany'> lienolit. Take this xirt of in- 
 hi.iii'e: A lailway euiiipany, or the direitor.s of tho eoiiipany, inifrht 
 M'iil iliiwn all the porters at iv railway station to have tea in tho 
 I iniliy ;ii the expense of tho coiiipuiiy. Why nhould they not? Ji is 
 fur ilie direitor.s to judj-'O, provided it is a iiiattor which is reusoimhiy 
 ill i'li'iifal to tho carr3iii<^ on of tho laisinosH of tho company; and u 
 iMiii|Miiy wiiich alwiiVM treated it.-; employes with Draconian soverily, 
 and never iillowo;! thciii a siii'^lo inch more than the t-trict letter of ihe 
 
 li I. uiiiild noon liiid iti-elf de^ieited -at all events, unions !iil> was 
 
 Ml', iiiiirh more easy to ohtain in t!ic murket. than ii often is. Tho 
 l.iu ilui's not say that th"io arc to he no eakes and alo, hut there an' 
 til lie 111) lakes and alo o.\copt (^u^•h as are ronuired for tiio bcnotit of 
 tlie iiiiiipany.'' 
 
 t>ii the .same principle Sir Geor^ro Je.»sol, M. R., in Uaniiisiin v. 
 I'liii s I'ali'vJ ('(iiiiUc ('(Hiiimtiy, 24 \V. K. 7.V1, held that the eom- 
 |Miiy iiii<rht lawfully e.\pond a wook's wajro.s us trratuities for thfir 
 .-('U.iius, heiaii.'-e that sort of lilieial dealiii<j with sorvan's eases the 
 rehitiiin heiwcoii inatitors and .sefvant.s, and is in the cud a heiiefit to 
 tliv I'liiipaiiy. 
 
 .■^n ;ii;ain in Hcuilrrs'Hi v. Ihiiih nf Aiis-li/ihi^iti, |(» C 1). 170, it wa« 
 liild to he within the power of a company to frrant to tho family of a 
 ilcirasoil oHic«r u peiu-ion of I, ,")()(»/. a year for a period of live years. 
 Xurth, .1., i-oferred to the two la.st-iiieiitioinsl eu.'*os, and said: " I do 
 fail to notice ihai tho sums which woi^e tho suhjoci of di.-^tu.fciou 
 ill Iho two last cases wore considerably lew.s than the sum which is tho 
 mliject of the pre.sent appliciition, bin. that is a matter with which I 
 cuiiceivo I liavo i Ihiug to do. It is not for a judge to o.xpross any 
 
 i>. 3 u 
 
 \*nk 
 
 i>, ■ I 
 
 t 11" 'i\ i c- Ifi 
 
I02t) 
 
 EMrLOYKS' nENEFITS. 
 
 [Cn.vp. XT. 
 
 opinion upon siuli matters as wliothcr (ho amount i^ too lar-o or loo 
 small. Jn (lie first placo lio Iuls no moans of forminj,' any opinion 
 
 about that." 
 
 But tlio honofit to tlio oonipany hoinp; tiic measure .>t its powers in 
 eucli (h-a!inj;s, wiiorc a coiupaii.v is in ii4ui<lation. it loses its pouer 
 to pay gratuities, for no benelil can accrue to it-it.s busine.>s havlnu' 
 oea.sed-froni liie e.\erci.<c of sudi liberality. Iluttoil v. ir<*'/ C.rh 
 Kail. Co. (IH»:\). 2;i CJ. 1). G.>t. Acconlingly. where a company luul 
 recently s,.M it.s undertaking to the Weslcyan body, and at (wo 
 general nieeliu'j.s nKolulions were pas-ed and conlirmed by la.-c 
 majorities fur the voluntary winding-up of the company and for ihe 
 distribution of the .sum of 7,81)0/. anion- the directors and <AhvT 
 officers and .servants of the compnny as a mere -raiuily, .lover, .1.. 
 litld that the majoritv of (ho .sliareholders had no j.ower to v.,e 
 gratuities to oflicial.s so as to bii d the ndnority in a c:i-.e wh.>re the 
 co.npanv was bein- wound up. SIroit'l v. Ilo'/al Aquarium ami 
 Summer and Winter Carden Socief'.l, Ltd. (lOOa,), W. N. IIG; 8'.. 
 L T. 2i:!: l'.» T. L. R. (ijii. 
 
 In (■„r.!i.'<ts Tourinu (-l>'!> v. Ilcidrrs.ni, (I'JIOI 1 C'h. 179, the club, 
 wliich wa.s formed to protect the ri ihl.s and promote the coinf.ui of 
 ryelists on tour, was r.-zist-red widi the suiction of the Foard nf 
 Trade wi "•out the w.jr.l " Limited ' as an association not for s^un. 
 but one of tlio conditions of inc.M-pora(ion allowed payment in -nml 
 faith of it>munera(ion to ollicers or .servants of the club, or (o any 
 member in re.urn for .serviios actually rendered. The duties of (lie 
 secretarv <d' the club were nmltifarious ami dilhcult, and on Ins 
 retirement after many years' servi.'O from the secretaryship (,f the 
 dub. tlnm-h ho .-till remained a nicndjor, the club vote I him a ]ien.<i.)M, 
 and (he LVmrt held that it was within its powers to do .so, it bein- 
 important to the club, by penerous treatment of old servants, to 
 Bccuro the best assistance iu furtherance of its work. 
 
1027 
 
 PRECKDICNTS. 
 
 t'lanscx ill Ai;Tici,i,s (ir .\s>oti vriox as to 
 IOmim.ovks' Sii \i!i;s. 
 
 I'lu; rolliwiiifr iiiovi.sioos slmll have elloL-t: — Form 3^2. 
 
 I. The 1 .ii'lO sliiirc" ol' 17. oadi iiii'ii;<l in tlio oov'.-s incindiimof :'N>on i;,„^ l.i}e>' 
 
 .-ll.lll !)(' Clllcl "I'lllliloyL'.s' sllUl'L'S." sliuic.-. 
 
 1'. I'lio (liiot'lor.s iniiy allot the uiiiploy;''.-i' sharo-i, or any of (lipiii, 
 liuin lime to time, to such omployes of the coy a-c ihoy Ihiiil; 
 (il. Ik'loi'O tho alliilmcnl of an einp'oyi'-c' .sh.iio is made, tlio 
 full nominal anioiint thof niiisl lie pil up to the coy in ca>h. 
 
 •i. luicli of tho employt'.s' shares sliall. wliil-t it is livlil Iiy an 
 I inploye of the coy, rank for diviilend a.s if it were an 
 oidinary share of 10?. fully pd up; ami whilst not lu^ld by 
 aii employe of the coy it shall not carry tho riy:!it to any 
 dividend. An employes' share shall not confer tho rigiit 
 to vote, or (o attend at jjeneral nioelinfj.s. 
 
 I. An employe.s' share shall not be transferalplo excej)! as provided 
 by para. 5 of thi.s clause, 
 
 5. Whenever an employes' share is ullotled, or, pursuant to thi.-i 
 dau.so, is transi erred to any employ 6 of thoioy.su: h employe 
 shall bo entld to retain and hold the same so ioriy: as ho 
 rt mains an eni|)loye of the coy; and if by death, ro^ijrnation, 
 wilhdrawul, dismissal, or otherwise, he cea-e lo be an 
 employe of tho coy, ho or his oxors or admors kIuiII bo bound, 
 upon the rofpieat in wriiini; of the diro'tors, to transfer 
 (■uch share to such person as the direilors may nominate: 
 and, if such person is not un employe of the coy, such per-on 
 shall at any time, on the rerpiest of tho directors, transfer 
 such share to any eni|>loye of tho coy. 
 
 C. If any ihm.-oii who ought, in conformity with the last procedinfj 
 para, of this cdause, to transfer any shares makes default 
 in transferring tho same, tho diroftors may, by writinj^ 
 under tho common .seal, aiipoint any pi^rson to make tho 
 transfer on behalf of the [lerson in default, and a transfer 
 by such af pointoe shall be as effective as if it were duly 
 3 u 2 
 
 ^ '^kn 
 
 1. 
 
\ I ' 
 
 H-|fi 
 
 1028 
 Form 382. 
 
 employe' BEM'.FIT». 
 
 [Chap. XI. 
 
 e.\euuted by the pereou so in default. A certilkuie uuili.i 
 tlic coiiiiiKJii .--eal that sucJi (jower of apijointmcnt hii-i aii-i] 
 .'.hall be conrlii.tive for .ih puipose.-i. 
 Ill llii.-: clause ''omiiloyc' of the coy" ineaus and iucludos ujiy 
 uiaiia^'or. dcinirliiioiilal niauagoi', foreniau. clerk, or vviik- 
 niaii, but the term dop.'< not include director.s or auditor- 
 
 Form 383. Subject a.~ atsd the profits* of each year available for division 
 
 Co-operative 1*0 applied a.-< foll.)\v.s: 
 
 fund. 
 
 (u.) Sncli pi not exceeding (uie-haU thof a.s .-hall be deleniiiiicl I,;, 
 the co-iii)eralive scheme hiiftr iiienid .•^hall bo sot a.-^ide ;iiil 
 applied to llie purpo.so.s of that fund its hnftr nionld 
 
 (bi The reniaindei' lliof .shall be pd a.s dividends to the lioldn . i,| 
 oidinary .shares rateably and {xiri ptinsti on the ainouul- |i.| 
 thon resply. 
 
 The co-operativo fuud shall be pd and distributed among; all ihc 
 director.»:, servants, and workpeople of the eoy for the time beiii- m 
 such, juoportions and i^enerally in such manner as ^hall be deleriiiin ■il 
 by n scliemo to 1)0 made for that jjurposo, called 'The Co-openiiiM' 
 Scheme.'' and such payment.s may either be in addition to or sul.-ii- 
 tution fur the other renmiieratiun. salary, or wa'ios of tiie reiipi, i ■ 
 or partly one and partly ihe oilier, as shall be determined by tlir . ,. 
 operative si heml^ The cii-operative scheme shall also determine ili' 
 j)roportioii of the divisible fund (within the limits afsdj of ivliich \\v 
 
 co-operative fund .-ball consist. \o co-operative scheme shall i m' 
 
 into force until it has beeu previously approved by a ri?si)lu!i.in ol 'lie 
 coy ill i^eneial moetinjr, and when onie in force shall not be reii' alcl 
 or alteiod save bv such a resolution. 
 
 Form 384 
 
 Provisions 
 
 an to deposits 
 mude >\ 
 
 rlllployc.i 
 
 with the 
 foinpau y ■ 
 
 Claitset in Aktr:i,i;s as to DKrosirs. 
 
 1 . Any employe of the coy may, with the consent of the coy. upcu a 
 deposit acc'juni with the coy, and, until the same is closed, may Imih 
 time to time pay into such account sudi sum as such depo-itur niav 
 think lit; and, subject as hnftr provided, may withdraw all or any oi 
 the moneys from time to time staudiug to the credit of sii, Ii iiccniiiii 
 
 2. I'very p.ayment in to a dopo.sit ni count 0|u>neiJ as at'-d, iiiii>! ii^ 
 made to the (lep(jsit treasurer of the coy. or his deputy, at ,<iicli pl.i" 
 OS shall from time to time be ti.tod by notice posted up in the cu, .- 
 registered oflice. 
 
 y. Kach depositor will be furnished with a deposit account bunk 
 and such book must be produced whenever any sum is dopositeil oi 
 
i ■ 1 
 
 KOKMS. 
 
 lO'iit 
 
 -.vitluii'iiwii. iind fiveiy doposil or witlulriUMvi, and all iiuorest ailon-ed, Form 384. 
 shall from time 1o tunc be entered in siuli book by the deposit 
 tuasuier al'sd: :in(' dvery such pass-book must bo left i;t tlio office of 
 thr .kiio-ii tn\»sui('r, to bo made up when leijuircd. 
 
 I W'luMi a dopo.>il<)r desires to umkt) a willidrawal, be nni.st f^ive at 
 IfMsi Olio calf'iidiii numtb's notice in wiitinj"; to llio deposit treasurer, 
 (.IK" iiviii'T the amoiinl be de.~iies Ui wilbdraw and tlio diiy be fixes for 
 wi'luli.iwal; but tlie deposit treasurer may, if bo tbiid;s lit, in any 
 ii^iiii' iiliir ouse, abridge or waive tills nuiire. 
 
 ;. The day fixed for witlidiawal of any sums must bo an ordinary 
 ii.il kiutv day, and at any time during' business buurs on tbat day tbe 
 (1, iiu,-i!or, oil appliron to tbe deposit troa-^uror, will bo entld to be pd 
 the amouii' specified in bis witbdrawal notice afsd, and if on tbo day 
 eo lixeil be 'iniits to make sin h witbdrawal. or withdraws less than the 
 .-iiiii -pecilicil, his withdrawal notice shall be doeinod U> be caiKellcd, 
 wholly or partially, accordingly . 
 
 ii. Iiueiest will (subject to clause 7 hereof i be allowed by the coy 
 iiiiou liie amounta from time to time sl.inding to the credit in such 
 (Icp'-il .iccount at tho rate of .') p c.p a . and such iiilero>l will be 
 troditod on the usual (luarier days. 
 
 ; ^^11 
 
 "i 
 
 sininiincs tlic ruto is iiiailc lu vary with tlie ratr of protits, but this, liy 
 DKikiiii.' the dcfioaitor a partner, in ert'cct places hiin iii a jiositioii, as rpg.Tnls 
 r,/ Mv o'' Ilia loan, at a ilisailvaiita(;e ad loinpared with tie onlinary cretlitora 
 of till' oonipany. He sect. 3 of tho I'artiiersliip Act, ISitl). 
 
 \ --..iKi s' r"tif'/ f ir the loan may. howovor, iio inndc Ity fl<'t)cntiirc or othorwi-c. 
 /, .mr/r- Sfiril. 4 C. !V.-. 789. 
 
 ; No ,>iim shall be deposited with the coy iinle.-'^ it i> the |)i)ty of 
 the ileposilor and is free from any trust, and a ilopositor shall not 
 bcir (V fc- the purpose of making- any dopo-il, or in any way a.s,sign 
 or . iciie any mortgage or charge on tho amounti* standing to the 
 cinli: lit lii.^ depo.si! aci cunt. .\ny depo.-ilor acting in breaoli of iliLs 
 cljii-c will disentitle himself to be paid any interest on tho Mini 
 
 .{.■CM>ilcd, 
 
 ,.l 
 
 s The ' may at any lime, by notice in writing to the dc[iositor, 
 clii-c hin ileposit account; and in such case the amounls standing to 
 tin I ledit of such deposit ac(0unt shall become jiayable at the expira- 
 tion if .seven day.s from tiiich notitv being given, and payment thof 
 bImII be made at the olHce of the deposit tieasiii-er. As from the 
 cl -iiig of a deposit account as afsd, tho amount to the credit thof 
 will roa.'^o to carry interest. 
 
 •.'. Upon the clo.siug of a deposit account, whether by withdrawal of 
 the lull amount thof or pursuant to the last preceding clause, the 
 dti iter's book must be given up to the coy to be cancelled. 
 
 ;!' 
 
 
 
 
 
 
 i-mia- 
 
 nu^ 
 
'i |i 
 
 10:jO 
 
 EMPLOYKS liKNlIFlTS. 
 
 rCllAl'. XI. 
 
 Form 3?4. 10. Tlio dopo.-it livusmor will kocp a rogislor of the dopo-iitnr^' 
 
 adklre.s-L'^, and any iio'.iio In a di'po.silor nuiy l)e givou by dulivcring 
 
 tlio sunii' to him ix'r.sonally, or by sending- the t^anio tiuoii^'li th(! jimsi, 
 uddic.s,-i-d to liini a( hi> lo-i.-iU'icd ad.lie-s al'sd; and ovoiy jiMti^c .-., 
 sent 1)V po-t .shall bo dacincd to bo Korvod on tho day followin;,' lli.it. 
 on wliirh it i.s pUirod in the pn-st olliec. 
 
 II. In tbo.so (ondilinn-; llu" ib'po-il tiea.^uior moan- Hw\\ ollici"' of 
 tho<o\ a- .-ha 11 linni limo to I imo bo appointed liy lliociy to di.-ch.ir^jd 
 the dotio.- 01 tli'po-il tica.-iirur. 
 
 i 4- 
 
 i^i 
 
 .ViQt isi . of SinuEs hij EMi'i.()\i;s. 
 
 Form 385. U) '^"''<' diioutor.s may at any tinio loiiiiiio any employe ol llie .ov 
 
 :-- to leave nndiawn any part of tho ciuoliimonts payable by tin.' ( oy to 
 
 of stmri- i"v such employe, and tho mouey.s so left undrawn ,-hall bo phued to tho 
 
 oiiii loyi- uut pj.^.jit oi' such employe in an aecouut to bo opened in the book.-^ o!' tii-' 
 
 coy, and until payment out or invo.stmont iu preforeni'O .<hares Mirli 
 
 Uioncy sli.ill oarry iulore.st at the rate of p.e.p.a.. and -tit-h inti-ic-' 
 
 shall be erodileJ accordingly. 
 
 {2) Whenever tho direitois consider it e.\pediont, they may deter- 
 mine to invest all or any of the nionoy.s slandiny: to tho credit of .-nili 
 account in the purcha.se on behalf of »u<h employe of prcforena' 
 share.- m the coy, and thereupon the directors shall f;ivo notice Iu the 
 ppal holdor.s of preference :rhares, calling' on them, iu proportion a- 
 ueaih a.s may bo to tlie prefereiico .shares hold by thorn, to tran-tor 
 for the consou below meutioned tho rocpiirod number of preference 
 shave- to such emplcnc}, and to deliver such tran.sfer to tho coy to be 
 rOL'i.-'cre I 
 
 i.'ii I'poi- tiie receipt of each such tre". dor duly exoculod. the vn^ 
 shall out of t!ie moneys afsd pay to tiie transferor tho c'onson cafc- 
 lated at [lai ; thai is to .say, at tho sum ecjual t/) tho capital pd np'. 
 the shares sold. 
 
 (I) [f any jrreforoiieo shareholder makes default in o.\ecutini; an i 
 deli\orin^ tut h transfer, the coy may authorize tho socretai} t. 
 execute the samo in hi.s name and on his behalf, and .-uch e\eciit:.)j 
 shall have full elVect, and tho purchase-money, on execution ,lier. ui 
 become payable to tiu; member who made such default. 
 
 {:>) When any employe has moneys amounting to lOOl. <n- upvvar I 
 available for investment under this i lauso, he may at any time ro(|uin 
 tho directors to invest the samo as afsd, and if the directors do n 
 comjily with such recpiosi witliin eight weeks after iho naiuo io iiiaac 
 he may withdraw such moneys. 
 
 (()) III this clause, until othorwiso dolermined by a gonoral moot 
 ing, " the ppal shareholders " inc?aus exclusively tho.so holders oi 
 
FORMS. 
 
 1031 
 
 nnforonc'f' ulinros wlio for tlio timn hoiivj: hold ro-jply nion' tli;iii Form 386. 
 m,.,itv |iiol'cri'iuO Hliaros, anil no iirolViuiin- sliuro diro laluMi iiinli-r 
 tlii- rlaii-<' win again bo takon. 
 
 (71 Anv (lifliiulty as to tlio propoi'Mom in wliiili tli(> iircfciciico 
 ,,,,,1,,.; vliiHiliI ho provirk'il as al'~il shall hi" <lo ciniiiio I hy iho diiv:-- 
 iO!s. anil their doloruiinalion shall he conihisivo. 
 
 iSi Anv sliares transferred to any cniph'yr under tliis chui-e >h:ill 
 /,„.„ ,',(,/') heronin onlinary .shaies, und tin,' corlilicale of title is-iied 
 to hiia sliall ho framed airordin^jly. 
 
 I'UOI IT-SllVUIXli SciIl.MF.. 
 
 ,1, From and after the l>t of .lanuary, III -, the surplus (if any) of Form 396. 
 ,|ii> ile;n- prolil.s of tho coy's husiness beyond .-u<li (h'lini:e .im as '^i. ,|„„,,,, 
 1. |nr ihe time beinf;- reserved to the imv for il.s own ben.'lil (hudr -linrimr. 
 lelerieil to a.s the " ro-ervod limit"; shall he diviiled in;o two ecpial 
 iiiir:.-, wh(>ieoi one is to be disiiihne 1 ;;;atniioii-ly as a lionus Mm.in;,' 
 
 tlu' employe.- in ih<' manner delined hy theso rules and the otiier to ho 
 retained by tho coy. 
 
 iL'l The present reserved limit has been ronimnnieated contid-n- \vi,,,t is il,.' 
 
 ,i,llv ,0 , eharterod acconn-ant, and will not he alleied for tho n„nv.lli..m. 
 
 til.-' three years if the .sihome .m. lon^- .•-uhMS -. 'riieriMfief it may Im^ 
 rai.^ed or rodu(ed by the company, but (unle-^s aliered durini;- i<oine 
 mouth of .January) not .so as to alVe. t ihe .li-tribution of proiit.s fi.r 
 the iinanri.il year current at the lime of ulioration. Noliie of any 
 idcialion will he -ivi'ii to the eim,ii"y '•.-- iu -suili manner a- to let 
 them know how far .-Uili alteration wool I have alle<:;ed the hist 
 liretedin^- disnihulioii ' it 'hen lieen in fone. 
 
 it!) The anuun!» < usines.s will he itudiied etich year hy a Afcoiintant's 
 
 chartered accountant, ill cerlil'y the .s (if any) to which the "*'■"■ 
 
 cinploye.s urc entitled. 
 
 (») The empioye.s onlld to .-hare in tho prolits for any financial QiialifirntionP 
 •,,ar are to bo such only a.s were employed ai. Ihe comiiiem- ■ment ,Ji',,,ri„^,. 
 of .smh year, and have furnished a repie-t. to br! entered on the 
 lis! of piofil-sharors. Tho acceptance of the terms herein olh'r. il 
 rs no' In be in any way a <'oaditiuu of cinploymen! or of proiuolioii. 
 l'i<j|i;-.-harer.s will bo free \o become or remain nuMubers uf any 
 trade or friendlv society. 
 
 I ."> 1 The .scheme is to continue in force only until tlie company ;^ives Duntion of 
 notice to tho empioye.s putting an enil thereto, but .such notiic, uide-s "■ "•-"'"• 
 given during .some month of January, will not take effect until tlio 
 end of the linamial year current at tho time it Is givou. 
 
 H 
 
10^3 
 
 employes' UENEIIT8. 
 
 [ClIAP. XI. 
 
 1li 
 
 
 ¥/' 
 
 
 I'i 
 
 !i 
 
 
 1 
 
 ;: f 
 
 Form 386. 
 
 Mctlicx) of 
 di»tributi"n. 
 
 Payroeut nl 
 
 Kinployt'M 
 Kaviuff. 
 
 Prirtiso in 
 tvent- of 
 (lamag't*. 
 
 Partner»hip 
 not confer rel, 
 
 Alteration 
 of rules. 
 
 Oefinitiims. 
 
 (til Till' ciii[iloyL'.-'' .^liiiio of prolif.s actiuiug iu each fiimiitial your i.- 
 (^subjetl as after uieiild) to l)o distributed among tlioiii iu proiioiiiim 
 to tlioii ri'.s|>oitiv(' .saluiius of \va;,'0.'< at tlio coinniencciiiont of .■^mli 
 yiar, taken for oiio wt'ok, e.\ilu.sivo of pic'iiiiuiu.s, ovortime, of oiiiei 
 variablo allowances. In making any year's distribution, it tliall In 
 permissible to tho coy to carry forwanl undivided to tho credit m 
 (ho followiiiff year'.s employes' share of prolitrt any sum wliiili, ii 
 divided, would havo </i\cu to them less than ono week's wages cdi ii- 
 latod a.s afsd. 
 
 ('i ) Karli ciuiiloye's buiius shall, within two months of the end of 
 the liiiaiR-iitl year, bo pd into his arcoiint at some saving.s bank, and 
 will then betouiu hi.s absolute ppty. 
 
 (8) j\ii oniploye whose service ends by notice ^ivcn on either .sicli\ 
 by illne.s.4, or by death, will have a riiflil to bonus for tho linaTici.il 
 year in wliich his service ends in propurtion to tho j)or;ion of the yea. 
 elap.vd tn thoiendof the month [irecediny the end of his service. Auv 
 employe leaving under circuiuslances other than before mould .-luil! 
 lose .such right. Any suiu lo.st to an enijiloye under this ri-le d ics no' 
 accrue to tho coy, but goes wholly lo in<:rease the distribution id tin- 
 other empluye.s. 
 
 (9) If an einiiloye icuses to be in the .service of tho companv li' 
 reason of any wilfid act or default on his part causing lofls or daniau-e 
 to tho coy, or is at the time indebted to the company, his bonus sli.ilj 
 bo applied to making good .such lo^ss oi' damage, or to payment oi 
 such debt. 
 
 (10) The employes are not lo havo either tho rights or bo umler fliii 
 liabilities of partner.s, and accordingly thoy arc not to intermeddle 
 in tho niiinagomcnt, or bo ontlii lo investigate or discover}' of the 
 accounts of tho business. 
 
 (11) Alterations or modilicatioiLS of those rules whiili o.^poricnro 
 may suggest as desirable may from time to (imo bo made by tlio coy, 
 but such changes, unle.ss made during .some month of .January, are not 
 to take effect until tho end of the financial year current at the time 
 they are made. 
 
 (12) In these rules words importing - 
 
 Tho masculine gender include also females. 
 The company'' means tho above-named coy. 
 ' Financial year ' means the year from tho 1st of Jaiin.ir\ 
 to tho 1st of January 
 
KOKMS. 
 
 ■1„ I, M..of . 
 
 ■-ir. 
 
 Willi ici'oronco U your ullui- to trail.-' for or piofin-o llio .illi.inioiit 
 
 .,, „„, ,,l - fully pel-Ill) "■ ■■*•"<"'••' •" ''"-' 'i'l'il-'l <if '' ^J- '''">'<! 
 
 !„.!.iv. lOHTicd 10 118 "tiio toy' i. on llio tonus liullr "ol foitli. I 
 
 ,i,>f.iin to s;iy that I accept that ciifer, iiii<l iindoitako to pcrfoini and 
 
 ,,l,,<.ivc til*' ■^il tonus. Those teriii.s aio as follow-;: 
 
 1.1 mil not to sell, nioitfrast', char^,'0, or otliciwiso dispose of the 
 „1 -|,,iiv- uiilil after ton ytMi.s fioiii llio Isi .liiiiuary. lit -. And if I 
 ,|,i ,.r alHMiipt to do anytliiut,' in oontravontiou of tlii.-^ provision, or if 
 niiliin iho sd periotl I •'easo to ho oniployud by the ooy, the sd sharo.^ 
 :, n! onro U< revert to you. .'lud I will on dciuaiid tran.sfor llio r^amp 
 i.> v"ii or your nominees. 
 
 li. Duiiii;;- the fd period nf ten \i':ir.> tlio cerliticate or ivrtiiiralcs 
 1 ■hiMMLi- to the -d shares slndl ho lodued with, and retniiied hy, the 
 voy on your behalf. 
 
 ".!. If at any time after the sd peri<j<l c)f ten years, mid within 
 I viiily yi'ar.s from the .late liof, I shall de.sire to transfer ilie -d i-hare.s 
 ,,i- anv of them, I will in the lir.st iiislanoe yrive you notice in writing 
 i.f such desire, and in such cjvse you shall have the option of pur- 
 ,lia.sinn: the sd share.^ at their market value: and if there bo no 
 market value, or any dillerence arises between ns as to the market 
 \iihie, ilieii at such .sum as the auditor of tlio cnv shall certifv to be 
 in his opinion the fair value thof. 
 
 t. If I shall (lie witiiin twenty years from the dule licjf. "r shall, 
 iifler ten years and within twenty years from the date hof. cease to 
 lie employed by the I'oy, you or your iKjiiiinee shall have the option 
 of |)ureha.sing the sd shares at a sum erpial to the nominal value 
 
 thof; and suih option shall be exercisable at anv time within 
 
 nioiiths after su<h death or cesser of employment as the ca-e may lie 
 
 .".. Whei-o vou exercise any such option as afsd, it -hall re^t with 
 I oil lo li.K the time and place for comideiion: and at the lime and 
 place .-o lixed I will liaiwfer the shares on payment of the piirchase- 
 iiiuMCN ; and if at the time and place af.sd I make default in Iraiis- 
 lorriiio- the same, or if I make default in transferrin'^' under clause 1 
 hof, \ou may aulhoii/e any otiicer of the coy on my behalf l.o sign a 
 transfer of such shares lo \ou or your nominees, and a transfer 
 -iuiumI by him shall be ollcctive. 
 
 II .\iiv luiiiii" to me or my le^al persunal repieseiitutives may bo 
 -■iM'd hy sendino; the sanio lluouoh the post addressed to iiii> at my 
 iiddix'ss below menliono<l, and any notice so served .shall be d>'emed to 
 iuive reached mo or my legal personal representatives at the e\pira- 
 lion of — days after it is posltvl. 
 
 \s wrrNKss Mv hand \Nn si:ai., this, Ac. 
 
 urn 
 
 Form 387 
 
 .XuTwmriil 
 wirti I'liiiitoyt'T 
 for retrimiil'i 1 
 of Hhar»'H. 
 
 r 
 
 Not to wU. 
 
 Dcpofit of 
 rcrtitioatoH. 
 
 Notice befovf 
 Han^ftT. 
 
 Death. 
 
 r'omiilction. 
 
 Notice. 
 
 
lOM 
 
 Form 388. 
 
 Participation 
 
 OtTtitii^Utt* tlH 
 
 if p:ivf'. wt ni 
 till- ll.. 111. r..f 
 II f|>'ritiiil 
 miiiilHT 1 4' 
 
 KMI'LOYES' DKNEFIT«. 
 
 A., I>. vt Co., lilMl'l). 
 
 [ClIAP. XI. 
 
 No. 
 
 Parlifipation Certificate on the footinj; of f Ordinan' Shares 
 
 Tlii.3 i.s lo cortify tliat , of (liiiflr ftiUoil "tlio ceriili(ati' 
 
 lioldor"), wliil.sl lio Is in llio oinployniont of tlio al)ovo-iiaini'<l (.i\ 
 (linftr called "the coy "), will Ijo eiitli), in uil.litioa to liis sulaiy. I > 
 payiiienlij vaiyinf,' with the annual annjunl of the prolix of the coy m 
 follows: — 
 
 1. The auditors of the coy sliall, ns .soon as conveniently may lo 
 aflci- the close of each liiiancial year of the coy, corlify in uritiiiL,' 
 what are tl;o net prulits of the coy's liu.<inc<s of sui.h year. 
 
 2. In so certifyin^f, such a .sum shall be de hutcil for do|)reii^iti u 
 of plant a.s shall be equal to ."> p.c. of the value of such i)laiit I . 
 the time beinr; of the coy, and such n sum shall bo deduoteil I'nr 
 reserve fund not exccHxliiiir lo p.c. of such profits as the direcloi-. 
 coii.sider necessary to place lo ro-ervc, and in addition there shall l.i 
 deilucied a sum sullicient to pay ilividend upon the prclereiicn Klian s 
 (if any) in the capital of t!ie coy for the time bein^' out.slaiulin-, 
 and the prolit.s less these deductions are below reforred to a> tho 
 Burplus prolits. ' 
 
 o. The auditors ol tiie cuy shall also cortify what rate of divi- 
 dend the surplus profits af.sd would be ^ullicient t.) pay on llic capil.il 
 pd up on the ordinary sliares in the caiiital of the coy for the time 
 beino- outstJindinj^. 
 
 ■1. Jf a dividend on .t' of ordinary shares at Iho rale af>d u.nild 
 
 exceeii the salary for the year payable lo the ecnilica;e holder. iIm n 
 and in such case the coy will pay to the eertilicate holder a sum e,j\i,U 
 to the excess ad and by way of further remuiieralion for his K-rvice-;. 
 
 5. This certificate is one of a series of like certilieales i-^u^d. or 
 wdiich may from lime to time be is.sued, liy the coy to the rnaiiajier-; ■ i 
 employes of the coy by way of special inducement to promote tlr' 
 iuteresl of the coy. 
 
 G. Notice in writing will Ix) (.jiven by the coy lo the cerlitic.iie 
 holder when any payment becomes duo under this cfntiticate. 
 
 7. A! the expiration of fourteen days after each payment a'-l 
 iKJComes duo, the coy will pay to t!ie eertilicate holder the aiaoiim 
 pa\able to him under this certiliwito. 
 
 8. Ill order to obtain [layinent of mch amount, the certificate linldf r 
 must produce this c»-rtilicate to the coy, and musi sign and deliver lo 
 the coy a recei[)l for the payment, and must permit the coy to endorse 
 hereon a nolo of such payment. 
 
 9. A\'hen the ceitilicate holder rea.ses to bo emidoyed by the coy li" 
 must forthwith surrender this eertilicate to tho coy to be cancclle<l. 
 
 10. This certificate and the benefit tliof are strictly pei-sonal, and 
 are not transferable by tho eertilicate holder, and if Uio holder siiall 
 
KOKMS. 
 
 lOMJ 
 
 at any timo ussign, uiuitjru'f. 
 
 tjru);«>, I'hurHO, or pai't with |iosso>sinii oi- Foim 388. 
 
 if llii-s c^ntilieato, or tlio iiitoicst of llio lioldcr tlii'r.'Uiiili-r or 
 t tliuf, or atUMUi)t so t<j do, tlio coy may, I'v nolico ii: writiii'jr 
 lioliler, doi'laro tliis iortirnalo uiid all the iiiuT.'.st of tli(> hold, r 
 
 lor forfoiltxl, and tliorcuimu tlio Name shall lie I'iiiI'i'IiimI 
 1 Ihi.s ccrl ilic.it* shall bo surrt'iidoivd to tho coy to bo 
 
 any Ji 
 1.1 the 
 tli.-iviiii' 
 uri-.)nliii,ul>, am 
 
 ralH'"ll"'d. 
 
 II. A iiouco |o tlio oorlitii'alc luildor ln'romidor may bi' srivcl by 
 llir cov <m him iioisoiially. or by KOiidiii;; the same throu;^h llu' p.i-il 
 
 nii.iH'>~<'« 
 
 1 to him ul lii-i adilros^^i iibovo mniit^l or at his la-t Unowii 
 
 lit 1 1 
 
 if ad lio 
 oxiiiiati.iii <i 
 
 (1 shall ill such laltor la-o bo dooiiiod '< i c sctvi'd 
 
 f tui'lvo buurs afior t 
 
 10 samo IS posioil 
 
 (iivoii, &o. 
 
 TmsT I)i:i:i> fonstiliititiii Sipikwm; \ rios Klni> 
 
 rillS IXDHN'TrUE made Iho - day of ~ , I'.t , ISi'tw.-on Form 389. 
 — .hiiflr cJiUod "tho coy " i "f the on., iiarf, ainl , of , a .,.^,,.,, ,,.,,,,, 
 
 ilirc.tor of tho coy, - , of — . a diii'cl.ir of tho idv. , of , .■.,i,.ii!..iiiii,' 
 
 so. Tinaiy of tho same coy, and , of - - , as nomiiio,. (if lIu' cm- J||;" ',:^,','i''''' 
 
 ii.iit.f of the .sick fund (.-co .1. 2i) > i hiifir calh' I ' the |iic-,'ni lie- ' i. 
 Ill ilic .ithoi part. 
 
 Wlir.itrAS tho coy is ilc-ii..iii of cstubli-hiicz a -ii|Ha'aiiiiiialiiiii fiiml 
 lui' tho lionefit of it.s malo ouiidoyc- in l.ou.l.m aii.l l;ui'iiii-liaiii 
 
 Si 
 
 ..tii.!i~i...l. 
 
 .\.i\\ TIIKSK I'HKSKNIS \Vll.VI>s .\Ml llliCI Aid', a.s follnWs; 
 
 1. In Ihcso prosoat.s, unloss e.xcliuloj by tho subjc! or cont.'.xl. Int. li^r. t.- 
 •ihc trees" means and iiii.ludos the' jiiesoiii trees, oi other the t;ce> 
 01 tree f.ir the time '.iciiij;' hof. " The fun.l " means tho supeiunniia- 
 li.jii fund to be constituted as hnftr provided. 
 
 •2. A fund to be called the superannuation fund shall be constituted '•''"■ ''"; 
 an. I established. 
 
 ,i, Sudi fund .■.hall cousisi, iu the first instance, of tho .several '^'i' "ha,'.'/ ''* 
 iiivcstmenis specified in the schedule lito, and there shall be added !■!, J, ,,,,'„ .,, 
 10 the fund all oafribulions iiii.l ad.lilioii- wliicli are t.i be carried a.,-! lui-.i- 
 
 I i 1" i I ■ t riMlirii'Ul I '11'*. 
 
 10 it as hnftr ]irovuled. and the income of the liiml and ol llie iiivost- 
 iiieiils for the time b.'iafi' repre.-eutiny the same ..hall al^o li.' a<lded 
 10 the fund. 
 
 I The fund shall be \■^'M'',\ in ilio iiiesent trees, or their sm cess.irs T<. Iw vested 
 
 iM trii>t.es. 
 m the tiiisl . 
 
 5. The money.s from lime to time in the hands of the trees iiiion the WIhto m.t 
 trusts hof, and not pre.sently reiiuired for maliimr any |iaymonl J.|';^~;.",'„,'^„ 
 pursuant hto, shall, if and s.i far a.s the coy shall bo williu.'- to accept !«• aJvuuuc-.l 
 
Id.'M 
 
 KMI'LOYKS BKNKKITH. 
 
 rciiAi'. XF. 
 
 Form 389. 
 
 pt r(itii|iatiy 
 
 Utl Inail t>r 
 
 iiivi-ytid. ic. 
 
 ■. vi| i 
 
 ' I 
 
 V(ilMii!;iry 
 aiiinril run- 
 ti;l,.,n..i, ,,f 
 i 'lil|Kiiiy 
 t.i fil'id. 
 
 Fiitnl JUitMJl* 
 
 rilv f'T 1111- 
 
 Jl! li'« Mll.l 
 
 III \t for 
 
 of dl'rirlM'i 
 
 t'ni|ili)y('M. 
 
 to provid.' fur 
 oldajfPitci'. T'l- 
 
 \Vli;it .111- 
 ()! v(*^ tuny 
 a|.|.ly fi.r 
 allowiiiicPB. 
 
 Otlur fm- 
 pldVr?* ill 
 •pwial caprs. 
 
 Inc:apacitutod 
 tmployi's. 
 
 KvidiiHT (if 
 flifilijlitv. 
 
 Modificat ion 
 by trusfePH of 
 allowart^es. 
 
 AUowances 
 strictly 
 persoual and 
 non-asgiffn- 
 ablt', ic. 
 
 tlic xiinie, bo udviiiictid to tlm coy hy wav of loiin, n>|)ayublo on 
 IoiiuiikI, uihI tainiiipr interest at 5 p.r.p.ii.. uiiil tho cov mixy nt nnv 
 lime |i:iy oil mmv tiiniK'y.s no mlvaniO'l. .'iml any iiionoy^ in llio linmls 
 of till" iro«'.-i upon tho trusts hot', whiili tho coy Hhall at any tiinc lio 
 iiiiwilliny: to accopl on loan, may lie invo.sti'il in any iiivusluicnti- In 
 law pt>iinille<i to Irot-si, and tho invoNduontM thol' may ai any liino b« 
 varied aii may seem oxpediont to llio troot. or may be pbicod an 
 liopo."!! wilh liny bank or banks if iho trees may think cxpccbcin 
 
 ti, Tlic roy pri>|)OKOs to ciintribiilt! each year to tho fund tlio .-iini 
 (if l . oi .siicli o'lior .sum as tho coy shall Irom time (o (iinc drici- 
 mine, but tlie coy i.s not to bo bound to make any such conlribiiticii 
 
 7. Tho fund i.s lo bo rcj^ardod a.s jirimaiily osiaiili.>ii(!(l f.,i il,,. 
 bonoiii of (Miiployo wliu-c ( liaraclor and hMi;;lli of service may, in 
 the judgment of the In o.s, entitle them t'> a claim on it, and, secondly. 
 for llie purpose of iissisiinu- -uivivois who may b.ivo been de[icndi'nt 
 (111 dci eased employ(.''s. and wlio-e ciri um-ilaiices mav nere^sitato soiiii 
 licip. 
 
 8 The eslablislinient of the fund is not to be re^ardod as in aii\ 
 way relieving employes of their duty to make .'<uch provision fm oM 
 age and llio~o dcpcndoni upon them a« their means will poiniii 
 
 '.t. .\ny employe of tho coy who ha.s been in the servi((' of ihc in' 
 111 ii.> predC(r.ssors in business for at least Iwenly-live yo.u^. and lui> 
 lompleled ihe sixliciii year nf his atro. may a[)ply fur ,i leiirinu 
 :il!ir,vaii( e, 
 
 U). K.xccpt in cases where ill-hoalih or special ( irium.sian. cs -iiall 
 ill the opinion of the diieiioLs, ju-^lify it. no allowance idiall In' 
 Hiaiiled lo an empliye who is not sixty years of auc and ha-- no; 
 lompleled l\\«'iily years of .-oiviio with the roy or ils predeicsxn- 
 iii bwsines-. 
 
 1 1 . .Vny emphnc who ha.s been in tin! serviie of tho coy or iu-- pic- 
 deie.».~ors in business for at leasl twenty year";, and }i:i~ becmiii' 
 miMilally or |)hy.-iically incapacilated, may be y;ranled an .iniiiial ii 
 other allowanic .subject to the ])ro\isions hot. 
 
 rj. Any emidoye under sixty years <jf age who shali iie in ierei|ii 
 of a retiring allowanio shall, when lOipiircd by the trees, bo bound tn 
 .satisfy iheni, by mediial i«,'rtilicato or otheiwi-e, ih.il there li.is bein 
 no material rhaiiire in the (inumstaiMes in which 'ho allox\aiiie wa^ 
 granted. 
 
 I.!. The tree.> ma\ willidrau or modify or determine any allouaiin 
 when, in their opinion, iho cireiiiustanccs or conduct of the leripicm 
 .shall justify them in so doing. 
 
 14. An allowance as afsd is to be regard<'d a.s strictly por.--onal. ami 
 cannot bo assigned, charged, or alienated in any way. and any iii.lein|ii 
 to assign, charge, or alienate shall determine the allowance, but with- 
 
XF. 
 
 KOKMH. 
 
 lo:rr 
 
 til .lIU'l .11 
 
 kIj. (■ lii till" li'"«w'ilisi TtMiuii Id loiiliinii' iIip miiuo if ilirv lliiiiK Form 389. 
 
 II iiitoi v.il 01 otliorwist 
 
 I.. 1 
 
 II living 
 
 ll 
 
 ic ainuiiiit ol (Mill alloNvuiii'C, ami iii ma 
 
 ikini; 
 
 iiiN l)i«<rpii if 
 
 ilicali'iii llu'li'lll 
 
 thi> ti 
 
 lav «!xoni«« tlioir diwri-tioii will 
 
 tru«tt«'n in ti\- 
 it.^ iniiMiint!!. 
 
 icK'I'Ml' 
 
 III al 
 
 llio ( irniiiislaiKL''; lull, willumt projinlico (o kikIi Sul.jnt i.i 
 
 it i> ilorlarcil llial llio t'cillo\viii(i; is the rotiriiif^ rtjlowanci' 
 1 uiiU'iiililaU'il will li(' (laval)lt'. that iis tu nay— 
 
 I h (li-i 
 
 tiittu riTtaili 
 
 ru|.« >li'ill l» 
 
 I all 
 
 .ll li 
 
 as tlio I'uitil hhall liuvu loai-liud llii* r<iiiii ul 
 
 ..i>.i 
 
 .1 
 
 i.mio/. llio ri'iiri;ijf ultowaiiro [ 
 
 I'l- wook iil'lor I Weill V voais 
 
 i'lxiic fliall lie oiic-lliiiil of iho iioisijp' ivcratrc we •!; 
 
 iiiiiiiu-^ lor llii' 1.1 
 
 lliK'i- Ncais ol hi, i'lii|i|i>\ liiciit, hill w 
 
 ihai .-Ml 
 
 ll allowaiirc -hall mil oxfOttl I'lX. pt'i' wi'oK 
 
 I, \l!('l 
 
 I ho fi 
 •ds.ll 
 
 s\v. 
 
 Iiavi' ic.iclK!! 
 
 I thi 
 
 III i)f .>,lM)t)/. ami 
 
 ■r week ul'lor twciitv \ oars' 
 
 uv 
 
 sun .s avt'iuj'ij w(" 
 
 iijiwuiiis, llio n'liriii<j: allowaiico po 
 .scivito .-hall ho oiio-hall' »{ the ))0f 
 ('ariiiiif;.s lor Iho la-t thioo vears nf his 0Mi|)|n\ nioiii. hiil mi 
 that .-mh alUiwamo ,-|iall nut oMOod '20s. per wooU. 
 \ ii\ oiii|iio_vc w 
 
 ihn .-hall lio (lisiiii-scd. in -hall ii'liic liuni liir H.iii. 
 
 Mlt'lll 
 1,1.. 
 
 -,.m..' .ll llio f'.y ill ('onsi'(|iioiiro ol' iiiiscniiilii.l. wliall ho (lis.iualilii'.l ','],,',,|,'!^||'' ' 
 11. 111! r<.Lci\ iii^' aii\ all.iwam-o ln'ioiiailor. iiii-u..ii.iii. i 
 
 Win,, liy lliO i-ul..^ an alLiwaii... w.i* (.. I,.- i.i;i.l.' I.i :in .iiii.l.iv.' r.-rlrii,"' with 
 til,. ,■.,11-, '111 ..1' til.- .lir.' li»r^, it win Ii.'I.l that an I'lupl.iy.'- whu was ro.iiiiiiil to 
 ,,-i^,i. aii.l I'.'sijjiie.l a.',-.jrdiiiirly, did not coint' witliin tlio wurdi*. Hti-phminn v. 
 /. '., , .h„„/ SloH- llniik, 20 T. L. R. 8. 
 
 » 1 
 
 \", Til.' Iroi'.- liias i;iaiit .-mil l''lii|iulaiy ui .illior allouamc |.i r«ini,.,r:iry 
 ui.l.iv- and i.tiioi doiioiidaiil.- ol' tJiiiplovt'S wli.j niav dio in tlio .-oisi.c ' ■',' _. t' 
 1,1 ill.' . ,y, or .shoillv al'lor loaviu;; tlio soivico of tin- coy, us in thoii 
 .ii,-.i|iiif ili-, TOli.jii llioy may think proiioi . 
 
 IS. Til..' troos ,. ,y moot loirolhor I'm- Iho dispat.li of bnsino-.-, M.«tiii;t> .niJ 
 uiliiiiiiii. and olhoiwi.so lognlato their nioc:iii;^s as thoy think lit, and ','f truKtcn. 
 Ill, IV iloioMiiino tlio (jiioniiii ncic.ssaiy lor tlio tran-aitii)ii of bu-iiio— . 
 1 ii'il uiliorwi.-o dei-'rniined '! -"o trees bhall form a tpioiuiii. A tiro 
 iiin a! any liiuo . onveiio ; iiootini;- of tlio tioos to ho li.'l.l at llio 
 olli. .ll' iho (■i.y. l,)iio.stioiis ari-iiou' at any nioo'iiifr .shall ho dot i.i... 1 
 i V ,1 iii.ijniiiy of volos. an.l in i a-o of an oqiialily of vo'os Iho .liaii- 
 r;;iii .-li.ill havo a .-o.'Oiiil or caslinir voto. A troo in Iho riiiloil 
 l\iiii_.loui .shall iiijt bo onlM to iio'i(.o ol a mocliug- of tho tious. 
 
 I','. A mooting of the trees f.ir iho liiiie boiny; ul wlii.h u (pioruiu (iii'inan 
 In lu.'-oii! shall bo . (iiiip<.'loiit to oxor.i.so all or any of llio .iiilhoiilio.-. 
 I ■.!,. IS, ami disi roti.jiis by tlio.so pre.sonts veslcd in the trees gciiorally. 
 
 :;o. Tlio tiee.s shall cause proper miuute.s U> bo kep,. and entored, in Minutes. 
 a liook [iiovided for tho purpose, of all tlioir resolutions and piocood- 
 iii;rs, and any suoh minutes of any !iioeliii<>: of tho tree.s, if purporting: 
 to ijo signed by the thairiuau of such uioeting, or by the chairiiian of 
 
 
ll 
 
 I I 
 
 n>t«* 
 
 Form 389. 
 
 Ht-i.'i'KTitf 
 ettiptiiti-* in 
 r.-<ii|ii III' 
 all'iwaiii-fi. 
 
 N'utiri» 
 
 AHorili.'ii i.f 
 
 rtitfulittiuiiH 
 
 kcrciu. 
 
 KMPI.OVKS' HKNKKirS. 
 
 rc'iiAP. XI. 
 
 Full (lifirc- 
 linii of 
 trustLi M. 
 
 Indi-tmuty 
 to tru>tfi_-i<. 
 
 DiriTtnrs 
 iitxl Kitiris 
 ari tiu.irt-t>B 
 of f uud. 
 
 New tru^teCH. 
 
 Piri'i'tfir i.r 
 w'lTffJiry of 
 cuiiipuiiy 
 va •.itiii'' office 
 
 Iho ne\t miccooiliii^ iiiO()tin<^', <<h;ill lie rui i>iviilil>' u» /itimd jaeit 
 <>\iik'ii<<' ul i|i<- iiiiiiior>4 8taio<l ill hik h iiiiMuto.s. 
 
 Jl. A iiiL,'i,i>'or kIuiII \ii' kofil I'V llio trcoi in uliirli kIiiiII Im ('iil-irpij 
 llif iiaiiios ;iiiil •icliirc.i'-iis ol llio |)<ii.-iiiin lor llio timo lioiii;^, ami I'lmji 
 lime !(> lime, who :ii<> in ri'i(ji|il ot' iillowalii <•< liciciimlrr, iiml m tli.i 
 iK'Ui t'oi llii> liiiiu lioiiii; llnf. 
 
 22. I'ul IJic |ilil|»i.-o< liol'iiliv ii():iii' (oimv M<u. or lo.iii\ |mi'-nii in 
 icioi|(i of liny iillowMiic'i' ln'iiMiiiiU'r, miiv lin i^ivi'ii l>y Mt'iniin;,' (||i> 
 Millie (liioii;;li llio |ii"st, in u lf't<>r iulilio->0(l lo liiiii at lii-< ii';^'i.i..[,..| 
 jilaic ol .iili|i('», iiiid liny llo'iio ^o ni'lU ftliall Im) ik'ciiioil to Im nciicl 
 on )lic if ly Inllowinj; lh.il on wliii h it is ponloil. 
 
 J.l. 'i'lii' roy ni.iy I ruin liiiir lo liiiii", t>y inNlriiiiu'iil in v.ii'i , ■ muIi 
 its roiiiiiioii -v^i], ttilli llii" a^sciil in wriiiiiir "I 'lii- l!i>i>^. iilliT .ill ur 
 iin_\ ol' llii' U'j;iilaiiiin.s lonUiiiu'ii in tlii>.-o |)n's<Mit.>' lor tlio tii'ii) Inimj 
 ii'l.iini; lo tin' t'liiiil liliy (•'iii>!itiii«'i|, anil inaJKi' now rej^'ilalimi- to 
 llio i'\( lii>ioii Ol. or in iiMilion to, all or iiny of iIid ri'U''i'"lioii> I'nr 
 tliii lime litMir.' ri'lalin^ lo hik li fnni; an. I llm ri'jjfnlutitiin ho lu.i.jft 
 .mil toi thu lime bein;^ in funi! filiall ho dooiiieJ to ho rep;iila'ioii>. in 
 icl.itioii to tl.n fund, of llioKunif valiility as if they hail been ori-inally 
 (oiitaineil in ; cm,' pre^enUs, and Nliall he snhject in like nianni'r to Im 
 ul'oiud or iiiiio.ik'd hy any «nhsei|iieiil inxtriiiiioiil in wiilin^' n.s iil-i. 
 For the piir|iii.ii<s liof all the provisioii.s hi'ioiu contaiued kIiuII be 
 dioined lo he ro^'iilalions in relation to tlio fund. 
 
 lit. Tlie tieoi, in the oxeni-e of the aulliorilii-* and di-iiretioiis hliy 
 vc-led ill lliein, >liall have an ahsolii'ii and iinroiit rolled di-rietim, 
 and may exeiiiso tlio saiiio fioiii time to time, and at any tinic. 
 
 li.'i. Tlio tieos .shall ro-ply hu indoniiiilieil a;,'ainst all liabilifics 
 iiK lined by thoiii in the oxuculiun of the tni.-t.-i hof, anil shall luuo a 
 lion on llio fund for mi h iiidomiii'y. 
 
 l-'ti. The tioe-i of tlio fund shall alu.ays jmludo two of tlio dircttors 
 of tlio coy, tho secro;iry of tho coy, and ouo other person to bo ap- 
 poiiiled by the luajoii y for tho timo being of tho foiinnittee of the 
 ^iL■k fund wliiih lia-s loou oslablishod in iclation to tho coy. Tlio 
 
 sd and arc two of tho jirasent directors, tho sd is the 
 
 Nerietary, and tho .sd his boon jioininatod by iho coinniiilce of 
 
 tho Kiik fund. 
 
 27. Tho slatulory power of appointing new trees in the place of 
 anv tree apiiointed in rospocl of his Innng tho managing dircclor 
 or dire, lor or soirolary of tho coy shall bo vested in the coy, iiml 
 tho statiilury power of appoinling a new tree in the place of any 
 li'oo nominated by the coininitlce of the nick fund .shall ho vesiod 
 in ihc luajuriiy of the coiiiiuitlou of the ^iL-k fund. 
 
 28. Any troo who, liaving boon appointed a.s managing director 
 or a diio.tor or secretary of the coy, vacates ollii* as such, shall ho 
 deeiuod thereupon to do.sire to be discharged from the trusts hof for 
 
KOKMS. 
 
 1 1 nil 
 
 l.y -irl.i- 
 
 (1,0 |iiir|)fi'*0'< of tlio exorci-to of tlio utaliitory power of appninlinp Form 389. 
 
 now' IIW-< (,, r, tir» fr.1111 
 
 o;i li ilio (i>y mIiuII ill iiiiy titiio '^'ivo to llio trooi iio'iio in writing,' ini-t«. 
 
 iiMiH' ihut tlio L'ov (lijo-i not ill imil to niuliO imv fni'llicr ('(.iifriliii- l)<itrtiiiim- 
 
 t]..|i« I'l ill*' funil, or an order hIuiII liu iniule or uii clleelivo rusoliition „,„i ,|,,tni u- 
 
 hI.iII lie ii.i-eil for tlio winiliiin-up of tlio eov, or wlion tlic JoM'„'o-it ti.ti l.y ; 
 s"*»"'^i ' ... tr it lull. 
 
 Inei III llio now oxisliii^; ^I'lmlrliililioii of ills l.iUi Majesty Kinj.; 
 
 Klu.itil VII. sluill (lie, the I'liihl ~li.ill !><> loilisel aiici hliall Im- ili^tri- 
 
 |,iie I .iiiioii;;-! llio mil*' om|il()y. -. of itin coy in sitiii jiidpoili'iin iis 
 
 hii.ill I*' iloUMiniiiOil to 1)(3 just and ei(uilJililo liy an iirliitiator to lie 
 
 iil.pniiiieil a.i linflr provided, und uieordinj^ly sm li person .--liall 
 
 fni'huilli lie appoiliH'd ailiitnitor as llie (oy and llio Iretw liof shall 
 
 Mii.iiiiiii m Iv uppiiini, und if Meli appoinlnienl is not made williin 
 
 i||..,.<' .alenda. luoiillin af!* ! nil <i- ler or elle.li\,. lew.ilii; imi is 
 
 mule or p.is>cd, tlion tlio majority of llio trees liol may rei|iies| tlie 
 
 I'le-iiliiil for tlio liino I'eiii^,' of tlie Iinorporaie.l I.au Sm lely of 
 
 I,) appoint siicli irlii'iator, and .siiih I'residcnt shall luivo aullio- 
 
 ii'v to appoint him aciordin<;ly. 
 
 ;',ii. 'I'lie ih'^oriiiinatiiin of tlio arliilr.i'or appointed under llic fure- 
 
 . KiiH (l.iii-e sliall 1)0 aliiohi'o and liiiil. and all llio icnts, rliariri's 
 
 and exiiensos of and imidoiit to tlio rc.ili^.ilion and di-trilmlion of llio abauluio. 
 
 lull I, iinliiiliiiK tlio romuiicraliou of iho arliilialor. bliall hi) payahio 
 
 (lilt tif I lie fund. 
 
 n. tfrmirin- 
 
 tii.ii "f 
 ii' li tr;itor 
 
 I.N \V1T.SES3, &C. 
 
 The Sciikdii k ahovc referred to. 
 
 Piirticuhirs of /(jrc.sO/tcH/s. 
 
 MisCILLANEOLS Cl M'SES in AltTICLES OF ASSOCIATION' aS io 
 
 Employe Directous. 
 
 Directors. 
 
 1. The ipialifioation of a direi tor (otlior than an omploye diicrtor) Form 390. 
 thiill lie llie hiildinij of nominal eapilal amoun'iiijr to 7. .'■(»<)/. at least. ,ju.,ii,i^^,i„„ 
 
 The (lualiliealion of an employe diroilor shall liG tlio lioldiiif,' of 
 iMininal capital of such amount not, hciiv^ loss than £ - , as the 
 ilireitors (other than employe diiedorsj .shall from time to time 
 ilclenuino. 
 
 i; In this clause "employe director " moaub a dirct tor, who being I), finiiion of 
 a ile|iartineulal head, and haviiif^ been in tho constant employm(>nt j\"[.^.tor. 
 cl' the coy in that capacity, or otherwise, for at least ten years, ia 
 
 
104i» 
 
 KMPLOYES' BENEFITS. 
 
 [Chap. XI. 
 
 Form 390. 
 
 Klectiuu imd 
 rtttatioii of 
 einployr 
 directors. 
 
 Majority of 
 liiri'iitttrH. 
 (itlur than 
 t'liiployr 
 dirt rlors, 
 ntiiiired to 
 roiiyfiit to 
 fleet iouM, &(■ 
 
 cloctod or appointcil hy ilic diroctois (other tliau einployu dirotiors) 
 to lio ail ouiployi' director in inaancr Jiiil'lr inovided. Js'ot moic 
 than tliri-e diioitors at any one tiiiio shall be oinployc dircctoi's. 
 
 .!. Tiio diroctois (other than eiuployi' diieetorf;) may from tiiuc to 
 time elect or ai)poiiit any j)ersonx to be I'uiploye directors, but no that 
 the toial number of the diieotor-s at any one time shall not exi ocd ilii> 
 maximum number provided by, or in accordance witli, clati>e 
 and so that the total numlKM- of employe diiwtors al any one time 
 shall not exieod three. 
 
 t. If and whenever any of the directors .-hall be eiiiiiloye dii(>(t<ji>. 
 the one of such emi)!oy('' dirccfors who has been lon^(>st in ollicc simll 
 relii(> immediaioly prior to the lirst oidiiiaiv jneeting to he hold in 
 each vcar, and the direclors (other than employe directors) may, i:n- 
 me<liately before such ordinary moetino:, fill the vacated cilice l)y ciihci 
 re-eleclino' or re-appoint iii<;- the retired employe diioitor. or olci linL' 
 or appointino' any oilier person who is (pialilied to be elected a> an 
 employe director. As between employi' directors who liavo bci i in 
 ollice an e(|ual len^rth of time. Ihc directors (other than eiiip|n\,> 
 directors) .>ihall decide! whi<'h of (iio empioyt' directors shall retire 
 The directors (other than employe diicclorsi may from time to lime 
 ri'mnve any (uuploye dire<l(n' from ollice befci.e the expiration of his 
 peril"! of ollice. 
 
 ."). No election oi ai)|)oin(ment, or re-election or re-ap])ointnienf, of 
 an employe director shall be valid unles.^ the same shall bo made with 
 the consent of an absolute majority for the time beino-of the directors 
 (other than employe directors), which cou-scnt .^liall be testilicd or 
 evidenced by joint or separate consent or coiweuts in writinn: siy:iied 
 bv the consentino- dii'cctors. 
 
 Trust Di:i-,n ronMifufln;/ I'k.vsiox Fi:n'o. 
 
 Form 391. 
 
 Tru.st deod 
 iN)!i>titntiii^ 
 ri'si rvo fuud. 
 
 irr.ttuittiiisly 
 tt■a^^tVl■r^■d 
 fully ]iiid up 
 .-h i:cM to tlie 
 iruslecs. 
 
 Stiaic- io hti 
 iioi'l oii truflU 
 )icrL.;f. 
 
 THIS INDKNTUHE, made the day of -, between .V. H , 
 
 of , huftr called the founder, of the one pt, and C, of , and 
 
 D., of , of the other pt, 
 
 WiiERE.vs the founder, who is lar<rely iniereste^d in the N. Coy, 
 Linifd (hnftr called " tiie coy "), is desirous of ostnbli~hino- a pon-iion 
 fund in relation to that c<n-, and with a view thereto has transferred 
 
 fully pd shares of £ - — • each in the coy, numbered to ■ 
 
 inclusive, to the said ('. and D. Now it is .\CRrF,D and declakimi as 
 follows:- — 
 
 1. The trees, which expression in this deed means the sd C and I)., 
 or other tho trees or tree for the time being hof, shall hold the sd 
 sliaivs and tho income thof in trust for the purpose-* hof. 
 
KOKMS. 
 
 ■1. Tlu' iint^xno of llio tnist luml sliull lie a|>|pli('(l in [Hiviiig llic 
 l»'ii>ioti.s fiom tiino to tiiiio paviilik- lioroiiiuloi-, iiikI if tlin iiicoiiu' of 
 .iiiv liuil-ji'tir or oliior iR'iind Nliall liv iiiMilli(i<'nl to |iiiv the -id |hmi- 
 >ii)n-. such jionsiotis sliall abiito ratt-altlv . 
 
 ;; Tlic follDwiiifj pt'inoiiK .shall lie cliy-ililp m~ |i<>ii~i(iiiors, lliaf i> In 
 -,i_v: 
 
 lai Porsoiii* who, haviiij^ ft<'rvt'(i ihc cov for more iJian tt-n ycLir>. 
 havo attained the np*' of si\t\-livo. 
 
 . \<) Widow.'- and or|)hauM of einplovt's who have died in the M'r\ iic 
 of tile coy. 
 
 (. Diirinji' the life of the founder ii .xliall re.-^l wiih iIk' rounder. iuiI 
 Ml'tcr lii.s death it slmll rest \vith the loy. ti) elei'i |ien>ioMei- aM<l lip 
 ili'lerniirie the amount of the pen^icm.s payable to them rcsp.Miivi'lv. 
 iiiiii the time or tinuv of payment, and to withdraw, rcilme. or in- 
 ( i-e;i.-i' any peir^ion 
 
 .v .\ i-egisterof pensioner^ i<hall he ke|it 1)\ the coy. and there sji^dl 
 i.i> enleW tiiereiu tho name.-* and addresses of the pensioners, and 
 ilic anioiint.s uf their rc>s])<!<tive pensions, and anv other particnlar.s 
 n'hilin;r theretn. 
 
 ti. Any surplus income from time tn time in tlu' hands of tlu' trees 
 iiia\ he invest<xl liy thorn in any investrjienlis authori/ed li\ law fur the 
 iiivi'siinent of trust funds, and the moneys so invsted and the income 
 ihiif shall constitute a reserve fund, and may lie apidied liy tlu' trees 
 nr tri'e at any i.aie in uu<inientation of the income of anv half-vear 
 uliioh shall he insudicient to jiay the sidisistin^ pensions 
 
 7 I'ensioners shall he elected for one \<'ar oidy. hut the\ u\:\\ hr 
 c'-clocled. 
 
 S. The founder may ut any time durin;; his lite hy de<'d modifx the 
 provisions <if this det;d, and aft<'r his (h>ath the cov max at an\ time 
 hy (h'ed modify the provisions of this deed. 
 
 11. The statutory |)ower of appointing new trees IkiI shall he xoi^mI 
 ill the founder duriu"- his life, and aft4'r ids d(>ath in the co\ 
 
 10 .Any notic<' to any pensioner may he jri^en. iVc 
 11, I'rovisit fitf iriiKliiiil-llji irilliiii Iriiiil Ihiiifx. 
 
 \\ wir.NKss, \-c. 
 
 Iltll 
 
 Form 391 
 
 Innonu- to Tn- 
 ttpplirtl for 
 
 IiriisioilH. 
 
 ;!«* |H'UHiiiii('r- 
 
 FiiuniltT first 
 aiul tlu'Ti rom- 
 \v.\\\\ to elect 
 peiimoniT-*. 
 
 Rt'iriMtrr of 
 p<*iisioiu'r>. 
 
 ruverttnifiit 
 of suq>liiK 
 inconio Hs 
 resfTVP fiiinl. 
 and iiiroiiif 
 of latter to 
 aiiirnuiit 
 
 JHllMoiiH. 
 
 Pt'Tisioners 
 only vtarly. 
 
 Mo<lifinatioii 
 
 of tll('S4' 
 
 pn scnts. 
 N.w trust. .'.s, 
 
 Xoti.-e-.. 
 Wiiuliu^^-up. 
 
 Tiusi Dr.r.i) roftsf/htfinff (m \k\\ii:i. FiNh 
 
 THIS JXDKXTlin-; iim.lr tli** ihiy oi . hotuctMi TIh' \ . Form 392 
 
 Maiik itf \ . I,imf<l (linfM' <-iiI|<'i| ' tlic Iiank • "t" iho uno >>t :»o<l rr. z i 
 
 ' iTusr a(vd 
 
 of . ai:(l (tf iliiit'i) callod 'llu' trctw"). of \\w 'oiiMitutinii 
 
 ^iitirunt<f 
 
 I"- 
 
 3 X 
 
!|i 
 
 a 
 
 m 
 
 ! i 3 
 
 1042 
 
 employes' benefits. 
 
 [Chap. XI. 
 
 Form 392. 
 
 fund {rf a 
 banking 
 company} . 
 
 Guiiraiitfi 
 fund. 
 
 Whereas the bank has determined to establish a guarantee fuml 
 
 for the purposes hnftr appearing: And whereas the sd and 
 
 }iave agie«d to act as trees for tlie purixwes of these presents 
 
 Now, THEREFORE, IT IS \OHKEr> AS FOLLOWS: - 
 
 1. A fund, to be called " iho guamutoe fund," shall be estublishoil. 
 and such fund shall lie fonned by contributions to bo inado by ollitore 
 and clerks in the employment of the bank, who shall Iwoomo suh- 
 Bcrilx'rs to the sd fund in manner followin":: 
 
 SubscriptioDH 2. Everj- oiiicer or clerk who d. t^ires to become a subscriber tn tlio 
 of ofHcra and ^j f^^j gjjaH apply to the bank to fix tlie amount of his security. 
 *'''^''"'' and, when that has been fixed, shall sign and deliver to the hank a 
 
 letter as follows: - 
 
 "To the V. Bank of .\., Limtd 
 
 ' (iputlemen,- My security having been fixed by you at i- 
 I be<r to iiiiplv for liberty to become a subscriber to the truaraiiti-c 
 
 fund in respect of a guarantee of £ , and 1 request your cousciii 
 
 ther<>to, and in conson tliof agree to be bound by the provisions of 
 the trust deed constituting the sd fund. 
 
 ■' Vours, &e.." 
 
 llisiT<>tion of 
 bunk HH to 
 admittance 
 of applicants. 
 
 Rij:ist(>r. 
 
 KaU's of cou- 
 iributionM. 
 
 ;t. It shall be for the bank to dotormiiie whether an applicant us 
 afsd shall or shall not be admitted to subscribe to the fund, ani nuiiii^ 
 of such determination shall be given to such applicant. 
 
 4. A register of subscribers to ♦' e sd fuwl shall be kept by the 
 bunk, and in such register there sliall be entered the name of cadi 
 .■subscriber to the fund, and the amount of the guarantee in respci I cf 
 whidi he subscribes, and the time from which he is a sulxiiibcr for 
 that amount, and the time when he ceases to bo a subscriber. 
 
 5. Every applicant who is admitted to subscribe as afxl fhall be 
 bound to contribute to the fund a premium of 2s. Cxi. jj.c.p.a, on tlic 
 amount li.xcd as his security, and such contribution mu.st be made liy 
 equal (piarterly paynionts on the usual (juarter days. 
 
 Sometimes pn>vi8ioii i» made for contributionn by the company, c.;;.. :i Hiini 
 I'lual to the yearly contributionH of the sabneribera until the fund amniints to a 
 speeified sum, and that whcii tliin fund amounta to that sum subscribers who liiivc 
 Kubsiriboil for ten yearn shall not pay further subscriptionB, unless and until tlic 
 
 fund IB rc.h d to "les.-. than the spe-.ified amount. Sometimes it is provided, that 
 
 when the fund exceeds a specified sura, the surplus shall be carried to the mipir- 
 annuation fund. 
 
FORM8. 
 
 loj:'. 
 
 i;. If any subscriber makes default for more tJian seven days in 
 piiviu<r any contribution due from him as afsd, tlie bank may, by 
 uotii o in writing, exclude such subscriber from the benelif of the fund, 
 uu<l tlienceforth ho shall forfeit all interest in the fund; but the bank, 
 ill its discrption, may annul any such forfeiture on «uuh terms and 
 (Oiiililions as it may think expedient. 
 
 7 Tlie fund shall be regarded as a security to the bank against all 
 ilcliili iitions and misfeasances by the subscribers thereto for the lime 
 being, but, as regards ea<?h subscriber, such security shall bo limit^^d 
 to I lie amount in respect of which he has been a subscriber. 
 
 t< ' . ,^ever the bank certiiies under its .seal that any subscriber to 
 the fund has been guilty of :>'■•' 'J.ifalcatiou or misfeasauco, and the 
 amoiiiii iii'(es.sary to ooinpoii bank tliorefor, then and in any 
 
 iiud c\ ory such case the ban! .hdraw from the fund and a|ipr<)- 
 
 iiiiaie a sum equal to the am » i:ertitie<i, but not exceeding tJir 
 
 uinount of the secuiily in re*pe<t of which sudi employe ha.** been 
 ((iiitribiitiiig. 
 
 ;i In tlic event ot any suliscribcr t^i tlie fund voluntarily retiring 
 fiiiin the service of the bank, or dying, such sub.«cribor, or his legal 
 per.-<onal representatives, ti.s the case may bo. shall, provided such 
 sulisiriber has not lieen guilty at any time <if any defalcation or 
 misfeasance in relation to the bank, be entld to ]iayriieiii out of the 
 fund of a sum e(|ual to one-half the amount of the premiums jxl b\ 
 him to the fund. 
 
 10. A subscriber to the fund who is dismi.-ised by the bank from its 
 -CI vice for any cause whatsoever shall forfeit all interest in the fund. 
 
 11. All contributions to the fund shall be pd to the bank, and the 
 liiiiil; .shall keep a ])roiK>r account thof; but it shall not be bound to 
 keep such contributions seporate from the generttl as-sets of the hank, 
 • IV lie regarded as a tree of such fund. 
 
 12. The bank may at any time by deed di.ssolve the fund, and in 
 'lial case the fund shall be applied, first, in making good to tlio bank 
 ill sums certified by the bank under clause 8 hof, and tlie surplus 
 -iiall be applied, so far as the same may extend, in paying off to eai li 
 -.ubscriber who lias not been guilty of ..i,y defalcation or misfeasance 
 in relation to the bank, one-half the amount of the premiums sub- 
 -' ribed li\ him. and the residue shall belong U) the bank. 
 
 Form 392. 
 
 IlxcIllsiMll ;|Uti 
 
 ft>rtfifurt on 
 ilnfiiiilt in 
 ccntrilmtiiprt' 
 
 Fuiirl to U- 
 u security 
 
 u.^^iiiii'^t. 
 ilf'tiiifhtiuii-. 
 
 Oil .Ul'al.ri- 
 fi'in bank nitty 
 itxtt-miiity 
 it«(>lf from 
 fund. 
 
 AlIow;iiHif t'l 
 ;i hiiti^MTihi'V 
 on iTtin'mcnr 
 
 F<'rl'>'itiiri- i>ii 
 (liMini.^sal. 
 
 Ritiik to !m.1.] 
 fiitid iititl kt'-p 
 
 lUCOUllt. 
 
 r>iK:4olutinu 
 and diMrihii- 
 
 ti.iii. 
 
 „ V . 
 
 
 Snmetimen it in provided that the fund shall be tlir absolute property of the 
 liiink, and that no subscriber thereto shall bo entitled to require any account 
 'iioreof, and that the bank may at any time put an end to the fund, and that any 
 .uiiieys at the eredit of the fund shall in that ease belonjr absolutely to the bank. 
 
 M. The bank may nt any time by de«Hl alter all or anv of the Ait.riti..ii i.f 
 n';;iilntions and provisions herein contained, and may make new fhest- pri-«nt.'. 
 'e;riilafions and provisions to the exclusion of or in addition to all or 
 
litM 
 
 Form 392. 
 
 ('nll-ultllli\i 
 
 fommittf' lit 
 
 Adililioiia! 
 M'curity ina\ 
 III- ntpiin-d 
 tiy hunk, 
 SuhrM'ribtr.H 
 
 iiiit iiiisiiiv.a 
 
 troni (it'faiiit 
 uotwitlii^tuini 
 imr thvir 
 ^ubv-riiitiiiri- 
 
 K.M l"L( ) V i:s BKN KFIiS. 
 
 [Chap. XL 
 
 iinv lesulaiiOM- ami provision^ heicin coiiMiuod. ii.i.l am lejrulatn.u.- 
 aiwl p|■ovi^inIls >o inado hy deod .sliall 1h- dei'mtvl to 1,<. teir'iliitions und 
 piovi.-ioii-- ol iIk' s;unc vuli.lil.v a> if tlu-v liad boon ori-inally c.m- 
 tiiiiicd ill llio.M> piosoiil-. and slnill l)0 sul.jivt in like iimimer to \<r 
 altciod Ol iiiiidilictl 
 
 II. Tli.> l.aiik may ill any lime, an<l from time to limo. appoint ;h,v 
 ol tlio ntHKMs of llio bank to ai't a.-* a ,M,nsultativo .-oiiunittee for il,.. 
 p„rpo.s.'.s of tlies,. prm-nl.-.. and may f.on. tiino to time ilolin.' iln 
 dutio.sandpowi.~..fMuln-oinmilt*H'.andniay mo.lifyordi-<s,,lv..Mi.|, 
 
 romiiiiltftv 
 
 l.V Nolliin-i licioiii i-oiuaimMl sliall prevent the bank fiom rei|iiir- 
 niix 01 lakiiitf from any .sub.sei ibev to tlio fund any addifioniil .; 
 .-peiial seciiiily for lii.s fidelity. 
 
 III. The personal liai)ility of every Mibseriber to the fund to ni.iki 
 ..O'ld hi.- defiilcalion.- and misfoasaiR-1'r, .shall remain and subsj-i in 
 .'vfiy re^pe<■t. a.s if the sd ouaranU-e fiin.t had not betMi establi>h.i.l 
 ,,nd each .■^iib.s.riber shall enter into a b.,ud for faithful ^ervi.e fiaimM 
 i„ a(ror<lan(e with the f..rin .-^t forth in the Mhediile hto. 
 
 17. The .statutory power uf appoiniiiiu- new tree.- hof -hall )■>' 
 vested ill the coy. 
 
 In \vi ixkss, itr 
 
 Tm: SriiKDi IK above referred tn 
 
 Form 393. 
 
 Bi>iiil for 
 faithful 
 
 ..frvicf. 
 
 IJoNiJ of EMi'i-ovf. for Faitiih I. Skkvkk. 
 
 I. -- of - -, in the wiunty of - . in loiwoii of tlie \ Kanl- 
 of X., l.iiiii.l (hiiftr ealle.1 'the bank' I. taking: me into iUi cmplo.% - 
 meiit upou au a-rivemt termi.iable upon one month.^ iiotiw by either 
 parlv. do hby biud myself, my hoin., exors and admoin. unto llie 
 bank, that I will, (lurin<>- all the time tiiat I continue in the einplox - 
 M.eiil of ihe bank in ativ e.ipa»ity. faithfully, diligently, and can'fiillv 
 attend t.i the bu.sine.ss of the bank, an<l U, the best of my skdl and 
 abililv perform all <luti<'.s which limy be re<|uired of me, aiul ob.-ci\c 
 aii.l <'\ecute all .such inslriictions or retiulaliouj* as have been or mav 
 |„. ^iven to me, from time t*i time, by any one in the employiiicnl 
 of tlio bank who may bo set over mo; that 1 will keep secret all 
 transactions which may come to my knowledfre while in the servnc 
 .il the bank, and '.'.ill honestlv an I t.idy :u«iimt t-,. ill" .lirectors. 
 nianuu-er», iii.sp<'etors, or other olli<vis of the bank havin- authority iii 
 ibal behair. for all sums of money, bills, promis-ory note-, or otliei 
 M ciirilies. propcrtv, or etlecLs of every kind bolon|:iiic: to the bank, or 
 
KMKMS. 
 
 IUI.'< 
 
 auv of ilh offiwrs or cil,-l<iiinT.«. with ulii.li I iimy ht' ciilru-'lpd. oi Form 393. 
 
 nliioli iimv at any time and in iiuy wiiv cumc to my liunds or under 
 
 1,1V i«>iiir<jl; and llmt I will, wlitn rr.|uir«'<i, |iiiy and dflivor flio sanic 
 
 (.1 am iHJMon or pcrsotLs to ho a|iii(iintod on htdiait' of th<' liaiik lo 
 
 jiHcive tlio sauic; that 1 will ou (h'maiid |«ay ajul make L;i"id to tli«' 
 
 l.aiili Ihi' aiiiouiil of all los-. daniairo. and <'\|Kiiise which may be 
 
 fii-taincd or iiiciirrt'd hy the hank hy or tlinm;^}! Iho non-fnililmoul of 
 
 au\ of the ol)li<ralioii,s luilicfoie lontuinod. or hy or tlimuy:h any aot, 
 
 ni'tricil. or default done. pennitKHh or sutl'erod hy ni<> at any time 
 
 \iliilo 1 continue in the employ nient of the haidi. with intoi'pst at the 
 
 rale of o pep. a. from the dat<' of d<!inanil till payment; and further. 
 
 tliat neither 1 uor my reijresentativeh nhidl \)6 entld to any relief in 
 
 r<'S|ieet of the ohliii^ationB herein contained, or any of them, from any 
 
 •i-uiinintee fund (vinnected witli the hank to which I may have eon- 
 
 irihiited while in the employment of the hank, nor .shall I or my 
 
 ivprescntatives ho ontld to refuse to pay or make jjoikI the amount of 
 
 am losfi, damaf^, or expen.'ie as afwl.or the interest thereon, upon the 
 
 grfMind that the same has he<>n or nii;;ht bo pd or made good out of 
 
 am such jruarantee fund; and, la-stly. that a oerlific;ito in writing', 
 
 Binned by the princii)al easiiier of the hank. sUitiiif.' the amount at 
 
 anv time |inyuhlc by lue hereunder, shall he conclusive evidence as 
 
 against mc and my lejjal )iersonal representatives that <uch amount 
 
 is due from mo hereunder. 
 
 In witness whereof I have hereunto wet my hiuid and .-eal this 
 
 day of . 
 
 Witness, . 
 
 Schemes under the Workmen's Compensation Act, 1906. 
 
 \- alitJudv pointed out, companion are often emjdoyers within 
 the meaning of this -statute, and, where they are larj^ employers of 
 ialnMir and are not satisiied witli the terms oifeiwl to them hy com- 
 panies a.ssurinf^ against acseidontu, they should consider and take 
 advice with reference txj what schemes may be lawfully and can be 
 expediently entered into will e, view to the commou benetit of both 
 employers and omi>loyed, and in .fuhslitutwn for the luird-and-jasl 
 prorin-ianif of thr. Act. Such an alU'rnative is |>ermissihle. S<'e 
 7'av/or V. Ilaiiisffad ('tdJur>i Co.. tl'.Mit) I K. li S.IH, HI,"), where 
 t'olline, M. R., savs; ' The provisions of the scheme are substituted 
 f(ji the provisions of the Act. ' The workman is ffi\Tn an option by 
 K'l I 1 (2) {U} to prowled under the .\ot or apart from the Act, an<l 
 the exorci.so of his option is oonolujiive. Edirards v. (lodfmj, (^189!t ■ 
 L' ( I 1', :;:!:! It inav !«> thn.t t.htMiiutu.tl insnr.am*! of eniplMyerH is th ■ 
 liesi course to atlopt. (See Form 135, supra.) 
 
 \ scheme h.i.s l)e<Mi iulopte<l hy at lea.st one tjovernment Depart- 
 ment (the .\dmiralty). 
 
1047 
 
 NOTICKS. 
 
 CUAPTEU XII. 
 
 I' 
 
 INTROUUCTORY NOTKS. 
 
 VoTicES have frequently to Ije given by a company to its uiembors N,,ti.pi.. 
 iind to othera under tlie Act, or under llie company s articles, or 
 iitlicrwiso. 
 
 A notico must be properly autlientioated, and aa to this sect. 117 Autlientira- 
 of ilie Act of 1908, replacing eect. 04 of the Act of 18(J2, {Jtovides tki. 
 iliai 'a document or proceeding reijuirinj^ authentication by a coni- 
 |iain may be signed by ii director, secretary, or otlier authori/cd 
 oIKi't'i- of the company, and need not be undor its conmiou 8oal." 
 Tli<M> words do not import, it is conceived, tliat the signature must 
 Ik^ a personal one; it may be by wjme agent. The Quoeii v. Thr 
 Juxlii-cs of Kent, L. R. K q. U. ;i0.j; Morton v. topetand, 16 U. ii. 
 ■y6:>: lie Whitley, 32 ('. D. 3;!7; Hennett v. Brumfitt, L. K. 3 C. P. 
 ■IH. The term "document" in sect. 117 includes summons, notice, 
 'iider and other legal process and registers. See sect. 285 of the 
 ..ot. 
 
 ."Vs to the mode of service on luembei-s, prima facie a notice by the 
 'iinipanv to a member must be pergonal, but the articles of a.'jsocia- 
 liiiu generally coiitaiu special provi.sioiis allowing of .-service by \ni<. 
 111(1 these proviM' ms are etteitive. See supra, p. 778. 
 
 A notice, whatever its object, must lie fairly and intelligibly Cmmtruction 
 Iraiiied. It must not, tliat is, be misleiwling or equivocal. It must "' ""t"'*'-- 
 convey clearly to the mind of an ordinarily intelligent person the 
 i('i|uii'ed information. See nuprn. p. (594. If it is equivocal, it is 
 iiol enough that the sender of the notice intended that it should be 
 read in one way, for the receiver is entitle 1 i" put any i^osonable 
 construction on it: and if aciording to that altei lative construction 
 the notice is insuthciont, the sender is estopped from saying that the 
 "iher is the true one; and so if the notice is misleading it is bad, 
 iijr it fails of its end. A benevolent coiisiruciion cauuui i)e applied 
 (o such a document. 
 
 It seems to nie, .said IJowen, L. J., in Alexander v. Simpnov 
 (1889), 43 C. n. 139, 'to be impossible for us to adopt the view 
 
 wffmm^" 
 
IU4» 
 
 XOTICl'X. 
 
 [Chai-. XII 
 
 i 
 
 I 
 
 lliiit II ln'iH'Viili'Ml (<iii.>lril(li Mi;;lil to Ik' iml mii mmiiii'iiial iiuli'.v 
 
 W'lial «!• ha\c 111 KUipiilcr i> ii"l wliiil i> iIk' ic-iilt ol iiM\ [iiiriiuiii,, 
 iiitislniiii'iii. lait «liiil v^a^ llir iiii'iiiiinu "liirli nrdiiiaiN liii^im-- 
 iiii'U w.piilil altiilaitc to ihi' iioliic at iIk' tiiiii' tli<'\ iciicivc n 
 liiit a MiiliiT iiia\ r.iirlv a^-iiiuc t'li.n llic ~lian'liiililci> have ktinwli' I;;, 
 ol' NdiMi' dm uiiiriil-, for. a.- \.i>\ I S"ll.oi n... I., C. -aiil in r,i„ij,l„'l', 
 iiisr. !• ell \'2'2. all llir -liau'liolilcr- ol a toiii|iaii\ mii.-l liavr iiii- 
 piiKd lo ihrin kii<iHl<'.lt;f nf llir Vct-i ol' railiaiiHiil ihnX i-. ilii 
 
 (■ jiaiiics .\<t.>. \Xi\-2 lo I'.tiMi, Ol, now llir ( 'oiii|iaiii('s i ( 'onsoli.l.i- 
 
 lioiii A(l. IIMIH . and alxi ol' tlirir own nn'inoiandiiiii and ai'lirU'- .1 
 aj*so(iiuion Sit al>o per Lord (aim-. 1, .1 . Sr>rfir-< '■is,-. •'! t 'h 
 1411; and llic oliscrvalion.-' ol' l.oid Solliornc. I< (' . in Onl.hi.ii. 
 (HI lit \. Cniiii. H .\|i[i (as. |> 71 Si'.' Iiiiilior a- lo iio|i...~ ,i 
 Lit'iicial iiii'i'liny.-. [iji il'.»2 (7 yfii. 
 
 Soiiii' inalti'i.-* nni-l In' liioiiulii |Miiiii<'dl\ to llii' alli'ntioii ol ili. 
 .-liaKdiuldi'T.-: lor <'.\aiii|i[i', wln-ri" llii' diriTtiirs arc inUTi'slcd ii. 
 contract or nuittt'r wliiili i.-* to li<' .'^ubiiiitttxl to a iiit'otiiiji lor o.n- 
 liriiialioii or apiiroval. it a|i[Jt'ar.s to Ijp div-irubU-, and in ^umo taM' 
 alisoliiK'lv necessary, to di.s<,'lo-o thu lad in tlio notice coiivi'iiiiiL 
 the iiiootiuir or in some uccompunyinir articles. Thus, in /wiz/c \ 
 Cronmm Tiaiiii'-ays Co.. ij«;t8i 1 Ch. ;!.')H. whero an airreciueiii pio- 
 vidiiijr lor the «ilo of tlie coiniiuuv's iinilorUikiiiji' wa.s to lie miIi- 
 iiiiticd. anil us part cuiisidi'valion a sulislanlial -uni was lo In; paiil 
 lo the dirccti.)r.s of tho s,.|liii;; couipanv a^ compensation for los, ,,i 
 ollit<', and the notice convi'nin;:' the lucetini;' .siin])lv described tli ■ 
 afrreement as an aiin-oment for the sale of the uiidertakiiifr. ii «■'- 
 held that tliiis «.vs insutticient. l do not think.' said l.iiidlcn 
 I. .1., iu that case, ''that iliis notim' di-i loses the purpose for wliii li 
 the iiieetinjr i.s couv<!ned It i.s not a notice disclosin;r that pnrpo-. 
 fairh, and in a .sease not lo mi -lead tlioKO to uhoin it is addio-M'il 
 It follows tliat .... the it'.solutiou which wa.s |)a.sst'd under ilii- 
 notice i.s not one wliich is hindinii upon absent or disM'iitinir sluirc 
 holdera. 
 
 Apiiu. in Tiensen v. Ileiideimii, i 18'J'J) 1 Ch. 8(il, the notice caile ! 
 the nieelinu; with \'w\\ t<j i-pcoastniction, and to ajipixDve of an 
 a;;re'inent. .Vc. bin it did nul disclo.-e the fac; that s(>veral ol llu 
 directors were interested. It was hold that the noliw wa^s iii-iilli- 
 ciont, and that it ou<rht to have di.sch)setl the material f;iots. 'I'lii 
 man I am ])rotectiuu:, ' wuid Kekewich, J., 'in not the dissentient, 
 but the absent shareholder tlie man who is ab.sent because, bavin;: 
 receiveil and witli more or less cure looked at tliLs circular, he ronic- 
 to the conclusion that on the whole lie will not oppose I he scliciiie 
 but leave it Ui the tiiivjoril y I isvnnot tell whether he would have 
 left it to the majorily of the iiieetin}^ to decide if be had known th< 
 n'al facts, lie did not know the real factj<, and 1 think. tJierefoii'. 
 the I'e.soluliou is not bindintr upon him. 
 
 ^^■ith the above cases mav be coutra-sted (jnmt v. I'nited Kiii<)<hi>ii 
 
INTKODtJCrORT NOTF.>. 
 
 |i)i:) 
 
 .siritrhhilrk Hoilnill/S ( <i.. K> ('. D. IH.V 111 tliut cllnu tl»> (A)UIl >'( 
 \ni.<iil, ulliriiiiiitr Ml' -luHtiif I'liitU, licid iJml ii ix'^ulutiuii ooiilirni- 
 iny ail iiu'i('»'iiimit in whkh tlic dircclorw ucro iiiUii-csUtl «us olluc- 
 !i\i', altlii'iii.'li tli«' iio!i(e (lid not exjutwhly ili>M;luw the fact tliat iIr' 
 (iiit'iioiv wi'iii ■*!> iiitonwtoi "It wii.^ iir;;ucil.' -^aiil Cotton, 1^. .1., 
 lliut tin' iii('Otiii<; wun not },'(Xk1 lio<aa>-o Uit' notic*- lonvi'iiinjj: it H:itv< 
 no iiiiiniiition timt tlic <!<>iitnn.l wu> iiik' wliiili iimKI not l«' (siniril 
 into I'lU'ct. witJioul lilt' tMinditili of a p'noiul ini^tiny:. 1 lliiiik tlia' 
 iliv (lilli<ultv H-iu< MilKi irnth- '■iin>r»'»t«'<l li\ tlio iiiviv t'lict ol' a iiiimIhii; 
 hi'iuL'- lalli'il, lor, Ini'l ii iiol Im'^mi I'm- t.lic la<!l. lluit llii- .liii'rioi>. wry,- 
 iiilip'.-lcil. no nu'ftinji vviniM liuvc hcvn u<'^■^■^(■ur^ 
 
 Sf al.-o Siuitlitill V liritlsh Mtiliud I. iff Asmtrnni-*- Snciely i IH7 I i. 
 ii ell. 111 I. ill wliiili il <I<«'K noi ii|iii<'m' Unit tlio taot llmt the tiinM toi> 
 ucri' inlOl■«'^U■^l \\a.« ili><loMil in tin? noliot". 
 
 A^ li> "lilil Ini-iiM'.-s can lie l.ran«.Kl<"d al a nicclint;- wlii'in iIm 
 uiticlvs rt'nuire tlio iiotico to siK'vitv tlio o^viirnii iinturo of llic liu-i- 
 Mi'>.-. iiml lli<> nn;i<c ha- fin'ciallv •iilioncd ii, -ci' siijini. Ji. 'i'.ll' 
 
 1 nlt'.-> ill" artii'lus utliorwise [hihuIo, u nulit*; coiiMMiiiiirti j^ji'iii-ial r. 
 niii'tin^S to lie ollwtivc, must wmvene tin- saiiic uniondilionall} ; and '" 
 aicoidinf.dy lo nay that ' if ' a Hi>ocilled cvonl iia|i[i("iis a ni<><'tinji 
 uill 1«> hold on u s|io<ili«l day and at ti s[M>.;ili<Ml linn- and ]d:ii-<' i> 
 not sulliciont . AlerainUv v. Siinijxuii. 4.i V. D. 13'J. Hut when' lh<' 
 aiiirU'.s piovidc. as al p. ti'.ltl, !<iiprii, thai wht'M<>vor it is intcndi' 1 lo 
 |iiis8 a s])Ocial rixolution, the two mooting* inay U' oouvoiied l>y 
 oiw and iho same notiw, and it shall 1)0 no ohjcction llitit llm jiolio' 
 uiilv fonvciK's the socorid iiitt'tin^'' ntHiHtioiialliJ on the n^soliilion 
 iH'iiisr passed by the i-ei|iiisitfl lunjority at tlie fii-st ineetintr. muvIi a 
 [jiMvisioii is valid. Sit- Sortli of Enijlatul Stiwtinliijr Co.. ( r.ti'.">; 
 2 eh. 1"), <;. A. The >''ourt of Apjieal, in that ciiso, di; lintniished 
 Ah'xamUr v. Siwi-'on. 43 ('. I). 1">!t, in whieli case tlie article- did 
 nut contain an^ such special piovision. 
 
 The AcLs or articles very commonly jirovidc that so many days ( 
 uuiicc shall in certain casos 1h3 (jiven. e.;/., of a call or nicotini;-. 
 \eiy commonly the words are supplemented by tlie addition of tlie 
 'voidc ' al the least," or "not lost; tlian.' or of the word ".cloai ; 
 ind wliere thus supplemented, it is well setthnl that the number »{ 
 davs iimst be comput<tl exclusive of the day on which the notice Is 
 >crvcd ir lo be rc<;ardod served, and also of the day of tlie luectinii:, 
 resolution, or other mutter. Thus, .sect . (lit of llio .Vel (19118 ) proviih's 
 for the ))assiu;,' of a spo( uil ros(jlulion, and that the resolution, after 
 being pasBed at one meeting, is to be contirimHl at a .suooikI meeting 
 held "at an interval of not less tJian fourteen cLiys '' from the date 
 of ilie meeting at which ,«uch i-ct^ohitiou was fii'st pa.-*jed. TJiis 
 means that there must be an interval of fourteen clear days between 
 the two meetings. liailn-ay Sleepers Co., 29 (.'. Ii. 2(i4; Rex v. 
 >Wop, 8 A. & E. 173. 
 
 And oven when the provision em to notice is not thus supplemented, 
 
 tiiilitiniial 
 lice. 
 
 l"ar.l:nv 
 
lU.Mi 
 
 NorrcKs. 
 
 LCiiAi-. Xil. 
 
 
 I 
 
 1 
 
 Abroiui. 
 Tiiiii' by p<i>t. 
 
 Kxi'c.uirH 
 iuemb«'r!*. 
 
 I'uautl. ■ 
 imtift' by 
 seirttury. 
 
 W'jiivcr (ft 
 irri'ifuliir 
 
 llotiiv. 
 
 iiuUidrrs. 
 
 re.1 
 
 Oral notii'i 
 Irotn com- 
 [mny. 
 
 it in cloubtful wliottit'i fli»' iMiinU'i of <Iiit« nmnt not hf o<im|ni'<<l 
 ill liko manner, for in the ottM) la«it innntiuiuxl, Lit.tlotialo, J . -iaiil: 
 " I do not aee any diHtinotion lietween ' fourt<«n dayf. anil ui U:if\ 
 fourteen day*.' " 
 
 5S».'<'I. Ci» of the Act (19(»8j reijuireH tJiat the resolution «hiili In- 
 continued at. a Bul)sc(|Uont (j;cnoral mwtiii^' . hold uft«'r hh 
 interval of not . more Uian one iiionth from the date of ili.. 
 iiieetiiiji- at wl.joh i reNclutiou waw tir«t paNHcnl. •Moiilli' h^ri' 
 lueunw calendar month,' Sect. .! of the Interpretation .Vd, iNuii 
 (■>2 .V- .».J Viot. o. 1)3). 
 
 .A.-* to notice to .■^hiireholdprs who arc abroaii. .soo mtiira. ji TT'.i 
 
 An to the time when the iioiioe served hy por-t in to lie oon.'-iiicicl 
 lo lie .-ei ved. soo mijira, \i. 780. 
 
 As to when a notiw Ls to lio served on ■the membcr-s," see .UUn 
 V. (1<M Ueeisof H<w/ .1/rion, (1899) 2 Ch. JoO. 
 
 A iiotiwi ^iven b\ the neciotary without authority is. prima fnrl,\ 
 irieiriiliir i.see siipni. p. 740 1. but it may be l;Uili(><l bv the buiinl 
 I ibid). 
 
 Sometimes the rule in Royal liritlsk [iank v. Turquand tnui,r,i, 
 p. 79) applie.s, and the (ompaiiy may accordinjjly be precliiiloil linin 
 objecting that the notice wa« irres,'ulHr. 
 
 .Vf* to notices to out«ideifi, those have to lie authenticuted in arPcnl- 
 aiioo with w<ct. 117 of tlie Act (l!t()8t, het forth at the ajmmoiKciii.'iii 
 of lluN chapter. Att to the mode of service, (liev .shoul I, iiriiiui /((■•»•, 
 be served on the party pernouaJly. If the party to be served i.s a 
 company under the Act, the notice may, as provided by .sect. lUi nf 
 tlie Act, be served by leaving it at or sending it by post to the 
 pt'giHiered office of tlic oompauy. 
 
 Sect. IK) above referred to muist be road in coiijuuctioii wiilj 
 sect. 26 of the Inteqi relation Act. 1889, which runs thus: - 
 
 "Where au Ai-t paijsed after the I'uiuineiiceiiii'iit of thi^ .Vt-t aufh'irizc-' m- 
 re<iuiros any duiumont to lie aorved by (uwt, whether the expression ' serve,' or 
 tho expression ' give,' or • send,' or any other expression is used, then, iinle-, 
 the contrary intention appears, the »ervieo shall be deemed to be effectcil hv 
 proi)erly addressing, prepaying, and posting a letter containing the dmuiin jit 
 and, unless the contrary is proved, to have been etfected at the time ut wIim li 
 tho letter would be delivered in the ordinary course of post " (sect. iti). 
 
 N\ iiere the party to bo served i.s not a company, a notice iiuiy 
 generally be served through the poist; but, if so served, it will rest 
 with the company to prove that it did in fact reach the party to lie 
 served. Proof, however, tliat it was duly addfc-sisod and po^lc-J, uinl 
 has not been returned to the Dead Letter Office, may afford prima 
 facie evidence of service. 
 
 As to oral iioticen, there are many cases in whicli oral notices may 
 be given by a comjiany. TrueiiMnn case, (1894) ;t Ch. 272. A com- 
 
INTmM)tr(TOI!V NOTB8. 
 
 1<».-.| 
 
 iuiiiv mil irivc iin onil iiolk'.- l>y il> iiu<'iit iluly aiilliori/o.! Notice to 
 ik nuH]a!.Mii*,' director in tiiut oliuratU-r on u iiuitter atlootiug tlu- 
 l,u.Mnt»s of th«' ooiupauy uudor Ills inaiiu««iiieut if iiotia' to the 
 i»)iiipan\ .Iwi/en, dr Co. v. Valhii, 77 L T I*' 
 
 A o,oiiii)any, like on ordinury p« rmni iH wuhjeot to tiic nilo« of cmi- 
 nliiiiaiv<' notion; that i*i, notiro whiih, lJuiu>rh not aotiuil uotiw, i» 
 i,ii|.ui.<l to a iioiiion by ti Court of \u\\ or o.iuity Thu«. noliof t.. iho 
 .«,iii|>iuiv H ujjt.'ut in uiiy particular nmtttT Is notice to tho i.-oiiipi«u> 
 Uailandv Hart. L. H. 'H'h. tiHl; Ulackhwii.\ I i<;or.<, li! App luf. 
 .■.;ll, j»3), unless tho agent is ^ntilty of fruu.l .m hi.^ pria<ipal iCiivi^ 
 V Care. 15 Ch. U. (i39), in whicJi obw.', of oouixi, thu prcHuniiition Ik 
 that lie will not disclose hi« own fraud. So notice nmy Iw iiupute.1 
 nhen> tlie coinpuiiy has kuowledpfe of n fact wliiih ^liould have led to 
 furthtT imiuirv. James v. Smith, I Ha. 4.1. Wallw. l^rd Kijmunt. 
 1 IV M & O." 4IJ0, 9 Ha. 440; A. W Halt d Co . .!7 Ch. U. 71i!, 
 and st'o sect. A of tho Conveyancing Act, 1882 KnowlodK© of a fact 
 li\ :i .NiU'do director i.s not uecessiirily notice to the coiinmny {ll'iiiip- 
 aliirc iMnd Co., (189ti) 2 Oh. 743; Marsi-ilLis Co., L. K 7 Ch. IG.'!; 
 Young v. Daoid Payrc A Co., tl904) 2 Ch. G09,), nor is a company 
 to bo t*kon to have notice of all its scorotary knows, e.g., of n 
 matter communicated to him aa secretary of another company, for 
 he is under no obligation to pass the knowle<l;;-o on. Fi'mrick. 
 .<tohart d Co., (1902) 1 Ch. 507. 
 
 I (IIKtll 
 
 imtiit 
 
 t 
 
 Allutment Letters. 
 
 An application fur nharcs U unually made by lettur Digaotl by tbu appli uiit Allutin.'in 
 or his aifont {»»: p. 48), aiTompiiniod by a deposit of so mu^h per «har.' iir 1'^'''" 
 respect of tlie shares applied for, and the company's oeptance of this otfer is 
 usually signified by allotment and notice thereof to the? allottee. As a jfeniral 
 rule, an allotment without notie« to the allottw) is not suthcicnt to bind liiiu. 
 Tliu applicant has offered to take the shares; and, if the company is raimli'd 
 to bind liim by unntract, it must, in accordance with the ordinary rule, not. 
 merely accept the offer, but notify such acceptance to him or to his agent duly 
 autliorizcil to receive uutiee of allotment. See >iiifji". p. .'il . I'litil such uuii.e 
 of allotment the applicant is entitled to withdraw his application. Sqc tupra. 
 p. 257. 
 
 A- to the importune* and operation of letters of allotment, see -otpra. p. 51. 
 
 A notice of allotment may, as a general rule, be .served by post, and it will 
 take effect as from the time it is posted, even thou(?li it should not reach the 
 allottee. See xu/ira, p. 52. 
 
 Hence the importance of preparing and sendinc- out proper letters of allot- 
 iiiciit, and of making and preserving careful record of the names and addresse- 
 uf the persons to whom such notii'cs are sent, and of the contents of the notice*, 
 and of the persons who prepared and posted them ro8pe<:tivcly ; for, if any 
 Jiepuio should Bubse^ututly ari.sc, tho company is thus in a position t:i pruvo 
 posting of the requisite notioes of allotment, i.e., by affidavit of the person who 
 [losted same, such person being allowed to refresh his memory by referring tu 
 the contemporaneous entries. 
 
 ISy the joint operation of the Stamp Act, 1891, and sect. 9 of the Finaneo 
 .\'-t, I.S!I!I (02 4. lis Viet ■■. 9). a letter of allotment is liable to a sl.iiiip dorj 
 
i<».-,v 
 
 If 
 
 Form 3tf4. 
 
 M! 'tiiuiit 
 !<'ttrT, 
 
 NOTICK". [rilAP. XII. 
 
 ipf (>./. iMili-. II, <■ nnniiiiiil nmiiuiii i>f « lint i< iilloM<>'l i- lo- lliiin .V.. in «lii,(, 
 ■ a-i' llh' iliity ii only 17. Sro ..,,,,., p. .'il, Tho •.timip mint l>« iulpr.•^».,| 
 iievcrtlielmo, an iin«t»ni|H'<l Iptfor of Rllotmrnt nmy l«> xiifHi'ii-nt t<i .Imw tl,,' 
 notira ww jfiven of thK allotment «> an t« niaki- « loutriKt. II /iill,y /•„,/,,, 
 •28 \V. I{. 241; Strri; ,■,,„, Vi I. T. 11; W . \. (1,S7») 217. 
 
 \> to till- I ..lulitiona procrilcnt for ilir(»t.ir« ic>iutt («' .illotiiniit, -ui' pp !i, ir 
 
 TifK <'(>\. I.IMIl) 
 
 No MUiliiii-nl l.illir 
 
 To [ii(/ ■'fiii,i|i 
 
 Sill. Ill iiii.-\M T 1(1 Muir a|j|ili(v>ii lor .••liiiK's in tlii> oiiy I liave i<< 
 iiiliiitii v.iii ill, II till' iliiTiiii^ liiivc .illiilU'il vim lliO .<liiii(>.-* Ill \l iiicli 
 
 riic lol.il Hliiiilliit lumiiili' llioivnii. upon ii|i|ili('ua :uiii 
 
 alliilim-nt. in UiOl. 
 
 ^ oil \\,i\v |iil nil a|>|ili('i>ii liOl. 
 
 Loiniii:: .-lill l<> l«' |m| hv vmi 'ul. 
 
 uliiili MINI ir. ii'm ijuf. imd iiiii,<i Ih' )hI u> the ojv > luiikers, MoK«r« 
 ■ N" - SiHH't, K ( ' , 'III .ir Ix'tDic tlic - <if ., 
 
 I'.' , wliii will trivp Mill loi Kiiiiic III*' .iiiiKMi.lcii reopipt. 
 
 An alteni.itivi' fiirin nmy I"' worilfil: • Lcuvinif tlir siiiii iif £ - ilur tu 
 yiiii, for wtiii'h I I'lirlosc a rhiMjiio p:iyalilr to v- .r order." 
 
 Uue iioliw will lio jfivcu wlioii 'lie |iit'.sti|it iUlotimiil Ictl^T iiui\ U 
 •>.X(lmncrt>(l IVir a whuit> oiTlifical*'. 
 
 I am, &o. 
 
 lianlcein' Heceifjl for iiayiiK'iu on allotment [aot t j be doiachod] 
 
 lU'ci'iviHl llii.s - (lav of , from llie uUne-named allutUje lur 
 
 credit 111 tlic ( 'o\ . tilt' .'Uiii of I 
 
 For Mc^^r.s. .V. l!., UttJiliier. 
 
 Date . 
 
 Mi^ioranjluiii 
 
 [To be dt'lacliwl and leiaiiiiMi b\ ihf bankers.] 
 To -, Bankers. 
 
 i'liiiKc rocoivo ro tlic «:;ifviit ..T liie »'•■>. Liiiiui, lii- -iini 'il 
 
 £ . du«' fi-om - , on allotment letter Xo. 
 
 X . Date 
 
Koiuie. 
 
 |il.V» 
 
 tell 
 
 Tiu 
 
 *'ii\ l.i\ini 
 
 No. 
 
 Sill, -I liuvp M iiil'orni y>u tliui '.•• ilin'otow rt'Lrf'' ili.il llu'v urv 
 tiiuil'lt' I" iiilol M'U any ^luiii'- in tlii> (•«>>. in iiumiiliaiin' »itli mhii 
 ii|i|ilii>iii. ilulC'l, A.I- 
 
 I ciiiltwu \ou u clu'|U« li>i I . In'iiiu' lilt' .iiiiimni |"l li\ m>u "ii 
 
 iijililicou 
 
 ^ mil 'ilH'.lii'iil MM N.iiil 
 
 . .S<'i'ii'i,ir\ 
 
 Form ae,*) 
 
 l.ilttr l' 
 
 TiiK ( 'o\ . I.mrn 
 
 i'l/. I'lvlVrein*' Sii»uu> I'.iiii 
 
 Kiiild to a |iivf('r«'iitial iJiviiioiiil iit llic ral^' '>f "> \i <-.\< a , 
 
 [Dalf ] 
 
 Sill, I Ix'tr t" inl'oriu vou that lln' (iin'<i<irf< luivc .illi)t.t<<il to you 
 of tlic ul)4)v«'-iiu>tit«l N«.'\v 'tl l'tof«>i-»>ii(v Shan* tii wliiuli 
 
 i.iii an' ('111 111 ill ritrlit of the Orliiiaiy S|iur<*- hold liy you in thi.-i coy 
 ,1- ^hovvii liy thf K('!;i,-^tt'r ol' Mcnilx-is on tlic in-^liint. liuiiiy one 
 
 iii'w ^harc for ovory loi)/. of sloil; in iic<onlaiii'o with, ami wuliji'ct 
 ii' lh«' ti'iius of tho nMiilutiuii ]ni,-<.-'<'il at the K\traoi<linar\ (iomTii 
 Mo'liiiLT of tlie coy held on the of 
 
 V lircular to existinf; membi-rK olfprinif tliciii fiirtlicr »hiiri'i i« nut « pni- 
 |i.cliis witliiii Hcct, SI (7) of the CoiiiiittiiiiM .Vet, HIOJ*. Si'i' ii'/ifi. p. i7H 
 
 Tlu' tiPHt jmynicnt or <lt>[io.'<it of '21. \)er uliaiv will !>«■ duo on the 
 - next, and unices tho saints ho |nI on or U't'oro tJiat dat<' the 
 .illdtiiioiit will Ih' forfoited. 
 
 It is not i)ro|Kj«wi U) tako iiayniout ia anti«'i|>ation of calls, 
 
 Vou aro at lilwrty Ui roiioiinct' thi.-* allotmoiit in favo.n of any otlici 
 licrson, provided \ou till up and "tan tho Form ol Ki'iiuiniatioii 
 ' No. ^1. and that tho iioifon in «ho>o fnvnur you wiiounco '-i^rii.-' the 
 Form of Acoe])taiu'<' (No. 1 i. 
 
 In cai-o you winh tti ii'uounco a portion only of tho sharo.-* olloied 
 liividod allot nieiif lotl<'r.> will bo ^rantoj on or before the of 
 
 next; tlio jirenont allotniont lott<>r to l)0 nMuriu'd to nie willi the 
 •ip])lii'on. 
 
 'I'lie dividendu on tho .shares will !«■ pd at the .-.inio tinio a^ tie 
 'iividond.'S on the Ordinary Slock of tho (;oy. each half-year. 
 
 . S<»eretarv . 
 
 Insert any provision f.ir fractional tilicatc- Sec note tii I'orin l!im 
 
 %* If you do not aoocpt or ronouiico tho allotim ' von ■ 'I obli;jo by 
 returning tho ' 
 
 Form 396 
 
 .MIiitiiK til t>v 
 u!iy III" otter 
 it ii pD'iniiiiii 
 
l! 
 
 [Chai'. Xll. 
 
 Ilt54 NOTICES. 
 
 Form 396. The ( \i\, Liintd. 
 
 Form of Acceptance (A"o. i). 
 
 ■tl. Preference Shares. 190!'. 
 
 Entld t(i a preference dividend at the rate of 5 p.c. on the capital 
 from time to time paid up thereon. 
 
 Index No. . 
 
 Dcpofiil. 2/ per nhari' on shant*. pii.vul)le tlio liiv ul 
 
 Xame 
 
 .\llotiuent of sliaios under the resolution of the E.xtraordinarv 
 
 lieueral Meetin<r of cov. held on the day of - . 
 
 I (or \\oi hby aivept the above-raentd shares, and re(jut'st tin' 
 <lirc<lov.s to cau.'ic thiMn to Iw registered as under. 
 
 Acceptor of xluiirs to .siiiii Sdiiic. Ailihoxx. mid l>es(i ijitiDii in lull. 
 
 Date 
 
 Hankers: -Messrs. - &c. 
 
 %* It is essential that the member should preiicrve thi.« receipt, and 
 return it to the coy when applied for. 
 
 Index No. 
 
 The r„\. Liintd. 
 
 .")/. Preference Shares. 1909. 
 
 Kntld to diviilend at the rate of 5 p.c. on the amount called up from 
 
 time to time. 
 Deposit. 2J per share on — shares, payable the - of • , 
 £- . 
 
 Rinikcrif' Uvrcipt. 
 
 Received from - the sum of - pounds for the credit of the 
 
 Coy, Limtd. 
 
 For — (](/. stamp.) 
 
 Date . 
 
 teH' This sheet must be presented to the bankers intact . 
 
FORHH. 10.'»" 
 
 The ('oy. Lirntd. Form 396. 
 
 Form of Iti'iiuiiriiilinii (Ao. Ui. 
 
 51. Preference Shares. 1909. 
 
 I (ur we) hby renouuL* — right txj - (shares allotted to 
 ill favour of the person accepting the same. 
 .V(i//(.' ami address of Ifie nit^iiiher rfiiouiirinii tlw "liarts. (Cd. stamp, i 
 
 NoiK. Henunciatioiis niu-st be signed by the members to whom 
 tlie shares are allolleJ, iind, in cases of joint accounts, 
 all the persons named in such accounts must sign the 
 renunciation. 
 
 A sixpenny stamp must be affixed where indicated 
 before the renunciation is signed. 
 
 Under the Stamp Art, 1891, ea modified by sect. 9 of the Kinance Act, 1899 
 (62 i 153 Vict. c. 9), the duty of a letter of renunciation ia 6</., unlws tiu- 
 nominal amount of what is allotted i« less than 61., in which case the duty 
 i. Ul. 
 
 'I'lic stamp may be impressed or adhesive. 
 
 Issue of, &c. 
 
 The Coy, Limtd. 
 
 Fractional Certificate (No. - -). 
 
 Form 397. 
 
 Kraitional 
 (^I'rtitii'Hte. 
 
 Fur one -th of a £ - share, part of the above issue. On the 
 
 delivery to the coy, before the day of - , of this cortificut^', 
 
 (Ofrctlier with nine other like cfcilillcaio^s, and an appliion in wiitiii;; 
 sifriicd by the person making such delivery, and framed in accoril- 
 uiice with the form endorsetl hereon, with the reiiui'^ito sum incinscd. 
 ilio coy is to allot to such person one of llie «d siiaros of £ 
 
 - - -. Secretary. 
 
 To nil. 
 
 ('a)\, Limtd. 
 
 of. lie. 
 
 (iKNri.KMEr,- In accordance with your circular of the —of 
 I reciucst you t<j allot mo at a premium of £ - one share in your 
 lapilal of i; . pi of the above issue, in respect of this and the 
 • iliier fractional cisrtificates annexed hto and numborcd as below, 
 flic issue price of such shares to be pd as follows: 
 
 Form 398. 
 
 HlHlUCNt 
 
 to allot. 
 
 iiid I enclose £ - , the umoujit payable on the 
 
 of - . 
 Yours, &c. 
 
 Sunn tiuii'.j, where shares are to lie otfored to the iiharcholdoni at Iphh than 
 I he market price and it 't desin-d to make a pari p<ueu division, it becomes 
 
Kt.'id 
 
 NOTICKS. 
 
 [Chap. XII. 
 
 1- 
 
 Form 396 iiim»«ii_v \i, pnpvidi' fur fr;iiticpiml iiTtilii-atL>. In suili lanc tlif ccrtifliai. . 
 ni.iy bo fraiiKx! aa abiiV''. and the alliitmriit letter fun loiitain a sCitciiicnt in 
 fill'-" tcrm^: 
 
 I :il>u oucloso cortilirattw iui>it'sfiitiii^: fiiidiuuw of cih ii 
 
 lit' ii .share. These you may eitlier m'H or vou ran Imv othtM- fnicliuiiul 
 icititiciilos to niako up the wliolo slian-s. and this can Iw offccicl 
 (hrouuh \i)ui' Nt<xkl)rok«'r or thnm^li (lie e<n > -cin'tarv. .^ holilm 
 of such cortitH at4's on (loli\ory tliof to tlio coy l)ofon' the 
 
 dav of can obtain un .laotniou! of a .siuiio iu accordaucii with tin' 
 
 l<'rm.-* thof." 
 
 Form 398a. Tiii- circular is to be st>ni oiitiro to tlic coiupanyV hankers with 
 a reiuittuuco for tho umouiit payablo toyrt'tlior with tlio rccini-ii.' 
 form or forms duly hllod up. 
 
 AUiitiiieiit 
 by way of 
 iirtiT at imi 
 
 TUF .\ 
 
 COV, I.IMID 
 
 Xo. 
 
 .\ddrcn.s 
 Uat<' 
 
 Sir or .Madam,- In atfordanii' with rcsolutiou.s Lit<'ly passcil ni 
 general nic«>tin<rN of the o<iy, lOO.OOO shares of 10/. each have Ih-cii 
 ( ioated,t« 1)C convorteil when paid uji into stwk wliich will asivjnird.- 
 iM( h 100/. bo divided iuto .50/. of o per cent, preference rftock and 
 .'lO/. of ordinary stoik. 
 
 (If these shares were to 1)C otferod at par during: the present 
 
 vear to tho holders of tho first preference shares and ordinary stock 
 
 at the rate of for every 100/. of stock held, and I am iustructe<l 
 
 to inform you that tlie dir-octors liavo allotteil to you of ?>ucli 
 
 share-s of 10/. ea(>li, ami that in respect of this allotment tiie amounts 
 I ol lowing are payable as follows: - 
 
 On the acceptance of this olfer. £ per sluire. 
 
 On the .loth day of .lanuary, I'.tl2, t l)er shar< 
 
 On the Ist il;\\ of March, 1012. 1 iK'r share. 
 
 .V cheque for £ . beiujjr the amount due upon the acceptaicc- 
 of this oiler, should 1k' seat tr) the coy's bankers, Messrs. . ..f 
 
 . on or iM'fore the day of February. 1012, otherwise the 
 
 allotment will be cancoUed. 
 
 - shares will, on the 1st .July. 1912, l)0 oonvorted into lir^l 
 pieferenco stock and ordinary stock ranking resply for diviileml 
 as from the day of .lanuary, i".tl2, juiri imsnu witii the existin;.' 
 
 liist preference stiH'k an<l ordinary stock of the coy resply. 
 
 niviiiend a* the r:Me of .'i per ceiif j)er annum upon the iiisinl- 
 rnenls, from the date.s fixwl for payment thof to the of , will 
 
 Ik> dedarcil at the annual meelinj; of the cuy to be Jield about tlie 
 
FORMS. 
 
 1057 
 
 uiuiitliof - , !'.• JiiU'icsi ui ilio iMiouT ■> |i (■ |i 11 will lnMliarg:«'(l Form 398a. 
 nil iiixlaliiMMit-i whilst ill aiTPar. 
 
 Villi luv at liliorty (1 i lo ait'Opl tlio sii «liai('i miuix-Ii'. or i2t to 
 louoiiiiic (Ikmu wiiolly or paitly in favoiii' of any ollior (mmsou. In 
 (•a«t» ( I 1 you will ploasc till up ami .siijii tlio oiiclosod ionii of aecopt- 
 iiiio A., uml in cuso ('2> you will till up uimI si<j;ii tho form of luiiunciii- 
 lioii !>., and tho poison in whose fivoiir tli<^ shares ai-o iciiounwd 
 >|inii|il till the form of aricplanic A 
 
 VoUls hilly, 
 
 . Socieian . 
 Slian'iiolder's uunuv 
 
 Form A. 
 
 Fiiini of Acc<'[)tiiii<e. 
 To tho Direitoi-s uf lli(( ahovi'-naiiiud Coy. 
 
 lii:Mi ■ N, -I (we I arit'pt the abovi'-iiii'iitioncd shares and u<;rfe 
 \'< I .. 'ounti* due in ies|K!<t tliof. and fiiither ie<|uost you t.i. 
 
 lai shares t<j Ik' registorod as uiulor. 
 
 N ,. cull . 
 
 A< <.-■ . 
 
 De.-cription . 
 
 Sii^jnaliire . 
 
 Date - . 
 
 I'i(i|ier .stamp to lie allai lied. 
 
 1 i. 
 
 KoitM li. 
 h' III III iif licDIUIriot inn 
 
 To the UireetorK of the t'oy, l.initil. 
 
 I liliy reiioiinec all riirhi i.i the shares alioiiod as within iiientioiied 
 ill lavoiir of . 
 
 Name in full of persmi in 
 
 wlio.se favour the alloiteil 
 
 •shares art; rciioiinn'il 
 Addie.s,-. 
 I)e>( ription . 
 
 .\oiK. The per.son acecptint; the aliove shares reiiounred. iiiu«|. 
 sisrn (ho form of uccoptuneo .\. amicxoil jito, ;Mid wI'.i'n 
 it is de.sired to renouuir only a portion, the secroliiry 
 will, on applieaiiiin. issue divided allotment letters. 
 
 3 1 
 
I 
 
 1058 
 Form 398a. 
 
 NOTICES. 
 
 [Chap. XII. 
 
 Form 399 
 
 » iruular 
 qfferioK 
 Nharct* 
 'tenders . 
 
 Form 400. 
 
 autwied to 
 
 Memorandum. 
 
 N'aiiu' of the Coiui)iiny. 
 
 bysue of - ~- shares of i; each. 
 
 Keceivt'd fioiii fho .•^iiin of £ l)eiu'> the amount payahle 
 
 ill tlio lato of ill K'Hpoct of 
 
 Nuiiii' of cov - - -■ 
 
 shares allotted. 
 
 Hankkks Rkckiit. 
 Wue of, Ac. 
 
 Kei-eivod from of tlie .sum of £ ou account ol tiie 
 
 Cov. l.,imtd. ill pavmcut of amoiiut due on allotment of 
 .shares to — . 
 Mlotiiit'ul No. 
 
 Thi.- rewipt to In; larcfuliv pre.sorvod by llie shareholder K' in- 
 e.xi'hiiiijjed hereafter for sliai-e <ertifinat«v. 
 
 Till. (^OY, LlMTU. 
 
 5 per I L'lit. I'reforeuce Share.- of \i)l. each. 
 
 The duwtoi.- are prepared to retrcivc oilers for 10,000 of tlie uhovc 
 .shares wliiili reiiiaiii unis.suod, and will allot the shares to the j)r(i- 
 prielors «ho otler the higriiest preiiiium, wliiih must not be less than 
 •21. per share. Tlie tiist instalment of 2/. per share, with the pre- 
 mium, to lie pd to the i oy'.-> bankers not later than ."Ird .lanuary iiexi, 
 interest to conimeiice from 1st .January next. 
 
 It is inleiidtHl that a further call of 2/. per share shall be payulilc 
 oil the Isi February iie.\t. Prepayment of this call and of the v.- 
 maiiiin<: •!/. per sliaie will 1k' aceoptcd, at llic ojitiun of the allottee, 
 with the iiisialnient intere.st upon such prepayment bein<r alhmed 
 at tli(» rale of .1 |).c. iiiilil eaili call becomes due. 
 
 The shares will be re^;istered free of cost. 
 
 .\ form on which ilie oiler should be nw<le is annexed, iiid the 
 
 oiler must Ihj in the hands of the imdersifrued not lat«r than the 
 
 iiiorniii'.'' of . the jtroximo. 
 
 , Secretary. 
 
 Form of Offer, 
 i the Cov. hiniid. 
 
 'in (lie Diieildi." 
 
 1 Ih»^' to apply for •"> p c preference shares of U)l. each, for 
 
 wInMi I iiiii vvilliiiL' to pii\ a premium of |)er share, iind will 
 
KORM8. 
 
 l(i".!t 
 
 (111) 1'/ i«.'i ?iliaro ami tht! prciuiiiiu to ouo of tlie (.oy'.s bankciN not Form 400. 
 Intel tliaii tli«' nftt. Intorp.-if to coininoiup from — , . 
 
 I Nunio) — 
 I Addrofw) 
 
 ( l)al<') 
 
 Kcf.'ii'HM No. 
 
 |N H. AllotiiU'iil<i will he made to sliari'luildoiv only. ; 
 \* \'\vi>M' iiiiloisc till' ouvt'lo|io. "Oiler for sluirt's. ' 
 
 The — (.'oY, LiMTD. Form 401. 
 
 ^AdilrCKH. Ihltfi.lfr-' At„.thtr. 
 
 Anoidirifi lo l.lu' lo.^oluliou iias.-*ed al tlie e.Mraordinarv uuMMiiij; 
 lifid al, A<-., on, Ac. tlio directors are prejiiU'od to rc(t'i\o from 
 -liar<'liol(l<M> rojiistered on the boolvH of the vox on liii« dale, (cndrif, 
 lur ordinary .iliares of £ each in this coy. 
 
 TciidiM.-^ of nol le.ss than i,' preniinm per wliare, accompanied 
 
 liv a dcpo.sit of i" per .share, will he received on the annexed form, 
 
 wiiicli niii.si he addres.sed to the coy and marked "Tender for New 
 ^llar(>.^.' ;mi<I delivered al this ollice on or liefoie h'cIihI; mi lli 
 Siptoiiiiier ne\l. 
 
 Ill llic cii.se of your lender heiufr accepted, wholly or in part, the 
 ~iipulate<l pr(Mninm. together with the further sum of £ -per share. 
 
 IS Id Im.' paid lo the - Bank, Limtd, Street, London. E.C. 
 
 • 11 01 Ix'fcire ih Octoiier ne.\l, failing which the allotment will lie 
 liidile lo lie cuiictdlod, aii<l the depo.sit of £ oer share forfeited 
 
 These share-" will rank for dividcii<l as from ti, 1st .July, 19— . 
 
 It is jiropoMed I ha I I he liahuK* of £ per share wliall he jkI as 
 
 KiJldHf : 
 
 t on llie l.'ilh .January, 1!» 
 
 I on the .'lOth ,Iune, lit 
 
 I?y onler. 
 
 4iitl 
 
 Se<rt'turv. 
 
 TiiK Cov, Li.Mrii. 
 
 Tendei for 10,000 New Shares. 
 r< th< Oireciors of the Coy, Limid. 
 
 <iK.NTi,KMKN, lu reply lo your circular of of , 1909, and 
 
 I: llic teim.-. ihiif. I hl>\ tender for ih'w shrii-es. or .-iiiy 1e«*s 
 
 .•! ^ '2 
 
 Form 402. 
 
 Siiiiic furm. 
 
KMiO 
 
 NOTICK8. 
 
 rCHAI'. XII. 
 
 ;.f , 
 
 !--• 
 
 Form 402. numh<M' tliul muv lie ^illotloil to mc. at a |)roiiiiiiMi of |)Oiiiiil>. 
 
 - — 8liiIliii<rK uiid [MMico per >-liari'. iiiul niihjiv-i lo ilic fntmi' 
 
 (•all« to lie made llinn. mid I eiulosf clieiiiu' licicwitli toi f . licm;; 
 a (lopfwit iIkim lit the lalo of 2/. per sliaio. 
 
 I iindcrtako to pay. tm or Iwfon" the l-">lli Octiilic i- iic\l. tli(- alu.vt. 
 prt'iiiiimi on .tiu-li .<liait<.-* a.i may ho alloltod to iiic loyt^lhor with ilic 
 fiirtlior xiim of £' " por .•iliaif. t<( th«' — Hank. Ivinitd. --iShimi. 
 London. KC . and T ro(piost yon to roiri-^t*'!- ntc a>< ihn lioidor of «iii li 
 .-ihaios. 
 
 Xanio - — . 
 
 Addre-iis . 
 
 Description . 
 
 Premium offered. 1' 
 Date — — . 19 ~ 
 
 per 
 
 sharo 
 
 Form 403. 
 
 .\pplicHtion 
 
 Inr dclilll- 
 
 t iirt's. 
 
 TiiK Coy, LiMrii 
 
 Isfsue (if — dt'|ioiiiuit'-< of £ oaoh. onrryiny inierc.st al tlie r.it^ 
 
 of p.f.|).a. 
 
 To the alKPve-naiiicd i-oy. 
 
 t'ENTLKMEN. Haviiif; pd to your h<uiker.-< tlio piuiii of f 
 heing- a deiRt.sit of I' - per dehcnture on apiilicou for - of ilic 
 ahove-montd del)enturo.~. I reipiest you to allot uio thai luiniln'r of 
 (h'lienturos on the term.-' of your pro.-- ctus dated the — of 
 And I liby a^^nn^ to take the .same or any .-^malh'i' nunilier that lu.n 
 1m' allotted to me. and to pa\ the lialiiiue of s.' |K>r deheritini- .i^ 
 
 ])rovi<hHl 1>y the .-id pro^pectux. 
 
 Name in full. 
 
 Addiifw*. . 
 
 Deticriiiiion. 
 Date, - 
 Siyrnatuii', . 
 
 If you desire to pay in full on ttllotuient. the word^ llie dat< 
 i^jieijified in the !^\ pro^iiectus " should lie .struck ■mi. and the '.vpI- 
 "on allotment ' and a iliscouut sulwtituted 
 
KUKMS. 
 
 lOC.I 
 
 TlIK 
 
 loMK' (i| i 
 
 'I'd tiio ahovc-iiaiiit'd (.ov 
 
 • oY. I.IMII). 
 J (I.e. iIcIkmiHiit' stock. 
 
 Form 404 
 
 ApplicHtii'ii 
 
 fi>r(leli«"iiltiri- 
 
 «t<>ck. 
 
 t.iMi.KMKN. Haviiiij- [id 1(1 Xituv baiikviN. MoNsrs. - . ilip >iiiii 
 
 yf j^ .-_ lioiiip: a tloponit of £ p.c. on t' - of tlio aliovt'-mciit"! 
 
 (loLoMlme siook, 1 Wiiuost voii to al ■->■ n\v tliat uiiKiiiiit ot' >\uU 
 dcliriiHii-p .stuck iij)oii the ternw of your jn'osjicctus dated the day 
 
 ot And I ld)y pgita to accept, the sumo or any Hinallor auiuunt 
 
 tliai iiiuy Im' allotted to mo and to pay tlm baUinco of p.c. by 
 
 ilic instil hiiont'* pinvirlcd For in the sd pivwpectiis. 
 
 Nanio in Inil, — . 
 
 Addrwiti, — ^. 
 
 JK'KCvipiion, -- . 
 
 Date, - 
 
 Sij^natupp, -— 
 
 ThK t'OY, I.IMII). 
 
 Isf-UC of. &c 
 
 .{Ihilmml I.i'tli'r 
 
 >ii:. Ill ictipoii.^c to Miui applicoii, thu diiiH.t<jis of the abuve- 
 
 iiaiiH'tl coy liavo allotted to you dol)entiiie« of f - each. 
 
 The anionnl payablo on applicon Is i; 
 
 The amuuiit payable on allotinout i.> £ 
 
 Makiuji' tu^vlhui £ 
 
 Di'iliK tiri^- from this the amount alroiwly paid by you, 
 
 namely f 
 
 Tlicif iiMiiaiiLs a balance due from voa of £ 
 
 Form 405. 
 
 Lt'ttcr of 
 iiUotmi'iit cif 
 (K'l)t'nturos. 
 
 \oa will \ye so j^ootl as to pay this sum to tiio ooy's baakerss, 
 
 Mifsrs. — , No. , Street, on or U'fore the day of . 
 
 The iT-maininfi; iiistaluieiitt* will 1)0 payable aw follows: — 
 
 £ ou the day of 
 
 f on the - day of 
 
 £ — — on the day of . 
 
 This letter must bo produoc<l at the Imnk on payment of each 
 infialineiit, and the proi)or receipt tukeii. 
 
|b 
 
 ■J; 
 
 ?orm 405. 
 
 NOTicra. 
 
 rC'HAP. XII. 
 
 If Mill implcf'f to |)iiy iinv inntiilnioiit. 31111 will i-t-inlnr (irt'vloiu* 
 puyinoiiiM linltlo to t'orfeituro. 
 
 The di'lH>ntiire« wlion roadv, of which due noliiio will la' givtMi. mil 
 bo dolivoivd in o.xchan;,'© for this uUotmoiit lott( r, duly ."i^iicd by vnu 
 uiid iho liiinkpr-' r<!(>ei|)t.'' fur th<> iiiiioiiiitx jmI tlH'icoii. 
 
 Voiir olrt-diciil sorvuiit, 
 
 - , Soprt>tAr\ 
 To . 
 
 Thif lptt<U' iihouid he cuivfidly |>ro-iorve<l. 
 
 HKf'KivKn th« within-im>nt4l dolwui'iien. 
 
 Date - - . 
 Sif^nature 
 
 Rbceivku the day of tho sutn of C . ixiiiiu i|i.' 
 
 balanoe as above, payable on allotment. 
 
 For th«! Hank. Ijiintd 
 
 Rkc'ki\ei) thi.s day of 
 
 tii'Ki instalment as above montd. 
 
 Reckivkk the day of 
 
 nientd. 
 
 Rk<kivk.i> the 
 
 da\ 
 
 - -. the .sum of £ ~ . jjeiiiii lli.' 
 For. &f. 
 
 the sei'oml in-'ialiuerii abuv 
 
 For. .ti; 
 
 the tiiiiil ih'italiiienl nl)ove niuiiut 
 For, Ac 
 
 The Cojr, 
 
 Limited. 
 
 Allotment No. — 
 
 t- . pnyabli' cm 
 
 allotment. 
 
 The Coy, j The Coy, ! The r.,v 
 
 Limited. ' ] Limited. j Limited. 
 
 Allotment No. — ; Allotment No. > Allotment N" 
 
 First inittalmcut, : Secouil iu.«tal- s Final iuBtalni'i' 
 
 4 . I meut, i . I f . 
 
 i 
 
 Mi 
 
 Capitalisation of Profits. 
 
 CaMM very innimoiily uic-iir in which it i.< diMiroil to uapitiilise iindiviil"! 
 profits. If the isaui'd 8liare.i are only in part paid up, the eapitalisatimi inn lu' 
 effeoted by deelarin)^ a bonns out of the undivided profits and mntiiiif; :i :ill 
 payable at the same date. Hut more ii)nimonly what i« desired in ti> is^i;' imiil- 
 up bonus shares to the members ami at the same time to carry from reieri"- '<■ 
 capital aceount a lorre.spondin); amount. Sueh a transaetion eannot be earrii'd 
 out exnetly lio tlie line* above indie:ifed. for paiil'ii|i shares eannot be issiiisl 
 unlesa they arc paid up by some one other than the eompany. Now the resem 
 fund belong.' to the company, and to issue shares on the footint; that the comp;iiiy 
 is to pay them up out of the reserve fund is irregular, for the payment is by 
 the company. In order to compass what is desired, it is nei^essary to deeline n 
 bonui or dividend payable out of reserve ffree of income tax) so that leh 
 
K0KM8. 
 
 t06S 
 
 iMBiub.T may have an iiidi>idiiiil riiftit, unci tliiii tlii» iiulclinoli i>( tlii' ••oni Fonu 405. 
 
 iiany tor tlio boniu or dividend ran be mtiHficd by the iiwui' of |iiiid-ii|i "han-K. 
 
 When- capitaliMtion in mntcnijilnted, it ia nircwiry to attrnd to ibi- following 
 (liptftions: — 
 
 ») Seo that the reservi' fund clauiic iiiithi)ri»,iw tin- |iayiiiiiit ihiniiiii of u 
 bonu9 or dividend to the members, anil, if umU be. iiltir Ihi' ebiiix"' 
 See miitia, p. 7S4, clause (17), and inft'i, Korm 171. 
 
 Ill See that there is suffieient to the eri-dit of the reierve fund tn cov.'r th.- 
 dividend or bonus without diminiihinp the fund too miieli. 
 
 ri See that the company has share* sufHi'ient to sjitisfy the ImniK or divi- 
 dend, and, if ni'eds lie, inereiise the enpital. 
 
 (1) .'<ee that the urtieles authorize the siitisfiiition of a dividend i.r bonns by 
 the issue of |)aid-up shureH, for jiriuni Inrif dividends mu^t be paid 
 in cash (Jloole v. difal ll'mteiii Hti. Co., I,. U. 3 C'h. '16i; ll'oml v. 
 Ofliinn TniiHi'ai/, Co., 42 Cli. U. fi4.'i: see Kii/iin, pp. 767, 7BK), an'l. if 
 needs be, alter them. 
 
 1-1 If there is no such authority, and it would be ini'onvenient l<i alter flu' 
 articles, see that the shares to Im' offered in satisfaction an likely lo be 
 accepted by the »llotti-e». Somctini™ there ia practical certainly a» lo 
 tin*— e.g., where the shares to be allotte<l will b<' orth much nion- than 
 par— for a man is not likely to elect to tak • KHI'. in cich if bv 
 taking ahare« he would );et 1.50/. wor;li. 
 
 (f) Bear in mind sect. HH of the ('ompanies .\ct. l!t(IS: for, if the transaitiim 
 ia to bo carried out without f;ivin); the members the unconilitional riiflit 
 to take the dividend or bonus in cash, the tran.'action may not amount 
 to a cash payment, and it will thiTcforr' be necessary to till' a ciiutruct 
 " eonstitutin); the title " of the allottees to thi> allolment. See Korni •)'.' 
 
 liic following Forms indicate one inmle of larryiuu onl a iiiiiit.ili»iiticin:-- 
 
 TllE ('OY. I.IMTD. 
 
 Ml.M TKS l)F HksoMTIONS 111' Ho.Vltll. 
 
 Till' ivsolution jiuisBttl ul the cxtraordiimry jrononil iin'cliii^ of tin- 
 • iiv nil the - — of-- , to tliopfloct tliat il vva.s ilc>inilil(' in rapilaliso 
 ih" HUiii of 100,000?., l)oiiig part of tlie uiuUviiled prn(il.> of the (!ii\ 
 .^l.lll<lill;- to the creilit of tlie coyV reserve fund, and airordingly thai 
 I lie .-^aine be dktributt^l as a houuK aiiionffst the hoiih'rs of I ho 
 ordinary ehares in pro|K>riioii to the ordinary sliares hchl by Iheni 
 ivsply, and that tiie direetor.s should be and tliey were thereby auliiur- 
 i/"il to diBtributu aniouK«t them the 100,000 iiiii«'Kiied onlinary '>hMpns. 
 uas taken into eonsoii. and it was resolved: 
 
 That pursuant to the .sd resolution tlio sum of lOO.dllO/.. beino 
 part of the undivided profits of tlie coy standiii^r to llie crodii 
 of the cove re(«?rvo fund, bo di«lriliiite<l tv< bonu-^ !iiiion<rst 
 the holders registered on the day of of iho oixlinary 
 
 shares in the coy's capital, in proportion to the ordinary 
 sharctc held by them reeply, and that the 100,000 unissued 
 ordinary shares be in accoixlauce with tlio sd resolution di-i- 
 
 . 
 
 Form 406 
 
 Minutes aH t<. 
 
 bonus shares 
 
i064 
 
 NOIKIX. 
 
 [ClIAP. XII. 
 
 • . Form 406 lriliut<^l aiii<iiiM>t tlicni in like |>iii|i<>i'tiiiiiH. uml tlial |>iii- 
 
 ' Miiilit to rluiiM' l^.'lii I sot) fiiind, |>|>. 7(>7. 7<i8 ) nf the mi- ..i 
 
 i iiMMOii, A. K., of . l>o mill li(> is hliy iiiitliiii'i/i>il iiu IhIi i|i 
 
 i ' ' 111 tll<> h<llll)MT> III llir iiliiilllll V ^llllll•■' ill llu' Cliv'» ill|iil;ll .11 
 
 |i ill*' ilii\ 111' . Ill i'iil4i| iiiliiaii n<rit'onit nitli tl \ 
 
 'fj |ii'()viiling fill' iIh' iillotiiioiit In lliciii u> iii'urly ii> iiia\ li- m 
 
 ilii<> |ii'ii|iiiiiiiiii 111 till' mI IIMI.iKIIi r-liui'i>« ■'I'i'ilitoil us I'lijiv |„{ 
 
 ii|i ami ill .siili>riii lion ul' ili<> ><l liniiii.s. ami that tint ilnili ' i 
 
 ! lli<i mI ukii'i'iiiI >iiliiiiitl<'<l to this iiuH'tiii^ bo anil tlio >,iiim 
 
 ' is lili\ a|i|>iovi>il. ami lliat lln' si'al ul' lli<> I'oy lit! alli\i'<l < . 
 
 siiili aK'ivt'nil a.s ami ulii'ii lli«' saiiH' sliiill havo liin'ii -i^i .1 
 liv the m\ A. H. 
 Tliu sil u^i'ooinl vMis tlK'ieii|n>ii sionoj li\ l,ln> >i| A. I?., aiiij ili.' 
 roiiiiiioii s<"al ^va>^ iilli\r<l llii'ii'to. it liiMini; ilatol tin* (la\ ol 
 
 It was resolved 
 
 That onliiiar* sliaii's in iIm- ('apitai of I ho coy lio allot Iim i 
 
 ai-«)onluiiit' with iho piox isioiiw of tJic sd aj,'!*©!!!!, uml ili.it 
 llio loltois of allolinoiil thnf Niihmitfod to tJio inootini; 1.. 
 sij:no<l In lli<> si'iiiitarv ami soiil out. ami that tln> iVarilMi,.,! 
 it>itiHc«l«'s suiiniittiMl to the inootiiif: nml ivl'orrcj to in -u h 
 lotlois lie sijiiKifl ami ~('iit in aciiailaino with sik li lotti'i- 
 
 It was also resolved 
 
 That Iho sil lioniis \yo doclaitHl ami hliy made jiayahk' free fi..iii 
 
 'diiii 
 
 for inioiiic tax. 
 
 .\s to form of iijyrt'riiifiil. n**' form li.'l. 
 form 471, inh-a. 
 
 i-'ith soiiic moditit'utioii. .nml ><" 
 
 Form 407. 
 
 Allotment 
 letter of boBiiD 
 dhareii pnr- 
 miaiit to 
 above. 
 
 TllK 
 
 Cov. LiMTU. 
 
 Wu«! uf 100,000 iii'W ui'diiiary sharo- of II. oach, 
 cwdiKil an fully |k1 u|). 
 
 Aulhori/<'d \i\ i'i>rMiliitioii iui^kcnI at <,'«ncnil ni<<ctiii<i^ of tlio coy 
 hold on tho dav of . 
 
 I 
 
 ■ I 
 
 Air.OTMKNl I.EITKR. 
 
 RoffLstor 
 Valup — 
 Nuinbor 
 
 • Address ami dnlc. 
 
 Sir or Mviiwi, I am iiistiiiiU><l lo inform you that the diierloi.' 
 havo, in iW-conlaiu'c with the iv.solutiou passed at the cxt.raoi-diii:ii\ 
 (joneral meeting of the my of the day of — , and (ho agi-oinii 
 
KOHM8. 
 
 lOti.'i 
 
 ,|.,i,,,| ill,. - (lav <)( anil iiiailo Ix'lHrvii tlx' in of ili<> oiio pint Form 407. 
 
 111,1 on Im'IuiII' of lli«> (iiiliiiarv .slian'lic)lil«'i> nl' ilit< .pIIkt pari. 
 
 .ilJipittHl U> Mill «if th<' alM>vi'-iiH'nt<l r>liaii>« iioilift'ii ii^ fully |»l "P 
 
 III sili'fiwli'iii "f •I'P lioiiu-* iif f juivalilc 111 vim uimIit tin.' wl 
 
 ri'^uliitiDii. 
 
 I iMii al>i' iii-liiii toil U> cmloNC \ m a li.i. i iuiial n'llilirali'. n'|.i('- 
 ..riiiinu' iiiif-liiilf "f lino .^liaif. Tliit ri'rulic<it4\ a^ \iiu will mmi. if 
 ,|mI\ iin'.-n'iitt'il willi anothtT rcnilirair iif u >iMiilar kiiul, mnlVr tln> 
 li-lii 1(1 mil for an allotnuMil nf init- ailililiunal W onlinarv Nliaro 
 liillv iiil n|(. and ymi iiin ciilicr .sell xnnr (I'lliliraU- m aii|iiiii' anolluT 
 ;iii.| lliiii iililain tli«> full IxMU'lit. 
 
 ) II will 1«> wi ^-ikmI a.s III .-ii^ii and iclmM l^i ini- llic cikIo-umI furiii 
 .,l iTr('i|il and r<>i(iic«t. in order thai llif rcrl illraU's ii'lalinji; In tlic 
 .li.iii'n llini allotU'd to ynii may lit> niaiit) onl. 
 
 Tlic ( 'iiy, l.iiiild. 
 
 To I lie iiliiiv(>-uuino<l ci\y. 
 
 til All KMKN,- 1 acknowlcdpi lli«' ifcciiil of Nuur Idler of allutinont 
 ,.| ihr iiiNlaut in r(>n|K>ct of - nrdinary fdiin'CM fully jhI up, aod 
 
 1 n.i|ii('.'«l lliat llio »j»'rlili(tit<' I'nr iIm' .-iiiih' inav !«■ made out and .s<inl 
 I.I iiic al the address U'lo« ^iM fnrlli. 
 
 Da tod 
 
 Naiiio in full 
 
 Citlinary Higimiuro . 
 
 Addrp.'* . 
 
 DoKcription - . 
 
 TliK (JOV. I.IMII). 
 
 Fkaciion Al. Ckuiuk vrK. 
 
 |{i.|iriv<>nling' a lioiin.i uf Icii sliilliii;;s iiiado payalilc mil of llio coy'n 
 loorvc fund. 
 
 I>-iii' ol Iiin.OOH now iirdinai'N >liaii'.-i nf II. t'atli ciediKMl mi fully 
 |k1 up in satisf.H lion nf bonii*. 
 
 On preisentutioii of llii.s (^nlilii ate wiili anolhor like roMiliiatn the 
 iO} will, at tlio it'ipiust I if Ihu pt'r.son prc-ifutiui; the .■(aino, allot to 
 Muii jH'r.son Olio fully [Kl-up ordinary Nliaro in the capital of tho coy 
 111 W 
 
 Tlic lequoHt afsd must Ix' iiiado lo I he coy before the day 
 
 of 
 
 Such re(|uest luu.-it be iu writing, sitrntil liy ilie pci.^oii niakiiii^ the 
 
 -OIIIC, 
 
 Form 408. 
 
 Kractionul 
 fcrtificat* 
 as above. 
 
 A\ 
 
imi« 
 
 V, i-iCK*".. 
 
 [<'llAI'. XII 
 
 Form 408 
 
 
 Form 409. 
 
 IiiKtiilinitil 
 roiniri'li r. 
 
 Sin li r<ti|U<i»t i» Ui li' ^■<>iiM'<l 1" luflitiiiw- ill!' I'll) i<i <)iiipovti>i iih% 
 iitKi'iiil of tli»' coy, on Ix-hHlf c>l ■{•!• j- r«oii intkiny Uin rfiijiitMi. ti, 
 lOiti'iir with th<« cov in (■ntoriiij^ m <i ii ii)fm>iril providing fm ;, 
 allnfmc'iil of Hiirli sliiii<> rrfHiitwl ii> lull* |)'l up iii <atixf»(;lii.ii of tli. 
 i'iirr«<N|H)ii<liiiK Hiiioiiii' ot th<' Imiiiiix 
 
 UiiWi] the 01 
 
 THR <'0V, (.IMItl 
 
 Inmi.' of lo.iMH) »(wre- ..f , <\,.h. 
 Third itinUilintMil ol II. p<>r mIi.ikv iiiitkiii^ .'!' per hIihk- |h| up. 
 No Auioiiiit I' No of shai«f. 
 
 'Sill (or MuMM), 1 Ih!^ Io ifiniiitl _\<mi ilmt ilio tliml iiiHUtliii>'iii 
 of 1/ jjor KJuiro fulls duo on ihu 1st of .lunc H'vl. ami In, in aor<>nl- 
 ance with tho proHiK'ctif of thi> coy, to lip | <l to the Hiuik. 
 
 Xo. Str«>ot, London, for th»> a( oiini of ilif coy. 
 
 Tho Muni puNiililo i)y you in (•c^ptfl of tho uliaics held hv u.u 
 
 is £ . .ind tho nnin niu.st 1)0 p<i by you to the liankoi-s of thi-" fi^^ 
 
 on 'ir l)<<forc th«> d)iv of 
 
 By oidei of tho (ioard. 
 
 . Hoiii'iitiv 
 
 To 
 
 %• This portion to Ih> reiinned l)\ the l.ttiker. 
 
 tfi^ It tho aiiiouat i.* !0iHitt«il t4> tli< hunkers hy i^wt, nn addrei.- 
 
 should bo ffiven for the n'turn of the n .ipt. 
 
 Xoii:. TliiH lotlor niu«t lie pr«*entc<i entire tt mc ImiiiK in. wlc 
 will nij»n tho unnexotl receipt. Tiansfern of tho sliai^ heioiii tcferrcd 
 to will not bo accepted wiill the in8talinent hai been i>'i 
 
 I'nder the art^ of u.-<^<n 'he coy, interest m he rate .,| (> p.c p. a. 
 
 is payable on any instaliopnt in arreai . 
 
 No 
 
 TIr toy. Liuitd 
 
 Heui.-teitMl ( (iHiH'. No. 
 [.--."Ue of •'hill cs of 1 Oil 
 
 . .\lllullll! t .No, of !i\- ■ 
 
 Ihnik't'i^ li'i'i-pi))!. 
 
 Third iiK-lalnient of 1/ per .■^hare. aking ',U [lor shai" ' 
 Heckivkd finiii - ili'- sum "f i . bciii'; the ainoii ;i of ihc 
 
i„«,«lm«M.i "f 1*. jK'i .lull-, ri - ^^1, .ivKoi .!...>-., \m^M Form 40* 
 
 Kn> III.- :,l> I 
 
 itwllim 
 
 ll... ul . IW*' 
 
 llaK'd tilt' 'liiV "* 
 
 i 
 
 Noll. ii'i^ l<" • 'I '•*' f Hi. '<! (o ill- |i|..|.i u'liii 
 
 MrtHoi ! "' 
 
 To h«» il^'tiK-lieil ind •■lairuvl liv limikm 
 
 IV l.i- = '.l 
 
 Vo h •« ptl ;(io install. ^"111 I' |m'i -li.u" 'in -liariv 
 
 Diiio - 
 
 i, j*- 
 
 t t 
 
 '■'iuHi -'uimeri" I' -i' ■ii nriliiiiiiv -Imio- 
 No H<»iri.^ien'il (>Hi<<' 
 
 Forr iU 
 
 III .1^ K. I Mil' '".I "iiiiiiil \'Mi llml i||i' lliial lii.^lulii. 
 
 il i/ 1-1 .-iIiuh' nil ili( in -lii(ii"< hold liy .mmi m tliif i 
 
 i.ills .111. and in payabU- 'iiii.iia liic l.">th iiiHtaiil. 'I'ln' iiiiiciunt 
 
 i.t \ 'Ul' lllllll ill;<tilllllOlli . win. I -linillii Im- iMiWiil.lod til I " 
 
 Uiik, LliiiUl. - StiL" I.oikIiiii. I' t . i...ji.(|i,-i «iili ill- ll 
 
 lilaihod hlo. on or bt'l'oro llml diiliv 
 'P;ristorwl • ilii-es of the coy liiivi' now Ih'imi vi'umm'I 
 iiUli'P--*", wlioro all (■iiiii'.iiiiii' iiiiM~ lo tin' ^ > ii'lan .1 
 
 3dUl. 
 
 \ our.- laitlit'ully . 
 
 . Soi rolai V 
 
 Add receipt ami Imir.rrs' memnf indinn. 
 
 Or, if prefi rred, nuhstitute tlie words ■ with 11^ iinfin ' f n . «•■ :- - -vith 
 III- linlf-slii't'l attai-hi^d horoto," niid add fnlli"- rp. <i|it. il... 
 
 Filuil III- iliiit'iil. 
 
 HKiKiVEUthe - - liay ol — li-.-in iin- kii ii «ii i n. 
 
 "U account of A. B. Coy, Liintd. Imuhl'' lln' linal iii.Nlaliiioiii ..r "■> poi 
 -littiu on ordinary sharen diK' I III' das of 
 
 Foi the Bank, Liintd. 
 
 — .1 'iirtliior 
 
mi 
 
 l«l«)8 
 
 NOTICES. 
 
 [ClIAP. Xll. 
 
 11 illl 
 
 Form 411. 
 
 2>iotic(> that 
 •■ertifitatc 
 i" ready. 
 
 Tlir. - Cov, I.lMil). 
 
 (;ii|iiiiil lOii.oiWI/.. divided into lO.OOd sliaic of U)I. (M'Ii. 
 
 First |ssii(i, .^.tllMI «liiiio>. 
 
 To of Diit.' 
 
 Sii; or M AIUM, I liojr to iiifonii vou thul llio ci'ilitiialc id' tiilr tn 
 your .Hliiiri'is in llio iilmvc-natiiod coy will l>0 reudy lor (loliv»'r\ t<i \..ii. 
 or yiiiir duly iiiitliorizcd iiifCiil, a( - -, iMMwitMi tlio liours of .iiui 
 
 oil tiio dny of - - If you dcsiro uio lo send the rcrlili'.itr 
 
 l>y jio»t,yoii will bo no jtoiMJ as to till up llio ('tnlo-icil form of ri'i|ii.-i 
 aixl forward iSiUiio to uu'. 
 
 VoiirM faithfully, 
 
 — - , .SocrolaiN 
 
 Sun .■ i'i>iii|iantos insert tlit" words " iu pxchaiijfc fur jKiir allotiiii'iit lilt' r iihI 
 lianki'i- rccciptd" l>cforc the wnrtls " If you." Hut a lompaiiy lias ihi ii:»lii lu 
 iiiake siirii a ii>iulltioii unless the priispectus expressly «ii prDvides; anil it - ■ iii< 
 senreply fair ti) eall on the allottee to part with the diH'iinienta wliieh lielun;; to 
 liiin and may Ih! of value to him. ICven where property is conveyed to a pur- 
 chaMT, he is not ealliil on ti) siirreiider for evi'i- the a^freement and tin' rini ipt 
 for the de|H)sit; why. then, slinuld an allottee he put at a ifrcater disadvnnt.iL"': 
 
 Form 412. 
 
 Notiee of enll. 
 
 TlIK 
 
 L'OV, lilMTI). 
 
 .Sill, I \>i'ii to jjivo you iiotii* that at. a iii(<oting of tlio dircit^jr.- ol 
 
 tlii.s foy, held hero on iho - of , a ouU of £ per «harc wa- 
 
 intMtc, and it was dolt'nniinfl lliat .'^uch call "hoiild Ixi j)d on tlic 
 dny of to — at . 
 
 Till- »nni payaldo hy you in r<>.-*p<'it of the - Nharee, of wliiili \oii 
 arc the lioldor. i.-i i' - , and I havo to reijupst that you will pay tin- 
 miiiH" to the coy '.s hatikoi-H. iu< nliovo. on or hofore the dny of 
 
 .\s to essentials of a call, see pp. ti.5t, rt.i.5, nnfutt. 
 
 Form 413. 
 
 Another. 
 
 TllK 
 
 (.'OY, Ll.\11I). 
 
 1 Ihw to j{ivt' you notiii' that tlio dircctor« havo luado a call of 1/ 
 |)cr Mharo upon all tho luenilK-T;* holding «httrc« upon which onl_\ 1/ 
 IH-r Nharo has t)een (hI, and that the saiiio will be payable to the 
 
 Iwnkors of the <siv, Meswieurss . at their banking hou<c. No. 
 
 Street, London, K.C,'., on tlio --— day of - . 
 
 Tho aniount |Hiyablo by you upon tho NhareM, with 4/ only pd. 
 
 hold by you iu r««i)oel of nueh cull, is i' - 
 
KORM8. 
 
 10«}» 
 
 I iM.ri |iivsciitati.iii iit tho ollifos of tlu- cov «( the lunkcrs' i-orpi|)t, Form 413. 
 l,,..vlli(M- with tiK' (vrliliciilc of sliaw-. a \\»U' of tin- |iaviin'iil will Im 
 in.i<ii><''l on the (KM-tillcaUv 
 
 ViiuioU'iiiciil .-'(•ivarii. 
 
 , SiM-it-lar\ . 
 
 No. 
 
 Oar I r."' Ilcffijil. 
 
 I!i;(i;ivi;i) this day of , for iIk- - Coy. I.iiiil<l, iIi.' -uiii 
 
 ,1 I . U'iiifi' aiiioiiiit of (aill diii' of I'.Hi.'i 
 
 Fill tilt' Itaiik. I.iiiilil. 
 
 t -■ 
 Tlii~ k'tlcr anil fonii of roivi|it to ai.roiii|iaiiy ri'iiiiltaiuf 
 
 The (.'oY, LiMii. Form 416. 
 
 ml. Slmi-ON. \'J 
 l'..uilli iiiHlaliiH'iitof ;i/. iMTsliaiv, nuikiiii; \2l |k'I -liaio rullcil up 
 l*a\al)lo ou tho l.st Foliiuaiy. l'.»ii."). 
 
 .S«'cii-lan .-^ ( Klii'*'. 
 
 .Fan. I'.i . 
 
 lii'ui.-lci- No. -. 2(t f lian- ^ U.tiOl. 
 
 Xjiiih; l*ii'|Kiun<'iil (" ;!Z. .f 
 
 Notiii' of t'«U. 
 
 Till' liin'tloi's luiviiij: iiiudo a call if M \m-i .-^liaio on tlio I .">/. .^liaio.-. 
 
 . .•.iiih C4»ll to bo jxl oil llio iHt Feb. 19 . you aiv lil>y ri>i|iiisU).l 
 
 iM pav tlip Hil tail, on III' liofoie tho day ap|>oiiilL'il. looiit' nf the iimliir 
 
 iii.nlil liankfiH, and in lU-fauK tlmf intoivst at llio latf of ."i |i ■• |i a 
 
 will !«' I harsfdl from iIh- aliovo date until tin- -d rail is.iitnallv |id 
 
 l.aiiki'l> Mo.ssrs. . 
 
 ' Til." — . 
 
 N'n Iraiiifor of shares can Us ro'jriHtei'cd until llu' -d rail is pd 
 Kivl^li'd lall-lottei-s will lie i.ssuoil on upiilifoii, providcl tin' nninlH'r 
 iif -liaivs lie givpn. 
 
 r.\ order. 
 
 rM'rri'lju-v. 
 
 XoiK - I'ro]>rielors de.-iiiius of i)repa\inu llw liuui rail ot •!/. per 
 ^lla^e con do bo; interest at, the rate of a p.c p a. will U' allowed on 
 the amount so prepaid. 
 
I 
 
 I 
 
 1070 
 
 NOTICES. 
 
 [Ohap. XII. 
 
 Form 416. 
 
 Receipt of 
 
 M\^ 
 
 i 
 
 til 
 
 TllK I'OV, LlMll). 
 
 15/. Shaii«. 19-. 
 
 Fourth iii>tiiliiic'iil lit' '{/. \K'V simi'c, iiiukin^ 12/. |xm' -iliiti'u (:iill<<>l ii|i 
 
 J'liviililf on the - (lay .if . 19—. 
 
 Hi>gi»U'i -Nf. 20 slmrcs (a!M....H{)l. 
 
 l'i«|iii\nioiil (a. :\l....x 
 
 Kkikix 1 11 1111111 lilt' .-inn 111" t' <iii ii<-<ipiint i>f (In- i uv. 
 
 For 
 £ . Date - . 
 
 NoTK. Tliii» M'(fi|il luiiAt U" iVirwunlotI to tjic it>y > i>Hi«i', lo'jctlirr 
 with llif ifcoipt.- Iiir |)iv\iinis paynipntf. Ix'foio any IraiislVr ol thr 
 i«har<>i' rnii l><- 
 
 , ISoiri'lrtu 
 
 %* liiU'iffl ill till' laU' i»l' .! ii.c.p.ti. i» alliiwod oll^ .\- paiil in 
 a<lvanc<>. 
 
 Form 417. Sik. I l»oj;. ai .. and it «a> dtnlurftl lliat -luli call "himlil !«■ |"l 
 Auutber. ''> two iiiNlulinviit'- "f '2». •)(/. each, jwyublo iv<|>ly <iii tho nf 
 
 Iiwtalnii'iil. and of I" the iiiy'« bnnkorx, flic Coy. l-iinl'l. at 
 
 No. . I.oiiiburd SlrtH't, LiiikIoii, K.C. 
 
 You iiiv lli<> i<>)rislfitil ImldiM- lit <;00 oriliiiary (tlian's. anil I liavf In 
 
 r«queist (hut yon will |iay tho followiiijr iiinniinlci to th«' foyV hiinkiTK 
 
 us ahovo on the ilat<'> inontri lielow: 
 
 1st XoM'inU'r. lit X'7."> 
 
 IhI JouiiaiA . I'J i7o 
 
 WIk'ii t'ui'li in.-taliiii'iil i« iliio, tlii.-> lolti'r slionhl li<> -^-iil riiliii' 
 li)g<>th«>i with chciiiif t(ir tho unioiiiit. pnyalili' to tho haiikon- of iIh' 
 I'oy, who will ii>(nni it lowiptod. 
 
 Whoii tho two iiiKt.iliiioiit.x liuvo lioou |k1, thi- lollor rshiiulil I"' -<'iii 
 to the oflice ol' tho «!oy. li)(i:«thor with share oertiticato rotating to your 
 (ihan>s, in order llml a nolo of ))ayiiiciit of tho cull may bo imioi-Mil 
 on the la I tor. 
 
 Should il Im' d^■^ill•d 1(1 tian.sfer any of ilio above sharc.><. llio iw" 
 iiwtalnivnt'- niii'<i Ih jhI. which inuy Ik> iIoiio at any lime bol'oit' iSc 
 due dates. 
 
 H\ oilier of the IJoard, 
 
 , Secretary. 
 
KORMe. 
 
 lOTl 
 
 The 
 
 (VlY, LiMIK. 
 
 So. 
 
 Form 418. 
 
 Baukerti' 
 
 TfVnptr. 
 
 (tfdituu'!) SlMien. 
 
 Maiikere' R«(«ipt for pavnioiit of liist iii-italmviit of \\\-*t <nll. 
 
 Rk< i;ivkd this -- day of , I!) . of . llio -iiiii of t 
 
 iK'iu^ (he iirxt iuNtaliuout of u cull of os. por Mhart>. payuhio l-t 
 N'iiv«'inber, H> . on - ordinary Nhai-ci* in the al)ove toy. 
 
 For the Bauk. Miut4l. 
 
 The - - <;ov. Linit<l. 
 
 X... 
 
 (hilimuji Shares. 
 
 Ilaukorh' Ke<«ipt tor payiuoiit of ttecuiid in^«talllu>llt of (list call. 
 
 Keceivku this - - day of , I'J , of , the ouiu of £— . 
 
 U'iiiff the Heeond iii>)taliitont of a call of .Vv. por sharo, ])aya)>lo Ul 
 .laniiary, lit ~. on onliiiary shares in iho above coy. 
 
 For the — Hauk. Limtd. 
 
 The - Coy, Liiiild. 
 
 \n. 
 
 OnliiMty Shares. 
 
 F'iRST (\\I.I.. 
 
 FifBl iiiHtuliiieiit ol 2.s. ^id per isliaro due Nt NovoiiiImm. li> 
 
 ^' ■ 
 To lie retained by I ho UaiikiTN. 
 
 The Coy, Limtd. 
 
 So. - 
 
 tiriHnar;i Shares. 
 First (Ui.i.. 
 Second iuHlMiiuuut of 2e. tirf. |)er siiaro iIik' l.si Juimury, !',» 
 
 To !«■ lotainud bv tho liaiikors. 
 
i^ 
 
 107,' 
 
 .vorrcK^. 
 
 [Chap. XII. 
 
 Sninrtiiiii's tlic alliitiiiiiii \fixrr iiiiilaiiis at fiKit hiaiil. n"ri|it« for (lavriii'iir .,f 
 the amuiiiits |myal>lr on allottiit'iit. ami in rpspt'i-r of »hr nv\t iiiMtalnuMir. nr of 
 iievrral instaiiiMMit!<, wi'li a iiicainraiiiliuii in ciurli t-a^t' t4> he dt-tuchi^ liv tlii 
 baiik'Ts, tlin«: 
 
 Foiin419. J{i,(KivKi> ilio oi 
 
 Anritlnr •'■ ' ^"'r! 'ho hum p'lvaliii' mi 
 
 above allotment. 
 
 ( o\. Limtil. 
 
 KwKivi;!) till' of 
 
 f - . iK'iiitr 'he sum |)a\al)lc .■ 
 the <hiy of 
 
 TIm> — ('ii\ , Miiii, 
 
 Mvimimnihiiii 
 TTo Ih" (lotachcil by lliiiilicis. 
 
 Allotniont lotUir \o. 
 
 Mr. - lias jiiiid i' allnl- 
 
 nioiit luoiicv.s 
 l)nt<' , 
 
 Meinnraudiihi 
 'I'm Im' (l('la<li<'il liy Riiiki'i- 
 
 Alluimoiil letter Nn. 
 
 Mr. has |>ai(l I' ;ill.,i- 
 
 itii'iil moneys. 
 Dato 
 
 
 $ 
 
 I 
 
 Form 420. 
 
 Noticf, uuUer 
 
 'ii Till, C'ov. I,I\I 111 
 
 .\ll<l llif (lilcctors tliof 
 
 «i,t. N6 of Ai:t 1 vKi: vol 11 K. that I. the iiiidci-NioiKnl, do hl)\ , iiursiiaiit to seel su 
 
 "f 1908, avoid- , , „ .... " . ■ ■ ,, 
 
 iri(.' allotment, "f the Coiiipanics i ( oiisolidatioii r .\ct, I'JOS, avoiu ttio uUotmciit 'ii 
 
 short's of Ji t-aiji in vdiir capital made to me in the nionili 
 
 of , 19 , ami ivijiiire ynu to remove my luime troiii your reirisi.i 
 
 of inpmlx'rn in ros|K'(t of such shares, and to repay lo me the Mini- 
 amounting to £ jmI Ii\ me in iVf-|HH't of such shares. witJi iiit' n-i 
 at the rate of 4 p.c.ii.a. tlieit'oii a.s from the time when I pd tlie 
 Bume rewply to you; und lake notice, that unless within s«'ven d,i\- 
 from the date liof you notify t" me your assent lo such avoiilaiicc. 
 and remove my name as afsd. I shall lake suili jiroceedintfs a::niii-! 
 you as I may l>e udviscd. 
 Dated the da\ of 
 
 Signature of allott^'c 
 Name in full 
 .Vtldivss - 
 lH>scription . 
 
 S«t. N(> of till' ('oiii|iaiii<'> All. Inns. |iriiviili'< tliat a'l allotniiiit ni ulr In .1 
 con)|iany to an applirant in contravcntinn of tlic furoi^oin^ proviiiioiH of tli«- 
 Ai-t (M'c MH-t. H.5, Hu/nii. p. II; .iliall III' \uitlalili' at the iitntaiici' of ihi' applirani 
 within one month aft^T tlic holding of thi> ^itatiitory ini'i'tintr of the ronipany 
 and not later, and •^liall hr so \'oidal>li> notwitliHtiindinir that tin- coinp.iny i^ in 
 I'ouryr of bcin^ wound iip. The alMivc is a formal avoidani'i': liut il \* mmi 
 os.Hcntial to I'xpri*** the axoidancf in formal Icrnii; it is I'lioti^h if tin' iioln- 
 clearly pnt.i an end to the eontraet. .Vfter allotment is once made, tlini.i:li 
 irregularly, it in only voidable at the "ptiiin of the xhareholder. The iimi]ian> 
 cannot insist on payiii); back the application money, for the shareholder may 
 
 prcf'.r to keep the shari- ! .«■';;, s. «-■••■.•;. !|9QH! 1 Vh. -IW): I'.ov i" if n • 
 
 wiry that the reseindiiiif shareholder should take ictual lejjal priK'eeiliitL's »" 
 a\uid the i-oiitraet. within the iiiontli. \utite of avoidance followiii by prompt 
 Iciral priweedintrs, thoiii;li after the monih is sutiieient. /{•• Sniinnnl ilulitr ('<■■■ 
 (.liKwj 2 Ch. •-••JS. 
 
FORMS. 
 
 1073 
 
 To The — Coy, Limtd. 
 
 And the <lircctor.-i tlmf. 
 
 T.xKi; NoTKE, that I liliy it'.scind anil avuiil tlic contrail umlor wlildi 
 
 .-liait'.s iu Mjur caiiilal were, in tlm nMiiUi ol , alKillcil In mo, 
 
 BUili c.iMlrait having; been imlu-c"! Iiv nii^n'iiM'M'nUilimi.s in your 
 
 ](ri)>|«'i HI', ami I rt'(|uiro you to roniuvo uiy nauio I'loni yur resistor 
 
 ol' niomU'i's [uc, an in llic prcicdini) / diiii _. 
 
 Whri. ii oo'itract (o take slian's lia'< licnn iiiilmiMl liy nii»rfpro»('nt.itinii iin the 
 j>art I'f till? company, it i^ vniil:il)|p at tho option of tho allottoo; t>iit it i^ valid 
 iiii:il til' a!li)lii!> o'ot< to ri'|>a,li,ii.- it. Sro .«////,■■/, |i|i. 19. i, I'.t?. ! iili'-< tlio 
 i-iiMt(';iiy at oik-; -.'i !'■• in. tin- ^h irtli ,ldiT rrpudiitiiiu' 'hml'l talir k'::ai prurc'il- 
 inir< I'V till- i--*in' of a writ, noti--i' of nkuliih, or siiiiiinon-i. ollicrwi-i- hi- in ly lo^ii' 
 lii, li.lit lo n'^ iml. Any delay in nucli u ca-ie on tho shjreholdi'r's part may 
 be fatal. Sir siij.r.i. p. 197. 
 
 Forro 421. 
 
 Niitiif Hvtiid- 
 iiiir 'ill-itniiMit 
 
 whiTf rt.n- 
 
 tra<' iifiii' ,h1 
 hv iiii-r' pre- 
 .s* ntHliuii. 
 
 Misrepresentations Circular Correcting. 
 
 S"(u' tim' ■ tu'forc allotment iin* diri-.-tnr^ ;|1- nxrr that m,mi'- niai' riai fitat-.tit'iit 
 in iKe prii--p''-t .1^ i"* iiot rone.'t. In sirh a riu*i' the di> ovory on;;itt at oiire to ho 
 comniiiiiiiiitccl t.i appli 'ants. ,v,,., //,,</, l',-lrnli'i'„t, 'J3 C. Div. tl;i. Anil ii may 
 U' r.e' '■--ary, ii. order tiO prot'-i't th" diroi^t'T-i, to offt^r th" allott'e lii-i ni'tney 
 lia Ii, or to inalif the allotment in some w„y eondilional on hi" si'.'iiifyln^' that he 
 de-ire!i to renew liis applieation. 
 
 So far ai the company is coiiperneil, it miiflit unffiep to (rive nitieo in the letter 
 of lilttiiient of the dise.)very. for if the alhitiee pays the allotment money after 
 fueii a notice, he in effect ele t< to affirm the contra t, and could not mihsefpiently 
 ivptuiiato it, hilt direotor:* do not Htand in so favourahte a po^irion, for an 
 filiotte*' may elect to keep tho nhares witlumt waivin:; his ri:;!it to damaijes 
 uL'a'"-t the directors personally, and in order to prote t them it may lie necesiary 
 to inform the a[ipli -ant of th • di-* 'overy, tell him that the dire-'tors withdraw 
 lliu oriL'inal prospectus and olfer .liin his money h.iek, and ask him if he wislies 
 to liii\e the shareH, to fill up a fresh applieition on tht! footini^ of a eorreettHl 
 jtro-pectii', copy enclosed. See ttu/trn, p. 211. 
 
 The 
 
 Coy, Limti). 
 
 
 ■Siii [or Madam], — Willi rofiTonoo to your a|i|)licon for an allotrnpiit i 
 ol' - - .sliar(>~ in the ahi ,,- roy, I am ins'riii'K''! Iiy tlio iliicrlois -o 
 inform you (hat .sii;(» tho pulilicvifion of tlio prospootiH it has liocti 
 (iisr.ivorcd thai ono of the strtt(>in<!iit.s in that iiros|H<c ii-i is incorn'it 
 iiiiil cannot 1m! jiistiliod. The NUiiomi-nl in ijii 'slion is that [<.'//(; 
 
 u'luit This Blutoiutmt wuh has*t<l on tho rP|iort of Mr. , in 
 
 which tho following: jjac^ay^p ooeurrixl [iiel it on'] 
 
 V.n> from a furihor rpjiort of Mr. , rucKivfil nino- ihu iiiihtici- 
 
 lioii of the prosjioctus, it appoars that I'Ir.]. Aeroidinoly, in llio 
 rt>siilt, tho statement in the prosiiectas above roforrod to was and is 
 iiiiurreot. 
 
 Form 422. 
 
 ii tr wliuii 
 itii-»t]irf- 
 
 .1- ov.i..-a. 
 
^7i 
 
 ri 
 
 1074 
 
 Form 422. 
 
 NOTICtS. 
 
 [Chap. XII. 
 
 Tlio directors tlicrot'oro, who di'^iro to act in porfoot fairncH,s, wiih- 
 draw (lio oriijiiiul prdnjwitiis, ui:<l iimst abstain from making aiiv 
 allot mi'iit tliproon. 
 
 Thev do not, liowpver, consitlor that in the i-ircumstanco-i the ).rij- 
 
 spfcls of tiio coy art- in any way i)rejiu".iccd by tiie fact that ,'tc.]: 
 
 an<l accordin^ily thoy have prepared a orrodcd pro.<poctu.-'. a (opy uf 
 
 whidi i.-i emlose.1, and you will be at liberty to renew your applir.m 
 
 til the liMitinfj of tliaf pro«poc1us. In the circumstances I have to 
 
 roipiest that you will be wo ^"lo.l as to m'^n in the place imlicalod. ind 
 
 send to nie, as soon :u-» you conveniently can, one or other of the furms 
 
 (.ubjoined. in order that the directors may grive effect to your wi-lics 
 
 ivs therein expressed. 
 
 Yours faithfully. 
 
 .Secretary 
 
 Form 423. To the Director,* of the Coy. Limtd 
 
 Tobeu^od (!|-:Mti;\iKN, I be^' to withdraw my appiicnn. an.l re.pie.si yi.ii to 
 
 with the iei>av me the deposit on applicon whicii ha.s been paid by me 
 
 above. ' • o. . 
 
 Uatc - . Signature 
 
 To the Directors of the Coy, Limtd. 
 
 Genti.emkn, With reference to the circular letter of the day 
 
 of , and to the corrected pro.spectus enclosed therein. I wi.-h to 
 
 renew my applicon. dated the day of 
 
 , for an allolniciii I'f 
 
 .share.s on the term-* that such applicon is to be treated a.s re- 
 ferring' to the orrecKvl prospectu.-( of the - <iay of - - . instead of 
 
 to the ori^'inal pro.sjicctus of the of , which i« withdrawn 
 
 bv the <liro(lor!<. 
 
 Date 
 
 Sip;nature — 
 
 Form 424. 
 
 Another in 
 lieu of 
 reminder. 
 
 The — Cov. Li.MTi). 
 
 RoftistoreKl Office, . 
 
 iKsue of — - preference shares of .')/ each at r>l. •">». per .share, payable 
 10s. per share on application. ll»s. per snare on allotment, '21. >*. 
 
 per share on (of that, .>». per share is piomiumi, '.^l I'lr 
 
 8haie on . 
 
 Sir or Madam, -I am to remind you that in respect of the allot- 
 ment to you "f of the above preference shanw the sum ot i' 
 
 will Ik. payable by you on the — of , 190,"., in accordance with 
 
 the pios|>octus of the ot . 
 
 I?<> so ^(Kxl a.s to pay the amount to tho coy's bankers, the — 
 Bonk, Limtd, Street, E.C., for the account of the coy. 
 
FORMS. 
 
 107.S 
 
 Till' (lir-clors take Uiis opportuiiii v of mentioning; iJiiil llmro was a 
 (iliirlit inuceuracv in the prospoctus in that it did not dL<<closo that by 
 ilir tonus of the cnulntct niunUl in tlie proMiKMiu.'' iho umlortalvinp: 
 \wi.-" I<> !«' lakcn dv'M' suhjiHt to iho lurroiit liiiliililif' of lht> vendor, 
 niiiiniii!inir l<> aliout ,'12.(>0()/., mid ii'f«'rri<<l to in tiw halancp-slioct 
 ii.c.iiii|miivin}:: lilt- proMpcctu.-*. The non-disilosuic of l,lii> fact wm-; 
 |iiinl\ iiiiidiMilul. and haviuy: ro^rard to tho price (l.J:!ii,0()»)/. i tho 
 liincior.s do not considor tho matter of any material moment. If, 
 ii.nM-vcr. vou desire it, the direct-irs will 1h< plpa.'ied to relieve you 
 from vonr conlriu't and plan' you in sttilii i/iit). Uoth the preference 
 ^U:lrcl' and tlie dolienture stock ollenx.! for Huli^riiilion were over 
 mliscrilH'd 
 
 Hy onler of llie Uo;inl, 
 
 , Secretary. 
 
 To - . [Date.] 
 
 If the iimotmt is remitted to tiie hanker-, liy po^l. an adiiri'ss -^hoidil 
 Ik ji\eii for the return of tlie reeeipt 
 
 Tliis h'ller must be pivwonted entire to the hnukers. who will sign 
 ilic annexed i«ceipt. 
 
 Form 424. 
 
 The Coy, lamtd. 
 
 Regi.stered Office, -. 
 
 \(i of nllotment . No. of ehareo . 
 
 Hankers' Rei'eipt for instalment due - of . 
 
 1{k< EivKi) from the sum oft' . U-iuff the amount of le 
 
 inslalmeiit of 2/. os. per hhare ( including ')s |)er share premium) 
 "II an allotment of the uhove ])referencc shaix>s, payable tho 
 
 day of . 
 
 For The Hank. Limtd, 
 
 Dated the day of , l'J12. 
 
 Noi j: The above letter and rceeii>t to be retumetl to the proprietor. 
 
 Mrmoriiiulum. 
 [To be de'ichod by bankers 
 
 PleaMe ro<'eive to tho credit of The < 'oy, i<imid. the fum of 
 
 I , due from on the of , as per letter of reminder. 
 
 No Date . 
 
 i^iu or MAi)AM,--At a meeting of a considerable nnmtier of tho ppal Form 425 
 
 thflii'holders in this coy, held on tho of — --, the position of tho ^- 
 
 . , J ... , , Ni>li(.t) with 
 
 ooy was oon*iaered, nnu it was resolved ; - „ vj,.,^ j„ 
 
 1 Tliat having regard to [«<,i/c what], it is necessary to take ""'•t'Ki'tion. 
 
 3 z 2 
 
1076 
 
 NOTICES. 
 
 [Chap. XII. 
 
 Fonn 425. 
 
 prompt action to protect the interests of the shareholders, 
 and Messrs. should be, and they were thereby up- 
 
 
 
 pointed, a provLsiona! conimitteo for the purjioso of, Ac. 
 
 
 
 2. That tiie shaic'hol(lor.s bo requested to sign a roquisilioii lor a 
 
 
 
 general nie«liiig. 
 
 
 
 At the same meetiiin an afrreemt dated the day of , 
 
 
 
 providinc: for the re(iui»ito furtiicr stcp«, wa.s approved: it wa.- re- 
 
 
 
 solved that the shareholders Im) requested to ratify the same. I now 
 
 
 
 enclose prinU, 
 
 
 
 1. Of the proposed requisition in the form recoramt'inlod 
 
 
 
 by the conimitteo; and 
 
 
 
 2. A print of the nfrrcoint above referred to, 
 
 
 
 and shall be obliireil by ymir Kiziiiiii; your name ivt the foot of l)olli in 
 
 
 
 the place indicated, and sending tlie name to mo by return of po-i. 
 
 
 Form 426. 
 
 The Coy, Limtd. 
 
 
 KtH'»-iiit <m 
 
 No. 
 
 
 dvpoMit of 
 truiufor. 
 
 RtCEivF.D from , of , the undermontd traasfor and cvrti- 
 
 ficato with a vie-r to registration: — 
 
 
 
 
 both inilu-iv,\ H 
 
 
 
 Transferor. Traiisforw. No. of Shares. ■ 
 
 
 
 
 From. To. ■ 
 
 
 
 
 1 
 
 i 
 
 
 
 1 • .' - 1 
 and rpgistration fee shilliuga. 
 
 
 
 , Secretary. 
 
 
 
 The receipt must lie given up in exchange for newcertificat*' k1' mid 
 
 
 
 the transfer bo registered. 
 
 
 
 [Hfceipla a.s above require no stamp unle8<i the fee i.-< over 2l. 
 
 
 
 They should !(0 printed aud bound up in books with correspoiiling 
 
 
 
 counterfoils.] 
 
 
 Form 427. 
 
 The Coy, Limtd. 
 
 
 Nntior of 
 
 Notice of Presentation of Transfer. 
 
 
 pri'spiitHtioii 
 
 (.\ddre«s.) 
 
 :'f 
 
 •>!' traiiKftr. 
 
 ^Dato.; 
 
 To of . 
 
 I have to inform you that the undcrmentd traimfer purporliii? lo be 
 eigned by you haa boon presented for registration, and that tlio -amc 
 will bo registered unless I hear from you to tho contrary at once. 
 
 Your obediant servant. 
 
 See lupra, p. 675, u to such a notice. 
 
 ^ 
 
 
 
KOKMS. 
 
 1077 
 
 Thb Cot, Liutd. 
 
 Balance Ticket. 
 
 Fonn 428. 
 
 ticket. 
 
 '.Diinterfoil. 
 
 No. 'Dale. 
 
 So ot certilicaw 
 
 Xii of shares in 
 
 Ccrtilicato 
 
 N.i. of slmre.i in 
 
 CcrtilicJ transfers 
 
 Sliaros in 
 
 l^ilaiiio tiikot 
 
 N(j.s. 10 inclusive 
 
 111 ii:iino of 
 
 l»<'|)i)>iiod by 
 
 No. Dalcj 
 
 Is.^ueil ill rp.'*poot of shares 
 
 in the ahovo iiaiued coy,.slnii(liiif; 
 in the uaiuo of , a.. ' num- 
 
 bered to inclu^ixo, tlio 
 
 certilioato for wliich lias lx>on de- 
 posited in the coy*'* ollii'o. 
 
 , Socrctarv. 
 
 Note.— This ticket mast be 
 surrcndeitxl bofciro any fr»>-h 
 cortilicati! for the above shared 
 will be issued. 
 
 The 
 
 Coy, Li. MTU. 
 
 Form 429. 
 
 He donca.sod. Ni.ii,«» where 
 
 xliuri'liuldvr 
 Siu. 1 aia deriircd to iuquiro whothor the o.\oi-< <)>■ admor.s; of the <l>i«J- 
 aliuvo doid dosiio, in aceonlanco uilli tho coy'-* arts of a^.son, to be 
 ro/i'>!f It'll as iiionibers in n'spert of tlin shares of the derd. or whetlior 
 tlioy merely (losiro to transfer liie saiiuv If re<;istratioii is ilosjrod 
 tliu c'ty will KMjuiro the production <jf a ro(|Ui'st in wri'iiig:. a- liclow, 
 61^'ncJ by the exors "^or admors] in the presence of a credible 
 wiines.s. 
 
 I aiu, ic, 
 
 — , Secretary. 
 
 To 
 
 By order of the Hoanl. 
 
 To - - Coy. Liintd. 
 
 Oi',\ i [.■..MKN. The undersii,'nod boin^' the lou'al personal rcprc- 
 
 eeiiiatiw s' of of doc<l, desire to Ik- rej.'-istcred in ihe books 
 
 of the coy a; tho holder's] of the sliares sian<linfj: in the name 
 
 of tlio sd dei>oa.sod, and request that such registration may be made 
 accordingly. 
 
 Sijjnatures, duly wi'nessed. 
 
 An to thi". see tiipni. pp. 677 rl trrj. 
 
^-^rgtt-i 
 
 107« 
 
 NUTICE8, [ChaI-. XII. 
 
 
 Form A. 
 
 Form 429. 
 
 Vifiioriil form ot luttur to l»o .-iout to oxors nt llio tjiiic ol ri'^,'i>iia- 
 
 other nutiuen 
 
 tioii of proliuto or I»>tl*<r« of luliiioii 
 
 where »hiirp- 
 holder ilvad. 
 
 To till' oxors of tho will or tlui tiihuors of tht" ustulo umi clTi-Mf 
 of deiil. 
 
 
 HkntiKMKN. I botr to uikiiowloil^'C on bolialf of 1! V A I .. 
 
 
 Liiiitd. tho rt'ifi|)l of the prolipilf ol tin- mIhivo will m li'tltT- ..f 
 
 
 udluitii''trutioii ^ruiitod to voii of tho t'>tut<' ami clVcct-* of the ^1 iji' 1 , 
 
 • 
 
 which ha-< or hu\t' Ix-i'ii forwar<lo<l to tho on b_v 
 
 ' 
 
 1 uiii iiirttructcil l)V tho dii-t'clors to st.ito Ihiit hoforo ro;;i^toiiii;r V"U 
 
 
 ut iiit'iiilxTs of tho coy ill ros|MHt of tho sd .ilmres. you luu^l \»- su 
 
 
 good as to till up, sijj;u, uiid return to luo tho onclosu<l form 
 
 
 1 am, dear Sirs, 
 
 
 YouiM faithfully. 
 
 
 A« to notice of ifi-iieral inuetinij to exofiiturt or lulniiiiiHtratorH nf nil.-.,-; I 
 
 i 
 
 member, »of .lllrn \. (lolil Hi'iIm ot Hint .It.mi. i \'.m») 1 »'li. .").5r,. 
 
 i 
 
 Form 11 
 
 Form 430. 
 
 Form to acfompaiiy {.'oiioral h'ttor to exor.x/' 
 
 tmtUfT from 
 iJecutorw. 
 
 To i; V. A Co . I.irutd 
 
 Wo, th<> uiidorsijriHxl of and - of . Iioiii;:- ihi- 
 
 1; 
 
 oxor.s of iho will or adiiior-* of tho ostato niid olloil." ' of ilciii. uf 
 
 1 
 
 which iiruliato \va.-< or uiulor lotlor> of adniiiii-tratioTi duly jri.'iiitcl 
 
 i 
 
 to Uii ou tho day of . hliy roijuost you to royi-tcr ii> .u 
 
 ; 
 
 momliors of tho coy in rospoct of tho Mharo> in your coy nuiiihoicd 
 
 \. 
 
 to iuclu.-.ivo. MOW >taiidin^' in tho iiiinie of t\\^\ sd docil in 
 
 \ 
 
 l.'io rogi^tcr of inonilior^ of your coy, and «o ro(|nc-it yon to jila'o ■ ur 
 
 \ 
 
 nnmoH u.>- joint h«ililor> i.f -ui h -iharos oji tlio .said ron'istor 
 
 % 
 
 We also roijnost that m'u will >ay. until further orders, all divi- 
 
 de "is or interest now du or wliii h may from tinio lo tiino licc uiiifi 
 
 
 duo, upon tho sd shares, ainl on any other shares whi( h may liorcificr 
 
 ■ 
 
 be jilaced in our joint nauKs m ijio books of the coy, tji ulnso 
 
 
 rowipl shall U' a full and sulliiionl discharge '"r tho smae. 
 
 ■ 
 
 Dated the day of — , 19-. 
 
 a.- 
 
 : 
 
 (.'^if.'ned. i 
 Form C. 
 
 1 
 
 .Stitiff. of FM'rtinii hi/ F.xecuUii 
 
 Form 431. 
 
 Tu accompany troneral letter (Form A) to exortt. 
 
 J letter from 
 
 To n. V. .V: Co . Limt<l. 
 
 i: cTet'iittirM. 
 
 ; 
 
 We, tho undersi;;nod .f and of , hoiiiu' tlie 
 
 exor.s of tho will of ~ decoa-ed. of which jirobato was or aha is 
 
 J 
 
 of the estate and elfocts of — deceased under letters of adaioiij 
 
l"OKM.S. 
 
 1079 
 
 ■iiih ^ri^i"''""' "^ "■'' "" •'■•' " ^'*>' "' ~ ■ ''''* "lo'i. iM |i.iiNiiiiii<i> Form 431 
 uf liic rt'^iil:iti'iii" of iho <>ov. In liavo lli« ji«'r.i<iii-. iiiiiiH'il in tln' 
 «iln'liilo liU'. if uppiDVOil by llio (liroitm-^ of the cmv, tn lie ic^jiitcrcd 
 a^ iliu IimIiIo'.s of ilio sliuroii ill llii' ci'} IxMiiuir 'Ik- ic»|)I'' iIm' niiiiilifr^ 
 M'i uiiiMi-ilo lo tlio iiiimet of lli<» sil jm-imui-, llic shm^ licin;; iIidt 
 
 II. .« ^I.liniill'^ in llu! U.IUM' of tllO S'l . cIlMV.lHCll. Ill lln' npi-t»'i 
 
 (,1 ii]iim1h'1- of llio lOI , uitd \V(! Iii'irwilli rmwanl yuii lli«> |iiii|»'i 
 {, :iii iif liiiii-'fi'r, (Inly t'XUculml l>v oiir»<'lv<"- ;i> lniii>li'ini>'. iiiiil llic 
 -(1 ic-iK'riiMi |«,'i-«oii'« as truiisfoiros of lIn' mI ^Imio-*, |ii;;-(<llicr witli 
 ijio irlaliM' -iliaio ri'iiilicat*'-, iiiul tln' ■•iiiii of i . iH'intj: '2s tiii 
 lor iM' li ll■all^<f«'l, U' llio piujioi laiiviii ft'i' I'lioii J'i>j,'i^lialiuii liy 
 111- iiiv III tin- .til lraiisl'or>, oi Mti'ii of llidiii us ilii> ilinniois shall 
 a|iiiiiiM' »t' H'i(iii'sl llic (in lo s«>iiil to 'Ik' ic-pi'i lii c lialisfciccs, to 
 the ail<ln'«'t's mould in llie si hfiluli', tlic ci'ililii ales of tlic shares bo 
 li.iii-fciit'il to ihoni. 
 
 Iliiiod. 
 
 (Signod.) 
 
 X,.. ..f SIiiiriH 
 
 trilll»flTlinl. 
 
 The SiiiKDi i.F. uhovo roforrcd !• 
 
 N.iiiii' "f 
 'I'rausfcrt •■. 
 
 A<Mre»» "f 
 
 TniusCi'i-cc. 
 
 Dchoriiitf NuiiiImts 
 ,.f Sliar.s 
 
 Tub 
 
 >Sir, 
 
 Cov, F.iMTP. Form 432. 
 
 N'.iliiii I ri> 
 
 No - , - - Slrofl, .*iu. f..rf. itiw f(,r 
 
 i]i>ii-p»\iii«nt 
 l[)„lc.] of <^'»U-' 
 
 . I "Mv (' \ Oil noli. (' thill at a 
 
 III iiix It'llcr of tho - day of - 
 .lici'liiiy:. iVi 
 
 1 .1111 iinu iii.siiiii toil Ui iuforiii you that llii' diioitoi- i('i|\iirt' you on 
 
 H licf.iic the (Jay of to pay the i-d >iiiii of i' , ropcllicr 
 
 Willi iiilcK'M ihiui at tho late of p r.|i.a. from tho .sil day 
 
 c.f . up to tlii.s day, and that in the uvont of iion-payiinnt of the 
 
 mI call and iuK'icsl, oil or Ix-foie tin- sd - day >«!' - . at the jilaio 
 al.-.'!. the .shares in respoci of which .such call was iii.idi? will hi; liahlo 
 in he loileiti'd. 
 
 1 am, &c., 
 To , Ac. , Secretary. 
 
 A- to the coiiililioii- ul u valid fortViuirc in sm-li a case, we p. I'toH et ini. 
 
1080 
 
 NOTICEfl. 
 
 [Ci'AP. XII. 
 
 Form 433 
 
 iiriliiinry 
 
 ITi-tliTitt 
 
 iiH«tiiiff. 
 
 The 
 
 COV, LiMTO. 
 
 Noiico m hliy cri-eit thnt tho fourth ordinary (foneral inootinj; oi 
 
 Tlio Cov, l,uii!<l, will 1)0 hold ut tho — - Hotol, ■ Sirrct, 
 
 I.Diidim, E ( , on M'.ndav, tho dix oi ——. l!)ll', ul oM nK 
 
 in tho uftcriio m ^for tin; i)iir|>o.-iiv< ; 'Ihiwiiiff, nunioiy, to rocoivp und 
 I'OiiKidor thu uiiMiial Mtatc'ini'iit of ui'< hiiiIm and balaiKn nlicot, aini tho 
 roporfs of ilio diroilors und aiidiioi" lIuMOon, to oloft dire-tors :iiid 
 otlu I olli I'Ys ill till' |d;i<'(' (i: i' on lotirin^ liy rnlalion. to laiii'li":, :li(. 
 dt'(laia;ion of ii diviiluiul. aud^ to traiuact tho [other] or liiurv 
 business of tho ro_v. 
 
 Tho inuiMfcr hooks und ii'i^islor of nionitiorH of llio rov will lio 
 
 oloM'd from - day tho ih to -day tho th, both d.ivn 
 
 iniliLsivo. 
 
 Dati'd, (to By order, 
 
 No. — , - St root, ."ic. A. 15.. Sorn'turv 
 
 Form 434. 
 
 If tito arlii'Ic-" iinly rt'iiulro ttu* (>l>j(n't.s of nn «'xtr:w>rilinary i.h't'tliii^ to iio 
 ■ licciliisl, ill r.l ill's ralliiii; ({I'lioial iiii'i'tini;!i llio wnnl." in liraiLits r:in In 
 (iiii.tttsl. 
 
 ,\s til notiro t^i I'Xi'iutors or aitmiiiistriturs of a diri'iHitl iuiiiImt, wo I '■ :i 
 V. ('iM lli-ifs ijf n eat Ahif.i, (lUUO) 1 C'li. .'Liii. 
 
 TlIF, 
 
 Coy, I.I MTU. 
 
 Hxi'n, nhiiirv ^'o'''^ i** •'•'>' pivon, tliat an extraordinary general nicolinjr of Tho 
 
 gi'iieral ' - • (.'oy, l,ini;d, will bo held at, &<-.. on, Ar., at o'clo. k ui thu 
 
 luwtiiijf. afiernoMii, wliou iho subjoinoil ro-olution will bo proposed. 
 
 Resolution. 
 
 Form 435. 
 
 Aiioth'-Tform. 
 
 That, Ac. [set it out]. 
 
 No. — , S'rool, &c. 
 
 [Ollice of Coy.] 
 
 By orilor, 
 
 A. B.. Socretarv 
 
 The — Coy, L'mtd. 
 
 Nofii-o i.s lihy jjivon that an extraordinary inootinj; of the iihi 
 
 named roy will bo hold at, ic, on, ic, at o'elook in tho at 
 
 noon, for the purpose of eonsidoriiii,', and, if thoiisht lit, pas.sin 
 r<v-oli|!i:>n r.-.r, when a ro-oiaiioti «il! be ptuiniud] authorii^iii; 
 
 diroetor.s [e.g., "to raise tho sum of £- 
 dobonturcs or otherwise "]. 
 
 Dated, ic. 
 
 No., &c. 
 
 by tho i.s,suo of inortj 
 
 By order, 
 
 A. B., Secretary. 
 
 IVO- 
 
 tor- 
 
 r "■ 
 
 age 
 
-.mi 
 
 FORMS. 
 
 IDHI 
 
 \* (i. tiip n(»iTt*ity f"r ttiitirii; lliit tin* r<*«<itiiti'<(i wtll ho [,rrpii»r«! m« tin Vomi 436 
 .Ari.MT'hti.irv rf'tdntioli. m-v infifl. |i. I01».l. ■ 
 
 The *'i)», I, I Mil). 
 
 HVtruiinlincry 
 
 Ifl l.tTill 
 
 int-«*i;n^ for 
 Niitiio is hl)v i;in;u lliiit uii (jxlriMinliuarv yrnor.il iiicoliiit; if llio i""i"if 
 Cov. LiiiiUj, will U; livlcl at [i' f/.. " llu' T(>rmiiiu.-< lliili'l, f.iiih'Hi rtw.ilutmu. 
 Strtri. ill 'In *'it^' ol' l^ioniloii,' or " ilio roj;i((luro«l ollirc ol tlio coy, 
 Nu. lii. . oil ilio iliiy of - -, I'J , ul o'clfHk ill till' iil't'i- 
 
 iio'ii. ulit'ii ilio >.ulijoiu''il rc.iolutiiiii will bo propotied an iin cxtxa- 
 uniiiKiiv iniiolutiiin. 
 
 ith're set out the rriolution.' 
 
 Slioiiiil till! I'solutioii Ih! [iivmmI liy the roi|iiiri«J in ,.)n'\ , r ■ i'' be 
 il.MiitKHi for I 'iifiriimlitii) «■* .i xin'i-iul nNxolirinii ti. ''i < \ r- n»- 
 
 ■ iiliiKiry inoolii jr whith will li«> .suhsi'.[u(<iitly roii- 
 
 D.iictl . By order of the i .m 
 
 Ni) . Streot, . A. B., Scirctary. 
 
 A- 111 [ja-'iiiig lipnial and vxtraordiiiary ri'»iluli<>n^, ^--o i/./nj, p. lil'JJ <■' "■■/. 
 
 Siiui'timiw to aave triiul>le uiiil fxpi'iisc it h ilfiirij to i oiiveno Ilio two 
 iirotir.tr* l»y one aiij tlic* waTiif notiri-, .-li iirt'tw. Tin' hitiihH mrciin^j cannot, 
 iidwiMT, I't' called i'oniin*»(»ntIy. .Vf X'-infft v. Sifnft'*'in, 13 ('. I). 139. «'//'>■//, 
 |i li'ili. Hut wliiTi' thr arti l<n contain « clan-io a< at p. !!:»>, mi/iri. in firiit 
 aiilliiiri/iii;,' the calliiiif of tti • •i.'iiind niiH-tiiu «n a cuntinifcni y to contirm a 
 -['1 1 i.il rc-t)lutiiin. then* i-i iii> iijcctiuu to tlic notice lM-in;r xi fraiocd. 'l"Iii-« wa.-* 
 il^.i.lc.l l,y t!ic Court of A|v ■ il in A'...-//i nf /;../'.,,,.' .S7,viw.7,.,. ('.,,. r lilil.-,) 
 .' I h. l.V In such caxo the tm. c-c may run thuH: 
 
 .'., !•■: 
 
 Sli.iiil,! tho iiliiivo K'si, lilt oil \io ]iii-^o(' l.\ the i(i[iii-.i?i' iiMJni ily, it 
 will III' suliiiiiflpil lor I Mnliriiiiiti'i. i- .i ■.pviial ri'.iolii'ioii to a further 
 cxlinimliiuiry m'lioial iiH'O'iii^."-, I sin li mouliti^ will hv lii|il mi 
 — ilay, tho — - il.iy of , ul ilio saiiio tiiiii' ami |>laco. f.'i tin' 
 
 ]Mir]"i.st' of considering; anil, if thoiiLrht tit, confirniiiip nurli r«>solu- 
 tioii a.s a spt'cial n'noliilinn accoidiiii:! . 
 
 Siinictlnu's where thi rii is no such elau-e in uie articies and it is considered 
 »|ii>. iaily desinlilo to call thu two iiiceliic.'s liy one notice, this can lie .Itm.. t.y 
 ti;'- friliowini; f.irin of notice: '* .Vnil noti'-e i.i hcrcliy aUo .^iven that a further 
 
 e\ir cTdinnry general meetini; of the coin|iaiiy will itc heltl at -, on - — (iay 
 
 tlic - day of , at o'cloclc in the afternoon f'^r the pur]«ise of reeoiv- 
 
 iiiir a report of the prucccditn^s at the aliove-nientioi : ineetini;, and ttf con- 
 liriii.- L-, if llLou;;lit lit, .%! a spocial resolution the alio\.- nicnlioniil rooliition." 
 A ml ire so framed calls the second nieclin)f unconditionally, and therefore 
 avoids the ohjection raiseil in U-r^imfrr v. Sifni, ■'>>>, 13 <~*. I). 1:1*1. .fmnry 
 losl'luli', 12 T. I,. R. 294: and see I'-rurln r.nii'/ ■i,-ii Cutt'e ''o.. W. N . 191)0) 
 !:'.'i- 4» \V n r,=i4. 
 
 As to the procoedinps at a meeting for [la^sinij or contirmini; .spcial or extra- 
 "rilinary resolutions, and as to the conclusiveness o( the dcelaration of the 
 iliairman, i«>e iiifrt, pp. 109.i pt fei). 
 
 As to neeensitj for diselos.ire where directora are personally iatcreste<l, nee 
 p. fi94. 
 
 '1 
 
m • 
 
 II ']i 
 
 Is > 
 
 10«2 
 
 ?om437. 
 
 Niitiw nt 
 inf«>tiii^ to 
 
 ri'wilutiim. 
 
 NOTICES. 
 
 TlIK 
 
 ClIV. I.IMfll 
 
 [Chap. XII. 
 
 .Volifo in IiIpv i.'-ivc'ii tliiil an i>\tni(iiiliiiarv ircmMiil mociiuj; ,,1 ilj.' 
 
 Cov, Liiiitil. will Ik< held (it, Ai-.. na dav, tlio lOth Fclini,ii\, 
 
 It) , at - o'rliM'k ill llu' iiDoii, wlieri th»i MiilijiiiiKMl it)«jlii!i,,n. 
 
 wliicli ua.s |ia.»M'il iit lli« (txti-uoiiliaarv (jcneiul in(>i'liii(f of ihu i;,\ 
 held .11 tlu< — th i)t" .lunuarv. lit -, will 1k' Hiiliinitlod for crmlinn,!. 
 lion us a Hpeiiiil roHoliitinn. 
 
 That, Ac. 
 
 [N(7 nnl n'miliilioii as imn.ii'il j 
 
 Dated, &i . 
 
 No -. - .Street, A-c 
 
 !5v ordt'i, 
 
 A. H.. .">(>ri«'luiv 
 
 It iic<>in« cU'ar tliut iiu iiiiHlitiiiitiiiri iif llii' n'4i>liitii>ii ritii lio |H>riiiitt<'<l at iIjc 
 loiilliiiiiitory mci'liiiif. il iiiuxl I'itlwT lie jiiimi'U <>r ri-ji'ited. Iluli v. I.u:i<l„,i 
 ami .\ii,l/ii'ni .»»«,■/» rn,/„„;iHni,. {\H'M) 2 Cli. t(i!(. TliiTi- must lip an int. tmiI 
 of fiiiirti't'ii r/rnr (lay" iH'twocn tin' two mictinff-. Soc w.t. ('>9, i.i'c p KW.', 
 and Itiiihraif .S/eri', ri- V,,.. 29 I'. I). 204. 
 
 Form 438. 
 
 N.itiiH- ..f 
 onlinttry ait.l 
 pxtraonliiiurv 
 
 mtH'tiiMrH 
 to be )>< Id 
 im iiaiBf liav. 
 
 Tub 
 
 Coy, Li.mti 
 
 Nolito is liby driven ilial uri o.xtruordiuary {reiicrul iiiwtiiif; nl ilir 
 
 (iiy. l.imtd, will he hold at, A;r., oti, Ac, nt oVloik iii liic 
 
 aftoinoDii. when the ^<ul)joill<^l io»oluliuii, which wa" part^ed at llii' 
 
 C'.Miaoidiiiarv uiofliiicx <it' tin- toy, lit'ltl on, Ac, will be ouliiiiiilt'd I'nr 
 
 toiilii iiialinii a.* a .>|n'(iiil if^dliilioii. 
 
 A'nl iidlito i« liliy lil.'^o ^riM'ii that at iJif htiiiio |ilac«', ami im iIu'wimh' 
 duy. at o'lli" k ill tilt' al'tt'iiHKJii, or .so somi al'iorwaitl.'* a-- llic 
 
 t'Xtraonliiiarv ^-oin'ial iiiioiiii;.'-"hiill bfiunrliidecl, the tomlli oiiliii.m 
 yfonftal lUfftiny; of llio i->y will Ijc liidd fur llif |piir|»j.-io of (.iff suimi. 
 |i. IdMit iiaii.'^iiitiiii; tilt' ordiiiiirv lin.-iiii'-s of flif coy. 
 
 Ualed, &i 
 No. , 
 
 iU 
 
 Sirtt'l, if. 
 
 oriior, 
 
 A. |{., ScM rt^i.ii t 
 
 Somftinii'K It U fituiid i-DiiVfiilint lo lonn-iif an oxirannliiiary iiifi'tiiii,' f"r ti"' 
 nami! d, y a» tlic onliiiary tiitclinif, Imt it iiiu>t Iw b.irni' in niiii'l that a .siii.iratf 
 |>rii»y is rc-piiiiitc f.ir i-a.li "f tw.i mi-ctintrs .lioiiifh lii'M tin- «.imi- il.iy: »m;i.i 
 ]>. 7(1". 
 
 W liiri' IKO Huiiissui' «|Hiial r.'«iiliithiii« lia\f tn In' (la.Hvnl, il i» mil iiiiii-na 
 til put- them in tlirt-.' nifitiiii;... .ir tn liuld llir t«ii intrrmHlialc mittini." "n tli. 
 Kanif (lav, a« f.)ll.i»«, .Sit ri.riu 4:i!t. ,./,,.. fl xmih lnll.r In ail..|.l li..- 
 vuurwi la.«t luo.itioniil, {„r it niiirht Im- i'<>iiIi'iii|i.|| that a npiKiai ri inluti.iti .|.«« 
 imt iH'tiiiiii' fffciliM' until Iht! ilom. i.f tin riii'i'tln^' 
 
FORMS. 
 
 108a 
 
 Notic<' "if Muoiiii^ [(«A in Form ^^^|'] 
 lirnolatiiin. 
 
 Form 439. 
 
 N..ti( .■ (if 
 t'xti-Hordinnry 
 nii'i'tiiiff tf> 
 Thai ilic iiiiJ< of 1IS.XI11I of llu' >oy !•" alicrod liy tlio insortioii (lieroin ]'»»»'«" 
 
 ji liali'ly aft«M- Arlirlc In of tlio follduiii;.' Ailiilo. iiuniolv: r'l.iliifi.m-. 
 
 |iiii 'I'Ik' < ov iiiav fiiiiii tiiiio In liiiH- iiiliiii' ilii' i'a|iilal. '" I'l"'' 
 
 >llOlll(l. .\.c. 
 
 DaU-il, ii-. 
 St «■ ricxf forin. 
 
 I 
 
 TlIK 
 
 Cn\. LiMTK 
 
 Form 440. 
 
 Niiljcc in Jiln givoii tluit uu uxtriyinliaury neiiuial iiiu«ting of tliD Xi.tiif c.f tin- 
 (■o\. IJiiit^l, will In- liflil, iV;i-.. whoa tJio nJMjlutioii wliicli was •'"•;"'""""•> 
 |i.i.--.««'(l al the oxiruoriliiiary iiu'otiu^ of the coy liuKl on ilip - iiist., 
 fi.iiiifly. That lasaboL'i-, Form 4A'J]. will be Mubmittt'd foiioiilii nialion 
 dt a >|KM iai losdiiiliuii. Shoiilil -iii h icsdjiiiiiiii lie <luly loiiliniii'il. lliu 
 fii||ii\Mii): it'noluiioii will li<> jii'ii|io.-i><l at tli<' Kline iiit><>lia^. ami. if 
 |i;t^^*'<l l>\ ilic ^l>l|ui^il«■ iiiiijority. will lie r<iiliiiiill<.'il for Li'iiliiiiu.lioa 
 lu. a >|>i'< i.it itjMolutioa to u nul>M>i|iK>Mt. (>.\traoriliaary u;<>ii<>rut iiu'olia^r 
 \vhi< h will U) Hul>M>i|iutatlv ooaviuiisl 
 
 l{e.miluti)in. 
 
 riia' the (ui|iital of tlir oiv Ik' iithu mI from I <li\ ic|»><l into 
 
 .vliaiTs of X uacli. to i iliviili'ii into slmnw of il 
 
 l-iK'll 
 
 D.lliil. iViv li\ ohllT. 
 
 No , iVo. A. H , Sporolary 
 
 It wa.* de(-ult>il \ty ('hitty, .1.. timl thi'< i.'tur.*i» of priMtilun- i.- n-ijiiliir: J"/nt 
 ('.,... ,y ,v >,.„», \V. \. i,lH'J>) \i. .M. 
 
 A nntiri' of two iiiiN'tinj^.* tti In. Ip'ld in iiiuii.-ilititr rtU''"-<'*"ion l-t cunsiii^'r 
 ^';u"litti iwti altmuitivc rt.Holiiti;iri!4, i.iif at I'lu-lt nit.t.tiii|;, in not ri'n.i'-i-tsl an 
 invaliil imlii-r of tlii' «i.coiiit iii<H>tinu' \>y an I'xpri'...' |iro\iHioii tliat it »ill only 
 l>^ ii«»lil in till' fvi'iit of till' lir«t rr.*olii:ion noi lii-inj; |>tin..««.il at tin' lirt*t 
 mwtiiiL' /'iVmoM V. Ilinilirntn. Kokrwirh, .1 . (Isitid I ( 'h SHI; and nvi' Smth 
 ,1 h:,..)l,i;,l Sl,,ini-lnf I',,., ,,:,„■". \i. 104H 
 
 To lIuMli^Hlorw of tlio t'tij, Liuit<l. 
 
 Form 441. 
 
 Hi', tlip un(loi»ij;iio<l iiicmli'^rs of iUo abovo iianiiKl poy, IioIiIIiil' in H!,|ni-iti. .. of 
 111'' ao^irii'sralo — Kliaww uiui upvvunlN in Jio cuiiilal thof, <lii lili\, """d^rH l.ir 
 III |iui-Hiun'co ol (Im- jiroviKioiH in t fits lM.-half cont<iino<l in mx-i 'jti ni....timr. 
 of the t 'oiLjiaHicH (Coiuiolidalitiii 1 .\it, I'.JdS, n'i|iiirt' voii lo i»ifiv(>ii« 
 an I'xlraordiiuiry (Jit'norul mi'elin>r i.f tln' uoy, lor llio |iiiriio,s«! of 
 (.^"iifiiili'riiip and. if thoutrht fit, iniKxiii^r the subjoin<»<l rofoltition 
 
1084 
 Form 441. 
 
 NOTICES. 
 Huolution. 
 
 [Chap. XII. 
 
 That, Ac. [«('< it out]. 
 Dalod, Ac. 
 
 8(0 » vrn. p. 690, cl. 59 
 
 lit 
 
 ft 
 
 Form 442. 
 
 Ni.>iif l.y 
 
 caliiiiif 
 mevtiiiff. 
 
 Notice Ls hhy given that o'l eMiaortlinary rnoetin}^, 4c., will, i>i 
 acoordaiico with tho ro.|ui.^itiuu l)olovv raontd, bo hold, &c. fas in 
 Form J.'KI, (iililini) :] 
 
 Thi.^ noliiv i< "jivou h_v flm uiulor.-ipiie<l ni<<nilK<rs of thf cov o; liv 
 iho dirortiiin of tho inoinhcrs it tlie coy spocilicd in th« Hclicduli' lito 
 and] hi'ldiny: in tho auri^rofrato upwaid.s of ono-tcuth of tlio i.ssuod 
 .Mharo capilal in Pxorri.-io of the power conferroil by f»i>ri. i;i; ol' ilm liv. 
 (Con.'iolidalion) .\ct, 19i»8, tho directors imving failed for 21 iiav» 
 fn)ni 'ho date of a roqui.sition in 'vritinc, sip:ne<i by such ineiiihers, 
 I jinjr depo.sited to Lonv4'nD a lueetiiiir tor the purposes above iiionl.l 
 
 Dated, &c. 
 
 (Xaines of conveners] 
 
 If tlic! words ill lirarkott .irc ii-ed, a xrhi-diilc of iiainM will lip aililod. ami th" 
 notice will lie siuncl liy Mniiif iiiT<.in on liolialf of tlip i-onvcniT^. in litliiT 
 rasi- iiriiitiil i.i(;iMiiir<'< would prolial.ly sutfiio. 
 
 1 odor «i< f. fit! of (he ('..mpaiiiri .\.i, 1«J08, lioldors of one-t.'ntli of th. -mw! 
 'Iiaro caiiit.il of a company may r(><nii«ition a iioctine 
 
 fc 
 
 Foriii 443 
 
 Noll. . i 
 
 mwtiliL; -f 
 
 delii-iituii 
 hold' !>. 
 
 The 
 
 Cov, Ll.MTl). 
 
 Nolii-e 1- iiliy triven that a nuvtiitf; <.| tho lioldons of dehenturcx of 
 .St-ric* \ of tho aliove-na:nod coy for 2.)0,()00t . .^ccnred hv a iiu^t 
 deed, dated tho dav .^1 IWl. and iiiado iM'tween the .■<.! i ,n 
 
 ■f tho one pt. and uid if ijie olhor pt. will he iield ai t.lie 
 
 • fliiei of the .-oy, N'n l.iiiie, London, on . the d:x\ 
 
 ' f ■ 10 . .It I p lii , for the jiuriioso of oon.sidoiint; and. if 
 
 lii'iUirhl tit. appiovin;,'^ of o<!rUiin moilKication.s of the .td trust di'Oii 
 .vhii h have been luiionsod by (ho coy and roconiiiwniled by thi' tre<>i 
 ami of iiuthoi i/inir the tri-e.-* ti. eomur aitli the <iiv in e\e(;ii!inL'' 
 a .'>n|>plenienlal tru-t y'.eci which will be subniitleil I'l 'he iiieiiirii: 
 for ell<>etualintr such MiiHliticatioii.'< 
 
 Tl'i" nolico is (^iven pursuant t,o tho proviiinn" contained i; tlii 
 Kei^Tiid ■ehiMliile in the -d tru-l jood. 
 
 
 
 Hv 
 
 oriler of the 
 
 direerors 
 
 1 it'Hl. &C 
 
 
 
 
 -, Secretary 
 
 No 
 
 I,!ine, 
 
 London. K.I' 
 
 
 
 Sen f.irt III . 
 
 mill (hI 
 
 p. 37:i, m to 
 
 lcli#ntnrfi holds 
 
 f"' nKKtinm. 
 
KUKM8. 
 
 1086 
 
 The 
 
 COV, LlMTD. 
 
 Form 444. 
 
 Nutict; L< hby givt'ii that a uie«tiug ol' iho hoKlora of (Iplx'iitiircs of -Vuuilni. 
 ilio uliovo-uumcd CO) for ^OO.OUOi , ftvcuicd l)y liu>t deoil daloil tlw 
 dav of — , 1902, ond iiiiule lictwooii tlio coy of tlio uiit> pt, und 
 
 mid of iho otii«r pt, will bo liclj at, <Sdc., London. EC, on 
 
 — dav. tlio day of , I'J -, «i II o'l loik in llie fuitMiuoii. lor 
 
 'lie |llllllO^^ of considorinfr, and if tJiouy-ht lit fani lioniii^ liy r\lra- 
 ordiuarv rt'solution, u provi.sional a;;r('i'nil, datiul tho - day of 
 
 - , I'J . and iiia<.lo between on bolnilf of the lioldore of tlio ^d 
 
 dcliciiiiiKw of the one j)t, and tlio coy of tho otiior pi, wliidi will \n' 
 nulMiiilttd to the uioolin!;, and wliicli, if .taiictioiiod, is to lake ollocl 
 and iipoialo by way of niodiliiation of tho rij;lita of tho holdurs of 
 ilio sd dcbcniurcs and of tho provi.Hioni of Iho .sd tiii-*r di'cd 
 
 The sd aH:roorat empowers the coy to raise further funds by tlio 
 i.ssii(' of a new series of del)eiilure^ ranking; in point of soourily in 
 prioiilv to tho existin;r dolienlunvs, anil tlie seiairilios for the -aim', 
 uiul lur the reiea-se of the half-year's interest on tlio exi^linu; d<'li<Mi- 
 
 itin - dill' llie — of , and for tlie payiiient of lli<" iiii<'iv-l. 
 
 i.n iliu I'xistiii".' dolienture.s for 5J, years fniiii 1st .Inly, . omIii- 
 
 sivrlv mil of half-yoarly proliU* of the coy n.s tlicroiii doliticd. anil inr 
 nllicr iimillary nialU'rw. 
 
 'I'liis iiiiiii'*' is ffivon ]iur->uaiit to tiin provisions conluiiiod in llio 
 tluid sriuilule to tho ud trust deed. 
 
 Dated the -- dav of 
 
 , 10 
 
 r.v older of (ho Triislces, 
 
 and , 
 
 SolJcilors lo tho Trusi»t«»s 
 
 No. 
 
 TUK - <'l)V, LlMtO. 
 
 24, — Street. S.W. [Date] 
 
 Form 445 
 
 (livi'K'fi*! uti'l 
 wnrriiit. 
 
 I'll'' direclorn, bv virtue of the powers ^jiven to them by clause 
 I'l the arts of as-sun, iiaviu^ deteriniueil to pav un iutorini dniibad 
 • ■I p.c. [froe of iu<'«u«s utx j upon the ordinary hIliios ur lb.' 
 |..l-iip i.ipiial] I Ik'i: {■• !i*inl ym hen'wuh .i »arruMl ^O' dnili lur 
 i . till' aiiiiiiint of .-u. Ii divi leml in rG<|HK't of — -- Htl. abares 
 ■ipoti will h iho sum of £ h,!" Imx'M pd] 
 
 Tliis hall-sheol is lo be rifaiiifi I'V iIh' slian ip^i inr. '.vlio iiiit-<! Mirn 
 the viarruui at the fout liof . Mfl |i4Ui>« Umi oul > -«> --q^ii a buiilior i^r 
 payiueul 
 
low 
 
 NOTlfBS. 
 
 L<^irAP. XII. 
 
 Form i46 
 
 Itivuituti 
 
 oa r ntat . 
 
 Thf - «'ov, I>inn<l 
 
 To the llnak. Littld ni August, 19-^. 
 
 I'liy U> or oril«ir tlie -«ni ■: i; 
 
 — , Dii««'t<«nj. 
 
 Form 446 Heiwwiii I beg l« iuMd \<>u u wurraut for tlie tiivitinwj ai tin- rai< 
 
 <if )i c. upon - - mimi n ' i . ill pi-.|KM!I of v ioh li«> i>ulii »>{ i iue 
 
 lieea |k1, makintf, with chr itiMrim ilivtiiend crt — • p.v. |m1 on ne 
 lut<t. thv (IiviiIpimI <it ■• (• . |i.a. fur the vwar eiidiji«- - . js) _ 
 
 All'itil.T 
 
 mtti«r 
 
 Form 447 
 
 Aiintliir, 
 ami n-rtiti- 
 uilt' <if <!• .In 
 tixii "f un ..ii„ 
 
 Tmk — <'*B LiMTi). 
 Tweniy-thirtL Ihmidend 
 
 No 
 
 Diviiiend toi the b«lt'-<«>u- <'iidimr liinv. IS»— . at ttae rnto i>l 
 
 uifht IlOllIKi^ [8/ • p.c.ji.a^. paiTnl>lo on oaii^ter —A Ausjn^;. 10 - 
 ui •iw Uiiiik. - Strwt, KC 
 
 ,/ 
 
 Six months 'in Tlo' fidh' pd up Wl .shnww. fiatli lu. 
 
 !»,« per «har«» . 
 
 I.WW ini-oiiM' tjiK ai th«» raft' >>f -d in tlHt £ . 
 
 The above (*har»* ^tand in ihc niiinc of — . 
 
 This portion to Ih» retiiiiicd bv iho Nhaioholdor 
 
 Tlio warrant to In' lorn olf, ami pirncnlod at the luinkorN aftor Ih'im' 
 .xigniHl ut liio fcMit . 
 
 / hhji rrrtifi/ Ifint I hin\' <t^^urtl'd for irwnmn ttir the nmninii -y / 
 forth III Ihr iiliniy i>talcm)mt. nnd that tin- amotinl fio dfihuUd iW/' 
 he jnl hi/ mr to the propfr ofHrrr for the rrrript of lit-n-K 
 
 , StHrclai> 
 
 iiAk 
 
 N I! Pi'icoii!* ilainiiiij/ ropavincnl of incoiiic tax aio informi'-i 
 tliut the ('oniMii8Kioiien< ot Inland Kuvcniic will rutvivo tiiix Mtiit4.'ini'ii! 
 an a voucher in cluimiug taxen. 
 
FORMS. 
 
 1087 
 
 T!ii> i- to cerlif.v lluit tlio c^>y liiiviip^ Ik'oii a-isusucd iin<l<'r tlic Form 448. 
 Iiiromo Tux \i tw ill io,-.|W!<'l «if llio \vliol«i ol' il.i |iii)litn and i;;iiii*. llii' , , 
 iliviilcnd MM hPiili lu-rciii i.s u |p(iiti(in of mm li |ir(il!f> and trains in 
 ropoi I itf wlii<li iiiciiiiio la\ liaN Ikhmi or will hv pd over to the proper 
 .illiiin for llif rpc«'ipl of ta\<w. 
 
 N'dli; IVrKOiiH ilainiinir ropavmcnt >t( iii(imi(> Ut\ aro iiiforincd 
 il.il llu' I 'oriiniirtsii.iu'i's m Inland Ki'Vimmic will ain'pl this jiorticni id' 
 th'' «;iri'aiil a- a rci tiliraic -liirw iny lln' asx'.-.init'nl to inciinio tux upon 
 llio |pi.)lit» of tli(> 'i\v. 
 
 \o 
 
 TlIK < 'o\ , I.IMII). 
 
 Str.><'i. I.oii<l"n. KC 'IlHlo.l 
 
 Ni. 
 
 Form 449. 
 
 1>I\ Klt-IIll 
 
 notice :intl 
 w«rmDt. 
 
 SiH. I Ih'k 111 hiinii viiw lint'vi lili an iTdr' on Mi-.^.-ninrs - for 
 i . liMinir II >livid«>».J m p i-. i free of niconn- tux) for llic Jiull"- 
 
 M-ai t'Btind till' :■!.-: 1 l)«i<Mnlii'i . i;i on ordinal' -liaic* iii tin' 
 
 U'lia.! 'il till' iiiv .-itundin^ in voiir nunn'. 
 
 I hshv mi'iilv thiil lln.'* rn\ liaviim Ihmmi :i.'>-.i>>-.t'd niid«>r ininino tux 
 iawo in rf»*i»wt of the whcdo of it.< proli'.-^ and irain-^. tlii> di\ iilniid .■<ot 
 tartfe t»«r»Mii i.-« a portion ol >iirli prolil and uain in iixi.cci of wliirli 
 iiicomt' ia.\ hiwi hiM'ii or will ho |ul ovio to tlio piopor ntliciT for ili(> 
 FM«ipr ot tuxf'li 
 
 Voiii iil«siieiii lonani. 
 
 T« — . - . Setirelarv 
 
 N I'. I'mprictorf «'ntld t<i e\<>iiiption from incomo tax aro in- 
 i' -iciimI ilial till- I ■•iiinii>~ioii«T« "f Inland Kcvimiuo will rt>oi'iv«> tjjis 
 'i^iK'iiioiit a-, a viaii lu'i iii idaiininu: u iviuni tif ilw sumv 
 
 The (>v. I.imtd 
 
 WurrunI for dividond for lialf-v«Mi <iid<><l 
 
 T. liauk. I.initd. No. , Sirt'vt. I.ond.n. K ( 
 
 I'av or ordor iIip .sum of I' 
 
 For lln' alHivt'-nunioii ecu , 
 
 , Dinwtor;! 
 . .'^'<r«'lurv. 
 
 Puv«H>'.< riit^iutturo 
 
 riiii* draft iiiu.hI 1i«' wi|i-ni-<l bv iJic (lavct', und jiroM-ulod within throe 
 months from date 
 
\OHH 
 
 NOTICES. 
 
 [CUAI'. XII. 
 
 Form 4ii0. To tifr - - Coy. Limtd 
 
 Diri-ii.M. l.y f Jiroct tliat until furtlior notioo ull diviJoiids from liuiu i.i liuic 
 
 iviyilin 1'imIk l'<'iiiiiiin<,' (lavalilc on any sharw or any slock of llio ol>ovu-M.i!M,ii 
 i.itn II l«iik. ,-,iy for tliu tiiiio lioin;; out^laniliii<; in uiy minio be paiil to M. --r>. 
 
 for in_\ uccounl, and tliiir ri-cfipt sliuH Ix; a j.^,,! 
 
 , of 
 diftfliargc. 
 Diiti'. 
 Siiriiaturt' 
 Adliv.-. 
 
 4- 
 a. 
 
 Form 451. 
 
 Under tlic St.iiiip Act, ISill, a notici' fraini'il ii« al)ove, nr in llm f.pnii f 
 ing, ii exempt from itamp duty. 
 
 To THK — Coy, Limtp 
 
 Dniiinii to I direct tliat warrant^ for diYiiJcnds at any time lioroaCtor hccoiiiiti^' 
 
 hcihI warrants „ i i i • ^i i *i .• .i ,■ , 
 
 by njsi |>nyal)l(' on any sharoN in tho al)ovi!-niini<>d ooy for tlio tiim' luinj: 
 
 Ktandiiic in my uumu Ix? «ont by post to , of , al my risk 
 
 i)af<' 
 
 Si}rnalni-c' 
 Ad<lrc8«. 
 
 Form 452. 
 
 I). 1.^ Iiiri. 
 HtlH'k iiiIfrcHt. 
 
 To Tiir. Coy, Limtd 
 
 Wo authorize and ro jiicst you to tranwmit by post all divult'tiils 
 
 wiiicli may actrui^ on tho i,' dolioiiluro .stoi'k issuoj by vmi ;iiil 
 
 Btandino; in our uameis to the Bank, Limtd, No - - — ;>Hi'''t, 
 
 on our liohalf. 
 
 Dated the day of . 
 
 Slmr.. 
 diviili'Uil-. 
 
 To the I5ank, Limtd 
 
 M'e authorize and rei|UOMt you to place all dividend.s wliirh ynu niay 
 
 receive iin tlic ■.h;iro- in ilio Coy, Limtd, wlandinjj; in our n-inic- to 
 
 the civdit of tlie actount of [nr of our account] with »ou. 
 
 ^ourH faitlifnilv. 
 
 Form 453. 
 
 Aiiitionn to 
 
 Itlllilf to I'UV 
 .lui,)ri,.|. t,, 
 
 a lliird p.irty. 
 
 TlIK 
 
 Uank. Limtd. 
 
 This order must Iks Ni;;n(Ml by all tho parti'>.s in \v)io«o uanios tiio 
 .shall- are rt>;ri8torod. and (heir addresses mn-t li<> ud'ie I. 
 
 T.' ihe Secretary of the L. & \V, H,ink. Limtd. 
 
 The bank in liby aulliori/ed ,ind reiuiixHl to pay to , of , 
 
 Until this authority in revoked in w.itinLr, all dividenJs oi honxA'i 
 
KOHMS. 
 
 low 
 
 ii<i« or litTcaflflr payulilo on all HlniroH in the bunk for th<» timo Iminp Form 493. 
 ■ii.iir.liii^; ill the luinio of the un<l<'rHi<;nnd — . — 
 
 haltnl the ilay of 
 
 Ihuiil Ni;;nuturu 
 NaiiM' ill lull 
 Acldn-t*-. 
 
 I. A .iif .dohhy appoint H.. of , t.. Im- my att'Oini^y in my Form 484 
 
 ii.iim> iiiul on my belialf to recoivo all iliviili'inK from tiinc to tiini- |.,, „,.,,,( 
 
 |ia\ul!<' on my ahurus in the - Coy, Liinlil [uml i .li'tluro tliiil uttorm-v i.. 
 
 tlli^ pottor of uttoruey "huU bo irrt-viicablo fur <jn(' vt-ar from tin' ,Vv'i*.' ,i 
 lute liof . A» wiiiu-'Ms my h:iii<l and •*t'iil ilii-> .|m ol 
 
 [.Sij^naliiif ami mmI of A.J 
 
 Siu'riitl, walol anil il«livi'ro<l hv lliii mI A 
 in the pn-MMiif of , nf 
 
 A (H iver of att4iriipy, um ttlmvc, rf.|uir<w a S« rtt»iii|i : l>ut wlurr tho iiiithoriiv 
 i» f..r III" nil i|if of iini- |iayti.iMit only, llir »laiii|> i« l>. .Si lii'ilulf in St.. nip 
 At, Idill 
 
 N..lirc »m t.. 
 tilt- HI>|t4Hlll. 
 IIMllT ..f It 
 
 r 1 ivi r ■.!■ 
 
 Kamk of l\t\: , LiMTK Form 454a. 
 
 To 'ho ({pjristmr of - Cos. 
 I. , of — , hhy irivv [.oliM' that 
 
 ihihi tnip of thc-iw pardi/niiih'- />• hi hr uxi'il Sti il:i- 1, ,t tlu' ttllu-r. i ""mitfi' 
 
 I I liavo oliluinoil .in o -iIit of llio iirirrl Htinu' nl Ihf I'l.iirl 
 
 ni.ihiii'i tlif iinlrr , ilalcil. ,Vi .. fir tl'.i' ii|ipoiiiimioit i<( Mi .il 
 . :u« r«><'<'ivc'r or inana'.,r<'r ol llio |ipt\ n! tin- nn 
 
 - "ii Ihc (la\ of I appoint. '.I .Mr oi , ah 
 
 r<Mi'ivrr [(ir inaimp'r of tin' ppu nf tlii.i iii\ uinli'i ilio powir ron- 
 
 liiiiKij ill an inKtruint'iil iliiti-il idfHtrihe jiill;/ flir nntruiiirnt uhiIit 
 iihiili III,' iippiihitnij-lil *•< DUiili' 
 
 lialt- 
 
 Si^jnaliiiT 
 
 I ..liiT -ii-t <M of ihi' ( iiiiipiinii-. iCoii.iiliiliitiiiii I \.|. liio.H any p.-r "ii 
 "Uiaiimnf tlip a|i|Hiifittn>'iit of ii ri-'i'ivcr or iniihiit'rr of llir itrop.-riv of a loni 
 
 p»ny or MpjMiiiiiintt ■•ml' a ni'iinr ir iiuiiiui/rr oiiil. i .iiiy pov, iri it.iiii.il in 
 
 my in<lrunii-nt, iimi«I within "loiii i|,iy< from iliv il.itf of tier onl.r or ipp.iini 
 i!i'-it i,';\. notii'i- of till' far! i,i tin- lt:';,-iiir.ir i:f t'.i.;i[iiiiiir-. .ml '1.. l;i'_»i-tr.ir 
 :s to 'iifiT till' f. 1 I., till' n niil'T of iiiortifai/"'- iiikI ilmru'" ■ on piiyi.,.hl of llio 
 p.-i-ii riJMHl fi" 
 
Ill'ttI 
 
 XOTIffcS. 
 
 [CUA.'. Ml. 
 
 ^iM. 
 
 Form 406. 
 
 < 'mHent tn 
 upw company 
 imiiiK iwnie 
 of old. 
 
 To tlu' K<>(;it>trar of Cod. 
 
 I. lli4< iiniloiMijjfiMvl, lieiii); the liqr of tli«* \ i\n. I lini.l, ;;ivp vuu 
 nutii'e tliul (ho *tl i o_v i« in coui-o of beiii); ili-Holvod, and I hli\ , uii'lir 
 till' pmvixionw of flio (^oh .\ct, 1908, n. 8 ( 1 i, ami on behalf of Ihi' oo\ , 
 t«»tify ilH conocnt to llio ic^,'i«triilioii nl' ii now ro\ . Ii\ the uanio of tlir 
 \. (.'ov. Limt.l 
 
 <'. 1). .Soiri'larv A U . I.ii|iiiiliti<>i 
 
 l)al<sl. .tc 
 
 S<K" lumpunlva (( 'oiinolidiitioii! A^t, lllOtt, ^. S (1). 
 
 TIio .iliovi' in the urilinary '(riu. The rr^iHtriir n't|nirp?4 it to ln^ •-i^.'rifil liv tin- 
 liquidator, or liy two of thi> <li rotor", or liy tlii" whole of the nii'iiiluT^, wlnu 
 the iiub!«'rtlt*-r.» to the fiicniornnduni of a-'Oriation Br4' the only member*, ..r 1 y 
 any r'hcr [H'r^on duly mi'horiii'<l at a ueiieral mirtiiip, the ilali' of whiili 
 •'■■ . 'V ^ivcn; and to he eounter^iiined hy the neiretJiry (if m\y i 
 
 Si' -tlier, Oi'r<i. inlrixluetory nfite.. to ('hii|iter^< XXI. uiiil XXII. 
 
 y'oT .;ier iiotiei"^, m^ Index. 
 
 Form 456. 
 
 AdvertiM'- 
 laenl ^^^iht»{ 
 eprtiflcat«. 
 
 TlIK 
 
 'o\. 1,1 SI 111 
 
 .■V|i|ilic«)n ha/< Ihmmi !iia<liii to llio cliietlors iil tliN eov to i>,-ui 
 A. U , of - , a (lu|iliaito ccililicuU) of .shai^M in the i<)\ 
 
 iither .■«'rlili<at<' or (CitiliiatcK in linu tliof. ii|i<m lln' sialtwu. ut 
 iho ui'i<;inul uTtilicutr-, No. . ami (lute' , lia.- Iii'<'ii h. 
 
 (lestrovtil, iiinl noii(<- i.-* Kliy triven tliat if within :w ilav- i 
 th« Into liof no rluini or r(>)ir(>NcnUUion in n!.iiMH.'t uf ..iii li oii_ 
 ivrtili-jiU- is iiiuilo ui tlio (iiii'iitirr. tli<'\ will llioii |iiir,t.i..| i.. 
 with «u<li u|i|ilii'<in for u (liipliuitf or other now iM-rtiliiate or " 
 lirut**. 
 
 Otfiti*. - -. . SccKMiH' 
 
 Date', 
 
 !h,i! 
 I "1 
 I'lll 
 
 I. ..I 
 
I<'!>l 
 
 HKSULUTI0N8. 
 
 CHAI'TKU Xm. 
 
 INTKODIK.TOKV NOTha?. 
 
 \Iai iirs wliiuh ure t« Ixi suhmitt«d to jjoneral nieefiu^f.N oi m diifc - 
 loi.-' riu'eiiri>r>i iin- ;r«'iiorallv oxiiie-wjul iu resolution.*. 
 
 As to Resolutions of Qeneral Meetings. 
 
 Tlun- iut) vurlo^^ kiiul.^. i>l n'Nululioii« trotii time Ui liiiio pashod 1)\ 
 iniu'ral iiUM'liiiji^, \ i/ : 
 ' I) SjM'rial i'<>.<«)liilii>iis. 
 
 '*'•''<' paiii''" (('i>n>«i|i()ii(iiiiii Ait, IIMIS. i liM i), ,„l,,i, |, \i»\'>. 
 
 2i KxtiiiuiJinun itwolutiotiN. 
 
 ■-M' ('iiiii|iaiiii-a (Coii'iulHliition; .\<t, IHIIN, ». G9 (1 i, 
 
 li Owliiiar^ iVMolulioiiw: iJmt In ifwohnioii.v <.iil_\ iviniiniiir a 
 
 NJiiiplc luajoritv. 
 I I H.»<.liiliuii,v rthicii, iiiidt'i- liio ailicli'i*, ruijiiirf mjiih- .s)itHitio<| 
 
 iiiajorit V . 
 llio urticl.'s of a ooiupauv coiwluntlv |iii»vidf llial (cilaiii ait- 
 -l.ill Ik- iloii" l)_v tlw iitiiifHiiiy in noifni,' uin-thij e.ij.. thai i.lii.ors 
 -fi.ill Ik- u(>|)oiiiIc'.| u, tli'' ordinary g('nt'iui iiiootiiij;, or tiiat tin 
 'iir-iioni I. ,iy borrow tiK.iiey, or dfi-ia-c a dividend, or <-ouvi-ri -li in-s 
 in!« .siirt-k nilJi the wanetion of the i-oiu|iuii_v lu j^oiicral iiiet^tintr In 
 -II. h ca.sos \\\i\ a.l will bo doiio or the <-oii.-^(>u| n.|vcii by ati ordiiiarv 
 :i->"liili.iii of tiie mcriilK i.v of tlm i-oiiipaiiy pros<Mif in poi-.soii. .ir b\ 
 piiiw ( when' prii.xn-^ arc allowoil). at a jjiMiera! mooting'' of (hi- 
 '-'iii|)any. Wlu-ihci- the ni.fiinjr to piuw the ro.soiutiou HJioiild bi. an 
 'I iiiiury or an t-Mraordinary oik; iiiukI di-pt-nd ^■.n \\w nalim- of iho 
 I'UftiiifKs ai'ii iJic arliibw ,.Hiii,rii. p. (i!t7 . in i-iiIum- <aM- tin- iiii-.-lni;.' 
 'I. II- luiN.. Ikmmi duly lalbMl [,s«/)ni, \> tliti' . and a pi.tpcr .|ii.,iani 
 it-' Ik- prcH<>nt [.lupra, p. r>'J7 \. 
 
 ' nlc^s tlu' arliil«>M olhi-ruiw (irovidc, tlw (picstion .--hould in llio 
 li'M plun- Ih. decided by a show .pf haiuls {suiini. p (i'.)'.ti. and (he 
 li.iiriiiaii fthoiild dciaa- the ii-uh arc i,r.lin;;|\ . and hi- d.- laiiiUnn 
 
 i K'i. 
 
 Ki -.iihitii. 
 
 linii.l-. 
 
 I>M I Ifrtll 
 
I(M#-^ 
 
 lil-WMXnoNH. 
 
 rn*i-. XIII. 
 
 
 l>'.ll 
 
 >>xtrm<>nliiiHr\ 
 ^■«^I^ti'^Il^. 
 
 Mi.l.' ..t 
 
 «|K.iiil 
 n-wiliititMi 
 
 will U- Kiilliriuiil, tJiul i». i>ri»iii farii- «'\nli«iic<' iir i-tnn 1u-iim'. .i. m.1- 
 nxg a» till' iirlii'lt's or AfU* prMvidi' ' Siitlirii'iit " iiicniin hhI. ini 
 until tliv coiilrarv i« |>rciv««l Uorhmi/ Hmliir <<>., II <;. I) In;) 
 Bill 'ioriilii>ivi< ' is Minn- ('tticai inns It iucuiin liiial. i-o Umt |ir,»i( 
 to the cuntriin lit not ailiiiinMilili' S«.'i', lii>wi'\<'r. f{ t'LuL- it '„ 
 ( I'JII I S ('. •_•»;«. Cl. of S««i*., and hifni. |>. HtJ'.i. 
 
 A |ioll amy Ix" i|piimii<l«Ml in tti.'nirtianu*- with lii« iirticltiK i»<«' <i//.i.|, 
 pp fl'.V.l, TlHIl, and if piopi-tlv i|PliiinM|c<l nIihiiIiI he iriiintcij li\ '(». 
 I liairiii.ili aiKJ taki'ii in iluc i-oinw. iml llu' ih-iiII "lioiihl In' 'liU 
 it<-< Iiii-chI. 
 
 Hut lM'«i(lo.> Kiiliiuirv i^wnluliiiiii it in wry i oiiiiiioii lo |iiti\i.|c In 
 the artii'liw that ntrtitiii iu;t« shall only tx- doiiH l>y xpiniiii niHciliiiiiiii 
 of the coniiwny or Ky oxtraonlinary r«vinlulion. Moreover, ilii' \,\ 
 of l9<tH it"|uin - "I oiuil>l«N a I'oinpany to do variuas tilings liy h|mh nil 
 or oxtraoriiiii.i! , reHoluliuii, as will bo fu>en in tlie noltw to th<< follnti- 
 inir ro«oluti"ii' 
 
 I; will. ihtM'ofon*, bi- lionvfi'mnl hero t.' suite what i» im mi li» 
 tlio o\|iiv«i«ionf "«|MMiul rcs.ilulioii " and t'\liaoi'<liiiary ii-.Ium .i. 
 i-,«^l„>('tiv( Iv Thii* iip|x»(irf< in H<»ct (!'.( i>l' iln- Aci of I'.lOH lu- follow'* 
 
 h*-tiiiitioii!> t'l 
 f xtriiifnliiiHrv 
 
 ttlitl »|»';'iMl 
 
 r>-'*»Iuf i'lti 
 
 ^k'^•t. «9 -1; A rf~iluti<)ii aljall In- an rxtrwi-eliiinry nsoliitiim wbiii a lia^ 
 hwii imMHMl by tt miijorify of not Imw tli«n tlirmj-fourthn uf nui-h mimli.r. 
 fntitlod t" voU- iw uro pnwiit In prrwin or liy |iro\y ( wli.Ti' |iroxi>'« ir. 
 tllciwid) 111 a i;<*'"'r«l meeting of wliiili mitii-i' F>|ir< ifyinif tlii' intj-ntii'ti t-. 
 lirii|«n«< till) n-wilulioii a< an i-xtranrdinnry n'«>lutiiin lim Ihm'Ii iluly irivin 
 Ci) A n-iiilutinn »liall lie u tiM-riul riitolution wlii-n if hn* Im-cii - 
 
 ':i) iKi««<iil in Mianncr ni|uirfil for tin- [iiioinif of an i\tra.tnlinar» 
 
 rnMilutioii; Aiid 
 ill) I'linflrniiHl li_v n majority of kciiIi iiii-nilx-rn ••ntitlnl to voir i- .if 
 |)ri-< lit ill jiir.'.iiii or I j |>i.>xy iwticii' |>ro«i"-< iiri- alluninl) at a Mil. 
 ."iiinht (fi'iiiTal iiHilinif, of wliiili noliii' lian Im-ih .luly ifivni. mil 
 Ill-Ill aftiT uii inti'rMil of not lfn« lliiin foiirti-cii ilay». nm niof ''. " 
 iini- inoiitli. from tin- datr of tlir Hm* incctini;. 
 ri) Al any Tiiirtlii;: at wliiili m I'Xtrannlinary ri'Koliition i« Hiiliiiii. '■ .1 ■ m- 
 pa«««l or a K|i>-cial ri-iolutioii i« Hiihinitti-il to In- |.ii»«iil i.r isintlninMl. a ii..l;iri 
 tioii of tlin iliniriran that th i r-oilufion i< nirriiil Hliall. iinl<'»- a yU i- 
 I'.i-maitltHl, li" lonrlmin' i-viiUiiifi- ■ f tlm fa.i witlumt proof of ih- iiunil" t ,.r 
 propi.nioii of tim niti'« riMonlml in favour of or aifuiii«t ilii' ri'<oliilii;'i 
 
 ft) Al any nim'tinK at wliiili an i-xtranrilinary ri«iliitiiiii i" luliaiilti-l '•■ >«- 
 paH-itl or a »pii'ial r>-ioliilioii !•< i.iilmiiltiHl to lie pi».iil or iiiiitininil. a |."il i 
 
 I > inandiil, irili'inauili'l liy tliriT |><t~oii< for tin- li !iiiiii.' iiilitlnl aii ■ r.lnii: 
 
 til the artiilo< to votr. iiti!i>-w IIh' arti' Ii'> of tin' nimpany ri"|iliri- a il. man! I) 
 Hui-li nuniliiT of iiti'h |>cri<iiii. not in any ra*' i-xn-iilim; tin'. «■> may 'm' .(.••. iH,iI 
 in tlir artiiloK. 
 
 (.I) WliiMi a |«i!l is ilrniamJc*! in arionlaini' with llii« si', ti.iii. ii putniL' 
 
 ilio majority on tlir [Kill n-fiTi-in ■ -liall I"' hail to tin' niinilHr of »i.ii- i" o'n'li 
 caili mi-mlM-r in entilloil tiy the arti>lf< of tlf inmpany. 
 
 (li) Kor the purpo<o« of thin mitiiHi iiotirr of a mi.'tinit ilmll I"' ili •iii"! t.. 
 Iip ilnly (jiven »ml the mei-tini; to bii duly helil when tli- notiee i* sjii'ii ■""' 
 ills iini iiii(f lie'ii 111 iiiaiilior priviiiixl by thr artirirv 
 
INIKODIHTDKY Nol». 
 
 lO'l.'i 
 
 iilllllnti 
 
 The (JflinitioiU' conutiiiml in th«> al)ovu nocIiuii nl an v\lra<irdiiiai > 
 nioliiii"!) ' <iu<l uf II "MiMM'ial ri'Noliitioii ' tin not very tar (le|iitrl fruiii 
 l)i<Moiiu-|M.n(|iii;: fh-Hnitiuiis in tin- Ail of IHt>2 cmiij.. :,{ and lL"Ji 
 
 Tl'cri' i^. liowcviT, nut" iinpoi liirit iliiu-ittm <' lor in ddlining ixir.t- 
 ohlirjiirN l<■^(l|ulion. mhi. (>!» niiikt'n ii |iurl «>l iJi«> di)linitiiiii tliitl the 
 r^'^olll!llln iw mm iHi-vw-d ut ii incntiii;; ronvt>nml liy a nulii-** "H|iciily- 
 iiiy ili<> iiiK'nliiin In |irnp<i.»c iliu roMolutiini an an ejrlriuinlimiry 
 iiMiliiliitn." And «m u "jiotial ro.sulutiun inu.«t. nndfr mili-soil. rZ), 
 !«■ |iiu».«<Hl in niuniior r<'i|iiiriNi lor tin- pa<i!*in^' of an uxlruurdinur^ 
 iiviliiiiiiii, it follow.s thai the lirwl nM-<>linK ^> P"*" a N|)o<'iul rcsolu- 
 fiuii riiii«l l>o I'oaveuvil in lik<< niaiiiit>r. iJial ir< Lu mhv, liv u nolioe 
 ^|K•<ifyin^;; the intention to propoem Liie rosulution a» an <>xtru- 
 iirliiiury resolution." for tluil i.s what the n«'i tiou m\yn. 
 
 Ili'fim. in ilraftin^ tho iioticf of u nievtin); at which it is propoMMj l{'-|iii»ii'" -.f 
 10 |..ui« a r<».olution (.upable of Ixjinif Hul>ht'(|uenil.v conlirint-d iw u »'ie» 't *,',»«'. 
 -|i(H iai r(»olution, it i» nect'ssury to franio the iioliw wilh K|MK'ial 
 lurc >o that Uie retoliitiun whon pa<Med and <'oiilirni<<d may heroino 
 .1 ■.'iHxial resolution" within tiio dnlinition contjiined in hocI. (19 
 (M'l out siiiirn, p li>9l.'i of iho ( 'onipaiiicH (ConNoiidalion i Ait, lltOH. 
 Siil.-.-oit (2) of tlial sedi,,!! says that A r.-olutioii ^hull !«■ a 
 >|H I iai ru>olutiou when it has lH>en 
 i.i) |iu«sed in manner r*>(|uir<-d lor the pa<siri^r of an oviraordinurv 
 
 resolution; an<i 
 'III (oufiriiiL'd [in manner 8|ie('ifie<l in the s<«'iioii]. " 
 \\i' liavo then to oonaidor what in "the manner reijuirud for the 
 fi.u-j-iutf ul an extraordinary resolution " Tlie earlier part of son. (J!» 
 :oi.-H<'i> this (|nesiion. A resolution," says that part of the section, 
 -liall lie iluenii><l to he an extraordinary rosolutjon whon it has liom 
 ji,i"i'(l by a majoi i V of not le-<8 than thrce-fonrthi of nucIi meinl>er8 
 ciiiiili'd to vote a« ar ' ;)resrMi in porson, or by proxy whoru provier 
 .lie .illowcl, at a K':''''ul nieeliu>f of which uutiie spoi;ifyin>; tjic 
 iiiiciilion to propase the resoliition a.s an e.xtraordinary re.<oliilioii 
 li.u- Uitii. duly jriven ' Hero, then, we have the leriii " extraordinary 
 re ' liilici. delined lu a sinjflc ^olllouce, and it is iuipo— .iiilo, on anx 
 ml.' of •ustruflion, to i(j;norn any ]>ortion of Uial sentcin'e. ' All 
 ilic word.-, are part uf the deliniliun. Not only must the resolution 
 (a !»• |)a.s.sfd by the speciliod majority, but it must !>.• | fsscd at .i 
 U'lMiiTal meclin^^ of the ciiupauy; and (b) that riieelin;,' must be 
 lOhK'iK'd by a noliw spccifyinp: the intention to propo.-.e the ro»o- 
 liiMon ' iui an exljaorijinary resolution.' Tuniin;; back, then, to 
 |iai iL'raph (a^ of sub-.sect. C.' i, wo liml that part of the statutory 
 ai.i liiiiciv for paMsint; a Kpev'ial ro,solull(.n is that the resolution 
 sihill be |)as>ed at the first niootini; in uiuntier re(|uinHl for passing' 
 in cxti.Kinlinary r<»-olution — that i> to say, ' by a majoritv of not loss 
 iluiu iliree-fourlhs of such members onlitled to vote as are jirasem 
 111 |). iMiii. or bv pmxy wlieie piuxies aro allowed, at a L'eneral meel- 
 iii;.' 1)1 winch uoiice H(K>cifyin{^ the inUMitioii Ut propose the rosolu- 
 
 •JfH 
 
i 
 
i 
 
 1004 
 
 RKS()I,UTIONS. 
 
 [ClIAP. XIII. 
 
 lion as an extraordinary resolution han l)ecn duly fjiven/' for lliesc 
 lire the vcrv words nf tho sOL'tinn. 
 
 No doubt it ia easy to »iiy that th(' wordi in paragraph (a) of Hul)-s«t. tii 
 lucriily refer to the three-fourths majority, but if this is their inenning, why 
 (lid not the Legislature in its detinition suy so f Nothing would have been 
 easier than to do this -to sul)stitut<> for the pi.ragraph the words, " (a) paasisl 
 by the majority requisite for the passing of an extraordinary resolution.' 
 
 Jtut the faet remains that the L.gislature did not thi-.k fit to use these wordn 
 (for the very good reason that they would have omitted a material part of the 
 definition), and this being so, the interpreter eiinnot disregard th.- word^ 
 aetually used, or substitute other words on the mere conjecture that those w(ird> 
 would more aci'uriitely express tlie Legislature's nieani.ig, or that they woulil 
 be tlic e(|uivalent of the words actually used. Some people suggest that a.- 
 sect. 69, in substance, re-enacts the law previously in force under sect. .)1 of 
 the Act of 18('2, there is a presumption that the Lcgislatun' did not int^'iid 
 to alter that law, and that under the old law it was not ne<!CHsary in calling th.- 
 first of the two meetings requisite to |)ass a special resolution to say that «uih 
 meeting was called to pass the resolution "as an extraordinary resolution." 
 Ijut this way of reasoning belongs to an entirely exploded mode of construc 
 tion. In Ej: parte (lyiltilli. '23 ('. l). 6(t. it was contended that sect. 92 of the 
 Bankruptcy Act, 18(i9, ought, if possible, to be treated as having the same 
 meaning as the former legislation on the same s\iliject, but the Court of .\ppeal 
 refused to adopt this contention, and considered that it was the duty of the 
 Jourt to construe the new section as it stood. "The law," said Jessel, M. K., 
 •• has now been put into a different shape and f<irni, and cmr duty is to construe 
 the words of the Act." And Lindley, L. .).. said: " What we have to consider 
 ia the true construction of sect. 92. I emphatically protest ajjainst being M 
 awiiy from the words of the section by any argument that the standard which 
 the Legislature has laid down is eipiivalent to the standard of the old law. It 
 may be so, but the language is different, and our duty is to construe that 
 language." And Bowen, L. J., said, in reference to the former deiisions, " the 
 first thing which the Court did was to discuss the question whether the .\ct 
 had altered the old law, and introduced an entirely new law, and they <ame to 
 the conclusion that it h id not altered the old law. Then began what I may 
 call a complete metaphysical exploration of the motives of people. T'he Courts 
 first adopted a supposed verbal equivalent for the words of the statute, and 
 then imrsued the old inquiries as to what were the deductions whi<h followed 
 from the adoi)tion of those verbal equivalents. ... I think it is the wi-^er 
 policy to go back, as I do, in a humble spirit to ;lie words of the statute." 
 
 This mode of construction accords, too. with the principles laid down by 
 Lord ilersehell, in H<nik o/ Kiiii/iunl v. Vaglin,,!'. ( IHUII A. C. 144, namely 
 that, " In construing a new .Vet of Parliament it is the proper course, in the 
 first instance, to examine the language of the statute to ask what is its natural 
 meaning uninfluenced by any considerations derived from the previous state 
 of the law, and not to start with inquiring how the law previously stood, and 
 then assuming that it was probably intended to leave it unaltered to see if the 
 words of the enactment would bear an interpretation in conformity with this 
 view." These words were useil with reference to codifying the statute, but the 
 same principles apply to a consolidating and amending Act, like the Companies 
 (Consolidation) Act, 190H. "The principle." said Chitty, L. J., in the Court 
 of Appeal in TImmes Consfri-dtnrn v. Smrrd, Dean 4 Co., (1897) 2 U. B. 314, 
 "of interpretation of a codifying Act is laid do\.n by U.rd UcrsLticil in An.ii 
 ../ England v. Vagliam. itupm: a statute codifying the law is to be interpreted 
 as it stands, and recourse is not to be had to the former law except upon some 
 

 IN'TRODUCTOKY NOTKS. 
 
 IWVi 
 
 r-liccial frrcun.l, such, for instiincc, a» hii iiml.iu'iinn" |>l•(.vi^i•>Il. TIip -.uuir 
 principle applies to micli an Act as that whiili is now heforo us, but in a li'» 
 striirKont di>rr.'c. In this Ait the .•iaiises of the reiH-altnl Acts an- louiui 
 repeated, hut often in altered firm and with ani<ndm.nts, wh.r< !>y the sens.- 
 may no in a preat measure ehanu'ed. Speaking generally. I think that tlw 
 anaetments must be dealt with as they now stand. . . ■" 
 
 And aa to the nwessity of attcmlin(f to the words of the siM-tion. se«> ,v,j,'u».';-.. 
 %. Sulomo,,.^ .V (V... (KSi)7) A. C. 22. 
 
 In that ease Lord llalsl.ury, 1.. C\, said: " I .an only Hnd the true intent 
 and mea.iintf of the Art from the Ait itsc^lf .\nil in the same ease Lord 
 Watson said: " What the I.ejfislature intended to l>e done or not to be done can 
 only he le;;ally aseerlained from that whiih it has ehosen to enaet cither in 
 cx|iress words or by reasoujilile and necessary implication." " I know," »aid 
 Lord llerschell in the same case, 'df no means of ascertainiiipr what is the 
 intent and meaninj; of the Companies Act except by e.Kaminin^' its provisions. ■' 
 Kollowing these authorities the only safe course is to take the words of 
 sect. »i9 as they stand. What the l,c);islature had to detcrmim' was how :. 
 special resolution should be delined. and this it has done in the .<ectioii. It 
 says that the notice of the Hrst meeting? must state the intention to propos.- 
 the resolution "as an extraordinary resolution." 
 
 To disregard the words will result in the supi.os.d special resolution not, 
 operating as a special resolution, because it will not come within the statutory 
 definition in sect. 69. So that the increase of capital, consolidation of shares, 
 sulidivision of shares, alteration of articles, and the like, intended to be cttccted 
 bv the special resolution will lie void. 
 
 'Lastly, it is said that in /Vm„ (/, P„„t,..,i, Co., W. \. (lyll; 24U, a learned 
 juilire confirmed a reduction of capital, althoUL-b the r-solntion had not been 
 passed in striet aeeordaiM^e with .sect. Iii» of the Act. Too i.ui. I. rcliame should 
 not bo placed on such a decision; there Wiis no argument. It .an allurd hut 
 little security to those who in a cont..stc.l .msc -.•.■1. to justify the disregard of 
 the plain words of the Act, ami to prove that to bo a special resolution which 
 docs not come within the statut.oiy detinition. IJ.'siiles, sect. .'.2 of the .Vet 
 piccludes subsequent objection. 
 
 'L'he ruUowing points sliouM lie luiled in ro^raid to an extraordinary I'.iintNan to 
 ^ extraordinur\ 
 
 lesdlution: — resolution, 
 
 (a) The ineoting- iuii.st bo iluly coiivoiied and held in uccoidaiice 
 
 witli tlie section and lh',> iiitiele-- of iho CDnipany. 
 ,hi Accordiiifrly the requi'-ili' iiiiinlioi .it da.v>" notice must be 
 
 given, and the notin) must spoiifv the intention to |)ropi)>9 
 
 tlie resolution a.'< • xtiaonlinary i-esolution. 
 (il There luuM bo a ,. -r i|Uoruni present at tlio meeting. 
 
 Cambrmii Co.. 2- \V R. 4i»<t; fionifonl Civinl Co . 24 
 
 ('. 1). 8-.. 
 The resolution inu.st be passed by a iiii jority of not loss than 
 
 three-fourths of sui'h memt)©rs ol ibe conipany ei'titled to 
 
 vote as are present in person or by proxy ( where proxies 
 
 are by the articles allowed) at the meetino; 
 .\ deiluratiou of the chairman that the resolution is carried is 
 
 to be conclusive evidence of the fact, without proof of tho 
 
 nu!!!!)ev "r proportion of the votes iwurdod in favour of 
 
 or atrainst the resolution See supra. \>. 700. and infrti. 
 
 p. 1098. 
 
 (d. 
 
 («.» 
 
lOM 
 
 RESOLUTIONS. 
 
 [Chap. XIII. 
 
 It ;• 
 
 (f ) Upon a show of hands, liauds only can be counted, not proxies 
 
 Ernest v. Loma Co., (18<t7) 1 Ch. 1. 
 
 (g) If a poll is demanded, then it can only lio ellectively demandfil 
 
 by three persona for the time Ixung entitled according to 
 the articles lo vole, or by the number, whatever it may 
 be, fixed by the company^ iirtii l..'~ for demanding a poll 
 under Table A. tiie nural«r is three (T. A. Art. r>ti)-a!id 
 entitled to vote according to the company's articles [or (if 
 the articles of the company so provide) by one, two or f.ur 
 persons] . 
 (h) (M a poll the majority must be calculated with reference to 
 the number of votes to which each member voting is en- 
 titled by the articles of the company. 
 In regard t4j a .special resolution the foll< wing furllier points should 
 be noted: — 
 
 (a) The resolution must bo passed at i»o meetings duly convened. 
 
 arid held at an interval of not le.ss than fourteen clear days, 
 and not more than one calendar month. Railivay Sleepers 
 Co. (1885), 29 C. D. 204; and see Interpretation Act, 188'.i. 
 s. 3. 
 
 (b) l^arh meeting must bo duly convono<l and held in accordance 
 
 with the section and the articles of the company. The 
 notice of the first meeting must state that the resolulicii 
 ''will be proposed as an extraortlinary resolution." See 
 8upra. 
 
 (c) There must be a proper quoniin present a! each ineotiiig. 
 
 See Cambrian Co., 2^ W R. lOi): Romforil Canal Co . 
 24 C. D. 85. 
 
 (d) The resolution must Ije passed at the first meeting by a three- 
 
 fourths majority, whether upon a show of hands or a poll. 
 Ai/rc v. Shelsey'x AcUmant Cement Co., 21 T. L. R. 4i;;'). 
 And the show of hands must precede the poll, llorbury 
 Bridge Co., 11 C. D. lO'J. Articles cannot alter the statu- 
 tory majority required for passing a special resolution, e.g., 
 for reduction of capital. Aijre v. Shelsei/'s Adamant Cenunt 
 Co., supra. 
 
 (e) The resolution must ho confirmed by at least a simple majority 
 
 of the votes at the second meeting. 
 
 (f) At each meeting, unless a poll is duly demanded, a declaration 
 
 of the chairman that the resolution is carried is to be con- 
 clusive evidence of the fact, without proof of the number 
 or proportion ■■( the votes i-ecorded in favour of or against 
 the resolution. Sec sect. 69 (4), p. 1092, supra. 
 
 (g) On a show of hands, hands only can be counted, not proxies 
 
 Ernest v. Loma Co . C1897) 1 Oh. 1. 
 (h) At a poll the number of votes each member voting is en- 
 titled to is to 1)0 taken info account, and votes by j)roxy. 
 
INTKODUCTORY NOTES. 
 
 lO}*: 
 
 if the articles permit, are to bo allowed. As to conveniiisr 
 the two niL'Ptiii<r« by ipiic uolico, nee supra, p. (>9(>. 
 Where it is intended to pass a spo<^ial resolution the notice oi" lh(> Notici-.if 
 lirst meeting ought to inform the members that the resolution will be "^ ™|^"" 
 pioposed as an extraordinary renoiution. Usually the notice further 
 slates that if the resolution is passeil by the i^qui^ite majority 
 ii will be ^ubmitted for coulirmatiou as a sjtecial resolution to ii 
 subsequent meeting. Hut the intention so to submit it need not bo 
 expressly stated. Tints a i-esoluiion j)iirporting to alter the memo- 
 liindum or the articles, oi' a resolution that can oiily take ell'ect lu* 
 nil aheration of the memoraiKlum or articles, implies an intention to 
 deal with tlie matter by special resolution. In pi-eparing a noti<e, 
 ji is to be borne in mind that members are (b'emeil to have n(iti<e of 
 I lie Act, and of the company's memorandum and articles. See 
 / irmpbi-Wx villi'. "J Ch. 1, and supra, p. 1018. Sect. <i"J ( ll, t,i;) o' 
 the Act says, in re;;ard tit a special resolution, as well as an e.xtra- 
 ordinary resolution, "of which notice specifying the intention to 
 piiipose the i-e.solution a.s an extraordinary resoluticm has been duly 
 ffivuu"; and where practicable, it is desirable to set out the exact 
 lorms of the resolution; but it seems that the words are not to be 
 -trictly construed, and that where full and fair notice of the character 
 of the proposed resolution is given, that will suffice, even though 
 the exact terms are not set out. See Imperial Hank v. Bank of 
 Hmduslaii. G £q. Ul. Kvon whei-e the notice set« out the exact Ni.Kndmciit 
 tciiiis of the proposed resolution, it seems that an amendment may 
 be proposed and adopted at the first meeting provided that it comes 
 williiii lliu scope of the notice and does not commit liio meeting to 
 anything more onerous than the resolution itself. Thus. Avliere 
 notice of a resolution to fix the directors' remuneration at a specified 
 sum was given, it was held that the resolution was eiloclive notwith- 
 standing that it was passed with an amendment reducing the renm- 
 neration to a smaller figure. Torbock v. Lord WeMhurij, (lit02) 
 2 Ch. 871. So where the noti(« specified several resolutions, some 
 ultra vires and others intra viri's. and all were passed, the intra vires 
 resolutions were held good. Thompson v. Henderson's Transvaal 
 Estates Co.. (litOS) 1 Ch. 7<;."). In a recent case, liett-^. Ltd. v. 
 Macnaiiiitcn, 0910) K^h. 4;)0, a notice to "reappoint three nuditors " 
 was held to cover an appointment of two atlditional directors, but 
 ii.s to this, sec further, p. (>92. 
 
 An imperfect notice cannot be aided by disclosure at the r^' afing, Impirf.. i 
 for tlie rights of absentees must be rogarde<l; the notice may have """"' 
 induced them to absent them.selves. Clinch v. Financial Corpora- 
 lion. 5 Eq. 481; .mpra. }t. ti94: Teede and Bishop. /,(,f , W. N. 
 (1901) .■■)2; 84 L. T. ")G1: and see the remarks of Kekowich, .1., in 
 Tie.'isen v. Henderson. (1899) 1 Ch. 8G1. 
 
 IJut there can bo no amoudmen!, at the second meeting, of th<> 
 resolution as passed at the first meeting: it must either be confirmed 
 
rir r" 
 
 KW8 
 
 BKSOUmONS. 
 
 [Chap. XIII 
 
 or rejected simpliciter. Wall v. London and Sortherv AssrU Cor- 
 
 poniliov, (1898) 2 Uh. 4ti'J. 
 
 Kiffioulty in Soiiietiuies there i- a ditlicultv lu (ouveiiinii; or Jioldirif; a general 
 
 ciinvfuiiiK iiuM'tiug; it may \ye tliut the urtidos require a larjjor ([uoruui for » 
 
 .^T'rom'Xnt yencial meeting than can Ik? got together. In suoh (^aso it is oon- 
 
 ..f prescriM „.iv(.(l that the nienilK-Ms present vould constitute a (luorum. LonI 
 
 rtrr^t"^'.""' I'uvev so advised, when at the liar. Again, wheiv thero are n., 
 
 directors tlioro inav Ik) a dillicultv us to convening a meelin;r 
 
 whether uniler the articles or under sect. tJ6 of the t'oinpunies An 
 
 I'.lOH. In sucli laMjs it may Iw necessary to call in aid »ett. i;7 of th. 
 
 ('(inipunies Act, li»()«. which provides ivs follows: 
 
 " In default of and sabject to any regulations iu the articlen- 
 
 (i.) A meeting of a company may be called by seven day^' iintii. i; 
 
 v.-ritiiig »crv«l on every nicnilxT in manner in wliieli notices ,ir. 
 
 rciuir.'d to be served by Table \. in the l''ir.-t Schedule to this Art 
 
 (ii.) Five members may call a meeting; 
 
 (iii.) Any person elected by the members present at a meeting may 1.' 
 
 t Ijairman thereof; 
 (i\.) Kvery member shall have one vote." Sect. ti7. 
 
 U «• 
 
 i 
 
 I 
 
 No proxie- • 
 «bow of 
 hands. 
 
 Dielariition 
 chuinnaii. 
 
 of 
 
 \V! ■, 
 coni iMiTe. 
 
 Jcssel, M. R.. in lirU-k and St<»u-(o., W. N. ( 1«78) 140; 22 S. ,1 
 t;2.".. was of opinion that .se<:t. .")2 of the Companies Act. l«t;2. 
 which the iiliove section repro<lu.es. wa.s applicahlo where il was 
 inipruciiciilile ti> call a mee;ing in uciuidniuo uilh the aitnles. <■(/.. 
 where lliore were no directors; iiid this view liius been freiiuentl_\ 
 
 acted on. 
 
 It ha.s lM<en .lecidcd hv the Court of Api>oal in Eini'st v. I.owi' 
 (ii>hl Mine.", (1807) 1 Ch. 1 (ovcixuling liidwpU lirothrrs, (18'.t,ii 1 
 Ch. (iO;! I, that [iroxies cannot lie counte<l on a show of hands. 
 
 T!ie show of hand.s having Ix-eu taken, the chairman must state tiu 
 rexuli, for (hat is part of his duty as chairman, and if the resolution 
 has l)et>n can-ied by the reiiuiwit* majority, he should say: " 1 deohirc 
 that the iv.solution hnfi l)een carried," and such deelaration should he 
 duh recorded in the minutes in accordance with sect. 71 of the Com- 
 panies Act, 1908; see supra, p. 74.'>. 
 
 To such a declaration eiwcial ellieacy is given by sect. ti'J (;'> ) of tlie 
 Act, for that section, as appears above, provides that "a declaration 
 of the chairman that the resolution is carried shall, unless a poll is 
 demanded, be conclusive evidence of the fact without proof of the 
 i)uml)er or proportion of the votf* ifcord<<<l in favour of or against the 
 
 same." 
 
 The chairman's declaration is therefore couclasive subject to a 
 IKtll. It is conclusive, tliat is, unless a poll is demanded, and this 
 demand must be by three persons for the time being entitled accoid- 
 v.^■J: to the iirtides to vote, unless. &c (see sent. 69 (4)). Articles 
 c«jmraonl> reiiuire more than the statutory mininmm (three) of jjer- 
 MMiiH to demand a ^^oll—e.g., five-«nd where they do their require- 
 
INTBODUCTOBT NOTES. 
 
 I ()••'.« 
 
 iiienta muHt \>o oonformod to; so abo wiwre onlv oiio or two or four 
 [,,.i>oii> may by tlio arlidos !,.• umpowcnMl to .loiiiainl a poll. Th.' 
 iiiimbi'i required l>y tlic arli<lo« iiuinI not in iiny ciim' oxiOfd livf 
 
 (M-ct. 6'J (41). 
 Ther." have beeu vwious detu*iou.s ix^ to the mcuuui;: of Uie wonl «;;;^'^;;;-;;;.;, „ 
 
 ,«)nclu8ive " in the corresponding section ot the Act ol 18tl2. Hall, 
 \ .-( ., held that tlie word in eilect precluded uvideniv tlmt there was 
 u„ ((uoruin at the meeting {liryiimaur ( o., NV. N (1877) l.">i, 
 althou>,'h iu point of law u mcctint: at which thorc is uo .pioruui is 
 MO- u niet^tiu-;. But this docinion, it is .suhniille<l, wcni too far, for 
 I ho .section only raakoK the declaration coiulusivc where it is inailc 
 
 at any ineetinj,'," whicli must niwm a mooting; duly convtMied and 
 
 (oiiritituted. 
 
 Whore, however, the iiweting ha.s Ihhmi duly convened and hold, 
 and the chairman has in fact, upon a mIiow of hand«. tloclared that 
 iho resolution haw been carrieil, and no poll has U^in deiuaudcd, as 
 alon'said, the declaration is ctinclusive that the ro.iuisitc majority 
 JKLS voted ill favour of the rooliitioii. It was ,s,> hclil by the ('o\ii( 
 of ApiM'al iu Re Gold Co., 11 V. U, 718. In that case the chairman 
 declared the resolution passed. His declaration was iinpeachod as 
 incorrect, on the frrouiid that out of soventcen lueiulKirs present, 
 oulv eleven voted in favour, whilst two voted apiinsi and four ab- 
 stained from voting on the ros.)lutioii: but tlic Court hoM that tlie 
 declaration was conclusive that the ret^olution had boon pa.ssed by 
 the requisite majority, on the fjround that the section -the corre- 
 sponding section of the Act of 1802— so provided. Strange to .say, 
 however, iu Yuunii v. Soulli African, d'c. Syndicate, ( 189(1) 2 Cli. 
 2(i8, a learned judge disregarded this decision, and in effect hold that 
 the declaration was not conclusive where it was proved to the Court 
 that the doclamtion of the chairman was in fact incorrect. 'I'his 
 decision treated the word "conclusive ' as e(iuivalent to the words 
 
 primn facie," although the Legislature was clearly alive to the 
 distinction between the two expressions, for it jirovided in several 
 sections ot the Act of 18(12, e.ff., M and 37 (.Companies Act, 1908, 
 ss. 2;!, 33), that something shall be " prima facie" evidence, whereas 
 in .sect. 51 (Companies Act, 19(18. s. (19) it provide<l that something 
 shall be "conclusive" ovideiico. The decision referred to was un- 
 favourably commented on in the last edition but two of this work, 
 and before very long Cozeus-Hardy, J, in Hadleigh Castle Gold 
 Mines, \ 1900) 2 Ch. 419, docline<l to follow it, and held, in accordance 
 with the words of the section and the decision of the Court of A{)peal 
 in Gold Co., supra, that the s.-iioii meant what it said, and that 
 the chairman's declaration w;i.s conclusive, not priml facie, evidence. 
 And soon afterwards the Court of Appeal in Arnot v. L'nited Afriain 
 lAxnds. (1901) 1 Ch. 518, took the same view.and o\-eiTuled Younq v. 
 South African, rfc. Syndicate, mtiirn, tims making it clear beyond 
 all (luestion tliat the words "conclusive evidence" in sect. 69 are 
 
 
,.! SM: 
 
 IKHI 
 
 meetings'. 
 
 Notiri' lo 
 K*'iriHtrar. 
 
 RKSOMIIIoXS. 
 
 [ChA)'. Xill. 
 
 Ui have tnll fitfecl. It has, howovoi, bc«u held that u chuiriuaii > 
 declaration is not conclusivo whoro in making it ho states th<> li<,'urcs 
 for and against, and those tiguroH show that he erroneously dtjclaros. 
 Caratal AVic Mines Ltd., (19(i2j 2 Ch. 498. Or where on tJio fui» 
 iif the proceedings it is plain that the resolution has not been tariicd 
 by the requisite majority. Clark d Co., (1911) S. C. 243 Ct. of Sew, 
 
 As to notices convening meetings to pass resolutions, whctlicr 
 ipecial, extraordinary, or otherwise, see suirra. Forms 433 et xeq. 
 
 Ah to notices to lie given Ut the Registrar of Companies upon 
 pa*»sing of a s|)eeial resolution, .-^oe Hupra. Form 236. 
 
 Ordinary 
 
 ri*<44ll)ltl<'Mh 
 
 As to Ordinary Hemlutiona. 
 
 An ordinary resolution merely reijuires upon a show of hand.- a 
 siiiiplo majority of the voters present, and, if a poll be demanded, u 
 simple majority of tho votes given thereat, whetlier in person or by 
 proxy . 
 
 " It onniiot t)« disputed," said Lord Hardmcke, C, in Att-Uen v 
 Day, 2 Alk. 212, that whenever a certain number of persons .are 
 incoqiorated a major part of them may do any corporate aot, so if all 
 be summoned and part appear, a major part of those that appear nia.\ 
 do the coqiorate ant, though nothing be mentioned in the charter of 
 the major part.' See (irant v. Cnited Stvitchhack Rail., 40 C 1) 
 13.5. 
 
 liiit this priritii)lf of the majority ruling as applied to cuiii- 
 paiiies under tho Act of 1908, is subject to the Act and to the menm- 
 randum ami articles in each ca.sc applicable. Hence, it is necessary Uj 
 see that the meeting is duly convened; tliat tho resolution is one 
 which can pri>porly te put to the meeting; that tho requisite quorum 
 is present; that the regulations as to voting are duly observed; ami 
 that in any case the sense of the meeting is taken in the first instiim <• 
 by a show of hands; and afterwards, if a poll be demanded, by poll 
 in tiie ordinary way, se<t. 71 of the Act being borne in mind. 
 
 flpi'ifiod 
 majority 
 rf>»(»liitiont*. 
 
 liesolutiom which undt'r ihr Articles require some Specified Ma loriti/. 
 
 Occasionally the articles provide thai something tn;iy be done by or 
 with the -sanction of a resolution passed by u majority of a special 
 character, e.fi., a majority of those members present in person or 
 by pro.xy, and entitled to three-fourths of tho vote.s to which all the 
 members i)resent in person or by proxy are collectively entitled. 
 
 In such cjise the resolution cannot have etVect unless it conforms to 
 the arliilo.s and is pa-ssed by the re(iiiisi!(> majority, or unless it i- 
 pa.ssed its a sjHJcial resolution. 
 
 Hilt it the Legislature hits said that something may be done by 
 .special re.^oltition, <'.//., ihe compauy'.'i capital reduced, it is iiui ctmi- 
 petent to the company to i-equiro by ita articles a larger majority 
 for the purpose Ayre v. Shelseij's Adamant Co., 21 T. L. It. 4ti4. 
 
I' 
 
 INTKUOrcrORY N0T»>1. 
 
 ItMl 
 
 As to Resolutions of Directors. 
 
 Th<' dooisionw of (linM;torN iit board iiu'eliMfi;H iiro uHuiilly oxiiic^.scii l)ir<-.i..r»' 
 lit the form of roHolutionw, Imt it Is not omtcntial to tlioir viiliilily thai 
 ihej- should bo ciiilKKlied in formal rosolution>. and ovkii wlicio a 
 loniial rt'solution is pi-opoHtvl and |)«8«od tJiOiiuinuteN not un<«>niuionly 
 do nol reiKjrd the jirccirt*' terms thort-of, but Klalc niorcly tho ollocl. 
 ,' (/., a < 'iiitract. &(\. wa^ submitted and uppnvfd; tho <hairiii;iii wiis 
 aiitliorizwl, &c. 
 
 Resolutions generally. 
 
 In fiaiii'-' • riv >lution. whether for a in'iieral iiii!oliii<; or a lioard OenoMi 
 
 . . , oliHt'lvatl" 
 
 iMt'eling, . t imporlaiKo to express it in cloar and promise 
 
 KTiii.s. ' .- . fuse of a resolution to increaao tlie capital, the 
 
 le.-olutioii .■« I ' ^' to tho effect tliat the capital be iuireasod, ic. 
 
 not mort;!;- that it is "donirable to im'rease the capitiil." Af>ain, care 
 should be taken not to deal merely lontinfrontly with inatt^-rs wliicli 
 under the Act must l)e dealt with definitely, e.ij., not l<> rosolvo ilial, 
 ' if the director.s think fit," the .sharen outfltandiup shall be Hub- 
 ilivided; or that, "if tho diiwtors are unable \o raise tho rei|uisit<- 
 funds, the company be wound u)> voluntarily." It might be suj po.sed 
 iliat points like these are not likely to be overlo<jked by those who 
 IraiiK.' re.solutions, but oxjH'rienif shows that they often are 
 
 So, too, a.s regards resolutions of directors. They should, whore it 
 i..< .-o intended, express a clear cieterniination. and should compris*- the 
 iiK'idental piuvision.* requisite for giving effect to tho resolution; 
 ihiis, if a call is to be made, cait' should be Uken that the re.soliitioii 
 states tho amount of the call, the time for payment, the place; for 
 |iiivnient, and to whom the call is to Ije made payable; and if it, i-- 
 lo be paid by instalments, then tho amount of oacli instalment anil the 
 lime, &c. for paymou! (.see p. «")(). Again, if a transfer of shares 
 is to be passed, the resolution should provide not only for the approval 
 .iiid registration of tlie transfer, but for tho issue of the certilioafp 
 10 the transferee. And so in the case of a mortgage tiie resolution 
 should deal with the excvMitioii of the mortgage deed, and, if neccs- 
 >aiy. tJK' delivery thereof conditionally on payment of the mortgage 
 money, and shoiihl give diroi'tions as to how the mortgage money 
 is to be paid, and any other subsidiary matter that the .special circiim- 
 siiince.s of the vaae may reouire. 
 
 11 
 
< 
 
 Jliti 
 
 KKMChUTION.- 
 
 <IIA1-. XIII. 
 
 PRECEDENTS. 
 
 ' t ■ 
 
 I 
 
 Alteration oi Articles. 
 
 Form 468. Tii\t the urti-les ot .u*«oriation 1k> alt.Tcd in nmni.er following:- 
 Alt^ratl.n, ( ii) Artido .". shall be irtnwllwl. 
 
 of article*. , h) In Article 7 the woni • f<.ui nlmll he Kuhstituted tor the word 
 
 "seven." 
 H) The following: article shall !)« «ubs)it.it.-(l for Artioip 2(i, 
 
 niunelv, " Tlie toy may.'' &c. 
 ii\ ) Tiie folhiwinn urti.'le shall lie inserted after Arlitlu 24. naiuol.v . 
 
 '24a. " The dire< tors inav," &c. 
 («M The .lircctor.- nia.v at any "time, &c.. and Aitirle .10 .■shall hv 
 modified aToidiufrly. 
 
 Sect. 13 of the .\.t nf IHOS ( n-plariiiK Hflct. .'JO ..f the .\ct of lH(i2. prc.virt... 
 that— 
 
 (I) Subjwt to the provisions of this A.t and t« the conditions .■ontainc.i in 
 its memorandum, ■ ompany may l.y special resolution alter or add tn 
 its articles ; and .y alteration or addition so made shall he as valid 
 us if oriKin.illy contained in the articles, and he snhjeot in like manner 
 to alteration hy special resolution. 
 /2) The power of altering arti.'les undci this section shall, in the case of an 
 unlimite.1 ompany formed and registered under the Joint Stock Com- 
 panies Acts, extend to alterin^j any regulations relatinff to the amount 
 of capital or its distrihution into shares notwithstanding that those 
 regulations an' contained in the memorandum. 
 The section, it is to he observed, only gives p<iwcr to alter or add to - the 
 arti.'los " of the company, as distinguished f -om its memorandum of association. 
 The conditions .ii the memorandum cannot be altered, except in the manner 
 and to the extent permitted l.y the .\ct. .Ulil>:,ry v. Rlrhp, h. R. 7 II. K. 6.53: 
 Uhhmy v. llalsnu, 30 ('. Div. 376. 
 
 \s to the power to alter the articles, se<. »-,/.,«, p. 636: and in particular 
 ./„rf,ei« V. na, MrOr C,., (1897) 1 Ch. 361; All,;, v. (Md Jireh "* "_'"' 
 iirira Co, (I9"0) 1 Ch. 656; and Jnmr» Colmn; T.imUl., (1897) 1 Ch. »'24. 
 in which last case it was held that the power to alter the articles extends even 
 
 to voting rights. 
 
 A company cannot exempt any articl.. from liability to alteration. .)/--'/ 
 
 v. Satiortnl /iinuniiur Co.. (1894) 1 Ch. 200. 
 
 Where a resolution is intended to authorize or effect something not authorizid 
 l,y the articles as they stand, it may he desirable in some cases, in the first pl.iee. 
 ,o alter the articles so as to give the necessary authority and then to exercise 
 that authority. See Imprrml lly,l,„,,atlnr Vn. v. Ihimpm,,. 23 C. Du t. 
 where Cotton", L. J., said: "In my opinion it is an entire fallacy to say that 
 ..ecause there i. power to alter the regulations, you can. by a resolution which 
 
KOKMH. 
 
 might »lter the roKulutioiw, di> th»t which in coiitrary t*i tin nifuUtiim- u* thny 
 •land in ;i particular and individuiil rtt«e." Hut to.i murli -froi inunt imt b«- 
 laid on tliene wordn. Thpy were not intondi-d to, nor i<iuld tlioy, in vltfx-i, ovcr- 
 rulB CampMI't cnie, » «'h. I, tir Trn.ilalt't <v». B t'h. it, und lioth thouc cnn.'. 
 ihow th«t tt *\nv\%i resolution mny o|ii'rttt*' a< an ullcration of tlii> iirtiiUM or 
 Bicmuruudum without any exprws rofereDff to eitlwr. Seo »,\u> Tav'nr v. 
 ;',/,f« r,.., 27 l". U. 268. 
 
 V company cannot, howi'\cr, piua u resolution t4i ruduiu iU capital at tin' 
 kuma meetings at which it alter* ita article*, m> a* to givo itoelf the iin-uiKary 
 authority. I'ateiil liiirrt .Sugar Co., 31 C. Uiv. 1«H, foUowioK Heit liutin vwl 
 Viu-ifie S.S. Co., » Ch. Vp. 11. 12, n.; Ureijon Mortgayi Co., (1910) S. C. 
 iitil ft. of Seta. Nor can it nuh-dividn it* nharcs at the name meotini^ii at whiili 
 it taiion jKiwcr to nub-divide the xamc. The power laupit be K'*<"n before it can 
 be c'xcrcised. 
 
 Form 458. 
 
 Thiit llif re^riilttlioiiw ciiiilaim-ii in llic priiitad dot nnieiit (tuhniittod Form 459. 
 10 tlu' mwtiii^r. and for the {mijxiwo of identifioivtion .-iilmoritu'd liy (lie [{,.,. „rticl.«. 
 iliairnmn fliol'. ht- and the wtnio aro hhy approvwl, and that hik h 
 KniihitioTis 1)0 and thoy are hhy adijpted a« fho urtirle.H of the vo\. 
 ill .■.iili.stitution fur, und to tlie e.xclu«ion of, all the evLstinir ivrtiolos 
 iliof. 
 
 Where a lar(fp number of alterations have to be made, it i* generally more 
 .iMivcnicnt to adop* a new net of articles ullodPthpr. Where this course i> 
 ailnplcd a co|iy of the i»'W re);ulations should lie for inspection at the oHice, 
 and tlie notice conv<'ninir the niectinps should state the fact; and in some ciiscs 
 it may he deemed expedient to iwnd out print«l copies of the proposed new 
 urtiel 's with the notices. According to the decision of Kekcwich, .1., in 
 \,.,h.iiiili/ V. /ml. Coo/If * Co., (I9i I l"h. 84, the notice should call 
 attention to any material alterations, i .it sect. tiH docs not so provide. 
 Sic .«'</),«. p. 1094. Whci-c it is desired that the mei'tinir shall lie ;it 
 liberty to amend the draft at the mcctiuMT. the not-ee must he specially fninicd. 
 -•.y., let it convene the meeting (1) to consider ami. if thoiiitht tit, approve the 
 Irat't new articles which will he submitted to the meeting; and in the event of 
 the approval thercnf, with or without miKliiications. (2i to consider and. if 
 thought tit, to pass a resolution to the elfeet " that the new articles already 
 :ipprove<i by this meeting, and for the pur|M)se," &c., as in Form 4.W. 
 
 The notice should statc> that a copy of the new articles is eniloseil. or that :< 
 eopy of the propose*! new articles mny lie seen at the company's office. 
 
 When new articles arc adopted, care must be taken not to insert any elaiiM 
 inconsistent with the memorandum of association. 
 
 
 That the regulation^ contained in Tahle A., in ^c far us they ai)ply Form 460. 
 10 thi.s . iiy, bo alicied a.^ follows: M.sliticition 
 
 1. In ilause the words shall he Mihstitiite.l for tho oi Tubl. .\ 
 
 words - . 
 :!. Claii.se sliall no longer apply, 
 
 .'i. The following I'laiuse shall he sidiHtitnted for chiii-e 
 f. The words following shall he inserted in clause iinine- 
 
 diatelv t'fter the word where that wor : lir.st orciiis. 
 
 5. The words .sJiall be added at the end of ilause 
 
 ** • >'M 
 
. I!) ;■ 
 
 1 104 
 
 REHOUniDNB. 
 
 [f 'MAI'. X I I I 
 
 II ;. 
 
 I 3 -" t 
 
 Form 4(>0a. 
 
 Ini-reoM* i»f 
 <ii|>iUl. 
 
 ! ' 
 
 Increaae of Capital. 
 
 Tliur the cupitul of the rov Im' iu<T»uiH)il to M>,tmtl., Iiv tin' i rt'ulion 
 >r ;i.(MHi iii'w iliureM of .'■{ uiu'li. 
 
 The power to incroBue the i-ii|iif«l i« (f''"<'i"lly I""''"' i'»iTri<(.Hhli' hy tin 
 <'oinpaiiy in )fi>neriil nioetimr. i.< ., liy iin urdiimrj- ronlutimi iif h ainipli- 
 majority, or liy «|m>iIii1 or i »triniriliiiury romiliition, or liy tho i-ompaiiy tlmplv 
 In the lut riiKO the diroffori luti irrni'riilly i-ii'rflw" thi> pfiwi'r nndfr tin ir 
 iri-nrrul pnwrr* of manaifi'mi'nt. Sif Tal)l(' A., rlimw 71. Sen p 11*1, <//,,,,. 
 
 In Knff<tliii.lrin .U'lft v. M.^nrli-ii. (1911) A. ('. 4I>9. it wm lii'Id. on r<>ii 
 •trurtion of till' urtic'Ini, lliiit tliooifli tin' dirixtor« liiul |M)wi'r undi'r thi' urti. N> 
 to inirciiw tlw I'^ipitul liy tin- iri':iti.in of ni'W Hlmri'K, they liiui no powir l<i i«-u. 
 »u<'h ^hiireK without the nini'tior. .if n ({'"icral mi-ptinif ■ 
 
 Hei' further iw to incrcaw of lupital and crtMition of prcfcri-niT Kli«ri», mu/:,;. 
 \i 6HII il kill., and tii/irit, p. HVl. 
 
 Whenever capital ia incrcaMxl, whether by re<olution of the iiiiapuny or hy 
 resolution of the direetorx, notice to the Hegiiitrar miint he ({iven within tiftei n 
 dayii from thu date of the pasniiig of the re?tolutioii, or in default the louipany 
 and every director and nmnatfrr will he liable to a penalty of S'. |n'r ilav 
 Sre nei t »l of the Act, anil iiihu. Appendix. 
 
 And the duty iin|>osed by Table II. of the .\ct on tho iinTease, uml tliar 
 
 imiKiM-d by the Stamp .\it, 18HI. ». 112. must alio he paid. S ///</-/. pp. (>iii 
 
 I f itrq. 
 
 As to ntainpiuK and dnive^in^t tl:' itatement of the amount of inircaw, -ii 
 -ect. 5 of the Kevenuc Act, 1903 (.i Edw. 7. e. 4(i^. 
 
 T'pon increasing the capital, it is not necessary to purport to alter the meni- 
 rundum of amiociation, r.ir., by reaolvini; that the conditions contained in the 
 com' any '« momoranduni of association be altered by increaxini;. A;c, (''im/i/ir/l'> 
 <•„„■. 9 Ch. 21. 
 
 i'|i 
 
 Form 461. 
 
 Ordinary 
 shares at a 
 premium. 
 
 1. Tlial the ia|>ital of the coy Ui iiicreii>^Ml ti> f bv tlic croatioii 
 ol 20,000 additional ordiiisuv .sliaio-* of 1/. Paili luukiiig for dividend 
 iiiid in all othor rcspoit- jxiri imssa with tlii' existing ordinary .sliun's 
 in tho ciiy . 
 
 2. That the sd 20.000 additional .shares }te otforod in tlic first 
 instance at a premium of 2/. U).i. per sliare to the momhors of tlie coy 
 
 lioldintr live or more ordinary sluiros in proportion as nearly as ma\ 
 lie to the nutulier of ordinary Hharos hehl by them resply, and upon 
 the footiii},' that the full amount of each simro taken up plu.s the 
 premium (making tog<!tiier 3/. 10«. p«r shared shall be jid to the coy 
 on acceptance of the olVor. and that such olfer he made by notice 
 s|)e(ifving the lier of .shares to which the member is enthi, and 
 
 JiniitinfT a tii. .ithin whicii the offer if not accei)ted by payment 
 v,ill \h' dceniod to be declined, .ind that the directors be enii«iwnred 
 lo (lisp<)-<' of the shares not taken in ro.sponse to su<'h olfer a.s they 
 consider expedient in the interests of the coy. 
 
FOKMH. 
 
 1106 
 
 1 That thoiupiiulol '.luM.M U' imr» . -hI bv m- iwUidii .«| .Kl.mMt Form 462 
 
 »hiire« of i/. each. N..w.h«».»i 
 
 •2. That lii<.\'2'>l . part of llu' rctorvo t'uii<' ... tli<' «■<).>. m« dixtribulml |,«r«i„j l»uu> 
 ainoujf tlu' ^hart'lioUlors, by wuv <,f boiiii.i,''fnM» i.f imomu-tax. in tolirp..!. 
 jnuportioii to lilt' uuiiilicr of kIiuws IkiIiI h\ tlioiii ii'iply, on tin- 
 I7ih Uotfiubor, I'JO'J. iiikI that miili Imuiiim br imyublo on tb.- 28llt 
 iKiceiuber, 1909. 
 
 .1. That tho difeclorn bo authorizo*! to olV«'r at jmr to tMuh «hiir«- 
 lioldor Mharcx of tho loy ©([ual in noiiiinul mnoiii.t to tho bonus pnv- 
 able to liini uudor tho litst proco<liii>{ rlaiiM' of lia' icMibitiori. iukI 
 iliat tho iioiuiuttl amount of hu< h Nhaivx U' jkI t" th<< •■■ly upon 
 iipplicou, on or before tho 28lh DoconiU'r, l!H)9. Hinh shuri's not to 
 piirtiiipiite in any dividend de<lare.l in F«>l>rimry. I'.Hi' in n>npoii 
 ,,f prolil a^H ruc<l up to Mm IK«c«Mnl«<r. I'.tO'.t, but to piiii. iput«. in 
 any divi«lond do(da«>d thoroaftor pro lula willi lb<' cxlHtirij; iiipitrl 
 
 4. That tho diroi'tor.s bo autborizotl U> di-titoi^e of any .■^hiin's oiTe.nl 
 to u (diarelioldor under tho last pr«c*Hlin>r rlaiiHO, and ik-i lined o; . ot 
 luieptjHl by him within nmh time a.« the diwi lor^- ly iqipoin <■. 
 ...lich iKM-pioiiH and upon hucIi terms nx the diriTtors ■ \ think !lt. 
 
 ill the bIjovc cmo tho nharc* (ordinary) wcn> at a larjf prrmiiiiii, sut that fhen- 
 K»» a praptiral certainty that the new nlmrc* would l«' lakrii iip. 
 
 That there be addotl to claune 2.J of the art.s of u.ssoa of the coy Form 483. 
 (•x|)nws authority to the dirc(tor« if and when the advenlurerN named ,.,,yjj,,^^,„, 
 ill the »d draft afjnwmt beiomo enthl U> an allolnient thof to create power to 
 anil i.-<.xue not e.x.'«'odin- 1.200 A nhare-s of 10/. eacii nieiil.l in tho ll;,'";;^,*,;^;;"^*,';'' 
 .saiii draft aj?rei'nit with the rij;ht*t and privili-jfes follow In;.- .illitched 
 thereto: 
 
 tat I-^cli of tho !»d new shanis shall rank for dividend as ; ' the 
 
 same were two of the ordinary .shares of 10/. each ful.y imI. 
 
 I b I Kach of the sd new shai-es .shall confer on the holders the rij^hl 
 
 to two votes at a general nieotiii}!:. 
 (c) In the windiii<i;-up of the coy each of the s<| «hares .shall rank in 
 the distribution of assets as if the same wen- two oi-jlinary 
 sharett of 10{. each fully pd. 
 
 Preierence Shares. 
 
 I'owpr to increase capital c;in, an already mentioned |«»/i/'/, p. 683 1, be tak.'ii 
 liy Hpcclal resolution where the article do not contain thi- necessary autl'.)rify. 
 
 And the shares in the new capital can be (jivcn any preference or i" rity 
 over the shares in the original capital, unless the memorandum of a.^sociation 
 contains somothin); which is inconsistent with such an alteration of rights. 
 
 Kven if both memorandum and articles of a company are silent on the suhjiK-t. 
 tliere is no implied condition that proferencc shares sliull u.'t bo issued if the 
 shareholders so resolve. Atulrriin v. (Ian Meli-r Co., (1«97) 1 ("h. 3(il . 
 
 But the power to create preference shares, being in derogation of existing 
 
 p. ' " 
 
ll(i<; 
 
 UKSOLIITIONP. 
 
 [Chap. XI U. 
 
 riRhtq, must 1>P plain ..n.l ..n«,..ivo,al. Thu- powrr in tho nrtiol..s to increase 
 Hin rspitol " by tlie isnno of new shares of such nominal amount, and on such 
 ,ondition» as such roso.ation may determine," is not sufficient to authome the 
 issue of preference share.. Melhado v. IlamUto,,, 21 W. K. 619; 29 L. T. 
 
 v. S. 364. 
 
 If the articles authorize an increase of capital by the issue of new shares 
 •' with such rights and privileRcs. or with su,h restrictions and on such terms 
 ;ind ...nditions us the cou.pany in tfcncral m.H-tin^ directs." preference shar.* 
 can bo creut<Kl. tl<Mh v. Karl,-. 20 Kq. .550. 
 
 So where there was power to increase the .capital in such mann.T, and to !,.• 
 issued with and subject to such rules, resulations, privileges and con,lit."ns as 
 the company, &c. should think fit. Sir Cn-rwe .Tesscl, il. K., held that the words 
 ■' privileges and .onditions ' were w,.rds of extensive meaning, and lully authn- 
 ,i,.ed the issue of new shares with a preference both as regards divid.-nds and 
 In a winding-up. Ilnrritnn v. .Ucj i>«n lluU. Co., 19 I'^j. 358. 
 
 V company may by its articles only have power to give a nrefercn.c a- 
 regards dividends. Yet it may be very desirable, especially where new shares 
 „e to be issued, to provide that the holders thereof shall be repaid their .apital 
 „„t of the assets in priority to the other members as well as rc-ivc a pn<- 
 
 fcrcntial dividend. , j ^i 
 
 Whether the company can confer this additional privilege must depend on the 
 ,,„«ers given bv the articles. I'ower for the company to increase its capital 
 ■ „,„.n such term-, and cither with or without siM-cial privileges or preferences 
 t„ the holders of the shares in such increased capital as it may from tune t.. 
 ,ii„c d.cm expedient," eiuibles it to give a preference as regards capital as well 
 ;,s dividends. Pannor. ^e. Co.. 20 Kc). 59. , . , , 
 
 If the articles are defective in this respect tli.'V can be altered. Sec ./«./,,,<■« 
 V. 6Vr» .1/eM- Co.. (1897) 1 Hi. 361. 
 
 m 
 
 
 form 464. 
 
 Prefen'iice 
 
 Bhares. 
 
 Cumulative. 
 
 Tho followiu-r are some example.^ «f resolutions croatiiisr iirpforcnco 
 sharos of different kiuds:- 
 
 Tliat the capital of the ooy be increawxl to 2r.,000/. by the creation 
 „f ■' (.00 new shares of U. each, to be railed proforeneo shares, and 
 to "onfer on the holders thereof the ri^ht to a fixed cumulativ.- 
 preferential dividend at the rate of G p.c.p.a. on the capital for the 
 liine heins pd up on such shares, and su-h preference shares in :> 
 uindino-up to rank, both as rncrards capital and dividend Up t-. 
 the coruinenccinent of tho \vin.lin--up. whether declared "t not 
 in priority to the other shares and not to confer any further ii-lil 
 K. participate iu proiit.s or surplus assets'. 
 
 For prc.vi^utis ill articles as t.. preference share., s<h- s«/< 
 
 ini. p. 
 
 Form 465. 1- T''"' "'■ '"l""^! ^ increased to :50,000/. by the creation of 
 
 10 000 new shares of II. each. 
 Anothcrforni. ^ ^^^^^^ ^^^^ ^^^^^ ^j^^^,^^ ^^ ,,j^„,,jj preforeiice sharps, and that the 
 
 Nnn-cumula- ^ J^^^^^ ^^^^^^ ^^ ^^^^j^j ^^ ^ preferential dividend, at the rate of r,l. 
 u e.p.a. on the capital pd up thereon, payable as rcfjards each year 
 „„( of ll.e pronis of tlial year ' without any right, in c.a.«e of deticiencv. 
 to resort to subsequent profits]. 
 
 tivc. 
 
KMRMS. 
 
 llt»7 
 
 3. That in the event of tlie v^>y being wound up, the holders of the Form 466. 
 sd preference sliares shall bo eiitld to have (ho 8uri)lu8 aswot^ of tlio 
 coy applied in the first plaoo in repaying to fliem the amount pd up 
 on the preference shareM held by (hem rtfiply, and any arn-ars of divi- 
 den<l up to the roininent'enRMil of the winding-up, whothor dnrlarcd 
 nr not, but shall no( be entld to any further par(icipation in such 
 surplus assets. 
 
 Se<^ Form t()<>. infra. 
 
 That the capital of the coy l>c incir '>d by the creation of 21,0(i(i Form 466. 
 new sliares of II. each, to \ie called preference .shares, to which there Aimth.-rfonn 
 shall bo attached the s)iecial rights and privilepcs followinpr: that is 
 to say: - 
 
 ti. I The hohlers of muIi proforonco sluires shall be entld to 
 ie<eiv(! cjiil of tho j)rolil.s of the coy as a lir.st charge a 
 cumulative j)r(>leronlial dividend at the into of 10 p.cp.a. 
 on tlie capital for the time being pd up on such sliares 
 rof^ply. 
 
 (ii.) Whenever 'iie pnilit;^ of the coy in respect nf any year shall 
 lie mine tlian sulhcieiit to pay tho prptitential dividen<l 
 ufsd to the cidve nf such year. mikI ;iIsi, ■,\ iliviib'tiil i<>r 
 such year at tlie rate of 1« p.c.p.a. on the diilinary shurcs. 
 the holders of the preference .shares shall be entld to 
 |)articipate in the Kurpliis pari /«(.s»» with the holder- 
 of the cither shares. 
 
 (iii.) The cajiital pd up on the preference shares shall not be 
 liable to cancellation or reduction in respect of lofs or 
 dcpn'cialion. 
 
 ( iv.) In (he event of the winding-uj) of the coy the hohlers of the 
 preference shares hhall be entld to have the surplus assets 
 api)liod firet. in jmying off the caiiital [hI up on the pre- 
 feivnce shares held by them rcsiily: sec<jndly, in pM\iir. 
 off the aiix'ars (if any) of the iireforcntial dividend atsd 
 to (he commencement of (he winding-up, and (hereafter 
 (o par(icipa(e ra(eably wi(h the holderM of other shiirf 
 in the residue (if any) of such surplus assets as sIliII 
 n'main after paying oil' the capital pd up on such oUier 
 shares . 
 (v.) If (he pit'fercnce shares afsd Mhall be inverted into stock, 
 Kuch st<ick shall be called pivferonce stock, and (he rights 
 and piivileges alfachwl to the prefcr<>nf« shares .shall, a> 
 nearly us may be, attach U> the |)reference stuck. 
 
 (vi.) Every holder of ])reference Bhares shall have one vote for 
 ever\- prefereiic<> share hehl by him ii[) to (^'ii, and an 
 additional vo(e for every Uve preference nhartvi iwyond 
 ■1 It 2 
 
 
 : ".Jiju^siammm 
 
\ I 
 
 
 1108 
 Porm466 
 
 KESOLUTlONf*. 
 
 [Chap. XIII. 
 
 form 467 
 
 V»ri«tii>ii. 
 
 the f?wt toil -'ham* u|. to lOO. and an additional vote for 
 every ten jireforcnce sliaiw k-yond tlio first 1()0. 
 (vii ) The pP0fe.«nce shar<* affd Hhall l)« issuefl to such person* 
 and n Huch t«!riTi» and conditions as the Board may think 
 fit, and clause 42 of Table A. shall as i«y:ards such shan-s 
 be deemed to be modified a<tordin{rly . 
 
 The followiutr may U" uso«i iuBtetul of olause 2 of Form J.io, 
 
 That the new sliares slmU be called prelorenoi. shari^. aud that the 
 lioldere thof shall be entld to be pd out of the profits of each yeoi- a 
 preferential dividend for such year at tlie rate of 5l. p.e. 
 
 It is sometimes preferred, bocaa»e it does not expressly call attention to the 
 .ontingeney of the profits being deficient. In either cas.- the dividend w.ll b,. 
 non-cumulative. See nupi-fl. pp. 812. 813. 
 
 Form 468. That [crmtUm of preference ><hares] and that the rights, priviles.t< 
 Prefereu.o and conditions following be attached to such preference shaiw. that 
 .hiires, power jg to say: — 
 
 t.. issue ...ort.. ^ ^^^ ^^ preference shares shall mrry the right to a fixed cumula- 
 tive preferential dividend at the rate of C. p.c.p.a. on th.- 
 capital pd up thereon resply . 
 2 The sd shares shall rank, both as regards dividend and return 
 of capital, pari i>a.imt with any further preference sharos 
 created as hnftr meiitd and in ])riority to all other Blm^c^ 
 in the coy. but shall not confer any further right to i)iirti- 
 cipate in profitis or a.s.s('tf>. 
 3. The ooy is to be at liberty, from time to time, to create an.l 
 issue further preferenw sliares ranking in all respocts ixin 
 /)fl.?,9M with the .sd ;{50.0()0 preference shares, but s(. thiil 
 tin- aggn>giite uniount in nominal value of all j)refer(Mi(«- 
 shares "afstl. for the time l)eing issued (including siid. 
 ;{50,()00). shall never exceed the aggregate amount iii 
 nominal value of the onlinary shares for the time Ixmus; 
 is8ue<l . 
 When it ix desired to issue further preference shares ranking pari ,,a«s;. It i~ 
 desirable to take the power in express terms so that the company may .."t 
 subsequently be exposed to a charge of breach of f.ith (p^818). It may 1„. 
 (see \„pra. pp. 637, 638) that by spt-cial resolntion altering the articles the .»,.,- 
 nanv can take the retiuisite power, but the matter is pcrlmps not fully settle,!. 
 
 Sometimes it is considered better to introduce the power by implication in 
 the form of a condition qualifying the exercise of the power, c.flr., " No new 
 share enti -i-d to rank pari pn„„ with or to any preference over the said pre- 
 ferenie shares shall i beture the day cf 1 !«> ^^^f ^J t'- -n'P""^ 
 
 without the wnsent in writing of th« holders of two-th.rds of the preterenc- 
 shares for the time being ouWtanding." 
 
I'X)KMH. 
 
 U<t!> 
 
 4 Tlif |ii«'l<T<'in<' shiuo.-. shall iiol (inilci iui.\ litjlil of votiii>; ai 
 ttii.v tronoral niwlinjr <.r the r..v, nor ^liall lliov i|ualil> aiiv porson t.. 
 bp a director i.f tlif <o\ . 
 
 3. In tho oveni of the wv U'iiifi vvoiiiid ii|>. ih«> .siui.lu.- tu^et-* 
 Ihof shall he tt])l'lie<l in the first plaw in repaviiiK to tlie hoMcrs .)! 
 the («i pix'ference slmw-s, aii.l of any other Khanw ontld to rank imii; 
 pasgu with theiu. the full anioiuit i«l ii). thereon, nnd, ^nhjoet afi 
 aM, Kuch Kun)lus assets sluill Iwloug to and ho divided anion- the 
 .itlier ineinlwrs of the cov. 
 
 II The diiv.lor- shall U- aiul ihev arc hby antlKn-iziHl to issue the 
 B,i shan>s to such i.i.rson.. and to l«> pd for In •^uch instalments 
 
 „r otherwise a« they think lit. and wilho.it Iwinjr hound to offer the 
 Kiiiie or any of thoni to existinsr nienihers „{ the ooy. 
 
 Or, " tho «aifl sharra shall h- otfi-rml in the first inst^inc- t<. the ..xisfinj; Hhiiro- 
 holdJrs ag iioarly us may be in proportion to tlic .apital h.'Ul l)y tl.om r.*pec- 
 tiv.lv. Such otter to he mad.- in such manner :is th.' .lirccl4)rB nmy dctorniin.-. 
 
 Form 468. 
 
 That lh<- itipital of the co.\ l)e iii.rea.sed t.i t hy I he . leiition .if Form 469. 
 
 7.-..0()() new «har(!s, i.j be .alle.! 'X' .mnulalive j.r.'feren.i^ slmre.s, ^^^^^^^ 
 uud that the provisions f.ill.iwint;' in icgiird ihfr.d. shall have ell'ect, prcfen-u.-t 
 that is to say: - 
 
 1. The mI new sliares shall Lurry a li.\ed .:uniulaliv(^ preferential 
 dividend a1 the rale of ."> p.i.p.a. on the capital for iho time 
 heiny- i)d u)! thereon, and nuch dividend shall he pd a« nearly 
 a.s may he half-yearly, on the 7th April and the 7lh October 
 in each year. 
 •2 The Hd new pi-eferonce .shares shall rank for dividend next after 
 the 80.(tO() e.xistin^'- jireferen.e shares, and in priority to the 
 onlinary shares for the lime boiiifr of the coy, whelher i)re- 
 ferred ordinary or deferred ordinary. 
 :l The sd new preference shares shall in windiny:-up be eutld lo 
 rank as repirds repayment of capital next after the 80,000 
 existinjr ])refereni« .shares, and in priority to the ordinary 
 shares, whether (ireforred ordimiry or deferred ordinary, but 
 th<' fid new pre£erenc<> shares shall not be eiilld lo any 
 further iiarticipation '• i such snrplus iis.sels. 
 I. Tho S.1 n.'w preforen.e s„ares shall only confer on th.' holder.* 
 ihe rij^^ht lo attend and vote al jji-neral ineetin;?s on any 
 .(uestiou dircclly all'eclinfi' any of the ri^rhts or jirivileg.'s 
 alla.hcHl to such shares, and one vote i)or shari'. 
 :, The .oy .shall be entid to create further new ' .\. " inimulativ.' 
 lueforeni'e shares rankinfr in all respects iimi piissii with the 
 s.l 7.">,000 new shares, not ex.eedin}.?. however intatc limit] 
 •i. The holder ..f an.\ ol the .sd iireferenco sliar.- iimx b> aoiue m 
 wrilitifi left, loyefher with ihe .ertiticate for ilie shar.- 
 
1110 
 Form 460. 
 
 RESOLUTIONS. 
 
 [Chap. XIU. 
 
 tliereii) rot'on-eil to. al th<' foyV office uot lat«i- than the 
 day of , or suoh later dale ivs the directors may avrref. 
 
 i'l«J< I tocouvorl tlK- |iiul«'iomt' shares specified in such notic«- 
 into ordinary shares, wlier-eupon such shares shall from \\u- 
 dale of the notice IxTonie ordinary Mhnres, and shall rank 
 in all respects pari piixsii willi the otlier ordinary shares ot 
 the coy, and shall cease to have any preference or priority 
 as ai)Ove nientd. and a new certifliate slmll be issued (.. 
 the holder thof frei' of i harjre 
 
 ill 
 
 Sonietiiii.-i ;. \mwev i» Ki>''» t" c«riv«rt |ircf.Tciiri- iiiln i.nlinary shnns 
 Tims: — 
 
 Form 470. Any holder of such siiares may {five the coy six calenriar montJis 
 notice iu writing of his desire to convert the ])referencc shares held 
 !,f'prXrence by hiui, 01 any pii'l lli"f- '"'-' ordinary shares, and upon ihe expira- 
 intc. ..r.linaiy jj^,, „f m^^.\^ notice the same shall ipso fiicto he deemed to be converi'd 
 "'"'""' accordinfjly, and shall thenceforth confer th(! same rights and privi- 
 
 leges as the other ordinary shares in the coy's capital. 
 
 Such a conversion as al)Ovr will not be clfuLfivc if tliu riijlils of tlift preference 
 shares arc declared hy the menioninduni of association. 
 
 Form 471 
 
 -Vnother 
 as s<H>n a^ 
 af,'Kre(fate 
 liividends 
 amount to 
 uominiil value 
 of preference 
 shares' . 
 
 I. That iJie capital of the coy be im rca.sod to 12.").00U<. by the 
 creation of 100,1)00 now shaivs of io.s. each. 
 
 ■1. That Ihe new shares be called preference shares, and that the 
 holdeif. Ihof shall be entld puri paxKii l« receive the whole of the mt 
 piofits of the coy until an aggregate amount of 10». shall be pd out of 
 such profits in respect of each of the sd preference shares. 
 
 ;i. That when and as soon as an aggregate amount of i0.f. sh:ill 
 have boon pd out of the aet profits of the coy iu resi)e(t of each .if 
 Ihe .sd preferenie shares, thi! same shares shall cease to have any 
 preference or priority, and to be called preference shares, and the sd 
 profits shall thenceforth be divided among all the meml.ers of the coy 
 pari passu, in proportion to the respive amounts pd up or deemed to 
 be pd up ui)on the shares held by them resply. 
 
 4. That in ciuse the coy shall be wound up before an aggregate 
 amount of 10s. shall have been pd out of the net profits of the luy 
 iiu each of the new .shares to be issued as af.sd. (ho surplus as«el- ' if 
 any) of the coy shall be applied, in the first place, in paying I" the 
 holder of each such share such a sum as shall, together with ilie 
 aggregate amount of uol profits (\i any) ro<.oive<l in respect of such 
 sh.ire, make up the sum of 10.<., and the residue (if any) of tlic sd 
 surplus a-ssets shall be divided among all the members, in proportion 
 to the nominal amount of capital held by them resply. But iu ca.se 
 
FOBMS. 
 
 nil 
 
 (he cov sliall I'e wi.uud up afic-r iiu a-jjrcgiiU' iiouut ol Ui.i. -Iiull Form 471. 
 luivo be«'ii pJ out of the sd proliUs ou eaih of tiio ml uew kIhuo.-, tin- 
 holileiB thof shall uot bo ontld to uiiy prefeii'iioo or priority in tho di-- 
 tribulioii of tho surplus usspts i if any) of tho cov. 
 
 i liit tlie capitiil of tht> coy be incveased to f — liy 
 
 reationof Form 472 
 
 Itiii.OOO preference sliare-s of U. each, and that the ri;:lilji, iirivilo^c.s. ,,,,, 
 and conditions follo\vin<r ln> attaciiod to such preforonco share.", thiit >!'■" 
 
 is to say: 
 
 [iiiwrr tn itmit-- 
 liirtluT. 
 
 (a; 
 
 Tlie sd preference nhares shall itarry the right w a ti.xi-d 
 preferential dividend at the rale of C p.c.p.a. on tiio papital 
 pd up thon resply, payable iu* rej.'ards each year out of thc 
 profits of that year. 
 
 shall rank 
 
 jurards 
 
 111 
 
 ith 
 
 shares 
 the ordinary shares. 
 
 ic) The holders of the sd proferonoe shares shall not as such be 
 entld to uuy vote e.tcciit on a resolution for the voluntJir\ 
 liipiidation of tlie coy, and upon such resohition every holder 
 of a preference share shall have one vote for every sl-.uro 
 held by him. 
 
 idj The coy is id be at liberty from time to time tn create and i-^siie 
 further preference sliare- rankiiiu- in all respeci.s jiiiri pu-^vi 
 with the sd lOO.DOIl prefereiue share-i, but so that tlie 
 aggregate amount in nominal value of all preference sliaro> 
 afsd for tiie time being issued ^including such 100,0111) i shall 
 never exceed the sum of JL -■ 
 
 1. That the directors be auiimrized to convert tho .''.OO.OOO ordinary Form 472a 
 shares which have been Issued and are fully jid into preferred and A„n,„r,ty t.. 
 ■ leforred .stoik. uj)on the fooling that each holding of such shares shall '''^^|;^^^'^''''.^[^'^_ 
 lie converted into stock, whereof one-third shall bo preferred stock \"',[f!^r>-<i\nd 
 
 .ind two-lhirds shall be deferred >' "k. and that Iho followirtg p-o- 
 
 visions shall have ellVct with regard to such stock: - 
 
 la) The jireferred stock shall, as between tho preferred stock and 
 deferred stock, carry a ti.xed non-cumulative dividend at tiie 
 rate of 6 p.c.p.a. on the capital pd up thon, and, in the event 
 of the winding-up of the coy. shall rank for repayment of 
 capital, together with a bonus of ■'< p.c. in priority to tlie 
 deferred stock, 
 (b) The deferred ock shall confer a right to the surplus prolit.. 
 and in the event of a windiuir-up to the .Mirplus assets of tlie 
 coy. U< wliich the holders of the ordinary shares would, bin 
 for tho sd conversion, have lieeu entld. 
 
 (icftrn:d 
 
 •tiiik. 
 
 •{ 'l-A 
 
w 
 
 111-^ 
 
 RESOLUTIONS. 
 
 [Chap. XIII. 
 
 Form 472a. 2. That \iu- ilircitoiv 1m« aiitliorizod to issue JOO.OdO ol tho tiuissiiiMl 
 ordinarji' hIhih-s hh preferred Hlmres ruiikiii<r pari paumi with the 
 preferred stovk referred U> in the tirst resolution, imd to convert the 
 dhareo so issued, wiieii luUv pd. into pret'eremo stock. 
 
 K 
 
 Form 473. 
 
 < 'onvertinfr 
 •irditiary 
 iiharHH into 
 |»refei're4 
 onliuary. and 
 iTeutiii^ new 
 onlinitrv. 
 
 1. Tlial llie .">(i(l.(HMl ordinarv .share.- in the «•<>> simli in future lie 
 called and known iw preferred ordinarv shares, and that the arts of 
 asHon he altered accordinjrly. 
 
 2. Tlial the capital of the cov be increased to f hv the <'reation 
 of jOO,0()0 new sharers of II. eacli, to he called ordinary -hares, and 
 that such ordinary shares shall confer on the holders thof the right.- 
 foUowiufr, fliat is to say: 
 
 • a) Tlie rifilit to the whole of the profits of each year availahle for 
 dividend which shall remain after payiny: or providing: for 
 the pavnient of the cunndative preferential dividend .m thi' 
 existing: i)refen'nce shares to the close of that year and 
 after payinfr or providing for the payment of a dividend 
 foi' such yea • on the preferre<l ordinarv sliares at the rate of 
 10 p.c. 
 
 (b) The rip:lit to three votes in respect of every ordinary share held 
 by them resply. 
 
 (c» The ritriit in a win(iin<.'-up to the whole of the .surplus luj-scl- of 
 the coy availahle for distribution amonji-st the members tliof 
 which shall remain after payinsr otV the capital pd up on the 
 preference shares and the Ciipital pd up on the prefiTrcd 
 oi-dinary shan's. 
 
 .And that having regard U> the creation of the sd new ordiuarx 
 shares, the following alterations be made in tho arts of a-ison of the 
 ooy, that is to say:- 
 
 i Here net nut the requixUe alterations,'} 
 
 V- 
 
 'f' 
 
 Form 474. 
 
 Capitalisation 
 of protitH 
 (boiiiiH and 
 ••orrcwpnndinjif 
 n«*w snarc.i . 
 
 That the arts of a«son Ix' altered by in.serting imme<liately after 
 clause a new clause, as follows; -- 
 
 (1") The it)\ in genoial meeting may in the year I'J— pass a reso- 
 lution to the effect that it is desirable to capitalise the sum 
 of 100,000/., l)eing part of the undivided [)rolita of the coy 
 standing to the credit of the coy's reserve fund, and acconi- 
 ingly th.al that sum be distributed ri.s a bones, free of income 
 tax, atnongst the holdei-s of the ordinary shares in propor- 
 tion to the ordinary shares held by them resply, and that 
 the direetflr.s be authorized to <listribute amongst >hem the 
 100,000 unissued ordinary shares in like proportions. 
 
 kfc 
 
»X)RM8. 
 
 I I Pi 
 
 (2) When Hiich ifw.luJioii haw b«cii yw>M)d, Uie director.-, may allcl 
 and W.SUC the 100,000 uni*«uo<l onliimrv sliaros croditwl ii* 
 fully jhI up i<> tlw hold«r« of Uu- (,ut»itau<iiiig ordinary sWixt. 
 iu HatiHfftTtioii of the mI Loiium aud as nonrly an may bo in 
 pioportioii to the orfiinaiy shaifH held by thoni resply, with 
 lull ix.wor to make such provi.Hioiita by the Ih^u*- of fractional 
 ,..rtifi<atcs or otherwis.. as ihoy think o\|)4Mli.>nt for the 
 .•a«> of fractions, and prior to Kuch allottnrnt the diiwtor> 
 niav milliori/.o any p«'rson on lu-half of the holders of -u.h 
 ordinnrv siiaivs lo .■nler int^. any atfrtH-inl with the coy 
 piovidin^r for the iiilolnient to them of huoIi shares urodit.'il 
 iis fully p.l up and in salisfaetion as afsd, and any agreoMit 
 made umler sudi authority shall lie ."Ifoctive 
 ;{) Jt Hhall Ik' no objection to resolutions pitssed un.ler para- 
 graph (I ) of this article that they are passed at the meelint; 
 at which tho resolution intro<lucins: this article was enn- 
 finned as a special reiolulion. provide<l that duo notio<> of 
 the intention to propose such first-incnUl rftsolutions shall 
 have l)een given prior to the confirmatory meeting afml. 
 
 Ah to form of ,nrr,-<'n...„t. so.- H'..rm tl3. »»/-". p. 413. ..i.fl For.,.- KMi 40s. 
 
 Form 474. 
 
 1. That without prejudice to the powers vtv<tpd in the diroutoi> J«\ 
 the regulations of the coy, the directors Iks and they are hby autho- 
 ri/.'d k) create and issue 10.000 further delwntiires of lOl. each, 
 ca.ryinsr interest at S i..c.p.a.. and to be se<iired by char<i:e upon the 
 «hoie undertaking of the coy, subjwt to any existing mortgagr* 
 
 and charges. 
 
 2. That thecapititlof tlieooy be increased by tlui crtsation of i'diio 
 new shares of 10s. each, to l)e called special prefer<>noe ~ilare^ ind 
 that there be attached to the sd shares the rights following, viz. : - 
 
 ( 1 ) The lioldors of tiie sd .shares, or of such of them as shall for tlio 
 time being be issued, shall bo eutld rateably, iu proportion 
 to the numbers held by them resjily, to nine-tenths. of the 
 profits of the coy wliicli it shall from time to time be deter- 
 mined to divide, and to nine-tenths of tlie a.ssets wliich in 
 a winding-ui) shall Ik- avuilabU' for <listriiiution among the 
 mcml)ers. 
 (li) Each of the .sd shares shall confer on the holder the right to 
 
 twenty votes. 
 ;i. That tho sd debentures be oflerctl for .subscription to the existing 
 shareholders in the coy at the price of 91. Ws. per UH. debenture, to 
 be pd bv such instalments as the directors determine, and upon the 
 terms that each subscriber for any of the .sd debentures shall, in 
 respect of every debenture subscribed for by him, be eutld to an 
 allotment of one of the s<l special preference shares upon payment of 
 
 Form 476. 
 
 Crratiun uf 
 l^|•l><•tlture^ 
 ;iiid (.iM-f^ittl 
 ])rpfi'r©iico 
 "Imrcs 
 
 Dcbciitiirc- 
 <iH'. r.-.l to 
 niimlH'r!! at 
 discount, Hab- 
 
 JH't to tlll'il' 
 
 suljHC rilling 
 
 iifw .shares. 
 
lilt 
 
 KESOIXTIONS. 
 
 [Chap. XIU. 
 
 Ponn 478. '♦« I'"'" vbIup, and thot i»' th«> M dpIwiitureB «hull bti ovor nubHoribed b\ 
 IIm- shareholders, the subttcriberH shall be entld to rauk lor ulloinicm 
 as nwrlv as may be iu proiiortion to the shares now held by theiu 
 and that uny of the dobenturoM and Bliaros not t»ken up by lh» 
 shareholders may itc dispoowl of on Huoh t«rms and in such maiui.i 
 as lh<> dirvc'ton* think tit. 
 
 \t 
 
 Form 476 
 
 <'»«uvt'r.*i"ti 
 of HhiireH 
 into Mt<M;k. 
 
 Conversion of Shares into Stock. 
 
 That the ID.OOO .sIiuibh in the capital ol the coy whioh havo Ihvh 
 iH.-u»Kl and fully pd up ))<• convertod into sttick. 
 
 Hy MTt. 41 (1) (V) of the .\(t of 190S (replacinp sect. 12 of tlir .Vcl ni 
 1M(>2), a coiiiimny Uniitod by Nhuri'B, if no authorized by itn articles, may alter tin 
 coiidltiuns of its meinuraiidu' ■ so as (intpr a/i'i) to convert all or any of it- 
 |iiiid-ui> "liarr* into stock and reconvert that stoek into paid-up shares of anv 
 denomination. 
 
 Till' articles generally empoTU'er a company to convert any of its paid-ii). 
 shares into stock. Somctimon the «anction of the company in general nici t 
 iufl or by special or extraonlinary resolution is rojuiri'd. but when' this j. 
 not the case the directors can jfcnenilly exercise the power under su( li i 
 clause as ll;l of Form 'J.')l. 
 
 As to notice of conversion to be (fiven to Kcifistrar of Companies, si-c sect I.' 
 of the .\cl of 1!HI.S. and nufiia. Cliaii. \lll 
 
 Form 477. 'l'''al the whole of the prefercnoe shares in the capital of the co\ 
 be (onverte<l int4) Hiock. to lie called preference stock. 
 
 .\nother. "^ 
 
 Form 478. 
 
 Cunsolidatiou 
 
 '•f shari's. 
 
 Consolidation of Shares. 
 
 1 . That the wliares in the capital of the cdv be corisolidaied iu such 
 niunuer that every hve of tlin existing shares shall constitute oia' -'il 
 .share, upon which the sum of '>l. shall be credited a.s haviiip; been 
 pd up. 
 
 2. That the oxistiufr certittcates of shares be called in liy the dini- 
 lors and cancelled, and that new certificates be i?.:r.ed. subject in 
 the provi.sions contained in claiiso.« of the arts of as.son. 
 
 Sect. 41 (I) (h) of the .\ct of 190S (replacing sect. 12 of the .\ct of lwi2) 
 permits a company limited by shares, if so authorized by its articles, to alter tlic 
 conditions of its memorandum so as lintfr iiHa) to consolidate and divide all or 
 any of its share capital into shares of larger amount than its existing shares. It 
 il! usual i-n inswrt the iioces.sary authority in tlie articles (see supiu. Form 251. 
 clause 49), although it is but seldom exercised, the modern tendency being to 
 reduce rather than increase the denomination of shares. Even though no 
 power to consolidate is inserted, a single special resolution is sufficient. 
 
KOKMH. 
 
 l\ii 
 
 Division oi Shares. 
 
 Tlial i-ttil> of the existiiis; m. shun'« be .livulo.I int.. two bl. Miarev Form 479. 
 „,,ou mvh of which the sum of M. sliall Ix' .nMlitcl a;* i"i up. Div.-i.u 
 
 Sc- -ect. 41 of the A.t of 1908, repU<in« .iM-t«. il ttiid H of tho Art of 1HH7. 
 
 lUforv tlii. latter eiiactm.-i.t it wu. iUc({al to iiubaivicle .liarcH. //»/»«.-. .•.'•■'■. 
 .' CI.. 7H: /'■■W.>.;/ ««'' RnKiixjU.n' <■«.-, ,A.V* Si- al«> .V.uvW. ra-r. 
 :\ Ch. 131. 
 
 lor form of clau.-.> to bo iiwerUxl in urti.l.'i ^iuuK tli.^ ro,iui-it« powff, ««• 
 
 .■Ilia, p. BS*' 
 
 The powpr U to be exir.ised by spcial romlutioii; lu-n.e. if tho ortieU-s d.. uot 
 , „„tain the m-.c»«ary authority, two 8»cieH»ive npecial rowlution^* are ne<eM'<nry. 
 X- ill the caae of a reduction of capital. 
 
 Nntice of u special resolution Hubdividimf the .^hare- m.s-t bo Kiv.n t.i th. 
 liiyistrar of Companies. 
 
 (1.) That each of the M. ordiuary «haio» iu tlie coy'b capital he Form 480. 
 (iividod into two sluires of 'i:A. each, and tliat the ciii)ital of the coy he 8,.b.livi-i,.„ 
 mlin.«d lioin 2J0,000I. to 200,000?., by caucelliug pd-up capital lo ...d - du, i>.... 
 the e.xunit of ol per share in respect of each of the 10,000 sliuro.s of 
 J,-,/, each resulting from such divi>i(.n, and i-educinn tlie iiominal 
 •iiiiount of such sliares tesply iiro tanto. 
 
 (2.) That the 8hare,s resulting from the divirtiou of each of the «;';;';;.^,;;^;"-^ 
 e.\i.«tino- Ml shaiw be renumboral, so that the 8hare.s represontin'r aivU...., ii,t„ 
 ,hat now numbore<l 1 lie re.sply numbered 1 and 5,001, and llio.se Ij-ofoJ^-j'' ^-"« 
 repitwnting that n-w numbered 2 be resply numbered 2 and r..002, ,,,„.„ 
 and so on. and thai tiie shares so to be numbered 1 to 5,000 Im; called 
 ,,ulerre<l .shares, and those to be numbered 5,001 to 10,000 be .alle.i 
 deferred shares, and that us between such preferred shares and such 
 ,|,.|env.l .share- such prefened .shares shall confer a right to >i U.xed 
 ci.nmlative preferential dividend at 5 p.c.p.a. on the capital pd uj. 
 thereon and no more than such dividend, and that the arts of asson of 
 the i-oy be modified accordingly. 
 
 If tho nuniuraiidum and iirtiolos ^hv power t-, divide the capital into different 
 ,lu.«e9, a resolution a» above may be elfeetive; but it i.^ desirable to find express 
 pow.r a^- above, p. 684. In several easc< companies have obtained the roinisitc 
 puwer from Parliament. 
 
 That in accordance with the roqueal in writing, signed by all ih.' Form 481. 
 
 members of the coy and submitted to this meeting, and in exercise of r)ivision of 
 
 the power uoufori-wl by clause 5 of the coy's memdum of asson, the X^'^ti.~ 
 
 exist ino- capital of the cov be divided into two classas of shares, classes ,iM.wor 
 
 tia.uohs 15,000 preference' shares of 10{. each, and 15,000 ordinary '^:^^^2" 
 
Illtf 
 
 KBBOLITTIONS. 
 
 [Chap. XIII. 
 
 ■ i 
 
 i ^- . 
 
 11 1 
 
 m 
 
 il f . 
 
 Hi 
 
 )*ri tVrt'iir** 
 
 Irnm re»tric- 
 til in* in 
 irtirlvn bk 
 »<> f™ii«fei. 
 
 Foim 481. oiiaieK of lo/ wuli. uml lliul llic i>r"iviNinii8 followini; in r«>ifiinl 
 tlivreto have cffod, tliiif i»* (<• xav: 
 
 (a) The l.">.fl(Kl pvpforonce Mhiirow ulwl Hlmll Iw thcwK) Hlmrvh wliidi 
 i»T<> niiinlierwl to - jiu'luoivo, to inelii.-'ivo. 
 
 to - infliisivo, ami - to - - inolii«ivp. and "iich 
 preforont'*' wharen »hall Ih^ from licncoforih nmnltcro*! I u< 
 15,000 im'Iumve. 
 li I TIk' «I |>i<'f<'i<Mi< e sliaiPK shall larrv a fixed (finiinlativo prc- 
 ferentiiil dividend at th«' rate of 5 p.*. p. a. on the capital jmJ 
 iij) Ihcroon. and s\uh dividend Mliall run aw from the ]st da\ 
 of (»(|ol)cr. lit . and xhall U' pd ii« nearly as may he lialf- 
 yoarly. on llit' day of and day of , the 
 
 lir»<t paynienl to be made on the ■ <lay of next. 
 
 (»•) Stiiii preferenc<' shares shall l)o • UMforahle and tranNmissililc 
 free from the r«>Htri('lions impi..-.t)d by olaiiH© 32 of the isoy > 
 arts of as«nn. and such slian>s shall only oont'er a right to 
 vote at j.-onenil ni<>etinpt< of the loy upon any proposition for 
 the Nah' of the (H>y's undertukini;, or for altering the regnla- 
 tiouH (if the coy. so an directly to int<>rfere with the ri;rht« 
 and privilej.'cs of the holdi-rs. and shall only confer a rijjht 
 to notice of and to attend at general mcetiii}!:» of the fvy 
 where some nueh pro|i<)«ition is to be submitted. 
 
 i<\) Such preference .shares in n windinp-up shall rank for repny- 
 irienl of capital in priority to all the other shares. 
 
 le 1 The i-e.sidue of the oxistinjf shares shall Ix) numlM-rtHl l.'i.OOl t*i 
 .tll.tHlO inclusive, and shall he calle<l ordinary shares, and. 
 wubje<'t as afsd, such ordinary shares shall winter a right to 
 the snqilus profits of the coy which it shall from time to time 
 be delerniiiie<l to distribute by way of dividend, and in .i 
 uiiiding-iip .sliall rank for repayment of cajiital after the 
 payment off of the capital pd up on the preference shares 
 afsd. 
 
 (f) These provisions, so far as necessary, shall take effect bv way ot 
 altenition of the arts of a.s«on of the (!0y. 
 
 In the above chbi- there was power in the raemoraniliim of a^xoejation m 
 divide the shares into ireveriil i-lasses, Kc. 
 
 Form 482. 
 
 .Xiicitlicr 
 
 That each of the exi.-.tiu'; 2.tOO lOOZ. shares in the coy bo divided 
 into five )irefereiice shares of lo;. each and five ordinary shares of Kt/ 
 each, and that there be attached to such jireferenct- shares a rijrlit tn a 
 fixed cumulative pr<>ferentiiil dividend at the rate of p.c.p.ii. a.- 
 
 froni the day of , and a ri<f|it in a winding-up to repaynieni 
 
 of capital in priority to the other shares for the time being outstand- 
 ing, but such prefereni'e shares ai-e not to confer any further riulit 
 to participate in profits or assets. 
 
 m 
 
roKMh. 
 
 hi; 
 
 lid Fonn 483 
 
 Thai ill IK i-«)f<liiiu <• Willi tho pioviNinn^ ol flu- r;>y'« iihiikIuiii u 
 
 ,,rl« of U"""!!, tlw whol.' of th.' ixl-up Hliiirt-x in III" .iipiuil of thu c.y ,.,,„^,r„.,„ 
 
 ,1 III/ ciich lio rt.iiv<Tt«l into prefi-rnni iiml .U.tVrrwl »to«k, upon thn ..f -luir.- int.. 
 
 t.«,tiiitr that cu* h liolilin); ol .■*u(h slmnw hIiuII !«> c.nv.Tto.l inU. kUm k. ;,.,,,.^„| 
 
 rtlifiwf till p.i. rtlii'" »«' prcforrod Mtock and HI p.f. «lmll I'f dofirrtHl M.-k 
 ,io<k. uihI tliiil :*ii(h coiivorniou bo aiwl the wuno i« hh) >,iutliorit»d 
 
 ■j'liB rwolution ia t« (five etfwt to u provinion iw in Korra 216. 
 
 Ifi 
 
 Thui oudi of tlio oxi«tiiiK nliurtw of the vo\ \m dividi-d into two Form 484 
 ,|,un* of :./. eatli, ouf of wlii<li shall U' .uliiil a pn-f.TuiK i' Hhur(< and ^,,^,j,,^„„ 
 i[i)' (.thi'i uu i.iiliiuirv shuiv; and that the hoidcrH of tin- -<d pri<fi«r<'ii«o int„ pnf.i- 
 >l,ar.'> shall ho tu.lld U) U" pai<l out. of tho prolit« .,f .'arh voar a ;;;'^'X!n'-''' 
 |,ivlfivnliul dividend at tlio rate of .'. p.i-. for ^U'li V<'ai . uad that iho 
 .-.ulplu^ profitw of ottch your shall Ikj applied in payiiii'iit of dividends 
 .III the s<l ordinary- share". 
 
 Thai eac h of llio o.xi.stiiitr Vll. shares be divided inio live fully Form 486. 
 {i(i-iip I'l/ eliarcH. 
 
 Si|ll|l|l' KUll 
 
 ■livinUiii 
 
 That each of the existinp 10/. shares be divided into t«n 1/. nhares, Form 486. 
 iiiid so that, HI* rt)<;urdM those shares which are not fully pd up, the suliaivi.ii.n 
 pioiH.rtion Iwtwocu the araoiiiil (if any I vvhi.h is jul and the amount _«"^^' ''^^jlj.;;;;"' 
 if aiiv ) which is unpd on ouch share of reduced ainouiit sliall be llie ','",,,'',,,1. 
 siiiie a.~ it was in ihe cast> of the exisliiijr 11)/. sliaic fpolil which the 
 >liiiie of re<luced amount is derived. 
 
 Reduction of Capital. 
 
 S.c furthur, <»//•«. p. 125.'>, Petitions. 
 
 It in now settled that any kind iif riHini'tiiin niiiy l>c lonHrnKnl by the Court. 
 /tn7i>A and Ameriraii Curpmation v. r.,«;.^r, (1H941 A. C. 399; /'"-.'-• '• ■ 
 \„lm,u,l Bank «/ TA/w/, (1907) A. C. 229. The effect of these aathorititn Im^ 
 riieived statutory suuction in the wonU " in any way " in sect, tii, liaime (l.i 
 iif the Companies (Consolidation) Aet, 1908. 
 
 Thai out of the accuiiiulatotl profits of the coy the sum of •"./. per Form 487. 
 sliare be ihI oft' by way of reduction of capital and free of income-tax Ug,,,„.ti„„ i,y 
 
 i.m-suant to .swt. 40 of the Cos (CJonsolidation) Act, 1908. paynxnt oil 
 
 I out of profit. 
 
 Such a reduction d<x<s not require the ecinHnnation of the Court. The .ihan'< 
 were ordinary share;), and 08 to tax, nee nupra, p. 76fl. 
 
 1 'iii'; 
 
 That tlie Mipital of the wiy 1h> redui-ed from 100,000/. 1 divided Form 488. 
 into .),000 preference shares of 10/. each and 5,000 ordinary shares of ^^^^„,^,, 
 10/. each) to 90,000/. divided inU. 5,000 preference shares of 10/. cudi 
 and 5,000 ordinary shares of 8/. cadi, and that such reduction be 
 
iii>> 
 
 KKi«t)l,nTU»>>». 
 
 [Chap. XI II. 
 
 Form 498. i^lUxIwi bv nHiuciiiK Uw noiiiiuul umoiiiit of tho onliiiiiry Bhuro* fMin 
 lol to 8/. «Mh, 1111(1 exUuKuwhing the liuliility io roHpent "f uiinill.'.l 
 uipitHl on Um) ..nliiiarv shuren to tlw .-xlniit of 21. per i<har« 
 
 Form 489. 
 
 Ki^turii <>t 
 •■iijiitjil. 
 
 I'oaMnned l>y Honipr, .1. 
 
 ,/./..(<•« '•"/" 
 
 I. /'I.. il»97) I <'h. .VJ4. 
 
 TIlut the capitul of tho <•<>>• h«) n«(liiL<Ml from ."lO.fMM)/ , .livided iim. 
 .•|.(MM» .sliun'H of 10/. Willi, to .■lO.tHHif.. (lividrd into "',000 sharow of ti/ 
 «'. - h, and thul mucIi roductioii ho otlected hy roturning: to tho holdi r> 
 ol ilu- "i.OOO Hh.'ircs that havo b<<en i-<«uo«l pd-iij) .iipita! to the oxtrnt 
 of M p. r -.liaro, and by ro<lucin>r tlu> nominal amount of eaohof tlio 
 Moid .■*hiir»'s from in/, to (»/ 
 
 Form 490 
 
 K.turii liiil.li' 
 
 '.■> IV, nil. 
 
 TliMi ill i<>|ptTt ol filch ohiirr ill ilin fov's rupilal iipini which th. 
 
 „ „f il. hU. h:i< liooii p<l up, (.ij.it.il Ih- pd '<>\ to tlu' cMcnl of 1/ 
 
 iip<iii thf t.Mitinjr i!i It llii- iiiiiount n'turno<l, or uuy purl thof. iii;i> In 
 riil|p<l up iit;ai>i. 
 
 .VmMwiwT '■"., ...uHniMKl Ittli Kel)., I8S:i, Kay, .J. 
 
 [ii the iil."v.- 111-.', Kiiy. J., doiiclnl that there km jiirl-diitii.ii ti. -an. timi n 
 return of .'upitiil (in thi/footinif, and that dc-iiion ha« fr«iupntly l'i-<'n f..lli.«. .1 
 Miiring tho la»t few yeurK. Soo alw Co/dhiiml Co., Hall, \ .-('., Jan., lh.H2, 
 KiplMitc, Co., Chitty, J., in 1885 and 188C; fore Street irnr.l,;,,.,- <„.. 
 
 ay, J., \V. N. (1888) 155; S9 U T. 214. Capital, it need hardly 1..- «>i.l. 
 innot be returninl or paid otf exi-pt with the sanction of tho Court. Tren,. 
 
 • an 
 
 ir/nHenrffi. 12 .\pp. C'ai. 409. See «'/pm. p. 
 
 861. 
 
 '! i' 
 
 
 Form 491. 
 
 i'liin'clliiij; 
 lii«t I'apital. 
 
 Form 492. 
 
 Ki<Iui^in>,' 
 oi'diuury 
 nharoH (\\- 
 eluHively. 
 
 That tho iupit.ll of the coy be rodu.iC.I from 500.000i., <lividc<l int-. 
 -.00,000 pharos of H. oacii, to 12.'),000/., <lividod into .".00,000 shar.'s nf 
 ■>s. each, and that such reduction lie oaoct«.'d by caiu^Uiui; rapilal 
 which ha« boon lont or is unroprosentwl liy available a^.^otw, to th.' 
 oviont of l.'i.t. [tor share upon each of the 25:1,727 shares which have 
 l.(.,.n i.'i.-,uo<l. and arc now ou(.standin!r, and by rwlucinjr the noniiinii 
 .iiiKiunt of all tho .slian's in the coy's capital from U. to r,x. por -han- 
 
 In camelling capital wiiich hiM. been " lost or U unrcprcscnt.d liy i.v.iiliiliN 
 asKCt.f," it in the practice to use those words in the resolution, but they nniy l.i 
 omitted, if desired, and the words " paid-up < apital " can be substituted. 
 
 That tho capital of the coy bo lodui t.-*! from 180,000i. ^divided ium 
 7,000 shares of 20Z. oiK'h, in this resolution CiiUed onlinary -hares, and 
 H^OOO pt^-fcreuee =h;ires nf r4 ^':u^^) to .10.000?.. divided into 7.000 
 shan« of lOJ. each, and 8,000 preference shares of '>^ each, and that 
 such reduction be eiVe<;ed by cancelling pd-up capital which has boon 
 lofit or is unrepresented by available assets to the extent of 51. per 
 
KOKMM. 
 
 \\\'.> 
 
 -lu.n» on .-mil of tin- onliuory Hhatv-., uii.l l..\ .•uiii«m«liini: the Form 492 
 lifthility in iwpwt <>t unmllod iwpiUl l«> Uio o\U>ul of ."./. por i.lia«> 
 oil ett.li ol the onliiiurv Hhanw, uml liv K-.luriiitf (lu< ii.miiiial am.>ui»( 
 of the onliiiorv iihan* from 20 J. to Ml. eatJi 
 
 K«lu.'t>on .«nttriii«l by fl.itty, J.. Jith Uiiy. l»i«H: K. M,.d,.l.e,«m '..ff.. 
 
 iHil Cinr/iumi !''>., I.lmitr-I. 
 
 WhiT.' I'y thi- iiicniuruiKluiii i.r urti.k"*. or term- nf i^uf, thr pr.'r.r.n..' 
 .|,.r.M ar.- inxlr preforontial, ii-.t ..nly .i« r.'(fard« .li.lH.tid. I.iit h^ r.v»r.l- 
 , ,.i.it..l, a roiircllatinii of l"-t ■•a|.it«l «h..ul,l ,,nm., /„,„■. an in Ih.' al.ovc r-»..lu 
 ti„i., l>.. tlm.wn on thr or.lini.ry »har... .x,.|u-.iv.-ly. ,<«..•...■«.. /'"./or"/ <'■ .. 
 (ij L. T. H25. Hut ill the al».'n.'.- of -.ii.li -(Htial .iniimitani-.'- tl..' r.'dii.tioii 
 ouirht to I* an iill-round rwl.i.'lion ,>ii>i /•'"«« "n all .'la""*'" "f 'liarw, u« in 
 !,„,„,«*!,»'■ V. hir^rl S,,nni>h Tflf^rapk Co., 34 V. I)i». 2H7 ; />..-■.' Vr""-'' 
 f,,/./^ r«.. 34 C. Div. 307: fl.'rr»«' llrmafilt Co., 39 C. 1). 3Hi : Tr,./,^ ./•.-o- 
 ,„^, lhmn,„l,-f Cor,... (IIHW) 2 <'h. HUl. 
 
 It wiu., however, h.-ld by N.>rth, J., in Qu^hrnd.i hmd '".. 40 f l>. 3«;t. 
 
 r|,.,t .•>.•« when thr pr.'f.-r«ncp Hbar.'» ar.> (fiv.'U no pn f.r ■■ a» r.-B«r.l- 
 
 .apital, it ia .•.M,.)...t.Mit ti. til. ...mpaiiy, by .p.H'ial r.-oliition, to throw ill.' In- 
 
 ,.x.!u»iv..|y on tli« or.liiiary »b.iro^: ami that lhi» vi.'W i. .■..rrtnt ha * 1 » 
 
 rl.Tiil.-l by the House of l»rdK. lii-Hi'h "ml .Inirriniu f'nr,iorotioii v. rn>,f., 
 
 IHiMi A. C. 3!t9. Any "lode of r.xluition whii'h ii not inwiuitable may bo 
 ,.,ntiriii«l by thp Court. Hii'f.: tev ('(impaniM (»'on«>Ud«tion) Aut, 1»0S, 
 «. 4K (1); A«i/r V. llirminiiki'm Tiomwnyi Co., ilBlO) 2 ' .. 4li4 ; and I'oul. 
 ,. Solwnnl Ilaiik of China, (19117) A. C 229. 
 
 Th.T- i", .if .our-..', no objt- . on t^. tlirowini? a lo-" on ciTt:iin -bar.", if tl..- 
 I,.,|,|,.r. imwnt tli.'r.'t4.. Ii has oft.m Ik. n .l.n.', .■.',., r,.„n, ,» /V,.. W. N. ilSHlii 
 ;J: /./v*." '■"., '-!« ^V H- ■"; "•"' '■'■'I'"'" ''"" ''"■' '■' '■ "■ "-'*■ *^"''' " 
 ri'-.iu.ti;n hurts no one and when .-oMHrmi'd and th.' niiniito rpsi-t.-n-d it i- 
 
 iiiiinipeii. hable. 
 
 Prpf.Tiii.-.- Kharei. m:iy b<« paid otf an.l van.ollpd in pur«uan..' .>f a .•oniric i 
 ,„ ih.i miMiiorandun. aii.l arti.b-s bindint; on both prcfcrpn.o an.) ..nliiiary 
 .l.archoUbTH by applyinit for th.' pur|M.Ho a portion ..f the | . tn of th.- 
 ..mpany. Iti- hicvio Pi.; ('.,.. (1H91) 2 Cli. V^\. 
 
 Thot the rapitul of the ooy lif rcluitHl lo l,tiltl,7;l7/., .livided int.. Form 493. 
 
 Hid, to: ..idinary .-.linres of lOZ. oaoli, ami 8!,0(i7 pjononil founder^' ,j,, ,„,,,(,„_ ,,. 
 
 A\i\n-n 111 \l. oacli, and tliat tho reniaindnr of tlio cupital. iiaiiiolv, .apitalbv 
 
 ih." 27,S;i:5 oiJiiuiry Hharc.*, numlwro,!, Ac, an.l tlio 20,9;^;5 p'M^T,i\ l^^;;^^ 
 
 I'.mnd.'i-M' sliaros, uunibomi, ic, b« |)d oil' (tlio capital io|irosoiit«Ml 1,,^, ,p,,.iH',,,i 
 
 iliort'l.v lioiti"- in exL-css of tlio want^ of tlio coy), and that .sucli la.Hl- .■r.lioary and 
 
 nicntd onlinary ond fa'iK'ral foundeit* shares rosjily, and all liability shares, 
 ilii'ii'.j;!, lio wholly t'xtiuguished. 
 
 1 hi' abov.' resolution was .oiiamicd by th.^ lloiHe of Lorils.. il,il"li onl 
 U„.,i.-o,.. .Jr. C.i,/.<r'itio„ v. Coi,p,r. (189H A. C 399. The eonipany wa.n 
 I„,«v,».«h1 of asw'tfi in .\nicrica and in Kngland, and the object of the resolution 
 *-.-i.^ to pay off Iht- Atiierio.^n -hsrph.->'>lor.= nut nf the American a.-3eti. It was 
 'leld that this was in effect a purchase by the eompony of its own Bhares, but 
 that the Cour* had, under tlie Companies Acts, 18t.7 and lSi7, jurisdiction to 
 aiu-tion such . jduction of capital, or any other kind of reduction. 
 
»■ 
 
 Ilk 
 
 n:io 
 
 Form 494. 
 
 t'liucelliiiir 
 !oHt <'apit:il by 
 uxtinfTuinliiii;.' 
 
 two cltiMHeM i>f 
 
 **lmrefl and 
 part of capitul 
 puid up ou H 
 thinl (•lrt»>. 
 
 RESOLUTIONS. 
 
 rCHAl'. XIII. 
 
 Form 495. 
 
 Cancelliuif 
 piireha.i«l 
 
 That the copital of the coy be mluced from Itia.tilH/. to r.0,700i 
 iind that wuoh iwtuction k> olfocte<l by caucolliug ia|)ital which W 
 iKH-ii l<tt<t, or is uuro)iPWPiit<Hl by available an-«tw to the cxU'ut of. 
 aud by tho uiiicellation of tlio whole of the 5,943 ordinary wlianw of 
 .!/. 10«. each, and the whole of the ;J(1,:.2I second i)r(>f.>renc(> siuiit-> 
 of M. 10s. each, and the sum of U. |K>r share upon each (jf the 2().1>8I 
 tirst preforeuc* shares of :U. Ws- each, and by ro<lucinf> the nominal 
 amount of the »d first i)refereiic<> shares from ;U. U)« to 2/. lOs. ea<:li 
 
 Tim iibovo rcKolutioii wa« cc.iiHrmiHl by Chitty, J.. IStli I'Vb.. IN9.'>. Sw 
 hiMting lli'r/.- nt Si. TlwnwH. (l»«l) 1 fh. «91. The first prpfcrpiii-.. t.h«n>. 
 «cn-, l)y the artwloi. ^mvimi « prctVrcnci- both as regards capital and diviji'iul. 
 aiid,'it"bpiinr proved that the assets were worth less than tlie lapital paiil u). 
 on the preferenrn shares, the order mm made. The <-asc was foMowed liy 
 Stirliii)f, J., iu Lnndnn and .\<-ir i'lik l,irrsl,nr,it Co., (IHM-)) 2 Ch. Htill. 
 folhiwod by Farwell, .).. in Xntinuul Uoiik of r/,l,„i {Tlmr,. Feb. Uth. 191).i^ 
 
 That the iwpital of thi.s ooy l)e mluced by the cancellation or 
 rxting-uishnient of 1.482 shares, pureluused in pursuance of the special 
 ivsolution passed at an e.xtruordinai y o^eueral meeting of the coy, held 
 .01 the 4f. dav of February. 1882. and ooufinned at a 8ub.sei|uciit. 
 extraordinary './eneral nicetin«;. held on tbe 25th day of Fehruarv. 
 1882. 
 
 Alhe.l >'«■"• SlUU Co., Limitnl „„d Hidm-rd, contirmed by Kay, J., .luly M. 
 1HH7. An etlort wa.s made to pet this reduction throiii;h on the footinK' that 
 ,redit«irs were not interested; but the learned judjre hehl that tli.y wiTc. ari.l 
 re (uiriHl the usual proceedings. 
 
 _ ,Qg That the 2G5 fullv pd-up eliures already i)urchased by the director.- 
 
 KOrm 4W>. ^^^^ ^^ ^^^^ icsorve fund be cancelled, and tliat the capital of the con 
 Another. ,^^, reduced by the sum ol 2,ti5()/., beiiiu the nominal amount of such 
 
 sliarcB. 
 
 Mtiidf'K i(ili,.l I'n., coiitirnn'd 4tb .May. 18S3. 
 
 i.iat the cripitiil of the coy be reduced from 41)0,000/., dividwl inh. 
 1.000 shares of 100/. each, of which 1,500 are preference shares an I 
 J.500 are ordinary shares, to 250.000/.. divide.l into 2,.->00 ordinal \ 
 shares of 100/. oiu^'li; and that such nilurtion U' etle<ted by ean<ellin^ 
 so iiianv of the .sd preferenc* shaivs as liave not U-en taken or iv-\v>'<\ 
 lo !«• lak.Mi bv any person, and by payin>r oil its capital in exwss ol 
 I he wants ol the coy the capitul pd up, and not yet repd, on so niaiiN 
 „f the sd i.refen'u.e shares as have Ix'en taken, and by coidirmin<j-. 
 and tlH" cov do.'s hliy conlirm. the repayment of the capital on so 
 many of ilie -d pr.'fcixMi<e shares as have already been pd oif, aud 
 
 Form 497. 
 
 i.'untirming 
 paot rtturup, 
 *e. 
 
FORMS. 
 
 11'21 
 
 that tlio prpforonro shares upon whicli <li" oapital pd up li'i^ '«^''". Form 497. 
 or shall bo rcpd afi luWl, bn canooUcd. 
 
 /',,/jr an,l Prnrsn,,. T.iwUfl. ronfirmcd 21th l).vcmbpr. 1881, by tli.- lliRh 
 Court. 
 
 Where capital has been imiiroprrly returncl. it ia .losiniblp to fret tho mnc 
 tloi. of the Court aa above. »o as to get ritl of the liability on the piirt 
 of the director-, for the breach of trust in mixaiiplviiig the funds of the eoinpany. 
 
 Tiiere ha\e been se\eral subse<iueut eases in whieh this has bevn done, but 
 tlio .ireUitors are, «f course, in all sueh eases interested, ami the ferm.il j.r... .dure 
 must be followed. 
 
 That tin- capitJil of the coy be reduce J to 8S0,0()0«,, divided into Form 498. 
 9i),800 ordinnrv s^liares of 81. \0s. o.uli, and 2,000 defeired shares of j;,,,!,,,,;,,^ 
 U.' each, and that such reduction he elfected by cancelling capital to •JJj'J'™''>'^^, 
 the extent of \l. 10s. in respect of each of tlie ordinary shares which p^'J,' rj!"!; 
 have been itsueti and are now oultilauding, and by reducing Iho .im...r.s of 
 nominal amount of all the oixlinary shares in tlie coy's capital from 
 ml. to Hi. lOs., Imt Hui'h reduction to be wiliiout jirejudice to tlio 
 (OvV liirlit t<i sue for and lecovcr all arr.■ar^ of cali.s now ..iiisMnding 
 and due in respect of the ed shares or any of them 
 
 This w,w the resolution in Crc/it .i^^H,;ii,c>- nnd Uxnr,,,,:,,' Cipoinlio,,. 
 I.imiU'd. The reduction w.as s.inetioned by the Court of Appeal, :)Oth July. 
 1!)02. See report, (1902) 2 Ch. fiOl. 
 
 That the capit<il of the ooy be reduced to 1,345,000/., divided into 
 
 I. ,-100,000 preference shares of V-U. each, and l.;i-.0.O(m ordinary Rlction 
 
 'I , , I I *v c wnc'ce several 
 
 shares of .Is. each, and (i.V>,{U)0 dcfc-rred shares ol l,s. each, and that ,,i,,,„,, i„ „,.. 
 
 such reduction be eHectcd as follows:— crdMucc with 
 
 agreements. 
 
 (1) Uy cancelling pd-up capital which is unrepresented by avail- 
 
 able assete txi the extent of 7s. in respect of each of the 
 preference eharoe, and by reducing the nominal amount of 
 such preference shares accordingly to 13a. each. 
 
 (2) By cancelling pd-up capital which is unrepresented by avail- 
 
 able assets to the extent of 15s. in respect of each of tlio 
 ordinary shares in the coy, and by reducing the nominal 
 amount of such ordinary sliares to "is. per share. 
 
 (3,1 B\ eaiioelling pd-up capital which is unrepresented by avail- 
 
 " able assets to tlie extent of 19.9. in respect of each of tli.> 
 
 deferred shares in tho coy, and by reducing the nomiiKil 
 
 amount of such deferred shares and of tho unissued deferrcci 
 
 eharee io is. per aliare. 
 
 4c 
 
1122 
 
 Form 499. 
 
 RESOLUTIONS. 
 
 [Chap. XIII. 
 
 The abnvo U « resolution sottl-nl by th. ^..thor in fVeW^ncH l„rn„C,.rnU n.,. 
 
 '■'xlt m~na"™ of association doKn^d the ri.ht. of ea.h da^s, ..„t power to 
 „i fy va. inserted. Mctin.. of ...■!> cl.. were held approving of tho ,.o- 
 rotl'r..olut>on for rcdu..,>on, and of resolution. ,aaku„ ™rr..,,ond„.g a t a- 
 ions in t1,o arti,-l..s, .nd spe.-ial rosolutions wore passod accordmslv , ^^^^^^ 
 .Z^t other things, that the provision, thereby n.ade in regard to th« n.ht.. 
 T^.jT.r. of each ela,,s as re.ard, dividends and di.tribut.on of assets ,„ a 
 windinK-up should take etfoet by way of modifieation of the r,.ht, on.muUy 
 rt^;::^ tlreto. and aeeordingly Hueh .ne.nber« nhou.d not e^; .do 
 rights ineou.istent ih-rewilh, and in part.eular all arrears of und.M.ir,a dm 
 dis up to the ti„,e when tho said order and n.inuto should be reg,,,,.,,! 
 
 "xi; ^:;:::::: t':!t. .« tU .^^ of the Co^pame. Aet, 1«0S, ...npower.,, . 
 .^^•y to eaneel .'any -t .apita. or any^ eajdt. -^^^^l^t^t 
 
 Form 500. 
 
 Itcdueinj; 
 without 
 prejudice 
 tj Ijuibility. 
 
 Tha, th.. .apiUtl 01- .1-0 ,•.,> bo vodu.od f.o.n -,00(),.)00/.. d.v.lo.l 
 
 i,„o -00. KM) .have, of m. oa.h. to XM^^-^l, divi.l«l into 1^. ,. 
 
 shares of 10/. each . bci.tir tho sharos at ,uo>o,U unissuo.!) n,.(l 1 . .. Jm,. 
 .hares of 9i 2s. iUl. o:ich. Ami that such reduction be otlerto, bv 
 'c-anc^Uii.^' IKl-up capital which hu. boon lost or i. unropresnnted bv 
 availablo'osscts ,o Uie extent of 17.,. (id. per share m re.spoct ot each 
 of the 17.5,000 .shares which have boeu is.ue,!. and by reducing tlie 
 nominal amount of each of the «d .hares fro... lOJ. to 9/. i. U.l. and 
 ,hal the condition.s conUiined i.i the ,ov'.s >no„.d,...t of asson be .uod.- 
 liod accordingly. 
 
 „ M,1 That .he capital be reduced from .tc. U, Ac, by ca,.rollin- 10,00.) of 
 
 ^O^J^K .he exLlhlg profore..ce .shares which have not been taken or agreed to 
 ;.t';;;:" be taken by any person. 
 
 chares. 
 
 l-ndcr sect U U) (O of the Companies .Vet, 1908, a special resolution as 
 ab vo perates without the sanction of the Court. And where the art.ele, Kjvc 
 "he requisite power («.,.. by r.«olution of a general meeting), a spec.al resolu- 
 tlon is not requisite. 
 
 Form 502. l. That the capital of the coy be reduced by cancelling the lOO 
 
 - . foundeiw' eharos of ll. each. 
 
 !rf "har^'Zl ., That tho oitlinary .haro« in the capiUl of the coy be consolidated 
 
 ..o„Holid.ting .__ ^^^^^ ^^^^^^ ,^^^ ^,^. ,^y fi^.,. tijof ,uall constitute one 52. .share. 
 
 The above resolution for reduetion was confirmed by Chitty, J., in l.lington. 
 ^c. Co., 10th -May, 1892. The founders' shares had been surrendered. 
 
KOKM8. 
 
 ir. 
 
 Thill ill" r.ipifal ■>( !lie ci'V Ik- ii'dutoil finiii .iii.oDor, diviiloj into Form 503 
 iC!! unliii;ir,v ;iiiil I 10 incforoiK c .shares, all of ooi, on li, to :j:'.,000/.. |;,,,i|„.,i,,„ i,y 
 livi(k'<l iii'o Hill (Piiliiuiiy shares of Ml. caih. aud ihal suth roJuctiou imyiiiciit ..rt 
 >„• c!U'r:<''l I'v roliiriiiiig to tho liolJois ol' ihc 1 to iircl'oiciirt^ .shari's |.'|',,,.''''.i|,"* '"" 
 li.i; havi' liooii pil iij) capital Id th<' cMcnt of '><H. jicr .-iiaru out .jf 
 •111' iiel |iiolil.s of thi" coy ^"t aparl iindoi- claii^f I lij of ihi' art.s of 
 i-^oii of iIm' lov. ami h_v ( aiici'llinu ill"' rapilal rcini'-ciiloil li\ llii^ r^d 
 |iict(.'ii'ii<i- lihare-. 
 
 i'licaiiDir rL'-olutmli was I'diiliriiiiil In Cliitly, .1, Sec /)i.„!u I'lir ('..., (IS'Jl) 
 : Cli. 3.W. Tlic aitirlcs pnivuloil for tiiii,' asidi^ a (iiiriiiin nf tlif iirolita m 
 I -inkiiii; I'linil to rodii'ia the pretVriMuv "hares. Ili'Ul, that the Court I'oulcl 
 iiu'tiuii th)' ri'diictiun. 
 
 1. 'J'hal lh< capitiil of the loy I.e icdiued from 7SU,iMii»r, divided Form 604. 
 iii'o 7.80(1 .shares of 100/. each, with H'l. lii.v. |)aid thereon and i;. -I „ -ion by 
 1.'/. ]-. ,iii<alled, lo .')l(i,000/., divided iiim 7., Soil .sjiaro of 7il/. eadi. l'''" ■ "•*' , 
 ui;h li'i/. Iti'-. paid up thereon aud 4i. 4s. uncalled, and that kucIi ,l,.l,ellUl^e^^. 
 icluctioi. be ellecioil- - 
 
 (a; C\ e\liumii.shiuij: the liahiliiy iu re.^ped of ihe uncalled capital 
 10 liie extent of HI. jicr shuro on each of the .shares of the 
 coy ; 
 
 ih) h\ letiiiiiiii;^' to the .shareholder.^ pd-up capital to the o.\tent of 
 2-1. jier .shall'. 
 
 2. That tlR,' .- i 7.800 shares of 70/. each, with fi.W. li;.'.' Jid thereon, 
 "c .subdivided into .!>l,(iOo shares of lOi. e.ich. with 9/. 8.<. [id up on 
 •Mch share. 
 
 ■). That llie directors Ik- ,:iid ihcv .in' liliv aiitli"ii/i'd |.i cii'atc an 
 i.s^iie of debentures fur a total sum no: e\ceediiii;' I.'!!). 000/. isuhjcct 
 lo rerlttht sfirnifuil itrori.i'inii'i . 
 
 I T''at the director.s be and they are hby authorized to issuo the 
 •lclientur<'.s to sik h of the shareli(ild<<rs as shall eons(>iit to acii^pt tliu 
 sani<' at par. in part satisfaction of the cash to be repd to Iheiii on 
 their .sliaro.s as hereinboforo provided, but so that the aiiiouin per 
 shall' to be so satislitfd should not e.xceed 18/., and that as regards 
 an\ di'benlure.-> which shall not be so accepted by the shareholders, 
 the direclo's .shall be authorized to dispose of them lo such persons, 
 lUii'the .larehoMeis or not, and ujioii such terms ,is they think lit. 
 
 I niitirmi'il liy Stirling',.!.. .\../-/„/'.« \,n-tyiiHuii Co., (1S!»7) 1 Cli. N7'J. 
 
 t W13S 
 
 riia! the capital be reduced, itc by cancelling; the pd-up sharivs Form 505. 
 
 iiiiubeied , ;us luovided by the provisional aureeinl, &c. ,, ,, .. 
 
 ' ^ J I !- » Cain'i'ilatiou 
 
 III e^ueh u ci.'^i! the lanctioii of tho ("oiirt must he ohtaincil ; hut if the sliarcs "'""'"-*" 
 
 arc fully paiil up ami iiiithin;; lias lieeii paid for the surrondor, Ihe consent of 
 
 aisite. See sect. 4M of tin 
 
 may 
 
 3l|U 
 
 ipuii 
 
 ,,i,i Cu., 2U VV. U. 5.5; 37 L. T. 373: yit-ian f Ci:, U W. 1{. Ill; W. X. 
 'ISSti) 32; hUtKjtiin EUclric Co., \V. N. (18'J2) 83. flut liming regard to 
 
 I t 2 
 
1124 
 
 RESOLUTIONS. 
 
 [Chap. XI II. 
 
 ^A 
 
 •If„™, H(W rr«-or V. lyhiUoorth. I'i App. Cas. 40», it \» very clear that iucl. u tra.,. 
 rorm OW. ^^^.^^ ^^^^^^ __^^ ^^ ^^_^ ^^^^.^^ ^^^ ^^^^^^^^ j^o prior sanction of tlie Court, uiM 
 
 the huuu- obsorvatiou applies to form oO«. In Taw-. >f '■"■ tl'"« «-'^ " P-^ ' 
 visional agroiMnent that the <-on>pany should be at liherty to eancol ■.o.uo of tl.- 
 vendor"- shariH hy special nwlution wnctioned by tho Court. 
 
 Form 506. 
 
 Canocllatioii 
 of slmj<* 
 
 Form 507. 
 
 Payinj? oti 
 ciipitiil "lit 
 of profit* 
 
 Form 508. 
 
 Provision for 
 iH§u« of 
 iuoomo oor- 
 tificates in 
 re}*poct ftf 
 arrearK of 
 preference 
 dividend. 
 
 Tliat llie capital ol tho <o.v bo reduced U) 58,.-)20j., divided into 'IM-y, 
 shaves of 20/. oaih. ami that t<ii<ii rcdiieti.m ho olVoctod by oiincolliMf: 
 all thr- uiiis.Mied sliarcs. and aWo tlio (!10 hIwics whieh from timf to 
 time have b«-cu .^urreudcrod to ov lor tlio l)enc'lii of iho eov. and il.;U 
 tho tonditions eontaiiicl in the eoyV iiu-iiiditni ol ussou be inodiUed 
 accordiugly. 
 
 MedUe.ra,.ean llotvl C arson, J.. 3rd .Vugust, lS8i. In this ea.,o al-, 
 
 the shares had be^n pureha-. .. out of the reserve fund. See also 1 ark (,U.. Cv., 
 Limited, 60 L. T. 744. 
 
 That out of tho accumulated profite of *he coy there bo lotumcl '• 
 each member a .«um equal to 10 p.c. on the capit.il pd up on tho .sh ire- 
 hold bv him in reduction of such capital, and tfl tho intent that \\v 
 unpd capital may bo increaood by a similar amount. 
 
 See sect. 40 of the Act of 1908, infra. Appx. 
 
 Tiiat if tlio cai-ital of tiio coy shall bo reduced to 1,870,000/., tie 
 hnMci.* of prelVi.ii.c .-tOL'k shall be given and accept in sati-facii-i 
 and discharge of their right bo receive out of past or future prollts ,,n> 
 dividend.sor prefereueo .stock in respect of tli." years ending ;!Oth .lunc 
 1901 .'iOlh .lune, I'.iOL'.and ;50th June. lOO.'S. funded in. ome certirira'c- 
 , ,'iual in nominal amount to 9 p.c. of tlte amount of the preference 
 .stock held bv them resply, such certificates to bear interest at the laic 
 of 4 p.c.p.a" (^ non-cumulative) a.* from „..o 30th June, I'JOJ, payable 
 out of surplus profits remaining in the year ending .30lh .Tune, l'.>')', 
 and in every subsecjueut year, after providing for tJic divi,len.l on tli^ 
 preference 'stock and arrears, if any, other than arrears liby .h.- 
 charo^d. the coy to be at liberty at any time, without prejudice to the 
 preference dividend, to redeem 8uch certificates or any of them out o 
 profits- and in case the whole of such certificates are not redeemed 
 bv 30th June, 1918. the coy .'^hall .set aside out of surplus profits 
 remaining after payment of tho cumulative proferonco dividend and 
 the interest on the sd certificates iu tho year ending 30th June, 191'.|. 
 and every subsefiuonl year, an amount not e.xceoding r,,000/. in each 
 year bo far as tJie profits extend, to be applio.l in le.l.xnuing the .erl.i- 
 ficjites for the time being outstanding. 
 
 The above was one of the features of the sulieme for reduction of capital sane 
 tioned by the Court in 1903. See AlUopp i Som, Limiud, 51 W. U. Ii44. 
 
 iA 
 
 i 
 
KORM8. 
 
 1126 
 
 That fho 20,000 preference eharee in the coy of II. each and 2,000 Form 808a. 
 
 .Iclorwl share-i in the coy of U. each ho roorg:nni7od and consolidatod ^^ _,,,,„j„„ f,,^ 
 
 inia one c\n6s of 22,000 shares of 1/. each, to ho calk'd or-linurv r.nrir.niM- 
 
 |,aie», and to rank ad resav.is dividmul and iu|iildl iniri / <is.su, and i>-i'^'^f 
 .ai-li ."liaro to conlor one vote, and tliat the iovh luouidum and arts 
 tic ahorod accordingly. 
 
 »iivor^ii»n of 
 
 to subscribe at par tor a mm 
 
 til tliiir prc'iuiiim value to giv« to 
 
 llu' aliiAC ri'SMlutiiiii H to i)|ieiatc ululiT sect, l.'i ut tliv .\it llu' n .imani/a- 
 ti»n of capital soi'tion. It has to lio upi.rovfd liy a r.-oUiliou i.a-.-c,l l,y .1 
 iu:ijnrity ill iiuinl.er of sliarolioldiTs of each clas.s holding tliree-fourtl.s of the 
 -l.arp capital of tliat class, and coulirtuod in tlic s:ini(> ni.nnncr as :i spcinl r-- 
 rolutiou, and r»|iiirej the conlirination of the Court. 
 
 Sometimes whore founders' sliares have become very valuable it is urpMitly f. 
 desired in the treiieral interest of the company to convert them into ordinary *y^^ 
 share-s. Thus, it there be U)0 It. founders' sliarcs, worth in the market KM)/. 
 carli, it may be desired to issue to tlio holders 10,01)0/. in nominal value of 
 .inlii'iary shares, credited as fully paid up, as the consiihration for the -urrendcr 
 „r eane'ellation of tlie founders' sliares, .so that the possible eonlliet of interests 
 ririsinir from the division into two classes may be tprmiiiated. 
 
 Hut such a tran.sactioii is beset with dillieullies, for it amounts to a purclias,i 
 l,v the company of its own shares, and is therefore uitia vires unless sanctioned 
 by the Court m a reduction of capital. Tren,,- v. Il'/i,lw,„lh, 12 .\|ip. Cas. lOi) ; 
 \',uw^i,,„i r„. V. Hunj. (lillO) v. C. 4,39. \\her.\ lioweicr, the onliiuiry s!,;,res 
 are at a large premium the conversion may be elteeted in a rciiular mnnner by 
 arransinir with the holders of the founders' shares that they shall In- at liberty 
 ubiT of ordinary sliai-es, .-ullieii iit regard lieinir had 
 the founilers their niuivaleiit for tUcir 
 founders' shares, the founders undertakini,' in consideration of this liberty to 
 allow the founders' shares to be cancelled. Then h't the shares be subscribed for 
 and p;i!.l up at par, and let it be sanctioned by the Court. Such sanction can ho 
 el.uined witliout consent of creditors, for the reduction of capital by caneellin)): 
 the fuuiulers' shares does not involve any duninulion of liability or [uyment 
 olV of any paid-up capital. See .»/«•',, p. lilil. T:,- foUowim; forms imlieatc 
 the uuKle in which such a .onversion nmy in such .inum.-tan. es be elfectcd. 
 Sometim.s the transaction is carriccl into effe.t by a private .\et of rarlianient. 
 
 I Tlial ihfao-ivoi. .mI tli.! - da. . and nuule lietwcu Form 509 
 
 A i'l. on lioliulr of tiiO oov of the one part, and ('. D. ou liohalf u,.,,,!,,,;,,,, 
 ot hiui.solf and all otliof the Ivolderr, of founder^' sluios in tlio ('apitul can.ellini.' 
 ot' tlie Loy of the other part {hyiuv^ an agreonit pfovidiiio lor the ^,,„.,,, 
 cancellation of the ;U)0 foundoi-^' .share.s of \l. each, and tlio r^nh- 
 Kcription at par liy the luddiTs ol .siieh fouinlovs" shanw of new oi-di- 
 naiv .sharers in tlie cajiital of the coy to lie rrontcd as liieetMii iricntd, 
 wliich oirreoint ha.^ lieen ratified liy all the holder.-* of iho sd founderB' 
 8hates other than the sd C 1).), Iw and the .saiii<- i-i hby approved 
 of and sanctioned, and that the directors bo and they are hby -mthor- 
 ized to afhx the .see,! of the coy to .such aoicMiit and carry the same 
 int<i effect if and when tlic same b<.*r'iru"< ft'-sohite 
 
 h 
 
 riic agreement referred to in the above resolution w.as as follows:- 
 
II -'6 
 
 KESOLUTIONs. 
 
 [Chai'. XII[. 
 
 
 i >.. 
 
 n fc 
 
 FonnfilO. As Acrkemt mude ilio - .lay of , belwt'Cii A 15. uii l,i.l.;iU 
 
 .7" of tliL' - Coy, Liiat<l (liuftr lallcd ihi- coy;, of tlic oiio |)i,iiii(l CI)., 
 
 ^'"■n^'l'for of. J... nil l)uluilf of hiin.M..lf au<l nil oli.i'r.s llio liuldei- ui fniiiM.i.. 
 
 raiiei'lliiiL'' 
 foundern' 
 sharo. 
 
 slum^- ill lilt! lapital of iho loy, of the other pt Wherka-* the .oy «ii.s 
 iucoii)uiiilod ill 19 and has a iiuiuiiial (•ai)ital of t divided iiilo 
 
 prt'loreiuo sharoM cif I/, oacli and oidinary shares of \l. 
 
 each and foiiiuh'i.- sliaii- of 1/. <•;,. I,; Am) \viii-.ui:as all ihc -I 
 
 rliaif> liavr liueu issued and aiu fulij [id up; A.\i> \\iii;ia;.vs it U 
 
 ;i|ipichciid«l that the iiiaikcl value of carli nf tlic .-d loiiiid:'!' -I < 
 
 is £ or thbts, and of each of the sd ordinary 8hai«i is f - or 
 
 thbts; Am> wilI'.IiF.vs it i> deemed expedient thai the -d fnuudei>' 
 share> siuill be eaucelled, and lliat the holders ihof >hall mi1)m rili.> f.., 
 and be allotted ordinary .shareo in the capiUd of liio c.i\ upon ilio 
 terms hnftr sot forth, aud that for Kueh jiurpo.-e-; the capital of ilio 
 eoy shall be incieased by the creation of new ordinary shnie-* 
 
 of 1{. each: 
 
 Now n IS iiK.nKin acwii.hh as f.p|lovv>- — 
 
 1. When this airieenil heeouios ab-<dute the sd A. H. and e .ih of 
 the oilier holders of foiuideis shares af-d who shall rutit> lln- 
 ajrivemt i hnftr referred t.i a.- a iatif\ini: holder i siiall in le^peet, 
 of every founders sliare held by liini be deemed lo apply for i': 
 
 allotment ol of the sd new ordinarv .-hai-e^ upon the fooling'- an.. 
 
 eondilion lliat he is lo pa\ up the lull ii.Miiinal amount llmf by two 
 instalments, nameh, Ills, per share ou allolmeni and lo.v. per -li.iie 
 thirty day.- after allotment, and the coy shall allol the same airoid- 
 iugly withnui further a|iplieoii. and the alloltt^'s siiall iliily and 
 punctually pay such in-staliueutrt. 
 
 2. The cov is lo be at liberty lo |uuss a s|)ccial resolution cancelling 
 the foundei-s shares atsd. and to appiv to the Ct for an order ,on- 
 tirmin'.'- .such cjuicellalion, and the cn\ siiall convene the reipiisiic 
 meetinirs for the purpose, and the sd A. 1!. and each ralifvint;- holder 
 whall concur in the pu.-.sius: of such special resolution and also a 
 i-esolution for increa-iiiy the isipitiil \'\ the ciealion of the sd — - 
 new ordinary shares of 1/. each. 
 
 ;i. Tlii.s agre.:'e,t is conditional: 
 
 (1) On it.s being- ratified bv all tie holders of founders shaiw 
 
 afsd other than the sd A. B. ; and 
 (l>) On its being approved by the coy in general meeting: and 
 (3) On a resolution of a general meeting of the coy being p;issod 
 
 for the creation of new ordinary shares of \l. each: 
 
 (4 ) On a 8])ecial re.solution b": Jg jiasscd for the re<luction of the 
 
 capital bv the ciiiuvllation id' thosd founders" shares: 
 
 and 
 (I,) On the sanction of the ( 'J bviii-' i^btaiiied t<-. Mich rodiictinii 
 
 And if all tho.se condition^ are not fiiKilled williin si.\ ctileiidar 
 months from the dato hof. this agreetnt shall at the expirati.n of 
 
FORMS. 
 
 1127 
 
 xudi (wriod booome void: and il' ull tii<!!<o ..•oadilioiLi ;iro fullillod Form "ilO. 
 within tlio «l pfiiiKl of r*ix coltMidiir iiiontlis, llioii iuinitxJiatolv on such 
 (ullihnont ihif* aprccmt «linll l)t(()iMO uhinluto 
 As Witness, &<;. 
 
 Reserve Capital. 
 
 Thill lapitai of tiie loy to iho oMout ci in/, in icspcil of cai h oi 
 llio [«{Wi\ slniios shiill nol liu .jiiialili' of l..'iuu ( .ilk'd U|> i'M«>|it in ^,,^.,.^ 
 (lie (•\(Mil of iiiid for tho j)in|io<c i<\ \\v civ l.cliiu- uoiiiid ii|). 
 
 Form fill. 
 
 li.,l.illlv. 
 
 Change of Name. 
 
 ■|ImI llio n.uiio of iho coy he (ii:in;/c'd lo 'I'ln' toy, liiriit<l. 
 
 Form 512 
 
 A., to fhaii-v of imiiii', so.3 wrt. S iS) «.f llii' Cuinipanii's Art, lim.-s, ripla.'in(f ^'^^^^"'^'' 
 ,'.:. l:! uf t!i.' Art of IHiiJ. 'I'ln; iiniprr ...m-sr is i,, aviTt^iiii from In- I!.'iri-<- 
 t-.'ir tli.'it then' i-i im (iliie-limi tn tlic piMp'wivl n;ini". :i|iply Ui tlio li.i:ir.l nf 
 ■rr;i(l(- f(ir lilxTty M niak.' tlir .lian.-'. aiil ilirii t-> linally l>ass a special 
 rcyc.lution as almvi-. l.ilpiM-ty is rrailily ;,'r.ini"(l. I'ln- cliaiiu'c i- "oi iiim(ilrlv 
 until tlie tirw certiticati' (if iiii'Drimralloii fur wl.i li tli.- Ms-tion pr.ividc-s is 
 i,*iK>«l >airt. S (I).. sl„„l.l,-f.„-l. I.;'l .V '■'. ». Ih,..,,,. ':,;,/. I., i;. :! C I' 
 loT. 
 
 Borrowing and Debenture Stock. 
 
 Thill tho dilPitors' jiowor lo horidw confci red \<^ .laiix' t'.' "f th»' Form 513 
 art> of iissoll lie cMi'iidoi 
 in K'^pofl of iMoii('y< so 
 
 Pill' lllllC OUlllJ^ 
 
 ~o thill 1lii> iiiiiouMl at liny tm.- mu.- ..,.i.ii^ Kxtcnsinn of 
 lonowod oi' laiscd «li!ill iioi. wilhoiii the ilinctora' 
 inrliiiii of il uiMi'Mal iiuiMiiiL'. I'xccoil ,1' 
 
 pow"r. 
 
 pay 
 debenture*. 
 
 Tliul the din'( loi> Im and tliin aro lihy aiillioii/.cd. in addilioii l<i Form 514. 
 am .^uiii,- iilioaily hovroui'd for llio jiiir]io^f's ,,|' tiio toy. to hoirow creaiionof 
 In an anioiiiit not o.M.wdino- in tim au';.:-io-alc \<).inti)l.. hy tin' issuo 'l.!.. ■.i.-res t.. 
 of i;oo delit'iituios ol ."iil(, (laih. ii'dfciiialilo on llio Isi .laiiuaiy, 
 I'.l . .•-iich dolKMiliiic- to heal iiili'ic-l ill llio ralo of 10 jLcpa. 
 pavalih' half-yearly, and I i ho in tho form of rho draft, a print 
 whoioof lia.s hoon prodiiroil lo llii.s iiU'i'titiL;- and idoiililii'd 1i\ llio 
 signature of the .scrrot.iry of the coy. 
 
 That llu! roiiaynioni of iho money- payahlo ai rordiii;; lo the loiior 
 
 of tho sd dolKiiluros ho scciirod liy ii lni-l d I in the forin of the 
 
 draft siiliiiiiltod to this meclino: and idoiititied hy (ho si<.nialiire of tho 
 socrclary of the lOy. and oxinessod lo ho made hctwoeii the <-oy 
 of tho uno part and of iho oliior part, and lliiil the duo. I 
 
 and tliov are hby aiitliori/od to o\oi iito. uiidor the wal of tli 
 a deed in the lernif of the sd draft 
 
 lots llO 
 1-oV, 
 
»■■* > 
 
 HW8 
 Form 515. 
 
 Aucillit-r. 
 
 RESOLUTIONS. 
 
 [Chap. Xlll. 
 
 That tho directors be and thoy ore liby authorized to borrow tho 
 sum of lO.OOOi. for tho purpose of payinpr o(I the debentures of Uie 
 coy wliich fall duo on the 1st January, 19—, and that su.h sura be 
 riiised by tlio issue of new debentures payable on lit January, 10- 
 and bearing intore>t at tho reduced rate of 4 p.c.p.a.. such deben- 
 luies to be .iocured by trust dood. and that the new debentures and 
 tru.st docHl af-d be fnimed in accordance witli tho forms .-.ubmitlo.! 
 to this meelinj,', and idenliliod by the .-i-iuture of the coy-s sp(>rptar.\ ; 
 and that the directors be and tiioy are hby autliori/ed U) i>sue aiiv 
 oi the sd new dobeinuies in i>x< lian^'O, at par, for any of tlie evi^^tin;.' 
 dobcntuies the holders of wliich may desire to renew, and that, 
 pendiiij.; the placing of tho now debentures, the directors bo and thoy 
 are hby authorized to borrow from tiio coy's bankers or olheiwise. 
 on such terms as they think lit, any moneys required to pay olf an.v 
 of the e.\istiii<^ dobeutiues which fall due. 
 
 Form 516. 
 
 Authority to 
 directors to 
 ucquiru by 
 aiutilir.-inmtion 
 allot licr con- 
 ciTu, aud 
 sauutiou of 
 provirtioiiftl 
 agreement, 
 and when 
 latter absolute 
 to iucreai^c 
 capital. 
 
 Acquisition of a Business. 
 
 That it is expedient to accpiiro ami take over by way of amal<ru- 
 mation liio undertaking of the t-oy, Limlil. and lliat the 
 
 provisional agrcemt for tiio purpose subnuited to this meeting be 
 and tho same is liby approvo<l; and that Uie directors of this coy b<: 
 and thoy aie iiby aiilliorize<l to adoi)t and ratify and to alHx tiio seal 
 of thi.s lov to tho sd uyieemt and to carry the siiiiie into ell'eat, 
 with full power to a-ssout to any modilications in the agieeint which 
 they think expedient in tho intero-sts of this coy, either before or 
 after the adoption thof; and that if the .sd agreemt boeomos absolute 
 the directors be aurl they are hby empowered to increa-so the capital 
 of tho coy to l,.')00,OOoi.. by tho creation of .'?.'5.8()0 new sjiares of 
 ■201. each; and that the directors bo and thoy are hby authorized to 
 deal with any portion of tho sharos so created in accordance with 
 the sd agroomt in so far as tho same shall bo required for the pur- 
 pose.s of such agreeint, and to deal with any surplus as the directors 
 may think expedient in tho intcrcst.s of the coy, and without being 
 under any obligation to olTor the .same in ac<ordance with clause 'lo 
 of the arts of asson of this cov. 
 
 Form 517. 
 
 Wiiiilinsr-up 
 in view of 
 provi(*ioniil 
 airreei.ieiit 
 >:aviinr l>ecii 
 .-•aiictioin (i 
 for sale of 
 undertiiking 
 to biiothcr 
 oompauy. 
 
 Division in Specie in a Winding-up. 
 
 1. That, having regard to the provisional agrccmt of the — — day 
 uf — — , entered into by A. on bolialf of this coy for 'lie sale of the 
 undertaking of this coy to t!io N. Coy, Limtd. whicli agreomt was 
 
 ratilicd by the general meeting of tho coy hold on this day ot 
 
 ^ it is desirable to wind up this coy, aud accordingly that this coy 
 
 be wound up voluntarily, and that B. and C, directors of this coy, be 
 and they are hby appointed tho liqrs for tiic purpose of such winding- 
 up. 
 
 See •' Eecoostruetion," in/ra, and notes to b'orin 43, p. 372, supra. 
 
 ML 
 
KOKMS. 
 
 \\>9 
 
 J Tli:i! ilir m1 li(|rs Iw ami tJirv iir.' Iil.j auih..ri/e.l i wlwii and h.. Form 617 
 ,,"„ a^ til.' (l.'l)ts au<l liabilities of tliii coy <-Ua\\ havo bwii pd and „;„„,,„ji„u 
 . iii.ti.-.l ni- (lulv providod for) to di'^tiilmlo in s)!.-, ,.• or kind amonfist in -[.mm. ,,f 
 ,1,„ ...mliibuUjrios of tiiin ooy in accordanro with Uicir n-s,KH-livo i;^',^,™'';'"^' 
 ,i,Hi(s and iiitorcst'* theroin, tlio .-)n,()()0 oixiinarv .sliar."' of ''I ooch i,v i,.i»i'liit«>r 
 uxthv capital of th<- X. Coy. lan.td tcwlilod as fully pd up), «l.ioh ;;';';':'X'™ 
 loiin ]it of thr conKid. 'ration for tlio >,6 sale, and so lliiit <mu1i n.ninbii- „,• . ,,)„., 
 lory sliall b« ontld to oloct to luvvo his or her i.ropoition ihof allotiM <-"i"P"ny)- 
 tn liinistdf or li.Tsolf, or to hit or lior noniinoo or noniinoos, sui-h 
 rlortion to bo decliirod by noti'O in wrilin;: to tlio sd li'irs within 
 twcnty-onr <lays uftor tho passinij of this ro-(diifion. 
 
 :\. That tho sd li.ii^i do sell the share-< not so allottod, an<l do pay 
 the net )iroeeed« of sale to tiie oontrilmtories who would have been 
 oiiiia til the shares sohl, rutcably in proportion to the numlier of the 
 shares sold wIulIi iIk'V woidd have lieen enlld to call for. 
 
 Debenture Holders' Resolutions. 
 
 Tlial this uieetin- of tlie hnlder-s of the debentures nf ihe «'oy. Form 518. 
 
 l.imld. secured bv tru^t di-cd. dated, ^c, and made, Ac, hby sanctions ,;,„.,,„;„„ , , 
 ilio provisional a-rcen.t .M.bniitled to this meetin-, which a-reen.t Is f^^^^'^^"' 
 
 dated the day of , and nia<lo between tho sd ccy of llie one ,„„,i,,„i„^, 
 
 l,t. and A. H., purporting U^ contract on behalf of all the holdor.s of »|;;;;™'^;'.» *'"■ 
 Ihe sd debontui'es, of tiie other i.t, and a.ssonts to tho niodifiealions of "}•"; ,'^,',„V"' 
 the right.s of the debenture holders and of the provisions of the s<l 
 irust deed to be cllected by tho sd a-reenit [or hby a,ssenls to the 
 proposed modifications of tiie s.l tru.st dee.l. and .niihori/e> the trees 
 th..t ,o concur with the coy in e.xeculin- a supplemenl.d iruM deed 
 in the U'rms of the draft -ubniiited to this meeiinjr for ellectin^' .such 
 modifications]. 
 
 Tliia is .a spouiiuvn uf -.i r.-oliilm.i wIm-im' ,i majority of a .la..-, of .Icbenl.or 
 l.uldors liavf power t.. as,r»t to ;i ino<lilicali..h of tlip ri^jht,-. of ll„. ■■lass. See 
 I'art 11 r., loth id,. V- '*"• 
 
 Altering Constitution or Objects (sects. 9 and 264 of Act of 
 
 19081. 
 
 Tliat the memdum and arts of a.sson submitted to thi^ meeting be 
 and the .same are hby approved, and that, pursuant to tho provisioiw 
 of iho Cos Act. 19I)H, ss. and l2til, the form of ihe oy s coust.itu- 
 tiou be altered by substituting such mem.lum of at.sou wit!i e.\t<>ndod 
 .ibjccts as therein set forth, and such arts of asson, for the coy's deed 
 ..f settlement dated, &c., and for all regulations of the coy sub.so- 
 (|uentlv matle and now in force; and that tho directors be and they 
 are hby authorized to apply to tho Ct to confirm this rosoiuiiou under 
 the sd Act. 
 
 Sue infra, p. 1310, and, for form of petition, •«/;«. p. 1315. 
 
 Form 519. 
 
 liesiiliition of 
 lutmUrK for 
 accptiriii^f new 
 iiiemoraii'tuiD 
 ami artiili'8 
 tiiuler Com- 
 panies Act, 
 
 r.ios, H*. 9 
 
 :o.ii '2fi4. 
 
 , \ 
 
I|:|ii 
 
 KKSOI.iniDN.S. 
 
 fClIAP. XIII. 
 
 it 
 
 Form 520. 
 
 lUjriiiUitlMi, I. I 
 
 i'Xti'n«ioii I I 
 itbjti-'t" riii'lir 
 < 'onipatiitH 
 Art. IfiOX, 
 
 Tliul iho ohjrctM ot tJic Micietv bo ulloicj l)y the uiKiiiiuii lo duusv I 
 lit' tlw laws of llm eoi'iotv (if tlu- \votil~" follow iiig, that in (41 soy: ■ 
 
 ' Till' .■.o<ii'iy Timy iil-io, fioiii tiiiic lo tiiiio, aud at (iiiy limo, tuK- 
 ov(>i, on .su( li loriii.-. uml cuiiililiciii> ;i.s iiu\ lp<wnriiiij;f(l, tlio whole nr 
 ati\ |it ol ihv Ipiisiiii'.-':' 11.-.-0I.- ami iiii li'ii.ikin;; and lialiililio-- of uiiy 
 otluT i()v, (ioiicty 01 iii^tilillion ranwiij;- on anv a.>-iuiain.o busiur>< 
 whii h this MH U'lv i> aiitiinii/i'tl to lany on. aixl llio It'iiiin uiiii eou- 
 dilimiH afsd may iiieludu juovi^ioii lor |iayuii'ul by tlio society of all 
 01 part of the t>\|)('nso> of ami imiU'iit to the w in(liiii;-ii|i .iiid di--- 
 isoliilioii of tlu' tiaiu-lcrriii;.' coy, sooioty, or iii>litiilion, niid nia\ 
 provido for tho conco»*ion to tlio policy holders, aiinnilants, ticditiT-, 
 directors, oinploycs. ami imMiiU'i-w of tlio trait-fcniiij.' coy, -ocioty. or 
 institution of anv hj.ocial ii;jhls. privilciros, and advanta^^cs, and may 
 includo unv oilier provisions wlii<li the direct^ois of this s(Kicty nia\ 
 think c\)icdiont, and tlio a;ii<i'iiil coniainiiiL' siuli loriiis and con- 
 ditions shall, when sanctioned (if rcpiisitei by tlio Hiirii < our! ot 
 .Tiislic»\ lie otleetivo for all jmrpowos. 
 
 Form 521. 
 
 An"l!i.T. 
 
 Thai clau.M' ;! uf the nuriely'-. dee.l of so!tl(>moiil be alt<'ied ly 
 iii.M'iling ihoroin. imiiiodiately aflor the woriN "and t-o advau'c money 
 iiy way of loan on any HOturiiy what.socvor such as thoy can and lav,-- 
 fiillv may.' the words, "and to borrow or raise money for the piii- 
 jiosos of tho so'ioty by tlio is.suo of dobonluros or delxintiire .stock, 
 and 'o frame. coiLStiluto ami set ure tho sd debontiiios or delmntnio 
 slock as may seem o.vpo<liont. with full power to make tho same either 
 porpeliial 01 terminable aud eliliei leileeiiialde or otherwi.--i', and lo 
 chaii;<; or .-^OLiurc' the same on the uuderiakiiif.;; of tho society, in sii li 
 maiinei .16 may seem t'\|iedieiit, aud llnit the objects of the .>ociciy 
 be extoniled acoidiiiirlv. 
 
 Form 521a. That the piovi.^ion,- of the Lompaii}'s nieimium of a.ssociu'ioii \iiih 
 — lOiapei I lo its obje.i> bo altered so .i.s to road as fullows: 1 1; iV. , 
 2) \c. ()( by iiiser;iiio theiein. iinmeiliately after iiarafjrr.iph lai. 
 the followiny iieu paragruphj 
 
 An.itli 
 
 Form 522. 
 
 HesolutionB 
 uppumtiitfT a 
 I(Mal Ixiard 
 ill Ircliiuti. 
 
 Local Board. 
 
 I . That a local board (in this re.solution called " tho lo<!al board ") 
 be made for tho iiianajjrement and carryinp; on of the business of the 
 
 coy in Irolaud, and the same is hby constituted, and that . - - 
 
 aud - be. and tliey iir-' lil'y appoin'ed \'-> !>e, the lir.sl member-. :.! 
 
 .-■uch local board, and that the roLculatious following in legard to fciich 
 local boai-d shall have oHect. that is to say: 
 
 1 I » Fnlil olhorwiso dotfrniiiied b\ the directors of the coy. the 
 
 jyuk 
 
KOliMS. 
 
 Il-tl 
 
 iiiiiiiboi of iiuMuU'rh of the loiiil \»>itv>\ ^\u\U iini !>•• I<'s.s Form ftW 
 
 tllllll t»>> "I llnM't' lIl.UI IJM' 
 
 C2) Tlu- loail l)i)iir<l liliiill at all limcn (oiitnriii I'l lln- ii'i;iilaliim> 
 iukI (lirci'liiiii.'-. wlii'lln r l;i'iii'I;iI np >|m'i Lil, wliiili iimv lii' 
 iiii|i<>.-«'<l "It 111 j^iMii III ii li\ llii' iliiiMlois 
 
 i;!i Till' 111 111 liii.iiil ~liiill liiiM' ^111 ii |iii»i'i'. iiiiihuriiion ainl liii- 
 
 llClil)ll.> il- till' llill'lt<il> III.IN lllillk (•\|lt'.lil'lll 111 illM'-l il 
 Hllll, llV |nnM'|- lit' .llIllllK'S Ol 111 111 'CW i.-ll' . 
 
 I I 1 Till' lo' mI liiiiiiil simll liiild iiM iiiofiiiiMs ;ii nr ul il> nllicc 
 
 ill Ireland lor tlio tiino li<>iii); nS Ii n 
 i,"ii Mr — uliall lio tho lirsl M'crolarv of the {oral Imanl ami 
 
 .-liall l»' ciniilcil if llir lo .il li.ianl shall -o loiii.' .-iili-i-l In 
 
 liolil iillii.' lip III iIk' ilav (II , and afh'iwaid.^ fiii 
 
 M) lull}; u iioriod, io. 
 ((ii 'I'lu' li.ua! I rd iilav iiK'cl lii-rihrr lui ;lic di-iialrli nf lnoi- 
 
 lio-, iVl 
 
 u) Il .>Imi11 iioi !«■ ii(-'ii'>-.ii> I'l ui\i- iiii'i' •'<>'■> iii'"<'''ii- "'•' l"'''l 
 lidard 1(1 a iiiciiiIkm- lliof who In iml fm tin linn' lii'iiii; in 
 JK'land. .mil wlii'ir the Ic il liiird diMcriniin'- ill it inc ■!- 
 
 iny> -hall, iiiiiil fililln'r noiiic. lie In Id mi -| ilicd di\^ 
 
 m ilic uci'k 111 ni. mil. ii.iiici' ol .-.in li doinnninaU'iii -hill 
 he a .-iillirifiii notiii' nf -ilcli nii'clinu. 
 i« 1 .\ iiicnihi'i of ihi' I'li.il li'i.ird may at aiiv lime m thn .-i^ iri.ii \ 
 of tho local hoard on tin' l('i|iic.-l, i\i- . ijiif-iinn- aiisiiiL'. .Vr 
 (<n TIk' local hoard inav nlccl ,i .Iniiinian. Ac 
 I 1(0 :\ resolution in writinf;, &c. 
 ill) A nieotin":. itc 
 1 I:.') Tho ininute.n, &c. 
 
 I |:n ;\ iiifiiilKM of tlic local hoard nia> al anv limo hv nolim in 
 
 vu i'lii;; lo tho loial hoard lo-ijiii his ni('iiihorsliil> lliol. and 
 
 the . .al hoard shall ho at lihort.v to fill up any vai aiicio- 
 
 in its body 
 
 And that tho powor of alloriioy for invo.<linL' tho local board in 
 
 [i-oland with LOi.ain pou. . ^ aiilhorilios and di-ciolions siibmiltod to 
 
 ihis inoolinj; ho and the no is iil'\ appiovod. and that tho coiiini ni 
 
 seal lio allixod thorolo. and that tho sumo when -calod bo dclivorod 
 
 to tho ,-d and 
 
 Various Resolutions. 
 
 That tho .-oal of tho co\ ho allixod to tho airroomt siihinittod to Form 523. 
 thi- mootincr. and o\i>ro— od lo ho niado hotwoon of lli«' one pt, r,, ^,.„i 
 
 and tho coy of tho other pt. which ayioomt In' boon framed in Mjfnemeui. 
 accoidaiico with tho draft rofcnod to in clan.so of tho i oy - arts 
 
 of iU<.soii, and ha** already boon oxo.iilod by tho sd and that 
 
 the solor bo diroctod to iilo riio sd aureoiiil with the Ho'j-i-tiai of 
 ('om]ianies. 
 
 T5np«»^:^iR-'T"; 
 
1 l.T,' 
 
 RESOLUTIONS. 
 
 [Chap. XIII. 
 
 r;;. 
 
 Form 524. 
 
 Til alln» 
 
 Thai ihare* in the capital of the ooy of £ be allotted am 
 
 follo\v»i (thon Btato iiamoH of allottecM and iiumbor of »haro« to bo 
 
 iilloli..! U> «mh, eg, To of • , uhaim, and «o on, or set 
 
 tlicni out in tabular luring 
 
 .Viul lliat tho TOcrotorv do jjivo notice ot allotment to the above- 
 nain<<<i porounn rm()l\ . 
 
 Torm 520. 
 
 Anotlur. 
 
 That Hlmrctt in th« oipit.;! <il tho co.v of f - oucli be alloftwl 
 
 to Iho Hovral por.sons in tiiut bohiilf niiiiit'-l in thi' appli' on« :niil 
 lUlottiH'nt sh<-ot« -ubiuitted to tliin meolini,' and for the purpo«o of 
 idontiliiatiou HuliHciibcil by tho rhairiiian thof, and so that oau!' 
 iilloflo<> Rhnll nx'civi'anuilotnioiit.of the nuinlwr of Khari"« Hot oppowiU' 
 
 liis Hiiino in the cobinni of thu wlioot in whioh hit niiino up|it'ar8. 
 
 and (liat notiro of rulIi alloliin-nt bo trivcii to tho rortpfitivo allotti'oe, 
 
 and lliat in oai'h caxo whore in tlio column of tho mi shooU* tho 
 
 words " no allotment" are iuMort«<l the do|iotit pd by tho corre.spond- 
 in^ ai>|ilicnnt bo roturnod, an<l that where the applioin money pd by 
 an all'ilteo exi- <U the amount payable on applieon and allotment in 
 ix-spoci of tho ,-. I OS allotted to him, the excess ht' returned to such 
 applicant. 
 
 Form 526. 
 
 To Hllot [illiJ- 
 
 It appearin;? that tJie ai;reemtof the day of between 
 
 (if Iho one pt, and tlie coy ot the other pt, Inw been duly executed, 
 resolved that the fully pd-up sharC'* to bo i.ssuod pursuant to clause 
 — of (he pd afrieemt lie allotted to the s<l - , and that notice of 
 such allotment be given to him. 
 
 Form 527 
 
 To appoint 
 .^oliciton*. 
 
 That 
 Kolor^ < 
 
 MefHrs. 
 f Iho cov. 
 
 be anil they ar«( hby appointed to be 
 
 Form 527a. Tiiat an account be ojiened witli tlie — Hank, Limt<l, in the name 
 
 Z , , .jf tlie cov, and that the of tho sd bank Ik; autlniri/ed to pay 
 
 m)f acidnui. chei|Ut'.s sipjned by any two directors of tlio coy and couiilei-sij;;ncd by 
 
 IIk- .secretary, and that tho signatures of the directors and socretaxy 
 
 be furnished to the bank. 
 
 Form 528. That the prospoctas of the coy offering shares for subscription 
 
 a.s now finally settled at this meeting and signet! by the chairman 
 thof be and the same is hby opprovcd, and that such prospectus be 
 published and circulated in accordance with the scheme which has 
 been prepared by Messrs. . 
 
 To approve 
 proKpt'ctiiK. 
 
KUKMH. 
 
 11«1 
 
 That tho proiKm-d coiumon »oal «ubinitU)d to Dim meoiinK bo au.l Form iiH- 
 
 tho ittnic it hbv adoptwl im tlio oominoii ««al of tho ooy, mul tlwt lli- .,.„,„,„|„ 
 
 ihrw' kovs "f llio box in which such mnU is eontuiiWKl b« pLu'^.l «« to . ., j 
 
 .,no in t'ho tu-stodv of tlio itccTotury, as U) iinotlior in the cu^toly of 
 ,lu. chairnwn, und n« t.. th<- U.inl in tho ru4o.l.v of tho vice-chairman 
 
 That a cnlJ of 1- iwr Bhar.- l« and tho «anio in hby iiuid.- ou the Form 630 
 niombon'. and tliat ("ucli call be inwlo puMiblo on tho 
 
 - (lav of — 
 
 to tho — 
 Ijondon. 
 
 - Itaiik, Liint.1, at No. l.on.Urd Stroot, in tho Cilv of 
 
 ■r..iiu.k.. .11 
 
 Tliat m.lioo be Rivon in iwcordaiKf «ith .luu^o - of lU^' "it ' "f Form 631. 
 UBMOU of tho GOV to Uios*. memlwrs who luivo luado default for more .,.„ ^j^„ „„ti^ 
 than days in paymont of the call payable on t ho — day of — 'f;;,/,';!^^'"'" 
 
 That the undrrmentd nhares bo and they aro hby forfoif^'d. tlmt i-* Form 532. 
 
 to ^v. — HJiarw numhore<l to . standing in tho nntiio of .j, ^ ^ .^ 
 
 . f-hairc nuinliorod to (and so onV -imn... 
 
 That Mtftsi*. - and - Iw nn<l thoy aro hby appoint!?.! a .mi.- Form 633 
 initlw with powiT to arrnnfrc with Mr. tho terms on which h.' t,, „,,,„,iui 
 
 AmM .-^upplv, ic, and nuiko a oontraot wiUi him acconlin-ly. .nmmitt.*. 
 
 That Mr. '« offor to eupjily tlw coy with, &c., bo and tho sumo Form 534. 
 
 is hby accoptc'd, uud that the secretary do !,'ivo Mr. - notice ol this ^^ ^^^^^^^ 
 resolution. 
 
 otter. 
 
 That an offer bo made to Mr. — on behalf of tho coy to, io. Form 535. 
 
 To offur. 
 
 Tiiat tlie soul of Uie ooy be allixed to tho propoeed agroomt witli Form 636. 
 A. li. providing for, &o. 
 
 To Heal 
 ' «jfrtt.'n»'nt . 
 
 That tho draft agreemt with Messrs. for tho sale of bo, form 637. 
 
 and tho samo is hby approved, and that such agroomt be engrossed ^_,,^„,^^ 
 in duplicate and that the seal of the ooy be affixed thereto, and that- 
 one part of such agrcomt be handed over to Messrs. upon tiicir 
 
 executing tho other part. 
 
 That aii extraordinary genera! mooting of the coy be convene*! for Porm 538 
 
 the day of for the purposes following (set tliem out), and ^^ ^^^ 
 
 that the notioe convening the same Bubmittod to this meeting bo, and meeting. 
 the same is hby approved. 
 
II i( 
 
 liKSOl.LTIONS. 
 
 [Chap. XIII. 
 
 Form 539. That an iiitoriiu (iividciid of - per r-liarc bo pd on tlio day 
 
 T uf — , lo lilt' nu'inlMJiM who iire on tlie roijistor (jn tlio dav of 
 
 1" V'l^ . . . . 
 
 ii.ttiii'u -. and that with a viow to niakiiiir out tlio rcipiisitc eho(iuo.s tho 
 
 .liviil.11,1, trau-slcr liookpi bo iIomvI Ir.nii ilie dav ol' - to the day 
 
 of — . 
 
 Form 540. 
 
 Uesoliitioii 
 nf tlirictors 
 ifivinj.' iii- 
 strufti^iiis to 
 luiiikers ;is til 
 niodt' tif cDiii- 
 pjitiyV ill .-ti- 
 lU^N witli 
 
 tllL'lU. 
 
 1. Tiial Mt'>--i>. A: I ti\ he iii>tiu('t<'<l to |iay and honour ail 
 
 >.iiO((Ui.'S oxpixiasod lo be drawn on behall ol llii™ oo\ upon tJio banking 
 .iccouni or accounts kept, or to be kepi, in tho name ol tliis coy wiili 
 the hd bank, at any time or linie.<. wiiether the banking account or 
 accounl.'i ol' tlli^^ coy aiv overdrawn liy tlie payment tliof or are in 
 irodif or otherwiso, provided they are ■<iunod by two direi'tor-i and 
 countcifiiirnod by the seer(>tary lor tho lime beirit;-. 
 
 2 Thai the .~d bank lie ii]>tiu(led in pa\ and honour all hill-; and 
 prnnii.-sorv note-; payalih'.it thoMl bank, and c\prc-.-ed to Le accopt<>d 
 or made on behall of thi.s coy. at any time or limon, whether the 
 banking account or accounts of this coy are overdrawn by the pay- 
 ment thof or arc in credit or otherwise, provided they are signcil by 
 two directors, and countorsigued by tho -^ecrotary for the time being. 
 
 :!. That a.? rogard.s bills and promis-oiy noU's cxpi-o-i-ed to bo 
 made, drawn, endorsed, or accepted on behalf of lhi.s coy, tho sd bank 
 bo iiistrucUd to treat such bills and promissory notes ns having been 
 duly made, ilravvn, oudorsod, or acco|ited, a.s the case nuvy be, on 
 behalf of this coy, and to discount or otherwise deal with the same 
 accordingly, provided they are signed by two directors, and eounter- 
 .-.igned by the secretary for the time being. 
 
 I. Thai tho .sd hank be instructed to treat all oJioiiues. drafts, and 
 orilei.s expressed to be endorsed on behalf of this coy ns luiving been 
 tluly ondor.sod on behalf of this coy, jtrovided they are signed b\ one 
 direottir and the secrotary for tho time being. 
 
 5. That the said bank Lo furnished with a list of the names of liic 
 directors, secretary, and othor olhcers of this c(jy, and that they be 
 from time to time informed in writing, signed by the chairman and 
 secretary of this coy, of any change which may take place in them 
 
 0. That the.so re.s<dutions bo communicated to the .sd bank and 
 remain in force until notice in writing to the contrary, signed by 
 the chairman and .socrotary of this coj- for the time being, be given to 
 the sd Ijank. 
 
 Share-Warrants. 
 
 Form fAl. Resolutions declaring the conditions on which share-warrants will 
 
 „■ ,~ . be issued : — 
 
 Kesoiiuir.cs as 
 
 /i)rii"ueyf '^''* fohuwirij; an- (.oiiditions suitable to be made by the directors under 
 
 hharo- Form 251, clause 40, suiira, p. (i80. 
 
 warrant!'. 
 
H)KMS. 
 
 1 
 
 r,>,.M wi... 
 
 warriiTit r. 
 1... i-,ur.|. 
 
 Tliai thi- lollowini,' <uii(litiuiis ius to the is.-uc ol' ?liaii-uaMaiiH bo Form 541. 
 i.i.iiJr |)ui>uaiit to claiiso - of tho arts of a--oii of tlio eoy. 
 
 1. No sli...i'-\vniiiiiil shall I'o is,-UL'il <'\ii'|il upon a i(M|UO-t in 
 vvri'.irifr 1)V ilio pci^oii for tlio tiiuo liciii;,' upon llic iCf,^ihU3r of UK-ni- 
 bi'X's ate tiie lioldor of llif sliaio or .-UKk in iv -pwt of which iho 
 .■ili.iri'-waiiaul is lo Iw i-^sucii. and il. nliall lo U" oIiJl'i lion llial thi' 
 ri'.jUiMt i.s sijrucHl bv liio pcr-ou niakin-r tlio .--auio bcfoii- his name 
 uas ontered iu the register lUs such holdor. 
 
 Kor- I'.Miii of sli;»ri'-»;irr;mt. -!'• i/i'/ '. p. lI'iO. 
 
 ri.i-re lau lie no doubt tliut if the? compuuy issiii> ;i ■.iiiiri'-wiirraiit t4) ,i (mt-ui 
 «lio i- iiut L'lititlfd it will be usttippoil from di'nyin:; tin' i-i','lit of any jiur.'iia>ir 
 f: m lain. Sw furtlioi-, iiitrodintory notes to ("hap. XIV. The iitino^t I'arr 
 . iiiilil tliorcfori' to lie UK'd. Sometiim-^ IIp's,' dausiw are cnilMMlied in the articles 
 (if assoeiation. 
 
 2. The iciiucsl tehuli Ipi,' in -ui.ii form, and antln'idicutod bv Mich 1! 
 siatuti>i\ dcchii-alion or oilicf oviilonco ;i.s to the idtsutilv of tJio jicr^ou 
 inakino- tho .same, and of hi.- iiij:hl or title to llic sluiro or slock, as 
 i!ii" diroclor.s shall from time to tinio renuiro. and sh.dl ho lod;^>'d 
 u\ tho oliico of tho cov. 
 
 .;. Ill foro llio iis»uo of a .-haro-uariant tlio cortiticato i if any) then c 
 oiitstjuidino: in rospoct of tho >iiaros or -tock iiitor lod to he iindudod '| 
 in it shall bo dolivorod uj) to the diro'tors, unlos.a they di-pi-tiso with 
 this condition. 
 
 If the eertllicate "s left outstaiidintr it will iiivoUc a risk tu ih.' eoinpaiiy, 
 ai d the ilireetors may rcaitonahly rcciuire an indemnity. 
 
 I. .\nv jiorson a))plyin;^' to have a share-warrant isi-u"d -hall at tho stamp doty. 
 time of applicoii pay to tho diiector.s the .-tamp duty payable in 
 rcspoci Ihof, and also ,-iicli fee, not exceodiuij^ Is. for onch share- 
 uarranl, iUS tho diroct.ors shall from litno to time lix. 
 
 liy the .schedule to the Stamp .\it, IH91, a sliare-warraiit is i harjfcahle with 
 duty of an amount c pial to three times the amount of the "'/ iviAi, ,vi stamp duty 
 which would lie I'liart'eable on a deed tran-ferrinir the share or shares or «toek 
 h|*eitied in tho warrant or ecrtificatfl if the eonsideration for the transfer were 
 ilie nominal value of such share or shares or st<)ik. 
 
 llv the same .\et : -'" If a >h.ire-w arrant is is-ued \vitli"uf iiein^' duly stiimped, 
 the company issuing the same, and also every person who at the time when it is 
 is.sue<l is the manajrin;; diroetor, or seeretary, or other prineipal ollieer of the 
 eoiupaiiy, shall forfeit thi- sum of Mf." 
 
 I nder s<'et. llo of the Stiunp Act, 1891, a composition in respect of this duty 
 may be made in some eases. 
 
 i/u!;iti*>n- 
 ti. r^'iple-t. 
 
 ■rtificate 
 lie sm-- 
 lehroi 
 
 .1. Share-warrants shall be isfiuod under llio seal and Ih> -ignod by E.\ecntion. 
 <ino director and oouiitorsip;ncd by the secretary or some othor ollioer 
 in tho place of the secretary appointed by tho board for that purpose. 
 
 (1. Kach shurt!-warrant shall contain such number of sliarc-i or Number, 
 amount of stock, and !«." in such laiifruujj;^' and form as iho direcl<jiij 
 .shall tliink fit, The number origiuuUy attached to eaoli share shall 
 bo stated iu the eliare- warrant. 
 
ill'. 
 
 Il'.ti 
 
 Form 541. 
 
 UESOUITIONS. 
 
 [ClIAP. XIII. 
 
 Nuiiitifr iti 
 ('ounon>. 
 
 Payment of 
 dividt'ii'lH. 
 
 Boaror of 
 
 nnupon ulniif 
 rero^ii/t'd. 
 
 Ah to worn 
 or (Icfncod 
 warrant. 
 
 At* to loHt 
 or destroyed 
 watTiiiit. 
 
 Fee on imue 
 of now 
 warrant. 
 
 On what con- 
 ditioDB holder 
 of warrant 
 may vote. 
 
 7. Coupons pajalile to beuror of sucli iiuiiilior as the iliiccUji-H shall 
 ihink fit, sliall bo altaciicd to sharo-wanaiil-s inovidiu^' for the pu\ - 
 iiifiit of tho dividiMia.s upon and in lo.-pwt of tliu shares or st.,cl; 
 iiuhuk-d thorciii. and the diroctor- .-hull pioviih' as llicv shall from 
 liiiio to (inio think fit for tho is-uo nf frosji coupons to tho \„:m-. . 
 for tho tini<' hoini: of shnro-xvarr.ints whoii tho coupons attacliod 
 thereto shall ho oxiiaustcl 
 
 .s. Tath ciuiion shall bo di.-iiiioui.-lii'd by tl'O numbor of tJio sh.nv- 
 wairant to which it b(don-s. and bv a luinibor showing tho placo it 
 holds in Iho scrio- of coupons bolonc:ini,' lo tho warrant. Tho onipon- 
 shall not bo oxpros-od to bo payal ' at any particular j.oriod. n ■! 
 shall thov conlaiii any st;itoni.'nl ;i- to tho amount which >lial! he 
 payablo. 
 
 ;• Ip-m anv dividend bciiii; dochiiod 10 be payable upon the riiaiv.- 
 or Slock spiviliod in any sharo-warrant. tlio directors shall imbli-li 
 an advert isoinont in one daily nowspa|)er published in London, an i 
 in such oilier nouspaiior<. if any, as they ^hall think fit, statino; ilfi 
 anioiinl j>ei shar(> or [ler .hmiI. payable, the date of paymnnt. nnd Hi- 
 serial number of tho coupon to bo proseiited; and thoreupnn iiny per- 
 son ino.-enlin.rand doliveviiiu- upacoupon c)f thatsorial mimbe! at the 
 placi'. or oiK of the plac-os. stated in tho coupon, ir in tho sd advcrti-c- 
 meiit. shall bo entitled to rocoivo at the e.\piration of such number of 
 davs (not exceotlinfr five) after so delivorinp; it up a.s the dirootom 
 shiill from lime to time direct, the dividend jiayablo on the shares 
 or slock spociilcd in tlu> share-warrant to which the sd couiion shall 
 belon;;. accordintr to the notice which shall have boon so ^'ivon by 
 ail vert i.sonient. 
 
 10. The coy shall be cnlld to rcco-nize an .ib.solule ii>rlil i ih.- 
 bearer for tho time boiui,' of any coupon so advertised a-s afsd lor 
 paviiiont to such anumiit of dividend on tho share-warrant wi.i'icl.i 
 the sd coupon shall bclon- as shall iiavo been as af-d declared pay- 
 able upon presentation and delivery of the coupon, and tho delivriy 
 of .-nch coupon shall bo a good disiharrre to the coy accordingly. 
 
 11. If anv .share-warrant or coupon be worn out or defaced, tho 
 directors may, uiion tho surrender tliof for cancellation, issue a now 
 one in its stead. 
 
 12. If any .share- warrant or coupon !«' lost or destroyeil, the diin- 
 tors may, upon tho loss or destruction being established to their 
 Batisfact'ion, and upon such iudonmity being given to tho coy as 
 thov shall think adocpiato, i-suc another sharo-warrant or coupon in 
 
 lieu thof. 
 
 I !. In every case provided for by conditioufl 11 and 12 a foo of 
 2s. t!tl., exclusive of all oxpense.s attending tho investigation of evi- 
 dence of lotw or destruction, and of an indemnity to tho coy, shall 1«' 
 pd to tlie coy by tiio person availing hini-oll of those oonditiuti- . 
 
 1 J . No person shall oh bearer of a shaw-warmnt bo entld to attend, 
 or vote, or oxeroe in rosiiect thof any of tlie rights of a niembor, at 
 any general meeting of the coy, or sign any requisition for or aid in 
 
 i. 
 
FORMS. 
 
 1:57 
 
 callin:; anv Hvucnil uutiliii!.', uiilos.-. ii roo ilay-i at Ica-st liflun- tlio liav Form 541. 
 ai'iHiiiili^l fur till' iiR'ctiii:.;-, in tlio lirst cuac. aii'l uiilf-s hcl'nrc tlic - 
 
 n^,^u\!■i\Ul\l is left at tiio olliio. in tiio rtoouiiJ Cii-sc, he -iiall luivo 
 ,ii|io.-iilotl the riliiiio-Wiinunt al llu- (illicc, ur Mich iithcr plaio us tho 
 iliR'clors appoint, totri'tlier willi u stiitonionl in wriiiiiir of lii-* nanio 
 and a<lilrcs.<, and unli'^K llio -liari-uMnani -liall it'ui.nn ■^u dopD^ilvd 
 until after tlit> ^ciK'ral niooiin^, or any ad journnionl tliof r-liall have 
 bicn held. Tho luiniCK of more liiuii one as j.iint holders of a .'-hare- 
 warrant .«hall not he received. 
 
 This and tb' following claiini- arc found to work well. 'I'lu'V |>ri'vi-nt jht- 
 iiiiii;itii)n, ui... .11.- fonvcnipnt Imtli to tho holders (if share-warnints and to the 
 c.nipajiy. The ccrtiHrate rp.|iiirp- no -'-—... 
 
 1:. There shall ho delivered i- r.-on jo depo.-itino: a share- < VriitKatfh 
 
 III 1.1 1 r of dilHMit. 
 
 warrant a cerlili<«te slunn<r his u. 1 . ..I address, and tho nuiniier ot 
 shares or the amount of stock roproKonted by tho share -warrant so 
 dojio.'-ited hv him. and cuch certiticate shall enlille him to attend and 
 vole at n general iiieetiii'j: in the same way an if he wcii' a reoist(>r»>d 
 laenilier of tho coy in respect of tho shares or slock specilicd in the 
 sd cciiiliiate. Tpon delivcrino- up i'! the sd cerlilicate to the civ. the 
 !-iiarc-\\arranl in respect whereof it shall have been given shall be 
 returned . 
 
 The cerliliwite niav he a.'- follows: -- 
 
 m' 
 
 The 
 
 — Cov, Liintd. 
 
 No. 
 
 This is to certify that A. I!., of — -, ha.s, in accordance with the 
 ri"_'ulation.« of the coy, deposited tho undcr-montd share-waiTants. in 
 r'spect of which he is ontid to nitend the i^oneral meotinu of the coy, 
 tn ho lield at , on tho — day of . 
 
 Dated, &c 
 
 — — , Secretary. 
 
 [I'artintlnrs of share-warronlH ilepositrd] 
 
 Iti. No person as bearer of any warrant shall be enthl to c.\orciso Wh.n war- 
 any of tho ri'i;ht8 of a member (save as huboforo expressly provided ™''„i|,',!,,i 
 in respect of (general meetin2:s') without iiroduciufr such warrant and 
 siatinjr his name and iuldress, and (if and when the direitoi-s so 
 iv.iuire; pormittino; an indorsement to bo made thoroou of tho fact, 
 dale, purpose, and coiisOiiuenco of it.s protluctiou. 
 
 'I'he above clause is oocaeionally unod. 
 
 17 If the U>arer of a share-warrant shall surrender it to he can- Sum ndin 1 
 • filed, and shall therewith lodjfO ut the office a declaration in writiti";, wrrants. 
 bij^ued by him, in such form, and authenticated in such manner aa the 
 
 p. 4 D 
 
tn 
 
 li.?« 
 
 Form 541. 
 
 IJESOI.T'TIONS. 
 
 [Chap. XITT. 
 
 iliroctnrs ri>quirc. Tf.iuo^tinir to l.o iP'jUtovpd as ft inomlx^r in rc^yfc-i 
 of tlio shaivs or stork spociliod in t!io ^<l slian'-warrant, and Matin- 
 in such d('<laiation hi- naini'. addro-s, ami ocnii|iati<)ii, ho -^hall ho 
 ontid to liavo his nnnio ont<Mod as a tnenihcr in th<- n'lristor of niom- 
 hors or tlic roy in ri>-|.oot of tlio shares spociliod in tlio siiare-warrant 
 so surrondcrod. 
 
 Sr.pt. 37 (.1) of tlip A.t prnvi,!.- tli.it "The l...;inT of ;i .h ir.-ivarmit -hM. 
 subject to tlie articles of the conipiny, l>e entitlc-il, on surrenilerinsr it fur can- 
 cellation, to have his niinic cntcreil as a in.iulier in the rc(,'ist.T of mcmljcrs • 
 [hence it is necessary to j.rovide for the siirrcinlor- [, " and the con,|,aiiy >liall !.,■ 
 responsihle for aiiv loss incurred hy any per-on l.y reason of the eoiiipan. 
 entcrin- in its re-i'ster of memhers the name of any hearer of a share-warr.ue 
 in respect of the shares or stock specified therein withont the warrants hcirc- 
 surrendercd and cancelled."' 
 
 Meaninjf 18. la the ftbovo oouditions, sliare-warnint means a warrant in 
 
 ■'! "'"T «..spoct of a share or shares, or of stock of the cov. issued pursuant 
 
 to the Cos (Consolidation) Act. 1908. s. :!., and the arts ol as.son ol 
 
 the coy. 
 
 Share-warrants to h.arer are always treated as ne-otiahle instruments. 
 Whether they are so or not, under the .V.'t of lims. is not ipiit,. clear, l.i.t there 
 is a valid mercantile custoia to treat them as ,ie!;otial.le, and this is effective 
 ir,',h. Hal,- ,v '•„. V. .//,..-,„-/,-.-,z n-atcr C... {\:tM). -Jl r. h. It. 57'i. 
 
 Iloldin- a share-warr.oit will not qualify a director where a shire .pialiti- 
 eation is rcpiired. Companies (Consolidation) -Vet. lilOS. s. :i7 (I). 
 
 The Companies (C.msolidation) .\ct. lilDH. provides in sect. M as to the 
 particulars to he contained in the annual >uinmaiy .vliere share-warrants luue 
 heen issued: and sect. 38 provides penalties for for-ery and personation. 
 
 Form 542. 
 
 .\dopti<iii of 
 forced Trans 
 teiD Acts. 
 
 Forged Transfers Acts. 
 
 That tlie cov do adopt tlie provLsioiLs of lhi> Forgod Transfers Acts, 
 181)1 and IH'.tli. and that the directors be and tliey arc hhy .lulhori/cd. 
 subject 10 the luovisions of tho.se Acts, to make coniiiensation otii of 
 the fumls of the coy for any loss arising from a transfer of any ol 
 the stock or security of the coy in pursuance of a foriied transfer, or 
 of a transfer under a forged power of att.jrnoy, whetlicr .sucli loss 
 shall arise, and wlielher tiie transfer or the )iowor of ixttornoy were 
 forged before or after the pa.ssing oi the Forged Transfers Acts. 
 IHitl and 1892, and that, subject to furtlier resolution at any future 
 general niwting, no additional charge be made upon the registration 
 of transfers. And also that the director.s 1)0 and are hhy further 
 aulhori/ed, if they think (it, to provide a fund U> meet claiias. prove.! 
 to their satisfaction, for such comi)ensation by insurance, or in any 
 otlier manner that the directors may resolve upon. Siiprn. p. 073. 
 
(KirriFKATMS. 
 
 ii;!!i 
 
 ClIAlTKi; XIV. 
 
 IMK'ilDl'l loKV NdTKS. 
 
 r:ii, iillii Ic- 111 M ii.iii|i,iliy ii-u.ill\ ui\c llii' iiii'iiili('i~ ilic ii'rii' In ;i CiTlifii iitoK. 
 >li.i)i' ( t'i'lilii ale. Sro sniirii. |i. i)'i'>. Moircivci'. iiinliT ^I't, '.I2 I'l' 
 till' A" I I liMis (. ;i coiiiiniiiv is I Mil 1 1 II I iiiiiliT |H'iiali \ '11 i--iii' I en iiii ,111'- 
 uiil.ii: nvii ihiipIi-- altci- allnliiiciil ui- r(';;i^trnliiiii iil' iiaii^lrf. Ami 
 jii.tin: j(i( II' llii' .sIkU'cIioI'Ii'I' i- Olltillotl In ;l '■(■li'aii' ii'i 1 ili-ati'. r.;/., 
 I'lii' iiinlofaicd bv a iimmiimimikIuiii lliiil llir ((iiiiiiaiiv is ciililli'il 10 a 
 Inn uu llic sharix. U'. Kiij d Smi. lAiL. 1 l'.»i>l'i 1 I'ii. 107. 
 
 Till.- iiouor Kii L;-raiitiiiij: ccnilifalo^ is to fxivc sliaii'liuiilci'^ ilic 
 0| |"ir'iiiiiiy ol' iiioio easily ilcaiiii'.;- willi llnii sliari'^ in tlic niaiKi'l. 
 ill i lo alViinl I'arililics In lliciii nl' scHiiiL'' llicif sharc-^ liy at once 
 siiin\iii;^ a iiiai'k<'lal)li' tilii'; ami tin' ('M(>(t nl' this facility is In jiiaki' 
 ih" sliari'- 1)1' ^rcaU'i- xaliic. Tlic pout'i- of ^i\iiif^ ri'ililirati- is. 
 ilniclurf. I'nr llic lioiK'lil nf ilio iniii|i,iMy in ni'iicral; ami il is a 
 ■li ■ laratioii hy the oniii])aiiy lo all til. woiM that lln' |m'Isoii in \vlins(> 
 11, nil' llic rorlilicalc is inailc out. and (ji wlinin it is irivi'ii. is a sliarn- 
 I'l.I.Irr in tlio cnnipany, and ii is i^ivcii liv tin' ruiii|iany with tlio intcn- 
 t 1111 that il slioulil be so used by llio |io|son to whom il is i,nvi'n.ar;d 
 ;i lod ujion .11 tlio sale and IraiisfiT nf shaios.' I'cr ( m kbui 11. < '. .1 .. 
 Uiihi.i. (( ,■. /,'//. Co., L. R. .'1 (}. I{. -V,).-,. 
 
 liy sL'i I . !>:; of tin; Art of l'Jll«, a cor'ilirali' niidi'i 1 lie iniiinion sral ri-rtiticatos 
 <it' tJK' rniii|iany. spcrify in^ any .-iiarc^ 01 sioi k lii'ld by an\ iiii'uiIh'i-. "|.j|'i','.,,J,.'„'f 
 i~ to bo iiriiiid fiiric ovidcuco of I'lo title of the incinbi't- to Iho share titU'; 
 nf sh.ires nr stoik: and sect. .'!(• pi" ides for the keepiiii; nf a renisler nbjtct of. 
 "f inenibei'S. 
 
 .\ eerlificale ' is ' a sideniii alliriiialinn under the mmI of the 
 (inipany that a eerlain aiimiint nf sliuies or sioik sl.ind^ in the name 
 1 iIk' individual menlinned in the eortilieale.' I'er l-oid Cairns. 
 I. I'., ill Shritjixhirr V it'nin ;!'.-. ''o. v. 'I'lir (fiti'i'ii. I.. I> . ~ II. I.. 
 i:m;, ."iiiii. And I.okI llatlierloy ip. .'ilL') adds: ' 'J'he cerliliialo does 
 not tell you anytiiintr inoie than fho refjister itself told you. The 
 le^isier told you that he was owner, and the et'rtitieato tolls you 
 iic IS owno 
 
 V. The eertilieate t<,'ll.s vou that he is on tlio reiri--ter. and 
 
 il he 
 
 i.s on tlio roi'isler for a eort>i 
 
 liber of sharo.s; that i.s 
 
 iliparcnl upon the face of the register itself. 
 
 4 1) 
 
114W 
 
 CEKTIFICATK8. 
 
 [Chai-. XIV 
 
 Ke^ponai- 
 bilitiee in 
 is-iiUDK' 
 
 transfer- 
 
 Liability of 
 oompany. 
 
 The ilifTeroiito in tlial ihc rp-is(oi rcinuiiis at tliu oilicc of tlic cuu,- 
 pany. Tlio .•sl.aio .orlificiiR' llio nioml.or ran Uiko ul.oul with hiiu 
 ae> eviJoiut! of owniTshiii. 
 
 The cort ilka It's " iii .oiiipauios of liiis kiml an- iho [Uuikt lan.l 
 iudfcd Uu" onlv) d.KUim.ntarj evidoiu-o of lillo in th<' posNOs.siori (.1 a 
 sharehohlcr " " Per Lord Solbonio. SoricU Ueneralc dc hiris ^ 
 Walker, 11 App. Cos. 20, 29. 
 
 And in til.' same case u.. U) I.ont FilzgoiaM say-: ' Tliu «talm.. 
 and the aitirlo.s must, ho takini lo-cthcr. The fnrmo.- shows that M. 
 certificates are to be prima jade ovideiu.- of th.' title to the shar.-. 
 and the lat.tei that the .ertiliiale.s are the only iiwtrumonUs and 
 evideiK-e of title whioii the meinlmr is entilh'd )o iiave doliveipd i„ 
 
 him.' 
 
 The share rerliti.ate lieiii- tlm- iiia<le the piopei rvwleiioe n| a 
 
 member's title, it behoves the direvfjrs to use the utmost care in 
 
 issuing certificates; for on the principle illustrated by I'ickard %. 
 
 Sears'!^ Ad. & E. 649, and Freeman v. Cooke, 2 Ex. 654. the com- 
 
 pauv'is estopped from denying the truth of the representation c.n- 
 
 tained in the certificate a.s agrain-st any person dealing with the slia,.- 
 
 in reliance thereon. Thu.s in Bahia, dc. Ihj. Co.. uhi ■■iupra. ;h.' 
 
 company, actiuf,' upon a forged transfer, issued a certificate to ilir 
 
 transferee. A., in reliance on this certificate, purchased and pud 
 
 for the eliares specified in it, and tlicy were duly transferred into In- 
 
 name. The forgery was subsequently discovered, and the company 
 
 wius. under sect. .'55 of the Act of 18G2 (now sect. 32 of the Act of 
 
 l'JU8), ordered to lestore the name- of the real owner to the regi.s(cr. 
 
 it was held, in un action by A. a-aiust the company, tliat he was 
 
 entitle<l to recover as damages for the loss of tiie shares the vahu" ol 
 
 the shares at the time the company first refused to r.xognizo luni as 
 
 a member, with interest ut 4 per cent, from that time. 
 
 bee also BurkinxMw v. SicoUs, S App. Ca«. 10i»4, 101 /: Hart v. 
 Fronlhw, h. K. 5 E.x. Ill; Eaghsfield v. Marquis of Londomlern, 
 4 Ch Div. 693; Cottam v. Eastern Counties Hail. Co., 1 .1 . iV 11 
 "43- JohnxtoH V. Itenton, 9 Eq. 181; Otios Kopje DUimond .I/.-'.", 
 (1893j 1 Ch. 618; lie Coasters, Ltd., {VJYl) 1 Ch. 86; Setou, 6th cj. 
 
 2310. , 
 
 Tlie rule, however, does not apply where tlie person U) whom tlie 
 
 certificate- • issued is a trustee for the cjinpany, for the ..-rtillcil*; 
 
 does not V, iJiat the company has no equitable interest. In smh a 
 
 case the company may refuse to rejiislor the transfer. Shrop-^hirr 
 
 Union, dc. Co. v. The Queen. L. R. 7 H. L. 496. 
 
 Nor is there anv estoppel wliere the seal of the company is atlix.-l 
 
 without authoritv" e.<i.. by the secret^iry of tlie company for hi^ o"m 
 
 puipooee. Ruben v. Ureal tin;iaUt<>.. ! ""V ^ * ^'' • -"' 
 
 Shaw V. Port Philip Co., 13 Q. B. D. i03. 
 
 And it must be shown that the party acted on the certificate; tor U 
 
 he merely relies on a forged transfer, and is registered and receives a 
 
INTRODUCTORY N0TK8. 
 
 nil 
 
 mr 
 
 t«riifituic of title, the company is not e!ttoi)peil as against him, unleiw 
 lie ;irls on the cortififato. Sinim v. Aiifiln-linerican Tflerjrdiili Co.. 
 
 i). H. i)iv 
 
 188; Coates v. I., d' N. W . I{,iil Co.. II I,. T. '.:,; 
 
 Vidmn Ironworks Co., W K ■ IS.s:>) I'JO. Mut wImto ilio plainfilV 
 
 iilcr a foiirod 
 
 ii>l'oi' 
 
 iliintc li 
 
 iiii till' 
 
 (x>iii|'iiii.v ;inil bfiiui fiiU' aciotl llnTcon by selling' tlio r.li;ucs, he was 
 JK'lil liv \\w lIoiiJ<o of Luv.'.j imtitlod to roiovfi- (lamaii-us liom llir 
 ,omiian,\, TiDi'pkinxoH v. Bulkix. i I8'j;".,» A. ('. JilMJ A> to I'.n-i'il 
 traii.-t'ors, sec l'iirlln'r, pp. tlli7. t'>7:i tiTil. .siiiirfi. 
 
 So. als<i, wlicio the |)lainlill hail Iweii |mt to rest \>\ I lie . viiilii air 
 if-iicd 10 liiiu until it wa.s Ujd hite to {jot redre.s.s ayuiii-l lie iimI 
 \\ioii)_'-diicr, it wiui hold th.it the lompaiiy was I'stoppod. l>i.roii \. 
 Knimuntij .f Co.. (191)0) 1 Ch. 8:!.(. 
 
 Asrain. whore B. udvantod mon(!y to a company upon ilio luotitiir 
 tliut, h'.' was to have as security 10,000/. of paiil-up Nliaic-, iiM<l the 
 lonip-.ny issued to him a ceriilicate that In^ was oniitled to iO,i!00/. 
 i.l ^iai<l-up shares, it was held that, although tlieso shares wcro 
 iiol in ffiL-t paid up. llic company wore estopped by it.s <crtilicat«' 
 oil whidi 1!. had advanced bond fide in tho lieliof that it was true. 
 liltiomt'iillial V. Ford, (18>Jtl) A. C. l.'.d. The coinpany has no ri-hl 
 in sucli a case to say: 'I told you so-and-so, but you ouyflit not to 
 have believed nie." See also Purbiirji's ni.ir, (IH'M) 1 Ch. 100, in 
 whi'h the comiJany was held estopped in favour of an cu-i-in il allotli'O 
 who had acted on the certificate issued to him. 
 
 Where a certificato h;i.s been issued describinc; a share as fully paid 
 up or partly pai<l u]). a puidiaser o'' the slmre adinir on the faith of 
 the certificate is en'itleil to hohl the share as jiaid up. or |>artly paid 
 up. as the case may be niirki»xlwic v. SiroJU, '.\ .\pp. ('as loot, 
 HIcnmriitlKil v Ford, fiiprn Hut where A., beinir entitled to an 
 alio! nent of paid-uji shares uixler a contract which rcipiired tiling 
 but wa-s not fded, procured an allotment to li., who received a cerli- 
 li,al(^ accordiufrly, the company wa.s held not to Im' estopped iis 
 tfsainsl B. RowliiuVx rn.tr, W. X. i 1880) 80. .^oe ajs.i Mvl:h(iw d 
 Ihrffr'.i ci-ie. i IS'.irt 1 ("h. 111. 
 
 .V per.son who acts with knowlo<ly;e or notice that liie rcpicMMita- ^,,,ipe. 
 tion in a certificato is not correct, cannot invoke the doctrine of 
 estoppel in his favour. Crirkmrr'x cam; lit ('h. Oil. But the oini." 
 of proving knowledge or notice lies on the person setlinu; it up. 
 lldUtVo , 37 C. D. 712. 
 
 Where dire<'tors issue a <-ertilicjite of title to shares or stock which N' .n.oxi«tent 
 do not in faot exist, or which the company has no power to issue, thoy ' "'■'^■'• 
 may be held personally liable in damages on an imi)iied warranty of 
 authority to any person who a<!s on such certificate. Firbinik v. 
 l!ii:)!plirr\!!.t ISQ. B. Div. 51. and cases there cited. And see xiinni. 
 Chap. XIV. 
 
 So, too, where directors issued shares at u discount, and issued Directors' 
 rprtifirates stating the shares to be fully paid, whereby the co-npany '" ' 
 
1U2 
 
 stamp 
 
 Nrip 
 lertificiitr. 
 
 Deposit . 
 
 Oertifiiiition. 
 
 Lo»t 
 oertiticat<-. 
 
 CEKTIKIC'ATES. 
 
 [ClIAl-. \1V 
 
 wa» t'.s|o|)p<><l, tlic (lirottDrs won- held liable to (OiiiiMMi«iil<? llu' r.jin- 
 punv. llirsrhc v. Simx, (1891) A. «,'. 0.'>l. 
 
 A.S 10 i(iiM|i<'lliii«: the (■()mii;ili> lu lein^luU' the true owiiei- its iijh 
 liolder where his iiaiiii' has lieeii wi()n;:iiilly lemoveil \<\ lo.i-on '>i -a 
 forjicd tiaiisfoi-, >ee liinlufi v. /.. <f A. W Itid. r,)., .iH ('. 1). 1(1 
 
 A eeililiiiite that ii pei-.-oii is the Imhloi- of shares or sici k in ,i 
 POliipaiiv <h>os \\(i\ i-eiiuire aiiv stain|i. It i~ nOI a (h'cil. I Iw Ifiii.n 
 \. M'lilnii. [.. H li <'. I'. 11. 12-. Ihil a .^iiip (crtilirati' m oilin 
 iloc uiiieiii eiilillin^- any jieiSMii to lieiomo tlie i>rn|irielor ol any .-hah' 
 of uiiv I'niniiaiiy i.ii- |ui)[)(i.-<ei| (■(imiiaiiy. ^el|llil■l■^■ a \il -l.iiiip; .nil 
 aii\ person who exeiute^. j,'rautH, i.--siies. or delivers out aii\ -mIi 
 dociiiiieiil before the same is stamped, is liable to ii peiialt\ of :;■'/ 
 Stamp A( t, 18U1. s T'.t. Sue ilaii.se- a.- to (■cV.ilicilo-, .-idfni. p. i'-' : 
 As to the offoct of dei)0sitin2: .share oertilicaU-s u-, sei'iiritv for an 
 advanco, see Cnhnuil Hank v. Whitniey, 11 A].p. Cas. 12i;; l-'r,n,.,: 
 V. Clnrk L'O Vh. 1). iJiio; Williaitinx. Colonial Hank, as t'h. 1). .i.'.V 
 /,oH(/oH Joint Stork Hank v. Simmon^. ( IHlfJi .\. ('. 201: ShfijuLU. 
 Lcmdon .lohit Stork Hank, i:! .\pp. (as. ;!;i:i; l)c Ic/'/i-f v >;,,,,/,. 
 man. t hoi. <f Co., il'.>ii:;i 1 Ch. .•.7'.i; and hifni. p. IISH. 
 
 As to eortifieatin>;- transfers of share-, iiamel\, iiotint;oii the iraii- 
 fers fliut tlie oerl itiuites for the shares ilierein have bi'en depoM- I 
 with the rompau} , .se<" unpin, p. ilT-"). 
 
 .\.- to estoppel by -a. h " certiliiation.' .sre .tnin<:. p UTV 
 As to leiiewing' lost or defaceil certilic'ale. see >iijirii. p. ii."'.'l. 
 A sjiare wrtitieato coiuinouly lias a foot-note to tlio ellecti (hat bofor.' 
 any transfer is rei.nst«i'0<l the certiliuale mu>(. be produced. This 
 note is onlv a wari'.inj;- to the shareholder to take care of tho oorliti- 
 cate. It is not addre.-si>d to .mtsiders, and therefore does not crcaie 
 a contract or estoppid ayaiiist the company on which tliey--oni-iihTs 
 -can relv that the company will not re<;iMler a ti->insfer with, ui 
 pKiduction of the a-rtilicale I'ainford v. .Inincx hel'li. (l!»'i"i' i 
 Ch. 2%. 
 
II-. 
 
 i»Hi:( i:i)KM's. 
 
 Tiir ('iiv. i.niri) 
 
 \,i I.t'diT'T I'olii) - 
 
 Incorpni-iitcd un.lcr llic (ns ( ( '.iii-dJidMtii.ii t Aot. 1908. 
 ('ii|)i(ai |lH(,(l(l(l/., (lividcl iiilo .'>,'IW .sli.ilvs ot :!U^ <'l"'^ 
 
 Hcy^istfii'd oli. ■ . . 
 
 liiiiikoi.-'. — . 
 
 Xo. -"' ^ll.l|■^'S. 
 
 Till- IS ni rrinnY llmi A. I". . ol' , is tlio ivj.'i>iort'd linider of 
 
 shares. ihiiuIktikI lu - ipulu-iivt', in tlio al)o\f-ii.iiiifd C'>>_\ , 
 
 -iiKjccI 1(1 till' iiiiMiidiim and arU of as-uii lliul', and lliul iliu -uiii 
 • ■l L' - lias t)i'<'ii |id U|i ii[Mm oaili of llic .-d siiaics. 
 
 (liven under lllP eniiiinon .--oal iif the >d cmx. thi^ d:i_v (jI . 
 
 The eoiniiiiin seal ol' the sd cov was 
 hereunto allixed in llio |ire.>oiico of: — 
 
 Form 543 
 
 ( ►niiTKiry 
 t'trtitirav-. 
 
 !i) 
 
 irectors. 
 
 Socrelarv. 
 
 (^Seal of lilt' cov.) 
 
 Xon;. Xo Iran.sfer of iiiiv |iortinii <il iIk' shaios ioniiiri-«d in this 
 .i'rlilie.n,e nm lie rOL'istered unless aierini|ianied \,\ tin- revlitieale. 
 
 .V lonitiaiiy caniicit safely disrciraril Huch n ruliv ■•<"<■•: /r (/, ,i, ii'/r v. II >i!I.-t, 
 
 1 A|ii,.'c.i.s. 2U; VntuiH.il /!,'„/.■ \. If /.hull':,. ,/,;■/. til. Jiut aiTcinliii^' to 
 l-arwi'll, J., In llnnfnnl v. Jam,-^ Ae.V/i <iwl W<irl.u„i„ C,,.. (1905) 1 Cli. 'Mii, 
 ■\(i:\, .-.uili a note as ainivr i" "iily - adclri'sscJ a^ a w.ir'iiii),- In tin' ri"_'LstcTed 
 ^.wiicr of tiie sliares liidiliii!,' liim tak.' i-are of his .vrlilii ato lie au-e In' lanimt 
 iumpcl tho comiiaiiy to n-u'l^tiT a traii-ifcr witlioiit it- |iroilu.lion." and is not a 
 i-ontract willi all |ifrH>ii- to wlio-c liaiul-' the reititii'atc may roir.c. Tli.' •■:>■«' 
 was aiippaloil, liut the |...;nt \va^ not dealt with liy tho Court on ajipoal. i lHii.-)> 
 
 2 Cb. 147. lloWLVur, in i,,i;) \. U uti-iUni' Hruihi-if, 'ia T. L. it. al.'i, whore 
 -liarcs were traiist'erii-d 'o A. witli tho ciTtili.ati', a-ul afterwards to li., who 
 
 ..! ,-i'ri;ii(alr L'ot lir-t oti to the :e_'i-tiT. i 
 
 t was hehl that IS. 
 vhat 
 
 had a eoinplcte title, and stood tirst. So, in a w.iy. the nof i- 
 
 iniHlc;ulinyr. 
 
 A detinitive eertificate re<|nires no stamp. Qni'm v. Morton, L. R. 2 
 
 C. C. u. -i-i. 
 
1144 
 
 CERTIFICATES. 
 
 [Cr>.r. XIV. 
 
 Form 544 
 
 < VrtitiiHlii "I 
 Iirpfrreuce 
 
 TUE 
 
 Coy, Limti>. 
 
 No. . Ledger folio . 
 
 ('apilal lOO.OOOr, diviilod into j.OOO prcforonce slianw of Ml. oacli, 
 and 5,000 ordinary .■iliurt's of 10?. cacli. 
 
 This i-s to (kiitify tliai. A. li., of - , is tlio rufijislorod lioldur df 
 
 of Uio abovo-;. d pruforonco .sliuros, nuniboiwl, ic, in llio 
 
 Coy, Liintd, xii to tlic nicindiiiu and art^ of asson ihof, and 
 
 that upon raoh of tliu sd sharus tho full amount of 10/. liiw booa 
 pd up. 
 
 Given, &o. 
 
 Nolo, lie. [as above]. 
 
 In the rfwe of prpfcrPtiop sliaroi, fho rrrtitiiati- wimctimns ■itaton thp rate ipf 
 diridend, and whether rumulativL' or not. 
 
 Form 54S. 
 
 ProviMioTial 
 ciTtiticate 
 where 
 instalments. 
 
 The Coy, Limtd. 
 
 No. . ^o. of shares . 
 
 Issue of 150,0001. in 15,000 ordinary '<haro.'< of lOl. each. 
 
 Provisional Ccrtijioate. 
 
 Tins IS TO CERTIFY that is the registered holder of 
 
 ordinary shares of loi. each, numbered - — to ■ inclusive, in the 
 
 Coy, Limtd, upon which tho sum of \l. per share has Ijeon pd. 
 
 The remaining instalments are duo as follows: — 
 ni. on the 1st October, 19—. 
 .TZ. on the l.'rt December, 19—. 
 Zl. on the 1st February, 19—. 
 
 Given under the common m'al of tho sd coy this • day of — — , 
 
 19—. 
 
 , Director. 
 
 , Secretary. 
 
 Hankers' Ueceipt. 
 
 deceived the sum of £ , being the instalment due in respect of 
 
 the above shares on 1st October, 19--. 
 
 For the IJank, Limtd. 
 
 [1(Z. stamp.] 
 
 \Ttvo more receipts for suhscqueni iiisfalnwnlH.] 
 N.B. — This provi.sional certificate must be produceil to the bankers 
 of the cov upon payment of each iiistjilniont, nnd will l>e returned 
 receipted. 
 
 It is sometimes thought convonient to issue [jrovi.sional rcrtiiicatos as .ihove. 
 As to scrip certificates to bearer for debentures and debenture stoek, sec infri, 
 p. 1146 et teg. 
 
 Ill, 
 
KOKMS. 
 
 lUA 
 
 TlIK 
 
 Tdv. I. mill 
 
 Form 546. 
 
 [lli. KtlllUp.] 
 
 I'mri-iumil f.rlilinilr. Another 
 
 lK--iU'd in rt'spool iit Alloliiicnt 1-ollor, No. . 
 
 I'ri'lVn'iioc Shnrcs, part of tho Kmi.iMIO .-./ por wnt. curimlfttivf 
 I'nl.Tincf! Sliaiw olTorod for muIo bv prosp.clUK. <lnl«'<l 'J-Jiul .\pril, 
 
 I'.m.-, 
 Tins IS TO (KiiTilY that M.*Nrs. .V .'^^ Co., of 15., Ixinkors, have 
 
 n'coivo<l from , "f , Imftr eiillc.l llio allot.t..o, tJio sum of 
 
 i'- , vi/ , M. ptT .sliarc on of Ilio .sil pn-fiMvaoK sliar<>H allotted 
 
 to liiiii. and lliitt on jiavnicnt of tlio n'niainint; instiilnicnlH m bolow 
 liUMiid. Ih«> iillottcc will bo iMitId lo bo n'-i.st,.i.M| in iv.p.Tl ,,( sncli 
 
 sll.lH'.-. 
 
 Tlio ivniaininp instalnionUi arc to bo |h1 to Mos.sr.-*. .V. * Co.. of I!., 
 a8 follows: - 
 
 On let June, 19—, 3/. LV^i. per sliaro. 
 1st July, 19—, \l. 
 Failiiro to pay any iustalnu-nt wlion luo will render the allotment 
 liable to cancellation, ana tho deposit to forfeiture. 
 Tlu' ri'iiKiinin<f instalim-nts may bo \hI in advance. 
 
 For the Vendors, 
 
 A. & Co 
 
 Note.— When tho above pjiyineiit- have been ooiiiplot<'d. MoHsrs. 
 .\. fc Co will, on jiresontation and delivery of this ccrtilio^ito, jirocure 
 iho iillotniont to tlit> allotico of the sjiarivs, and the issu<' lo hitn of 
 udcliuitive ccrtilicate of title. 
 
 Hankers' licceipts. 
 Received from the allottee above bN-tvived from the allottee above 
 named the sum of i' — , being 
 
 the amount of tho instalment 
 duo 1st June, 19 — . 
 
 Vov Messrs A. k Co. 
 
 Date 
 
 Mcmorarnhun. 
 [To bo detached by Bankers.] 
 Tho Coy, Limtd. 
 
 iiuiied the .sum of i' - -, beiny 
 the amount of the instalmout 
 due Isl .July. 19 . 
 
 For Messrs. A. i Co. 
 
 Date 
 
 Mciiioraiuhttn. 
 [To b«( doladied by Hankers.] 
 The - Coy, Limtd. 
 .Vllolment No. . 
 
 .VUoiment No. . 
 
 Amou.nt payable on allotment, Amouiil payable on idlotment, 
 
 £ . ! -t • 
 
 Date . Date 
 
 This is a i"pocimen of a provisional certificate issued by a bank or company 
 which buys an issue and oBers same to the public. 
 
 .^ 
 
 ^^^mmiak' 
 
lit') 
 
 Form M7. 
 
 Crllitiiatr 'I 
 ntiH k. 
 
 Form 548. 
 
 ClTtifiiMtf •■! 
 tlrlH'IiturtJ 
 
 Form 649. 
 
 Cortitii'ut.' t" 
 U-ariT. (leU'ir 
 ttiri' »ti»'k. 
 
 CKIMIKRAIhUS. 
 
 TllK t'ii\. I.IMIII. 
 
 [ClI.M'. \IV 
 
 [No is(uin|i. 
 1' - 
 
 No.— -. ( U|>illll llMMIUIl/ .stnl'U. 
 
 TlliN I- !!• 1 i.iniii iliu! \ l: , 111 . i.^ liir ii'yi.sti'r.'.! Iidl.lor .1 
 
 lli>' Mill' 111' i >lin U 111 flic iiImiv.'-ii.iiih'iI c<jv. •iiilijuct In tht! 
 
 liH'iiuJuiii ;iiiil ail.s III' :i.'<-oii tliof liivi'ti iVi'. 
 
 XoTii - No liuii-lcr lit' iui\ part nl' the Movk ooiiiiniscii in ilii- 
 Lt'ililliiilc will III' ro^;i.-U)ro>l uiuil this wrtilicatx is di-livcri'il ii|> ,i! 
 iho cov .- ollifx' 
 
 The 
 
 CilV, List ID. 
 
 \,. 
 
 £ 
 
 loD.ljiiU/. iii(iil;;a.n' (li'lii'iiiinf -tnik, I'.t , lioariny: iiilfre-t at llir rale 
 
 ol [n'.p.a. paxalili' f'vciy .Jaiiuai) iili'l - .luly]. 
 
 [The sl(xk irt «'il('<'imil)lo at i per writ, nt anv linio affciT iho 
 day of oil .six caleiular launtln' nnira' from llio coy.] 
 
 Tims is lo rEUTii'\ thai uf i.s the n-gistorod holdor .f 
 
 i: — of the aliovc-iiiciitil .stock, wliicli .stock is coustilun'l aiiJ 
 seourfd by trust dot'd dat<'d tho - day <"' — , an(l made heiwM'n 
 
 the coy of tho ono part and and trooN) .if tlio other purt. 
 
 and i.s i.s>uo<l .suliject to tho jirovi-ious contained in that dood. 
 
 Uiveii under the comiuon seal ot lliO eoy tlii.> da\ of . 
 
 NoTF.. -This (x?ililicate imi.st he suritjiidercil before any traii-f'T uf 
 the wliole or any part of tho .stock comprised in it can bo royisterod. 
 and no fraction of [one] pound can be traa.sforiv<l. 
 
 Sn' further as to sin-li cortitic.iti*'. I'nrt Ffl. of thi< wnk. on Dchi'tituri'i 
 and Debenture Stoek. 
 
 Thk — - Coi, 1-I.MTI). 
 
 No. . 
 
 100,001)/. mortg-af:^' 'lobeiiluiv .stock 
 of - - p. c. p. a. payable every - 
 
 [The .slock i.s tedtH'in il'le ai V''.] 
 
 Thi.s Is to ( KKTii'V that th" hcuior i.s iiR' roprielor of £-- -- of 
 flie aLovc-i;ieii!d dvlieiiture st-.-k. which -••••Ic is .■.v=!sti!:i--'d aiii! 
 secure<l 1)V trust do«.'d, dated the day <>( - , uiul nuide botvveeii 
 
 the coy of tlie one part and and - (trees i of tlie other part. 
 
 and i.s Lssuecl subjrcl to the provision- i. intuiiied in that deed. 
 
 Givcu uuder the cuiimiou soal of the coy tliis - day of . 
 
 I'l'irinir intero!<t at iIm' ral<' 
 [.( iii'i iryj and rjuly]. 
 
KoiiMf. 
 
 114: 
 
 The '"^ . I.iiiiiil 
 
 Foim 543a 
 
 N.J 
 
 Six Ill()lllli~ lfll<'lr,-l 11 
 
 i|(0..'iiiun' «iiiik 
 
 Ctililiralc I" ln'iui'i'. N'l 
 
 1 ..\at)lf ul , l>'-~ iiii'oiiic tii\ f 
 
 Sccrciiirv 
 
 .S..- furtli.r »- to "iK'li wrtilUMt.'-, I'arl 111. ..f tliU work, oii l),.l..iil.ir('- 
 nil Di'hciiturB Stui'k. 
 
 Form 850. 
 
 .■.Tlitii.il'' 
 I'/ ^l.ini|'. J ,l,.l„.|iti.n. 
 
 -toil, to rf>ri" 
 t..r..l liol.l.r. 
 
 ■TI•im^tl■r.- of this .-(ri|i aiv liulilo tn -tamp «lutv. , 
 
 lllll.OiMif. 1 p.M ('.•111 l'ir.-t Moiluair*' IK'Ik'iiIuk' Sl.xU 
 
 III 
 
 Till. ('l>^. I. mill 
 
 , S,ri|. N.I. 
 
 K.ir IMIUI1.1-. .oi ulii.'li .VI |.i'r (••■iit lia,- li|..'ii |iai.l 
 
 Tins I- TO .KRriKY that ol "I- -.(.Imt tli.> roo:isi..ro.l )i..l.lor 
 
 for ll|.> time lioiii- liof, will ..n pax iiioiil L. Mw.sr.-.. - - , or auy of 
 tli.ir hrauclK'.-', ..i: llic linal iii.-t.iliii.'iit of M\l. p.o. on ;il>t -luly, I'J— , 
 aii.l lo.l._mK.nt of this M'tip cvrtiti.ato, Loroiuo ..iilM to ho ro-isi.Tud 
 a.-i ilio holik'i of poiimls of tlio ahovo-iuonUl (h'tionluro slo'k. 
 
 It llu! abuvo-monta linal iiistiilmoiit is not .luly pd. tlio sums pro- 
 vioii.-ly pil on appliion ami aliotiiioiii an.! ..ii this .■•■i :ili.-.il" will ho 
 liahl.' lo foifriluro with.iul furtlior n.)tico. 
 
 Dated lh(» day of 
 
 Foi the L'o\, Liiiil.l, 
 
 , Socrctarv. 
 
 i 
 
 Tianslor of thLs scrii. nui>t Ixi in wiitiiio; in tlio usii.il common 
 lonii, or a;' near thcMOto a.s cir.niiiLstaiii^v; will a.lmit, aii.l tiiiist be 
 signed by tho traasf. ror and tho tiansferoo. au 1 iniist, Im> loft at 
 
 for registration aocompaniod by tlii.s ccrtifioato, and pv.ry -uoh 
 
 traiksfer when registered will ho rotain(!il by tho coy aii.l a iinto or 
 momdum ihof shall bo on.loiv-,e<l hereon. .V fee of -'.i. 0./. will bo 
 ..i,.(,..,.„,] f,,,. j]j,. vf^'j-i.'^'.rali.Mi of ..'^i. '' ii-an.st'c! .iiid niiisl ho p.l i.i ilio 
 
 coy before registration. 
 
 Fractional (certificates not involvni!,' fra. .i.ms of one poun'l ivill bo 
 issued where do^-ircl to the registered holder hof • oxcha ••_-.- for the 
 proseut certificate on payment of tl- ^re. 
 
 Wj^BBST^.'': 
 
1148 
 Form S50. 
 
 Final instnlment due 31st July, 19 
 - — , 19 — , the Bum of £ . 
 
 For Messrs. 
 For Messrs. 
 For MeciiTS. 
 
 CERTIFICATES, [ChAP. XIV. 
 Received the dav of 
 
 , Cashier. 
 
 This ia a form which has ; aind favour with the Revenue authoritisg, .as it 
 involves pnyniont of transfer duty, whereas a scrip certificate to bearer, as in 
 the following Form 551, avoids such duty. 
 
 Form 551. 
 
 Provinional 
 certificate to 
 bearer for 
 debenfurcH 
 tobcftrer. 
 
 No. — 
 
 The 
 
 Gov, LiMTD. 
 
 L<.sue of 120,000Z. 5 p.c. debentures at par under prospectus 
 dated January, 19 — . 
 
 .Scrip certificate for £^— 5 p.c. dobonfuros to bearer, on which 
 40 p.c. has been pd. 
 
 This is to certify thut the bearer hof on paj-niont of a further 
 
 60 p.c. in accordance with tlie prospectus of the coy dated 
 
 January, 19 — , to The Bank, Limtd, No. , or to Messrs. 
 
 of - - . or to Messrs. of — -, by instalments a.s follows; - 
 
 ;iO p.c. on the 15th May, 19 -, 
 ao „ „ loth November, 19 
 
 (such payments to be shown by the receipts at the bueii hof) will upon 
 surrender to tlie coy of this scrip certificate receive in exchange 
 therefor 5 p.c. dobonturos to bearer for £ — -, being pt of tlie abovc- 
 mentd issue of 120,0l}0i. to be secured under the provi.sioiis of a trust 
 
 deed dated the - of , and made between the above-inontd coy 
 
 of the one pt, and and , as trees of the otiior pt, and bearin}; 
 
 interest at the rate of a p.c. p. a. payable half-yearly on the 
 Ist .January and tlio 1st July, 19 -, or may at the option of the coy 
 be redeemed at a premium of 10 p.c. on or at any time aiter tlie 
 3 Ist December, 19 — , on six months' previous notice. 
 
 Default in payment of any of the above instalraonts at its duo date 
 will render (his certificate liable, and all previous payments in respect 
 of (ho sd debenture or debentures, to forfeiture. 
 
F0BM8. 
 
 1149 
 
 The debenture or debentures will be deliverable at the sd registered Form 651. 
 office after all instalments have been punctually pd as afsd, and due 
 uotice will be given when such debenture or debentures shall be 
 ready. 
 Signed by order of the Board. 
 
 For the Coy, Limtd. 
 
 , Director. 
 
 , Secretary 
 
 InBtalmont due , 19 
 
 Received the — — day of , 19—, the sum of pound-'. 
 
 For The Bank, l-imtd. 
 
 (or) 
 For Messrs. . 
 
 
 Instalment due loth November, 19 
 
 Rocoivcd the day of -^-, 19—, tlio sum of pounds 
 
 For The Bank, Liniid. 
 
 (or) 
 For Messrs. . 
 
 Tlio Revenue authorities do not objci't to bearer sirip where thi- ilebentures 
 aro to be to bearer. But they throw every po<sil,le ohstaele in the way of thone 
 who dMire, in aeeordance with the o'.tal)li«hed praetiee of nearly half a eentury, 
 to issue bearer scrip in respect of securities not intended to be to bearer. Yet 
 such scrip, it is well settled, h negotiable by the law merchant, llumhall v. 
 Metropolcla,. Ry., 2 Q. B. D. 194: n,K,<!.ri„ v. nuberts, 1 App. Cas. 17ii; 
 i:n-rhy'-> Clnim. 20 \V. R. 85.5. 
 
 ,; 31. 
 
 Tub Coy, Limtd. 
 
 Scrip Certificate. 
 
 The above-named coy (hnftr called " the now coy ") hby certifies 
 
 that The Coy, Limtd (hnftr chilled " the old coy ")> is absolutoly 
 
 and iiiKonditionully entld to have allotted to it or to ita noiiiiiiccs 
 tlio .-'hares follo\.ing, that is to say; - 
 
 fully pd up preference sliare.s of U. each in tho capital of tlic 
 
 new coy numbered to inclu.sivc. 
 
 • fully pd up ordinary shares of H. each in the capital of tlu' 
 
 new coy numbered to inclusive. 
 
 And that the old coy is entld to have such allotment made from time 
 to time ill such blocks or nuniliers n.s the old coy iiiny think oxpedioiif . 
 
 And that the right to such allotment hby acknowledged arises 
 under tho agreemt dated 'he day of , and made between, ic , 
 
 Form 652. 
 
 CcrtifiiKte in 
 favour of 
 liquiibitop. 
 
ur,(> 
 
 CF.RTIKICATK8. 
 
 [Chap. XIV. 
 
 Form 552. and that this cort ificate i.s issued to tho old coy as an inducement, to 
 Lonvoy certain of its a.ssot.s lo the new coy prior to tlio actual allot- 
 ment ot llio sliaics afsd, which lorni part of tho ron.son for the >aln of 
 huch propcrry, and a.s a inc;uis of lui.sini.^ money on such shares or 
 olherwise Jealintj; wilh (hem before allotiiienl: and adOidiiigiy lliil 
 ilic ab.-olutc and unconditional ri^-hl lo tho allotmonts hl)y acknow- 
 Ndged can under no circumstances bo ipiestioncd by tho new coy, 
 and tluil the old coy and all oilier persons are liby invited to act 
 accorilingly. 
 
 Given, ivu. 
 
 In Ihc above (■a>p it wa^ dc-ind t" n'tw pcM^-c-^iiiii to tho purchisiiif,' coiniiauy, 
 and to postpone the is^ue of the ilcbenitiri' -toi'k foniiiiiu' p:irt of tlio ( "ii 
 sideration, money in tho mo;intime lieinff r.iised thereon, .\eeordingly, th.' 
 above certilicute was framed. 
 
 Fonn 553. 
 
 F^orm of 
 
 share- 
 
 vvamnt 
 
 The — Cov, Limtd. 
 
 Capital, &c. 
 j^j £ pliares. 
 
 SliKri'-W'iirrdiit. 
 
 Tins IS TO CK.UTIFY that the bt^arer of ihi.s warrant is entld to 
 
 fullv pd-up shares of £- - each in the above-named coy, numbered 
 
 to inilu.sivc, subject to the articles ot tho coy. and to 
 
 ihe conditions indorsed hereon. See AVi/i/a. |ip. 080, 081.] 
 
 (iiven. itc. 
 
 liider till' Stamp A.t, 18'Jl ('it ^V ").J Viet. e. 39), a .■<hare-»-arrant to '.k ;ini 
 i.s liable to three times the <i'{ lalnrcm duty on a transfer for a considiTation nf 
 tho nominal value of the share or stoek. 
 
 For the ml i-nlnrrm duty on transfers, see now the Schedule to the Stamp 
 ."Vet, 1891, under "Conveyance or Transfer on Sale.'" It is as t'.i'jws: — 
 
 Whore the amount or value of the lonsideration for the sale does £ .«. /. 
 
 not psreed t5 n 11 
 
 Kxcceds C.> and does not exceed JCIO . . . . .010 
 
 ,. 10 ., „ !••> '• 1 '' 
 
 „ 1,^ ., „ 20 2 '> 
 
 20 ., ., 2.> 2 I. 
 
 25 ., .. .'lO .'> I' 
 
 „ .W ., ,.75 7 1. 
 
 .. 75 „ „ 100 10 
 
 „ 100 ., ,,125 12 r, 
 
 And so forth. 
 
 Sect. 73 of tho Finance (1909-10) Act, 1910, docs not double Ihe duty. Sec 
 p. 339, $upra. 
 
 MAik 
 
FORMS. 
 
 Scit. 107 of flio Stamp Act, 1891. i)r.ivi.l.« tli.il: - If a sli;iro wnrrant !■< 
 
 issued witliiiut bcinsj 'l"ly "lamji.-il ihi' i p.iny is^iuirii; tlip saiiii-. iiiul nisi, 
 
 CMTV per-oii Willi, at tin- time wIhmi ii I- i^siu-il, it tlir iiiaii:i:,'iiiar ilirfi't<ir or 
 bivri'tary, or otiifr iiriti(i|i;il iitfi. cr ol' the .ompany. -liall iiiriir a Km' nf .')(»;." 
 
 But tiic duty m:.y In- i iiiuiti"! iiniliM- wt. ll.'> iii' tlio Stamp Act. IH'II. 
 
 ^,.,t^. 1 and 5 of tlio l''iii.in'r> Act, IHin iiii .v (5:1 Vict. c. »), oxtoiid the 
 :.',iiivc duty to InstrumcntM liavini; like clfoi t. 
 
 I I'll 
 
 Form 553 
 
 Tiir. 
 Diviiloiiil I'liiiiinii. \o. - 
 
 Cov. l.lMlli 
 
 Form 554. 
 
 ('..uli-iU 
 
 to >tiarr- 
 
 \\;*tTailt. 
 
 On • .s|iai<'.> iiicliiilcil ill ilic >li,(i('-u,iiiaiil iiumlioircl ,i.- I^clow. 
 
 I'aviililc ;it llio cov'.s (dlu-o ill a lime |.i lie lixo.l \i\ a<lviM'ti.si 'iil 
 
 No. 
 
 -. Socrptnrv 
 
 It i> nut iMicoMiiiioii to aniiox to a -hare-warrant a scries of ■•inipiiis iMimlierKl 
 
 , »,.iatively. When they are exhiui,ste<l fresh cunpons are i-smd. Such emipons 
 
 rcpiire no .-ta ■ • 
 
 VVhero ■•' issui'd it is de-iralde in the e.iiiditi.in- (-•//,/•■', p. 113)) 
 
 l„ |,rovi. 1. lelivery of .i coupon shall I>i' a u'ood dis. h.n-^-e to llie coni- 
 
 i.:iny for -pondinij dividend. Sometimes a note is added to the coupons 
 
 nitimr tl f - coupon must ho broiiu'ht to the company's ollice upon tlie 
 
 iliiidend L ji ^.celared, in order tliat it may he examined aiid vouched." 
 
 .Vfi<>i all llie atladK'il (livideinl <oii|Hin.s li.ivo Ih'ci jxl or ...Ivoi lisod Form 555. 
 for |ia\Mi('iit, llio edv will, on pix'.sontaMoii of llii- warrant ami Mir- Vmii.Ii. r f,.r 
 KMiiler of llio voinhiM'. i.s-iio to the hoarcr a now sliooi of louiion.s to fresh .-oupoiis. 
 lie atlaelied to tlii.'^ warrant willi a .•siiiiilai vomhor. 
 
 The voucher will bo s,, printed that, after all the coupons h.ive been used. 
 -iich voucher may be detached ai:d handed to the company in exchaiise for fresh 
 (■rtU|ions and voucher. 
 
 Where share-warrants are likely to be de.ilt in abroad they iire (-enerally 
 I'rinted in two or more languivgc.s side by aide. 
 
 I'o tho Coy. I.imt.l. an<l .\ . H. aiul (' . llio diioetor.'s lliof. 
 
 liKNri.l.Mf.N, 1 liuvo lo.sl llio ccriifie.ilo <if litlo ilaloil tlio 
 
 Form 556. 
 
 -day '■■""",'■ . 
 
 - indetllMlly Ml 
 
 ul - it'laliiio; lo the - sliaros of oarli. niiniliofcd la i— ue..f fie»h 
 
 iiii lii.sivo, ill tho ahovo-iiaim^d coy, of wliii li 1 am iho luopriotor, '•"''■cate. 
 and I roipicsl you lo issuo to ino u frosh corlifii.ilo of title to kucIi 
 ^ha^os, and In (onsoii lliof I undorlako lo itidoniiiify yuii a<raiii.il. all 
 ad ions, procoo»liii<r-s, (•laiiii<, and domand.s whiili may ho hrontrhl or 
 itiado a(raiii8t yon or any of you in oonseiiuonoe of your having' iseiiod 
 
1152 
 
 CERTIFICATES. 
 
 [Chap. XIV. 
 
 Form 666. such fresh certificate, or in consequence of your permitting at any 
 time hereafter a traiisfet of the above shares, or any of thorn, without 
 die production of the original certificate above referred to. 
 
 A^nd I^ ^ of , concur in the above request, and guarantet! 
 
 the performance by Uic sd of ilie above undertaking. 
 
 (Signature.) 
 Dated the day of . 
 
 il..'. .'tamp if iiiulcT hand, or if uniliT neal l()«. 
 
 Form 557 
 
 * 'tTtitinjiti-' 
 i>f inoorjKjni- 
 tion. 
 
 I iiF.REBV CKKTifv thiit the - Cov, [.imtd, i.s tliis day incorporated 
 undci the t'o> \r{, 1908, and that tliis coy is liratd. 
 Ciiven under my luiud thi> - day of . 
 
 Swt. 17 of the Xft of 1908 makes the Rpfjistrar'n eertificate of the incor- 
 poration conclunivc evidence that all the roiiuisitions of the Act in rcapci't of 
 re(;i..-t' ition have licen complied with. See siipni, p. 24. 
 
 Form 568. 
 
 • 'ertiticiiir un 
 
 roy-ihtratioii 
 
 imder 
 
 I'art VII. ,,f 
 
 Act of lUOS. 
 
 I HEREBY ci-.UTiiv tlial A. B. i Co., Limtd ( wliicli wa.i con.stiint«>d 
 l)y arts of as^.^^)n dated - — ), i.-* thi.s day incorporated under the Cu.i 
 Act, 1908, and that thi.s (oy is limtd. 
 
 Given under my luind at London thi.s day of . 
 
 When the deed is calh-d a " deed of settlement " the certificate is framed 
 accordingly. It is conclusive under sect. 17, viprti, sect. 192 of the .\ct of I.S62 
 beinjj repealed. 
 
 Form 659. 
 
 The 
 
 Brrwf.rv Gov, Limtd. 
 
 Crtificate of Incorporated under British statute known as the Gos (Gousolidatiou) 
 
 bhareH held . i„.iq 
 
 Act, 1908. 
 
 in trust by 
 
 Aiuirioan 
 
 corporation 
 
 Capital 1,000,000?.. divided into ordinary shares of £- 
 
 and prpfpreiiec sliaros of £ each. 
 
 ■ each, 
 
 - lOl. shares in the 
 wliich shares urc 
 
 This is to ckrtifv tluit tlie bearer Li ontld to - 
 above-named coy, huflr called the — Coy 
 numbered - — to imbisivc. 
 
 Tlic sd shares form part of Uic 20,000 ordinary shares in tlio toy 
 
 comprised in the trust dcnd liated the day of , and iiiaile 
 
 between A. B. and others of the one j)arl, and the Tru.st Goy of 
 
 Boston (hnftr called the Trust Goy) of the othir part, and this cer:i- 
 ficalo is Issued sul)ject to the provisions of the sd deed. 
 
 Dividends from time to lime (layablo in respect of the sd shares «i)i 
 be pd on presentation to the sd trust coy of the appropriate coupons. 
 With this certificate there are issued [20] coupons, together with a 
 voucher for further coupons; and as and when the coupons for the 
 
FORMS. 
 
 115;{ 
 
 tiinp being bclonping to this tHsrtificate aro exhauslod, furlhcM coupons Form 659. 
 wiili a lurtlier vouehor will, on pre.si'ntatiuri of this corlillcalo, bo 
 ih,^\i('(l 10 the boaror in oxc hango for the vouihor. 
 
 Tlio delivery to th'! .-.d trust coy of o;'.i'h coupon shall be a «:aod 
 (lis(liar<ro for the dividend thoroiii referred to. This o^irlilit at<> is 
 tran.'ifcrable by delivery, and tlio .sd trust coy are to bo enlld to r^nard 
 the lioaicr hof fur the (iiuo iieiii;,' as llie alisobite owner tliol'. 
 
 It at any lime the bearer hof dusiios to have several lerliliiatrs for 
 the .same shares in.stead of one, the sd trust i-oy will, on prisiMitation 
 imd siivrondor of this certificate and all coupon^, issue to liiin furl her 
 ccrtiliialc.s and coui)uns, but the sd trust coy uhall be ontid to ohargo 
 II foe of - - for each certifii-ato issued. 
 
 In accordance with the provisions of the sd trust deed, the trust coy 
 will at any time, on the recjuesl of tho bearer thof, and on the 
 Mirrciuier of this certificate to bo camelled, tr.insfo. lO .-^uuh bearer or 
 his nominee the shares comprised in this cerlificato by instrument of 
 transfei framed in accordance wilh the iOiriil.i:ions of the (oy, (o tiio 
 intent that, by registration of .sui'h transfer in the books of the coy, 
 ilic li'-al titl(> in tho shares shall bcroine vesl.'d in the Iraristciue 
 nanicil in such cer'.iilcate. 
 
 Molice of any dividend from time to time payable in respect of the 
 
 .sd shares comprised in this certiticate will bo advertised in tho 
 
 newspapers. 
 
 Given under the common seal of tho Trust Coy this day 
 
 of . 
 
 Wtirrc an Enprlish company acquires tho undcrtakini? of nn .Vmorican rom- 
 jany, or all ttie shares in an Americ.in company, and a considoralilc p:irt of 
 tlic price consists of aliaroj in tho l^nijlish company, the vendor may want to 
 sell such shares in .\mcri 'a. In some ca<ci, to faeilitite this tho vendor h:is 
 ■ Utaiiied shure-warrants to l)e:irer at ••r'at cxpenw (3 . per cent.), hat hn 
 fnuiid that such warrants, bearin? a liritish revenue st.:im are not liked, and 
 are found inconvenient, as they cannot be split. .XccordinirJy, in other ea-cs 
 the vendor h.-w vested the shares in an .\merican trust conijiany, and obtained 
 CI rtifiiates on the lines of tho above. 8u /h eertifi-ates i-.tn b' f r •.•!¥ .sold and 
 dealt with in America, and they want no stamp there, nor does tho transfer from 
 tlio vendor to tho trustee wani more than a 10». stamp. 
 
 4 K 
 
1154 
 
 Cl-aiTlFICATES. 
 
 [Chap. XIV. 
 
 Form 660. CEnxintvTE of Hf.<.im k\ i ion "/ Ormih «/ Coi ht, roiitirmitiu 
 Altiralion of OUiirl.t <«• Fonn of < mi^lilnH'w 
 
 (Pursuant to S.Mt.<. •->tJ4 ami 9 ,<>: '>!' the ( 'onipiiuics 
 Coiisoluktion; Ad, 1908.) 
 
 No. . 
 
 The Sttxk Bank, Limtd, huviiifi bv .special msolutiou alti'ied 
 
 the form of its constitution by an Unior made in the lli-li Court ol 
 
 .Justifo. Chauceiy Division, beaiin>r date tlie day of , I lil, 
 
 rertifv tlie rof:i.stiatiou oi the sd Order and of a printed ropy of the 
 incHiduu! anii'irta of iusson as .substituted for its deeds of settleuioiil 
 Given under uiv hand at London this - day of - -. I'.l -. 
 
 .\. U., 
 ResfiKtrar of Cos. 
 
 The above U the form of .♦•rtifiratu U-.uc^l wIi.to .i loiupuny adopts, und,r 
 scob<. 2(H and 9 (fi) of the f«mpaiuos Act, I'JOS (ropliioiiip the Companio. 
 (Jfoiiiorandum of AssoL-iatiou) Act, 1890), a memorandum and i.rticlca in pla.o 
 of a deed of settlement. 
 
 ^ 
 
115A 
 
 POWERS (IF ATTOKXFA. 
 
 CllAFrEH XV. 
 
 INTKOnrcinin NolKS. 
 
 1'ii'.m:i!> III anniiii'\ me lrri,iiciillv rt'c|iMrcil in roiiiioitioii willi . niii- 
 iiajiics. I'tniii'i liirir itny roinpaiiy laii a|ii>niiil an atimrii'V lo .k t on 
 iL'^ k'liall. t'oi the attormn- is aa a'j^>nt, ami, as a coinpany can <iuly 
 aci bv aijcnlK. il has an hiipliod power to appcini ^ikIi ajr<'nts ^siipni. 
 
 1 ■ ••'>'• 
 
 Wlu'lliPi, howovi'r. in any particular I'a.so ilio directorH ol a(Oin|ian\ 
 
 have powi'i tn oxccuto a pouor of attorni'v on \\w ('om)>any'.s li<'lialt 
 
 (li'pt'iid.- on tlio artiiics. The y:oricral lulc is IMcunhis mil imlrxi 
 
 dcUiliirc. Hnt dirfitors arc j;oru'rally invosicd with wide ;;oiiiMal 
 
 ji,,„,.rs isci' xuiini. l>p. "Hi. 717 1. and In viiliic .il' sw li pout'is ilu'v 
 
 arc iisiiallv in a position lo f;iaiil a power of attorney; otherwise the 
 
 >aiiciion of a general meetin(>- must lie olitaiiied. See 'tiiprri. p. ;17. 
 
 Sc(t. 7S of tiio Act of UlllS iiivt^s e\pre'S power lo any company to 
 
 .ijipoiiit an attorney to execute deeds abroad. See alsii sect 7'.t. 
 
 n piacinp: the t'onipaniow S<'als Act. IHlil. hifrir 
 
 The followiii-,' extracts from tJie Conveyancin": Aciis, 18S1 and 188L'. 
 
 fliould be borne in luind: 
 
 companv to 
 ujipuitit. 
 
 :! i 
 
 H 
 
 i. (ONVF.YAMINd, &t. AcT, 18SI 
 
 11). ( I ) The ddtici- iif il pnw<M- nf jttenipy miy. if he thinks tit, I'oxcutc and 
 .In nnv a^siiramc iiiMtnimcnt, or thinL' in ami with hi-« own nanip and siirnaturo 
 ni.l liis own seal, where sealinir i" r^cpiired, liy tlie nutho,-ity of the donrir of the 
 pimer: and every a<surain'e, in-it-nnient, and thin'j «i e-ie iited and done shall 
 \«- as ell'cetual in law, to all intents, as if it had lieen exeented or done by 
 :;,■ ilonee of the power in th« name and with the si(,'nature and seal of the 
 'intiitr thereof. 
 
 ■J I This section applies to powers of attorney created by inatruments executed 
 ■ itlier before or after the eommeneement of this Aet. 
 
 47. -(1) Any person making; or dolnp any payment or act, in (food faith, in 
 |iiir~niUiceor il power of ad.iriK >, nhiitt nor ho liab:r in rcspr-t of the pnymriil of 
 .1. 1 liy reasim that before the payment or at the donor of the power had died, 
 ■T liecome lunatic, of unsound mind, or bankrupt, or had revoked the power, if 
 thi fait of death, lunacy, unsoundness of mind, bankruptcy, or revocation was 
 
 4 E 2 
 
 I'^xeeiition 
 under power 
 of attorney. 
 
 Payment by 
 att*ir!i''y 
 under power, 
 without uoticp 
 of death, &%, 
 good. 
 
116U 
 
 I'OWKKS OF ATTOKNEY, 
 
 [Chap. XV. 
 
 I 
 I 
 
 i 
 
 Depofiit uf 
 oriiriual 
 inHtrumoQtA 
 creatiti)^ 
 powert* of 
 atturuc; . 
 
 not at the tim.- of the payment or uot known to tlio person making or doir,|{ 
 
 the game. 
 
 (2) Hut thi- acction shall not affect any riijht against tho payw of any 
 person intcre-tr-l in any money »o paid; and that por*m «hall have the lik„ 
 remiMly a^'ainst tho payw as he would have had asainit the payer if the p ;iy- 
 ment had not l)i'en made by him. 
 
 (3) Tlii.s seotion uppii.'S only to payments and acts made and done after tlio 
 commcnecment of this Act. 
 
 iH.—(l) .\n in.struuK-nt enating a iiower of atd.rtiey. iW execution l«-inK 
 verified by attid;nit, statutory de.h.rition, or other ^iitti^ >it eviden. e, ni:,y. 
 with the aftiJ.ivit ..r ,1 -.laratlo. . if any. b.- depo/.teil in tin- Central Olfi.'. of 
 the Supreme Court of .Tuili'-ature. 
 
 (2) A separate file of instruments ^o deposited shall he kept, and any pirsuii 
 may search that file^ and inspet every instrument so deposited, and ,.n otli.o 
 copy thereof shall be delivered out to him on rf(piest 
 
 (3) A copy of an instrument so dcpo-itcJ m.iy be presented at the ollin-, 
 and may be stamped or marked as an affieo copy, and when so stamped or raark.J 
 shall become and bo an office copy. 
 
 (4) An office copy of an instrument so deposi-ed .shall, without further prcf, 
 be sufficient evidence of the contents of the instrument and of the dep...ii 
 thereof in the Central Office. 
 
 (5) (icneral rules mav bo made for purposes of this section, regulatin;; th. 
 practice of the Central Olli.'C, and pre^.-riblnu' with the eoncurren.e of th, 
 Commissioners of Her .Majesty's Treasury, tho fees to bo taken therein. [Ac 
 
 AnXIAI I'ltACTII K. I 
 
 (6) This section applies to instruments cre.■^tin^' powers of attorney execat.d 
 either before or after the commencement of this Act. 
 
 Effect of 
 power (»f 
 attorney, fir 
 ▼alue, made 
 absolutely 
 irrevocable. 
 
 Effect of 
 power of 
 
 11. CONVKVANCINd ACT, 188U. 
 
 8 —(1) If a power of attorn-v, given for v.ilaable consideration, is in the 
 instrument creatine the power expressed to be irrevocable, then, in favour ot » 
 purchaser — 
 
 (i) The power shall not be revoked at any time, either by anything dun.' by 
 the donor of the power without tho concurrcnoa of the done- or th" 
 power, or by the death, marriage, lunacy, unsoundness of minJ. or 
 bankruptcy, of the donor of the power; and 
 
 . ii) Any act done at any time by the donee of the power, in pursuance of the 
 power, shall be as valid as if anything done by tho donor of the power 
 witliout the concurrence of tho donee of the power, or ot the dcatli, 
 marriage, lunacy, unsoundness of mind, or bankruptcy of the donor 
 of the power, had not been done or happcne-1; and 
 
 (iU) Neither tho donee of the power nor tho purchasier shall at any time be 
 prejudicially allected by notice of anything done by the donor of the 
 power, witliout the concurrence of the doneo of the power, or of th" 
 death, marriage, lunacy, unsoundness of mind, or bankruptcy of '.,■ 
 donor of the power. 
 
 (,2) This section upplie. oidy to powers of attorney created by instruments 
 executed after the commencement of this Act. 
 
 » _(1) If a power of attorney, whether given for valuable consideration or 
 not, U in the instrument croaUng the power oxpreasod to bo irrevocable 
 
INTRODITCTOKY NOTES. 
 
 1107 
 
 for a fixed time therein specified, not exoomling one your from the (kte attnrnej fi>r 
 of the inatrament, then, in favour of a purrhaner— ^ 'J'»; '^^^"^ 
 
 III The power uliaU not be revoltod for and during that tixod time, either v,„,,bi,, f,„ 
 by anything done by Uio donor of the power williuul tlio •oiicurromo of lUed tini.- 
 tbf ilonco of Ihr power, or by the death, niarriaije, lunacy, un*>undne« 
 of mind, or bankruptcy of tlio donor of thi' powor; and 
 
 ji, \ny act done within that fixed timo, by the donee of the jiuwer, in 
 pursuance of the power, nhall bo a* valid a^ if anythini- .lone by th.i 
 donor of tlie power, without the c'oneurronce of the dnnee of the 
 power, or the death, marriaRe. lunacy, unsoundnesi of mind, or bank- 
 ruptcy of the donor of the powor, bad not been done or bappencd; and 
 ,iii; Neither the donee of tho power nor tho purchaser shall at any time b.' 
 ' prejudicially affected by notic cither durini,' or after that fixed time of 
 anytbin? done by the donor of the power durlnff that fixed time, 
 without'the concurrcnie of tho donco of tho power, or of tlie .leatb, 
 raarriuKe, lunacy, unsoundncs of mind, or b.inknipt.y of the donor of 
 the power within that fi.xed time. 
 
 i; This section applies only to powers of attorney create.1 by nHtniments 
 cxecutod after tlie rommeneement of thi.-i .Vet. 
 
 As to the tomtmdujH uj a I'oicer of Ai. .nit'i/. 
 
 Such an instrument w strictly con.Mriio(l. lt~ opoialinn may for Construct!. „. 
 evainido Iw limilod by a rci-ital, e f]., wliuro tho in.striiinont rccitos 
 that the api>ointor Is froing al)rna<l and do-siros to appoint nil attorney 
 to act durinjf his ab.spnct'. tlio powor. howover wide, may 1* licld 
 iiicllcclive after the appointor's return, and thoreforo ovidoncc of his 
 uon-rcturn may have to be produced (.sec Dauby v. Coutt.s. 29 C Div. 
 ,Siu)i, unlcs.s, indeed, the iustruiucnt otherwise jjvovides. 
 
 So, where tlie instrument <rivos authority to do certain specifieil 
 thini,^, or api.oarri to have been intended U. be iisod for certain 
 ppooitied purposes, any general words ooulaint^i in it may bo cut 
 down in their operation, and held only to autliorize tho doing of 
 w'lat is incidental to that which is sprcifirally mentioned. AWnmdv. 
 .U«/ini»'/.s, 7 H. .t (". 278; EsiUiile v. Fai .\<iu:e, I V. t C. Ivk. .'.91; 
 llarf.rr v. (loihelL .-. (}■ U. 122; Jonwoijoy v. Walxon. 9 .\i.p I'as. 
 ,^r,l; [iryant v Ii<nuiuc du Pruple. (189;5) App. ('as, 170; .Inmh^ v. 
 Morris. (1902) 1 Oh, SltJ; «« L. T. 275; Ilaiiihrn v. HurrMiid. ( 1904) 
 
 2 K. B. 11. 
 
 Thus, under a power to rfcll, a.ssign, or tiansfer certain <hares or 
 Kccnritie.s, tlie attorney cannnt i)lo.ltre them {De lionrhovl v. (;<M- 
 smid. uhi nupra: Jonmenjoy v. Watson, 9 .4pp. ('a^- oCA). or barter 
 them {Guerreiro v. Serle, S 15. & Ad. <il(;); or sell them on credit 
 ( Wiltshire V. Sinm, 1 Camp. 258;. A power to buy, sell, and charter 
 vessels does not include powor to borrow (liryaiit v. Hanquc: du 
 I\uple, supra): and a power to sell property gives no power to sell 
 under a mortgage (Ilippuiliy v. Kwe liros., (1905) 1 K. li. 7; but 
 sec Davy v Waller, 81 L. T. 107j. A imwer to receive all salaries 
 and monev belonging to the principal doe.s not enable the attorney 
 
ll.V* 
 
 FOWKRS OK AITORNKY. [( 'llAI'. XV 
 
 to m'p.tii.U- or iiuloiM. ii bill (//-<'/// * >•"""' - ''"•""" ""' "•" 
 d.K- u l...«.'r ;;iv.Mi l.v a iii.-M-i'V!''.. I,, i.m-.iv.t uikI l•.•.•c.i^,. all mih,^ 
 ot nmnrx ;.irl ' lo .■..•II'.ihn kmI n, ,m..-miii.I |,r..|MMi> iin« .,i l,..|,-alM 
 lH.|uiP_'in- 1.. tlif piiii. i|uliM.ii!.li III.. MiloMicv i.m.mt. i... ili.' |m.«. , 
 
 0|- .„,{" .ulll.li I in llw lllolliia-r Ih.ir,,,,, iliol ./,•/</,/■//•*' I :,lt,n' 
 
 lllDI iM li .'I'.ii; ami a |ii.\\<'f !<■ Iiori.iu I'lM "I'ltaiii iniijxix-s <|. . . 
 
 iiol iiu\n.y: ., .ji ral |...«i'i- "' l">it.,« .t„';,h- v .I/..///", I;, i 
 
 I ( h Ji;i 
 
 ll v\.i.-- Iicl.l. liM»(\ci. ill lliiiil. <>l llrnjid v .MinU'xL 7 M'"' I' ' 
 ;;.-,. 71. ihal .1 |M,«... 1<. >..il iu.l...M., a..,l a-i-ii, i- a l)ow.r to -ll „ 
 p„vvv, lu ili.luix'. ..11,1 a puu.-l- to a^.>i-U Au.l it .cM-m^ ll.at a |m,u. , 
 lu nill a l)U>iur*- ii' .1 !.'i>iiin .•.inut'iii i)ii)lial.l\ liivo p.. hoi In m-.n, 
 a claiis,. ill 111-. ,oiilra( t i. straiuiii'A ll'«' voiuloi in.iii ..mi|.i!tni- «r '.u 
 tt .vitain .lislan... IV. lau.llov. I, J , llwrkxlry v. Oulr,,,,.. ( Ih.'i', 
 
 ,-! Ch ••;•.'.) Iii.-.(iu,ti„ii- liv a |.liiicil)al t^.aii uji.Mil Ioivumx.' imv i 
 
 in ,r..s, flicnu...; ami i.nt in ra.-li nui-t l.o o\|ili<-it t.. hin-l a n.~lo.ii, i . 
 InlnmtimMl S,,n,n,r hn,..„trrs ^ II .-//. i I'.Ml' A C J7!. t'. >...:, 
 facie 111.' .U-alli nt 111,. |n,ii.l|.al ,,->,. /„,/.. ...v.. Iv- tli.' |"'»''i ^ '-' 
 \ /w/iri. I (amp J7:,' 
 
 St. al.-n III-' iMlikini.l.;, ..I ll..' |.riH.i|.:il i- /'/"""' !'<'■'<■ .\ ...VKal i-ii 
 
 faiker v. .<«»»(/». I'i Ka-i . .WJ. /•-V^"'' ^ • Tunin.iinl, 7 App. Cx-. 7'.' 
 liie,,uiu. liuu.s.M.apail In.ii, ll.-' al^jvc v\-"nt.s, a p„«.., oluUni- 
 
 uov lor vuliuiM.. .• i.lriati.M, .aiiiiol !"■ i.'Vdli.'.l /.V.,,/./.-;/ v 
 
 llullami. 7 Vc. liH. .V'l"-n ^ Sh„llr„. .. .1.. V l.al .;i:i; '"/■''•' V 
 
 II /,;^ :2o (■ i) uiis 
 
 Tlui.- «li..i.' an ,iuw. .•Ill i~ .i.u.ivil ii.ln i.ii Milli.-i..iii .•..i.>i<l..i..- 
 
 tioii. aii.l .'iilMM ion,..^ pa.i -i a ..■.uiiis ... 1>^ t;ivon tor tlii' pi.ipo-., 
 
 of .sOLUiiii- .-..nir iMMiolil 1.. tli.. .I.m.... ..I an amiioiilv. iIm' anllioruy 
 
 is iir..vu.aMf l-f'th \ hrilh. . l<.HMi, .\ »' -Jot 
 
 \.s I,, vali.litv ..t acts. I I..'f..iv n<ili.-<' «i icvmalinii. -<■.• .s„//. x 
 
 Firl^l. .-) T. K 21.-.; /•;//;.)// V iiir,iu<ilt-.l. 7 App < a.^ 7'.>; OruHld 
 
 Hank. -JH ( 1) r,;U; S„ll„„ v .V,/r Hrrxhn, Cflrlr '" <l"""' ' 
 
 ( h l.i. and iln' I 'imv.'.vancintr .^<l- \W:i 
 
 A jiowiT uf all.iiii.'V «\f.nl<>.l in .iiif cmmlrv willi a vi.'u tn ii.~ ii.-.. 
 
 ill annlli.T r.,uiili\ is" ,,r/m,i Uirir ti, I..- .•..n.^liiH-.l in ace.ir.lan.f vvilli 
 
 111.' law „r til.. ..■..niitrv wliero it i» to l.o uscl lira:iluni Suhimum,- 
 
 Tehumpli ( o.. I.imilot. 'V.i L T :i7.K M ^^ H ">■"• 
 
 'I'lif Couit will not tJik.. judicial .■..fiiii/an f ol llio iiolanal ^oul of 
 
 a iiolaiv puldi.' of a foit;i^'ii ciiiiliv /•.'((c/V Trust, i K >i •' ■ •>"" 
 
 Tlieiv niu.-t 1.0 an alU.lavil voiif.viny tli.^ alloslali..n. or a coitilicaie. 
 
 , ,, . 1.x llio lirili.>li consul. Ila^ni.tt v. Mill. .". D M. A I- '•'l"; 
 
 r„„/,v\ II ,//<«. •>:, V I) 7.1'.t. .M.uirc. \-< (v>. H l> -ili: "'"I >"'•' 
 
 .\,u. I'r .. n-,osl..()r.l X.N.Will r .; ..f tli.' ir SC : and Sinnsror ^ 
 
 t laths. 
 
 In Loni KimiamI v Lwhj S„ll„iu> . IKlth. I Ma.l.l 21>7 a p-w.T 
 of attornpv oxeoutc.l in Pari.s in tlio pro.soiie*' .)f t\v.. witn.'s-o- and 
 
 ■iwai 
 
INTRODircroliV SOtVJi. 
 
 ,ulh.i.lkati'.l h\ a u-.tary public ll.oro, xv;.« i.r.l.'if<l t.. Iv .ulo.l on in 
 i„..l.,„,l un uiiivlli.lavil U-iiiy Iniih, oiiiin- llial llh- ii-.tan w.whU.li. 
 Vav.i.liiisf I" llif law of Ki.^lau.l, lUv moiv pin lurli.iii ol llu< I'i.'itili- 
 ..ito ..(■ a notaiv puLlio mUiUu- Uiul a .l.'.-.l lia.l l.i.'u ,so,»\o,\ lH-f..ro 
 |,i,„ uuuM not' ill a.is »ay .li-|'"'»^'' "'•'' ''"' l""l'«''' '^i'l''"^' "f ''•«' 
 
 ,^,.,uii..ii .'I iIk' 'I I l'<'' '-■"■'' '•"""■ '• ' ^l"-' ' •"«"-'"""'''' 
 
 . II .; I' t' oiJl 
 
 l',iin,i l/ic/r- llicx' wli..aoal Willi ii |..i-.|] a.liii- iiiilcr. mi |.iii|..iI- 
 111, I., aw uiidiT, a iKiw.T ul iitt-.riii\\ aiv Imiuii.! Io in |mr.> iiit,.. ill.' 
 au'li'Uliiilv »il '•"' l'""<'' "'■ '<<""•'"'"' ^ (i<'hU>n!,l. ■". \"'- :il;i. 
 
 ,„., i.ni.i iiMnii; >•/(, ■//(«•/(/ \ ././,■/(/ >7.«/, /(((»/.• i:i \\<\' <'a> ;i;!a, 
 /;,./.'/"■' ^ /.•'■"'/"'■'/" ''•"/'''■• i«'-'-" Api. < a.. i:m .,,hI -.• -r.i. ■:■; 
 
 ,,l V.I - I ENcliaii-v Act. IH82. a.-i lo liill- ami iinU- 
 
 liiil wln'io lli<- ajiCiil i.- arlia- iiiidi'i .1 wiiltcii aiiiliciii \ . .iml what 
 1,,. ,l,H-r..iii<-- ui'liiii 111'' tonii" ol lliat .nilhoiily. tlu' f. iuripal .aiiiiol 
 iri.ii.liitl.' tlif a. 1 nil llic ■_n-niiii'l thai llic aui'lll aL;.'.l in 111-' <iwil 
 iui,.i,..-l.- au.l nni ill -linw nl llic |u 111. ipil. aihl lliis lulo aiiiili.'- I'vou 
 uh.ro fli.' nllii'i' |'ail,\ 1" ll"' li'Mi.-.i. linn \. a> iml aware nl iIm' wiiil.-ii 
 
 aillR.iitv llawhin X. IliiniuHl. \'.»>ii -2 K. '■ '*< 
 
 Ai,.l wlifK" 111'' anciil has im.u.m.-. .■\.>!( i-.Mhl' in s|.... iai (il.illli- 
 , Uiuc.-. il -.•.•lil> lli.H a iH'lsnii .h'alilin willl hliu /<..((-( lidf imi'il Iml 
 
 ,u ,uii. wh.'th.'i ihn.-" -jii'. iai .1.. mim-Uiiim - li im' u i-cn M,.,.l.,,.,,i.,r 
 
 , >li,il,i. l'> Api.. la-. -iO: 
 
 lU Mn, 7; Uf lhl> Arl nC I'.KIS, \ hlllnl , ■ \. h.Uin • ' UP ^H'-UII >n\ 
 
 ,K,'.' i- In !,.• .l.'lMll.'.j In il;U.- I..-. I 1,1.1.1-. a M.|.i.',| .,1 ,ll.|nl>.',l .Ml 
 |„,l,;,ll nl a . niiiiMMv it iii.i.hv ;„ r.p'.Ml. ,.■ ih.hii-.Mi in ■■Uf Mauic .,l ,.i 
 v 01 nil h..h:ill' ..I ni, ,1,1, ,11111 ..r 111.' ■niii|Mi.\ 1>\ aii\ |"'1,m,ii a, linn 
 ,„„|,., ,,, aiilh.anv Ihn. ... — ,,11,,^ t,, ;•,,•„..,, /,/./■<>•/, m/ ll'nil: 
 \ riiihlnr. il'.Mi'.O 1 K I! '"'l. 'h.' aiillinii;\ in -in h .ax' niii^l 
 I,., all aiilh.iiilv IN f;i.l Siiivlv. h., ■..•\.', tin- r.ilc in «..'/"/ liriltsh 
 ('..:„!.- ^ T'lr;"'!,,,! (i Iv A W .-.-: -'/.'■'. 1' ''■> ^MM-"'-- ""<• 
 
 ,.ntii!.- .1 i.i'1-..M .liMlinn wi h Ih. iip.Hi\ in -no.! faith m a-imic 
 
 ,|,;„ ,|„ |M.i>.iM Mnniii^ ni, ih i|...n;. - 1. iiall 1- 'M^ ainh.ai/.'.l 
 
 Tha- uih' appli.- tn .nan:;. 1> iiiaij.' an. hi -imI. 7.i. aii.l ih.' w.inlinn 
 ,,! ih.> iw.. x'llinn- i- -iih.-laiili.ill\ llm -aiUL' 
 
 A- to ;i .-t,Kkl.inU.M - lial.ilil\ tu iii.h-innilv ih.' Hank -.f I'.iinlaiHl 
 „|,.„,, I,.. 1,;,,| i,„i,i.cd 111,- hank in !..■. ,,„ a lot j.mI ,.„w,., ,,f ..tln,iM..v 
 ..... on.;, \. Ilui! ni Eillla.i:!. \'-M-l^ I (h ..III. al-,, /.',(///, ,'.' 
 
 /■•„,;/ I^ iHlUr. I'.M.Hi-K, 1! L'MS.,.n,IS ( ' . J.", T I. h'.-.o'.'. 
 
 Al'lioii-h th.' .A n.'ii "I ■> '!''t''' ''> •'" ■"i"i"<",^ 1"''.^ '"' lii''--iii"''"' 
 
 iruin the ■11,11., mn nt lla- .h-.'.i. ilii'm ,. ,„. |.ic iplinn. if ih.' pnw.T 
 
 .,r un nllM.V i- llnl plnlll,.'.! that ll,.' allnlUl'V W.I- :luK .1 II t h, ill/..'. I 
 
 I,), ./, IK'.'Ti I <'|i IC.I 
 
 llft'> 
 
 All altoiiit\\ i.s an a;;eii 
 jlc lluil an a^'Pin cannot. \vi 
 
 1. and i- lii.Ti'fni.- -ah|u 
 
 I |.> UK- \u 
 
 .-ri:h-.i A.r.v 
 
 [h,,iit llic kni,wh'.ino aiul nin.-i'iii nl iii.s j, 
 
 able 
 r prufite. 
 
 lipal. lie allowed In makf auv piolil ..m »t llic ma 
 
 Ik'i ul hi.< 
 
 agfiuv hovoiiil hi.- prnpi'i n luunoial 
 
 inn >.•(• stipiu, i> 732j, nor i.- 
 
llflO 
 
 »OW'.R'« OV A'n >KNE<r. 
 
 [("HAP. XV. 
 
 m 
 
 bo nll(nred to put himself ii^ v posiu iti la which his interpst nnd duty 
 will- or miiv -< "iillict il'nr cr v. M(i\<tn>;i, lo Ch. 'Jii, 118; (Jray 
 V. Fur,/ ( ISOt.) A. C. 41, Kinj v 11 n"lt. ^7 T. I. U 114, C. A), 
 and hi' is a. ^ <junt;klilo fir any NOcntt protin (sew tho oases roll.' iH 
 .•<«/<nr. i>. T.i-'); HO al^o if 'i<» (lfln;.'iitf.s his un'li .rity i" u (tiib-ii-oi]! 
 that 8uli- 11,'ont may bo 1 .U)lo to lli.- priniip' i„r any -ocret U'wiU 
 lic ol.tuitiH. l',)wi-ll d Thoman v. I'.can .1 >t,'n ,t ( o., il'J',..) \ 
 
 K. li II. 
 
 powers of alloiin'V, whi'thtT uxcriiioil hfni foi u-o abroad, u. 
 «.\eculf.l iiliio:iil fi>r U.SO Ih'ic. uio ii^miuIIn I'MHU'od iu tho jin -.>iii.' ..| 
 a no'.iry piihli'-. wli.. (■.•nilii-s tho oxc uiiou If oxouuted ,.*.iud .i 
 further lorlilicaK' sliould ho ohtiiitiod from tho i ili-h coii-ul idotil.- 
 fyiii^' iiiid ioi!ifyiu<r .i» to tho .>t,r'is ,,f iho iiMtar; iiml a |. nv. r ci 
 attor"npy exoi utod liore ui.iy ho fortilM-d ! y tho torlih ate of ih.- <(.u,sii| 
 or afroiit-uonenil ..f tlio foioiurn coipiii^ or ct.lniy rthoro it i lu he 
 (i-.od" Tho >;rcaf point is Ut allord thoso who doal with tlio altornrv 
 'lie fullest assuranif thut tiic iiiHtrurnont is aiithon'ir; and it is dcsii- 
 able with thi.s vioa in ea h la.so lo as(Ortain < othor tho h.rul law or 
 pr .I'ico rP((uire.s any spiiial formaliiie- 
 
 Undor tho Stamp Act. 18'Jl. a powor of attorue\ uoiirr.illy refpiinw 
 ft Ida. stamp 
 
fORMJ*. 
 
 tliif 
 
 |>Hi:( I MKN iS 
 
 '•«\\i;k Io ^\y 
 
 'li. 
 
 . II 
 
 V Ar.iioMi. 
 
 T,.AI.I 1(1 WHOM r = i!SF. 1" MHENT* -!!■ rOMl.tllO Cov , I .ilHtll, 
 
 ha', If.'-' it-" roiri-ioTOl of-* at. f'r-.. au-.l r=iu:r i .llotl " tl.n C'v ' "oikIm 
 
 U Mi.ur.As \Uv > . on, Ac, w4« i^.-orponiu'.! mvlcr III'- (':■■> i< oii- 
 oli. .'iniii Avi, IJOH, as a r.v .. i i.y »h,.'o-.: Asi. wiiKur.vs th" 
 ,0. .i.'sir.u-. of inukinR »u< ,i,-intmon h i- Imllr rorilaiiiod. 
 Ml -' ' iiiSKNT-^ uiTs-Ks-;. ;k»l <Uc,..y ■ libv ^ipi'oint A. R., 
 ,[• ,5 ,,,11.; K ., .tear IV two <,f thoin, tho 
 ,,; ii..> cov in .fl Ti MO ,ii,i .in Itohu >!' tho coy Ui ilo all 
 iin'f hniT'' •' <\'' " "" "'"''' ''"'■ '" '""' '"■^'''"'"''"'*> 
 
 piui.i 7su.i loriun II n.v l«ootlliom.ma.vl.<' nooos- 
 ,ar\ -onvoiii. ' for < frriBg on iuid traii-iactin-r tli<' bn-iiioss 
 ■lioro in - \vn 1 ' finv prp.s-- • DKn.vnr.n, iImi -■ iili..u 
 ,,„,j„.ii,^ to ,« -.-iieral i .-.^ hi- -foro runtcned, tho m1 a'tornoys 
 , \,^^ .„ ,; ihcii), sli ■ ' in tho name ami nn luliall' ot 
 
 ,oy I 'i all or any lit' I i iMiitr tliin'^: 
 
 \„ ority W tiftc'ii pemoi.. j.iii.iiy or sevtiuiiy t.. .-xe.'Uli- -kIi iwliric u 
 
 ,|,oy , jf tli.'iu -Would jointly or ...vorally tlaiik proper was hold to ever 
 
 a ,.„li, ... ilod by four ..f tliom. (.'«(*//> v. .trm"ron<i (1822), S H. .<■ I- 
 
 Form ^61. 
 
 * >nliuary 
 
 N. 
 
 ..f, >•. 
 MO' 
 
 'I' 
 
 |,ur.htt.sc nr olliorwisv ,..iuMr .uiv loal or por-oiial |>pl\ . 
 )!■ the purpi'^0.1 of tho io\ 
 
 n, work, iiiana^'t! un.l dovolop ihu pi)ty ol llu! n)y for llio lil.io 
 ill ill such inaiiiior OS thoy may think lit 
 
 I'd lot on loaso, mortga-?o,cliarg;c,.'xchanij;u, unprovc, or othrr- 
 lieal with llif i>pty of tho toy for tho tinio boiii- in 
 row money, and to draw, accpt and ind ir.so hills o "X. 
 (lisNory notes, and other ne-rotialih' iiisniiineni-< 
 , To appoint any managers, inspectors workmen ■! -' 
 u(h terms as may sooin expedient, id to remove dtMi 
 
 j ir.soii so appointed. 
 5. To collect rents, royaltic.-.,ari<io*h.r mum., .liic athe.oy.and 
 
 to distrain for rents or royalties in arroar. 
 
 0. To commence and prosecute, ond to d.>fond, compound and 
 abandon all actions, suitfl. claims, demand,', and proceedings in regard 
 
 ti) 
 
 'i'j;e, 
 
 oil 
 iny 
 
11)>> 
 
 POWKKS OF AIIOUNKY. 
 
 'ClIAI'. XV 
 
 Form 561 to ihf |p|ii\ "i iln' <"\ i'" 'li"' im"' '"'inu in . or oiliciwi.-. n, 
 roliitinii lu till' iillair- ":' i|ic i.jv. 
 
 7 'l'{< a<liii>i, >clil<', I ■.iii|iri)iiii.~v. anil -iilniiil U> ai I'itraii" , .ill 
 
 acco .- .|i'l.i>. ( lanu'. ilciii.iiuK. ili«|iiiU'-. ami iiiaitrr^ uliiili la.i , 
 
 Mili-js' 1,1 aiiM' ix'm.M'ii ilio .. \ anil anv pcT-.n <» |iri>.iii- in 
 
 ,s 'In iw.ikv an. I -IM' ri'n,'i|M.-. ii'lfax'^, an<l ..tl.fi ill-' liai^c > lui 
 
 iniincv.- |pa\alili' in llh' ">y ami lor aii\ riaini- an I ilciiiaml- ol' lin' 
 
 .■o\ 
 
 •t. To ian\ into i'lU-> i aii\ aui'-'iul.- ninli'i llic -c.il "i ijicru i- 
 
 l>iriiliu}; on llii' rox 
 
 III 'I'm cnlci niio. iiiaM'. .-if^ii aii'i .io all ml li .oiiiiai I-, a;^iTOini 
 
 i-«'i<M|ii.-. )ia,vnifnl.-. a^fiij-n in-. lian.-li'i>. c onM'xam r-. inoii-aL^r 
 
 a.v-niaiji<'~. in.-lrnuu'iil.- ami iliinu- a- ni,i\ in tin' o|iinion ol ilic -.i 
 allorncN.-. "V ,in\ Iwool licin. iic in'. i'-.-,ii\ or .oiiMMiicnl loi '.ain ii.;. 
 on the Im.-int'-- of ihc i o\ in 
 
 Ami II 1- lilKi i.\ 1)1,1 1 \i:ia), llial llii' .-il aUoiiU'N.-, in i'MT. i-ini; 1 1,. 
 |io\v<'i> lili> lonlViifil on 'hi'iii. fli.ill (iiiifonii to llic ii'^iilalioii- an! 
 
 diii'iiiini.- lor tlic liiiii' liiaii- iiii|ii.-i'.l i '^^iM'ii to iImmm !i\ iIh' i m\ . 
 
 and uiav .•.iili-i|.'h'i;alc lo aii\ \« i>..ii m |ii'i-oii.- aii\ ol the powi'i- li'o 
 toiiii in'il. il|iiiii.-ii(ii liini.- and ■ ■■mlilioii- a.-- nia\ -(Ciii CNiii'dii'iil. and 
 
 Miu\ at au\ li evoke anv .-in li Mili-drli'i^alioii. rnoMDl.n m\\a\-. 
 
 thai nil |H'i>oii di'aljii.; with the .-d utliniu;v>, or aii\ ol llicin. m anv 
 .-lull .-iili-dolujiaH'. >liall In i omoi lU'd to seo or iui(uiio wliciln-i ilu \ 
 au' Ol a IV mil ai liii^; jn an oidancc with .-inli iciridation.- nr diii'i liiai- 
 aml notuillif^tandini; an> lnc.u li ol -.nrh icmil.il ion> oi- dinTii..ii- 
 i.oininilU'd li\ llii' mI aitiiincv.-. <ii -iili-di'lttL'aU'.-. m anx ol ihi'in. in 
 iv;;aii( lo aiix .n i. dcrd. ol iiipii iiiiii'li;. tlu" .-.iiiii' -liall. a- I id « ecu I in' 
 rox and llic (kt.-om .i> |M'i-ori- di'aliii'J xxilli .-.mil allmni'x- oi -iii. 
 dflt'uatc-. Ill- aiix ot ilii'iii. In' xalid and liiiidiin.; mi tin' lox lo ill 
 liit«>iil.- and |mi|)<tsos. 
 [\ v\ 1 I \K-->. iVc 
 
 A (iimiM- al att.iripv t,i In" leiit iibroail »liimlil tio atti-itiHl liy ii iii)I;iiy piihi ■ 
 1111(1 il may lif xv.ll t.i ;i».irtuiii fniiii llii' i iinsiil or mrt'iit-iriMiiriil "f tin- |iImii- ■■• 
 ili'itiiKitiiiii wli.tlii'i any -|ii-. iiil foriiialitir* Inm- tn In- hIihitm'iI. 
 
 I'lixxiii ;///r/«Y Sm r 7".t -»/ //(I ('n\ii'x\iiN CusMH mxi lov \' r. 
 I!MIS /r/i^rti-.',/'/ ///'■ CiiMi'XMi - Si \i - Nil. JSIM 
 
 Form 562 To xi.i m uiium i m.-i riii.M.M- -n u i himk. ilu- t ox . I. .an. I 
 
 \vlio.-i. ii';;i>;iTi-l i.lli. ('- ail' al. A... -I'lid- j.nvi'1 iii;^ . 
 
 KoreiKD »«b1 Wiinii x> ill.' ■ ox i> a , ox iiiro, |„,iaU-d i.iid.T tlir I o- i Con-oiiil i 
 
 lion; Ai-i. r.ms. will.,-.' ..I.Jv.i.- . (iin|i;i<r tlif tianr-aiU'ii ol i.-i-iiie--- ■■■■■ 
 .oiinlii.'.- mil Mliia'i' in the I iiili' 1 Kiii-dnni Ami xxiikhi.xs tlic i;o.x 
 liii.- .aii-cd to lie iiif(iaii'il an olli,ial -I'al toi u.-t- in tlio ■ il.x ol , 
 
K<t|{M> 
 
 Il6;i 
 
 .tjiil .III iiMiiio>>ioii '>i -ih li .-('111 1- ' iiNiniinMi ill Form 562 
 
 II, ,|„. ,ol..ii.N ul . .111.1 .111 imp 
 
 ,1,,. ...hlMlulr III.., An.' VMM 111. \- !■> il- ■" - "I 'I--'"' ■' ' '- 
 
 ,.,,|,,..."l\ ;uilh..ll/i'.l I.. .'M'l. i-i' ill.- iH.u.'i- uivrii l.\ -.'.I. ."'.• .il llif 
 , .„„|„„'i,... C.llM.li.i.lU'.lM A.I. I'.t.!.^ .\mi \\ni.HI.\- llll.l.'l ill.- ><\ 
 
 .,|,,i,.l,.. ili.'.liiv.H.i- "I !l ..^ li..s.. ;.'.«. '1 ii...,i lini.' h. inn.' 1.. I'l.t- 
 
 ^„.., |,,i ill.' iiuiii.i-.'iH.'iii "1 iIk' .illiii> "I 111'' '■'> '■' '•' '" ■"'"'' 
 
 i„,,„,„ , .1.^ ■U>■^ iii.n llual. lii.il. i.l 11'. |..,.!i'..l:i' •.. a|.|...iiii ..ii.l r.'iii'.ve 
 ,,,.i jiiriij ,iu.'. I..1.-. iii.iiM^i 1-. I- .1 .1.;. iil> .111.1 .l«'l<'y.il«' I.. -11. -li 
 !„.,., ,,, -I,, li "I :ii.' |...»..- :iii.l .111 ii.Hlii'- "I '111' iliii"i"i- ■<- 'li''.\ 
 
 ,,,,,.1.1. 1 .'\|..'.li.iil. .\m. uHi.i.'l \~ iliiMlii.'.'H.i- ..I •! N. Ill 11.' .1.1- 
 
 ,,,„, „i.|, Mi.h i...\M'i.-. Ii.i\.' .Ill': ii|'l'"""'''' ^ ....I..V... 1 I). 
 „l A. I'.. I-'.. ..1. .V.-.. (• II., ..f. ,v. ., I., .il .111... i.ii- I... ill.' iriiii>.i. li..ii 
 
 Asm u iii'.iii \-i 111.' '1'^ i^ lU'-ii.'ii- 
 I....1I .lin , '.ii.^ 1.. 11-.' .Hill iilli\ I'll' ~'l 'illi. i.il ->'i'' 
 
 ,1 llic llU.'-IIU'.-- ..1 lli>' .'"^ II 
 
 111 .•lll|Ml«Unil^ MM 11 
 
 ,,, |,„|. 1.1.1. N..U KM.u Millmt III.' ^,,^. l.iini.l. .L.ili IiLn . /■•■"■'•'" 
 
 ,1, ,.s.i.i.-.'.ir ill.' |...«iM i.;i\<ii 'i>il h -I"' 7'.'..l'ili.';'.'ii>l''"''''- '*'""■ 
 
 ...li.hiii.'ii ■ A.I. I'.iiiS. .111.1 ..l .iii.\ " II''! |...«<'i .>: iiii'.li..i'ii.v ili.'i 1". 
 
 vii.l'liii'.: r. iiinlKiii/i' 'iii'l <'ii'i.<.».'i lli<- ~'l l'"''! .Iii''.'!i'i>. "i .m^ i«" 
 of tii.'iii. ". ;illiN 111" - I "III' i^'l -'■''! "'■ ''" '■'" '" ""' '''""'■ """•" ' 
 
 1,,., M.Mnii.M'iii >" "lii'li 111-- '"' i- -" -'"II '"• '"■'•^'' -' 1'^'"' '" 
 
 :|i,. , In .,1 :il-.| /'..<'-. / /.. -.('.-./■ /../../. 
 
 |\ W 1 I M,^>. .V(-. 
 
 'I'tll .'^. III 1.1 I I 
 
 ,„„, ,„„,„.v, ,nKSK,..M->KM->,iMi 1.1M..TI1- iial.l Mill.'. Fom 563. 
 
 l,,,i,„( 1,1,111 , alio.! -ihcCdv •i.«li.*-M.--i-I0l-...l.illi.i'iii i'.ii^l.iii.l'* N,.w Z.al.m.l. 
 ,ii I I.iii. ,-imkI- ::r<'i'ii;i.j; 
 
 WiiM.'i.v- ill.' .uv i> .1 ..'V iii.-..i|'"i- I i" Kii'-I'ii.l ""'l'-' 'I'" ' "■- nm.'i',n*r' 
 
 I ,,„„,li,|i„i All. IIM'H. vIm.m- ..l.ic.i- .-..11,1.11-" ilii' .i.'iionu^ 
 
 t ,,„lkl, t .1:11111- .11 mill''- I" N..» /,.'.lhll|.l. llll.l .-allMll'^ "I. 
 
 " III.' 
 
 \ \i. u 111 1:1 \- . iij. 
 
 -,, ,.t III.. .I'lllllrjlf .11 Ml. '.lip.. III- 
 
 H„l Ml ,11 lllUl llll.l i'll'- "I •'--"" ■■' ''"■ '"> "'"' ^^'"' '' "'" 
 
 rO\ W.l.-l |-«'^-l-t 
 IllU" li(..'ll |111.--. 
 111. I 
 
 «.i<mI. iii.-lii.liiiii . ..pi.'fr "I •' 
 
 II -111', i.il n-i>liin,.ii- "111. 
 
 ij I'm' iilU'riiiy. 
 
 .kliiiu' l... <»i m.i.lit.Miit 
 
 ilic -.1 Jll- .it 
 
 i.—.iii. mill 11 ...pv 11 
 
 I the •'. .11111; 
 
 ir..ii-.ili.l;iti.Mi, A.I. l!»il^. 1^ 
 
 .IIIIM'M'.I lit. 
 
 .\M) « IIKKI. \> I 
 
 lie I-..V IlllH .'iHIM' I I" I'f pil'lllll.'. 
 
 .Ili.i 
 
 .il .sea 
 
 I t'l.r ii-o in 
 
 till' ('.llldlV .il 
 
 N.'W /I'alaii.l. aii.l all imin. — i.m 
 
 .it -lull •M'al is ciiilaiiK' 
 
 I- .li".ii.)iis 1,1 app.iiiitiii'j .A 1> . .'• 
 
 101 ill.' pui-puaei* following: — 
 
 ,1 ill 111.. s.-h.'.luli' 111" .A^" "iiiiii-^- 'I"' '"S 
 
 In- Ihf .ri-nii'-* 
 
1164 
 
 POWERS OF ATTORNEY. 
 
 [Chap. XV 
 
 Fonn 563. Now tiifse presents wits-ess (hat fho coy doth hhy appoint the 8<1 
 
 .. — or other the nieiiibors for tlie time, and from time to time, of tho 
 
 sd lociil board or anv two members from lime to time of the sd local 
 
 bounl tlie altoruovH of the coy in iho name and on l)chalf of the roy In 
 
 do all or any of the ihin|?s followinj?: 
 
 1. To keep in Ne f Zealand a bram h rcgisior of members of ih' 
 lOy resident in such colony in a cordance with the provisions nf 
 sects. 34. ."J.") of the Companies i ('onsoIidaM 'ii) -Ai.t, 1908. 
 
 •2. To exCK'ise the powers conferred by an<i to (Mjinply with aii\ 
 itjgulalioii.s made under the roiiuircmcnt.s of the New Zealand .Vi i 
 known a> the Minin;j: Con .Vmondment Act. 18!)S, .ind in particular 
 to keep any branch rei.nstiM- re|uired v> be kept, and to refrislei 
 triin.sfers of sharo.s entered in such branch icirisler, and to is~iic cerii- 
 ficale.s of title to the holders of shares entered in su( h branch ic-isloi 
 ;(. To (lerform and obser\e on behalf of the i uv the piovi.sions ci 
 llio Mining' .\<t, IHIM, the Minin;: i Ad Amendment) Act, lH!tl,tlie 
 Miniii"^' < OS Acts .Vmei.dmenl .\ct, 18'.)7, and any other .Vet..; of ihi' 
 New Zealand Legislatuie applicable to the roy. 
 
 1. To procure tlio transfer to the coy of all i)])ty in the sd (olony tn 
 which the I oy i.s or may from time to timo beccino en ' 
 
 5. To wia-k and develop and turn 10 account all claii ■ nines, and 
 other ppty of the coy in the wd colony. 
 
 (i. To lease, exchange, mortgago, charge, sell, and dispose of all nr 
 an\ of the ppty or rights of the coy in Now Zealand 
 
 7 To |uinlui.se and sell ores, metals, gnod.s, wares, merchandize 
 eifeds. aii<l other things neco-i.sary or convonien! for carrying on the 
 bu.siiu'ss of the coy in New Zealand. 
 
 8 To appoint and at their discretion to remove or suspend such 
 manageis. secretaries, clerks, seivants, and otiier employes of the coy 
 in New Zeal.ind for permanent, lomporary, or spe. i.il seiviies a- such 
 allorne\s mav from time to lime think fit, and from lime io lime to 
 ves' in them and delegate 'o them such of the power- hby conferred 
 on the si att inieys as they may think expedient, and to determiiio 
 their duties and lix the salaries and emoluments of such employes, 
 and to revoke or vary from lime to lime sik h doleeation or deter- 
 mination. 
 
 9. To pay into and draw upon any bank or bank- m Xew Aeaiand, 
 and to draw oui of such bank or banks any money . for the finie being 
 hiaiiding Io lli^> . i-edi! of the coy or which the roy may be enlld l<. 
 rei«ive in New Zealaml. and to api)ly the same to the pavmeni of nil 
 p.xpen.s€'s incurred hereunder. 
 
 10. To <haw, .subscribe, indorse, and negotiate all (he^ues, bills of 
 exchange, piomi-ssory notes, bills of lading, and other negotiable or 
 nierianlile inslrumenl-s for the purposes of the roy in N'ew Z^'aland 
 
 11 To rai.si' or boiiovv or sc. lire the payment of anv money e>i 
 behalf of the coy in New Zealand 
 
 12 To demand and ren'ive all and every sum aud sums of monov. 
 
FOKM8. 
 
 He's 
 
 '!**♦' 
 
 Form 563. 
 
 ..^ynin cliatwls. aii.l otWt^ dm- .m.l owm- and bolonKMifr u, ih- t.n m. 
 N,.w /xMlan.l, and U],ou .v,-.M|.t iIimI' tu ^'ivo an,) (>x.-.ir.> .■llorlnal 
 ,,,|,'iiM> aii.l <l:«. luir^cs for tlio -aiiic. 
 
 1,; T.. (oni.n. ii.v and pro-orulc. and lu .lofoud, .•«ni|»miid, and 
 ,d«ndun all aclioiu", .-uil^, aaini.-, doniaii.N. and prcrodini;- in rol.i- 
 lion tu tlio ])pt_v 
 
 14 To iuljust. hi'ttl.', conil<ronii-o, and .-iit.tnit to arl.itraiion all 
 iicc(muti>, ail ions suib<, proccdinffs. .laini^, domands .lispnl.-. and 
 ,„a,i.r> «liicl. uia) --ulisist or ari>.- boUveen tho coy and any (mm .on or 
 iHT.-ons in Now Zealand. 
 
 1., To carrv into t-floct any a-rrofuit.-^ under the .<oal or olliorwise 
 binding,' on tlio coy wliothor luwlo by tlio s.l attornoy.- on the c-.y « 
 bcliall' or otherwise 
 
 I.;. To aUix the ^d oUieial «eal to any doods, contract.H, or oilier 
 instrurneutd to which it may be, in iho opinion of the sd ailorncy.s. 
 dc.-iialile to allix .<uch seal in New /eal.md. 
 
 i: To eulcr into, make, .-i-n, and <lo all .-uch tliin--. .'onlracl-s 
 aMevnil.-s. receii.U-, puyment-s a.<-i-nn,onl<, tran^lo.s, convey. mcs, 
 morl-a;:f.s. reloa-es a.s-urance-, instinn.ents, noti.es and lino-- iu- 
 mav in "the opinion of the s.1 attorneys he nere,.v.!y or convenient for 
 pr.KiniM'j: lor the cov any le-al reio-nil.on or .stitu-* a.> a body 
 coi Isolate in N.'W A-aland or for carry in- on the '.u.-inoss of the coy 
 thvre. 
 
 1» Av> IT IS iiiiV i.Eri.AKKi), diat the .sd attorneys, in oxenisino: 
 the ].ower« hb\ conlorrc<l on tli.'ni, shall [cCv^. ax in Form 5tM,. s-u/^ra. 
 
 In wiTM'.ss, &■(. 
 
 PowEit oi- AiToit.M'.Y lo Loom. i>o\hi> 
 
 To .U.I. TO WHOM TiiLsE I'HESENTs, Ac. tho - Coy, Limtd. sen.ls Form 564. 
 :;reeiin;,': Whkke.vs [recite regi-'tialiiin hraiirh ofjirc in A' j; And i..,„,.r..f 
 « nEKi;As tho diiector.s of Uie coy. in .'xer.i.se of tiie pouors vest,.d n» ;';;j;'^>^^ 
 them hy the arts of as.son of tlie coy, liave iiuiii«-ual.!_, before th- 
 e.xetutiou hof pas.so<l at o mootinf; of such directors a rowl.ition 
 coiuitituting a local board, Imftr called a local board, to mana;,'.- and 
 
 carry on tho business of tho coy in N., and appointing to bo the 
 
 lirsl nienibors of such local board, and a copy of hucIi ro-obition is wet 
 lurlh in tho schedule hto. Now these prosonts witnos-s and declare 
 
 that tho coy doth appoint tho wl and or other tho persons for 
 
 the time being eonstitutin-r the local hoard afsd to bo tho attorneyH 
 of ihe coy in the nauw and on behalf of the eoy to do all =iicl, ,wU< 
 uud things aa in tUe cuso of the sd allorueyi should be neoossary or 
 
1 lt>»! 
 
 I'OWKKS OF AITOKXKY. 
 
 Ll'ilAl'. W. 
 
 Form 664. t(.uvciiiniil I'oi iiiuud^in^ ami cainijij; on lln' Ipu-iiiOr-i uf tlie cov in 
 N . and ii i- (■\iii('.>-lv .IimIuh'.I. \c : 
 il) Tu aji|i'iini »'<i( i,iiii'>. ullicci-, Ac. 
 \'2i Tu iiiakt' and yivc H'(('i|pl>. Ac 
 I 3) 'J'd ojion u l«inkiiij; a<i . uMi at llii' ILiiik. In UnMin. in the 
 
 nam*' id' liic i o\ , aim In |i.i,v ml-ci >iicli acioiinl all incini>\>. 
 
 bulancv. and ihplcs nl iljf inv. and tu diaw on mh li urcdiiii!, 
 
 lull mil tu 'ivi'idraw ilic .<.iiii('. tu wuik. iiiui.iiiV and ,leMdu|, 
 
 \hv ljU»iiK'.>!i ol till' rciv in lii'land. 
 Iti ill Imiii'uu iiiuiu'v. anil l<i dt.iw. ai('i'|i|. uiid indoiM' iiill.- u| 
 
 < M-lian";!' and |u.iiii.->ui\ nuif.-. and ulln'i iiivotialili' an I 
 
 tian.-t'( ralilc in,-lnini<'nl- 
 ( ."i I Tu culii'i t drill-, iriit-. ru\alli<'-, and ullior uiuni'y- liuin |,ii- 
 
 ■-IM1- in licl.iii I due tu llii' 'iiv. and tu ^tif lui ui uiIumui-.' 
 
 I'liloiif |ia\ iniiit> tliuf 
 (t>) To invest ilic |)iiHuriMl di\ idi'i;d>. Ai 
 And it is hin d"'<lai<'d. ,Vc- 
 
 Form 565. 
 
 (tift>nstriio- 
 ti«in. 
 
 PuW l-.li (/'./(/ ruailsllKl iiil IVM.I IMI (uMl'VNV loolittl':! I\M1I!- 
 I'lii! \Tli>N <ttl(l ciimi "II lln-iinyK ill Sill III \i 1,1 \ 
 
 T(l VII ID UIIUM IllKsK I'URsKNIs slIAI.l. illMi;. tlu' Sulltll Alliiall 
 
 Coy. I. mild ilinlti ralk'd tin' iii'w <uv .. having; its lo^nstoird ullur 
 at, . ill ihi' ( itv III' l.iindun, sends y:i(M'lin;4 : W'iikkkvs tin; m-u 
 
 (ov was iii(iii-|iuralt'd under llic liiitisli staliiU's. kiioxvn as ilie I u- 
 Alls. lKi;2 111 I'.tiio. un 111- aliiiiit the da\ of .Vvii \Mii;i:r,\^ 
 
 a eeitiliel <ii|iv ill' tlic lettiliciite uf iniiii|iuiatiun uf the new rn\ i- 
 nnnexed hln: .\.M> wiiKiiTAs a eeiiilied fiipv of tho lueuidnni and aris 
 ol as.ioii of (ho mnv coy in ulso aiinu.\o<l lito: And wiiekeas mi tin 
 day of -. !!• , iho new loy ';nteivd into an ayrre<Mnl with 
 iV Co., l.inild ilinfti ealU>il the old ooyi, and A. H., tlio oil linr 
 of the old eov, and a ct'ililied co|iy of that a^riveiiil is also annexed 
 lilo: Ami wiikhevs ihe leeilals loiilained in the sd auTocnit are cor- 
 recl : A\|) uiii:i!i;\s the new euy has duly o\oi uted a dee I pull in 
 ao<'oi(laiiie with <l.iiise of the srheiiie sol forth in the wliivliile 
 
 to Ihe sd airii'euit; .\ni> \mii;iik,\s Ihe new coy is now cnlld to a 
 (ninsf<'r of the assets of Ihe old coy in acconlaiicf with the tonus of 
 the sd a)fieeiMl ; .\\u w iikheas the new (.•oy i.s d<>sirous of making: such 
 a|i|Kiin(iiieiil as hnftr conlaineil. 
 
 Now TliESK i'KK.sE\rs WITNESS that the new coy hhy ajiiioiiild C. D , 
 of^ ,'■.-■ to |i!i ill!' attntiiev uf the nnw n\v. in tjio name and on liehalf 
 of the new cu\ 111 dii all siieli acts and thiiiL's. and to execute and 
 sitrii all '•lii'ii d<><><l8 and ihtcuincuM us uiay. io the opiuion uf the sd 
 
FOUMM. 
 
 I in; 
 
 oMoiiK'v. \<c iH'coMsai V Ml- cciiivpiiiciit loi iMnxiiiu on ilii' iniMiu-- of Form 665. 
 ,|„, ,„>w c.v in South Africa; aii.i it is iiliv oxpri-s^lv .I.m'I.iv.I ilial, 
 Avitlioiit |.irjii(lii'<. t.. til." -.Minal pou.-i- ]iiil«'l'oi<' .H.iif.Tir.l on lli.'wl 
 aM.iin.i, -ii'li alloriii'V ^li.ill liav«' yowt'W in ili'' name an.! on l.i'iiall' 
 of ill.' n.'W lov, to ilo all oi anv of tlic foll..uiiijr iliiriirs: 
 -f'/ iiitt ■ti>rrijif /K'HTis. ) 
 
 ]?fi 
 
 I; 
 
 |\,\\il! fioiii an IIm.i l-ii\i\N -/"""/ l''^",/</; nil \..iii.l,\iiAr 
 for Sm.I. iif I'ltol'l.lilV /o II ( .1MI'\N\ 'o '" rifriini <ntl 
 
 To M, TO vMioM hikm: i'Ki>KMsMi\ii .,.\ii I, , oi , .-.Mid Form 566. 
 
 ..nitiii'--- Willi!! v- ivi ital .>f a-i-cMiil : .\m> wiiKiti \- I am al.oiit, i„ r..i,,,i„„ t„ 
 ;, ,,.„.r...l .o S , a. pi-ovid..,! 1.V 11... Ml atrrcMiil a> aMi. an,l an, I-.i-iar 
 ,|, -ii..'i- ol appoiiilin.: an attoiii.'.v in inaiiiuT linflf apiicariii^. N.iw 
 ■|!,i>Ki'HI>i:vT>\\lTM->- llial l,tl..'.-.l .V...I0 jil.v ai.|K,iiil !! . ol 
 I,, l„. lav altoiiii'V. in iiiv na.ii.- ami »n n\\ li.'lialt to inana-e my 
 ..liaii.- in .•*.. iar as ill.' -^.iii. an' .n may !..■ .Iir.'illy ■ r iti.Uifc-lly 
 c„iiii...lf.i with or ari>in- ont ..1 in\ .ohium li,.ii «itli tli.- m1 .oy. aii.l 
 fni -hai iaMi.o.M- t.. .lo all siirh lliinu.s ...- iiiv -.1 atlorii.-y -hall in l.i.s 
 al..-olni.'.li>ii<'lion think <^\ii<-aiont in my iiiH-r.-t. aii.l with. an |)r»- 
 j.rliK' tollu' ^roiioral |m.«ois liulicr.irc cmf.'i r.-.l. 1 i:\i'HF.ssi,\ Dr.ii.MlK 
 Hull my w! ftttiun.'V shall hav.' |..iwi.r l.i .lo any ..f llio folluwiu;; 
 tliiiiLt*, lliiit is to say: 
 
 1 T..a.l .111 iiiv l«.hall ill ii'latioii to tli.' .-.1 a^rrt'inl. .latcl llif 
 
 ,|.iv nf . ail I I ifom> tho eariying into «'ll(>.t hy th" coy of its 
 
 oiiiL.'aiioiif- lln'ivuinl.'r. 
 
 •1 To a(W|>l tin- allotm.mt .'f .sliai<>- in tlio iMpital .if tlio ciy as 
 |,i,.vi.lo.l l.y 111.' S.1 a..M-LH>inl. an.l to r.'.'oiv*^ all .livi.loii.l.s payabl.' in 
 ir-11.'. I ill. if. an.l to uivo vali.l rc»('ii>ts for tlio samo 
 
 :; T.i soil .ir olh.Twi-o .lisp.iso ..f an.l .loal with all .ir any ..f tlio 
 cl .shaios for any kin.l of ooiiMon.niul uiion any tonus wliatviovor. ami 
 t.) -rivo vali.l an.l olfoitual wt-oipt.s for any m.moy.s .ir ..th.'r c.msoii 
 .,„. ..1,1.. ,,,. .•<i..i.iv!il>lo in ro.sjKvt ihof. 
 
 1. To hriiiL.'. pr.if-ottilo, anulu.t. .■.impromi.so. or ahaudon any 
 a. lions or iirooo<'.lin^rs. 
 
 .'. To niako niiy o.iiiipr..misos ..r iirran<;etnontw. 
 i; To vary Mi.h apwint, or to nnko any further or Kui.plemcntal 
 or huhstitutod afrrocmt or af:r<H;mt*i. 
 
 7. To cxoculo and .si<;n all dewl.H, noli.^s, protosts and d.Hunionts. 
 H To iiivost and doul with any monoy.s lioloiifrinfj to im>. 
 And it is iiuy dwi-aheo tliat tiioso pro.scut« .shall Iw irrev.jml.lo for 
 tho period of twelve calendar inoiiUus from tlie dat« liof, and thon\- 
 
1168 
 
 POWERS OF ArrOKNEY, 
 
 [Ciup. XV. 
 
 Form 568 ai'cr the same eliall remain in force, until duly i-evokod, and Uiat the 
 sj iillorncy in exorcising any of the ad powers oonferrefl oii lam 
 Bliall, <Jco. See Form 561. 
 
 Form 567. 
 
 ConvprHJon of 
 bu>infHH into 
 a uumpany . 
 
 TowKK bi/ Mini; Ownek ffoing Abroad to concur in converting 
 I'AiiiM.usuii' BisiNKss /w/o a Company. 
 
 'I'll M.I 111 WHOM TllFSK I>U1.SI:NI> MIM.I. COMK, A., of , liOlnL 
 
 grroMiiij: Wiii:ni:As tho s<l A. is canyiiif^ on business in purtiier.-li|i 
 wiih H. anil C at ;iii<l olsowlioro. under tlio style and linn ot 
 
 A.. B., C and (.'o.: .\mi uiiki(i;as tho bu.sii.oss of the sd iniitncr-hiii 
 firm i.s that of tolliory ownoi-s: And wiieukas it is proposed tliul t'lc 
 sd jiartncr^hip undcrtakinn;, and the aseots and liahilitios thof, t.luill 
 bo transferred to a ji.iul s:o( k (oy u< bi" ro;iisteiud with linitd liul/ilir\ 
 iiiidor the Cos (Con-.oiidaiion,) Ai.l, I'JoS: And wiibrka- i1i>' f'l .\ 
 
 abioad. and d<^~ir('s u 
 
 the appuintnicnt iinttr 
 
 us about til 
 expre.s,sed. 
 
 Xow TiiLst riu:sK..\is whm:s.s that Iho sd A. doth liby appoint N.. 
 of- -, to 1><. ilio attornoy of lla- sd A., in his name and on his lioludf 
 to concur with the .-^d I!, and C in arranyiin^r the tcrni.s and (.'ondilions 
 on which, and tho inaniior in whiih, tho .-<! undortakinfr shall In- 
 transfoired to su( li coy, and to carry out the arrangi'inent sn niadi' in 
 
 such manner as to the sd attorney in liis absoluto discretion shall > 
 
 e.vpodicnt. 
 
 And it is iihy i.\iMtKssi,t pki i.aiu:i) ihal witiioul prejudi'-e to llir 
 general powers hnboforc loaferred on the sd attorney, such altornoy 
 shall have power iii tho nanio and on behalf of tlio sd A. to do 
 all or any of the following? thinjjs, that i.s to say: — 
 
 1. To arranj.'^o tho term.'- of ilio menidum and art* of asson of suih 
 coy . 
 
 'i To nrranije what a.ssot;< and liabilities of the sd partnoi-slii|i 
 undertaking shall be nia<le over to the sd coy, and wlietlier the !ea.M'- 
 hoid.s or anv pt ihof .■^ii;iil i)e made u\ei b\ (is,Mi;nnirrit or by v.iiy o! 
 sub-demise, or how otherwise, and the terms and consons of all con- 
 vevances, assigumen;s, sub-demises, and oilier i;'8truinents, 
 
 ;i. To arrange tlie con.son for tlie transfer, and whether the same 
 shall consist of cash, shares, debenture stock, debentures, or other 
 conson, and when tho transfer sliall ho completed, and when posses- 
 sion shall 1)0 given, and either with or without power of rescission, 
 and whether the wl aharts™ slmll be freely fransforabic, or subject h, 
 any restrictive conditions. 
 
 4. To arrange how the sd persons shall be secured and indemnitied 
 
FORMS. 
 
 Ilfi9 
 
 -ii 
 
 iipai 
 
 uiid contruc 
 
 their liubilitiof. iinflor or in rospoci ot' iiiiy loa.-pi, apropmt**. Form 567. 
 
 t»t in rolalinu to tiio ml |mrliu'r»hi|) iindortiikinj. 
 
 T(- liorrow or ru 
 
 iw inoiu'v on tho .stMurilv of Uio hiI i)roniin('s to 
 
 l(t< ii|ipliP<l for any «( th<> [lurposcs liof 
 
 (J To L'ivc ti>iniil<V« ri'ioi|il»i ai 
 
 t (livliar<'i'~ for all uionpvi*. fliaros. 
 
 (iclK'lltUll'! 
 
 (U'lionluro Niok. or o'lior lonsoii for any nucli IransfiT. 
 
 i>f all 
 dolK'ntine-i. (IcUonturo Ktock, anil other ioii>on for the 
 
 7. To arranfre a.i tn the distrihiifion aiiionir^t the pa 
 nioiieys. !<hares 
 traii.-fer. 
 
 8. To arranp' wil 
 
 h all landlords and others for their eon«ent to the 
 
 assirjniiieii 
 
 t or siili-deniise nf any leaM-hohl preiniM-i. pt of Ihi' a>^ets 
 
 (if the sd partnership underlakinir. 
 
 <1. To anaiifro the terms for the dissolution of tho sd partnership 
 uiiderlakinj.'. and for (he windins-np of tho utiaii-s ihof. 
 
 10. To ii.ssenf from time to time to any nuHlilications of anv 
 a<.'r«"eiiits or eonlractw. or tran'^fers. and in the exercise of any power 
 i.f rescission eontuinod therein to ro«tiiid the same. 
 
 11. To olitain h-iral advice, aiul to act thon or not as may seem 
 (•\|icdieiil. 
 
 12 (ieiierallv to do all sinh acts and thiMirs not .-peciticallv mentd 
 lis in tli<' opinion of the sd attorney mav lie ne:essary or coimiiienl 
 foi anv of the porpasos afsd. 
 
 .\\o II IS iiiiv DK.ci \iiF.n that this power of attorney shall be irre- 
 xo aide for the period of one year from the date hof. and. .'tc See 
 Form ."itltJ. 
 
 Ii 
 
 ■"fi 
 
 PowKR from KN(ir,iMr<'()Mi'v\v tit irrriitv Prix nliirr Srriirlli/ ' 
 ('mm Colony. 
 
 Ksdw AI 1 .Mi;.N iiY TiiKsF. I'RKsK.N Ts iliat, we, Thc Coy, Limtd, Form 668. 
 
 vt ■-, ilo hliy nominate and appoint — ■ — , of , and • --, T..,nnte 
 
 of . join'lv, or either of them siiicfly, wi'li power of suhstitiition, <l<t" i.mrc 
 
 to lie oin true and lawful aitoriieys or alt<)rney. in our name, pli.ie, 
 
 and stead, to apjiear at the olUce of tho ro!;istrar of deeds ol the 
 
 ((i|. iiv of the tape of (.JcmiiI liope. in Cipelowti, in the .sd lolony, anil 
 
 then and there as our act and di-ed to declare as follows, namely: 
 
 Tiivi \vii|-.|{i;.\s we the s<l coy have, under tlie power,* coiil'eired li\ 
 
 our memduin and arts of a,>*sou, Ixurowed a f.mi; of £ ou delien- 
 
 tures i»-.ued in aicoitiancc with the law nf Enshind, under seal of the 
 
 .sd i-oy: And wherkas, to seturo tho due repayment, of such sum of 
 
 r -, we on the day of - , have entered into an indenture or 
 
 deed of trust with tho in their capacity of trees for the delnMiture 
 
 iioi<lers, by which deed of trust it. is (Stipulated, iiili-r aliti. ihal we suil. 
 with all conveniont spei-il and to tho satisfaction of the trees nfsd, 
 frive furtljer afLevt to the provLuions of thc same by doin(j: all such 
 
 p. ^^ 
 
 aJBi^i 
 
 'ii^Mi^ 
 
1170 
 
 1'OWKU.S OK ATTOUNKY. 
 
 [Chap. XV. 
 
 Form 668. ;u^sllrull^<'^ 
 
 ■Li^Ka>_ 
 
 (if ll.ioi 
 
 I li»t« 
 
 lowfiH ami iiU 
 
 tlu'iii: A\i> wiii;hi:as 
 
 to (lass a m'>ri)i:i'j:<' 
 hi 
 
 ml tliiim> a.coidii.ir l- iIik liw- of tlir .olc.iiy „( tlif Cap,. 
 
 1)0 iciiiiiii'd hv Ihi' III"-', til vcs' iti iIh'Ih iIw 
 
 .•x|>ic>M'a \)\ llu' m1 trust (JcM'd lo !).• vi'sti'.l in 
 
 (o cairy out suili stipulation wf havu a^'n'wi 
 
 1(1 to Ik- t>\(M utoci in acconlaiifc « illi llio powi-r^ 
 
 ,is iiiav 
 lioiilie- 
 
 lonil to li<' t'\(Mu;oc: 
 
 )V 
 
 'ivoii: 
 
 uiitl aii'lioriii"'-* 
 
 th«'r<<l<iii' liiiilicr (leilaro uii,U-r lOiiuuciaiitPii 
 
 Our Haid ulfornovx. or uttoiucv, wlial! 
 
 it' llio litMH'lil.-i, nil 
 
 ilrltili and ni»l iiuiiicriilir pi'ilin 
 
 itr, tin- I'orii' ail 
 
 ll Oll'c'l (il 
 
 wliii li KM micia'iou we ar(> awaii' 
 Uiwiiillv ill 
 our i-ov. am 
 
 (it'lied to tho sd 
 I the ln'i-< or ti 
 
 f, that «!• Ilic -d ,ov all' truly and 
 tri'0-> for dchiMiniri' holdi'is in 
 
 lor till' time hciiiij. m Ihi- sum <> 
 
 .f f 
 
 rlin'-. ariMii- f:om and In-iM- for so much nioii.-y dulv lent ami 
 ill- roiidilioiis and suhjfct to ihi^ torms an I 
 
 rdvamx'd to our roy on t 
 
 jirovinioiis o 
 tho vcai- of our 
 
 f tho af^il deed of trust, dated tli 
 
 (lav of 
 
 Lord 
 
 a ropv 
 
 horoof is iioroiinio uniioTorl and 
 
 ■A A., tho terms and piovi^ioiis o 
 
 f whiih (h'od of trust shall In 
 
 cou.sidorotl and take 
 
 to 111 
 
 tod in tho sd mort<;at;o liond, and 
 
 our sd attorney or al'oinovs 
 
 shall further dodaro that, in tho ov 
 
 onl 
 
 (if tho sd troi's ur lii'o lor t 
 
 ho I illi 
 
 I", iiiidor tho si| di'i 
 
 so dosirinir, 
 
 hev shall ho onthi, in lien "'' '"» 
 
 re 
 
 medies am 
 
 t 
 
 I ri.'l 
 
 I in 
 
 Illi 
 
 d of trust, 
 lion to tlic 
 
 Its 
 
 rivi'ii to them 
 
 action in any court o 
 Eii>rlaml or in this colony, or in 
 
 IV tho -d deed of trust, lo tak. 
 the 
 
 f la.v of ooinpotent jr isdidion. either 
 both, to recover the sd sum of f 
 
 ihof. and all into 
 
 rest due mI such tiiiio upo 
 •sd deed of trust 
 
 Id 
 
 steriiiifr- or the litilance 
 
 tho hai-iionintr of anv event which under tho .sd deed of trust vvoul, 
 on'iilo the troo-i or tree for tho time heinir to en'or upon and take 
 possession of the mor r '^,'o<l ,.r( niiscs, ami to soil, collect, and comvimi 
 in'o monev the .same, or any part thof, and for the sorurity ot the 
 af.sd Mini of i- - , and interest thereon; iiiul for tho cour».e of recover- 
 in- the same, we, the .sd cov, cm|.ower our attorneys, or uttoniey, 
 (o'mortira^'o and hypothecate, iiid further lo appoint -onerallv ill 
 tho ppty of us the si coy such as wo are already, or may at aii\ 
 lime or times horeaf or l.o -01110, possessed of, nioveal.lo and iiiiimixc- 
 abh', personal and r.-al, without oxroption. ami submit ihoni all and 
 the choice thof t/i constraint and execution as the law directs. 
 
 Till- ali.n.' i- liased on a form setllod by the Vtioni.v-Ccr.ira". of the -"!'"•» 
 ■ome yean aince. 
 
 Vii\vi;r, from Mimno Ownkh nhnxid, for iwomntimj I'omimnv 
 hi Mnclami to ptirrhwc fhr Proprrti/. 
 
 Form 569. 
 
 To All. TO WHOM rilKSK I'RKSKNTS SlIM.L COME. A. B., of, Scv 
 
 I',. I t 
 
 «<>m iiiiv .n 
 KnifliiQd 
 and to bell. 
 
 - '. Lrroe iu"-- Whriikvs A. IJ. is tho rui,'isteied proprietor in 
 
 ll'li "I ■" '' . . . . i. .1 r 11 ..:... ll.,^ 1... 
 
 , .Olllls 
 
 of 
 
 certain ininin- cl.iims, whereof the foUowiuix are the j.articulars, 
 uamely: Tho exclusive right to, &c., &c., grant«.l by, &c. [Inatru- 
 
KOiniH. 
 
 1171 
 
 nun: .»! IImmh-i' ;{iviii'„' iIk- iMfii(..,>i(,ii J A m. win HI: \> * '. D.,«>r, Ac. Farm A69. 
 
 ; ■hdiil I" |)iiM<.('i| lo Kri'^'laiKl, ami A. li li:i-. d mi I !•> .i|i|">iul 
 
 ,111 1(1 I."' Iii-i alt'iniev I'H- lln' i>iii|»i'rs aiil in iiiaimi'i- liiilli' ,i|i|MMr- 
 ,.i^.'. Now tiikm; i'HKskni . wiiakss that A. I!. iii»ili lil>,v .i|i|i.mii 
 ( 1). Ill 1)1" llif att.)iii("\ ol' A. H . ill ill- iiaiin' ami <»ii lii- I'lliali 
 III I'.i, .ill 111 aiiv 111 till- lliiiiir.-* I'lilliAviiiir, llial i-i In ^ay: 
 
 I Til loiiM.i' I lul- !lic -all' 111 llii! mI luiiiiMif 1 lailii- nil Ml' li Il■llll^ 
 a- ('. <l may think lit. 
 
 J To iiialvt' .iii\ Ml' li 'all', lillic! 1)11 1 oinlilioii- or mi. iiiii|i:ioiiiill\ 
 111 iiMV |i<'!Miii. or |iailin'i>lii|i. Ill- a>-iiii, or io\ uli<"lii'i- iiimi iimaicd 
 if- no! . 
 
 .;. To aiiiiiiHo llio 10' 111- 111 -all', ami. in jiaitinilar. tin- |iiin' <>i 
 ii'MHiii, and wlu'llicr lilt? -aiiK' -iiall loii-i-l of la-li. -Iiaii'-. ili'liiii- 
 ini'-. .ioliciiliiic -link, or iiIh'i loii-on. ami wlifii llii' |iiirt li,i-i' -hall 
 Ir loiniilrH'il, and wlioii ihi' |i|i\ -h.ili In- loiiM'M'd. and oilln'i will) 
 ni vvillioiii |iiin<'r III' ir-ri--i"ii. 
 
 I I'l. I'xc.iili' all I iiiM'^am '■-, Uaii-li'i-. oi oIIk'I a— iiiami'- I'oi 
 i;iri\ii.;.: lln' -alf into clioil 
 
 .•, To iiroiiiolo any !'•> loi ll ■ iiiii|io-ii •>: it- aniniiiny: tin' -I |i|«l.\, 
 .111(1, in I'aitii iilar, lo -ulism;,,- lor any .sliaiv- or •MMiiriiii-- of aii_\ 
 -mil ro\ . and lo p.iv. or i.:iiiiti.iit to pay. iIk' wlioli' or aiiv pari of 
 iho i'\|ii'n-(' of fiviiiiiiL? and Ili.iUno any -ii h ''ly, ami ol plariiio- 
 thi' laplMl ihof. and In jrrant, or au;ri'o to i;iaiil. lo any prniiioH'r 
 aiiv M'linin.'ialioii, ujicthor in ra-li, .sharei, or o-Ium\v Uc, for services 
 lenileitHl, or 'o lie rondi'iod, in relalioii to any sinli roy, uiid to pive 
 any ;riiaraii((H> a.- to tin- jihuiii;; or Mih-iriplioii of any .-mil roy'« 
 capital or s«>curilies. 
 
 li. To Iiorrow or rui-e nimiey on the heciiiily of the -d premi-es, to 
 Ik" ajiplied for any of tho piirpo.-!'- iif-d. 
 
 7. To j;iv<' 1 ijiiiplele rcieipt.s and <li-i liar;;os for all moneys, shares, 
 (lelienture-, or other conson for iiny .smh i^ile, or liorrowed nr raised 
 as uf-d. 
 
 s. To a.-seiit to any iiioditicalion of aii\ af^reenil or conlrai f for 
 saio, and, in tho e\crci.-e of any jiower of resii-sion (ontained therein. 
 to rescind tho .same, ami to re-ell the prenii-es. 
 !t. To take proceedings to enforce or re-cind or oh'.iin damapos for 
 
 ill!' hi 
 H'lile, 
 
 ■h of 
 
 di- 
 Kl. To 
 
 i^ic: 
 
 ,1'tinue, or a! 
 
 a-^n;c!iit or contrac 
 
 id 
 
 tiniiriiiiiisi' 
 
 liandi 
 
 n aiiv snch proceeiliie.'- 
 
 ill 
 
 111 
 
 h oil 
 
 ler liiiii^^s a- may .seem exjH'dient in tin 
 
 e.U'M i.-e of any ol the aliove powers. 
 
 A.Mi n IS inn iimi..\iikii that the -d attorney -hall Ui at lilieit\, in 
 ciiiitiactanj; lor the sale of tho .sd iniiiiiijf daiins, or in promoting' any 
 (oy for tho pur(H>tse of ittt ac<|uirin^ tho same, to mako stipulations 
 
 I'lr 111- own remiineralion ont ol llio (on-oii lor -in 
 
 lalo or at ipii-i- 
 
 lion, whether .such con-ou shall U> in ca.-h. -hare-, delientiire-'. delien- 
 
 liiie «toi'k, or otherwi-e, and either directly with sui h coy. 
 
 ith 
 
 lillV 
 
 person, iwrsoiw, syndicato, or other coy, which luuy pronioto 
 
 ,'i 
 
 4 F 
 

 117:2 
 
 ronnOM. 
 
 I'OWKKS OF ATTORNKV. 
 
 '^Chap. X\ . 
 
 such cov, but Ml novpilhfle^-. lliut su« li ivimiiu'rution ^hall not ejc.f.(| 
 !>.( . lit tilt" prim ipiil »uia nr iiomimil vuluo of tho Nlmn-*, iluU-n- 
 tures, or olliur ioii-«>ii roieivubk- l.v llio hui.l A. H. or liis ii^^i^'n- m 
 rt-iKMl ol -udi «iilf: A.M) \i.M> thut tho Kui.l ultoriu'v umv u...|il 
 ()lh.« a> .1 (liriM lor ol uny mi. li cov, at su. h nmiiiiMMutioii for his pci 
 vitfs iiiul on .surli lorms as lu> luav urriinirt' .Vm' h i^ iikv \is, 
 
 DKII.AHKIl, iVf. ilx ill Form '"til 
 
 l\ wriNKss. ki- 
 lt til.- iilt..rii<'y i« to Im- at lilierty to iilitaiii nniiiii.Tution us iiltuvo. e\|.r." 
 
 powur iiiii«t U' tfixeii. (or, \x-\n\: an iwnt, lio i.iniiot otlirrwi*.' miiki' aiiy iiu. ii 
 
 liariraiii. St .-/..". |i -M. rtoiiirlim.- tli.' |.mwit ..f aHi.ni.y «\.i a ri.».Tv. 
 
 prici-. UI1.I »uy« that tlir utloriiry may ifi't iiiiylliiiilj Iw i»n li.-yoml tliat S., 
 
 abo tlic form iipxt fulliminjt 
 
 t 
 
 Form 570. 
 
 To Incal 
 baud. 
 
 I'oWKH /<) l.iM'M IV)\KI> '// CkI.'in^ "•"/< 
 To ALI, TO « IIOM TJIKM; IMH-sKMS SIIM.I. lOMt. Tll<> »oy, l.llllt.l 
 
 i.f - - vlinftr ealU'ii th<' r■'^ ., hoii.ls ^M•wtill^^ Wiikukas thu coj wa- 
 iacorjwralod in Knjrian.l -.n lliu .lay of . tiinltn the lirili.«li 
 
 statute kni.wu lus iho Cos (CousoliiUilioiii Ait, I'.niM. with tlio oI.j.ti 
 amon^sl olh.'i.-, of, i. . And wiikukas the .liroi tors ..1 tin* mx 
 . hnfli ri'tcno.1 to a.s tin) l.ouril of .liro.tor^.i. ailing; umler thf jiDrtfi- 
 iu llial lnhalf vested iu theiu by tho arts of asson of tlio loy, havr 
 appoiutfil A.. H., ('., and 1) , all of , Soutli Afriia, to bo a loi il 
 
 board in Suulli Africa, with suih j)owoi>, uuthorilies, and disii-etiun- 
 as luijili! lie from tinio to tiino doloj^'atoil to tliom by llii' Hoard ot 
 Ihi.il'oi^ Am) \\HEiti;.\s it is desirablo to v.-st in tho said A 
 15., C. aii.l 1). the powiis. autlioritios. and dlHcn-tious hnflr c\- 
 jm-scd to Ik- vostod in th'i'in N' \ iiiKsi: iui;si;nis umm:ss ami 
 deti.ro that tho lOy hby ... |.oiiit.~ llio s<i A . 1!., C, ami 1) . aii.i 
 ovorv two and ovory throo ..f tli.-m. to W llio .illornoys „f tho <..\ 
 iu siiuth Afiiia, oil lioluiif ol llio . o> to cl,. all -m li thin^rs as in tli' 
 iipiuiou of -urh altuMioys may ioa.^uiialily lio n* • -aiy lor tho jiur- 
 pose.s of tarryiii.r on tho .oy'-s business in South .\trioa, ami. vvithoin 
 prcjudiiv to tho goneralily of tlio forojroing oxpros-ioiis. -. do ail 
 I any of tlio things follow iiijr. that is to say : 
 (,1 ) To aicept. o.voruto. and aiillioiitiiato, .iiiil to logistrr and rntiril 
 in tho propor otiioos iu South Afriia. all jirop. traiisfoi- 
 and a-ssuranoOM to tho roy, or as it may direct, ot any ]>pti 
 real or jiersonal, which il.o coy may from linn- to tiiii' 
 aiqiiiro 
 y^-Z) To neg«tiat« and mako with persoiu* and ooys. authorities 
 and others requiring tno supply of - Buch contracts aiid 
 arrangeiuents a-s may soom to the »d attorneys expedient. 
 
 Mi^ 
 
KORMH. 
 
 1173 
 
 (3) 
 
 To applv l<>r anil ol.tuit. all hiic li con. o<.<i..ii«, "H" 
 
 uud autlioritieH lioiu iiii.v 
 ttutliotity in South Afri.ii iis 
 
 •turn" ])' 
 
 Form ftTO. 
 
 jrovfMiiiiient, iiuiniiipni. «r lor.il 
 l,i< .Ic-irul.li' t't'i- 'iiii \ iiiu 
 
 r oiihiririii"' or cxit'iiiliii): llio <>|«'iul 
 
 >l I Ik 
 
 (4 I To ilo all !«ui 
 
 li lliinir- as ill llio opinion ..f tl I alloiiicv. iim> 
 
 !«) ncKw-iiiy or . oiuonifiit lor jnoioi 
 iiilcipst-^ of the coy in Sonlli Mrira 
 
 lo 11 
 
 ppoi 
 
 nt. fill 
 
 ploy, and inxtruct M.lms mikI i 
 
 of thf parpo»«'f* of tlii" P"Wor, 
 
 po«<». an the >i(l Hlloriioys mii\ 
 of tlio coy. 
 (G ) To oix-n. in Hi« muiM! of t 
 
 liink I 
 
 I Inrllii'riiiu: tin- 
 
 .•1 for all -I 
 
 1 for -IK h otlwr piir- 
 iKilioiil ill ill'' inti'ii'-l 
 
 ■ iiioi'»» acooiintM wit 
 i iimv 
 
 li Hurli 
 tliinU 
 
 hank or baiikn in South Africa a- the ><l uttor 
 
 lit, and to pav into -iirh a,-.o,int or ».■< n> all nionov «'t 
 
 tho haiido of the "d allornf>s. and I" draw out ol 
 
 the loy in 
 ;inih liaiil< 
 .-tandiiij' to t 
 
 liank- 
 
 aiiv iiioiK 
 
 v-^ of tli»> 
 
 «liii h iniiv Ih) 
 
 ho .ri'dit ..t -111 h a. rount or a.-. ..iiiiIm hut not to 
 
 overdraw -ucli ucoiint or aci ount- 
 
 (7t To suh-irilx* 
 rhan^;<\ j 
 
 idor- 
 
 id i.<':.:oiiato iill ■ln'iut- 
 
 I. Hi- ..f P\- 
 
 loiui.x-orv not.-, hill- of la.linu' ^"d "ihoi ii 
 
 tiiihU' and iiK'n .iiitilc instninioiil- pav: 
 III- tor til.' pill po-c 
 
 i.r rPii'iva 
 
 1.1.' h 
 
 il tin \ 
 
 iHi To in<iii<' all or any pi 
 il 
 
 if til." ppty ..I iIk- "ov nhii h may he .il 
 
 i-urahU' natnii' a| 
 
 rain-t 
 
 ihc -d aitoriiPM< 
 
 ,v think lit to in-.ii«' aLniin-t. ai»l lo pav th.' ,ii.'oounis ,mi 
 
 ,-nili in-uraiiio- 
 
 y I To ojicn a 
 
 Muital'l.' olliii' at 
 
 III til I'liyai;-.' an. 
 
 III. Ill liiim 
 
 inu' .li-ini— 
 
 iilrh .Iprk- a- iiiav Ih' ivini-ii.- for hii. 
 
 (10) 
 
 .illi<-«'. 
 I'o .■.iniiiK'n' .' 
 
 P 
 
 ■ in' ami 
 
 ■i| ill r.-p.ft .)f, 
 
 .h'fi'ii'l. 
 .Icinan.t 
 
 iinponn. 
 
 am 
 
 I al.ai 
 
 111! j.'lion- 
 
 -iiil- 
 
 1.1 I 
 
 and proi'i'<'( 
 
 ilinu 
 
 laini-. 
 
 II 
 
 iinv t 'I in an\ .n i 
 
 or U'f.nt' anv iirhitiator .n 
 
 kI lo appear and ho ph'adcd i 
 
 I ..r ..nnnu'r.ial pn.iH'.'din;;- w hai-ocvcr, 
 
 p. I -oils ha\in>r. I* law .ir i"m-.o>» 
 
 if partio- 
 
 aiillioii'v to hear ('viil.'m-<' 
 
 (111 To adju-t, -cltlc, ..inipionii-.>. am 
 
 action-, -uit-, . laiin-. di-put«- 
 al'-il iM'twc.-n 
 
 :it anv till"' a- 
 
 l* 
 
 an. 
 th.' 
 
 I suliniil to iirhitr.itioii all 
 1 iiiatlois wlii« li inav iiri.-c 
 
 IV and any j 
 
 It -I -DM or 
 
 r-on- 
 
 in South .\fiiia 
 
 Il2i To enlor iiilo an.l inak.-. ,"i.'. utc. and .|o all -ii.h . onira.t.-. 
 i.oioenil-. ii'i cipt.-. payiiM'iiN, instrnin.'nl-. ami ihinu'- «liat- 
 s.xncr, and al-o all -U' h a-suian.-*-. tran-fpr,-. and .onvcy- 
 iim^M to th.' ...V. an.l to <h. mi. h oiIi.m- thin;;- a- inav. in tho 
 
 i.pinion ol iho .sil attoni.'y-, Im' m-.t — an 
 any of tl"- piir|M^««- of thi- power 
 
 .iivi'nicn 
 
 r..i. 
 
 Pi.ividt>d. &e. a* in Form 5Cr 
 
1174 
 
 INtWKKS OK ATlnKKKV. 
 
 "ClIAr. XV 
 
 I'oM 1 1: frxiii lh< Ui.< Kf\ I H and \\ \ s »<.i k inul>y (•hih « -./ i '.i i 
 
 (nr < 
 
 \Hm ISl. ON 
 
 Ih, I! 
 
 «IM-^')/ //(r (oMI'VW ithnmii 
 
 E 
 
 Form 671 
 
 By r»"tivri 
 and mnuHU't 
 in dcU'iituri' 
 hiiMfrx' 
 •ntiun 
 
 Ti» ALL III WHOM \f.. A., of M'liijs ^i-o«tilli; [M'((7>ti» o/ (/(■/«■//- 
 
 //((I' comrin'i '.'cti/j. Ami «viiki(k\m >Ii'T1Iv ul'tor lli« <<\<'i-uii<iii of wl 
 
 imiiiiliir'' ihci... i'iMii' I divrrs (lelnjiiuin''! I'laimd in aciurJ.idi '• vmli 
 till' riiiiii .s<'i fiiiili ill (ho M'l'uii'l Mill' I. lit' Ui lli<> ml iml 'iiliio': A.ii 
 
 »lir.Kt. Vs oil III uImMII till' ihlV III . II. Mllll^i nil Im li.ii'' .|' 
 
 iiiiiiMlr all'! iill nllii I lii'lih'i- .11 iiiijit^iLiKU il>lM>iilutv^ of tin' illl r. \ 
 toiiiiiii'iif^ii aiiHttiiiii ill llif( li.iii'iis l)ivi.--i III ol' Hi.-* Maji'^lx ■• lli.h 
 C'l ol' Ju>liiv in Kii^luiiil u;raiii-l tli' • iv. uiiii S. tl. I>. i,. II rlitiiiiin^; 
 to liuvc till' tiuiti III' tlii> -ill iii:|<<iiiiiro I'ui'iiuil iiiln ■' .I'l'iiiiuii nuil r 
 III)' iiidtT ami iliriM'tioii ol tlio (I uiiil l'>ii tliit a|i|i<>iiiliii('iil iil a i.'- 
 li'ivi r ami i:iaii.i;;<'r nl lli<> ji|il\ .in I iiiiili'iliiliiii^ nf lli<> v\ Ami 
 \viiKKK\- li\ a juiliJiiiL'Ut of tlii< mI It uuuic ill tlio Hii ai'tiuii mi. A. . 
 il wa.- ilcrlaii'.l llial tli«' |>|i aii>l III*' oiIkm' hnliloi-t of iiiMi-tjMiri' <l<'li. 'i- 
 liiii'M !■' ll'.c iiH L-i-iin:l nil lor anil in |iur-iian(H' nf tlw -.1 iiiilciiliiiv 
 of. iV' . HOii' I'lililU" I to a lir-*! rliar:;(> on llu.' piily uliil iiiKlt'i'liikiii.; 
 of tin- rov i'fiiii|ii i-i'il in tilt' ~<l iUm'iI fill M"i 111 i 11'^ llu- [.'I iniijial iiiiini'\4 
 anil iiilcii'^t ill the ixl iii'ii'i{/ai^,> (Ii'ImmiIiii'i'. ami i' uaw iiiiiiiit;r>t oIIut 
 tliiii^.i iiicliTiil iliat llii' sil A Ik> a)i|iiiiiit(' I tmi liii ^iviii'.r xpinritv i 
 n'U'i\(.'i' anil iiiiiii.iir<'i' mi U'lialf nf tlu> .mI |i|i an. I otiii>r tloliiMituro 
 Jiolilii-.- iif llii' rii\ ii( nil llio |ii'ii|i<'iiy ami n^.-ols nf llii- m* cnniiiriscil 
 in aii'l Milijort )n till' tmit- of iiii iiili'iiliiri ilatoil. iVii. and al-.i. ii 
 Hmiiaj.1' till' liii-iiii'>> nf iIk' <'o\ r iiiijii i»i I ill the -.^i soeuritii'^ unlit 
 further onli'i Ami v. mk.hkxs |iiii>>iuiiI tn tho sd juil^'iiiciit. tho mi A 
 hai* ijivcn M'lniiiv in llii' Mini of £ a- .ipiH-ar- liy llio i'<rlilii.;iti' 
 
 of till' rhii'f rJi'ik. ilaU'i. \r.: Avii \viir.iiK\» the sil A. iui ^m li |.'- 
 coiv.i anil iiiaiuurr i-< ili<siriiu« 'hat !•' nf K , Smith Afrjisi, iiici 
 <haiil. .~linii|.| III' ii|'|"iiiiti'il a-" alinimv in lin- iiianlior and fur llii- 
 jiur|in.-i'- hnfir ajip 'ariny Ami hiii-.hk.\s In iiii oiiIit iiiado in llm -I 
 action on tlu' ii|i|ilirmi nf tin' mI pit and dali'd tlii' diiv 'if 
 
 it wa.' oidrri'd that tin' vd .\ -hnulil In' iil lilii-rti In rvi'. lUr tiin 
 powci nf altnriu'N «liirli had liiif-ii sHttjiil and aiiiiiiiM'd liy tlii' juilur 
 ii> a |iin|i<'r powiT nf atlnrin'\. a'- apiioniiv! In the iiK'iiuliiin llinl 
 iiii;n('d 'n iIk- Maxtor iii«aiiiiii; tlii'ieby thi>.^ [invvi'r nf attoimiv 
 Nnv. iiii^i iiii>i \!^ \\ii\i>> th.it in |iiii-naiii 1- of llir ^d nidir. tli • 
 ml A. u~ 'III li nii'ivi'r and iiiMiia'^cr a-i af-.<l dnth hhv app liiit the 
 bJ V. the allmni'V of tin- nd .V. in tlif nainc and mi ludialf of tli« 
 Kil A. U' ^ui h it'i^'ivor and iiiaiiavrer ax af•^l, to take po-<i-os.tion of, 
 proH'it. ami .nlUh't all the pptv of thr roy in Soiiih .Vfrii'.i, am! t" 
 <-nrry on and inaiiair'' ihi' iny'.-t !m<iiin«jt* ttr.d niVair^ tlu'ro- Ami !T !-■ 
 iiBV KMiiK.N.i.Y nwnKKii that without jufjinlicc to tho iri^neral power 
 liulK'foii' innfcrrod. llu' sd attorney clmll huvo pnwcr in the name and 
 on 1« hair nf thi' '^i\ \ a-* suili rocoivor uml nianap^cr as af-id. In d.' 
 »11 or an\ of the fnllnwiii'.^ thinc^ ithat in to savi. &<' 
 
 ain- 
 
KoUMn. 
 
 IITA 
 
 l',,\M I! fntlll LiUI II'NTIIK «»/l/»'<0./((/'/ 
 
 /;,/,/ ■rillMI I'l lisllNH /<> 
 
 ('M^ll^ UN 
 
 th> I'.isis 
 
 I VN in HitMnw. 
 
 i\. Al I li> WHOM 
 ,ul|MlialOll. A I- . UUI 
 
 IllKM. l'll»>t;M* Ml Ml <l>\l»' 
 
 Til 
 
 Cov in- 
 
 f oim 573. 
 
 il ..I,,, A I! , "I 'Vr . 111.- ll I 
 
 li,. li ir »l tlio -i! i'",v, ^^JUll 
 
 ' Ittrital" !•( I'iiiilhi'i-Uf iinirr »l Ihr ,.,nii 
 
 i-iiiiH iiih! iii>iii>iiil>ii''»t of 
 n-ii'iit-i III/ lieiii^liiir 
 
 \\ iiAt-''* 'liiii 'll'' '■"> "" 
 
 I ihi' lnirdo, uiul eucli 
 
 llli>lll(lol!i lll^V.(■..ll^|.l illi'U 
 
 11(1 a|>| 
 
 iiiiil 
 
 H F ,li. ll.iiiil 1' K ..iiicl 
 
 ;|„MM uitlu.ul llio tl,inl. an I ..vciy ot... uf llioui uilli.mt. 
 
 ,.\(MV f«u of t 
 h.. olliri two, to I.. ''« liiwlul iilti-iiH' 
 
 tii< 
 
 ihf linr. nil 
 
 A atlor 
 ,1 cud f lliciii ill tlu' iiiiiiK"* or " 
 
 i 111.- 
 
 I « CUV 
 
 PouerK_. and vM'hout pwimluo. \c.. I- .lo nil oi an. 
 iiiiusfH. till'* i" ' ' '*''>' 
 
 r ri-. 
 
 Ill 
 ana 
 
 ■irrai 
 
 I 
 
 .iii«r 
 10 cov 
 
 ,,, liiinvr "t .i.'I'.'ii.l an\ a. .i..,i, -ml. «r |.n. 
 
 |,.i,ai |,ro.>'.iiiim.-. < ivil ..f .ilininMl «a'll 
 
 loi till' |.inl.M lion or mo\«Tv of anv ;i-.-i I- <'i ('"• '' •>• 
 
 l•.,.ar.^ on tl... LuMii...- of tl.<. .ov m. li. ,- niav U- noa-^-iiry 
 f.,. "ill. iHMi.-fi.ial «iii.lii.--n|. of lin> .«ai.i.-. .^i' • .V'' 
 
 (.„«,,• (..w Shm!M,.h .im (,, \iiu,.M.> h,ni,,"""l I'li'Mi.,;/ 
 
 .Ij. ( I ill' I". 
 
 '1'hi.: » !l^. l.iMii' 
 
 Kvo. Ml MKMn n,..K.....s.NTs..l..i I..V n.o...J..,u.lia„.- Fom673. 
 hoM..|- in Ihv alM.voHuuiK-a .•.,>.. !•. 111.) uHH.int"' I'. '''.'^<'- ''''''''"> 
 at.orm.v. ami in my nam- an.l o, mv U-lialf to u,.,.o.nl any ,Kr.^on or 
 ,,.,.„,„: to act a^ U.V ,.r"^v at .ns PMi.ral n.o.-U«:r ol tl..- al.ovo- 
 ;,am.-,l ...v «hi.li nmy l"' 1.<'1<1 Ih-I-»' 'I'«> <'^'>- '" .• ''' "' "^ 
 
 ,a ..lii.1. 1 Hlmll not U- ,iv<....t in ,., .-.n or by ,„„vy a,,,,oin..-.l ui..l.-r 
 ,„^ own l.aiul. an,l I aullioii..- n.y ,^1 itt ,rn.-^ at h... .h.-n-uon, to 
 
 „nok.-aus a,.,.""""""" •"•"'" ''> '""" ""'"'■ '''"'^'" '""T ' ."l 
 ,i.ola..- tha. tlii> IH.wov ol attorn.n .hall I,.' o,..Tati^ ily u,,. to and 
 
 in, lii.liii- tlio »(l <l'».v "' — • *•' 
 
 Is w riM.>s, iVi- 
 
 XV ,,.,r.. ,1... ,.r.i,l.w ..f a ...."1"-? -'■ '-"'-' "^ "'" ' '' '";'■ " ',' '■'""" *" ^' 
 
 ,|,:,r.l,...l.. to .X.. t. » , ^,^.^^^ „,^„ a„i„-,r„mrnt 
 
 to |,r..xii-> I-. ll-' in th.' i.H 1 .il'l' ^ ..1 i^"-- " ,,.i.„,., 4in 
 
 .,f .r..xv ......1.1 I- i.'....: l.y .!..■ -lu.r,-l,..l.l.-rs ,..t.,rn..y, f..r l..-;l.- .V. ■ ..- ^ ) 
 
 .1' ,1,:., ...c ■i.irui 1. a,,-'^--' ^' !-->• '"'" '^ '"."^ ^' .'"::;;: !!:: 
 
 :..:,' ,1,0 dimmitv ..y a,Mlii. u-.a,..- -r. , tli- «„M. i.ft.T " .,n.!.-r t,.- !..,... 
 of 11.0 apiK.i»»'"" ••" "' '"^ """""-^ ''"'•■ '"•♦'"""•'"'' '" "' " 
 
 ^5^k 
 
1176 
 
 POWERS OF ATTOUNKY. [(!hAF. XV. 
 
 Ill 
 
 I'owin frimi SiiMiiiioiiitK to Fill. 1 1- l!i wkn in I'noxiis. 
 
 Porm 674. 'I'o .\i.i ro whom thkse i-kkskntm sum.i, iumi;, Thu Tn.'si, 
 
 LiiiiUl iliiilli liilli'il The Tiu.sL"), sciid-i •;n'o;iii;r. Wiikkk.vs the 
 riii.-l iiolil.s ^liiiro.s ill A. 15. iV Co., Liintii iliiitir railed ■ ihu vny"), 
 and i« desirous of lioiiig; roprt'st'iited hy proxy at iiioi'tiiijr'* of tliiil my 
 hoiOiilK'r lii'ld: And wiikki;\s, by lliu iirw of iisxni i>( (hi' to\ . il i.s 
 providiMl thai tin' iimtriiiiwiit a|>|Miiiitiiitr a [iro.sy .•'hall he in wiiliii'^' 
 iiiidi'i- the liaiid of llio a|i|)omior or hw ulloriii'v, or, if «uih appointor 
 u* a loipiiratioii, uiidfr il> roiiiiiioii »cal: .V.M) wilKlir.AS. with a view 
 to idiiiplviiitr with iho «<l ro^ulalioii. \]w Trii.st has scalud t«i'iity 
 indiriiiiK'iil.-' nl prcixv. cai-h fiaiiu'd in a' i luilunci' vvilh ihn lorni sol 
 forth in the .sihciliilo hln, and wilh lh<- lilaiiks llii'icin appcariiij; 
 Am> wiieheas iIu' Trust do^irt's lo appoint .1 . K.. of . in llu" ( ity 
 
 of I.omhin, F>i| . il.s alloiiu'V for the piii|HiM'.-. fulluu .ny-: Now rr is 
 iiin .viUKKDand dclart'd thai tin- Triis; dnih hhv appoint liic^d .1. K. 
 to 1m' iIio alloriH'y of the Triisl. on liohalf of tin' Tin-t as and wln'ii 
 hi' fioiii liiiic lo liiiH' lliinlo lit to lill up lIn' Idaiiks in tlio »d x'viTal 
 
 inMtriiiiK'iil.- of proxv. or any oiio or i i' of llii'iii. in -mil niaiiiiiT iw 
 
 lie iiiav think cxpcdicnl. and in jiartic iilar lo in.-^cil llirroin llii' iiaiiii' 
 i'.iid a<ldrt'.-> of llu' proxy or pio\i<'>, and llic ilau- of iho y^t'ncral in.«!t- 
 iiii:. iind iIk' dali' of ih'' in.-'UunK'nt of prow, and ^n-iiciilly lo lom- 
 pK':c' till' iii.MMiiiK'ni of plow . and drIiM'i .ind di'po-ii ihi' -.ini ■ al llii' 
 rc;.'i.s;oiiMl olli (■ ..f tin- I o\ . Ill a. I old, 111' !■ vviili 'hi' ir.jiiiii'iiiciil.- of 
 the I o\ .- ail.- of .i^-oii: Amim i-. iiin i:\r!!i.>-i \ i.i c i Miin iIi.imIh' >il 
 ultoiii('\ iiia\ iii-cri ill .iin -mil plow hi- oun naiiir .i- :lii plow, 
 or one o| ihf pioxK- ilii'irl>\ appoiiiii'd. an<l tli il llii' -d atloriii'\. in 
 l:<ii ot iii-i'i ; iiiL' hi- own iianic. max iii-i'il lli.i' of aiix ollior pci-oa 
 or pfi.-oii- v\lio iiia\ Im' -il'i :o.I liy liiiii loi ilio piirpo^i'. 
 .As uiiM.— iIk' roiiinioii fi'al of ihi- Tiii-i ilii- lax ol 
 
 Nor M!V's ( 'mi I II II M I 'if \'\\ I I I |ll\ 
 
 Form 579. To mi io whom im -i iul-i . i- -hm i, iomi I. .oltht'l'ilv 
 
 ul London, 'lo'aiv piihln . duly adini'ii'd and .-uoiii. do liliv ii'itily 
 
 lll.ll llio lo,l';.n.illiJ poHl'l of aMollH'X « .1.- .-i'_-IH'l alio -I'.lll'd. .Hid III 
 
 dill' form of law didiM-ri'd. on ilii- d.iy of tlii' d.ilc hoi, li\ ilio <oii- 
 r.liiii<nl llu'ii'iii iianii'd and di'-i i ilx-d. Iicforo iiii' llio sil iiol.irx. and in 
 iIh' pi('-< IK f ol .of .Mid ."I . -iili-(r:liin;i ttiiiii'— <■- 
 
 Ihof. i.i faiili and li'.-;iiii iii' wliol I liaM' lii'ii'iinlo sol in\ hand and 
 .s.'al 
 
 I)a;i'<! ill l.oiid'iii tin- d.i.x ot ami in ihi' M'ar of our 
 
 Lord 
 
FX)KM8. 
 
 117T 
 
 NoTAKYS CkRTIUCVTK o/ DECLARATION. 
 
 T.p 
 (lulilii 
 iti till' 
 
 iiaiiK'' 
 .liilv . 
 llu' '1^ 
 
 111 
 
 alli\' 
 I.mkI 
 
 „.,. lo WHOM 111F.9F. rREsENTs SHAM. <:oME, I. A. IV. notary Form 676. 
 
 ,luly uuthorizoil, adiuilt<«<l mul «worii, roi.lint.' uikI pnulisiiiK 
 , ,i,v of , ill Uie county of — , in ll><- t'"il'-<l KiH^-'lom of 
 
 Hi-iiaii. nn.l Iiolu.i.l, .lo hl.y .-rlify that (' D , tho i.ct..i.n 
 I in llio paper, writin- or .IcxLration liorounlo ann.vM-.l, <1kI 
 
 .,,,1 Noloninlv tlclaro to tlu" truth lh..f Ix-foir in i th." .liy of 
 
 aio Ihof. and that th.' imiuo C D. tlmrt-to oih^, rihr.! H «\ llin 
 r liaiulwriting nf the ml V. D. 
 
 t,-slii.ioiiv whoirof I liav.- liorounlo mi1.,m ril.o.1 my naiMc. an.l 
 • 1 ,„v .*.al of ..lll.o, thi.< .lay .if . i" >l"' .vf^r ot .mr 
 
 (S..al) 
 
 A B . Xi>lar\ I'uhli.- 
 
 T„ M 1 lo « ll.-M TIM- ^'■. IMIKSKNTS SltM -• --OMK. L ■ "f • '" ^'"''^ "**' 
 
 .),...„> ,.f l.nn.h.n, notary piil.lc l-y U.ual ai.'lmrit^ . diih a.liiiiit.'.l .\„„th„r 
 :u„l .-uoiii. an.l t.y tho Statut.iry Do.laiations .\.i. IS.!.". .■- -V f. Will I, 
 , (ij), -po.iallv authorizod and oinpHWcrod to re.riv.- .h. lar m.-ii-^ lor 
 „..■ m all liiit'idi .ol.inii- and .i,>iHMi,U>nri...s toslifxiii- th.' .^r ■i.tion 
 .,!• .11 .I.--.IS ..n.l in«trun,..n!.s „r pioviii- .h'l't.'. ..Idi^'aliniis. an.l ..(li.>r 
 .Huu.'i.s. :.Nu .kMlarati..n> fur ii«.' in .-uits ..r a. tiun^ l.-,.mL'lit m ■">'h 
 
 ,,i „c- ..•latin;: to .lebt-'a..- Ih, lan.U, an.l ..ih.-r ppty tli.'r .«hi.h 
 
 ,l,„|aialion« aro to be of ih..- ^.uni' f.-ivu an.l eth-l a- il.ouuli ^«..rn 
 ,,,,; r„r, in -iM^n Cl then., d- hl.> .«rtifv that ..-. lli." .lav ..t th.- 
 Jail' hof Mon- in.' p«r.-.onall> -am.' and ap^.'ai.'d . a p.'i>oii 
 
 «.ll Kiioun and uf ^.n.od .r.'.lil, iiain.'d an.l ,l.'.-wil...d in ll..' ,1- lara- 
 t,on III" ,.iin.'X.-d. win, l.v -.l.'inn .I.Mlaralion «hi.h In- lli.'u inaai| 
 |„.f..|.' in.' .li.l .s.d.'innlv and Muror-dv d." lar.- t.. l..< trn.' ll." -•v.'ia 
 niatt.'n- an.l thin-- 'ii«'"'.l an.l ...niain,-.l in ll..' -d anii.'\.'d 
 
 !lt'( laralim. 
 
 In l...-li.n...iy Imf 1 liav.' Ii.'i.'unto -d my hand and M'al .>! ..II.--'. .V- 
 
 Lniulon. ill.' "f 
 
 ('on.iiii*'>i.ifiiM of the 
 
 Supremo •'! .if 
 
 NdiMtvv SrxTi roHV J)i;ri,\u\Tn.N ../ I-amition .;/ I'., win '>l 
 
 .Vrri'iiM;^ 
 
 J „f ,,l„.s,demnly and.-in.ere ,h', lai.< a ^ f.dl.,«H Fom 677. 
 
 1 (In 111.' .1 ly .)f I wiut |«>r»..nally prewnl will. .\ n ."f s„,„r»'» 
 
 ■. ,„ ,1... Citv ..f l...n.lon, notary puhll. . A- . ai.-l .li-l ^ee th« ;;;;^^ 
 anneM..l now.'i of ait..rm'y .lulv .mm.I.-.I with il..' ......m<.n r-.'al ..I Tl..> 
 
jkjljllj^ 
 
 117.S i'o\VKK.-> OK ahokm;v. [Chai-. XV. 
 
 Form S77. tm. I.imtii, llivioin luiiii'd and in llii' |ir«M;ii(«> of hr. |ii,,|,,'r 
 
 aiithoi'i/i'J ullirorn who mo iH'isoiiully known lo nie ii" .•<ucli. iianii'lv, 
 
 miJ _ , two of its (iin'clui-*, and . il> snc ri'lan. 
 
 2. Till' seal iini)rcs''t>tl at tlio foot of llio wl powoi' of alloini'V i> tin' 
 common mmI of tlif mI (o_v, i'.nd till' sifrnatn res and and 
 
 biiliMiilic! oiiposirc sni ii mmI. ali' of the roinnion in'opcr Inindwiiiin;; 
 of iIk' s<1 two .liriTi.ns and so'ictar.v ro-ply. ihi' same Inninij- l..', n 
 subscrilu'd in my iui'slmkm'. 
 
 ."1. I am an utu-nliujr and Mil'-<(iiliinir wilno- to llu< >d jhumi .,i 
 allorncy, iind llio si<_'na!nri"' A. 15. and ihcii'lo snli^i lilird i,., 
 
 \vil|irss<'~ an- of llio '•■niinou iiiid |>ii)|ifr lianduritiii-j: of thi- sd A 11 
 ami of mo tiio si ilo-Linml rospty. 
 
 I. I.;i.-;l\. llio si! power of at'ornoy v\a> so oxornlpd fnlly, frocl\ 
 and voliiniaiily in pni-Mi.iit'o ..f a ro-^nluiion of tlio hoard of diroctorv 
 of tlio si inv. and in conforniily with tho ail* of axson lliof. 
 
 I midio ihi.s .-cijotiin doi Lir.iti"n oonwioniionsly lioliox ini.'' tho t-ume 
 to l«' II. lo. ail I hy \ iiino if llio SlatiMoiy Do laialion.* Ac'. IN-li. 
 
 Oocl.iiid llii> da\ o| . .it iii\ ..(H.o. No . Stiool. 
 
 ill tho ('in i>f [.Miidoii. Iioloro mo, 
 
 N'olaiv I'nlilio. i. iidi>n. and ( 'oinmic-oinor 
 of tho HiLih lonii of 
 
1179 
 
 liANKINTi VXIt ADVAXd-; SWM'ltlTIIX 
 
 (llArTKIi XVI. 
 
 |NIUi)l)i:(T(>in NDlKS. 
 
 V. -^ .-,1 ,o,.M:n„h >.„.;...-.„. ^nlun,.. „M.,.n>,p m -K- VWa^ 
 
 „„1 liaa,.,.. M.ul i.tlKM .oinpauios ,.-iM..v,l ui.l.r il.c A. i -i l^'.-. 
 
 „„w M.i.laml l.> ll..' A.l ol l'.M.-< ,,u.l i. v.Mv h.iiv pn. m,. th- 
 
 ,,,,111- .11" ma.li' to •oiiipaiiii- -i' n'u.-K'i'-l 
 
 .,.„.. ,..,,,,1..- ..., M.,1, a.U.Mi.v- .aiv uMl. .Ii.' in.miMan.o. U-.:.l^^_^ 
 
 Ul,..u. ilu- iMnn.vM.r ,l.«.^ ..... ..!.,,.■.. ... u-^.' a L'^.l ' '^■'^"- "'" 
 
 l..,„l..i 1- ,1... Ilk..|v ... .o.ux. ... i.iaU.. .I..' .1 Iv.i "i.." I..- l^'^.^-;- 
 
 ,.„ „.„ |,„„ ,. ,!..• >:.!-• Wiu.l..! M..nh>; 1.... «l.-.- -I..' I.-.'.' '- 
 
 „„l, „..,i ,,„ ., ,lu„. ti.n... .1..- l...ii..««'. ^-'^ ' '""'^ ■''M"''- 
 
 ,., ,1.,. ,.^,,..„-.. a...l -l.'lav ii. i.l.M,. ... a l..;;al i„... l-a.^.'. .-|... .=«l^ 
 
 „,■ l„„i ,,..,.1 1.. .iK'-^' .li'v- ol .,....|»..i...... au.l l..« .a..- ... 111.-..-'. 
 
 ,H.„,,1.. VV..I. .apilal Ivin- i.tl.^ a..- ..n.'.i iio, in. Ina-.l ... uiil'.-'; •""- 
 
 Jn...... ^ - ■ I- ..v .1...... i^ -"""';,;";:'; i^::^.,,.„... 
 
 i,„Mii.<>-<.|-«li.-... A.-..,.,li.i-lv. t.M..|M..a.v...lva...r-a....... la.^ ,„„„«»«.« 
 
 ..s,o,.l. Mvuml l.v .■.|.iUal.U. ,11.... ua-^.- oi .liaiu.- L- 'II '"■'! 
 
 -ali-la.ii..li ul 1m. newer- uml IfiiiU'i- 
 
 \„,l..ul.. tl.«'-'^''"i'^ all...a.-,ll.v....-.|......l.l- ..!••' ^-.«U'""l'-"-<' 
 
 , ,„„ ., „| ,,. iha. ..I a l..-al .ii-i .'.i.iu". '' M"''"' '''" "'"■"" 
 
 ;,,,, ,,;.|i".H.Mv i> .„,u,.al.,l,^..^ ...... aii.l ll.a- wli...' ...h-n a,- 
 
 111.1.1.' M 
 
 ill ilisi I iiiiiiial....i .•.|..i'a 
 
 ).|. 
 
 until'-. 'iii.i.'.:li II. . a-i.'t.alli 
 
 i,|,la.i-.l ,,11.1 imlliticl li\ liaml. ' 
 
 "I'lici.ilK I"' I 
 
 illVOUl.li. .111. 
 
 clU'i li\<. 111. 
 
 'lii'il Mil .1- a 
 
 |. Mll.ll" 
 
 ,iv,ui,,i„.' till tin- r<'|i.iviiii'ii( 
 II, ,H. IIh'M. iii.i> an • (inta 
 Sulijt" . ... tin' -iiiMit.lni.il>' 
 
 ilia, a \ali<l oi|uilaUI'' unnij 
 
 i.lllll Ih" ,'H',ll(>l 
 
 Ic lit all..i.liiii.' t" li'ii'li'i" •III '.''"l 
 ,1 their .i.h.iM. I- 
 
 l,l<' I 
 
 li 
 
 ll.rc lie , IIM 
 
 teil; 
 
 iiiift ■U-tiU'^ 
 
 Mile- lii'l.iw li,elill"li.'.|. 1. Iil.i 
 
 me .1. 1 li.»r;re i.ii jii"! 
 
 \ I,,' .-I.iKmI 
 
 lai 
 
 r,,i>i'it\ .an in laij; 
 
 I l.v (i)iara.-i u< wnUii!^ 
 
 or e\eii li\ mmI'.iI (■.■nlitie. 
 
 \i; .Imt 1- ie,|Uiie.l. ai . 
 Iioie sluill l«> a l.iinliii.; 
 ihe |ir')|i«"tly ehaitn'i 
 
 .lii;u to .In- (tiiii. iple- "I ei) 
 
 uil\ I- 
 
 ihaitri..!^ ?h<* (<i.HJ«"'>. •••«• 
 
 tha' 
 
 -hall 
 
 .i|ia 
 
 lile III i<tp»!**'<»if.<i ihjM!" 8' 
 
i\m 
 
 HA\KIN<. AVI« APVANCK SKfllRITJES. [('HAP. \V1. 
 
 Omflidfni- 
 
 mf 
 
 tfci> tinsfi whim Iht- il*«ru?f is ir»>aK»cl. ««r. iii kHo tusi« ol I'liliirc |)rf«- 
 p»H u ,i! ilic tiiiio wlif'n i' iiriiir^ iii(« •■\i-l<>it. <M m-* timl vvliii ii fi w,i- 
 !Ul(.-ii(l<'<l ti( ' Imr;^. ir 'lies' two condiliuit^ iiri' riillitlcl Hi" jn- 
 |M'i(\ i> »>it!wl ill i'i|iiil\ Vol (- -suilv pal ih iilar u- lu iln' mini- 
 
 riiii". il A '"y* 111 I'.. l»'B*i tnc '<Ht/ . iiiMi > I'll ■.liiill lin\<' ii ■ tiin;;c 
 nil my sliurO' in 'li«' ('i>{u|iaux IJriiiifil or. m iiiv -.fetiST jn 
 
 iIk- |mrtu«rHiuy b»>^mw '>t iUfi H. imIvuiiip^ llit« iiRfcimit. in 
 
 litt-t in t'liiiiu .1 viiliil chariT" lt»»i *>•• iiiirir" wixiM in «*i(mi\ Iih.m 
 Imm>u iii«i .4> Miliil , A tia<l -iiul. viHi >liiill liiivf as s»iiirit\ ni\ 
 slliHV'. ' iM 1 will t^nf \,»i a lllnltirui;!' nil nn »liali'».' •»■ r.U(»i(|i.| 
 niv ■•liaiv- I- a -^'iiinty for tli»' aimmir. (M I make <>'-*>r in \nii .,> 
 «<'<uiily iii« ■'tiii I <•■<.'■ ol ! Iiiini my »liar<-s «iili the pu\ iikmiI. ■■i I 
 I'Imi;.:*} iiiv -iiu-w^ witli ihe uivniciit ' . /■'/(»» ckcc l.ntut Cn.. \'i ' l)i\ 
 ■ <M>, .i-Kii. lor t-iiuity look- ' tlio iaioiilioii iii not to iiii" jianh iil.ir 
 t'oriii <ii word- ii«»>.i Shiinti Xtmsn- Ihili '■'• I) 1 .V S K7, miiu. 
 p IlHii; h'lrmiini \ Httm. o' \,-«' /.r.ihiUfl. W>« A t >77 
 
 Ami il ilii' inU'iiMoii 141 t-harur i- -*nlliiitMill\ ikmy 1 In- ali-.iMiii> .>! 
 wol(l» ol iliiirtrt' ^ill not (li';»»al ii»«' iii»"iiiion. ' "nrff/r/, v SriJr^ii 
 I'),, I I >, I. 'I 1. T Jo .iiiii -"• •iHf I IMi; 
 
 \\ liiMc a I liaiyr*' 1- 1 iviiU'ii hv ilt«^i iH> 1 on-itli'iaiioii 1- r<'i|Hi»iic i.. 
 ^iip|>o'i ttn» il<H>ri liil'. wlii'iv till- i-tiiinr" 1* iti-itfml liv -onirarl noi 
 unili'r s»"a| l ,• Ia uhat 1- < iilli> I a »i a|il'' " onttu' 1 irhiMiii'v ii> 
 wiitin:^- or oral. .1 viihlaW*- ■■•msidcratH'e lor iliv ■ liarsp mifi in- 
 pioM'il loi > •iii.'^iiitMiifiiin I- iiinlor Ktiyli-* la« . an t'"i»*»wial n-uiip- 
 in a -iiiiplv loiiliar! ( oiL-Mlfra' ion Ihm*" sapuii- -omc ■ Mii«itM»niti'Hi 
 whiili lu a. U'^rai ■<»Mir»'. i» ■>( vu.liii'. 
 
 ' .\ \altial>l«> 1 onsitbtnition. 111 tlf -imi-«» ..i rbp i.iv. \ni,\ c on~i-i 
 eitlwr in -inn' n^lit. im«^F»"'t. proiii ■ir InMioiit airinuir m llii' 'ii' 
 pait\, o! ,.int<' I'orlifarafjri-. iltMriiiiwii. lo-^ i>t leopon^iliilitv jriM'n 
 Hullt'rtvi or iimlitrtakfn 1)\ tin- o'lii-r i'iini> \ Misn. I. K. Id \'.\ 
 p. Hi'J \i\\ ail ol ilii> plaiii'ill Moiii wliii il till" il<'l<Mic|atii •li'ri\i"' 
 
 a ln'iii'hi ii .I'lv uii.i'jt'. 1! .111% iaiioiM'. ijr' miikoiI or iin-oiiu'iiicin" 
 xu>lain>>i| li\ till' plaiiitil). pnniilcil '•mil a<'l i> porlornii'<i or ^it< li 
 iiicoiui'iiii'iin' -iillcri'il lix IJK- plaintilV with tlii' roii-i'iil. I'ilhi'r i'\ 
 pH'-> or miplifl. ol llu' ilctcmlant. i-> 11 1 iMi^iilt'rulion 111 point ol law 
 IVt 'riiiiial. r .1 . l.,iiilli<'i)>i> \ llniiiiil. .'I .Si.tl. L'.")0 
 
 Hi'iKc. it A \* iiwli'liti' I to a liaiik. anil lli<' liiiik n-'pii-ti liiiii !•■ 
 (ri\(> •^•iiiiiix. aii'l 111' ronitilii'-' willi ilii-* rcijiir-l liv \\iitinjr to tli'- 
 hank a U'IDm .-^avinu: tli4tl it >hall li.n(> a <'liai');n I'or ili<> aiiioiiiit ni: 
 il >|M'i ilicil pioprrly. lh«' ( oiirt will lival llic tian-aitioii as iuijioi liiiir 
 a (oiitra.) thai .\ shall jrivi' iIk' Mviiiiiv. ami that in lonsiiji'iaiion 
 tlmrcoj ihc hank shall liirln'nr I'or a tiiiii' to cnfont' paynii-iit, ami 
 inusiiiiii h a" this L:i\iii^: ol tinii' or lorU'aianK' is an iiicoiiMMiiiiii ' 
 "iLslaiiicd h\ tho li.uik a! tho implied i<'i|ii(>si ot' ihi> <ii>litor, it lilhini- 
 a snllji iiMit I on^idiTalion toi tin- rontrnrl 
 
 Thue, in tlluimr Itaiik \ Hioottl. 2 Dr. & S iWt. a hank-r Jiad 
 
 MLi^* 
 
INTRODUCTORY NOTK8. 
 
 re.,uin.d H.Kurity from his .ustoiuof for an ovonlrawn aotounl. Tho 
 ,u't.muM. l.v lelior, proiui>«.l to hypolhoeutc corUi.u boo,1s. Ipou 
 ,„n,.H.,l.u(r-<'bv tl.o l.iink to onforco tliis promito. il was .,bj.-.ti>.l that 
 II,.,... «a. MO ,;.nM,luratiou for it, since the bunk <li«l not in torms .Hjret. 
 ,„ ,.,v« timo. but il w;vs held that tlie einum>lun.cs iniplm.i an 
 a.J.iMan.lii.^' thai thor- -.lio.iUi be souk- (orb<-aran.«. au.l tl.al ihis 
 „,,, M.tli.iout to prov.M.l llii- piomis,. lu hvpothfcaU. fr..n. b.-iu^ void 
 .1- a iiilduni partum 
 
 K„„l,r.lov \.-C.. »«iJ: ■The u'n.uml -f tl.o demurrer to tl.i» bill i», tl.at tho 
 ,„,„r.c, ^.d U, h»v.. boon o,.,>t.>.u.a in tl.o lo.tor of tho .».h of Sopt..,,, ,or 
 
 ,,, „.,j,.,„ ,„„■, ai.d oao whirl, th. Court oould ....t thcrof„ro o»r..r.v, ai.d .t 
 
 »L- .H.ntoud.-d that the pnm.iso to hy,mtho,a.o the k'"."!- «"' «"1""" <-'n''dor;. 
 
 ,i„„ .,,,1 thoro v.a. no pr iv- ■•" tho part of Iho pUintitT. th^t thoy woi.Ul 
 
 a, ,'„•, -oM for a -inu'l.- d V fr .ri..^-iatr th ir ao.j,.,, a..-:.i.i-. tho .lor,.n.lMnl- 
 
 ,„r tl,. n.o.,.y owinu' to then. a,.d whi.l, tho.v luiK'bt no doubt l.avo broupht. II 
 1, ,ru, there i« nothing- l.ovom! tho don.ai.d for pay>«o..t and tho prom.«- to kfivo 
 ^,„r,tv l.ul tho .,..e>.tio„ I,, wi. ther thoro ...uH bo a pro.u.x- on Iho part of tho 
 „|o..l,rts to ab-.t«n, fn>u. brln-iuc ^. aoliou in ordor to ooustituto a valid o,.n- 
 |,.r->t>..n \.-.-or.lin« u. th. <.»t.-«.-nlH ... tho bill it appear, that ihon- wa. a 
 ,",„.n,| hv tho ,.re.lit«rs for payment and a pr..„.i.o by th- l-btors .hat 'hoy 
 ,„„1,1 hv",-.th«.ato .ort.«n =r.«-K. and upon bo.nc :< ^-'\ f-r the doou.n.rU- 
 „-......urv for ,».«a,»t,timf a vw.d «■ urity the dobtor- m.de an exou-o on tho 
 
 .r..un.l of »ln..r noi teim. .bio at thai i.mo to ol.lain the pajH-rs. No* what .. 
 •t„. .K.-.! .,. the IWter wrtuon bv tho .lefon.lanti!- It appears u. n- that when a 
 
 .,„.M..r d,.i..aiul^ pavmo.it ..f a dol,i. and the debtor in ■ on.o.| ,.-.• o. that 
 
 ,„,,,oa,«.. a.-r...s to «ive a oert-.u, >,.,urily. alt .,'h Hero is no pron.,,.. by 
 
 „.!. -r^un to abHtain from sni.u; for any «ivo.. lime, yet the elf.vt .^ that tho 
 
 ^,or rt,H.- ■„ ta. t «ive or mu^t be assume 1 t.. ..'ive, an.l tho ,lol,t..r ps-.-ho. .,, 
 
 „^t l„. a««im«l K. receive tho boneSt «t so.no doarroo of forlH^ara...-o. althou.fh 
 
 ,.,r m, dBlnoK- or tixeJ iH-riod. If the dob, .r bU rolusod to ^-.ve any »oour,.y 
 
 i .11 tie reUitor in.-hl, <if oourso. have laket. .m.no.liaio si,-,.s to onfone pay 
 
 ,.„,„t. Im. .n <-onso.,.,e .f tl.o pron.i«. b. hy,..th.. ..to the .loblor .h-. r s. 
 
 ,„.m. A^rt- of forbeuranee. It i. true thai a. any t..no n..tv.,thstan.l,o- Ih. 
 
 „r.™..e th.- ore.litor m.jht in«i»t u,«n in -liat,. payment. .-..1 br.nif an n.t,.o.. 
 
 ',..., after the s.„-urilv L'.ven. bat still th.^ .■irrun.s.an--o, le- ■ -ar.ly onp y ..r 
 ,„..,■>,. th.- atta.nn.onl'.... tho part »f tl.- d.^.tor of a oorta.n a«.ou.it of i„rb,ar 
 an..- whi 1. I..- «ouhl not ..therwise re-,Mve; ,md that, .n ...v op,„,..n. pro.en.s 
 
 ,1.,. ,ra.,su.t.o., from 1.,-,..., a ..,»/ ;..'.'"«■ <»» tb-- ,'r..."!- iom.irr.-r 
 
 ii.u-l bo ovi rtuled.' 
 
 1181 
 
 4\ 
 
 \nd m (>hU->-^h,J,r . h,„<,.n\.\S ;U«., .-.i: KrI.. I 
 
 <,ii<>: 
 
 "lHM.ki..^' al Iho «h..l.- I.'tl.-r ami II ir-um^i .... - under «l,,.h ,t »,.« 
 
 *r.ii.n r .1 .-onsidorinir the in.iM.rtan-o ..f f.irthor a<l.. ....-.•- I ■"n..- t.. th,- ct, 
 
 ,|,„ ,h,„ the .- id.-rati.m ...nl |dal.-.l «a. that f..ril,er advan h.ndd I,- 
 
 ,.,..1, . and tin..- tfiven bv tl..- . r.-d.t..r b, b.n- ho would pr.--s f..r pay.n. ..I of th- 
 oxist,n.tdobt. Though the .„.ira I ,li.l n .t bin.l Iho oro.lit.ir I., mak.- furtl,.-.^ 
 
 ..han.os or to a\^^^ time, unless ho el...*- b. do «.. it is . b-ar thai. ,f h 
 
 „, ,k- th.- ad.ame^ a.i.l .lid tfi.- lim.-, thai «hi.-h w.u, ...ntinKonl al the I,,..,- »i.-. 
 
 l!,o instrument w:i. written b--.n..- an abs..b.le an.) bi„.lin.{ .ontra.-t. 
 
 Thes«. ,.aso^ «..n> approved an.l illiistral.-.l n. h^.ll.'rtun ^ j^'",;': 11"";; 
 IToviKcml Hank o/ Ireland. . IIK>:! A •'. .'I'l" 1" thai .as,- ih. ,i,.,.. .. 
 
IIW 
 
 HANKINO \Nli .M>\ \N<K SK(rRiril>. M 'llA!'. .\\|. 
 
 : 
 
 |irii|Mrt- t I 
 
 "UHlniiK'i lit a liiitik ill li'i'laiiil haviiiir nv ordiaw ii lii-^ .iicuiiiii .mil 
 U'iii;.'- |iii'.-.-cl l)v llic liaiik iiiiiliTtiHik \t\ U'llor a<lilM"<»iMl In llic Imiik - 
 inaii.i:;*'! lo ili|Mi»i( a lilli' iloi'il nl an lii-li I'^lalc a- -im iiii!\ Ini lii> 
 '•vt'idiall. 
 
 ii(* (l((|Misiii>i| iliv i|i><-i| uilh ili(! Iiaiik. vxliiili <liil ii'<l n-tri-ti'r ili<' 
 ihurtfi. It wiis held that, lliorc wiu* u liiiiiliiiu' ayii'viiiiMit In llic 
 custoiiier to jrivo tlii« i»«c'urity. "la .-ikOi a cii«o a.'< llii< it i-i no 
 sui<l 1.111(1 Mai nai;lnvii. ' iii'ii-ssaiv ilial ilicii- ^liouM Iw .in uir.iir;;o- 
 nii'iil lor I'urlK'aiuiico for uiiv dolitiilo or |(urtitiilar limo. It i.-i ijiiiic 
 enoiiuli if Mill <aii iiitVr fniiii lli<> Miirniiiiiiliiii; ciri'iiiiislaiiitw tli.ii 
 tlu,r«' xvu.'* nil iiii|ili(>(l rt'iiuewl for fiirlM"araiir<' fur ii (iiiio ami Hia' 
 forlx'ttraiH'*' for a i<>u.--oiiiililo liiiin «.i«, in I'utt, cxtt'iiiU'il lollii' |iir-iiii 
 who ii.>ik<'<l for it. Tliat |iroiiii-itioii si.<mii< in tin' to In' <'-l.ilili>lii"l in 
 the ra.-M- of Alli/llUf liiiiik \. liiiimii. .-yUfitii : ami < lljlri.^h.ni 
 
 \. I\in;l, sitiDii. with tlif iili>i>r\atiiiii.s mi lliat i.i^c, ami on the ci-*' 
 ill Dicwix aiiil Small' liv Howoii. I, .F.. in Mih'x v .\r:r XrnhiH,' 
 Mfiiiit Extdir I II . ;!-' < I) 2ili;. L'!»l», ami I may uilil that iIh' it- 
 jio.'-itioii .^I'l'iii- III Ik' '^iiKni .-cn-t' 
 
 Uii the Kanid |irim'i|il(.>, if .V . imt lioinu imlidit^jil to M . uiiiCM i 
 letter to Ii . ftatiny' thai ho .-I'lids |i, lurtain litlu-di tMl.s in oidir lli.il 
 H. may liaxr a .-M'cuiity for any uiUanti' Ikj may niako to A., It mi 
 inukiiit^ any advauf*- ohtaiii-* u char^'i' on the proiwrty coinpristKl 
 in tilt' di'tils. for the letter is re^rardeil na a coiitinuiiii:: olTer wliirli. 
 when ar<«')iletl hy the inakiny of an advame, matures into a i uutrait. 
 See ((irtill V. ( arlmlii: dv. In. i IH'.llli 1 (,». I! 27(1. 
 
 .\(j:uiii, if A i> indeliied ;o !'>., and I'. iei|iie-<|^ Ii. to furlieir fimii 
 siiini; A., and ollei.i to i/ive Ii a seiurit\. and 15 , altlioiiy^h he dues 
 nut at the time liind liiin.self imt to .sue. does in f.tct afieruard^ 
 forlx'ar to Mie .\ fur a lime, there is a i;ood consideration fur tin 
 lonliael. I'er Lord Ksher. M » . ( r-ili:i \ lliiiilrr. lit <,l. I!. I) 
 
 ;Ul, :ill 
 
 Thift (a^e nIiowh that the roi|UOst, conipliauce »ilh whirli ullurdi u 
 Hiillieient eonnideiatinn to sii|i|iorl (he lontraet, may lie <'iilier exj.ro.'s 
 or iinplied. ' If a reijuesl i.s In U' iinplie*! from the i ireiiinslaM<"s. 
 it in the same as if theiv were an i'\)ir<'ss iei|iu'si I'er l.uid K-Ici r 
 -M. H . ( ntirs v. Iluiilir. lit {). Ii I) p .il.V 
 
 A.S to the |(ro|M>rl\ in he iharired. ei|iiiiy ullow.s the niiiinl fiT"'- 
 doiii. It malUJfN no! whether the pr./porlv U- real or person il. 
 whether it I"' present, fiinin' or iinnini^eiit; wlieiher it he hiinate in 
 KnjrLind or ahioud Whatever the juopeiiy may In', it i-.ui. a- .i 
 tidieral rule. I«' hound in eipiit\ hy a conlrael of rhai^i-e iiiadi' in 
 F.n^rlaiid Thii^. if the |iinperii lie land, or .some inleii'si iu liinl 
 or ihalt<ls. or ^t .<k-in-l'.ade, m ships, patents, i.opN riu;hts, hujU 
 ill hl.s jiolieies, .salaiw, nliuws, .stocks, ,seiiiriti<^, or reversi'^in. i' 
 call, as 1 '.'eneral rule, U' cliarp'd in e iiiily liiii eijUitv irms -till 
 further, lor it iillows u chiirire on future iiri.n>i'rly, or on an expircf 
 auev or u poseihiliiy lli nu'. n valid (Imrjjo iii eijuity may Iw (^iven 
 
INTKOUlICroKY N<VI>:8. 
 
 iih;; 
 
 \M«. 
 
 l„ X o,. ■ anv l..j;a.,v .l.ut n.:iv l.o lot. .». I.v V K, -r. ...r .I,., 
 f,,.,, ,.„ ,.nv l..p.ruM tha. nuy .lu,r«a.U.r 1,.- WU l-v .M>om- 
 
 ':: r.,.ll,„.. Ofn.u,l IU:.irr,. 1:1 A,,,., .'.^ :<-2.: S,., a -l...... -an 
 
 I,e , ,..a,..i on f.auro ,...,.•■; v. a> .a -ia- ..v..,v.Un -a., o, a ,l..|..n .... 
 
 i..,„.,l l.> a .■...npanv .\u,v^\u<, all iln ,.r,.,„r.v ,..o^..at an,l ulu.o 
 ,;, „,/n,.av,n..n<-..r an a.lvaa. ■• S.- ,. .01 ,.in,. Au. a 
 
 ,,„ ,„av W ..MV.M. I.v a,.. «.,r.l. ... uaoalU.l .a,.nal, alU.-a.,!. the 
 
 ,„;,,1|.„1 ..;.,,i(al i. it. a M,-U'l ..M.HO i.ot ,.ro,MT.v -i a ...n.pany, o..lv 
 
 , „!Liilv iPi..|..'.ly. S.-. nifni. 1). l:iH:',. 
 
 \,..| a.< «.. Imv.. M.'.. alH.v... iIkmo is no .lill....llv l-.ty u. 
 
 .niati..;: u char^- U I in H- - .'- .... ,„.,,M.r.y m-u...- a ..-oa. . 
 
 ,,,„ .1„„>._M. a.r..nlinu' I" tl.. lu, al laws .1.,- . l.a^. wo,.l,i U' m- 
 
 ,.ll,.,inc StM- I'a.l 111.. 1'. "-• I .. , ,. . 
 
 T n.au,a.. hn...ve. . n. an .....i.aM.. -har,. .a^.p.rU .^ h.. ,- S.^.nb.,^.- 
 
 „,,, „, ,,.,tain .M.lM,.-,linat.. rul.M, Im>- tla- .....,t pari .-.-lal-l.^la- hy ,^^„„,,,,,., 
 !,..„„.. Of th...... n.U-< Ua. f.ainwi..^: ...as Lo .p.-ili-l a- tho-v «l..ol. .1,..,.... 
 
 a... in...-t tr.Miiionllv appli<-alil.'; 
 
 , |„ ,|„. ,.,,.„. of p..,»...al .Lattol. uiilin. iIm- MU nf Nal- A(t.,, 
 ,k:S and 1882, the c■ha>^a^ li in wri.i..^'. w.ll he inelle<;..yo unlo.sH 
 ,|„. ,o,,uiro>n.'>,t.s of tl...... An.. »1..mo upplr'aLl,'. a... sali.t..«.l. K-.t 
 
 a.o.npanv u-wl.-r .1.- A.t of IIM.S ...ay .„mv.. an flll-'ct.u. c harir.' • u 
 ,(u....-ls without .-...nplyin^r wi-t" •!"> H'IIh of S..1.. Acu ot 1«,8 ,iu\ 
 
 ISH- .S.'a>K/.././ .V«».iM''/./r/»./ ' <>.. , IS'.Ml 1 t 'h t.^. . „ ■ . . 
 
 , Wh..,-.. Iho .l.a.-.- ... ,'iv.M, I.v M.<h a ..on.pany. .. nn-nt. ,f ro- IW.-.--'" 
 i„i,i„jr r.-i.-iralioi. undn- ll„. ( nMipani<« ^CoL-olnlalion i Act. IJ '8 .,, ,,,o,. 
 '«,),.,, I p fiHl . 1"' 'I'llv ii'u'i-'l''i''l 
 •: V llm. n- ..lia.-t>\..Ml...! I.v a liini<..l ..-apany "i''"" ""•'«' 
 
 „h. of wi...li.o„...... i^ only vali.l lo tin- -M.m.. of a.,v ,a.l. p.u.l 
 
 „. ,1,0 nnupanv at th- tin..- of, o.- M.I.-.-paM.tly 1... tla- ..va..on ol 
 ,„.. .-ha,-;:- (■...npaniv.s ((•.,n.,oli,laUon , .Vt. l'..HK, .. 21-.'. a..,l MX, 
 i)rl,;tii» Motor < n . > I'.Ml i li <'li, 11. 
 
 , TIa. i..i.-s ... to f.aa,lul..n, o.- .....h... p.-,.f.T..no., ot ..n-.l... vs ,w,,,.,a 
 „iil,.n ll.itM- .nontl..s of a l.anUiupt.n or >vin.lin!:-"|., a« ustal.l.^l.o,! 
 I,v s,..t. IH of tla- liank.n,.1<y A.t. 188:;, and tho ( 'oinpan-.w (fon- 
 -uli.lationi A't, 1'.MI8, s, 210, niu«t. Ik- l.oin.- in ann-l. 
 
 •, If tla' .l.a.rr i- '» "'•""ll" "" '"'"'• *"' •'"> '"""""' '" ''" ' ''"' 'T.''''"!" "' 
 l„„si,i,„„ of tho Slat.it.. of Krau.ls. s. », .n.^-t l.o l.orno .n .a.n.l ^""- 
 
 >.■ ii.rtli.T an to Ihi.-*, i>'/r(i . , . , 
 
 .;. A. lo various elas^.w of prop,.r,y, it must Ik. Immro in nn.wl Inat. « •■l;- ;1-"" 
 ,„.|..ss tla. .La.-., is n.a.l,- rlLvtiv.- a.', ...-.li.,- m tl,.- sp. ..,al -tal..lorv 
 
 ,.,., vision, il -.Ml! U- lial.l.. to Ik. ,lispla..-l ; .-<, . w t!,.- ...- a 
 
 .ha.-.. on lunL.I pro Iv .n a .vyist-r <MM.nly «iu.i, ,s no) .In v 
 
 ,,..a-tw.Ml Par! HI .p l-W ■ ,, ,.|„„ ^.t .,,. sl.ips vv In. I, . - p.. l m 111.' 
 .,",nlors l.nM,. -.n.l -lulv r.-.sl.r.Ml u.i.l.T th- M.-r-Lant Sh.ppn,".' 
 \,t 18UI .. • arL". on a p.il.'i.t. xvh.cl. is not -h.lv .-..-.sN.nvl as ro- 
 .jniiv.l I.v la. !'at..nt^ \'l I88:i, a char^r ..n Hlmr.- in nny ooinpuny 
 
 ►tiiti.1..rv 
 |iri»v isn.ns 
 
HM 
 
 BANKINU AND AUVANCK SVXJUKITIKJ*. [l^HAP. XVI. 
 
 A 
 
 which is not niatlo ciloclive by truiutfcr or by notiooi* whoii noiiw* 
 arc rocoivabki, a vhurgc ou a chase iu octiuii which in not iHirl'cttt'iJ 
 by uutii'c* to tlip tiu-toe or tiobtor; or a chur^ ou iirujiorly ulirinui 
 which U ni)t dul\ lo^i^lvrtsl or [HTfectoil in uc'ooriluuoc wilJi ihi- 
 rcquironR<nt« ul' tlio Incal Liw . 
 
 Slutut.' c,f 
 |-V:tiliK HH t 
 
 lund 
 
 As to the Statute o! Frauds in relation to Equitable Charges 
 
 Seel. 1 ul llii> Ad • ll'.l Car :i. c. .1 1 pruviilcf iiiirr atuit that ni> 
 ucliun >liall I'C broufilit upon any contrail or ^-ak' of any land-*, ifiic- 
 nionU, ur lifrcdiluiiitiil^. nr any inU'iCKt in i>r iiin(«rninj; IImmii, uu1i>- 
 thv ajfn'i'uient ii|M.n whidi nuch action i»liall \w brought or mjiih' 
 nicniuianduMi ci nuto llioiiof f^hall hi' in writint;, an<l cij^nol lj\ ih, 
 part' . I<' ihaifcrwl then witli. or some otiior person thori'milo In 
 hi. . 'iiilh .iuthori/.«><i. Tlii> obji'i t of this statute' was ncji vcxa- 
 lio' I' to prpvcnl ^I'ltain inipmumt ( lasses of cDutrocts ri'-iisi^ 
 ou "tin' frail tcNtiuiouy of uieni'iry. ' Willi r«|iir«'nc<i to tlic cnii- 
 Hlructiun and applii :ttiiiii nf llii> -tM liciii to ripiilatdf niorlirav''''- '!»' 
 follow int: propositions arc cslaldislicil: 
 
 (1^ Tin' stHtioM applies, ■•iilijci t as licluw iM4Mili>>ncd. in a iipiili.i' 
 1a way of cipiilaMi' MiMrljrair<' of lanij. or nf am inliM -.l in 1 ii.l 
 
 i 'J I Till .x'lioii cl<K'> noi iiiaUf a (ontrai I wliirh i~ \uiliin it^ in ' 
 visions \ lid if nut in wiiliiin, it o'lly ic<|iiiii's thai if oiii' part .- ic- 
 a no! her mi the i (intiiii l. tlii' plainiilV iiiiist, if ri'iiiircd. la i prov' il .i' 
 the roalract was in wriiiii'; siirm <1 liy t!io dcfciidaut or hi^ duly aiilli. 
 rizvd ap'nl, or >h) niiist «liuw thai by koiiii* nK'niorandiini in aiiuul' 
 .-o signed tlie parties ;., and teniis ol the (onlract have been adiiiif.il 
 S,'c i.ifra, and Miiiiilii-oii v. Altlt'rxtjii. H App. t'as. 171 
 
 Ilenco. a prop^.-Nil in Wi'iip'.' si^ne 1 tiy one iiarl\ and accepii .1 
 orallv liv tho other part\ is a siilliiient nn'iiiorandiiiii witiiin tin 
 .■latute. /^'i(.s.v \ ./'/<•/. ^^ //. L. H 1 I'A.'il'J. The iiieiiKu^iiidMiii mi ,1 
 not lie iniiN' iiporaiK'Oiis uiili the ,i;.:iei hiciil : all thai is u.iiiird i- 
 I'riili iiir nniler lie i.aiid of the pain sued, m ids aifent diilv aiiiin - 
 rizel, that he enicioii into the ajfreenient . Koi inslaiice, a hff ! Ii\ 
 the (hd'e-.idant, b<'fore acli-u brounhi, to a third jiersmi adiiiitti'i^r .: 
 casually iiientioninu' I'lc 'eriUM if 'he ajrK'cnieiii is kuIIJ! ieiii i,ili„,,i 
 V. lliMillif. I.. U. I I'. 1' 1. And s 1 I- a l.iiniite of .i le^oliitioii ■■! 
 the diicitors uf a conipaii\ Mientioiiin>; the leiiii- nf the ai;ieeiiiiMi 
 Jiiiify \ \i(liirMl>(irl,<'i).'2i) It li ."ill. .Vh aikinmli'lirnieiii Ul 
 the will of the panv i.. be (liaincd will sullii e lloi/lr \ ilmjii . 
 1 IK'JH 1 ! « h. St. 
 
 An acknowledjinient in ati r.iiidavit <ir ploailiiij.; in procvediiii.' 
 apiiiiHt some third puny will W sulliiienl. Ihirku >rlh v. \ nnn 
 \ Drew I 
 
 'And 1 Kiiotild say that an ontrv in a niiii's own dim , i' a »' n 
 Miirnwl I'V him. .iiid the roiitents were sullicienl. will ' i IVr 
 
 A. L. t^ujith, L J . Iloi/U- V lluylv. miprn. 
 
^i% 
 
 INTKoDUCIt "KV NO IKS, 
 
 1I«.. 
 
 Kiiiiin, li-il li\ till' uiii"'iiim« 'I'liurl •« , I. t lui" I'V ii'ii.iiii mi- 
 |i(irliiiii .1.. l.-iou^ >|iiulilic<l ami icla\.'<l ilic i|MT.iii()ii ..I ilir -•. iioii. 
 
 Illil l'IKll>'H'<l |l.llli«'.- Ill Mllll>' rilMV- III MIC 111! .l^:l(•l•ll.l•|ll> VMllllllll. 
 
 oiiiiih ill;; «i'li i'k' ii'i(iiin'iiii'iii« >>( llw Klalitli' 'riiii> 
 
 .11) It I- w'll "»Mi|fi| til. It a jiaiiil ai.Tifiiiciil iiiaN !»■ -.■iiii'limi* 
 ,.iil..rii'«l wIk'ii till' pl.iiiilill .-liii«< lli.il lie li.i> |miil\ i«'r|iii iiir.l lii» 
 .•liliu'atiiiiijt uiiilt'i lii.' ' iiiiMai I. /,('ji/< » \ . /•'(uc/iW/. I ( (ill. I' • Ht''. 
 I Wliiii- vV Tiiiliii. I. t . Ki| TiiN Hill ii i" ii'ii t'M'n 111 I I'l pan 
 
 |H.|| UIIIH' whiih «ill Millin' I" lake .1 rniiiiart mil ul llu- -t iliili- 
 
 for cxainiili'. |iaMii<'iil !>> lln' |il.iiiMill ul pari til tl»> 1 iiii--iili'ialiiiii i> 
 iiii Mitiii ii'iii. I limiii \ rni,/.f. I S. A I,. I"; llmihix v Monii. J 
 Iki t. M. A li. :l-iii. 
 
 Till' aili* i>r pail iK'il'iiiiiiaiii-*' iflitti nil iiiiiKl 111' uiiii'piiMiiallv, .iiid 
 111 ihi'ii iiv, II iiatiin'. ii'I'iialilf hi khiiii' >iirli aniiM-inciil a- llial all<'|.'cil 
 p.. I I.Mi.j .'^('lli.iiiic. I,, ( ,. Miiihlisoii \. Mill I 'Oil. H \pp. ta.i. liiT. 
 C'.i', !• ./ . wlii'ii iIk' pluiiilill 111- ln'i'ii ailiiiilti'ij iiim p.i--i's-i,iii piir- 
 -ii.iiit 111 tlic 1 iiiliarl till' ~t,iiiin' il'"'- mil apply, and n liiilmi 1 il ilm" 
 i,ir' uppl.v wIh'ii' Im" lia.". pill -u. ml !■. lln- n'liliail, Iiid mil inmn'* m 
 
 i.llllf I'l' lilt' pICIlll.-l'- /.. ~'i7 ». i'nlrlnit. Illli .111 f,!,! . Till' ica-'lll 
 
 :~ ili.il >U' Il an- all' i'\plii-.il.li' -111 Mil .iili'i li\ (lullii'-i- 111. ill lli.il lliiii- 
 i\,i^ I iiinri.ul li"itti'i'ii llii' piiilir- 
 
 \Ur p. Ill ptiliHiiiaii' «'. I" l.iKi' .1 I ■ It "I tli«' w'aliiti'. iiluav l""'"" 
 
 -(i| -i'» il luiiipli'lc ai;iit'iii<'iil. 'i'lii'if ran lie liu piU pi'i Im iii.iiii'O 
 
 wln'ir ili.'K' i.> no r..iiipl('t(' aL'ti'i'MH'iil ill «>'»i-li'ni<'. Tln/mir \ i.ml 
 
 ,t i.lrifiiill. -' II I. t i'X *' p.inn- III' i''pi."ll> li'iiinl "iMi 
 
 iihliuilnal.- Iiv ac;.- <>( |iait |h! loinialiir \\ il-^oii v. U .••*/ Il<iitli jiuul 
 !;■,! I ,,.. -2. I)<ili .1 .V S. 17.'.. 
 
 ,|.. !• i> al-11 well -clll.'il thai ,1 (.iiiUaii lui an I'lpiital.ii' iiiii' '-.i(i'' 
 
 .1 l.li.l .'. iill'llrl'il \.\ till' ill"p'.-<il I'l lilll'ill'l'iN. lan liil'lllnlrl'.l li\ ill. 
 .|,.j .. i'C' \M-Ii.'lll ir,|l|i:l||.i' uilll ill pi 1 1 I'llll'll I - ul ill.' .->! I'llN- .•! 
 
 I'l.in.K t;,iss,i\. i!,i-.-,l. I I'.i.i I f :.'i''.'. I Ulii .'A liil.!. I. I 
 .:i, Sii. Il I .IcpiL-ii ..I' ik'iil- 1.1 >('. 1110 iiiiini's iiiip.iii.- /•/■//'..( I'lin- 
 a .i.iHrail ihii til" .li'p.wiliii'.- iii!i'ri.!>( li.ill In' li ilili- tii llu- ili'lil 
 .111.1 ;lial 111' «ill p'l. •.' til- .sf iiiilx. /';'/'■.' V. /''"'.7. - l>"'>^- '- 
 IW.'iK' \ ''.ilf'fii. 'J ( "!'- ■I'l.'^; H. (/.'"•,'/» \. >liiiihr,ii,l. I \.'- 11'.'. 
 h\.li'; ,- V /'(//, l'.Mi;!i I (II. '."."il. 
 
 •I'll.' .-.' ::i(iii .|..<',~ n.il appiv Pi pm ■;..lialt\ II 'im' ,i v.ilid .li.ii-i- 
 iii;i\ ill till' .a.-.' .11 p.'r-.i:i,i|l\ lie . n- 'li' I l>\ p.ir.'l /'.';.-'' \ /'.ii/-/.. 
 .-..; I 1 .17 
 
 .\,~ 1.1 i.i.il Ul |iar..l ai:n'riiii'iil>. -I'l' al-o |'P •''•!'• ■•■'". ■-"I'lii- 
 
 Equitable Mortgafles by Deposit generally. 
 
 A valid .'ipiiialilt' iiiiill-ai,n' li.v il.'li.«-ii >».iy Ih' i iv.it.'d. llimijrli -mni. ^^''|;;'*'^';_ 
 ' id\ i.| lliv .1.11 iimi'iit.- iH'ii'N-ai V Ki pi.ni' llii' lillf I"' d 'pii-ili'.l l.(ii-n,i ,,y .i"|„„,,. 
 i .\ll,,i. :< Drow. :,:'J. I>air v. Ti-rrdl. M \W.y\ lilHi: ml .1 di'puMi 
 
 ■rjj 
 
li 
 
 1188 llWKINfl AND ADVWXT. SW UKiTUa. I < IIAI'. XVI. 
 
 „r .|.«.iH..Mi» of i.uili.'i .l;.i.- will >ciso u «o(mI .•lmii.'<' '-^'H ••""lU'li 
 
 Ihn I lallM iI.iU'Im. linl .U'|i..-iliMl /),>«>» V. .W("/./.'x/..«.KCh IV 
 
 aii.lM^. //o'..r/-.N rr.,0. UM ll.'i.v J:;.!. Jll.'li A I l.iliwln.h ih,. 
 ,t,„M.v.iM . M. Ihi- .{.•iM..-il<M wa- ii..t .lopoMLMJ A .loi).-.! «ill ..mIv 
 atliMt' III.' l-n.-liii.tl intoro.M nl Ui.t .It [."Minr h.r ]»irlr t.nt^i,. 
 1 M I) A \U' »i. imi 
 
 Th.' ili<iM«.ii ..I i\iH'iU with A . !!■> liiistw lor »,. wiio ii.lvau.f. lii.. 
 „„„irN v., II r..Mit.. a ^ ili.l .■..'. iirilv in lavm. "f I! Kr ,wlf »'■•'- 
 
 6r.viW I'.' \«-. -••« 
 
 i:,,uital.l.- mm I ;.M •.'<•- l'> .l.'|»^il ar i ...nli I L- IHii' 'I''"!' 
 
 ...li'liiu' lo laiKl An .•.,.iil..l.U. umr-ap' -I ,u. k. sl,,,if v .l.'l.rnlui.'., 
 
 .I.Ihm' M...k. |u,|.ri.-. lun.N. and ..il...i- n.itl.- n.av U- ami 
 
 an- .n>.|\ -lav . rra-o-l uillionl uiitin;,' liV (|.>|M,sitini; ill.' .•.•rlili.al. - 
 ,„• „,,.iam.Mil;. ..•1,..,,- lli.'iv).. Er i«irlr .»/'/■«. :! IV C .v S.n 
 ■,;i'.i ^lla..-) ' • -■ ». Wul.r, I Cli. I). ••,i>.-> .iail«a> honN,; /V -/-•,, 
 
 1 (' I). tiS.'. 'l.'i.. uiiir.-;*!; .s/i/im/ v. SLmiliM. St'ioii. ITiii> ipolin 
 „l a^Mlran.•..>; m..Ii a M.-il^ra-.. uiv.-. ill- n-lil f lorwluMirr 
 
 //»m././ * /7,'./r-/. i; -' <'li 111; ^-,M.-.. .f- .U.<//./»'/ Hank s 
 
 Mitrh'll. ' IN'.''." •-• t li nil 
 
 ll ' «,.,,M, !h.-.l<-I»-ii 1- "•"''■ "111'"'" •'"> "nit.'ii iiM'nioiaii.laii, 
 .„ a;;i.-.Mi..'nl .i> l.i it- -I'l-'t. iIk'h' i' ^"I'l'l" ' """ '■"'■ 'I'N""" '" ""• 
 ti.tnro ,;N,rm.r v. /W, > m>) 1 Cli. ".•.-.!). au'l a.r„i,lii.irlv ilf 
 ,1. i.n.^;if." -h. mI.I 1 ikr .1110 W jrPt an a-HrietMiioiit or incniorandmn ^|><'f•l- 
 !> iiit; tla> UTiii.« nl' ,|.'|).iNit «lnlv M-iic<l I'V thi> .l.'p.i-'ilor. Wlii-n llui.' 
 .^ M."h a ...iiMa.l "V Muiiiorari.luni it .l.'liii.- ami '.'ovrrnM llio arrani."'- 
 „„.,„ >!,.,,>' X . /•oW.r. 1,. I{. .-. 11 I, .iJl ; /J'"'"" V '.•r."/.H ( I. A]. 
 •i:;2. An.l |..iM.l .■\..l«Mi.f i.- nui a.lnii-Ml.l.' I'l ..■ima.li.t it - l.i /""'•• 
 f ,,„,„^,., IT V.'.- m;:>). tli'iiiirli hni h .•\i.i.'ii.e i"* ii<lnii-.-il.l<' lo .'M-'ilI 
 rlo «..nrily. <• ■; . Ki fiirth-r i..han.,.s F*r parte l<,;,xi„„t.w. 
 
 2 V. .t n 7ft; /■> /xirN- \,lth-shli>. •! M. l> A I).' i- 1-'! 
 
 Wli.'H" th.' iiwiiioi .1..I1111. -.Lilfl that 111.- <l.M'.|s ivl.itiiil.' t" tr.'..|i..M* 
 un.l l.',i-^.'liol.ls «,n' il.-|M*l'i>(l. I.olh |.r()|.crli.'H w.-ic li.'M 'Ik' ' ' 
 lli(.ii-li ..iil> 111.' .1<-.''I.- r.'liiiriir 10 III- l.>ii.'«>li«l<l-' w.T.' in 1. i '^ 
 |,o.-iit.'<l. ll i« a .pi.-liou .11 intention which n.iist irovtirn. inu- 
 
 «li.-r.« tho i.i.Miioian.l l.v rolalo.! U> oiio ...ot of (l.'O'l'*. .vhor. ,.- 
 
 ,,il th. I i< «..ro .h•|).,^il«Ml th" .hal;.'.' wa- held U< oxti'ii-l to (Im- 
 
 v,ii.. M-t ..nlv U .//./.• N. lUidior.l. !» .Inr. N S. I Kit. 
 
 A tro.«l ..•|iiit«hl.' M" inilv iiia.v al-o 1«< noaHMl hv a written hlt.-- 
 „...iit to .h'|M,.-il. .• ./ . an aL'i.'Oiii.'nl I- .h'|-"-it " l'".'-' «''"" S-"'"'""' 
 , Fi iHifl,' Ihrrll. ;t M .\: A. I.Vli-. or hv .l.'p.wit 01 an au'ri-eni.'iit f r 
 a l.'a...... l-.i,t!,. Ar .\..ur v /v»i7. •J-- 1»<'^'V '-'■ ^""" '^'•" ''""■'■ ^ 
 
 liantir. r.«i.">i 1 K H 127. 
 
 A .l<'|..,>it of a li'a-«> .-onlniiiin!.' a proviso airaiii.st u-.^itrnnK'"' '' 
 . lUvtiv.' a.- a-aiii-l ill.' .l.-p"'-' -.r aii.i .Iocs not av.i.l the l.'iv /'. . 
 part,- ]i,„,l<liol,: I ll"^: l-t-'. /••''■ ^.Ir^• .'-'<'rm..». Ihuh. m. 
 
 Whc'rc(l.'.'.Ut im. d'-po.sil..'l to se, un< the payn.eni of u.roniino<lati..ii 
 lill», and ilie litis arf? rpr..-w.>.l at Uie req-ao-'t of the depositor, tli." 
 
 A-^A .... " -^^ 
 
INTHOlUX-rOKV NOTKS. 
 
 1 1ST 
 
 se< iiiiM "I 
 
 II cxIi'IhI Up ill"' I'ro^li liill- Hi- (Hiilr >kiiuiii . 1 1> 1 (' 
 
 \ iiiii|'i;.'i;«' "} il''|"'-i' ""'> 
 
 JM- I ItMllMl III till' rll«> III I.IIIlN .lllt'Otlll 
 
 ,\ll.tl 1 
 
 III' i|.'|Mi»iliPi' I.- Iii'io /•.'/• piilf I'ltlUird. I I)'' 
 
 if KiiuliV 111 i.» III jiii Hiiiiiii 
 
 \, ii"_'.iiil- .1 I ■:u''l.'<' 
 
 lis ll' 
 
 I'llil-ll III IK .I'lll.ll 
 
 (In: 'li" 'iil" 
 
 .1 1 1 
 
 !'■ lll'l II;.!'^! 
 
 Il III' I il. 
 
 Ill" I IIIIM'Hl-, llll' 
 
 ,1 '''n I Mi:|i ami 
 
 I'll Ml 
 
 liK-. i.- iiiiiiii|n'.i' Il il'li- l.'iii'hiii .IiiihI ^^"/, Hull: \. S.imwio/m, 
 
 Jill; \ I iiiihl. 
 
 II 
 
 •iinii'i III II 
 
 \H'.>-2 
 
 t h 
 
 I;. Ill .III I \ 
 I.I .lii:''!!' «' 111 
 
 /.,,//,/-.,/ .hiiiil Sloil: liiiiik. IW'.t.li -' <'|i IJO. Ni.r w 
 
 t.'I'.n'llllllll'-'-i "•lllliiil'lll 
 
 /;. 
 
 l-:,i,il.ii„l. 17 I I! 111! 
 
 |M allt'il 111- lillf lliiiiliiirl V. 
 
 U lull' a IH'IMIII. Wll'isi' ll'iMI'-lV tln'li' I-" nil ll'!''!!! Ill ilillllll, oIliTH 
 
 i,.i:ui.iliti' MTitrilii'-' Il a liaiik .n any <i lii>i |(.'i-..ii, tln< uiilv i|iit'.'<tioii 
 hUi'lv I" I'li-airt' lii.~ ail'ii'i 'II i- wIk'IIh'I iIh' -'' milv i-< :.iilliiii'iil Ki 
 |ii.!ih ill.' a'U.iii'i' M'i|iim'il; :iii<l 1 iln ii"i 'liink liiil tin- li« l.iv.-< 
 u|"'ii liini tilt' olilii.'!iti"ii III iiiakiii- aliv iiii|iiii.\ iiiM lli" nil" »< iIk' 
 l» I-..II hi' liii.l- ill ii.i<«'i-.iiiii 111 thrill. t)f imii-i'. il llii'n' i^ aiiMJiiiitr 
 
 ,1, ;i, , Mi-|iii iiiii. Ill li'.i'l I'l a ilillllll wlii'llii'i- till- iH'i-'iii |iiiil>ntliiii,' 
 
 lu ii.iii-l'i iIh'iii i- iii-'ilii'l ill I'liK'iiii',' iiil' ll .iiii'iii|il inl iraiis- 
 
 i.iiiiii. ilir ra.-<.' Hiiiilil 111' ilnli'ii'iii ' I'l'i l."i'l lli'i-lii'll. I.oii'liin 
 J,:, III ^l.nl: lliiii!: \. SiiiniKni". nhi i</,"/-.i- \ii'l -'i' Shrifnlil v. 
 
 /.„»,/„;/ ./«.»/ Slorl,- liiiiij;. \:\ A|i|. <'.i.^. •■•'••!••.. wli.'ii' .1 ii.iiik. kiii.wiiiic 
 
 ill II il Ha.->.li'aliiin will an a^'i'iil Inning limili''! aullu'iitv. \M'I0 iii'lil 
 
 I...11111I 1'. iii'|iiiii' into till' I'N'i'iii "I lii.~ iii'lii'iil^ 
 
 \i! , i|iiiialili' ,1'. iiiliy i- iioi l.^' wliin' ;li.' .Ii'lil i> liaiii'il li.\ flalul". 
 
 /. / ,„ mill M.illniil llnil: \ Vit.h.ll l«'.i- ' -' I li I'll 
 
 \i. r.|iiilali!o iiiiiilna'^ii'iil li':i.-<lii'M~ il'"- ii"' "i"'' iiiiil"f lialiilily 
 
 II, ihi' l.-.-.r I or V liishnii. H l)i' »i. M .V C- «l".. Ihiii'l \. lUiiii; 
 
 ■ Hi.il J ( h 7JI 
 
 Equitable Hortqages by Registered Companies and Societies. 
 
 I ii.iki!!"- aiivaiiK- In -l.i;iil<iiv 1 .iiiiiianic-* ami >im iciii-.. im Imliii}; l''l" ■"- '')' 
 ill .M n'-i-'.'i('i| iimli'i- tliii .\i i of l."'H, jl iiiii-l 111" liiiriii- 111 iihikI timl 
 III. Iiiiili- is li.M-il with miti..' of llii- (■oiili'iil--' "I ll"' I'liiijiaiiv's 
 iiuiii'iiaiiiliiiu .mil am. Ii'>, ni' 1 nil's 01 Art of i'.ii liaiiii'ir ami ai- 
 
 ii.il:ii;.'K il is ii<'n'--ai % t •' 
 
 . I I Th.ii tin- i<iiii|iaii\ li.is liv ils (..nstitutidii tin' ni'.c^san |.<i\v<t« 
 Id li.irruw aii<l :;iv»' M'lniily .-«'!• sniiiii. )i|i. 17-'. -"iii'.'. •'.•'^-'i 
 (7 .iiif. 1; ail. I 
 •Jl That till' ilin'iiiiis ai<i in a |)o-ili.iii to i>\«'ii isi" llii> < oiiipaiiVM 
 
 ii.,\M IS I -«•<> silfiril, pp. 'iSll, 7 Mi <■' •>«'.' i 
 I -ii.ill\ llic I oinpany lni> i'\pii'-s m iiiiplic I poni'i . *iiiii,i. p .lO".! >, 
 .iii.| till' iliriTtuis liavo I'illHT s(Kiiilir 01 ^;i'm'i,il pnui'is 1 sc,. mipra, 
 II' tiHti, 7lt; <7 Heii.\ willioul any liiuii, and »iu li >jout'ial pouors 
 
 I .. 2 
 
IIJW 
 
 BANKING ANO ADVANCE SKCURITIK8. [ChAI'. X\ 1. 
 
 justify ail e.iiiitaMo iiioitix.iyv. vvli<'tlu>i h\ ilopn-it or otlionviv 
 Patent FilfCi).. Kll'h. l:i. 
 
 Sometimes liowovcr, tliouv'li tlif li.iiii.aiiy Im- tlic iiviuisitt' iwuci-. 
 the diroctoi-' power to l.oirow or iiioityasrf i-^ limilf.l l.y tlio aim I,-, 
 .-^o tliat tlR> i.ow.'i laiiiiot lu- I'xto-i.loil i-xiopt l.y spcial rcsolmi m. 
 In ►iUfli ca-o \\u' lonilcr should r(-.|iiiiv tlio pa.-'-inj: ot a sp.iul 
 
 i^esoliitioii. 
 
 More roiiiMiouly the direclors' po\voi> av< liiuilod in a ipmliliod 
 maiuit-r; r.fi ■ tli<'y m^iy l>"ii<'" and yivo sciiiiily. l.ut >o that ilie 
 amount owiii^- sliall not, irilli(iiit tlir sniirlioii <if n (le'icriil »u',-t,,i,i. 
 exceed iv spc.itiod ainonut. In -udi case tlie leii<ler is iiot lioiiml to 
 ascertain wliollier tlio proposed loan i- williin the limit, lor in- i- 
 entitled to ii.ssume that it it is Leyoiid tie limit the re.jiiisite authontv 
 has l.eon ol.Uiiied is...- s,i,n;i. y. T'.'i: Imt if lie has „otire thai ^\^>^ 
 loan will be beyond tlie limit, ami that no resolution of a g-eiieial 
 meetiiif: has lieen pa.ssed, he cannot hold the company to the cont i a. t 
 and thfs bein<r .so, there are cases in which it is considtTed desivalih' 
 to imiuire and ascertain wiiether the loan is within or beyond iIk 
 prescribed limit, an-l in the latter case whether the i(.(|aisit(> rcsohiimn 
 has been passed. 
 
 Where there is by the articles a tixed limit to the direttui- 
 borrowing- powers (.i.e.. not capable of extension by resolution of n 
 ■reuoral ineeliiigi, a bank or individual who takes a iiioil!.;a';c t.i 
 secure a current account or fuuire advances miisi b.> exticmciv 
 careful. In striitness the bank, or oihor lender shouM. wheiicvci 
 makin<r a further advance, ascertain that it i- within the liiiiii 
 Otherwise it may liml that. althoii).di oripinally its advance »a- 
 fully socuied, \cl by subsecpiont events its further advances aic ii .t 
 .secured. For" instance, suppose the .lirertoi>- power- arc liinil..l 
 to 11)0.0(111/.. and they borrow from the bank by way .d ovcidrali 
 100,000/., and afterwards by payment into tlieir oeueral account (lie 
 lialance is ledu.ed to .'lO.OOO/., and subse.pieiitly the directors, uiili- 
 ,ait the knowledsrc of the bank, raise .-.0,000/. elsewhere, ami ali.i- 
 waids the bank allow- further overdrafts up to 100.000/. in all; 
 in such ca-e the loan of the last .".O.OOO/.. beiuir in e.xcess of the liiini 
 wiU be ultra vires the director-, and the bank will have no claim 
 for it as against the company, tJiouoh it may sue the directors persMi,- 
 ally for dania-e.- for breach of their implied warranty (.f ithoiilv 
 
 That, however, which has been done by the directors in exccs< ,.l 
 their powers is capable of ratification by the company, e.g.. by special 
 lesolution or by resolution of a single meeting (see !m]ira. p. ;i7 i; laii 
 that which has been done ultra vires the coinpaui/ cannot be ratilicil 
 ami is absolutely void i see supra, pp. 40;!, 4G4); but in the latter ca-c 
 there may be a porsonal remedy against the directors (.see .^iii'in. 
 p. 7101. and the lender may have a right of .surrogation. that is. \'< 
 stand in the place of creditors of the romrany '«' society wlm have 
 lieen paid out of the ultra vires borrowe<l moneys. See Baroness 
 Wenlock v. Uiver Dee. 19 Q. B. D. 155. 
 
INTRODUCTORY NOTKS. 
 
 n«> 
 
 Investigation of Title. 
 
 W,,.MO UM.M.o,arv a,h.n,...s a>.. n,a,.o ,m ,1, unn ..I A.^'M I---"*- 
 
 ,i,U. ,U-o.ls ,.i- othoi'd.M unu.nt^. it i^ n-t umu.! to iMV,-i...ut.- llu' n-lo 
 ,, in the .a^o of A k-al .nort-au-. N-vorllMOoss. I.mmI,..-. lc-i:al 
 a.lvi^Ms j,^npially look th.ou-h tl.e .locuinonl.- an.l saii-l.v ihon.-Hvos 
 thai tlio title appt-ais ;»»(•/»'; f^irir \X<mA. 
 
 \ banker in ilealin- with a ,n-tomer is not tixe,l uiti. n-f I'e 
 
 .onier.ts „f a ,lo, u.nent ,le|.n.ite.l wit' liin, as se.amtv l.> annlhtM- 
 .n-toMie.' VoW'lort Sanilonj honwhij <" ■ (19(i:5. 2 Cli. t;.".!. 
 
 
 Fortifying Equitable Securities. 
 
 Vu OHuilahle so.u.itv n.;.v he lorlilie,! in varions uavs, f.r *'';^i|;;^- 
 
 1 .scH'uritit'S. 
 
 example: 
 
 I. Wiie.e it is not in -.viinH-, l.v -oilin- a memo, .ni.lnin -l the 
 
 loiiiis ,,1 the conliad -iu-neil i.\ the jn.ntuauio 
 - l!v obtaining ,,.„so,H,.n ni ,he iille ,lee,U ..,■ oihe, .h.-uments 
 
 lelatin-tothepiopeilv ,iioit-aue,l. ..r In liaMn- an m.hn'se- 
 
 nient made ihoieon. 
 ;; l!v ;;iviufi- notices to prior morl-a-ees , ,i any'. 
 
 I in w.'se ot an> char-e ,m chosos in act ion. hy b'i\i"!i' V^omyl 
 
 notice of the charge to the trustees or delitors. 
 :, 1!\ giving:' noli.e. in the .ase of shar.'s „r sLuk. m the r.nn- 
 
 pan\ . See siijnn. p. ti"'! ■ 
 ,1 lly distrin-a^ pr..<ee,[in-s in the ra-e of -hare-, and s,.curitie.s. 
 
 See iiijni, p. 12:2i». 
 7. In the rase of hills and ..tin'r s,., nriues f. onh'r. drp..Mt..l 
 without indorsement, by iiro.urin- the deposimr to indcr- 
 
 the same. 
 s In ilie i-aso of a eomp.inx. by yettin.;- the . oiuiuiiiy to pass .• 
 
 special <n- extraordinary resolution referring to the eharjie. 
 
 and .lerlarin- that no mort-a-e or .har-e in priority tlnnetu 
 
 shall he created. This in elh^l }>ives uoih'e^to all ),ersons 
 
 dealing' with the lompanv See Miira. p. 77. 
 ■,.. [n the ease of p.-'-s, or hu.d m a register <ouuty. \n regis- 
 
 terin«- the m- p!'- .it the patent ollice or m ;he proper 
 
 10 I'.v ..tntin- the m.nt-a-or to .(mvert the MMurilv into .. h-al 
 inorl-aye, or by takin- a transfer from some other jn.nt- 
 gagee who has got the Icnul estate. 
 
 I I lU issuino- u writ and registering the action as a <m ,:<-H,k',tx 
 
 pursuant to 2 & ;J Viet. c. 11, .s. 7. -A. pn.vhastr or n.ort- 
 ..■a"eo is treated as liaviug notice of a duly registered hi 
 
 pen 
 
 Icim so far as regar 
 
 ■onal pioj 
 
 MOlN . 
 
 IV-tfc. 
 
 ds the land, but not as regards per- 
 Uuclley. y\w\} :!(:h. ts;i. 
 
 1- 
 
UH<» 
 
 m 
 
 Appropiiii 
 tion of 
 paymtiii.-. 
 
 HANKING AND ADVANCK SECrRlTIES. [ClIAl'. XVI. 
 
 12. By bringing an action for sale or foreclDsui'o. and ol)tailUll^r 
 a roioiver or au injunction restraininfr the iuorti,'a;;ui Iidih 
 parting with tlio legal estate pcmlentr lite. London ai:ii 
 Count!) lidnl.in'i Co. v. lA'iri.s. 21 ('. 1). 4!tO Such :iii m- 
 junctiDn shuuhl he ohtained whore tliere is daniitM iIkU 
 the nioitguiree will ji nl with the legal title. 
 
 l.'i. liv re^i>U'rini;- \\heri' iciii-itraiion is remiiieil, Snimi. \i i.iii. 
 
 Appropriation of Payments. 
 
 In relalinii tu hanking an<l other securilies. nlifie lhf,r i" lOi 
 account ctiircnt hcln-icii the iMiiifn {Cory Ilio.-'-. <(■ <'('■ v. Mi' u 
 Owners, (ISltT) A. t'. 2H(i. 2'.tji, it is neiessarv to hear in mind ui' 
 rules as to appropriation of payments made hy a dehtor to i- 
 creditor. The^c arc as follow.-; 
 
 (a) The delitor in niaiiing payment tan direil it« appro|iiiati.iii 
 as he ehoose«, ('.(/.. to a deht not guaranteed in prefcii'ii.v 
 to one that is guaianteed ( liirbn v. Duke of Marlhonimjh. 
 •1 M. A- S. IK; Re Slicni/. 2.'i C I). (;!t2i; to a dniii licniii^' 
 interest in protereme In oiii' tiiat (hjes n(jt (Clin.ti' v. liu.r. 
 Freem. Hep. 2l)l i; tn a new instead of to an old drlit 
 I I'ctrix \. Atulerson. ■'> Taunt. ,")9(;i; to a deht harred I'V 
 statute in lieu of one not so Icuicd >.M'dh -. l''oirLrx. .'i 
 Hinir. X. C. i')')), hut as to apprnpriafion hy th<' crediioi- if> 
 Ntaluti'-barrod ileni.s. .see Friend v. Vo((»(/. ilH-lT^ 2 ( li 
 tl!l; tn a ,s(>iured deht instead of to an unsecured dclit. 
 /'(•/(7.V V. A ml fr so II. '> Taunt. J'JG; see ulso as t-i 'vliat is 
 ap|iriipriation (uilatii v. I'lutus. 104 L. T. R. 57 Au 
 exjires.- statement hy the debtor i.« not necessary. I'lOl.i-r 
 V. <iuiiu's,'<, 27 T. L. K. 120. Appropriation onci' made bv 
 agit'emcnt cannot he altered excejit by con.sent. Mahonuii 
 .Ian V. daiHia Itt'shwi Sinnh. L. R. 38 Ind. App. 80 1'. ('. 
 (b) If liie dehtor at tin' lime of payment makes no aijpniprialioii, 
 e.\pr(!.ss or implied, the ereditoi' may at any time aiijiru- 
 priate as lie thinks lit [Mlllt v. l-'o(rkcs. o Hintf. N. C. 4."i-"i; 
 Cory liros. <(■ Co. v. Mecca Oimer.t. (18'.t7i .\ . (' 28ii; 
 IhcU'y V. Uoydx Hank, (I'JlOl 1 Ch. G48); the creditor may 
 make the apjiroprialion up t<i tlie "very last moment 
 even when Iwing e.xamined as a witness in an action liy 
 him against the dehtor (Seymour \. I'ickett. ( lltOS) 1 K H 
 71"). ('. -4.1; hut the a])pr<i|iriation once made hy liini auil 
 ei^iiinmnieated to the debtor, e.g.. hy lett<'r or by writ, i- 
 final. Ibid. Entries made by a man in books which lie 
 kee|)s for his own private jiurposes are not conclu-ivc 
 apain.sf liim until he ha.s made a cuiuuiunication i-n '!>" 
 subject of those entries to the opposite party (e.f/.. by seud- 
 
INTROPUCTORY NOTES. 
 
 11!M 
 
 i„,. hin. a imss Look uv .(muni sl.owin.. .ho am-ropriati..,. ,. 
 a„"l until that ti.nP 1m- .onti.u.os t.. Imv.- iho n|.t..m ol alUM- 
 i,„r ||„. aiHuoprialinii S;/,rs.,(( v. ///.//m///. J I'.. ^V C. •-. 
 Even the lucountK lemlered are <ii>lv crid^'uvr <>! th,' a|M.n,- 
 pviatiou t„ tl,- .■arllor iton.. whi.l. mav !,.• -lanto,! l,y 
 ..vi.lo.i.f to tho cuntiaiy. Hc,n>lk,r \ M ,./,/. 4 ' >. H. . .•-■ 
 , il„ l,is,o.„l<o. V. .l/./.<v<.. 1- H. ■..••. 1'. .;-...!, <nn, /wo. 
 ,( ('„ V. .l/.VT,, 0»-»,»'. >-</"« How thf .noM.-y 1^ to U- 
 api.liu.l is -..v.'.iuMl l,y iho ;;</.•«/»-» of tlio m'.ltf.r. on- 
 pn'.-s...!. iu.pli.-il. or i.rosmn.Ml. ' .»7/- .'i-^v. .s^yn/ 
 ,,, \V]„.n ..oitho- ,,ar.v .nakos at. a,.proi"i="i""- ""■ |-"-''-^'' ';;'" 
 will apt.n'prialo the paMnrnt to the carli.'--. ati.l no', .u< the 
 H„„>an law. to the ino>t l,urd.M,M.nr. .leM, rl,r,l.,„ . c.,se 
 
 I /v<v,vm.v X . .VoW,.,, 1 Me.'. .-.H.v. T..,lo.s I. r. Mm- ;;.-.i 
 
 ed 1 2.V. Siui.h's Meic. Law. lllh o! .t, 
 |„ ■,l,oca«eol-aha.,kin.a<ro,.Ht . all th. M-uM-i'l i;"'.""' 
 one hh..<h.l l....,l. .he pa„. ..f wl,i,!. h.ve „., l-M.^e. aas , .U,.e 
 ...i.,,.,,.-,- Neither t.at.kor no.- .u^lonuM- ever tluak- .,1 s,.y„ ir 11..- 
 a,,-, . ,o he plaee,! to the aeeoun, ot the ^.o.i/. pa.l L. - M'- •- 
 „„1 .his other to th..a,r..n,n nf the .-,0.1/ paid ... -n l.^v-laN 1 h ro 
 i.aluudof !.(...0/. todraw upm. and th.d is e„..„trh. y' "^1; "^ 
 ,.,.,. ,l„.:e is no i-oon, fn- anv olher app.-op.h''-" '1'^'" "^" "'"■'' 
 arises front tin- o.der in whieh tla- v.-eeipt.. an<l p.ivu.ea.Makos pla.e 
 ,„., :„e,a.-.-.edi..to,hea..o,M„. Pn-UH.aldv, it xs the su.n hrsl 
 i,|„.,„a, i.sti.st drawn uu, 1, is ,1,. lir.. io..n on .he deh.t s,de 
 ;,■ ,1,.. aeeoun, that is diseha.-.vd or reJ.e.-d l-.v .he li,,. uen. oa ...o 
 u...li. side. The a,,p.-..l.r.a.ion is nuule l.v .he se, v a.M ol MMfn^ .he 
 „„ ,u.n,s a.,ai..st ea.h other. l|.on .hat pr.ne,|.h' u^l ^:-|'" > 
 .ur.e,„ are settled, a,.d par.i.uhuly ,ash areounts. I er >.r ^\ .Ihan. 
 (Iran.. M. K.. ( hnjlons am: I Tud. I.. C Merr 1... 
 
 .,,,,„ ,,.,^, i„ ,uv„u„:< <.^^r is very .na.e.ial to hankers. espeeuiHv Cla.ton..^. 
 ,U.ere .he hank ho'ld.s a se.nritv Iron, the .■u.,..n,..r or Iron, a surety 
 Fur if the ,h-l,t s..,.u,t3<l i- l.ro..uh, in.n ihe aeeount. paynieni- .n wdl 
 
 ,n.„; U,ie '^o in sa.isfae' i.n tin^eof. and in ^';-f/''<;;'7"">. 
 
 will he .liseharoed. Kh„nunl v. Wcl.te,: K. C D- I.'. : ■";'''<•"< ^ 
 Tru.l. 12.; i;eav. .'.S^S: Tin' .U.va,. . lHt.7 , .\. C i;s.k Mn..d 
 r,„a,, nankin, < n. v. Ha,lrli,u: •; A- T- -'-J i5u. t e rnh- .n < ^y- 
 lou-s e<,.sr is l,a.s<.l on the pre-u...od intenfun ol the parln-s. and 
 a,*„r.lin..lv it n.av he exeluded or n.o.Ulied hy arrangement or hy 
 evulenee of mten'.ion. .•s,ne.s or hnpl.ed, < t;, DmounI o. s. 
 M,Lrnn. 1-. H. '.T. 1'. .1-..2: /.',• Sh.nr,. 'ir. C U. .;'.»l.'; ' '7/ /i'-- '• 
 Co. V. Mcc,;, On-n.;:^. ^upnr For .n.s.anee. i. .> u.'. '>'. '"•;;i'l>'';'^ 
 in a ea«. whoro i, is p.oved hv ,he eonduH ot^ thej.art.es that he 
 ..redi.or had no su,h intention. />.v/.',y v. Uoffu' >!nnh: (lOl.M 
 
 1 Ch. tilK. „ 
 
 iU- <oot 104 i2. of the Companies , (on-ohdatn.n i A... lOttS, 
 dehen,..reM depo.«ito,l by a eo.npany whether before or af.er ulo Act 
 
 . 1 
 
 .;1i 
 
 :iiM 
 
■■m-.r 
 
 1192 
 
 Onli r of 
 appropriation 
 where iiiten- 
 tion not 
 hHowti . 
 
 Combiuin)C 
 two nr mure 
 sooonnta. 
 
 HANKING AND AUVANCK 8ECUKITIKS. [( 'lIAl'. XVI. 
 
 ti» st'uuio advances on Lunent iicroiiiil or otliorwise," aro not to 
 Iw (louiiiod riHlct'incil liy rcii.son only of tlio coniimny f account ccasius; 
 to 'ic on (If'ljit. 
 
 Tlie intention to a|ipro|)i'iiite to ii later rather tiian to an tMilit'i 
 
 item may he inl< rred from liie conr.-'e of lin«ine~s lietweeii the partiiv 
 
 Tai/lur V. Kjliiirr. ■'! Ii. iV' Ad. .'i.'i.ii. or from the fait that the earliei 
 
 item \va« .-ieciired anil intended to Ik> kept -eparate. i it;! Disritiiiil Co. 
 
 V. MvLrun.h H. itC. P. i.'.U. 
 
 rnle.<> some other appropriation i> made or arranged, payijieiit» 
 liv the debtor will he taken to be aiiprojiriatod as follows: 
 
 lai To payment of iiitere~t l)efore jiriticij)al i lloivrr v. Murrif. I 
 ( r. iV I'll. .'!.") I I. unless the account is (tverdrawn. I'dir'-i 
 lUitikhifi ( (>. V. >W<'.v. ( 18!t8i -1 (^ R. 4(it). 
 
 • 111 The earlij'r items of one entire account hefore the later itcias. 
 ( hii/loii'.s III.-C. 1 Mer. "iK.V 
 
 in Monev from n'alization of a |iarlicnlar .-ecnrity will lie taken 
 to lie appropriated to the payment of tiie amount thereby 
 sciiii;.,! I'nirlw l>roii,ii.-2i \k\i\. ISC: 1 F)etl.\-.I fill: 
 )'(iitii<i V. Iui(/lisli. 7 I'eav. IHi; Imt wheie th<'re i~ one 
 secnrily for several debts, the creditor can appropriate Ex 
 pnrlv Dlrliv. 20 V.q. 7(>7. 
 
 The niU> in t hiiihiii'K rase oidy apjilies to an (Mitire uiilackou 
 account, and not tn .soviMal accounts. /,V Shcrrii- '!'> •' I) TiiJ: 
 Cori/'n c(7.vc. .<((;))((. 
 
 And the wax to avoid the application of tlie rule is to break ilic 
 account and op(>ii a new and distinct account. This, in the absence 
 of contract with the surety to the contrary, may be done. I{r Slicrri/. 
 ubi xiijint. And there is notiiinfr to jireveiil the appr(jpria*^ion of 
 subsc(|iicni jiayments t<i the new account, thus --toppintr the flow of 
 payments into the )inaranteed account in relief of the .surety and of 
 the security. 
 
 Allhuu<.di, in the abseiR-e of notiie of fiaud ui irreiiiilarity. a baiil 
 is bound to honour it.s customer's chei)ue if his account bo in fuiul^ 
 ((•'nil/ \ . .idliiison. \j. R. .'i H. L. 1 1, yet where a customer ha.s several 
 account- at n bank, the batik, unless otherwise airreed, may at any 
 time coiiiliiiic tliciii. so as to ajiply the credit balance on one to the 
 satisi'aciioii of the delut balance on the other i (uinirlt v. M' Ixcinm. 
 I,. R. 8 Ex. 10: Ktiioprnv Hank, Af/ro Hunk rln'iii. « Cli. 41 : Ihifi.'^h 
 (iuitniii Bank v. Briti.sli (liiiana Ice Co., 104 L. T. R. I'lii. unless 
 there is a waiver of tlie ri'.iht. .lohnunn <f i"o., i I002i 1 Ir. R. l.iO; 
 Mutfoii V. I'ldl. ' I'.iOO' 12 eh. 7',>. 
 
 But not where the bank knows that one of the accounts is a trust 
 account. Ex piirtr Kiiuisliin. (> Ch. (;.'!2; Fo.rlon v. MuncJti'Kti r. dr. 
 Biinkhm Co , H I. T V S 4ilti, 408; Coleimui v Burks, dr. Bonk. 
 ^I8it7i 2 Ch. 2.V!. And .see E iiion Bank of Aiis/nilia v. Mtirnnj 
 
INI'RODUCTOKY NOTES. 
 
 1193 
 
 A C. <>'.••!; /i<i«/>- ()/ A'-ic Siiiith WiiU-f V. (iimlbnrii 
 
 llnlifar (JuiiiiiifrcMl 
 
 \s lo wliiit is ilosing n" u.comil. set' B'iny v. 
 
 fniliii'l <'<> ' ' ''••'"*' ' ' ''■ ^^^' 
 "s',, SU ,.f ilu. l!ill« Ml- Kx.l.an^'.- A.-., ISHJ. p.-,.!.-,,. I'.u.m lial.il.tv Cro-nod ^ 
 
 1 ,1,1 <■!■ win. in •••n(«l f^iitii and wilhoiil ii.-li-.'ii.--- ivriv...- i.nvniont ^,^j^,,^ 
 ,:, , ,.„s,„„„..- or a .iKMiue ...oss..a ^ouerallyo.- .,,.., ialh .o h.m- n.,,,n.or^^^ 
 „,lf ,i!ii(.n..h tlu> ,nst.>m(.r ha. no ,ill.- or a .l.-lertiv. nil,- tliciviM, 
 
 :„„1 ,1,0 hanker doc- not h.-<' this ,.n.t....ti„n hf.aus.. r.iMoni.M- .- 
 
 !„,„,„„ i. ov.M'.liawn at ihi' fiii.o, .■von whon iho .■lH'.,n.' is apj-lunl m 
 ;.,„,„,,i„M of tl„> ov.M,l,alt. I'hrl.r V. /.o/»,/,m .',.'./ 'o""/.// «"'//.■. 
 ,,),<i7i 1 i) P.. ■■•VJ. 
 
 Compound Interest. 
 
 1 ,1... U, ,u«tifv a .lain, (or ,• n.l inuMvs, a .■..n.n... nu.sl C<m^ound 
 
 |„> .lunvn. A .-nslonier is «..t houn.l ..r alhMU-.l h,v h.s hanki-.s 
 .|,n-ii." int.-n.st upon int.Mvst. h.v niakin- porio<liial r.^si.s, nnk-ss 
 i,h." proved thai lie was avva.v tliat this was thoir .■nM..n>. Moore 
 ^ l„„.,/(/o;/. Stark. »8T: K,i>n- v. Il,inler,i <'ain,.. 4.;;: h\'r.,„.sson 
 
 v. Fi/lh'. H (•. & F. 121. 
 
 Where the a.<o.int of a .u.stoiiier is kejit at ,oiup..nn.l int.'re>t, anil 
 the raston.er .lies .,r elo-sos the ac.ouut. the final balan.e o.dy eavno« 
 -iiiipU' interest, nnl<>s.s otherwise a^'ioed. (;ro.'<sl.ill v. Boarr. ■Vl 
 IVav 8.i: WiUmwson v. Willmmsun. 7 E.,. .VH-, r,ir,. Hen.o it s,.e.ns 
 wi,se to i.rovide expressly for half-yearly rest.s. It appears, to... 
 that the .lebt does .i..t .>urrv iutcrost at all from the time ol the d.'ath 
 of the .lehtor, unle.s.s there is a special contrart to that elle. I . but an 
 a.n 'ement for pavm.-nt mav l.o iuferre.l fr..m the ."nr.se ot .loaliug, 
 ,r,, if it ha.s heen fre.p.entlv .har-ed and pai.l without ..l.jeetion m 
 fo,,ner and «i.iiila. a.rounts. C'ollon v. BroftfJ, 1"> Kast, 22:i; Brticr 
 \ lliiiifrr. ;( <'amp. H>7; I'aiIoii v. Ildl. ■"> B. it Al. U. 
 
 As to Notice before Calling In or Paying Off. 
 
 1„ ihe rase of a murtgasre with a regular proviso for redemption, 
 il„. iuort.-a-.'e, after .lefault, is entitled to six months' uotiie before 
 he is bound to airept payment, or to six months' interest in lieu of 
 „olir,. .Broinw v. Lorkhart. 10 Sim. 12()i; Uv. this ,s n.)t so in the 
 ,as." of an equitable mort-a-e by .leposit , F/7-yt'n,W x ■Inixtee v. 
 UfViTv/; i 189'') 1 C'h. ;{8.-.i; or wh.re the mortfra^'ee takes pro.-eed- 
 i,i.s to enfone payment . «,' Mr.K-k: I'.'i V. D. :i7->K or whore the 
 mort-a-ree has entered int.. pnsM..ssion. Bovill v. Ihidl^. - 181)0) 1 Ch. 
 (if8. The rules as to .lisentitliny; a m.,rt<rafree to iioti.e itpplios 
 whether the time lixe.1 for paymeut in the i.roviso for redemption ha.s 
 'I). Where there are several a.iounts the rule 
 
 oxpi 
 
 3d or not 
 
 //.. 
 
 applies to eaeh aeeouut whilst 
 
 the' 
 
 kept 
 
 separate 
 
Il!»4 BANKING AND ADVANCE S ^rtlTIES. [CllAP. XVI. 
 
 A mortgappc who Uii> f^ivoii iioliic to iho niDrlirii^^oi' tti pay dH ilie 
 princiiiul uioiioy uinl iiitcii'sl, is nnt cntiiloil to withdraw tho iio'ii:o 
 without thf> nuTtgagorV (■oii>oiit. Siinllr!i\ . Wililf. i I8!>i»i 1 Cii. c;. 
 
 Statute of Limitations. 
 
 Liiiutation. Whc'ic a liuiik hull an viinilahlo iliaryu on sliaio^ in u liiuiled tum- 
 
 pttiiy to sueiiro u siiiipif loiilratl debt, and at'loi' thf dubt wa-* baih(l 
 broti;,fht uu ailioii ii> iMiloivc ihcii si'ciirily liy lon'i lo-uii> or kuIi', 
 Stirling;'. .1 , In-ld liiat liio bani< won' not di'iiri\t'd (^l ihi'ir ri'iiiid_\ 
 ugains! tlic property iiy tin* fact that the porsoiial rcnic ly lor thu diln 
 wa.s barred, and liiat, theiv i>einf.f uo Statute of i.iiuitalions aiipliiaMo 
 to foreilo.sure ol u morljjap' ol [ler-sonal projiorty, the hucurity w.is 
 eiifon.eable, Lunduii (unl MUlhnul I'uiiik v. Mitchell. > ISD'.il 2 t h 
 ItJl. And .see llimiiiis v. Stall. 2 H & Ad. ti;t; .s'////7/( v. />'<■////, 
 . I'JO.f) 12 K. H. .IIT; an<l Lloi/d^ Extalc, i I'.UI 1 Ir. R, I.V!. C. A. 
 
 ; 
 
 Bankers' Lien. 
 
 B.inker.-' lien. In frauiin>r banker,-' seiiiritie.-. tJie fact must lie reinonibered tiiat 
 bankor.s nio.-t undoubtedly have a general lien on all seturitii's 
 depo.-itcd with them, as bankers, by u customer, unless there bf an 
 expresf- contract, or ciriuin--tunie.s that .-how au implied (ontract, 
 inconsistent with the lien." Brandao v. Uaniett, 12 CI. i\; t'in. 787; 
 Lecse V. Marlln, 1" Eij. 2i>4; City Bank rme. ;< L). F. A .1. Hl'it; 
 London ( Iwrtercd Bank \. While. 4 App. Cas. 422 (.1. C): Ciirrl,' 
 V. Misa. 1 A. (_'. .')G4. 
 
 The implieil lieu is excluded wiiere the securitie.- are deposited f"r 
 a specific jmrposo t BriDidm) v. Barnett. ubi .fiipni), <■.,■/, for s;ile 
 cu.stody I /yt'csc V. Martin, ubi niipru). or were left c;i.sually or liy 
 mistak< Litms v. Dorrieit, 7 Taunt. 278. 
 
 And where an a^^'ur deposits securities belongiii<x 1o his primipiil 
 in his bank with the object of raisinii' a loan on behalf oT his priiici)';il 
 for a siH'ciai jiurpo-e and the banker is cognizani of the special 
 purpo.«e, the banker cannot hold the securities agaiii-i the princijial 
 as securitv for an overdraft of the anent for his own i)urpo.sc> 
 Cuthhrrt "v. Rohartx. Lubbock d Co.. 2.-. T. I.. R. rm: W S. 
 (190'Ji 11. 
 
 But even where the .securities are deposited by way of s[)ecitifi 
 security the lien will, it .seems, attach for any balauc* due after tlic 
 specific security is satisfied, unless the dei)osit was for a purpc-c 
 inconsistent with such lien. Youmj v. Bank of Benc/al, 1 Dea. t>22, 
 677: Jon£8 v. Peppernorne. .Tohns. 430, 438; F.uropean Bank. 8 Cii 
 41: London Chartered Bank of Amtralia v. White, 4 App. Cas. 4l:i; 
 Bowes. 33 C. D. .586. 
 
 In the case last mentioned, it was held that a deposit with a banker 
 
INTKODUCrOKV NOTES. 
 
 of ^•iiirili*'.-. iH-.oiii|miii(Ml Us a iii Mainliim lo lln' rlLM i iliiit llii'N 
 
 „,.ic (Icpo.-'itcd to NUiuiv iiiDiioy udvauitvl or U> Im- udvuiufd, not 
 Pxiecdiii^;' 11 «iMTi(ipil uim.uiil, ."xflmlwl by iuiplii iiiioii IIm< l.aiikii'*' 
 ,.,.|i.Mnl lion, i >•.. (ii.sal.k'il llio liankors from rlniiiiin-: a lien on tli.' 
 d.o.l- in rosiK'it ol' aii.v smii Iwyond ihf .Hpcitied limit. 
 
 S<in»'linie> .-udi a .niislnulioii is iif'.MlivL'.l l.y ihu inM'rtioii (if a 
 M„.ri;il proviMon ill Iho M'lurily, <•-/., that tlio sofurity is iml l.y 
 i,„,,li...ii>ii. ..r olluTwiM. to <'xcliul.' ur cut down the jr.'ncral lion of 
 
 llu' ■ -ink. 
 
 Tl.c ii. 11 arises whuru thf tusUiinor is in del. I li. the hank, .non 
 
 ,|,oa"ii llic iiidclit.'dness is only niado out l.y a^r«rl!^ralill•; M-vcral 
 
 ,,,,,„Hit.s .1 ilio lU-sKmior. Europtwi BanL; 8 Cli. 41; (nirnrH v 
 \ll\iin,i> I.. I{. 8 Ex. 1(1. 15ut a banker lui.- no lion upon a trust. 
 
 ,j, ,.„„ •■ io bo huih) for the dobt duo on an overdraw n luivalc 
 
 ;,,,oi te Kimjuton, 6 Ch. 6;J2. 
 
 -^,„. .ids lo pri.mi.-isory notes, bills of oxclmn-jo (iudor.sod 
 
 in blink :v,l ,)ayable to bouror;, and oxclioipier bilks t Brauihin v. 
 /;»),/.'. i,b niiprn), iou|)on.s. bond.s of forei-ju ^roveninionta i./,jiie-< 
 , l\l,,.cn;>rm: 28 L. J. Ch. loO), cheque.s i Scott v. Franklin. 
 1.-, i:a,st, 128), .share oerlilicatos yUuited Service Co.. ti lb- 212). 
 ,|,.l,culure.s, dobonture Mook, iuort<;aKes. oonvoyanios, loaso.s, ;inil 
 luouoy (lioxhurnlw v. ^Vr. 17 I'. D. ■'-•O C A.)._anil mar-mal 
 reieip* noto.s. .Irljri'i/rx v. .i;ir,i. A' /<■"//.. 2 Kn- ti. I 
 
 'I'lio lion i.s not a mere rijfht to lotain po.sse.ssion ; it more re.svmbles 
 tl„. ri..iil ..f a ])a\vneo ilhimld v. Suvldiiifi, L. R. 1 <■}■ 'i- •''»''■ 
 ll,Jli,l.,>, V. Hohiate. L. R. a Ex. 200). for the banker mav realize tho 
 .siHurilv. and mav .sue on it. llulhnid v. B//.^//<.iv. (i M. & V, . (l..;»; 
 Si-oll v. FrankUu. i:. East. 428. And it .schmus thai lie may sell tho 
 ,,e.»ritv when the rustomor makes default in payment after notno. 
 Krm,,\. Walhrook; 1 Vo.s. 278; Martin v T{ri,l. 11 C H. N. S T.iO; 
 I>„i:ioU V. ( iililcii. l'> <'■ B. N. S. 7ttl. 
 
 A.s ro"Mr( 
 
 lis bills of oxihantr*^'. Iho nuestion 
 
 wliether there is u lien or 
 
 no! i.s on 
 
 Iv materia 
 
 I when the bills are tho [iroperty of llie oustouier. 
 
 faci/' the 
 
 As to this, liiUs |)aid into a bunk before maturity arc 
 
 liniiKi 
 
 prop* 
 
 rtv of the customer. GiU:^ v. /VW,;«.s, East, H. I5ul if 
 
 loiso<l to the bank the property in the bill p 
 
 laiik. /•> par 
 
 !,■ Srhofi''lil. 12 C. I). 
 
 inii'i facir itasso.s tr> 
 It is for the banker 
 
 to make out the intention wit 
 Sarqcnit. 1 Roll. 1">;!V, onlrio.- 
 
 :ti \vhi(li a bill was paid in i F.r parte 
 
 in his books may atlcird ov 
 
 idon('< 
 
 wiusl him, thoujih such out ries. if not eommuiiK 
 
 •aled to the rnnloiuer. 
 
 rannot be ovidenoe 
 
 Till 
 
 tho l'auker'8 favour. 
 
 iiplietl lien is subjoit to 
 
 the rnlo in Ifopkitisoii v. Holt, 
 
 H L. ('. ■'ill, mpra. p 
 
 CG.-i. 
 
 Il!»% 
 
 rt^ 
 
1196 
 
 BANKING AND ADVANCK BKCUKITIJX. [ClIAP. X\l. 
 
 Uiuir»iit«e«. 
 
 1 ; 
 
 I ■^• 
 
 t 
 a 
 
 •I 
 
 I 3l 
 
 Ouaraatees. 
 
 \u iiimn iii»»'« lemjidiaiy uiIviiiki Ii> ii liorrdwur mv iiiiilit'i 
 >0(iiir.l l.v ;'ii,iriiiiU'<'8. soiiiolimt's tiiM'ii \t\ ouc. iiiid ^nmi'liiiK". \,\ 
 levt'iiil |K<r-^oii«. Oicusioimlly, tlio ^""'■'•'""'■' ri'^*' ''"' l''"il<'i "^''-n- 
 lifv l>v t'i|uiliililo iin>ilH;ii>t<', ui iillu'i\vis<'. tor the tliu- iiiiviiicin i,i 
 the (U'lit (immiiil«H'<l. See Form >'<ir2. iiifia. 
 
 A jrii^iiiiiiKM" i-* u |)roiiii-<' to aii^wcf lor llic |).'yiiiciil ol -mnr 
 debt oi tlio iM'if.niiiuiiie ul soum- <IiiI\ in < a-i- of tin' l;tiliiii> ol ^iiioilnr 
 i)eisoii, whii i^ liiiii-clf ill llm lii>t iii-itinir,' li.ilili' to >siirli iiayiiuiii 
 or poilormiiiuo. Sod. t of tin' Slututo ot Kniud-' (I'd Cm. 2. . .1, 
 lequiif-* tlml an uun'cim'n' In nii-wcr for tin' ili-lil of aiiotlici |icim>ii. 
 
 or -^oiuc nicinoiaiiili i iiot<> tlicn-of. slmll Ik> in wiiliii^r. Myiird 
 
 h\ thf i)(M-oii t4> 111' ihai^t'd tln'icwitli. of -oiuf otlicf pi'i^oii llicic- 
 iiiito liy liiiii lawfully aiilhoi izcil. S... siiimi. |i. IISI liiii tlir 
 fonsidorutioii for tli<> proiiiisc m-cil not appoaf in writing, or l.y 
 nt'ce.'i-'ary inforiMice from a wriltt'M do(iiiii<>nl. Mcrcuntili' l.;ivv 
 Ainondmcnt Ad. IK.Mi (I'.t .V 'Jit Viol. <•. '.t7. s. .1 1 A-^ to tiio S,..t,|i 
 law. ICO Mi'iranlilc Liiw (Scollatidi AmoiidnM'tii Vit. iSMl. - H. 
 und Walhue v. Gibxmt, (1 «!•.'> i .\ C ;i,-.4. 
 
 UnIoi<!i, lio\vov(M. tlio <:iiaraiil<>o ii unclor "oul, valmildt- coM^idi'i.i- 
 tion iniiwl 1»> sliowii Soc xiijirn. [>. I ISO. 
 
 lu frainiii<,' a ouaianlet' by a llrni it is nciossary to licav in iiiipid 
 sect, i of lit & " t Vict. c. '.»7. which is as follows: 
 
 " Xo prom to aiiswor for the debt, default oi' luisiari iai;c ol' 
 another made to a (inn consi^ijuy; of two or more j)ersons. oi- lo a 
 sinijlc j)er.soii tradinu: under the name of a (inn. and no promise in 
 answer for the debt, default or iniscarria":"' of a liiiu coiisistiic_' ol 
 two or more persons, or of a sintrlo person tradiiifr under ilie name 
 of a Krni, shall be biudiiiR on the ))er.son makinjr such jiromise in 
 respect of anylhin^; done or omilled i > be done after a change shall 
 ha\e taken place in any ouo or more of the })ersous constituting' liic 
 firm, or in the (mu-wou trudin ; under tho name of a tirm. iinles; the 
 intention of the ])arties that such j)i-omis<' shal' contiiiue in he 
 bindinc: notwith.standiiijj: suih ciianne shall ajjpear either b\ e.\- 
 pre.ss stipulation or by neci'ssary implication from the nature ol 
 the linn or otherwise.' 
 
 Ib'uce, ill the case of a lirm. it is desirable to add the .nords. 
 'the n'uarantee in to continue, notwithstanding: any ciiaiin;e in the 
 constitution of the firm, whothor by retirement or admission ol 
 partners." 
 
 In the case of a {fuarantee for advances, the lender is not. as a lulc. 
 bound to make full disclosure of all material facts to the proposed 
 surety (I>dvii:''i v. London and Procincial Cu., S C. D. 17'>. Sutth 
 British Imurtmce Co. v. Lloi/d, 10 Ex. '.t2.'$i. e.g.. a su-spicion thai 
 the principal has been guilty of forgery. Bank of Scotland v. 
 
11^ 
 
 iNTRODirCTOKY NOT»>«. 
 
 M „i,Ji»lli r< C. .V.»;i,n ..|-.S«<, IJuiu.iviu^repifsoiilaii.Mi. 
 ' „.;. ,a,c. U it uiunui.t.^ to ln.«.l. will uvoi.l ll.o KUHn.Ml..,. / „hn.k- 
 
 n,,.- Ihv i:ua.a..t..- «as uv..i.l.-l wIhm. tl..- ^uivtv «a> ...tunu.vl 
 ,,„„.,rv to tl.« la.., tluil tl..- l..nn.«.'.- w... u... at .!.« t....,- ,...l.-l.t.-.l 
 ,.,,,„, li.,„l,,,, y»„m.x,n„»,./..»»..-. I{in«. Nf- '»-'_ 
 
 U..I i ...u.aul«' uill ....I iiol.1 t!o.Kl «l»no tli- ion.k.r Mau.js U ua.l 
 ,,i|„„- ;. fn.a.l 1.. I..' (..a. liM-.l .... tl.f pi.-imsud KUanu.lul. 0»m.» v 
 
 '//„„,.„,. I n. 1.. «'■'•''••■ , . . 1 I- 
 
 \i„l «li.'i.> tlwrc wa- a ,„i.li.u.i.i« gimrai.f.' I.v V. lo. tli.' im- 
 
 l„|iM.- nl li., au.l tl... fart that U, «.i^ al.va.lv l:..-.-l.v i>,.l.'l.f.l «a^ 
 
 ,,^,„,l,„, ,„, ,l„. ,l,„.„nu.M.< «.'..• mi-l.-a.li..- an,| ^l.o«.-^l a st,..!.-.! 
 
 .| _, ,„ ,;„„,,.^,| ,1... l,-..ll.. il vv- li.'M ll.at ll..' ...a.ai.l.'.- ua> vui.l. 
 
 V,r V. ././».■.•<, IT I"- H. N.S. 4«2. 
 
 I, i> uMt uwo.'^HU.v. uuK.->. ,iu.-lio..s uic a.Mk..l. t-.i- l.a..k.M- «Ih> 
 „>. .Im.it to bo gmiiuul.HMl to ii.turm tlio t-iiaiuiil...- i...w tl..' a.."....! 
 
 ;„ ,|a- , .,^.u>..<.r has !«•.•.. k-pt, or whether tl..' .l.'l.lu.- was ii. .!..' 
 |,,,|,i, „, ovonl.awii.|i. whother he «tt. pu..vtuul lu hin .lc'al...««. 
 ;,. nan.lU,u. V. \\„ls„„. VI Cl .V V. Xm. no. I.. .h.s .a.,' .he 
 „„„,.,.le.' was 1..V a .ash a...M,>.t, .ind the a.uo.n.t was api-l..'.! i.. 
 :,,vn."- o.V a., ohl .h'l.. to th.' hai.k. a..<l it was hel.l h.v tl..' 1 m,.v. „t 
 I'.lnK^hat there wa^ .... ..hlitra...... .... th.' hai.k to .I.s.Iom' .1.- 
 
 ,i,l,,im;..ioi[ ... the i.r..i.o>e.l .-mel> . 
 
 N„r IS the iK.rs„„ jruar.u.tee.l bo.....l t.. i..f..r... th.' propose.! 
 
 ,'„,,U„r that the s..a,a,..v is (o bo substi.u.e.l for a p.ev.ons one 
 ,iso., bv au...her pers..... .Vo UnCsh. Ar. Co. v. Llmid. |(. Kx. 
 
 "'i;,., a - .nara.. of ^ua.a,„ee .nay u...ler spe.ial .■ir.u...sta,>. es b.' o.... 
 ,„■ ,l,ose coutraet.s in whi- 1. uheninu, tul.'s is re.,u..-e,l ...i iho pait ..I 
 ,[„• person xvith whom th.' e..i..rart is ma.le, cy.. i.i tl.o -as.' .,1 
 ,.„.KU...t. policy for a pre.ui.tui i.ai.l by the lo..der. *<-«/.>« n 
 llr.illi. ilH'.tlti 1 lv» '^ "f*-- '"vers.'.! mh nom. Smtou v. liurmiud. 
 
 'I'l'vmout to a .surety, before he has been called upon to pay as 
 
 s,ul,;mav be a fraudulent pi^fereuee. Ex parte Head. lie lan,e, 
 
 IKT, I'u B 122 lint IV paviuent luade to a creditor with the 
 
 \lo,'.n,un,t .uo.ive of relievi..;; a surety for the .lebt is not a fra.tduleut 
 
 nrel.ionee. lie. Warren. 7 Mai.sun. 1:57. 
 
 WlK'ie a father joined with a so.i iu a pro.uis.sory n..te t., soouro 
 a.- ..uarant..r au advan.e t.. the son. the noto is eufor.eable a-a.nst 
 ti,e lather, tt.ou-h the sou. as a minor, is proteete.l by the h.lants 
 K.'lief .Vit, Waulhier v. Wihiyn, 27 T. L. R. o82. 
 
 Generally a c.utiuuinp guarauteo, unless containing an express 
 stipulation to the contrary. Is rev.xable by the surety (Ollonl v 
 PiwU'^ I'M' B X S. 74«>, but acoutiiiuiiig}ru.irau(eo .ii.dir .-. ,1, 
 wliere'tho'considcratiou Ls given once for aU, i- not determined by the 
 
 ii!»: 
 
 
 
nxH 
 
 
 HANKINO AM) A OVAXCK HWHTRIT^ai. [CHAH. XVI. 
 
 iloath ol' thf ^fUiiiuiitor. Ilr ('itui\ UnlfnHr v. (.'rare. ( 1902 1 I Cli 
 :.i3. 
 
 An to llio nlliii I of till' Sliituli' ol l.imiliilions mi ii jjtiiiiaiil.ii > 
 liability I'ur iiiteivl. x'c I'tur's Ii<iiiJ:iiiii Co. v \atin, | IK'.ts i < 
 (). 11. 4tiO. 
 
 St'o t'lii'llKT UN I'l i.'iiaiiiiilri"'. iiitni. \i I2H at ii'ii . aii'l .Siiiiili,. 
 MfUiiiililc I,aw. lllli <mI p till. 
 
 Building Societies. 
 
 The H'ii'UI (•ala.-^iriiiilic ol' iliu lliiklicrli Uiiil'liiii; Soriciy lia^ iliawn 
 a ;;oikI dt'a! ol' alU'iilinii lo liorrowiii;; liy hiiililiii;? .>o' ii'iii ■-, .iml 
 t'l'ipiiawi-i'il llic iiii|iorlaiii I' ol' ii-iiijj jjroal laiv iu niaUiiiH' uiUaii't" lo 
 sink KOririii'-. TIk I'lllowiM^r uii' soiiip piuiaiilioiis ioromim'iiiii'<l; — 
 
 !. A» lo thoM' (Ciiilii'il miller tlif Alt ol' lH:!t; i (i .1 7 Will. l,c.:;2l, 
 uiid nof .siil).«('(|in'iill\ ri'-nyitluird umli'i' tlu' Uiiildiii'^' Socii'tif.s Ail, 
 1S7I 
 
 (tti It imi.Nl 1»<' ntH'ii lliiit tilt' >oti('ty wif* cortillivl piioi- to tiic 
 ImI .laiiiiary. lHa7, lor li.v .-oil. 2"» (2) of tlii> liuiMiii'.' 
 Sociclii'.i Act, I8i»l, P11.-XC1I 2.''.tli A\ii.Mi.st, IK'M, ili.> A't of 
 18.".(i i.-i icpoikHl 'S from 25th Au},'iLst, lH'Ji>,a< to all .ioiiiiiis 
 tcriiiicd mid 1 l.'. Ai ' ol I8;lt( alttjr tlio your ln.'iii. Ih'iin'. 
 a NO(i('t\ H';;i--liL'r('d aftor the .'!lf<t I)i'c<Mi)li<'r. 18.")il i~ iirr- 
 jTiilar, iiiilt"K,», [iriui- to 2'illi .Au^iunt, IS'Jti. it wan rc-i.'i^i-U'ir I 
 under the .\ei of 1H71. 
 
 (bi Tilt! riile.-< iiiiisl lie e.\auiiiiud to iiseortuiu wliellier liiey ^^ive 
 liorrowiri;;- (loueis, lor, unless there i.s in thu rules an expre-s 
 or implied power, liorrowini; is iillra iv'/cs. Miirriii/ v. 
 Sriitt.'.) App. (a.-, .'il'.t; Cuiilitlr Hrooks it Co. v. lilachliiirn 
 liiiiUliii'i >o<ifhi. ;i App. ( as. H.-i7; Iti- Miiltml .\i,l /'. /.'. II 
 .s, »«'/(/, 2'.* I'll. I). 182; Itu Salioiud P. B. It. Socirl'f. 
 o V\i. .'SO!!. 
 
 (t'_) A boirou jml;- Mile u.>iially yive.-- a limited power 10 borrow, biil 
 ail unlimited power i.s valid. Mitridji v. Seotl. s«/>/'((. 
 
 (di A lender i.-> lixed with iintin' of the riile.s. and aiconlin'jly, il 
 thcK' i.s no power in them to borrow, a lender eaiiiiot t-at'ely 
 lend, and if there is a limited jiower a lender must iiMertaiii 
 that hi.s loan is within the limits. Chnpleo v. Unnimi-ii-k, 
 ar. Sociehi, ti i). B. U. ti'Jfi. 
 
 te; To borrow where there i.s no power iriveii by the rules, and in 
 borrow in exce.s.s where there is limited power uiven by the 
 le.s. is iiltru rirfs. and the lender has no remedy auaiii-st 
 •Jie socioty, e.\eept by subrogatiou, and any .senirity ^^iven to 
 him by the .'io-iety mu.st bo <jiveu up i Cunli-lie Hrooh'K tC Co. 
 V. lil/irkbiirn Builtlimi Soci4>ty,^ App. Ca.s. 8.">7: Chijik'ny. 
 BniiifirH,- Buildinij SoclHij, (> Q. W. D. 090); and where a 
 
lii It 
 
 i^' 
 
 lNlK«>UUC'roKV NOll-Jl. 
 
 MMiniu in k'iv.Mi lu. .Ill ult ' !•«'■» 111. 111., lari dial tho 
 
 mmI.Mv' lui' -iiliM.,, illv a. ■ ••■I ' .n.ui.ii: l'"""'"* i" ""' 
 
 M.lliri'...il 1o vuli.luli- u ii.'w HM,,.. . lor III.' loan. Kr I'lrte 
 U, (/.«,». :!l Q l» l» •!'" ^-' '" ^iil'iii-.iiiDii, "«•<• CHnHHr 
 llnwks a- • o. V. nUirkhniH ISiiihln- • >u,nlii aii.l /;<in»,r.i.'. 
 II ,,./...;. V. Itii-rr II,'; H» (,i. 15, D i:..".. s„,„:,. pp i:i. fM. 
 loiii.l uIk'. I>o -f'Mi that thfiv i-* 1m.>mm- ox|)ro.« or iMi|ilii'd 
 ,„ o,vf .■.(..iiiilv fnr iiH.ii.'V Im.iiow.iI As ii -ciwi.il rilK', 
 II |Min.M- In Im.h )w Wdulil «f<Mii Ic i.u|>ly a power In ^'ivc 
 „M ii.iiN S.-.. Duiliam rounli/ Socirly. IJ K.) r,h<, and llifl 
 .■aMv- ,u..iiliu„v,l w«,,r./.p, .-.o;>: l.ul I'la.kl.m ii, .1 . in M^nr,,,/ 
 V .sVY)/r !> .\pp. ra.H. .-.I'.t, at p. r.M. (1,)uI);<m1 uImmImt I.iih 
 iuipli.ation iin*.. It vva.- not. howov.-r. m.m- ■ ir.v to deii.lo 
 llu' point. 
 
 It .«|„ml.l a\-u U- M'f" ll.ai llu' rul.'^ .1 1 ■ nMl.uii a provi i.m 
 
 to III.. I'llivl tliut all louii.'^ an<l advaiKO.s aio to rani. i»ir' 
 l„is.-:ii in point of s«.,urily on the propcrlii'H. or any y.' i^i"U 
 to the likf elViMt; for .Mirli a provr-ion m", tivi- any • i '.'-il 
 ,„,u..r to -iv.- .~p<". ili<' .-.Turily to any ... '.'wU'V. .1' " ''U 
 
 \.Srolt,'JMn<- ^. •'•l'* 
 1,1 \r. ,,v,i<liafl from tlif .sori.'l \ '..i I, ink.'i^ !■■« a horrowin- <'!' 
 uioni-y. Ciiillffr limohx d <'o. v. liUu-kburn Itiiihihi;, 
 Snfk'ty, '.) .\|ip. ^ -^ ><■>" 
 i) Whoio tho lulo only u1Iow.h l.onowiny: for .spciili.-.l i.iirpo-i's, 
 the loiKlor nmst .-ico thai the luoiiey i-* l.orrowo.l for hiu h 
 piirpo.ses. Diirluim ( oniiln SmU'hj. 112 E.|. '-Itl- It is not 
 ea.-y to reconcile this vi.'vv with the .!.>. iVion.s in re-ar.l to 
 coinjialiie.s veferreil to aliove ut p. 7'>. 
 .,) Wh.T.. a .-oriel V borrow.s in exeos,s of it« powers, the .liroctors 
 ni.iy h,' heM pei.soually lial.le on an implied war-mtyjd 
 aulhoritv. Itkhard'otn v. \\ iUliimsiru. 1.. K. <' <J 15. -"'■; 
 (l,„l,leo\. Brun.,rkh; .fv. .sW/W,y, .; (J. 1!. ». <i<J.i. And boo 
 Flrbank v. Humphrcus, 18 Q. B. D. l-^.l. 
 ik) Where the rules only -ivo a liniiled power of borrowino;, it is 
 dan<reroii.s to all.nv a huihlin- society an over.liaft on il.s 
 lurrent aceount. 
 
 li. A.s to those societies which are ro-i-stered under the Act^ of 1874 
 ii,A IHlll. the followin<^' points must Iw homo in mind: — 
 
 ,a; It must bo seen that the rules give pow, r to borrow an.l fix a 
 limit iseo sect. l(i (.2) of Act of 1871, and sect. 1 'of .Vet 
 of 1894), and that the limit is within the limits prescribed 
 bv the 15iiildin<i' Societies Acts, 
 (b) As to the limits prescribed by the Acts, sec sect. I J of tho Act 
 of 1874, aud sect. 14 of the Act of 1894. 
 
 1 m> 
 
 A«t 
 
 1 hi«-i 
 
 "ticH 
 
 lilidi 
 
 rtt... 
 
 
 Act- 
 
 „f l;- 
 
 74 
 
 and isyi. 
 
 

 K 
 
 L 
 
 1-20O BANKING AND ADVANCK SKC'URITIES. [ChAI . XVI. 
 
 Hoadiiifj llio 1"" >^'l■tioll^ Kiiri'tlic . llic limits jirpscrihod aiv ji> 
 follow.-: 
 
 il; 111 a |ioiiiiaiiiMil .-ocit'lv liu' ttiliil aiiiuuiit for tlie fiiiif Ijiiui; 
 owiiiy (111 (lo|ic].sil or loan is not lo e\ii'ed t\vo-tliii(N of lli.' 
 aiiioiiiit Inr tin- tiiiii' lieiiig .-set iiiod lo the soeietv In inoil- 
 ^ago fiom its iiioinlpcis. .Soe \Ve«t Uid'tiuj, dr. lliiildhut 
 Society, 4o C. D. 4(j;!. 
 
 [•!) Ill a toriiiiuatiufj .-•ocictx tliv total auiouul for tlio limo Ixiuy 
 owiiifi' ill re.s[)C'et of dopo.--il.s or loan- i.- noi to i'.\( i'imI Uh.- 
 lliii(l> of tlK-aiiioiiiit for llie tiiiio bi'in;.' M'cuii'd lo the sucict^ 
 li\ iiiortgaj;*'.- frmii il.s iiioiiibcr-. i>v a .^iMii not excci'iliiii; 
 luclvc iiionlli.-' snb-cri|itioiis on tiio sliaro- foi- ilic liinc 
 liciiig in foric. 
 
 (;j,) lu caliulaling llio ainouut for the tiiiio being- "secured to the 
 .-odelv l>_v nmrlgage.- from it.- memlicrs.' the amoiiiil .-(•riircii 
 oil iiruiierties the iiavnieiits in lesjieil of wliicli were iipw.ii'l- 
 ol twelve moiilli.' in arrear al the dale of the soriolv - laM 
 luecediug annual aicouiit and statenienl. and the amuiiut 
 .-eciiie<l on prcjperlies of which the -otiely had been twelve 
 months in |)osso--ion al the dale of suih aicounl and slali'. 
 iiieiit. are lo lie disregarded. .\ii<l -ee Scatli liniUlh}<i 
 SocU'li/ V. /.)/(•<■, ».! eh. D. l')8: and West Itidiilfl of Yorl.- 
 shlre P. li. B. Sonet ij, 30 W. K. 74. 
 
 I I; An unlimited [lower In Imrniw i- uUid rives. rSee llie above 
 .-ections. Thai ,i lender i- lixed with imilce of the riiie^. M>e 
 mi lira. p. Til. 
 
 (.'() Borrowing in e.\ie.-s of the iiinils i- iilira dies, and llie I lev 
 
 has no remedy save su far as lie ran prove ilia' the anioiiiil 
 has been applied in ]ia\ing oil vali<! debts of the solicit. 
 See siipid. p. llHi;. and tlie ca-es following: see al-o On;',) 
 V. Ilulieiis. :,: 1,, T. HI; and Ite Shelfietil /'. /.'. /.'. S„rie!:l. 
 21 q. li. L). .SDl. 
 
 (li) Overdrawing is borrowing. Cinililje Bioolxs d Co. v. Bl'irl- 
 
 hiini BiiiUiinj Suei'tij. '.• .Vjip. (as. 8.")7: Lock v. UV/'/''','/. 
 
 'JQ. B. D. ;!'.»7. 
 
 r7l Sect. 4;( of till' .Vcl of 1871 provides that if any society iiiidn 
 
 this Act receives loan- or deposits in excess of the liuiil- 
 
 prescribed by this Act, the director- <ir coiumilli f 
 
 nianagemeiit of such .society receiving suih loans or depo-ii.- 
 on il.s behalf shall bo personally liable for the amount s'l 
 received in exce.ss. See Cross v. Fi.'<her. 1 1892 I 1 (}■ B I'i' ■ 
 (8) To alhiw a .society which has only a liiiiite<I power to borrow a 
 eontiniiiiig overdraft on a current iiccouut with ti bank is 
 dangernii.'<, for it is not praeticuble for (be dirtu'tors of the 
 bank to watch the transactions of the society from day to 
 
INTRODUCTOKY NOTES. 
 
 1201 
 
 dny; and allhou-rli tho overdraft whoii first allowpd may l>e 
 wilhiu tho liiiiil.H, yot at soiiio subscciuont porio.l tin- over- 
 draft may oxicod tii.' limit.s and to that oxtont the luink will 
 have no security. 
 (9; Tho Klatiitory receipt j^ivon by a Iniililiiif,' society uiidev >ocl . 1:2 
 of llie Biiildiuf; Snrietio.s Art, 187 1, on paymen! oil of u lo-al 
 mort<rafre vests the ie^'al estate in tiio i)erson havin;,' the 
 hcxl riirht to (all for u conveyance thereof, and for this 
 puri)Ose a third |.arly who pays oil su.-h a lo-al mort-atre at 
 tho re.iuest of the niortj^a^'or has a bolter title than tho 
 rnorl<ra-or. VrusbU-HiU v. Sayer, (VM») 1 Ch. 8(i(i. 
 A borrowinjr power must not be u>... for a purpose wliieli is outside 
 (ho objects of tlio society, c.;/., bankin}.'. liirkhcic I'rniianriil liuild- 
 
 inqSoc'lHT. L. K. 40. .,,•,, 
 
 These observations are siillioient t« show that dcalin-s with btiild- 
 ino- societies renuirc vcrv frvcat caution. If it is prop,)sod to mako a 
 loan tea buihlinir society it is de.irablo to make tho loan of h-periliod 
 aiuoum oil spe ■illed .sorurity, and no! to make tiie loan by .illowm^- 
 an overdraft on a current acc.iant. If u loan is niado on specilied 
 sccuiily. to secure such loan tl.o loaders will, of cour^e, usuerl^iiu that 
 die loan is withii. the limit.s prescribe I at the time when ii is made, 
 and if I' <■ .society should aftorwar.ls tran.sjrio-^ ilio-e limits as ro-ard.s 
 oilier persons, the security to the bank will ii t bo altectcd. 
 
 
 Advances on Bills oi Lading, Dock Warrants, and other 
 Documents of Title. 
 
 In makin?; such advances, questions froquentlv ari^o us to tiie Tl'J' l'^^'^"-'' 
 oporalion of the Fact<,rs Act, 1889 (52 & 53 Vict. c. 45;, and it may, ^ '' • " ' 
 lliercfure, bo convenient iicro to set it out. 
 
 An Act to amend ,vnd cossolid.\te tiik Factors Acts. 
 
 I!r. it enacted, kc. 
 
 PreUmiiinry. 
 
 1. For the purposca of this Act — 
 
 (1.) The pxprossion " mcrciintilo nifent " shall moan a moro;inlih- acriiit 
 havintr in the oustom:iry I'oursc of his Imsincss as such affont 
 authority cither to sell k"ioiIs or to .oiisiu'ii L'oods for tho purpose of 
 sale, or to huy ir<wls, or to raise money on llic security of gooils; 
 
 (2.) A person sliaUhe deenicl to be in possession of iroods or of the iloeu- 
 ments of title to iroods, where the iroiuls or docninents are in his 
 actual custody or arc held l.y any person subject to his control or 
 for him or on his behalf: 
 
 (,■?.) The expression "poods" shall include wares and merchandise: 
 
 (4.) The expression "document of title" shall include any bill of lading, 
 dock warrant, warehouse-keeper's certiUcale, »nd warrant r,r order 
 
 4 U 
 
 Definitions. 
 
i; \ 
 
 1203 
 
 :| 
 
 I 
 
 powprM of 
 
 iinTiaiitili^ 
 air*'iiT with 
 
 r<"*|M'rT to 
 
 di>it<>sitiun of 
 
 BANKING AJfD ADVANCE SECURITIES. [ClIAP. XYI. 
 
 for the delivery of i;oo(ls, and any other doeument used in tlm 
 ordinary course" of linsini'ss as jiroof of tlio possesion or e.mlrc.l ,.f 
 poids, or authorizini; or |iiir|H.rtiiiK to authorize, either liy en Inr^o- 
 ment or liy deliM'ry, the posse-sor of the document to tiaii-l'.r or 
 ;eiei\e j,'i>i'ds tliereiiy re|pre-eiitecl: 
 
 (5.) I'lic eN|.res>ii)n " pledi,'e " sliall inilude any contract plcd^'in..-, or 
 pivinfr a lien or sccurily on, sooU-i, wlietlier in consicleratiim nf :,„ 
 orifjinal advance or of any further or continuing advance nr ul' .iiiy 
 pecuniary liability: 
 
 (6.) The expression " person " shall include any body of | 'Tsons (urpurato 
 or unineorporatc. 
 
 Dispositions by Mercantile .Iffrnta. 
 2.— (1.) Where a mercantile agent is, with the consent of the owner, - 
 
 sale, iil-'i!^ 
 
 Ktfeet of 
 
 ]'ic<l)fcH of 
 
 itucunientw of 
 title. 
 
 riwl^te for 
 antecedent 
 debt. 
 ItiirhtH 
 ac(piiriHl by 
 exchange of 
 jfoodrt or 
 documents. 
 
 A jrreeinents 
 thripui,'h 
 clcrkei, t^u. 
 
 Provisions as 
 
 to COUHlgUOrB 
 
 and cou- 
 «i|ju««ii. 
 
 possession of j;oods or of the doruments of title ti> j;oiids, any sale, pi 
 
 or other disposition of the floods, made by him when actinif in the nrdiriny 
 
 course of business of a mercantile a-cnt shall, subje t to the provisions .,i tlii^ 
 
 Act, be as valid as if he were expressly authorized by the owner of the ;; Is 
 
 to make the same: provided that the person taking under the disposition aits 
 in good faith, and has not at the time of the disposition notice that the j.crson 
 making' the disposition h;is not authority to make the same. 
 
 (2.) Where a mercantile airi'nt has, with the i-onseiit of the owner, Iv i n in 
 possession of fjoods or of the doruments of title to poods, any sale, picj-c. 
 or other disposition, which would have been valid if the consent had eontirm •!. 
 shall bo valid notwithstanding the determination of the consent: i>rovii!(d 
 that the person takiip under the disposition has not at the time thereof notiio 
 that the consent has been determined. 
 
 (3.) Where a mercantile a^'ent has obtained possession of any document of 
 title to goods by reason of his being or having been, with t!ie consent of tlio 
 owner, in possession of the goods represented thereby, or of any other documents 
 of title to the goods, his possession of the tirst-mentioned documents shall, fur 
 the purposes of this Act, be deemed to be with the consent of the owner. 
 
 (4.) I'or the purposes of this Act the consent of the owner shall be presumed 
 in the absence of evidence to the contrary, 
 
 3, A pledge of the documents of title to goods shall be deemed to bu a pledje 
 of the goods, 
 
 4. Where a mercantile agent pledges goods as security for a debt or liability 
 duo from the pledgor to the pledgee before the time of the pled.'c, the 
 pledgee shall acquire no further right to the goods than eould have been en- 
 forced by the pledgor at the time of the pledge. 
 
 5. The consideration ne essary for the validity of a sale, pledge, or other 
 disposition of goods, in pursuance of this Act, may bo cither a payment in cash, 
 or the delivery or transfer of other goods, or of a doeument of title to 
 goods, or of a negotiable security, or any other valuable consideration; but 
 where giwds are pledged by a mercantile agent in consideration of the delivery 
 or transfer of other goods, or of a doc'iment of title to goods, 
 or of a negotiable security, the pledgee shall acquire no right or interest in the 
 goods so pledged in excess of the value of the goods, documents, or security when 
 so delivered or transferred in exchange, 
 
 6, I'or the purposes of this Act an agreement made with a mercantile agent 
 tlirough a clerk or other person authorized in the ordinary course of business 
 to make contracts of sale or pledge on his belialt shall be deemed to be an agree- 
 ment with the agent. 
 
 7. (1.) Where the owner of goods has given possession of the goods to 
 
 mother per»on for the purpoM of oonnigiuuent gr Mle, or ha» ahippod Uio gooiit 
 
INTRODUCTORY NOTES. 
 
 1203 
 
 in th" nnmc of another person, and the consiRneo of tl.P Roods 1ms not Iiad notior 
 ,1 ,t M.,h person is not the owner of the t;.)oas, the .on-iRnoe shall, in respe.t of 
 ,,l,;„ur^ niuJ.' to or for the use of siK'l. person, h;ive the same lien oi. tin- iro.id* 
 '- if su.h person wire the owner of the ijooils, and may transfer any su. h lien to 
 
 ii.iither person. 
 
 ' ,' ) Nothiiii.' in this sreli'.n shall licnil or alfeet the validity ot any sale, 
 
 . V.d.'e or ilis]iosition by a mcreantilo aRent. 
 
 JJii/ioaitioiia bi/ Sellers and lliii/ers of Oooda. 
 Where a person, having sold ifoods, eontiniies. or is, in possession 
 
 of the ni<i«i«ition 
 
 sills or 
 
 f tiie <h)eunients of title to the Rmo: 
 
 ids, tlie delivery or transfer by tiiat 
 
 b' 
 
 clIiT 
 
 „ ri'niaiMiiii; m 
 
 ,,,,11, or by a men- 
 
 an 
 
 itile aj,'ent a.tins,' for him, of the Roods or doiiinients of p^,^,.,,,,,,. 
 
 by i.'iv 
 
 obt.liriilu,' 
 
 posseftsion. 
 
 title ulider any sale, pledge, or other disp,)sition thereof, or under any a-ree- 
 mont for sale,' pledRo, or other disposition thereof, to any person reeeivin- tho 
 same in R.wd faith and without notiee of the previous sale, shall have the samo 
 rtfr.t as if tiio person makiuR the delivery or transfer were expressly auth.ir.zed 
 l,v tlie owner of the u'oods to niako the same. ( Ib^-enaeted in sort. 'i.'. (.1 ) of the 
 jsalr ,if (lood- .Vet, IS'ja.) 
 
 ■1. Where a perMin, haviiiR buuRht or a-reod to buy Roods, obtiiins with tho |)isp„-iti..ii 
 consent of the seller possession of tho Roods or tho doeumeiits of title to the 
 ,.,Ksl-, the drlivcrv or transfer, by that person or by a niereantilc aRent aetiuR 
 l.r liiin, of the Roods or documents of titlo, under any sale, pledRC, or other 
 di-|i.isiti'oii thereof, or under any aRrecment for sale, pledRi', or othor disposition 
 ll„.r, of. to any person reeeiviuR the .same in Rood faith and without notiee of any 
 li, u or other riiht of the oriRinal seller in respect of the Roods, shall have tho 
 emu- elle.t as if the person inakii.R tho delivery or transfer were a mereantile 
 a -viit in possession of the goods or doeuments .if titlo with tlie consent of the 
 (,wN,r. (.IJe-onaeted by scjt. 25 (2) of tho Sale of Goods -Vet, 1803.) 
 
 10 Where a document of title to rlo^Is has Im^cu lawfully transferred to a 
 1,01 -on aa a buyer or ow.ier of the Roods, an.l that person transfers tho doc- ]ll\['l'J,^",[ ^^ 
 „„ nt to a person who takes tho document in Rood faith and for valuable con- ^.,.,„|,,,-, | ,,„ 
 -i.l.Tution, the last-mentioned transfer .shall have tiic .same clfect for dcfeatinR ,,r ri-lit ..f 
 ,.,y vendor's lien or riRht of stoppaRo in transitu as tho transfer of a biU of .st.,p|.aRo in 
 l:,.iinR has for defeating tlio right of stoppage in transitu. *'"""' "' 
 
 i-:tr,'et of 
 
 ;.i: 
 
 Supplemental. 
 
 11 l\ir the purposes of this Act, the transfer ot a document may be by Mode of 
 e,;J.ir-™.cnt. or, where the document is by custom or by its e.^press terms t';;'';;_;;;^[^'< 
 tvnisfiruble by delivery, or makes tho goods deliverable to the bearer, then by 
 dilivery. 
 
 12. -(1.) Nothing in this Act shall authorize an agent to exceed or depart Savitii; for 
 fruiii his authority as between himself and his principal, or cxemiit him from any ^^'^'J|[^_"* ""^ 
 11 iliility, civil or criminal, for so loing. 
 
 ■J.) Nothing in this Act bli.-. prevent tlie owner of goods from recovering 
 the R.iods from an agent or his trustee in bankruptcy at any time before the sale 
 <.r phdire thereof, or shall prevent the owner of goods pledged by an agent from 
 l.nii.R the right to redeem the goods at any time before the sale thereof, on 
 s;iti9fyinR the elaitn for which the goods were pledged, and paying to the agent, 
 if liy him reiuired, any money in respect of which the agent would by law be 
 iiititlcd to retain the goods or tho documents of titlo thereto, or any of them, 
 hy way of lion as axainat the owner, or from recovering from any person with 
 
 4 H 2 
 

 1204 
 
 Saving fur 
 romraon law 
 powers of 
 
 Repea!. 
 
 ColUUlfliCL'- 
 
 ment. 
 
 Extent i>f Act. 
 Sliort title. 
 
 Upvratiiiu cif 
 the Act. 
 
 BANKING AND ADVANCE SECURITIES. [ChAP. X\ 1. 
 
 whom tlie poods have been plcagwl any bulaiice of iiuiiiey remaining' in hia hui„N 
 an tlie produce of the sale of tlio goods after deducting the amount of his lien 
 
 (3.) Xothiiij; in thi's Act shall prevent the owner of poods sold hy an iicrrnt 
 from rccovcrins from the buyer the price auTood tc. be paid for the aiiiiic. „r 
 any part of that price, subject to any ri(?ht of set-off on tbe part of the buyer 
 against the .agent. 
 
 13. The provisions of this Act shall be eonstriiod in ampHHcation and not in 
 derogation of the powers excreiaeablo by an agi^nt independently of this Act. 
 
 11. Tlie cnac* :'Onts mentioned in the schedule to this .U't [4 C'O. I, c. s;!: 
 6 Geo 1, e. flt; 5 A: (i Viet. e. 39: 40 & 41 Viet. c. 3!»1 are hereby reimdcil a.- 
 from the eommcnccnient of this Ad, but tliis repeal shall not utfeet any rl-lii 
 acquired or liability incurretl before the eoMinieuiemciit of this .U't under :iny 
 ensetment hereby repealed. 
 
 15. This Act shall conimenee and conio into operation on tin' tirst .lav ..I 
 January, one thousand ciuht hundred and ninety. 
 
 IB. This Aet shall not extend to Scotland. 
 
 17. This Aet may he eitcd as the Factors Act, 1H89. 
 
 Tho above Act lepeaL- ami re-enact<, witii e.\teiisivo and lar- 
 reaching imoudiueut.s, tho prior Factoici AcU (4 Goo. 4, c. 8.1, il 
 Ceo. 4, c. 94; 5 & (i Vict. c. 31); aud 40 & 41 Viet. c. 39). lu rela- 
 tion to tlio.se AcU there were a great uunibor of <lecisioii.s, and if it 
 were necesfiary to keep all tlioso decisions in niiud iu interpret in;; 
 tho Act of 1889, the difficulty of intoipretation would indeed lie 
 great, liut it is woU settled tliat in construing a statute like the 
 Factors Act, 1889, we are, iu the Urst place, to look to tho lanj,'uap:e 
 of the Act itself without referon( o to tho old ca.se8, aud that it i.s only 
 necessary and proper to refer to them on some special ground, 
 e.g., where tliere is some ambiguity in tlie Act whicli tho old casiv 
 may assist in solving. Thus, iu Hank of Eufihnd v, ytigluim. (18".)1 1 
 App. Cas. 144. Lord IlerschcU .-aid:- 
 
 ■■ 1 tliitik that the proper course is, in the first instance, to examine lie' l;in- 
 puage uf the statute and to ask what is its natural meaning uninlluenccd by :iny 
 considerations derived from the previous .state oi tic law, and not to start \v''Ii 
 inquiriii!.' how the law previously stood, and then, assuming tli:it it wms pi" 
 bably intended to leave it unaltered, to see If the words of the enactment will 
 bear an interpretation in eonformity with this view. ... 1 am, of course, 
 far from asserting that resort may never bo had to tho previous state of tin' law 
 for the purpo-e of aiding in the eoastruction of tho provisions of the code. If, 
 for example, a provision be of doubtful import, such resort would be perfectly 
 legitimate. Or, again, if iu a code of the law of negotiable instruments words be 
 found which have previously aeipiireil a technical meaning or been used in a 
 sense other than their ordinary one in relation to such instruments, the .same 
 interpretation might well bo put upon them in the cixle. I give these as ex- 
 amples merely ; they, of course, do not exhaust the category. What, however. 
 I am venturing to insist upon is, that tho fir.st step taken should be to inlrriml 
 tfir laii'f'i'i'j'- of tlir xlcitnl'-. and that an appe.il to earlier decisions can only be 
 justified on some special ground." 
 
 Same prin- These ob.servations were made in rehition to tho Bills of E.xchauge 
 
 SthtlfS- ^^^' 1^^^' ^'"'•'^ ^'"^ intended to codify Uio law as to bills of c.\- 
 
INTRODrCTOUY NOTEP. 
 
 I '205 
 
 Artn 
 
 .l,,u<^o but tho same principle applies to a ,„n^oli,latin^^ .n<l amend- |,>';;»^j. ;';;'„, ^. 
 „ Vet in considcriii!.' such an Act in hiaines CoDnermlnn* v. a..d aui.i..liia- 
 !i,rrf. Dean^t Co., (1897) 2 Q. U. .m, Chitlv. I.. J., sai.l:- 
 
 .. |„ ,|,i. \,t rl,..is..« of thp repealml Acts are foi.n.l ropcato.!. but offn in 
 
 „,,,n,l f.irm a.ul «itl, u,nc»dnu-nts whereby the se,,.,- i..ay b,. u, .-na. .n.v.suro 
 
 ',;, ,„„„| Speaking «e,u.rally, 1 think that the ..na,tm-.,ts n.u.t b. a, alt w.lh as 
 
 ,;!!;„«■ aL\, and that a ininu.. .ritioal examination of rep.ah.d -lances uu«h 
 
 ,;,',' ,„ 1.,. ,.ntensl npon for the purpose of interpretation ex.vpt n, p.eial 
 
 See also /•:,■ )x,rU'. Uril)ilh, /.V Wilkinson. 2.» V. i). 6'.»-. h-r//«r/v. 
 „,„„/ ,i«»l) 1 Cli. 11^-. 0><«<-^'.s-v. ToMI. ltd.. I). :i; /'<t^-.» 
 ,,„,,. CO 15 U. t5;t: A'o.srn/«v./ v. SorlhumUrrlatuI ImioI I1ii>U>„i, 
 r„ .'-' (V 15. U. 37;!; no,lf,so„ V. /JW?. 24 (^ H. D. ■■^S; an.l K.'.rv. 
 Ahraluu,i.i, ( l'.H)4) 2 K. 15. «.VJ. . 
 
 I, sh.nilil bo roimMnborod. however, that some provisions ot th. 
 K„ims \ct 188!> (ss. H ami U). have been rc-onactod in sect. 25 of 
 ,1,',. Saleof clooiLs Act, 189;5 ( :,.i >V 57 Vict. c. 71 >; that by that se^'tion 
 and in it tho term ' mercantile agent ' ha.s the same mean.n- as ,n 
 t|.,. Kartors Acts (which srct. tl2 defines as meanin- ilie Factors .\cl, 
 is8't the Factors (Scotland) Act, 1890, and any onaeimont nmeadmfr 
 crsub^titnted for the same.: and that .le.isions on the Sah' of (loods 
 A.I hiav often hi' u.<ofullv reiorred to to interpivt lli.' Factors Acl«. 
 
 lu,l l.onoeminent commercial jud-e includes the Sah- of tioods .Vet 
 
 in the Icuislatioii known as the Factors .\cli^. 
 
 That tlie Factors Act.s, commomino: as tln-y do in the year 182;! 
 ^, („.,, I, c. 8;!(, and lini.shin- uj. with the Sale of (ioo<ls .\ct, I89;5. 
 were |,a.>.-^e<l to alVord protection to persons dcalin- in '^"""1 !■'"'' •""< 
 widnmt notice with I'acto.s, cannot be ,!isputed: and that <i,l,htwval 
 rmlrrfimi to persons so .iealinir. not only with lact.rs, btit aNo with 
 l,„vers of -oods. ha^^ by tlie.c .Vcf. fr(,m time to time been aHorded 
 i. e^inallv clear: and the hrst .p.estion is whetlier the phiintilT-: ni« 
 within tiie protection of the las^ of tliese Acts -namdv. tlic Sah> of 
 <;„od^ Vet 18it;!-<'o..ple.l with the Factoid Act. 18«9. I u.ni.l (Munt 
 ont that it is only in ..i-ses whe..^ an owner ii.vs in some way U-en 
 deprive.) of lii.s K-.x^H witiiotit his autliority that the Factors Acts are 
 roquinMl; for if ho is not so .lop.ived, the A.ts are not iieeded Hi 
 pintc.t Imtw fide transactions with airents an.l buyers." Per .\ I. 
 S.uith.b .).. in ra/,//-. /W.W<V/{r;,Wo;.dV.ro.,.189;n 1 (,) I!, f.4;!, 
 6.-i2. .\n<l in tiic same c;use i].. il5S) f.dlins. L 1.. s^v: 'The 
 F.'i.tor.s Act, 1889, whi. ii is tlius refcrie.l to, an<l a.s to part of u a-aiu 
 riM.tcd in the Sale of C-ods Act. is the last of a scries of statutes 
 ^^llerchv the l.o'^slaturc a or.„lually enlarii^d tlio powers of per<nns 
 in t!ic .a<tlaal ..osse-si,,.... of iri)ods or d(K;uinents of title, hut without 
 
 ^ ^ he property in tiie goods to hnmi fnir pur- 
 
 rhaser.!' Pow^espion of, not property in, tlie thing disposed of i> the 
 
 )iioperty therein, to pass i 
 
\n 
 
 Vida 
 
 QupNtioiis uu 
 tbu Act. 
 
 BANKING ANU ADVANCK SEUUKITIKS. [CllAl'. X\ I. 
 
 cardinal fact." And at p. CGI lie adds: " Tho later legislation u 
 ck-arly an attempt to brin^ tho law more nearly into lino wiili nior- 
 canlilo opinion, and to extend the stiitutory implication of nii~lo.i lin.T 
 to the case where porsoiw, not a^'cnts at all, have boon ])oniiitUil by 
 the owners to obtain possession of jjouds or documents of title.' 
 
 Fu:ther, it must be noted, that as Lord Ilalsburj- says: ' Tl,o 
 ^Fattuis Act, whii h i« a consolidalioii Act, and aho uu uiuc'iiihi.;,' 
 Act, is .-cparated into ^four, parts . . . and oaih of tho scMiniis 
 iniliiiled in ji separate portion of tho statute iuu-.t bo road a-> mily 
 applicable to the ca^o-; of persons indiiated by that so|iaralc' p.ni . t 
 the statute ■■ hujlis v. IlobcitsoH, (ISW) A. C. CIG, (;21. TI,o 
 headini^s of tho four parts 'are no!, in my opinion, mere iiitu-iiul 
 notes, but the '^octious in tho gioup> to whii h they buliji^- imi-t 
 bo read in connection with them, and iulerprcted by tho lighi if 
 them." Per Lord llerschell, ibid. G:U). 
 
 Premising thui much, it will be convenient to touch on a ton ,.f 
 the loading questions that arise on the Act . 
 
 It - 
 
 1. ' Mercantile Agent." 
 
 Mcrnantilt A mercantile agent as dolined by the Act is a "morcantilo ujriMit 
 
 Meo'- having in tho customary course of his business as such agent aiitliu- 
 
 rity either to sell goods or to consign goods for tho purpo>e ol siiiu, 
 or to buy goods or to raise money on the Hocurity of goods." 'i'liis 
 definition does not qualify tiie provisions of sub-sect. ('2\ of sen 2 
 of tlie Act so as to invalidate a transaction under that sub-scrti .a 
 merely because the agent disregards the instructions, exprc-scd nr 
 implied, of his principal. For example, a person entrusted ui;li 
 diamonds for sale, being a mercantile agent within the dolinitioii, 
 can confer a good title to the diamonds on a pawnbroker with wlmm 
 ho pledges them, though the pledge is iu fraud of his priiuiiial mid 
 contrary to the custom of the diamond trade. Oiipenheiiii v. Allcd- 
 l)O)0U()li (t Son. (I'MH) 1 K. IJ. '22\- This decision has rcroiiily 
 been followed iu Wcitu'r v. IlarriK. W. N. (lOODj 231, iu uliidi 
 case jewellery was entrusted to a travelling agent for sale or roium, 
 but on terms which showed that ho was not to bo a purchaser. Imt 
 an agent, and a pledge by such a mercantile agent with a monoy- 
 lender advancing in good faith without notice, was held to be gond 
 against tho principal. Hastings v. Pearson, (^1893) 1 Q. H 02, 
 has been overruled. 
 
 2. Possession of 6c ods. 
 
 p,)s»i-^i..ii. When is a person to bo deemed to be " in possession of goods or .if 
 
 the documents of title"? (See sects. 8 and 9, and paragraph (2) of 
 sect. 1.) The concluding words of the sect. 1 (2; as to control ara 
 
 'I r-jiiii 
 
INTRODUCIOKY NOTES. 
 
 .„,on,lc,l inirr alia to oonlir.u .l>n law e..al,l..ho,l in I'ortali.-. t. 
 
 '■'' u',i!o'^d""rlo^is ,ho gool. ... A. f..,. half ,h.ir value, and 
 ,,,e„ plocL^cs thou, for tho .•enuin.l.M- of ih.'ir valuo ov tnr M,n.o 
 , .o'uri.v ,o H., it wouM. I ap,..oluM„., l,o an ox,..o,lM..ly 
 ",,..u ,.o„.i.u.Uon to say tha. he .s no, at .ha. .nno .n ,.o~so>s,uu 
 ,1,0 ,lo umout. ana ^0-1. hoth o,' .h.n, l.oinu' in \n.n,.^n,\ a 
 tZ^i his ,.rin.a:.al nn.il the .-nn, i,al wi.haraw. .hen,, .aul 
 .."...-Wood, V.-C. in that raso , . . , , I 
 
 ' ,-,.-e..on of. no, ,,ro,.oM v in. ,he .hu,u' ,11^"- • nt .- the .avdinal 
 f,, , 1.', on. .he poin- of view of tho ho,u, jldc^ i.un.has..r, the o.ten- 
 n,le nu,ho:itv ha.-.l on ,ho fa... of pHso^sion is ,he san.e, >vhe.her 
 , 1„„ ,, ...-opem- in .he .hinu'. o. ae.hori.v ,o -leal w„h U .n the 
 ;„„ i. ,.o^sO-sion at ,.0 ,iuu- of .ho ,|,spos„inn ov no.. 1 er 
 ;„i . L .1.. in Vain, v. P<><Mls Hristnl. ,U: Co.. . IS-...! 1 ... 1^ 
 1,;;, .mS. -.Vptnal phv-iral .-nstodv- is -he .on^trn. .km, adopted 
 hv A. 1. Smith, h. . I .. in .he same ease 
 
 i-:n7 
 
 3. Documents of Title to Goods. 
 
 1(4) Stork T).ii uiiicnUof 
 ... . titli 1(1 Koodii. 
 ids \vilhin ill" 
 
 ■ DuiUiueiits of ti'W are delined by the An. 
 .„vl sliaio cerlilicalo- avu no' documents of title t 
 V,., AV.r..mv. ^,,lr,^anl.^^U.^^ !-■ 1- A uumv re,.,..,,t 
 ,„,. p„,,.ha-e-nonev is no, a do.un.-n. of ,„le , /w»,y, v. /■„h. > 
 
 V,,,, I- .- .-,8.-, )■ nor i~ a wl,adin-e.'s cer.iti. ate froo.ls are lyin- 
 
 .„ ,1,0 uo-ks of the m.,n..fn.Mnor ready for shipmen. ^(hnni v 
 'lU.'on- VaunUa, .1 Co.. 10 Ch. I'.'-Ji. '-de-s it can he made out 
 ,],.„ .,.,.h a .er-ili.ale i^ n>ed in the ordinary oonr^e ol huMMe- a.s 
 ,,„.uf of .ho pos-es>ion or oontrol of jroods. Mnrhaul H.,>h;„'J ( o. 
 V, Hiaiiix. <IV. To.. .'. C. 1). 2l>.->. . 
 
 V 1,111 of ladin- is expressly mentioned .n the <le, .on in 
 
 .0,-, 1 (!'"'■ Vl"' l-"'^''"'- -^"' '^'"' '" ''"' ''^'''' *"' ^'"'"'^ ')' T 
 
 ,„ou,- of title .o t;oods" ha. the s,„„o n.-ama,^ ..^ .. .as n, tlm 
 ,,•,,,,„., .Vol (soot. (;2V And see Chn v. Porh-cll .^ hn-lol. dc. 
 
 r. 
 
 .■\- to w 
 
 As to (lolivorv 
 
 orders in M.imIc, sec UiiiDii. 
 
 Credit linnk 
 
 • Doc};. 
 hat is a \ 
 
 „l llnihour r,o<inl. (IS'.t'.n '2 i). 
 
 de I'j 
 
 cs far bcvond its teihniral nieanin 
 
 SCO para'jrap 
 1 
 
 i I of 
 for it im 
 
 lul( 
 
 20.". 
 
 1 . Tho term riedgc. 
 ~ '■ anv soouriiv 
 
 L'OOl 
 
 Is," c n.- i^" O'lnitaldo sorurity 
 
 As to (he mean in;. 
 
 pic 
 
 lodu 
 
 [)f (roods, soo soot . •"> 
 
 and (phsorvatii 
 
 id( 
 
 plodgcc's rifihts in 
 
 .tland. see Illfjll-: v. RohrrUnti. 
 
 of a 
 As to a 
 ( IS'.iS) AC. 
 
 <;if.. 
 
 IHit 
 
 4. Power to Pledge. 
 
 Po^vcr of meroautilo agent to pledge. Soo sect. 2 of tho Faetor.s A^nt'ji^ 
 A.CI, 188'J, p. 1202, sui>ra. pledge. 
 
V20H 
 
 UANKINi: AND ADVANCK «KCUKITIM. [ChaP. XV[. 
 
 Panigrapli (1) of the section is the vital one. In dealing with a 
 iiioitaulilo aj,'out under tlio Act, the lir^t jujint to bo borne in uiiad 
 Commit. is whether the agent is, with the coiuenl of the otrner, in pos.scs.^ion 
 
 of good-s or dueuniont.'' of title. Bankoi't very coniiiioulv ii>suiii(> 
 consent, at any va'.e when they aro doaliu;.? with a niciiantilo ;i'„'('ut 
 who is a caslonier; and it is u|ipri>hondo(l that in most cu-es thi~ 
 ft.s.sumption may safely be made oven wlioio j;oim1s or ducmiioiit-' oi 
 title ai* plaivd by the owner in the possession or under tlio control 
 of a niortantile agent not as such for wilo nr plt'dgo, but for some 
 other puipo^o, e.fi-, for .sale custody or for tran^inissiou. It woulii 
 MJOMi llial 'iirh ayont is, nc\cnlielo>s, in posses-ion " with ihu cuu- 
 »ient of tlio owner." The old law was dilleront. Ctih' v. L. dS. \V 
 liuiih-. I<. it. Ill •'. 1'. ^MV^. .'570; .Johnson v. dn'ilit Li/oiiihiii Co . 
 li (". 1'. U. li'2. Si>, too, tlio agent is in possossioii with <'oii-ont 
 even tiiougli suili loiisont has lioi'n olitainod by fraudulent rcpre- 
 Benlutioiis to the owuor. Hhepixiiil v. liiioii ItanJ:, 7 II it \V. (iCl. 
 litiincs V. Sirdiiison, 4 B. &, S. 271) (approve 1 by Collins, f.. J., in 
 Ciihn V. I'oikctt'n Bristol, dc. Co., --.My. i. 
 
 The Alt of 1SS9 goes ^oinewhal bcyund .I k ti Vid. c. .iH; but even 
 under that .Vet it was held that an u^crit may bo trcaicl ;is tlio 
 owner of the |>roporty in ai(X'p!iiig from him a plod;.'i' of •^iv.nU 
 known to have been do|)0-iti'd wi'h him, or traiismittt>d tn liini -m 
 agent, if the transaction is bona fide (it is assumed to bo in tlio 
 ordinary course of business), and there is no notice tlial tlio avroiit 
 is malving tho contract either nwhi jiile or beyoii<l his authnritv." 
 I'er Lord St. Leonards, Sditihhiur \ llroinuiqii. li Do Vj. M. &. (!. 
 p. -l.M). 
 
 'Under the Act,' said Lord Horscholl, ivlerriii;;- to .'i it (i Vi(t. 
 e. 39, in Simmon.'i v. London Joint Stork Hank, (IS92i .\. C 217, 
 "a document of title to goods may safely be taken by way of pli,'d2:(> 
 from one known to be an agent without any ini(uiry as to his autho- 
 rity. . . . The truth is, in my opinion, that what the Factors Acts 
 have done is to attach .•-omo of tin; elements of negotiability to 
 documents of title to goods, to romlor tho mero possession of thcin 
 evidence of authority, to deal with llioin in the ordinary course of 
 business, and to j)ieclude the necessity for any further iiuiuiry." 
 
 The (juestion was further considered in Cnlin v. I'oclrrlt'n l'>ri.<iQl. 
 dc. Co., (18!);ii 1 (). \i. (jt;! That case u.j e under sect. 2.5, t^ub- 
 soct. 2, of the Sale of Goods Act, which is a re-onactnient of sei t y 
 of the Factors Act. There, in fuWilment of a contract for the sale 
 of copper, the sellers forwarded to the buyer a bill of ladini;: in- 
 doised in blank for coppei shipped on tho dclendanl's .sliip, loyethcr 
 with a draft for tho price cf the copper for acceptance. The buyer, 
 ivho was insolvent, did not accept the draft, but he dcliveret! t!ie l>ill 
 of lading to the plaintiSs in fulfdmont of a contract whicii lie had. 
 previously to obtaining possession of the bill of lading, made for tho 
 sale to them of copper, and they thereupon paid liini the price of the 
 
 i\V. 
 
INTRODlTCrrORY NOTES. 
 
 ,„,oor T1.0 i.lai..ti(T8 took Iho bill of L.ain- in poofl faith, and 
 
 '2t„„: Mo:i.o of tho ri,M.I. of ti.o original sollor. in rospct, ol th« 
 
 ' ,„, The sollors stopped tho .opp-r in >ru>,.4,u. In un action 
 
 ,,v ho plain.ills a,'ain.t >'.e aofon.lant.s lor non-dehvory ot tho 
 
 ppo,. tho lourt of Appeal hold .!..., the hnyor hav.n.. ol.ta.nod 
 
 „lUion of tho bill of ladi,>R with tho .on^ont o, the .so l.rK ,1 e 
 
 ,,,,-fcM- of it l.v bin. to tho plaiM.itrH pivo then, .t -ood t.tlo to 
 
 ;;;: ,;;,pe,- ..ndo,. .e,.. .;-. .ul-se,,. 2, ..f .1.0 a., o, .s... and 
 
 ,l,at the -ollov^ hi.d no ri.„'ht to slop it. in tnnisdu. 
 
 .,.,,,. „,.s ,h.. ,;.so of ab„^..,: l.n- ... A I, S,n,.b I., d .. ..au 
 ,, ,;:,.iK a uHUrantilo au-nl inMud-s a bnvor. and hv a.,d ih,- r..^. of 
 ,„ ,,„„,, ,,,n<fMllv ,„M.id<>rod the M>n:n,in._^ of iho I-a,tovs \.t. 
 Mill- rcidiiifj NOil. J. Nnl)-'-oit. i. m • •'.' I 
 ,vonN. a~ if the disposi.ion had Immm. made bv the own-.- nl the ;r"od. 
 ,,i,„,,,iror bv hisbnvfMllvauth..ri/e,| au'enl." , ■ ,, 
 
 \„,1 ,at p: nr.i) he savs: "The bill of h.din^ wa. n-, ol'-anuMl by 
 Pi,„,s,1,er." tho ori-rinal punhaser, " f^on, S.ein-nann ^ Co tho 
 „ri..ina! vendor., " bv any tri. k or device; in wh.ch >ase ,t eonld no . 
 , think, bo *iid that PintM-her ha<l obtained the a.tnal en.todv of it, 
 with Steinniann A t'c's assent." , ,, • 
 
 O.lbM. I. .1 probalMv did not intend to -o further, but he i. n-mo 
 „.n|i,.it in tho followin.^ observati.,,,. . at ,.. .i.-.S ,: ' Tl,e I..._Mslatnre 
 l,a' not carried Iho ri.-ht.. of t. pnr,.haser nnder those .Vts so far a. to 
 ,„ake tho salo c-,uivalont to a salo in tnarkot overt. Th,- pnrohasor 
 ,„ust accept tho risk of hi^ vendor havin- found or sloh;, lhr,,on,U. 
 „r ,hr,n„ruh. or olhrrwisr ./of po.sr^.lou of Ihrm .-ilh.,, thr run- 
 ...„f of Ihe on-nrr. But if a n.ercantile airent. or one of the persons 
 ,hov. disposition is n.ade as elToelnal as that of a tnennnfle a..^ent 
 
 h.s obtained ,. ion bv the ,o„s,.n. ,.f tl,e owner, even thou^d, ,t. 
 
 ,vero nnder a oot.ra,.! voi.labb- a.s fraudulent , .see B.vnc. v. ,s,er,o,..o«, 
 and Shomiord v- Vn'on Jhnl: of hnulon). he i« able to pass a -• I 
 ,i,l,. to a bond fvh' purcha..,.r fIou<.ver fraudulent the person tn 
 actual custodv mav have been in oblaininir the possession provided 
 it aid not amount to larceny by a trick, an.l however n:ro,ssly ho may 
 abase co„liden,.< rei.osed in hi.n, or violate tho tnandato under vvh.ch 
 ho ..-of possession, he ran by his disposition -ivo a -ood title to tho 
 
 ^"iMimvevor the don.ment.s have been stolen, there bein- no eon- Thoft. 
 .soni, thero is no power to pledge: and so also where A . Ivnu- in 
 po.s,^es.ion of frowls stored in tho collars of R.. and (V. by ^^-^^Z^^^- 
 n,ent« to B.. obtain., possession, ho is not in possoss,o„ with the 
 consent of A." Tiohin^o, v. RcMeU. (ISOGV ^^ T. T.. R. 174, 
 Mathew .1. See also O^wnhf^hnrr v. Frnwr. ( 1<.>I»:> 2 K. H. .0 
 
 I 'i. to be noted that if litigation ens.ies. the onus of ptovnitr that lVe».n.pnn,. 
 tho .^ood.s or doc«mont.s of title wore not in possession of the a-ent 
 with" tho con.sent of tho owner is on thoso who aver tho absence of 
 «,nsent; for tho Act provides, in paragraph M) of tho same «oetion. 
 
 i 
 
IJIO BANKING AND AUVANCK SKCUHITIKS. [CHAl'. XVI. 
 
 that ■' for tho purpusos of this Act tho consent of tho owner uliill l„) 
 proMuniod in the ubsonio of oviilonco to tin; contrary." Seo IMmnin 
 V. Uc.itelt, supra, in wliirli tividunco to tlio contrary was i,'ivuu ui,ii 
 hold BuUiciout. S«o ul»o Uppenheimei v. Fnizer, (I'M!) il K. IJ. jo 
 
 5. Ordinary Coarse of Business. 
 
 Ordirmn 
 
 The next point i.s wholher llio plodgo is "in tho ordinary loiir- ■ of 
 business of a iiiercantilo u^junt," not, lio it noted, in thu oidinnv 
 course of businosH as botwcon him and his principals. That it i^ m 
 tlio ordinary course of business for broiiors, factors, uud ollior iiier- 
 cantilo ajjonts of variou8 kinds to obtain advances is well kiiuwn 
 Tho word.s "wlion aclinfr in the ordinary courso of bu^iii." ol .i 
 nicrcantilo agent" in sect. 1' •). mean aclini? as a iiiorcanlii ■ a^rnt 
 in tho way in which such an Uj,'Ont would act if that particular tian" 
 aetion were one duly authorized by his principal. Oppcnltcinicr \. 
 Altcnboruu(ih, (1908) 1 K. B. 221; and .sco Turner v. Samiixmi, 
 27 T. L. R. 200. 
 Good faith Tho iie.\t point is whollior tho bank or other party uiakiiij,' i!ii> 
 
 ami III) notice advance is acting in good faith without notice of want of authoiit\ 
 ° *■'*"■ Sec iho piovi.so to paragraph (1) of sect. 2: "provided that llio 
 
 por.>-oii taking under tho disposjiioii acts in good faith and ha- no! at 
 the time of the di.spositioii. noliio (hat the person making tlic di>|>M.i- 
 tion ha.s not authority lo make tho samo " Tho tost of goo I faili is 
 honesty, and more carelessness will not negative good faith, ./o./i » 
 v. C.orddH. 2 .\pp. ("as. GU'.; TaUtni v. Iltinlur. 2:'. (}■ 1> '•Is 
 LouduH Joint Stock nanl.- v. Siminniis, (1892) A. C. 201. .\- lo 
 notice, there were similar words in G Geo. 4, c. 91, above rofcru'd ii, 
 and in relation llieicto tlio following word.s were used by Lord 
 Tentordoii in Evanx v. Tnii'iiuin, 1 Moo. & \i. 10: - 
 
 " The cxpreasion of tlie statute U, that a party is to be entitled to its jirotii - 
 tion if ho shall not have notice by the documents or otherwise that tlie plidijir 
 was not the aetual and hnmi fidi- owner of tho poods jjledijed. A person niiy 
 have knowlcdeo of a fact cither by direct eommunication, or by being awan- of 
 circumstances wliic h must lead a reasonable man, applying his mind to thoni iwid 
 judging from them, to the conclusion that the fact is .so; knowledge aciiuired in 
 either of these ways is enough, I think, to exclude a party from the hojuKt nf 
 the provisions of this statute; slight suspicion. I think, will not." 
 
 Lord St. Leonards, reforriug to these words in a wubsoipient caso, 
 said : - 
 
 '* Tills last statemi'iit appears lo be laid down a little too much at largo. 1 •!'* 
 not mean to say that circumstances may not bo eipiivalent to an actual notice, 
 because they may be stronger than any words; but 1 should say that no mere 
 suspicion would alfect the transaction." Sai'iiUhnm v. Jlrownrigg n8.i2), 2 
 De li. M. ^ U. 451. 
 
 ^^^^^ 
 
INTUOUIMTORY NOTF-S. 
 
 N,vc,lh.l.-. i. i^ no. *ilo lo u. I un .ho lo.....^ Urn: -u.,.i..0M cun 
 ill all •■i"*- '"• i'rti'ortMl 
 
 .. „ „u. f..tH ;u,.l nrc>n..«la...... ar. -u.l. tl.ul tlu, jury, ... «1.....mt Im. ... 
 
 , , „ .„ m... ... tlH. .-.MuluM..,. tl,u. !..■ «- ....I <ly l.Un.l.r."., 
 
 ui\ 
 
 ::;:;;',:; :z\:; .;:«:..;.;: ^..^ ., .,...- - ->.• ; 
 
 1 
 
 :;:;;:;::;":;d;-,.:o;y:" iv. ..„n. .>.,.,.,„.... ./ v, ..../.,.. ds:;,. . 
 
 ^'.'.'olr'wl''l"«lui »ay ..p.... tl>.. .p.....i..n of noti.-c an.l (..•in.„' p... ..,,.«. 
 .1„„.1.1 1.C- v,-ry -..rry ... -.-e .!..■ .lo,trino of , ..n..r...-..v.. .......■- 
 
 "","";f,;.., i, L l.....ui.i« i"^." .-- •'-" "V'-a to .1... f..t.-. 
 
 y„,,, I,„i,l Stnrk H.11,1. V. >■;«......>.■.. (IHll'il \. < . — I- 
 
 I 
 
 N„ .1 „ tha,, wu« .aid .a ..-la....,, u. „u^o,.al.lo n.s,,-..,,...,,.. L 
 
 a ',,.M,., ion .^ ou.m,^h in re,.a..l .0 ,l..m. h .. a /oW.un ...0,..^ . ■ 
 ,:1 o .loeu.uoa,: ot li.l. whi. h l..v„ ouly .o.uo ot ,1. ..ua« 
 rn,.,,„iub.lhy altachin,. See ^■/...//u■W .. Londou lo.a M 
 
 : su oJ su,,ra, «s „. ,1... ..a..,..' ...' .U-al.n, ^v..U a,, a,,... «..h 
 
 iio;i.t' of want of authoiity. 
 
 e.o.d..a'doaIin,wi.hlau,la..de.a,..w..h.,u,. tho ..^^^^ 
 fa,mli;i.- but thoro havo boon ro,.oa,«d proV.ts against th., .nt,.. \w 
 
 irtuo CO ■rci.l .rausa^ion. of aaythin. liUo an ox..-n.oa .^ 
 
 „,..... ,lo.nin..>. an.l .h.. ,,r ,;e.. i. fouad-d on po.te.-. ^ ;"--•. ]^ 
 ..o,u„u.cial ,raa-ac.ioa. ,osso.>ioa .s ..vorv.lm.ir a,.d ho . k, 
 
 n„. ,0 iavu...,at. .i.lo; aad if ue .0.0 to .x.oad .bo '''>■ '■'-'- 
 .U.,Hivo ■.oU..e to coa..aer,ial iraasact.oa., - ;*''""''\ \,'^" I ; 
 i,,ini,o .ni.s,.bief and paralysias .ho trad, of .ho . ou .- ^ ^r 
 
 Lia.Moy. 1.. .1.. in Manchc.trr Trust v. I- nnu'ss. (18.)... . <l H- 
 
 '' wi!llawal of oon«e,a. .eo paragraph r2) of ..cl. 2 _ Under the .;-■• .^.•>' 
 old law, it was hold that the socrol rovoca.io.. ot .ho ap:o,.t s a,..ho ty 
 ;.ior ,0 ,ho plod,o dofoa.od ,ho ri.ht of 6o«.i fule P^'^^-;^'^ '" ;^ 
 V. Monti.. L. R. 4 C. IV 'JJ); bu. Uiis paraf,Maph nof,^v..vos that 
 
 dottiii.o. 
 
 Where a .nercan.ilo agent "has boon in possession with cons.;nt. 
 the detarmination of the cooBentdoes not. while he rotams posse.ssioa. 
 
u;in 
 
 ;l 
 
 i! 
 
 i?i'> 
 
 Pkn. (a -i 
 —ct. ■> 
 
 Antit'itlt'iit 
 drht. 
 8<'ct. 6. 
 
 Hwt. 6. 
 
 Tr»niif«r. 
 
 Bill* uf S:il<' 
 A<U. 
 
 A few pre- 
 osntioan. 
 
 BANKING AND ADVANCK ftRniRlTirS. [rilAP. XVT. 
 
 ilefciil luM (lispoiilion " Por Cnllin.i, ?<. .1., in Cnhn nnd Maii.r \ 
 I'o'LillH llrlxlol. dc. Co., (I8'J1>J 1 (^. II. tU.l, (>ti.'). 
 
 ruru<;rii|i|i (;l) of Hoct. 2, in olloct, rcprinliii oh "OcI. I (jf ."> ,t H \ i. ■ 
 t. .19, |)u«<('il t(» ovornilo llatfirlit v. I'liilliiiK. •• M. ,V \V tii; Sei 
 ''o/c V V ir. Iluik. \. \X 10 (' IV iro 
 
 An ii'^jard-. •'Oil. .'(, jiiuviJini; lli.tl 'a |ili)dj{i' of llio iluiuiiioiii.i ul 
 lillu (o (,'i(()il.-( iliull 1)0 clofliii'il 10 lie II ji|i>(|;,'H ol' till' (fOiMit," ilucs ikjI 
 loluto (o all |plod}jr('« of <lo ■iiiiioiiirt, liiit oiilv to lho<e' ollocloil liv luor- 
 raiilili' iii;cnl.-i. Iiti/lis v liiihirtxnii. i I8'.IS) A. t'. lilH. ii!o 
 
 A.H to -..ii. t. SCO Jvtniii V. W'liihrorlli. 1' Ivi- ti!»J; Mneiuv v 
 doKKl, I Ki|. .■tl,'); hiilliiiharh v. lA'iris. In \|)|». Cm. lilT 
 
 .A.s to It, ."), note thil tlii^. likiP ."i & ti Viil. r. .'!!», idviMH p\i |i.iiii;i'» 
 lUiiri V •>fi'ii-)irt. I M iV (ir ■.'!>.'>. nIh'H-" iIio fii'ri><.>.ii\ lur iln 
 |iro\ i.siuTi 
 
 < li'ik.-- and >iiboi<liiiaU-, a~ lo douliii;.'s lliroii^li. Sco .^-oi t . ii. 
 
 A.-, lo .-c^ I. 'J of tho Acl, soo Lre v. U,Ulrr, i 18'.».t) 1' (^ H '.IH; ami 
 llflhi/ V Mdlthi'ifH, ('I8!t") A, ('. 171 loplioti (o Imy, not an ajiice- 
 inoiit 10 imniia.so"). 
 
 A> to liari>li'i \t\ iii.!ni«i.rin'iil . See .s|.,-t. II. 
 
 A.s to Hills of Sulo AlIm and llioir hoiiriiij; on ilualiiiifft liy iai tor.'* — 
 
 TlKM'xpics.sJon " hillot'Nalo" in tho liill.sof Salo Act. 1878 ( II ,v (:; 
 Vii't c. [I). do<'.s not iiicludo " tian-fciw or ii.s-iiirninoiiM of anvslii[j 
 or vf.ssci or any sliaro tlioroof, transform of fjood.-* in tho ordinary 
 comsi' I'f Im-iiiio-iH of iiny trailo or lalliii'..:, Iiilli of .■<ali' of j;ijod< in 
 fort'iuii parf.s or at sua. bilh of lading,', India \varrant,-i. uaiolion-o- 
 kei'pcr.--' 1 crtilicalt'^, «anant.'H or or,li'r.> tor lli<> dcjivi'rv oT t;o."l<. or 
 any ollior dociiiucnt.'i ii>i>d in the ordinary coiiiso of bu-iino.s.s u.s proof 
 of the po*-io-isioii or control of jjoodt, or authorizing or pur|)ortii)g 
 to authorize, eiih(!r hy indor.srinonl or liv dolivoiv. ih^ po-i-ic.i^or of 
 mkIi dociiiut'Ml to tian.-l'cr or rcct'ivn i;(M)d' Ihcicliv ri'pri'-i'iiti'd 
 ist'it. 1. 
 
 .And these doriiinents of title aie iiOt witliin the UilN of Sale \(a 
 ( 1878) AiiK'iidinent Aet. 1882. See serf. .'I of that Art. 
 
 An inntiunienl < liaririnir or croatinir anv soriiri'v on or derlarins 
 triist.K of iniporlod jreod.s jjivon or oxeciited at anv time prior lo (heir 
 deposit in n wnrohouKO, factory, or store, or to their hein^' rc-«lii|i]ii d 
 for e\port. ni delivered to a punha.^or not lieiiiLr llio per-on ^.'iviiii,' or 
 execufiiiu- .suili in-^lnuiient, shall irot h(> fleeined a hill of sale witliin 
 the tiieaniny of the WWU of Salo AeU. 1878 and 188L'. UilN of Salo 
 Alt, 18'J<I. .1. 1, as amemh'd hy Hills of Sale Acl, 1K!»I. See furtiipr. 
 
 In tnakin^f advance.s to a iiicrcantilo ajreni on dociiniont-' of title or 
 good.i, the lender will do \v(dl to adopt the follfiH iny .<afc(^uard-i 
 Require evidence of the con.sont referred to in sect. 2 of the Act, nnlps- 
 ho i,« propare<I lo take that risk. Where there is any suspicion, make 
 
INTRODUCnoRY NOTES. 
 
 121-t 
 
 ,iu,. in(|iiirv VVht'i.- llio IoikIoiV |.oMli.in mi. 1... forliliixl l.v iioti..' 
 ,„ r,.i;i^iraiii.n. lako th.' r...,ui-ilo «li.|« ui ...i.... lU'w^i.. of prior lion 
 ,|,i,n;,,, lor vv^irohoii-iii;:. Jkr «hi.'li iiiav hnv.- iirniiiiiiinltMl 
 
 Registration of Mortgage- and Charges under the Companies l^;^';'™';-- 
 (Consolidation) Act, 1908, a. 93 iwv 
 
 Stamps. 
 
 The Stumi. Acl, 18'.»l *.■.» & 5i Vict. .•. ;W), itn|KH..« a .lul> of Htamp Jutla 
 :2». (i,/. iK-n wul. oii u mori-uKO otiior tl.;in an '■ciuiuiblo iiiort^iii'io " 
 Is deliii.Ml in ^cc( . SC. (sco in/ra); uii.i l.y Die .-ectiuu \.i*t rofcrrod to. 
 • 111. tci 111 ■■ iiiorlpi','c " it tli'tino'l in very wiilo terms. L'ndor »OL't. 88. 
 u MHiiiilv lor llic iMvimMil ur ivpiiynuMit of iiioM<'y to lio lent, 
 ttdvaiiml, paid, or wliicii nitiy '.M-iomo duo upon an attoui.i .urroiil, 
 ..illMT with or wiUiout luonoy previously <luo, i.t to bo liiar-.'""!, u Ii.to 
 tlic (otiihiiiiouiit xc'cured or to lie ultini.itcly rooovoiiil.lo U in any way 
 li,inl.'.i. «illi the .-ai.ie duly .i.s a security tor tho iiuiouni .mi liiiiiu^-l, " 
 uii.l il nn\ liiiiiu-il. tlio «oi'urily is to 1m^ -ooil for a.iv.in(MM up to llio 
 
 u ,111' ol iIk' .luty ms; '.■>-<• 1, and in roM.oot of farlli-, ..dvan.'.- 
 
 ih.iv iiui.-l 111' furtlior duly iiiipw-isod. 
 
 Tlie Stamp .\(1. whil-^t imiiosinu u duly of 2». tW/. per conl. on !*t«mp«. 
 .,rliMiirv niorl-a^t-. piovil.^.- lli.it an -ivpiiluldo inortj^a-o " is only 
 i„ R-,uirf a duty of is. per cent., and in .iub-s. (,.'i of «ei;l. 80 of 
 ill,. .\'t an i-.piitaldo ■noit-a'.'e i.s specially delinel a- follows:- 
 
 •• Knr the purposes of Hiis .\,t th- expression ' e|iiitul.le mortu'Mk'n ' ■"'•'"•' "" 
 „'re.niei,t or mcin<)i:»i(l.im, uniler l.aml only, rel.iHn- to tie- .lepo,.! ..f any 
 iftle deeils or instruments eointitiitinK or Ijein- cvi.tineo of the titU> to any 
 |,nip.rty whatever (otiier than stock or niariietal)le security), or ercatin- a 
 ih:iri.'e on such property." 
 
 Tlio revenue auflioritie.s hold, that, to l«' an oiuitahio inorl-aj,^e, 
 siihjecl to tho Is. duty, tho in-truniout must contain litllo. if Uny- 
 iliiiu. more tiian a memorandum of tho deposit of llio dood.-i, with an 
 undertaking to e.xeeute a lo!?al niortKau:© if ftillod on. and that if a 
 power of salo bo iu.-crte<l. tho instruii>pnt ran no lonu^or bo considered 
 .111 e.piitablo mort^njio within tiio dotiniiion, and is liable, thcrotore, 
 to the hio-her dutv of U.". !»/. per ecnt, Lt is not e.isy to undorst.md 
 how this con«truetion of Kub-s. (2) of '^ct. 8(5 of the Act can bo 
 3u.sti(led. though a certain fable of the Wolf and tho Lamb rnako^ it 
 .juito intellisjiblo. The word.s " relating' to ' are wide. They are 
 used in other portiou.s of tho Act, and there have been vaiious 
 decisionf 'n re-^ard to their moaning. Thus, tho Act conUiiuH au 
 
 ! 
 
I'J14 HANKING AND ADVANCE SKCURITIES. [ClIAP. XVI. 
 
 fxcmplion from tlio ajjrcpuioiit duty of any ' a^Tomnput, lotirr. or 
 liii!iiioriiiuiuiii iiiuJe for nr rcl'iliil'l tn tlio sale of any i;ood.i, war. -, or 
 uicicliandist.'," and on lliose wonN it, lia.s licon hold tliut iho cxcnihli,)!! 
 covers an ay;r('onicnt by vi'iidors ol iroo Is to ludoninil'y tlio puic'riasor 
 or brohoraiiainsl loss {Cuir;/ v. Eilriisor. •'? T. 11. 5Jt); a puiiraiitw 
 for iiayniont of yjoii.Ls .supidii'd to anutlior {W'orriiKiluii v. I'ur'.Hi, 
 8 Ea.-il, 242): and an auroonioni to >liarc in |irolit or loss u|iou <:ii"l- 
 already i.urchasod. Vcniiiii'i v. Lcclcie. 13 East, 7. Ami ii u' uM 
 et'cni I lull a provision in tlio a;;rcoiiient or iniMiioranduni liy way of 
 O'lniialilo iiiorl^;a^i; coiUorring a power of sale is ijuit« as imifli a 
 iiialur nlalin;! to tlio deposit of tliodoi'd.s as tlio a^ivonicnls n'tVrii'il 
 to in the above rases woio ai;roeiiioiit.s rrlilni;] to the sali- ol' v m|-. 
 However, llu" ronuuissioiirrs always rol'u o lO adjudicate an in-tiu- 
 iiient as diilv stamped with tlio Is. duly wlioio a power of sale is 
 inserted, and no ono lia.s yet been courageous onousli to obtain a legal 
 decision on Hie (question. 
 
 Hut liicre is, of course, notliin-j^ tn prevent the jrivinp: of a pnuvr 
 of sale lo the o mit;iblc mortiasec by a soiiarate power of attorney 
 on a Ids. stamp, and this is not uncommonly done. 
 
 And aa lo .-eiinity by wrilfen propo-al, see iiifin, p. 1222. 
 
 Section 23 of the Stamp Act, 18'Jl, i)rovidos a.s follows: — 
 
 (1.) Kvcry iTi>triitncnt under liancl only (not bcinfc ii promissory nolo nr 
 bill of t'.\ilian(,".')i gi>t'" ii|ion tlie nccasion of llio ilcposit of any ^li.iic 
 warrant or stock certificate to bnarpr, or foreign or colonial sliaro 
 certificate, or any security for money tran^fcralilo by ilclivcrv. liy 
 way of security for any loan, sliail be deemed to be an aiirccai; iit, 
 and shall le eliar;,'cd with duty ai'cordingly. 
 
 (2.) Every instrument under liand on!y (not being a promissory '"'tc nr 
 l)ill of exchange) making redeemable or ciualifyini,' a duly >taaiiir'J 
 transfer, intended as a security, of any registered stock cir niail.i t- 
 able security, shall be deemed to bo an agreement, and shall Ijo 
 charged with duty accordingly. 
 
 (3.) A release or disc harge of any such instrument shall not be charu'cablc 
 with any ad valorem duly. 
 
 This section, and more especially sub-s. (21 thereof, is lars^oly 
 made u.sc of. In construing: it, it should be romomborod that by 
 sect. 122 of the Act "stock" inclu.los any share in any stocks or 
 funds fransforablo at the Bank of Encjland or at the Bank of Iiolaiicl, 
 and India promissory noies, and any share in the stocks or funds of 
 anv foreij^n or colonial state or government, or in the capital stock 
 or funded debt of any county council, corporation, c mipany, or society 
 in the United Kingdom, or of any foreign or colonial corporation, 
 company, or sociciy. And "marketable security" is by tlio saino 
 Bcclion declared to mean "a security of such description as to bo 
 capable of being sold in any slock market in tiie Uuiwd Kingdom." 
 
INTRODUCTORY NOTES. 
 
 l'21ft 
 
 w ,!.o a.'* to marketable securities, soct. 82 (1 ) of the Act.an.l Tiroum, 
 sl,',/,'v a'- Co. V. C. I. R; (18'Jo) 2 Q. B. 508. Ti.o comn.i,s.....uor8 
 ;, 11 tl'iat the "dulv stu.ni.ca" tra...lcr reforrocl to i.i sect. 23 .uoans 
 1 „ „..lor Loarins, a duty of 10s,; or wl.cr« the ad valorem n.ortfrago 
 d,,,v w.mlJ bo Ics-s than 10s., then .such le..« auu.u.it. Ihoy aKo hold 
 ,l,.'t where the traa^actiou i.. ollect^.I by the dei-osit of .share certi- 
 ,i \„.s or scrip, or bills or notes with a covoriug n.cmoranduui under 
 h'uid sialii.'- tiiat the dcjiosit has been ma.lo w .security for a loan, 
 ,h„ „HM...»auduu. is liable to the duty of i\d. aa an agreement n.eroly . 
 Alpe, 1). 02. 
 
 ■^|i:; 
 
 « 
 
 
 itti 
 
 ?^KW 
 
]i\ii 
 
 BANKING AND ADVANCE SECUKITIES. [ChAP. XVL 
 
 PRE("Ei)i:Nrs. 
 
 Thk 
 
 Bank, Limtu. 
 
 IW 
 
 Form 578. 
 
 Agreemcut 
 fur dep(j»it 
 Hubject to 
 bauk'H UHual 
 c'lauwH {set 
 out) [iipplic- 
 itblc tu laud]. 
 
 I ^ 
 
 General Deitosit Clausen. 
 
 1 . Wli«,'ii> (locuiiieuls of title are deposited witli the bank by way 
 of ricouriiv the property cuaiprLsed tliereiu, or to wliicli the same 
 rolal+'S, i.s\uiiless otherwise arranged; to stand as a cuiitiiiuiiig socu- 
 rilv for tho duo satisfa(.tioii of tliu depositors' lial)ilitios to the bank, 
 wlietlior inourrc'd before or after the deposit, aud whetluT iiiiiturcd 
 or not, and wheilior imurrod by the depositors alone or jointly wiih 
 others, and whether a-s principals or sureties, aud whoilicr ab-iihitc 
 or contintreul. inclu<lin<r liabilities in respect of advances and in 
 respect of thenues, bills, notes, and other negotiable or non-iiogoti.djlo 
 instruuient-s drawn, acci'ptwl, indorsed, or guaranteed, and in respect 
 of interest, commission, aud other asual banking charges. 
 
 Simictini.N tliu word* followinii arc added: "and in rcapeet oE all costs, 
 cliarses, and exiiensei imurred by the bank in paying any rent, rates, t^wes, or 
 other outL^iings in respeet of tlie mortgau'ed property, or in insuring', reiiairiii.-, 
 niaintainintr, nianaiiinif, or realising any of the mortgaged pnipiity, or iu 
 investigating the title to such property. '" 
 
 Sunictinies a k-s exten-ive clause is used, p.jt., for the due payment to the 
 bank of the balance wlii.ji shall for the time being be owing from the dcpr)sit..rs 
 to the bank on their account current with the bank for eheiiues, bills, or notes 
 drawn, aecept*'d, or indorsed by tlie deposit<jrs, or for advances made to thcui. or 
 for their aceommodatlon or bcncht or otherwise, including interest with half- 
 yearly rests, commission, and other customary bunking charges. 
 
 An e<iuitablo raortL'au'Ci', as a irencral rule, is entitled to the same costs as a 
 lesral mortgagee, louh v. J„h„, <l Sim. 3ti(i; irnr/,- v. irnn!. 4 Drew. iM. 
 lie has, by implication of law, and without spe.ial stipulation, a charge on tl.c 
 mortgaged premises — 
 
 (1) Tor his costs of preparing a legal mortgage. SnfwHnt, <•('•. Ilaiih v. 
 Gamis, 31 C. U. 5»'2. 
 
 ^i) l"or the expenses of investigating thi- title with a view to sueli mortgairc, 
 uidess the agreement was only to give a mortgage of the depositors' 
 interest. S.C. 
 
 (3) I'or expenses of proceedings to establish or defend the mortgagee's title. 
 
 dndlrru v. Watai,», 3 Atk. 517; ItlitcKionl v. /)-,;•,«. 4 Ch. 304. 
 
 (4) For incidental legal proceedings |or cxpen.se with a view thereto], r.,;., 
 
 action against surety (i:ilimii v. H'riyhl, 3 Uusscll, 450); eorrespond- 
 enee witli a surety. Xafioiml. .Vc. Hirn/: v. (liimin. iibi sii/ii-a. 
 
 (5) l"or sums expended to protect the security froo: forfeiture or detriment, 
 
 c.r;., premium on a lif" pnlicy nirHr.:::,, v. Prlrkr-rd,-,,. 1 .1. & H 
 
 137; Gill V. Downing, 17 Eq. 317); and for lasting repairs when in 
 
KOKMf«. 
 
 liV. 
 
 I ,.^Mo... v/i ■■;■-</ ^- J •• -' •■' "• »'*>• "■■"'■■'■'"" 
 
 (1904) V- «'• 1«3: "AiVr %. l/,7<-i.7, (1903) J Cli. •>••.- . 
 „ , lor roste of Lhortive salr. /,-. r, ,• v. h>ru. Il^rlhu.t i r„ . ::, C. 1). >iM 
 7 K>r his « 1-4 of an action <>f riMli'mptioii or turnUwnr.-. <'„t(,rf" v 
 Sfrnttvu. H C-h. i95; .\«//o,..''. Jv. Ha„A v. '.'"».■., 31 C. O. J»-' 
 liui when- the mort(fu»,'e is not by d.wl, th.-ro is no implied nharw.' for 
 moneys expended in insuring' the mortu'Hne.l premises. Dnhm:. v 
 huJ. 8 Ha. 216: /-""»■." v. Il,„h,..l,;,. -J J. >V 11. 137. (As t" ■.< 
 raorfm'aKe by dcod, see now si.<t. Ill of fi.e lonveyaneinn; and I.aw ol 
 Vropertv Act, 1881. > 
 li i, therefore" someUmes desirabh' to in'.-rt a sj«.i inl provision in the .oi.lr.i.i 
 „,at the charpe shall extend to additional matters besides those; and it is to b. 
 ..„rne in mind that in the event of the lourt at any time dire.tinjr an aeec.i.r, 
 , what is dne to the moi^gagec, reasonable exi>cnditur.- on tiie additional 
 .„.tt«r- will without further directions by the Court, be allowed to the mort- 
 .»ec. in the account as just allowances. Hl,„kl;r,l v. I),,,-;.. 1 Cli. SOI . in.ur 
 ,i,oe id management); Ho,iipn» v. King. :W C. 1). llli. 
 
 In the case Inst mentioned, the mortiraKe contained (Miwcr to ■ manage tie 
 „rM„iscs which consisted of a large building let out in tlats. and uianaRcd some 
 »|,at like a residential club. When the morttfasees took possession, it wa. 
 , ,1,1 that maiiv of the tenants hehl under asrcemcnts which entitled them to 
 -I ,. supply of <-iH,ked f(»d at a fixed tariff, and to the use of domestic servaot- 
 ..mplovrd'by the landlord, and the existenc- of a power to manaee was held t.. 
 ,„thori/.<' the inortRaxees to e«rry on the concern and to claim, out nf the pn. 
 ,mKl^ ol -ale. losses inciii-red in so i^urryinit on the undertakinir. 
 
 ./y^■■■"■ '■ Form 578. 
 
 J. All raonev.s from tinif tJ) tiiiui ovriiig by tlio dopojiitoiN tn llirt 
 iiank are to cairy interest ^with half-yearly rest.si, at such rate a« 
 may trout tinic to time be agreed on. or otherwise at the rate of one 
 p.c.p.a. above tlie minimum rate of the Hank of Eii-;lanfl fn.m 
 rime to time i<revailinp. but iiovoi less than pei <'eiii. 
 
 Or. ■• At the rate of five per cent. |>er annum, or such higher rate as -hall Ix- 
 tl.,. ( urnnt rate of interest for the time heini,' payable to bankers.'" 
 
 , TIlc (U'lKisiluis. on tb.; iciucsl of \\\v bunk, .no t.. u.M'cuIi' ^i 
 ie-al iiKirtfraKt' of tlio iiivmises comprised in the deposited deeds 
 ..r'documeuUs, Niidi mortffagc to lie prepaivd liy tlie bunks s.dicit^.i- 
 at the expense of flu- depositors. Lind M be in such bum and to 
 untain such provisions, iutluding- full powers of s;ile. as tbo -aid 
 -Oicilor- in the bank's interest ma\ deem expedient. 
 
 ^. the effect of such a clause in excluding the coii«oiidatioii action 
 .,ect. 17) of the amvoyamim? and Uiw nf Property Act, 1S81. sre Fa,-n..T v 
 /','/, (1902) 1 Ch. 954. 
 
 As to insertiii); in an «iuitable mortjrane a dmlaration of trust with a power 
 i„ appoint a new trustee, «-e r.;.,'1o / r<."."!l litnkh,,, '„. v. i,.Mn,:f 
 
 is!i7i 1 rii. «t-'. 
 
 1 Auv notice li\ na\ «\ le.iue.-l. demand, "i ..therwiM', may 1» 
 sMved liy the bank mi tlie depositors in the manner specilied li 
 s..t (17 of the ("onvevauciiio .kud Law mI Property .\(.t. iKNi. 
 
 „ ' t ■ 
 
I 
 
 1218 BANKING AND ADVANCE SECURITIES. [ChAI'. XVI. 
 
 rorm 878. 5. In the aboro clauses, words importing the plural include the 
 
 ~ -lingular, and vice versa, and words importing persons inoluli' 
 
 corporations. 
 
 To the above-named bank. 
 
 Gentlemen, 
 
 I have deposited with you by wuy of sccuiity the doeiiment.s 
 specified in the scliedule hto [or within , and upon the footing of 
 the above general deposit clauses. 
 
 Yours, &c.. 
 
 The Schedllk above referred to. 
 
 Thi» will be divided into three oolumns, headed respectively— Date of Docu- 
 ment, Parties to ument, Nature of Document. 
 
 The above is ided to take effect as an "equitable mortgage" within 
 
 sect. 86 of the SLimp Act, 1891 (see nu/ira. p. 121.3), so as to fall witliii. tho 
 1». per cent. duty. .-Vs to the seemingly unfounded objection of tho CfMnmis- 
 sioncrs to the insertion of a power of sale, see sitprn, p. 1213. 
 
 For power of sale, if the objection is waived or conBidered iintenalilc, ».e 
 infra, p. 1219. 
 
 As to giving power of sale by separate power of attorney, see infra, p. 1223. 
 
 Fonn 579. To the Bask, Limtd. 
 
 Memorandum Gentlemen, 
 
 in shape of J },ave this day deposited with you documents relating to , in 
 
 letter. ^^^^^ ^^^^ ^.^^ j^y ^^_^ ^ charge on the ppty comprised therein, or 
 
 to which such documents relate, for securing the due satisfacti.jn of 
 
 my liabilities to you, whether incurred, &c.,as in clause 1, Form u78. 
 
 [// desired, add. All moneys, &c., as in clause 2, Form 578.' 
 
 f// desired, add. And I undertake on your request, &c.. as in 
 
 clause 3, Form 578.] 
 
 Yours, Ac, . 
 
 Sometimes a bank prefers to embody tho conditions in the letter, as In the 
 above form. 
 
 I 
 
 Form 580. 
 
 Agreement 
 for deposit 
 siuiilar to 
 Form riTS [but 
 appli^^able to 
 n'gi»tered 
 sbares, stocks, 
 debenture", 
 &e.] 
 
 The Bank, Limtd. 
 
 General [deposit Clauses. 
 
 1 . W'liere any shares, stoiks, bonds, debentures, or other securities 
 ( l)elow referred to a.s ' mortgaged premises " ) are, by a deposit of the 
 docuuiout-s of title thereto, or by tran.sfer thereof to the bank or trepi 
 for tlie bank, or otherwise, made a security, tliey are (unless other- 
 wise arranirod) to stand as a continuing semrity, &v., as in chu.n' 1 
 of Form 57S. 
 
 2. All moneys from time to time owing by the depositors to Ui" 
 bank are to carry interest, &c., as in clause 2 of Form 578. 
 
FORMS, 
 
 r,M!> 
 
 , If at anv time t}>e value of the mortffusea p.-emisos, takcu at U.. FormMO. 
 , J market price of the day, as c.rtitie<l by a stockbroker em- 
 ;i: l^y t e bank, shall not exceed ,he an.ount of the dopos. tor s 
 f ,t iJw the bank bv a mar^nn of at least £ . the bunk .s 
 iTlit tv to notify the fact to the depositors, an.i .hey are 
 'Vli „ hourraf..r.L.L. to ,ive .he bank addUio.^al Becur..es 
 
 : , oved bv the bank to make up the ...ju.red .uargu. o. .n the 
 r!raUvo,-a.. to pay to the bank «« much cash as shall r....u.v 
 
 '"^ Xtrit have a power to sell the mort.a^d prom., in 
 ,he terms of sub-sect. 1 of sect, 19 of the ronvoyancrnp and La« 
 ^ IWrtv Vet, lH8i, and sec.s. 21 and 22 of the sd Act are ,o b.- 
 a So a if the power of sale ..re conferred by the sd Act bu. 
 
 3, ower is not to be excnised unless and un.il U>o depos..ors have 
 I e default for more than seven days in the payn.ent «t so.n.. 
 ZL hbv secured, or in the perforn^an.* of tlu.r obhgat.ons ,. .hc 
 bank," and sect. 20 of the s«l Act is not to be applicable. 
 VVllre the power of «ale is m-ido exerciseahle when the aeeount in eloH.i 
 
 •,W >ntm"y close the aeeount, and the eustomer can eW ,- .bouKh n, 
 dit '/)2yv.'7/«/<7« Con,r,.ernal Bank, (1901) 1 Ch. 18S. 
 
 -, l-pon anv sale under the power af.sd, a stamtory dedaration 
 „:^e by a director, .nanager, or cashier of the bnnk tha the 
 visitors have made default a.s afsd, and that the power ol sale 
 t oxerciseable, shall be conclu.sive evidence in favour of any pur- 
 cCZ or other person deriving title to tbe premises unde, 8ucl, 
 
 '"',! The depositor-s are to execute and sign from time to tin.e all 
 transfers, powers of attorney, and other documents which the bank 
 Z rcmire for perfecting the bank's title to the mor gaged pre- 
 „.i:o. or vesting the same, or any of then , in any purchaser. 
 
 7 ks regards transfers in blank ha.uied to the bank ot any ol 
 the m-n^ga^ed p,*m-es. which are not transferable by deed exel,.- 
 livelv, .1 • bank • al liberty to Jill up the blanks in favour .,1 
 
 its<>If or lis iioiu . , 
 
 8 Any notice ., -y of request, and. &c.. as m clan.: . o. 
 
 ^"'.'"in'fho above clauses words importing the pluial number in- 
 iludc the singular, and cice versa. 
 
 
 Ti' the above-named bank. 
 
 tieiitlomcn, - . , j 4 
 
 1 have deposited with you by way of security .he docun.en..^ 
 .,,ecilied in the s.hedulc hto or wi.liin , and upon the looting ol 
 I lie above general deposit clau>cs. 
 
 lite 
 
 4 I 
 
 « Mi 
 
 <f»«KlP-— '-ai-y 
 
i 
 
 irdlt BANKIS<i A.M< AIlVANCK SKCUKillKS. ClIAl'. \\'\ 
 
 Vorin 580. Xhe ScHi;ni i.k al)o\e it>i'6ire<l u«. 
 
 Lis! (>/ >■«(■«//<«•.<. 
 
 NoTt. — It 19 easy to cmliudy the coiKlitioiiH in the U'ttei if |)ivlerri'il, j, ,u 
 Form 579. 
 
 Notice in Lieu of Distringas. 
 
 Under Order 46, r. 4, of the Supreme Court Kules, any persou clainiiii|; t>i 
 lie interested in any stock, shares, or necurities of any eompany, or divi'l -iid* 
 thereon, may obtiiln and nerve a iiotic-e in lieu of diitriu/iaK a» follows: 
 
 (a) He Dhould make an affidavit himself, or procure hi» solioitor to iiiiil,.' :iii 
 
 affidavit us below (l'"orni .\), with sneh variations as the eironrariliiijiB, 
 may re<inire. 
 
 (b) He should ille, or procure the flling thereof, in the Central Office of ihr 
 
 Royal Courts of Juatice, with a notiee. as below (Komi B). with Muh 
 
 variations as the cireum»t«nee» may re<iuire, and 
 (i) He should obtain there an office copy of the affidavit, unci a dupli.Mt. of 
 
 the tiled notiee authenticated by the seal of the Centr .1 Office, 
 (d) He xhould serve snch office copy and duplicate notiee . a the lompany In 
 
 Icavingr the same at the registered office of the company. 
 
 The effect of serving these documents is. that the company is bouiai i.i 
 abstain from eomplyinft with a request to rejfister a transfer of tie shares (or 
 to ])ay the dividenda thereon when the notice extends thereto] uiu.t after clin- 
 notice of thi> request has been ^iven to the claimant: but the company may nut. 
 by virtue of such service, refuse to register or pay for more than eight daj 
 after the request (r. 10). Nevertheless, after the eight days, where the com- 
 pany sees that there is a bond fide dispute, it may rest neutral, and leave tli' 
 parties to fight the matter out in Court. Immediately on receiving any such 
 request, the company, acting by its secretary or otherwise, should give notice 
 in writing to the claimant, or his solicitors, stating that a roiuest has been 
 made for registration of a transfer or for payment of the dividends, and tliat 
 unless an injunction is obtained and servi-d on or before a specified day, usually 
 within the eight days above mentioned, the (IMringiri notice will no lonccr bi- 
 regardi-il. I'poii receipt of such notice the claimant must, if he wants to 
 prevent tlie transfer or payment, bring an action, and obtain in that action an 
 injunction to restrain the transfer or payment, and if he does not do so. tli.» 
 notice at the end of the eight days will fall to the ground. A restraining notioe 
 may be withdrawn by the person by whom or on whose behalf it was g'nm 
 (see Form I)), and the Court can vacate it by order on motion, on notiee. or 
 petition, or by suiniuons at the instance of any other person claimins t'> I'.- 
 interested (r. H). 
 
 The address given in the rcstrainioi.' notici- may lie alteri"*!. (.'sec i'orui •' 
 below, and r. 7.) 
 
 \\ hero the mortgage, settlement, or other instrument, comprises shares ir 
 securities of different eompa"ies, there must be a separate affidavit and notice 
 for each company, and a 10*. stamp will be required on each uotic" Thi- 
 duplicate notiee must be signed in the same way as the original notice It will 
 lie sealed by the tilinir Department without fee. When the claimant is .i 
 married woman, the affidavit should state that she is lieneticially interested m 
 tlie shares ''as her separate c><tatc," or otherwise • by A. B.. her nett friend 
 
fOKMS. 
 
 1331 
 
 Form A. 
 
 \MI|.»Mr ri'K iiisri;iNi.««. 
 , S™ Ord«'r ««, rr. 4 1 1 of Supreme I'oiiit liiile*.; 
 
 Fom 681. 
 
 AffldaTi* fir 
 ili-frinifii'. 
 
 I liancery Division. 
 1,. the matter \he,e ntoU ,.atu,r .,, ,l,e ./... «' ,:„.,,.is.>y the </..„«. n^ 
 
 M Ike ,l.,lcn,^ other ,,artictil<,r, .o trr n. *»«.■» to th, dc^ou-rt ".tt,- 
 
 ,;,;,l lit iil^'it'/y '!'<• ■'"ixmiml: e.g.]. 
 I„ the matter of an liid.-ii.,iro ..f .M..rtK.iK'' 'l"'** ""• '»''> "' ^ ' '""' 
 
 made, &c., oomprieinR. iute. uUo, nharen of t— e.i.h in the - - 
 
 Co., Limited [namber«l - to -— inelu.ivel. .tanding in the nam- ..I 
 
 and 
 
 |„ thematt<-r of the .\i t of Parliament 5 Vict. .hap. i. 
 
 1 \ 11 of - , in the .ounty of (description), make oath and «iy that 
 
 acunlinp "to the beat of my knowledge, information and belief, 1, »■" L<"- •( '^' 
 
 .Jre-ted in the share. .omprUed in the indenture of mortgaKS above men - 
 1„«1, Hhieh share., according to the best .f my knowM^e and l.cl.cf now 
 l,.,t„{ [or pom,,ri»e .mon,^.t otluT,] the .l.are» ,,.ec.fled m the notice hereto 
 
 Sworn by the deponent .V. B. [tti'le >vltef "«'/ 
 
 t)eji,re whom, e.ij.\ at my office. No. — , 
 
 New Square, Lincoln's Inn, in the Connty 
 
 of Middlesex, before me 
 
 R. D., 
 A Commissioner to administer Oaths in the Supreme 
 
 Court of Judicature in England. 
 Nois.-This affidavit is tiled on behalf of A. B., whos.- address is ! /-..' .•■'„/, 
 cMrffK for »»rviee\. 
 N.B. The ab(»ve note must 1* n.do.xrd on the .iffidavit. Se.,- Order 38, r. 10. 
 
 Form B. 
 
 m-ri;iNtiAS ;.-oihk to bi as.nf.xkh to .ahihavit. 
 
 (_/<</» at in preefding Form.) 
 
 /■„ thf Co., Limited. 
 
 Take notice that the share. ™mpris«l in and now subject to the mdentun- 
 of mortgage referred t.. in the ;,ffidavit to which this notice is annexed coMist 
 
 of the following particulni^, that is t.. say, - - - shares of t each in the 
 
 ntpital of the — O... Limited [numbered to — - inclusive |, standing in 
 
 the name of • , ■ j i 
 
 This notice is intended to stop the tra.Lxfer of the sa.d shares only, and not 
 the rcHMpt of dividends | r„ the receipt of dividends on the -hares as well as 
 
 the 'raMffer of the -hare']. 
 
 ( SiKiind > 
 
 Form 582. 
 
 nistringai* 
 
 notice 
 iinmxed t<' 
 :i«i.l;ivil. 
 
 N.i; tij 
 
 i> notice mii« 
 
 t lie .ipliPil i.y the de|iiinent t> 
 
 the a«id:ivit to which it 
 
 
 
Form 583. 
 
 Notice an ti> 
 udtlreiw. 
 
 ,'ANCE SECURITIES. [ChAP. XVI. 
 
 BANKING AND AUV 
 
 Form C. 
 
 XoTirE »S 10 ADDBEfS. 
 (Title '« "» Form A.) 
 /■„ ,/,, Co., Ltmited. 
 
 [„,. ,.„ ™y l,e..alf. .. hy .-,- un l.ohalf of the -a.d A. L. ! "" .». •- 
 
 (Signed) 
 
 //,r wjIi'-i-, '"■ "' '■'• 
 
 [y/(M» sixif ii"' """" 
 
 ^«rf a-Wc^-"" of the pertu.i ;in;„g 
 
 solicitor. \ 
 Order W. r. 7. allows alteration o{ addre*.. 
 
 Form 583a. 
 
 Withdrnwnl 
 uiitioe. 
 
 ! I' 
 
 Form O. 
 
 WITHDBAWAI NOTICE. 
 (Title na in form A.) 
 
 ,. M, rf,V.rf<-..'?v al>o, und the dividends .luo and to aoorue d,... .her. on. 1 
 
 Dated thi, d.yof . ^^.^^^^ ^„ „, _ 
 
 Witnena to the aiunature of A. B. 
 
 ! ' 
 
 k 
 
 Form 584. 
 
 Proposal for 
 deposit in 
 order to 
 c ibtain ovir- 
 draft. 
 
 To THE Bank. Limtu. 
 
 ^CondiUon.-^ os in Form 578, or Form mi. as suitable.] 
 
 Gentlemen. 
 
 We. the — - Coy. Limtd, beg to make to you the proposal 
 
 follow-inp, that is to say:— 
 
 1 That Ave shall deposit Nnth you, by way of sec-unt.v. on th. 
 footing of the above general deposit conditions, the .lorumont, 
 specified in the schwlule hto. 
 
 2. That you sliaU thereupon allow us a.i ..vcrdiaft, not excceduit 
 
 at any one time £ • , , . , i 
 
 3 That we shaU forthwith. aft«r you- ac.eptance of this proposal, 
 execute such powers of attorney as you .nay roquir.. for enabling,' 
 vou to transfer the mortgaged ppty to any purcliaser or purchasers 
 ■ 4. That we shall also furnish you with an approv<-a guarantee K.i 
 
 £ . , 
 
 Be so good as to notify to us your aceoptanre ol th.s proposal. 
 
 For tlie - - Coy. Limtd. 
 
 , Secretary 
 
KORM8. 
 
 \ii^ 
 
 ;-^L:^ erf ^^3. .— ,;;;-:;'--:;x:2 
 
 of written ,ro,...al, a. «l.o>c., to '« •'" ^l"^"^ ;; ,'^ .^ ^„ „„i „„,. s..o .-.,...-, 
 
 r„a?;e™e:: ;L .aU, 'J.,.te.., an,, i,. .*-. >">.,. -1.. -.n^ w.th t.- 
 .lf>ircil MHiiriti.--. ami i)own-< >"/..". 1>- " >• 
 
 • I f .l..™,Vit is u'iwii liv 1I.V.I, till) f.)ll..winK elauw 
 
 Winn,- a security l>y way "f .leiH.sit n ^.w n i> 
 
 cai\ bo inai-rtcJ in the letter; 
 
 Au<i wo hby ,r«.vo..u..lv a„.oin, v..u ,0 I u, uUnrn^yJ.. .o,.vo> Form 535. 
 
 ' wor, and to cxe.uU- and d.. all dtvd.s, .ns.n.nuM.s, aud .lun^^ «.,, ^,^„^, 
 
 li„. foV that purpose, and s.., . 20 of ,h,. Conv.vanon^ Ac,. .««!. 
 is not to apply" 
 
 TiiK *'ov, LlMfl). 
 
 (Irinrul nri.nsil Ihiiifr" 
 IIKAKF.U M-,( 1 Knir> 
 , WlH-ro anv so.n.ui.- U, U:nn a.v dopu«.tvd with du- bank Uy 
 wav orle<.uri.>- they are . uul.-.. oU.or.i.. arran.^l) .0 Mund as a 
 contiuuinp «ci.urity. &c. [Clause 1 of Form 578.1 
 2. All money., &<■. [Clause 2 of Form 5,8. 
 ;i 11- at anv timo tho value, i. [Clau.se ^ ol For.n ..81. 1 
 I TliJ'uanki.to have a power ,0 .oil, i-. [Clause 4 ol l..,rm.,SO.] 
 ,-,, Anv notice. &c. [Clau-so 4 of Forn, ...8. 
 
 « I„ Vac above clau.so,s ^vords in-portu-^ the plural .nclu.l .. 
 siluar ll vice v,;:.;, an.l .lu> expression •securU.es n.c lu.lc„ 
 r :!;r : s,,.. .arran. ,0 bea,..-, debentures 'o -jer. a..d a., 
 bonds, ,^rtificate.s. and other insi.un.eut.s passm.^ ..tlo by dcb^...^. 
 whether negotiable or not. 
 
 [Add form of letter <.. m For,,, .-.80. ,nth -.-hnluU- oi .r,;niti.^., 
 A, to deposit by way of .o^urity of bear,.,- urities, se,- ....... V "H.i. 
 
 Form 586. 
 
 Atpwinent 
 for <leiK(Hit of 
 ntcuntien to 
 iR^arer. 
 
 TlIK 
 
 Hank, I.imth 
 
 Form 587. 
 
 All 8to<.k ami shares, and all securities, n.arke.ublc ur otherwise, ..^ ™.! 
 
)»V4 
 
 *;\.\K1N<; AM) AIIVANTK «K( IKITIh^. [( 'HAJ'. XVI. 
 
 11 
 
 Fona 587. au'oin H-laiini; lu wliUli, urc nun. or luiiv at nu\ liuw. lioiciifUM Ik 
 lodged with or held b) mju ou [im j ai'is)uui. or wliiili liav)' Im'^'u >i. 
 iiiuv U' ti'itiiMt'om'd lo villi or voiir iioiii)iti'i'~. i<>- i'i'(fisleri'd in \oui >>\ 
 lh«'ir num<< or iiiiiiivn Iiv or for — -, wht-tiiui lotljf<Hl. held, treuifd. 
 or rogistcn-'l for »atV' nnxtody, ■ ollo-liim, >(>iiiritj', or ci(h<»r niici-ili. 
 imrpocu' or i^oiirnillv, .xhall hi' .iml ii'iiiiiin :i coutimiiii^ Ni>rurii\ (ni 
 the <luc paviaciil uiid HutiNfiuiiuii of all [iiiyj liuhiliLieii to vuii nhat- 
 .-•ot-vei lor the liiiiu b«iii^ uiiii from tiiiio to time, whether riiaiuitMl ui 
 not, anil nhctht'i iui'urri><l liv [nivj alone or juiiitlv uith .illit'r.>. ami 
 whether a.' |irin<'i|ial or ."iireiv. iui'luilini; jialiilitii'^ in resperi !■) 
 advuno«'i«, whether on iiccoiint riiiwut or otlier«i«e, and in n'«|)erf i' 
 bill)*, nolo.'-, aiul other uegotiahio or iion-neg:utiulile inilimnentx 
 drawn, aiii'piod, indorsed, .-'i^ned, or ^uaranteeil Uy . \\\n\. 
 
 you may have ilixrounted. taken up. made advances on. or lieiuiru 
 lutereNK'd in. loj^ther with intere.^t. lomiiiisKion, liaiikintr iliar^- 
 liiw and other cost/*, charjfj'.s. and expenrtei*. and all monev* from tinit- 
 lo time uwiii^ to von, to I'urry interoiit, with half-yoarlv re^it''. at tin 
 rate of .> p.r.p.a., iiule^ih any .ipecial rate lie agreed ou. 
 
 .\nd if make default in payment to you of any inoueyu Betnnii 
 
 hby for dare after payment iu writing, you shall have power u 
 
 sell tJie preini>-.eis hby charged in the term« of paragraph 1 of soit. l;i 
 <it the Conveyancing and Law of Property Act. 1881. and neiis. I'l 
 and 22 of the sd Act .shall ajiply as if the power of Hale hby conlVrnd 
 were conferred by the wl .\ct. and a certificate by any one of miih 
 nmnugerM that .such power of sale hiK ariieii shall be couclusivc in 
 favour of any purchaKer. 
 
 - undertake from time to time to e.\ecutc and nign all iraiislei> 
 piiwore of attorney, and other documents which you may require fm 
 perfecting your title, and for vesting or enabling you to vest the pptv 
 in any purchaser or nominee. 
 
 In the event of the promise.s being cousidered by you at any linu 
 an insufficient .security. undertake ou your request to furnisl; 
 
 .such further seimritios as you may require. 
 
 Any notice by way of request or otherwise may be served by mhi 
 on me in the manner provided in sect. 67 of the .sd Act. 
 
 The ubove form is wmotinies used, hiit tht' Ri-vcnue authorities (see p. 1213 
 object to the power of sale. The form can readily be ronverted into a propnaal 
 See Form .584. 
 
 Form 588. 
 
 Agreement 
 for dep<iHit 
 of tfondk 
 wa^Tant-. 
 
 Thf Hwk. I.TMrn. 
 
 flr)icriil Ih'pofit VUiuxeK. 
 
 OOOnS WABRAN'T"! 
 
 1 . Where warrautfe for goods are deposited w ith the bank by wa^ 
 of security the saine are (unles/* otherwise arranged) to stand, &<. 
 Clause 1 <if Form .'i7H.' 
 
.. Ml n«.iu-v». )i .« Ifl"-'' -' "f *•'""" ■•'^'■' - 
 
 *, II », .nT'tiin.- ih^ valuo. &o, [flaiiw' 3 of K.-rn. 5H0. , 
 
 V ri,.. hunk is to huve p..««. to m-ll the KO-l- in the t*rn,». .V. 
 
 ( laiitK" » of Form .'iSO.j , , 
 
 V Th.. l.auk i« to l« u. l.lH,rtv ... -..-.plo kU or »nj o, tJ.e Kood. 
 .,.., ,o i...m. tlu, K,.c... ..«ain«t fir., 1^ ...ul .la.naK,-. a,,. ... - eh. ..• 
 a,.,,.*i...rv will. th.. p...M.i.nnv .., ... r.-,.:.> th^ -a... » "f '••" »"" 
 
 ■■(t'lls of .Iw i^.'OiIh. 
 
 ti No.i.*' ^ClaiiM' I "f K.'Mu ■.:«., 
 
 7 IniiMpioliiti."!. . Iiiiof ■> ••• '"" ■"'* 
 
 'I'd iIh" alH.\<'-iiam«Ml hank. 
 
 "'"*'""Thav.. .lop<......l .vnh V.,,.. b> ^^a^ ..f ^... u..., . .ho . .rru...^ 
 
 .,,.,.„U.i iu .ho ...hoduh. h.o [,„• ui.hi,.,, «u.l ..pou .1... to„..n« o 
 • he above general d«p..i. .la,— . Th.- pres.-... .uark... valu.- o. th.. 
 
 ,^h|s i- n« «lnt...1 holo,v ^'^"f'. *• • 
 
 ivv--. 
 
 ForaSM 
 
 s. Ill, III . t; 
 
 •l„ tHF. Coy. L.MTD. ^O"" "» 
 
 In .oiiHon of the -uni of X .hi. tla> lent by jou .o un Iho - ,,., j ,,i, „f 
 ^ Tporation. l.ii....l. wo have doposi.... «i.l. vou .he .-ocur.t.e^ sp..- «e«n,.e-_...^ 
 He<l in the schedule hto. -I-'h-' - 
 
 iiiade: 
 
 I. VV.. a,e foiMhni.h ... |.h.v C vom .. .■o.ni.ii~«i.." ..I f 
 
 ciiiium for the loan. 
 
 •' The loon is .u be repaid by u.i on tho -lav ..I -■ 
 
 ;i The loan in to .uirv .merest at th.- rate of 7 p.t.p.a.. but it .1..' 
 loan is repaid on the above .la.e. ,vi.h i.i.eres. a. .ho i^U- "'^P--i;_;- 
 son are lo ■ ept the lower .a.o of interest ,n ho., ot the first-.non..l 
 
 rate. 1 _i- it ^iiiill 
 
 , If .h.- luvn is no., .epai.l .>n .he >.l dav m - -• " -"a 1 
 
 ihemcfurlh o«nv ui.eroM a. the la.o of 10 p.' 1- • l-^'''''" 'l"'"**"-'^ 
 on the .iMial .piarter days. 
 
 S,.,-h a nr«vi«on for L.bin^ the rat« of mteie-t uf.cr .lie time lKu««i for 
 .p^^^of Teloan i. v^fid. ft i, not a pe-aU, a«ain„ which e.p..t.y 
 -ill ffMnt relief //rr»«r« v. Salitbur^, *e. '^''•. 2 M- ^'-'l- 
 "irthc ting of " p-nctuaUy " with reference ^ P-y-- - «; X 
 
 343; rev,.r.im; K.^kowich, J. ft m«.n« ■ =xt the time »P hed. 
 
 :, The depo^iiod se. untie, are U. be held U yon a> a M".u.it> f..r 
 .h. lepaymen. of ti,.- loa.i and the intere.-t .hi-....., 
 
 ■it 
 
 
 M 
 
 1' 
 
12-.'(i 
 
 Form 688. 
 
 HANKINU AND ADVANCE »r.CUKITIEfl. [CHA«'. XVI. 
 
 ti It' ut any limo Iho vuluo of th«' micuritnw l'(ir lh«« tiiiip Ik'hij; 
 (l*'|iin.it«<(i wilh you on the footing; of llii.i mi'tiKliiiii. inktm at tlu« luv\i'st 
 iimikt't price of Ui« liay us rDi'titiod by u i*li«'kliroker otiiploycd hy 
 _\oii, shall not ox(t(e<l th« uimiuul dun to ymi on the xocnrity thnf 
 
 liy II miir^in of at least p <■., you ur«i t<j b«> at lihcrly to ni4if\ 
 
 to u.» thu fiuM, and we will, witiiiu Iwnnty-fmir iioiir» ut't<>rwupii», 
 dii|io«*ii with you additionul (lOPuritiox lo your »<iiiii«tuoiioM to uiiikt^ u|i 
 til.' n'i|Mirt'd iniir(,nii, and in default you may, i)y u further 'iolici< to 
 u.«. . all in the loan, an<l the wimo shall thercuiion ininiedialely liwnini' 
 puuiblv. 
 
 7. On our failing' lo repay the loan with iatcreHt on it« hoconiinc; 
 lepuyalile, you aiv lo have p<iwor to sell the uepo-'it.'ii uoeunii % in 
 the lernirt of Kub-.s. t of nect. 19 of the Coovoyancin); and Law of 
 Properly Act, 1881. and mwtn. 21 and 22 of the wl Act are to lie 
 applicable an if llie power of «ale wore conferriNl by the w| Act, Iml 
 nuuh powt>r Is uot to bi» oxorciseil uiiletw and until depositors have 
 niiule default in the pnynient of money hby secured or in the pcr- 
 toruiiinie of their oblipations to the bank 
 
 Where aliart'i, slock, or dclieiiturc.. aro mortKiigvd to "e<-uri" pajimtit iif a 
 ••.iui on u speiifiiil <lay, and tlic iiiortjftttfo oontaiii.s no ]M)wer of Halo, and U nut 
 under s^al, tlio niortj^uueo hiH an implied iiowiT Ui hcII aftor the niort(t:i){or hxt 
 made default, and « reaaonalde notieo has been (jiven by thu mort({a)fei' eiillitii; 
 for payment, and informing the niortija^'or fhit in di'fiiiilt the mortifaijee will 
 be in a position to enforce his rights. Ih-rerri'-t v. Saiitiemuti, Clark i; Co., 
 (I'JOi) I (.'h. .'iTH 
 
 A." to tendiT by mortirair<>r afler expiry of notiic, sue AVmhiw'/w/i v. Citpihind, 
 (1911) 2 Ch. m\. 
 
 K. Upon any sale, itc. [t'lau.se ,j of Form J80.j 
 In uitm^s wlieivof «e have eau.-^od lliiw inemdum to bo si>;ucil by 
 oil) liiiinatrintr director on our iM'half this day of - — . 
 
 Form 590. 
 
 Another. 
 
 m 
 
 — - Coy, I.,inifd (hnftr called 'the 
 - Bank, Liintd (^hnftr aillod the 
 
 AN AOREEMT, Ac. -The 
 coy ' ), of the one pt, and — 
 bank "), of the other pt. 
 
 \VnERE.\s the coy i.s the owner, free from incumbrances, of tlio 
 several Ktocke. shares, and securities, the short particulars of which 
 urt> Bct forth in the schedule hto. and which stocks, slinros, and 
 securities are hufir referred to a.s "the sche<luled investments ' 
 
 And whereas the coy has applied to the bank to make an advance 
 to the «)y of the sum of 12,000i., which the bunk has conscnled lo ilo 
 upon the loruio hnftr set forth. 
 
 Now THEREFORE IT IS AOREED aS folloWS; — 
 
 1. The bank shall, on the siftnature hof, advance to the coy the 
 sum of 12.0002. 
 
 ■^!^^ 
 
 i.\.,'j*\»M.-mmi^ .III*.' 
 
rORM8. 
 
 ,l,iv..i - . n>\»i} i"«l««> '"»»'' ''""^' 
 
 2 Tin" 'ov chall, "n tlif 
 .urn of la.OOOJ , „ , , ,1,.. till.." 
 
 ,, „/;.„„u,. -luo. shall .arrv .n.«n.. .1 .l- -U- ... r o • . 
 
 :,i; :; fro,,, .l au... ...... .....1 ^u-h .uu,..., . ... •- .-i -> "- 
 
 .vi.hou. lH>in,^ ro.,...nHl t.. piv .u.,v ,.r«v..,..^ i..;...- ' " ? ' ^^ 
 
 ,,.„ ., ,. ao, an.. 0. an.. ..h.„..or anv -l;.^;;^;;;::::;-;::^. .l^^ 
 .1, .11 M.l.j«-t a.< l.nf..- i.r..v.aod. ro-t.-anMfv. to tl.. air, 
 ,,, .,,• .■a... ol tl..- Hil.o.."l«<l inv«.tn..M.t< ^ 
 
 :i:::,":ir.:;i;i',:^:t:;:.>.'^.- 7 -:";';.';::,:;: r 
 
 „,.,. U. aao. at tl,. rato of 4 ,.01. - i-'" '-^ -l"> ' " ;,',,;;„. 
 1, Kn,aana ra... .f ...or., than 4 ,..c. unt.l ...U l-av...-.! .„ ,l,o .,1 
 
 of li.DOor haw boon madf , , .„ i 
 
 ,; Tho ..ov sl,all forthwith tn>n.sf,.r ,o tl..- Lauk ....• «.-l.o. ulo, 
 
 i„ ,.,...... a...l ».1."U. -'vo a. ro,.ml. tl....o .if a..> "•'-;"•''"'> 
 
 k orthwith vr..ouro tho >,a,.k to W r«c:i..on>a .us ....■ UM.r-^ 
 
 U Inal bank Ihall l.ol.. tl... H,.h......i... invest. no.... ..^ --U 
 
 ',„. ,,av,..o„t of all ......eys payaUo t. tho I-" V"^''"'f .■;:.> 
 
 ; ., „ov 1.0 not auly .-..uply wiU, th. c.au..- ^'- '•^" ,;:;;.; .i' J 1 
 
 - If tho -.1 ^u... ..f 12,000/ i« ..o. ful.y iHl uir .... or l...f..ro the - 
 
 ,:. .. t . Itutorv ,,..w..r of «alo hnf.r ...enUl .hall ...... ..'a,a.oy 
 
 r:;! ..e.i.cab.e by Jhe bank a« re.ar.U the -H^ ;;■;;;-; ' 
 ,„..„,., „r .m.h i.t thof as shall not i,n.v.,.«sly have boo,. ......sto.ro.l 
 
 iMiJf. (■U1..S0 4 hof . , 
 
 1 I,. (..<. I. ml; in rer*i>ect ol a. IV saio or 
 H \ll inoiiov.-. i-oceivoil by ll.o DdiiK la n 1 ^v . 
 
 ..Lin..;ut or ...horwiso u....or U.is so..urity , ........ th- sanjo^ aU 
 
 h .V,. boo., receivea In^foro or af.or tho s.. day ... . ^hal .» 
 
 1.7.;..,. .:. pavnout of all ...ost. an.l ox.hm.sos of a,... m<ndo„t 
 V .u .. ..a.o or onf..roo.......t, or .ot.in, in of such .no...,v.s; an 
 
 .....a.v, i.. or towar,l« satisfacti.,.. of tl... .-'-jT; , '-'J;/^^ 
 
 in,...o.," owiu.- horeuiider. an.l the KurpU.s .,f any . .hall be pd to U.. 
 
 "9 If before the sd .um of 12.0001. is fully p.l, the •'o»^f ^^^ "^ 
 The - Cov. Limta. referr^ to i.. the .s.^hedulo ht. .shal becm. 
 ^^rceable b «a.ou of a..y .lof.ul. or oau:.^=e on t^ ,.0^ - ^ 
 ^y, the coy shall forthsvith, at tho ro,,uo.t of the bank tak m. h 
 ^..s .n rojard to tho enforcon.ent th..f f...' tl.o lK,„..n. o. ,ho baok 
 us the bank may think oxp«'lic"t and roiiuire. 
 
 \W 
 
 Vom 590 
 
 '^¥ 
 
Ik 
 
 ll'VN 
 
 KANKIXl. ANI> AnVANTi; HKOrRITIKS. I ( 'llAI'. X V I 
 
 Form 690. I" Ml (IivkU'ikIn ;ind intciost trom tiniv f<i time reocived hv tli< 
 liuuk in l■o^l)^'(•t <'\' iIh' srliodiiloil iiiv«*tinonl« >lmll he (IorU with in 
 •ux'Oixianct' with iLiiiw S hot. 
 
 11. The ."latutoiv |i()\v4'r dI sale (onl'erretl by the (.'oiiveyaiioinL' 
 ■111(1 Law of Priiporly Act. 1881. i.-* to lif npplicahle hto, Imt neot. L'o 
 ..t' ilip >ifl .\cf is not to a(>|)ly hto. 
 
 ,\v to iinplii'f) piiwi'i' lit" *iili'. ^rc y"/,,i'. p. 12'Jli. iikM- Ui i-lail^f 7. 
 
 1'2. \\ lu'ii aiul .~o .-^ooii ii^ all juincipiil aud olluT luouev.-- ain; 
 iutnrp(*t owing on the (^><;urit\ hot ^jhall have been Hutislied, the bank 
 >hall ro-transt'er to the ooy, or as it may diioct, the scheduled iiive>i- 
 iinntc. or suih part thot' iif. .shall not prt>vioii«=ly have Ijeeu ^old oi 
 r<'-transfei')'«l. 
 
 -As WITNKns, .Vc. 
 
 TiiK .S nKDi i.r. above ii'feri-etl i< 
 
 
 Form 591. 
 
 ..\dvauoot) oil 
 ilebonture- 
 payablf^ on 
 
 I'ov, Limtd (hnttr 
 liiink. Limtd (hnfir 
 
 -VX -UiKKKMT made. Ac, b«'tween The 
 called 'the oov '"1 of the one pt, and The 
 (•alle<l ' the hank ") of the other pt. 
 
 W'llEHEB^ II IS V(.KKEI) afi foUowh: — 
 
 1 . The bank i^ loithwitji to make to tlie cov u loan of 1U,U00/.. uml 
 a.^ .^eturily for the payment thof. with iiiteiewl, the ooy ia to issue to 
 the bank ten debentures of the eoy each for the «um of 1.000/., framed 
 in accordunii witli the form whiili lui.- already been approvetl by the 
 partieti hto. 
 
 [S»'e Form in note beluiv.^ 
 
 '2. If the coy duly payb the iuteretit uu the rsd debeuturets ou tin 
 days thereby fixed for the payment of the same, or within fourte<'ii 
 days after each of the sd days pesply, and duly pays the prinoi))al 
 moneys sf euro<l by such of tlie sd debentures as shall for the time 
 being' lie payable, or within fourteen days after tiie same shall 
 become payable, then the bank shall not demand payment of (he >■! 
 debentures otherwise tlian us I'oUow.s, that ir to say:- 
 
 < tni' of till' .sd deticntures may be calle<l in at any time aft»'i tlii- 
 day of — . 
 
 Two of the sd debentures may be calle«l in at any time after tin- 
 day of - , lie. &c. 
 
 3. The provi.sionK of the last preetuliuj; clause i>hall cease to ojierat* 
 if an order shall be made, or an etteitive resiilution shall be passtxl. 
 lor the wimliufr-up of the coy. 
 
 4 As and when each debenture is pd oti the bank shall, on liu 
 ivnuest of the co^, delivei up the wiiue U' the ooy lo !«■ Laiicelti'<l. 
 
 .4s WITNK-s. iVc. 
 
KOKMS. 
 
 iU- .IrlH-l.t...-.- rolVr.».i to will br in tl.r t.^n.-, loll..*,,.;.': 
 Till - <'"V l.iMlK, 
 
 l„ii.- uf t.n (lel).Mitur.-i ;> i,omi. ••arh. all ..iiikini.' !'■■" /■' " 
 
 ^^ /.,/„.„, '■"^"' 
 
 " Tlie Cuy, l-imtd , huftr -allrd " tin- .oy ' ., will ui. d.n,;....l (.ay t.. rli, 
 
 ' Ua.ik, Umtd (hnftr uaUed • thu 1- mk •). tlir »iuii of IMW. 
 X, ,o ui-ninv of woriU • ..,. diMuai.-i.' «- A-,',/-/. «■.»<■ .-' W '•■ '''""•. «* 
 I. T. H. 
 
 .. TU>- <-v will ill tlu. mcai.tin.v. until .... Ii pH.viii.Mit, ,.,>• u, tl,.- Imi.k int.T. •-. 
 .ii'tJic .Hid ».im of 1 ,000;. at the rate of - l..e.,..a. by e<,..Hl '«" .^^'^'J' '' '>_ 
 :1 on -very - ^ day of - - and - -day of ... ea-l, .uoh e . tl. 
 
 •ir.t of su,-li Imlf-yeurly jiayments to be made on the day ot n x . 
 
 i The .uv hliy .l.argi.s with ..leh ,,ayments iU undert.ikmK »..d all it. p t> 
 wl,„t..oevo. and wl.ere«.ev..r. hot!, pn.sen. a...l f.i.ur... in.l,.d.n,- .t^ ...i. .ll.-« 
 
 iDital for the time lieinil. , 
 
 ri,i- d..l.,.nture i. one of a .eri.s „f ..... del,..,.t..re« ....-h ....■ -.-.■."« th.- 
 nrincipal Mini of 1,110"/. The d.l.ent.ir..-. of the s.l seri* are all t,. rank ,..r. 
 ' n point of ..l.ar,e on the ,ipty hby .l.arKOd «i.hou, a..y .'-f'-'- ;•' 
 
 ,.,i,„Uv Jne ov,.r a,.„t..er, a.,d «.,.. ..,.ar,e a. r.^ar-i. the ,.,.y s -'■ J^-^ ; 
 .„d unealle,! .apital i. to he a .y^riHr -haru'e. and a. regard, the ..> > oth 
 ,' 'e„ i. to he a floating .ec-urity, h..t «o that the ...y is not t.. be at l.berty ... 
 reat.. ..nv .uortgaire or .-harcre in priority to the s.1 dehentur,... 
 
 \heV,.v niav at anv time .^ive no.i e in writi-iR to the hank .,t ..- .n ei.t 
 
 .„ ,,av oft this debentur'e, and upon the evpiratiou of one calendar month from 
 -ueh notiee being given the prineipal moneys hby »eeur«l -hall beeeme i.ayahl, 
 t None of the now uneaUed eapital of the eoy xhall. «""»' '"" <'^';^-»7' '; 
 utandiiiK, be ealled up or received in advan.e of ealU wi hont the e.>ns,.nt 
 :„ vVTitinp of the bank, a.id if the namo i, calh-.l up with or without .n..h .-..n-ent, 
 :i,e amount shall b.. made payable to the bank and to no other per«,n or per,o.i.s, 
 and sTiaU be appli<.«ble i,! or towards payment of the moneys ow.iiR from the 
 
 . ov to the bank. ii ;f ., 
 
 7. The ppal moneys hby s.-ure.! shall im....Hli..tely he,.,.m.. pay..!.!- .f .. 
 
 „rder is mX, or an elfoetive resolution is pa.ssed for the wind.nfr-u,. of he ,ov^ 
 
 S.U any Ume after the ppal moneys hby seeurod b-K-eme P-.v-l"^' jj '" 
 ,uav, by instrument i.i writing, appoint any pers-.n .,r persons, wheth.i • 
 :Zr It the bank or not. to be a receiver or rceiver, of *'- J'--; "'^ 
 .barged, and a r..,...iv,.r s„ apiM,iiit..d shall have power. &c. i f.< ... f'. 
 
 ■ .J. The debenture, of this series are issuc.d to tl... hank p..rs,,,im 
 
 u^reemt dat«l the - day of - . a.i.l made h..tw.s.„ ,1. >y and .h. 
 
 and Kubjeet to the provisions ttmf. 
 {',<.\ IS. \i-. 
 
 II'.'* 
 
 Form 591 
 
 hllllk 
 
 t si' 
 
 -••Ji' 1 
 
 -; i 
 
 ^■1 
 m 
 
 .Mi f 
 
 •■i I id 
 
 MKMDIM "I At; UK KMT. iiia.l.- ili«' 
 Xli,. C.v. I.iiut.l ilmHi- vallfil ili» 
 
 .1.1 V .It' 
 
 ■ ov " ■.. .>r till' 
 
 licivM'. II Form 592 
 
 ' Memorandn.ii 
 
 ,.,, ,„.. Hi.ik. i.imt.i ,i-„r.i- ,.\M .1..- '-iw"' •" " "- ;:j:;:;:r;^:. 
 
 to !«'Curt; 'Ur 
 
 ,a. a .•uiivul .Kcouiit vvitl. lla' Lank, a.i.l inmi r."t ■■ w 
 
 \\'in.v.i:\~ tl" 
 litiw U> tiiiK. Ill* 
 
 1h- bunk ..il'.w> tiK- .'oy t... ..vrnlruw *ifti m.v.;u... 
 
 K 
 
 ^ 
 
 ->i-. 
 
IJMO 
 
 llANKIN(i AND ADVANCE SECURITIES. [OhAP. XVI. 
 
 Form 592. 
 
 iJobelltlire 
 •n 1k' x'curity 
 fiir acoouut. 
 
 •:ti:il K'llHIlce. 
 
 Nil priiir 
 niortgairc. 
 
 Form 593. 
 
 Anothpr. 
 whiTt' dt'Wn- 
 tiirps put into 
 ikiimet* of 
 tnistec«. 
 
 and ns it may allow further overdraiw, the coy has, \rith the privity 
 (pf the bank or with A. and B. as trees for the bank , issued to uud 
 
 deposited with it a debenture for £ , charging the uudertakiiijj 
 
 of tlie coy. Now, therefore, it is aoreeu and declared m 
 follows: -- 
 
 1 . The sd debenture is to Btaud as a security to the bank for the 
 pavnii-nt of tht' filial balaiue on the sd current account, incliidin;,' 
 therein all tisual and accustomed bankers' charges, and comMiissioii, 
 together with interest on such final balance until payment at the lato 
 of o p.c.p.a. 
 
 2. For the purposes hof the final balance afsd means such sums 
 11^. ujKiii the clowiii it any time of the current account of the coy liy 
 cither jiarty. shall 1)0 found due thereon to tlie bank; and aci-oiil- 
 iugly payments to the credit, of the account, so long as the same 
 shall be curiviil, .shall not bo deemed to be made in or towarJs 
 discharge of the sd delu'iiture. 
 
 Slit. Kit ('2) of the Companies (Conhnlidation) Act, 190s. nuw pn>vidis timt: 
 •• Where :i rompaiiy has cither before or after the passin)? of this Act dc |icimI,.i1 
 any of its debentures to secure advances from time to time on current account or 
 otherwise, the del)cnture9 shall not bo deemed to have been redeemed by 
 ro«son only of the account of the company having ceased to be in debt whilst 
 the debentures remained bo depoeittjd." 
 
 :». The coy hby declares that there is no mortgage or charge on it.s 
 ppty or a.s.sct.s having priority to or ranking pari piism with the sd 
 debentm-e, and that the coy will not at any time during the coii- 
 tinuaiuM! of this security create any mortgage or charge raiikiusr. 
 or which lan by any means be made to rank, in priority to or pai} 
 }kiS!tu with such clel)euture. 
 
 As WIT.NESS, lie. 
 
 .\X .^(iREKMT made the - — day of . between the C-iy. 
 
 Limtd (hiiftr called 'the coy") of the first part, the — Bunkiiifr 
 t,'oy, Limtd i^hiiftr called "the bank ' ) of the second part, ami 
 
 of , and of — (hnftr called "the present trees "i of the 
 
 third part. 
 
 \ViiKiii:iiY JT IS .MiREEn afi follows: - • 
 
 1. The coy shall forthwith create and issue ,s<>coiid iIcIkmi- 
 
 tures of the cov for 100/. eiich. which are to bo charged on the 
 coy's uiuiortakiiig pari passu and are to rank as a first cliaigc on 
 the coy's undertaking immediately after and in subordination to 
 
 the existing firnt debentures of the coy for £ . and are to bo 
 
 fiirlher secured by ti tru-t dwd in a forisi approved liy the liaiik 
 creating a specific cliarge on the freehold and leasehold property 
 of the coy specified in the schedule hereto, subject only a.s to bihIi 
 
FUKMS. 
 
 12:n 
 
 -• 
 
 ; :iiiir!fv 
 
 ■ h i '-v.- 
 
 
 ,{ ,h., sd frcohold and lea«,l.old propovty as .s tluTcl-y sl.o.M>,cKll^ Form 693. 
 1, ; -d ,<, ,ho .M.c..ilic- .liar,., ceaUMl l,v uu .ndo„.u.o dat«l, .V. and 
 
 t 1.', and .L.iu. a Hoatiu, .l.u., all ....■ ..ho- a...ts .. 
 
 r ov for .ho .i,no Ihuu^, l..-on, and iu.u.o, .n.lud.n, ^^^ '--''!' ' 
 l..«"l. and .ou.auun,. .ovcnant^ ou .he j.arl o. tho .oy. .t.. I o 
 i^ :...,u.i .k.UM.,ur.s aro to be f.a.aod .n ae.ordan.o .Uh ho 
 ,■:,„, ,., 1,0 schodulcl t., tlu, .rast dood aiid uro to be issued oxolu- 
 ;;,,lv to tho bank or its nominee, as hereinatter provided, and 
 ;^,o not to 1« i«™od to any olher person or persons or eoy. 
 
 ., The .-ov shall not, durin- tho .ontinuanro ot this a-noinl. 
 
 .viihon. .ho pw^vious conso... in wri.in, of ,!>,. hank and ,ho proton. 
 
 ;', I „.hor .ho trees or troe for tho ,i,no bein.^ horool , horo.nat.or 
 
 ,,„P,1 ,1,0 .roe. o -.0. create any .nort^..^.^ or ohar^ro rank.njr ... 
 
 ,;,i,,i,v to or ,.; with the ,har«o hereby a^^roe. to bo , n-a.od. 
 
 ;:;;,voise.l.. . ^esorsod to it by .1.0 sa,d i..den„..-o o. .1,.. 
 
 .I,,,,,., - . 1 .-•-uins; further dobonturos onlitlod ,,<ir, /-««» 
 
 „, the benelit of such indenture. 
 
 :, TLe eov is forthwith to issue the whole of the .said ,so.o..d . 
 a,l„.Mlu.es to tiio present trustees a.s uo.umees ol the b.ink, and .l.o 
 ..,„„ are to be deposited with the bank, and thoreupo.i the bai.k is 
 1, uav of advance to place tho sun. of [2.),000j.j to the credit of tho 
 ,.ovV ourront a.cou.it, and is Uy debit tho a.nount to the coy s loan 
 a,.;.„n,.t n.ow to be opened, [au.l further, the bank i,^ tro... t.,Mo ... 
 ,i,„e as and when the coy shall request to .i.ake to the '"y ' 
 ..dvanc*. up to a further 40.0002. beyond tho sa.d sum ol JO.tOOf. 
 l,v oreditinL^ the cov's current a.-oount and .lebitin^ the coy s loan 
 account with the amount of such further advance: I'rov.i.ko ai.wavs 
 that tho obligation of the bank to make a,iy further adva..c« tx> the 
 ,„v bovond the said 20,000«. shall t*ase in tho event ot any failure 
 0,; the" part of the coy to observe and perform al or a...v ot the 
 obhpa.i'ms in.posed upo.i it hereby or by the said intended trust 
 deed or .second debentures]. 
 
 4 The said loan account is also from tune U, ti-.ie to bo dob..od 
 ■with all further advances from time to time made by the t.ank to 
 ,1,0 cov on the footing that they are t.. be debited to such account. 
 u„d ..isoT .juartcrlv wi ' interest on the balance from time to t..uo 
 owing <.n such account, and with all charges and ex,K>nsos of and 
 i„,ido„. to the advance afsd, and is to bo credited from time to t....' 
 with all pavmonts made by the coy into such account, and he coy 
 shall frotn'ti.™ to ti.ne at tho request of tho bank pay ...to s,,,h 
 ac..,unt tJie amount of such interest, charges an.l expenses and t .o 
 bank shall be at liberty from time to time to transfer to ,ho cod. 
 „f ,ho .said loan account from the coy's current ac.ount tho a.nount 
 of anv interest on tlie sai.l loan account which is for the t.mo being 
 overdue and any su.u debited for charges or o.vponsos whuh .cuuun. 
 unpaid. 
 
 J? r. 
 
 .' :■! 
 
 h\ 
 
hi 
 
 ji 
 
 '-•'■-' HANKINi. AND AUVANCK SKClj'KmKS. ClIAl'. XVI. 
 
 Form 583. 6. The interest no to bo debited in lo be »t tlu; laiv ot .'■ jwroeut 
 (lev annum, but the interest on any of the suid [necondj dobontIl^•^ 
 if- nol to be payable or to bi- deemed (as betwtwn dw cov mid ihe 
 hank' 10 run until-Mat tlic hank hiiH l>ecotm' ontitled a.s liiitir pi— 
 vidcd to <all in the inonevfi for tho linio beiny owiii(j on thi- --aid liui; 
 Mtoount; 'ir (h) the expiration of ilw t<'nQ of vcars liom ihc 
 
 date hen'of: or (t'l the said .leoond (h'bcntiirc- ii'>plv -ilmll lio miI<| 
 liy the bank whiehevoi- event shall first happen. 
 
 H. Tho said fNocondl dobentuifM so issiied and (lppo:<ii<'(l ii> ui-.( 
 iiie to sluud as a rieiuiity for tlio payment of the moneys for i\„- 
 lime beiu^ and fioiii time to lime owing from the ooy l<i the l.,iiik 
 ou the balanre of the said loan aocouut. 
 
 7. The »aid .leiiirity i.» |4> !><■ a fKintiuuinsr .■w-ciirily. and iiccord- 
 iugly is not to l>e aft'e<Med by any settlement of aiooiiiil oi- liiiciiiiitinii 
 in tlie amount for the time beintr due or by the ifxistenci' of a credii 
 balanro at any time, but the coy ehall be at liberty al anx time iinil 
 ivom tiine to time within the said period of yc'ars on ijivint; 
 one day's uotiie in writiny: lo the bank to re|ia\ ibe wbob> or ;iin 
 (lart of tlie moneys owlnip on tlie said loan aoooiint. 
 
 8. 8ubje<l as afsd and to the next suoceediny: clause, the nionm- 
 I'or the time beina: owiufr on the security of the said lo»in account uiu\ 
 be culled in by the bank in anv one or more of the events hnftr 
 mentioned, that is to say: 
 
 I a) If the coy shall at any time make default for more than 
 fourteen days in paying any interest due hereunder, whether 
 the same shall have been lawfully demanded or not; or 
 
 (b) If a petition shall be presented for the winding-up of itic 
 
 coy; or 
 
 (c) If a notice convening a general meeting of the cov for the 
 
 voluntary winding-up thereof shall he issued : or 
 
 {d) If the coy shall stoj) payment: or 
 
 fe) If a receiver slinll be a])pointe(l of the coy's undertakinir 01 
 any part 1ber«.'of; or 
 
 (fi If a distit'ss or execution siiall lie levied on the pptv of the 
 coy: or 
 
 (g) If the coy fails tc) obeervc and ))erfonn any stipulation of tlii- 
 agreement, or anv stipulation contained in the said intendi't 
 trust deed or second debentures; or 
 
 (h) If any ov(-nt occurs on which the security oonstituted by 1 In- 
 said intended trust deed beoomcfi cnforocabh'. 
 
 But save tus afsd the bank shall not call in the amount for tli" 
 time being owing on the said loan account, or sell such second delx'ii- 
 luree for the term of - - years from the date hereof. 
 
 9. Ifefore calling in the snid moneys jinder parjigrsiph .a! of the 
 said preceding clause hereof, the bank is to give to the eoy at least 
 >*eTPn days" notic*' in writing of it*; intention to <-all in the same, bui 
 
K(ll{MS. 
 
 12:W 
 
 in rvory oliicr f;wo I wenty-rour Imiii-- iii>ti.o in wrilin- of siuli Form 893. 
 iiiNMiiidii .'•liiill 1»' sulli( iciit. 
 
 Ill The Malut-.i\ |M,«.T ,.r hale .nntViiol l.,v llio (■..nvovniinii- 
 ai,a l.au "1- I'mpvitv A^ I. ISSl. i- U. W a|.pli.aM.". an,! in .aM- ..f 
 a sale I'V tin- l.a.iU <.f lln^ >ai(l m. :ou.| ,|,.i..Mfan-. or anv o! ilicm. 
 
 Ill,, trees or tr..<- aro, „r i-. m eMTiit ■ -iirli Iraii-loi- uf -iicli s i.l 
 
 ,|,.l,rMtiim> a> the lunli sliall irom lini" I" 'i""' 'li''"' ■""' -'"■'• "" 
 v( llic wl A,t .'■liall not applv 
 
 II In <a>.. at anv linn^ tin- s(Miiril> ri,.a;i-.l lioirliy .iv l.v lln' 
 said iiiloiidoil Mvond'ilolKMilures and iniM .1 1 i> i" 'In- "pinion of 
 
 the liaiik in joopaiily. or in case tlio pan! ^ii im 
 
 Iv licconio- rnii'irr iMo, 
 
 tlKMi«M'.orUW.-iiall boat litierly to.an.l if icpiiivd l.v llio l.anU shall. 
 ..iii<.r(r tin- saiil secnnd dol.cntnn-, and in cas,. lii.'.v or lio shall 
 
 ,lu.ivh\ icali/o anv snni in os.c- of llio aiiioiinl fnr tin- lini' I - 
 
 ,|,„. to Iho haidi. shall In.ld su. Ii suipliK inonov- in iru-l f..r tlio .ov. 
 
 IJ. The slaliitorv i..iwrr of appoinliii- new trees hereof is ve-led 
 i„ the hank, and it' is to !«■ no ol.je.tion that a life appointed iniler 
 surh |,o«er or that a tree of the sai<l intended liuM deed is a di.e, luv. 
 .itlj.ii'. i.remplove i.f the hank. 
 
 An « I 1 NKss. 1^1 , 
 
 AN ACUi: KMT made the dav of - .l'.' , h-uven the Form 594. 
 
 Coy liiutd (hnftr ealled- tlioeov'i.oftlioone pi. and the • M-rt-uire ..f 
 
 Corpuialion. I.i.nid , linflr ealle.l -the hank"., of the o.her pt . n.M-,.ll|d^ 
 
 WiiiniAs the eny ua- in. lepoiated ill ISIIO ui'li a nonmi.l -apil.il ,„.„,,.„,„.., 
 of 100.(10(1/.. dixided into Kl.ddd share- of Id? eacli. I'vYo'k' 
 
 Am. wiii-.m-.As ;) ■lO only of the s.l -liae, h.ive he.Mi i~Miel. an.l ■ 
 the Sinn of il. per share has heen pd np tiieivon, and ih- sd sliaiv> 
 ;„e nniiihered to in.luMve. and aie siill „ii-s|andin;;-. 
 
 Am. uiir.KiAS the e .v lias apidied to the hank for an advan. 
 
 ;;,-,.(l(lii/.. uhhli th.' hank liaxe au'eed to make on tho terms liiifir 
 eAl.ie.>.~e(l. 
 
 Now Tllt^i: flillsKNTs wiTMss AM. orei AHI^ as follows: 
 1. The hank -hall, iiiiinediai(dy after the eNerii;inii h.,:, adv. line to 
 ihe eov the sum of ^.'..(100/. 
 
 o. The eoy s!.,.d repay the -.1 sniii of i;.-,.(liHir f. the hank .ni the 
 
 dav of 
 :;. The coy shall forthwith pa\ to the hank the -niii o! I' 
 |„.i„..- i„te:e-t on the sd sniil of I^kDII;*/. a' the ra'e of .; )...•. p a., as 
 li,.,n the <lato hof up to the s.l - - day of . and aNo a .01111111-- 
 
 sion at the ni'.o of 2 p.e. on the s.l sum of l'.-..(i(Hl/.. inakiii- together 
 
 Ihe sum of £ . 
 
 I. If tho sd sum of o:,.0()()/. is not p.l on or bpf..r<i tho .lay ..1 
 
 . -ii.h -urn, or so iim-li lliof a^ "hall for the rime 1..mm- .■.■main 
 unpaid Hhall eurry interest at tho rale of - - p.c.p.a. until tin- a.lnal 
 iiavmeut thof. 
 
 4 
 
 vw'.-i \ 
 
 m 
 
 t'lS^m^'^ JWTi 
 
VIM HANKlN(i AMI ADVAXI i: SIX'UKITIKS. i ( 'llAI'. XVI. 
 
 Form 594. ■'• 'l'"' '"} '■''> 'li'";.;'i'" "'ili ''"' iKivrucni oi iln.' .-il j]nii.i|«ii 
 
 liiiiiK'\> iUiil iiilcrc-t till' uliolf III' llic c.ipital, luiiiR'ly 1)1. per >li.ui', 
 uuw uiUiilliMl ii|)<iu llic -^il '.t.iHiii >li,iii'- ill llic (in s lapihil ■.\iiirli 
 haw boL'ti i-Mii'il. 
 
 t). Tlu' sil I Mi'itiil sliull iiHi, ilui in;;; llic cuiiliiiilaiicc; ul' llii> .-criiiiiv, 
 1)0 culled ii|i iM' iiM(i\f(l ill iiilviiihc ol rail-* N\iili()Ul llic ( "Pii'i'iil in 
 wiiliiiu' 111 the li.iiik lir^l liail ami iililaiiicil. 
 
 7. Il' i|ii:iiiu- liii' riiMiiiiiiiiiuc 111 !lii> MMiirilv liii! mI capi'.il liliv 
 flia: '^t':|, III' aiiv jH llmr, -jiall wiUi 'In' ciiii-i'iil nl llii' liaiiU nr ul'irr- 
 ui-i' Ik' lalli' 1 ii|i iir in .iiiv ua\ •.;i)l in, llii' aiiiniia! .^Iiall lio ]k\ <<\fr 
 lo llic liaiik a> ^1'. ii;i!_v iov llio uil\aiirt), willi lull power to tlie liank 
 to ap|il\ a lonipi'li'iil pi iIhiI' iii 'H' liiwanl> .-ali^laiiiini nl' tin' aiKamii 
 ami llie iiiu-ie-' llieri'im i ii aiiyi iiiipaiil. 
 
 iH. 'i'.'.c iiiv >liall mil al aii\ liiiii' liiiiiiiii' llie rmitiiiiial li ilii> 
 
 secuiilv rii'.ili' aii\ rliaiui' on llie mI cajiiLiI liliv rliar^cl willioiil lir>t 
 giviiiii' m':ii<' lo ilu' jin^on oi' |)ei«iiii> in wlm-c laviiiii' Mn-li rliaiuo 
 is eiealeil nl' llie e\i-;eiicc nl' ilii-. -ei uiit\ . 
 
 '.t. Diiiiii'^- tlie i-oiitiiiiiam I" ol tlii- -eru:i'\ llie loy .--liall Imlliwilli, 
 al'lei- llie pie-eii'alioii III' an;' liaii-li'r oi miliiiaiv .-liaics in l lie i .ipiiul 
 ol' llie cm. '^Ive llie hank iiojic ■ imiaiiiiiiy lull jiailiinlar- llii'l'a:;il 
 no pei-oii >liall In- iei;i>ieicil nii.il loi'iV-eiulil hours al'ler such iintirc 
 slmll have lieoii ^ivcii, ami no tiaii^l'er shall lie ie;;i-lereil oilii'iui-o 
 than in favour of a solvent triinsferee. 
 
 Id. ('eneial (liaii;e on uiiileiuikiii^ of coy. .'^I'e I'm in .'iN. 
 11. In each of the eveiils iullo\\iii<r, namely: 
 
 ill If a pelilioii shall bo pio-onled. or an elleclive ie-.oliiiii.H 
 
 >liall lio jia-seil, or an older lio made for the \\imliii;„'-iip 
 
 of the coy; or 
 
 ( 'JJ Jf juiLinenl shall lie olilained a^ain-! the coy lor iipuard.s 
 
 of L' , and shall 'cinaiii unsalis|i«'d for - day>: m' 
 
 ( .'Ij Jf a dis|!e-s or execution shall oe levii'd or enl'oiced a:;.nii-' 
 
 any ol the p|ity <if ihe coy; or 
 (1 I If the cov shall iiiaiu' defaiill in ihe ]m\ lueiil of any i!:oiic\^ 
 due and owini;' heieuiider by it al the lime iinliclnic 
 proviih'd for payment tliof; or 
 (.")} If llio coy >liall conimil any breach of any of the iuhn i-ioiis 
 lio.ein coiilaiiied, and ilia; whether the bank shall or 
 shall noi have uai\i'il any jiiior breach; 
 
 the bank may, by notice in writing to the toy, call in llu! principal 
 moneys secuKul, and sucli principal moneys shall become payable 
 immediately on the .service of sudi notice. 
 
 I -. If the principal Jiioneys hby secured shall im! b" iliil\ pd a~ .ml 
 when the same shall bo pavable, the oov Nhall, npoii the leiim'^' of 
 the bank, jironire the sd i apiial hby charged to be called up b> 
 siicli in.sialmoiu.s and i^ayablo al such times as the bank .sliall in 
 wriliufj request. 
 
KOI.'MS. 
 
 i;il iii<iai'\> lil'\ Form 894. 
 
 1,, TIk' l.iiMk iii.ix . a' .iu\ Uiiir .ilii'i llii' j.iiii. i| 
 -0, ,ii-.l. -IkiII h.nr Im.,,,iii.. j,,.n;.I.1.', .in.^iiH ■' i.'.riv,- ..) 1 Ii.m ,i|,il.il 
 |,1,N rli.il-v.l. .111.1 Ml all rail- llla.l:' PI lr-|.r. • tlm!. ,,l,.| .,!-.. «> til- 
 „„lrilaUiM-aii.l Pl'l^ "I Iil■■"^^ l"!'.- ■ liaP.r.l, an,! -M., P.. .H,.| U'l 
 „f ill.. CnuM^vailriM- aiiil 1 .a u ..I I'loprrlv .\.V I >.-■ I . -lull hv 
 
 inn.iHI.'.l .i.Mii.linulv ■ , , I 
 
 II Til, .,,\ lil.\ ,,\,..i,iiil- .vlili llir n.iiik llial llii' >.l i.i|illal liliy 
 
 ,1,,,1'ivl li.i- U'll I n rall.Ml up or iM.iiiiili<'rt'.l in aiiv u,i\, ami tliat. 
 
 ,1,,'. ,',Mt!a. ;- iiii.li'i -Alii' ii 'I'.' -1 -I'^'i-- """■ •'"■•"'■'I •" '" ■'"' 
 
 „.,x \,,:.l nr V.iiil.llilc. 
 
 I |;i. TIk' ."\ -li.iH i..iiliui,li -i\ •!"' Ill \Mi:iii'- I" '■■"'i ">' "\ 
 
 ,l,:iM'li..|ilc'l- ol llii> .ji.ii-i' on iiiKalli'l i.,|Mlal. 
 
 i;,, Thv .Hv ,li,.ll pi.Hiiiv >'^vU ..I ii- .li - l>i llii. liiMc^ Ihiii- 
 
 I,. ..iMMiaiit uitli ill-' 1mii1> lliii V'liil-' ii'' i- •' ■li:''l"r "i ill,' ..'\ 
 I,,. „,i! iin- !,.■ jKiilv V< aiiviliiii- ill liiva, li ..! III!' t.l.li-.i'i-ii- lil.v 
 i.pp.M'.l ..I, ihr .OK. ah.j Ji.i' li" "i'l -iM' I" lii" ''"'I- iiii!i"'li.iii' 
 
 ,„,:; , ,,„\ Ml. Ii KnM.li.an.lalM.ui aii\ iIimm' •.. . nininil ,iii> sinli 
 
 |„,M,!,. uhi. Ii -liall .oni- 111 lii- kii'.« l'"!'^''. Mii.l mi.Ii ...mmuiiH -liall 
 
 lie ■M'l li;i' I. a-< II 
 
 ^ ir'iMi.l- till- i.ir-.Mi; illii". I'.i-. imiiMMli.i!''lv allcr lln 
 
 ,.\...iin..ii lirir-il. aM.l a- iv-.ii.l- 'M. li imtni- .lii...:..r. iiiii.i. .lial.Mv 
 iiltcr hi- aiiiioiutiiii'iii. 
 
 |i;. Tln' |llilhi|ial lllnlll'V,- .111.1 lill'M. I Ill.N -IN IIH..I Uiil I..' |"1, 
 
 ail. I -hall 1.1. a--i'^ii.iiili- ri.'i' li.iiu i\u\ liulil "1 -'i-"li .a .■.|iiil i.'s- 
 lie' v,i rii till' ("V ami lli<' LaiiU. 
 In w r ink--, iV.-. 
 
 \\l„.,v a l.ui.k t:.k,'s a >, paraf nmi-t.M'.-.- ,„ mm,,,-,- a i.,ai. it U smil.ti s ,..n- 
 
 ,i,l.r..l .■■.(..■.li.'.,! I.. iiKik.' |a-.ni-i..i, a, in .l.'.-.' Hi. In tli'' al.^ri. I -a'li a 
 
 ,.|n,-.- a tiaii-f.a-i f 1 1..' iiMi'i,'a-'.- w.niM laU.' >mUj, . , M tli.' in..rtu' '-"a- > ri'^nt 
 
 ,(• , 1 ,,, <,.t ,,ir aL'aili>t (lie aai..inil -.• ar,' I liy lla- niurfJ i^.' iIk' iTi'ilit lialaliiv 
 
 01, liis curnMit a.-.-.mi.t with tli.' l>aiil< at lli.' tim.' wli.a. ii..ti..- al" l!i'- tr.uHf.T 
 is .'iM„ ).. him. ((■'n;;../hl, V. d . •■:' ■-■■^. 11 H«.^ . Klli.) Hut of .•.M,r.,. II,,- 
 n...rt-aL'nr i-aii l.v aur,.in.'nt waiv.- ..r ryla.i.' tU.' a,.|.li.Mtioa „! Ilio n-lit of 
 s.-i ..Ii. !',riia|.s.' hawrvcr, h.- may ii.>t In' willing' at tlif .liti.ul mmiwnt t.i il.. ».i 
 
 la'tu.. till' utility .)f tho ckuHi'. 
 
 AN AliHKKMT mail.' ihc dI . I..'1 u. I'li tlu' f...v('i Form 595. 
 
 ll Mf pl.aml Thr I'.ank. I.iiii;.l. oi tli.' i.i Ihm' pi . I,'rr,l.,ls „i ^,,,,.,^, ,^,„ ,,, 
 
 ;„ru,i„init;oii ,ii,<l i^^'i.-l ntpihil <nul Hiinill,;! ,„,,;i,'l. .\m' ,„„-..i1..| 
 
 uM.^n.;A. iiir .-v i- in i..i.ir.i n. ill- iiaiik in tin' pp.i -nm "i' ^ i:;';'!;;;,;;;,;;';/ 
 
 ami iqiuariK, aii.l ha- ajipinM 1.. ill." hank I'.*!' a tiiith.-i- a.Kan.i' m . ,.„r,ly. 
 I whi.li tin" hank h.i.s a-iwil Id iiiak..' on r.Moiviii- th.' -I'.iirilv 
 
 hhv lam-^titiitod. Now lllKSl'. lM!l>,.M-i, >\:r. 
 
 1. The ciiy lihy iliaii;cs tin- wholt" oi lli«' lapilal, iiani.'l.v, I'- "'liar-.'. 
 
 per pivlViviiiv -iiai.'. ami t p'V o-linaix -haiv, :■>- an. .11. .I 
 
 upon tlu' s,l - piolVivmi" -liaio^ ami - onliiiarv >liaii.s in tliu 
 
 I K 2 
 
 .(il i 
 
 m 
 
 iHi. 
 
 I 
 
 -r 
 
 j5r^^!^?^^S?S 
 
1336 
 
 BANKINO AND ADVANCK 8E( :lTKITIh>». fCllAI'. X\ I. 
 
 
 Form 590. 
 
 CoutinuiuK 
 iiwurity. 
 
 CMminuMiuij . 
 
 Payment 
 after deuiuml 
 
 Ceswer. 
 
 fov's t;ui>ital, willi the puyiuout to tht- hunk of llif sum of .j.ooii/ 
 and iiitcitv-t ax from tlu- date liof ul iho laU' of j).c.ii.ii. 
 
 2. Tlu- mI cliui>rt' liiiit<l in uiaounl ii>' tiftd shall sUiud u^ a . m 
 tinning- M'<uiil\ to tlic hank for the due Matisfaoti.m of the i->\ - 
 lialiilitif-. to t\w hank. whctluM- ini-iiircd heforo or uflt-r. iVr , a- ii. 
 Form ;">7M 
 
 ,-!. Tlic .()\ ^hall pav lo ihc liaiik upon tin' «'\i*uti(in hof a I'.iiii- 
 mission of li.<-. on llic sd sum of I a> a prvmiurn fur iln 
 
 lulvunci'. 
 
 I. The fov .-hall pu\ lo tlic hank all niont'.\> for lh<" linio h.iii.' 
 uwinj;- on \hv sccnrilv hof within tliiriy days aftor a (h'man.l in 
 wriliny >hall havo hcvn served by ihv hank on tin- coy. 
 
 ."i I.!. Si't out li. 7, «, it, 11 to 14 und lo of Form 5',»l 
 
 II. Lastly, if tin- I'oy whull ul uny tinio pay to tlio hank all p|mI 
 uiont'\s and" inii'iost for tlio limo boiuj; owiuj; on tli<; soiurity liof, 
 tho bank shall at any time theroaftor at iht' ro lucst ami i'.\p.'n>o ui 
 the cov, whil.-t no ppal moneys or intcrt'-^t .-hall he ow'ui'^ on llit' 
 BCfurity hof. rolea-o tin.' sd capital from IIk- sd charuc and olh.Twi-.' 
 from thi.- security. 
 
 As wir.NKss, A:l'. 
 
 V 
 
 M ji '^ 
 
 m 
 
 Form 896. AN .VCHKEMT ma.lo hctwc^'n L. iV A., l.imid i hnftr called tin 
 S,-. urity7<>.- >-0.^ ' '■ "' '''^' '""'■ I''' "'"' ''^'"' " I5ii"kin<; Coy. Limtd i linfir (-ill.d 
 
 loiui on di!- ■• the hank ' ). of tho other pt. 
 
 eharKo'^.r" \Viii;KE.\s the coy lias issued, or are about to issue, debouture> t.i 
 
 uiidurtakiuK tj,Q ^^^^^^ nominal amount of lOO.OOOt. in l.OUO debentures of 100/ 
 
 eacli, >'e<uied by a trust deed, datcJ, &l'., and made between, ic ; 
 
 A.MJ \\iiKiiE.\s the .sd dehenluies are all to lie framed in acconlancf 
 
 with the form, a print whereof is auue.xcd lito: And whkhe.vs tli<; 
 
 coy lias reiiuested tho buuk to advance to it the sum of 20,000? 
 
 upon the security of 200 del)entures of lUOi. eoc'li, numbered t" 
 
 -- inclusive, pt of the •■id issue of 100,000 debenture-, which 200 
 
 <lebentures are hnftr referred to as ■ the security d<dientures : Asn 
 
 wi' iiE.\s the bank ha.< agreed to make such advance on the term* 
 
 hnttr appearing,'. 
 
 KOW THESE rUKSE-Nts Wn.NESS. A.M) IT IS IIEUEIIV AC.KEEl) as I'el- 
 
 lows; — 
 
 1. In consou of the sum tii 20,000<. now advanced and |id by tic 
 hank to tho coy, t!ie receipt of which is hhy acknowleily:ed. the coy 
 
 shall pav to the bank on the day of , or on such earlier da\ 
 
 as the .^auio may hecnnie. payable in accordance with (he provisijii- 
 hnftr contained, tho i>pal sum of 20,000/., and iu the meantime, until 
 payment of such ppul moneys, shall pay to tho bauk interest upon the 
 sd'sum of 20,000/., or such ptthof as shall for the time being rcuiaia 
 
FORMS. 
 
 (Ill 
 
 ,,npa. Rt tho rat.- ot .;{. p.i.p.ii. iv.-. from tlu 
 I, ilf-v.'urlv |.aviiu-iil« on, Sea. in faoH your. , , , „f 
 
 o XVov ;hall on tlu- oxo.u.io,, Im, ,,uy .c, .ho L.mk ,l,o sun, of 
 , ■ l,v «av of bonus or comnii.-ion for .ho s.l n.lvi.nc^' 
 
 ■i I,-,l„. ;ov shall .m .ho omhu.Io.. I.of pay .ho su.u lu.Mn.l ... 1h. 
 I,', ,>.o.<..li..-' cluu.o. a.i.l shall al>o ,,av i..ior.>-l n,.o.i .ho .1 ,.,.al 
 
 : . .o;;^.. or upon .o ...u.h .I.of as shall .or .ho i^.n^ 
 
 Z.n ..np.l, at .ho rat. of i popa.. upo.i or !.o„„o or w. I. . 
 
 ^, s a .or. oaoh of tho half-ycrly days a,>.l, up .o .n,l .... u. ,n^ 
 
 I -lav of - .i„a..oonla.K.o«i.hola..solho,.an,ishan 
 
 ,v ,.hsorvo all .ho other provisions of this a.. U -hon t . hank 
 
 w i a^cvvi inU>rost nl that rale in liou of in.oros. at .he ra.o o i- 
 
 , rir oaoh half-yoar in ros,«.ot of whi.h .ho sa.no shall ho so 
 ! l,n. no .lai... for nvlm.ion of int.ros. n„,lor .hrs prov.s.on shall 
 
 •J;;;:/;: ros,.o. of a,.v half. yearly paviiio,..^ not .,ja,.o«^ 
 n,uo afsil, a...l no ,lai.n for .o-ln-Hoo ol .n.orost Jiavahh' a... , Hn 
 --(lav of -shall ill anvLiUso ho iiia'l.v , ■ u 
 
 , Tho (ov shall i hvvi.h issue to a..,l into ih" 'm.i.o ol .Ikj hank 
 
 ,|,;...u.,.v' (loU-nturos. and the s,i„.o, hill. •,..-.. -;;'";;'; 
 
 «...uri.y for the ppal .no..oys a.„l ni.ero. hhv sooiivod. a.ul -hall 
 vuiml (har!ro<lar(W(linply. 
 
 -, So hm- as the oov shall duly pav i.i.ore>t o.i iho -d m.ii. ot 
 .„H„„i/ , or;,, .n.i.h .hot as shall for .ho li.i.o hoi.iu .v.M.n. n"!" . 
 ;\ho raU- of and payahle in aa..rda.i(c wi.li -hi; I'-v-ons ho^ 
 
 ,i„. ,,,„k .ill accop' «■"■'' I'aK— '"■■- '""■'■-• -' '"' '";•;"-■"""■' "^ 
 
 „„, ..MTospondiMS half-year s i.i.eiest „n .ho soour..y dol.oiiuiro-. 
 
 , The!.(.v,nayalanyli...oU.forelhe day o, - ,.veno,.^ 
 
 i, ,vrili..^' to the ha.ik of il.s in.ontion lo^ ropay_ the "hole or any pt 
 
 1887 
 hy Form 696. 
 
 ul' Iho S( 
 
 I sum o 
 
 f 2tl,.)0ll/-. such pi not hi'iii 
 
 al aiiv 
 
 ()iu> li.no 
 
 :,ml., and hei.i'.r a mullil 
 
 llinle of ll>l>' . and al iho e\pii 
 
 iMoll O 
 
 f 
 
 line 
 
 Mioiidar lao 
 
 nth iroin su 
 
 :h no. ice 
 
 iiiorciii spec 
 tiie saiiio arcor( 
 
 iUcd shall ho jiayahlo. aM 
 
 will, .his olauso tho hank shall allow or pa 
 Iculated al the rale of 1 p.o.p.a. on the amnun 
 
 hein<; pivon. Iho ppil nmiievs 
 I the cov ^hall forlhwilh pay 
 
 d- 
 
 to 
 
 lin.i-lv, and upon payment .hof l>ei.i'4 made in aci 
 
 lllH-( 
 
 time ifiiiainiiit; unoxpir*^ 
 
 IwUvetMi 
 
 tho date 
 
 III the ciiy a rolia 
 I iho.i repaid for iho 
 suih r(>(lo.iip.ion and 
 
 .he sd 
 
 (lav of 
 
 I'pon any ivpaymen. boin 
 
 ule hv .ho coy lo the ban 
 
 with 
 
 iiilero-l 111 pu.suaii 
 transfer or trivo up 
 
 ii> of the last pr» 
 to the cov seci 
 
 'diiiU' claii-o hof. the batik shal 
 
 iii.v d(>boii.iires v:^ 
 
 ii:il in f i(-'o or 
 
 ml value to «<» \< 
 
 iii* ) of t 
 
 iis near . 
 
 hereto as the debeii.iiros wil 
 
 ho amount of tho principal .noneys repai 
 
 upi 
 
 If the 
 
 ^0.1 
 
 jv shall eommi. any 
 
 ch of aiiv o 
 
 if the uhlii/ations 
 
 i( hv these prcscii 
 
 ,r l,v ihf -d tiu-t don<| iiv thi' dolion- 
 
 luros secured thereby, or 
 
 if the sd debeniuros or anv nt lliom 
 
 become 
 
 able, or if the soourity consti 
 
 lilutcd bv the sd trust i 
 
 shall 
 lei'd 
 
 shall become en 
 
 f( rcwible. or i 
 
 f the' cov shall -top |)ayiiient or o»)aso to 
 
 ■ m 
 
 %i 
 
 
 
 Va.'-i;- 
 
1-2.38 
 
 ll.WKlVc: \NI) ADVANCK SK, lltlllf.s. f('ll\r. \VI 
 
 13 
 
 1 I 
 
 fi 
 I e ■■ 
 
 I fi 
 
 Form 596. cuirx mi Im^iiu'-^-. iir it uii\ of ill • ovt'iil^ -|H'(ili(' I in il.iiKi- if 
 
 lll<> mI lili-t ilccil ■.liiill liapiwii. tliiMi. iiliil ill :iMV iili>l t \<'i \ ^lli|i ca-i;, 
 till' \innk m;i\ . I>y mil l,>~ lli.iii (wciil v-lnm In mi - imiii n in u i iiin- ig 
 
 IIk' c ci\ . (all in lli>' |irini'i|iiil mi<mii'\.< IiI>v ><<' an- I. an I III i|>'>ii ihu 
 
 wliuli' lit' lilt' piiiirijia! iiioii('\-. Iihy sociirpij iiml llifii K'Mi.iiiiiii.' 
 uiipiiicj '-liiill iniiiit'iiialfl\ ln'iinu' |iiiviilili' willniiil iiii\ liuhi i" ii- 
 hitl III till' |iait of llic . i\ . mill llii' ciiv slnill I'mlliw illi |i.ix iln' 
 •.11! ••Hilling |\ , 
 
 ;> .^iMlimi- 17 ami L'li <il tin- ( 'niiv(\\;uii iir.^ aiil l.aw nl I'ii)|mtiv 
 Act. ISHI, >liall nil' ii|>|il\ hill. 
 
 In. Il' llic <iiv >liall at any lime uiiliin loiiilrcn ila\,> liuiii ilir .lai.i 
 liiif li\ (li'cil ^-ivc III llic liaiik Ilic o|)liiiii in an-oiiLiiKt' willi tli" lon- 
 (lil inn- liilliiu iny III' |niii-lni^iiiij tidiii iln' iii\ tin' mtiii ii \ •iciiiMiiiiii'^ 
 unil >'\('i\ |il lliiil' lit till- |iii(i' 111 UT/. lur every <lelieniiii.' in ie-|ii>it 
 of vvliirji III" i>|iti<in i^ e\ei(i'-e I. llie liaiik ^liall ai ■ i-|il -inh ii|i||..ii 
 ill ^ali-lai lieu nl the ))iiiiei|ial sum ul ,"i.ti(ll)/.. |it nl llie Mini .i| 
 L'.'i.lilMl/ niaile |ia\alile |i> the hank iiniiei ( laiiM' I linj. 1ml ihe ilr I 
 utVil In lie ii|ii iali\e in llii- ie~|ie, I inii>l cniiiiih v\ il!i I he-e i undit iuii- 
 thai i.> III .-a\ 
 
 '■■I' Il liill-l eiiniile thai llie ii|itiiill al.-il iiiav lie e\eiiiM"i 11 i 
 
 lime 111 tiini' hv nii!i<e in wiiiinu to the iny .-.[leiiiv ini; tire 
 aniiiiiii! Ill he |mM lia>e(i. and .-^ervdl iliiriiii: the C'liilimiaiii c 
 <hl ihi- M'liii il \ 
 ill' It niii-l |ii(i\iile that if ili,' hank .-hall <let<iiiiiiie In elVer Inr 
 jiulilic .--iili-ci i|itiiin tlif <lelieiifuios jiuiihn-pij. or nihoiwie 
 tn sell 111- (li-|iose (.if tlie nuiiio. the eoy -liali t'linii-li the 
 hank Vvilli -iieii ie|i(iil- nl e\|ierl- anil nlliei iiitni nialimi 
 a- the li.ink shall lea-miahly leijiiire Inr ihe ]iiii|in-e nl a 
 |irn.s|H'elli-- nlleiini; the ilehi'iitiiic- Ini' iniiilie .-uh-iri|ii'"n. 
 and thai the hank ^hall lie at liherlv tn ii-e an I {>iilili-li 
 .•-luh it'|iiiils and inlninialinn in any Mieli j)ins|ieela- 
 ^<i II must ]iiciviile thai the hank shall he at liheity tn apply the 
 piiii ha.-e-inniiev jiayahle IVir ilie delieiiliiies .-t> far as iieee-- 
 sarx in halis|a< linn nl' tjie iiiuney.-? Inr the limi' heiie^- nv.iii^ 
 tu the hank under <ii liy virtue ol this st'iiiriu. 
 1(1 ' It niu.-l jmivide that the eoy .shall, when ivipiire I hy llie hiiik. 
 apply tn the (niiiiiiill<'e ot the l.niidoii Sink K\eh,iii'_'-e fur 
 a (|Uotntiiiii nl' lh<' delK'ntuits. nud ishall dn, and eoiKiir in 
 dniiie-, all aels and things wliicli the sd emiiinillini shall 
 reijiiire hel'ow and Inr the purpn.si nl' ^miitini: a (|UOliitioii 
 ol llie delieiilniie-. 
 (t!) It iiiu.sl he delivered In the hank within Iniirleen dav.- I'loin 
 
 the date hilt'. 
 In W 1 INK.ss, Ae. 
 
 Sdiiictimr-. wliiie there i« a iiierl^.iiri' <>f sliiire-. di'licniiiris iir ilclicriniri 
 Btock. for -.1 siieciiied -um. it is ilesiri'd tn irivc tin- iiiorteiiine jiowcr to liii) .sm li 
 
KORM8. 
 
 1S39 
 
 „r, ::lnul ni.Tttf. .;;.•. f..r iU- ,...«.■ rut.-, a- ...!.• r ■■■! ■■'■ 
 
 ,1-. iiu«rv.T. canii"! I"- >1"»'' '■>• ''" ?orm 5D8. 
 
 Il„ iiiilij "f rill, mi'li"!. 
 
 „„, „„. «,.ll-,M:.l.li-l.-.l v„ f .-luitv l.n.lulM. .ml, . .1...,. - ■ 
 
 ::„ /;.,„■„,„ r..o,...r".t, A.. ■.:!..!; ^" ''-■-'■■■•■;"""-, J; \ "^ 
 
 ;;„„/;.,/>. '■.,r,.''. I I'M..,, \. <•. Ja.<; .,.1 -■ /^ • - . ■ ' - - 
 
 ll.l 
 
 , ,s,,,, ,, .\,„ //.-„„,,/..... (iH'.f:. V. f. I 
 
 ,„i li.r .l.-iiv.l .Mi.l i;iii ill -.r.i.. 
 „.,,. 1,.. m.i.l'- ri..l.'.'iiial.I.. "ii I 
 
 .,.. l.r M. li;..^..l ll'ii '•■' 'I' ■ 
 
 I n MM >i' <'t 
 
 (•ir;-, ,. M 111 ilriii til'- Mihuii."' 
 
 „„1, ,il...„.i. ..I. .<:.>•. •^'> l"'i- '■" 
 
 „. •Ilu- i- al!..«.il.l.v i; .' >. '■■ 
 
 ,,, Willi 11 1»'IIM« ">..•■>.-' I ,,-,;■ lie II 
 
 , , -,,.. ;^./^, % /..l,r,:,.i,, -in I.. .1. fl. U.n: >!'■ .•■' ^. ' .■' - " 
 
 .; n;,., a,l a.u. «...i-- .iMl,..lial,il,.y ,...■. I..; -■ - -" - 
 
 i„,«av n„.iM.i..an,i L; ;-";7, >^' H" 
 
 „.iu,,„ Tlir I ■'\. '■ii"i'' FormM? 
 
 I'.,iiii., I.iiiii'l 
 
 Tlll> INDKNTl l!i:. uu .'. 
 
 ,i„ii:. .all-'l ■ ll"' ^"> '• '" '''■' '""■ '"• '""' ' 
 ,|,,,llr lall.vl -lli-' l.Mil^ '. "' ll"' "'"' 1" 
 
 \„.UnKKKA>.. l.a>l — .n,.„..lli.:lM iMUUnll ^M\ 
 
 ,„;, ,i,ll„ i„Maln,i.„i-ii:^..no,..l,,-^..n.Ml,a, M.1, ,„-:, m,s 
 
 ,U||,„.,-,.;,.mll,vl,ill--oli'vl,,n...'i..l"'.l-""l- ,h..l.anL„,,n„ 
 ;„„i,„,..|„.„ll,v,,h,.,..,v.ii„il.lr.l-''^i'"l^"— '-"'''""- "■"'' 
 
 111 iIk' .-lli'dllll' llKl. 
 
 Am, w m;iiKA> it !■■' uii.' >•( tin' hmmi- of tli<' mI i 
 1,:|| >l,:,ll I... Mvuivil ii.- liiilir |.ii.\i(lMl. 
 
 Sf'in.|ty "t 
 liillik 1,11 I'ill" 
 „i„ll.vi|. 1...MI 
 .,t' lilt" ntiip." 
 ill lilank 
 
 II r:iM.M'liii'i'' ilmt "Uili 
 
 II M>- 111' I ll 
 
 i> lil,\ ,i::i 1 ^iirl .'■•' Ln''''. 
 
 NuU llll>r, L'KI'.-I.M^ v\i 
 "i''Tl.i.,vsli..lir..Hl,«i.l....ivi. ,Ii..>.11mIN.u. ,1 till.... OUT 
 
 'M'*Tri..'iNmiM„.,l tl.-..l l,ill> 1.. -Ill' l.-M.-v- lor till- tiin,. la.iii,^ 
 
 ,|,.,l AvM l,v .-^.-m,.,! l.v th" i"H- t., ll.l' iMiiU a- 1. I I • 
 
 d,.!,..,„.,H...of.hi-.i>.ran.,l.l.-M., r ,li.|,...,..M-^ -iin.il ..-• to 
 
 1,.. -,.. ,n..,i l,\ an iml,'i,: mo. ilatnl. A'.. aiM ni.i.l". -••■ 
 
 ;;. Wiilia'vi... toMi,-l,i.MU.. L ,M«Mit.in.. of ,l„. .o> , I i-n-l 
 
 .11 a,,.,ia,i>...-«m. till. io.m..,.,„.nl.i,. till- ^. lulo ,o , „. h 
 
 ,,,,,,,,,,„,,,„liMaMk.lHii,.u'nl-l.— .1,1.11.^. ,...,:, .m, ti.ai. 
 
 01- 111,. ..d ,l..l,<.„.i....^ f.,. .1..' n.un I a.lihv" o, ,|„. |,av.-. ^l.all 
 
 (onhuMl, I,. MMli'il 1- till. loiiMiii.li soul oi .1,1. lo, aiiil h:.,.l-il J-'^ 
 duU .Maiii!i,.l, to .Ik- l.a.ik iipoi. tl..- footiii;.- tliat tin- lia.iU i.> - 1... 
 l,|,.:,,v at anv tinio to till up tin- m1 iila-ik. a- iiiiHi ,......,!. a,- ,ut 
 
 .u.hJuu-aiitiim- tlu- b.iuk i> toMaiul in tin- .a ,,,..,.10,11.1 i-^ai.l o 
 
 miiii.v a., if tho luii.K- of tlu- bank weri. ii.M-.l.-.l m -a. Ii ami , ^.•r% 
 of .Ik- sil ,l,-l,vi,liiivs as the nam.- of ilu- ini\.-i- tlwH 
 
 rU' 
 
 ■it I 
 
 ,1 
 
 ^CT^BBBISHRIT 
 
1240 
 Fonn 697. 
 
 HANKINfi AN1> UJVANCE SKCURiriES. [( 'llAl'. X\l. 
 
 I. The Kiv lilty oiinKiwcrs ilic li.iiik, .i- uiid wlicii llm li.iiik >liall 
 lliiiik III. to till ill lli4' iiaiiii' lit' till' bunk ui* llio |>avi'f of ilic mI iU'Ihh. 
 turt'n, iiikI Io (U'livi'f ihc ilulioiitiiiOM so from liiiii> to liiin' (iiiii|i|<'ii'.| .w 
 the ilt'i'd i)f till' <iiy, iiii{| ||ii< my liliy iiU'voiiiMv a|i|)oiiit.-i llii> [..ink 
 to lie llic iiitciiiicy of llic loy fur tho )>iii poscM af^d 
 
 ."i Till' .xl (U'ImmiIiiic.m ulioii itfiiKtl, ami lli<" liaiik'n lilli' i i lln' iim ni- 
 tiliic Id fluid in iIk' pofition uf-<d as i<'irard-< M'cinity. -ihall In- lichl in 
 tnisl Id -iM nil- llic payiiii'iil to llin lioldci-s lor lli<> liiiK' liriiiir. and linm 
 tiiiM' Io linu'. 'if till' liills of (•xi'li^iiii.'i' af- I of llio |)rinri|ial jnomv* 
 mill iiili'ii'>l |i,iyali|t' ill ii's|hv I of siirli lull- 
 
 Qui, mill II, I. ,\i . ('■ 
 Ch. 1K3; Simiilliiii,' 
 K. I». 771. 
 
 lisiiii :i cii. iNi; r.ij'jr \. \i .1/,, .(■■•■ ''"■■ u^'iT. I 
 
 . fi,/,,ir r, mil, III S,,„il,i;ili s. F„.,i-,..l;i,. il'HIl) 1 
 
 t). Tilt- loy -hall nut. «liiNt any ol ila- sd hill- aif uiit-tandiiii;, 
 issue, or atlcin|it to is.-ne, any dchi-nluivs oiilM tu tin' hcncli! ot ilit) 
 »d tiu,-t di'i'd oihi'r than llio dolicnturo-* for t - iilVd. 
 
 7. In t'ai li and cm'i \ of tho I'vi'iil.i f'd|o«inLr tin- M'cuiily lihy lou- 
 (ititiiti'd shall ininipdiatidv hcioinc i iiforrcahlo; that is to Hav: 
 
 (II If the Kiy makes did'anli in ]iayiii(Mil of aiiv -U'li hill as ifs.l at 
 inaUiriiy . 
 
 'L'l If .in oidi'r .-hall In' made, or an olVciinal ic-oliihoii diall he 
 j)a.s,s«'d, for th<' • iiidinj;-n|) of tli<> loy. 
 
 l^.'t; If any of the mI hills shall he dislioi nd 
 
 i4) If tho !>ank shall he of o|iiiiioii that iho i oy i- in llMiihi.d 
 dilliinllit's. 
 
 I a I If the I oy shall runiMiit any Ini'aih o| .i!n of Ihr |iio\ i-ioii- nf 
 this a!j;itH'iiil. 
 
 .(il If tin' loy .shall nut |iiihiiio cvi'iy ijiicclor of the coy in dili\rr 
 to lilt' bank a roM'iiant with the bank that lin will nn', wliil-t 
 he is a iliici lor. be a jiarty to any'.liiiiy in brcaih ol rlan-i' (i 
 hof. sill li covt'iiant to ho ih'livorcd, as loiiaids oadi of iln" 
 jiior'Ont dirri-tors of tho coy, iiniiiodiately iiftor tho oMinliou 
 liof, and as iot;ards oai h fiitiiro diri'rior. iniinodiiilch afHT 
 lii» ap|ioiiitini'iil to lio a diroiliu . 
 
 8. If and wlion tho soinrity lihy loii.stitutpd hoi lo- oiiI'm I'.ilih. 
 
 tho bank may soil th • s<i ' loiitiilt's. or any of thoiii <■ tlio bank may 
 brinjr any artioii or lako iiiv iiroceodinoT* to onforio liio samo or aiiv 
 of the rights hby f^m ii to .ho iiank, and {ronorallv may taki' mh h 
 steps with a viou to oi.t ir -inir and roali-in^ tho sorurity as tho bank 
 ehull think o.vpcdiunt, and .. .;'i a vir-,v ihoirro ;hr b.uik ni.iv iiif up 
 the blaiik.s in tho cd dobontuios iis afsd. 
 
 i>. All nionoys arisiiii,' under the la-l pvicdiiiu rlau-r shall bo 
 ajijilicablo by tho bank first, in paviiii;' ill ox])i'nsos in" iirrod by the 
 bank us tree hof. and. sotoudly. in jiayiinr oil tho -d bilN of oxohaafre 
 
rouM!*. 
 
 iv'li 
 
 ,r „„., .u,.l M, tluit. .f any ..• .!.<- -I l"!!- >ha • thn, l..n.. Form 697. 
 
 s:r;:i..Hi'.<-p....i r ..,.h ........ ,..,„ .,.......• -t 
 
 IIIKIII to IIK'Ot J<U« h l'."' 
 
 ',„ TI,..ovnK.vuU.:.v.inuM.av'.l>aMV.,MlM.,.ll.l>^.-M H^^- 
 ,., „,-,..r ,1„. .i.m- lixnl r..r ,.a,v.no,>. .hof. an.l upou pn-lu. ,... H-. >■> 
 ,,„, l„,„k .lulv .;ili(rll.Ml. 111.' I>iink 
 ,„„i...rtion of iJif a.-l,.M.IunH iifH,!. 
 
 .hIiiII u'ivf ii|. I" 111" "•> li 'I'"" 
 '■■ n 't.,<. i-M.- ..r .1... ..I ,l,.l...n,u.-s .^ n.. u. unv «..n ...;.1-. '^ 
 
 
 ■|'liK S. iiKi II-. iilKivr rolVn-.Ml |. 
 Wariiniltrs of lUlln ] 
 
 1 I . ^1 luMvwiMi ilii' t'"\. Form 598. 
 
 \N ,\i;|{|:1:MTih;i:|.m1,.' <\>^ ->' .l- m -i ^ 
 
 ,,„„;; :;::„. ,..,k..i ■ n,. ...m. •; ,. ,i, ■■ ,... «i--i.v m . .,.. • j.;--;^- 
 
 , 11 fllturf 
 
 nn,a 'hnftV'.'uUo.l •the -ov " ., of tW o,,.- pt. an.l iIm- HanU, „,.,..>,....( 
 
 I n,.. Link is loitlnvill. I., a.han... lo tl.-- ■ ,n un ll,.' Inolu.- -I ,,^,.^,„j 
 ,lu,a(;n.,-n.lthosumo( l(m.«»(H./ ':|"-;; 
 
 .. The Lank Ih to n.ako lu.ll.or a.lvamv.^ fnm. .in... ,„ uni- on .... ^^^^^^^ 
 r..,;,..M of .ho .oy on tho footing of this u.,ro.Mn.. Imt m. ,l.a , ..• .o a 
 ,„;.„„„ „,■ ,„o ,.,.al n.o..oys to l,o hl,y s.vu.o.i sliall ..o, os.oM ... any 
 vw liniP l.-)0,000/. 
 
 :; Tl... a,U..n,,'s afs.l a..- .<> .a.-.v in....-.-s. a^ follou^. Iv 
 
 \, lo ll... .-a 100,001./, a. tl.i- .aio of :ll l..r.|..a . ny to ll,r 
 
 .ilvof ,„.,.o.a,.a,.hi.i.ho.-.a,. '-"-'",;';;;;; 
 
 l„.in- ami f.o.n .in.o .o ...,..- U- ■...• .n.n.n.n.n ..,.,■ o, .1,,. Ha. k 
 „f Kntrlan.l. ami a,, -o .1..- l.alan.o a, ,!..■ n,i..i.n,..u n..- .o.- l.o 
 ,i„„,l,.>i„,an,ir...nM.n,...o.in...of,l,ol'.anko, l.n.lan.l, la.t 
 
 lntir«t. 
 
 not l.'N-< .hau :'. p. '.I' a. 
 Til." a.lva...o,s afxl a.v lo !..■ .■.-pai'l I'V .I..m .v lo i 
 
 h,. Iia.ik on U.T*y'»""'"- 
 
 „,.:;,„,, .lu...-. 10 . unl.-.~ on or b.^fo... .1... ;>!.. Ma.. ^ 11.^- 
 u.Tau.on..n. a. .1..- .-ni-s. of th. -ov is n,..!,- . .■ -M.-..!,.. .h- ..".c 
 
 :. A« f.o.n .1.0 .in.o «ho„ .ho .1 .oiva.uo- Ikvo,,,,. u,,aMl.l „ '■;'^-i,„ ,„. 
 
 ,h.> M.-.,..l pavmo..t .hof. .!,.■ -..i.o shall -a.-.y in.o..w, al ll.o r. ,,,,„.„,.,. 
 
 ,0 ,,..,. .a., ..nU.- I lowo, ,... shall U- a.-.-.-l .,... 
 
 .; As so,u.iu -• -h pay."-' •" fl"' -1 '"'-""^'■; '-"^ '"• ' 
 
 „„,,on, .ho ..,. .s fov.hw.th to oxo.,i... in f..vonr of • '.anU a 
 .nodirap- of .ho froolv.l,t ...nm -at. - .xaho,! ... -ho ^ '' ' "". 
 
 ^: 
 
 simti)i 
 
 :il'«...'^.t. t.-"'jah. 
 
m 
 
 1242 
 Form 598. 
 
 Fiinhcr 
 
 wcuritic^. 
 
 Ajipriivil. 
 
 inurt^:igt'. 
 
 Valuf u, b< 
 kept up. 
 
 .Sttlf. 
 
 DocUratiou 
 ovidenco ot 
 default . Acf . 
 
 HANKINIi .\.\0 ADVANCr. SKfURITIKS. [' 'llAP. XVI. 
 
 Midi uuirl^iii;;!' Id bo in llic iciiiis ol llii' liiMl'l aliiMdv ;i|i|ii.im'.| hv 
 flu' jiiUiio litu. 
 
 7. -\.-i liiiilicr .-ccmiiy lor iIk' r('|i;i\ iiieiil nl the .^d iulvaiicc- .m.J 
 iiitcK'.-t, liio Lov will liom time In tiiiiu vol in llii' li^iiik limiicr 
 K(?ciirilif><il' a value iim Ic^^ ihaii .'So |i.r. lieycjiiil the advance^ in (.\, .'^» 
 ol' KMI.IKIK,'. ri(.iii llijie ti> lime iiuiii^ on the MTUlil\ liiif. 
 
 «. '1 Ik' iiiitliei- .M'riiiities al--ii .^liiill in everv ca-e lie miIijih i i.j ili,. 
 upprovul vi the Imiil';. and .-'lall not he rcLianleil a.- liiitliei' seriniiiiN 
 for llie piir|)<i.so.-; <d' llii- a-i-ei>nii until tlie .-.anie Ii.im' liei'ii .-o 
 UlilPlove<l. and tlie value el' sni ll liiiiher >ermiiii- iiie>i I'e iiiaih out 
 1i> llu' .- .'i-i'.utiun ili the haul;, and sliall nut lie dcpined to lia\e Ih..]] 
 Ml liuiih' .lilt until llie liank sliall liaxe eer;itied that il i< i^o ,-ali-lieil. 
 and .-U( Il liiitliei .^ei iiiiiiev shall lie ve-ted in the hank in -M' h luainu'i- 
 n.-- the liank -hall diic. i, and wlietln r h\ de]io-it dl' deed- m liv li'-:il 
 Iliiilli;:ip'. irr \i\ i-.|iii;ahle iiim io:ii;o di' d! lici v, i.-d. aifl in eu'i \ i ,i-m 
 the .-hdft [lai li' idai- d|' ihe fiiillr'i -(•■ initie- -hall he riid ;, d in \U,. 
 annexed m he.lid". 
 
 '■<. ViI.eii ,1111 -11. h liiilhei .-e iirit\ i- \i.-!e,l in I hr liaiik In 
 de|id.-ii d-'d.eil-. the i d\ >liall at any lime di time.- uii the r.',jue-i of 
 the hank e.-,eiiiic an eller'.ual inui tua'.^i' "!' the )iiemi-i- com|iii-i'il 
 in the ih'|id-ii dee.l.. -ni-ll innituML;!' to he derlated hv the hank- 
 (SOloi- a' the e\|iei!-d dt' the e.d. ,iiii| Id he in -ueh I'liiiii and te 
 contain sinh |iid\ i-idu-. irirluilinL;- lull )Mi\vei- ot -ale. a- ihe -ai.l 
 .<dldr- in ihc hank's iuteie-t ni.ii diM'ui e\|Hdieiii, 
 
 |i'. ir at any lime the value dl' the mdit;^,i'jed jn i-i- ai-.didiiiir 
 
 Id a valu.itiiin td I.e made hy some e\|ieii ;i|i|ird\ed hx the halik 
 (<liall lint exceed the iimdiiiit ol' ihi' rciy's liahililie- in i(-|icit cit 
 (he ad\aii' (■• made en the Id'iMiiu- llidf hy a ni.iio in nC ;,t |..a-l ;!(l ji .■ , 
 llio hank i- td lii> a! liheriv tn iidlil'v the I'arl id the rd\. an. I tliemv 
 is within days at'teiwards to ve-t in the hank fuither -emriiie- 
 
 upiiidveil liy the hank Id make iiji the ici|tiiied niarL;iii. or in the 
 ait*.'inali\o is to j.ay In the hank -ii miiih ra-li a- shall re-!die 
 the ieiiuipe<l jiiaifrin 
 
 11. The hank i- td have a pouef tu sidl the mdrioa;^cd jiii'mi-e.- 
 iii the terms iil' .siih--(Ht,. 1 dl' seel. I'.l dl' the ( 'diivi'yanciii"- and 
 I.uw dl' I'lopoily Act. 1H«1. and .serN. 21 and '22 of tlio wl .\(l arc 
 to he ii))|>lieahl<' a" it' the power ol' sale were cdiilerKMl liy the .sd 
 Act; hut such pduer i.s imi to he exercisini iiiile-s and until the inv 
 Bhall liavo iiuuU\ default fur lume than seven day- in the jiavniciit 
 of fomo money hliy socined nr in the jierfdinuince of sdine dhlijrii- 
 tion liliy iinpiLSfd on the iny. Sect. L'O of the sd Act is not tu apph. 
 
 Sec iiL'W -ccti-. 4, il lit' ('<Mi\iyaii(iiii,' .\it. 1911. 
 
 12. Upon any sah' under the power alsd, a slalulor\ dcclarutiou 
 luudc hy a diiuctdr, iimiiat,^or, or •■a.-hier ot the hank that the ooy 
 
1 <-v 
 
 1.^ made defuul. .. umI. ..wl ,1... .I..' J-o,- „f >..l.. i^ ..s.,, ,-,..l,lo. Form 898. 
 
 .hull bo .ourlu^iv.. .'vi.U.M,.- in lavo.M ..f anv ,.un l.t-.,.. o, ,.,l,.. 
 
 ,,e,>,m acivin..' till- U< tl,.. p..MniM., ..m.I.t m.,!. s„lr 
 
 ' ,., Tlu- rov i> in„u ti.i.r I- tin..- U, ..xr.-uh' ami s,^„ all n,n,~h..>. l;;'-',; ■ 
 
 „o«,.,- ..1 atiorncN. a.ul oti.u- ,KM.nn..M.t. «l.i.li iIm- I'anU ...,,> n.- ,„,„„„.,i. 
 
 ' i,.. „„ ,„.rlV,tiu..- th- l,a..k-s ti.l- t-. tlH. M.,.,l„..v,l p, r-v ..> 
 
 ,„.,,„■■ ill- .-am- .-1 auv .-ovonau: ^^itll aux ,.mvlmM.i 
 
 ,, Wi,k ,!>- .on-..,n ... .iK. Lank ,1.- ,•,., is .u 1,- a, hl.-n. ...n \N „l,.!n.w.l 
 ,„„., ,„ n,u,. to uith.hau anv of tl- Inrthor M.,.u>.nos ats-l ^v-u. .n 
 ,,„ |,,„u ,n.,M,an> t,. thi^ a,.vo,nt l.v tl,- uMin.^ in tl- Lank oti,-- 
 -,Huiiti-> ill ac-oidan-- «illi th- lni-i:.'in- i.iovihom-. 
 
 As w M\r>-.. &r. 
 
 Securities on Debentures and Debenture Stock 
 
 Ui„..-,- ;. iMl.k i- williMtr 1.. tak,- .l.-l.rMn,n- ;,- .,..M,-.ty. liny ..M- of ,..MV... I..- 
 
 - inllv i-.M,,,,-,] >o a> t.. mrct tin' nr.ain«I.MM .-. "'"■'•"">" 
 
 ,,,val.!.-'un.l.'nu-ul.-r..na->nai,,li,>.<Tt.H. -unt-. ^,- 1 -rm ...H ■ 
 
 ' •,.„, ,,,..., ,..n , ,.,„„„.nly o.rur iu whii 1. .hi- i- i- P-....,. .!• ■■ .t .'M • " • 
 
 ,U.l,...,tnr.- sto,-k. au.l .!»■ lu.^t «-,M.rity i. .mii -llVr f H- l-nk i- H 'I'" 
 
 ,i„. -„.„• i-MM. In <«rl. >■,.>.- th- H.v urity iniiy l.v ,.|l-.t,.,l ^ 
 
 ,p |„ „.„ ,..-,. „f .l,.!,-,,,.,--,-, l.y i".n„..' .!»■ .1.1 -an- ... in---.- h- H.- 
 
 „.nk ...in. i...k . .i.a,-..- .1..T. «i.i. "';;;;;:: 
 
 ,„Kh.r wh;.-li i. -an. if , -i.y .ri- . -H H- -l-l -'- -"' ^'-""''^ 
 
 ihcni III ill- par-hasir-: -r mi, i , ,1 it..< 
 
 ,,, „. ,h.. ,aM -f .h.lK.ntun... I,y >,• -' .1 i"--'- '" ^^^"^ ^ '^^ ' 
 
 -.nd nanu. of |.mv,..-. ..,,1 d-T.^.i"^' <l-i" «'"' ""■ ^""^ ^'; " " ">• 
 :!,...,. at '.;,v„n„..., .ilia,, ,h,.l,l:,nk.. Mu-i- .1..- ..-.n,- 
 ",. !h.. .-n„.,.nv y;„. to -la- Lank a >:... i I -in. ,-■ n,!.-.. nr- 
 
 ,„ withdraw anv of tl,.- d,.l„.n,.„v. . - .... «l-i.l. i- 'i'"!- "— '" '''"■" 
 with outsiders. . i i . .. „ iii, 
 
 :>,>..■• ^ -'•■'"■-••■'■:'•■';•-■'■■■• •:>-.r7''::;r:;7r':t::::.:n!: 
 
 Ih- l.ank and Ki^""-' 'I'" .•-lUisit.- pow-r -t s.'L . \. .. r 
 
 ,,..„„ n..,o,ia..h. i,.tnn,„.n.-, tl.- '7"' ;'"';.'';;- •;:,': 'iZ:;', 
 
 I! (•.-.«■ H^hhi.:.. X. .v./....'.,. dwi'.: ■.! 1^- >•■ "•• 
 
 ,...nV;rofd,..,.. s k.fyi -"••-:■'-'■ ";;:.,':;;;";:i::; 
 
 ,,,„„i„,...s with d.tiPitiM. ...tiH.at.-. or l.y LM.in.' a ,• u. w-.l..." 
 
 Is i anv ...r,i.i,.a„.s, .„• I,y , a ,• ■..• an.l .s,„„. a ,,.„,.,,.., 
 
 scrip ...TtiK-at... or l.y i-sninu- d..ti..iti- ,■,■,■1.1,.:,..- ... var - a, .nt-. 
 
 witll po«-r to fill ap. 
 
 ■na. law and pra-ti-,. a- I- ' "';'""--';;'', "''' ^^''^ -^ 
 
 ,„r,h in .onsi.h.rald,. d..tail in Pur. III. ... .las w.,rk. (I.I, -.1 Ul . i he 
 ^i,,. is an alphal,-ti,.al list ..f th.. pri,ni,.al n,a,., ,- .h.r,. .halt w,tl, 
 
 f.\QF 
 
 A,.tu,n, .0 ..nforn. «« ApP'-'ti..a l-.tt, r, ^^^^ 
 
 VtHdants, .\s to ^'- A"",.";, a-"^ ., , 
 
 4«7 (Vrtiliiat.'s ."' 
 
 .\pp.«ii'aiK'i' 
 
 i 
 
 [rf 
 
1244 
 
 BANKING AND ADVANCE SECURITIES. [ChAJ'. XVI. 
 
 S 
 
 PAOE 
 
 Chambers, FrooeedingB in .'590 
 
 Coiiti'mpt 54g 
 
 Contract to take, Rrmodies 160 
 
 Conveyaiipinif .\ot, 1881, Extracts 427 
 
 Coupons 199 
 
 Debenture, What is 1 
 
 Kejristcred 251 
 
 ,. Hearer 261 
 
 Stoek, What is 5 
 
 Deposit 187 
 
 Directors, J.uinilitiea of 120 
 
 Discount ](j.i; 
 
 Equities, Assif,'r.ment free from.. 19 
 
 Execution m 
 
 Floating Charges (;9 
 
 Foreign Property 62 
 
 Further Consideration 743 
 
 Guarant^K's 003 
 
 Irregular Issues 184 
 
 Judgment, .Motion fur .551 
 
 Judgments and Orders .-)j8 
 
 Majorities 140 
 
 Meetings 727 
 
 Modification of liights 373 
 
 Negotiability 25 
 
 Pcrp<'tual Debentures Ill, 105 
 
 Pleadings ,508 
 
 Power to Issue 47 
 
 Preferential Creditors (122 
 
 Presumption of I{<>gularity 116 
 
 Priorities 122 
 
 Pro IntPftsur Siio 722 
 
 Property Chargeable 56 
 
 Prospectuses 148 
 
 „ Forms of 219 
 
 PAGE 
 
 Keeciver by Deed 2.58 
 
 and Manager (,Court) ... ."i26 
 
 .. .\ecount3 f,9j 
 
 .. Uorrowing ii:j(i 
 
 Collecting Debts (;;i!( 
 
 ., Discharging ;i2 
 
 Duties t,-,o 
 
 Hcmunoration . 7117 
 
 Redemption I114 
 
 Registration i(j.5 
 
 Remedies of Debenture Holders ... :tSI 
 
 Resolutions 2lt) 
 
 .Sale in Action tJ4s 
 
 Scrip Certificates i(j4 
 
 Set-off and Counterclaim .52:!. C.nj 
 
 .Stamp Duties 203 
 
 Statutory Cndertakings 59 
 
 Stop Orders 721 
 
 Summons, .\s to Kil 
 
 Transfer 190 
 
 Transfer of .Actions 716 
 
 Transmission 197 
 
 Trust Deeds 80, 288 
 
 Trustee Ait. 1893. Kxtraits MS 
 
 Trustees 04 
 
 Duties Vi 
 
 ., Indemnity .ss 
 
 ., Remuneration 92 
 
 Ullia I'ires Issues Isi 
 
 Incalled Capital, Mortgaging .... .59 
 
 „ „ Enforcing 612 
 
 Winding-up, Effect 434, 1.5:1 
 
 Writs t?:. 
 
 
 
 
 Form 599. 
 
 
 
 DelKiitures ti 
 
 registered 
 
 holder. 
 
 
 
 
 Form 599a 
 
 
 
 
 Debentures 
 to Inarer. 
 
 j, ■ 
 
 •t 
 
 .11 
 
 Form 600. 
 
 .loint and 
 several guar- 
 
 Nevertheless, it may be convenient here to give tl rdinaiy form of 
 
 registered <lcl)enture, with a few references to leading cases: — 
 
 Sii' Form ,'iH. .sfz/jci/. |i. Iim. 
 
 »^t'<' l';irl III of llii.-s w.irk. |) L'DI. 
 
 Guarantees. 
 
 TiiK Hank, Li.mid. 
 
 hriH'.iiil cLiuscs {Joint and Seirral (iiMiantet'^ 
 
 anteo (genen.l 1. I'ukvs utiici wi.'*o o.\pr('N»o<l, tlif o-iiiinuitoi' is to l)C wiusiilcred 
 joint auil KoviTul. 
 
 LJuL 
 
FORMS. 
 
 .. ::.i8 
 
 .. -126 
 
 .. f>95 
 
 .. liliii 
 
 . 712 
 
 .. l.-)U 
 
 . 7IIT 
 
 .. un 
 
 .. IB.5 
 
 .. Ml 
 
 .. 216 
 
 .. IMS 
 
 .. 11)1 
 
 3. iinj 
 
 .. 203 
 
 . .)9 
 
 .. 721 
 
 .. Kil 
 
 .. 190 
 
 . 716 
 
 .. 197 
 
 ), 2S8 
 
 .. 98 
 
 .. 31 
 
 .. 93 
 
 . . MS 
 
 . . 92 
 
 .. 1S2 
 
 . . .79 
 
 .. 612 
 
 I, 45:j 
 
 .. (7:. 
 
 Sic iioti- on jfuurantces, »«,</■«. |>. ll'.«>- .... 
 
 Prim.: iuci,-, :i (fuarantc- I'V sfvcral i-' t" !..• r.ranliil us a juiiit rontrmt, l.ut 
 it is a .luostirm of int.'nti..i>: aiul ..vol. «1,.T.- th.- w.>r.l " «-».r;.lly " is lu.t .is,..l, 
 it iiuy api-rar that a joint and s^v.-ial liability was inl.-n.l.^l. So.. /•,// %. 
 (,\,«/,H 7 Kx. IM.), whor.. tli(. words woro " wo uiidortako ami cuaraiiloo . . . 
 iu tlio' proportion of 200/, oa.!..' which words w.ro hoi.l to n.,.an that iho 
 sru.r.nturs woro „.,t jointly lial.l.. for tho wholo amount. Whon llio u-uarant.M- 
 i/oxpn-ssiKl to 1.0 joint and sovoral. A., who si^'iis on tho undorstaiidin'^' that 
 1! i, also to siwn. will not ho houn.l if U. d.M-H not in fa.t s- ■ \Vw'.rh,!l 
 V llown,,../ Id Vo.s. 226: Ilni...,>r v. r„, . 1 l!..av. 379 1. or if H. .lualifios his 
 si.Mi.tnro. h:iU,mrrr IW.„:,v '"• ^■ '■-/■■'. (l«»'l) 1 <*• «• ''•• ''"'"• '•'•'™''" 
 
 „f ono .marant-.r /.< / >nc..- ..porat.-s as th.. rol.-aso of all. oven thou-h tho 
 
 .,u-.r.nl.K. is ..xprossisl to I,., joint and sos.ral. .I/-/,v,„/,7o H.n.h ..I Sy,h:,„ y. 
 Tu.rr. (Wy.\) A. C. 317; and s„. //. H. U . ( , : 1901) 2 K. U. 612. 
 
 's..u..-timos it is provid.'d that " It is i...t t.. U- inou ont o., tl„. hank to 
 
 .all upon llio prinoipaN I" pay l».foro ro,p,irin._' tl». v'uarai.to.s f.. pay th.- 
 .„„„„ht .'uara.it...-d." i!ut it is unn...-..s,a.y, for only oxpross,.s what iho law 
 im|.li.-s." Jtanelo;,/, v. //.,;/..*. 1 Ve-. IS!.: ir,,;,/,/ v. S,,,,,-'.;,. 6 Vos. 711, 7:13; 
 Smith's y.cro. Law, 11th od. 62.'). 
 
 S„„u. .'uaraut....s alv, proxid.- that ■ Th.. amount srnarunto.d i ^um1..s» 
 .,lh,rwis.rpr..vid..d) to b.. duo an.l p:iyahl,. at tho ..xpiration ..f f.,urtoon days 
 aftor n..ti..o r,.,,»irin« payn>..nl shall hav,. o.-, n sorv..d on tho ^;„a,antors 
 This is a oo„o,.ssion to tl.o guarantor, for ,-,„„..• /.'.■.. tho .roditor o:,„ suo tho 
 sur..ty without any provious uoti... or d..m:.ud. Ilit.-I,.;.,); v. n^nnir.-,,, .'i 
 M .VO. .'i.W: <'iith-i- \. Stiiiihffii, 1 Wnis. Saund. ll.'>. 
 
 Soinotimos it is provid.Kl that " As from tl... tin... wh. .. tl... hank ro.|uiros 
 paymont of any luom.ys from tl... n..arant<,rs. su.h n...i...ys aro. until p:.yiurnt. 
 t.,', :irry iutorost at tho rat<. .>t 5 p..r .out. por annum." 
 
 Whoro two or mor.. sun.tios for a ..ommo.. principal hind thoms..lv,- in 
 dirtorent amounts, in tho evo.it of tho prii.,.ipal iM.ini.' in .l..f:.ult thoy aro hal.h- 
 to .'ontributc to tho satisf:iotion of tho ,.ri.dit..r-s .lain, in proporti.o. to Iho 
 limits of fhoir rosp<.(.tivo lial.ilith.s. and not in ..pial amounts. /.'/.•.»,..■ 
 JU,u:nj Co. v. Cn,.,,,-,; (1896, 1 ti. V.. li; hr /w,»,», ilH93) 3 th 212: and 
 Stulu,', V. lUmhll. (1911) 2 t'h. lis. Soo furtlior, Do f.dyar on tlaarant.vs, 
 
 2nd .'d. 
 
 fr;iuil, si.o II,- C.iri:^!r 
 
 1245 
 
 Form 600. 
 
 As to th.. siL'n:ilui-o to 
 
 v,u,i;fi <■„.. /.,.,.■ '/■.».. 
 
 a ..'uarant.... boiriir ol.t:iini.d h 
 .\,o,<. 1911. p. 121- 
 
 ■2. I 11U..S.S ..tlu'iui-f jiiuvitli'il ill*' oiiai.iiiK'i' !> lo '«■ omisidoivil a 
 .■..miiiuiii^,' ^'UufaiUcc lor tlio puipos.. ..f .s,...uiiii- (s,il,.i...t t., uiis 
 limit .spwiliod then-iui iho o;,.,,,..-;,! l.alai.o,. .Iti... or lltul iii.is 1"' 
 duo. Irom liniv to liiiif. and at aiiv limo. In.m tli.> J.pil-^ to llo' Lank. 
 Mnuvithslaiidiif.;- aiiv j.avim'i.ts iL.tii tiiiK- to tini.' niad.- \" tlif ImiiU. 
 or aiiv sotlloiiu-iil ot a... .tint. 01 any .dlu'f tliiiiir Hhal.^.oMr And 
 tin- o-uaiau'oi'.s lialiilily to j.a.v is to;,ii-o liisi wl,..,, noli..' 11. smiIiiij,- 
 is i^iM'ii to liiiii roi|iiiiiio^- liiiii to pay. 
 
 If \ .'uaranto.-s tho pavmont to li. of all sums U. boc-..iuo owin^' to him by 
 (• up to a sp«iH.-d sum,' tho .jucstion arls..s whothc.r tho (juaranfoo att^oh...s 
 moroiy o,. tl.o doi.ls inrurrod up !•. tho sp..H«..d sun., so that wh..„ they ar.. 
 oloared olt the jruarat.t.r will bo at a« .nd, or whothor it is a .-ont.au.nff 
 guaranteo as above oxprcasod. To avoid doubt tho matter should bo ,loalt w.th 
 
124(> 
 
 11AXKIN<; AM> ADVANCI. .SKCUKITIKS. li IIAl'. XVI. 
 
 Form 600. •" 'i'''"' fi-riK. /..//.,■■. \. >■,•/,.,/,•/„/,/, i,. u. i c. i-, i\2->- Urtn,'!.! v. .1/.. ■,.■.,„■,. 
 
 i'lhl. .-,!)-,; y,-,V/-v V. Il„l;r ,.i M.,,ll.„ro,i,ih. ■_• M, ,v S. 1«; /■-, ,-\ llf;,r„;j Cn. 
 V. )■,,/, .V. (|H!IS, ■_> (i. H. Kid: /(„/(,„„ ,. /•.,„,., .I!i(i2i I Ch. 7:1:!: Sinith\ 
 .MiTf. Law, lltli (hI. tii'i;. (;J7. 
 
 Il may In- (lc.<iralilc t.i >tati' nhcii Mr<t tin' lialiility tii pay i- l.i ai-i-.'. ^,i li,;,, 
 fli(^ statute iii.iy not i-iMi till tlii'ii. //',,/,.„ V. /'..,/,/..,,,.. (IS I.. T. |;. lo'l. 
 I'i-r,'s /rn,/.:.J,i f'o. \. )',./,«. (ISDS. '.■ i) I'.. Hill. 
 
 1: i 
 
 1. 'I'll" j;iMlMiiIi'C i^uuli'-~ iillicrui^c ui i.ilii;!''! i i> 10 H'lihiiii in lunr 
 us In I'.ii II of tlii; ;jii,iraii'iji> iiulil tlin cxpiral imi nf I'liiii li'i'ii d.iv- 
 mI'U'I- a iKiiiii- ill wiiiiii;^- to ilisi-oiiiiuiio ili" >,iiiic >iiiil| lie <;i\('ii ti. 
 tin.' Iiaiik liy .~tii li j;iiai:intiif nr lii-^ l<'t;'.il |ii'i-.oijiil ll•|l|l'■.('ll^lli^(■. 
 aud iiolwilhstaiiiliiij;- tiic iji^eiiiiliiiiiaiirc a- tu one m- hkhi' i.I' ilir 
 {i'll.uaJiIni-, llic ;.;ti.iiai.lc'i' i-; In iviiiaiii a iiiiitiiiiiiriu' -ci utit\ a- lu ih. 
 iitlior or otlii'i-. 
 
 'i'lll- llr.lth nf a ^llllt\ will (ll'trllllillP his :,'Uai'allti'e if lie I'ulllll liy 11 ■::.■! I: n 
 
 •li'liliniiicil till' -aim- in liis lil'i. (('.,//,,/,■' \. r,'. ,,,.„/ .") 1^, I!, ll. i_> 
 
 //■',,.... \. /•«..,,//. s Ch. sfii;; v/,, ,,,. -J.) C. I). <i!<J. 7i(.»: /,'•' // !■■ . ^'iT 
 1 Ir. I>. .">7.'ii; Imt in tin- la-r of a j.'inl anil .srvi-i'al iMiitinniii'.;' _iiiiiaiii .• tli ■ 
 dentil i)f line lines not. /,/..,< },:■■><,. ili'terinine tin' iiMitiniiiii^ nper.itinii ..f \\\,,- 
 (riiaranlee as in the snrviMirs i.lir.i,-,ii v. I'!h,,ii'i,i ISS'Ji. ii (^ 11. I). 7-1.; 
 ullll if the ecintraeliiiL,' parties ilesii-e thai iiii the ileatli nf a u'n.ir ilitnr a -ji.. ial 
 notice shall be iieeessaiy to (leteiiniiie the iruaraiitii-. they ean so pi- ivi.lr. ami 
 the pro\i ■ 'il binds the < ite of the jriianmtor. ('„ullhf,t v. f'.Di. ,.'«">, .i 
 <J. if. \l, 48: s;h-,si,i. (1S!).^>) 1 Cli. .-i?:!. See. honi'ver. /.'. .v ./'.■-■>/, ,-. ,1h!I,-,) 
 I Cli. oT.!; iinil /^■ i'ru,;-, (HMVJi 1 Ch. 7:i:!. 7.'i!i. 
 
 Where the eimsiileratioii for a ^riiaiantee is j;i\en nnee for all. th'- Lriiar'nln' 
 <-antiiit ho (leteriiiiiieil in the aliseiiee \A I'vpri'ss jirin isioiis ( A'-. */•/', \. Ihi, r-r. 
 Id C. Div. iSMI: <•,:!■,., V. <;;,.!■„,. .\ Maiai. \ l!y. I'.Mi; lint ivhi'ie the .nn- 
 siilcration is to consi-t of separate aihanii's anil creilits, to lie fmni time to tiiai' 
 iii.iile anil u'iven, it is eonsiilereil that a surety may ileterniine hi~ liahilily hv 
 imtiee as reiranls future ailvanies. ll i, laerefori' \vi~e to make the inati' r 
 
 vlear by I'xnvess prini..inn. S ti s a iniieh InriiriT perin<l than fnurlei'M 
 
 tiays is fixeil, ' .//.. oiH' inniilh. three mnnths. nr six mnnlhs. 
 
 ■i. TIm; liank, uil.liuul cxuiii'iaiiiii;- llio n-naLiiitio's. vnv ,i:i;imI time 
 or ijlhi'i' iiiiln|n(.|U'0 In iho ]i|ials. ur any oilier jioi.-i . nr |ier.snns 
 lialilc III tin; liank on or in idsjier! ui any liili.s, iinics. j;MaraiiU'i-, 
 nr tiiiilcrlakiiin-^. ami nivc ii|i, m' moliiy nr alist.iiii linm jin iVr-ii,:; 
 or takiim ailvaiila;;c of any r.(-rtiri:ii's ur inulrails, ami ili-eliai':;i' 
 any |)ail\ nr |iarlii's, and a.r('|it nr make aiiv ■ nni|iiisiiinii ni aiiaii:;e- 
 
 iiM'til, ami ii'.ili-(i any -I'.iiiii i.'s hIu'ii and in siieli ina r ,i- tin' 
 
 liaiiiv may think i'.\|ii'diLMii . 
 
 I'liiifi i'lnr the surety has an interest "in cM-ry t rans'iet i..n wiiii ih" n.iii- 
 eipal .blitnr, Vnu eanii'.t I.eep him liounil anil ir.iiisaet his alfairs i fnr ilry 
 aie as mueh his as your own) witlinut eoiisultiiifr him. " I'er LorU Lmi.-h 
 iKin!u;,'h, ill /.'....■ v. n,:,',„gr ■* V.-. jnn. .'iHl. ami see i:„'!„ii i. v.' ./,■.,,. 
 
 (isiiii 'J Ch. IS. 
 
 i::iiiiil t;„ir nml forhcirni.er. If the ereilitor a'.'i-ees with the iiriinipal 
 delitor to (five hini time, the sun-ty, unless the eontrait otlier«ino prouil. s, is 
 
 
Fointf^ 
 
 U . 1 >! ■ '^ 
 
 diMliari;.,!. '•„,„/.,■ ». II:.,' 
 
 o.,, .'■'■"'■■"• '■ <>'■"■■'"'• '' '■''• " 
 
 I 
 
 ■ill: « i; 
 
 I.-)!,. I), ,.-,,>" 
 
 \i\: 
 
 Form 600 
 
 |:,.i; .,IIM. I.. I!. 7 II. I . :its; !■■'""'■ '■■ 
 
 II, „ t, v.- l!,l, .■n-.'.l lir- :i_'I ■U-.U 1'"- 
 
 :,,„„,„ ,l„ .li..l,:,r.,. .1 v,y: ■„„• uiH -1. --.y U. .I..h.,- .■,! f 
 
 L/,„. -(i I,. .1. <}. I'- -^S.; H i;i. .. 111. :l'i:i: >■'■,./..■ v. /. -, ..v. ;1 ' !>■ I'- '--• 
 •'"""'•- • ,. .. . ...:r. ..,•...„ ,,,■ nr.lv .'umr Inn.' I" 
 
 Vh U< ll.r .•li'-l. "" •"' •"•'■'" '■'"• ' '^'"■^'•" ' 
 
 I' Mill' -nr'ly l.'U i 
 
 (In- |priiii-iii:il ilf'ili'i'. >''• '■■ ' 
 
 ^. /■../„.... I \SW. I I,'. I'', ■l- 
 
 /■,. .,,,,7,. //.-;■.- V. I I). M..v(;.SMl; r,w..... V. / 1.. 1..MA- "l- 
 
 v! A/...-^ >« K,, .0 , .iti N,,,.,,,-,!.,. ..„.,„„,.., .,un-^,n..- 
 
 ,i„n-i fo tl.c roiitniry. l/,,,..;.. -/.-■/ .-.i /"•- n- " ' • ' ' • , 
 
 IV..,.., y.Sm.l/,. 4 .M. -V W. ■>'!'. A' 
 Muvtiis »|..-niU-< /'/■«/'; '■"■■■ :'■> •' >••■''■■'-' 
 
 ,1 :i r,-ir.l-|. l,y ih" i r.'iiilur .>l' "11 ' ill" 
 
 |- ,,11. ■/,, ■,.,.„'/,■ /,•„../■ \. •/■•;/'•"■. 
 
 !X;.",.ni..Tri-Hi. a.: M.i,.,;i.-n.".vi.,".iy... - mv. 
 
 , ,„ ,;..,/■.,/ ■!■ '..„:.:■■ ^. I ■ ^i^:i-' ^- <■■ ■■' ' 
 
 ■T,,:.„,.,,vi. n".r,.;".-".l «!,".. 1,-r" „f ,1," ,nn. ...l .■. V :, iMj 
 
 reieu.«l, \l.iTn ra.. 1." no s,."l> r"-,.rva,i"... r-.uu.;:..' «.. ^ "' ''':",:'''':^, \' 
 J.,,,.. (WM) A. .'. :!1.!. A. t., «•!,"» a .vl-:.- m i.-t ,.i.,.li.-.l. - /'-.">■ 
 
 ^•;:;:i::;z:'.f::;;i-;:'::-...™"-»--'-'' .."■..."-- 
 
 ,,,s;::i;:;r;r';::-3:"\;t:;:;::v:'^::::;t:;;::;:r\;;: 
 
 .., ,: ,.,.„ H,ou,.l, „l,t:.iii".l ar.iT th, nu"-. o. M„",y-h.|.. / ■ •■; ■ 
 
 j:'./.„', n.C. I). Ma,.;il: a,i,l ^".. M".-,-i.i,t,l,. Law A n, -a.^ \.^ i 1^' - ^-;' 
 
 Vi,!. ,-. !17., ^. ■■>; ami VV,- /.-..y'r-y./ < ' ' >''' -'"-'■ 
 
 II 
 
 1> 
 
 I J 
 
 :,„,„.,. in ,!,.. al.-,„ ."Mn ,. .vi-i.,.. . -a, -1 y i^ r- a... .,y ,,," . .".lU n 
 
 ,„,,„. . „"w, ,.r .lilV-nnI, ."M.ri.y In ll-n m ,l„. „, , :.:,.,l ."-nmy. ■ . - - 
 //,.,,;:iV..W. (Kv.-l-^ /■■""■-• '/....-... I^M.l.. N.^. .1.. 
 
 \,',„ .1," rUl.t i^f n.lain.r In a Miniy »li. ta:. m a Inniu-t .... i-n - 
 
 .,a-nl,nn"i,.alil"I.Mr. /,■■ , (' ' .. , - (' .■ -:- . ';■'■'':■'';:,.''■,■ 
 
 1 ,■, .i-iil (.rincll 
 Wi.cl-" tlir<ll-.Tll til" I'a'lll "I' 111.' "1 
 
 ,1,1.1 i, !..-t. 111.' 
 
 -„;;;:> ,:...ri i..-.,- .ii>"i.a.-^;.d ,,■„ :..„,.. n-^^ii, v. .,..,. u. w. : .<. i>. Ta.i 
 
 aM\,( sal., not rosi«t..n..l): /V..'-/- v. /;..<., .loin... MV. r,„..,. v. < w .. ... 
 
 ,■,,„ ..,,,. s/,„,,.,- V. /■,<../.■.■. I «;ill'. 108 Uioi ^'1^'"^' """'■•■ "' a-Mu'nn,....I ..f 
 
 ', '■" ',• , >■'(',„/ V /;..'■.. 1 ^- '■^ ^- '"'^ (.■nil"i..ii I., n'--i-t,T trail. I. T 
 ,li.,-" Ill aition); '■'/"' ^ .'"'"■ - , ,•„,,,, 
 
 ,„• 1„,„H- ./»/.-' / >'..'•"' ^- '-■'■'■■'■- - ' • "• ^- ^ '" "--'■■■"^'- "" 
 
 rM„n.,...lla.,,-al nn.y>: /."'^ • r.'-,' '"' ""■■'; '' ^^'^ '"■' ' 1;^ 
 
 ..,„n„. l.iU ., iiiitnri.vi. Hat t i.vly „ n... n.l"a...,l .y ,1... . n^h-r 
 
 r,.;,!!,!;.: th" <:.a.ily i'l "Mo.-i f tli" l-^.r t".-n,l -i. Inin. -.:...■ ^^ 
 
 r. I.. ,;7o. un.l «.«;-( r ■■',.':... ^ i,-. f. i, i;. .;w. a. .. "■.lu-i.." ....t 
 
 ili-.liar;.'ia^; -nn-ty. . , ,. 
 
 \,.,.„r.lin.-lv it is tin,, - ,i..vi.l..l tl.a. .1," u'.ia, ...it", - a..- „". , • ni:>,..^ any 
 
 ,,,;,„ ,.,;„.; ,li,. hunk, on .!.- i.:.'n,..l .hit. Ly n ..rl,:."... ■ "i- -i .,.,-.', th.- 
 |,a„k ha, l.i.t tl." I>.ai,.|it oV any -.■ m-l-y .T ^.--ii.t.v ulu.li. H . nl..."''!. -r 
 l,."MTV«l, Nvoul.l oi- miirl.t liav,. anor.lol f.m.i. ia n-lirl ul in- ^f.i .:,■.,■...-. 
 
 .-.. All dividciuls vumpo itiou-^. .imi |ki\ luviit- lo.riNol fi.mi iiiiy 
 
 ItHil 
 
 
 M 
 
r' 
 
 124H 
 
 BANKING AND ADVANCE SECUKITIKS. [ChAP. X\1. 
 
 Form 600. iiuch ik;i>ou or persons aro to be troau^d ii.-i piiyiiu'iit.s in jrii'^*. and 
 — ^-^^-— (i,j, (juuiantor.s .ire not to liavo any rijrlit to jjaiticipate oxfopl \n tlic 
 extent of tho mii|iIu.i loinainintr ul'lor sati-ifaclion of tin- nliiniiii' 
 bulani'u duo to tlio bank. 
 
 Priiitii liirir, wliiTr tlip ftuariiiitiM' is a liiiiiti'd oiii', niiil tlii' ililit cxii'iil. ili,. 
 t*uni ^uaranti'iul, unci tin* (Tcditor rrcrivc-* u dividend from tin- tNtati- of tlir 
 bankrupt or doccascd debtor, the surety is entitled to treat a proi»ortiori:iti' |.;iri 
 of tiie diviilentl as paid in redut-tion of tiie guarantee, and to insist that tliu 
 wliole shall not bi' apjdied in reduction of the ui>i;naranteed portion of th<' di ht. 
 rhorntui, V. M-Kmaii, 1 II. ii. M. 5'.'5 ; lluhxvn v. //«»«. (i C"h. 792; Setun 
 1>. 178U. Jiut the ritrhts uf tlie surety may lie waived or niiHlilied as above. V.j 
 parte Sntiuiiul J'ri'iuncin/ lltiiik, lie Hri", 17 t'. 1>. US: iliiUnml Ihiiiki,,-! (', 
 V. C/tnmhrrs. 4 t'h. .3<I8: /,> i>'ulr MHim. I Do C. 023; Jt,- A'./.-./,//. <» M„rr 
 13. K. 17J. Wliere, however, the ir/in/r debt is (juaranteed with a |irii\i-o 
 limiting the guarantor's liability, the above stipulation is unneees.;ary. ."sre /,' 
 jKirtr .\,-t;i„nf /',„.■.„,,.(' Il,n,l.. Itr .V.',-». ( ISiUJ) 2 (J. li. 12. 
 
 oa. \\'i»'i(' llic piinripals aii' a cm puiatinii m- .sneiclv the li.iiik i- 
 not to 1m' eoncciiTod to .sci' or in(|iiii(' into tli<' jiowcf^ of llii' ]iiiij- 
 c-ipals ()]■ tlit'ir diicetoi.s ov otlioi- ajriMits aitiiio. oi- jiui poiiirii;' !■ 
 act, on tlicir bolialf. and nionoys in fad lionducd fioni tlic liii;'. 
 in prnl'i'-s(vl I'.wrciso ot sudi powers shall lie ilccnicd to f. niii |mii 
 of tli(> nioiiov.- jriiuraiitci'd. even llioniili I lie lioiiouiiio- or idilaininu 
 of such nionoy.s be in excess of the poweis of the piimi|ials. or ol 
 tho directuiK or other ao-ents afsd. or .shall be in ati\ way irret:iilii 
 ur defective or iul'onnal. 
 
 Prima luck- the surety is not li.dile. unle-s then' is a principal debtor li.il.lr, 
 for the OBsenec of tho contriu t of suietyslilp is that the surety is oidy ^ei imd iril;. 
 liable. MniinlHlri.l,. „ v. LiiIc, man. 1,. ]!. .5 (i. li. «13; 7 Jl. I.. 17. W 1m n- 
 however, directors of u eoiup.iny iruaraiiteed the repayment of a loan borrow. . I 
 ullrii rirei of the company, they were bcM lialili' on their sruarantce. I'o/ /-/.. 
 Ruihi-nii Wa,,g,„i C<,. v. .)/..- hi,;-, li) V. 1». ITS. liut on appeal (21 C H. -iw- 
 it was held that the trans: on in (pic^tlon was not ..'',,• ,■,/,-. and n.-onl 
 injriy the (b'cision below I'annot lie rclici oi-,, and it i- doirabic c\prr--ly t'. 
 deal with the matter. See also llifhit v. Tunii l!r,'hiv .lixr^sinri,/ r. «,/■,, ■"■■■ 
 (1891) 1 Q. ]i. «38. 
 
 Some banks, to preclude <)ucstion. use a clause as above. 
 
 oil. Any ai counts .settled or .stated by or between the bank ami 
 the principals, or admitted by them or on their behalf, ni.iy be ad- 
 diice<l by tlic bank, and .shall in that ease be accepted by llic 
 "guarantors, and each ot llieni and their rcspivo ropivsentutives, a- 
 conclusive e\ideice thiit ihe balance or amount thereby appeal iiii: 
 i.s due from the principals tu the bank. 
 
 Sueli a clause is sometimes u^ed. In tho ulisence of some such provision, tli'' 
 principal debtor's admission as to the amount owini; is not available as a:;iin-t 
 the surety. Eiiiiix ' . Hinllir, ,'j K-p. 2l>. ICven a jud;;nn'nt aiiainst the priii 
 ci]ial debtor is not evldenee a^'ainst the surety in an aition in whieli lie is siu 1 
 by the creditor (,A'j /Jiirte Yuumj. 17 (.'. U. BliM; (followinir the .\mcrican ea-e 
 
FORMS. 
 
 124!» 
 
 1l„„„l<„> V. Iluulnnd, 24 \V.>n<loll, :t5); unloM. iiiiUv.!. Ilii- suroty w»« iii:«l<- a JciXM 60O. 
 i.tMly to thP formt-r action, or wiix <>r».-l with ii thirit (iiirtv notiir. 
 
 ..( . A ii'itiiiditc in wriliiiu iiiiiloi llio icniimoii s«m1 'I t' <• ' iti:! 
 >Mlinir the amount iit any jiartii uliir tliiio due and puyalilo to il 
 Miidor (he {ruiiraiiteo slmll 1)0 uomliisixc I'vidcmo .is iiu:uinsl llic 
 uiiiiraiitors, and each of tlioni. and tlirir ro-pivo U-«al |KT-oniil lopre- 
 -.Mitiitivcs. ' 
 
 Si. h a prl>vi^<ioll i» oriasioimllv 1I1^^I. 
 
 H As to eacli of tlio RUiiruntor.s any notico niav he s<<rv»»d on lilin 
 ..1 Ills lofral iiorsoiial roi)ro^(Mitativ<>s, cithci' personally or liy s..|idiiiL; 
 til.' -airic tliron^fli tlio post in an lUivolopo addifssivl to iIj'' Jii-sl 
 kii'wn place of addios.i of the porson to !«• sorM-il. and a notnc hi. 
 ..■Ill shall bo dceinod t>> bo si-ivoil "n llif 'lay followiii;;- iliai .ui 
 nhi.li it is postctl 
 
 ; III tlio nluive clausr* lln> siinrnlai im bide- llif pliiial and r/.,- _ 
 
 Wh.T.- s.'MTill .in.-iii.nt a- i.nii.ical .l(lit..r*. alul it i- .iil.>.-i|irlilly ananK.vl 
 l,rm,.,ii tlu'in that oiii' -^hall I..- liaM.- a- a >iirfty ..iily, and th.' .•i-,«lil..r ha-. 
 ii..'Hi', hi- may do nothing to |ir("j\iiliif thi- iiirily witliout in .'tfc. t i-.'l-a«iiiL' 
 111,,, llnug. V. Urmllin;! /l„,'l,;„; '■..,. I 1 8<l I . \. <'. .WC. 
 
 m 
 
 To nil 
 
 HvMi. I.IMTIl 
 
 t'.'iitlciiicn. 
 
 In ooiison of yoiii inaKin;,' ailvaiircN ui oilu'i«i~(' ni\iii'j 
 rM.<iil nr acionmiodatiou lo lliv t'oy, IJintd i hiiftr called ' tlic 
 
 |Hiii(ipals'"l, we, llie nnder.si^Mied. on the fooliiif;- of the abovi 
 t;iMicial (lause<, oii.irantee the dm; payineni an.l di-i hai>;v of all tic 
 imiiiipals' liuliililies to _\oii. whe'lier iiiiuiied before or after the 
 due hof, and whetlie; incnrreil b> the principals alono or .jointly 
 uith (Plheis, and whothor as principals or siuelies. and nlicilicr siicli 
 liililiiies aie matiiied or no!, and uhollior absolute or coiilint-ent 
 iiicliidin;r liabilities in lesiHM of advances and in re-pod of cheipies. 
 I'ilb, iKites. und other iipojotiable or non-neir'ilial)le instriiiiieiit- 
 'b.i'Aii. accep'ed. indor-ed, or ^'nalaMto^'d liy the principals; and in 
 H'spci t of intere-l uilli lia!f-u'ail\ rests, ..mimission. and ..ihi'i 
 iiMial banking;- charges and in i.-ptvt of .ill i.»is. cliaiiii'-. and 
 i\iM'ii~i', wliirh yiai inav iic ill in p.is iiiL' aii,\ iciH. rate-, taxes, call-- 
 pi-iabneiits. or other oiity;oiii<;- ni rc-iiect of the inoitiia^ed ppl> ■ 
 ' ill iiisarinfi, ie|.aiiinL'. iiiaiiiiaiiiin^. iii.iii.il: in;:, or re.ili-iii;^ aiiv 
 'I ilie iiiortLM^-ed ppty. "i in iiuc-n-alini,' iho tille tiiereto ; 
 
 /) .w. .<(!// ; 
 
 \iid this jrnaiautoe i.-< !•■ c\ii-iid to tli" person .a- pci-..ii- f.i tli-- 
 
 •4 I. 
 
 Form 60! 
 
 Utt^T ..11 
 
 footiu;r 1'^ 
 atntv. 
 lomli'.i^'i - 
 
 mm 
 
1250 
 
 BANKING AND ADVANCE 8ECUHITIE8. [ChAP. XVI. 
 
 Fom 601 ^™® being and from time to time carrying on the businens ii>.(? 
 - — carried on by tlie principals. ; 
 
 [// so, add: 
 
 Wo are not to be called on urt'li'i llii« ^juaraiilc't' to jniv mmm' iIi m 
 
 £ .1 
 
 Dated tliis 
 
 day of . 
 
 1'' ■' 
 
 If one of two joint guariintorH m bu-U on the (-uaranty itself, and jucl^-in. i,i 
 i> recovur 'I, tlio otlier one cannot hi' -ui-d; but it is otherwise when Ihi- iir-i 
 one is sueu on 'ait cheque. See H'njg-l'rofaer v. Evans, (1895) 1 (J. I!. Id^. 
 112, 113; overruling Vambeford v. Chnjiman, 19 Q. B. D. 229. 
 
 Ab to liability of siirfily for iiiterct when creditor ha« proved in tin- li^ini,- 
 ruptcy of the principal dcbfcjr. lit rr FllzOcorfie, (1905) 1 K. B. 4(i2; I ■ r 
 Mont, (1905) 2 K. B. 307. 
 
 Form 602. 
 
 
 °Sij 
 
 i| 
 
 Charge by 
 8Uiety. 
 
 Form 603. 
 
 Letter on 
 
 «b4(ve 
 
 ooaditionB. 
 
 1. Where docuiucut.>f of title are depositctl with the bank by wav nf 
 guarantee for the diio discharge of the liabililio.s of a third person i in 
 these conditions rolorrcd to as the party guaranteed to the hank i. 
 they are, unless otherwise arranged, to stand as a continuing r-ccn- 
 rity for the due satisfaction of the liabilities of tlie party guaranteed 
 to the bank, whether iucoiTcd before, ifcc. [a« in claaso 1 of >\)rm .'iTH 
 
 2. All moneys, &c. [as in clause 2 of Form 578]. 
 
 3. The depositors, &c. [as in clause 3 of Form 578]. 
 
 4. The bank, without exonerating, ic. [as in clause 4 of Form tJOo 
 
 5. AU dividends, Ac. Tas in clause o of Form 600j. 
 
 6. Any notice, &c. las in clause 4 of Form 578]. 
 
 7. In the above clause*, words importing, &c. [as in clau.se 5 I'l 
 Form 678]. 
 
 To THK 
 
 Bank, Limtd. 
 
 Gentlemen, 
 
 1 have deposited with you the below-mentioned documcnty. 
 by way of guarantee for th'i due discharge of the liabilities of A. B . 
 
 of , to you, and upon the footing of tlie above general clauses, 
 
 but 80 that the security is not to be available for more than £ - 
 
 Yours, 4c. . 
 
 I Parliculai!- «f U<M'uments. 
 
KOKMiS. 
 
 IVol 
 
 THUS INDENTUllE, mudo. &c. botwecu The toy. L.u.wl Form 604 
 
 (hultr .ullc-a " the coy "), of Uio one pt. and A. H, ot, *-'^^-.* • " ;• ;"• I)...! -» i" 
 
 I omi'iiiiv t" 
 iliriM'tiirH aihl 
 
 T., K. K.. or, &c., aiul O. II., of, &c. (\mitr caUcnl ■ iho guaranl.-.s 
 
 "^ """^'•'"^ P*- „ , ,. ,,.....„h..rf,„ 
 
 VN-HEUK^s the coy re..ntly oblai.u^ from The H.nk, l.nu.l ^ ,„, ^ 
 
 (hnfir oiUod " tho bank"), an adviuico of O.OOOi. ^,^^^^_j„,„j ,„ 
 
 VsD vviiKREAS tho Hd wlvanco «a.s n.ado on tl... Hocuri.v .,l .u. l'""!" 
 i^d.ntnro, .latcd, &c., and mado bolweon the roy of th. ll-^t ,-. t he 
 .uarantor.. of tho second pt. and the bank ot tho thud ,... and -v 
 thai in.h.Mturo tho coy ami tho guarantor., jointly an.l .cv.-rally, 
 eovonaulod with tho bank to pay to tho bank on Iho - .lav "t - 
 11,0 sum of 0,000/., with intoiVHt thoroon at tho rato of .. p.o.p.a , 
 co.Mpulod from U.e dato thof, and al.o so Ion;,- after that .lav a^ any 
 ,„o,'..vs ren.ainc<l duo on the security thof, to pay to th.- bank .nl..r.-M 
 tho,.><'... alter tho «a.no rate, by e.p.al half-yearly payu^nt^ on the 
 
 . , a of and tho . day of in oa. h year; aj..l b.v 
 
 ,he sd in.lenturo tho coy as.signe.l to tho banR .ortain pat.-n... and 
 patent rights specified or sot out in th- «ecoml a.i.l ih.v.l Mhe.iules t.. 
 1 ..„ain agreetnt of tho - - .lay of ^- . which agreen.t wa.s t ra nu.d 
 in accotxlanco with tho draft thof BOt forth m the hrs schedule to 
 ,he coy'« art,s of as..on, and is h.iflr referred to us ' the scheduled 
 a..roemt," to hold tho 8a.ne unto tho bank, Hubject lo the pruv.s,, 
 therein containc<l tor tho rodoniption of the sanio pronnses . a pa^ - 
 
 ,„e„. on the sd day ot by the coy to the bank oi the s. Mun 
 
 of (1 mm with interest thereon in tho uicanti.no at tho rate afsd and 
 tho ml imlcntun) contained a proviso to tho ollcct that, although, as 
 bctwcHM. fJ.o coy and tho guarantors resply, the guarantors wore oulv 
 Miieties for ihe coy a-s between tho guarantors and tho bank, tl.p> 
 the guarantor, were t.. be considered as joint and several pnnc,|,al 
 debtors for all tho principal moneys an.l intx>rost inten.led f. I"- 
 8ecu.e.l by tho indenture now in rccitul, so that the guarantors, 
 their hoire, executors, or administrators, should not bo roL-asc. or 
 exonerate*! by tinio being given tx) the coy, or by any other .Wal.ng 
 bctw-xM, the bank and tho coy, or by any act or o.niss.on of th.^ bank, 
 or bv any other mattor or thing whatsoever, whereby the guarantors, 
 their hoirs, executors, or a.lnunistrator8, or any ot thorn, as a surety 
 or as Hurotiea only tor the coy, would bo relea.se<l or exonerated. 
 
 Ani. W1IERF.AS the guarantors, other than the sd G . 11 .. are ,liroct«i-s 
 of the coy. 
 
 And wi.krf.as tho director of tho coy arc empowered by the art^ 
 of as-son of the coy, amongst other things, to execute in tho name an.l 
 on bclialf of tho coy, iu favour of any director or other ji.^r.s.m why 
 may incur, or be about to incur. any personal liability for Uie benel.l 
 of the coy. such mortgages ot the coy's ppty, present an.l lutunv as 
 
 •1 I. 2 
 
i ! 
 
 H M 
 
 i^' 
 
 I5W2 BANKING ANO AUVANCK H^XURITIKii. [('HAI'. XVI. 
 
 Ponn004. tlio> lliink lit. uml aiiv miili iiioilL'iiui' may iimtaiii a powor of huIi', 
 ttiid (*u(li Dtlior powoi-N, covoniintH, uml provinioiiH in* nlmll he iiirrmid 
 on: and l>.v i laiiw i>l' llu> M ml-' of iihsoii it in i>rovi(I«'(l, aiiKinu'^l 
 
 otiiei tliiii!;>. llml im diiortoi slmll Iw (lisi|iiiililicd liy liiw ollico fruiu 
 contract inn »i''' •'■"' ''">' ^"" ^'''"" viitiiiK in it'fpird to any coutriict l.v 
 or on l)olialf of tli«' coy, U> (five l<( iinv iliioclor any «ocniity liv » i\ 
 of ind»Mnnity. 
 
 Am> \viikukv> it WUM on«" of llic l«Tin.s on wliicli the ;;iiiii.uiI.m-. 
 u^hhhI to oxocnto iho »d inJuntuic llial tin' my should foilljw Itli 
 «'\<'cutf in tlii'ii fiivoni a secniity in liic tcini" liof. 
 
 Now TIIK.HK PRKSKMS WII.NKSS AM" IlKClMIK a> folloW.s: 
 
 I. TIm' coy i*liall in<loninify tlio <>uaianloi-. and ciicli of liicni, .iikI 
 tlifii- and «!u<li of liioir hciiM. o\orntA(i>. and aduiin" iratoivt, at:.iiii-i 
 all acliono. priictHHiinn'S, cluini^. and dciiiand- in it'cl of the mI 
 
 indenting of the • day of - 
 
 L'. Tin- (oy xiutll, npon tlio !ciinc.->l in wiilint: i llx' gnaianlor-. nr 
 of any one of the •^iiaiantors, or of tin- Icfjal personal it>i)riweiiialiM» 
 of aii> one of the j;naiantoi>. pay otV the principal moneys iiiil 
 interest secnred by (he sd iniienliire. and proiuie the release of ihc 
 ^rnaranlor.s. uiid iheir respective heirs, execniors, ami adminislr,ilnr>, 
 from all claims under or in reaped of the nd indentnre. 
 
 :!. The loy hby chargus ia favoor of the trees or tree 'lie tiiider- 
 lakiii!,' and ppty of the coy uhutsoever and wlierosoever, both prc-ent 
 and *nro, with the paynu-nl of all moneys which nhall from lime le 
 time .. icome jiuyable ntider clanse I h<d', and u- a soenrity for thi' dii" 
 |ierlormaM<e by the coy of all the oliliualioii,- irnjiosod on the 1 1.\ \>\ 
 that elantiC'. 
 
 I. The .s<l iharye shall opeiale as a li\eil chaifie. mi far a^ eom ei ii- 
 the mi patents and patent, riyhts. and as re>raids the residne ..i tL. 
 premiisos hby chnrired shall optM-ate us a Ihuitiiir security. .Xevi- 
 Ihele.ss, each of the e;naiantors. or his |e;;.il per>on,il repie-enl.iliie 
 for the time U'ini.'.. shall beat liberty at any time, bv uolir-e in wutiiiu 
 to the coy. to deteiinine the lloaliii'r charailer of llii! char;;e al-d a- 
 rei;jii'<ls anv parlar asset spe.itie.j in sneh notice, and tlieieiii">ii 'in' 
 chaiire. as rcsrards such asset, shall benuiK* and operate a» 
 ehartre. and shall cea,s<" to be a lloaliii'r thai-^^ 
 
 tiN.'.l 
 
 \llll V,. 
 
 it. CiiiivviiiiciiiL' Alt. 1(11 1 
 
 •'). Till statutory power of saK- loiiferrcil on inorteaeees by «•' i !'■* 
 of the CtwutnaiuiiiL' and Law of I'vnperiy .\ct I.H.SI, .-ball !.'e cvm- 
 ci.seable withont further notice by the troe^ or tree at any :iiiie at'cr 
 the eov .shall have conniiittfld any broach of any of tlio obliiranoiis 
 hb\ itiipoM-l on it.andsect.s Utand 'JO of the .<d Aeish'all bo rorajded 
 as inodillid .iceordiujjly. 
 
,, Th." <o.V iir«)V«Mmljl> ii|iiMiiiil-. llw ii.on or liif u, \>v tU<' :ilt<. >- 
 
 „i itl'.rmv of the <o>, in tin* imiii.' .iimI t.ii hol.iilf of tl.o o.v .11 ..tlii-r- 
 „i^,. 10 ••x.-<mt« uii.l (1.. .11.) s.i.li aHHitjuiniMiU, (onvoyanroH, a»suf 
 „,,v^. .1.1.1 ll.iiiK" "■< •''<• "^•'•- '"■ '"■'■ '"•'> "'"' '^ •""""■"»'■> "' "•^''«»'« 
 ,,„| ,|o for llu' i)uii)..^o of ,:mvii.« uiiv mi.I. «u1.> uh ,il,,l li.i.. .•(Te.l. 
 
 7 Tlu. Ii»i"« or iroo ii.u.v. ui mix tin..- nfl.-i- {\w |...«.'i of wili. i>f-.l 
 |,u^ |,...o.i.o .•x.T.iHual.lo, .•i-r-iiil iii.N poixoii or i.-rm.t.-. I" !»■ ^ 
 iwoivor or rc.eivors of Iho pplv l.l.v .l.iirKtHl. a.i.l a r.-.viv.M or 
 
 „..tMM-.s -o appoint.'.! -hall l.av.' po«.M to laku p.«.<i>-.s. .1 tin' -I 
 
 ,,|,lv .l.urtlttl. to <arrv .-n. .'r .on.iir in .arrvin^' on. Ilio li.i.'-mos,- ol 
 ,|„.',o.v, un.l to •■wll, or .'OiLur in s.'ll.ny:, a.iv of -<..< Ii ppl%; an.l all 
 n„,„fv.s rcfivtvl by such iwoivor or ruc<uvorr> «iuill, aft.-r prov ..Imp 
 ,„, ,1',,. .iiatt.-rs >p<-.i(i.'.l in tl.o tirM tlir.'.' p.ira-raphs of .l.inM' x ol 
 „..i J» of 111.' S.I A.t. b« iippli.-d in pa\inM; olV all ..."no.v* wl... I, il..- 
 
 „„a,a'.(o..- 'I.all lli.M. I..' lial.U- t ^<U'V iho «! in.l.'..i..r.' ..f tlu" 
 
 .'l,v of . an.l in i.iakim -o.'.l t.. thorn ..II n.on.'.v^ llw.v ...a% 
 
 ,„;.vio...-<lv Imv.' p.l. an.l -.'...'.allv in ..|V.>. ti.ati..- lh.> .■o.nph't" .n- 
 .|,„„.itv of tl.o '^u.iv:,»U,vs a.,'' -h.'ir r.^pivo Innrs, „xfl.nlo.>. .....I 
 
 .„|i..i..i«lrators, in ...ror-lano.' ».... ■ laoM' I h<.f. an.l anv Hnrpl.,s 
 
 -lull he p.l to the cjy. 
 
 M Tl..' .ON l.l.v .•..M'n.nt-* uilii Ih.' f...iirant..r>. an.l a- a M-paialo 
 
 .„u.|.unl with .'.oh ..f th , 'hat !h.- ...y will .l.ily ohsorv.' an.l p.T- 
 
 '..nii all th.' ..bli-^alinnH hhv iiiipo-^.'.l on it. 
 ;. La ih.'.se pr.'>.'..t.- th.- .'xpr.'ssion tin- tiv,'> ..r (r...'' ....'an- ih.. 
 
 U..;,rantor» ..r th.' survivors or Mirvivor of Ih.-.n. or olh.'i 'h.^ Ii.'.'> ■■ '■■ 
 
 tri'c for tho lini.- hrinir ln'f 
 
 Id Th.' .stuliilorv p..«<'r ui app..inliiiK u now Ir.'.' or n.M\ ir.".-. 
 
 .r,„f,.rr.'.l l.v .-.'.'t » ■ .,f th.- Tr.,st.K. A.'t. 189;l. nhall I ppli.^.hh' 
 
 ln'iclo. 
 
 K WITNE-S. .If 
 
 i'i.'*a 
 
 Forae04 
 
 \\' 
 
 Th.it (he prop.«<wl dt.0.1 of .n<le.nnily .s.il.in.tt.-d to th.' ine-tinK tf Form 605. 
 uppiov.Ml, ami thai (he .■onimon .-.-al h." allixe.l ihor.'i.. 
 
 ll<'K<.|.|ti< 
 
hi I 
 
 I 
 
 ^^t \ 
 
Vi6& 
 
 pi,irri >Ns. 
 
 miAl'TKU XV 11. 
 
 BKl'UCT'ON OF CAPITAL. 
 
 Mt umpaniw A-?. 18.,2, r.m.le no i.roviHion 1... th».. i loti"" ^l ' 
 
 ,,,iul of a o-apanv hinito-1 by »l.ai.-- The capital ww* by •• 
 „u»,l,. one of ' ' m.^dition« hi.-h had U) bo Hpeciliod in th. ion, 
 ,au.lumofa«...o.a..ou,u .da u^-h .«.-.. 12 of the A.t allow. 
 m- u«ation of -Mr of the litions spocifutl in tho in. -no, 
 
 .^ ae -.'.g., to increase tho . ital, .oii-^olidato tho nhan -s c. 
 ,»i,! 4uu.« i !0 »t."'k), it prohibited all other alt«rat. 
 
 ,mi^■ wa«, b pv. r, rectified by the Companies Act, 1 
 
 v.iv h wM ext.liuned (f<> moot tho decision of ' "'^.-^f ' 
 ':„0 \ uU ^o. ., ' / 0, 4 '^!- !)• 82" > and t' ^ '•^"^'" "*' 
 
 V«t. 187 Ikrtl! tJieae Art.- are now reiwaNnl, am 
 ,e^n(i tHl I ue.i 46 to r>G of tho Companios (Coi; 
 
 I9im St' uiw as follows: — 
 
 i{. 
 
 rhi" 
 
 9 
 in 
 
 08 
 
 jjro-> >i-- 
 ^lioii I Act, 
 
 Hed> ■ 'ion of Skare Capital. 
 
 46 (1) .Siilij"-. t to fontirmutiiii by the Court, ii loi" 
 i> «, .uithoriied by it« artii-lcH, may by .pcfial rc-olutii.n 
 ,„ -,, , vay. and in partic..lur f without pr-'judir-.- to 
 toreirning power) ma 
 
 111 in 
 
 mI'u 
 
 iftiil ,y nhiins, 
 AxuTf caiiital 
 ilitv nf tim 
 
 S <tal 
 ri.,»4iiti(iii U ■ 
 rodurtt*>n i.l 
 ihart- ' npiU' 
 
 o) 
 
 it it- ,ii*r<-" 111 
 
 '.^pii't 
 
 y of ill* 
 
 . .^.-lltpd 
 
 Eitinguisli or reduce tlie liiibility on iiiiy 
 ■hare capital not paid up: or 
 ,'n Either wiUi or without c.xtin«ui.•.hin^- or rtiluciiin li.il.^iity o, 
 Hharc, ear>eel any paid-up nhare capital which i- lo-t or "n 
 by available as.' I«; or 
 , . Either with or without extinguishing "r r«J». .ii»,. liability on any 
 
 .hare., pay off xny paid-up .haro ca, ^.1 whi, l, U in cxcc« of the want- 
 of the ctimpany, 
 
 ...1 u..y, il ^ « far aa i. no...«.ry, alt^r lue ..ndum h ",1,., ,„« t.,.- 
 
 ,..„ouQt of iU .hare capital a.id of iU .har-* *»r-H.^y 
 
 2! A special rc«,Iut m under thi« .ec,; ^ i. u- '■ Act call«l r^.lut.oi. 
 (■.•• reducii\^ aha . capital. 
 
 Thi» section is BUjplemen.cxi by .ecu. il to .-,.; of the Act, *nicl. 
 iLud with the machinery for obtainii.- the sanction of the ■ urt. 
 ;iiid will be found in the Appendix, infra 
 
I2d6 
 
 PETITIONS. 
 
 [Chap. XVII. 
 
 Kffest of til.' 
 ^ectioiw. 
 
 m 
 
 •"S<'c(i()ii> Hi to ."i(> of tlie Act. lake llic pliu'O c)f tlio cornvsponilm..' 
 sections dI' the Coinpaniofi Acts, 18G" and 18TT Sections 'j i,, j.i 
 incliiFtive ol' the Act of 18(i7 jriivo power Ui n <'ornpanv liniii.^l l.v 
 «hui-cs to i-ediico its capital by sjiecial resolution confirmed l)\ ilu' 
 <'our(, and «oct. .i of the Act of 1877 declared that the word ■'cu|>iij| 
 iu* uwd in the Act of 18(i7. tihouhl incliule jwid-iip capital, and ifw 
 power to reduce capital conferred h\ that Act uliould include a poHir 
 lo caiiiol any lost capital or any capital unrepresented by avuil.il.l. 
 iiMw-ls. or lo pay olf uny capital which may he in e.\i«s.s of ilio \\iii,i, 
 of the lomiMUiy. And it wa-s hehl in Hritkh and AniericttH <'orr"'i- 
 twit. V. ( oit/ier, (181)4 I A. (,'. 399, that under the Aot« of I8i;i' ifml 
 
 1807, ««.// /■///(/ of reduction niifr'nt 1m' c.ordirn)c<l hy the f 'ourl . " '11 ■ 
 
 if,' '^aid Loixl llersch*"'!, L. C, "not a woni in the Act of 1877 li .,„ 
 lK'ginnin<f to end to narrow the scope of the Act of I8(i7. The ;■.„,.. 
 rulity of the power lonferred liy that .\cl is left wholly untoudu,! 
 And the jurijxliction of the ("ourt to Ninction re<lu(rtion« of cii|.ii.il 
 of the nuj.st varied kimlM wore frerpientlv recojrnised. However 
 in Aiiith>-F) filth. Ciirimralion. (1902* 2 Ch. 84.>, Buckley, .).. ..ii- 
 .sideiv<l that the con«truction |)laeed on the Act in the past w.,^ 
 iinf0un<i, and that iniuHiuuch as the Act of 1877 irave a «pccilic power 
 to cannd capital lost or unrepresented hy availalile asuets, it im- 
 pliiKJly denicMl jiirir<di<>tion to sanction the cancellation of pniil-ii|i 
 eapiial not lowt or iinrepi-e.sentcd hy av.iilahle assets. «'.</., to saii' licm 
 » eancidlation of paiil-up NharcK wliich the holder wa.s willirej i . 
 have cancelled for the company's l>cnefit. This, as point^^i oiii m 
 former eililionisof this work, was inconsistfMit alike with the princi"le 
 laid ilown hy the House of Lonjs in HrHiHh ,i>iil .Imrriiiiii <'i,i j,<,i.,- 
 liiiH \ . I onpi'j-. ■■<iii>r4i. and with a scries of lase.s in which the ( umi, 
 had exercised from time to time the jiower thus suppose*] lo he deiiie.l 
 to 11. Then came the decision of the ilou-se of Lonln in /Vk>/< » 
 Sationnl lUiiik of CJiiiut, (11(07) A. ('. 229. when- that Hou.s<' ili>- 
 serit<'<l from the views expresse<i hy liuckley, .1., and re-allirmi ! 
 ihe prin<iph-.s laid down in lirilish ami Americtin ('(irporati'm \. 
 CoiifH-r. xiiijra. ' The tiecision," said Lord Macnaephten. " of lim kli ■ . 
 • I., in Aiii)lo-Fitiirh. dr. Co., goes even further. His language }i 
 eorreclly it-ported, seems to inifdy that Is'cause Ihe .Vet ol Is7: 
 opi'eities certain ca^w and deilare^ that the power confernMl \i\ i •■ 
 .\i| of iKtiT includes those specilied, it is tu |)e inferred that ii> .ill 
 other caNc.s the jurisdiction of the (Jourl i.s excluded. If thai i- ilie 
 nieaniiie of what iIk? k>urne<l judge said, with all resiMJCt I alu uiKidle 
 to agitw with his view. The condition that givxis jurisdiction i- 
 uot proof of los.s of capitul, or proof that capital is unn>pn-seiiie,| 
 liy availalile as.set«, or tluit capital is in o.\cos»i of the wanLs ut die 
 ionipan\. The jurisdiction arLs«'s whenever the company seckoiu' 
 ro<luctiou has duly jiasHed a s|K)cial rt»solution to that elh'<i 
 Laatly came the CJoin|i<tnieH (.(/'onsolidatioul Act, I9II8, wliioh aliei- 
 ihe wo-ding of the euactinents lu to reiluctiuu of capital by shviti;; 
 
 IMMy 
 
REDUCTION OK CAI'lTAL. 
 
 „,.„ M.1.J.-C. .0 tl..- o..nli....at,l..n ol .l>e Cou... a .c.M.anv liMnU,^ 
 ,,,„.. , .,., aa,l.,.n/....l l.v it. urli.lo. uu,> l.v ^,«-.al solution 
 
 t,L i.. .-a.-^-ai '« <"'.'/ "•".'/• "■"' •" •'-'""'"■• ' "," " '•"•'";";• 
 
 ,., „.,. ....,..-. ali.v ..f .1.0 tor.....,in;r ,.«^v.•,•^ u.ay Msi..,.. ... ca,...al 
 ii,, ,h,. ,ua,.u... >|....ilu'.l i ..aiiiai.l.s .a-, >!.. au-i UM ..I <m- . 4..!. 
 
 i.. mailf <leai l«'>"ii'l "" cuvil. 
 
 Tlio j.iiir^li.'.ioii .0 Loiiliiiii a iv.lii.li I fapilal a.i>.>t— 
 
 , , , \VI..Mi. .1.. ■ on.panv is a compaio "i.l.i" ll'O 'l.-limtiou con- 
 taiiicl in S.V.. -JS.-. ..f th.. Act, ll.at is t.. say. - a company 
 fornHMl an.l n-iM.-r.-.l u.I.t this A.-., ..r an .'xistiug .om- 
 panv •' lliat is, a ompaiiv loi n..>.l an.l i.-istoro.! un.l.-r 
 ,!,«. "joint Sto,k l'..m|.ai.ic.s A.t, uikLm lio C.).npan..'.s 
 Aot. 18012, or is a ..jinpany (.sec «■<•(. 'JH. n.-i.sl.-ml but 
 „.,t 'lormoa nn.l.-r tho .Joint S.o. k Cm.panivs Act ..r tho 
 Cmipani.'s Act, 1H<;2, or is a .onipany r.--islor.-.l l.ul 
 not foruu-.l niKlor Part VII. of .ho A.'t ..f l'.»08-, an.l 
 
 (J. Th.. .oinpany h.us pa.so.1 a spo.ial r.-.s..ln.l.... I..r tho ..■.!,..- 
 tion of its capital; lui.l 
 
 ,:;, Tho Court applio.l ... has juri«<ii.li<.n 1.. wm.l up th. 
 conipany 
 
 1U67 
 
 \V)lrll 
 
 jiiriKdi.li'T 
 
 Ti,o r..llowinjr are s«,n..- ... .1 m.U-s of ml... .i-n .•...n.n.H.ly 
 
 *iaM<o.l..,in- .I..- lial.ili.> ... shan.h..l.l...> in ro^p.-. . ..f n.,.alh.l 
 ...■ nnpai.l .api.al. ey.. «ho.t. tho .sha.vs an- 1../ ....1. «.'h 
 .-,/ pai.l up, ro.l.i. i.iK th.M,. ... ."./ fnlly pai.l-"P -1'^ir.i.s, an.l 
 thus roli..vinf; tho .s|.an.h..hl..r« ...-.• liability of th." nn- 
 ialU'dani.)iint. 
 1,, |>,vint: ..If or ..'tnniinn pai.l-..p ...|'i'al no. wa.if.l lor tl..' 
 ,,urp.K.os of th.. cnipany, .•y . vvh.'r<- tl'«' >l>^"'- '"'' "" 
 fully pai.l ni., r.Mlii. in- tlion. t.. .'.f.. an.l pay.ntr hack ../. 
 ,K.r"slmio. S,.ct. Mi ..f tho \r\ oxpiossly pr..vi.les that this 
 ki.i.l of .v.l.i..ion is ... ho allowahlo. Ia-4S liro<,k Sinnninrj 
 Co., Ill re, t,l'.»H>) ^ '■'' ■''■'^; -I'-''-"""'' ^'""'' "'"' -'^'w'.'/".'/'" 
 Co,],., litre. (V.m^ I ("h. T'.iti. I'lnr,,. In ,.: , I'.'dTi I < h 
 
 2«'.t. 
 
 u) I'ayint? oil pai.l-up .apitul l.y i'^suinfr .U-hontnivs or dcbcnin..' 
 stock ill .alisfa.tion. Sumii Sarifiatiuii Co., (IH'.'T) 1 < h 
 H12: I>i:1m l,^lU'dru..i^'Jllt•2^\l■■M■>^. ^ ^ ^ ^^ 
 
 ..li I'aviliK oli paid-up capli.ii .j.. i'lM \--^i\i^ '■.■■■>■'■ '■'■ '■'■^"y " 
 .allod up again. Thus, if tho sha.os are lOl. tully pa.d 
 up, paying oil 21. |km- «ha.-o on llio loolii.K' that whou 
 desired tho conipany may caU i. up as;ain. Fore Street, de. 
 <'o.,y.tL T. 214. 
 
 MM (uncoiling I.V bpociul .«.olutioii sliur»* that l.avo n..t boen 
 taken or agreed to Ik» kikon. See soot. 41 (1 ) U' > "I il'o Act. 
 
 M.Hl.n.if 
 nilii.'ti.m. 
 
 '\ 
 
W'f"' 
 
 \2l^ 
 
 F'KTITIONS. 
 
 rcHAP. yvii. 
 
 All roiuid 
 radaotion. 
 
 (t) f'ancollinfr sJnirps min-oiiilciiMl, or tlip lioldm-^ of whicli c.n. 
 font to riiiipollatioii. Ujinri Co.. 2t> W. R, .>."i; Virinti (t 
 Co.. 54 L. T. .IHJ. I'lmlr v Snthiial Hnnk nf China. . I'm;, 
 A. C. 2M. 
 
 \,fg) Pa_viii<r oil' nnil riini<'lli?iv ]>i"IVi»Mi(i> >liiifc«. in |-.!ir*iiiiiii(' nt a 
 coiiliiiet in tlio niomoranduni niul article" hiiidiiifr "ii l.oili 
 piefoi-oiut! ami onliiiiiiv sliaivlHildcis. by a|i|dvin^' Im- tfn 
 jiurposii a portion of tlie jirolils of tin- ronipanv. Scv /// ;, 
 Diri.lo Pur Co.. 1S!»1 I 2('li. ;t,".l. 
 
 (,h) Payiiifr oil capital onl of accunnil;it<?d pniliis and in.KMMiif; 
 pro (tinlo tlio uncalled cajyilal. Sec sod. 40 of ilic Ad; mid 
 Nealc V. Birminnliiim Traminii/s Co., i^litlO) 2 t'li. ic I 
 
 (i) Lost capita). Cincclliuy; capital whicli lia.s lx'«>n lo^l m i- 
 uinepr«!.s«ntod li\ availuMv ii--ct~ Tlii.s is one of tin- 
 coiuinonosl modes of itidudion .V coinpan\. wlu'^c caniial 
 amounts to lOO.Oiio/ in In/, shari-s. lias lost. say. .Vi.ooii/ 
 by some l)iisin<>ss di>a-t<" It nijy lu> a subniaiinc IcIp- 
 giaph company, and on<' of its cal)l<'s lias licpii dosti-ovcd, 
 or a Hliippinc: comjianv. and part of it^ IIcn'! has Immmi .sunk; 
 in such a ca.sc nheiv a company has lost a portion of its 
 capital, nothinj'^. as Sir Ge _ ■ Josscl said, can t«< more 
 bcuelicial to tlm company t . ; to admit tlio loss, aiid to 
 writo it olf (In re F.'.ihir Vnlr Co. i IHTTi. I ('. I). :\l i. ,• ,/ , 
 ;o rodui-o its 10/. siiari'- to .'i/ , and thus place it-selt in a 
 position to resiinie pnynie-.it of dividends. 
 
 The judvisions ci.ipowei iiio :■ coiupam to li'urel iiiiv 
 lost capital, or an\ capital unrei>rosoiited by a\:iil:ililc 
 ussets," ore alternative pro\ isions. and the latter i» not 
 oxplunalory of the former. Ilonrr rf <'<>.. I.hl . In c. t I!") 1 1 
 2Ch. 208. 
 
 la ull ca.so.s a spoi iai resoliilion i.- icijuired, and in all ca>c~ cv- 
 cept (e) and i h i| liie conliriiialion of the Court is aNo leipiiicil 
 
 All round Reduction or otherwise. 
 
 I'rinui faiir a lednrtiim of capital should 1h' an all round jedndi'iii. 
 that is to say. where capital is to \te paid off or lo bo eanit'lh-d -.w 
 lost or uiirepn'.sontwl by availabh> assets, or where (he liabi!it\ f^ir 
 liuwiiiiOu cajiitu! i.s lo b<! roductxi. 1 !»• sauM,' perittniajj^' siioiild bf 
 paid olf or cancelled or niducod in itvspoct of each share: and, on tlu< 
 Mamv principle of fairness, this ;«//■,' ihissu iiiimIo of n«duction is the 
 proper nio<le where thoiw are several cloxses of shareo, e.g.. onli- 
 nary and pr^fen'iicp shart'-^ ' !fivi>Mt;/ne v. Direct Spatwh Telcgx^ih 
 Co., 24 C. » 287: Diretl SfMHiixh Cable <'o.. ;«4 0. I). a07; Harrow 
 Htrmatite Steel Co .39 ('. U. 382: Credit Amiurance and Gvuaranfee 
 Corporation, (i*M'i) '2 ('li. (i()l», uiiIcnh .such preference .shares have 
 
nrioritv as rc^-ards ,.a,.ital i.. «in.ii..u'-»l. ^«<' An.-rinm hjxforai 
 (■ 0'' L T <i2:.). i.1 «l>i>l' '^'-<- 'I'" 1*^^^ "'"J"''' 1*^ ''""'"'" '"■" ''" 
 ,(K."ordi..a.V slu.ros. An.l so.. FhxHh.f, Dork of St. Thoma-s ^H^n^ 
 , : , CUl/icm/o. a,.l S.:r Yorl. Co. (WX. 2 Ch. sr.O. Ku. U.s 
 „,,.,„ ,„ a .on.pauv to |.u.s> a s,..-. lal r...solulio.. mlurai^r tl..« -ap-tat 
 ,.ll,erwis« tlK... in' aaonlat.-v with .1,0 le^al v\gU< ot th- shan- 
 |,.,,,lor« cf,.. l.v pavin- ort «h..llv or in part ,v,m.- ot tl... >l>a»>- 
 |,nl,l(Ms, althougli all arc o..till.<.l t.. rank pari p«.<s„ ..v t,v taiiM-llinp 
 ,,„t of tl.o .apilal pai<l up on on- .las-s. althon^-h both M»s.-< r.nk 
 !.;..,.lv as roi,anl.s .api.al. And i. is now soHl.d that the ( ourt ,:.. 
 ...risdioion to confirm any kind ... r..d.nMion. „ot«ith.stand,n^' i .... 
 „ involves a .Icparturo fro... .ho l.-ual .i-hts of tl.o .lassoH. Unt^sh 
 
 I U„rriam Cor,>or,.lio„ x. r,,.,,,;. ,l«-..l) AC, :>■.'... 'r.v/,/ 
 
 ,..,,„„.. .„,/ a,u,nn,tr. r,„;,on,r.u„. • r.M.2- 2 Ch. GOl. Alhop,' 
 .,1,1 S<>„.^. 51 W. H. 04»: Wi'hixirh h<r,„idciici-iit ^u.•< L<f]lit < o.. 
 VH)\) 1 Ch. 87; X.illniml l>,rcUhi,,s Snrirtn. Ill re. TS h T. III. 
 \ ...l.on.o for rmluctio.. of capital l.v payin-.^ oil pai.l-np ^-apjlal 
 ,„..v l.<. .an.Honod. evo.t thoULrh it involvos tl.o .a.s.n-. hy other 
 ;„„.,f,hovorvmo..oywhi.hisn.,,ni....lfor..ll.M..in;..lM'nMl..r. 
 
 ;., /.,. /.'«^aro.,(i9H)2Ch. im 
 
 l>,„t the Court will not sanction tl.o ra.i.ollalion ol a .la- ol sl.a.o- 
 
 ho fooiin- that in li.'U the.oof the to...,.any ts to ..sm.o to the 
 
 l,„ldop< a ...uoh lar-er nt.iount of pai.l-up M.a.os ot anolhor cLu<s. 
 ILrrlonwrnl Co. of C-iilral .l/n<ti, i l'.M)2> I Ch. ..I. 
 
 I, „.o ..o.,.,.anv .x.d«.in.^ its .apital h.w. a r.-M-.v.. tu...l. tl.o.* is uo 
 „l,li.a. io.. to apply in tl.o li... inHia,..-,. the vv l.olo of su.-h roM-rvo un. 
 ,.. .^placv the capiU.1 a.vount: a.td if tl.o rosovv.. lun> has !,«.,. 
 „n, . ^.I iu the l.u.siuo.<s and i. iho.oloro ...ivd ..p «.tl. tl.o -o.,ora, 
 „ .: . OSS falls ou the losorv.' and o,. th.- pai<l-up . a,o.:.l r.toM.l> 
 
 '|.,. .\. C. T2'.U. unl.vss th.> .■oM.p..M.\ rlinoM- u, .h.o« on iv-orio a 
 
 l„....r proportion than its rat.'aht- piol.o.(io... 
 
 |„ tho..tt.so la«t nientiono.!. I.o.d Ma...:.d,.o., sa.d: I h- ( our. of 
 Xp,K.al was ,.o. .,ui.o .a.istiod al.out tl.o p.opviotv o, .■...a.n.nt: .n 
 ,,:„, ,,„ ,,ar. of .1.0 rcsorvo fund, hut tl.o pr..po.s.d wa. ■'"'— ' y- 
 ,,a.>.s on the ..on.,.n..^ ;rivin!-'..n u..dor.akin^ wh.-h .s on.hod.od n. Il.o 
 ;,„lor that no p.irt of tl.o sun. .o.ainod o..t ,.f tl.o juoi. .^-rvo tun.l 
 
 - d Ik, .ippli.-d oth.nwiM> than to, .ap.'al pn.pns... As tho .o,,.- 
 
 ,,a„v <.IVo.vd this u.,.lor.akin- I do ,.o. p.opo-o ,o v ' '■■;'';'"I- 
 
 ' ... 11,11 ,.... ..i.ii.. iiimIio-,1 iinl «Mal tlio 
 
 ilii.t .' shoi.ll no oiiiiiKMi ■ ■ I- ■•■ 
 
 ,„.dor.aki.., or ho« hn.u^ il is i..to„dod to las., l.nt i ...uM 
 
 ,av.«poakinv^lor.nvsolf,tha. I -h. ,.o. .I.i..k .ha. .h.sadd...on ..,th« 
 ..rdor ou.d.l to ho troatwl a« a p.v,^d.M.. in a.ix "tl.or .as... 
 
 \ ..hon.o for r.-!n,:ti..„ of .-api.al i- n. -ssar.lv u...a.r or 
 
 o.o,,.dtahlo bo....u.so it inv.dv,.H tho al.ora.ion of ri.^hts of vU"" ""J 
 ,,rioritv .us lK.twoen tho .litVon-nt -lasnos of „o,.kl.ol.h--s^ I .(.vtecfc 
 
 /.,„n„/,..w„f (.wco., ' i'Mn< I (1. «:. .!«/>"/'/' •' >""-■ '■'•' '" '•«'• 
 
 lirt!! 
 
 .J.; 
 !!■■!. 
 
I 
 
 1260 
 
 !■ ! 
 
 I'KTITIONS. 
 
 [ClIAP. XVll. 
 
 04 W. R. <i44, ('. A. The t'uini will iioi, under >,iii«« of u roilutii,,]! 
 of capital, ^aiictioii ii resolution which (•llV-.tw a " eoiiver.xion " ami 
 ' ru-iilliHaliiiri " ii.s i|istiii>;iii.'<hf(' Iroiii ii i')'iliii'ti(iii of cuiiilul. II „/;,,, 
 SImn, Traill FixJi, lit/ < o. { r.Hi8i. S. (:. 12;t. ("i. ol S<'W!*. 
 
 It id IK) ol.jwiiuii to a 1. 'solution for i-cilii<tlioii that in (.Ih, i ,i 
 colli ravoui>.s i Uirguin coiitaiiiwl in the iii(>inoraii<luiii and arliili> .>i 
 iit«.o(iation, and it it no part o( the business of iho Court lo ,|rii,. 
 mine the wisdom of the louitw adopt4><l liv the uonipany in ihi 
 nianajreiuent of its own atVairN, Per Lord Loivhurn, I,, t'.. /•«,,/, 
 V. Sutioiml liiiiik 1)1 < kiiHi, Liiiiilril, i I'.MIT i A I' 22'.t, .i.tii. 
 
 Court'ii 
 diacrction. 
 
 
 
 j 
 
 
 5?3 
 
 i 
 
 1 
 
 *-^ 
 
 The Court's Discretion. 
 
 Wide an i^ tlie juiiBtlietioii to continn n reductiou of cupilal. lU^ 
 Court JH iuvestod with a discrotion— a judicial distix^tiou -ami ii 
 is the duty of the Court beforo !iaiic(ionin<; u reduction to wo th,.' 
 lhei'<( is nothing unfair or objcctionalilp in th<' Mcheino, cspciiulh 
 it dw.s not |U'o\ide for the treatment of ilic shareholders in aio<ii'l- 
 iinw with their ri^^lit^ inter se. 
 
 The tn^litors,"' said Lord Maciuifrhton in Hrilinh iiml Aniirir,i,. 
 ill. CofimiiHoiiv. Couper. i iHiM > A. (. . .'l.tH. aiul in I'oolex. S(if„„„it 
 lUinl: of Cliiiiii. Ltd.. Kiiiini. 'are protecttxl by express provisj!.:,- 
 Their coii-senl must be |iro<iiit;d or tlioir t'laims muHt be sati^licd 
 The public shai-t'liolder.s and every cla.ss ot shareholders, iudiv iduiilh 
 and collectively, arc protected by the ue(e.-t<ary publicity of the prc- 
 ceedin<;~, and hi/ the di\iietwii which is cntiu>led to the Coiiri 
 L'ntil coutirnied by the Court, tin- propuscil leiluction i^ not lo lake 
 ellect, althou<;li all the cix>ditors have been Hatlslied. When ii i- 
 contirnied the memuraiidum is to be altered in the j)i«scribed nuiiiiici. 
 and the comjiauy, a« it were, iiiakcK a now departure. With ihcw 
 safeffuards, which certainly are not inconsiderable, the Ad n\)\)» 
 rently leaves the company to di'terrnine the extent, the mode, and il;. 
 incidence of rmluction, and the application of any capital money- 
 wiiich the piopo.sed reduction may sot free . . . The jurisdiction 
 uri«e» whenever the company xeckiii^ reduction lia« duly p;i"cil .i 
 .special it-i-olution to that ellect." 
 
 lenliielx iinree," f>aid Vaujjhan Williaiius, L. .J., in Welstnuh i e 
 > li>04) 1 ( Ii. S7, "that whether a nclieme do<w or does not accnl 
 e.\actU with the le^al rijrhtw of the Hhareholdors, the Court nia> 
 •hv;iys •ijiisiiier wiiether it i;- ii f.iir i r an unfair .ithcnio. lii ;..; 
 indjiiiient. this is a fair scheme. 1 cannot help Mayiii),' alfhoufjli tlii- 
 is in no way eoncbi.sive upon the (piestion of fairness that the Cnnii 
 always doj-x take into consideration the wisho.s of the sliaroholdci- 
 who are alleiled bj, tint Hclieme, and in tiii.s ca«e tiie Mai'oritie.s wiiii ii 
 have lieen obtained to my iiiiml iro far to show, at all event*), thai iIm 
 . shan'liolder.s, and in particular the preference Hharoholders, rejj:;inl''i| 
 tJiis as a fair scheme." And. in the Kaiiie ease, Stirliii(f, L. -i ., >:iu\ 
 
KKUl'<mON OK CAWTAI.. 
 
 I oiitircly aprc*' . llmt in llio«« . iwes the r.Miil Is ii..t uhH.t an 
 
 ..Mi.ratiou toconlirm iinv m'Iu-..i.' lor .v.lmti.n. I.v «l,at.nor Mm.ioiil..-.'4 
 „ ,„r.v U. samtioiiod. I.ul Ims a cliscreti.-u wliirh il is Ik.u.uI I., rx.-n i.-e 
 ,„ ,.von CUKO. But. at the .sauir liim', in .•xi-iviHiu- llmt >l.srn.tiou. 
 ,v|».n «'" lin.l lluit tin- .l.-leiniination of M.rh niutHM> as viiiiiUun.s ui 
 • l,,, ,i,rl,t^ allaili.-.l to (lilV.-nMit ilass.w ,,f sliaivlioUlcrs Ims I.v tlie 
 ,,„u«lin.tion ..I ll»' .'ompanv l..".-n l.'ft I., llio .UviMon of tl..' nliat.-- 
 |,.,l,'|..i.s ihonisoUc-.. tlic ('....It ou-ht to !..• v.M> .an.f.il I.-nv it ...t.i- 
 I..,,., with tlH' />..«,; fid,- in.l-rni.M.t. of l..iMnfs« n.i-n on a n.all.T nt 
 
 l,„„ .ss in wl.i.l. ti.!-v tln'.n-.'lvos aif lai-flv inl.M-.-.st...l. S-v also 
 
 //„„;■.■ if Co.. il'JiHi -2 ell. -JUS: Siniiurl .U!.^'ii>ii .( Sons. /,^/.. 'I 
 W K. 1144: I'J T. 1.. K. ti.C Tlw Nhaioliol<lfi> ...niK.t l.<' hi>ai<l to 
 .:,x that thov took thou -l.aios in i-novan.i- ol llw piovivions lor 
 i,.il,irlion of "capital .ontain.-.l in thf Conipani.'.-' A. 1. VMW. .-. »i; M\ 
 
 ,v-.-na.tin- ih.- ( •onipani.-.- .\.t.s. 18.17 an.l 1S77), or of p,ov>M,.n.- 
 ,„ th.' arlirles of assoriaiion cnahlint; .la.-s irn'otiny^s to app.ovi- ol 
 „„„|ili,.ation of .i..'ht> MM- lh„n,„l!,>»'^- l*i>e.l S,„„„sl, Trlr,,r.,,'>> 
 r„ :ll (• I). 2«7. and \\,-hh<wli Co.. I I'JUK 1 I'l' >^' '• ^""' '"«'■''- 
 ,„„lv ,lu. I onit .a ak.- an o.<lor not«ithst;.n.lin- that it niav .-..•ato 
 
 .o^„p ,o„.<. of .jlsappoi.iln.onl o. liar<l-»hip. Dhert S,H„„'^h 1 .1,- 
 
 1261 
 
 .,„,,/. To., 3i I' l> -W 
 
 am' III) 
 
 ho <as<'^ al.ovo lofi'i ii'd U 
 
 fl 
 
 Confirmation of Reduction, not of Ret^olution. 
 
 1, ,. ,0 b- ol.,«>iv.-,l thai tin- ( onrt. in .loalin- with ih.^ ro.l.i.tion of 
 , o.ilal has not to conllnn tlio special vcsol,.tion l.nt to .•onf.rn. 'the 
 ,i„|„,,ion.- for .0,1. .-.o of th.' Art. n.pla. „.^r Hvt . 11 of tin- A.I ol 
 1S.;7, provulos that ' tho r.nnl n.av n.ak.- an o.-.l.'f .■..nlinn.n- th.^ 
 ml.i.tion -on su. h torn.s an.i .-..n.litions as it thinks lit. II. th.M,- 
 |o„. 11... r,'sol„tinn .l.-.U ni-h .n;.!!-.- h.-v.-nd ..MJn.t.on, >h.- I ><n< . 
 
 ,. , .......'.al .uh- shonld ..l-lain 1. pa^-i..- an> ■■ loi H. an.l 
 
 imrport in anv u„x ,o ,...din.i il; h.tt lh<' "........• p...poM.d 
 
 „|„,,„„1 ,„;,v ...nd,.,- ,. ...■..-ssan f lo..U ... th,. ..ih.- ■ m-.m,..!.... o,. 
 
 ,„.l in .su.h .■:.-. th.' f.....t ~i ol .o,,.-. M.MHd.-i •)„. u,Mny ;v 
 
 ,„..d,ditv of th.. ..Ih... r...-!> "i ,1... ....sol.,.io„ -... Il„lrn,l..„l 
 
 lhn,„: to.. 7.-. I, T ■-•! Sli.li...^. .1 
 
 \> to .•a....<dlin- im..i-np .apil.-l «hi.l. i^ n ap.Ml h-i or ....- 
 
 „.|„...M.,.,..l l.x availal.lo ass..,s. ,l„. (our. l.a^ f.v.,,.....ll,v a. I...I ...• 
 
 I,,. foo.inL' that .. ha^ [..risdi-tion t,. s,.,..ion .h.> ...... ..|lat..... -d 
 
 ,lK.,..s tnliv „. parlU ......1 ..p. n ■•■viths- ...li.." th.. al.^.M,..- ol .■^.- 
 
 .!...,..> thatil... .apit..! I'"'l "I' ''"• ' ''^'^ '"•"" '■'^' '" " '";:"l';"- 
 
 -..,,.,..1 l,v availal.l.. a-...- Tl.o f..l'..«i..- a..- insta.....^: ^/^/.;^o, 
 
 FIrrtrlc'co W. N. IH'.tJ.«l ih...- th.' nip.....ra.i.l.i... was .-..l.s.r 
 
 lor .ortain ton..d...s. >ha...s. ;....! ii Lv...^ -t.-i'O.i •" ;-'-•' -i'l "l' tl'=-^ 
 
 ,!„. h„l.lo.s pai.l th,..n ..,. in full a...l 111., oon.panv pass.Ml a r.-.so ........ 
 
 ,a..col!i..jr ll.on,. a.,d Chittv. d . ...nfi.wd thn ..-d,. n.: Wr.t- 
 
 Wl.;lt tl.i 
 
 Curt 
 
 .•oiitirmK. 
 
l-^«2 
 
 •K'llTIONH. 
 
 [ClIAP. XVll. 
 
 :•■! 
 
 iH 
 
 
 A" to neeva- 
 nity of pMvintf 
 low of capital. 
 
 Evidence 
 •il lung. 
 
 minxter Electric Supply Co., IH'.»7 i Stiilinfr, J., foiindors' ^l|;l|,« 
 i!aiii'ollc-<l, tlie liolilf'is ci)ii.soiitin<; lln'rotci. anil l>cinjr allowed lo mi,- 
 Hcriho for a. nuriilior of othi-r pharos at less than tho market \n-\iv>: 
 House to House El-crtiic Co.. in lK!)!t i Uoiiicr, J., of a -iiiiil.n 
 cliarac (t'ri; .S7. .lames ami I'alt Mull El^rlrir Co., in ls'.i!i 
 iStirlin<r, .1., a .similar sdiorno san<li(inf"<l ). 
 
 The iliclu to llie contiary have liccii iiM'rrulcd (-eo supra. |> Ii;.m; 
 in Aii;ih-French Co., i 1902) li Ch. «l."i. 
 
 According to tlii- dcri.-iion in Loiiisiuiiu ami Southern Sluice ( „ 
 ( I'JIKti l> (il. ,"i,",i>, it iti not nprcsarv, r»'<,Mrd hcin",' liad tn llic liini- 
 of .M!(t 1(1 of lilt" .Vit. wliero a coiiiiiunv Kooks lonfinnation liv ilic 
 (.'ourt of u ro.soliilion to oAnool capital liwt or unr('|iro.-.oiilc.| l.i 
 available asset.s, to provt' tlii! lois or non-rc|ircMMilation, and uliji 
 was said hy Lord .Marnagliion in Poole v. Xatioital Hunk of Clchi 
 Ltd . I I'.MIT) A. (.'. '21\\. .'J.ii;, uiui ri'iicd on in sn|)port of llii-* wrw . 
 lint II .■'('(■MIS donlitfnl whctlici tho wordinf): of tho section n:ill\ 
 jiistilio.x that concln-'ion. .Inrisdictina is one thinii, and |ii ^.t ni 
 the fao(.s all<';r('(l is ano'licr tliinjj, and where a petition tin- nvin inn 
 alleges that some pan <d' it-- paid-up capital proposi-d to be cm cllcd 
 lia.s Im'Ou !o-<t or is iinrcpri'sentcd by available as.scis, thi> Cuiiii »« 
 of course reipiirivs e\ i Ipme of llu- facts allo«;pd no that the onici ..f 
 tho Court niay be serumluin alleiiata et probata. 
 
 It has been hold that in onh-r to obtain the sanction of the Cuiiii 
 to a caiKellatioii of capital ullo<>:«"d to bo lost or unrepro-oiid'd In 
 available iis.-ets, the allf,j;a!ion imi-t be proved clearly, and fjoodwill 
 (if any) must be bniuiiht into acionnt. Harrow Hirnuitile Co. t 2 
 !>()()) '2CU. 84(i. 
 
 It is -ullicient to jikim' (,///,•/ liiai .Mpiia! has been ]o-t or tli.ii ii 
 i.s nnri'prisjMiK'd liy avail.iblo a«-<'i-; it i- muiece-sary In prim' l.i.iii 
 thoM' facts. IliHire .( Co , , I'.mi , ■> ( b. 208. t . A. 
 
 In ca-'o^ of c;niiellatiiMi, ca'" shoidd be taken lo ascertain tli ii tin- 
 capital inopo^ed to !«■ c;iniclled h;is ln'cn cllerinaliy paid uii. In mic 
 case it Has piopo^'il \i> muM'l sonic iiaid-np (api'al, and in ]iicp;ii In;: 
 the evidemo on tho jtcition it «as disciM.iod that tho r.yitciiicni 
 
 under Hhidi I lie sliiire- woio iss | .is j.aid-iip had not been idcd 
 
 The petition uciordiiifrly s:,,,,,! ,,\,.,-. pcndiny: a motion to roitih llic 
 roy:is|oi- uiid lile a ( niiliii.l ; and ibis li'ninjr li,vn done, the ju'litioii 
 was ainondcd, and llio order for i-ediiitioii was made. See yntlimi- 
 luim, dc. Co., \ T. I-. K. 12!i; r.a.slern. dv. to., G8 L. T. .ill", mh- 
 also yixon Xai'iiJulioii Co.. < IHltT i I Cli. S72. 
 
 In Homo cases, whore no sulticicnt contract has boon filed, applica- 
 tion may bo made under the Cninpaiiies Act, IH'.tS, as to wliicli s,.e 
 Chap. ,\.\., /'/(//■(( 
 
 Where the company ri'duciii^i its ea|)ilal has a n^servo fund ol 
 utTUUiulated jtrollt.s. thort" is no absolute necessity to briii;: the 
 reserve fund into account for the piirpost> of ascertainin^r whethnr 
 llie capital propo.sod to be (t-.uKsdleJ Iiuh been lost. A loss of capital 
 
KKIUKTl'loN (»K CAI'ITAU 
 
 I'Jfl.. 
 
 faUt O.I the Ki>neiiil assete- not on tlio rfseivo fund of undivulo.l 
 proliU wlicro the rcsrrvo fund is separately invested, but if tl.o 
 ,,.s,.rvo fund is invostod in tlio bu-inosH ho o-s not to l.o distinRuish- 
 ,l,lo from llio sroneral a-tsots, a loss shoul.l bo (roatod as falling on 
 ,1,0 .MMioial assets an.l llw n'spivo fund ratcably in proportion to 
 ,l,e amounts thoi-of ill,- II.h,,.- ,f Cn., (l!.04 1 2 Ch. 2()S), unless 
 ,|,e i.j.npanv .hooso.s to llin,« a la.-cr i)roimr:i„n on the rpsorv.v 
 This deci-io"u is one of fjn-at pra.li. al iniporlan, o. ami nMuovcs the 
 ,l„uh;s rai'^o.l b.v the do. i>ion of (",,/.Mi-ll.ir.|v. .».. in linrnur 
 H.niuititr Sh-'-l Co., (\WW) l! VU. K tti. HM. 
 
 (■a,os M.nK't.n.os a.iso in «hi,l., as pari of liio sfhome of r.Mu.- A.t;-^;;J. 
 imri, arr.-.irs of preference divi.lends aro to bo (aniellod, or are to dividend, 
 he ^.ilislled by the issue of .leferrefl warrants rarryinp: interest 
 payalilo out of prolits or out of surplus protll.s, but it is not. fnr the 
 t\,nit to san. !ion .sucli an aileraticn of ri-hts they have to bo dealt 
 with by virtue of provisions in iIip inenioraiiduni or iirli.les of 
 ..MKialion, as in the Wehhnrh Co.. (IMt) 1 Ch. 87, C. A.; Ilonrr. 
 ,1 I'lK. n'.K)4) -2 (Ml. 208: Hfiirial Crnlit As^iinimr. Co . ( \W-i\ 2 
 CI, i;ol. In the W.'hhmli Co. the .>po<ial ivsolution pa-se,l for 
 ,..,l„,.|ion of eapitul al^o ,.t«vidod, with the requisite san-ti-.n ot 
 ,l,i^s nioelin^rs. for the cancellation of the arrears of preference 
 .lividend. In Samwl Alhopi, .( >o«.v. I.nmlnl. \V. N. (I'.MCii 1.(2. 
 ■ III. rrcd warrants were issued in respe( t of the arrears. 
 
 I,. Iln,,,;- ,1- Co., (I'.Mtl. W X 87. i>'f>n. Form .M».s. ancvir^ of 
 pMlcvntial dividen.ls were eMiu-ui-hed and parti.ip.ition .crlili- 
 ,;.ic. were to bo is.«ued instead to the preference shareholders 1 iiidini: 
 il,c ,o% to pav a iH-icenta-e of burnlus prolil.s to the (orlilicai.- hohlers. 
 
 If there is uo olUciont provision in the articles for (l.<s nu-etinjjs ^;;1;;;^;;|__ 
 „. Mich cas«-s, it may l)e mvessury to pro.i'e.l un.ler sc- t. 120 ot the 
 Ai I See («/ni. Form 80S. 
 
 Sunietimes, whore it i.s desired to canc<-l founde.-' -haics. provision {';;;;;',;;;■. 
 i> mad,' fur pavinir iheiu olV and lor I'.iy in- them a considenible bonus ,|,„„,^ 
 
 .„it of the undi\ided proll's of tlie pany The Court has Kin. - 
 
 li,.„c,| Mi.h a ledu. iio.i ill lo.oe iha .«■ ■ aMV S.-e F.uni r.l7a. /(;/(,/ 
 
 r.,.i th.j Court will not sanction a , aie ell.iti.,ii ..f a class of .shares oi, 
 til.' fu.,tiii^ that ill liou tiiei.'of the ,„iiipaiiy shall i-sue t*. the hohlers 
 a m.ch l.u-er ain.mnt of ).:U.l-i,p s|,:,i.-s „f a.i.ither .las-s l)rr,l,>l>- 
 iiu-id Co. oj Cr.ttial Afiixi. (l'.'02i 1 ( h. ■">». 
 
 S,„iiotin.es ,, is .lesiied in .ainellinj: lost ...pi.al not to re.lu.e the IW_rv.,., 
 am Mint of the in.livi.lual shares; lor es.iiiiple, where there has been ,.,„„„„,.., 
 a 1...S. of .-.0 per iiMit. of Ih.- pai.l-iip -apital. i»i,„A lacic the mch slnr,.. 
 ..f .arryiiig out a cure.spon.liii- redu.ti..n «oul<l. wliero tlie .apital 
 !s divi-k-.l into \l. shares. In- to redu,'.- every share from il. t.) I0.^ 
 lint in some cases it is prefoin-d to lancel one-half of eacli li..i.iin-, 
 so as tfl leave the shares at the same li>rur«'. This ran be done, 
 hat occasionallv it is nece-sary to make provisi.m for fratUons. 
 
 *i 
 
 . ■' 
 
I, 
 
 1 I 
 
 I" 
 
 
 II ■ 
 
 h 
 
 ^% 
 
 I'M* 
 
 BujiBf! out 
 hotden. 
 
 KaduRtioD in 
 windin^r-up. 
 
 PETITIONS. 
 
 [Chap. XVll. 
 
 Occttxiuiuillv, titruiii, il U dosirtxl liy llic hoklor of u nuiulHT nf 
 !fhar«.x to hiivo tliti otiior liuldcrH paid oil, wti lliat, ill ptVoct, he and lii« 
 nomiuoC' inuy iMMtmiu tli« Hole tr.lmieholdei'H and the practical ownpi^ 
 ol' (ho coutoiii. Siiili » »*cIk'iu«! luii Ik' worked out under the An 
 Sc<> Form (HTIi, injra. 
 
 In M-'verul ium's imhTf liuve Iweii iiimh' ttuiictioiiing roductioii "I 
 vapitui where the luiiipiiiiy waH Iteiiig wniiiid up, and the rediictinii 
 woM part ol u .siheuie of iirraii)j;eiii«iit with a view to the resuiiipti.jii 
 of liuNiiiesx. In ■'ui-h cases the pro<ee<liiign must couiply imt onlx 
 with Meet, lijii, liul .soctii. 40 .">0 of the Act (replacing' n'sixjctivelv 
 the Joint Stock I'orupanie.s Arraii)<r('iueiit Act, 1870, ami the toiii- 
 panies Act.s, 18U7 and 1877), and the ])etition must bo iutituliHl 
 accordingly. So held by Vau<rhaii Williams, J., in South Stafjord- 
 ghire Hltie Brifk Co., 8th Marc h. I8it8, and by Byrne, J., ju Cooper 
 and Johiutun (1903), 51 W. H. an. In WalUmei/ Brick and Land 
 Co., W. X. ( !S!i4; 20, Kekewich, J., refused to .sanction a ivductidn 
 of capital on the ground that the company woh not a goin^ cmicern. 
 and did nut ciintemplat4> resumption of buxinos.1, but it may lie 
 doubted whotlier this dcci.siou can be Mupported. 
 
 Ucco-siouuUy, too, a reduction of capital tixkoa place alou^ witJi 
 a reorganization of capital under sect. 4.5 of the Act or othorwuic. 
 Au.-<tratMn Kutnlejt ami Morlfiiiyr Co., (1910) 1 Ch. 411; and 
 infra, p. I."i20. 
 
 Special Resolutions for Reduction. 
 
 W lielluT tiie .sanction ol the t'oiirt is or is not ri'iuii i oocial 
 rcN()|ution.s hav to be pas.s<vl for the rciluctiou of aipittil. 
 
 A .-,: ■ iiil rexolulion for roiluction can only be passed if at the 
 iiiiir of pas.siu<j: lii(> same the urtirleg of asisociation of tlio coinpaiiy 
 contain a claase giving the company ])ower to re<luce its c.ij'iial, for 
 sect. 4(i of the .Act oidy <Miipo»ers tlie conijiany to reduce In s|i(>ri.il 
 resolution 'if .s( authori/.od by its aniclus." Acconiingly, power in 
 the iMcmorauduni of a.ssociation is inoll'cctivo. Dtsxiiic I'uteiit Puck- 
 inn "»i'l liithlMr ( o., \V. N. (190.! I 82. 
 
 Kor the clau.s«> in articloM of a.s(4ociation authorizing a reduciion of 
 capital. M'e Form 2.'il. clause 48, p. (KSl. 
 
 Ileni-e. wliciv the articletf omit to give <'.\|]re.ss jKuvcr to I'educe the 
 capital, a special resolution nmst first be parsed altering tlieni liy 
 introducing a cluune that "the company may from time to time reiluce 
 it« <'apital": and sul)se(iuently a second s])ecial resolution nmst 1« 
 pns.sed to elfei't the reduction. These Hjiecial nvolutious cjiunot Im 
 poMsc'd concurreuily . iSc<> sect. 4ti of llie .-Vet, and West Itidia Co., 
 9 Ch. II. n.; I'liti'iit Invert Suqar Co., ill V. Div. 16G; Orefjon Mori' 
 ija,/,' < o. (1910). S. C. 9t!4. ci. of Sesc*. 
 
 Sfc form of resolution, p. 1117. 
 
RKDUCTION <iK CAI'ITAl.. 
 
 \s to .special resoIutionM (iciiciiillx , mt -<>(t. •!'•. mid •■((/./(/, p KKl.l 
 
 «' ■'"''/ 
 
 Kor notk«* of iiioetiniTK to pu,-* -u.li I'-Mjlutioii-*. >»• FuriiiK 4:t»> ami 
 
 I.l7. 1111(1 iiolcw thereto. 
 Koi- loriiic of rwolution ti.i- iimin Uiii.l- of ivdiirtiini. :<«.> »u,'m. 
 
 |. Ill" <•/ ■■ 7- 
 
 19ft'. 
 
 riir oxpre^Mion 
 
 The Court. 
 
 ' the Couil ill -<■' 1 •'» > 
 
 .1 llif .\(( inonn.^ (-^o w'l,..t c. 
 
 . I :>.s.-,) tli<' Court lmvin« jiiiis.li<ti"ii t-> wind up ni." t pMiiv. | 
 
 .it'tioii. 
 
 • Hfct. lai. 
 
 As to Ui«wo Court, SCO r^.'l Ml. iiii<l llio Hul'"* i" ll"' Ap| 
 
 Act.-*." Tlip Court's juiisdiclioii U 
 
 oxoroi-oaliU' t>v llio jud;;*" 
 
 ain'i .— .. . 
 
 1,1 the ("ImiKorv Division, iin luiliin; Hin-c t<< «lii.iii tin- wiiidinL'-iip 
 
 l>Uf<in<'.«-' is »«siKm>d. 
 
 I iidcr tlu> Act of loot) tin.- wiu. .Iciul.lfiil. bin in lilhi'iton and \^^J|'J^^_ 
 (.,;u-i,il. HlcclncSuppln. \V. N. (lHl>2i 81. it was liold l.v ( liitl.v, J . {",.!,"',';.» 
 alior .oiL^ultiii!.' «-ith tlio otiior juiJovs of tlio Cliiiiiwrv Division 
 
 iliiit tlio juiis<li.'tion Wius iiol .■oiiliii.'d lo ilio windiiiv'-np juduv.-. 
 ami his J.iinlKhip slalod thul siiiiilar ii'ii-oiiiii-- iiii-hl Im- applird (o 
 j|,pliiullon.s mid.Tlhot oiii|Miiiu's i M«'in.iiaiiduiu of Asxxialioin Ail. 
 |H<«(. n.-w it.piv.-.-nlod l.v.-0(l.s. Hand 2.;i ol tlio A<-l <■( lit'lH. A.i-ord- 
 iii-lv. ii!aii\ oidcis ill ri'dilrlioii- ol cipilal vv.-i.. Mil.sc(pn'iill\ mad.- 
 Iiv -.iu' 1,'aiiii'd judges above iiiciilioiiiMl 
 
 II «;s also hold l.v Vauyhaii Williatiis. .1., and it ap|"Mi.s lo Im- 
 ,|.,ii. liiai the jnrisdiction uiidor Ihv A. t* of 18li7 and 1877 was al.M. 
 . vnvisoahk- hv llio jiidiro to whom, iiiidfr sc.-t.. '> of tiw Coiiipaiiics 
 
 Wiiiliii- I'pi Ad, IS'H) (Conipaiilos An, l<.MI8, s l;!'Ji. Iho -oiK-ial 
 jnii.Mliction to wind up uoiiipaiiifs was as-i-iU'd Minimi Slums 
 
 h,r,:ihlll-lll ( l>.. (18<»;l) 2 Ch. C.liM (K\l<MIMOU ni Ol.j.M'Is.; OrflU, 
 
 ij'«rii Slriiiii.shii> to., ih. Otlti (Kcdiiolion ..I Capilihi and \..ii_diaii 
 Williams, J., whuu actiny; as wiiiliiitr-np j"'l!r', altorwards riiu.l.- 
 miiiv uidcis in mniilur ca.sos. Ollu'i- .mi.|i oiilci- wcic mm Ic la 
 li,.iiu>r ami lUrno, J.I., wIiimi aclinir for the wiirliii'.'-iip jiid-o. and 
 li% \Viifrht,,l.,and evory sul)sC(|uoni vxiiidin','-iip juduo. Inisiioi livo 
 ..I th(vs(! decisions, tlio juri.sdiction i- nUo exiMci-oahlc l>,v th<' oth.T 
 C.iiK.s havinfr, under the Compa!.i.'.s .Vet, l<,>.)8, s. l.fl (Companie- 
 W iiidiiiL; I p) .\<t, 18'.tn), juii.sdii.Mion in Enjiland and Wales to wind 
 ip impanie.s, luuiudy, the < han.eiy Courts of the Coun!io« I'alaliii.- 
 .1 [.MM:i.sterand nurluiiii. and crriain of the County ConitvS, subject 
 I . iIh' conditioiis iuipasi^ by sect l.tl of the Act. llouoe iIk' lii>t 
 iinpiiiy to Ih' inu<Io in n-seertuinin;: whav Court it to bo potilionod is. 
 V» iial Court, liu\iii;; ii'^^alii lo the siiuattoii of tliC- re-^Utontl oi!i«- 
 aiil the amount of wipitjil pai<l up. or criHiitwl iv* paid up, wouM 
 iM>i' juri.sdietion to wind up the coiii;"iii.\ ' 
 
 I hiiers onfiriuing ivJuclioiis ,,| capital have also boen nude b\ tlu- 
 
 I u 
 
 ''£&■ 
 
m 
 
 1266 
 
 PETITIONS. 
 
 [Ciur. X\ II. 
 
 i 
 
 fliariKM-y (^ourtA oi' tliv CnuntitM Paltttiiie of Lanoistor anil Dm): r.n. 
 und ill a U'w nim-a, whoro tlic |)uiil-U|) capital did not oxcot'd In (nioj 
 (see .sect. 2 (.1) of iho Companies (Windini? Up) Act, 1890; ( .,iii- 
 puni(<8 Act, 1908, H. 1^2), ordors Imvo l)eon luudo bv Counly ( .ui! 
 jiid(,"e8. A |M'tition for ri>(lucti<in or u\teni«ion, to Ik' hoard iK-fn,. 
 \vindin<;-ii|) jud<^\ noo<l not lie Hpccially intituled. It cuu liu imi- 
 lulcd "III thf Miutlor of llio ronipouios ((.'unNolidiitiuii i Ai-t. \'.i'<x 
 Ahiminiitm Co., W. N. (1891^ (!. S<>o Hido ."), infra 
 
 In u KUM" within tin- County Court's jiirisdiclidii (a.skinu I"' ■ i - 
 Hrination of un alteration of olijoct-) pro.'<enl«d to tlio lliirh ( .n • 
 Wriffht, J., niado the order, Lut directed the pr(:coe<linj,'.> to he ii it-- 
 forrod to the County Court. liuqcley (la-t Co , W. N. ( 1899 1 127 
 
 In a va.to in .Vu'jutI, 19lt.», Warrinyplon, J., conlirnu'd a it>-*ii|pitinii 
 for nduclion, althouu'h tin- 0()iii|iany'.-< paid-up capital was iiii'lfi 
 1(1,000/ Thin M'cnis correct, for by fcul)--ect. 5 of >vit. '2 of Hk? \ • 
 of 1890 (Coni))ani<'N iCoiivfilidatioii i .\ct, 1908, m. 1.'J1 (7)i, \sIii.:. 
 section (jfiveM windinyr-up juii>^diction to tlio Courts ul>ovo nii'iiti'inil 
 " notliin^r in thi-* Mvtion .sliall invali Iat4> a prooocdinir l>y rca-' m ■!! 
 its bi-in;; taken in a wrriri:: Court." Hut whether thci-e i-i aiiv j- Mr 
 to Irannler u pctilion fur loluctioa or extension of oliji'iis ir in 
 lh«' lli;;h f\)urt to a County Court, or rice cemd, in liouliUul. ^" i 
 1.3,'l of the Conipaiiii'.s Aci, 1908, loplacini; sect. 3 of the Act ol isiiii. 
 onlv u'ivcs jiiiwi'i til IranslVr ' tlie iriii,lin<i-ui> »( a cmnpiiiv n\ .iin 
 proceedinfjrt* therein." 
 
 I'll* ^hurt 
 pnjifHH, 
 
 Procedure ix'i- Kiilos ot May. moo, in Apjiendix i 
 
 Where ih'- ii'ijiini.ii dues mit iiivuKe I'ilher the diiiiiiiutioii ui ai.- 
 liability in re.spc t of niipii I luijiira! nv the payment to any >hai' - 
 holder of any paid-up capital: 
 
 1. Sec iliat till' regulations i.r.. the arti' ies ^'i\e ihi' riMjni^iic 
 
 piiwci' 111 rivluic lapital i.s»/)/vi, p. (!S1). ami if llicy .In int. 
 iiiM'it by - ivial ri'sulution power to reduce capital 
 
 2. Then ] a.-ts a -pi' ia! ii'soliition i si>c Companies (('onsnbl.iiifri. . 
 
 Act lilii.s. - DO i:>)i for the reduction in the lic.siicd Imn.. 
 taking; r.ire lo speuifN the character of tlic rclMciKrii .imi 
 how it is til lie elVecteil nirn. Form 187 ft "cq.). 
 
 :i Filf> with the Ueiri.strar of Conipanii'; printed copy ol tin- 
 ifvsolulinii, pursuant In hctI 70 oi the .Vet of 10 IS -.ii 
 Ajuiendix). 
 
 4. I're.sent petition {itijiii. Fwnii tjon ) to the t'ourt piaviiiir f'lr 
 fiiilfirTicitinii of tho I'odiji't; ifi. lii- <-oii|i>jinv In be the prli- 
 tioner File ailidavit.s in support of the petition. "^ii' 
 Form 615, injra. 
 
 b. As from the prcxrnlntwu of tlw petition until the Court other- 
 wise il lects, use the word.s "and reduced" a.s part of Un 
 
KKDtrmON OK CAIMTAI.. 
 
 I2«: 
 
 ^^ 
 
 ■mine ol the comiumy. Soo h.xi. IH '-I' tl.o (oinpaiii.v- A.t, 
 
 I'JOH, iinlcsn adiipoii'-aliim ordi-r is ol'laii"''!, infra, p. 1-71. 
 ,, Takr out miin.non* in chamb.-i^ iiiimo.|i..l.'l> alfr th.> piv.srnla- 
 
 tioii of tlio |)olilioii for .lirc.ii.m« iw to u<lvcrti-«iii«:, &v. -ri> 
 
 Koiiii <i(t'.ti, uikI obtain onlor llioroon S.'« K.irni Uio. 
 7 A.lvifrlmo poliiioM as tliroitcd. Soo Form »i 1 1 . 
 K HriiiK on the jietitiou for li.-arintr, iind ol.taiii an onl.i of tli.> 
 
 CinrI . onliiminp' Iho kmIu. lion iind upprox inir of the jninuti- 
 
 St'O Form C2-'. 
 ., File ttilli the Ui'^'istrur an olli< o copy of oi.U-r i-nil (li.- miniito u:< 
 
 r.'.piii<Ml hy .s(Ht. Jl of tlu- Act, an.l obUiii. tho I{.>-iMrar« 
 
 (iTtiliratc. Moct. ol ( t). 
 \k to th.' pi.xivliiiv alu'iu tlu. mlu.tioi. im.ks iiuolv.. lli<. .limiuu- 
 „o„ ..f iialMlily in iv.spoct of nupai.l .apiti.l. o. tl.o paynu'iit off of 
 pai.l-iip rapilnl. ><•(< /n/n/. p 1287 rl s,-<i 
 
 
 Appeals. 
 
 XmM-.iU from the .Iw inions of the IliRh Com! of .In.sti.o on peti- 
 u„ns f..r re.ln.tion of .apital will, on appli.'Hi.m, 1)0 treated a« 
 i„„,rlo.utory. and dealt with speedily See Samnrl Alhopii <C Sons, 
 r.id. W. N (IOO:i) l;l'.'. 
 
 t M 2 
 
m 
 
 V, ! 
 
 UdK 
 
 l'KriTI(»N«. 
 
 j_CHAI'. XVII. 
 
 I»IIK( KDKNTS 
 
 I' N I) i-.K ACT OK 1908). 
 
 Form 606 In tiit- liiKii « '<>( '• •liMii<o. 
 
 „ ,.. , Chuil'on liiNiiiioii 
 
 r«titii'ii f'.i 
 
 Miinpaiiy 
 
 ■-uncx'tliilimt 
 
 '•f rapUiil l<i-l 
 
 i>r unrepip- 
 
 Mr. Jiiftiio' 
 
 ill ilio iiiKliiM ol tliu ('oy. Liuiul iiiiil Itodiiriii 
 
 .\ ml ill till- iimtU-r i)f lht> ('iv< ((;oii!*oli(liili'iti \i| 
 
 l*)MH 
 
 Tlic .tiM^M- lit'iiiiinu '- I'iifht ■•\fii Hiii'i-f tlii> (x'titinii i« Hlrd at tlio itHi< 'i 
 the Kugi'itrur in l'oiu|iiiiii< > \\ in<liiiK-ii|i, lini'kriiiitry Huil<liii|{ii. .t/a,.i,,i a. 
 <■■>., W. N. IH»4) 11. 
 
 jlf 
 
 To His Mujfslv.-' Iliull ('lot .(il.^lirc 
 
 Tilt; hiiiiililc (ici.m nl ilic ( lov. liiiiitii :iii<i Uciliuc I 
 
 Siio"»'li! a.s follows: 
 
 I. Vniir |»otr. iho ;iIm'\'' iiiiiiiil cox liiillr ciillwl 'ijic luv ' ), « i- 
 iuoorpol.ill'd ill lllr VIMI Ullil"'!' tin- ('l>.~ .\lt.'-. ISil'J to l!HI(i ;l- . 
 
 ro.v liiiild !>> s!iuro.>. 
 
 'I. Tlio io;i-iHtonHl ollii- 1)1' llii' L'ov is •'ilUiil«! al 
 
 •'t. Tlio oiijcrl.- foi nliiili Ihc i-oy ua> ostaiili.sjicil avn illic wurkinj 
 of eold iiiiiH'.-]. aii'l illii'i olijci 1- set foilh in (lif . kmimIiiiii of j—'.i 
 tliol. 
 
 I Till I a|iilal ol ill.' ■•o\ I.- t iliviiji-il into s|iait'« of .'; 
 
 .aril 
 
 .") Shoilly after it-' iM'oi|ioi-;ilioii the cov coiiimoiic i>i| and it In- 
 -iiico I ariied on bii^iiif*.'-. 
 
 (!. The lov has iN^ncil of il^ -lian'-^ and no iiinri'. .uid ilin - 
 
 of i' ()?r fluro li:i.s bot'u pd up thou. 
 
 7. M\ clauso of thr nrl« of us.soii of tho coy it is piovidul tli.ii 
 the coy may from time 'o time liy Kwcial re-solution iTtlini' il^' i n|iil:il 
 ill any tuiuinci' pormilU^d hy htw. 
 
 See twfra. p. tiSI. and i»jra, p. 1171. 
 
 8. |{y .-pociiil Kwolulioii of llw coy, duly passod and coiitirraed i'l 
 accord:iiicc viitli .<ivi (i'.l of the t'os iCon'*o!idaliou> Act. 190N. ;i' 
 
KOHMS. 
 
 !•>♦»•• 
 
 «.Miuonliimf» u<'""""' iniM'tinu^ lli"f. Iii-I'l i<-).l\ ni, ili. 
 mill 111'' <l".v of . ii "'i> nwih""!: 
 TIml ll" 'iil'itnl <••' ••'«■ '■">■ ^*''i''' """ """''"'' "' "••"<"•'• 
 ,)iNi>l...l int.. l.OOd shiiic-. ..f I'"/ .'"ll liilh I..I-.II'. '«• '<'<»'•<•'•■' «" 
 ,,.,((!/, .livi.lcd inlu |()(MIMuu.>» .if :>l ''.ivU. i.ii.l lh:ii -mil r.^iuclioii 
 1„. ,.|lo,l.'.l l.v ,un..-llin« |wl-..i. .a|'il-'l "''"'' ''■'" ''*'«•" '"^' '"■ '" 
 ,.,„,.,,„.m.|iImI l.v ..vailiil.U- J--S..I-. I., ll vl. I' •' !">' -'""<' 
 
 I'lM i.thiT f.iriiH iif rc«iliiti"ii, ■•■■'• «'/"". p. HIT 
 
 ., |',,.M..ii.-lv I.. Ihf lMi.iMllji .ll Mi.l. -iM'.i.il .-..lull. .11. |..l-iiii 
 
 vipital ol 111. ."l.v 1.1 l!iu I'XU'lit !>!' "-.illlll' •""' 'M'» "'I'- 'i'"' '"'••" ''"'• 
 
 .„■ i\ iiiiioiiiosfntol I.J livuilalilo iitHiM» 
 
 in ■ lodiiclion of uupiljil iil« '• 
 
 ,1,111111111 !■ 'if i"i> liiiliilhy ill reN|i.'i 
 
 „,. ,ll 10 .lll\ .^liaM'll.'lll"!' "l 'iii.v pil-iii 
 
 ' I. Tin' foiiii "f ill'' iiiiiii'l'' |ii'i)i'w<l • 
 7t'f(' srI Dill miiiiili S...> I-'mi.ii^. /■' 
 
 iluv of Form 006 
 
 ilU. llH.llvl' I'llll.T lllC 
 
 • I "U|iilul 111 iIk' I'liV 
 
 ,i ^ .1 1 .1 i" .i> foll.i«-: 
 
 . . I -jw ■. 
 
 ^..111- |H'ir ilie i'<>\ ili.'irl I ilil> !■ .»■'• 
 
 I. Tliul tilt" M'diicli.iii, A.. (IX liihiir. y ll'Mi' 
 lii Thai iIk' ailditiuii .if lln' "'mU I'l"' i.'lii"''i 
 
 iiiiliip limy lio .lij«|K'iic''.l «iili iill.'Ui'llK'i 
 .:i) ()i- lliiit I'dx /)) Fiiim tJ'J.'i]. 
 
 I.I ilif . i>\ ."• 
 
 Anil 1.1111- |.ilr> will I'vi-r |>ra\-. &.<■■ 
 
 NoiK ' i^ 1I..I iiiK'iiiloil I., -i-iv llii- |i'""'i "" ■«>> |"'i*"i' 
 
 A- t.. 111.' ('.mil hiniiit.' j..i'i-ili''tii>i.. '.•<• <•■,■.... y. Vl>>'< 
 
 \s t.. th.' f.ii.i-'of ri'«.liiti<>n. «i'«' '■•,'<"■ i'l'- "" '' ""I- 
 
 U to 111.' all.xini,' ana rri.vin;? tl..- .apitul pn-in.-".! l" Ih- ..,. II.mI n- l.«t ..r 
 
 iinr.IiiT«.'..t.tl !•>■ availa' !■ ..>-. t .' «"/.,", p. I'^'i'- 
 
 \-, til 111. n.iniit. to I..- ■i.r.>v.il l.v tli.- «'..urt, w '"/'•'. I'l'- ll-'l*-'. 1'-^' ' ' - ' 
 
 \< t.' tl.i- u'.mTii! pnM.'il.iri' in •.iiili ni^c*. •*.■<■ .,./.". |>p. iiX'. l.H« 
 
 \. t..1l..' ..«■ ..r th.. w.-nN " an.l mt...'.«<l. ' -"-.I. 41 "f H"' -^'l "'' """* l"-»v>'i'- 
 
 for th.! a.lJ1ti.jn to tl on.i.a.iy's name ..f tli.' w..r.U "and r.tlu.-.il " a« fr..n. 
 
 th,. ,....ti,w',ti.'n nl fh '• '■" f'T r.-.!- li.iii nntil ,. .lat.- t.. !..■ Hx,'.l liy tin- 
 
 I'ourt. 
 
 Iho .'Ifi'i't of He.1. IS of t4i.. \. 1 of IIMIS is ..l.ortly a- loll..«.: 
 
 If tho .'«*.' iinolv.w a »!imiiiiiti<in of lialiil.iy "r i'.-|.ay..i'iit t.. any »liai'.'li.>Ulcr 
 
 .f any .ai-ital, the worils " ...al r.-.l,.<.'.l " niu.t I,.' a.l.l.-l i.' tli .inpanyV nam.- 
 
 •c. mid from '• th... ......Hrmati.m by Hi- • pa"y "' Hi" n'-'li.ti.'.. lor mi...„.i; 
 
 the »hari. lupital. 
 
 If th« redui'tion d.K;9 not iiivolv.- .'. .• tl..' .limiii.iti.in ..f any liability ii. 
 •>!.p.Ht of ^han- .apitai or tin- paym.-nt to any »har,.|..,l.l..i of any paal up aliar.. 
 ,.;,ital, thPo tho •words ••anil r.-.l!!.'...!' 11...-I ..nly li- a.!.!'..! on an.l fr-m tl..- 
 prwcntation of tht. pt'tition. 
 
 In oither .as., the words iniist 1..- .ontini.-.l until «..' I' Ual'' ■>' »»-• « "'"'■ 
 
 may fix. . 1 •!■ 
 
 l"f th.. .■.sliiKion il.H-s ii..t inv..lv.. .■itl.,.r tli.- .I.....i.i.t...n ..f any Inib.liiy ui 
 .•wpwt of unpaid nhari. eapiUl or tl..- payin.nt t.. any -han.hol.l.T .f any paid-up 
 ..hare .vipital, the Court may dispense ulto^'etll.■r with the «onl- ' and r«Ju..«l. ' 
 
 M 
 
m 
 
 
 1270 
 
 Form 606. 
 
 PKTITIONS. 
 
 [Chai-. WII, 
 
 The Wftion alwi jiroviih-i* in vttt'it thut wln'm tho rrdiitriuii of tlin r;i|Mi;i| of 
 the coinpiiny tUv** not in\nlvi> i^ithfr the diminution of any liability in rcxpiK-t of 
 unpaid cnpitil, ur Hit' payment to any nharehnldrr of any puid-iip t-apitul, tt oliaU 
 not hr necO!*Mary hrforf tin* fHf»rntnlnnt **/ thf jiettt'on for contirmin;^ tiie 
 redtiction to add, ** and tho Court may, if it thinki it f'X|H*diL'nt •«► to do. di?<inn« 
 ultot^piiior with thr uddition of Ihi' word?* 'and reducni.' *' 
 
 lleuri'. after Ihc prc^rntation of tic petition, tlit- word^ "and nilint'd 
 mu«t. unleit^ and until othutwiw urduroJ, Im ustMl at part of the ronipjnjV 
 namo: but, lut appcarn iilMivt-. tht* Court has u dinrrrtinnury power li> di^prri* 
 altogether with the u***- of Utu word-*, and. tliin bi-int? >*<>, the praetin* ■'•'tiibli'ilied 
 <4oon after the putt^inu- of the Art of IST7 wa'< to make an order iniiiii'(It.ii<'I\ 
 afl<.'r the pre'^eutation of the petition di-'ipennin'; with the words "and ri-duif\l' 
 until the Itearinir. Thu>> the followini; order wa^ made in the KrHt v\\*f Mnd^i 
 the Act whieh eanie In'furr the Court-*. 
 
 
 Form 607. 
 
 l)i»|H-|IHJltiuil 
 
 ••nil r. 
 
 I I'O.N MDlhlN llli.- Juj lllUll<>. JCf., ll_\ l.i.illll.M'l I^.Ml . IIOH l.i.rii 
 
 Miic'imcliK'iij lor llu- <,w, iwtfri named in tlio potoii on litli .\u^'us! 
 1M77, prcfi'irrd unto llii.- ("t. iiniJ upim ifiuliiiy: un ulliduvit of .1 I .> 
 filed Htli AiiKiLsl. IH,", llii.-- (^t doth order timl llie ud<litii>ii <\ ihi 
 word.>i 'and ivdined " to ll.e lilli' of the eov he di.-i|)onsed «i(li until 
 tlio iieuriii^ of tlm <«l pelon. And it i.t ordored tliut tlio pclr- li'' a: 
 liberlv to umumkI tli»- hd |M'lon liv oniittinir therefrom the word~ niil 
 rediueil ' from lh<' title of the cov. And it i.s ordered timt llie pi't m 
 he ill tJK' pii|M'i for heaiiiitr wilhoiii idc Chief Clerk's eerlilir.sli- of the 
 .••ettlenieiil of the li.«t of creditors referriil to by the Co.s .-Vet, IHiiT, iiiiil 
 the general order and rule of oi.->l Mari h. I.Stl.s fJi/Hi-i Tninlii. itr 
 Co., Mulino. V.-C. Hth .Vuirimt, 1H77 
 
 The futlowiiijK uru u f**w of tin itinny i-ii^cs in wliirli tnt-U iiiti'riiu iliri|M>ii«,(ti<>t' 
 ordcru were made: — 
 
 .\rir firi/ Sriiii, '».. Halt, V.-C. j .\o\enilMT. 1879. 
 
 / ,".. Co.. JliiU, V.-L'., Junuary, IS8(». 
 
 HiHith l,n,iU and Moitpngr Cu. ot .tuniUti. W . N. (INW). p. .'il.i 
 
 f.'nuioit ftuif Ciftf Lutid and litiitdiny f'o.f ihid. p. 1.37. 
 
 .//iico/i JIaiii, Chitty, ,r.. ,'5 May, 1880. 
 
 CmoH Fiiiiii.re Co., W. N. (1887) 253, North, J. 
 
 (Irion Viuiiiuiid iliniinj Vu., Stirling, .).. 10 June. 1887 
 
 .SiW Qurliindn Knilutiji Cu.. .North. J.. W. V. (1888) 2:};l 
 
 Tlic ifruiiiiU of i;|ipliiutt',>ii in nio.st tatrs wa^t that, a ■ the .Vet givfti tin- I ouri 
 (lisirL'lioiiury |io\vi'r to 'Jt.s|H'iw ullnifi'thir with thr use of thr v.onli "and 
 redui-.ij," it wut dciinilili' to ili»|<i'ii»c' with thu words bi'tAevn the pn <iiilalioD 
 and the henriiiif, u.'iially a |K-ricKl of only ten day», in order that thi' t'"iirl miifhl 
 ut the hi'Uiiiiif, with the full cvideiiii' before it. !«■ able to exereiM' il> di<. retion. 
 
 Hut for Willie year.i pasl it lian Imvii I'Xireiiiely ilifHeult to obtain »ui h iiit.nm 
 dispeniati'in ordeix, and mi ordinif to tlie present practice they an> only inwlc in 
 very special and extraordinary eiri'uni.Htaiice«. The applieatiun for mich an 
 order is iisualiy ni.ide by «uinniiinM at i hafniwrs. Chitty. •).. haviuf; expresscil th 
 opinion that sueh applications aiiould b« xo made. •V'>/u'ny Slmimiff/i. 61 I, T 
 ti.W. See Konu 609. The application must bn itupporti"! by aHida\it «hc«in(( 
 the special iiriumstauees. .l/«j.;/. Ural m Cu., W. N. (IIWS) il'i. The f*i 
 
KOKMS. 
 
 1271 
 
 lliat llii' i-oiu 
 
 tl..- on 
 
 pany i« i» Honk h.u. imliic.-l lli-- < ..uri i 
 
 ' lliiiii 
 
 , Ax>' I" malti' Fom 807 
 
 ,lpr. l»glo-.trg,»Unr Hm.k. l.Ul.. W rinl.t. .1.. I'Mtl. 
 
 liiiJ'rr It I"! ''' 
 
 \V. N. (lull) Wi. .I..y. 
 
 rffii!*'**! •»" tnffn 
 
 111 ili^ 
 
 tioii iiriltT, ullhtiuch lh« nmii.aiiy lu 
 
 .'c tiiiiiK tiiut tlin ('<mrl .lumM iouiiti"'it .•'• :i | 
 
 irriivl "II liiii-iiu'!" ulirii 
 
 III. 1 1 itri-nm a 
 
 I>l HUH 
 
 ii.-l 11.11 
 
 (llii|ica'<iitiiin iinliT, wli 
 »lictliiT ttt till- litMriiiit, 
 
 'lii'D ill til'' 
 with nil til. 
 
 .li.t' i.f r. fii'liiii "If haiiil 
 ill it pra.'tii-.illy |iii'jiiili?<''< till- 
 iili'iii'i' iM'Tiiri- it. -lull :iii i.riliT 
 
 (il.l i.r ulioiild n'.t Ikj niuili'. 
 
 II. ,■ ;i(.|ili('iiticjii iHttI "'"I iminly 
 I I.I Ml (ill) iw tn inlviTtiKi-niPn*, .Vr. 
 \. Ill ailvertiiiini.' Mm |iri-.'M'iiti«li"n 
 
 ,lv |.. U- mill'- :il"'iu' «i<li •'"■ ;i[.|<li'iili"'> !■"■' 
 
 to T't 
 iiilv for am 
 
 ami il i.v KxihI for li.-.iiim: ..f tin- iiHiiiiiii 
 ■>'.\ f. II. t>s:l, it w;i- till' 'ji'iiiral pnictin' 
 ■I ..l.luin, "liortly aft r tl..- pr ntati. f tin' i..titi..ii. an 
 
 (IHH.i). 
 
 ,,1.1 ili-iH'iiiiiit; »'tli un.v 
 ,. VivmI for lioarinif- 
 
 iiotii'' 
 
 ..r til.' iin-i-'ntii 
 
 anil aiiv ni.tii'i' 
 
 r till 
 
 ' fit 
 
 I |,oi, tiMitio.., iV.'.. U-1. II... |»-t».i 1.- |.U.'.>.I ... tl..' ,M,i... I... h.-a.i.i^ Form 608 
 
 „ >.lunlay the .'inl Mmvli, 18«8. willi-.iit a.lvoil.-'m.'.il "i ii'>l.'<'. N„ti,„ .1,.- 
 
 „„| ".slthoiM any ..cilirato of e,.^.liln.> W,"! C>,mh, rhn,.l .( - ' <> , l"'""' "" 
 l\.n I JlHl Fpbrimrv. 1H«K 
 
 ,„ /„«/,.,., /,.„y C... ••« V. 1). im. Ka.uii. \ ..f . ri'ti....! .'• u-.n a ,..'l.t...i. 
 
 a,„.,.llin;r li.'.t lanital witlmi.l pro. i.m- '.ih.rti-. n.ont, an.l lli.' -l'. ,.. ..i wa- 
 
 „K -I I.v tlio f.,.1. of App..al on ..0.....I that th. ja.l,.. l.a.l a ....r.' .1... 
 
 „i,l, «hi.'l. the Court of \pp.-ul w-ulil .m. itit.rfpr.-. t o.to... 1.. .1.. •" t liat 
 
 .... ..Ifr .•..n.i.l.ri.m' liw A.t- ai,.l liul.-.. -ai.l: " .\.'.or.tintf to my v-e*' tl.o 
 
 .,.(;,..puriiip an a.lv.-rti... in. nt appli.'-. Imt -uhj.'.t to I..- .li^p-n..'.l wi.l. in a 
 
 ^. .vliLn- .1..- f'.urt tl.ii.ks that it i. im,K,-,il-l.' tliat .r.-lKor. -an 1..' .ntorf.'r.'.l 
 
 .,tl, or pr.'i..di.'.-l, u.ul thi'."f"ri' ii.h', not tl.ii.l. that liny o.ijjhl to ol. t; l.iit 
 
 ...rt.iiilv th.T.- wa. .. .liHirction wiili tin- jinle- . anrf «« h- «'»1 '''• «"»l'l '•"- 
 |,..„, ,h'.. p.'.ition without it, h.'inu' a.lv.rti'.-.l. in ni.v "i'i»>"« ""■ ' ""'\ "' 
 
 M,,..'al ..uifht not to .iiterf.-re with that .h.ip.tion. altlioinrh i y opinion 
 
 '.V .1,,' .V.'t of IH77. aro ,.r..,.u /.,.:. to U' a,lv.'rti,.-.l for th.' purpo^.' of .■., a ,1 i'- 
 ,i,.. „arti.« t« BO l».f..r« the Court nti-l ol.jn t that thi- .nay iiitLrfori- w.-li th.- 
 
 , r.n..v"it;o.. of tlioir .'Uim.;- ami l.-w.-n and Kry. I.. .1.1., .•oninr,..!. 
 
 ■Aitliin a f..w jear. after thi. d." i-i'Mi tl,.' ml.' was adopfil y "^ tl... jnil.:.-, 
 , ,1..' Court would only in v.iy ,,--.1 ■ '-I""- -" -l-'"-"""" 
 
 s...' r i:,i„t.'i r>-i' 
 
 ,./.. 
 
 ,,i thi priwHtation ami day fis.d f..r li-urin;.'. 
 
 ,', W II WS Chitty. .1., and f«-".. / .»""'- ''"•. W. N. (1HN7>.2.W. North. J.. 
 
 vid tl.i» U the pre-ent pn.eti.-e. Ind...-.!. a rdi«« t.. tin' present Pr»'"" ' »" 
 
 „„|..r to .li»prnse U ».'ar.'ely ever nia.l.-. Hut posMl.ly. r-ijard l..'in. hinl .0 th.' 
 .,..w» ...pre'«d in Pool, v. S....o„..l ,>.:.,. o, ,',,...;. (1«07) A. . . Ji .. ami in 
 
 .,„„ ;, „.„,/ So.„Hrn, Sl„u:. ,V' ■ '' . W N'- <""'«» '7'»- ••■'"■• P '-i"-'' ""■' 
 
 . *,., 1. 1'277. thi'old pr.i.'ii'i' may II..W lie rmii.ll. ... 
 
 Ph.. adverti«-ment of a i-ompany-i. petition for r.ilu.'tion of lapital mu-t 
 ,„,,„,, /,„•.,, eier-'iiH- a prejudi.'ial inlluen.'.,' ..n tin- .•.mipany - .r.slit, and 1. 
 ili.'re i» m. real Kfouml for .U.U projudioe. aim if I'r.'.l.tor^' i'iifhU ai.' noway. 
 „.,v..,l l,y the rclu-liou, ther «h....» m- rea«.n why th.' Court. h.vu.« a 
 .li,pen.ing power, should .,ot u-e t t.. roli.'ve ,1... .sifipany from Ih-iiik pla.cd 
 
 .,. a disiSvantaKe. A form of appli.atioi. for h an order when- .l.-,.r..! 
 
 wiuld run »» follows:- 
 
liT-i 
 
 l'KTITI()N> 
 
 [Chap. XVII. 
 
 Form 609. 
 
 Siunmoiin f.ir 
 iliimeniiiktinii 
 
 [Titte (IX ill Ihr Petition. \ 
 
 IM nil i),trti<>.« i'«>iic<>rnwi attend th«' .liiH^'O in ohanilit'i-s mi tin 
 ij.iv of - at .('iloik in tin- noon on tli(> Iwiirinir i.i .,„ 
 
 a|i|)liiiiii 1)11 |li«> pull, of Iho i»l)OM'-iiaiiic<| n,v for an onlor li.\iii^' ;. .|,n 
 loi llip hcaiinjr of tho JK-Ion in tliiH iiialtur, pre.soiif4.'<l on tlu' il.n 
 
 •>l and di8|)fn.->intj: with the piilili. alion of notic*- of the pr nt.i- 
 
 lioii lit tin' mI |i<-lnn and with aiiv acl\i'riisi>iiiiMit of tiin day i:|>|ii<iijii'.| 
 lor hcaiiiiii of ih<« .sd |M'|on. and willi u sottluiiifiit of anv Ijm t 
 
 ■ •iwlitoi.% and nii!i ilir iiddition to th<- con '.m nan f tlip words .,, .| 
 
 Kdmcd until the hf'nrinir .-)f the «l |«.>ton. 
 
 I)a((i' this dav ol 
 
 Tlii- Miniinon>< i^ tak nl K\ ni' 
 
 «iilor f"r tli(> applicant. 
 
 in tlir ' oiintv i<\ 
 
 Till' I nh'i piaj In Inniiiil in :ii i ■■riliiiii «■ niili tlir fnlluwintf: 
 
 Form 610. I pon ni'lion llii.s da' ina.li' oriln this ( t l'\ -el loi iji.- (In ii 
 
 Order DiaiiKoi.l Miiiiiiii ( .,\. Liiiild. lln' pi'ti> naiiK'd in a pcton pit'liiicj 
 
 .linrMmBintr <" ''k' alioM' iiiall.'i- mm ||i, iiih da\ of .liiii*>. MM7 and upon i. M.ln, ■ 
 
 «nth ■iind ,)„. ,,] ,,„,„„. 
 
 '^■duriil. ' 
 
 I 111.- • I dolli Midi'i' ihal till' -d pi'toii l«' plaicd in tlif p.ipci i.i 
 iKMiiiii; on ih(> IHili ,|a\ of .linic. 1HH7 
 
 And ilii- ( I di>p<'ii.cs with i|ic piiiiliialinn .i| iioth-)' of tin- pn-i n'..- 
 lion of till' |M'loii. Willi aii\ ad\«'iti><Miifiil of tli.> dav appointol . 
 tin hi'iiiili;; of tin- ^! pcfoii. tin' -I'tlh'iiH'iit -if a li.s! of piM>ciii~ m . 
 ai.'. i.'diu.r.-of iJio-d . M.aiid. until ihf li<-ar.nt_' of the h1 pHon, •■ n, 
 iIk' worils Hid khIihiI ' ill th.' ht|<. ,,f t|„. sd loy Onun liiuif „ i 
 Miiniir < '■ Sliiliii'.' .1 loih .Iiiih' IMH7 
 
 I' 
 
 1? 
 
 lint till- ifimi |,i».-il.-. Miiu i. I.. a|>|ily liy -iiiiiini.ii^ ,i« foMnw..: - 
 
 Form 611 / -//. ,-- ,;, i,ri,i;.„i 
 
 Suiiimimn Ui '^' 
 
 >"'*rii'«iJ,' *'c' "" ''"' I'' "' ''"■ 'I'"*-' I'd 'ov ill II ., dav iiiav lie ti.xcd |.m m. 
 
 h.Mriii:; .il 111.- iM-toii I'lr die i.' liirij,,,, ,,| iho coy'.- cappt.-il pic—,M \ 
 "" ''"' I'- ">' . nnil that diic li..n.« mav )„. ^rn,.,, :,< ,,, ■ 
 
 :tdv.Mli.-.-iiiciil- will. Il .ill' I., U- piil.li-li.'d and thai llir ivrlilir.i'. 
 >i('<liioi>. iiia\ 111- dispcii-i'd Hiih 
 
 :>ll 
 
 I'lii-ri' -ip.ulil In II. .imiltnit ,11 .,i|.|Mirl M;j,„. II ..i„„ r,. . \V N |„^ 
 
KOK.M8. 
 
 IV>7:t 
 
 , ,„,„ , .|,|.l..o.. ..I il... ( .!> -.1 l.....l.m. .V. .■,.>, I,..M>,I aiul Form 612 
 
 l<,aiir...l the |»'Mi« iiuui.hI ill iIk' \x'Hm |.ros.-ut<-.l in ihr mIm.n.. iM..i.!ri>, ,,^,^.,. ,,„ 
 |„ M>MMiK,u>.i....-.l llM- mh -h.v ..I .l-.lv. IH-.m. un.l u,»... l...a.n... II..- ....■ial_ 
 ,„l.,i In. iIm- i.|.|.ii.aMt>. ...Ml ..|..M. i.-i..li..y; tl.i- •«! i.-'"" I"-"''"";'' "'" 
 lU,. isih .liiN I'l .Iiilv. IH'.M". ■i>"l ll"' ^'ll'.lavil- ..f Sii- H E 
 
 ,^ _„,.i i.: , s .i„,ii, iii-.i.i..>j2...i.i..x..i.i,.i>, i«'.'.'. 
 
 1,1 ,1,.' M^vial v^\uUu> I1.....M.. ..•(.■.-..•.I ..>. a...l tla- .L.-lir.- l"'i..U' "l 
 „„„ ,|,„ ,1... ,,MT..SO.I ..-.iM.tin.. .,1 III.' .a|..lal ol ll..' ^.1 '.'v .1...- 
 
 „.v..lv.' .■illw. ll..' .liii.i i'". •>' '"'^ lial.il.l.v ia .<">|"' ' "' '"'I'""' 
 
 , ,.,,,,1 „r 111.' |.aA..KM.I I., aav .sl.a.vl.nj.l.., ..I ai.v |hI-..i. .ap.!..) h 
 
 ,^ oici.HiH. llial ll..' li-l ..I . .-"lil"'- "' ""■ "I '•"■ ■""' '''*' "'"' " 
 
 ,||„lavit v.Mifxiii^'H,,,!, llM ..I ... ..■IV.""1 "■ i" >li- -"•""■'^'' ""'"' 
 
 „, ,|„. (L.-f 111.' ^2^s^ .lav ..I Man!,. iS.iS a,..l ll,.'..'l.> .l.-.-l.-l I" 1"' 
 I,. I, In ll.f .liaiiil..'!.- -I' ll." I..'li."'. '"• .li-|..'i.-.''l ""'' 
 
 \M, ,, i*..i.i.KHH. Il.al ll I i..'1'.ii U> Ht'l .U'VMi I" I"' ll"-'"' '"■'""' 
 
 1„- l,.„.Uiil.. Ml .l.iMi. ,. Cl.lnv . ..n Salm.l ax . lla' lin.l 'lax "I A.i-.i>.. 
 IVHi. «l..-.i aa.v .•i.slilo.- ...• >lia.'..l...l.lr.- «l... 'U"nv< In nl.|,..l max 
 iiicnil aii.l !«' Iwaiil 
 
 \m, II l-i ..HI. Kill I. ll.al l.nli..' nl ill.' in.'M'i.laiinii nf lli.' ^.l (..'Inn 
 :,„,| „| Hk' Ml .lay tix.'.! I'.>f tl.o h.'arii.i; tli.-i-o.-f l.o inM'rl-'.l ..I tli.. 
 l„ll,.«iM" limo^ in til.' f..ll..«ii.ir ii..«-|.aiH'is. ihal i- In -ay. m ll..' 
 
 /„»,/„„'<.■„:<■//<• ..I 111" •-;•■"'' 'i'^ "I •'"'^' "*""'•• '" "'" ''''""■■" "*'""" 
 
 ,„„-'. nt III.' unit aii.l 'Jtttli a.n^ n|- .li.lv, IH-.MI; in llio Sl„ml^rd 
 u..«-|.a|..'i' ..I ll..' -'III. aii.l -.Ml, .la^, nf July, IK!...; ..n.l in .!.« 
 /,,„/,, \,-irs„i ll..' 2lll. au.l l".ill. lav., nl liilv. l«!Ht '■,(70/ /..,»*... 
 
 /•.,,' /»v,(, / .- . Jiii'.l ..!' Inly I'"'" ■'"'•" 'i'"'- •^•'"' '"'"'""'" 
 
 ,|, ( „ ( liiilv. .1 . Till Mai.li. IH'.i'J III" Ilk", (/lu-rtfhtml. ,(>■ '„ 
 \.,nj>.m Williai,.-. .1 . Til. .I..i...a.v IX'*--.: ll.'" lik.'. -^^ I'.'l.-ish,,,,, 
 ,,,, ,„, Clam. I . Hilt \|'.il '•'*''• '•'" ''•*''■ I'V'f'o '■'""' '""' 
 ,.,ltl,'r„. I'.MIl.' .1 . Hill. M..X- I'""' ''t" I'.'iiiini. 'It ll.'" '•'"' "■'' 
 
 l„..„.i I Kill M.iv I'.'i'i' \ii.ilu- l,'./.'/(/.)/.' H'liil. K.'li.'xvii'li. I . 
 
 Sill liilv. \'Mf2 
 
 f.ii n-"lill"ii 
 
 , I... M 111' li.iii. .n.'l .1.' 
 
 s,... . .„,. ,,,, 1117. 
 
 ri,.„ ,l.,'r,i,„t,.l nl , ,M,,„.i.v 1" .".I I'n'i' ' '"^"'"1 Forin«13. 
 
 „„., ,i„„„ 1! ,.,..|..,-..,.... -liar.- m 1../ .■,,! I, ,,.i.l .I'liimry u.^,,„,„„ 
 
 ,l,.,i..- nl 1.1/ null, illl.l lll.lt -11' I. n"li.''in,i I II... I. '.I Uv paymtr f„r r.Hlurt..... 
 
 .11 ll,.' «iin , ii... .a,.t'..i I.....I .'I >!'" ■■' \ ,."•"•"•""• l;;..n!"':" " 
 
 ,|,ai.'- IM III. i|.,iuv> .a|.ii..l 'I 1." "..It .".'I ..IT^i'i-' ll'" "-«'•" >h..r-. 
 
 ,,|,|..M'l.ll!.'.' ll..- :.'-.'lA.. iUll.l 1..'.. .1.1- p.. Ml... I.I ll! ■•' ll"- ..lll.'.lllt 
 
 111.1 ..i.\ li.-ti.-wii. V In Im> iiinM.l.'.l liv nlilaiiiiiiu- all a.lv.im" Irnii. 
 
 .\ 1; I.V «aV .1' I'Wn Willl.l.ll M" 'I' UN nil ll"' fnnliny: 'll''' '''" ''""•• 
 
 -liall .airv inu'w.-i at tin- rat.' ..f 1 1. (xt .<'ii1 [h'i .11111. .1.1, nni by 
 
 .-.111.,'llii,^:" Biicli .4.ar,'-. ati-l l-v iiavin..' nil .r -uti-ivuiK 2J;.<M¥) 
 
 I lii.. H pr».|V^.'iM. -liar.'.- in fin' . li.H.i! "f 'Up .■'!!!!'.>■> ■' I"' 
 
 ^IRfflrS^^a 
 
It 
 
 11 
 
 i 
 
 ti 
 
 1-274 
 
 I'KTITION^. 
 
 ,<'HAI'. WII. 
 
 Form «13 each, K#»i»g tho whole o» the B. pii>i«r..ii,<' Mnuv.> oMopi th, i Hum 
 held !»s ftw siiid A. B an.! bv issniiiir fo the holiloi- t|».riM.i [ht- 
 pclii»i <i«..-!ii!iiro Ktoct (.1 tlk^ ii.mi>;iriy luiryiiiir iutorioi at t||.. r^u. 
 Ml' 4^ jHji I1M11. per annum ■*, uro<t liy ii trust d«»xj <'«»n«tili»ti!iir :i lirst 
 mort^ruc'ir upon tlw frpphold :iiid loit»«>iiold pr..(«'rtv <». i||, ,„„,. 
 pany situiuo in Row in >hf (Jouiiiy ol Ixtruion. iuiu a iU^uw^ 
 
 char^T nil tfa« ■ndtertakiut <•> ih.- iniiipiiny .-vflnsiM" of lii.' ;i>soU 
 to Ihj .ippli*<i m pwymtMii >>il ol the ><nd A [m-lcriMico shares ami 
 rrauiwi in *(■• oi*lia»»M> with ih«< drall wliiuh i«i»- i»lrni»ay bw>n p-i piml 
 by ! ho soliiilors ol riM>'>MtupaMv 1111.1 In- .:iti. oiling iIm< •<iii(I •.''; oimi |; 
 prel'ercuc*" ti)Mr<>> 
 
 s r*. 
 
 Ih /„ /;.., 
 
 IMII J I I, iiil 
 
 
 Foraia*. 
 
 K»»mi -it ml- 
 
 In lh«< Hiiirli 4't ot .hi-tiif i< htiiKTiry l=)ni-.ii.ii Mr .lu--tii.' 
 In tho nu. i^T of tit.' (' -. I.imi4( and Ktidu.iMi;, and .ii tl.t 
 
 Miiittor of tw t'o^ All. I8h:. and K thi> r,,>- Art. 1877 Xoiic»< i-i Ijbi 
 given tluM, ii iMt'iiMou (ut-^iilod to tin- lli::li t'l ,,] .hc-ti'i'. ('liiiuiiTi 
 Division, mi tbtt day of . t->i . onhriuiu« a .-pt« uii 
 
 resolution r«»ducjne: liiv lupital oi iMe al><>v«-infirt4l < in rrom X. 
 
 U» i' is direcuxi '<, •» iieani limmrt' lar. Loiilniitp .in tln> - .lai 
 
 of , — An> -jiwditor or •^uMtfltMklot of tttv <!oy dtMirin-.; • 
 
 ^poae the ituUiini: <»i *ii «rder i..r the nniHction ..! lhi« lu^uii .ii \h- 
 ■i coy uudor tho uIh«». Ail.- r-hottiti uf9fM«ir iil rao tinic <.j iifuint 
 bv hiiBiH>il or hi- riwai— I fur thiii jiw^m- \Md it w»py ii tb 
 putilion will lie lurnislitiil '.• unv ..r«dll'ir i>r "Unndioldei ..| ili.- ,1. 
 retpunnf*: 'tx" fvuiui i>\ ih-- iiiH"i-<ii;ii(-ii .-.h pivim-tii .ii ihw nii:iiiii»~i 
 ijiiarpes for ihe .-^iiiM' 
 
 Dotsu till" 11 
 
 abov«^ii»i»wi ttiv 
 
 . *»lors for till' 
 
 \ 
 
 Ulfi I!.. -Kiiul-' !■! 
 
 . Chiwt I'li'i 
 
 !(n 
 
 Thia is the form uf atiti'm-tiiii-ni irini'milv lulopnij. 
 Somrtiiti'-^ the KorJ* '• liy iiiii,|.lliii)f i':i|iji»| wliiili h.ii l>.M-n lint ■•! 
 ropri'M'iitiHf liy u^.tilubk* u^m'I^ " »ri* iuiertiil. 
 
 A iiotitiiiii fur renrKuiiiniiii; »liiirr mpit.il uiiil«r 1.11 l."> uf tin- r..i 
 iCiiiiai.liilatiiMi'. Act. Itllis, i|ih<< ni.f thhhI i.lvertiiinir l,l,n<,t: It.,, 
 /.•m . 27 T. I, H tllH 
 
 Evidence. 
 
 Iliiwi'M-r the pi<tiltiiii i- liiiiiiirlit .111, ii iiiii.,!. at iln' lii>.iriii)j, In- «ii|i|>.irii-cl it 
 |ini|ii'r r\iiliMiic of llir fucH Ht.iii-tl, un.l Kormi lil.i to U2I nri> iii^rl"(l !■■ -Iiiu. 
 the liiii' i>f i>>i.|i'iur ri-piiric! in i;i»c« within wits. 4S iind 4H uf thr ( '.iiic|miiI . 
 (Cmiiuilidittioii) .\rt, IIMIH. ri'|)lai'in|f «tt. 4 of tin- .\it .if |HT7. 
 
 The affidavit .-.hdulil \<i- tlliil -ikhi iifitr iinwditiitiiiii uf tin- |pi'tiii.iii 
 
KOI.'MS. 
 
 I27:. 
 
 Ii, lio High ft of Jiwlic-c, 
 Cliiimorj- Uivi-iini 
 \li .liislii-o 
 
 In (lio tiKitlor of iho S Cov. I.liiil.l mii.I K.'.Im..'.I. 
 
 aud 
 In Ihe mallei of the V"> i('on>'oli(hiiioii .\.i l'.'"x 
 
 I A 11 , ol', Ac. iiiiiUo oiilli iuiil wiv a.- lollow- 
 
 I I am, ami huvo to. uiiuan^ ot ..|.-v.m. v.m.> im>i Ummi. h .l.mlor, 
 .„a ,0 upuuids ul' Ihiw >.-ar.s ,.aM iho .hair.niu. ol the ..hovo- 
 ,„.,„«1 coy, hiiftr oallcl tho rov. au.l am inti.na...lN a,.|MaiMt.Ml «,tl. 
 
 il,r allair^ of tho coy. 
 
 •> I have read tho iwtitioii 111 lhi> mailei now .•\hil.il.Kl 10 me 
 
 ,,,."1 inarki'd A. H. I. and I W\U'^<• thai all ih- slat nl> .cntained 
 
 ,„ ,l,al |M3'iti<>ti are tiue, and thai l-liel ,s nionnd.d on the kno«- 
 |,.,1... I have ohtainO<l as -n, I, .liie, t,.i .umI .liaiiinan ol llie . o\ 
 
 '■ ■'''^' !• . I 
 
 : The dix'unienl now exlMhile.! to me inaik..l A !• - 1- tin- 
 
 .,,ali.ate ni i«,oi,)Oiation ol the on The .v-,-te,...l ..Hi I the 
 
 ,n in now >il«ut«d at, iVc 
 
 t T\w vtoewnenl now o.xhibit. . i.. me iiiaiiM-l .\ H ■'- 1- ' |Hinied 
 
 .,,,y „ iio nKmidum and ait*i ol a—.i. ••t the . ..x and al- itaiiw 
 
 „|,ie. .a ail -.jHHial losolutioiis whi. h h.*ve U-ei, |ia 1 and .on- 
 
 :inne.l eN.-Uj.' the s,K.Mial re.sohi!,.,,, let- I i- ." tie' ^-'l IH-'iHon 
 
 If „„ , iul r.-..l..li.....^ I..l^■ '"■•i> l'» 1 •-■'•I" "'■■ '"' '■''"•''""■ »'•"'• 
 
 \ . alt(T:.t>..i» Imvp b.-Pii m».l" in -«• 1' ii"-m..fai..l ■rii. I.- <o,- ... f.. 
 
 „ „„. .,„,„. an- airH.-..-,! I.v tl.v .|.-.iai r • r.-l. 1 ■ ,., ll..- -a..l 
 
 , the .locumout novv exhihite.! .. m.' maike.l .\ i: t i- .. diipli- 
 ,.,ie .1 the a<;i««..ut meiit,l in paia-iafh I ol thr -I ,H.t.i.on. Tiiat 
 aurw.nl was duly lih<.l with the He-l.-i^^.i ;< t omi.aiiie- L. to... an> 
 .11- the diare.-i thorem nwnid wer.- .-ut"! KA.e|H iho« -har.- all 
 li.e .apilal .leditcl at pd up <>n tie- ...U-^f .i..l.ie.i -liai.- l th- .ox 
 lia- Uhmi pd up iu cash. 
 
 .. The stat«mont.s .onlaiiied la pai=»-iia|»h • aii.l i!.- |»-'tiion 
 
 .lie (..riecl 
 
 : The fjeiuiral tlioolinps iBP-.ild i.> p.-iajiaph n ..1 ih.- i-tmon weiv 
 u-.plx eonvoiied hy l'Ot'"->- i" 'I"' •p""-' "' ''"■ '»" d... nmenl. n..» 
 ..xl,il.ile<l to mo, and lo-l-'-V marked A H. ■' and A 11 •• 'nie*. 
 u,Mu«.s «eit> .lulv sent out to the ^haIehol(U•t•. in ar.,.idaiee with iJ.e 
 ,,il.. of a-on of "the o.> . I wiw pies.u.t at the m.^.tln- ai «hi.li the 
 -p«Hial resolution leloned to in Ml. li pane^'iapli »,.- i-a-^-l ..iM I wiy 
 •liut tlio ^aiu« W!V< du'y pass..d an.l ...nliini.l n. ... . ..idan... vMth 
 
 ...I ll'.t of the Co" (('ou-..li.lulioii \> i. I'-"*!* 
 
 . |,„.y, .1., ro,H-atp.lW I..-M ll.at oi ■..-.- ■■' n-.l...ti..n H- '■•■ t "'-'t ■ '"•» 
 
 P.u- f..r |.»..inp tl„- M"'-i'l ^< "'"" «"" '''^ ■ ■■■e- ■■..•- 1 ■'"• ''» ■'•■ »"• 
 
 Form 615 
 
 ASMaTit in 
 nupiK.rt of 
 pi'iiti.iu for 
 nHliictioa b> 
 .■iiiiri'lliD^ 
 I..»f inpitol. 
 
Wfi 
 
 rKTinoNs, 
 
 [(:!hai>. X\ II. 
 
 Form 616. I'fvwl by nffiil.ivit l-i-o KiiPtii li'JI I im.l ii.,i i„opi.|y 1>J- priHluctinn iif tin ;, >, 
 
 book which, iimlcr -tott. «7 of thi' At i ..t Ihtil' <(\>iiii>aiiipii cCi)n»oliii:itii.i, \.. 
 imm, 9. VI). JH /ii.uiii III, ir inlcli'mi'. And Vniijfhuii W illiani". J., uiliii.t.-.! i!,,. 
 ruli- lH>th in n'lliiitinn iin<l <xt<'nHiiin ia<i'>, it,,,,,,,,,,, l„,;-,i„i, „i »•„., |,i,, 
 'i Ch. 127, which «!».. m-v ii» tii ixhihitiiiir the nicniorumliini and article- I'.. 
 nunialily the ^rrcMiiiil fnr ri<<|uirini; ■.imiclliini' nunc lh;iii i„,,ii,i / . . .n,|. ,; . 
 is, that the crcUiliiri. |irc.M-nt ami liiiiiro. and llic [luldii-. iin' inici,-,!,.,! ,„,| 
 Jhon^'h cxistiiiK crcditcips arc invited !<■ attend th.y rarely do in fan .,ii.,„| 
 and in the riwull the a|i|iiieatii>n to the Court ii hcani cr i„i,ii-, atid tin- > .rr 
 Ihirciori Hcn. and. it i^i -nliiuitted, ^hllnlll ait. with (freater >triitn<>- -li m , 
 a contiMlwl caie, when- the evidence addicid hy mic j'arfy '\* liU.'ly t.i I. i.-i ,| 
 hy the other jiarty. It iniKt iiImo he li.,riie in mind that fraud in <ii. h ..i.. . ,. 
 |>oKKil>le. and liiin ilanirer i" niininii'ed If the ,,,,„„i i,i,-,,, ei idimc li.i- i.. ,. 
 lonlirrninl hy alKdavit. 
 
 .'.ctinir on the <ann' ioinci|,li . ihc I '..m t did riui irc ii tl iiiry uu the ,-. lm-i- : 
 
 that certain -lian-. ar.- paid up a< -.Mtfic icni « h. ii' the shari'" hud I n ,- , | 
 
 fnr a ciinsidcnitinn other than ca-.li. In ~i.mic :.,.,. ili. C.Mirf re,|iiir.c! . > .| 
 • if the t<linir of the rn|ni.ile ci.ntnut. piir-ii;. nf te lie- '• la-li p.ivnicnt v,i t,..ii 
 -ect '.'.■> of the ('iinipaiiicn \cl. ISIIT. 
 
 fi 
 
 l»i 
 
 f* Till lioiik ii.iw ii\liiliiiiii| r. .|... MiiiUiil \ Ii, 7 j> ii„, III,,,, II, 
 li'iuk III the i(iv. (^mliiiiiiiio; iiiiiuili^ ui ijio )iriM-in.,|iii'_'-.s liail at tic 
 iii'iicriil iiKM'iiiip. Ill I Ik- ctiv 
 
 II At the tiine u lien t|i<i si! ^|.(.i uil M.-ululinil u;i.s ii.i>~oi|. ca|ii|.i! 
 Ill llic (in 111 the eMflit 111 ill hci-l t li.iij Imk'II !•)-! in «.i- in - 
 
 iv|ii(.„i.iit<.,l li\ iiviiiliililc a.sH'N Thi- Mil i- iiiail'> uiil a- lnll.u- 
 
 Till' ,1'M'I- 111' tin' IllV .l« till llil' ,l,,\ ,,( Clllislv(,.,| ,.| l!,, 
 
 I'ollouilio |iuil;ii-. an. I air nl iln v.ili.c .-.-i ii|i,iii«ilt) ||io -aine \v-\'i\ . 
 llial i.H U) ,sa\ ; 
 
 Set iiul -hurt particular- i.f llic :,.-.l.. .in. I .. i ,.|,|,i,.i|.. tj,,. ..,,,„. ||„. > ,: 
 and add ii{> tin' am. unit- -a\ I.Miiiiio' 
 
 k 
 
 
 The lialiililK'.- Ill till' ci.v arc .ii- Inlh \\- ~ 
 
 Set mil Ihc ur, |„.,„| ,;,! f ,!,( li.lhilifi, .. ;,|„| ,,|,|„„il,. ,,.,, h tln' HI Ill' 
 
 aild lip -,iy KMIIIOII/ 
 
 \cir,i,|i|,t; to /.... „. ...,.' \..,.'/.., -■, /,. ,1,.. <■,, . ,„,,,„. |, |-.l,ij. ,, , 
 
 li.nL'cr lie.c-,arv to pnne the |,i-.. Imt n -ccn,. dmihtfiil whcllicr lii.l m. 
 -iniiid Sii- ./ t,„ [, I-J7T. 
 
 Ill DiMJiii Itiii: llic aniiiiiiil III ill*. iMJiiliiK.- af-ii, uu h X 
 
 lldiii llio amnuni .d Ih.' a-^ol- ,,|.i|. i| a|i|KMi-- l.lial ilio -iirpli:- 
 .ililiiMlitn 111 I .1 liilil^ '..111 tin- |iii-,i]i .a|iiU(l III ihi- (ov i- I 
 
 1111(1 iH-oiiiilili-lv |kI-i||i lapilal (n llie .•Moiil nf f ,imi| ii|i« n.|- 
 
 li.i- U'lTi |i .1 III i> iiim'|in'-i'i)li"l \i\ availalili' aisrr- 
 
 11. Till' 1(1— .iImI i-. .illriliiililili' III il,i> LillinviiiL' i iriiiin-iann • 
 (SluU- till' , iiciiiiislaiuo.-^. iiiil ii-i' j-'nnn lilti iii (IK il ii|ijili. al.lo 
 
 12, (1 «a.- fnr MiiiM' liiiii' Iii)|h'.( thai ilio value nl llio !i|ily ol ili> 
 loy iiiijrlil Ix- ii'ifar.iixl it» mily l«'iii|Mii,irii\ .iircttt'il, Lul lliu iliin I..., 
 ami sliaivli.il.li'i.- ,iii' i ,im i-[\\\ -ii'-lii'il !|i,,i tl,,,. aiM'i- >i Iln i .i\ i. -- 
 
 '•■' ' •"^- 
 
I-mKMs. 
 
 1>T, 
 
 ,.- I,,.l.ilili.*. nimi..t III .iiiv -■ I"' i-zanl.-l a- .•.,iiiv,il.<.i( to tlu- Fom 615 
 
 .,i„.,iiiil ■)!■ !!•■* |><l-U|i i-Jipilil, iiiil i!i;ii iIk- .Irlicii'iin . iiiiiii.'ly f 
 ,.., ii|„uiia.f, iiiusl U' iviriiiWfl i~ ■> |><'nii:ii..'Mi .lolifi.Micx. uml otit;lit 
 I , l,(. wrilK'n olV iiiwl ciiirolliil 
 Sirvrn. AT 
 
 r|„. ,,Hi.l..»ii i' iii'T.'ly itn.-.i .1. ^11. ■ ,■ ■ ■■"■ lii'- til"' "• '-'i'l'i"' «l'"'' 
 
 ,1,.. C.iurl liil« liitli.-rtu l..okf.l f..r mi -i. Ii ■ m-- ImliIIv tin- -tal- iil ■•! llf 
 
 ,„ ,ii-i.ri-iiiti"n i« fuilliiT f..rtiHo.| l.v tli.- iiUi.l.iMl ..r ■...mi' i-x|..-rt 
 
 ^,,..,r,l,Mu-... A— ' ^■- " -' '•■'•^^ ^ ''""" '""■ ■ ■ 
 
 , |..,i,:,,nMl.n.v..f I.." i» lii'l mt<-'»l\. \.. I|..».v,-r tin- » ■„lil I In- M jn li. ml 
 ,! . M'tinii 1.1 .A.ri-i-i'. iiiMl li.i« I.I .l.'.i'l.' «li.-lli"T til.' n-.lii'tH.ii im"K.- "i .I'"- 
 ,,, ,i,n.U<' .limiiiHlit.il i.f li.il.ii;t> ..1 |..iyiii.i.i ..« .if .-.iliiial • -' "t- '^- ''" 
 ;, .. .,il,inllt.-.l ll.;it tl..- f:i.-(- li:i>- 1.1 '■■■ 'l"lv ;.r..vr.l 
 
 III.. l'.illM»iii-.' rMiii- will -l...^^ .■•» >"••- li'i>'' ' "• '•■ • '"'■" 'M''"'"'' 
 
 111 .lf^illu^it': 
 
 ri:,. |,,--,.i«.l 1- iiinlmi-ilii.' '.. H,.- i..ll..uiiiu .i iAu<v<. tli;.t is Form 616 
 
 I . -J V i it'lH* •* itt" It'""* 
 
 I u.U- nil ill:| 111'-. .i:ll.'l. >V' . aM.I llM.ll' !..•!«. -M, .V ■ . ill V .,( •■llfitll. 
 
 .„, ,,,„. I.. ,r ..\li.u~ivi' ...111. Ml.- -i'li.il. ,11 A. r.il .1 K'li'i ■>! 
 
 ,,.,„.\-. \1MI- UlKil.ill'J "11 ,V. . 'vill. |...vM-r I'.i 111'' ■" I" 
 
 ,|, I.TIllill.' ll!...-lll.lci..M" 111 ll I "I '!'•■ ■ ■^■■llt'l "'■ :"llll'''lllll .^••■1'- 
 
 ,1 ih.. tpriM. .Ill -iviii'^ I. Ill- V'li iii'l "11" «.•'•'-- II "■'■ 'I'll'' '■"> 
 ,,,,nii.'.l iIm-I' i.illii'iii'~ 'vlii-ii '!"■ ■ ''ll "'"!'' '"I- I" '' '•''"' ll'"i'i-''ii;^ 
 
 ,,ii,|iii,..i. iiii.l «lu' MM'.|iii'iiil\ ...llicn .ill.. .'Ill- N'.i'.i' i;'^.ii-.li .1 ii'« 
 
 I uTV uM-i'iit Mlliiiv -nil iIk' '"^ l!i.'i.-r.'i.' .1-1 1 1" 1'.'^ Ill'' l'--"i 
 
 .. :> l;ii"^i' ri'iil.- mill i...s.ilii.'. n..' .'•^ .ll-. rsprii.!'"! S'l'^ l.ii':;' 
 -.11:- ..I Tii..iii'\ ill i|.'M-l..|iiii^ '111 I iPiilip.v 111'^ 'he . -.Ihi'ii"-. Si.li-i 
 
 .,,|\, |.. ..I'vi'i. ill.' Ii'iiiiiii I I. 'I ..'111 i^'iil .l'i«ii •ili'l |.ri''i'- •'■'I 
 
 umI 1' llii'ii l.ci'iiiii.' iiui iM<' t"i ll"' ' '^ I" >^"'> ''"■ i"Mi.'li.- Ill .• 
 
 i,,,.|,. Till- >u\ llll•l'l^lll|■^• ;,'.i\i' ii.ilii-" ■>! II- iiilfiili'in In I imiii 
 
 ill. !(..L-c lit Ih"' ."1 I .11 lii<' Iniiilociilli \ ,11 ..I ill.' liTiii :iii<l ii- 
 
 ,,..ii|.iili,.ii .if I'l II. .'11.-- .l.''.ll.lill■-;l^ .l<M. '11111111' I ..II ill"' 'I'lV 
 
 ,,l IS 'I'll.' 11 ■■ ii'-iili ..1 111" n.iilviii'j '.r r .' . iliii'ii'- In 
 h, ...\ li.i- Ihi'U a-. I'lMi 1 I': 1.. I I'-- '" li"' ■■•■' "I il|i"':i'l- III 
 
 Mllll'.lV.T. 111.' -iH ll.l- 11.1111 lilll'' l.l lillK- l'^|i.'ll'l>'>l l.ll;^'' 
 
 -iiiii-. .iMiuiiiilin- niii.uvtlii.i I., f "1 ililil-. "ll i:i.nliiii"ry ninl 
 
 :,|,i„i .It lu iinii ;iii'l .^t<'fl '.N.trk- 'I'li-' u..vK-. I..'i. rj- .ni-ltLiJly l.ii 1 
 
 III' ,1- 1.1 |i:irt lluil. I't'i- III' ui.ii'iii " 1.11 "' II"". l't't;iii Iil-!.i>liit.in' 1 
 
 III I III, iilcl... iiii.l liail to lit' n-m.: jilli' I l.-r iIh' iu.iiiMI.ii liiif ■'i -tfi-l 
 
 ■f'.' h'Mill Imiii tlii< .iillu> lii- in .. I'-- I" ll<" "> "• !■' "'"' 
 
 i.|miircl«. 
 
 lltlii'.' fxam|.lt- ir.' i^n.-ii l..'...'.i. imi 'If . ir.iili.-l'in. f- .lilt, r -. «i.l'!_\ lli.i: 
 f-rm* ran unly I"' ii-. I'nl ••■< iiiilifiitini; >'iy L.'.'ii.'r.inv w 1. ii i- i.' |iiir.-.l, 
 
 I'lii! n.iriN •' liny l.t'l i':.|.ilul ..r .my . .|.ital .ii:rt'|.r. -. "i.'l l.y aMiilul.li' .--t ■- 
 .r.' .It,rii.'>liv.' provi'.imi'i Th.. latli-i i- 'ft .■x|>l.iii,i'"i v ..f ili.' fi.riti.r « ../. 
 /.i..(. I I'li'l 'i *'li -'"* 
 
 f\ 
 

 i< 
 
 
 i 
 
 i 
 
 • 
 H 
 
 BL 
 
 ^ 
 
 VilH 
 
 Form 617. 
 Aiiotbcr. 
 
 PPVriTIONS. 
 
 [(^IIAP. XVII. 
 
 TtlC Ion-! <)t iii|iitiil itliovu liKMllil lij.N bfOii ii'Tjutionod O!! full>in> t|i,,t 
 i« to M\ : 
 
 n) From Miriou.H f!iiUM«», inelmliiij^ of lnt»> vuiirs fli«> cxtraorilin.m 
 (lc|ii(»iiiii of ilio Hii^r-ar (ra<ic. 'liti husiiiuss of tho con I,,,. 
 Im**'!! <)iiri<'<l on at a 1<wm. ami no ili\i<li'ii(ls liavo cvi'i- Iicih 
 |«l \i\ tin- ruv. Tlio liulancc of pi'ilit or liiss i-acli vimi In- 
 Ut'ii "iirriod lo llu- iirofit uiiii 1o,«h airoiinl, iUiJ on iIh 
 
 (lav of . , llio a('( iiiiiiilati'il lialuiic*' fo llic ili-l-ii ..( 
 
 Iliiil iic'oiinl wa» t - 
 
 CJ' Tho I'ov ill im'ci'MmI iiml ii)ii.-.ini( li'il «<\tt<iiMivi> wnil,. 
 
 mil' hiiii'i'v. aiiil bllil)liIl;:'^ liulilv lu il('|iroi'i;itiiiii and iliiniini- 
 lioii ill \iilii(' from \\v.\r .mil t4':ir anil olln'rHi.^o. at ii i'. i ..i 
 t' anil iipwarils, anil altlioii>j:li kihIi wurk-*, iiiarliiiiii v 
 
 anil liiiiMiiij.'T- Iimm' Ihm'.iik (l<'|iiO'ialt'.l, and liuvi- >li'i!il\ 
 ■ limini.-'li<>i| in valiio. no part of mii-Ii >l(>|iroi'i:Uioii or iliininii- 
 iioii ill vulin' liii.-5 over Imimi wiillcn oil liv llii' ■ iiv. iiia-iiiiiili 
 II.- it wa' 11"! ■ iiii>iil<>r«'il iiia'iii^il to all<> the li^iiii'^ " Ipmi 
 tin I o\ »;i> mil p.iviii'.: ili\ ill) ml-. 
 
 Form 618. AliIk' linn mIu u llii'.«di<pi'. ml rcsolulinn ua» pa.>-tMl, i:ipr;il • ^i," 
 lOV to till' "Mi'iil of .It li'iuit IDit.KOJ/. Iial lii'i'li lo,l 1.1 w.i^ Mill : . - 
 t-enleil l>,\ a\ njilili' a— n.-i Ttii-' fart i- iiiadi' out as fu'l.u-. 'i:! 
 i.s to sa V 
 
 Tho a.-- -"i^ 111 ilioi.ix ,,, III .n^t \ImiiIi IHo'.i «i »< fi,l|io\- 
 
 IiiV" fMiii'iii.- 1 l'.»7.."iHii I. 
 
 Oi.sli ti.TTl' I 
 
 BiiN nM'iviililo . 'J, "71 ■ "I 
 
 liram li ;iiid ai;'<'nl.-*' Iialanrf- 7.^ '.I'l'' '• i 
 
 .Inlorc.Nl : Miii'd :J.!7J 'J I 
 
 Fiirniliiii ,11,. I liliiiit:.-i ut lioad olliio- and 
 
 l>l.,.■'ll<'^ l.i.>J ■' ■' 
 
 Low li)r (In 
 innuniuci' 
 tumpauy . 
 
 I'-Sil.lS.S ., 1 
 
 Till' iialiili;ii'.- "1 till ..i\ ^i» at .".!vt \l,ii.|i. I.MI't. hi ic a< f oii»> 
 
 Ivi'.iliiaUil lialiili'y on oiitv^tuiidiii'.' (lulirii'-, at 
 
 lia."t llJ' 9"0 :> ■ 
 
 Outstanding' lire lus-.c.'' . . .'i."..!!! 1'' 
 
 Siindrv irpdiioi.s l'.l'iIH !• ' 
 
 Triiiporarv luaiiM .. ."i.'iio ■ " 
 
 lllLs [■|l\,lli|.' L'OO H " 
 
 Umlaiinod dividends I.!'.' I '" 
 
 i IH't. !.'<,'< ■> » 
 
^•<lKM^i. 
 
 \i7:> 
 
 I»,,liii III!}; lln- .iiiu.iiul 
 
 iIk'. lialiilili 
 
 ii>.il. ii.iiiK'l' . Form ttl8 
 
 I :,i. ill . li"Mi ill"' iliiioiiiil of iho iiwcl/* >i(^<\. il a|il»'ar> iti.il 
 
 KCLl." 
 
 ilii' Miiiilu- amouiil« Il 
 
 I(lil,()(t0'. Of ihcicuboiim, lull lilt' |..i-u|i iu|ir.il 
 
 200,0011/ , iiuil iiiviiiiliiixly |iil-ii|i iipilal lo tin' •■xtcnl 
 
 UMP.omi/. uikI .iii«iir.l« h.i.l, up K. ill.' •I!-*! Mar. Ii, I'.mt. Im.'ii lo^l 
 
 l«\ a\ail.ili|i' asset.-, uii<l llu'iv lia^ ii'H ■.iim 
 
 (It ilic '•"> i-< 
 
 iiiirciui'-iiii' II 
 n malciial alii'iaMuii in (In- <'>y's |ii)Niii'in 
 
 I iiiaik.'.! I! !■: K h; 
 
 Th 
 
 o iluruMU'n' 
 
 JilliiU''l til nil', am 
 
 is a '||||> '"' 
 
 Jill • 'I'l- 
 
 rl ami lialuiin' sin ii wliuh wis siilm 
 
 liiiiillril III .ml 
 
 I li\ llii' <•nliii.li V uciirial iiii'rlm 
 
 if llll' IIIV 
 
 iii'hl III! .Il 
 
 J;|M|.I.Mi 
 
 ,l;u .It . 1« 
 
 Tl,r I -s als.l i.-i aliiiliiitalilf li. lln' lullowiiin i in iiiiislaim's 
 
 I ' Tlu' oiiiiiii'iicu of <ix(ti|iti<>!iul lliw ami (oiilliii;r.;'iiiii-, li> 
 
 whirli tlif n>\ liiiil III pay (liiiiii;; llii' li-i i>mi .m "s Io-i- 
 
 iiitii II ill I'Mfs.s <il tlif .ivcrau;!' 
 I.I I lie paMiii'iii iliiiiii:: 111'' l.n*! year nl los-i-. ii|>nii . las-f^ nl 
 
 li^ks wliidi till' my li.i- r.'.i.s.'.! Ii> iii-iin' munu !i> llu n 
 
 iitipiiilit.ililt' I'liaiartoi'. 
 ,;; 'ri, \ > rii:iiiilil\ In li-ciM' li"lii ini'iiiiiiiu- ir..ni'il iii 
 
 ic-|c.l i.r 1. 1. lilies isMii'ii i.riui- lo tlu' .'.Isi M.ii.li. IH'.t'i 
 
 .1 pi. |iiirlii.ii lo iiifi't IIk' lus-i's whirli "ill a.rriic i)ii •*"■ li 
 
 poliril's 
 In ill.' .11111111-' iHi- '-il. I .sa,> that ill.' n'llmh 'ii ..f lapil.il pi' 
 |i,,.. ,! I., lie .'iViTU- I 1 •■ ■ iiof iiiM'lv.' I'ilh.'r lln .liiiiiiiulii.li nl aii\ 
 Inliliu ill K'.spi'rl III' iinp'l .-.ip-Ml 1.1 ill'' p.iNia.'iil 1 - .iin ^liaii'liol'lr' 
 ill .iM\ |"l-iip .-apil.il 
 
 f: 
 
 1.- i.'ll.'VMiiL' IS a M.. . iiM.'ii 111 ..II ..ili'l.iMi In .111 .1^ 'iiaiy ill ~ii;.| '!! Form 619 
 
 ,11 ill. i.'ilu.liiiii r'r''ii.nl to in 'h.' I'.iii'^nili'^' Imvim: 
 
 ' ' nil ill.' '^.'iKial iiiaiiay;('r .if till' Fiu' lii>iiia Ciy ' ,', ,| „., 
 
 Iiav. i..'M ili.it .llii..' fill- iipwar.l.s of yi'.iis, ami -iiiiil.ir .'iii'a'.-i'- . m, . 
 
 lu.'iii.s Willi o'li.'i ...s for • \...,i- pnniiiiisU. 'I. I I li.iM' .'iii- 
 
 •.'ijiiiisilv iii.'al I'vpoi Iciin' r"la'i\.' l-i IIht liilsiln-ss nf liii' in ii.a'i'i' 
 
 . ! ; \\r !.' 1.1 till' prion in ill.' .ill u' iiiat'cr.s iimv fslii: il< I •'> ii" 
 jii'l ;u.uL.'<l 'A; ami iilso aci>p,\ o: llic alU ol , lIu- . l.airiii.in '.I 
 
 Til. .\ I! Iii.sinami' t o. I.;,ii; I liilfn- ■ all.'.l ' ill.' .'-.v' I. lil.'il ii^ 
 
 ^ll|•p(lI•t of ill!' stl pl'IOIl 
 
 .:. I hav.' laK'h, .il 'lif mpH'si of tli.> my. i'\;iiiiiiio I lli" linoj,- 
 lid iiiii.!il.s, ac'oiiiil.s ami papfi> ol' iIk' s.I , ,.v, fur tin,' piiipoM' nl 
 .usc'ilaiiiiiisf what lo-s ..f p.l-iii> .-.ipiial llm .sil ...y lia- imiiii.'il. ami 
 S.I'. thai, us the r.'siili of sm li «>\aiiiiiiali..li, I li.'lii'U' tin- ht.i'cmrlil.* 
 Ill till' .s,l polon ami .illl a- In tl- s,| ,,.v'.s (inai,. i.il pi)>il;.iii to Ih- 
 loi r.'fl . 
 
 I Haviiifr n'fraril to tin- totiil aiiiomii of tlu' ..i\'.s lialiiliin's m 
 tfH]M'<t (if out^!alHli^l^' poliri.-s ..M.iiit.'il liy il, tin' .-"y oajjlil .it tin' 
 
 11 
 
 .^1 
 
iim 
 
 l*niTI' iVn. 
 
 [I'HAI-. XVII. 
 
 Ihl 
 
 lit 
 
 Fom 619. v*trv IcuM. ill mv o|uiii'>ii. lo liavf ii m'm'im' liiiiil hi uu>\u>i .mj< h 
 linliitilit-N "I \2' '*7ltl .'>■. >il . wIhmi';!- i1h> ruy imly hu« a h^.m. 
 fiiml til iiiiJ<Hi'r Mii'h liiiliiliiit'M <if I'T.'.tTti/. 'm. 'id Thi'< o|iini<ih i. 
 Iiiifcil (III till- t'lilluwinu t'Miiiiiiiti'. uliii'li i-< fnmiili'il mh iIic cMliilili^ln'.! 
 |tliirliii- III till' iiifiiiiiiin' 1 ■>». aii'l wliirli »'\|M'li«'llii' hii« HiiliHUiitiaii"! 
 [ arriv) iil t'li." (•«liiii,it<' In ilii* lnllnwiii^' iiiiiiiin'i': 
 Tlu' |irt<iiiiiiiiiK ii'(ci\(>. I (liiiim; ilic iwi'Im- iiiiiiitli» 
 •mliiijr Ufl ilay ol Nhiif li. Ih'.mi wcrv •J><.»<,W'>I 
 
 Till 
 
 il nitf 111 Iil,' l'i.--« ill' iihimI Ii\ iIic ru\ 
 
 «illrr itn iiimiIiiimh^iimiiI i~ T""'' |i • Il i> I'lHiiiil. 
 Iiy at tiiiil uiiiils-'.-. lli.r I'ln'-luill dI i|i<' i i-k^ npiii- 
 priMMl ill iiti iiiiliiMHN vein < iiHdiii)' ai'i>. ill it* 
 
 Mill 
 
 ^|iiii'i| Tlii- ii| 
 
 mil till aiitlllil 
 
 ilKl.llll' llf L".tM.O'.».'«r. M'Mllll |■('|IM■^4•lll li"».017/ 
 
 ami ill)' ov|M'( l«><| |ii—c> iliorf'ii|iiiii. al llic rali- 
 
 .1' 
 
 7(f7.'i |ir wiiiiiij iffjiiiii 
 i a.l.l III! 
 
 lin.i.f.l 
 
 !"'■ llli" Mini 1 a. Id llii- >|«"mI |iii>\ ixiihi lor li>,s.-.t<!« 
 whirl; will oifiii iinlcr |Mili( i<'.'< iip liiil<><l in the 
 vf^ir fill' Viiil"ii?» li'iiii- i'\iiM>iliii'.r <iiii> year 
 Kriiiii an ••N.iiiiiniitii'ii of iIh r,n'« liiiniii<'>'< iinil 
 iiiv kii"wl( •lu'-i' "I" it'' liiiii^a' li<>ii». I <>>liiitnti' llii- 
 Il 11.' MP. I II-.- tli;iii t-'2, ■"•:;■■• II 
 
 lI'JT.'.tTi; " 
 
 Form 620 
 
 At (t>iilit;iiit*<t 
 iHiilu\it ,n 
 ''ilMHjrt 
 
 ! Ill IIH ii|inii. I, iIk' ji l-ii|i ■ ,i|iil.il i.- .11 ilii- |Mi'-i'iii iiiiii' mil I'll - 
 
 ■I'lili'il hv iivailalili' ;i--il.> in il \li'iil mI al lii-i Tii.iMlii/ . Ii.'inj iIm 
 
 I jLivalcill 111 7/ |n'l .-li:ili' 
 
 " 1 !i;iM' aiMM-l II ill'' il'im- ' ..in lii>i"ii ii.dii tin- lull. iw in. ".n- 
 >i.|ilUlioll.' 
 
 Ilv lilt u.-»i..ii iiKiiili'il li> till- luiiiii. i|i.ilii\ 111. ■>. Im' iMiiiii 1 
 
 |iiilil' IkuI an ii|ili.iii. wlii.li llit'v liaM' (•vi'irNi" t ' i i.iku.i; .m'l iln 
 iiM.lrilakiii): in inii.<..n nl' an aniiiiilv tif |..i<l.!i' |i ii.. wliiili i- 
 
 liav.ililc li.iU-M'illy ii|i lo llif •■•l>i \I.n, !;• Tin' \.ilui' ■.! iln 
 
 .iiimiily nil Ihf Il'lli .lai.iiaiv. I'.' . I'.il.iiliiti' I ii|m.ii a .• \< ■ I'l-- 
 willi liiill'-M'jily paMiii'iil.- i~ lln' -^11111 'i' ii.n!il:'>. " lii li 
 
 ifi kuniiiL. ll \' li'iii!.'!' .11 iiiiilili'- t.i llif iMiiiii'l. aiii'iinl- 1 
 
 i I ri',r:iril nmlilr.' In llic |iiiiiiiil n" a fiiir ia!i' <" t.il • 
 
 fiM- Ihi' iniipiw 111' llii' iiliiiM- rail ulii'i. 111. rf..:ar I Inn. Ii.i'l '.1 i'" 
 nvi'niiri' lalf nl' ov. Iiaii;if iliiriny; llii- la-1 llinv \.';ii« In aililili.n 'i' 
 the villlif III llii- annuity llif rnv llii> a>»fl.-, iiili^i.»lin._'' nf, A ■ In tln' 
 viiliif ot f ..f llilil.-. >.i llial llif IiimI .i^-i.'> (111 ntil f\r««'i| t I'lllcu- 
 
 lalf.l \aliif nf L'.lJ,.'iltil/. .Mtfi- ilfilii! liny liif ili'lif lilill'fs, il,.|.fiiliiri- 
 .«l<ii k. mill iilliPi lialiililif-. fil'fi inliiiil m- r(Hiliii..ieiil ili(> wlinl- .'l 
 whi.li iiiilflilfdlic.so Ititrtillifi aniniinl" t-i liflwot'li 10.1.1)00/ ami 
 
KOKMM. 
 
 104i)(Mi/ ), thore romum availublo for the Bhureholdor- *-«»o» which 
 oaniiot bo cnlculaUid ut inor»i Ihun i;JO,000/., boinR tho ciuivnlent of 
 l.ir (MT »«h(iro on Um« lO.iHIO «hiin'« n.iiaUtutinsr tho «li.it<> "ai.iUil: in 
 otlnr wor.l«. then- if, u" ntuliNj uliove. ii cum ol' ul lo*Mt T.' per «har.' 
 unrcprMcnIrd by ftvaiUble awelc 
 
 IMt 
 
 FormttW 
 
 1 
 
 1 Til.- iiiiislvr now |.rodut«J iiiiJ ^howii to nic nuirkod A. U. (1). Form 621 
 
 ,|i,l ,,„ t|„. ,hiv of , onil alio oil ihii - duy of , con- Am.l..»ii .• 
 
 •aii, Ih.' i.iiM.0 ami Wt-know.. a.l.lro.-w of evor.v i«-r.H.,n «ho on each -;;;,;;^»,,^. 
 ,1 III.' ^■.| ilavs wa/« a itH'inlKT of tliv ulH)V«-imiii«Hl ny , .lln.^ ..i 
 
 2 I .li.l. on lh<- «l ihiN "I . -"''V" 'I "'«' '"I'V of tliu "■'-- 
 
 ,iutl(f now |.r.Klucv.l un.l .-liown to mo, iimrkr.l A H ( 2i. ii|.oii rv. n 
 ,ii,.iiiIht of ihu *| toy wli.w niinio i»|.|K<iiro(l in lli.' «•! ivl'IsJ.t us ii 
 iiHiiiUr ol ilic iiiv on tlmtfluy. 
 
 I I dl>l, on tin- «.l - iia> of , »<'iV.' a mir . o|._\ ..f lln' 
 
 no(i.'<> now priMluool and »howii lo mo maiko.1 A I! r.\\ ii|>oii. &o. 
 
 I I M'lvrd 111.' m1 rosjiivo copioM of ill.' -'l nutiiv l>> pulling «U''li 
 ,„|,M> i.-pK inio .•nvolop.w .Inly a.l.liv^-ivl i'- "iiili p.TMins r.-xply 
 autiraiii'/ to lli.-ir r.vHpivf naiiM's and a<|ilr.".-o. appoarin^' in tlio s.l 
 ri-i..!.r, aii.l «illi propel po.'Ui^ru -laiiipH alllM'il llioM'to a- pr.'pai.l 
 l.>U.'rM, UI1.I liv po.stin_' till- »aiiM' mI t!i.« I'oil Oilici mvivin'.' lioUs«v 
 <v„ Sin'cl, in thi' Cily <if l.on.lon, U'iv^«'«n 111.' Iioiii of - 
 an.l of 111.' .lock in tho uftoino-.n, as t-u Uio ml lirif iii.':.iiono«l 
 nolicv of 111.' 'lay .'f ""»>' -i^^ to llio «l soconilly ni.'nt.ioiw.l 
 
 iiiili.s' of lilt' of 
 
 lift ra|i|t;|l 
 
 I p,.ii III.' iH'iilion ..I lilt' Ciiy of - Coy. l-imUl aii.l K.'-liic'.l, on Form 622 
 tl„. ,la> iif , pr«'f(^rr»'(l iinlotiiisCl.anl upon liouiii^'.-oiinsol ,,^,,,,, 
 
 f„r 111.' p.'iilin,H.r.s aii.l upon iv.i.liii- llu' .-.I |H)litioii, an .Ji.lor .laU.l •;'|'';;;';^';'-; 
 i|„. I n of . iliHiK'U.sins; willi a list of I'linlitois, llio Liituhni 
 
 (u, ritr ..i th.' .luv of , tho ii<'«;.pa|K'r, .^f tho - 
 
 an I <lav« .>f . llw - ncwspapor, <if lli<' . anil tlit' 
 
 ii.«.spiip.r, ..f th.' , oaili containiii;.' a notj.-.' that tli.- ^.l 
 
 |.,'iili,.ii «;i.-. appoiiilv'l to l«' lioaril on llu' of . purMiiiiit I.. 
 
 ■Im .-.I ..i^l.i, an a'li.l.ivil of , lilo.l tho , an .illi.lavil ..f 
 
 i,|,,( i|„ . un.l lli.' (.■\liil.it.s thori'in rof.'ii'.l l.i, aiul an alliil.mi 
 
 ,,f lllcilili.' .if- . This Cniirl do! (irili'i- Ihal the r.'iliu' 
 
 Hull ol .jpM.il pi..|M.i<'.l U> U' ollo^lod 1>> ill.' .-pt'iial is'-olulioi, 
 1m>mm| ii i,u .'Miaol-.liiiarv tr.'ii.'tal iii.S'lliit.' of tho p.-tiliMii.'i-*. iIm 
 
 t.,v, l.iiiil.l aid R.-.lu.^-.l. laid .ai llio day ..f , aii.l 
 
 ..,nllriii<'.l al an «■ slra..rdinui\ ._'onoial nic'lin- of tli.' mI my li.'l.l 
 „„ III,. ,|,n o.' , uiid whi. h i.'soluli.iti w.is ill iho w.inis un.i 
 
 li.'iirof following', (hat if t-. ray: [ai-t it out. eg. •That tli«! ciipilai 
 
 i H 
 
'^■fi 
 

 111: 
 
 1 
 
 Hi 
 
 
 r! ■ 
 
 i -J ;- ; 
 
 in : 
 
 ia«2 
 
 Form 622 
 
 PETITIONS. 
 
 [Chap. XVII. 
 
 of the oov 1... re.iuoe<l irom 2()O,O00Z., .l.vi.lcxl into 10.000 shares of 
 ■HM oarh. to lliO-OOO?., ilivi.lo.l iu;o 10,000 sharcw of 13J. each and 
 that, «uch .eduction Ix- olfected by .vancelliu- capital which has been 
 lo.st or is unroproscntod bv available assets to the extent of U. per 
 4„m. upo>, carl, of tho 1(^,000 shares «hich have been issued and are 
 MOW oul^.an.lino-, and by rcduoin- tlio nominal amount of all he 
 shares in the cov's capital from 20/. to \3l. por share ] be, and the 
 .ame is hbv. oontirm.'d. And this Court doth approve o the nmmte 
 s,.| forlli in the schedule hto And it is ordered that tlus order be 
 pp„lu..Hl to the lloiristrar of Joint Stock Co' , and it is ordered that 
 :.„ oiru^- copy of this order bo delivered to him. to-ethor with a 
 n.inut.. in tho words or to tho clloct set fortli in the schedule hto^ 
 \nd it is ordered th.-t notice of the registration of this order and 
 ;,.■ ,he sd mi>mle be luiblishcd a.s follows, that is to say. o.k« in 
 ,l,e Lowhn (.ou'ltc. twii^. in the -^ , and once in tJ'« — ;'"' -7 
 nuwspapei.- \ nd it is ordered that tlie sd cov be at liberty forthwith 
 
 or after the - .lay of : t<.di<cnntinuo the addition to its name 
 
 .,f the words mikI Reduced." 
 
 Mini n; ai trom'.I) 
 
 rm: Coriir. 
 
 ■ The capital of the City of — Coy. Limtd, is £ - -, tlividcd into 
 
 shares of C- oaeh instead of tlie on-inal capital ol 1. . 
 
 divided into -^- shares of £— each . At the time of the re.^tra- 
 
 tiou of Uiis minute, tho full sum of £ per share has be..., and .. 
 
 ,0 b,- decne.l pd up on ea,l. of the sd - sliaies of i. each. 
 
 S.,„u.ti,n.-< it is .l...ire.i to .H't authority for tl,o .lehonturo trnstoe. to consent 
 
 ... e uH „„. Thus in ouo .as,. . supplomcutul trust do,.! was a,W o 
 
 ',,.,. rovisio,, was „.a,lc cahliu. th. trust,... of th.. . -.-d .. .onsc.,. U, 
 
 tK,. rodu.tion of th,- .on-pany's un,.alk.d .apital wh.eh was .l.ar.ed with pay- 
 
 : . l.,lf ,.r the h..lders for V.n- tiiuo b<.in- ..f tl;,- dobcntun-s of the 
 
 :::;: ;:.S t:\.' ;.i:li h,.reof a,.. is.ed after tt. .. aay^^^ ^eee^- 
 
 is"' to ti,e rcdu,.tion of he capital of the company by he exfaet on of 
 
 ia iitv m rcspe,.t of uncalled capital on the issued shan-s .n the .^ap.tal and of 
 
 the nln na ..nount thereof accordingly, and on b.half of such h,.lders by 
 
 ,n!e ' 1 -rwise .,. appear in the pro,.cedi„s. for reduction and wa.ve any 
 
 f II, „-.rt .,f su,-h „.l.lers as ,mlitors of the company to nnt.cn under 
 
 :i: ; It 1 .^ order and U.U. of the 2.st day of Mar..h. .«««, in 
 
 tlnn t« su^h redu,.tion. Provided th.t in the opinion of the trustees .„■ 
 
 :i^rt;!: .ilnl^tount of the issued and paid-u,. capita., Jorttn, , ,,,. tK.n. 
 
 1 1 ..„,! nf the reserve of tl..- .-.impanv, will, immodiat.'ly after suil. 
 
 "' r t"on '■ an-tle to "t ler be al 1 -ast d ,ui.lc the amount of the debentures 
 
 ::i;;:;r.o'\riene";; her-rf and outstanding at the time when such reduction 
 
 '"X:*':^rt;a..tion ... ..btamed ou l«th .u.y. 1904. H. .>. ..«W. 
 
 
FORMS. 
 
 \'}^^ 
 
 Orders confirming Reduction. 
 
 111.- foUuwiu); iwiiit.'! should be borne in luiml: — 
 (1) The ordrr should contirm tho reduction, and not the special rowlution. 
 
 Spo sort. 47 of the .\ot. 
 ('.!' The order should ajiprove the requisite niinulc. See seets. .■)!, 52 of the 
 
 .\et. 
 <3') The order should dispense with the use, or furtliiT use, of the words 
 "and rodueed." Seet. 48 of the Act. 
 I I The order shoul.; provide for advertisc'ineiit. Scet. .)! of the Act. 
 There is no power to dispeiisi' with this. Se<' note to I'orni 1123. 
 .\s to dispeusiui; with tho words •' and reduced " at tho hearing?, tho Court 
 lormerly used very eominonly at the hiariri); to dispense altoirether with the 
 i'urll:i I- use of the words. I.hjnvi Tondit Co., Matins, V.-C, loth lJee<Mnber, 
 1897; Eb'jw I' ■I'' Co., .lessel, .U. U., 19th January, 1878; I'ron Co., Hall, 
 V.-C, 2Gth November, 1880; riiiait l\,., 54 I.. T. 3SJ; \V. X. (lS8ti) 32; 
 Wes1 Vumhrrlaiid Iron and Steel Co., .i8 I.. T. 159; Jih-eel Siioniili. Sf. Co., 
 11 r 1). 31.'!; .\cvctt8tlc Grain Co.. 2l)tli Kebruary. IWSii: but such dispensation 
 IS now rarely (;rant<'d. 
 
 Ill most cases the order directs that tho words shall be used for a month, as in 
 Kornis til7 and Ii47a, uiint. .Sometimes tho order is for fourteen daya. 
 Michoiuan Rail. <'o., Karwell, .1., 23rd .November. 1901. l!ut o((;isionally the 
 'oiirt re;|uire3 the use for a short time longer, fiiirl-niij ■md Sons Sldini'lii)! 
 ■'o.. (1892) 3 Ch. 125. Oecasionally an order to drop the words is inaile before 
 •li.^ hearing, e.g., where tho petition is ordered to stand over for some time. 
 ij ■rhrmht, S:r. Co., 40 C. I). 348. Wright, J., used to dispense with the 
 words altojietlier where the company's business was carried on entirely abroad, 
 en the ground that the words " and reduced " would not be understood there. 
 ■iisii'dian Estiitis, ,Vc. Co., (1910) 1 Cli. 414, whore tiiere was evidenco of 
 I'ossilile prejudice, in the «bsencc of such cvideiiee, sec f.ind'rr ond Co., (1911) 
 \V. \. till. .\nd in the ease of a publishing lompaiiy, where penalties might 
 111) incurred by not adding the words, Kckewich, .1.. dispensed altogether with 
 tJie use of tho words on the company undertaking to inform their creditors of the 
 Mslui tion, and to use fo- one month tho words "and reduced '' mi all diM'uiuents 
 .11 which, by sect. 41 of the Companies .^ct, 1S(;2 (now sect. tJ3, Companies 
 Act, 1908), the words were reiiuirwl to be used. T.mr, ■,.,„■,■ Sc l!,d;,i, I. hi.. 
 W.N. (1901) 1.58. 
 
 Occasionally, where it is proposed to i-ancci capital lost or unrepresented by C ilK in 
 ivaihihlc as,scts, it ajipears that some of tho sharcholilcrs have not paid up their :i'i''iv. 
 ..ills. In such cases the resolution should bo framed so as to |>reserve the 
 liability of th" defaulters, and the order will bo in;ulo without ])rcjiidicc thereto. 
 i:.,-oi W Mi.-ri, .'<l,amahlii Co., 35 \V. If. l.>4: .Inirriean I'fUtnud Co., US 
 1.. T 112). ilrninnnnal Connrsion Trmt, \V. .\. (1892) 100. The resolu- 
 lion ill such ca.ses should contain words to tho oflfoet that such reduction is to be 
 without prejudice to the company's right to sue for and recover all arrears of 
 alls now outstanding and duo in respect of tho said shares. 
 
 " '^■ 
 
 In ihc iiiattor dI tlii' Coy, Liinid [and Reduced], uud in tlie Form 623. 
 
 lujitU'i- of (lio Co.s Act, 1008, .ss. 4() 50. Noliuc i.s liljy i,'ivoii lliat tlio A.lv.rtisc- 
 
 .irdcf of Uio Hi^ili (.'t of Justico (Clidiiccry Division;, d.ilod, Ac, niMit.fonlor 
 
 onlijiiiiii",' the reduction of Uie cuiiilal of the above-numod coy from [.,,',,",',1]''' 
 
 4 N 2 
 
t f- 
 
 1284 
 
 PETITIONS. 
 
 rcHAP. XVII. 
 
 Ill 
 
 6 
 
 "I 
 
 'Hi' 
 
 i' 
 
 \':V 
 
 Pom 623 £ to £- , and the miuuto (approved by the Ct) showing with 
 
 respect to Uie capital of tlie coy us altered tlio se^v^ral particulars 
 r«quin.-d bv the nl)ove statutes, were recristercd by tlio Ro<,'istrar of 
 
 Cos oil tlie day of . And further take notice tliat the sd 
 
 minute is in the words and fi},'uws following;; Tlu' capital, &c." 
 
 Dated the dav of 
 
 — - of , 
 
 Solicitor!* for the Coy 
 
 Sect 51 of tlie A.-t jirovidcs for the reifiatratiun of tlio order and minuto with 
 tlie Kceistrur of Compaiiios, and re.iuir.!s nctUu of such registration to be 
 published in 8uch manner aa the Court may dire.t. The Court cannot d.spcn* 
 with this publication (per Chitty, J., I.ouJon Steumbont Co., U \\ . K. 781^; 
 \V. X. (IHHS") 123): for Parliament has enacted that there 
 
 v/.</// be ^ncll 
 
 Form 624 
 
 Reasons fm- 
 reduction 
 
 publication. 
 
 The t<>rms of sect. .31 sho'dd be borne in mind. 
 
 In some cases a copy of ;he order has been adwrtis...! in the mition that th. 
 section was thereby complied with; but that is not what the si'ction recpurcs. 
 
 Cnder sect. 55 of the Cumpanies (Consolidation) -Ut, 1908, the Court maj 
 require the company to publish as the Court directs the reasons for reduction, 
 or such other information in regard thereto as the Court may think expedient, 
 with a view to Rive proper information to the public, and, if tli<. Court thinks tit , 
 tho causes which led to the reduction. Such a publication may properly b- 
 re<iuired where the depreciation of property neressitatins the reduition ha. 
 occurred suddenly and has not been growin;,' year by year. T,;,mun, lla.ibury, 
 Buxtou and Co., [1910] 2 Ch. 408. 
 
 When this power is exercised (which it seldom isl tle> reasons are inserted 
 jupt before the words " and further." 
 
 The following is another of 
 StirUng, J., May, 189.>. Il.ntun 
 
 the few available "examples, as approved by 
 , tf,: Co., Limited (1894, B. Ol'.ti):— 
 
 ■ The ivasoii for the reduction of tho capital of the ccy L-s on account 
 of the I0.S.S of 31,(i'Jl?. 3s. U. of th(> capital of tho coy, arising from 
 paynienls of pt of the debenture interest out of c^ipilul, tlie pulling 
 down of ctrtaiu uialthouscs, cottages, and timber stores, the deprecia- 
 tion in the value of the goodwill of the coy from tho amount at which 
 it was originally taken over, and a depreciation in value of five 
 public-houses to"tho extent of 1,000/. in the ^>holo, the los.s of certain 
 lixed plant, buildiuo-s and mufhinery upon the torniination of a lease, 
 and tho deterioration in the t-a.sks, and also in tho value of stock of 
 ale at I'mrton and tlie agencies of the coy. And further take uotiw 
 that the sd minute is in the words and ligures following." 
 
 Minutes. 
 
 by Boct 51 of the Act (1; The reifistrar of companies, upon the produetio,, 
 to him of an order of the Court coiiKrining the reduction of the capital of ,. 
 cninpanv. and the delivery to him of a copy of the order, and of a .n.nut. 
 • approved bv the Court) showing with respect to tho »liaro capital oi lie 
 company, as altered by the order, the amount of th..- share capital, tho Dumber 
 
fOKMH. 
 
 19M 
 
 ,rf Hharos in which it. i> u. bo .iivi.Ul, iii.a tlip aniouni of nu-h •liiirf, and th. 
 .-unount. (if uny) at tlio dat.- of the rofristration dcnipd to be paid up on emit 
 Hharc, ■.hull Ti-ginu-r tho order iind ininut*; (2) On the rcKistration. nnd not 
 lioforc. till- rp-oliitioii for rpdu<in»f Hliaro capital so .ontirniod by the order so 
 regixtrrrd shall tiike .•tfoct. Notiic of the re^'istration shall be publi>lird in 
 -uch manner as the Cuurt may direet; (3) The registrar shall eertify under his 
 hand the registration of thi' order and minute, and hi» eertiHeate shall ')e eon- 
 .lusivc evidenee that all the re(ii.irement« of the Aet with respeet to the 
 roduction of share eapital have been eomplied with, and that the flhiire eapital 
 of the eompany is sueh as is stated in the minute. 
 
 The Court .annot dispense with notiee of the reKistrnlion of the order an<l 
 minute, for scit. f>\ of the .\et rei|uires the publication thereof; accordingly the 
 CJuurt musi be aske<l to specify the newspaper or newspapers. When the 
 
 presentation of the petition has been advertised, the Court usually speciHes the 
 same newspapers, otherwise it is desirable to have evidenee ready showinR what 
 
 newspaper will lome to the notice of creditors. Sometimes the Court has 
 
 considered advertisement in the Uazette enough. 
 
 liy sect. 'VI the minute when retfistered is to be deemed to be substituted for 
 
 the eorrcspondini? part of the memorandum of the company, and is to be vali<l 
 
 »nd alterable ns if it had been oriffinally contained therein. 
 
 As the certitieate is to be conclusive (»/(;),.i. p. H) it will operate .■ven when- 
 
 the order confirms an invalid special resolution. /.«.//-■.«• Drcsn Af^frmtinii v. 
 
 Piilhrook, ^Wm^ l Q. 1>. 37»i: U'nlker v. Smith. Limited. W. N. (1903) ti'2 . 
 
 SI W. 1{. 491 : Ynllniul. Iliwmi, nyu! Rirheti . T.imilrtl. 77 \i. .f. Ch. 43, <". A. 
 The following is the simplest form of minute, and the one which was formerly 
 
 exclusively used: — 
 
 •' The eai>it;il of the - company, limited | and reduced | is 70.00(1'., divided Fonn of 
 
 into 10,000 shares of V. each. \t the time of the registration of this niinnte mu.i.teR. 
 
 the sum of 'I. has bwn and is to be deemed to be paid np on e.-uh of the 
 
 •aid shares." 
 
 But irenerally the minute states what the eapital prior to ihe reduction wiu., 
 
 thus; 
 
 "The eapital of the company, limited (and redueedj, henceforth is 
 
 70,000/., divide<I into 1(),(K»0 shares of 7/. each, inste.id of the original capital 
 of 100,000/. divided into 10,000 shares of 10/. e.ach. .\t the time of the rep;istra- 
 tion of this miiiuto the sum of 7/. has been and is to be (Uvined jiaid up on 
 e:icli of the said shares." 
 
 This form of minute was first adopte<l by the direction of Kay, ,1., in II est 
 Cumhrr/and, ir. Co.. W. N. (1H88) 54; 58 I.. T. 152; and, in Ilnt.nnila Milh 
 Co.. \V. X. (18S,S) 103, N'orth, .1., approved of the form and stati'd that he 
 ,h(.uld in future require its adoption, and acted accordingly. Chitty, J., did 
 not require the ailoptioii of this form (.Inhrny Strnmship Ci.. 01 L. T. 659). 
 but had no objectiim to it. 
 
 A minute so framed is obviously not rc(|uire<l by the .Vet, but it lia« the 
 advantaire of Kivin;;, at a jilance, to a person attending at the office of the 
 registrar of conijianies, information wliirh would otherwise involve tlie perus.il 
 of other documents. 
 
 S.imetinies the words ■ reduced from " arc useil in lieu of the wonU 
 
 " iitste.id of." 
 
 Tiic minute is to state the amount to !)•• deemed paid up un em-h shun . 
 Whero all the shares have been issued and ar, paid up to the same extent, it is 
 easy enough to say that so much is to be deemed to be paid up on each share, 
 and this statement strictly <>omplies with the requirement of this section. Hut 
 ui«.« fro-iutntly occur iu which (a) only P^f' of <''• '^'^'"" '""'" '"^'"'J; "f 
 (I.) the shares issued have ilitfi'rent amounts paid up. In such eases the usual 
 
\im 
 
 I'ETITIONS. 
 
 [Chap. XVI 1 
 
 •I 
 
 ■ 
 
 till 
 
 An to giving 
 DumberH in 
 minute. 
 
 practice has bet-n to statt in case (a; the aggregate number of the ahari- 
 iBsued and the amount por share paid up; and in ease (b) the aggregat- 
 number of each class, oud tlio amount per share paid up on each class, but it 
 has not always been usual to state the denoting number of the shares referre.i 
 to, e.g.: 
 
 " The capital of the Madulseema Coffee and Cinchona Company, Limited, i 
 110,000/., divided into 7,000 shares of 10/. each and 8,000 preference shares ot 
 6/. each. At the t ac of the registration of this minute 7,000 of the said 10/ 
 shares and 5,710 of the said 51. preference shares have been issued, and have 
 been and are to be deemed paid up as follows, that is to say:— 6,018 of the said 
 10/. shares to the extent of 10/. per share, and of the remaining 982 of thi. 
 said 10/. shares 'IM to the extent of II. 16». per share, and 532 of the siiid 10/ 
 shares to the extent of 12/. 18». »rf. per share, and the remaining 200 of th.. 
 said 10/. shares to the extent of 7/. per share, and on each of the said 5,74i> 
 preference shares the sum of 1/. has been and is to bo deemed paid up, and on 
 the residue of the said preference shares nothing has been or is to be deemed 
 paid up. The said 200 shares have been forfeited and have not been 
 re- issued."' 
 
 Hundreds of minutes have been so framed, but the minute ought t<i state tli. 
 amount (it anytliinir) which is to be deemed paid up on each share (see seit. 51 1, 
 and a minute framed as above does not do this. Sec .Solunt^ StennM/ii/i Co.. Ill 
 L. T. 659. 
 
 However, not uncommonly the minute points out the particular shares by 
 numbers, e.g., "The capital of the Livingstone Spinning Company, Limited, 
 is 48,000/., divided into 12,000 shares of 4/. each. At the time of the registra 
 tion of this minute the sum of 1/. has been and is to be deemed to bo paid oii 
 each of the 222 shares standing in the company's share register under th.- 
 register numbers 356, 824, 867, 926, and 968; the sum of II. 10». on each of 
 the 38 shares standing in the said register under thi register numbers 58 ami 
 190; the sum of U. 12». dd. on each of the 425 shares standing in the saiil 
 register under the register numbers 30, 154, 253, 301, 309, 317, 426, 440, 601.. 
 621, 663, 684, 706, 1006, 1021, and 1026; the sum of 1/. 15«. on each of th» 
 20 shares standing in the said register under the register number 566; and thi- 
 sum of 1/. 17*. 6rf. on the remaining 11,295 shares, and such order and minut- 
 have been duly registered by the said registrar of joint stock companies." 
 
 "The capital of the International Conversion Trust, Limited, is 40,500/., 
 divided into 20,000 ordinary shares of 2/. each aud 100 founders' shares of 5/. 
 each, reduced from 100,500/. divided into 20,000 ordinary shares of 5/. e:uh 
 and 100 founders' shares of 5/. each. At the time of the registration of tliis 
 minute 2,407 of the said ordinary shares ot 2/. each, numbered 101 t,' 2,507 
 inclusive, are issued and arc fully paid up, except that upon the shares numbered 
 101 to 106 inclusive, 508 to 607 inclusive, and 1,208 to 1,307 inclusive then. 
 are the following arrears of calls: - 
 
 Amount of Call in :irreur. 
 2/. per Share. 
 1/. 
 
 Denoting Numbers ot Shares. 
 101 to 106 inctusi\e 
 608 to 607 ,. 
 
 1,208 to 1,307 
 
 2/. 
 
 " And of the said founders' shares of 51. each 74 shares numbered 1 to 7 1 
 inclusive are issued, of which 50 shares numbered 1 to 50 inclusive are fully 
 paid up, and on the remaining 24 shares numbered 51 to 74 inclusive the sum 
 of 21. per share has been paid up. At the time of the registration of this 
 
 minute the residue of the said ordinary shares, namely, , , and the 
 
 residue of the said founders' shares, namely, 26, numbered 75 to 100 inclusive, 
 are unissued." 
 
KOKMH. 
 
 I2H7 
 
 Embodying Minute in Memorandum. 
 
 By lioct. 52 of tho Act, (0 tlio miniitp, when r<M,'i»tcrcd, must bo cmbodiwi r,,i.> ,1 r.:zw 
 in every copy of the monioramluiu of thu tumi.any issucl afltr its rcsiHration; •"-^ minute, 
 and (2) " if any company makw difuiilt in cumplyinff with tlit ^u(|ui^cnlcnt^ 
 of this Bcction, it shall bo liable to a fino not exceodini? II. for each copy in 
 respect of whicli default U made, and every director and manager of the 
 company who knowingly and wilfully a.itlmriz.fv. or permits sach default shiill 
 be liable to the like penalty." 
 
 Procedure (See Rules of .May, I'.tu'J, in Api-omlix. [>. 1280, tiiin"' 
 
 Wlieio iliO proposed reductiou ijoks involve oitliei- tlie diminution fh.' ionn 
 of liability in ro.spoit of unpui<l .-liaio capital oi- tho payment to anj Pf""^"" 
 ^-hareholder of any paid-up .share capital: 
 
 1. Se<> that the articles give tho ro(jui>ili; povvor to roduce capital 
 
 (nufrii, p. 084): and. if thoy do mil, iiisorl the tirc.'-«ar\ 
 power by special rosnlutiuii. Supra, p. 084. 
 
 2. Then pa.ss special resolution for tho reduction, spocifyiug the 
 
 characler thof {suiJiv. p. HIT, Form 488 <7 .st'</.): iiml iilc 
 copy with Registrar. Sect, "0 of the Act, 
 
 3. hmnedMclii after iHisximj the resolution, add to the name ot 
 
 the company llio words "and ifducod," and continue to uso 
 them until after tho reduction ha.s been contiiincd, and until 
 liberty Ui drop ihom is given by the (,'ourt. Sod IK ot 
 the Act, 
 
 4. Then pre.sont petition to the Court praying for a coiilirmatioi. 
 
 of the reduction. //*//(/, p. 1288, Form 02,".. 
 
 5. Take out summon.- in chambers for dirc( lions as to the proceod- 
 
 iug.s to bo taken, &c,, a,-, required by Rule of the Ruloe' 
 of 3rd of May, 1909 (.see Form 020, infra, and p. 1290). 
 and lile evidence verifying tho petition and proving duo 
 pa«iing of the resolutions, &c, 
 
 6. Take an order for an inquiry in the term.s of Form 027, i«/V<j, 
 
 and obtain directions a.s to the newspaper-, &c., in accord- 
 ance with Rule of tht^ Rules of May, 1909, infra, 
 Form 027a; and see Form 028 for tho form of notice, 
 
 7. Advertise as in Form 028. See Rule of May, 1909, 
 
 8. Pay off, as far as practicable, all creditors of the company; or. 
 
 at any rate, those who would be likely to rofuso consent. 
 
 9. In due course lile hst of creditors (if any) and amounts due. 
 
 with alKdavit verifying tlie same. See Rule 8 of May, 
 1909. infra, p, 1292, and Form G.'il for terms of affidavit. 
 Keep the list ready for inspection, as required by Rule 10. 
 
 10. Give notice to the creilitors in accordance with Rule 11 and 
 
 Form 032, .\dvertise notice of list of creditors as in 
 Form 034, infra isoo Rule 12 1: or, if theiv are no creditors, 
 then as in Form 6.3.'). 
 
m r 
 
 I '.I ' ' ' 
 
 i:' 
 I'll I ' 
 
 'if lit. 
 
 
 
 ■Hii 
 
 iWH 
 
 P'..iriON8. 
 
 [Chap. XVII. 
 
 1 1. In due oour«.- luuko and Hlo aflidavit a^ to i)articulara of debt* 
 
 and claims (seo Form (i.t<'>, infrn, and Rulo i;t); or, that 
 Iheie aro none. Sco Furm t'.;t(t 
 
 12. As to (Usputivl dol.t- i.nil . lainis, sou Fonn 6;l7. and Rules Li 
 
 an<l 14. 
 i;j. Dblaiii Mast»T">s Loitilicuio of s(.tllciiiont of hsi of creditors. 
 
 Rule K! and Form HM. 
 The I'ourt ha^ m power to dlspenso with w'ttlin;? the list of creditors even 
 «h.-r.- there h eviih-ii™ that the rompaiiy Wm nn dpht". r.«m,n» Stnre S,r,;ce 
 Co., [1895] 2 Ch. 726. 
 
 14. Have petition iila.«d in list, and tilo atfldavit. on lines of 
 
 Form til.'). 
 1.-. AdvertiM' in paixir.- day for hoarinpc jietition. Sen Form 642 
 
 au<l Kulf I'J. 
 Hi. Ii« prepared at the hearing to .'oal with oppoHinj,' and non- 
 
 a.s.>enliii}j creditors. See infra, p. 12!t!). 
 
 17. Obtain order coniirming tlui redaction and approving form 
 
 of minute. 
 
 18. If tlie reduction involves payniant oil of capital be ready at 
 
 the hearing with uu allidavit that it is Mtill in excess 
 Safet'i Oil Co., W. N. (1802) 1:53. 
 
 19. File ollice copy of order and the minute approved i,y the 
 
 t.'ourt with the Registrar. 
 
 form 625 
 
 P.titii.n to 
 WTitirm 
 
 FfMilK tMilt i'i 
 
 mpitul uii'li r 
 Alt of IttfiT 
 [whire 
 «ref]it4>r(- 
 
 [n tho High Court of Justiw!, 
 Chancery Division. 
 Mr. Justice -- . 
 
 In the matter of the Coy, Limld and Reduced. 
 
 And in the matter of llio Companies Act, 1908. 
 
 Thu ahovc hi-iuiinf; is riifht oven whvn tha petition in filed at tlic otfi if the 
 
 Registrar in ronipaiiios Windliip-up, liankruptcy Buildings. .Ihimiui.im Co.. 
 W. N. (1894 1 <!. 
 
 ^AV 
 
 To liis Majesty s High Com! of .lustico: 
 
 Tho humble iMititiou of the Coy, Limld and Reduced: 
 
 Shov\eth as follows: 
 
 1. Your pelr, the above-named coy (!:ii(tr called "tho coy"), wsfl 
 incorporate*! in the year 
 1807 or 18(i2 
 nhares. 
 
 2. The registered oUico of the coy is situated at . 
 
 a. Tlie objects for which the coy wtus establi-^hed are jtlie working 
 of coal miaos i and other objects set forth in the raemdum of a-ssoij 
 tJinf. 
 
 , under the Companies Acts, 1^02 and 
 o I'JOO. or as the ca.se may boi, as a itoy limtd by 
 
 
KORU6. 
 
 !VW' 
 
 
 1 Xlie <«p.ial of U.. ro.v i^ lOO.OOOr. .lirid.-.l into 5.000 shares of Form 
 
 20*. each , . 
 
 :,. Sl.orllv afK-r lh<' iiRorpoialioii ot ll.v io\ it . (.inraei.cod and 
 
 liiis wiiiee mirioil on l)U■<ino^■* 
 
 ,.. Tl.r ( ov l.a-< i> I l.liOO "( il" "lian-, and nu ,n„r.-. and llu' «u'" 
 
 III 10/. ix'i «liaio has tx'cu jmI »i|) th.upoii. 
 
 7 lU .lause :t7 of tlio aits of a>son of tlm ruy il is provid-vl Unit 
 (iKM'oy luiiv from tinio to tiii.c l.> spi.cial ivsolnlioii ip.I.ko ii-.apit«l. 
 
 If ro(iiii->itf, siiy; 
 
 ■Tho arti.l,-, ..!■ a,wri;.ti..u "( il..- .oiuimiiy as ..riK-iiiallv fran„il .lid imt 
 
 .oi.tain ,«.w.r to rnl»,t> the ■apital. b.it l.y -.|"vial r..*,l,.ti.... of th.- company 
 
 duly pa^-''l. .'>;'••. i* "'"^ rpsolvcl that tli- followiiih' wonln thould bi. addwl to 
 
 ,.la."i-c 37 of thr arti.l.w of aH.o<iation, viz.: ' tliP company may at any tini- l.y 
 
 •x-cial r.'f>ol.iti(.n rpJn.P \U .'apital in any mnnnor pprmitt«d by law.'" 
 
 N |{> a sijoiial r«>-oluti..u of tli.i <oy duly pas-iod ami .oiilinued, 
 in iKCoidanro willi ^^-vt. ti'.> of lli.^ Co.-. v»o'isolidalion) Art. 1U08, 
 at extiao.diiiaiv f,'ouc.al nxH-tin-- of ilif ..,y hi-ld ic-^ply on tlio • - 
 .lav of - ami day of . it was ro-olvi>d as f.illows, uainoly ; 
 
 That tho <apital of iho roy ho vo.ln.od from l()0,Olt<)/.. .lividod into 
 .-, (1(10 shares of Ml. oa.li, to 7.-.,0(iO/ , divido.1 into a.OOO Hliaros of !.".«. 
 ..a.h, hy rodu. ill- tho liahility ou oarh shan- U, tho oxt<>nt of r,l.. 
 and hv rodncinir th.' aini.uiit of tlio sliarcs frcm 2tli. U< l.W." 
 
 Kor .>il;'r loiMi' of r..«oliitinn, wi- •..//.»-., p. 1117. 
 
 625. 
 
 I' t 
 
 !.. Tho loiiu of iiiiauto j.iopc.M'd f, be lo^'istoivd is a.*^ follows: — 
 
 llerr srI mil the inimilr Sec f.irni-. inlni. [> Klnf.J 
 
 It is .•onvoni.nt to state th. propo....! niinnt.' in th.- p, ,,ti.,n, ...pocially where 
 it is a lonK one. Couns.l <a„ thus, in indor..inf; his hri.'f, reV..r to the minute in 
 the petition, inst.-ad of .-ottine it ..u1. or r.'f.irin- t.. a s..|>a.-at.. dorum.'iif . 
 
 
 Your jiotitiouor tho coy therefore Iminbly prays: 
 
 (1> That ttio reduction of capital to ho otl.>itcd l.y tin- -jn'rial 
 resolution mentd in paragraph H of the poton may l..> 
 confirmed, and that tho nhov.'-nic.iKl niim.tc may be 
 approved by the Ct. 
 
 Un' - -ctt 47 of the .Vet ot 190S tlio power of the Court is to eonfirm /A. 
 riducaon, not the resolution; and although the orders of older dat.' us.-d gene- 
 rally to confirm the resolution, the m.«lern form is ditferently . spnb.«ed h.eo 
 Korin 644, infra. 
 
 (2) That to this end all imiuinos and iliioction> necessary and 
 proper miiv bo inmlt,' and ;;ivcn, and that a day may be 
 
-•. i 
 
 M 
 
 
 ; ' ;) 
 
 if 
 
 Form 626 
 
 Form 626. 
 
 Suninionn for 
 liir'M'tioUK, 
 
 PKTITlONf*. 
 
 [Chap. XVII 
 
 ttxed on and utter which the coy shall be at liboriy •« 
 
 diwoutinuc the aililitiou to its uuioe of the wouls "and 
 
 reduced." 
 (a) Or that such other . idoi uiay be mud" in the promiseH w- 
 
 to the Ct shall seem meet. 
 And your petr will cvor pray, &c. 
 Note.- It is not int«'iided to serve ilii« peton upon any jwrson. 
 
 'Title aa in Petition.} 
 
 Let all parties, Siv., upon hcuriiiy of au iippliiou on the pt of thf 
 above-named coy, the potr^- mimed in the polou in this mutter, for 
 directions as to tlio procnodiuy;s to bo taken for sottliug the list of 
 creditors of the (*d coy oiititlwl to object to the proposed nduction. 
 and as to advertiseiueutH 
 
 Dated the day of . 
 
 of , 
 
 Solors to the applicant . 
 
 I udiT r. «, supra, p. 1287, the takiugr out of a Aummonn m above in the Hr*i 
 step after pri-jenting the petition. 
 
 The ourt raiiiiot dispell.^- witli aettUug liat of croditora, ovou where there i- 
 evid -o that the eompaiiy lias no debt-<. r.ainnnit Sf ('o., ('189.'it 1 <'h. 72t!. 
 The order will run a« follows; 
 
 Form 627. 
 
 Order for 
 inquiry as to 
 
 ile(.t»."&. . 
 
 {grille as ill felition.^ 
 
 Upon the applicon of the petrs by summons, dated , uud upon 
 
 hearing the solors for the jietrs, and ou reading the poton on the 
 
 day of preferred uuto this Ct, it is ordered tliat an inciuiry 
 
 be made what are the debts, claims, and liabilities of or affeoting 
 the sd coy on the day of , 19—, and tliat notioo of the pre- 
 sentation of Uie sd peton b© inserted in [tlie newspapers] on the 
 
 day of and [other times of insertion], and tiiat u list of 
 
 the persons who are creditors of the coy ou the sd day of — , 
 
 and an office copy of the affidavit verifying the same be loft ai th'- 
 chambers of the judge on or before tlie day of . 
 
 Form 627a. Upon applicon of the petrs by bummons, dated 21 April, ;y ■(), and 
 
 „— — : — ~, upon heurine: the solors for the petrs and reading the peton ou 
 
 RiHiuction of r^ » r o r 
 
 (apitjii 25 Aprd, 1900. pr»;terpc<l unto this Ct, and an afft ot W. filed 
 
 Onleriisto 28 June, 1900, it is ordered that an inquiry be made what are the 
 
 debts, notice j^^tg claims, and liabilities of or affecting tlie sd above-named coy 
 
 of presenta- ' ' , , . • , 
 
 ti. n. .Hnd list on thiB first dav of December, 1900, and that notice of the pi^sentafcion 
 
raRMH. 
 
 1 •,'!♦! 
 
 ot' tho Bd potou bo iiujertod iu ou« i»iu« of tliu iMHtion Goiettt and Fonn 627» 
 
 the Tinu<. and twice iu tho liinnimilMm I'oat. tho Gliisijuw Herald, ^ ^ , 
 
 the TitMs, aud the Coventry l ime» now»|Mi|)«rs, mid that a li»t 40. 
 
 of tho jK'iwdiw who aro cre<lilor-^ of Uio h<1 "oy on tho s«l lirst day of 
 Docerabor, 1900, and au oliioo copy ol llio tillt voiifyiii;,' tho Bamu 
 bo loft at tho (thaiubors of tho judgo ou or boforo tho UlM <liiy «l 
 Doconibor, I!»00. liylptj, Wardatul Hradfonl, Limileil atul lieduoed. 
 (^ozonB-Hiiiiiy. J., at chaint)orH, 2f> Oct. 1900, U ;J474. 
 
 The form of iiotior uiidi-r r. .1 is m follows: • 
 
 [Title ,w in Pctitian.] 
 
 Notioo in hby givou tliat a potitiou lot- uoutiruiiug a nwolutiuu 
 
 reducing tho capital of tho abovo coy from £ to £ , was on 
 
 ,he day of prosoutod to His Majosty's High Ct of Justioo, 
 
 and is now pcudiug; and tliat tho li^t of creditors of tho ooy L'* to 
 1)6 uiado out a« for the day of . 19—. 
 
 C. aud D. of [agouts for A. aud H., of j. 
 
 Scions to the cov. 
 
 Form 62H 
 
 .Vilviliim" 
 
 llll'Tit llf 
 
 S<H- r. 7, iiihii. \). 1663, as to tliiit advcrtisemeut . 
 
 Sometime-, tl.. (ivertiseuK-ut states the mode in which the reduction il to lie 
 oSected, as in the following: — 
 
 In the High Ct of Justioo, 
 
 Chancery Division, 
 Manchester District Rogiwtry . 
 Mr. Justice Far well. 
 
 1900, J., No. 3504. 
 
 In the matter of tho Junction Spinning Coy, 
 Limtd and Reduced, &o. 
 
 Notice is hby given that a petition presented to tho High C\ of 
 Justice, Chancery Division, Manchester District Registry, on the 
 29th day of March, 1900, for confirming a special resolution of the 
 Above-named ooy for reducing its pd-up capital from oO.OOOi. to 
 40,000i., by repaying in respect of each share iu tho toy's capital 
 upon which the sum of 50j. has been pd up the sum of lOl., upon 
 the footing that Uie amount returned or any pt thot may be called 
 up again, is directed to be heard before his Lordship as on 30th of 
 March, 1900. 
 
 Any oreditor, tn. 
 
 Form 629 
 
 ^^p^■<■ial 
 iititi'-*'. 
 
 It -P-i 
 
Ill i^ 
 
 IV!»V 
 
 MKTmONtt. 
 
 [Chap. XVII. 
 
 itlf 
 
 Form 630. 
 
 AtttltHTit 
 «lii re Du 
 •r>.(iktor* 
 
 ITittr at in I'tttitionl 
 
 1^ ^ of ^ ihu m-crptary of the ft))ov6-nnnie<l coy, miili<' o«iii 
 
 and say as follnwi*:- 
 
 1. f)n fho - <lii,\ of - . tho «Jut<» (ixpil by the onler in Ihic 
 inatUr ilntod tlio - (if , I Iwliovo that thnro wore no cnMlitorn 
 or persons having rliiimi upon or dgniiist tlio al)Ovn-nonic«l coy, ami 
 that nt tho (Into iif«<l t,h"r«> wa>« not anv debt or rlaim wliifli, if such 
 «lut<' \MTO tlie ooniinonwniont of tiio windinpr-ui) of thn «1 coy, would 
 bo iuliiii.«siMt> in proof ajjainst llio stl poy otlior tlian hikI oxoopt thr 
 <ur«'iit ratcx niii! U\xo.^ |)aynl)lo by tlio -.d coy, and which I wUiuati' 
 at £ . 
 
 2. My liolicf afstl ii grounded on my knowledge a« the koctb- 
 tary of tlio «d coy, and upon information dorivod upon a osipeful 
 invest^jfalion of th'" nffnirs. liDokt*. dotiiiiicnlH and paporn of tht- coy 
 
 Sworn, &c. 
 
 If practiiablc before the <liiy tixi-<l hII tin' .Tcditor- arc paid off, vi that mi 
 •ifiilavit «■! nliove m:iv In' niadi". 
 
 Form 631. L^'""' '^''J 
 
 AtKdaTit I; A. H., ct", A.C., aiakt! oath and say aa follows:— 
 
 •f imli'torH ^'■'' Korm 3 in -rhidiili' ti. RiiIch of May. HMW, ^iifrn, p. \><ni. 
 
 
 Form 632. 
 
 Votii I' tc 
 •riHlitcm 
 
 [Tilh'. tto.] 
 To Mr. 
 
 ^'(lu arc rpquoste<l, Jif. 
 
 Sw Korni 4 in xuliodiilc t<) Rule< of .May, IHIW, iiifni, p. IKIIJ 
 
 Sm' IJuIi' 11. iiifra, p. IfiliS, as to initiro to i mlitorK. 
 
 Wlieri- t\f luldrenscs of any crrditois are not known, uu urdcr .stiould !•' 
 obtainPil for ^ervioe on thrm liv advprtis'^mont an in the cascn 1><>1"W mentionpif 
 
 Form 633. ^'' ^'■' '^"^ ''"^' hoarin:.' of an applicon on tho pt of the abovo- 
 
 nanifd coy, for an order that tiio notice required by Rule 11 of the 
 
 •rd.T to HTVp Kulcs of May, 190".), to bo served on the cre<litors of the above-named 
 
 by advcrtisp- ,;Qy m^y i^, sorvt^d on the creditors named in the schedule hto by 
 
 advorti«('inriit. and for ilir('ftion^< a*" to .<iic'h adverti.xeinont. 
 
 Form 6r 
 
 [Title, do.] 
 
 Advrrtise- Notioo 18 iiereby given, that petition has been presented, &o. 
 
 of otfdito™. ^ee Form .5 in schedule to Rules of May, 1909, infra, y. 1007. 
 
 Spc Rule 12, Mm, p. 1664. as to thi- above notici'. 
 
rOKHH. 
 
 When- m .|i«n:i»J order for r»iix' liiw bwn iiiim1», tint «d»«ftiwmfnt, Korm Pom OM 
 >VI4, will nave an ' ;.' ioiwl iruijraiih, an in the fullowioK OMtet: — 
 
 And further tukt- i.oUw> tluit, by uii order dutod .linli Oi lolHjr, IN'J3. 
 Mr. Juwtit^' pivc K'tivo tliut tlio notiue roiuirol ' v Itiilf 'J und 
 thi' (JonorulOnU-rof tilt I'huntoiv Divi.Mon of tlio II _ii('l of Juslio* 
 to Ik> ttervcd ou the credit' -re of the abov«!-nain<xl c-o> Nlmuld bo nerved 
 ou the creditors iiuined iu Uio first jturt of tlio sclicluhi hio (who-m 
 jddrtwcN are iiol kuowu I.j tlio cov ), and uii the oriMlitors namp<l in 
 rhe wecuiid pint of «ucli hcIuhIuIo (who nro Ijolioveil to Ih" dead* \>y 
 til.- iiisi'rliuii of tlii- udvortintiiiout 
 Dated I hit. dux of . 
 
 Schedule iibovc i^lerre*! to 
 Kir^l Fart 
 
 Solor 
 
 St'comI ,'.ift. 
 
 iCo., 
 the S'l co^ . 
 
 Tlie following ii unotlijr iii»tuii'i^ wIict.; this •••rn ili.-hontun-'. to txtxrvt: 
 
 And take notice that, h.v ai ■ i' dated U: •-'■ird duv of lulv, 18«:. 
 his I.o i.>hi]i Mr. Jusik e ('hitty jravo leave ;hut ilie notice te'niired h\ 
 Rule and tho IJeneral Onlor of tJio Chancery Divi.sioii of the llii,'li 
 Court of Justice to be served on tho crodit^jr-* of tho above-named coy 
 should be .sei ve<l on tlie holdor-i of the dobontures of the sd i oy by llie 
 insertion of thi.s udvorti.-^ciiient. 
 
 Dated l!9lh July, 1887. 
 
 Assam Ritilwuys d Tradinri Co.. C'hitty, J . . and sec General Uanl'. 
 17 W R SO*. 
 
 : ^ 
 
 Vot uncommoiily a cuuipany, immediately uf' r tlio ordur, l''oriu (i27, \* maili 
 l^ays off uii \U dolits, and in tin- rciiilt lius n creditors on tlio dati- tiM'd. I'l 
 ^ll(•ll casi- the notiru will ■nri va in tlio foUowinff fnrm: 
 
 [Tille.] Form 635 
 
 Notice is hereby -jiveu, that a petitiuu has beeu presQUlcJ to i ili.^1 ^'''''^","'^^'" 
 Majesty's Hiu'h C't of Justice fur conliriiiiii<^ resolutious of tho above 
 
 cov for reducin;,' its capital from Jt to il Hy an alliJavit of 
 
 .\ 15.. Uio secretary of the abovo-iiamod coy iu the sd matter, ou the 
 day of , it appears tliat to the be.it of his knowledu;e, infor- 
 mation, and b<'lief there was uol ou the <lay of -, liie day 
 
 tixed by the order iu thi.s matter daU i tho - day uf -, any 
 
 debt or claim which, if such dato weru tho cummoucemeiit of tie' 
 windin^'-up of the sd coy, would bo adml-ssible to proof a<,'ainst tin 
 -d coy. Any jwr-ion who ilaims ti) liave betju ou tlie sd la^t-meiiid 
 day and still to be a creditor of the sd coy must, on or before the 
 j^y i,f , scud his name und also the parlars of his elaiui and the 
 
 , -is 
 
ll =■ 
 
 I ! 
 
 i|i 
 
 1294 PETITIONS. [Chap. XVII. 
 
 Form 636. nuino ami address of his holor (if any; to tlie undersigned, at the 
 addroas inentd below, or in default fhof he will bo prcphided from 
 objecting io the proposed reduction of capital. 
 
 &Co. 
 
 [Address.] 
 Solors fcr llie sd coy. 
 
 k 
 
 Form 636. 
 
 .\fti<liivil 
 
 This was the form approved in the C'urdiijnn M>-rrnnlilr, Limtd. and Hcduced. 
 f.omlnii llnzette, l«th July. IHilO. p. 39'J«, and In the Snffitii Oil Co. in 1892. 
 and in other cases. 
 
 [Title, dc] 
 
 \\l, O. D.. 01 <fcc. [the secretary of the sd coy], E. F., of ^tc. the 
 -oliir of the sd uoy], and .V. R.. of ie. [the ma)my:iuy dii<!flor of the 
 m1 coy], severally iiiako oath and say as followf^. i See Form <! in 
 -•hcdule to Rules of May. H>09. infra, p. ItJfiS. > 
 
 1^ 
 
 Form 637. 
 
 Notict t*. 
 provf. 
 
 TitU^, itc.2 
 
 To Mr. . 
 
 Yuu iiiv hliv ici|uiicil to come in and prove, &c. See Form 7 in 
 .-..hcilulc to Hides of May, 1909, infra, p. 1670. 
 
 Si'(^ Rule 14, infra, p. 1664, as to sueli notice, and l{ule 13 ;ia to costs. 
 ■<. ,ilso KCit. 49 of the .\ct of 19IW. iiiiy. p. 1 'iS.S. 
 
 Form 638. 
 
 Affidavit 
 fniviiii/- dt'iit. 
 
 Title an III Petition. _. 
 
 I, — , 01 , make oatli and say as follows: — 
 
 1 . That the above-named coy was on the day of — — , and stil! 
 
 p% justly and truly indebted to uie in the sum of £ -Flere .<tate 
 
 lonsiderntiiin, e.g., lor goods .sold and dolivored by nie to the coy 
 
 between the day of and the - — day of , a.s shown by 
 
 the account e.xhibitod to me marked -j for which sum, or any pt 
 ihof, I say thai I have not, nor has any portion by my order, to my 
 knowledge or belief for my use, had or received any manner of satis- 
 faction or security whatsoever, save and e.xcept the following: [Here 
 slide securities.] 
 
 Swuin, ic. 
 
 k 
 
 uu 
 
KUIiMS. 
 
 \2'M> 
 
 Title an in the Petition.] 
 
 Form 639. 
 
 , Mu-tir'a 
 'i\cn lo nil' by Mi. Ju^liw , 1 cirtiHiaf... 
 
 Ill puiBiiauto ol iho directions g 
 hby certily Unit the r<'«ult of the |)r.KeiHliiig.s wliiuli iuiv(^ lio.'n lakon 
 
 ,n pursuaiico of tlie order made in thi.^i inaltor, dated tiio da.v of 
 
 — , and Uio general order of Ct in tliat behalf, i.s a.s follows: - 
 Tlw petitioner, the sd coy, has ultoii<lod In ii« t<oiitiior. 
 
 1. Notice of the prcsentutioii of the petition in tlii.s iuatt*jr, and 
 that the list of persou.s admitted to have been credilorH of the coy un 
 
 tlie day of — might be inspected at the olUce of tlio <oy, it. ., 
 
 was, in accordance with Uie directions of the judge iu chambers, 
 
 lusorted in the i^^.idim Gazette of Uio of , the Times nows- 
 
 papcr of the of , nud so on in accordance witJi tliu facts. 
 
 2. A list of the persons who were creditors of, or had claims 
 
 .igaiiist, the said coy on the day of has been settled, and is 
 
 set fortli in the lirst schedule ht«. 
 
 .!. The coy has since pd oil and discharged such of the sd debts 
 and claims as arc set forth in the first jit of the sd schedule. 
 
 Not uncommonly it i- .crtitiixl tl.at • all the «ald .r-ditors have since been 
 puid. ' 
 
 4. The sd coy is willing tf> set aside and ai)piopriate the full amount 
 ol the debts and claims set ! )rtli in the .second pt "f ilic sd schedule 
 Such debts and claims amount tugetbcr t'l L' 
 
 0. The amounts of the debts or claims set forth in the second pt of 
 the sd schedule have been fixed by iiKpiiry and ad,ju<iication in 
 manner provided by the tOtli so.ti.m of the Cos (Consolidation) 
 
 Act, 11)08. 
 
 G. Such of the creditors of the sd coy as have consented iii writing 
 lo the iifoposed rcdu. tion of the capital thof are named in the third 
 ,a of the .sil .sclie<lule, and tiio sum of £ - - is the tni.il amount -( 
 i,he debts due tioiii the sd coy U) the cieditois so <onsonting. 
 
 7. The sum of £ i-s the total amount of the (lcl)ls and claini^ <il 
 
 ;hc sd coy, tlio payment of wliicii b.is been Kccured in manner provided 
 Iiv the sd 4',tth section of tbo Cos (Consolidation") Act. 1908, and 
 
 he names of the persons to whom the same are duo or by whom 
 he same arc claimed are sot forth in the fifth pt of the sd schedule 
 
 8. The debts and claims set forth in the second .schedule hto liuw 
 iccn made against the sd coy, but have been wholly disallowed. 
 
 The evidence produced on tliis proceeding consists of the afl't ol 
 
 — , filo<l the of • . an alft of, &c., filed, &c., the Lomhii 
 
 Gazette of the of . and of , 19—, the Thu,'s newspaipcr 
 
 of, &c. 
 
 Dated this day of , 19—. 
 
 , Master 
 
 Qf . Rc^ristrar. Cos Winding Uj)] 
 
 Add requiaite sche(lukK.^_ 
 
 •r 
 
 til 
 
^1 
 m 
 
 ih: 
 
 I 1 
 
 ■ 
 
 a 
 
 129H 
 
 Form 640 
 
 Ortificiit' 
 whert' un 
 iireditorM. 
 
 PETITIONS. 
 
 [Title as in Petition. 
 
 rcHAP. xvii 
 
 I libv i-ortify that the result of tho imiiiiry wliich haw boon in.nlo iu 
 
 puriuaiKf of tlio order iu tliis matter, dated the of , and 
 
 die general order of Ct in that behalf, is as follows : 
 
 The petr, the abovo-naniod coy, has attended by it« solors. 
 
 There were no creditors of the above-nuniod coy on the of 
 
 Pursuant to tho sd order of the ol — , notice of tho jjoton 
 
 presented by tho sd coy for confirming a reduction of their capital ha-' 
 
 been inserted in the London Gazette of tho of - — , and in tlu' 
 
 TiWfi: newspaper of tho - of , and iu tho — Kxnminci 
 
 newspaper of tlie of , and an olHce copy of the atft of N , 
 
 filed the of , stating that there were uo creditors or person.-^ 
 
 having claims upon the sd coy, was left at my chaiul)ors on or before 
 (he — of . 
 
 Notice to person^ claiming to bo creditors of the sd coy on tho 
 
 of , requiring sudi persons, on or before tlie ~ - of , to send 
 
 their names an<l parlars of their claims, and the name and address oi 
 their solor i if any), to Messrs — , the solors of the coy, and in 
 default tliof lliey would l)e pre<luded from olijectiiig to the proposed 
 reduction of capit-.il. has liecu in^cried in the Luiidoii 0(i:t'ttc of, iu'. 
 
 The evidouce adduced on this ]>roceeding consists of. &c. 
 
 Dated this day of — 
 
 , Uesrislrar. Cos Wiriditig lip 
 
 %iVl 
 
 1 
 
 Form 641 
 
 Noti' that 
 cortlticat4' 
 
 h;i^ l)t'funn 
 
 tiin'tiiiL'. 
 
 Form 642 
 
 AiUvrti.-i- 
 
 nirnt nf (iliv 
 
 Hxi.l foi- 
 tit itrintf . 
 
 Kiirr-i s in 
 ■,..li-.lulf 
 
 The oertilicale made by lue of the result of llie .^eltlemeiu of the 
 list of creditors in this matter, pursuant to tho order thoroin, diited 
 
 tlje day of , has been iilod and become binding 
 
 Dated this day of 
 
 Masters . 
 
 To the SJenior Hogistrar of tho Chancery Division 
 
 Sw as to tlii.-i. Ituli -1 lii. 17. 18, iiiim. pp. llKit, llii'>"> 
 
 [Title ax in Petit i'm.\ 
 
 Notice IS hby given thai a petit ion presented to tiie High Court oi 
 
 .hi.stice, Chancery Divi-iou, on the day of , for conlirming a 
 
 resolution reducing the capital of (he above-uamod coy from il 
 loi: , is dire'.tted to be heard before his Lordship Mr. .luslico 
 
 on <lav. the dav of . 
 
 ('. D., of - . 
 Agents for K. A F , of , 
 
 Sulur.-i for coy 
 
 Sci' liiilc l!», tuna. p. 1(505, as to advertisiiii,' 'l^y '"•^'•'^ f""" 'icarini,'. 
 
FORMS. 
 
 1897 
 
 Title as in I'etitioii.] Form 643. 
 
 Tu A. n. & Vo., the solors of tlu' above-named coy. Nf'"^"' 
 
 Gkntikme.n', -Wo bos to infoiin voii tliut our clioiit, Mr. - . ot appearand 
 , will apiKSiir at the hcariuH; ol tlie [lolitioii inosoiitod h\ tin' *^*^' 
 iibove-uaiued coy for coiilinuiiig the resolution reducinp: il.s iu|>ilal. 
 and will oppose the upplicon thereby made. 
 
 Yours, itc. 
 
 A- tu wild may iipprai- at the hi'arinir. -mc Rule 'iO, infi". |i. Kili.'i. 
 
 m 
 
 [Title. I Form 644. 
 
 I poll the petition of the (^'oy, Liuitd and Kediued, on the Order 
 
 - -', !!)—, prelcrrod unto thi-* Ci, and upon hoaiin<;- toun.-el for the ^J^"'""*^ 
 
 pens and for , and upon reading the sd pelon, an allidavit of 
 
 tiled the of , the order dated, &'■.. and the several 
 
 exhibit." therein referred to, an order dated . th(> ImikIo)! (Ia:etti- 
 
 of the , the Times. Sfamltird and Vaili/ Teli-graph of the . 
 
 each contaiiiinfj; a noti<e of pie-dentation of the ,sd poton pursuant 1i> 
 llie sd order, the Master's cerlilicate dated , the Loinloii (licvllr, 
 
 lli<> Times. Stmidiird and Daili/ Tdefiraph of tlu* • of , eaih 
 
 loutaiiiing' an advert i-emcnt of or' notice that the .sd pelon was ap- 
 pointed to bo board the of , aw afli<lavil of . iiled, Ac 
 
 This ft doth hby order that the leduction of the capital lesolved on 
 and ellectod by the special resolution passed and contirmed at \\\<^ 
 e.xliaordiuary general mo<*ting.s of the sd coy, held rcsply on the - - 
 day of , I'J— , and the day of , lit , and which resolu- 
 tion was in the words and figures following, that is to .say set mil . 
 be and the same is hby coniinned. 
 
 .V.nd it is ordered that this order be produced to the IJegistrar ol 
 (ompanie^. and it is ordered that an ollice copy of this order be 
 delivered to him, together with a minute in (he words or to thf 
 etVect set forth in the schedule hto. 
 
 A.nd it is ordered that notice of the icgistration b\ the 
 Registrar <jf Companies of this order and of tho sd -minute In- 
 |)ublished as follows, tiiat is to say, one each in the fjondon On:ctti 
 and the - other mnc.vpapers^ within 10 days after such registra- 
 tion, and it is ordered that the words -and Recluced " form part ..t 
 tho title of (ho sd coy for one morilh frum th<' date of this order 
 
 TllK ScilKDii.l-: above referred to. 
 
 [Here .■<rl out Minute,. 
 
 Tho capital of the Coy. Limtd an<l Reduced . j- 1' 
 
 ili\ ided iiiio «hare> of f each, ill;^u•ad of the oriuinal capit.i1 
 
 of in- reiluced froml £ . divided into shares of t— eaiU. 
 
 !■ 
 
 (a 
 
5 
 
 I f> i 
 
 Jill 
 
 l-f 
 
 M 
 
 U 
 
 1298 
 
 PETITIONS. 
 
 [Chap. XVI 1. 
 
 w 
 
 m I 
 
 n 
 
 Form 644. At tlie time ot tho registration of this minute, tlie wliole of thi' mI 
 ■" shavt's have been is-med, and have hoen and are to bo duomod Uj be 
 
 fully pd up. 
 
 St;o further as to iiiinutos, intia, p. 1304. 
 
 Ill relation to the order the following pointe should be noted:— 
 1. The order nhouid ronflrra the reduction, not the resolution. 
 1. The order nhould approve of the minute. 
 i. The order xhoiild Hx the time for discontinuing the usr of the word- ' Miid 
 
 Uediiicl." See infra, pp. 1298, 1299. 
 \. 'I'hi- order should provide Un delivery of an oIK.e ropy. .v. i.. tli- 
 
 refii-trar. 
 .'). The order -.hoiild provide for luivcrtiaini?. 
 Am to dealing witli creditors at licaring who oppose or wh<i huvc not (,.ns,iit. ,1, 
 «■!• Rulia 21 and 22, infra, p. 166.'>. 
 
 is to »rct. .50 of the ./(•/.— The Court liasi jurisdiction to sanction the reduc- 
 tion only " if satisfied with respect to every creditor of the company who, under 
 this Act, is entitled to object to the reduction, that oitlicr his <onscnt to the 
 reduction has been ohtaincil, or his debt or claim has b<H.n discharpcd ..,■ has 
 dc.ciniined, or has been secured." 
 
 Who then is a .■.-.■dit.ir entitlcil to objerty S-ct. 49 of the Act answers this 
 Muestlon. Kverv creditor of tlie lompany who, at tint date tixed by the Court, 
 is entitled to any debt or claim which, if that date were the commencement of 
 the windinsr-up'of the company, would be admissible in proof a-.iinst ti,.- 
 company. .\s to this, the wid.'st possibh' door is open to iiroofs. Sec sect. 2(m oi 
 the Act" defining what debts may be proved, and (^h. XX.WII. of Part II. el 
 this work. 
 
 ./., to S„„-AHs,,ili„:i rrnnt„r>.-\n Cridit F.wri.'r of Eii<,hn„l, 11 U\. 3.iti. 
 Bacon, V.-C, held that creditors named in the list whose debts were not yet 
 due, and were secured, and who had neither assented to nor dissented from the 
 proposed rr^duction, were not to be , considered creditors who did not assent within 
 .sect 14 of the Act of 1807, but must be taken to have assented. 
 
 IJut in I'aind Vctirnthuj (Irannry Co., 12 C. D. 251, Kry, J., declined to 
 follow this decision, holding that the words " does not cons.-nt " must have their 
 ordinary plain meaiiii.-, and the order in that case was only made conditionally 
 on consents bcim? obtained from tho non-assenting creditors. 
 
 This decision was -ubsciuently followed by Chitty, .1., in lUdl Hold Companij. 
 Limited, 21st April, 1SH3; 27 S. J. 434, and has frequently b.'cn followed since 
 ,.„., in Debenture Coriioration, by .Joyce, J., Mth Dec., 1901. 
 
 ' \s to setting apart and appro|.riating for the security of a creditor who d.«s 
 not consent, see set. 49 of the -Vet of 1908, and Forms 615 and OIB, 'nfr„. 
 
 h to the ir,„d^ "r,„d It,Ju<!rd."-'Kxccpt where the reduction is brought 
 within tho proviso to sect. 48 of the Companies Act, 1908, the Court never 
 dispenses with the use of the words " and Kedueed " prior to the hearing, and 
 it is useless to a|)ply lor a dispensation order. There is no jurisdiction to grant 
 .lisi>ensation. But at the hearing the Court h.is power to fix the d.ate up to 
 which the words "and lleducod " shall be used (seo se^t. 48, .-//-r-;, p. 1209,, 
 tind this is usually done by directing the use of the words to bo continued up to 
 a speeificl date, or by giving liberty to discontinue after a specified date. 
 
 One month is a very common jwriod to fix. Orran Qiwrn, Sec Co., ^1893) 2 
 Ch. CoR; .1..., 7. ]irr:r.:ntiun Cl,.. Chitty, J., IPth I-Vhr:.ary. !H91 : i?«s?e« RidiNV 
 Hrliool, t^hitty, J., 28th November, 1891; Leicester Mortyige Co., Hardy, J., 
 12th August, 1901; Barrow Uainatite Iron Co., 39 Ch. D. 582. 
 
F0UM8. 
 
 l'-'!H> 
 
 t\,urtr..n <la.v» liu« not hrrn unu-ual. Pah,,/ V,,.tih,l„,;, Co.. \2 C. 1). 251; Form 644. 
 Unliomil Arma Co., W. N. "^97) 31. 
 
 l.ilMTty to ilrop at on™ is >oinc»inii's jfivon. Sfir .tm-l'. .\;-. <'•>■. "i'lth I'V'- 
 vuary, 188ii; and Form 645, inlrn. 
 WriKlit, .1., 14th Deo. 1901. 
 
 Sew y.i'iitinttl TiKit a mi hmii Co., 
 
 Ipoii iIk' petoii of the Inlcnialional, <tc., on ;ioUi -lulv, 1H81, 
 inflorrcd unto thi.s VA. and upon lieaiiiii; coun.-'ol for lliu \wWa. ami 
 upon ivailin^ the order dated 'ind Aufjiist, 1881, the Chief (Jlerk's 
 ccrtilicato, Ac, the allt, ito., this Ct doth order that the iieUH do on 
 or before tlie IGth day of June, 1883, set apart and apjiropriatts the 
 sum of Ml. Vis. G(/. by payiuo; tlie same to an account to bo opened 
 in the name of the coy witli Me.ssrs. CJlyn, Mills, C'urrie it Coy, 
 linkers, to be tlierc retained until furliier order, to uiiHwer sucli 
 .liiims i,if any) to creditors of the society a-s may l>e e-tablisheil by 
 llie per.-^ons nanie<l in tlie second part of tlie .second sdiedulc to tlio 
 ( hief Ch'rk'.s eertilicato, dated tlie 7tli May, 18S3, aud order tliat tiio 
 pelrs do on or before IGtii June, 188;!. pay into Ct to the credit of 
 In tiie matter, Ac. of llie Interiuilinml, d'c, Lhiitd.. }ieirj(iuni1lin(l 
 Ti'Ifiiiaiili Trust, the .sum of •2'M. D.s'. !()(/. oa-h; .\'id it is ordered 
 tliat the i)etr do plait) in a bo.'i certiiicates for the !.")()/., beino: part 
 (if the certiiicates fur the .several amounl.s of stock of the Anulo- 
 Amcrieaii Tele<rraph Coy mcntionoJ in the third .schedule to the Chief 
 Cii'rk'.s .sd cortilicate, and such box is to be endorsed " lu the lliijh 
 Ct of Justice, Chancery Uiviision, in the matter of the International, 
 Ac. Liint<l, o<'rtiricafce.s for 2V21. stock of the An<,do-Americau Tele- 
 graph Coy, Limtd"; aud it is ordered that the petrs, ,Ac. other 
 .similar pn/iifiiaii.t' aud any persons interested are lo hv at liberty to 
 ui)ply in chambers as to th',' moneys Tor the time beiuy: to tlie civdit 
 of sd matter witli Messrs. Cilyn, Miils, Currie & Coy, and tis to tlie 
 ca.sh to be so pd into Ct and tiie sd stock certilicat<'s to be placed in 
 the stl bo.xes and deposited iu tiio Ct as afsd; And order that the 
 reduction re.'iolved on, Ac. Ircnolution.'i fur yayimj off mpitiil in ex<ess 
 uf the tcunti of the coi/ and reiluciihi the iioiniiuil amount of the 
 tfiiarex aeconlinali/] be contirmed and Uninute approved \; And order 
 that this order antl an oHice copy of the i-ecoipt from tiie bank for 
 such payment and deposit iu Ct as afsd be produced to the Reijistrar, 
 and an ollicc copy delivered to liim, together with a copy of the 
 minute, and order tliat notice of the registration of this order Lo 
 published in such newspaper as the Judge in ciiambers shall direct, 
 aud order that the addition of the words ''and Reduced ' to the 
 title of the coy be forthwith discontinued. Intenuitional, t£c. Co., 
 Chitt ■\, 29 May, 1883, A. 821. 
 
 Form 645. 
 
 Order wliin- 
 aHftetH diM- 
 trilmtcd - 
 piiTinrnt hit 11 
 bunk for 
 wcurity iif 
 iiou-eonscnl- 
 iujf creditiir>. 
 
 
 4 o 2 
 
1300 
 
 Form 646. 
 
 Aiiother, 
 ludgment in 
 Court whore 
 creditors do 
 mn cont^eut. 
 
 PKTITIONS. 
 
 ^('11 Al'. XVII. 
 
 U|.oii llic iH'Iciii >>l' R. <". Jiii.l Sniis. LiiiiUl aiiit Roiliieoil, on 
 
 of - . iiii'fciicd unto llii.-* Vt ami ii|>i.ii hoiiriii-:' coimsol, &c.. and 
 the Cliifl ( Ifi k - I fililiruto, tlio I.diiiIuii (la:eltr. At-.. <Mih containing. 
 Ai-.. an alll. .Vc. llii- Court doili onlcr that R. C. ami Sons, Linitd 
 and R.'duc'd. on or lH>loit- lllli Manli. 1H9I), make a lod-;nioul into 
 Ct of ."),".M)0/. as nicnld in tin- scli.'lulo lito; and tlu! jioti's and ilu- 
 creditors naiiiiMl in tliosd afVt.of R.. (iivd '■tli Fel... ISUO.arc at libortv 
 to ai.jdv to the jud^'<> <>onoorninfj: tlie applicon of tho sd ca.«li when so 
 lod^'od Dn or aftor 1st .Tan.. IH'.H. or al sucli farllcr date a-^ siicli 
 dobontuivs nia.v l)f \>i\ oil: and it is ordon-d that upon such lodfruifni 
 into Ct Ix'iny iiiiido the s|i<>cia' ro-olntioii pa^soil. S:p.. 1>o ('onfirmpd; 
 and il is onl(Mvd that tld-^ ordor. to-vtlior with the ori<?inal recoipl 
 from the hank for suili lodpmont into «'l a-* afsd, lio produced to the 
 Re<ri.«trar, Ac. and ■tli.n-.rtiolis to inlrnliKc'',: and onlor that the word,- 
 "and Roduoed " form port of the name of tho <-ov lor one month from 
 the date of tlic oixler. 
 
 Lolli.MKN r .SrllKDlLE. 
 
 Ir the niaitei of KdJH'rt, ( 'amplx'll and Sons. Mmtd and Roduwd. 
 Iiei|j;t'r iicdil as ai)ove. 
 
 Tiie ad'onnt of the deU-nturo liohlers mentioned in the ulfidavit of 
 1). Roid. tiled oth Fch., ISiio. 
 
 In fir.st column: ' I'articulars ot funds to he lo(ly:i'd. (':aHh invest 
 and ac<'unudate in New Consols. 
 
 In second column: Xanic of the cov. In thiid column: 5.9ilO^ 
 
 llobirl ((iiiiiihcll ami Suiis. IJinlfl ami linluccil. Cliitly. -T.. I.'.tli 
 Feh.. IHOn. IV 2H.V 
 
 Form 647. 
 
 Reduction of 
 capital by 
 laiicellatiou 
 i]f jiaid-up 
 ^Imrcf* and 
 substitution 
 4it lUlHiituies 
 for same. 
 
 Upon tho pelon of .John Shaw A S(ins, Limid and Roduiod, on the 
 8th day of Septemher. IS'J'.t. i)rol'eried unto this Conrt, atui ujioii 
 lieaiiiii; coiiiisid for the petrs and for. Ac. the o.xors of the w-'.l nl 
 Samuel Sliau valid others!. iH'ing all the shaitdioldcrs of the ahovc- 
 iiaiiie<l cov. and upon ivadinir the sil peton, the order dated. Ac. the 
 Master's cortilicale, dated, Ai.. and lih'd the 2.'ird day of March. 1!MM1. 
 the following- atft«. all filed llii^ 24tli day of April, I'.IOO. Ac. and 
 the exhibits therein nsferred to. the followiiiyr iiewspapor.s, namely. 
 Ac. this Court dolli order that the reduction of the capital of the 
 sd cov resolved upon hy the spoi iai resolution passed and <-oiiHrmc(l 
 at extraordinary <reneral inoetiiifis of tlie petrs held on. A'., which 
 resHlutii.ii was ill the words and (iirures followini;-. that is to pay: 
 "That it is desirable to cancel the pd-up <apital of the coy which 
 is uurepresenled by available assets to the extent of 72,(100/.. and 
 to subsiiiiiic 40.00(1/. of debentures of the coy for 10.000/. of fullx 
 
FOKM8. 
 
 1301 
 
 ixl-iip shaifs iiu<l lu luii.ol ^u.h ^laiv^. an<l n.. mdiii-lv tlio cai.it.il Form 647. 
 
 of llio cov Ik* iwIucihI lioiu 2.".l>,0<)()/ , .lividfd into ^o.OOO sliuro.s of 
 
 10/. eacli, to l:J8,000r .Uvidotl iiilo l;i,S(Mt nhtiros of 10/. caili. iukI 
 
 ihiil imh rwliKtion \m olloilo.l l)y .aiKolliiif; 11.200 fully ji.l .sliai.-s 
 
 ill Iho t'oy of 10/. .Mrh, uaiiw'ly. llio oififlil sharo. iiiinilH'iiMl 
 
 u. - inclusive, hold by \V. It. .S., tlio .simivs. jiumli.Mod, ic, 
 
 X( .. holil by ami no on- . and by i-isiiiu„' 100 dcb(>iitiiius of the coy, 
 
 vadi fof tlio sum ■■'' 100/., iu sub>liuili(m for 1,000 of llio ^d laii- 
 
 .oli.'d sliaio.s hol.i by tlio sd W. \i. S., and otiioi-.! as afs.1,' b.« coii- 
 
 liniH'd iu coiiforuiily witli tlio i>i<.visiciiis of tlio ( •oiiipaiiics AcLs 
 
 IKC: ami IHT7, and it is oidoivd that llio wonls and Hi-duci-d " 
 
 . .iiilinuo to form pari of tlio iiaiiio of the ^'! ■ oy for ■>u<' nioiitb from 
 
 I ho da<3 of this ofdor; aud this Court dt.;li ai>i>rovo of tlio niinuto 
 
 -ot fonli in llio schodiilo lito, and it ix oidoiGd I hat «u ollico .opy 
 
 ■ if tlii'< urdor bo ilolivoiod to the Koirisliar of .loiiil Slock <'om- 
 
 liaiiios lofiothor wilh tho sd iiiinnlo in Iho words or to tho otloct sot 
 
 I'nrlli iu tho schodillo hto, and il i- .nilorod that imlice of •'lo rcc;istta- 
 
 lion of this oidor and of llio -d iiiiniilo bo |)ublis|ioil .is ImIIows. llial 
 
 is lo sa\ : Oii.o in Iho Loinliiii l!,i:rll,\ th" 7/(/'<-. I)<iihl 'I'di'- 
 
 ,)liil>li. tho /..'.•«/.•. Mrniini. llio \<,ilxlii,r I'osl. and IL-llfirr Cuioirr 
 
 within U davs afH'i ivuIm ration of tho niiniilo I'lhii Sliinr mid 
 
 .>!i,ll.i. I.hiihl '.n„l Iti-hir,;!. ( o/on^-llaidv. .1 . -JHlh Xpril, I'.MMi. A 
 
 IfiTt;. 
 
 L'lioli Iho IH-Iou ol ihc aboM-n.nio,l. lb.' Inilcl Slalo> Doboiilnro Form 6478. 
 (•oi|)Oialioii, Liinld .iiid Uodiuocl, and upon ro-idin-;, Ac. and. tho |{r<J,.cniiiii.' 
 .lud-o dispon^in- with llio on.piiry as to oro.liloi- This ft doth *;;'^;,';|; ■"' 
 ■irdor that the caiicollalicni and roduclion of capital of tho abovo- 
 named coy r.wolvod on and otVcctod by tho .~po( iai roscdiilioiis passod 
 .^•c. and wliidi ro~obiii(nis woro in llie ids and iiyiiivs followinc'. 
 that is to say. 
 
 ■ 1 I Thai Iho capital of iho Corporal ion bo roducod from 2,li'.t'.t.iiOO/.. 
 coii^i^lin^;- of 17;!.o;iO/. pioforonco stock. l.Ml.nOO/. (jrdinary 
 .sharos of S/. each, and with 1/. por share pil thoiooii. 200 
 founders' sharos of H/. oacli. with 1/. por shaiv pd tlioroon, 
 and 1.1:!.11M iinisMiod pioloronii- s|iaii'~ of 10/. oach, to 
 LMi'.lS.OOO/.. and thai -n b Kjdiiclion bo olloc ti'd by rotnrn- 
 iiic- lo tin' lioldors of fonndors" sharos tho sum of 1/. jior 
 shaio pd ihoiiMMi, aii<l by caiicollinji' all tin? loundors' Hliaios. 
 .2 1 That in ca^' the capital of llio Corporalion bo iwliicod by 
 K'pavmont of tho anionnl pd cm tho fonndors' shares and 
 cancollliii;- lho~o s|iaic~. I hero bo pd to every holder of 
 fonndors' .-hares onl of the lo-ervi' fund (in addilioii lo tho 
 lopuymout of llic capital pd ihoreoni the sum of 200/. per 
 share ou every fuundeis' share hoKl by him at I he date of 
 
 sue 
 
 h rcdnclion bei-omiii^;- otfective, 
 
 bo and the suiue are hby eoutirmed. 
 
fli 
 
 't 5 
 I'l 
 
 u 
 
 i 
 
 u 
 
 v^(f2 
 
 I'ETITIONS. 
 
 [Chap. XVII. 
 
 Form 647a. [Afrron- nuimlr Fih oflirr. rop;/ trith lirfjisUw. niiJ m.«*> wr>rrf» 
 
 " ami Hi-ihircd" for om- month from (he date nf order. ' 
 
 Am. it is (»ki>kki;i> tlmt the potrs, the »(1 Uuited Slate- l)clw.'uture 
 Coipoiuliou, Liiut.l and R«'.luei«.l. <h> pay to the wl H. ami 00 oUiori* 
 and ti. tlic Nd ('. tlu'ii r.Ht*( of tlio sd potoii, f<ufh costs to be taxod. 
 hut oil Miuh taxation ouly one wt of costs js to !« allowed botwocn 
 the s,l R i;. Hill aii<l the sd Ot; olliors. \Variinj,'ton, J . I Av.'. I!")"' 
 
 [SCHEDULE.] 
 
 Form 647b 
 
 Kodak C„. 
 Dixtributiiiii 
 i>f sliareH in 
 .mother 
 rompsny. 
 
 Upon the petition ol the aliove-named Kmlak, l.inild and Rei'mcd. 
 and of the F.astmaii Koilak Coy, on the l.Uh l)(Mciiil«'r. I'.tOl. 
 pifleinMi iiiilo thi- Cl. and upon hearing' counsel on the l.">th Apid. 
 litO:.'. for the pctitiom-is. Ac. and upon midin«, <Sir.. the LoHdoi> 
 <,;i:ettc of the 4lh .Vpiil, 1!I02. the rinws and the Litvrpool Vouriei 
 now.spapei.s, hoth dated the 4th .Vpiil, \W2. and tiie <!l„s(joic lleruUI 
 newspaper, <lated tlu^ .Mh .Vpril. I'.tO'i. an.l each .ontainiiijr a notice ol 
 the i>re.seutution of the .sd petition, and that the same was appointed 
 to 1)0 hoatd on the l.".lh April. ltMI2. ic. 
 
 And it apiieariiifr l.y the sd atVt of F.. filed the 2«lh April. 1902. 
 that the sum of ;!0.;i(M)/. ulie amount ai,Moe<l upon by counsel on 
 behalf of the petilioneis and the .sd Commissioners of Inland Re- 
 venue to 1h) invested in New Consols as security for the claim of 
 the sd commissioners, amounting to the sum of 30,287?. i:!.i. 8(/.. 
 item i;5'> of Part HI. oi the schedule to the .sd certilicato of the 
 Registrar, or .such pt of the sd claim as shall hnftr appear or be 
 proved to lie owing by the petitioner, the above-named Ko<lak. 
 Limtd and Reduced) has been invested in 31,9.'J0i. 15s. Ad. New 
 Consols, in the joint names of the chairman for the time Iwing oi 
 the Board of luian<l Revenue and Sir .J. P. (baronet) in acconlance 
 with such agreemt. 
 
 .Vnd K.. a memU-r of the tirm of K . the petitioners' M)hirs. I>\ 
 
 the petitioners" counsel undertaking to pay the sum of :i/. 4.^ 
 (item 240 of Part III. of the schedule to the sd certificate of i1m> 
 Registrar) due to H. K. 
 
 And it appearing by the sd lift of F., tiled 28 April. 1902, that the 
 whole of the curi-cnt rent, rates, ta.\es, gas, electric light and water 
 rates referrwl to in Part III. of the sche<lule to the sd ccrtilicate of 
 the Registrar, and thereby estimated not U) e.xceed 'he sum of f!70/ , 
 have since been pd. 
 
 It is oni>FHKi) that the cancellation and itiduction of the capital of 
 the above-named Kodak. Limtd and Reduced, re.solvcd on and to be 
 eflected by tlie si)ecial resolutions passed and confirmed at two extra- 
 ordinary general meetings of the petitioner, the .sd Kodak. Limtd 
 and Reduced, held resply on the 11th November. 1901. -nd the 
 
 ijij 
 
 
KORM». 
 
 130(1 
 
 2«ili S'ovcmbor, 1901, and which reuolution wiw* in the wokN and Firm^Tb. 
 limiif.-* following, that, is to say:- 
 
 'Thiit having ifgard to the provirtion« of the agifoint tliitfil 
 "tJuA 3l8t dav of OiUilwr, 1901, and inado botweon V.. »n l>ohalf 
 'of the coy, of the tirst pt, Sir .1. 1'.. Iho Right Hommn.l.lc. Ai.. 
 •Ac of Uio second pt, and the KaHtinan. Ac. Coy, of Uif third 
 
 • pt, the capital of this coy be rG<hir<>d to 2.-.0,00(l«., divided into 
 
 ■ L>.-.(),()00 oitlinary shares of II. each, and that Midi reduction 1m- 
 ■eirectod hv disl'-ibuliug in redoiiiptioii of capital aniori'rst the 
 
 holder» of sliares in this t«y (other than the Il.-.O.OOO onliuarv 
 
 ■ siiares therein owned by the Kii;*tiuan Kodak Coy of Ne« 
 Jersev) the aO,,55.-| fully pd up G pc. (uiuulative pr.-for.Mic.. 
 shares, and the 90,938 fully pd up common shaws in the 
 
 • Eastman, &c. Coy. receivable under the k1 ugroonit in iinii.h.-r 
 ■ following, tljat i» to say: — 
 
 •fl.l By distributing ttmong«t the holders of the pivtor.-iK .- 
 
 sharer* in" this coy the aoo.').') prcfpremc siiaics in th.- Kiisti.mi.. 
 
 Ac. Cov, rateably in proportion to the prcfcron.c .-hi.ics in 
 
 •this cov hold by them resply, and by .listril.uting amoMt:.-i the 
 
 •'holders of the ordinary shares in this coy (other than ibo 
 
 "250,000 ortlinarv shares afsd) the 90,<l.i8 common .-baron in 
 
 ■■the Eastman, &c. Cov, rateably in proportion to tho ortiiniii> 
 
 ■sliaros in this cov held by them resply, but so tliat shiii-os wbi( b 
 
 ■hut for thi.-< pr..vi.^ion would bo distrilmtablo in fnictiooH slwill 
 
 bo sold by tlie coy and the net purchase money substiliilo<l for 
 
 ■' the fractions, and 
 
 ■■i2.) By cancelling tlie whole of the share.-* in thi-* coy .- 
 •capital other than tho sd 2.''.0,000 ordinary shares 
 1,0 .lad tho .-<amo is hby confirmeil in conformity with tho provi-*ion.s 
 of iho abovo-iiH-ntd Acts. 
 
 \ND IT IS ORDERED thut this order be produced to the Kogisliar ol 
 .loint Stock C;os, and that an offiw copy thof be dolivcrod to l.im. 
 together with a minute in the wonls or to the oiVocf sot fortii i.i tbr 
 
 .sche<lulo hto. 
 
 And it is ordered that notice of the rogisiratiou by .tlio Rcgi-^tta. 
 of .loiut Stot^k Cos of this order and of tlie h1 minute Ix- publi.-<h.-d a.- 
 folb.ws- tliat is to sav, once each inthe Lmulon aazctteandihc Th)i,-s. 
 tho l.h-crponl Courier and the Glm,,ou- Hcrnld newspapers within 
 ten davs after such registration. 
 
 And it is ordered that the addition of the words 'and Rodii.'.Ml 
 to the title of the sd coy be continued until the 15th May, lit(l2. 
 
 And it is ordered that the petitioner, Kodak, Limtd and Rodu. ed. 
 and tho Eastman Kodak Coy, do pay to tlie Commi.ssioners of Inland 
 R(>vonue their cost.s of the said petition, such costs to ho taxed 
 Buckley, J., 28 Ap. 1902. See supra, p. 1264. 
 Schedule (see infra). 
 
iao4 
 
 [("HAP. XVII. 
 
 PETITION8. 
 
 Minutes. 
 
 A- 111 iiiiiJiitcK Hp|>iii\i'<l liy llir ('mill. «i'<' tiiiirii. |i|i l2H.'i I'if*!!, 
 
 Sa\c' u» Ix'luw iiiutitionuil, it hua for it|iwurilK nf » i|iiarl<>r of a cc'iiliiry lui-ii 
 till' practice in cutH>9 where ii reduction hurt involvetl thi* piiyniiMtt otf of |»iiiil-ii|i 
 ' upit.il to iKiiore tlie unioiint to be (laiit olf in stutint; in tlie minute tlie aniuiint 
 •' which i* tu be ilvcmeJ U> have bciMi paid up on e;iili nharo " (leef. I, Act of 
 1H77). Thus, where .V. per xhare wa« to be (laiil otf on 10'. fully piiiil 
 whareM anil the ?»hares to be redu<-eil to .\f. shares, the niiiuit4> in aecfirdnnce with 
 the prnctici' stated the capital as altered, and that U|u>n each Khare .V. wa» to be 
 ileeineU tu ha\e been paid up, and it liquored the •')/. per "hare paid olf it bcin^ 
 aasiinu'd that tlie amount would bo paid olf in due lourKe after the re^jlBlriition 
 •'f the minute. .\nd it m .itibmitted that thii* practice i- correct unci for thcie 
 rnuMons:- -Sect. 9 o' v .\ct of 1867 (nect. .'il (,'J) of the ( ompanies .\ct, MMIN) 
 ]>rovided that nu rcM.iution for reduction Hhould " come into operation until 
 an order of the Court eonfirininjf the reduction i^ reifistennl by the reifintrar a< 
 hen'inafter pro\ided," and sect. 15 of lmi7 (wet. HI (1) of the .Vet of IW)H). ii- 
 mralifiril by >ect. 1 of I»77 (neit. 4.S of the Act of I'JOH) (nee .Vpp.. ««/,•/), 
 
 provided for the re^i^ttration of tl rder and of a minute (apprevi'd by the 
 
 fourt) Mliuwln^' with respect to the capital of the lonipany »« iilhi.il by the 
 onler the amount of such lapital, the number i>f shares, thi' amount "I inch 
 share, and the amount propostnl to be deemed to have been paiil up on eiicli 
 share. And sict. I.') C-seit. .'51 (J) of the .\et of IMOSj also proii(ied that on tie 
 ri-Kistration (that is, of the order and minute) " tlii> special resolution coiitinncil 
 by the order so reiristered shall take elfect." .\nd the minute had to be frumisl 
 on the f(jotinf; of .sect. Hi of lSli7 (sect. WX of the Act of l!MW), sei' .Vpp.. 
 for when reiristeretl it was to be " dcs-uied to be substituted for the corres|H>ndiim 
 part of the lueniorandum of associatifui of the company, and shall lie of tlic 
 sanie validity ... as if it had been oriiriiially cuntjiined in the mcnioranilinn 
 of association."' 
 
 Clearly, then, the .\ct conti'inplated that no pMymiiit olf of lajiital under tie 
 resolution would or could be made until after the re^'istration of the minute, 
 for until then the resolution for payment otf is ineffective. .Mori-over, the .\et 
 conti'niplated that the minute would show the eapitid " as altered," and aecord- 
 inijly the minute could not treat the amount paid olf as lapit.il " jiroposed to be 
 ileeined to have been paid up on the shares." 
 
 However, in CiiJiinnj mid Kihiiiiiitnii Lmul <'t>.. I.iiiiilril, IHtli Di'c. |MII,'> 
 ( reportid in (IHOG) I Cli.), ilucklev, J., bein^f under tin- impression fioiitriiiy 
 to the fact) that the practice had l«'en in such caws, first, to obtain on tic 
 hearing of the |ietition an order confirming' th(> reilui tion and appro>lii;; of tlic 
 minute, then to |>ay olf the capital and prove such payment olf t*) the ('(turt 4tr to 
 the rcffistrar, and then to take the order post-dated so as to brin|if the iiiinuto 
 into accord with tlu' facts, directed that (.jurse to be adopted in the ease before 
 hini, and without much discussion counsel for the company a.ssented. The 
 objection to ailojitin;,' the course thus approved is that it dcjiarts from the lonjf- 
 settied practice of the ('ourt, and that it compels the company to nrt on the 
 resolution by ]iayin); olf capital before, by repristration of the onler and minute, 
 the rciolutinn \y,vi become eifcctive and before it t« known whetbpr th^re will or 
 will not be an appeal from the order. The reason su^^csted for departing; from 
 the settled p-aetice is that unless the capital i» actually paid olf before the 
 minute is registered, that minute, in ig:noring the capital to be paid off, will 
 not truly »tat« the facts; but the reu.sou doea not seem to be liouud, for tin- 
 
KUKMtt. 
 
 i:itt5 
 
 uiiiiiif i. I" il.ul witl. Ih.' .uiMlul -a, allrml- t-.l. I. >i lHll7 (-ct. ,.l ..I 
 ll,>. A.t of iwm;, ,.,/,«. App.): it M to 'l"il "-^ witli II, ■m|.iMI will' I' ''•'• 
 „r.ii puiil ii|. I.ut with llif .apital wliid. ii • |.rc.i."«.il t.i l.c .1. .rma t.. h^^'■ I" I'l. 
 imiil »|>." Thru it i« wii.l lliat thr «iiiii l» ho ii.iUI "If m'l'l h.- .iiiltil. for 
 th<' rewhiti.m i« fi.r piivnifiit olf of .iipital, ami thiffor.' th;it th.' luiiiul.' c ai.iiol 
 JKiior.' thr uHMMiiit, hut" th- aiHW.-r i^ that th.. .iiiii i« <a|.ital whiW, i- t.. U |.a..l 
 
 ,rt „„d , ajiital whi. ', !■. |.r..|..«,.il i.. h.^ d.-.m-.l t.. hav I n |.ai.l ..If within 
 
 ., , t. 4 of tall, anil ihii rra^miiiw Mviiit Hi a|i|il.v ■■.(iially iimhr thi' inw A< I. 
 
 \„mi<)!'t thr hill rUo* .■,!«•. ill whi. h ih. .. tih.l |.ra. li.r ha, l»..ii ' .Ih.wnl 
 
 I, |,a-.t yr.ir, an- the folh.wliiK, .•i-..wh..n' r.-f.rml to in thi< w..rk; -• 
 
 //,,/,./. iiii'l .tm,n<;u, +-•. C:. v. ('„.</,.,. (IH'M, \. »'. IHIH. 
 
 i„i,ihin-i Sf,i,nr„»j I'n., Hall, v.-c, nwi. 
 
 I„l,r„rili..„a/. *r. ('.,., fhltty, J.. INHII. ."/-.-.'. I'.irm lil'>. 
 
 fo/ii- * I'rn.Hiiii. 'JJth |)<-.„ l((9l, l-'onii »f»7. .-/<'.;. 
 
 >„/,*,/ (lU !■<.., North. .1.. W. N. (\'<»-i) 1:13. 
 
 Hubrrl Vum,,h<U, W.W, I'oriii tilti. 
 
 /„/,,. .sA.iir .f ,v,</(«, l'o«iMH-llar.ly, .1., Vi.ril. IIMH), l'..rin Iil7. 
 
 K...h,k: l.n„ll,;l „„.t II,,I,h:,1. Ituckh'y, .1., April, liMI.!, «'/"". I'orni Iil7. 
 
 S.V aUo ./,/...'/,«■. .V'-. '■"., (.1«'>0 1 <-■''• 790. 
 
 In the iiMult l-.,l,i.,,., inrl E,lmi.„lo,t I. / f.,., (Iimil) 1 Ch. Ill, ranni.t I..- 
 
 ,„„,i,lrn..l »;(»kI law. K«(ly, J., in /.-■.•., //,,.'.X- .S/„»».»,7 <'»■• 'UMI'D "- 'I' 
 ;i!l(- WarriiiK'ton, .1., ill /.»/«/<■ </«-/ /i-"n„-, '"„. (1<»II7 ) : ami I'ark.T. .1.. m 
 (,•,.„',,.// l,„l„Hln,M lt,;:l„i,m,;il S,„„ne.<lp. W. \. (l!M|-) 2.1 all do. lliir.l I" 
 f.illow till' decision. 
 
 I'hc followinir arc a I'.'W c^xainplos of iiiiniil."< wh.'io capital hat I n paid 
 
 .itf: 
 
 I /(,„„; / ./,„. .Vc (■..., IWIl. ...,.,... pp. 111'.!. Ii->'t-| Tl..' .Mpiial 
 
 ,f [the I panvl ii l.li!ll,7;i7/. dividi'd into Ilill.7li7 i.iilinary -.liar.-i of III/. 
 
 ,.;„.|, and Nl,ni!7\r ral f.Mind.r,' ,har.'^ of 1^ .'ach in^fa,! ..f th.' i.lMIO.OOW. 
 
 lividcd into irs.iimi ordinary shares of IH'. ca.h and 111,000 u'cncral foiindors' 
 -hares of V. cuih, and at the tii.i.' of rci.'istrati..n of this minute :i.).-.;7li ..f the 
 -aid ordinary shares are issn.d. and on eaiii of th.-ni th.' s„n. "f 2'. has h.en and 
 ,s d.'cnied to he paid up. and li,:ili.> .if iIm' said t'."'™' f.iniiihrs' shar.s are 
 issia'il and Inur Ix .•ii and ar.' to he dc. iii.tl fnlly pii'l up. The residue of the 
 -aid ordinary share-, namely. I2.i.l!tl. au,l the r.-i.lii.- of tli.> s,,id fji^neral 
 loumhTs' shares, namely. ll.TOJ. .ire uni-sii.d and n.ithin:; is to I.,- d.'cnied f.. 
 he paid up thereon. 
 
 I A'"'/'(/,-. I.inutril. moi. I The lapiial "f j ill.' ronipany | hem .■f..rlh is IJ.W.OOII/. 
 divi.h-d into J.-,0.000 shares of \l. each, r.slu.vd from I .liim.oiHi/. .liviih-.l into 
 lilio.imi) i.referrnee shares of 1/. ca.h ,in.l 1,0011,000 onlinary shares of M. 
 ca.h, l.y rcilu.im; and extintfiiishiiiL' th.' said pri'f.'n'ii.e sliare; an.l 7.)0,000 
 „r the said onlinarv shares. The •J.'.O.OOO or.linary shares, part "f lie' I i"MI.00.i 
 ordinary shares, are numl.ere<l, .'.^e. .\t the tini.' of th.' n'-istrati.Ui Hiis 
 
 minut.'"the full sum of 1'. per share has l,., n and is to \w .h.'m.-.l ].ai.l up 
 .)ii the said 2.50,00(1 ordinary shares. 
 
 [lluhrri ln,„i,Ml .V .V"'.-. i:.„:,u-l. I.Vio. I Th.- capital of ! the .•.unpuny | is 
 120.0110/. divided into liO.OOtl shari i of 7/. .a.h, on each of whi.h the full 
 :,m..unt |ier shar.' is to I..' dc.minl to In' paid up, instead of th.' oriifinal capital 
 ,,r liOO.OOO/. divided into 00.0110 .-haros of 10/. each on which 7/. per share 
 li.ti hecn paid up theroon 
 
 "The .'apital of th.' I''<>re .Street Warehouse Company, Limited, is 180.000/., MiT.ute *hcic 
 divided inlo 30,000 shares of 10/. each. At the time of the reu'istration of tUU ^P;,"*^^/,;;', 
 minute the whole .d' the said 30,000 shares havi- h.en issued and alL.tt .1. up.in 
 each of which the sum of If. has hwn and is to be deemeil I. he paid 
 
hH 
 
 l.J»Mi 
 
 PKTITI«>Ns, 
 
 ICllAI'. XVII. 
 
 hi '■ ^ 
 
 UiWcelliuti 
 la** itipitiil. 
 
 up, but In rMp«>ci of imuIi of thn nuid «hiiro» thi' roiH|>aiiy in iMii|Miwiri'<l f" |iiiy 
 off or return 31. of the amount no pitiil up u|>on tho fiMUinir that thr umount 
 paid off or returned, or any part then-of, may Im' i-uUiiI up utfain." Kiiy, .1 . 
 •J3rd June, 18H8, S» I.. T 2U. And nei- /Vo/v» f.hiir >•„.. I.h„,h'l. whrr. 
 11 limilar minute wan approved by North, -f., 2Ut April, Ihsm. And K:ir 
 well, J., approved of a -"imilar niihul'> in li'iirl'im .V;y.»»/((>, C,,., Uni'tid ni"> 
 Kednrpd, 16 Ap. 1901. 
 
 "The eapitui of the K\pre«« Aniuranre Corponitii.ii, l.lniitiil. m nri'forfh i». 
 fcc, and on eiic'h of the 'aid 7l,7ti» (harr^ the sum of 10.. Im- lieen and i» lo 
 bo deemed paid up, exrept that iijion the undermrntioMi'd "hiiri'« thiTf ar" tin' 
 fnllowini; arrenn of calls: — 
 
 Denotio^r Nurabirn of Sharei" 
 
 Aiiinunt of CiilU ill Arvear. 
 
 "The riKht to rciriio the xuid iirrrur'" i- lApre^iy n-scni'd liy thr unlrr nl 
 the High Court of Justice, Chancery |)ivi«inii, niiide in thi' iiiiitter of the r.iiid 
 eorporntioii." Writfht, .1., 1 Nov. KMMt. 
 
 1'f 
 
 If 
 
 Form 648 
 
 Adrertiw- 
 ment of 
 order, &v. 
 
 In till' niuttiM. itf. 
 
 NoiKK l.H lliiY civKN tilut tlif oitliT of tlu! Hif,'li Coiirl ot' Juatioe, 
 Chanwry Division, (luted the day of . ooiiliriniiiy Mic roduc- 
 
 tjon of tho capital of the aliovi'-iiunied cov from 1 to i— -. and 
 
 the minute approved hy the CI .ihinviiiH; with i-e<piMt l^i the rapiliil 
 of the coy as altered the wevcral parlars roituircd by tlui above 
 HtatuteH, vva.s i(>gi.''tered by the Reij^^trar of Com punier on tlie — — 
 day of The sd minute is in the words and fijfurw following: — 
 
 The capital, io. [here set it out\. 
 
 Dated the day of . 
 
 & , 
 
 SoIoi« for the Cov. 
 
 Form 648a. 
 
 Articles pro- 
 viding for 
 iHsueof 
 HiirpluH 
 certificated 
 ou reduction 
 of capital. 
 
 1;{3a. In ca.xo the capital ot the coy be reduced to •2M).inMl. by the 
 canoellation of uiii.«.'iued slum* and by tJie cancellation of 182.6022. of 
 the stock rv'.sultini; from tlio conversion of ordinary shar©.', then, '»* 
 from such roducliou bocominir eflcftive. Art. 1;J3 MhuU cease to be in 
 force, and thereafter tho followinjj iegulation.s shall take elfcol. 
 
 133t!. The directors r^hali forthwith isisue to each holder .. .-,oek 
 resultinfr from the conversion of prcferrotl shares, or other the person 
 ontld to the arrears of dividend on tho sd shares re«ply. .surplus 
 certificates of the coy dc<larin<r the bearer thof to lie cntld to receive 
 out of the profits of the coy available for the ])ur|><)se under the pro- 
 
 i 
 
•■•OKMS. 
 
 l.Mo; 
 
 > i.-ioiw horoiii containtvl, a humi cuml to tlic iiirt'.ii» "I «liv iilfiid at the Form 648« 
 ijir uf HovtMi |> c.p u. ueiruixl up to. uml inilii.liiii; thr ilividt'iiil for, 
 ihc vt'ur oiidiiiif tlio ■\Ut Miircli. IHO.'i. ii|u<ii lli<> jinlfinxl uliiiro* 
 1. |.r<wMit«Kl hy tin' BtiM k Iwlil l>y •«uili «t(>(Uliiil<U'r al llir liiur •>! i--iH'. 
 
 .iihl ■'liiill ill>ii (Kiy ill r.ch to tin< jHT-nii" <'iitM tl I" :i .|i\ iiliMi.l ill 
 
 till- lull liilo lit 7 |» r. for tlio mir ninlinif tin" 'H'l Mmi. li. IH'.hI on 
 Ilic stiMk n'iin<H<>iiU<il l>v tlio *l |>rotVtT<><l ulmn- 
 
 l.t:t< Tli»' |>rotilM (if llic <n\ fell the ycni (Miliiii; tli<' •tNl Miiiiill. 
 |:t mill <'U( h Mll>.-M'(|iiciil \<'iir ;i\iiilul>li> tor <li\ i'lt'inl. •.liaM. hiilijcol 
 I,, ill.' tiitUu of holders of »liiinw i if uiiv i luMO.ifloi- i-*uo<I wiili uii> 
 inifcroiitiul ri>;hl ax t^xlivi.loiul, Ik< iip|pli«'il tii-t ami |irof(-r<iilinll.v in 
 |.,iuii<'iil of 11 iliviiliMid at tin- into of »i\ )i.i .|i ii. lipoii the a.V>,l>"»lK 
 
 ^ k of liic (n\. iliid of lilt- liikliiirf of -mil proliN oiio-liiiir -lli^ll !«' 
 
 .i|,|dl«Ml ill till' |piir<liiiit'. al a (iriix' U'tnv |iar m in tli«' t'dt'iiiplioii by 
 diaxvingM, to ljt> dfiliuttod iv< tlio l.oaid may dutori ■i>, of siiii.liih 
 ivrlilicatoM, und th(< other half nhall lio di'*tiibiit>'i| Binon<p<t tin' im>iii- 
 Im'is as further dividoiid in iiroportioit to the Htock lii'ld by thorn. 
 lull without projudiiti to tho authority of the dii<'i tor.« to v'\cn i-i- tho 
 li.ittvrs (oiiforrod upon llioni by Art;* IJ'i and \M>. I'mvidi'd always. 
 ilij.l until the Nd wrtiliintcv nhall have lawn <'xtiii!.'ui^li<Hl by piiyni.'nt 
 or ivdoniption, notliinR iu thfc wl art.s uoiilaiiied or otlicrwiM- r^hall b<> 
 I'oit^'vued to aulhoii/n tho diroitors to cn-ato or maintain a rcwrvt' 
 fund cxwcdintr a sum of 2(1.0001., and any addition- hoieiiinU'r niado 
 lo inch re»«'rvo fund shall bo invcstAid in lii*! ria-s h-i iiriiii'-. 
 
 l.i.lu. Tilt' dcci.sion of the diu-ctor.-! as to (lie aiiiniiiit of prolit- to 
 Ik' applied iu tho purcha.-iO or roileinptioii of Hurplu- (,'cnitiiat«-i riliall 
 !«' al)Holut<'ly bindiic^' upon tho holders of all smh cortilii-atois, aud 
 -hall not lio riuoKtionod, and no li or of a surplii- icrtitioato, not 
 iH'iup u Hharoholdor, shall bo oiilld. a.s suili holder, to any account 
 of tho cov's doulinps, triusactions. or protiti, or to any inforinatiim 
 whatovor with rcj?ard to tho coy, and all surjilu* ccrtiricato shall 
 bf i-SHued subject to a condition lo tho oilVct of tlii- an 
 
 Tho Coy. I,td. 
 
 No SiKM'i. l.oiidoii. 1' • 
 
 Surplus Cortilitatx.' lo Hoaici for JC 
 
 N( 
 
 This is to certify that the bearer hof is ontld tu rcc<'i\e out of 'ho 
 l,iolit« of the abovc-imnicl coy (huftr oailod "the coy i available 
 for tho purpose under tho provLsiom of tho coy's art-* of a->on tho 
 
 sum of £ in respect of arrears of dividend accrued up to and 
 
 iri ludin-j the dividend for the year enilimj: .'.Ist .March. 19—. upou 
 certain deferred shares now roiire-onted by stock, and the coy 
 proini.ses to make payment accor(liny;ly. 
 
 This i-ertificate is issued subject to tho iirovi-ions of the coy's arts 
 of assoii, and in particular of cliiuses la.'k and l'!:!i> iii<lor-<'d hei-eou. 
 
i;{08 
 
 PETITIONS. 
 
 Mi 
 
 VV 
 
 [CirAi'. XVII. 
 
 Form 648a. Thie ctrtiticate is to be ticali' 1 ii» a iipiiotiablc iiwtrumeiit. and 
 all poisons arc iu\'itcJ hy tlic ■ny uiui the owner lor the time beiui;- 
 of tliiH certificate to act uci'onlinjrly. 
 
 Notice to the licaror of tliis ceitilirali,- inav lie ifivoii l)v ailvi'rii>i'- 
 nipiit ouce in two ].,on(lon dailv iiaper.--. 
 
 For the i'«y. Ltd: 
 
 , Director. 
 
 £ . , Secretary. 
 
 Sort. 51 of tli« Coiiipaiiifs Act, 190S (scit. 1.) of tlip A't of ISO"), providi* 
 for tlio rejfistratioii of tin; order uiuI miniiti' witli tlie li<^istrar of I'oiiipaiiic^. 
 and i'0(£uiri's iiotic-i> of .such r('<j:i»tratioii to be iMil)Iished in siirli inannrr as tlll^ 
 Court may diroct. The Court cannot dispcnsi* with tliu jiubiit'ation, so held by 
 Chitty, .1., in Lmulon Sl,;i,„n,i,it Co.. 31 W. li. TSl : \V. \. (lS«:i; 13.>. I'fM 
 I'arliainont has enactinl that tliere shall Ite sui'h publiration. 
 
 The terms of seet. .32 of the .Vet (as to embodying,' a copy of the minute iu 
 ihe company's menior.'indum ) (rejiresentinjf .'-eet. Is. if the Companies Act, IHtiT i. 
 should bo borne in mind. 
 
 In some <'uses a copy of the order has been ad\ertised instead of a notic ;i> 
 abii\e, but that is not what thi' section reipiires. 
 
 Abandonment of Reduction. 
 
 Form 649. 
 
 Order on 
 abandonment 
 of proceed- 
 ings. 
 
 Ipon iiiiiiiDii iliis (liiy niado iiulu tlii~ < t liv ciiiiMscI for ilic almve- 
 iiaiii('<l (oy. Iiciiiy a roiiowat of the ap[)lii-on on the 2lnt day of Ni)\ 
 IM8.'). rufiisod liy tlii' Viue-t'liancellor Uacun, the time for nucIi inolion 
 liaviiii: liccii j::t'ii('i'ally a(kno\vled<j:<'d by llii' (Jt, and npim reading- an 
 ulVl of Tlniiiiii.s .loiM's. tiled 12tli day o£ Aiioust, 1S85, of the ku coy 1a 
 llicii- iiain.sci alji'yiiig- that ihc iiclun on the .'iOtli dny of Inly, 188.'i. 
 picfeiicd iHilo ilii.s Ct by thcni for the (onfirination of the resolution- 
 for icdiiiliMii i>( capital in the .-^d alll referred to has been withdrawn, 
 airil liial il iia.> liccii dotcrinined not to luocced with such reduction, 
 ihi- ( 1 doili iirdci that ihc sd coy be at liberty forthwitii todiscontiniic 
 llic addiiioii ii> il.s uaLne of ilii' woids "and reduced." Mnnli;/. 
 Cinii-fi ,t'- fn.. f. hint, :l mill H,,lii,,iH\ .\.. 11 Jan. 188(>; .-i;! I,, T 
 
 I' i 
 
 111 '■ 
 
 'rill' liki' nidcr w.i- miitk' l>y .Malin*^, \ .-('.. <in th'* iipplii-ution of tho ;iut!i"i-. 
 ill r,o., (■„., l>.) Miiy. ISHIK It. J().>:]. 
 
 WIhmt it is t'niiiiil tliat a |iro|»ii<cd ivdaftiim ciiimut hr carried into rttt-i t 
 ln'causc t(M» niiiiiy iTciiittirH iftM-lart' that tlivy will opposo, or becausp tiie t'oni- 
 jMny tih(U that it will he iinahio to addmc the rrqiii-^itc t'vidonce, ' .7.. t)f t'-- 
 or dt'prcciatitin. application ran hv made for leave to withdraw the putitinii 
 and to drop the word< "and reduced." The t^^IIowin^' is a specimen of ;tii 
 order made in hucIi a ease: - 
 
 Form 650- liniw lin- applii-.m (tf fho Ml)ovo-naiM(^l .syn<iicato, l>v kuiiimkhi^ 
 
 Reduction diitod l.*;»i(I (i;(\ id" Ft'hi iiiirv, lOOD. for dirtH.tioii8 us \o the piooeodini:^ 
 of capital. (<> ho lakcii lor .xcuiiim tho list of thoir creditors 01 if! d to uhjct t i<> 
 
 Mm^ 
 
Ai;iEKATIO\ OF (»B.IK("I- 
 
 l:VHt 
 
 il,,' iiro|">M'<l icduction <>i llif .apilal ..!' llir >Mi.lir;ilr. .1- in ili.'ii Form 650. 
 {ri'Kiii priwiitcil in thi> luiltlor mi llif 8tli <l;i\ <>i Kd-niiin . I't'lO, Urd.T "tayini; 
 iiK.iil.l, aiKl tliat the adv.n-lisciiKMil for the (■v.Mli<..i-< iiii'^lil I..- .Ii- pi"..H-linK». 
 
 |i(.ii.<(>(l widi. and ii|.i>ii iK'aiinir the .-o|(iiv loi- llii' a|i|iliciiil> and ii| 
 
 i.Mdiim tlii'.-d |io|(in.and tli<> a|i|diiaMl nnt dc-ii in- 1u pnin't'd Initlii'i 
 with tilt' s,l iK'ton, it i" ordered thai all Inrllier jniMeedinus in ihe 
 niatk'r tif the wd petnn lie stayed: and il is ordereil lliiil an ollice inpv 
 u| this order lie delivered lo the Koyristrar of Joint Stoili Cos williiii 
 toiirteen davs from llie dale of this order: aii'l il i~ nideieil thai llie 
 u.-e of the words "and redm cd," niiMild in ihe Co- .\<l. ISliT. he 
 .li>|iensed willi. and that llie adverli-eiiienl or imhliiation of iioiie 
 of Ihe rO};islnilioii of this onlei' he iiKo dis|ieiiM'd willi. Cnslli- 
 <i„ld PUplornlinii Siitiiiinilc. I.hiiitfil <uiil lli-ihirnl . Siirliiii;-. I . 
 :! April. UMKl. A 
 
 ALTERATION AND EXTENSION OF A COMPANY'S OBJECTS. 
 
 Thr uiiMltiT;il)ili(y of a ciimipaiiy's iiiciiifirauiliiiii "f :i-<sciiiatinii, h liilf Im«<mI 
 <iri il siiiiiid priniiplo ef piililir piilii-v. »!ii attiiuli'd with iiKiiiy im-miviiu.n,-,- 
 
 It operated often as an iiiiroasdnalile olistacle in tin- \v:iy "f :i ip;iny eiilar!,'- 
 
 ini: or eoiisolidatiii;,' its Im-iness or ndaptini.' it to clniiiL'cd conililioii-. in the 
 
 <'ompiinie.i (Me niiidiini of .\vs(Miiiti..n > Art. |S!l(l (the provisions of wliieli 
 
 are now eiulioilied in se.t.'. (I and 2111 of tli- Coiiiiiiinic-s (Coiisolirlatioiil .\<t, 
 1908), the r.e^rislaturc reeofriii/ed tlic necessity for a eh!ini.'<' in the law. and. 
 without ahamloriinir the principle of unalteruhility. rel.iveil it ^iilije' t tu pr..p.r 
 -afefiUiirds --ill certain ela-.-e- of eases. 
 
 The sections above referred to run as follows: 
 9. — (1) .Siihject to tiie provisions of this -c.liou a i-onipaiiy may. I>y -special 
 resolution, alter the provisimis of its ineinorandiini with re-p.'ct to tli.^ ohjecis | 
 of the eoiupaiiy, so far as may lie recpiired to enalile it 
 
 (a) to carry on its liusiiiess niia-e eeonoinically or inon' elliciently ; ov 
 (II) to attain its main pnriiose hy new or improved means: or 
 (!■) to eiilarf:e or eliali|,'c> the local ar.-i of it. operations: 
 
 (d) to carry on .some liosiiie«s which iiiidrr c\i-tiiiir •iii miii~i.iii. i-. may ■ on 
 
 venieiitly or advantai; isly he ciiil.iiicl with the Uu-iiic~. of th. 
 
 company; or 
 
 (e) to restrict" or aliaiidon any of the olijerts .pe.ilied in tl i.'niorandiiin , 
 
 (2) The alteration shall not take ellect until and c\.cpt in m, far as it i- 
 
 contirmed on petition liy the Court. 
 
 C!) llefore confirmiiifr the alteration tin- Court iini..t he siti-ti.'.! 
 
 («) that sullicient notice has lieen L'iven to i'mtv holder "f dchi'iitures of 
 the company, and to any person^ or cla>s of persons whose iiitere-ts 
 will, in the opinion of the Court, lie all'erted hy the alteration: and 
 (h) that, with respect to every creditor who in the opinion of the Court i- 
 entitled to ohji-ct, and who «i-nitie- hi' oUjeetioii in manner dire, inl 
 hy the Court, either his coii«enl io the alliM-ation li,i~ Imsh olil.iio -.i 
 or his deht or claim Inis been diseliarired or ha- determined, or ha- 
 hecn secured to the satisf:ictioii of the Court: 
 
 .Mteration 
 
 i.f ohject- 
 
 iif eonipany 
 
 '4 
 
1310 
 
 rKTlTlONS. 
 
 [Chap. XVII. 
 
 U^ 
 
 hi 
 
 SlmI. 264 of 
 ilie Act 
 of 1908. 
 
 Power tn 
 substitute 
 roemorauduiu 
 iiiiJ articks 
 for deed of 
 ^L'ttlemciif. 
 
 ■TTTl 
 H-l i 
 
 riovidnl lliiit flic Court Miiiy, in tfic cii^c of any perton or clas;*, for s|M't I;i| 
 reasonn, dispeua'' with the notice rerjuired !)y this sertion. 
 
 (4; The till ■; iiiiiy make an order eonfirniinif the alteration cither wholly "r 
 in part, and on such terms and conditions as it thinks tit, and may make snch 
 order as to costs as it thinks projx'r. 
 
 (3) The Court shall, in cxcnisin;; its discrctlim undiT this section, \t:i\f 
 regard to the rights and interests of thi' memlicrs of tin' company or of any 
 class of them, as well as to the rij^hts an*l interests of the cre<lit4)rs. and may. if 
 it thinks fit, adjourn the proceedin;.rs in order that an arranfrcment nmy In- 
 made to the satisfaction t)f the Court for the pnrchase of the interest^ of 
 dissentient meuihci-- ; and may j,'ive such directiitns and make such orders a> it 
 may think expedient for facilitating or cai'ryln^ into effect any such arranu'c 
 meat: IVovidcd that no part id' the capital of the conipany may he expen<lcd 
 in any such purchase. 
 
 ((i) An oltice lopy of the order coritirniinir the altiTation, to^jcthor witlj .i 
 printed copy of th<' meuioranduni as altered, shall, within fifteen days from lie 
 date of the order, he delivered liy the I'ompany to the reiristrar of companies, 
 and he shall ri'u'ister llii' same, and sliall certify the re^ristration under his haml, 
 and the ccrtilicate shall he conclusive evidenci' that all the re piirements n( 
 
 this Alt with resja't to the alteration ,'ind tl onKmiation th-reof have been 
 
 com]ilied with, and thenceforth the mcrnoi'aiidum so altered shall he the memo- 
 randum of the company. 
 
 The Court may hy order at any time extend tlie time for the delivery of doea- 
 menfs to the reiristrar under this section for such piTiod as the Court may lliink 
 [iroper. 
 
 (7) If a company makes default in deliverini^ to the registrar of i-tnnpanics 
 any document re:|uired by this seiiion to be delivered to him, the company shall 
 be liable to a fine not exicislinif 10/. for every day dnrinf; which it is in default. 
 
 264. — (1) Subject to the jirovisions of this section, a company registensl 
 in pursuance of this i'art | \ Il.| of this .Vet may by special resolution alter the 
 form of its constitution by sulistitutint; a nn'moraudum and articles for a dei il 
 of settlement. 
 
 (2) Till' pro^i^ions of this .\i t with nspect to i-ojitirmation by the Court anil 
 rcf^istration of an alteration of the objects t)f a company *;IkiI1 so far as applicable 
 :ipply to an alteration under this section with the followins; modifications: - 
 
 (a) There shall be substitnted for the jirinted copy of the altered memo- 
 randum re,|uired to he dcli\ercd to the n';ristrar of eomp.'inics a printeii 
 eojiy* of the substituted nn-niorandnrn and articles; and 
 
 (_b) On the rcirisfraf ion of the alteration bein;; certified by the rei^istrar the 
 substituted memorandum and articles shall :i|vply to the company in 
 the same manner as if it were a conipany reijisfered under this Act » iih 
 that mcmorandnm and thosi' arlicles, anil tli inipany's deed of settle- 
 ment nhall cease to apply to the company. 
 
 (3) An alteration under this m ction may be made either with or withnnt any 
 alteration of the objects of the company under this .\ct. 
 
 (4) In this section the expression "deed of settlement" includes any eon- 
 tract of copartnery or other instrument constituting or re;.^ulatiiiij the company, 
 not being an Act of rarliainent, a royal charter, or letters patent. 
 
 In the above sections " a conipany " means any company formed and registered 
 under this .\cl (sect. 2S.7 of the .\ct of 1!»0.S) or an existing company (i.'-., a 
 comjiany formed and registered under the .loint .Stocf. Companies .Vet3 or under 
 the Vonipanics Act, 1362), 
 
 ISeet. 28,i i.s silent as to companies registered hut not formed under the Joint 
 Stock Companies \ct. lM3li, the .loint Stock Coiupanie<i .Vets, ISjG and ' '"", 
 
 - 
 
AI.TKRATION OF OIUECTS, 
 
 i:Ul 
 
 dcr 
 
 or til.' \it to 'iialil. ji>iiit Mwk comimiiii^ to l,c fi.rm.J on tin- priii.i|>l.- of 
 |i„,it«l li..l,i!ity, or iiu<l..r I'urt VII. of •>!.■ Companior. AH, IHHi. Hut s.'.-t. 
 ■'4ti uml 203 make 111.' Art aiiplicablc to «ii.|i co.iipaiii.-s. Sw \lt,., rhoH/.h,!. 
 r,,., W. :.• a»«3; HI: '■e'"'"' <•"•■!" <'"■' W. X. (IK91) 153: llo,„j Ko„„ 
 ,im'l t'hiiw Ciis (',>., \V. N. (189S) l.iH: r,,/,;.,,,., Miniinj Co., W. X. (1S99) 25- 
 l-,„l.h,„:. „„.l n./.i' >•""« .\r'rlf,„ll„„ (■„., (1904-1 1 Ch. SliO; .sVvi^ 
 Ami,'' ■ 
 case the 
 
 
 h.r».f.„r„t Cn., Wairiutftoii. J., 20th January, 1912. In that 
 ■ompany wa^ n';.MstvnMi hut not firnuHl iiiuhT th.» Joint Stmk 
 
 S.ni' tiiHiin,:; 
 suhjiit to 
 modifi' atii'ii", 
 
 Companies Aet, l'n.i(i, «itl. a .li'e.1 of eopartnery. It .■.iibsecpi.'.itly adopted .. 
 
 mc ranilu.n and artiel..s ,witl. lar^rely extendrd ol.j.vts), and ti.e C.nrt e..n 
 
 Hrnied the «nli-^tltutit>n uinler sivt. 2(14. 
 
 Tlie Court lias a .liseretiou under »e t. 9 of the Aet, and the order may be C..ielitioi,v. 
 mad- on su.-h term^ and (onditions a- to the Court .seem Ht. Aeeordin^'ly. the 
 CiMirt nnd.r the repealed Aet sometimes reiiuired an advertisement of the 
 o..hr. and occasiotially required an alfrati.>n of the name where the extension 
 of objects rendered th.' name inappropriate or misleadini,'. Forrign n,„l CoL. 
 S/c. f": US9I) •- <'l>- 39.5; /W-'hi M< rh,'Hli;il dnhl Kxirticliuij Co., W . N. 
 (1»')1) lo3- <ln>„i'il T.hi.hoiir Co., i''i'/.; Alli'ince luHumiu', {\Mi) 1 Ch. 
 300. .\nd see 'Vvv"V •"'"" 'ri',i>hl<- Co.. W. X. (1897) 20, /»/«.■ but, as 
 a L'eneral rule, this was not recpiiriHl. I.ai,ru>t,r llonhn,,: ' ,, W. N. (ISi^T) :i. 
 There is no doubt jurisdiction iu the IIii,'h Court to sa.;. uon an alteration of 
 tie' objeets of an unlimited loinpany with no shares or capital, but which is a 
 company under the .\et .if 19(W. \oylh of lU.nhui.l In.,, SI,;,,,,..!,,,, hf^nu... 
 ./,<„,.. '(1!)00) 1 Ch. 4KI. 
 
 In yalio„„l Il.uhi /„,•.,./„..■ Co. ilNS'.>), 1 Ch. 311, Kek.'wieh, .1., b.'ini; pr.'- 
 p:iie.l t<i .•ontirm the r.'s..|iiliniis with modiH.ati<.us, r.'|uired a further spc.'ial 
 re-..lnti.)n appr.iviuir of the iiiodiHeations; but the b'arne.l jail^'e, in several 
 >ub-i'.inent la-.'s, h.'ld that he had jurisdiction to sanction the mnditi-d ivsolu 
 lions without further sp.'cial resolution; l.mr Cinn, Hr. Co.. Ititb January. 
 IHOi, where the propos.'d ext-nsion was .ut down to some exli'iit; /.'/»• I "i ■; 
 „,.,/ Cionn. in whi.h the same judi;e eonHrm.'<l a r.'solulion adoptiu); a iiiiiiio- 
 raudiini and articles in which he re pi i red e.'rtain inodiH.alions. And the 
 Courts have on many o.'easiona added words so as to limit the e.-itent of th.' 
 allerati.MH. Si,i,.r/n„il l'o„d, W. X. 1 1S9J) 13.5; H,;t„o,.d i:«tn/rs Co.. 
 W. N. (1.S!I7^ -20; Coii.^fll Iro„ Co., (1901) 1 Ch. 230. The Court has put a 
 liberal eonstru'lion on the provisions uf the Companies ( M.'inorandum of .S^so- 
 .■iation) Aet, 1890, and ..f sect. 9 .if the Act of 1(108, as l.i alteration of .ibjeet-. 
 and has rarely r.'fused to eontirra an alteration acbiptiid by spe.ial resolution 
 anil coming' within the worils of the .section. .Vs Ixiril Lor.'burn, L. C, said in 
 Coolr V. .\(,t;o,oU n„„k of Ch,,M. (1907) A. C. 2%. " It is no (.art .if the 
 business of a Court of justice to detcnniue th.' wiMloin .if u ..mrse adopte.l ! v a 
 company in the niaiiairemeut of its own affairs. ' 
 
 ■I'ho Court I'.iun.l no ilifK.ulty in c.jntirmiu),' an alteratimi in wi'.le terms aii.l 
 do.s not require evideni'e that the company immediately require t.i a.'t on tli.' 
 extended obj.ets. 
 
 The followinir iustan.o will alford >ouu' in.li.-ation of the extent to which 
 Hie enaetmi'iits h ue been utilised: — 
 
 .\. tclcphoue .omiiauy was ciupowereil to niannfaiture electri.al appan. "s. 
 n,,riilol Ifhiiho,,,- Co.. W. X. 0891) 153. 
 
 Several insuranc .-.impanies have been all.iw.'il t*i .xtcnd their objects so as 
 to include cognate businesses, r.ff., Kinploi/m' Liabilili/ Co., Chitty, J., 29th 
 June, 1891; marine insurance extension, .III lance Marine, (1892) 1 Ch. 300; 
 t^.jlor in^e.rarc exti-nsi'jn. Salio-,al Holler, (1892) 1 Ch. 306: cuarantee 
 company extension to indemnity, burglary and other special kinds of insurance, 
 /.,,R' Guaro,,!,:. May, 1895: hrltl^l, E,„,,u<. .fc Co., 1897; K,ioi<y n„d l.no- 
 
iai2 
 
 I'EirilONS. 
 
 [Chap. XVII. 
 
 
 Life, 1897, larffc <'xtcn«ii>ii ; .V.-,7/, -,/ Ei,(fh,.„l. ><<•. ./,s..«,-., (1900) 1 Ch. 4SI : 
 Noiiiich I'ltlnn Life, Stirling'. J.. .Ian. ISit.T; E,i,(ih,hle l.ifr, Chitty, J., .Xpril. 
 1893; a nil III i4i II .Ik'hiiiiiii-. I'aikrr. .(.. Miiy, 1910; l/i/iniire Mnriiie. .Xpril, 
 1911. Several comiKiiiies Iwivo taken puwer to transact trnstoo and exoenti>r- 
 iliip luisiness. fiiiim <>/ hiiitTun iiml Smif/is Hunt;. I.miilnii nnil Sonlh "'enir.n 
 lliii,/.: f.loi/ih Ittiiil;. Il'iiiii'i Hinx. * Co.. .lunc, 1910. 
 
 Trust investment eonijianies have l)een allowed to extenil their ubjeets. 
 Foreiijii mill Cnhiiiuil J'rml Co.. (1891) 2 Ch. 39.5; (/oreniinmi Stm-!,-. .V- '" . 
 (1892) 1 Ch. 597; Trii^l uikI .hfiinj Cn. nf Aiinhiiliiiiii, 25 T. I.. U. 61. 
 
 Several banks have larirely extended or defined their ohjects. T.oiiilnii i'„'t 
 Mii/'nii'l ll'iiihiiii; !'••., 1891: Mmii-hrsli-, I'lul Lirrriinii/ Jtlnhirl llinil;iii(l Cn.. 
 1895; York City am! CuiiiHi llimkii.ii Cn.. lH9(i; Ln,i,ln„ iiml llextmiiixlir 
 
 ttmil:, 1897, Xorth, J.; f.ii '" "."' Unhm nniilini, Co.. Swinl'en Kady, .1.. 
 
 28th Oet. 1902; Xntiumd frm-iin :„l Hunk of Emjliiml. Liiiiiti'l. North. .1., 
 1895; Iliimiiifr/utm J)l.ifrir/ n.n' r„„„n,'ii Hnnkiiiil Co.. I.iinileil. I'arker. ,1., 
 M.'iv. 1907; I'liion of l.oMfoit mn/ Smil/is Hunk. Liinitfif; Lomlnn nnii Sonlh 
 II n Hunk. Limilcil (the like); Shi-ih'-^'l nnil IlnUnnmliiif llniik. I.iniil.il, 
 
 I!y , .T., 4 Dee. 1899: Lntnlon .loint Sim-k Hunk, f.iniih-il. Chitty. .1.. Nov. 
 1892. 
 
 .\ eonsiderahlo number of eoinpanies havi- been empowered to raise money by 
 debentures and perpetu:il debenture stock. Upromionniii Inti-i-e»t Sociiin. 
 (1892) 1 Ch. 015; Lav Iti-irrsionmii /nlrreit Sorirli/, May. 1893. North. .1.; 
 /'. I'/ii/i/m' .\oil/iainj)loii and Ton-rr^trr Hrinerim. 1897; L'm/iiie Tin.it. He- 
 strietion on borrowinf,- removed. M:-'l:i,nl llilni-minnal Co.. Stirlinor. .T-. 30th 
 .\pril, 1892. liorrowinp powers extended. The like in I'tiion lioHinii Slml. 
 Co., Kekcwieh, J., Jan. 1891. 
 
 The area of the eompany's o[)Prations has boon enlarifed in aeveral ea.-is. 
 Indian Merhnnirnt. ^e. Co.. (1891) 3 Ch. 538; London Joint Slock Hn,,k. 
 Chitty, J., Nov. 1892; //. Hell i Co., matchmakers, were j,'iven power to carry 
 on business abroad. Sec also Ciom/itoii ami Soni, Vaui;han Willi. ims. .1. 
 (cotton spinning); London (lenrml Dmni/in.i Co.. NeviHc. .1.. Feb. 1912. 
 
 In several easi's objeits have been extcnib'd so as to enable a company to 
 niiiuire other business concerns of a like nature. London .loint Stork Bank. 
 Chitty, J., Nov. 1892; Xoinir/i Cnion, Kekcwieh. J., 1893; Voek Cilif unit 
 C...,„ty Hanking Co., North, .1.. Nov. 1894; Lciceitiisliiie Hnnkinff Co., North. 
 .1.. .fune, 1895; .\eie irmtmlnifer Bren-eiij Co., Sfi Sol. J. 141; or enter into 
 arransrements for partnership or joint workins;: .lur ('InxDen [.nhonienaey. 
 I.iniitid, Neville, .1.. Feb. 1912; and many others, ineludinpr .inglo-.tnirri'-'m 
 Trlriti-aiih Co., 5l> Sol. . . 141. In .some eases objects have been exlendi'il so as 
 to :illow the promotion of and holdin^r shares in foreign ecmipanic:-. Drmn 
 .Ircidint, 4r. Co.. Chitty, .',, .July. 1893: Croni/iton i(- Sonn, Vauirhan 
 Williams, J. 
 
 In Itc .Irnisli Coloniiintioii TiHii. ( 190S I 2 Ch, 2S7, the Court ri-fused lo 
 sanction an alteration involviuf.' an aliandonn>i-nl of objects of a funilanicntiil 
 cliaraetiT, and restriit I lie promotion of tin- Zionist movcinent to a limited 
 local area: and in AV Ci/r/i.-<t.i Toini.^ii Clnli. (1907) 1 Ch. 2()0. the Court 
 refused to allow a cyclists" tourin',' club to cxti'iid its objeit.^ by iiu'ludin^' amonu: 
 tlie.ni the promotion of the interests of motorists. beiuL' of opinion id it such ;hi 
 alteraticui was not within cither clause (a) or (d) of sect. 1 (5). 
 
 In Cunxrit lion c,,.. ( 1901 i 1 Ch, 230, Cozens-llardy, .1.. expressed doniits 
 whether the Court had jurisdiction iiiider tlii' \rt to sanction an alteration 
 anwuntini; to a n'-writintr of the obji . t< in modern form; and. accordini,'ly. in 
 that ease the old objects were left, whilst ti\c time- as iTuich matter in tin- shape 
 of lu'w objeits (in modirn fi'rru was added. \])parently, therefore, the doubt 
 is lonllned to the (juestion whether the Court ha.s jurisdiction to sanction an 
 
 1 
 
ALTERATION OF OBJECTb. 
 
 IHl;t 
 
 ilteration which introduiiw a sories of nnw objccU in modern form iiultad ul 
 the old objects. This (luostioii lias been aiisworod again and again in thi- 
 affirmutivo by the High Court, '^illl^.. llonn Collins. ,1., in ISWl, in the Ilir- 
 miiKjham "ii'l Midh.iil Uiink, Liiiiilcil ; Krku»irh, J., in INUli, in the J.^m 
 l„:nn iiml t'liimi Iiisuriitice Co., Linitlril: North, J., in 1891, in the iiirk I'llti 
 aiitf Co'initj Hank. Liinilf/ ; North. .1.. in 1»95, in Leicmleis/iin- llnnkinij Co.. 
 Limited; Chitty, J., in 1896, in Eijuitij aiul law Li/n As'iirunrc Sor.etfi . 
 Vaughan Williams, J., in 189ti, in the Cnion Steamahiit Co., Limitid ; North 
 I., in 1897, in the Loiuloii tind llcilmiinler Bciik, J.iiiiiln/ : Stirling, J., in 
 1897, in ISrilixli I'liile (Unas Co., Li mi I id : Hyrnp, i ., in 1899, in llnhl'iz Jonti 
 \lnrk Jiinik. Limited; Kckcwich, J., in July. 19Ul, in Ciirli-ilr iiinl Ciimherlnoil 
 Huhkiuy Co., Limitid: liyrne, J., 10th .\ug. 1901, in London .loiiit Stock Honk 
 Lin,.: ': and shortly iiftcrwards in Mullonil ll'oiio,i Co.: and .Swiiifin K.uly. 
 ,1., ill Lioio/n iind Liod»fij lUi„ki,,ij Co.. 2S{it Cii. 1902; Eutd,rnt,n Co.. 
 SwinfiMi ICudy, .1., \V. \. (1901) .'■1: /.'',,•(/.,« .///,.. <;,;-ot Soiithrrn. Jojrc. J.. 
 .luiip. 1910: Hrliaiiri Miuior. .\|iril. 1911: si„iiiloi,l Hook of South .t/riro. 
 Limited, Evo, .1., I'Vb. 1911. sanitioneil alterations which substitiifod a I'onipb'ti- 
 new set of objii'ts In modern form for the old cnini-c and im[ii'rf('( tly i\|iri'SMd 
 ■ ilijci-ts. 
 
 In some of tliise eases the Court was sum tioiiing tlir altii-.ition of tlio obji, i- 
 iii a memorandum of as.soiiation, and in ot rs the adoption of a iiiimoranduii 
 :iiid artieles of association, in substitution tor .i deed of s<.ttlem!'nt. Sec iiov 
 sect. 261 and London ni,-l Kdi,ibini,l, S/,i/,,;:iii/ Co. ;1909), S. C. 1 Ct. of 
 Sess. Hut it is apprelieiidcil that, as reu-ards ilin jurisdiction to sinetion an 
 alteration of objects, tlierc is no distin'tion in prnici|ilc. There is colhing t" 
 indicate that in the one ea^su the objects can o^ily be suppleineiited, but that in 
 the other case they may be rc-writlcii with altiMvitions : anil a;cordingly the 
 I ourt hivs, in the easis aUnc referred to and iniiiy otlici-. exercised its jurisdie 
 rioii on broad principles. 
 
 In relation to this, it is to be noted tli.at sect. 9 of tlie .Act of 190N 
 (like the repealed Act) empowers the company by special resolution to ' alter " 
 its objects, and not merely to ■ extend " or •' add " to them. 
 
 Kckewich, J., in CoiHalr and Cnmbrrlond llnnk'n;! Co. (.July Iti li. 1901) 
 ■aid he was sorry Coo^iti Iron Co., saino . had been reported, as hi' did not 
 understand Cozens-llardy J., to have done more than express his first 
 imi'ression. 
 
 In several rases companies constituted by deed of settlement have, under thi 
 
 r • uled Act, adopted a niemoranduin and arti :les of association in lieu of the 
 
 •f settlement, inelurling the sevc'il banks and iniuraiite eonip:inics and 
 
 4gon company abo<' mentioned. This useful power is now contained in a 
 
 ite section of tl ' of 1908, s. 'ifil. 
 
 W lien a company fornuMl not for the purposes of gain and without the worrl 
 • l.imiti"<l ' as ]iart of its name, desires to alter its objects, it must first subnii' 
 tie proposeil alter.itions to the Hoard of Trade. St. llildn'i InC'ir/ioruleo 
 fol/,1/,-, Clirllenh'iw, I 1901) I Cll. .'lati. 
 
 L 
 
 Practice under sects. 9 and 264 of the Act. 
 
 As to special resolutions generally, see <c.ts, 1)9. 70 of I90S, lui.l -'/<,■■ .Sp, ,i;i| 
 pp. 1092 it XI,,. r.-olutionB 
 
 (•'or notieos of the ini'eiinirs t<^i pas^ sneh resolutions, -ee l''ornis CJii mil t:)" '","' nolicc- 
 and notiM thereto. 
 
 No preliminary ulteratiun of urtiub's is necessary I'or resolution-, under 
 xvl. 9, see Forms .519. 512. "iipm. 
 
 V. if 
 
1814 
 
 PETITIONS. 
 
 [Chap. XVII. 
 
 II 
 
 i 
 
 
 |||- 
 
 U ■r.liniiutH'i 
 bv the ('iiiir' 
 
 Thi t'..iirt 
 
 
 Petltii. 
 
 fluniui'j 
 i \ '.>U'U' 
 
 h.il 1.1^ -.1 
 
 • Tho Jilti-ration ohall not taki? cffoct. until rind i-xii'|)t in m far m it U con 
 tirmod 0(1 iiotilioi l>y thi^ l.'ourt which ha< jnri-iiliitinn t.i niuko :iu mili'i- fur 
 viiiilin'; lip tho I'liinpany." Sect. !• CZ), 
 
 A< to fhf lomp.inifi whiih may taki> ativantari' "f Ihi- Act, ami it< Jci.p" a- 
 ili'litipil hy the Ciinrti. -irc ».',.(V7. pp. l:tli), l:tll. 
 
 A< to tho Court-' and judtjes which hud jurisdictinn under tlin repealed \.|, 
 .ee Mhinifi Sl.,1,.- l,HH»l„ipiil Co.. (\H\yi) i Ch. iKill, and .•.,(,.,«. p. I2il.i. 
 
 'I'he Court, ill ~ect<. !t and 2li4 ol th • Act, iiieaiH the Ciiurt liaviiiir jiirisdii'ticiii 
 u> wind up the c.ini|)aiiy (-e t. JSJ). anil a* ti thii, sm; so 't^. 131 and i;i:!. 
 The juri<diitii)ii !•< exi rc-i -cable liy the .jul.e^ of th" Chaiceiy Divi-i. n. in- 
 •hidin!,- the windiiiii-iip iud,'e<, and th ■ latter hive imt i-xc-liHive iiiri-iliction. 
 Ul,.,nl„l, n,„l (;.-,;;;il h'Jprtlir S.,,,/,h,. \V. \. (IHII-i) SI; /-.'..-cr ,/,,./ S.,fr„'k 
 K'jiiiliihh' /,...,•. .s',„-.. I. hi., W. N. (l!lli;i) 1112. The Court lia" jurisdiction 
 ■■veil where the company has no capital or .iliare<. H^- S,uili t,i ll.i'tl'r I !,•■ 
 ^'inm^iii, ./.....c, (I'lltll) I Ch. 4SI. 
 
 Where the paid-up capital of the company did not oxireod IU,()00r, and tlie 
 ;i.'iitioii was pn-scnted in the lli;h Court iii-tead ol' the County Coint. 'A ;L-'i:. 
 I., confirijied the alteration, hut ordered the proceedini;^ to he transfernd to 
 , he County Court. /^"/^^v '/"-■ ''■■.. W. N. ilH'Mt) Vll: S„„il,s,<' a,ir«n.'. 
 
 n T. li. k. 2'.).-). 
 
 Where the company is rciristered under seel. • of the .\ct of IHO.S (rcphieiiiL' 
 -ect. 23 ol' the Companies Act, l,Sli7) by licen • of the Board of Trade without 
 ihe addition to its name of the word "limited,'' the proper course is to apply 
 in the first instance to the Hoard of Trade, and submit to it (he in morandnm 
 -howinir all the proposed alterations; and if the lio.ird approve them as lieintr 
 •onsistent witli the contipuation of the licence, the Court will then enti'rtaiii 
 .'lie company's application for the lauition of the Court. s7. ///7././.. Imnr^ 
 r'lnlrd Cll.qr, r/irl/infiam, (1901) 1 Ch. .'i-ifi. 
 
 Thus, where the oriirinul p'iiicipal ohje t ol' an association iciristcred under 
 •ect. 23 was to encourapfe shcep-breedini;, bur was conlineil to the United King- 
 dom, and the objeet-cbiuse jiro|.osed to be iii-erted was as follows; -- 
 
 ■' ('at To encourage and improve tho hreedin'.; of sheep and to promote the 
 ^'Liieral iiit<'res|s of .slKH'p-bree<lcrs in the Inilcd Kiiii,'dom of llroat 
 Hritain and Ireland, the lirili-h Colonies, and any foreiirn country, 
 and. with a view thereto, to ailmit to membership of the association 
 I represciilatives of|, and to affiliate or federate any a>sociation or 
 -oeietv of sheep-brci'ders, whether incorporated or not, and whether 
 at present existing' or to be hereafter found in the Cnitcd Kingdom 
 of (ireat lirilain and Ireland or elsewhere,'' 
 the Hoard of Trade repiired 'he insertion of the words in s piare brackets and 
 tlic following addition: — 
 
 " (b) None of the funds of the association shall be paid to any afHliated or 
 fcdcralei! associalion or society which docs not prohibit payment of 
 dividend or profit to its members." 
 .\nil the alterations were .sanctioned subject to the above aiiicndments. 
 Satioii'i Sliir/'-Uri rill ir' .f.«er,<;^e^. I'lUikiey, .1., .August 8th, 111II2. 
 
 Sub-^cct. 2 shows that tho application for eonlirmation must be by petition 
 I'or examples of jietitions, Hoe Forms liol -653, h.fra. 
 
 As to the summons with reference to creditors and fixing date of bearing of 
 ])etitions, and as to the evidence, see Form (>.54, infra, and notes. 
 
 The order made in chambers, or, in the alternative, tho eertitieate as to 
 creditors, will follow Form 6.55 or Form 6.50, infm. 
 
 The Court must, before coniirminff any alteration, be satisfied a.s to notices to 
 dclienture holders. &c. 
 
Ai;rKKA»l<i\ OK ORIKCTS. 
 
 rt).'-, 
 
 :->.ib-scct. 3 coiitcmplut<'> iiniircs bi'inii ifivcii l)y ailvvrliM-nii'iit bi'foro the 
 petit iuii is hraril. JJiri'itioiis iih to this ailvcrti'W'int'nt an' ({iveii in tlic abuvc- 
 (Qt riti()ni*<l Miiitiiions. Toi- t'xaiiijtliH uf ailvrrtistiiit'iit-^. sn' infrii^ l"ornn t»5H, (J59. 
 
 'i'lif Court tiiay add won!-* to the rr^oliitiori io as to limit tin* fXtPiiilri! t>lijt'»'ts. 
 s> ,{■ /".>«./, \V. N. ilH'J'ii I3.>; rictl'-n,„I i:-f,ii,- Co., \V. X. (1S97) 20, 
 inii SCO ill ft 'I, Korra tittO. 
 
 I'T I'xamplos of 4H'(Ii'r- ott prtitiui-*, sol- l-'oriH' titid li(»:ia, 'ulr't. 
 
 U iitii tlir orilir is not (i.i-i-tod ami t'lilcri'il witliia tin' fiflcin ilays limiti'il by 
 ub -I'ot. C (t ompanics (ConsoliJation) Ait, lilOS, s, !) (li)) for liliiit; tl nlir, 
 
 c. till* Court will ('\t<'n<l tin* time for ri'i;istration. l^ri, r^'- ■mi't f>it*n'sf 
 ■•■or 'If, \V. \. MS')':) fiO; /Inn's Or,,,/,,, Cn.. \V. N. (IN'JO) 11. 
 
 A sapplcmontal onlor cxtonHiiii the timo was madi' Iiy Swiiifi'n I'ldy. .1.. in 
 '.inrrilii niiit /.liiihri/ /Inn/:, Novi'lIlbiT I'Jtb, l!MI'J. 
 
 Ait\i'rti>i'rniMit of thf ordrr is sonit'tintt's i-i>'|niri-d as a rood it ion. Sim- p i:jl I . 
 
 [ml, and h'orm tif'iSb. Thrro is jiiri-diction Ui rt'ipiiro it, Imt. as a LrcniTal 
 • iilo. it will not In' ri"piir»>d, por Stirling-. .1,, /,-/ ■</•■/ lii.^'.i.ii Co., \V. N. 
 
 IWT) 3. In iMic ras(. Ki'ki'wii li. .1.. diri-tfl th" onli-r fo bo aclvr-rti^.d in tb.- 
 •atiio wav as tho itrtition w.is adviTti-cl, Cii;i/ir.- V^nf' T',n>'"ii i',... \V \ 
 IS97^ 20. 
 
 nil lit iif 
 
 |>ctilt..ti 
 
 ciro. r .... 
 jH liitiin 
 
 l-".\ti.nditii.' 
 
 tin.... for 
 
 i-» ...'i-.tratii tl. 
 
 nn uf .- 
 
 Ill \h\.', Jlii,'li Cl of .)ii~tii'f. 
 ("Iiancery Divi.'^ion. 
 Nfr Justice 
 
 In tli«< iiiiilt.(.i (il Til*; - (.oy, l,iiin<l. 
 
 and 
 In tlie uiattci of Iho Cos (Consoliilation) Act, 1908. 
 
 'I'd lli.s Majoply's Hish Cnuil ol' Jii.stic<^: 
 'I'lic litiiii'.jlo pclon ol' The ~ 'I'v, Limfil. 
 Sifo\vi;tii as folltiw.s: — 
 
 1. ^lHll• poll-, llic al)i)Vi!-i),iiiJO(l iu\ (liiil'li' lailfHl ' tlio i'(iy''i, was 
 iiicoipiiiatod ill the \ear I8SH. iiinlof Hio Cos Act.s. 18ri2 to 1H86, as 
 .1 i:oy iiintd by «hnre.s. 
 
 2. Tlie roi^i.-stoiod nttieo of the coy i.s situate at, &c. 
 
 ■'.. The capital ot'thf ov is l,oO(t,i 00/., iliviii-d into 100 000 sluii-es 
 III Ml. oacli, in rospeol wlicioof the sum of 'il per sliaie coiistitutc- 
 i le.scrvwl liaiiiliiy, and is not capable of boiuo- callt3d up'o.vcopt in 
 Iv cvuul of and for the purpose of tiio coy beiu<r wound up. All the 
 -.1 sli;mw iiav<' boon issued ami aie pd up to the extent of 1/. per 
 ^liare. 
 
 I. The objeci.s for which the coy was est;iblishod are f-et forth in 
 l.iuse .". of it.s nicuiduui of as.soii as folio \v.s;-[//i>ce set out the 
 ■>l>jectii.] 
 
 5. Shortly after its incorporation tlio coy commenced, and has 
 ■•■ntiniif-d *>ver =iii.-«, l-i c^irr^- on Ivusiiifis, ;,,id has mrrii^d "ii tlio 
 aine with considerable f'ucie-i's. 
 
 '!. \\\ special n'.solulion of the coy duly passe<l and coiilirrnod in 
 iniord.iiico with sect. (iO of the Cos (Consolidation^ Act. 19J8, at 
 
 4 p 2 
 
 Form 
 
 651 
 
 r. '111..1 
 
 t.. 
 
 loiitirm 
 
 
 ..\i. .-I. 
 
 !l 
 
 .t i.l.i. < 
 
 t«. 
 
t.tIK 
 
 PKlITlONf. 
 
 [Chap. XVII 
 
 S-» » 
 
 i 
 
 Form eiSl extraordiuarv gt- neral ine«tiii>fi4 of the toy, held resply ou, 4o., it 
 was resolved us follows, that ii+ to say: - 
 
 "That the jirovisionM of tlic lucnidum of ossou of the ooy with 
 respect lo the coy's objects be altered [by addinj,' to puragraph C of 
 clause .3 of such mcmiluiii of iis-^on the words following, that is to 
 eay, " &c., Ao.j. 
 
 7. The proposed exiensiou of the objects of the coy is required to 
 enable the coy to carry on it' business more efficiently, and also to 
 carry on certain businesses and classes of business which, under 
 existing circumstance-', may conveniently and advantageously be com- 
 bined with the business of the coy. 
 
 8. In tho couTfi' of svicli business the coy has accumulated a roservp 
 fund of upwards of 44,0002. lipsides its ofiginal capital of 100,0002 
 which includes 70,2002. 14». Od. vested in trustees. It ha.s now u 
 largo and coniiiiually cxtendiuir couiiection, and it has extensive 
 opportunities of doin^ liusinoss of tlio character aalhoiized by the 
 proposed extension of objects, and oxporionce ha.s shown that it- 
 objects an tlioy stand uro inconveniently restricted, and that its exi>t- 
 ing business is detrimentally affected by the ab-ence of tlie i>ower- 
 which would be conferred by the objects set forth in tho resolution 
 Those additional objeciH are recjuired iu order to enablo tlio coy to 
 meet the wants of its customets. aiid t^ t:iUe full advantage of the 
 opportunities which it has for doing business. 
 
 9. It Is ai)prcheniied that on tho true coiistruciion of the coy's 
 mcmduni of aason tho existing objects of the coy comprise some of 
 the objects set forth in tlie sd special resolution, and in particular 
 indemnity business would appear to fall within tlie existing objects of 
 the coy, aud .some of tlio other objects set forth in the resolution would 
 sconi to fall within the words of paragraph 12 of clause 3 of the sd 
 memdum of asson, which empower tlie coy ' to carry on any other 
 business which may seem lo the coy capable of being conveniently 
 carried on iu connection with the above." but in order lo facilitate 
 the busiiii-s of tho coy it is desirable to preclude any question or 
 doubt in the matter. 
 
 10. Tliecoy hasuodebniluiedebt wluite\or, but is usually indebted 
 10 "-onera! creditors for wages and salaries and otherwise lu the 
 e.xleut of about .'J002. a week, and tliis indebtedness varies from week 
 10 week as tho accounts come iu and are pd olV. 
 
 11 . Tlio toy has issued in the cuurso of its business a iarj^e nuiiibei 
 of policies of guarantee and other obligations which are now current 
 
 12. The coy has ample working copital, and its assets are far inori 
 than sufficient to pay all its debts and to make good tho whole of it- 
 pd-up capital, and, moreover, has plenty of capital to work its busi 
 ness and the proposed additional business. 
 
 i;!. No one will be prejudiced by the proposed extension of tip 
 coy's objects, and it is just and equitable that the sd special resolu 
 tion for the proposed extension of such objects should Tie confirmed 
 
AM'KHATION OK OBJKfTS. 
 
 iMi: 
 
 Vour you thfrelort' humbly- jira^.- us t'oUows;- 
 
 (I"i That the ulteriitiun of the coys objoctH pmposed to lt«> 
 I'llwtod by til' ad .special rosolutioii not forth in piiru- 
 irruph (» of Uiit jm^Uhi miiy be couliriiiod by ibc ( imil 
 purfuaut to sect. 9 of the Cos (Coiuiolidationj Aot, l!K)8. 
 
 C2) ()i that such other order iiuiy be made in the (jroiiiisu-i as 
 lo this Honourable Court may ooeni moot. 
 
 And your petitioner will ever pray. fu:. 
 
 NorK. It i.H not intended to Nerve tlu'* petition on anv person. 
 
 Form 651. 
 
 '|Uiri- uttirr 
 
 8. liy special resolution of the coy iluly pu^seil and couKnnod at Form 662. 
 general meotinfp of tJie coy, hold re.«ply on, Ac, it wa.s rosolvi'd aa ,\,„„|„r 
 follows, that in to .>*ay;- ri',.wer t4i 
 
 • 'iliat Article 9 of the deed of settlei-ient of the coy, dated, &c., bo "'„,,„^„ 
 altered by in.scrtinjj therein, imiiiediiitely bofore the word.-i 
 'but of no other adventure,' the word.'* ' including the ac({uisi- 
 tion ami takin;^ over of the goodwill of any other baiikin^r 
 busine.s8, and the whole or any part of iho as-sel.^ and liabilities 
 of the proprietors thof in connection therewith.'" 
 
 *) The proposed e.xtonsion of the objects of tho coy a.s afsd is 
 required to enable the coy to carry on its bu.sinoss more economically 
 and more etiiciently than heretofore, and lo attain its main purpose 
 by new or improved moan.s, and also to enlarge tho local area of its 
 operations, and, further, to enable it to carry on some busine.s.s or 
 bu.sine.sses which under existing circumstances may conveniently or 
 advantagoou.sly be combined with the business of the coy. 
 
 10. In particular, if the sd e.-ctensiou of objects is sanctioned, the 
 coy will be iu a position to adopt and carry out tho provisional 
 urangements width have already been niaile for the acquisition by 
 fjie coy on favourable t«.'rms of another important and jirolitable 
 hanking bu.siness, and llie accpiisition of that business woidd enable 
 ihe coy to carry on it.s business more economically and more profit- 
 ably, for it would e.\tend the bulk of the coy's business and profits 
 without involving a proportionate increa.se in mauageineut e.\pen.ses. 
 Uidess tho coy's objects ai-e extended as afsd. it cannot acquire (bis 
 business. 
 
 1 1 . There is now great ooiupelition in banking business, and that 
 kind of business is not so profitable as it was. Tho larger a banking 
 bu.siiieBs is the more economically and profitably it can be carried on, 
 and tho Ijcst and cheapest way of adding to the e.xteut of the bank's 
 business is to acquire and absorb other busiuesse.^ of a sound and 
 profitable character, but by reason of tho limtd scope of its objects 
 thin oour.se is not at present open to the coy. 
 
 12. The financial business of the coy is good. At tiie date of the 
 
 . It f 
 
I 
 
 <M\- 
 
 KIK 
 
 Form 633. 
 
 PETITIONS. [ClIAP. XVI I 
 
 laat ballinL'«•^httel issued by tho directors, that is to say, that of tli>> 
 '•Hat duy of L)eueiiilM.>r, 1910. iho KiiauRial position wan ohown V) ^'i 
 aud WHS as follows: •- 
 
 AmcIh ollioi' thnii iiiii'ullod capital £ 
 
 L)eLt>i niid liabilitieo £ 
 
 SiirpluK t' 
 
 To whicli iinist Ik! luided: 
 
 1. Cupital uiK'ulU'd, but eapubk* ul buiiig cullod 
 up oa iho pro.it'iit i.sHUod 40,000 Bliures at il. 
 pet (*hare 1 
 
 'J. Kci>ervc ciipit.:! only cupiiblo of boiiig calle<i 
 up in tlic evont of windinfr-up ou Iho prosoiit. 
 i-sMiud 10,000 sliuros, that i^ to say, nt 10/ 
 per share i' 
 
 Total ii.><«ol.- over lialiilitioH £ 
 
 I' t 
 
 The toy iuu" moreover, uiii.isufd 1,000 shares of 25/. each, or 
 100,000/. of capital. The position of tho coy sinw tlie date of tlm 
 sd baluni«-sheet has not materially altered. 
 
 13. Tho profits of the coy for tho year endini; the ;iUt day of 
 December. 1910. wore upward.-t of i.'- 
 
 14. Tho uiarkel value of tho coy's .•thare.'t witli 10/. per share pd 
 up is 24/. \)er share or thbts. 
 
 1,5. No one. &c. 
 
 Fiilinh an in Form K5I ] 
 
 4 - ^K 
 
 Form 653. 
 
 I'l'titimi fir 
 ubtainiuf! 
 inciiKjraiiduiii 
 and articles 
 uiiilir the 
 Alt nf lailS. 
 
 Ilemliity as in Form tJol.j 
 
 1. Your petr. the above-named coy (hnftr called 'the coy"), win* 
 established by a deod of ■•settlement, dated the J! 1st day of March, 18.5 1, 
 and was completely registered under the Act of the 7th & 8th Vict. 
 c. 110, under the name of "The L. Fire and Life Insurance Coy." 
 and was registered in the year 1802 under the Cos Act, 1862, as an 
 unlimited coy, under the same name. The .«d deed of settlement has 
 from time to time been altered by resolution of the members of the 
 coy, passed and confirmed in conformity with the sd Acts resply 
 
 2. In the year — - the husinass of the ('. Life Assurance Coy was, 
 with the sanction of the Chancery Division of Her Majesty's High 
 Ct of Justice, amalgamated witli that of tlie coy, and the name of 
 the coy was then altered to its present name, that is to saj[, the L 
 aud C. Fire and Life Insiiranc« Coy. 
 
MKMOHANhl'M AM» AKTK'I.FJ*. 
 
 |;uu 
 
 ;i. TIk' r<'pi.'<t<To<l ollii i» (it tli(> roy is si'iiatp at 
 
 ». Tlio capital of llii« v<>\ in L»,0O(l,(MI(l/.. .liviilrd iti'd Jim.Odii sli^ir 
 of 10/ <Mi|i, I l.'i.lL'O iif which h:ivo liccn i>-iiO'l. :iti(l trf jhI up to ih. 
 extent of ll.'.< per shiirc, iind no iikii-p 
 
 ,V The iiiaiii otijocl.'* nf tlio coy wcio oti;.'iiially not tuith in c laii-" I 
 of tho wl ticcil of nt'ltlcniciit, lull in llic mniilh of iKv . IM'.tl, lluii 
 . laiiM' wa- Mio liticd liv <pc( ial H'sululinn. -o a> In i'\!<'iiil the niv ■. 
 (ih;<Ml.>. ami -iicli •'pcrial ro-i.i|ntioii wa^. in the nioiilli uf laiiiiai v 
 18i»L'. i<anrlioii<'<l liy thi< lldinmiiilili' ('I iiinlcr tin' Co-" ! Mi'inijnn, 
 (if A.--Mrii All, IK'.tl), .!• «il clillfo, a" lliii- nii'ditiid. n'.H'- m 
 
 effect Ihai lliP shaioholilcr.- an- a-Jniiiili'il a- a coy ' foi- ollcctiii.; 
 iii>iiraiicps." i*tc.. iVc. 
 
 '; Shortly aflcr i(.« ini nipoiai ion the cny coinmciici'd liii-ino-<H, ami 
 hai» ever sinip coiitinuixl to cany on tlip wmic 'itli i frnwidcnil'l" 
 sucoew* . 
 
 7 The foriM of the coy'» enniiitution havinu ln'oii I'oniid iticon- 
 
 vcnifiil, and the d 1 of mMII pnl af^d haviiii; liePii fnuihl ciinilie.. 
 
 xonip, il liPi niie ih'^iiaMc tu al'ei' ihe form of the coy '^ constilM'i'ii 
 an<l accordingly a nieiudnin and lutf of a»-oii aeip prepured. iimli'i 
 the stipprvision of tlio diiM>ctori of Ihp cuy. and weie re"oniinendeil 
 liv tliPin foi' adoption, and with roferpnce thereto the special resolu- 
 tion hnfir inpntd was pa-^'<ud 
 
 S Hy spei ial rexilntion. &v. (a- in claiiM- li of Koini .'ilin. il v\a- 
 i-pi-iolvod a- fnllowf. that is to say; 
 
 '.I The following; is a I'opy of tllO -id pi-opoM'd niePKiiiMi ol a--oii 
 that. Is to say. tSc<- 
 
 H> ('lanM' .1 ot till' .sd nieindiini of a-^on. in ariordanie villi the 
 niiidcrn practice, specilies the object.-) of the ■ ov in ciin>i(h'ialile detail, 
 tail, not so as to alter or oxiPiid the leading; and principal .ilijecl> m 
 ilip (oy. The adoption, however, of this clau.->o invoKe> u linnii'd 
 extepsion of olijects. in order to in\e-l the my with ancillaiy jiower.- 
 which it ilpsiips to pos.s(>.s-. and which arp eonvpnieiitly vested in ollci 
 lik OS. The proposed arts ol asson r'onlain a cndc of leiiiilatinM.- 
 su olo for the (inrpiLses of tin' coy 
 
 11. The alleraliiin in the form of the coy"s eonstitiitiiin by stib- 
 stitutiiifr a iiioindum and ait.s of a.ssoii as afsd for u deod of spttlpiiienl. 
 is pxpodipiit. for Ihe followinjr ainon<r other reasons, that i,« to say: 
 
 (l."* IWnii.sp. having re|.;ard to the tPiiiis of sect. 2ti:'. of the Cos 
 (('ons<ilidiilioii I .\ct. inOK which i> apidiiable !o the cny. 
 doubts may be raispd as to which clauses of the deed of 
 •spltlpiiiPnl of the coy must be regarded as i-onditioiis. and 
 uhic!) must !ip yp'j -. -'ed u.s reirulations of the coy wiibin the 
 nipaiiinp of that wctioii. and accofdinprly it is prueticiilly 
 inipo.s.siblp without thus alleriiifr the form of the coiislilu- 
 li.m to simplilv the provisions of the <U-i-<\ of sclllemeiit a- 
 dpsi.-ed 
 
 Vorin 6M 
 
L 
 
 1«M» 
 
 form 663 
 
 I'KTITIONH. 
 
 I (.'HAP. XVII. 
 
 CJ.) IU<iiiuB«) il i> ilo'tirablo, ill ftruorttaiuo willi lutxlurii prurtinv 
 to oxpruKt tlio objt," IH of Iho coy iti gioalfr dptuil so uh ic 
 iivnifl iinil |ii«>i liiil"'. -i> liir n.* iimy )>b, all doubts u-* in 
 (hi> <oy'» |Mn\t)r" within thi! uiiliiiuiv t»<>\w of il.t bu-^iin'^^ 
 
 (;!.; ltoiiiii><> 11 toii.«iinrii>ii li_v iiMMUiluiu uihI uiI.-< 1)1' u-isori is uoh 
 so wpII uinlei.ilood botli ut liomc and abroad tliut tho jjo-,- 
 jtetiiou of '♦ui'li a loii-itilutioii fa<iIitol«;s busiuexn, aii<l 
 prculudrs iiuu-itions us to liow far u (wy I'oiwliliitod liy di.'fil 
 of HottltMuout, lhoii(^h roiri-'I'Mod, stuiids in a liko jiosition 
 
 ( t > I'ecauio ill Didor lu iiiui'l thu u.\iiliii^ ilciii.iihN and 1)1()->j»m • 
 live dovolopincnt of bu^iuos^ mid lli« giowini,' (.ompctition. 
 it is newiSNurv tn seciirt- sum" i'\i('risi<iii of tb" nbji'itx n! 
 
 IIk' I'OV 
 
 12. .Vll tlu' obj<'(|v< of ilie tov .-ol lorlli in iIuum; ;| of ihtt proposod 
 luciiiduin of ussoii uro iiocessary for tho diio workiiiir iiml dovtdop- 
 iueut of tlio Loy's busiiuiss. in a<ioidanaj with llio piaitico «if 
 issuranco cos of tii« kiiul iv* now provailiui; in Kiisrlaiid, and so I'ai 
 .IS the adoption of such objei.ts invnlvus un oxti-iision of tlio pn'scni 
 ■ibject.s. nuuli o.\tonsioii is roiiuirod to eiiablo llio toy to parry on il.- 
 Iiusiness more CL-oiioMiically and iiioro pitiiicntly than lu'retoforu, and 
 \i) attain its iiiaiii puipo^o by now or iniprovod nioanu, iiiid o.^i' 
 10 enlarj^o tlio Io'mI aroa of it-s o[)eration.s, and furtiior oiufib- it to 
 oarry on t«)me bii-inoss or businesses wliirli undvr i'.\i«liuy (irciiin- 
 <fanf0.s may coiivciiicntly oi- advanta<j;ooiis|y bo cuinbinfd with tin- 
 liusincss of the coy. 
 
 l.'i. With thp OMfptiun of tho obliy;ations of iho coy in respcci 
 of policios and unnuilio.s, and of iho current expenses for tho manag)'- 
 mont and I'ondurt of its all'aiis, and of the sum of il and current 
 
 interest u\viii;r in re^|)Oct of debenture stoi-k of tliat aiiU'Unt, issued 
 as Iinfir inentd. the coy is not inilelded to any iH'isons or companies 
 whatsoever. 
 
 14. The nd sum of t debenture stock was issiu d In I coy in 
 
 the year l'.Mi;», as autliori/.od by clause 7 of tlio sd deed of settlement. 
 as amended by sjiocial resolution in tlie year 1871. Such clause as 
 amended provides, among.st other thin^is, that in the event of the 
 busine.ss of the C. Life Assurance Coy being taken over as afsd, the 
 liiroctois of your petitioner might con.stituto u debenture stock not 
 e.xceeding C , to be called 4 p.c. L. & C. Debenture Stock, the 
 principal of such dolpcntiire ■-tork to be made jiayable on the .'Ust 
 day of I)e<einl)er. 11)41!. an<l that sik h (lebeiifiiro stock should invry 
 interest at the rate of 1 p.c. p. a., uird that .such interest should !«■ 
 securofl as a first chartre on tho annu.d profit.s of the coy applicalilc 
 to tho paj-ment of dividends, and in priority to all such dividends, 
 and that tho deed constituting such .stock sbouM be in the terms 
 of the draft therein mentd, and that the sd directors might issue 
 such stock in accordance with the agreemt for the acquisition of the 
 
MKMOKANDDU AND ABTUTI.KS. '•*•" 
 
 '.uMiiew "I >!•«• ' I''"' A-xuraiu'B Coy u» nam tioiu .1 l)> the Cl •* Form 663 
 M 
 
 l.">. Tlio -<l .Ii'UmiIuk' Muck WU-, ill jnii-iiiiii>o ol hihIi aijrceint, 
 ..^uutl i'> til" -haivluililori of llio imI C. Lite Assurum* Coy, <.r tlioir 
 iidiiiitiw . .1- liilly jxl ii|i, uikI us jil of ihu ooinoii for tho h(1 umultjii- 
 ii.ili.)ii. »i ollior\viM> dealt with i\^ (iroviiiwl for hy »ueli a«;r<-oint. 
 Ii;. Tlw liimiuial |><»ilion of tin" <<i.v i-< uxtrfiuoly jjocjil. At tlio 
 lao of llio lust iMihiiiw ^luvt liiM Doioml.cr, IHOl ), ilu< iwilioii vt>i<t 
 m follows:- 
 
 \i..M>t« ollior than iiui'ttlUxl capilul X 
 
 DrlttHnixl li.iliilitic- lii-n- ii'ni' iKtrlintUiri t' 
 
 ^111 |ilii- ^ 
 
 I'll wliicli Piiii^l I* a.l'Inl .a|)il.il lili alloil. lull 
 ('a)ttilil<' I'l liciliu; liillloil U|) 1 
 
 '("■iliii .-inplii-' <if a>-«'t'> oM'i liabilitic- I' 
 
 Till' posilioii of iIk' t<'\ -iiin' till' "lato ol tliu h<i balaiio' ^liuct han lioen 
 ►iK'iigtiiciiod lliiaiiciallv ami olii('rwi>o. 
 
 17. Tlio |)rolil-< foi' tho ihiitoi'ii iiioiitli.i I'lidinj; itlsl Diuombor, 
 
 . ill K'sjd'tl of tlni lOV xM'io upwaiils of £ 
 is. N'd (Mio Hill 1«> iiiojiuliioil liv the proposoil altciatiim in llio 
 tonii of iho loii-'tilutioii of tho loy, or by uuy oxloiisioii of the coy's 
 .i|)jett.«i iiivolvod thuriuii; and it is just mid oquitablo that tho fid 
 -|«.Hial lo-oitiliiin for snli-;ti'iitiiijr tlio sA iiuMiidiim and arts of asson 
 lor ihe sd di'od ol st'f.U'iin'iit .-hould bo loiilirnii'd 
 Your petitioner thorcfoio humbly prays as fnllows; 
 
 (1) That tho altoraliou in (lio form of llio iii\'s con.stitutioii 
 propose<l, ill- 
 
 h'hiiih nK in Form Ii.'. I . hiil rcjcn hiji hi f 1 > /o /trrl" 'J and 204. ] 
 
 Jl'itte ns in Form liol. i 
 
 li«t, o;t., Oil llio lioariii^j of an upplicoii on tho pt of tho 
 liiiutd, thii! it may l>e declared that tho exloiision of objoits propo>,od 
 
 by the poiition prc-^onted heroin on tho day of , will not 
 
 affccl tho cretlitois of tho coy. And that a day may bo fixed for ^f^' 
 hearing the sd petition, and dirortions given for advertising the i,.„l f,ir tix-.i.^r 
 presentation of tho sd petition. 
 
 \\lte<\. Sir 
 
 Signature of Judge. I 
 
 Form 654. 
 
 SillrinHrll:^ for 
 ili-<-l:ir!tlliin a- 
 til iTiHlilnn- 
 b''iiiir iin- 
 tr.1 liv 
 
 ii.it.' of lii'iir- 
 iiiir iH'tii 
 
 Immediately afU.r tho priMrntatluii of a pt'titioii aridi'r bcit. 9 uf the Coiu- 
 l.:im<>i> (Conaolidntion) A.*. I'MIK. ri-phi'-inj.' lUf ("niii|iiinic« ( .Xfi'imirandiuM of 
 
1.122 
 
 I'KriTIOXS. 
 
 Chap. XV 11 
 
 Forni 654. V^uuciutioiu Act, 181I0, u .lumiiiunH should be taken out. The summnhM iim\ h 
 - in tlie ahovi' terms, or it may Iii' an ordinary snniniorH to proct'ctl. It .■'liniild !.i 
 supported liy affidavit evideme verifying the petition, and stafini.' in wii • 
 newspa])ers tlie advi-rlisenients slitmid be insiTted in or. lor to Itrinir the matt t 
 to tlie noliee of ereditors. .V eopy ot' the memorandum and artielis of a88o( iatii.ri 
 and the original minute Itook of the proeei^din^i of jjeneral meetings should li. 
 made exhibits, and there xlioiild be striet evidence of the meetings havini; been 
 duly convened. Oiunhnn liivislnirnt Co., { I8!(5) 2 Ch. 127. In due course, tli" 
 Slaster, or, if the case in to be heard by tlie «indin^'-up jml);. . tlie He ^.'istrar, » iU 
 give the reijuisitc direilion-s, and either si'jn a eertilieato within the fold of thi' 
 petition as in Form ii'tl, or make an order ad in Form Ga.'>. Sometimes lit. 
 summons asks for a declaration that the ereditors are not entitled to obje. . 
 Sec provisf* to sub-se.t. :i rtf the section. 
 
 Form 656. ll a[)peaiiiijf tluil tlicio aru uo dobouture holders oi eri'diioi.-, v\l ■. 
 
 ,. , are entld to objeit, or person.'' wlinso intorost< ;iro udeeicd bv tlie 
 Older 111 . . 
 
 chaiiib.rs for pKHio.scd iilloratioii uiid t'Xtcii.siori of objects, the judf^c diroets thai 
 
 petition to oe jj^j^^ i)otitiou la to be placed in the papei for lieariajj before hl^ 
 
 hearil, ipnd ' ' ' ' = 
 
 adv'iti-e- l,or<l~hip oil day, the day of , and that llio sd peiiiioii 
 
 """' aud tilt' ."d day appointed for the heariujj thuf, bo advertised once each 
 in the Loudon Gazette, the Tiinen. the Standard, the Vailij Trie- 
 grajilt. the Dailij News, and the Morning Post newspapers. The 
 insertion of the la^st of such advertiseinent-: In bo at lea-, ton da\ - 
 before the sd — day of . 
 
 Chief Clerk. 
 
 Form 666. 
 
 .Vii'.ther. 
 
 Upon the apiilicon by suinrnoii.s, dated the lt!fh Doci'iuber, IH'.t;, 
 of the above-named coy. the petilioneis named in the petition i)re- 
 ferred unto this Ct on the 14th JJe;f'mliir, 1807. .-md upon hearing- 
 solor.s for the applicants, and upon readiiiir the f,d jieiitioii and nn 
 afft of E.. filed, itc . ami the exhibits therein referred to. and it 
 appearing that there are no debenture holders of the above-named 
 coy, and the Ct beino- of opinion that the advert is<'inents linftr 
 directeil will he sullicient notice to all por.soiis whoso interests will 
 bo atlected by the propo,s«'d alteration and extension of objects nf 
 the above-named coy. it is ordered that the sd pelon be placed in 
 the paper for li(>arinp: hetor*^ his Lordship, Mr. .Fustice Wright, on 
 Wcdnestiay, the 12th day of January. l,H".t,S, and that the presentntion 
 of the sd peton and the sd day appointed for the hearing' thof be 
 advertised on or liefore the alst December, IK97. niiee earh in the 
 London (la:elle and in the Thiiej< newspaper. 
 
 II ^ 
 
 Wright. .1.. Jlst Der.-mtiir. IM9T 
 
MKMOltANDirM AM) AIM l(I.l> 
 
 I 52 
 
 cm 
 
 I'liu fiilli'wiiii; »a^ tliu iuriilii hlo iu uii im|iorijiiii c^wi lu Ift'Ji!: 
 
 1 wililv 
 
 Tiial llit'ic aio uu IimUim- oi dobuniuio- mi .liboiiluro slock 
 ul' iln' CUV. Sullicii'iii iiolicv liii.^ 1)0011 yiveii to all ) »'i>oiii, 
 ill- ^■lu^^ nl' j.i i -nil-, uli(.-<' iiii(!io--l^ will III' iilU'i'U'tl b> tin- 
 ulteialioua in lln' "iood ol .-o(lU;iiioiit iiuiit I in tliii jioiiii 
 
 Tlioro iiro no civ<liiorr- oi ilio lov onlM to olij'Cl t<> liio 
 nitoiation.s <'.\(i>iit tlie jiuliiv Juililor- and anmiitiints. and 
 llu'\ liiiM' liail Millirioiil iioliK". Till) (inly i'lti''i dol>U ol 
 (ho coy aw cuiri'iit oliico exiiuii-e- The sliaii'liulicr- 
 al>o have had .-ulliciint iioiii^i-. 
 
 - -. (Miiol Clnrk 
 
 Form 6f>7 
 
 Macti'r'- 
 
 .:t'rtitl-nt»' I* 
 t.» rr.illtor^ 
 
 .1.1 
 
 rilC follliwillU i-i til'' llSCKll I'MIII .1 illlMftl-iIM.-Ill : 
 
 Xoticf is lili\ j;iv(ii llial a pclon u.i.- .m llio day ni -. Form 658. 
 
 19-. pifsonk'd (0 Ili.^ Majiwhs lli-ii CI of dii-tico liy t!io alio\o- y^,.,.,|^,. 
 
 named coy 1o coiifirin an alteration ol' the sd coy'.-^ oliji'i.'t.s propi'.-od in. m n,.:...- 
 
 to be tdlcctcd by a special ro.Milution of the coy [unaniuiously] pivs-ed i',^,|,'','"'„a" 
 
 at an «'\tiaordinarv srenoial incotinir of the ^d coy hold on iho iiii.ii.iid 
 
 day of , 19—, and sub.so(iucutly unauimou'^ly confirmed at an '"'""""" 
 
 extraordinary j^eneral meeting of the .-d coy hold on the 
 -. I'.i--. and which re.-'olution runt; as follows 
 
 - - (lav of 
 
 li.'lillnu. 
 
 [Set It out.] 
 
 And notice is further <^ivon that the sd [lotau i.s directed to lie 
 
 heard Ix'tore tlie Honouralde Mr. Ju.slice . on Saturday, the - 
 
 dav of — . 19--. and any jier.><on iiiti'ic-.icd in the sd coy, whether a;* 
 creditor, policy holder, or otherwise, desirous to oppose the inakiii;: 
 of an order for the coutirmation of the sd alteration under the above 
 Act, should appear at the time of hearing, by himself or his couasol, 
 for the purpose, and a copy of tlio sd jieton will bo furnished to any 
 such person reiiuiring the same by iho coys s,)l,)is. Messrs. 
 
 of No. , Bedford Uoiv. London. W.O.. on pavm.'ni. <>( the roL'u- 
 
 lated chara:e for the same 
 
 Daf<>d the day of . 19 . 
 
 . Stdors lor the en . 
 
 No(ic<' it* hbv iriveii that a pelou was presented to the Hi^h Ot Form 659 
 
 of .Fustice. Chan«>ry Division, on the day of , for coiifirimntr Annlhor 
 
 siMv iul fsolutionx P(v*se<l on the - dav of — -, and confirtneil on ilihi-ntiui 
 
 ' ' ' ^ II ■ " 1 iH,|il,Ti-l. 
 
 the - dnv of . (o the ellect followiim. namely:- - 
 
 i.s'.'^ it out ] 
 
1»24 
 
 PETITIONS. 
 
 [Chap. XVII. 
 
 |i = 
 
 Vlt 
 
 Form 6fi9. '^nd further take notice, thai Nuch peton is directed to be heard 
 hol'oro }iis liOrdship, Mr. Juslico North, on the day of . 
 
 Any jieroon, boinj^- a ilobciiluro liolJer oi' tlio .^ocioty, desiring to 
 oppobo tho makinir of an order for so altering the provisions of thf 
 deed of eeltleiucut of (lie sd society under the above Act is roquircd 
 witliiii tliioo wcek.s Iroin the service by post of this notice, to ■i<>n<l 
 notice of such desire, with tJio gi'ouud^ of his or her objections, to tlir 
 Becivfiiry of tJie .sd society, Mr. A. B., at the re;j:istcrod ofBcp of the 
 
 society. Xo.— , , r.Diidijii, M'.C.aiid a > opy of the peton uill li> 
 
 furnished to any person being' a debenture lioldor of the sd society 
 re(iuiring tlie same, by the undersigned, tJie solois of the f^d society, 
 on payment > •' the regulated charges for the same. 
 
 And further take notice, that any such debenture holder who has 
 ffiven such notice may. if so advised. ;ittend in Ct on hearing of the 
 wl iieton and )»> heard thereon. 
 
 Dated Ibis 
 
 dav of 
 
 -. Snliirs of the sd society. 
 
 TliC at»ove forui of rin-ulur ti» (ifbontiipi* liolclcr^ was approved by Mr. Justicr 
 North ill a case before him. 
 
 Form 660. 
 
 OrdiT i.ii 
 p«>titinn. 
 
 Upon tlie peton of the Society, Limtd, on, &c., preferred unt(' 
 
 this Ct, and upon hearing counsel for the petrs, and upon reading 
 
 tlie sd peton, signed by Mr. . the general manager and secretary 
 
 of tlio sd society, and and , two of the directors of the sd 
 
 .society, and having the .seal of the sd s- liety afli.\cd thereto, tin 
 
 I hive following affidavits, all <ile<l the of . naniolv, (1) an 
 
 allidavit of the sd and tlie exhibits '.herein referred to; (2) an 
 
 alhdavit of , (3) an affidavit of and the exhibits therein 
 
 referred to. and the London Gazette, the Times, the Morning Post. 
 the Daih) Tclcfiraph. the Ihiihi Sewn, and the Standard newspapers, 
 
 all dated the - day of , and each containing an advertisement 
 
 of the ])re.seniation of tlie sd peton: This Ct doth order that the 
 special resolution of I lie sd society, pas.sed and confirmed in accord- 
 imco wiili sect. 51 of the Cos Act, 1802, at extraordinary general 
 iiieeting-s of the coy, held resply on, <tc., altering the memdum of 
 ii-sson of the sd .society, as iu tlie schedule hto .set forth, be conlirine<l. 
 in pui-suance of the provisions of the Cos (Memdum of Asson) Act, 
 18110. And it is ordered that an office copy of this order, together 
 with a printed copy of tlie memdum of asaon, altered in accordance 
 with the sd resolution, be delivered to the Registrar of Joint Stock 
 (kiiii|)auieK within fifteen days from the date of this order. 
 
 r.nw Union, te. Soe., North, J.. 27th April. 1896. 
 
MKMOKANDIfM AM) AKTICLKS. 
 
 i;wf» 
 
 Upon the petou of Tho Halifax, Jco. Baukir.ji Vo\. l.iiurd. ou the Form 661 
 
 i;Jth of Marcli, IH'.t'.), pieteinHl iiut.i ihi^ Uourl, and upon hearing ,,,,],,,■„,. 
 
 .'ounsol for tlio potiN, and upon roadiiip- tlic «d polon. iiii imlrr dalc'l i; n. ral 
 
 rhe 2Mh of April, 18U'J, an allt of \V., a. joint ullt ot , an .tin ;',;|:;[;,',';;,';,;|','„ , 
 
 of P.,un(l a joint nlYt of .all tiled the llth May, 18!)it, and the ami irti. i,- h 
 
 nxhibils therein referred to iii tlio London Gazette. 2.Hlli A(ii il, iM'J'.t, J",.'^,,',,',, I'J" 
 the TiiMS newspaper of the 28th April, IS'J'.i, the Jlnlihix Cuuncr „.ttl..m. • • 
 newspaper of, ic. and .■'oveiul other looal iiew>paptM> . each con- 
 uiiniii^- an advert i-oiiiem of thu priv-ciilulioii of tlu' .-d pt'iuii, and d 
 )lio (lav lixed for tho iieaiin}^ tliof, and a noliue lu crddiliii.-. sliurc- 
 liolder^, .stoikholdiM.-. and depoMUirs: Tlii> Court dotii, piirsnunl to 
 the Cu3 (,Meiuduiu of A>soii) Act. 18'JU. i-onlinii, witli certain inodili- 
 ■ ationhi. tlio •lioratiou in the foiiii of the constitution of ilir above- 
 named i|)n^ed to bo elloctod by tiio .-itocial resolutiuii (duly 
 iiassed . I Uriuod at j;oiieral nioiMiny-s of tho above-named coy. 
 held ou , .;i January. 1«'.)'.'. and the Ittib day of February, 1891)), 
 sulistituting tho memduui and art.s of a.-:.sou submitted to the sd 
 nioctiu<j-> for tlio coys deed ot sc'tioinont datdl tlio 2">lh \ovoniboi . 
 I82!t, aji amended by the coy .s .supploniontary deed-, dated the Hth 
 .\u^ii.-5i, 1813, tho tth .Vpril, 18,->:i, the 7tli Soiiiembcr, ISii:!. aii<l 
 fur all rog-ulations of the coy .>ubso(iuonily made and then in force 
 And office copy with primed copy of uionidum and arls of a.-i-<ou to 
 be delivered to tho Ue^'istrar within lifloen <Liy< from the date of 
 this order. Bvrno. J.. 13th May. 18;t0 
 
 "SCUEDI LE. - 
 
 It will be noted that tho above order contirms the alteration to be effected by 
 the resolutions. This is, no doubt, tho correct form: it is what the Act autlio- 
 rizea. But in some eases the order, by an overaiglit, has been to confirm the 
 resolutions, just as in reduction easi^ it used to bo tho practice to oonlirm i\\>- 
 resolutions instead of the reduction. 
 
 Upon the peton of tho Waketiol.l and Barn.sloy Union Bank, Liiut<l Form 662. 
 (,iiiiftr called "the coy"), on the 2aih of July, 1897, preferred unto a,„„i,. , 
 this Court, and upon hearing coun.sol for tho potrs. and upon reading 
 iho .sd petou, a v-ood of .settlemout dated tho 1st Dec. i832. and .i 
 dood poll dated 17th Oct., 1883, an afft of S., chairman of tho 
 directors of the above-uaniod coy, tiled 2(1 July, 1807. and the .several 
 oxliibits resply therein referred to " B. ' and C." being the said 
 deed of settlement and deed poll, tho London Gazette of tho 3()tli 
 .lidy, 18<)7, tho Titnen uew.spaper of the 30th July. 1897. the Daitfi 
 Telfginph nev.-.spaper of the 30th July. 1897. the Wnlefield and 
 West Biding Herald newspaper of the 31st July. 1897. the H'a/.v- 
 tield ExpreM nowspaiicr of the 3lst July, 1897, ihe Dssetl Oi.i^etvei 
 of t'o 31st .luly, 1897, and tho Yorkshire Post newspaper of the 
 :a.st luly, 1897, each oont^inintr an ailvertisomont of the time lixo<l 
 
 L 
 
I32t) 
 
 PEIITIONS. 
 
 iClUP. XVI 1. 
 
 Form 662 ^^'^ ''" 'I'-'iii'i^' "i '''f^ ^1 jii'ini pui^iiaiii ti- iijc- ilireitioii ol' the 
 Ma.iMT cniloixii oil iho ~(l |ielon (li>)i«'ii~iiiy wiih ;iiiv lurtlicr notit* 
 f\c('pi ill llio iiOiiiiiiif 
 
 Tims ( ()i i!T ixiiii oKiiiH iliiil tlK> ^[)«>^•lal n!-oliitiou ol' llio co\ 
 |Ki>-t'(l ;iu(l roiifinuL'd in iii'ioiilaiui) uilli -oi.l. •'>1 ol tlio Cos Aut. 
 IMi2, at exliaordiimry i^eiioiul iiio<'tiiij^s of the coy Jk'1'1 vosply on the 
 _'l May, 1H!)7. anil llio It Juiio, IS'.tT, altoiiii<j tlie constitution of the 
 -d hank hy the suhstiiulion of the luom'lum ot a--son witli oxtornlod 
 ■ibject-; a-^ ihoioiu rereiieil ami the arts of assoii approvoJ hy tlio sil 
 rueoiing for tlio hank's deed of sottlcincnt daii'il 17th Oct., 188.'! 
 ivMcli sd nuMndum of a^sou i-- sot iVdth in the si hcdiile lilo. iio con- 
 linncd in ))uisuanci' of lli(> piiivi-ion nf tho Cos ( Mcmduni of Assou i 
 \it, 18!I0: 
 
 And II 1^ niiDl.HKl) that an nilii c ropy of tliis older loyiMhci' «ith u 
 |ptinlod lopv of tho inoinduin of a^^oii in accordanio witii tho sd roso- 
 iiiiioii ho delivered to the Koiristiar of .Joint Sloric Cos witiiin llfteeii 
 la . s finni the dale of ihi- Older Mnrlli. .1 . 7 Aiil' I8M7 
 
 SniiiUULK.j 
 
 The I'ollowln^ an' ^urao other cinum in which ttiinilar orders were made:- - 
 London Joint Stock Bank, Cliitty, J., 12th Nov. 1892; York City and County 
 Itankin'i Co., North, J., 2tth Nov. 1894; Lnu- liiion and Crown iDSHnniiv 
 ('■'.. K'l'kLWk'h, J., 27th April, 1893 or 1895; Manrluntrr and l.inrpool llit- 
 ', ■( Ikiiihiiuj Co., 189o; Leit-.^t.r lSniil.,,iij Co., Nortii, J., 7th April, 1«'J.'); 
 Kt/uity and Law Life Assurance Socu-ty, Chitty, .1., 1896; London and JVcsl- 
 minslrr, Nnrtli, J., 17th April, 1897: ll'nkrfu/d "„,) JIanisfrf/ I'., Inn linnl.: 
 N'orth, J., 7th Aug. 1897; Sheffield and IloUnnmhire Uniih. Byrne, J., 4th 
 Dee. 1899; London and County Bank, 22nd Feb. 1898; Jlalifar Commerrio! 
 Banking Co., Karwell, .1., 2nd .Vpril, 1901; Carlisle and Ciimbrrlnnd Banking 
 Co., Kekewlih, J., Iflth April, 1901 ; London Joint Stork Ha. iking Co.. Byrne, J.. 
 lOth Aiii;?. 1901 ; Liiir.-i,, and Li.idicy Banking Co., Swinfen Kady, J., 2Sth 
 Oct. 1902; Tinfl and .Igcncy Co. of AitHtrnhui,,, 2.5 T. L. R. fil, Eve, .1.; 
 ^rotlittti -tustrallan Ini'fStmrnt Co., Warringtu i, »J., 20th .Jan. 1912; see 
 Form (ill)]. With a few exceptions the doi'iunent.s u-ed in the above eases were 
 settled 1 by the author] on the lines set forth in this work. 
 
 ii 
 
 \% 
 
 Form 663. On the petition ol tho ahovo-iiaiued coy on IGlh November. 101 1. 
 
 . , iind'erivd niito this Court., and upon heariiicr ooun.sol for the peti- 
 
 tioners, and upon i-eadiiifr tho sd polilion, the Luii'lon llnsrltc, &c. 
 'iiintaiiiiiitr notice of tlie presentation of the .sd petition, and that 
 (he same was duly heard on the 2Uth .January, 1"J12, &c,., this Court. 
 Iioing satisfied hy tlie evidence afsd that sulfieient notice has been 
 triven to every person or class of persons whose interests in the 
 riiiiiiion of the f 'onrt will lie ufTei.'od bv the alteration or extension 
 of tho objects o!' the petitioners intended to be effected by tho roso- 
 lul'.ons linftr mentioned, and that there are no creditors of tlii! peti- 
 iioiioi'8 otl.er tlian debenture holders who will bo affected, doth, in 
 
MKMOUANDUM ANH ARTICl.KS. 
 
 ).<•<>: 
 
 iui>uaute ui the piovi>iuii-> oi ilio Compiiuios ^CousuluUtiun) Aci. Form 663. 
 .UUK, coiidim the ulleratiun in ilio loim ul the ooasiiliilioii ol' llie 
 tlioxe-uaiued ruv i'IU'lIOiI IpV tlic special io>(>lu;i')iis in ilic scljciluli' 
 lilu MJl io;tli |ia.-'.-e<l and (oiilirniod ut ovtiuordiimry guiu'ial nici'tiiif;^ 
 111 the p<'titioii('is held on llie :li)ili iliiy of .Imio. I!lll. and thi' -Hth 
 ,lay of July. I'Jll. 
 
 TiiK S( iiEULiK above loleiied to. 
 
 that tlie draft ineiiioraiidiiiiL and iirtidos of a-isocialioii .siil)niltl»'(l 
 :o tJiis iiRH;:iiitr and idcntilii'd by iho sitjnaniro oi iho ihaiiuum :hi'|' 
 i)0 and the .same are liby a|)|)i'ovod, and tlial pur-iuant to the provi- 
 sions of seri. 2Vii of iho Conipanios (Consolidation) Act, I'JiKS. the 
 oiiii of the lov's cou.slitulion lie altered by Nubslitu'in^- surli menio- 
 aiiiiiiin ul association wilh llie exlemli'd olijecl.s and cidarijod area 
 il iiporaiion.s as therein set forth, and micii articles of associaliou 
 lor the coy'.s Joed of copailnery and for all the reirulations of tho 
 ■o\ .snli>ei(ueully made and now in foice, and that the directors be 
 uiil they are hby authori/(!d to apply to the Court lo coulirni ihi.s 
 ii'Miliition nn'Iei the sd Act, '/'/(, ■ Stjrillifli Aiishitliiiii I iirr^tnu'iit 
 fu, Ltd.. Wairin^'lnn, .1., llOth .ranuui_\, r.'lj. 
 
 The coy in the above rase was registeied in Knf^iand in the ycai 
 IR'id under tho doinl Slock Compiinie.s Ad. l.l.'it;. Inn ha^ icvor been 
 ,.-ren:i.slered un.ler the Act of I8i;2 or the \. i of I'.iOH. 
 
 I pou ap' 'icon of The llarrin^lon, ..Ve. Liinld, on the IT March, Form 663a. 
 IliiHi, pieferrod unto this Ct, and upon hearinj^ coiinsol of the coy on rrxtcn.l- 
 
 the Jl Maicli, I'JOU, and upon reading' tho nA. peton, two alft.s of, i^c. ■• '>l)|fcts 
 lilej resply, and the e.\hibiU therein referred to; the Loinlnii i,ii:cil'\ |,■|■,|,.^M,.l,,. 
 ■J March, 19.111; iho Times of 2 Mardi, lilOO; tlie Wol.-iufilon .air of nMiluin iif 
 -' March, J'JUtl; the Wliitfkaccn .\('ios of the 1 and « March, I'JIM), \,"^ |'v,ii.' 
 each coutainiug a notice of the sd jielon and tho eou-ents in wrilinir of 
 The - Ikinkiui^ *'oy, Limtd, daines ISaiu & Coy, and Ceortro 
 
 I eatie; Uii.s Ct doih order that .so nnich of the special resolution 
 I i.s.^ed ai an extraordinary i;:cneral nieetinic of tiio sd coy, held I'li 
 liic 12 U I 189'.t, and conliiiiiod at an extraordinary ^eiieial inoetiii}i 
 ' r tho sd coy held .'51 Oct. I8!l'.l,as is in the words and liirures follow - 
 I 1'^, that is to say: - 
 
 " That the iirovi.sious of the coy .-. ineiinbiin of itssoii with res|)ecl to 
 :!ie objecl.s of tho coy lie altereil by MibstitutinLr for nod. .'! Oiof the 
 lollowiug clau.ses:- 
 
 "fa) To iTiiinufarturo. buy, hire, or olherwi.se acqiiiio, sell, and 
 »iu|)ply ga.s in Iho ])arish of Harrington, in the county of 
 Cund)erl,ind, and such oilier towns, parishes or places as 
 Iho cov may from time lo time delcrnjiue jnon: 
 
|;WM 
 
 PETITIONS. 
 
 [Chap. XVII 
 
 II I 
 
 IjSH 
 
 m 
 
 Form 663a. "(b) To deal with, manufacture and render saleable coke, ouul 
 
 tar, pitch, asphalt, and other re.sidual products obtainod ii 
 
 the manufaoture of gas: 
 
 (1.1 To couoUULt, luaiiul'ailuif, uu<i iiiaiauiiii wo^k^ tor holdiii'^ 
 
 reteiving and purifyin<; gas, and all other buildings and 
 
 works, motors, pipes, lamps, fittings, macliincry, upparatu> 
 
 and appliances necessary or convenient for the purposes oi 
 
 the toy, and to manufacture, buy, soil, let on iiiro, and deal 
 
 in slovcs, engines and other apparatus and convoniouci- 
 
 wliich may tseem ealcuiaWid. directly or indirectly, to pr.i- 
 
 mote the consumption of gas, and to light the stree;.-- 
 
 harbour.s. pier.s, docks. n)arkoi.<. theatres, iiou.ses. ships 
 
 buiklings. and places, hotli puMic and piivnte. Avitli suili 
 
 gas": 
 
 lie and tlio same is hby conliruied: and it is iirdered that an oilier 
 
 ropv of this order be within fifteen day< from the d;ite hoi' <lelivor( 'J 
 
 to the Registrar of .loint Stork Cos, together wi'li a ])i'inted copy oi 
 
 the memdum of a.sson so iiltereil. Stirling, .1.. Hnrrittrjton (!ii.t T.iqhl 
 
 foil, LlintiL. -i May. 1900. A. IttJ-t. 
 
 .Vilvi-rtist- 
 nii-iit I'f unif-r 
 lllit'ic on 
 
 Uuittaioimlly tliu urdei- lui- uuiitirmuliuu diroils timt tlii; registration of thi 
 order iiliall be advertised once in certain newspapiTK, f ../■, the Timm, Standard 
 Vaih) -Wui, and }[nriii»'i I'ont. and the followinif is a spociniiMi of the form ot 
 advertisement : — 
 
 Form 663b. In die High Court uf Justice, Chancery Division. In the matter ol 
 
 the Coy, Limtil, and in tlie matter of the Co.s (Consolidation! 
 
 Act, 1908. ». 9. Notice is hby given, that liy an onler of tlie Chancer} 
 Division of the Higli Court of Justice, made on. &c., by his Lordship 
 
 Mr. Justiw , the alteration of the provisions of the memdum ul 
 
 a8.sou of the above-named coy, made by the special resolution jjasaoii 
 at an extraordinary general raeetir.„ of the sd coy, held on, A'C, ami 
 subsequently confirmed at an e.'ctraordinary general meeting of th'j t-ii 
 coy, held on, &o.. was approved by the said Court, and an office cop\ 
 of the sd order, together with a printed copy of the memdum of asson 
 as so altered, were on, &c.. duly filed by the sd coy with the Regisiiai 
 of Joint Stock Cos. 
 
 Dated this - day of -. S. & Co.. - Street. London. W.C 
 atrent.s for iV: (,'o.. of , Solors foi the Coy. 
 
 But there is no rule that thi- order must ho advortiscid aa alwve i A"»«"v/iir. 
 Jiankinu Co.. \V. N'. (1897) 3); and the ordinary practice is not to advcrti.ie 
 
 Form 663c. The London and Westminster Bank, Limtd, having by special 
 
 resolution altered the form of its constitution as confirmed by au 
 
 i.^'i" mt'i'iii! order of the High Court of Justice, Chancery Division, bearing dati 
 
MKK AMSHKANCK. 
 
 132» 
 
 III*' 17U» day of July, 18'J7, I horehy oertify tho rogistrntion of tho Form 663c 
 sil order and of a printod copy of tho meindum of ii.sson and artu ~ 
 III lusKou as substituted for the rov's deod of settlement of 3rd Fob. 
 IH8I. 
 (iiveii under my hand at London ihi.-. ;j(it.Ii duy of July. 1897. 
 
 Soct. 9 (6) of the .\it nf lilOS |iriniiii., f,ir tin- (jiviiis; of a lortiHcut* wlilrli 
 i- to lie rniichislvo miilpiui' that all tlif n- |iiiri'iiii'iit» of tlii- Art liavp Imtii iomi- 
 |.ii'il with. Sit snjjiit. p. |:!10. 
 
 
 LIFE ASSURANCE COMPANIES. 
 
 Anmlgamaticm iiml Tnnisfir 
 
 Sit till- provisiuiis of sirt'<. 13 and It of thr AiHiii-arm- ('oin|iiiMii'< \i 
 1009 (which parao into oppration Nt .Fitly, 191(11. 
 Sept. 13 provides thut^ 
 
 • \o assurance company shall nnialu'iiniato with another, or traii^fpr its biisi- 
 iim-' to anothpr, unless the amali;aiuation or tranifcr Im sanetionid by the Tourt 
 ill apcordancc with this spption.'' 
 
 Tlipip sppi ions —sects. 13, 1 J take the place of «ect. I I of tin- Life .\.isiir:iiec 
 I ..iiipanies Act, 1870. and on that section it was held liy .Mr. .Iintiee Chitty, 
 in l/n,/'il Fnrmrrx\ ^r. Iiisurniino Co., 2.> h'eli. IHSS, that the section did not 
 iiiiifcr on a life assurance i ompaiiy power to transfer its liiisines'; it iriiTcly 
 restricted the company's power, whpre it had power, and th.it the Court had no 
 jurisdiction to confirm the transfer, unless it appeared that, apart from the .\ct. 
 the transaction was within the jiowers of the eoinpany. See also his Lordship's 
 .leeision to the same effect in Sorrii'if,ii l.ifi- .tii»ii,niirr t'n.. \'l ('. I). ,540. When 
 ilie constitution of the company does not confer the rp(|ulsite power it can pass 
 a resolution to wind up voluntarily, authoriz.injf a transfer under sect. 192 of 
 the Coinpanics Act, 1908 (sect. Ilil of the f'ompanies Act, iN(li), and ask the 
 Court to sanction the transfer. Snulli'ill v. /I,lf,sf, Mittufil. (i Ch. (ill. Tlii- 
 eimrse has been adopted in several iivses. 
 
 Viid u poinpany, thouirh not under the .Vet of l.sicj or Hills, may, in cxeicisi 
 (it a power to alter the rcffulatiiuis, take power to transfer. Argus l.iir .(«»//. 
 ,n.<;' Co.. 39 C. D. 571. 
 
 In ft compulsory windinff-up the liipiidator can. with flic sanction of the 
 < oiiit, sell the undertaking? under sect, l.il of the Companies (Consolid.ition > 
 .\et. 190S (corresponding to sect. 9.5 of the .\ct of l.S()2). 
 
 There is nothinf? in this section to hind a policy-holder to acci pt' a policy of 
 the company to wliich the transfer is made in lieu of his idd policy, or to novate, 
 or to release the old company. Hut there may, of course, be provisions in the 
 constitution of the company sufficient to hind the policy-holders and relieve tin 
 Iransferrincr company. See /loil'x nrir. 1 C. I)iv. 307; lkiii-ft-\ mx,-, 3 C l)iv 
 
 ■\X\: Crrkei'" r'isr, i/lili. 1: /Itli/l/ v. /;,,//.«/, Kilinl:llilr .ts.MU,;,,irr fn.. iKtIili 
 
 A. C. ,3.1. 
 
 It is to be observed that |- liicy-holders will include annuitants. S<-»- 
 Stiift rif/n Li/r {u/it Kupid). 
 
 In the alisence of such provisions, the .inly way to bind the dissentients ti^ 
 nov.ition or release is by proceedini.' uiiiler scit . IJi) of the Companies (Con 
 ^olidation) .\ct, 190S. .\ policy-holder who is not by the last-mentioned .\et. 
 or otherwise, bound to ftn over to tin' purchnsiii4 company may say. " 1 hmk tii> 
 
 V. 4 « 
 
 _L 
 
 If 
 
 m 
 
1830 
 
 PKTITIONS. 
 
 [Chap. XVII. 
 
 tliP oM I'lmipany ami tii tlii' aswln ohtninml by that ciiinimiiy nx the coiiaidi nfinM 
 for tlip transfer." iinil if Ihi' olil i-onipany i» iii liciuidiition lie inn (jii in iunl 
 |)rovc. anil tlii' sliiuflioldrrs luii ^I't nuthinfr till he in paid. 
 
 In oni) caxp wIutc u Mfi' a!.»nrani<' ci)ni|iany was lii'ini; wound up vnlniil.iril\ 
 nndcr supervision, a «rlnini' "f arranifrnnMil lietwc'cii the lonipany and it- 
 inrrcnt piplliy-linldirs was sanitiiincd, under whlcli Hie proportion of tlie a--i i 
 
 of s\irli poliey-holder- «a ole o\er to another eninpany in eoiisideration ni' 
 
 new policies of that iiunpany lieinjr iriven to siieh poliiy-Iiolders. A'/i'.' . . 
 /.,7, ./.«.,„«„(•»• Sm.rlH. llaeon. \ .-('.. Marell. IHHIi. 
 
 In that ease the sehenie wa* not put forward under sect. II of tie Lite 
 
 .\ssurance Act, IH70. Imt under tlii> .loint .Stock Conipaniei Arrange nt \. i 
 
 IH70 r('oinpanie> A( t, l!MPN. «. I'JII • \fterwards, oni' of the polii v-IioMm . 
 Ijeloufrin),' to the elas~ intended to lie hound hy thc> scheme sought to prov. in 
 the windinir-up of tin- transferring company: hut it was held l>y Kay, .1.. iIi.h 
 he was hound hy the s.hcnie, and the Court of Apjical atlirmed that ilei i-ioe 
 
 As to notice to policy-holders, Uiuler the Assurance ("onipanics \ct. I'i',"i 
 
 scit. i;t ri'fcrs t ci. |:hi .if tin- (' panics Clau-i's Consolidation \c| I"-!.'.. 
 
 which is as follows; 
 
 '• Notrci's ri'ipiirin;,' to he ^cimsI hy the company upon the shareholdi i'~ 
 may, uidess e.\pre«-ly re piired to he ser\ed personally, he sitv.hI hy the smn.- 
 heinif trunsniittisl throut'li the post, directed aeconlinu' to tin' rr';,'istere(l lohlic-- 
 (ir other known acldrc<s of the sharchoMcr, within su:h period as to adniii ot it- 
 heinir deliviTeil in the due course of delivery within the period (if any pn 
 serilied for the uiviif.' "f such notice; ami in proxiii" such service it shill I..- 
 
 suftiiienl to provi- thai Midi raiticc wa- properly directed, and lliat it \> 
 
 put into the po>t-otticc." 
 
 And (he Act also provides in seel. '17 ihat 
 
 "Any notice which is hy this Act icpiired t.i he sent lo ai.y policy-lj"ich 
 nniy he addresseil and sent to tin- person lo whom notices rcspectinir such polii ^ 
 are usually seat, and any uotnv so addressed and sent sjialj he di'cmed .mi 
 taken to he nolii .• to the holder of siicli policy." 
 
 It is uilhi' I'-sary to send liolice to the- holders of polii ics taken out hrtW(c:i 
 the prcventalinli ,itid the lic:irinu' of ^he petition. r„'tr,i-,n! T.il, ./.v.. •,,..., . 
 Snriilii. IS 'I' I.. K. niS. 
 
 .\. t . notice- to iiolicy-holders ahroaci, see l!,:/in,. .\c. C/j., :!.'i W. I{. mi. 
 
 There have hccn M-r\ few proceeding's for ani:il^aiiiatinn or transfer slice 
 the .\ct of ISTd. The foUowinjr arc sonic id' the principal instances; -C.V;,. « 
 
 .l...-,;„.„. lo l',..,;./,„i. I87t: /..-■' .' S„iit!,ir.,,l: to y.,.,c7o,' f.,'! /,'.... 
 
 »/.ov, ISHii isec -J.S W. I!. .■)«.-.: Pi 1.. T. -.MT): C,,',,,,;,,/ .;..,,„..„,,. to l >v . 
 
 F.'luil.iinih. 11,,./ (//,.,/.,,,. I8H1; '.■,'./ l:,,t:,:„ M„l,i,:l to ^,lt:,,„•,!. IS8'.': 
 
 i!„iini r„,,„,',.- to )"'"/.rc. isss: .i,,f„s ;.:/■■ to /,„,„,;,■!. ihss; /',...,..;•' 
 
 to .///.i/ccc, Ihtld; /;,.'".' M<,lir„l to S„„. IS!IL>; C, „,/■,, to l.rii,- I',,,,,,- .lai.. 
 \m2: ll,l,iii,(;- \.^ .\, ,,„■,, I, l'„„,„. l,S>i:i; l'o„ii:,;- to ]S,ili-li Am/iiic '' liirr. 
 
 in lsi»ti: I,„,)<;ii'l to .//',. 
 
 i;„,i i.ii,\ nun. 
 
 imrj: l.,,,„l,,i,, hl,i,l,i,,,jh. „.„l (,, 
 
 \y iiijliii'i-ii/, 1,1 Siihsiiliiinj ('i)iHji(Uiii'-'i. 
 
 Sect. Hi of the .\i t (.\ssur;ince Companies .\ct. IIIIHIi provides for the 
 »indin}r-iip of suhsidiary coinpiiuies, that is, of companies which have trans 
 Teiied liicir husine.' wlicnevir the principal or trcmsfcrce company i- i'' 
 vrindin<r-up; bo that the Court can adjust all the e(|ultics: but to constitute a 
 ■'suhsidiary loinpany " within the ineauin^' of the section there must he a 
 transfer of the hiisincss of the company, or some part thereof, to the " principal 
 • imipany. ' .V tre;ity of re-insurance is not such a transfer. .\ tfuarantee oi 
 u!l the policies is not such a transfer. Nor is a tr;iiisfer of the majority of the 
 
LIKE AH«I!RAN(K. 
 
 1^31 
 
 •.(.an'H of ;t t-oinpuiiy a *' lraii»*l'i'r " iil' tlir Ixisim-s. 
 ItuuiU'rt-i' i-(>in|iiiny tlif prinripiil sliurciioliItT in tlif l)ii-<ii 
 r,7.r... /■■•.. r„,f Jlrn,/,irii I nfii.ii,,,-, I'f . lO.'j I,. 'I'. ATll. 
 
 1 1 itiiTi'Iy itiatki-'* tlM» 
 ..... /...,„.r./.„r I'lat* 
 
 \^ Ui fli'alin^ with thf "iO.tMMl/, st:i1iitory d<'|K»Hit in tin' tif|iii(l.'itii)ii of ii lifi* 
 a^suraiu'i' ('(inipuiiy wliidi tran^fci'M itM ini^tJitcM" to annthtT rninpaiiy, m'c /-' / '■ 
 /.,/<• awl IhtiliU A^^iu'inir li„„ri,ii:n„, l,.,„,l<,l. (I!l|(li \V . \. I'.. Ill that 
 .a-r thori' wan u pi'titiDii liy tin- lompaiiy ami it< lii|iiiil:itiir~. ami tin' piir- 
 ■ ha-cT <imipaiiy prayi'il tint i.iit of th ■ <li>p i-it fiiiul .)..'i()ll'. mi'.'lit In- paiil tii 
 ilic piircharfcr (■iiiiipany a-^ ri'|»rc^i'nt!nir thi* int<'rt'.*t> nf the traii^'tiTri'd policy- 
 iiiihiiTs thcn'iii, and tlir lialaiicn puifl to tix' liipiiilatnr.': anil it wa^* lii'!<l that 
 the assin-iatiini roiild nut liy tran'*fi'rriiifr thf life a^i^^iirann' i-initract'< rt'li('\n 
 
 it.^i'lf nt" llahility thiTcuiHliT in the al».*i'ii if a rrlfa^^f oi- nit\:iti.in Ity tlif 
 
 .i^-nnnl; Init nil f.'ci;rral prini'lplf* the jnil(;c winilil lir pri'pari'il \« ImiIiI tinil w 
 part of tlir drpowit nnild itr paid to tin- a^'.^ociation until tin- I'oiirf \v:f-i -ati^tird 
 tliat all tin- assiircil had rrtt'a-icti, and tln*r"'!iy aUandoncd tln'ir i-mitrai-tnal 
 ri(.-hlH 111 jiavi' the deposit ri'lnrnrd to aii«\viT llii'ir clainH. Scil. 7 "f tini 
 I npcali'd ' I. iff .WMiramc Companies' Act, 1S72, a* to thiTf lii'ini,' no alian- 
 iliiiinicnt of 1 ill by a poli.y-lioldrr iinli-- liy Miini' wriliiiir ni^'iii'd hy him. 
 
 .mil till' rasi'S .,! A'i- iiilih- Sriilh"/ /' ././/. /.ii. I ..,i , it „,;■ S,„ ,!•/ (ISiMIN, 
 
 l.'iC l>. ■i'ill. and /,) /.■ /'.. ,,"'.•, /..I, ,/.., .„,. /■,,.. /..,„,t,,f. ilHil'.t, I Ch. ^ii. 
 Mi'vi- rrfiMTi'd to iiy (111' jiidjri-. 
 
 Sniiii'tiini's an anialL'aniatloii ur tran-fcr i* ran-ii'tl 'tiii Ipy -priial Ai't of 
 I'arfiaiDi'iit. 
 
 I'i-fllii !r'(,H III < iiiilriu-t' 
 
 'I'lii,' A>-iirai.i'i ('(iinpanii's Ait, IIMIII, >. Mi, ('inpo\nr> tlir Court, in tin' lasr 
 f an insolM'iil. ciiinpany, to riilmi' tlio anionnt of '\U rmitra't-i in lii'ii of 
 inakini; a wiiidin;^'-iip order. This power lias only heen evi-rei^ed in one ease 
 iiii,(l Ht'hiiii Miiltml Sill-., -III. 'I'lierr a \vindln!,'-up order wa^^ made liy lliil, 
 \'.-('.: lint the Court of Appeal i Nineinlier, lti-<ir diM•Il.lr^'.■d it, and dire, ted 
 a n, etin;; of policy-holders to lie held for ilie pnrpiee of a ;eert.iininLr "hetlier 
 tliey desired the contrails to lie redmeil: lii ( . 1>. -JKi. Il.ill. \ .-('., ih. n 
 leferred it to an I'liiinent aeeoimfant '* t'l iiiipiire and report upon \\!iat terms, 
 and siihjcit to what eonditioiis, the eontneis of the .soeieiy -h.iuld lie redured 
 in |ilac(! oi' niakini; a \vindiiiu'-np order, and to settle a sehenie for n.luein^f 
 -ueh contracts for the approval of the ' oinl." (Questions of import ime lia\in(f 
 ,ir;-en. the i-i'feree stated a special ease, and the opinion of tiie Ciinrt waf< 
 lil.en (hereon. Cn 'I /.■,/...,, .1/"/...//, I'.IC. I). :j:t; 20 ('. 1). :i,il. 
 
 The Court held, (I; that th" diie of ilie pre-rntatiiin of tli" petit, .m wan 
 I lie one at wliieli the caieiilation should lie ni.ide for .-eltlin:,' the si lieine: ( 'i i that 
 tlie claims of policy-holders and annuitants which had matured iief'ire the date 
 of the jireseiilution of the petition iiiii-t he jiaid in full; (J) thai annniti's p.iv- 
 aliie after that date niii-t ho redueetl; ( t; (hat jiartii'lpalin;,' and non-p,irtii i- 
 patini; poliiy-hohlers current must lie re'lui-ed ,<",■. /ki.^xi'; ('t^ that ail ]iav- 
 iiieiits in arre.ir of premUiias, ineludini,' lialf-preiniunis h-f! as a elnuire on the 
 ; oHcii's, must he paid in full. 
 
 I he seii,.;tif w.t- ili":i s'-it'ed, :::;■! in due ^Tjtir:!' it was confinned iiy th.' 
 Ci art, (itii .Mi.y, lbH2. .Siiorily afterwards an atfreement was made with another 
 lornpany, under whieii that company undertook tu reiciMi the pivmiunis, and, 
 in consideration of a commission, apply them in payinj; the claims as they 
 matured, and this u;jfreemoiit was suiiclioned liy the Court. 
 
 4 i) 2 
 
ii i^ 
 
 ib.w 
 
 FKTITIONN. 
 
 fCllAl-. XVll. 
 
 Jlili 
 
 U't 
 
 t. 
 
 i* 
 
 111 rcffiriiii.' it to flmmlHTs ti. c.iii^hIit llif ..li.-irii' f.ii- rccdic ticm. Ilii- I'Muri 
 .limti'il -.•imritp nicetiiiir- ot thr »liaichiil(l.T. iinti imli<j-lic.l<l.'r-. to I." Ii.lil f..i 
 th.lt |Mirpi..-.-. //, 7..,. I////.'-"/ (lr,.,;„l l,,l,- /»»»,««rv, 51 1.. T. II. 
 
 Tlif al.ovi^ inM> .(iMW tliit the imiwpf t^- r.-du.-i- cciitricl-, cDiifiTn-il l>y tin 
 Alt iif IM70. i-. rifr.ctivc. iiiHKinuili 11 it Iciivcs iintmiihiMl ilaiiiii wliirli liapi" ii 
 
 to Imv itiiml lirforr tin- |.r.--riitiiti..ri ol' fli.. |Hlitioii. Wli.rr »iiili I'laiMi- 
 
 anioiiiit to .1 ...ii-iil.rali|p hiiiii, it woulil »w,» l.itt.-r lo tttki- u wiii<liiiif-ii|i or.!. .. 
 an.l (l.oii a.l.i|.t a »ch.-nic ...iil.T «-.t. 12(1 of tlir Comiiaiii.'- (CoiHolidatioii) A. t. 
 I'lUN. rifliiT l.v -air to a now .•oinpaiiy or l.y a siili<r.|iieiit »tay of pro.-iM iliiii;. 
 
 ■'lii» ittii cither provid.' for a r.-i ^tni.tion hy trainfiT to a iii'W lompaiiy, in 
 
 .on-idiTatioii of poli, ic» of rcdiicil iiiiioiiiit^. or it may provide (or a ri-du, tioi, 
 
 of policies, and lli.'ii a Htay of nil further pro,- liiiK- in the windin^r-np- Th. 
 
 dilHeulty wliieli iiio:.e in ny:ird lo a ..heuie in .(/A../ I.:li- .h„', ,•„,■,■ f,./;///." ■/, 
 ti Cli. :mi. would «eeiii no loll^'er lo oxi«t. «iiiee tlie iii.Mlr of valuInK polieie. 
 and annuities lia. I.een -ettled l.y the Life V^-iiranre Aet. 1N7J. I pmi sueli m 
 »ehe.ae the iiiatiire.l elaiin. would ,.„l he entitled to preferential payment. 
 
 A «liemo proeiedinjr on a principle of liie,|iialit\ of reduetion i< not wltliie 
 the ,eetion. IVr Kiickley. .1.. .Ve/,..« ,i r.... (\W):,, I fli '>;'■!. 
 
 Form 664 
 
 IVtition to 
 confinn trani- 
 fer of life 
 aniiuranoe 
 buaincM. 
 
 In the lliffli Court of .lustiee, 
 Chancery Division, 
 ilr. .luntiefl Chitty. 
 
 In the matter of the As.-'urai ComiiaTiii 
 
 and 
 III the matter of the H. In-iiniiee Cmiiii 
 
 To Mil Majeity'K lliifli Court of .Iu«tite. 
 
 the diriMtn 
 
 Aet, I'.MI't. 
 
 of the alioie-naiiii il coinpalu 
 
 The huinlilc petition of, \i 
 iiheweth as follow.": 
 
 1. The ohjpit of thi'* petition i." to olitaiii the sanetioii of the Coiiit. ■.> 
 re,(uired l.y "eet. 13 of the .V-xiirame Companies .\et. 191)9, to the transfer ..f 
 the buiiiie«" of the al.ove-iianied loiiipany (hereinafter ealled "the 11. <'"'m 
 pany"> to the A. Company (hereinafter lalle.l "the A. Company"). 
 
 2. The Ii. Company is a eonipany whieli wai originally eonstituted by <lee.l 
 of settlement, dated the - day of ^ -, and liai been registered nn'd.'r th. 
 Comj-anics Aet, 18(i2. The said deed of settlement |.rovided, amon-<t oth. r 
 thinh's, that the style or firm of tli:it eompany should be the II. Comi>any. Anil 
 that the objeits and business thereof should. aiiioiii;st others, be to prant oi 
 etfeot insiiranees on a life or lives, and survivorships on the joint continuaiier 
 of two or more live^. or for any term or terms of years to be absolutely "v 
 
 , tinsjently determinable on a life or lives; and also to itrant and to pur 
 
 ehase and sell endowments, annuities, life, reversionary, and other estates ami 
 interests personal, and to advanee money by way of loan on personal seeiirilv; 
 and also to prant assuranees aijainst Hre upon dwellinu'-bouses, warehoifes. 
 houses of business, farm biiildinits. farmini.' stoek and irops, and all other 
 property whatsoever, the risk of whieh was aseertainablc by way of average: 
 and also the poods and general outHt of passensrers, in steam or sailiie.' vessel. 
 against Are or loss at sea. 
 
 ^. Claii-^ 131 of the deed of .settlement is hs follows: 
 
 •That an extraordinary board of directors specially ealled for that purpose 
 may come to a resolution either to sell or transfer the business of the I'orapary 
 to any other society or eompany of a similar nature, or to purch-se or accept .i 
 transfer from su.h'other so-iety or eompany as last aforesaid of their businesses, 
 and iiimn such terms :ind eonditions and stipulations and aifreements as thi' 
 
MKK \HSII(,Nn 
 
 i;w3 
 
 .iiiil li'.itil "li.ill lliiiik Hi , iuhI if tiiili ri-..liiii..ii -lull 1" Mil.i|itiil mid i-..iiliriri.><: FOTO 664. 
 
 1,1 a m.iiiirity I'f iit l<-»«t lllrl^■•f^lllrlll- "I llii> |irii|iri.lor» |ir<H.iit, liiluT 
 
 ,,( r«<iiiallv i>r liy prosy, t" '"' uivi'ii in "inli nimiiKr a« i- lii'ri'iii'wf'iro in that 
 
 iM'ii.ilf Hicntiunril at an i-Mramdinary u'l miiil mctinit i<|i'iiiillv iilNct f»r lli:it 
 
 (■iii|iiiM". Imt not otlirrwii'', tliiMi »ni'li ••ali' or .'nunfiT or m I'cpt.iiHi' uf |ini> lia^' 
 
 4.r ti:in»fi'i. as tin- <a«i' may I"'. -liaM I"' I'tfiMtnl or taki- |ilac-f." 
 
 t Tin' ciriijinnl capitiil iiK ilii' li. ronipiiny wa^i llin.miil/., illvidnl into ID.IMPO 
 hIkiit-" "f 111/. tMi'li, wlii.h in Si'|ili>niliii-. Ih>;l. wii-. iliily inrrwiwl to JiMl.lliHi' , 
 ili\i.lril iht.i Jd.oOtP -li.iri« of 1(1/. larli, all of wliirli sliari-T. Iia\f Utii i-«iii'il. 
 anil llic «iini of I/. •>«. |iiT <hari' |ialil n|i tin r'on. 
 
 .'. Till' ll. ('oin|iany roninH'mid hu'<lMi'i<H tit a liii' in-uran<>' nlHn miiI\ in tin 
 VL II- IH.'r.!, ^llortly afliT iu forniation. anil in Si'|itrn)l it, Ik.W, Umk up ihu 
 liu-inp»» of lifi' iii'iiraun- also, anil inaili- fair prosm'^;' in initli di'partnii'iit.» down 
 
 to tlic yiar IKiil, in wliii'li y ar .iiiil "i-.iial «ii liMi; yivirn I'oii-idiralili' loss's 
 
 ...I urriil in it" lirr dupartnii'iit. anil owinu; to llii"«' i in iini«t:ii •< tin' H. I'omi- 
 
 |iany ain-ptj-d an otfi'r from flir A. foinpany to piiri'liasr all tUr liiHini'M 
 ll tlir "ail! liri- d.parlniinl, and iiirli pun li nf »a« duly rarrird inio iMI'i'i I ill 
 ill!' yrar 
 
 II. Siiiii- tin' sale of ilif loHim-s i I il,i ,aiil lin' di'parl iiniil, llie I). Conipany 
 lia- c'ontimml to rarry on tin- liiiHiii.— i of a lifi- a'"iiraiii';' ol'ii-<) and otlni 
 lHi-im""<i'< anthori/.i'il liy tin- -.tiil iloid of Mttli'nn'iil. ixci'pt tiiiwr of a Hrr lii-nr- 
 am I- olliii', and lias mil with iori,idir,ili|i' kihi i»i and |oolit llnriliy. 
 
 7 In thi' inontli of lli inlii'r. l!Mh(, tlio .\. I'ompa'iy propo.iil lo lln li. 
 
 ' ompany to tukr a tran^fi-r of tni' Tasini" of tin' litiir lompaiiy on llr I. inih 
 anil roMililii.nn loiilaini'.l in tin- iMmlitional aLrn'riinoil ii.\t I 
 iind aiiordiiitfly that ajtri'inii'iit wa^ rntiri'd into. 
 
 H. The ^aid ronilitionul aiiri'inoMit is in Ihr tjiiiiH folhiwinu;: 
 
 n. Till' said at'rrrnii'jit was i'.\i'i'uti'd hy your pctillonrr I!. 
 iMiiii'd party tht-rcto unilor tin" aiitliorily I'onfirn'il hy tin' 
 hoard of diri'Ltors next In'roinaftLT statril. 
 
 III. .\t an extraordinary hnanl of dinitios of ihi I;. T p.my. -| i Uly 
 
 .'jlli'd for the piir|iii.si', and hrlil on tin' day of . . Iirfon- Ihc .x.i iitioii 
 
 of ihi' said I'onditainal atrniMiiii't. a ri'soUition was passid unaiiimonsly to thi' 
 etfcct that the I'liainnaii of llir hoard i'liini; jonr said pitltioncr 1!. \. K.) 
 shouM U\ .md In- was tlion I ■ authori/.id and n'i{urst>'il lo -i:{n tin- said .iifni'- 
 mint on hulialf of tin- I!. Company, and at thr sann- miitintf it was fiirlhi'r 
 rrsolvwl nuanin.ously as follows: 
 
 ■' 'i'liat till' bu'inrss and undiTtakini.' of this mnipany hi' -old and i nin-firrril 
 
 lo the .\. Company on thr torms and lonilitions set out in tlir uiidiliorml 
 
 lufrirnnnt dali-d ilii' day of . , and made hitwicn If. V. K. of 
 
 - . ehairinun of this eouipany, for and on lielialf of this lompany. of tie- mie 
 
 part, and the .\. Company, by their ehairman, , of the other part." 
 
 11. .\t an extraordinary L'eneral meetin;,' of tin pn)prietors of tlie I!. ( ,im- 
 pany, st»'i'ially ea'.liKl for the pur|>ose, and h.'hl on th' JTth day "< I'llouari . 
 IWIS, the foMowin;; resolution wa.s passed iinanimoiHly, that is t<> siy; 
 
 • Thai the f'ollimini; resolution passed by an extraordinary bnard of dir""lorn, 
 held on the I'itli day of l''ebruary instant, be adopted and eontirned: • That 
 the business ami undertakiii).' of this eompany be sold and transfirnil to the 
 A. Company on the terms and eonditions set out in the eo-ilitiona' ;!i.'r.i'nieiii 
 dated the - day of -, , and made betwiin It. V. K of -. in (he 
 
 eounty of , ehairman of this eompany, for and on behalt 'is eompany, 
 
 of the one part, and the .\. Company, by their ehairmau, — . of the other 
 part." " 
 
 12. On the day ut -. . the li. Company forwarded to eaeh poliey- 
 holder, by tlie luiuie Ix-intr transmitti'd in manner provided by sii't. ISii of the 
 
 ii'ri-iii;iftfr "i.it 
 
 ed 
 
 |,w,„.,-|. 
 
 V. K., ihe li 
 
 .t 
 
 resiilntii n nf 
 
 th 
 
m 
 
 ii'i 
 
 1334 
 
 rora664. 
 
 I'KTITION.- 
 
 rCHAP. XVII 
 
 Conipniiip* <'hniitt><« rMn^nlitljifion Aft, IHt'i. fnv tUr rri4n»i)ii<«4ioii r>i -tli^iifh'tlilt'i- 
 of itotM-t*H not ri' |iiii-rtl (ii Im' tiTvi-*! |H>rNonally, a Mtiitciiii'iit nf the imtiirc nf tin 
 ftuiil |)ri»|nwri| tnin^fiT, tou'ftlii'r with rin uh-itnirt I'untiiiriinir tli*' inHtcrinl fiict- 
 «*tTil)«Mlinl in tin' Hiiid I'ltiiilitiiiMiJ it);tPfiii(Mit. aw\ jiUh lupif-* of tlo* .uttcirntl 
 rrportH ii)ioii wliifit rtiH-li irfri'i'nit'iit wa-* foinuliHl. 
 
 |l(. Tlif taid roiiilitional jtirrrt'infUt will, on tin- il.iy »»f . U.i\' 
 
 mnairtPil open for tin- iifpf'tiofi of tin- po|i. y-lHiJilfr-t and HlinrfholdtTM of ih 
 It. <'onipun\ at rlti* otfici- of tliat i-otnpany fop a pi-riiMJ of ' ftfcn ■! i v from ttc 
 iiMiie of tlir hrfoif-nit'htioit)>«l ali^tnti-t. 
 
 U. The A. <'oiiipany i^^ a lonipany iiUMtioiltMl liy (Ik- \. romp. my Art, Hiti 
 atul wuH oriuriniilly fonnnl in the yi-ar IH2( liy Hi-cd of <ii*ttli'ito-fit ilati-d tin 
 4th (lay of \ui?iMt in thiit ynir. with a rHpit:il of .^.000. DIN)/, ilivitlrl int^ 
 'i.Ml.OOO xliari"* of *20/. I'lii-ii. Ill) of which ha\*> In-cn i't^nifl, .-irnl the -•am ot 
 '.'/. *". |M'r *!iiirr ha-* hiTii piiiil up tliiTi-oii. 
 
 lA. Tho A. <'ompuny rarrit"* on a li»r;u'** 'tnd f*Mi'<*i-*tfitl Ini^im-is, Jiml tin 
 prricnt market xaln*' 'if it-* •^hart"* i* from 10/. to l|/. pn -^har*'. ;tni| it-* prcsi-nt 
 invrstrd fnmN amount to very mvirly 3.000.000/,. and it-t pn>mium and nth-T 
 im-oim* aniiMint't lo upwintli of fi2.>,000/ ptr antiiim. and ir ii onp of thi* muHi 
 important of the prim-ipa) liff U'*'<iirani i- loinpanir!* in the Init***! Kingdom. 
 
 Ifi. liy the rt'L'iiIution.H of the A. t ompHny it U. aiiionur other tliinir^. pr'i 
 vidrd and drolantl a-' follow^: 
 
 " Thr compuny may from timr to tini** and at any timr. with tlir Manctioii of aii 
 ('\t raurdinary Wftn-rat CfMirt. acipiirf, -tt']]. or tran-tfrr. tin sin*h trrmn and ii»n 
 ditionx an nmy In* urranffd. the wlmh* or my part of tin' hii'<int''<'*. a^<»'t-, nnd»'r 
 tnkintr '>nil liahilitlri of any otlit-r company currying on any ii!4!)nrHncp Ini^i 
 m"*« which tlii"* com)tariy i-* anthorizc*! to i:.rry on, and the torrii'* and cfindition'^ 
 aforc-taid may include |M-n\iiion for payment hy the conipany <d" the cxpcu'^c- 
 of'Viiid incident t4i rlie windinir-itp and ili-^-ttdutiun of th.' ••"Ilinif lompany, and 
 provi-'ion for ^ati'4fiicfM'n of any part of the price itr cou'-idfration bv the \i*w 
 of -ihares in the comi| .liiy credited as partly paid tip. and may provide for tic- 
 i'onrC'*^ion to the policy IndihT^, annuitant^, <'reditorH. director!*. emplove-«. and 
 members of tl'e ^ellinir company, of any -special riifht!*, pr'vilcires, and advan 
 tages*. and may include any other provisjonot which flie directors may thirilv 
 expedient: and the ajfreetnent containing' such terms and conditions !*hall. wheii 
 ^anctioiKHl hy an extra<»rdinary jr^'neral Court ami ctmKrmeii hy the Hiir'' 
 Court of .histic-e (when rejuisltr), he cttVctive. notwithstandimf any incon 
 sistoiicy hi-lwceii the provi-^ioiM thereof ami the pro\i^inrH of the company 't law- 
 and ri'k'iitatlon-*." 
 
 17. The conditional au'recnn-nt aforesaid waH submittfHJ to an extraordinary 
 •general court of the A. Cnmpuny. duly convened and held on the dav 
 
 of , , and at that nnM'tinir the rc'^olution f(dlnwin(f was unanimously 
 
 pUHstnl : 
 
 '* That it is e\|MHlient i<> acquire and take over the husine>M. a?is(>ts. and 
 undprtakin^r of the M. Comjiany, ind that with a view thereto the conditional 
 a;rrecin nt in that behalf --nbmiftfHJ to this Court, datod the day of - , 
 
 !>e. and the au.ic i- horeby, sanctioned and u|provcd. and tliat the directors he 
 and tln'y arc herc'»y aa'horizcd to apply to tin* lli;fli -urt of ,lu.«tice to contina 
 Bm'h ajjroemejit. ami when lontirmed to rarry the same into offect." 
 
 IH. The arranu-ei.ient int. nded to he etfeetod l)y the said c<,nditinnal a>ri'('*'iii>'i>l 
 is an t*!jurtal»le ai •■aiM/enu'nt. and it is expedient, and it will bo for the mutual 
 bencHt >f the proprietor- atid policy-holders of the H. Company and the A. 
 Company il.at the said aL.n*»'inerit should be cotitinatHi and carried into effort. 
 
 Your petitioners tln'rcfore humbly pra_\ 
 
 1. That th(» said cotiditional aurnemont dated the rjay of 
 
 and thf tran?«f('r int^-tided to be effoctod therrbv, mav b« -"utiotiom-d 
 
 vL. 
 
KK(-T"i>'\Ti<i\ ^^•(oMPA^^ s wmk. 
 
 fXitt 
 
 ■ml loiiflriiii.l by thi« ImniHiiHlilc (■.nut iinil innnil iiil'. fffi'il. rimI FoHB 664 
 that your [ii'lili^iii'f. Ill"' ilirtrlnrs of tin' II. riiiii|Miiiy. iimv In- ul 
 lihiTty ti> I'XiTiii.' ami iln .ill ;i..iirjiii'i-« nr'il ihimrH wlii.li "hull l>" 
 nrismmiry for tlmt piir|»>^»' 
 •.'. Thu . 'I fiirfliir or ntlHT urilii iii:ii Ipi- jiiiiili- in tli. in'ini-'" k !•■ th^- 
 
 ('•iiirt iiliitll ai'i'iii flt. 
 Villi your |«'tili<iiMT« will r\i-i- |>niy. *.. 
 \iii. It i" iiiliiiilitl III «irii 'lii. iiiriti ii lli'' \ ' |ui"> 
 
 Restoration of Company's Name. 
 
 In till' Matter of tlic ('iim|miiM' \i i'. 
 (t'onMillrtiitioh) Art, VM>H. . Jlii 
 II ml 
 hi ilir MattiT of till' ('iiiiipiiiiy. l.iinil'' 
 
 1. ills MiiJMtyV llivli Ciiiirt of .lintici' 
 
 IMNII 
 
 ""'I' 
 
 Form 665 
 
 Pititiim for 
 rrwtiirntioii !i 
 n'«JHt<r nf 
 lompany'- 
 unnie. 
 
 .mil 
 
 'oiitriliiitorir 
 
 nf rhi" .iImim- naliii»il 
 
 rill- humlili- |irtitloii of 
 .iiMi|iiiiiy, uliewi'tli iiH folloWH; 
 
 1 Tliii alion-ruiiiM J ioiii|iHiiy i iiriiiiiuflir .iiHnl llif cniii|iiiiiy «i' imor 
 |.oiunil in till- iiiontli of May, l»7,j, ai a riiiii|iaiiy limitiil liy ■.Iniri-M. for tlir 
 . l.j.TtK spniKi'il ill its iiiiiiiiiraiiiliiiii of a*«.iiiatioii, wliiili iilijni. im liiiliil. 
 iiuiiiirit iiflicru (I) 'I'lir piirrliH^iiiL', li'iii.iiiif. or otliiTwiir aiipiirihi; in I'it 
 -iiiipl •• or for any rxtatr. term, or iiiti'ii'^t »hatii»'vi'r. of any friTliolil. lopyliolil. 
 I •a-rhiiUl, or otlii'r rial ir pi'rsonal propirty wliatsiM-vor, or any umliviili-il sliari' 
 ■ r iiiU'rent tln'rciii. or any iMM-imiit^. riirliti, lilii-rlirx, or pii\ili'i;i» in. on. omt. or 
 iliriiii)fli any lands or lii'riMlitami'nts; and (2) tlii' riaintaininu'. iiiltivatini;, 
 i.p..iriii)f, altrrin).', di'iiiolisliiii).'. rrhuildiiiu'. improvini/, I'lVilopinu', liiiililinL' 
 ii|H>ii. or otiH'rwi.sr iiiipro>ini,' and rralisiii),', all or any part or pans of tin- frn- 
 liiilil, I'opyhold, lea-sc'liold. and nal I'stati' of tin' lumpany. and tin- nianiii-inir. 
 «oikliiL', Icttinif, Ira.sin)? (iiitliir with or witlioiil a pri'iiiiuiii. and for any trrni). 
 i\i'haii!;in(f, pBrtitionin^. -illiiiK I i" I'oii.siileration of irro-s -^iiins only, or wholly 
 .T piirtially of ii'nts), niortiraijinu or oth.Twisi- ilrnlinir with and disposing of 
 all or any part or parts Hii'rwif ii-spi.iti»i'ly. and tin' ui i(iiiriiiir, jrraiitini,', ri'- 
 l.^asinir, or i-xtinifuinhinir of any n-nts, riiflils, rasiMiionta. or privilcfti-s for or in 
 ii'spoil of till' siinir «r any part or parts thi-rpof, or in -iny wisi' hi'lonjtinn or 
 ippiTtaininjr tliiTito ri-spi'i'tivcly, in siuli nianmr and on "inli terms and for 
 -III h purposes as thi- ronipany think propir, 
 
 1. Ilv the memorandum of as.so(iatioii of the lonipany if was d.rhired that 
 the registered nttiee ol tie' < ompany would lie sitimti-d in Diiifland, and that the 
 ■■iipital of the inmpany was JD.Onil'.. divided nto I.IMHI -liar.s of nl . e.nli. 
 
 :t. Shortly after its incorporation the eoiiipuiiy eonuii.nnil hiisiness, and in 
 the month of Dee.mlie: , 187.'), it aec|uireil, on lease for WiH yiars from the 1st 
 .t^i .>f \.-ivomhor; I.HT.':. a plot of land at ('ouNhaw 'Ireen. in th" founship of 
 t'haddorton, in the eou'iiy of Lamaster, at a rent of lilt/. I'2«. li'. per annum 
 Suliseiiuenth the eomj any sublet part of this lanil hy de^d dited tin- 4th AiiKimt. 
 INK4, for :■ erm of !'"*•) years, at a rent of K.i/ H.. 4f/. pit uiniiin. and on part of 
 the remai.iiler the ..uiipany ereetod a miiul'i'r of eottafr' '"d the residue was 
 retained by the eompany fo^ ildini: •.irponi*, and in otii eupi'd. 
 
 I'iV-U 
 

 , f 
 
 i.ii- 
 
 '1^ 
 
 i:W6 
 
 Jorm 665. 
 
 PETITIONS. 
 
 [Chap. XVII. 
 
 4. Tlip company's building; upciutioiis did not prove remuncrativo, uiid i-.m- 
 xidcrablu <liili('ulty wii.s experitiiiecd in li'ttinff the eottages ho erected, and in 
 di:ipu:<inf; of any further land, and in eonwuiuence the company, sini^e the year 
 l8hU (|H'iidiii)r the advent of better times), abstaininl from ereetin^ any Curthrr 
 building's, and eonlined its operations to receivlni,' tlie rents arising? from it- 
 property and applying' the same in paymint of the rates, taxes, and outifMiiii:-, 
 and tlie administration expenses of tlie eonipany. 
 
 .). I'rior to the month of June, 188,'>, I.S50 ol. shares in the capital of tin 
 <ompany had been issued, and the sum of .),(i9ll/. had bei'n paid up thereon ; 
 70 of the -aid shares have been fully paid up, and .3'. per share on I'aeh of thi- 
 others. Vour petitioner, \V. II. K., holds lUO of the saiu shares, upon which Ih. 
 suiii iiF :)/. per share has been paid up, .md your jictitioncr, T. I*., holds 'J.i nf 
 thc> said shares, upon which -3/. per share has been paid up. Your said |icti. 
 tioners lia>c ri'spcctively held their said shares for several years. 
 
 li. On or aliout the day of the Kcffistrar of .Joint Stoeli Conijiaiiii - 
 
 in Kntrland, jiursuant (o aeet. 7 of the Companies .Act, ISSO, struck the nane 
 of the c(uupuny off the register of companies ki'pt by him in accordance with lie 
 Companies .\ct. 1SI>2, and notice theri'of was published by him in the /.",.■/.<. 
 (I'nftir on the 17th July, 188.5. It is allcfjed by the IJesistrar of Joint Stock 
 Companies, and your petitioners Ipive no reason to dinibt, that, before striking 
 cff the company's name as aforcs.iid, tlu' Hciristrar of .loiut .Stock Companies 
 duly sent the notices, and otherwise lomplied with the provisions eontaincil in 
 paragraphs 1. '1. .md :j of clause 7 ttf the >;aid .\ct : but. through tin- ne::Iiu:cn*c 
 of the c<iiupany's secretary, the several notices sent to tlie company, in aci ordaiicc 
 with tho^e provisions, were not communicated 1" the directors or lucndiers of the 
 companv. nor did tin* notice (pubtisheil in the l.iui'f'ui linrrtle pursuant i" 
 paragraph |3) of such section) come to the knowledge of the company's directm- 
 until after tho eoinpany had been struck off the register. 
 
 7. W. II. K. and T. I'., your petitionees, were not at any time aware liiat 
 priK'ecdings were being taken with a view to striking the com|iany's name otf thi 
 register. \or was tlie company at any time aware thereof, save as afure.saiH 
 
 N. On the 17th July. 188.), the lompany was larrying on business and ».i« in 
 operation, tint is to say, it was in possession of the property aforesaid ani*. of 
 divers other a-sscts, and was retreiving the in^'omc arising frotn such property, 
 and paying the outgoings in connection therewith, and was negotiating for the 
 sale or bvusiiig of further parts of such property. The property of the eoin|iany, 
 exclusive of unpaid or uncalled capital, is of the value of i.fiOOI., and the debts 
 of the eonipany do not exceed 200/. 
 
 1*. Your petitioners feel aggrieved by the name of the eonipany having l.et.n 
 struck olf the reirister, and it is just and e |iiitable it should be resloreil to thi' 
 r<-gister. 
 
 Noiir petitioners therefore humbly pray as follows: 
 
 I. That the name of thi^ cunipany may be restored to the register of eoin 
 panics in i-]iigland, and that the J{egistrar of Joint St<x:k (!ompanii-s 
 may be directed to aclvertise in his ottjcjal njune in the hf>i'tl>-n 
 Irtizrllf the order of the Court to In* made on this petition: 
 '1. Or that such further or other n'liif may be given as to this llonoiirible 
 < 'otirt may se^m meet. 
 
 \nd your petitioners will ever pray. \e. 
 
 Noll. Il is intended (o scr\c tills pi'titiou on tiie Kegistrar of .loint Si,.. 1 
 Companies, 
 
 ^ 
 
STAYIMJ WINDINU-UIV 
 
 \:VM 
 
 I |ion tl)(- pititiiMi of llir IIiiIIIiiwikhI Kstatf ('i'ni|iiinj , l.iiiiiti'd: Form 666. 
 
 And tlic ubove-iiamod (•oinpiiiiy liy tlii'ir 'omir.cl ijmlirtakiii;,' to Roiid in U> the 
 l!Cf.'i«tnir of Joint Stock ('ompunil's (now tlio Hoffi«trnr of C'oni|>. .;.-) tlicir ^|"^!jTJJ"^j 
 ri'turns now in arrcar: ^ ii-^toritiini. 
 
 Tills Court, dotli order tliat tin- nam.- of thi> abovc-nami-d Ilidlinwood Ustate 
 ( oinpany. Limited, lie restored to tlie rc-;ristpr of joint, stock eonniaiiies. And, 
 pursuant, to the Companies .\,t, I8H0 (now seit. 2|-J (ti) of tlie C..ns,ilidation 
 \it, IIMIH). tlie said I loUinwoml Kstate Conipiiny. l-imiteil, is to l)e deemi'd to 
 have (■ontiiiui><l in existenee as if the name had iieviT lii'en struek off. 
 
 And it is ordered that the |{i--istrar of Joint Sto.k Conipani.'s ilo advertiso 
 this order in his ortieial name in the /.„mh„< (l.i-.ni, . And It is ordered tliat 
 th<- petitioners do jiay to the Uenistrar of Joint Stoek Companies liis eosts of 
 and oeeasion.Kl hy thesai.l pelition. sueli losts to l.e taxed by the taxinir master. 
 lloll,,.<r,ml Estalr r,,.. I,i,„:tr,l (Chitlv. J.. I.'ith 1 )e,enil..T. ISHrt. A. 2(1:)). 
 \V. v. (1H87) 17. 
 
 Tlie present jurisdietion In make the order for rest<jratii)ii is -iviii liy 
 seel. -J 12 (ti) of tlie Companies .\et, 1!H)H vseet. 7 of the Coiiip.mies A.t, 1«S(I, 
 amenilrl liy seet. Hi of the Companies .\et, 1900). 
 
 Seet. 7 of the .\et of IHSII was a sill^'ular speeimen of druftluf,'. Uy para- 
 itruph (4) the company was to he dissolveil, yet liy parafjraph (.i) it was still 
 to he resrarded as in ixi-li'iicc, for it miitlit feel airijrieved and apjily to h. 
 reslonsi to the reijister: further, liy para^rraph (I), it was " provided that the 
 linliility of every director, iiianairini.' oHie<r. and niemler of the lompany diould 
 .■oiitinue and luitfht lie enfoned as if the iiimpuny had not been dissolved"; 
 ami tinally, nomithstandinjf the dissolution, the company mij,'ht be wound up 
 by tl.e Court. ./,,<//'-. /"'c "•'". *'■ ''"- (lUDSj 1 <'l'. I'"'- 
 
 TInTf have liiHMi many case, of p -to'.ito.ns under the -Vet of IHSl), and cun- 
 ■"iderinj; the many hundreds of companies which have been struck olf the 
 reiiister, it is snrprisintr tlia» more cies for restoration have not oeeurred. A 
 company I'liieh is beiiijr woinul up is -till in operation within the section. 
 i :,ini,cii'l ri,,,,ii,nllii,i. 27 S. .1. litit: A',«'"^e» /mrn'mriit Co., Ilial. 58.). 
 
 Diders for restoration have u-u.iliy bisii niaili^ by the wiudinfr-up jud-c. and 
 by iud^cs exercising his jurisdiction. >../., I'orm (i'J.) in Part 11., 10th ed.; 
 but North, J., hi'ld that hi! also had jurisdiction yCihi l.niuin J iirii,tiiiiiU Cui- 
 f,viii/'i;,, \V. N. ( lf*!t7) lli2); and altlioiiirh Itiicklcy. J., a|ipears to have enter- 
 tained some doulil whclhcr the application ouj,'ht not to he made to the winding- 
 up judfte, Kckewich, J., made an order in f'/,i'i„ (V.',;iguuij) Lnml Co., W. N. 
 (litUl) 121. See also I'arl II. p. 727 
 
 liefore the Act of I'J(H) was p.issed it was held that a creditor w.is not a 
 person '■ a'jjjrieved " within the jneaninu: of sub-sect. .'» of seet. 7 of the ,\.t 
 of 1880 (A,i'ilo-.li,ir,irini. .fn. Co.. il8!t8) I Cli. 100); but this was altered 
 by the Act of 1900 (sw now the Act of 190S, s. 212 (ti)). As a result, neither 
 the company, nor a member, nor a creditor, can now obtain a winding-up order 
 without first restoriiif; the company s name. 
 
 The iietition should be intitnleil • In the matter of the Companies (Con- 
 Milidalioli) .Vet, 1908. and of the Company." .Ii,/u'.,„,:^',-ii;l Mhihi^j un'l (/■■nriti/ 
 Syi,ilirntr. \\. N. (^1901) 40. The «ann' cas<' shows that the liquidator of u 
 company in course of winding-up cannot petition in his own name alone, but 
 must add thij company as a petitioner. 
 
 For further orders, nee Part 11. pp. 728, 729. When a company is in 
 windiiiK'-np it is not the practice for the order to require the returns, which 
 ought to have lieeii sent in previously to the winding-up, to be made to the 
 Hegistrar. .lohitiiiufhiirii Minion o,„l (!,•„•■, ol Siimliratr, W. N. (1901) Hi. 
 
i;j3« 
 
 PETITIONS. 
 
 [Chap. XVII. 
 
 [n a ease of II,nti-,,-ltii>jlrij\ si,;l II ,„/,,. n T. I.. U. »7j, ItiH-klrv, .1.. 
 dealing with this point, rot'crrtil to tlic> rctiiru'i. ,v.c., wliicli liiiil to lir niuili' 
 under swts. 26 and 43 of tin' Act of lSti'2. iind wit. 1» of the Art of IHOO (««■ 
 MOW C'ompanic^< Ait. I9(W. n. iti . iinil coiniiliiini'd of the fr(H|ii<'n(y with wliiih 
 the diitirs as to mukini; returns wiTe mxleiti'd, and while pointing out that 
 he hud no power to impone a pi-nalty (on o^derin^' re!«t4>rution of a eunipanyV 
 name) he i^imply made an orili'r lliat tlie name of the ciuupany should he 
 restored on the terms of its niakiiif; the proper returns and paying the eost-i 
 of tho Board of Trade, and omitted the usual direetion that the eompany 
 should *' he deemed to have eoutiniied in existeuer as if its name had nev«T 
 been '^ruck off." thus, it was sugireste<l. leavinir ottieers and nn'nd)ers of the 
 eoiT^;>any under poijsihle lial)iliti<*s. It wouhl, howeifr. siimu that the omission 
 diu not, in faet. have this etfeet. 
 
 The fourt must be Hatistie<i liefore restoring the I'uiupatiy's name that soun' 
 objcet is to be gained by the restoration, <'.7.. that some debts nr ealls are 
 unpaid, North, ,J. Ctn/'riili; \. I'hIihI IIixiI <'i>.. \ Meg. ('. K. 2K. 
 
 Thus, in Diitiih lurntith-^i,-,,! Ilnili.ui Siiii'liroic. 9 I'Vb.. 1904, Ityrne. ,1,. 
 dismissed the application to restore with costs wlu'ii the only ajtp.arent object^ 
 of the restoration were to save the stamp iluty [layuble on a reconstrnetion. ami 
 to obtain payment t)f eertain cttsts. 
 
 .Vs to a vesting order after dissolution, sec Tf<>t/n,\ .tfjirrmot Tni»t>t, (1904) 
 2 Ch. 737; Re Iliggi»><„.. (1899> 1 ({. It. :j«.); /Innin.r Una,l (No. 9). (i;tO«) 
 1 Ch. .?.59. 
 
 llil 
 
WRITS OF SUMMONS, 
 
 I3;t!» 
 
 CHAI'TKU XVII'. 
 
 Ill ilic llif?li Ct of .lustii 
 
 (luiiuory Division. 
 
 ^[r. .lustier — - 
 
 l>t(l 
 
 A. .No. 
 
 I'lnihtitf. 
 
 Dt'fi'ndniits. 
 
 Itt'l Wi-fll ! -V. j. 
 nutl 
 |Tlip Cny, l.iintil. li.. C. and i>.|. 
 
 i; If,, thr I'ifth, liv Hio tinicc nf Coil, of the I nit. i| KinirH of CiiHt liritaiii 
 
 and Iii'liind and of tin- l!riti»li Dominions liryond tin- Sias, Kini;. 
 Dcfondir of tin- Kaitli. 
 •|'o |Tlic Cov. I.initd. of ; II . of : C. of .ind I)., 
 
 We I'oniniund you tliat witliin liiflil days after rlii' Mi\iic of llii- writ on 
 VIII. inelusive of the day of siieli serviee. you do eaiise an a|i|ieaianei- to Im- 
 i-iiliTcd for yon in an aetioii at the suit of \.. and talie ooliee that in default 
 of vinir so doinjf the |.UnntiH may proieed therein, .iiid joilu'iiient niav In ijiveji 
 in your ahsenee. 
 
 Witness. KohcTt Thre^hie. Karl Lorehnrn. Lord llii.'h ( ■li.iiieilh.r of Creal 
 
 llritaili. the day of . in the year of .nir l.oid • tl sand nini- 
 
 hiindn-d and 
 
 Mrilll/nill In hi- KiillKi-lilivil it.i Ihi- '•,'!. 
 
 V.U. This writ is to lip served within Iweh. .ahndar i lli^ from ih. dati- 
 
 Ihof. or. if renewed, within six lalendar months from the date of tin- liwli 
 lenewal, iiieludin^' the day of sueh ilate. and not afterwards. 
 
 'I'he dofendunl | ". defendants | may appear hereto hy entering an apiieaiaiioe 
 [.,, apjiearaneesl eitiier perMinally or hy -ohir at the Central Offiee, lloyal 
 Courts of .Ju.stiee, Ivondflii. 
 
 hiiluinriliriits In /,<■ lutulr n„ II,,- ,,,,1 l„ !,,,,■ :„.-,„■ Ili„l. 
 
 The plaintiff's elaini is for, .Ve. 
 
 I See Korms lillH . / .</■•/.. :„i,;i. | 
 
 rhi> writ was issnisi hy the sd plaintitf, who resides .it ; .., This writ. 
 
 was is.-mnl hv K. 1'., of , whose address for serviee i« s.ihir for tin- .id 
 
 pla'ntifi', who resides at : ■■. This writ was issued liy >'■ II.. of 
 
 «hose addri'ss for serviee is , agent for . of . ^ni .r for the nd 
 
 jilaiiililT, *ho resides at [mention the . ity, town, or parish, and also the 
 
 name of the stn-el and niiml)or of the house of the plaintilf's residenee. if any |. 
 
 l„,fii,H'mri,f III III- iiiiiilr im Ihe niil njlri i-nlifi ll,,,l 
 
 This writ v»tts .serviHl hy me at on the defeiiilani on . the 
 
 d.iv of , !(» 
 
 Indorsed the day of . 1» 
 
 (Si^mtl; 
 ^.\ddress) 
 
 Form 667. 
 
 Common fonn 
 writ. 
 
 ^H! 
 
 . 
 
ia40 
 
 WKirs OK SUMMONS. [ClIAl'. XVI 1 1. 
 
 t-ii 
 
 Form 667. ^" ^''^ ^^^^ ^^ *^ t'umpnny in 1i<|iiiHation the pluinttfTH* address Khoiild run: 
 
 — - •* , plalutitfrt, who an.' u cnnipuny in lit|uidutiim. The li<iuidator is [hohi' 
 
 of lifjuidatnr\f of [fiihi,r>tH nf /ii/ni(littor\" Svv Ann. l*r. 1912, App. A. p. '_' 
 
 In the CUSP of a foreign corporation reyfisttrcd in Kn^land (see Ann. i'l . 
 1912, Ord. IX. r. H inn), p. lio. " Korcijjn Corporation -Service in Enjrhiiid. 
 in:.) the j)laintitfs' ;iddrrss should run iUum — *' — , plaintittn, wlio arc ;i 
 foreign corimration ro^fi-^t^TOil in Kn^land under sect. 274 of the (.''omi)uiiif^ 
 (Cnntudidation) Act, VM)H. Tiio regi8t<'rcd name and addrc-fs of the prr^on u> 
 be MPrved are [//rrf ii<fd ictfintered nam*' and (idilrrtin'\J'* See Ann. l*r. \ol. II. 
 p. 2; and an to atHduvit of service, see App. It. Pt. 1. No. 4\. 
 
 As to the title and as^^igniacnt of action in the case of debenture action-^. s..l- 
 J»art lU. loth ed. p. 475. 
 
 See K. S. t'. 188;j, A])peiMli\ A. fur otiicr fi.rtu.H of writ. 
 
 Ord. XX. r. * provides that: 
 
 " Whenever '» >*''tenient of ilaiin is deltxcn-d, the phtintitf may therein aid r. 
 modify, or extend his claim witlioiit any amendment of the indorsement of t!it 
 writ,*" 
 
 Itut this (loo ii«»t ap|>ly where the '•hiini i^ lih'd. h'iufitinn \. h'itk, 37 * . h, 
 111. 
 
 As to service, by int. ll(> of the t'oinpanii^ (Conoolidation . Art, iWs. i 
 docnnicnt wliicli includes summons, notice, order and other ieijal proces-; aiul 
 rcifistrrs n»ay l)e served on a company by leaximr it at or scndini^ it by pn^t 
 to the registered oftire of the » I'lupany. 
 
 SiH't 1I(» must be n-.ui in riuijiinetion with •ictt. 'Hi of the hiferpretation 
 .\ct. 1K8!», which runs thus: Where an Aet p.issiid after the eiirniiienccmciit ef 
 this .\et autliorize> - r re(|uires any document to be served by po-^t. whether tin 
 expression '■serve'' or the e\pres.*inn " ifive " or "send" or any other i\ 
 pression is use,!, then, unh'-is the contrary inte?ition appears, the service shall 
 be deemed te be clfeefi'd by pmperly adilre^-iinir. ]nep;iyiii;r aiid i)ostini.'" a lettci 
 eiintaiiiiiii;: the document, and. unless the contrary is provtnl, to be elfeet*'d at 
 the tiuM' at whicli tin' letter would be deiiwn'd in the ordinary course of po-<t. 
 
 Ord. iX. r. H, of H. S. ('.. provi(b'> that in the al>sence uf any -tatutoiy 
 provision re<;ulatin^ the >t-r\iceor any proees.-, every writ of >uU)mon.s issued 
 against a curporatiou ai;i;rc;:ate may be sor\eil on the mayor or other h..nl 
 otfirer, or on the town clerk, clerk, ti'ea.surer, or secretary of su'-h eurporatiuit. 
 . . . .\ml where by any >t:itute provisioo is luade lor service of any writ of 
 summons, bill, petition, sumnion.-, or other proces.s upon any corpci ttion. uy 
 upon any soeicty or fellowsliip. or any body or rumber of jiersons wlu'tlier 
 c(u'porat<' or incorporate, c\erv writ of summons may b" served in the manner 
 so provided. The words in the above rule referring Ut statut4>ry provision 
 include sect. ll(i of the ('oin]>anies (Consolidation) Aet, 1908, so far as reganU 
 eompanies subject to that .Vet, and accordingly, if a company registereti in 
 Seiitlarid or Ireland is to be served with a writ issued in England, service must 
 be in accordance with sect. 1 Hi of the Cumpanies (Consolidation) Act, 190s. 
 and not at a brantli olHce in ICngland (flood v. .I,nfcrsfan Fonndrtf Cn.. :',t\ 
 W. U. 918; irofkin V. Sroifisl' fni/^ttiof 1 .fsusoart' Co., 23 (i- 11. D, 235), unti 
 liberty to so serve out of the jurisdiction must be obtained. S..0 the above 
 ca>es, ..nd ff'atkins v. Cnh-doh.^nt Roi/"-,,,/ (Jo., (1892) 1 Q. H. 823; Ann, I'l . 
 notes to Ord. IX. r. 8; see also I.o'jan v. lUinl- uf Srotfand^ (1901; 2 \\. U, 
 19.'>. which shows that a Scottish corporation is for some purpost's a foreli-M 
 ci)rporation. 
 
 In a recent case 'yJisfin.ida' f.'-'.is.- h/.'/f.. r.'i.fj t.., \. /'•;,..,,,'.,- r .,., »l;;U; - 
 ir. U. 532), tlie plaintiff, im a further security, registered the letter, enelosini: 
 the writ, and bond fide believing that the writ would be delivered in ordinary 
 eourse of |h»s(, signed judgment on non-appearance immediately .tffer c\pira 
 
K< )KMS. 
 
 1341 
 
 tii)ii of the period allowwl for ..piMMiriiiicf. In fai I. nwiiiji to tin- nri'tf"''""' FonB 687. 
 
 ihc Iptti-r «x>) delayed a day: Held Miat tin- juil^ nt iiiiHt lio let asidi' »■< 
 
 |irciniitiirely sipned. 
 
 If a foreign corponition carries on its l)usini'<i in tliit country in «iii'h ii way 
 that it niiiT be said to br resident here, Knsflish process may lie acrvod npon it 
 in tlie manner provided by Ord. IX. r. 8. .Vci''/'/ \. f'nit O///"-/!, L. II. 7 Q. U. 
 T(i:l; llnrjtiiii V. Ciimittoirfl'Emimiilcde I'lni'.'a Q. It. D. 519; /,« U,iiin/ot/ne, 
 : IWIfl) 1 I'. 1, 12, affirmed by tlie House of lior.ls. (ISIti)) .\. ('. 431; ('..wiyc^wiV 
 civirnte Trnnsnlloi.tiqui; (1899) .\. (,'. 431 ; Dnnln,, PnriimaUr Tyrr Co. v. 
 1,-tiei, aem-lhrfwfl fur Mntar. ^r.. (1<M)2) 1 K. H. 342. 319; Itr /l.ns. 1.1,1. v. 
 //.../•-. (190<1) A. r. 4.W; Kiif.rii. p. 9.">. 
 
 r.i make a f()reij.'n company liable to be sni'd as larryinir on biisines.s in 
 
 Kngland, the business carried on must be the business of thi pany, not; 
 
 Kiirk merely aneilliry thereto. .Il/i-oh v. /iiifr/irwlriil I'lean Vabh .Inaor., 
 .'H T. L. R. 12S ((". A.). The foreign company's agent rentinif an office with 
 the name of the company painted up and Belling the company's goods in 
 .Moiiirh (Snrihij-i.i Cnri.. v hriinsrlir hiiln-:k. MOID 2 K. I!. .'>lt'.). or ha\ing 
 an office in Kngland with a board of directors, thouih only finaniial business 
 U transacted there. Artir^sihknhl Dmnxkl llrr,i,!rs v. dnui'l T.mil; I'nri/if 
 Uni/.r,,,,, 28 T. I,. K. 2S (C. A.V 
 
 It does not follow that because the cnmpaoy i< registered in Knijland, and 
 ihe action relates to its shares, the (""iiurt will allow the writ to be served in a 
 t'lirelLTM country on a necessary party residinir there. l.OfKs v. Chf-iuru \V. \'. 
 M!MI1> Il.i. 
 
 Foreign companies carrying on businesn in the I nitisl kingiloni must mm 
 tile with the registrar the name and address of some iicrson authorized to 
 iiccept service of process and notices. Companies (('onsoliilalion^ .\ct, 1908. 
 -. 274 (1) (e). 
 
 .\s to proving service, see sect, llti of the .\ct. 
 
 As to treating service as valid notwitlistancliiiL'- irri'.nil.iril *cc Onl. I,\X. 
 ]. I. Dickmn v. Law. (189")) 2 Ch. K2. 
 
 Substituted service may be ordered of a writ for service within the juri-. 
 diction when defendant, knowins of the issue of the writ, has gone out of the 
 jurisdiction to avoid service of it. ./"V v. Hmhl. (189S) I Q. Ii. 12. 
 
 .\s to the costs of sul.si ' 'ted service, .see Flatn,. v. Cnth-,,. HI I,. T. 102: 
 W. X. (1899) 206. 
 
 .\s to re-servicc of aruemled writ, vc ./.nninrn /,'„if,rni/ Ci. v, fiJnninl IhuJ.-. 
 : 1905) 1 Ch. 677. 
 
 A.i to service out of the jurLsdietion, see Ord. XI. Ann. I'r 1912. p 75. 
 
 Indorsements. 
 [I'laintill, the coy DofeTulant. (ho sharpliohlor."; 
 
 Statewcnt of ('laiin. 
 
 The plainlill ccn s cluiui Ls lor calls duL- lioui tho (lolemlarit :i.s a 
 niember of tlio [ilaiiitiff coy, ami for iiitorost thcwoii. 
 
 Form 66P. 
 
 special for 
 eall. 
 
; :'H 
 
 ill! 1^ 
 
 1 i'i 
 
 i 
 
 iiis 
 
 ;i 
 
 l;U2 WRITS OK SUMMONS. [ChAI'. XVIIl. 
 
 Form 668. i'AaTicii.ARs. 
 
 lath Jamiiirj. I'.l To iiill <>f 'M. p-r slmic mado tlio Isl 
 i»r Octolrt'i. 1904, and |puyiil>lo lliis day on 100 ordi- 
 iiur> Bhuit'^ ill till' i-a|»ital of tlio plaiutiil coy staud- 
 inp in tli<> iimiiu' of llio dcfciidunt IJi'O 
 
 liilcn-Mt from l.'itli .laiiuary. li)0."), to date, at llio nito of 
 
 10 |i.c.p a.. ]>iivalil(' iiiidcr the vny's atin of usmoii... :.'(I 
 
 Alllollllt (IlKV 
 
 C22n 
 
 AikI till- .^inii of t i;; siirh sniii as in .;/ hi iilUiiri'il ml liuiili'in 
 
 for «ost.«: ari<l alio, in ixv^e the |ilain(ilV ol)tain- uii ordor for siil,- 
 wtitnU'd Muvico. tlio further sui.i of f- . If ilio uniouiit Llaiiiiid 
 be i«l to tin- plaiiiliIVs or their .<oloi!i or aj;cut.s within four days* f'roin 
 thi' M'rvico horc'of. fiinln'r iiroov-diniiN will ix' ■'luyed. 
 
 IMiM-c of trial 
 (Si<j;iK'<l) 
 
 Calls are iiiiiiininilj ^iii'il t'H' I'li a writ >|»"iall_v IiiHoimmI in aciiirilanir wiili 
 OrJ. III. r. 0, iif the Itlllis lit tln> SlipRllic Colirl. Auil tlii'il a|i|iliiatiiili i.< 
 
 iiiadr iiiuIlt Oril. Xl\'. lur : vdiT ti. I'liMi jii(lf.'iiiriit iHrtliwith. Sir fiiillur 
 
 Animal Prai'ticT. iinic- U> Orel. M \' . an. I /'■'-- /■:',■',„ C. -. . /V///;,,-, '. :;> 
 L. 'I' :>l'i. •■Till' (liiiM-ry "f "tatciiii'iits of ilaiiii iliall Ijc ri'iriilatnl :i., 
 folliiWH; (a I Wlu'ir l!ii' »iit i.1 ^|H•.■i..lly iiMlor^cii iiimIci- Oril. III. r. I). ri.i 
 furtlur statciiiriit nf ilaini •'hall lii' (Irllvi ic'il, liat tin- iiiilnrsiMiiiiit on tlir will 
 pliiiM iw ili'iiiiod til 111- till' <Iati nwiit iif claiiii. (In Saliji'it t'l tin' priivi^i<iii» •<( 
 Or<l. Mil. r. li. a.-< til tiliii!.' a ■.lati-aiiMil if ilairii « Iumi- iIm ri' i~ no a|i|icar,ihi .■. 
 ,iu t.l<iii ,111 .,1 III rl,i,ii, ./,,'■ /.. •■'.'■ .■,.•' iiiili'-s til" ~aaii' lie <ir(li'r('(l uriili-r 
 Ord. .\\\. or Oril. .\\ II I r .1. (ii W li.-rc ticlivi iv of u statcnipiit of ilaini 
 is ordcri'il lla' ^aIlll■ shall In- di'livri'd within the tinu' s|iii'itiid in tin' ordrr. oi . 
 if no tin.i' l>r so s|iiiiti<-il. within twinty-onc day- from tin- date of thf orili) . 
 unless in i-iilier ease the time lie e\iendeil liy the Couil or a indire," Ord. X\. 
 r. 1. 
 
 An indo!-.-enieiit of '-iaini for inrere-t on a writ of ^uinniun.-, in order to lie 
 a fT'ioil speiial iiidiirsei..enl within the meaning.' of Ord. III. r. Ii. ae.l Did. M'v . 
 r. 1, must sho« I'ither th.it the intere-t elainiiMl is ii.ayalile under an a;.-reenient. 
 or thai it is fixed liy siatnt-. Cnhl II,,. Itr.ln. r„. \. />„,.. (lS!r.>) 2 1^. II. 
 14. .\lid, as ,i|i|iear- from thi- ease, the defeet wa-. H|Min an apiiliiMtloii for 
 snmniary jink'nient under Ord. .\l\'., fatal, and eonid not lie inaile ijoiid iiy 
 ailida\it e\iileiiee; nor eonid the ilefe t lie eureil l.y ameiKhu'iit wilhiMi; 
 rcnderilii; ft fresh a|i|ilieatiiin under Onl. \1\. neee--ary. /'/;.<'■■/( v. 11"', ,1, 
 (18!i:l) I <^ 1). I'i''- I'm now paraL-rajih ili) of Hide I of Ord. \l\. allows 
 home scope for aniendinenf : and wheii nneoiuiitional lea\e to defemi has in en 
 given on uei'onnt of a ir 'hniral defeet in the writ, the plaiiititf may, after the 
 defeet has liien eiind. apply a,'ain for tin d jndL'nient. 
 I'liiuliiir Itiiii,.. llhliT. I (J. I!. ;liiS; and -■ e Annual I'raetie 
 r. 1 (Id. 
 
 .\s to restraininir e.dl- anil enlnreenienl it wa- heiil hy llaniilton, ,1., in 
 Tii!i,nt,, \. I'i,!iu-i !:■•!■■,■, ,,,,1^, ,j:j Sol. .1. IVi, on an applieation for an injnne- 
 iion, liiat the I'oiiri \\\\\ not le-tr.iin a e.ili or tiie i ii:,in'ciii. nt ihi r. of even 
 wliern the sliareliolder has eoinmcneed un action t<) try the <|nestion as t'l his 
 liability — lor in the action he can liy resistiiiL' payment i;et the i|Uestlon 
 settled without an injunetiun. 
 
 I)„,„l,.., ,v ,S„„ ^. 
 notes to Ord. .\l\ . 
 
 .fcLL. 
 
KOKMS. ]M-'> 
 
 TIk' i»ll <-o\ s cliiiiii i* I'ni iiioncv" diii- finm (ho lift as a meinhor oi Form 669. 
 
 ilw i)lf lov.iii I'PHiw'ct lit' •2,'2M slmii's ot II. oiioli hold by him in tho ,, 
 
 ■ • ' •' I iiiii]«iiiy » 
 
 rapital of th«> pit rov. willi iiil<T«'.-i| iIii'iimhi al the rato ol 10 p.c.p a , l.iim for rjill. 
 
 iiridor tlio KMiiif of claii-.i' IK of ihi' pit cov's arts of aasoii. ""' '"tiTrst, 
 
 Th<' liillouiiiii aic the piirliriiliiiv.: 
 
 I'.ll ! 'I'll ainiiiiiil ijiir nil .ippliialiiiii 2s. Vxl. 
 
 Kcli L'Slli. pel .-liMiT C2HI :, (I 
 
 I i: -ir.-l ilicr M .laic nf hi i| :! IL' n 
 
 'l.. aiiiiiiiiil line 'III aljiiliiicnl. 'in. |i(M' 
 
 .share M2 10 <i 
 
 liilorowl llnii'oii Id ilate iif writ 7 1 M 
 
 \it\ J.'liil. T<i aiiKiinii uf call of 2v. (>d per .sliaro 
 
 .lue tlii.> .la\ :2H1 :. O 
 
 liiteiol llici'i'iiii |.. tlaie uf writ - It! '• 
 
 £M,l;i8 12 !• 
 
 Tlie pile al^o ■laiiii iiileic^l nil llic xiiii nf I.I2'>/. al. llio lato of 
 III pc.ji.a.. iiiidei' ilaii.-'i' IH af-d. iiiilil payment or jiid'jriiieiit . 
 
 The pit i(i\ .- claim i- f"i iii..ii('\ - i|ii<' tiuiii ilic dfl in le^pi'il ol lliii form 670. 
 
 .-Iiare^ in llie i-apilal foiiiicih held In the dfl. lull fnrfeiled uii the , . ' 
 
 ( mim Willi.. 
 .Ia\ (il .sl.arr;. 
 
 f.,if,it..l. 
 r m: 1 II I 1 \n>. 
 
 I.'ilh NoM'iiiIk'i'. 1(107. '!".. .ill ol -21 per .-hare, payable 
 
 llii.-da\. ill re.-peil of llic .iIlim'-iiicmIiI -liaie.s iL'on 
 
 I'll iiileresi tli(>reoii froiii the .hi\ of lo Ihe t."itli of 
 March. I!M17. when Mich -hare- Mere forfeiled. al llie 
 laie of p.c.p. a. .a- pr..\iil.'.l liy the ar(.- fif as.^oil of 
 the pll lov .'ill 
 
 l'L>;!o 
 
 To iiileie.-i on the -.1 -iini .>! J:>i)/. fnmi th" .sd l.jtli of 
 Manh. I!l(l7. lo ihe .lav "i , al the rate of 
 
 •'i p.c.p a . .1.- provide. I liy the pit coyV arts of UKson ... I';! 
 
 T.iial am I £'2r,:) 
 
 IMt ( 1) : d!!...\ J Fonr. 671 
 
 The plt't) elaim is foi j:iii/.. aiiioiinl of llist eall of ."i,«. per .share on '"'" 
 2,12(1 ^hal■e.s of M. each, held hy the dft in the pit coy i heinjj a eo\ 
 
 
1:h4 
 
 \VR1T.S OK SUMMONS. [L'llAI'. XV I II. 
 
 Form 671. 
 
 i; 
 
 i ' 
 
 inrorporated iiiidor llu> ( '().■< i('on«olidaiioii i Ait, 1908), duo bj tho dl'i 
 to tho pll Toy on tho 18th thiy of Out , 1909, in aoconlaniw with ihi' 
 teiiiLs <»f tho pit)»iM'»lii.s of thu pit coy. and of which sharo-s tho dli i- 
 tlio i'Of;i>f<MP<l lioldoi. whoioby an action has acuiiied to the pit coy. 
 and .')/ 4«. iid. for inlcic>t a( (lio luto of U)l. p.c.p.a. on tho Hd miiii 
 of SaOf., beinj; tiie aiiinuut of tho alK)vo lirNnall from tho date of siicli 
 call to the dato hof. ami wliich amount of intflitwit bocamo duo and 
 payable |mr.-<uant to clmi " 1:1 of lli<- iirl.'' of M«son of the pit cov. 
 
 1909. 
 18lJi Oct. 
 2.1rd Nov. 
 
 I'\HTIC1 I \U> 
 
 To amount uf fiisi 'mII of 'i.t. por sharo on 
 
 2,120 .iharc.-; of !/ each l'''-!0 
 
 To amount ot intorcsl on samo iit tho rate 
 of 10/. p. I-, from tho IHtli day of 
 October, 1909 •"' I 
 
 £r,:\r, i 
 
 l»Ia<-<> of Trial, .Middlo.sox. 
 (Signed) X. 
 
 and \ 
 
 .\nd tlio sum of 3?. on. {or such sum .is may be allowed on tn.vation ■ 
 for costs. If tho amount claimed he pd to tho pit.s or tiiolr colors 
 witiiin four day« from the sorvii'o hof. procepilincrs will })e stayed 
 
 Form 672. 
 
 lu 
 
 ho High Ci of .lusiifo, 
 
 
 
 
 Notice by 
 udvertisp- 
 
 
 King's Hench Division, 
 lietuoon tho 
 
 t.'oy. 
 
 Niiutd 
 
 . Plu 
 
 ment to 
 iti'fendHiit. 
 
 
 
 and 
 , Dfl 
 
 
 
 To I lie- above-named dft. 
 
 Tako notice that this notion wa-s on tho .tOtli day of Soptombor. 
 
 -, commenced against you, and that tho pits by their writ of 
 summons claim tho .sum of 'Mol. for money.s in which you, as a 
 
 mcml)or of The Coy, Limtd. were indebted to that coy fi^r 
 
 balance of allotment money of 12.v. iid. per shai-e on ."lOD .shares in the 
 sd coy allotted to you as such niondior at your request, and for a call 
 of 5.f. per share upon tho .")()0 sliai-es in the .sd coy of which you were 
 tho rogistero<l hoKlor^and also 17.»/. i;!.v. s^/. for inloresi on tho afsd 
 amount under Art. 1.") of tho arts of asson of tho sd coy, which sd 
 iiionoyo Hoic, uudci and by viituo of two .several indentures, dated 
 rosply the 17th June. 1904. and .'iOth .Jidy. 19U4. absolutely assitrned 
 to and became vested in the pit--, e.\press notice whereof in writing 
 was given you on or about the l:itli August, 1904 
 
m 
 
 FORMS. 
 
 And further take notii« timt thi- ( r lm.s, by order datml the 9th duy 
 
 oC October, , authorized >i«>rvii(> t>f the sd writ of KuiuinonN upon 
 
 vou by sending a uopy thof und ii copy of the wl order hy ii prepaid 
 |Mi«t letter aildreHned to you at Laue, E.G., and by the iiwortiou 
 
 111' one advortisoineut in the Tinteii and iJnilit Teletiraph newspapers 
 ul the issue of the nd writ, and of the nd onler. And further take, 
 notice that you are required t»i appear to the sd writ of snmuionH 
 ailhiu ei^ht dayw after the in.sertioii of the hist of the sd odver- 
 li'-eraont'i in niannor alstd. inclusixc nf the day of such iiiHcrtion, atid 
 ihi»t in <lefault of your ho iloinp: the jtlt« may procf'cd ihficiii, mid 
 |ii({|Tniont may be given against you in your nb.M<nce. 
 
 I)ate<l I'lth day of October, ■ 
 
 - * Co.. Street. V. V . 
 
 Solors for the Fltn. 
 
 IMA 
 
 Form 672. 
 
 I to rarvice by advertiaement, aee R. S. C. Ord. IX. r. 2. 
 
 Tlie plaintiff's claim i» ■.^^r luoiioy i-oceivcd by the dft.s for the pits Form 673 
 
 ii-iu, that is to say, for return of .ino/.. lieins- amount imI I)v pit to ;„ . , 
 ... I .. ... I . 1 CUini fur 
 
 .III as deposit upon apphcon mi 1.0(10 proferenio shares of ol. recoTeryof 
 
 each in the dft coy, which applicon \va« withdrawn bv the pit before 'l^I'V"'' *'" " 
 
 allotment to him. 'i^fZZ 
 
 withdi :i«ii 
 _ befon 
 
 Particui .\R8. ,U..tmpi>t 
 
 l.ltli May, ia08. To amount pd by pit to dft coy, being 
 10s. per share on applioon for 1,000 preference shares 
 of 5i. each in the dft coy now returnable to pit, he 
 having, before allotment of .such .shares to him, with- 
 drawn his snid appHcon l'.")0o 
 
 Where the writ in Hfiecially iiidiirsiiJ im further atatoinent of rluim \* to bi- 
 ilclivcred, but the indorsement on thi- writ i« to He deemed to be the -ttatemciit 
 of nlaim. R. S. C, Ord. XX. r. 1 Co 
 
 lull 
 
 Pit, A.; dft. The — Coy. Limtd. 
 The pit clainu*: 
 
 1. A declaration tliat lie was induced to take 100 .shni-e-s in (he dfi 
 iiiy by misi-ei)re.sentation and non-<lisolosure of material fuctn. 
 
 2. Re.scission of the contract to lake such .shares and rectification ul 
 llio regi.stcr of members of the dft coy by the removal of his iiaino. 
 
 .'!. Repayment of the amount.- pd by him on the wl (diaw)s with 
 iiileiest. 
 
 ). An injunction to restrain the dit coy fioiu making or atteiuptiii<;' 
 t" enforce by action or otherwise any call in respect of the sd sluueN. 
 
 »•■ 1 K 
 
 Form 674 
 
 Re8ciiwiu<kp>i 
 contract t<> 
 take sliun-^. 
 
1?M? *■ ■" 
 
 [ifi;f 
 
 5 ! 
 
 1346 
 
 WRITS OF 8UMMON8. [ChAP. XV I IF . 
 
 Venn 674. 
 
 Tlio alxjve fiirni ciiii !>"• u««l where thrre in nii r»ii«< "f fraudulent niUn |.r.- 
 i..iifati.>ii, and tin- (.laiiitilf .luiini. rtlii-f merely on the (tniund of non di. 
 .loHuri' or iniiuccnt luinri'iirenciitution. See nitpra, pp. 1»6, 204. 
 
 Sonietimei in such ilriunii.tanci» there may lie u rate a({aln«t the dir. Imi« 
 under Mn-t. 81 of the fonipanie* (Coniolidation) Aet, I90H, replaeinM: il"- 
 Directors' IJahilitv Ait, IHHO («ee »<(,..<'. p. «(»» H .i-'/.K and if «i. ih.' 
 direetorn ean l.e made defendant- alon»f with the company. Fra»kr„hi„., s 
 (h,„i /l,.,>rl,„» i;,..:<i')'- '•"■. ('»<>") I *l "■ •'^"^- *^'''' ""♦••" *" '"■"• '"""■ '■""* 
 llie folloniiit; eluini ciin lie adilcd: 
 
 .■|. Or, ill tin' ;ill<'riiuli\»', lor u (Iccluiul ioii timt llm (Ills, ^ui.l 
 
 , UK', uiidfi- s«Mt. HI of llui Co-* (Ooiisolidalion) .Atl, 1!H)S ili.' 
 DirBclorii' liiabilitv Ad, IHUOi, liul>l« to l>uy tho i>\l oom|)Oii>Mti .n 
 for llio loN-t Na'^tuiiifil Ity him \>\ hmsoii of uiitriio .slaU'inoir'- . u- 
 luiiitMl ill the .si |Mo.-<iM'(liis, iiiid jucl^iinoiit iitjuil)-*!. xiuli ilfts loi iIm' 
 |iiiviiit>iit of .■■iicli iiiiii|H'iisatioii. 
 
 A.< to the DirectoiV l.ial.ilil.v Aet, IS90 (n. ■ ..lMHlie<l in ««t. Hi ..I ili.. 
 Alt of IHOH). «ee ■,;,„,■. |.|,. 2ns .' ..,/. 
 The followiiiif i>i another form. «>nietiin<'M ii- • instead of elnu«'» 1 iikA ■.', 
 
 alM»ve : 
 
 I. To have the eoiilrii.t hy virtiii' of whiili he lie. es entitled to - >han.. 
 
 in the lapitul of the defenilaiit .■onipany ^<et «»ide on the (frouiid that In- »iis 
 induced to enter into that contract liy minrepresentation and iion-di«loMirc of 
 material facts, and to have the reginter of nieiuhers of the company rectiWiKl hy 
 Bti.kiiiir out his iianic ii* the holdi-r of such shan-s. 
 
 f • 
 
 
 Form 67 
 
 ReRcirtHion 
 and damatres 
 (fraud 
 alleged). 
 
 I'll, A.; clfl>. lli«' coy. iiiul A.. B., uiid C, (lir(;<;lor.s. I 
 The pit c'luiiii>: 
 
 1. A doclaration that he was iiiduc<(il tx} toko 2»l) Mharos in tlic dll 
 roy by the fraudulent miHit^pie-^ntatious of flio dfts. 
 
 2. Res(i.sMi(jii as in Form 075 (2).i 
 
 ;t. Damajres for tiip lo-^s orca-sioneil to him hy such frnudnli'iil 
 misrcpi'o.soutations. 
 
 4. An injunction Form (175 i4).j 
 
 .». Or, in the alternative, as against tlio dtta , , and 
 
 damage.i for the los.s oic.isionod to tho pit by such frauduloiil mi-- 
 repre.seiitatioii.s, and indemnity against all liability in mspoot of smli 
 whares. 
 
 The alKive form "-an he used where the proi<p<-etu» was issued before ISlli 
 August, 1890. when the Oirectors' Liahility Aet, 1890, came int.. operation, il 
 the" action is not statute-barred. That Act only applied to j,: -.pectuses and 
 iiotiies issui-d after that day, and accordingly any claim for dauiaKos in r.spn t 
 of misrepresentation in a prosiwi'tus or notice previously issued must be made 
 in an action of dc-.cit. S-c -,-.•', p. 202 Tn :.«:h :.n action fraud mnst I... 
 proved . 
 
 The form may also be iistni where the claim is barred by lapse of time under 
 the Dircetors' Liability Act, 1890 (p. 208), but is not barred upon the footini; 
 uf an action of deceit (p. 202). 
 
KOKMH. 
 
 ia4T 
 
 Somi- pcrxiiin, iintcuil of <luiiiiiiiif (Uiiiu(r'« (•' • iluiiii ■' T" Imm' 
 •iKttiil.t the ili-fcndant. ji.iiitly aii.l «urullv f'T flii^ n |i«vm«'tit .if tin 
 paid \>y tlir pliiiiitilf ujmhi tli" «ii"l "liari'., willi iiitiT<'«t " ; Imt, nf <■< 
 mnv ii"t iiiviT the ilaiiia|t<'' »M<tuim'il. S>t Mul/uut v. !''(», HI I. 
 wliiTr u I'oiitrart was n-miiiilfil ami damat'.w awardi'd. In lli'lih""' 
 H) V. I»iv. 1, »roiitrait was rf»iiiid<'<l, l>iit tin- riaim fur ilarriuK'" fnil' 
 then- wun no allPKatii.ri that tlir dcfi'iid-iiil madf llii' iiii»ri|>r.-«'iil.il 
 plaini'd uf fraudulriitly. 
 
 It i« i!nou(fli to i'stablii'li at tli'' iH-ariiitf a . ;iw f"r iiii|iitry a- i.i 
 Soi- Shiphrnrrl v. H,,.,.,„.. , I Hill \. C. ;I4'.'. :t»S. 
 
 jit<l(;ini-rii 
 
 - ailKMlllto 
 
 itirot'. tlii<4 
 . T. IW". 
 
 1. //.'.,/. 
 
 'il brralli*' 
 i>ilf« riim- 
 
 il;Mn;ti.'t'«t. 
 
 . 
 
 Joinder oi Parties. 
 
 Ai to thf joindi^r of iiluintilfH. Onl. \\1. r. I. .i» oritfinallv li.crintl. loiu- 
 iiiciiutxl with the words -All |ii-rsoiis may Ih' i"iiiid a» pliiiiliff- in «Ih.iii thr 
 ri^fht to any relief clalnuKi i« alleged to fvi-il, whither jointly, »i\. i.illy. ..r iu 
 the alternative"; hut for these words the words in ilaliiM li<lo» «c'i< -nh 
 stituteil in Oitoher, 18!»ti, and tin- rule now stands as follows: 
 
 All ]>ertMiu nuiif be iuiiieit in uiir mliim an /ilainliffji iu iclinm ttii'i ,i>ihi Iu 
 relief in rrs/iert uf c '»iinj uul of the laure traiimirtion or nniet uf liinn- 
 
 firliom IK iilteyeil to cxint. whether juinlly. tercralhj, or in the altrnintirr, 
 ivhrre if rurh pemonn hruii'ih! irpurate artionn any rummun queMlloii of lai" o(i 
 (nrt tfuulil arite; pruiiditl that, if upon tin' aii/jlieutiuii of rtcy ilehmlaitt it 
 shall H/i/iint that tueh joinder may emhnrnmt or delay the trial uf the action, 
 the Cotirl ur /'mtrrr tnay unh-r ne/wrule tlinla or make »iirh other order «« may 
 he expedient, and judgment may bo given for sneh one or more of ttn' plaintiffa 
 as may lie found to be entitled to relief, for sueh relief as he or th. v may lio 
 entitled to, withcmt any amendment, lint the dcfindant. though unsuiressful, 
 shall be entitled to his coats oeeasioncd by no joining any person who shall 
 not bo found entitliid to relief, unless the Court or a jnd(re in dis|M)sini; of the 
 costs shall otherwise direr-t. 
 The ruli- in its old form was dealt with in Smiirlhn niu v. Ilnnn'ni. (ISOli 
 
 V. C. 49). i'enin.uilnr and D.ieninl f.i. v. Tftinr h'l/im,'. ilHMi A. »'. HIil : 
 ;ind Cart', \. Hi'jhy, (IHlMi. 2 (<. i.. 113, and other eases refiTnsI to in tho 
 
 \nnual I'r.utiee. Xone of the tlin-e ea.ses n'rerrij spiTially to actions relating 
 to company matters; though in Carter v. IliydiJ, \. I.. Smith, \.. I . - lid that 
 lie read Nninlhunite v. Ilnunuii "as applying to both contract and t rt." 
 
 Hut in .IrniMn V. Smith, 41 ("h. I). 'JH (C. .V.), which was commenced in 
 INS", when the rule stiKKl in the old form, tifty-four persons who had seicrally 
 Allien ileliciilure stoeic in a company sued tiie directors for damages for n.isre- 
 preseiitatioii in a prospectus, and Kelvcwich, .1.. held that the forty who 
 appeared at the trial were entitled to judgment, although earh of thi m hud a 
 
 li-tinet rniise of lution. and although it may be ihat the joind'T in tiii.s caw- 
 was irregii ir under the old rule, it would be regular under the rule as amcndi'd 
 ill 18%. 
 
 .\nd when four persons, ciuh of whom had separately taken debentures on 
 I lie faith of the statements in a prospeitus and itivering letter issued by the 
 iliriKtors of a i-ompany, joineil as eo-plaintitfs in an action against the directors, 
 < lainiintr dani:u.'c.s for misrepresentations conl:iined in the prospectus and cover- 
 ing letter, liyriie, .!., held that, as the several causes of action were the same 
 and arose out u( tiie same transaction, .ind were against the Haine defendants, 
 the action was properly cnnstituted. Ilrniijbier v. Wood, (' *', I t'h. 393. 
 
 \nd -ce the remarks ,,r llyrne. .1.. at [i. 397, as to the meatiuij! of the word 
 
|:i48 
 
 \VK1T» OK SUMMONS, 
 
 (UlAI'. Will 
 
 >l,erH. (mW J I'll. I'.lt'i, >ihI /•"/"■ V. 
 
 
 \ii 
 
 
 _ixi_i__ 
 
 ■'aH-lrm. JiS (. T »»• , . , 
 
 B„t ,. ..1 ..• '.d .ciinot ii. ...« ... .i.,11 sue .lir«-t«r- for dainuKo- (or fraudul.-nl 
 
 m.«repri.«-i.t......n M..lu.ii.K i'i"' to punh. l.>.r.-». .n.l aU- .m toh.lf uf 
 
 l,im«.ir ai..l III, ..ll...t in-mlMT^ for -/^', . ,^. ,.»y..i<-">» "f ■livi.lrn.l. .V» / 
 
 Jlv «)nl XVI r W'lwre ... HPtioii l.n-. Inc.. ••oiumcii.iHl in the iiuiiii of 
 
 tlie'wron^ p,.r««.. a- plaintiff, -r wl.-r,. .. i, doi.l.tf.il whether it hii. I.nn 
 .oinmenc-d ,n lli. lu.me ..f th^ riRlit pi untiH. the Court or a ju.ltf.' 
 »iiti«««l llml it ha^ l..-n ...i ...ninionuprt lliroiiirh a l;,wi ti.le mi«Uki- 
 it i> n.-.m«arv for lli.- il.tvrmiimtH.ii of th. ri'iil fii»il.r ill <l pute «. i ■!.. 
 ..rder any otli.r |H.r-.i. '.. I"' ..ulwtitut.'.l -r ..l.l.il a. plaintilt ."« -i" l> i. ""- 
 .... may !«. jn^i.' n,- '-..ur- of \w •' •'•'■' '"I'' """ *'»''" "' """" '"'"■ 
 Ihroutft' » *"""" '"/'■ 'ni-' •• '"-e" "-n' ■>'*•»'<"< '" ''«■ ■""•"• "' """ *'""* •"""'" 
 .iriRiiial p. lintilf li.ii no faiiso of u. tion .lor.< not 
 rhf t'l.urt to orilcr thi- suli-ititutioii ..f iiiotlin 
 V. /•««.,. Ho,.>p lh-> r... (No, ■>). mrl, ■: 
 
 may, if 
 iiiil thai 
 
 M pluiiil t. tin- fad tl'.tl i. 
 take awny tin' jnriwli. tion 
 per«nn as plaintiff. Hn'i/i 
 KB 4H.'». 
 
 \» regard. di'fiMid.int*. (»rU. .W I. rr. t '.. 7. uri- a.- follow*: 
 
 ». All iH!r«)n» may »>.> joimil as defendant* atfain»t « !"mi the rl^l 
 relief i» aliened to ox. . wl.. 'Imt j.iiitly, spvorally, or in ti, 
 judgment may >>" nivtn ay .inst hii. Ii one or inor- of tin- .1. 
 found to 1m.. lialde. ac. ..rdiiiLT <" ll.'ir respoetivn !.al>lliti<-. v 
 luunt 
 
 .■5. !i iliall not lie iioeMsary that uieiy dofeiidant -hall I. 
 the relief prayed f..r. or a* to e»cry eanw of action in< lud. 
 againut liira: li"t the Court or a judne may make »uil 
 just to prevent any defendant tnim lieinir emliurraii«il 
 heiiiff ioiiuirc.d to attend any proioe<liiiK» in wliiill he may 
 
 ti. Th.) plaUitilf may, at hi.< .ipti.-n. join a parties to th. 
 any of the pr'-um? neverally or j 
 
 p. it to cxpen.- I'V 
 have ao interest 
 -laiiie a.-tion all 
 tlv and .seierally lial.l.' or my contr. ' 
 
 the ri({l 
 
 lo 
 
 an.\ 
 
 If rnali 
 
 
 .VikI 
 
 irtutS BD 
 
 n»T '" 
 
 Hit any 
 
 at.. 
 
 ,d 
 
 u;ri-t.Kl 
 
 
 ..U 
 
 1 an . pr- 
 
 t IM 
 
 ''■»K 
 
 r aK may 
 
 If 
 
 pear 
 
 Inelndiii!.' parties, ro bills of exeh,. .u'e and pniniissory noU's 
 
 .. Whi-ie the plaintiff is in il 
 to redress, he may, in such in 
 preserili|.<l by any special order 
 the iiue-tlon as t<. which, if any 
 .nay he determined a.s hetwi^.n 
 
 Kule» 4 and 6 wore discusw.l 
 
 .^ i/,,r„itf V. IlinillltlJ. »....• 
 
 ru the rule in its on -'ni 
 
 viai . that any nnnil..' 'if |mm- . 
 
 miffht iiiin in one a.ti.ii \U< 
 
 \nd 1 •■ dissented from II <"k 
 
 char — d on distinct sroimtl .' 
 
 with distin.t .-ause of action 
 Unit' I i- still, it is to he 
 In Si'illi, V. fiiivit tl'rnlri 
 \M, one planlilf sued two c 
 respect that .'aeh .if tho def. 
 I.v their ;anibl!i!ri acts, h."! 
 ind the H.u-e of liiirds h. 1.1 
 defendant> in respect of their wveral 
 ei.nibiiied in one action. This decisi 
 Hue.ti..n Se.' ' ,'-er v. I'l'ilrlrirtyf, 
 111 ihi^ case, ' ■•rfi v. CuiililrUlge. (.Is 
 
 ibt as to the (icrson from »:. 
 nor aa hereinafter inentioni 
 !i two or more defend.. :its, i 
 I he def. idants is liali!. .n.i 
 .arties 
 
 I jirds II. ischell a. K 
 
 , latter »ayin(.' ( -Si 
 
 f.irm ■" i". to have I ' «i 
 
 w.th any nii.-i.ir of li-tii 
 
 I niunt reeei an «pi 
 
 hat Kule I ippiJed to " 
 
 liability 
 
 ■• .=^1 
 
 I.y 
 
 ■ any 
 
 *ed. i 
 
 'OE 
 
 d1 
 
 ■•! -1. 
 
 ,lt. ( 
 
 1 M 
 
 
 .• I!n;l. ' ,, 
 
 allies el 
 
 
 
 and a 
 
 .nts bv 
 
 III 
 
 
 and 
 
 ITU t«l 
 
 th- 
 
 
 ,t ■ t'SS tl 
 
 hat 
 
 n. . 
 
 
 .!., a^ains 
 
 a h. 
 
 IS < 
 
 1. itl.^l 
 
 or 
 
 as 1 
 
 
 the 
 
 inte 
 
 ti 
 
 to w 
 
 hut 
 
 .... 
 
 .if 
 
 ,i! 
 
 , 
 
 ,.',. 
 
 '11 
 
 It 
 
 .11 
 
 acli.in 
 ..tion." 
 persons, 
 iaintiffa 
 
 •li'l .V.f. 
 
 action in 
 
 defendant* 
 
 his premises: 
 
 two or more 
 
 irate t<irts could not be 
 
 the rules benrini; on tli.- 
 
 (C. .\.) at p. 3.W. 
 
 348, where two only out of 
 
ilib.^ 
 
 ►'OKM'^ 
 
 l.'MP 
 
 II •1' di^friiiliii n wffi ••<< for ni 
 lit' --fin, «ihI utl fhrw v '**<»«! 
 
 f«l- mi;i l';;illliliit«ltt •*!. ,ii't:»H 
 
 'I hold Mt Hif rUiiTii uy--iinct 
 
 .1 frii'ijiil* nJ ronup f»rr l«i pfomMo 
 
 I. 
 
 itKUIII 
 
 thri**'. 
 
 > . ti, 
 
 ■' Itrf 4«'l' /'f*,i 
 
 '/..,»-/,' 
 
 jmI iii>)"" 
 
 »!«■ I' 
 
 ..111, 
 
 twii < 
 
 ■ .■ ylu .lirt I.. 
 („r!.' I.i.liility \ 
 H prtMiN-f'tiM. Ill' 
 t nut lit' f'tiiittiiiiMi 
 
 v. IT r. I, H 
 
 ., (IWHIi I (j I'.. 
 
 ', 
 
 iri'« 
 
 
 r.ir 
 
 r 
 
 ,.f 
 
 17 
 
 -\ 
 
 • 1. 
 
 til. 
 
 ira 
 
 :n»i 
 
 ■ titfiT In 1* 
 ^f|illt'iitP r.j 
 ,. <i||lv .1.. 
 
 ' I" ill, lltal » . "• nil mli'.ii i" nmirli* liy u wlinnli.iiilr 
 
 .1 i(» ilirwli..' for r'.|»"f in r. -pint nt un ii. )int|. tI> ,«,h^I 
 
 ii'l lliiit till' rolicf i'IiiiiidmI ii)tiiir, i tlic w-viriil >l.fri li»t« tm' 
 
 il . nil (froiinil fur ulijirliiiii lliiil ili. inliiiii i- li»il 
 
 '« of ixrticiii airaiiKi -.'piirnli' il.finiliiii" for in «iil.-' 
 
 iM*' ut uotion, iiarni'ly. thf iiii|iro|iri' ik-^ii. "f tin' pi" 
 
 llir II".' |iri 
 :l [liirty lo 
 
 , iftd 
 i-s.-iita- 
 . f iho 
 
 mil 
 
 oil, 
 
 tOll^ 
 
 If- 
 
 ili.li it \K 111.* iiii|>n.''i'r Ui join in miu li un actii 
 fi\r. ;if « ili-n.u**Ht Jirpcli/f allejfdd to liiivp 1 
 
 A,.,,' ',.,./ rxi,ii,,i,t,n„ f ... V. .»/.(. './. 'Hi r. I. 
 
 i< \v,%- ^-^rv pri' ■iiitpr« of flir phtinlilf rom|iuny ami 
 it. u>»- Tfi" St; -ni'-.t of I'laiiii alli i,'i.il, n« to all tli' 
 li.i.l Ihk'i. ktuii'.V ' rauiluli'iit ooimiiirury. in |iur-iiaii 
 
 irri..| . ii wrtaii i^artions wliorcliy tlir iilainlill hail 
 
 .'liVPii Ilia f t lit' dill .r< in i:arryiii)f out till' tran«(it 
 
 .kl. -ly, ..ml in linvu li of their iluty a« iliriH"t4ii- 
 two :i :et;iiti<iiiK ouKht nut to l>" hIIowihI t<i .'tanil in U> 
 But V t. Smith, I'. .1., Miiil tliui in lii^ iipiu ii th 
 ..... I'uii,''/,- /<■ (tiipiii,, UK in till. ' ••Ii 
 
 t ai ■• wii.. .iiHi- of Hi-tion for . ..iiJipira. 
 
 -I'ljarii 111.' »amc cause of a.tion il 
 
 III. iliri.iti.|.. wprf tfi'i''y "' liri-acli of ili, 
 
 M lit of I'laini ou^ht not to In- «lnirk n 
 Ni'llhiT ilid III' *•!' any ri'uson why lli 
 ;iiii »hoiilil iirilrr llii' rliiiui' ol iiins|iirii' 
 .lit' 'hor part of ihi* ai-tion; .iiiil VauL^lian 
 il.-liviTi'il jmlKininl lo thi' same t'tfef't. 
 
 And the prinri|ili. of Srnlh-,- v. 1,'n-ii 
 a|iply whi'ri" several def<"nilunts are surd 
 several liat)ili'> for several tun-, hut ji.i 
 ;/..'.'..» V. f/,-,..., il««9) 2 fh. 6%. 
 
 Kiile I of Ord. \\ I. is ii.il coiitini'il in il 
 hut oxIeiHls also tu joinder of laiises of ail 
 joiiiisl as ilrfendants who are alleged t<i be liahle in rosp. . i "f eaiwi"; of aetion, 
 whieh are ! it nceossarilv limit«l to the ..ume . \aet slat. .<? facts, lontrai'tK 
 
 t'tsl 
 
 -.tall-; - . mil 
 
 «as not )»ovr! hM by 
 
 '' itilp^ati.iii wail 
 
 '{..fendant.-. and 
 
 ^1 the il.'fenitanU 
 
 -n.iora. In his opinion 
 
 .. .1 might III he alloweil to 
 
 rmirt in the iM'ri'isi' of its 
 
 til 111' trieil s4.|mrat«'tv from 
 
 illiaiii^ and Itoni*' . 1. .T.f., 
 
 ■-..'. t'n., ,";*,.'. dot- liiil 
 
 lion mil nil aril. lint of 
 vi-pei't of r^.. i( jtiii^ aet« 
 
 ■[.. rain'i 
 
 . ... Ili:i 
 
 ro joinili-i- . ' parlies 
 )ii'rsi>ns iiiav now !.i 
 
 and eirrunistanees as shuuing lial.iUly, and in rPs(H'it of wliiei. 
 
 I.y the plaintitV in the alt^rnai ■ f. •,...,-,, -...„.,.,.. v. /' 
 
 ■-• K. I!. ;l->l. 
 
 And see notes to (iril. X\l r i \nii Iftli 
 
 As III suing "ri'.r.le I nion- ai.-' lit. .• ..* - -''. • a-e- '';•." p. 
 
 /, , 
 
 'aiiueu 
 
 < 
 
 I'ii, A . .i.;... !; . .. : i; form 676 
 
 ■rh« pit's claiin IS lor (iamaKis I'.i- i .~- iH;«tsiom»! i.. him bv t.he ,^ 
 
 ■^ " "^ . namair. s ft.r 
 
 liaud of tho lilt.s, wliereby tlie pit \v:i.s luduiod to Uk- km) Rtioxef: in fraud. 
 
 tht> Cov, l-iiiit<l, and for imloinnitv ao^iiiii-t iiil Imi in rowport 
 
 of tlio sd Bhares. 
 
t: 
 
 fin 
 
 r 
 
 ;''-N 
 
 ■'13 
 
 i;j50 
 
 Form 676. 
 
 WKITS OK SUMMONS. [C'HAf. XVIII. 
 
 This form i» fur wr « lirrr tin- plaintiff "ip -, i" mi a.'tii.n of d.-coit, tho 
 ilircotors or ..tlit-r iH'r«oii« who, hy issuiii); a fr mcluloiit pnwiM-.tus. iniliictHl hin. 
 to tiikf shiiri's, and diM>.i not MH-k nwinxion i-iitipr l)0<-nii»<- h<- hiiH lout thn right 
 or prefers to keep the shar.'-. S„i,r<>. pp. 2112. 20i>. The form i- uviiihible iH.th 
 ill the <•««• of eommon law fraud, iind also fraud under the now rppeiil.-<l seet. 3K 
 of the .Vet of 18f>7, where that s^tion ean now lie proeeeded with, and. if 
 neei-s^iiry, the ntat<'ment of elaiiii ean alle>ri' un alternative ease. 
 
 \« to the measure of dnmu^res in i<u<h a ease, see PrH- v. /V-,//. S7 ('. I>i» . 
 .-,41: r.-y-vo.. V. (!,n„l. J C IV Div. 40: M,r„„„rll v. tVrlfjhl. (Um) 1 Ch. 
 .MB: and la/ira. p. 207. 
 
 As to aetion for fraud, in indueinp pureliasp of shari-M im the market as dis 
 tiniruished from original allotment, see .(»'/(-•"■» v. Mnrklnnl. (1«9«> I <J. I! 
 372 ((". A.). 
 
 Where two or more defendants join in a defenee, the jury, in awarding 
 damages, lias no power to .sever sueh damages- .so mueh against one defendant 
 ■u mueh agaiimt another. /»ni»<><-" v. Modern Sor.. I.iui.. 27 T. I,. H. 174. 
 
 Form 677. 
 
 4 oinpenHiition 
 under the 
 Direitoni' 
 Liability Act, 
 I S90 ig. 84 of 
 the Act of 
 l',>08). 
 
 Pit. A ; ilfl>. H , ( . aiiil 1). 
 
 Tlio pit V claim i.s lor couipciisulioii fur iho lo.~^ sustuiuwl l)> Uio pit 
 l)V ivtuioii of uiitnif utaU'iiiont*' contuineil in a. piiispectuft of tho — 
 (\n, Limt<l. on llif faith of which i»ro»pectu8 the pit subscribed lor 
 100 slwrcH ill tho sd coy. Tho dft.i H. and C. arc sued a.s dirootor^. 
 and thodft D. a^ proiimltM of tho .■.^d ox)\ , or as having authoriml llic 
 isBuo of tho sd pro«iM>otus. 
 
 As to pn e. eiliiigs under th ■ .\et. »oe »i(/<.«, p. 20N. 
 
 Form878. fl"!'- -^^ dfu. 1!.. c and U.; , . , ■ i .1 
 
 Tiio pll'is rliiiiii i.s tor (huiuio-i'> tor llio lo.s-* occitHiouod to hiiu l>_\ tin' 
 
 Damaires jf, „„„.,, „„,,liiinif willi tho ioiiiiirciiiont« of soft. 81 of the f'os 
 
 under sect. 81 ' , ^ e m\ i ■ 
 
 of theCom- (('oiiM)lidiilioii , .\ri. I'tiiH. as ivirnnN a pro«|K>ctus ot llio - t o\ . 
 
 I»iiie(tAct, l,i,„t,i. uhoix'liv tin- pit wais iu(luc«>d !'• !aliO up diarof in thai 
 
 uov. 
 
 Form 679. 
 
 Specific per- 
 formance of 
 agrvemeiit ti> 
 allot Nhare«. 
 
 I'll, .v.; ilfl''. Iliv lo.v. 
 The pllM olaiui is: 
 
 1. .Spocitif pciloiinaiico of an ao-ivoiui to allot Ui tho pit l.OOO 
 HJiai-os of 1/ oaeh in tho dti oov. and an i-ijunotion to n'strain tho 
 dfl <oy, it.- iliiiMtors and asfi'iil". fioiii allottiutr the unallolletl whaiw. 
 ill tho dtt oo\ in Mich maniioi as to rondor it inijio-wililo for th'-ni 
 to |K'ifonii tho s(l ay;r<><'nil . 
 
 2. Or. in llio alloriiativo. clainai."'* lor llio hroiioh of iho sd ujrroi'inl 
 
 .Spiiitii' perforniaiiie will i«e ordered of uii ugreemeut l.i tai.^ ..ih.ur» where 
 the remedy of damage" is inade<|uat<> ("see F'ry on HixviHe Performaner, 34 : 
 Orirnli'/ lulntul Stmm I'n. v. Hiioit'. 31 I.. .1. ("h. 241; 0//,'»..,. 7V</mi''<iyi. <u. 
 V. Meiiil,'. H fli. I). 23.5: Ihinnrlf \. tlhnrlif. 12 Sim IH»): hut it ia irl'r (» 
 
FORMS. 
 
 13ft I 
 
 ,•/-'.«) damairrH in tin- Bltrrimtivr, fur spo-itir (..•rfminanii- may 1)P inipiwuihlo, Pgnn 679. 
 , ./.. wliiTO nil Um) nharcii havn Imm-ii al'<«tt«l. A'c.<7w"-i v. liiUon, 'J Cli. 77. 
 A- to the nioaHuro of dainanw, «»• il.rlm.l v. lla.i * ('•'.. (l»Ul i ^ K. I». HU7. 
 
 Ill such an acHoii i» in not pnippr to mnl(i> Mie dirivtiir- il(>f«>nclantn. 
 I'r, ft>*toii V. H'ilttn,!. ^iifiru. 
 
 All injunrtion «)raiii«t tin- lompany will liiml tlu-m. Sftim. pp. 7(»9 to 721. 
 
 SpiH-ific pfrforniaiirr may now 1h' nnliTiil of ii TOiitrai-t with a rompany to 
 l;iki- ami pay for ili'lirntiin-" of thr comp.iny Conipiinio') i Consolidation) 
 All. '(JOS, ". lO."). 
 
 I'll, the eov: .In. , A., B.. (' , D., ihuI K.j Form 680. 
 
 I A «lcclaration that an apn-oiiil . ilat«Hl , &c. , ami iiuido Ix^twecn the Rom iH«i<.n ..f 
 ,||| I?., of tl»' oiu- pt, and tho pit coy, m llio ..tlior pt, and an indc-n- ^'jf^',' '',',', 
 lui'c of a«Hi(jnnH'nt, datG<l, &r.. liiiiilc l)<itw«H!n liic >id dft. of tho one tugt>mpHii\ 
 |.t. and the pit ooy of the olliei pt. m-e resply fraudulent, and are 
 Miidahle at the option of the pit i-»>\ 
 
 •J. .\ detlaiation that the dfl.-^ are johitl\ and >evorally lialile to 
 make good lo the pit coy ali protits derivi><l liy the dlts. or any 
 ..I them in r<'S|)ePt of the sali>. the subject of the sd ajireeiut and 
 indenture. 
 
 .;. In case the pit f<iy .shall eU-ct to avoid the mI a^rKfintand assign- 
 tiieiit, jud^'nieiit that tJie wl a^rit'enit and a.ssi(;nnient Im- re.sply sot 
 M.side und delivered up to be lanc^llod. the pit coy olferiup; to account 
 tor all (if any) tlie jirofiti^ diriv.Hl by the pit coy in working tho 
 mine-, the xuhject of the sd sale .\nd in any case 
 
 I. Judgment against the i.<. iointly and severallv. tor the sur- 
 t.nder to the pit coy of ko many of the .">0.(K)0 fully jxl-iip .sliaren of 
 1/ each in the pit coy, isHued as the conson for the sd wvie, aw are 
 -lill held by the dft.s. or any of them, or in lieu of such surrender, 
 ind iit tho option of the pit coy. judgment (or tho payment of the 
 maximum value of any of the sd slnires since tho dat<- of \\w iuoor- 
 poralion of tho pit coy, with interest 
 
 .1 . .ludgment agjiinwl the dftw, jointly and severally, for the amount 
 of all money and other profile reivivtxl or derived by the dftw, or any 
 ni tliem, in resjKJct of ouch of the sd .-iO,tim) shares us have been sold 
 (II disposed of, or otherwi.s<> rwvived in respect of the sd miln, with 
 iiiierest, but, in (Mtse the pit coy sluill elect to retain the pply sold, 
 iii\ing credit to the dft.s for .l.-VIO/., the nmoiint pd bv them, with 
 iiilon'st at 4 (i.e. from .January. 188tl 
 
 • ;. Kl.OOOi. damag«'s for Ihi- loi«s occ!isione<l to the pit cov by the 
 fraud ami collusion of dfts. 
 
 ,^1 
 
 
 The abovR in an cxaiiiplp of tlic iiidorwmciit iinnl in a ni.<i' somewhat n-- 
 ...„;hlins,' '<'■■'■■ V""'-'-"^-' '■" V. E,i,u-'!-:. > <' Miv 111; .1 App Cn,. \2\H 
 ■|"hr dcfpndantu, havinft purohascd a property for :t..V»0/.. promoted thi' plaintitf 
 lorapany, and wild tho pniiM-rly U^ it for ,ill,(KM)/ . without di^hwinif Ihiir 
 pniHt or piwitiop »nd made uii»rcprc«cnl«tion». 
 
'»! •T«"| 
 
 !i'^^ 
 
 ll'f* 
 
 ,3 
 
 i;3.Vi 
 
 Form 681. 
 
 Bribe to 
 •liiwtom. 
 
 WRITS OF 8UMUOMS. [CbaP. XVIJl, 
 
 [Pit, the coy; dft«. A., B., ami C. 
 
 1. A dedaratiou tliut thu dft« are jointly uad sov trail y liabli/ h, 
 pay t(» the pit coy tlic inaxiniuiii value, with interest, of 700 shiiu>> 
 in the capittil of the pit coy, which ^^ha^C8 were issued to 6. a^ pi 
 of the oousou fur ppty sold by hiiu to the pit coy, and were by liim 
 gratuituuMly franHferred to the dfis, who were directors of the j)lt 
 coy. 
 
 '2. .ludi^iuout aj^ainsi the mI dftK. jointly and severally, for liif 
 payment uf such auixiinuin viihic uith interest. 
 
 There liavf l>wii a ^ckx] iiiuiiy rui-cK in which liiructum have Im-u hold ll;il>lp 
 for i>nici-U|i ahareH privately given them by the vendor or promotera. Si'<! 
 iiifia, Chup. XX. .Viid it hax Iiih'ii hciil that in Huch cam they are liable fur 
 the maximum value, yaut-y-llln Vc. v. dnnr, 12 C. D. 738; and aee itil,". 
 Form 726. .Sec alao Carting\ >•<..«•, I <'. Div. 115; MeKay't cniir, 2 C. Di\. I; 
 De Kuvigne't aite, S C. IJiv. 3(M>; J'iii,'i.,i'ii our, 4 C Div. 222; 5 C. liiv. :(:»>; 
 Hetton'x ciiae, 10 C. Div. 579; Miicalir\ cntu, 13 C. Div. 168; Kden y. K-J*- 
 date Lamjt Co., 23 (J. B. U. 3BS; I'n'lnge Stamp Automatic Delivery 'i'.. 
 (1892) 3 Ch. 566; Bottuii v. AiiHell, .39 Ch. D. 339; Coatt v. Crottland. -Jll 
 T. L. K. 800. But where there in no real market for the shares, the damacii 
 arc the value at the time of allotment to the delinquent director. Hha— v. 
 Holland, (1900) 2 Ch. 305. .Vnd » "irt II. Chap. XLIV., and the Preven- 
 tion of Corruption .\ct, 1906 (6 Kd- ■ c. 34). 
 
 When the company Ih 'ii iiquidati, h, the procedure under i«ect. 215 of tlie 
 Companien .Vet, 1908 (neet. 10 of the Companies (VVindin(f-l!p) Act, ISWn, 
 i» ofl:-n preferable to un action: and when the windin|^-up is under a compiil- 
 tory order, evidence under Uulo 70 of the Companies (Windin^-Up) RuIck. 
 1909, \» admisxiblc on proceeding's under sect. 215, thoufrh not in an action. 
 .V» to the relief uf dim'torn who have acted honestly and reasonably, "it- 
 n-et. 279 cif the Ciinipaiiies (('..ii.iili<l:.lini) . .\it, 1908. 
 
 Pi-B| 
 
 Form 682. 
 
 Promoter's 
 •teoret profit. 
 
 Pit, the coy; dlt, A., 
 
 1 . A declaiutiun tluit the ill'i i^ liable lo pay to the pit coy the tiiiii 
 of 10,()00<., iieinff the dilFerem* bctwoon the amount pd by him lur 
 The Colliery and (ho amount pd him by the pit coy for .-such 
 cnlliery, and all other proHt« (if auyj made by the dft when pro- 
 moter or director of the pit coy, without its knnwledp;e and coiisciii. 
 with interest: and 
 
 2. .Judgment uo-ain-sl tin' d<'l<Miilaut lor payment acn-ordin^flv 
 
 See 
 
 , |i. 133, and note tn Furin 723. 
 
 Torm 683. 
 
 Debenture 
 
 fi>r«>l'p.Hurc. 
 
 (i'i</« .■'ce nolo, infra.) 
 
 Pit, .\. Mill liohalf of himself and all other holders of morlc.ik'c 
 
 doLx'ntaios in the dft toy); dfi. the <oy.! 
 
 The pit cliiiiuu as a delientuio h'jldor of the dft coy: - 
 
 1. A declaration lliat the inurt^a^e debentures issued by the (ill 
 
 coy, and now outiitaiidini;, loiintitute a liirst] charge upon all tlic 
 
 ppty of the coy I'omprised theiviii. 
 
 |i - - 
 
KOKMH. 
 
 •2. All noi-ewiiiiv a<i-iiiini>- :\\u\ in<|iiii'ii-^. 
 
 .".. I'uyiuonl. 
 
 1. Fiireil«)Siir« or Bulo 
 
 .1. A rtHvivtM' uu<l iiiuiiii'/i'i'. 
 
 riir alM.M- :iinl i>llnr follll^ i>f «ril jii Mifii.iis to .iifnnc tin rinlit^ .<f lioldiTK 
 )f .lrl)cn»iir<'« and ili-hi'iiluri' -luck will lif t'lmiiH in I'^irt 1 1 1 
 
 y.wi 
 
 Form 688. 
 
 I'll, A. i^oii Iwliall ol liimsfU aii<l ull ullifi Nluiiolioldors in (Iie4tt Fown 684 
 i-oN, except tlioiw who arc ilttt*i; (ll'lf. the mv uiid ltin tliiiu'toiH. ; ntrmrtw 
 
 The pit's claim i« for a dodarutioii lliul iiii atiifcinl (talf<l, &<■ iitt4 iii«tpoiiw«». 
 made, &c., is ullra virevi tin) dit coy. uml lor an in jiiiKiion to restrain 
 lli«' dl'ts from carrviug tlio wl a<;i'<!ciiit into rIVci'l. 
 
 Sm- Hi'fKrU V. H'fke/irM Wnlr.ionk,.. 20 l-i|. 171; ll/ulmini v. (CnMiw, 
 T8 I.. T. 18H; Tmri;' \. Ifi.r,;, '/"'/;/ Co., (1904) 1 I'll. ■'iSS, ai to parties ill 
 • lU'li iirtinnc 
 
 Writ iulitulod iu the matter of the estate of A B , deooased: pit, 
 the N Cov, liimtd (on behalf of itself and all otherx, the ireditors of 
 the Ml A."b.,i; dft, C. D.: 
 
 The pit coy's rlaiin Is, »•< a i iwlitnr of A It of , in the county 
 of , dei'oaecd:- 
 
 I For a docLirutiou thai the followiu<? trau«foi« from the said 
 A 15. to the dft, namely, (a> a transfer datwi, <fec., of - shares, 
 numbered to in the X, Co., Limtd: (b) a transfer dated, 
 
 Ac ; (CI a tranHfer, itc. are resply fraudulent and voi<l as against the 
 creditors of the sd A. H. (;includin!t the pit roy^ under the statute 
 l\ l-'li/. c. ,">, and that the wl trauNfcrs ma.> lie set aside. 
 
 ■>. For a declaration that the sd shares and the proceeds of such 
 (if any) of them as have been disposeil of are assets in the hands 
 of ilie dft, aa the legal personal rt'prosentativo of the hI A. li., and 
 available for the payment of the debts duo to the crediturs of the sd 
 A H. 
 
 .! For ailministratton bv the ('\ of the jKiisonal ppty of the sd 
 A. U to have the same applied in pa\mt>iit of what is foiinil duo t*) 
 the pit coy, and the other unsatistied creditors of the sd A. H. 
 
 I. For the transfer into <'i of the sd shares and proceeds or the 
 i«rtilicates for (he sd .siiaros, or i^in the ullcriiali\i'.l the appointment 
 'if ii reteivor of the sd shares and prociM'ds, and the income thof. 
 
 ."i. For au injunction to re-strain the dft. Iiis brokers and agout« 
 irom disposing of or otherwise dealing with the sd shares and pro- 
 ceeds, and the income thof. 
 
 The dft is sued at) the adnior of the said A. U.. and in his own 
 light an the transferee of the sd shares. 
 
 Form 684ft. 
 
 
 Actum 
 
 1 
 
 HffuiiiHt )H'r- 
 
 wiiihI rf'prc- 
 
 
 wntHtivi- "f 
 
 1 
 
 dciH-OMtid 
 
 HhitreliuliliT 
 
 
 whii linn 
 
 4 
 
 transfen-Ml 
 
 
 property t<i 
 
 
 avoid p»v- 
 
 
 inent of calls. 
 
 
ia.>4 
 
 t \l 
 
 
 WKITS OK SUMMONS. [ChAI'. XVlll. 
 
 Form 684a Sh»rc» are withiu 13 Elis. <•. ."> (uvoidiiw convoyancm to defeat or delay 
 creditors), and it in no olijectioii that tlir traiii<f<'nir lia» been dead for even a 
 c-onsiderable time. Rr M.'hhrrr, I'l Cii. 1». .Vi'i. Where the transfer in 
 voluntary, it is unne<"isiiry to nhow an aitiial intention to defeat or delay 
 credifon, if that i» the neeesMary effii-t. Fimnni, v. I'li/ii; S Ch. 538; Ciirui'l, 
 V. < -1 *■, 14 Ri. 184. 
 
 The aetion iihould he on hrhaif of all the cri'ditors. Jlnne Hirer Cii. v. 
 Atuetl, 7 E<|. 347; Tnni'iiniii v. Ihfl". U hi). I.*)!; Tuniiinnd v. KIrhii, 4 
 Eq. 123; Eurupeut, >'„. v. Ifi-lrliffr. 7 Ch. 1». 733. 
 
 .V» to obtaining a receiver, »er Wr )/"""'. (IKHH^ I Ch. «3I . 
 
 Form 685. 
 
 Delieiiture 
 
 . iiKt ihiil. 
 
 iPlt, A. (^on Ix-hiilf of liim--i'lf ami nil oilior tin- JidMcin of dchiMi- 
 luies onlld to tlie bom-lit ot tlio iiiilcumic iiuMilil iii the iiirlorsuiucnt 
 ou tlio writ in ihW iiilicMn: ilfl-^. tli<' my iitid tli« troo.s of the .«d 
 indenture. 
 
 The pit ciuiiu^ a.s u doU'iiliirc linldev ><< llio dfl coy: 
 
 1. To have an arioiinl tukt'n of what i> duo from th»' dft coy to 
 the pit and the other holder* of delii'iiliiri'* cut Id to the l)<!ii(>lit of 
 an indenture dale*!. Ac. and uiadc. Ac 
 
 2. To have the trust.- of the sd indenture canied into execiilion 
 under the order of ihe (.'t . 
 
 3. To have a reir and inaiiitu'i-r of I hi! j)pty conipriMKl iu Ihe .sd 
 indenture oppointed. 
 
 The dfts an<l ai<' .-'icd a.s titi-ioes of tlio sd indenture. 
 
 The tru«toe» are pniperiy made defi'iidantn. M'uliiuiff lunumnvf Cm i>ii)ii(i(h, 
 T. Canadian Agr,r„lt„ral. .Vr. V,,.. (19011 2 Cli. 377. 
 
 Form 686. 
 
 fit fit f it' * 
 reH«»luticn. 
 
 [I'll, A. ^on U^half of himself and all other iiolderii of U. shares 
 in the dft coy, e.xeept those who a,m dft.s!; dfts, the coy and tiio 
 directors. 
 
 1. A declaration that the s|K)cial resolution of the coy, pas.su(l at 
 the );eneral meotiii); held on the day of , ia ultra viri'.s and 
 iUe^ral. 
 
 2. An injunction to resiruiii the dft- from noting on the wl reso- 
 lution or applyini; the piolils nf the coy othorwi.se than in accurd- 
 anco with the sjx'cial resolution of the cov pas-ed the -day of 
 
 Thia form wax ud'ipteil ulun u res»lulii<ii wax paitwd purporting to alter 
 the ri^ht^i of ditfernit elu--e^ itt shuretioliler- iis defininl by a former spt'cial 
 resolution. 
 
 Form 687. Parties a.s in Fonii 6«<'i. 
 
 .... i. A declaration that it i- bcviiiid the nowon- oi the dft rov to 
 
 ( III, I lll'^ ' 
 
 l>u»ine»K. carry on the hu-siness of . and that in carrying on nucH husinosR, 
 
 and applying thereto the funds of the coy. the dfts A., U. and C. 
 have attoil ultra fires mid in hreach of trust, and that they aro liable 
 
eoKMS. 
 
 IV, 
 
 1,. make )^ood to iho dt'l «i>y all Ii.nm- ~ii-laiii.Ml l.v llir <;,s l>y rousi.ii Porm 887. 
 ,1 -iich hifiich of trust. 
 
 J All iuMt!s«un acdiimts ami iMi|iiiiic» 
 
 :; Ju>l};iiioiit ajraiawt llii' (lit- A.. H and C I'.i- tli.' ainnuiit .il -»'U 
 
 I All iiijiiiictiim ti> n'slraiii the iltl.- fi'Mii IihiIki <ai i\ iii>r on tin- 
 mI ImsiiiPfi*. 
 
 \U\* N a !.iiii|ilc- ciisc. W hiTC tlirn- \ui\r liiiii i li^oisri" i>f <linitiir». iii..- 
 ,{iii'>tiiiiiH »s to liiiliility anil partii-'* aii-r. 
 
 \ri action, no « wimliinr-"l> |"litiiih. i- tlic |irii|Mr iiicilc of pp.' i'<.iliiiL' m 
 ,,,.r of iilti'i rirf.-. Kr r'"''' >''"■'• '• ' ''• '"''■ •""' ■"''' ''""''' '''""'■ •'" 
 U 1!. tit)7. 
 
 When' climtor- arc doiiit; aiiytliirii; « lii. Ii i- ""." ''•'- tin- .ompany. any 
 -Il ir.'lioldiT may lirini; an action to restrain lln-iii. >o.i,/.'<,/ ^ » ,»^/,. ,.«',■. 
 /■, ' Il,.trr r'„.. H II. I. Ca.-. 712: /.'".' ' > A"./-. ilitlWi .\ . C. 8.1. 
 
 I'll and dl'lt* lu* in Form t)84. ; 
 
 I'lic pit claiinw ii.'" a lioldcr ot iMi'toicnci' «li.iio- in ilio dft coy: 
 
 Form 688. 
 
 I>i\-i(li'tid in 
 prrjiidicd o( 
 I .\ (liM-Iaratior tiiat the resolution. puH.-'od at lilt! ordinary troncial prefennco 
 
 I linn "'■ t'"' "'y u" '''^' ■ ''''3' "' ■ <'''''"''''>f-' " dividend on '*■'""'' 
 
 ill.' ordinary sliuro.s is ultra Kirrx and dliiral as aoainsi llio liuldcrs ot 
 l.K tcrence shares in the dft coy. 
 
 J ..^n injiiiHtioii lo nv.train the |)ayiiieiit ol the dividend so 
 ,l..|aie<l. and to resir.iiii the ileilaralicin or |iayiiieiii of any other 
 .luideiids on the ordinary shaie^ in inejndice ot the rights of tin' 
 li..|i|eis of preference slnires In the dfi cov 
 
 m 
 
 I'll, A lon hehalf ■; .ind dtls, the c,,v and the directors. 1 Form 689. 
 
 I A (hHlaialioa thai the ie.„.hition dei lannj: a di\iilend. |ia.-.sei| ut Rividcnd out 
 ilie oi-diimrv luwlintr ot the dfl coy hel.l nn. Ar-.. is iillin rirrs and of capital. 
 lileoul. 
 
 ■J. All iujiiiieliun to lestrain the dfts fiuni actiiio <,i lurthei actiii" 
 Mil the ml resolution, and tioiii jiayiiio such dividend or any diviclend 
 Hill of the capital of the dft coy. 
 
 .!. A declaration tliut the dft^. other than the dft coy. ait> jointly 
 and M'vorully liahle to make <;oo<l to the dfl i-oy all moneys i if any 
 
 ' hvtlieiii out of the dft coy's a~s<«t.s on account (M in ies|iec| of the 
 dividend bo sanctioned, and jndoinent apiinsl them jointly and 
 >e\orullv for repayment of such moneys accord iiio:ly. 
 
 .W a Kcncral "'•'' """ ''""/'""y oufflit to kuc for tlic ri-covcry of any »«ct.« 
 
 misapplied. f//»y v. /,..<■... K «"li. ItlSti. lint it Ii a case us alxivc tin- 
 
 I lurt would have inrimliction. //,««.<// v. II ,'/.■ fir'i/ IVol, muiLi. Ul) Ki|. ISl 
 I'.iil a r'lmn-lioldiT who ha». witli liiioH icdu'i- of the fads, rcci.ivcd part c.t the 
 illoiral dividend cannot n- ,../.'..-,„ ,,,,„.,-.- at i.i.v rate while he retains 
 the sumo— maintain sneh an actioic 7'"",,. v. (/.,/•.« To; ('„.. fl;*''*) 1 ("h 
 
 ,l."iS. 
 

 1 
 
 1 
 
 1 
 i 
 
 11, 
 
 
 1 
 
 1 
 
 i 
 
 ' 
 
 
 1 
 
 5^' 
 
 
 
 ' 
 
 1!; 
 
 
 
 1 
 
 i': 
 
 
 i 
 
 1 
 
 
 
 n ' 
 
 
 
 
 
 
 
 pi 
 
 i 
 
 
 
 
 
 ' 
 
 
 I 
 
 ^^^^^^■i 
 
 i: 
 
 
 
 ^■ii 
 
 
 
 i' 
 
 
 
 11 * 
 
 
 
 
 
 
 1'^ 
 
 
 
 
 ^^^^^^^^^^B i^ 
 
 
 ^^^^^^H 
 
 5-'' 
 
 
 y 
 
 
 j .■ 
 
 
 
 
 i^ 
 
 
 Is.- 
 
 
 t'l. 
 
 I ;196 WKI'l-S OK SUM MONK. [Ch A P. X V 1 1 1 . 
 
 Form 880. PKb. tlio ooy: ilfts. tlio diroclor*. iiiifl inoniPlimos) the aiiditni-^ 
 
 Beooverr of | , A derlamtioii that tlii> dividfiulK \hI I<i llio Hharoholdere in tl^r |i|i 
 
 pi^>erly iMid'. ">> «nco its foniuitioii have all Ikmmi p<l out of the pit iiiv's cuj)itiil. 
 
 and t}iat the dl'ts are jointly and severally liable U* make srood tl,. 
 
 amount of the dividei'dw «o i)d, with int^resi. 
 2. .Iiidpincnl a^aiiiKt the ilftw aocoiilinp-lv. 
 
 All regards miiiapplicatiuii of the moiiry of a niuiiiaiiy, it iiiu.it Im- liorm m 
 iiiiiid that '• the moiiry of fhr roni|mii; is a trust fund, breauw It in ttppliculilr 
 only to the special purposes of the eompuiiy in the hands of the agent of ih.- 
 I'ompany, and it is in that sense a trust fund iip|iliiiililn hy them t« thow s|)c.u,! 
 purpows; and u person takiii;; it Irnui thi'fu with u notiee that it is bciui; 
 applied to other pur|Mises rannot in this Court say that he ia not a eonstruitivi- 
 irusI.T ■■ I'lr .lessel. M. H.. Ki'ior// v. Il,ilf/fr/,t Watrrimrkn l'«., 20 Ki| 
 • 79; and see /./,«•»/ v. Coi,,,!,!!, ■> U. I". \. .1. 172; fi'rral Eai/mi If'iil. > ■■ 
 V. Tuf.ier, 8 Ch. 149; and Moxluim \. Unuit. (litOO) 1 Q. II. 88. .Vnd in . a-, 
 of fraud or hreaeh of trust the parties are jointly and severally liahle. S<.- 
 
 Form 723, infn: U nc Vnllen Kail. (.'<-. \. 1lnwr>, 16 ('. Div. 489; I. 
 
 Eiliilc Co. V. Sheiihird, Mi ("h. U. 807; and yiilrro/l's ein>r, 21 Ch. U. .>l!i 
 
 The auditors may also be suihI. f.rnlt Kulnh' Vii. v. .Sfiip/ierd, fu/ira. >i . 
 further, as to liability for dividends paid out of eapital, the eases cit«sl jm 
 I'art II. 10th ed. pp. Ii44, t)4.5. If the company was in liipiidution, proeeediii.-* 
 were genTally taken under sect. 10 of the .Vet of 1890 (now seet. 215 of ili. 
 Companies Aet, 1908). .S.>.> I'art II. Clia|i. .\l.l\ . 
 
 Form 681. 
 
 To enforce 
 resolution of 
 oompany. 
 
 Pit, ilu' i«\ iiikI .\ . "u Iwliiilf. iVc. \)(tx, the dirw'tors.J 
 
 An injuiictiuii to le^traill t,ln> (ltt^ from a(iin<i in coiitiavi'iilinii •'< 
 ;i icsolutioii to tliH ellV'it llntl. .\;i.. |iaM<oil at a general incPtiiiit' •>( ilif 
 inv. held on, &v. 
 
 (n the ubo\e cu»' it is assumed tiiat .\., a ^shareholder, makes the euwpauy 
 a plaintiff in order to escape complying with the rule in /'o»» v. Harhmih. 
 infra, p. 1.1.57. See r.iiili-i \. I.iishhi'iiim, t> C. I). 70; Unrhrii v, P/ii/li/ii. ■2:\ 
 C l>iv 14; Art Ciimpuiinif <h- Mminllf v. Whitley, (1896) 1 Ch. /H8. 
 
 As a general rule, where by reason of that rule it is necessary to make th. 
 company plaintitf, there is no need to make the complaining shareholder als>i i 
 plaintiff, lie can use the name of the company without leave or liirm , 
 subjo't only to this: that in all picilialiilily the defemiunts will deny tli" 
 plaintiff's right to use the i-ompany's niinie, and in that cose the Court usually 
 refers tlic matter to a gc-'eral meetiu), ; and if the general meeting api)rove» ■.! 
 the action, it will prmccxl. whiTcas, if the (nii'tinur <lisapproves, the lonipanv - 
 numi' will lie strui'k out and tlic plaintitf \»ill l>e or.i.Tcd to pay the cost" 1 1' 
 • •rdcr U> provide for tliis possibility, it may in some cases be wi.se to iiiaki' .i 
 shareholder a co-plaintiff as above, proviilcd that he has some indiviilual iiiu-i 
 nf aHiuii. ^!v,■ ,!-> t'^,-r.,f^, i. ,(../..-../;. r-!.-..l.„.^ <•>-.,. t^yxmy ■: (•!: ::•:. 
 more fully referred to below. 
 
 Ah to dis<-overy from a conijiany, as an " opiK>site jiarty," where joined as ,i 
 defendant to an action, by sharehnlder on behalf, &c,, sec Spoket v. (ironrrii'n 
 Holfl Co., 0897) 2 (J. 1!. 124. 
 
KOKMM. 
 
 1367 
 
 A . i)Ii Thp coy. B.. ( . i> .ht*. ] Form 692. 
 
 Tli« pit's claim is:- K«clu«on ot 
 
 I A., iiijiinctioii to ro«liuiii tlif dlV, other ihun tlio «lft coy, from dire<.Uir. 
 |,i. vontiiiK "r hindcriug in au.v way the pit from acting; iw a directar 
 ,1 the <ilt toy, and frtim exoludiiiu lli«- pit from moclin(,M i)f the 
 .liii-f-iori* <if tho dft coy. 
 
 L' [)nnm(r«>« in ro»|H-Hl ol' the iniilloi-^ ;ifnd. 
 
 S,r i;,//„n„/c V. Hirhmoud Hi„i<,-i ''"., » l'- D- «1<>; ^"""" v. *'...»<«/. »>«/ 
 t ..<:„i;! Prml.'rr Cn., (I!)03> •• Ch. .Wi : Hni„l„:,l,,.- v. Vw-VA. 41 Th. I>. 47S. 
 
 Pit8,tho.oNaudA.. l{..a»dt'. UftN 1) . K . and F.] ^ Form 693. 
 
 I. The pits' claim is for au iiijunctiou to rostraiu tlw dftn, I).. K., To r««itr«iii 
 hhI F., from acting a» diiwtors of. or dealiufi: with the fiindrt of, or *^^"^ 
 ii.-iiiR the Keal of, or otherwise iulorferiiijr i" the inaiiaKoment of the from actiuK. 
 nit (oy. iind to ro!4traiii tho dft I) from actiiij,' a« a dirertor of, or 
 il. MliiiV with the fuiid« of llio coy. oi uiiu^' tho Hoal of. or olJierwirto 
 uiterfflrinjr iii the munagomciit of the pit i(.y. otherwiwo tliuii an a 
 iin'ml)er of tho lUiard of Directors of tho pit coy, oknted ou the ■ 
 IS't.! , which Boanl coii8i«t»« of tho plt^ A.. H. and (\ and the dft I), i, 
 .ifi'l to rctlrain tho dft.-* from lepreieutiiifr that the four perMoii« who 
 \u-nt .«iibMcrilie<l thoir nam** to the memdum of iisson of the pit ooy 
 . .intinued after May. IhO.t, or uow lontinm! or are dirwtoi's of the jilt 
 ov, or that either of the dfl^t K. an<l F. alUT that dale loiitimiod or 
 now continues or is a director of tho pit coy. au<l from prevent iu«: or 
 liinderingr the ])lt« A. and B.. or cither of them, from acting: a.-) diroe- 
 I01.S of, or taking part in the maiia(;Bmcnt of the pit coy, or oxcludintr 
 idem or either of them from tho Boiiwl m I'linas of the pit co> 
 
 1' DamaRes in ro»p«Hl of the matter^ cI'.-hI. 
 
 Fi. this ca.te the plaiiitilT, u» in I'cmf,, v. t.„»l,li.:itn,., « C. U. 70, iiiako.i th.- 
 n.mpmiy a co-plaintilf, iiiai«murh a!< the company can alone romplain of persons 
 ii..t duly apiK)iiitocl artinn' a.< <liriit.ir<. M,ifil;,iiinll v. ilanlini-,-. I (,'. Div. l.t: 
 Jl.',lh-n V. P/iillipf, 23 C. Div. 14; aiiJ Cni-i-iiliiis ai>>\ 14 Cli. I». 6<»0. 
 
 Spi' further rascK in re(faril to diri'ttD-s not duly appointi-d, Imi-rrinl llifftro- 
 ,.;lhio Co., 23 C. Div. I: llnrh.'H v. PhilU,,.. Ihi.l. 14: .l/"».'--. v. frimmell 
 <■.... 21 C. D. 183. 
 
 m 
 
 Rule in Foss v. Harbottle. 
 
 ll may lie convenient here to rffir to the rule in /'«»■ v. UarbottU, i 11. 
 {•A. and Unzliii v. ./.../on, 1 Th. 790 (already touihrd "n. <"/</", p. 74), 
 ii.imtly, that prima facxe the company can alone .sue in respect of wronKM done 
 i<> the company: that Uio acts of tho defendants cmuplaincd of were of such a 
 nature a« to be cepahic of conlirmation by a majority of the luenilKM of the 
 ! iimpany : that i! was for th" dereiidMiii ■» il« corporate capacity to suo: ami 
 that, under these cinumstaiici'., tin' Court could not iutcrfiTc at th it ol" .i 
 
 minority. 
 
 In Miizlm \. l/'liiH (IHIi.i. two iiicinlMT- of an incorporalisl railway loei 
 pany Ulcd a Ijill. in tlieir Iniliiidiial character-, airainst the corporation and 
 
m^ 
 
 l:»8 
 
 WRITS OK SUMMONS. [ChAP. XVII 1. 
 
 in 
 
 • i M' 
 
 t»cUc other inoiiil>iT«. wIh. wm- alli'ifi'il tn have imirped tlic offlci- of ilirwt.iK 
 and to be cxertUiiitf the fiiiii-tioiiH tlii-rfiif, us n majority of the (rovcrniii)f 1>.«I- 
 itijuridusly tu the ii.iii|miiy'ii iiiti-ri'«t,.. and prajini; ihut thi- twelvi! mi){ht I- 
 re.itri(tcd from artinjf a» dircitofM, and ho ordiTrd U> do!i»i' he comiiain - 
 • uinmon seal, jirojiorty and h(»)k« tu »ix otlior piTwmK, who w. .i> nlh'fri-d I.. !..• 
 thr only duly ronNtitntml din-itori. Lord Cottrnham, L. <"., allowed a .1. 
 innrror to tin- hill. In the tir«< plair. In- pointHi out that if tliorr had Ix-en w, 
 ..th. 1- ol.JKition to till' hill. Ihi' fail nf \U liavinif lin-ii broiii;ht by sharfhohliM-, 
 lint nil hehalf of thi'ni.rhi-. anil otiiii-' Init in tli.ir individual ilianiiliri iiin\ 
 wu» fatal. Then he said that a more ini|Kirtunt ohjeition was that the iniiiiy 
 allevriHl wm not to the plaintiffs iierKonally lint to the corporation, withoni any 
 reason lieiiiff asMtined liy the hill "/.y //'■■ r„r,„.,;,li„„ Anp* not put ilm'i 
 ,„„l,n,. lu ..-■/.■ i< ,r,„<;li,'. After ol.«rvinif that A".«. V. Iliirhnlllr wai ideiiii. il 
 in priniiple with the laie liefme hiiii. l/ord Cottenham said that the \ irr 
 <l,uiieellor's observations in that ease applii-d with greatei force to the pri-i in 
 ■ nse hei'ause there "the bill expressly alleges that a larffC majority of tli. 
 -Iiiireholders are of the sjiine opinion with | the plaintiffs]; and, if that hi' -" 
 there is ohvionsly iiothiiii.' to prevent the eoiiipaiiy from filinif a bill in ii- 
 eorporate character to remedy llie i vil eonipiained of." Finally, he relied "i, 
 ihe ground that it was withnet |,reredeiit for the Court to interfere " solely .i, 
 the >:rouml of the .iijipo-ed imalidity of the title of persons claiiniiia tc, I,. 
 <*orporate oflieers. 
 
 These two eases have been fref|iieiitly folhiwed. James, ^.. .T., in (! ■ : '. 
 I.riii, (1873), N Ch. lO.l.i. I'lod. Idol, said; "It is very important, in onh r 
 to avoid opprcssiv. liti)fation. In adhere to the rule laid down iu .I/or'. • v. 
 Ilsli,,!. and FofM V. Ilniliulll,'. which cases have always hiK n consider.il .i> 
 sottlinijr the law nf th^ Court, that where there is a. corporate body capable .1 
 ttlinc a bill for itself to recover property either from its directors or oHi.n-. 
 or from any other person, that corporate bmly is the proper plaintiff, and I'l. 
 «nlv proper jdaintitf. .1 think that it is of t^- utmost importance i.. 
 
 maintain the rule lahl down in l/'/.-//-y v. Ahlo.i , '■'»»» v. Hmhotlh. i.. 
 whieh, OS 1 understand, the only exception is where liii irporatc body has i.'"t 
 into the hands of directors and of the majority, wliicii nvtors and inajmiiv 
 are nsinir their power for the piir|Kise ..f doinjr somctliii^- fraudulent njfainst lli. 
 minority, who are ovcrwhcliiied liv tln'in. as in .('»•'."/ v. Mirnin-i-nlhrr {h i:.| 
 464 n.), where Wood. \ . ('.. under those circumstance-i sustained a bill by -.• 
 shareholder, on behalf of himself and others, and there it was after an attenipi 
 had Jiecn made to obtain a proper authoritj from the corporate body itself in 
 public niectinf; assembled." The same learned judge, .lames, L. J., in .I/- - 
 iliiitiftiH V. (luriliiiii. I C. I>iv. I.l. airain ei.iphasised the inijiorfcince of llie 
 rule. 
 
 " I think," he said. " il is of the utmost importance to all these compaiiii ^ 
 that the rule which is well known in this Court as the rule in Mnzlry v. .V'h.,, 
 anil t'osH V. Ihuhnlil, should always he adhered to: that is to say. tli;it 
 nothing connected with the internal disputes between the shareholders is i . le 
 made the subject of a bill by some one sliarehohler on behalf of himself j: I 
 others, unless there be soniethiii;: illc);ul, oppressive, or fraudulent, unlc th. ,. 
 be Bomethinp ullrn ii..< on the part of the company (/"« company, or m tin- 
 part of the majority of the company, so that they are not lit persons to di ;.r- 
 mine it; but that every litigation must be iu the name of the company if the 
 tvnipfiny rc.illy desire it." 
 
 And in a case in the I'rivy Council, Builnml v. Ka.l,-, (1902) A. C. n:1. !):;. 
 Ixjrd Davcy said; "It is an elementary principle of the law relating to joint 
 stock companies that the Court will not interfere with the internal management. 
 of companies acting uithin ih-i,- jioweru, aud in fact has no jurisdittion to do 
 
 ^ -■ ■ 
 
VORMS. 
 
 I ■}■'■> 
 
 «o. .\ff»iii, it ia cli'ur law tlia. in iinlir to i-.Mlnw a « ronir >l'>tii' I<> tin- ii«"i 
 |.uny. IT »<> mi)V<'r money or tlaniH|;<- aili'tfiil ti> l»- <lu<' I" th.' I'lMnpauy. tli- 
 Mtion «li:)ulil />rimii /nr,r I..- luiMiu'lit '..; l/ir r,„„,m„i .l>rll. TlioHc cardinal 
 |,rln.ii.N-» arc laid down in lln' wrllkiii.wn ra*'.. of /-,», v. Iln>'>.,>llr iiii.l 
 
 l/<,:/.y \. .Ihlnii, and iu nuniii lairr c a..'- which it i- iinno.PM.iry to cili 
 
 Itiit an cxce^linn i, mmh i., ih,- .. , I ,;il.. where the ,.cr«.n!i atfain-^t whom 
 
 relief i" wm^ht ( .icrawU en hold and c.inlr.il the majority of the shares in the 
 . ompuny. and will not permit an action to l>u hrouifht in the name of the ei>ni 
 |ianv. In that ca-ic the ('iMiri« allow the shareholdi'rrt cinplainiiiK' t" hrin^' uii 
 iction in their own nanici 'rhi.. Ii.,«c>er, \* ni.rc matter of prociluri' in 
 ..rder to (five a remedy for a wronw which would otliir«i»e e«ape redrcBs, and 
 It is obvioUH that in aueh an u.ti.ni '/.. ,,h,i„i,tl> lannot have a larircr rii?ht to 
 relief than the company itself wonlil liaic if it were plaintiff, and r.i)i«.>/ coni- 
 l,(„ii, of m:l» uh.rh „,r valid ,1 ./"/-,■ .r,il, il.r .'///.,../•"/ -./ />„• „„ii<.,;lf of Ih.- 
 ,l,.iirhi,l,h-ri, or nn- capable of U'lnir contirmed l>y tlie majority. Th- rnnrt iit 
 ,rl,„h the miiwrilif ran mnnilinii .i'lrh 'in <irHon nn; llnrrfnre, confined In 
 
 lhn.e <H lihich Ih,' ->,/« ,:„„,, I"., .r,l "I „,,■ „t : i, J.ih.il ,h,n;«l,-r <>• l„ un»<l 
 
 Oil- ,i<'ire,M of thf ,<./»/<.(,. w. A familiar cxani|di' in where the majority an- 
 cii.leavoiirim.'. directly or indinrtly. !■. appropriate to themselves money, pro 
 l«rty. or advaiilat'cH which helonu' lo the company, or in which the other 
 -li.ui'holdcrs are ciitith-d to participate, as w.i- allcirinl in the case of »•„„, \. 
 Hn„i,,-,\ Tili-tin'i.h »nH> (INTI). H t'li. :t.VI. It -hoidd he added that n.i 
 nier.' informality or irre);iil.irity which laii lie remedie.l hy the majority "11 
 ci,t;>lc the minority to sin' if tin- ait when done res{iilarly would be within the 
 p. ., -r* of the company and tie- inleiKioii of the maj'jrity of the nhareholders is 
 . !c..!. This may he iilustnilisl by the jmk'ment of Mellish, .1., in Mnnloii'jnll 
 V. I, mil, Iter." And by n recent case lf„,-h.'/r. r„/if (Uor I'n. v. Mn„,„,i,i. 
 Il„,i/lf it- Co.. (UW..) I Ch. '.'lii where clause .M of Tabic A. of ISIiL', 
 ■IS to direetorH" iiowcrsi, applied, ami wlicie the four directors held nilistinlially 
 ai; the share eapitol, one of hem. who had the majority of votes at i;cneral 
 mectinirs, commenoil an miioii in the name of the company, and the other 
 directors inovtil lo strike out tin- inline and dismisa the action, it was held that 
 hy clause HSi the majority | in value | of the shareholders hid the ri;;ht to control 
 till' action, and that the motion must be dismissed with costs. 
 
 AecordinKly, the Court refuseil to iulerrcre at the ..iiit of a shareholder siiini,' 
 on behalf of himseir and others '.n the lollowini; eases; 
 
 (a) I'rocoediniis to compel direitors to iimke kikmI funds of company iinpro- 
 |HTly expended. / ".<» v. Jlii, hullti; mi/trn. 
 
 (h) Where directors were aetinsf who li.id not been duly appoint<-d. .Vo:', ;i 
 V. Alston, iibi mitnii. and lii,tii,fli;i v. Shrlhiirnr. 10 \V. U. 8HI. 
 
 (e) To recover |iroperty alleiri-d to bclonir to the company, drnij v. /,'■,..., 
 ubi mpm; see ulno Jlnxmll v. Unkiliil'l irnlniiiDiii, 20 Kij. 474. 
 
 (d) Where it wasnlbped that chairman had improperly refused til take a poll. 
 
 }t lint, 1,1, /„n V. aiiiiiii,,,. I I', nil. i:i- 
 
 (e) Where windiiif-up i-i'solutioii passisl at mis-tinif convem-d by onlcr of an 
 
 irreftular board. S„..ih,;ii r„ii„iii^ llr/i„>„l linnk v. m,t,r, 73 I.. T. 
 374. ('. A 
 
 (f) Action atfainst company's solicitor and vendor to net aside au airrcement 
 
 alle^eil to have bi>en a fraud on the company, and to recover money 
 
 of the company. Omkill v. lior.,, u C. I>i>. 82. I'or further pro 
 
 eeedin);s in this case, 2.) W . II. •'554. 
 ((f) .\ction for re-imhursement ol diviitemi jiaid out of capital, pari of 
 
 which w:ui reeeivei; and rclaimsl by plaintilf.s. Toiirrn v. .tfriin; 
 
 Tug Co., (1904) 1 Ch. 55S. 
 (h) Ae.tioit aitaiiuit company and its iliicctor.s in re.spiHt of an inveatment of 
 
 Ht-J 
 
i! 
 
 m , 
 
 
 
 i»i 
 
 1^ 
 1 1"' 
 
 lit 
 
 itti 
 
 LWO WKim OK HI!MM(»NI*. [CmAI'. XVIII. 
 
 rcMrvr fuuda, '«<«« fiiti- but inipru<l<*ntl,v in«d«' in th» umnr at ■ xil.- 
 triutw. Uiiilittuf V. Kiirle, mpra. 
 
 And •«•.■ AVrr/^, ««</ Crdilnn RaU. Co. v. ».<///•-, .1 By. Om. ill, kad V.., - 
 «m>k/v v. /m/, (.'mi/J.- * '•«., (1908) I Ch. H4. 
 
 Thi- i-xiwptioiu to thp ruli> of Fi— v. Ilaibnlllr are well illustntud in the 
 daciniim of llic Court of Appeal in .l/rj:and.r v Automatio Ttlepkon* Co.. 
 (1900) 2 Ch. iW. Lindloy, M. K., in that oa«. «v« (p. 89):— "Tho brrsdi 
 of duty to the company (•oni«i«tJ< in deprlviiiif it of thii wm of thn monry, which 
 the Himrtor< ou»ht to havp paid up noonor than th«y did. \ oannot regard th.- 
 eswi as one of men- internal mun«ir«'incnt, which, avi-ordinK to A"m v. Harbotih- 
 and naraerou* other caneii, the <'ourt 1<'ii\<-< the tliareholdera to settle amonir 
 themwlvps. It wa« axo^ainwl . tliit when thi» notion wa- n.mmenced th. 
 
 defemlantu held aach a preponderance of nhareii that they could not bo oontrolh .1 
 by tho other shareholder!.. Imler th. «• .inuin.laneei* an action hy lomo ntrnre 
 holder* on bnhalf of thcm«.lve« an<l tlu- other* a|r*>nat tlio defeudanta i» in 
 acrordance with the authorities, and it unobjectionable in form. Seo Mtmin r. 
 Hooprrt Telngraph Work* (1874), » Ch. 350. An aetwn in I hit form it for 
 prffrrnbU It, n» oetMH In thr iinmf nf Ih* i-oin/ii'iiif mid thnt n Urihl ff» l« th. 
 right to uti i't name." 
 
 The only cxceptiouii tliereforo to the rule aro the following:-- 
 
 (a) Where tho act complained of i» ulliu ciret tho company. SiuiptOH \. 
 
 WttlmiHtlr. I'alace Uottl Co., 8 II. L. Cas. 712. 
 
 (b) Where the act eomphtined of in a fraud on tho minority. .««urit«rf. 
 
 V. Aitomatic Co.. tnprii. 
 (ej Where th«iro it an absolute no<*«iity t4> waive the rule in order thai 
 there may not be a denial of justice. 8ee observation* of M. B. in 
 PfHder V. r.iuk.uyluu, 6 C. Div. 70; Rtttell v. Wakefield Ifalrr- 
 wurkt, 20 Kq. 471; Unrbrn v. /•killipt. 23 C. Div. 14; Bur/ttui/ 
 V. K^irle. tupru. 
 Accordinjfly. tlio Court lia« interfered at thi- suit of one or more auiog a^ 
 above iu Clinch v. financial Corfiotation, 5 Kii. 480; 4 Ch. 117; .Hwool v. 
 il(,rjv:«athrr. .•. K<). 4B4, n. ' /^v. rim ajrreem<-nt. See Korm 739, inlm 
 lllra virrt return of capital, /lolnirt v. yevcattle Co., 1 C. Dir. 682. 
 riira riret purchaw of aliarc*. Hope v. liUi-rnxtional Finnneial Sorirt/t 
 
 i C. Div. 3i7. Sw Korri 747, i,./rn. 
 I'uyment of dividends out of capital. .Hncdoiitfall v. Jerteif Hotel Co.. J 
 i: li il. 3'JM. See Korm« 744 and 74.5. iffin: and conipa.* Tou;-). >. 
 .iirican Tiiy Co., tupia. 
 Mijorlty, or persons eontrollinir majority, pnUKwiuK to benefit theuiwlvc- 
 at the cxiK-nw of the rainoritj . .If.ntV. v. //oo ;>.•.'« Trlfirnph ICor! . 
 9 Ch. 350; Atrxmiter v. Automatir Co., t'lpm. 
 .\ction to M(t asifle fi-audulent sale to company, the vendor holdinir tin- 
 majority of tlie sharti". .l/"»"n v. Ifurn'. 11 C. Div. 97. 
 
 Where a ?hii!-!i Idir .l.-iriw i .■oinul.iin "if :' wnuiir dun.' U> the iNiinpany. 
 and tlie ea«e d.«- ii.t fall within th.- alnne , x., ptions, and tli.- director- dccliri. 
 to proj'ecH. th.' "har-hiihler e.iii >»<• in the .imi|.any'< name. »ut if it \* shown 
 that the niaj"rity do not •4U|.(".rt th. ;ietion. flic . ..mpnny''. nam.- will be struck 
 out: and if tlien- it a dispute a- K. thi! vi.ws ..f the majority, tho Court will 
 take mean- to awertain tli.iii, ..'/.. t-y «iviii;f liderty to convene n ni.ei^nn 
 Jixeter a,„i ir.'lilo,, Rail. Co. v. fi„ll.r. h Kail. Cas. 211; II Jur. 527; Pendr. 
 T. I. ^hio.jl;., ti C. 1>. 70; /<«••/■,'/ V. <■,•..., '„W, 82: Hnrh.-,. y. /'/,„'/.>.. 
 23 C. i liv. II It is therefore advisalile that a nhareholiier comniencin;; an actiim 
 in the name of the rampany should hiins.lf tiilc inini.^liate «tep« to procure the 
 
 
KORM.N. 
 
 \.m 
 
 '^iirsntion of n ereneritt mmiiiiff. Worri' v. Mornt, W N. (1877) «. For " if 
 lufhorily in wantcil to im- thr iiiiinr of tin- nompany. it mu«t b« suthoritjr go' 
 iriim llio pp'per i|Uart<'r oitlitT fniiii llii' din-ctors. »r fpun tli.- »lmrfliiililiT 
 .•hiucuimI f'T til. iiuriHMv.'' l.n ('■mipafiif i/( I/.(y/i//<- \. H'h.llr<j, i lH9tJ i I 
 CI, 78H, 803. 
 
 'I'hiTP iiiiiKt Ik> a atronjf /■...ii" hi, ■■ I'upw fur tlii' Court to allow «iiili a luM 
 fllrd in the name of the roiiipany, but without the annrtinii of a inijority of th.- 
 ^Imri'lioIdiTs, U> remain on the tilo in order to ««< whither the cjinpany «ili 
 idopt it or not. Kant I'nnt hu l'u,rfil [.rid M,'iint f". v. Wrrrywrall-. 
 ( N. i;. .'>ll 
 
 Hut till- fait that the approval of the majority ha." not been olit:iin.-.l liifore lli. 
 writ in issu"! dooi niit prevent thu Court from ifivinjf interloeutory relief ti\ 
 injunction or itl.erwise. I'mdrr v. I.i-h,n-il,<ii. ,ihi tupm. See furtlor, (.ieilhi 
 in Com anie , litli ed. 771; Seton, fMl 
 
 An to ordering the plaintiff* «oliii|.ir to pay the eints of aetion liriiii;,'ht n 
 nnme of inuipariy without auth"rity, ■"f In f'iim/"i;iii"' »/<■ Mnyritlg v. ll'Hr'ei/ 
 ,„rr": Sr,rl„,,r,,n V. (r»../, .'/. l:t C II. 3111. 
 
 \\ here the eompany m joiniil u< plainlitf without uulliorily, a motion (o ...triln 
 ..III the name .an he niaib' under (Jrd. .VVi. r. II. hit r.nii/in.,.,,,' He l/.»>/.-,r. 
 ». Il'/iitl'i;, O""**) I ' *' • ^'. M'li'hnlla latiiK llciif t'lt. v. Mutimnn. (IMOIM 
 1 ell '2t)7. .\nd where tJiu notice of motion al.«o ankk that the nulieilor^ 
 
 l>oi\-il'l" may li.' onlerod to pay tie' i.usl.'. notiee of dis.'.intinu.iiiiii iiul.«.. 
 
 rt-jH 
 
 ..rde 
 
 I.-..M Jt.:t. 
 
 )iieMlly iri»eh will not prevent the C .url from m.ikini; tin- 
 ./ \tri.liiii h'tlrnliit v. Ih-'iiiiH. ( M97 1 1 Cll. II.'). 
 
 The rule ahnve refeii.il !■> .i.«- not "f e.iurw prevent a meinlier from JUMnf m 
 respect of an individual >»i.mi,' /'■•iil- r v. I.iinhtinilou, ubi tupra , and .«•<• 
 rorin^ 7.'Jtl (■' «''7.. uih". 
 
 Appenrancu. 
 
 .ilid default of app.'.ir.ilie) 
 
 .ire de.lll with 
 
 .■^irkii.ir ..o 
 eoni|iariv**i 
 iianie a^ 
 plaiiittO 
 
 'I'll.- sulljeel- of appearale 
 
 Med-. XII. au.l \!ll 
 
 A uompaiiy, beiiu; .i . oriKirati..ii ani;ri',Ml , lan only appear by .i -.olieitur 
 .-ir.- .\nii. I'r., nutei t<i Oril. -Ml. r. II. The .ipp ■aran.'<! of a e.mij.iny by it- 
 -eeretarv. i^e. ii» refu.se<l at the Central OtHee. ihid. 
 
 If the iii:iipaiiy is In lii|uidaliun, whether voluntary ..r i ompul.'ory. .ippear 
 anei' should b.' enteriil for "The Coui|iany, Limit, d, in li.piidali.in. In 
 
 C. I)., itH li.|uidator duly ap|>oint*'d." .\nii. I'r. I'orf. 
 
 .V:. to attai 'linir a solieitor f'.r breach of in undertakint; lo enter appearaie . 
 -.•■• A.<7i/ .V' I .( »././'■/,. (iMOli I Ch. 4(iT: an I \nu. IV.. noti' l.i Or,l IX. r I 
 
 %\ 
 
 Suminonti for Directions. 
 
 Urd. XXX.. in amended in July, IW)2, in .'ik followst: 
 
 I..- II Kxeept in the inM-a mentioned in parai^raph (d). fli.' plaintiff in 
 very action shall take out a -.uniiiions for direetiuii> ritiirnalili' in not u-- 
 than four day^. 
 
 (b1 Such xummuna <hall lie taken out after ap|i«arunec and iM'fore the plaintiff 
 :.;kc> ;;r.v f i c.>h ^'ti p in the riftiiTii ntli'-r 'ban tipplieaiif.n f.rr :trt ih;tttie»itjri. 
 ..r for a reei'lver, or the enteriiu' of Judura.'nt in default of def.'uee under 
 Ord. XXVII. 
 
 ,.) Wliere under Ord. Xl\. the pluintitf applies fur judgment, or whcr 
 iider Ortl. \\lll\. the di'fendant applies for a 'Statement of claim, th. 
 !■ 4 s 
 
|H«iV 
 
 \VIUT8 or Hl'MMdNN. [ClIAP. XVIII. 
 
 11^^ 
 
 1*1 \ 
 
 jMjrff m.iy 'I'll with •»'*> u|.pli.«»ioii .m !« tli.. pLuntiff h».| itovn nntitlnl to 
 
 I iki- "lit urid Imil ln)«"i •>iit .i «iiliit I'... ilir . t • 
 
 ,1) Tli:- riilr >liall Ti..t ai.|>l> !'• Xilininiliy .i.ti"ii- «i»l.iii ll»- i.i liuitiir . ' 
 ..^■1 1l .tl fh.- Iiiili.Btiirr \.t, IM7I, or to u.ti.iiiH in wlii.h the writ >■> «p.. iilly 
 Mil.r-M'.l i.ikI't Or.l Ml r tl. <ip t.i iiitii-ii* ioiiiiiT;f iiiicl-T the prmUini,- ..f 
 Uril XVIII' . i>P til II. ;y prii<'<<<'<liiiir .•.iiiimi'iii-.'rt liy nriiriii.itinK miriiinnn' : Imt 
 n any «ii' li a li'.n "i- priK cclinL' u .<iiiiim..ii. r.ir .liri'.liiin-' iimy Iw tikiii "iil at 
 ibc iikIhii' ■ 1 u'n piirly tln'ri'lu. 
 
 J. I |uiii III. luiiriiiir "' til.' «uiiiiii..ii" tlic t'liurl iir a juiL"' liiill. "> f.ir ,.. 
 
 I„.., .i,.„| i,, u. !. nnl. r i.H may Im- jmt *i(li n'^p-cl to nil ll'i- priMfiliii.- 
 
 1.1 ■ liik... ... tl'.- H. li.m, himI n- to tin- .'""K lliiniif, iiml ni"<-e pnrli.iilnrly tti.l, 
 
 ,1-, ■ |.. 111.' toll.. wli.u- matt. 'r" ri.'!iiiiii_' p .rti.-.il.ir-, alii i--i in', 'li'"" " 
 int. rr..irai"ii'-, iiiipo. tinn .if .In. iiiniiitf, iri.p.~ ti.m iif ri'al or p.'i».iii;il pni|..rl> 
 
 H.luHii-ii.li .•^alllinati.lll ..f wit - <. pl».'« ^ii.'l hiihIi' nf trial. Sii.-li ..n|. ' 
 
 sl.iill Ik- ill III.- l-nrin V". I >. App.ai.liit K., «ill h >«riat,..ii.. :n .'in' 
 
 •t.tn.-'-^ I i:l\ ri'ipliri'. 
 
 :i ,\.. ..Hi.l.v.l -hall i..' u«.'.l ..ii ll"' li.-alii!,' ... 'Ii.- -.li'l -Nini.i'".-' i^.'!'! l'> 
 (K'liiil ..i.liT ..I' 111.- f.iint ..r a Jinl;.'.'. 
 
 I. II.. tl." I..ar rii .if th. .uriiiii..ii.'. uiiv i-ntj m »li""i tl iiiiiimiii i-. 
 
 i.Wr. ^v..| -l.all. *« r.ir i- pr i. ti. iilil.'. npplv fur any nnl. i ■.■ .lir- ti..n- " l.i 
 ir% ..•. 1 1 » ntiiry inadiT nr tiling- in thf .i.ti.ni wlii.li li.' iii.iy l.airi'. 
 
 '•. \h\ appli.ili.iii •.iiliJ'iiii. nlly t.. tl.f niiifiiial «iiniiii..n« ...id lii'fori' .I'uli' 
 II 111 f..i .my ilirc-'i..ii- '■■ ''i •>>'!■■ iiit.'rl.M'iitory m^ill.-r .ir Itiin,- liy iiny paru 
 ,liall I-.' niaili' uiiil.T |ii.- ..iimii...n-. l-y tv" -1. :ir clay^" nnti.'.- I > 'I"' ..tli.-r paitv. 
 . fating' tilt' jfr.iiiii.l'. .It ili>' appli. 111..!.. 
 
 li. .\hy appli.'iitl.ii'. I.y any |.aitv .>!.;. h ...••-■lit liav.- l.i-ii i:'.i.|.' at tin' l..-.ir;h. 
 ,f tin- ..liiriiial ''nnirn..;i« ■•liiill, if ;fnint.'.l .■• any -nliK'-pnnt appliiali.in. li. 
 ,'runt«: ai tin- .out, .T tli.' piiitv iipp y.iii.-, uiile-s llic f.mri ora ju'l^.. «li..!l li. .i 
 ^pii,i..i> tliat IliP appli.ii'i.m .■al.l not pn.;. 'riy liavi- b. on iiiado at tli.' li.'.irini.' 
 it tliB oriirinii! -i.i.nn.inx. 
 
 7. Ill, tl.i li.-urii.i; of 111.- MI1I1I11.1I1-. til.' ('..urt iir a ju.l,'i- 'ii-iy -.iJ'r tli.il 
 , ,i(!.i,.i- ..1' a: V paMi.ular fu't, to li.' -pi' -iii'il in tin' .iriL'r, sliill U' g'v... I.y 
 .lati'inont ..n ...fli .if iiif-niiiati.ir ..nil lu'lii'!'. "r liy pni.lu. :l..i. nf cl...'nnii'i.t. ..r 
 .•nlrli- ill l"K.l>«, .11- liy .-.ipi.-< nf .l...-.iiu.'nts ..r . ntri.-. ..r !>t!i.T»-i..i' at tlir ('...irt 
 ..r jiii).'.' n ay i|ii.-.-l 
 
 n. lii i:iiv .:-li-.ii I'l wl.i'li I 1 "1 ''-'^ "r.l. 1- appli.--.. if O- piaintitr il". - ii..t 
 witliiii f.inrli-.n ilayn trDiii tin' I'ntry of tin- il.'li'iiilin.l- uppiaran.i' tai.' ...it 
 ;i suiummw for .lirra'ti.ii.., iriil'T ttiii .iril'r. tlio Ji'f.'inlant -iiall li.> at lili.Tty |.. 
 app;y for an .ml.-, t.i .!i-mi-.- ili' ani.a, iml u;>m, .ii -ii .ippli, aunti tin- jml ■.• 
 mav . iilnr ili-iiil-ii tlic 'i.tioiion mii-h tcriimas may In- ju.'f, or may <1.:'' with mi. Ii 
 .ipiilii-ati.it in all rp'pn U ai if it wvr- a ^iim noii'* for direfii'.ns uml. r tlii." i.rrl. r. 
 
 Onl. Will V. i- till' oiiL' wliiili kals with .-dst-:i ill -.-liich tlin pialiiliiT *i in- 
 ill pro..:..! 1.1 trial »illi..iit iili-ailioB-'. 
 
 1,,. firm ..r -..•.m. m- -ii- I'art 111. llUlli i-il.) of tli;* w.irk, p. lill. .\h i.^ 
 paltiliif paiti.. nh.l.'r .-ol..lili..lli, »i'e li;..:.- v. II ..'./.„• .rt/,. (ISTO) I li- »• -i'"'- 
 
 V. li.T.' » ili'foiiilant miiktw default in .'m.-riiiK: appi arnni'.'. lln- nia-1 r . annul, 
 on a suinnnins for dirc-linn-, onl.'r tin' a.-tion to 1." «'t d.iwn for trial without 
 „I~..i:....a /.'<■ V.I-/11./H. \V. N. (IHIit'i I.W; anil vf f/rri-n -. ■'!. Jo/in'i Man 
 ;,««... W. S. <1M«0) 9. 
 
 Stv fnrtln r niito« to Ord. XXX. in th<» .Xiiniml I'ractii.-. 
 
 Thi- Mimniiin'. for airo.tionn .'oia.'-i to an end at thi' triai, aft.r which any 
 .ntorloi-ntory appli'-all.in .mirht to I..' by nmnions, ,i..t by notio.-. «<•'>"-« v 
 Jlru'i. \V. N 1 1«<'S> 12"- 
 
 •,A1^ 
 
^ORM^. 
 
 iM*!"^ 
 
 8«caritv !or Cost« b> Plamntt Company 
 
 tM thi- 
 
 "ti *'oili(.; 
 
 ntl'l tlliili \. r t'KlS 
 
 i*H, ,iti<i h.'i.' 
 
 •jrtlt'i 'ii.iy Ik- mad*' ui i*'irtltii;;l\'. 
 
 ' - tit-' |iiir|tiMi'-« nf iiit>'rr<iL.Mtiirit •. i»' • 
 i I' ;■' t',111' .if (li-rfncrv ol* )I<m unit ii- rh-- 
 
 '.'.* '.»': fll.-V IllW ! ii'ti li" I't in tM tti liir 
 
 • •I "ir jiltf<- wli tinT iiiiy. ari'l wlitf. tni- r 
 ■. *t» iulf"T'H£nti' till- r>Mii|Mlliy fl'i -ML': 
 
 Dmrovrr> 
 
 t J. 1,1 •tifk oiiiftun}', »\ tirthtT iiM<'r|Kiratii| ur mil, nr any utli«*r \mh\\ itf |.'t-*«iii . 
 Hi I ^» red t'v liiw to -ur or In* -tM'.l. wlifthiT in it^ own nnnic or in th" luiTif 
 <r II \ rilht cr ur ifthtT ikthoii. uny tjiijnniU' imrlv iiiitv ;ippiy i>'f ^m ''d' ' 
 llowtiiLT lii'H to il'.'livcr iritiTr- 'tttoiM-" *o .my iii<'iiit»«-r or oti'M'T of -ruh .or 
 or /i'"ii. * .miimiiy. <ir ImnI t 
 
 ,\. I., wlio irr "oiip'K ■ ^^.^■-,. 
 „>t. f- \nn Pr Onl \\ 
 Aonl- irt- *■ :iiiy otln-r ptrry 
 ,iiu»" thiniT »>* '' opiwwid' par 
 
 If ,' A mnttor for tlip dij* - <i:i" 
 iDiii I tif iiiadM. WliiTo thu ^ i^tir 
 T. . r,.t,try !tr othor Hui'h otHtor, i! U-ih}.' hi-* duty t** Iw anpi.iiiilfil wiili ihe 
 'f:i. ■ itf the coiupanv md to art f )r tlimi in •*ii<!i nijitiTN, it *m'iii'* to In- 
 t{V I't^ary to <*'rvr fin ..!Hi < r with rii>fi.-»« i.f tlw ^ppli.jtion ; but in t'i<' 'vi^t- 
 ■ ^ a inf'iiihvr who i' iioi .» i oHiiiT, .w :i riih-. iiotic- .»f t]v appli'Mtlon uttx''^ to hf 
 
 - TM-I on him rf,;,M „: \. n.inj. .<.."//. z^*.-/ r.. iiH'Mi> -i ij, w. r.t.i.v* 
 
 t iiU-ts the jnd'r*' thinks tUut thr -«> in ii.> oti)< i- t^tpaiih- mi /i^inir ilf di- 
 ' I y, a noMnl'i-i -h"uld imt he <oih"(Hl Tn In* . \,iiuniitl, f'> ,/<',-■/ \ . ' n.fiw.' 
 
 Ttit ufflfor or moniber i- flic rt'priMrntativt? or 'iftf-r '•;/ ■ of iht* 'oiiimny for 
 ■ho i ;tr|Mi'«i» of ntikWcrinR' tho int(»rn)C*forii->4. firikrfrtf v. V/-/.,//<^(-7 ^'•»-, i^ 
 '. |t at p. lOl. \n oMh'< r of a company, jii-iwerini? on iN Indialf intcrrog-rt- 
 <.r'f adiMiniufi rinl !<» it, ii uniy hoiimj to antWfr a-» to hi-* kii'iflrl'-dLXi- ar'piiri'd 
 ■\ tlh ■ • nrxc of liiw I inploynnMiT i>y th" ■ ompany, and a-* i-, the r.'init ff in<)uirit'- 
 tuiCr I ' ill] <»f it-i HthtT (inii'd-* and a^'ontn with rr« ird Ifi th-*ir know h-dj^'t* 
 if'yv^ , tSi» '•ani'' way. and h<* i^ not n'lnnd ' * an-wcr .(■■ tn hi- .iw n kn.iw lit!;;--. 
 
 •r »M H li.r- iiiip)irit'-i of th<- oth*>r offli-rr-i or au't-iits of thf -I'lojianv a-* fo thoir 
 \riiiw I' itu-'-, a<'(piiri-d aiiidi't tally '»r in "ntni- nthi-r lapiiitv. The answr of an 
 'IHmm hoini.' th*? .-ompany*- an-^wor, i an ho r* id ai^aiiwt ir, ami it tan onlv \u* 
 '■I'liuiri.! to afi-wi-r a4 t'< that with rt'>«(M'*t to wiii* li in iidivid'ial litiirant 
 <i it- p '-IHon 'V'Mild hii\' h*vMi bnind to an^iwer. It'r/^i,.,,-/, /.# : 7-...,,' t., < 
 
 '.';/'.,,, t'... \ \f,r \ ..,f,,ff,f fnr-futh'M -'-H^ /%•.. I'M»tn (' \ . 'J ( 'h . | S.'" 
 
 tU.. \nn Vr.. n-.t.w f,, Ord. \\\l 
 
 It th«» otHi'er •h^IhiIihI to iinsw<r Iiav*- tti pt'r«>hal kno\vhi|;.'i' o| thr fa-tn h<» 
 -ti'ttihl apply tii th'f-r ■*t'r\.xi>t~ nf tin- <'<.iii|i;iny wh-- hav** s..///, I'-f. /■ /',,, v. 
 ■.'".,-'■. . it. II. I». 31.>. 
 
 Ilif ( iiiirt will not, a ; riih", (imi|H'l pcrsonit who iin* parthw to an action to 
 irodun- !i.M»k-J whi'di uro in tlicir p HH*'--*ion a-* difftors nf a ruinpany whii-h i>* 
 irtfc a party ll'i'firmf* \. Ivtr'^n. IH T. !.. I(. \'\\, *.il t)th«'rwi^>' in the ras'? 
 't a li<|nidu(or h*ivin;r ubiwlnt** i-ontro! of tho diH<uini'nt<«. Lon'im, iV*'. If'ink 
 
 'tdy oT thi' diri'ctur-* of an unin>-<'r{Htrut4-d joint »*tofk ''onipany. ailt'i.'ini:^ fraud 
 t tht' o\|M'n-M' of tht* <\.nipany, an order was mad*' f-tr th<' prtHlu>-ti'-'i of 
 ■■•'jk. and doi-iinit'iit-* whlrli ui-ri' tlit* jnini pr»' ■■•riy ■'* ill thr di''*'t'r''. and 
 v'ii< h wt'rc in th** i'i-t*Mly nf a -inli- it'T a- thf p.-'p* "f th" dir<'ir.»r- // "ti-t.i 
 hif 'h». I M. K K til 
 
|:)t>4 
 
 WBITS OF 8UMMON8. 
 
 rCHAP. XVIII 
 
 
 
 All to orderimf Mpio* of entriM ia businew biwlw to b« furnished in lieu .t 
 inflection. «« Ord. XXXI. r. IB., .nd »KA,V ». Spaff»rd ♦ P"-. '1901. 
 
 3 Q. U. 241. 
 
 Ai to interrogttorie. not bein»( put with > viu» t.i .ibtain adnuMionH, w. 
 
 (,War*« V. Clark,. W S 1899) 130. 
 
 IS 
 
 Ml' 
 
 Form 694. 
 
 lutcKT"!.' ' • 
 
 tori'- 
 
 -rule, de.] 
 
 Intorro(,i»torie8 on behalf of the dft for the exumination of the plto 
 by their soorotary <lelivore<l pursuant to Order dated — -. 
 
 1 . t)n what dale do vou ulletro that the dft applied for sharoa in 
 thr pit cov? If tho applioon wan in writing, identify the document 
 I'ontainiu^? such applicon 
 
 •J Look at the lirst documont mentd in the schodulo of the pit - 
 allt of docunM-nt.", and >>UiU' in wlu.so han.lwritin;? is the Ri(?natui. 
 '.John Sniilh. From wiioiti. mid whfii, uiid undfT what circuni 
 .■<tan«!8, did tho pit coy receive tla« dmiumont? 
 
 ••! When, and by whom, wo." tho .illege*! paynwni of 50f. in reBjicri 
 of ordinary sliares made? Wo-s such payment made in cash? If 
 nay, in what form was it made? and if by checiue or cheqaen. stal. 
 lo whom .-ucli rJie(|ue or cheques wa.,. or woru, made payable: hs 
 whom .Iruwn. and on whfll bank; and whether indorsed or not. au.l. 
 if yea, by whom indorsiHl Was any and what leceipt given, and to 
 whom, for the aliened xum of .lOJ ' 
 
 4 Prior to the payment of tho alleged num of 50t., did any com 
 munication pass, aiid was any arran^'oraent made, between the pit 
 coy. or anyone on iti< liehalf, and the dft, or anyone on his liehalf 
 re8pecling »uch payment? If yea, dtnte the nature and substance ..i 
 such communicatii.n and arranvement. and when, and whore, ain) 
 between whom, the same took plaoe The pit coy i» required U> 
 answer all these interrogat'irioi bv their secretary or other projM-r 
 
 oflioer. 
 
 Delivii.-d thin day of by . dftV soIorM 
 
 r 
 
 Bk^yU 
 
i;i6« 
 
 I'l.KADlNCiS. 
 
 'IIAI'TEH XIX. 
 
 19 
 Writ if*upd 
 
 C. No. 
 
 ih — , 19- 
 
 I'l I ho Higli Court of Ja-tiov 
 ni virion 
 
 lletween Tlie C. Coy, Limtd Plaintiffs, 
 
 and 
 \ I?. . . . Defendant. 
 
 1 The pit coy. hnftr (uiII.hI the coy,' w a coy limUl by flharos, 
 and was inrnrporated under the Companies Acta, 18(12 to 1900, in 
 the var 19- , with a niotnduni and art* of itsson. The dft is a 
 unMiilN>r of tho »<<n , and a.- .-ucli is the rogi.st«rotl holder of - shires 
 of i wu:ii in il« capital Th." sd shares ar« p*l up to the oxtcnt 
 of I' — yycT «han» anil no i lore. 
 
 2 Tho sd arts of a.s«on contain thn following' clauses numbered 
 n'sply 20 and 21, that i.t to say: 
 
 JO. The dir<>>tor.s of ilif coy may from time to timo make such 
 ■aill.^ as they think (it upon il.c mouilKJrs in rc^pirt of all moneys 
 iiipd on the .shares hohl by them rosply, and not by tlio conditions 
 (1 allotment mml > | lyable at lix«Hl timoM, and such member shall 
 ;.a\ the amount of evoiy call xo ma<le on him to the p r-ons, and 
 .it the times and [daces appoint»xl ly llio directors, and a <all fhall 
 I* d<KJme«i to liavo been iiu»<le at Uie time when the r<•^..llltion of 
 the directors autliorizin,; such call waw pa<*)iKl. 
 
 21. (Jue mouiliN notice of any call «h»ll be jfiveu H|)ec»fyinp the 
 lime ami plac'*' of payment, and to whom nuch call shall lie pd, mid 
 if the sum pavable in re.<;j)ert of any call or iiistalincnt Im not pd on 
 or Iwfoie the day tti)poinled for payment thof, llio hoUlor tV)r the 
 tiuif bein^ of the share in respect of which tho call -hall have l)eeii 
 iua.1. »hall pay interewt for the same at i.he raUi of 10 p.c.p.a. from 
 the da\ appointed lor the |>ayment thid to the time of actual j)«v- 
 
 iliclll 
 
 .i In exercise of the power oufcnel on liio .lirectoi.s of the coy as 
 ikf.sd, th»'\ at n meetiuj; .f Uie direi^tors d' v oonv-ned an.l held on 
 lh« da\ of .duly mtuiv a c^UI on the memliers, including the 
 
 Form 695. 
 
 Ai liuli l>ir 
 
 .Mr 
 
 StHti-nniii tif 
 ■'Inini. 
 
 L 
 
1 jt>6 
 
 IM.KAUJ^^i». 
 
 'Jiur. XIX 
 
 ml 
 
 ll'S . 
 
 i 
 f 
 
 ill 
 [v.f 
 
 m 
 
 Form 695. dfi, of £- -><<r sliart-, and deturuiinud lliat audi oall should b« p 
 
 to lIk' cov's bankois, Mossr-'. , at their banking hoase at — 
 
 ou Uu' — dujk of 
 
 4 Due iiolicc 111 iIk' m1 uill wais ifivoii to the <lft, and he wa> 
 ifqiiiri'tl In \y,{\ (ho -.1 cull in ;ici;nr"laiii.f with (lie t«rinfl of the sil 
 
 l\>S0lllti(>II 
 
 j Tliv (III iiiiulc (.It'luull in puvuieut >•>( .>uch call, und thore is now 
 due to tlif <oy in it,»|K'ct thof a. kiiih of f , tJio uiaouut. of such 
 call, topvilu'i- with ititoi'^'^i llieixiou at Mio rale of Id p.c.p.a. from 
 tlio 'liivol . th<> ilaViip|)ointo<i tor 1 ho payment of such call 
 
 li TIk' i(iv uliiiniM. 
 
 ill I'aviiH'iil III the -il iiiMi III t . «ilh ilili'ieil ihiMtnjn .i 
 
 llif nito 111 10 )) I p ;i I'lom ilif iliiv if uiili' 
 
 payiiH'nt 
 
 I 2 » ( Uvith 
 
 |ij- M)it, 7'J of till.' L'limiiHiiii'^ Aui, 18tf'J, it wii.i (iroviiltsi that "in iiiiy miM i 
 or "uit liniuL'lit !•) tlii' iimi|iaiiy ii(?i»ii""l unv mrmber to rocovi-r any lall "r 
 iidipr moufy' Jur from nuili mciiilior, in lii* i hava't'T of member, it shall Mi>l I" 
 nert-»ary t'l •"•* fortti thi- »|H-iial niattrr; lint it shall lii> suflii-ient to allege tli i 
 the (lefiMiilant i-* iiicmlMT of tlie i-oin|i;iny. anil is ir.ili liti*il to thf i-onipary i-i 
 rmpe<-t of a rail loaili- or other iiionnys Juc whiTehy ,in action or <uit lialli 
 acrruwl to the oomiiany." 'i'hi< »wtion in imt re-enai-tcil in the Ait of liWH ~i i 
 douht ailiiseiily — for under the present jiraetiue it in fouml more runu'nirnl ■• 
 (tate tl. ' farts m ubo\r. Ily (to doiiiif, the liifnidant is mure eertainly iuni(Hlli .1 
 to rm-e and ii|>eeify in iletail the ilpfi'iin' un uhieli ho n-lies MnrnM" 
 uplem the provision^ of the artiiles are set .oit, the right to interest after the 
 isiue of the writ will not ap(>ear In many eaaes judgment for payiiiini 
 of I'sIN ir< 111- ■ilitauiiil liy .1 -|i>"i;illy inilor-iil writ, ami :i -amnions imhIit 
 Or'.l. \r> i 1. SiM' |. 13tiH. 
 
 Very eoiiuiionly, in iii ai'tion for ealls, allutinenl money, or iimtalmi-Mts ilii- 
 writ is siiei'iallr indorsiil under Ord. III. r. (i, and there is no otlier utatcnient 
 of elaim. The defendant in iiueh rases may put in a defence and the plaintiff 
 rom|i»ny ran rc|ily thereto, c.y.. as in I'orm 097, m^r" (but not now with" it 
 »noni?r. See Ord. .Will, r 1). 
 
 In an a. lion for rails, the usual defences wt up are: il) That the Jefenihuit 
 ia not a inemhor of the ronii'any, and lliat. the shares were ulhitted to him without 
 his ronsent. and in sii''h rase there may Im* ;t roiinfci'r-i-lium to have his name 
 rrmovH ami for ilainages, or Ci\ that he was induced to lake np the shares 
 
 by iiiisreprrsentation, in wiiirh i B«e he would nterilaini to hatn ihe iim 
 
 trart res'indei!. or, when neither of the fore^'iing defeni es are avaiiabh- in 
 nufdi ra»e there rould t>e a luuntAinlaim to resi md the ronlrart, or i 3) tlial ihe 
 rstil was irregularly nuidi*. 
 
 Otlier d-fenre- arr: that the call wu bad in form iCiiv/fii (• Co.. 42 ( i- It 
 J09), thill the sti|iulali'il jieri'sl siuce the last call had not i i,i]i«"d, that the 
 call exreeils the stipuialml amount, that th. dinrtors making the call wer-' not 
 duly appointeil or duly qualitiwl. that there haa been a aet-off iuale»s the 
 roiitpanv Is Ml winding up), or lh;tt the rail «!Ih made ■tf^''i '^/' .Sorff"r \ 
 Uiirl, '■ 19 lieuv. -lltt). 
 
 \s to thr deliMiro of fruoil t.i in .irliui foi rail- -IS- lifttt • l!^<^l- \. / ' i-» 
 ,1S9C, 1 \ r 27S 
 
 tj^ 
 
KOKMW. 
 
 ttij 
 
 If tliu mmiiuiiy IS ill wiiuiiiik'-up. I(i>' Iii|iiiil:it4ir may ..hiaici :> Ualuii. o-unli r 
 or miiv wuo (in the coiupaiiy'a nnme) for tlie lall". Tin' iialiim-ii-orili-r can Im 
 eiiforcBil by a /■'. /«., but if lliat ruiiUHly riv-ults in iiuthiii*,', and baiikru|ili'y |in> 
 i*.-Jinirs art' in view, a balan. c-onliT will nut liuinii |iii.iiiluif by Imukiuptu 
 n.itiit- u- it lr< nut a " linal jii.li.'mfiit »illiiii »fit. t, »uli -I'l. 1 ii.') "f ll" 
 Uaiitrui>t.y Aft, 18«3. A> fjurlc ll/,.ii„r;i. IS Q. 1). I). 47ti ; l..r ," r • 
 i,,,MWmlr. Jlr Teumitt, 17 Q. II. I>. 3J7. Tlic li<|uiclut»r .ann.it aur o„ tin 
 l,alan.-<-i.rilcr. »i,l>m>rrl;n.l..\r. i„. \. /.•.//.«. ( l»!l| I a I'll. I.i; /'../.•■ 
 >. /.„;;/..<// ■"■li '■../■'/."'/ ^ifiidicilr, (1H'J») ■-' W. It. 4-J«, t.ll. IJnt tin' lall .- 
 a ipccialty dcbl (too ti'i-ts. II (1) aiiJ 12'i of (li>> < 'iini|ianirH .Vrl, l!«IN i».'<i- 
 lii ai.il 7.'i iif till -^'I "f I'^'iitl. '""' i» ""' ni'T-"-'! in ll'f b.ilaiM • "rdi t 
 U,,l,„.„'l,nol. *r. C... \. I,;l.l.,. i al p. 2.>). Til.' ll.|Ul.iaMr lii.i) . li..ivl'..r. 
 
 notwilli-laiiilinir tlif lialani iclrr. -in- Cm- !lf call in iln' nanir ..f tin- imnpu" 
 
 :iii<t m -ucli an aitiiMi, swt. liW "f llir tuinpani. •• a'i>n«)liilalii>n i .\rl. IIH''- 
 
 ,., , lINi of llir \<l i'f iNiiJ . niak. . the lialanc . -.irtiir • •■- ' ■ I'vidi-n.i- 
 
 Uiai \W niuiiiy i» dui', and " of all .uli. r pi-riiii lit nmli.r» MaKil in -iieli ordtr 
 On iibiiMiinif jndifniunt in llir aetim. llu ..im|iany ■ an pro. .-i il aifainn.' il 
 sliai. lii'lil'T" by liankrnptiy notii'.-. llanknipir\ V.i. Isx:!, -I U (if». 
 
 Form urn 
 
 K.'l.'Mi.' 
 
 /,//,■ „>• „l,.,i; I 
 
 ! ihc ill'l ■liii'> III 'I ailiiiil tliiil ill.' .lit- "I i ; '111' I'll ' "> liiil ' 
 
 i-.ill.'i| ■till' ...v "i an- .suflli ii'Ullv or ai'iiia-cly -fi ..ii' in iIm' -( ■■ 
 mciit ()t rliiiiii, iiikI K'Ti'i'- 111 tin- -aiiii' uIkmi ))r'»lii'<'<l 
 
 2 Tin' lilt ilix'.-- ii'it iidmil im.v "f tlic iilh';fuliiiii» in iMiif- ■• .m.i i 
 of iIk' .•<t;it<'lin'iil of I'laiiii. ami iil ]iaili.iilaf lli<' ill! .I<'ni«'.» tlii4' Hi. 
 iliitM'tor.'- of tin- iin on m' iilioiit ilic ilayol or at aif ml 
 
 iliilc. (Iillv »i' ill fa. I mail' .i .all on llic n I.i'i- iii. In.liii..' Ii- "• 
 
 <}\ t |«'r .•-liaio on an\ .all. or iJial li : .i\t\ iio'k- .it .ii'v -i" li 
 
 .lll4'i;:<'(l .all Wllj- (JIM'll lo till' ilf' 
 
 .!. If. uliiili llic lift <lin'.- II. •! .Hiniii .filain |M'|-M.n- |.iii |n>rtiH.j •■ 
 .lit ii^ <lii<'(l<ii'. of tlu' i'.i\ |nii|.iit'i.'.| 1. 1 inako jiim MJ'h -sA w i-- 
 .iIIcuimI. --11. h .'.ill W.I- invalnl I'll.' (MT-.m- |.iir)»orii»._' ^- ».t *■ 
 ilirccloi'.- v\<'li' not .liil\ .|iialilii'il. .. jU'itiiin «a- not |ii*^-'nt .»t 'Im 
 lii.h .-ii'li 'ill i- ill.'u' I ■■■ lii\'' 'x-t'ii iiia'l»- aiiW 11' 
 I lai'Oiiir, «.i- _''VrH 
 .. rii.' lift lll>o^ II. It adimi ill II I -11111 "f t "I anx'-iiii. i^ itif 
 
 ft .in liiiM to the cov 
 
 riic plaiiilill ronipany will ili.-ii ■ itli' i |.iii i" i .■.•pl> . fm I' •>. i" il" wi'i.l. 
 the .ompBliy niu-t .ilitaiii an ..niiT <..' llr.l Will r I i. ..r ttn- . .mi)min «il' 
 »pt ,|„wn 111'.' nmtt.r f.r (rial. Ily Or.l. \\S II r It. if t... r.piv ,- i|.lu.r.<) 
 th" plrailinv- ir. i" I'- .lii'ini'<l to !»' .'I.ntfl ii ''■ 
 
 Foriu«lt6 
 
 llct.Il.-,. !.. 
 ..•I...n f..r 
 
 .11. 
 
 liir<>iiii^J .11 « 
 
 pidlHT II ili.c .'.'ilMlllli;; - 
 
 ,.' <■., 
 
 itIhI -taffnnnt" .if f.ut in ilw ifc-ffU'-t .«r»' dr.-nitil 
 
 4r-l:,r.iaii 1/ itiid all iIk' iiiatfriHl 
 
 to itavp bt'.'n d»'litii| un.l pat in .-•■•u.- 
 
 iiL' a r.'iily, 'f .11.1. ■■■I i- ii'.ntil\ .pf.'i»i.'.l m tb"- inl.T 
 ii . 1. II da*- fr.'iii .Irliii-ry af ili/- ilcftii.r .tr 
 
 Tbe tioii- l.ii d<'li»i'riiiL' a npl 
 
 iUMi if m» till"' i." ^|ir'-itiiti ill. -1. -111. ii - -. 
 
 lie lii-t of fhf d.'f.ii.--" nnl. ^- 111' tiim- . .-M. tnlinl Urd Wlll.r. -' 
 
 v» i-.Ti* a rt'plv 1- >fi»*'# (W»*ii«>o* 
 
 1 
 
 »i ti> .irH.-r no'. • ..f tH»l m •»' Ik* «ri»'"» " 'b' 
 
l;^«^ 
 
 n,KAI»IN«8. 
 
 rCHAF. XIX. 
 
 Form 6*i> *r 
 
 m 
 
 ,.. I.17H, 
 
 iia- 
 
 wlii'ther •' loa-- »h"' I'li'udiinfii or iidI , bill wlim* ii<> ordor fur a rpjilv hl^^ 
 made, tmtm- of 'riiil i-an only lir irivpn '•on t»i.> rxpiration of four ilayx 
 ifiir the d^fi^nre or Mw U«t. of tin- .l.-foiHC «IihU lmv« been dolivcrwl, or iit any 
 liini! afti'F t*»' iiwuPK of fmi an- "^vmIv 'or r-..il. " (>Ki. XXXVI. r. I iJnlv, 
 IMOSi. 
 Wher^- mti iMenpi- i«, Mt«i il»- ili-fi'itdani was indui'tMX tu tako tlio Khnres by 
 nfation, "•»» ipffni'. ^houlil br m'"l''lli'>l :iicoriliil({ly iin.l u lon.it. 
 ho nihiiM I'bilniiiii,' 'o httM' fho (IpfendBiit ■< nanir n-movwl frmi 
 of mcmtwri of shu plaiittii! i-«in(ittny (Sec .,('•'>. Form tlM->. 
 In tfe- lattHri'BHi- rhi- r«pi» »<Mi ii»*»nc<i *n i-oiiiiti'n laiin will I" mI 
 natmv. 
 Ill the acMon ro<|iiir»» l««vo to dclivnr lim " Ki'ply and Defeii. c 
 to founten-lttim " i Ann. IV.. noto^ to Oni. XXlir.), but a third jiorwin, not 
 originally a jiarty to the nrt'on, bni tnadf :i ilof.-ndaiit to thi> roiintorclaiin, mH\ 
 .lelivrr hi'* ilrfpiiii- to thi; rounterutrnm without Inavi-. Ihiii. 
 
 Thf dcfenrc ot ««^toff lit »»ail«tiif in an a.-tion for fallit by » oorapany whi^h 
 ^ a iroinir I'oni'prn; but if fwh n ■ ompany ^ue" " 4mr<»hold(»r for a rail, and li" 
 •»« up 11 ili-frnin of •• I off, anil tiefwrt- judirmoiH in nHtaini«<l .1 windinir-up nf 
 "» I'OiBfianT <omwwii' i>-, tb» di-f.Mi.f of ~i "If in ilii- a.iion diws not pr»vi'nt tin 
 ip^H»«:mn 'if Hit- irdinari rulo that the iWit .iwimr by the n>iu|.aiiy to Ihi 
 tiMirtmiit' r •■annot In' fi—il m priM-t^ingH in thf winiiine-up to nbtnin paymi-i! 
 ,4 Ike .:all. /hrniii Vax.M .,.•.«/> '•".. ilWWi I t'b 70 (Hyrn.-. .1.). 
 
 \mi tbi- liqimlauif lan. .«i ^•iilinir tln' -liiri^oldiT "ii fhr li-t ot .-oiilribui irn^ 
 
 ippiv tor 1 iiiKiin inb-r, <>m will liavi- lo tin<i>ntiuue thf action, /'uf/. 
 
 \ -«» oir !i-liti caMimt t- ,ii4»wwl wliio— both nn- nut pri-««nily p.iv..oi. 
 
 or thorr taw tmtm a rhaiu2»- 'n tli.- persnti onialed to rci-oivn )>aynip>ir of ™w. 01 
 oth«^ 111' th<- »«M»t-. Vhw. m A> f /'.<• I'^ni- Hill <r„„IHi-l<l A,--./, 'n r- 
 1 Itrhiiir, IIHW I K. II, i;iO I't" .V.i. wnem a ronnny pf-WtowronJ tor lh«- 
 tiankniptoy of ob>> of lU di-bunturf •wx'li Imttfpm, and it wan held that the ••t-tiil 
 mmt prevented b» the spfmintmraix ot a s-rrxciv-pr for .nnothrr >T«iitor ni ihi 
 nbt^-'s interior m tm- kIjih'!; Iii»ti«rf iii^ o<-tition was iliiisixMsi of. nim by 
 fanbiiion of the mmA iioldeni (HMrpunin? tUtt timr for nxieawttiHi af cfax ittoek. 
 4iid later tm the tmnkrnfitrv order beiiur made whereiiy th*» o-ww««b» in iimah 
 Tvptcy of tiio debtor linrinBi 1 nritleii 'ii the plaec if the reeeivfr 
 
 Form 0S' 
 
 IVf«-nee i" 
 ■etion f'-r 
 ■alU. 
 
 Sptfially 
 uidor**«,<' ■\ ro 
 
 In iJii' Hiifh Ci. in lutalirrvt'y 
 
 1 By Oritriiial Artioni 
 iiud 
 lt<.iH<*«<n tlx" -<l .\ l>. Plaintiff 
 
 It nil 
 Tiif Coy, l.iiiiiii K , K , (i , and II l>ef«ndiuit> 
 
 f liy ( 'oiinUTcluiin.) 
 
 I)<>f <• ;ui(l ("ouutori'laini 
 
 l)nftMiL«. 
 
 rin- ilfl sa\h that 
 
 I Hr iltmit* that li'' t^ 11 nn'iiilwr of ilic pit <i)y or tli«> Imliloi of 
 llie Mil »liiiH'» or any of lliciii. 
 
 If il<> dfiiii-s iJutt thf .sd oalls woic niiulo validly or at all. or thai Im 
 li.ul Motjii' lliort'of. or (liul ho ovor IxMaiiio lioinid I'l |)iiy thf alloirtxl 
 4til|M or nnv pi iJioroof oi aiiv iiiu>ii'i-i ihoicon 
 
FOBMS. 
 
 r, AluiiialiM'lj ht wue iiiauccii lo tjki- lliu .-^liaios bj oerluiii iiub- 
 leiiiostjntutious anti wjiic^oalmonls in tho prospcoliis iiivitiii<; hiiii to 
 (.,!>,■ Uio *l ^liaio, iiiid ill a n-poit iiiii.l«.> li.v I. A M. rofoirtHl to in 
 •111' »d piO'^iieitu- 
 
 i I'ariiiulai> ul llif iiii>i«'|pr('M'iiialiiiiih and loiiooiilnieiit": 
 
 Tho |ir(i>iHMlu-. >lal<Ml thai. At . Ilial, A.< ., lliat, .^i . 
 '\',]0 wlioli' III' llic ul)Ovi' slalcmiMitN hitc uiitru<'. 
 TIk- dft rcfort* to tlio wl iiiu~|«Tt,ii.-- ami report. 
 
 FiiiiIk-i. Ill llu- ulliTiiatJNc llin <llt a-rood to MibsiriliP for thr 
 ,|i H.'M upon th.' loiidilioii lliai -.M.OIHI ^lioiild bi- miIp.sc i il.i.l In-t'oru the 
 |,li ,0V «.Mi( In allotineiil This condition wa" never I'lillil'M. 
 
 13M> 
 
 Form 607 
 
 I oiinlcii laiiii 
 
 \ii.! \i\ «;:■ ol' f-ouuierilaini llic dl'i rta\> thai 
 
 i; Ho ie|>i>at» tho allo-.'atioiis in parairraph-< .'t ond 4 of the dofenw, 
 
 ..nil furlhei .•<avs thai, it the limo of tho issue of tho sd prospectus, 
 
 ilio dtt.H K., K.t' mid II vveio promotors of tiie pit loy, ami each of 
 
 iIkiii authorized the i.-<>iio ..f llio -I imh^pe. tii>, and the pit liv roiintor- 
 
 liiiMi r«'lio.s on the piovi-i-ii- ol llio Directors' Liabililv Art, IH'.Xt 
 
 I ,„ (t'onsoli.lithoii \c| I'.iilS, > H|i lie also finlher says that 
 
 iic stt iiiiMo|.ii'»eiltauoiis ami . ..m .MJnani- uoio niid ' fraudulently 
 
 l.v the sd dfis by countori'laini. and also that the sd Ills by comiter- 
 
 laiin had no reasonable irroiiml lor beic ■ inir that Messrs. I, * M. 
 
 viie c(Mii|>etenl to nmke th<>ir "d report 
 
 : lU r«Ni.son of tJie pli by i ouiiterctaim liaviiii; tjiken the sd shares 
 III ihc lailh of the sd pr-pc In- .iiid report, wbii li --liaie^ ire ivlioUy 
 valueless, he has l)e.o,o. liable, if he !«■ ii-ld li dilc lo pay the pit 
 
 i.r lo be 
 
 lb 
 
 I" I 
 
 • ov iheii ■hiiiii ill llii> .1 :ioii. iiiid li.i> 
 |h1 b\ him for the sd sliarov 
 
 The pit bv .ounter-irfiio ■•hiiiii.i aL-ani>i ill ttw dfis 
 ( I I Kesei.k-iion of H««^ .f^inlrttet (if itnv i to taite share.- 
 ,-J' Uedificatioii "f the i^^istor hv sn-ikiiej >'>1 tb»' tlfi' nniiie as 
 
 ih»' holder of lb*' .*biires in tb. jdt <■'•■ 
 i;i b.'pai, iiieiii of all mom * p'l b\ ii df: md 
 (1. \Lniiii.'«l the dfl« K , F , O. ami 11. danwtte-. uud uii in- 
 deiiiiiily acaiiist his liability " any i to tJw pit coy in 
 liii~ action and in res|)ecl of an- (urilier cjill-- 
 
 1 1 the fluu.lic.lil.T iH u Iniilw for aiiolli. r |h..>..i!. th<' latt^ i" bound u, 
 .ndomnify the former iUf.-iin.t .alii, mihI iiMy W mmh- -.i yarly U. ilw ac-tiuii by » 
 il.ml pony noti.-e S,^ H.r-fn. . /?./.'.. I""!' \ <' H" >'',,......« 
 
 . ir,linfi. ■ 1<,K)7> I' I' II ' 
 
 . 
 
ViJi) 
 
 /l.KAUlNUfS. 
 
 UiiAP. XIX 
 
 Form 698 
 
 .\!...ll.ei 
 
 liiti'' 
 
 lietHiii'"' aii'l roiiun-'iclaiiii 
 Del tunc. 
 
 1. Tliu till (luiiiu.-< that hi' i> iho lioltlui or iuj^i-<lc>ieil holili'i tii ,ii, 
 bliuivA ill tJio pit toy, or ilial uiiv ri;,'lil ol uclioii han (ncnictl tn ;li 
 pit coy, or lliat any iiiti'rext in imyalilc, or timt anv <'nll lia« lii>en iiiinl' 
 upon aii\ .-hurt's lii'M l>\ (he <lfl 
 
 2 ll the liU i.~ t'liK'icd on the icj;i.-<i*.'i ol iii«'iuliii> of ilie pit <■ ■ 
 he »uy.~ lliMi 111' l~ I'liii'icil williuut .Milliriuiit cause, aud that iiin nuin 
 xhoiilcl lie it'iiiiivi'il I roll! .sii, ll rc'iti.sier for the rciirioiis lolloiviii^; 
 
 .t. The (lit hy two it'i lain uiKlorwriiiii^ Icltois rt'ipicsU'd the U 1^ 
 (Joy, Liiiitd iliiilti c:ilU'd llio proiiiolor.s), to iidiuit him ii- an mid''i 
 writer ol 'J.\M .shait'.s ip Ihc pit coy upon the foulin;,' oi .mil Mihjci : 
 to tho coudiliun^ printed at the hack of the sd two lollors, uiil 
 haudod to llie pinniojiTfi chi'ipio.s .nnomiliiii.' I" '^<>^'l. Hv tlin .'itli oi 
 llie .sd luiiililioiis i! '.^as dt)clai<''l lliiU the iiuder\vrit«'i>i wcro in I, 
 rt;li('\t'<l alloj^clhei uiil»'>.s al least {."i.'Klo of iIipmI .sliair.s ucic iinl' ' 
 wiitlcii lii'loit' ihc primpiv Ills was JNsiied lo the piililii- 
 
 I. It; lad 4o,(i(Mt of the .sd .sliari's wore iiol iindei written boloii' ili 
 pro.s|«'ilii.s waK irtsiiei] to the piiiiln . Imt the pionioler.s none the l.-t- 
 and withoiil utiy authority from the dft. n|iplled Ij> the pll coy lif 
 2,1211 shiiies in the pit coy. and ptl >.\er to ilin pli coy the sd clieijin ■ 
 anioiintintr to '2i>0l 
 
 ■'• The pit ci)\ piiipnite.l lo iii:ike .in ullotniiiit to llie ill: of Ille^.| 
 2.Il'0 shires. altlioni_'h thev knew and li:iil iimi.e of the teiins ol tli 
 (Ifl'.s k'llci of undci u 1 lliiii;. anil ki: -w tli il I iOimi ■( the m| shales Iri i 
 not beon nnilorwvitten 
 
 <i The pit I o\ falsi'l'. In it- prospeitii^ preienilcil ihal I'.oii" 
 eliaitv Ol till) whole of the capilal then oll'eied for siil.s, riplioh m is 
 uudei wiilK'ii 
 
 7 The dll. Iielie\i|ie ih.n llle ul|,.|.> nl ilie -d l.'l.lMlil .shale- hud 
 lioeii niid<Twrili<'.i. pd 'n the pit .nv I' mi r"'ei\iiiL;- none of 
 
 the allotniciit of ihe s,l •.>.l-jii >|iiites 
 
 N .\s .-oon a- tlio lift leaiiiel that in l"ai t ihe sil (•oo'i li id not 
 Ikmmi undei w rilten he lepiidl. Med ihe -d ill'i'iueii! 
 
 ( ••lllll-'lrli'liu. 
 
 '.I. rin' till ie|ieal- p.ii ,ii;i aplis .i lu H o! Ids .leteuie, and •oiiiiNi- 
 cluiuir< 
 
 1 llepiiviiK'ni III llie -d .sinus ,,: Jim/ and i. . wiili iiil«re-i 
 
 2 llet iillt ation ol the ii'i;islei .it iiieiiilieis .,t the pli i oy It 
 
 stiikiti^: oMi lii.s naiiM' 
 
 At III ^trikihi: I 'til 1) t|f ti'r-. '■ for 'u'ltr;; fitw,!...!.. .(III! ti-\.tii<iiM. itnil ;jn :ii'.i <■ 'if 
 proop-tR. Hn* ti* tttmit'*ii' " ■. <,•/,.!.'.* ,|Hii7t ■• I'h. iiiif \i(ii 'v.. nii'i'^ 'i. 
 Ortl. WV. r 1. 
 
KiKMn. 
 
 ltu|iU 
 
 1^7 I 
 Form bUa 
 
 I V- to (.l.t:iMiirii,' :■•»>■■ !•• .l-li'-' > '-Kiv. • '•■•' "•"• "' •■■'■" '»'"'': 
 
 \- in the ilt'lcnr*': 
 
 1 Tl.o \>U- r.>f.!.ii.l lh;<l iMi.ii^Tiii.i.- J K. S III lii-i..- Ii- 1 ,'i',!,y',J,.,'\,' 
 
 U loim- ill law lo tlii- uition :i.tii.ii i •■• 
 
 ■> Siivf ill .-.> far a- llu' .■^.i .iiinim ■ ,.|!iii--...ii-. 'In- I'll-- .i"iii i-i... .Il.iin, <i! 
 
 m-'iM-y, A< 
 
 V u li tho ilft nil I li.' wliolf of lii^ iloli'ii. 1- .„ .,;,.i.,;i , 
 
 miior-w-l ■■' ■ t 
 V^ lu Ui« coiiiiieitluiiu; 
 
 .1 As to liurafTiiipli :l of llio .iofn 'Ik- ;>!:- .i.liiiil thai ilii- (ill 
 
 i,i;wle IHO mi.l.Mttniinu a|.|>li.oii» to tli.' \ < ^v l.inil.l ((allivl in the 
 -<1 ipiilir^.n^ till- .oiilm.-iiii - i.-.iih'-Mim ihi'in ^o ii.liiiJ liiin a- an 
 ni.U'iwiiK'i ill tli<' pi' .o\ ai a .■omiiii"ioii lo l<o pi <<, liini '',\ 'In' 
 M„ti;i.ioi- for .-II. h uii.liiwri'ini.' •■< \'i p > in «a-h. aii<l H' p m 
 fiillv p.l >haM-. aii'l upon the l(Miliii- aiil -iil.ii'. • <- tli' . •'iiliHoi- 
 jiriiiK'.l at II;.' I'ack of -iirh ;i|ipli, nn- 
 
 t A- to piiniu'iapli I ol the il.-tcn v >U>- pit- -i\ ilia' n i- iioiroo 
 hut a iiiimln'r li'-- timii |."..iillit .il ili«! share's iii lin' -I ^ov »-rf 
 iiiMleMMiili'ii U'lori- 111*' *1 pro-p("tii> wa> i-MH .1 !•■ iIm' piililu 
 
 . '111.' pli- fiiitlicr (lt>iiy tliiit ili« •*<! applivon Ki iIkmu to allot ilio 
 s<l -Imm'- wa- iiiaiU) wiilioiii iIm' miiiioiiiv of tin' ilfl Tlif -I t-luii<>- 
 wfc .lulv allotio.1 lo thedfl, and llio .Iff sul>-e.|ii.'ii.l\ pj lJit> iiiii-.iini 
 liif fioiii liini tin;!! upon allotmoiii 
 
 i; A- lo piii.miapli .". of tlif .l.'iiMi. r. 111.' pit- admit ihit ilu'V I'- "1 
 luli.r oi 1 1..' ;. .111- ol llio dfl- ~1 uiid.'iwiitiiir; uppli.oii-; l.ut di'iiy 
 that tlicx l<'i.'« lliil ('..ilOtl of lilt! N.l >liiii<>- lia.l I...! Ih'.'ii iiiidi i- 
 wiiu.li \- a la. I la- liiit«''..M' ill [larn.^ lapli :! -lal.il . ill.' «1...U' 
 iif ill.' -d r..lllHl -liai.'- XMH' llii.l.i " I il'.'ii 
 
 : A- ;.' paiai^iaph li >' tin' d.'.'.'ii. •' ■■\"' |.l'- d.'iiv tliai in tln'ii >'\ 
 pii)-pc. Ill- II vi.i- .'w i pi».U'lui.«l liial l.'i.DiM! ■.jiar.- oi tin' whole ol 
 ilioiapital I lieu oHi'U'd foi hul». riptmi. «eic iiii.l.-i >m illeu. ..i' .hai the 
 .|fl ..\er vva- iii.lu.i'.l t.) apph an. I .li.l .ipl''" '" o'ldeiHUK' aii\ 
 -haie- l.v aiM .-tuKJiii. ii> in tli.> -.1 i.i .-in'. In- If -n. h sial.'iii.'in 
 ha.l ii. fail up|H'aiod in iIm' m1 |.r.i«peilii-.. li.. -ain.. noiiM Lave 
 Ih.'ii line 
 
 N As lo paiairruph 7 .il tin' .l.'iouic. l!n' jili- a.liiii. ^^ .' 'I"' 'In 
 
 .liilv p»l lo thc'iii lilt! >.l .-iini ol .;.;:/. hti. dn" .ipoii all .no- i.' ■.! il"- 
 
 - i U.Uo .-halt).-, oil or nl.<.ni the -"'tli .■M'pieiiil.-'i . If*'.*'.' >a. t- al- i 
 
 lhu.\ .k'U\ oil. h and e\ei\ ..llej;ali.iii ii. ill.' -u paia-i loii .... .iiu.-.l 
 
 .,1, A- to piiliiiiiapli ••< ..!' iIk' .l.rl.'llie. ill.' pi'- -.n ii.i' . ' I ■>'<" 
 
 dime- ha.l 11. Jl in la. I lN'.iii ilii.lei w i llleii lulii. li ll.e> .I" a..1 a Ii 
 
 lie\ .leiiv ihat tin' dli. a- -o..;. a- lie l.'aiii.-.l ill.' -.i i- : ..pii.li.i.'.l 
 ilie m1 alioiiiH'iu. ,in.| -ax thai i..- at all lime- ....pile-, el in !|..'-iii!.' 
 Tl«'|dl- fi.iil.ei IX that il lit' .111 <!id 11..1 kiioxx ihai the s.l I .1101. 
 -haies had l*.* 11 llll.lel'^^ 1 m.'.. In' ha.l 1' ill.' Ii'n.' xxli... In' p.l 'i..' -.1 
 
 \-. 
 
 li 
 
M< 
 
 m 
 
 \4- 
 
 1872 
 ?onn ' 
 
 ri,EADIN(i». 
 
 [('HAr. XIX. 
 
 Form 899 
 
 Ml>V:.<. . 
 
 III. lll» 
 
 )>ntH|>. ftiis 
 
 (Iniiii ti. 
 
 T'scil. 1 
 
 I'nTi'riH-* Ti' 
 
 tok. -1. 
 
 bum of S.'I'i 10«., and ai all times until the middle of Novoiiiboi 
 when he tir«f raised nay ijufstiou of liability, full opixjituni* ■ ol 
 ONcertaiuiug, and cduld havi- iMTrtiiiiiwl. if all tlio Hd lj,Oon ^l.;ni'- 
 had ill fact hwiri uiiilor\\rit<«3ii, and that ho is pr«rliid(>d by delay tiiid 
 la<'ho!< from •*H)kiiiH; I In- lolicf whii'h ho now claims. 
 
 10 The dft afloi iho allotment of the nd gliare'4 appliotl ti> t( . 
 .\. Cov l.imtd. uI-hI lor tlio sd ci>iiiini>ixi<iu in casli and fully jxl ^haii' 
 duo tn him tioiii lln'iii under his wl two letters of undorwr tin;,' ln'ii-in 
 bet'oro referred to, and wiis jmI h\ and i-ocoivod from them the .-iiiii c 
 'J2.">/. in laih and 'I\i'> fully pd shares in respect thof. The <llf li i- 
 K'lMifK'd and "till retains the sd cii<h and ^hiiies while seokiilff in tli - 
 action leliol' from liability lU respect ot lli.i-o 2.120 shares for tl.i 
 undorwrilinir of whii b the s,l KiriiniissiDii was earned by ami pd "i 
 him as af.-d 
 
 1 1 Sinii> the i-t-uc lA the nut m tin- ai tioii the illt Jia* i oiumenn-d 
 and is ;iiose<uiin(j an uctiou in the Kin^^'s ISonch Division of the 
 His.fh t I a<raiiist tho .\ <'t>y, l-iml<l. alsd, I'laimin;: damajyes for 
 
 broiii li ol I iia<t. 'I'ho dfi has bii.-<jd hi.s >d action upon lii.s liability 
 
 a.s rt'y:i>ien«l holder ot ihc -d 2.120 sh.iies, and as lieingf le^alh 
 lodeblod to the pllw in res|)«cl of the lall suoil i'l in tlie pros.'ni 
 action, iis well a* future calls lo Ut nia«le by tli plt« on the v<| 
 shar»v 
 
 A 11 . pit, The A. toy, I.iuikI, df(>. 
 
 1. In Ihc month ol Nov.. I'.too. tho pit applied foi and was allotted 
 bv the directors of the dll co\ i linltr railed ' ilie cov " ' -''"i 1/. nhure.- 
 in the capital of the coy, and the pit h-is js.l to iho im the -urn of I "iv 
 jH r .share : i re.-pei t tliol. 
 
 2. The pll applied lo the coj for an allotment of the sd shares iii 
 rcspoii.so to tho prospectus puidished by the coy, and in reliaino on 
 the truth of tJK' ropre'onfation.s contained therein Such prospedu- 
 coutainod divoi.s fals4i representation- of ni:i»erinl facts, of wbi. Ii 
 the followiiifr are the particuhuf 
 
 (aj T'le prospectii- staled that the ownei ■ .)f tlio imniu^ ri'riii- 
 nientd therein h:<d pd M.DOOj. fiT tho i iifhl to mine upon 
 the N iv-tate tlioreiii nieutd. whereas, iti fact, tlii>y hud no' 
 made aii\ su. h p.ivuient 
 
 (b> The [uosjxxius stated that after nn expenditure of .several 
 ihoM-aiid pcmn<l- in iiiakiii'/ borin,'- on the i-'aie, the (sutler 
 t:oni ii:iiiii; auMlorous drifi, wlijih hao r«,.i:.e'l onoi inon> 
 prolit« to the mines situato in the neiglibouiiiood, was strui k. 
 wheioas, in fai , the ^ii"ter hid not been struck. 
 
 (c ' The pros])eclu.s ntuoid thnt 'tie 'linint; ri};ht.s aito livid on 
 l«.as<) aoiii the (.ii vol nnii;..! for tili\ \eai-. from tho 1-; 
 
 Kcbrua:}. I'.MIO, a 
 lease had liwn pr. 
 
 |M>r a>nv wlierea.». in fail, iio wuch 
 
V«>KM>. 
 
 l.J7:| 
 
 .i. Tlio Jill lirnl liuil u'dMiu lo iH'litHf tliai 'lio npn'M'iiiatiojii uistl Form 
 Aere false UnvanU tlio ••ii.l ot Vpril, I'JUl, auJ uii llio Ttli of May. 
 litol, he wrote lo the lov, ifpiKliiiliii'^ liii ^llUll-. .hhI ■IfUiiiiiliiiu 
 repaymoiit ot" ihu amouut pd In liiui iliuii Tli" .■•» lii- ■li" lni>'l 
 .p complj with this doiiwiul 
 
 t Ai'iDRliiig to tlu' tfiiii.^ of tlio pruspurlu^ ,ii-'l, I If ImI.hko 
 uiiinelv, on IIP' -hiw on the wl i.lmit<-. Iioi.uiih' p^ivahl.' in ll.. 
 month of May, I'.'Ol. hut l!i« pit has not p<l tin l.^il.tii..- iukI iI..' 
 •.i\ thiealvii lo !*iii! him for tht> iimniinl 
 
 ■) lino lli«- pit l"-"" awuif ol thi' hiUiIs of till' I' pr iilation- 
 
 iImI. Iu- MHiil.l iiol tia\f iipplifil loi or liikcM -lull- in 'In ;.|0l il •>! 
 •iio fo\ 
 Tlio phiiiititt .-laiiu-*; 
 
 I I I 'I'll lm\<J llif I'Oiiitaii til iiikf till- «liiiii't ul"*d n— indi'd, and 
 lo have his n.iiiit) miuovud fioiii tin- rniriMcr of iiiembor- 
 of the foy. 
 (2i H«<paynieul of tlio ainoniil pd bv him lo the t'oy with iiiter«'-i 
 
 ill .■> p.i pa 
 1 ;t I An iajunii'un to h'^iimim ilif roy linm lai-i^^u; an\ pru 
 (■f<'din^'> airiiiii~l him in lo-pt-ri of llit- .'i.« pio- -liuio hiill 
 remiiiniii^ unpaid. 
 • J) t'uilliuf or other reliut uad llii« io>t.i <■! tlui ailion 
 
 riie imiumt'ii. iiiic'iit nf an uiliuii . liiiiiiiiik' ri-»i i.-nm u- alum- ii a Hiial I'lii'tmr. 
 I.v tlie ali.v"! shaioliiililiT to ns.iml, anil U not n.MitralizHl liy a<-tn which lirfi.r.- 
 tiir aotion wmml li:i\r iliHtr..j<'(l tlio riu'hi t<. n ^liinl. lU'li as a. tint.' »» a aiiuilMr 
 
 /•„»/</■»•» tu.f. (IMJH^ 1 til. nu, >../.... p. UUl. 
 
 lu •d'cn of r««i i»»ioii tlip iiiaiii poiiita to be horm- in iiiiaJ arc thai it niiwl l.< 
 ^1Ii'K-ih1 iiiid |)r.)v,-<l that the riiir.-.i'iitiiti.in- mi wh ■It the a.tifin i» hiis.^1 wo 
 made by or on li.-half of the <i.ni|.aiiv : that thi-y wcr. a.* (.. mitorial fait.'.; il. .' 
 ihey wore iiiiorrort ; that thoy wore maih' with thi- ohji-i-t of oidu. iiiir the plain 
 tilV to take "harrs; and that he l^mk «haris relyiiiif mi th.mt, and tin.t l„- wiu'.'lil 
 .,i, remedy with all due iirmii|>titiide, the lalfr point h.mg of the jrn-at.-' 
 .niportaiie'e, !ie"aii«e the idaiiitiir'^ nam.' li.oiu' on the reu'iHt.r of in.iid.er.H max 
 have indiiii'"! oMer:' t4> alter th'ir positi.ir (»ii- pp. 1H:1. |S4, I'.lT . 
 
 \.>^ to ac'l-n'! for /'im'iy* hy a purchaser of I'r.i. » in ih- niarkil (a- distin 
 iruiilied from an alloUee> on (lie failh o' fr:tuclule,.l .Htat-im-ntH In priwpe.-tu«-«, 
 '..,. .i„,l,->r< V. !H,./-Hnr<l. il«>Mi\ I (^ II. 372. \ defendant may. befor. 
 hliveriiir a .(.antenlaini, move for an iiijnnetitm if both ho awl the plainlilf 
 ,1 lin^- upon the name ii.ntruct. I'olfifun v. IVarr,-,,, < HUl ) I Ch SI2 
 
 l':iilii - lis iihiin- 
 
 l)lM'(!IHM' 
 
 IKdivt'itHJ, iV; 
 
 I. Tho dfl coy (hnftr ciilli'd lli." co\ i d<n'- nut admil aii\ ol tin' 
 ilK'tnitiourJ in piiiairnvph 'i of tlic (ita1oni<>tit of claim, iihd in jiarticuhn 
 doi* not a.lmit that the pit applio.1 for an alh)lmonl of Iho sd ~har<* 
 ill loiponse to Iho proNpci t lu* piilili.sht'd hy tli" inv. ur in ri liaiieo .m 
 
ia74 
 
 CI.KAniNt.S. 
 
 X'liAf. XIX. 
 
 '1! i: 
 
 
 i i }• 
 
 Form 700 '^' ''>■')> "< n ' i<'|irt.4>)Miiiit:iiiix riiMt»iii<>il th<^M m. .mil tho c*>y dcni)" 
 lliai 'ln> •mI |ii'>-(«vtii'« ■ Diii.iiin I ilivi- 'II iiiiv fill-* rP|ii«'-<Milnliiiii- 
 <>l' iimli'ri:il l'll'•t^. or iiiu f.il-i> ii'|)i«-iriit.i1ii>ii wliiilcvcr 
 
 ■J Till' to ihHv» II.. I Hiliiiil lli.ii ill' -'I iill>'i;i'"l ■"tiili'iiii'iil- ill ilii' •■•I 
 |inisiM'i>tii- .irf ill I iii.itciv -('t (lilt ill )Mia<.;r.i|>h :J of ilio ~l iii'iiii'iil ■•' 
 . I.iiiii, lull it' anil ^o I'm ^i- iliiit |Mi'ii^ni|ili 'lix'- a<i'anii<"lv »(>l out >ur\, 
 'tilU'llM'lll- til*' -iliM' ■■>•■<' III! Iiii''. .uiil. ill |i.iiii' illn . Jt i- till' f,i<' 
 
 lull tin- ouiiiM-^ o| the iiiiiiiii:; ri'^lil« tiM'iilil llii-ii'iii IiikI |>i| Jil.OlMli . 
 
 .1 llii'ii' ili'.tii- loi till- ii;rlil Ik iiiiiio tii'on tlip X ii'iriiorv llnTciii 
 ■iicntil iMi.j II ji th" fui't that llio ;;uli<'i riifornii lo i -iil)->«>ct di 
 
 il ilu' -i| |i.ii.ii;i,i|ili liiul Immmi rcailn'l, .iml it i-i tin- j.i.l ;li:il ili. 
 
 iiiiiiii'^ ii'_'lii> ot ilif io\ iiri' Ik'II oti Iimhp from tli»> (oivimiiiiioiiI for 
 •itiv M'iii~ from llii' 1.-1 I'Vl.iMiin I'.tiiO, Mt •;</ |K.<r acri- 
 
 m 
 
 riii- I" liii' liiii iif .lil'iii.i if th 'iiiii|>.oiv '111 •iilntanllaii' tin- '■I iiitnini- in 
 
 . |>r>i'-|»'''tti>. but nfti'ii III" iliriiliir^ •'aiiiiiit. :inil Ihcii. iif I'diif'M'. iliv liii" in 
 
 .Irfilice itoHt tiiloi'lv il' (iiiil '.H ill' |i>i iiliiir l»i'»-. '!"lit l'>lli>»iln! i» in 
 
 i-l..i;'-i'. 
 
 '_' If. nliiili ihi 'ov ilo<'> iio: .limit :lio mI |ii()s|)ortUH t«iitjiiiK 
 any Mich fitftteiiH'iit us is ullcircl in >uli--(>ct. (ai of |iara^rraiili 2 
 of till' atutuiiio It of (.•laiiii. kikIi -latt'iiiPiit i>i in furl lorri'ct 'i'lic 
 ounci.-- Ilioroin rolorrwl to iliil. in coii.-oii of I|h> riniil to miiii' liii'iiin 
 iiii-nlil, iiaiid over Jiplv wliii'h liail Ikh-ii valiii'd at In.ooo/,, aii<l wUwU 
 Im.^ -iiio' ln'iMi -olil f'lr iiioic than In iMio/ 
 
 '2a If, winch tho coy (Iocm not admit, tho sd |)ro-i(Riotiin coiitaiii> 
 ,in_v Hiu'li '<laii'mi>nt a» i" nllofjod in lub-spct. ihi of |)arni;ra|ih 2 of 
 ilic .siat<>m<Mit of claim, ^ui;li stut«M.;<>iil i* -ubstanliully tru<\ for even 
 d, which tht' cuy duun nut admit, tho i;ult«)r struck wa.s not tho (i^ttor 
 in till' "d nuli->i'f!t. lotVrrihl U>. r-ucli ijuttor wa-n ev«>u riclu^r, und 
 • 'a|ii'lil<' of iiro'luciuLT •> "till l:'r'^i'r |H'rit)nlu;;o of troll. 
 
 2b. If wliirli the '"ov doi'- ii"l admit, Ih" •'^d |>rr)<|iOPtn.i I'onlaiin d 
 iiiV >iit li -taK'uuMit as is ullc^^od in oi'o- oil (c) of iiani;;ra|ili 2 ol 
 'liu tit.it''ini<iit of I'laiii), Nuoli sitit 'in'iii \va.s subslaulially utriital4' 
 il the tiiiii' it vviu, iiiadi'. Al'ln ii.ii iiu l«!a>o hu<i actnully Im!<<u 
 .'lunlfd. ill!' (iovcrniiK'iil of the .Stalo !if - liad asriit'd i > ;;ia:il a 
 li'jtH' oil llii» 1,'rnis in tho «d ■•idi— <>rt. mnntd, iind tho li-a.so mu- 
 -olw iiiH'nlh (.'rallied upon t« riii^ iib-l.uiii.illy ,i^ favourable 
 
 il, uliiili lb' 
 
 ,f I 111 
 
 Il'|i|'<'~l'lll4lll<lll- IM'II' 11 
 
 ;.ni fa|i<>. till' oiv diii-s not adiiiil llial iIo pll lirsi had rcii-siiii t<i 
 ■I'licxi' lli.it IIkm wi'ri' Ldxi lowar U llic cii'l of \(inl, I'.till Sonic 
 Miiiiitli> prior lo t.|ii' iiiiiiilli 111 April. HMil llii' pit vv.i^ well au.in' 
 i,f llu' mil' f.iils of till" 1. 1-1'. and wiili -m li kiiuv, li"ltr<' he abr<t^iini'd 
 iroiii repudialiiiij hi- si ...Miract lo .Un tlio --d 'inn sIkii'«>s Mori>- 
 .'\i'i ill a ;.:i-ii<Mal iii«;<Miii^ ol the lov, litdd iii llic nioiith of Ma\ , 
 I'.iiil, tlm pit, with Nuch knowhilpi, votod its a iiionilior of the coy iii 
 r«v|K)(l of th" nil shares .\ccordin(rly, if sucJi rontruit \va- oriu:iiiull\ 
 
VHMJVt'. 
 
 i;c.'i 
 
 ..iil.ililf. ihr <lfl hii.' ;iIIiiiii<nI ir .mil i» •'■.t<»|i|M<tl \iv liirlnw nrxl Form 700 
 
 1, .|iiii«i.ii>lirt' I'iniil liiiH .nilillii;.' l> 
 
 I If, wllifli till .ii\ ili'iil<>M, iiii) ..I llin ^.| ii'|iii'Mi|it.iliiili« ««"■<• III 
 .1. I lul-i-, lli«' < in iliii- ii.'t .iijiini lli.il lilt' •'iiiiii! HI- t^uy til' ihom «i'ii> 
 ,1 |in'M'iiiaiiiiii- I'l iiiiiivi'i.il I'iHi-.. mill llio I'liy ih«iiio.H tliul tl»« pli. 
 n ln'il on iiin "l ilio mI i<'|>ii'->ciilutioii-i wIk'ii li" iipiili .il fur hi.- -^i 
 
 ■ ll.llVN, or lllill lir WOlllll IImI 1|:IVC .II.I'IuiI liil llli- ~.llll<' llll'l In- klllJiWI 
 
 '111- I rue f.ii t- 
 
 ll,.ri' will ll fiillii« 1 I iMDitiMi liiiiii f'T till' •■il.ini- iif ■>< I .hiiri', \lii.li 
 
 uill I'l' ill I'll- I'mi'iii Ii'l7. will, ill" ii."..--ar\ iinnlitl' .if i.'li- I'Im' |illlilltltl > 
 liriMi. ii> ihi' .iHii.ti'ii ! liiii «ill |>ri' III' illy !>■• i ri'iM-eilliii uf fin- lu.itiTiil 
 ill<viitii)if ill ♦If "tiiti'iiiiiil iif il:iiiii. 'I'lii" filKHf ili'fi'ii. I' iii;iy nl*i. In a i>ni|MT 
 •ii..-. lOiilaiii iiii Hlli'iiiili'i'i Hint 111'- |iliiiiililf iiiiuli- inili'iN-iiilrnl ifii|iiirii"< witli ii 
 ic-i til -liiiwimf lliiil ll" iliil mil ri ly wliully or al all on fti" |iri>«|iivlii<. Iiiil 
 
 ml. -< tlu'ri' in ■Hiiii Iiitiiiiliiil LT'iiiiiil fin -11' ll ■■< ' »-■■ ii ii iii'l iiiiiili 11^' |i'ililii)f 
 
 I, /iM. ml :illiif:iliiili- .if tlii» kiilil. iii |i:irtii'ill.ir« will IliU" 111 111- u'iv'li. 
 
 1.1 1 ,\. on liiMiiiiy "f III ii'i'liii'ii "11 ill"' I'll' "I ill'' 'If' I "> i"i Form TO 1 
 
 III aiiiiiiiil ill wriliii'^ nl linlliiT I Im'IIci imrlir-; <if lli<< alli'i,i''! m,,,.,,,,,,, , . 
 
 iii-ii'|i|''--i'iiliiliiili- mil • '.ukmIuii'iiI. li'li'iM'il III ill |iuia;ii';t|ili ■'! "f IuhIh! 
 
 he iii'loiui' mill |imii:;i',nili ■' "' ''"' 'I'''''"'' m'- '•iiiiiiI'T' l.iiiii willi '' ' "'' 
 
 1 -|.''rl III tlio fulliiwiiij^ |Miiiitt<: 
 
 I I'arlnrs uf whirli .if tin' Miili'iii"n- iIiiu'im H'I'itiviI In mi' 
 111 iiir. mill uliuii UK' iiii.-lo.iiliii!.: 
 
 1 I'lirliirs of (111) (liili'.s, |iiirtii"i, ainl iiinfiiulw uf Ilio I'milnu'lfl 
 iHiwi'cii llio ('"V, l,i'iil<l, mill ill" vi'iiili.i,- i.f till) variou.'i pptios, 
 
 iml |iml.ii.-- Ill 111!' iluli' mill < uiiifiil.-- if lli>' uniihatl lii'twrii 
 
 S\ iiiliialc ami Mrs.-i-.. L. A M 
 
 ; I'.iilar'- uf llic isjii'i'iiit ii'fi iii'il lu 111 |iar.i;.''ia|ili I uf llic iJi'lVlnn' 
 .> Ill wlii'llii'i .--uili ■i.;ii'<iiil WM- M'iIm! Ill ill wiiliiii;. .uul wlirii. 
 Jirri' anil U'lut'iii mIiuiii >iiiIi a'^ni'iii! u^is iii.i lu 
 
 Ami llial uiili'^s >iiili jiarl.ii- In' ilolivi'ioil in fuiii iiu\*. llio dft.i 
 (• |in'rlnili'.l fruiii '^iviiitr <'\ iil'ii"' '" --iilil'ur; llmf .it lliu lii.il, .iml 
 'i.ii llic |>In Iiiivi' l\M-nt\ -OIK' il.iy- aflur diilivorv uf tli»< sil parlaix in 
 
 In. ll III .Iclivi'i iIh'ii I'l'i'lv I', ili'li'iiiu anil ilufuim' iiml iininli'irhiiiii 
 
 It.iU'd. iVr 
 
 m 
 
 ml 
 
 \ I.I .111 mill I li.r fiiit'ii'r anil 'tii |i.ii-|iiiil..r-, iji. Ilnl \l\ r 7,,iii.l ii.n.. 
 >i'i'> t'l ill \nii. I'l. ir I lU ii" lii" uppliiuition I'un im miide iM-foni Jefciiir. 
 
 ta'-i,, \. u,, „.,,!,■ I. Ji r. |i. IJ '., 
 
 \ I; ph. Till' S. (uy, I. inn. I. .ifu. i FoMii :02. 
 
 I 'I'lii' illl . oy ilinfir ralloil llio coy i was iiii urponiK'd on, iVi- \, ,.,1..; 
 
 'MM. iMidor llin Co.s Aiw. 18iil> to 1(100, as a i-oy liinid liy sharos, and "■' -' '• 
 uivinj; .1 nominal .;ipil.il of KMMiiili/ dividiii info 'JO.niMI -hai-ei of 
 
|:{7'; 
 
 PLEAUINua. 
 
 Chap. XIX 
 
 'ii: 
 
 Form 702. ol. each. Oue of ihe objects for which the coy was established w.m 
 as stated by its momduin of as.'*ou, to purchase, &.C. 
 
 2. On tho day of — — , 1901, iho «n.v Umml a prospp.ms u. 
 
 the pul)lic ihviliug upplicons for tho shart's iu tlio lapilal of tlio roy 
 on each of which U)s. was to be pd ou applicon, and II. 10,» on 
 the allotment thof Tlie sd prospcctii-s contained misrepieseatation." 
 of which the follo\ iiifr uw the parlar.-*: 
 
 3. [State them.] 
 
 4. The .-^d pioMpoiiiis .muilod \» MiHr the followiii^r nia'erial 
 facW, kii. 
 
 .5. The pit ifit'ived a uoju of the sd piospootus, and on tho laitl 
 thof, and induced by and relyinir »n the statements and lepresenla- 
 tion.s therein contained, and misled and induced by tlie oinis.sioM ti 
 «late the material fact.-* afsd. sub.-crihed for sixty sliare- in tlie coy o! 
 :<l. each, which shares were allotted to hini. and in respect of whici' 
 lie lias p<l to the coy \20l. 
 
 Ii. The pit had no reason u< doubt the a(curac\ and I'airii-v--- '<( tli. 
 
 .sd prosiKJctu- until the day of , 1901, when he road an artich 
 
 in the <•' (' . .staling, in elVei t. that. Ac. Ipon vea.liiig iha. 
 article tho pit iiiiiiicliaU'ly made iinpiiricjs ihiou-h his snlor, and on 
 or about the day of di.si overcd the misrepresentations afsd 
 
 7. Immediately after such discovciy the pit's solor. acting by hi.- 
 directions, gave notice to tho eoy repudiating tho .shares .if.sd, and 
 demanding repayment of Ihe ,sd moneys The <oy declined to eomph 
 with thi.i demand, and denied the ))lt> right to repinliate. 
 
 Tho plaintilV claim.*: 
 
 1 A declaration thai lie was imiuced u> apply for and lake tho ^d 
 sixty sha.es of ."./. each in the capital of tho coy by ini~- 
 repicsent.ition and non-disclosure of material facts. 
 
 •1 Rescission of the contract by the pit with the coy to take tic 
 sd sixty shares, and the rectification of its register ot 
 members by tho removal of the name of tlie pit therefrom. 
 
 ,'i. licpaymeut to the pit by the coy oi the sd sum of 120^. pd b> 
 him iu respect of the sd shares, and also interest thereon 
 as to tiie sums of ;!()/. and 90?. forminir tho .same, at th 
 rate ot .')/. p.c.p.a. from the lespive times when ilic s.l 
 sums were pd by the jili . 
 
 4. .\ii injunction to lostraiu tho coy fiuiu making or .uieiii|)tin}: 
 to enforce, by action or otherwise, any call in respect ol 
 the .s<i sixtv sharo.s or any of them 
 
 Tho defence to thin will be vury much ou the lin.s of the luat (lelcnii-. nn-\> 
 that the material facts alleged to have Iweu ouiiiiwl witi W .i.uit witli an.! 
 their materiality denied 
 
KOKMS. 
 
 1;J77 
 
 Belweou A B Plaintiff, 
 
 aiui 
 The (on , Liiui(J. A.. I!., ,111(1 ( . Dofondant/.. 
 
 1. The (111 coy (^liut'ir oiilliul " llio coy ' j wins iiieoriionlcd in the 
 vear 190". uiidor tlio C'o.> Acts, \M2 to i'JOU, for tlio purpose of, &v 
 
 2. The dftd, A. B., and C, wave, at tlio dates of tlio preparation 
 and is.suo of the pros|K'i;tus huftr muuUl, and are, the directors of tlic 
 (oy. 
 
 .'i. In llic month of .January, I'JOl), the t/,. A., B., and ('.. advrr- 
 lited and issued to the public u prospectus relatinir to the coy. and 
 inviliu;;- persons to subscribe foi .sharps therein. 
 
 4. The sd pra-spuctus contained several unlrne sialeiuouts, of whii li 
 the foUowinji urc the parlar.s: 
 
 (SL) The .s<l prospicliis statec'. \( .. when^as ii wa^ llie fait thai. itc. 
 (b) The .s(l pr(K<p<'riiis staled, An-., wlieicii-- Ar 
 (c». (<l I. iV:c.. \<-. 
 
 .■>. Prior t^j the i.ssue of the sd prospectus, ,i cnniiacl in writing. 
 
 dated the day of , \va> made lielween I' and i). The sd 
 
 contruot provided, iViv The .sd lonlract \va.s a nialerial lonlrail wilhiji 
 the nieaninir of sect. 81 of the Cos (Consolidation i Art. 10(18. and wa- 
 not entered info in the ordiiiaiy course of business carried on. oi 
 intended to be carried on, by the coy, 
 
 0. The sd P. was, when tiie sd prospectus was issued, a pronioler 
 of the coy. and the sd contract wa.s material to jiorsons wlio con- 
 templated .subsrribiiiL; for shares in ihi' coy. The sd prospectus did 
 not specify the dale of and ])arties to the sd contract, and (ho pit had 
 no notice thof. 
 
 7. Tli(> unliue statements af~d were made by \\w dfts .-\., Ii., and 
 (.'. fraudulently, and the sd <lfts issued the sd prospectus with know- 
 ledfj'O and co<rnizance of tlie said contract. 
 
 8. The pit received a copy of the sd prospectus, and on tlio faith 
 thof, and induced by and relyinii; on the statements and representa- 
 lioii.s therein contained as afsd, and misled and induced by the omis- 
 sion U) specify therein the date of and parties to the sd contract, lie 
 subscribed for l.OOK shares ,if !/. e:' h in the capital of the coy 
 which shares were allotted ' '.i-u. and ho has pd to the coy 'Mil. in 
 respect of such shares, ai. .- in < oiiseipieiici' sustjiined serious 
 daiiiajre. 
 
 !•. The sliaies in ihe dft coy are not. and iievei were, of anv value. 
 
 Th<' pit claims (in in lisf Fornil 
 
 ."« As airainsi I1h> dfis .X . B.. and C . dainay«s for thi' tu.acli nl 
 statutory duty in omitting' to sp<Hify in the sd |iros|ie, !ii.- 
 the dale of and parlies to the sd conlnict 
 
 Kor form of elaiiii under ttie now rpwalcd spft. 38 of tlie Comp.inips .\i i 
 iiiiT, for non-di»c!osinir of eoiitnutji, aw tlio 7th ixl. of thiii work, p. 1010, ami 
 infra, Form 706. 
 
 P. 4 T 
 
 Form 703. 
 
 .Vnoltur. 
 
 lilnifl !^f*i . HI 
 
 .)f llir .\. I ..f 
 
 ('ins 
 
 It I 
 
1378 
 
 rLKAnix(i8. 
 
 rCnAi-. XIX. 
 
 Form 704 
 
 Dkfem F. 
 of the Dol'oiKliiut*, A. 
 
 v.. 
 
 lud C. 
 
 1. TiK'.-.n cilt« do not adrni, any of ihc iillegutions in paraeniph .i 
 01 the statomi'iit of cliiiin. 
 
 ■2. (St>c paniirni|)h 2 of Koriii 7tlt). i 
 
 :;. If, whi.li ihi- (His do iivl adiiiil, ;ui\ mhIi roiiliM. I a- i> alleged 
 III iiuiiiniutili •"> of llic «l;iloiii<>iit of ( laiui wa.- I'vor iiiiidc. ilie>o dli.> do 
 iiol. admit that the- .same is piutacienllv or iiccuiat^dv ."Ot oiil in i)ara- 
 iiiaph •"> of llio slaltuniMit of flaim. 
 
 4. Tlio.so dfis do not admit any of the alleiiat ions in |iaiai>iat)ii ti ol 
 the statement of i laim. and in parliiular they do not admit tliat. thi' sd 
 1> was. wlien the sd pio-jieeliis was issued, or ever, a proinotei- of tin' 
 dfi io\. .'i- thai llie .sd allejred contract was mat4!rial to persons who 
 contemplated .Md)M'riliint; for iN shares in the coy. At, the lime when 
 the pit apjdied for his sd shai-es. lie wa- well aware of the sd alle<r''<l 
 contract, :ind of the particidiir.s tliof. 
 
 ."). If. which lhe.se lift.- do not atimit, any of the sd slat4'ment.s in the 
 sd prospedn- were untiiie, snch stateinoals were not maih' hy them 
 frandnlentiv, hut were ma(h> liv them in <rOod faith, and after the mo.-.t 
 careful investication, and in tlio full helief that they were perlectly 
 true and accurate. These dfl.s do not admit that at the date .if ih- 
 i.s.sue ol the sd prnspei ln< ihey were cojrnizant of tin? sd contract It 
 there ha.s t)een a non-complianto with any statutory duty imposed 
 on the dfts. such non-eompliiinoe arose from an honest mistake ol 
 fiict on the pt of them and every n< tlieni. as they were iiitormed 
 bv, iSc SInle purticuUirs] 
 
 i\. ( Deny parajTraph 8. i 
 
 7. The shares in the dftcoy are, and always have l)een, of iheir full 
 
 nominal value, and particularly in the month of , after the pit 
 
 liad ascertained the true facts of the ease, and hecomo aware of the 
 existence of the .sd contract, he could have dispo.sed of his .shares at a 
 premium. 
 
 Onu or more of tlic dircitors may, of course, liiivc some .special groHn.l of 
 defciiee (see Companies (Consolidation) \<t, IflOS, s. «» (0 (') C'i) (iii)). as 
 tliat flieir names wore improperly inserted in the prospectus, or tliat they 
 were not resimnsilile for its issue; .and if there was more than one prnspoetiis, 
 ami one had a reference t« the contract, it may he shown that the plaintiff 
 applied on such one. 
 
 Tor form of defence to action umler sect. 3H of the l^impanics .\it, ISfiT, s'e 
 the 7th cd. of this work, p. 1040, and iii),-n. l-'orni 707. 
 
 As to the liahility of <c,c defendant to pay all the plaintitf's («sts, see AV'^wv 
 irnrrlonix v. (l,wl,t. (I'JtIl) 'J Ch. 76.1; and Ann. Pr. not<'s to Ord. f.XV. 
 r. 1 (apportionment of eo-tsh .\nd as to orderintr an unsuccessful defendant 
 to pay a smcess'ul defendant's costs, see S„H(hr>-uH v. /WyM Thi'ilrns Co.. 
 ntlilli) 2 K. IS. 533; llulh^rl.- v. /,,„„/<,., <,. O. C,,., (1907; I K. 1!. -'li!, 
 \!„//.„ V. A. r. C 51 Sol. J. 82. 
 
lORMS, 
 
 l.<7!» 
 
 Pit. A li r)ti> A . H ( . 1) iiii.l E ; Fom 706. 
 
 I TIkj ( o> . I.iial.l ( liiUli wilU'd ■ tlm cov ■. Wii.^ iiirorpoiatcd Sdi.Ki.n 
 
 in ill.- y.Mi . for iIk- j.urpoxos of. &c. ^^' ^ "'' '•'"_'' 
 
 . f li"' (111-. A . l; , Mild I .. wcn\ uliPTi ili.> |iros|M.ctiis hnftr iiientd I'lJ.liJ,'!""' 
 wii> i.-i^uod. diroclors of tlio C(n'. 
 
 In tlic niontli of - .19 . tlio dfts i^siKxl a iinwpeclus inviting' 
 (Kisoii.s to subscrilii' for -haio~ in Iho (!a]>itiil of tlic coy. Tlip 8d 
 ()iii~|i«>ctu.^ toiiiiiiiicd iiiitriii' statPiimiit.-', of wliicli the foUowintr imi 
 'liv (laiticiiliir.-; \!>et tlwin out ^ 
 
 I Kacli of ill*' mI .stat''iii('nls \va« a r.ialciial ^laK'iiioiit 
 
 .> Tlic |)ll i(>c<'iv«'(l a in|i\ ol the mI pro.spcctu-i. and lio snIiH'ritod 
 lor Nliiinv-i in llic coy on llic faith of tlial pro«|>o<'tn-'. and ho lia< 
 
 pd to the coy i' - in rcspoct of such Kharos. 
 
 (i I )n llic (la\ of an cinjcr was iiia<le hy this llonoiiralilc 
 
 Ct ihat. the <oy slidiild l>c wound up under the provisions of tlio Cos 
 A.ct«. lH(;2lo 1907. 
 
 7 Siiliso(|iicntlv to such order tlx' ph. lor the tiist time, discovered 
 ■\i' iinlrntli of (he staloniouls afsd . 
 
 N The lift 1). V as. at t'lo time when the sd prospectus wa- issued, 
 r firoiiioter of the co\ . and In l^xik part in the preparation of such 
 (iro.-peclus. 
 
 9 TIk' dft Iv aiitliori/iMl tlic issue of the si| prospe<'lii-. 
 
 lo. The sliai-es in ilie lu\ are not. ami never wore, of any value, 
 iuid the 111! ha~ sustained daiiiatfe hv reason of the sd iinlrin^ state- 
 men li^. 
 
 The pit claiiii.s: 
 
 I I I -V declaralion ihat llie dtl.-- arc iiablu to pav to tlio jdt. 
 coiiipensalion for the loss sustained hy him hy reason 
 of th<' Milt rue stjitemenl.s afsd. 
 -' ludL'menl atrainst the Ifts -.eveialh for lli(> payiii<'iit of 
 
 such ciiiiipensalion 
 ■ .. I Kiirllii'i or other reliel. and the costs of the action. 
 
 i'lit' (Icfcmc lit >ur]i :iii action will no iltnibt dcTiy or not ailmit tin' tacts 
 allccrinl, anil tiirlliii', will allrifi- fliat, if tin) Htatcmciits were niadi', tlicy were 
 made liy flie defendant- in tile lieliel iliat tliey were trne, and that lliey had 
 rea-oiiiilili' ^-rounds for sueli lieliof. In sm li ea.>ie tl'cy must xtati' particulars of 
 till' n'onnd- of (lieir l.elief. .If,,,",, \. Il,,,,r,l, ilHiIll ■-• (J. I!. ."iTll. See fur- 
 ther. .1- to the \?iriou- flefenees epeti. v-/,tr/7. p. 1114. 
 
 [I'll. O- Dft, S.] Form 706. 
 
 1. I{ S.. Liiiitd, \va.s incorporated in the year 18911 for tl:e purpo.so a. tion nnd.r 
 
 of inli'r iilia, as stated in ilie prospectus hnftr referred lo, uccpiiriuf,'- ";' t- ■t'> of tli.' 
 
 a. a ooiiio' concern, atid devolopinir and working the old-establi.sh(-<l .v'.(.'''!'H'i7!^ 
 
 iiud well-known liusiiu'ss of a wholesale and - and Government "U'l under 
 
 I>ire<'torH* 
 1 T 1' 
 
»-H 
 
 It 
 
 11 
 
 ^4 
 
 im) 
 
 Form 706. 
 
 Liubilitv 
 Act. IJ^HO, 
 
 now Mxt. Nl 
 
 of tilt-' Coin- 
 paniex ;<'oii- 
 mlidatioii) 
 A<'t. I^"i^. 
 
 I'LKAUINOS. 
 
 [('MAI'. XIX. 
 
 contiiictor, cariiiil ou h\ the dlt, U>^'Ollier with certain fniehol-f 
 and UiOrtohoM premiMes therein uieiitioutHl . 
 
 •2. Uv au a>,'rwmil iluted 28 September, I8l>(i, and luado belwoot. 
 the dfl of tho one j.t uud C. of the other |)t (alior roiMiing inter aiii 
 that a (;ov \vil^ about to bt- tcinicl under the Uompanies Acts, 1862 t" 
 1890, having for its object, oiuougst otlicr things, the acquisitioi- 
 and working of the sd bu^iut- and ilie whole of the dofondaut'- 
 interest therein, and tliat the capital ol the coy was to be such bud. 
 as the sd C, in his dit^crotion, should tiiink suincieut), the sd busineat. 
 and fi-eehold and lea.-ehold premiises, and certain cliattels and cffecl.^ 
 thei«iu niontd were agreed to be -old by tin- dlt to llio sd C. foi 
 the sum of 8,280/., and by clause lu of llio s<l afjreemt tlie dft agreed 
 on l*ing call«'d upon so to do by the sd C, to enter into an agreeiiii 
 witli llie sd, then intended, coy to act an managing director ihof foi 
 thf term of live years from any peiiod of the .\(mv ISJMi. at a salan 
 of ;!00r p. a. 
 
 li. Hv an agitiMni dated (i Novomijer. 1891., and made between I' 
 (who was a clerk iu the employ of, and the nominee of the sd C.) ■>: 
 the one pi and the sd R. S., Limtd, of the other pi, tho sd busine.N- 
 aud f iwiiohl and leasehold premise.-*, chattels and ellects. were agre<.i 
 to Im- sold by tiie .-d K. to the coy tor tlie snrii of 23.000;. 
 
 I. On li .lauuavv, 18'.t!> liie.-d coy Wii- voluntarily wound up, an.l 
 J. was appointed liiir tho!'. [Order at/pointinn joint liquidator.] 
 
 o. On ;i June, 1899, the liqrs of the coy sold to the dft the ad 
 business, and fivehold and leasehold premise.-*, and ohaltols au.i 
 elfects, for tiie sum of l,09GZ. 6£. ~d. 
 
 a. The dft was, when the prospectus huftr mentd was i.-,sued, tli- 
 managing diivetor of the sd coy. The other directors thof wcf 
 r., H., and M. The sd ( . Iiecame a dii'cclor of the sd coy on 
 17 Moveuiber, 1890. 
 
 7 The sd cov Lssui.'d the sd pro-i'eciu- inviting perxiu.^ to .siib.s<;rib.' 
 for shares in tho sd coy. Tho sd iiro>|.ectu> contained untrue stat<'- 
 meulw, of which the following are particular.-,: a i, (2), (3). 
 
 8. Each of the sd statements was a material statement. 
 
 9. The sd prospectus, whilst setting out a certificate of tiie .-I 
 ,1 , showinsr the average net profit for the last four years was 
 .1.200/. 12s. 9(/., and alleging that for Miau\ years ])ast the estal- 
 lishment at the sd freehold and leasehold promises l,ad carried on 
 a most lucrative busine.ss, omitted to state the following facts whit 1 1 
 were within the knowledge of the dft and were material:— (a), (b v 
 
 10. The omission from the sd prospectu:* of these facts rendered tin 
 statements in the prospectus false and misleading, and the omission 
 from the sd prospectus of all mention of the sd contract of 28 Sep- 
 tember, 1890, made the sd prospectus fraudulent as againat the pi' 
 under sect. .18 of the Companies Act, 1867. 
 
 1 1 The pit had no notice of any of the afsd facts and agreemt of 
 
FOKMS. 
 
 l.HMl 
 
 .illotU^l HharcH in Form 706. 
 
 •JS Sf')it«>nihci. 18'.it'>. nlioii he s))>)ilio(l for and «ii.- 
 I hf s(l (Xt.v . 
 
 12 Tin- i>ll «■( oivcil u copy ot' tli«« nd prosjieitus, an<l hi' sulwcribcd 
 !or M> oiilinan Nharos in tho sd coy ou tlio faith of tho sd pi-o^iiflofiis, 
 irid Ik' lio.-* jKiid to tlie sd ooy 50J. in i-osiwct of the sd shares. 
 
 l.T Tlif thaiTs in the «d coy are not of any vahio, and the pit 
 liiis sustainod diuniii."' hy ren.-uii of tht' "d untrue stalomonts and 
 omissions. 
 
 14. Tlie |)lt ipHw on tho provlNions of tlui Dii-octorn' friability Act, 
 IHftO. and also upon sod. .'iH of tho ( 'oiiipanie.s Act. 18()7. 
 
 I."). The pit furthor mv that tho inisreprasentul ions and omissions 
 wcro made l>y tho dft wilfully, and as to the ropmsentations with 
 knowledge of their falsity. 
 
 Thp pit's clniiii is to have: 
 1 . Daiiiagos . 
 
 •2. A doolaration that tho dft is liable to |)a) to the pit compen- 
 sation for tho loss sustainod by him oy reason of tlir afsd 
 untrue statomont.s and omis.sions. 
 .i .ludffinont against the <lff for paymrnt of such compensation. 
 i. Costs of the action. 
 
 1 Till' dn diK's not iKlinit lliat tho pur\»»G for which R. S., Limtd. Form 707. 
 wa*i inroqwratod is con-optly st,'ite<l in paragraph 1 of the stutomont ]),.fi.,„,. u. 
 of claim and eiavor~ leave to rofer to the prospectus of the sd coy tli,. hIhivc. 
 HJien jiroiluood. 
 
 2. The (lit d(«'s noi a<lrnlt that the aureomtj^ rcforred to in par.- 
 •traph.' 2 and ;t of the statement of claim are fully or correctly ."let out 
 thci-ein and craves loavo to rofor to the sd asrreemt.s when produced. 
 
 :i. The sale by the dft to the sd (J. leferrod to in ))aia<,'raph 2 of 
 rhe statement of claim was an ab.soluio .sale and was not dependent 
 or conditional ii|p(iu the sd coy beint; formed. 
 
 t The price lor which the .sd busine.ss and freehold and leasehold 
 premises and chattels and elTect-s wore sold by the sd liqrs is not 
 ■ •orrectlv stated in paragraph 5 of tlie statement of claim. 
 
 5. The pro.s])ectus of the «d coy did not contain untrue statements 
 as alleged in |)aiagraph 7 of the statement of claim or at all. The 
 statements set out in the (larticulars under the mI parairraph wore 
 not untrue. 
 
 • ;. The dft does not admit that theie were any iimission.s in tho sd 
 prospectus as alleged in paragraph 9 of the statement ot claim or that 
 the .-(1 omissions were within the knowledge of the dft or material, 
 or that bv any omisKion the statements in the prospectus were ren- 
 dered false or misleading. The dft denies each and all of tho alle- 
 arations in clauses (a), (b), (o), (d). and (e) of the sd paragraph. 
 Neither the dft nor the sd coy was under any duty or obligation to 
 state in the sd prospectus any of the facta «et out in clauses (a>. 
 
l3t<-» 
 
 lM.KADIN<i«. 
 
 rCHAJ'. XI \ 
 
 Form 707. (l>>. (.«). (.J', i*"** (,«; '>'' ''"' «' I'niuKrapli (if ilioy were toc6-, whi. I< 
 ~ is uot mimittod). 
 
 7. Till! Hil ooiiliULl ol 28 Soi)touiber, ISaii, »vn« uol a contract withm 
 ilio pioviwiuiu. of Nt'ct. :i8 of tlie Cos Act, 18(i7, ami the omisnion from 
 ihf mI prosjH-clus of riu'utioii of the wl coulruct did not inuko the wl 
 prosiietliw fruuduloiit as apaiust iho |dt under -oct. ;18 of the (Jos 
 Act, 18(;7, oi ut all. 
 
 8 in llio cour.-o of the liiiuidutioii of lhe.~d cov the licirs of thi- m1 
 coy actinji oa holialf of the «liarohold«'i> of the sd coy i^of whom tlio 
 pit \vu.x one,) K'lvc nolic<f of motion in the llijrh t'uurt of .luslioo. 
 Chancery Division, that it niijtlit In- <ieclui-ed among other ihiiifrs 
 that the pw-sent dft and the sd C. a,s promoter* and directora of Uio 
 sd coy were jointly uu,l wevcrally liulile to contribute to the asseia 
 of the wd coy th.' sum of 13,792i. as comiionsation for their alleged 
 misfeasances and breaches of trust in concealing from their co- 
 directors the existence of tlio sd agreemt of 28 September, 189U. 
 
 !». Uiwn the hearing of (lie sd motion the sd motion was ilismis>i d 
 a.s against the present dft, and the CI hold lluit the dft was m.t 
 in a liduciaiy reliitionsliip to the sd coy on 28 September, 1896. 
 
 10. The dft will contend that in so fur us the present action ifi busiMi 
 upon the omission of mi-ulion of tiie .sd contract in the sd prospectus 
 the pit is estopped by the sd judgment of the .sd Chancery Ct. 
 
 U. The dft <leuies each and all of the allegations contained in 
 iwragraphs U. 12, la and l.'> of (lie sliit»>ment of claim. 
 
 Pi; 
 
 
 Form 708. 
 
 Actiou tci 
 recover bribe 
 jriven to 
 direetors. 
 
 [The - Coy. v. A., B., and C] 
 
 1. The i»lt coy (hnftr called 'the coy 'Ws a coy limtd by shurou 
 
 incoi-iioruled. on the day of , under the Cos Acta, 18G2 to 
 
 I'.tOtt. and the dfts wore, from the date of snoli incor^ioialion down 
 to the - da\ of , 19 — , directors thof. 
 
 2. Shortly before llio incorporation of the roy, wiiii li was liieii 
 being piomuted by D. and E. for the puipo.sc of taking over Jicm 
 tJieni certain mills and other ppty at -. the sd O. and K. .oquesied 
 the dfts to become directors of the coy. and pioiiiised to ti.msfi'r to 
 each of them 10(1 fully pd-up \0l. share.- therein if they consented 
 to do so. 
 
 ;{. The dfl.s accepted this otter, and were accordingly, by the ails 
 of a.sson of the coy. nppointed to be the t'lree first directors of the cnv. 
 
 4. Shortly after the formation of the coy the dft«, acting as ilio 
 directors thof. entered into an agreemt with the sd I), and E. for the 
 purcha.se of the sd mills and other ppty on behalf of the coy. The 
 conson for the sale was to bo £ - in ca.«h anil jid-up share- in 
 
 llie co\ of I each. The Sil .sale was carried into cli'ucl on or about 
 
 the dav of — . when the sd cash was pd. and — - of the ad 
 
 shares were allotted. The residue of the sd shares, namely, 
 
FORMS. 
 
 |.W;! 
 
 shaies, wero, by the diiwiioii <•( ilio sd U. ami K , aiuJ m puinuiiiiK 
 of titvn promiso ufsii, uIIoIUhI to tho dfl« oi|uallv Ih-Iwihmi iln-ni 
 
 ."i Tlic (Ift^ olitiiiliod llii'ii -.lur,- rtillmul llu! kiidwlod;:,. ,,r coiiwfiit 
 of tlio cov, and iu ulilaiiiiiii; ilium llii'V ri)iiiiiiitl<'d a Ipioarh i,( tru.sl 
 
 Tho pit claiiiw: 
 
 (1 I A dc(laralioM lliai llic dfis ,irc j<iinll\ ami ^iMMallv liiililo 
 lo |ia\ 111 llu! pit I'ov llio iiiaxiiiiiiiii vaiiif. willi intcnwl.nf 
 lilt' fd '-'(H) .•.|iiiit'>' ill lilt' lapilal of tlic fiv 
 
 i2 i .liid;;iii«.'iil airaiii«l tlir dl't.s. joinllv ami ><'viTill>. tor tlio 
 pavment of mik li iiia\iiiiiiMi valiii'. willi iiil<'ii'-l 
 
 i;l I ( jftjf. 
 
 FonnTOa 
 
 I'art'n-' '!■■< iihiii-f i 
 
 <lt 
 
 I)ki i.vri. 
 A.. I! . and C 
 
 Form 709 
 
 lli'f.'nr. |. 
 
 7'i"i. 
 
 I Tlie dtl.- do not adiiiil .iii,\ nl llir allci;ali(>ii> in |iarajria|di J ol 
 the stiitoiiioiil of claim, ami iii parlai llu' (Ills do not adiiiil liial llif 
 (0\ \vu^ piiiiiioiod li\ I), and l. . and tlicv deny llial shortly hcforc tiic 
 incorpdralioii of llio i-oy, or over, the .-'I I), and E., or oithor of tlicm, 
 rc(|iie.<li'd llio dfl.-. or aii,\ of tlicm, to Iamoiiio diroctors of the roy, or 
 promisiHl to u-aiisfer to each of tlioni KMI or any fully pd-up 10/ 
 shares therein if lliey coiiseiiied to do so 
 
 1'. The dfl.x wore, by tho art.s of asson of llio toy, aiipoint<.'d lo lio 
 tho lirst three direitors thof, but, save as afsd. lliey deny each of tin' 
 ulK'jrations in paia<rraph .'1 of tho statement of chiiiii Tliuy never 
 leteived or aroeplod any siirli oiler as is in the slaleincnl of I'laim 
 alle^red. nor were they appointed dircclors in ionsei|neiii e of any mh Ii 
 otter and acceplaiife. 
 
 ;> The dft.s deny that the residue of the s|iaie> (vliicli were to l.e 
 allotted to I), and Iv under the lonlracl of llie . namely, 
 
 shares, were by llie diieilion of llie >d I) and K.. and in pursuance of 
 anv suoh promise a~ is alley;ed. allnlled to the dft.s eipially between 
 them, or at all. The dfts have purcha.x*^! and arquirod eortain shares 
 from the said \) and E.. but they pd the full market price for them. 
 The atrreeinl for the .s<l imrcliase was made in the month of 
 19 , and there was not any prior ayreeint or understandinir to tlie 
 eflect that any snrh shi-'es should Iw sold to ihe dft.s. 
 
 i The dfis adpiiieo their shares under the ci'.ii instances above 
 nuMitd. and they deny that in oblainimr them they cdinmiited a breach 
 of trust. 
 
 Of rotirsu, if the director* ili<l rcicivi' the f<h;irc» by way of ^ift. the di'f>^nc(> 
 muv 1)0 opon t4) tlicm tliat tin- article* autliuriicd the transaetiou, or that a 
 poiicTal meetliis; has aanctioiu'il it. or that an inilependent Iioard. nr all the 
 
 iv j 
 
j;jKi 
 
 Form 709. 
 
 I'LFIADINUH. 
 
 [UiiAP. XIX. 
 
 mriribrrii, hail kiiowlwlifc .if the f.n t* iiiori' tlmii »\x yearn Iwforc nition brought. 
 Sec Uriti'h S,:imI,^> /V/.. r //,.r r,,., |7 C. I). 1(17, critii-inoil in Hr Vnrhy, 
 h.r i„irtf niii'Kjhntn. Clflin I K II II.'). iinil ipfher ri«i- litml, ■•upni, \t\>. |:i.'i, 
 I3li 
 
 Kiir foriiiH of pleuiliiiifK in itcliniis liy hi>lilir» >•! ilelienturra uiid di la-nture 
 -liM'k, sii' I'ai't III., lUlh I'll.. ('liu|iU;r LVI. 
 
 Form 710. 
 
 UUni rirfn 
 uoDtrni't : 
 itijutii tioTi. 
 
 I 
 
 hi 
 
 Pll, A. \S. ton bt'hult of himself uud .ill othor iht) hoIdt>M of fiharoH 
 III Till- B. ('(IV. Liiutd); dfts, A., H., mid V. , and The B Cov. Limtd, 
 uiid The \. V. &, \i. Coy, Liiutd.] 
 
 1. The 1!. Coy, LiuiUl (liiiftr cullfd ' Tin' B. Coy ' i, i.s u luy iucor- 
 poruiod iitidor the ('o.s Acts, I8ii2 to litoo. It was rogistored in tliu 
 year 
 
 2. Tlio dfl«, .v.. I!., and C. wore, at the date of the imitract hnfir 
 iiientd, and now are, the director.s of The B. Coy. 
 
 ;l. The objects for wliith The B. Coy was istabliHlie*! are net forth 
 in if» ineiiiduiu of a.s.soii as follow.s, ic. 
 
 I. On tlie - day of --, the dfts, A.. B., and C, iiuipiulini,' lu 
 act as diroctor.i of The B. (.'oy, and in it.s name, and on it^< iM'tu'.ll. 
 "nteiril inio a eoutrai-t in writinjr, bcariiifj date the - day of 
 witli The \. r. & U. Coy. Linitd (hnftr called "The L. Cov " i. Tlir 
 .sd contract providi'd. Si-. And the dft.s. A., B., and (" . allixod the 
 coinnion seal of The B. Ooy to one pf of such oonlract. and liandcd 
 over the same t.o The L. Coy. 
 
 "i Pursuant to t' si\ contract the ad A., B., and C. have already 
 pd to The L. Ciiy tiii- .sum of f out of the monoy.s of The B. dn 
 
 (\. The .sil conti.ict wiis, an<l is, beyond the powors of The B. (!oy, 
 and wa.'» niadc in vii)l:iti.iii of the conditions contained in that coys 
 meindiim of a.i.son. 
 
 7. The dfts. A.. B.. and C, and The L. Coy, threaten, and intend, 
 to carry the sd contr.act into effect. 
 
 8. Tlic pit is the rcjjisfcred holder of tshare.< in the i apilal of 
 The B, Coy of i' - each. There are nuinero i.s other holders of 
 chares in Tlio B. Coy. 
 
 The pll. claims: - 
 
 ( I . ) For a declaration that tlie sd contract is beyond the ))ower8 
 
 of Tlie B. Coy and void, and to have tha same delivered 
 
 up to be cancelled. 
 i2.i For an injunction to restrain Uie dfts, A., B.. and C.. and 
 
 Tlie L. Coy, from carrying the sd contract into elFci i. or 
 
 furtJier actinif thereon. 
 wi.i .liidfjmcnl aii:aiiist the dfts, .\., B.,audC.,and The L. Coy. 
 
 for the repayment to The B. Coy of the moneys of that 
 
 loy already pd to Tlio L. Coy, pursuaut to the sd contract. 
 
 wiih interest. 
 (A.t Other relief and costs. 
 
 h,'. 
 
rOBMS. 
 
 ins:, 
 
 Form ill. 
 
 |>ffrt|i't' t<» 
 
 I'iutien as above.] 
 
 I)efkn(k 
 
 of A . 15., uiui C. uud Tlai li. C'ii\ . 
 
 I TliuM' »ll"l« do not luliiiit that tin' iikmiiiIuiii of u>m)ii oI' Tho H 
 O'V is siillii ifiiil_v <ii- infiiiulol) M'l ()u( in puMgriipli 3 of tht' »(ut<'- 
 niciit of cluiiii, and lofor to tho Nunio wlioa prfMiuced. 
 
 ■2 Thew dflw do not udinil any of tho ullogutions in i)uiaf?riij)h t 
 of ilie stiitfinifnt of cLiiin Thi' contrart in tlio ■-■I |iiiriii.'-iii|i|i nM'crri'd 
 to is not thtTfin Hnlliiiciitlv or ac< iiialolv -^et out. and fhosn dfts rofiT 
 to tho saiiK! whoa produced. 
 
 ;! ThPM> dftrt do not aduii' aiiv .■■ tho allofjuiionf in paiusrrttpli ."> 
 of tho Htateniont of olaini. 
 
 t Thoio dflM do not ndniit thai the nd >ontriut wa.-». or ii, boyond 
 tho |io\ior.s of tho H. ("oy, or tiiai it \\i\>* inado in violulion of the 
 ■ oiidition.s oontainod in that ooy'i inninduiM of asson. Such contract 
 i.-i a. proiKT and l)onolicial conlracl fur tlio sd i oy to rntor into, and 
 1.1 authorized by tho torni.-* of il.-i nioinduin of as.ion. Such contract 
 «a> approved liy a pMioral mootini;- .if Tho H. t^oy. '*• "hich (ho pit 
 \in.~ present, ami at that tiiiio the pit raided no objection ilieroto 
 
 A., ou behalf of 8hureholder.>, pll; and the Coy and H., (J.. I).. E., Form 712. 
 i^d F., dfti-.] Atioufni 
 
 1. The .1. K <-oy, Linitd, wn.t incorporated under the (Jo.s Acts, 
 
 18G2 to 189U, us a coy linitd by sliures, ou tho of , 1891. 
 
 The objects for which tho coy wa.s eslabl-shed were, .<;c. Tho <aipitul 
 of tlie coy was 100,000/., divided into 10,000 nharos of 101. each. 
 .Arts of a.s3on were tiled with tho ineindmii. S.immi wharo.-* in tho coy 
 have been is-sued, all of which aio fully pd. 
 
 2. In tho year 1891 the dfis, B., C, and D., were directors of tho 
 coy. In that year those directors expended G,000i., moneys of the 
 coy, in the purchase of share.s in the coy from W., theiift h\, and 
 others 
 
 3. Ii. Ilio year 18J7 the dfts B., U., E.. wore tho diroitor.'i of the 
 coy. In that year those directors .spent 1,000/., moneys of the coy, 
 in the purchase of shares in the coy from the «d di'l Sylvester. 
 
 4. Another purchase.'] 
 .">. Another purchase.] 
 fi. All tho share.s .so purchased as afsd were trausferred to tho coy. 
 
 In the return made to tho Registrar of Joint Stock Cos down to tho 
 
 - of , tho coy is returned as holding - of its own shares. 
 
 7. All the sd purchases were reductions of the t.apital of the co . 
 and were ultra vires, and the directors- making uhom are jointly and 
 >overaily liable to replace (he moneys expended by tbem rosply. 
 
 jmr('ha.«M' iti 
 Billing. 
 
 W '^ 
 
liiHH 
 
 "I.KAUINUB. 
 
 (MAI-. XIX 
 
 t 
 
 lli 
 
 I I 
 
 Form 718. S. Tho pit in the holdor nt' ;iii Hharu« in tlio e^y . N'o dividcii'lH Imv 
 bean |i(l llitToo'i ninoe 
 Tho pit therefore cUlinl^: 
 
 ('.) A derlaratioii that tJio abovp-naniwl dft« -, 
 
 und . are jointly and Heverally liable to roplaou iIj. 
 
 Kiim of ti.tXM);., witli intorext theroon at the rato • ' 
 .'i p.i'.p.u. from Llio date wiivii the (totno woh expniid<>d 
 (I'.i (:\.) (4.) Othar likf- dfclarntuinii.'] 
 
 (A. I Judgment, ugaiiusl the sd dftM tor payiiiunt. to tlio dft loy i>' 
 tlic iimoiinth fiiiind duo in aucordaiuo with tho foretfniiu 
 declaiiitioii.-t 
 (K.) Duniatr*''- 
 (7.) Cost«. 
 
 fFor pleadiiufn in dobeiiture outiou, *v I'lirt III. of thin work.j 
 
 m 
 
.It iMiMKXTS ANh oUhKHS. 
 
 rllAITKlJ \X 
 
 INTIf«»I>i;C'roKV \<>Tt> 
 
 lireu*'be» of trust by iiirt'i-lur». 
 iti.'«lilt'4t«al of arliuii with rflinf 
 
 I'ouiiti-r-i Ittcm. 
 Itivideiid- "Ut iif cipitiil. 
 KitPndinp finii- f'lr ri'i,'i<trati"ii 
 
 mortBi'lf"'' "" I'liiiitf"'" iiinliT ■« 
 
 W iif till' ('ciiii|niiiu'- (<■ "li 
 
 tioii) Act, IWIN. 
 I'drwlosiirc. 
 Forfoitiiro of Mlmrpn. 
 Iiijiini'tioiis itirninat director*. 
 
 rif-Ciita to (lirfi*tor-» 
 Iti'iiuir uikI iii.iiiamT 
 HiMlitliMtiiiii of ri>;;i''t<'i 
 llp-tnininir wimlini.- ii|> ' 
 
 ni|>ti y |irc • nv 
 KiwlrMMiinn ii' :■ "•! ""' ' 
 Srftll ii\ for ti.-. -. 
 
 Si'ttiiiL' ■i-'iili' «ili- to 1 |.. 
 
 Tradf-iiiiirk* 
 
 I! Urn fir"! afU. 
 
 Rectiiication oi Register oi Members. 
 
 A ^OMl•A.^^ s i'<'fri.-<l<>r <il' iiionilxMM is u imhlic ilmMiiin'iil, which :ill 
 poi-noiif <l<'aliii<r wiili I lie compivnv arn entitled to iii!<|ioct. anti on 
 whicli llii'v iiic iiiMloil to rely a-" slmwiiiir il-< shiiif rapitul 'laid an. I 
 tiupai<l (.^iiiiid IH) 71. T:!i It is llicrclnro i>\' tin- lif^t iiii|i(..laii(i' lli" 
 the i('<ri('tt>r .-IkiuIiI onncittly ropresoiit ilic nctiial imMiil«>rs|i'n) of tin- 
 companv, ami should lie rovi«o<l so ,is to -how all chaiioos in such 
 inein>)orehii) ii.s s|)(.o<lily as po-sil.lo Sect :!.'> o)' iho f'oiiipanies .\ct. 
 1802, which ])iovi(lo<l ii tnachiiicry toi this luiipo-sp. that is, tho recti- 
 fication of a corn](any s it'tfislcr in a snniniary wav. i.s tiow rephii*d 
 l)v MMt. :!2 of lh<- Act of H'l'K This section nitis as f.illow^; 
 
 |.K«r 
 
 38. (Ij If 
 
 (o> the name of iiiiy inrsoii is, without sufficient i uu-e. entiTiil 
 
 omitted from the rejrister of niemliern of u cini|):iny; or 
 (ii default is made or unneeessary delay take^ jilaie in loit. • 'le o 
 register the fact of any jwrson havinf; ceased to he n mcmlier. 
 tlie [versoii ans;rii'\ed. or any memlier of the eom|iany, or the ioni|i.iny 
 apply to (he •'••nrt f.-ir n-.tifiratinn of the register. 
 
 (2; The application may he made, as re-ipeets companies re^-ister 
 Kniflat'd "i" Irehiml. hy motion in the Ifiirli Court, or hy application to n 
 of the Hijrh ("onrt sittinir in chamhers. or hy applii .finn to the jmlce ; 
 
 Tower of 
 (3ourt to 
 rectify 
 register. 
 
 .d in 
 judcfc 
 • f thu 
 
)»Mt 
 
 JIlJtiMKNTS AM) OKDEKS. 
 
 [Chap. XX. 
 
 roiirt pxcrei.^inir iIm' -.t{iiiti;irie^ ]iiri-<tiirtiiiii in the va-^c **f «nmpitnio« -"ubjppt t" 
 that jiirisdirfion, am!, ii-i rp-^pnit-* i'iirii|iiinir-^ rrtristrnNl in Sctitland. Uy summary 
 pptition to tho ('(>.;i*t (if SfM^ion, or in such othrr mnnnrr i\-* the niiid Cniirts may 
 roapectivoly diroct; ami tlm l-4>uit may eitUcr n't'uM<» thf application, nr ma\ 
 order roctiticutiuii of fiir rruistor, itnd payment Ity tin* ruriipany of "ny ihima'/r- 
 fu^tainrt! I)y any j.arty aL'-yrieved. 
 
 (3) On any appli<'ation nndor this s<m tian the ('nnrl may deride any i|iH'-*lioii 
 ri'latintr to the titin of any pcr'ion who i*i a party to tho applieation tt> have hi-^ 
 name enrered in or nmitt^'d t'mm the reijister, whethff the i|ue«f^i<Mi ari^<- 
 betwei'ii nicmbi'r:) ur allem'i! mendirr^, or lietwi'en mrrninT-* ur alh'^fil nicniin r- 
 on the one hand and the cumpany on the other liand; and genrrally may tleriilf 
 any ([ucstiun ne^'ert^4;iry or e\jn'dlent to he decidetl for n-etification of tlif 
 reurishT. 
 
 (4) In the case of ,i company re«iuired hy (iii^ \ct Ut -^end a list of it- 
 members to the rei;i-*trar of companies, the Conrt, when inakint; an order for 
 rectitieation of the rci^i^iter, shall hy it-; i>nlcr ilircrt tiotirr i;f the rt'ctllifaiinn 
 to he piven to tin- rcL'i^'trar. 
 
 m 
 
 ■^ 
 
 This summary jurisdiction on motion or suuimon^* conferred by 
 scii. .'i2 i" expiciseable, it will be soon, in two classes of canes: 
 
 I W liMi] llii> iiajiio ol ;i jioison is vriihout suHiciont cause entered 
 in or iimillcd from the roffistor. 
 
 •2. Where default is made, or unnocessarv delay takes [ilaoe, in 
 onterinjr on the renrister the fact of any person having ceased 
 to Ijo a member of the company. 
 
 The jurisdiction to rectify in an}- of the ca.ses mentioned in sect. .'!2 
 is e.xerciseable as well after a" l)ofore \vindin<j-up, whetiier volun- 
 tary or otlierwi.sc>; and wlieio tliero is :i winding-up the power has 
 been held not limited by sect. 98 of the .\ct of 18G2 i now sect. 1()3 
 of the .\(i of li>()8) to rcctilicatiou in order to settle tlie list of con- 
 tribuiories. Onkr.'! v. Turqiiand, L. \l. 2 11. L. 32.'>; Sussex Brick 
 Co., ( 1904) 1 Uh. 598. But after a winding-up order u pei'son whoae 
 name is on tho register cannot obtain relief on the ground that the 
 contract under which he took the sliares was voidable by him, unles.'^ 
 he shows that he avoided it before tho winding-up commenced, and, 
 if necessary, took legal prouecilings to enforce the avoidance. Oakes 
 V. Turquund, sitirra. 
 
 After a Avin<ling-up ordei' the Court, on settling the list of lontrihu 
 fories, is, by sod. 10;} of l'J08, given power to i-ectify the register, 
 but tho liquidator cannot reilily withonl the special leave of ihe 
 ( ciurt. Sect. 17;} of the Act of 1908. 
 
 In a voluntary winding-up tho liquidator may alt<'r iho register on 
 sanctioning transfers of shares made after the commencement of the 
 winding-up. Sects. 131, 133 (7) of 1862; Taylor, Phillips d liickard's 
 case, (1897) 1 Ch. 298. If there is no winding-up pending, the 
 application should be made to one of tho ordinary judges of the 
 C'hancory Division (if it is made in that Division) and not to the 
 winding-up JTidg»' British ''ohimbktv ExpJoi*ation and Gold 
 Estates, W. N. (1899) 32. 
 
 il 
 
INTKODIXIOUY NOTES. 
 
 l;W'» 
 
 The 8eci«Uir.\ of a coiupuiiy haa uo i)owt'i' to strike a name off the 
 nigLster of uiomlpon-. WhealoxijVi' i\ise, 29 L. T. 3i!G. 
 
 The following; aif noiue of the caftes iu whicli (iril<'r,> liavo Iwon 
 made : - 
 
 1. Whon- the uppliciiii wiis induced to take I he >hiii«'» liv iiiin- 
 
 n'prrfoiiirttion in tlio prospectus. Steuiiit'x (ycr. I ("h ■>74 ; 
 Sniilh'n vasr. '2 ("h. HOI. Soe also f'r /jkc/c Kinlrm. •'> Cli 
 it.'i: f.nnilon mill Sfallnrilshin- >'ii.. -M C . 1) I lit; Aiiilersiiii'^ 
 rasr. 17 (' I). .iT.-J 
 
 2. When' Ihi' iMiiiiptiii\ iiiipro|KMly iie^'lecloil oi- it-tu.-ii-d to rcijistt'i 
 
 ;i Iransl'cr Slriuitim lion <'ii.. Hi K.|. .").'><,t. Alllmu^rli 
 
 wiiidinf?-up ha^ foTiunoiir -.1 Ix'lore tlin applicatiipii U> rcctifv 
 
 is made Snuxt'j Ui irk Co., mi jira 
 ;>. Wlicif nhaiOK lijul lioen issue<l under a fionlracl to issue fully 
 
 ])aid-up nhawK, and the contract had not been filed pursuant 
 
 to sect. 2.') ot tlic Alt III ISHT Sec infra, p. I;{!t4, and 
 
 Form 718, infra. 
 I. VV'Ik'H' shares have been iiupropcrlx lorf<'it«'(l (so«' Form 71G i. i>r 
 
 wlieiv the rerjister has been iinproperl\ alti'n>d vvitli a vi«'«- 
 
 to asserting tlic iiiiii)ianv ■- lion Y.-ifiilj/fer/i (•'nn ( ii..\\' N. 
 
 (1887 .".I I. 
 i). \\ liei-c a Uaiislcr iu favoui of a niorlffULieo iia*> b«eu registered 
 
 by mistake (see I'uUirook v. Hiciimond Co., 9 C D. tJlOi; 
 
 or where the compau\ have ouiittetl to rejrister a transfer. 
 
 Manchcxter aiul OUihaiii Bunk, .')4 L. J. ('. 92ti; s(>e also 
 
 \ ioUl ('on.soliJuted, ifc. 'o., .vupra. 
 ti. Where the oomiiany, actiuy; oil a forged transfer, rciiioveii .i 
 
 name. Huhia tiiul San Vrnncij<co Railivay On., li. R. 'A <.) iJ. 
 
 .-.84 . 
 7. Where tlicre was a dispute between a vendor and purclia-ei •<< 
 
 siiares. K,r iiiirte Sluiiv, 2 Q. B. Div. Ki.!. 
 .s. Wiieie the a|)|)liiaiit was reij;isleit'd as tin- liolder (if sliair- 
 
 width had been irrej^ularly allotted to him. Iloniri Di^lrii I 
 
 CoM MincK. ;!9 I'. 1). "iK!; T'ortiiiiucur Conmlidated Cnpt'ii 
 
 Minc.1, 42 C. Div. 160. 
 
 9. When the .signatory of an niKlerwiiliiig leU<M not i onsliliitin^; ;i 
 
 contract had been placed on tlie regi.ster. I'on.soii. iH'r ('<i.. 
 ( 1807 I 1 Ch. .■>7.">. 
 
 10. Where a siiai'clioMef uiin lia<l made an iillrn c/c.v siiiiender iil 
 
 his shares to the <(n ilaimed to have his name ii'iaslated 
 liclU'ihn V. Itnirl'inil niiii Miiriraod's .■>lninilthii) ( o . ( UM'J 
 2Cli. 14. I'. A. 
 
 'I'here was at one time stmie dillerence o( opinion as to the e.Mi'iii 
 of the jurisdiction coiiferii'd by sect. 'V>. !^'o Ex parte Sar^ii-n' 
 17 E(|. 27.'1; anil /•.',/■ iiiirle Sluur. iihi .lUjirn. Hut the true view 
 apparently is that, althouirh persons are not eutitle<l to an order r: 
 
mm 
 
 .lUUGMENTS AND OBDEK8. 
 
 ; Chap. XX. 
 
 'H' 
 
 drhifo jiislitui, the jiiiiN<liotion is unlimited, with n diKcn'tioii in 
 i.lif Court ill the (;ir(;um.--tiiiim)s of t-jch cii^^o. Kimhrrlcy Si»lh Rtorh 
 l)Hin,oi)(l Mluinn Co. W. N. .1888) p. IM, <". A.; 39 L. T. .-.TH; 
 ^ii.-.st'.r Hilrk I I,. '\'M)\< 1 t'h. I'.tH. <'. A. Sec. too. \\'(trd iWl 
 lliiini's ctise. L' VM t:!l; .Is/.oc'.v (vlsc, i) Ch. titij; Stnnnl'x r<i.<,\ 
 1 Ch. 57.'.. 
 
 .\.s bt'iwoi'ii a Nn'iiilit'i iitid the . oiii|)aii,v. liic < ouit. will iiiiolv 
 ■ li'clino to ait uiidei- tiio .soitiou. Ex {Mrle l'ail;fi\ li < ' iJH.'i; E.r 
 ,.arlr I'fiiiir;/. 8 Cli. Ud: Sfranton Iron Co., Hi Eij. •'.•.'j. lint th<' 
 Court uudor the roi)i',iled seclion had to bo satisfied of thf jiL^tice ol' 
 ill.- (ii.sc TIic Court iii;i\ ... if .satisfied of tlu^ ju-tioe of thr 
 
 •iise. iinitio an oi(U'r.'' See the ohservafions of Lord Maiiini;hlnM 
 Ol Tr<ri,i V Whltirurlh, 12 Ap).. Ca.s. 109, Hit. and of Vau^liaii 
 \\illiaiii>. I. 1.. ill Siiis.s-c.v liri'k Co.. stiprn. 
 
 With ivfeieucc to this discretion, the followiiii;- |iass:i!ie ifoiii tin' 
 ludumeiit (if Kekewich, I . i.s in point: 
 
 "The power of rcrtifviii!,' thf ri'^'i-tiT lom-ii Ii.v tlir .'l.ith ici-tioii of tlir Ac; 
 of 18112 is ili^iretioiiary in thi.i sense, that the Court properly ean only 
 ixereisc- it if satistieil of the justice of the ease; and on many applications the-. 
 Court ha.s ileelined to exercise this power on the- ffronnd that it would iicil he 
 fair to do bo, or, to put it more teclinically, that the applicant has not estalilished 
 any ec|uity to disturb the ;'xistin.,' st;ite of thinjrs. ,\nd in considerin;; this, the 
 Court has always had repjard to the lapse of time and to any facts and ciicuni- 
 -tance.s iiidicatini? acc,|uiesccnce in tlie cvistins state of thiiifjs l>y those on whos.. 
 liehalf the application is made to dislurli it. The upplii ation- haM' licen 
 generally made by otiieial liquidators socking to establish liability for calls, but 
 ob\iously the like considerations must apply to applications by those who seek 
 tci be restored to the privilege of shareholders." I!r>h'il,i/ v. lloii-lr'.ii! ,■. ' 
 M'lru-ootVs Sleumsh!), Co., (1901) 2 Ci:. 20"). i'S. 
 
 The words •' if satisfied of the justice of the c.ise " do not appear in sect. :!2 
 of the new .\ct. but the Csniit still has a discretion by virtue of the word 
 " iiiav." 
 
 
 WJieiher iu any pariiculai case it ia desirable to apply under this 
 Mciioii. cjr 10 biiuo- au aeliou, must, depend oil the ciieumstauces. In 
 a simple ca.se, wiiere an immodiate rectilicaliou is essential, it may be 
 desirable to apply iimlei the sci (ion; but if the ease Ls at all compli- 
 cated (•'/.. where the applicant .seok.i to enforce rescission of lii> 
 contract to t^ike shares on the ground of misrepresentation and wil- 
 iiesst-s may have to be examined, and a li'lle clelay will not much 
 nuiUcrj, an action should be biouolil. I{< Kinihi-rlr;/ Morlh Block 
 Duuiiond Co.. ■")',( L. T. 'iT'J; li'nby Coii.soluiiilrd Minliui Co., bi 
 I, J. Ch. ti'io. I'tider the preoent practice, a (|Uestion eaii be tried 
 in a much more satisfaetory manner in an action tiiaii upon a motion 
 I r summons. In any case, if is not the practice in tiio Chancery 
 Division t'l take such applications on ordinary motion days; they are 
 .f.iiini .nly placed in the li.sl, of non-witness .icfions: see Form 7! 7 
 
 .\ii appli<ation under .sect. 3:» should be intituled "In tlie Mattx-r 
 
INiKOItHCrOKY NOTES. 
 
 |.J!t| 
 
 (.f lilt' Act "1 1908 iiiiil ol' ilu' lOiiipiiuy. ' it, j-houhl ho made' \>y 
 iiioiiiiii iDnlHii \ .l/.M <'■'(//. tlr. ' <•.. W N i IMti)") \\i\^ or oripiiiatinp 
 
 ~lir|]I110Ua 
 
 If iIk' ii[ijilii:iliuii i.~ iiiado iii ilir ( 'liiiuici v l)ivi-li)n. ilio ipi(iy:e 
 -l.oiild l>f hulh.Kvl loi. lie Doivxou. W. N. (.!««'•>» --- -^"'' '■'■» 
 l.i()al,nut lifinntl lnci->l,iicnl Co., VV. N. MDoli 7'2. 
 
 The iO)ii.ster should Ix' roctilied. in llii- rax' ul ;i ii'iinnal, liy 
 -irikinj; tliruunli the uaiiio willi [irii and iiiU (^iiot .soratcliiiiji; it out 
 Willi a )i('iikiiifc;, HiiJ iiddiiii^, ' \iy order ot llic lli;rli Court of 
 .lii.-iiw, dute(J, itc, this iiaiiio has boon oriwsod, " lIu; ahsiruct to bo 
 ~iyni'd \>\ ilie -iticrolarv . Iron Shiiihiiildiii;] Co.. :',l Iteav. .">it7. 
 
 lijioit till (.waiiiinalion of witnoKMiS bi'foic aii CNiiiiiiiior for tlio pur- 
 [lo.stv of a iiioliou uiidrr the abovo coition, iho applicant's \viliios.sns 
 uc first to bo i,ross-o.\aniiiiod. Don' (iallenj, W. X. (18901 p. ti2. 
 
 Wliolhci lIu" couipuiiy is bi'iii;;- woimil up or iiol. iho Couit may lix 
 u |]ai licular date cvoii a past dat<: as from which iho altoraliou is 
 to boiimio oporalivo nunc jiio Ikik' -subject to any conditions necos- 
 -aiv lo pidloct tlio iiii;lits of third persons. .^unsi'X liiirk Co., (190t) 
 
 I Cli .'lUS. 
 
 ■piio or<lor to roclifv docs not iiivalidato nolicos lo royistorod iiiom- 
 I'cis of a iiK'otiiiL;- lo pas^ losdliilioiis for voluntary windintr-tip. IhiJ. 
 
 As 10 drawiiiu' up tlio order whore .in niidortaUiii^' to slaiii[> uii- 
 (siampod docunionts has not been complied villi, see ('oolnnrdif 
 '■nhlfirfrls. ( lOoih 1 Ch. 17.".. 
 
 The eflecl of an order for loclilicatioii. bv suikiuj; out a name, is 
 the same ,as if the name had never been put on. Pulhrnol- v /?)Wi- 
 mnnil Mininri Co., 9 Ch. D. t!l"). 
 
 Daniatrof* can only be pfivou whore llie (.'ourl roctilies the reijisler, 
 iiot where the applicant claims damajres under the estoppel doctrine, 
 in RaliM fiiiil Co . I.. H :\ Q I!. "iSt: ()flo.'< Knpjc Dwinoml Mlnr.i. 
 
 II W H. 2.-.S 
 
r 
 
 l:W2 
 
 JCDOMKNTS AND ORDRBS. ftlHAP. XX 
 
 m 
 
 Ht 
 
 Form 713 
 
 I'-tltll nr-i"'- 
 
 1.1 rt'i tit'v 
 
 PRKCKDENIS. 
 
 il 
 
 I'poii motion, Ac for L., Sec. Thic Couit dotb ofder rJiat tli« 
 register of shareholders of the coy be rectified by striking out thi- 
 nain<- of tho sd I,, a.'- a shureholder of the coy; and order that (ln! 
 foy do pay to tho sd L. his costs of tliis applicon, to bo taxed b.\ 
 the taxing mn-ster; and order that notice of this order be given ti. 
 iho Registrar of Moint Stock] Cos by servinp: n co))y of t.liis oitiei 
 upon the wd Registrar, or leaving the «anie witli :i clerk at the oftici 
 of the sd Registrar, and al the same liino prudtniiiir this order dulv 
 pa.«sod and entered Bri/n Ali/ii. dc. Co.. M. H , 2-"> .Ian 1S7S 
 .A 18f; 
 
 It iiu8 butiii usual to frame ait ordfi- to ruotit'y in ^uiioi-al t^ji-ui^ a^ abov. 
 withuut saying whu is t*» rwtit'y; 'ml in /.. L. Sifnt/trarr, Liinttuf. \\. N 
 (1901) Iti4, Kekowicli. .1. i^tli'* ritni[i;iiiy's oIKi'ImN having f»'st(jned). onlt^nMi tli' 
 company to rectify tlie regiater. and on its liofault made an ordrr (under 
 K. S. C. Ord. XTill. r. .In) prnpoweririir tin' :ip|ilic'aMt tn rci-tify. 
 
 ..f 
 
 ii imtirc 1)1 iMiit Hill : 
 
 Form 714. 
 
 In tho llijrh Court .if .lu<ti«-.'. 
 
 Nntii-e of 
 
 Chancery Divii^ioii. 
 
 rii-.TK 11 t.. 
 
 Mr. Justk'o — — . 
 
 rectify 
 
 
 rt-jfister 
 
 In tlip Matter i»t* tin' ( "'irnpiinics ; ( 'on^oliil.if inn > \''t. I 
 
 
 and 
 
 
 111 the Matter of the Company, Limited 
 
 Take notice tliat this Honoiiralilc Court will be inovixl before hia liordahip 
 
 Mr. Justice . on <lay next, the day of , 19 — . at the sitting oi 
 
 the Court, or so soon thereafter as counsel can be heard, by counsel on behalf 
 
 of N. of , that the register of members of the above-named company iu:iy 
 
 ho rectified by removing the name of the applicant therefrom as the holder ot 
 2,000 shares therein [on tlii' i^round of misrepresentations in and suppressiui 
 of material facts from the prospectus of the sahl company], anil that the xii.l 
 company in;iy be ord«'red to repay to the applicant the smn of 700''.. tic 
 amount paid by him in respect of the said shares, with interest thereon at ."i pi i 
 e».'nt. per annum from the date of |iaymcnt, and also the costs of and occasionei! 
 bv this application, or that such other order may be made as to the (our 
 may seem ju;^t . 
 
 Dated this — day of . 
 
 Yours, ic. 
 
 To the - Company, ) 
 l.imitiM. • 
 
 Solicitors for tho Applicant. 
 
FORMS. 
 
 U9H 
 
 'I'liU notii'c iiiusi be actiuilly m-tvM nn tin "iiiiiiiii}-, iu ardinlanrt with 
 (.lit. 116 of till- Act of 1908: Miijira. p. 1340. N.uic mi tlir iiiinpany'" «>li(it(irs, 
 wlicro the c'liinpniiy ilmw not appcitr. in iiiit milficii'iit. /'<»ivi l'„:i-'' HiriTri". 
 W . X. (1890^ 113; ti3 U. T. (Hi. 
 
 I'lir onler tii n-itify rrfji'*'''''; iii>ti<'<' to lie ({iveii to Ki-uidtrar; <om|miiy ti> 
 |iiiv tOiits of appliiation: imiiiiry to lir made what ilamai;' ■ the applii-int has 
 incurroil by iiM-^iiii (if hU naiiu- having.' hern put uiMiii Kurh ii')tinl<T licyiinil thi> 
 iiHtM before dinil«.l to be taxinl; coiiipiiny to pay to applicant whi-t shall be 
 iiTtified to lie due in respect of such daniii^res, sec Xnr (jtnhniiln I'n.. I'miff' V 
 cn»c, 15 W. K. 95.'>; IVnibert.iii. tio9. 
 
 WhenoMT any order liis been made rcclifylnjr llic ii'.'istcr. in the case of a 
 iiiinpany hereby rei|uircxl to send a list of itt* nicnibers to the Uci;istrar. the 
 Court shall, by its order, direct that notice of such reititication be (.mmii to tin- 
 l!cj,'iatrar. ('oni]i:inics Act, 1908, ». 32 (4). 
 
 Interest on any sums that have been pai<l in respect of llic shares will bo 
 allowed at 4 per cent, per annum. .1/, ^«/i<i//V",i 'V,,./ )',„is,i„irr'^' ('".. H'rui,,- 
 .r.iiihl'n Clin; \V. S. (1890; p. 3. 
 
 Form 714. 
 
 ;•••!; 
 
 llKin iiiolidu im l">lli N<i\ ■. I**'.'!', iiiiidf miln llii^ Cuiiil liy enmi^cl. Form TIS 
 uiul iipuii liiMiiii;.' coiiiisol for tlie L. iV; X. Hank. Liiiitd. ii!iil iiimiii o^j^.r r„,,tity. 
 icailiiia: tlio iiiiiilavil (it', i<:e.. iiiul upon liciiriiio; tlii^ (n idt'iK c of tlio inir ri>fi»tet ■*£,■ 
 several [k-imiiI^^ iuiiikmI in the silicdiilc lilo on tlicii- fxaniinaliou ""'">"■'■-•'■ 
 lakou orull.v Ix'lore tlii Ctiuit. and nixm llic jinnUii limi nl the -.I'vcial 
 exliiiiits pnnliiiod tii .--lull j)i'iM>ns so! mil in the scinnd coliinin nf 
 Midi .-cliL'diilc (i|i|Ki>ile to tin- nanios of Mivli jicrsdii-' ii>,s|ily. tlii- Cl 
 did (irdor lliat llic .sd ninlioii NJidiild ^tand fur jiid;.iiin'nt, and llio 
 same .-itandiiio- in tlio papoi- foi- judgiiicnl llii- da\ uf 
 
 ac( ordinoly. tiiis Ct dolli (jider lliiU tlic ivjrislei (if iikmuIicis of (ho 
 I, k N. Hank. Limld. In' loitificd l\v rcuunini; the nanio of llii- 
 .sil .1 . tliciffidiii as tlio lioldcr of ~ .slian-s tlicrcin. and it is onleicd 
 thai tho L. A N. Hank, Limtd. do lopiv to iho ajujlicanl f 
 tlie amount pd by liiiu iu respect of *ho .sd shares, with inti^'iest tlioii 
 
 at 4 p.c.p.a. from tlio - day of until payment, and also do 
 
 par to tho sd .J. his oosts of and ofcasioiie 1 by this action, siirh (dsl-^ 
 Id bo ta.xed by the tu.\iiig mastei , aii<l that uotiio of this ordor bo irivoii 
 td tho Ho(ri--tiar of Coraiiaiiiisj by serving an (illicp copy of this ordor 
 upon tho sd lU'fri.strar, or loaviup the same with a dork at llic ollico 
 of the sd Ht'o-istiur, and at tin; saino time piodueiuy; the duplicato 
 (_opy of this Older duly passed and entered. Si_lie(lulo. Xames of 
 Milnc.s.ses: e.xhibit^s. The Lomki>i d' Moitlicru Hank, Limld. t'ozuns- 
 Hardy, J., 17 Nov.. 180V>. B. :?8."iO. 
 
 I'pon the applicon of 11., H., E.. und S.. sliareholdor.s of coy, uhidi, Form TIS 
 iVf. adjoin II men t into "/I and upon hearintr. &c., and reading. &('.. Rj^tificata* 
 let the rcjiis'or of nn. ..I'l ers of sd coy be rectified by iusertiiiL; the whe^(^iIl«4Jil.! 
 names of tho appiica.it-s as sliaioholdeis in the sd coy for the numlH 
 (M sliares, and wiih tho several amounts pi up tlioii. s|K!(ili('d iu 
 the schedule lito, such shares haviug beeu wrongfully dealt wilU 
 
 I-. 4 u 
 
 (orfciljiaB . 
 
1394 
 
 JUUGMENTH AND OROEB8. [ChaP. XX. 
 
 Form 718. b> tlie s<i <■<)> as liavinj? bceu forfeited; aud let coy pay to thv 
 applicants tlie casts of this applicou and consequent thou, to l)e 
 taxed, &c.; and let notice of ♦his order bo given to tlie Eegistrar 
 of Joint Stock (w i Regitttrar of Cos!. 
 
 rilK SCllKDl I,K ABOVE REFERRBD TO. 
 
 1 . R . , US the holder of twenty shai-es, eight of which are fully )iil 
 
 up, and the remaining twelve of which, numbered in 
 
 inclusive, are p<l up to the extent of I'li. 6rf. per shnrc. 
 
 2. H., as the holder of Kvc nhai-es, numbered, &c., pd up to Die 
 
 extent of Ix. Gd. per .share. 
 ;i. E., as, &c. 
 4. S., as. &c. 
 Hejchiim Minhiu Co.. Hall. V -I' , 4th March, 187(!. A. G24. 
 
 Pi 
 m 
 
 Torm 717. Upon motion llii> <Liy mudo unto this Ct by counsel for W., of , 
 
 „ . — , that the register of meniU'r.s of the abovo-nanu-d coy might be 
 puS" ^..on. rectified, Ac, and upon reading an allt, Ac, order that the sd motion 
 witneHsIist. ^ placed in to list of non-witness actions for hearing, aud order 
 that it bo i-eferrea to one of the examiners of the Ct to take the 
 CTOs-s-oxamination of witnesses who have made or shall make ailts 
 in tliis matter. And the sd W. is to be at liberty to iilo another allt 
 in reply, aud the sd coy, if advised, is to be at liberty to file another 
 afft in answer. Nortli, J., 29th May, 1891, American, dc. Co.. 
 A. 80G. 
 
 Fonn 718. Upon motion, &c.. for A., B., and C, declare that the names of the 
 Wliere con- ^<1 ^■' ^^^ '^"^ ^'- "''^''*' improperly entered on the register of members 
 tract not tiled of the sd coy in respect of ."J.IJOO shares in the coy, Nos. 1 to n,:\mK 
 o°Art ^1*867* before any sufficient agreemt in respect of such shares was tiled with 
 the Regi-strar of Joint Stock r.os, pursuant to sect. 2.j of tlie Cos Act. 
 18G7. Aud let, &c, 
 
 And it is ordered that the register be rectified by striking out such 
 names as holders of the following shares in the coy, that is to say, 
 the sd A., in respect of 2,800 shares, Nos. 1 to 2,800, &v.. 
 
 And order that after the agreemt of the 27th April, 1K88 (being the 
 sd exliibit marked D., adopting agreemts under which the sd shares 
 were agreed to be issued), has been filed with the Registrar of .loiut 
 Stock] Cos, the s<l coy do allot or issue to the sd A., H.. and C. resply, 
 fully pd up shares of the same nominal value and number as they 
 now resply hold as afsd in exchange for the certilicates of the like 
 shares now held by them. Hiuljields Steel Co., Cliitty, J ., 3rd June, 
 1892, A 880. 
 
 When paid-up shares hud been ajtrecd to be issued for a consideration other 
 than cash, and by misUkc the agrreomcnt had not been filed in accordance with 
 
FORMS. 
 
 1U95 
 
 tlie now rrpcalcd sect. 25 of 18«7. tlu' Court in »onii> i-Mi'* rpotiliml tlii> n-trHNr 
 to tho iiitiMit that the af;rpcmcnt nii)fht In- Hl<>(l, uml llir "harm re-innuisJ. Si-c 
 furthfr. infill, pp. 1420, 1421. 
 
 Altliou^li till- aliuvc and the following; forms uctuully order tlii> a;{ret>nii'nt to 
 1)0 tiled, it would wom that there is nt>t in fact any juriwlii'tion to make »m-h an 
 order eieept by eonnent. The jurisdii'tion in merely to rectify the rc)»iHti'r, and 
 (five damnfrcs. Mni/imrih. I.imilfd, (1898) 1 Ch. 515. Since the ileciaion in 
 Trtror v. H'hilworlh, 12 App. Van. 4(t9, it seems doubtful how far any relief 
 ought to be grantul in such cases; and, at any rate, if there has been any eon- 
 niderablo lapse of time, it will bo projior t« provide for the payment of crc«litors, 
 who may possibly have Riven credit to the company on the faith of the shan-s 
 in (|iie«tion having been issued on the footinir th:it they shall he p.iid up in ciish. 
 Sec DiirliiiyliDi ForffeVo., 34 V. D. 52'^; limul Strnl llli/i/t. Co., \V. X. (IHHij 
 149: Xottiiiff/iiiiii llnuoiy Co., 4 T. I.,. I{. 429. In the case Inst iientioned, 
 .North. J., made the order on the terms that, before it was jiassc :, evidem-e 
 •hnuld bo produced that all creditors for 3()(t/. or upwards had In-cn paid. 
 
 .\nd where notice of motion wa.s served and, before the hearinir, n windini»-up 
 order wa, made on u petition presented after service of this notice, \ aufrhun 
 Williams, J., only made tho order \» rectify on the terms that due provision 
 should lio made for all debts incurred between the dates of the issue of shares 
 and the notice of motion. Prisi-rr/irion Sinnllrni,-. (IHH.'ji 2 (h. TOH. 
 
 Form 718. 
 
 I'poii iiiotioii, itc, for M., of , uiid W.. tlie tree in liqui<latioii 
 
 of M., &v. [rectijij'mg reginter by c<mcdUn<j M.'s tiame.. And lot 
 an affroonit bo fortliwith drawn up and f.xniutod, oiubodyinfj; tho 
 agreonit in relation to tho puirha^o of tlio business of .sd AI. 
 rontainod in tho orifjinal resolutions dated .'ftst October, 1S72, in 
 accordanio with which tho sd coy wa« formed; and lot the agrceint 
 when so executed 1)0 forthwith filed with the Roj^istrar of [Joint 
 Stock] Cos; and lot now [sic] shares of the 8(1 coy be then forthwith 
 issue<l in the name of tho sd M. by tho sd coy in pursuance of tho 
 sd ap:reonil, and delivered [nic] to the sd W. Ciive notice to Hogjstrar. 
 Xo order as to costs. Union Manulticturing Co., Jessel, j H., lOth 
 Juno, 1878, li. 1289. See al«o So\dh African Saltpctn; ^North, J., 
 24th July, 1897. 
 
 Form 719. 
 
 .\ui.tlier. 
 
 This action coming on for trial on the .ith, (iih, 7th, and Oih day.s Form 720. 
 
 <if , I'.Hid, and this dav before this Ct, iu tlio nresonco of counsel ,> , 
 
 ' ' Order rcHcnid- 
 
 lor tlio Jilt ami tor the dfts, and upon hearing: '1'l' writ issued on tho iuKumtract 
 
 day of , and the pleadiiifrs delivered in tliis ucfion ic;ul, and '',' I'""''"«' 
 
 . , I o > sliarcs from 
 
 tho evidence of the several persons named in the sclicduh' hlo on their company, 
 oxaiuiuation taken orally before this Ct, and upon i)roduc(ion to such 
 persons of tho several o.xhibits set opposite their icspivi^ names in 
 the second column of such schedule, and hearinj,' what was alleged 
 by counsel for the pit and for tho dfts, (his Ct dotli order and 
 
 adjudge (hat (he contract for tho purchase by the pit of shares 
 
 in the dft coy in the pleadings montd bo rescinded; And order that 
 the register of members of (he dft coy be rectilied by removing 
 
 therefrom the name of tho pit as tin' holder of shares of U. 
 
 4 V 2 
 
 !ilh' 
 

 m 
 
 iau6 
 
 Form 720. 
 
 .lUlKiMKNTS AND ()IU)EK8. [ChAP. XX. 
 
 oaih ilitd.-iu. AimI ur.lei thai llio clltn, Tlio Olul.c, &v. itii.l T , do 
 loilhwith luiy to tlio pit C , Ihuuh tlu' tmin of l . t..j;olli«i 
 will. iut.M<-st" tli.-ivuii at, tlu- nil.- of 4 p.r.i>.u. from tho dut.- ol 
 piiyim-iit of tho iippH'oii monov and iillotiiKMil ivsply for the s,| 
 shares. And onh-i that th<- dff.s. Tlio lilolw. Scv ami T.. do p.n 
 lo tho pit F. Iii.s lo-st.. ill this anion, to \,v tax.-d l.y tho taxinj? imisfr 
 And it is ordoi-od that notiti- of this JMdp;iuont 1m> givoii to thr 
 He^'isliuf of Joint Stoik, Co- h.v .-.'ivinH: uu odicO copy of this 
 jiidirnicnt upon tho s,| Kosistia. or hy Icavin- the saiuo with tho 
 derk at tho oflifo of tho -.1 Ro-istrar. S.hodulo. Foster v. Thr (ihh,- 
 Venture Snwlicitr. l.ln,hl. ,n,(l T . Kar«oil. .1.. 10th April. 10(M., 
 A. I'.tOO, folio IUKI 
 
 Form 721. 
 
 
 U^ 
 
 Another. 
 
 This uotion con.iiijf on for trial on tho 2.ird, 24th. 25lh, and 2.ilh 
 Fohrnarv. 18i»l, and this ch.y hoforo this Ct in tho prosonue of conn- 
 Hol for the pit and for tlic <lft.s, and upon hoarinij; iho pioadiiiKv 
 in thi.s action mid and four loa-sos, <latod :tl.st Uooonibor, 1888, and 
 a.s*.iKnn.eiit.s tliof losply. datcl ;!oili N'ovombor. 188'.). to tho dfls. 
 prodmvd by L. on iiis sul.i>.ona. and llio ovidonco of tho sovoial 
 pi'i-soiirt iiainod, ic. as in fin'nuliiiii Fmiii/ 
 
 DtMlaio thai liu' pll !> onlhl to haw llic .•ontiacl oniorcd iiit" \>\ 
 him lo tako 4(ll» sliaivs in tlio .ills' .apital in tiio ploadin-fs iiionid 
 sot iLsido in rospoct of tho mi.sroiiro-ciitalions .•ont;iinod in tho pros- 
 IKMliw of liio .sd cov, and doth oidor and a<ljud<|>' tho same accordingly 
 [and re. tifv rogi.ster, and oidor dftrf to pay to tho pit tho sum of I5ul. 
 (^bcin}; tho total of 7n. •»/. por «iiarc pd ou tiie sd shares), together 
 with iutorost theroou at tho rato of Jl. p.c.p.a. by pit's consont 
 from tho 13tii Xovomhor, 1889 (the dato of tho writ wiiioh was 
 8ub80(iiicnt to tho dato whon sn.h am.miil wa.M pd), until paymoni 
 Tax pit's costs of tiiis action, and also lax tho <lfls their costs of tho 
 orders dated resply 2tilli Fol.ruary, 18'.)l», and titii November, 18'J0. 
 and tho taxin-,' master is to sot off or do.Uict iho dfts' sd cusl.s and 
 also tho sum"of II.. bein^' tho costs of tho pifs suiniiioiis datixl 
 i:!ih Januarv, 18tMi. which wore to be tho dft.s' cosln in any event, 
 from tho anioiint of tho pits taxed costs, and (x^rtify the balaiuo 
 due to the sd pit. 
 
 And onler the dft-s to pay to the sd pit the ' •lance certified by liio 
 taxing? master to be duo to him as afsd. 'iomer, .1., Cronbach v. 
 Uranium Mines. Limtd. 27lh February, 18(11. .\ . ;!29. 
 
 f ' 
 
 Form 722. Upon tho applicon t.f tho pits in all three actions, and upon heaiin<r 
 
 7 )1„, „u!ui,s for Iho applicants .and for the dfts in all throe actions. an<l 
 
 ToBt^uction ^^^^ reading the writ of summons in tho third-montd action and tho 
 order dated. &c.. made in the first two actioiLs, and tho pita and 
 dfUs bv thoii solors eonsontiiig- lo this order, and E.. the pit in tiie 
 
KOKMs. 
 
 1397 
 
 lliiiil urli.m 1.1, >Vt.. I'.v lii> -ol-ii- Mii.liil.ikiii- iliiit fUv lii-i| ami Fonn 728. 
 K'oiul liliovi" action.-* <>l', iti' , tliall !«• tn'atod as tvM actions, uiul 
 -hall ilcii.lc lii.> ritrlii- iii liin s<l aclidi' iiiiUms tho jikI^o at or aftor 
 ili«' tiiiil .should for any ica.-oii pd'onal to the pit in ihc -d two 
 ir.-l lulions olhorwisc ordor. ami the >d |dl K. Ii.v his -olur* alxi 
 midcrtakiii;; to be ro-poii.-'ihU' jot aiis lost, iliul nmy be a\vanl»<<l to 
 
 ihc dft'- tlicrcin or in the -d l»-'| ii.li un<l the dt'tx in nil ibo 
 
 idioM'-nicnld actions b\ tluMi solor* undertaking to abide by tlio 
 lindin;; ill' iin\ ) of tho ("I in .dther of ll. ■ >d test actions on the issues 
 of ini.sn'|iresentation. It is by eons«'nl ordered that the tiino for 
 deiiverinf; a slatenioni of claim or taking; anv other proceedinir in the 
 ihiitl above-named action of. fcv., be eidar-ed until fourteen <lays 
 alter judjrment tliall have lioen iriven in the sd test actions or until 
 further order, and order that if at an\ lime it shall appear li> the 
 iudi;e ihal lor any reason tho sd lesl actions cannot properly bo 
 lieatiMl as test actions the dfts or the sij pit K. be at liberty to 
 iippiv for an order that the sd action of H v. I'lissbwii. (fc, nhall 
 be proceeded with for tliat (lurpi'se. and order ihal the cosLs of this 
 ^ipplicon be costs in the sd test a-linns Vntti'i \. I'axxliurii (hiiiitx 
 >/inill(iitr. North. .1., lit danuary. IHltl: .ind for order subsliluliny: 
 another test ai'lion. sei' or<ler of Rhmk'i , .1 . for North. .)., in same 
 aition and in other actions. 10 Aiijr.. lH!i| 
 
 Sim- .!»«/- V, I /„„/,•„/:. tC. I). HlW ; /.'',.•'" 1. /■•'■'I H" 
 
 ])jti. Cli, I'l-. Tth c(l. liilii: Sc-tiih. lUli 111. H;t:i. 
 
 :, C. I'. II. :!*•; 
 
 Setting aside Sales to Company. 
 
 Declare lb tiie sale to ilie pit c<n of the ( onrcssion of H May, Form 723. 
 I8(i'.t, in the ploadinjrs menid, was fraudulent, and ought to I -'< jy^^^.p, 
 aside, anil order and decree tho -same aecordingl\ . IJeclarc that 11. s.ttiiiK asid. 
 an<l the e.statos in liquidation and secjuest ration of the dfts 15. and l!;''^;;;^,''^;,"^" 
 I'. 1.. A Son. as a cov. anil ('. L., Ac . the oidy partners of tho .sd onlcrin;.' 
 coy. as individuals in the pb-adin^rs mentd. are jointly anil severally r<T»yni' "' 
 liable to make good to tho pit eoy the suiii of >;r,j)(H>l.. so pd ffir 
 tlie purchase of tho sd concession, together «illi interest thcicon at 
 the rale of 1 p.c.p.a. from .'ll May. IM71. and the ro.sts of this suit. 
 Declare that the dfts E. and K. are .jointly and severally liable to 
 make lomhI to the pit coy the sd |iurcliase-inoney to the exteni ol 
 l.ViHlil/ . improjiorly pd Ic- the sd dfts us in tho pleadings montd, 
 together with interest on the sd sum of {.■..(too/, at rule afsd from 
 .11 Mav, 1871. and the cost.s of this suit .\nd dft H. not elcding 
 lo take an account of the prolits (it any i made by the pit coy from 
 .|i,.. working "f the Island ..f .\. V. .since ai May. 1871: let dft. II , 
 on or before 1 .June, 187(i, pay to the pit coy (ir>,000/., together with 
 interest ut 4 p.c.p.a. from 31 May, 1871, to the time of payment. 
 Liberty for coy lo prove against estates of the dft 11. under the 
 
1 1 
 
 i 
 
 I 
 
 II 
 
 1398 
 Form 783 
 
 H'lMiMKNTH ANI> OBUEKH. [C'llAP. XX. 
 
 lii|iiiiliiri<)ii j>iiK(iMliiiy> iiiiliiiU-il In liiiii. iind «Ut) iiinlcr tho <«>i|uos- 
 trulvil f.stult'^ 111 IV I. X Sou us H loy, mill C. L lic, a-, iiidiviiliiul- 
 for lliv mi (l.'i.OOO/ aiitl iiitiMO-'t ut 4 iM'.p.ii. fniiii .'II Miiy, 1871, 
 ii|) Id iIk' (lutt'H nl' tlitt lii|iiiilatii>ii and Noqnost ration riMply. and for 
 tin- joNto of tlii-* wiiil. And Irl dff- K. ami K . on or hofon' I June. 
 I«7<i, |m\ lo till" |dt coy sd .sum of l.'i.fioo/., with iiilcrcst. &c., to tlio 
 day of |iayin<'nt l»ciian' lliat tlir (H-rsons puyinsr the <»d (iS.tMM)/ 
 and inU-rost, and pit's costs of suit, us af.id, Kimil iiu cntld to the 
 Iwiietit of tlio lottort palont (granted, Ac , and of tho dmitincnt oi 
 toncvKsion, 4c. .\nd pit <ii\ «liall at tlii' ex|M'iLso of such ihtsou- 
 payin^r u« ufsil. dful with sil It-tU-rs patoiit and conwMiou as s<l 
 |»«'r.son nhull rcas<inalil> n-piiri'. or. in case of didcn-nc'c, a^t the Ci 
 !>hall diivct, .\n<l dctlurc th;il any .sum wiiieh shall k- pd to the pit, 
 coy liy lli«! dfts K. aii-l K . or Kifhor of Ihoiii, on anount of thi> 
 l'i,<0()l. and intt'ifsi. NJmll Im' ti- it in satisfaction /«f> tniilo of the 
 ti.'>.tlOO/. and intci-cNt payaldc liy mo dft H., and provahlo, &r.., and 
 ilnil any sum or sums over and ahovo •'iO.OOO/., with interest, Ac. 
 whicli .sliall U' pd to pit coy l.y dft H., and the (wtates of, Ac. 
 -Iiall Ih; taken in satisfaction pri) tniilo of tho l.l.OOO/. and intortwt. 
 I)ft.s to pay costs of .suit. Dismiss bill as ag:ainst L. without cost*. 
 And pit coy haviiij;' arrun;^cd to [lay tho dft R. l.V)/. for the costi« 
 of suit, dismiss hill us a>rain.st iiim. Liberty to apply. I'ho.iphaU: 
 Sciiuific. Co. V. Uitihiunit, Malins. V.-C. 22 Mar., 187ti, I!. 4NI. 
 
 Ill the uIhivp cii.^i', tlic iinimotirw liiul foiiniil tlir- CDniiiaiiy, uml sold it tii it 
 iiiiicossidii «lii<li tlicy liiirw tii lir aln'iwly f.iirritcd ; tlic leal i.h ii.rslii|i was 
 iDiiccaled : tliu persons wlm a^'ircil to liuy on tin' i^onipany's liclialf m rivi-d a 
 secret bonus of 15,000/. ; the directors were nominees of tlie |ironioters. ami 
 tho iirospectiis contained «orious misrepresentations. t'pon diseovery of the 
 facts, a hill was lile<i hy the i-ompaiiy against the pnimoters, ineludin!; tie- 
 owners of the eoneession, the memhers of a provisional eoniinittis-, the sniiiitors. 
 secretary, and others, and a deeree was mad.' as aliove and was alHrnied on 
 appeal. Scs' report in 3 C Uiv . 394. 
 
 fn another Icadinfr ea,se, Seir Snuihri ro l'hfiK,,li<ile Cii. v. Erhn.rjr,- (.5 V. Div 
 
 7U: ;j .\pp. Cos. I'JIH), the promoters sold a property to the company witl t 
 
 disclosinir the fact that they were (fettin^' double what they had jiaid, anil 
 without disclosing' the real ownership; the directurs were nominees of the pic- 
 moters, and the pros])eetus eontained misrepresentations. I'pon disic)verin(r 
 flie facts, a bill was tiled, and. on appeal, a decree was made as below 
 mentioned. \n appeal to the Itouse of l^ords was dismissed with costs. 
 
 The deirce of the Court of Appeal declared that tlii- contract oujrht to be set 
 aside, and deire<'d the sam..; declared that the defendants were liable to repav 
 the purchase-money, and were liable for th'> shares issued in p.irt payment ; 
 ordered them to jiay the purchaM-nioiiey. witli interest: gave liberty to provi- 
 for amount .iifainst cstati"' of bankrupt defendants: directed iiuiuiries as to 
 which of the shares still belonjred t») defendants, and of proceeds of sale of 
 those sold; directed a transfer of the former, and payment of such proceeds ; 
 gave liberty to prove again.it c.^tatci of bankrupt dofei.dunts for sueb proceeds : 
 declared that company entitled to be paid the purchase-money anil said proccs^is 
 out of estate of deceased defendant : declao'd defendants and estates of bankrupt 
 and deceased liable for I'osfs of suit, and diri'cted payment, .'^c; din-ted 
 
KOKMS. 
 
 i:j9i» 
 
 miiiuntii of pnilttd, if »ny, miulf l>y iom|mii> iii w.irliiiiK tlir i«liiiiil . nnlprt-l 
 loiiipany, U|miii (itiyiufiit i>f Ihf |>iirrhi»j«-iii'iiii\v, \i-., to ili'linT mi iilmiil, an I 
 i.uy iniT iiuih iiniHta, if »ny; dinH'tiil iiu(uirii>< if to wt»«<> nf ilriTu««l ili'foii- 
 ilaiit; adjourned further <oii»iJi'rBtion; diHiuiiuMil liill, with iiwt«. iw «i»ttln«t 
 1). X W. Selon, Hth m1. p. 2328, whirc thi- diMm- will Ih> rmiiul iiiori- fully 
 
 tvt nut. 
 
 'I liocawi wa*rxpl»iin«l«nd dintiiijrui«Jn'<l in >('A.«/u(i » s,i/fmo,i A I'n.. (IM97i 
 A. •' 22, tho cu"*- of n priviiti' ronipuiiT. Hif «"/•.». pp. 'M(t !M"> 
 
 Form 789. 
 
 Tlii.Haitidi iiirijr '>" f<»" triiil uptiiixl tin- iIHk W .M ami M. on Form 784 
 
 ijii' J.>tli ami 2t)th .\i)ril, 188-'. ii: , ami cduiim'I for tlio pit.-, liiis (lu.\ 
 
 ' - - Contract for 
 
 .lUu iiioviiiK for judgment on iho iluluult of tlio dfu* S. uud «i. in «i,, of 
 
 iK'livorinp: a dflfoiicc, mid upon liourin^ tlio ploadinu'.s, .tc, (iidcr thut aetaiiidi'. 
 
 ili(> (ontruct dated 2ml April, 187'J, in tlu- plfadiii'.'^ intMild. lie hct 
 
 ,i-.i(l<'. iiud dcilure that all sliari'* rtxnivod hv iiuy <if the dflv*. "Ilici 
 
 iliaii the dft S. au part of the ciinsou for the wilt' ajiicod upon liv the 
 
 m1 contract which have not been sold, Itut havi- Ih-ou ii«luint<tl li\ tlicni 
 
 01 any of them, or by any peMons in trust for thorn oi any of iIhmii, 
 
 .)U>:ht to be surrond'Ted to tho ooy, and order and adjudRu tlio »iim>' 
 
 iccordiuKly . And declare that tho dft*', other than the dft S., are 
 
 jointly and Bcverally liable to pay the pit (o.v the ainoniii of ilie piir- 
 
 ihaao-nioney pd by them under tho eontracl, to^rether with InlereHt ut 
 
 the lato of 4 p.< .pa. from tho date of the i«hpive payment.-*, and aN<» 
 
 h) |)ay to tho pits the nominal xalue of all nliare- wliirli were allotted 
 
 lo the 8tl dft« or any of them under the ml contrail, and which tliuy 
 
 liave Mold, together with interest thereon at 4 p.c.p.tt. from the diit/-. 
 
 when -such shares were sold. And let an account he taken of what i^ 
 
 due from the dftis, other than the dft S., to the plt«. having regard !.► 
 
 the atsd dec laration.-". And order the <lft.'< W. .M.. li. and M , within 
 
 .Mie month aiter the date of the chief clerk'n cortilicate. to |)ay to tin- 
 
 pit coy what shall be certifietl to be due to them on such account .-\nd 
 
 order them to pay to the pit coy their ctinV* of tlii-^ action, to lie ta.xed 
 
 .\iid declare that the pit coy are ontid t<i a lien on all ihe interc.-*! of 
 
 ihe dfl.s in the ppty compri.setl in such contract for the jipal money.- 
 
 and interest payable under this judgment and order, amf for tho cost.-* 
 
 of this action. Liberty to pits to apply to enforce such lien a."* they 
 
 may be advi.sed. Plympfon Mininii Co. v. \Xilllnx ,ni<l nthrrs. 
 
 Kay. .1., 27 April, 1882, B. 942. 
 
 nunc 
 
 [n tho above caso a mine had been purchased from tho I'iiiuidator of a comp:iiiy 
 for 1,000/., and resold shortly afterwards bo a new company, promoted by the 
 purchasers, for 4,500^, payable part in cash and part in shares. Due din- 
 r'losuro was not made, and the directors were not independent. Kay. .1., w!i» 
 of opinion that tho defendants, except S., the nominal purchaser, against whom 
 no relief was claimed, wore promoters and partners in carrying out an inei|uit- 
 .■\blc, and therefore fraudulent, scheme; that the din-ctors, who were mere 
 iinrainees of the defendants, had no opportunity of forming a sepanitc judgment 
 
 
i4(M» 
 
 JITDOMKNTH AND OKDKKM. 
 
 L^ 
 
 XX. 
 
 Form 724. 
 
 fiffi V 
 
 •* in the |iri>|.rii'ty »f nirryinii nut >\ir iiiiitrait imiNtixI inUi liy III'' (l'fi'riiliiiil« ; 
 that the (li-frmliint", ii» |iri>iin>tep«, «»<)od in 5 Hdui'iury ptKition (■• ll»' iiiiii|Hiiiy ; 
 that tin- imrwini'd pri«' wii» rxorliilnnt; that thn iiUintilT romiiiiny wn« ii4>f 
 diMMitilltil (III thr itrniiiiil of ilolay, hcniuw thi- knnwli-iliff of thi' trmum timi 
 ronipluiiKKl of wn» im|<ni|>i'rly ki-|it Imik : ami m rordinifly jinlirnniit in :il«i\,. 
 • iw tiitiT.Kl, Ho.' W. N. (IHU'ii W>. 
 
 Alt to lii'ii when' lontriMt romimliil, -ir 
 rh. lot; Mfin.rJix. /(,.,/»/., i, i:i('. I). •IS.'i: 
 308. 
 
 I'or orilrrn in ll'i;in"ll \ . I'u, :i„„. *vr t) ( 
 pp. \S\, .VTJ: lli-ir- l.ili- i-'^ll' April. It'Ti A. MtiH, and (Hth Aiiijii-t, IMTTi 
 A. T,\i. uIko /.«<,»'. C... V. i!,„„l, II f. It. »ll; 17 ('. I). I'J'2; A. !»'il 'imii 
 I', liriiiiry. IHTHi; und U.imi v. '/.,/</ Kf,'l<,,,',ii. .(•/•. Si/mlimlf, (IWIO) I g II 
 ■J. it, di'i'idin); ffiiit ii puri'liii«i'r i« I'ntitli'd to 'cM'ind wlicro tho vciKlnr liril""" liN 
 
 till- piinliiwr'- iiifi'iit. iinil Ihir.intih, , \ . Virlmin Dvrk Co., 3 (^ 11. I>. Jlll. 
 
 thrtfttil'IH IrflHU'ltfAn \. ii'irkf-t^. I 
 tihtlllK V. .\i-lr/,lf/tji!l'l. \'\ .\pp. ''ai 
 
 . I). .'III. anil 4lh edit, of thin work. 
 
 m r 
 
 Torm 725. 
 
 Settin); aiiide 
 .-untrsct for 
 •vtle and con- 
 veyanwwlii'ri' 
 liquidator will 
 'u compaDy in 
 which ne waa 
 largely 
 inteTe«t<<d. 
 
 Tlii.-- HI lion coining' on Tor ifial mi iho, I'l'., &c., thi.s Ct doth iloclaiv 
 that tlic coii'iai't itatod, At'., in tin- j)loudin(?« inmitd oii;{lit to bo .m'I 
 ;i«ii(lc and rani'ftllod, and doth ordor und dirOL't that tho Mttino bo mi 
 ii.iido and rancellod arcordinglv, and dotli di'olare that tho (:oii\pyanrr 
 ilalud, &>■.. und all olhi'i' asmiranccs, if any, o.xocutod in pursiiaiu'i nl 
 tho Hd coiitrait oiij^lit alijo to bo sot a.'«ido and rancollod; roliof ns I'l 
 iilbor ]i|ity ai(|iiir('d in ritflit of pwcedinjf ppty, and by virtiio >>i 
 ii\\iior.'«hip ihof: diroctions tliut dft« at thoir own o\pen.-<o i'o>|il\ 
 aw.-iiiK' iiml proi iiic u-^iiiaiR'o.> nf llio proportio.-i to tho pit coy tii' il 
 fioiii iniiiiiiiiniiii <•>. .mil I" ilolivov posNcsMion; in juni'liuii to i'0-<lr.iiii 
 <lfl.-i from iloaliuir wiiii ibo ppty o\rcpt as afsj; ariiMiiil.'< iliiortoil ni 
 .•^iiiiH roK'ivod by pit i-ov fii'iii ilfis iiiidor tho conirait and intori'>i 
 ihiiii. anil iif protii;< iiiado by dflfi. and as to Munis oxpondod by dft> in 
 poi iiiaiii'iil liiipi(iv<'Mionl.>, Ai' . with intorost. and various dircrtioii- a~ 
 til wnrUiny- mil tiio arioinit.'*. and liiioity for toy to Act oil ai,'aiiisl aiiv 
 iiiuiioy line trmii tlioiii In tliodftwaiiy iiioney.H wliich plt.>4 may bccaili'il 
 <iii to pay ai may pay in jo.«iport of ini'iiiiibranc^o.H croatod. Ai- : 
 iloilaralioii a.s tn iiiai'sltallin<r as aprainst dft liaiik; co,sts to be taM'ii 
 and Jul li\ dft.s . Sllkstinii' ami lliiiiih Mnur Coal Co., T.imid v. F.ilii/. 
 The Sill. -li, lit' ami. tfr. Htiilinuis. LiiiiUl, ami a Baal,-, Stirliiio-. I . 
 K Nov. I8!t!». .-v. \H:\. 
 
 \i to tlir aliovi' lasr, m'|. iipml of U|i|ili<'ati>m to vary minutes in (l»iiO> I 
 (li. 1117. It was a casr In wliiili the liipiidators of a ninipany had -"olil ilii' 
 iiiiiU'ilakiiij; of the uuDipuny to u now iiimpany, in which Kdoy, onn of tin' 
 liiinidatiirs, wan largely intcrosteil. It is well nettled that a trustee lunniit mII 
 t<> himself or be interested in the pureha-se. fnr/.rr v. MrKfinin, 10 t'h. Its; 
 7'rt/f *. )r.7.'-.,r-..-,, •_> Ch. .w; li,-iy V. Ff.r.f, (ISOfi) A. (V ."ifl; «.-«.'.-»! r,:. v. 
 Aimrl/. 39 Ch. U. 339; Min/nr vf Sniford v. Lrr,r, (1891) 1 Q. B. LSN: 
 Paiitimu ami .South I'lin/ic Co. v. {,ir>i<i R'lhlnr Co., 10 ("h. 51.5; l)ch;-x v, 
 •<7cay, (1902) 2 Ch. 606; Seton, 2333. 
 
K()KM>«. 
 
 1401 
 
 Preaenta, Ac. to Directors. 
 
 MiiiiiK' iif iiiil;.'iiii>in : 'riii.~ ( I ilnih (iiili'i ami ,i(ljii<lu ' liiiii llii> ilD Form 726 
 li ilii. willilii I'lU' lult'iiiliii iiiiiiiili jlifi- ...i'i\iii' (if iliM lUcIci, |i.iv to |,,f,,,,,f 
 iIh' |iIi^. tlif Nuiil-\-li|c>. \i CiiN. till- .-mil of l.'MHt/ . In'iii;.' MO/ |icr imlinil t.. 
 -hue nil o.kIi ot llio till) »liuii"< «(> liuuHl'viitoJ to him ii> i.. tlii' i",^, * " "' " 
 |ili'iiiliii^^!« iiiiMiltl. iDyi'thiT vvilli iritoroxt Ihon at tlii' nif«' nf I p .■.jmi. 
 tuiiii M S<'|ii , IM7I, till' tliitc III' Hiuh triinsti'r. Dl't (t In piiv tlio 
 i'c)»l.>t (if till' inliiiii. Sniil-il-Ulo mill Ultiiini IkiiiiiiiiI.s I'd. v (Iriivr, 
 HiiiDii. V -< ., It) Miiich, IH7H; «<>«•. Lili IHTS, H. .'.7;l. S.h« »o|«iri. 
 IL'C I) 7.1H. 
 
 Ill tllii la-r llir ili'fi'liil:illt li. In. aiiii' .1 iliiiilm- ;il tin' nijln-.f iif lln' pni 
 iiiciliTit, ami In- iHii'ptfil friiiii llii-ni n prvi'iit of Hfty fully |iitiil-ii|i ••liarf^ nf 
 IINI/. (•lull. It wiia tulniitlnl that at tin- tiiiK' tlioy wrri' tiaiiKfrrriil ti> liini, "T 
 ..linrtly aftcrw.inN, (Imv wirr wurtli '*l". piT sliarr. 'I'Ik-v «ul.<ii|in'iil!y fi'll 
 In I'. |.i 1- sliarr. Till I iiiii|.iiiiy rlaiiiirtl u ili'ilanitiiiii that •!. «a» a lrH-ti'<' 
 fur til' I iiiiiKiiiy of till' ~li;in's, "r iif tin- v.-iliii- tlnTcif, at tin- I'li^i'tiun nf llir 
 i'niii|inii,v, ahil jiiilk'iHi'iil was 1,'ivi'ii in alxiM'. Si'C al«o tlii' "oiiii'Hiial '•iiiiilar 
 I'lUii' of Jliinn :<r,tir 1^,1,1,111 Cn., ,1/. /.<•</// - .««., .Vi I,. .1. t'li. ;Ui, ill whiili 
 
 Ml l.i'aii. wliii liiiil ilurinif tin- » lioli' nf it« r\i«ti'iiif • 1 a ilinitiir iif tlii' Unilii 
 
 Slatn (Quarry t'luapaiiy, wliiili wai liicii in lii|iiiilati.iii. ami liml ri'i'rivi'd friiiii 
 till' |ii'i>iiiiilri's a |ir<'«'ii> nf I.IHHI/. In liiiy '•liiiri'- u 11. nil till' a|i|ilii'atiiin nf 
 till' lii|lliilatiPl- lllliliT *••!■>. III.) nf tlir rnlll|Killiis .\it nf IHIi'J I imw ni'it. 21,1, 
 ('iiiii|)aiiii"' .\if, lllOHi, nrili-rt'il tn ariniiiit fnr tlif sii.iri's at tliu valiii' at wliii li 
 tlii'v wire wlirii III' ri ivi'il tin' |iri'«iiit, with iiiliTrat at .'> (ht ri'iit. 
 
 In Ihr rail' nf /•■,/;,.../ //,.•.»«.., SI,, I. ,\, . T,,.. ,VI I,. I". It), hi'torr Kay. .1 . 
 »liiTe iin :liviilriuls liuil i'vit hii'ii ii'ifiMil, a |irniiinti'r and dirritiir wlin 
 nlitaincd iliuri'^ iiiiprn|H'rly. thmiu'Ii nrd'-rrd tn ai'rniint fnr tlin \alin' nf tltn 
 • hari-'i win nnr, iiiidiT tlir ririuni-tamr-i. nrili'rrd tn pay it'* 'st. 
 
 .Si'K alin nrUrri in I'art II., ChaptiT \l-l\ ., a;;aiii»t iliri'i In, iiiiiIit -tiil. Iti.i 
 nl' till' Ciiillliiinii"' .\i t nf iMIiJ, and tin' -nixtitutril Kiit. 10 nf tlir ( niniianii" 
 (\\ indjm;-ii|i I .Vrt, IMlHl, imw it-ilf ri'|ilaiiil liv 111I. '.'I.i nf thr ('niniianii - 
 .\i t, llldM, and «"//,.'. |i, 7,Jii. 
 
 .\s to an a|i|>liratinii hy lii|nidalnr tlial tin' (nurt wnuid diri-it a |irn.ii'(iition 
 ■if u diriitnr under si'it. Hi" of the t 'ninpanies .\et, iNIi'.', and order the ciwKi 
 ti lie paid nut nf th.- ai.iil-i. see r/,„,l,'. Ihiilxim & C,,., 32 \V, K, 920; ,W 
 T,. .1. Ch. Il;i; .)1 \,. T. ,'>7(): /^■ A"/""-' /'"-•/ iimI (t.o I';., \V. N. (IHTI) 1(1; 
 .\',„l/i,,„ t'„,i,ftii-s lliiiik. ;)1 \V. I(. .'ill); and l.'„i,loi, nml i:i„l„- t'liiniiri' I'lt., 
 (I!I03) I Ch. T2H. In the la^t ia«e. Iliii kley, J., innsidered vi>ry earefully on 
 what priiiiipli's the power t« order a prnieeution was te he exeriised, and fhi) 
 test ho Hnallv adopted was what would a ffnud eitlzpn fiTl to lip his duty in 
 smh a. ease if to proseiute, then a pnisiHUtion nuiflit to be directed liy tho 
 Court, even against the wishes of the person entithd to the assets. .\iid see 
 I'art 11., Chapter .\l.\ ., as to prnsnutinns. 
 
 Tlii.-. uilioii iiiid cmiiitcnclaiiii coiiiiiig 011, tto., tlii.s l^t doth order and Form 727, 
 adjudge that the dlt M, do, within seven days ait«r sorvico of this Orderfor 
 iudi'mcnt, pav to (he pits, the Consolidated, &c., Liintd, (ho sum ot direotom to 
 
 i! ■■ ' his hands as a director of (ho pit coy, and tho plt.s tn recover {,ioney»to 
 
 acTpin he dft (heir co'^ts of this nctioii and 01 such couiilenlaiiii to bo eompany. 
 
140:^ 
 
 JUDOMKNTS AND OKDKRS. 
 
 rCnAI-. XX. 
 
 Form 787. taxed, aud pits to be given lihonv to upplv f>«nerall> The Con- 
 ■lolidated and Finanrr Co.. Limtil v. Mhrrt Marti/n. Huikloy. .f , 
 '27 .Jan., 1000, \. 71.".. 
 
 rM 
 
 i;t 
 
 Form 728. 
 
 Directors 
 (irdcntl to 
 make ^oocl 
 litvach of 
 tnwt. 
 
 Directors' Breaches of Trust. 
 
 Declare that the ujipliooti nf the rtums in the bilU iiioiinl. imiiioK. 
 cic, aninunting to £- , in the purchawe of .shares in the sd c ov cdn- 
 8titute(l a broaeh of truNt and niisapplicatioii of tli(> moiicv.s of tlic sd 
 loy, and that the dftn, Lord V. and othein], are joiiilly and .scvenllv 
 liable to make good and repay lo the sd toy .siuli nuuis of f and 
 
 X. , and that the dft Finih i.s »ejiarately and also jointly with llie 
 
 other dfts liable to make goo<l and repay to the .sd coy the sd .sniiiol' 
 
 ^ . a'xl that dft Finih i.s also s*>parately liable to make ).'Ood and 
 
 repay sd sum of £ to sd coy. .-\nd order that wd Lord K . kc. do, 
 
 on or before 30th .June ne.\), pay .sd several .sums loi wliicli they are 
 resply jointly and severally liabh' as afs<l. and inieresr thou at the 
 rate of 4 p.c,p,a. from the dale of this decree up to the time of pay- 
 ment to the sd coy accordingly l)ft.s to pay plt'.s cosi,s of suit. Lnvd 
 (red-* Co. V, Lord Feimoi/, Komilly. M. R., 24 Nfar , 1809, B. I2'!2. 
 See the report 8 Eij. 7: ."> Cli 7(i;! The <l<.(ree was varied as to one 
 of the directors on appeal. 
 
 Uircitors urc rcsiHiiisibIc f.ii- Iims ri'-iiltiiiit fniiii iiu ini|ini|ifr :i|i|)liiiifioii nf 
 the assit,-. of the compuiiy. Sci. «»/„». i,|,. 712, 71.>. lint tiny ur.' not li.il)li', if 
 actin;,' within the limits of their iiiithcirity, anil in frood fiiith. for loas reiultin^; 
 froni an error of judf;iiient. r,i,,,i"r,„/ v. !tti>,^l,nil . I Ch. .37(i; (h-fir.il. 
 Ginncy .f Ci. v, (lihb. I,. |{. ,". 11. I.. 4HI(. 
 
 It is u breach of tru.st for directors to aieept theii- i(ualilication .shares from 
 the promoter on the terms of holdini; siicli shares in trust for him. and oxeentinff 
 blank transfers to him bo as to enable the promoter to disipialify the direetors 
 at any moment if he ehiKises. I.,„i,l„„ ,n„l s„„il, W ,-<i,-,i, Vnnnl To (Kill) 
 1 Ch. 341. 
 
 And the Court ha.s now power under sect. 279 of the Companies (Consolida- 
 tion) Act, 19nH, t« relieve a director from liability in ea.-es where " he has aeted 
 honestly and rea.sonably, and oufjlit fairly to be excused for the ncfrli'ienoe or 
 breach of trust." As to the merininj; of these words, see yaliniial Tiiistrc Ci,. 
 * AmtralaKia v. (leiteiul Flmmrr Cn.. (190.5) A. C. 373; S'uiit/, v. '/'/i.-.x/i^.u;, 
 - L. J. Ch. 411; ]{g Tiiriir,. Hnrker v. le/mft/, (1897) 1 Ch. .531!: Itf S,-rn,„t 
 Kant Duliiich Hblh Sitir,' Ilmikflt Wdif. Snciftii, fi« f,. J. Ch. 19(i; It, Criiiilni. 
 Clews V. (irindeij, (1898) 2 Ch. 593: I'^rri,, v. Ilelhuini. (1899) I Ch. 797: 
 and Lord dc Clifford, (1900) 2 Ch. 707. 
 
 As to the liability of directors ;„l,-, ,, In respeel of bnMcli of trust, and 
 their rights in regard to ooutrilmtion, see Korm 729, iii/ra, and Part II 
 Chap. XLIV. 
 
 As to how far directors are trustees, see inisoii v. lord Hury, 5 Q. 15. Uiv. 
 519: British Seamless Co., 17 C. T)iv, 471; Rmself v. W-.skrf.dd lVn'rr:rr.: I.t 
 Co., 20 Efj. 473; Lands Allotment Co., (1894) 1 Ch. 6.W: and eases, sunra 
 p. 711. 
 
 i^ti^i 
 
lOKMS. 
 
 IW\ 
 
 Di.smisR the bill as against the dfl, H.. without costs IXvLiro that Form 729. 
 ilic (liiet(or« of th(> pit coy hail no powci- or ^tiilhoi ilv to lake or accept \,„,j|,,.r 
 ihc 3.000 and tho 500 sharo.s in lianicd's liaiikiiiir Coy in iho pload- 
 \Uiiii inentd on behalf of tho pit coy, or to yivo to the dfts, \V.. H., 
 M . H., H., and W.,and the laiu dt'l. W , or any of ihciii, .such or any 
 c't .such letters of guarantee or iiideriinity in resp4'( i of the afsd 
 >li:iies. or any of them, a-" are in the pleadihj::s ineniil 
 
 Declaro that tho pit coy is not under any lialiility upon ilie afMl 
 It iier.s of guarantee or indemnity, or liy reason of the underlid>iiifr»* 
 • unlaiiicd therein re.sply. Declare thai the appropiialion and jiay- 
 iiicnl out of tho fund.s of the pit coy of (he three .scM-ral sum.s of 
 lii.ddO/., ,j,00()i., and l.'),IH)()/. specifying the dales i. in respect of the 
 jlsil shares, was a breach of liiisl; and that the ilft.s, U . H.. Ai'.. and 
 ilic late dft.s. L). (^ihe younger i. and White, and K. i now a hanUnipl ), 
 l.ciame Joinlly and .severally liable to make good such brearli ..f irust 
 
 In lefunding to tho pit coy the total an nt of the afsd principal 
 
 iiiniieys rosply, with interest thou resply at ihe rate of f p.c.[).a. 
 Declaie that the dfts 15., Ac, and the several esialos of the deceast'd 
 ilii.s. I), (the youngerl.and White, and the estate in bankruptcy of K., 
 Mir jointly and .severally lialde to refund to the pit n.y the sd amount 
 111 principal and intore.st,and the <osi.s of the suit; but as (o the estates 
 nf the decea.sed df(.s, Dent i tlie younireri and White, oidy in a just 
 oiii.se of administration; and as to tho estate of tho bankrupt l{ . 
 niily by way of jjroof under his bankruptcy. Order on dfts, H., i<:c., 
 iui payment of £ i being Ihe coinpuied amount of piincipal aiwl 
 
 iiiler(\st. less the sum of S'ol.. being the aiiiounl which, by the ])|ead- 
 iiii;s. ajipears to have beiMi carried in the books of the I'oy on th<! 
 JTih Feb and l.st March, IHtWi. to the credit of inleiesl ou the neditor 
 iinesliiient account, iis having arisen from dividends on the afsd 
 -liaios I to Iho oir liqr within fourteen days after set vice of the decree, 
 iiid of the sd sum of 87.")/, into Court to the credit of the cause ' The 
 Share Account." Liberty to apply as to such fund. Dfts, B,, Ac., 
 lo pay pit.s' costs. Leave to pits to apply in the administrations and 
 1) iiikniplcy. Liberty to apply, Juhif Storl,- f)isr<)unl di. v. liiotrn. 
 f 's, V.-{\. 5 .Iiilv, 18U9. 8 E.|. .ITii. 
 
 i. 
 
 I'cir nnler !n action for contribution lictwcoii (IlrcitoM wlio liiid (oiiimittnl n 
 liiccich (if trust, sec A/lmmt v. Mns,,,,. 20 Kq, tlii: Setmi, (itii cd, 21.38; 
 UnnnkiU V. Edirarth, 31 C. I). 100; .Inckxnn v. Diekiiimii, (190.3) 1 Cli, 947; 
 tir I'li'tlefield Collleyy Co.. 8 Cli. I). :tH8 ; fir .lnglf,-r,iiirl, Sorlrl,/. 21 Cli, I). 
 .•|01. Seo also K. S. C, Ord. XVI. r. 5, .ind .\n. Pr, \ntis u> the Ordnr, and 
 »wt, 84 (4) of the Compaiiii's (CiiisDlidiifiiiii) .\<'t, lltOH. 
 
 'rilis action coming on for tiial before this Court, ckc, this ('Jourt Form 730, 
 
 (loth adjudge and declare that the dft.s. W. ('. L, and W, R.aro liable Onlcr iifraiuM 
 
 lo pav to tiie pltH tho sum of I' in Iho amendeii statement of claim l""'""'<r'' t" 
 
 1 ... 1 I » refund illegal 
 
 iiientd. aiic it is ordered thai the f(dlowing infpiirv be made: .\n profit 
 
 r^si 
 
w^^- 
 
 1404 
 
 JUDGMENTS ANU OUUEK8. [ChAP. X-\. 
 
 Form 730. 
 
 Form 731. 
 
 UcHtraining 
 
 threatened 
 
 iiirfeitiiieB. 
 
 inquiry wliat Is (he aiiiuunt of llin |iiolit.« rcreivod by each of xhnn 
 l!i<! dfts, S. AV. and M. H., ; ~ promoters of the pit coy, and this Conn 
 doth declare that the sd dft.-i, S. W. and M. II., are sovorally liubh' i . 
 pay (o (he pit.-* wIimi .-ihall bo certified to bo the amount of nurh profit- 
 and the plt^^ are to lie at liberty to apply a« to their costs of this actim, 
 as a<;ainNt the dfts. S. W. and M. H., after the master shall iuwi' 
 made hi.s lertilicate and tho result of such inquiry and taxation .•! 
 cost.s and provision for payment]; and it is ordered that upon tli" 
 dfts, \V ('. 1,. and W. R., givinfr .security to the satisfaction of ili.. 
 nia.-ter for the sd sinu of t' - no ))roce('dinfrs be taken to enlon ■■ 
 this judjiinent as to the sd sum jicndin-j- the appeal. thi> sd dfts uiidii- 
 takiu;;- to appeal from so unich of this jud(rment as makes (hem lialph' 
 in r<'sp(>c| of ihe sd smii. Thf ('kiifiiHiiil Cifrlv Mdiliifurtiiritui Cm/ 
 l/imtd V. /.I(>;/il Hiiil Dthvrt. Stirlinu. .1.. !.-> Nov., 1000, A. ll:].".. 
 
 .\s ti> the liiiliililics of |ir(piniit<M-«. see furtlier, -■•ina, j>. 121 rl xrq. 
 
 Forfeiture of Shares. 
 
 I'liou iimiiciii fdi pli anil upon heariny rijunsel for ilie dfts. aiil 
 upon readinj;. \r. And the |ih by hi.- coun.-el underlakin;.;- to abiilr 
 by ;ni\ ord<'r this ( i may think fit to make as to damaijes in case tlii- 
 ( I siiall bereiiflei- be uf ojiiulon that tlie dfts shall have su>taincd am . 
 liy r<'asOM ipf thi< older, wiiirji ih<> ph ouuhl to pay. Order ihat ibi' 
 dll.-^. the \Mruini Coy. Limtd. II. W.. II. N . and II. .S.. and thcii 
 ai;('uf.>. be iesiiMiii|.,| miiil judi^iuent in this action, oi- further i>rdii. 
 from tukiii};- pi()c<'edinos as a;«ains| ihe pit under the notice "\ 
 .">lh F<pbru.iry. iHitl. to enfor(c tlic lall of (;</. per share, of vvliich llie 
 lift.- Inquired payment on tlie .")tli .Mardi. lHi)l. and from forfeiliic.: 
 tlie pit's f.()()0 .shares for uoii-p;iyment of .■.mh call until <hie notice h,i- 
 been yiven of smh lall.and until .such uotiics shall have e.\pired. aii'l 
 from actine as a;;aiiist the pit iu aM\ way upon tho notices, beaiiii- 
 date tho .Mh day of February, 18'Jl, and the tith day of March, JMt'l. 
 
 signed respectively by order of (he Ixjard: . secretary. Dniiil.rr 
 
 V. Ynrinin' Co. ami ()lh,'r.'<. North. .1.. l.'i March, 1H91, A. b'ii) 
 
 .\ iiunhn'ier nf Ini feited sliiire. iiiiiy lie iIi.|i:hti'iI liy the artic-les of assoeiatioii 
 from viitiii»< wliih- i:ills are un|iai(l. /,'ii„r/i >,■■■/■/ Minnig Co. v. IVninvyhih' . 
 (1901) 1 Ch. IKt. and |i. 70S, „.,.,". 
 
 Form 732. 
 
 Ifijunetiou 
 nrtmiiiintr 
 forfeiture of 
 NlmreH. 
 
 v\ 
 
 I ndortakino- as to dauuiores. Let an injunction Ik; awarded io 
 restrain dft coy and the dfts C. .M., and -J., the directors tJiof, fr.jiii 
 Ktrikinyr out or erasing the name of the pit from the register of the 
 membofh of (he dll coy, and from selling, re-ailottiug, or otllor»i>e 
 disjKJsing of tho pit's shares therein, nunibere<l, &c. inclusive, which 
 by a resolution of the directors of tho dft eriy of tlie day of 
 
 M^ 
 
KOKMS. 
 
 U)'> 
 
 ■.i\r iiurpoiloil to 1)0 forffiloil. or ;iiiy i>l iliciii. '>■ nlliciwi-o iiiniij; 
 ii{i(iii th« -tud resolution until jiidLjiiioiit in tliis a(;tion. or until 
 tiHtlicr oi.ior. (loullor, ■■ LoihIdh. <('<•. Cii.. Malins. V.-C. 7th Juno, 
 1S77. A. 118(1; Scton, lti.")(i. Soc ix'iinrl ol CiiM-, \V N, i ISSOl 111. 
 Sim. also .lohtisDii V. l.ijIHr's Inui Aiiriici/. 2H Mnrcli. 1877, A. ll'.M; 
 .. I . Div. GH7. 
 
 Form 732 
 
 r|ion motion I'or ju(|i>inriii . \r. l)x couiisrl I'oi tlic pit for >.n(li Form 733 
 ..i,|cr ii.-< upon the ailnii»ioii- of fm I in tlic -liitcuHMit of iIcIoiilv hi' is ,j,„i^„„.„, 
 , Mild to, iin<l upon lioiiriii- rounsci for tin- dfis. and n|iiiii reading >.-rautiiig p< i 
 ill.' pleadino-s in this action. l).-.'Inio tiiat the resolution of Ihu {";,'^';'/^,;"|,'"'' 
 
 ■ard of diroclors of thi' dft ouy of tlio 2(lth Fobrnary. IH77. in tln^ fnrfeitiir. 
 statoniont of claini particularly iiionld. wliii !i di'c lai.'s or purports to 
 d.'claro tho wliaiv of the pit in the sd cox to he forfeited, is invalid 
 
 I void. And lot a perpetual injuih tio;i li(> auaiileil airaiiisi i!.-- 
 
 .Ill cov, ro.straiiunjr the sd c.iy. and ilie liirecl.irs. and ollicers. <v,l 
 a-erit-s liiof. from reniovin;;- the n.iiue of the |dt fmiu t.iio ie<rister of 
 lai'iidiors of tho dft coy. and finin .s.dliuL:. iv-alloltinj;-. or otherwise 
 .lispo.sine- of the sil shares whiih tho .sd i-os.iluti.ui |)urpoits to lorfeit 
 a.s :ifsd, or anv .if them, or ollierwiso artini: upon tiio m1 rosolution. 
 Let dft coy jjay t*) pit his (,>~i,s of th.' a. tion. i" lie laxo.l. .v.-.. 
 Ill ca.so tiio (lartios dilVcr: ami tiio (;t not reipiiiiiit; any trial of this 
 a. tion (ilhor than the mI niotion IJIm ity t.) apply, lltiiiltoii v. 
 I.niuloi' A)clut(cturaUliirl:< n lunl l . .V .(./.. l«77.t;. 8'.t; Malin.s, 
 \ .-(',, 5t!-. hily, 1877, A. imu. 
 
 Injunctions against Directors (Improper Exclusion, &c.i. 
 
 Ipon inoti.Mi lor an injunctiMU. .V.v Tlii.s ( ourt doth or.ler and Form 734 
 adjudi^' that a perpetual iujunction lie awaiiloil aeainst tin! iltl.s. i,ijm:.ii..ii 
 e\uM)t tho dft cov and H. !'.. to iv.strain tlieui from r.'strainin:^ or t.. r.'siraii. 
 III any way inlorferiufr with the pll acting;- or atlen.lmj;- i a iliroctor ,iir,,.t,,r. 
 of tlic dft coy; and lot thi' dfl.- .M . an.l .■<. pay !o th.' pit his , o-l.- 
 of thi.-i action, including: his costs of this niotion. such coists t.. ho 
 ia> 'd, Ac; and lot all further procoudiiijis in this aetioii, o.xcopl lor 
 ,.' pur[io.se of carry iiifr out this order. Iio staye.1. I'ulhrook v. 
 liirluiionJ. itr. ( II. (Hill it" Dirrilnrs. M U , tUh Aul;iis|. 1878, 15. 
 !,•<:; I Soo !t ('. U. Clio. 
 
 it will bo observed lliat the comiiaiiy was nut rc.-traiiicil, aii.l anortliiis;!)' the 
 plaintilf was subjciucntly reinovcJ fr.mi office by a •,'oneral meeting'. In /.''/(i 
 hyid/je V. Smilh, 41 C. I). 473, an iiijiinitien was frrante.l ajfainst the direiturs, 
 l)Ut afterwards a general meeting res.ihiMl that they did not d.'sir.^ tin' ex. In. led 
 iliie.-lor to a.a, and tho Court thcrcvip.ai dijsolv,-! tho injnn.'ti.m. S.-.- ::!-.> 
 Munxler v. Cummfll Co., 21 V. Div. 183: llorbn, v. Phillips, 23 C. Div. 1."); 
 lUnifiie V. /,./ rrlii'idd,!. 37 C. Div. I; A'v»7.' v. Alliiru^ <!ohl Co., .30 \V. H. 
 
 I' 
 
I40G 
 
 JUIWiMKNTS ANI> OKDKKS. 
 
 r(;irAP. xx. 
 
 Form 734. *''^- <-'t>nipari' r/,f (/lom \. '.■•'r,,„„i,-i,! stork Cn., 3 (J. 11. 1). 442, with 
 
 £vnnA V. J/fitirfa itf Onh Sm-iflt/, I'J Jiir. N. S. J03; Her v. LnndoH Atmutt' 
 
 Co., .5 B. A. .\1(1. 899; Sulin,, v. /■:n;,/i-/> n,„l r„hminl Pro'l;,-,- C,,., (1902, > 
 Ch. 502. 
 
 As to restraining ^lir(•lt<lr^ fnini iiitin^r iint'uirly in making; ('alLH, see .(/...- 
 
 ftudcr V. .iHtnmatir Tfti'itlnut 
 
 lloav. 279: /.o 
 
 r„„,hi 
 
 /'.<., (1900) 2 ("li. .W; Sriiiiifiii V. Mitchell, 111 
 '. I.'l liiav. 22; iind pij. 6.>4. ti.").), miprc. 
 
 
 PI i 
 
 Hn, 
 
 III 
 
 Form 735. r.suul inulcrluUiiij.'^. l-cl the <iri«. KIworthv Krotliors * C... 
 Order Liinttl, jind tlicir riccrctiirv iiiui ay:ciil<, 1m^ rostraini'd from lioldiii;^ 
 
 reotrftuimK or (iHowiny to Iw- licld. lli« annual "vneral nicotin"; of tlio dft cnv 
 diroctom from i .■ i <• ii ■ , i 
 
 holding meet- '^^ '''*' "■'*.'' "' "• '""' I>'Oiii sumnioiiinjr, or allowinpr to ln' 
 
 iDfiratuii- 8Uinnionod or held, anv iniH'tiiiy: of the ilft coy until after tho — 
 proper piriod. , , .. ' , , ,, ,„ , i, t, , , 
 
 day of , or ui lurlluM- ordor. ( tiiiiioii v. Inixk. liacon, V.-l ., 
 
 , or UI 
 '2'J .Iidv, 187".. .\ 
 
 i4n: Si'loii. l!r.(i; I'll Kc|. (i(i9. 
 
 Form 736. 
 
 KcBtrainiiig 
 directors from 
 improperly 
 rejecting " 
 votes. 
 
 rpoii uiolioii for an injuiiilion. Ac , b\ (■ouii.«el for llu' pits, ami 
 upon tlip a|)|)li(on of coy. I)v Mo.'i-irs. l'., adjourned from Cliaud)Pi>. 
 i^c. Let an injumlion lie awariicd lo restrain the dfts until llir 
 licarin^- of thi' action, or further order, Ironi entering or cau.-ini:' 
 to 1)0 onteiod, or «ullcriiiji' to remain entered in the niinuie hook or 
 book.s of p rowed i II g,s of tlu! pit coy, or otiierwiso to be or remain 
 rocordcil in any hook of ihc sd coy, any entry that or to the ofycci 
 that the aiiicnduicnl in tlie indorsement on the writ of .summons in 
 this action mentd «iis c,iiric<l, or that the socoud resolution in the mI 
 indorsement mentd \va.- not carried, and from actino- contrary to or 
 in any manner in(t()n'-islcnl with the instruction.s conlainoil in tiic hd 
 second resolution, until .some otlier resolution to the ciinlrary nhall 
 ho <luly pas,«ed liy a ^'iieral meeting: of the jilt coy: and order that 
 th(> dfts or any of them who shall, at tho further or any other nd- 
 jouinment of the nieetino in the sil indorsement mentd. or at any 
 other mcetinjr of the pit coy, preside a.s chairnmn, he restrained in 
 like manner from disrejiardino- or iieHli'cliii;^; the votes of any dulv 
 retriMl<'rod niemher of the .s<l coy ntlierwiso <luly (pialilied to vote on 
 (he jrioiind that such reyislere.l me.nher is a trustee for or nominee 
 of another member, and j^x-nerally from rt'jeclin<j the votes or any 
 of (he votes which any ie;;^istored iiM'inlior is entid to p^ive under the 
 ar(.s of asson of (he pit coy: and let the sd applicon so adjourned 
 from Chambers as afsd stand over until the trial of the action or until 
 further order. Pcnthr v. LitxhiiiijloH. M. K., 2 March, 1H77, B. 3.>7. 
 
 In tlic iihovc action, the jilaintifF siii'ci "' on lichalf of lilius(;If and all ntlipr 
 tho sharolioUU'rs of the Direct. >^c. Co., wlio votinl nuniiist the iiinendinent to 
 ti-.o first rc-f.!ution .inJ in f.u.Mir of lln' M-.umt ic,>,liiiioo in (he injor.ienicnb 
 on tlio writ of summons in this action respectively mentioned." The ense is 
 reported in fi C. 1). 70. Kee, niso. llnrlmi v. P/(Ulips,'23 V. Div. 15; Mnchiugall 
 V. Cardiner, 1 Ch. D. 1 1 ; Inijicrial Hydropathic Co. t. JIanipson, 23 Ch. D. 1. 
 
 mUt 
 
KUUMS. 
 
 14(t7 
 
 lipoii inolioii. iVr. This (,'t ilotli ordci- tliat tlic dfls ho restraiiioil 
 until the liial iil thi> nction or until luithcr niilcr t'luin uctiiij^ tipoii 
 an allcfj<'<l ifsdliiliiiii of the slmii'liolilois iif (lit coy purportinfj; tu 
 hnw beoii passed ni an extraordinarv j>t>iipral iiioetiii(j of tho dft 
 niv li«ld oil the <il . and fioin liojdinp; tho ronfiriiiutorv 
 
 iiKH'tin^r calU'd lor the dav of t'oixtoii v. ThollMs. 
 
 North. .1.7 March. IS'.'.".. 
 
 Form 737 
 
 KcHtniiiiiinf 
 rDMliniiatiiiii 
 >>f irri'^lai' 
 rcsohitii'ii. 
 
 I |>(iii niiilion. 
 
 Tlii» Ct dmh ipiih'i that tin; dtts, tiioir ollirors Form 738. 
 
 and atfcnt.s, [tv ivsuaiiil'<l iiulil jiid;.'iiK"iil or I'luthor order lioiii q^,,^ „„ 
 aclinu ii))oii oi nivin^ ollcrt to tlio resoluliori.s pa.s.sod at. tiio I'xtra- upiwal from 
 oiiliiiarv jfC'iifral luectiii^ of liio sliaruliolilcrs in tliu dft coy on IS o^i'™'"ol^^,, 
 .\pril. 18!);}, or treating the s<l riwolutioiis as haviii<; boon validly imly to 1k' 
 .airit'd, and tlial llif dll.s do pay to tlio pit his costs occasionod by I"'"'- 
 iliis motion, .such costs to be taxed Viy tho taxiiij; luastor. Simp.wti 
 Mill liehalf of hiiiisolf aud all other the Nharclioldors of tho dft coy 
 who are oppose<l to the resolutions proposed at a f^oneral luoetiii^r 
 of the dft coy held on 1« May, 181»;J; v. The Palace Theatre. I.imtd. 
 ,111(1 olhiiis, North, J.. 11 May, 18!>;i, alfirnied on appeal 17 May. 
 I8!t;i. Reported in Oi* 1.. T "0. 
 
 Ultra Vires Acts < Preference Shares, Dividends out of 
 Capital, &c.'). 
 
 Doclai-e tiial the arraiigoineiit in lliu bill iiicntd coiiio to bclwcofi Form 739. 
 tho directors of tho coy aud the dircrlors of bank, for an anialpraiiia- AiimlK»m.'- 
 lioii of the two coys on tlie tonus in bill inentd, wa.s beyond the tion d. uluriKl 
 powers of the directors of the coy and was not authorized by the arts |!,..,',',ViIi'.ri.' " 
 of as.sou thof, a"<l thai such arrangcineut is not bindinfr on tho 
 pit ni'i on an members of the coy. Decb'-e tliat tho resolii- 
 
 licms of 12 Ai ''i. in tho bill n<f .i|d, wei-o not within the iiower.s 
 
 of a general o. other meotinj, coy, and were not authori-cod 
 
 by the uienidiim or arts of ussou of coy, nor by the Cos Act, 1802 
 and that the Kiine are not binding on the pit or on any other 
 dis.seutient members of the .sd coy, and decree the same uccordiugly. 
 JjCt an injunction be awarded to restrain tho dft coy, and the dft.s 
 (i., *c.. the directors, and tho dft E., tho ofl liqr of coy, and the dfi 
 bank and 15., itc. tlie directors thof, from carrying the .sd proposed 
 ariangement into elicct. \n injunction to restrain olT licjr from 
 hamling over to batik the as,seis of coy or any part thof in pursuance! 
 of sd arrang<'mcnt or of any otlier arrangement to tho same or 
 tiimilar ciicrr. Declare ihal dfl bank uro to .sUind a= rr(xlitor= a;.';urist 
 the estate of (l;c coy in respect of any advances or payments which 
 they have made in liipiidation of any debts or liabilities of tho 
 
 H., 
 
1408 
 
 .HTD0MENT8 AND ORDEUS. [ClIAP. XX. 
 
 Form 739. coy. «"<' •" a lieu upon iill tlio iis.>iOis oi' coy ccmiprisod in sehodiilo-. 
 A., H., and ('. of tlio dood ol' covouitnt, dated. &r., in )>ill nipntil. 
 for tho iiinoiint of siu'li iidviinc<>.'<. witli intore-<t on such of tlioni as 
 Iicar inlorest. Lilx'iiy to hunk to fro in under fho windinc^-up order 
 of coy. and prove for any claim tliey can e^tahlish a<»ainst tlio ussoi- 
 of coy under ml last-ni('nt4l dechiiation and declaration omitted on 
 appeal , taxation and payment of I'dst". Liherly to ap|)lv. Cliiuli 
 V. Vitutiicud Corponitioti, Wooil. V -{'.. 'IH Fchruary. 18(18. A. (MO: 
 .". El,, t.'.ii; 4 C'li. 117. 
 
 l-"nr sfMiiP piirticiilnrs of tlii.< i';\tv. 
 
 ". •' Anmlgaiiiatioi) " iChai). WIl.). 
 
 
 ii : 
 
 6 •{ 
 
 Form 740. 
 
 Sale of aswet-s 
 di'L'larcd ti/in' 
 ruvf imd 
 re»tr:iined. 
 
 Form 741. 
 
 Order 
 rostruininjr 
 iswue of 
 prctcrcncr 
 shiires. 
 
 Declare tliut tin sd ajiiiH'ml, dated. \-i\. is invalid, and the jesohi- 
 tions for carryino; tlie .same into ollecl in the hill i meiitd aie uIIki 
 vires au<l ilk'ffal. Ijet the dft.s 'L\ S.. .te. (the dirocfors), repay tn 
 the dft \. the sum of £ pd to them as in the i^bill' ii'':iitd under 
 
 the sd ujfi'eemt, but without inteivst. And lot an i' junction he 
 awarded to restrain the dft coy. T. S.. &c... from carrying the Fd 
 ayreemt, dated, iVc. into ellei t, and to restrain tho dft.s from assign- 
 ing tiie jjatent, pply, and as^-ls of the coy (its in tlio bill 'ueiitd i. 
 or any of them, to the dft V.. or to any otiior person on hi.s l.elmlf. 
 I)ft>, T. S.. itc, to pay pit hi.s <(ist.s of suit, to be (:i.\ed, &r. Bird 
 \. Bird's Putent Deudorisiiin. <i'c. Co.. Bacon, V.-C, '2S Jan., 1874. 
 A 222; aflirmed 7 Mar. 1874. A (121 See (I Ch. ;}.">8; Selon, 2tir> 
 
 Declare that it i.s iiUni rircs of the dfl.s, the Ari/oiliiic Trdmtfivis 
 Co., Limtd, to i.ssue new preferred shares to rank in priority to oi 
 equally with the original preferred .shares of the coy either in 
 exchange for deferred shares or otherwise. Let an injuiutiou l« 
 awarded against the dfts, Lord A. P., &c., the directors of the sd 
 coy. to re.straiu the dfts from issuing any .such now jind'erred share-i 
 in the coy, oitlier in exchange for deferred shares or oherwise. And 
 let tho dfts pay to the pit hi.s cost< of this action, including therein 
 his costs of the sd motion, such costs to be taxed by the taxing master 
 Harper v. I'aget, M. R., If, Mar., 187(!, A. .J99. 
 
 For further pro<ecdni(r9 of the company, sco (Iriffith v. Paget, 5 C. 1). 891: 
 6 C. D. 511. 
 
 Where directors abuse their powers by issuiiii,' or threiteriin;? to issue .shares 
 in order to obtain control in voting power, they lUiiy be restrained by injunc- 
 tion, t'raser v. lyhalleij, 2 11. & il. lU; J'liiit v. .•^i/moiis, (IMIW) 2 L'h. 5Uli. 
 But an interim injunction will not be (franted unles.s the case is clearly made 
 out. Abbotiford Hotel v. Kiiiij/tam, 102 L. T. 108 (C. A.). 
 
KOKM.H. 
 
 I H>:i 
 
 Declare ihat the jilt^ rosply anii llio otlior holder-* of preferem* Form 742. 
 ^lo<'k ill the i:<iv on who-^e liehall liwy re-spl) i<ut', aie ouild uj lii' |hI 
 
 HiL'lit« 
 
 dividends out of the piuhl.- loali/rd In iho (0,v on the pidcrem* m1<m'K put, i- 
 
 II.. 
 
 hi'ld hy them roBply. from ;{() .June, IHoti. ucdU'diuj.'- to the iimuuul oi 
 •'' dividends which the .several clas.<es of preleience .sinck reNph 
 ciMTv, before auy iiavineut in respect of dividends or otherwise i- 
 ijiade to any of (he iiolders of original ordinary .itock, A. stork, an'l 
 i>. st<H'k. in the sd coy, or auy of such stocks out of sucli j)rolit«. A n.l 
 let a peipetuiii iujiiuction be awai-ded to restrain the dfl luy frnm 
 .Icclaiinj,; auy dividend on the orijrinul ordinary slock. A. stock. an<l 
 I! st*«k in tJie sd cov . or any ol such st(Hks or any pt tlinf respiv , 
 uilliuMt i('^;ar(l to liie i ij^hts of the plt.» respiv. and the other holdi'i> 
 of |>iefcrence .s|<pck on whose heiialf the\ respiv .sue. to iie pel iii 
 p]ioril\ the full aintpuni of the dividendis payable upon or iu rcspeci 
 (if tiic lueferenie sUnk held by them lesplv. In lie KimpnhHJ linni 
 :!o .lunr. IH.'ili. and from n;akinc:. or causinj;- to be made, any pa\- 
 n.ent for dividend or otherwi.se to any of the holders of the oriyinal 
 oiiiiiiaiy stock, A. .stock, and H. stock, in the sd <..\, or an\ of >mi li 
 .«iock~. uiilioiil tirst paying or |)ro\i(liny: for the paymeni to the |ili- 
 rcs|)l\, and lhos<' oi, whose behalf they sue. ot ili(> full amount ol 
 the dividenrl.-i payable upon or in respect of the prelerence -tock lull 
 li\ fiiciii rosply. to be compuleil from :Ul .Iiine, I8.i(i. lleiiiji \. 
 lin-ut Sdithfin h'tillinii/ C, . Wood. V.-C. 21 \ns . IS."i7. .\ li;ili' 
 .\fliinicd on appeal 
 
 .-t..k-!i..l.l.r. 
 Jft-lurc*! au! 
 iiiti iiiiri-iii'-'it^ 
 
 .\- to prt-fp'rt'ncc .sliarcs 
 
 I'l' 
 
 .■i7.). NIJ 
 
 iif t'..iiii.l,.|. 
 
 rpon motion for an injunction this day made unto ihi-- Ct i)\ Form 743 
 roiMi.M'l for the pit.'-, and upon heariug- counsel for the dfts. and u))!)'! ii,.,! nati..! 
 readini; tlic writ of .su.nmons i.ssued in this action on, itc , an alVl is to lijrt.t- 
 of. iVi .. This Cl doth appoint the dtt, S.. to represent for the jpurposc- 
 of this motion all the oriliiiary sharoholdors of the dfl <(iy. and the 
 pit.s and tiie dfts liy iheir coun.sel respjy aoreeiiitr to treat this motion 
 as a motion f(u- judsment. this Ct dotli dei iare that theriirhts of tin 
 foundeis' share- .specilied in the inemdum of a.sson of the dft co\ 
 alla'hed and beeame operative on. Ac, up to which date the sil 
 lialanci'-shoet was made up. and that the hohlers of each l'oun<lers' 
 share .-hall thereupon become entld in respect of each sui li share |o 
 one HOOtli of such |.t of the jiniount therein inentil as the b.ilaiir.. ot 
 the prolii and lo.ss account as is applicable for dividend and all ipihei 
 sums hereafter applicable for dividend, and refer to taxini; ina-oi I > 
 l.i.v tiie costs of llie pits and of the dfts, other than dfl coy. of llii- 
 .ntioii. and or(h'r dft coy to jiay such costs when taxed l.oiiildii 
 mill Cniiliiiniliil liirrxl nirnf ('nrjinrnl'Oii of }Vi sfrni Ani'triiliti. LiintJ 
 ' -iiins' on behalf of themselves and all other the holders of founder- 
 
 iv 4 X 
 
141*1 
 
 .MIXiMENTS AND <)hl>KK(< 
 
 Form 743. -iliarp.^ in iln' 'in io\ <'\ii'|>t ili"~<' "h" ^11'' <lfl-'> 
 ■ ~ iiistrali'iit Mint's Ih'rrloftnnnt Siiii,H,:it, l.iinlil 
 
 r(!iiAP. XX. 
 
 I Th<- U'c.s/ 
 • !/(</ ntltrrs- 
 
 Toim 744. 
 
 i':iyiTHTit ft 
 iliviili'ijil out 
 ;1 caiiit-l 
 -■r^trniiM il. 
 
 Dividends out of Capital. 
 
 I |i<iii iiiotidii. Ac . lor llic pit*., Ac. I.i'l nil iiijuiK'lioii lif awMi-ilid 
 10 iiv-lriiiii llii' lilt.-, the (liici-tDlH ol ilfl cm. Iroiii |i:i\iiiu iii-cic~i 
 ii|i<iii iiiiv miiuuiil.-. pel up upiiu any ol llu- sliuitw in llio hI coy. "I"iiii\ 
 
 iiiciiK'N In Wiiv "I inii'ii'si or (li\ idciiil ii| in inspcrt of am '■ii. Ii 
 
 siniii's iiJiiil the ^il coy \\n.< roccivi'il profits Ictiallv applicahlo to lln' 
 paviiicnl ot .--iicli inlfiost or (liviiU'nil-* unlil the lioarinu: or fiirllici 
 oriicr Mnc,liiH<iiiU \. .Irrs,-;/. ,ti: <" . Wdcxl. V -('.. 2.'. .Fiily. iNiil, 
 l> 'Jdl.'i Si'i> siiiirn. pp. S"i7 I'l sill 
 
 Form 746. 
 
 t';i\TiitTit of 
 (iiv;<)cli<l'< out 
 ■ f ;l]>itii!. 
 
 Form 746 
 
 lujtinctii'ii 
 
 I'pon niolioii, Ac, In couiim'1 lor llic |)lt,an(l upon licanno; coniiM'l 
 lor till' (Ifl.-., anil upon rcailino: the writ. Ac, anil [usiuil iiiiilirlnkiiHi 
 i,ct Jill iiijiiiiciion Ih" awaiilcil Ut restrain the ilft-i. (!, Ac \ llu 
 i!lit'rli>rs' anil the illt coy, until juilirnionl in tlii.< adion. or iinlil 
 
 lurllicr urilcr. In luikinouiiN puymcnl liy \va\ ol' iliviili'iid.-' on llic 
 
 ordinary .^hanx of tho (lf( coy .\n,l illt~; to lio al liliorty to aiipl\ 
 to ili>-oIv(! till' <i| injunction a-i they iiiav lie iiilvi-oil. Diirisini \ 
 t.ilUiK. M. K . H Mar . lH7!t, .\. Ills 
 
 Sep >."/'•• • !'■ S-W 
 
 III tlie iiliovo iM-'c tlic iilMiiiiilf -iiiil oh Im'IkiII 'it hiiiHilf Mini .ill .iih.r tl,.' 
 sIciirclioldiT-i of till- l.oiulon 'rr.imwiiv* I'omiiMiiy. I.iinitcil. Sec a note of the 
 ca>c in lli <'. i>. HIT, n. \ ^liMri-liolclci- who M.-iept- and kcc|i< the iliviilcml 
 ilisi'lititlc- liiii|.iclf to iiniintaili -m li an action: ^ce '/'.. .',,.< \. Ilii,:!,, T'l'i Ci-., 
 (lIMHi 1 Ch. .I'iN. «.'/.,'(. p. SliX. 
 
 I poll inolioii. Ac. tor the pit. that the illl coy iniirhl ho re.strainwl 
 Iroiii acliiio- upon, or cariyino; into clloct, a rcsolulion i)a.ssoil by a 
 inajorily ol' ilio hoanl of ilirnctors of the dtt coy on tlio 2Uh March, 
 1892, ami from (ilacins; the prolit or any pt tliof rcali/cd by th" 
 lift ooy, hy oarryino; into olfoct a certain agreoiut, dattid, &c., and 
 iiiadf. Ac , to piolit and 1ih.s aocouiit, or from di'iiliu<if with or di<- 
 iiiliiilino the .~aine. or uiiy pi tliof, as if it were incomo of tho ctiy; 
 and upon liearino- eoun.sol lor liio dft coy, iind upon readinf^ an 
 
 alVt of " , liled the — of . 18U2, and the e.xliihiu-; lliereiii 
 
 rcforrwl to, and (lie uUt of - , tiled the of , 1«'J2, unil 
 
 ,(niti«d for the pit, and dft coy con-euliuLT to treat iiii.s inoiii>n as a 
 niolioii for jud(rment, and thi.s Ct beiuir of opinion that the re.solutioii 
 referred to in the notice of motion \Vrt-'< not nUnt i-ires of the diipcfor^. 
 and ihal they were ju.«titie<l in ourryin<ir to profit and lo^i aecoiinf 
 
luKMS. 
 
 ti..' Miin iiiciild in flic hI rf^oliitioii. hiuI iloiiliii^ with It in iii'CoHanco 
 hIiIi the arts oi a^Noii of lli« iltt cov. iloth onlor that thi-i aotion do 
 Hiiiiiil <li>riii«s<>(l out oi thi^ i'i IjilihiKi. v Itritish lliiiil,' of Soulh 
 ,\„nni4i. Ihiil.l. ( liillN. .1 I April. IW.'. ri'port^l in I I«it2» 2 
 CI. 198. 
 
 I ni 
 
 Form <4(i. 
 
 1 |ioii iiiolioii, Ac; Ltt. an iiijunclioii lie iiUiiriltNl to n^strairi iho Form 747. 
 
 ill! .-o(i<>t\, 11 .tf [//«• ill I cell If a I. I'lniii oarryiiiir intoolVoct lln' rcso- ^^^ |^ 
 
 In; Mil iDoiit.i ill till' HlaU'UHiiil .it claim fur piirL'lia.--in>,' with iiioiion r.-inii'iiii'. 
 
 1,. l..iii:iiiU 111 the lift H()i-irl\ any >liaiv- of ihi" illl MM'itity, or from ',|'3'!!i'iV 
 
 iiiiK liaNJiiji' or lakiiiii- an\ >to|i-> for piiii,'liii.>iii;; any ~mli -liaio with i), i^iu:.' it- 
 
 iiioiicx l«'lon;;iiiy: In thii ilfl -oiu'ly. until iho lioariiin of llii> uauso """ "lio-.-. 
 or 'iMiil fiirlhi'r onli'r. IIoih- \. I iili'iiiiitiniiiil l-'inniiriiil Noc/c/v. 
 lia.oii, V -(■ . !t Nov , isn;, \ IHl'lP 
 
 Si" i'P|>iirt iif fhU '•n-'c iti I •' lli>. Vll ■ Sn- :il<" y,,-., v. i)/.' //,, 12 
 
 \rp <V. IIW: imrt //.-//''.'.v v. /,'..../„,„/ ,v I/.., ..,.,„/■- \ v r,,,. il'iivj, •.' ri, 
 
 M ,1- til jl|i'L':llitV of SM'll :l |nirrli i-i', .mil . •//.>. mi. 7 I'l 7 'i I . 
 
 Restraining Winding-up and Bankruptcy Protecdinqs 
 
 I pon nioiioii \i\ roiiiiM'l lui till' pli-. .Vi . Ia'I .111 111 junilioii 1«' Form 74S 
 iMariicI to restrain (Im <lfl K.. and his ajift'iila fioin pri'-iMilii)ij an\ i,,.,|,,. 
 |ivl..ii uiiiliT the Co- .Vrl.s, IS(i2 and 18117, (o wind up the pll (.'oy. or 
 (jikiiit; any othor procoodiuf,'.-* to olilain a \vindin<r-up onh-r thof until 
 iho trial of thi.- action or until furihcr ordor. Joliil Hruioi it Co . riiiiiMii« 
 l.ii'il,! \. hrchlr, Malm.-. V.-C.. I:! Nov . IHT'.l, A Jll'.i; Cinl, 
 Uei-liuiruHt \ . Liiii'iijl. 18 C. 1) .")."i7. 
 
 1- ■■tr.iiiiiiiL' 
 
 (l.-illtiltiu-.i 
 
 t \viii(liii^-ii]i 
 
 1 1 .1 .ii-diti.i- 111' :i ."iiipiiny. wi ■ ilclii ;, ,„...■ /../. ili-|iiiii-,l, atlilii|il> I'.' 
 
 .-if, . ■■ piiyliii-!if l.y llii-i' il.'iiiiiLr t. pr.-i'iit ,1 wiinliii..;' nji |.. titi.in. In' "ill In' 
 n-iliiiilieil lit till' ^\l:\ ill' till- iiiinii.oiy . :m in llli- aii.iM .il-*.'. .\li M.ti.ill. n.it :l 
 uiniiiiii;-up fu'tirinii. i.< tlio priip.T iii.hIi' ol pr.i.'ri'iliiiu in ^ii.'ii a i-u.m*. Sit. 
 iiIko, r,„l,: ((•"/',"■.„/.., 1;,. V. Il'in„ll. 19 K.|. IS2: /,.(.•,,•"•.' //-—.'..,'.' 
 
 >i,i,.~ .(».„„•;..,• V. s,„iH,. :!7 lli. !>. I7l(; .mil .\/'/.- .l/.,,/.(„'^ v. r. ,/...., 
 
 I \1. ii.,1, l.s C. I). .>.">7, n.: ;!."> \\ . If. :ili."). In ilii- . :im- ln~i .iimiiI iiiii.'il, ilc 
 .rii «;i- inilurM'il witli ,1 .■i.iiiii. " I'm- Mil ili-i'iniiit nf llic ili riii.l.;lil\ li:iii-- 
 .1 tinii^ as a^i'iit nf fill' plailililV .■.-iiipanv luiiier an airri'i'llii'iil . tlat.-.l, .\.r.. iiiiil 
 ...i- ,i.i iiijiiTi. -111111 to ri'str.iiii til.' ili'l'.'ii.l.uit t'r.iiii pr.'-..'lilii!,' ■' " imliiiL'-lip 
 
 ".'tiil.'ii." Dainaifi's fur di'faiiiatiiiii may aNo In- 1 .ivrri'il. Ijuini. II." C.,'.! 
 
 il,„,.,,i 1;.. V. Av/c (Nil. I), II (i. li. I). IJ74; anil ; Nn. U), aU I-. T. 1171. 
 
 \\ lii'i'c a [ii'titioii has alrcaily hi'i'ii pri'Tiit^-il to tin. Ilit;li (unit Ijy lli.' 
 1 ruilitiir. iIh'I'i. is 11. 1 jurisilii'tinii lunv to ii'-iraiii. Si'i't. '21 ( J) of till, .lu.lii .itui'i' 
 \. t, l.'<73. liut apjilicition ran iiniliT that .soi'tliin bo niudi" in tho winiJiiii,'-ii|) 
 I y mi.tion to dismiss tim iiofition. '.'.'''/ //('/ M;,i,'H, 211 (". Hiv. 2l(t. Coinpan; 
 -rrr. ■•', 'iH W. K. 'JSfi. .\iiil a tlnioirr 'I-!- .» iiidiit^'-iip j^'titioii, nnd tl„i pr,.- 
 I'l^liiiL's un.lrr it, ran. if iiswl a> a miaiis of piissuri'. In' stuyrd as an al.uso 
 .r piMi'i'-s. .(. l'.,,,,. 11,11/, i,18Ji; 2 Cli. :U;i. Not Hilly .'an priK'u. iliiijjs in llii-i 
 iilllit.'v 111' I'i'straini'd. lint pT'ii'ii'ilillL's , dip. ad. a- illiistral.'.! in lln- fnlliiw iiit' 
 ■ rdcr: 
 
 \ \ -2 
 
 ]'r.ie«'cdiii^s. 
 
141. 
 
 JtU<iMKNTS AND OKDEUH. [ChAI'. XX 
 
 m s. 
 
 Foim 749 
 
 Or.lii 
 
 re^tniiiiuiL' 
 
 llilllkt ll{itr \ 
 Ut)tll(>Htl\ ^11 
 
 n-8ii'iiiuu(l (i-oui uikiug:, prosecuting, or pro<:«>e*liiiK with aiiv prococd 
 iiiy> lion I HMD I i lit: in Fi.iiue fur llic pinpn^c oi uiakiiii; or duclmiu. 
 I lie [ill rov liiiiikiii|ii..irain olhfi at tioii.Miil.or proi:*'*!!!!!!^; in Fr.in . 
 ui olx'wlifrc. Id iimko llic lov li.iiikiiipl or u< liiivi> it <ioelar((i jmli 
 1 iull. iu^olv^•llt, autl I'loiii taking; pioccedinK-s to recover any jmli; 
 iiieui a^MJiisI tlie pit rov, <>r fiiim takiiijj: aiiv other proceedings wlmi 
 f\ei a;;ainsl the pit cov in ivxpuct of the dobt^ ilaimwl a;.'aiilxl IIm 
 >d coy in respei't of which the huiu of 7,720/. Iium hooii pd into I < 
 a> iiifiitd ill ihi' alit tiled In support of tlii> applifon on T\hipli tlin -I 
 Older of I'.i .Iiiik', 1H77. was made, until Friday. 22 ■lunc, 1h:: 
 Kc.^idiu' of nil. lion to siaiid over till 28 .Iiinc. 1877. Parix Shaliii 
 lliiih- r,. \. /,„)■,/ Voiis,,,,. Macon. \.-V. 21 .riiiif. 1877. P. Illo 
 
 Tlip ordrr "f 1!' .tiiiic «a> ^oi inHriiii iiijiiiii lien l<> tlic like cffci I (ivi r Kiiilu 
 2'J .lunc. the |il:iiiititt- p^iyiiiu- iiicmiv itiln ("iirl. " Ami this iinlcr licini; iir.', 
 i.- til lir actol oh wiiliiiut lii'iiii; |iiiiitcil " l!;ii-iiii. \ -I ' . HI .lunc. IS77. II. InT 
 
 Form 760 
 
 hii.in, llMl; 
 
 ;t;::uiis| 
 iufrinjfi.iiiiiii 
 iif |i:it"'nt 
 
 I poll motion upon an in jiiniiioii. Ac . thi.'« (I dotli order lliaf tir 
 lift.- and till' Noiliii'iii, \r., Liiuid. their direitor.-i. .serv^mt,-. aii' 
 iii;ciil.-. lie ic-lraincd iliiriiitr tin' loiiiiiniainc of the lelter^ [i.iUm, 
 nuinbered. Ac., in the «d writ mould, from infringing the .sd lettor.> 
 patent in llie -d writ mentd cruntod to W.. of which the plt.s arc 
 owiiein, by manufacturing or .selling pneumatic tyres upon the .-iaiiK 
 coii.struclion a.s tho.-.e dewcribed iu the specification of the said lette;- 
 putont. or only colourably differing therefrom, and it i.-^ ordered tb,r 
 the dfts do deliver np to the pits all tyres and part« of tyros made n 
 iiifrini:ement of tlic ■■- 1 Icllor.- piilent, and it is ordered that the follov. 
 iiiL; imiuiry bo made: 
 
 1. An inijiiiiv wliai damage.-, have been »ii>lained liy the ph.- Ii; 
 rta.-uii ■ 1 llic dfi.-' infringemcui of the sd letters patent, and it i- 
 oidereil llial llie .--d dlt--^ do pay to tlie plt^ all llie cost.s of tJiis action 
 iij) to and including this judgment, to be taxed by the ta.\ing master 
 the costs of the sd imiuiry are reserved, and the parties .ire at libcri 
 to apjily Byrne. -T., Dinili)p PncuuMfir Ti/rc Co.. Linild v. Xoitliri , 
 l',ifii>ii(iti< Ti/ir Siiiuliaite, Liintd. (1 .Vjiril. I'.tOo. .V. I lOi) 
 
 El< 
 
 Form 751 
 
 '•■il-r 
 
 rcNtrainiiiL; 
 list- lit" n.'inu . 
 
 Restraining Improper Use of Name. 
 
 Upon mutiou for injunction. Ac, and the pit and the dft by the: 
 counsel resplv consenting that this motion shall be treated as u raotii 
 for judsment: 
 
 This Cl doth order and adjudge that the dft.s be perpetuall 
 restrained from trading under their present title, and from and uft^ 
 Thursday, 21st .July, 189(!, be perpetually rc*lr;iinod from in ai. 
 
n»KMS. 
 
 Ill 
 
 31 iiinoi iisinc: the wrui " Dnnlop " m^ pt of th<' title of the <li'f rov.oi 
 •■| .111 ii.'inj.'- iiiiy otiior title riilculate<l to docoivo tlio piiblir o. to load 
 lie piililii' ill any way to l)«lit>vc llio dft I'oy i* in any wav cntinpru-d 
 iiili llic |ill roy, Hlld U\\ <•'■>■*{- and nidor dfts to |i:iy Ihnihtf) 
 
 I'niiiiiKilir Ti/rr I'o , LimliJ v. Ihtiihtii Tnitlinill I'lli'tr niiil I'lihr 
 \lni»ifiid>iri»ii Cn. l.imliU'h'Wtw -f .-'I May, IK'ttl, l.n Soruh. (tr 
 I'lMihnril V I'mifhiiil. (fr.. I.,ii,lil I'.tui ■ •_' < 'li M-l; and "/;«■>(. 
 I. I.V». 
 
 FormTM 
 
 Other Miscellaneous Examplet. of Injunctions. 
 
 This attioii louiiinf on llii> day lui- liial, .Vc . llii^ t 'I dnili ..idcr thai 
 ■li.' dt't. .1 . S., hiH MeivaiitN and aireuta, bo |)Oi'p('liially roMrained lioiii j 
 nmiiiiifr, letting otil, or in any iiiauimr ii^ia;; or caii.'iiij; or iM'iniiltinp- ' 
 •o 111' iisod for llu' ciiiivi'wuKO of pa>-^•n^'or.••, lli(> oiniiilai- in liif , 
 |.l.idinu> niunld.dislinj;iiisii('d by and it-Risterod at liio Mutrupulitiin ' 
 I'l.litt' tJlhio, ruMic. Carriaf;t.> Hiuuch, under iho nuuiljor - , "V any 
 oMinihii.s liearins the oruuibus uuiubor-- uud — , .-.o loux .i> iIhv 
 
 iniiain paiQte<l, stainpod, printi'd or written, as at presoul, nr liavini; 
 ].aiiilPd.n(anipod, printed or wrilloii iherPon any iiaiiios, words, panel-, 
 (,!• (It'vii'e;i painted, stamped, primed, written or arraii|.'ed thereon in 
 .-mil manner a.s to I'orni oi lie a eoloiirabh) iinilution of liie iiamik-, 
 uoids, panel>, and devices painted. Hiainpcd, printed, written or 
 .,rriin«ed on oninibii.se.s of ilie pltrf, or so painte.1, altered, decorated, 
 (oiitrivoil and prepared a.s to represent or to lead to tlie belief t.liat 
 -Ml h ninnibuses are oninibu.ses beloni.'in<r to the |)lts. Operation of 
 ;.,.iiaiiil suspended until the 20th Juno. 191(0, or in the event of the 
 ilt.s eivine' iiolico of appeal on or before, kc, until the sd appeal has 
 heeii disponed of: refer to luxinu' niastev to tax the pit's eosln, 4:c., 
 aii'l orde- to |)ay and liberty to apply. Lonihm (ii-ncral (hniuhiin 
 ' o . Lhtu. V, ImMK Farwell, .1., 20 March, 19imi H 10;!.; 
 
 Form 752. 
 
 ''■rjirtiliil 
 
 It |IH|i t\ II 
 
 ::.lill»'t 
 'illhili;- 
 tiihil.ii- 
 
 This ac'on coiiiinr on for trial before this Ci, Ac, this i 't doth Form 753. 
 ■jiiieT that the dll ihe Kra Oninibiis Asson, their .ser\aiit.s and .\,„,ti„,,. 
 itreiiis, be [lerpetualiv restrained from luuninij;, or in any uiea-ure 
 jdin<r or (ausin<r U> be Used, any omnibus for the conveyance of 
 pa.sseneer8 haviiii; a(H.\ed thereto a lla>; without clearly dis|in;,niisli- 
 iui: the omnibu.ses of the dfts from Iho oinnibiises of the jilLs, .iiid 
 Jft.s to pav pits' costs of .iclion, U) be taxed. Thr /.oikIoh Itoml <'iir 
 Cn.. Limt'd V. The Em Onniibun Anson, Co/cn.s-llardy, .1.. 27 April, 
 18119, B. 1478. 
 
 I pen motion, &c., to be treated as trial of action, this Ct doth Form 754. 
 
 irder that the dft coy, their ofticers. iservant.s and agents, be per- p,.r,„,,„al 
 
 petuallv re-strained from .sellinu:. oiferinp for sale, or passinsr oil' injuntiiM.. 
 
 TQods not of the manufacture or merchandi.se of the pit as and for " ""^'""^'"' 
 
I II I 
 
 .IUlKiMt:M> AMI mKUKKH. I'^CllAl'. XX 
 
 m ' 
 
 Form 754. ili« itootli ol llie pit, .luil |>iiiluuluily froiii Dttflriii); l>>i suId. rollini. 
 , or i)u«i<iiiir olf any iiwcliim't iioi iiiiiiiut'urtiit'ud ii.'« mikl liv iliu iilt 
 
 ol iruUf tiiitrk. I ** ^ J I ■ ■ 
 
 ailfuf tf I,, iiiulfi ol ill coiimTtioii with llic nuiiiu " luvii U, ' und Irom inlringiin 
 
 uuUi.l.ii,k' I I • ,,,jji,,„,,.,,,| (iiido iii;irk ' luviitu," No. . uiiti IVdh 
 
 lUuntralii'n- i <- i i . 
 
 i^iiiiiiy iiii\ uxiiiiiiii ( iiliiliiyiii"' Hilliiml (il)ljloialiim tlu> wiiiU in 
 
 \ icid ' tlit'K'lioiii. unci li'diii |iiiiiiiny Ml |>ubli.'-liiiiy .iiij luiihi-r rata 
 loiriu-f" (iiiiiaiiiiiiir Miiv illii-'iriiiioii'* io[)ii'il or onlv inloiirulily alU'imi 
 from lh<' Jill- illii-iiiiliiiiis ii|i|M'iii iii>; in llm |ill»' iniuloifiii's, iiikI 
 oidor illl to il.'liviii up to pit nil lilo.k- .mil oli'i'troiv pp- in tin- illii 
 piis.so-sioii ol powt'i' tioiii wliii'li llio illii-tiiitmiis ol uii Iiiu< hi iitio 
 Mi<ij i;laiiip iiiui'liiiif.* apiMsiiiii^: in dll-<' raliiloviiie.-; liiuo 1k)ou priiilcil 
 or pi'o<liU'<tl. iin<l oiiIhi- ilfts to pny pit.-'' msls of Brtii i! t.> Iki ii.vucj 
 /. I.nmlvji (f f^i> . Liiiit)! V f'ninfll .f Note. I.ii>i*if Ktikowich. 1 
 l!:t Miinli. I'.Mm. 11 1112 
 
 form 764a I'pon a molion. Ac . iiiid tim pll<« l>v llinii- <'iiiiii.>i-l iihuuI uinlfi- 
 liijiui.iii.n— '•''»i"t' "■• '" 'luiiiii^o.- oHJor tjmi iho illt II . his ^oiMiiits. ii^i'iit-- 
 Hull' «ccril .111(1 w.. iitioii, \h' itohiiiiiod until iiflor Fiiilin . tlio Olli ilav (.: 
 NoveiiilK'i. IM'.K). Iroui in uuy iiiaiinoi coiiiiiiuriic iiiiii<>' or ollorin^ o. 
 purportliiu to coiiiiiiiiiiiiato to iiii.v piT-oii or por.-oUM, or uiivoili^in^ 
 or ollcrinyr lor ."iilo or Hollinir '"" Jim porliiiir to -icli lo iiiiv pi'i.sixi 
 or jwr-oiis. or olliorwi.s*! disi lo-iiiy pit-,' triidc! s»'( lot rchiliny to lli" 
 niunnl'iK liiio of («iiioiit rpft'rrcd to in a Icltor diitod. fcf.. mid wiiili'ii 
 und .-innod li\ liio dll, and liv liiiii a di I rested to ami rocoivcd In 
 N.. or uii> otiu'r traih' secrot lielonjiiiiy: U> the plUs: aiut pit.- aic 
 to be at lil>«>rly lo .-«!rv(' a iiotii'*' of inntioii lor injiinrtion for Fridax , 
 tlic (illl day of NovPinlior. 18".i(i. loirollitT with a writ upon llio (lit 
 lloK.tr-i Ci'ini'iif. t(r. ('(I \ lliiilqliii^Dii N'oilli. .1 '-* N'ovi'inli"! 
 
 18',m;, 
 
 Form 785. 
 
 Ilijllli('li<ih 
 ll^:lillHt 
 
 tvliptioiiic 
 
 I ■>pfi«i* ali'i 
 triictiim. 
 
 Au L'lUjiloyfc Miaj i^rnrr.tlly In- i("'tt;iiiiftl t'luiu rt-vi .ilili:;' li-;iiif ^<-.rPt^ 
 uifira, |i. 412. 
 
 I poll the iiiolioM. Ac. llii- Ca doth older and adjndu;*- that tho 
 dfti*. tlioii s<!rvants. workmen, and agent.-, Iw jierpolually ro.'itraincd 
 from Ire.-pa.-sini^ upon tht> pit's proini-o-. , in the County of 
 
 Kssc.x, and from orotting or permitting to be eriH'ted over tlie .-d 
 preiuiw*!.-, t<deplion<' uirc- ur olhor ob-lrurtion^, and it i.s ordered 
 that the <lft.- do remove or pull down .-ueh toleplione iviies or other 
 ob.strui.tiun.s a."* liavi- aln-ady huuu ert'ited over (hi- r<d p^eItIi-:•^, 
 and it is oixieivd thai the dfis do pay to the pit tliP "um of tO« 
 damaj;«s, and uL-o the eonUs of tlii.s action, to be taxod. Wood v. 
 Aatiwial Tetephoiuf Co . l.iintit. Stirling;. J.. 21 October, 1000, B 
 
 o.')0;i. 
 
I'llKM-. 
 
 Ill > 
 
 lijd.ii uKiu.iii ilii- di\y \<- iM'l ilh^ pit/. !•> ilii'ii •■.uii-<)l iiikIoi Form 7M 
 liikiiij; tu al)i(l<J bv uii.v oniur u-« id il.iriiuy^.'^ in la-i' llii- < i sliniilil |,,|,,,j, ,„.,^ 
 lnMOiifU'r I"' <>( opiliinii t(i:i' ill'- ill' lilt- Ml-l;iim'.l iiu l>\ iim-mii hi ,.,,,,,-1 |.nl 
 'l,i- (ii.loi whi.li tli<» l>lt- nii'.'ln ••> |>->v. tliix < '1 ilolli ..nl.'r tliiil llic I]_'';'"|^J''"' 
 ,lll» Iw ii'«tiimi»'<l until alter iinlu'iii'-m i" ll'i- H'Ihi'i. or tnrllifi 
 >.i(lor, lioni piilili>liiii|.'. i»iiiiiy. ami 1 iivnliitiii^' iinv |iii|«'i iiiiilm tlif 
 I.MiliiiL l-i-l "I' •imliiliiit.iii.'-. ' .Ml |i;ii^<'- «'l iili'l H? in iIm' in>\\-- 
 li.ipn Moiliil Miil.r, \,:i till' <liix <i nr.iiiv olh.'i i-i iilfini'lH 
 
 ,,i ail\«Ml..-win''iit ri'iMi'-onlinir llnit ill.' |.li rn.v 1- im'w in lii|iii<latiMii 
 7/,, Itiiiiliiti mill Siiillirni llmil. . I.iihIiI \ (■•■.„ .ir V. " /■«■' .1 >"»• 
 /,,»/,/, Nnrth. .1.. H Do. . ISii'.t. it 2;Mr, 
 
 rill- ^11 mm . Hill in;^ 1)11 I m trial A' ilii- < ' .l"ili "I'li'i m.l adjilili;' Form 767 
 ih.H ill.' .Ilt>. ih.' M l< ( nv. I.Hiit.l. Ii.' |"'i |..'in,ill\ r.'tiniti.'.l Ir.iiH |„j,„„,„,„ 
 H'lliii;:' ill.- j.M.|»'rtv .-iili|.'rl t.i lln' at;iiM'iiit ..I ili.- A. in llin^lat. urMii.-l t.r. .nl' 
 
 iiifiil ..I 
 
 . lallii ni.'lil.l. Ill an\ ii.'l-nii .n .-..v will I lia\ili'_' tii>i ",'.',?'' 
 
 f riivi'llllnl 
 
 ilivrcil Ml. Ii |(r.i|n'ilv 1.1 ill.' |ilt- at a la-li pri..'. Iii-iiii: tin' >a . i-l. 
 
 nii.-<' a- ■■•.iMH' pcr-.iii .a |M'i-cin- "i .ii\ -liall Inn.' llirii m i;i..l 
 fail It .illi'K'.l l<i jfivo 1. 11 -II' li |iiii|M'il\ . a Ml I ic-liain illl- li'.lii pIcailniL 
 aiiil I'arrMii'^ .ml .(irrccnii .it. A' 111 ilif pl.'a.liii'^- ni.'nl.l. iinl.-— 
 ainl until the .III-, ill'' M I! < '": !.iiii''l. "liiH ln'M' 'n-l 'illi-i<"l 
 I.I ,-('11 I'. III.' pit- 111.' wliiili' .il til.' -i| pi.ip.'ltv .11 -II. Ii a pii..- a- 
 al-.l an. I Iiu- taxatimi <il .'i-l- anil jiayinciil- Tlir Mum liislri SIni 
 Ctiiiil (11. \. illl- Miiiiilir^lii liiiii'iiiiir^r ( i> . I.mil'l. iiml 'liiiUnnl 
 I'll, I. 1:^1, ilr~ l.iHil.l. l-'aiw.'ll. .1 . .'.n Mas. I'.'IMI. l! .; Hi - 
 
 V ..ptl'.n 
 
 m 
 
 
 I pun III. 111. Ill illl an inininl llir- il .> iiii.l"- mil" ll.i- 'I 1'^ Form 758 
 
 ..aiiiM'l I'.ii til.' pit. aii.l npiin li.'aiini: .•..iin-i>l tor lli.' iltt-. aim |„,,,rj„, ,,r,w 
 
 npiili K'a.liiiL: tli<' writ iil' -iiinnion-. i^.-.. an.l ill.' ri'-pumli'iit.- I.\ n'»iruiiiimf 
 
 ilu'ii iiiiiii.M'l iin.U'rlakin;; l«. r.'liain until lli<' trial hI iIii> ',""f}j^\\]^''™ 
 
 acti.ill 01 liirtlior in.li'i I1..111 lallin.^ i.>r. iMiliiriinL; . m .•llocliii- c, i;iiliiii,,ii ,n 
 
 a traii-<f<-r ..f all "i anx ni 7;! ..nliiiaiA -liat.- in iIk' iIH mv nl I;,;,'!,"/,',',!;.','' 
 
 t oa'li. Ill' uliiili H. iIk' aliiix.'-iil.'lil.l l.aiiUl il[il . i- llli -liiirm 
 
 re^fislot.'.l li.ildci. al a prii.' imi i^rcalci than iIk' piii vain. 
 
 ')f suili '<liaros. .11- al any oiIkm jiriio lliaii tlii" a.lual iiiark.'i 
 
 wiliK' ..I ■'ii.'li sharo*. iir Ifoni .illuM«i-n' (i.-aliii'^'- a-; valiil. «■< au:aiii-i 
 
 tlio pit. Art^ ."ill to 'iK infliisivo. and aiiv (itlicr nl th.' dit pii\ - 
 
 art.- (if u— .111 wliiili piirimrt In ._.-ivi' tin' .If I'ov iIk" ri.j:lii. upon ihc 
 
 liankinpt.y of a .'^haiclioldoi ol tin' <llt (ny. I.i rcpiiK- tin' lian-l.T .1! 
 
 all 01 nii\ fhai-v li.'ld l>y siioli .sliarcliol Icr al a prioc not irrcaUM 
 
 liia.i Iil. jiai valiii- ol such .sliari-. oi at any pvir^' \>'" «!>aii 'In- a.-!i:a! 
 
 inarkot valiin ol sin li -haro^, ami t.lio pit by hi.-* ooiiii-ol undortakini; 
 
 to abid«' bv aiiv order t.hii < :i may make a- In daiiiacrs i" <v^sp this 
 
 Ct .-.hall hori'alt.M- he ..f .ipiniini that the Ift- have -iiisluiiied any l)> 
 
 iva-nii ol their .-.I umlortakinL;- whieh llio pit miirht tn pay, ami 
 
m. 
 
 II 
 
 lilii 
 
 Form 758. 
 
 .lUDGMK.NTS AND ORDEIJS. [ClIAP. \.\. 
 
 I'Oili paitu'.s cousciitiiig lu tliis order, aud this (Jt ,loth order thai, 
 iIk' |pU, und aUo tlio dft.s bv thoir secroljiry, do, on or before, &o , 
 auiUc and lilc u lull aud suilici,!ii( siflt >latiiij,' nliotlier the sd pli 
 
 iiid ilic dttrt rt'sidv hnvi> or have had in his aud tiieir povsessioii i.i 
 l>o\vcr n'.-i)lv auy, and, it iiiiy, what, doi uuieut; i-elating' to the matter^ 
 'u .(ucstiou in this a«liou, aud acruuntiiig for the same, and for (iro- 
 ■liiLiion and insppction and produflion and oxaniination of witnes-i«s, 
 
 v.. I lie Tni.sfer of llie I'roperh/ of John Ebc.iu'zei BoilnuH I 
 llniknipt\ V. Sli-rU' Bro.i rf- r,,.. f.h/ilit. Stirlinff, .1., .",() Mairl,. 
 i;»ii(t. A. U73. 
 
 
 'I'llf illjuilffioii \\;i 
 
 .Iisi-hin;;cil ,ii tl].' li.Mriiiy. l!.)ioi't.>il \'M)l ) I Cli. 27'i. 
 
 
 dnl.rf.i 
 
 I'I:lilltitt 
 
 paiiy T'l 
 -t .■u!■irv 
 
 lflVl• 
 
 Security for Costs. 
 
 Form 759. | 
 
 jini] motion b\ way <it app.-ai. Ae. (Jrdcr that the pit.-, the — 
 1 oy, do prooure some cuffiuient person on their behalf to give ,~t'cnrity 
 .Kcordiny to the oour.sc of the Ct by bond [to the Clerk of Ftoords 
 • nid Writ.s in the pomilty of i:,i\l.. conditioned to an.swcr cost.> in 
 •a.-io an\ fo.sis sliall bo awarded to ho pd by the pits, and in the 
 Moanliini' the plt,s are not, a.i ai,>-ainst the dftri, to take anv further 
 |.rocwdino-,s in this action, .\nd pits to pay dfts' co-t^s of and occa- 
 sioned by thi,s motion, to bo taxed, &c. .\nd costs of applicon in 
 ' t below Uj be co.st.s in the action, .\ud dft coy to bo at liberiv 
 '■> aiiply heroaftor for fiiitlior security, as dft coy may be nd\-ised, 
 XoiihiiinptDii. >•,„,!. ,(V r,,. V, Midhnd Wniioii Co., Ct. of .\pp., 
 It! Jan 1878, 1!. 7«. S.'e the report, 7 <'. Div. .^OO; and Pure Spirit 
 i:o. V I'on-hr. 2r, Q I',, n 2.!.). 
 
 riiii' 
 
 \\ Ikti' ii limited cuiiin.uiy i> (.laiiitilf or pursuer in .Tiiy aition, -iiit, or iithor 
 fgai iirncpodlng, it luiiy, if it appoiirs liy ,iny orodiWc t.'.itiMi.iny tli:it tlin.' i< 
 rpa.-on tr) biiiipvp tliiit if the deferiilunt is siiiTcssfiil tlii' assets of x\v' (..riipaiiy 
 Aill Iw iiisufticipiit to pay liis insts, he required to (five seeurity lor .ci.st.s. 
 Sect. 27n of the t'oinpauies .Vet, 1!)()H, replaeinif sert. nil of tiie .\,:l .,i i.SilJ. 
 For i-iusps on tl]» ri'pealp<l .si'cfion, s,.,. c:/,, „f Mn^roir das Co, v. /;,/.;- 
 
 i't'im.,'1 I .,ui„rial Snr.. 7 Cli, ll.t . F,.,h,>l,l hnvl Ci. v. 
 
 \V. \ 
 
 1868) HI; r.,j,h.r,, r„. V. /(;,,/, ..>:t C. I) :),-,S; n.>m:„i..P ll,,-.,..n, v. /■„,..,, 
 77 1.,. r MYl : and l''orms, hiir.i. 
 
 Wlioio tlie pluintitf company wa> in voluntary liipiidation, Je.sspl, :M . li.. m 
 ho Court of .\ppeal, wa.s of ojiinion tliat the tad all'orded /.iniin' itn-:,- cxideii.e 
 'hat tin' as.e|.i winild lie iiisntticient. 
 
 Where a limited .•onipaiiy is (hp «ole appellant from .a windinii-iip old, r nn.le 
 on the irroinul of its insolveney it will, tts a rule, lie onlered to u'ive -nurity 
 for eosfs. I'hi,tnr,rnph,<- I',,., hunts' s.i/iph, -Ismn., 23 C. Div. :i7U; lh-,v<,U 
 hiiel Co.. la Ch. i». 400. 
 
 \\ hen 11 eon;pany aueeeeJs in an aetion, aud an appeal ..* l)rou«lit,, the e"iu- 
 paiiy is not a plaintiff or pursuer within the section. Star li.e iiwl n-,.i!".>j 
 l.,^',,n,.r^. r„. V. D„r„h„u. I V. <)97 (Court of Session). 
 
FORMS. 
 
 ii,r 
 
 N.lilitiHn.ll ]HHnfiH'« will ii^l I.,- m.I.I.-iI :iI lli.- iii-l.'ii I .Mvr.iUuU- in mti Form 759. 
 
 ti.,11 I.I 1,-iit 111! Iirlialf "f a ila--' in .mlrr tliiit ilifi^nilanl.- may liavo tlw 
 
 al,ility nf tl tln'v plailitilV- f..l- .■,,^1.. Ih- II.., ,■ v. n'.- ,.. I >) It. 1> 
 
 \ plililLlilV !uMi|ialiy ri-iiliMit uiit of llli' jllli-illitiHii iiMl>t L'iv.' ^irriirity fm 
 ,-!-, unlc--i it liii-^ ri-il c-tati- in I'.iiirlaiiil , It ^liowinL' (nTsnual i.rii|u'rty i» 
 
 ,.,1 .•linm.'li. li.ll.ini'l !l;i. '•". V. I-.,I,U.„. . \\. >S1; l.,„„r..-l- /,•■/. C.,. v 
 ,-. .-,■,-. I T'liiir. :'.!ll. \liil a f'iri'ii.'li i 'iniijariv . tlioUL'li "iily ilrt'i'liilant iii an 
 
 i.tli.n. if it make* a .r.i^^-ihiiin in tlir iiatiiri' <if an inilc|ii'nili'nr acli.ip. tni-' 
 
 _.:•,■ s<x-nrity. .V".! i:-. „:,■ <:.,„„..fi„.. v.'.' "/ (,■,•„/,,,/ r,r,,,., . nil I i -^ 
 
 !< !■., 1)111. 
 
 1 1,(111 ilir Mii|ilir..ii li\ .Miiiiiii.>ii- .ImUmI, vVc, 'U' iIk" ,1i'i, iMil uiioM Forffl 760. 
 
 i.'iuiuL'' ill'- -cil.n> Ini- till' M|.|)li(iiiil ;iii'l plt^. 1111(1 upon naiino- tlie o,,l,i for 
 
 vrii i.xsii.'il ihi'. .V'.. .iiid ilic iiIi'iuIiiil:- in ih" ;iriinii. il i> onlc'i.'il l''"""*! 
 
 ' ' c-.iaipaiiv t" 
 
 ■lull 'iio |ill.> 'I" iirmuro s'liiic -iiillirif'iil |i('rsnn iiv j)i'i-.--iiiis mi lln'ir fi,ii.i>li' 
 
 MJiall' to '.iivi' sciui-ity l,y ImmkI t.i thfl <lft in the poiiiilty nf ."jDl. "ly'^inty tnr 
 
 .iii.liiiiiiiiil t.i iiiiswi'i- llic ri)-!.-^ ill i-a^c aM\ -hall l'<' .uMinloil to bo 
 
 id Iiv till' |ilt.^ to thf d(\: hut ilio |)lt i- '" ho ,it liberty iii-i.M.l 
 
 .i' _iviiio- .^uoli .-ociniiv Iiv hoiul to iiiako llio |iaviiieiil iiil^i Ct moiit<l 
 
 ill tlif -I'liodult' lito. and imlii -ufli somiity i- "rivoii. mid nolipo thof 
 
 .iM'ii to tho solois for tho dl'i, tlio pits ari^ not to tiko anv fiiHhcr 
 
 |.i 'odiiii,'^ ill tlii.< action a'raiii-i tho dl't, and it i> ordorod that tho 
 
 '.l^N nf tho applicnnl ami tli adjoiininioiit of thi-^ ajiplicon to the 
 
 .id'i'O in cluimhors ho lioiiio by iho pll.~ ",■ any of (hom, l.od^iiioiit 
 
 - hi'dulo Mi(f!i<' ond ,\}-t^ Corinirnt'")! v Ihinmu. \inth, .F , I Doo. 
 
 IS99, A. Ur,7. 
 
 -',! 
 
 il 
 
 I pen tlio applicou of tho >\Us A. aud li., and upon heariiis-. ic, it Form 761. 
 i> oidorcd that the sd (ilt coy do thrive hccurity aciordiinj: to I ho oouree ^,„,,i„.|, 
 )f tho (Jt to tlio dft.s A. and |{.. in llio p.'iialty of l.iMlO/.. lo answor mnr.^ iii..il<rii. 
 'CSts in Paso anv costs .<hnll bo awarded to lir pd by iho ~l pll loy, 
 and ill tho nioantjnio tho -il jdl cny aip not to lake any further pro- 
 ceiliny:,- in this action. II <>.9/ hiilioti. dc. Cn- v. Cullrndor, Collins, 
 i.. lit Aii-.i.'-t. 1801, I'.. 117(1 
 
 Upon iho applicon of tlio dft, &c. I!y "in.-enl, ordor that tho pll;* Form 762. 
 lo. on or before 21tli March. 187'.l, pay into the Union Bunk of ^\,„,,|„,, 
 London. Chaucory J-ano liraiicli, iu the joint uanio.H of K. and B. Kiin.l to b.. 
 "■nlnr.i of pits arul dft]. the sum of 200?,. n,s security for tho oomIs of pai'l into a 
 ■he dft in thi.s action in case any Khould be awaid>'d (o liini. And 
 o'-dor thnt in default of tlie pits making such payment within the 
 'inio afwJ, this aoiiou do .stand dismissed out of this (Jt witliout 
 turther order, with co.stfi to he taxed by tho laxint? luai'tor and pd 
 i'\ th<' ])lts to tho dft S. .Xiid co^ls of applicon to bo ro.-ls in action. 
 -'lUtli Durimm Co. v. Sliwr. H;.ll. V -C. 1 Nfarch. 1879, B .■!74. 
 
 
«?=»■'•»•■; 
 
 Uls 
 
 .irrHiMKMS AM> ORUKU.S. 
 
 C.nr. \X 
 
 Diuriiissal ot Action with Relief on Counterclaim 
 
 Form 763. Tlii.-- ailiou ami ii.imieukiiiii luiiiiiin on lui niul, iVu. .n'liuJi di- 
 
 Or.lcr ini-si'd wiili lo-i.-ij And upmi llio totiiiU'iiluiiii lliis l"l dolli uidiT iiim 
 
 ili«nis»iiiif. ndiiidi,^' ilijl (lio policy ot' a.-siii;iri( i' in the ploiidiiiy'* iii('iil<l, duti-il 
 
 iVi- . iiiiiMlii'rcil .of llin (111 aouicly is void mid oii;;lit lo lie dulivi-ri , 
 
 iiji lo li<' iMiicolh'd.iiiid dnth oi<|r>f and ad judjro the .-aiiu) ac oidiiiulv 
 
 And il i.-. ipi(l«Mod 111 ii the pll dii « jtliin I'lPiii- days aftiT ^orvico in llr 
 
 jiidiiiiKMil dclivci- 1 1 1 (icdii y \i> I hi' dll Micict v. and the ]>\' 10 |i.iv ; 
 
 tli(> <|j'l,~ licii i()<i- ..I i|ii> a'liiiii and rininli'irlaini In ho la -.I'd 
 Hoiioiit \ F.ifiihiiilf l.ljf I <iiniii<, ^'ifirl'i ,,i III,' I ii.'tri! Sfnl,-. 
 I'luklcv. .1 S M;ii,||. KiiiM. \ :;.•,. 
 
 Reported in nnu(l> I Cli h:. 
 
 Form 764. 
 
 Ord.Ti.f 
 
 forcflosiin 
 uf or<liii;ir\ 
 
 IllortlfMLlr. 
 
 Foreclosure 
 
 I |iun the .i|i|ili(iiii 'il ilii- (j|l.> li\ III iiiinalin;; •'MPiiinnn^. dat<Ml. \r 
 iind ii|ioii hcarini;- the t<()lor.s lor tli(> jdN unil for llio dfls. &c.. vi n 
 i.^ oidored that au uloouuI bo tiikoii of \,liat is duo to the jpIN iind.>' 
 and l)\ virino of the iiidoiituro of inorlyat;e. dali-d. iVi'.. in tin' oriyi 
 naliiiy' sninnions incnld. and tliul iho tu.~l.-< iu this at-.ion ho luxod hv 
 llio ta.\iny nia.s;or. arn] iu lakinjr ^nl h ai (.ount what i if any III in^') shal! 
 Iiavi' hccii |iil inioCl liy thi' iccoivi'r nf iho icnlsand |iH>lil.s ohtainnl 
 ill ihi' niaiiau:t'iin'!ii <if llir lin-iiii>-- i.iiiii'd ..n ii|ii>ii ilii> lU'cnii- • 
 (onijirisod in llio sd iiidontiirc nf iii(iili;iiuo. and also sii' ii sinu ^ii am 
 a.s the Jilts shall Nuhmii lo bo charuod in rospoci <d' yrross p.ofiN in the 
 hands of suili roioivor and aianu<;or ai tin? d!i:i' ol I ho aiasioi > 
 coriiticalo, or to romo to lii> |ia' I- prioi lo the ordoi foi loroclosni !• 
 ab.soliilo. arc lo ho dodii. {od. iiixl ihi' hnlaiico duo lo llo' pits is lo ho 
 lorliliod: and i\ is ordorod ihal npon llio dfis or any of ihoni pa\iiiv; 
 such halanco Ui iho pits « iihin six uionllis finiii iho dale ol llio niaslor s 
 corliliiali.'. al .such lini.' ami plm o as shall ho ihoiohy appointod. ihc 
 pll.s shall assiiro ilio proiuisos loinprisoil in tho -d indoiiiiiro ot 
 inorl;;aoi-. dated, ,\.r . froo and cloai frwm all iniuiiihrain os iuadi> 
 hy tlioiii or hy any por.-oii oi poisons ihiiininu' hy or ihrouyh or iiikI r 
 liioiii.aiKl dolivoi upon oath if rocpiirod all doo<l.s and urilinL's in Ihoii 
 cuslod valid pouoi lolaiinji ihoroiu lo Ihodft.-.or losiich olhor pfisons 
 as shall boonlitlod lo tliR sd inortyayod lieredilanicnts. or as ho or thov 
 shall diroci. such assnrancos to ho soltlod hy llio jnd}>:n in cuso the 
 purlios dillci.and in case iho dfis oi any of llioui shall so rodooin th • 
 pits, tho dfis or dfi so rcdooniin;:- iho plis aro or is lo ho at liberl > lo 
 apply, and on such applic<>n it i- not to bo iin unibout upon the dfis oi 
 dft KG apjilyinii to j^ivo iho pit.s notiio iliof: and this order is willioui 
 projudico |i any .jue.siion as lo tho rii^iit** or lutorost of :lio ilfi.s .is 
 
|t>i;M>. 
 
 {{•'.'.' 
 
 iictttfoii lli('iii.it)lvu» 111 ui I'l (111- Mi iiii.rlna«i!ii |iiviiii.>«>. iml ui lii'Uiiili FoiIU 764 
 ,il .-ut'li iiiiyiiiutil ii^ iil'sil liy ihf liiiic .is uisil, il is (■kIimihI liml iIumIi:-. 
 I lie , Liiiilil. iVc. iV;i.. iV'-.. <lo Innlmitli .>tiiuil iili-iiliiifly ili'li;iiii.l 
 
 iiicl IokhIommI <jI Mini iloiii all iiL:lil. lillr, iiilciol. .iml iM|inn ..l' 
 .(■ilciniiliopi nf. ill. 01 lo the ^sll iiKniLcayi'Ll piiMiii^i's. \\ iirlluniiinn 
 l.niitd \ I'liis.- (Hill olhris. Ndiili. .1.. :il NiivHiiibur. IH'.f.'. A l.i..-- 
 
 Receiver and Manager. 
 
 I ])uii iiH.tiuii llii> i\n} ni:i(l.' uuu, ihi- V\ \i\ . .iiiii-nl ..| '\i<- nil I I'orm 705 
 
 ii|if' lii'iiiiiii;'. Ai .. mikI llir pli In 111- ii'iiii>cl iiiiilc: !;iMhl; I" I"' mm- Ai.ii..iniiiu im 
 -„, liiiilc lor nil Mims ulii.li llic rrcriiri- liiilli- :i|i|Miii.:i'.l -lull icmmm' ;_'^^p|'^'|,|"^', .^ 
 orlpocoiiio liaMc li. )m> <■■ ' ' '" -ImII Ikiv.' uivn »Miiii:\. llii- n ilnili ,,,■ ,i, ,,.,.. 
 i,v i-oil.-iMil lu'irbv a|>|i< "I ii'iciwi ami ijiaiiauri .il .ill 
 
 liif iiii(lcrliikiii-0Mlif I ,11(1 I,, iiMcni' Id |pcr M-iil. .illln' -M.-> 
 
 i'.T«'i|)l.-- ari>ilii^ ill Il ....iiJiaii.c- in LoMilmi '<i iIh' |ila\ ..ill.'.l 
 
 ilir 'Ca.-iUMi liiri.' ii'iw bi'iii'.: plaM'^l ai ilu- .-^liaih'-lMii \ I'Ii.mi i r, 
 |iaval)li' lu lilt' ilil iny iiiiilci llli aiilfi'iiifiil ul, ,>i . ami llir .-1 .N i- 
 lo ail al oiiri' a- -mil irronn I ml i- ii"l !■• .i.l a- -ii' li ri" I'Urr il in 
 
 ;|,|. ,|;l\ ui uhlllMII lIlC llMM' III 1 111' j ; I' |- . ■ al ■ Il I III I K'l -. ,1 illl 
 
 ili.-oiiU'iwI llial ilifilll.- iliiil''liM'i nMT 111 Mil h rcri'iMi anil iii.iii,i-''i 
 all hoiili.-. I.M-('s iiiiil iiai>cr.-. aii.l ilmuiuciit.s iclaliii^; lo ilu' mI |i|iI\. 
 ami N liPillnvitli t" j^ivo setiilin a- -iiili rori'iviM- anuiililii; In iIk' 
 ,Oiir»o lit' till' *--t. and N. as mhIi i-iMcivci id |pa— aiiuiint- ami |m< 
 liaiaiiif lu lit- ri'lliliiMJ a- |ia\aUU' l)\ luiii a- lilt) jml-'' ^liall tlin" ! 
 How,) mm: lii'half oi liim.-'i'li ami all oilier .-liaii'ImMoi- in llicdll n^v. 
 I,. A- L. I itiiil I. Cishii,. Liliitii. iDiil II I. il>> an oiilci ilaiuil M .Inlv. 
 1900,1. Faiw.'ll, .1 . II Dim-. litltO, A. 4»HI 
 
 .\ M'CI-iM'l- 1111(1 111 iIIM-.;iT lll.|lliillll'(l liy till' Ciilirl • III lill'k "Illy III fill' ll--"l- 
 
 ill tlif> i-olitrni (if till' fiiiirt fill- III- illili'iiiliilv fur r\|.i use- |ii'ii|nTly iiiiurn-.l . 
 Ill' is nut I'htitlcil 111 111- iiiiiciiiiiilii'il pi'i'-iiiiiilly liy tin- |i:iitii- :it «liii-.- ni-t.ii'..''' 
 
 ..r H-itli wIliHf ninii'llt hi' «a- ii|.|M.iiil.'il, //•■•/.■> '.' '■.'"', l HM 1 ) M'li l:':> 
 
 'I'lie Ciiiirl will mil iiii|i..iiit ii rciiivr . - ,...'.. ,.Ncc|it iinili-r .'vtr.iin'.liniiry 
 
 .ircumstaiii'i'-. A'. ''" "■' /.'.■.'/■■.■. i IHH I I 'I' -H '" ^ ■^"' 
 
 fiirthor. I'art Til. 
 
 Tradp Marks. 
 
 In ill" llijili Cl oi .hi.-^iin.'. 
 Clmucery Division 
 Ml. .luolii-f Norili 
 
 111 lli(> Matter of llii> Ki'iii.-ieii'il Trade .Mark.-. Ni- ami 
 
 .A H A Son.-^, I.imlil. 
 ami 
 
 In lln Mallei ui lie' I'anni-. I)i!.-ie-|i- ami 'I'lade Maik- \. i- !S-< ;. 
 
 1888. 
 
 Ipoii imili'in, A • , liy I'Oiiii.-el lor A li. A Sou.-. LiinlM. ami ii|.iiii 
 hciiriiif,' louusol for ilie ( ouiiiiioller-l-oiiLMal of I'aieni.-. Do-itrn- iml 
 
 Form 76t> 
 
 IjilitTly ti' 
 .iilil wiinl 
 " liiiuitt-il '■ 
 
 "' til iilil trMii ■ 
 
 itrk- 
 
 r.v 
 
14'J0 
 
 .lUDOMKXTS AN-n ORDERS. T^^'HAP. XX. 
 
 Form 766. Tiado M nkx. and upon londina; an atlfi of , filed. Sec . (ho rorti- 
 
 ficiitp. ,l,itP<I, ic. of tlie reg-ifitiafion of fhe sd coy as the proprietor of 
 the ahovo-mentd trade mnrTcs: Tliis Ct doth order that tlio ^d 
 
 \ H it Sons r.inifd. lio at lihertv to add t« caili of the sd roai^tf n^d 
 trade marks ttie woivl Limited" after or immediately boneiitli th ■ 
 words 'A. B \ Siiii^ ' appearino- upon such trade marks ii'-:pl\ 
 
 \nd it is ordered tlii- ilic sd A I? .^ Sons, f.initd, do pav to tin- -,{ 
 < '"tnptroller his . os|s of this applicon, to be taxed hv thi' taxitij- 
 master. Jolni Dnkn/ .(■ Sniis. I.'niilil. \..iih. .1 . i2il Aiii;-. I.S'.i;; 
 
 'I'tic iK.ticp of motion in tin. :ili,ni. ,;i<r v,u< ■■ iliiit lr;n.' uuv lio given io .,,1,1 
 to each of fhe .ihino-inpiitioiKHl trade niiirks tlir word ' Limited,' or -o'li.^ 
 iihbrrviiition tlipreof. nftiT or ininiciiiatoly lii'iir>ath tht- words 'find Som< ' 
 •ippfariiig upon .^ui-li trade nmrk* ri'<|.e,-tiv,'ly. oi- tiiat -mli fiiMlna- or ..th i- 
 
 -nler iii.iy l.e i le in the |>ri'iiil-c> a< t,. the Cmi-t, slnll -e.'iii tif." .md it «^im 
 
 iddrcssed to ilic (.' ptvpllnr-i ieurTai ..I J',o,]it.,, h,-ii.'M-. an,l Trade 'W-.wV- 
 
 !l 
 
 It 
 
 Form 767. 
 
 M' "(.iTaiiiiiijii 
 a],|,r,v, ,i l,v 
 til. I'.iurt ..f 
 -\-;'.m1 ill 
 
 (I" 
 A- 
 
 '1 I CI,, 
 
 Title. \ 
 
 \\ iii:ki:,\s the .--t'xeial por.-ons and lirm-. uhos(? naiiitv>. addres.ves, 
 and descriptions appear resjdy in Column^ 2, 3. and 1 of tlie Taldo 
 aune.xed hto, ii[)pliod lor. and i subject to the option reserved to 
 Hrutton &, Riirney. Limtd, as Jiiiftr mentd) became entitled to allot- 
 ment of preference shares in liruttoii k Riirney, Limtd. and the 
 number of shares so applied for are -^ot forth in Column I of the sd 
 Table; A.nu \vhi:rt as such -eveial persons and firm pd in cash to 
 Bnitton A nnrney. I.iinld. the lull ,>uni of 10/. upon each ,if the .-hates 
 -o ap)died lot by thein resply: .Vnu \Mii-.iii;.\s the sd -cveial ]iiM-ons 
 and tirms in applyiit^,- for .-ii, h shares had agreed with Bnitton it 
 Burney. Limtd, thiit Brutton & Burney, Limtd, should be at liberty 
 to issue and allot to Burney '.s New Ooss Brewery (.'ov. Limtd. as 
 fullv pd the shares so applied for, in consideration of Biiruev's 
 New Cross Bre\very Coy, Tjintd. allotting' to them, the sd several 
 f)ersonK and linns, a like nuinber ol second preference share.s of 
 Biuiieys Xew Cro-s Brewery Coy. Limtd. to be issued as fullv pd, 
 and corresponding in nuinber with the number of -hares in Biutton 
 Si Burney, Limtd. to which the sd several persons and firms resply 
 iK'came entld as afsd; And wiii.re.as Brutton & Burney, Limtd. 
 e.xercised such option, and Burney's New Cross Brewerv Cov, 
 i.iintd, ao-reed to oivp eliect to the e.xerci.se fliof; Now nv. it ni-Mint- 
 BKREi) that accordinprly. and for the coiisons ap|)earing- in the jue- 
 mi-scs, the .se(Ond preference shares in Burney's New Cross Brewerv 
 < 'oy, Limtd, identified by the distinctive numbers .set out in Column ."> 
 of the sd Table, were issued and allotted as fully pd to the sd .several 
 pcrsnn.s and iinus whose names, addresses, and desi^riptions ajipear 
 resply in Columns 2, .$. and 4 of the sd Table, and the preference 
 shares in Brutton & Burney. Limtd, identified bv the distinctive 
 
KijKM.S. 
 
 »-l 
 
 uimjbeiN ^H uut In ( oliiuui ti oi th.^ vl T.ilil..-. Hfie alluiiuii a.- Form .6.. 
 fully pd to BuiuevV N*>h Cn.— Ili.u.i v t'ov, Limul TIk'h foljotteii 
 iheTiililo i-otoiiod ti. Itriilttm .( liiinien. l.,;,i,i I'mi) . I Cli 
 (H.l. 
 
 Ity t\\v CiililliauiM^ Aft, INHS (III \ liJ \irt. r. 'Ji;,, tli, < 
 |..iwer to ('Xt<'U(l tilt? time for ri-pislvrim: ;i iiuitnii iimliv 
 C'i)miiaiU('< Act, 1SH7. Tliiit -icrtioii pruvidod flmt " Kt'iv -ivi 
 |.aiiy «liiil! Ill- iIpi'IiioI and taki'ii t.i Iuim> hn'ti i«<u.-c; and to In- 
 ll.c payiuvnt of the wlmlc annmiil tlnii-i.t in la-li mil.- tin 
 
 Im-.ti iitlic'iwi-i' dcliTlnini'd iiv a ilrail dniy liiaili' in wi'lin- 
 
 ;lir l!.-i.'i-lrar of .l..int Stuck ( uimi..! nir. at i.r hrl'inr lii'- i-n.- • 
 rii.'lc' "'Tc iiianv 'aM'- of .inii^«ion !■> tile- -U'li (■"iitrait^. and 
 
 ,iirl wa- u'n*a 
 .,., I -J.-. ..f !!'■ 
 v III any ••■nt 
 
 lirld -nl.ir. I I. 
 aJiu- lull I. .\. 
 and .l.-d .>,•!■ 
 .f -11, i, !,,'.- ■ 
 acionliin'lv iIm' 
 
 \(t tif IStlS prnvidwl iiiniinirHt iitli.T tliinL'" flial •• « hi'iicvn lipfnrc ..,• aft.r ili,- 
 
 .-..iiinR'n iii-iit nf tlii- A.t any -liarc- in tin- .ainial "f any rnmiiany under Ih. 
 
 (■iinpanioi Aits. IHtJ'J and IStm. inditrd a^ fully "i- |iurtly paid up sliall liav 
 l.ocii or may lie is^uwl for a i-onsidi'ration iiiIiit than c ash. and at or Ii.'forf ll.'' 
 l^^lle of sucli sharr-^ no rontra't or no ^iitHiii-iit lontrart is tiled with tli.- 
 lii'tristrar of .loint Stoek Compaiiii's in coinplianie with seit. 2.> of the Com 
 IKiniei Ai-t, 1S67. the company or any person interested in suili share" or any "i 
 tlieni may ajiply to the I'lmrt for relief, and the Court if satisfied thai lie 
 oniissiiui to tile a eoiitniet or siiHieient eontraet was aicidenlal or cine lo in id 
 \.Tteiiee. or that for any reason it i- just and ec|iiitalile to L'rant r.lief, uniy 
 make an order for the tilinu' with the reiristrai' of a siirti,i,.|ii c.nti.u t in writiii.- 
 and clire-'tinir that on sueli c-cmtrait lieini; tiled within a speeiHed peric^d i^ 
 shall, in relation to such shares, operate as if it had lieen duly tiled with the 
 reiristrar aforesaid liefore the issue of -iieh shares." rrer|uent recourse wa- 
 hiul to the Aet of l«(tS between Unci .Vu^ust, IWiN. when it eame into opera 
 tion. and 1st .laniiary. litlll, hut liy seet. Sli of the Companies Aet, Hl(ll). which 
 camc' into operation on that day, seel, i.'i nf the .Vet of 1HI17 was repealed, and 
 it was enacted that no proeeedinffs under seet. 15 of thc> .Vet of lH(i7 should In 
 ec.iumeneiHl after the eomim .uaent of the Aet of I'JdU. This repeal wa- 
 howcver, hy virtue of aeet. 38 of the [iiterpr<>tation Act. 1S83, not to alteet 
 any ritjht, privilege, obligation or liability aeciuired, accrued or incurred unclei 
 the enactment repealed. TliC Aet of 1908 lias not touched the matter, and in 
 the result there are still cases in which it is or may be iieces.sary to apply I- 
 the Court for relief under thi> Ai't of 181I8 (.see ll.iillui, v. Hii.t.ri/. {I'Mli 1 
 I'll. (i37j, for the .Vet of Held in repealinc; sec t. '.'-J cloes not make shares whic I, 
 bv virtue nf seet. 2.) of the Act of 18117 are unpaid, paid-up shares. Neierihe 
 
 liiss proceeding's under the .Vet of IWIS are now extremely rare. Tie' la- : 
 
 the subject and the form of application and orders will be I'oiind in the <it;, 
 edition of this work. pp. t'.'aT I'.'tl3. 
 
 h 
 
 
 n 
 
 Orders extending Time for Registering Mortgages or Charges 
 under sect. 96 of the Companies Act, 1908. 
 
 The provisions of the Act of lim.'-. ^s. •!:{ U)> , rc-pbicint; sc-its. 1 t--l8 oi 
 llic> .Vet of 130(11, as to reitistraticiij of certain kinils of niortcraires and char','i-. 
 ave referred to above' at p. lilli. As appi-ars from .-eot. It3 if the Vet. then 
 -et out, the rec;istratio!i has to be effected within twenty-one days aftcT tie 
 creation of the inort<ra;re or charu'c. but by si>ct. Mii power is ijiveii 1.. e\t. iid 
 tlie time for rcirlstration a~ i'olici«-; 
 
 •• .V iud(;e of tlie lliifh Conn, on beinif .satislied that the onii-si,,n t, •,■ .-i^tei 
 a iciortifajfe or chaiire within the time- hereinbefoic reci«ired. or that the omis-icn. 
 
 ■w.'i t 
 LV lid t!!ie- 
 
 .V't "f ; I n 
 
1»V. 
 
 .M|if;MKNI> ANI> (IKDKHS. 
 
 i ( 'IIAI'. XX. 
 
 or inii--tHt('ini tir ..I" ,uiy |>ajti< iihii Hitli ii'-|"Mt U> iiny -ilih inurtifu^i' iir ihnii;. 
 wu» ini-icli'ri«;il «i (luH ui iriHilMittnici'. ..i- li> >iiim- .irliir iiitKc ii-lit iiiiim , or ih iii'I 
 
 «'f a riiauri- I., pii'jiulii i- tlii' |Mi.-.ii imi ,)f iicditoi^ «r >liii]>'li.ii(Jcrs iif tl impuiiv, 
 
 i.r lli.it iiri iitl.ci trn.iii,il< it 1^ jii-i 111,1 .'.initiilili' r.. L-iMiit n>lirf, nniv. <mi tin. 
 ;ili(ilic.itiiin nf tlic riiiii|iaiiy «r iiiiy |.i-i-*.ii iiitiTr«ti'<l. aiwl "ii -iii'li tiTiiis .iinl 
 ciiiiditioiis l\^ Hcciii 111 tltr jiiil|;c jir«t and i'X|>f(liiiit, niilcr that lUv tiiiiu IV.; 
 rujfiBtiiitinn 111- ixtvpiilttl. ur. a- tlie i an- may ln', that tin onii^-'iiiii di iiiiNntati 
 iiK'lit hi' riTtifii'il." 
 
 t'Htf'TtsioT' 
 
 h" twah!» 
 
 'I'liii-. wliL'ir tlicre 
 tittit' tho C'diirt h-Afi \><- 
 
 • 'llli'lv 
 
 I- fuTM .111 inai-..^itiu 111 
 CI til ("\ti'iiil llii> tiiiii' i 
 
 M'i;i>!rt. ultllill lll|. j.r. • rilln it 
 II ininitipr nf altfrnfttlx'' r.isc... 
 
 (a) W lull till. iiiiiii..iiiii ii. ri'f.'isii.r ».i« ai liji.jital ; nr 
 
 ill) \\ licrv thi' (iiuixsiiiii t" rcKHti'f \va.< iliii' to iiiaihi rti'iiri'; m 
 
 (r) W lure till" iiiiii..<siiiii to fPifisl'T iva.i duo to otlirr niiHii iriit caii-i'; nr 
 
 nil W lii-ri> tlin oinis:«iiiii tn ii-jri-tor i- not of ii iiaturi' to piiiiiiliii' tin 
 
 (lOKitiiin of ircditori or >liari'liiildi'rs of llic i'oiii|iaiiy : or 
 If) U'liiri- . i: i.tlii'r L'l Ill" If i« iii-r ami i'i|iiit:ilili' to rxti'iiil tlir liiiir. 
 
 Afiiidi'iit 
 
 i t r 
 
 fif 
 
 m 
 
 And racli of tlii^i n , it i- to lir iintnl. i« iTiili-|ii-Mili.|it lis a i,'roiiiiil fm 
 
 relief. 
 
 rill- power to riitify is tlicril'orc iiuiili widor than llif [lowir givi'ii by wi t . I 
 <if tlio liills of Sale Act, 187,S, fur tlicro tlio jud^P is only oiiipowcred «liiri. tin 
 • iinissioii to reifistir or niisstateini'nt is • aeiideiital or ilin; to iiiadverk'nn." 
 
 ■fho wordH •• accidental or due to inadvertence " iu sub-sis^t. 1 of tlie Ait an- t. 
 tl ivf tlic'ir ordinary meaning. 
 
 rill' dotinition of the word '' aii'idi'iit " in .IoIitisiiu's ilii'fiomn'y i< •■ that 
 wliieli happens, unforosomi, trasualty, elianie"; and in liitliardson's diitionary. 
 " that, whieh falls or happens or oienrs to, ijenerally with a siili-eondition of 
 Bomethintr unforeseen, unexpected, unfortunate, uniie<essary, without desiirii. 
 I ontrivanee, or Intention." 
 
 'I'lie definition in Johnson's dictionary of " inadverlem-e " is " larelessnes^. 
 iies.'liM'cnee, inattention'"; and in Kiiliarilson's ilietionary, "inattention, iiii- 
 i-antiotisness, (-aretes^ness. iieu^litrenee, improvidence." 
 
 Tims it ajipears that " inadvertence '' is a much wider wo-d than '■ accident,' 
 and inadvertenic lias been held to have occurred (1; where, the contract liavini. 
 Iiecn sent to the company's solicitor to be stamped and filed, there was delay at 
 Somerset House in adjudicating,' flic amount, and the dir,.'ctors in itruorancc ot 
 this, and assimdn^r the contract to have been tiled, allotted the shares, /.^irf: 
 Hiifs. l.ini'.l.'d. Kekewieh. .1., 70 I,. T. 722; Cimh,!'' Ihnh, Lpn^,.,- Cn., Stirlinir 
 .1.. .\\t^. ISllll, not ri|iorted. (2) Where the parties were ipnor.int of th 
 provisiins of the .\ct of IStiT. ./".-t,,,,, ,v (■„,, (|H!HI) 1 Cli. :HH. (11) Vnt\;vt 
 fulness of sui-h provisions due to worry anil pressure of business. Tnn, '/. 
 (■■„l,- <■; . /./..',f,» ,,/,v. l.i T. I,. 1{. Ilfi; W. \. I |H<IM. :t.), 
 
 WI secured eriHlitor provp<l for his debt, sweariiij.'' he had no seiuritv, 
 
 and \ .. ■■ at a niectiiiir of creditors in respect of the whole debt, but it was all 
 done ill the lunni ti'h- belief that there was no security, it was held that this 
 was iniidvertencc. /,'.■ Snlrfi/ Kj/i/osirrx. I.;,it!t,l. (l!)(ll) I Ch. 22ti. 
 
 Althoujrh the words "or that for any reason it i« jun und equitable to grant relief " 
 u'o far beyond " acciilcif.il or due to inadvcitenic." tlicy impo-c on the applicant 
 ..!,,, r,:|;,.s ,.„ tli.'m the ,>bli^.:,(;.,i, „r proving- tiiut he has .i.tcl »|[h .mi. 
 aiition and eonsi ientiousness. and that he has done nothinf; to disentitle him 
 
 to relef iit tin si nf the other innocent persons." I'er Wrii»ht. .1.. /I'-v /»«,(/-' 
 
 /■.'■»«. (18l)(l; 1 Ch. 2in. 
 
 M 
 
roi;MS. 
 
 I »•.''. 
 
 Am fXiilul i< iif " !■ '■ 'Ilnl -li;Hii(l,t rull«i' " i- «ll>li- ii.'ai ilihir,' liai lie. II 
 
 pn,H di rn'ftlv> <li;ii r.!.-i« r iti,.M mihI.t iIm- \. I i- .mniM-c-«iiry , .">'. A'-inhno:- 
 
 ,(. s„„». J'llli) I Ch Wl.i. 
 
 Manv iinliT- Ic.r i irtili.Ml'.ni liavi Ihhmi iiiadi- iwiili'r tln» .rrtii.n, .mil in iiii«t 
 la-i- till' nrdi'v '- iini li 'in thi' (.'niiiiicl .>l' ari'iilcnr i>r iiiH(lM'rt<'iii<'. In ni.ikl'i'.' 
 ih" (irili-i till' t'diirt i" i-ccTi-i-'inu' ii ju li;ial ili'.rrtion (<",,,,/. p. \\1\). ..ml 
 111 urcliiiL'ly ri'iinirci I'viilonn- mf tin' fai-ti. on wliiih tli.' :i|'|>li .itinr !'":■ .! i I' 
 IS Uriiumli-'il, mid tln^ I'vidi'nii' i- ifcin'r illv i:iM'ii I'V :ii'iil:n!' 
 
 In iini- i.r till- <'.-if;ii'r niic-i (/(-,„?/, r..'./ s,.,,,.,,,, \\ . \. i mill ) .-.li. m Ak t.' 
 
 ttlncli nil .■\t<'ii-;< rdi'r w.is irr.-int.-il in n'-pi'il "I' .111 ;ii'.'idi'iitiil ..nii-Mnii t.i <'i->"li'"i'-- 
 
 r|^r;<t..r. till' ni'plirinf. li(>'<Irti': iirovinir fin' :nriclint, «lii\vi'il that tlii-n- \v:i~ 
 
 11" AindiiiL'-np nnil tlnit 1 ri'ilili.r hail rci-iiMTi'd jink'ni'nt a ;ain<t tin' h.im- 
 
 |ian,v. 'I"lii'< I'vidi'iii'o wai irivcn on tin' a-"niin|itiiin lli.it tin- Conrt wnnid follow 
 th" rule wliii-li had liion adopti'd in nuanl to hills of «ali' ( I'nr^n,,-, ilXlCii M 
 t). r.. Vli: ('y"r \. ''„,„,„,.,7< ilsss). '.'I <J, IS. I). Cill). viz.. that tin' Court 
 ^Im'iiIiI not in.iki- .aii oiilnr for i'\trn-ioii " -o as to ili-fi'al a tith- artn illy vrs|,Hl 
 111 a pi'rson who litis artivl with piTfi-.f '>."■■ /'•'"•,"' •■ -/.. ri'.'ht- of a trnstri- in 
 t.aiilii'iiptiy or of an I'M'i'utiiin rrrdltor. 
 
 I'.iit Hinkli'y, .1., in ./r,/'^" IU.„,,,i C... (IsifJ) 1 Ch. 711, ;'arrii'il tin' inatli'i' Orihr- ma !■ 
 laiirli furthor, fur III' laid down a i;rnrral riili- that an nrdi'r under sect. la of without 
 il.i' .\rl of Kinip (now M'lt. !i(i of ihi' ,\it of MlllHi. -hoiild alwiy lontain words ''j'^J. ,,'''|^ *" 
 lo thr foll.iwin;.' I'Mi'il : " I'oii thai ll'isonli'r hi- witho.it pri'jiiiin' t.i tin- riu'hts 
 of parties ai'>|nired prior in thi- tiiiii' wlnii -mli | inortLr.iji' or iliar;.-!' | ^li.iil In' 
 aviiiallv ri'tristrriil." i'm rpt wlii'ii tin re i~ -oiin- :j.i..i| ..'roaliil I" tin' iinilrary. 
 i.s wlu'ri' till' riri'unistaiii'i's ari' mhIi llial liir in-.l 1..1 .aiinoi lir pr.'jii.li'-. .1 - 
 
 In liiyini; down this jjcncral rulr. tin' harni'l jial-,'!' ~lali'il that hi' was aihipi 
 iiii? tin- prai'ticr- n-talilishi'il in iadL'i's" rhainlirrs for year-, .i.iordini,' to wliji li 
 np|ilii-atliiiis for I'xti'iidini; tho tinir for th. n^'istialioi; of I. ill of sale w, r.' 
 graiittil as of loursi' and withoni noiiir, •• foi ilie ii'aMin that liy tlio insirli'ni 
 of these words thu rights of ahsent parties are iiol alfeeteil. ' 
 
 Whether this practieu is eonsistcnt with the settled rules wliii li lane heeii 
 laid down as to the e\i'reise of jiidieial diseretion may he iloulited; init the 
 jiid^'es of the Chaiieery Division have irenerally adopdil the rule, ilioa:;h it- 
 ojieratioii has lieeii re-triit(Hl us helow iin'ntiniied. 
 
 In /. '■. Jiilii:si,i' iV ''"., iH'llJ) J I'll. I'll, till eaM- of ./../.■. /; • , ■, I , 
 was 1 oiisidercd in the Cinirt of .\ppiil. hirertors of a eon>ii,:iiy ii I'l re.^o;\ed 
 
 in I.S9it to raise S.'i.illlll/. on dehentiiri's. wliiili wei iiueii on property in- 
 
 ■;liid.-d in a eoverin^' deed and liy a iliap.'e on all liie properry of the lonip.iny 
 (ineludins its unealled eapit.1l ) for tli" time lieiiiu- as a tlnatinu' eharue. a'd 
 were .stated to form one series raiikiinr /■"" /"'->". >onii' of the seri. s \,ei'e 
 is-ni'd hefoi the .\el eanie into uper.ition, lint ;i'27 of the remaiiiinL.' il.l' ntni-e- 
 Aiie is-ued after thai date, and weir not ri u'i-lereil The .lio!.!i'i-~ of tli.-e 
 lelii'iitiires and the eiinipany ap|iiied for an e\ti'iisioii order, .mil Kekewieh, 1., 
 ■xtendeil the time, hut added to the urder the ipialitieation introduee,! ly 
 l„i,li,. Il,r>r,,:l <•.'. 
 
 The Cmirt of .\ppeal siili'titiiteil for the ipialitieation inijiii.-ril. the follovi nn,' 
 proviso; " I'roviilfsl always that this order is to Ite without prejndiee to .icy 
 rii;iits (other than riL-'hts in respeet of detient'ires nf the said series^ w hieh iii:iy 
 have been or may he at-iptired aj^ainsl the holder^ of the said dehenlnres -.-t, 
 forth in the sehediile to this order prior to the ti..ie when the la-i 'ineiuion. I 
 dehrntures shall he aetnally re;.'istered. And it is herehy deilared that. e\e pi 
 no far, if at all. as may be ne"essary for irivinir ert'eet lo the proviso ;ifor -. i.d. 
 sueh proviso shall not interlere with the rielits ot eiiiiality amoini.^t tlninse.ies 
 attaehed to all the delientnres ol' the >aid series, lint -o that in i'h' evem of 
 •he debentures in the -.lid -i-hednh I.e.iiL' .■voided ii- ;i;.'ainst parties hav'iii,' 
 
U-'l 
 
 JUDOMKNTS AND ORDERS. f^^'HAI'. X X 
 
 any supIi ri)fht- as iin> priworvcd liy the saiil proviso, nope of ti.- holiicr-, of il. 
 (lebontures of tlie sniii series, other tli:in the holders of the dehcntiires set ii.i i 
 in tlio said sehodule, shall hy reucon of sueli avoidance he niiuired to a. i.(. 
 any li-si -hiire of thr' iwsets loniprisid in his seiinity than he wtiold liaM' l.i!,. 
 if there had been no Hueli a\oi(lane<'." 
 
 TluL«, the ( uurl of Appeal in r'tfi'ct held that the ./../,//„ pni\iso went f.. 
 far. and that the rlL'ht- to l.e protecteil were riphts aciinired air.iinst lli 
 tlehentnre holders. 
 
 The matter was furtlier lonsideri'il in a sulise(|U<'nt ease. Hliniiiinii /(/.. 
 (laOH) 2 Cli. CK". and it was in that ( ase held hy the Court of .Vppeal that lli 
 proviso is merely de<i>rnwl to proloit riifht' aii|uire(l aL'ain-t the j>,ti,,c,-l [, .. 
 the I'ompany as l>y eharsre, execution, lien, or other security- in the iiiter\.i 
 hetwis'n the expiration of the twfnty-one days for riristcrini: and the cn 
 
 tended tinif .lilnwed liy tl rder. It is not meant to protect, and drx s rjf 
 
 priiti'it. Ihe i\islinj; unstMurecl creditors of the company, miles- they liiv 
 obtained some such security. 
 
 Where, within the time allowed by the e.\tensioii order, an extraordinary \<- 
 -ohiiion for windint,'-up was pa.s.siHl, l!u(klcy. .1.. held that the ri^,'lils of tie 
 i;eneral bmly of creditors under the windinu'-iip were protected by the savin _ 
 words {.I II III 11 foruii, and that the debenture holders wcri' i.oi as airainst thi i. 
 secured creditors. .{injln-Uiii'iilnl Cmiirl Miiiii(liirli'r,„p I'u., (l!Mi:j; 1 Ch 
 '.III. In the course of his judjrnient. Buckley, ■)., said: ' \\ h<ii the order c: 
 tlie fourt of .\ppcul" in John^,,, \ f,,, -" in looked ai. it will be found tha 
 the words they useil secui to have cx.e I'y the sanie elfed as those which T u-. c 
 iT: 1,1 If Jfiilln Jtiiiiiiii f'li. ... I c.Miiiot . . . derive from h, rr /. f. Jnh. 
 .»"(• iV Cii. any assLstanee as W the classes of creilitors who oujrht to be protct^teH 
 by till' order in such a ease as the pre-etit. However, a-sumin^- that the mor- 
 restricted mcanini; is to lie );i\en to the wurds. anil that those words cover oiilv 
 t!ie rii;hts of creditors by whom or on who-ic behalf ^inm ji,nrrt 'Iii<fj /m/,% fire^ 
 Inheu rir/aiiiJ^t thf projtrity of tli-r rmn^nnii, 1 hold that the riurhts of the ireneni' 
 biKly of the creditors at the enmmeniiement of the liipiidation are within th. 
 terms of the onler. because on the winding-up eonintencinp e\ery creditor li.iil 
 a ri^ht to s ly, * So much per i-ent. of the assets iielonu's to nie in iliic cmirsc ot 
 liijuidatiou.' " 
 
 Where the coiupany li:i- power to exilian^'" and vary its debeniiires. and th. 
 debentures ha\e been sealiil otdy and not delivered, new debentures may !>• 
 ipsuod instead of an extension order beinp applied for. Ilnirrn v. J)i'ftiry , 
 Co., (1904) I Th. 37. 
 
 An applicjitioii under sect. 15 [now sect. 96 of 1908 | should be made eific i 
 by originating motion or by orii.'inatin',' summons, and in the former case i: 
 must be assijjneil to some juiljte (if in the Chancery Divi.sion) hy ballot in lli 
 usual way. Leant anij Oeneittl tnrrstnii nl f'n.. W. X. (1901) 7'2. 
 
 Form 768. In ilic llioli Cniirt oi .Iii-iic 
 
 Notice ..f 
 
 motion to 
 
 exteliil title 
 
 for rcyistni ■ 
 tion of 
 inortijaj.'-t -v 
 
 (haiiiviv Division 
 
 \i:)llf tif .liulfic. 
 
 In tilt' Matter of , Limtd, 
 
 and 
 In the Matter of the Co« (Con-so!id.atiou s Act. UKIS. s '.(i; 
 
 T.VKi: NoriCK that this Houble Ct will he moved, on — dav. tl 
 — dav of . a( the .sitting of the Ct. or a.« kooii thereafter ; 
 
 . r 
 
 
 
KOKMS. 
 
 14.' 
 
 coiinM^l ran lio hoard, liy couiim)! on tlio part of - . of — , for an Form 768. 
 ordor (Iml IIk' tiino Im' tin- lojxi-'tiMtiiin in inaiinor rc'i|uiro(l hy tin' " 
 
 C'ds (Consolulatum^ Ait, I'.'OH. 
 
 //('/•<? si, ill- ihiiiiriiliir.i. e.<l.] 
 
 Ill' a trust <le«Hl to ."ccuip lU'liontiiio ilativl tlio day ol' , uiiil 
 
 inado ht'twoon tlio ab(>vo-nauu><l i oy of the one |iait, and iiini 
 
 a-i litM'-i of tlio othor imrl, tur -icrurin^ £ dolwiiinrc (<tn ■!> 
 iif tlu' mI rii\ . 
 
 (h. 
 
 lit a K<'ii<'« (if 1,<"H> ili'lii'iilurt'^ lit the alii'\i'-iKiiii(Ml my, (>ai|i fiii' loO/ 
 and inl<'i('-it. and coniaininir a iliar^'"' I'v \\a> nf llnatin;; .loiiirlly mi 
 
 till' iindiMtakiii;^ of tln' rii\ , 
 
 Or. 
 
 iif an aurici'MHMit dati'd the dav nt . and niadc lir-tuii'ti tli'' 
 
 alidvo-iianiod coy of llic mir i<av\. and . I.inild. <<( the iitliiM- jiarl. 
 
 cii'alini. a riiartro iin tlio iiij .lli'd ciiiii'al nf tin" loy. 
 Ill" extended until aflct the e\|iir,ii iciii of foMileeii il:i\-- finni I lie date 
 of the Older In Im made liefenri. nv llial -ii'li fuilliei cir (illier mdi r 
 iiia\ he iiiide ill the |iieiiii'e.- a> the (I Jiia\ dieiii e\|iedieiil 
 
 Dated, in-. 
 
 If the :i|i|ilirMtiiiii n 111 \io iiiailr liy iiri^'inalinj: suiiiiniin^, it will i niiinii'iKe, 
 if niit ni;iiii' liy tin- iiiiii|>;iny, tliu-;: " l,rt tlio alinvi'-niimi'il riiiii|i;iiiy. wlni-i' 
 rot'iiti'i'i'il iiHiie !■, at . witliiii iii.'lit liayi iiftcr tlic si'r\ ire iif this siinininns 
 
 nil it. i'Xilu>ive of the iluy iif "luli ii-rviri', lause an a|i|iiaraiiie tn In" cntiTi"! 
 for it to this :.aiiiiiioM^ u|iiin the a|i|ili(':itioii of . of . for an iiriler," \i 
 
 Anil at tin- fool there slmulil lie llii' ii-nal notiie: •The r('s|ionili'nt inay a|i|n'iu 
 lii'ietc) by entcrinir ajipeiiranie eitliiT iiiTsonally or !iy soli,itor at the Central 
 Olliic, Hoyul > Hints of .Iiistiie. !,iin(l(in. Note. If the ruspomlent iloos ni.i 
 nntpr ajip": niiiee within tlie time ami at tlie iilare :iIiom' nieiitioneil. siiih onlei- 
 will he iiiaile ami |iroceciliii^'s talien us the jiiilire may Ihink jiet ami ex|ii'ilii'iit ." 
 If tlie appliiatioii is • r /<(///<. r.,i.. where it is made- liy the loiiipaiiy, it will 
 run thus: 
 
 A.s 1.1 
 
 iiriifiiiatiii>r 
 
 iiuiiiiiionH 
 
 Ia'( all parties attend at the i hamliei.s of tho judjre. liouin 
 Nil . Hiival Cimit.-i of .Fiisiiie. .Strand. Lundiiii, at the time 
 
 s'leeilied in tho iiiaioiii, mi the hearine; <if. \e 
 
 ■' Dated - . 
 "This .-iiinmmis was taken out liy. Ae." 
 
 The sumiiioiis lan he heard liy the jiidi,'e in eliamliers or adjour 1 into 
 
 t'eurt. and in snmi- ejises appliiation liy summons is the preferalile mode. A 
 iiinsidorable number of orders have hcin taken en sHniinons, 
 
 4 T 
 
I4'i«; 
 
 Form 769 
 
 Order t'\ti iiM- 
 iii^ time. 
 
 .M-1)GMK.NT8 ANU OHDKKS. [ChAP. XX. 
 
 Upon iiiotioti tlii'* i\ii\ iiuulc iitilii tlii- nt liy ooum>oI for tlio oliovo- 
 immctl coy ami Tho Iiisuiuiko Coy, I.iiutd, tlio tico- appoiiiU'il 
 
 l>y ail irnlunlur»! datol llio 11 .Jan. I'JOl, fui' soiuiiii^ a hOiinn of 
 (IcU'iilui'os to ilio amouiif. tii 10, (MM)/, issiii'd hy the llr-it-iiami'd cny. 
 and upon roadiiif; tin? lospive ullt.'*, &c.. both (ilt'il liH Fol> I'.lOl, ami 
 tliO cxhiliit tlicrviii ii-lorrod to. 
 
 Tlio Ct iK'iiit,' Hati.ilied that the omis.-fion to rofjister the inoit;;n;.'t' 
 or char;;!' <( 'iio<l in tho nd duod uiid dolionturn-; within thn tinii 
 rcijiiiicd .IV I 'os Alt, I'.MH), wa-i m i idcntal, dotli, piii-'iiant to the 
 
 l.'itli .MHtion of I hod Act. oiilcr that the Mine lor rc'/i-i ration ol' I hod 
 inorti^a<re or I'liarj.'*' ho <?\t<'ndo I until Saturday, 9 March, I'.'Ol. and 
 an ollico i o|iy of this order is to Ik3 luft with the Iloirislrar ol' .Jnini 
 Slock t'o^. Ildolli- Ciilil Slornfir Co . FarwidI, .1., I March, 1!M)I 
 
 Form 770. 
 
 I.' ■ ;t'ii..>irm of 
 time iiiuIiT 
 wet. 1 1 of 
 Act i.f r.MK) 
 [lliiW !>vrt. ?»'■ 
 Ill' i'jHNI. 
 
 t'piiii iiiolioii llii.-i du; Miadt; unto thi.s (Jt hy couiisol tor tho ahovo- 
 nainod coy and T.. of , and S.. of - -, and upon reading an all'i 
 
 of M., tiled lit .luly. I'.IOI, and the e.vhildts ihuioin referred to. 
 
 This It liciii;;- .satidied that the oiiii>sioii to ioiri>ler the Irusl deed 
 for M'curini^ dolionturcs i harmed ui>om tho property and undortaiunj; 
 of the sd coy dated tho IH May, ltM)l, and made helwoen ihe ^d co_\ 
 of tho ono part ami tho .sd T. and S. of Ihc other pari, iwlliin the 
 time leciuired by tho Cos Ad, I'.MM), is not of a iuturo to piojiidice 
 iho position of eiedilors or sharoluddurs of tho aliovo-iiained iny. 
 doth, pursuant to .se<'t. 1.') of the Kd Act, order that tho time for the 
 registration of tho sd deed bo oxtciidod for a period of ten days 
 from the date of tliis order. Tincjri Tea Co , liyriio, .!., 1!) .July, 
 1901. 
 
HV7 
 
 APPKALS TO HOUSE OF I.ORDS. 
 
 <!HAPT?:U XXI. 
 
 AIM'KAI, Tf» THK IIOirsK OK M)KI)«, 
 
 As to ()ractico and procoduro on uppcal-t to tlio lluu-iO of Lords, 800 I'nun. • imi 
 At.riuul riuclitc>, 1012. [.. 'j:>2 it .si;j. |..-.ki.I .r. 
 
 Every appeal ix to U) by way of petition, aad the followiii;f is n 
 spi'ciiiion: — 
 
 i4ii 
 
 In tiik IIousk op Loitns 
 
 To tlio Rifrlit Hoiiouialiln tlio llt)U>o ol Lords. 
 
 Tlio liuniblo petition of appeal of Tlio A. li. t'orporation, Limited, 
 niio.se rey;istored ollito is .situate ut , in tlio City of Lomlor. 
 
 Vour petitioner liunilily prays tliat tiio matter of I ho order sot 
 forth ill the .sihodule iii'ioti) I'lay ho rn\ iewt'd lioforo His .Maji'sty 
 the Kin^: in Ills Court of Parliament, and that tho said order may 
 be reversed, varied, or altered, or tliat ' o (lelitioner may have such 
 other relief in the promi.se.s as to His Majesty tho Kiii'^' in his Couri. 
 of I'iirliamenl may seem meet, ami that J. K., mentioned in tho 
 .schedule to the ap])oal, may bo ordered to hvly^o such printed case 
 as he may bo advised and tho 'ji''cums|aneos of tho lau^o may reijuire 
 in an.swer to this apjieal. an<j (hat service of such (irdi^' on the 
 Kolieiton' in the caui«> of tho said respondent may be. deemed good 
 KervicG. 
 
 L. M. 
 N. O. 
 Sifrnatures of Counsel. 
 
 t". .Till It* 
 {" !iti->i) , 
 
 ,r,.,-..i. 
 
 SCHEOULB. 
 
 l-i(im His Majesty's Court of Appeal (Enj^hmd). ip,,nr 
 
 Jn a e»!rtaiii ciuse wlieioin J. K. was plaiutill', and the A. 15. 'I't"''!"! 
 
 tit M). 
 
 Corporation, Limited, was defendant. 
 
 4 Y 2 
 
HiiS APPKAIJt TO HOIJSK OK I.OKDH. [ClIAP. XXI. 
 
 The oidor ol Him MajoHtyx Court of A|>|k>uI diitetl tho otli ciuy of 
 April, I'Jitit, a]i()«ali'<l from i/» in itio wudJh following, iiaiuoly: — 
 
 19(t!» H No. 5.20tt 
 Tuexdav, ~ day •>! . I'.Xi'.t 
 
 In the Court of Appciil. I«>- 
 twoon J. K., ou behalf of hiiii- 
 Bi'lf und all othor f<hurohol<l«i-~ •<( 
 tlio A. K. Corfioratioii. Liiiiitt'd. 
 IMaintitt. 
 
 The A H ('iit|ioriilioii. IjiniiU'd, 
 Dcfciiduni 
 
 hA 
 
 U|ion motion In nuy of up)N'ai from thu urdur dutod thu day of 
 
 , litd!), this (lu\ made unto this ('ourt hy counsel for the pLiio- 
 
 tiir, and upon livuiiuLr couiwi for tlio dffondiinf, aud upon roudin>j 
 till- Niiid oi-di-r, and llii' |il:iiiitill' and tlio defonduiil licforo wiunsil 
 connontiny: to trcut tlii^ motion us a motion for juildiiitMit, this Court 
 doth <liseliarp' the «aid order, ami doth order that tho dofeiulant 
 the A. B. Corporation, Limited, he pi>rpetually restraiiieil from ailot- 
 tintr. itr., and from otherwise nrtinc: npnii or <arr\ iii^' into ellcct sm li 
 part of the resolution of flie defendant ooriioratioii in the writ ol 
 .summons mentioned purpurtinsf I" aiilhori/e suuli ulliitment . And 
 it is ordered that the <lefenilant, ilie A li. Corporation, Limited, 
 do pay to the plaintiti his coatu of the action of and occasioned by 
 the said upj>eul, smli costs to be taN«id by the taxing master. 
 
 L. M. 
 
 N. O 
 
 I \ I III. Ilol si; OF LoHDs. 
 
 On ap;)eal from His Majesty's ('ourt of Apiieal ( EngrlandV 
 
 Between the A B (,'oip(iratioii. I.iriiiieil. .\ppollaiit, 
 
 and 
 
 J. K . Rospnndeiii. 
 
 Aii|"il;iiit~ Case for the Appellant 
 
 1. Tliis Is uu ap{M!al from an order daH'd tho dav of ol 
 the Court of Ajipeal i f^iiylaiid i re\ri-sini; liie judfrimiit dated tlif 
 day of - of Mr. .lusiji- 
 
 2. The question to be dote: aiujej <ni this a|ipeal is whoih.r oi 
 not it is ultra vires tho appollaiit, thi' A B. Corporation. Limited 
 (hereinafter called "tho corporatiin "i, to allot, &v. 
 
 3. There i.s not in this . ase any i' -pufe a.B to the faots, whiili 
 may be briefly stated a.s follows:-- 
 
 The company \ias incorporated on tho — of undei 
 
 the Ciiiiipanies (T'on.solifl.ition i .A.rt, 1908. as a company 
 limited by shares. 
 
API'KAr. I') TlIK ll'il- ». OK M)KUH. 
 
 I \i'> 
 
 The <il)jt><'t» of tlio (oriiorfttion or. (iotinc<l by it" niomo- 
 lundutii of ii.-i-.o<'iution iiirliiilo tlut following, &c. 
 
 Of the arlicloK of iissot'iation of tho iimt|)iin) reUTOiico w 
 
 iiiadc to tlio'^* iiuiii. I- , -— , and . 
 
 I' IK lor iirlirUf , Scv. 
 
 5, Oil or iil.niil .laiiiiiiiy. I'.Mif., lli"' . oipoiiitiDn, Ihmuk '" '"'''<' <>' 
 moiwy tor tin- |iur|inM-( oi ii.-i iiiKlfrtukiiij,' ami lui-iiio.'.*, Ijoriowfd, Ac 
 U. At uii vliauiiliiniry j^cmual mouliiiy; ol llio <oii)oiuii'iii, hi-ld 
 
 on tlio day of , llio n)«oluliuii-< lollouinv; wcit i)as-od. 
 
 |.'>, On llio 'lav ol - tliit action was foiimiuuK.'d by thi» 
 
 isKUO of u writ wlici-uiii llic rosjioiidoiii .1 K «a- plamtitl und tin' 
 appollanl i'oi'|>oi'iiti<)ii \va.s dL'foiKluitl 
 
 Hy the said writ lli« plaintill claiiuod ii di!cluratioii llmt tlio iilliil- 
 moiil und i.s.>uo of llio naid. Ac. u iji und i-« iillni oir-- ti'i. corpom- 
 
 tion and is void, und un injunction ui^uiust the coiuj r lining 
 
 it from i^sniii^ tlio said, &c. 
 
 Tho plaiiilill (fuvo iiotico of nmlion, datofi, *c. for an injiiiiction 
 a» ivnUtKl for in the said writ. 
 
 Itl. The said motion caiiu' on and wiw hourd on f)ie <iay of ■ 
 
 before Mr Justice . 
 
 In the result tho loariiod judu'O <iid not think iit to muko any 
 order upon the saiil motion. His (jordship in olloct held: - 
 (1) Thul, &c. 
 1'2) That, &c. 
 
 17. On the day of - , I'jo;), plaintill gave iioticv of appeal. 
 
 The appeal c«me on for hearing on the day of - — . 1009, 
 
 before tho Mast«'r of the Rolls, Lord Jastico , and Lord .luslice 
 
 with the rosuli that the judgment of Mr. .Justice was 
 
 re\er«ed and the upiieul allowed. It was hold by tho Master of 
 the l{olls:-(l), &c. It was also held that it was not, .'tc. Hy 
 consent the hearing of the motion was treated a.s tho trial of the 
 
 action, and by the order dated tho day of tho corporation 
 
 was perpetually rc.slraine<l from allotting, &c. 
 
 18. Tho appellant humbly submit.s that the said order of tho Court Pmy, r <.f 
 
 of Appeal of the - of ought to bo reversed, and the said pititi n. 
 
 order of Mr. Justice of the day of restored, lor the 
 
 following amongst other reawons:- 
 
 (1) IJocaUSC, &C. Croiimloof 
 
 (2) liecause, &c. «ppinl. 
 (■!; Because, &c. 
 
 L. M. 
 N. O. 
 
mi 
 
 'ii;i^ 
 
 & 
 
14 il 
 
 UKCOXSTRUCTION. 
 
 Hi 
 
 (niAI'TKli XXII 
 
 IMUlllHICI'oliV Noll'.S. 
 
 The expression " roconstruolion is not ii U'chniinl lorni; it ia a ^''"^™y* 
 popular pliraxu hws in u-o. (onipcnilioiisly drsiriliini,'- ii woll-Unm ■ 
 process. IJeconstruction usuallv in\olves the tninsl'or ol' (ho as-i'i, 
 and liabilities of an oxistinj; company lo ii new cuinpany loriiuMl U, 
 take tiio plarc of iho existing- canipanv. llie conversion of thu sliare- 
 hotdcis ill llie exislinjr cimipaiiy into siiaiciioMers in the new coni- 
 pany, ami llie dissoliiliun of tlio old coiapany, tlie result bein^' that 
 the "new <oiiiiiai:y and its assets and shareholders are substantially 
 tlie old e.iiii|iany in a now form (5ut it is not practicable to detine 
 reconstruction with any precision, .seeiiiy: that the features very con- 
 siderably vary, for example 
 
 lai The new comp..a\ j^enerally tako.s over all or uearl\ all the 
 u.s.set.s of the existing,' company, but souu-timos subslanlial 
 pirl.s are omittoil. and in aliimst all eases the uncalled 
 capital, if any, on the .shiro.^ in the oxislinij company is 
 exee]ited from the transler. 
 (h) The new company o;ouerally tiikes over all the debt.s and 
 liabilities of the old company, but here attain l)art of the 
 debts and liabilities ate occasionally omitlvd. an<l .somoiimes 
 the whole or nearly the whole of them, provi.sion beinjjr made 
 for the satisfaction thereof out of assets excepted from thi> 
 Iran.sfer. 
 (c) Tlio .shareholders of the old company are always j. iven the rij;hi 
 to become members of the new company, but where the 
 reconstruction is under sed . 192 of the Act of imm ( replac- 
 ing;- .sect, nil of the Companies Act. 18Gl2t.they have a riubt 
 to dissent and be paid out in lash. and in such cases tins 
 riirlit is not uncommonly exercised, to some extent at an\ 
 rate. The .shart'hohb'rs, in addiliuu to roroivins shares, 
 soiiK'times receive, in a reconstruction, debentuies. deiitfn 
 ture stock or oilier a.ssets 
 
14.3'J 
 
 KECoXSTKUCTION. 
 
 [("HAl-. XXI 1. 
 
 ►fruition 
 (liHtin^'iiii 
 from inci' 
 
 in- 
 ched 
 
 ((1; TIr' diioi ioi> uI llio i\i>liiij; cumpasiv usu;illy liucomu iliici lor.s 
 111' iho now tiiiuptiiiy, l)ut this is not iilwa^s llm ciisi'. Soiiic- 
 liiui'n llif 0|Pi)Mitiiiiil3 i^ liikcu lu tluiii-ic tlie (linM'toiuto 
 
 la coiillrmMtidn ol' tlio view lli;it tlio torrn " lOcoiisfructiDH " liiis 
 liocii u.st'il ill till' ulpiive .-oii-^c llii- niillior miiv loftn- to tlio (irst ('ditiuu 
 111' this work, pulili-^hoil in 1877, in wliiili rocuiislnu^tioii on tliP iiliovo 
 linos was explaiuod in detail, with tho reiinisilo foinis nnd inc- 
 K'donls iriven, and it nood swiroply lio said that tho aiitlioi- was nut 
 tlioii inventing oithci ■ • iiioios.s ur tho wuid, Inn «a^ only di'sciiliinij; 
 a inocess then woll Known iii tho Pity of London and ijisowhoro, and 
 yiviiifr to il tho naniu it ihon usually horo. 
 
 ll lia.-> always boon iiisloiiiiiiy to dilloiontialo loroiistriictioii ' 
 and a -'loro salo of tho unduitakiiiL;- of a roiiipany out and out to 
 inoihor ooncorn without any ]iiovision lor tho sharolioldois of tho 
 soiling oouooru beooniiii!; sharoholiiors in tho purchasing oonoorn. 
 Ucoonsiiiiilioij, again, has always boon distingiii-liod fioiii amalga- 
 mation, whicl). as appoais boluw t^p. I 181 i, iiivolvos llio Jiaiisl'or of 
 tlio coiu-ern of an oxistiiig icmipaiiy lo anothoi oxistiiig i .hmi'vii muI 
 I'orniod III tako ovor tho aiiiali;aiiialing loncoin. This di-tiiirlioii ba^ 
 liooii loioonizod iiioro than onic by the t'oiirt.s. Thus, in [Iixiiirr \ 
 Wrstcni t oinilifs Tclriihoni' Co.. I>« \.. T. 7H, Chilty. •! ., hinl oria^iiui 
 to tiiiisidoi tho moaning of ilio term " loionstnirtinii in a dol)onliiri'. 
 'What is iniludoil,' said bis Lordship, "in roi'onstniiliou by porsoiis 
 louvorsant with company law? Tlioro is <iuo modo of roconsfructinii 
 which may. |ioiliaps, lio >aiil lo bo uilhiii tho utrict soiiso of (ho toiiii, 
 thai, is. wlioii iboio is a winding-up orilor. an aiianuoNiont with 
 oroditors .•-anctioiiod by tho (on it iiiidor tho .loinl Jilock Coinpanio 
 Airanironiont .\ci. 1,S70, and a slay of tlio w indiiio-iip, upon which 
 thoold coiii|iany liavinir it'conslniclod it.solf aicoiiling to the ariango- 
 inoiit. would ro-coinmoiico business and go on as tho old company 
 That would certainly bo roconstruction within tho loiidiiinn The 
 company would still ci)niinuo to oxi.st, but that, and that aloiio. would 
 bo loo iiairiiw a nioaninjr to give to roioiistrucl; ,ii hero. Tlii> usual 
 modo of retdiistiiiclion is wlioro a company resolves to wind itself \\\i. 
 and propiLsos llio formation of a now company which is lo consist of 
 the old siiarohnldors, and lo lake over the old iiiidortaking, the old 
 sliaioholdors receiving shares in the now company. In that case the 
 old company oeaseH to o.\i-t in poini of law, and ihcro is in form a sale 
 to iho mombors of iho now corporalion. Hiil tho company is in snb- 
 stnnco. and may fairly bo said to bo roc<ins!ructO{l. It may, im doiilit, 
 1)0 haid that tliorii is no p<iwor in such caso to i omjiol dis.soiiliciit mom- 
 liers to come iu. but such a schemo is nm put on foot until it has boon 
 ;iHoerliiine<l practically (hat the old shareholders will coino .i. 
 -Mr. Palmer's well-known book was tho first referred to. and it deals 
 elaborately with reconstruction i .")th e<l. pp. »i4<). 600). He Bays the 
 
 '^- -' -^ 
 
lMR<»DlICrri)KY NOTKS. 
 
 ii;w 
 
 Ifii.i ii.-t'i! 1-- niil\ .i|ii)lir,ilil(' wlnio ii HOW ii iiu|).i iiv i^ .s|;irli-il U) lake 
 ivci till' liiiNiiic.---- cpf .in oil romp. my, and lie liiinks ii is o-iSL'iitiiil lo 
 a .M hcnit' 1)1' ii'ciHi~iinriiiin lli.il a new i iinipaiiv >IiiimIiI Ix' runiu'il. 
 I'lit'.-^anic wrilci-. in ,>nli>f(|ni'nlly dcilinf;- ui!li ani.il^;aui.ilion, IikIikIi'.-* 
 iiriilor lliii liiMiliMu iIk' i .i.-c .li ,i -alo }i\ a li(|ui(laliuLr ciiiiiiauN of il> 
 ,i>-('l-> lo .iiintlicr I'Mstini;- i oiH|iaM\ \'>>v >liare.H in tin- lallcr runipany. 
 . Iin iin.-!Miilinn i~ iiii'inionrl in Ml. I'liukli'v '^ lio^U a ili" and 
 ti in.slV'i o!' tlir as-Dis i,i .1 ni-u i-.'rnpanv. lull thai i> oljvi(in.d\ m.l 
 uiKMidi'd 10 1)0 i'\r|ii.sivi' l.iiidli'V, I. 1.. in liis Insaliso. .sav> that 
 rci on.^li Miiinn vaiic^ I'lfiui anialjanialion in thai, a^ a iiiio. llific i> 
 unlv one iran.sliMrin^ i:onipan\. and Ihi' imiipanv to wliiili llii' pio- 
 
 pcit\ in (pnvliori i-t iranslVrn'd i- pia' li'ally iln^ >.ni\v 1 ipany. uilli 
 
 .■-onic alli'raiion> in its ((insiilniion Thai appiai- in nic .n itllonl 11 
 fine 10 llic nn'aninir ol' lln' vmhI. .i~ u-c I in .. i-i' lil^c ilii- prc-onl. 
 . . 'riic pii'-r'in ra~c i< that oi a i',.nipaialiv('ly -iii.ill •onip.iny 
 joining a larj^i'i- ninipany, . . . 'I'lii' \it'U I laki' 1- ilii' ihr dcfcn- 
 dan' loinpany has nu( iin<li'isjniii> utoii-m ir li"ii In :lii' ~:iiii<' •■a^c 
 hi- l.oi(Miip p'>iiiii'd out thai ihi' t.'ini- " n,,, jani-alion 'jl n .u- 
 sliMilioii' ari' iini uorils ol' an; llii'\ haM' no Icclmii .il in(Mi'iii'.i 
 
 , Smith Miiriiii Sin-i.tii mil! < nl,l >/..n/,;i' T,,.. i I'.lol ■ _' I'll. ^M. 
 uU\v\. .1 . h.id In conoid, r llir nicanini:- ol' llic lonii ' rcci.n-lnii'- 
 ■ n. a- I unlia-U'd uilh thi' Icimi Miaal-aiiiaiion ' Whai.' <,iid 
 
 hi> I.nidsliip. 'doc- riTijii-liiiclion iniMir' To iin niiiiil it moans 
 this: an iiiidoilakiii;^- of >oimi' d<'liniio kind is lioiiin- <'.irrird on. iind 
 tho i-oiniiisioii is airiv.'d at lli.il it i- no' do-iraMo lo kill that 
 undonakinu'. hnl thil il i- do-iiaido lu pro-oiM' ii in .- ■ino form .iiid 
 to do so. not hv -ollinn; lo .111 oilt.siir'?-. who -hall ■■.in\ it nii. hiil in 
 -onio alloiod form to conliiuio iho uiidortakinn' in -iirh m.innor as the 
 
 iMM'.-ons now carrvinLT it o ay -nlisfaiili.illy ronlinm' 10 carry it 
 
 on. It involvos, r think, thai s,ih>t.inti.ill\ ih" -amo l.ii-inoss siiall 
 b<> carrioil on. and -iitisianlially tho saiiio porsons -hall rairy it on: 
 but i( doo- not involvo iliat all iho as-ol- shall pass tf» tiio now 
 ooiniianv. or that all tho shaindioldofs of tho old company .■.iuill ho 
 .slnuolnddcrs in tho new oonipany . .Snhslantially lliP hii-iiioss and tho 
 ptijsuii- iiitorostod inii-t 1)0 tho samo Doo it Tnako an\ dilVoroiico 
 that till' now company doo- or ilo<>s not tiko over tho liahilii 10- - I 
 think not I think it is none the loss a M'con-irui'lion hocansc. from 
 tho ii.-sits taken over, sonio |iart is cxoojitcd. provi<lod that »nh- 
 stantiallv the liusinc>s is t^ikoii, and it is immaterial whether the 
 liiiliililios nro taken over hy the now comiiaiiy or are provided tor hy 
 I'xcoptintr J'rom tho schenie of reconstruction n sniliciont anioiint to 
 ,111,-wer them. It is not, therefore, vital tlial the whole assets should 
 Iki taken over, or that the liabilities should he taken over. You 
 have to .see whether suhstanlially the •^amo |W>r-ons carry on the 
 -anio business, and, if tho\ do, I conceive it is a roconstrnotion ' 
 
1434 
 
 KECONSTKUCIION. 
 
 [CJUAl-. XXII. 
 
 TI;cro lire at loast five luoilos of roLOnstnictin}^ a company iDiiimd 
 uutler till' C'i)iii|ianios (Consolidation) Act, 19.18:- 
 
 1. I5y oblaiiiiiiy a [iiivaU' Ac; of I'ailiaiiioiil rocoiistniitin;;- llir 
 couipiiuv, willi a Ufw mt'iiiorundum and articles of associa- 
 tion, ius in till' cii.-io of tJie Aori'-icJi I iiiun Life Insurance Co., 
 tlic ('oin)iien:iul Inloii Ansuraiice Co., &c. 
 
 ■-' Uv .iican.-i of a sale fiaiiutiunod liy tlio Court under sect. J2() of 
 llio Act (replacing; tlu! provi>ion.s of the .Joint Slock Coni- 
 paiii(!.s Arrani;enient Act, 1870 1. See further, iiifru, p. 1 t'.ij. 
 and I'art II., Sect. IV 
 
 3. I!\ iuean.~ of a volunlaiv wimlinji-iip and a procoodinij under 
 
 sect. I'Jl' of the Act ( n ;ilacin<jr sect. IGl of the Act of 18(>2 ». 
 
 4. By means of an e.xclianfre of shares followed by a voluntary 
 
 witidiiif^-ui). Infra, \>. T.'iO. 
 i'l. liy inoan.s of a .sale of the uiideiiakin;^ liefuro \vindin;;-up in 
 eon.sideration of share.s in a now company, followe<l by a 
 voluntary winding-up and distribution of such shares. Hut 
 until the mi.^chicvims decision in liU^ood v. Ileitilersoii's 
 Traiixviiiil K.ituU.-it.o.. (I'.»ii8i 1 Ch. 713 iseo infra. |). 1 I.M), 
 ha.s been overruled, this iikxIo of reconstruction is not prac- 
 ficallv available. 
 
 l'..».r,.t 
 li<iuiclatur 
 t.i Hi'tept 
 
 hll:ir(W, ice. 
 
 a.s <-oiiKiilfrtt- 
 tinn fur Hiilf 
 "f jmipiTty 
 of cumpHiiy. 
 
 Reconstruction under Sect. 192 of the Act of 1908. 
 
 In llii.-- chaptei recoii.suuclioii under nort. lOJ will be almost o.\elu- 
 fiivoly dealt with. That section provide.- as follows:- 
 
 102.^(1) U licrc u rniiip.-iny i> pni|)n.xc<J to tir. or i> in .'(.iit- f ln-iii;^, 
 
 wi.uml ii|i altii;.'cllicr Miliiiilarily, ami llic wliolo nr part ol' lt< liii-iiicsH ur 
 properly is pri>p.i>i'J In l)c traiisfcrri'il or .siild to auullicr coiiiiiany ^ii tliisi 
 boction calitHl tlic transtorcv cmipaiiy;, tlic liiiiiiiiatnr of tin- lir-1 aicnlimn'ii 
 company (in this ~,.iii.in i-allcd tin- traii^iVror roiMp.iny , in.iy, nilli ilic ai ion 
 of a spi'i'iai resolution of that company. I'oiifcrrin;; ciiluT a f,'criiT.il autliority 
 on the licjuidator or an aiitlLorily in re-pcit of any partii niar .ii ran^'cinent, 
 re<eivo in i-oinpensaflon or p.irl <'oinpcn~atioii for the transfer or ^ah■, -hares, 
 policies, or other like interests in the transferee loinpaiiy, for (Jistrjlnitioii 
 
 among tlie inenihers of the transfiTor c ipany, or may ent' i into any olln r 
 
 arraiifreineiit wlnTchy the niemlx'rs of the transferor e.inipany may, in lien of 
 receiving' lash, -Ij.ires. p,,li,.ies. nr otlnr like intep'sts, i,r in adilition thereto, 
 participate in the prolils of or recei\e any other liinetit from tin- Iran I'.r.i- 
 company. 
 
 (2) Any sale or arranj:e:ncot in pursiiaiei' of this section shall lie hindiii.; 
 on the meiiilicrs of the transferor company. 
 
 (3) if any memher of the Irinsfer.ir company who did mil vote in favour .if 
 the rpi..-lal r.— ■uili..n at citlj.T of tin- inrctinis h.'id f.ir p.i;-iii„' an.i (onri:o.ih(; 
 the .same expre-es his dis-ent iheri'from in writing; addressed t.i the liipiidat..r, 
 and left at the reiristeri.d otti.r. of the company within s,.M.n days aft.r Iho 
 coiihrmation of the resolution, he may re<(uire the licpiidntor either to ubatain 
 
iNTRonut rt»KV NOUS. 
 
 1 4.1V 
 
 from carryini; the rosolutioii iiitu I'Ife.'t, or tn |iufrh;ii<e liis iiitenst at a priiv 
 u> 1)6 doicrniinoil by airrceniDiit ur by nrliitnitinn in luaiincr jirovidrd l)y tliin 
 nection. 
 
 (i) If till- lliiuidiitor rlcita Ici |iurihaM> tin- iiii'iiil..iV iiitcri'^l tlii' pun liuw 
 moiioy nius; io puid l>i'|ijr(' tlii' <"iiipiny is dis-idlvrd, mid !»■ ril^rd liy tlir 
 !li|uidat<>r in siicli ni.innrr m may Iji- di'li'rriiiniil liy spi-rial rcsiiluiiin. 
 
 (ft) A pppiial ro-<cdiitiMn >iliiill nut lie invalid I'nr the puri")" f tliin si>ctii)ii 
 
 bv readon tli.it it is parsed bcforp or noncurrciitly with a rc'siiliitiiin fur winilin); 
 up tlio I'Dnifiany, or for appointiii!,' liipiidators: Init. if an order is niailt- within 
 a year for windini; up the <'(Mupany I'V or sul>jiTt to tbo supi'rvision of tho 
 Court, the s|ie(inl resolution shill not be valid unless sanctioned by the Court 
 
 (li) For the purposes of an arliil ration unibr this section the provisions of 
 the Companies Clau-es Consolidation Act, ISI.'i, or. in tlie case of a uindinijup 
 in Scotland, the Companies Clause^ Consolidation (Scotland) Act, 1HI.">. witli 
 respect to the settlement of disputes by arbitralion. shall be incorporated with 
 this .\ct ; and in the construction of those provision- this Ait shall be dcinied 
 to be the special Act, and '" the company " ' ill mean the transferor company, 
 and any appiiintmeut by the said incorporated provisldus diivcti'd to be made 
 under the hand of the secretary, or any two of tliodire. ti>rs. may be made under 
 the liand of the licpiiilator. or. if there is more tbnn one li.|uidator. tlii-ii of 
 any two or more of the Tuiuidat^trs. 
 
 A recon-^tnictioii itiidt'i' micI. I'.l:!. iilmvo. is j, iii.itlcf ol oiiliinii v Ri.onBiriie- 
 •XTurrcnco. uiid iimv Ih) roioilod to witli ii.lviuitaoo in :i vMtii-ly t'ons .«.inuioii 
 of cases, of which tho t'oUowin^r 'H'O oxainplo": 
 
 A. Wlifit" tlio coiiipiiiiy de.-;iivs to do .soinothiiig wiiich, by its ).;,HmplBH 
 o.xiistiiig coii.stitution, would lie iillia rircn, e.ij. : 
 
 ( \) To enofiii^c in .soino hu.siiioss of olitiiiii soiiio powers imt cnvon^' 
 hv lh<' olijoct.s so; loilh ii( il> meiiiiiiiiiidiiiii of associalin.., 
 and it is considoiod thar proe<ioiline:s under sp.t ',l id' tho 
 .Vet (ie|da('in'j Iho Coiupaiiii's i MiMiioiandiini of \.~so(ia- 
 lioiii Act. IS'.iO) would lio tofi expensive, or wcmld itn.pKe 
 ((Mi iiKieli delav. Of woidd d lio siiciessj'iil 
 
 (2) To oliiain pnuei |u sell its undenaUiiiL:-. llietc heiii^' ioi pnui-i 
 in the inenioiiinddin to i\'< xi See snju,/. p old 
 
 C^) To is.siie piefeiciite shaios hivitio- a piioiiiy omm pii':( oc 
 
 bhaics already Issued whiuli by the coii-ti'iiliod have a iiisi 
 prefoivuco, or l(j allei tho rights aUacJied l.y ilic nienio- 
 runduni of a.s.~oiiaiioii to .se\oral cia^sc^ ol .sli.iie^ if-pei - 
 lively , and so lixed a- lo be unalletabli u it lion! llie ~aiii lom 
 of the Court. 
 
 B. Where a loiiipaiiy desires to rarry into ello' t any arraiig-eincnt 
 which would amount (o a reduction of capital wilhonl sidiniiiiing 
 to tlie stringent (ondiiions prescribe<l by sects Id ."di of ihe .\ct 
 (replacing ihe Cniiipaiiies .Vct-s, 1SG7 un<l 18771, \ipon a rodiiclion of 
 capiial, L'.'/ 
 
 ( 1 I Til divide pa! t of it.s paid-up eajiilal. either in cash or in .ipirif, 
 among it« members 
 
1436 
 
 IfKCONSTKUlTION. 
 
 [UllAP. XXII. 
 
 {,'2) T(i reduce llif liiiliiliiv on it-- .•<liiiie> wliicli uro onlv in pun 
 
 |)aiil up. 
 (;i) Til p\tinj,nii<li ;ill fuHhor lialiility on suili slmio^ 
 (■4) To lolurii cajiiliil. but with powor to oall it U|> iif^ain 
 (•">) To wincel lo^i capital. 
 Oi) To pay oil :\ nicnit)or or nioinlipis (l('siiin<r to retiit'. 
 
 M. Iciii 
 wtiich rc- 
 ci>ii>itriirtion 
 
 Ch-c a. 
 
 frcliminMn- 
 
 ('iilll{i:iliv 
 
 1m«ui- of 
 ooticc. 
 
 C. WIm'ic the cnui[iauv hits o.\liuu>te(i it^^ lund-^ ami i~ .-aliNlicI 
 that llio uiily 01' the Iki>I iliodo ol nii.>inc; lurthcM lunds i-; lu iccom- 
 strnct and .-iuhstitutc jiaitly paid-up ■iharo> U>v it" I'l llv paid-ii)p 
 >har('>. 
 
 Tlio mode in uhich thfl roion-it ruction i-* carried intf) elTfcl i~ a- 
 follows: - 
 
 In ta.xo A (.1): 
 
 l,(M it. 1)0 supposed that the capital oi llie oxi-stiu^f coiniJan^ i> 
 liHi.iMMl/.. di\idtHl into lll.iMM) sha)Os of 10/ eacli, that its objiM t is 
 to woiU a |)ariicidar mine, and that it desire^ to have power to 
 acijuiie and work oiher mines. 
 
 The dirt'ctor.s, haviujj; .satisliod tiieiiiselvos that a reconsuuctioii is 
 expedient, will suj;ce.>i ji at a ^^enoral mceiiny and procure a ji'so- 
 lution iu favour of it to be pa-s.sed; or, as is BOiuoliiue.s dune, thoy 
 will is.>uo a circular to the ineiubers or to the largest judders of 
 shares .seeking their approval of the ])lan, or informing them that 
 I ho plan is under con.-i<leratiou. 
 
 If the ])lau is favourabK receixed, llu^ niomoraiidum and articles ol 
 a new cinnpauy will be prepared. The objects of such new eompauN 
 will be to ucijuire, lake over and carry on the undertakint;, 
 properiv and liabilities of the of company, and to a<ijuiie and woik 
 aiii/ nunes an<l mining rights, ,.nd such other objects as may bi 
 deemed expedieul. Th<' capital will bo the same its that of the old 
 companv. The articles will authorize the iliitx-'ors to purchase uikI 
 uuderiake all or any part ol tho property and liabilities of the old 
 compau\ upon ilie lerms ol an agreement therein referred to. 
 
 Probably by the artii les all. or some, of the directors of llie "Id 
 oompany will be aiipinnted direct<jrs of the new company. 
 
 The draft of the leconstructioii agivoment will, at tho same time. 
 I lO prepared. See Form 771. 
 
 Notice will then be issued by the director^ of the old compatn 
 convening an e.\traonlinary meeting of that company to c onsidei 
 certain resolutions which will be set forth in the notice. See 
 Form 774 
 
 If the ie.solutioi\s are pa.ssed by tho rp(iuisite majority at the first 
 mtHMing. a second one will be railed to confirm them, so that they m.i'. 
 become special it'.solutious. 
 
INTK<»DircniKV NOTKS. 
 
 u;',r 
 
 Ami it tliov arc duly <iiiilinimil. tin' "Ow > ,mi|i,iii.\ will l>f ut oin e S|.,, r.i 
 iiiforpoiuto<l, and tlio now (i>iiiii:iti\ . and tlio ii((uidal<)i> ut llio old ^"" " ''"' 
 oonipuny. will e.\oiul« tlu' re( oust Miction a};n'i'im'nl lu'iui.l'iitMi, 
 
 The a>?iooiuenl will provide for llio trunslcr ot all «ii .Mil>^laiiiially \,,r.,.iii. m 
 all tho proporly oT llio old company to llii- iitm coiiipaiiN. in coii- 
 ■ideralion ol llie now company uiidoitakin}; tho dcl)l>. and liahilities 
 of the old company, payiiijj the costs of windiiii; jl up, piovi.liiii; 
 the funds nocossary to puicliaso the iiit<'iost oi an\ di-s,.|iliciii 
 iliomlM'vs. au<l allolliii!.' to ovoix i'--ontiiii; incmhci ol the old i,.i:i- 
 paiiv OIK- shaio in lln' now • !iipM;i\ in lo-pcci ot c.i. h sliaio lid.l 
 liy hiiu in tho old company 
 
 If tho matter has liooii |iiopnil\ maiiaLiod. iho ( liaicc- aic llmi I>i-~iiiii.ii 
 ihort! will ho hut tow dis cnlii'iil moiiilici.-- i il aiiyj. Tho fuiid^ h> 
 pay oil I ho ilisM'nli'Mi(> %>lll ho provided hy tho now companv h\ 
 horrowin^' or olhorwis*' 
 
 Tho property of tho olij company will in due 
 
 course be made ovoi ('..nipliii' 
 lo tho now company, which will allot it.s shares as provided by the 
 
 i'ti-Hcl 
 
 |)i~. 
 
 mI,| , 
 
 llllllill ' ( 
 
 »!n|>:lliy 
 
 aj^icomeiil . 
 
 The debts and lialiililie~ o| the old company i it il has any i will be |(,.|„, 
 }.'ol ri<l of as .soou as possible. Many ot the credit'i- will probably 
 af^reo to aciopt the liabililv of the new instead ol the cdii (umpaiiv 
 the ;e.-t will bo paid. 
 
 As .soon as iiiav be tli<' liipiidatois liold the liiial meetings (>cct. I'.'-' 
 of lite Act I. and make the jnoper lotinn to the rcLvi-""' ' ~ocl I'.i.'i i .1 
 
 of the Act I. and at the oxpiia'icjii of three months theicti i it the 
 
 windiiie-iip is not -taved hv the Couit i ih' old company i-- /'/'X) farta 
 di.s.solved 
 
 Sect. lOU. it will be ob.sorvcd, authorizes a sale sanctioned b\ a imh. ml oi 
 sjiecial resolution oonferrins " cither ix {general authority on tho li(pii- ',';|I[,''',",I' ,,, 
 dators. or an authority in respect of any particular arran^'emeiil." li.pii.liit i-. 
 Soniolimes a e-eiicial aiitlioiity iseiven; but in most oases it isliniitecl 
 lo a sale on the terms ot a partiiulai a<^'ieomeiit. 
 
 Instead <d' a draft aj;rooment. us above, it is not uni ommoTi in liive i'n.vi>i'>ii i1 
 a provisional afrieoment made between one person on brdialf of the i>t-'i"'eiii' n: 
 ohl companv and aiiolhor on behalf of the intended now company 
 In such case the lesobitioii will aiilliorize the li(|iiidaliii^ in adopt ' 
 the agreement. 
 
 Of coiii>o the ariani:e;iionl iiiu.^i vary ai lordiiiL;' to tho liiciim- 
 stance.s of the comi>aay and tho objoit^ nf the lecnii-liiiciinii. 
 
 Thus in c;t.se^ .\ . i2i and i.li. «»/■;-(. p. I I. J-'), cuie \mII be taken 
 ihat the momoiandum and articles of tlio new company conluin thi- 
 ie(piisit« provisions. 
 
 In ca.so H. (ll:- 
 
 Sujipose that tho .-.hares in tho old company are JO/, fully paid mo. 
 ami that it is desired to returu HU , the ae;iooinonl will provide thai 
 the new companv shall, in e.\clianjj^ foi each sliaro in the old com- 
 pany, allot one fully paid-up UH. share in the jiew com|iaii\. an i 
 pav tho Slum of 10/. in cash. 
 
 V.iri iti'iii- iri 
 un-ini-'ciiiriit 
 
 m 
 
l4Hb 
 
 RKfJONSTKUCTION. 
 
 ("IIA1-. XXII. 
 
 e'liiiinuiilv 
 
 Or Nuppasc that the olijpct of thp roron^trm tinn is to (tivido (., 
 Mpmue some aA'«e(s of doulitlul valiio, r.r).. (lelioudiret of sonic olJiir 
 I'oiiipanv. Till) new ((niiiiaiiy will, as llio loiisiili.iatiiiii I'cir ilic sali 
 airifo Id allot sliaio^ lo the moiiil«Mi <>( the old company, and to divide 
 tlie debentures anioiijj tliern pro rnl'i 
 
 In raso li. (2 i: 
 
 Suppose the shaies in the old company are 2il/ with In/ paiil u|. 
 and il is desired to rediu* the liability ■•> r,l. In smh cusc, one 1,")/ 
 share in tlie n'w lompany, with 10/. c rod i ted as paid up, will b( 
 allotted in oxchaiitro for each share in the old <oiupuiiv 
 
 I n cii-sc I!. (,'! I: 
 
 iSuppoM' the shares in the old company to lie lo/ with 71. paid up 
 ati<l that it is desired to oMinsui^ii all furlhrr liability. The obje. ■ 
 will !.<■ att;iincd by allotliii;,- out! fully paid-up 7/. sharo in the nov 
 ■ onipany in «'\eliai:t;c for <viili !ii/ .-hum in the ol<l company. 
 
 In case B. (4): — 
 
 Suppose the tsliare.s in the old cuinpany are 10/, fully paid up, and 
 that it is desircii to return :>l. per share, but with jiowcr to <ail i 
 up airain. In such case the new company will allot one of it.s 10/ 
 shares crcdilo<I with 'jI. paid up and also pay 51. in ca.sh, in respec! 
 of each 10/. .share in the old company. 
 
 In carie 15. (5): — 
 
 Suppose the shares in the old company are 10/. fully paid up, and 
 that ."./. per share has b<<en lost. In -u( li ca>e the now companv wiV 
 allot one .">/. fully paid sharo iu respect of each share in the ohi 
 company. 
 
 In c;use I!, ((i): — 
 
 Suppose that some fiharelioMcrs wi^h to withdraw their capital, and 
 that the others wish to allow su<h withdrawal, an a;rreement can be 
 made under which the former will in the reconstruction agree to lak. 
 a spe( illed amount in Cii.sh or shares in .satisl'actiou. 
 
 In ca.se (".; - 
 
 Suppose that the shares in the old compaii\ are 1/. fully paid up 
 isay 100.000), and that it is ciinside>vd that about 23,000/. workini; 
 capiial would sullice. In this case, the shares in the new compan\ 
 will be 1/. (100,000;, with los. Credited a.s paid tip, and every memboV 
 will have the option of g-ctting- one of thosC sliare.s for evfrv siiaro in 
 the old com|)any held by liini. 
 
 This (C.) is the commonest kind of reconstruction. The amr-.ijni 
 
 per nhare credited varies. Sometimes it is as much as 17,<. li,/.. 
 
 sometimes less, according to the reipiirements of the new companv. 
 
 nipiiTiy In ca,ses of recoiistruction, tlu! new company very commonly takes 
 
 tiie name of tlic old one. This is permissible under sect. 8 (1; of the 
 
INTUOmf'TullY XOTKS. 
 
 1 ta5» 
 
 >.lll- tllli-t Ire 
 
 111 i'iiiii|i.iiiy. 
 
 Act Sgo TOi/ru, II l">0 ImiiHMliairlv :il'!er llio -pi-'i iiil losoliitioii ti) i .k."< tl» 
 
 .. 1*11 *ii-it "I'l ii'i'iit 
 
 rtiiiil up, &!'. Iiii.> Ix'cii ii.Ls-fil bv llic ol>l coiiipiiny, tlio lii|uiiliil<ir'i 
 
 si-ii lln> proper Luiisoiit. to tlw lo.ci'^traliim of llio runv n.mp.iiiv by 
 
 llio niuiH' niitiic. Sii/ir,!. p lo'.m. I'li.' m-w loiiip.iiiv i- i. -i-l.'r.'<| 
 
 liv tbo ol.l iiiiiiir tlu) -uiiu' or iio\t il.iy, tlit' a^'n'oiiiiifit it foiiliwilh 
 
 cxiHiiltMl, ami tlic lu'u- coiiipaiiy coiiiiiioiKi'-' bu-*iii('s<, tliiH avi'i'liiijj 
 
 aii\ sloppa;,^. Soiiii'tiiiio-* llie iimtik' i< ~li-lill.v v.uif.l. .luA -niiH'tiriio.i 
 
 a p<'ir<'ill\ (lillVreiit onu i-^ clio-oii toi iliu iifw ruiiipaiiy. 
 
 I(, will lie ob-crv('(l tluil mti . \'.f2 only aiitlmri/iM n -al<' to a ro»i- 
 piiu;/ llciiic a.^alo !o an in.livi.lual, who i-^ to loiiu a new coin|iany, 
 ;iii(l niakf >urli piolit as he c:in out of tlin transaction, is not valid. 
 Ii;nl V /;;r./'.s' l'af<nt Srira-jr Co., » <'li. ;!.".«. Soo Form 710, .sM/mi 
 
 lint an a'^rf<'niont nilli ,>onic person purporting to act on liolialf of 
 an iiitfudcii company, for a .salo to liiin a.s such u'.:^Mlt or to tho com- 
 pany, may Ik' valid {llrsirr i( Co.. It \j. .F. (N. S ) di. 7:i7l 
 
 Sect, im of tlu' .Act 'if ISdJ did nol ro [uin> tli.il the >al(> should Sil. t.. 
 lie made to a company rcui>t<'rod uiidor tho .Vt' of I8li2. The sale .',',y|,,,,,„y 
 iiiii^ht he to an,\ company. Kn-lisli or forcitrn Ini'ialioil Co. of 
 l-'iiiiKi-. i:i ixiric I'o.r. I, ( h, IS.!. Ml it has |,cpn deciiled i Thomua 
 V I'niliil llullrr T-m. of l-ra„ei\ l.hiiilnl. ( rjnitl '2 Ch. (Hli that, 
 under the corri'spondin- section i-ect. I'.tJt of the new Xtt this cannot, 
 he done, for a foreii^n company is not a (i(ini|iany" as delined hy 
 sect. 2H."> of the Act. This ovorsi-ht on tho part of the Legislature 
 involve.-* a irrave inconvenieiico which will h.ivc to be remedied. 
 
 The sale and transfer to the new company need nol bo of the whole Sil.- ..f 
 luusiness. it may ho of only a [lorliou. II v. Cily mi'l c„>ii>t,i lin-ixl- [""•i""' 
 iiirni Co.. l:l( h. 1). ISl. 
 
 ll wa.s hehl ill Cliilrli v. fhuiiirl.il Corimratitll. I I'h TJO, that ,^,;/||'|';,"""-' 
 upon a .sah' iindoi- .sect, li'il. it was uUra rir.s to provide that if the ,.,,,,i,^. 
 ii.-sel.s M.ld -houhl not produce a sum sullicient to pay np a speeilied 
 ■unount on the shares to bo allotted as part of tho oon-idiiai ion, tho 
 lipiidatoi- of the scUin- company slmuld m.ike -ood the deticiency 
 hv maUin- a ..ill. But it is not easy to reconcile that constrnclion 
 of .sod. liil with suhse.iuont ea-es. What tiie -edion conlempl.iied 
 wa.s the sale of tho oompany'.s ' property,' and it has been laid down 
 in several cases that, ilia windinu-up, the iincallej capital is part of 
 ihe property. Wchh v. Wli'lJii). L. K 'i II. 1-. T.t'i; />''>''i v. Cn,pi>,T. 
 It A pp. ('as. 545. It is a^taluloiy dohtdue to tho company. 
 
 Whv, then, could thoro not hn a. sale under sect. 1<;1 (iiow.soct. I'.iJi 
 of ^uch property, or a provision for (Uillin;,' it up and handing over 
 tho proieed.s? It has been held that such a provision is free from 
 objection when tho .sale was under sect-s. 95 (now sect. 151 1 and Hi'! 
 (now Kod. 18i;), and tho ciU is to be niado in order to provide for 
 i-avnient of debt.- nank nf South Amtrtdia (2i, ( IHit-Vi 1 Ch. 57S 
 Moreover, it would seem from A't'ie ZcnIanI, <fc. Co. v. I'rtwxl.-, 
 (1801 < 1 i). r>. ti-l', that ,1 lall may be madi- jus' bi'forc the wiiidin-- 
 ■iji, and that tlie c;ipi'::l thn- call.' 1 can then be included in the siile 
 .Vn ai'-reoiiionl under the section may now— haviub' lojjurd to tiio 
 
 r*: 
 
 I 
 
 L 
 
1440 
 
 KKCONSTUrcnON. [( 'IIAI'. XXII 
 
 p 
 
 Lii|uiiliit'>i- 
 miiv Ih- 
 dinrtvil t.. 
 iKii>|it «)frii • 
 mirnt. 
 
 Atrn-fiiit-nt 
 
 IIIBV |tl1»Vl'li' 
 
 fur iilliitriiiii 
 
 of Hlmi-r-* ti- 
 
 iliri'.tlv. 
 
 
 I.iiiiii ot ti 
 
 iilt«)i-o(l form of tlie umlerwriliuif (•oiniiiis.sioii Koction, n«ct, 89 C 1 1 
 |)iovi(l«> tor uiiiloi'writiii;.''. Ilnrrttw \ I'liriinin Mini's. < I'.to'J) J ri, 
 ti.'.H 
 
 All aiiiii'iiu'dl ailii|iii'il l'\ till' lii|iiiiliiliii.- ol 11 iipiii|paM\ |iiii«iiiiii' 
 to tlir dirrclii)n of t\w c()iii|iiiii\ . driven liy virtuo of sucl lill {iio« 
 HM't I'.t2), liax 1hm>ii Ir'IiI valid SoiithiiU \ IWilmli MiilmU Lift 
 AnsuniHfr Sofifli/, II Ki|. fi."!, ti V\\ (114. 
 
 The airicciiKiiit nun |)roviilo for tlio Mllotiiicnt of tlio ■<hari's, &!■ 
 
 liointr iii.'iilc il'iiiillii to the i uhfr- of ihr (•niii|iMii> liciiiL'' «oiiiid ii|< 
 
 infv ( it;/ inid rimiilil Inriihiiciit Cii l-'l<' l>iv. IT.'i; Iliinlcll-Cinill^ 
 \ Tnir litiir : ll<t>niiiii.-i< l!„l,l Miiir. ' IH'"'." :! Ch. (lllii, or to ili.- 
 lii|iiiiliitoi 'ir lii-> ri(miiii(><'» lo llic iiili'iil iImI iIic ~lmii'- in;iv lie .li- 
 iriliiit<'<l amonu: llio iikmhIxm^ In mhIi (•4iso the li((iiiihitor !•< untilltMl 
 ID olijccl til an iillotnicnl to him iiisli'inl of liis n'iriilni'o- Iti/i'll'.- 
 
 Siitioiiiil St<niiliii(l I, if I' I iisinitiirr Id 
 
 T I. U 
 
 Miy iiii|)>.vM'r 
 lic(iiiil.itiir.- ill 
 
 M'il llTM'lltilMl'll 
 
 tihiin"*. 
 
 S,|. f,.r |i;irlly 
 
 INII.I ^lillIl->. 
 
 <((.vr, 1.'. I, T h:i 
 
 L'TI 
 
 II ni.n 111' liMMicil Ml M- 111 iri\<' to oucli iiioiiilicr ihc o/il ul rimiiiii; 
 ill .iii'l rliiiiiiiiiLr Mil iilloinicnl nf hi.s iiiii|iorlion ot sh:ii in thi' iii'\> 
 • iiinimiiv I'listU-lhir.iili' v /'<i/7 Vhilip I <>.. -i-i C l> i'>2 
 
 Anil it iii;n limit a limo within wliirli that o|itiiiii must, if at all. In- 
 t'\i>rri.«<Ml >'. r. . lliirdrll-Ciiiill'-- \ Tnii- lilnr. itr Miiir. .-nijini 
 It is nil iilijoition wheiti a timi' is so liniiteil that smno inomlier- 
 nia\ . Iiv illii('.s.s or ahsonoo abroail or inaiivi'riorn o. lif pri'vcnted from 
 ilisscntin^' or ^t'lidiny: in claims in lime. Si'o rase last monlioncd. Il 
 110 time i.s limilod. tho option must lio oxiTiisod within a roa.sonalili- 
 liiiiiv S. ( and W'fston v. Xrirdiixlun Co., iKl I-. T. 8().'i; t)4 H. L 
 .si;i. XiKc, \ .Vi(i/(/«// To.. I'll I.. T. 17i;. What is a icasonabli' 
 timi' for CMTi isinu' the uption imi-t do|H'nd on lhi> rharaili'r of tlii' 
 piopi^rly and on tho linnmstanccs; lint wlicro the property is of 
 a spciiilalivc I'haiiiili'r i c r/ . a inintM. and those who I'laini must 
 jiay or loino under a liability to pay calls, tho Court is very ready to 
 exclude a claimanl who docs not come in promptly. 
 
 If the option is oxonistMi in due time, lint the liipiidator fails to 
 allot the shares, and disposes of them elsowhere, the Conn has no 
 jnri.sdiction in the windintr-up, even when under supervision, to 
 luvard damafios ai^ainst Iho liiiiiidator. Hill's Waterfall, tCc. Co., 
 . 18!lt;i I Ch. !U7. But in an action an allottee may he declared ^i 
 trustee for the old shareholder. Itniinr;/ v. Slinitoii. I" T. I, II. 21'J 
 The auK'onieiit niav also provide, ahhontrli it is not essential to make 
 siiih a. piovisimi. that the shares not laUeii uji inirsiiant to the oplion 
 may lie sold \,\ the lii|niil,iliii . and the proceeds held for the |ieis()n~ 
 who could have claimed. I'ostlcthuadc v. I'ort rhilip Co., t'i C. P 
 452. 
 
 A .sale iitidor sect. 1(11 mow sucf. litU'l (or under a power in the 
 memorandum), if the context or the articles do not confine tho sali 
 to one for fully-paid shares— ,l/i/«0H v. Motor Trnrtion Co.. ( 190."> 
 I Ch. 4I9i may bo made in consideration of shares that are only in 
 part credited as paid up City o)id Countij hirrstmrul Co . \ 
 
IVfUODlUntUV NOI^. 
 
 14U 
 
 JL 
 
 ( i)i\ J?.), liHinuuU MriKiHttU (mill .lt<%i)cutliiiii, IJ Ei|. .it* I ; 
 Hc-^lt'i- <( Co. 11 I. J. iN S , ell 7,7; l'i,.stl,lliiriulr \ I'ori 
 
 l'hilll> To . (.1 «:. I). J.lJ. tilll 111 Mlill r;l>(> III.. |l,|l|i'l.ll"l .-.ll'Hll.l 
 
 mI<<' cure ili.ti iht- nh.iri'^, il iini IiiIIn |i.iiiI up, aiu ii<<l alluiicil lo liini 
 I'lil iliri'i t tu tliu tliiirelii>|i|t'i>. utliuiwixi) hu iii.i\ liml liiiii.->i-it in 
 \ulvfd ill liiibililioM wiiiili lie iicvui' niutoiiipluiiMl /'//■// .i <-ii>, 
 I.; i.. '1' ft.'); SiiliDiiiil >laii(Uir»l Life Axiturinur (u., Jll 'I', i. If _■; 
 
 Af* to It ^ill(3 iiiiili'i- 11 piiwor 111 lli<" i()iiipuiiy'> lui'inoiaiiclmii. .-!•< 
 liowcMT, pp. ,)l(», .'ill, nupia, and |>p. I l.'ij cl «ci/ . mini 
 
 Nil piuvuMiili i> lil.nlr \>y llii) -i'ilii)ii a.s In llic iiiiiili- nl ili-li ilml nm ll"» -lmr.-«i.p 
 ol llic .-half- ui- ullii'i .oil-iili'laliMii i.-h'Im-I m mm, 'U aid.' Iimmi iIk '"'I'"!"!..!!..! 
 piiri'iia.-iiiu luiiipaiiv. ami in llii' al>-oiir*' <>i -ii< ii .i piDv i.-nm n h.i^ 
 Ijccii li<-l<l lliat till' ili.-trilMitiiiii iliii'-l lie iii a< i nilaiK c willi nciI t.'l.: 
 (il till' .Vil nl I«li2 1 IIDW .-fit ISlii lilillllh \ I'llil. -i I 1» 
 H'.» t 
 
 'liiai .-f'liciji pi"\M|i'- 'li.ii ilif propi'iiv III till' r,i|ii|iaiiv -liiill !..• 
 iipplu'il ill .sal i-lai lion ul' jls li,iliilitii'.s i^un /iii.s-d.ainl -iiliji'i i tlnii'in 
 -liall. Kiilfx^ il is itllirnrixf imi' ' ■<! hi) llii' iiiiiilntiinis nl' ilic imii- 
 |i,iiiv. Iif ili.-li ilmlfil aiiiiiiii;-t tlif iiii'inlifi- "I llif iniiipam .n rniiliiiu 
 in ilifii ii'.^lii.- .mil iiiii'i'f-t.s III ilif riiin|i.iin. .iml ilii- li.|iiiil:iiiir i- 
 1 ii>{ nwi'ifil |M iiialvi' lall- iiih-r :ilni lor llir a.l jii-liiii'iit nl llm ii-lii- 
 ni llic I iiiitiibiiini if.- aiMnii:;ft I lii'iii-iUi'-. ami i- iliifitcil tn pa\ tin- 
 ilclil.- ol llic ciiMi|iaii\ ami .uliii.-l llic ii:.;lii.- ol llic niiiti ii.irni ii'.- 
 aliiniii; tliciii.-flvf- 
 
 \\ lia' then all" the li^ht- in u iiiilii|i^-upy 
 
 lia'l the .-Il lie- ai'f ol niic I 1.1--. aiiij lliu -aiiic aliiniiiit !~ ji.iiil up 
 ilicicnii. llic a.--ci- .isallalilc will he ili.sliihiitcil in pinpni i ion to iln' 
 -hail- lii'M; lull il' -onic share- iiie pil up In a oie,,|,,i- cMcni ihaii 
 oilier.-, of il' -nine ha .■ a piel'oreiiiial ri^lit a- iei;aiil.s 'apital, the 
 a— ct- iiiM-i he iji-'l ihu;.' I ill ai loiilanic hiiIi uio eendal iiilc- ahi'\ 
 rcifiicil In; anil ii in oiilcr to ailjii.-l the Ji:;lil- a ciil i- iieie--aiv, 
 il iiiii.-l hf iiii'lc. anil ill iiiakiiiir -iicli <li-trihiitioii the .-hare- in the 
 iniiipan\ inii<l he ticalci] a- of liicji' actual, nnl noniiiial. s.iliii' 
 
 The ii'j icciiicnl iii.iv anil .-oineliiiif.- (lues proxjdc in i;cni'ial lei ui- 
 lliiil the .-hale i on-iileial inn shall he allnlluil lo 'he liipiiilalm- • 
 iioiiiincc- In ihc in'i'iil that the same ina\ he 'li-!i ihiiicil anions th ■ 
 incnil'Cis in ,n roiiliic c with tlicii- lii^hts ami iiiteie-l-. "i- ji \\\,i\ n.| 
 inilli ulial each iiieiiil"'i' is cn!illop| In claini; hill in lie I illi'i i a-c .i 
 iiiciiihci cannot. \v illioii! hi.- con-en i. he :;i\f n le-- lli.iii hi- -li n 1 lee a I 
 liy^lils 
 
 Thii-. ii ihcie ale )irfreienie ami niilinarx shale-. Imlh lanKiii.; 
 ei|iiall\ III vs iiMlin'.:-np. it is not jirinni /'(/(■/<■ .i llnwahle tn prn\ iile n, 
 
 tho IIU ri'elliellt liiat tic tOIMiel- sh-lll iei-i»i\e iii.Oi'i-ein o :i|lij ijie lal'io 
 
 nidinarv ^liare,- in the new cninpanv. Inf their rii^hi i- in rank cipialK 
 l.riljitli V. /'((,/c/, ."i (' I). S'.tr •; (■ I) .'ill: tnlloweil hv (' .\ in 
 >;////;,MJM V. PiiliKT Thcahr liH'.loi. C.'.l I,. T. 7(1 
 
 To jiistil'v .siii 11 a provision thfio must bt- a s|iecial clause in ih • 
 I- 4 J. 
 
 .■Mi 
 
 ■til 
 
 8i 
 
' k- ^ 
 
 \i4'.i 
 
 l!^x'<)s^"•u^.•cnoN. fCii / NXII. 
 
 Iliiw I.. 
 tuf*(ifv u 
 
 • IioIiiIhiMoIi 
 tlllltTWl- 
 
 t)iaii in 
 Ai-cMnlitiiiv 
 
 with riifhU 
 
 Ai-»i.in l.y 
 iiH'iiil.t r. 
 
 .»rti('lt* ("II (/;>■«, I 7>JI. cir ■i('<'i ill iiici't iiiy-. ol llll' i 1 »•< iinil"! i 
 
 • l.iilM'Oti llic M'V <il li ,il >■ tiN.. .///./,(• I a "irlii'lilc' iilnl'l- -I'll I .'II 
 ol llll! .\r| 
 
 Ncm'hIu'Ii .1.-, oM'ii 111 till' iiliicii'i' III Hiicli i'|uii««'H, 11 iiiav .-niii'- 
 till It's he |i(r«ili|i' tiiili'|)iirt 1 11(111 il.";»lrii t U>i,'ul ri^'lif/*. Tims mi|i[)ii,c 
 
 I iiiiiiiuu'i ii.i' Ion I iiindcrr^' ' in'H ol I culJi ivnrlh iii ihc iiiarki'i 
 .Mil)/ iiiiIm ami .'i.iiiMl onliiiiii ■'liur»'.s il 1/ fa.h, woiili ]iar. ll is 
 i|i.>ii.'<l 1.. K'l iiii-liiii t on till- I'liiiliii:; tliat tin -lian s sliall .A] l.r 
 iiiiii' 111. mil thai .")iHi >hari's in llio w\\ ■■'iiii|iaii\ slmll lif ^.ivi'ii i > 
 
 • •aril l<iiiiii|'i> fliaic ill llll' 111 '"iii|iaiiv. tlntlitii v. /'n./i 7, m/ 
 
 li'ilitil-- MM ll an arraiijiCMiiiut i'nt ii nmv Iw "ili" to«l lliiis: K.ir 
 
 Ill a n)in|iiiiv uilli (iiiuci If) aiipi " lli'' UlliU'l takili;.' "I llio nlil rum 
 |iati\ an I aii\ ■sli ii' ■ in llli' (;a|iilai lieroof l.i't llii' iiiiw i'iilii|iaii\ 
 fiiH-r iiiui a [ii'iv i.-iiKi ll I'j-n'inioiii tor llii' a'i|iii-iliiiii of all llii' 
 I'liiiii'li'i -' -liaii'- "11 ill- I'-iins ili'-ilr i viz.. ■''<<'' 'll' it- ". il ' ■' tiarli 
 roiiiiijcr-' share, ami llicii !• i ih old coiiniaiix '11 its niiilri :aliiii^ 
 to till' ni'w I >'iii|iaiiv, nil I'T .si"!. I'.U « ri'|i|:iiiiiL; -f' t I'il' ■< 'li<' 
 I'm. hil: I'l :i ■■sliaic 11)1 -liaii' alli'i aunt, thi' iii'u riiiii|iain ninli'ii 
 
 ,1.^ llll' lii'hi'lii iai owiii'i-. .'I' tho tuuii ii'i- shares, lo liia.^i' ii" ■ 
 
 II .-)i('iMlii'rrul Xnil -I'r lt,rsf::it I'll iiiiNitii' Ti/ri' ''" W.N I 
 .■;i. i|i-liiiL;iii-lii'il in \ ..r//i-lt'< </ Anirnt,,/, linihrnii "Mlu U 
 «H2, «'JU, infra, \>. 144.1. 
 
 Anotlior |iliiii luiiinioiilv ail<i|i|oil i-. Iii'l'iiri' tin' wiinliii' 
 I'liii nil' ami .-iirn an .I'jic lu nt as to llii' niiiili' of ili-tiilmliun 
 iiinnlii'r of incnilitrs is siiiull, the airicciiii'iit I'aii '"' imifir i" i "I'li 
 lliiiii ami the lompany; if ilin numhor ii- lai'_'-('. it ran lie n df 
 liPlwct'll soiiii" dill' ]iiil|)' I tii._; to (■■iiilrai't il liolialf uf llll tli" mIi 
 liol(l('i> of ilip oni' [lart and ' lii' i oiiipaiiv ■ llit> otlicr part, and lai 
 in.idi' roiidiii'iiial on ii.s liciiij ratilicil liv 1 or sonic liir;;o ]iri>|i 'tin 
 Sec hifni, |i 1474. 
 
 liiii I'vi'M witlioni >iiili I'.iiisont. a V' -tnicli ii uirrppnn'in i - 
 vidiii for distriliniiiin oiliprvvise than . lordu'ico with 
 
 ri'.:lit.s of nil 'iil-'is is not alisoliiti'l\ << ••iri'x. and lU'i- in, 
 
 if till' CiiiiH •j-tio'l that all (li !i , I.t- Iiivp ass itpti 
 
 will i:i'i inlcrti'i.' • Iticstitn I'liciinuili ' , \V . N iH'J.s ' 
 
 oil a iini'.siii'ii iif Ip^-alily a |)io\i i i- ribiili'" .u he 
 
 froiii ilip ayir.'iiK 'It for .-alp. l^i 'IiIoh <ii> Ihi-ni 
 
 rnrj. ' N'li 1 1. i 1 'Ml 1.' Ch. 4t;'.t. liiii 'li- isvidi li'ai 
 
 the iiii'tnlii'r.- /Id ' "iis'iit. and ai'roni -v wIp h -rm uunt 
 
 III llll.-' 1 ni-ti'in |iiin idi'il for a distiilini, iiiui terit iifidhytii' 
 )irpliiii.iiarv 1 in iilar it aniipari'd th.i! a 'rilniti- ' 'lanin 
 anonlanic with the lfi:al riiilit.s \\.\- I'lidpii n llir 
 ab.srnrt' of r%"idi"i; c of an liii.'.iiiiiiou.^ ;.: ':: .ai.iator 
 to di.srpjrard tlip cireii: i. and divide in --rict h leiral 
 liuhl.s .Vi//7/(-ir<'.v; Ar!iri,t:iH' UalUvny Co . HH2. 
 
 Where a lei oii.-'i iiition .i 'lOineiit |M'ovides : iunothpr- 
 
 ^\l^• llian in a' ronlamo \vi i tlip |i>i;al riijlits, aii -lip .iiir iiiPliilii'r 
 who ilo.-ii'ps (" .'iipeaih il iimild liiin<_' an acti' and apply for an 
 
iNTRonrri -v otem. 
 
 iijiinrtion m* I'litvli Finn, i / nr /■<.■» .(>»i, I <'lp 117. mmra, 
 ! ..nil T,'!'.> Ur th v /',;,, ' ,. ( >?*! 
 
 Il ihfilf'tHMI.. Jil i- IIO! ll|»-ll l<Mi, li.ill \\.\x' !■ Ii'|lli<l llllt 
 
 I M'P'IM- I listl Tl'lirln" 1>«> lllil III I'll illK' \\l '<'..'ll li^'lll'". 
 
 ,1" I' ■ " 111. '.or 1 lior li „r ail u-Umi oi- .iy in llii' 
 
 \> ii<:-ii| !nr ■ ipclifiii- I,. Iio li.j itoi \iiilfi-\\ \riiniliii- 
 
 I •''.,„ I'll ; ■ 'I, •> ("-■ ^^J. 
 
 '.•ili.«- If I'.y M'.'i 1. i.!M-f.|. |i,l ..|' itii- \''t • 
 
 iM.j . iii'Miil I- who •! ! friiii the Kjipi iiil insdiiili uc all.iwiMJ 
 
 -•■M'ii(in\^ l.iiii ^ho . ill. I III. .not ilii' i.'<i(liiii(>ii. if. the ^cciiii'l 
 Mii-f>ttnjr, ifithiii 1 liii li li. \ tiii.si irivc imiio nf (li-.-.(iMl in 'ilin:; 
 K"i- t.MfUiif iiolii*. 1,1 ji I J74 
 
 ! r lli«> lii'lic-r ■.i|i.>rii ;ii<' I I ,1 |"'r-oii li.ivii|._' li'^rlii i.- |i.i 
 
 TH' >)ii.i in ' • I-- (liln.'i'ii< in n\<"r. i-in_' •iii.ii -In I'. 
 
 Iv . . .1 . U ( V.' (■/< 'm(; ri).. till I. T H<i;,. lli'Hilhl. iitiH 
 
 hiiii-i'lt' Hi i-lilii :.• !.«■ .-In. - li ho lii'> li\ til ^01' wln'llior ll 
 ri,»r ill v.iliic ilii-< ,' ll i! h" I (iMi|i:iiiv'>i |ii(i|i.'|i 
 
 li.iii' ■■ \,ilii>' , ; . ^'ii|.| //('■r-.i/(i V, Sill iifiiii >ii,' I \l 
 
 I I- i,\ ! T. IKii 
 
 Wit. Ii.- ||. ii. ^ i\i. ,1 ii, Hi of I r I'nlijlil >liiliir III 
 
 ' 1 Id 1- • i-- ill.' .i|)ii.iii iin.i.' lli:iii tw.i lu.'irh- im- 
 
 li,., /',.v7/, ,,.... ,. 1. /'-„•/ /'//</.;• '.li/./ Ci, . • '■ 
 
 ' i.- 11. • fit'- .it 'li'iil.l iiol llli'ioly (• I'll"*-..,, ! 
 
 • ro'iiiii ' (f litii! rher to al>-ilaiii fi'iiii ran i 
 
 iiciii iiil ■■• 01 iiilni-.- llic luoiiibor - iiii'T.-^t. II' ,ii: of 
 
 Kiirisl,,,,-,. ■' i:\ (' I) MilS. 
 
 ll lia.s In-' I 'li.il 11 noti.o iif (li-^spiit -.'ivcl In ' m' ilii' rtni- 
 
 tiliii iiiirv Mr I iiniy. il ii'it williilr i'mi hi n'liirip lie a valiii 
 
 no i.<' uilhiii ilir ■■ M.iii. l.iii'Inii if' W'l slminslii I'm ' .i '\ N 
 I l^'i'i .". Hill ll I- « i-i'i !o fnlli 'v <tri. tly til" lovM •! u iiiiorit 
 
 .\ ' .|ii laloi' Ini-. |. 'Woi ill ^|io.-ial .-.i .('•< in «.ii- ili-»iiii 
 
 uiihiii tlio .icvcii 'I.'-. ./,,,//,•// V. Ilhnilrsiii C. .',.•■ . HMn 
 
 J (ll 0.-. 
 
 ll an olijoi'tlii:; nicinlior fail.-i |j. 'j-ivo .xiiili tin'iro. I..- tiiii- iilnT 
 .ii'('i'|ii the liriii'lif iillcii'il liiiii liv the ri' .n.-l rm ti'Ui - ■• . ! 'i-l 
 
 li(.'ioiiio an a.'^'oiitiii.; in iiil.or. or ol o ho «'iitiroiy |..^o- l.i-i Imn ■!: • 
 inli'io.-it in the njil . .m|i.ni\ ; fur iluioiitrli In' will n'linin niititli'il i 
 111- -Ikiii'~ ill tiial • .Mi:i':iiiv. yi" lli.'V :ii' liarp- in a in'Tc 'iii-k in 
 -lioll. fur llio whiil.' of llio a-i- J of tho "I ^ iirp iv •n- ■■ lio over 
 o llio now I'onipany 
 
 Il '..i." a( Olio tiiiio i""ti'n(i. (1 tliaf if ■li--v'ii n. inhor 'il i|..( 
 
 oxpio.-.'- his (li.•^^o|lt with; 1 !lio prc-riil .riiKl ill' wa" ItniiiMl I,-, tto- 
 
 -.ilo 1)1' ai'iaii'.;i'iiiciii. aii-i .'.a- ■ j.i .lis iiinl.-i .in .ilill'_'iiiiii- .i 
 
 .locopt any .sharox or other inf. '. -i in tli. pun'ha-iiiu' 'iiipanv \vf, 'i 
 woic thoroby to bo alln'lo I i.. hini Init Uii"' tin ...n wa^ mt'- - 
 ''Vplo'loii. and il i.'< n.iw sottlo,| llnit llio pun i- ion in .-^oit. In 1 r.'pln '■• 
 1)3' -I'll \'X2\. that tho salo f^hall ho hindinpr- inorelv rnoan.'< that u 
 
 t /. 2 
 
 144 1 
 
 -' nfli lit 
 
 U'Uh'l to 
 ••Itart- in 
 
 ■ '-i-nijijniv. 
 
1444 
 
 KJXXJNHTKIICTIOK. [ChAI'. XXI 1 
 
 «r; 
 
 Ir 
 
 How v«lii> 
 to bt' a»K-f!-- 
 t»in«l 
 
 <li«M'iili('iii mfii.l..'i (aiiiiol iiiippuili iIk' >al<' H<> ii""*' ''i'''"'' '^-'*'" 
 or (li>.-.i'iit ill llif |ircs( rilM'tl aiuuiiei. oiMiiiph lo.-o hi- uiiitomi. /.ov' 
 
 wi,v.'. i.i w . a M-.i. iii'jii'" <-■"•'"'• - "• '■^ ^' '■"'" ■^'•"'"'- '■"■"• 
 
 '2 H. it M. titi'J; /•'<"'■-■ '■<«•'<•';. •' ''I'- '*>•■'• ><>""'"" ■■ Biilish MuIku. 
 Lift'- A.s.vi)aiir,- So,:, li Ch. lilt; l'usHvlh,m,lc v. /'o»< I'lidili Co 
 K! e;. 1). 4j:!; UuiiU-ll-lotilU V. :/';■(«« «/(«■ > lliiniuin.il Uold M-nc 
 (18'J!I| L' Ch. tilti: l>> lloxK v. AiiilUi-ltiiliini Haillc, L. R. » (^ V> 
 
 47t 
 
 It uri.v (iiiiMtioii aiiMis a-s U> wlicthfi u iiitMiiU'i ha^ .li-sfiitoil ii: 
 lime, ap|p|i.aiion (au be iiia.U^ li> thi? rouH haviliL' jiin.Mli.liou |. 
 uiiid ii|> liic nMii|paii.\ lo .h-iidc llic |(iiinl iiu.h'i .-.mi. I'.i:'. «jI ihf A. i 
 I , lion I{,u,l, .// hh,!iston-,ii>o„-Hull. 1.! I . D. «!>« I" ll'^n '<'■''■ il" 
 apiilicalioii Wius bv iiioliuii i^- coiilemplalod by .-I'll l;iH ot Ihi- Cum 
 liaiiios Act, IHilL'.xMl. I'J.i, CoriipaMi.- Act. \\WH^. but it i> i.n, 
 ii.-iiall\ Miadc b\ Driiiiiialiiit: .-iliiiiliuii- 
 
 Whcic thcic i.- a iclcifiicc to ailiilialicii iimlcr mtI . I'.'li ' ^1 ' ami |i. 
 of the Act cf liliH.it M'ss with tlK- all itiiiKir to K\ ih<' value. Indoiii'^ 
 thi.s tho aibilialoi- .■slmuld uo doul)l cousidor uhai "ih.u a cadi ha I 
 the iiiKhMlukiri^-- would t'otch a.s n jroiun ooiici'in. haviny due iv-ai.. 
 10 it.- debt- i;iid liabililiu^ and lo all the cii iiiiii-iaiicc- of ilic i u.-' 
 and what |iro|.onini, ol that cj.,li ili.' di-cnticiit iniciv-i .voiil.! 
 
 r(>|iri'.-i'iil 
 
 The tact that the new coiii|ianv lia.s u:ivuii a lariro sum in ]>aid-iii' 
 shari'.- ullords «oinf iiidiiation of vuhie. but the aibiiiator oii<riil noi 
 to u«.«-uiiie that tho shares thu-t sivfii are worth par. Mi/sori- U <<i 
 Hold Minhi'i fn . 42 (' I). '>:15. Their value is a .luostion of ta i 
 to b" dflcrniinod if neco.-.siry bv tho f\idciic<" of cxiicrt.-: the paid-ii 
 or partlv paid-U[i -lines y^i\eii on a recon-truciion aiv rtonielinie 
 worth bnl liltlo in the in irkot ; and evKhMic- of tlii.s kind, that tli 
 share.- are oid.v sajoabl,. at a low li-nte, -oi's far to ne-.tive lie 
 notion that tho uoininal valuu of the .•onsiileialion rupre-ent- ill. 
 actual \a|iie of tin' as-ols s.ijd 
 
 The market value of the shares in the selliiio^ compaiiv ut the tiiin 
 of the i-ecoiist ruction is ayain no certain criterion of tho valiii' ol a 
 dLs-sonlienl nieuilK>r's inlere-t Vet it often happens that an urhi 
 trators valuation is toiiiid to accoi.l verv cl.i-elv with -iich inarkei 
 value 
 
 If there is to U- an arbitration it i- t.i be inrrie.l out ie a. .■.irdatic 
 with ^ect.s. 12S l.i l.U of tho Companies Clauses Consolidation Act 
 I84:i (H iV it Vict. c. Itii. And bv virtue of .sect. 21 of tho Arbitration 
 Act, ISS'.l, that Act also applies ox.epl so far as is inconsistent will 
 the provisions of the Act ol 1H4.">. .Sm' Annual I'la'ti.u. Vol - 
 
 Arbitration Act. !««!•." aial notes 
 
 A fiiaieliohler who hits a^-recl to arbitration ha- no ;ii;lil L 
 examine witnessos under sect II i ( u<)w sect. 174. Companies Act. 
 I'JtJH) for tie purpose of iniieasinyf tin- value of liis shares Jlntish 
 Uuildtmj Stmie to., (\W\i) 2 Ch. 450 
 
INTROPI <r<>i;v NOTKS. 
 
 144'. 
 
 Tlio 'ost.- of th<' iivliitnitioM pnn ccdinir" .we in iln' ilisf-rolMii of tlu' 
 four; !!<• Iiiiiicriiil Mrriiiiilli I'n-ilil \^>iiiriiili<>ii. tl 1/ I I'll 
 in; II ilio li(|iii<l;it.>i hn* iiol tcn.lcr.-il :i pri'f. llic ui l.iliulion ]iin- 
 poiliiii;- "ill Mill lie mI iIii' jiciil of tin- ili--ciiiii'iil «li;iivhcMih'i ii» t.i 
 o^l^. Iml till' iMi«t^ will li(> li'-i'lvi'l llliil 
 
 I'aro -ilioiilil Ix' taken m> to liaiiif the a-^iiMMiuMil that .|i--iiilii'nt Sei-urity of 
 mciiilior-* >liall have -ullii iciit -I'mriiN lor ilif jiavinciit ol tlic pur- ',„'"~,"iJ!"'' 
 ■base puoiK'v lor t|i->ir iiit<M»'>t-i; ollierui.-c llii'ii- will Im' ri-^k of h-vr-.il r. -.Mrdwl. 
 proit-ciliiii;- S'c i„'iii. Kiuiii 771. i Imi-c H, Ih'-'trr <! To til. .1 
 (N.S i( h 7."i7; .V,-"- /•7.i(/.s7« (((-,. \V N i IHS'.i i IJ •, 
 
 Wlion- the M-lliiii; iiinipanv li i i >ullii ioin v "t mn allr I lapital. 
 II would -^H'Mi lioiii llif alioM' i ;i--i)- that ~iic li a c lau-o i- uiiiic. ''-NarN 
 It iua\. Iiowcvoi . l)c .loulilcil liow lar tlii* i< i'iui>i loiil with tin- 
 piiiiiijilos laid douu ill I'luirli v. Fiiiaiiciitl < or jiiiiiilintl. 4 (li. 1-0. 
 
 li \\a- foi iiiiii.\ \<'ai> ■^(•iiciallv tlioii-lil that liic iii;lit of a moiiil.fr IVi. ludin^ 
 
 lo di.sM'ii! iii.di'i ~i'.;. l^ll of tlic \i[ of ISill' , I'.lJ of now Alt lid \m\'^" 
 
 b\ apt VMPnU lie taken u\\a\ li> llic aitiilo- of a KUupaiiN. and 
 urlirlo^ ol a~-oiiation for iiiaiiy year- ficipicntlN rontained .i i lan-i' 
 triinicd on that footinu' Sinli u ilaii^e lirsf i atiic under coii-ideia- 
 tioii ill /•"«('> r,iw. ti t'li 17<; In tliii I i-e it >\,i> iii«eiled iiiilne- 
 (liaiolv liefnic tlie uiiidiii'.-up ir>.iliitioii. and the Couil inii-idered 
 thill it wa- tlit'u loo late. Inn did not .-av llult in iin i inuiii^iaiii e^. 
 would Mil ll a ilau-e lie valid Hnwevci , ii ' lii-er - luliliv of -eil lol 
 -eenied to <lio« lliai the ai;iernieiit ua- onU I-, lie liindiiii: .-nlijeil 
 ll. iIh' pro\i-ii a~ 111 di— ieiitlenl-. and tlii- lieiiiu >ii. it na- lieid lliat 
 
 the ailiile- iinild not di-pl e e the pro\i- ilnpiiM' the iiniiiliii • 
 
 ■ if ilii li-lil !'• di>--eiil and iii-i-i mi pivii. ut in i a^li in aiiordiiin e 
 uilli the plii\i-o See li,it nii)-< iiixhl \ Slim iiimilnii I'ifl,-. i( i' 
 
 >■//»</,.•<;/(•. 1 |h;i:ii :; rii, so; /',;////,■ \ fml. Cn . . hhmii i eh .•tos. 
 
 and M-e l'ri-,,,1 (inhl Miiirr^. i \WH\ 1 ( h lL"J; ll'-iiixid v tlitntflxtm 
 if- Co . <]'MiH> I eh 7I.;: and hilni. |. II '■ I I'l'iltaiiv li.iwever. in 
 aiiiviilL'' at llii- 11. Ill Ill-ion due weii/hl \vii< iinl ij-iven In two material 
 •Hiii>i(ioiatioii>: 
 
 ' 1 . That liv «•• t 1.;:; Ill the A.t of 1M12 . seci LSI) of the Ail iif 
 I'.MiHi till' properl\ i<l lln' ><>iii|>aii\ in a \iiliiiiiar\ uindilm- 
 
 ilp lili- lildinn the | eed- of .>-ale iiiidei -ei I . lol i i- lo lie 
 
 applied ill >aii>lartioii oi ii^ lialiilitie- /»// / /k/.snh, and Mili- 
 joi I llieieio -hall, i/h/csx nlhrniixr inornli'il 1>\ the ii'trii- 
 
 lanoii> article- of the lonipaiiv. lie ili^trilmleil an u the 
 
 llieiilU'l.'- aiioldiiiii lo tlieii ii'.ilit- and iiilere-t-. -So thai 
 iho royiilatioiii- artirle-; are made .-iipieiiie 
 iL'i That the riyht id di--eiii i- olivioii-ly ii riu'lit je-erved for the 
 lieiielil of the Hhaiidioldi IS iiidix idiialh . iiiid is Iheiefore 
 ..IIP to wliiih the piiiniple eiiiliodied in the iiiavim (/iiilihi't 
 jiotflsl riftniticHur /iiri /no .vc mliixliti to appliO''. 
 ft niav. therofoie. lie hold lieieafti'r, on fuller ronsideratioii. thai, 
 'he artiil«<- 'KH deprive di.'*-iPiitieiit.>- ol 'heir riu'lit^ under the noitioii 
 
 1K 
 
ma 
 
 KKCONSlKlCnON. 
 
 [Chai-. XX 11 
 
 fi t- 
 
 PayiQcnt U> 
 tlinM-utieut 
 
 InU're(«t. 
 
 \Vl,,.i,ce 
 fluid tit pny 
 dU-M-iitleuti" 
 U> t'ouie. 
 
 \V here a nolkij is acived upon arbiliulorb by ouo ot iho purtiuH i 
 the urbitiatiou lo appoint au uuiiiiio, tliuy are 'culled upon lu U' t 
 iu thu nialloi ol tlio liibiualion wiiiiiu liie lueaninjf ol clauso (c) o, 
 Siiie«l. 1. lo the Aibitruliou Ait, 188'J, und the three mouths witlin 
 which the arbitiuloi.-s aiu by that clau.sc bound to luako liieir awunl 
 run fro 1 tlie sorvico ol tiiat notitu upon them, liarinn-iiould \ 
 ^iMrpinnUtit, (It. ^i/inliotiie, mpra 
 
 A momlKjr wiio hiv* duly di.-.Miiied is entiiioil to have liio purclmse- 
 luoney loi his iiilere.st paid to him; and to entone this rijrht wlioir 
 the amount has boon aswrtaiiied, h« has a riijht of action uji;iiiiisi 
 th© company. Dc Uoimz v. Anylo-llaluDi Hank, 4 Q U. 4C2. 
 
 No iuleifist is payablo upo.i tlio punhaso-monoy until the araoiiui 
 has boon a.-rertuin«<i and a demand for payment made. Uniled 
 StateK Cnhte Co.. 48 ii. .1. Ch. 6(;.5 The proper rat© is 4 per cent. 
 
 A dis.sontient inomlKjr whose interest has hocii purchased undci 
 sect. l<;i iliMj.' not thorcby esiiipe from liability towards the credilDr- 
 of the company whirh is Iteiug wound up. So it w;i.s held in \'inhii)'< 
 cair. ti Ch. tiOl: but it may be that if ii windintr-iip order is ii<ii 
 made wilhiii ;i \ear the motnbnr.s of the sclliii!.'- 'ompany roase to b.- 
 under any liability to the crtdilors Citr . 1 Cniniti/ Jnrrxtrneni 
 Co., \:\ (". 1) f7.V 
 
 This, however, is by uo means clear, lor there is llotllin^ in the 
 section 10 ielea.su tho mcmbors. N'o doubt tho ugreonient after a 
 year will not be avoided by a winding-up; bul Jiow can that pre- 
 vent I'.n unpaid crcdilor from obtaining a compulsory or .super, isii.n 
 order of the old company, with a view to payment out of the capital 
 which was ,mralle<l at the commencement of the winding-up 'r It 
 is conceived ihal the liability of the members is not at an end nlil 
 the dis.soluliou of the old cohipany. or until the ciedilors have become 
 bound by novalion 
 
 As to the wjuroe from wheuce the fundn to pay dissentient membi'is 
 are to como: according to the aliove plan the new company is bound 
 by the agieenient to provide tliom. It is necessary to impose tins 
 obligation ou the now company, because, by the agreement, the dM 
 company is lo .sell all its properly. Sometimes, however, as in 
 Form 771. infra, the funds are iu fact proviiled by the .sale of the 
 .shares which the <li-isontiont.s might have claimeti. (he now coinpati\ 
 making up any deliciency. 
 
 A mwie of recousi ructiou at time.s adopted i.s to provide by thi> 
 agreement for the allotment of the share consideration to the liqui- 
 dators or tiieir uominees, instead of to the mondiers directly, and 
 nut to in.sert any pro\ision roijui'ing tho new company to pay the 
 di.s.sentieuUs. In such ca.se the agreement, or the special resolution 
 Sauctiuniiig the .same, will diie;t the liquidators of the old company 
 to raise the fuiiiLs to pay dissentients by the sale of a auUieieui 
 number uf tlie ahare.s iu the new compuuy to be allotted pursuant 
 
IMKOI>r< K'K'Y NOTKS. 
 
 1 ii: 
 
 
 to tho agieoiiM'ul, mid to ili-inliult) tin- lo-iduc ol' .^iirh -liaro amoii- 
 Iho ii.>^seutinji; inuiiil)fi> Tlio ri'-iilt in cillici ia>i' i-< ili«' .•^uuiiv 
 
 A* til ciwliiors. -ic.t. KlI ol tin- A' t "' INi''-' di.l ih'i imr .lof- 
 seol. I'.'tJ of the All 1)1' r.HPS loiilaiii iiii.v |)ici\ i-imi loi tin' hi'iii'lil I'l 
 proluiiioi. of rieditors ex.opt tlio oncludini,' j):HMy;iu|)li i -c I l:'L' 
 (,".)^ to the oilo.t thai if an unlcr i- made uilliiii .1 \iai- fi>r llio 
 uiudiiij;--ui) of llie .oiiiimiin I'v "i .Mil.|i'<i i" l)i' .-ii|»'i M-ioii ■>: 
 llio t-'uilil, surh losolutioii shall nni 1.,. ol aii\ \.ili.li'. ciiil. > ii 1- 
 saiirliniie<l l)_v lilt' loiiii . 
 
 !k'iii< if lii« yoai- olai,^'- willioiil mi. li an ordci U'lni; ina.j''. iln 
 I'H'ilittn- arc dobarivd fioni i|iK-li'irini'_' tin' validil.v .if llii' aj,'!.'! - 
 nu-nt ,( ill/ (iiid Cniuil'l hiii.'^hii.nl ( o.. l-'. t' U. 4.'<2i; Imt savo in 
 till- ics)>t'il tli<' i-cron-lini iHjn dm'- nnl iiic.iiidn «• llu' ciidiliii's rij^lil 
 ;o lio paid, and aiiovdiiiirly he r.iii. if ihi' .uinipanv ihics imt |iay him 
 
 oil. i>i;lilit>n fur tlu> \viiidiii;r-U|. of the i- |iaii> r.im|iuNiirily oi 
 
 under Mipcrvi-ion. or iu tlio alttinaiixo he lan, li> xiiliii' of >Oil. W' 
 of tlio Art ol I'.MIS, a|i|il> iu llif viihintaiy wiiidiim-iiii fur an older 
 re~lrainiii!; tin- linuidaiin from pailiiiir wi'li llie a--vl- or |.iiiilia~i' 
 consideialiun iindei ilie a^iieomenl willioiii lir-t jnnv iiiiii;; loi |ia\- 
 ment of iii> dolit or ilaim. and. if ni'i'd- lie. lie ran l.rin;r nn a.-inni 
 for Ihe i)iir|Ki-.'. S,.,. /,„/,/ Kl jiliiii^loiic \ .Muni, hoiil ('•> H •\|ip 
 Ca-. •".•1::; t>iii)iiihfiiiii-, \. Itll/I-I' <nnl l-:„,nlll I f . i< i I) Ml 
 Olllicll \ l.llllillHI liillll.iinl .IvM.r .l^JCll 1) II 
 
 As to dclieninre- and di'lieninn' -lock liol(lei>, ilic\ are iiol 111 .1 
 wor-e nosiliou tli.iii other nodiloi-, unless, indeed, their sei iiritii'- 
 aie >o fr.iiiied a> to allow of a reioiisi 111. lion witlioiil tin'ir rouscui 
 Se<' '■•" 111 of this work. liMli ed. p. .i.'iii 
 
 ■ ';'idinir-iip /.//■/«-( fii'k- render.- llieii .-.•. uiilii- etilon .mIiIi' 
 
 air: i- 1 'd.- he ihi' Coiirl will piiie.l litem liy tin' ap|iiiiniiiiiit: 
 of a ' .ver 1 It ((///ice v. I' ii'r,'i'<iif AhIdiikiHc Mtirhiii,' I'o.. 1 l.•^'.•l 
 '2 Ch. ..IT 1; 1 iiloii^i ,s/(Vi/«/)o<(/s Cm . ( Is'.tT 1 I eh l."i,'<. for this i- a 
 verv dilleieiil liiiiiu- from a .-.ile .)! the undeiiakiiiu in ihe onliiian 
 couiMi of Iho lonipanys hu-ine--. llie ronipany heiiii; kept i;oin^ 
 
 III .-in h r:i.-e the sale mav lie valid as ayain-i di'l Inio lioldi'i- 
 
 Foslrr V ItoKu f o . 1 I'.ml 1 I *li •'.-i- // /' ' "'"" '' ' " 1 l''<'"' 
 2('li.ii-". I 
 
 In order to prt'cluile danirer, it i- iiol uiKoiiimou, wlieiv a coiiipanv 
 whii-li ha.- i— ned dehenlures or dehenhiie Moik .le-ire- to lonmslrtr 1 
 to obtain in lite lii-st plaee an a'.'rei'tnenl liv llie liohlers lo uo'epl 
 delM'nluie,s or .lehenture -lock or piefon'in-.; shar.- of tin' new coiii- 
 paiiv in siilisfiu'tioii. or lo obtain tin' iindi'rwritiii}.' of fullieienl delien- 
 tiires 01 delienliiK' simk to clour olf any who olijeci. -iiiiilnilv. win 11 
 the lompanv is not iu iv very llourisliiiiM po-ilion the cou-eut of 1111- 
 Bceiireil eredilois is -oim'tinie- -ouirlil for and ohiaiiied befuii' actually 
 goiiiS' i"'" liipiiihitiou. 
 
 Hut ^reiierallv in'dilor.s rai- 1 olijeilion lo a tei nn-irii lion N,)v»tion 
 
 c«|M'i iailv if the ooiiiimiiy is a tlourinhiiiir 0110, or if tlio objiMit i- lo 
 
 rrt^iiiiliiii'" 
 .1., rix«fiU 
 T'lliliir" 
 
 11! 
 
 8 • 
 
 i 
 
 1 i. 
 
 .1 •-'; 
 
144^ 
 
 i;k(i)nsti{i:(tion. 
 
 ClIAl'. XXII. 
 
 'iiJM' IiiiiIkm' liiiiil" li\ i^Miiii'j in llii' Ml' iiilicr- |l.llll^ pnid ■liiic-; iikI 
 II ■■ui(iiii^l\ 'i-.'diini-N with iiii:iii' iliiii ilic li;iliilili>'~ c>r :lii' 'iM ccuii- 
 \K\\i\ liiivi' l.iM'ii l.ili>')i iivi'i ! \ ilii' \ir". ■ .iii)i:iri\ ii~imII\ i|i':iI willi tli" 
 lieu- ('<iiii|iiiMV III! ilat Iniiiiiii;. .mil in lln' ic-iilt iiovaiioii nl cntilraii 
 
 ■ /' (• , iiii iiiiii'i'iiKMi ' I .iri<'|it ilii- li.iliililv III ilio iK'w ('(iiiipiiiiy instt'ad 
 
 ■ il (li<> liiiliilitv III' llii' iilil riiin)iaiiv ' i- ic.ililv iiil'Troil Sco a'' In 
 iiiV.ltiiill. /•'.///(/'/// I'.lliiiiriDt'iil ' <l . '< < 11. IJN; Ciuhiiii'^ry <■■(-.•,■, I 
 
 I 11 I) •■^.^^. siiuiii. luii^ihi ,i r„ . \ ih ii:i: r.r puji,- Ulnmi.'.t iv| 
 
 " l!> ami III- Miilidirslrr mill l.niiili»i Liir Asiuraiire >'<>. '■> l''.i| 'il'' 
 
 • ll-ii ,~i'cl 7 III till' I, He \>-liraiHi' ( ■i.lllli.lllil'" -Vrl. ixlJ. 
 
 II llir iriMJilur iliios ii<il iMvalc. lie i^ mil ciiiilli'il tu -.iio the iii" 
 '(iiii|iaii\ I'm |iaviiii'nl, fur .i~ tn liiiii ili" a.;r<'<Miioiil (<>v icifiii-ilrucliiiii 
 IS i-,'. iiifcr alius iiilii : xii/ird. )) (i:!l. it i- I'm- the nM coiiipuiiv and 
 tin lii|Midat<ii^ in cnlnrci' ihc auxi'iiK'nt. .ind if llu^ old loinjiauv has 
 luMMi di^-iiilviij JH'tiiii' niivaliiiii the cicdiUir wIki has riul nuvaU'd niav 
 liisi- liis lii^hl l.iiir rniirls (liiiiiihrrs i:.\\ I, T (111!!, Siiilintr. •' 
 Hut n lii|iiiilatoi wlm |iri'Mi.iliiri'l\ li--iilvi>s i- or niiy Ih' liahlo in 
 daniatji- ■ I'liUlonl v I hrrthsli. i l".tli:ii i> Cj, r,2'<. and .V.v /cnhiin! 
 
 ■ loinl Storl.-. 2:'. T I.. I{. I'.lSi. loi In' mii^hl, hcforc dissolvin:;-. In laKi 
 
 • ■\('i\ jiH'an- 111 .asii'i lam «hal ijainis ihcn' an' mil -la.idiiiy' ai;aiii~l 
 I he i-iirii|i in\ . Src al-o siM't.- I KM. I-^.i nl I hi' ( 'miip.nni'- ( I 'mi-nii la- 
 uoiii A'l. |;«IS. and i'.u' II,. |i 72 1 \s 'u ,i~.i.|s aiiniNr.' alii' 
 Jissdluii'iii. >i'r ll(ii(lri.sn,i.s .Miirl Cii.. III.'. I. T .1711 
 
 Notice rHlliiij: •f]„, yalidilv of a s|Mrial ri'solulimi santlimiin..'^ a ^al'' oi .iiianiir- 
 
 mc*'timr* tn 
 
 paHH Hpcrirtl 
 
 iiit'iit under .sci i I'.tJ 
 
 li'l. ( 'mii]ianii'~ \>\. ISi.i'i 
 
 i'>~i'nliall\ 
 
 rtwliitiiir. |<>|H'ii<i.s oil till- sulliri<'iiiv ol the iiiiliii's n-ivi'ii rmui'iiiiiir '11'* ino't- 
 
 iiij-s Thi'-c .iii:;hl Iji irivi' llic iiii'iiili<'r> oilln'f dirril m iiiilircri. 
 ii(ilii-<' thai llii' lia ii.sai'limi is In lie olloiU'd undi'l' sect 1!»2 i -I'rl . llii . 
 L'oiii|iaiii<'.s .\rl. ISiiJi I III iiiiiiil lliiiili III I'liiiiii, i( ( V. lliiiili III 
 l/hnliiKliiii. il r. >' I'.'f '.Il , /.'i /)(((/.■/•'. I , ti ( Il I7i;. \ nnlict) wiiii'h 
 stall's < inlri itliii < ihal .1 ri'snliiiimi i- in U' |>i'n|insi>d am Inii/ini;" tin' 
 lii|iiiiJatOl.s In sell llii' ,i~si'is i,, aiinllim iniii|iiin\ and /n iinrpl rmii- 
 peitxiiliDii ill sliiiiix. i- |irnlialil\ sulliiioiil ; lail the usual |il.iii mw i~ 
 In itIi'I' «'\|iix'ss1\ III ihi' .seclimi Thi^ lucclinh's all dmilil < If 
 rniiisi'. iIk' rcfcicnoc to soil 1'.l2 nia\ li<- cilhrr in llii' iiniiin nr in 
 ihi' airmupanyinn' i-ii-cular i if aiiv '. 
 
 'I'lii' iinliii' 11111 t, as rcipiircl li\ sci'l liit ol ihi' .\(t of I'.lo.S i -cit .">! 
 of the .\rt of l,Si;2i. .spci'ifv llic pinpiiscd rc-nlui ion . .S«'i' snjirn. 
 p. \m-2 
 
 It iim.st licdiilv scivcl. in annid.inn' wiili llip lotrul.iiioiifi. a sulli- 
 lii'ii'lv Innn- linii' lii'fnii' oaih iii'i''iii^ .'^ii' -■iii'in, p |ii''7 
 
 The inlcival lictHct'ii the tun ini'ctiii'j-- niii^l Im at h'.isi I'mirieen 
 'li'ai da\,s. and iini luni.' than niic lah'iidai- inon'li :-iini,i. p |oni; 
 If the tneetinn- i» ealled to reemisirui't and v\ind up with a view 
 ilieretn II I- not loiiiiM't'Cnt In ilie meeiiii'j lo drop tho roeon.'^tnic- 
 iinii .iiiil pass a naked H'soiutii'ii fur windiny-iip Ci rede it lUnlioj,. 
 I mill I'll. \\ N i1!t(il'..J 70 I. .1 (h 40<»- Nil,. T. aCn, iinln.ss, 
 
I NTWnniT TOI.'Y N(V| !>;. 
 
 I»4!> 
 
 ;|,lvil lllf rinlirr |i..illl- I" <\wU Mil .1 ll Pl.l 111 ill ,■><•<' IpiWOVOr. 
 
 llN.iiii'sni, V ll,-,t,t,>s,,,>.-i Tniii-riril K-l,iti-s t ,i . (I'.tnSi 1 <'li. 7t;;., 
 Ill \\liiili il u.i- lu'l'l lli.il "li '"■ ilii' II. lirt' -iiH'iilifil M'vcril ii'^olil- 
 liiiii-. .-mill' iilliii (■//■.>• :i ml -.'iiic iiiiiii r,i,'i. .\w\ nil \viT<' (lii.— I'll. llip 
 liiii'i' wi'ic >'lli'.ii\.' ilimiuli till' ii!li<'r~ liiilcl. 
 
 h, 11, Ih il ' -, \ Mil, ■I'll, ih'iii. il'.Uii' 1 ill |.;ii. .1 still mnrf 
 
 i|l..'IMl . ,111-lMlilinll UM- .ji\.'ll ll\ \'.\<- .1 |.> .1 ll.llin. i'OIIM'IIIIIl: .1 
 
 tiK'liii:- loi ili<' M|.|iiiiiriii. Il' "I .lir'"iiH- -^ni'ii'. \< >•''- 
 
 i ihr ii"i.ciii.'iil pi.ai Ic- |.ir ,iii\ 1. 1\ iii-'iil i" milii'iiiiir liinMlur- li\ ' np^n-ii- 
 "* ' , I . I >i 1(1 
 
 ,i; I.dllll- ,.!■ ii.llMll'll-. li'lll. till' ll.llil-l' lllll-l llllUc .|lH- l|i-<|iisliri' jj, ,,,.,,„., 
 
 A,,./. \ r, ,,//,/.,,/ 7/. -.,.'■(„./... M'lS ' 1 ill ■..■|H ■/.,-..■,•/(% Il'iiilrr.i<iii. 
 l>:i'.i, 1 ( Il ,M,I; \iir>i„ni'l;/ r I ,i'l . i n,j<r ,{ r,, ilMdSi I Cli s|. 
 
 ,)//,;//, |. I'.'.lli 
 
 h, ivlalinli |,..l ICou-IIUllllMl tllr iC'.|lUICIII.'lll' 111 ill.' A.I ..I I'.i'i.S 'J"",,'^'^ ■^'' 
 .111.-1 he Ihiih.' Ill mill. I. iiii'l 111.' Iii-l .|ii.'-li.iii I.I iiiii-i.lfi- I-, whi'llicr i,,.,,];,,.. 
 ill.' I iifii|i;iii\ i- ;i |iriv.il4' (■..iii|i;iii\ witlnii tin- iiii';iliiir_.- nl sci-t 7l! 
 ,,r iIm \i I . ,i|>| iliii.'iil III ilii.'i li.i~ 1 
 
 III i-,'j;iii| III llii-. till! ii!i. r III -liiii.'- In III.' Iiqiii.liil.'i 'il 'li.i -li:ir<>- 
 
 h.i|.|ii~ .il III.' -.illiii'j I |i,iiiv |iiii -u.iiil III ill.' iiMiiii-tnirliiiii aiir.'..- 
 
 1,1 III i~ iii.l r.iii-iil.'i.i.l .111 .illiT ill ill.' /iir'./.c. iiii'l .irior,liiii:l\ . il 111.' 
 1,11, .1,,. I ,,1 miMlllll'l- i- iinl III .'M-.'.'l lill\. .11. il ill.' .llli.||.'~ i-niiiaiTi 
 
 tl;( 1 1 1.] Ill il. I ii.-i riiiiiiii-. 111.' 11 nil 1 1.1 II V 1 .111 1 1.' ii'i.i -'.'ii'il .1 .1 |ii ivan' 
 
 . Ill iiiv 111 ill. r.'-iill. ihi P'liUi' 
 
 \\ >,il!iiii' lie II.. I --iM : iii)iK \\.:li-i.ii '-' i' '• ""i"'' 
 
 >|.| 1 . .N.'i s/liilll. .1- III llllll' lll.'lll. VUII Mill .l|i|iK. |i 1". -l/'l.l 
 
 >.'il. sr. a^ 1.1 I'liii Ii.iiiu liii-lii.'---. 'ill 111.' ii|i|il;. . |i L'l. -.i/.m. 
 
 S'cl , .^.^. :i- In luakiirj' i liiiii- .iinl liliii'j imil I'lnl-- «ili ii|i|>lv, 
 |i|i. i;!.i. 111 1. M/;./-. 
 
 S.i|.| , S'.i .1 I. .iiiililiiiui ill.' iniiii|iiiii\ 1. 1 |iii,v iiiilfi uiiliiiLT .iimiiii.-'- 
 -.ioii, uill ii|i|il\. ii|i :j7'.i. .^^, w/y,/,/ lh,„i, „,•,,. Ill ( ,iii,:ili liiiirnil 
 
 irililnni Siiiiili.i.l, ' . I:, ,'.f.,il.-. I I'.'l I I ■-' l\ I! l'l"* .111.1 Hu.iIU 
 
 V .\,ir Mm, I ml, I- < ,111,1 Mi„,i,'i In. I. HI.;, I ( Il .".. . 
 
 SiHl.- Mil mill HI la- in li i-i |. i-iii i' in |in.-|wii " ■ uill iinI :i;i|ilv, 
 
 for lliP ciri'iiiar In lln iik'UiIli - i- ih'I i iiin-iic. m- iii\iiiiiL' ll"' imiili. 
 to .suli^i villi' r.n sliiii.'-.. |i|i I:.'. 178. I 7'.i 
 
 'I'lir sl.iliil.iTV iiii'Clmi; "ill i\:i\f U) lii' liclil. lull llii' |ir.'liiiiiiiiiry 
 i('|Hirl iiii.' I II. it ini |iii-\\ar.li'.i 111' lil.'.l I .^.'.1 li.'iil.iM 
 
 Wlii'ii'. Iinwcx.'i'. a |ir.iv|i(ii iiiii 1- I--II I III .1 -l.ii.iiiciil in Imu 
 iliort'ol lili'.l . I'll . HJ 1 
 
 Scrl 7l' liiii.~l lit' I .iiii|ilii'il null Si'.i .((/•;■((. |i li 
 
 Sell 7i'l iiiu^i 1.0 I .iiii|ilii'il "iili ^.t'.' '^iiprii. |i 7 111 
 
 Sell. S.'i a.- Id IiiiiiilMiiiii -illiM I i|i!ii'li. Iim.-t lii' |.(iiii|ilif'.l ^^l!ll; .iml 
 lii't'orp niiiiiiii'ii. ill'.:' I.ii.siiii'-- the iiiiiipniiv niii.<t iiiiii|ilv "iili -..'i i H7 
 
 iinI (ililain llic ri'i|iii.-il.' I'lTtilli'iilP thill i' i- .'iiiill.l in ••.nil ii'.' 
 
 Iiii.'»iiip«s. |i. 20. Siiprii 
 
 Sect MS. a.« |o n'tiini <•[' .ill'iiiin'iil.~ nl -lian'- aii'l lilin;.' . null. .'I', 
 uill iipplv ])|i tilo. Ill I. siifint. 
 
 i 
 
I4/iO 
 
 KKCONSTKULTION. 
 
 lCiiai'. XXII 
 
 Sect. 8!t as (o uuilorwritiiig; (x)mnji''sii)U. will upplA, p. '27'.>. mijir,! 
 
 St'ctfl 81' un I 81. ;!.■* to iniwjM'fms, [ip. 179. lt>7, naiira, and 
 
 St'cl. 8;t, a* to nil! \iii\iiij (..iiiiiirt Irt'lci-*' slaliiliiiv iin'i'liny. will 
 
 apply, p. l't'2i. Hiipra 
 
 UnderwritiiiK li tr('i|UL'iill.v liuppeiii* tliiU tho KscOii.stnictioti of a (!Oiiipuii.v i- 
 
 'ii'tfTlH™"'" olloi U'd ill onliT to lai.-if fiirthiM- simis tiy iii(iiiciiiir llio meiiilii'r.s <il tin 
 
 iiutif4i-ri|>t:'iii 
 of Hhart"*. 
 
 Kilinir tlic 
 ret'oimtnirtii >ii 
 liirret^mt'ut. 
 
 solliiii:' idiiipiifiy to liiko up paiily pajil .sliiiiiw in tlio new oiiiiipaiiy m 
 ic.<iii''i of tlio sliaii'^ liolil by llicm in tlm old coinpuny, and in mk h 
 cu.st',< the ipio.slioii III' uiidi'i wiiiiny: ma\ iie of •^r(Mt ifup<>itaiii'i>. f.ii 
 tho .<llt■^•(■-^ of th<' iii'iMisirtution may depomi larRoiy on whotin'r lln' 
 wliolo iif lilt' .sli:in' I iiii~idciatioii can be plaiwl. Tliu-*, if il is .umi'^- 
 .sarv to provide Jii.iMio/ for p.iyiniMit of dolii> and fur woikinjr capital, 
 and il i.s pmpi^cil uii the icion-itruction to ls-suu 200,000 1/. idiari-^. 
 each croiiit,' 1 with 18«. as paid, it is obvioufi tliaf, iinlc.N.s all aio 
 takfii up. liio 20,000Z. will not bo providfid. 
 
 To fret the sharp.s iindnrwrittcn mav therefore bo of ;rifii>l inijioii 
 niiif wlicii llicrc i.s anv ilanLriT that tho mcinbcrs will not take ihoii' 
 all lip Hut. a.s >cit. 8 of the ('niiip^uiics .Vit. litOO. rituod. it wa- in' 
 <>a.s\ iiiattei to pr.ividi' for <uih uiidcrwriliiij;-. Bunoir.i v MufiihcU' 
 OolJ liecfs, (,lyiH 1 1' ' 'Il -.'!. liiMilli \ Sfir .\friautdi-r Mininii I'd. 
 (I'Jil.'ii 1 Ch. 29o. 
 
 The laiifrnasje of that .section has. howovor. boon altorcd in tho cor- 
 io.-pondin<;- seilion of tho Ad of UtOH, s 8'.i Tin,' words in tho lirsi 
 lino ' upon anv olfor of shares to tho public ' disappear, and wilb 
 llieiii disiippoiir^ the dilli' iiliy of utili/insr tho powers of tho noclion 
 foi llie piirpti.-.o> of a lei onstnntiun See Hiirion' v. 1'nrin<in Minc>- 
 (I'.Mi'.l' 2 (Il li.'iH; IhiDiiiiiiiii of I'lntiiiUi <<viuiii! irniliifi Sijmlli'at. 
 V Ii,i;islo(k. (I'.Uli 2 K. H. t;»S 
 
 .\.s to liliiio- the airroonieni with the Kejiistrar <if ( 'nnipanie-- 
 Wlieie lti4' rci oii.slniclion airroonient provide.-, a- il usually does, fur 
 tho illotnieiiT of shares iredite<l as fully oi partly paid up. sect. SH of 
 ihc ( 'ouip. lilies .\cl. I'JiiH, iiiiist be coinplieii with, by filiiio'. wiihiii one 
 month after allotnieni of aii\ sbarp.s piirsiiaiil then'io. a contract coii- 
 blitiiliiitr the lillo of the alloitees lo such alloliiieni. ami ihe ntli"i 
 reliirns in the section ini'iiiioiie<l niade: iii(iii.]>. I Hi'.' Il i- iioi cjoMr 
 that, the reconstruct inn aureeinenl it.-elf " ( onsliliiti's ihe litli ' of th" 
 alloltee.s. for they are not partie- lo it: and accordiiifrly il is o:onorallv 
 deemed c.\pedionl before albilmeiit to .sisrii a further contract between 
 the compaiiv aiiil the alloitees, or a tri'stee for tin :ii. providiny; for the 
 allotmeni lo them, and then lo file this and ihe leronsiriiclion a.jre.- 
 iiicni within the month 
 
 The ponallie.s for not lomplviiii; with the rcipiiienieul.s of sect. N.S 
 of tho .\cl of 1908 iiro very heavy •">"/ for every ilay'f default 
 and it ,sccnis bciter to avwi.i any risk. 
 
 Where u ipiotutiou on the Stock K\('lianjre it to bo ap;)lied for. it 
 i,H necessary in the Hloil airroeinenl lo cfivo the denoiin;,'- nunibors ul 
 llu' shares, and it niav be as well lo do this in all (Uses. 
 
INTKODUcnOKV Nt»ll-:s. 
 
 l».il 
 
 Ah lht> ujfrefiiionl lo be lilml i» to bo lu wntiii-;, it ruu-it Ik* :»ii:U'<l 
 01 M)alo(i bv all |)urtie». 
 
 Tin- a^rofiufiil haviiiy: boon cariiod iiili) ollfil. ili.' Iii|iii<laliii 
 should laUo ilii) in'ccssurv kio|i^ ti) di.^suKo tlio iom|>.iiiy, ami wiih a 
 view tborcio .-.hoiiiil make uul lii> anuiiiil a- looiuiod b\ mm i I'.t.i ni 
 ilm All c)l I'JiiS, ami .siioubl cill llio liual moi'liiii:. I'> ibc .icdiiiM 
 liolcro il, and tiioii maku llio roi|iiiiod ioluiii.> I" tin- Uoijisdai. 
 vvlioreiipoii, al llio end nT lliifc iminlli-, llio iDiupaiiv will be di'Oinod 
 10 bo dlsMuivjil. Hut HiMi. T2-; of the Ad mii>l bo bonii' in iiiiiid. loi 
 iindor ibal .-ection an imhr riiav williin l«o years bo made dr •laiiii;^ 
 iho dis-olulKJU \oid. >i>oUiJ<wooiir. Diiiin ami lliiiiliiii, il'JIUi 
 I Ch 410. 
 
 Tho ili.s.>obilii>ii will I HOI bid" anv applii atinn for a h iinliiiu-up 
 iirdcr il'iiilo Silrrr Miniii.i Co , H f. I». 1'7:!. I.iniihtii if C'llnlmi ',iii 
 il«r'Ji. 11 (' I). m»; Sihooiiir Pond CoiiICi). (IHSHi. \V. N :«'. 
 unless tho a|>|)liiation is inado williin ibo lliioo iminlhs i rro<)l.lfir<'>i 
 M'diiitd ( <!.. ;! V.>[ <!!•; \\ hilili'il l-'.Ji >• '.-i ', /./'"'«/ \ ■ < •iiiii"<,li'. i i«''''< ' 
 J I'll 111."... ami .inv m tion a.;aii:.<l liio nld ■ i)ni|iaiiy or its lii|iiidiili>r 
 nrdiror|iir> for llic imrpii-o nl liir'bcr wimlinLT up il.-< alViirs ( nrnti 
 V. (lorxl. ( IS'.tn 'J I'll. 7-t. 15iil Iho Cniin may. il .-oimm^. wilii ibo 
 ■ •ons'Mit of tho t'rown, diniot tlio liipiidator to distiibiilo a>-'o|.> ai i-ni- 
 injr .•<iib-oipionily to tho di-sHobilion Iltii(lersoii'< .V/'/c/ Co.. 1"'« 
 I, T .'!7i». Soe fiirthor, Part 11 
 
 Il niii.st bo borne in mind thai whoro ilio iio.n iniiipiiiiy i.iki- "M' 
 iho wliolo of tho osrtot.s of tho old rum|)aiiy, ihoso assol.s will ini Imii' 
 anv rijrhl of arlimi by iho old lompaiiy agaiii.si its ilirorlin> lor itii>- 
 feasaiHO ( I'mi: (intr Wiiivion Co.. 17 C. 1). i;;il); Wood v. Woodhoii.'i,'. 
 ilS'.Hi. \V N. 1'. anil tho now comiiaiix ina> an-.. 'il:I\ lako .~li'p- 
 to oiiforro that risxht. 
 
 Tho lii|iiidatiii.-. in a v, imlin;;-o.p for ilio pnipo-eol n. nn-i i m lioi,. 
 yonoialU ail wilhoiil roiiiiiiioiatiiin. ur loi a .-iiiall tor 
 
 Whoro tho spoiiiil re.-oliition sainliDiiini; an a-rooi ii lor a -^ab 
 
 under .sort. 192 is invalid for wan; <if proper notiro or oihoiui-e. ih.- 
 traii.sailioii can novortholos- bo .onlirniod Foi .s ,,/m. Ci ( 'Ii l.f. 
 In (iribr t^. olloct thi.s, tlio liipiidators niiist i<ll ibo no,o--ai v mh'i- ini.' 
 and prO' iiro tlio inoiiibor.s In p,i>- proper sporial n-obrion- 
 
 11, will bo roiiioinbored thai .-ort . 192 i.i i |iio\ido- lli.ii if b i 
 
 hv iiiado wilJiin a yoar for iho wiiidiiij,'-iip llioi pany b> ■.! .Mib|i'.i 
 
 10 Uio supervision of the Couit, tin' ra-solntioo shall not bo .n it ly 
 \ttlidily uulos.s ,aiitlionod by liio Court. Tho t'ourl oannot in siiih 
 a oa*e. il has lioon lioM. j.'ivo the reiiuii»ilo hamlioii 1» biro iho wind- 
 ing-ill. order tC,ill<io /{m, 42 C. Div. If'.'Ji, llio poji, \ of die \.l 
 boiiiL; !o proli'i I irodinir.s by lo-serviuiT their riirlil^ .Soiiiotii.ie,-. 
 in oidoi- to prorludo danj;or. a suporvisinn orilor is at om o obtained 
 and tho sar.ition askod for. Si'w Utifi-fliitJ Co.. W. V (l8S!li I2:i 
 'Bui query wliethoi i <iH4io liis iihi .v///im/ \va~ ri-hlly deeided 
 
 SuliMMiu»'n' 
 
 U>'lliitMerit- 
 
 I II ill iif 
 lii|itiiliit<in* 
 
 I ''intinii.ili'i 
 of iioiiliii 
 
 rrsollitloll 
 
 (Iril.r t.. 
 wini) lip 
 
 . 
 
^•- 
 
 1452 
 
 * ' mi|mh\ iii.iy 
 rtvi*!' r \Milr 
 
 tk \li>U til 
 
 rtMiiii.-'tnir- 
 ti.ii. 
 
 !i»-'<>!i*(rni - 
 ti'-n III wiriil- 
 iTi>r-ii|i hy 
 <""iin. 
 
 Km. 1. -true - 
 
 tH)li }>\ 
 
 t XcKlillL^t i-t 
 
 ••hur- - !•■ t'l.r.' 
 
 VKl'l ■_'-U|' 
 
 KK<"ii\HTHlI(TION. [CHAI". XXII. 
 
 Any . oiii|i!iiiy. ihoii'j-li iinl fnrirn'il m- inifistcroil iiiulor tlio \rt i.i 
 IHf!:.'. if i':i|i;ili|(< ol' ln'iiii.' ii'i;i..'M'io<l iimli'i that Ait. iiiiiv ftVoct ;i 
 ii'i oii>tiiii'tiiiii iiihIim ~(vt 191,'. Ill nnliT lo iln ihi'* it will ii".'|..li'i 
 iiiidcf llii- All. iiii'l llir rrroii.itnirliiiii til. IV tlioii In' canicil iiilu I'll.i ■ 
 ii.< .iliovr iiii'iiii'iii ' I ll i< iin oil ji'i'timi thill till) ft'^i^trii'iiiii vv.i- 
 tiiii(]i' (>\|ir('.>~l\ with .1 \ !.•« In w iii'lin'.'-ii|i iiikI r-olliiiir iiiiilcr mtI I'.ij 
 ^niillKitl V Urilinh M'lliinl l.ilr .\s.siir<iii'r Suriihi. li <|i. ill (.(' \ 
 
 **<'iiiiiii \'X* iv ()nl\ i|i|ilic .ilili' ill a piiicly voliiiitiirv wimlinij-iii' 
 ll'iffinl llntrl. \\ S IMCKiSC, Al!ii--tlii'i \<ilmil,ii ily ' mii. ihr 
 
 wi)i(l< of llio soilioii Itiit in a \vini!iii'.r-n|) liv nr iiikIim' the ~ii|m'i- 
 \i»iiin 'if llio Court a rcoii-ii in limi nia\ Im' i.|1i'i ti'ij \t\ a -.ale iiinti'i 
 M'Cl. l-'il of lilt' Vrt to a iiciv .•.iiii|Mii\ . Ii.i iiijclc'i- lliiit 'fitioti tin 
 Coiiii liii' |io«f'i- ll l(>a.*l a" i'\li ii^iNO ax iIioh> ronlciicil ti\ Ki'ct I'.il.* 
 oil a li(niiil:ii(ii Ai/rii nml M,i'<lfi iimii's lUiiil:. 12 \'.i]. lo'.t. I.. 
 \\ . I{ .'ill. I III firi ill! Mrntiiilili- I inlil .\syii< inliiiii. \'l K(| ."id I 
 f'/iinhriiii} i'o . 48 (,. T. 114. Wlicrp u roiii|iany jf<'t.s iiilii ditii- 
 ''iiIlM'- a ;i'-iin- II iiitioi: :iii:| an asiiiii'^i'mriit uilli iicjiinrs iiinli'! 
 ■'<" ' l-ii i"'|il;iriiiL' ilic pioi i.»ioii< of tin" .loiiil .Sm. k ( 'oiii|i:ini('- 
 .Ai iMiiLirni' 111 .\.l .f l.'^Tii' iii' mil iiinniiiiiiMiiU i lie. Ird ai t In- .-aitir 
 liiin' S'l //(//((. |i I I'.i'.' 
 
 \ ri'cnii-iiin lion In ••xrliaiiui' of ^li.in'^ lollowyil \i\ a volmitaM 
 « iiniint;-ii|i i- .nio'lit'i iiioiii' of riHi.ii iiiiriiim wliii li, in sjii'iial ia-o->. 
 i* lirofpialili' |.. 1 |ii(i. lorliii.^- iiikIi'i -ci I I'.i'J. e rj . wlicic il i> lii'-iii'd 
 lo recoiisiiiKt oil a lia.'^i-. which would he in rontravciiiioii ..f llic 
 rule o.'-lalili^lii'il in (SiilVitli \. I'lii/ii. .•nifini. |i Mil ; -ii-i ■'•phii 
 7t»0, injrii. |i. lirt!; i'oi ill^laln^, w Ih-ii.' IIio caiiit.il . .-i> 
 of pri'lcii'iiri' -Inii"- and iiidiiiirv ■iliair.'^. and lln ic i< im 'i.-c 
 in lllr 1, li's liiic rlaii.-^r l."i.'l. stijiin. y. 7.S."). .ini! i' i.. .(.•.;i-,'d 
 lo i('(oii-li 111'' ..ll till' Innliiii.' llial in llii' iii'U '"iii|iaii_\ llic 
 pH'lViriiri' .-haii'holdi I- -hall p'l |iri'li'iniic<' >li:iii- mil ihi' 
 (irdin.iix >liait>liol(J<>i> -liall \x\'\ oidinaiy -shair-. .i ilia' liorli 
 rla--«'- -li.ili u'cl oiviiuary -ihari's in the Jiew cuiiiiiaiiN in pio|)(iiiion 
 to tlicii iiiarkcl valili.' and not in jiiO|iorlion l.i tlii'ir iiopiinal aiiinini 
 In .-in h la-c- il i..^ -onii'liiin'- piis-ililr in i.my ilii' lliini; llimii-h I.. 
 an uj^ii'i'iiicnl fm i'.\i'liaiiL;(' to I"' lanlii'd liy all tin' ihai'i'lioldi'r-. 
 When all haw lalilicd tin' a'.TOi'iiu'iil, ihr in'w r,iiiipaii\ illo!- tin' 
 ■<hart'«. and then tl't- old lonipaiiv i;<"'- inl" li.jiiid.ilinii, and llio 
 in'w r.inipain. a- llii' owtioi o| all lli.' -Iiaio- in llio oM roinpaii\. 
 lall- fill ami lakf- a i (invi'vain !• of the .i— el- of IIm" "II 'oiiipaiiv 
 and • Icir- nil il- lial.ilitii'- 
 
 I 
 
 R«i .ii..'<triir- 
 tiiin rititl 
 iitniilL'''%tnit- 
 TioT, by •<:\\v 
 
 'lIldiT pOWlT 
 
 Reconstruction and Amalgamation by Sale under a Power in 
 the Memorandum. 
 
 .Viiolht'i modi' ol cllciliiijj: a I'Oion-li m tioii or ainaljjaniatioii lia.-< 
 Ik><'Ii truqiK'ntly adopu'd willi -uriH'— dnriii^ the la-1 lwenl\ yi'ai.'<. 
 \ i/. : ■ 
 
 '1.1 'I'o -♦■II ihc .'i.iiipunx- iindi'ilakin^ iindi'r a powor in its 
 
INTKOI)i;»luKV N<»1». 
 
 I 4.VI 
 
 iiK'iiiiiiiiiiiliiiii .il .i>-i>. liiiii'i! hir |iiiii|-iii> -Imio* III .1 iK!» '" ";■ 
 
 iiiiiiiiiiit ■ I 
 ri>iii|iuriv til U' alliiliT'l I'l iIh- -"■llinu |i,iii\ m it- „„.„,.,,.„ 
 
 itiiniiiKv.^; 
 
 t'J.l Si'li«'()Ut'llll\ li' H'-iiIm' mm i\ \.'llllilili * niinliir; ii|i ;niil 
 
 (iiii.-itiitit III li |i"«cr ill till- attiile-. I" iiiiiIum i"' iln' Ihjmi 
 
 tliiliii, allor |ia\iiiir oi' pioviiliiin tin tin- ili'lil > iiiil liiil.ililn'- 
 
 in (li^li iliillr llii' «iii |ilii~ |iiii' It'll- 111 -all" II I i\ ihr -lull- 
 
 uliioliif-l llii' iiii'IhIm'I - Ml lie ioiu|i,iii\ ; .Iiii'j l.r lln'ii 
 
 iii:lil- iiikI iiilt'ii'-i- 
 
 'I'lli- inlll-l- .;lll MllK III' .1 l'l|llr I wlll'll iIm' 1 1 h ■ MM h , I II' I II III "I I--" 
 . i:llillll ••••lllillll'- llll' ll''|lli-l!i' |I"\M'I vd /)/!/, {I .1 III 1 111 -I'll ill.' M lull' I 
 
 liikiiii; till' >liiii«'-. .iiiil llii' .mi. li'- rniiiaiii iIh' ii-ijui-ili' |i.hm'i i<> 
 
 ili.-liiliiilf ii.--i'l-- III UiimI sk 1,111. |> 7s.. i Till' snlr li:i\iii'j I ii 
 
 mailf. till' nlil iimiii.iiiv mil |i,i-- i ii'-uliilii... In iviml ii|i ami In 
 ilirtliiliiili' ill!' -Iiiiii'- III kiiiil '''I'l' .'<"/'"' r 1'-''' Fiiiiii "il^ 
 
 Tliii jiLiii i^ Im-<i -uiU'il Id lii-i'- III wliiili llii' >liaii'- III 111' ilislri- 
 liiiU'il air lull', (laiil tip 
 
 Fur I'll! Ill III .\y li'i'llli'iil Im .Nili'. >i'i' mi/'/ii |i •11 iii'l l"i 
 
 ii'-'iluliiiii a|'|'i"\ iii'j -anil'. -I'l' Kniiii 7H' . mtn'. \i I I. I 
 
 |{<'riill-!iiii linii iih llii-i' liiii'- \\a-, Ml iiiaiiv I a !•-. Imiiii'I )iii'li'ialili 
 
 to |lliMr.i|i,,L' Ii'l M'l I Hi! Ill' illi' All I.I IHIiJ - ■■ ■ P'-J I.I \'l"l 
 
 UMlNi; t.ii- i'\aiii|ii<' ill la-i- ill uliiili il \\,i- i|i-iii'.l In i.'i ..|i-'i m I 
 iiii(llli.iiiall\ nil till' iii'W .niii)..iM\ limliiiL' till tlii'i < ipi'al In iIh' i-— ih' 
 (.: -iiaiv- (ir ili'lii'iiiiiii'-. Ill I nihlili'iiiailv nii tlm -I'lliii'.; iiiiii|iaii\ 
 rmiuii:; In -niiii' -|m" ilii'il all aiii;'i'i!»"il «ilii il.-i iIi'Ik'hIiiii' Iml.li'i-. 
 Ill -111 II ra.-«- iIk- a'^niciiii'iil Ini -all' n'>i<rvi'il |iiiim'I to H'-i iml il 
 il:" niiiililinii \\a- mil lullilloil v\ilhiii a spi'' itii'il liiiii'. ami in m-i' 
 '■; iO'^ii.--ion till' -^I'llintr loiiipan.v roiilil then iniitlniH' il- liii-nii - 
 
 wlioii'a-. it it [irorL'i'ik'il iimii'i -I'll IHI. tli.il woiiM not liiivf I ii 
 
 li'a-ilili'. Ini il woiilil li.iM" |ia--i'il iiiln lii|iii<l.iiinii. 
 
 So. Ill I III' ca-c III anialLri'-iiialinn. i; -moial i-niii|iaiiii'- .luii'i'il i.. 
 -«'ll llii'i' iiii'li'llakiii;;- In a m-" iniii|iaM\, m In niii- nt llii' iiiiLil^i-a- 
 
 iiiatiiiL^ i|i,iiiii'- I nhdiiiiiiiallv "11 till' |iui' lia-iiiL: rmiipain |i|ai iii'_' 
 
 liiilluM rapilal nr rniiipUiriir "Uli -nine nllior i iiniilinii; il tin' mii- 
 ililioil »a- mil liillillt'ii llii' a'jTi'i'inoiit- rniilil In' ii'-iiiii|i'i| aiil lln' 
 -<'V«'ral rninpaiiir- loiiliniii' t'l ''i liil-inr-- 
 
 'I'luMi' \\a- a lintliiM ailvaiiiaL:i' in ailnpiinj: llii- imidi', in llial il 
 inalili'il till' rniiipanv ni rnniji. mil's tn avnid I lio ilaiiui'i' aii-ini; rroiii 
 ill-' ]iinvi-inn- nl -I'l I HH in l.nniii nl i|i--iMi'ii'iil iiii'inln'i-. tnr tlial 
 -.'•tinii Ini- mil mil niunmnU ln'rn ii-cil liv ili-scii(ii'iits im- iilark- 
 'iiailiiiir Jiili poM'.s. .\nil the in-l- nl an ailiillalinn ari. in -ntii'' 
 ia-<'i capalili' nl lii>iii<:' run up tn a vitv lan'i' siini In mm r:i-r 
 ilii'\ aiM'iiinloil tn KliMHl/ , (H tlKMcaliiiiit- 
 
 .\ .«al«- InlloWl'ij il\ liipliillinll i- Illiill'nM'l . Illlnil il'-- lll^l'iv I" 
 
 |iio|iiilr<' a !jniiiL' iniiiciii llian a lii|'iiilai Inn tnllnui'.l liv ii -:iti' 
 
 I'lcii «a- aiiipli' 'iiitlinritv Im inloplinL; llii- ninili) .il ii' nn-im. 
 linn (11 u:aiil;;aiuatinii Tliu-. in ' tiltmi \ . I If I injii'iiiil tiii'l I- n/rn/n 
 
U'»4 
 
 l!K<<>N»THC«TION. 
 
 ClIM'. XXII. 
 
 Ml 
 
 W 
 
 I 
 
 vl' ^ 
 i 
 
 111. /;, 
 
 Ailitii/t unit liiiistniriil I mpuralioH. (lN'.i2i A I li Ijt, wla-io Mii li 
 *k iiio.li. Mil, a>lii|ii«l. Cliillv, li. •! • 0''""> •'■'• >flii-"il I'll iiiiuiiilioii 
 1(1 M-.|iaiii ili«' ioiii|KiM\ Iniiii ii'liiia; iiii tlu' airn-uiiii'iil Im >uli> !■■ 
 lilt' iii'« coiiiiiaiix . Iiolilliiir llial till' iiL'iroini'iil. Iiiuilo tt-» it "a> uiiilii 
 ilii> jMiwoi coiiluiiitil ill till' I iiiii|)aiiv''i iiieiiiiii'iiiiiliiiii <>t h-mh iittinn 
 ua« valiil. n<>t»illi^!iiiiiliii^' lliiit il »a» niuilo iti i'()iit<>iii|iliili<>ii m 
 
 I voluiilai\ \\iii<liii:.'-ii|i ami <li-li ilaitioii, iiihl (luit the r Iiiiniii I'. 
 
 viiliiiiliiix «iiHliM«-ii|i ami ili-ti il'Uliuii in "jici io «as pa-M'.l liiiitl\ 
 alu'i liic ii'^njiiiiun lalilviii'j llir a(,'l('i'iiu'iit. Hi- i.oi(l-lil|i iIkI ii"| 
 iU'ci(l«i that tlu« |>io|)(i-M'<l ilislriliutiiiii of llio •! .ui'- uaH valiil. \>w 
 iln'K' lii'iii^- power in llii' ailiilt'H U) <li-niliiili' ill spi'iic, a iliiln- 
 liiiiinii 111 ('\ci( isc of tin' jiowor wa- Ircaloil a-, liilluwiiii; iii lln 
 iialiiial H'i|iM'ii(0 iif »'\oiil«. S(i. 1(111. ill AVc' Xi'iiliiinl, <tc f" v 
 
 Piarnil,. ilS'Mi I <j> li. iiJ2. llio valiilitv nf .sin li a .si li tiiii 
 
 iiiid i|ii('>iiiiii. and \v.i- IiiIIn ici 'i^iii/cd In ;lic i (hiii id .\|i|i(',i! 
 Ill lli.il iixm' (lie i(>iii|>anv. uinU'r a (hiuit in \'~ iiiciiiiiiaiiiliiin 
 ii^TPfKi HI M'jl its nndi'iiakiiii: and :i call i<i U> made In li^ diiccinif. 
 to a new ('niiipanv .ind tlii' >mIi' was niailc in (•(inlciiiiilatiiiii nf .1 
 Vdliiiilur.v \viii(llliir-U|i and di-lrilmlion. Tliu cull was made, ainl 
 ufturward.'^ tlifl rosolulion U)v voluntary \vlmlin<;-ii|i was pas.sed In 
 tho action tlio lii|Uitiator »«iiij.'lil to onforcc |iayiin'iit of tlic call. iiKi 
 it wa.s olijc(t<'d (hut the ojill \va.s mad«* for thi) imrpo-sos of an ultro 
 cirvs mIk'iiic. and was ihorofuro invalid; Imt tho ("ouit of Ap|(«ivl 
 l.indlcy, A. h. Smith, and IJavcy. L..I.I.1 hold that tho .-cliciuo wiu- 
 not ullia vircn, uud lliorofuiv that the call \va.s not invalid. And 
 ihi'.so decisions wero foUowwi in several other roportt'd cases, and 
 vseio laiyt'iv acU'd on. So, too. in (iraiil v. lUiitiil Sirilrl.hinl: ' u 
 HI C IJ. Ki.i. M \V. H. .'Il.l, nlieio tlier(> was an a'.TPeincnt for sal( 
 
 of the coiiijiaii\ 's undorlnkiny lor u power in its niciiioiandiiiii 
 
 it wa.- held v.ili.l. Lindle\. L. 1.. said. It w.is cleail.v not iillii^ 
 I'di" the (Oiii(iaiiS, foi wht'li we hnik at the ineiiioiaiidiiiii ol asM, 
 ciatioii wo fiicl (miwoi ■ wide as clearly lo include .sik h .i ii.iiis 
 aetion as Ihi.-. 
 
 In .1 comparaMveU rci-iil case, howevor ( />(>i/oo(/ v. Uetuiernon'n 
 (((' ( il. I'.lOHi 1 I'll. 7(.!, Iielow i> ferred lo as tho Hixiinoii niif)..i 
 .-(•lieiiie ol iccon^ii 11. iioii 111 its iiiaiii icatuie- closely lospinblinyr tlini 
 iuli.|iieil ill ' (///<»// X . I In- hiiiiriuil. <l c t'urii.. ^'tjird, was held hy tin 
 (oiiii of Vppi'al to lie iillrii /'iccv on tic ■.■•roiitiil or prill iple liial 
 -..(■1 llU of tlic Act ol ISIiJ. 11. n r.. laied I i sisl . I '.)J of tiio Ael ol 
 l!ti>H. hv iiii|.|icalioii pi(iliiliil.~ 11 iiinipaiiy Ir. m -elliii;; its iiiiderlakinfr 
 fill .>iiare^ un.lera power in its iiieiiiorai Iniii iioie the Nile is made 
 at a time when a \..liiiitai\ windine:-iip and di-triliiition of tho aharet* 
 1, •pi,,j..w.,! !:, ;,:!.:■ w.uiN Ilic 1 d!i:!\ v.f.w w:i^ that 'If the 
 
 (■om]»anv Is propo-c I lo l.c wound up. and the Iraiisaotioii is u sale 
 .iiid lii^-oliilion, III n . . . llie stalulo provides thai salo l>y (nii- 
 \,, r-inn into inoiiev may in' n'place I hy ovelian;j;e for sliaros on the 
 ieiiiis. hut oiilij Ujioii iho terms, of complying; with the provisions of 
 
 Mim 
 
INIKol riTiiKY Ntil F>. 
 „^,, I |i;| .iiiil .!• u ' >>i'H."i \ :l" t iiiHi lii'lil ili.U ' n/<.i// \ I ^iftiiuil 
 
 S<'iiini> iImiiIpI- liiivvivor, o\i>t ulipilicr llii> •^'niiiiul or I'ritu ipli- of 
 ill. ili'cl.-ii.ii in till' l'.i<'iiniil (vwc iliiik'In. iIiiiI tli>' -.•. iuii U to Ih> 
 ii-i.itcil !i- iiiiplv ill.; -II' li .1 |iroliiloiioii is -iounil. iiltlioii'.'-h il iiiay 
 Ix' lliiit llic iii'tiliil .Ipri.-ioii. lockiiij.' to (!»«> -ihm 1 1| i'.miiih'^ oC iIh- < im', 
 w.i- coiTcrt. 
 
 Til" rollowiiiLT ill'" ""liK- of 'III' |>iili. i|i:il o(,|ci.tioii~ will, h li.iv ■ " 
 Ui'ti lai-ivl III tli«> ron«lril<lioii lliii- |it4iuMl In llic Coiirt mi sfil Itll . 
 n! I In' ('olll|i:lllil>'- Act, I Hi. J 
 
 111 the llr-t |il;i- ■ il ,- ol'ji'cl<''l tli.ii lliiTc i- no -iilli( ii'iil it-.i-oii 
 for iiii|'h ill'.; tJK' |iriiliiliitioii Tln' '<•( u 'ii i- .illii iii.ilivc in it-* inrnit, 
 iii'l (Il I'luililo- u li'iUKi.iior hIio, III .1 voliiiit.irv \viiiiliiiu'-ii|>. is 
 
 -I'lliiiLr tilt' iiiiili'itiikiiit: III r<'<'<'iv<' sIkiki* in .uiollici <oiii|iiiiiv i mi- 
 
 i"iisjiiioii if 111' is uulliiiii/iMJ so to ilo liy sjK'ii.il ro^i'liiiinn ami il iil-o 
 2> cii.il'l. > tin- ioiii|.iiii\ 111 uivc li I ailllioiily to llu> li.|ili.|:il'ir iiy 
 
 -,.1. i 111 II' iiliri 11 |M-.-i' ! ill ill !i!-i' oi' il|i. i\iM'|iii'_'-!i]. ..1 iiiT..- 
 
 is'.liMiiK tlii'icto Hill llii'ii' i- II. nil I ii',^- ill ilii' xM'iioii or cl-i'vvlii'fo 
 ill ilic Art lo iiiilii'uli' an iiit.<Miiioii -ni lli«' t-n' "' I'k' l''i;isliiliiri< l'» 
 jiiirliiil or lU'roLMU' Ir.mi llic i"ov. i of :i r'iiii|iain to -t'll imltT it^ 
 
 llHMlOIMIllllllll of .l-Si.l i.llii'll pri' ' t'> till' I'lll >II<'«'IIIIMll of till- 
 
 »in<lin'_'-ii|i 
 
 III ifiulinir this imiiliod |iroliil.itioii into sect ti'.l. Hio Court iii.iv 
 liavo loiicciM'il till' iiiijilicilioii jii-lilli''l l.v iIh' vmII-Uiiowii riilo ..f 
 ( oii.stiuilioii r<MO'_'^iii,oi| iti< iKitiiiiiTs V \l,iii'l,:slri- iiHil MillnrJ Hiiil- 
 "•nif I 'i I! .t S .■)SHi, lliirnaro- Wriiln, ': v. Itfer he <'<• i I" V|'|> 
 I '.i.s .'[."lO 1 1111,1 oilier ciix's, lli^ii ulior*' the l("_'i latiiro irivf- a ('oiii|iuny 
 ,.\|,i(-v powiT williiii it>rt.iiii liiiiils lo .lo !i 'in'iill"il lliiii'_'. il is to In' 
 l.ilii'ii i>n'iiiii farif lo iiiii>lio.llv ir.iliiliii ,ih\ .icvi.iiioii fi.na tlio [loucr 
 s.i 'iiM'ii Hill a|i|il\ ill'..: tliiil mil' lo soil liil, il iiiav I"' iii.iiiMni oi:l 
 
 liial llu' lllic IIK'll'K '.;Ot'» I" |il' lllllil llli' '/./K/./.l/o/ ol 1 olll|'.l: Il nil 
 
 M'iliiiir for slums olli<'r«i-»' lli.iii uiulor llio -orlioii. aii'l I'p (irohiKil 
 tlio iniiipaiiy (mill <iittliiiri:iiiii ils l.i.i'nil,il"f. "f |ir.i|iii-i'ii li'|iii'lalor. 
 lo sell for sliiiri'S ill aimllior roiii|iaii\ i'\<«ipt llii iri )m' -I'clioii. Till' 
 into laniiol Ih- wtc-U'I Io iiiil.iil tin' imwi'i-- of ilio ioiii|i.iny uliilsl 
 .1 ■liiill'l inilrfl'l . 
 
 Ill arri\iiiir at tin' iiiiplii alioii in i|iii'^ii'iii iln' r-ini .-iimii>, lo , 'n 
 \\.i\v ovj'rlookjMl sorts. l.U ami IJI-! of tlio .\it of IHil'i i ro|i|.ic'('(l liv 
 -c'l.s. 181 ami Hi'i of till' \v\ of I'Jll.Si, whiili lino an iiii|i"i i.ni' 
 iKariiiir on tin- i "iislriu'lion of soci . jill f ly2j. Imi.Ict seel 111, 
 lliciT was an <'\iii'<"s.-. iii-ovi-imi lii i! in a voliiiilarv \vimliii'_^-iip llio 
 oiiipaiiv's <'orporiilo sUil.' aii'l all iis rorpoiatc po«or- shall loniiniic 
 until tilt' allaiis of tlio ('onipanv aro woiiiul up ; ami uiuli r 
 
 .-oil l;!.'i I .■> 1. tlio-o corporalc p"V.«'is \mi, io I Miriscalilo l.\ ili.' 
 
 ijilt'i tors, witli tlio saiirliiiii of a ;;iiioral nicitiil^ or of llio liipiiilaiois. 
 ^o llial 'ilioii- a i'oiiip.in\ lias p.'U.'r iiii.lt'r il.s iiiciii." 'iriiiiii lo -oil 
 lis uiuk'itakiiifi: for slmn s in aiiotlioi '■oiiipanx. llial l.iiiii: uni- of ils 
 
 I «.'..'. 
 
 piiii 
 
 A 
 
** 
 
 w 
 
 m. 
 
 
 14''>t> 
 
 RKrt>NM'Ktl'lIuN. 
 
 Vhw. XMI 
 
 (ur|iiiriilt' |><)Wfl>. utii Imj u\oici»«mI lit liif rnuriHj oi ,i voluiilurx 
 \viii<liiiir-u|i, with tli<> Miiii'iidii ul tint ('<>iii|iiiii> ill ^uuvriil lutv liu;. 
 
 Ill' nt til*' !i<|llill<ltnl'^ AikI niIi'Ii II HnV' uiiIlM lint In* ft'lllTtsI III hm\ 
 
 uin \t\ I'd liil^l'.l;^ ll i-> till iill>'iiiali\i' or cuiiiiil.itiv)' jiiiwur, uikI 
 till- I I' I ilml it i^ ri'^i'ivi''! i» iinoii'i-U'iil xii:li tin' vii'U uI \\\f i .m 
 III A|i|ir.il tluit till' A< I i>M|itii>'l|N jiiiiliiliit- ill \\iiiiliiii{-ii|i I M\\vi Imi 
 .■.lian'* iilJiiTwi.-i' lliiiii nil lul- -••( i IM 
 
 ILiil till' li",:i'-liiliii<' ~i' iiiit'iMliil. it uiiiilil li.ivii Ihi'ii i'<v<\ lur it i< 
 iliM'ii ill -I'll I'll ii'iM I!"- uiiiil- 1" 'In' illi'i I ili.ii A'f-ii, 
 illlilcl 111 Willi I M'lm' 111 llii- -Cili.iii. nil ■.alt- ul till' i'ii||i|iain ^ 
 iiiiili'il.ikiiiu; -li.ill !■ iii.nlc I'll- ^li.iio III .iIIh T iiilcii'-U in .iii\ iifln'i 
 I >iiii|>;iii\ nlii'ii' .1 Viiliniliiv '.> iiiiiii'^ -ii|i .ml ili.->ti'ili,iii<.ii ul -\\r.\ 
 hliiili"- i' |iiii|"i-<<l Sii' -I'll 1,1 I I > .1) tin' V --iii.iiii'i' ' >>iii|i.uiir 
 
 Alt. I'JiiK. 
 
 I Mil till' -I'l 1 mil iiii|ui-('-^ III). -Ill li ii'-ti ii I ill II it 111 1-01 \i'- .1 oii^iiili 111 
 «ilriiii' III! llii- |)ciiiil, iiiiil wli.ii uill- mil :i liitli' ••> iln' I'ni.i' •■! i ii- 
 
 ■ : I 111 I'll 1 i- till! II .ipiu'ai - liuiii llif I olili'M Ilml « hi'ii' , hi' li'Lji-l.iiiii' 
 ili-iic I 111 iir<uliilali' lriiiii,ii liiiii^ I'liti'ii'ij iiiln in . iiiiii'iii|il,ilii'ii 
 
 u iii'liiii;-ii|i il iliij Ml Ii\ i'\|irf— |irii\iiiiiii. <■ i/ in «i'rl hi! 2lii 
 v\lii'H', liv :i|>l \Miiil-. ii'itiiii ' i;iii-;ii timi- in • ii|ilriii|iliil imi "i 
 » il|i|ill'^-ll|l Hill' III .^liiLlIrl 
 
 \liiii'ii\<'i . til inijilx ill -I'll hil \\>2 'I' iii.iliiliiMii ii'ln-il mi li 
 till' I unit lit \|i|M'iil I- 111 ili-ii'Liiiil :ln' |<i lii> i|>li' ii'riiL:iii'>'<l iiinl I'lii 
 |ili.|Ni/i"l li\ lln' lliHi-i' 'it I. nil- in S.ihiniiiii \ . Sfthiiiiiii it < II .' IM!I7 
 A (' '11 III tliat r,iM' til)' I'liiiil 111 \|i|ii'.il liiiij ii'iiil iiilo till' Aci 
 ul l.siil.' pun i-iii|i« ami luiiiliMnn- imi (•\|in'~-i'i| in i!. Inil tin' llmiir 
 ui Lull!- ii'MT-i'il ilii' i|'" 1-11)11. liiiMiii;^- iliat llii'ii' «,i- n.illiiii^ tu 
 |ii~iil\ tin' iiiiplna'iiiii. lliii tin' A'l ol jsiii' w.i. tu lir i.iUi'ti a- il 
 -tiiii'l. an I ill. I' it wiu- nni Im the luiiii in -iippli'ini'iil ii liv jiiiplii'il 
 |ii'iiliil>itiiiii- anil > "IhIii imi- Si'i' ■•iiiiiii. \< '.i IJ 
 
 A- a iiiatli'i' of jtlilji iai aiilliui il i . I<i0. apart t'lplii luii-ti ii liiiii 
 till' pviih ipli' ol iIm' liisiiiMtil at.li' i- iinun-iitoiil with tho (Iimi-iuii ul 
 tli« (unit ol' .VpiM'al in A'l'ic Zftihiml. ilc l''i. v. I'caritvk. ilH'.il 
 I (,(. II mi. aliuvi' ii'li'i ii'il tu I p. Il.'it. ..xiifiiin. iinl \\i.\\ .an l|i 
 ('unit of Ap|MMl in I'.loT anoj^utc lu it-i>ll puvM'r lu hvimhiIi' a lii'ci- 
 ^ioii ol till' ('unit ol .\ppi'iil ill IX'.Mr 
 
 Km'Ii a--iiiiiinir tli«» i|i' i-ioiis in roll,,,! \, /'/ii- Iwpi'riiil. il . < •■ 
 ami in .\c"' Xial'iinl. <( i Cn \ l\-i,i,il. in huM- JKipn wiuiil"' ''im 
 vM'l.' lit' -11 liiii'^' -lanilin:: .iml li.il In' 'ii ,i in I mi in -in ii liiiiti|ri>i|- >■ 
 
 ■ .1-1'- .iiiii liv -.1 iii;.ii\ I hull-, Hill- 111 pi'iipli'. tlii'V -liiiiiiil mil li.m 
 U'lii ili-lniln'i| till' piiniipli' -MIC ,liri...,s iilua\> i- Ini mi iiv on 
 ('uiiiti I annul U- lii'pai'lt'il I'liiiii without iiii-ii hicvous i'oii.>ieipn'iiro- 
 
 Tii<- (unit ol ApjM'al u.i- c'siii, \i\\\ llliiioi .1 liii-a|ipli'huli>ioii, lu 
 us 1. 1 lilt' ihvi.-ion in Cotlnii. v. 7V/c I iiijierhil. id ( u . fin il icpu 
 .-♦■111- Cliitly. .1.. to lia\«' ihviilt'il in that la-i-. that nn.li'r • laii-r 
 111 till' iiii'iiiui aminiil ol' a.— oi'ialioii thn cuiupaiu ini:^lr -I'll il- wlmlr 
 iiinU'itakin;.' ami m;t;lil niuh'r h.' .iiitliuiilv ut .i|M.'tial ii'-" 
 
INrifold rlulM M>|| 
 
 I ».ir 
 
 liili'ill^ ili\i<U' IIk' |iIii<is-'U lit -.ill' iiiioii';-! rill' iiii"mI>i'I'- tvilh'iil lli<- 
 «,ili't{iiat<l jiliiviilcil \'\ -••' I I'l wliiii'i- III mull ill lliiii till' 
 
 lililtrt' <l<'' iiltil u.k-> ihiit till' -alt' nil li'i till' Mil iii'iiaii'liiiii III) >liitli'> 
 u:l^ Vlllill 
 
 N'lir. it lllilN Ik- |><>IIiIii1 "III. ijii llli- ili'i 1-I1III-' It'lli"! nil li\ till' * .mil 
 I V|>|K':ll ill llil' /i'mi/ikh/ I'IKf Jll-Illv lllf 1 iiii-IM|il|i'll |illin'il li\ 
 ;lu( (' nut oil "I'll llil 'riiiii, I'l i.iki' llii'iii III "iili'i. H'lllifii V. 
 N,(Mi / //. I I Ml" A t ' -'■>'.'. '11 v 111' li till' ( 'llil pi 1" I L'K'.ii H'Ii.hhi'. 
 hIh'Ii i'^ iinilicil li.i.- I'l ii'aliU in. apiili' al i"ii I' iim'Ii'Ix ilr. iiIi''I llial 
 wln'if III! All III lKi;j i'\[Hi'-.-,lx HI iiii|ilii''l'\ |iiiiliil'il^ a lliiii.^. -i|. Ii 
 a-. •." i.s«iu' ul fcliarcs al ii iliTtmiil . lln' ll;in,; i> iillm init Im all 
 |iiii| ">, anil I'liiiiHii l«' iri'iilcil ■ •■ii.!t«ir .ni llio iiu'iiiiM'is iiiln 
 ,' ill »iiiiliii;;-il|>, «'\<'ii .illi't ' •• ': '.a\i' l.i'.'ii |iaiii I'.l 
 
 rill' .li'ia>ii.M. llicKl-iif. ij.H'- II. il Ii ■ . .\\ lliat t ■iltnii \ 
 
 llm Imiii-ritil. il'r (ini'itnilHiii «a» _h ■'.■ '"I "i jn^iii* lli>' 
 
 iplii .i! ii.ii III '<!«' I'\ iIk' ('..ml .•! * i 
 
 S.i Inn, I'litji! Hull M'tu.-. . 1'^'... ; . ... lui iil> -li">\- llial 
 
 .1 . Ill II pan \ I a mil It l'\ am pin\ i^imi m il^ ai ' !• In^ I'pi i\ i' il- iii.'iiilii'H 
 ..i ill!' lijillt to iN'tilniii !.il a u iiiiliiiy-iip "I llir ■"iiipiliv. ami l,'i: 
 llil iiitl-litiiiht nil, I >liiiiinii'ilt,ii Siiiiiliiii'i. I>'r.i _' III so, ami 
 I'niiW V, t'liil: I'll. llHiiii 1 I'll Mm. i.i.'i.|\ .1" i.ji'l ili,ii wlu'ii' 
 pini i'«'i|iiij,;- all' l.ik.'ii ilii'U'i -I" 1 I'll ili.' ulmlr iii.i' liiii'i \ nl llii' 
 ^'•rlnii iiiii-l Itavi- I'lir.i. .111.1 llii'i.'i'iii' .li--i'ii: 1. iil^ .,iiiii'.' I.' iji-- 
 |.i ivi'l nl ' ^< 11 1 1. Ill - iimli'i ;li.' -I" lint' I'X mill'' •■: i • l.ni pi i In- 
 ,i'.li.l(.- ', iicv IriM- II" l"-,iiiiiL' mi ,1 .1-1' ul'.i.' 'Ill' -il'' I I., illy 
 .allinii nil' l.\ a ^;'nili- inlllp.lhv llliiUl ,l p'.ui'i III II- llU'lll"! a !!■ lll.ll 
 
 TaLi'h t".',i'llM'r. till' .ili"\.' nl.ji'. I'nii- I'l ill.' I'li.i ipli' "II vvl'l.ll 
 I he lii^i/ii.iJ (•<(.«(• u,; ■ -11'' i.l".l . .'ii-liliilc i: fiiii-t i..' i.liiii;'.' I. a 
 -♦■liiiin iiii|K'ailiiin I 111 ilia! piiiiipl'' Tin' ( "ml. in iw ■■..|i. iln.lr 
 • picM'iil wlial il III- I iiii'piilnii.'* I'a-i- .ii i.' .ni-iiii. liiii l.ii 
 
 ,-, la-i',-. ill whi' Il pi 'pli' v,i'U'. ill I'lli'' 1 , nlili ji'.l i.. .'!.■. i w lirth.-i tli.'\ 
 vx .iiM laki' pallK pail -Imvi'. nv lia\i> ili"ii: -..!.| .M pmii.ii.- ,i l.'vv 
 
 j'lll'C -<'t'lll.- I'.l ll.'V.' ■■Ili!l<..| H . ..Il-ll II' ll.ill nl ill!' .\''. .'Mi'l 
 
 l.i'iaiix' ailiilt'- Miiuciiiiii imp.. 1 irilair ...ii.liM.'ii* nii lii-.'tiii.'iil 
 -liaiolmliloi-, to Imm' \''i'n| llir jM.ni'i ill'.'ji'ilii-i Tlii- i- lli.- iii. n 
 In 1.1' ii"^ri'tli'.l, li«'iaii-i llii' lie i-i.m iiiiylil li im' Imi'ii piil nn . lu'i 
 ijiniiiiil-, It<" oiL^trui liuii -. liiMiii- nil till- liiii.- in mli'. t -,iii. in'in'il 
 i|. '../'../' ', The hniiiiKil it'. I'm- jiDtiiliiiii li.iM' li.i! at .ill li"i'ii 
 i"lllill<>il In illiipiitnll' 1,1.-1'- I, .'I' Ililllll.i'l- .'I lllt'lll iuni' I'i'i II n! 
 
 a j.iili'ctjy lair iinij luinii ihir .iiaia.O'i. ,iii<l liavr l.i'i'ii . mi. ''I 
 liii'.ii'^li wiili I'Miii" -II'. I-- .\ii.| il :'m' ili--i'iiii'.'iii -li.iii'lml.li'i- 
 li'll nr Ian. i."l liiniu-cKi'- mijii-llx in'.iK'.l lliiv ...iilil iil«a>- iip|il\ 
 I.. i!,,i I ■Mil!! ..,,!.... 1 1,, M ii,;. .,!.,.,.,.. ,,j ... ..,.-!,,.. ...... .1- :■. 1. .1 il..'^ 
 
 iliil III -cu'iiil 1.1-1'- Miiiiiu'i.s \ ^1 l>,ir,,l < Ii d i MiiKS. I I'.llH 
 ■2 t II. .VI.!; lliMr-oil \ V;/. Viillnt In . . r mi I ( U 717, Hiinf<'ll- 
 r,„iiis \ Ttiu- IUhi' i.nlil Mill.-, ixw - < li liHi :'iil!.i\ Whl, 
 
 h 
 
1458 
 
 HKC«)N8TRUCriON. [ClIAl'. XXII. 
 
 miif- 
 
 VnOiminnry 
 
 iirrtfiiiont fur 
 the purpoKP. 
 
 
 
 < "inpaiiy 
 tuny U II 
 
 rn«|Hft- 
 
 Fivilln-i Hewant. (l".Mt.">) 1 Cli H^.'JI, somcfiraos succetsfnlly. 
 tinicH not. 
 
 It is to l>e hoped. tlnuPtoii-. liiut the priiuipli' of lli«t Hij'<i>>n,l 
 iltMisioii \\A\ bot'tiiv Ion;; liu lo-i oiisidcicd l.y a liij.:her tribiiiiul. 
 
 Siiimtiiiio.-i a .similar iruiifiinliori i-* turrifd Uiroush I'v iimkiii;: . 
 
 picliiiiiiiarv a^fifoiiicnt lulitlod hy all, or iiuarlv nil, t!ii' m '"i- 
 
 picvidiii!.' Iinw thoii- fhan'n in tin- iww i-onipaiiy shall he di<triliulfd 
 Sco Form "Hit, infra, p. ll.T The mi'if fait that a IVw <•! tlic 
 shar«'holdois rofum" to si^fu or raiil\ the agieomeiit iiotMl not malcii- 
 ally liaiii|MM' the olhor.-*. 
 
 A.-* to si'lliii^r awiiU' hah" on n'riiiu^tnicliuii, whore thi' licpii.l.il.i i- 
 lur^olv iiitoroslod in the pnMlm>i'r f>\, >i'(' Silksloiu- and lliiii/lt .!/'"■/ 
 r- . V. /-.'i/c//, (I'.Hitii 1 ell ItiT. .1111 III. p. 1 Kill. 
 
 .\s to moaning; of i)ii>vi-ii l"i' k'-i-mIiv in a li-ase <>t\ .i innip.nn 
 "onK-rin^r into liipiidation, ' .m""' Itoi-^eij Eslnlc. Liimlrii v. >lri>iri . 
 ilS'.t.S. :; I) I! 2.'>'.l; ilH'.t'.ii - ') H "'••: apiuovcd hy the Hoii.-i' il 
 I.ord-i in h'ri/erx. I'.iiwit. i ('"•-'i \ •' IH'; an.l M(W/<o(/»»c (ii'in- 
 Urujiviii < „.. r, ch 1) :>IH 
 
 A provi.so in a Iciim' for i.'-i'iiir\. il llio lc->i'('« luini; a iotii| \ 
 
 .shoiilil rnKT inl'i iii|Mi<l itiuii liili.r . onipiilsorv or xoliinlary. appln- 
 to the 1 .i.>i' of a •••olM'nl loinpain :.;nin._' into vohintary lii|iiid.ilion I'H 
 the pnipn.sr of ic. Dn-lrni tioii or inialy.itnation only, and i-* a '"u- 
 diliiin (•<! foifriliiri' on iIh' hanl<ni|il< \ .if the lo-isci- ' wiiliiii ili" 
 ConvcvanriiiL'- and Law of I'lop.riy Ail. 18H1. f It. -nl.- •. 
 (/•V,v<r \. Kiaiil. . I'JO-.'i A «' I-*:.! 
 
 .V lindtcd (iir'ip.iny uut\ !"• .i n-p'"lahk' and io~p.in>iMi' )"i- 
 .son " williin the incaiiiny of t ..imoi.uiI hy a Ii'^im' noi it> as«ii;ii 
 wilhtmt the lonM-nt of ihi- li'~-io -ir li • .01^101! noi In Im' uiiIiImM hi 
 the ra.sc of .1 rcspoclahlc .ml i '-ii'ii -il'lr person ' i Willi, mfl \ 
 l.imiluii ll'Ki'i Cor >'n . ( I'.tlO I J I II .•.2.") 
 
 Jitt 
 
 LI 
 
KOKMS. 
 
 14.V.» 
 
 .»Ri:( i:i)ivvrs. 
 
 Ai.uKKMi lii'iuiM'ii l,iyii> .ii < )i i( ( ov ami Niw t'li^ v(lili a vi<'\\ Form 771 
 
 to till' IfKiiiNsiEtM lli)\ 111' iln> ( l| 11 ( in Aifniiiii lit 
 
 i*it!t a vit'w t'l 
 
 • t II I • t ■ A #. rii'im-trut • 
 
 .\\ AcltKlMl liiailc llic ilav 111 iM'twiTii ilii' \. ( ov, ,„,„ 
 
 l.iiiiiil iliiilti (.iIIimI till' dill iiiyi. ami iiii<l . llii' lijis llmf, |'urli,T,. 
 
 I'l' till' •■!i<' |iail, ami llif A. Cuv, l.itiilil liiilli iiIIimI iIic new iii\ i. 
 I'l' llic iiIIk'i |iait 
 
 W ilKl<K\s llic iilil iiiv \\a> iii(iir|iiuMici| in tin' mmi mmiIi'I iIic Itiiiiul- 
 
 ('.- Art>, ISi;:.' I.I . «ilh a liniiiiiial .a|iilal n( .MLIHIO/ . ijiviili'il 
 
 iriiii jd.ddii .-liaii - !•( '•/ ca.li: Ami v\ iii.iii;\-. tin" wlmli' nf Ilii- mI 
 >tiair> li.Mf lii'i II i-~m' I. ami llii' »iiiii ul' .1/ piT sliair >laihl> . iiijilcil 
 III the liii.ik,-. of llic olil riiv a> li.ivriu' l.ccii jmI up llicicoii: And 
 uiii HI As l.\ .spirial n-iiliiliiiii of iIm' oM i.i\ jia-.-cl ami ninlii mcil al 
 rMiaonliiiiii \ -cmial imcliiiL'.- lli"l. licM ic-|i|\ llic ila\ •>! 
 
 ili'l t!" i|.i\ nf .11 Ha- ii'-..Uc.l 1 Tli.i' ii »a- ili-iiaMc 
 
 M) ic((iii~!ii|. I tl I.I . uy. ami .1. r.inlin.j |\ tli.il llic olil > ..\ -liuiiM In- 
 
 vMiiimi il|i v.ijiiiilaiiix . mil llial llic >aiil ami >l|i'iilil lie aii<l 
 
 llicy wcic llii'icliy a|i|iiiiii;c.| li.|i- f..r ilic |iiii|i..-i- ol su, h w iniliii'^- 
 ii|i. (-1 Tlia! llic .-I li.||s slioiml lie ami (licy \m.|i> iIh.cIv .iiilli..- 
 I izcil 1(1 I i.li-clll t.i llic icji-lr.ilioii ipf a new 1 ii\ I., lie 11. line. I riie 
 l'"\. I.liilld willi iiiciiiiliiiK an. I all.- ..f a--iiii ,1- llieiciii iin'iil.l. .111. 1 
 i '■'< I Tlial llic iliafi aeiceiiil in ill' -l jCMi|nli..n iclci icij |.i I.. 1114 the 
 iliafi of llle^c I HI -en's 1 >|i.iuli| lie ami llic -ainc v\a« llicieliv a|.)i|.nci|. 
 .iml ilia! (lie m| Ii.|1- sIkhiM I.c an. I llic\ w.ic ll,eicl,\ aiitleii i/d. 
 |.iii.-iiaiil 1.1,-e.l, l:i_' i.f ihe ( '..- r.iii-..|i.|,ili..ii ' A.!. I'ms. i,, l.|,;,.|■ 
 nilo an .i:jieeiill V, itli ,-ii, ji lieu I .y w lien in. ..1 1 .i-.ile. I 1 m ilie 1 111- 
 of llic m1 iliafi ami !.. .aii\ the ^,iiii.. int.. ellcrl. \\i. winiii \.. 
 I'lii.-iiaiil In tlie rc-.i|iiic>ii af-.l, llie new my lias -im.' I'li.n m ..| 
 |..'ialc(l miller ilic ('■- 1 '..n-.ili.li' i..ii . A.!, I'.m.s, wiili a ii..iiiiii.;l 
 I i|'il.ll ol .■ill.liiMi^ , .ini|,.,l int.. lo.iiMii -ji.,!!.- Ill ;,/ la !i A\l) 
 w III III \s l.y tile al l.s lit ,i--..ii of I In- mw . .iv . ii 1- |i|..\ j.le.j ijial I he 
 s.linc 1 oy shall fi.nliu.ih eir.T ml.. |||.- l^leemt ihelell. I- lelle.l •.;. 
 Iiciii;,' llicsi- iHescnls Nov\ 11 |s iiii\ \. 111 1 11 a- lolhiw- 
 
 I The i|.| i..\ an I i's li.|i -hall tiaii-l":, an. I the new ..i\ .-h.!! 
 like (ivci , all aii'l .siii_"il II ilie l.iml .. |.||i|(|ii|._ . , ..n. i..--i..n pa 'cuts 
 ;.'o.m|h, i|iall4-|s, nn nil'-, .1 hi.-, hill-, i.o'i'-. ,111 :liiii-- in 
 
 r liull of llie 1,1, 1 ,.,\. .;n.| ihe II l|.|ei l ak i ll'_'. hilsil.i--. .ii|.| ..'. ilsilij 
 
 \l.-l I' 
 
 I 1 On.. I. I 
 
 s; . 
 
tfli 
 
 14tiO 
 Form 771 
 
 Nrw 0(tmp;itn 
 !■■ )i;iv llcbtl-, 
 
 \<-. (,V (-1(1 
 company. 
 
 RH'ONSTKUCnON. [('llAI'. XXII. 
 
 Ihiil' wiili till' lull hciii'lil 111' all ■ niilr;!'!^ aiicl ;ii;iiM'iiits. ami cil nil 
 MM iiiilii' in ic-|ii'( 1 111 tlii' sil iliiii'j-> in iH limi. In «liii h tin- f)li| ens i- 
 ciilM. iiikI :i!I nihiM till' li'iil ami |ii'i>.iiial |i|>ty ot' liii' old ciiv wliaNn 
 ('MM ami \\ lii'ii'>iii'v<'i ; -iili ji'i I ih'M'I llioli'^s as In all the h<1 prt'llliM- i' 
 ihi' M'M'ial riini ii;a;ji'«. i liamc". lii'ii". ami imiiinliiamc' alVccliiiij lli 
 naiiH' III ai \ |il llml' 
 
 A* til wllllt i-iiiinMi-t-' :lli- .K-iiriial'If. "I'l- tl'ti'klin"' V- I'njnlJntt, 2 L'll . t»7 
 
 /;,,/,../ ;;,•.,, (•„. X. /,-,, .-, 1^. II. I). 11!!: r, •11,11, fi V. ^<».<,•lV/^v/ /•,,,•',„. 
 r, „„,//•,..( |<Mi:t \ r ill: A'. ,..,. \ //./.,>./;.,',. (liMXn '2 K. H lii'l. <' \ 
 
 ■; .A- a p. II I III ill ii-iiM l.ii- iln' sij iraii--lVr. ilic nou mv .~li,ill 
 
 iiinlcilaKr |in . »aii»r\, aiiij di^i-liaiu'i' all llii' ilclil.^, Iiiiliililii'>. .iihl 
 iililiijatiiiii,-. dl' iIh' c.'iI ihv « lial>ii('M'i , ami >liall ailiipi. |ii'i 1111111. iiihl 
 riillll all riiiilr.nl.^ aii'l riiL!ai:riiii'iiI- miw liiiidiii;; on ii. and ij|iall ai 
 all liiiii'.s kiN'|i ilir iilfi iii\. I!-. Ii.|is, and rDiiiiiliiiini iin. indi'iiiiiilliil 
 a;.'-aiii.--l mh !i di'lil~ lialiilil ii'-. iilili^-ali'iii^, ciiiiia. t,, and ciii; 1.1 - 
 im-nl.-. aii'l a::aiii^i all a'liiiii^. |i|ii. (M'diii;.'--*. ■ o^l,--. dariiayi'-'. > laiiii- 
 iml d<'iiiiml.~ ill n'-|ii'i t tlinl 
 
 \- !■! linV^itii.Tl, «ri' ^ .;■'"■ P- H47. 
 
 NfW ri»inp>in\ 
 I" \, ly <i -tHiif 
 wimiin^-'ip 
 iilil oiimp:iiir 
 
 Shjiri-' 111 iii'W 
 riiTn]Miiy to bt- 
 all. tl«l t.i 
 III- ml)t TH 'if 
 
 |>M i-li!IlpullV. 
 
 I l-lilll^ til IM 
 ^ III ill 
 
 .; .\.' a liiillii'i )il III llic . til-, 111 jiir ilic si\ liMii-^li'r. llic imu .f.\ 
 -lull pay. and at all tiim'-< lii'ii'allii l<('i>|) llic nl I -iv, it-i liip-i. ami 
 I iiiMi iliiinn ii'.~. imlciiiiiiticd a'j.iiii-i all tin rn-'^ ami i'\|ii'ti-i'- nf .ni.j 
 iiiiid"i!i III lilt- w imlinij-iiji III llu' old r<iv, and it ■iilViii-j itn' -•! 
 Uaii-lcr iiilii otifrl 
 
 I .\s the lo-idiii' III ill ii-nn In! llic .-.d Ir iii'l'cr. cm'I \ iiiciiilu'i nl 
 
 llic (lid rn\ .-hall. Ill H'-! ■ i ■ I I'a' Ii .-liiirc 'liciiin held liv him. In- cut Id 
 a.- 1)1' I in'lll. ii. I la ill 1 ,111 illn'mi'iil in liilii-<>lt nr li.i-^rll', .11- (1 iiis .If I MM 
 
 iiiiinco 111 iiniiiiiicc- III fine I / .-haii' in llic m'\\ , n\ , wiih 'li •inn > ' 
 I .IV I i.'.|itcd a - liavimr hcci, |id up iIimi. and lli" new 1 n\ -hill all' a 
 llic .-hate- -n rliinicl Tlic rciiiaiiiiii'.i ."i.i pci -hue -hall !■ n I :.- 
 tn 1,<. \\licn I'ic I'lami i- 111. i.h' and .i- In l.« mi allniiiioni. .nfl ,,, 1, 
 llic 1 1,1 1 I tc r u hcti . .ill. I 1 11 ; hill tin rail i- 'n c\.ccd I >• per 'ha I ' m 
 I-. Ill he 111 idi' p.n.ilili' In-- th.i'i ihicc iiiniilh- a l" 1 ■ I' the pin ■cdiiii; • .11 
 hci-aini' p i\.il|. 
 
 I A 'I; iiilici ciiiM ill iliiiM an all 'iii.iit a- at-d inn-' . laii.i lli- 
 .-.line within 'J I .1.1 \ - riniii \\\" .|.i!c h..t l.\ -ciidin-..- in In she ncv . .i\ 
 a riairii in \( i itii. ; loi .in alhiiiiicti! n| tin' -h.iic ', and -m h l.iiiii inn-' 
 1 1" .-Untied h\ ill'' nii'iiil. •• 111,1 kill"' llic -.line. .Ill 1 liiii ' lie a i paiii. d 
 liv a --iiii! n!' I -hilliii'j per -li.iic ilaiiiicd 'ind wliei. i' m pc-t-. ih ii 
 llic idlnliiieii' '.| -hare- iiia\ lie iiia Ic In a liniiiiiii'e nr n •iniiiec- nl' mh Ii 
 nil ailici , ii niii.-l he . .'iinicr-iencl hv -mh n.. mince m tiouiiin"- 
 
 Mi^ 
 
 i 
 
 Ai 111 liiiiitiii'.- .1 !im. 'ir Ihi' i'lniiii<, *••■ .<,i//j. p. U IH. 
 
 I', the .•ll).<rlli •• ilf ,1 -pi'iilieil I'liiiit till' f'lll-l Hlil ilii|i'.v a', a l.liu llial ilni 
 
 I'l.iiui iiui-i III' n\:\Av witliiii .1 rraiiinalili' lin", •(^11,1. p. tlHI; Imt it i- 11..1 
 »lw:iy-' -a^y t -av « liiit 1 . .1 ..malili', .1- ii .i"'. 'iil- .m '. 1 li iiiiiai i- 
 
KOUMS, 
 
 M«l 
 
 \\ lirri' a iim'IiiIm-i- duly rl.iitii* iHir<ii:iiir tit llii> . i.m-- . I." < hiiiii i' t-i In- v.-- Fom 771 
 
 ^.'Snli'il Mii ail ap|>lii'.itjnii wliii'li will mil ii|>i'ii iiili. tra. I milil ii>tiM uf 
 
 illntmi'lil ii •_-i\i'ii til liilii. anil. aiicir'liiii.'ly. until llir |i"-tinL' "f iih li iinth.' 
 ill' 11111 williilrin lii' a|>|ilii atiiiii. /(...., , „ I. I! | ( h ;r.>.i. ii : // 
 ■'. ». /■■/.'..■, (lN!li ■< Cli. •.•7; «./,„.., |i IS. 
 
 rllia Ill-lllL' >■■. Ilntii-f iif llililllll.'llt >l|.Mll<l l)i- iN-il-i! .1- -.I..I1 .1- |.,r— llil.' afl.T 
 
 Itir ilaiiii'* i-ninc ill. Si'i' l''urni 7Hit. .<«',". 
 
 If ili-ili-.l. till- au'ii-t Ill I III I... .,• I'v. I iImi III,' 11. .|i.. Iiy til. Ii.|iimIiI.m 
 
 slii.illil ii|'iTatr a^ an i.MVr I'V tl w r.iiii(.aiiy. tin- ai r.-|il.iiii !■ i,( «hi. I, uill 
 
 ii.lii|ili'li' tllf iiililiact, <'.'/.. li.V aililiiij- li Ihi- iii-\l r..||i.«iin.' i l.iii«.- tlir v\..n|. 
 
 •• 'I'lir untie-.' aliii-i-«aiil xliall la- ri'L'anli'.l a- , tfi r of i\„- ~|iai n.nlr l,\ iIm- 
 
 iiiH I'olllpany llirniiL'li tlif li<|iiiil.it>ii .if ih. i.lil .'.iinpaiiv 
 
 •. 'I'lll' lii|l> 1.1 I III' iiiii i;,\ v|,,i|| u II III II 7 'l.i\ - t Mill I till' .1.1 !«■ Ill if N.iii,, ii, 1... 
 
 -iM' inilii'c ill wiitiiii,' to iMcli iii<i|iili('i' iif ilii' .i|,| i',i\. >|,iiii|.. iln. v'lvin liy 
 1 -1 I'll 1 . . .■.iiiiimny. 
 
 llllllllMil' III •.|lilll'> Hllll'll ihc IIK'lllJH'r I- I'lllM lilllll II:- .'I li'jlil. 
 
 iiiiilii- llii^ ;it;ii'ciiil. mill lln' iiiiii.iini pir ~li.in' |i:i\,il.|i' .,ii i laiiniiiy 
 iIh' >aiiii'. iiii.l till' villi. iijiin ni iIk. ii'^.i.h-h'.I ullii. ..|' iln' ii..vv ikiv iiiiil 
 ihv liiiif williiii wliich tlit> ilaitii Im .m mIIiiIiiii'IiI ,i- .it'v.i niu^l Im' 
 -I'll! ill 111 llii- iHnv i'(i\..mil IIhti' iiiii-I l.r i'ihIh-.' I I Ini, vi ii h {Hi.pi'r 
 1..I III.- Ill' rlai III ill III I) '--I'll 111 I lie new i .n Im >iL;ii.iliiii' l.\ I lie iih'IiiImi 
 'Jill' imliri' al-il -liall in iiili . .i-<' ln' ;^m.|i li\ -I'li.liiiir tin- -ami' 
 ilii .ii^li till' |ai-l a.lilli'— I'll hi llir iin'iiilnr .il In- n Iht ii"ji-ii'ri'i| 
 .iMn'fS iirs a|i|it'iiriiii; 1111 llic iv;;i-l<M of iiii'iiilii'f- 
 
 V\ Ihti' Iln- iiii'iiiliiT'^ am 111 rl.iiiii rtitlnit .i -|.t'.ilii-.l tim. ii i- ..nU- l.ttr t,, 
 
 if.|iiin' nnliii- I'l 1 1' '.-ivin tln'iii ai .iiliiiwi.i tint iii.iv l.\ 111. i-nrlit i 
 
 tlii'ir riirlili. 
 
 7 .\.- H'l^ai'l- ilial |ir..)ii 
 
 ilii -.1 -li.iii- 111 ihi' iii'W 111. >.iJ<- '• 
 
 ulliill IlK'lllla'l- i.l llic 111. I in\ .itlii'l- lliail i|l--l'llll<'lll Mli'llil.i'I- lllllii ""'''«»«' 
 
 i»n»r« - 
 iiii'iilil -liall la' I'lillil III I'laini a.'- al-il. lull -li.ill iml uilliiii llic |H>iiiMl 
 
 111 lil ila\- liiliiiT iiK'iiliI riaiiii. llic w| li.ji- -li.ill li-c llit'ir U'-l 
 
 iiKlcaviiiir- 111 -I'll till' .-anil' li.r what llicv will lii.li mil ilic i»'t 
 
 |ini. I'l'il.- Ill -.ill' tliiil, .ilii'i |ia\uii; .ill i' v)iiii-i'- nf .iinl iin uli-nl l.> 
 
 llic -all', -lull III' i|i-niliii:i'.l la'.'.iiih iiihiiil: tin- "H'liil'.'r- \li.'. it 
 
 llicv litwl 1 laiiiKil. wmilil iiaxc liccii ciillil t.i -iiili slian- in .iiiiip|iiini> 
 
 «illi llicir li_'lii- .III. I iiili'Tc-l.-. aiiil ill -iili-i iiiiii.ni i.n -ii. Ii -liar»i<« 
 
 the |H'V\ im -il.lll. ll|...ll till' II' |l|i'-t ..I III!' -I ll.||- .lll'.t 1.' -ili'll 
 
 (1111 . Ii.i-i'l « ilii' -liar ii III liii'iii ii'-|i|\ ii'.-.liii'.t I- al-.|. liiil , h 
 
 H'ljii.'-i II' i lli'i live iiiii-t 1.1 :;i.iiii' wilhiii >4i'. I.- II'. Ill till' ilaii- 
 
 iicn'iii 
 
 m 
 
 :i liniili-d till.' .»iul ;u.ili''« »«» pnui-'i'n .1- i . -li.iti-. n.n .I.ihim*! w Ui' rf^'ifi 
 tIm iiitc!aiiii*il -tnri'- hrt-'iitf T'> th^' IH'U - "iiipjiiiy- Init .«' unj*Hiil ^hrt**'-.. Tltu* 
 • "iii|iiiMy «Mn)i'»t I" ii»' tlit-tii « if !i flif ,-t,,i vw.\\\ ' ' « .*■ ■ ■ •• f,i. '' 
 
 r>. IJ T 1. li n! 
 
 Ni>r til tlir all- '! -I jifiiv i-inti It- *if .^--rt ' tttfht .rti fU- :MttiJ-i* rr uifU 
 
 ;i ^ ii'W til sail'. <'>^-'«' .I'litUM-ii* I'» Initio -' ;■ Hit'hm*' 1 - ■ /,\^ 
 
UH'J 
 
 ltEC'ON>i!r«tVll(tN. 
 
 rciiAP. XXII. 
 
 Form 771. Whpn-. hiinn .ci, lln- lii|iiiai.iii>i iih*«iiH tlir niii'luliiiiil ihiirs undir thi- Ntiih 
 (if the a^rcfiiM'iii. tin* |tr'»*^««'«i'» of -ukU' tht'rvitf, cvtMi in thf» :ii>i**'m't' of a prm, 
 ^luii to that •-H'iM't. Hli.tuid ht* ilividiHl ninoii^ th> iioii.i'laiintiii; sliikr4«holt|pr4. 
 
 l.aHi- I'ilfl l,.il,„ilnl (...,.. c... \\ \ l<ll)lll H. 
 
 \wl wIhti' t\\v \u\wniw**T imd. I'itr-iiaiM tt. ihc ui^n'OHit'iil. (•i.t*<.iv(.»i • .-rtain 
 t>*id-u|i sliMri'", aank »*>. !m'iiil>i'r« Mtiittvl Imil noi innu- in to rliuni «aiiir. h,- 
 
 »»• alliiuiil on [»H.tti..u ^. «'l| »ii<l |>,iv |iro. I- into I iwri . t'i„tr'i'>iiii I ,,,.,il 
 
 e,^.- M, ,.,„,, rv . » \ l»77> :i7. 
 
 In tht' nbaeiH*!' of ;i >^im?titiMj IrttMl ;t-* (••^vur'N trw*-. ,1 h^fuxtntor ■-Iniiniit;: 
 awkor ■'iicli a ^ovim^mi umi^ •^4^4 iiii4i • iitim »)lotnitnif within a rt'aiHuialilc tipn- 
 S«' jo. ■/. |>. U41I AiwJ iwfonliiuriv wlini' a iii|Uiilatiir diil not ilaiin iintii 
 aftiT t; fXfMration of •mmhi- nioiiih>i. it w;m ht'Ui t»y Vauirliaii \V itliuni-, .1., 
 timt tli^ ■Hni wa» t'H) lali'. Sr. (.-,, ,,^„.. |/,,„.. r, ,„:>■'/. '.'.i Arml. I s^i;. 
 
 hi 
 
 Sail' of ili~- 
 ^'ntiptit'^ 
 *htkrer>. 
 .-Vlt4*nii*tivf 
 
 lo I'liuiM- tia.) 
 
 ^ .\> n jitr.i-^ th<' |irci|mrli(iii iil the -.1 ^liuiv^ 111 till' lii'u iiiv wlliili. 
 I'lii lor iIk'i :li.>»<'iil. wmil.l liuvc Iuhmi <lium.ilil<' In lli.nso iimmhi'r^ 
 ol the ulil (■• -villi .-^hull i'll«»tu.. ly (iHiMHit fniiii tiio »ip.'cii»l rowdu- 
 'ioil.> al-i| ill a il'iaiiii' wilri (tic pr .x i-inii-- .il M'lt ! •;!:; .il the I us 
 (i.'ojB*<iliiluti..ii \i ' IttltH, ilic -,t li.|i- ,|iall itMi tlii'ii l.i-l ohilnavdiirs 
 to ct?!! tht' -uitiH' I'M wjmt llu'v will wdii. itinl tin' |iroo<'»>«t- uf nul« 
 tliof. ;ifti>i ilfiUiitiinr all »»\|«>iiM»» III :ut(l lUfiiltMH to the salt". -Jiall 
 lie aj)|>li(ii in (II finvam- mviiMMit 01 a*- .iuhmiiii... wliti-li shall hwtome 
 lia}.»iili> to .sinli (li>M'nti»-it' iiM'iiil.ir- HI acfiirdaiu !■ niih .■*cit t!m ui 
 fln' ^1 .\<i. Miiil ill -11 f.'i! .1- :lic --.iiKf -iiaiii III- i|>>l|i .'111 i|ii' ti>«»v iii\ 
 fliuH tiukiti' U|) the i|*-lii'Km< The mi'. ,--m- ..iiuii i|i(iii tlio rwi|ii>*i. 
 
 01 rlif wi liiji- iUldt lln' (•luarp- -ijil uti(l<<r fhi^ uiuuw to liitt piir- 
 
 < liaiwri^ fhol r»^ih' cn'diK'ii *r ai-i|. ioii -m-fi it-titi"*! in I tlciMM- 
 
 iiiii>t 111' madi' within «»>»*.- iiuiu tlic iluti' ttml 
 
 Ai* an aitiTnamr 
 but the r"»ii!t - till 
 etfpptttl 
 
 oiii '-onifiany caii i«- ifft to lioai with it-i .'i'*«»ntiM!t,i. 
 ■ iiir a**.-*'! • -titfic!i-ti! '■' me*-' lin- tliii^fntlcnT v mu^i lie 
 
 iiiav :■• m«il«- 
 
 '.I All-- -mil -ales a- .ii-il iii;n li,. mad)' liy llio ^,1 |i,|,s oitlior hv 
 |iii!ilii' .in. I lull (11- privaU' ruiiliai 1. .iiiil citlicr tiij-otluM' or in lots, ami 
 I'llhi'i with ur wiiliiiiit rp><>ivi' .iiiil siiliji.,1 tij aiiv Mpt'cia! or ollwr 
 1 (iM(iiliiiii-<, mill "illi I'liwi'i- In Imv in .mil n'-so||. and ijnnorallv upon 
 -111 II Icnu- and iNindition.'* ami in --in:!! niaiiin'r a< tlic -d li.(rs .-luUi 
 in tlii'ir al)-(iliiti' di-rri'lion tliink lit 
 
 The ..liict ,,)■ the alMOi- iliii,(- ;. lo ciKil,!.- ||i,. ||.|iMil;i|,,r lo „.1| il,,. ,|,.,rci 
 at tlii'ii- inarlici pri' ■■, wlii' li may In' li'-« than 111.' anniiiiit in'iliti-i|. 'I'lic alter- 
 nntivc plan ii 1.1 let lln- iim laiiiii'il ^liirc- lap«c fur tli.' lien. 'fit of ih,- ulr 
 company only, .iml thai |>lan iiiit- m ry will a .ii^f in wliiili lli. ^li:iri-< ir.' at 
 (lar iir ,.t a pii-niinin ; Init whci, il,.- market price i* li-^i iIi.mi th,' uiMimi! 
 . riilitiHl to all. m- the ^lian'" t" la|.-c wnilH in'iieiit no one. for the mw (..ni[iany 
 uiitilil iml lie alilc to I'Mie them at a (liico.int, and tlnix the lap-cd shares would 
 I. -ale.il.le 
 
 .\ltcrnain-ot.. '.< i 11 I lii. li.,i - ,,t il Id,,n -liall, 111 . liiT In isii IV lln' .-d tran-lcr 
 
 I lailw s. ■.0,1 I 1 . 
 
 mill i-ll(( I h.n ii^ioii to pun luL■^«• tin' iiitiTc.-il ol an\ iiioinliir of 
 
 the (ill Kix til. 11 an. I HI i'\(iy ni- an> >ucli laM' tiic ih'm cii\ >|iall l«> 
 
KOKMS. 
 
 14«l 
 
 n.lii'viil ficiiii tli<> (ililiiMitiiiiii iiniHiH'il mi ii liv claiLsv \ Iml its i-upiuls Form 771 
 ~ii.h iihmiiIh'I, Iml shall imv U> t\w liiiis. lor llio piiipoM' dI' clfeclmR 
 r-ucli |>ui(;haso. siirli sum as, by arliiliatinii iM-twcon llip old coy and 
 sU( li iiiciuIkt. ••r U\ iijjnviiil iiukIi' uitli llio sanction <>i llio now >'<y 
 Ih'Um'uu him and the liiirw of tho old I'oy, Mhall U' licl.Tniincd f<« bo 
 the I'liiM" payable in rottpoct of such (iiirchiu-o. 
 
 W liiMi till- uifrrfiiirhl pruviilc* fnp till' iilloriiHiii (if tlir pilmriit n« tin- 
 Ii<|iiirlat(ir4 (liroit, Mic clini*!' will prmicli' tliai in "any sinli i:i»r iIh' niiiiil iT 
 ..f <liari'i< to 111- allnltrd uiuliT clause I -liall lie |in'|MireiMiiatily niluiiil. Imf 
 tlif lu'W citiiipany ■*li:ill pay, \r. " 
 
 Suinotiines a clauM- u> fullitw-s i-i rttpiirr,!: 
 Ttii' Imlaiici' iif shilllnL"' ninainink- iliii' an tin' ■"lian-' in t'n' n.w 
 
 ...nipuny, wliifli -liall Ih> clainn'il and alli>tli'il a< afdn'-iaiil, >.liall In' paid a" 
 r ll"«», nanipjy: piT sliari' shall li'' paid iin all'itnirni ami p< r «lian- 
 
 ar t lie PX I 'ration "f tlinv lalrndar lii.inlli-. ILan lli.' dal.- uf all.ilni.nl. . n.l tlir 
 t.-iiiaiiiin^ |M!r sliari- wIh'ii .alliHl f.tr 
 
 "^.iinctimi-s %f iH ni'i-pxHHry iir li.'tirr t.. pi..\i.li- I'.H- all..nri.iil M tli" n.niiinri'n 
 • <! the litfiiitlaror. thu-*: 
 
 . a I \- thi- rrnidui- ..f ttlr luniiil. rili.n. l.T llii- said Iraii-I'i r 111.' n. « . ..nipaliy 
 -huil allut t.. tin' nomii. - "I tli.' li.pii.lal.ir^ .il lli.' .il.l .-..'.iipaiiy 
 iiMi.linii «lmris in tin' capital ..I iIm- nt'W ...iiipany ..f [I. la.li rr.'ilitiKl 
 a> paid up t.i till' extent iif l"-. ]«t "liarr. t.i the iiit.nt that sn.'li 
 "hari— may ln' di^lrilmti'd ani.iiiir the nnniK. .« ..f tli-' "Id i-.inipaiiy an 
 nearly as may lie in a. i .nlan. >■ »ilii ilnir ri'.'hli and inl.ii'-t- with 
 due reuar.l t.i aii\ . .intra, t hetween them, > .'/ , i'.irni "I'.i | 
 I 111 Kierv ineiniM r nf tin "Id ei.inpany wlm .fe-ire. i.. like In- pr..|Mirii"ii .if 
 the >hare.i a- al"r.-aid rnil-t .laini fli.' »aiii.' wilhin .lay- lirnn 
 
 till- dale lieii-"! t.v -endiiiL' in '■■ llie new eenipiny a . laim in \inlini,' 
 
 f.ir fl Ihitinent. and -inh .lauii mii-i In- -iirneil l.v lii.' iiilier mil. 
 
 tiitf the !iaim-. 
 .1 The li<|iiiilatiir« .f th.- "Id ...mpaiiy -iiall within .l.\- fniii tie iinn 
 
 when thi» .UfUfilient Kiiall ha' fieii.nii ili-..lnl.' . il..r. .i.l vim' 
 
 liiiti.e ill writillir t" eai 11 nielnli." f M 'd cuilpani .■ I'la.l -' Il 
 
 ).i I'.irm 771. *■<,•/.». i 
 S..inetlm.- till- -hari- wlii.h an- t.i !»• .Ii-t. il.iil.sl .aiiii.it h" ■.■•i.l. ) *ill,..iit 
 fr.i.ti"hi<. and in -ii.'h i-a.'ies it i- iniiai •■ aial,.- -(u-'i.il pr.iv i..!,,.: m r-gai'd i.> 
 fra.tmn<. '■■;/■■ »" f.ill.mi 
 
 " ViithiliL' herein . .'tltailli'd -.h.ili .-iifitli .m\ ^mtiih. In .lunn n- atUilf*»*"ll *»f 
 any tr nlu.n .if a shari' ill Tli.' \| ' .mpany Imt tR"».' it»i«ri' in lU.- M 
 f..nipany wliieh Iml f.ir llii- ).i..ii-i"n »..iilil !. . ^ l.e.i. .li-iiii.,italile in irae 
 li..h-i -hall he -Kil.l l>y the li.|lli.l .1- '■. "f 'I'h.- I. < ..inpanv awl lit.- net pr .■ le.l- 
 -liall liedivide.1 ani.inu' llnis.' ineiiit" i "f The I. Cinnpaiiv n h • n.nii.l liaM In-, i, 
 .'iiiiihil t<i «ii.h fr.utiiiii« in .Lie pr..p'irli..n« 
 
 .Si.metinii-s the ui^rii'ineiit pnivide^ fnr the it-iie uf f ra. ti.mal "rtili.ati iii 
 ris-lioet of the fruit. iiiial riiflit-. and -et-i out th.' lunn of lertili- ii.'. v li.'li ih 
 
 leiniilly franiiHl .-.i that the owie i ..f t -ay ten ha* a riifhl to ri'.|iiii-.- Il 11"! 
 
 ment of it pai.liip "liai.' in the .•.nnpany. See l"..riii 7^ 1 
 
 Wlicro th.' aniceuient pr.ivide« fir the all.. tin. ni ..I lln ili.u.. I.. '.I..- 
 Ii'iuiilators, iiid -ni'h -hare- are .inly t.> I'e in part iriilitnl i- pai.l ii|', il iin.y 
 lie well to insert a e|aii-e prmiilini: '"'i •■ T!u li.|iiiilal"r-. ..f lln- "li! .iniip.uiy 
 tliall not he lnnin.l to a... 'pi an all.itmint "f aiiv of th.' -har. - mmtioni-.l in 
 . lauito - hrreiir. win. h they «hal! iml rcpiire for all.itui. ii !■> i',. it,>-nil»'r^ 
 of the old eiiiiipany, in aeenplain e with that .Ian*!', ' or to prinide thai 111" 
 
i Mil 
 
 Form 771 
 
 KFX'ilNSTKUCriitX. [('llAI'. XXII. 
 
 allotnii'iit •liiill 111' miuli' • iipmi tlii' rc.|iiiHt " iil the lii|iiiilaliir. Iiili'— tlii- , 
 duiiv It niuv lip i'<inli-iiil(>d that tlii' Iii|uiiliil4>r ii ImiiiikI inr-iiinully to t:ik<' ih.' 
 Hliaie^', ami llii.n iiiiu'lil IiimiIm- liim in liuliilitii"'. /'</<''< <>i»>'. t.'l I.. T H.'> 
 
 I'ltle 
 "■ •ptod. 
 
 i I'-hvt-rv. 
 
 I.iin in 
 I'.iviiur of 
 di'wf!iitioiit<4. 
 
 10. The new cmv nIiuII jirc»'|)l, witlioiit iiivo-itifi^atiiiii, .sinli lillc> .i- 
 lli«) olil coy Ihm U> all tin- mmI uikI pi'i'-nitiui ppty and pri'iiiLM'^ li(i\ 
 iii.'^itM'il 111 lii> triiiu^forriil. 
 
 11. Tin- iild (oy .mil 1I.S ln|i.> --liajl. ;i.~ .^iidii ii.> cuuvfiiiiMilly iiiav In 
 liir uiiliiiiil |in' jmlii I' In iluii.-i' 12 Iml i. I'xcriilc uiul iln. iH iln' 
 
 CNiK'iiw ol lilt' new rny, all such a^.«mMni<'-< anil lliiiiLri a-* -hall l>r 
 ii'a.»iinalp|\ i«'i|iiii<'<l li\ llii' now my fur M'llinjr in it ihi' m1 p|il\ hl,\ 
 ayri'i'i! In In' traiiwli'iivil. or any (lail ihul', ami irivin^r In it (hi' luli 
 III nt'lii ol tlii.i atfii'iMiit 
 
 12. rioviih'il alwav.-. thai Ihf olil nn anil iIj- lii|i- .~hall have .i In ii 
 ii|ioii tin- Hhoh- of till' |i|ily hhy a'_Ni'l"l to In- lian.-liMiiMJ lor all 
 niont'yw . il any i jiayahh- l>y tin- now rov iimliT rlaii-o H hot', aij<i 
 until (hf .-ami' .^liall have hi-cn pd Ilic ki1 liijr-i shall Im at lihiTty to 
 ii'l.iin po»i'».sion iil all or am pail of llii' sd pply. and ihi'ri'ont al 
 lliiii di.-i ri'lion lo raiM- .lud p,i\ -mh inoni'v.s or anv pail tliof 
 
 123. 
 
 Ai to lliiH ilainc. ,-ri ■'/.,«. |i. I4t.'>: ami .Vcic Hnii^ititJ f,,., W. .N. l>.->!i| 
 
 •;^ 
 
 ■J", 
 
 II 
 
 1^:1 I 
 
 I'liwer to 
 riNoind. 
 
 .\(fr*'<*mi'nt 
 not to opoiato 
 .IK convey- 
 Hnee. 
 
 I!.».k-.. 
 
 I." Nolwilli.'«laii<lino anylhiiio^ hrifiii lonlaiiK'd. if. in mdi'i '•' 
 "■airy ihi' -I Ir.m-li'i Into I'llVil, jl umild Im> ni'' i'--,ii \ I ir ihc liip- 
 Id pun li.i.-i' ihi' iatiii'-t of iiii'inlii'i-- lioMin- iiioic ih.in ,di iii~ 
 
 in llu' old 1..V. ill w 1 oy .shall he al lihoily. hv iiolii' in wriiiiii;. 
 
 addrc.s-cd lo the Ii |r- ..f thi- old 1 ov and left al iho ri'L'i-li'ri'd ollii ■• 
 of ilia' ro\ . lo losiiii.l ihi- MiriiiMiii 
 
 TliiH ilau-i' ii not at all iiniiiual ThiTi- ini,'lit li:i|>|H'n to li.' lo many ili- 
 ■wMiticiit nii'iiilMT^ of tlic olil .i.iiiijaiiy that the inw lonij.aiiy iiiulil not liml ih" 
 Klr.ili- to pay ihi'hi oil. ami in «ilih lair it i< I'olui'nicllt to ^'ivf a po«.r ■■f 
 roi-t'-ion. 
 
 In ''r »()/(.>....,.,,> .,/ /),/.,,/,/ Itri,„,n- \. I,./., .1 r,,.. ■>;\ H. II. lllv, .•,7'i II 
 
 was hi'lil that an a^rri'i'miMil fraimil on tin- lim's .,{ ihi< form was not a con 
 voyaiii'c on sail- within the Slain|i .\it, |S7il Ami in «onn' rasix it <iini- th.ii 
 an aicri'i'iiirnt in this form is not lonsiiliml an a'..'riiiniiit lor «al ■ uiilni' 
 
 snil. .>» of tho Stam|i \ii. |s!»| .S ,,,.,, p. .Ms, .,,,,1 \||m.-s lliif,.,i. |J ;. 
 
 But /iriM'i I, III,- Kiii'h an ak'ri'i lai'iit 101 within sist. M of Ihi' ."'lamp \ii. 
 
 Istll . 'i: . ,.,. . p :(;JN', aiil his to hi' st.inip.sl aiiordlnirly. Whirr, howii.i. 
 thi' mi'inliirs of ihr nrw riuiipaiiy ami Iho ohl aro ihi' sain.-, ami Imhl ',\u- sann- 
 
 or hss lapil.il in Ihi' m « a- ihry hrld in iho ohl, and in ll .inn' prop»rliun«. 
 
 thi' lii'M-nm- aiithoritips W.wi' o-iiailv u'ranli-il i'\i>inption. 
 
 II. I mil till' di.s-olulion of llio old loy. llii- now om -hall, at u- 
 o\Mi o\piMi.si', piinjuii' and -lio» ill -uili liiiii'- aod to .-u li poi-ons, 
 and ill »iii h plan'- a- the liijr for ll.i' liiiii' lirinir of ilo- dd ' iv -hall 
 rni|uin', all the ho. it , dm iiimnis .,,id papoi- of iho old cv ai'ii'd 
 to he hhv Hiihi 
 
mijMs. 
 
 ut;- 
 
 A rljltl^r .i» aliiiM i-» ^ilm-tdlH'^ iii^i-rtrtl '.'A*r t'.t.. U i , h 717 tint Fomi 7TI 
 
 -i.i' .\..,7/. /;,,.,.;,..„ ,\.,,i,i, i\. . .17 «'. I>u. N.',, 
 
 I ■> 'I'llf lll'H iii\ ^ll.lll. >llli|(i'l |i. llli- cil|p«('|ll III' till- iillii I' .iml {•< lUhifil..! 
 
 till' < orn|ilc'iiiiij ii| ilii" lraii.-li'r lii'ifiinliM . In> I'lilillol tn :lii' li. mlii "'""■'"" 
 ,i|' llic 1 iinciii infill. III! ■'» 'il llii' |i;.'riil»i>~ 
 
 hi 'I'lii- new )i>\ .-.liiill ( iiii^i' till- ii'^^iii'iiil ,iii>l .tU'i .1 ^iillii ii'nl l"jltinf..f 
 
 oiiiiacl r..ii,iiiiiiiML; llii' litl<'< I'l tli.' .ill(il|i'c< (.. til.' .illotiiiriit- 111' 'K'";'"*"' 
 
 mill furtlii'r 
 -ll.lli- lIlliliT ' l.lll-i' lli'lt'iif !■! Ill' illlU lili'.l Hllll !|ii' ({.■i;l-llMr ii.Iilni.l 
 
 ■ I' ' 'i.|ii|iiiMii'~ |iiir-ii;ihl III •«'. I H>) of III!' I'li^ I < 'iiii-'iliilaliiiti I Act. 
 I'.toS 
 
 1\ w 1 1 \F^-. .Vr. 
 
 Wln'n till ri-rnhNtrtli-ti!lt» Mmi|i.ili\ i> i 'liuili'inl-|.;iyini.' < 'nipatix . it iiiilv l»t 
 niv-i"«-jiry tii tnuki' "iniir prnviiinit fur tin- ili^f rilnitinii of thi- I'rit'it* rii.i<l<- »inr. 
 
 till' l:i-l ilivi'li'iiil, iitlifTwiii' tliry iviuiiil in i-lf.rl \ .i|>it:tii^)-<l I C itif aniouiii 
 
 ili-'triliutlil'lr ' III III' a^i'tTt.-iihi'ii a|i)ir>'\iln.ili'l\ , tin- a.ri iti« fil in (.r.i\nl Imi 
 
 p.iyllirtit tlirri't'f t" tlii' li((i))«lat'ir'« t.r tn tin' Hliarrhi.hliT- "f if U\ .iii'i|'iiiy 
 
 Mill ^oDii'liinr^ it i'l ili't'liii'il I'Xpi'ilii'lit tu att.M'li till' iliviilihii lu ll>-' -li.il'-^ in 
 till' iii'W rtMn|iaiiv. lliii- 
 
 Atiil liiiilicr. till' |>iiilii.'4 III' lilt' iilil rii\ iiiaij" iliiiiiii: till' |ii'ii.mI Form 772 
 
 I 111 mill '111 itit; I 111' Id .laiiiiai\ , I'.HH. aiiil I'lliiiii;; .'Hi' ii liilii' I'.Mi'. ^ll ill 
 111' .i.'-i CI taiiii''! .1' --ti'Mi a^ riiini'iiii'iiih ni.i\ l.c alii'i ilii- i'\ 'ciiUiiii 
 III)), anil llii' aiiiiiiiiit "I >i|i li imilit-. Ii'>- llic "cm'ii! -iiiii> lining; 
 I lull JM'I iiiil 1 ai I it'll I IN ilii' nil I . "V 111 ii-i'i M' "I aiiv -ml. iiir I ii'nl ami 
 ii'SH all iliv iilt'itiU jiaiil li\ till' iilil ' <>\ <liii iir^ tli.it |m'I I'nl -luli, iii llic 
 I'liiiiw 111' tlic Mai i'.Mil, lie i|i\ii|i<i| liv tlif in'w iii\ am hil' 'In' 
 iiit'iiilit'i'- 'il lilt' iiM rii\ ill iiiii|i'.i iiuii 'i' ilii- -hill'- ill ill.' .il I . I'v lii'lil 
 I'-, lliriii al ilit' 1 .imiiii'iii I'liii'iil "t llii' wiihIiii^ -iiii it ili'' "Il ■ "V 
 I'll" li^lil 111 i':r II iiii'mlii'i- 'I' ilii' 111 I ."\ I'l I'.iH !• i|i.iii' III till- |iiiilil.> 
 il.-'i iimlt'i llli- 1 I iii'-i' .^liall 111' ilit'Mii'ii 111 li.' aiitii'M'.l fn llii' ^lla^l'> 
 ailiilli'ij 111 I'iiii I'l liii« iiiiiiiiiHi' iiiiiliT llli'- ' l.in-i'. ami nIi.iII ai- 'ml- 
 iiij;l\ |i.i.»^ « llli llli' it.iiislt'i 111 llli' -liaii'-, .till I |i.i\ 'Hill I'l I hi' li.'Iili'i'^ 
 ilii llli' limi' Ihiul: "I iiiv nl' llii' .-il -h iii- .-li.ill In' ili'i'imil i"(iiivali'iil 
 11) |ia\iiii'iit III llli' iiii'jiiial ulliiili'i' 
 
 Si'liii'tinir' till' .ii..'ri'1'liii'nt i-x^'pls iiTt.iill iif lip' a' "'I- -'i ai In [i.iy a illv .ili'liii 
 til till' ini'inliiT'i iif till' "111 I'liiipi^ny tlni-: 
 
 Tiifri' "ImH lit' i'\i i>|iif.| fr.iii. llli' |i|ity liliv a-ii-il I" In' iiaii-ri'ri-<'>! Foftu 772a 
 I a I till' nil' .illt'.l • .i|iilal of ilit' ulil tin. ami 1 1) i .sin li iL--i't.-i a-* Khali lio 
 -iillii ii'iil In (in ihi' uii'iiiliii "I llli' 'Il iiiv .1 .livhli'ml mi Mi. u 
 -liaii'- ill llli' 11 I'l I "\ .11 'III' 1.1 1 1' 111 !. 1 11' I -111 II' .1^ 1 1 Mill 1 111' 
 
 ■lav .il ii|i I'l llif il.i\ "I .,i,i.| il -ImIM..' Inr llli' "!'l 1 i\ 
 
 111 il« li'jl ■• In "I'll'. I I'lli' |iai I il ill.ir asvl- whii li an- m In" i'\i i'|.ti'il a^ 
 
 vl-il. ami It aiiil -n ' ii a- 'lit' >.ii Ii ill n ii ■ "ii-i-t nl ni'.ni ", . iii" nli! 
 
 riu iir il.< li.if- -liall iniiviTi tin' -iiiic iiilii iiimii'V. .iiiil llm -.1 i \ i'|il.'il 
 a.-.M'l.- Mliall 111.' aiijilii'il III iiayiii- l' I'n' nn'mln'i - "I tli.' ..!.! n iln' -•! 
 
 l|l\ illl'lld il; |.'.-pt'i! t>f llli' .sllllll"- llflll llV til. Ill Il"-|llv 
 
14«« 
 
 KKCONKTUrc '1I(»N. [CllA f. X X 11 . 
 
 SuiiiotMiion till' liiiiiiiliiliir ID (fiifii |>ii«i r tii n-.i iiiH thi' rrfoiiitrnftiDii ii:.Tr. 
 mcnt pnt\ul<Hl In* pay* tltc iirw ruin|t.'iiiy''' «'\|Hn'i"«. thiH : 
 
 Form 773. > iil('.>.> wnliin Ihinv <Iu>n rinni the duU' hot till' wIkiIo of llii' 
 
 P(.w«Tt7 2tMt.(MM( rilmii's. iM'ilij;' ilic Nlmri"< ri|)t>i'iliivl a^ tliii roiisini for ilii- 
 
 rpw iml whcrp a^rt'Oint. >liiiil liii\<> lirtMi laki'ii ii|i. or kiu li |iiiilii>ii thof uh in iln- 
 
 nhart'H not opiiiKiii i)f llic Ijiii n\\nU iilliiril a -iillic it'iil jiii iii ol wiiikiiij lapitiil 
 
 UKl'Il up. * ' 
 
 for the ii<'« (■•IV. the linr MmW In' rnllil to ilcti'i iiiiiic llii< iiirii'Cinl la 
 uutlK' ill wriliii;; In lie <li'li\i'ii'>l li\ iiiiii In llii' iicu iiiv, ami il llir 
 lii|r HJiull vwii i.s(> llii^ ii|iii>iii hi' shall a~ a I'lihliliiHi nt' >ii i'M'H i-int 
 il. iiiiilcilaki' lu |>av <uit (>( tin' a^~i'l» nl liic ulil 'ny all |iiii|H'r m--- 
 uml (haru'i'.-> loiiiiciU'd with llic iii< ni |iiiiali>iM i>\' llu' iii'u rnv ami iIh 
 tinul (liM.'^iihitiiiii thuf. Thr liip niav al any ttiiii' liy miiiri' in wiiim^ 
 'o the now i;oy wnivc hi.'* ()|itiiin to (icii'iiiiiiii' ilii« a;,'ii'i'iiil a* alMl 
 wlit'thj'f .sii' Il optmn li.i.i or has not I ri i'mti i-.-l 
 
 TliK 
 
 ( o^ , I.IMII' 
 
 Form 774. Nonir. i~. imv i.im \ ihat an I'MiamiliiiaM ;;i'iiii.il nioctinfj: nl tin 
 
 ., . / abovc-naincil ( .i\ will !«• hchl at on' il.u thi- <hn if 
 
 Notii'*' «nil ■ 1 1 ■ 1 
 
 ni«ihiti(mK "t i.iliiik ill Ihf Iijh'ikpoii. lor 'hi' |iiir|io~i' -.1 coiisiiicrin.: .iini 
 
 with n Tii'W if thniiirhl lit, |pa.s.siii;_' ,is csira' nlinan ii'-'lnli ii- lh< t lull. in- 
 to m'oii- t i\ ■ 
 «tni.'t,..ii. fo.'lowint; VIZ.: 
 
 (Il Thai il i.- ih-iialiii' Ui I n>uiiiMhi i 'v . aii.l an ui'li'iyh ili.i, 
 
 the lov il' wuiiinl up Mihiiil.iril\ . ami ihai .\ I! of, ,v nnl (' I) 
 of, Ac Im' ami they .iir hliv a|i|M'inti'(l iiiji- loi ilii' |iiii |io,-.i'-i wi i-u, h 
 vviliiliii^-ii|i. 
 
 (l! I Thai lilt' mI li.jis he ami ili<'\ .iii' IiIa moIihi i/i'<I {•> roii>i>iii '■< 
 the r«'^;i>ii. lion uf a iii'w loy. to hi' iiaiiii"! llir .\ ( 'oy, l.imtd, wiih .i 
 iiu'imliiiii .iml 111 1^ lit ,..-s<ii. >i hii h iiasc alri'.iih Im-i'Ii |ii'i>pai<'il u illi i In 
 |iri\ii\ aii'i appriiv.il of ihi' ilucrtm.-. of ihi- lov 
 
 (.1 ■ Thai till' il rat I ayriK'iiil .s|llMiiill<"! lo this nn ■ in;; aii'l r\|.'i- -I'l 
 to Iw mailo U'twf'oii llii'* coy un-i ii.s liijr> m ih r.,,,- j,i ni'l The 
 A. t'ov l.iiilil, lit ihi' oth'T |)t. he mil the .-.iiiii' is hiiv a|i|iin\i'd. 
 and Ihaf the sd liin> h" ,iii>l ihcy arc hliv uiilhoti/cil. jun-ii.int to 
 s<.'i I I'.I'J of the ('iiiiip.inii'^ I ( on-olidaiioii . .^.-t. I'.HIH, to itilci in''' in 
 Uj^Tccmt with funh new coy i when incorpoialiil i in the lerin^ nl ihc 
 sd draft, .md lo r.mv the -■niie into elTeil with ~.eli i if aiiyi :ii' li- 
 licalions a- Ihcv think evjiedi 'til 
 
 Should the ali"\e le.-oliition- lie |ia--eil In the ie.|'i -il<' luajoiitv, 
 (hry will he Miluuilted for rmili! niiiliiii .1- s|i , uil 'Miluiiun- a 
 
 .•iecoiid cxtraordiuaiy geiiera! imt'iiii^-, wlii. Ii wM! h ■ si.I'.ii'ijui inly 
 
 COIlVi IlOll 
 
 Dale I.. V. 
 
 1' h'l. 
 
 St" retan 
 
KOKMS. 
 
 .\« to iiiwrliiiK ill IIk' iicilii' lli. ».>i<N '' a^ <'\lr.ii.iillii.ir\ r> -oliitiini " «■■'> Fom 
 
 (■i>lli|i;lli>i (('iill-i<ili<l:ili..li ' \. I l'l(l«. -. i:!t i.'i. iili.l nliiark •■,<•■. p|' IM'l-! 
 
 WliiTr- fill* Ml".* i-<iiii|itiny t« iiMi In Id-iir iIm- ^nif ii.iiiK a- tli'> •■'<! i<MH(iaii_\. 
 rp-nliition ('it ran !(♦• viirinl, S.iim'tini*'* it i< r»-4»il\i'»| •• licit tin- li<|uiilut'-r- lit- 
 ;iuiliiiriEtHl t«) tr.tiii*ffp <ir *v\\ tin- wIikIi- i»r uiiy |i;irt itf tlii* i.»in|- tiiy'^ hu-Mi*--* 
 .,1-1 proficrt) t"» iiiiy I'tlirr <-iiiii|i;tn\ . itiul Ui rri'tM\r. in t-ttiitft'-ii'-utiuii ut purt 
 i'oni[)On»)ati«tii fttr ninh fnin^fcr itr ^alr. *hiii<'-* in -in-li i-itiii|iitn\ . "i t't » iitrr int*' 
 Biiy "tliiT ariun:,'rmi'iil « liiri't.y llii' imnilii i"- «t ilii'. M.iti|iiiiiy nin . in li'U •>< 
 ri'c('i\ iiiLT *'atli. "Ii.iri"*. or •■tli»T liki* iritcri"*!'*. <'r in ^i<MiiiiMi tli'-ri-l". ('.ird- 'i-:!!!* 
 Kt rlic jirutitfi t»f nr rtH-ci^f :iriy "ih.-f tnjicfit frniii -ii'-li otluT tttin|i.'ny " 
 
 SouKliiiic* llii- iiiillii'rily i- ' <•> lu.ilvc- or iiili" iiitu any j'urli -air m arriimc 
 lui'iit u.< in rontrinplutiil liy «••• I I:"'.' "f tin < 'mikiiariir* (< ■m •ili.l.il inn \ii. 
 IIMIS, mill in |iarliiiilar Im iiiiir inln an iiirniinc nt »illi llir (inHi'irv. 
 
 I.iniitnl. f"P till' "iili' I" till' ium|.iii\ <•( tin. i'i>iii|iaiiy''. Iiiiaiiii -•'• aihl .i-.l- 
 ii| tl.r ti>riiiH "I't forth in tlir ilr ifi aL'n'ini'iit -nliniitti-H to tlii- npilin..' ' 
 
 I Mi7 
 774 
 
 Sdinctimr- tliis nulirr ii in tin' furin of a ■ in ular. lliii-. 
 TllF. <'oY, LiMlll 
 
 I In"^ to y:ivi' Mill iiotiii' that an i'\liiiiir<lMHiiy -i ini.tl iiiii'liiit; ui 
 ill"' uliiivi'-ri '• K'll ic will in" Ik'M ill <iii il.iN.ilir il.iy nl 
 
 iii>laiil. al '..tUi" o'i'lotk iioiai. toi tl;" )iiir|ii>~i' el' -.itirlliiiiii;^ 
 ilii) ri-' cHi.^truitioii (if tho • ')y 
 
 'I'llC (llij'Hl 111 llic IVC<l|l-lll|ili"ll i- !■! Il|i"lil\ lIli- ii||-li!llli>ill 'I lllf 
 
 (iiv, itml ill |iani.ulai {•> i-ii.ilili' ii l<>. A ■ , >V' I'ln' ilin'itm- jH' 
 «iilUlic<l tli.it till- |in>|n)Mil iii""liliiali"ii^ XMMihl Im' iii|vaiila:;«'iiM^ In 
 'hi' <<iv ami tin- >liar«'lLiil>l<r-<. I>ill luiin-i'l lia- aihiM'il :iiil "urli 
 moilitli ali(i|i> ran oiilv !«' I'lli'clcl liv ii'r.in-inii ii.in 
 
 Al till' iili'Ai'-iiK'iil<l iin'i'liiii: till' ii'xilitliKii^ III'. •--ai\ 111 . anviiiu 
 111: the ri'iiiii.-lriictinii «iH Im' |irii|Mi'<('il A i(i|i\ nl lliciu will In 
 lnund nil llii' iitlii'i- -ii|<i <<• '/ . »<■<' Kmiiii 77 I . Il i^ |h'iIi,i|i- iiiiihii'n- 
 ~ai'\ 111 )ioiiil (Mil that tin' n -■iliiin'ii Im' vviiiiliiiii up i- m.i'K'Iv |iI ■'! 
 tl.i' iiiarliiai'iv ailvi'i'il I ; ■■■•iiit "I Inr i-llii liii'j wliai i- ' -iii"i ami 
 v\'ll 111' i'.\"lM' aii\ lij.-tiii liaii. !• ul lln' Im-iiii'-.- . -iii'i' lin' in'" "i 
 ii'iiiu.-n ait«il i-.i\ will a! .in.f -ii'ii iiitu tin- i^Ihm'- nl llii' i'\i-l iii'^ i ii\ 
 
 TIm> |i|uil shaitluilili'l- l.iM' aliv;wi\ <'\|iii'.~-a'il llnir iniilial 
 a|i|ii'uV!i1 III' llio jilail. 
 
 The <liu'iliir> will lie "Inil il' v ai will atlfinl |ior-iiiiallv , m' till U|i 
 auil ivHiiii till' riirlosi'ij prnw [ I' llio ii'-oliitiiiii-' an- ilulv |ia->i'il 
 llii'v will be .siiliiiiilti'il I'm i 'ntiiiiiatiiui a-^ -pi-, |,il ii'~.iliiii.iii~ In 
 Hiinthcr i'\liann|iiiai \ iiii'i'tiiiL'. "Iiili will lii' >iili-i'i|iii'ri!l\ Mauiiu.l. 
 
 Form 775 
 
 CirniUr 
 
 ¥' 
 
 Scheme for the Reconstruction of the A. B Coy, Limtd pomi 776 
 
 I A iww rn\ In 111' I'niiiH"! Willi ll|i' .sunt' liaiiii' a> llii" I'M--! iii'.^ i n_v . ^' ""' 
 mill will; a rapit.il ol' ."iiiiiiio/ ili\iili'i| iiiln .'iii.iMiO ..^lia'.i'- ol' 1/ •nil. 
 Till- iiliii'il.1 of lliii riiv Id iiiilinli' llii- ciiji'il.i nl llio jiii'irii' i ny anil 
 
I Hih 
 
 lIKtONKTHlHTlMN. [(.'HAI'. XXII. 
 
 Form 776 il-o iull |inwci i... &, d,,. .I..ji...| ^„|,lii„,„;,| ..l.joit.-.., ami »ii I; 
 ollu'r piiwun" us mnv mmmm i>\|ii'>Iii'mi 
 
 -^ Till' iifiiK'iliil,iii- (i| 1 1,1' i\i.-Mii«: iipv I" I.)' iii.uii' over i,i t|ii> m »- 
 ••o.v ii|M>ii llir I'iM.iiiii; lliiii ilic ii.'iv iMiv hIiiiII im.|.Ttaki> ,ill llm .|,.|,' 
 
 uikI liiil.ililii'n ol ihu I'si^tiiiy: ,i,\ . ,t,„l ^UM |iiiv all tl .wis of \ui..| 
 
 iiiu 11 ii|> aii<l ilLssolsiiii.' it, .111.1 all tlic I'osi.^ „( (.mviiiij ilu- icion 
 
 Hfriiclioii Milieu,,. iiit,...|l,>,i: ,111.1 fiirtliiM-, -li;ill allot i,m'\itv ii I. 
 
 of llic i'\istiii^r ,.„y nv„ fiillv |i,|-ii|> ,|i,ir.'s III' 1/ caili ill tlii. n 
 tov. ill ri'siiiMt of (HtiN 1/ .li.iic ill the fxistiiit; i ov lii'M liv .-ii. h 
 iiii'iiilior. 
 
 ■'< T'lir <liii. Iiiis i.f ill)' i\i-im.j ...\ ii. I.,. i|,i. ,|ii(.ii,,i- (il ill,. I,, vv 
 I ox 
 
 ^. Til" KMllllntnii li.ill t.. Ii«- ..lllli'il i.iil iiiiill'l >,'• I I'.ll' ,i| ||||. I I.- 
 
 .( . .,- li.iatii.ii I A' t. I'.MtM. .iii.j .1. , ,,i,lii,.^|s ill,. |.\isiinmov loj^niim.. 
 \..l'ii!iai_v li,|iii.|,iii..ii. imi I.. iiitliiiii/<' ilit' li,|rs to lairv oiil il,. 
 I I'irmiii.ri iiiiiin'.li i.,|\ - i|i,i i|i,.|,. ii,a\ |,i. no iiil(.riu|)lii.i, . i 
 
 ill,. llll>IIH'>-. 
 
 ■ I \y iili ;.|| . ..inii,i,iii .»|.i.,-.| ill,. ,.\ivtiii.j ..,\ i(( li|. .ii- ..)|\,..| 
 
 S<.iin'timM il t- r.iiiiiil i.iintiii. Ml. Hitl, a vi.w t., .,«, . rl.iiiiiii^' ilic >ii«. i 
 till- fli,iri.|ii li|,i« „iii| iiiIkt" h- til I |ii.i|i,i..nl iiisuninii tiiin, til si'ii'l .i.,t ., 
 
 -iliiiuc fraimsl i,. ,il,.n.- „,,.•,.. ,»/,.. ,o„| tl,ii, i.. .li..l.M.' ii, il.rnl ,l„ 
 
 i<Mit»f. |ir..iH.-„l ti. |„. ,i.|,i|,t,. I (I..M.M,.,-. il, „i.,in , i|„. ,|i-,l„.,irr iii,„l. . 
 
 ill iiiiii'h li-^ i|.t;iil .1 Ih,. |i,irii... r,>t .aii««i.i| wilh ih,. lir.ular iliiiiiiL- il.i 
 
 till' |.r.i|....,.,l ri.*.int:nii .ir.- imiIi :. • !.■» t.i tl..' ri..-..ii.iriii.tii,ii ,if tin- <',>iii|iah\ 
 fi.r till- |.iir|...... alr,..iily ..x|.laiii.-,l S-. il„. f..,ii, rnlhiwinu-: 
 
 U1 ^ 
 
 m 
 
 Aiiotli.r. 
 
 Form 777. Scheine ol Reronstrurtion. 
 
 I A iiiw io\ I.I I.,' ill. ..I |i,,i.ii,.i| liv.iiiii.; -.11, If iiaiiif a- '111- |iif^. Ill 
 (•0>, Willi ia|.|l.il i.r Ti'ii. 1111(1/ . .111,1 |i,,u,., 1,1 i„i„. ;„,ihm/ ■. |, , 
 • Iil'i'iiluro sli>i k 
 
 •J T!h- a~-cl> ail. I lialiililic- ..| ili,. |ii,-|.iit ,ov i.i l.c tiaii^loi luii |.. 
 the liiiw lov. 
 
 ■! K\«'l\ iih'ikIici .i| the ..|.| , ,ix |<i h'iimm. |',,r f.\,.--. _>,",/ ,.i|,iial 
 of 111.. ..I.I ..i\ ill. 1,1 !.v Ili I„.| 
 
 1 I i .'ill/ |i<l-ii|i .-.liaro ill llii' ic. iiimiii, ||.(| coy. 
 •2: 17/ Ifi.s ili'lifiiiiii,. >io, k 111 rh.. if, ..iix|i laioi! ooy iMrrvintr 
 iiilni'^i at .I |i 1 |i.a 
 
 I Th*- ili'liiMitiii'c sloi Ii to Im> I'itlliT |i|.||iilii,il or naval. Il' ntlfi a 
 
 "'I III "I vi.ai>. ami |,i I iiii'.j a- a li:-l iliait,''- "ii llic iimliTlakiiiL' 
 
 In way ot (liaiiii.- -.oiiiiii\ 
 
 ■> Til"' |ii('M'iii I oy 1.1 111' ilissohi',!. ,iiii|, >• iili ,1 viiMV thcioto. ri'-uln- 
 lioii^ r..| a voliiiilary w iii.|iii;r.|||i i,, |„ jia«-vil, and ll iiiiiTtakiiijj 
 
 (o !.«' !l!a'l'.' ..VC! 11 ■l.lcr .-('•! I'.I'J ..! lln- < 'o- ( '.^n-.illlllii.,!: . \-(. I'll!.* 
 
•••OHMS. 
 
 • '•■\ Form 778 
 
 \\ VdKI'MM T tn.i'l>' iIm' .|i%mI l..'m i|„. 
 
 I.lllllll ( IIM III |n>l:ll<'>l III I'.l .lll'l lllllll ..llll'll llli' \l'\\ 1<I\ 4l| , 
 
 ' >ill.|ilrrilt hi 
 
 lll>' lil>l |<l. lIlC I il\. I.lllll'l III' III |l'll,lll'<l III IS't'i. .ili'l llhllr ;i^'li .lllllll 
 
 irliTI.-.! lo iiM 111!' nl.l inv, .111.1 mill llir Ii.mv llml ..I lli.' ■['"">""' 
 
 ' -hurt " 
 
 -II mill |it .iiiil A III . .1- iii'i' I'll ilii' .illiiiiiM- lllllll lllllll i| I' 
 
 ilii' lliiiil |ii, wlii-ri'liv II i> ii_'H'ii| .i- IuIIuh- 
 
 I riii-ii.iiii III iIh' ii'i "ii-lnii ||iiii i-ti'i'iiil i|.iii-i| ilii> i|i\ III 
 .iml III. nil' liiM»i'ii|i llii' |i,iiiii'- lilii. ulilili i- .tlimii t I I.I' lili'.l 
 
 "iili till U.'-i-^r.ii III t ..iii|i iiiii'-, ill.- iii'v ...\ -liill .ill.ii I. I'.i li III 
 
 i!ii' |iri.- M.iiiii' I III llii' -' 1,' lull' li'" ill.' iiiiiiilii'i 1. 1 1/ -.Ilii.. Ill 
 
 il-i' lii'« iii\ - I i|ultil -I'l iijiii'i-ilr 111- 111 li.M II. mil' III -II li ,-. li".|'ili'. 
 Hill llii' .s<l -liirii- -iliiill lii> iiiiiiilii-ii'il III Mil lii-ivi' 
 
 J Till' .-I -li.iii"- .-li ill. .1- |ii.i\ iili'il In till' -i| 1 fi-li 111' i.ii 
 
 .I'jlff'llll. Ill' ilil'llll'ij I'm .ill |ill||i i-i'- In III- h|||\ |ii| |||i. .Hill i-ll ill III' 
 
 ticalril .1- III |i.ii! 1 -1111-1. 1' Hull III llii' -li.iii- I'l 111' .illii'ii' I III .If . ..ii|- 
 
 illil' Hllll I l.lll-i' I 111 III.' -I II" nil-' I l|. 11. 11 .l^ll'i'llll 
 
 ! 'I'lii' iii'U iii\ .-li.ill I iii-i' ill.' . ii.l ii'iiii-ii i|. M.iii .1- [u\ .iii'i 
 
 lin- Jliirrnn liilii-iili'l uillilln'-l IJi'i^-li.ii "T ( ■..iii|i;uiii'- |iiii -ii.iiil 
 I'l -I'l I US '1 till' I'll- ( 'nil- i.||.|.lll.ili \.|. I'.lllS. 
 
 I- UIIM-- \l |r/./ v.'/l,',/,;/, , IV ,,,/■.„,„ 77<l. I 
 
 II IS ii'il till' "iiiiii. inly .(.'.'111. 'I «"^|M'ilH'nt. m ..fl. i I.. |irrlinlf iiii\ ip-'' -I :ii!i 
 
 .1- ii. -(I'lf. ss ,,r 111,' r'.ii.|. ihi. ('."....liii.iii..', \.i. |iiii<. I,, tii. -.i| ^i.iu.hi ii 
 
 . 'iMlr:l''t- il- :ll"iV'', -itliiwlllL' ll"VV Ill;itiy -lljl''- ;II ■• .lll.itl.'il . S... ...,, , |i;, (u.l.S 
 
 llll' illll'i I'll- il :|li' I III i.\ I. mil. I. 
 
 Form 779 
 
 ,1 I .l'|HI'l lt"f»* 
 
 111 1 ' iiii|.!ii. 1' » llll I l.m-i' "T llll' H'l iiM-'i 111 111)11 i'..|ilrai I , il.ii . , 
 
 .1 1' . I.I'll I' 
 
 ill"' 111' I'.l , vM' llll- iiiiIi'I-il:iii' I. I.i'iiii.'- ill.' Ii'|i- "I !' iiU.it. 
 
 \ li. ('.1\. I.lllllll. Illi\ l'''|lli-l \H| 1.1 .lllll 111 1' I'll 111 ill.' |.l'l-..i - 
 
 ii.iiiii'il ill till' 111 -I I'lliiiiiii "I ill.' -'Iii'ijiili' lil'i ihi' iiiiiiili<'r 111 III' 
 
 -ll.ll.'- in Mini in\ -IM il|>|lliMll' :ll'' ll:m I -II' Il )i.'l-..ll ;ll ,|li' lllll I 
 
 iiliiiiiii lit llll' .-i| -. lu'iliili'. v\itli llll' -lllll I.I "./ |iiii- -Il III' I'll- 111. i .'- 
 |ii| iiji llinii: -111 II -li:iii'- i.. lie |ii uj iIh' -Ii m - -pi. ilji'l in i liii-.' 
 Ill llic rci iiiisliinliiiii riintr.iil al-ij 
 
 \ii(l wi' .il.-i) i('i|iii'.»l Mill I.. 1—111' 1.1 11- Ir.nli.iiial rci lilii.ilc- in 
 
 Il ' .iiii.iiiK' ulili 1 laii-i' -I'.- . I m-i' :; 111 Km in (..;. vxyif.i. p III 
 
 111 llif II" I'li-lru. Iimi I iiiiiiiil 
 
 MilK'il llli- .I.M .1 
 
 -_) 
 
 l.i.|i.- Ill lln 
 
 I 
 
 iWI 
 
1470 
 
 1 Form 779. 
 
 1 
 
 t 
 
 KECON8TRUCTION. [ClIAP. XXII. 
 
 Schedule above leforrod to. 
 
 .. . . „ ,. Addrciwon and Dencription Number of Shares to Jw 
 
 Name* of Allottees. of AUotteen. aUotted to each. 
 
 it 
 
 is 
 
 }i'- 
 
 
 •■',i 
 
 
 Form 780. 
 
 Circular. 
 
 Till, 'A" t.'ov, Li.MTD (below n'lVni'il ui us "the old coy"). 
 
 SiK or Madam, 
 
 As li(|rs of the old coy, \vc ht"' (o ^■i\.' vnu aolicc tliiit tho af^reemt 
 for the transfer of the undortukiii^- ut the old <'o_v to the "A" Coy, 
 Liintd, incorporated in 1905, whii h uus duly .sanctioned by special 
 rexdiilion of the old coy, ha.s now lie.ii exoculed, and is dated tl!(> 
 day of . 
 
 [Atjrcciiu'iit.'] 
 
 You, a.-< tho holder of .-ihare> in ilu' "Id my, aio eiitld to claim, 
 
 a.s of right, an allotment of -hnie< in the new coy of 1/. each 
 
 with the .sum of 18s. ciedited as )id ii)i iIkiu, and in compliance with 
 the a^reemt af.sd, we now oii'l'iso llie icijiiisite claim fur signature 
 
 You can have tho shares allotted m yuiuself or to your iiomiuee 
 or nijiiiinees, but in tho latter ca-^c \'mii' noniince nr nominees must 
 counicr.sign tho claim a.s indieateil thiieiu. 
 
 The registered ofiice of the new cnv i- situate at , and you will 
 
 be .so good as to send your claim, when duly signed, in an envelope 
 addrcs.-ed to tho now cuy at that addie^-, and we will take tho neces- 
 sary stejis to procure the allotment of tho -hares claimed by you. 
 
 I'uder the agreeini tho time for -ending in claims is limtd to 
 
 days from the day of 
 
 reach the new coy before the - 
 
 To the "A" Coy, Limtd. 
 Gknti.kmex, 
 
 As the holder of shares in the ' .\ ' Coy, Liintd, incor))orated in 
 190."), I claim uii allotment of — - .shares in your capital of 1/. each, 
 •with 18,«. per share credited as pd up then, and I enclose the sum of 
 Is. |ici .-iiaro, being the ainuuut payable on upplicon, and 1 under- 
 take to pay the balance when called for. 
 
 nid iicconlingly your claim must 
 
 day .it , 
 
 We are, .Sir, Ac. 
 
FORMS. 
 
 I iliroul siiih allotiiioiit (o In' mado as under, that is to -,iy; 
 
 1471 
 Form 780. 
 
 Niune of AUottre or 
 Allottees. 
 
 Number of Sharen to be allotted 
 to <>]iuh. 
 
 Jlatod (his - dav of . 
 
 Signature of nienibor . 
 
 Addro.'is of inenibcr 
 
 XoTK. Let the iiiciiilper m iiieialicis sio;ii iu're and ^lad' addioss. 
 And I, the undorsi<in('d noinini'e, loncur in the aliovo direction. 
 
 Signature - — . 
 
 XoTF,.- Let tlie nominee .--ii;!! Iiere Ids name, adrlrcris, and 
 description. 
 
 Sit! or M.vDAM, Form 781. 
 
 On helialf of liie rer.instiiicted cuv the C I). (Jov. Linild i, which, Noti,i.,.f 
 a.- vou are aware, iuis hccn foniied )Mirsiianl to ttie srhcnie lor liie """tmin*. 
 iiHOnstruction of tlie \. 1!. t'u_\, I/niild. I Wix to oive you notice that, 
 
 in accordance with the terms of tlie reconstruction. ID/, shaie.s 
 
 in tlie capital of the ree(uistriii ted ( oy have been allotted to you. with 
 iIk' .sum of ol. per share credited as jid up Ihon, in res|)cct of your 
 liolding in the A. T?. Coy, ljinit<l. 
 
 Vou will also be entlil to - - fractional certificates i transferable 
 liv delivery I each reiiicsonting one-tenth of a share Upon pre^enta- 
 lioii of ten fraciional certitiiate.s, tlie reconslnicled i oy will allot a 
 10?. .-'';>r\ with -tl. credited as pd up thou: and accordingly you can 
 <'itlie .i'- joso of your fiiictional certificates or acipiiro others, so a.s 
 10 obta..i an allotment of a share as above. 
 
 Be so good as to .sign the amie.\od slip and forward same to me 
 without delay. It is im))orlanl that your address should be correctly 
 stated. 
 
 The certificates will be is-ned in due course, and in the nieantimo 
 the allotment letter .should be kept for the jiurposo of being exchanged 
 for .such certificates. 
 
 I am, yours <ibediently, 
 
 'I'o . . Secretary. 
 
!li 
 
 i ' 
 
 
 HI 
 
 147J 
 
 KECONSTKUCTION. [ClIAI". XXII. 
 
 Form 782. To \lw C. I). Coy, Limtd. 
 
 Hcply toliwt. 1 irqiK'.Kl thai tlic iiTtificiito- of tillo t(i the «huii<s uHottivl m 
 
 mo a.s iiioiito in jour lottnr. No. , uud uIm) the • fractional 
 
 cortilicalos, In- forwarded l>y [iomI to nic as holow. 
 
 Dad'd ihis day of - - 
 
 r.-<iial sioTialmc 
 Naiiit' ill full 
 Addre.-<> 
 rrofossiou or occupation (if any) ■ 
 p^,r If ccrtifiratcs not to bo .son* to the above address, s'atc iii-rc ih.- 
 address lo whifh (hoy an; to he >oiit. 
 
 Orliti(att's (o ho .ictil t'l 
 
 Form 783. 
 
 FnK'tiuttal 
 ii'rtifiditi'. 
 
 Tilt' (•. U. Coy, Liiiit<l. 
 No. 
 
 . Fiatliuiial Ccriiiicatfl. 
 
 Thi.s i,s lo certify that the bcari'r of this certificate, uiioii predentin;; 
 the .same, along with iiiuo other like certificates, to the abovo-nanird 
 
 cov, at it.s olfice, No. — , Snoot, London, E.C., will bo oiilld to 
 
 an alloliueiU. of one 10?. .share in (he capital of that coy, with ilie 
 .>uni of :>l. i'reilite<l as pd up ihon. Rut such cortificale.s iiiu.st lio 
 accompanied by an applicon in writin;r, .■•if,'nod by the per.soii to 
 whom the allolmoiif i.s to bo luaile. and tianied in accordance wiili 
 the form indorsed hereon. 
 
 Date<l Ihi-s dav of 
 
 •Si 
 
 •i 
 
 ill 
 
 Form 784. 
 
 Uequt st for 
 allot im-nt of 
 sliiir* s in 
 t'xchiiuiri' for 
 fnictioiiiil 
 cprtiHcatcs. 
 
 Form 786. 
 
 Kcqucst for 
 allittmpnt to 
 sprcifinl 
 
 jtiTsor-*. 
 
 To the C. D. Coy, Limtd. 
 A.s the bearer of the ten fractional cerlilicatos aiino.ved hto, num- 
 bered , I request the allotment to me of one 10/. .share in tin- 
 
 capital of the coy, wifli the sum of 5/. credited as pd u|i tiioii. 
 
 Dated this day of 
 
 Siirniilin'c - . 
 
 Name in full — 
 
 .\d<lro.ss - . 
 
 I)e,>i riplion or occuiialion - . 
 
 Where certificates to lie .sent — . 
 
 To the liqrs of tlie A. Coy, incorporated 18—, and huftr called 
 the old coy, and to the B. Coy, incorporated 1888, and huftr 
 called the new coy. 
 
 Gentle.men, 
 
 1, the undersigned, , of , a shareholder in the old tcy, 
 
 reque.st that the fully pd-up shares in the new coy, to which I am 
 
 dill 
 
FORMS. 
 
 147.^ 
 
 entld under the reconstruction scheme, may bo allotted in mannor Form 785 
 following: — 
 
 NameR of Allottee 
 or Allottees. 
 
 Number of Sharon to ho allotted to 
 each of the AUottccx. 
 
 Signature of shiiroholdoi- — . 
 
 Dat<> 
 
 Wlieri' the shareholder inserts in the above table the luinie of ani/ 
 nominee or nominees besides or instead of his ou-ii. siieh nominee or 
 nominees must sitjn the following request : 
 
 And I, the undersigned, request the new fov U> allot to iiio tho 
 share or shares set opposite my name in tho above table. 
 
 Signature of Allottee or Alluitoos. 
 
 Dated this 
 
 day of . 
 
 Siu or Madam, 
 
 Form 78C 
 
 lu response to your cluun, I am to inform you that - .sh:iro> in If ttj-rof 
 , ■ . ■ 1 ■ , 1 1 I allotni. lit 
 
 tlie above-named coy with pur sliaio credited us pd up have lieon 
 
 allotted to you. The amount payable by you on application is — 
 
 jiei- share amounting to £ , and you will bo so good as to remit 
 
 the same to me [or to iiio coy's bankers] [_mitnc. address] 
 
 Yours faithfully, 
 
 The Coy, Limtd, incorporated in . 
 
 -Allotment No. for the abo. -"-named coy, 
 
 Recciycd from of the sum of f payable on allnlrMenf . 
 
 Daied this day of . 
 
 o B 
 
1474 
 
 RECONSTRUCTION. [ChAP. XXII. 
 
 Fomi 787. 
 
 Reaolution 
 for sale of 
 iindertakiofr- 
 
 That the provisional agreemt, dated the day of and iiiiule 
 
 between A. B. on behalf of the coy of the one pt, and The Coy, 
 
 Limtd, of the other pt, be and the same is hby ratified and conliniitvl, 
 and that the directors be authorized to affix the coy's seal thereto iji 
 token of such ratification and confirmation, and to carry the same iut.. 
 effect, with such (if any) modifications in the details thof as they iiiav 
 think fr o assent to. 
 
 The ubuve is a form of reaolutiuii where the undertaking is soiil licfnrci 
 windint'-up. Spc p. 1452 rt »rq.. «>//j./t. 
 
 Form 788. 
 
 Notice of dix- 
 -<ent pursuant 
 to sect. 102. 
 
 In the matter of the Cos i Consolidation) Act, 1908, s. V^i. 
 And in the matter of the — Coy, Linitd. 
 
 To and , the liqis of the above-named coy. 
 
 T.VKE NOTICE thiit I dissent from the special resolutions of tlio coy 
 pa.s.-4e(l and eonfiiined at general meetings thof, held resply ou tlio 
 
 day of and — — day of . And I hby require you either 
 
 to ab.stain from currying such resolution into etieot, or to purchase tlic 
 intere.st in the .sd coy hold by me at a prii i- to bo dotorminod iii 
 
 aocorflanco with cert. 
 Dated, &q. 
 
 192 (i\') of llio above-inentd Act. 
 
 A. B. 
 
 of 
 
 Soc. r i!oH Jiiiiih of Kingatmi, 13 C. D. 808; Angln-Itnlmn Hunk v. Dr nnsi,:., 
 L. R. 2 Q. B. 4-52; De Hosnz v. .tnglo-Ilnlmii Hank, L. K. 4 Q. B. 462; 
 l.iinrlon iiiii! U'l'Stmiiisti'r Drend Co., 38 \V. R. 277. and nnprn. p. 1413. 
 
 In some preiodinjf editions of this work a copy of the afrreoment samtionril 
 by the Court in liiipei-ial Merriintile Cieilit Aasociiithn (12 Kq. 504) was sit 
 out, but that form is now omitted for want of space. 
 
 Form 789. An Agreement by Members of a Comp.vny for Recoxstru( tio\ on 
 Lines of Sche.me which involves a Distri?' tion of Assets 
 OTHERWISE than in accordance with Existing Rights. 
 
 AN AGREEMT, made the day of , between A., on l.t'hall' 
 
 of all tho members of the • Corporation, Limtd (hnftr called "the 
 
 oxi.stiug coy"), of the ono pari, and B., C, and D.. directors of tht 
 oxisiiug coy, of the other or second part: Whereas it is desirable to 
 reconstruct the existing coy in accordance with the following scheme, 
 iliat is to say: — • 
 
 (a) A new coy, bearing the .same name as the existing coy or sonio 
 other similar name, to be registered under tlie Cos (Con- 
 solidation) Act, 1908, with a memdum and arts of assoii 
 
 Keeoustruc- 
 (ion on 
 -peeial linex. 
 Ptrties. 
 li>c iuls. 
 
KOKMS. 
 
 1475 
 
 in tliu oxisliiijj; luv, 1?. 
 llio oxisliiij' lov, Olio 
 
 Lu tilt' (oriii" ot' the linifts which hu\e ahciwlv lu'i'ii propiiroil Form 789. 
 
 uikI iipjiKivptl l(y lln' iliivctois of the t'.\i->liiij; cov. 
 ( b I Tlio iiii(Jot'lakin<^ of tli<' pxijitiiii;- cov to ho iiiadi" ovlt to tho in'W 
 
 coy upon tlie toriiw of the reconstruction atiroenit, which lias 
 
 alrciitly hocii prp|)ared and apjiroved by tho diroctors of tliu 
 
 existing coy. 
 (^c) Tho dircctorw of the oxisiinii; coy to ho tho tiist diicctor.s of 
 
 Uie new coy. 
 
 (d) The proferivd wioc k and tho deloned stock, and the founders' 
 
 shares receivable under tho reconstruction us;reeiiit, to be 
 distributed ainony: tlie inembers of tho cxistinj? coy, xo that 
 as nearly as may bo every nicnibor shall receive 
 
 For every II. of preferred stock in tlie existing toy, 1/. 
 of preferred stock iu the new coy. 
 
 For every \l. of deferreil stuck 
 of deferred slock in the now coy. 
 
 For e\eiy founders' share in 
 founders' share in the new coj-. 
 
 (e) The as.-els of the existinj; coy, excepted by the recDiistrnction 
 
 nfiieenit, are to be dealt with tlius: — 
 
 'I.I The sum of i' cash is to bo applied in payiutr to 
 
 tlie liolder,s of the |U'ef<Mipd slock in the existiiijj: coy a divi- 
 den<l iheieoii lor the half-year endiiif; liie 28tli February, 
 19— , at the rale of ."> p.r.p.a. 
 
 y2.i The liips are to bo at liberty to make over tlie ex- 
 cejiled net revenue of tho existin;.' coy since 28lh February, 
 19- . upon condition that the same i treated as net ruveiiuo 
 of the new coy, applicable to the ]iayment of ilividend. 
 
 (f) The reconstruction to be carried out under sect. 192 of the Cos 
 
 (^Consolidation) Act, 190K, subject to the jirovisions of the 
 arts of asson of the oxisliiif;- (oy, and accord iii^^ly the exist- 
 ing coy to go into voluntary li(piidatiou, and to autlioii/e 
 tlie liiirs to carry out tho reconstruction immediately, so 
 that tlieie may be no int^'iTujition of tho business. 
 (g~l With all (onveiiient speeil tlie existing coy to bo dissolved. 
 
 Now T!iF,i!i:ionK I r is .M.Ki^KD ns follows: — 
 
 1. Tho existing coy shall bo reconstructed iu accordance with the 
 sd scheme. 
 
 2. Each meiiiliei of the existing <'i)y who is a jiarly to or ratifies this 
 agreemt shall concur in passing tho reqursilc rcsulutiuns to ellectuate 
 such roconslruction. and shall accept the preferred stock and cash, 
 and the deferred slock and the founders' shares, as the ease may be, 
 coming to him under the sd scheme as afsd in full satisfaction and 
 discharge of all his inierests as a member of tlie existing coy in the 
 assets tliof. 
 
 ■*' 
 
 4" 1 ' 'i 
 
 Rot'onstrui- 
 
 titill HM |H'f 
 
 sclicme, 
 Spc'ial 
 ru^olutionh. 
 
%-■■ 
 
 1476 
 
 Fonn 789. 
 
 Cunnidem- 
 tion. 
 
 When 
 abaolute. 
 
 W'lieu void. 
 
 Form 790. 
 
 Affrcitnent 
 fur exohanir*' 
 of hharrs. 
 
 •tEcoNSTKUcnoN. [Chap. XXII. 
 
 H. TliP (m1 B.. C. hikI I). .■<liull ii.HO llieir l>esl oiidcinoiirN to |>i"Lurc 
 tlie re<f>ii.>'tni('tiiiii of tlio o.xistiiifr <'oy in acrordidice with tiio m1 
 scheme. 
 
 4. Thi.- afrrcciiil i.> to boiimic ah.sDliitc 
 
 (I.) if iiiul whfMi it in nilitipd in wiitiiifr b_v uil iho iiu'ml)(M> ol 
 the exi(»1iiijf coy who uio not |iuriip.s to it, or 
 
 «LM If aiwl whoii the (liietloi.-s of the existing; coj- whall coitifv 
 lieieon in writing: ihul in their opinion tlio proportion of 
 the uieMiherH who liav(! ratified tiiin ajrreonit in ho lary:(' 
 that the non-concurrenee f)f liie out.'^tandiug: ineinb('r> 
 .«iiuiild he di.sre>rar(h'd. and in sni h ( M-<e this afrroonit ^hall 
 lie liin<linsi' on tho.se who aie parlie.< to it and on tiiov 
 who have ratified it. and siiall lie larried into ciroci ii> 
 nearly lus may be on the line^ afs<l. 
 
 5. If thi.-* af^reeint does not bei-ome absohite witiiin six i-ah'nihir 
 inontli.s from tiie (hue hof. it sh.ill tlierenpoii heroine void. 
 
 As WITNKSS. itc. 
 
 Ilavin); rcjrimi to the dccisidiis in f.iijfit/, v. /'nr/if. .'> ('. It. S!l|. and s:,„,,.oi> 
 V. /•a/inr Cii.. (iil i.. T. 72 (sw mipi-n. pp. 1141. 1142). it i» s(iiiii'tir.ii'« iic'(i..s;ny 
 to Kft nil the -li«rcli(ild< IS (oiiiscnt liofunhiUid to llio purllculiir si'licmo jiroprwrd 
 .\n afrivniPiit in the iiUtw fnrni \va- »■.«! in a i a^^c wlii'i-i' a \viiidin;r-np \\u\M 
 have al)ro<;atc<l all distiiii tiiin lii'twi-cn tlic -^I'vcral ila«rs, ai"' it was di'sln-il 
 to rpi'onstruct on tlio footiinr tliat tin' sliarcliolilcrs slmnld nil stand in the new 
 company as they st<«>d In llio old ronipany. The form lias sinii" Ih'imi niadi> 
 U80 of (with ri'piisiti' m(>diH<ati"ns) in a tinnilirr of important cases involvinif 
 many milli(ma of money and tlioiisands of sliaiclioldcis. 
 
 Sect. 120 of the .\i-t of jllllS atfoKls Imt little assist.ince in this respect, for 
 class meetinifs nnder that section can only lie liehl after the coninienepnieiit of 
 the wiiidinii-up. N'ow a wiiidiiiv'-iei witlaiut speii.il terms would preindlre 
 ono class, and that class will not consent to a winilins-iip on the chance tliiM 
 mcetinps may sul>sei|nently approve of an arranpeinent. 
 
 .VX .U;KEK.MT. ninile the - <la\ <if - . . between .\ ol 
 
 , OM JM^iialf of hiin.self and all llw oilier liohhMs of shares in the 
 ( oy. I.iinid I hiifir laMed "the iM cox i of the one part, and I! 
 . on liehalf of tin' new coy linlir inentd of iho other jiart . 
 
 WliKKi;.\s the old coy wa.s incurporaled in tlie year under the 
 
 Co.s Act.s, 1802 to 190(1, a.s a coy witli liaiiilitv linitd liy shares. 
 
 .Ami wiiERE.vs tli<' nominal capital of tlio old roy i.s .iDO.OOOL. 
 divided into 10.000 prefereiu o shares of 1(1/. each and 20,000 ordinary 
 shares of 10?. each. 
 
 .\ni) wim-.he.vs a coy (hnftr called "the new coy " i is about to be 
 formed and ineorjiorated under the Co.s ((Jonsolidafion i Acl. 1908, 
 a.s a coy with liability limtd by .shares, and intended to be railed 
 'Tile — Cuy, Liuild." 
 
 And w iii'.ri-;as the niemdiim and art.s of assnn of the now roy have 
 been |iropareil, and ^ire approved of liv <li(' paitie.s liio. 
 
 ol 
 
 fNp|: 
 
KORMS. 
 
 1477 
 
 lii< ioo.oon/.,<livi<lo(l Form 780. 
 
 Am> whkhkas the cupitiil of the new i-.iv 
 into 4(H».0(MI MharON nf H. (>iiil). 
 
 Ami >viiKm;.\s it \s (|<<sinil)li> to inaki" provision for tlic i<\chaii>{i' 
 ..I shares in the old coy for ^liarcK in thf iimv coy. ax hnftr provided. 
 
 Now IT !'< IIKKEUV \(.KKF.I> a> followM: — • 
 
 1. When thi.s a^rueiiit Ih-cohios alMoliitc, llio wi A. aii<l caih lioldi'r 
 ol' siiart's in tiio old coy wlio sliall hav<' ratitic<l this aynK-nit hliall 
 c.vclianjre hi.s or her prcfereiico and ordinary Bliure> in tlic old loy for 
 >liarcH in the now coy. as hnftr jirovidcd. 
 
 2. The coiison for the .*l exchange Hliall in eaih cas(! he a< follow.s; 
 that i.-i to «ay: Si.\t«H!n fully pd-np isharo.'* in llii- lu'w coy of W. each 
 liir every preference .share in the old coy. and twelve fnlly pd-np 
 shaie.-i in thi' new coy of II. each for every orilinary share in the old 
 
 i .!. In order ell'ectiially to ratify thi.s ajireenil, each holder of shares 
 
 in the old coy who (le.sires to ratify the «anie must, after the incor- 
 poration of the new coy. sii;ii ami deliver to the Hank. Liiiitd. 
 No. , Street, K.C, the lianker.s of the new coy. n note of 
 latificution and applicon in respect of the preference shares and 
 another in re.specl of the ordinary .shares in the old coy of Kncli 
 holder, and such M|)plicons shall he framed in the terinw of the forms 
 .-et forth in the schedule lito, and nuis| he a(Coni))anie(l liy the certi- 
 fieale therein referred to. , 
 
 4. When this a^jreemt hecomes ahisolnle. the new coy shall allot to 
 the »d A., and to each holder who shall have ratified the same as atMi, 
 the fully pd-up .shares in the new^ coy to which the sd .\ . .mil hiicIi 
 holder shall he entUl in exchanj.f as afsd, and the sd A. and Huch 
 holder Bhall transfer such share.s to the iiew coy or its nominees as 
 and when reijuirod. 
 
 It is not safe to ail<l the wordn '• that In ttic niemitinic the shares sliall li" 
 hold in trust for the new company." for that will attract ml rni,„rni dnfy. 
 l-/ie»terf>i/'l v. /ii/ni"l llri-,i>if\ (1899) 2 Q. B. 7. 
 
 ."). This ayieemt shall l>e(<)in<> alisolule when and so soon as it sli.ill 
 have heen ratified a.s afsd hy all the holders of the issued pref.Mciice 
 shares in the old coy, and hy all ihe holdeis of the i--iie(l ordinary 
 sharew in the old coy. or hy suc^h proportiim of the Ideis of each 
 class afsd of the s<l shares, not heiiip; less than nine-tenths in value, 
 a* 'lo ,sd shall considei Milficient, and shall have heen ndopted 
 hy the m'w coy. and if it shall not have heen so ratified and adopted 
 liefore the day of . it shall on that day becon.n void. 
 
 (). In coii.son of the premises, the s<l B. shall use his best endeavours 
 to procure the incorporafion of the new coy and the ralificatiou and 
 adoption afsd. 
 
 7. Ikich ratifyinji- .sharehohler af.sd shall bo deemed to authorize 
 
'•I! 
 
 U7m 
 
 KECoX»TRlT(rriON. 
 
 rcHAi. xxn. 
 
 7orm 790. the si\ A., on l»>liiilt' i>( sudi ratilViiiti' lioMcr. ai l<> oiilor intx u 
 Hiipploiiieiital iiijrri'fiiii with iln- now cdv wIhmi iiicniiiniatwl I'm- tin 
 adoplioii liy (Ik- new uv of lliis uirrooiiil ami loi' the diMchniffo of 
 tho N(l U. from ull li.inilil.v iIioii'iiikIci , aii<l foi llic iilcnlitiratioii of 
 tlicshuivs to Ik- ullnttfil IonihIi ratify iiiu >liaii'li()lili'r; ami (lit tndiirii 
 a traiiwlcr in nccoiilariiH' with claiict' -J linf. 
 
 8. In icsppcl of ihf |pil-ii|i .■iliaic< af>4l. tin- new cny >lmll fiiiifo ii 
 
 MuQieiont roiitra' t or loiitract'*. within tli<' nivaniiiy of k»'<I . 88 of ijic 
 
 Co« ("Consolidation I Act. Ht08. lo Ix- lilcd witli (he Korri-lrar of V<u- 
 
 As witlu•K^< th(< iiaiKJ-' of ilic |iaili<'> Iii<i llii' ilav an<l xcar tirnt alviM' 
 
 written. 
 
 fTili; Si 111 hi I.I. .iiiiiM, 111,1 i.i:ni;ii m. 
 .l/iji/irntioii f'litm in rmprct of I'lffeictivr Shiif. 
 
 Trk 
 
 Cov, LlMTl). 
 
 To the 
 
 Cov. fyimtd. 
 
 (JtNTI.IMK.v, •llavliiL' lixifri'"! with yiiiir li;iiil>i'r» my iritiHiiitc fur — — 
 preference nliuri's in ttic ('<iy. Kimtd. I lil>y ratify tin' ajirciMiit of tlic - 
 
 (lay of , 19- -. u copy of wliiili id iiidoised liereon, iiiitl I rojuest you. pur- 
 
 j^uant to that ajfreemt, to aUot mo — - fully pd-up preference iiharo!i of £ 
 
 each in your capital (beini; at the rate of — dharc^ for every fihares 
 
 held by me in the - Coy. l.,initd), and I a^rree to accept such shares and to 
 .^ign a tranMl'er of ull niy preference slians in the Coy. I.imtd, if and 
 
 when calied on no to do. 
 
 Sif^nature — — -. 
 
 Name (in full) . 
 
 Address . 
 
 Ociupation . 
 
 Date J. 
 
 The usual plan is to omit cluuso 3 anil the scIkhIuIi', and to send out printed 
 copies of the agreement with words at the foot, " 1 ratify the agreement of 
 which the above is a cojiy," and spa<e for a Hijtnature. and then ask the raemlier 
 to sign and return the form. 
 
 The U(5recnient only wants a tW. stamp. Hut if the transfer of shares is 
 carried into effect, '"' valmFin duty will be payable. •/. 4' !'■ Cant', Lid. \ . 
 Comm!»tionerii of l„h,,„l R,',;n,„: "(1897) 2 Q. li. 423. 
 
 Form 791. 
 
 The New 
 
 Cov. LiMTn. 
 
 Circular aa to Dr^h Sir or M.U).\M, 
 ilistnbtituin 
 
 in .specie. 
 
 A.S you arc doubtless awaro. tiio foliovvino; rosoluti'-n v ore passod 
 at tlie extraordinary fjcnoral nicetinfr of the — Coy, Linitd, hold on 
 the 4th day of Aug:ust, 19 -. 
 
 [Resolution to iviiul up and to dlntrihutc uli/irtvi in the .Vrtr ('oij 
 
 in specie. e.().. see Form ."il7, y. 1128.^ 
 
I-OKMH. 
 
 I47» 
 
 Ak ' liold«>r (.f mdinury Hliures in llio Voy. LimUl. you Form 791. 
 
 1110 euild to cell for the alloUneiit to you or your noiuinoo or noaiineiw 
 o( - fully pd ortlinary shares of W. each in the capital of tho New 
 Coy, LiiiiUl, and, as you will see from tho above resolutions, your 
 tli'Li ion must bo mado within twenl.v-oiiu days from tlio passinjf of 
 iho^o resolutions. 
 
 Th«! agrecmt providing for tho issue of the shares rot'orred to u" 
 fulh pd has been or is about to bo fliod with the RegiHtrar of Con. 
 
 Aiino.vwl to Uiis circular is a form of roijucsl for allotniont, uud 
 »(■ .slittll bo obliged by your signing it and forwarding it to u>. 
 H(i ouipanitHl by tlio ccrtiti(at« for tho shares now held by you, noi 
 hiici than the 25th day of .\ugU8t, 19~, and tho shares will then hv 
 illottt'd in due course in uccordancc with your wishes 
 
 Yours obediently. 
 
 To - — 
 
 — ( 
 
 l.i.(iii(laloi> 
 
 i; 
 
 Form of Hcquesl far Allot iiniil 
 
 To the li(ir8 of tho — Coy, Liint<l (in liquidiiii. 
 directors of the New ■ Coy. Linitd. 
 
 niiil to tlio 
 
 (•KNTI.KMEN, 
 
 1, t ^ undersigned, of - -. a shareholder in the Coy. 
 
 I.iuiid (in i.(iuidation), request that the fully pd-up ordinary 
 
 >haios in the New Coy, Limtd, which I am cntld U) call for undei 
 
 a special resolution of the Coy, Limtd, passed on tho of 
 
 . may be allotted in manner following: — 
 
 NameM 
 
 iif AUiittcoH. 
 
 Addrenw.'*. 
 
 NumlK'r of ShHri'M to 
 Ik: Alluttod. 
 
 JJated this 
 
 day of . 
 
 Signature 
 
 In the case of shares held by more persons than one, each person 
 must sign this request. 
 
 Where the shareholde- instirts in the abovi table the name of any 
 nominee or nominees besirtes or instead of his own, such nominee or 
 nominees must sign the following request:— 
 
ft 
 
 imt KECON8TRUCTION. [ChAP. XXII. 
 
 Form 791. And 1, the uaderaigned, request the directors of the Now Coy, 
 
 Limtd, to allot to nui the fully pd ahareit net oppo^ita luy uamu 
 
 in the above table, and I authorize the coy to inMrt my name in their 
 regiatcr of members in reepeot of cuch HharoH. 
 
 tiignaturo of nominee — . 
 DatMl thi« day of . 
 
 We re(,u<»t the directom of the New Coy, liimtd, to allot thu 
 
 A(l .tharoM uH above. 
 
 I Liqrs of the 
 
 I Coy, Limtd. 
 
 
 ii 
 
'4«1 
 
 AMALGAMATION. 
 
 OUAPTK'.U XXIIl. 
 INTKODIICTORY NOTKK. 
 
 TiiK K'iMi "iiiiialifitiiiittion " ii/< wmhI in ■. 'ii';i/u tn romiuiiiit's liai no WImt I- un 
 1 ■ 1 ' II I I 1 r . nmiiliniiiii- 
 
 KMhiuiiil iiioaimi;; It in u ■ ,<uliir plilii i"! us Mich, liii-* for iiiiuiy ^j^jji v" 
 
 u'liiM iNiK' liist «'(lilii)ii of t' "Ilk, piiliii loil in 1877) lioi-ii usoj to 
 
 <l<'. .!>o vurioiiH (riiiiHUctiiiiiM dilloriii); rDfihiilcrulily in il(«tuil hut 
 
 ircnorully falling; within oiio or other of the following hcail.s: 
 
 lUl TIm' Iranxfcr of the undertaking of an cxiHlinur ronipanv or of 
 Hovoral exittting; coniiianies to another oxisting not newly 
 fornio<t eornpany. of whiili all the inemheir" of t!.o trun.-.- 
 ferriii",' coinpany or conipanien l)eroini> or have tJio right 
 to heioino inonilierw, anil the Nul>sei|iient (liH.-*oliition of the 
 Irtuisferrinjr lompany or cotnpauies. 
 I>) Tlio tniiiMfor of th<> uiiilerlakintr of two or more existing com- 
 panies to a new cipinpanv formed to take over the same, of 
 which all the mend)ers of the ansferring companies hefomo 
 or have ho right to becoim' momlicrs, and the «ub»ci|uent 
 disscdution of the tmnsforring companies. 
 
 The term 'anialgamution " had long before 1877 boon used to 
 describe transactions of this kind. See the Era cus^ (18G1 i, .'lO 
 L. .1. Ch. 1.17: Ili'tn't vane, 2 H. it M. <!(»'.; Since and Worthn case 
 (I8(i!M. 4 Ch. <!82; Douijan'-i aise (1873), 8 Ch. 545; Wijiim-'s nw 
 0H7.'!). 8 Ch. lOO.!; Doman'x cane (187t)), 3 C. D. 21. 
 
 A frun.saction may bo an atnalgaumtion notwithstaudiug that the 
 terms ■'pnicha.se" and "sale" are used. See tho last-mentioned 
 «u(cs. It is also imnuiteii.il that u se! ,-;iaiiliiil part of the assets are 
 excepted. Wnll v. London and Aor/Zic /( A.ssrt.i Corporation (.Vo. 1), 
 I 1808) 2 Ch. 4«9. There Chitty, J., oaifl: " I" this ease thoro is u 
 selling of tJie assets with the exception I have mentioned, and there 
 is, I think, an amalgamation in this sense, that the purchasing 
 company gives to the selling company shares in itself to be dis- 
 tributed according to the ilauso which I shall mention presently. 
 
ff^^ if i 
 
 148-' 
 
 AMAU;.\M.\TlO\. 
 
 rciiAi-. xxiir. 
 
 Ailmtitajfi- 
 of amaI)rH- 
 matifiii. 
 
 Hy sp«'( ial 
 Act. 
 
 Under 
 
 toot. in.> 
 
 That seems to iiif in llic (irdinnrv an<l lo.asnii.iblo sciiso of (he toiiii, 
 and certainly in the sense iti «hiili it is used in this artiele, to be an 
 anialsanintion.'' So<> also Soidli Afriiiiu Siippli/ and Cold Stonifje 
 Co., (19041 2 (.'li. 2t>S, thai tli(> evceptidii of a (lortion of the ii,s<ots 
 from the transfer <|n(>> nut deprive the iraii^aciion of the eharuiter 
 of an amalgamation. 
 
 Where a company lia.- Iieen dis-olvcd in puisnaii . /)f an arnaitra- 
 mation scheme designed lo defeat pa\Mieiit of the ((impanv's dehen- 
 turc holders, smh dissolulion will he declared sold under sect. I'l'.f 
 of the Companies i Cousolidalion ) .\ct. liM)S. I!r Sji(ilf,siriniif, Ih.roii 
 and Ilunthiii. Ltd., ilitl^i 1 Ch. Hit. 
 
 A large company is jrenerally in a much belter position to carrv (jri 
 business .successfully than a small one. 'I'lie expend- of mana<,'emi'iit 
 in a small company is relatively imich more burdensome than in a 
 large one, and in order to keep it down a small company is. very 
 commonly, obliged to employ directors and olhci .)lllieis and agent.- 
 of inferior bu.iiness ca|)acity. Ayaiii. the shares of a small company 
 are not uncommonly un.saleable. e.xtept jierhap.-- in a local market 
 where the demand may be limited and uncertain. This places a 
 small comj)any at. a disadvantage: it may. and often does, tind con- 
 siderable difliculty in placing its original capital, and still greater 
 in raising any further share capital. And not only has a small com- 
 pany difliculty in |)lacing share capital, but it has liitle or no chance 
 of borrowing on debentures. 
 
 This is why the amalgamation of -mall underiakinjrs has for some 
 time been making considerable progress. .Vnuiljer great indiicemeril 
 to amalgamation is lh<' desire to terminate <ompetition. However 
 goo<l competition may b(^ for the public, it is veiy often ruinous to the 
 parties engaged in it. 
 
 An amalgamation may be ellecU'd: 
 
 (1.) By special Act of Parliamenl. It is not vcr\ often that this 
 mode is adopted by companies formed under the Com- 
 panies Act*. Sec Part 111. 
 (2.) Under sect. 192 of the .\ct of 190S. This is the mode 
 
 generally adopted. 
 (3.) Under a power in the memorandum of a.ssociation to sell 
 the undertaking for shares in another company (see 
 Form 114, mipra. p. .')10K combined with a power in 
 the articles to divide asset** in a winding-up in specie. 
 So long as the validity of a power of this kind to sell the 
 undertaking was re('Ognized (mipra, p. 14.i2 et scq.), it was 
 not at all uncommon to etl'ect an amalgamation of several 
 companies by forming a new company, which acquired 
 the undertakings of the old companies in exchange for 
 shares, and then later on the old companies went into 
 liquidation and distributed the shares. This plan was 
 specially applicable where the new company was going 
 
 m^ 
 
INTKOmcn »IJV NfVIKS. 
 
 um 
 
 (o oiler its oiipiliil. or mhmc |mil ut ii. I'.ii |iiil>lii* iiilis'iip- 
 lioii. as ilic ill riiiiijcinciit.- I'm :iiii:il-.iiimlinii Kiiild hv 
 made (Oiiilitiiiiiiil mi ilii" in'u iriiii|':iii\ tloniini;-, aiiil llioii. 
 if it (lid not lioiil. llic ;it;iiM'mi>Ml- .niild In' di'ti'tiiiiiiod 
 
 and tlic old i<iiii|i:iiii»'s loiild ^c ii> licloii'. Uiil since 
 
 the liififjooti nisf see siijifii. p. 1 1-">1 litis mode til'innalfra- 
 niation is no lonijei- piarticaldi' Apail Irmii tliis it was 
 not aKvays availalde. iiuinj; lo llie ilisence <>( a siidiiiiMit 
 |)ower in the iiMinorandiiiii lo sell ihe liii>iiie~> 
 The fait tlu., the afireemeiil foi -ale piiipml- I" pro\ ide lin« the 
 
 >idoiation is to be dislrilmted aiiimi^;- the shareholders of the 
 
 -Hi 11^' eonipaiiy does noi reiuler the a;;ieemeiil il-(df invalid, 
 liihoiifrli the projiosed disliilnilion ma\ I"' iiiron-isli'iit willi the 
 I \Aitx of tlie sharelndders under the memorandum and iirlii le-. Wall 
 \ London and Smihcrn Aaxfis ( „ii>nii(lliiii. \H'.>H > •_' Cli. Ml!". Hut 
 
 .III injunction may in .such a case be oblai I to prevent the u-ssels 
 
 Iroin beinp: dLstrihiitcd aiiionpst the menibei~ otherwise than in 
 ;i. ordaiice with their rijihl^ and interests in I lie conipan\ . Mdninr- 
 \ St. Din-id's (iold and Coppi-r Mine". ( HHVti 2 Vh. .V.t;!. 
 
 .4^^ 
 
 Amalgamation under sect. 192 of the Companies Act, 1908 
 (sect. 161 ^siipia. p. U.U 1 oi the Companies Act, 1862 1. 
 
 There are two modes ol etleciiiiu- an ainalj^amation iindei scil P.tL! Two inddcw 
 
 I if ctf citing' 
 Ml us:- ■ amHVainit- 
 
 ,/i Company .\. and Coiiipanv B. de>iic m aiiialcamale. Com- '^^ ",',"?,'''' 
 puny A. pas.ses a special resolution lo wind up. ajipoiiil in;! jj^j,, /„% 
 liipiidalon*, and direitinc: them to. sell ihea-M'ls to ( onipany 
 B. in eoii!*idcration of .shares in tlial ((Hiipany to be allotted 
 to the members of Company A. Tlie liipiidator- act accord- 
 ingly, and Coin])an> A. is then dissolved. 
 
 h^i Company A. and Company H. desire to aniajrrainale. ( oni- Modi' ('',. 
 |)unv C. is foiiiied to acipiin' iheir as,>ets and liabilities, and 
 to carry on tlie anialganial<'(l biisiiu'ss Kacli of the old com- 
 panies thou pas-ses a .special resolution as in the last case, the 
 liquidators cany the sale into elU'ct, and the old companios 
 are thereupon dissolved. .Sei' [lifif/'x case, 2 11. & M. <;•>•>■ 
 
 I'lau (a) can only bi! adopte<l where one of the companies desiring;- When ;iliov<» 
 lo amalgamate has power to ac(iuire the projiorty and liabilities of the ^'^;;"^ 
 other or others. 
 
 (Man (b). on the other hand, is available in every case, and is often 
 adopted, oven where there i.s an aiii|)le power to piirclia.se. for the 
 circumstances of the eonitianies, or the terms of tlie amaI<ruiiialiou, 
 very commonly render the establishment of a new company necessary. 
 
 It iiiuv be TOiivenient here to follow i 1— e'v the course of proceed- 
 
:!i!:'f!!: 
 
 J484 
 
 AMALGAMATION. [ChAP. XXII I. 
 
 ail 
 
 ! ! ? 
 
 l'pi>f,«>(liii)jf(i 
 *m amiilga- 
 ■nation. 
 Mode (a). 
 
 Terms. 
 
 .V^reetnent. 
 
 I'lau (»). 
 
 How debtM iif 
 transferrin )f 
 oompauy to 
 be paid. 
 
 ings upon an amalgamation in nooonlanoe with these two mo(lo< 
 And, firat, a.s to mode (U). 
 
 Wc will Kui)i)0»<e thut Conipanv A. and Company B. desire to amal- 
 gamate; that tJie (liicvtoi'.s of Company B. have full ijowor to purthu>i> 
 the assets of Company A.; and that theii; are MulHcient uuallottcil 
 nhare,-! of Company B. at the dispunal (f the director.s thereof. 
 
 The lir.sl thiii<j: i.s for the direct()r> of the two companies to arriiiii;i' 
 the terms on which the sale is to be m ide. They mii.st .settle wliothn 
 the consideration is to con.sist e.\clusively of shares, or partly cii 
 .shares and partly of cash, whether the shares are to bo fully or partly 
 paid uj), whether Company B. or the licpiidator of Company A. i.^ ic 
 piirclia.se the interests of dissenlicnts, and satisfy the debts of Com- 
 pany A., whether any of the directors of Company A are to become 
 directors of Company B., and whether Company B. is to compensate 
 any of the olficers of Company A. for loss of otKcc, and so forth. 
 
 When the terms are settled they will be embodied in a conditional 
 afiicement. See hifni, Vorni 7!l.'{. Notice of the arrangement is then 
 given to the members of Coiii[)any A. by the directors thereof, and 
 HH'etingn are called to pa.ss a special resolution to wind up, appointiii;^ 
 a liiiuidator. and directiiif; him to adopt the agreement. The special 
 resolution having been pa.sse<l. the li(piidator adopts the agreement 
 and carries it into ellecl. Company H. will allot the shares as pro- 
 vided by the agreement ; the dis-iontients will be .salislied as arranged 
 The debts of Company A. will be paid aii<l li<piidated by Conipanv 
 B., or the li(piidatj(rs of Company \.. according to the arrangement. 
 As soon as may be. Com|)aiiy .\. will then be dissolved. 
 
 It will l)e observed that the proceedings are very similar to those 
 U|)on a re<'onstriic;ion. 
 
 If the ainalgamatioii is to lie elliMtod by a sale to a now companv 
 acccn-ding to plan ^In. ilie terms of amalgamation w-ill be settled 
 Letween the directors of the companies proposing to ainalgamate. and 
 cmiiodied in an agreement made with some |)er.son on iK'lialf of tli«' 
 intcnde<l new c()in|)any. f]acli of the comiianies then passes a special 
 resolution as above, and the subse<iuont course will bo the .same a> 
 above upon amalgamation according to plan (a). 
 
 An amalgamation accoi-ding to plan (b\ (do.sely resembles a recoii- 
 stjuction by means of sect. 192 of the Act of 1908 (sect. 162 of 18()2 ). 
 except that it involves the reconstruction of two or more companies 
 instead of one. See xiipra, p. 14H.> et seq. 
 
 In every case of amalgamation, the question aris' i whether the 
 debts, (X)sts of winding up tlie selling nonipany, and the obligation of 
 satisfying the dissentient members of that company, are to be borne 
 by tlie purchasing company, or not. The chief advantage of throwing 
 the burden on the purchasing company i.s that the inoinbors of the 
 selling cotupany. who will be ."ailed on to sanction the arrangement 
 by special ro.solution, are more likely to do so if they know precisely 
 how many shares in the purchasing company they are to receive; but 
 
INTKOUUCIOHV NOTKS. 
 
 I 4H:. 
 
 iliis cunnot b(^ if the s<'lliii>j compaiiv i< to Ikmi iIk' Imnicti. On lln> 
 olher huiid, the imiThasiii}? i)iirlv nuiv not be williiisr to ac<e|.t u 
 Imnlen which is moro or less imleHiiito: it iiiav well iiipler to piinliMs,' 
 ih<' assets for ii fixed smii. 
 
 In practice the hiirdeii is aInioM alwav< tliniwn on the piirchaMii;^ 
 
 niiupanv. 
 
 Where the biinh'u of iiaviu;,- the (|ebt>. losts of win.linn-np, and 
 olilitfution of .satisfying .lissciitient nMMubci> of lb- .-elliuj: conipany 
 ,,i conipanios is not to l)e thrown on llic iHiichasin«- <i)iMpaM\. the 
 M-icenient wiih the imnliasiri'; .(.ni|.an> will be for the sab' of the 
 ;,s>cts in consi(b>ra;ion of a detinitc number ot shares in (be |.urcha■^- 
 in- conipanv to be aib)tte(l to the ii,,niibitors of the >ellin<f onipanv, 
 or'as they (iireii: and liie special re-obilion of the .-ellinir cmnpanx , 
 bc.-ides p-ovidinfr for th<- windin-r-np. aiipointineni of liiinidators. 
 ,.nd adoption ol ihe a-recinenl. will .lirect the li.piidalors 1.. sell s,, 
 nianv of the shares as may be necessary |o pa\ the .lebls. ros|. of 
 uindin-i-np. and to .-aii^fv dissentients, to api)l\ I he pro.eeds lor 
 lliese p\iri)o>es, and lo dislrilmte the reniaininu- shares amonu' the 
 members. Sonielimes the ajireemeni prn\ ides I'oi the retention by 
 ilie .-elliny (ompany of siiUicienI funds to pay its creditors. 
 
 In s,,nieca~es the dirertors of a (cimpany can only acipiire the assets 
 ol anolher company with the sanction of their own company m 
 -cneral meeting- or by special resolntion: and where this is the case. 
 ;i,^ reoanls a coinjiaiiy to which a sale by way of amal-amaiioii is 
 proixlse.! to be made under .sect. I'.C' . se, t . Kil i. the necessary sanc- 
 tion nmsi be obtained: and it ought to be oblaincd hcfoiv the scllin- 
 .nmpanv is called on to pass ,he -pe.ial reM.lntion b.r ■.\indinu 
 up. Ac. lor it would be a .serious miscarriage lor ihe .>ellin'; rouipan> 
 if. after the passing of the resolution to wiml up. the agreement 1. 11 
 ilirough. The <udy course would then b,« to rercnistinn nr to appiv 
 lo the Court to slay ihe liipiidaticm 
 
 It is very common, upon an amalgamation, to pinvide that .-nine ol 
 
 ihe direcH.rs of the selling c(unpan\ shall bei dire, lors of the 
 
 purchasing company. Where the amalgamation i~ elVe 'e I by me.in- 
 ol the formation of and sale to a m'W r,,iupau.\. tlii- i~ provided for 
 l.v the articles of the new companv. but if the -ale is In be to an 
 e.visling company, it i- -eneiallv inve-sary to obtain ;he sanction 
 „l the agreement by ..rdinarv or special resolution of that company . 
 for the power of appoinliu- dir.viur.- i- almost alwavs vest.vl in the 
 ■ cinpany in general meeiini;-. Sei' >7.ire ,ni,I Wmlli's ,■„•<,■. I ( 'b 
 liH."); and Jaiiicn v. Eve. L. R. *• H. L. ibi'). 
 
 s:,. i,.f. if, ixiuv '«> neie.ssaiv lo >>et the ^ancfion of an ordinary or 
 
 Whrrr tnmB- 
 
 frrriTi^r I'lni- 
 pjiiiy tu pjiy 
 It!* own tit tit- 
 
 Wllfll -I'l-tla! 
 rt'Sttltltieil et" 
 puffhfisinjr 
 
 fiillipilIl.V 
 
 iiwtrt-.'irv. 
 
 .\s ti. iip- 
 
 |MiiiitimTi; "t 
 tlirttt'T- if 
 .-flUiiir , <tin- 
 p;iny to lie 
 ilirt'ittirs of 
 puri-liii!tiii^ 
 foin])!iny. 
 
 specni 
 
 1 rosolutitm of the purchasino- , ompany where -lie agreomeni 
 
 olves the creation of new shares by that coniiiai: 
 
 involves 
 
 Upon ail 
 
 amabmniation. it is bv nn nieans uncotnnitm lo prov 
 
 compensation lo sui 
 company 
 
 h of the directors tu- other t.tfi. ei> of the st 
 
 de ftir 
 
 llilio' 
 
 as are nol ti 
 
 ler the purchasing companv 
 
 S:itittit.n if 
 iiiw .-li;irt^- 
 liitvf tf. Ik- 
 tif.tl.tl. 
 
 C'oinpcnsKti"t» 
 
 (■t'liin^f 
 foiiipHiiy. 
 
 
 i^a 
 
I486 
 
 AMALGAMATION. 
 
 [Chap. XXII I. 
 
 Wi' 
 
 Xotico« of 
 meetiDf^ to 
 •>e explicit. 
 
 Objects (if 
 porchaKiu).'' 
 may be iimre 
 ext'^nsivetiiau 
 thuse uf Hell- 
 ing company. 
 
 What com- 
 panipii can 
 amalgamate 
 under 
 sect. v.n. 
 
 \n to name of 
 amalgamated 
 compsmy. 
 
 Amalgama- 
 tion witli 
 foreign 
 • ompany. 
 
 2sor is llioif uiiv olijfitiuu to .iiiili au unuiitrcinuiit provided ihuic is 
 no concealment, ^outhall v. British Multuil Life Aitiurance Society, 
 6 Ch. G14. It lias been held that the notice coiiveniug the meetinn- 
 ou^'ht to diwlcsc .such provisions. Kaye v. Croydon Tramuxiys (l<i., 
 (1898) 1 Ch. ;io8, lolloncd in Tiesseii v. Henderson, (1899) 1 Ch. 
 861; and .soo Sormaiidy v. Iiut, Coope it Co., (_1908i 1 Ch. 84. 
 
 Tlic notices uiUinfr general meeting.-! to pass the special rcsolutiuii> 
 should be sullicionlly e.xplicit. (See )>. 1448.) They should l.c 
 acconipauiod by a circular showing the nature of the plan, and, \\ 
 no ))revious coiiiniunicatiou on tlie sul)ject has been made to tlic 
 moiubers, the advantages or necessity which should induce iis 
 ado|)tion. 
 
 The notiics ought to contain some reference, direct or indirect, to 
 .sect. 192 of tlio Act, ))jirlicularly if the memorandum or articles 
 lontain a power "to amalgamate." Set." the ci«e of tlio Imperial 
 Bank of Cliiim. itc. v. Bunlc of Hinduxiau, dc, t> Eq. 91; also Foa-'.s- 
 rase, Ch. 17G. It is now usual to refer e.\pre.ssly to sect. 192. 
 
 -As the vabdity of tlie re.sohitions de})cnds on the sufficiency of tlic 
 notices, it is a .serious mistake not to render them proper and .sufficient 
 bey<]n(l dispute. See also .^iipra. p. 1448. 
 
 Upon an amalgamation ctlected under .sect. 192 of the Act. it is 
 no objection that the obje<t8 of the purchasing company are more 
 e.xtensive than those of the sellintj lompany (SoittlMll v. British 
 Miitmil Life Asuioiince Sn-iety, 11 Eij. iJ.jl; nor that they are en- 
 tirely difl'erent; indeed it is often one of the very purj)o.ses of the 
 iimalgamation tJiat the objects of the purchasing company shonM 
 bo more extensive and diversified. 
 
 Any coni))any capable of being regi.stered under the Act of I'.tiiS 
 (see Part VII. of the Art t laay cllect a reionstruction or amalganiii- 
 tion under .sect. 192. It should register under the Act and inune- 
 diately afterwards resolve on a voluntary winding-up and siibv 
 .•^ect. 219 1 1 ) of the Act provides that such a registration shall not lie 
 invalid by rejwon that it has taken place with a view to the conijiany 
 being wound up. and it li.is been decided that registration with :i 
 view (o winding up and selling under sect. 192 is not open to (jbjcr- 
 lion. SoiiUitiUy. British Mutiiul Life Asaiiranir Society, 1! V,i[. (i."i. 
 
 If it is desired that the ])urcliiising com|iany should assume lb(> 
 name of the belling company, or jiart of it, tlie ao:roeiiient will |)roviile 
 accordingly, and the change will be made, with the consent of the 
 Board of Trade and of the liquidators, under .sect. 8 of the Act. 
 This has been done in various cases, and may bo effected in a fen- 
 days. 
 
 An amalgamation with a foreign company might have been effected 
 under wet. 1(>1 of the Act of 1802, but it cannot be under sect. 192. 
 See Thomas v. The United Butler Corp. of France, (1909) 2 Ch. 
 484, and supra, p. 1439. 
 
INrKOUUC'lOUY SolhW. 
 
 14S7 
 
 l)ii*Mfiiii''iit*. 
 
 h'ii'iitirtifi 
 Inviili'l 
 
 ,V„ i,;.! iciit loi !•• ail.ipuMl l..\ ihf li.|iiiiliili>i.s puisuanl lo a 
 
 Til.' aMifcm.'iit iiui> ).r.)\i(l.' I^i ilic allotuiciit ol the sliari's to tlif 
 ii.iuulalois. til- Id the moml>oi>- .liintlv. Set- >nii)iii. p. 1440. 
 As to <li-MMilioiils. Kci- xqini ;'ii U I'J 14H 
 
 A-^ III llK'if iikI" "'' acliiiii Inr jiiin Iium- iiioiii'v. >i'<- Kiipni. p. 1441! 
 As lo arliitiatiuii. M'O .<//;>(((. i>. 1U». 
 As tu tli<> lijilils of .lisMMiliciil-. iH'iiiir n->lrl' H'l \<\ llio articles, sec 
 
 ■-"/"■"• 1'- "♦■■'■ , . , • ,■ 
 
 As to i.lU'iiii;^ arli.los ul a--oiiatiuii with a Mt'w to dopnvo ilis- 
 
 MMiiiciits i.r tlicii lijrlits muK'r sort. 1)11 < now sect. Ii»2j, sue suiiru. 
 
 p. m:.; fW.s <■<(.>■.', t! I'll. IS.!; n,ii;ti;j-(!oiilit \. Sharpinijtoii S,/ii- 
 
 dicU: 1 i«'.»ui •2. ell. HO; /'".'/'H' V. loik Co., ( i!M)oi 1 (;h. ao8. 
 
 All au'ioeineiit in a AviiKliii<;-.ip to sell the asset.~ in <,.!isi(loiatioii ot '.'""'' > 
 .-liai-es. (oiiplcd witli a piMvi-iuii that if the leali/eil value should not 
 aiiiouul to a ii.\e,i sum the dctic iemv slioi.ld lie made i;oo<l hy a call oil 
 the members of the selling; <omi>aiiy, is not .sudi a sale as lau he uiaih' •'kt.hmi.iii. 
 under sect. 19L>. Even if the call was lo ho made on the asseutinn- 
 iiieiMhers only, it is conMdero<l that such a sale would be invalid. " li 
 i.- suUicient to say that, in my ojiinion, the licpiidators of a company 
 w.iuld have no ri'iht to jdaco a shareholder of a eomiiany in this 
 |.o.-iii(ni. that he nnisi either dissonl altogether from the arraufrement. 
 and lie .subject to have his share taken liom him at a valuation, or 
 eUc come in under the arranuemeiil. and thus be forced to siibjecl 
 liimsclf lo the liability of unniaiitoeinu- tiie sniliciency of the assets." 
 Per Lord (aims. L. <'.. <'llii'h v. l-'iiuuiriiil Coriiiiidlii'ii, 4 fh. 120; 
 p. 14;!<.t, sHiini. The )Uopeiiy to be sold under sect. l'.>2 is the a.ssets 
 of the company. e.\( lusive of its uiicalle<l ( apilal if anyj. N. C See, 
 however, supra, p. 14.'>'.t. 
 
 Hut there is no objection to a sale bein- ma<le in <onsidoration of .S.I•.l■.>l■l...,tl^ 
 shares whuh arc to bo dociiiod only in part paid up (Clti/ ami !['{'.'V'"'v,,ii,i 
 i'Mintil hivcsUtuitit Co., l.i C;. JJiv. 47.J; Imperial Mercantile Crcilil 
 .Usocuitimi, 12 Em. ■•.04: H.-stcr d Co.. 44 I.. J. VU. iru: Vo^^ih- 
 Ihwaitc V. I'ort I'liilip (■■>.. 4;i C. I). 4.>2; .l^.«»t v. Motor Trart>o» 
 Co., {VMr,\ 1 Ch. 41".». a case of sale under powers in the memo- 
 randum . t as.socia:iouV. or in considorution of deferred or prefer- 
 ence share> . 
 
 As to validiiv of silo lo a nu.-teo for the now company, soo supra. s,il.- 1.. 
 
 Irusttc. 
 p. 1439. 
 
 As to amaluamalion and tran.^fer of the business of assurance An.iilttMin..- 
 companics, .see the Assurance Con.punies Act, 1909, in Api.ondi.N. ^,'^;,;;;;,*„;.',' 
 infra. Under the Act last mentioned the .sanction of the Court must ,.,,iiip:ii,i, -. 
 ' ' btained to any transfer or amalf.ramatioii. See further, .mpra, 
 1). .;129. 
 
 !• •:| 
 
 'if-' 
 
1488 
 
 AMALGAMATION. [('HAl'. XXlll. 
 
 PRECKDENTS. 
 
 Form 793. 
 
 ARTcemenf 
 witli a vii'W 
 tci amalffii- 
 matinn. 
 
 AGREEMT with a view to un Amai.(.\mation botwooii two 
 existing companies. 
 
 Ill tlio follcnving ca»o u wimpiiny A. iind ionn>uny 11. C. arc dcsiiuus ..t 
 umalgamatiiig; the dircttorH of the latter have full power to aoquire the a><-'ctii 
 of tho former, and there is a suffieii iit imiiiher (if iiiiissueil sharesi m the B. I', 
 eonipany for tho purjwses of tho aj;reeiiieiit. 
 
 |,H 
 
 I'artieM. 
 
 Reeitalx. 
 
 Tho aj;re<"ment will he a» follows; - 
 
 AN AGREP:MT made the day of , between N.. of . 
 
 on behalf of the A. Coy, Limttl (,hnftr culled the A. Coy), of ilic 
 one pt, and tlie B. C. Coy, Limtd (hnfti- called tho B. Coy), of llic 
 citl'.er pt. WiiKRKAs reritv iiirwpdiatioii of A. Coy: aipital 40,0(Ml/.. 
 in 201. shiirejt. with 10?. paid up : (til the shares i^smed u»d fully p'lUI 
 up : And whkukas tho 15. Cin w.u- incoipoiatod in the year • 
 under the Co-i Acts, I8ti2 to ; \sv wheukas the uorniual capital 
 
 .if tiio H. Coy if OD.OOO/.. divided into C.OIKI .shares of 10/. eat li. 
 whereof ;J,00(l, and no nioic. have been is.suod. and now stand credited 
 in the books of the U. Coy a> haviiif; iiecn fully pd up: And wiiekkas 
 it is intended U> pru<urc the A. Coy to pass si)ocial resolutions for a 
 MiiiinUry winding-up, appointing liqr>. and directing them to a<l(.pl 
 and carry into effect thivS agreemt: 
 \()\v IT js iiiiY A(iKF.K.i) a.s follows: — 
 
 1 . This agreemt i.s conditional on tJie adoption hof before flic 
 
 dav of ne.xt, by the liqrs of the A. Coy, with the sanctmn i>t n 
 
 si)ccial resolution of that luy. 
 
 2. TliC A. Cov shall trau-sfci uiul liic H. Coy shall take over all and 
 singular '.supra. Form 771. cl. 1 . 
 
 ;i. As a pt of the coiisou for the sd transfer the H. Coy sliall pay. 
 satisfy, and discliarge all the debts, liabilities, and engagements ol 
 the A. Coy now, or at the time of suiii adoption as afsd. binding on 
 it. and shall at all times kcoi) tho A. Coy. &c. [supra. Form 771. 
 cl. 2j. 
 
 4. As a further pt [supra, Form 771, cl. ;J ;. 
 Compensation o. As a further pt of tho con.son for tho sd transfer, the B. (Joy 
 to officers of ghall, within three months from tho adoption hof by the liqrs of 
 
 the old coy, with such sanction as afsd, pay to — - the sum of £ , 
 
 to the sum of £ , ami to and tho sum of £ 
 
 apiece, such sums to bo ac{vi)ted by the sd persons in full discharge 
 of all claims by thoni rosply upon the A. Coy for loss of office 
 occasioned by the winding-up tliof. 
 
 Oonditiuu. 
 
 Sule. 
 
 Part eon- 
 sideration 
 
 A. Company. 
 
KOKMS. 
 
 ItHO 
 
 0. As tho lesiduo for tlu- ((iiisun of ilio !»\ *a\ci ili<> V> Coy Khali Form 793 
 allot to or to tho iiKiiiinoc or iioiuiiico.-* ol every iiieiiilnr nl ihe A t'ny , AllotriHtit 
 who shiill n>(|uiro the H. Coy m) to .lo, one .,1 its 20/ shares «ilh ••'»>»" 
 111.' .-.uiii of 10/, Lretliled lis [xi up thereon in respe. I of ev.'ry 20/ 
 >.haie iu tlie A. Coy held h\ him. 
 
 Sii- fiirtlicr I'liriiK a< tn lOimiclciutinn. pii. I IliO, 1 Kilt. 
 
 Aild ollin iiiiimtiirialr chiicn'--'.] 
 
 'X TIk- .-ale hby airr.M.d lo ho lua.h' .-hall lal<o ell.", i a.- fr the dui. j^yj;;;',-'';' '" 
 
 hof. and until the i'oin|delion lliof the A ( oy .-hall .-land po-.-i-.-r.l 
 of th. pply hhy agreed to he f.,.l<l. and - .ill cany un its laisine-.- in 
 iiu.-t for the H. Coy. 
 
 10 The A. ( oy anil it.- Ii(p< ^hall. a- ^ooii a- .(Mnenienlly ia.i\ I"' i ..,„i,lMi.,„ 
 afU'i the adopti,,,, |,,,|' |,v the s<l lii|rs in manner al-d iait willioui 
 pieju.liie lo clause II hofi. exdute Kiii^ra, Form 771 lan-e II] 
 
 11 Provided always siiiira. Form 771.<lan-<' I-' l.i'ii 
 
 1-2. If thi.-a-reemen1 shall not iK'foie the day o| ni'xl he ^^^-^^^^■ 
 
 :„|opte.i hy the IhiiH of the A. Coy. with th«- .-anrlion of a special 
 loohilion of that coy. either ol liic parlie- hereto m.iy. upon -iMii- 
 one week's iiolic-e in wrilin;.' to the other, rescind the same 
 
 1.1. When and .-o .scjon as this aj;ieemenl shall ha\e hei ome hindiii- ',''i;^/,';^''';'','^y' 
 CM the .\. ( oy and llie li(|rs thof. ihe sai<l N. -hall he drschar-ccl Irom ,'',,,"'i',',Vf',',r 
 all liahility in respod thof. .",'.m[',.^'„^ 
 
 It. Notwithstandin;;- aeylhiny .inprii. F.irin 771. dan-e 1:;] 
 
 l.N WITNESS, &C. 
 
 Ill incorpMratitii,- the claii...r-. aliovc rotcrn ' . they inii-t hr iiioiiiH.-il i.y "ul' 
 stitutiiitr '• .\ "■ ami '■ li ■• for tli«' wiirils ■• old .ii<l •■ new ■' wli.rc n, . v-ary. 
 
 Tlio ajjriMMmMit will liavc to 1k> tiled iindi-r «"t. HS ..r tlie Conipanie-. i( nn 
 siilidatiim) .\et, IHOS. 
 
 '*) I 
 
 rr 
 
 T 
 
 lip rcHnlutii.n t-. lie pa»-»Hl liy the .\. (•..inpaiiy may l.e ii- follows: - 
 
 I. That it is expo<lieiit to ellect an amalgamation of llii- coy with Form 794 
 
 the H C. Coy. Limld. and that with a view th«M-et.o ihi.s <oy ln> wound |,,„.,,,„,„,„ 
 
 lip voluntariiv. and tiial and - be and they are hhy appointed „„■ ;„„ d-„- 
 
 ■ ■ .II- niM!i..:i 
 
 li(p's foi' the purpose ol sm h wiiidin<i-iip. 
 
 :!. That the (onditioiial aofeeml suhmilted to this mei'tin- ' c .iiid 
 the .same is hhv approved, and thai tho li.irs he and they aie iil.\ 
 iiuthurized, punsualit to se.t. I'.tJ of the Compiinies , Consolidauon . 
 A.I. IWS, to adopt the .said airrcenit an.l .arry the same into ellect. 
 with .such, if anv, inodilicati.m as the s,l liiji-.s may think exp.'dient. 
 
I 
 
 I 1?K> 
 
 AMALOAMATIOX. [ClIAl'. XXI 11 
 
 Form 795. ] i'],,,, jj ;„ oxpcdioni to I'lTo't un iiiimlsiiiinution of llii-* lov ,i:li 
 
 l!,-.,luti.,nt r ilio A ( ov. Mm!<l, iiiiil wi'h iliu 15. Coy, Liiiild. 
 
 ''":"""'"•'■ .) Tluii 111!' I'olldwinir dnift iii;iefiiit^, Mil>iiiilto(l to ihif iiiooliiiu'. 
 
 Ili:itln!l lit I \\ -» * ' 
 
 i.iiiilii'ii'^ iiiinirly: 
 
 • a) A (Inifl .i/K'tMiit, (l.i'tMl, itc, and oxpiessefl (o he mado lintwion 
 
 N,. on licliiill 111' llio .v.. Coy, Liiiild. of tho ono pt, und lliis 
 
 (oy of llio olhci- pt: 
 'l>i A diiifl ;i-r('omt, dated, &i;., and c.xpres-od to lie inadi> litlwccn 
 
 |{., on iH'liiill' .if llio li. Coy, l,iuild. of tho one pt, and lhi~ 
 
 roy of tho oilior pt: 
 
 lie and iliov arc hhy api>rovod. and lluvt tho diriMtoi-.s ho and (hoy am 
 lihy aiilhoiiml lo oxoruto Q}:rei'nil8 in tho torins of tho sd dial!." 
 ri'-|)lv. and lo c.irry Iho sanio into olToit. 
 
 il. Thai iJk' capi'al of tlii.s coy ho incica.-.od to £ , liv tho 
 croalion of nov. .sjiaics of £ oach, 
 
 I. That tho diro'or.s ho and liioy uro hhy aiilhori/.od, npon tlir 
 adopii'oi of ilio sd lirst-inontd atrroomt by tho liiiis of tho A. Coy. 
 Liinld, Willi Iho .sanrtion of a .-povial roM.hilion of that <Dy, to appoin! 
 
 and , two of tho present directors of the sJ ooy, tohodiroc- 
 
 101.- of tlii^ coy. 
 
 5. Tiiat Himiltir rmoliition as lo B. Co;/]. 
 
 (1. Tliiit Iho following (lanso ho siil •^'ilnUMl for claiiMi of the 
 
 art.s of a^si.n of tiiis coy. nanioly: " Tlio nmiihor of diroc'ois of tho 
 lOv .shall mil oxcood twelve, and .shall not he los.s than .sovni." 
 
 ; \ 
 
 In tho above e-.iar thrpo .■omiianios, .\., It., -iml C, ilcsirc to annil^'aiiiatc 
 Thp trans icfioii is to lie cirertcl hy llic winihii--iip of .\. an'l T!., and sale to 
 (\, whicli i- to carry on tlie anmi<rani.itc.l l..ninc-<s. Company C. ha- Usi.ed 
 all' it- sli.iifis ami the capital mu^t tlc-refore lie incrca^eil in order to rlfcct tho 
 amaliMniation. One of the terms of the nrrant-enieiit is that two of the directors 
 of each of the A. and ». c«mpanies sliall lie appointed dirci'tors of the- <". 
 roinpany. In such a ca*e one iiii«lc of olfertin^' the tran-action is as follows: — 
 
 Two draft ai,'reements lietween the \. an 1 U. companies. re^necti\cly. and 
 the C. company will be prepirctl. They will be in the form of that given 
 /■«/,)", p. 14SH, iimhifiH irtHt'Hi'liH. 
 
 These drafts will he submitted to tho C. company, which will pa«s the above 
 special re-ohition«. 
 
 The .\. and 1'.. coinpinie- will tlien jiass special rnsolutions as above, p. 14H!I, 
 and tlie li |nidators will ii. due course adopt the a!,'rpements, which will ho 
 i'arr:e<l into eifect. 
 
 Tl:e c!au-e in the asreoments a- to the appointment of the directors will be ;« 
 follows: — 
 
 " I'lHin the.adoiitionof this iiirrecmont by the licpiidatorsof the \ \.] company, 
 
 with the sanction of a special re-olution of that company, and , two of 
 
 liio prcMhl dire tor=; there if , -ha!! be :,pp--.inte1 Hlr^.-tors nf the ('. company. " 
 
 This elaue can of course be modified so as to enable tho A. company in 
 general meetinR to select the two directors, or to enable the directors of that 
 ciinii>aiiy to do so. 
 
 hv 
 
KOKM8. 
 
 Til. II iitimUiomnlidH f.ijH'iliod. Miiiira. \< 1 1'.to] 
 
 I Tliul. &'•. ir((((/ nil (iiid iijiiiitiiilniciil nj liijru.] 
 
 I till 
 
 1^0™ 796. 
 
 \U ^'•littiiifi f>>r 
 
 linijl;;.IMlllt''>il 
 
 iinuU'tMiiiT'oi 
 J. Tliiit the mI liijis lio iiiul llifv arc lil)V iiiilliDii/cMl In .on-oiit to t.. I., . tl,. i..l 
 il..' icLri-l till ion of ii now <ov to ln> w.wwX 'Tlic A. :iiiil I!. <'i>.v. ,',*„' ,",'"'^".'j^' 
 
 1 iiiiiil.'' with IV inciiKiiini and iitt.^ of a-soii, wliii li liavo I ii alii'u.ly ....miniy. 
 
 i.i.|.aroil with lln' privity ami approval <if tin- cliitvlius of llii- loy. 
 
 ,'. Tlial Iho draft aj^reoinl i'.\pif.-M'<l lo lif niaiio liftwiTii lli.- liip" 
 ii! this coy of thu lir.>l pt. thii roy uf Iho sivoii.l pt.thi' li.|r- ..l' lln' 
 Ii Coy, LiiuUl, of ihc lliinl pt, llie 15. (-'oy. I.itiilil. of \\u' loinh pi. 
 ami till' \ ami 1!. Coy, i.iiiild.of ihi' liflli lH, ho aiil lln' .-amo i- lil.v 
 i,|ipiov(il, ami that iho .-il iiiir> l.o ami ihoy an. hliy iliroriiMl to oiip i 
 iiii.p ail ajrrooml on hohaif of thi.s coy in tlio teriiiM of tho sd draft, 
 mil 10 carry tlio .'■aiiio into ollocl 
 
 in this ra-i- coiiiiiahv .\. and i-.iiii|iaiiy Ii. <li'«iri- In aiiial;.':iiiiaH', ami f'T 
 
 iliviT- ro.isi.ii- it is iH'.'C^s.iry to .IVimI tliis l.y tl»" foiiiiali.ui .'l' a ni« i' I'any 
 
 tl. alisurl" tlir old one*. 
 
 \a a'.-ciMiicnt. cxi.r.'K-itHl tii !"• in.iilc iirfwoi-n tho A. ninl II. imin aniiM ami 
 the liiinidntorK thiTnif r.Mpi'itivoiy. and tlm m'W iiiiii|.any. will 1"' pn p iri'd, 
 ir liifir may h" two M'panili' ai^'ii'i-iiu'iitu I'li'ii «iiiiilar ti> tliat «.//,,<.•. |i. Ilss. 
 
 <<'; iiiid ri'-iiliitliii) .ai till 
 
 Hull cif fiio -V. and I!, .iiiiipaiiii's will tlifii pa»- a <imiiiiI rr 
 
 Iiiiniciliutfly aftiT tho pa-iiii; ..f thr rc-.liitii.ii ih- Ii |,ii.latiir^ will -i-n thr 
 
 ■M" 
 
 liiinicaiuti'iy allrr rite pa-Miii; m mi- if ■ - 
 
 .,r,|„.r ((insrnt lUitlinrizinL' tin' r.vi^tratinn i.f llif A. and Ii. Ci.mpaiiy. » liif!> 
 ill \y fiirthwifh ii\ciirpiiratrd. Kiir fnrm "f CniiMMit, ^ '!"■'. p. IHIIH- 
 
 Thi. primary object of tin- A. t.nd 11. Ci.mpany. an set fi.ilh in the ni.'nin- 
 raniluni, will bo; — ■ 
 
 "i',. pui-rlia.-i' or othcrwiM' acipiin-. and to uniliTlaiio all or any part of tlii> 
 lai^iiH--, prnpcrty, as-ft.. and liabiliticK of tliu fnlluwini,' .•ompani.-, nanii'ly: — 
 The .V. Ciiinpany, I.iniifod, 
 Till' Ii. (iinipany. Limited, 
 ,.r (• tlirr i.f them, upon smh terms atid eondition-. n,| iil.jeet to sueh ^ti[nda- 
 i;.Mi- a- may lie au'reed on." 
 
 The nirmoniiidum will also euntain all re.pr.site iilije.ls for earryir.- "ti the 
 .Linal_'amated business. 
 
 The art- 'les will luitliorize the direetnrs to exeeiite the asfreement. 
 
 As -onn as may 'ic nftor the re..'istratiiin of the new eomptiny, the tiyreenient 
 will he exeeutitl' l.y all ptirlies. and earried into .•Ife.t. H must a'si. bu liUd 
 ■iiider seet. 88 of the Companies (Consolidation) Aet, 1908. 
 
 
1493 
 
 8£CT. ViO- 
 
 [Chap. XXIII. 
 
 I'ri'liiniiiiii \ 
 
 S«:t. 12" ..f 
 Act of I'."!"' 
 
 I I 
 
 C-i- 
 
 AUUANdKMKNTS AND CoMrUUMISES. 
 
 In iii-eviou.-i uditionn <>l this wurk tlic -ubjopt of arranijoinent*! ami 
 toiiipiKini.-rs uiidtr tlic .loiiil Slock CompiiriieN (^ArruUf,'Oiiiont i Atl 
 1S70 (now xTt 1120 ol tin- ("oiiipunios (^Consoliiliition i Act, lilOwi 
 lilts li<'.'u ilonh witli in Part II. (Windiiiir-up i. IIh> reascii Iwiiii; thai 
 the provision-, of tliiit .Vet applii'd onlv to a company "in tlio course 
 of Ix'inir woiinil up cillior voluiitarih or hy or aniU'v suporvisioii nl 
 llic Court." l?ut as ill.' juris.lictioii in lliis rosi^jct has Ixmsii aht'r<'<l 
 iimi atiiplii' 'I. il s<...|iis (ic«iralil«> to treat "i touch on iiriaMV'cineiii- 
 uikI coMip.. i-e.s in this I'art uIm. I'.y the ( oiiipunie- .Acl^. I'.mo an.l 
 two important chanues wero introductHl. - 
 . Ii\ -eel. J I ol' the Act of I'XtO. the provisions of the .Joint .*<l,i. I, 
 Compuniew i Arranjrciiient > Act weru iiiiidi' to apply " nui 
 onlv (I.S hetweon the company and the creditors or any c■la^- 
 thereof, hut a^ l.et\ve<'ii the compiin\ and the rnemhcrs ci 
 an\ class thereof." 
 , Pa .-ed. Mi of tlie Act of l".*ii7. the Act of 187i) was made 
 applicahle whether tJie company was or was not in coursii of 
 hoin^r wound up. 
 The Act of 187tt, .so modilied. hits hoen re-enacted in sect. 120 of 
 the Act of 1008. That .section nins as followv: — 
 
 120. - (1 ) When- : iii|.r(itiii''i' nr arrniit'ciiicnt i- |in>|)(i-'Oil lictwis'ii a inn 
 
 pany uml it-i i-roditor-. or uny chm of them, or lictwcri tlic coiiipaiiy unit ii- 
 miMiil)iTs or any ila.ss uf tliciii, tlic Court miiy. on thi' application in a .suiaiiiar\ 
 way of the company or of any creditor or nicnili.T of tin- cinpany. or In tin 
 ca-c of a company brin^' wound up of the li'|uiilator. order a nn-ctin'/ of th. 
 creditor- or cla-s of creditors, or of the memlicTs lif the compunv or c-la<s of 
 memhcrs', as tlie casi; may lie. to he summoned in sucli manner as the ('.nirt 
 
 dircH'ts. 
 
 (2,) If 11 majority in nuinlier rcprcst-iitiiii; three-fourths in miIui- of the 
 creditors or class of cn-ditors, or mendwrs or ilass of mcmliers, as the lase nm.v 
 lie, present cither in person or hy proxy at the mis'tin;;, a|.'rei' to any com 
 
 |,romise or arranu'cinent. the eonipi lise or arran^'ement «hall. if sanelioni'd In 
 
 the Court, lie hiiKlini; on all the creditors or class of creditors, or on the nieinlier- 
 iir class of members, us the cast- nuiy be, and also on the company, or in tie 
 case of a company in the course of beimr wound up on the liquidator and iiiii 
 tributories of the company. 
 
 (3.) In this section the expression ■•company" means any ciuupany lialilr 
 to he wound up under this .\it. 
 
 liider this .section the Coiirl laii therefore sanction i compromise ot 
 urranwment hetwwn the company and it.s creditors or any class of 
 them, and u compromi.se or arrangement belweoii the cnmi)any and it- 
 members or any class of them, and the sanction of Uio t.'ourt may bo 
 
AKKANOKMK.MS AND HiMI'KOMISJlS. 
 
 I 4«'.1 
 
 ol.mim'.! xvl.iU th.-oomimiiv in u p>ini; .■■.n.,-in. «ili..ut u x\imlinn-u|.. 
 Till, (.xifii.-ioii uf llm jiiii-..li.lioii u.is lii«l itruiintl l.v -«.) .IH ol 
 il,r Coiiiiiaiii'" All, ll>i»7, "ii'l tl'o |»J"«-'' to sunctiuii uii urroiiKOiiKUt 
 l„.|«vfU ll.v lurniiaiiN ^irxl it- m.MuU)i> ..r aiiv rhi.-. lh.'n..,|- Wi^s tirst 
 nivfii l.v wet. :;i O tilt) C'oiMi.iiiii.'^ Act. I'JOO. ThoM- wero |;rottl 
 
 Th.' «<.f.l .•ompKiniiM'' In lli.' -.mIk.m iiiu.lv.>', i' mmv I»i 
 ii.iiark.Ml, III.' m.tii.i! ..I moiim- .lisi.uto or .lilloicii.tj ii.-< ».. ..f ri«htn 
 Ml ilic i(.s|MMllv.' ii.illin-., I.ul ihf \v..|-.l ^iiiimi; out " i- in 
 
 -iv.' in its -ijrnili'Htioii 'riiiw \v..r(l~ Imtli M|i|i.'i 
 
 (• INll'M- 
 
 I- a> iilHMtialiv.'^ ill 
 
 -(Ml -2 of llu! .li.iut Sloik ( (>iii|.iiiii«'- Anaiit;. I Art. IHTil, .iml 
 
 rs.i .-in..' that A.t lli.' (■..ml- Inivi' a.l.'.l ..ii lli.' I1..1I1111; lliat 
 ,miinL'.'iiit'iil ' i.-* a wui.l liaxini: ill.' "i'l.'M •.itriiili'ali..n Tli.i-, 
 
 ,„ an .rilv .aM" on ill.- A.I. it wa.- Ii.'l.l llial an ai la.ii: •iil nu-l.t 
 
 inoxi.l.. liir 111.' i-ii.. ..I lull.N paLI-np ^liat.'s jii a .■..m|.aiiv 1 to Im' 
 l,„in..,li ill -ali^la.lu.n .'1 tliii < ..iii|.an>s .i..|...iitiiivs. Shil.i v 
 l>,nU,M„n Sln-l to. W. N. . IHTT ». |.|> VM. HiV An.l .1.-' .-aiii.' 
 ,,.,inl wa.s .lc'.i(lo.l l.v North. .1., i" /'''■ .V'im,ii;tli r,,/,/,, ,.,//.//,.> „f 
 Ihih (Mav, l«7'Ji. aditiu.'.! l.v tlio C A. 1 Au-. IHTl", an.l ll^ 
 t |,iiu..).,"in II.' Sorfh ll.>/,/». .tr (<>. , INHli 1, lliii.l .•.litn.ii ..I' llii^ 
 «.,ik'. |.. llli;! anil |.. tiot; And the jiiii-.li.lion U> s.n.li..ii an 
 
 .maiijri'imiiit .>o im.vi.lin'^ «, iiilia-i/ctl l.v N.'illi. L. in /://(;-(/.■ 
 
 M,i(iii;l ( <>■. It <' " •"-■ an.l l.v (lie ( .mit ..I .Xpiical in Mnhonui. 
 .\,'ir OiUinis. •/■.■..W.N .(//./ I'm, in .1 itiiil,<,}i ll,i,lii„,i < ., . i l.x'.'l ' I Cli 
 Jl.;. In fad. 111.' r.aiit lias .lo.liii.'.l t.. j.la.-.' any liiiiil "11 lli>' 
 m.aniiii; of tin. W..1-.I ' aiiai.y:.'iii.Mit ' What th.' ( ■.aiil lia.> 1.. .!■. ' 
 -ui.l I.iii.ll.'v. .1 . ill lliat -a-.'. i- to m'.' Ill-*' of all that ll..' 
 pi.,\iM..us .if III.' .■^tatiiK' liavt' l.c.ii .-..mi.li.'.l witli, an.l >.'.-..n.ilv, 
 ihal 111.' iiiaj.iritv lia.> Ih'.'ii a. tin- l><„„; fi,lr. The f'oni't al>o lia- f. 
 M.' llial III.' minoiity i> in.l lu'liii;- ovi'ni.l.l.'ii I'.v a niai..iii_\ liaviii- 
 hiU'iv.-t.- i.f it.s Mwn .hi.-liin- with th..-.' of tin' ii;in..rit\ »h..in tli.'V 
 
 ...... k to .-...'iv.'. FunJu'i- llniii that. III.' ( 'oinl ha-^ to lo..k at tin' -vUv 
 
 an.l .-^t'e whcthtT it is .1110 a.s t.) which i).'r<on- octin-j: hoii.'-tly. and 
 M.wiiij;' the M<h.'iii'' lai.l I.elon' th.'iii in lli.' intcr.'-t of tii..-.' whom 
 iIk'v roproscnt, tako a vi«'w wliifli .an ho n'as..naMv lak.ij l.v bu.sin.'Nw 
 nion. The Court iiiu>t h.ok at tim sclicmo an.l s.-.. whcthiT iho Act 
 ha.s iM'Cn .•oiiil.li.'.l with: whcth.M- tlm iiiajoiitv arc a.liim ■ '" liifr. 
 an.l wlu'thor tli.'V an' . ot'iiinir the iiiin.irit.v \<> |.roiiiot.- ...O'l..-'.- 
 a.lvorM' to th..«' of th.! .la-ss wh.dii lliov i.iirii..rl to |-..|.r.'-.'iit ; an.l 
 then .-o.' wh.'liior the .s.li.Miic i^ a r.'asnnahU' ..n.'. an.l wh.'th.'r tli.'io 
 i.- anv i.'a.-oiial.lf ..I. j.'<ti.>ii 1.. it, or sinli an .;!. j.'.tion t.. it as that 
 an\ r.'a.s.)iial.l(. man iiii-^dil sav that h.' .-..iihl not approv.' ..f it. ' ll 
 i,- 1,0 ol.j.Mlioii, thorcfori', to a scluMiio as ihc ahovt' cases show 
 ihal It (iiastii'uUy aif.'<-t.s lii.' |..»ill.«ii ol any .lass ol cn-;!i;..r- ..s, 
 for example, by convortinpr them into shuroholders, or by ptMtpouing, 
 . iirtailiiifr. or oven extiuniiishiiifr their riprhts in s,.me way. It i.s 
 .-Nllicieni that the class takinf: the view wlii.h ran reasonably he 
 taken bv bu.siuess men, approve of the .scheme in the interests of ell, 
 
Milt 
 
 HKcr. I '20. 
 
 [CiiAi-. XXIII 
 
 '. t. 
 
 fxprwiiiiy: thiit iipprovul by ri'iuhilioii pit*'«'<l by llio >latut(ii ■ 
 iiiajoiily. Anil Ibcso i'iiiiii|ilo-* iiif not (.'unliiiod to an urianiifnu'ri 
 lH>(\v«'t'n tho coni[inny anil its cimlitori, or noino cliw« thoroof, tin';, 
 iipply fi|a;illy to an ai liini^onicut Ix'iwocii thi" cniiipiiny iiinl .1- 
 niciiibi'ipi. or HdiiH' ilii'^s tlii'roDi' So boll in iliVtihiirijh Ainciiciiii 
 l^iiiil Mi,r/ii,i;ii' 'o \. l.'iiiifi 7V((.</f.«, I IUd'j. S. (' ;hh Ct.of St-- 
 
 i;ul ol lal«' i! I'u.- bcon «UL(g«-iloil tliiil tlio jnrixliclion coiifcrrod b\ 
 (icit. Ill't U> sanctiou an urrant,^('nn-'nl, ' tliuuj^h uxpron-cil in liioniijsi 
 l.Tiicral tt-rnit. is by iniplioatinn liinitcl or itwiricl^il so us nut t<> 
 cnablo tho (.'uurt |i> «inc;ion un urranyomi-nt U-Mwucn the uoiii;iun\ 
 and its iiii'miIhts, or any clu-s-; of tlicui, wiiicli departs from the cou- 
 Htitiilional riyhtd of tlif nicnibers as dclincd ia tho luoinorandiiin of 
 assoiialion, t- 7., by infrin^rin;,' the rij^lits utliicliod by llio nit'ino- 
 raii'luiii to the pri'ft'r<>ii(<i hiiares. This ^u'^'v'^('stiou is bused on ttcct. 46 
 of the Act, wliicli ))oinl.s out a niodo in whic-h tho rondiiions of the 
 iiicnioiamlum may in (nriain ro.s])ectd Ims altered by special n-solu- 
 tion saniMoiioil by the Court (sec iiifi;!, p. I'lUti. Hut tiicio .sccin- 
 110 .sulliiioiil ixround for tiiu.s rt'stiiotinvr the power of tho Court 
 Tl.i- jurisiliilidu (unfonod by suci, TJlt is t'xpi('-->(<(l in goiieial lorni-. 
 and sect. 4">, wliieli is very limited in it.s soopo, does not at all cover 
 the hamc ^roun i, and shouhl be roijarded as pointing out aa alt<>r- 
 iiative mode of piouolure avaihiblo in certain cases; for other ..isi' 
 tlierc would b;^ a <;reat many cases in which a dovsiraljlo arran'^'mcnt 
 could uol be sajictioued lor want of jurisdiction See, too. I'unu- 
 ilifni . 
 
 In like manner it w.in at one time suy:sestod and hold that the 
 general jurisdiction to contirm u reduction of capital was impliedly 
 restricted so as not to allow tho contirmation of a reduction in cou- 
 travention of tlie const ituti(jnul rigiits of tlio inombors under tlie 
 niemoruiidum of a,ssoniatiou. Tlius in Qurhrdila Land and Ctipiiar 
 Co.. 40 t' IJ ■'!'>!, Nortii. J., only coiilirnied a reduflion whicli in- 
 volved a d('|iarluro from the constitutional rights of tho classes on 
 lieiug t-ali^lied that i)ractically all tho shareholderr' of the class pre- 
 judiced coiLseuted. So in Union Plate Glass Co., 42 C. D. 513, Kay, 
 J., refused to contirm a re<luction which involve<l a departui-j from 
 constitutional rights of tlie members by throwing an undue propor- 
 tion of the lo-s on the preference sharehoUlers. "How could," said 
 Kay, J., in that ciise, 'any company in general meeting having only 
 u general power to reduce capital say, ' In this case we agree tnat 
 tho cu)jitul of all the ordinary shareholders shall be reduced, but the 
 ciipital of the sliarchoMers who are ontitletl to ()referential dividend 
 — a right whicli it is to be observed give« them no prffernnoe as to 
 capital in any Iviuii ol way ^^hall uol be leduceil. i do Uot kuott 
 Low a majority could bind a dissentient individual by a resolution 
 of that kind; in my opinion it could not. I am distinctly of opinion 
 that such a resolution as that would be beyond the powers of tho 
 company. But if it woi-e not, to expect the Court to .sanction a 
 
AKKANUKMKMH AM> cnMfKoMlf'I.H. 
 
 n^nluli.in of that kiu.l, which in iti f.tet tho ruiutu'ioi, iha- hiii Uou 
 
 ,,i I ill ihis ca-<' ... in nuit*' "»< "'' l''« 'lim-tion." 
 
 S. in h,;n-rr lloUl ('.>,< ISM. 1 Ih. l-.t."., Iho (•...11' nf .A.-po:.! u.u. 
 .,f „|,i..in,. that tho (;,.n.i.:,i.i- .\cl, IH:i7, cmll 1...1 h.. ..,m.>mu.>.I ho 
 as I.. <Mi;ihh- a compuiiy to prefer oin' ^h.ir.'hol.lt.r I.. aii..U.iT of ih- 
 BiUii*' fl.i-" H^ liitii^'lf hv Ijuyili:,' III' liit ■■^liain-'. 
 
 I',, It ihc !• ( i«»-< 'iii.l til" lui.i. iplo- nil «l.ili thfV ic-!i..l A v.'i- 
 
 rM.Ml in Hr;i,sli anU Ain.rr n> T,„^ln ,„i,l l'\;n.,.,' I.,,,.,,,.,!..,., 
 V f„»/..'r, Il8'.)tl \ ('. •'!.''.». in «h..h n.M. 11 «,i. h.'ll ihr I'f 
 
 C.MiM h.i.l ■uriMli.'li..ni. .Iirm,.nv Uin.l of iv.hi -tion «ii..n.vi .n.t 
 
 ,1,;,, il,.. f....^! thut llif i.-hi.i .'piM.-l tl ilinn.it;..,, ,,1 th.' 
 
 I,,,.,, u..|it fur I., pi-n.-iiia.! ^mv n..i;.i.i ih.il Ih" jut i-lf i.-i ".1- 
 Ii,„,;,..,| in ,inv w.iy. -li.' K.i 1 l.-.l ll,.r<rh..|l in that c'..^'. "tho 
 ....hriiio whicli til.' Cou'.t i-. ask.-l '.> .■..Mlirhi U- i. f;i.' on- lor tlio 
 n..ln.)i.in of LMi.it.l, I am. with .ill .hfoivii..-, ;i . h.^^ to uiM-r- 
 -lan.l liow tho Coiiil, ill .•.o.llnnin- lu roul I I..' a.tiir.r nlr.t i;'.-«. 
 M...in- that, a* I havo i...intol ou', tho ,^ta .1 •• h.i.. n-t piv-.ril.o.l 
 ,1,.. mai.nov in whi.li th.' i-...ia. ii..n 1- i I'o ...ru,-l ..ai »'•< h.- 
 II |,,ohil.ito,l anv ni..|h.«l of o.ioc in- th.il ohjo.it. 1 .io no' -oo 
 
 ;,„v ,iani:vr in th n.hi—n that tho C.uit ha. |M.»or to niiilirni 
 
 Mi,h 11 .-^ohoino a.s tliat n..w in ,,Ui.-li.ni, n.,i- anv rou to ,h,iiht 
 
 (■. ,t Ihi^ was tho intnliuii .m' th'' L.-j i-hi'ii... Tho inliTo-t.- 
 „f rnvlio.r. ar.. n..t invoUo-1, an.l 1 ihinU if «a. tho ,,„l„-.v 
 of tlK- I....^i4atuiv o invo^t t'ao prosirihcl inajoiil> ..f iho 4iaiv- 
 |„,l.|..is uili. i.ow,.r ol d.HM.lin- whothor th.M.- sh,.uhl ho a ro- 
 
 , hi.! ion ..f ciM'il-'l. -i'"!. ''■ ''"'■ ''"^^' '' "'"'"''^ '"' '•■"■'•'"'' '"'" ""'"'' 
 Th.' into!t-ts of t!K' .lis^uimii- minority of tho -lialvli..hloi-. i if lli.it) 
 bo .-II. hi aio pnipoilv .-alo-iiaf.' liy thi-: lUat thr ,l.rh,.,„ nl Ihr. 
 mnjurih, nni. <»,!;i I'rcnul il U be a>i,ju,>n;l i.fl Ihr ( »ii'l ■Ho^ 1- 
 ,,oniplo;..answoil.,.|i..a!vuiHoi,iahl,\ ur-o.lh.v r,„niM.|j ,.1 tho I'.ai 
 lliat if all Iho .slmiohohlois .,f iho -auio .la- uoio ,i.„ -loall «illi 111 
 p,oti.M;lv tho saiiio fashion, iho in'. i.-M of tho iniio.iiiy nnu'lit h- 
 ,„;,lii!v".sacrilh^.a 10 ihoso of iho iiia;,oiitv. 'lli..io ...a ho 1... .L.tihi 
 that anv .mIioiiio whi.h .lu«'- not provido for iiiiif..iHi 110..' iiioiii ..I 
 shaiohoi.lof,- vvh..M. li.jhl.- aiv .-iioihi. ^^..llll ho >i'"-' ni'nouU 
 s.iutiniso,l hv tho Conn, and that no -n, h .■<. lioin.- oioj.t to ho ..01- 
 llrniod iiiilo.-.-" tho Court i^ sa'i.slio.l that ii will n..t work iiniiis'ly or 
 ii,04iiitahlv. But this Is .piitc a .liUoront thi.iLr from sayiii- that 
 th.- Court iiius no powor to -aiLtion it . ' In liko iiiannor it woiihl soom, 
 hv parllv of lo.usoninL'. that tho CoL-r" hius jiiris.li.th.ii to .sin.r.on 
 an aiTaiitroiiiont .iii.lor mm., 12(1. not wiih.slan.liii- that 1.1 .hon- .so 
 it ffivos h--al olh..t to what oouhl not ho vali.lly aiianu-o.i hot«o.n 
 tli.MiiomhiM.- ami tho lOii.paiiy apart from tiio .u.iioii. as for instau.o 
 
 14!». 
 
 ttlioie foiitiaiy t.i Axhh-iirn v U ((/.v<o 
 altrrs vi-rhls coni'orrod on ilio proferc 
 
 ;;.) C 
 
 i). 
 
 the 
 
 capi 
 
 nl or (liviiloiid. or both, liy the im 
 
 It i.s also to ho iioti' 
 
 120, thi' uiraiioonion 
 
 •0 sharcholdors as ro^:aril> 
 iiorandnni of o-ssoiiation. 
 that having' ro.jard 'o sub-ect. (2) of soet. 
 
 bo hiii.lin'..r on 
 
 lis 
 
 I. if saiii'tiono' 
 
 I hv tho Court. Is t.> 
 
Ill 
 
 I4!l6 
 
 SK(T. 120. 
 
 [Chap. XXIII. 
 
 all tilt' crt'Jitoro or tlio cla,--H ol oi-oilitors, or on the members or 
 cla-^s oi' inoinlx'ix, u> llio Cii.>o iiuiv be, anil also on tho coni])iiuy bv 
 viiiuo of tlic section. Ibic, tlion, is n positive ouactincnt that Ibi.' 
 airaui^'mi'nt if so sanctioiieil Ik to bo bintliu<^, binding bv virtue of 
 tlie Act of I'uiliuniont, ami binding, not luerol} a.s tlio inenioranduin 
 and arliiles of tiie coin|ianv are by sect. 11 of the Aet made bin<liu|^, 
 that is to say, in a nualilied way, but binding to all intents and 
 |iur|>os<'s. 
 
 Ill a roioiit rase id'ciirnil Molm To i the Court of Ap]>eal, I A|i 
 mil', held that it Ijad no jiirisdiitioii kj sainlioii an ai lanufinent n\ 
 a very leniaikable iharailer. 
 
 What 
 compaiiii .^ 
 wittiiu tlir 
 "ection. 
 
 Who aro 
 crpditorw 
 within 
 
 HCftioiJ. 
 
 The Court. 
 
 Tlu' (^ourt wliitli ha.s jurisdiction lo sancliou a coiiiproniise or 
 arraiigenient under the section is llio I'ourt having jiiri.sdietion to 
 wind u|i the (■onipany." Si'ct~. 120 i3i. l;tl and 285. 
 
 The e.\]ire>sii)n 'any company " in .»oct. 120 means any company 
 liable l(j 1m' wound up under tliis Act. See sub-.seot. i^ui. Thus, th(> 
 section is applicable not only to a registered company, but lo an 
 unit'gistered comjuiny as delineil in .sect. 2ti7, e.g., a compan}' incor- 
 fiorated I \ .-pccial Act for -U|iplying water, gas, electricity, a Irain- 
 way. iVc. 
 
 Creditor. 
 
 The term creditor, ' a.s used in the Act of 1870, was construed in a 
 wide sense, and it may be assumed that it will be similarly construed 
 iu n'lerencc lo sect. 120 of the new Act. It includes 'everv conceiv- 
 able cla.^s of creditor." Per Bowcn, L. J ., Alabuiiia Meir Orleans Co., 
 llSilli 1 eh. 24.!. Aceonlinirly ii includes not merely creditors in 
 rt)sp( (1 of debts preseiilly payable, but creditors in respect of debt.s 
 8till (urrent; and not merely credilors in the ordinary .sense, but 
 persons who can prove for daniaues, e.g., policyholders whose pidioies 
 aw siill current {Sovereign Lije Assnnmve Co. v. Dodd. tlS!<2) 2 
 (^. 1!. .">7.i i; and not nn-ndy unsecured creditors, but secured en'dilors. 
 e.g.. (iebenluiv hohiers and debenture stock-holders. Slater v. Uur- 
 kistDiiStcrl Co., W. \. ( I,S77 I l.i'J; He Kmjihe Mining Co., J4 Cli. D. 
 t02; Hi' Ahlmiiin linil. Co.. i IHiU i 1 Ch. 22«: lie Dyncvor CoUU'rie.f. 
 11 Ch. D. (lO.-). 
 
 " The language of the section is wide enough to include all credi- 
 lors, whether they hold sc(uiilies or do not hold securities ihev arc 
 still civditors, and they can come in if they like and prove. If they 
 ar<' amply set ured they need not come -they can hold their securities; 
 but still they are credilors. Lnless this .Act [of 1870J is construed 
 so as to indiiile all creditors, it appears to me that in a great manv 
 inslaiues llie Act wouhl be a dead IcIUu." I'cr Lindlev, L. .).. in 
 AUdxinui, Sew (Jileun^, IVjtk.v uml I'acific ,/iiiiclioii li'g.. .tiijini. 
 p. H'.»,i. See also Mi-llnnd Co.//, ,( <• Co . :!.H!I.-. : 1 Ch 2<;7. ii ; 
 appeal in It. L. compromised, 71 Ii. T. 7M- Wooil v. I)e Malton. 
 L R. 1 Kx. loo. 
 
AKKAN(iKMENTS AND COMPKOMISEf*. 
 
 Ill a vorv early ca.-o ou tho Act uf 1H7(I il vv;is lioUl lliat U> 
 
 ,„ocOf(l imkUt tliai A,l it wa.s n.',f-iii-.\ llial tlir amouiil ol' ilu' >li'l,t^ 
 
 lliciiiM !»' raiiahle nt lifiii^: a-irruiiucl or usliniaUHl. .1//j.y/ Lifi: 
 
 {.sumtiri ( '-.. li Cli. .■!«!. wliiTO miiuliorlofes cmx's iiiu>M.> u« to whether 
 
 ili.'io hiiil iK'rii a iKivalioii \i\ \»Ak\ holdoir- i.r iiol . 
 
 iioetiujis liavc i<i lie (■■hiv.'iumI 
 I ii>i'(iir<Ml 
 
 I4'.t7 
 
 As to 1 la>.-fs ot cmliluis. .-ciiaiatc i 
 uIhto il is luopiwoil lu (leal witli iiiuie than one tlasf. 
 
 litois toiiii <JMf class; x'l iikmI (lediioi- fofin aiiothei- clas 
 
 ill 
 
 ;/ 
 
 111 (1110 
 
 V. Ihxhl, 
 
 .IrKviiluie holdfis. Ahilxim.i. .\,'ir Orlniii.s. tir. Co.. (IS'.ili 1 Cli 
 .'i;; Kiiiphr Miitniii r,,.. 4t ('. D III:!. Kadi series .,r ,lelM'iiliire 
 lidlileis a};aiii luiiii- a sejiaiate class. 
 
 In Ihiiinor CoUicrh-s < o.. 11 Cli. D. 'HO. liielt. L. .).. held that 
 .Icl.nituic huiders iiiijrhi he piLpeilv smiiiiK.iied lo vote , /( imissr. 
 ili.nmh theie were several .la.-scs .,1 them, hut there the ariauire- 
 iiieiil was lor a lease id' the whole uiKlerlakiii<r. 
 
 Ill iIk' .ase ol [loliiv holders, current policy hohlor- may loriii 
 .1,1- and iiiatuK'd policy holder^ aiioiher Soniii'iii l.ili 
 . IH'.llli 2 g. B. 573. 
 
 The iiieeliiic' shoiihl ade<|iialel\ leiire-eiil the entire Imdy of cicli- 
 
 luis or class of cie.litors. I'.m- l!,.«eii. ii. d , /.'-' .iMmiim. .W/e 
 
 Oilniiis. dr. Co., il.SiH ) 1 Cli. iM.-.. It is for the Chief Clerk (now 
 
 iiie Nhisleri lo .-ee that due nnlice is niveii lo the ciedilois. Iliid 
 
 The he<tioii. however, does not apply to l(.i.'iy:ii or Kiloiiial creili- 
 
 lois. Thii-. if an ariaii^enieul is lua le and sanclh I in laijlaud, 
 
 y ]{ ;|„:1 c. who reside in a colony, can iiolw ilhstandinu: the 
 arian-eineiit sue the coiniiany in the . olony as freely as if the 
 arrans^einent had iioi heeii made. .Vcc /.cahiint Ijuiii Co. v. 
 Mtin-Zuii. . 18'J8i A. V. .!»!•; and see EiU.-< v. M,i<ll,ur;i, \.. H. C V. 
 ■l:\\: (lihh.-, V. So)'i,'-tr (/<'.s- M<'Uiti.r. 2-". (^ H. D- ■!'•''■' 
 
 Sf, in the <ase of iiieuiheis. if there are dillcrcni dasM's of share- 
 hol.U'is. .separate nieolincs should he held. In a recnl case lii:f,;l 
 r,nri,lrii,v .l.s.swr.i»rc Co.. 'I'.'IO) 1> Ch 477 Swinfen Kady. d.. 
 held that shareholders wlm ha,l pai<l up (heir share- in ad\aiice at 
 iuleit'st and ordinary fully paid sliarehulders were not in the sanio 
 positi.ui. and dire<ted .separate niootinsrs to he hehl of each class. 
 
 The ( oiirl has in .some cases ilirected suhsidiary meetiiiirs \" he 
 .■oiiv.MKvl abroad • r.,i;ii;.-li . .sVo/Z/.s/f, ,(<■ lloiil:. ilH'.':li ;! Ch .;.s.-, 
 but the meetiiii;s within the jurisdiction iini-l lie ihe ..;..\ci mnu- 
 lactor. 
 
 Th<' ( oiirt has in some cases friven directions as to the dejiosii ol 
 proxies abroad and as lo tclejri'apliinfr the imrliciilats to l.ondcm. 
 EniiU4ih. Siollixh, dv. Bank, I8'.t.ii ;i Ch. -'.H-V 
 
 The lic|uidator i.s, if the company is in windiiia-up. the proper 
 liensoii lo preside at meeting's under the Act. Shiirr v. DarUidon 
 Steel <f [n))i Co., W. N. (1877i 1;!'.». 
 
 ThouL'h it is no lonuer lUMcssary before a coiiiproniise oi arraiijjc- 
 iiieut can be .sanctioned that an orcjer shoidd have been made or an 
 
 '^^m 
 
 1 1, 
 
 n 
 
 «% 
 
 
i.-i.\ • •• 
 
 i 
 
 :1 
 
 i,; 
 
 i ■■'■ 
 
 I \ 
 
 I I 
 
 
 1: 
 
 m 
 
 ..11 1; 
 
 ml ig 
 
 1498 
 
 Biniiiiiif 
 chiiriirtiT 
 of order. 
 
 Who may 
 apply. 
 
 SKCT. 120. 
 
 [Cn.M-. XXIII. 
 
 plloctive i-eHolutiou passed for the windiug-up of the company, tlicrr 
 V sti! !j<) civ^cs ill whidi a wiiidiu'^-iip iiuiy 1)0 ncio-^san . Fui 
 
 iiui 
 
 How appli- 
 fation iriadu. 
 
 o.\amplo, wlit'K) a cotiipuiiy i> Ijciiiir sued liy pressing ( ^edlIlll■^ wliori, 
 it caniiol pay, il may Ijo iiCLt-.s.sary to pass a losolutinu t.o wind up 
 voliintaiilv or fvoii lo prosunl a pelitiou ior a conipiiisoiy order so a 
 to stop actions and allow time for a conipromi-o or arransreiiu lit undo 
 the section, with, perhaps, a subse.iuent stay of the winding-up. Ii 
 niii.-'i 1)0 liorno in mind thai unle.-.s ilieie is a winding-up there is nn 
 power in the Court to restrain ])ro:'ee(liii;;s against the foiiipaiix 
 tlio mere comiiicniemeiii di pro ■eedings for a conipronii.M! or arraiiiie- 
 niont under sei t. I:i0 doiv-, not oiieraie as a slay of ant ion and pro- 
 ceeding.- {Hootlt V. n'(,/',(//^( .-'i./.iiiii<i ('».. (I'J.i'.h 2 K. li. ■■'li.S 
 lliis is a delect in tiie settion. Sou aeut. 7 of tlie Railway Coinpani 
 .-Vet, 18(;7 (.iU I.V: 31 Vict. u. 127). 
 
 A compromise or arrangement iindor (lie .sertion siiall. "if saiir- 
 tioiie<l by the Court, bo bindinc on all the orediloi-s or the I'l.t.ss ol 
 cri dilors (ir on tlie momb<'rs or cla-ss of monibors, as the nasi- mii\ l> 
 niKl al.-o on the <'onipany. or, in llie ca-:e of a company in tli" com-e 
 ot heiiiir wound up. on tiie lii|uidulor nnd con'ribuioucs of ;h" coid- 
 pnnv. ' The cllcct of these words i.s to give to the compromise or 
 arrangement a statutory operation. Those who are bound by ihc 
 Kciieme cannot in any wuy object to tlie terms of it. Tiioir lemc.iy 
 i.- to appeal for the imrpose of having il sot aside, but wiiilsl the order 
 stands uii,ipi)ealed its propriety cannot bo challenged. Xirlioll v 
 Evtrhardt, Gl L. T. -WJ: The Empire Lifi\ 31 ('. I). 7H; Miillnml 
 Coal. dr. Co.. (18"J.")I 1 Ch. tl'J7. Leave to app<'al is iier'e-isary in 
 some ca-es. Creditors aii<l <'Oiriril)u:orios. for in-tanco. (Miiiiot a))poii; 
 unless they apiKMi-ed at the hoarinu'. Xviir-V/Vf Int'ironrc Sociel;;. 
 (1894) 2 Ch. 410. Tiie .sanction of the arrangeinont only binds tho>o 
 whom it i>urporl.s lo bind. Sovereiiin Life v. Dodd. i I8'.i2i 2 (^ 11. 
 27;>. 'Where a nieetiuir of un.secured creditor.- was couvenod a per ^n 
 having a contingent claim was liehl liound. Midhiid <:o.. (Its'J.'ii 
 1 Ch. 2IJ7. A croliior or ii.einber who is l>ound and iifti'rward- act- 
 in contravention of the arrangcmi-nl can l)0 suimI by llie .-ouipany 
 and if needs be an injun'tion obtained. 
 
 Who may Apply. 
 
 Looking to tiie leiiiLs of tiie Act the company can apply, a crmlitor 
 can apply, a member can apply, and, tinally, if the company is being 
 ■nouiid up, the liijuidator c.in api)ly . Wliere there is not a win.ling-up 
 tlie company is generally the proper per.-on to make the application 
 
 The section suys tliat the application .nay be made in "a summary 
 way,' and accordingly in the High Court the mode of application 
 for an order to convene the meetings is now almost always made by 
 summon.*. If tliere is no winding-up by or under the supeiAisiou of 
 
 nr 
 
I 
 
 AUKANdl'.MENTS AM' COMl'UOMIsr.S. 
 
 11!l9 
 
 ilio foiirt. this sh<iul<l bo an on-in^ 
 
 alu;: 
 
 siimiMoiiij Apiili iiiimi 
 
 . llUVl 
 
 liowovt'i' 
 
 Iroili tiiiK' to tiiiK' l)t'(Mi :iriilo 
 
 ly IllOllnIl 
 
 llljl 
 
 'iili'in. 
 
 1, ,. not in ..v.TV case tlmt a n.cotin- of momhcrs is n.'L-.->nr.y 
 ..xamplc. uho.e it"i.< i-roiu)..-,! (o ,1..! omK will, tJ.. .i-l»M,tn,v hol.loM 
 „, ,.„M.i>anv bv itMln.'in- ihi- nil.' of inlorcM a,.! . .iiu rllin- ;in..:ir. 
 
 I'or Miiiim,'!"! 
 
 in. Illi-ffr*. 
 
 of 
 
 „, inl.'io.<l, uli tlMt is nv.ossury is to ,ull a mfsin- <>! ll 
 |,oldovs So xvlicro til.' .s< hou.c im-.vly all.Mn.s mk-miI-ois. 
 .odm'.- tlu,- lalo of .liv 1(LmM o,i ll,e pv..lVivn.o slian- an, 
 anear.s. then it. would 1»> n.'cfssaiy to convoiM" a nu 
 
 n'uic 
 ..;., is lo 
 li> caiircd 
 ill'/ of ilii' iivi'- 
 Ie,en.<. slnuvholdo.^ only; or if iu «..rh .aso it is l-an ol ll,. nian.^v- 
 „.„„, ,1, .: the Of-linary .-har.- shall h. xv.Uvvd. thru a >.-.:.■.. M th.- 
 Hidinarv sliarrhnldofs al-<, «onld havo to I). ronvniKMl. On -Au' o'lirf 
 Land vvlKM.. Ih- o.d,na,^ «ha.-Uold.M.. or i„on,l,..>> l.a^,. no l..n,-li.-,al 
 ,ntcM-,vt in til.- .on.pany, as. f,„- ..van,,.lo. uIm-v iIw a~~ i- af(- oy.,- 
 
 ,,|,„ a l.v <lol.onlu.-cs so thai notlnn- wilt roniaiu !nr <(,.■ nuMun ■■> 
 
 after the amount owin;/' on th.- dobontun- ha^ bor.. ^ansln d.^t hv, , 
 „,.,v no! bo noi'os-arv to hold any in.'o'in- of . ■■: >:'.-v ^lui-,.!, wl,.'.- n, 
 laomlK^rs. So hold bv Chitty. J., 0th Au..u.t, 18H1, in n.wuun, of 
 Canada, dr. Co., whore it was allo..;<'d it, tho poMfon and pi-.^d 
 that tho value of tho as.-ots was los than the a.noun- ,.! ibo .lob n;n,..s 
 ,har.rod llicroon. BnnnijUU^ (-inhh l\)Ucr>, .<,M;<'i:i. W . ^ ■ ■ lf^.'>- ' 
 HO: ^Tm Corporation, (1901) 1 Ch. 12. in whbh last. raM- non- 
 ;u>n,oval of tho schenic bv tlu- ordinary .sharohold..-rs was hold ,n,- 
 niatorial, on the -round that as an innncliato icali/at.on ol tho a-o s 
 woul.l produce no surplus for su.h shareholdo.s. thoy had no .nlo,o-l 
 ontitliuLT Ihoiu t« veto tho srhn.no. Tho ,sa:n.. pr,,,' ,|.l.- appl.o- to 
 a class of cn-ditors, t-.j;.. to the unsecured creditors whoro tin- assoi.s 
 uro in.sutfi(ient to .sa'isfy j.rior charges. 
 
 Dobonftires, debenture stock, and other securities n-.ad.- payable to 
 bearer are not uncommon, and in such cases s^-ocial care shonUl, 
 therefore, be taken that the holder, have fai,' uotice of the mee:,,..,'. 
 This is nenoiuUv done by direction that the notice <.onvon„ijr tho 
 nieotin- shall bo a.lvertisod in several of tho prin.apal newspapo.v., 
 a.,d further that a circilar should 1. sent to all those per-..„s who 
 are known to be creditors. I,, the case of bearer socunt,. - if has 
 been held that at a mectin- sumni.me^l under the .\cr t 18. (.) those 
 persons only could be reganled as entitled to vote who ptoducc-. th.-.r 
 securities at or before tho in<-etin-. Wed.iwood CmICo-U^ .\y.:, . 
 
 The votin- at anv meetiu- under the .section may ho e.lhor in 1 r,.„.« 
 poison or bv"proxy. Jossel. M. R. ( .Ua,/n,. lrrh,ahon C; W . V 
 'l88n 120}! held that a |.,o.xy must be a mon,ber ol tho cla- on tho 
 .-routRl that "it was well .-slablished that f(u- the purpose of a 
 meetin^.^ of anv i,a.ticular class of person-, proves could only bo 
 .,iven t.j an.l hohl In luembe.s of that class, ami accurd,ntrly that the 
 r.w.vies in this ca.se siven to ti,e otlicial liquidator were invalid 
 
 anv '.irior aiiihority for 
 
 Tl,«' auliioi ha.^ not hi-on able to 
 this so-called well established rule, aiu 
 
 I it is not easv to lind any 
 
^ :t 
 
 loOO 
 
 SKcr. 120. 
 
 [Chap. XXIII 
 
 Alaji 'lit J. 
 
 Bound i-caHOii whv tlio Court kIiouW depart from the words of the Aci , 
 wordfi whicli clearly iiii|iiirl tiiat u creditor uuiy be prosent and voir 
 b_v proxy "ithouf any limitation or n'striction whatover as to the 
 status of tiie jiroxv. 
 
 I'mU'r the Act of 1870 the majority reipHrpd wa.s a ,i jority in 
 numIxT ropresentiiiy' tlirt)o-fourths in value of such creditor.s or das', 
 of civditors, itc. but in .sect. 121) of llie new Act the words "iji 
 number " disap|)oar. 
 
 It hati been held that, in(x>mputing the majority, tiioso momlx'rs ni 
 the rlu«s only have to ho taken into account who are present in person 
 or liy proxy. Those not pnwont in j)erson or by proxy mu<t be 
 disrefrarded. I'liwnix lirnsemcr. 1 ('. 1). I.')i; AUdmina. Sew Oilcniis. 
 dr. Co.. (1891) I (^h. Ul.!. 
 
 ' The value " in the rase of cieilltors means the amount due to liic 
 articular creditor, hi the ca-e. however, of a ci-eflitor whose claim 
 is not liquidated, liie ' value " is the amount for which he is eulitlcd, 
 or would be enfith.d in a windin|j^-u]i to jjrove. In the ca.se of meni- 
 Ix-rs, value' has reference to the amount of the shares or stocks 
 hehl by tiieni r(^-pc(^tively . 
 
 Tlie i-eport to be made to the (Jourt should stat(? acounitely the 
 number of the class — shareiiohicrs, creditors, jiolicy holders, itc — 
 pre..^enl and the value thereof, and how the members of the class vote. 
 The wport is usually made an exhibit to an affidavit and verilied 
 (hereby. 
 
 The Petition. 
 
 The petition to the (Jourt comes after the meotinjrs. It states the 
 ini'orporalioii of the company, its objects, capital, and reg:isteie<l 
 olhc<>, the circumstances wliicii have given rise to the need for a 
 compromi.se or arran<;enient, the terms of the proposed compromi.s*^ 
 or arrangement, the order for the meetin<^.s, tlie convent ion ami hold- 
 in;;- of >uili meetings, tlie passing of the resolution for approval, and 
 it |)rays the Couir to sanction the compromi.se or arrangement. 
 
 Although it is usual to ajiply by petition to iho Court to .sanction a 
 com|)romise or arrang(>nient, there is jurisdiction to make the order 
 on summons, and this wa- done in the cases following: --^.',/Mf/«? 
 Frcrcs. .\lalins, V.-C. 2Uh .Inly. 1878, \. HH'J: Aorthrni ('oat Co., 
 Malius, \ .-(■.. 12lh September. 187(1. B. l.VJS; Wenixtriil ( ollieii/ 
 Co., Hall, V.-C, 2n(l Deci'mber, 187.'), H. I'.l'Jl: Irtuiri Co., Chitty. 
 .1., 7tli April, 1892. 
 
 lu either case the application must bo supportcil by athdavit 
 evidence. 
 
 Specimen Schemes. 
 
 V/uirfirfr,- of ('atiipfotnij*f itt- .1 n-crt/t'ntt'i'/ . 
 
 In many cases a sclicnii' has l)oon riunctiouod providin^r t'"r the l^ormation of 
 a law ciiinpany; fi>r tlie traiisfrr nf the undertaking of the old company to the 
 
 ■'TTs— B^rTrras- 
 
 TT 
 
ARUANOKMKNT8 ANU COMPROMISES. 
 
 „rw .ompatiy: f-r tl.o i-sur l.y tl,.. nrw ,o,npa..y ... th- .l..h..Mtnr.. lu.M.T. .'f 
 
 ,1„. ..1.1 .■..mpanv ..t .lelMUturc.s .,r ,1. (..ntur.. -.t.-.k ..f tl «• . ...npany paya .!.• 
 
 ,t a m.ire .lintui.t poridd ; for tin- ..luli-rtakiiii.' l.y tlir ii.w .-..^iLpany ..I ll.'' -'•l"''- 
 ,l,.|,tH ami lial.ilitic". ..f th.' ..M .■..iiipany : an.l for tl..- i.<u.' t.. tl..- ■.,Mr.-i,..l.l.-r-< 
 „f th<- "IJ .-.impiiny of sliar.-s in tin- n.'w .-..mpaiiy. with a nal.ilitv tli.r,-..ii .. 
 
 I'jOl 
 
 ri"-(in-'ti-n.ti...i-. /.'- <•'■ 
 
 .(I I 
 
 Kii min-li pt'i" sliari-. 
 
 lint except in a wimiinK'-up there canii.it Ik- 
 Maliir-Vnh Cn.. C.A., 1 April, 191-2. 
 The «-heme very e.min.only pn.vnle^ that the .l.-li.-ntnn- ..r ,l.l..-ntiii.- »t,..-l. 
 
 xvhich are to l.e iss.i,-<l t.. the ,1,-lM-ntur.- h.il.l.rs ,.r .1.-1 Hn-.- st,..k-h..k|.r. ol 
 
 tl„. ol.l .-ompany shall I..- |.ayahl,- at a .l.-tVrr.-.l .lat.- at the .-spirai-n. -ay. .it a 
 firm of ■>, 10. 'JD. ..r :iO vear-. 
 
 ,-s there are .-..n-iilerahl.- arnars of int.-r."<t .... th- .l.-l..-ntnn-< ..f th.- 
 
 Wheii tlii-i is th<- i-ase oi,h arrears an- in s..nie i-as.-s evtini;i.isli.-il 
 
 sHi-il hv 111.' issii.- of ailir.ti.)nal il.li.-nlnr.-s 
 
 for th. 
 
 tnr.- 
 ,,f tn 
 
 Siini.-tini.- 
 iijcl eninpany. 
 
 iiltoffotlipr. and in othi-r lases an- satisfl.-i 
 „i- ilehenture stoek, .ir l>y the issne of i.iiid-iip shares. 
 
 Wh.-re a .-oinpany is loaded with a.-lientun-s it is v.-ry i-onin.on 
 sehcrae to provide f.,r the ,r.-ati.,n l,y the n.-w .■..mpai.y of a new serus .,1 
 .lehcntures or d...l.entnrc «toek. ranking.' in ,,ri.,.ity to th.- d.-l..-ntur,-s or d.-l..-.. 
 t,.,-k wl,i.-h are t.. I..- jriven to th.- ,t.-hentnre or .leh.-ntur.- st,„k.h..lder- 
 ' .lid eonipany. 
 S.)inetimes the d.-h.-nture h..hl.rs ,,; th.- old .-ompany re.•,■i^.■ prer.-r.n.-. 
 -I,ar.-s. or even ordinary almr.-s, in the ne-«r ,-,nnpany in .satisfa.ti..n of their 
 
 del tures {.s/ntrr v. /(..r/'-,«/..-. SI,;./ Co.. W. N. ;1M77) lli.^; l-m,.,; \l.u,.,:, 
 
 <■„ 44 fh. I). Ml- .IM.n,,.,. .\,;r 0,/r„„s, +,-. r,,.. ( LSftl ) 1 Ch. -Ji:!). .."'I 
 sometimes th<-y receive only a ,«n>p««»i."i. wh.-th,-r in shan-s ..r .l,-l,entnn-s. in 
 -atisfa.ti.in ..f thc-ir claims. 
 
 \t times the di-lientnres or del.i-ntnri- sto.k K'ivcn t.i th.- d.-hentiire .ii- d.-l>.n 
 tun- stock-holders of the oM .-ompany .-arry a ri»rhl to vote nt ?eiu-ral n,.-t.n-s 
 of the new company, and a ri|rht to appoint and r.-move one or mor.- d.r,-.-t..rs 
 Phis ri^ht is sometimes t.. suhsist until th.- deh.-.ituri-s or del.entnre sto.k ar- 
 rclcnicl, and is sometimes t.. sul.sist only f.)r a t.-rm, or until tin- prolil. 
 arrive at a certain ti^rure. 
 
 \s to the ordinary irmlitors, the scheme s.mietim.-s provides f..r payment ..f 
 the ordinary .-re<lito,.- in ftdl in .-ash. .•specially wh.-rc thi-y .are of -mall amount. 
 or the non-paynuMit would he detrimental U> the linsiness. 
 
 Sometimes they are )riv«-n a cmposition of so mn.-h in the pound, payalil.- 
 in cash either liy instalments or otherwise. 
 
 Sometimes, aBaif,, th.-y are K'i^"" <l.-b.-ntures ..r ,l.-l..nturc sto,-k. ..r pr.-f.-.- 
 f-nce shan-s or ordinary shares. 
 
 
 i; -ii'i; 
 
 S .iiiftimc-s a sc-hoinc piovi.lo.^ only for an anaii-cinoiit lietwooii tlio 
 ,„in|)anv and il^ lueiubois ol' sonio class, t).//.. l)y providiufr us to 
 |,ivl.-roii(« .sliaios tliat the pi-ofoi-.-nlial ri^dits ailaclicl lo tlio pre- 
 iVnonco fharo-s .-iliall l)o iiio.iitiod. l)y mliiRiuu; llio |ii.-t<>r.Mitial divi- 
 dcn-l l)y cuno<:'lliu5,' aiwars, and by alu-i-iu^' tlio li.ildois i-i-litfl in 
 uindiiifr-iip- uikI 'i« "' ordinary sharoholdor.s, that in i,-unsi<lcrati<)ii 
 ,d ilio^L-ono-.s-sions ma.le hy the preforoucf ^har.-hol.l<Ms tlioy, tlic 
 (.rdiiiurv .sharoh..ldt'is. siiall' suhniit to a r.>du(ti.)n of .capital in .lor.,- 
 oation of their rlj,'ht.s. And when the arianiriui,' loinpaiiy is In-in-^ 
 uouiul lip, it liuy bo part of th.' arraiiKiMiK'Ht that thn win.linjr-up 
 shall bo aUyed. and llic company re.-suuio busmf-s. ,,i ii can bt; c^layod 
 
 ^mF 
 
U ' 
 
 l.-X.',' 
 
 si:cr. r^'O. 
 
 [Chai- XXII 1 
 
 di-' T.'tHtn 
 
 .111(1 p«»vnr 
 
 My ■ 
 
 : • i 3 II 
 
 f.\a'|)l liJi ccrUiiu spociiioil [jurposes. Wcitern of Canada Oil Co 
 W. N. (1874 1 H8. 
 
 Sii wlioio liioro U a (iclientmc action i.t-mliiig, tlio Com*, lan si.'i_. 
 llio pioit'CilitiLts wliiilly or iu part if tlio siututoiy majority of tln' 
 licLi'iitmo holJor.s a;,'roo. 
 
 A schoini' Of arr.iiigoiiient is very commonly initiated wiiero .. 
 (k'hoiiluro artioii is in pro^Tcss and tlio underlakinsr in tlio liauJf oi 
 a ifi'civor. In ^uch case an api)licalion for an order to .suuimoi. 
 nici'liniis sliould be iiwdo in tiio action, and under the Kection. Thi- 
 aicoid.- Willi llie piisl [jraclice. A scheinc may ))iovido for the pa.s-iii;.. 
 (if spcrial ie^id(ili()ii> to alter the iiiemoiandiim or articles (ad 
 WcsUru a( ( uikhUi Oil Co., \V. X. i 1874) 148); or the alteration can 
 l,e eliecU'd hy tlio siheiiie. Tliiis, in llio OiiLlium Co.. .Icsm'I. M. 1' 
 sanclioned a -.cliiMiio adiiplin<: new artii^les. 
 
 The ( oinl Ills a disiietion as lo sanctioniiiLr an arranireniiMil. oven 
 if a-'ned !o l)v the siatiitory majority. It iiins( lie salislied that Ihr 
 .-. heme is a proper one ( Ewpire Mii'iii'i ('"., 1 ! I'll. I). |l>J\ that is. 
 tha: it is made in -rood faith and is fiir aii<l reasonablo. .Mabimni. 
 Spiv Orleans, dc. Co., (.18',tl i 1 Ch. ' l;». It is the duty of the Cnuri 
 for instance, to see that the majority has been actinfr boiui file and 
 that the minority 1ki.s not been overridden by a majority bavin- 
 interests clashiiif^ wi-h those of the mriority whom they .-eek ic 
 
 CIKTce. 
 
 <!•! the same principle the Coiiri will not sanction an arranuoment 
 which has been carried by the votes of creditors who are not acliiii: 
 bona futr in the interests of the cla.s.s {Wrdrjirood Co.. 6 0. I). <>27i. 
 but the mere fact that some cre.litors are shareholders docs not 
 invalidate their votes. See AlabuiiM. Xcw Oilraih<<, dc. Co., supra; 
 and in ISueiios Ai/res Water Co., (iO L. T. 408. it was held that 
 a .special concession made by a third party to voters was not to be 
 re^^arded a.s a brilie. and theiefore did not invalida'e their votes, 
 
 A^'iiiii. as a mailer of fairness, the Court sliould not, so Fry, J., 
 held in lie Ulrhurds ,{: Co., 11 Ch. D. (uC, sanction an arranprement 
 whi( h would prejudice a creditor whoso rights would have been pre- 
 ferential if the petition to wind U|) had boon carried on, I'.p., a 
 judynieiil cre<litor who would have >,'0t leave to i.ssuo o.xoeution in 
 
 the windinsr-ui'. 
 
 Furlhei- the Com! has t<> look at the .s<.Iienie and say wlietlier i; is 
 one as to whi' h poisons acting; hoii"8:ly, and vicwinjr the .srhoiiie laid 
 before them in the interest of those whom they rciiresent. take a view 
 which can be roii-sonably taken by business men. Lindley. J., 
 Alabanui Nvn- Orleans, dc. linil. Co., .■^iipra: and see F.iwli.'^h. 
 Scottish and Au.ifralinn Chnrtcred Bank, (1893) 3 Ch. :!8.-). " I have," 
 said r.owen, L. J., in the first of these two cases, " no doubtat all that 
 it would be improper for the Court to allow an arran-rement to be 
 forced on any cIlss of creditors, if the arranjrement cannot reasonably 
 bo supposed by sensible business people to bo for the benefit of thai 
 
AKKANUKMENTfJ AND O •Ml'KOMISKS. 
 
 16(»'< 
 
 , l.uss iih >ucK, otluTwlM' tlio >;iuclluii ol iho Court would bo a. .saucUon 
 ui uIkU would be :i si'lioiiiu ot Loiilisi aliun.' 
 
 IJiil il llio ariiiii-oiiioiit is an hoia-sl uiil lair ciiu tlif fudil. as 
 Ja.m'.s. 1.. .I.^aid in Ihincrur CuUurn.s Cu., 11 CU. D. 'in-., will nm 
 l,c asluK.' lo lind nui anv lo.l.ni.al dclV-l> in llu' pni .HMlin--. vo 
 al.-,o Kdiiibiiriih Anivrinin LoudVo. v. /.,i/'./ ■^ tr,<slrv.-i i I'.'n'i, S. L'. 
 IS Ct. ol' SOS.S., whoro (ho wIiomio had Imhmi np|.iu\rd by ;liu .-taln- 
 101. V n.ajnriiio.s oi nioniboiv. ol' NaiidU- .la.i.-c.. and tlio Conil M'fns,.,l 
 ,0 uiildi.dd ilo .saniliun botau>o oi llio -ppo.^iliun ci a ininoiilv .,f 
 .li'l.onlnn' lioidors. 
 
 Till! Conn dues not in tin- .a.-.^ ul' a coniiironiiM.. >.r anan-< nl. 1>; 
 
 i,M,niio inovi.-ion lo be mad^' lor payin- oiil dis.onilcnl tucinbrv.-. of 
 iho ila.^s. To do no would det'eal tlio very objoit ol' ibo >i'.lion. I t 
 ,i ,., snlli- iontlv obvious that the object ol iho .so.>;ion is lo cntinM, 
 ,1,,. .peciliod niajorilv wil.li llio powor lo bind tlio wliolo class, 
 and il' llio niajoi-ity cannot bind llio class but ov.'iy objccunjf 
 „„Mub.!V is to bo al'libL'i-ly U) insist on boin-: paid out in ra>li, tlif 
 vAw ol' tho .s.Hlion is lai't;<dy diminished. Howi'vit, in Cainniin 
 l„n-ah Thnbi-r Co., (I'JDitl 1 Ch. 7()H, ulioro ihcro was an aiianu'c- 
 ,„,.ni in ronjunclion with a rucon.-trnrtion under s.'cl. It.l of tiio 
 \,l of bsili; (now sc.'t. 192'. i; was hold, by ihc ConrI of \n^^'■A ihat. 
 tlu'TO ought to be provision for payment out of dissent iont.s, as in 
 .M'Ct. Kir. This was not tho view of Chiity, J., as expressed in 
 Doiniuiun of Cuv.uln. .fv. Co.. .V, 1.. T. :\:>1. - Tli.' objert of the 
 Alt," said his Lordship, 'is to allow classes 01 creditors to enter 
 into what:-- A compronii.se or arrau-eiueu! . 1 think, iheiefore, that 
 Mr. I., (an objectori, a.s a nieuiber of this class of eredilors, is 
 hound by the resolution that was come to at the iMeetin- of the 
 cla;ss'; ami the same principle appears to bo applicable to an 
 ,in-aMireiiienl or compromi.se of the mcmliers. Xodonlit. if ihe.schem-' 
 is caiTiod onl in part under .sect. I'.t-'. a di-sennent member may 
 looperlv .laim the ri-lus tl'iven lo him by that Mvlion. bm where 
 .eet. 102 is not made use of, it is subinitle<l th.it the;e is no .suili. ieni 
 lea.-on to liohl lha< a dl.s.senlient .should be iriven sperial ri-lits. 
 Wliere the Le^nslaiuve in-eiid- di<s,.nlients lo have spe' ial ri-lits 
 ;ii,<l iirivile^'os, it makes express provision for the >,ime. as, for 
 ■xample, in sect. 9 (51 of tho Act, where tho Court is empowered to 
 ■ oidirm an allerathm of objects, it is provided that "the Court sli.dl, 
 m exnrcisinL'- it.s iliscretion under this .section, have re-ard to ihe 
 rights and interests of the member.s of tho comiiany or of any da-s 
 of^them as well as tn tho rights and interests of tho eredi:ors. and 
 it mav. if it thinks lit, adjourn the i)ro.oe<lings in onhi that an 
 arraniremont may bo made to tho satisfaction of the Court fcu- the 
 purcha.se of the interests of di.s,-entient members, and may give sieh 
 directioriK and make such orders a.s it may think expo iient for fa< iii- 
 
 ;aling and carrying iti'o ellcft iiny su-h .Trrac.-em ; i'rov..!..,! 
 
 that no part of the capital of the ooinpany may be expended in any 
 
 & 
 
1004 
 
 8EC-r. 120. 
 
 [Chap. XX 11 1. 
 
 L'lidiT- 
 writiii!..'. 
 
 Keilurtiiiii 
 of ittpit il 
 
 M..liti(atiii 
 
 Kiireitrii 
 anii ritlHuia 
 CL)m|>;itiie>. 
 
 Mioh purchase." So, too, in sect. 192, by which i)i)\vcr is jfivoii lo .. 
 liijuidutor, with tlic rsunctiou of a special resolution, to tran-sfer the 
 wliolo or |)art of the businosH or property of the company In nn'itlni 
 company, there i« exjire.sM power pveu iu sub-sect. (3 ) to any member 
 not voting in fav<iur of the «peciiii re.-nlution ut either of the iiieeliiiy- 
 held for parsing or coiiliruiiiig liie wime, to expre.s.s hi.s dis^sent thoru- 
 froni, and to jn-nist on payment of the fair value of his interest in 
 cash. But ficct. 12(1 contains no .surji pruvi.sions. 
 
 Now thai a coiupany can pay for underwriting ised. Kit), liiere i- 
 no olijectiuu to providing in a scheme thai the company sliall oUci 
 n'riaiu shares for sub,-trlpti<iii and shall pay a commission for under- 
 writing the sinie. See .siiiini. p. -''■> 
 
 \ .scheme of arrangement which involves ;i rediictiim of iapi(:il i- 
 oica.sioually ,sul)inilled. In smh a case il has been held that ific 
 sclieiiie miisl be sanctioned as an arrangemeii' and als(] as a redm linn 
 of capital and thai all the reipiisile prm cedings in sect t(! of ihe A.: 
 ill regard to reduclinn must be carried through. See ( oopcr, Voniici 
 ,uhl ./ohiisoii. :>\ W K. .'tH. 
 
 The s'hemi' of arrangemeiii usually contains a clau.se empowering; 
 llie compnny nr it.s liipii.lalor to assent to any iiindilii aiiinis or cin- 
 ditions iipi)roved or imputed by ilii- Court, and ihc clause is sometimes 
 i|ualilie<l. (• '7., by adding the words 'and by the trustees for the 
 debenture holders." In the absence uf any such clau.se. it is more 
 than doubtful whether the Omrl can sanction a modified sclieiiie oi 
 inipoR<> loiulilioiis which must operate by way of inoditication. 
 
 The .Joint Stock Companies i Arrany-ement ) Act, as was held by 
 th<' Privy Council, did not apply In ihe colonies. Xfir Zrohnid 
 L<Mi)i. <(V Co. V. Morrixo)!, (1898) A. C. .HI). Therefore, a sdiciiic 
 sanctioned l)y the Court here is, quoad colonies, to be regarded a- 
 a proceeding in a foreign Court, and cannot be pleaded by the com- 
 pany in a colonial Court as a defence to an action by a non-assenlini; 
 colonial creditor for the value of the amount of his claim. 
 
 As to referring .scheme to Official Receiver to report, see Winding- 
 up Rule 74. Part II. of this work. 
 
 m» 
 
KOKMH. 
 
 i&or, 
 
 PRKCKDKNTS. 
 
 Ill tli<' lli^jli Court of Jurttito, 
 Chuneery IJi vision. 
 Mr, Justice . 
 
 Ii iho iiiiifter of tlio Coiupauio iCon-^ciliJaticjii i Atl, l'.M)H. 
 
 and 
 Ik tli(! uiatU'r of the V.i<\. Liiiitd 
 
 [..•I .ill luiities tonioiiu'd iitteiul al tlu' ilniiiilnM.- -if .Mi .lusUct' 
 at (lie Koyul Courts of .hi>ii<«', >Stiaii(l, MiddU-scx. at. tlio 
 
 I, iixc<l in tho iiKuyiu lu'icnt mi lli.> licuiinir of tin- applitatiou 
 
 ,.1 ill.. alM)V(>-uaiiiO(l (OMiiiaiiN. Iiiifli icfonvd to its tin- loy, that llic 
 ,.,v inav lio diit'dod to convi'iic Ki'|iaialc iii<H'tiuy:s of (1 I -ilntc irhal 
 iii.-rlin'i. </.s-, /or CTnnii'U:] M) the l.oldors of pioferoutf >lian.s in 
 ih,. ,ovV caintal; and (2) thn holdois of ordinary .>-haro» in tin- coys 
 .,i|)itai: and {'.i) the lioldoi.s of tin- lir.M dclionlu-c- of tho coy: and 
 I 4. lilt" holders of the .-erond debentiiit.- uf the -ov. lor the purp.t-^e 
 ni conwiderinf;-. an<l if thoujjht lit, approving, with or without niodi- 
 li.atiou, the .-i.heine of arraiiLiCinenI propiwvl lo he made hetwecn 
 ihe hol.ler.-< of tlio said Lpreferemv ^haro- an.l ordinary sliarcs and 
 lir.-t deboiiture.H and second dol)enIurc>i ro^spectively of tho coy, nnd 
 iluit, directions may bo ^'ivon as to the inoele in which the sd ineet- 
 iiiil..* are to be coirvouod, and that a chairman thereof may be 
 appointed, and may ho ordered to report the result thereof to the 
 (loiirt, ifee. 
 
 Form 797 
 
 Sumiuuns fo> 
 niuetiii^H. 
 
 P'^ 
 
 
 i .V 
 
 
 ■:•,) 
 
 1 \ 
 
 U-r. 
 
 
 ' r I 
 
 mq 
 
 SniiMi: or .^khavof.mf.nt under sect 12*1 between the company and Form 798' 
 
 its debenture liolders. s.lirm.;i.ii 
 
 urruu^t'uwiik 
 
 I 'I'he time for the payment ol the lir.st debeulure.s ol the - tu„,toldt„. 
 
 (;oiiipaTi;>. Limited (hereinafter called tlie company), for £ — i.- 
 
 lieicbv po<sti)oned for — year.s. that !< t.. say, until the • day 
 
 of , and tlic company '.s first delK-ntures aforesaid .shall henee- 
 
 foiili be read and construed as if that dal.' had been originalh 
 
 inserted therein instead of the day ol 
 
 1". 
 
 .) D 
 
 E<' i 
 
150« 
 
 Form 798. 
 
 SECT. 120. 
 
 [Chap. XXIII. 
 
 2. Th<> liiiic! for lh»> payiiiciit of tlio company'if BOiond dulioiilmis 
 
 lor 1 i.H hiTcoy piwtiioiifil for years, that is to say, until 
 
 the - (lay of - — , and the said norond ilobonturos Hhall lioii't- 
 torlli 1)0 read and coni^trued us if that date wore inserted rh(>rpiii 
 iMHtead of the day of -. 
 
 .!. i:a< h lioldor of any of the .sd debcniuro-' nhall produce the winii- 
 lo the timipany and |n'iiiilt a note to bo placed therein referring' i" 
 thin Ht'henio. 
 
 I. Thf lov may a-ssent to any nuxlification or condition which 
 the Court may think lit to approve or impoao. 
 
 is 11 
 
 Ponn 799. 
 
 Si Jiemc of 
 Arrantfeinent 
 MH to ntmre- 
 •i'ilil(>r«. 
 
 K. AM) .1. I'll. I. MAN. LiMTI). 
 
 SciiUMl or .\ur\N(.kmi;m l«Mwe«ii the loy and it- nioruhor- umlcr 
 .-ect. IL'O of the Act <.f I'.IOS. 
 
 1. The capital of the coy m to he reduced utate how\ 
 
 2. Th<- arrears ol dividend up to th(! ".Ist l)ei.eiiiher. I'.tll, to l,e 
 (unwlled, and any profits up to that date available for dividend to 
 be capitalized. 
 
 3. In.ttead of the provisions coiituined in para^raph.s (a) to if) 
 inclu.sivc of clause of the company's niomoranilum of association, 
 the riirhl.- of the .several clas,ses of shares in llie company's capital 
 as ro<;anls dividend and distribution of a«ots in windintj-up. l(« 
 be as follows: - 
 
 TIh' i)rolils of oai h year to be applicalilo (ir-t to tho i)ayiiient of u 
 < umulative piefer.-ntial dividend at the rate of 5 per cent, per annum 
 ■ m the 7().00()^ preference .-liaies. 
 
 Secondly, lo the jiayment of a dividend at tlio rate of 7 per cent 
 per annum on the capilal paiil up on the oiiliiiary shares, but so that 
 ihey shall lor the purpo.se-. of mk h dividend bo deemed to be of the 
 nominal value ui \l each instead of \s each, and to lie fully paid up 
 lo IIk' extent of M \wr share. 
 
 Thiidlv, to the accumulation of a reserve fund of 20,0()0t. for the 
 |mrpo.<e- specified in clause Ii:! of the cnmpany's articles of asso- 
 ciation. 
 
 .■\s In tlie re.siduo. the same lo bo paid as to one equal moiety to 
 lliG holders of ordinary shares by way of additional dividend, and 
 lis to the other e.pial moiety to the holders of the founders' shares 
 in each ci^e rcsi)ectively in proportion to the number of shares of 
 tlic class held by them res|)ectively. 
 
KOKMS. 
 
 ifto; 
 
 Ami ill ,1 uiiiiliiii^ -nil llic a^M'ii uMtilalili* li i ilisirilnitiiiii iiiiiiiii;;>t Fonn 799. 
 ttio iiK'iiilx'r.i •'liiill Imi ii]iplio<l tirNt to the paynuMil nil <il' t)io capital 
 |iui(l ii|i on lii<> pri'lVrt'iiLO HliatOt; serninlly, to llii' |i.i\nii'iil oil <>t 
 the ('U|iiUil paiil ii|i on lh<> onlinitry hIiui'os uikI I'oiiiiiIim.s' shuroi /xiri 
 jiaxsu, but on thit I'ootini; tliiittiic ordinary Mliarcs !<liull lor that |iui'- 
 poHO uonlitiuu to huvo paid up tlicroon tho huiu of \l. prr ijiaiv, not 
 Is. per Mlmro, and tho halaniw to belong to tho holdcr.s of thn pre- 
 fc'icnco, ordinary, and foundei>' >liart'.s it)*|>t'clivoly, in pripporlion 
 to the capital paiil up on . . said .shares of each cI.im respectively, 
 but s() that for l!iis purpose the ordinary shares shall 1m> deemed to 
 U' jiaid up to the o"ctciit of It. per share insteaii of 1*. por ithare. 
 l'ara;;raph.s •; i and i h i of the iiieiiioraniliiiii of iis>.iH'iatioii to appiN to 
 the ri'duced capital. 
 
 t. Th«' coin|iiiny '.s articles of a.ssnciation sliall be regarded as 
 modified accordingly. 
 
 Sill Kunii Slid. -.il,,!. 
 
 HXTCIIKR Wn So.NS. I.IMITKI). 
 
 Form 800. 
 
 
 . 1111 1 Sflit'lnt* t»f 
 
 >' llF.Ml'. (11 .\ lilt Wi.liMKNT iMiwieii tlie aJMive-iiaineil couipany anil ;irMii^-i iinin 
 
 the holder.s of the |iii'fereme sjiare.s and the holder-, of the ordi- iw t<> iiii-iiil» r» 
 
 nary shales in ihu capital of the «ald iKinpaiiv .ili.iin<^ rights 
 
 confeired by nienioranduni. 
 
 1. The s|'e( ial resolutions of the coiiiiiany pa^-ed and connrined, 
 AC, ])ri)vidiiiLr for the reduction of tho company s cipilal, and for 
 -lib-division of it,s shait's, and tor tiie eaiuiellalion of arrears of pre- 
 leiiMicc dividend, and for other inatter.s, snail be binding on tlie 
 'onipany. and on tho holders of tlio said pr<}forcneo shares, and on 
 iho 1; ■" lers of the said orilinary sliaios, and shall be carried into 
 eticc' .ccordingly. 
 
 2. The Imlleis of the .said prelerence shares and the holders of 
 the Kuid ordinary shares shall at'ce|it the [(revisions made by tho 
 said special resolulions in satisfaction of their existing riirliLs with 
 icspect (o tlieir prelcreiun and ordinary shares. 
 
 ."?. I'nie.ss the said special iT>solutions are conlirmcd by the Court 
 
 before the day of , this scheme is on that day to be<'ome 
 
 void. 
 
 Tlir rr^u'titrnri alrovc rflV-rrt-tl ti |»ru\Mftl fur the rttluf{i;jri uf i!it' ^-uinpanyV 
 capital and pro'cdcd a.s follows: — 
 
 .\nd tliat of i-a"Ii of tic ^3.000 fully p:iid-iip i)rofcrcn('t' sliarcs of \!jn. each 
 rrsultinir from sccli rcvlintioii, and lacli of tin; 0,000 iiiiLssui'd [inrrrcno^ 
 
 5 D 2 
 
l.WA 
 
 MKtT. I'iO. 
 
 [Chai-. XXIII. 
 
 rom 800. .^_^ ^^^^^ ^^^|._^__^^ ^,_^^^, ^.^„,,.„^, ,^ ,„ „„. ,.i., i„.,„., ,,,„r... ... f..i v ......1 up 
 
 \|1 tl»- ,aid ,.r.liimrv -Imr.-- to r»i<k /.■.■ / ' i" »» r-| '- «'"' •'"■ "*'"■' 
 
 ordi.mrN -Imr.- in thr >. .>».l *\>'i* M »rr,-M-, of tt... rum.ila.n- pn- 
 
 fcr«nti»l Hi<i.l..n.l. wh-tl,.T .(.■. luml nr i.ot. nn tt..- :il,O.H. i«a,Kl ,,«'".-•. 
 
 ,h,.re. u.Mr...-.l ..p to, \r.. ,\M I ..■•.•H.'-l a.ul .■,tinir..i.l..-l, l.ut if ll.^ -am. 
 
 .hull not Ih- .onMrnn-d l.y tl,- fo.irt r l-fon- :ll.. I >.■,,. mb-r. l»ll. tl..- 
 
 ,..«,l..tion .hull on that day !»• void .....1 of no ,.ff..,t. ;„u\ that th., r.^olnhon 
 
 .hull 1"- .onditional ,H Im- f urrM,^.„,.-..t l...t« tl >n.piny and .t. 
 
 n.l.ors holdin.^ ,,r..f.ron,v -har.- and iMtw-.-n .1 npu„y and it, n,.n,l..r» 
 
 l,.,|din,r ordinurv -l-ar,-. hcini,' udo,.t.-d nnd.r ...t. ISO ..f II,,. I ompu.n,.. (( on- 
 «,li.lation. A,t: im)H. for ^ivin.' ■«« t to H„. provision, of th., r,..,.l« ,on. 
 
 Su,l> «l,-m.. of arr«n«„i t to !«• fn,.,..M in a..,ordu.„„ with tho tern,- foil..* 
 
 iiij;. that i" to *iy. .\."'. 
 
 J. I 
 
 III 
 
 Form 801. 
 
 Order fi,r 
 nii«tin)r*. 
 
 II \ l< IIKII 
 
 Wli Son-. l.iMilin 
 
 Upon Ihf ;ii,|,li.i,ti,.i, of thr al.„v.-l,;iii,.vi ,uy l,v Mmt i- <lut,Ml 
 
 l-»tli .Imio I'.tll. u|H,.i h.-iirin- ciin.-...! lot lh<' appii-aiit- mil tipm, 
 ..ruiliM- an alli.lavit ,,1 II HIcmI ITtli .Imi-. 1!M1, ami ll..> .'xhihil^ 
 ,|,.>,eih r..tVnr.| lo a,..l tl.v Iw,, allMavil.- .>f. ,V' It i- o.,l..n..| thai 
 tlu- api-liraiitN <lo ooiivrn.. .s,.,,a.at.. nio.-tii.-- of . I ) thf l.ohlo.s .,t 
 ,,.rf..n.m.- nIui..... aiwl . :." thf lioM-.- .,f onlinaiv .sl.an- M. tli- 
 
 rapital of tht) ut>,,%e-imia.Ml r„^ . mi, I ftin;:^ !■, I"' l"'l<i 'it on 
 
 Ilu> 1st clav of .Vu'.niM. I'.'" I, at 2 o. In.k aii,l .1 o,lo,k in llu- ulWi- 
 no,,n r.-piv. tor tlw piap.,.M-,.f c.iMd.Tin-an.l, if lliouolil tit.appn.v- 
 ino, with Of Nvilhout ino,lili,alioii, a s. Ii.mim- of arnui-tM.H'nt proposed 
 \o\v niaiie U^tw.'oii tlK< IioI,1(m.s of tho vl ptvfoionco nliaivs aii,l the 
 hol<l<'i.> or tin- «! oi.liiiarv shanv- ro.-ply uiul tlio .-d ,oy. Au-l U i* 
 onl.'io-l that al l.uust ton dav.- liclore tho day appointed l,,i- xwh 
 nH'f*iiio.s, a.lv«'iti:-<'inoiit-' .oiivciiiny: tho Haiiu- au,l stating tli;;- a c.py 
 „f tho M luMiif of anaiiovMionI ran l,e so.-n at tli,' olli.>o of the ^olinlov- 
 of the a'ipli.aiilH bo insorto,! a- followN; on, o in tlu' Londn>, (l,.:-l . 
 and oner in iho T/m.'v aii.l \\u- Dniln Mail laMv.papors, t«..o m 
 tho Tninitun Curirr. at.d twi.o in tho Sonu-rxet r,mul;i llrrnhl 
 \,„| it i,s also .,i<loro,l that at loast novou ,lay.s bofoio tlw .ia% 
 „,,,,„i„„.,| f„r sn,h n.ootin^.s ..ir.ulav lottors to tho .sanio ottoot, 
 to.-othor with a p.opor fonu ,,f proxy and all partonlars ol tho 
 srhemo 1)0 sont to su.h of tho sd lioi.h>rs ,.f proro.vn,'<< sharos an,l 
 holdors of ordinary shares msply whoso addresso-f aio known to the 
 applioants. And tho j,.,|oo doth appoint W.. of - -. or lailiii;; Imn 
 H of . eliairn.a.i of tho s,l niootin-s. And it is onh'io.l that 
 
 tho .sd thuirinan do iop,,rt tho rosult of tho sd niootin-s to tho jiidov. 
 Uatchcr Jt Sans. Limite>l F.vp .F , lOth July. 1911 
 
KOKMf*. 
 
 IftOH 
 
 N(i ii027t; "I I'M I 
 In llu' lli^li ( 'oiiit 111" .Fu'tici' 
 Cliarui'iv DiviKion. 
 N!r .lii>iti(i> Nf'vilit' 
 
 Form 803 
 
 Nntirr 
 
 *^oiivt<iiin|c 
 iiM'i'tinir* "' 
 nhiiri>liol«l*>r« , 
 
 III ill)' MiitU^r III llii' I' luiiiic- 1 1 oimolitliition > Act, I'.XiH. 
 
 ami 
 III III)' Matter of K. .V .1 riilliii.iii. Liiiiitixl 
 
 Xiitiie i^ lictfliN irivfii lluil li\ an mili'i iI.iIimI tlir iJ.'itli <lii\ iil 
 .liiiv, I'll I, Ml Uo-l«lrui II' hI \m- iliifi It'll «i'|iiiiati' iiii'i'liii'j< nl 
 I I the iiu'I'i'Ii'Iiii' Nliaicli'iMi'i i. ^ -' i tin' "I'liiiarv «lmii'liiililiM>. iiml 
 .'! 1 tlic linMi'ix 111' I'oiliiiii'i-'' xliaii'-* ill llic aliiiM'-iiaiiii'il niiii|iiiii\ for 
 ili<> |iiii'|><ini' III' i'<iiisiil<'riii;> and. it' tli>iii^r|il lit. aiijiiov ill).^ with or 
 willioilt ni'Hliliriition. tlic .■«i Iii'mh' oI .ii imtni'iiiiMit |pm|io<i'(l to In- lliaiii" 
 lii'l\vo«'n till' .-^aiil (oiiiiiaii\ ami tin- lioliln* of '•inti |iicri'ri'iiri'. oidi- 
 iiarv ami fmiiiiltT-i' -iliarcs io-|i<'« tivi'iv. 'riic -iaid iiiwlint:-* will Im' 
 h.'lii on Mi.ndav. the Ufii day of AiiyiiM, MM I. at Wimlioftcr Hoiix-. 
 nl,| liioiid .Siri'fl. ill tin' City of Kondoii. a< n-^raids (In- mi'i'tiuij; of 
 ih.'.xuid onliiiaiv iliaiclndili'rs at .1 o'clock in the iiflciiiooii. a> n'',nir«ls 
 I 111' nit'ftiiijr of tlic said |in'fori«nci' ■.liaicholdci-s at ;t.4.'> o'clock in 
 llir afU'i'iioon, and a.* rojnirdH tin' nHM'tinir of the lioldor.i of tlu' slid 
 fouiidi'is' hliari't at l.l.'i o'clock in the aflcrnoon, at which place and 
 n'H|iectiv<' tiiiK'" all the afiire-<uid iiielereiice and ordinary -^liare- 
 holdei-N and holders of foniidei-s' «hai'<'> are ii'i|iie-.ied U> attend. A 
 copv of the Slid slr'nie of .irianjieiiieiit can he seen at the ollice of 
 .Vlessi'ji. .\.. IV A ('.. the -iilicitor- of the said com|iMii\, at , ill 
 
 (ho City of London. 
 
 The ordinurv ami |iri'fei<'nce sharoholilei'^ and the holder.t of 
 foiiiidei-i' "hares may att4>nd such iiM'elin;rs resjieclively. and vot<' 
 in peisoii or liy piow. piovided that all piovie- are depo-iled ai tlie 
 ■•('(iiKteied odiccs nf the cninpany. Street. Solio Si|iiaie. 
 
 London, iiol later than 18 hours liefoie the limes ||\ed for Imldinu 
 the said meotinsrs n'sppctively . 
 
 Ilolileis of fonnders' share- in the slid compaii\ payaldc to liear»>r 
 ih*iriiijr to attend or vole |i<'rsonall\ iinist produce at the time and 
 iiliin- of tiic iiie<'tiii;i of suili iiolders. and to olilain adiuis-ioii iherelo, 
 their certitiejitt's of shares for the purpose of ideiifilication. The 
 holilei-s of founders' share- dosirine- to attend or vote hy proxy must, 
 on or heforo 10th day of .\.u>iu-t. lilll, deposit their o/^rliliciitf for 
 -hares with the company's liaiikers, the Hank, at . London. 
 
 K.C. ttlicie th" s^ii^l )-.;iiik>n's i<irtifica*e of depnsii and jnow forms 
 mil lie olilaiiied. The lianker's certificate of deposit will enlitlo 
 the holiler to alleud and vote in respect of the foiiiidois' share- .so 
 deposited at the meetiuf;- of the Imlders of the said foiindeis" shares, 
 
1510 
 
 sKcr. 120. 
 
 rciiAP. XXIII. 
 
 Form 802. and any iKiJouriiiiioiit tlicnv.f. and any poll to l.c taken in ronsf- 
 
 iiucmi' ihoicol', and aftor the tiaiisartion ol llic liu-^inc^s ,.r tlic 
 
 mccliiiji- tin- .■'liarc ci'iiiliiatc- wdl Ik' ri>t\iiiii'd U|i(iii llic siiripiidi'i 
 of the ■'aid n'lliliiatf of dcpn-ii. 
 
 Tho Coiiit has appointed A. B.. Km).. .1.1'., or lailin«: him. Mr 
 C. I)., or tailing;- liini. Mr. Iv K.. direitorH of (he (Kiiupany, lo ho 
 ihairniaii of the .said .several nieelinjis rcspoctivoly The aliove- 
 nientioned scheme will he Mili.jeil to thi> suhscipn'nl apprnv.al ..I' 
 the ('i)urt. 
 
 Duti'd the 2'.Mh <hi\ ot .lidy. I'.tll. 
 
 A., JJ. & v., 
 Sdlioilor.s for tin- company 
 
 Form 803 
 
 N'Dtiui's 
 I'linveuiii); 
 tneetin^K of 
 shareholder.^ 
 as to wiiid- 
 iu)f-ui>. 
 
 U'^X 
 
 m 
 
 In the Ilif;h (ciiirt of Jitstice. 
 ( ,'unipanieK Windiue:-Up. 
 
 Ill the matter of the N'orth-We.st Ai-enlino Railway Co.. Limited. 
 
 Noliw i.s hereby ^ivon that by an order of the (Juurt dated 2l8t 
 Junuaiy, 19(11, J. K. aii<l L. M., llie liij^s of tlie ahovo-iiaiued coy, 
 weiv directed to convene .sepurutc meelinj^s of i^l) the holdcr.s of 
 pivferre<l .shares issued by the above-named coy, und (2) tlie holders 
 of deferreil shares issued by the abovo-numcd company, for tlio pur- 
 po.se of considering: and, if thou;;lit hi. aiiprovin^-, with or without 
 niodilication. the .-(heme of arraii<:ement proposed to be made between 
 the company and the Kaid respective cla-sses of sharelioldors. which 
 scheme is as follows: — 
 
 That certiin income dolicniure stock of the ('ordohu Conlral Rail- 
 wav Co.. Limited, of tho nominal amount of .;10,000^, representing- 
 the .surplus a.s.sots of the above-named coy after providing for pay- 
 ment in full of tho debts and liabilities of the coy. bo subject to 
 such provision a.s may be required, as hereinafter monttl, for the 
 costs of and iiicidentid to tho windini'-iip. and of the.se proeeedinfrs, 
 includiufr tile remuneration of tho liqrs not alreiuly provided for, 
 dLstributod amongst the sharehohlers otherwise than in accordance 
 with their rights as defined by the constitution of the coy, namely, 
 as to ItlO.otiO/. to be distributed /xtrt passu amongst the class of 
 holders of deferred shares, and as to the balance, namely, 210,0001., 
 or SI) much thereof as remains after provi<liiig for tho remuneration 
 above ix-fenvd to, be distributed jmri, jxis^^ti amongst tho class of 
 hohlei's of ]irefori-ed shares. 
 
 Such meetings will be held on Thursday, the 14th February, 1901, 
 a( AVineliosU'r House, Old Hroad Street, London, E.C. at the follow- 
 ing limes, liuimli. ; — 
 
 Meeting of hoUlers of preterred shares at 2.1.') in the iitterncjipii 
 
FORMS. 
 
 151 1 
 
 Mootiufr of holders of deforrod sliaios at 2 iu tlio afioiiioou, ut Form 803. 
 which tinio and place all such holdci-s ai-c reapoctivety requested to 
 attend. 
 
 Shareholders may attend such meotinjfs resply, and vote either 
 in [wrson or by pro.\y. Forms of pro.xy may bo obtained at the offices 
 of the liqr, A. B., at — Street, London, E.G., on any week-day 
 between the houi-s of 10 a.m. and 5 p.m. prior to the day appointed 
 for holding the said meetings. 
 
 Tiu! order appoints J. K.,or failing hiui, 1,. M. to act a^ chairman 
 of llie Kaid meetings, and directs the chairman to rcpoi-l the result 
 of such moetinKs to the Court. 
 
 Dute<i this day of February, 1901. 
 
 & 
 
 StriM^t, E.G. 
 
 Wituees 
 
 Solicit OIK for the said !ii|rs 
 
 !■«' 
 
 'J'he ■ichcnip above set forth was ^^anctiolu■d in due course. 
 
 Thn parties had endouvoured to carry the nelieine out with the as.iistiim'c' of 
 the Court (see \o,th-ir,Kl .Irij'ntiitr liaU. Co., (1900) 2 t'li. ml), but the 
 Court held that the scheme was .rrej^ular inasmuch an it providi'd for a distribu- 
 tion of tlie assets ntherwiso than iu accordance with the ieifal ri(,'lits of tiie parties 
 thereto, i.e., (?ave tlie preference siiareholders aliout 13,000/. more than their 
 proper proportion, thus infrintfinjr the rules laid down in driffilh v. Vngrt 
 (1«77), .5 C. 1). 894. 
 
 hi the course of thi; year 1900 the Companies Act, 1900, was passed, and 
 sect. 21 of that .Vet (the Joint Stock Companies Arranfjeinent Act, 1870) was 
 extended so as to include an arrangement l>etwcen a eomp:iny and its members 
 or any class of its members. Accordingly, the application was made to the 
 Court under the Act as so amended, la due c"urse the order wa< made by 
 Wri-ht. J. 
 
 Resolution referring to Scheme of Arrangement. Form 80*. 
 
 That the scheme of arrangoment submitted t<) this nioeling be R'""!"*'""- 
 and the same is hereby approved and agreed to. 
 
 [Tillc.'] 
 
 I, the undersigned [an unsecured creditor] of the above-named 
 ooy, hereby appoint W., of, &c., whom failing, P., of, &c., (a) [(a) // 
 any other proxy is preferred, strike out names here inserted and 
 Ckdd navw of proxy preferred and ini'iul altctation] aa mj- proxy, to 
 act for me at the meeting of [unsecured creditors] to he held at , 
 
 Form 805. 
 
 Fonn of 
 proxy. 
 
ir,\2 
 
 .sKcr. 120. 
 
 [Chap. XX I II. 
 
 ■r ■!! 
 
 T«rm805. ^^ day.lhe — thda^of- , 19 ,at o'clock in tho — iiomi. 
 
 for the purpose of coiisiderin}? and, if Ihoiight fit, approving, with or 
 witJiout niodiflc-ation, a scheme of arrangement proposed to be nimlo 
 between tlic suid coy and ite unsecured creditors, and at such meeting 
 and any iidjournniunt thereof to vote for me and in my iiamu: 
 (b) ^(h) If for, insert "for," if (KjaiiiKt, bixert "against" and xtrike 
 out the wordn below after " nrheme" and initial such alteration-'*] the 
 said Kcheme oither with or without such modification as my proxy 
 
 may approve. 
 Haf<'d this 
 
 iLiv ot 
 
 19 
 
 Signature 
 Address — 
 
 Amount ol' debt in fiijuii's, t k. iI. 
 
 Notes. 
 
 1. Tlie proxy must l)o lodged with the liquidator at his office, , 
 
 not later than the day before the meeting at which it is to bo used. 
 
 2. Any alteration.^ made in the form of proxy should be initialled. 
 
 In the form a* iispil tlic portions printed in italics are printed in the margin. 
 The form lias lieon often adopted by the Court. 
 
 Scit. 120 reiognizcH the right to attend the meeting in person or by proxy, 
 and ncoiirdinply a voter is entitle*! to attend by proxy and to frame tlif 
 instrument of proxy iix he ehoortco. It does not soem that the Court is em|iowcri><l 
 to preseribe the for,.i of proxy wliiili he shall use. 
 
 1l 
 
 = 
 
 Form 806. 
 
 Keport by 
 viiairman. 
 
 ,TitU:] 
 
 In the matter, licc. 
 
 Ileijorf of f'hairnum. 
 
 1, J. K., llic pcr.soa appointe<l by the Honourable Mr. .Justice 
 
 to act as chairman of the meeting of the debenture holders [or fintt 
 debenture liolder.s, or •second debenture holders, or unsecured credi- 
 tor.-^, ur prolorence shareholders, or ordinary shareholders] of the 
 abovo-nanii'il lompany, summone<l by advertisement dated the - - 
 
 day of . iind liehl on the day of , at , in tlie County 
 
 of . do hereby report to tho .-aid judge the result of the said 
 
 mectiui; it- follows: 
 
 Th<! .-aid meeting was attondoil eitiier personally or by proxy by 
 holders of [preference sljai-es] of the said company [or as the case 
 
 may be] entitled together to [preference shares in the capital of 
 
 the said company of £- - - each. J 
 
 Tho question submitted to the said meeting was whether the holders 
 
 of [preference shares] in the said company approved of the sch ■ 
 
 ol arrangement submitted to the meeting and agreed thereto. 
 
KOKMS. 
 
 l-il-J 
 
 The Mild iiK'fliii^' wiw uiiaaiiiiiniKlv of opinion timl the schemo of Form 806. 
 arrun<,fni<!nt should !)o ii|)|ii'ovi><l aiul ajriood to. or [Tho result of 
 tho voting: upon such (i\u's(ion wuh us follow.^:- - 
 
 Tlic und<'iniciitione<l iirotcrenco NJiiiiolioldor.s votod in favour of 
 Ihu pi()|io>al Iwiujr adopU-d and cnrriod into (■ffcot. 
 
 Kiinio iif rrcfi'i-ciiic 
 ShurrhoKU'r. 
 
 Ad(in*(»f. 
 
 NiimlKr of IVcdreiM'c Number of 
 Shares liclil by each. Voto«. 
 
 Tin- . ■. ntioned ]irolorenix' .•-hun'lioldor.s votod against the 
 
 baid proposal In'ini,' :ulopt«-d and carried into effect. 
 
 Name of Priferpuw 
 iShnrt'holdir. 
 
 Addrt'Hf*. 
 
 Xum>»*r of Prfferoiu;*) Sharw* 
 lic'lii by Vot^r.J 
 
 Tlatcd ilic 
 
 <!ax of 
 
 iSijriM'd) .1. K.. 
 
 Chairniaa. 
 
 In the lli<>h Conil of .liotiit.'. 
 
 rntli: dr.) 
 The huinl)!(! p<Mon of tlic Coy. Liinul. .showoth a.s follows:-- 
 
 1. Your pctr.s. ihc ahovf-nanicd I'ov iitco) imratiov, ohjecti, tCc.]. 
 
 2. ('apital. 
 
 ;t. Couinu'ncpnit'ul 'if business. 
 
 4. Issuo of dolK'nlnros. 
 
 .'). Financial dilliiullicN and icii-'ih^ »hv arrantri'nicnt desirable. 
 
 (). Order to convene nicotiny> 
 
 7. Result of niee!ino:s, itc 
 
 8. Prayer that the .sd schenic of arraiiuenient may be Hanctiouod by 
 the Ct 
 
 For ori'erH siaiK'tionini; wherae of urrniiiremout and compromise, nee I'urt II. 
 (11th ed.) of this work. 
 
 Form 807. 
 
 Petition. 
 
1514 
 
 SKCT. i,;(i. 
 
 "CiiAi-. XXIII. 
 
 >l <. 
 
 Form 808. 
 
 Order 
 hauctiniiiii^ 
 Hchfmu (if 
 armntrcnii'iit 
 iiiooiijuiiutioii 
 with rediK - 
 tion uf 
 capitHl. 
 
 WoonWARD. CiHd^MNOn \M> ( C) . I.IMm'.l) \M> HlJirCF.II. 
 
 On till! |iutitioii, Ar., ami iiimii lifiiiiii^ tlic »d potitiuii and loading 
 tlio ordor. dated 2.jtli .laiuiaiy, IKO'J. wlu'ieliy the sd coy was ordorod 
 to convcno iiiooliujj^ of (I) tlio lioldt'is ol' pivfoiviiuo nIwio.'* of the 
 iibovo-iKiiiu'd coy, and i2) tlio lioldci-s of onliiiaiv shares of tlie 
 ttbovc-namcd coy for the |iiii|>oso of considerinji. and. if Ihouffht fit, 
 approviii'r, with or without UKHiilicatioii, a .scihmhc of arranj;oinont 
 proposcKl to be iimdc Ix'twecn the sd holders of the jiieforoiico «hari'.s 
 and ordinary sliniv.; rosply and the .sd coy. a copy of which .scheme 
 waw set forth in para)>;iapli of the allidavil of (! .. liU^d Till .laniiary. 
 1901), hnftr mentioned, the order dated the 2Ist March, 190:i, dis- 
 peiisiiiu: witli the list of creditor>, LoHth>ii (riizvttc. \c. newspapers. 
 all for ;29th January, l'.t09, and each conlainiii^- an adverti.sement of 
 the notice conveniii); the wl raoetin<r directed to be lieM liy the sd 
 order of the 2.')tli .January, 1909. the Loudon ddZi'ttc and Thufs 
 newspapers, both of \hv (jtli April. 190'.). and each conlainiiij; a 
 notice of the pi-eKeiitatioii of the sd petition, and that tiie same wa.s 
 appointed to be heard ou the 2I.st April, 1',I09. the allidavit of B., &c., 
 this Court dotli, in a<'cordan«> with the provisions of the Companies 
 I Consolidation) Act, 1908, hby .sanction the scheme of arrangement 
 .sef forth in the 9tli paragraph li the sd petiiion and in the 
 lirst schedule hto, and doth declare the suiiie to lie bindiiiij on the 
 holder.s of the pivference and ordiicirv shares uf iho sd coy rosply, 
 and on the s<l i-ity. .\i\d this Court loth oidei- that the cancellation 
 and reduction of (apilal of the above-naned loy re.solved on and 
 effected by .special resolution. Ac. which resolution was in the winds 
 and figures following, thai is to say: That the ca()ital of the coy 
 he reduced from l."i0,000/. <livided into 7.">,000 preference shares of 
 M. each, and 7.).00() ordiiiiry shares of VI. each, of which ."iO.OOO 
 preference shares of U. each aii<l .')0,000 ordinary shares of il. each 
 onh" have been issued and fullvpaid, to 1 12,-'>00/. ilivided into 7.">.0()0 
 preference shares of \l. each fully paid, and 7.">,000 ordinary shares 
 of 10s. each fully paid, and that such reduction be elfocted by- 
 cancelling capital which has been lost or is unrepresented by aviiil- 
 ablo as.«et.s to the extent of 10.9. per share on each of thi' sd ."lO.OOO 
 ordinary shares which have been iosued and are now outstanding. 
 and by reducing the nominal amount of the ordinary shares of the 
 coy's ordinary share capital to 10s. per share, but this re.soliiti<)U 
 to be conditional on an arrangement sanctioned by the Court being 
 made for tlie cancellation of the arrears of dividend on the preference 
 shares af.<d accrued up to the .'iOth day of .fune. 1908, whether 
 declared or not, and amounting to 13,O0OZ., be and the same is hby 
 confirmed in accordance with the provision.s of the Companios (Con- 
 eolidation) Act, 1908. Aud the Court do'h hby approve the miri".te, 
 &c. And it is ordered tliat notice of the registration of this order 
 ■witli the Registrar of Joint Stork Companies, and this order, so far 
 
I'OUMS. 
 
 151') 
 
 !!.■> it applioN to tlio raneolliitiiin anil r<'ilii(lii)ii of caiiilal of llic Form 808. 
 
 al(Ovo-iiaiiio<l cny and ot' ttic sd luiniilc. In- |piiMi^li(i|. &>■. And il 
 
 is ordfi-ed tlial thu ailditimi of tlii' wonis 'and icdiin'd to the litlo 
 
 of the u<jy ho (•oiitiiiii(«l lor oiic nionlli troin the dah' of this order. 
 
 ixcopt on ticlu'ts and lalxds and raiiU. in r«'»|ii'il of uliii li sd tirkctj. 
 
 an<l lalxd.s llic sd words may ln' <ii>|)(Misod with 
 
 'I'lio .schetlulo .sot forth tlif scIumiic of ai rani;cini'nl a^ follou-: 
 
 i. Hwlnilion <if tiio coy'.- (-.ipilal hy lannllini; the Mini of lily, 
 per .sharo, one iialf of the fapital paid up on c u h of the ."i(),0(M( i>-.iii'd 
 oidinary .shares afsd, and hy rodin inj^- the nominal amount of earh 
 siiih shaw from ll. to IDs. rirdinary. resolved on hy spetaal n'solii- 
 tioii .shall he carried int« elVerl. 
 
 •2. The arrears of dividend on the sd .">(l,llOll piclerenie nhari'S 
 proved up to the .'iOth June, l(M)K. whether dei-lareil or not, shall 
 he oxtini^uishcd. 
 
 'riio ahovo order was maih" hy N'eville. .1.. I'Ni April. \W.K 
 
 'I'lic preferential ilividend abme referred to wii" attached liy tl imi[Kniy's 
 
 iiiemoraiiduni of usseeiation. 
 
 In the Ili^li Court of .lustiie, 
 C'haiKCry Division. 
 
 Mr. Justice Swinfeii Eadj . 
 OOliTC 1911. 
 Tuesday, the :28th day o!' NoveMd)er, 1911. 
 
 In the mattei- of the Companies > Con^oliilalion i .\'(. \'M)H. 
 
 and 
 Ii; the matter of R. and J. Pullman. Limited and Reduced. 
 
 Ijion tlm petition of the ahove-namcd R. and d. I'ullman. Limited 
 and Re.)uccd.on tlio 9tli Novemhor. 1911. prefnrred unto this Court, 
 and upon hoarinct euumsel for the petitionor.s and upon roadinu' the 
 said iiel^'.ju, tho order datod 2."ilh .fuly. 1911, wherel)y the said 
 company was ordered to couveue .separate lueetiuep^ uf ill the jue- 
 ferencc shareholderti, (2) tho ordinary sluireholdor.s, and i;{» the 
 holders of I'ouudors' shares rosply of tho said coy for the purpose of 
 considerin<r, and if thought fit, approviue; with or without nuidi- 
 fication the scheme of arrangement propo-sed to be made between 
 the .said toy and tho said holders of the said |)refereuee. ordinary, 
 and founders' shares i-esply of tho said coy, which sclieme was incur- 
 porated in the affidavit of JameH Curtis Hook, liled ULst Julv, 1911, 
 hnftr mentioned, the order dated tho 14th y'vember. 1911, dis- 
 lieusing with tho list of creditorti, tho London (ln:pHe and the Timvx 
 
 Form 809. 
 
 Another. 
 
n 
 , ... *^MI 
 
 1516 
 
 sKcr. 120. 
 
 [CiiAi'. XXIll. 
 
 \ ■ 
 
 flj-.l: 
 
 \ 
 
 r 
 \ 
 
 \ 
 
 Fonn 809. ii(!\v.sj)njici>. 1m>iIi nf llic »tli Anausl, I'JIl, und each containing,' an 
 ii.lvorli.sc'tnonl ot' llii' siiiil iidlicc convoMiii^"; the «iii<l niLH'tinjiVi 
 ilimtod to lie IkmhI 1i,v iIic said .hiIim' dat('<l :2:)tli .ruly, 1911, tlii' 
 Liindor (iictllr mid tilt' Tiitic.t iicwsinipi'is, liotli of tiic I'lli 
 Novf.'nilK!! . I'.dl. and caili containiiifr a notiii' "f the jircsontation 
 «>l IIh- wl |K>titinii. and that the saino was a|ip(iin!<>d to ho lipard on 
 ihf 28th NovcndiiT. 1911, the thioc wvoial alHdavits of .1. (". II . 
 lilod ■J\>i .liilv. 1911, I9lh ScpUMnlxT. 1911. and th« 9th NoviMnhci. 
 1911. and the alliilavil of .liH,d Knianuol . (ilod 9tli Xovoniboi , 
 
 1911. and the c.xhihit.s in tho said alfidavil.s or .^onio of thoui rosplv 
 icIViifd to, and the r('|M.il. datod the 11th S('|iU'nd)i'r, 1911, of thf 
 cliainnan of lln' ic-^nlt i.f llic nicctinirs diit'ctcd U) ho h<dd hv tho 
 .Slid oidor dalod L'.'ith .Iiil.v. 1911. Tlii.i Coiiit doth hoivhv Kanction 
 ihc whoiiio of airanurcineiil .hm forth in tho suvuntcoii jiaiagiaph.s of 
 ih( .said )>otitioii and in the liis<t nchodule lioieto, and doth docluK' 
 tho .same to ho Iiindinfr mi ihi- piofpronco Hharclioidors, tlio ordinurv 
 .-hiiicholdors, and tlio holdcr~ of foiin<lois' shaves of tho ahovo-naniod 
 <oi!i|iaiiy and also on tho said company. And this f'ourt dotli order 
 tJial tho cuiicollation and rcdiictidii of tho i a|>iial of the ahovo-nninod 
 (•onipany rowilvod on ami olfoii<>d hy the spocial rosohition imsnod 
 and coidlrniod at two ovliaordiiiai \ <;-oiioial niootin^i-.s of tho ])0li- 
 lioiior.s. tho said R. A .1. I'lillinan. l,iiiiito<l and Kodiicod, hold rosplv 
 on iho 2.Jrd Octolior, 1911. and tho 7th N'nvomhor. 1911, and which 
 rosohition. sci far as it rolaii's In tho rolnction of (ho coy'.s capital, 
 was in tho words and lieincs fcdlnwiny. that is lo say: 
 
 Tliat tho cajiital of Iho cnv now consislintr of L'i:!,00(lf., di\idci! 
 into 70,(MI() proforonco sliaios of 1/ (>aih. 110. 01)0 or.linary shares 
 of II. oach. and .■i.ltdO foiiiidoi.>' .sli iros of 1/. oadi, ho roducod Ic 
 80.m)(t/. dividod into 7t).()(t(l pioforonco sharos of U. each, UO.iHMl 
 oi-dinary sliaro» of Is. oach. and .'i.lMlO foi -dors' sharos of U. oacli. 
 and that .such roduct.ion k' olloctod hy <aucollin^- paid-ii|i capital 
 to tho cxtoiit of 19.S. por sliaro on oach of tlio said ordinary .sliaios. 
 and by reducin<r tho noniiual amount tlieroof from U. to Is. ouch. 
 be an(l tJio .saino i.s lioreby confirmod in aooordaiico with tho provisioiiN 
 of tlie ab<ivc-nientioucd Act. 
 
 And tho Court doth horohy approve tho form of the minute n«m 
 forth in the second sche<liilo horoto. And it is ordered that thi.« 
 order lie pro<luoed to the Registrar of (:om))anics, and that an oiBoe 
 <'opy thereof bo delivoi-ed to liiin. tojrothor with a minut«, in the 
 word.s or to tho etlect set forth in tho socoml schedule. 
 
 .\nd it iK furtlier ordorcl that notice of the repriitration by the 
 Eern-strar of Companios of thi« order, so far as it applies to the reduc- 
 tion of CApiti! of the company, and of the ^aid minute, lie published 
 OA follows, that is to say, om* each in the London (Inzcttc nnd in 
 tlie Timen newspaiier within ten days after such registration. 
 
 And it is ordered that tho addition of the words "and rod u cod ' 
 
FOKMS. 
 
 1517 
 
 til tlio title (if Uio said coy tto coiitiiiiUMl lor (Hic mniitli t'rnni tin' ihitc Fonu 809. 
 
 (il llii.i oiiUt. 
 
 .1. II llon.l. 
 I{<'ni>liiir. ( nmiiiiiiii'^ \Viiiiliiiy-r|i 
 Tlic lii>t siIdmIuIc alicivo rd'crKMi i.i >cl- itiil ropy r.-nlntioii Ami 
 mIu'iiu' of iiiiai);;eiiK'iit. 
 
 Ljioii tlio ppiiiioii of Uatilicr iV Son-. I.iiiiiii'(l and Hp.Iii'i'iI. oii Form 810 
 tin- 2.')tli Xovciiilifr. I'.tll, incf(<n<M| to lli.- ili-li Coiirl of .Iiisiii^>, ^,„„,„,r 
 and ii|ioii licariiiii' couiistd for tin- |i.'lil ioiiiM-. an I upon ri'adiim lii<' 
 -d iH'tition. an oidii dated lili I)«m cnilief. I'.tll. di-^lieiL-in- witli iIk' 
 settleineni of tli<> li-t. of creditor.-*, tlie Loihloii (uf.rlff of .'illi l)ec<MM- 
 U'r. liUl, the 7'///(('.v newspaper, iVc.. \c . eacli conlaiiiiiit; an advi 
 (i«.>iiiciit notiii- 'if tlio pK MMitalion of ilie --d peiilion. and the pclid'. 
 was uiipoiiite<l lo lie lieanl llii'~ da-., ami an allida-vil of I. . liled 
 Itilli Deci'inlier, lilll.and the e\liiliil~ iherein icleired t ., ihi- Court 
 dolii in conformity with the provision- of tin- Conipaiiie- (Con-^oli- 
 dation 1 Act, l!tliS. cuntirni the cancellation ,Mid rednclion of the 
 capital ellecled liy the speciid ie<oliilion pa-<' I at an e.Mr.iordinary 
 ^•oneral nieetini; of the sliareliold<M- of llalciic- A Son-', l.iniid 
 and |{<'dnccd. held on the loth iLiv ot .\pril. I'.UI. and .-onlirnied 
 at a:i exlraordinary jj;encral nieelitifr of the -A coy hidd on the :i"iili 
 day of April. I'Jil, which le.soliilioii wa- in the word- and liLiiir-- 
 followiii-. that is to sayi^-Tliat the share ca|iital of the c.iy. nani<dy. 
 ."lO.OOO/., divided into ;!4,000 fully paid-up preferenc<> shari's of 1/ 
 each, and (1,1)00 unissu(>d like pivference shares of \l. each, and 
 7.0(10 fulh paiil-up oidinaiy shares of 1/ each, and .'i.OOO unissued 
 like ordinary shares of \l. each. Ui rediui'd lo 'JVt.T.'iO/.. divi'h-d im- 
 ;5,'J.000 fullv paid-up picfereme shares of l-'i.v. eauii, and (l,O0t! nn- 
 issucil like proforeiue shares of l.^i.s each, and 7.000 fidly paid-ii|. 
 ordinary .shares of l,s\ each, and .t.OOO unissued ordinary s|iar>'s ..f 
 l,s. each, and thai such reduction shall he elhvled 
 
 lal Bv cancellint; and e.\t in-ui.-hinii' the 1 .000 full\ p,iii|-np pie- 
 
 ferein-c shuros of 1/ each, nunihered 1 to l.odo imhisive. 
 
 the holder of which ha.- assented to ilie cancclla'lioii ihof 
 
 and also the capital )iai<l up lher(>oii as li«>int; capital lost or 
 
 unreiire.sented hy availahle a— <'ts; and 
 
 (b) Hv cancx.'lliiifr the sum of -'is' per share on the icmainini:- 
 
 ;!;!,000 is-iied pieferenc e -^liare- of 1/. each a- lieini;- loi 
 111' unrejiroseulel by availahle as-et-. and by reducine- the 
 nominal umouut ul the sd shares, and of iJie sd (i.i)OO un- 
 issued preference Hliares, to l-'is. per share; and 
 
 (c) By cancelling the sum of l'J,s. per .share on Uio said 7,000 
 
 issued oixlinary shares oi \l. euoh as being lost or un- 
 represented by avaihihle assets, ind by reducing the nominal 
 value of such shares and of the sd .i.OOO unissued ordinary 
 shares to Is per share. 
 
 fl 
 
 1 . *; J 
 
 L 
 
 i'; 
 
T' 
 
 lAlS 
 
 SKCT. 12(t. 
 
 [ClIAI". XXllI. 
 
 -I*' 
 
 Form 810. AikI iJml ol cadi ul' the ;{a,Oi)i) fully paid-up proforoncc .shiiii"^ 
 of l'>.<. each which would result from such induction and of <mcIi 
 of I lie ()0,000 uiUMued proforeiico shares of l.")*. ('iich, a portion 
 of iho noiniiial value of in. shall bo couvorted into ono ordiiiurv 
 share crodilfil a.'* to tin- ^d jw^uimI tiharos as fully paid up, all the >il 
 oidiiiary .shares lo rank pari ixtiiit in all ro-^pocls with the other 
 oidinary .shares iu the coy. 
 
 And thai ail aiieajs of niMUilative preferential di\iclend. whelhcr 
 ■ |e, hired or ant on the .ll.OOO issued prefereme shares of U. eai h 
 pioved U|i l<i the ;tlst .January, I'Jll. shall be cancelled and extiii- 
 uuished, but if the same shall not b<^ cunliriued by the Court on ci 
 before lilsi Dceeiuber, 1911, the mI resolution shall on that dii\ 
 be void and of no elfei I . 
 
 'riie prcfcrcntiiil (liviilciiil al>ovi. nfriiicl t4) was uttuchi'd liy the ioiiii)aii.v's 
 memoramluni. mi tliat J-A//-/V »• "'"'«"" :'0 ('. I). 37l>. applied. 
 
 1 
 
 |1 ' 
 
 Ji 
 
 And that the sd re-ubitinu sli.ill be conditional on a siheuie "if 
 arrani;eiueut between the loy and it.s uiendiers Imidini!: ))relerence 
 .shales and between the loy and it^ luendieis holding ordinary shares, 
 lieine- adopted under sci t . 1:20 nf the Companies i Consolidatiioi i 
 Act, rj()8, for uiviny ellerl I'l the provisions of the sd resohiliun. 
 
 Aolico suiiuuiiuin^- llie .-d meeiiny: of the 2.Jth April, I'Jll, hUited 
 that if the sd re^olutieii were cuidirmed at that meetiufj: by the re(|ui- 
 sit<! luaj'jiiiy, iipplicatinu would be made to the Court to lall the 
 ncce.^.sary nie<Min^s under sert. IJO ot the ('ompaiiies i Consolidation i 
 Art. lOii.S. of tli<' shaieholdcrs and the loy In approve and aiiicc 
 III tiiC sd svheme. And it is ordered that the woiils ' .lud rednced 
 form part of the name of IIk; coy for one moiilh from the dale of 
 this order, and tliis Couil doth approve of the niiiiutc se: forth in 
 the first srhedule hto.jnd the ( ourt doth ai)piove (jI the scheme of 
 airan;;ement set foilli in tin' ^e-nicl ^ijiediile hto. And it is ordere<l 
 thai this older be pioiinn'd to the Re;.nstrnr of Companies, and tliai 
 an ofKce copy of this order 1,? ilcliverccl to him lonelher with the sd 
 minute. And it i.s ordered ihni nolire of the ri>tris;iation of ihi^ 
 order : id of the sd miiiMH> lie |iiibii-l!ed in the follow ini;' new -p.qieis. 
 that is to say. on'C in the l.oiiiJini (iiizf/lr, and onc<' ea'li in the 
 Tinii'x, Daihi Miiil. Tuiiiilnii ('niiiifr. The Tiutiilon Mail, and the 
 Tiiiinfon EtJui newsp.iper.;, wiihiii ten days after such re;;i-1ralion. 
 
 The first schedule .-el out the minute. 
 
 The second scliedido set out scheme of arranfremeiit betwciMi the 
 above-named coy and the holders of the preferenc* Hhares and the 
 holders of the ordinaiy shares of the .sd coy. 
 
 1. Special re.soiution of the coy passed and confirmed at extra- 
 ordinary fj-encral meetiuf^s of the coy held resply on the 10th day of 
 April, and 2oth day of April, 1911, providinfr for the rodm-tion of 
 the coy's capital and for the suljdivision of it« shares and for the 
 cancellation of ariears of preference dividend, and for other matters, 
 
KoKMS. 
 
 l.')|!l 
 
 fihall Im' liiiiiliii;; KM ilic iii\ ,111(1 DM iln' liiilil(M> ill till' ■<ii pi (■! I'l I'lin' Form 810. 
 xhuiVH and llio lioMi'i- >'( llir »il hkIimiii v Nliair^. nml '<liiil! In- raiiinl 
 into pIVpiI ac<(iriliiij;l\ 
 
 li. TIk" Iio1<1('i> lit ihi' m1 (m'tcii'iii o >luir('~ uiiil ilic lioldor^ ol' llic 
 mI oidiiiaiv nIuik'n shall arr»'|il llic |iii>visioiis inadi' liv tlio spt'iial 
 roMiliitiiiiis mI'mI ill >ali>faiiiini nl llicir <'\i>liiiy: lijjlits in ios|i('il 
 ot ilu'ii |ii<'lVrt'iin) wliaio and mdinaiv sliaic*. 
 
 • '. I'lll('^s the m1 rc-uliilmn >liall In' loiiliiinod In llio ('oiiit licluii' 
 thf .tlsl Di'i iiiiln'i . mi I. Ill i- ~' lien II' shall on I lull dale lioiMHiii' vuid 
 
 lllltrlltl l( Sllll>. I.illltll llinl Hl'llllllll. .lliMC, J.. JSlh DoiCMllll'l . 
 
 1911. Oi'ili'i' I'nioii'd 2iid .laiiuarv. I'MJ. 
 
 Ill till' lllillKM 
 
 Nnlirc i~ licicliv i^ivi'ii, Ai 
 Si'c Form ti'j ^'//i,". 
 
 Form 811. 
 
 \ilvi"rti~i- 
 Hli-iit 'if iii'ili r. 
 
 Reorganization of Capital under sect. 45 ot the Companies 
 Consolidation Act. 1908. 
 
 Sill, l.'i i.> ill llir li'llil- (nlliiu iiiu, lll.lt i- Iii.s;i\: 
 
 45. ' 1 ; -\ iiiiii|p.iiiy liiiiiiiil l'.\ >Imii - imv liv >|ii'rial n'>uliilii>n cniifii'iiiril 
 liy unliT 111' till' Ciiurf iiimliry tin' luiiilitiiiii- rnut^iincil In it'< iiu'iniiranilnin ^n n- 
 to ri'iiririiiiizc its sliarr iMpli i'. wliilin r liy . oii-.iliil.iti.m iif .»liavi'.< nf liiH.ii'iil 
 ilassi'- or liy tlir divisiuii of it- slian-.; iiitJi -Ikui- iit (lilVi'ii'rit i'la<<i'.i. 
 
 1 . iviji'il that no jirrl'rniuM' or .Jpi'cial |irivili';;i' attachi'd to or l)»'l»n'_'in|,' 
 to aiiv chi'S of share- sliall In' iiiti'rlVri'il willi imi'|iI liy a n>olulioii |iai.-i'il liy a 
 majority in number of -hareliolders of that elass holtlini; tliree-fotirlhs of tin 
 >liarc capital of tli.it ila--. anil eoiilinni'il al i iiH'i'linu' of Kliarehohlrr^ of th.ii 
 el.is.s in the .same maniitr as a speiiiil resolution of the company is rei|uiri'<l In 
 he contirmi'il, anil everv n-olntion s,) piis-eil shall liiiiil all shari'liolders of tin 
 ehl.<s. 
 
 r2) Where an orili-r Is iii.kIi' under this section an olh<-e lopy tlityr if -hall 
 lie tiled with till' Ite^istrar of Coiiipanies within seven days after the makiiii; if 
 the order, or within suih furllier tiiui' as the Court may allow, and the resolu- 
 tion shall not take elfeet until sinli a ropy ha.s lieeii s,i tiled. 
 
 The abcivc .sciiiiui aiijifiu- ouly to pi'iixiilc loi' tlio s|)t>cilied cao- 
 of n'orfrani/alioii. tliat is to say. ill rcoryruiiizalioii by con.solida- 
 iioii of islnin's ol (liili'ii'n: i lasses, and ■■Ji\ roii|o;aiii/alion liy llii- 
 divi'iioii of tlio ioin|iaiiy's sliaics into siiarcs cf ililloicnt cla.s.so.s. In 
 .siiih Ciiscs it imivido a iiic.lo of eariyiiiir out the i-corsrauizttlion 
 t^uliject to the tomlilioii.- .spriilieil in tiic svclion. Il is approhondt'd 
 that the spitioii doe.; not h\ iiiiolioalion control or limit the powers 
 of the Cuuii under seet. 12tt, m'c stijira. p. I l".M. or any power wliiih 
 the compauy uiay have liy its uonstitutioii apait from the section. 
 
Iti'iO 
 
 HKcrr. I 'JO. 
 
 [CiiAi'. XXIII. 
 
 In AuHlraluiit hUtatri* uikI Morlii<i<i<' < u., lAmU, (,10101 1 Cli 
 114, it \viv< held tluit iiuliwi llic iimfcri'iitiul ri^'lils iitlacho<l tn pni- 
 forunco shares wi-ro mo uttaclicil by 'lio mi'iiiomii<limi of asKociiitioii. 
 wit.. 4.'. of tlu' Aft (lid not upply. I" Unil t'a/<c tho coinpiiny iiiui-fvl 
 11 Ir^()llltiot^ for mliiciiiyr it<* cijiitiil liv wiiiiii-r otV rortiin IomI, capital, 
 and in coiijuimlioii with tlii.i umillii'r nwnliitioii wa.-* |)U-wo<i alt«.>riiiL' 
 tho -"r-hti of till' i'lii>«fs, wliioii it'<olulii>n \vii« iiit-i*)"!! pursuant I" 
 ;•, ;• 'ou in tho coinjwuy's artiil<'.< of n'^oiiution. iinil it. was hol>l 
 
 liiai, ..M' ivsolutioiiH were valid, utkI tlnil 6ivl. 4.'i did nol apply, and 
 ttif rt'd lift ion won sanctioned. 
 
 In Stciivrt I'rvcixion Carlurellci Co., Llmtd, tlioro was an appli- 
 cation t<i coiitiiin a special ri'solniion to convert oortjiin profcrouce 
 Kharcs into ordinary shares, and u< ,iti;i( li to the prcrorciico .sliarcs thf 
 riirht to pi.rticipat«> [Hiri iiufnii uitli ihc ordinary .sliaros in the sur- 
 plus profits of oacli .\car 'I'iils resolution wa- passed and oonlirmod 
 al scparat<' niectin-rs of the prcfcronec shaicholdcrs, but no uifi,Min<,'s 
 of tlio ordinary shurcliohlcrs were held to con-sider it. Kvo, J., 
 conlirniod tlic rcwolutioii. sa\iiiv': The ipiolion was whothur llicrc 
 oujiht to havo boon ascparato mooliim of tho ordinary sharoiioldors. 
 rndoul)t<'dly tlio resolution did to a nntaiii o.vtont intorforo with 
 till' rights of llie ordinary shareholders as re-ardod tiie surplus profits, 
 but it could not strictly Bi«'akinji be ^aill to iulorfero with any special 
 privilcfro of llio oitlinaiy shareholder- The inierferenco, therefore, 
 (lid not come within tho words of tho stction, iind tho resolution will 
 be confirmed ' lyOir .limnial .Vo/c.v. .'.ntli March, 1!)12, )). 218. 
 
 Special Acts. 
 
 C'hnptcr XXIII. of the lOtii edition of this work dealt with Special 
 Acts, Provisional Onlers, &c Iei the present edition the matter i- 
 placcd as Part III., alonpr with Debentures and Debenture Stock. 
 
 
APPENDrX. 
 
 ! l:^ 
 
3 
 
 
 A 
 
MM'KNDIX 
 
 ift?.* 
 
 TAI 
 
 Arr, ISf.J, 
 
 n 
 I-' 
 I-' 
 1.-. 
 
 M 
 
 Oh' ('(ntuKsroMUNo skctions 
 
 NitwArr. AiT. I"»i.J N>\v A'T. 
 
 S.ft. I 
 
 u 
 
 •» 
 
 A 
 14 
 
 S.ti. 74 
 
 111 
 10.-, 
 
 7» 
 
 HI 
 
 "•1. i; 
 
 
 !.'« 
 
 .1. 1:<.S 
 
 i:i7. 
 
 1 1 
 
 Ill 
 
 ^1 
 
 1 1'l 
 
 1 1 
 
 a 
 
 S.i 
 
 nil. 14',' 
 
 l.l 
 
 n 
 
 
 1 I'l 
 
 ll> 
 
 14 
 
 ^ 
 
 1 II 
 
 i; 
 
 lA 
 
 >• 
 
 112 
 
 i: 
 
 -•41 
 
 
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 !!• 
 
 IS 
 
 S'.l 
 
 144 
 
 » 
 
 « 
 
 f»(i. I:i4 
 
 !2.H :i 
 
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 lit 
 
 11 
 
 11. 
 
 'i'_' 
 
 2"^ 
 
 !ll. ll'.l 
 
 21'.i 
 
 r; 
 
 24 
 
 U2. 94 
 
 14;'. I.Vi 
 
 .'1 
 
 i9 
 
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 ll'.l '4 
 
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 ■-'A 
 
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 -'';, ■27 
 
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 94 
 
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 4 
 
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 21. i.-.i 
 
 30 
 
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 23 
 
 KM) 
 
 ii-.i 
 
 K 
 
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 102 
 
 ii;i; 
 
 :m 
 
 41 
 
 Mil!, |ll| 
 
 ii;7 
 
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 10.'. 
 
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 :i:i 
 
 101) 
 
 11..S 
 
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 107 
 
 ihM 
 
 ■'.''. 411 
 
 •'*.' 
 
 llt'l 
 
 17" 
 
 u, «■.' 
 
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 ll'l 
 
 ITI 
 
 4:; 
 
 iiMi, im 
 
 111. IIJ, 11:; 
 
 172 
 
 II 
 
 lOR 
 
 11., 127. lAt. tv,, 
 
 • .f, js.-, 
 
 i;., i>. 
 
 ;;, 
 
 ll\ 117 
 
 irt 
 
 17 
 
 *7 
 
 lis 
 
 ITii 
 
 IR 
 
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 177 
 
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 120 
 
 17s 
 
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 6» 
 
 121 
 
 17!i 
 
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 f>7 
 
 122, 12:; 
 
 18o' 
 
 .■iS, .54 
 
 7ii 
 
 124 
 
 1>1 
 
 .1.1 
 
 7H 
 
 12.> 
 
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 126 
 
 220 
 
 til) 
 
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 127 
 
 '27 
 
 i-.l 
 
 Ill 
 
 12X 
 
 22s 
 
 ijj 
 
 Hi; 
 
 1211 
 
 l.'^2 
 
 i:l-. (U 
 
 ■.'H"l 
 
 130 
 
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 04 
 
 117 
 
 i:;i 
 
 1-1 
 
 fi« 
 
 276 
 
 i:il, l.i:i 
 
 21! 1 
 
 66 
 
 •.'77 
 
 l:i2, 142 
 
 Ih.-.. 2S.-. 
 
 87 
 
 71; ' . Ull III 
 
 l.s:i M . M . 
 
 11' isi; 1 
 
 68 
 
 280 
 
 i:;:!, Ml 
 
 iS6 
 
 69 
 
 278 
 
 IHI 
 
 12:; :!■ 1 
 
 70 
 
 _ 
 
 i;ij 
 
 I'MI 
 
 71 
 
 US 
 
 1.1'.;, 137 
 
 1"! 
 
 7'.', ■:! 
 
 119 
 
 lis 
 
 1'.'. 
 
 I .1 
 
 12.1 
 
 A 
 
16-24 
 
 I'! ill 
 
 
 : i!: 
 
 i :. 
 if 1^ 
 
 
 ,\|M'F,M 
 
 HX, 
 
 
 Act. Ist'i-. 
 
 Nkw Act. 
 
 Act, IS62. 
 
 New Act. 
 
 
 
 
 
 S.ft. iS'i 
 
 Spot. 191 
 
 Sirt. 174 3 
 
 Srpt. 1.'. 
 
 14(1 
 
 IS!' 
 
 174 .6 
 
 289 
 
 Ml 
 
 186 iviii 
 
 176 
 
 13. 24.1 
 
 .4;, U:i 
 
 Ifl.l 
 
 177 
 
 246 
 
 144 
 
 196 
 
 178 
 
 24 S 
 
 US 
 
 197 
 
 179, ISO 
 
 249 
 
 UP 
 
 198 
 
 181 
 
 IhO 
 
 UT 
 
 199 
 
 is:i, is.i 
 
 2.12 
 
 UX 
 
 iOO 
 
 184 
 
 2o3 
 
 U9 
 
 201 
 
 186 
 
 2.'54 
 
 l.'>ll 
 
 202 
 
 187 
 
 2.'),'. 
 
 l.'il 
 
 201) 
 
 188 
 
 2.56 
 
 l.V.> 
 
 204 
 
 189 
 
 2A7 
 
 1A» 
 
 20,'. (2 i 
 
 190 
 
 258 
 
 IM 
 
 220 
 
 191 
 
 2.59 
 
 155 
 
 222 
 
 19» 
 
 260 
 
 l,i6 
 
 221 
 
 194 
 
 2C1 
 
 ISS 
 
 206 
 
 19S 
 
 262 
 
 159, if>n 
 
 2U 
 
 196 
 
 263 
 
 ifii. ifii 
 
 192 
 
 197 
 
 26.S 
 
 IfiS 
 
 21 J 
 
 198 
 
 266 
 
 164 
 
 210 
 
 199 
 
 .'67. 268 
 
 Ifin 
 
 21ft 
 
 200 
 
 269 
 
 166 
 
 216 
 
 •201 
 
 27*1 
 
 167, 1«H 
 
 217 
 
 202 
 
 271 
 
 169 
 
 2IS 
 
 20S 
 
 272 
 
 171' 
 
 
 
 204 
 
 27'" 
 
 171 
 
 l.-.l 6 
 
 ■J0.->, 2fl6 
 
 286 
 
 17': 
 
 238 
 
 207 
 
 287 
 
 171. 17:i 
 
 J38. 290 
 
 208 
 
 L'MS 
 
 
 Act, 1864. 
 
 Nf.w Act. 
 
 
 
 So.!t. 1-6 
 
 Sect. 79 
 
 
 .Act. lsfi7. 
 
 New Act. 
 
 Act. 1867. 
 
 Nkw Act. 
 
 S..;t. 4. 7 
 
 S. ,t. 6(1 
 
 .S'Cl. 16. IH 
 
 Snt. 52 
 
 
 I2:i t2 
 
 19 
 
 .54 
 
 tt 
 
 16.> 
 
 20 
 
 23.'*. 290 
 
 s 
 
 31 
 
 21,22 
 
 41 
 
 ■1 
 
 t6 
 
 23 
 
 20 
 
 », i;. 
 
 .)1 
 
 24 
 
 39 
 
 in 
 
 l.S 
 
 20 
 
 28 
 
 11 
 
 47 
 
 27— :<- 
 
 37 
 
 11.12 
 
 •50 
 
 32 
 
 26. 37 
 
 1.' 
 
 •.■S."i 
 
 :u-;;6 
 
 38 
 
 i:;, H 
 
 tn 
 
 n7 
 
 '<'• 
 
 Ifi. 17 
 
 .'.:: 
 
 111 
 
 137 
 
 
 Act, 1S7I1. 
 
 Xk.w .\ct. 
 
 
 
 Sect. 2 
 
 Sect. 1211 
 
 
 AiT. ln7T. 
 
 New Act. 
 
 Act. 1877. 
 
 New Alt. 
 
 _ _ 
 
 
 
 
 
 
 
 s.rt. :■; 
 
 S.«t. 46 
 
 S'lt. •"' 
 
 Set. 41 
 
 4 
 
 4.S, 49, .'il. -N. 
 
 6 
 
 243 
 
 Acr. IhT;', 
 
 .Vew Act. 
 
 Act, 187« 
 
 Nbw Act. 
 
 
 __- 
 
 — 
 
 
 >cct 4, !> 
 
 .Sf-rt. ,iT 
 
 S(wt. 8 
 
 Sect. 113 (5) (b 
 
 
 ■JS, i)» 
 
 S 5 
 
 113 
 
 tj 
 
 2.ol 
 
 10 
 
 263 (iii) 
 
 Act, 188". 
 
 Sbw Act. 
 
 Act. ISRO. 
 
 Nhw Act. 
 
 Svii. :;- i' 
 
 S<.( t. 411 
 
 Si-,l. 7 > 
 
 S,it. 285 
 
 
 24.' 
 
 
 
TaHI.K ok ('oKlJESPONDtNf; SriTinvs 
 
 I.-.?- 
 
 Act. isnii. 
 
 New Act. 
 
 
 Act. l.s.^:!. New Ait. 
 
 
 
 
 
 
 — 
 
 Soct. •: 
 
 Si'i't. 'JS.-. 
 
 
 S(yt. li :! . i; , ^ '<•■' Mi.'i 
 
 J. .'f 1 
 
 ■J :i4 
 
 
 :! , T :i'i 
 
 Arr, InSi;. 
 
 Nhw An . 
 
 
 AfT. IHm;. Nr.w Art. 
 
 S..,.t. .-f 
 
 Sw-t. •.>!:! 
 
 
 SMt. •'>. 1) S<"'t. ISl 
 
 4 
 
 ■JOS 
 
 
 fi i:ir,. ■jo:; 
 
 •i 
 
 l:!.-. 
 
 
 
 Act, I»s:. 
 
 New Act. 
 
 
 .VcT, ISSS, New Act. 
 
 
 
 
 — 
 
 S.'ct. .'■ 
 
 Sect, tl 
 
 
 SiH't. 1 ■S'ct. 2iM' 
 
 \rr, IS'.in \V.- 
 
 1. . Nkw An. 
 
 .\ 
 
 ■T. lSiMi(\V.-r. . Nkw Act. 
 
 . 
 
 
 
 
 
 
 S.<t. 1 
 
 s,rt. isi. Jti:; 
 
 
 s.Hi. \i :; s...^!. :,-.i ;i . 214 
 
 1 ,1 
 
 2i'.4 :! . 2(14 I 
 
 
 12 1 I'.i 1 
 
 1, •-•. 
 
 i 2iil 
 
 
 i:t I7-1 
 
 1 T. 
 
 :i :; 26:! .• 
 
 
 1 1 1 -i: 
 
 2 
 
 1H2 
 
 
 \n 224 
 
 :t 
 
 l:t:! 
 
 
 1(1 jriii 
 
 X -n 
 
 S4 
 
 
 17, IS 2:11 
 
 1 '1 . 
 
 ■A . .•. UH 
 
 
 19 2:12 
 
 I ■-' 
 
 ui; 
 
 
 •n 1 .'!.•> 
 
 I 3 
 
 no. l.V) 
 
 
 21 r'.<. 
 
 4 4 
 
 U'.i 
 
 
 1 ■■■7 
 
 4 ifi 
 
 1112 
 
 
 2:1, 24 1 ■■>'- 
 
 ,'t 
 
 1)11 
 
 
 ■.'.•1 1 .■>:' 
 
 li 
 
 1.W 
 
 
 2(1 ':;7 
 
 7 
 
 NT 
 
 
 27 21.11 
 
 ^< 1 . 
 
 •: 14S 
 
 
 ■IS 2'i< 
 
 s :i - 
 
 9 1 :.'> 
 
 
 •J9 2 a.'' 
 
 ■ » 
 
 ItiO 
 
 
 HI 2:i('. 
 
 III 
 
 215 
 
 
 :!1 1 2S7 
 
 11 1 . 
 
 .". 22!) 
 
 
 :;l 'J 122 
 
 11 -J 
 
 1 , il 1..1 
 
 
 :12 1 2S.-. 
 
 r.' ' . 
 
 :! 211 
 
 
 :!■.' :! 1:;! .■< 
 
 I-J 2 
 
 l.-.l 2 
 
 
 
 
 Ari\ Is'ii DipH'ttir^' 1 
 
 .KllMlif.l 
 
 Nkw .\it. 
 
 
 S.it. :i. 1 
 
 
 S,.,-t. SI 
 
 A.-i. i>9;i. 
 
 Nk.w A.t. 
 
 
 \c:r. l.M'T. Nkw Ait, 
 
 S^'t. 1 
 
 -.■,t. Jl'. 
 
 
 -(•• t. 2. :; .^'il 2111 
 
 Arr. h"'ii 
 
 Nkw .V'T. 
 
 
 .\rf. 1 iiMi. Nkw .\. I. 
 
 1. 2 
 
 1 
 
 
 S.'. 
 
 
 4 1 . i 
 
 
 It!" 
 
 
 »l 
 
 
 «7 
 
 
 7 
 
 
 s.S 
 
 
 V 
 
 
 8f 
 
 
 9 
 
 1'' 
 
 
 m 
 
 81 
 
 
 11 
 
 
 S" 
 
 
 1 ' 
 
 
 »>.> 
 
 
 12 M 
 
 129, 
 
 l:i7. 
 
 141 
 
 '.'. 
 
 
 '•:t 
 
 
 .1. ll. 
 
 17 
 
 IS 1 . 
 
 IS 
 
 2(1 
 21, 22 
 24 
 2.'' 
 2« 
 28 
 ■ti> 
 
 sn 
 
 :il 
 
 32(2) 
 34 
 
 01 /n 
 
 '.IS 
 ll. 
 
 :i'i 
 
 112 
 I'jn 
 I '.1:; 
 .' t ■.' 
 28' 
 
 41 
 
 !7». 2S.H 
 
 24.1 
 
 2S.i 
 
 I" 
 
 !>S 
 271 ■- 
 
1 o-Pfi 
 
 ' -.!, 
 
 
 A 
 
 PPKNniX. 
 
 
 Act, IJOT. 
 
 Ntw Act. 
 
 Ai.T, W07. 
 
 Nkw Aci. 
 
 
 
 
 
 
 
 Sfct. 1 J , ( 
 
 . 
 
 SiTt. 2.-.. 4.-I 
 
 ,<.i-t. «!• 
 
 anil S<brd. II. 1 
 
 Si r-t . , J 
 
 20 
 
 1S7 
 
 1 r> 
 
 M:i 
 
 •t~ 
 
 ISS 
 
 I'r.t. 1 
 
 . 
 
 2S 
 
 130, l:i7 
 
 .mil S.)i(h1. H. 1 
 
 ~* 1 
 
 2'* 
 
 141 
 
 1 1 . ■• 
 
 ■^'J 
 
 :!(! 
 
 20!> CI . 20V 
 
 1 '3, 
 
 S.'. 
 
 ■tl 
 
 223 
 
 
 SI 
 
 .il 1 . ■■! 
 
 19.-. 
 
 ;; 
 
 sn 
 
 :!2 
 
 27!l 
 
 •*5 
 
 ')-J 
 
 ■.VA 
 
 84 
 
 fl 
 
 Sh 
 
 :t4 
 
 73 
 
 
 !I0 
 
 .l.n 
 
 274 
 
 :, JO. ■_•! 
 
 ■-'0 
 
 :i« 
 
 Iifi 
 
 s 
 
 S'l 
 
 :t7 
 
 2, 121 
 
 u 
 
 111 
 
 :i7 4 
 
 11.-., 12fl 
 
 III 1, 
 
 !l!) 
 
 :;•< 
 
 120 
 
 10. .')■.' 1 
 
 '.*:: 
 
 ;i'.' 
 
 4.-| 
 
 |o. 17 
 
 loi 
 
 10 
 
 108 
 
 11 
 
 N( 
 
 41 
 
 9:< 
 
 l:i 
 
 21 -J 
 
 42 
 
 20 
 
 U 
 
 10:i 
 
 (:; 
 
 :(4 
 
 I.-. 
 
 101 
 
 tl 
 
 109 
 
 Hi 
 
 1 0.'. 
 
 4.'. 
 
 70 
 
 IS 
 
 102 
 
 40 
 
 284 
 
 If 4 
 
 112 
 
 17 
 
 28.3 
 
 l!i. .-.11 
 
 ir; 
 
 IS 
 
 •282 
 
 iO 
 
 2'i 
 
 1'.' 
 
 27ti 
 
 ■Jl 
 
 2i> 
 
 .10 
 
 lit.-. 
 
 ■J- '2"> 
 
 li.'i 
 
 .10. iitiJ Sclu'd. III. 10. 42. .Vl. .Vs 
 
 'I't 
 
 III 
 
 .V2 1 
 
 274, 2S1. 2S.-I 
 
 ■'1 1 . -2 
 
 c,4 
 
 .'>2 3 
 
 290 
 
 '.'4 ':ii 
 
 r,s 
 
 
 
 
 .\lT. IHOS 
 
 New Act. 
 
 
 
 Sri-t. 1 
 
 S'rt. 27.'i. 
 
 
 I.IFK AfSlllANi K 
 
 AsPIIiAMt 
 
 I. IKK .\SSI11AM 1 
 
 ASSITAXCF 
 
 Art. ISTo 
 
 .\rT 01 1!HI'.' 
 
 Act, I.S70. 
 
 Act ok Hioo 
 
 
 
 — 
 
 
 
 Si^rt. J 
 
 Sect. 1 
 
 Si.<t . 1 ( 
 
 Si..;. 13 
 
 .-, 
 
 2 
 
 li> 
 
 14 
 
 4 
 
 .t 
 
 16 
 
 22 
 
 -» 
 
 4 
 
 17 
 
 22 
 
 n 
 
 r. 
 
 IR 
 
 24 
 
 t 
 
 i'l 
 
 19 
 
 2.-I 
 
 n 
 
 i; 
 
 2it 
 
 2t'. 
 
 9 
 
 23 
 
 21 
 
 — 
 
 10 
 
 7 
 
 mm 
 
 19 
 
 11 
 
 tl 
 
 ■Z3 
 
 27 
 
 1'* 
 
 i'; 
 
 11 
 
 24 
 
 28 
 
 I.lhK .\s..^fliAM 1 
 
 AtSUKA.VCK 
 
 l.ltK As.^lHA.N. 1 
 
 VsisruANti 
 
 A..T. IST-J. 
 
 Act OF 11)09 
 
 Ait, ls72. 
 
 .\CT OK ll'O'.l. 
 
 ... 
 
 . 
 
 
 
 — . 
 
 SiTt 1 
 
 Sect. 2 
 
 Sfct. •"■ 
 
 W«-t. IS 
 
 ■J 
 
 :i 
 
 fi 
 
 
 a 
 
 — 
 
 7 
 
 I.'. 
 
vm 
 
 COMPANIES (CONSOLIDATION) ACT, V.m. 
 
 8 Edw. 7, V. 6!). 
 
 ^n Act to consoliilatp tho CompanicM A<t. 1K('>2, ami the Acts 
 amending it. ['■il'^t D..eotnl.pr. HU)8. J 
 
 [0(}iir iuto upmilwn \)t Jpnl, \\i<)'>. ■•< ' ■"'• -"J6.] 
 
 Kb it ena<-t.cl by the Kinff's mo-t t;x.;.llont Mitjcsty. by and with tlio mlvi.r ana 
 Lflnseut of the Lords Spiritual and T,!inpnral. and Common^ ii. tin- present 
 Purliami'nt awi-inblpd, and by the niithority of tho srinio. u* follow^ 
 
 I'AKT I. 
 
 CoNsTiTrnON A^^l Incoim'Ohatios. 
 IVifllili'tioil nf Ijiiijr ruiiofffi't"- 
 
 1. — ;!.; No company, asMwiatiou, or partncrOiip cou^istinir of mnr> 
 
 th:in ti II 
 the iMi.-nicss of baiikiiifr, 
 I formed in pur^iMmr (jf 
 
 perwius hhttll be formed for the pnrpose of earrymjf on 
 
 iiulcs.1 it is rojristere<l an a company under this Act 
 
 some other Act of I'arliamcn,, or of letters patent. ... 
 
 (2.) No company, association, or partnership consisting' of more th, in twenty 
 liersons shall be lormed for the purpose of carryinir on any other bu«in. -s that has 
 for its object the acqui-itiou of ^aw by the company, associali. ii. or part),(-rsl,ip, 
 or bythe individual inemUrs thereof, unless it is r,-tfistered as a compatiy u,.der V 
 this Act, or is formed in pursuance of some other Act ot 1 arliament. or ot Idter, 
 patent or is a company eiiifaifisl in workiu)r mines w.thm the stannara- and 
 subjtst to the jurisdiction r,f the Court exoreisin>r tlic strtnnaries jurisdiction. 
 
 •S. 1 of 1M>.'. 
 
 rrohihition of 
 
 partii(Ts!ii|» 
 
 exciedinir 
 
 cerf.'lili 
 
 number 
 
 109 
 
 yUiYK'Yinuhlm of A'fSOflfitful. 
 
 S. Any seceii or more persons (or, where the . ,,inpany ti 
 private companv within the incrtiimt.' of this .\( t. ii'iy two o 
 cintod for anv lawful purpo- may, by sub.cribinjr tie ;r nam 
 of association and otherwise complyiniT with the lupiiiei 
 respect of re)?istration, form au iucorp'.rated ■oniiuiiy. 
 liability (that is to saj , either - 
 
 be funiieil will hi a 
 
 more jui'soiis usso- 
 
 I to :t tnemor indutii 
 
 f thi^ Act in 
 
 ithoat limiti'd 
 
 meiit 
 
 th oi 
 
 i) 
 
 memorandum 
 !ield by them 
 
 ndniii 
 
 A company haviinc the liability of its members hmited by 
 to the amount, if any, unpaid ..n the shares respectn 
 , in this Act termed a company limited by sliares) ; or 
 
 (ii^ A company bavin- the liability of its m. nibevs limited by th.> m.n...r.indmn 
 to such amount as the members may le-peetively tlieri-by un..eitaki- 
 to contribute to tho assets of the company in the event of its lieiujf 
 wouud up 'in this A"t termed a corapauy limited by Kuarintee) ; or 
 
 iii; A eompjiiy not having anv limit on the Ii ibility of its member.i 
 Act tciiiied an unliaiit.sl I'oinpiny . 
 
 this 
 
 Ss. G «.-,. 
 of 18fiJ 
 Ml Hie of 
 fonnini' 
 incorpoiun-l 
 companv 
 pp. 447 7(»5 
 
 L 
 
 .L 
 
1528 
 
 Appendix. 
 
 S. » "f 18S-J. 
 
 Memoraudum 
 
 of company 
 
 limited by 
 
 iibare« 
 
 l>p 4M. 4&5 
 
 till- IuhI norJ ill iu 
 
 S. » of 1862. 
 Memorandum 
 of conipHiiy 
 liniiti'd by 
 guarantCL*. 
 p. 448. 493 
 tt leq., 795 
 et UIJ. 
 
 Kn>rl:inil. Siotlaiid, 
 the iM.nipHny '\* tn 
 
 cutiijt.iiiy prtJi"'-n"* ti 
 ri's (if a h-xe'l HnniMiit ; 
 ti.in oii(> plKirr ; 
 u;imi> tbf immbor of 
 
 U- 
 
 I..- 
 
 S. lUof 18KJ. 
 Uemoraiidunj 
 iif unlimited 
 company, 
 p. 418 
 
 s. II of i8ia, 
 
 Ktftmp und 
 iifrnittiirt> of 
 rai-niomnklum. 
 
 W. 12 of ISia. 
 Rt'«itrirtion on 
 Hltcmtion of 
 mcmoriuilutti 
 
 p. 4S0 
 
 Si-. 13. in of 
 
 isivi 
 
 Name of 
 company aud 
 
 .-hauge ot 
 name. 
 
 Ii,r.> h, 
 
 tbi' \n»t word in it(* 
 
 fo 1h- 
 
 3. In the oaae of a company limited by »hjrpi< — 
 I.) The ineni'irnndiini niii*t >tiitp — 
 
 i) The n:imi' of tin- conipiiny, with "Limited" 
 
 name ; 
 ii The p.irt cif the L'nit.il Kiiijfdoiu, whither 
 Ireland, in nbieli t),e re..'iJtered oftiee of 
 xituatr : 
 iiii The objt>cta of the company ; 
 iv That the liability of the mcmberK i» liniiletl ; 
 V Tlie uiiiomit (if .shiire enpital with wbieb tin 
 
 rejjitterci!. aud the divisinn thereof iiit" >'hiires 
 J.) No Kulweriber cf the meinox-andum miiy take less than one wliave 
 ;:).) Kach ^iibwri'KT must write opposite to bis 
 takes. 
 
 4. Iu the ease "f a rompany limited by guarantee— 
 1.) The mcmorai Iu • must state — 
 
 i; The uiime of the eimipany, with " Limited' 
 
 nanic : 
 ii) The (iiirt of the l"nited Kingdom, whether England, Scollaul, 
 Indand, in which the i-ejfiatered office of the company 
 situate ; 
 (iii) The objects of the company ; 
 (iv) That the liability of the meniliers is limited ; 
 
 (v) That each member undertakes to r(mtribnte to the assets of the compatiy 
 in the event of its beintr wound up while he is a niemlvr, or within 
 one year afterwards, for payment of the del)ts and liabilities of the 
 company contracted Ixfore he ceases to bi' a inemlwr, and of the costs, 
 charjres, and expenses of windinff up, aud for adjustment of the riutits 
 of the conti itories amonff themselves, such amount as may be re- 
 ipiired, not exciH'din({ a specifitsl amount. 
 Vl.'i If the company has a share capital — 
 
 (i) The mrmoraiidum must also state the amount of share capital with which 
 the company proposes to be rejristered and the division thereof int.i 
 shares of a tixisl amount ; 
 ii) No snbs( rilier of the memorandum may take less than one share : 
 iii) Ka< li subscriUr must write op))osite to hi- name the numlKT of shmo 
 he takes. 
 
 5. In the c'lse of an unlimited company 
 1.1 Tlie memorandum mtist state 
 
 (i; The name of the company ; 
 
 ii; The part of the I'nited Kinfrdoni. whethev I'njrland, Scotl.ind. or Ircl lud. 
 in whii h liie re};ist*re*l (;fb('e of the company is t4j be situate ; 
 (iii; Tlie objects of tlie company. 
 '.'.) If the company has a share eaiiital — 
 
 ; i) No subsiTiber of tlie ineinorandiim may take less than one share : 
 (ii' Kach subscriber must write opposite to his name tin. number of share* 
 he takes. 
 
 6. The memorandum must liear the same stamp as if it were a dewl, and must 
 lie sijfne<J by each subscriber in the pres^aice of at least one witness who must attest 
 the Hinnature, aud that attest.ition shall be sufficient iu SiotUud as well as in 
 KiiKland and Ireland. 
 
 7. A conijiany niay net alter the ecnditions ('(mtunicd in its memorandum eicepl 
 in the cases and in the mode and to tin extent for which express provision is niade 
 in this Act. 
 
 8. — (1.) .\ eomiiany may not 1h' re^ristired by a name identical with that by 
 which a couipany in existence is aln ady reiristentl. cir so nearly resemhlinjr that 
 name as to be cal<ulate<l to dei cive. "Xecpt where the company in existi nco is iu 
 the ctmrsc of lieinir disst>Ived and siirnifies its consent in such manner as the registrar 
 r«siuires. 
 
 \2.) If a compatiy, thmujrh inadvertence or otherwise, is, without such consent 
 as aforesaid, registered by a name identical with that *^y ixrhich a cuinpauy iu 
 eiistenieii, pit-vioiisly iVKistcred, or ».. nenily re."iiui'iliijf it as to be caii uialcd It. 
 deceive, the first -mentioned company may. with the sanction of the rejriatrar. 
 change its name. 
 
 wmm 
 
Companies (Consolidation) Act, I90s. Act of 1908 1^2!* 
 
 (3.) Any company may, ty spitial nwiliitiou and with tlir apprcpvul of tlie ISuanl 
 iif Trade »igui<i>-d in writintr. itianpe its niinif. 
 
 (4.1 Where a company i^liangct its numr, the ri'jfistnir nliull iiitfr tin- ni'W niinie 
 'n tho refrinter in place of the fomirr name, and nhall iceue a nrtific ate nf inem- 
 poratioa altered to meet the eirt-umatiiaeeH of the cane. 
 
 (5.) The chanjteof name shall not alfe<t any rijrhtsor otillifations ..f the company, 
 or render defective any lejfal pr(K-eedin)fs l.y or a^faiust the company, and any lexal 
 proccetUugs that mitflit liave Kin continued or lommeni-ed aj,'ain«t it by it« fonner 
 name may be continued or uunimenwd ajfainst it by its new name. 
 
 9. — (I.j Subject to the provisions of this section a company may, by siHcial 
 resolution, alter the proviBious of it.< nunic.randum with re»iKit to th- objects of thi- 
 company, .so far as may be reciuired to enable it- — 
 
 (Hi • '-^- - - :...."-..- 
 
 to carry on its bu-suios more econumically or more efficiently : •i- 
 to attain its main pur(M<s.' by new or improved means ; or 
 to eularwe or chanjre the lc«al ana of its oiRratinus ; or 
 I to rarry on some laisioi-s whi'li uniler i \istinjr cin uiiislaiice 
 
 venieutly or advantai.'i'ously be cinnhincd with the business , 
 
 pany ; 
 
 « may 
 f till' . 
 
 Ss. I, -J of 
 1890. 
 
 Alteration < 
 objecta of 
 company . 
 p. 1S09 
 
 ei to restrict or abandon any of the objiH;ts specitiiKl in th. memorindinn. 
 
 2., The alteration shall not"'. cHcct until iHid i xcc].t in so far a- it is <i>ntirnieil 
 
 • m petition by the Court. 
 
 ("i. Before contirmini.' the a'.tcr.ition the Court must be siilisHisl 
 
 la) that s\iftiiiciit notice has b. m driven t.' every la.lder "f ddic niiin s ,.|' th. 
 eoniiiany, and to :.iiy ]HTs..ns or . l:i>s of |,iisi.us wh.>se interests « ill, 
 in the opinion ..f tl; < '.lUrt. b.' atbiteil by ili.- alterati..ii ; aiil 
 (10 that, with respi.t t.. every .nilitor wlei in th.- ojiinion ..f th.- C.urt is 
 entitled to obj..t. an.l wh.> sijfniti. s his ..I.j. i-ti..n in niania-r clirecii.l by 
 the Court, either his consent to i;!e alterati.m has b.in obtaiiud or his 
 d.-bt or i-laim ha~ Uen disehar)fed or has d. tcrioiiu-d, ..i- has hi en s..-urisl 
 to the satisfaction of the Court : 
 Trovidcd tint th. "'•-uil may. io th.- cas.- of ai;y p.-i-. ii ..r .-lass, f..r .|i. .-ial 
 nasons, dispense with th.- n.itic' n-.iuiri-d l.y this -.■.ti-.n. 
 
 11 The C'.urt may maki' an onhr (-ontirniinif th.- alterati..n .itiier wli..lly ..r in 
 j.art, an.l on su. h tit'nis -mil i-..ndiii..ns as it thinks til, and may ni.ike sm-h ..nl.-r 
 as to costs as it thinks proper. 
 
 '.'i. The C.urt -h.i'.i. iu . \er. i-iPi;- its ili^r-n lioi. .lmllr!lo^ .-i . • -n have n-iiard 
 t.i the rijjhts an.l interests of ill.' lie uil.ers of ttv i ..ni].a:iy ..r ..t ai., (lus^ of th. ni. 
 as well as to the riffhts an.l int.r.sts of th. .r."lit..rs. .-nu! may. if it thinks tit. 
 adj.Hirn the procci-'linu's in . inlet- that an arr.m.-'cia. iit may t..- ma.l.- I., ih.' -aiisfa.-- 
 li<m of the C..urt for the pun ha-, of the i:'t.-nst- of dis-.-ntii iil m.-nibers: an.l ma> 
 .■b dins-tious anl niak.- su.-h ..i.h-rs as il ii.ay think eN|.idiciit f..r fa.ilitatinj.' 
 ■ iiit-i effect aiiv su, !, arran).'.nii-it : l'i..viiled thai ii.. part of th.- capila'; 
 
 j^vr 
 
 or (-arryin^ : 
 
 .-.ipy 
 ordi 
 
 •cm;. ■my may he i xp. 
 
 - An offi.-e copy of the 
 
 of the liieiuoran.li.m u 
 
 l)e delivered by th. 
 
 any siK-h pur. hase. 
 >i.i coi.tirniin^r th.' .-illerali 
 alt. red. sli.-ill, within Hft.-.-i 
 .•mpoiy to tl.e K. u'isirar . 
 
 ni, ii.L'.'ti 
 
 .lays fm 
 
 f C..nt|.ai'i. 
 
 of thec..m;.:inv mav lie I xp. 11 ': 
 
 V wilh a print e.i 
 , thi date ti th.- 
 , ::n.l 1». -hall 
 refrister the same, tind shall certify the rei.'istrati..ii umler his h lu.l. an.l tla- c-i-ttili- 
 , ate shall b' c..n.lu-ivei-\i 1. tl..- that all the rcpon ni.-nts ..f thi- .\.-t w ith nspis-t 
 to the altiratL.ti an.l the <-..iitirir!ati..n ther ..f lia^. b. en ...i.ipli.-d with, ■lu.l th.-iic.-. 
 f..rth thi- niem.irandmii s.. alt. .nil -hall b.- th.- m. nii.n.tiduni ..f th. .-■nipany. 
 
 The Court may by ordir at any tint- extend the liiiu- for th.- dilnery of d.K-ti- 
 meuts to the r.-i.'istnir uii.l. r this s.eti..n for such jarioil i- the ('..art may tliink 
 proper. , 
 
 (7.) If a company make- default in deliverinir to th.- l;.-i.-isti-ar ..t Cnipanies any 
 iliKninent niiuin.l by thi.- s-cti-.n to Ik- deliven .1 t.. him. the cmpany shall b. 
 liable to a tine not exi.i .slinir ten pounds for evi ry day diirinsr which it i- in default . 
 
 Ir'irhs I,/ .|.^,«■,ll^..«. 
 
 10.— (1., Tliere may, i- the case of a conipanv limit, d by shans, and then S. II of ISIiJ 
 
 shall in the case of a i.imii.itiy limit.il l.y ^.iiaiaiit. i- ..r ualimit.-.l, l.e regislcnd Ji, |r„tratiuii 
 
 with th" minioran.lun. ariiils ..f as.-..cia'i..n siL'ticil by the -iii-crihers P. the ,.t' articles, 
 
 memorandum and pros, ril in;.' n tri-.lati..i'.s for the i onipany. j,j, g^S. "9^ 
 
V.\ 1 
 
 '. il V 
 
 1* 
 
 ft*' 
 
 I -.no 
 
 ^i.| 
 
 s. 1.-. of 18C2. 
 Application 
 ,,f TaHoA. 
 ].. 620 
 
 S.s. 14, 10 of 
 1S62. 
 
 Form, stamp, 
 and signature 
 of articles. 
 
 Appendix. 
 
 ('.>. ArtirU* ..f UHsmiation m^.y .la-pt all or ^ny of tl.e rogtilatious coiitaintHl in 
 Table A. in the FirHt Selicaule to thl« Act. „„„,.i,.t.M. tl,.- 
 
 (:;. In the ca* of an unlin.ite.1 eon.pany or a company limilcl '>> K'JfJ'^"^^ J'" 
 arti.!.-H, if the company ha- a share , apital, n.ii-t state the amount of share .,.pital 
 witli which the company proiK.ses to Ik. re^iisteriHl. u.„,,ranicr 
 
 (4.) In the case of an unlimited eon.pany or a c.m.i'any lu.m.el h> K" ™"^;; 
 if the ,-on.i.anv has not a share capital, the arti-lcs must st.te he n nher 
 m....l~rswltl.Vhich thecnrnpany prop>«.s to h,. rcK.st.n .1. f..r the puris,-. 
 ei.aMinn the registrar to detenninc the fees payable on rejrislration. 
 
 11. In the ,aseof a company hnoteU by shares an.l re^fi.t, ml after the ">"- 
 menccmcntof this A.t, if articles are not re^i.W or. .f ■'■;'-'-,';;'„"-Jf '^ f 
 in s.. far as the ..rtides .lo not exclude ..r modify th,' re-..Uti.a,s i. T.ible A in 
 the First Sch.dule to this Act. th„se r, :.'nlal,ons sh.ll, so .,r as appl.cabh. he t ; 
 reKulations.d the c.aupany in the .ame manner and to the same extent as .f th.j 
 wire contained in duly re>rister(ii articles. 
 
 12. .Vrti-les must — 
 
 (a be printed ; , ■ i 
 
 ibi be div idi^l intci purafrraphs numbered consecutively ; 
 
 Ss. oil. 17'i of 
 ISI.J. 
 
 Alteration of 
 articles by 
 sp^^cial 
 rewiluticn. 
 p. 630 
 
 (<= 
 
 13. 
 
 Ue aivHUH: int'i pura^rapii> iiuiuu^-n.^ ,.„.-.^..«...^-j , 
 
 bear the same stamp as if tliev were contaiucd in a ileed ; and 
 
 be hi'iuKl bvcacli sub<.rihcr of the memorandum ot as»>cmtioii m tlie 
 
 V,;-en<eof at hast witness, wlio niu.t attest the signature and 
 
 Ihat attestation shall be sutfic ieiit in Seotland as well as in Knifland and 
 Ireland. 
 I Subject t., the provision, of this A<t and to the conditj.ms ..onlaii,...! in 
 its memorandum, a company may bv ^|"sail r, solution alter or add to its artules 
 
 ,u any altera.,.;., or adilitimi m. n„cle .hall be as vahd as it o,-,,Ni,alIv conl..,ned 
 i„ the ..iiicle.. and be Mibject in like u.aoner to al!erat,ou by spc.Lil roolutaiii 
 
 ' The ...we,- of altenn..- arti,l..s under this s,,.tion shall, in the ca<e .. an 
 „„.;;ui:ed..!n.p;nyt..r,i....l ,..,d r,.^i-,.r,4 under the .Joint St ..-k . .n.p.miesWs 
 exten.l... alt,.rin,.- any r..,i.'u];.ii..i,-, r.latm- t.. the amount ol cap,ta. . ''' dis- 
 tribnl,,.,, int.. shares, m,l« it hstandin:,' that tl,,.- re^n.lalion. are contauied m the 
 momuruucluiii. 
 
 
 S. 11 of 1802. 
 Efifect of 
 roemortwdum 
 and articles. 
 
 pp. 449, 632 
 
 S. 17 ..(■ IS.:-.'. 
 R..-.',>lr,itioii ..f 
 iii.-inemi.iluui 
 (,,.1 arti.les. 
 
 pp. 449, 623 
 
 Kttist of 
 rejristration. 
 p. 448 
 
 ^■. IS uf 1H82 
 and s. 1 uf 1U90. 
 (-;in"li:x;vciiea 
 of wrtiri.'u'e of 
 ,ii's,ri"iraii'*^. 
 I.p. 25, 4»3 
 
 14._^l. The memorandum and arti.les >hall, when nifi^t.-ivd, bind the . .m- 
 pnny and th.. mcnbers thereof ,,. the same extent as if tlc'V r.-iH-.tively had b^ , 
 ii.nicd and m.m1..,1 by each memU.r, ami .-..utaintKl .ovenants ..,, it,e part of e* I 
 memUr, his heirs, executors, and a Iministrators, to observ,- all the provisions ot 
 the memorandum and of the urtiel.s. subjtst t.> tl,e provisions ot this A.t. 
 
 ■M All inoncv pavable l,. ny ineml-r to the .ompany under the im.morandun 
 or articl..s shall he" a d. bo ae fnim him to the comp.»uy, and m hn^lan.! an.l 
 Iri'lind Ih. of the nature of a spccialtv debt. , ,> . 
 
 16 Via. melraudnm an.l the aitLdes (if any) shall be delivere.l to the lie-^strar 
 of Companies for that part ..f tl,.. Initial Kingdom in which the re-,stered othce o 
 the company is stated by the memorandun. t.. b,. situate, and he shall retain an.l 
 
 ™16"l(i")"bn the reffistratiou of the mcm..randum of a company the rejfistrar 
 shall certify under his hand that the company is incorporated, and m the case ot a 
 limited company that the comiiany is limited. , .„ , ■ 
 
 T, From the date of iu.orpo.ilti.,., mentioned in the crtifteate of incorporation, 
 the »ubs..r.l>e.>. of the n,era..r.induiu, t,.>rether with such other persons as "my fnm. 
 time to time b.con... memb, rs of the company, shall Ik. a b.,dy crp.-rate by he 
 name .«ntained in tlie memorandum, capable forthwith of exeix;isii.,r fU the 
 1-une.ious of an i...-..rp.,nited , ompany, and having' iM.rp.tual "'"■' i-^'"" '»"'{" 
 cwnmon seal, with p.,wer to hold lands, but with Mi.h h,ib.hty on the part of the 
 memu'rs to e.>ntrilmte to t!,e a>«ets of the company in the event of its b.^mg wound 
 up, aM is inentione*! in this Act. 
 
 17 -d 1 A e«rtiKcate of incorp. .ration Kivca by the rcifislrar in respect of any 
 as.s.«iati.,n shall be con.lusive evidence that all the requirements of this A.-t in 
 V- v! t" t rciTi-stralion an.! -f n,att,rs prcr.aent and in.M.len.:»l thereto have been 
 eoniplicd with, and that the ,.s»,«iation w a company authorized to bo regist^rwl 
 and duly regiatcred luider thin Act. 
 
COMPANIKS (CoNSOUDAriON) AcT, lOO,-- 
 
 Act of 1908 15 U 
 
 h 
 
 (2.) A Hrati.ti'ry di-clitniti<m by a solicitor nf t!it' ICiirli I'uMit, iivA iti S.ntlim<l 1 
 an fiiroUiil law .lirfiit. fnir:i^rt**l in the i'Ttnatioii itt tin- < oinji.my, <ir by a pT^i 
 URnirtl it) tin' article!* aw a din < ti»r or xcrrtaiy ut" thi> ruinjiimy, nf <i>in[»liaiui- -w 
 all or any "f the naul riHiiiir"iiuiitM -hull be pr nliunl to thr nyi^tur, ami tin- 
 n ;ri!*trar may a<'i cjit muIi a (Ifrlaiation a-* sufficient ovidi'ia f ot » ompliaini'. 
 
 18. — (I.) Kverv romjiany sImII !*viu\ to t'vi-ry member, at lii*. rt'ipn-t. au-l *u 
 payimiit ot' one Mliillinjr or siK-h b'ss sum as the company may pro. riti*-. a riijty ot' 
 tho miiTicraiiiiuMi and nf rl.r artiib's ijf any;. 
 
 (J.) It' a runipany makes ib fault in cnniplyinjj with tbt* rt'^juirctnint-. «if tbi-- 
 , it >liall Ik.' liable lor ea-'b otb-nic to a tine nut cXetHilinir one pntunl. 
 
 Hf^'tiii 
 
 It) of IS.. J. 
 
 .hi... of 
 
 MiiMran lum 
 il art'i I. st.» 
 ifiven to 
 
 i-mb. rs. 
 
 J.^ 
 
 ttatw. 
 
 .■tf,„- 1 
 
 •ruji' 
 
 stri'-tioii im 
 
 19. A oimpaiiy t'ormcil fi.r t!it' [iui"|visf? of prmii'itiii;; an, ^i itn»-f, nli^ioii. ' " 
 
 charity, or any otlirr likf olij..-. t. not i:i\ijlviii^' tlic :ir<jiii>itioii of i;-.iiii Ity tli. t^'' 
 
 i!oin]'aiiy or liy it-^ iiiitiviilii;il meiiilx rs, A\\\\\ not, witlioiit tho lii'ciico of tlio lioanl ' li iritaljlo anil 
 
 of Tnuic. liolil luori' tliaii two aires of 1 jnd ; Imt tlio lioHnl may liy lii ■ in.' cm- otluT coiii- 
 
 po'.vor any Micli roin]iany to lioM lane!- in -ui'h '|uaritity, ami ^<ulljo.•t to -m-li [viiiii's lioUliii).' 
 
 uoiitlitionf.". as the fioaril tiiink fit. ' land. 
 
 20.- (1.) When it i^ provi-l t.i the -atisfaitiou of the lioanl of Traih- lliat an 1>- *01 
 asNoeiatiiai aliout lo lie I'onn d as a limited lompany is to he foniii'd for pnanotin^'' S. .';. of |so7. 
 eotnmeree, an. si-ienee, ?'i'!i;;ion, eliariry, or atiy o*lier nsefnl ohjei-t, and intends to 
 apply its ppitils ;if any i or other income in jiroaiotinir its objects, and to prohil.it 
 the iiayinciil >if .any dividend f) it- min.lier-. the Hoard may l>y liceie-e diiect tint 
 the asstH'i.iiion l.e rc^'-istcrrd as a C!>ii.ji;iny witli limited liahilitv, without tin* 
 addition of t'le word •■ l.imiutl "' tu its iiani- , and ilie a-so. iatioii may he rcL-'istf rid 
 according* y. 
 
 (■J.) A licence hy the Board ot Trad- nuder this section may In L'r.mtcd on su. h 
 con liti. ns .andsnlijci t to siidi n-L-nl itions a-th' Hoard think tit. an I those eon. lit ions 
 and ic;rulati' ns shail he himliii;.' on the association, and shall, if tin' lioard so direct, 
 he inseit'd in the ineTnorandnm and articles, or in on,- of Iho-e docum. Ill^•. 
 
 '3.) Tlie association sliall on re>.''slrii'i"U enjoy all the jirivile^'cs of limited com- 
 panies. aid he siilijut li all tjicir liliL'ations, ex.ept tho-e of iisin^' the wmil 
 ■'Limitid"' as any part of its name, and of piihlishin;; its name, and of scndiii); 
 Usts of meinhers and directors and maiciL'crs to the Heiri>trar of Comjianies. 
 
 (■!.' A licence i.nier tiiis s, ction may at any time he revoked hy tlie Hoard of 
 Trade, i ii I njiou revocation the reefistiar shall enter the word "Limited" at the 
 end of the name of the association upon the riL'ister. and the asMociation shall ceaMe 
 to etijoy the e\emi>ticns and privilco-os ^^i-antid hy this section : 
 
 Prin id. il that I" f rie a licence is so ri vok. d the Hoiird shall jrive to the associ ition 
 nutico in wriiiti'-' of iheir intuition, and sliall attord the assoi iation an opjiortiinity 
 of iK'iijg lieurd in opposition to the nvocation. 
 
 Power to 
 disjwnse With 
 
 Limited *■ 
 in name of 
 eharitahle 
 and other 
 coln]ianies. 
 
 p. 499 
 
 
 !■ \ 
 
 i^umpavxr^ Ihnifttf /"/ (i\tat\iti(ee. 
 
 21.— fl.^ In tbe ne'e of n eompany limite.t by irnarante*- and uot liavhiir a sham 
 rapital. and re^i-isii-rcd on tir aiter the Hr>t day of .l.iiuiary, nineti_in liun Ired and 
 one, every p'ovi>.i'in in tlie memoritnilum or arti<les or in any reKoltition of the 
 eoinpany ]»urpir(ii *rto irive any jtei.^on a riirbt to participate in the diviMbk ]>r(ifit« 
 of the et>mpany otlier^vmi- than a> a meinlM r ^b^tll bt void. 
 
 (2.) Kor ill" p'lrpose of the provisions of tliis Act relating? to tlio nirmorhuduin 
 of a rMTnoiiny limited l»y iruii-.intee and of tbis siH-tion, e\ery jtrovision in the 
 memoian'tum or artieb s. or in any rc-iMbition. of any company limiti-d by ^'uarantcc 
 and p'jri-torid on or after t!ie Hrst iliy of Jaituary, rdneteen Imndred and un^. 
 pnrport;tiir to divide the nndi rtakina- of tin- eumpauy into shares or i:it^'rest« shall 
 l>e treated as a provision for a ^^li ire e.tpital. notwithstanding that the uomiual 
 dmouut or number of the shares or interests ia not npeeitied thereby. 
 
 s. 
 
 27 of I'JOii 
 
 ]'. 
 
 ovision as 
 
 to 
 
 conipanies 
 
 limited hy 
 
 t-'i 
 
 arantee. 
 
 p. 
 
 7fl» 
 
1 1 ; 
 
 n 
 
 lAaa 
 
 Appk-mjix. 
 
 PART II. 
 
 niSTBim-TION ANP HkIIITION ok HHABK CAIITAI.. RBOIdlHAtlOS or UilUMITIIt. 
 
 Company as I.imitkl. ani> I'sumitkh Liaiiimty ov Dihrctokb 
 
 
 S. 'Ji <if 180J. 
 Niituro of 
 >liuroB. 
 1<. 666 
 
 ». 23 i.f IW.'. 
 (Vrtitiratc I.f 
 Mhutt's nr Block. 
 
 p. use 
 
 s. 24 ot wa. 
 
 hdinitiim of 
 ni- m)n r. 
 
 1].. 45. 483 
 
 S. 2:> of 180i, 
 Ki'tfiRhr of 
 mciiil)<'i>. 
 
 S. 26 of 1862, 
 Annua) li-*t 
 "f memlxT!! 
 :.n<l suiiiiiiarr 
 1. 762 
 
 uiiiiKiuv, spi-iifvinff iiiiy sliuic" 
 . . \i.|i'iici' ■•f ihe title of til.- 
 
 M lonipiiiiv .'liiiU ludrenifil ti. 
 Mini lUi it- niri'lnitiiMi ^liiil! Ik" 
 
 llish'iliiilloi- ■/' Shmr l'iti,it,il. 
 
 82.— (I.) Til.' -liiiiv» or . .flier int. .-t ..f iinv nuiiitxr in ii i ompany »li.<ll l»' 
 prrwrniil iTtiit., tniii«fiial>l.' in inmin.-. piovi.l.l l.v tlir aiti'les of tti.- c.nipanv, 
 Hml -.hiill . ..t Ik. of tlic n:itur.' i.f mil . -tiitf. .. ,. ■. 
 
 2.) K.1.I1 i-linr.. in 11 con.pnn.v liiivintf .. -liar, .apital >liiil! 1" .li-tinKUiKh. .1 l.y it» 
 appropriate iitnuli. r. 
 
 ^3. A eertiticut. . iinciei- tli. i-..iiini..n -u'al of fli. 
 i.r sfinli 111 1(1 l.y iii.y im. nil* i'. -iiiiU 1.. /;/. ..."./ 
 member to fhe >]iare> or sf.K-k. 
 
 24.— (1., llie MiliKcrilier- of tlie niemc.nin.lmn 
 
 have Mi^re. li t.. bi( n- iiienil.. r- of flie iiini|i.iiii 
 
 eufeit.<l a-> nieniliers in it> u iii^ter of inenil" i>. 
 
 ;2.) Ki.ry other i»r»on «lio iiu-rr e» to Ikc .mie :i nieiiiUrof n .onipaiiy. and wlu.x.- 
 uaine i» entered in if- re.;i»fer ot nemlHTu, -liall be a mi inlier of tin .■..mpany. 
 
 28.- 1. Kveiy eompauy sliall keep iu on. ..r more lK...kM a re^fii-tfr of it- 
 nicmbtr.", and etifir fli.rein tin fi.ll..win.„' parfienlais : — 
 
 (i riie nam.- and ,i.l.lre..«-». and tlio iK-eiipations, if any. of flie m.nil«i-H. and 
 in fli.- .iiM' of a lompanvbavimr a i-liare 1 ajiital anfatenmnt of the »han^ 
 held bv -a. h member, di-.tinirni-.liin}.' eaih Rbare by it.' uiimlK-r an.l of 
 the aiiionnl paid or airr.id fo H- eoiisi.ler.-d n* panl on the i-barrs of 
 each nienilx r : . 
 
 (ii I Tlie date at wliieli eaih pei-win «a> ent(-red in the rejfi.-ti-r a- a memlM-r : 
 (iii; Til. liai.. at whi. h any 'h r-on eea-ed to b- a iiiemlier. 
 
 (2 ) If a e^.nipanv laiU to i-omi.lv with tlii« m . ti.m it -hall 1..- liable to a tin. not 
 exeeedinir fiv. p..niids f.,r every day durin- wliii li flu default ei.ntinue.., ; ami ev.ry 
 din-ef.ir and niana..'er of the ■.■,.i.,|.any « ho kn..win..'l\ an.l wilfully anthonz.-. ..r 
 jK-nnit-* fh. default -hall l» liahl. to th.- lik.- p. n^.lty. 
 
 26 1. I''v. r\ lonipanv l,a\inu' a -ban- e.-ii.hal -hall ..nee at l.a-t in every jear 
 make a li-f of all p. r-..n- wh... ..ri tl..- f.nirt. .nth .lay .•ifter flw Kr-t or ..nly ordinary 
 ir,.n,-ral m. .-f in;;' iu the N.ai. are in. 111b. r- ..f the .-onip.-.uy, and ..t all p. rs,.iis wli.. 
 liaveeeaseilf.. I..- miml..r» -im-.- th.- dat- of the la-t r. tnrn or ;in tlie ease of fh«- 
 firxt r.tiirii of the ineorporafinn .'t the . ..nipaiiy. . „ , . 1 
 
 (2. The li-I iMii-l Mat.- I'.i. n -. ...Idr.— . -. ami ...■.■upatl..n- ..f all tie I'a-t ami 
 
 present member-, therein nn nlioiied. .in.l th. numb.-r ..r share- helil by ein-h of tlie 
 existing' meiuhers at th, date of the retnrii. spei-ifyinu- -hares traii-t.-rred sunt- the 
 date of th. I 1st i-,tin-ii or in tlie ease of th.- first r.-tni-n, of th- in.-(irp..rati..ii of th- 
 ...miianv bv p.r.-..iis who are still members and hav.- e, a-ed to la- mi nil«-i-s 
 resp'-etivelv' .111.1 th.- ilaf. s of ie-.4.-traii..n ..f the in.n-f.r- ami mii-t eo.itain a 
 summary di-tin!niishin;rbel«-.>i -h.-ires i-md f..r . .e-h ami shares issn.-d as tuly 
 or parify pnid u]. ..thervvi-. than in .-ash. ami -p-.-ifyinu- th.- lolhuvinn parii- 
 (-tilar.s :- 
 
 .'a) The ;.iii..iiiil of th.- -h.-ir. .aiiita 
 >hai-.-- iiil" Ml.i.h it isdivi'l.-d: 
 '.. Th.- imnib.-r of sharis. tak.n fr..m th. 
 
 th.dat. ..f th. I, turn; 
 (e) Tlie amount .-all. d up ..11 ea.h -bar. ; 
 d) The total anionut of .all- r. . . ivnl ; 
 e; Tlie f..fal amount of (alls unpaid ; 
 (f" The f.ital amount of the sums (if any 
 of any nhares ..r deh.'ntur.s, or al 
 any delMiitures, sin. . th.- date of tl 
 (if) The total nniiiber of .-hares forfeit, d : 
 h) The total aimmnt of shares ..r st.,. k f..r vvhi-h -haiv warrai.ts are outstamhu 
 
 at the .iaie ..1 Ii.. leliou . ■ 1 • 
 
 (i Tlie total amouTil of sh.ire warrants is-.i..d and -urri.ii.ler.sl r.-s|ieetively sin. 
 till- .late of th- last r.-tiiru , 
 
 of the .•iiiii]..iiiy. 
 
 el th. 
 
 nb. r wf th. 
 
 ..111..11I of ih.- .■ompaiiy up t.: 
 
 j.aid l.y way 
 lowed by iva;. 
 I. last r.tnrii : 
 
 '.t ( (>muii.s.sion 111 i-.-s|H-itr 
 ,.f dis.-..unt ill r.-s|>ect .if 
 
CoMPANu:8 (Consolidation) Act, 1008. Act of 1908 l>^t 
 
 (k) The niimlicr nf HhiinM i>r Hinnmit of HtfM-k rnmpriM-<l in viuh nlmrf wiirrimt ; 
 (1) Till- niitiH-H »ii<l fidiircHMi'H nf tlu* ptTKoiiix wliti ut the dutv of tlir rt'tiini itri- tin- 
 UinrtorH nf tlir ' oiiipaijy, or twiiipy tin' |HtHitiun of iliricturH, hy wimti-vir 
 li!Uiii> r;itl<(l : himI 
 (m) The ttttnl Jimnunt oi d* Kt ilii*' from tin- roiii|i;triy in n'N|HHt of till tiiorttfi^cM 
 and ('}iarkr<-M which arc ntiiiind (or. in thi^ ni.-<t> of u roiiitniiiy n-tfiNtiTi-d in 
 Si'otlHiifl. which, if thf I oiiipmiy liitd In in rt>ri!-tt n-'l in Kii^rliiiut. wouM )h> 
 n'(|uiri>il; to In- rc^ixti rt-d with thr njfi^tnir of roni|ianirs utidcr thin Act. 
 «»r which would liuvc hem rci|iiiri >l >** to he rcjfiHtcrtil if mvitcd after the 
 fir^t day of July iiim-trt n hundred and cijflit. 
 (■J.) Tl)(^ Huinniury niu:ot u1h*i tcxci-pt where tli«> couiiiatiy ih a private <'oinpj(ny 
 include a Ntati-mi'iit, m>ide up to Mich dat** as may U> KjH>(-itied in the Mtuteinent, in 
 the form of a balhuce nlu'et. audited hy the eump my''* auditors, and con(ainin-«f a 
 Hunitnary of its Hhare capital, it* liahiiitie.s, and itM a,vs.ts, ifjvin^ -uch parti- ular^ 
 UH will dirtchiHe thu general luitun- of thoM< lialiilitie.s an<l a-setn, and liow *hf values 
 of the ftxod asst'ts huv*' Ikmu arrived at,* hut the hahiuce hhcct mtil not include a 
 istutvruent of prtiHt and h»!W. 
 
 (4.) Tlie abovt' liht and Minimary mu^t he eoiitaine«l in a hi pa rate part of the 
 rejfister of nu^mlxTs, and must lie comphtetl within -even dayw after the fourleenth 
 day aforeH;tid, and the <!onipany must forthwith forwanl to the reyi-trar of 
 eoDipaiiieH a copj Hi^ncd hy the niaimg'er or hy tlie ^eeretary of the company. 
 
 (r) ) If a company niakes default in complyini; with the reipiirenients of tliis 
 ^octinn it nhall hi- liahh> til a fine not exetol'i^' five [X'unds for every day durin^r 
 which tlie default continues, and every direetur auil manuu'er of the company who 
 knowinjfly and wilfully uuthori/eH or i>emiits tlie di fault shall U- liahle to the like 
 jH-nalty. 
 
 27. No noti(;e of any trust, expressed, implied, or eon»lructive, Mhall he enten d 
 on the rejfiMter. or In- receivahh' hy the rejfi>tntr, in the casi- of ciMi:iituiies registered 
 in Kn^-land or Ireland. 
 
 28. On the ai)pli(Mtion of the transferor of any share or interest in a eoinpanv. 
 the compuiy shall enter in its reL'istr of nunih<rsthe nam-' of the transft n-e in 
 the same manner and suhjtH't to the Hume conditions as if the applieatiipu for tin- 
 entry were made by the trannferee. 
 
 29. A transfer of the hhare or other intere-^t of a deeease<l member of a com|>any 
 ni.'ule by his personal representative Mhall, althon;^)) the personal representative is 
 «i»t himst'lf a member. Im* as v iliil as if he had U-eu a memlx-r at the time of the 
 execution of t 'e instrument of transfer. 
 
 30. — (!■) The retfi-it^T of meinherM. rommencinir from the dat*' of the re^istrati'm 
 of the company, nhall be kept at the registered ofti,;e of the company, and, except 
 when chiseil under the pro\isions of this Act. r*\\>\\[ during business hours {subject 
 to such reasonable restrictions its the eoiiipauy in ireneral meetin^f may imp(»se. so 
 that not h ss than two hours in each day 1h! allowetl for inspection) lie ojh'U to the 
 inspection of »»ny member jj'ratis. and to the inspe^'tion of any other per-^on on 
 payment of one shilling, or sueh Icsh sum as the contpany may preseril)e. for each 
 inspection. 
 
 (■_' ) Any memN^r or other por^m may reipiire a copv of the re^jfister, or of any 
 part thereiif, or of the list and summary rtHjuinnl by this Act. or any part then nf, 
 on payment of Mipcnee, or such le^s sum a-* tlie ecmipauy may prescribe, for every 
 hundretl w<trds or fractional part then-of retpiiretl to be et.pi.d. 
 
 {'•i.) If any inspection or i-opy rc'.uired urul. r this section i^ refused, the company 
 shall be liahh- for eaeh refu-Mii to a fine not exceedinif two jM>undK, and te a further 
 fine not ex'-eedinif two ptmnds fitr every day during which the refusal continues, 
 and every dire<;tor and manager of the company who knowingly authorizes or 
 permits the refusal shal: be liahle to the like penalty : and. as respects companies 
 rejrist*re I iu England or Ireland, any juflire of the High Court, or the judye of 
 the Court exereisin/ the stannaries jurisdii-tion in the c i-e of corniNinies Hubjei-t to 
 that jurisdiitifm, may by order comp»^l an imuietli.ite inspef-tioii of the re^-iHter. 
 
 31. A ci)tnp;iny m ly, on givinir notice bv adverti-ement in •*ome newspaper 
 circulatinif in the district in which the re^iwtered otfiee of the 'omi>anyis situate, 
 dose the register of members for any time or times not exeeeiUuir in the whoh- 
 thirty days in each year. 
 
 32.-(l.) If- 
 
 (a) the name of any person is, without sufficient cause, entere«l in or omitte<l 
 from the leg'istor of members of a comp;iuy ; or 
 
 P. '» a 
 
 
 s. ;»tief tst;-2 
 TiusIj« not t'l I — 
 • ■rif.-r-il im 
 
 r<u,'iHt«-r. 
 
 p 650 
 
 H. •**'■. tyf IMrt7. 
 
 lit ifi^tnitinn of 
 
 ti;ni-«t'r II' 
 
 n-iuest III 
 
 trttci»t"ri>r. 
 
 S. IX i.f INli. 
 
 Trin-ffT by 
 
 p'-rsoiinl 
 
 11 |tr>'st'iitativ»'. 
 
 p. 678 
 
 s. ;v>uf iHti-i. 
 
 liis|H'rti<m of 
 
 fiL'iHtt r of 
 
 hiPinbers. 
 
 p. TO 
 
 S. .13 of IMi^. 
 I'liwpr to 
 
 p. 71 
 
 S. :i-) (if IMiVj. 
 r«»wfr (tf Court 
 to r.clify 
 ri't'i^tcr. 
 
 p. 1383 
 
1534 
 
 Api'KNnix. 
 
 1* 
 
 
 S. 37 of 1«B2. 
 Rnntiter U» hr 
 evidence. 
 
 p. 71 
 
 8. 2 of 188:i. 
 
 Pdwpr for 
 
 cotnpauy tii 
 
 kwp colonial 
 
 re^fiBter. 
 
 p. 767 
 
 S. li of 188;'.. 
 Re^'iilHtioriH 
 as toculouial 
 retrii<t<>r. 
 p. 757 
 
 Court raiiy ilwiili- any iiuiftion 
 relatinK"to"the tifle of any perw,n who i» a party to tl.r appli.ation to hiyc hi. 
 Damp entered in or omitted from the regiHter. whether the .|uwtion an-en Iwtw.e 
 
 lint of it» memlM-m 
 ,rder for nK'titiiatitm 
 .ation to be ifivvu to 
 
 ..Imp* of any matters by 
 
 8. s of 188:;. 
 
 Stamp doties 
 in ease of 
 shareH regi<- 
 tHred in 
 
 (b) default in made or unueee«»ary delay takeH pla.e in enterintf on the re(fi»tor 
 the faet of any perwm havintr ceaw-d to lie a member, 
 the p».ni.m aKtfrieved, or any member of th< company, or the .oropany. may apply 
 to the Court for notification of the rPKiKtir. ■ . j • v .i„„j 
 
 (2.) The application may be mwle, an r.i.p.'. U eompanies regi»tered in Kntrtand 
 .,r Iieland. hf motion in the Hitfh Court, or by upolication »"» J "'',•"•■'' '•» 
 HiKh Court NittiuK in el.anil-i», or by application to t>ie judif.- "f the tourt exer- 
 ei,inif the Htannaries juri-di.tion in the eaae of c..n.i.anie» -.ubjcnt to •>"«• J""»; 
 di.tion, and, an re-.p<.<tH companies re^st.rc.l in S."tland, bv Hummary p.t.tion to 
 the f%.urt of «.H«ion. or in «u<'h other manner a-t the sai.l ( ourt» may re>.p.je. 
 tirelv dirwt; and the Court may either refu«' the applicatnm, or may orUer 
 re<ti"flc«ti<m of the n'triHter, and payment by the company of any damajre« Hurtainod 
 by any party ajftfrieved. ... ... 
 
 i'.i.) On any application under thin nection ttic 
 latinK to the title of any permn who i» a party 
 name entered in or omitted from the reginter. whet .,„.„„ 
 
 membera <,r allencl meinbern, or b..tween m.n.lars ..r alletfetl memlxTs ..i. the one 
 hand and the company on the other hand: and Ken.rally ir.ay decide any •iue». 
 lion neeeiwary or expt^dient to be decidiMi for rectillcation of ■ refOKter 
 
 (4.) In the caw of a (.ompaiiy re<iuired by thin .\ct to i> 
 to the retfiKtrar of comi«,niei«, the Court, when niakinc 
 of the njriwtiT, shall by its order direct notice of the re 
 the regintnir. , „ , , ^ ■ 
 
 33. The register of members shall be r'i»"' /'"■"' <"* 
 this Aet dirw'ted or authorized to be ins<-rt<ol therein. 
 
 34.--(l ) A company haviiiK a share capital, whim- objects comprise the trana- 
 motion of businesa in a wlony, may, if so authorized by its articles, cause to be kept 
 in any colony in which it transiicts business a branch ngister of members rcsi.lent 
 iu that cohmy (in this Act callwl a colonial rcKister). ,.,...■ 
 
 (2 ) Tlie company shaU give to the resfistrar .tf (companies notice of tlie situation 
 of the offiw wher.' any colonial rettisUT is kept, and of any chancre in its situation, 
 and of the distwntiuuancc of the office in the' .•vent of its Ix'ing dwoni .iiu.mI. 
 
 Cn For the purpos.. of the provisions of this Act relating to colonial registers 
 the U'rm -colony '* includes British India and the Commonwealth of Australia. 
 
 ■^ —(1 ) A colonial register shall be deemed to be part of the company's register 
 of mbers in this and the next following s."ction cillwl the principal rugi>.ter . 
 
 ,;4 ) It shall !«■ kept in the same manner in which the principal ngister is by 
 this Act required to be kept, except that the a.lvirtisemeiit before closing the 
 ngister shall be inserted in some newspaper circulating in the district wherein the 
 ..olouial register is kept, and that any competent Court in the colony may ex.n is.- 
 the same jurisdiction of n-ctifying the register as is under this Act exen-wable by 
 the High Court, and that the oflences of n>fusing inspection or copies of a colonial 
 register, and of authorizing or p..nnittiiig the refusal may be pn.H.HUted summarily 
 before any tribunal in the colony having summary cnminal jurisdictjon. 
 
 (3 ) Tlie company shall transmit to its registerwl office a lu.py of every entry in 
 its colonial regist^-r as soon as may b,- after the entry is made ; and shall cause to 
 be kept at its registered office, duly enU'rcd ui. fn.m time t.> time a (luplirate of ita 
 colonial register, and the duplicate shall, for all the puris.scs of this Act, Is- dej'mid 
 to be part of the prini;ipal register. , , ,. . 
 
 U I Subject to the pn.visions of this section with resjKHt to the duplicate regisU-r, 
 the shares registered in a colonial register shall be di.stinguished from the shares 
 registered in the principal ngister, and no transaction with respect to any shares 
 n-gistenMi in a colonial register shall, during the continuance of that registration, 
 be registered in aiiv other register. , . , . . , ,, 
 
 I.i 1 Tlie company may disctmtinue to ki-ep any colonial register, and thereupon 
 all entries in that rcgisUr shall be transferred tj some other colonial n-gvrt.r kept 
 by the company in the same cohmv, or to the princijial register. 
 
 (6 ) SiihjiK!t to the provisions of this Act, any company may, by its artu ii>s, make 
 such provisions as it may think fit respecting the ke<>ping of colonial registere. 
 36. In n'lation to stamp duties the following provisions shall have effect : — 
 («. Au ihsliument of transfer of a shan,- ft;;i:.ter«l in a r;-.!.".,-,i,l register shall 
 be deemed U> lie a transfer of property situate out of the bnited King- 
 dom, and, unless executed in any part of the United Kingdom, shaU be 
 exempt fnim British stamp duty ; 
 
 .:. 
 
ToMIVVNIKM (CoNSitUOATION) Act, I!K)H. Act of 1908 l'>"t'» 
 
 s J7 of im;7. 
 
 cirivt ,,f >lilirr 
 wimilit- to 
 l»'!irir. 
 I. 6M 
 
 (b) On thv ilritth "f a iiifiiibiT rcifNtiTi'd iu b (siloiiial ri'»fi«tir, tlio xhiiri'ii of ...l.ni.il 
 thf iliMa'awd iiii'mlur »linll, if In- tlitid domiiiliil in tli.> I'nititl Kintfilom. r.({i-t«r- 
 Imt not iithirwiw, Iw ilivmiil. »o f»r :i.t relati" to Brili»)i tlntiix, to Iw 
 p»rt of hi» I'Kiiiti! iinil itfi'itw »iliiiili' iii llio Tnitwl Kink"loni for or in 
 n'BptMt of whii li pmliiiU' or li'ttcrx of wlminiMrntion in or an' Ui 1«- 
 
 Xnintt'd, or wh. n-of iin invrntory i" lo I iliiliitiil ami ni orilij, in liki' 
 
 luiinuir iw if hi' wprr ri'^tiNti'"'! in tliv pnnri|wil ri>>'i«t«'r. 
 37. — (1) A company limitnl tiv "haruH, if ko !iutlinri/t<l l>v iU iirtiili -. may. 
 with rt-Kprt't to any fully paid-up nhari't, or to stm k, itaui' unilor itx cmmoii .ubI 
 a warrant »tiitin)f that l>ic N-anr of thf warriiiit ik .ntithil to fhi' Hhirri oi -lock 
 
 thcri'in umi'iHi'd, ami niav pMviili- hy i|ninrt or othi'rwi.-n'. for thf paynirnt I'f the 
 
 fiitiiro Jivi'li'ndM on thr »llian"' or stock imliidtil iu thr wiirrant, in thif. Ai t termini 
 a nham warrant. 
 
 2.) A Hhan- warrant «hall cnfitln the l»'art>r therwif to Ihf «hart'8 or «txM'k thcnin 
 •pii'ifiwl. and till' xhanx or iit^nk may be tranxft'rr.'.l by dilivcry of thi' w irrant. 
 
 (a.) The iHan-r of a "hiin' warrunt »hall. »nhjc(a to ihr arti.li.. of th.- ■•..mpany, 
 be entitled, on sumiuU'riiijr it for ranciUalion, to have hi« name enlirtd a* a 
 mcmbi-r in tlie n'lfinter of membem : anil the eompitny Hhall U' ropoU'-ilih- for any 
 loiw inenrred by any pirnon by ri'BMin of the eompiriy c nterin)f In itn ri'tfi'ter the 
 name of a tiiarer of a xhare warrant in re-iHit of the nhareH or hUu\: therein 
 HJH1 ifietl without the Hairant beiii:.' siirreuilen il and eaneelle 1. 
 
 (1.) The In-arer of a -hare warrant 'nay, if the nrtiih'i of the lompany »o provide, 
 be ilei'med to In' a memlier of the i onipany within the ineaiiiu^ of thin Ait. either 
 to the full extent orforan<' 'iri^eu » di IiuihI iu llie artieleH : except that he shall not 
 )h> qualifieil in renpi'et of ■ hares or i.to"k s|pieifiiil in the warrant for bi injf a 
 director or ni;iiiaKer of the company in casi'n wliere such a ipialitiiation i- risiuin-d 
 by the articles 
 
 (5.) On the issue of a share warrant the company "hall (strike out of itx re>tister 
 
 of miMnliers thi' name of the member then entered therein as lioldinif the shares or 
 
 stui;k H|»iifieil iu till- warrant as if he hiul ceast^d to be a numK'r, and shall enter 
 
 in the n ifister the followinf^ particulars, namely : — 
 
 (i) The fiKt of the issue of the warrant ; 
 
 (ii) A statement of the shareH or stock includiil iu the warrant, ilistink'iishin^ 
 
 each share by its number ; and 
 (iii) The date of the issui' of the warrant. 
 
 (li.) Until the waiTant is surrendered, the alove partieiii.irs Rhall he deemed to Ik' 
 the parfieiilars riipiinil by this .Act to Ix' enteriil in the reifister of memlHrs ; and, 
 on tile surrender, the late of the stim'nder must be entereii as if it were the date at 
 whlr-h a person erased to Ik." a member. 
 38.— (1) If any (wrson — 
 
 i) with .ilent to defraud, for)?e» or alt.er», or offers, utters, disposes of. or puts j,',,^ 
 oti, k'lowinif the same to Iw ^orffi'd or alt»'rtsl. any snare warrant or 
 ('■'Ui'on. or any doeiitnent imrportinif to lie a Hhare watrunt or eoutMin, 
 
 issned in pursiian f this Act: or hy means of any such foiv 1 or 
 
 altered share wamint, cuupon. or document, purportinjf as afof ..aid, 
 demands or endeavours to obtain or receive any sh.in or interest m any 
 coni|iaoy under this Act. or to receive any dividend or mom y payable In 
 resjHs-t tlierisif. knowing the warrant, coiipim, or document to \»- forvfcd 
 or allertsl ; or 
 (ii) falsely and dii»itfully iM'rsonat.'s any owner of any share or interest in any 
 io'iii]»aiiy. or of anv share warrant or coupon, issued in pursuance of this 
 A't. anil theri'liy obtains or endeavours t.. obtain any such share or 
 interest or share warrant or coupon, or rei'i-ives or endeavours to receive 
 anv money due to any such owner, as if the offender were the true and 
 lawful owner, 
 be shall lie iruiitvof felony, and Isinir eoiivicteil thereof shall be liable, at the 
 diseretioo of the Court, to lie kept m penal servitude for life or for any tenn U"t 
 less than three vears 
 
 '.',) If anv iBTson witlioiit lawful authority or excuse, proof wheri-.if shall lie on 
 liiin em-'raves or makes on any plate. » «il, stone, or other material any share 
 warrant or coupon iiurjHirtiiijr to lie a shan- warrant or couism issued or made by 
 anv prtr'ieiilrtr e..mp^"y in pur'iiriTiee of t!.:-j ,\ct, .:r to ill' a bl.te.k share Karrant or 
 couiMin so issuisl or made, or to be a part iif such .a share w:iiTant or coupon, or uses 
 any such ]iiate, wood, stone, or other inaterinl for the making or printinir of any 
 such share warrant or coupon, or of any such blauk share warran* r<.iui>on. or 
 
 ;"i i, ■> 
 
 s. ;i of 1- 
 
 Tlfery. 
 personation, 
 unl.iwfully 
 en^raviii:.' 
 plates. ,Vi-, 
 
 ^ 
 
ir,:ni 
 
 Al-I'KNUIX. 
 
 -.. U ••( IN-J 
 I'OWtrnf ftiut- 
 
 lanjr t<> arr.iii:- 
 fi>r dtfft'r* ni 
 
 I> li.l nil *h'ir^- 
 |.p. 649. eST 
 763 
 
 s. :i iif ISMO. 
 I'owcr t.. 
 ruturn 
 
 Hi'('IITIllll)ttt-ll 
 [iritfit" in 
 rcdiK'tiiii! '<( 
 jmiil-up 
 .•^hiirf tupitil 
 
 p. 1124 
 
 H 
 
 •2 (if 18'..', 
 
 B. 21 of isr.T. 
 
 Powor (»f 
 (lomp'inv 
 liiiiitiHl liy 
 
 MllHri'M t4i 
 
 nltir itfi 
 Hhart' capital. 
 
 i.,.. no4.ai4 
 
 1115, 1122 
 
 (I.. 
 
 iiiiv imrl th<n"..f I -iHilnrtv, iw knowing;ly liM ill lii» .untoav ur |,>«<~.i..i. aiij 
 .11. h plttl. w. . 1, I •"<-. . .)th«r .i.;.l.rl;.l, li- Khali l-.' (r"i'«y <•« M"«iy. aud liointf 
 .■.inMot.-.! t'h..r...f »hi.ll U li»bl. . Ht tl..- .li«r.ti(m of tlio ( ..irt. t.. i... krpt lu |h.u»1 
 N rvilii.lt. f..r iui> l.'im not cxiwiuiR f. mrti-n y.nri. and m.t lc« tliiiii tl.fw yi-«r»^ 
 
 39 A ciiiipuny. if «o autli. . /.ei by it« «rtieU-«. m«y <1.. luy ime nr more of Uiv 
 foil vinif thiiiR- ; iinmi'U .... ^ . .i v 
 
 Mi.k.' Hm.i.(teiii^i.l» ihf iwuv f >.)i«r.'»f.'r :i -liH. i.ii.:.' betwcn th.' chur.- 
 
 holilirx in thi- am,, .iili. un,I tiiiiw "f [i .v,,, „t of lalln i,ii tli.-ir ulinri » : 
 Accept from »n< in, tiil» r who aHwntu tlicn-to fh« wholo or » p«rt -f tli.- 
 
 iiniouiit rciiiiiimuif .mpai.1 on any Kharci. hi4.l by him. although no jw't of 
 
 that amount huK t"cii .«lliil nil. 
 i:i , I'ay .liviiltml in pr -p.rtioii to the amount paid up on >aih »l '<• wh. re 
 
 hifiPT aiiiouiit i.- i'iiiil lip on Homi- Hlwr- - tl, iii on othirit. 
 
 40 (I ) Whin 1 ■oiiiiKiiiv tiaK a. ■ uiiiulal. : , ^um "f undiviclwl proliiM, wlmh 
 with the Ktti.ction of the siiarcl, Mcr,- may 1" ,li-lril>ut"l amonjf the Kharchnl,:, i-. in 
 thi form of a dividend ,.r l«.in. .t may, by -i ,ia! resolution, return th, .ai, , or 
 
 any imrt thei- f. t,. ibc »h»r. hoi ' ™ in r..lu. ti f the paid-up capiial ot (hit 
 
 coiiipanv the iiiipaid , apital lieiu>.- thereby incr.ai..M by a similar amount 
 
 '• thereiolun.o 4ialliiot tak • tfi«t until i immorai iiira. showinif the j-ir- 
 titiilar:. nHJuiriKi bv thi- .\i i in th, caw of > ,. I.ietion of .Imr , apital has Um-h 
 prodiicl to and re^ri-tei -.l l.v th.' re^strar of ,,.i,ipame« but ll.. ,.ther pmviM -n- 
 of thi- Act with rt'i-jHct t,. n duction of nliare capit,il .hall not apply to a redu, • -n 
 ,.f panl-up share ,apit,il mid, r this M.etiim. 
 
 :;.; (In a r.du.tiou of |, , -up capita! in purKimnce of this ., 
 Iioldir. or anyone ,,r mor, .t |.,^■rl! joini shari'hoM. r,. may w 
 after tlw pass'injr of the re».,luti(,n for th, n ,lucti,.ii. n.i|nir.- th, ■ i 
 and th,, cimpanv nhall retain aceor HiilIv. the whole of ■)„■ money 
 the share, held bv him citi ,r ahm.' ,,r jointly with ai.v other p 
 
 i.,,„„.,(,i, f the reducti,,n. would oth,rwi-e he n'turne,! to hi 
 
 tliereupon ti.o-e -hares «li:,ll, iis rejrards tiie paymeiit of divi.leiid. I 
 paid up to the same • \t lit ,,nly as the sh.res on which mvnieut Ic, 
 by the shareholders II ndiiclion of puid-iip capital, and th 
 and ki, II invest, d the ill, 11, y so ritaini-,1 in su. h sciuritieH 
 m. lit bv trustees as th. , ,.n;pany ni ly d, i.rmine. aiel on th.' inoi,. 
 ou s,. iiiiicl. Ih.ri.it as fi-olii I. 111., t'l tilii, .v. I-, ,1s the ilie.illlt .1 • i 
 iiia.le.n th, >hari,s in r. -p.vi ,,r whi.-h it has Ik,., retained, tli 
 pay the int. rist re. • ivi.>l tviu time to til «i the siemitii's. 
 
 ft.i The imounl r.iaiiail uii,l investe,! 
 whi, li may Jie mad.- !,• n pl.u:.. tin- shar. 
 the amount obtained on -all- of the »l.' 
 the aiu.mut of any .all wli, n maile 
 
 the c .n. 
 
 (a.. Oil a niliii^tiou of paiil-itp sli 
 powers v.steil 111 till- dir.i.tors of ma- 
 amount unpaid on th.-ir shares sha'l 
 capital as aiigm.iited by th.- i-.hIii. ti- i. 
 
 (0. Af.,-r any reducti.in of sliai- 
 i<pe<ify annual list of mem i 
 
 the r.-ipi, .-: ol any of th.' shar, ; 
 i"pei;ify in the statements oi' a,, 
 conn inv th<- amount of undiv ' ]>i 
 capii '1 Utah f this s.-, lion. 
 
 41. - 1 A coniiwny limite.- 
 the ciii.iiti n«..f iu.mein.irau.luin 
 jaj iucrea-e it» share .-apual by 
 
 thinlis • ■ pe,li.-nt : 
 
 (b) .■onsoliilate. ami .livid.- all .ir 
 
 amount tl-an its .-xistiiii.' »1 
 
 (. cimvi-ri all , r auv of its paid- 
 
 into paid- ip shar. s .if any 
 
 sub-iivide its shar.-s. or any 
 
 tlX'^l i^v ttie menioralid.i,,,. -. , 
 proport " iM-iween the aiuiMin: pai- 
 each r,iiii, 1 .1 shar.- ahal! 1» the sani 
 from which th roduoed share Ls den 
 
 luritieH autl. 
 
 ' -"ii -nv sf •— 
 II. ni' :i'h 
 t" retain- 
 !ly [-aid • 
 ,,, W ill. I 
 r them. 
 ieem*"i t, iw 
 
 ei,Il ai^«|it«i 
 
 m-.' shall inv.- 
 /ed for invest 
 so invi-sti'.l or 
 siilise.picntlv 
 ■mpany hall 
 
 liall b<' hel.l to repre.-.iit ti 
 ipital so r.Hlii.-ed on those -? 
 ir such ;ir.iporti.m tii.-r.-o( 
 iu.,-es m,»re or less tli.n th 
 
 ^uti. calls 
 -. hcther 
 icpr.,seii" 
 .mount 
 
 ijiiial 
 ,-alls . 
 ml to 
 
 pursimueo of this 
 sharehol.h'rs in i' - 
 o am.iunt -f t' ■• 
 
 ..-ctio' 
 
 >.-ct 
 
 pai,! 
 
 lie 
 
 inder this s«-ti. 
 Kv t' is Act the 
 f tl. 
 
 Lie 
 
 :,ur-iian 
 
 U-f.ire 
 
 turned i 
 
 . if 
 
 iv.WS t';. 
 
 issue < 
 
 . of i- 
 
 ruifes ill" 
 ifiinati,.; 
 
 aut 
 
 , ffen, e 
 
 ■4oetio 
 
 ■ 1 by its III 
 .t may 
 
 ri-s ,f such 
 
 -.1 
 
 to Khar, 
 ■uvcrt 
 
 i it 
 
 ■ifor 
 il.a-k 
 
 fd-i 
 
 i.-r amount than i» 
 -., ..,ub-divi.-:i)ii the 
 :, if any. unpai.l on 
 I' ca.se of the share 
 
iMI'aMI - H 'o 
 
 III ri'tv 
 
 • <T. I'MIM. 
 
 Act of 1908 I vi: 
 
 1.1 it 
 ■ifcr 
 
 Tl. 
 
 ■I'l nlmrt 
 
 hiih, H 
 
 ■ not Ik'i 
 rutiomit 
 
 I, 
 
 1 1, 
 
 W 
 
 ■T> 
 
 •li'Mtl ' 
 my 
 
 !(V, 'M 
 
 ,1 Mr 
 
 niit ,,,* . ■ 
 «uttiirizc>»- 
 
 n«- 
 
 !h1 riiM"! 
 >n hnx 
 PV "« 
 
 fniilt ill 
 (Hiui 
 
 .all 
 ii'fi I' 
 
 hi>« -•■(•till 
 
 pHH-iri (hi' T> •'ilutl^Ml 
 
 • H to I ikiii by *iiir ikT"- j 
 
 ■.tl by itmiiiint --f Oif -b 
 
 ivtth r*'!*!!- ■■' Kiib-iUvii-iiiii of - iro* 
 
 m 
 
 I"- 
 
 I ni:i(l< iiiiil'-r thiM ~ 'II in tb tiii-Mioritiiii iii 
 intMiuit'iti'liini iifiM iitU^r tbr il.il- nf ■ 'lo 
 
 ■ till* ultlTHtloll 
 
 ■n; 'villtr wilb til. l>r'ivi««ii»il it I*! ill b<- bit 
 t'lir *'(iib iiipyiii ■ «|Mit nf win. M »!rf iiilt m 
 tiir iiiid iiinuH).'i'r of tb. nitiipm wlm kiiuuiiiKly " i »i!- 
 riitu th« ilcfitiilt -b ill Ix' liiiblr ti> tb likr p<i|mlt 
 
 A I iiKmlbiiiiii iir »h;in>« in imrxuii- !■ "f thi» wttiiiii -bill iim I"' 
 -bare -iiiitiil within the ni-Htiin^r cf thifi A- ' 
 
 -iiuinv Imviiijf ii wlmrt- ■ ipital Im- fi'nMfilii! '-tl hii-I 
 «imn>p ' birifiT Hniiiiiiii limn ilM ■ »i.<tin(r - iri-. 
 Hto «t<>i k. (ir rn'invi-rtiil stink inl" - irw, it iliall ;. 
 
 iniit«iii'» of tho ciiniuilidiiiiim. ilu ii, l1lll^•-n■il 
 i th>' «hiirc» riinnolidatinl, ilivl'lol, ir rimv 1, 
 
 of 
 «lt. ' 
 
 I 
 to ., 
 nwii 
 fulK 
 I 
 t.'- .1 n-dniiii'ti 111 
 
 12 Wh.r 
 Khare ('•*i>it«l lui. 
 my of it* -b ir»'N 
 hi' rPiriMi ii- "f 
 
 rwiiln 
 
 43 
 
 into • 
 thi* \t\ 
 mwh 
 M \\v 
 how 
 
 44 
 
 ivf not 
 
 ■ tfi-"«t<»rt»ti .-ijtii.tl, and «lu'rt> a fM!n]>:iny not ]v,t\ 
 ■<■ 'nimh'i 't* it-« iMfM;'-' !••* bi-yond thr rrifi-*t«T 
 mpiilii' -•. iu the oaw of im iir r»rt-»- oi - 
 ■.ntt, <i» -:-. th*' ca^e of ji -ipt'ciBl rt>M»luti"< 
 ■ y'luttxh* MuTtiiM', uu'l in tin- i«t' of .1 
 'T tlm niir";»-'»< wiim n"«olvi-'l on or t^Mik 
 'mUt^. jumI tin- r"«-iKtr;ir ».luill fonl th 
 ■iiipHny iniik* ■* d'fuult in cotni'Iyintr will 
 lall U' U.it'l- toil Hn*' it<'t i-X'Tflmir tivr )>" 
 ifault t-triii>Huci«, »n'l I'Vt rv din tor and ni 
 tnd wilfwily luthoriz*"* or permit- ibc drfn 
 
 dfH'm 
 
 rU^\ 
 
 liHvinjf a ^hiir*' rapitiil h.i^ ronvert- 
 •« -f th»' roiivi i*Mion tit til*' r»'(ri*tr 
 • bh )ir ;ippUfahle to >«liitrt'« only' 
 i- r.in\i Tt*ii into wttxk : liiid t! • 1 
 <it' ini'MihiTM to U' torwtinltti * 
 1! hy " a«li nir-mUr in^ttiid o! 
 if'ulir'* n-latini: t > ••}uin'« iMn'inU'for*- rf<|itire(l I 
 Wht r( H f^miiwniy hiivinKf a Khari* iMpilil. whi 
 ^'n ''tnv«rt€**l iutt> ^to* k. !ia^ iiuT»'Hw d itx mh 
 ni»anv not bii\ tr ' ^I 
 i<l th. 
 
 <-'.■ I (.■ompH' 
 
 I ., (tli.i IfiV*'!! h 
 
 ■mV l-tOn« «'f t): :« A* 
 
 (>| t^!< rtW «:ipil 
 
 • «^im; iin •• and th 
 ■ho amouTit nf ntm 
 
 far ft' 
 
 N.itliv to P 
 
 U ir llf tflh-ii: 
 
 I itiofinf HtiH-r 
 
 Itltilt. l<iB«> ■ 
 
 1 -II t(i ■•lutrt- 
 
 -i . ' of IHHi. 
 't.-tof 
 'T»ion 
 
 • wtih-k. 
 
 ■■Kjii 
 
 r:d !..- 
 
 i of IStiJ 
 
 jm »■,■ |«« nf 
 -hart- < ;i|t)tal 
 
 V- 
 
 ,mii 
 
 
 .iitti. 
 
 
 .|»v- 
 
 •«>CI 
 
 
 whi 
 
 . 1 . ■ ! 
 
 km... 
 
 m,'l 
 
 Il('n;lt) 
 
 V. 
 
 48. 
 
 -tl., 
 
 •* llllrri'H''' il 
 
 .rive to tbi- 
 
 tift«'n iliiy* i.r,.tniinil» ri- 
 
 'f tin- rcHo- 
 
 ot iK-mberH « ithiii 
 »ti»-e of thi* iii'Ti'UHf 
 
 ibi n^iuirinuiitH of thi- 
 inili* for fXiTy ibtv iliiri;i>; 
 ;iifiT of till' (-i.ni|Minv who 
 
 -bull br liabl,. tot'..- Iik<- 
 
 A I'oiiipiiny limitiHl by »h:iri 
 an imlir of tho I'nurt, niiKlify thi' iniiiliiioiiM 
 riiir^iini'H' it- Hhiin- cipil'il. wln-tbi-r by th 
 
 rauy. t 
 
 .nt.. 
 
 1-1 
 
 -iibition riinflrniiil 
 inrmoraiKliiiii -i> :i- 
 •f »luiio- i-if -litfi 
 
 ■I wotlltliill |. 
 
 ■fourths of 
 
 clft.'isi'- or by 'l.i' cli-. ■. m of itj« -Irnri'- i: lo -burr- nt . 
 
 IVoviib ! iliHt no prflVri'iiro or Kpi'i-i.il prnibi^r .1 .. -il t" 
 cItiHH of -Imri'?! -ball bo iiiti'mrcil with I'xi'ipt by n 
 in iiiinilur of -biiruboMiT!" of that i bi-i hoblinir thri 
 that i'la-> ami I'mitinmil at a niit'tiu); of -liarohobb rv ,,f f(, 
 inuiittor aM a -ji 'i.-tl roMolution of the rompany i-* ri'ipiiriKl to Ik' 
 ri'xoliition -I pa--' 1 -hall binil a'l -ban-boUiTu of tbi' rbi—. 
 
 :>.] Wnicro an "tiliT ia luaib' i.nli'r tbi- -i-i'i.m .10 uttii'i- 1 opy tt.'Ti" ' 
 with thi' ri'iiri-tnir of cumpanirs vv itbin i'\ lu ilnvi afti-r Ibf maki!.^ ni ' i 
 within Hill h fiirlbirtiino M" tho <"imi-t i. n- alio ■ ami tbf n'»-'ii'ion -b,. 
 cffeot until -u-'b .t copy hn- U-rn w» tiU"*! 
 
 Iwloiii;.. . I'll aiiy 
 -111 by a orij'irit^ 
 .1' Mhai>i I .ipital of 
 !.pw in tbi- -anw 
 itirmpil.'unil i-vi-n' 
 
 I.-. S •' iif l!iu7 
 '1 til Ki-.r /iiii-a- 
 f '1' tion • I -b in 
 
 '.ip'ita' 
 
 p U25 
 
 • h.' fil. . 
 •nb-i , II 
 i.'.t lak. 
 
 K'di/ftt'i': f If'^nr ■ irtlai 
 
 46.— (1.) .'^iili f toriintirniati"- '.'.i-i a c-mf tny 1. .iti'l by Hharo*, if 
 
 M) aiithori/iHl by i- artirb- i> \ ■' lal i.-oliition n-inw 1'- -bur.' rupital in 
 
 ■mv way. atitl in oHrt!'''!b'r tjuu. ari'itultoc to thi* iri'umJily . ibt' forviroinir 
 .jiowir. may — 
 
 (a Kxtiujfiiiih or nilu i' the liability on any of ii^ »h»rr- in r ">■»! .if ahui' 
 i-apital not paiil up or 
 
 S. y "f i>><i7, 
 1. :; of 1S<)7. 
 
 "■^jTt-ial 
 ri'solntio' liir 
 rifill' tint; of 
 
 "haro capital 
 ,.|. ni-. 1245 
 
If 
 
 ir,.!- 
 
 •5 H 
 
 H 11 iif f*7. 
 
 f'ourt fnr fiili- 
 
 timiiiitr (Hilt r. 
 p].. 1255. 1375 
 
 B. inuf IHll-'. 
 A(l<1)tinn In 
 
 niini<> nf 01 >m- 
 piiny "f " itiiil 
 
 Twlutvil." 
 
 pi>. 1266. 1287 
 
 S. \"<'f IHfiT. 
 t)l>j<Htinrs 
 by rrclitor-^. 
 and Htttlc- 
 niciit iif li>t 
 of iil)j»H'tin(ir 
 m-ditMrs. 
 pj. 1890. 1292 
 
 H. II "f l»i.7. 
 OriliT iiiii- 
 firmiiiff 
 ri'duition. 
 pp. 18S1. 1297 
 
 S. '"iif IHi-.T. 
 Kf ;.H«tniti"M 
 of ortlrr run I 
 miniiti' of 
 ri'ductiuii. 
 
 Appendix, 
 
 (b) Either with or without pxtin(?uiKhinK"rredu(inff I .ihility cmnuyof iti. s';"'^' 
 CBiiccl Hny paid-up share capital which in ln>1 ..rHnrcpro»oiit«d by available 
 
 aaaetd ; or , . .. ■ .i. < •» 
 
 (<• Either with or without extiii;riii->hiug or redu.inir hubility oii any ol its 
 xharoK, \my off any paid-up share lapital which is in excecs of the wants 
 of the company, 
 and may, if and «■ far as is ueecssary, niter its memorandum by reduiinjr the amount 
 of its sliarc capital and of itii shares aciordingly. i ■ . 
 
 rj.) A special resohitiou under this .se<tion is in this A<t .•ailed ii resolution fur 
 roluciiiif share capital. , . , , . i. „ 
 
 47. Wbire a company has passed and confirmi-d a resolution tor ii^ducinsr share 
 ( apital it mav apply by petition to the Court for an order c.mfinninjr the rediKtion. 
 
 48. On and from the coiitirmation by a company of a resolution for rtHliiciii(f 
 share . apital, or wli.re the redui tion d(Ks not involve either thi- diminution of any 
 liability in respe.t of unpaid share capital or the paym.nt to any shareholder ot any 
 paid-ui) share capital, then on and from the presentation of the petitiiin for con- 
 firminif the reduction, the ecmiimuy shall add to its name, until such date as t lie 
 Court mav fix, the wonls " and nnluoHl," iu. the last wortls in its name, and those 
 wonls s!ia'll. until that date, be d.-.mwl to be part of the name of the company: 
 
 l'rovide<l that, where the reduction does not involve either the diminution of any 
 liability in respect of unpaid share capital or the payment to any shareholder of any 
 paid-up share capital, the Court may, if it thinks expedient, dispense altojrether 
 with the addition of the words •' and reduced." 
 
 4g_>l ) \Vliere the proixised re<luction of share capital involv.s either diminu- 
 tion of liability in rcspirt of unpaid share <apit«l o. the payment t.. ..uy Hhareholdcr 
 of any imid-up share .apital. and in any ..ther laae if th.> Court s<, din-ct.s, every 
 .redit'ir .)f th. < ..n.panv who at the date fix..d by tl-,.' Court is eutitl.fl t., any debt 
 or cl.iim whi.h, if that date were thi- commen.i-m.nt .if th.' wiu.lintr up .if the 
 c.impany, w.iuld 1* admissiUi- in pr-sif against th. c..mpaiiy, shall be entitled t<j 
 object t.i the reducti.m. 
 
 ■' 1 The Court shall m-ttl.' a list .if creditors s,i entitled t.i ..l.j.Kt, and f..r that 
 purp..s.' shall ascertain, as far .is p.«Hible without riMuiriiiK an .ippli.-ati.in from any 
 eri'dilor the iiameH.if tli..».-critlit.irsand the nature ard amount of tluir debts .ir 
 claims iiiid may publish noti.es fixing a day or days within whi.h cntlitors not 
 ent.red .in the list are to claim t.i b.- so enU'red or are t.. be exclude.! from the ntrtit 
 of I ibj.>ctin(f t.i the reduction. ,. i. i . 
 
 '3 1 When- a cp'dil.r enten-.! on the list wlios<> d.bi .ir i^laim is not dischargeU or 
 det.rmine.1 .b.es n..t c.in».'nt t.i thi- rcluctinn, the Curt mi.y, if it thinks fit, disiM-nstj 
 with the consent of that .reditor, on the . .iiniMiiy si^.^iriiig payment .if his debt .ir 
 .laini by appropriatinir, as th.' <:.iurt may direit, th.' f.iUowinn amuunt : {that is t.i 
 •ay. — 
 
 ij If th.' .'.impany a.lmits the full am.iuiit .if his d.bt .)r ilaim, or, though not 
 a.lniitting it, is williiif.' to provi.l.' for it, then the full amount of the debt 
 
 or claim ; ... »», t ii 
 
 (ii) If th.' ...mpany d.ies not admit or is n.it willing to provide for the full 
 Bmount of the debt or claim, or if the amount is .imtingeiit .ir not aseer- 
 taini'd, then an amount fixe.1 by the Court aft.r th.- Iik.> in.|uirj and 
 ailjiidicati.iii as if the .••.mpany wer.' beiiiir woun.l up by thi' f.oiirt, 
 60 Tlie (^lurt, if satisfied, with resiu'ct to .very credit. ir of the company who 
 un.ler this A.t is .nlitled t.i objiit to the r.-<lu<;tion. that .ither his .onsiMit tji the 
 
 P'dui ti.m has Istn ..btiiiii.'.l or his d.bt ..r claim has 1 n diw^harged or has deter- 
 
 min.'d, ..r has lH>en secured, may make an order confimiiug the re.lueti.in on such 
 teniis and conditions as it thinks fit. 
 
 tenns an.t con.uuons us u iniii»s m. 
 
 61 - 1 Theri'gistrar I if companies on iirodiiotion to him. f an order of the Court 
 c.infiriiiing the re.lu.ti.iii .if th.' sliar.' capital of n ..impany. and th.' delivery t.i him 
 .if .'.ipy of the oril.'r aii.l of a minute (approv.'.l by th.' C.iurt , sh.iwmg with 
 resix-t t.'i the share capital of the etniipany. as alteriKl by the .inlir, the amount .if 
 the share capital, the numUr of shan* iut.i whi.hit is tobi' .Uvided, an.l theanmunt 
 .,f each share, and the am.iunt if any! at th.- dat.' ..f the r..gistrati..ii dei'ined to b.' 
 paid up on each share, shall r. gi-ter th.' onl.r and minute. 
 
 (i.) On the registratii.n. and not liefore, thi' n-soluti.m for reducing shar.' lapital 
 as confirmed by the onh-r so rugist.ri'd shall take eH'.it. . „ _^ 
 
 ( .i. X.itice .if the legislrati.in shall be publinhnl in jU -li ntniiiifr n- the Court niai 
 direii. 
 
C<>MPAMh:8 (Con.soliuation) Act, I9(t8. Act of 1908 lo;'.!» 
 
 ir. iif isu". 
 Li»bility t>f 
 
 (t.i TIh' ^^.^."trar Hliall etrtify undiT hU hard tin' n-ff istrut i. .11 of the order and 
 minuti', and hi» ifrtifimto nhairb.' (•oiKluf<i%r evidi'iici> that all thi' roiuin'infUtr. of 
 thin Act with n>s]>«a to ii-dui^tiou of »hari' tapital hiivr liccii romiilicd with, and 
 that thinhan- capital of the company is Huih an i» Htatinl in tlif iiiiiiiiti>. 
 
 g2._(l.) Tlic minute when rcjfistercil ithall be iht-nii'd to be wilwtituti'd for the S. li; of ISIiT. 
 com-Rimndinir |>art of the memorandum of the company, and nhall \»' valid and Minute to 
 alterable an if it had Win originally containi'd therein : and muiit bo endMnlied in f,,n„ pari of 
 every copy of the memorandum issued aft^r itn rejrintration. memorandum. 
 
 2") It a comiianvmaken default in eomplyinw with the reiiuircnu'nlr.i>f thin section 
 it nhall Ix linble to "a fine not 1 xce<'<linjr oncpound for each copy in renpeet of which 
 default in ■..; \r. and every dirin-tor and manager of the company who knowinv'lv 
 and wilful:y authorizen or jiermitn the di-fault nliall 1» liable to the like p.>nalty. 
 
 63. A member rif the i-oiiipuny, juint or present, shall not !«• liable in respnt of 
 any nhare to any call or cm ibiition exci ilintr in amount the ditfeniice (if any 
 betwirn the amount paiil. or as the ea-nj' may be; the ri'<luceil amount, if any, which 
 is to be deemed to have been paid, on the nhan' and the amount of the nhare an lixi-d 
 by the minute : 
 
 Provided that if any creditor, entitled in renpii't of any debt or claim to objiit to 
 the reduction of share capital, is, by reasoii of his i>fnnraiice of the proi'twlinKs for 
 reduction, or of their nature and etfint with resixct to his (■laiin. not enterinl on the 
 lint of creditors, and, after the nKjuction, the company is unable, within the meauinv' 
 of the provisi.inn .if thin Act with respect to windini.' up by the Court, to pay the 
 amount of his debt la' claim, then — 
 
 i) every jxrson wh was a memb<>r of the company at the dati> of the riwm- 
 
 tration of the onler for ri'duction and minute, shall be liable to contributi 
 
 for the pavniriit .^f that debt "r cl..ini mii ;oiiomit not excisHlmjr th.- 
 
 an.ount wliich he would have been liabh- to contribute if the company 
 
 had (tonimeuci (1 to In' wiaiiid up on the day Infore tliat rejfistration ; and 
 
 (ii) if the lompany in wound up, the Court, on the application of any such 
 
 creditor, and pnnif of his ijnionince an afori'naid may, if it thinks tit. 
 
 setth' acconliuKly a list of personn no liabh' t" cimlribute, and make and 
 
 enfi>n-e calls and orders on the contributories wttled on the list as it 
 
 they were ordinary contributorien in a windinjr up. 
 
 NothinK in" this section nliall aHcet the rights of the contrib\itorii>n anion;.' 
 
 themselves. 
 
 84. If anv director, manager, or officer of the company wilfidly conceals tlie 
 name of anycreclitor entitled to obje. ,'.1 the redudiiai. or wilfully misnpres.Mits 
 the natun> or amount of the debt or laim of any cr.'ditor. or if any dirintor or 
 manager of the company aids or abets in or is privy to any such cani^alnieiit or 
 misreprrstntation a« aforesaid, every such dirirtor. matiajrcr, or officer .shall be 
 ifiiiltv of a misch'meaniaiv. , v. . t !..-> 
 
 66. In any cane of nnluction of nhare capital, the Court may re<iuin' thi> company «. t ot 11,7. 
 to publinh an the Court directs the reasons for ncluction. or nuch other infonnati.ai Publii-atioii 
 in regard thereto as the Ccairt may think .■xju'dient with a view to give pro|»r ,,f reasons lor 
 information to the public, and, if the Court thinks fit, the causes which \it\ to thc> mlm-tion. 
 
 reduction. * t o i * 
 
 86. A company limited by guarantee' and registered cai or after the flrnt day of s. a? ..f mio 
 .Tanuary ninetesn hundrtsl and one. nmy, if it has a share' cajiital, aial is no lii,i-.-,u., »ncl 
 •iiithori/cl by its articlen, increase or ri-duce its share capital in the sanic- mat r iy.lu.tuin.it 
 
 .S. I'.i .if IstJT 
 I'l'iudly on 
 .'caii'enelment 
 • if name of 
 . ritlitor. 
 
 and subject to the same c-onditionn in and subject t.. which a company liiiiitiil by ~|" 
 shale- may in. reuse or resluec itn share capital uialcr the provisionn of this Act 
 
 ijata) 
 fa 
 
 Reiiulriitii'H of riilinnlfil Cimipnni/ «» l.iiiiileil. 
 
 ini|i;inylimit«d 
 
 tiy ifuantnte* 
 liavinK a share* 
 
 ,u|.,tal. 
 
 p. 796 
 
 {jY^ j] ) Subject to the provisionn of this ms t ion. any company registetisl an S. 4 of 1N79. 
 
 unlimited may register under thin A. t a» limit(<d. or any c.iiiipauy already registered |{, ,fi,tri,tioii 
 uaa limited I .im]iany, may re -register under this A. t. but the ngistration of an ,,f ,„dimit<'.l 
 unlimitcil comiMiny an a limit<>d e'ompany shall not eiHect any debts, liabilitie-n. 
 obligations, or ecmtracts incurred or entered into by, to. with. or. 11 behalf of the 
 comieany Infore the re-gist -Jit ion, and those' ebbts. liabilities, obliifations. and 
 eemtraets may In' enforci'd in mania'r |inivided by I'art VII. of thin Act in the case' 
 of a company registered in pumuance of that I'art. 
 
 i'i.) On r»>gistration in pursuance of this mstieai the' registrar shall chise tin 
 fonner reginliatioii ^ f the company, antl may diiia-iLsr witli the Uvliviry (•• him "f 
 
 'cmipany 
 liniitcHl.' 
 
 I'l' 
 
 585 627 
 
iHi 
 
 ir>40 
 
 Pottpr 'if 
 iiiiliniitiHl 
 cninpHiiy to 
 pniviili' fi ir 
 
 i'»|ntAl nil rt'- 
 ii'jri>tration. 
 
 S. ■) nf lS7i'. 
 
 Imhilitv I if 
 Uniit<-<1 
 i-onip»iny. 
 pp. U9. 1127 
 
 S».4,7i>{l!«'T. 
 Limited 
 oompiiny may 
 have direc- 
 tOFM with 
 unlimitiHl 
 liabilitr. 
 
 Appendix. 
 
 inpifKiif any d.Hiimi'iit-' with ••>]>if i>f wliiih hi- wa-i fiiniii«hi'il on thi- , fHsion of 
 tho orijfiniirrc'iriitnilloii "f thi- iininKiiiy. Imt. »«vi- im aforetmid, thp roiri"tration 
 dhall tukp plaiT iu tin- imiin' iiiaiimr and fhall havi> ftftit bk if it wiTe the Hnit 
 rp^fixtri'tirm of thp rompHny niiilir thi* Art, and n* if ttip pr>i\nii'ins of thp Aotii 
 nndiT which the company wa-< jirevioiiKly rpiri.tert'd and n-ifuhited had been 
 iimtained in different Art» of rarliament fnmi thn*' undiT which the company is 
 ri'n.'itpreil an tt limitt'd comimny. 
 
 68. An nnlimited lomiiany Imvinjf a ■•han' ■ apitsl may. hy it.t ri-wilution for 
 rejfintrution as a limited fnmpai in pur«uanip of thin Act. do either or Imth of the 
 fiillowiiist thiu(r», namily : 
 
 (ai Inen-aiM' the nominal aniimtit of iti< "hare lupital by ini-rea«in)f the nominal 
 amount of each of its »tiarcH. but subject to tlie condition that no part of 
 the incn'awd capital shall be I'apable of IxiuK called up except in the 
 event and for the purixsi's of the cunipaiiy hf'inif wound up ; 
 'b' Provide that a sppciticd portion of its uncalled ahan- capital hhall not be 
 capable of biin^r I'al eil up cscept in tin' cvnit and for the puriMiacs of the 
 i-ompany iH'ititr wound up. 
 
 lirt-rnf l.i'if/t/tfff n/ Limllitf 1'i„ufHiHti. 
 
 S9. .\ llmit«l conii)any may by s|)cci.il nsnlutiou deU'nnine that any portion of 
 it." share capital which has imi bicn ainady called iiji shall not In! uapabh' of beinar 
 calltil up, pxi-ept in the event .ind for the puriKi-s of the iom|>any l)ein)f wound up, 
 and thireupon that portion of its share capital shall not be capable of liein^r called 
 up except Ml the event and for the purjKwea afon>Niid. 
 
 S. Sof 18(17 
 Special 
 reHolutiim of 
 limited com- 
 pany makin)? 
 liability of 
 direct! irx 
 ■mlimiteil. 
 
 rtf'imite'l A.itthiHty •'' fctorn. 
 
 60. — 1. In a liiniti>d C4iini«iny the liabilitv ; the direct;)r>> or nianairers. or of 
 the niana>;in^ director, may, it .so ;;', tided by the iiicmorandiiiii, lie unlimited. 
 
 (2.; 1)1 a liiiiircd company in which the liability of a director or maiiaifcr is 
 unlimited, tin diiictors or mauajrers of the company (if any , and the memlier who 
 proiHises a jHTs*in for election or ap]Hiintnieiit to the office of director or manajfer, 
 shall add to that pro|s>sal a stBt<m<'nt that the liability of the ]HT.son holding; that 
 oHice will be unlmiitiHl, and the promottTs, dinitors, mana^en.. aii-i aeiretary (if 
 aiiyj of the company, or one of tin la, shall, befon? the person ai-ceptj* the office or 
 act« therein, give him notice in writinir that his liability will lx< iinliniited. 
 
 [',i,; It any direc'tor, maiiairer, or pro|Kiser makes default in addintr such a state- 
 nicnt. or if any promoter, dirts tor. manairer, or secn'tary makes defan't in iriviiivr 
 siit-b a notice, he shall lie liable to a tine not i xcisslin^ one hundnKl |>ouinls, and 
 shall also !«• liable for any Jaiiiaiie which the ji«'rsoii so eUs^ted or appointinl niav 
 sustain from the di'faiilt, but thi' liability of the person elected or appuiuied .chail 
 not b«' att'istfsl by the default. 
 
 61.— (1.) A liniitisl compaiiy, if so authori/ed by its articl<», may, by »|)ecial 
 resolution, alter its nicmoraiiduin so as to render unlimitfsl the liability of ita 
 diriH'tors, or inaiia)fiTs, or of any inan-iirinK diriftor. 
 
 (•J.; I'poTi the continnatiiin of any such s|Mi'ial n'soliition, the provisions thensif 
 shall lie as valid a< if they had bi>en originally containeil in the memorandum : and 
 a copy thensif shall l»' cmljodiisl in or annexed to every copy of the memurundum 
 issiiisi aftcT tb nKrmalion of the nwulution. 
 
 (:!.' (f a company makes ilefault in complying with the re<|iiirementii of this 
 sis'tiiui, it shall !"• liable to a tine not cMissiiiig one (xiund for each copy in respect 
 of which default is made; and evi ry diret:tor or ri,., 'lager of the i^impany who 
 knowingly and wilfully aiithori/i s or pemiits the default shall be liable to the like 
 penalty. 
 
 PART III, 
 Mamadkxkiit akd Acxinistuation. 
 
 OJfift and \iniit\ 
 
 S. S'J .>f ixiij 63. -l ' Kviry itimpatiy "ball ban- 
 RegiHteri'd muniiatioua and noliita may be addreiwed 
 
 H«tj-red office, to u-bic-b all cnm. 
 
C0MPANIKi^(CoN8<.LinAT10N) .\«T, i!KI^. Act of 1908 1S41 
 
 ■.'.) Noiiieof the Hituiition nf thv n (.'i»t<Ti'<i .ifliiv. and "f iiny ilmiiifi' «li<ri'in. i.ffii-.- uf 
 shiiil bo (fivcn to tho ri'tri'**™'' "' icnipaim-. »hi« ><linll r. . ..nl tlii- sanir'. Kiiniwny. 
 
 (3.) If a itimpany rarricH on lm»im»-. without c-onipljinjr with the r.><iuinmciit- j, gg 
 of thi» MK-tion it »hall U- liaWc to a tinr not .■xi-.^'.lin»f «vi- l">units foi tvory iliiy 
 <lurinK whiih it no cftrripti on huwiucBS. 
 
 63.— (!.' Kvcrv limiti'd iimipKny— t '^ '" ' '"*''■ 
 
 la, shiill jmint or affix, and kiii) paintcil or ii«i.\><l. it» nam. .n th.- ontKiilf ..f l'„|,li.ati.m 
 every offirp or phut' in whii li itK llll^iIleH.^ i^ earrii il on, in a connpii uou- ,,f nunie by 
 (Mwition. in letfen< e««ily lesril'le : , lin,it«<d 
 
 (b) «ball have it> name i njtraven in \virih\r charai!. r- on itr. -. al , .miptaiT. 
 
 <r' nball have it» name mentione"! in hnible eliarait. r^ in all la.tiies. artv.rti--- 
 mentB, and other oitiiial piibliealionH of the <'ompany. and in all liilK 4 
 exihaii^re, promisiKory n<itii<. endorm-nicnts, ihii|ueh. and .rder" lor 
 mom y or )fi»i<l» purimrtinK to !»■ nijrnxl by <.r on Uhalf of tb. • ••nipaiiy. 
 ami in all bills of paneK invoicCT, riieiptn, and letterx of rrnlit .f tin 
 company. . „ , 
 
 (•>.) If a limiti^d lomiwny 'ban not i>aint or affix, and ki'.p painliKl or ann.->l 
 itH name in manner dirivtxl by thin Act, it kIiiiII Ik- liable to ii fine not exr.-Hlm^ 
 five poundd for not «i ]>aintinK or affixing itx name, and for everj- da v during w hi. I. 
 itR name in not «> kept paint<Hl or affixwl, and every dinrtor and niauaKor of th. 
 company who knowintrly and wilfully authorizeii or permitn the default Khali 1» 
 liable to the like |«'nalty. 
 
 (;t.) If any director, raanatrir. or ..fficer of a limited .-ompany, or any jM^wm ..n 
 iU behalf. uscK or authori/CB the ubc of any heal piii-p..rtin)f to 1m' a m«1 of the 
 company whereon itn name ii< not m} en(fniven ax af.iri'Baid. ..' iMiie- .ir a.itliorize» 
 the iiwue of any notice. »dvcrti«ement, or other official publi.atioii of the company, 
 or »iKn» or authorize!. t.> be Bi>rniil on liehalf of the comi>»ny any bill of exibanj.'e, 
 promiwory note. cudorM-ment, chiHiue, ..rder for money .ir tiottU. .>r iwui* or 
 •Uthori/CH to h>- i«Bued any bill of parceU, iuvoi(K% receipt, or letter ..fi relit ..f lh>' 
 company, wlien'iu ilw name i* not mentioniHl in manner aforewiid. hv Bhall U- UiMf 
 to a fino not cxcetHliiiK fifty li.'UndB, and »h»ll fiirth.-r U- piiBotmlly liable to the 
 holder of any »u<h bill of exchaiiKc, promiBwiry note, .•h.-.|Ui', or onUr f.>r m.iney or 
 guoda, for the amount therwif, unliw the Bam.' iK duly pai.l by the ...mpany. 
 
 Mfetiiiijf 'tttit t'rtKrfitirtffM. 
 
 64.— 1. A (fcneial niwliiinof cvirv ...mpany Bhall 1«- h.'l.l ..n,-.. at th. least in .>*. -'4 .'f 1W7. 
 every 'calendar year, an.l not more than fifteen moiithB aft.r th.- holdinir .if th.' hiBt Annual 
 nreccdinK (f''*""'"' nnvtintf. and, if not so held, the company anil ev.ry diriTtor, ^,.,„.|al 
 'lanairer, B<Hn.tar)-, and otbir olSccr of the compaiiv, »h.. is knowingly » pnr'.v I" mn liiiK ■ 
 ihe default, Bhall Wliabh' to a hue not cxc.wlinif fifty ]H.undB. gjj 
 
 {■> ) Wh.u default has la. n niadi- in holdiii)f a nuetinjt of thi' . ..mpany in ' ' 
 acconlauce with th.- provi«ioiiB .f thia wi^tion. the (,'ourt may, on the nppli. atioii 
 of any member of the .-onipauy, call or dinri th.' calliuK ..f a (fin.ral mcctinjf of the 
 
 "'eft*— fl.) Every c..mpiinv liniiti'd by BharcB and ri'ifiBtcn-d on ..r aft.r the HrBt S. 1.' ..f 1900. 
 
 day of .lanuary nineti^en buudri'd and ..n.- shall, within a ihH.hI of not h »b than .mi.- Kirs' rtatu- 
 nioutb nor more than three iiionths from thi- date at wbi.h the ci.iiii»iiiy is .iititl.il i,,iy mit'tinK 
 to .•onimenic biiBincBB, hold a (fcniral mectintr of the ni.'mbtn. ..f tb.' . ..nipaiiy ,,f .-..niiiany. 
 which shall !»■ .ailed the statiit..ry m..'tiu)f. ,., - p. 690 
 
 {•i.) The din.tora shall, at least sevi-ii .lays bif..i-e lb. day on which rtie incctinK 
 IB hild, forward a rejHirt (in thi» Act callwl "tin- statulorj- report'') to every 
 mcnilier of the company and t.i every .ither p<rB..n .ntilled under tWa Act t.> 
 
 ivoc'ivt* it. 
 
 (A ) The statutory r.]K>rt sball lie d'Hifiid by not Icbb than tw.i din-ctorB of the 
 company, or, wliere thin- iir.' l.ss than two dinH.-t..rs, by the B<.le .lin-.l..r and 
 manaiicr, and Hhall state— „ , . ., 
 
 (a) the total number of shaw-B allotttKl. diBtiiiKm»hinK sbareB all..tl«l as fully or 
 
 parity |wid up titlicrwisc than in lash, an.l statintf in the case ..f shai-es 
 partly paid up the extent to which they are bo paid up. and in either ca>e 
 the I'onsidi'ration for whi.'h they have iH.ii allotti'd : 
 
 (b) the ^ltal amount of cash rii-civi'd by the company in nspect of all thi' nhares 
 
 allott«><l, diBtinKuisheil aa afori-sai.l ; • • , , , 
 
 fri an ul'-tract of the n'.iipt* of the company on aicount of its cipital. whcth.r 
 from nharcB or ilelienturi-B, and of the payments made th.n'.mt, up to i 
 
! ;i 
 
 154J 
 
 Appkndix. 
 
 ill 
 
 ^ 
 
 ' J ; 
 
 (Ute within Hevcu day* of th' date of the rcp<irt, fxhil>i(iDK under dintino- 
 tivc headinfT" the rti'eipU i)f tl.'- compuuy from iihHre" imd dobi-nturex and 
 other wiurceM, the p«ymeiit» made thereout, and partinul»r» ioueeriiin|r the 
 IiiUane'- remaininif in hand, and an aee lunt or <>stimute of the pnlimiuary 
 exp»''..!ii < of the (•om])anT ; 
 di the nana-;, addreitws, and dei<eripti"n» of the dinttont. auditors (if any,, 
 nians)r<'ri> if anyl. and weretary of the company ; and . ■ , 
 
 (e) the partiiiulan. .f anv i-ontract, the mmlitiiation of wlii. li ih to be suhmitted 
 to the mo'tinir for it* approval togetlier with the partii ulam of the mooi- 
 fieation or pnipoxed modiiieation. 
 (l.'i Tlie iit>;tutorT i> imrt »liall. »•< far a» it relateB to the hliare.. allotti'd hy th« 
 lompanr. and to th<' <.,^h re<eived in rwixrt of i.uih Bhare«. and to the n ceiptit and 
 paymenti. .f the lompany on capital wiount, Ik- certifiwl ax i-orrect by tin- auditorK, 
 if anv. of therampanv. i .1 • 
 
 '.■>.) The direetom Hhall cauw a copy of the »tatuUiry report, eertihcl as l>y IhIR 
 section re<iuire<l. to be fili-d with the renistrar of companies forthwith after th. 
 Meudintr thereof to the nienibem of the <ompany. 
 
 (li.l 'I'lie dinvtorn Khali eanw a list >howinK the names, desenpt s, and 
 
 addn'Hs. s of thi' memls'rs of the I'.impany. and the numUr of ahanw helil by thorn 
 rf!ip»'<aiveiy, to bi' produced at the i-imimencement of the meetiiiir, and to n-main 
 oiM'ii and acc<wible to any member of the company during the continuance of the 
 
 mcetinir. , . „ , ^11^. 
 
 (7.) 'Hie menilH-ni of the coniirtiny pn'xeiit »t the me«"tiiig shall hf at liln'rty to 
 dincnsK any matter nlatingto th" formation of the ra.mpany. or arising out of the 
 statutory report, whether previous notice has Ixxn given or not, bui no iTsolulioii 
 of which notiii- has not Ix'en given in aeconlani-e with the artii:les may b«' passed. 
 
 (M.) The tnectiug mnv adjourn fi-om time to time, and at any adjourned meeting 
 any rewdution of whiili notice has been given in aceorriance with the artirlw. either 
 before or snb«ei|uently to the former meeting, may Im' passid. and tin- adjimined 
 meeting shall have the same powers as an original meting 
 
 f'.t.i If a is'tition is presi'iiteil to theCairt in manner providi'd bv i'art IV. of 
 this Act for winding up the eompanvon tbegnrimd of d.fault in filing tli< statutory 
 report or in holding the statutory meetinu', the < ourt may. instt«d of div.'.tinsf that 
 the i-omi«ny I.' wound up, give dinition« for t!i. statu!, 'v r. port to U file.! or a 
 meeting to be held, or make such other ..nlcr as may be just. 
 
 10. The pmvisions of this scitiim a.- t<, the forwanlingand flliiigof thi- .-tafutor}- 
 report shall not apply in Ihi' case of a private eoiupany. 
 
 66— (I.) Notwithdtandiug anvthinir in the artich's of a company, the direi-ton. 
 of a ei>mpany shall, lui the rc<iuiB'ition of the h.ildei-s of not less than one-tenth of 
 th. issueil -tuireiBi.ital of the i-ompany upon which all 1 alls or other sums then 
 due have lieeii isiul, forthwith proceed to convene an extraordinary geuiral meeting 
 of the comtmnv. , • . ■ 
 
 i.) The rwiuisition must state the objects of the meeting and must !«■ signet] by 
 the -«s|uisitionists and di'|">sit<sl at the registennl office of t'oe company, and may 
 consist of several disiimcnts in like form, caih sigiu-d byoneornion- riHiuisitioiiists. 
 
 ■:t. If the dir4'ctors do not jinsis^l to cause a mei ting to 1m' In Id within twenty- 
 one ilavs from the date of the ri-<|uisition l.ing so de|s>site<l. the re<iuisitiiaiist-.. or 
 a majority .>f th. n. in value, may thenwlves i-.iuveiie the mi-eting. but any meeting 
 so iTOivencl shall not 1«- held after thns' months fnun tin' date of the (h'iswit. 
 
 !4.) If at any such meeting :i n-ilution niiuiring ciaitirmation at another 
 meeting is jiasseil. the dinitors shall forthwith convene a further extraordiuaiy 
 general mi-eting for the piirjsis.' of considering the resolution and, if thought Kt, 
 of e<infinning it as a -pis-iaf retnilution : and. if the .linitors do not ninvene the 
 meeting within seven days from the date of th. passing of the first resoluti.m, 
 the ri^piisitionists. or a majority of them in value, may thtuwlves convene the 
 
 mi.eting. . , , ■ • • . » u n v 
 
 v."i.) Any meting ...invened under this M-cti-m by the riHiuisiti.mistii shall lie 
 
 convent in tin' same manner, as nearly a- pwsiblc a« that in «liich meetings are 
 
 to be c.nvenij by dinstont. 
 8. .ii of IHiiJ. 67. In default of. and aubject to, any regulationa in the articles — 
 Provisions a- (i) A meeting of a (imipany may bi' calhJ by '■:,„ .'. '.ys' nolire in writing, 
 
 to meetings «.rv<sl on eviry memUr in manner in which noti.-es are n.<iuin.<l to lie 
 
 and votes. s<<rvi^i by Tabii- A. in liie Kirsl Sebeuuie lo llus A. t . 
 
 ,, •QQg (ii, Five memliers may call a mu'ling : 
 
 8. 13 of IWOO. 
 Convening .»t" 
 extnuirdinary 
 ffi'iieral 
 meeting on 
 requisitifin. 
 
 p. 6*0 
 
CoMPANih:s(roN.soMi)ATioN) Acr, 1U08. Act of 1908 l">*:i 
 
 (iu) Auy i*rw)D v\ecU-i\ l.y tlie ni.niUn. i.r>«''>' i" •' m-.ting may l»- .liaimiai. 
 
 thereof : 
 (iv) Kvery member «liall hav.' diu- vnte. , .• < 
 
 68 A companv which in » memlKr c.f anoth. r c..mi«.i,y nmy. l.y nw.luti.m ..f 
 
 the dini-t..n.. autfi.iri/e I1I.V "f it- ..fti<ial» i.r any other i.er«m t.. net ,io its rerr..- 
 tentative at any meeting of that other eonipuny, ami tlie per^.t. >.. uMthon/e-l sh.ill 
 be entitM to eiercise the fame i>ower» on U^half of th. .ompany » lu'h he repn- 
 sent»a»if he wereBnin<livi<lual»liarehol.lerof thatoth.reoiiivanv. 
 
 69 -d) A r««.lution "hall 1« an extrnonlinary reM)hition when it hii- lje.ii 
 na»*,'l by a majority of not hss than thr.v-fourths of .neh men.l. r» '"t'"'-! '■• 
 lote as arr< pnwnt in perxm or by proxy i wh.w proxns are allowed) ui u K..neral 
 m.-.tinK of whirl, notie,. Hpe.>ifyin>.' the int.ntion to propos.. th, re-.lutmn a.- an 
 entraordinarv ri-«.'.ition hax U'en (Inly triven. , . , , 
 •> I A rewilution Bhall l>e a »pe<ial reitolntion when it hH-< 1«« n 
 (»> pa->.(l in manner re(Hiir.>.l for the pa»»inK of an extrnonlinary r. -.hition : 
 
 and . , , , - 
 
 (b) confirm.'a by a majority of Miieh member, entitle.! to vote as are present in 
 TOTKon or bv pmxv (wher.' proxies are allow.-<ii at a siib>. .|U.nt pinri 
 m.'etinif, of wbieh" notice has U'en duly >fiven. and held -.itur an int.rvnl 
 of not lew. than fourteen days, nor mi>r.- than one mouth, from the .lat. 
 of the first niectinjf. , ■ • u •.. i . i 
 
 i;!' At any m.tthiif at which an extraonlmary n'solution is submitt.il t.. i« 
 nnsslil or a siii-ial resolution is siibmitt.il to l- pass.il or .■ontirni.il. » .l.clan.tion 
 of the .chairman that th.' n-solution is earri.il shall, unh^ss a [sdl is d.™an.l,.,l, ..• 
 ,.on'-lu-iv" .■vid..m.e „f the fa.-t without pr.«.f .if th- numb, r or proi«.rti..n ot th.> 
 VOL'S ree..r.liil in favour 'f .iraKainst the res..liition. , •.. i . i 
 
 4 I At any imitiu); at which an .xtnLirdinary r.«.luti..n is submitted t.. « 
 m«>e<\ .)r a sp.iial n'solution is submitt.il I.. »"■ l.a.ss.Hl .,r ,, .nhmi.il a i«.ll may I- 
 aemande.1, if demand.il by thre.' iH.rs..ns f... th.^ time Uinif .nt.tl.il a.<ord,n>f to 
 the arti.'les to vote, unless the arti.l.'s of .he .omiw.y rupiir. a .b'timn.! by su._ I. 
 numlH-r of su.h jH-rsons, not in any .-ase .■x.ie.e.inir five, as may !»• sisi ih.il in th.' 
 
 "''(S Twhen a poll is .leniande.1 in a.^cnlanc- with this s-itUin, in .omimtinir th.^ 
 majority ..n the IH.II ref.wnee shall Is. had t.. the numb.r of votw t.. win. h .luh 
 memb«'r isentitl.il bv the arti.l.s.>fth.-e..mpany. , „, , ,. . 
 
 (U) F..r the purpos..s.,f this s.iti..n noti.e ,.f a m.itmir slml! Is' d.im.il t.. !»• 
 duivKiv.'u and th.' m.itinK to Is' .luly h.ld wh.-n th.. n..ti,i. .- ^'iven an.l the 
 m«vtirK held in mann.r provi.liil by the arti.li-s. , .• i i. „.:,i,i., 
 
 70 — I * A copv .if ev.rv sp<Mial an.l extraonlmary resoluti.>n shall witlun 
 fift.i li days from th'e ,i,nfimmtioa ..f the sp.iial r.-s..luti..n ..r fr..m th- 1"'';»"'K <'» 
 th.' ..xtra..r.lmary r.soluti.in. as th.' .ase may Ih', !»• print.il and torwar.l.'d t.. the 
 n'ifistrar of .i.mpaiii.s, who shall r.i'ord the sam.'. . .■ j . 
 
 ,2 t Wh.Te arti.l.s have Istn r.'Ki»t.-red, a .'oi-y .,f .'v.ry s|H'.ml ri's..Ii.tio„ f..r 
 tlu' tim.' beinK in f.ire.' shall U' emlM«li.Hl iu ..r annex.'d t.i . v.ry .i.py of th.. arti.l.s 
 issu'si after th. imifirmation ..f th. res.iliition. ■ , , . 
 
 i;l ) Wh.r.' aili.l.'s hav.- not b.cn r.,fist.r.-.l. a .-..py ..f -v.ry sp.iial r.'s..lution 
 ihali be f..rwar<h'd in print t.. any m.mlsr at his r.ipiest, ..i. paym.ut ..f one 
 shillinir "■r sn.-h hss sum as the.iimpany may dirtit. . • i 
 
 H.\ If a companv mak.'s d.'f..ult in priutinK .-r f..rwar<lini.' a . ..,.y ..t a sp.iial 
 or .xtra.ir.linar^' n'^dution to th. n'^istrar it shall Is- liable to a hu.' not .x.'.iilmK 
 two i..iuiids f.jr'.'V.ry dav .lurin»f whi.h the ihfault .■..utinues. • 
 
 5 ) If a "ompany mak.s .b'fault iu .mb.Klyinir in ..r ann.Mny t.. a .opy of its 
 
 arti.l.'s .>r in forwardinjr in print to a luemtsr when nipiir.il by this s... tmn a . <.pv 
 
 of a sl»Hial r.-soliiti..n, it shall 1«' liabl.' t.i a tin.' i...t . xciibnu' ..ne jsiund for ea.li 
 
 i-.nv in r.'slKi't ..f which.lefaiih isma.l.'. . , ■ , i ii, ii„ 
 
 .' ) K>ei7 din'ctor and manatf.r ..f a ...mpany wh.> kn..win|/lv and wilfully 
 
 autliori/.'s .,r p.'rmits auT default by the . ..mi«iny in .-..mplyin^r with the r.i|.iir.- 
 
 m.ntj. ..f chis section shall b.' liable to the like pinalty : - is imiK>He'd by this s.itioi, 
 
 im th.' .i.mpanv for that (b'fault. « . ..i 
 
 71 -il ) Kv.'rv wmpanv shall .ausc minutes of all pnKdilmKs of if.ii.r.il 
 
 mwtinga «nd (where thereare dim tors or managers) of its (lir(it.,rs or manag. rs 
 
 to be entenilin IsHiks kept f..r that puriH.se. , ,i „ li..., 
 
 ' > ) Anvsueh minute if puqiortinK t.. U' si^i.il by th.' chairman of t'le ni.'.' injr 
 
 Ht "which Ihr pnx-rtilmr* w»rr bad, or by th.- .htiirtnai. of lb., n.-xl su.i-e,iliuif 
 
 miH'tinir. "hall be eviden.'e ..f the priH»t.liu(rs. 
 
 H. -Jli.l V."T 
 |ti<]iii-M-ntati"U 
 <if (<oiii|uinl*-M lit 
 
 I11.1-tltlJS (ll 
 
 t(tli»'r t ..niiwni.-s 
 of wliicli ili.-y 
 
 tiri- tii.-iiitwr- 
 
 .Ss, .'ll, lJ'.)of 
 lN(l-.>. 
 
 Di-tinitions of 
 i-\traor.liuary 
 and s(Mi'ial 
 r.-soluti.m. 
 p 1092 
 
 H. -Vi of 1m;:;. 
 
 lo-i;istration 
 .-in.l (iipi.-s 
 of siHi-ial 
 
 rcsollltiole'. 
 
 pp. 613. 614 
 
 S. I.- of lHli'J. 
 
 Minutes of 
 pns'Mslin.'s 
 of nicetilijrs 
 nm! d:r! i-tiir-. 
 
 p 746 
 
1544 ApI'KNPIX. 
 
 i3.) Until thi' .ontniry ih jirovod. i-vcry iti-u>m\ m.ftinif of the wmipanv •■■ 
 inet'tinif of .lire.:t<.n. or mmmtferK in n'»pr.t of tlir |>rcH-...-dinKH wlicrtMif iuimit.B Imvr 
 Ixfii Bomndi' i-liiiU \»- il-.iiif<l to liavc litn-u duly IhI<1 au.l loiiv.ncil, ami all pn- 
 .■o.<lin»fH had ihcnat to have U'<ii duly had, and M iii.pointni.iit» of diroctoi*. 
 inanMirvrH, or liquidatont. nhall be d<«iiif«l t«> bi' valid. 
 
 li 
 
 f ! 
 
 I 
 
 I i 
 
 S. 2 of 1900. 
 Restrif'tiont* 
 on apjioint- 
 ment or 
 advfHiHemrnt 
 of dirtK-f^tr. 
 
 V 9 
 
 S. 3 of lonft. 
 Quulitiiatiijii 
 of dirtH-tor. 
 p. 718 ' ' aiy. 
 
 H. f!7 nf IWJ 
 Viili.lMy nf .1.1- 
 iif clin I ti(n<. 
 
 p. 74S 
 
 S. 4,') of iwi; 
 
 I.ixt of 
 dirrcton* t4» 
 bo wilt to 
 rep-Htrar. 
 p. 607 
 
 78 
 
 by 
 
 AppuiHtiiiml. IJtuiti/liiilioii, *f. nf Ihrrttnn. 
 
 ra. — ; 1 . ) A person »hall not b<^ latpiible of bein jr app<iint<'d din-otf)r of a oompany 
 tlip aHiVlc", and »hall not \k iianii'd an a dinn^tor or pMpo»«l dirirtor of a com- 
 pany in any pro«p.-.tii« ixHued by or on buhalf of thi^ ponipany. or in any »tatemrul 
 in liiuof proM«rt us filed by or on Jxhalf of a eompany, unU.<t, lieforo the re(fii«- 
 tration of \\»- art i< lex or the publication of the pro»pectu», or the ftliUK of the 
 statement in lieu of pronpectus, m the laite may be, he liaa by himself or by hii. 
 a)fent anthoriz<.<l in writinif — ■ • . 
 
 .i) Signed and filed with the re(ri«tr«r of companiex a eouwnt in wntiufr to act 
 
 as such dire< tor ; and i i i,- 
 
 lii KitliiT sijnied the nieniorundum for a nunilier of sb«r»'s not leiw tlian hw 
 
 <|iialifieMtioD (if any;, or signed and filed with the roK'"'™" i' 'ontract in 
 
 writintfto take from the company and pay for Jiis ((iialifieatiou share* 
 
 (if anyi. i • i « 
 
 I'l.i (»n thi' application for n'»fiiitrutiim of the memorandum anil article* of a 
 eoinpanv the applicant shall .leliver to the re>ri"trar a list of the p<rHons who have 
 eon«Mi(.';l to 1..- dir. iton* of tli;' companr. and. if this list contains the name of iiny 
 person who has not so con»eut«<l, the apjdicaut shall b<' liable to a fine not ex<:eeding 
 fifty pound". , 
 
 (':).! Tills section sliiiU not apply to a private company nor to a prospet'tus iiwued 
 bv or Oh behalf of a comjiniiy after the expiration of one year from tin date >t 
 which the companv is entitled Ui iimimence businens. 
 
 73 - (1 ) Witlmut prejudice to the restrictions im|M)sed by the lust foretroiiiif 
 s.,tio'n. it shall be the dutr of everv dir.ctor who is by the regulations of the 
 company rcquinil to hold a' spc'citicd share .lualificatioii, anil who is not already 
 qualified, to obtain liis inialificution within two months after his apisantmeut, or 
 such shorter time as may U> fixeil by the regndations of the company. 
 
 Ci ) The office of dir»itor of a lompany shall be vacati^d, if the director does 
 notwithin two moi.ths fn.in the date of his aiipointnient. or within such shorter 
 time us may t»- fixi.<l by tin' rivulatiens of the company, obtain his iiualifice.tion, 
 or if after the expiration iif such i>triod or shorter time he ceases at any time to 
 hold his (lualification ; and a i«rson vacating office under this st^ction shall U' 
 incapable of Isinir n-appoiiited direifor of the comnany until he has obtauexl hii- 
 
 qiialiH) atioii. ,.i. . 
 
 Ct. If after the expinition of the said jierusl or shorter time any unqualified 
 iierson ai ts as a ilin clor of the company, lie shall lie liable to a fine not exceeding 
 fivi- pounds for every dnv bi Iwcen the expiration of the said (leriiKl or shorter time 
 and the last day on which it is proved that he acted as a diriH;ttir. 
 
 74. Tin- acts of a direitor or mana^^cr >hall be valid notwitbst«ndiU)f any 
 defect' th.it niav :>ftcrwnrds be disi-overcii in his ap|Miiiitnieiit or i|ualificBti(jii. 
 
 76. I ) V.\ . rv company shall keep at its reKisten^l office a repL-ter containing 
 the names and .iddre-ses and tin- m-eupHtions of its dirwtors or manatjeni. and 
 seni'. to the Keifistrar of Companies a copy then^of . and from time to time notify 
 to the rejfistrar any change amoiij.' its dire<'tor« or managers. 
 
 li ) If default is made in conipliame with this s.i tioii. the company shall Is' 
 liable to a tine not cxiisHliiig live i«iui,ds for everyday during whi.h the default 
 continues, and everv liinctor aial manager of the coiniiany who knowingly and 
 wilfully authi-rizes it ]MTiiiits the default shall l.e lia»-le to the like penalty. 
 
 S. 37 of IHlM 
 Form of 
 contracts. 
 p. 333 •' "If. 
 
 76. 
 
 say': : — 
 
 l.j Contmcts on iK'half of 
 
 a c ompany may Ix' made as follows ^ihat i» ii 
 
 ^n.,. ,-„r,tr:irt trhi-^ if mnde hettcem private persons would l><> by la«- 
 risiuirisl to be in wrilinif. ami if made ;iccording to Kuglisb law to Ih> 
 under ».al, may 1« made on behalf 'if the eompany m writing under 
 
COMPANIKJ* (CVlNSOt.lDATIoS) AirV, 1!>(>H. Act Of 1908 I >»"> 
 
 ;lir .Mminnii «al .)f tin- .■.mil«i"y. '"»' ""^r '" *'"' """"' """""•'" '"" 
 
 ' n-.,uT.H' v.. U. i,. « riling'. »^u,-d ».y tl... ,.arti.H t., Ik. . har^',-.l t ...■.•« itl.. 
 
 ,„Jy be- mmlr on iH-lmlf of th. .•..„,,.,..,,■ .» wr.tn,« "ijr"'^l j'^ "»> 
 p,.i;.m artioK mia.T it^, Hiithority. ..,,,r..» or m.pli.d. mil luiiy in thr 
 
 (iii> \I1T r,.„tr..<t wl.iih if nm.!.. ImIw.^iii privut.' iH-r^m-. w„uUl b> la» b., 
 
 ' '^•■.11,1 „!tb.mKh .."id.' l>v I-rul »nly, .m-l ""t nJu-Hl .-.t,. wn.M,.f. ..my 
 
 be mad- by imrol ..n behalf of the .:onii.iu.y by .i.iy [Hrs.,,, a.ti.itf .....br 
 
 its atithoritv. exprcw. or ii.ipli..d. and iiiuy i.i the siiiae i.-.i..ii.r b,. 
 
 (., M^:Z^:^:!^^^n.U, .hi, «.,;o,. ...1 ^ e«,.tua. i,; hjw a... 
 Hhiil bind the company and it« ,.ieee-sor» and all other purt.en tl,. reto, ll.e.r he.r,, 
 exccutorK, or mlniinistVaton BH the i^a»e may 1»-. , ,,. , i,,., . ,..,i 
 
 ni.) Any di«l to whieh a ,«..ip«ny is a p.rty -hall Ik, hel.l U, U- v" -"V -> ' < > 
 in S.otlan.1 on U-half of the eompany if it Ik exeent, .1 ... tern.- o. the 1' - ; ' ■"; 
 of this Aet or i, »eal..d with the eom.no.1 .eal of the eompany and ; ''"' ' 
 
 Mmlf of the eompa.,v by two of the din, torn and the Mer.-.u.y of the ..mp.n), 
 I.nrlhHuh-ri"-';on':,nUalf of th- e,.n.pa.,y .hall !«• „,..all.v land..,.' whether 
 
 ^"^r A WU of".::h::;"or pn,..,iK..ry ,.o.e .hall Ik. deem-.l to have Ik.,, n„.de 
 ,iceei.t.M or e.,dor«4 on 1« half of a eomp.i.iy if .n "h , a.»pt,d, or ,T,d..rM.o in 
 the narne of. or by or on t.haU or o,. ..,eon..t uf. tl,. eompany by any pe.>,..i 
 
 actinif (lud.-r it« aii'th.,rity. . . , ,.,„..,., 
 
 78. A e..mpani- nmv. by writimf un.i.T .t» .•o,„.ii..e ~ ... .r,.po», r .i .> I'-- '•• 
 ..ither ,fe.,eral V ..V i., n-lM.t of any -iKe.H.d matterj., an ,.» jit.„ .,e>. » " ' » ' 
 dc,,iJ,m itM N'half in any pla.v n.,1 .if.at.. i., tie I .,...•.! K.n,f.h.... ; 1 .y n 
 
 «H m^..^l by ..1,1. ,.ttorn. V. on IkI, .If .,f the .ompany. an.l .....ler bin sea., .hall 
 bh.d the e,.n.pa.>v d h,.ve t!..- sam,. ..rt'.-. a, .t .t wer.. nn.l.r ,, ••"■";"";-■ „,. 
 
 79. (1.) A .■ompa.,y who«- ob..t. .v.pi.r.. ..r .■o.npnx. the r.n.a,t„.., ol 
 buTh^ .H. in fo.-.i»n. .■.,...;tri... ne.y. if „..l,ori/. .1 by ,t. ar....|.s hav.- for '- ■- ' 
 terrllorv. .li.lri.r. or pl.u- n..t Mtnate in ihe I .i,t,.l K,.,-.lom, an oil.. ,,.l ...l 
 
 
 % 
 I'.' 
 
 npaiiy. ' 
 ' wh.'T'. 
 
 which shall b.- a fa, simile ..f thi- .■..rn.n.... s-al ..t lb. ... 
 on its face ,>f tle^ .ian,e of every Urnfory. .li-tri.t, .,r ph 
 
 ,<) V eompany havinirsn.h a.. ..ffl.i.a -..al may. bv wnt.nf, un.h . 
 .«.alVauthori/.- any pors.m apimint.sl f..r the p,.r,«.s,. m anv t,.r,...r| 
 pla'e "•■»''!""'••■ "'"'-• l'"'"^ K.n^don,. t.. Mx the s.n... ... ..nv .1 
 
 .-I, IT .)» IHHi. 
 ililU.tf.'X.-IlKIl^.. 
 
 ;iiil iiri,Tii*.'.ry 
 
 S .•,.•> ..f isi;' 
 
 K».'.'iiti.)n of 
 .l.-.'.K al.roi.l 
 p. 757 
 A.I ..I IH'iJ. 
 Cower i:..r 
 i.opa.iv Im 
 
 lib lb. a.l.lili'.n hav.' ..Hi.'.al 
 
 ■,l. 
 
 to). 
 
 its 
 . .1 
 i-e I ..r i.lhi' 
 
 eal f.ir u« 
 
 I'oliin.on aim. I.I. 
 "•''•'• •"■ p. 747 
 
 p a. e not situat.- Ill tn.' i u.i.sj .xom.e..... ... ;■ •■■■ , ,.|„,„ 
 
 .bK-n-nent t.i wh.. h th,- ....mpanv is partv m that !■ iritory. .li-tn. 1, ... pla. . 
 
 (" Tb.*a,Tthoritv..f any s,i,.h ^...t shall. Ik-iw..,. .!,.■ ...„,p,.„.v in.l a.i.v 
 ,K.rs on leah....' «i.l,- the ai....t, , ...it.nu. dnri... •• Imi-.-.I. .t a.,y, ,„...,t,..„.d , 
 he .stn.ment,K,.,ferrin., the anthority. ..r ,f .... p.n.sl ,s .h.r.. n..n.,...,e.l. „■ 
 until n.!ti'.. of the r..v,Kati..n ,.r .bt.rn.inati,.., ... tl„. .iw.'nt h auth..r..y his Ik.,, 
 
 ifivin t.i the iK.rs.in ili^almvr v.ilh him. . , ,, , -.■ i,i. i i 
 
 U Th,.,K.rs.,n affixin.r u„y M.-h ..tH.ial «,.al shall, bv wnfn;. und.r 1,,, 1,.. 
 „n tl... -le-l or ...h.r .|.-..ment t.. wl,i,h the «,-al is athx.sl, .•. n,fy th.' .lat,' a.al 
 
 '■''■Vl';wi';^ olw ;loen,nent ... whi. ..HLial seal ,s d,.ly allix...l shall b.e.l 
 
 th,. eompany ,w if it had b.«. -eah.! with th -.ion s..al of the , p.n> . 
 
 I ■" 
 
 80.-il.) Kurv ,.rosp,Ht.is iHs....d by or ..n b,h,.lf ..f .. .^.,.„pa„v ..r i, 
 ,..«"; i>iu..,.led eoni'pany shall 1„. dab. I. an.l 1,.. .la... s-,a 11„„1. -s ,1,. 
 b.. ,.rov,.d. be t.ike.. as the daU. of p,.b,...at...n of h.. I"-"'!";;""- , 
 
 ,■' , A eopy of evirv sn.h pr..sj»s.tu... s.u'.osl by ,.v,ry p.Ts.,n wb. 
 
 there ..as a dire, tor orVn,p«eJ dire..t..rof th.. e.nipany. ..r bv h>s ..^.ul a 
 
 ,wr in/.h«ll be fihsl'f.,r re^nstration with th,. ■"■ «.s.rar . ..,■.,... pa,, 
 
 i«fore tit.; date ..f its publieath.n, an.l .„. sn.h p..osp...t,.s -hall be .s- 
 
 a copy thereof has bivn so Kle<l for reifisfratu.n. , :, : i„,„ i 
 
 {■)) Th,. nvi-tmr »hall n-.t r..«ister any pn.sp,.t,is ,mh..« .t .s d.itel 
 e.jpT thereof Hilled, in manner nspiirinl by this s-.tion. ^ ^ 
 
 (4.) Every prosp-etus shall state ,», ihu face ol .1 UM a -"P) ■■^^ ■■■'- 
 ii'Ifistration as nxpiired by this si.aion. 
 
 1 rt'liitioii S. 
 
 Oiif 
 
 1..I.II1 
 
 fniitr.iry f 
 
 :i of 
 
 I'.iii;. 
 
 , I 
 
 lint' 
 
 ,f 
 
 ,s iiam...l .„ 
 
 I.S|l.-| 
 
 tiis. 
 
 iitl,.'r,/..l 
 II M .111 ,i. ' 
 
 179 
 
 
 <iiiil iiiiiil 
 
 
 
 1, and Ihe 
 
 
 
 ., f,!-.! t..r 
 
 
 
li 
 
 i:j4(i 
 
 8. 10 of 1900, 
 •. -2 of i:»l7. 
 
 Specific 
 rcqiiiremontu 
 a» to par- 
 tioiilarn of 
 pn>«pe<*tuH. 
 p. 167 
 
 t" , 
 i . 
 
 i\ 
 
 131 
 
 li 
 
 '•) 
 
 (>•) 
 
 Appendix. 
 
 (6.) If a pro«poctu» in iwuwl without a <opy th(nt>f hcinir «o flh-a, the (•ompany. 
 and every person who u knowingly a juirty to the iwue nf the pnwpectuH, shall 1* 
 liable to u fine not .xreedinif five poumlH for every day from the date of the ■•ue 
 of the pnwpectuH until a copy thereof in no filed. 
 
 81.— (1 ) Every protipei'tua iwtued by or on behalf of a eorapany, or by or on 
 behalf of any pcnton who is or hii» b.>en euK»)re<l "f interested in th.' formation of 
 the company, niiiKt Ktate — .... i u 
 
 (a The <;intent« of the memorauduui. with the nanu*, dewnntions, and addr.'wM-s 
 of the «i)fu»t<iriei., ami the nuniUr of shan-s sub«!ribod for by theni re«ix»- 
 tively ; and the number of founder- or manaKement or dcfcm^d shares, 
 if any", and the nature and extent of the inUTi'st of the holders in the 
 property and profits of the company ; and ,.„ . , 
 
 (bi the number of shares, if any, fixed by the articles as the qualification of a 
 dinitiir. and any provision iu the articles as to the remuneration of the 
 directors ; ard . i >. » 
 
 the names, descriptions, and addn-sses of the directors or propose.1 directors : 
 
 and ,. 1 ^ 11 4 * 
 
 the niniimum sulsM^riptioii on which the dire. Uus may procifd to uUi.tmcnt, 
 a-id till- aninunt payable on ajipliimtion and allotment on ea" h share : 
 and in the case of a s.'cimd or sub«.iiueut offer of shares, the amount 
 otferiHl for su'is.ripti<m on ca< h previous iillotment miulo within the two 
 prewHlinir years, and the amount actually ullottid, anil the amount, if 
 anv, paid (in the shans so alliitUnl ; and 
 the iiumlier and amount of shares and debcntun>s which within the two prc- 
 .■.(liuK years lm»e Isiii issued. ..rajfrceil tu Ih' issvcd, a- fully <"• I'^'Iy I""" 
 uii otherwiM- than in ciU4h, and in the latter case the extent U> which they are 
 so tiaid up, anil in either cast! the c-ousideration for whi>,h those shares or 
 aeb<'ntures ha»e been issued or are proposed or intended to be issued : and 
 if) the names and addresses uf the vendors of any i>rop<>rty punhased or acquired 
 bv the company, or proposed so to be purchased or ai-quircd, which is to 
 lie paid for wholly or par'lv out of the prora-eds of the issu ' otfered for 
 suliscription by tiie pn».i> utus. or the pur«has.i or ac<iuisition of which 
 has not Isjen compleU-d ac the date of issue of the pruspectus, and the 
 amount payable in <ash, shari's, or debentures, to the vendor, and where 
 there is more than one separate vendor, or the company is a sub-purchasir, 
 the iiniount so payable to each vendor : IVividcd that wh ) the vendors 
 or any of them are a firm the mimiliers uf the firm shall i < trijatcd as 
 H<"parat<' vendnm ; and 
 {a) the amoi;nt (if any) paid or payable as punhase-money lu ^ ■''. shanw, iir 
 debentures, for any such pn>p.'rty as afon"«iid, spi^rifyiuK t... amount (if 
 any) pnvable fur (fotslwill ; and 
 (h) the amount \\t any) paid within the two pre(«linK years, or payable, as com- 
 mission for subwribii.? or ajfrwintf to subsi^ribe, or priMmniiK or aKreeinx 
 to pris-ure -ubscriptions, for any shares in, or deht'ntures of, t!iii company, 
 or the nite of any such commission : IVovidcd that it shall not be neces- 
 sary t<; state the commission i«yable to sub-underwriters ; and 
 C\) the amount or estimated amount of preliminary expenses : and 
 (j) the amount paid within the two prwedinif years or intended to be paid to any 
 
 promoter, and the consideration for any such {laymeut ; and 
 (li) the dates of and parties to every material iM)ntriu,-t, and a reasonable time and 
 place at which any material contract or a copy thereof may b<! insiHi;teil : 
 Provided that this requimncnt shall not apply to a contract I'litered into 
 in the ordinary cnurse of the busini'ss carried on or inU'iiilid tii be carrii-d 
 on bv the company, or to any contract entered into more than two years 
 Is'li ire the date of "issue of the prosjxi.tus ; and 
 (1) the names ami iiddrcsses of the auilitors (if any, of the company ; and 
 (m) full particulars of the natiu-c and exU-nt of th.^ inten-st (if any) of every 
 din-ctor in the prumotion of, or in the pnipcrty proisiM-d to bi- ac<iuired by, 
 the company, or, where the interest of such a director consists in beiu)f a 
 partner in a firm, the nature and extent of the interest of the firm, with a 
 sUtcment of all sums paid or agreed to be j«id to him or to the firm in 
 cash or shares or otherwise by any person either to induce him to become, 
 or U> qualify him as, a director, or, utherwi^ f-r -nrviws rin^lcrort by tiim 
 or by the firm in connexion with the promotion or formation of the 
 company ; and 
 
COMPANIKP (CoNaOLIDATION) Act, 190S. Aot Of 1908 \->i'> 
 
 :n) where »h.' company i-< » .ompuny hnviiitf «h»r.« ..f nii.ri' thiin •.!»• .law. tlic 
 
 riK'ntuf vMiuit »t im^tiii^ of thr rdinpmiy conf.iT.'U I'V thf mvinil ilii»*'« 
 
 of RharcH rwpwrtivcly. , ,, , , , , i 
 
 'i.) For thr imnx.w« i.f thin H«ti<m cvcrj- p«T«>ii ■.Imll 1- il.tm.tl t.. lie u v.'iKlor 
 
 ho hiu cntpml into any .oiitnut, abmilutf or I'onditional, for tin- ■.»lo or pun Iiiim'. 
 
 1 for any opti.m of punhaw, of any property to U- »«iiiir.-.l hy llie compuiiy. in 
 
 f imiii' of thi' ipni«]»rtu" ; 
 
 any cane wlierr 
 
 ,a) the puB'haae-raouey in not fully JiaiJ at the dat 
 
 (b) the nunhaM-nwiney in to U' paid or »iiti«»i«l wholly or in part ..i.l 
 prixeixl" of the isKue ott. ml for i.iil«i^ription l.y the proi<|HHtUH , or 
 (e) the .•outra.t dep.udM for it<. validity or fulrilnii lit ou the nwilt of tliiil i.»u. 
 
 f th. 
 
 leaHC, 
 and 
 
 H ) WTiere any of the property to be ae<|iiinil hv tl ompauy is to Im- liiken on 
 
 H6, thiB BClion ahall iipply «» if the exprewion ••vendor" inelu.ied the l.'wor, 
 
 J the exprewion •• punh:u<e-money '" ineluih-d the eonwdcration for the leaxc.and 
 
 the enpniwion " Bub-purehawr " ineluded a Hiib-lewec. 
 
 ( 1 ^ Any condition re<)uiriuK or bindinir any applicant for «Jiar.« or debi'iitiirw to 
 aive eoinpliaiif e with any riipiirenient of thiB BiTtion. or puriBirtiinf to atfect hini 
 ith notice of any eontnict, diNuincut. or mutter not B|)e<itir»lly nfern-d to in the 
 
 any < 
 BhuU be 
 
 oid. 
 
 Where liny bucIi pprnpectUB a» iB mciitioncd in thiB Be.tion i» pul>li«hitl ii» a 
 iKper advertiBemi nt, it shall not b.; ncceBBiiry in the udvertiBt'mciit to »|»>ciry 
 iif the nieniorundum or the Bi)matorie>> thcn'to 
 
 and the nuniiier of 
 
 wil 
 
 proBpeetuB, 
 ^5.) \Vh 
 
 newspaper 
 
 the contents - 
 
 slian's sulwcrilicd for bv theiu. 
 
 (0.) In the event of iioii-complianee with any of the nipiirementB of this Be<'ti"n, 
 
 a dio'ctor or other person respousible tor the pmsfieciiis shuU uol iu. ui «i.y liiibhity 
 
 by n-as.in of the non-compliance, if he proves that — 
 
 (a, .is reirurds any matter not discloned, he was not coimiziint then^of ; or 
 (hi 'he iion-rwmpliance arose from an honest niistiiie of fact on his jmrt : 
 Piovidi'd that in the event of non-c^.mpliance with the nHpiinmiiits contaimsl in 
 
 parakTaph m of sub-wetion il, of this wKtion no dirwtor or other iHrson shall 
 
 incur iJiy liability in respect of the non-compliance iinlesB it be proved that he lia.l 
 
 knowiedire of the miitti'Tn iiot dischiHoil. 
 
 7 ' This (Motion shall not apply to a ciniilar or iKitiee invitintr existiutr memlsrs 
 
 or detn-nture holders of a coinpaiV t4> subserihe either for shares or for deb.'ntiires 
 
 of the company, whether with ..r without the ritfht to renounce in favour of other 
 
 persons liut subjwt as i-.fon -niil, this witioti shall apply to any pn.siHKt.iB whether 
 
 issmHl <in or with refen-iice to the formation of a (Ximpany or sulw'.niently 
 
 The n^iuirements of this Be<aion as to theinenionuulumand the i|iialit1<:ution. 
 eration, and interest of ilirntor-. the names, di'S riptions. and Hddnwsi'B of 
 
 dinvtors or proiHw-d directors, and the iiniount or .iBtimaied amount of preliminary 
 
 issue 
 
 (S.) 
 r*'muuerati 
 
 dinvt^irs or pro|)osea aireeion*. auu loe iiiiioiuo "r »i*iiiii.*-t--. ....... ...v .^. ,..^ ...j 
 
 expenseH, shall not apply in the case of a pros|ie<^tUB issueil mon- than one year aft4T 
 the dat«> at whi.h the i^ompany is entitled to commi'n<-e biiBiness. 
 
 ('.).) N'othintr in this section shall limit or diminish any liability whiih any person 
 may incur under the irent'ral law or this Act apart from this s.'clion. 
 
 62 (1. A i-omi>unv which ilis'« not issue a pMs|HMtii- on or with nfenwe to 
 its formation, shall not allot any of its shares or deb.'ntures unless iH'for.' Ih.- first 
 ■illotment of cither shares or delx'ntureB then? has lieeii tiled with the n'){i«trar of 
 iompanies a statement in lieu of pn)-p.><tuB .iifiuHl by every jar-on who is nam.sl 
 
 thenin as a dinst4ir or a pmisised dinsMrof thf ni(ianyor by hisa»n>iit autlemz..! 
 
 in writiii^r. in the form and lontainintf the particulars set out in the^woiid S<hi><lule 
 to this Act. Ill 
 
 2 ) This section shall » t apply to a pnvate co-npany or to a crompany wtiicli ha^j 
 allotted any shares or del-'iitunw befor.- the first day of July ninetcm hundnil and 
 
 83 A company shall not pn'viou"ly to the statutory- inii-tinK vary the ti-nns of 
 a coiit.act n'ferred t<i in the pros|HH-tus or statement in lieu of pMsi»itUB. exiipt 
 subject to the iippnival of the Htatiitorv inis-tiiiir 
 
 84. (1.) When' a |in>s|H-ctos invites |»>rs..ii» to siilwrils- for shares in or (leh<'n- 
 turuBof a company, everv is>r-.iii who is a dn^tor -f Ihe.-.impaiiy st thetiiiieof thi- 
 issue of tbepmsjieetiiB. and every jierson who bus a ithori/e.! I'.e tiaiiiinirof hiiii and 
 is nam.Hl in the pn>Bp.>ctus as a diristor or as havinir iiifnssi to b.s-.)iiie a diri'<tor 
 either imi.iedi.itelv or after .m interval "f tinw, ami .very iin.motcr of the .company, 
 
 and every person who has auth.'nz.sl the IBS if tlie |.r.i-|s-.lus. »i,all Is- luUc t.. 
 
 pay compenaatioD to all peraoim vho suhscrilie for any shares or debentun.H on the 
 
 S. 1 of 1!)(I7. 
 ( Ibliw It ions 
 of companies 
 where no 
 prosjwctuB 
 
 is isBWHl. 
 
 P.36S 
 
 S II .if I^nin, 
 .. 1 ..f ill 17. 
 Ki'Mn'-ti'in tin 
 iiIt«<rMti.>n iif 
 t. niiHiuinti.incd 
 III [inwlNftii.* iir 
 ^t.it< iiii-ut in lirU 
 iif i,r .■.j»..-tili«. 
 
 pp. ISl, 338 
 
 s :; ..r I'.iiiii. 
 
 s. ;iH of 1907. 
 Liability for 
 
l.-.ls 
 
 AlM'KNDIX. 
 
 ('■ 
 
 atmtomi'nto in '"'tli iif flu' pnwpw tux I'-r IIm- low m- <liiiiiit)r< lliiv iiiuy Imv. .ii!.t.iiii.nl l.y riiii«;ii .if 
 pr<wp<H;tUK. 'iiy untruf KlHtviiiiiit tliiTiin. nr in iiiiy n'i»irt nr im iiiorainluiii Hppvariui; ">n the 
 fH<'t' thertHif, or by rrfcrriirr iii> <)r|)orati-<l tiii*ri'iii or ir^nuinl llu-n-witii, unlf?*.* it i» 
 (irovwl 
 
 H With r>«poi t to ivi'ry mitriit utiitvininl not )mr|i.prlimf to \n- marlf on the 
 authority of iin * xfH'rt, or of ii {•nltlir otYi'-iiil il'x 'iiiiont or Htati'nK'tit, 
 that ho liail riio-onalilc tri^mnil to U'iiivi', inl ili'l up to th>' timi' of tli>' 
 allotmint of tlii' -hBrrH or <lt'>H'iituri'i<. n* tho raw may N', U'liovr, that 
 Ihi' "latimiMit wa.« Iruo ; ami 
 iti With ri'"!"-"! to rviry untrui' »tatnn"nt pur]»irtiiiir to bo a »tat<'in'nt by or 
 rontaini-.l in what pur]iort» to lio a c.py of or i \tra('t fmni » ri]Kirt or 
 vahiation of tin f\|>» i-r. that it fairly rt'prt'h"iitod tin- ■•tat*'tn»'nt. or wa-* it 
 lorrii I an'I fnir copv of or ixtrait lrom'h'ro|K>rt or laluntion rroviiiiil 
 that thf dinvfor. jht^mmi iiaintNl ii* .l;d .:tor, proiuottT, or j^tT-MUi who 
 autliori/iil thf> iHf«uoof tht* pri>'<|n><-tu?«, whall U' liablir to |>ay (-itnijH-nHjitioii 
 HI* afori-»ai(l if it in prov'il that hi* ha>l no ri*HMonii>)li' >rr(>un(l to Iwlii-vo 
 that tho |«i»oii makintr tin' «tat< nnnt. rrimrl, or vnluation wmk c><ini|xtiiit 
 to niako it : ami 
 Willi n-iHtt to tvi'rj iintrui atatcmpnt {.iirjmrtinif to }»■ n 'tatimi i>! miiih- 
 by an I'tticial ;Hr^in or rontaiMf<l in what piirport» to Im' a ropy of or 
 • jtrart from a public ottiiial ihM'umi'nt, that it wa'. a rorrwt and fair 
 npriHtiitation of iho »tatinniit or copy of or oxtnu-t from t hi document . 
 
 or mili>» it ix proved - 
 
 (i that havinjr c<iii«oiitc<d to In'coino a dinntor of thi- louipany hi' withdrew 
 hin iHiDM'iit iK'fon' till' isHui' of tho pni»pi'i'tu>. and that it wa» innupi) 
 w itiiout hi!< authority or lonwnt ; or 
 (iil that tho pro!4|MH'turt war* iwuod without hi^ knowlodffo or <-oniM>iit, and that 
 on bt rontiiii; awari' of ito in^ii*- ho forthwith >fivr n'aMiiiablo piiblii- iiotii o 
 that it wiiH iHi«utMl without hi.s knowtiHlKe ur con-H'tit ; or 
 (iii that aftor tho Immio of th*» prort|M.etiiH atid boforc aUottiiont thrn'iindor, lio, 
 on iMK'omini.' awaro of any untrue Btatcinent thinin, withdrew hia 
 loiiMUt thiTi'to, and itHVi- roaxonHble public notice of the withdrawal, 
 and of the na^ou thcnfor. 
 (J.) WhiTo a company cxihtiii^r on the cightii'tith day of AuK'unt one thounMud 
 ei)fht hiindreil and ninety, huH issinil shans or debciitun!', iiiid for tlw puriHwe of 
 oblainiiiL'' further capital by »iib«Tiption>' fo"- Khure^' or delKiituriK i«.«iie« ii 
 pr.i-ipeetu". a direi-tor «httll not la' liable in rcMpi^'t of any xtutemeiit thi-roiu, unlesa 
 he ha* aiithori/e*l the iwu*' of the pros[M.i-tiiH, or has ad(»pt*Hl or ratifieil it. 
 
 (i Where the pniHpittui eontiiuK the name of a iwrsoii as a dirivtor of the 
 
 eompanv. or as havinif a^rei-d to liei-onie a director tluTcof, and lie has not 
 
 eonwi.ted to Itceome a tlirci-tor. <>r has withdrawn his eonseiit txfore the is-ue of thi^ 
 
 1 tils, and ha» not autliori/eil or louseiitnl to the iiwiie tbeniif, the diriH'toni of 
 
 'jit any without whosi' knowle<l;r*' or consent the pro<.pci-tus wa.H 
 
 prospm 
 
 the coitip; 
 
 ipaiiy. • J cent i 
 Issued, loil any oth< r jierson who aiithori/isl llie iasne thereof, shall !»• liab^ • to 
 iiidemnitv the jier^'' named as afonwiid a^rainst all dainaucs, costs, and ex|ieii>ie» 
 to which ni.iy btiiiado liable by reason of his name haviiifr Imiu iinMTtiil in the 
 pnisp«K'tu- or in defendirn hinisilf against any action or legal pnseedings brought 
 against him in n spe. i tlii^n-of. 
 
 (4.) Kvi TV person who by n'a.son of his lieinj; a dirtitor, or namcil as a director, 
 or as having agrei d til Ixsonic a ihn-. f.ir, or of his having aiithori/tsl the isnue of 
 the itnisiMM-tUs. Ill' I'liii s liable to u ' ■ any payment under this section may recover 
 coiitrihiition, ns in cases of coiitrai I. Imm any other persoii who, if sued wparutely, 
 would have Isen liable to make the same payment, unless the jxTson who has 
 become so liable was, and that other pcrsoi. was not, guilty of fraudulent 
 misrepresi'iitation. 
 
 '.'i.) For the piirpowi* of llus ms-d-iu — 
 The i-xpressioii "promoter" means a pn-nioter who wa« a party to the 
 prepanitioii of the pros|)(stu- or ol ;ie portion thereof containing the 
 untrue i.tateinent, but dins not include any |><rs<iii by reason of his mting 
 iu a professional capacity tor i>en«ius engagtid in procuring the funnatiun 
 .,f th. .xiinpaiiy : 
 The expresnioii • i'i)H'rt " includes engims r, valuer, accountant, and any other 
 pcntoii »ho»e profession gives authority to a statement made by him. 
 
CoMPANlK^ ('r()Nsf»hir>\Ti"N) Arr. 1008. 
 
 Act of 1008 iv«» 
 
 ^llli It Intnl. 
 9 
 
 AHutmnt. 
 M. 'I.; Noallntmrnt •l.all ho mml.M.f any "l"ir.">»pit<»I >>» » cnmpanjr nff.TfMl to S I "f no« 
 the piitilic fnr »ub«rripti.iii, uiiloiw tht- f.illnwinK r.imlitio"" him' bt»'n i'i>ni|iliitl willi, |;, „ini tiMii i 
 
 namclr : — ■ ■ ■ i '" 
 
 (») the iimniint if nnvt fl««I liy the nicrai>r«n(liim ..r artirlm. »n>l ni«m«l in ttn- 
 pnwpi'.tiKi »« ill" minimum i.ul.«ription upon whicli thu JiriTlor* nmy 
 prtK'tH-d 141 rttlotinf-nt ; (ir 
 
 (b) if no iimiiunt U m> fljt-d «n<l numiil, thmi thr whole amount of the Amrr 
 rtipit>«l mi otfensl for Buhtwription, 
 liax hwn imlw rilM-d, Mnd th.> Hum payiilili' on uppliciili.m f..r the amount ..> tiitil 
 iinil naniiol, or for t)»- wlioU- amount ottcml for «ul»«-ription, hui (••••u paid to anil 
 i-WH-iveil hy thp r-ompanT. . , , ,, i 
 
 (2.) Tin- HHioiiir wi Hittl and namwJ and ll.i- wholp amount afoniwid «h»II 1m- 
 nwkonnl ex liwiv.lr of any amount ]«yaWp ..thrrwi'w than in rHi.h, and i» in llii" 
 Ant rpfrrri'^l to «« the minimum «iih~ r'l'tiou 
 
 (;i.i Till' .imount jwyahle en appliiation ot, .atli i.han' 4ki11 not bi- lii" tlian tivp 
 iior i!<"nl of lh<> Horn nal amount of till' «hari'. 
 
 (I ) If thi' iiiiiiliti..iiH iifori'Milil \\ ivi. not bc-n •••miplii'd with on th- expiration of 
 forty clay« uft.r tin- tir»t inwii' of thp iiro«pr<!t«». all nioii.y r.H.ivo.1 from apphrant- 
 for Hhin-" xhall Ih- f.irthwith rcpiiil to ihrm without iiitorfi.t. an>l i? aoy «iiih 
 mnni-y i" not •.! nimiil within fi rtv-riifbt dav» aff" the i^mio of th.- |' sp,., tun, the 
 dirp.tor«of tli. ...nqviny xliill !.■ jointly and wviTilly liable to r. p,n that Hion«y 
 with II terrot lit thenite of tin> piT centuin jut annum fnim the expiration of the 
 t'ortv-eiirhth dav • 
 
 Provided that a director iihall not tie liabl.' if he pnin-n that tlie \.m^ of the money 
 wa» not dui- to unv iiii«oonduet or neifliifeii. on hi« jKirt. 
 
 I 'i I Any eondition reqnirinif .r bindinif ai.y appliiiint for charen to waive eom- 
 pliaii' e *ith anv requiri'mint of tlu« i«.*tioii xh ill Ix- void. 
 
 (H.) Thi" «i lion, i-xi ept .sub--«i 'ion ii thennif, «hall not apply to any allotmeul 
 of KhareH Kubmiiiuent to the t ■-' allotment of slian-K olfereil to the (lulilie for 
 ■"ubmription. 
 
 (7.) In the ea«e of the firxt allotment of share eapital payable in ea«h of a 
 eonipany w> ii h di»* not i»"iii- any invitation to the publie to siib« ritii- for it« Mhart-n, 
 □o allotment chall tie made unlew the minimum mibniription (that i« to ^av; - 
 
 (a) the amount 'if nnv) tixoil by 'h. inene randnm or arlieh". and n imitl in 'he 
 
 Htateni.-nt in lien of priwpei 'k a« Hie minimum subwriplion ii|ion » I . Ii 
 the iliriH-torK iiiav prmeed to allolnieiit ; or 
 
 (b) if no anioniit i» »i'i lixi-d and name<l, then tin- whole amount of the »han' 
 
 eapital other than that i^iued or atfrecd to Ih- iiwiiij uk fully or partly paid 
 lip otherwise than ui ea'-h. 
 ha« Ufii Mili-eribeil and an amount not le»< than five |"T eent. of the nominal 
 amount of eai h »haro payable in eaiih haa b.en jiiiid to and receivtKl by the 
 itimiianv. i t t 
 
 Thi.'. iiib heetioii .nhall not applv to a private emnpany or to a ' iniinny whnli has 
 allottiil any «hare» or del«'ntiireB bifori' the firwt day of .luly nineteen Imndred and 
 
 8Q_.(1.) An allotment in:ide by a company to an applieant in iMntravention of • 
 the iiniviHioim of the !a-t fireiroinir si^ition shall be ^ liable at t e instanee .f t 
 
 aptilieant within one month after the holdinir of the statutory neetinif of thi nipany irniru! ir 
 
 and not later, and shall Imj bo voidable uotwithstandiuK that the eomiiany is in all.,n„,.i,t 
 
 S .. c,f I'liin. 
 Ktleet ot 
 
 nuurse of tieinif wound up. IP 
 
 \-<.) If any direit ir of a eompany knowinifly ni.itraveiies or permits or aiilhon/es 
 the .H.ntravention of anv of t)ie provisions of the last forejroinif s«tion with respeit 
 to aUotnient he sh.U'b.^ liabU- to eomiH-nsiite the ...mpany and the allottee 
 resiHttivelv for unv loss, dumaifes, or costs whieh the eoninany or the allotte. inav 
 have Bimtni .si or inenrred thcndiv : I'rovid.-d that pr.K-cedinifs to n eovei :iiiy sieh 
 haw, damages or costs shall nut lie eominemi'd after the expiration of two y.wrs 
 from the date of the allotment. 
 87. _(1.) A coiupany shall iioi eommenoe any buainww or exercise any borrowing' .s. 
 
 IG 17 M 
 
 pow*'rH unless 
 
 (a; sh:iri-i fcrld Kubjit-; _!o (he f^ 
 
 r.t .-.f thn iib.r-.le amount theMif in '•:..(, 
 have been allottfsl to an amuuui not le«« in the whole than the niinimiiin 
 •ulixrriptioo ; and 
 
 5 11 
 
 K. 
 
 I. of l>)<>t) 
 
 -irirtinim 
 
 nM*int*ii»*iil 
 of hiiMint^HH. 
 P 20 
 
l.'.iy 
 
 If n 
 
 |.,> S9'.. S33 
 
 I I 
 
 t J 
 
 . 332 
 
 s. 7 of rxi". 
 
 Rctiirn ;i- t.> 
 
 HllMtlllfllN. 
 
 ,>p 64. 610 
 
 .')4 * 5 
 e. 39. 
 
 I Vi<t 
 
 Appknpix. 
 
 ,..k..., or .ontrH.t..l t<. Iw ukuu ly la .».l for whirl, h- •• "• '« t;^ »'•/ 
 
 ,„ ..^,1,. ,. ,,rt.,..rtion .,,...1 U, th.. ,.roi..rtioi. imv«blc on •Pl'l".««'"° ""•' 
 th.' -h»n>. ..tfTwl for public .iil*. npli.Hi, or it. the .;««.• .f 
 
 i: u .1 ..... i«.i.» II nni>n.llll> IllVlt.lltf th>' UUlllH 
 
 iillotnunt on 
 
 It ('oin|Minv whifh 
 
 |)Ulliic 
 
 (Im'ii I.C.I i«..ie II prixn.'.tiw invieniii th.' 
 '«ui.«."nU for ii« •hilt.-. . .11 tl..»han'»™iy.«l.l.- ill. ii'h. .111.1 
 (.) ther.. h.i« Uhu M1..1 with th.- niri-tmr n^ ....in|..l...- .. '«';"\*';''yj";'''"' ," 
 
 ^ ' l.v tl Wnrv ..r .f th.' .lir,, u.r.. in th. pp.- t.ImmI form, tl.iit th.- 
 
 „f..rf"»iil .■■... ' i,.ii> l.iiv.' tK-.-ni..ii.|.li'Hl with; lui.l 
 ,.li ill th.- r».*' of .. ..iMP«ny whi. h .l.«-» not iwu.- > ,.r.».p.-.tu. invitinK th.- 
 
 p.rbin...it»"-lH.lor It. »l.,m-., tl h«l»,-n HUl wiDi Ih- niri-tmr 
 
 ..f.-omi«ni.»n -liit.-ni.nl in lipii of pni-IH-tU' . . , , . , , .• „ 
 |. ) T)..- r..'i.tnir ..f .■..mp.i.i.- -hall, ..n tl.r Mlinif ..f thin -t.luti.rv .l.-.Ur«tlon. 
 
 .rrtifv "'»t !,.'."'..„.■ .. .•I.i'>l..l ... .-..nitn. t-....-^ .nJ .h.t . . rtin.-..U. .h.U 
 
 be <,..nrl.i.iv.- .-. '• n.-e rh.t th .inpany i» «. .ntitlrtl : „„„«..u, 
 
 1-T..vi.l..l l.»t in tli» c«- of H .•■.m|«i.v whi.h .1.k-» ii..t i«u.- h ^.n».l»-<.u• 
 iuvuiiiif th.' ,...Mi. t.. .„l«ril«- f..r i-.-him-. tl... rvi-trar .l.«ll not y...- -u.^h . 
 «rtifi.-«tv unl -I. » .tiu-int-iit in lieu ..f pr.H.p«;tu» h«» !»■..« Ill«i ».«h h,n,. 
 
 "n Anv .■...T,..t n.«.l.- l.y « .o...,»nv Uf.,« the .IhU; «l wl." h it i- .-nt.-W to 
 .,.mm.n.* b...MM - -h..ll 1«- pn.W«....ml only, .n.l -hall ..... U- l.md.n« n the 
 
 n,«uT until tl.Ht .hit.-. ..«l on th.it .lat.. it .h»ll U-. o.n« b.u.li..K. 
 
 (4 ) jJ.-thinif ill il>i.«.Mti,.n.hHll prtvent the »imultan«.u» oH.r f..r -.il« tii.t ..n 
 .,r alLtn,. ,.t ..f «.% -hHti .. a.i.l .lebcntim-H or th. iweipt o< .ny m..n.y («y»bl., ..n 
 
 "''??! Mf":nv'.tl;"n':T:n.. h««u,.. ..r exrn i-.^ .H,rr„wi„K l— !'■■ 
 
 .r,v.'.n'..... ..f tl.iA.,-.i..n..v,r> «r-..i »ho i- r.-.,~...Ml,l.- f..r tlu- . ..„.rHw..,,i..u 
 
 »h«li wi.h..«. pr.-i..ai. - to anv ..tU liability, b.- h^.bl.- 1.. « fltw u..t e..«-.t...K Hf.y 
 iH.iu.'.l- f.r iv. rv .l»v .iurif.if win. h tli.- i^.ntiHV.uiion .-..utiuu.-. 
 ' ili . N.,thmif in tl.i- .e.ti..n -hnil -ippl. to a priv.it.- ...infwny, or to a comiHny 
 r,-K....r.-.l b.for.- tl..- Kr..t .l.iv ..f .(....u.iry i..u.<.... hujiiimi an.l on.; ..r t-. a 
 
 . .npaiy niri-ter«l M..r,- .he «r«t .lay ..f -'..ly "of^'' h.uHn.l an.l .iKbi «hi.h 
 i...Z,iiJ:» a pn..p.^tu. inviting th- P-.t-i.. ." -uWiiIh- f..r itK -l-r.-. 
 
 SB 11 \Vh.-M.vi-r a ...n.pi.iv lin.it.-.l H »h;.r.- nmk.-w any all..iin.ut ..f U» 
 Hl.aiT., th./».mF.ny ^hall w.tl.iM -one month- tl.m.ft^r til. with thu r,-«,.tn»r o. 
 
 """rr'r't^m of th« allotment-, a»4itin|f the n..iut»T an.i nominal amount ..f the 
 
 ^ ' „h.i..-.-mpr.«.-a in tho «ll..tti.ei.t. th.- nan..--, ...fclrc--. and d.-»or,puon. 
 
 of tne iilloiVft-. ai..l the afii...ii.t ,if any) pai.l or du» and p«y»ble <m each 
 
 in th'e"ai«'"of .har.- allott«l a- f.illv or partly paid up ..therwim- than in 
 .■a.h a contr* . in wriiinir .-.mrtitiilinif the title of th.- all..M.H- t.. the 
 «ll..tm.-..t t..tf.tl..r with any ......tra.t ..f »ale. ..r t<ir m-rviofa or ..th.r .:..n- 
 
 aidcraiion in r«.p<.ot ..f whiih th»t alh.i. it •»» n.a.le. «....h .,.»trjcU 
 
 l.ii.if .liilv -.Iiinii.-.l. and a r.-t.irii at«tin.r th.. n.imlx-r an.l noino.al am...i..t 
 ,.t »h,r..H'».. .iU..ft.-.l, Ih.- .xf.-..! to wh.rli llo-y ..n t.. !-• tr. at. . a« p«..l up, 
 Hii.l the ......i.J.r.tion f..r wh./h they have Uvi. allott.-.!. 
 
 (-2 \ Wh.r.. «K-li ;i i....tra.a a- .it-.v- .n.-nti..i.e,l i- i.o. i>-.hi^.-il to writinif. th.- 
 
 ,.<.„,p«,.y .h..l1 within ...,.- iumth afi.r th.- ..ll..tii."..t hie with . 1..- r..„.,i.-ar ..t 
 cmU-''"'"''''!'"'*"''"'' ,«.rM.v.lar-..f the c..i,.....a"Um,a,'. with the «.in.- -.am,; 
 
 d V a- w,..ild have Imh-.. »v-ble if tliB cutra- 1 ha 1 U-. n re lu.-.«l to *riti.„f. ..i... 
 tho«.- parti.uUr. »hall U. lU-m^l to U. an iu»tr.....ei.t withu. lb- iii.-..u.i.^ ..t tl..- 
 
 Hum- Art. 1«<J I, iin.l the reKi»'.»r may. «a ,. e-.u-liti-m of H i.itf tiie part.. uUr» 
 r.,,uir» th.it the duty payable th.r,-o.. 1» a.lju.l..attsl under seitiou tw.l.e ..f 
 
 *^"' !^Wd. fault i. maile in cimplvmif with the re-piiremeiitj. of thi- arctu.n. .-.ery 
 din-'-tor, nian.u'.r. ~..r.-t..rv. ..r ..ili.r ..Hi .r ..f lb.- e.„i,,«..y who ih kn..w...„i.v a 
 jwrtyt.. the. lL.f....lt..hain-11-il.l.' •"•»«"'■ n-.t .-.xct. J..i.« hfty |<...rd~ t..r every 
 dav .liirinif which the .lefault wotinu— : . , , ■ . , 
 
 lV..vi.l.d ih.t. in ..I-.- of d.fa.ilt in filing with the re«iHtrar of e..Mipa:,i..» 
 
 within ..o.- m..nth after the al ..lit ..ny .1.k;.ii...iiI r«.,uire.l t.. he hie-l by I hi- 
 
 «vti,.n. the .».mi«.nv. ..r «..v p.-rM,n li .b!e ...r .he .U-faul. . in._.y a.^.ly t.. .he l^...rt 
 f!.rr.-lief an.l <L Court, if -uti-fi.-l Ih.it the ..mi-ion to tile the d-M-um- ... w..a 
 a.- i.h-i.'«l<.rduetoii.aiv .leu..-,.. U...: it 1- j.ist :iml ...-:i.l:.-|-- >-• ;?•.■.' r-l- f 
 niuy make a.. ..nler e.Uu.liujr t .o tim. f..r the Bhu(r of the do umei.. lor »...:h 
 iwriod an the Oiurt iiwy think proi-T. 
 
 (b) 
 
OMPAVti'WKJosaoi.iinrioN) Arr, |•>lt^. Act of 1908 
 
 I V.I 
 
 r,,>itiitttAvn.i itht /;i».-.'""'' 
 
 R9. ;i It -liftll »» liwf'il I'f » i-»iii|i:iiiv t> pny ii i ..mniiwii '" ^nv !«r-".ii 
 in .■■....iilinitiiMi i.f liin .111.-. ril.ii.ir <ir :irfr..iiiHf <■• -ul«nU.. wh.thrr.il~.lut.lv <.' 
 
 c..ii<l'tiiMii.lly, f..r any -Iwr. - in tl niimn)-. ..r prii. iirinif • r tjTifmit >" \'Om»n 
 
 •utwnpti'.ii". »l..iti.r .il>~.liit.' ..1 .•.,iMliti..iml, f.T my .tuir. - in th>- ...iinwiiv 
 th< inymint ii( tlm i..iuiniw<i<>n i» »iitn .ri/..it l.» tlii. nrtii 
 
 til. 
 i.ii.l lit.* .■..iniiii-'»i"i> 
 
 i.«i.l'..riifn"l t.. I-' I'""' •''"'"""•""'•'''''•'"' ""'"""' '"' "'**' "" «'"'"""'■'•'>'"' '' 
 
 Uif ..iiHiuni .r r.t.- i..r .. nl. ..< tl mniiiM.i.in |...mI ..r ..uni-.! I.. U- |iHiit i« 
 
 («; In th. iiiw .il .lmr.--iill.TiHl to ihr publi. l,.r •.iil~Ti|.ti n, <li«. l.««l in tl..' 
 
 jir."«iMMtiii«; iir 
 '1,1 lu tlieoa-...,! »li in- i."t ..ir.-r.'.l ! tli.- pul.li.- f"r .iil,«.Tiiili..ti, .lim L.-.'.l in 
 tli.i>tul.in. Ill III li.u '.f |ir~|»-.in~...r in ^i >tat<ni.nt in tli.- iir.wrilN.I f..nu 
 ni^-iiiHl in Ilk. iimnii.r »« » »t»t.iii.'nt in In'ii .f pr. a]"-. tii« an.l ti'.-il «i'li 
 
 till- nvi.trar of < |«inii-», iiml, w1i.it i .innhir ..r ji.iti. .-. i>..l \»in}i a 
 
 pn».p. .tn», iiiMlinjf .iitM«ripti.ii. f'.r tii.' »l.i»n » H i-«u«Hl. n'."' .Ii~l.>».l 
 in that . inulnr or ii..t''- 
 
 {■• 1 S«v.' .1- ..f..i.-«.i.l. lu 1 ■ V . ill uppty any ..( iti. .Iiiin* ..r .Hp.ttil m.i.i. i 
 
 ath.r (lir-.tlv ..r lu.lir.-. tlv <n ■ i.'. f •"» " tiiini».i..n. .li^..iint. ..r alL.wan.-.-. 
 
 .•,i*..Ti. .. 'tr tt'jTt^'inif I." ..iiii».'nw. wlH-th'T 
 
 - It.' -t 
 ..'V I-- . 
 ■..-■ h: tJ, 
 
 S • t I0.«.. 
 « « ..( I'.i'T 
 r.iw.-i- tf |M»y 
 . '-rtiiin • ..ni- 
 
 ntlPm|..ft«. Itlt't 
 
 pri.hit.ili.'i' 
 
 ..t p.»VM»'»l' 
 
 ..f 111! ..th.' 
 • •.lin.ll.Mi.ttiK. 
 .1. i.U. .V< 
 
 I. art 
 
 • hi'thrl 
 Bhiir..* IT 
 
 tr tt'jTt^'inif I.I 
 
 mpativ. iir pr.« iiriiiir ..r aifrii'inif 
 
 'litioiiult f..r any !.lu»ri.M in tl..' 
 
 llilu"! I'V Ik inif u.l.l.-l t.i th.' 
 
 ■ iii'pany ..r I., th.- .(.ntrti.'t |irii.- 
 
 n . iir thi' in'.wy ti.' |«i.l ..nl ..I th.' 
 
 ...li.'rwi'.p. 
 
 jMiwir .if any . ..inpaiiv In p^iv •iirh 
 
 iin|iany In pii\ . an.l a vrii.i*.r t.i, 
 
 pr.iii.t. r <.f, ..r ..tli.r |« r*' ^ »liii rtM.Mv... piivni. nl in iii..i..y . r »hart.» fri.m, a 
 
 kIuiII hav.' aii.l -l.'.U 1»' il-Hiii. .1 alvray» i . Ii-ivi- ha.1 i«.w..r t.i ..pplv any 
 
 .'IukI ill i.iivm.'iit ..f any ...ninii'.i.i.iii. III.' |»iy- 
 
 (.. Hn\ jM'pM.n ii n-LliTati-.n 
 
 alwiliit Iv .1' ...n.liiii.ii.illy, f'.r nil 
 to priMurt; Hul«.T.pii.iii 
 (<iin|.aa\. wli.th.r tin' 
 pur. ha 'i' ii....i.'V ..f I'lV ].n>i«'rty 
 iif ai.y miirll I-. 1« < >;.'< ilt.-.! f.K .i. 
 
 ii.iininal pnriliam' 11...111 y i.r . .iiilr.ii 1 pri. • . •. 
 (1.) .S'l.ihii.if ill tlii> -1- ti..ii "hall all.', t tli 
 br.'k.riirr a- it li .» li.'n't>.f'.r.' l«<ii l»»twl fi.r a 
 
 payni.'lit 
 .'iiipauy, w.ml.1 have 
 
 liiTal iimJir 
 
 f.onipaiiy 
 
 part ..f ♦h.' ni.ti.ry ..r .har.'H «i r.^ 
 iiiint of whii'li. if mill.' .lirii'tly liy th. 
 thi- -M^'ti.'n. ... . 
 
 90. Wli.T.. a ...nipiiny lia» pai.l aiiv miiiii hy way of .•..miiii«..i.m in n-HiKi't ..I 
 ■nv -h.i.- or .i.-l»-..tiir.'-., ..r ullow.il my "iim" I'T »ay of .ii^..unl in r.-.|»'.i of 
 m.v ai't«.nt.ir.'«, lli.' Ml .1 ain..nnt ~> pai.l ..r all0w.1l. ..r m, iiiii. U th.'r.-of a» lia« not 
 t.. 1 writt. n o« -.liall !»• Htaiinl in I'v.ry halaiii.- "lii.t of III.' .-ompiiny until lli.' 
 « .k' umouut th.rwf ii.i" Ihh u writU'U otf. 
 
 Pai/mri:l 0/ liilerrnt out of l'ap\taK 
 
 91 Wli.'f.' an- >h«rp!« of a fomi>any ar.' i»»ii«I for tli. piirji"".' "f raiMiinf iii.iii<.y 
 to.U'frav tl .'xixn-rt'^ ,,f tin- .•oii.lni. tn.ti of any w..rk» ..r Imil.liinr" ..rth.'iip.- 
 vi»ion of ai j.la .', wliah muuot Ix' nia.li jir.itital.l.- f..r a l.ii«ih.ii.-.l \*n<.<\. lli.- 
 lOinpaiiv ti.av pay iiiU-r,'.t ..11 «" rou.h of that -.mn- .apit.il a- 1- for inc iiiii.' I"'inv 
 pai.l upl .r tin- i«.ri...l an.l -ul.j.it t.i th.- .-oiidition. an.l r.'.iri.'.li"ii- 111 thi- »vii..ii 
 iii.-iiti.iiii'.l. an.l niHV iJiarif.. til.- -am.. U. capital a« iwrt of tin- i;o»l of .ou.-.IMu'ti..n 
 .f tl.i- M..rk ,.r ! iil.liuK, of 'li' ''".vi"! .u of plunt : 
 rp.viili-l lli-.i .L ' 1 1 .1 
 
 (1.) No »u li I 'iiiifiit >hill N- mull- luiU-nn the fuuno 11. aiilhonii'.l l.y tin 
 
 artii-liH or hv »|ioi-ial rv'.'.liiti..ii : 
 (•_> ) N.i »ii<-.. i.ivin.'bt, whitht-r aiitlioriiwi l«y tin- artich's or l>y »j>r. i.il r.-.- 
 liiti.in. »liall be luail'- without th.- pn-vioua >HUiiiti.>u .f the B-Kird ..f 
 
 (:).) B.'f.,rp i«ii.-ti..i!in(r any su. h payment 'lu. Boinl of I'nvle may. at vhe 
 >-xp.'n-»- ..f the ...I'Mnnv, appnnt a (.er-^iii lo iii.piin- an I r.'|...rt t.i ili.'in 
 aaiii th.' I'in-iiiii-- .-"of tl..- .aH.-, an.l may, liefon'makinif lli.' appoint- 
 ni..i.t. re.piir.' tl.. . ..mpai.y t.i (five -wurity f.ir the luiyinent ..f lli.. ..».ia 
 
 of the inquiry : ,,,11 
 
 (4 \ The pa>im-ul Biiall Im- ma.l.- .mlv for -u<li p<-n<Kl iw may 1»- .l.t.-niiin. .1 l.y 
 •hi' H.itr.! of I'liul.-. anl -.1. Ii inri.. I -lull in no .a-.- eiun.l Uy-.n.! tl,.' 
 cl.we .if the h,.lf year iie.t afTir th.- half y.-iir .luriu'.r win .li tlie work- ..r 
 buildicf^ hiLVC bctn: a-;-.urtl!y '-^mivt-"*-^- •■r the. ji.;int pruTu-eU . 
 
 h H i 
 
 s 7 of iyo7 
 Stiitj'fftifiii ill 
 
 hit la tin nhittt 
 
 rt^ to ffllll- 
 
 thm't'lllitr*. 
 
 p.tV tlllt'M ~t 
 
 III 'frtuiii 
 
 . Ii71 
 
i ■ 
 
 1552 
 
 Appendix. 
 
 m\ 
 
 >nitA^ 
 
 : & M Vi. t 
 
 1-2 
 
 s. .'i.if iwd: 
 
 IjitnitHtii'ii 
 • .f tiiiii- '■' 
 
 mTtififtttf- 
 
 i. IIM 
 
 (5 ) The rate of interwt .h«n in n.. oaw e»ceed four por .■.iit. |*r aiinum or 
 iiuch lower r«te u moy for the time beinif he pre«.nb«l by Order in 
 
 6.) Tlie^mymiiit »f thi' intireBt nhall not onenit.' »« ii rediutioii of the amount 
 
 paitl lip on thi- "hsnw in rpi»p«,>t of which it i.« piiiJ : 
 (7 ) 'Hie .rrountM of tlir- .•..nip«nT hIwU .how the .han- CBpitHl on which, ami 
 
 tho rate at whi. h. iiit.rr«t has bi en paid "ut of . ..pital dunn^ the pcno.! 
 
 to which the a'c-ount* rclatK : 
 8 1 NothinK in thin wition »haU affect any company to which the Imlmu 
 
 Kailwayx Act, l»'.»l, as am.-ndcil »iy any »iibnc<iucnt .■u»»'tmunt, apphe« 
 
 Crrlt/ltiilet v/Nhartr. 4f. 
 
 99 -fl ) Erery "iropany lAall. within two monthn aft.-r the ull.itiiipnt of miy 
 of it.' «har.-» .l.tK-„tur.-», or dclH-ntiin- >.t.«k, and within two months after tl... 
 rfirl»t™tion of the tran.fcr of any ouch .harm, dcl«Mitiircs or dctHnture st.«k. 
 cmtdcte ..11.1 hav.. readv for delivery the certificate, of all shar.-^ the debenture., 
 and the .-.-rtifleateH of all debenture .tu.^li allotted or tran.ferrwl. unlea. the (■on- 
 dition. of iH..ie of the .hare-. dcU-nt.ire.. or debenture .t.H-k otherwise provide. 
 
 (2 1 If default i« male in eomplyintf with the r«iuir..inent« of thi. wction. the 
 company, and everr din*'or. manaifer. .e<reUrv. and other officer of the ..oin,.any 
 who 1- ki.nwinifly a partT to the default, .hall b.. liable to a fine not exceediUK fire 
 ]>ound« for every day duriuK which the default continue.. 
 
 .>(. 14 of IMiiii. 
 
 », 1() of l!Mi:. 
 
 Keui.tratioo 
 of m.irlfinre. 
 mill c'mrifi's 
 in Kiiirlniid 
 aud Ireland 
 |. 616 
 
 (b^ a I 
 
 (c) 
 
 Infanttatvm «« lo .tlorli/ngrt, Chargn, i(. 
 
 93 -f1 Kverr m rt»B(f.> or char(f<- creat.-<l after the flr.t day of July niuet.wi 
 hundred and ei«hl by a company r<iri.t.r.-.l in Enjrland or Ireland and U>in)f 
 
 '" iirrmortifatre oreharu'e for the pnqxiw of »^:urinif any i»«ue of .l.d»ntun-» ; or 
 
 niortifaife or charif i uurBlle<l .hare capital i.f the c..inpany ; or 
 
 inon«aire or .'banfe creat.'-l or evidence.! by an lu-tnimeiit winch, if 
 e«.>.uted by an individual, would reiiuin' nifi-tration a. a bill of Mile ; or 
 (d) a niorlifaj.'.' .>r charife on anj land, wherever .itiiate, or any intcruat tli.rein ; 
 
 (.' a m.r'iraif"' or charire on any 1«k)1< debt, of the -orrpany ; or 
 
 f> ,1 fl.iatinif cliari^e on the undertakinif or pMl>ertv of th> m|iriiiv, 
 
 .hall «.fara- any »vurity on the comimny". pn.pirtv or uiidertakinir i. thereby 
 
 f.'.rr,.,! b.' void' aiMin.t the liipiidator .ind any croliior ..f tb .mpa'iv, uiiIc-h 
 
 the i.r.-«rib.-.l particular- of the mortL'aife or charife. t..if.-tber with the in.tru.iient 
 (ifanv by which the m.rli.' iife or cbiirir- i. create,! or evidencil. are deliver.^.! to 
 or reieivi^l by the reiri-trar of .•onipanie. for n'lfiiitnition mi manner niiuirel 
 by Ihi- A<t within twenty-one d.iy. aft. r the date of it- cri-ation. but without 
 nniudice to anv .•ontraet or ohiiirition for niwyment of the mon. y thereby »i-.ure<l. 
 and when a ni.H-limire ..r 'harife b,H-ome. void under thi. .e.;tioi. the money -WMirel 
 thir.bv "lull immc-liately betomi' payable: 
 PMvidetl that 
 
 'i) in the ch«<' of a niortiraifi' or I'hatire ereateil 
 coniiiri.inif wdilv proj. rty .ituate oiit.ii 
 delivery to and the n-c-i-ipt by the reiri.trar of -i '■•ipy of the in-tniiiient 
 bv whii'li the mortipiifi' or charire i» created or evidence«l, verified in the 
 i.re>.riU>d manner, -hall Imve ihe .«nie etf." t for the pur|«i-'. ..I ihi- 
 iectioii a- the ilelivery and n-'eipt of the ii -trument it»«df. an.l tw.nty- 
 oiic day. afu-r the elate on whiidi the in-trument or copy could, in due 
 eour-.' of !>•«'. and if de-patchinl with dm' diliir»'n.e. have t-wn nn civ.nl 
 in the I'niti-l Kiiuphim. .hall I.- .uh.tituli-<l for twenty-one day- .ifler 
 the date of the ireali.iii of the niortifaife or charire. a. the time within 
 which the partivulara and iiuttrumeut or I'opy are to Iw ileliven.l Ii, the 
 ri'ifi.trar; ard ,..%,'■ 
 
 • ii' where (he mortirairi- or nharifo i« creatml in the 1 nifed Kinif.lom but 
 rompriiMW pMp< .-ty nirt.ide the United Kinirdom. the in.tnimcnt . reatinK 
 or imriiortinir tt> create the mort»ruire or charife may be -ent for reiri-- 
 tration ni.twilh.tandiu!f that further pn.wedinifs maybe iie< es«»ry to 
 
 out of the rnitp<l Kinphim 
 oiit.ide Ihe iriiit*<<l Kinifdom, ihe 
 
Companies (f'oNSfU.iDATioN) A(t, iflOf*. 
 
 Act of 1908 \b6' 
 
 miike thi' mi>iV<f^ '"■ "••■"U'tf'' ""I'd '"■ ••ffe< tii»l Hi'oordinif »<> thr Uw <>f 
 thf iiiuiitry iu « liit li the )priil"rty i" nitiiutf , iiml 
 'iii will n- ft iK'tfii'tiubli' iimtr.iii.rtit Im.i Infii >,■'*<•" '" ■"■'•iiri- thf pnyniiiit ■•( 
 nny Ikh* dfht» "f a i»nil»iiy. tlic di'iKmit of llir iiiHtrumiiit for th<- 
 Du'riMiM' iif nwurinif an Hilvniiuc U) llif ('iiiiiiiuiiv i.lii»ll not fi ir llic iiurp '"^ 
 i)t tni** iMi'tioii h*' tn>it(-<l »•* » nn>rt>f«>fi' *ir rhiirifi' tm iJhhm- Immir lU-bt- 
 and 
 (iv) the hiilil IK iif ili-lKiituriM •'Utitliii>r thr hiildir lo h i-h»r(r<- on Und ►h«U 
 not U- iltfiiifil to In' un intt-rer«t iu land. 
 (J.) 'Dif nui'trar nhjill k.i p, wit)i ii-»|«-. t to <>iuh ioiii(iHny, a ri(fi"l«T in thi 
 nnwrihea fonn of nil the niortrairi-' and rhiirtfi-i <n'«lril liy thi> •'oni|Hiny nftiT thr 
 fin.1 day of July uim'tiin humlnil and i iiflit and n1llllrin^' n|fi»U^>tion ami. r ihii. 
 wH-tioii. and nhall, on juiTnii'iit of the prtwrib.il fov iiit.r in tlu- r.)ri»tir, with 
 rmiMi't to eviry "Ui'h niort)nnf<' or ihiirit*', Ih.' .late .if creation, thr aui.'unt M'ciiri'.l 
 by it. short purti.ularB of the pro}»Tty niortKii»r«l or <'har>ri'<l, and tlif n»i:,f» ot 
 tho iiiorttfiikrM'" or i»'r»oii!« rntitliil t.i thi' . har^fi'. 
 
 (:i.) Whirl' a wriiii of d.ln'iitiiri'x c-ontaininK. or jfiviu^' by n-fcroncf to any 
 otlii'r inxtninii-nt, any ihar)f<' t^' the Ix-nctit of whirh thr dibi-ntun' holiler» of that 
 MTi.'s arr intitliKl /mrt />«««« ii. rrptttiil by a i>.mpanv, it ►hall br «iiftiiii'iit if thrrv 
 »rv' diliveri-d to iir rni'ivi'd by tin- n'^ixtrar witiiin twi'iity-otn' dayii aftir thi 
 I'Xiiiiliou of Ihf ili'i'd I'ontainiinf thi' charifi' or. if th. ri- in no ouih ihi^l. aftir Ih. 
 i-H'i'Uti.iu of any lU'lx-ntiin'H of thi' wrii'-, thi' followiinr |iartii'ularB ; 
 (a the total anuaiiit wi'UTwl by tlm whole neriiii : and 
 
 (li) the datpH of the n'Huliitioniii HUthoriaiintf the iwue of t e wriiii and the dati- of 
 the is)Vi'riU(f deed, if any, by whiiti ib.' m'. i.rity i» .reated or detinni ; 
 and 
 (e a ill i.ral disrription of th.- pnijH'rty eharjt.'d ; Kii.l 
 (il the naiiii'c of the tru^ti^-. if any. for the <li'b< iitur.' holder* , 
 totretber with the di .•.! . oiitaiiiiiiir the ,har;.'e, or, if thiri' i» ii' <nih d.iil, ..iie of 
 the .l.lH'nturi'K of th.' "eriii.. am' in.' n'|fi»trar -hall, on payment of the prcM'rilM-d 
 fee, euti-r thow imrti.'tilHn* in th*' r.'irii«ti'r ; 
 
 Pnividiil that, where n .n- than one iiwiie i« made of delienturei. in the wries. 
 there •hall Iw w-nl to the r.'>ri»trar for .iitry in th.- n'lfut.r panieiilam of tbi' ilate 
 and amount of la.h iwue, but an onii.-i.ioii to do thi» nhall not aHiit the 
 »aliditv of thedelK-iitiiri'M inHiHil. 
 
 (•(.) Wh.re any . i.mnii-wiou, allowan. .•. or diwoiint ha« l»i'n p«id or maib- either 
 direetly or indimily by the .'omiainy to any jierxm in conw.li ration of hiK kuIi- 
 mmbin^ or affreiinir to Hulwrilx'. whethir alwoliitely »t eondili.iually. for any 
 delM'iitiirea of tli.' eimijianv, or prm^urin,/ or airri'iiutf f ' priK un- KiiliM-nplionn. 
 whether af*idute or eon.lilional. for any »iieb ileU'Utiin i., the piirtieulaiH niiuin-d 
 til l>i< iH'nt for re(fi"lration nii.ler llii* wiion "ball im bid.' |iarti.iilan. ax t.> th. 
 amount or rate |«'r lent. of tlie i <>min.M*iiin, iliwount, or allowame ~i paid oi 
 mad. . but an oniiBxion to (hi thi» "hall not affiit the validity of the ilel»-iitiirt- 
 iiuiiiiil : 
 
 rrovi.l.il that the iI.'1ki«iI .f any delienturi-» an «■. iirity l"r a::y .b bt ..f lli. 
 «inipany nhall not for Ih.' pur|io"ei< of tbii provinbiu !»■ tnaii-l a" Inn i»»U' ■ ' tin 
 delieiiturer. at a iliwi'oiinl. 
 
 ■S Th.' r.'iri'-trur «liall tfiv.' a eertitiiale under hix hand of the rrtr.i-tninou oi 
 anv mortj^at;.' or (•bar;re r.'ifiK'ercl in p»r»tiai-i .• if tbi« ». . Imn. i.taiiiiir tin inioiiin 
 tlicnby miun-d. and the eertiH.ate nhall 1»' ...t,, lii«ne .'ii.l.n.i- ihai ih. n-'juir. 
 ment" of Ihin wi ti.iu «» to r.ifii.trati.>n have lie. 11 i-otnpli"! with. 
 
 ((i, Thi- l•.^nlp»rly xhall .aiii..' n lopy I'f . v.ry iirtiti. at. "f r. K'»""'<''"n jfiv.-i 
 nnd.T thin wition lo !«' .iidorMil "ii .very d.'U'ntiiri' '^r n rtiii.ati' ni d.-lxiitiir. 
 MiH'k wbieh i« iH>ii.d by tbi' lompaiiy. and the p'lynieut of whiih i« -.- und by th' 
 mortKa^e or . liiTtfe i.,. reKt«ti I'd : 
 
 I'ron.li-d thai iiolhiiiar m 'bii »iib.»<rti"n "hall U' . oii»triie.< nr- nipiirinif h 
 ronipauy to lauw a lerlifiial. of r.'»ri»lrati.ai of any iii.iitxn>ri"r . Iiar)fi' mi )t\\ii 
 to b.' endorwil on luy d.bi'iitiirp or cnitiial.' of .(.ln'iitur. i.t.H k wliiih ti»» b 1 1 
 iwiied liy lla' lonipany Ufori' the inortKajf ' r i hatifi' wai. .•n-al.'.l. 
 
 i". It *lisll b.' the duty of the iimipaiiy to ^eud to th.' ie(fii.trHr for i. ifiMration 
 Ijie part.iuhir* if i v. rv ni itjfaKe or i hariji' .r.ai.il bj llii- M.ni; oiv and of tie 
 11U.UII1 of ileb.'Ulun'H 111 wri.'i., re.|iiiriinf n-Kn-liaiioii un.b r il.ix -iitioii, bui 
 rB(fii.tral.iiiii of any mi. h niorfKa^e or < baiwe tiiay lie i H.eUil on tlie appl Laliun "f 
 any peri-ou mlt'ri'!»ti*d ihtreiii. 
 
 I 
 
ill t' 
 
 IV,4 
 
 I I 
 
 • I 
 
 rt. II .>i iw: 
 
 if .lit.. r-,. 
 riM'nt '.f 
 *.<.|irirv 
 
 S tl ..f Mio; 
 Filiiiir of 
 
 .t.T'lUlltd .'1 
 
 mtilmjriT.-. 
 
 S «.i <if 11(1)7 
 l'(.i-lifi. aiiiiit 
 .1 ri'iri»tir 
 It Tniirl^ijfif*. 
 
 S lllol 1*1' 
 
 Kiitry f1 
 
 ■uHiitfm? f 
 
 ■• 17 of l'.««.. 
 InHi'x tl. frviftt 
 rf mtiritrisr- 
 «ud irlnrxt^. 
 
 H IH of I'tlli' 
 l*i'li*ltH • 
 
 Aj'I'ENDIX. 
 
 Whpro till, ri virtrntiiiii i» . tf«t«l on th.- «ppli..iti.m of -ome pr-.u ..tli.r thiio 
 
 ,1 „„„uv. tliHt iH r«.n hIihII br .-ntitl.^1 to r«-.vf r fr..n. t\w .omimi.y tl,.- »n».iml 
 
 of any f ■<* pnipiTlT pai.l l.y !•'"' »" thi' r.-Ki»tr..r i.n th« r..Kii.triti..n . 
 
 K Tl.i. n.Ki«tor kipt i,. piir-uHm f tl,i« i««ti..u «lm h,. ..p..|> to .n»,H.rt.o.. b, 
 
 »i,.v ,«,«... .mpaymont of tVi. pr,.«ri»>p.l fr.-, not ex«H.hnK one Hhilliii., for .■a.-h 
 
 '""'r'Kvery lomimDy -Irnll .h.w » .opv -f ivory i,„tr»m.i.t .■r«ltin^' »..y n.i.r1^^w 
 or .Imrp. r,',.iirinV r.Vi-trHtii.n ...»).r tl.i. H«t..in to Ik- k-pf «t the "l''"'''-';! '•«<» 
 of t;ii V..nir..t.v : IVoviiLnl that, in th.- .««• of a wrif» of uniform d-bentun*. .. 
 
 oopv of one Kiirh di.h«iitur.' "hull b«. miffiiiml . . » . ,!„„,,., 
 
 84 - I If any r.r«.n obtain, iin onl.r for tho appointniont of a roreivpr or 
 m«na„or .'.f th.' pni,Krty of „ ™n.pHny, or «pT»iint» Mi.b a r«-.nv..r or manajpRT 
 uUU anv ...w.t;. i.m..in..l i.. any inntruinent. ho -.h.ll w.thin -von day- from the 
 daf. of tho orilor or of th. «p,«m.ttnp,it under tho po»on.o.,ntain«liii to.- inKtmnient 
 
 ^v.. noti f the fait to the n-^-trmr .if .-..mpani. -. and the re^rtmr -hall, on 
 
 payment of the pn^crilKd fe. . witer the fa.t in tho re^wter of mortK«K<- "nd 
 
 .•harKen.^ ^„,. „ „„k„ default in oomplyinif with the reiiuiromenta ..f thi« 
 
 M.,.t"ion ho -hall be liable to « fine not ..x.-eedinff «v.- Ii<..in.l« f..r ov.-ry day durinK 
 whiih tho default i i.ntimieM. , v.. i^..-. 
 
 on 1 Kvory riMvivor or mai.atror of tin- |.r.>iK-rty of » o-miimny who haa been 
 .iii>,.ii,io,l unil.r'the ~.».ti. oontaine.1 in ai.v in.Iriim.nt. and »bii baa Uken 
 I,I,;.«.i..i. -tiall. .iniv i-i ovor^- half year while he r,in..in« in laaww.oii, mhI k1«i o.i 
 .-.-.Miiif to ,«■. ax nK.iwr ... nmna«.r. file »ilh il... re^'Wrar ..f .•.m.panu.» iin 
 ab.lrael it. tl..- pre^'rilir 1 form of hi» nneipt* and ,.,.yi..onth di.rinif the p. nod to 
 wbiih th. ,,b.lra.t r.l.'.«, and -ball ^.l»o ou oo»^inK t.. ait ., r......v..r or i..aimK..r 
 
 file with tl.o Ti^i-tMir i.oti. . to that .•tl..,rt, and tn.- rojnatrar »hall .liter th.. notioa 
 
 in tl.ir.ii'i»l'r..f ni..rtK«tr'- I""' '■''»'■>'"»■ , ,, , . . ^,i ,i.. ,,_. 
 
 I • Kvery r.«<-.vor or i.i.uuiK.r wl... m;ik.» dofa'jlt in i ..mplyi.tf witl. the pm- 
 vi-i.,n» of thiK «vli..i, aliall I., liable to i\ fine n..t exe.>...i.iii; «"y l».un.l- 
 
 96 V jii'U'e of the Hiifb ^'...irt, on iH-ini.' -i.ti«»i.<l that tl... imiih-ion to n-fii'Uv 
 a n.ortifaKo ..r . l.ar.'e wi'hm ibi iimo b.Toinl»fon. r.H|in....l, or that tbo onin- .m or 
 mi-i..«t..n.ent of ...,v ,»rtio..l,ir w.tb r.»|H, t to any »ie b n...rl«aK.- or iharK.'. waa 
 
 aeiiibnlal. or ilm to iuadverf. r to ««,.. oth.r s.ith.-.ent .-au.--, or .» not of a 
 
 natiir.. to pn.j.idi.e tl.r ,-.,iti..„ of ir.Ktit..n. or .hanbol.l.r- of the e..m|.any, or that 
 on ...her ,m...n.l. it i. j.i.t anil .H,,.it»blo t.. Kmnl r.li. t. ...ay ..n tl... appli.ati.m of 
 the ponipHuy or anv p..P«.n int.r.-»t.Kl. an.l .... »..■!. t^rn.- .aid . ondition. a» s.,m to 
 th. indie jUHt and .^,-.li.nt, ..r.' r th,.t ti.. to... f.., re^.»tratMn I* . xtoinl..!, ..r. 
 nn the oii«e may l»". mat tin- omixion or mi«.t««em.-nl !»• r.^•t^tie.t. 
 
 07 Th.. roi^i.tr.r ,.f ...nnpani..-. may. on orid.-i iH-inir tnyii t.. bi» «.tiHf»eti.m 
 
 that 'bi debt for wlik-h any rnfi-t.r.vl m..rtifH,fe .., .hart'o wa» inv.-ti ba. b...n i«i.l 
 or ,«ti.«.^l. ord.-r that a n.em.«T»n.l.im of Mti«fa.ti..n 1.. onter.Kl m. the nv>»»or, and 
 sJall if r.<i..ir<M funii'b tb.- .-..inpany with a e..py lliereof. 
 
 08 Tbo ntfiitrar ,.( ,..nipani.'« »ball lt...p a . br..ii..l..(rioBl indi x, in tho prr- 
 
 , H.,rit»Hl f.ir... a...: with t>,.. pr.'-ril««l iiartiiulam. of the iimrtKac.* .r ohar^o* 
 r.?jrii»t*T..«l wi.h liini mid.'r tliii. A.-t. 
 
 08 - I H«uy.o.nimnvn.ako,.h.fault inM.i.lin,f t.itboreiristnirof oompiiiiii- 
 for r.ifi.tr«li-.n tb^ parti.ular; of any ...ort^atn ••'■ ' >'«'-tfo • >' "'I'd by tin romiMnN 
 and of lb. i«,.ie» of ih Uiiture- ..f a «.ri.*, r...iuinii»f n.Ki.fmtion with tl.o n.Kii-trar 
 un.lirtbof..r..K"i"'if l>rovii.iou- of this A.I. •h.u. uuh*» tb.' roKi'lratnn b.u. Uoi, 
 e«. t.^l on tb.. appiiealion of wme oib.r |Hr»iii, tbo oonipHny. and ourv '["^•['■\- 
 ma. ..«r, MiT.tarv. or.itb.r neraon wlo. .- Unowi.^ly a party to th. d..|«..ll, -ball 
 .... i..,nvi. ti...i l»' li»bl. ii. a fine not ex.^edinK »«ty l«. in.l- for every .lay dur.i.K 
 wbioli lb. default . ntinin-. , , . . , .... , 
 
 ,2 . ;;,ib»-it aa »f.«-wii.l. d anv i-ompanv .naki...lofuult in ,..>iiplyin)f with any of 
 the r..,iuir. nient- of thia A. t a» b. tb. ro^i...tr«tion will, th.' r,>ii-trar of ,..,v ni..rt- 
 lt,,ai- ..r lb .rife .r.^ted bv M... .-..mimny. th.- , ..n.pany ind ov.ry .iin-i tor. la^n iK<-r. 
 and olh.r ..flio..r ot the .„n.i«ny. who knowingly and „ilf.. ly a.ilbi.n/.-d ..r |wr- 
 
 ,n;n...l lb. i|. fault -ball, wiiboiit iTi-iud... •.. any r Imbil.ly, bo liabl, ..n 
 
 nummary o"nyii.tK..i ton Ii...- i.ot. -so. ...linit.. 11. biindr.-ii !-.und-. , , ,. , 
 
 ■ If any impm... knowiiiKlv and wilfully a.ilbori/e, .r larmit- :bi dolivry of 
 
 a„v d..t.e.,t.,r,- or .iH.fi.nt.- of det.-ntur. M.- h re.p.in..v' n-tri-tr.,t.iin with Iho 
 
 r,ir.-lrar on.ler ■ fni-ifoinir i.r..vi«io.,. of thi- A. t without a .-.ipyof tl ertifio,,,, 
 
 of rr(ri«irali...i U'lnv .■nd..r»ed u|».n .i.be -h..ll. without pr.-iudn.- !" anv -,tb. r 
 
Companies (CoN'soLiiuTioN) Act, l!)(i.s. Act of 1908 lo5.". 
 
 liability, bo liable iin nummarv (•on»i(tion to a fine not fTi-nolitifr "iii' hundred 
 ptiundM. 
 
 100. -'l.'i Kvrry limittnl ii«nip;iiiy clmll liptp ii n'trihtrr i.f iii..rfim;r<-!« mm inter 
 then-iu 111! iiiiirt)rii(fiMani elmrKec ^pwiHiiilly »tti'<tiint pr.'i»Ttv "f the .■•.m|iiiii\. 
 friviu^c in eiuh ea«e n »liiirt difiriiitiim lif the |ini|>erty iinirtKHifi^I iir < linrifiil. tlie 
 amount (if the morttfaif "r ehiirv-i', and exiejit In the eaw nf «< uritii-" t.> Iwanr 
 the uuine"of the niortfraKet" "r jhtiuiiis eiililliil tliireto. 
 
 (i.) If any director, nuir.ii(rtr, "i- "Ihcr i.ffle.r .f l!.. e.miiMny Itmiwiii-'lv iind 
 wilfully authorizes or |)<miiti< the onii»Mon ..f my entry ni|Uiri.l ii. !»■ in ide in 
 |jur»ii:i'ii(e of thi^i Keition, he "hall he liadle t.. i tine n..t exc (■.■.linL- tift |>.uiid!i. 
 
 101.— (1.) Thi' !i>|iie» of innlrumentK iniitMur .iny morti,':iiif "i' i hariji- r.i|uirinK 
 re^riiitmtion uudir thi!< Art with tin- nirinirir "f rcini|innii-. -nul ihe n (tixter nf 
 inortifaifen kept in purHuanee nf the lii-t f.ireifi.intf- w^tinn, Btnill Ik n| in at all 
 n-Hwinahle time" to the iuKpeetion of any enilitur or niendM rof the i .mipany without 
 fee. and the reiricti r of niortKaK>« Mnil'l also lir o|m n to the inhju'ition ..f any other 
 perwm on payment of »iuh fee. not exn'.dinif om iihillinii for earh in«pe<lion. a- 
 the eonipanv may prewriU-. 
 
 i'J.i If in-peetion of the »«id lopien or reifi»tir i« refuwil. :iny "fliri r of th in- 
 
 pany refu«in(f iniip<Htion. and I'verj- direeli.r ami mainit'ir of tin mpany antlniri*- 
 
 in)f o'' kniiwiiiifly »""' »'lf"lly l«'mntiin!.' tin n fnwil. nlmll U- liaMe to a line not 
 exieeiiiu(f (i»e pounds, ami a "further tine ml ex. ei^iinir t».. pouinlH fm im ry day 
 during' whieh the refusal rontinuei. ; and. in addition to tin- alK.n- jKnalty a« 
 re-iKftii eomiianilK n'tfihtereil in Knjfluiid or In lainl. any judtfe "f the llit-h ('..urt 
 hittinif in ehambi'rH. or Ihe judtre of the (Vmrt .xipihinL,' the »tannani>« junwlMinm 
 in the eaM' of eompanien suhjeit to that jnri«diition. may hy onhr eoMi|i<l an 
 immediate ini.|Mifiiiii of the lopin. or n'Ki"tir. 
 
 108. — !1.! Every rejrinter of holders of dehentiirea of a e. .mpany »hall. en • pt 
 when iloKiil in aewrdanee with the artielia diirin^' »inh p,Tii«i or peri.«l« not 
 
 ,.x <lin»f in Ihe whole thirty days in any ynir as may !«■ si»eilii.d i.i the articles. 
 
 b' opinio the in«i».<ti..n of the reifisten .i holdi-r .>f any su.h deU-ntui-s, oel of 
 any Inilder of shans in the .nmpauy. lint sulijiMt to snih :«i~.nal>le n sirn tii.n> as 
 the e..m]mnv may in ceinral meetinif in po-r, s.. that at leisl !«.. In.iirs in t.n h .lay 
 are appoiutiHl tor in»i». tion, and every sin h holder may reipnr. i ropy of tlie 
 ri'jrister or anj part thereof on pavnnnt of siipi.n.e funvi-p on' hnmlnd wi.nis 
 rmiuirtid to !»• eopinl. . „ . 
 
 (.'.; A eopy of auv Inist dunl for -eurinif any i~.ue ..f del*>nlure» shall m- 
 forwaninl to every holder of any wueh delxiitnres it his reijui-'t on i-ayment in the 
 law of a printr.d tnnit lUsd of the stun ,,t one shilUnj.' m- »ueh 1. -s sum as mar t». 
 pre-eribisl by the e..mpany. or. ^rhere the trust <U•^■l\ h.is not \„-,u priot.si. m, ,«■- 
 meni of sixjiine for every one huinlriHl »or,l« n <iuiri d ti. !»■ is.pnsl 
 
 '»,) If in«p«etion is nfuset), nr a eopy is r- fu-<'d or not f..r»ari|.- 1, life«- Mimfoniy 
 shall lie liable to a tiiu- m.t exr.silinu- Hv.' pounds and to a further tin. m.t ^x,.,.d- 
 inir two jKiuudB f.r every day dniin»r «lii.h il.- refusjil .-..ntiiiue- atid . >.Ty 
 
 s. Clef iM.;. 
 
 I '.aupanv ■ 
 ri.;rlster . I 
 inortirajie- 
 
 «. lOi.j I)W7 
 
 Itilfht to 
 innpis't . ..pits. 
 of inslriitutmt.. 
 .Teatlntf 
 UMirtiraif*" 
 .uid ' har*es 
 .aMleomjwwiy's 
 r* irlHtiT . ' 
 111, .liiatfi - 
 
 S. is of lUI'" 
 
 liiirht of 
 ilelH-ntur*' 
 hi.lih-rs t.. 
 uisp. . 1 th' 
 O'lrisiir of 
 
 .i*iljetit4ire 
 
 iii.tiiiTs tnd 
 !.. have op!— 
 ..f truat *i»H..fl 
 
 direitor, manairer. seerelary, or i.ther odiei 
 •utborires or p«rroit» the n-fuaal »hall ineur th 
 
 r i.f the eoinpany wh. 
 
 • like J».tiJilty. 
 
 Ka4tWH»tfly 
 
 /*rA#<l/«r'« 'ind Umltlmj rl,,„y,t. 
 
 103. A eondilion conlaineil m «r»y deUntiiOT or in ane d«*l for seeuriajr any JJ. i t uf \'M)7 
 deUnturw. wlnilier issurni or eiis oti^l tafore or after tin- |ms-uik "' ih's Aet. |., i-^,,^; 
 ■hall not be in% did by nason only that then !.y the debititun-. an' mad. iri.^ie«u- j,.i.,„,,j,.„ 
 able ..r ro.hH.ni.il.le ..nly on tin- h:ipis.nii,^. ..f a .•..nt.i.jr. ii< y. li..«i.>.r i.-n,..!.- ..r 
 
 i,n tl xpirHtn.n of a imtuiI, howeier Ion).', any rui. of npiity t.. ih nlrary 
 
 anrwithst.ii.dini.' - , - 
 
 104. 1.) Where either In-fore or »ft4r Ihe paswinir of this .\i i .iK.mrany low h. I.> i^ 1'"'7 
 rwln'Ui.-fl any iliheniiiriT previ.m.ly i«.uis|. tl,.- ..in.|... i unless the artH lis. ..r the l'„„.,.r t.. 
 oondite.nK of imue eipnssiy olhirwise pn.vi.le, ,.r oni. -s il... .leUnturis. have l«s ii ri -issu.- 
 ,„j„.,„.»1 ,n pursieiii.' I.f iuiy ohlijtati.m ..n tin- ...inpinvs., i.i J., n..' I«-1UK »» ri.<U.einwJ 
 ■*iiir»li>n entoriahle ..niy by the |i. rson t..»li..ni lli. nslei nieil .Ul«n!iiti« wen- J„t».i,tur,. in 
 i«-u«xl or his a-si)ni- , shall hive isiwer, aid shall U disnied al«i«»- I., nave hail ,.,.rtnin i a- • 
 p..»w to ketp til*, detienlim . alive for the pnr|».-ts of re-iwm I'ld «here i 
 
 eiimiMmy has purported to ii.t.i«»' su.h a p..wer th. .■..mpany shal! have jjower, 
 and nhail I* dr..nied always to >'»ve had |».w.r. i.. r. -iwue th.- debentun-* . ith-r 
 b. n"-is).ntn(f ttie same d«d»iiluris ,., by i-iuinK i4li.r dolH-uturui in tleir pla<;p. 
 
!.'>«! 
 
 ApW-NIMX. 
 
 nturi- 
 
 4t>t ■wturt-w iM 
 
 i'a»»l»-ftt* -1 
 
 MUt III a-pi-t-. 
 «ll.ji-«*t til 
 (1«illtinif 
 
 •■hiirjfi III 
 (.ii-rii> !•■ 
 cliiiinx uiiiiiT 
 th** I liur^i- 
 
 B. 44 of IS6J 
 <'i rtaiii 
 
 runiprttiii *« 
 
 l<> |.iilili-li 
 
 »t«t4>ti'''l)t IT) 
 
 llulllliU- 
 
 :ni4 ««.i< >u. I. a rr-imm the n^p^JO I'mitloil t.i thi- ililit-iitiimi ubik? hur*. iml -hn^ 
 Ih. .Will. Ii.l*«yi.l«.k«».liii<l. »i».-»»m.' ritflit- ami iirmrilaM uh if th.- ili-Uiitiir. - 
 h»J uiit I>nvi..ui<llr b«f»«i iiwuel 
 
 :. Wliir wit)! «»..il.jiHt ii* kit'piiitr ilil» i.tiirii.aliK- f»«r llif |mi'!«i-<'"f rc-i-wm 
 fliry h«.o . itb.T ti*im< or aftar ili. iuii»u»,{ .it thiit A»t liwii i^ii-fcnfd to « 
 •t th. .««iii»<»Jiv, » tr«i»l»i friiiii 'lilt iiuiuinw' tbrnll bi .»«-mtHl t.. W a 
 
 ,1 Wh««- ." Mjiini- tw. • ilhi-r t*!..!*- i.r aftor thf iwi«mf <il tliin A ' 
 • lotHiidtnl aBv ^ it^ 4*Miliir>« t., «r< un- »avitiii:«> fr««i tiim m timi- mi .Mirrtm! 
 ..r...«iiit .«..rt>«*»-.. «»H dfb..nMirf« »li-. liut bt 4n«..<l r.i hnvr Umi i..tl,i mpl 
 i.» n-amm ..ulv "t tht, ii«<«Mi' "f th ■ r«m^nUiy hm:m$t '■*mmid ti. \k iii ilnhit wlulni 
 fhr ilcl«-«attr«i. •miiiHiiiA-*- .ip|>i>Ml«i. 
 
 I.i TW rr-."—i»i- •>! » .irtM'iiHtrc or tin' i»>mi.' .f 
 inKin- tlw pi>i».ir h* t*>». mi t ion tfiveu t... .ir iliwrinMl In li«vi- 
 A trnfMij. »h<>tl.fr th.. r^-i-m. nr iiwii.' wiw iiiiuli. li.'|..if i.r nlfl.r the pim-iin: 
 I '«» Alt, .liiill !«• inatiil 11- th.- iiwu.i.f ■. mw il.t.iitim l..i- th.- piir|K»i«». t.t 
 -•uoip ilutv. Iiiil It «hNll ii.it !«• ~. tr.»t«l for m^ piir|«i«..» o( »m |iriivi«i.in limitia«i 
 the •■►.«»« iir LMniUr of ilil»..iluiv« tu !»• i»ii«»«i : 
 
 IV<tN»*K thul anv i»r»uii hiulintr ii«>ii--v mi ih. •«<urity of a .ifb.-fitur.- rr-i«.u.i. 
 uniUr th~ -«-.tion whtili iiin- ar* i.i ».- iliiU -<mmft>^ in«y tt'y tto' .lfl»-iitun> n 
 . vi<l>'iii'> uiv i>n«^.«liii»f- ti" ufon^mi.' !m« ki iinty »ir»i..ut pHvni'-nt of tl„ 
 
 atamii liti' r tuiv pMiult^ in •i*' ' tli. r.iif. iinirw. h« h»l ii.iti. «■ or, hut 1." 
 btk nvtiw^" mttfht h»v«- iw-ivw.* that thi- ili-U-iitiuv wit" n..t duly -■tarap.Hi 
 
 luiothrr iH»iiHir». in ii» plm-i 
 
 .ll 
 
 hut in -.&-- 
 umI pm»il^ 
 
 .' N.itimur «a tin., w. tmn -.hitll ] 
 
 la th.. ofi..nt«i.m of ativ juiljrm. 
 
 ti.iii or»i»»ttiM"«» "f nwMii 
 
 l.tlWlT^I NM.! —- ^■I'll an t 
 
 Urt- )U«ii/i>....ji ■-.'H.* priii'i.iK..'.^j 
 
 the .-.Hupiiuj ►i<»il >»• liahlr In p«y 'tw pr»i»r itfanip <lul% 
 
 IHiic 
 
 onkirof a ('oartof uoiBjirliiil jiin>iiW' 
 .»■ cbf* iH-veBtb lUv of Mari'h Tmo-irt.!. 
 Till- irfirtM-. fi. .h.' pnM'i..HU»tr. 1" wiifl 
 .1- ttie tinii-r niit'l*', aiitl anv *»p|i.-«i fn«». 
 
 ilUV - 
 
 pn.«.^t . 1 
 anv )i«ii»'i r ti' '«•«- 
 ottt..rwi».. WUtMir^' 
 
 tHT*-* or th.- «.i- 
 A «>mlTai'i with a 
 
 ll jublitmM'lll or '■r-l. r »uaii '.r 
 
 il«i»li«l iu> It tills A.-t mul 
 
 tlM..!. 
 
 irlmlitun— -r- tiw faiitn'of anv ilitM-nlBlW" pan ..ff 11 
 .11 fXtiiiiriii^n...l, fw«^rv.<i ; ■ > tfc i-umfuui t tiy lU iittH«ii- 
 ittr thf -.am. 
 
 ii: lull.' utt ikbii ii*v- Tor any Uw bi ntnrrv 
 
 III tix 
 
 ettOlT 
 
 uimlM&v IBMf tw elifi>ri..il hv «« urtUrT lor i.|i».iiai' i4-n«f.^MlH.'*'. 
 
 106. >i..iwtT»M.tan<iinkf umretMnf .iiutiuii«i in tht-MMm.' of th<- Scoti. I'.ir 
 ..I ;♦..»... ntmirtt-r iw.-ntv-hvi. 4.*«."..nirt-« i" l»'itr»t i«.ueil in Smthuiti ats- 
 >i. !»■ vaM auJ iHiuiuis aimintrair to 'iwir ti-miii 
 
 IU7. i. Whin. Ill thi- . «-<• oi iiitMiiiv n-iri«t.-nil in Ijiirliaiil or IniiuHi 
 
 i»«.<-i>.r 1- oDiMiinhHi -.11 tohiil ' ' thi liol<i»r» of anv ih-lamturp. ..I rti. 
 I M^nnil hv . ttiutuiitr -harK.', .i (iow»*«ion i- trnknn iiv or .m la-hsll ol 
 tbuv **e..tiir<' hohi. r». of aii> |n»i|j*Tlv I'l.iuiiriB.'.t in or wihj.it tn M". i-lwriri', tb.-n, 
 if tSi. .^«i|>afv i- not at th.- iib»- m i»iui>c- ol Uinif womiil up. th.. .i. bi« »hi. h a. 
 .■r-ry «iiHiiii«-iip ar.. nmipr ili. pnniNion" nl I'urt IV "f thi- A.t nlatmir t. 
 prrtrTMiiial iia\niinl- t.. !.■ pawl in priority !.. all .ith.r ili-btj.. -hail !»■ (mi.' 
 ti.nhwtlh ..111 oi aii\ as-. I- ...iiilni.' t.. tin hati.l- of the ri.nvi.r or olh.T )h rmn. 
 takii.ir |«»-.~-i.'ii a- alof.-'i'i'l m priority t.. any ilaiin fur prim i pal or ini.r.--t ii. 
 ri-jM 'I .it thr "l.-U'iiiiin-i-. 
 
 Thi' IK ii.«l» of iimi mi-iitiiiniHl in th.. asiil pmviMiqia of Part IV. of thi« Art 
 -hall !.•• rt- koniil from tin- ilaU- of tho up|«.intini.iit of the r.wvor or of piaMniaiui 
 UiiiK tak.ii !i- af..r.-ai.l, an th.- 1 a-.- ina» i^ 
 
 i.i .\i.v pHvin«-nt» mail., nmh r th:- »< ■ turn nhnll la- rii-oiip«I an far im may i..- out 
 of ihi- a-»i t« of th.. .-.-inpany availahl. f.ir ]Miytni nl of ..'i-mra! i r.-lit.ri. 
 
 [Ih.. al«ivi. Mi-ta.n n-jr. i«ni» th.- rril.-r»-i.lial raym. nt» in Hai.knipt.-y Ait, U!.7 
 (liO & £1 Vict. I. :i J 
 
 StatfmtH* to h* ptihl i,htil Av /{tifitnif ,tN(i rri Fin-i nfhit ''"m/..i«i.-i. 
 
 108.— il.i Kvi-ry i-ompanv Ik-iiii.' » liuiiliil liaiikinii roiupmy .-r an in'iiraix.) 
 .-.impauT or a ili.|HM.ii. proviiU-nl, or hi-iit-fil mh iely shall. U-for*. it cuiiiinoio ..-• 
 hiiaiin-sti. ami il»o on il.i hr«t Momluv in Ki hriiary anil tin- Hr«l Tiiii«lav in .XoKK-t 
 ill ....-ry year iluriiiif whiih it i-am..- on hiiKin.'sa, niaki- a -lau-iui nl in tin- firin 
 iiiark.^1 ('. in ihi Kirnt SihtUuli to thi» Ait. or aa near th. n-lo aa .-iri.unuiUnn » 
 will aUniit, 
 
CoMi'ANuai (Consolidation) Act, 1!>08. Act of 1908 l;"»6^ 
 
 ■1., A I ..nv of the «t»tpm<nt nhall l»' put up in ft r..iiiipi.u.)ii» pliuw in tli.- r. tfi»- 
 I.re.J ofli. 1- "f the cnnp-ny , wid in i-Ti-ry bram* ..ffiw or pla. o wh. re the l.uwui-w ..• 
 
 jiiy 
 the mimiwiiy i« lairrieil ou. , ,, ■ , < i 
 
 i:\.) Ever)- m.-iiiU-r :iuil e\ery i-roliti.r nf llie lompHnv Khiill Iw entitle)! U> • ti.i.v 
 ..( the Klatviiiiiit, on {utvuient of n Mini not ni-««liu(f «ix|>. hit. 
 
 4 ) If <l-f»i>lt i« mfwh- in c.mpliiin. «■ with thi» «'<ti..i.. the (-..nipanv Khali i« 
 liiil.l.' to H Hii- not ix.f.-.lin(f «v.> ponml- for .'vny .Uv .liirniir whi.h th. di f^iull 
 .■onlinu.'-; nml .•v<ry .linTtor unci niBnatpr of th.- ■•om|.Hny who kii.winKly ""'l 
 wilfullv «uthori/i» or |HTiniU tJii- .hfiiull r.im\\ he lial.h' to thr hk.- |h uulty. 
 
 •).) Kor th.' piirp..-.- ..f tliii. Ail a i..inimny that .ain.» .11 ih.- Iin«iii..« ol 
 ii.i.uruni»- in <..mniou with any othi r hu^inwi. or biwiiwi-M'" -l^all Ih> .li-.nittl to !«• an 
 iiiHuranri' t'onipany. . 
 
 .11 'Ihi^. -..li.iM thnll not apply I" any lifr !i-»uraiiif niMi|»iny n< r any olht r 
 awnranc. ,,>m|«iiv I.. «l,i. h iho pnivi-ion. of th.> I jf.. Awurauii- Coiniwnii* A.t«. 
 |s;tlto |h7J. a«lo Ih.- annual Htat.m.'nt« lo Im- niailo h> k". h a . i.niiMiny, appi 
 with or HJthoul ni.»liHration», if ih. ...nipany i..mpli.>« with lho«' provii<ion». 
 
 I>l« 
 
 Ifiafffetwti 'inti AatJtt. 
 
 108. 1.1 Thi- t«oa^l of Tradt' ni»v appoint ont> or mori' eonipi'tpnt in«p«Tt<.r>. lo 
 
 iniwtiiTHI.' Ih.- atl.u ^ nf an\ ...Mip.ny aii.l to nl-Tt thin-on in »il(h inann.T a:, th.- 
 noanl 'lirtM't 1 l i- - 
 
 .. lu th.- PHM' of a lutnkiUK i-onipaiiy Imvinit i nhar.- lupital, ..u thi- appUvalKin 
 
 of ni.-mbim lioUim»r n"i I'-w than on«-lhir>l of the i.liar.-i. im.u.hI : 
 ul In till- <•»»■ of any "ihtr . .^npauy liavio.; a nhar.' i-apital, on ihi' aiipliiation 
 
 of Bii-uil>.r» h.i! Ik- not li-»« than oiif-ti'i.th of th<- nhar.-- i«»ui-<l : 
 lii In 'hi- i-a^- '4 a -nipaiiv not liaviotf a >h.i!.- capital, on th.- .ppUi-ati.m of 
 not li-w. than on. -tifth in nuniU-r .if the |>er»<m» .m thf .-..mpany ~ 
 rt'jfiHt. r .'f LiMnlM-r*-. 
 I.' Th.' appliiati.in ..hall Ih- •.upp.>rt«l l.v "ii.-li .■vi.l.-n.-.- a» th.- H.iar.1 .if lra.l.' 
 
 may r«iuir. f..rth..puri~. t •.l...«inir thit -Im- apph.ant- hav.. «.,.k1 r.-a-..n f..r. 
 
 .Hn.i an not actiiat.Hi bv malt, i.ui Mi-.tiv«-. in r.<iiiirnii.', th.- inn-oiiifaliou : aii.I the 
 K.«ir.l ..f Traill- mav. l-t'f.ir.- appoinlintf an ini-|«"t..r. 1. .piir.- tin- appli. ,iit» to (fivp 
 «.-.-milv for pavmin! of the .-o"!" ol iln- iimniry. 
 
 I.. It Khall'li.- thf.luty 'if all ..fli.-.rT. an.l a)fM.t« of th.' coniiwny t.i pr<«luc to 
 »h. oiM".'. '..r« ..'I l»..-l(H an-l ■!.- .ini.'nl- it, th. ir . ii-ti»ly • r i.,,«-.-r 
 
 !4., .\n in,j.-.t.ir may .-lamin. "ii .wtli tli.- ..tli.'.-r* .ml aM-.'nt» of th.- . ..mpnny in 
 r.'lation t.. it» hu»mei»<,'an.l may a IminmK-r an ..ath a.-.-.«^ini:ly. 
 
 li any .fli..r .>r aiftnt rr^u~ .. t.- pr.xlii.*- any U1..I. or .lo.uiu.iit whi. Ii iin.l. r 
 thi» Mi-lion' It if hii- .IntT !' pr.i<!ui-.'. or to ani.«.-r ..oy .|U.-i.tloii t.-lalln;; !,. ill.' 
 »ttair» ..f th. ."mpany, hi -hall U- lial.l." t.i a fin" n.t .'Xw'wIiiiK i'*'' l"iiin.l' "- 
 r»'«|«'.-l .if .a. h .itl.'ni I'. 
 
 ., On till- .im<;lu»i.in "f tl,. oiyTOtiitntion thp ii*»VHVt<>r» "haU n-i«.rl ili. r 
 ..pini.in to Ih.- lt..anl ..f TriMip ami a .s.pT of thi- n-port -nail 1* forwanlii.1 by lb. 
 
 B..anl lo lb.- n-ifi-l.-r.'.l ■!«<.■ "f ll ..iniiany, an.l a uirth.-r . ..py shall, a. lb. 
 
 rwiu.-Bt .f th.- apph. iiil» l.'r t! .• .inf-iinati.i". '" il.byiT-i- r.i iW-ro. 
 Th.' riMBirt '.h.ill b< »ritti-n ..r pmmi^l. *• thr Boanl ilir— 1 
 r. All .'XiMU'W'.' of aiwl in.iil.««Ml to th.- iny.-."i»jaliiui -.lutU i» .lefraytil liv ih.- 
 ippln-ant^, iii.l.-'.tb. |l.«.r.l of 1r».i- rtirw. th.- »ant.".> !"• i«»4 by thr coinpai.y, 
 whi.il ih.- Ii.«.r.t H b.'n'bv aiilb..r»».->! ).. Jo. 
 
 110. 1. .\ ...uipai.y n-.y 1 4 -.I" .1 «■>• lution appMut "i-i-it-ir" tinnvfuiiifaii' 
 
 itx attair^. ... 
 
 ■> ln^piii.ir.1-. ap|«iintr-l «htt!l h»v. th.- .arai- }.•.». r^ an.l .luliea a» inB|M-.l.ir» 
 api«-iiit.il !■> Ih- Hoarl -f Ti-...l. . . xn-pt thai. ,.;..i.«J ..I ,.iH.rtiu,f to tlif Hoar.1. 
 thiy ihall r.-i«irt in «iiib mano. r ami t.) «i. h |» r~.B» a. lb.- roui|wiiy 10 K'H't^l 
 mii'tinir may din-it. 
 
 , 1 nHl..T« an.l aif.iiti> of 111.' .'.iiniainy »hall iii.-u'- lb- iiin' i«-iii%lti.-» i<i 'am-- ..I 
 r.loHilt.. pi.-lii.-. aiiv !«iok or .hi iiin.'iii r.,piir. .1 to In- p«""lii...l i" iiwv"'""^ "o 
 apj-iinti-.!, .ir to an.-*, r my ^n.-^ti.." ait tli.'V w.iul.l hay.- ii- urr.'.l if ihi- in»i»'.-lom 
 hail '■.H-n api"'!..!.-.! b> H" Hoaiil ..I Trwh' 
 
 111. .V '"1 • "f lb.' r. pit "f ai.y ni-I«< I r« ii>|i..iiit.'>l un.U r thn. An aullnnli- 
 .-al.'.l In th.' "-al ..f lb.- ...mpany'wb. -«■ altaiiH ib.'V baM- i!H.Mitfat«i -ball U- 
 ».ln..>.^.iiil.- in any h-sf»l pni. . ^ .Imtr a» .yLleu.-o ..f tb. opiui.m ."f the uiii|Mel.>r'' in 
 n'l<'...n to any inaltir .-ontain. .1 in 'lo n-port. 
 
 1 .y .-M \ .- 1. 
 .■1. 
 1 ,v r. y .. u 
 
 \.\ M: \ . ' 
 41 
 
 S. .-.r. "f iufi-.' 
 
 Iny.'Ntitralloli 
 ..f allair«.if 
 .-oinpMiiy by 
 li.iaril..t 
 rr.'b. 
 inHpti-t.'!*. 
 
 
 ^ .1(1 of iM'i 
 
 l'..«. r ..f 
 .'.inipaliy 
 f.i api-iini 
 ,n-|-....r. 
 
 .•< ..I 
 
 lt.-p..rt 
 
 1 
 
 I 
 
 1 I- 
 
 -i" 
 
 of 
 
 1 
 
IdSS 
 
 Appendix. 
 
 8. lUof 1907 
 AppiintiiM-nt 
 
 'li 
 
 I 1; 
 
 pluilll 
 
 111 rt'ti 
 
 iiiKl rt'inu- 
 
 ituditon*. 
 p 7T8 
 
 .s 1'.) (if iw; 
 
 dutii'H ii{ 
 ■uilitorf 
 |i 774 
 
 ' t'HpaMf of U'im: 
 of an ifitt'iitii'ii t<» 
 
 118. (I.) Evrry •a>in|Niiiv sIihII iiI viuIi niiiiiul ireiurul iiiiitiiitr a|>|Miiiit iiii 
 
 iimlitnr orHuditiir'" to holii otti.c until tlic ni'Xt biuiiuiI iriiiiTiil imi'tiii.; 
 
 .' . If an n|i|i<>ltitltii'ill lit nuilili.r» i» imt iiiii<l>' nl nil hiimiihI Ifl"'''! moi'tiliL'. Ilif 
 H.uiril i.f Tmilf tnitv. mi llii- «ii|ilir itinii i.f ai.y iiii iiilu r i<t llir inmi iin\ . n|i|niiiit ui> 
 auilitiir iif the iipiii|iaiiv for tlir nirniit yiar, ami fix tin- niiiiiiii r iti..ii t.i li.' |iaiil i" 
 him liy thf I'lmiimuy fur hi?* wrvicr**. 
 
 :i. A ilini fnr or nftii-iT ..f ihi inmiiniiy «ha!l U't !•.• laiialili' 
 aiiiiiriir nf tin* ri>ni)>att\ 
 
 1. A jxriiiii. iith.r Ih iii a ritiriiiir uiiililur, shall nut t» 
 api>i>int<Hl auditiir at an annual iT'iural UHi'liiiu' iinli —< miliri' 
 iii>iiiin«ti' thm piTMin m thi- nftii'i' nf auilili'i- has l»t ii jrivin hy a »liari ImliliT t.i thi" 
 iiiitiiwny nut 111.!" than fmirtit'ii ihiy- lud'n thr aiinu il if. m nl niiitinj.-. ami tin- 
 ii.miianv »hall wnil a ri-py i.f any »iiili ni.iir- f'. thr ntirinif amlitiir, ami «h«ll >fin- 
 n"li.i' llii-nirif III thi» >.lmB-liiilileii<, either hy adTrrtiwincnf nr m any "IIht ui.kIi- 
 alliiwiil liy the 8i1iiU>«, m.t hi" than xviii ilayn ht'fnri' thi- Hiinual irrniral ni. .liiiir t 
 
 IVniih-il that if. nftiT ni.ti.i' .if tlir intinti.'n to n.iininali' nn Hwliti'i h^i» tui'n »ii 
 irinii. an annual •.'iintal tm . tint' ii lallnl f.ir a ilai. fnurtn ii ihiyt- iir li>— aftir tho 
 iiiiliii' l>u« Imn ihvcn. the n..iii-i . th.aitfh 11..1 >:inii villiin tin- linii- 1. ijuiriil l.y 
 thi« pnivi»iiin, ^hali 1m' .h ihikI In ha%i' latn pnii»Tly >fi». n f..i the piir|>iH«i. Ih. n^iif, 
 anil till niiliii- to U- s. nt ..r (jiven hy th.- roiii|uiiiy nia> , in^'iail of tn intf win or 
 (riven within ihe time rei|iiir"l hy thi» pnivi«ion, !»• ««ni or (fiveii at th. name time 
 H» Ihe iiotii'.' of the annual (teneial nieetinif 
 
 .1 The Hrnt aiulitori of ih.- ii.nii«iiiv iny U- ap|».uitiil hy ihe ilirei lorn Ufore 
 the .tatut<iry niM'tinif. an. I if mi Hp|«.iiitiil "-hall hol.l otHie until the liri.t annual 
 ifiniral mivlintr, unhxn pn viouNly rein11vt.1l liy a ri dilution of the ^han'h'.l.h r- in 
 Ifi'iieral mwtini.'. in whii h iiwe the nhaiihnlih i>. at that nx^etin^r may ap|«iint 
 auditofN. 
 
 fi. The ilirtietoni may till any iK-nal vaiaiay in the ofliee of auditor, hut wliili 
 any nueh vaian. y eontinu»* the nurrivinir or mnlinuinir auditor or auditor-, it any, 
 may aet. 
 
 1 7 The remuuemtion of the aii>lit<iri< of a inniiwny »h«ll l»- li«Ml hy the eompaiiy 
 111 trmeral meetiiii;, exeept that the n mum ration of any auditorK a(i|i"iiitiil liif.in- 
 ihe statutorv nieeiiii).'. 01 to till any e.i«iial va< am y. may Iw tixiil hy th. din iii'i>. 
 
 113. il K>irv iiiditor ot a . oinpany nh.iii ha\ ■ a riiriil "f "...►"a! ill iin.i« 
 I., the lnnliK and a. ii.unta and v.itieherK of the ('iiin)iauy. and xhall U entiilid to 
 re<|uire from the direilopi nud i.ltieei> of the eoinpBny ^;a•h infoniuition ami 
 explanation a^ may 1m' neem^ary for the perfoiiiiaiii e ..f the diilie^ of th.' au.litoii- 
 
 fj.i Tlip «uditoi> Bhull make a niiert to the »l>ttr<liiil.ler- on the aeeouiitu 1 tani- 
 iniil liv them. iithI on every balan.e nhi et laid liefori' the eompany in ){iin ral 
 nieetinif during tluir tenure of ofliee. and ilu njiiirt -hall ntali 
 
 a> viheth.r or not they have ohlaiiieil all the information ami . j|ila-.aliiin» 'lay 
 
 have ri-i|nireil ; an. I 
 h whether, in tluir opinion, the hilai.ce fhei t vefemil to in the n'|Kirt i« 
 pMj)i riy drawn up wi a« to exhihit a true and oomit view of the sl.ite of 
 the .onipany'ii affaint aeeordinK to the b<i.t of their information and thp 
 explun.iti.'nH k'ivi n to ihem. .iml a- i-liown l.y the Uailt« of till ipaiiy 
 
 :t i The littlane). hh.ef ..ha!! !»• »i(mi'l on la'half of tiie lioan! hy 1W.. of Ihe 
 direitorn of tliei..mpany or. if then' i« only one ilirni.r, l.\ that dini lor and the 
 audiiura' n'port Mlmll lie .1lt.Meln.1l to the Ulan. •■ •heet, or there .«h.i'.l he in^Mriiil at 
 the find of the lailaiiee .-hoi t a nferem e to tin n'lu.rt. ind the report shall !«• r.nd 
 Ufon the e.impuny in (.'.neral mietini.'. and Oiall ln' ojaii to :ii»{a.i lion by iiuy 
 nhareholdiir. 
 
 Any nhari holder nhall !»■ entit'iil 1.. !«■ furni-heil with a mpy of tin lialanee 
 ►hiitand audilora' n ("irt at n elmn.i- not exi i«linif Kixjiemt fc! every hundred 
 »or.l». 
 
 I. i If any eop,. if n l.alani^ chin I whiih lia« mil la^in ^iirni'il if rixiuin^l by lhi» 
 M1I11111 i» H-1111I, I in iil.ited. Ill piil.ii-'u.l. .1 if any mpv ..f a Iwlaine 4ii'<t la 
 i«.ui.d. linulnttil, ir pii!.!i-!i.d viiileuit 1 ithir ha\intf a io|iy of the niidilorf' n |ioit 
 att.'.i heil thereto or initniniiiL' -11. h ref, reiire to thai report .la i» nuuired l.y iliia 
 Heetion. the iKitiipaiiv. at.d eierv liiiti'tor. m^tnat'er. m-i .nary, or iiij.i r oltieer of Iho 
 roiiipanv who i- kiiowin^rly » patly to iln di f.iiili. nhall .m mnvirtion 1* iiat.li to a 
 tine not exepp^lind fifty ;N.iind« 
 
 j5.) In the law of a liBiikinif eompany ren-i«tenil af.n the fifteenth d.u of 
 ArnruKt eivrhtwn hindnd ami s. vintv-nim 
 
 la, if the iMniixtiiy ha- hraii.li iHtiika beyond tl.e limit*, of Kbni|ii .1 -hall i« 
 
('..Mi'ANiKs(CoNsoLii»Ari<>Nj Act, l;t()H. Act of 1908 1" 
 
 Hiittiiiint i( til- auditor i- iill..».^i »•■•■•■» I" »"• ti i-i.u> ..f uii.l .,im.i- 
 
 fr.im llir bi«>ki< hihI ».c»jiiI" ■>( nuy »urli l.rniiili ii- liiivi- lnvii lriii-.iiiitl<-.l 
 
 t.) tl.i' li.'Hd ..ftii. "f tlii-1-.-iiiiwuv III t»M r«it«l Ki;i}.'.I.mi . ;in.l 
 
 (hi the l.iil..n.i' -h.tt mii.t U- i.iL'i»J l.y tl„. -. . r,l«r> .., n.ai, i^'. r if any . an.l 
 
 »li(rr tli.ri' «r.- more tlmu tlir. .• air.-l..i» ..f ih. ...iin.ai.> l.> at Ua-t Ihr.. 
 
 .)f llu.m- din. tor", and wIht,. tlicrt' an- not iiwn llian tlir.i. ,li.,. t..i-. l.y all 
 
 till* (lini-ttirH, t 11 1 
 
 114 ,1 ) lli.ldir»..f iirifiwurr KlianM aiid d.lH'Utur. . ..( a . .,iiii,ai,y ^t.all liavr 
 
 the «.m.- niflit t., m.iv.- ami m-l"' I thr Lalalar -li.it- ..I' iL. ,,„„,,a„> u,m1 111. 
 
 rcjHirt* ..f 111- auditi.r» and iitliii r.|«.rtMu. 1- iK".».-.-.-<f<l liy llii' Im.IiI.i- "I ..rUinan 
 
 ihaitfH in the ii.miuiiiy. , , 
 
 (i.) Tliwi-.timi hliall ii.it apply t.. a prival. . ..n.t«ny. n..i t.. a ipaiiy r. u-i»l.-i..l 
 
 iM'forf thi- fli>t day <d July niui-tf.n Imndnti and i ikIh 
 
 <'iirry%tiv <m It'itiHru utth /»»» /A.i<i thr Ifi^d Mihxmhiii 
 116. II at any tnm lli- niuiiUr ..f miii.l. 
 
 ; I/,,n/»-, 
 
 a™- of a i,iivnt.".oniii«ny. Ih l..» t»... ,,r. in ih 
 anil it (Brriii- mi llll.inl■»^ for nmri (1 
 
 IM'V 
 
 of a I'onipany i^ riiiiifiil, in 
 ■a»t' of aii\ othrr oonipaiiy. It 
 \ nioiitli- wliili ill. nunili r 1 
 
 r..l». ..i, .v. rv JK r.on win. i» a m. n,i» r of t!„. , ,,:ii,y during- ll" linio lliat 
 
 ,am.- on l>n-in, .^ aft. r tlu.-o hix n„ nil.-, an.l •- . oj-ni-aut ..t tin f:iH 'Liit 
 ,.«rrv.n>f.,nl.u..n.-*itlif.«.r tl.an !«.. n,.n,lMr. ,.r ,.A-.n nanit. r, a. tl,. 
 may U: >lmll I..- -v.rallv lial.l- for tin- payin, nt of tli.. «lioI.- .1.1.1- ..I tli.' .-..nii 
 wntrait.il .Inrini' lliat tmi.-. ami n.ay t«- m.ikI foi tin <ini. , willo.ut joind. r >n 
 a.'tiun of any otlur iiitintjir. 
 
 it 1» 
 
 i-a**. 
 .anv 
 tlo 
 
 S§ri'\cf nwi A»th*nttt<itiat* I-: lh>ntm>H:* 
 
 I'li.lini; ll l'> 
 
 116. A diM'uii'i'nl may bi' wrvnl on m . ..nipan\ l^y 1. aviiij.' il ai 
 iHiNl to till- n'ffi«t. nil ..Itii:.' of till .■oniiuiny , . , , 
 
 117. A d.»iiii..nt or pr.««-<lmtr r<H|uiiintf aiilli. ii'i. ation .y a ..m.pii.y ni .> u 
 
 ,iKt..id by a diri-H tor. w«nt.,ry, or otli.r autliori/. d ..fli. .-r ..f tl niiMiiy, and i.-.l 
 
 nut !"■ uudrr il< unnm.m wul. 
 
 .s. .'t i.f ino; 
 
 lilL'lllr...f 
 
 prt'f. i-.-ii- » 
 »li,.r. liol.li rs. 
 A.- a> to 
 r..-. i(it ami 
 iii-|M ction "I 
 ni".rl». .V. 
 
 S 1-- ..f istij 
 rroliiI.il ion 
 
 ..{ I .iTjyilii.' 
 on 1 'i-in. -f. 
 »illi I. «.i 
 
 I 'nil. " v.-li 
 • ■\ w III. 
 . !.-.• of a 
 (-1 i\ati- ( .no- 
 |> .hv. I»o 
 lii.-nin. t'N 
 
 S. I.:.. . 1 
 
 ito .Itl.ft.t 
 
 1. 11 iiitiij.Ftiiy 
 H. ..| ..f Iwi." 
 AuMt'-lltliHtl" 
 til du. tiiii-nln 
 
 ial'lr* unit Flint 
 
 I ihi- A' 1 ..r fornw ii" lo ir i|.. no 
 -- t.i wlii.li ihoM' form- r.t.r 
 
 118.- I Tla- forms in llii- 'Hiinl Stli.'-llll.- I 
 », .■ir.^uiii-ti.n.i-.a.linif «liail !»■ u-.-i in all initl. .,•.•, 
 
 ■ Tl..- Hoard of Trii.l.- may ali.r anv of tli- tal.l. - ami forii - in II.. bir-l 
 S. liwinio I., ilii- Art M. tliut it do.-, not in. .• »«• ll"' ^ini-'niit of f.i- payall. t.. tlo 
 n-ifiMrar in tl,.- «iid M-l,«lal.- m.-nliori. d, and may altvi . r aild t.. tin- form- in tl,.- 
 aan! Tliir.l S. lii-iluli' , ,, , n i i .i i . i . 
 
 • il An, »ii.li lalili- or f.inn. win" allpn-d, -liall \v publi«li.-l in llie I,..n.loii 
 Oa/.-tt.-. and tl».n..-f..itli i.li.dl In.'.- lim «n..- f..r.-.- an if it w-.-ro :ii, Iml. .1 n, oin- ot 
 till- S.-li.-liil.-" to thi- A. I. lail m, Hlt.'ratnm inii.lr I > lli«- I'oanl of I rad.- in lal.l.- .\ 
 in 111.- Wild Kir-t S, lu duU- -liall att,. t any ..,mi..iiiv nvi't'i'-l ^-f'"" »'"■ dt.-raH..ii, 
 or rtjirad. a» re-ptn-t- tliat .oiniainy. any portion of that Ta.lf. 
 
 S 71 ..t iMiJ 
 .',|.pln'iii..n 
 an.l .lit "I all. 'Ik 
 
 ..! t:ll !•-- -oi.l 
 f..llll- 
 
 1 « " 
 
 Arbitlilti-it', 
 
 119. "(1 I A ...mpnin iiiav l.y wriiinK nnd.-i it» . ommon -. al «..'r..- t.. r. f .• and 
 marrvfer U. arhitratiou. .n a.-ordan,-.- witli fin- l^all»av Cmiiuuii.- Arln'.kf.m 
 Ai-t. lH-,9. any rxi-ting orfutiir.-diH.r.-n.-.- l,.-u.-»-ii itwlf and any oth.-r ." -i;. my 
 
 "'rl'TT-mnpa.o. 1. p.rti« to tl.o Hrhitrutn.n may d.d..u'.iu> t.. tli- arhitmior ,„.»•, r to 
 «.U1.- any l-mii. or to d.-f.-rniino anv inHtt..r ..i,.. I...- of 1- uiir lai^f-. y -.111.-.! .r 
 d..t.-rtnimnl l.v ihr .•..mp.-aii..- th.-m.-U.- '.r l.y lln-ir uir.--!or- . ! ott.r n.anaKi..*- 
 
 ^ll) All the proviMoii. of tli.- Kailway Coniparu-. AiSitr.tioi, Art 1- ' . -"mill 
 .onlT toarMtrwIion. l*tw«n c..m|«n».. an.' ,a.r~ni- ii. pur-nain. .1 i ii- A ' . an.l 
 
 in the co!,-tr«.ti.Hi ..f th.«.» nn.Tii.iun- •Ml,.-.- pani-. -hall in. u,.l.. .»,ii.|-ni,-. 
 
 onli-r thin A ♦ 
 
 « 
 
 -_ 
 
 of IV 
 
 ./ 
 
 A. 
 
 1., 
 
 "iti.-ii 
 
 
 In 
 
 .< 
 
 . .-II 
 
 
 w. 
 
 •'i 
 
 iHlio -. 
 
 
 Ill 
 
 1 
 
 .Ihi-i-K 
 
 
 • "I 
 
 \ 
 
 j:i Vi. 
 
 1 
 
I5«<» 
 
 Aphkndix. 
 
 S. i nf 1K70. 
 
 promi"*' with 
 crwliton and 
 
 p. 14M 
 
 180. — (I .) WhfTP m rtwnpi^imi»e or arrnac* ment i* prupmiwj J>«tir*«'n » mimpwnv 
 ant itH rrcditorti ur any cIium of thpni. or bctw fii the '^imiMiiy «iid iU rpmiU-r* or 
 liny i'Iaiw of them, the Court nuiy, on tb ^ npplicAtion in h HiimTuAry why of tbr 
 rompony or of any < realtor or member nf tho tv>Tnpany or, in the rane of u mpinpany 
 heiutt wound up, of th»* liipiidator, orii*>r a iiii'*'tintr of the itreditom iir Atnv* of 
 • n ditont, or nf the nifmUrM of tho I'otnpiiny or iIam of ui*>mberN, ah the raHO miiy 
 U', to he Mumnioiif'd in nwU manin-r a** tht- 0>urt directji. 
 
 (■-' } If a mnjority in numU*r npn'wtilinjf thr»f*»-f» urthn in valuta of the crwliton- 
 or i-lttM of f'n><litorM, or rutnilM-n» or • laiw of mvmbfp*, a" th»» ra»*» niay bi*. pn-wut 
 titbnr in |HT*<'ii .ir by prow :it *hi- itn i-hn^, «irr»'p to any compniniiwe or arranj^f^ 
 noiit, th*' r4»iui>roiniH4 or »rriiii^'in<-iit r>hull, it funttiontHl by the Court, bf binding: 
 oji hII tbi' rnnlitorH or tli*' cIhmm of rrtHlitorw. or on tho memb^-n* or i-laiw of membcrM, 
 Hti th** raM' nmy Im-, awl iiIm) on th» company or, in the '-rntp of n fimpany in th» 
 i>4iurHe of \tfiint woiin<l up. <m tht' liipiid.itor iind i:ontriiMitori<>H of thi< rom|>any. 
 
 (.t.) In tbiii MH tioii till- expr«Hfiiun " lompauy " meaun any cuntpany hable to Im- 
 wound up umliT thtM A< t 
 
 M .lU'ni^ 1 
 
 " p'-lMtlt 
 
 .'oinpiiny.' 
 p 910 ' 
 
 MeaHtn</ of " Prnatt t'omfhtny.'' 
 
 »07 Ifll. — (I. Fit tbr purpoM'M of thin Aei the expreHnion prlTit** ' onipuiy " 
 ,f mruiiH n i-oniptti^y whit li by iii< ani»lri«-' 
 
 (a; HMtrit-l-* tbf rl^'•bt to tratiHftr it- -ban-^ ; and 
 
 (b) liiuita tbr inmiiier "f Um m'ni)»*T* (exrluniv.' oi p< r«>nH who »n- in the rmploy- 
 
 ni'-iit of tlif ''oinpnny) to ftfty ; ;ind 
 ((• prohibits aiiv inviti.tion t > th* publi«^ to «ubM ribc for any nharei* or d*'H«'nMin'« 
 
 of thf ronipany. 
 I'J ) A privitt' (iimputiV niay, MibjtHit tu auythinff oontuiuod in th.i m«>m< .amlum 
 or artinip*. by p>i!<^intf a tynH-'inX ro«*olution ' '\h by fifing with tbo i^ jri-'trit. -f ' (im- 
 p,tTiii>M <4u<'b It ntati-rnt-iit in lii'ii of proH|M't'tU!4 ah the "(Hiipttny, if :i [>' ^>b inpany. 
 would ha*'* had to tib Ufon- lillottinv any of it** («h.ireM "f dt'ttonlun-. . tou-etbt r with 
 su<-b a r>tJitulorj' dt-1 l.init'' >ii f* tlif lofnpitny, if a pub'u -onipany, would have )ia<l 
 t*iti;f litlorc roinnii :M'Jntf bu*im*f«« turn itwdf into a p hi-* (H>iupatiy. 
 
 <\ ' When' two or iiion* prruam tiobi om» or inon *h:.rk"» i^i n company jointly 
 iliey Hhiill, ftff i'.i*' puq»'"««'i* of tbi»* -wction, Im- troatwl a.-* a '•injrln i-.rmUr 
 
 M<idf^ of 
 
 ««iiidinb ip. 
 
 l.iwb;.iiy ; 
 • mtribut^t 
 of prt-M :it 
 
 »•"] pllfHt 
 
 mb<T»-. 
 
 N';2. 
 
 .UK 
 
 i-ncmi 
 
 PART IV. 
 
 WivMNfi Up. 
 
 188.' fl.) The windinir up of a company may be cither— 
 
 (i; bv thf C'luri ; or 
 (ii) lobititjirv ; or 
 
 (ill Bubjiit to tb»- j-uprrviaiim of the (>>urt. 
 C'.^ Tht pn'viHion" of thi- Act with ri'nj.i'^'t to * ^ linfc up Hpply, 
 ^mtrarj" apiHsir?*. 1o tY wiudiny up ot i « "n;pany in any of tli-^p i ■ nU? 
 
 •inleM th 
 
 t'ontrif'nfi.rir*. 
 
 123.- '1- In tbo tvciit of a » -nipnny U i.iir wound up, r'%-('ry prr»^nt and piiat 
 roemUT Bhall. f»ubj*Tt t-» tb.- proviNoD« of thin wrtion, be liable to 4 untnhut*' tii the 
 ai4f>etn of tb»* company t^* an anioudt >utH<i**nt for payni* iit of itMd*-btH and liabilitit-N 
 and the ■•i*t>U, obartrvH, and ('XiH-nttc^ of the wiiiduig' ny. and fot tin- atljuMrucnt uf 
 tbi* ri»fbl«« of the < (iiitributuri' « a«io'nr tlHmwlven, witli the qunlitit atiotiN fo'l^w mcr 
 fthii* i»* lo wiv) ; — 
 
 il A piu*l ru'inbcr Khali not U^ liabU- to t-ontribut*' i^ be ban r«aMHl tit be a 
 member for one year ur up« '.rd" befo»v the ■ ominencemout of th*? 
 wini.in^ up : 
 o^ A pact liii'iiibfr nb&U nut bti Uablu t<> otihtiiSutA; lU i .it^-^t of uny du' l yjr 
 ltnbtiity of th compujy eifntrietet^ "ftcr nt- 1 ^,*k1 to he * rtcmber 
 
C<)MI'ANII> ((V>N*»IJI)ATH)\j A<T, I'.tOS. Act Of 1908 l"»'» 
 
 'tii> A punt m.n.bfT chBll not he I'mbl.' ti> iimtributf iinl«w it iii|MMr« t.> Ih.. 
 ('niirf ili:it tlip t'«i»tiiiif nionit"'!'" i'<' iiii»lil>' H' •Htii«fy <hi' i"ntribuli'Mi« 
 niiuiri'd ti' U iii»rtc by lliftn in |Mir»iiaiiif •>< lli- Ai t 
 ,i» III llio raw iif ii lonipBiiy lii'iiti«l bjr hlKin* !m> .•..ntnbuticn ••IihII I" 
 rttiiiin-d from mijr meniUr .•Jiindinir tb'' ■ni.nint, if jiiiy. iiiipnMl "ii 
 the •hnr™ iii f»«lH*t uf •bi< b h< i" I'Hbb ii» n jir< «• nt or y.M luiinUr ■ 
 v'i III ihp (•««• iif H iiimpHiiy liiiiitiil by ifiinniiit. i', ii" c .niliibiilHMi "ball b' 
 niiuirwl fmni miy mirmlifr r»itHiliii|f thr amimtil umb rIakMi tn br 
 iiiiitribiiUil by tiiui to tbc iu»el» of the iiimpiiK}' in thi- .xiit ..f it* 
 beJDfr woiiiid rp : 
 »i) NiithiliK in thix Ant iihiilliiiTiiliii«li> r.ny pnivi»i'.ii (..filiiiuil in nn- (Hilny 
 nf inKurantf nr other cmlrH't whfnby thi> liubihly of inilivuliinl 
 iiii'inV-rii on the policy or roolnu t in r<-»lrii iitl, or wbi r. by iho fuml* of 
 tlif conpiiny are Bbmi' mmW liiibl.' in rr.|>«i t of IIk- ikiII. .v or coninvt ; 
 iriii A "um Jue to «iiv niomber of n romiuiny. in hii< ibi.not.r of h numbir. by 
 wiiy of iliviill-iiiiK. pnifllK. or oliirrwiiw, -'uill not !<■ ili'«in.il to In- ii 
 ■li'bt of the it.niiMtnv, pnVHbU't.i tint iii.itil"r in « >•«»' of .oni|Htilioii 
 b.'twiiii liiniM'lf iiml Bny otbi r ireilitor not a nifnih.r .1 tl,i . ,.iii|«iiy , 
 but any mirh »iini maylif mlion int.i Hi.onnl for lb.- |.iiri«i~i of tb.- 
 finul luijiiKtment of the riiflitu i>f th«' iinitrilmtoruK unions lli<-iii-.l<i'" 
 {I.I In Ibf winilii.K.up of » limitiil ronipuny, any .lini lor or niiiii,i(fi r. » lilbi-r 
 iia»t or nrewnt, whn»<. lintiilitr i". in piir»imiiiv ..f tbii. Aiit, iinliinit.il. >biill, in 
 ;iaitition to liii. liability (if auv) to . i.nlribul.- ui> an onlinary nnnilKr, 1m> liiii.b' t.. 
 r ako a furtliir i-onlributi..ii »!• if br vvn- at tin- . onino nii-nifnt of the wiii.liiiK-np 
 •I member of an unlilMilwl i-ompBHT : I'riniihJ tbiit 
 
 (i) A Ii««t <lir«rtor or mauatrer nhall not bi' liable to make aiieh fmilier loti- 
 
 tribution if he bii» eeai*d to boU oftiee for a yeiir or upnisnh. iM'fon 
 
 the ronimencenieut of the • iii.liii)f-ii(. : 
 
 (iii A past .lird'toi or niiinmfir »hall in.t Im' liable to iniiko »iiib furlh. r iir.- 
 
 tributioii in re»pe<t of any di'bt or liability of the i onuiany ronlraile.1 
 
 H^ter ne eeiiw*! to holil otttre : 
 
 (iii> MiiSje. t to the artiele- of the i'oni)mny, a iliriitor or niiinaKer •hall not !»• 
 
 i.ilile to make Miih further eoiitribuii mi unl. »- the Court i|.>.in~ ii 
 
 ni-eei-aiiry 'o r<i|uire that i-oiitribii'ion in orihr to wiM»fy the ibbl« ami 
 
 liatiililie. of the eoinpauy, anil the lostH, rliarnt», ami . »ii.ii»e^ of tb. 
 
 winilii.. .p. .... 
 
 (3.) In the wiii.linu-up of u ronipauy limilel by iruanititew wlin h .la^ 
 
 eaiiilal every niembi'r of the eoni|>aiiv •hall !«• liable, in aiMition to lb. 
 
 unilertikeii .1 1« iontribiit.-.t by bini f. tlo ...mI- ,.f ili.' ...ii.i«ii.y in the 
 
 it« lieiii»f w.iuiiil up, ti; lontributc t.. tli.- . xt.iit of an) 
 
 hehl bv bini. ... 
 
 184, The term ntributory " meaim .viry jn r».in liable to louiiiliit.' t.i Ih. 
 
 mtHlaof a-onipanyin the event ..f ili« Imiiif woi.nil up ami, in all |,r.K...liii>r< 
 for determininK ami in all i.r.H eeilin^r" pri..r to the final il.tirii.inali.i. of tb.- |h r-.iii» 
 wh.i are to i». .Iwini-l loiitrilmtoriii., in. liiile« any pen«in alb n.'l to b" a . .mlnbiHory^ 
 120. Tlie liabihty of a contributory "ball ereal, a ib'bt iin Kniflai.d an.l Ir.l..ii.l 
 of the nature of a •(><■' ialtv) ai..ruinif due from liini at tb.' time when l.i> lialnlity 
 lominouoed, but payable "at the time- when . itla an made for .nfor. intr tin- 
 
 liabilitr. . , , , ■ i 
 
 126'. — (1) If a cnntrihiitorT di..» either l»for.- or ..ft.r 1 ba< l«n pbe.-.i on un 
 
 li..t of coiilribiit.in.-, bii. lerwinnl -.-pre^int itix- and IiIh heirit and deviNH^., Khali 
 
 be liable in i .Im- r..iir-e of adiiiinir'tration to contribute to lb.' aswtn of the 
 
 ..(impany in di»< hari^e .f hi« liability and Hball b.. . ontributories ai-.-oriliii^-lv. 
 
 (i ' Where Ihi p< iHonal repri.m.ntalive« art> placed on lb.' Ii»t of ...utribut. -. 
 
 the hcin. or devimn .« ni^l not t«- add...!, but, ex.f pt in the ca»e of heir« ..r devi,.. . . 
 
 of any Mvh rm\ enlate in EnKlaiid, they may U: added as and when the ('..iirl 
 
 thinki* fit. 
 
 a nhar.- 
 Jtnioiiiit 
 i. i'\.nl ..f 
 any nIihi-c. 
 
 X 74 .f IHi'.-. 
 
 Ii,iliiili"n..r 
 
 < 'ihllll..>T<.|> 
 
 S. Ti ..| IM'.; 
 N'ntiir.* «l 
 
 ll-.|.ll.'T..| 
 
 . .-Mil ilHiu.n 
 S 7ti "I I'*!. 
 I'ontribii 
 tori. » in . a-. 
 ..f dtalli ol 
 ini'nilM T 
 
 (:t.i U the perMiiial representativin make default in pnyin*.' anT money onlcr...l 
 
 'J iHid by them, pni<e<Hlin)pi may »>.■ taken for ii.lniiiii«t«riiip the p» r-^ 
 
 riitl I'TtatcB of the <h.<e«.snl ..ont-ibut.>ry, or either of them, ami of coi 
 
 ;oni]H-Uiiiir 
 
 iii?!' If a contributory Ih-. oiii.h luinkriipl, either before or aftt-r he baa 1k.<'Ii 
 plai-cd on the li»t of contribiitorii'». then 
 
 (1.) 
 
 on the h»t of contnliutorii'». tnen 
 
 hia tni«tee in biinkmptcT Hhall npriioiit him for all the purpoiMii of the 
 winding up, and fhall be a .•..iiiributory a<-ii.r<linK!y. and inu, b." ralle.1 .m 
 
 S. 7,^ of IHi-..' 
 
 . .•iitnl.iii>.ii- • 
 III i >i^ "f 
 l>iilitirii|tt>'V •<* 
 
 tmM.' 
 
l-.ti 
 
 
 s. ;h ..( I Hi 
 
 IVivi-^i-in 11^ 
 !<» riinrritnl 
 
 M'Hillfll. 
 
 I '> ic Iti Vii 
 .. 1., 
 
 44 .V 4.'> Vi. 
 f. iil. 
 
 Appknoix. 
 
 U> mlmi' !'> |in»if nKsiiial thf <'«i;,ii- ..( ili.- tmnkr'ipt, or olherwiw to allnw 
 to hv |>iii>l iiut III Ilia iMiH'U ill iliii' i^airai' of lit«r. Ml)' immoy >]■■•> fmin the 
 l»nkni|>t ill ii'mju'i-t "( hix liitbilil) i<> mmlriliviic lii th« luiM'tii of Ihr 
 t«int]Hiiiy . «n<l 
 . *.> thfT^' may liu provt •! ntfitiiiMt thr r<*t«tt' of tho hniikrupt the iiitimi&t'^l vulu** <>f 
 
 Ilia lUliility t'l (iitiiri < mIU >ik wi'll itia 'alia alnwly in.ilc. 
 198. — ' I Thi' lim'wiiil of u fi-m.ilv <'<«iitribiitnry iriiiiriiil lufon- lh« cUtc of »hi' 
 ruiiimiMtu^iiKOl of ilie Miniiil Woimii '" I'mp rty Ai't, IH^J.orllii MHiriol Wi.mi'irii 
 rr>i|»irty St'otluml Ad, IsSI, ».■. thi . h- in»y In-, aliitll. iJiiriiiK the ■•ontiiiuiiiiH of 
 lln- iiiarriiitf*'. Ik- lialilf. .o rii>|i' vti any liitliility Ktt.t<:liioif to »uy i«h.iri»> »'''iuind by 
 hiT lH-fur<' that iluta'. to Kiutriiiiilt to lliu ii'wtn of tbit riiiu|iiiny tbc^ Mtiiii' xiiin an fhe 
 would bHV>< b<«'n liiibli' to I'oiitriliulv if nlio liiwl not umrriuil, and he ithall to i ..m^ 
 trihiit^iry a»(-4>nlin!rly- 
 
 .i ) Siibjii't iia .ifonxaiii, iiolliinir in thii A't aliall alfi" t the proriai'iii-. of thi' 
 Married Women'» l'ni|itrtT Art, I.SSJ, or tlir Uitrriinl Women'" I'Mperty ^8^Io^h^nlll 
 A.t. 1»»1. 
 
 If^indiHff up hy f'oHit, 
 
 .V ' 
 
 8. 7'J'.f IRflv 
 
 ill whirii 
 oiiinpuriy >iiii 
 
 S. ^ 'i.f IHti'i. 
 '■'iiii|».inv 
 
 uiiilili- tu pay 
 
 s 
 
 1 ..f 
 
 IS 
 
 Ml. 
 
 .1 
 
 in^li 
 
 til 
 
 ri 
 
 t. 
 
 » WitK 
 
 "I 
 
 t 
 
 (■' 
 
 nnprt! 
 
 i< - 
 
 in 
 
 J 
 
 ■ .rluii 
 
 1. 
 
 
 139. A rompMfiy mny be truuiitt up by th»* Ttmrt - 
 
 lij if tht iiipHiiy hitn hy '«{Ht-i il n*«Mtlutioii rt>w»lv**<l ihnt thr rumpany Ik- 
 
 V. iHirxt up by f hf C viirt : 
 ii) if di'faiilt \n tun^h- in tiVititf tit** Mjitiiltiry rt'jMirl or in hoMitiir the •»tflttl^.^y 
 
 nitv trtitr : 
 liii^ if the < onipHtiy (liMii n t ■ 'imTnt*ni« iu htiiir**** within n year from itk 
 
 ific»>rpt.r ition. or '•ii»]k :i N ;r>* biioitii--^ ft>r « whnli- vttir : 
 (iv) if tb'' iiiimb«T of ni'-tiiiMrH it n«(lii<u<<l, in tin ci-- -ti a privnto rotnp:iny. 
 
 iH-i.iw two, t'T. ii. t*H ' fi-" (»f »uiy othrr (Mimpnny, tMv.w «m'v. -i 
 (vt if the foni|tnny in uniiMc to \*iv iU tlfht^: 
 (vi) if the* Mt'rt i-^i-f ftpinion lltHt it ih jimt imd «|uit»l»Ip tbwt tlio ronipjuir 
 
 nhtMild (h* M'ltitKl up. 
 130. A lunipitny «biiU tie ibt>nk«il to tw tillable to pay itn dt'btn - 
 
 (i) if !i ('ntlitnr, by ii'— ijfiimt'iit «>r otbi-rwi*-, to wh«<ni ;bi' rnnijiany m inibbt^-il 
 
 III II Miiii ('Vi'Mfhii;^ hit* ]M>ttniU tinii tluo. biw wrviil on the 'oinpiiiiy, 
 
 by Iciiviiiir tb»' -itinH' at il^ rtvi^t'Ti"! oftice. ti dcniHiid untitr hi-* hnii'l 
 
 n-4piirihif thr ('•iiii|Miny to |H»y tbe •mm mt du*', mid th<' compmy li.it ft»r 
 
 tltn-*' Wf^k*- Tlifrriifftr iififlf-tiil ^^ piy tho »uin, i»r t-.-^s un* or «-oinp tun- 1 
 
 ft.r it !.. ihf rtiw.iiiiM. sjitiofm-tiu:. .rf ib.- < n^^Iitor ; or 
 fii) if, 111 Kii^Uipt ur In ltin<l. • \i-i-uTt'>ii or t)tli*-r pr<i(-t*i*« i^MUt'tl on ii jiidtrtni-nt 
 
 di-iri-*' t»r orltT of mv t'iMirt in Invimr nf it rrf-tUtor of ibr inrnpAny m 
 
 n-turcii'd utii^tti-tli^t in ub<*U- or iti pnrt , or 
 tii) if, in S. iiilaiid. th«* inlMciii' i>t .i ftiarp* fur piynioiU on Jin i xfniit d<TR«#', 
 
 nr -n riimt r-.-fcri,r4rf.l !-nI, "i* m «'\tr;M"t rt-^rxtrrofl pmt^'^t h ivt- 
 
 » xpinnl «-itipitit I'liyiu lit Iwinif nt mi- >>t 
 (iv) if it it |,r.iVMi to the ^iti*i(u ti. u ..f th. l.'.mrt tbit th 'tntpmv in nn.i*'b' 
 
 to |tHV ilH ijebt", Hn<l, iti ile'* riiiinin^ wbf'bt" i untiHay i<« uniblt* tt. 
 
 piy ito dibiH, tilt* (.' 'iirl Kbatl ukt^ mn i^ , uui r the c mtinxi-ni und 
 
 prM*|Ht tivf biibilitii-s f ihi- 4'>nipany. 
 
 131 — (i.i riif l.'ourt'* bHVtnu' lurifiirtHUi to wii.'i jp rompHnii"* r»j-ittin'<l in 
 Kiiifliind Kb'ttI )n> tbf Miifb <'*'urt. tlio (*lMii>'fry l.'uurtri of the r*»uiitit!ft pilfttint- •' 
 \a:fnuinler tiiid DtiHiuiii, uml ttti- !'<» iuty ('•nirtM. 
 
 I'L.) \Vh*-rf tbi ttinoiiiii fti (h<- •\mn.> < tt,>it d of a comikany piiid np tir • r-tliUil um 
 piiti up fXi('i-»i« ti ji ili<ti-;i'ui )M)UU(K, ti (K-titi'Mt t<i Hiul 'tj' O.i) • Mmcnny "h:ill Im- 
 pn-M-iiiitl i»» tbf tii;^'b ''.mrt. or, in Hn- fiM* of a •oinp^iny wboti' rf^i-ti-nil ofti ••• 
 f< »Ho.it»* wiihin lb»- jnrfwhi^tion i»f iitbiT ol tbr |>ubiti.t- .KurtH ftfuff^iul. »itb(T to 
 tttf Iliirb t'oiirt or to lb" p'il.tlitH> •Miirt Intviii^ iuri<4 tirtiMn. 
 
 (H.; ^'bt-rt- tUti 'iiMoiiiit i,f th<- ^t>art- i-^tp<titl of :i conipAnv p^id up or < n*"btttl as 
 ]»Hid up do M not «>X' < '-^l U ii tb< ii->ah-l p 'IiihI-*, hw\ th*- nkfitttntl otti •*• of fht- t^oiii- 
 )*aiiy i<« Hituat**«l within tbi- )uri>i>li<-tioii of n C-tuiitv (' >urt Imvin^' junwiirtion uudt-r 
 tliir \v.t, li (H'tition tf} wind up t)i<' (HHik|>tiiiy aball be prt'm*utuil to that County 
 Court. 
 
 ' k.) WIhti* « i-omfiaiiv in formi*! for wxrkituf minei within t!.<* urinn-ifHii and i-* 
 U<t KboAU to Im- lUt'iaUy witrkiiu'' miu'^ f^^yiut-l ib(* luaiu of iIm' Htunuiints ur to 
 b^ tii^^l in itny other nil Icrt^ikiit^ t^cyond iIi'mm* biiiit«i, or to hare nDt«n>d iuti> 
 
< 'OMI'ANIM ((;ONm)LII)ATl«)N) ACT, IIMW. Act Of 1908 
 
 |. '>)•.'■ 
 
 a.xiilr.rt f.ir »inli w.rkiiiif .T uu.l.rti»kiiiif, » p»titi..ii t.. wiri.l up th" ..■mp-.iiy 
 >liiill U. |iri-.*iiU-.t I" llir Ciurt 4«. r.i.iiirf tli. ■.I^im.iri.- jiiri- In li.m whMtivjr m»y 
 >H' ll.ii amnuiit .if tli.Miiiiiul ill Ih mpaiijr «u.l *iur.v. r iIh- ru(fi«<«iwl •>««■•.• f 
 
 thv nilllllilUV i« ^itUliU*. 
 
 (:■ ) Til.- r».r.l <'»i,ii...ll..r m.ir hv onUT .'icliiiU' a t'oiinty t'ourt ftiim hnviiiif 
 i.iri«ilicti..u ii.i.l.r ll.i« A. t. an. I f.T ih- |mr)K)M'- •<! ilia' juri«lioti<.ii iiwy atliu h it. 
 .li-tri.f. ..r iiiiy l>iirt lli. r. ..f. t.. tlii' lliith l'<mrl .ir itiiy ..lli.r Coiiii'v Ciiirl, uii.l 
 ni»v n'v.'kc .ir »iirv iiiiy -u.li ..nlir .ir mij lik.' .inlrr iim.l.' iiii.l.r lln t'..!n|M«iii.-« 
 (Wimliutf I'p A.ti l^yi). , , „ , „ ., 
 
 Ill u»iri:i«iu)j liin |i<iwir. uii.l.-f thU nwti.iii tti.' I..ir.l ( b*iu.<'Il.>r "Imll i.r..u.l.- 
 Uiat » C'.iuiily r^.iirt nlmll 11..I li.ivi- jiiri!«li.:ti»ii uii.ItT lhi» A.'t iiiil.iw it l.u« (..r 
 till' till!.' iK'iiiir jiiriMli. ti'iii III kiiikrii|>i' y 
 
 Aii.inl.r initl.' uii.lir tliH pnni"i..ii «li»ll H"' »t»>il »iiy jun-li. ti..n ..r |...w.r, 
 V.-.I..1 ill uiiy I'.iiiiity t'.iurt iiii.l.r 'T l.y »irtii. .>( tlm !Mauui>rii'< Jiin-li.li..ii 
 (Ati<.liti.>ii| \.t, INWi. , , . 1 
 
 (11.1 KviTy (^mrt ill Kii«linil havinif jiiri~lirti.>ii iiiidrr tliii. A.I U> wiii.l n\' * 
 w.mpaiiy »lmll f..r ll.. piiri-w. ..t tli«l j.iriMli.(i..ii li«v.- nil lli.' i«.«.r« -I tl,.' Iliirli 
 Curt. U11.I iv.ry nn-vnl.-.l ..m.-r ..f tl... f..iiit -liall |»rf..riii ,.iiv .lull.- wlii'li 
 an ..m..'r .if tlir llii/li C;..iirt iiwy iliM'liHr»c<' tiy "nlir of tli.' jii.I»f.- tli. r.^.l ..r 
 ulli. r*i-* ill riUti.in t.> tin- wimliiiif ny «f a inmiiHiiy. 
 
 7. S.iiliiiiif III thm Hoti.iii uliull luviiliiUli' u j.r.nMisliuu l>y r.-.fi.iii "f ii, l»iiiu- 
 taken in 11 wr..ii)f I'.i.irt. 
 
 [H ) K.>r th« piirinM.-!. of tliin nw-tioii th.' .■iprt-Miion •■ n-iri«t> ri.l "ttl..- 111. iiii« 
 till- pliu^i' wlii.'ti IriH l.iui.'.-»t U-tn tlm rwi{i»i.r«l .iUii»? .if tin- ...miMtiiy .liirii.k- tl.. 
 •u ni.iiiUi» iiiimo.li.iUly prii'. .liiiK 'lir pr.-utali.m .li tli« IK-Iili.m f..r win.lini^ up 
 
 133. Suhji-t t.. )f.ii.ril r.il.'« aii.l 1.1 onli-rx "f tmii-f'T iiia.!.- un.l.T tin- .iiilli.irity 
 of 111.- rtupreiie diirt of .l.i.li.-aluri' A.^t. Ift'l. an.l itiii A' t« .iiii.-iiilinv .1, lli.- 
 juriiii.'tiim t.. wiii.l up .■..•ii|>»ni.-. .if tli- llirfli C'lurt in Kii-'lii..l un.Ur tlii» A. t 
 ■.lull. .Willi' lyinl fliiimvllor iiihv fniii tune i.i iiin.- tiy tf.ii.ril ..r.l.T .lin.l, Ik- 
 .•». 1. i~-.l. eitlier ift-iii-mlly "r in i.|i.-. ili-<l .-law"-* "f iaw«. iitli.-r hy »u.li jii.l»f>- "f 
 iii.|tf.-» .if til.- (;li«n.-.-rv Divifiini of tin- lliifl. I'.Miri ..- •!..■ b.nl Cliiim »-l!..r niav 
 awifii to c-j.-n^i— lint jiiri«liiliou. «r liy lli. jii.l./' vl,,., f.ir tin- tun.- Ih-iiik, 
 i-t.-r i-i»-» ttii. liankrupl.-v jun»ilii-ti.in of tin- llutli f..iii! 
 
 133 - 1 1 Til.- win.l.nif up of a ...mpiiiv liy tli. < •iirl in Knttlaiul or any 
 priB-i-.'liiiu-. in till' niii.lii.if up in iv ut m.v tiini' mnl ul iiiiv -iJii."-. m"! ••■tli'T will. 
 ..r «itli.iut iipi.li.n'ion fMin ii.iv of tl"' p.irti.H ih.r.i... Im- irin-f.-rr.-.! fn.ni ..n- 
 Oi-irt t.i .iri.,ili.-r (;.un. or imy U- r. I«in.-.l 111 il"- • ourt in ulii.titnc pr.»-.f.lii.i.'» 
 Wfn< i-4.mn.-n.-.-.l. aithoutfh it may u.it U' tli.t'nirt in wlii.l. they .nufhf to ImM- 
 
 bisen .-.mini. i*1. ... 
 
 I'll., imw. P> of lr^n-<f.T triv.-n liy tli.- f..r.'tf..ini.' pr..vi«i.,nr. ■ f Ihii. «-. tion 
 
 Jt -I Vl. I 
 
 ..I 
 
 I A fit' V' I. 
 
 .•I .> "f IV'i. 
 
 t ..l,.iil.-t ot 
 will ltlltf-lll 
 
 iii-;ti. •.- ii. 
 
 lliL'ii t'"urr 
 in l'n.;)Hii<i. 
 :;i; A .t; Vi. ! 
 
 S. ?, ..f IS III 
 Tr:u.-f. r ..I 
 
 pl'.H'll'.llll^'N. 
 
 (-) 
 
 mii». mil.i-.-l to «iiil in «.-.-..rl:iii.-.- with >r •■•I'-riil ml.- I..- .■»<-n^ii«-<l liy tli.- Lorl 
 
 'li:ii'i.-.ll'.r .irtiy any jiilin- '<! iln-Hiifli Coiirl li ivini.' jnn-Kli.lion iin.li-r ihi- Ail. or. 
 ix r.■^'.lnl■. any .raw within tin- juri-.ili.ti..n of miy ..th.-r Court, l.y the jiidtre of 
 
 iliiit I 
 
 ::|) 
 
 Wlll.'l 
 
 111.- <;. 
 
 I'l'lir- 
 
 .urt. , 
 
 If any ip«t«tiou a ifo in any wiiiilin>,' up pr.K. . .linir in a t,..iiiitv < .iirl 
 
 all til.- pirtii- to t'l'- pr . -.-•Hliiiif . or wlii.li ..1 f th. 111 ani tin- |U lire of 
 
 u t. .Iir-iie t.i hav. .Ii-u-nuim-il in tin- tir»i iii^Liii.-.- in the lliuh Curt.lh'- 
 ..lall «t <t4- th.- f.uti. in the form of a »|M-. iil •■»'•■ lor the opiiu-.ii of th. Hi,fh 
 
 rt. aii.l tli.T.-upou th.. i.|«--ial . .w an.l th.- pr". Iiii-.'-. or Mi.h of th.iii as may 
 
 t) rcpiir..!. «liall l>e trah»mitu-a t.i th. Hi(jli Cmrt for tin- purjiiw^ of th.,- d.ter- 
 minatiou. 
 
 13 t. I'h.- t'ourt hiviuK juri*li.tion to wiiiJ up c.mipaiiie-i r*-«iiit«r«l in IruUii'l 
 Hhali Ix' the lliKhC.mit: . 
 
 I'niuil. .1 that wh.r.- tin- lliifli C -urf in Inlainl iiiak. » an ..i J.r for winlintt up 
 a .•..iii|>ai.v it miv. if it think- «1. .i '- 1 thnt all ».il...-.iii. i.t pro.-.-,-.limr- in th- 
 will liin; up In- Iniil in th.- Ciiirt of l.ankiUj.l.y hHvinir juii-li. Inn. in th.' plait- 111 
 
 uhi.litli.- r.-.'iM.-i.-l .tli ■■ 111.- .oiii;,.iiiy i. sitnai.- ; an.l tier. iii«.n tie.-.- pr..- 
 
 .-,,li.i.^- »li.ill In- tak ... in Ihal'ouit of haiikrupi. y .n.-.n-liiikrly. ..ii.l ih it < ."in 
 shall. t..r Ihi- purpo*.-« of tin wimlinx up, lm>.- all tli.-ii.iw.-iB.it th.- IIikIi I'ouri 
 ill Ireta'i.l. 
 
 1 r riip Court hnvintf juriwli. ti.ui to win.l up .-..miiauie" r.-;fi-ter. .1 in Scitlaii.l 
 ^hall .»■ tin- C..iirt ..f S,-mioii in .-iih. r .li»isi..n th.r.-.il. ..r, in ih.- emit .if a r. nut 
 '..a p.rn.iii.iil I.<inl Or.linary. th.it l.-.r.l (»r.iiii.iry duriu^r wiwion. an.l lu time .-f 
 va.Atnui th.- I.«ird (l.diiiury un the liilU. 
 
 S SI of isd-j 
 .lnris.li»-tion 
 to win.l up 
 .-oinpalii. .s 
 in Ir.-I.-ii.iV 
 
 s. SI .if ih;; 
 
 .lnris.lieti( n 
 to wind up 
 eoinpanien 
 in Hi'utland 
 
lob I 
 
 Appendix. 
 
 S. (>of 188r.. 
 I'owrr in 
 Scotland t'. 
 remit wimlin;; 
 u]i to L'lrtl 
 Oniiuiiry. 
 
 S. 82 of 1SG2, 
 ProviniorM 
 HK to appli* ■'»- 
 tions for 
 winding up. 
 
 S. 82 of 1862. 
 
 Efff'Ct nf 
 
 winding-up 
 
 order. 
 
 B. Hi of 1H6-J. 
 
 CommeTi ren icnt 
 
 of wiii(linif-"i» 
 
 by Court. 
 
 8. *j of I8fl2. 
 I'ower til stay 
 or redtniin 
 prootH -ding's 
 Ejrainst 
 tuiiipony. 
 
 t J 
 
 8. 86 ,.f lS(i'. 
 Powt'W of 
 Oimrt on 
 
 petition. 
 
 136. Where the Court in Scotland makes n windini^-iip order, it may, if it 
 thinks fit. at any time direct all subsequent proceedintrs in the windinff up to be 
 tiiken before one of the permanent Lordii Ordinary, and remit the wiudinj; up to 
 liim accordingly, and thiTcupnn that Lord ()rdinary shiiU. for the purposeti of the 
 windini; up, have all the powers :ind jurisdiction of the Court : 
 
 Provided that the Lord ()rdin:iry may report to the division of the Court any 
 matter which may arise in the course of the windinj? up. 
 
 187. _(1.) An application to the Court for the windinjr up of a company shall 
 b»; by p«tition, presentwl subject to the pnivisions of tliis section either by the 
 company, or by any creditor or creditors findudinjf iiny contin>tcnt or prospective 
 creditor or creditors), contributory or contributories, or by all or any of those 
 parties, tojrether or separately : Provided that 
 
 fa) A contributory shall not be entitled to present a petition for wmdmg up a 
 compiinv unleis — 
 
 (i) either the number of members is reduced, in the case of a private 
 company. Iwlow two, or, in the -ase of any other comp^iny, below seven ; or 
 (ii the shares in respect of which he is a contributory, or some of them 
 eithir were oritfinally iiUotteil to him or have been held by him, and rep-s- 
 tered in his name, for at least six mcjuths duriujr the eighteen months 
 before the commencement of the windiuif up, or have devolved on him 
 throuffh the death of a former holder ; and 
 (b) A petition for windinjf up a company on the (fr lund of li.fanlt in filing the 
 statutory report, or in holding the statutory meeting, shall not be pre- 
 sented )iy any person except a shareholder, nor before the expiration of 
 fotirteen days after the last day on which the meeting ought to have been 
 held ; and 
 (o) The Court shall not give a hearing to a petition for winding up a company by 
 a contingent or prospei tive creditor until such security for costs has been 
 given as the Court thinks reasonable, and until a prima fiicie case for 
 winding up has been established to the satisfaction of the Court, 
 (2.) Where a company is being wound up voluntarily or subject to su]>ervision in 
 Knglaud. a petiticm may be presented by the official receiver attached to the Court, 
 as well as by any other person authorized in that behalf under the other pr.)vision» 
 of this section, but the Court shall not make a winding-up order on the petition 
 unless it is satisfied that the voluntary winding up or winding up subject to 
 sujwrvision cannot be contiuned with due regard to the interests of the creditors or 
 contributories. , 
 
 '3.) Where under the provisions of this Part of this Act any person as being the 
 husband of a female contributory is himself a (Contributory, and a share has during 
 the whole or any part of the six months been lield by or registered in the name 
 of the wife, or by or in the name of a trustee for the wife or for the husband, th<' 
 sliiire shall, for the purposes of this section, be difmed to have been held by and 
 registered in the name of the husband. 
 
 138. An order for winding up a company shall operate in favour of all thi 
 creditors and of all the contributories of the company as if made on the joint 
 petition of a creditor and of a contributory. 
 
 139. \ winding up of u company by the Court shall lie deemed to commence at 
 the time of the presentation of the petition for the winding up. 
 
 140. At anv time aflir tin- presentation of a petition for winding up, and before 
 a winding-up order 'ia.s been made, the company, or any creditor or contributory, 
 
 iniiv — , . u Ti- 1 
 
 (a) where any action or proceeding against the company is pending in the High 
 
 Court or Court of Appeal in Flugland or Irehind. apply to the Court in 
 which the action or proceeding is pending for a stay of proceedings 
 therein ; and 
 
 (b) where anv other action or proceeding is pending against the company, apply 
 
 to the" Ci>urt having jurisdiction to wind up the company to restniiii 
 
 further proceedings in the action or proceeding ; 
 and the Court to which application is so made may, as the case may be, stay or 
 restrain the proceedings accordingly on such t<>rms as it thinks fit. 
 
 141, _{1) On hearing the petition, the Court may dismiss it writh or without 
 costs, or adjourn the hearing conditi(mal]y or unconditionally, or make any interim 
 order, or any other order that it deems just, but the Court sljiiU not refuse to make 
 H winding-up onler on the ground only that the assets of the company have been 
 
Companies (CoNsounATioN) Act, inns. Act of 1908 li«.' 
 
 mortpiirod to an smoiiiit i^quiil to nr in ixcokh of tlioae iwnt>t». or that the "'oiiniimy 
 huH HO aHsetrt. 
 
 "2. Where the ])ctitiiiii i« preaiuttMl nn the ktoudiI of default in filintf thr 
 HtHtutory report or in holding the statutory mettiujf, tlie Court may orilir thi' 
 ooMts ti) Ih' paid by any per^jiin who, in tlie opinion of the Court, are n-ttponsibU' 
 for the default, 
 
 142. When a windin)f-up order has iKt'ii made, ;io aitiou or proceeding nhall U' 
 proceeded witii or eonnueut^ed ai^ainst the conijuiny except by leave of the t'ourt. 
 and subject to Huch tennH as the Court .nuy impose, 
 
 143. On the making of a windinK-up order, a copy of the order mu»t forthwith 
 be forwarded by the company to tlie rejfistnr of companies, who slmll make a 
 minute thereof in his books relatinjr t<» tile c4>m]>any, 
 
 144. Tlie Court may at any time after an order for windinir u]>. on the applica- 
 tion of any creditor or contribut^try, and on proof to tiie satisfaction of tlic Court 
 that all proc4'etlinjfs in relation to the wiudinif-up onj-ht to be stayeil, make an 
 order stayinir the jirofwdinffs, either altojfether or for iniited time, on sudi firms 
 .ind conditions as the Court tiiinks Ht, 
 
 146. The Court may, as to all matters ndatingto a winiliufr-up, li ive rcjfard to 
 the wishes of the creditors or eontributories as ])roved to it by any sutticienl 
 evidence. 
 
 itjhiitil Htri ii' r. 
 
 146. — ;i,) For the purposes of this .\c'. so far as it relates to the windiiiff up <if 
 companies by the Court in Kn^land, the tenn " oflicial receiver" sliall mean the 
 official reieiver, if any, attached to the (^ourt for bankruptcy purposes, or, if there 
 is more than (me such otlitial receiver, tlien sucli one of them as tlie Hoard of Tradt- 
 may appoint, or, if there is no such ofhcial receiver, then an oflicer a|)iH'intcd for 
 the purpose by the Board of Trade. 
 
 (2,) Any such officer shall for the purpise of his duties under this Act 1m> styled 
 the official receiver. 
 
 147. — (1,) Where the Court in Kiigland has made a wiiidin>;-up order, there 
 shall be made out and submitted to the official receiver a statement as to the ;itf;iirs 
 of the company in the prescribed f.irin. verified by affi livit, and showiiiir the 
 particulars of its assets, debts, and liabilit'es, the names, residences, ami occupa- 
 tions of its creditr)rs, the seitiirities hi'ld by them respectively, tlu' dates when the 
 securities were respei'tively iriven, and such further or other information as nxay be 
 prescribed or as the offii-ial receiver may reipiin". 
 
 ^J., The statement shall be submitttnl and verified by one or more of the persons 
 who arc at the time of the winding-up order the din^tors and by the person who is 
 at that time the secretary or other '-hief offiier of the company, or by such of the 
 pers<ms t>eiiig or haviuir lieen direct4>rs or officers of the company, or havinkr t ikeii 
 part in the formation of the company at any time within one year before the 
 winding-up order, as the official receiver, subject to the direction of the Ctiurt, may 
 rci|uire to submit and verify the .same. 
 
 iS.j The statement stiall be submitted within fourteen days from thi' date of the 
 order, or within su"h extended time as the official receiver or the Court may f.>r 
 special reasons ap]K)int. 
 
 (l.i Any person making or concurring in making the st.itemeiit and affi lavil 
 reipiired by this section shall be allowed, and sh.iU be paid by tin- official reieiver, 
 out of the assets of the company, such costs ami expenses incurred in and about the 
 preparation and making of the statement and affiilavit as the official receiver mav 
 consider rea.sonable, subject to an appeal to the Ciiurt. 
 
 (.'),) If any person, without reasonable e.Kciise, makes default in complying' witli 
 the reipiiremeiits of this S(M'tion, he sha]l be liable lo a tine not exceeding ten pounds 
 for every day during which the default continues. 
 
 (6.) Any persiMi stating himself it ,. .,'ig to 1«' a creditor or contribiitor} of the 
 company shall lie eutitltHl by himse . ly his agent at .ill reasonable times, on 
 payment of the presi^ribed fee, to iiispi the statermait submitted in pursuance of 
 this sci'tiou, and to a coj)y thereof or e tract thercfremi. Hut .any person untruth- 
 fully so stating himself to be a creditor or contributory shall be guilty of a conti lupt 
 of Court and shall be punishable accordingly on the application of the liipiidator or 
 of the official receiver. 
 
 148.— (1.) AVliere the Court in England has made a winding-up onlcr the 
 
 P. 5 1 
 
 ]-i 
 
 S. ^7 i>f IHrtv' 
 
 .\''ti.in.t «tii\< 
 till win'Iini?-! 
 ordrr. 
 
 S. HHnf |m;.' 
 ''.my of (.I'll 
 tit tK' t"i>r»ar< 
 t.» ri'iri-'triir. 
 S. .Mfi.-f ist;> 
 
 Vnw.T.tfCi.i 
 t.( stay wiii'l 
 iu>f-ui). 
 S. Ill nf I.-Wtf. 
 (\mr1 ma- li 
 p'lfunl til wi. 
 ctf rndi^'tp' ' 
 cMiitntniti'Tii 
 
 S. 4 of \s-Mi. 
 \t tlniti.in of 
 otliciiil n'c-iv^i. 
 
 S. 7 -'f IS!m. 
 StHtrmt'Ut "i 
 (■.(nipitriy'-- 
 arttiir-- 1>» !« 
 
 MlliMllltctl 
 
 m 
 
 s. s of isno. 
 
 lie port by 
 
 il 
 
^ .' 
 
 ldt)6 
 
 oftieial 
 receiver. 
 
 S. 92 of 186'.>. 
 Appomtment, 
 reminienition, 
 and title of 
 li({uidaturB. 
 
 9. 92 of 186-. 
 Custody of 
 company'a 
 prtip<>rty. 
 
 Appknuix. 
 
 official reeeiver Hhall, «» H.-.n as practicable aft,T receipt^^of the statement of the 
 
 loinpaiiv'n atfairx, Bubmit a preliminary report to the t^ourt— .-„„t-wi 
 
 (T^ to th.. amount of capiul i»»ued, Hub«ribed, and paid up. and the entunated 
 
 amount of aiwetn and liiibiliticH ; and , , ., , 
 
 !h if the company has failed, :u. to the causes of the failure : """d 
 
 whether in his opinion further inquiry is dcs.n.ble as to any matter relat>nK 
 to the pn,motion, formation, or failure . T the company, or the conduct of 
 
 the busiues« thereof. . « i « ^x, „-«. ,.- 
 
 (•- Tlia official receiver may also, if bethinks fit, n«ke u further report, or 
 further reports, stating the manner in which the company wis formed and whether 
 ["his o^K anyfmud has been committed by any person m .ts promotion or 
 f rm-aioHr by »ny director or other officer of th, company m relation to the 
 c«rpany iince tL fomation thereof, and any other matters which m his opmion .t 
 is desirable to bring to the notice of the Court. 
 
 Liquidaton. 
 
 149 _n \ For the purpose of conducting the proceedings in winding up a 
 company and performing «u^ duties in reference thereto as the Court may impose, 
 the Court may appoint a Uquidator or liquidators. „ » .„„ fi„,p ,,fier 
 
 (•> ) The Court mav make fuch an api^intment provisionally at any tinie after 
 the presenb^L. of a'petition and before (where the proceedings are in E-igland) 
 tile Eng of an "«1^*"' ^'^^^i"'' "P- "' '"'""■'^ '^^ proceedings are in Scotland 
 or Ireland) the first appointment of liquidators. 
 
 ^i^Z:^:S:^^^^ZX ^pT^rnttTbefore the making of a winding-up 
 ^ ' order, the official receiver or any other tit ,.er«m niay b^^^PP"'"'^^;, ^ . 
 
 (b) On a winding-up order being made the official receiver shall by virtue ol 
 ^ ' ht office become the provisi.mal liquidator and shall continue to act as 
 
 such until he or another person becomes hquidator and is capable of 
 
 (c) WhetTpT^m other than the official receiver is apnointt-d Wqu'di't"'' he 
 ' ' shall not be capable of a.^ting as liquidator until he has notified his 
 
 appointment to the registrar of companies a..d ^ven security in the 
 
 prescribed manner to the satisfaction of the Board of Trartc. 
 
 (4 ) If more than one liquidat^.r is appointed by the Court, the Court "ha" dc,^aie 
 
 wheihcr a"y act by this Act r«,uired or authorised to bcd<.ne by the hqui.lator is to 
 
 be done by all or any one or more of the persons appoi t-d. , „,v.„,i,„, 
 
 mln a winding-up in Scotland or frehind the Court may d.termino whether 
 
 anv and what security is to be given by a liquidator on his appointment. 
 
 fe);V liquidator appointed by the Court may resign or, on cause shown, be 
 
 ""?7°) A v^a-lt^lSlhe office of a liquidator appointed by the Court shall be fUled 
 
 %n*'awi',','.ling-up in England the official receiver shall by virtue of his office be 
 ♦hp lioiiidjitor durinff the vacanry. . , »• -i ^ » 
 
 (8 ) mere a pemm other than the official receiver is appointed l.qu.,lat.>r,h<. 
 sblll receive such salary or remuneration by way of pereeutage ..r otherwise as the 
 Court may direct; andfif more such per«,ns than one are «pp„..,t«l hqu.dat<>rs 
 their remuneration shaU be distributed among them m such proportions as the 
 
 Court ilirects. , . . » \ 
 
 ,9 ) A liquidator shall be described a« follows that is to say) : - 
 
 (a) in a winding-up in England, where a pe™m other than the offi.ial receiver 
 ^ is liquidator, by the style of the liquidator, and, where the official 
 
 re(teiver is liquidator, by the style of the official receiver and iKjuidator, 
 
 (b) in"" winding-up In Scotland or Ireland, by the style of the official 
 
 of the particSar" wmpany in respect of which he is appointed, and not by his 
 
 '° ("o )"The a°t^ of a liquidator shall be valid notwithstanding any defects that may 
 aflerwards be discovered in his appointment or qualiti- ati..n , ,, . , . . , . 
 
 160-1 1 > In a winding-up by the Court t!io liquidaU.r shall ti.ke nto his 
 custody, or under his control, all the property and things in action to which the 
 company is or appears to be entitled. 
 
Companies (Consomdation) Act, 1908. Act of 1908 lae? 
 
 s. ii.i of ixi.: 
 
 P(>w(-r« I if 
 
 (2.) In a winding-up by th« Court in S;a)tlttnd or Ireland, if iinJ wi lonx an thirr 
 is no liquidator, all Uii- property of the company shall be deimed to lie in the 
 «iistody of the Court. 
 
 151. — (I.) The li<iuidat<ir in a windinK-"P by the Court Hhall have power, in the 
 case of a winding-up in England with the sanction either of the Ctpurt or of the 
 oonimittf'e of inspe<tion. and in the ease of a win<lin)f-np in S( iitliuid or Ireland 1i<|uiditt"r 
 with the sanction of the Court — 
 
 (a) to brinjf or defend any action or other leffal promiedinK in thi' name and on 
 
 behalf of the company : 
 
 (b) to carry on the liusiness of the company, so far as may 1»^ necessary for llie 
 
 beneficial windin(i:-up thenMif : 
 {(0 in the case of a windinjf-up in Enjfland, to employ a solicitor or othir ajfcnt 
 to take any pr<M'e<'<liii>rs or do any business which tlie liciuidator is unable 
 to take or do himst^lf ; but the sanction in this case must !«• obtained bi'fnn- 
 the i-mploymcnt . except in cases of urtrcncy, and in thosi' lases it must be 
 shown that no undue delay t<Hik pla<:c in obtaininjf the sandion : 
 
 (d) in the case of a winding-up in Scotland or Ireland, to appoint a solicitor or 
 
 law ajfcnt to assist him in the jierformam^e of his duties. 
 (2.) The li(iuiiiator in a windinjf-up by the Court shall have powir, but (subject 
 to the pnnnsions of this section) iu the raise of a windin|f-up in Sci>tl«nd or Ireland 
 only with the sanction of the Court— 
 
 (a) To sell the real and personal prop(rty. and tliin)fs in iution (.f the company 
 
 by public auction or priiat*' (contract, with p<iwcr to trausfi'r the whole 
 thereof to any person or company, or to sell thi' same in jMircels : 
 
 (b) To do all acts .lud to execute, in tlic name and on Is'ljalf of the company, all 
 
 diwls, receipts, and other diM'iunents, and for that purpose to us<-, when 
 necessary, tin* c<)mpjiny*s seal : 
 
 (c) To prove, rank, and claim in the bankruptcy, ins(ilvency. or iequeHtration()f 
 
 any contributory, for any balance against his estati', and to receive 
 dividends in the* iBiokmptcy, insolvency, or seiiuestratiou in rcsjiect of that 
 babinic, as a separit*' debt due from the bankrupt or insolvent, and 
 rateably with the other st'jMiratc creditors : 
 {|^) To draw, accept, make, and indors.' any bill of exchanjfc or promissory note 
 in the name and im Ishalf of the company, with thi' same effect with 
 i-cspcct to the liiibility of the company as if the bill or not<' had been drawn. 
 ac«>pted. made, or indorsed by or on behalf of the company in the i-oursi' 
 of its business : 
 
 (e) To rais<> on the security of the assets of the company any money rcciuisite : 
 
 (fj To take out in his official name, letters of administration to any dcccasid 
 cimtributory, and to do in bis official name any other act necessary for 
 obtJiininfT payment of any money due from a contributory or his estate 
 whicli cannot Iw conveniently done in the name of the company ; and in all 
 Hucb cases the money due shall, for the purpose of enablio); the liipiidator 
 to t.ikc out the letters of administration or recover the money, U? dci'med to 
 be due to the liquidator himself : 
 (it) To do all such other thiujf as may be necessary for winding up the affairs of 
 
 the compaiiv and distributin>f its :uisct«. 
 (S.) The exercise by the licpiidator in a windin)f-up by the Court in Enjfland of 
 the powers conf. rrislbv this section shall be subject to the control of the ('oiirt. 
 and any cnnlitor or contributory may apply to the Court with resjH?ct to anv 
 txen'.ise or pro^sed exercise of any of those powers. 
 
 (4.) In the case of a winding-up in Scotland or Ireland the Court may provide by 
 any order that the liquidator may exercise any of the above iKiwcrs, except th( 
 power to appoint a solicitor or law agent, without the sanction or iuterv'ention of 
 the Court . 
 
 (;i.) Where a liquidator is provisionally appointe<l by the Court, the Court may 
 limit and restriit bis |)i.wers by the order appoiotimr him. 
 
 (ti.) In a windin^r-up by the Court iu Sc'otland the liipiidator shall, sulijcct to 
 rules made un.ler this Act, have the same |)owers as a •-ustee on a bankrupt 
 
 162. — (I) When a windin>;-up onler has been made by the Couri in Eiiirlaiid. S. f> of IS'.iO. 
 the oftii ial receiver shall suoimon separate mettinffs of the crcditora ai:d c :■ - "" • 
 tributories of the company for the purjcw' of — 
 
 (a) deter iiiiiin(f whether or not an ap])lication is to be made to the Court fir 
 appointing a liquidator in the place of the official receiver ; and 
 
 5 I 2 
 
 II 
 
 ti-*- 
 
 'ff'l' 
 
 M«tiiiEr« "f 
 
 cnrt". iliutorif-H 
 in Fii^MtKh 
 winJiuK-iip. 
 
156» 
 
 Appendix. 
 
 S. 1 of 1H'."1. 
 
 I.iilUUlnt'tT I" 
 
 vjivfinfonuHti"! 
 til iitlii'i»l 
 
 S. 11 of 18;mi 
 fnyiiicnts "f 
 liiiuiilator 
 in Kiijflitih 
 windinj^-up 
 into bank. 
 
 S. l!ll of ISiiil. 
 
 Audit of 
 liiiuidator*.- 
 :ii'i:onnt.'* iu 
 Kiijjlifh 
 wiiuUiig-i'I-- 
 
 S. 21 
 
 ,f IS Ml. 
 t.i1i.-k.i.t 
 
 Ha..l( 
 
 by liiiiiiiliiti 
 
 Knsrlinh 
 
 wiiuiiliK-i'P- 
 
 S. 'i-J of IS'.tU. 
 
 Itcliaw of 
 liiluidiitorH 
 in Engliinil. 
 
 (b) determining whether or not an application in to bo made to the Court for the 
 
 nppuintnit'nt of a (mraniittee of initpection to art with tho liquidator, and 
 
 who are to be the meinberH of the committee if upjMiintnl. 
 
 (•2.) The Court may make anv a|)pointment and ordi r required to (five effect to 
 
 any such determination, and, if there in a ilitferenc* b.tween the dct<^rminationa of 
 
 the meetings of the creditors and eontributtiries in respeca of any of the mattera 
 
 mentiouetl in the foregoing provisions of tiiis section, the Court shall decide tho 
 
 difference and make such order thereon as the Court may think tit. 
 
 (».) In ciiso a li(}uidator is not appointed by the Court the otHcial receiver shall 
 be the liciuidator of the company. 
 
 163. Where iu the winding-up of a company by the Court in England a pcrstm 
 other than the official rei'eiver is appoint(><l ' luidator he shall give the ofHcial 
 iweivcr such information and such access to an . facilities for inspecting the books 
 and documents "f the ccmpany, and generally .such aid as may be re(i»isite for 
 enabling that ofhcer to perfonii his duties under this Act. 
 
 164. _(l.) Every li<iiiidator of a company which is Ix-ing wound up bv the 
 Court in England shall, in such manner and at such times as the Board of Trade, 
 with the (oiicnrrenee of the Treasury, direct, pav the money received by him t<i. 
 the Companies Liquidation Account at the Bank of England, and the Board shall 
 furnish him with a certificate of receipt of the money so paid : 
 
 Provided that, if the committee of inspe<!tion satisfy the Board of Trade that for 
 the puqKise of carrying on the business of the company or of obtaining advances, 
 or for any other reason, it is for the advantage of the creditors or contributories 
 that the liquidator should have an account with any other bank, the Board shall, 
 on the application of the committee of insju'ction, authorize the li(iuidator to make 
 bis payments into and out of suiih other bank as the committee may select, and 
 thereujwin those payments shall be nwide in the prewribed manner. 
 
 (2 ) If any such liquidator at any time retains for more than ten days a sum 
 exceeding fifty jMiunds, or such other amount as the Board of Trade in any 
 particular cjise ant hiirize him to retain, then, unless he < xphiins the retention ti^ 
 the satisfaction of the Board, he shall pay interest on the amount so ret;iiued in 
 excess at the rate of twenty per cent, per annum, and shall be liable to disallowiiiKc 
 of all or such part of his remuneration as the Board may think just, and to be 
 removed from his office by the Board, and shall lie liable to pay any expinses 
 occasioned bv reascm of bis default. 
 
 (:i.) A liquidator of a company whicli is being wound up by the Court in 
 Emrland shall not pay any sums "received by him as liquidator into his private 
 banking account. 
 
 156. (1.) Every liquidator of a company whi<li is lieing wound up by th,- 
 
 Court in EuKland shall, at >uch times as may lie presiritsil but not ie.ss than twice 
 in each vear during his tenure of office, send to the Hoard of Trade, or as they 
 direct, an account of his rec-ipts and payments as liquidator. 
 
 (i ) The accoimt shall be in a prescribed form, shall be made in duplicate, and 
 slmTl be verified by a statutory declaration in the jirescrilxd form. 
 
 .) The Board shall cause the account to be audite<l and for the purpo.sc of the 
 audit the liquidator shall furnish the Boanl with such vouchers and information :i» 
 the Board may requin-, and the Board may at any time rwiuire the production of 
 and inspe< t i' \r txKiks or accounts kept by the licpiidator. 
 
 'I.) \Vh( II the account has lieen audited, one copy thenof shall lie filed and kept 
 by tiie Board, and the other copy sh.dl be filed with the Court, and each copy shall 
 be open to the inspection of any creditor, or of any person interested. 
 
 ■).) The Board shall cause the account when audited or a simimary thereof to 1m 
 printed, and sh.all send a printed copy of tho account or sumnuiry by post to every 
 creditor and contributory. . , r, 
 
 166. Everv liciuidator of a company which is being wound up by the Court in 
 FInifland shall keep, in manner prescribed, proper books in which he shall cause to 
 be made entries or iiiiimtcs of proceedings at meetings, and of sni^h other matters 
 as may be prescribed, and tiny ci-cditor or c<intributory may, subjc( t to the control 
 of the Court. p»'rsonallv or by his agent inspect any such books. 
 
 157 1.) When the liquidiitor of a company which is being wound up by the 
 
 Court in Enirland has realisfd all the property of the wmipany. or so much thereof 
 as .■■in, in his opinion, 1h' realised without needlessly protracting the liiiuidation, 
 and litis distributed a final dividend, if any. to the cn^itors, and adjustetl the rights 
 of the contributories amimg themselves, and made a final return, if any, to the 
 contributories, or hai resigned, or has been removed from his office, the Board ot 
 
CoMPANiJ» (Consolidation) Act, 1908. 
 
 Act of 1908 
 
 I5ti!< 
 
 Trade xhall, mi lii» iippliratiuii, rmiHc h n'port on his uicoitiit't to lie prrpiinnl. iiiui. 
 on hiM cimiplyinfr with uU tlir nxjuiri'inentu nf thi' Biuinl, Hhiill take iiitn coiiHidfru- 
 tiim thi! report, and any objiotiuu whiili may I*' urged by any rnnlitor, or rou- 
 tributory. or porxon int<"ri'«tod airaiiixt the ri'lfiw of the lii(iuilator, and ■<hall fithrr 
 irrant or withhold the rcleiisc accordiunly, subject nivrrfhilena tn an iipp<'al to tlic 
 Ui^h Court 
 
 {'!.) Where the relcaxe of n liiiuirlator in withheld the Court may, on the ajiplieji- 
 tion of any eri'ditor, or eontributory, or pornon interexted, make surh order an it 
 thinks just, chargiuK the liijuidator with the lonmKiuenees of any ait or default 
 which he may have done or made eontrarj* to his duty. 
 
 (:).) An order of the Boanl of Trade releasing the liquidator shall diw^hiirge hint 
 from all liability in resjiect of any art done or default made by him in the adininJH- 
 tration of the afTairs of the company, or otherwise in relation to his eondiiit as 
 liquidator, but any such order may be revoked on proof tliat it was obtained by 
 fraud or by supprcHsion or coni«almeut of any maternil fait. 
 
 (I.) Where the liquidator has not pri'viouHly resigned or Ishii removed, his 
 release ahall operate as a removal of him from his oDice. 
 
 168. — (1.) Subject to the provisions of this Act. the liquidator of a mimpiny 
 whiih is being wound up by the Court in England shall, in the administration of 
 the BHKetH of the company and in the distribution thereof among its creditors, have 
 reganl to any directions that may be given by resolution of the creditors or lontri- 
 butories at any general meeting, or by the «>mmitt<'e of inspection, and any 
 directions given by the creditors .ir eoutributorics at any general meeting shall in 
 C8s<" of conflict be deemed to override any directiotis given by the committee of 
 inspection. 
 
 (2.) The liquidator may summon general meetings of the creditors or eontribu- 
 ttpries for the purpose of ascertaining their wishes, and it sh dl be his duty to 
 summon meetings at siiih times as the creditors or contributories. by res ilntion, 
 either at the mei ting ajipointing the liiiuidator or otherwise, may direct, or when- 
 ever requested in writing to do so by one tenth in value of the creditors or 
 contributories as the case may be. 
 
 (;i.) The liquidator may apply to the Court in manner prescribed for directions in 
 relation to any particular matter arising under the winding-up. 
 
 (4.) Subject to the provisions of this Act, the liquidator shall use his own 
 discretion in the management of the estate and its distribution among the cn'ditors. 
 
 (5.) If any person is aggrieved by any act or decision of the liquidator, that 
 person may apply to the Court, and the Omrt may confirm, revcTse, or modify the 
 act or decision complained of, and make such order in the premises as it thinks just. 
 
 159.— (1 .) The Board of Trade shall take cognizance of the conduct of liquidators 
 of companies which are b<>ing wound up by the Oiurt in Kngland, and, if a liqui- 
 dator does not faithfully perform his duties and duly observe all the requirements 
 impisiJ on him by statute, rules, or otherwise with respect to the pi'rformance of 
 his duties, or 't any complaint is made to the Board by any creditor or contributorj- 
 in regard thereto, the Board shall inquire into the matter, and take such action 
 thereon as they may think expedient. 
 
 ('2.) The Board may at any time require any liquidator of a com])any which is 
 being wound up by the Court in England to answer any inquiry in relation to any 
 winding-up in which he is engag<>d, and may, if the Boarrl think tit, apply to the 
 Court to examine him or any other person on oath concerning the winding-up. 
 
 (3.) The Board may also direct a local investigation to be made of the books and 
 vouchers of the liquidator. 
 
 Ss. 2-\, ^4 i.f 
 
 ismt. 
 
 Kxen^sc arui 
 .ontrol 't' 
 liquid.'it^'r's 
 powers 111 
 I'aigland. 
 
 S. i,->of IhSP. 
 < 'oatrol of 
 Hoar*! of 
 I'rade over 
 liquidators i'l 
 Kngland. 
 
 Commitlet of /tu/ieetiun. Spfdnl Mniimjer, lleteiver. 
 
 160. — ;i.) A committee of inspection appointed in pursuance of this Act sli^dl 
 consist of creditors and contributories of the e«nipany or persons holding genera' 
 powers of attorney from creditors or cimtributflries in such proportions as may !»■ 
 agreed on by the meetings of creditors and eoutribiitories, or as, in case of 
 difference, may be determined by the Court. 
 
 (2.) The coi. mittee shall meet at such times as th. y from time to time appoint, 
 and, failing such appointment, at least once a mouth ; and the liquidator or any 
 menvber of the committee may also call a meeting of the committee as and when he 
 thinks necessary. 
 
 . it of IStM.I. 
 
 ommitttH 
 f inspei'tion 
 1 Kiiglisb 
 'iinlinir-tH'. 
 
1570 
 
 II 
 
 .S. lol IKi)0. 
 lV>wi'r iu 
 Etigluud i>> 
 uppoint 
 -ptTial 
 mnnapft'. 
 
 r < (61 lit IHBii 
 Power in Enpr- 
 land to appoint 
 official rectfiviM 
 an reoeirer for 
 debenton 
 holden or 
 ••n>diton. 
 
 S. »» of lN6i. 
 Settlement of 
 liht of con- 
 tributoriex 
 and applies - 
 tioii of (u*setw. 
 
 8. lOOof 1S62. 
 
 I'uwer to re- 
 quini delivery 
 of property 
 
 8. 101 of 1862. 
 Power toorder 
 [mynteui of 
 debts bj 
 c'ontributorv. 
 
 Appknuix. 
 
 (3.) Tlir laimniittii' ihh) a< t by ii majority of thiir mimlxTB prewnt iit n i i«.tiiiK. 
 but 4iull not aot unlii-M u nmjoritv of the comniitfee are prenent. 
 
 (4.) Any member of tbe comniitte"' may nsigti by notiif in wntinjr ngru'd by 
 him and ddiven-d fo Hie liiiuidator. 
 
 (6.) If a niemlxT of the lonimittee lui.imeM banknipt. or iiimixmndM or arrangou 
 with hih ereditorx, or i» absent from five conwi iitive meetin»ri. of the eommiltee 
 without the Ii'ave of thow memUm who topther with him»elf represent the 
 ori'ditorr. or eontributoriet., u» the eaw may U. his office xh.-ll thennpon beeome 
 vacant. , , ,. ... 
 
 (fi.) Any inemlHT <if the eommittee may !>.■ r. moved by an ordinary redolution 
 at a niettin>r of creditors (if he rcpreoentH ireditorM), or of eoutributoriei; (" "f 
 reprcBeutK <ontributorie>) of which wvcn day^' notice ha.- been given, «Utmg the 
 object of the meetinif. , ,. .. . n t ^u -.i 
 
 7.'! On a vacancy ociurring in the commltt<'e the liqumator shall forthwitn 
 Huminon a meeting" of creditors or of contributoricB, as the cas<- may rcciuire, t<> 
 fill th.' vacancy, and th.' m.eting may, by resolution. re-apix>int the tame or 
 apiHiint another creditor or contributory to fill the vacancy. 
 
 (8.) Tlie continuing mc'mliers of the committee, if not less thau two, Tnay act 
 
 any direction or 
 ly the (committee 
 the liquidator. 
 
 161.— (1.) When' the official receiver becomes the liquidator of a company, 
 whether prorisionally (^r otlierwist', he may, if satisfied that the nature of the 
 uBtaU- or business of the ivnijiany, or the interests of the creditors or contnbutorics 
 generally, requiri' the appointment of a six>cial manager of the j-stute or busmeaa 
 of the company other than himsilf, apply to the Court U>, and the Court may on 
 such application, appoint a siKcial manager thereof to act during bU(* time a» the 
 a)urt nmy direct, with such powers, including any of the powers of a receiver or 
 manager, as may lie entnisted to him by the Court. 
 
 (2.) The spi«ial manager ahall give aueh security and aieount in such manner m 
 the Board of Trade din^t. 
 
 (3.) The special manager shall reoeive su<-h remuneratioii as may be fixed by the 
 Court. 
 
 162. Wlicro an application is made to the Court to apiM)int a n-ceiver on Ixhalf 
 of the debenturi! holders or other creditors of a company which is being wound up 
 by the Court in England, thi- official receiver may be so apjwinted. 
 
 Ordiiinry fDutra of Court. 
 
 163.— (1., As Boon as mav be after making a winding-up order, the Couri 
 shall settle a list of coiitributories, with power to rectify the register of membera 
 in all oases when- rectification is required in pursuance of this Act, and shall 
 cause the assets of the company to be collected, and applied in discharge of it« 
 liabilitiee. 
 
 (2.) In settling the list of conttibutories, the Court shall distinguish between 
 persons who are contributories in their own right and persons who are contribn- 
 fories as l)eing representatives of or liable to the debts of others. 
 
 164. The Court may. at any time .ifter making a winding-up order, require 
 any contributory for the time being sittle<l on the list of contributories, and any 
 truste<>, receiver", banker, agent, or offiwr of the company to pay, ih'liver, convey, 
 surrender, or transfer forthwith, or within such time as the Court directs, to the 
 liquidator any money, prop«>rty, or books and papers in his hands to which the 
 company is printd facif I'lititled. 
 
 165.— (1.) The Court may, at any time after making a winding-up order, make 
 :iu order on any contributory for the time being settled on the list of contributories 
 to pay, in manner directed by the order, any money dee from him or from the 
 estate of the person whom he represents to the company, exclusive of any money 
 payable by him or the estate by virtue of any call in pursuance of this Act. 
 
 (2.) Tlie Court in making such an order may, in the case of an unlimited com- 
 pany, allow to the contributory by way of set-off any money due to him or to.the 
 
^^ 
 
 CoMPANIKJl (( lONMOMKATION) Act, lUOH. Aot Of 1908 
 
 lf>7l 
 
 entatc which he repriiient« fmin thi- oiimpany un iMiy indcp^ndi'nt drilling "r i^rni- 
 tnoi with thp oompBiiT, but not any money dur to him w ii tncmlKT of the i-<inipiin> 
 in re"pcHt of any rtividnid or profit ; «nd laay, iu tlie tune of n limitnl <oiiip«ny. 
 make . any directiir or manii|jriT wlmw liuliility i^ uuliniiti d nr to tiiiiistati' tlir 
 like ullowaniv. 
 
 (3.) But iu thf ii»»e of any company, whethir limited or unliniitid. wlirn all tlu 
 oTuditorH an' piuil in full, any niiincv dnr uo any iu^oount wliuti ver to a con- 
 tributory from the lonipany may I"' aliowid to hint liy way of net -off a^fainst any 
 iiubKninrnt call. 
 
 166. (1.) Tlio Court may, at any timc> aftir makinx a windintf-nji oiilrr, and 
 I'ither before or aftiT it haa a^<L'l<rtainvd tlie nulHcicncy of the ai-*t» of tin- 1 onipany. 
 make callH on and order payment tlien-of l)y all or any of tlii- contriliutorien for the 
 timi' l>ein« nettled on tin' li>t of the eoutrilnitorieM to the extent of thiir liability, for 
 paymnut of any money which thi' Court eonnider* uec.i«ary to watiefy the dcl)tii and 
 liabilitiea of tl. company, and the co»t», i liarifis. and exiiensea of winilini; up, and 
 for the adjuHtment of the ritflitn of the («ntribntorieH amoUK themnelveH. 
 
 (2.) In makiuff a (all the Court may take into i-onsiihrition the probability tliat 
 Mome of the oontributoriea may partly or wholly fail to pay tlii' call. 
 
 167.— (1.) The 0. iirt may orthT any P<>ntribnt4iry. puri'liawr or other perxon 
 
 from whom money !» due to thi mpany to pay the same into the Bank ipI 
 
 Enfrlaud or any branch tin reof to the account of the liquidator instead of to the 
 liquidator, and »"■ 'eh o ler may l"' enforced in the same manner as if it had 
 directed payme- i i '■'ator. 
 
 (2.) All mon .es paid or delivered into the Bank of Ku)rland or any 
 
 brani'h theret ' . fa windiutf-»p by the Court shall 1k' subjiH't in all 
 
 re«ipe<'ta to the oi ,e Court. 
 
 168. — (1.) An o. • ni..dc> by the C<iHrt on a contributory shall fsulijeit to any 
 ri(fht of appeal, *- occlusive evidence that the money, if any. thereby appearinir 
 t/j be due or (>rdered to ii*' paiii is due. 
 
 (2.) All other pertinent mattcri" stated in the order »hall be taken to }»• tnily 
 stated as ajfainst all persons, and in all prociHKlinfpi, exei-pt |)riwTedin)fs against the 
 real estate of a deceased contributory, in which case the order shall 1h> only prtiiiA 
 facie evidence for the purpose of eharvrinjr his real estate, unlesr; his heirs or devises 
 were on the list of contnbutories at the time of the order heiuK made. 
 
 169.— The Court may fix a time or times witliiii which creditors are to pi ivf 
 their debts or claims, or to Iw excludid fnim the lieiietit ol any distribution made 
 befori' those debts are proved. 
 
 170. The Court shall adjust the rights of the contributoriui* among theuiselves, 
 and distribute any surplua anions the persons entitled thereto. 
 
 171. Tlie Omrt may. in the event of the assets being insuffii iont to itatisfy the 
 liabilities, make an order as to the payment out of the ass<'ts of the cost*, charges, 
 and expenses incurred iu the winding-up in luch order of priority as the Court 
 thinks ]uBt. 
 
 172.— (1.) When the affairs of a company have been eompleti'ly wound up. the 
 Court shall make an order that the company be diswdved from the dat« of the 
 order, and the company shall be dissolved accordingly. 
 
 (2.) The order shall be reported by the liijuidator to the registrar of companies 
 who shall make in his books a minute of the dissolution of the company. 
 
 (3.) If the liquidator makes default in complying with the requirementa of this 
 section he shall be liable to a fine not exceeding five pounds for every day during 
 which he is in default. 
 
 173. General rules may lie made for enabling or requiring all or any of the 
 powers and duties conferred and imposed on the Court iu England by this Act, in 
 respect of the matters following, to be exercised or performed by the liquidator as 
 an officer of the Court, and subject to the control of the Court ; that is U> say, the 
 powers and duties of the Court in rcsjiect of — 
 
 (a) holding and conducting meetings to ascertain the wishes of creditors and 
 
 contnbutories : 
 
 (b) settling lists of contnbutories and rectifying the register of members where 
 
 required, and collecting and applying the assents ; 
 
 (c) requirintf delivery of proix-'rty »r d*x:uments to tlie li(juidator ; 
 
 (d) making calls ; 
 
 (e) fixing a time within which debts and claims must be proved : 
 
 a. 102of IRfii. 
 I'ower of 
 Court to 
 make calls. 
 
 ». loaof lSti2. 
 Power to iirder 
 payment into 
 
 biiuk. 
 
 H. 106of lN(i2. 
 Order on 
 contributory 
 conclusive 
 eWdeiice. 
 
 s !■•; ,,i is«a. 
 
 I'ciwtr t■ll■x- 
 ^ liiiic cn-Jititn, 
 Dtit linivMitf io 
 tunc. 
 
 B. urn 111 isiij. 
 Atijustincnt 
 
 ut tlghtM 111 
 
 contnliut,!!!,--". 
 B. no <if IMti'i. 
 rnwcr to t)nler 
 
 COFitS. 
 
 8. lllof 18(i2. 
 liiMMiliition 
 of <uiiii)>any. 
 
 8. i:i of 181MI. 
 Delegation 
 to licpiidator 
 of certain 
 powers of 
 Court in 
 Knglaiid. 
 
\{>72 
 
 Al'I'KNUIX. 
 
 Pnividttl tlmt lliu Ii<|uidiktnr nhall not. witliciut tlu' ••|K'ci>I l<«v>' <>t the Court, 
 TivtHy tho refri'trr of menibcrH, and Hhull not make nnjr call witliout citlier tin- 
 i^pvi^uil Irnvr of the Court or thi' Mautttion of the i-oniiiiittn*of innpii-tion. 
 
 I 
 
 «. 11.1 of ISI,. 
 
 Power to 
 
 ■uniraon 
 
 pemonn 
 
 •uii|>ect<<<l 
 of havinK 
 property 
 of eoinpuny. 
 
 8. 8 of 181)0. 
 Power ill 
 KnirluDd to 
 order publii' 
 t'xantiimtiou 
 if promoter^. 
 ilireutorH, &<■. 
 
 Ik 
 
 KxtraortUiMtij Phiirrn of /'uurf. 
 
 174. — M.) Till' Court uiay.afttT it hn* inadr a windiu(r-up<irilir. summon U-fori' 
 it any officrr of tin- ronipany or jwrwiiu known or •*»w]>«'rt*'<l to liavi- in hiw poMneHxion 
 any prop<rty of the "impuny or Kuppowil to 1m' indrlitiKl to tlir i-onipauy, or any 
 pcriHm whom tho Court difniK I'spaWi- of (fivinjf information "'onitniinir the trade, 
 dealing, affaim. or pntj^-rty of the company. 
 
 (2.) Till- Oiurt may fxaniinc liim on oatli romeniin); lli.' Miini', cither by word of 
 mouth or on written int.mijratorii'B. anil may riflucT hi* Bnj<wcr« to writinif ind 
 re<niiro him to si(m them 
 
 ('■i ) Tile Court may r< ■piire Itini to prodni-e any lMM»kj* a'ld paji^T!* in hiM cu'itiHly 
 or p«iwer n-latinfr to tli' conipany; but, where lie claiuiH any lien tm lHiokn or paperw 
 priHluii-.l by him. the jinMluetion nhall Ix' without prejuilii-e to that lien, and the 
 Co'irt Hhall have juri^tiietiou in the windib>r-up to determine all tjueMtionM relatinf; 
 to that lien. 
 
 (4.) If any perwm ko Hunimoned. aft^T lieinvr ^fndi-re<l a n-a-tonable Mum for bin 
 •'XpeiuM-M. refuwH to eome liefore tin' Court at the timt* appointed, not havinff a 
 lawful im{i<.diment (made known to the Court at the time of it* Hittinir, and allow d 
 by it), the Court may eau-x" him to be apprehended, and bn)U)rht In-fore th<^ Court 
 for examinatiim. 
 
 J.76. — (1.) When an <irder has b«i'n made in Kn>rlaud for wiutlin^ up a company 
 by the Court, and the oiHeial rec^eiver ha^t made a furtlier report under thi< Aet 
 statin); tliat in hix opinion a fraud hax Ixhii eominitted by any perxon in the pro- 
 motion <tr formation of the (;ompany, or by any direetAir or <itht*r officer of the 
 company in relation to the inrapiiny aince it» formation, the Court may, aftir 
 eonHideratii»n of thi* rejwrt, direct that any imthou who bax taken any part in the 
 promotion or formation of tlic company, or ha* l)een a dinetor, or oilicer of the 
 company, shall attend Ixforc the Court on a day appointed by the Court for that 
 purpoM>, and be publicly examiufHl an to ti>.> proniotion or formation or the conduct 
 of the busineHH of the company, or an t^j Ioh ci»nduct and deiiUu^^ as director or 
 ofBi'cr thereof. 
 
 (2.1 The official receiver shall take part in the examination, and for that purpose 
 may, if spii ially authorized by the oard of Trade in that iH'balf, employ a solicitor 
 with or without i-ounsi'l. 
 
 {».) The liiiuidator, when' tl. official re<'eiver is not the liquidator, and any 
 creditor or contributory, may also take part in the examination either jarsimally or 
 by solicitor or C4>unsel. 
 
 (4.) The Court may put such questions to the person examined as the Court 
 thinks Kt. 
 
 (T).; The person examined shall l>c e.x'imined on oath, and shall answer uU such 
 questions as the Court may put or allow to be put to him. 
 
 (G.) A person ordered to l)e examined under thin section shall at his own tost, 
 before his examination, be furnished with a copy of the official receiver's report, 
 .•ind may at his own cost employ a solicitor with or without counsel, who shall Ije at 
 liberty to put to him such questions as the Court may deem just for the purpose of 
 enablinjr him to explain or qualify any answers xiven by him : Provided that if he 
 is, in the opinion of the Court, exculpate<l from any eharj^es made or sufj^gested 
 against him, the Coiut may allow him such i»sts as in its discretion it mav 
 think fit. 
 
 (7.) Notes of the examination shall be taken down in writinjr, and shall be read 
 over to or by, and signed by, the person examined, and may thereafter be u,sed in 
 evidence against him, and shall b<^ opeti to the inspe<-tion of any creditor or con- 
 tributory at all reasonable times. 
 
 (8.) l^he Court may. if it thinks tit, adjourn the examination fium time 
 to time. 
 
 (9.) An examination under this sc<.'tion may. if the Court so directs, and subject 
 to general rules, be held Ixfore any judge of County Courts, or before any officer of 
 the Supreme Court, being an official referee, master, or registrar in bankruptcy, or 
 before any district regi.strar of the High Court named for the purpose by the 
 L'T'i 'Tianeellor, ■■r, m the rase vrf ,-ompanies Ining w-iund up by a palatine court. 
 
('»)Mi'ANii'>i(('nN«oi.iDATioN) Act, l«OK. Act of 1908 1'<7:J 
 
 iK'fnrt! It ri'iriHtrar of tli«» * mirt, iwd th>- |«iwit« i>I tin r.iurt iindur thi» M'ctioii hi- 
 to fill' (niiiliirt of thr I'liiimitiiitiiiii, but lint «" to ro"t«, iiiMV Im> I'XCTrimd by th«> 
 piTMin U'forc wlioni tli<< I'xuiuiniitioii U (>' Ui. 
 
 no. Tlip Court, Ht liny timf eitlur tn'tiiri' or after niakiiiK « wiiidiinr-up onlfr. 
 oil pnwf of probiiblu i'aiiM> for believing tli.it ii c>i>iitribiit<iry in iiliout to i|nil tbr 
 Vnitpil Kinirflom, or otherwi'*** to aliwfiiKl, or to romove «ir i-oncrul any of bin pro- 
 perty for the piirpow of tvniliii^ piiyniiiit of rulln, or of avoiiliiiff pxiiniiiiatioii 
 rettiiei'tiii^ the nffttini of tlie i*oiiipiiuy, iitay I'auwi tht* vontributory to }»• arri'Mti'd. 
 nnu hix lK>.iki< nnd imprK hikI tiioTrntili' pi-moiml pnijM'rly to U" wi/til, jiiid him 
 Hfid them to Iw iMifrly linpt until niirh time nn tho Court limy ordiT. 
 
 177 Any iiowirn by thin Ai t confirn il on thi' Court -bull !»' in aiMition U> iiiiil 
 
 nut ill rcBtriitioii nf iiny i \i>liii); |uiwrrH of inntitiitiii^ jiriK i)in)f nifiiii^t iiny 
 
 ciintribul'Ty or ilolitor of thf nmipHny, or the (■■•tuto of iiuy ronfrbiitory or dcbti^r, 
 for thi' rin:iivirv nf any call or ofbrr mihik. 
 
 M. MX of I He." 
 I'l.w.r to 
 arn»t 
 
 ilbnfondill^ 
 
 ■ iiiitributor\ . 
 
 S, in>'if imii. 
 
 rcwirHMf 
 
 I oiirt 
 
 • iimiilatiM', 
 
 h.nfiiicinifht of and Aj>ptal ffom Ot'd'i'K. 
 
 178. (1.1 ()nhr» nittdf by tlio lli^b Court in EoKhind or Ir.'Hiid undiT thi- 
 Art may tw cnfonid in the nnmo niannor hk ordcm niadv in iinyaition p€<;idinir 
 thcnin. 
 
 12.. For tho purjxiiMs of tliis Part of tbi« Act t'n- (!ourt cxiTri-inv tho HtannariiK 
 juriwliitHin sliall, in addition to it» nrdinaty |K>wrr>i, liavr tin .«aino ])ower of 
 .nfori in>f Buy onlcru niiido liy it a^ tlic Tlitfli Court in Knirbind ha» in ri'lnlion to 
 umtt<r» within its juriwliition : and. for tlio laxt-nitntiimrd pnr]>o-" x. tlio juriwlii - 
 tioii of ibi- judff of tlio Court i'Acr.'i»iii)r tho »tBnnariii> juri«iliition kIoiII Iu- 
 d(fiui'd t.. U<-o-txbnBivi! in Imal liniita with tho juri>dii;lioii of tin Hijfb Court 
 in KnKlond. 
 
 179. Wbcri' an order, interlocutor, or docni' ha* Ikiu iiiadi' in Scotland lor 
 winding-up a company by tho Oiurt. it hIihII Im- coniix'tont to tin- Court, on jiro- 
 diiction by the li(iuidator« of a list ctrtitiid by tliini of the nanii s nf tlif rontnbu- 
 torii'H liable in jiaynient nf any calls, and of tlic amount due by caili <ontriliutory, 
 and of thi' date when the same iKcunie due, to prommme foithnith a dii ri'i' 
 against those coniribiitorii-H for payment of the -.iims wi ccrtitieil to ln' duo. with 
 intenst from the said dat<' till payment, at the rate of five jKr cent, jht annum in 
 the same way and to the sjime etfc< t as if tiny hail severally inn-entid to 
 ngintrutiipu for execution, mi a charge nf six davs, nf a legal obligation tn pay 
 thosii cal* and intiTest ; and the decrs-e nniv lie extrm^tinl inuuctliately, and no 
 hUHjienm. i therenf shall l»> comiH'tcnt, excel uu caution or cousiguation, unless 
 with special leave of the Court. 
 
 180.— (1.) Any order made by the Court in Knglaiid for or in the cnur^ of 
 winding-up a company shall !)<■ eiifi.i'ia'd in S;otland and Ireland in the Courts that 
 would n sjxitivdy have jurisdiction in nspiit of that company if regiHtered in 
 Scotland or Ireland, and in the .same manner in all n'sp«'<.ts as if the order had Ist'n 
 made bv those Courts. 
 
 ('2 ) In like inanner orderx, interlocutors, and decneit made by the Court in 
 •Scotland for or in the course of winding-iiji a coiiiiiany shall \»> enfnrwHl in 
 England and Ireland, and nrdi rs made by the Cnurt in Inlaml I'nr nr iu the 
 «iurse of winding-up a company shall Ix' enforced in England and S< iitlaud, by the 
 CourtH whiih wmild res]«(tivily have jiirisiliction in reciH'ct of that company if 
 n'gistend in that part of the I'nited Kingdom where the onUr is nxiuired to 1h> 
 enforced, and in the same manner in all respeiU as if the order had Utu made by 
 those Courts. 
 
 (3.) Where any order, interlocutor, or decree made by one Court is re<iuiri'd tn 
 be c ifoned by another Court, an office copy of the order, interlocutor, or dure*- 
 shai. be produced to the propT officer of the Court nKpiinKl to enfone the same, 
 and the prodtntion of an office copy shall be sufficient evidence o* the onler, inter- 
 locutor, or <leini>, and thereupon the last-mentioned Court shall take the re<iuisite 
 steps in the matter for enfonaug the nrder, iutctiocutor, or diH;re»', iu the same 
 manner as if it bad Ihhii made by that Court. 
 
 181. — {I.; Subject to rules of Court, an appi'al frmi any order or deiisiou made 
 or given in the winding-up of a <ompany by the Court under this Act shall lie in 
 the same manner and subject to the same conditions as an ajipeal from any order or 
 «I«ciaii>n of the Goart in (asis* within ito ordinary jurisdiction. 
 
 S. 1-JOnf l«0;. 
 
 I'owi r toiii- 
 fnrii nrders. 
 
 S. 121 of 1N6J. 
 Onler for 
 
 calls on coti- 
 triliutnries in 
 Scotland. 
 
 S. IJJnf lh62. 
 
 K.nforiement 
 of orilers 
 thrnughout 
 I'nitcd 
 Kiinrilnni. 
 
 S. 12) of IS.,:. 
 .Vppeals from 
 • iider. 
 
i^ 
 
 IVl AlTKNOIX. 
 
 (t.) Pnividcd, in r<v*nt t" onlrro nr jucltfn" 'i'" inonuuniftl in Hoitlantl by thi- 
 IkihI Onlinarf im tlir Billx in vninti'>n. tti.it - 
 
 |i) Niiiiriltr iir Jiiilirnx'nt iimlrr tin- iinxiaiiiiui i>f thi" Aft KjMHiflctI in tin' 
 Kir»t I'dtt of the F.urtli «i-liMlult' <" tlii» Att "liall \v xulij^ct Ui revii-w. 
 riHlurtion, HUMpfUftiou, or Htity uf vx* i-iition ; unil 
 (iij Enrv nthiT orilir iir jiidipncnt (»-»i»pt i» hininnfUT niiiitiinii'il) nhall l>» 
 Hubji It to ri'*ii'K "Illy liy niluimiiiij notr , in romnnai tunn, (inMUti'U 
 within fourt<iu J«y» (mm lliu ilute o( tlu' order or jii(l)r»><'iit : 
 
 IVovidtJ th»t orilern ur jud^rmcntit under tlif proviwionK o( tliiii Act 
 
 aiMritii*! in tlir .Sti^nnd I'lirt of thi' Fourth .Siii^lulv to tliix Ait nhull, 
 
 (root the daten i>f thuac ordiTn or jmlKmouta, iind notwitlmtandin|( uuy 
 
 ri'<:liiiiniuK t»'tt' it^iiinnt them, Im' riirrii'd out uiid ri'ct'ivv liftit until the 
 
 rtt^lainiiuK not*' in dii«|H.>iil of liy the Court. 
 
 (:),) IVoridcd Him), in n'triiril to .rdtrK or juil(nutnt« |ir inounci-d in Stotlund liy it 
 
 IN'nimni'iil Ijord Urdinury to whom >i windiii)r-up hii» Ihiii ninitttKl. thiit itny Muh 
 
 ordiT nr jiidfrni'iii xhiill Id' Miliji'it to .iviiw oulv liy nilniuiInK not<' in roninion 
 
 fomi, priwntcil « ithiii fmirtii n diiyi- fmui thr ^liiti of tho onUr or judK'i""t, Imt, 
 
 ■hould u riH'luiniiu^ note not Im' iiriwiittd und niurnl durintr ncnnioii, thr |iruviniiiuii 
 
 of thin Hiirtiou in regard to ordem or jud^mcntH |ironounc4><l by tliu Lonl t)rduiiiry 
 
 on tlu' liillN in viication nhull H|>l>ly to the ordir or judinntnt. 
 
 (4. ; Nothiiijf iu thi» Mition xhall nff ■ i t thi' pnivinioUH of thin A"t in ri'fi'ronoi' to 
 durtt-M in t4ui tlund for payment of riilU in thi- winding-up uf ronipuniin, whethir 
 voluntiirily or by nr nubjtit to the •ujK'rvihion of the t''mrt. 
 
 li 
 
 il 
 
 
 8. I29uf 1NU:>. 
 Oircum- 
 Htaueeii in 
 which eoni- 
 pany may L<' 
 wound up 
 »oluut«rilv 
 
 8. \!<n .,( 1N«!| 
 <^uiin*'nivnit lit 
 uf voluntiir> 
 windinr-up. 
 8. lai uf IWL'. 
 KITiHt vt volun- 
 tMry wmdinK-tiii 
 on ?<tatiu uf 
 cuiupuiiv. 
 8. i:j'^ nf ima. 
 Nuticpof ri'Molu- 
 tiun to winil up 
 voluntarily. 
 
 «. 133of IS62. 
 Conseijueijceii 
 of voluntiiry 
 windinir-up. 
 
 Vuluhtartf H'tndiHi/ f '/>. 
 
 18S. A rum|ittny may U' wound up voluiiturily — 
 (1.) Whin the jH'riiKl (if any tixed for the diirutiun of the emnpany by th« 
 uriii N-« expin>ii, or the event if imy) iki urn, on the lu'iiirrene^' of whieh 
 the iirtii'len provide that the eonijiaiiy in tobodinnolved, iind the i ompnny 
 in genenu i..i'etinK ban paNneil a renolution nipiiriufr the I'omiiuny tii be 
 wound up voluntarily : 
 L'.i If the eompnn^ renolven by npei i?' i< ■ ■. itieii that the lompiiny Ik. wound 
 
 up voluntnnly : 
 (H.) If tne eonipany renolv.'n by extnuinliuary renolution to the effect that it 
 cannot by reawm of itn liubilitien eontiuue itn bunini'nn, and that it ia 
 advinablc to wind up. 
 183. A voluntary wimlinK-up kIiiiII be deenii'd to <;onimcnee at the time of the 
 pannin^r of 'he renolution iiuthori/in)r the windin)r-np. 
 
 184> V.'iun u company In wound up voluntarily the cum|>any nhull, from the com- 
 mencement of the windin)|f-up, ceane to carry on itn bnaiui nn, except no (ur aa may 
 be niinired for the bineficiul winding-up thereof : 
 
 Provided thiit the corporate state and corporat<' powcrn of the company shall, 
 aotwithntandinir aiiythiiifr to the contrary in itn articlen, continue mitil it ia 
 dianolvcd. 
 
 185. When a roni]i.'iiiy ban renolvtrd by niMi'ial or extraordinary re.solution to 
 wind up voluntarily, it shall i/ivc notice of the renolution by udvcrti.semcnt in the 
 Ga/ettc. 
 
 186. Tlie fiiUowiuir cuiisequeni-cs nball ensue on the voluntary windinfr-up of a 
 oompaiiy : — 
 
 (i) The property of the eoropuny shall be applied in satisfaction of its liabilities 
 pan paiiKU, and, subject thereto, shall, unless the articles otherwise pro- 
 ride, be distributed among the menilieni accordinx to their ri^rhts and 
 interentx in the company : 
 
 (ii) The company in ^p'neral meeting shall appoint one or more liquidators for 
 the jinqiose of winding up the affairs and distributing the aiwtM of the 
 compuuy, and may fix the remuncrution to bi' paid to him or them: 
 (iii) Ou the apiiointment of a liquidator all the powers of tlie directom shall 
 cease, except so far as the company in general mit'ting, or the li(|uidator, 
 sanctions the euntinuuuee thennif : 
 
 (ivj The liquidator may, without the sanction of the Court, exercise all powers 
 by this Act given to tne liquidator in a winding up by the Court : 
 
 (t) The liquidat4.'r mf tercise the powers of the Court under thin Act ..'f 
 settling a li? /Utributories, and of making <a11h, and shall pay the 
 
 i CI 
 I f1 
 
I 
 
 COMPANIK9 (CONW >Ul)MU >S ) \CV, 1908. Aot Of 1008 I •T^ 
 
 iloU»nf flm riim|>i.n,v, »ml ittlju«t lh.<ri •••*<«( tli' ..iitril.iil..ri<-» iiiimiiK 
 
 (»1) Th<'lii«tiifi-imtritiut..rir..lmll U' /" '^J /'"•" *'*•'■ "' ""' l'»l>il"y "' »•'•■ 
 
 prrmniK iianKtl tluTi'iu tn tn'fiiiitriliuturiw ; 
 (vUi Wlieii m^\^ r«l liqiiiiliitnr" nrt- tt|.|i..iiil.-<l. .v.rv i>.iwit li.nhy irivi'ii may U- 
 e»iTi'l»«l liy •mil oin" "T iiM>reiif tlniii a- iimj if diLriniiu'-l «t tljii tiim- 
 iif their Mppoiiitrnpiit, or In ilffitult nt «uili <lftt r"iiimtii.ii liy miy inimtKT 
 tint IfMM than two: 
 (*iii( If from itny inuw wlmt<'V<r thiTi' i« uo lii|iiitlnli.riic;i iif. tl»' t'oiirt iiiiiy >iii 
 till' it|i|iUitiitiuii of li 1 omrilmtory, ii|>|«iiiit i lii|iiiil itor ; 
 ,ix) Tliol.'.mrt nmy, mi enu-' nhowii, rrniovi' it li.|uiiluU>r, uiiil ;iii|«iiiit mi li. r 
 lU|uUliit4ir. 
 187.— (I., Th« liquiiUtor in n ».iliiiit«ry «iniUiii{-u|i •Imll. within Iw.nty-i.iu- 
 iby« aftiT liiH apixiinlmcnt, fill' with llu' nifiKtmr of coniiiiinii* .i iioti.-. of Iih 
 •niMiintnii'nt in thi' forni pn'wrili' ■! by tli.' Hoiinl of Triolr. 
 
 (J.) If th.' liquidHtor UiU to .-oniiily with tin' rtiiuin-Hi. atn of tin. w. Mon lir 
 nhitU U- li.ilil.' to It tin.' not .'xmnliuK ♦**'■ l»'»»'l" for fwry dMy ilurinif whi.li Ihr 
 default I'ontinui'K. 
 
 188.-;i ) Kviry liciuidiitor mipointtil by ii .onipiiiiy in n volunlury .iclinjf-uji 
 
 r<hn)l. within HOVcn'diiy» from lii» ajilxiintnLiit. wud notii r by i>..«l to u r~in« 
 
 »'hii apiM-ar to him to'lx rirdilor* ol tin iiiuinv that ni tinif of tlii' .nilit..r« 
 
 of th.' conipa, y will fx' hi id on a dat.'. not 1. ii^f Ii'm tloiii foii'i.i n nor iiion' thii 
 twinty-otii' da'v" after hin apimintnnnt, and at a plar.' and lionr. to I.' KiKTitJi-d i. 
 thi' notice, and »hall»lMo advprtiwnotii'e of tln.'nii'itiii»f oiiri- in tin- <ia/>lt<' u u oi ■. 
 
 of IIMT 
 
 M. ft' 
 ll'lill'litor < I him 
 
 ItpiKlllil'III'llt 
 
 H. -.'7 of <t 
 Killht.. 
 \ riilitor*- 
 a voliint . V 
 w'!. .IUK-U|> 
 
 !hi' ri'(fii«t('f I 
 
 :i.ioi,^of till 
 nadi' to thf 
 ■ of or jointly 
 
 at leant in two liwal ni'w»p«j)cn< lirrulatinif in tlio di»trit't wliii 
 ofHco or principal Jilair of buninciw of thf coiiipany wai««itnati'. 
 
 (2.) At thi) niii'tinir to In' held in jiur»uaiii'i' of tho fon'tfoinn ' 
 im-tion the ■•rcditop' aliall detenniui" whvther an apiilii utimi »h.'. 
 Conrt for the apimintnient of auv ' on ai. liciuidator m Ihr [ 
 with the liquidator apiiointrd bytui' omiNiny, or for tli. ap|«iiiitniiiit of :i .-oni- 
 mitt<'e of insji.>ction. and. if the cnilitors no renolve. an iip|pliiatioii may \n- nimli- 
 aiiiordiuKly to thi' Court at any time, not later than fourteiii day. after the date 
 of the meeting, by any cToditor appointed f'lr the piiriK».e at the nieetinir. 
 
 (1.) On any xuch applieation the Court may make an order either for the reiiuival 
 of the liquidator appointed bv the eoiiqiany and for the appointment of wmie other 
 pcrwm an liquidator or for the appointment of wane other larHoii to ait a« liquiiliitor 
 jointly with the liquidator apiHiintinl by the wmipaiiy. or for the appiiutment of a 
 committee of in«| P<aion either to)fether with or without any Mueh aiiix.iiitmeiit of 
 a liquidator or wnh other onhr uh, having rejraril to the iute^••t» of thi- inilitors 
 and I'ontributorien of the iimipaiiy, nmy aeem just. 
 
 (4.) No appeal fhiill lie from any order of the Court ujx.u an applnatmii under 
 thia wction. ... 
 
 (a.) The Court xhall make nueh oriier an to the oiwt» of the applu^ation :in it ni;iy 
 think tit, and if it is of opinion that, havinif ri'tfard to the interifita of the i'redilor» 
 in he liquidation, there we're readonable (frounds for the applieation, may oi r 
 
 th »tx of the applieation to lie paid out of the a.sseta of the company, iiolv .m- 
 
 utandinif that the applieation i.-. dismiie" d or otherwir.e lisiioM..il of adverwly to the 
 applicant. 
 
 189. _(1.) If a vacaney oecurx bv death, resipiBtion, or otherwise in the otBre 
 of liquidator apptiinted by the company in a voluntary winding up, the eomijany in 
 B,neral meeting may. subject t»i any arrauKiment with ita cri'ditora, till the 
 
 vaeauey. _.. . 
 
 (2.) For that purpoHe a xeneral me»'tin>r may be couvemit by any eontributory or, 
 if there wen- mon' liquidatora than one, by the eontiuuiiur liquidatom. 
 
 r.i.) The meetin^r "hall be held in manner prcaeribeil by the articles, or in aueh 
 manner as may, on application by any contributory or by the contiuuinK liqui- 
 dators, be determined by the Court. 
 
 190.— (1.) A company about to In-, or in course of Ixintr. wound up voluntarily 
 may, by extraordinary resolution, delenat*- to ita creditors, or to any .ommittce of 
 theni, the power of appointing liquidators or any of them, and of -iipplvinjr vaeJincies 
 among the liquidators, or entiT into any arrangement with respiit to the p. t rs 
 to be exercised by the liquidators, and the manner in which they are to be eien^i., .. 
 
 ('2.) Any art dtinn by creditors in pumuanc* of any such delejrated power ahalt 
 have the ume effect aa'if it had been done by the company. 
 
 .S. 1411 of 1861. 
 I'ower to till 
 vacuiicy iti 
 office of 
 liqiiidatoi . 
 
 S. i;!5of IH62. 
 Deleiration 
 of authority 
 to appoint 
 liquidators. 
 
 maiBWi 
 
Hi li 
 
 S' i' 
 
 it .' 
 
 hi 
 
 1-")7H 
 
 S. i:!fi.if ixSJ. 
 Arranifcincnt 
 wlxMi binding 
 on tTi'flitnrs. 
 
 s. nil .if iHi;. 
 r.iwiT i.f 
 
 liciuiilitUir to 
 accept Hlijiri'^ 
 \'c. tit* coii- 
 sidortition 
 for i-aliMif 
 jtrtiiHTty of 
 .'onipany. 
 
 s \ ;i Vict, 
 c. IK. 
 
 s & II Vict. 
 .. 17. 
 
 S. iiisof isi;-.', 
 FV.wer to 
 apply to 
 4'ourt. 
 
 S. l:i<»of Ihf)-.', 
 l*owcr of 
 liquidator to 
 call (fciicriJ 
 meeting. 
 
 ApI'KNDIX. 
 
 191. — (1.) Any arrauif'.'nicut cntenil into iKitwecn h company about to Ik', or in 
 the course of bciuir, wound u]> voluntarily and its crc<litor« »hall, Bultjwt to any 
 ri;rlit of appeal under thin Kection, be bindinjt ou the company if sanctioned by an 
 cxtraordinarj- rcHoliition, and on the i-ri'ditors if iK.icded to by three-fourthn in 
 number and value of the creditors. 
 
 (2.) Any cre<litor or (toutrih .t<iry may. within three wwks from the completion 
 of the Hrraujrenient, appeal to the Court aijainBt it, and the Court may thereupon, 
 as it thinks just, amend, vary, or confirm thi' arranjfement. 
 
 192. — (1.1 Where a inrnpany is proposed to l)e. or is in course of Uin^f. woundup 
 alto^rctlicr voluntanly, and the wliole or part of its business or property is proposed 
 to be transferred or s<ild to another company (in this s.x-tion called the tranofiTei- 
 company,, the liquidator of the tirst-mintioned company (in this sectiim culled the 
 transferor company) may. with thi> sanction of a sjiecial retiolutiou of that company, 
 conferring? eitl r a general authority on the licpiiclatiir or an autliority in respeit of 
 any particular aniiiijrement, receive in c-ompens;iticm or part compennation for the 
 tra'nsfir or sale, sliarcs, policies, or other like intercHts in the transferee comp.Hny, 
 for distribution amon>r tlie menil» rs of the triinsferor company, or may enter into 
 any othc r arraniremcnt whereby tlic members of the transfcTor aimpauy may, in 
 lieii of rec-eivintf i ash, shares, pcilicies, c.r other like' interests, or in addition thereto, 
 participate in the jirotits of or receive' any otlier benefit from the transfcTec> company. 
 
 (i.) Any siile or arrangement in pursuanc^e of this sicticm shall Ite Itindin^r on the 
 members of the transferor company. 
 
 (li.) If any nienilKT of the transferor company who did not vote in favour of the 
 special resolution at citlii r of the meetinjfs held for p.i.s.sin>f and confirminjr the same 
 ex presses hisdissciit therefrom in writinjf addressed to the licpiidator. and left at tlie 
 rc^fistcricl ottice c.f thc> company within seven days tifter thc' confimiation of the 
 resolution, he- may rwpiire the licpiidator either to alistain from cjirryin){ the resolu- 
 tion info etfc et, or to pnrcha.se his interest at a price to lie determined by agreement 
 or by tirliitration in manner provided by this siction. 
 
 '4 If the lieinidictor eliMts to purchase the mcmlHT's interest the purchiise money 
 must lie paid iHt'ori l!ie- .iinpany is dissolved, and be raised by the licjuidateir in 
 suc^h manni r as may be dclemined by spcK-ia! rcsolutiein. 
 
 |."i.) A s]H'cial resolution shall i.ot iie invalid for the pui-jtos, s of this section by 
 rea^em th:it it is passed liefore or concun'ently with a i-esolullon for winding? up the 
 company, or for apjiointinjr liquicUitors ; but, if an order is made within a year for 
 windinjf up the company by or subject to the supervision of the Court, the' sjMcia! 
 resolution shall not be valid unless sanctioned by the Court. 
 
 (li.) For the j>uriKi.ses of an arbitraticm under this .section the provisions of the 
 Companies t1ause» Consolidation Act. I84.'i. or. in thc> c:ase of a «iudinif-up in 
 Scotland, the Companies Clauses Consolichition (Sc otUind) Act. 1X45. with re.spec;t t<i 
 tlie settlement of disputes by arbitration, shall 1h' incorporated with this Act ; and 
 in the- construction of those' provisions this Act shall be dc>emed to be the sp<cial 
 Act, and "the company "' sliall mean the transferor company, and any appointment 
 by the said incurporuted provisions directed to be made under the hand of the 
 secretary, or any two of the directcjrs, may lie nitide under fhi> hand of the 
 liquidator, or, if there is more than one licpiidat^ir, then of any two or more of the 
 liquidator.s. 
 
 193,-1.) Where a i-oni]iany is Isinj: Wound up voluntarily the liepiidator or 
 any contribut<irv or ireditor may apply to the Court to determine any ciuestion 
 arising; in the wiudinn-up. or to 1 .\eriisc, as resjKc tst he enforc ing of calls, or any 
 other matter, all or any of tlio powe rs which tlie Court might e.xcrciso if the com- 
 ptinv were being wound up by the Court, 
 
 (i.) The Court, if satisfied that the determination of the cjuestion or the required 
 1 xercise' of power will lie just and beneficial, may accede wlioUy or partially to the 
 application on sue h teniis and conditions as the Court thinks fit, or may make such 
 other order on the appUcjition as the Court thinks just. 
 
 194. (1) Wheii' a company is Ising wcnind up voluntarily, the liquidator may 
 summon gi-neral meetings of the eeimpaoy for the purpose of obtaining the sanction 
 of the company by spei ial or extraorclinary resolution, or for any othi'r iiuri)iiseshe 
 may think fit. 
 
 (2.) In the event of the winding-up continuing for more than one year, the 
 liquidator shall summon a general meeting of the company at the end of the first 
 year from the commencement of tlie winiling-up. and of each succeeding yetir. or 
 as soon thcretifter as may lie convenient, and shall lay liefore the meeting an 
 
 m 
 
COMPANIKS (CONSOMDATION) Act, 1!"»S. Act of 1908 \'>" 
 
 ,»o<-..imt of hi» Hrt* .111.1 .Icalinp. Hud ."f tl..> condu.t ..f the wii.<liii>r-up .luring the 
 i)rf.'4.'<linif v.'iir. . ,. *!.«;.* 
 
 106 —(1 ) 111 thi' iHW i){ iv.rv viiluiitary »iiidiiip-iii.. a» wn.n a» the iittairs .it 
 the .■..mpai.y arc fully w...ind up. th.. li.im.iat..r »hall iiiak,. up "ii a<.MUi.t ..t th.^ 
 n-indinn-up, HhowiiiK how the winditijf-up ha» l«i. .•...ndu.t.'.l and the pr..iH;rty ..I 
 the ..m.paiiv has Ix-eu .li»p..«e.l ..f ; and tluTeup.u Hh.ill ..ill a «.uenil mwtn.tf of 
 the cmpany f.ir the p.irpo«' .'f lavinir l..'f<.re it the a.-.-ouut, and >rivinir a..> 
 expliination thin'of. ... ,. ■»• ■ , .v. 
 
 (•' ) The nie.tinif »h.dl he i-aU.d l.v ;i,lveiti«ement in thi- Gazett., H,MXMtyinK th.' 
 tiin.-, pla.-.', and object thereof, a.id published on.. ra..ntl. at le.i»t l.ef..r.. the 
 
 '" m"withiu on.- week after the m.-uting. the ILiuidator shall n.ak.- a r. turn to the 
 registrar of eon.p.mieH ..f the h..Wi.i(f ..f the meeting, and ..f its dat... and ... 
 default ..f m d..inK shall Ih' liable to a tin.' not ex.wKjiug hve jHrnnds f..r every .lay 
 d.irinif »hi.h th.' default continues. „, , ., . . ■. i .. 
 
 (4 > Th.. niristrar, .... r.r,ivinK the r-turn, shall forthwith refrist. r it, and on th. 
 expiration of three ni.intlis fr.ai. tl... .e/istniti.m of the r. turn th.' i ...npany shi.U W 
 ileem.d to be .Uss<dv.'d : ... . , i- ■ i , r . .i .. 
 
 ProvidiHl that the Court in..y, ...i tl..' api.li.ation of the li.i.iidat..r .,r ..f anj ..th, , 
 ,».rs..n who app..ars to th.. Curt t.. U- i..t..r.st..... ak.. an ..nl.r .lef.rr.uK tl... . at. 
 ;,t whi.h th.. dLsolution of the M.nipaiiy is to tak,- .tf.. t for M..h tin,., .w th. t....rt 
 
 ".5 r It 'shi.ll be th.. dutv of the perwu on whos,. application an .jr.l.r of th.- ('...irt 
 und.-r this secti..n is n....d.". within s.ven .lays aft.'r th,. inakinjr ..f th,. ..nl, r to hi,. 
 with the rcKistrar an ..tHc.. . opy .>f the .,r.ler. ..nd if that person tails so to ,1,,. he shall 
 1h. liabl,. to a fine not ex.-,.tdii.i,' five pipunds for every day during whi.h th.. detanlt 
 
 ' "l9e" Vll losts .l.arjres. an.l ..xp..ns..s properly iu...irr. d in th. v.il.intary wii..lin..'- 
 up of a' ..'o.npanv.' in.ludi.if; the r..n..ineratioi. ..f th.- li.iui.l.itor, shall U- payable o.it 
 of th,. assits of the. -..mpany in priority t,i all other .•hums. ... ,■ 
 
 197 Th.. voluntary winding-up ..f a .■onipany shall not bar th,. right .>t anj 
 .redit or or . ..utributory to have it w.,u.,d up by th,. Co.jrt, if th.. Curt is ot ,.p.uion. 
 in th,. ,ase of an api.li.ati. „ by a .redit..r. that the i.glits <.f h.' , re,l.t..r or, in th,^ ^ 
 ■".se..f an applicatiin by , ontribut..ry. that the nghts .,f th,. ,.ontr.buton,s will ]\ 
 h- rr(.ju.lired ' v a v.il.mtary wmdiug-up. i ,■ . " 
 
 198 Whir, I c.nipanv is l«-inu'w,iuud .ip voluntarily. an,I in ..nl.r is mail,, toi s. ii, 
 
 win,unV-i< I'v the (;.,urt: the c..rt ...ay, h^ it^ "':"!!:.!*!;,'?;,:.*"::!!::",;:^j!!'^;,'";l" • 
 
 S. 14--'. .f IMti-i. 
 |.'iii.il n.,', tiur 
 mil ilissiilu- 
 lion. 
 
 w.n..iiig-i.[, I'* 111.-^...".. I... - " .- . -- - - 
 
 siiiuent Older, j.rovide for th,. a.loption of all or any ..t tl. 
 v.il.intary winding-up. 
 
 pro..e..dings in 
 
 s 1.4 of is.;.' 
 
 (■,,«!«,. I 
 
 i..liint.iiv 
 
 li.|<ii.lu.ii,l, 
 
 s. ir. ... IS,-./ 
 
 .-i\illl.. I'll 
 li.:lil~i.l 
 , t.iljtiir-* mi'l 
 intiitiiittii-.,-^ 
 .1 IS,;.' 
 iw,r i.t I '111. 
 .>,a,l"pt 
 
 .if VcllllUtil.V 
 
 winilnu-iii'. 
 
 jii 
 
 If'iiidiih/ I'p ^iihjirl tit Supirrisioh nf C.nrt. 
 
 199. When a cnipanv haH by siKH.i«l .>r extra. .rdinary rtsolutiou resolv-^l to H 147 ..1 Is,;-.!. 
 ■ - wy make an .irder that the voluntary wind, g-up IW, ....... 1.1 
 
 \iniili.ij-..I! 
 ul.|.-.-t I.I 
 
 ^'ip' IMsill.l. 
 S. HSi.f IS ' 
 
 i;ti,-, tiifpiiiti 
 
 tor \.iii'Iiii--'i 
 .1,1. ,,.,■. 1.1 
 >iip, . vi^.im 
 H. 14!) "f lP.1-... 
 trt t.irtV 1 
 
 wnnd up voluntarily, the Court may nia~..- „..— - . ,,.,., 
 
 shall cmtinue. b.it subject to su.h s.ip^rvisi.ui ot the Court, ..nil « ' ' ■; "^ '" '^ 
 for creditors, ....ntrib.itori.-s. or others to apply to the Co.irt, and generally on s... h 
 terms and e.,nditi..ns as the Curt thinks just. „i,i..,.i to tl... 
 
 200. A petition for the ooutinuancc of a voluntary win.linK-ui. subject to tl.. 
 sup..rvisionof the Court shall, for the purpos.. of giving junsdu-tion to the Couil 
 .,vt.r ai-tions, be deera.d to be a petition for wii.diug-up by the Curt. 
 
 201 The Court may, in deciding between .i wiudii.g-.ip by the Curt an.l a 
 winding-up subj..ct to supervision, in the appointment ''« '''I'f *»;;■■;; j''';'' ;,'^ . ,„.„ u.hv ,„.m. 
 other matters relating to the winding-up s.ibjeet t.. su|wrvis.on, have rtg.ir I t., tl., _^ ^_ _ _, ,„„,,,„., 
 wishes .)f the ere<lit«irs .,r i-ontrib.it.,ries as prov.Kl to it by any suthci.ut .-viaeii, , . „, „,.lit..r- .....1 
 
 202 -(1 ) Where an order is mad.- f.ir a winding-up subjct to s.i|...rvisi,.n, th, ,„,„r,l,i,.,„ii.> 
 Co,irt m.iy bv the same or any subseipient order app,.int any '"1"^'';"|'''",1"';^,'' "■•,;„ 
 
 (■>.) A liqilLlator appointed by the Curt under this section shall hav.. ^^" " , 
 powers, be subj.H,.t to the same ohligati.ms, and in .ill nspcts stand ... th.. san.i- 
 position .IS if he ha.l b..... apiH.ii.t.Kl by the ...,mp..ny. 
 
 (It ) The Curt may nmov.- any li.p..dator s.. appoin e.1 by the Curt, .ir ..ny 
 liquidator ciiitinued under th.. s..,M.rrisian order, and hll any vacancy .icasmn.-.l 
 bv the removal, or bv death or risignati.m. - • .i 
 
 203.-(l.) Wher.' an order is mad., for a winding-up siibj,.<.t to sup..rvis.i ... the 
 Ihiuidator may, subject to any restrictions imposed by thi Court, ex.rc.se all los 
 
 l.'klill' isii-j 
 I'.,"..- iiir Cim.-t 
 to jippoinl III 
 ri-tunvi' 
 li-|iiiJ.it.>r.. 
 
 ^. l."il I 
 
 i-;iiv,i 
 
 usi.iii 
 
 il WfJ. 
 ,f,ii,.i 
 ir'liT. 
 
ir>7x 
 
 Appendix. 
 
 li 
 
 I at 
 
 t 'I 
 
 \3 J!' 
 
 1 1 ^ 
 
 1 
 
 i ? ! 
 
 liowcrK, without the Hsnction or intcnrcntion of the Court, in the same manner aa 
 if the company wcro beinft wound up altogether voluntarily. 
 
 (2.) A winding-up subject to the supervision of the Court is not a windiDK-np 
 by the Court for the purpose of the following provisions of this Act, namely, those 
 contained in sections one hundred and forty-seven, one hundred and forty-eight, 
 one hundred and forty-nine, except sub-section (10), one hundred and fifty-two, 
 one hundred and fifty-three, one hundred and fifty-four, one hundred and fifty-five, 
 one hundrc<l iind fifty-six, one hundred and fifty-seven, one hundred and fifty- 
 eight, one hundred and fifty-nine, one hundred and sixty, one hundred and "ixty- 
 one, one hundred and sixty-two, one hundred and seventy-three, and one hundred 
 and seventy-five, but, subject as aforesaid, an ord'.r fnr a winding-up subject to 
 supervision, shall for all purposes, including the staying of actions and other 
 proceedings, the making and enforcement of calU, the power in Scotland to remit 
 tlie winding-up to a permanent Lord Ordinary, and the exercise of all other powcrd, 
 be deemed to bo an order for winding-up by the Court. 
 S. 152 of 1862. 204. When- an order has been maile in Scotland or Inland for winding up a 
 conipanv subject to supervision , and an order is afterwards made for winding-up by 
 the Court, thi' Court m.iy by the last -mentioned or by any subsequent order appoint 
 any person who is then liquidator, either pmvisionally or permanently, and either 
 with or without any other person, to be liquidator in the winding-up by the Court. 
 
 .■\j)iw»intin<'nt 
 of voluiitsrj- 
 liquidator SH 
 lit(uiilator in 
 win<Iinir-up I'y 
 <'o»irt in .S'ot- 
 liin'l Of In-liind 
 
 8s. 131 — lo;i 
 of 1SG2. 
 Avoidance I'f 
 transfers, kr, 
 after com- 
 mencement of 
 wiudiiiif-up. 
 
 S. 158ofl«(J2. 
 Debts of all 
 descriptions 
 to be pn>ved. 
 
 .ludicature 
 Act. 1875, 
 
 H. Il>. 
 
 Appli<'«tion of 
 banUniptry 
 rule?* in 
 wimliuL'-np of 
 in-w'lvpnt 
 KnifUitli ■■id 
 Imh ctn..i<anit >. 
 
 S. 4 of 18fi(i. 
 I!anking of 
 <liiiins in 
 Scotland. 
 19 & 20 Vict. 
 c. 79. 
 
 S. 1 of 51 4- 52 
 Vict. c. f>2. 
 Pnfeniitial 
 payments. 
 
 Supplemental PrMuiom. 
 
 206.— (1.) In the ease of voluntary winding-up, every transfer of shares, except 
 transfers made to or with the sanction of the liquidator, and every alteration m the 
 status of the members of the company made after the commencement of the winding- 
 up, shall l)e void. . . , , « 
 
 (2.) In the ease of a winding up by or 8ubje<t to the Bur«rvision of the Court, 
 every disposition of the property {including things in action) of the company, and 
 every tninsfer of shares, or alteration in the status of its memb<TS. made after the 
 commencement of the winding-up, shall, unless the Court otherwise orders, be void. 
 
 206. In every winding-up (subject in the case of insolvent companies to the 
 application in acconlance with the pnivisious of this Act of the law of baukrupt<7) 
 all debts payable on a coutingeucy, and all claims against the company, present or 
 future, certain or contingent, ascertained or sounding only in damages, shall be 
 admissible to proof against the company, a just estimate being made, so far as 
 possible, of the value of such debts or claims as may lie subjeit to any contingency 
 or sound only in damages, or for some other reiison do not bear a certain value. 
 
 207. In the winding-up of an insolvent company registered in England or 
 Ireland the same rules shall prevail and \x- observed with n'ganl to the respeitive 
 rights of secured and uusecuriHl creditors and to debts provable and to the valuation 
 of annuities and future and contingent lialiilities as are in force for the time being 
 under the law of bankruptcy in England or Ireland, as the ease may Iw, with 
 resjK-ct t<p the estates of persons adjudged bankrupt; and all persons who in any 
 such case would he entitled to prove for and rewive diviilends out of the asstts of 
 the company niav come in under the winding-up, and make sul^h claims against 
 the company as they rcsp«:tively are entitled to by virtue of this se<tiou. 
 
 208. In tlie winding-up of a company registered in Scotland, the general and 
 special rules in regard to voting and ranking for payment of dividends provided by 
 seitions fortv-niue to sixty-six of the Bankiuptcy (Scotland; Act, 185is or anv 
 other rules in n'gard thereto which may be in force for the time b.iiig in tlie 
 sciiuestration of the estates of bankrupts'in Scotland, shall, so far as is consistent 
 with this Act. apidj to creditors of the company voting in matters relating to the 
 winding-up, anil ranking for payment of dividends ; and for this purpose Kijins- 
 tration shall be taken to mean winding up, trustee to mean liquidator, and shcrilf 
 to mean the Court. 
 
 209.— (1.) In a winding-up there shall la> psid in priority to all other debts — 
 (a) All iwinchial or other local rates due from the company at the date herein- 
 after mentioiiMl, and having become due and payable witliin twelve 
 months next la-f. re that date, and all assessid taxes, land tax, [iripirly 
 or income tax asseiseil on the company up to the filth day of April next 
 before that date, and not exceeding in the whjle one year's assessment ; 
 
 ^ 
 
Kdw 
 
 Companies (Consolidation) Act, litoM. Act of 1908 I57» 
 
 (b) All waned or oaUry <if any clerk nr servant in r<-Hy>e,-t of wrviccs rendered 
 
 t« the company duriu;? four months l)eforp th.> wild date, not exee.Mlini< 
 fifty pounds ; and ,. . ^ a j 
 
 (c) All wiiires of auv workman or labourer not pxcetMlniif twenty-five pounds, 
 
 whether pavable for time or f.vr piece work, m re«pei;t of nervicc^ 
 rendered to' the company durinir two mimths before the Maul (late ; 
 Provided that where anv labourer in huHlmndry has entere<l int.. a 
 contract for the payment of a portion of liiH wa^es in a lump sum at^tlio 
 end of the year of hirinir, he shall have priority in respei^t of the whole 
 of such sum. or a part th.reof, as the Court may dei^ide to Iw due under 
 the Gontractt, proportionate t.i the time of service up to the Haul date; 
 
 (d) lTn*ess the company is beinif wound up voluntarily merely for the purposes 
 
 of re<!onstriietiou or of amaljraniation with another co.iipany . all amounts 
 (not exceediuK iu anv in lividual case one hundred pounds) due uinsp.vt 
 of comp<'nsation under the Workmen's Comptnisation Ait, I'.IOh, the i 
 liability wherefor iuuTued before the slid date, subject nevertheless to . 
 the provisions of section five of that Act. 
 (2.) The foreifoinir debts shall— , . , „ , .. 
 
 la.) Rank equally amonjr themselves and be paid in full, ui.le-.s the assets are 
 in-utticient to meet them, in which ease they shall abate in .■qiiol jiropor- 
 
 tiims ; and -,, , , r , i r *i 
 
 lb) In the c;ise of a company reiristennl in hntrland or Ireland so far as the 
 
 assets of the eompanv available for payment of (.incral credit. .rs are 
 
 insutncient to meet them, iiave jiriority over the claims of liolders of 
 
 debentures umler anv ftoatinir charjje created by the company, and bu 
 
 paid a<wordinKly out of any projierty comprised m or subj.ct to that 
 
 eharife. 
 
 /n.) Subject to the retention of such sums as may K- necessary for the costs and 
 
 expenses of the windinp-up. the foreuroing debts shall be diM^hargwl forthwith so 
 
 far !iH the assets are sufficient 'o meet tic m. .... , ■ j- » • i 
 
 (4 ) In the event ..f a landlord or other person distraining or having distramed 
 
 <in ally (foods or etfecfs of the company within three months next liefore the date of 
 
 a wnndine-up order, the debts to which priority is given by this section shall Iv a 
 
 first charge on the boo<1s or effe<^ts so distrained on, or the proceeds of the sale 
 
 pr'.ide<i that in respect of any money paid under any such charge the landlord 
 or oth«-r jKTson shall have the siime rights of priority as the person to wh.m the 
 
 payment is niiule. 
 
 (.i ^ The date heri'inbefore in this section referred to IS— ,-, , , 
 
 (a) inthe.'aseof a company ordcnnl to be wound up compulsorily which had 
 not previously . om.iienced to be wound up voluntarily, the dat-' of the 
 winding- up order ; and . , ^. ... 
 
 (h) in any other ease, the date of the commencement of the winding-up. 
 
 210 —(1 1 Any convevan.v. mortgage, delivery of g(«>ds. payment, ex.cution, or 
 o-luT a.:t relating to property whi,a, would, if made or don., by or agam.t an 
 inilividual, be de.me<l in his bankruptcy a fraudulent preference, shall, it made or 
 done I.v or airainst a company, be dcmi^d, in thf event of its Iwing wound up. a 
 fraudulent preference of its cnvlitors. and be invali 1 i.ccordi.igly. 
 
 I' 1 For the purposes of this section the pn'senration of a petition for winding, up 
 in the CSC of a wiudiiiL'-up by or subject to the supervision of the Court , and a 
 resolution for windinif-up in the ca.e of a voluntary w.ndinif -up. shall be deein«i to 
 corresiK.nd with the -.wt of bankn.pt,-y in the cas.> <.f an individual. ^ , ^ . 
 
 ( ( ) Vnv cmveyan r i-surnment by a cmpany of all its propertyto trustees 
 
 for the Isijefit of all its .tc litors .hall be void to all intents. 
 
 211 Where any eompanv (Is'iug a ,-oinpany legi-tered in Kngland or I r, land) i^ 
 bcuuf wound up i.vor su..je.t to the su,«.rvision of the Court any altachmei.t, 
 scpiestration, distress, or exontion put in fon^e "^■'^''■;"', '»•'•"•'.'''"■• ;',«",''',"' "" 
 company iftcr the commeucemeiit of the wii,ding-u|. shall be void to all int. iits. 
 
 212 Where a company is b..inir woun.l up. a rt.iating charge on the uiid. rtal.mg 
 or pr..isrtyof tho company civattnl within thrc; mouths ot the .oinni.'n. .m. i. ..t 
 
 the winding-up shall, unless it is pn.ved tint tl "ipany imimsliately uH.t the 
 
 c^ati.m ..f the charge was solvent, be invalid, excei.t -o the amount of any ca.h 
 paid to the company at the time of or subsequently to the creation ..f, aud m con- 
 
 Jrl 
 
 S. lfi4of 1802. 
 
 Prau.lulei'.t 
 
 preference. 
 
 s. ii;i„f iwj. 
 
 Av l.lali. .■ iif 
 .•.Tlillll 111... h- 
 tii.'nt., .■x.'-ii- 
 ti.iiis. .Vc in c:.,..' 
 1.1 cmilisny n- 
 nist,-!-.'.! in Kiiff- 
 Uuil i>r Ir.-Iuti'i. 
 S. l:l..f liier. 
 Klfi.l .if 
 tl.tiitinif .-Imrifc. 
 ' .i/.o.,(....n /•■..» 
 I*rt'i<tii't <'■.. In 
 v. (1910) 2 fh. 
 120. 
 
I. .1 
 
 IM " 
 
 111;'!. 
 
 I 
 
 i^ 
 
 - ? 
 
 I. OHO 
 
 S. liiif ISHf,. 
 Krt'crt in i-a-«i 
 (if rotnpaliv 
 r»'>fiiHt*'ir(i ill 
 Srotliiuil "f 
 diliirt'iH'c 
 witliiiiti(l(iay> 
 of wiiKiiiiff-'H' 
 by ()r niilij*'* t 
 to ^t^J^t■r^■i^il^n 
 c.f I'ourt. 
 
 lit k JO Virt. 
 
 .1. 79. 
 
 S. 1,"'). if I so J 
 (J)'neral 
 Hohenie of 
 lii|iii(latt<>n 
 iHiiV be 
 s.mctiuinil. 
 
 Appkndix. 
 
 Kideration for, the chftrgo, together with interest on that umount at thf rate of five 
 per (rent, per annum. 
 
 213. In tlie win(lin)f-up, by or Hiibject to the supervinion of the (Jourt, of a com- 
 pany reorixtered in Scotland, the foUowingr proviaionn shall have elfeet : — 
 
 (1.) The windintf-up .thall, in the cane of a »Hndin>r-up by the Court an at it*i 
 eoinineueemeut, and in the iixee of a winding-up nubject to nupirvision a« 
 at the diitti of the presentation of the i>etition on which the sup«^rvi»ion 
 order is prououiice<l, be Minivalent to an arrentment in execution and decrei- 
 of forthcominir, and to an exe<!uted or completed poinding : and no arrest- 
 ment or poinding of the funds or etfeils of the company, executed on or 
 after the sixtieth day prior to the commencement of the winding-up by the 
 ('ourt. or to the presentation of the petition on which a .siHMT\i.sion order 
 is made, as the lase may Ix'. shall Iw ctt'ectnal ; and those fundH or effects, 
 or till" proceids of those itfects. if sold, shall bt^ made forthcoming to the 
 li(|Midator: Prorided that any arrester or poinder bi'fon' the date of the 
 winding-up, or of the petition, as the case may be, who is thus de|irived of 
 the benetit of bis diligence, shall have preference out of those funds or 
 effects for the expense Ixinti fide inciured by him in such diligence : 
 ■1., The wiiidiiig-up shall, as at the resp< i tivc dates aforesaid, be etpiivalent to a 
 decree of adjudication of the heritable estates of the company for payment 
 of the whole debt* of the eompaiiy, priuiipal and interest, aecumulated at 
 tlie said dates respeitively, subject to such preferable heritable rights and 
 securities as exist^^d at the saiii dates and an> valid and unchallengeable, 
 and the right to poind thi' gniund hereinafter provided : 
 (;i. The provisions of sections ime huiidrtsl and twelve to one bnndril and 
 seventeen, and of section one hundred and twenty, of the Bankruptcy 
 (Scotland) Act, ISrilJ. shall, so far as is consistent with this Act, apply to 
 the realization of l^i ritible estates atlccti'd by such heritable riirhts and 
 securities as sforesaid ; and for the purposes of this Act the words 
 ''sequestration" and *' trustee'' occurring in those sections shall mean 
 nspectively "winding up" and " liquidator" ; and the expression "the 
 Lord Ordinary or the Court " shall mean " the Court " as detined by this 
 Act with respect to S-otlanil : 
 (4.; No poinding of the ground which has not been carried into execution by sale 
 of tlie effects sixty days before the respective dates aforesaid shall, except 
 to the extent hereinafter provided, be available in any ipiestion with the 
 liquidattir ; Provided that no creditor who holds a security over the heri- 
 table estate preferable to the right of the liijuidator shall be prevented 
 fr Mil executing a poinding of the ground after the respe<;tiv>! dates afore- 
 said, but that juiitiiling shall in competition with the liipiidator Is' available 
 only for the interest on the debt for the current half-yearly term, and for 
 the arrears of iuteri »t for one year iininediattly before the comnieuceiiient 
 of that term. 
 814. — (1.) The liquidator may, with the sanction following (that is to say) — 
 (a, in the ease of a winding-up by the Court in England with the sanction 
 
 either of the Court or of the iHinimittee of inspection ; 
 ib) in the case of a winding-up by the Court in Scotland or Inland, and in the 
 case of any winding-up subject to supervision, with the sanction of the 
 Court I and 
 (c; in the case of a voluntary winding-up. with the sanction of an extraordinary 
 resolution of the company, 
 Jo the following things or any of them : — 
 
 ii Pay any classes of creditors in full ; 
 (ii) Make any compromise or arrangement with creditors or persons claiming 
 to be creditors, or having or alleging themselves to have any claim, 
 present or future, certain or contingent, ascertained or sounding only in 
 damages against the company, or whereby the company may be rendered 
 liable ; 
 (iii) Compromise all (alls and liabilities to calls, debts, and liabilities capable of 
 resulting in debts, and all claims, present or future, certain or contingent, 
 ascertained or sounding only in damages, subsisting or supposed to 
 BubsisI b<lweeu the company and a contributory, or alhged contributory, 
 or other debtor or person apprehending liability to the company, an(l all 
 questions in any way relating to or affecting the assets or the winding- 
 up of the company, on such terms an may be agreed, and take any 
 
 :i 
 
COMPANIES (Consoudation) Act, 1908. Act of 1808 lo'^l 
 
 Meciirity for the diKchnrifi" of "ny "'"■•> '"'U. debt, liability nr diiiin, luul 
 (five a complelo <liM;h(ir(rc in roHppct thereof. 
 
 1.1 In the (axo of ii winding-up by the Court in Entfliind the cxerriw l>y tin- 
 liiiuidatiir of the powers of thin Hec.tioii shiU be subjixt to tli. imtrol of tlii' <''iur1, 
 and any (•ri'Jitoror lamtributory may apply to the ("ourt with >i)<>it to any e\er(i<e 
 or pntpoi*ed exereiMo of any of thow» ptiwer.-t. 
 
 816. (1.) When' in the course of winilin>r up a eompany il ai)pear> thut anv 
 person who has taken part in tlie fonnalion (r promotion of tie (ompany, or ;inv 
 piwt or pres"nt direet<ir, mana^r. or liiinidat^ir, or any oftieer of tin- eonipany. h,i> 
 misapplied or retained or lKi«>me lialili' or aceountable for any money or |.ropirtv "f 
 the I'ompany, or Iw'en (fuilty of any iiiiifiiisanie or breaih nf trn>t in nlatiim to 
 the c-oinpany. the Court may, on the appliration of the cpflieial rei-.ivi r. or of tlir 
 liquidator, or of any ereilitor or eontri'mtory. exainiin- into ihi i omliiet of thi- 
 proinotiT, direetor, inanajr.r, li<piidator, or ottirr, and ennip. 1 him to lepa.v ..r 
 iT^t^irr' the money or priprrty or any part t!ier.-of n-<pc'itiv.ly w ith int re..t at mu h 
 iat< a" the Court thinks ju^l, or to ii.ntriliute sue h >uin t.' the assets of tie- 
 
 .ompany by way of jompnsition in ns] t of tie- misappliiation. retainer, ini'<- 
 
 feasanee, or bri'ach of trust as tie' Court thinks just. 
 
 ;:;.; This section shall apply notwitlist,inclin« tint the otf.iice is i nc f..r wlii. 1. 
 the otfetehT may In- i riminally responsihle. 
 
 :i. Wherein the ease of a windinif-np in Knifland an onlr for pay nt i.i' 
 money is made under this se<tion, the order shall he ihemid to he a lin.il jiel:.'rrirnt 
 within the meaning of para^'raph {</] of sub-»eetion (1) of sctinn four "f the 
 Uankniptcy Act, IHS:!. 
 
 , l.j S.I much of this si'diou as r.'fcrs to pr.mioters, and t.) property of a . ompany 
 other than mouev, shall not apply to a win.lins;-up in Scotland or Irdaml. 
 
 816. If any ilireitor, •■fficer, or eontrihutoiy of any c.impany iNiuff wmnd up 
 ilestroys. mutilates, alters, or f.dsihes any Iwioks, papers, or si'curities, or niak.'s ..r 
 is privy to thi' luakini; of any false or fraa.iuh'nt entry in any r.'^'ist.r. Ii....k .f 
 .iccount, or docnineiit iKlonfriiiir to till' cimipnny with int.iit t.i (hfnoid ..r di'c..i\. 
 any p. is ai, he shall is' ^'uilty ..f a mi-.h'mi'aaian-, and be liahl.- to imprisiaiia. til 
 for any term not e.T.ecdinar tw.i years, with or without liard hihoiir. 
 
 217.— fl.) If it niijK'ars to the Court in th.' course of a wiiidin;r-ii]. h\ or ~nlij.'i i 
 to the snpirvision of the Court that any past or present dinctor. man.iu-.T, olli. r 
 .ir m.iiiher of the c lanpany has Urn guilty ot anv oth ii.t in ivhiti..n t.. .'le 
 e4)inpaiiy for w!ii<h he is eri'minally responsibh., the Coiiit may on the ai>pli.ntio:i 
 .if any pi'rson int. rested in the windini;-iip, or of its own motion, direct th ■ 
 li<piiiiator to prosecute for the oH.'iic.', and may erd.r the costs anil exis'uses to l>. 
 paid out of the assets of the company. 
 
 •1.) If it appears to thi- liipiiilator in thi- course of a voluntary » iniUr(r-up that 
 ,iiiy past or present diris'tor, inana),'.r, offi.-er, or member ..f tie- company h is Inie i 
 aiiilty of any ortenc in relation t.i the company for wlii.h hi is criininiiUy 
 respoiiHible, the liipiidator, with the iirevi.ms sani tioii of the Curt, may prose.i.te 
 tlie offender, and iiU expenses property incurred by him in the jiroMcution shall I e 
 ])avable out of the assets of the eompany In priority t.i all other liabilities. 
 
 218. If any person, on examination on oath authorizid under this A. t, or in 
 any aflidavit or deposition in cr about the winding up it any company or otherwise 
 in or lilmnt any matter arisiu;; under this Act, wilfiillj; and corruptly ffi v. s false 
 •vidence, he shall be liable to ti.o fwuiilties fcr wilful perjiiiy. 
 
 210. — (1 ) Where by this Act the Court is authorizcil, in relation to win.liiiu'-ii|i. 
 to have rcjrnrd to the n'ishes of criilitors or contribntories, as proved to if l.y .my 
 sufficient evidence, the Court may, if it thinks tit, for the pur[Hiso of asci itaininir 
 those wishes, direct meetinjfs of the creditors or coiitributories to be i ailed, held, 
 and conducted in such maiuier as the Court directs, and may appoint a. p. rsoii to 
 net as chairman of any such nieethi^' and to report the r.sult therwif to the C.iiirt. 
 
 {2. In the ca.«e of creditors, ri^ard shall b< I; i.l to the value of each crislit.ir'- 
 
 ,lebt. , ,. . 
 
 (;t. In the ease of ioutributorie.s, re^'ard slial' Ix' had to the numlier ..I >otc- 
 (•.inferred on each contrilmtory hy the articles. 
 
 220. Where any coni|iai;y is beiuh wound up. .dl liooks and pa|Hi of tin 
 mmpany and of the liipiidators shall, an Is'twe-n the eontributories of the company. 
 )>■ ;,ri.,i^i fiine evidence of the truth <.f all matters purportintr to lie therein riionl.d 
 
 221. After an order for a windinir-up bv or subject to the siipervisinti of the 
 (s)urt. the Court may make such or.ler for insjieiaion by enslitors and liontribut.iries 
 of the eompany of its Isioks and pajM-rs ;i» the Cmrt thinks just, and any l«i..kH 
 
 S. Ifi.Mlf l.Hfi.' 
 
 r.iwer of 
 ('ourt to as- 
 sess damaifes 
 against 
 delitupietit 
 dirts'tors. ^Vc 
 
 Hi .t 17 Viet 
 
 S. ICi.i.f Isi, 
 ren.Itv f.ii- 
 
 fllsiti.'ltliMl 
 
 of liis.k- 
 
 .S. 1(17 of !Mi.' 
 Prosecution 
 of ilel.ii'[uent 
 diiiM-tors, ,Vi 
 
 S. lli'.Ulf |M 
 
 r.'nalty on 
 perjury. 
 
 Ss. '11, l»v 
 .if IStil'. 
 
 Mis'tiairs ti, 
 .i..i'.'rtiin wi.l f 
 ■ ifoivilin.isi.v 
 "•ntrit.ieo'i. 
 
 .■i. l-i4 ..C I-.1.V. 
 it<Kiks ..f rmi - 
 P'lny t.i h*' 
 
 .■Mit.-n.".' 
 S. 15il.it 11* - 
 tfi^Twitiisi 'iv 
 bnukiL 
 
 p. 
 
 i) K 
 
1">82 
 
 Appkndix. 
 
 n'i 
 
 h 'i 
 
 M 
 
 
 S. 155ofl8C2. 
 Dispopal of 
 tKMiks and 
 
 pJipLTH of 
 
 (wmpany. 
 
 ^. 31 of 19<i7. 
 Pi>wer of 
 Court to 
 ■le<'lare Aif- 
 ^nlutinn of 
 M>mpany void. 
 
 S. I;-) of Ih'.itl. 
 Inforiiuition 
 Its to ix'iidin^ 
 liiliiidatioijM 
 ill Kuifluud, 
 
 and jiaperH in the pomtewiou of thr tonipany may bi^ iunpectetl liy iri'ditor- or .011- 
 tribiitorioH ju'cordingly, but not furtliiT or othiTwiw\ 
 
 222.— (1.; Whi'ii a rompany has hteii wound up and i« about tci ln' dimwdvid, 
 the bookH and paperM of the eompaiiy and of tlic liquidatorn may Ix- .li-pow.l of ax 
 fivUowB (that i» to »ay) : — 
 
 (a) In the caw of a windinir-up by or HubjtH't to the aupervi'iioii n) the Court in 
 
 •iuoh way n'* the Court dinitx ; 
 b) In the ca.«f of a vohintary winding-up in bui li wiiy ;ih the (onipuiiy by 
 
 extraordinary resolution direetx. 
 '.'. After five yeara from the diwolution of the company no ri'-')H>nNil>iIitT xhall 
 i-ext on the company, or the liiiuidators, or any perxon ti' whom the iiixtody of the 
 IxKiks and pajierx lias Ix'en committed, by reaxou of the xaiue not biiuL' foitliiciniinjr 
 to liny person elaimin)f to be interested therein. 
 
 228. i'l.) Where a c.mpany hax been dissolved, the Court may at any time 
 
 within two years of the date of the dixsidution, on .111 application lieinir made for 
 the pnrpose'by the liquidator of the eoinpany or by any other [mtsou who api» lira 
 to the Court to la> interested, make an order, up'Hi xinh termx ax the Court thinks 
 tit, deebiriii).' the dissolution to have been void, .ind ther.npon sin h proii edinirs niay 
 betaken as miffht have been ti-'ien if the company had not Iuhii clis^olvl■d, 
 
 C.'.i It shall I*' the diitv of the pirson on whosr application the ordir «as in.ide. 
 within seven davx after the makiuir of the order, to tile witli llie n -islnir of 
 companies an office copy of the order, and if that person tails so to do be shall be 
 liable to a fine not e\i cediuR five pounds for every lay durin-- wliicli the default 
 lontinues. 
 
 224. — (1.) Where a company is beiuff wound up in Enjrland, if the windinv-up 
 is not concliidwl within one year after its commencemeTit, the liquiilator .shall, at 
 such intervals as mav lie preiribisl. until the windinjf-up is coiuliided, send to the 
 rej.'istiar of conijianies a stat.iiient iu the pre."crilp.d toim ami 1 ontainiiitf the 
 prescribed particulars with rcsjiect to the proceedings in and p..siti..n of the 
 liiiuidatiou. 
 
 •J.; Any ]H>rsou statinjr himself iu writinjr to be a creditor or 1 mitnimtoiv of the 
 company shall be cnlitUd, by imself or by his asfeiit, at all reasonable times, on 
 payment of the prescribed fee, to it pect th, statement, and to recei\e a copy thereof 
 or i-xtrait therefrom; but any jierson untruthfully s( statin^.- himself to be a 
 creditor i>r contributory .shall be ),'iiiltv of a contempt of ( ouit, and shall be punish- 
 able accordinifly on the application of the liquid.itor or of tlie ottiiial r.v.ivir. 
 
 :i.) If a liiiuidator fails to comply with the reciiiirements of this sei ti.ai he shall 
 lie liable to a Hue not exceednii,' fifty pounds for each day diirini^' which lie- default 
 continues. , , , . 
 
 (1.) If it appears from .my such stateiiKiit or otherwise tint a liquidator has ui 
 his hands or under his , out rid any money repre.scntinur unclaimed or undistributorl 
 assitx of the companv which have remained unclaiiiied or iindistribiit'>il for six 
 months after the date of their receipt, the liquid.itor shall forthwith pay the same to 
 the Companies Liquidation Account at the U.ink of Kuiflanl. and shall be entitletl 
 to the prescribed ceitificate of receipt for the money so p.iid, and that ceitiHcati' 
 shall be an efl'ccfual disidiarfre to him in respect thereof. 
 
 (.'1.^ For the purpo-e of asccrtainiuK- and arettinjf in any money payabli' into the 
 
 Hank of Enirland in pursuance of this section, the like powers may be ex. rrisc.l, 
 
 and bv the like authority, as arc excrciseable under section one hundred and sixty- 
 
 li'i i 4" Vict. }\y„ of the Bankruptcy Act, ISs:!, for the purpose of as ertainiug and jrettiiiir in the 
 
 '■■ -tl. sums, funds, and dividends referred to in that section. 
 
 ;('..) Any person elainiin)f to be entitled to any money paid int.. the Bank of 
 Knjrlmd in pursuance ef this section may apply to the Boird of Tra le for payment 
 of the same, and the Board may. on a ceVtiheate by the litjuidalor that the person 
 elaiininir is entith-d. make an order for the payment to that imtsoii of the sum due. 
 
 7." Any person ilisxatisfied with the decision of the Board of Trade in respwt of 
 any claim made in pur-uance of this section niiy apjK'al to the llijrli Court. 
 
 225. In all pr.ieeedinsfx under this I'art of this Act, all Couils, judges, and 
 jersins judicially aetinif. and all officers, judicial or ministerial, of any ( oiirt, or 
 employed in I nforcintf the process of any Court, shall take judicial iiotiie of the 
 hiimatiire of any officer of ihe Hiifh Court in Kaiflaud or Ireland, or of the Court of 
 Session in Scotland, or of the reifi-tnir of the Court excn isimf the stannaries juris- 
 diction, and also of the offi ial seal or stamp of the several offii-es of the lli>fh Court 
 iu Eujflandor Ireland, Court of Session, or Court exercising the stannaries juris- 
 
 .->. l2.iof ISfi 
 ■lujicial 
 o itice of 
 -iijfftaiure of 
 " tK« r«. 
 
Companies (Conhdmdation) Act, VM)H. Act of 1908 l"»x;{ 
 
 iliitidi, appoiidiM til or impn'»ni'<l mi mir cl'Kiiimmit miuli-. ii^iiwl iir ^•i>lIll■ll uiiJit 
 thp pnivinioiH (if thin I'urt I'f thiM Ai^t, or any (iffl.ial i-upy llu'iroi 
 
 828. -(1.1 The jii(l>rp« of till- r.mnty <'ourfi in KiikIiihI win. -it at pliii-.-. mori. 
 than twi'iity iniliM ifrom the (iciicnil l'o»t Ottiiis and tlio jmU'" cxini-iiiif tin. Iiatik- 
 rupti'V jiiriK liition of th(> lliifh Court in Irclnnd ami thi- a<si»taMt liairi"! Tx ami 
 rwonii'is in frilani!. anil tlip slieritts of coiintic^ in Si otlaml. slnll Iw i-oniiiii>»ionin< 
 for llic piirpiiso of lakinir I'viilinii- imhIit this Act, whrri' a romp my \* woiinil up in 
 any part of thr I'liitwl Kin^rloni, anil thr Court nmv rffir tin- wliolo i.r any part of 
 thi' I'X.iniination of any witnt>»i«'n undir tliji Ai t to any person licrotiy apjiointiil 
 ••onufiisniorn'r, altliiiu);)) ho i" out of tlio juriwliition of tlir Court that niailo the 
 winilinif-up urdor. 
 
 ■-'.I Kvory i'ommisiionrr uliill. in addition to any powiTH whiih ho mii;ht law- 
 fully fxirciw> as a jndjri' of a rounty court, jiidiro of thr Hiifh Court, assistant 
 burristor or r^'order. or slicritf', havo iu th.' matter bo nfirri'd to him all the sanio 
 [Miwirs of sunimonini; and pxaminini.' witnisscs, of rispiirinLr the pri"luilion or 
 Iclivory of iloeiinirnts, of punishing; difiults liv wilin-s.is, and of allowini.' lost 
 and ixpinscs to witnesses, :ls the Court whi li made the uindinL'-up order. 
 
 (:t. The exaniinition so tiiken shall lie returned or nixirted to the Court whi. h 
 nia.le tin. iinler in sueli manner as that Court ilireits. 
 
 287 — (1.) The Court may direi-t the examiintion in Si-otl mil ..f any person for 
 
 the time l»ini.' in Seotlancl, whether a .■..ntrihnlory of tlie i ipmy or n..t, in resfan' 
 
 to the trale, ih'.ilin'.'s. attairs, or pn.per'y of any eoinpiny i:i ..Mn-se of hein^' woniii. 
 up, or of any i«Tson lieiuL' a emitiihuto -v of thi- eompanv. ^.. I'lr as the eompany 
 may hi- intirested therein bv reavm of liis heinv' a eontrilmtory ; ind the ..r.ler or 
 eoinmi^si..n t.i take tlie e.iamination shall he direiti.il to lli.. «h.ritf of the eonnty in 
 whiih th.. )iir-on to In. examined is residinsr or h.ppens to he for the time; and t le 
 sheritf sh.ill summon that ihtsoii to app. ar liefore him at a time an 1 pl.i..e to he 
 ..pee heil in tlie s imrnims for examination on oath as a witness or as a haver, and to 
 pro 111. e any hooks or p.ipers ealleil f.ir whieh .are in his possession or power. 
 
 ;J.) The shirilf ni.iv tak(. the exaniinaliou either orally or on written interroira- 
 tories, and shall reiioH the sane' in writini,' in th.- iisual form to the Court; and 
 shall transmit with the report the hooks and papers pr..ilueed, if the orisrinals 
 
 thereof are reipiirnl and speeitied hy tl r.ler or lommission, or otherwise e.ipies 
 
 thinot or extra, ts then fr..m authentiiatid hy the sh.Titf. 
 
 :i.) If any person so suminonisl fails to appear at the time an.l pla.'e sp eitied, or 
 n'fnses to he examined or to m ike the prislu turn reipiired, the sheriff shall pisieei.d 
 airaiiist him as a witne.s or hav.r duly eite.l an.l failin'.r to ajipear or refiisini,' t.i 
 (.'ive evi.lini r mak.- pmiluetion may he proc'eded a'/ainst l.y the law of S.-.ulan.l. 
 
 (4.i Th.. sliiritt s!, ,11 he eiitillisl to'suih .mil the lik.' fees, and the witness shall 
 
 ho intitlid to suih an.l the like allowanees. as sheri It's when aitinir as eoinmi.ssj ^rs 
 
 under appointnnnt from the Co irt of .S.^si.m and as witness,. s and havers are 
 entitlisl to in the like eases .inlmsr to tlie law and praetie.. of Se.illand. 
 
 (.1.) If any olijei-ti.iu is statel to the sheritl hy th.. witness, . iiher on th.. oround 
 of his in'<iin[H'teiiiy as n witness. ..r as to th.' pro.liietion re luire 1, or on anv ..ih.r 
 irroun.l, the sheriff may, if he thinks tit. report the ohjeitiou to the (,'onrt, an.l 
 suspen.l the i xamiiiation of the wimess until it has tieeii disposed of hy the C.nirt. 
 
 228.- ;i- .\ny alli.lavit reipiirel to Ik' sw.irn iin.l-r the provisions or f..r the 
 Iiurp.iMs of this Part ..f this Ait may In- sworn in (ireat liritaiii or Inlini 
 eUewhere witiiin the il.iminions of His M iji-sty. U'fore any Court. ]U.li.'e, ..r p.-r 
 lawfully aiith.ri/ed to tak.. and ris-eive alli.lavils or bi'lore any of llis Majesty n 
 eonsiils'or VI. e-..onsiils in any plai-e intside His >raje^ty"s dominions. 
 
 f'.'.) All C.mris. jn.lifis, jii«ti.es, eommissioners. and persons aetinir jiidieially 
 shall take jii.lii ial notie(. of the seal or stamp orsijrnatnre as the ea-e nny he of 
 anv sneh Court, jn.l^e. p. rson, ronsul, or vii-e-.-onsul atta.heil, appea.l.sl, or suh. 
 
 ■•ilH,sl to any siuh ttfidavit, or to any other dmument to Ik; usi .1 lor the piiiposis 
 ..f this I'ait of this .\.t. 
 
 229. -fl.) .Vii ae.-.iiint. i-ilhsl the CompanieH I.iipiidation Ae.'onnt, shall lie kept 
 hy the Board of I'l-aile witli ihe liank of Kiivland, and all moneys ris-i iv.'d l.y the 
 lioanl in ri speit of pr.iiee linjrs un.h r this ,\. t iu i onnexion with the wln.linir up 
 .if eonipanies in Kii^'lan.l shall U' ]iiid to that aeeount. 
 
 (■-'.; All |iaviiients out of money standin:.' to the ere.lit of the Poanl of Trade in 
 the C.iMipan.'s Liquidation Aeeount shall he made hy the liauk of Kiiitlaud in the 
 presciilied manner. 
 
 230. -(1.) Whenever the eash halanc" Ktan.linir to the eri-ilit of the Compaines 
 Liiiuidutiou Aciouut is in exi i ss of the amount which in the opinion of the Uoarl 
 
 5 a 2 
 
 S. Ijr.of IM.: 
 
 Sp.'i-ial loin- 
 mission for 
 rei'i-ivinu' 
 eviJeuee. 
 
 S. 127 of I SI)-.' 
 
 Court may 
 le-h r ex.imi- 
 nation oi 
 pers.ms hi 
 Si-othmd. 
 
 S. 1 JSof |:i6J. 
 AIM livits,&i.. 
 in I'niied 
 Ki:ii.'.l.int 
 an.l < 'olonies. 
 
 .s. 11 of r;i,iii. 
 
 (^lmllanies 
 I.i.piidation 
 .\e.-.iiint 
 detine.l. 
 
 s. ii; of is'ii). 
 
 luvustnii nt 
 
 M.. 
 
\:tH4 
 
 Appendix. 
 
 fiinila on 
 
 ail. Hint. 
 
 &i# i 
 
 ?«:4: 
 
 s-. i:. iR 
 
 of IS'.IO. 
 Sc])arate 
 
 af-TOUUtH of 
 
 p.irtii'uliir 
 
 iMlltlH. 
 
 Si 
 
 S. V.i of 1890 
 
 ■J 
 
 < VrtHin 
 
 
 itf'fipti* iiiid 
 
 
 fees to hf 
 
 
 :i|i|ilirrl in 
 
 
 ai<l of 
 
 
 cx^Miidituri'. 
 
 
 <7tti( (TM and 
 
 
 r. numeration 
 
 S. -.'Si.f ls(»0, 
 Annual 
 art'uiints of 
 l')n)cli>ih 
 winding-up. 
 ■ ■.H& ;i!> Vict, 
 e. 77. 
 
 of TriiHc in Tpqiiirwl for the time bcin>f tn iiuhwit drnnnndii in ro"i>wt of comiwoii*"^ 
 •ntat<>». till' Board nhull notify thf pxcew to tlic Trfanury, and Miall jiay hvit tlic 
 wliiilo 111 any )iart of tliat i'xr(>».< at the Tn'a»ury inav r«|uire. tu thi' Tri'anury, ti. 
 tuih iii-fimnt 11" thi- Tri iiNiiry may dir«;t. and the Tri'acury may invpHt thr kuiiih 
 paid ovir. or any part tlaniif. in tlovfmmint swuriiief>, to lie plariKl to tlio credit 
 iif the laid ari-ount. 
 
 I'i.) Wliiri' any part nf tin; immcy ho invi'»tinl i», in the opinion of tlie Rourd of 
 Trade, niiiiiruJ to aimwt r any demand" in n-i<peit of eompanien' otaten. tlie Boiinl 
 nliall notify to the Triasury tlie amount no reipiired. and the Treasury nliall tliin- 
 upoii repay to the Hiiiird mieli sum as may be mpiinil to tlie eriilit of the (Jonipani.» 
 I,ii|nidatioii Aeeouiit, and for that purpotx' may dire<t the sale of sueli part of the 
 sjiid Keeiirities as may !«■ nii^eiwary. 
 
 ;.'i.) The dividendii on investmentM under this seetiou shall be paid to Mirli ae. ouut 
 a.- the Tn^asuiy may dirc<t, and n'^fani shall Ix- hud to the amount thus derived in 
 ti.xinir the feespayahle in re-|iect of pnK'eediiiKH in the winding; up of lonipaniis 
 in Ensiland. 
 
 231. — (1.) An aeeoiint shall Ih' kept liy the Board ef Trade of the receipts ami 
 pnvmentH in the «iiidin>f up of eaidi cimipany in Kugland, and. when the ei>h 
 halaiue staiidinir to the cndit of the aeioiint of any emnpany is in excess of 
 the amount whieli. in the opinion of the conimitti e of insiKctiou, is rei|iiired fur 
 the time bfinK til answer demands in respect of that company's estate, the Bnard 
 Hhall. on the ruiuist of the eoniniittee. invest the amount not so riiiuiretl in 
 fJoveniinent sccuriti€'s, to U' placisl to the credit of the said aecoiiut for tlii> Ix-nelit 
 of the company, 
 
 12.) When any jiart of the money so inveHted is, in the opinion of the eominitti'e 
 of inspe<'tion, reiiiiireil to answer any demands in respect of the estate of the 
 company, the Hoard of Trade shall, m the re<piest of the lon.mittei', raise such 
 sum as iiiay 1m' reipiired by the sale of such part of the said securities as may lie 
 nccewtaiy. 
 
 (:i.i ITie dividends on investments under this seition shall he paid to tin- in-dit 
 of the rompaiiy. 
 
 (4.) When tiie lialance at the credit of any company's account in the hands of 
 the Board of Trade exceeds two thousand pounds, and the liiiuidator jrive« iiotin 
 to the Bimnl that the excess is not required for the purjMises of the liquidation, 
 the company shall be entitled to interest on the excess at the rate of two jier cent, 
 per annum. 
 
 232. Tlie Tn"a»iiry may i.sHue to the Board of Trade in aid of the votes of 
 Parliament, out of the receipts arising in respe. t of the winding up of coiupanies 
 in Entrland from feen, fee stamps, and dividends on investments Viy the Treasury 
 under this Act, any sums wliieh may be ueceK.sary to meet the charges estimated 
 by the Board in re.-pect of salaries and expenscM under this Act in relation t^i the 
 winding up of eompiinies in Kngland. 
 
 233.— 1 . Tlie Board of Trade may, with the approval of the Tii a.siir\ . appoint 
 such additional officers im may be required by tlie Board for the execution as 
 resjiect)- Kngland of this Part of tliis Act, and may remove any person so 
 appointed. 
 
 i:>.) The Board of Trade, with the concurrence of the Tieasurj', shall direii 
 will tlier any and what remuneration is to be aUowiil to any officer of, or |xtsoii 
 attached to. the Board perfonning any duties under this Part of this Act in relation 
 to the winding up of eonipanies in Kngland, and may vary, increase, or diminish 
 that reniniieration as they think fit. 
 
 H.r The lord Chancellor, with the coneurrfnci of the Treasury, shall direct 
 whether any and what remuneration is to bi' allowed to any person (other than an 
 officer of the Boa^il of Trade' performing any duties under this Act in relation to 
 the winding up of companies in England, and may vary, increase, or diminish that 
 remuneration h« he thinks fit. 
 
 234.— ' 1 . J The Treasury shall anuu'iUy cause to he pnimred and laid bifore both 
 Houses of I'arliamenf an account for tlie year ending with the thirty-first day of 
 March, showing the receipts and expenditure during ttiat year in r siHCt of jiro- 
 ceinliiigs under this Act in relation to the winding up of compauii s in England, 
 and the jirovisions of section twenty-eight of tlie Supreme Court of .riidieatun' 
 Act, I S75, shall apply to the account "as if the account nad been rwiuind by thai 
 Kection, 
 
 (2.) The accounts of tlie Bonnl of Trade under this Act in rehition to the 
 winding up of oompaniea in England shall lie audited in such manner .is the 
 
(\»mhanih»((!onhoudation) Act, M»OH. Act of 1908 l'i>*"i 
 
 H. iUiif Ih'.iil. 
 Ut'tunm t>> 
 rtlft'n* ill 
 
 Trea.-ury dirfct. ;tiiil. for tho |>urp't-f of the iu-(N>iiut to be tuiit t»t'fon' I'arlitiint nt, 
 
 thi' Itounl ihall mnkr BU<h n funis uml ;;ivr "iirh iiifonniithn i« tin- 'I'lcu-iiry 
 
 •liriHtt. 
 
 23S. 'ri:t ottiuirn of tliu CourtK uriiiiK in lliu wiuiliiiu: up ol lontpuiiicn in 
 iiii)rlHi.il kIi.'iII ni.'iko t<> tlu- Rounl of Trmln auili rrtunm uf tli>' iMiiintiw of thi'ir 
 
 iTi«jM.'ctivi' l^'tmrtM mid ofttw!*, Hi HUi-li tiuH'H iinil in Much niiiitniT ami form uh may ^_ 
 
 In; pri'Mriiit'd, and from thun* rfturu> the Hoard nhall chum- tHHikn to Ihj iircpariil |.;,,.,ij„|, 
 which bIibU, under thu rpiru'^ti""" "f ">•■ Hoard, \iv opi>n for public information »'i,Hlin>r-iii 
 
 .iiid HcareheH. 
 
 336 — (I.I All di»um<intM pur|iortiiitr to li<> orderH or wrtiticiiti i niiiilc or ic-ui'd 
 liy the Tl^Mtrd of Trade for the purjHwi'H of thiM Act mid to be iM>alc«l with the *'ul of 
 ihe Board, or to l»* Hiirmil by a He<*retary or aHniiitJtiit •«'<'retary of the Moard, or any 
 pcrHon authon/(Hl in that behalf by the l're!*ident of the lloanl, ^»hall 1m' ret-civfd in 
 evidence and dceniiHl to Ite Hiich ordern or (^ortifieatef* wirhout further protif utiIi'hn 
 'he Contrary in shown. 
 
 (■-'.) .\ certifieato sitrned by the Pn'sident of the Boiinl of Tnulo lh.it any order 
 made, certificate issued, or lu't iloue, ir* the order, c<»rtiflcat4'. or act of th*' B*t;inl, 
 
 shilll Im' collclu«i\e evidence of the fact HO eertifilll. 
 
 s. ;ii 
 
 l'r.K'e. 
 
 of Itol 
 
 'Iri.l. 
 
 .f IV.. 
 
 I'd of 
 
 tttiftn and Fteit, 
 
 237. (I j Till' Lord ('liHiiicllor may, with the loncurrenie iil the rre.-iliiii of 
 the Board of Trade, make t-fiwral rules' for carryiiiff into ctfittt the objects of (hi» 
 .Vet so far as relates to the windiiis; up of companies in (.upland. 
 
 ('i.) All (feneral rules made under this .section shall be laid befon I'iirliunient 
 within thri'e weeks aftttr they are made, if I'.irliameut is tin u sillinu, inil, if I'ar- 
 liameut is not sittintf, within thive weeks after the iM'vrir.nin;; of the i.cxt siwion of 
 Parliament, and shall be jiidiitiullr noti(!<-d. and shall have effiit as if enactetl by 
 this Act. 
 
 ;;i.) There shall be paid in resjiect of proccedin^js under thisAi^t iu relation t i tlii' 
 winditix up of companies in ?>i|rl.iud siieh fe<H as the Lonl ( 'liaiiiM^llor may, with 
 the sanction of the Treasury, direit, and the Treasury may direct by whom and in 
 what manner the same are to lie colleut«l and iU5couut«d for. and to what account 
 they arc to be paid. 
 
 ,4.) All rules made and directions driven by the Lord t 'hancellor under this se<'ti.m 
 shall lie adopted by the authority for the time bein^.' cmpoweri'd to make rules 
 for ri'ifulatintt the pnw'tii'C or proocdiiro in the Chuiicerv Court of the county 
 [utlatine of Lanciustcr, but as so adopted shall have effect with the substitution of 
 the words ■• vice-chancellor " f'lr the word " judi?e,"' and of the Wiird •• retfistrar" 
 for the word •' master," and of the wonls '• chambers of the refristrar " for the 
 words •' chambers of the judife " and " jiidtfe'H chamliers," and any directions as 
 to the remuneration to be all v(h1 to officers of that Court in respect of prc-cecdiii(fs 
 under this Act shall U' subji t to the sanction of the Chaneellor of the Duchy and 
 • ounty I'alatine of Lancaster. 
 
 (.').) The authority having power to make rules or ^rivediiiitions under this mcI ion 
 may, by any suih rules or direction.*, repeal, alter, or amend any nile< made ind 
 directions jtiveii by the like authority under the Companies 'Windiujc-Up) Act, 
 ISIHI, which are in force at the (Mtmmcncement of this Act. 
 
 238.- 1 Subject to the provisions of this .\ct with respect to rules and ties in 
 relation to the winding- up of companies in Kn>{land, rules of pmctKlun' for the 
 purjioses of this .Vet, iueludiiiK niles as to costs and fees, may lie made 
 
 la As repirds the Ilijth Court in Knjrland, by the authority having )iower to 
 
 make rules for the Supreme Court iu Ku^land : 
 bi As regards the Court of Session, by ait of siKlerunt: 
 c; As regards the High Court iu Ireland, by the authority having jiowcr to make 
 
 rules for thi' Supreme Court in Inland : 
 id, A» regards the Ciiirt exercising the stannaries jurisdiction, by the authority 
 
 having power to make rules for County Courts in £ugliuid. 
 (:i.| The authority having power to make rules under this section may by any 
 such rules repeal, alter, or amend any rules made by the like authority under the 
 Companies Act, l«l)2, or any Act amending the name, whi<-h are in force at the 
 comtucucemeuf <>f thi^ Act 
 
 S. Jn .tl Is'' 
 Ifiiles and 
 fees foi 
 windiukT u|> 
 iu Kugl iicl 
 
 ■y.i tc .)l Vict 
 c. li:). 
 
 S. 171 of IS'..'. 
 Towers t<i 
 make rule* 
 of procedure. 
 
 ■>■■> & -J" Vi 
 c SU. 
 
1 
 
 
 4 )s ' 
 
 i 
 
 liiMO Appkndix. 
 
 Spfflllf PftH'tn'UnM art tu Stttit/uii ten. 
 
 H. :i4 ui '.\2 &. 830. Whpti Hiv*rnt('<>nipani4>M nrv in riiurw> of liquitUtiiiii hy or under the huiht- 
 :;;■ Vit t. iutendenrf of the Court exen-icinir th»' ntanniirit'H jnritMlirtion ami m tinir uiiclpr ihnt 
 
 • . II*, •>. ,M. jurimiirtiiin, if it iippi^arH tu thr jud^e thtit n |MTftf>u who i* h contributory of one of 
 Atltirhtii- nt '''*' *'*''"P'»''i' " i'* **'"" " < n*ditor clHiniiiiu' a (Uht iivHinNt one of the other <*oni|mnii-M, 
 of deht line tu **'*' i"*W»' ">»>' if»!t»r imiuiry hr thinks tit dinrt that the dtht. when allowi-d, 
 < I'litril'Utorv *'^"*U Jm- attuched, and jHiynieiit then<»f to the cr* ditor <«u»iM-iideil for h time cfriain 
 ■ ■ti windiiitrup **** " '**'^'"»"'*v ("T jmynii'tit of any ealU that are or may in eonrw of liquidation 
 Hi xtunnaricM h*'<'«'nic due from him to the i-ompanv of whi, h lie in a ( ontributi>r>' ; ami tin- antount 
 ( ',,,,1^ then-of fthali \)i' appUetl to Hueh }Htyini nt in due mmriM' ; 
 
 I^rovided that Huch an order of athichment ^liall not pngudiee anv claim which 
 
 the (toinpany mi indehird to tlie rre<litor may have a^ainnt him hy way of mt otf. 
 
 eounten laini, or othi-rwiw. or any lawful « laini of Ii*'n or s|M'eJtie char^re on th<' debt 
 
 in favour of any third per»un. 
 
 >^. '.* of .'Ml \ 'it 240. In the applitatiou to I'oinpiinies within the •«t:innarief« of the proviNionn of 
 Viet. 0. 4lt. thin A<t with re^jH^t to prefi'nntial payments, the following nuKtitieatioUM whall Vh' 
 Pi>fer.ntial n'nti'' : — 
 
 l-jiynui tN in (I.) In the ca^ »f a iKrk or Ncrvant of mk )i a • ompany. t)ie priority with n^ini t 
 
 --t.iunnries to wuut* lud Hilary itiwu by thin A» I >liall I riven to the extent of thrw 
 
 '■a?*o»«. niotithn only. iiiMrad of four nionthh, and «... -uit exlt-rd to the principal 
 
 ayeut, niana^^er. pur(«>r. or wM-retary ; 
 ('J.; All wa>f I ■• in relation to the mine of a niini-r. urti/an, or labianvr employed 
 in or about tin- mine, including all eartiiii^fM by a miner arimng from any 
 de^crijitioii of piii-e or other work, or hh a tributer ur otherwise, but not 
 exceeding' an amount equal to three months' wa^en. Khali Im- ineluded 
 anum^'-st tlic payments which are. under this Act. to la" made in priority 
 to other debts : 
 3. Wa^uH of any miner, urti/an. or lulHturev unpaid at the conuneneement of 
 the windin^'•up. and, Hubject to the pruviixions of Hoetiou hve of the 
 •■ Kdw. 7, Workmen's ( 'oiii)>ensation Act, lUOG, all amounta (not exce»din>r in any 
 
 '-. -t^. individual caw one hundrtil inmnds due in reM|teit of eom)M'nHati"n under 
 
 that Aet payable to a miner or the dep<tid:ints of a miner the liability 
 ulii-refor act rue<l before the uommeuci nicnt of the windinu'-up, f^hall. to 
 the extent aforesaid, la* paiil by the liipiidator fuitliwith in priority t^i all 
 eosti*. excejtt ,in the caM' of u winding-up by the Court; such ci'-'tsotaud 
 incidental to the makin^r of the \vindin>r-up «<rder as in the opinion of the 
 Court have Ik-ou projwrly mmrreil, and to all claims by niort^-a^r* es, 
 execution creditors, or any other jiersiuis. exce]tt the claims of elerk"» and 
 H'r\antH in respect of their wa>res or salary, and, subject as aforesaid, the 
 Court may, by order, charge the whole or any jiart of the assets of the 
 company, in priority to all elainis and t*i all existinjf mort^jajfes <ir ebarv'cs 
 thereon, with the ])ayment of a sum sutticient to discharge the said wayes 
 and amounts due in respett of eomprnsiition, with interest at a rate not 
 exceeding tive ywr cent. ])cr annum, and this charge may hv matle in 
 favour of any person who is willing to advance the retjuisite amount or any 
 part thereof ; and as soon as tlie said sum has been so advanced, tlu' >aid 
 wages and amounts due in respect of compensation shall be paid without 
 delay so far aa the amount advanced extends, and in such order of payment 
 as the Court diroi'ts. 
 
 Irovisio'is 241. - l.i On the winding-up of a company within the stannarieH, contributiomt 
 
 a* to mine of the miners, artizans, or lalnmrers for the purpose of a mine club, or awident, or 
 
 i hib funds. sick, or benetit fund shall not \x' <h'eme<l to l)e, or be applied as, part of the assets o{ 
 the c(.mpaiiy in liquidation of the debts of the company or otherwise, but shall la* 
 ftcc<iuntt'd for by the purser or any (tther [arstm iti possession of the fund to the 
 liijuidator, and shall be reittverable by him, and bt> applied in at^enrdanee with the 
 rules of the club. 
 
 'J. When- the company is being wound up voluntarily, the liquidator or any 
 jM'rsoii ■laiminu' to Im- tntitled t^) any such eoiitri but ions or fund nuiy apply to the 
 Court for direi'tions, or to determine any (jiu stii-n arising in the matter in the BUtme 
 «j:»Tinpr UK if tlir mmpjjr.y ui rr bcir.k- wcuj-.d up by thf- Caurt. 
 
 i:?' 
 
 '\_. 
 
CoMi'A>riK«(roNHOunATioN) Act, I9<)8. Act of 1908 l'»H7 
 
 Hrmevil of IhtHnct Cm/Mnnm J'iom Kfgi-I^i 
 
 mniith aliti r 
 , mill 
 iiiiinlli» frii 
 
 j}4g _. 1 Will re llir r<>«i»triir nf rompaiiu ■» h«» rM«»"«imlil<' laiuw tn Ix'Uovi tluii 
 u (iimpwiv ir. ii.it nirryii.if .m l.ii.in.>w ur in uixrati..!.. li.' "Imll w-uil t,i th.< rumpmiy 
 1.T jNwt n {ftU-T in.|tiirin>r wh«th.r tlie i»iiiii«Iiy io .Hrryiiiif "iv liii.iii." »r in 
 
 • iiM>rftiiim. ..Ill 
 
 (■' ' If ilii' rt»iri>tnir rtmi. not within ciui- minith of iH>iiilinir iti'- 1' tt.r r.i-iivr uny 
 .■iiLWer llu■r.•^., li.' -IimII wiltiin f.iiirt..ii iltty- iift.r tin- i'Xiiii:iti..n ii« tin m.intli winl 
 t.i til., .•.imiiany liv i»..t .1 r.ifi-t. nil l.tt.r nf.rri.iif t.. V,v «r»t l.tt.r. iin.l »t;itiiii: 
 
 tli.it ii.i »tu.w.r ti;.r.-tc. liiiH b.H n m-.Iv.iI, .in.l that if iiii i.n-*. r i» iint i- m-l t" 
 
 the wimil l.tt<-r within ..11.- luunth fr.iui thi dat.' tli. r.-"f, u imtii;.' will !>.■ piil.li-li.H 
 ill tlii.(;ii/.>tt.' with. I vi.w t.iHtrikinif th.' n.ini.' .if ih.M .in.imny -ill tlir i-.-tfi-"' 
 
 :t , If Ml., r.'ifi^tnir .•ith. r no. ivon .in iin«w.r fn.ni ihv ...mjMiiy t.i tl It.-. I that 
 
 it in notiarryintf .ill hii«iiiiiti <ir in i.i».mfi.iii, "t .h...» n.it witliin .in., m.intli 
 
 Miiilinif thi.wi.inil h.tt.r 1.1. ive iiuv iin»»< r. I"' "i.iy liiihli"h in tl .i/. It. 
 
 ^ii.l til th." .■.imp.iny l.v l«.-t, .1 n.iti..' tlmt at th.. ,.xiii™ti,.n ..( tlir..' ni.inl i» 
 
 th. dat.' <if that ii.itii.. ih.. name ..f the .■.iiii]iatiy m.nti.iuiKl theriin will, "H"''- 
 
 .,iii«. i» -hown t.. th. . .lutniry. be Mrmk otf th.. rt.gi.U-r und th.. c.inii«iiy will t«- 
 
 .lilMMllv.^l. , . . ^ 1 
 
 (1 If ill anv .iiM' wh.T.. a .•..inpanv i« luinif w.iund np, tli.- i..>:i«lrar lia-. r..a»..ii- 
 :,l,l,. .aiis.- 1.. t;.li.v.. ..ith.r that no ILpihlator i« a.tiiiir, ..r that th.- .tfaii> of tli.- 
 . ..uipaiiv ar.. fully w,.und up, and tlir iviunii. r«iiiir.-.l to U- i.ia.K- by the li.pii.h.toi- 
 han' n..t iH-in mud.- for a p.Tiod of ^ix .;.m«-.utiv.- nmutlis ult.-r iioti.-.- I.> t ii- 
 i-oifihtrar .hni ni.linK th.-i-,tnrn« ha- l..-fn -nt hy (K.i.t t.i th.- .-..iiiiianv ..1 I.. 11.- 
 liniiiihitor at hi» la»t known pl.i..- of hii.iii.^., th.- r.«i>trHi- ni.iy pnl.l.>h 111 tli.- 
 (Jazi-tte and » ml t.. tin- .■.mipiiriy a lik.. nutir.. m ii. pr.ivid.-.l ui the l.i.t pr.-.-.-.liii« 
 
 *iil)-MtH.-titin. . , . ,, 
 
 .■) A* th. oxpiralion of th.- time ni.nti.m«..l in tli>' noti.'.- th- r.vi»trur iiihj , 
 iinh.^« cau* t.i th- ...iiti-arv in pr.-vi..ii.-ly shown by the .-.mipaiiy, .-.Ink.- >X- nai-;- 
 ..tf till- n-irist.r. .111.1 -linll puMlsli n.iti. .- th.-mif in th.- fiiw.-tti-. aii.l on ]["■ I""'" 
 limtioii in the (ia/^.tt- of thi- notiw th- coinpany i-h.iH b.- di..M,lv.d: 1 roviil.-.l 
 that th.- liability if ..iivl of .very din-, tor, iiiiinif.'m» otti.-.-r, and imiiilM r ..f tli.- 
 .•ompaiiy Khali .-outin.i.- aii.l may b.- .nfon-.d as if the .-.impany lia.l not Ih .11 
 
 (i; 1 If a ronipaiiv or anv m-mlK-r .ir er.Jit.,r thereof f.-il» Hifurrn-MHl by tli.- 
 .•..iiipany havinif l» ."-.1 »tni.-k ..tf the r.-p-t-r, the Curt on the appli.-ati.m .if th- 
 ,.inii,anv.irnn-mW..i .r. ditor m :.v, if sit isth-d that the ..iinpuny was at th- tini.- 
 of th.- -trikiiiK ..tr .vnrviiii.' on hiiMii-s-. or in <ip.ratioii, or otherwis,- that it ih jiiM 
 that til.- .oinpanv I..- i-.-stoi, d to the r.-);i»t.r. .ml. r th.- nam.- of th. . onipiuiy to 1- 
 i.-stor.-il to thenifist.r. and thiriiipon the .-onipany shall l.- ili.ni.d t.i li.i\. 
 .•.mtiiiii.Hl in exi-t.-n. e a- if its n.im.- had not Iw-n strii-k .itl', nnd tli.- ( onrt m.iy 
 by Ih.. ord. r >.'iv. sin li din-.tions .ni.l make svieh provisions as se-ni jiist for pi... iiii..- 
 Ilie coiiipany ..n.l all oth.r y - 
 
 S. -ill ..f i 
 llririsirBr 
 nuiv strik.. 
 .l.'f'un.-t 
 r.iinpany .1 
 n-ifist. r 
 
 in till- sum.- p.isition as n.-arly as may be 
 
 _ ^ il 
 
 tli<- n.ime of the company liii.l not lie-n stru.-k off. 
 
 7 ) A lett.r or u.itiue un.l.r this se.-tioii may bo addri-ssi-d to the loinpany at it- 
 r.- Mstered otti.-.-, 01-, if u.. orti.-.- has Is-.'n r. >fist.i-.-d, to the can- of s..nie dir.-for ■ • 
 ofBier of the cimpany, or, if th-ri- is no .lirei-t.ir >ir oftl.er .if the .■.imp.iiiy 
 nam- and address ;,r.. known t.i th. n-iristrar of .-ompani. s, ni.iy U- s-nt 1„ ,..„ li 
 of the persona who si,l,„-ribe<Uhe memiinindum, addressisl t.. him at tin- aiiUn-ss 
 ni.-nti.iiied in tin- nii'inorandum. 
 
 vlios, 
 
 PART V. 
 
 UiiiisTEATiox OrncE ahd Fkks. 
 
 043 —(1 ; K.ir the purposes of th.- rejjistrutiou of e.inipanies uiul.r this A.-t. 
 th.,-n- siiall he ofti.-.s in KnKlrin.l, Scotland, and Ireland, at such pla.es as th. Bo.inl 
 
 of Trade think fit. . • . ,. » 1 1, 
 
 fi I The Board of Tr:ule may iippmit such rejristrnrs, assistant re^ristram, clerk». 
 aii.l servants as the B.«i.-d think ni-e.-ssary for the nifistrati.iii of <-ompani.-s un.ler 
 this Act, and may m.iki- n-irulations with reopeei t.. then duties ; and may rcmov- 
 any pernous so appointed. 
 
 ( 
 
 1 
 
 S. 17lof IHf.- 
 lIpiriMtratinii 
 ottif*'!* ill 
 
 Scutliitul. 
 
 and lr> liii li- 
 
IM8 
 
 Al'HKNDIX. 
 
 !*. 1 7 of 1m;-. 
 
 (:i., TSi! MtlitrifK of the penM«n» upiKiintol iindir thl» iMwIinti •hull !»• Hxvd In iln- 
 lliiniilof Trittli' with rhe concumnco of tho TnvKury, unit ahnll lie pitiil ><iit i>f 
 iihiiu-y prtivitlitl by riirhaiit»-nt. 
 
 ■1." The Bmiril iif Truili' may rfN|iiiri' th«t tho oftii'f nf thi> n uintrnr iif Ihi'i'i'nii 
 1 xiTi i»iii(f in nwpwt nf tlir w'iiidiiiK up "f "omiwiiitK the »t»iinHrii'« juri«li<'tii>n 
 "hull Ih' i>ili' of th« iiffl('ii> for the n'^iotrntinii nf lumpanicii witliiii thut jiiriMliirtiMii 
 Vl Thr Boiint mny diri'it II nfiil nr i««ili% tube pnpuriKl for thi' authcutiii«ti'>n 
 
 • if diK iimrntn roiuiriHl for or <oiiiiih l«l with the n>)fii«triitioii of mmpiuiii'K. 
 
 li.. Any pcrwin nmy in«p<xt tho diMuoitiila kijit liy the nvintiar on piiynM iit i.f 
 i.ui)i fM « iiK niBy bi> iipnointed hy thii lloiinl of Trad<', not ex<:«-dinu: one Hhillinir 
 I'cr I'aih iuKpctrtion : and any pi'nxm may rttiuirt) mirtilicati' of the ini'onxinttion of 
 am r.iiiipuny. or ii roiiy or cxtracl of «ny otliir doitimrnt oi any part of any .itliir 
 doi'iinD'nt. to Iwei-rtiliid hy the ri'ni"lnir, on |iaynii'nt for tho icrtiti.ati>, ri'rtihi^ 
 1 opy, or ixfract, of iiueh ftw a* the B<iHrd of Tnulo may appoint, not o»<i .ilin(( 
 Hvi'»hiir'i)f?< for a ciTtitiiati' of inrorporation, and not ext'ttilinK nixptmo fm- 1 uh 
 folio of tiirtiflpd copy or iximet, or in S<'ollaud for lach »h(i't of two litiiidn^l 
 
 7 .\ .opy,,r i>r vxtraH from any diHumont ki'pt and rr(fi«tcri"d at any of ilu' 
 ottiiiB for ill!' ri'jrintmtion of < MmpHuioa in Kn^rland, Gotland, or Inland, urtlHrd 
 to Ih' a triK' copy undrr the hand of thf rejrif-trar or an anxintaiit ri^ii'trar (whow 
 
 • ■ttiiial poiiitiou It nhull not he ue.-f»iu»rjr to prove) ahull in all lejfal proceediiiK" h.' 
 idmifxihle in evif' .ncp aa of e<|Ual validity with the ori^riual dooumint. 
 
 (H.) Whenever .ny act in hy thn- Aet <lircted to \<f d(jne to or hy the ri'Ki"tpir ..t 
 
 • ..iiipanicn. It nhall. iintil the Boanl of Traih' oihirwiw dini u, lie done in Kii^land 
 to iir hy the exi»tin>r re^iKtriir of joit.t i't4><k loinpanien, or in hin alwiiee to or hy 
 -111 h perHon »•< the Board may for the time iH'inif authori/e ; in Si'otland tn or by 
 ilir exiatiuK ri'irintnir of juiut -tmk eompanii'H in .Scotland; and in Ireland tn nr hy 
 the exii-tin^' .isfl>taut n^i-trai nf joint Ktoi k lompauieB for Ireland, or to nr hy -iirli 
 ;» rmin u» the I5.»ird may for the time beinir autlmrize in Scotland or Inliiiiil. 
 in the abmiice nf the reifistrar or aiwintant re>fi»trar ; h"t, in the event of the 
 Itii-ird altering.- the I ou«titution of the exi>itiii)r rejri"try olHceit or any of them, any 
 «Uili ait pihMll 111' done to ur hy nneh oftinr mid at nuih place with referi'iicc t" the 
 local Hitiiation of the reKi»lereil oftieex of the compunien to be re)ri»tireil a> the 
 Kiiaril may a]>{)oiiit. 
 
 244.- (I.) There shall •»■ paid to the nvintrar in rei<ii<it of il.e n'veral niatii ik 
 iiiintioinil ill Tahle H. in the Firnt S^hiilule to thin Act the neviral teen therein 
 -|«cifieil, or 1.111 h Mniiilli r feci" ax the llounl of Tniile may from time to time direct. 
 
 (-.; ,^11 fee- jiaid to tin* H'^i-triir in piir-uance of tliin Act nhall be paid iiiln the 
 Kxchii|iier. 
 
 i ■^.' 
 
 S. ITiiof 18b:i. 
 AppUiation 
 of Act to 
 eompauiex 
 formed under 
 former 
 (>om panic- 
 Act-. 
 
 Applicjitiou 
 
 of Act to 
 
 companien 
 
 reariHtered 
 
 under former 
 
 CouipanieH 
 
 .IctH. 
 
 I'AKT VI. 
 
 \ieiirATio.\ OK Ait to CoMiiSiKa touMKii *Nn bkoistkbeh vndkg kokmkb 
 CoxriNiES Acts. 
 
 248. Ill the applicatiiin of thin Aet to exi»tin(r ciimparicH, it nhall apply in the 
 .-anie manner in the caw of a limited company, other than a company limited hy 
 '^Tiarantee, aK if the company i...il Iwen fnrmiil and rctfintered under thin Ai t a- a 
 company limited by -lianv ; in the laHe nf a ciuiipany liniitt>d hy guarantee, a- if 
 the company had lieeu fonncd and nvi-tend under thi» Act a« a i onipany liniit.il 
 hy iriiaraiitee: and in the ca.->' of a ccinpany other than a liniitid coiiipany. i- if 
 the ciinii«iny had li«ien formed and retriftered under thin Act a.1 an unlin.iti d 
 cniiipanv : 
 
 i'rovided that reference, expretin or implied, to the date of re)OBtratiou »liall !«• 
 coii-trueil a» a nference to the date at which the company waa rcp^ixtered under the 
 Joint StiK'k Compauiea Actn, nr under the Companies Act, 1.S6J, .is the case may Iw. 
 
 246. Thin Act shall apply to every uimpany ref,'i»tered hut not formed under 
 the .7oint Stia-k Companies Acts, or the Coinpanieh Act, IfSti'J, in the same maiiiii i- 
 a- it is hen'inafter in this Act deidari'd to apply to companies rejfistered but nut 
 formeil under this Act : 
 
 l*rovided that reference, ejiprtm oi iiupUed, to the iLito uf regiMtiuliuii nhali Is* 
 constrinil an a reference to the date at which the company waa registered under the 
 Joint St<sk Compiuiies Act*, or the Companies Act, 1862, a» the case may be. 
 
 I 
 
CoMI'ANIKJi (C<»NW»I-II>ATI<>n) AjT, I»<W. Act Of 1908 l">Hit 
 
 847 Tlii- A.I -liall au'ly I" -v'Ty iiiilui.il.tl .i.iiiluaiy r. (Ti-I. r.-l ii> imiimuih. >• iM...i I- 
 ..I th.. C..iiii»inr- Act. InT'i. .1. » liii"l'-l .•..ii,|..4i,>. in 111.. ..iin.. iim.,i..i ... it ..|.i.li.» ;JH'''; ';''•;;■ 
 to •» iiiaiiiiit.-.l .•..ii.iM.iiy r.ui»t.r..l iii i.iip.imi..r -r tin. A. i «- n 1 t.-.l , i«i.y . ;^_„^,.,;.,;, 
 
 I'ronili'd timt r. f. r. iiif, .xiiriw ..r im|ilir.l, l.i tlii. .IhI. ..» i.^i.tiiili .» -Imll l« „,„,,,, 
 
 .oiHtru.^.! H« a iv<>r.ii.. to tlir .l.itr .M wliuji iIh , ..iiiiaiiy » ,. i.;ti.t Ml i.. t 
 limitt'J w>iiilMiiy iiiiili 1 II"' • ""Umiiiin Ait, I."*"'.' 
 
 848 Ari.miiiin iiK'»<'f"l ""'''•■■ "'•■ ■'"'"' '"'"'' I •"•'I'"""'" •»'•" "'»> '""'■ 
 iU»littr..» tol». tr.iii-f.rml ii. iimiin.r liith.-rt.. in ii- . 'i m -n<l' ■•''■• r n,«iiiiiT im 
 till i'uin|>Hny iii.i.\ <lir>'<i 
 
 Jitiilt-* A< t, l*>tt 
 I.'* 1.1 V|. I. 
 
 h. !;•... f w;-.'. 
 M'kI' »f 1 1 un- 
 it mtiz ^iMn'* 
 
 I'AUT VII 
 
 1 OMI'ANIt.* AlTHOHlZm TO IlfXllfTKIi ISHfil rill-' A(T 
 
 .ptii.ti- iiml -iilijiHt I.. Ill' |inni-i"n> 
 
 I XII 
 
 lilt lit II 
 
 .1 
 
 S40. ,1.' VVitli itii 
 («intaii»'<l iu tlii« ■•••"■lii'n. 
 
 (i ;iuy it.iiiiuiuy DoiiKiMiiiK «'* »'»♦•" "f """■"• i"' i»'«f'. wni'" » '» m .xi.f.ini- 
 iiu III.' mtoiiil Juv "< Xi.k. iiil«i- tiKlitiiii IiiiihIii.I anil Mxly-tw.., 
 in.lii.liiiw liny ...ini.any r.vfi»t.r«l uii.I.t tli.' .loint St.~ k Omipani'. 
 
 A. I" . iiiiJ , 1 . ■ • , 1 
 
 ii iiiv .i.ni|iaiiv Jiiriii.il aftiT llii' il.itf uf..r.»aul, wliitliiT UU'v ,.r alt.r tin- 
 ■.■.ininii'n.'.ni.iit .if tliis Ait. in |iiiin.iiin..- ..f any A. t .'f r.iliani. iit 
 .itli.T till. II tlii» A,l, or if litter» (...t.'iit. .r Ixintf a . ..iiip my »itliiii iti.' 
 »tauiiari. -, ..r Uiiitf .illi.iwi«> iliily iiui-.litut.'.l l.y law, and ciu-iitinir 
 ..f M'V. ti or niori' ni. iiilnrN : 
 
 muy at any lini.' r<Ki»«'r nu.l.T tlii,. A. t tt» an iniliniit.-.l .■..ini.any, ..r ,.h a (•..n.ii.iiy 
 
 limiu-a liv »tiai.r.. -r a» . .•.impatiy limit. il l.y if''""'"'' 
 
 <liiill n.it Ih; in\«liil by riuiM.ii lliat it lia» tak.n pi .(■> witti 
 
 iN'ititf woiitiil up. 
 
 ■•. 1'ri.vi.lf.l a» follow 
 
 111 .S. IT'.N.f ISU.' 
 
 I '..in|>anirM 
 
 cal.ai.l.- 
 ..f'Uiimr 
 rt-tfir.!. ri'.l 
 
 I.].. 6*4 ti? 
 
 and till) I'f^iMtratit.ii 
 111 III.. I .ini|.any 
 
 At 
 
 if I'arliani.nt 
 
 nv 
 
 IS tiir.iiiaft.'.- 
 
 At 
 
 of i'arliiiin. 1.1 
 
 llii^ 
 
 w. lion a- all 
 
 .iin]iaiiy 
 .if a inaj.i 
 pioxy in 
 .■oin|.any. 
 
 ':t. 
 ^hall li 
 
 in|.iinv liMvintf tli.' lipliility of il- im nil« i- limit..! li> 
 
 or l.tt.T> pat. 111. and ii. ' l» imf a joint .t."k . ompii 
 
 .1. Hn. >l. .liall not r.K'ii-1. r in pai-ii in., of tlii. «■< lion : 
 
 A ...ini.any liavinjf lli.- liiil.ilify of it» in. iiiln r- lin.itt .1 !■> 
 
 i.r l.tt.r. luil.nt .liall not r. L'i-I. r in iiiii>iian.>- of 
 
 iinliniit.il ..ai.|iaiiv, or an a ...inpany limit. .1 liy ifuarant.v: 
 
 A .■omiiany that i. i...t » j.iiiit .1... k ...iii).aiiv ii. li. ninaft. r .1. linul -I. all 
 
 n.it r. ifii't.r in i.iir.iian. . of tlii. iM.ti.m :i. a ...iii|iain limit, d liv .liar..: 
 
 A ..miiiaiiy .hall not rini.l.r in (.iir.iiai;,. of tlii. .. .thui without tin- a....tit 
 
 lily of .11' Il of il. ill. iiiIm r. Hf ar.' i.n.int in p. r..ii. or hy 
 
 iiiM-.. wh. n. pioxi.-. an- all.iw.il l.y tlif r<)r»lali"i -f Ih.' 
 
 it a (fin.ral in.', tin;; Miiiiniiin.-.l fm' th.' purj«i.. : 
 
 Wh.Ti'a .iinipany not Inning tho liahilily .if it. m.niUr. limit.' 
 
 I'arUani.'iit orhtt. r> pat. nl i» alKiiit l.i r. jri.UT a. a li'iiit. .1 1 
 
 majoiity r..iuir.'d loa«-«nl a. afon said .hall ...ii.i.t of uit U- 
 
 fiiiirlh. of 111.' mi'iiil»rs pr. .. nl in p.r..in or hy yr^w at tho im . liiii.' : 
 
 Whir.' a .'oiniiaiiv i. alKiiii to n L'i.I. r a. a ..nnpiny limit. -.1 hy t'liaraiit.. . 
 
 th.' a... ut to it. iN'iiiK ... r.'L'i.t. ri .1 .liall Ih' a. iinipaiii.d hy a n ..iliition 
 
 ih . !urin>.' that .a.'h niiinli. r un.h r1 ik. . to . .intrilnil. to Ih.' a.«'t. of Ih.' 
 
 .'oiiii:anv, ill thi' .-vint ..f ila Iniii^' w.nin.l up wliil.- h.- i. a m.-mlNr, ..r 
 
 within iiiii' y.ar aftirwaril., for payiiu'iit .if tho .1. lit. and lialuliti.-.. of 
 
 th.' ...nipanv .'.nitra. t. d Uforo h. i.awil to h.' a in. inl» r. anil .if Ih. 
 
 .'.i.lc aii.l i'Xi« nw . of win.lin^r-up. and for th.' a.l.jii.tiii.'tit of th.' rik'ht. 
 
 iif till' I'unlrihiitorii'. aniont' lining Iv. .. .ii. li iiniount a. may 1"' r. iinind. 
 
 n.it .'X..'.din>.' a .]» < iti. .1 am.aint. 
 
 ]n ...mpiitin^ anv niftjority iiTi<hrthi» «. ti.ni wli.ii a i"ill i. d.niand.'d r.'irar.l 
 
 I had to 111.' nunil«r.if viitc. to whiih . 'i.h iianiUr i. . ntill.ii a.'.'.ir.iinL' I.. 
 
 d l.y A. I ..f 
 'oinpany, tli.' 
 . thantliri'.'- 
 
 tho n'trulati. us of tin' ..impaiiy. 
 
 '4.5 \ loini'iiny n'V'istcn d und.r tho (Jompanii 
 in pursu.iiicc of thi. sti tioii. 
 
 J<80. F.irth.' pnri" ...... f »hi. I'arl of tin. A.I. .i 
 
 of ...n.p.iiii. . a.'^ i-iinipanii'. liiiiii'd '-v .har. . 
 uon ■•■'•■• liaviiiK » i>i'np.initif ixiiduii 
 '.Uv.ard into .liart's. al.o of tix.d 
 
 Alt, IIM 
 
 far 1 
 
 hall not !«• ri'fri.t.r. .'. 
 ri'Ki.lniti.in 
 
 iil.'it 
 
 -lo:k 
 
 IHI .if IM.J 
 r. ., a joint :.l:i: k ;'t!n!ii,*iliy luiTiiis a |1. tinitis.Ti ;.t 
 niinal sluir.' < aj.ital of fix. 'd ainount j.iiut sl.Mk 
 luoiait. .ir h.ld and traiisfirahl.' a. .|i« k, or ...mpany. 
 
1590 
 
 ArPKxnix. 
 
 iiaj^-AM 
 
 S. 6 of 187K. 
 Liability of 
 liunk <»f iswuc 
 uiilimitt-d in 
 p'spcit of 
 
 S. lH3..f IH&2. 
 Kf(|uin'meiitrt 
 Inr rr^i>t I- 
 tinit Ity joint 
 
 
 'tii- 
 
 S. |S4..f lso-2. 
 lit (|iiircniiiits 
 for rc,Lri>*ti;i- 
 tioii h\ (ithir 
 than joint 
 
 stni'k l"!n- 
 
 IKini.-. 
 
 Autlu-nticDtidn 
 
 n| ."•t^ltt'TIlfntM 
 
 <tf exist inif 
 ri>mpHnH's 
 S. :sT oi ls*iL'. 
 Ki-yi>tr,o lii;iy 
 
 f'liuitf fviili lift' 
 ;is to nutmv of 
 <-<impMiiy. 
 
 S. IHH f)f \ht\>. 
 
 On ri'wistr.ttion 
 • •t luinkiii^ 
 ■ -imiMinv with 
 limit- d lial'ihty. 
 ii'itirptoltririv'-ii 
 lit cii^t'irot r<. 
 
 (lividfd 1111(1 Iit'Id purtly in "in- way uud partly in tlu' otlu r, ;niil fiunmi --n tlif 
 ]»rinri]i!r of Imviiijr i**r its iihihIhth tlic lioldtrs of tlioio sharrs or tliat Mtock. and no 
 otluT porsonN : and sufli a mtnpany wlioti n-tri-'tt n-d with liniittd lialality tindt r thiM 
 \vt shall 1«' dtiiiit d to 1h- a t-onipany limited hy shares. 
 
 251.— 1. A hank i>i i-^n. n-Ln-t. ird n-id. r thi-< Ait a- a liniitrd loinpniy shall 
 nnt 1m' iiititli d ti> liniitid liahility in r-'^p, .t of its n*>to- : and th<' ni*'iiiUT> thtTfuf 
 shrdl 1m- li;ililr in r'>p* rt nf it- n'ttts in tin' sanif manner as if it had hoeii ri'jristcrfd 
 as nnlimited ; l)Mt if. in the i-vont nf tin romjtany hoinir wiunid up. tho piieral 
 assets are iiisufliciiiit tn sati-fy tln' i-lainis of l»oth the note-lii*Iders and the trenoral 
 (THlitors. thMi the iiieniliii-. aftei- s.'iti^.fyini.'- the remaininir demiinds id' the note- 
 hold* rn. shall he liahle tn eoiiirihute tnWiinU iiaymeut of the debts of the ^feneral 
 rreditnr- a snni tqual t" tin- aiinaint ii'iiived by the nut< -holders otit of tlie 
 jTf'neral assets. 
 
 2. Knr t!ie jiui-jwises of this M ctioTi the cNprev^inn •' the pra fal .issets '* mean- 
 the funds iivailahle f..v payment -.f the yeneral ri-editoi as wi II a;« the note-lmlder. 
 
 ';<.■) Any bank of i>.snr rejjistereil under this Aet as n limited rrnnpitny may state 
 on its notes that the limited linliility does not extend to its notes, aiid that the 
 menilMTs of tlw eompany are li;i!)le in res|>o<'t nf its noten in the -anie mrnnier a** if 
 it had lieeii rejristered as an unlimited eompany. 
 
 252. Before the rejristration in jmrsnanee of this Tart of thi- Aet of a joint 
 
 •-toek eonipaiiV there shall be delivered to the re^rj^trar the followiliLr doeument-H 
 that is to >a> ~ 
 (1 .■> A li>t -iiowiuir tln' nana >. addre^se-. and oeeup.-itions of all pi rsons who 4in u 
 day named in the li*t. not 1m injf more than six ile;ir days In fore the day 
 of reifistration. wiTe nH'ndH'r-< of the otnipany. ^\ith tlie addition of the 
 shares or stoek held by them n siMctivel_\ , di-tinirui-hiiit:', in ea-e> where 
 the shares are nuinbired. eaeh sban by it:^ niimbt r ; 
 (•2.) A eojiy nf :iny Art of Parliamei.r. royal ehaii. r. b tt^f^ patent, ih-ed of .s,ttb'- 
 ment. i-iiiitraet of i opjirtiH ry. io>t book riyiilatiotr>. ..r other in-.trument 
 lonstitutinu' '-r retfulatiny the eompany ; an-i 
 i;i.) If the rnrii]»any !- intended to be re;ri>tered a- a limited lompjuiy. a stat*. 
 nieiit *]>eeifyi, ^'- the follo\vin;r partienliir-: that !■» to say : - 
 
 (a The nominal -hare eiipital of tlie eonipaiiy and the nundHT of >li;ir<H 
 into whieh it is divided, or the iimnunt nf stoek of whirh it ^(»nsl^t^ ; 
 {}*) The nundier nf sbare> taken and the amount ])aid on i aeb share : 
 fi- The name of the lomit.inv. uitli the addition of the \\nrd '■ limited" 
 as the hi-t woril I hereof : ;rid 
 
 (d': In tlie eave nf a loinpaiiy inb-nded to be riL:i>tM-ed a^ a ei.mpatiy 
 limited by y-icnantee. tin re-obitinn dtrlarinj^- tin ;imonnt of the 
 ^niarant' < . 
 
 253. Hefore the reiri-tiation m ]iHr-uanee of this Part of thi- .\i t of any ioin]>any 
 not beiiiir a joint -toek eonipany, (here shall be d. livei-ed to the re;^i>trar- 
 
 (1 .,, A list sliowin^ tli" nanie>, addri»e-. and nc. upatiou- of the direetors or otln r 
 
 nianaijers /if anyl of the eotnpany ; and 
 i,J.) A eoj>y of uny Aet of Parliament. 1. tti r.s patent, ileed of settlement, eontraet 
 
 of eojiartnery. eo-t bonk re;rulation--. or nilier in-trument eonstitntiny- or 
 
 retnilatin^' the eom]>any ; nnd 
 ('■\., In the I'ase nf a eonipany intended tt» be retri>ti red a> a enmpany limited by 
 
 irnarantee. a coi\v of the resolution deelariiiu- the ainnunt of the guarantee. 
 
 254. The lists .d' nu-mber- and direetors and any other partimlars reiatinL' to 
 the company retpiired to 1m> delivered to the refristrar shall }»' verified by a -tatut<try 
 declaration of any two cr more directors or other principal officers of tlu' company. 
 
 255. The reirivtrar may niiuire su<'b evidence as lie thinks ueees>;(ry for the 
 puqinse of vuti-t'yiny' biniM'lf whether any company proiMt-iny: to lie register* d is 
 nr is iii't a : toek comjiany a-- hereiidtefore detined. 
 
 266.— 1. Ill-re a bankinu- eom])any which wa-> in exi-.ienci- on the .seventh 
 day nf Auifn-'i ei^-litetii Imndred and sixty-two proposes to r. 'j-ister as a limited 
 ennijiany. it shall, at lea-t thirty daysltefnreso reyisterinw". yive tuitiei- of its intention 
 so to reyi-'ti r to every per»^on who has a banking" aeeonnt with the utmpany. 
 eitht r by »blivt rv of the notice to him. or by postinir it to him at. or deliverin>r it ut. 
 his la~t known addn '•s. 
 
 iJ.i If the eojiijtany omits to ;:i\e tlie notice requireil by this section, then a- 
 iM-tWM-n the (-omp.niv and the person for the time iM'iny interested in the aeeitiint in 
 resjieet of which the notic-e oiiirbt to have Iteen ifiven, and so far a> res])e(ts the 
 
OoMPANiKS (Consolidation) Act, 190S. Act of 1908 IM'I 
 
 .iiiiiiiut iliiwn tci till' time lit wliiili imtin is jrivi'ii. Init iiut fuitlur ur (ithirwiM , 
 till' i-fi'titii-ati- i)t' ri >ristratinii with limittd liul)ilitv sluill \tny no o|ii riitimi. 
 
 257. Nil fri s >li:lll lie iliaipll in n-pil t lit' till' lrs.'i-IlMtiiiII ill |llirMIUIlri' lif till- S. ISH i)f I^J. 
 
 I'ait uf tlii> Ac t of ii ccimiiaiiv if it i> imt ii->fi>ti nd ii- a liniiliil < uni|iMny. m- it' Kxirajiticm .1 
 
 licfMlv it- r. jristrutioii as a limit. il cMm|ianv tin- lialiilitv of tlie -lianliulili is wa- eiTtiim i-mi 
 
 liinilnl l.y s,„,„. ctliiT A. t ..f Parliami lit .,r i.y lrttri> jiat.' tit. mmr'uv"/ '' 
 
 258. Wliiu a I'oiiipaiiy ri'u'istirs in imrsiiamr of tlii- T.-iit of tlii- Art «itli s. Mnof Isi-.j 
 liiiiitiil li.iliilily. the woril •• limit.d" sliuU form ami !»■ fPL'i-tir. ■! a- part of it- .vi.lm.ni ..1 
 iiiitiii-. ■■ llllUti <l " I ■ 
 
 250. Oti iom|ili:imi- with tin- r. iiiiii-rimiits of this I'ait of tlii- A.t witli n-sin. t "'"'"■• 
 
 to n>ri»lratioii. ami on imyimiit of siiili fi-os. if any. as arr payiililo iimh i- TaMi- II. S. l',)l of IM.J. 
 
 in till- first silicilnlr to thi- Art. the nxistrar -hall 11 itif\ iinihr hi- haial that tin- ("ii-iiii, ...i,. ,,f 
 
 • ompaiiy a|v]ilyinir for nsri-tnition is imorjioratiil a- a i>im]i:iny utnl. i- this Ait, ri-ji-tf.iiion 
 
 Mini in till' rasr of a limitiil iom|i;iny. that it is liinitoil, ami Ih. tiii|ion tlio iiim|iaiiy ,,| , v|-i „pj 
 
 -hall Im- inrorjiorati'ii. ami -hall lia\o |».-r|vtinil smc'— ion .-iml a i-oinnion s>>al. with ,■ )mi':.!;ii - , 
 jHiwir til hold lanils : ami any liaiikint: idinpany in Scotlaml so inior]iorati il shiiU 
 i.i- iloiintil to lit' a liank inror|iorati'il. constiTiitoil. or I'-tahli-ln-il hy or nmh i- -\it 
 ot I'arlianii'nl . 
 
 260. All i»i'o]ifr(\ , ri-al ami pir-onal ^inrlnilinu' thini.'-s in aition'. hi'lon;rini:' ^. l'''ioi IS'^J 
 t • vi-toil in thi iqiany at tin clati- of il- ri'ji-tr.itioii in jiai'-n.-im'.' of this rail Vislilm' ot 
 
 ■ ■1 this Art. shall on r-L^i-tr.ition pa— to am! \f-t in tin miiaiiy a- imorporali il property on 
 
 iiiiilrr this Alt for all tin' I'-tatc ami intcrr-t of thr i-oinp.-iny thcrriii. rn;,'i-lr.ili'in. 
 
 261. Kiiristration of a conipany in pnrsnaii'-o of this part of thi- Art -hall f4. p.i 1 of istij 
 not :itl'i-ct tho n;.'hts or li.ihilitii- of tlio lompaiiy in ri-iiiit of an\ di ht or ohliL'a- s(,,yj,,,, (, , 
 tion imnrriil. or ;iny ciintrai't iiitinil into. hy. to, with, or on lnh.ilt of, tho iiinipan\ ,,,j,.j~ , 
 iM.forr roj.'i-tration.' Uahiliti. -. 
 
 262. All aii ions ami otlirr l.-^ral prormlinas iihi. h at tlio tiim of tho nyi-lri- >^ pi.n.f Ihi. ' 
 lion of a loinp.any in pnr-iiauri' of thi- I'arl of thi- Art are ]i> inlinLr li\ or ao';iiii-t ' ,' . 
 
 til.' .'oini.Miiy. or Ih.' piihlii- iirtir. 1 ..r any imniU r tli.r.' f. may I..' rontinmil in ' .'"'it'"'''!"" 
 Ihi' -mil' niaiim r .1- if tin- rri.'istrati..n hail not t.ik.n i>I.'n . ; nev. rth.l.s- rxiin- "t ' xi-ti"'-' 
 lion shall m.t issiii' a;.'ainsl Iho itfirt- of any inilivi.lnal mi'mlnri.f Iho i'oinpan> 'I'tioli-. 
 on any jml^imnt. ih'cri'i', or orihr ohtaimil in any sii.h a.ti..n or |ir..i'.'.iliim' ; Iml. 
 in till' I'Viiit of the proiM-rty ami itl.'rt- of tho I'omp.'iny h. in;r iii-ntfi. iont to -ati-f\ 
 til'' jnilinnint. il.'i'r.t'. or oril. r. an oriti'i- may I., .ilitaimil for uimlinL.- up th. 
 ' ..niji.'iuy. 
 
 263. Wli. n a lompany i- r.'fri-tii'i il in imr-naiii f thi- Part of thi- A.t— S. I'.iiMif lsi;2. 
 
 i .\11 proxisiiius riilitaini'il in any Art of i'arliaiilint. di-i'il of si'tthimnt, Ktfi'i't of 
 
 loiitrart of I'lipartmry st hook ri'V'iilations. Intlir- pati'til, or otlnr rrL.'i-tratioii 
 
 ilistriimi'ltt ronstitntiiiL;' or ri'u.'nlatin;:' tho i'oinp;in\ . i'li'lnilitiL'', in the nn.l. r .\.t 
 
 ease of a eoinpaiiy re^risti t'eil a- a eompany limiteil liy e-naraiitis', the 
 
 resolution ileeliiriiiL;' the anionnt of tin i^'narantee. -hall ii. .l.'eni. il to 
 
 lie eomlitioiis anil re^nihttions of the eiimpaiiy. in the -aiiie ni.'inner ami 
 
 with the same iiieiil.'iit- a- if so min h thereof a- woiiM. if th.' i'oin]iaii> 
 
 hail hi'in forineil nniler this ,\et. ha^e Keen r.'ipiireil t'l Im- in-eiteil in 
 
 the nietniir.'imlnm, were eontaini il in .1 reoi-til'iil menioi.in.lnm. and th. 
 
 resiilue thereof were I t.'iined in re^i-ier.il 'irtieh- : 
 
 ii .Ml the provisions of thi- Ait shall ajiply to Ih.' eoin]v.'iiiy, and the inemlii'is. 
 eontriiiiltiiri.'-. and enditors tli. reof. in th. same neinn.r in all re-peel- 
 as if it had iieen fonned nml. r thi- .Vet. -nhjeit a- follow- that i- 
 to sav : — 
 
 a/ The reirnlatioiis in Tahl. A. in the Kir-t ,s, h.'.liile I., thi- A. t -h ill 
 not ajiply unless adopted hy spe. ial r.-olnti.in : 
 
 yh The provisions of thi- Aet n i.itini; t.. the linmh. riiej- ..f -li.ir. - 
 shall not apply to any j.iint -toek I'onip.iny who-.' -Ii.'ire- .'ire nol 
 iiiiinliered ; 
 
 ■|' Siihjeet to the pi'ox i-i. ills ot till- se.tion the .'..nip.inx -iiall ii.t 
 have ]i..wirt'i alter an\ pr.-i i-ioii eonlaiind in -inx -\. 1 ..f r.irhaiii.nt 
 rehltini;' to the I'oinp.'iiiy . 
 
 .1 Suhjeet til the jirovision- of this sei-tion the 1 oinji.'iny -hall not 
 have jiovMr. withiiiit the samtioii of the lioard of Trade, to alt.r any 
 proM-ion eontained in any lelli r- patent leL-ilini^ lo the .-.>nipaii\ . 
 
 e The iiilnpany -liall not ha\e power to alt. r any jir i\ i-ion eontained 
 iu a royal charter or letters patent with resji. it to the ohjeet- of tin 
 eompany ; 
 
 iii-i 
 
 
 m 
 
159-2 
 
 Appendix. 
 
 ii 
 
 m 
 
 i i,i 
 
 S. 1 -.f IS'Jd. 
 Powor to 
 rtub^titute 
 men)i:ruu(luui 
 imd iii'ticleH 
 for liiid of 
 ^ettk-nii'Ut. 
 p. 1310 
 
 S. liiTof 1HI>2, 
 
 PoWlT of 
 
 Conn to stay 
 or rt'straiii 
 
 (f) In thi' CM lit of tlir (onipiiny Ik in;; »i>unil uii. iviiv iHr>on -liiill 
 be a i-oiitributorj-. in risp<it of the lii lit' 'ml liiiliilitirs nt' tlii' ioinii.in\ 
 wmtriic I' il before refristr.ition. who i» 1 ,'rlc' to piiv or lontrilmte to flu 
 imyineiit of any deljt or liiibility of tlie coiniKiny eontrm-tod before re;ri^- 
 trntioii. or to ]»iy or eontribnte to the p;iynient of :iny ^nm foi- flu 
 adjnstinent of tlie ri)flits of t)ie irnnilMrsi anionjr theninelvis in re«]ii<t 
 of any Mieli debt or liability; or to ]wy or (ontribnte to the payna nt 
 of the eo>ts and exp^-nseH of wiialiti^-np the eoinpany. >o far as i-e]at''> 
 to mieli debti" or liabilities a> afoiesaid ; and every < ontribiitory >hall 
 Ik' liable to eontribnte to the assets I'f tlii' eonipany. in the eoursi- of 
 the wimlin>r-np. all sums dne from him in res]»et of any sneh liability 
 as aforesaid ; and, in the event of tlie di ath. bankniptey, in- insolviiii\ 
 of any lontribntory. or maniajre of any female eontribntory, the pro- 
 visions of this Aet with res]«et to the jM.i>onal reproeiitatives. heirs. 
 
 and devisees of d> ased eontribntories. to the trustees of bankrnpt or 
 
 insolvent eontribntories, and to tlie liabilities of husbands and wives 
 respectively, shall apply; 
 (iii) The provisions of this Aet with rcsjiet t to — 
 
 a) the rtgistration of an unlimited company as limited ; 
 (b; the powers of an nulimitcd company on re>;'istri!tiou as a liniiled 
 company to increase the nominal amount of its share capital and to 
 provide thdt a ]K)iti(in of its share capital >ball not 1h? cajiable ol U iim 
 called up except in the i \ ent of winding up ; 
 
 (c: the powu' of a limited comjany to detenniiie that a [iortiou of iis 
 share capital shall not be capable of bein^ called up except in the event 
 of winding. u]i ; 
 
 shall apply notwithstanding any provisions centainid in any .\et i-i 
 Parliament, royal charter, deed of settlement, i ontract of copartnery. 
 co.st book regulations, betters patent, or other instrument eonstitutimr or 
 regulating the company ; 
 (ivj Nothing in this section shall antliorize the company to alter any sinh 
 provisions contained in any deed of settlement, contract of copartnery, 
 cost Istok regulations, letters patent, or other instrument eonstitiilini:- 
 or regulating the company, as would, if the eonipany bad originally 
 Im-cii fonneil under this Act, liave Ik-cii required to be (^out.'iined 
 ill the tiiiriiitrandnni and are not authori/cil to Is- altereil by this 
 Act: 
 (vj Nothing in this Act sliall di legate fioni any po«i r of altering its cumI- 
 tiition or regidations whieli may by virtue of any Act of Parliament, 
 deiil of settbinent, eontrait of lopartnery. letters patent, or other 
 in.strunient constituting or regulating the com]>any, be vested in the 
 c<aiipany. 
 264. — (I.; Subject to the provisions of this section, a company registered in 
 pursuance of this Part of this Act may by speiial res<dution alter the bimi of it« 
 eonstitution by substituting a memorandum and articles for a deed of settlement. 
 
 (2.) The provisions of this Act with lesi" et to conlirmatiim by the Court and 
 registration of an alteration of the objects of a company shall so far as applicable 
 apply to an altt ration under this seition with the following mmiiticatious :- 
 
 (a,i There shall be substituted for the priuted copy of the altered inenjoraudoni 
 rcipiired to b«' delivered to the registrar «if companies u printed copy ot 
 the substituted niemor.iuduni and irtiiles ; and 
 b On the registration of the alteration being certified by the registrar tin 
 siihstitnted meniorandnin and articles shall appl.v t'J the einnpany in the 
 same manner as if it were a eonipan\ registered under this Act with that 
 memorandum and those articles, and the ci mpany's ditd of sr-ttlement 
 shall cease to apply to the i'otn]iaiiy. 
 :i.) An alteration under this section may be made either with or nitboui any 
 nio ration of the objiits of the company under this Act. 
 
 I.) In this siction the expression " (ImiI of settlement"' includes any contract of 
 eopartniry or othir instrument '(instituting or regulating the company, not being 
 an Alt of Parliament, a royal charter, or li Iters patent. 
 
 266. The provisions of this Act with respect to staying and restraining actions 
 and priseiHlings agahist a company at any time after the presentation of a istifion 
 for winding-tip and Ixfore the making of a «iniliiig-up onler shall, in the case of 
 a company registeriHl in pursuance of this Part of this Act. where the application 
 
 u 
 
CoMPANIKS (Ci)NS()I,IDATION) Aci", 1!)()S. 
 
 Act of 1908 mm 
 
 ti> >tiiv or rojttraiii \h by :i « ifiit^ir, fXlciul tn :utitniN :u\ ]ntu-r^'*\iui(s a^riiin^ t ;iiiv 
 ' iiiitrilmtnry of tlio fNUiipan^ 
 
 266. Wiitn- an unU r Ii .-■ 1»' ii iii;ui. tni wituliii^f-iip u nmipany rt%'i«h ml in S. II'S nf I«G'>. 
 
 jMirMunic*' tif tliis I'iirt of 
 |ii(M-tc(lrtl with a«'iiin>t ". 
 
 .1-* Art, no jii-tion 
 I'liipany in- ai.^" 
 
 r» 
 
 'dintr >>tiaU \h* rniiiii;i 
 
 .1 
 
 A'tioii"* 
 
 ntvit'iitory of th'- i-.nnpiuiy in n sjn'i-t ;!^fay,.\ on 
 1 any tltbt of t\w ronii)any. »x>'(it !»v It ivo of tli* <j<turt. ami snl>ji'it to -u. !i t. mi', ^-indin;;.,!!, 
 *. tlir Tonrt ni:iy iiitptt^-. onltT. 
 
 VWlY VIII 
 
 WlNniNrt-n- OK I'VUKOISTKUKD COMrANIES 
 
 267. For til.' puq.o^.-s ..f tl.i^ l',.r! of tliis A<t tl xjir.-ssinn •• uuiv;;i-t.-i, .1 !^ 10>ofl«»i-j. 
 
 <i'nii)any '* hluill not iiiclu<l<' a r,iiUva\ Munpinv itii-orporatiHl liy Act of I'arli.nmiit M-uninifi 
 (.x.-.pt in wt fiir :is \< pr..vitl..I hy I'ho Al'MM.ionni.iit of li lilwMvn A<t. 1 m:.(I. .ma i"'',[,7'[,'',y'' ' 
 th-' Abandonnit'nt of Railway- Aft. IS'ln, ;ii..i any Acts anniniinir thmn. u->i- -i .., " y- . 
 
 I'unipany rovi^ton'-l unilcr tht- .I<.iat St"rk Compani' ^ Acts, ar nmlcr tlic *'<«n»p uiit-* " '. 
 Act. lHii'2, or uiMlcr tfiis Act, but. >av'- as aforcs;ii«l. shall incbi«li' any p irtn.Tshii>. '.^', f,'...j y- .. 
 ai^siH-iation. oi omp;(ny ciin--istiii._' of more titan s- v. n incmlMTs, and anytrnstct ."i],* 
 Havin>fs batik n-rtiticd nmbr tin- Tru.strcs S iviiius Hank?* Act., ls(;:t. mni any *" * 
 liniitod partncr.lii].. 2<' & '^7 V let. 
 
 268. — (I.' SnI.jrri t.i tlir provision- ol lliis Tart i»f tbiin Act, any nMniristcr.il r. Si. 
 company m;iy b^ w<ninil uj" hihI t tlii- Act. and all tin* provisions of tbi- \>-\ witli S. I'JUrf ^"^02. 
 iTsjM'ct to windiiiir-np shall ;tpplv t" an iiniciri^tmd .i.mp;my. with the fi'llnwiii:,,' Windij': - ) 
 fXroption.- iind addition- : ,,f unrcL;..--* 
 
 t^ An iinr'vi'*''i'''d c-(nnp;ni> -h til. for t!i.' purpov.- ,.f d-tcniiitiinir the C.iiirt I'Ti-d coni- 
 biiviuir jiiri-diciitin in the nutt'T nf ih-> wiiidin>r-np. be d'-ni'dtn \><- pani>-s. 
 iTiri-t' red in th.it p;(H of the l^iited Kiiiirdom where its jirineipal plac- 
 of hii-iiii-^s iv situate , or if it his ;i prinrip;il placr ..f bri^ine^- -itu;il" 
 in more thnn one purt of tin- I'niterl KiiiL-'di'iu. then in eacli part of 
 the I'nitcd Kinifdoia wlci-r it h.is m prin-ipal phice nf liu-inc— ; and 
 
 the principal ])la< f hn-ine^^ situ;it'* in tiiat part of the Knit 'd 
 
 Kinirdom in which jtrocecdini,'''' an' b- inir institut>-d. sii;(ll. f..r all the 
 
 puii»os(- of the windiiiL''-np. be d.-rnii-d to b' the r'i,''i-Tcr' 1 otli< 1' tli< 
 
 ci.nipany : 
 ii Ni> unrey^stcre ' r.nnpiinv sJi.iH b. wound up und. r this Aet vobiutarily or 
 
 >uliji'ct to ' apervi-ion ■ 
 iii^ The eirenmstance- in wliich ;iii nnieiri-.i-'iid ronipanv may be wound up 
 are .as follows; 't1i;it is to ^n\. 
 
 [ix If the company is di.-solved. or ha- r,-i- d to c:irry on luisitirss. or 
 is . ;irrvinjr on business only for the purpo-^e of windimr-u]i its atfairs; 
 ;b, If tin' comjKiny i^ unahle to pay it.^ debts : 
 
 o If the Tourt i- of opinion tli:it it i- just and eipiitablr th;it th' 
 i-ompany sh'.nld 1m- wound up: 
 iv An u'in-yi-tered company sh;itl. lor th-- jmrpo-c- of thi- Act. be ib>cnietl to 
 b. unahle to pay it- debt-: 
 
 a' If a eredit^ir. by a-*^i«rnmi nt or otlierwise, to whom the ciMiipany if* 
 indebted ill H sum ev't-.din'z fifty pound- then due, hit- .-crved on tin- 
 company, by le.-iviiijj .-it it- jiriiuipal phi'.- of bn-ine--*. or by deliverin.' 
 to the sccretnry or -ome director, man t;:. r, or principid ofticrr of th^ 
 company, or by otlicrwi-e xivinu" in smh mmnei- jis the Court ni;iy 
 approve or direct, a <lem:md under his hand ritpiiriny: tlie company to 
 pay the sum >o ibic. and tlie comiijiuy ha> for three weik> alter the 
 serviei- of thi- demand ne,i.'lietcd to pa_\ the »nm, or to secure ori-ompound 
 fo*- . tlie sutislaetion of the cre.litoV . 
 
 ^.•i If any action or other ]»roec,-diu^ ha.- been institub'd )iir-*uii?*t any 
 mrndier for any debt or d'luand due, or elaini'd to be (hie, from the 
 ioin])aiiy. nr from lilni in bis rhanieti r of mendier, and notite in 
 writiiie- of the instituti-ai td" tlie aition or proiccdin^ hiiviny' been served 
 till the company by Ica\inir the -.iiiii al it- principal placr of bu.sines.s.or 
 by delivering it to the ,seiir(;ir> . or f^ome director, mana^rrr, or jirlncipal 
 otlircr of the company . or by otherwise scrvinj.-" tin* sami' in -neb mann« r 
 •A» the Court may apjirove or direct, the comp.any bjis ni't within ten 
 (lavs nfter srrviec of the t|o!ic.- p.'iitl. si.nred, 'tr et.mpounded for the 
 
 .14'' 
 
 %i'i 
 
Jj!»4 
 
 Appendix. 
 
 Wu 
 
 k; A: :i' Vict. 
 .-. fiO. 
 iO& 41 Viit. 
 
 •)0 \ .51 Vi.-T. 
 -. 47. 
 
 S. -.'Ollol I.S'i 
 <.''iiitribu- 
 Tiirit's ill 
 w iii»liii»r-ujt 
 t-t' unrt fi?'- 
 trix'd com- 
 |.Mi.y. 
 
 r^wcr (if Court 
 1. 1 Kt .y (ir 
 i'-«tiMin pr*>- 
 
 «lt*hl or (l(-iti;ni<l. or i>rorui*"(l tlic action or jiroctMlinir to ]m' •^tayi(l,or 
 imlrTrmiti' «l tlif drfcjidjint to his rciiHoimMt' ^;iti-t';iction airain^t tlif 
 attioii or j>riK-<* (liiisr. mul iririiiii^t all costs, dinn!i«rfs. and rxpciiscs to l« 
 iiK iin'td by liiiii liy r'-aM.n of tlio sam«* : 
 
 M- If in Kii;.'land or In-lainl cxmition or nthcr i>r< ss issued tin ;i 
 
 jiid^ninnt. dccnc. or order ohtaintd in any Coni-t in favour of a rrtdiroi 
 aj.''ain>t tlie tonipany, or any iniinlHT tlu-rrof as surli. or any pir^on 
 aiitliovi/ed to 1m' -utd as uoiniual il' fi-ndant on IwhaU' «)f tin- roni]>any. i^ 
 nttinnd tm^iitisfitd ; 
 
 (d If in Soiland tin- inducia* of a cliarif for j>aynn-nt on an i \lia< i 
 tlt-rrto. or an t-\tra<t rt'yi..t(Ti »1 t'ond, or an i xtrait rt "ri-^ti ird |ii..ti-.t. 
 Iiavo oxjiiri'd witlioiit payinrnt iM-iii^- made ; 
 
 [f If it i-; oThfrwis.'jirovcd to thf satisfaction of tlic<'onrt tli;it ili. 
 coni]>any is unaMc lo ]tay its d.ltTs : 
 {\ Tilt' Court having juris(liiii< u to wind up a railway conii>;(ny und-r tii- 
 Aliaiidonnicnt of Railways Act. IH-io. and the Al>aiidonni«-nt of 
 Kaihva\s Alt. 1S(.'». and tlif Act-* ainfudinir tlieni. sliall l-- tlie Tli;rli 
 Court in l'"nL'land or Inland, or tlic Court of Sessi.in in Se.fimd accoril- 
 iny as tlic railway was au»IiorizMl to l^i- niade in Knirland, Ireland, oi 
 Sntland. and tl'ie s]»'cial i>rovisions of tlios.. a«Ts sh;,ll apply to tti.' 
 windnii^-up with the suhs' -u of refipin-fs to this .\, t t'.»r n feren -'s 
 
 to tlie Companir- Act^. IS' i IS*. 7 : 
 
 Provided that. >uhjei t !■■ .■ iicral rules and to orders of M insfer nia'l*'. 
 
 us re-pt-^ls Kni.''liud, under the authority of tlit- Supreme ( ' 'urt of J udi- 
 
 e;(tu:eAcT, In7>. and, as re-pecls Ireland, under ihe authority of lh<- 
 
 SdjirciTie Conit of .hulicatiirf Ireland Att. 1 >77, tin- juri-di< limi uf tli.' 
 
 IIii:h < 'ourt in I--ni/l.ind or Irt land under this prij\isiou shall he ex en is. d 
 
 hy the <;ii;iiicery DivisiMri nf thai Ctairt : 
 
 O'i A j'etition for wiiiliriL-' up a trust«'e savings inuk may he jiresentrd hy ihe 
 
 Xatn>iial I>iht < 'i.triniissloners. or hy a «oninii>sioiier appointed uud'r ih'' 
 
 'l'ru.sTr<' WaviuiTs Hank-^ At. 1'>S7. as well as hy any jcrM'n authori/td 
 
 nii'lej the other provisions v.f this Act to jiresent a i>etitioM t'.'r wiiidiiiL.'" 
 
 up a cr>in]iany ; 
 
 (vii) III the lase of a limited pirtnership the ju'ovisious of this Act with respect 
 
 towinilinjr up shall apply with sucli uio<litications ; if atiy as may hi- 
 
 provided hy rules niadt' h\ the Lord ( 'liancelhr u ith tlie concurreucc of 
 
 thi' rresidcnt of tli" lloanlof Traile, and with t!i<' suhstitutioii of jt' ntial 
 
 partners for direet-'rs. 
 
 (2.) Ni)thinir in this Part of this Act shall attcet the opi-ration of iniv .■na'tnietit 
 
 which pio\ide> lor any itartneiship, assoiiation. ur ecuupanv, hri'iL"" wound up. or 
 
 hein^r wound up as a tompHiiy or as an uiue:ristert d company. UTid< r ati\ euactnieiir 
 
 repealed hv this Ai-t. ex<.pt tint rcl'trenc.s in any sU'li tir.st-iin-iiT;oiie.| enactment 
 
 to any sucIi repealed «iia'-tment ^llalI he r, ad as references to the c»trrespoii Jinir 
 
 provi.si..n if any of this Act. 
 
 269.— 1 ■ In tin- event id' an nnrei;ist< red company heiiu.-- wound up ivrry \» rs..n 
 shall Ik- d . ined to ]*>■ a contrihutnry who is liahle to ]>ay or c<intrihut'' lo thr 
 I'aynient ft any d- ht or Ual-ility of ttie i.imiiauy. or to pay or contnlaite t" tli^ 
 payment "f any sum for t!ie adju-tnunt of the riirhls . rhe ne'iiihirs aniotiL'' 
 theniielvcs. or to ]viy or c.-ntrihute to t!ie jiaynieut of the ...^ts ami exi>'ns's ..f 
 windiny-u]) tie- company, and ev.ry contrilmtory shall U- liahle to cuutrihute to 
 the ;(ss. ts t)f the eoinpaity a'1 sums due from him in li'^jirct of any sinli lia'-ilitv 
 as afor-'said : 
 
 I'rovideil that, in the i;e*i' of an unrcLrist'T-ed lompany 'xithin the statuiarit-;. a 
 j>ast ni'tnU-r shall not he liahle to .oTitiihuTe to the ass. ts uf the eotui-any if |je has 
 reaped tolMMiirumhtr fi-r two years or more etth-r behtre the inin-' ceased to Iw 
 worked or Ind'oie the date of the wiiidirt;j-up ordi r. 
 
 i'Jt.) In the evriit of tlie d-ath, hankrnptcy. or iiisolv. iicy, of any contrihutotv . .pr 
 indiTiajrc of jiuy f'-tnah- contrihntory. tiir provisions of this Act. with rcsp.-et to the 
 personal r< preseiitativ.s. h-ir-^. a!id dc, iseesof th erased cuutriliutories. to the trust les 
 4tf hatikrnpt or insnlvMit i-ontrihutories, and to the liahiliticH of liushainK atid 
 wives lespietively. shall apply. 
 
 270. The provisions of this Act wi.h respect to jitaviuyr and rcstrainintr actiouf* 
 and proceedinir-' against a company at any time after the presentation id' a petition 
 for wiudinjr-np and hefore the niakinwr of a windinjr-up order sh:iU, in tie ease of 
 
('OMI-ANIKS (CoN.SOI.IDATIoN) Af r, 1!»{)S. Act of 1908 l"i!t". 
 
 .'Ill iiiirixi-'' ''"'"I ' i'iii|iiin\ . wliiTc till' !ip|iliriiti.in tn ...tuy i^r n-Htraiii i- l)y u inilitcM'. 
 *'Xt*'ntl to ;iftiniiM and |iroct<'<liii^r'* a^raiif*! aiiy r.intriltulury i.t' tin- ctnipany. 
 
 271. AVlirrr an citliT lia^ Imtti niadf fnr wimlinL'-tip an iiiiP'iri^ti'rfd rnin|iaiiy, >.-.;•';; ..t is;-; 
 no a'-ti.iii i.i- j>ftnrnliiiy- <hall Im- pri'i-rnlfd witli or coinTm r.rt <! a;rain>t any ron- A<ti.>ii, ^t^ji-.l 
 trilmtory of tli.' .oiniiany in V'-v.'i of any iMif of tla o,,ni|),iMy. i-xi, ]if l.y loavc of on Mip.lmu mj. 
 tb" Court, anil ■.ubjcit to >u. li ti riiM a» tin- ('laiil may inifK.^, . 'nI.!. 
 
 ,J"8. If an iini->%nMti'nil < jKiny tni.i no )io\vi r to wno ami lio ..in .1 in a loninion S. Jd-'iof Isoj, 
 
 ni'.' ir. or if for any riason it aii]«ar» i\]« iliont. tlio ('ourt may liy tlo- w inilinj.'-n|i Din . tioii~ a- 
 or!, r. orliy any >nl>-oiinfnt oril. r, iliroil llint ail or any |iart of tlic ]iro|..ity, rral i,ipr.>pirl\ 
 anil inrMiiial inrlmlinif tliinir> in a. tion , liilono-in^' to tlio roiniiany. or lo trn-lo. s iuoirtain 
 on it-. iMhalf. i* to \o^t in tlio lit|uiilator l>y lii^ otli' ial nanii', anil tliori lijutii tin la^ci*. 
 
 projH-rtv or tin- })art linn of >po.itinl in tl ril- r ^liall vo^l afcorilinyly ; and tlio 
 
 liiiniilatiir may , aft. r '.'i\ iiiv -n.ii in.l. iiniity if anv a- tli.' ( '..iirt mayilir.it. KriiiL' 
 or il. f.-nil in iii- ..tli.-ial imnif any a.li..n ..r ..tli. r ' L'al it... o. .liny nlatim.' t.. tliiil 
 pr.'p. fly. ..r non ~vary t.i 1«- lir..n!.'lit ..r ilifinil.il f.r tin- ]mrpo-.- of , tl.-. liially 
 winilinu' u]i tho ronij.any and ncoiorintr it^ pr.>p.-rty. 
 
 273. Til.- pr..vi-i..n~ of tlii« TiiH ..f tlii< A.'t «itli r.-p. .t to nnn (.'i-t.ivil ■■..m- S. JiHol Isi.J. 
 paiii'M »laill 1... in .addition to and n..t in ri -triiti.ni of any pr.ivi.-ioii« li. n iiil"'f..r.' l'|.,,visi..ii~ . f 
 m tlii< .\rt .■..lilaiii. .1 with ri>pii t t.i winding' up rompanios l.y tl..' ('..iirt, and ii.,,., ,,,' \, , 
 
 till' ('..lilt or liipiid.il..r may |..\< ni-.- any p..».r-. or do any art in tho r.-i-.. ,if 
 iiiir. iri^i' r. d rf.nij.ani.'^ whi.li iiiii:ht Iw o\. r.-i^nl or d..ii.. l.y it ..r him in \\ in.lin^ 
 ii]i . ..m]..ini. >i f..rnird and r. iri^t' r.d ini.h r thi^ A.t: luit an nnr.'^'i^t r..l..impaiiy 
 shall not. oMopt in tho ovont of it~ h. in;.' wonml up. Ii.' ihonn .1 t.. l..- a i-.impaiiy 
 nii.l. r thi- A.t. and th. n only to th. .-xt. nt pn.vid.'il l.v thi- Tart of tlii~ A.t, 
 
 iiiil.'it i 
 
 If 
 
 f « , I 
 
 I 
 
 VWiT I.\. 
 
 COMI'WrKS ISTAHUMIIh (irrsIHK TlIK I'VITMI KlN'il.iiM. 
 
 274. 1. Kvrv 'oinjKiTiy iin'tir]tnr:tt<Ml nul-jilc the I'nitrd Kini^-lum whili S. :'.-)« if l'i(t7. 
 (;stiil»ii'>hes a pi;u-e oi Im-iiiM-w.s williiii tlu' I'liiti-ii Kiii^'iliHu --liall w itiiiii fHH' ni"iitli JJiijuiif- 
 fnnii the tMulili.^limciit 4»f the \>Ia-v t-f bii''inf.'*> til*' witii the i-firi-trar ofconipanit'-^ nimtH a." t"> 
 'ii -I <'i rtitittl rni)y "f tlif rhartiT, ^ta'iiri-., or Hit iiH'rni-liiiii «i il ar!iil<-* <'t* tli*- > ''iiiirini's 
 c'liiipiinv. I'V niht r iii-triiimiil i-"U^!itiitiii:>'- "1' drtiiiiii^j tin- ctiii^titnliipii i.t ''-r tl'ii-'i.'il 
 till' foiitpaiiy. ;t!nl, if l!n' in-^truiiH'tit i>* iint wntttii in thr Kii,Li-li>Ii l.tiii^'-uau''-, <• i'~i'i'' **'■■ 
 a ciitilicl tiau-hitioii tlu-ivof : Thi'- .1 
 
 ^h) M li^t of \hv clii'('*t-.rs of the roinpiiny : Kini:'l"ni. 
 
 (f) tlif nam.- and a<l(ln-s^t s t.f M.mr tui'- or iiinrc |»r^"iis r*'-i<lrnt in th" riiit'-l j,. 118 
 Kwivr-loiu .tutiiori/fd to acn-pt on Ih'IkiU" <f tli- < "Uijiany MTvicc of ]iroti>- 
 and any noti<i'> rrqnirid lo [>»■ -t-rvt-d on tin- (■orn]>any ; 
 and, in tlir t'VMit of any altt ration htiuK' niado in any ^ivh iii>triinii iit nr in tin- 
 diivit'ifsor ill tii" iiani- ^ or addrr^^ts of any mkIi pt r-nu'^ a> a fop '^a id. tin- ' ,iinpau_\ 
 ^haU within thf pir<rnl» d tlnif tih* with the rtiri'-trar a notico of thr altirati'-n. 
 
 ■_'.) Anv pr.iii-.- or iiotic-i- rt'ipiirrd to hf M'lvod o»i thi conipanv --hall I" -utli- 
 'iintlv stTVid if addri-.srd to am ' i--ou wIio>-c naiMf ha- hi < n -o lih.l a- ai-in-aid 
 and h'ft at or ^.-tit hv po>t to >- wlii. h )ii- h.rn >■> tih.l. 
 
 ['■i.) Kvt-ry ronij' w\ towt: < rtion .ipjilii > -h.a'l in ivi ly vr ir Ji!. w.'htlif 
 
 rt'ifi^trar f*m,-li a ^lattnicnt ii. n of a ttahin.r ''t as \vonKl. if it w, v a 
 
 i-oiniviny fornud mid rriii-'t" .h r tiii-^ A<-t an. inu- a sli.ir-' t;apilal. \u- 
 
 ri(|nirrd nndt r ihi- Act to U' iii ma. d in thr unnnal >uniniary. 
 
 (l. KviTv i-onii'iny to wlii<li thi- Mr'ion a]>[tl;i s, :tnd whiih n^.v iln- word 
 *■ Liinittd " as jiurt of it'i luiin* . fhall- 
 
 t ■ in t'Vi rv )>rosp<ttus invitini:* ^uh^*^■^i]^tion^ for its f-liiir-- or deh. ntnr.'s in th" 
 rnittil KuiL-iloni stut" th" •■onntr\ in wlilrh tin -.oinp in\ is in.-oi porai''d ; 
 and 
 i\t i-onsjiitiionsU "\hihit on i n r\ phi<-" w h'li' it r;irri< *^ o-i hnsini-s in Itn- 
 I nitid Kniiidu'ii thr nrii' of tlit i-unipany an'l tin <-.>uiitiy in wliich tin- 
 coTiipaiiy is iti'-orp" rated ; .-nid 
 (.') hav" till iiaint" of tin- i'ini]t.in\ an 1 of the ronntry in wliirli tli" company is 
 iiii-orporait d ni'iitionid in i:-tfihlr i-haraitiTH in all hiil-ht'ads ami Irtttr 
 ]tapi>r, and in alt notices, advtrtiMt-mt'nts, and oth<-r otH< ial pnhlicatinnN of 
 tho company. 
 
 I. 
 
l.iHH 
 
 Appkndix. 
 
 (.">.) If iinv .iniiiuiiy tc wliii li thi.-. -ii tioii aj>plii~ tail- to .■.iiiiplv with any of tlir 
 n'luiir.nuiitK of tliis wit ion tho ( oiiipaiiy, and evirv offictT or :ijr<nt. of tlio roiiipiiny. 
 shiUl bo liable to a tine not isoeiKliu^' fifty jiounds. or. in ttii' chwc- of a continuinjr 
 otliiico. iivr pounils for ivory (lay dnrinir which tho default ( ontinnos. 
 (ti.) For tht! ]>iiii>om's of thi- Hortion - 
 
 Tho oxpro-sion '-oortitiod" moan- oorfifiod in tbo pro-iriliod niannor t<. Iio a 
 
 truo I i>pv or a oornit traii-latioii : 
 Tho oxpro->ion " pi no of bii-in.— " imliido- a -hare transf. r or sharo rciri-tra- 
 
 tion ottioe ; . ■ ■ / 
 
 looupyini:- th- po-ition of 
 
 . i-iroular. advor- 
 -ub-oription *n 
 
 ' .ip. 12 of 
 - VaIw. 7. 
 I*i)wi-r of (Dm- 
 j):inio^ iucui- 
 litni'M! in 
 Bhtisli poi^o— 
 
 I .nds. 
 
 - 19 of 1907. 
 Prosecution 
 of otfonooH. 
 
 S. ■,!-, of !'*(;■.'. 
 Applicutioii- 
 of tines. 
 
 S. Oil of lStt2 
 < 'o^lH in aotionp 
 t'\ tvrtain 
 hiiutt'l 
 r'linpanier-. 
 
 .■-. :;■: of i!in7 
 r..w(T (if 
 
 nil 
 
 \pri-i.-ioii ",iir,H'tor '■ inolinlo- any por-on 
 
 dirootor, by whatovi r nanio callnl ; and 
 
 Till oxpri— ion " pro-pootu- "' nioMn- any pi-n-pootn». iintii 
 
 li-oinont. or olhor invit.ilion. otf. riiiL.' to tho public- f 
 
 piirc'ba-o any -h.-iro- c,r dcbontun - of tho oonipany. 
 
 (7. I'hori' -hall bo paid to tho roL'i-trur for i-.-L'i-tcriiii.' any doonmc nt rociiiirod b\ 
 
 thi- -oclic.n to !).■ tiled with liini a f. .• of ti\. -hillini;- or Mich -inallor fo.- a- may bi 
 
 278. .\ company iMc-or]ioi.-itrd in .i Rriti-h pc.—o—i.in which li.i- tilod with tho 
 ro'.'i-trarof oompani. - thi> clooiitncnf-c .ancl parliciihir- spcc.itiocl in p,ira:.-raph- a,. 
 MiT. and 'oi of Mib--i-c-ticin H' of the- la-t fc>rc-f."iinir .-iction -liall have- the- name 
 power to hc'Icl land- in tlo- I'nib d Ki. -'dom a- if it won- a company inc cuiioratcd 
 iiuch'r thi- Ai t. 
 
 PART X. 
 
 Sl'ri'LKMKXTAi.. 
 
 /,-./.;/ frmfilmj'., tijhi,,.^, >,•■. 
 
 270.- li. All citfonc. - under this Ad niach- puuishalilo Icy any hn.- may U 
 iiros. . iitcd uncle r tho Sni,iiii.irv .liiii-cli. lion Ait-. 
 
 (•.;. In Scotland all icroseH iitinn- for otfoi s or tines under tho provision- of t.hic 
 
 Ac I i-eliitini.' to 
 
 a the appointnicnt of clirc-otoi- . 
 
 ill tho rostric tioTi- on oonin\c-nccnie-nt of husinos- by a c-ompanv : 
 c) returns a.-i tee allotlne iit- : 
 id false- state-moiit.s in ro-poot of which a penalty i- provided by ihi- Part of thi- 
 
 Aot ; 
 o the- tiliiisr of c-opio- of a pro-peetus. au order rovokinir the di.—olutiini, or an 
 
 order -anotionini: tlie roorpiiiisatioii of the share- e-apital of a e-oniimny : 
 f the lilinji: of notioo ..( appoinlni(-nt c,f a liepiidator or of the- iieoounts of a 
 
 reooiver or iiian.-ijfor ; 
 r L'oiioral nie-otinus ; 
 
 li e-e.nipaiiies establi.-he-d c.ut.-ich- the- rnitod Kingdom : 
 (i) the issue- of ilc-bontnie- and e-e rtitic ate - of shai-.-s and de-lionfiir.- -loe-li ; 
 (j tho is-iio, oiroulation, and publication of balance- -heists: 
 'ki unepialifiiil persons ac-tinu: as diroc-tors ; 
 
 il the- in-pcH:tion eef roj.'i.-tors of clc-be-ntnn- hdcle i- and the- tnrni-hini: 
 of tru-t ch-.-.ls ; 
 shall lie- at the- in-tane-e of the- f,oi-d AdvcH-aii' 
 AdviK-icte- inav diroot. 
 
 277. The Court iinpo.-in^ .luy tine- under tliis Ad may direct that the whole or 
 
 any part thore-of bo appliixl in or towards payment of the e-osts of tho pr -odinsrs. 
 
 or'in or towiirds tho rc-».-irdinii the- pe r-on on whose inl .nnation or at who.-io .suit 
 the- tino is re c-cvorc-d, and subject to any such dire-.-ticm all tiiios nndor this Act shall, 
 notwithstanding.' anvthini;- in any other Act. In- paid into tic K.vc-lie-pn-r. 
 
 278. Where a liniitod cemipanyis plainiitl or pursuer in any action or other 
 leital prooooding, any jud^-c having jurisdiction in tho matter may. if it upi"-ars by 
 erodilih- li-.-tiinonv that there i- ri-a-on to believe thai the c-ompany will Ik- unabh 
 to pav the- cost- of the dc fondant if -ucc-c-ssful in his eh-fenc-c-. reipiire snftic-ic-nl 
 security t" bo >rivcn for those e-.j-ts, and may stay -ll pnn-e-e-diuKs until the see-urity 
 is given. 
 
 i:79. If in any pidc-eediuL' against a direct. er. e,r [le-rMin cie-i upyiajf the puMtioi- 
 of diroe-t-'r. --f -■ c-..iiip.eii\ fen ne-j.'lis;e-ne-e ..r broach of trust it apja'ars to tho Court 
 
 procurator tisi-al a- the 
 
 c.pn - 
 Lord 
 
COMPANIF>^ (CON.SOMhATION) Act, li»OS. Act of 1908 IftOT 
 
 lu'.tiinir tho f'dw that flu- dir«'<'tor or (»< rs.-n i- .h* m.iy >••■ liulili- iti n-i^i rt of tin 
 I" iriiy^'irct' or hrrach nt' trust, Imt !iii- arti'i lionf>fIy iitnl rr.-imni.-itily, jtri<l nu;rltt 
 tatily to !'<■ .-xcuxcd for the i»firliif«''irt i>r hii-n'}i of ini-'t, t'utt (''>int rn;iv rili<\f 
 Iiiin. I'itlii r wliolly or part. y, from Iii-* Imtiiliry **n mhIi tiriiiH hh the Couit may 
 thitils pp.piT. 
 
 280. 1 Tti t*u' I'll!-*' of a roTn])'iiv '*iO»j''<t Ut the nt-jTinnrit"* jurisdiction, ti.. 
 » oiirt < \i n i-nii; the ?*taTi!innt'-« jtirisilii-tion ".Ititll havf and I'Kt n-i-c tin' like jiiii-- 
 'li'ti.iTi m-d p .\vt'r«. a-* wi-l| oti tlii- intniiion la**- a^ on ill*' t'.|ulty ^idc t!iti<of. a* tli.' 
 ' oiirt of tht' vlrt'-wardcii ."f tin- staniian. -* p..-**-^.] l^cfMic tli- r< iinin-iir. nicitt nf 
 the Stannaries (^mlt AholititaO Art. 1S'"1. lt\ cii'tMni, ii-air*-. or ^t'tnir in tlir ' a-> 
 
 • >f uninnupotattMi i-ompaiiii s. \<*\t otd\ mo far a^. i' run>iHti nt witli t)if pii'vi-inii<* "f 
 this A<t and with tln' roii-*titi.tioii of .■(,mp,ini< ■- t- pit-^i-iil-.-d i-r n-fprtvl l.v tni- 
 A.-t. 
 
 '2. For tho pur]H)M' of yiviniJr ftiilrr fttrit to tliat jnri-diil i'ln, all ]>rorr-*; iv-niiti^ 
 "III of tlif Hi'u\ Cuiiit. and all onlois, lulf*. d<nirnd-, notu*"*. warrant-', aiid 
 MiinmoiiM's nHpiirod or iintfioiizt-d hy t*if piacrir. .if tli<- (''at't to }m> m-rvtrl on unv 
 i-"m]>any. wlit'ther ri'ir'*'t''ri'4l or imt rrj^'.^tfi-i d. or <mi any nioiidHT or contrihntoM 
 t!i'i-.'<tt. or on anv (•rti'-«r. aL't'iit. din »-t"r, rnanaj-t r. or ^tT.ant tTc n of. mav I-i 
 •Mrvt'd in any jvtrt of KuL'Iaitd witli -at aoy M" ■ inl order of tin- 'u-'lT'- f"r tlml 
 purposr. nr by nuc'i Hpocial onlt r may lio f.rr\rd in any parr of t!if Hnli>li I'-land^. 
 on >iicb tfrnt>. and i-onditionn it-- tlio Ciurt may t^'iik tir : 
 
 I*rovidf 1 tliat no •.iii)i M-rvi"'' of proct-*-* onr of tin- liinit-t ot' tlio vtannaru'^ in iin 
 -nit or ])la'nt on ttu- (-'>ninioti liw r«i.|r of liit- t'-mrt --liall In- rllnt-d uirlioiit tli- 
 ■-pt lial ordi-r of the -udyt' m:: If on a htal' inm" .it t'lt- riatnro and ohjfrt of ih* Hiit 
 or ])'aini. 
 
 All dtfV)'!-. orders, ami judirnit'iit-* of tlif i-aid Court lauy be .iifor-ad in tit. 
 >ami manner in wbirli deep e-^. order-*, and jirluirpr't-. of the <" nrt of tbo vice- 
 «ard<'ii of tbe stann^'rie- could beforo it-* abolitit»n l'a\e bt-eii bv Ian enforcd, 
 wlietlif-r » ithin or !»eyond llie -*tamia, ii-. 
 
 281. If any jM-rson in anv rcrnnu report, nrtiti'ati'. t.alari- e >bt»t. iii ot!n'f 
 doi-MMunT. rM|uiri-<l by oi for the pijipo.-t'* of any of the provi^ioim of this Arl 
 •'perilitd IN t!ie Kiftli S.-lie'lnh- hereto, wilfull.v inaki '^ a i-t itenn-nt iaKc in am 
 luatei-iat p trtienbir. kiuiwinu' it to I-. faUi . be vball )'e v'niltv of a riii"-di in- iO i. 
 ;rnd *li ill be liabb- on convi. tinn on indi" fnn-nt to inipri-.otitiierit for a t( rrii n.il 
 e\i ' edin^-- nvt» ^a ar»*, v^ itb or wit li'int li-inl laboui,and "u snniinaiv convi' tioii to 
 intpi i'-oinia III for a t» rin nof f\.-ei djni.' f'Ur tiiontii«i. witii or wifhout bard labi.nr. 
 and in * ither i-ast> to a tiiu' in Men of or iii addition to >ui'h imprioonnanl .i-. 
 afore-uid : 
 
 IVovidi d That the tin-- in.^toMd -ai .-.uTiiniMty ■■onviction -ball not exreed otn 
 liundrtHl {louiids. 
 
 282. If any p'T-^oti or p" r-on> iradi oi i-arrv on bn^infj-s under any name or 
 litle of which "lamited" is th»- lat( v\o-rl. tli.it prr-on t,r those persons '.hall, 
 iiid< ?*s dnly irieorporat' d with hniilt d liability. Iv liable tt a fine not excrdin^r ti^ ■ 
 piiiiid'* for every day npon wbiel. that ?*am' or titi*' ha»» J)een n-^'d. 
 
 Court to 
 iriatit ri'Iiei 
 ill certrtiii 
 ca^f"*, 
 
 S. t'.s ,,f 1HH-: 
 diiri».dieti"n 
 of Stannari- - 
 (.'ourt. 
 
 59 .t uc Vi. • 
 c. CI 
 
 s. Js ,.f lOmi. 
 V' n-dtv f')r 
 ta'^.^iute- 
 
 S. is..f T'.'i' 
 I'ltialtv foi 
 iTiipropcr u>. 
 of Word 
 ■' I.iniite-d 
 
 fk ' 
 
 u 
 
 283. Tlic BiiHi'd of Tni'li' ^h:i1I ■ ,iii^>i- :i l'.mkt.iI ;iiiiim il rr j. .it i.f in.illir^ Hitliin 
 llii- Ai't to Ik' pri'iuin-d .■iiid hiiii liriin- l.<itl. Hcm^i." ..f I'Mili.incict. 
 
 A'ttft' ntirtitiitn nf ho. 
 
 • „-,i 1,1, /;.,„,./,,/■ Ti.tfl,. 
 
 284. Any ajijiroviil. Hum'tion. <ir licinc . m- rivi«:itiiiii i.f li •irifi-, wliii'li iimlir 
 llii~ \i-t in;iy !»' jrivpTi nr inn.le by the lioiir.i i.f Trmli. ni;iy !«■ iimlcr flu. IimihI i.f ;i 
 -irii r:iiT or a»«i-tMiit ~c.ri't ir\- I'f tin [!..:ir.l. ,.!■ ..f ;iiiv |i.tmui iiuttioi i/iil in tfi.il 
 Lrliiilf t)\ tlii> I'ri'si.ltMit I.f til.' lid.iril 
 
 hi'tiiti'fi'tloii, ^c. 
 
 285 In tlii^ \'\, ii.ilr<K t,h|. cr.iiti St <.||ii rn i»' riK{irin s. x\\v fiilliiwui;.r Pxpn."-.!".!!* 
 li.tve tilt' TiM^ftniiitfs h«'if*ty iissiiriitd t.. them (tliai i?. tn .s;i\ ) : - 
 
 •■ F.xi.«tinif lompuny " 111' rini .'i ■■i.iii[pMiiy f.innid ami ri'iri^tiTeil umliT the ./'.int 
 Stork Comp.iiiii » .\. t>, >.r iiM.i..- ;'..< ( '.iii,j..,rM. - \.l. iSGi. 
 
 S. (7 „f l;.,.: 
 
 Ani.ii:tl 
 n'|H)rt t»v 
 
 Trad* . 
 
 S. (1. nf \<*<, 
 
 Ant>u-nri< n 
 tion ( f (1. K It 
 iiifiit^ i^>.u*' . 
 l.v tf,«rv! ..' 
 Irail. . 
 
 >-, r.'ii. l: 
 i.f LSI-.'. 
 
 ti.'ii. 
 
\r>98 
 
 Ahi'Kndix. 
 
 Ui^'n 
 
 
 \, m^ 
 
 ri 
 
 \:> tc 20 Viot. 
 c. 47. 
 
 MVimiiiiny ■' ni<iiii» ii ."nipiniy fMrni.d aiiJ niripitcml iiudcr tliis Act .r Hii 
 tiistiiiif I'limpsiiy ; . • n » i 
 
 • Artieli's" ineHiin thf Hrticlrn nf a»K"ii»liciii of ii I'limpiiiy, ii» iiri)tiiiaUy franicil 
 
 iir im altorod by fiMiiiil rei.iilnn..ii. iiii ludin^f. s(i far a« thry <'l>lily \" •]"■ 
 (j.inpany, tlic ri"ifulati'm'""iilaiiirtl iiiH til.' I'lw may hi) in Tiilili' H. in ilif 
 Sclicliilr annexed to the Joint Stcck Caiipanies Aet. IH5fi. nr in TaMe A. iii 
 the Kii>t S<lied»le annexed to tne Cotnp«nie« A<t. IHG'l. or in tliat, lul.le a-. 
 aUvriHl ill jmr>u»n<» of ^<e<■tion »evcn(y-ono ii( that Aet, or in Tiilili- A. in 
 ihe First Sehc diile to thi» Aet ; 
 ■ M. moranduni " means the niemoraiidnni I'f aswHiation of a eoini«iiny. «■< 
 oriKiiiallv framed or as altered in iJiirsiiani f the iirovi»ions of this Ait : 
 
 • Doeiimeiit ' ineludoK summons, noti.e. order, and oth.r h>ral priiceHH. and 
 
 rejfistir»; i • i i i 
 
 • Share" iiieanH »hHre in the share lajiital of the company, and imlud.s -tiKK 
 
 exii ;it where a dixtinetiiiii lictween »toek and shares in expreonetl or imiihiil ; 
 " I)il«iitiire " ineludes deh. nture stiiek ; 
 '•B.xiks and papers" and "bo..k» or pajiers" include aieoinits, diK>ds, wriliii^s, 
 
 and doeiiinents ; • •• « 
 
 "Tlio renistiar i.f eonipnnies,"' or, when iwil in rehitioii to re)fi«trati"n c.f 
 eoiniMiiies, 'the reL'istrar." means the njfistrar ta- other ottiier performimr 
 under this Ait the duty of retristnition of lompaiiies in EiiKhmd, Siotland, 
 or Ireland, or in ih.- stannaries, ;is tlir ease rei|uires ; 
 •The Court " used in relation to a eoinimiy means the Court haviu).' juriwlietum 
 
 to wind up the eomixin V ; , -, , 
 
 ••Joint Sto.k C.nipanies Ai-ts" means the Joint Stix'k Companies Aet, is^ib, ilie 
 .loiiit StiHk Conii'anies Aets, IS.V.. Is.'iT, the Joint Stoek Hankinir Compames 
 Alt, INiT, and the Ait to enahle Joint Stoek Banking Companies to !«■ 
 forni'il on the primii'le of limited lial.ility. or any one or more of those Aets, 
 
 as tl ase ma'- riipiiri': hut does not inelnde the Aet jiassiHl in the eightli 
 
 year of the niifn of Her Majesty Eileen Vi.^toria. ehapter one hundred and 
 ten. intituliil An Aet for the Rev:istration, Incorporation, and Iteorulation of 
 Joint Stoek Comiianies ; ,. , , , t i 
 
 •■ The Uazetti' " means, as respi ts eompanies reiristered in l-nnland, the lynidiai 
 tiu/ettp; as rcsiH-cts eonipanies rejtistered in Seotland, the Kdiulairirli 
 Ca/ette ; and, as rpspeets eompanies rejfistered in Ireland, the DulJiii 
 
 t iazi'tti" : ,.,,111 
 
 •■ Real and p rsi.nal," as respeets Seotland, means lientable anil movealile ; 
 •• Oeneral rules" means >.'ener:il ruli^s made under this Aet, and im ludi s forms; 
 "rrrserihid ' means, as .espeets the provisions of this Aet rehitin^r to the 
 
 windiiiL'-up of eoini.anies, presi^rilied liy i^eneral rules, and as lespeets the- 
 
 othev provisions of this Aet, preseriliid tiy the Board of Trade ; 
 "Company within the stannaries" means a eompany eiiiraK"! '" '"■ formed for 
 
 working.' mines within tlie stannaries ; 
 •■The Court exer.isintr the stannaries jni-isdietion'" used in relation to any pro- 
 
 eeediiit's means t)ie County Court in wliieh the j urisdiet ion formerly exereis«l 
 
 hy the CouH of tlie viee-warden of the stannaries in respi it of those pr.K'eeil- 
 
 iiiirs is for the time lieinf.' yestinl ; 
 ••Diriitor" iiulndes any person oceupyinu' the position of director by whatever 
 
 name called ; , , • » , 
 
 •• IVospeetus" means any pnispeetus. notiee. eirrnlar, advertisement, or other 
 
 invitation, offerinif tl. the public for subscription or pundm.se any shares or 
 
 debentures of a company. 
 
 It- pal (if 
 
 K'-.tx and 
 
 Itrpi-iil of Artf mill '/iiinsilioiiiil J'rovwow. 
 
 286. — II. 'Pie Acts mention! dill the First I'art of the Sixth Schedule to this 
 Aet an> heretiy npeahd to the extent s)iivitied in the third column of that I'art: 
 Provided that the repeal shall not attect — 
 
 (a) The inei.rporatiou of any company n^Ki^tered under any enactment liercby 
 
 reiM'Mliil ; nor 
 
 (b) Table B in the Selif dulp annexed to the Joint Stm'k Companies Act, lS.5f.. 
 
 or «nv part thereof, so far as the same ,ipplic» to any company existiii)? 
 at ttit commencement of this Act ; nor 
 
OoMr-ANiKs (Covmomdaiion) A(t, 1008. Act of 1908 
 
 um 
 
 Sjivinir nf 
 
 Vi.t. 
 
 ..Iti.j;,l 
 
 riiri\. rs. ir. 
 
 • ■"'iitiimr<!. 
 
 if Tttlilf A. ill the Kir-I Sc t]<Hliilr .iiiihxmI tn the (Vimpiiiiii". Ai t, 1.m;j, nt iiiiv 
 part thcriiif lillicr ii> oriL'iimlly ciintiiiiwil in tli;ii Scliiiliilr or ii« iiltcrnl 
 ill )iiirsuuii(.. .if ni'tiiin MViiity-niu- uf lint A. i -w fm- .,1 ihr vnni' 
 iiplilii I. t.i iiiiv iiiiiiinitiy cxiMtiii:.' at tlie (■iimiin'iirini, nt i.t iliU A. I ; lu.r 
 il) Tlu' (..iitimiiiiiic ill fnrri' iif till' ciiai'tmiiit.i Mt mil in tl.c S.ri.ml I'mt ..f 
 till' Sixtli Sclir.liilc til thi- All, Uhin till' i-iiai-tiiii lit- . uiitiiiiiMl in fnr.t- 
 by M'ctimi two )iuii(iri'(l uii«l tive of tlii' roinpanicM Ait. IHr.J. 
 '-'.I Till' iiii'iitioii iif |uii^ii'ul.ir iiiattrrn iti l)ii?< mh timi nr in any iitlii r Miti.in .if 
 ilii« Alt ..liall ii.it iinjudir.' th.' (fiiiiTMl .i|i|ili.'Mtiiin nf ?<iiti.iii liiirtv-iii^lit ..f tlii' 
 Int. rpr.'tati.in Ait, ISH'i, witli r.';.'aril tn tliu i-tffi't uf i-,'p.-ali.. 
 
 287. '"'Ill' i.i-ii\iKi.iii.s .,f tliii. .\, t witli ii',p..f t. wiii.liiiif up ..hall n.it apply t.i 
 
 liny i',.jiipafiy uf wlii.li lli,- wimliiit'-iip lia» .■.mini.i .1 l..'f..r.. th 111.11. ii..ni.iit „,.„,li„i, „r , 
 
 uf till. Alt, lint iviry .«ii. Ii i-..nipaliy .liall l..' w.mnil up in tlir kuiii. inaiin.i- anil ,,.,., 11,, , , ' " 
 Willi till- ►ani.j in.i.liait« hh if tlii. \.t lia.l n.it lia.-i.|. aii.l. f.ir tin' pnl'lK... , .,f tli.. '|," ,:,''' ,' 
 Hiiiiliiiu' lip. till- At .,r Alt. iin.lir wlii.li tlir win.linir-np .11111111. n.iil .liall li.' """"" "I'- 
 ll. ■.in. vi tu ii'inain in full fur.-.', 
 
 288. Kviry .-.aivcyanii'. iiiurtirnf.'. ur iitlii-r ili'dl, iiiaili' li.-fiiii-lliiiiiiniiii m . iiiciit S. 'iisuf \S&' 
 uf tliis Art in piirKiiaiii'i' uf aiiv I'lmitnient li.rtliv ripialiil. shall Ik- of tlir Niin.' u - « 
 fiiri'i' asif tlii. Alt liail ii'it pa..'<i'.l, anil furtli,' pni'ii.i.t-» uf that ili'i'il tin r.'p.':il.il ""*''"•'"' 
 I'liai-tnii'ut »hall lii' il. . ini 1 t.i r.-inain in full f..i'.-.-. .l.-c*!.. 
 
 299. 1.1 Til.' .itti.'i's I'.xi.tin),' at thi ininrii.-.-nn-nt uf thi. .\. i in Kn^flanil. S. 174 ,if I81; '. 
 
 Si-.itlanil. mill Ir.-liii.l fm- i-.-),'isiratimi uf juint -lu. k .-onipaiii.'s shall 1..- 1 ..ntini;.'.| a. i,- ,,„ , ,. ,; " 
 if they had Imii i.talilislnil umh i- t].'.i A.-t. 
 
 '-■' Itt'^'i.ti-i-» .if .'umpani. . k.-pt in any suih I'xi.tin..'- uflii-ivs shall I'l-p. . tiv. ly 1»- 
 ilf'.-iniil part uf thf ri-jfi.t.T. ..f .-unipaiiii-. to I..' ki |.t iin.l. r tlii. .\i t. 
 
 ■/■i.'i Th.' .-xLtiiiit ri!,'i.ti-.ii-.. a..istant ri'^'i-trar., uftii-ii-s, .-l.rks. ami .ri-vant- in 
 Ihii..- ..(till-- shall iliiriiiir th.' plia.uri' .if th.' li.iar.i ..f Tr.itl.' h.il.l th.- ..tliir. an.l 
 ri-M'ivc till' ..ihi'i.-. hith. i-lu hi-lil ami n'.'i'ivc.l hy tli.'in. lait siil.j.'-t tu any ri-nlii- 
 tiiins uf till' Huai'.l uf Trail, with ri-;.'«r.l t.i tlii' i'.\. 1-11111111 uf tln-ir iliitius. 
 
 I.I Tl.o I'.vislinv' ufli.-ial ri'i'.'iM-r. ami i.tHn-r. uf thr Huanl ..f Tri.h' app.iint.'.l 
 fur th.' ixcnlimi ..f tin' ( unipaiiii-. (Wimlinu' I'p; .\it, ISili. .hall .Iiiriii'.'' lli. 
 jiluasur.' uf th.' n.iir.l uf Traili- huM th.- ..Hi,-, anil r. I'l ivc thf .al.irii'. ur riiniinri-.i. 
 tiuii hithirtu lii-M ami rc-i-ivi-il hy thi'iii. 
 
 ■). ri'r-mi., utli.r than utti.i-V. uf tlic Huanl uf Traih', pi-rfunnin;.' anv .liiti.-. 
 iin.hr till- Cmniiaiiii-s 'Wiii'lini; I'pi Ait. I.'.io. and ri'nix in>.' tluTi't'ur anv salary ur 
 ri-inniur.-itiuii hy tin- diriHtimi uf the Lord (,'haniillur, shall duriiuf his pliasiiri' 
 ri'i'.ivr tlif s.ilarii'. ur ri<niuiii<rati.'ii hithi'i-tu r.'ia iv.il hy tlu'iii. 
 
 lli.; Till' ("uinpaiii.'s l.i.piidatiun .\.-i-mint umli r this Ait .hall In.- dt'i'iniHl t-. h.' in 
 riintinuation uf thr Conipanics Li.pii.hitiuu .Vicaint nmli r thr ( '.imiiiiii.'s Wi-idin-' 
 I'p' A.-t, IWMi. 
 
 290. r.itil r.'\uk.'d and i'\i:ipt as variiil umlur th" puwcrs ..f this .\.-i, i|„. S.-nln:; fur 
 u-.'ui'ral ruh-s and ui'di-rs. and sr.-il... ,if 1,..., imd.T th.- Cunipaiii.'. W indiii^r Ip uxistimj- riilcn 
 Alt, IM^MI, in fiirc- at tin' .■uniniiiiri'ni.-nt uf thi- .\.t, ami thi' nil.-. ..f C'uiirt in uf jiru, Tdnr.', 
 furii' at tlio luiiiini'iii'i'iiii'iit uf this Ai't in Knirland, .'^.' itlaml, and Inland A:i-. 
 iis)iii;tivi-ly with ri'.pi'ct to till' •..i-.A-eduro fur ri'dui ti..ii uf rapital, and to winding,' 
 
 up iimipaiiii's, and th.' pnitii"; aud pnHi'duri' fur wiinliiiu' up runip.mii's in 
 Kiujrlaiid, .Si'.ithiiiil, ami In'iand i-spi-itivcly in fun-.- at tin- rmnini'ii 'I'linnt uf this 
 .Vi-t, shall, so far as tln-y an- tiut iuiunsistcut witli th.s .V.t, .••.iitiiiu.' iu fun-.-. 
 
 291. Wild.' any enartmi'iit ripi'.ili'il hy this Ai-t is ni.ntimii'd ur nfiTi-rd In in '*"h.liiiiti.iii .,r 
 any duiainn-iit. th.it dui-iini. nt .hall In.' n-ad a. if the I'urri'.pomliii.j- pr.ivisiun if ii'n« 'v t"i',"' 
 any, of this Ai-t wire then iu imntiuiKd ur referred tu uii.l ..uli.titut.'d f.,r the pmn'-i. n-i'.f 
 repealed enaetnient. ii-li.'iili^l A.ts. 
 
 292. Nothini.' in this .\.t shall i.tieet the jiower of « I'mnpanv tu alter its vs'\"% Vh-t 
 meiiiuniiiduni under the pnivisimis of weiiuu ihne uf the .Miirtifaij.' IhlL'titiue - jk "- :i ' 
 .V.'t, l.St).5. . .' 
 
 Sa\inL' tor I if.* 
 
 293. Nothinsf in this .\i't ..h.ill atfe.'t the provisions uf the I,ifr Assuranee Com- '^""'iriii.i'.iin- 
 paiiies Acts, IS7II to \X7'>. i'\.'.-|it th.il refen'u.es in tliu.e Aets tu anv pnivisiun uf ''-'""IIiV'^i 
 the Cuinpauics Act. IsilJ, shall he read as n'ferem es to the eurrespoudinu' piovisiun .-'at. " ' 
 
 uf this Aet. ai & 1. Vi.t. 
 
 294. Nothiiiijr ill this ,\i-t shill att'ei't the pnivisiuns of ..eetiou f.ve of the Tra.le aV,v';i6 Viit. 
 I'niun A.'t. IS71, .-.x.i'pt that the nf. r.iie.' in that .i.tioii to th.- Companies Acts "^-^l- 
 .ISt'.' and 1807, shall he read as a refcrene.' to this Act. ' S^mnir ha 
 
 , M in .'.. \ 11 1. 
 
 •> I. .; c. :il. «..'.. 
 
i. 
 
 1 
 
 r" 
 
 " 1 
 
 1600 
 
 Slitirt titlp. 
 *'i«mmonre- 
 1111 nt of Art 
 
 AppKNmx. 
 
 SOB. Till- Act limy bo .itiO tt» tlir ('.iiiipmiieii Coiimiliilatlim) Art, 190M. 
 896 Thi^ Aia ■.liall i«.iiw into oii.Ti«liim on tlii' fir«t lUv ..f April iiitii'! 
 huiitlrMl uliil iiiiM- 
 
 S(;ilEi)rLEs. 
 
 SiM" HflTtiniW 
 
 \(i. 11, «;. 
 
 .'6.1, 28S, and 
 ,. 7M 
 
 FIR8T sriIKDULK. 
 
 TABI.K A 
 Hn.i'i iiiiiNs KOK MANAiitMKirr ov A CoHixst LiKtTKn ht HiiAmw 
 
 l*n/"iiiilin It. 
 
 1. Ill lluvc H /•ul itiMii>. mill >, ihi- . Mill. <t otliirw isf rn(iiiri ^. .•Kiii«>j.i'>iis .Iffliiwl 
 ill thii ('(ini' iiiiii'H (Ummili'liiii'iti Art, 1 'O-*. it any -tiitiit..rv mo liti atimi tiiiriKif 
 
 Infiiiv. i' til.' iliti' :it Hlii.li |Im«. ii.--ii! iiii.ii.. hiiiimi l.iiiiliiiu' "ii II .iiii]ii'i», 
 
 »hM l.iivc llir iiiriiiiiiifR »(i ilrtiiu'il ; iiii I w.ril. imi) .itiin: tlii .-iuifiilnr i-li ill iurlmli: 
 the plur.il, mill n,; iic-'J, uinl \viir.N iiii|ioitiii.' tin laa-iiiliiic ifcn liT »li.ill iiulii.U' 
 femiili'", iiiil w.iils iiiipi.rtiiiif prK-ni. ^luill im^lml.- b'liiii:' '•■- 
 
 Mir;ioiJit» 
 
 I'!' :- 
 
 hii-iiu 
 
 ,.-.ril til tlic 
 
 ilili'i tni» "lull lia> 
 
 innwi^i'il tiy witioii 1 iiflity--('v 
 
 ',lli«lii»iis ini tin- I 
 till- C'tftipuiii'"* 0' 
 
 MlflMI'lll'Mlt .If 
 
 .Iiil.ilioiil A'.'t. 
 
 ions, if, .md »(■ far n". tli.wc n >trii tion- arc liiii'linu- ii|i<iii tin- coiiiiiiiiiy. 
 
 Shifif 
 
 t 4 \ 
 
 :;. 'ilijirt ti. the piu\i-.i(iii>. if any, in tliii l«'lialf 
 ai.-cifi .t"in (if the . i.Tiipanv. an 1 uitlimit pi-.'jinli.c fi any 
 ocinfcrrfMl ..n th< liiiMi rs iif .•xi>tiiii.' -.li:iri> m the i-ompaiiv, ativ «lmrr iii tli 
 piny niitv U' i»iii.<l willi ni''i jirifi irwl. ili.i.rivd. or otliir »iHH;iiil lis/liU, ■ 
 
 i tilt! tnciuoraiiiluiii ut 
 pi'iial ri(f -Ik proi ioii-ly 
 
 M 
 
 Irictioiis. ttlictlii'r ill n^rr'. to ilnilrml. \ofin«-, riturn 
 
 *urh 
 f r.liari' lapifiil. or otlirr- 
 wi»p, as the I'oinpanv mavtrom time to tiiii.' tpv -piiial n -oluti.m d.-termiiii'. 
 
 4. If lit any tinu/tlii- share capital i- dividnl into airt'cnnt cl ihscs of .Miarci. th. 
 riirlit>< nttJichi'd to any I'hi" unless otherwise provided hy the terms of is-iie of \\.,- 
 shares of that classl may lie variwl with the cons, at in writin>r of the hoMen. 
 of thrce-fdiirths of the issiii.<l shares of that class. ,.r with the siiietioii of an 
 cxtraordinarv resolution pa— ed at a separate ireiier.il nieetMiir of the holders of thi 
 shares of the clas.,. To everv sieli »..|,arat« at ner.il mcetiiiif tie provisions of thesi 
 rcjrnlatioiis iclatinif to pe, r'al iiicetiiijfs shall ,„iii,ilis „„il,iml,< apply, hut si. that 
 the iiecessai> ipioriiiii shall he two persons ...t least liohliie-' or rcpn sentin^r I'V 
 pr.ixT oiie-tliird of the isMnd -hares of the eh.sy. 
 
 ."> No share shall he otfci. d to the puhlie tor .siihsrriptioii except upon the terms 
 
 that the an nt pav.-.hh on ai.plh ation shall he al Icisi fi..- -...r cent, of the 
 
 nominal amnnnt nf the share ; and the div-tors shall, as reirinls anv allotment of 
 shares, duly comply «ith s,,,-!, of the pro\i,-ioiis ,,f sections eif;lilv-liM an I enjhty- 
 eijrht of till- Companies ;('oiisolidati,.n; Aei, IflliK, as ni ly In- applieal'ie thereto. 
 
 ti. Every per.son whose name is entered as a nieiiihci in the rejrisler of inenihers 
 .shall, without psynient. be entitle.) to a certiHcate under the common seal of the 
 company .spc.<if \ inu' the share or shares hehl l,y him and the amount paid up 
 thereon," provided that in n spi it of a share or shares held jointly hy several perMnns 
 the company shall not be hound to is-uc ne re than one ocititieatf, iiiid dulivcrv of u 
 certificate tW a shtire to one of seveiui joint iiulduis slmii he .-iiffi,.i. n: lidiiirj 
 to nil 
 
CoMPAHif* (Conwhjoation) An. i!((is. Act of 1908 W<\ 
 
 7. If II -.hiir rfrtiHiMlf in ilcfHrxl. Ici-t. i.r ilt-iriiv d, it iiniv l»- r. m-wi il nti 
 piiytiM-rit 'if niirti f*t*, it itiiy. not rx't itliiiu' mif xhilliiiu'. ttiul nn -iii-li ti-priipt, if iinv. 
 VI to t> iili-hfc xri'l initrriiiiii V .M tilt tlii-MTMi- think tif, 
 
 ^. \ii t»trl i.f thr t'tirui-i I if thf i'ntii]nnv 'Ji:tll lt>- i tni'lit iil in 11- pnri hi*'' 'tf, .»r 
 in I*»;tnH ii|vin thf -w-i-tinty *'f. thi iiipjiiiv''* "Inin-". 
 
 A../,. 
 
 ^1. Till' I'.iiiipiiiv "li ill hiiM -.1 li<n I'll .■\iiiy •.luiri- in.t li'inu ., inlu ji.nl -iiH.f 
 fur ;ill iiiniirv" whi'thi r pn •.•'fitly [my iMi' nr imti r illnl "r)iiy.il>li'at .i li\. 1 i.m.' in 
 ri'-pi'i t cif lh:il "ti iri'. :iiii| till' I 'inii.iiiy i-li ill iNn iiuM' .i In ii mi ;ill ..liiri ■• .'i.tlni 
 tlnii liit!y -}i.iiil ^Itnri"* *■! iniiiiiir r.'_'i«t('r»'il iti tli-- ititiii'- nt .i *iiil'I»- I'lT^'iti. t"r iiH 
 liHUn yt pr(»''i'tl\ |>iii.i>ili' )>y lilln .'!• lils i-tiili In tin innij ; In,) tin iliriiliT- 
 
 niiiy lit ;iiiy tiint' (li'.*l;irf iitiy iliMrf t'l he wlnliv nr iii jiiiif ixiin|il fmiii *'i" pm- 
 vi.i'.iin iif (III, I'liiu-c. Tlic I'liiiipiiiiy'.-. Ui'ii, 11 iiiiy, nil a «liuri' kIi.iII • nt. ii.l ;.i iill 
 .iiviil ml- piiyiililt' lliiri'iiii. 
 
 111. Till' iiiiiii'.'inv iTi ly xU, ill -11. 'li iiiaTiiHT 11- tin iliirrtnrK think tit, iiiv -I'ln- 
 
 'III whii li til iii|iiiny iiiiM II In II. I lit nn niIi' >hiill )•<' ininli' lllll>'^• - i' -uiii iii 
 
 n>piitiif wliiili ihi liiti I'ti-.t'., i« pri"u ntly piiyiil.li'. iinr iinlil llii' . \|iiiiiliiin nt 
 fiiiiitii'ii il:i\'. ificr .1 imtii'' ill wntinif. »t.iiiiii,' .mil ili'niiiniliii)r |i.iviiii'ni nf Mirh 
 pint iif till' .'I'liiiiiiit ill rci'tH-t lit uhii'h tin- lii'ii I'vif^t.-^ :i- is jirt-i-iitl, pit\:ii>li-, li.i- 
 liii n driven 1. 1 tlif r"ifift('iiii IntMi-r tni" tln' tinn U-inir i-f tin' -li-ii*t , nr tin- pir-nn 
 fill it till I'v n 'iMiii nf lii> .I'-jiih nr lijinkiii|'lry I" ih" •.Iniii . 
 
 II Till' prn<l'llli« nf th.' -.'ill' -ll.lll In- Mppliill 111 p.iMn, ill n| li |riil ,,f ll,, 
 
 Hlllnlllit 111 r. -IKfl nf wlliill llli- lu-li i\1j.I« h.h i» p|■■^sl■Mlv pl\.lli|i-. iml tlir li -i'llli 
 
 ^.hHll iMi'ijiit to II like lii'n fur sniii« nnt pn-ifiitly pnyiil'li' ii« • \i>ti'.l iipnn tin 
 
 !.hnrcs I rinr tn tin- Killi' I..' plllil tn till' pil>"Il "litltl.il to till' -llirc- III tll.'ililt. .f 
 till- 1.11 ll'. Til.- puivli 1., r .-liill l» 1. ^i.ti 11"! a- til.' Iinlil' r nf i!,.' ^|,:ir.'.. nii.l lin -linii 
 lint 111' Uillnil to »!'«' tn till' ilpplirlltlmi nf til" piiri'llil-l- lllnll.y, lli.r -Illll hi'- till.' In 
 
 tin' «*h:iri-'i Im' jitii'i'.il liy liny iM-i'tfu!;irity nr iiiv;ili<Iiti' in t'l. pr.M-it liiiiiri in 
 n firi'ini' tn tin -.iili . 
 
 I'altton shni-'n. 
 
 I'.', I'ln cliriitnr, iiiii> flniii tini' tn t illll' liiiiki mil- lip'.n tin nil liili.V' in H -p. i 1 
 ■ if liny ninliiy nnpiiiil in llnlr -li,ii' -, prnvi l.il 'hal nn i',ill -Inill i-xi, . i| nin'-imirlli 
 of till' iinlniiml aninniit nf tin' -Icii-.'. nr Im pnyal'lc ;it li--- 1 tliin nn*' innnili from ilit 
 Iiiht lall ; anil I'ai-li iin-iiiltnr -hall -ulijrrt in iiii ixinu' ar Ii'u-t fniirti-i n »hi\s' notii-i' 
 -Iit'i it\iti>.' till' liTiii' nr tiini'i' nf pajiin III )iiiy In th.' i'.iiii|)«iiy at tlin tiiii" nr tiiiiri- 
 -o N|i.'ritiiil llin ainniint t-all.-il .ni lii-. ,-hari'>*, 
 
 I'l. '11,.' jniiit hnlihru nf a siiar.' '.hall Ik' jointly an.l -.'virallv IihIiI.' t,n )iay all 
 I'^ilU ill ri'Mpi'il tlii'r.'of. 
 
 II, If a Mini I'lillril ill ri'-prrt nf a >hai'i' ii. imt ]i,ii.l brfnr.- or nn tin' ilay iippnini.il 
 for piiyni. til tliirrnf. iicr-mi trnni whom thv -.iim i>i ilin' •.hiil nay inl. n -t npnn 
 thi- ,-uni lit tho rati' nf i < )iiiuiiil- per i. nt. prr annniii fioiii thn liay a|ipninti'.l for 
 tin 'aynnnt tlnni't In tin' tiiiic nf thi' a' tual paynnnt. hut th. .lin-.-tm-,- -li,'ill l.i' a, 
 lilwrty tn \vai\.' piunn-iit if that iiit.rt',-t wholly m* in paii. 
 
 l.i. rh'.' prini-inll- nf till M- l'i-;,'uhitinlis a- to piiyinnnt of illl.'li'-t "hull ''l]']ii\ ill 
 
 thf laM' of iiniipayinc' ' nf any s. ii v\hi.h, liy tin 1, i-nis of i.i,.u.' of a ,-lmr.'. 
 heroinr^ payahli' at a ti:<i(l tinii', ., n ;■ nn aiiniiiit nf tin' aiiioinit of thr Nlian. 
 or liy way nf irfniiniii. a« if thn ..n hnl l»'unin'' )>iiyahli! liy virtiii' nf a call duly 
 niHih' ami imtitii'il, 
 
 III. Till' ilirctni'M m.iy make airuiiifi'ini'iit- on tin i.-'-ui- of -haif:. I'nr a .litliri'ini' 
 bitwt'i'ii tlu' holih'r,'* in thf aiiiiniiit ..f rails to Ix- paiil itiul in th" tinn". of paviiniit. 
 
 17, Till' iliri'iti'i- may. if tin y think fit. rniiv.- frnni nny in.nil'r nillin)f t" 
 ailvan.'i' th.' saini- -ill nr any part nf ll.' ininny- lini-alliil ami nnpaiil iipnii any 
 sharis hi'M liy him ; ami upon all nr any of th" iimii. y< »o Hilvaiii'< il iiiiy nnfil th.- 
 -am.' woiiM, Imt I'nr -m-h ail'-aini', lu.-nin.' pr. -.iitly pnyahl") pay intin-sl at ,.11^1 
 rate not i'X.'i'.''liiii.''. without, tin' -aiu-tinn if tin I'linpany in (r.'iier.il lu.itin;:, nix 
 per i-t'ut.) UH limy 1m' aj-'mi'il uimn bftwci'ii the momh.'r ]>aviiii; th.' -uni in .i.lvaiK'c 
 ami thfl iUrt»tor», 
 
 Ty<w*J'tT and Tratistninstou tif Shartn. 
 
 18. Till' iiistriiiinnl .if tr»ii»f.'r of any sham in th" lompany -hall In' .'.v.iutiil 
 both hy thf trnuKfomr ami traiinfin'O, iiml tin- traiisfi-ror shall ln' (liiirn-il tn iiiuaiu 
 
 II 
 
 m 
 
l&l-i 
 
 AlTKNDIX. 
 
 " \ 
 
 ll • 
 
 
 
 
 W 
 
 t i 
 
 .1 I1..I1I. I ..f tL. ■.Iiiin until till iiiiiiM .1 iIm inin-f. n . 1. • iil. n il in tin n ;fi-t. r of 
 inL-iiilM>r-> in n'^jK-it iln ri .•»' 
 
 I'l. Mil n- in tin- iMiMiuinx -luill l» tnin-ffrii il in tin f-.ll..«intf fintn, or in ;iny 
 u«n.(l nr ••••nitnon fi. 1-111 » liicK tin- ilirtt r*>i<. nIiuII 'i]>]ii-<t\r 
 
 I, ,\ 11 . •'! ■ in r..n>iili riiti..n ..f tin -nin "f I |»ii(l t" iw \>y •'. I>. 
 
 ,,| Ik r> iiiafti r imI'i-.I •• tilt -iiiil Ir.in-ft rii " ili. In n l.\ tnin«f' 1 tu 
 
 ii,i *iiil tiMii-tVrii tin -liiin- ;■'. -Iuim-j niinil« ri'il in thr nmlrr- 
 
 lukiiiK riilliil tlir < '•.niiiiiiy I,iinilt<l, 1.1 Inlil nnt.i tl;i .iiiil tnin-ti n .■. 
 
 Ili- iM I nri.r». inlninii»ti:iliir». iiml ii--iL'n-. «nlijirt t<i tin- -rvml rnnilitiim'" 
 
 .111 wlliili 1 In M tin ■.;inn ul tli. linn i.f llii iMilltiiitl hiMif; ilinl I. 
 
 till- -iiiil trini'lVrrr. il^i h.i.l'\ 11 if in 1.. ink. ih. »iiii\ -Iimit | "C »liiiri-i 
 ■.lllijirt 1.1 tin iiiiiilitiiili'- lif..ri-.ilil. A- « ilm -- i.lil- lialnl-. tin ililV 
 
 ■ 'I 
 
 Wilin'-- til till' ••iLiiiiIiiri » iif. \i\ 
 
 ■J(i Till iluit tiir- iiiiiv ilntinv t.i n iri»trr am tr.in-fi r nf ■.liiiii-. mil liiiiiif (iilly- 
 liiiiil «limi«. Ill .1 |» i-Mii lit Hliiini tinvil'i ii"t iiii|iimv«'. iiinl inny iil«i ilnliin 1.. 
 11 ui»tir un> tr:iii«fir nl »liiiri- mi wliirti tin iiiin|iiiiy li.i- .1 liiii. 'I'lir ilin rlnr- 
 niiiy ill-'' "n-iiiiiil tlm nifi-lruli'in nt tiiiiKtri- ilnii.ii.' tin fi.nrti 1 n iliiy iiiinn iliali ly 
 )>i'i 1 1111111: till iiriliiijirv ifi in nil nm tin>f in nnli viar. 'I'ln ilii' 1 Iit- may ilrrliiir to 
 rtii»^:iii/i' any in-tniiinnt nf tran*!'! r iinlt-s'. 
 
 ;i a fit- lint iTri'l'llin)f two "IlillitlK" atlll -it|iillrl- i. |illiil tn llii rnlniiali> ill 
 
 11 -IBil tliciiiif. Hlnl 
 III till in-trunit III nf Iraii-fir ii< airmniianii il liy tin- ii rtiHcatn of tlm ■.lian- t«i 
 wlmli it itlati ». unit -mh ntlnr i»iilinin i" tlm ilinrlnr" may rrawmalily 
 iiiinin til kIiiiw tlm rijfht nf tlir triiiiifi im t" iiiakn tlin tram-fir, 
 '.'I. Tin 1 xniitiir- iir in'.iiiini-ti'atiir- nf a ili n h" il i-'In Imlilrr nf 11 -liam i-liall l» 
 till milv |i T-iiii-- iirii>.nii/ li> till ii'iniiany a- liaviiii;- any titli' In lii- >lian . In 
 iIh i:i.i lit a -liaii riifiMi-. ' in tlir IlaIm•^ "f t»ii nr limn- li.ihliT^. the Mirvimi- nr 
 -urvivnr. nr llir t'X«i-iitiir-i "i .iilmiiti»>tralMi-i -i ilm lU-i'iinii-il Nur\i\nr. -Inill 1m tlic 
 iiiil\ iht-i'Ii- iiinari"'"' ''V ''"' iiimiiany iii. lia\in(f any iitli tu tin- »hari'. 
 
 h. Aiiv I" v»iin Ik rnininj.' i ntitli il t" a -liar, in 1 iiin-iiiinin f tin' ili alli nr liank- 
 
 rii)ili \ nt a iihiiiIk r Ouill. iiimii mi< li rviili riri- liiiii'.' |iriiiliiiiil a- may IVmii tiiin In 
 tiini l» rii|iiiiiil liy tin iliriitiii>. lia\i tin riiflit. 1 illn r tii li • n ifi-ii n il a- a 
 tiiinil.rr in 1, -|iiii i.f tin -liari . i.r. in-t. nl "t In in^' rnsrii-ti 11 il liim»ilf. tn niikn 
 »iirli tiin«fi r "f till- -linii BH till iliiiaMil nr l'ankni|it iNnim rmilil liavi- inailn ; 
 lint tin iliriili.r- •liall, ill 1 illn r i-ai-n. lia\i' tin -aim ri'.'llt In lli rlilin nr Ml.i|.i ml 
 11 iri-trat'ini a- till y xMiilil lia\i- liail in tin 1 aM nf a tian-fi r nf tlin xliare liy the 
 iliri a-i ll nr liiiiiktii]il |MT-iiii 111 full' till ill atli nr liaiikru|iti V. 
 
 ■j:;. A 1" r-nii lurniniin.' iiititliil til a -liarn liy n in-ini nf tin ilnatli nr liaiikruiitny 
 nf till Imlil. 1 -hall U' nntitliii tn tin Slim- iliviiii nils ami ntlnr ailvaiitMifi-« tn wliiili 
 III' wi'iilil U 1 iititlcil if 111' »ir.' till' ri'iri-tnriil Imlilir nf llin -liarc. i-xii'iit tliat In- 
 ■.li.ill mil. Ufiiri' ln-iiijf n iri-ti md as a iiuinl'tT in n ~|n it nf tlm .Hliari', In- I'lititliil in 
 II .^K-it nf it tn I'xiri i-i- aii\ ri>.'lit innd rmd liy iin inhi rsliip in rrlatimi tn im'itini;i« 
 
 nf III. II injiaia 
 
 Forffi'uri "J >yli<ttf\. 
 
 .'1. If a an niU r tail- In |iay any lall or iiistHlinint nf a call mi tlin ilay ap]i<iinii'il 
 fnr imviiii ill tlii'iinf. till' llin itnri iiia.\ . at any tiim thi maftir iliirin); suili tiim a-* 
 any jiart nf -in li rail nr iin-lalim nt niiiain- mipaiil. wrvi' a imtiin nii liiiii riiiniriiiir 
 liavimnt nf Ml iiincli if tin- cul! nr in-laliinut a> i< iiniKiid, tnv'itliir witli any 
 iiili ii-t wliii'li may liave Mrnin ll. 
 
 '2.'i. Till ni'tiii-sliall iiaini a fiirtln r day imi larllir tlian tin iviiirati f 
 
 fniirti'iii dnyi- innii tin- diiti' nf tin iintiii mi nr Ih fnri' wliirli tlm |ia.\ininl niiiiirid 
 liy till imtii'i' i- 111 Ik- inaili'. .'iliil -liall -late tl'al in tin- cm nt nf niiii.]ia\ 111. tit at nr 
 lafnf, till- tinin apiinintid llm »li.ifi - in r. -pii I nf wliiili tlir 1 all wa- madi will In 
 
 Illn 1,1 U' fnrfi itill. 
 
 If till ruilliri'lmlits nf an;, -m !i ii.ilin a> afiiri>aiil an- mil 1 jiliiil willi. 
 
 .11 liai. in rt'i-)i<it nf «liiili tin' nnlin' liH" 1-111 >.'ivi'ii may at any linn' linn .iftir. 
 
 II till' I'ayiiiiiii ii'ijuin-d liy tin imtiri' lia- Imiii madi'. I»' rnri'i'itid l.y a 
 
 , -nliitii'ii nf tin din I tnr> tn tlat'i tfi'i t. 
 
 1'. A fnl'li ill li -iiali 111:1 \ iH' .-.ili III I.I 111 i "1-1 ili-pn-id ..! ni, -In i 1. ilii- an.I ;ii 
 
 Mil il inaniii r a- tlin diriitni- lliiiik tit. and at any tiiiin In fun ■ a sale nr di.»p<i-iliiiii 
 
 tin fnrtVil in nniv Ic raniillid mi mhIi ti-rm- .1- tin din I'tnr- iliink tit. 
 
CoMPAN-iKJt (Conaoudation) Airr, 1008. Act of 1908 lBO;t 
 
 % 
 
 'i** A iierooti MhtxM' ■•liiiii- huvi* U • n ^iHiifnl .It.ill •ihm t'» U- ;< iiKiiifwi m 
 n-jM.tuf ttu' foiit it»4l ^liiin «. Kilt "liiiU. notwith-tiiiMliiiir. nnunii liiiKh to (".iv t'» 
 till' • '>iit(>i(iiy .'ill itM>tH\- uhhh. tit th* 'ijiti ..f forftitiin wire prt -.. ht!\ (mviil>l< hy 
 hiiii t*' th> •Min|>niiv 111 n >«|N-t t t^t tin' >»hnr< •>. hnr lii« titil'iliiv ^Inill • t n-w if jimI 
 wHrii thv <-'tnipHMV r* « t i\t' |iii\int iit in full Mf fti. iimmiiii:i1 JiriiniiMt <tf rht Hlmi-i'-i 
 
 'J't. A Ntitttitniv lit rliiiatiiiii ill uritiiiL'. Hntt tin iUh iHtunr i- n •lin-i-tnr of tin 
 tt miiHiiv. inul iliiit rt ^liiti't in tin n'iii|n(ny hit- Ui-ii tliily fi>rf. itn! t.n n tiati '-futttl 
 ill till «!n liUiilif.ii. "liJili !«■ rniK lii*iv.- . \ii|i In r . .( \\\, fii. f. tin Tt in -Ijitnl .•I* iitrniii-t 
 .il! |M i^oiiM rltnnitnu: r<> U' i-ntitli->l l<> l>i' -)iiir<-. ;in<l llm! iji • lirtithui. mmiI tin rr-i-<'i|it 
 
 mI ttii r<>ni|iiiii\ fi'i- till' •■"•n-'hl' nittmi. if unv. tfiVMi I'-r ih. *li:n th. -.ilr it 
 
 ili«|x>-itiun tin rt't>f ohiill i-un<.titutt' a uoimI titli t<i tin «luin , niH) thr |MT»on t>> Hlioni 
 tilt' *li;in- i** *>h|iI lit ili-(Mi«»f<l t'f "hull U nvi-'tt-nMl u- tin In. Mi r of tlit- -Iciri- innl 
 -linll init U iM.nu'l to -••■ tn tin' ii|ipli< ati<*n -'i t)\*- |Mir' Im-t nn'iM v. if iin> . rnn' 
 -hull lii« titl'' t" tin -liur*' \** atti*ti'»i l.y uny iin ir'tliintx i<r in\ali<l)t\ in tin 
 |tr«" r, ilin^s ill rtfiTt-in *' tu ilir f<>rfi'itiii-r. -..ilt <'.- iIi^jm.-kI ..f tin -lud-'. 
 
 ;" Tin |truviMii>it<> uf flirw rfjfulutiuii* lis to ffif. itnr-f .^Iiill npj.ly in f lit f;is. ut 
 ii'ii-piiytii'iit I f **■ \ -uMi \\1, it'll. Ill- the tt-nii-* "f iH<<it< i-f ji -litii . Inc..tti. - I'.'ivnMf 
 il! -.• tlxttl tiint-. wlit'tln'r i>n at-t'oim; ttf tin itiinntuT of tlit ^hun . •>: l>> w.i^ •■! 
 pnmiiim, u^ if tin* witiif Imd U-i n |«ty;il'1t liy viriin <>f i < nil iliil\ iu;hI. ainl 
 nntiti.Hl, 
 
 t'otlVtlSii-h I'f Sini 
 
 tut: \l,„i.. 
 
 '■W. Tin- tlinrtoi'-* Uiii> . with tin- ■*atn'li"ti of flif i'<>iii|>iin> [.n ximi-U -iv. ti in 
 ifrin ml int't tiny, t itiiV) It tmy |>ai<l-ii|> <>li;ir< •> into ot<H-k, ami hiav u itli tin lik> 
 Mtiirtiiiii ri'tnitvrrt u'ly ^t<H k into |iai<l-n)t sh.-iiiN uf any tlrnininiiatiMn. 
 
 •VI. Tht* li"|ilrr'* tif "ittti k niiiy tran>f(r tin- »mnii', or :it»v part thrrrnf. in tin -.mum- 
 maiinrr, inul wnlijcit t" llic shuu re^iilatiiin-. i-. ami wtilij.ct ti» wlii* li. tin ^har**"- 
 fioin wlii'li th<3 *t<M-k arn-i* nii^tit pn viou>*Iv t<» runvi r-'itui huvf ln-tii triP-^ftTi'il. 
 tir a,H 'ifar tlirrt'to a-* t irrnni'^tuiif*'*- admit ; lnit tin* dii'^^t"!-; niay fmni linn- to tirnr 
 fix tht' mininiuni amount of -tiMk tnin^-ftTHh!' . ami if-trirt or foil,i,i tin traii->tVr of 
 fractions of that uiinimniii. hut th*- mininmin »hall not t-\i ttil tht- inininal atiiount 
 of ihi- Nhttii"* from which tin- ^lock artw. 
 
 W.\. Tin- l.tiM. I's of ^t'trk >)ialt. aiTonlin.' to tin .-tinount of tin- >to. k ht-hl hy 
 tht'in. havf thf -aiiif ri^tilM. piiviU-jfi-*. ami ailvantai^rw a^* ivyanN 'livi«h-ml>, votin^f 
 at nnvtitiK''* of 'hi' i-niiipaiiy, ami utin r mattii'* a- if they In-lil tin' shin s from 
 which tin- !*to( k aro>), hut no su<h pii\ilrftr or a<lvuntayi> - xt-t pt partit-ipation in 
 tin lilvitli'inlM ami profit* of the rompany *hal' Ik? rnnfcrn '1 hy any mi. h .-ilicpnti 
 pan of -itork aw woul'l not. if i xiMiug in --hari'!-. Inivi . i>nfirr»ii that privih'L'-« or 
 Htl\antavrt*. 
 
 :>t. Sn;h of thf n-^iilatioUH of tin- cfinipany oitlur than tlmsMM't-latinL'" to -hari 
 wariaiit-" as aro applii-uhh* to pai<)-iip ■^h.-iri-s ■•h.aU appl\ to stoi-k. ami tht- wonl- 
 " >h.irf " ami '• ?«haith»M« v "' tlu-nin -Hha!! im-linl« '" '^t'" V " and " *to( k- hoi- hi 
 
 <\'i. Thf compaiiv may iMKUf f«lian' \varrunt?«. ami anonlin^jrl . ihf ilin-* tor-. ni;i\ in 
 thfir diwTftioii, with rcHjimt tti anv shart' whn-h i^ fully Jtai'l up. on application in 
 writing'' '*iKm(l hy the person rfiriMtvctI a« lioM r of thf >^liMrc. ami ant ln-ntic.-ttiil hy 
 wueh evidence, if atiy, hm the tlirectorj- may tVoni rinn* to time refjiiirc .i- to tin 
 ideiitity of the pci'?*on -iiriiinir the ret|in'*it, and on ifceivini? tin ct r'itic.ite, if ;iny. 
 of thf ?>liarf, ami the amount of tin* i»tanip dut\ on the waiTinit ami !«ueh fee as the 
 directors may frt»m time to time reipiire, i-*-Mf UTnhr the com; any'** m-.-iI .i uairani. 
 tliily stamptd. statiUiT that the U-aier <»t the warrant is entitleit to the ^han- 
 therein spccitietl. anil nny jiro\ i"le hy (.inponx, or i-tln Twi>f for tin- paynn-nt ot 
 divideinly. 'T oUn r niom-y-*. on the Hh;ii-eH inclndeil in the warrant. 
 
 :it;. A Kliare warrant shall rntith- the l« ar-'C to the -.hiu'-* iinlud*-"! in it. and tin- 
 share-! ■■hall In,- transft ired hy the d* lixrry of the ^Jiaif warrant, and the provisions 
 of the rejrulatiuns of the company with re-'Vect to trau'-fer and trinsmi-i-ion of 
 "hares shall not apply thento. 
 
 '■\~ . The hearer <d' a share warrant shall, on ^nrre !id; r of tin* w;irrant to the 
 cotnpany tor caucellation. and on payineiit tu' --ucli sum :o tin' directors may from 
 tinn- to tmn* pre-criU*. Iw entitled to have his n.ime enici'-d as u nn-mht r in the 
 reijistpr of mnmherK in rcHjMM-t of tin- shares itnlndcil in the warrant. 
 
 
I«04 
 
 Appknoix. 
 
 I«.l 
 
 :W. 'Die Iwiirir nf k slian- wiirriiiit miiy iit any timi- ilrjinsif tlip WHrnint at iIm 
 
 ,,tiii t' tlir (".iii|iaiiy. Mini ni l.mir a« tt.-- wariaut. niiiaiii!- MMli-|ii)>itr.l tlii' il.'j"i-itiir 
 
 >liall lia\i- tla; >aini' riiilit "f 'ijriiii >r a i'ii|iii>itii'ii for (ailing;' a nxfiiii); I'f ila 
 
 ( pmv. 1111(1 .if a'triiiliiii.' aiiil vatinsr aiul .i. rii>iiK- lli,- cllii-r i>iivil().'i's ..f a 
 
 lii'Ililii-;' at any lliiitillir li' I i :ii\' v tli.- . vl'ira'luii ..(' t«.i rl.ar ila\> Ir ti i- tilm .if 
 
 cli'|iii«it. a- if ii» lianii- HI ic iiwit.il in tlir n.;i»*iT nf iiii n.l«i» as llic linlilr of 
 Uif >.liaii> iii.luiliil ill til.' di iiii>it.ii wiiraiit. Nut ninri' tliaii iiiic )).t-iiii ^liall In- 
 r.'.'.iiriiizcil as ili]ii.>itiir .if ilif ^ll,lrl■ warrant. Tlic ciiiiiiaiiy ^hall, on twn ilay-' 
 vviitt.ii until I . II turn tin- .1. |i..sit.il >lian' w.irrinl to tlic ili ii..sinT. 
 
 '■','.>. -iiiliii.t MS liTiiii otlii-i«iM' i\|iri--ly jimxidiii no p i~iin sImH, as Iwanv of 
 a share rta'rant. siirn a iiiinisinnn for i aliiiij; a imitinf.' of tin- .nnijiany. .r alt. ii.l, 
 or Mitiv or .■'iirisr any .lOnr |iriiilir<' of ■■' mi'iiilsr at a iiiiiliiijr of tlic <i'ini..iii\ . 
 or !»■ iiitiil.il 'o ri" t-ivo any noiiiis from llir loii.jiHiiy : lint tlio Ik an r of a -li.m 
 warriM -liall I..' ontiilo 1 in all ot'ir r.^;i".ls to tlii' same pri\ il. iris aii.l ailiantaj;.- 
 as if 111- \\.ri' lainiil in tl.. n iri-tcr .if iiii'IuIk is as tlio l.olil.r ..f the sliar. s iinlu'l. .1 
 in till « iirraiit. »ii.l lie sli'll In' a nn iiit" r of tlio i-oinpaay. 
 
 III. Till- .lirr.tors may from tiiiii' to linn make iiilis as to tin- terms on v\liii 1. it 
 ll:.y »|.,ill lliii.k tit! a new sl.ar.' warrant or .•oiiiion may Ik' is-u. il l.y «.i\ "i 
 ri'ii. Hal in ease of iletaeein.'nt. loss, or ili'stnii tion. 
 
 An-,,'ti..n ... i:,i„ini, 
 
 W. TIm .lii..i.ii- may. uitli til.' -ai..ii"ii"f an cxtiMor.linary resolution "f tl" 
 .■.iiii|ian\ . in. r. a^. tl e ,-iiar.- . ajiital l.y -mli -urn, to In- (iividcl into shares of sa.-h 
 iilnmint. a^t'..' les.'lnti.ili ^hall jii. s.-rili. . 
 
 IJ, Siilij. .t to any din ei'.m t.. tli.' .■.mir.iry that may he ;.'ivi n liy th.' r. solution 
 -aiMtioniiiL'th.' inereas ' of >liare . .'ii.ital. nit n.w shares shall, lufiiie issue, he oti'i-..! 
 1.1 Hi.h ].er-ons as at ih" dale of tlie nller are .mill, d to reeeiv.- n.itiees fr.'in th. 
 . -.1111] any of o. neral nn. tiiiLT- in j.roi'.irti.i'i. .,s marly as the . ireiinistati.'.'s adiiiii, 
 t.i th.' aiii.illiit of the existii ^' -hares to whiili ltie\ ari' entitled. 'I'lie oH. r .sliail I"- 
 mad.' Iiv n.iti.i' sp. lifxi' '_' IS.' nninlnT "f -hares ottered, and liinitinM- a tiire within 
 whi.h the otter, if 'lot nieept..!, will !.. .;,rini'.l to be di'eliied. and. alter t)i, 
 expirati'iii of that tim.'. or n the r.'i.'ipt 'if an intiiiiatioii from the pirs.ni to whom 
 th.' oH'i r is ma.le that he dulims to ai..'pttli<' sinires ottered, tlnMlireet..rs limy 
 di-pose . f tl'" same in -ii.h nrnn. r as tiny think most henelieial to the eoliipaliy. 
 Th.' dire, tor- may lik, v, i-.' -o .]i-|io-e of any n.'W shares whirh tiy reason of tlie 
 ratio whieh the new shares I'l'.ir to sliarex In l.I by jxtmhis eiilitli.l to an oiler of 
 new shaifsj eannot, in th.'opini..n of th. dire. tors, he e.inveni.ntly ottered iiinlei 
 this arti.'le. 
 
 4:1. Tlie new >liares shall t"- siibji et r.i the same provisions with refiTein-.' t<i th. 
 painieiit of .alls, lien, transfer, traiiMinission, forfeitiirc, uiid otherwise as the shaii- 
 in till' oriu'iii'il share e ip'fal. 
 
 II. The ..impany may, hy speeia' res.diiti.iii — 
 
 a Coiis.di.lite and divide it- -hare .'apital int.. sliaris of laffrcr atnoiiiit than 
 
 its exislinir shares ; 
 
 h Iiv siiliilivisioii of its exi.slinir share-, or any of them, divide the wliol. . "r 
 
 ' aiiv part, of iis share e.ipital into shares of sinalK'r amount than i- fi^iil 
 
 liy tile III. nnir iliiiiim of n-soiiation. suhjeet. nevertt eless. to tin' pro. 
 
 visions of )iara)!i-itih d of suh-siMtiou (1 of section f..rty-one of the 
 
 I'ompanie- Consolidation .\et, 19(18: 
 
 (■ Ciiinl any .shar. s nhieh, at th.' diit.' of the jiiissintf of thi' resolution. lia\.- 
 
 II. .1 lii'eii taken or aL't-' I'll to In' tak. n liy any p.'ison : 
 .1 Ki.iu''. its shari' .iipital in any inaniier and with, ami subject to. any 
 in.i.l.'iit HUlh.iri/'.l, and .-..n-. lit r^piired, by law. 
 
 firntt''t/ MritiHffn. 
 
 I.I. The -l.itut.ry jri'inral m. .tinjr "f tin- ...inpany -hall 1k' held within thi' isri.id 
 rcHiuir. .1 by siition sixty-fiv.' of Ih.' Companies Consolidation, Act, 19(I.S. 
 
 Hi. ,\ >ri'ii.ral uniting' shall In- hi lil iiiiee in every year at sueli time (not b. iiiL' 
 mor.' tliHii fifteen months afttr the hoMint' of tlio last pre. cdinif (leneial ine< tiller 
 Hiid plan a- mav b.' pr.'s( tIIh d by the i-ompany in (feiural meelinv, or, iu default, 
 Ht Kti'li time in the mouth f.iUoHinf.' that in whiiih the auni.'ersary of the eompany'k 
 
K^i~^. 
 
 CoMI'AMK.s(C(»XSOf,II)ATION) A(-|. |!H)S. 
 
 Act of 1908 l«(»6 
 
 iiLC'ur|H>ratiiiii ii.ciir«. :iiiil at Midi iil.ici', an ilu- dir.'t'tm-r, s!i:ill iiiiiniiit. In ilrf.iuU 
 of a ^riirral iiu-rtiiiy lii-inir ><i lic!(l, a ui-ihthI iitfr'ilii.'' N}iall i"- lit'I»i in tin* iiioiilli 
 ill Tl lolliiwinj:. anil inav In- lonvi ni'il i.y inv two nnlni>ci« in tla- sum' nialimr an 
 marly a« i.n-.-iMr a-t t lit in wliali iiii.tini;* afr tii lif cunvc mil liv tin' iliri itiifs. 
 
 ■IT." Til. aliiivi'-iiiinlinlii'il l'i-im ral ini.tinu'- ^liill l"- lalliil i.nlinary in.i tiiiL"* ; 
 all iithiT iri'iii ral i. itiiiys shall !«■ rallul ixtriniiliiiary . 
 
 IS. Tlu- iliri rtur- may, wliiiirvi-r tliry think ht. lonv. m- an ■ \tr unlinary iriiu ral 
 
 iniitiiifr. anil i\tra.inlinary ^;i'iii ral nuitini.'" -liall -r-i. 1 caiv. n.'l .m ~ii. Ii rii|iii- 
 
 ^i'iiiii, or. in il. fan t. inav In' i-iiiviin il liy -inli r. ipii-itiiini-t-. a- iini\iili il li\ >iitiiin 
 siMy--ix f tlu (■.ini]iiiil.- Ci.ii-i.liilati.Mi .\rt, l'.in>. If .-ii a \ tinu- tli. iv aiv imt 
 d'illmi till' liiitril Kiiiiriliiiii ^nfti. iint iliii-.t. r- . a)iilil. nf ai tiiiLT ti> form a i|n..ram. 
 any dm rtiir r any iW" nu nilirrs nf tin- iniiiiiany mav oonv.ii" an i xtraonlinary 
 ifcniral inoi tinir in tin- .si no in innrr a- m.-irly ai jiooinlr a~ tluit in w liicli in. itin^fc 
 niftv Im' niiivi'iK'il bv tin- il.ivi-tor';. 
 
 I'liirit'/iiKj^ 
 
 </n,:,nl Mr. I, 
 
 \\>. Sovin ilays' iiiitiro at tin- Ira^t ixclnsivo of iIm' ilay on » liii'h llir imtli' in 
 scTvi'il I r iliH 111,(1 fii Ih' mtvciI. but im lusiic iif tlir d ly tor wliiili nuiii-r ii )c\\>\\ 
 spocifwiiir tl.r jilair. till' d.ay, and tin- lic.nr of mr. tinir and. in la^i' of ^jin ial 
 laisini-», till ij-iM. r.il natnn- of tliit bn.-ini ^s s|,all bo L'ivi n in manm r l.i ri inaftiT 
 inoiitionid. or in >iiili otln r inann. r. if any, a> may bo jMi-irilKd by tlio lomiiaiiy 
 
 ill iri'iH-ral niiitin^-. t n. ]iiTMins ai an. iindi r tbo ii^iilanonK of ilio loiniwiiv, 
 
 I'lltltlid til rrniio -.inti iioliiis frnni tbr iiiiiipaliv ; but tin- noii-r. iri)it of tlif nutiri- 
 by any im iiibi r -lial' not invalidati tin- proi o. diiiir« at any wnii ra! im iiinir. 
 
 '^0.^^1I bn-iniss -ball bo diiinid -p' • ial tbat i- ti-.m-.n li d at an ixtraoidin.ary 
 mil tinir, and all tb.it i> tran-ai-tid at .in ordinary mn tiny, wilb the ixoiption of 
 -linitioiiiny .1 dividrnd. tlio riiii>iilir.itiiin of tla airoimt-i, balaiii-o .-lioit*. and tin 
 onliiiarv rr port of tbo dinctors and aiiditnrs, tbo cbi tion nf iliroitors iind otiicr 
 ofliii-i-- in till' pl.iio of tl.oso ritiriiiL' by rotation, and tin' H.sin.ur of Ilio niiiumratioTi 
 nf tiio a.iditois, 
 
 il. No biisini >i -ball \i>- tran-artid :it an> u; Mora! nuotinf;' ni.l. — ii iinoriiiii 
 of momlM rs is prt'sont at tin' timo wlion tin- nui lii'jr proi-o, d- lo biisints> ; ^av^ 
 .-ifi In r. ill otlor\vi>o pmvid' d. tliriH' iiicinU-r^ prixai illv pio-mt -hull Ik- a ipnirum. 
 
 ■i2. If witliili balf an lioiir from tbo timo appoinl d b>r tbo moi liriL' -i i|noiiiiii i- nut 
 |iri-ont, tbo inooliiiL'. if oonvom d ii|'on tip ioi|iii-ition of nuinbii-. -n.iil bo dis- 
 solvid; in any otln r oa-o it iball -tand ad.joiirni d to tbo caino d.iy in tin- iii'.\t 
 wii'k, at tbo sainr tiino 1 pbno, and, if at tbo adjournod iiiiotinjz-a (|iloriim i- 
 111. 1 priwnt nifbiii balf .in lanir fr.iln tb.' tim. app..iiit.d for tb.- mo. tiiiir tho 
 Mioinbi r- prr-rnt -b.ill bo a i|iiiiiiiiii. 
 
 .Vl, Tbo oliairman. if any, of tbo b..ard .'f .lin .Ic r- -ball l.r- -ido a- obairinan 
 It .'V-'ry tr.'iii ral iiio.liiiir of tb" company. 
 
 .'il, if tbori' is 11.1 -lull cbainn.-in. i r if ai aii\ m. . tiiiir In- i- n..i pn -out within 
 riftoi'ii niiiiiitos aft. r till tiiiii' ap]>ointod fur boldiiiL' tb.' in., tiiitr ..r i- iiniv.llins.' tii 
 ■lot a- .■liainnan, th.' ini-nib. r- pr. -.lit -b.-iP olioo-o -nmo .>no of ib.ir niimlMr to 1» 
 ■ hairm:in. 
 
 .'i.'i. Tbo ibairmaii may. with tbo oon-. iit ..f anv ni.. tint.' !it wliiili .a i|iiiiriim i- 
 pri -. 11' iand -li;rll if -I. din i-ii .1 by tbo in... x'v.i: , adjoiiiii tli.' m..tini;- from tim.' 1.. 
 tinio and fn.ni ]ila.o t..plai'.', but no bii-im— -hall b.^ tiaii-ait.d at .inv adj.iiirni'd 
 
 inoi'tiiHf otln r than tb.' bii-'ii. -« 1. ft iintini-bod at llni tinirlVoni wbi.li tin- aili..iini- 
 
 iiiont took ]ilai'.'. W'h.'ii a iiiri'tiiiir i- adjoiini.'il for t. ii .lay- or n.or.', noM.'. of tbc 
 idjiiuiiii'd inirtiiiiT -ball !»■ irivoii a- in th.- la-. of :in urijiiii'i! m. itiii".'. S.-no as 
 afori'-iiid it -hall not lie n.n'— ary to itivo any ii tiif of an Hli.iiirnin. nt or of tho 
 linsiiii'ss til lio transai'ti'd at iiti adjiilirni'd imi tin^', 
 
 .ill. At any v'' ni ral iii.i tiiijr it ri'soliitinn put tii tho vntt- nf tlio mii'tinar i-lniU hi' 
 docidiHl nil li -bow of hands, iiiili— . a i'..ll i- t»'ii.n> .r mi tbo il.-ilar,'ition .if thi' 
 result of till' show ..f hand-', di'inandid by at ba-t tliroo inomlii rs, and, iinlo-s a pull 
 is so di'iiiandod. a di rlaratioti by tho cliairin.'iii tbat a n solution ba-, ..n ii sh.iw of 
 hands, Ih'i'U lairii-d, or oairird uiianimiinsly, or by a jtirtioiil'ir inaj-irity, or lost. 
 and an oiitry to that ofloit in th.' lH.ok of tbc iilmoi diiifs of tbo roiiipaiiy. .shiill 
 bo I mil liisivi' ividiiii'o of thi' fait, without priKif of tin iiuinlii'r or ]in.i>ortion of 
 till' vot.'s ri'i'onl.d ill favour of, or ayaiii-t. thai r.'solntion, 
 
 57, If \ poll is duly domnndod it -ball 1k' takiii in -inli inaiimr as tbo ihainnau 
 dins'ts. unit tho n'siilt of tbo poll sb.iU W diiini'd to )io tho n'solution of the 
 niprtinir «t whiib tho poll was diimindi'd. 
 
If 
 
 I 
 
 I ) 
 
 tl 
 
 ^t 
 
 i6ot; 
 
 Ai'rKXDix. 
 
 ■>8. In tlu' rase of im r(ju;ility of votts, wlictlirr on a wliow of }ian(U oj- on a 
 IMiU. till' iliainnan of the ini-ttinif at wliii li the show of liands takos plair or at 
 wliioli the I'oll i> tlfinandfd. >].»''. 1h- ontitli*! to a stcoiul or <-astiii<f vote. 
 
 ''I'J. A jii'll <lt<inan(lt-il <>n tlif clt'ftion of a chainuHii, or on a (jiu'-'-tion of adjonrn- 
 nii'iit, .iliall lio tuki 11 foitliwilh. A ]>oll lii unimli'd on anvotln r ipu .■•tioii r-liall U' 
 taken at smli tinr- ;i- tlji- ■ liaivnian of tin in'.tni),' dii t>. 
 
 I'u/l.^ of M'ltlflft'X. 
 
 tiO. On a H)m\\ of lian<U cxrry im-nilM-r ]proMiit in ]>or>*un sliall liav*- ono voto. On 
 a poll I'vcrv nn iiil'i r sliall have one vote for la.li ..han- of whieh hr is the holder, 
 til. In tile ea<. of joint holders the vote of ihe senior Mho tend, rs a vote.wh. ther 
 
 in pTsnTl or liV ]iro.\_\ . shall 1h' accepted to tin- exclusion of the votes of the other 
 
 joint holdeis; and tor this piirp<.-e si ni ally shall !«■ ih !• rniinul hy the order in 
 which the names stand in the reiristi r of nicniln r~. 
 
 *»■_>, A niemlier of unbound niind. or in respect <>f whom an order has Im-cu made 
 by any I'onrt having' jurisdiction in lunacy, may vote whether on a show of hands 
 or on a poll, hy his comniittie. cniili'r Ii-'ihs. or oti i person in the nature of a 
 eoinniittee iir CNntfin- /",ni> appointt'd hy that Coui1, and any such committee, inn/tcr 
 hotiif, or other ]>i r*on may, on a poll, vote by proxy. 
 
 63. No nienil»'r shnll Ih' entitled to vote at any paicral nieetinjr unless all eall- 
 
 or other sums prcMutly payable by him in respect of shares in tl onipany have 
 
 been paid. 
 
 04. On a poll votes may 1h' <ri\en either personally or by prow. 
 
 ti.i. The iiistrunient appointinir a proxy sliall be in writinjr undi r the hand of the 
 a] ,;ointor or of his attorney duly antliorizid iu writiti;.'. or. if the apjxiintor is a 
 i-orporation. either under the i-ommon seal, or under the hand of an ifticeror iittonicy 
 so authori/ed. No p. r~on shall act as a proxy unless 'itlur he is entitled on his 
 own iM'haU' to be pr< -ent and vote at the meelinir at which he acts as jtroxy, I'r he 
 ban been apjiointcd to act at that meetinjf as pi-oxy for a corporation. 
 
 66. The in-truiiii nf iipjiiiutiii^' a proxy and the ]iovver of attorney or other 
 authority, if any, und. r which it is si^iud or a notarially cert tied copy of that 
 jMiwcr or authority shall be .le]iositid at the ri>,Hstered liftice of the company not 
 loss than f..rt\ eif.'!it hours before the time for holding' the meetinjr at which the 
 |H'rson naniid in tlie in-rriiment ]iro|to^( - to vote, and in def.iult the instrument 
 of proxy shall not be treated as valid. 
 
 67. An instrnmmt a|ipointin(f a proxy may lie in the following' fonn, or in any 
 other fonn which the directors ~h.dl approve : — 
 
 " Company. Limited. 
 
 ■■ I. — . of . in the i ounty of — — . iM'injr a member of tin Company. 
 
 Limited, hereby appoitit . of . as my jtroxy. to vote for ine and on 
 
 my Iw-half at tiie [ordinary "/■ extraoriliuar> . us tin- i;i\' tiiaif /^e] ^ener.al 
 
 meeting of the company to Iw held on the day of . and at any 
 
 adjoiirnineut thereof. 
 
 •• Sijnied this day of ." 
 
 ': W 
 
 I"* *. 1 
 
 'f 
 
 Mi' 
 
 llii-trtms. 
 
 OS. The unuiber of the director- and the nanus of rhe first directors shall Im- 
 deteniiiiied in writiu;.' by a niajoiity of the subsiriln rs of the memorandnm of assii- 
 eiaticai. 
 
 liO. The remnniratiou erf the directors shall from time to time Ik' determined 
 by the com]>any in >rem nil mci tinx. 
 
 " (0. The ipiaiit:e:itiou of a director .shall b tlie hoMin^.' of at .' ast one share in the 
 company, and it shall be his duty to comply witli the provisions of section s. veuty- 
 three of the I'omiiauies Consolidation Act. V)W. 
 
 Fuuers inni Unttt\ of Itirertors. 
 
 71. The business of the c.nipauy shall !»■ manafred by the directors, who may 
 pay all exj' ises inenned in ;;. ttinj.' up and rejristerini.' the company, and may 
 e.xereise all -nch power- of the eoniitany :is are not. by tlie CompanieH 'Consolida- 
 
Companies (CoNsoLiuATK IN j Au, liios. 
 
 Act of 1908 i«o: 
 
 tidii Act. inns. i,r Miiy ^tiitiitorv iiicciiKi-iliim lli.ri.il' fur lli.- linn 1« in;;- in fiTi-r. it 
 
 liy thoiMi-iicli^, n ((iiinil t.i l.ii'\iiTi~. .lliv tliir,.niii.inv in •^•■u: ril i liiiw. ^ul'j'Tt 
 
 iiVvirt)nli>« ti> .my r.jrul.'itinn ..f tin m ;i'itirl, ^. t.r tin' [■n.vi-.i..n» i.f tin' >:M A>l. 
 :inil tn >u.'li r> i.-nl'itiun.s, lirinff in.l ini "n-i~tint witli tin' nfnrc -niil r.u-iil.-iti'in- ••!■ 
 |ir..vi<iiin~, 11^ ni:iy lir im-wTilu il la tin' rimipauy in ircmrnl nu'itinu'; Im' n" 
 
 n-jfillnlicn inn.li li\ tlir c.iniiiiiny in n. m ml l tinfr >Iinll invnlidntr nny jiri.T :<• t 
 
 nf tin' ilin. tni". wl'iiili would Ini'vi- lii'ili valid if tlnit ri'irill.-iti.'n li:nl n..t Inni ni.nl' . 
 
 7-'. The din rt..rs nniy frmii tinn' ti> tiini' iijipoirit oin- < r iin.r.- 'if tin ir t"'dy t.i tli'- 
 (itHri-uf nninii^'iiiL' dip'rtor iir iiiainijrrr r..r -inli tiTin, and .-.t -n. m r.nmniiatiiin 
 'wlictlnr by way of salary, or cdiiiini»-i"n. ■•\- jKiili i|i:ilioii in jmitit-. "i- jvn-tly in 
 oni' w.'iy and ]>aitlv in Hiidtlnr as tiny i«a> lliiuk lit, and a ilii'i-i'tor- -i ,i|.ii..int.'d 
 >hall not. wliilf ln.Min>r that otlii.'. I«' snli'ji'ct to rctimnvnt l.y i-otaii'in. .n laki-ii 
 into aci-oiinf in di tinniuin^' tho rotation of ritin'mint of .lin-i'ior^; lait lii~ apiioint- 
 nii'nt shall Im' siilijcrt to dctcrinination n-".!'"''- if h' i-.asos from any i-ausc to li.' t 
 dimtor. or if thu lonijiany iu frmda! incitin;; ii'soUr tint lii- ti nnr. of \\t, otii ■• 
 of inan-'t^inur dii-rrtor or inatia^ir ho dcti'iininnd. 
 
 7:i. Tin' anna. ■ ■ tho tinn' hoini; nin;iiliinif ulidisih iriri'd of nioniy- l"'"""' '1 
 or raised hy tin diri'i-tors for tin- jnirii'is. , of tin' coiniiany 'itlnrwiM' than hy tin' 
 i^sut' of ^haro cipit.-il: shall imt at any lini. 
 conip.'inv without tho sain'tiitn of the rtniiy, 
 
 71. Thi' dirnlors shall duly comi'ly with 
 sididation. Ait. 19"H, or any statutory m. . 
 font', and in jtartirul ir with th,- provi-i( 
 
 particulars of i:iorti.'aL'i's anl diai-ps ath'.-, .^ tlu' propiTty of ihr i.,ni|iiin, 
 iri'att'il tiy it, and t.i kccpinif a r.'(.'isti r of the directors, and to scic'ln.' lo i; .■ 
 reiristi'ar of lompanios an annual li~t "f nnndHTs, ami a sunuuary of parti, iiiar- 
 rt'latinir thcrct... an.l notica' of any (•ons.,lidainiii or iniTcaso of sliarc capital, or 
 conversion of sh.-ir.'s into st.ick, ami ii.pi.'s of special r.'soluii .ii~. an.l a .'opy "f the 
 reirister of diieeti'rs and notitieati'.ns ..f any . iian^es therein. 
 
 7''). Tlio directors shall cause n\inut( s t., lu' ni.-ide in hook- pr..vi,le.l lor 'la- 
 purjMise — 
 
 (a , of all aiipointmenls of otti<;ers made l.y the diieci..rs ; 
 1) of the ii'inn's of the dir.'etors jMesent at e.-n li rn.etini;- of ili. .io. i-Livs a-el 
 
 nf aTiv c.inimittee of the dirti't.H's ; 
 c of all r.'solntions and i>ro.eedini.'s at all ni.linL:- ..f the e.inpiny. ai.t ..f 
 the liir. , 1 irs, and ol .•.iinmillt. s of .lire, tois. 
 an.l every direif.'r I'.r.'seiit at any nni'tini; ..f dir.et..r- ..r . '.inniitt. .' of diet rs 
 slnill siirn his n.-ime in a h..ok to he kept 1'..r lliat purp.iso. 
 
 .1 the is-u.'.l -hart . apital ..f lli. 
 'Ueral lin-. tin::'. 
 
 .■iHitms of the Conipaiiies C'l 
 'heri'.if f..r tin' lini" U'lnu: i 
 aril to tin r.'^fi'-lrati'tn .>f f' 
 
 'I'. Thi' seal of the company shall in.t he artix.d to any itislruinent excpt hy the 
 authority of a res.ilution of the hoard of ilireetors. and in the presence ..t at hast 
 two dirictors ami of the M^eretary or such ..ther pi r.-.m .is the ilirtv tors in.iv .ippoint 
 for the purpose ; and those two directors ami seireiary or .ilher person as aforesaid 
 shall sign every instrument to whii h th.' seal of the company is s.i attixetl in their 
 pr.'seuce. 
 
 I'r. 
 
 a nn' 
 w. .rk 
 
 r.s|.'. 
 
 e.iimt 
 
 lJisrjUll/,/i,,llit,li, of Jliirrlui 
 
 . Tlie offi<e of director shall he v.nat.'.l. if tin' din 
 a^ peases to he a director hy virtui' of s.('ti..ii sov 
 
 (t.'onsolidation) A.'t, I'.KIS ; or 
 I', holds any oth.r otliee of profit un.ler the i'..nii>: 
 
 dire.t.»r or manager ; or 
 e) beeonns hankrupt ; or 
 
 .1) is found Innatiu or beeomes of unsound miml ; 
 el is com-' rued or participates in tic profits 
 
 company : 
 ivnded, howiver, that no director -hall va.ate his 
 mlKT of ,'iny cmpatiy which has entereil into 
 f..r thi' company of which In' is diii'clor: l.nl 
 ■t of anv -mh e.intnnt or work, and if ho iIh- 
 
 ■ctor 
 entv-t 
 
 hr. 
 
 e ..f tin 
 It thai .. 
 
 ' Comp I 
 t m.iiaiL' 
 
 if an\ 
 
 .Illl-.-n-t l\ itii 1 :ie 
 
 .Hi." 
 onli'a. 
 
 ly r. ason of hi- heiiig 
 (- with ol- done any 
 
 1 .lin 
 ... v..t. 
 
 ■tor shall not loti- in 
 l.i- vote shall not Ik- 
 
1«08 
 
 Appkxpix. 
 
 m 
 
 
 li' '. 
 
 
 i! 
 
 ILit'itton of Jtifvf'")^. 
 
 Ts. At tlir tli>t ..i(liiMi\ iiMvJiim-.if til.' <-..iiiiKiny tli'> 'vli"I'- "f t!i' ■I'l-fitui- >li:ill 
 II tip' frciiii <itti<i'. ami :it t'l. .inlinary mutiny.' in <\n", miIv. .111: nt y. :ir i>iM'-tliiril 
 <il' till' .liroi|i>i> i'lr tlir tiihi 1)1 ii.;.'. .ir. if t!irir iiuiiiii'r is m t il:iir ..;■ :i i.iuhiiil.- "I 
 tl.nr. til n tln' iiniiilnr ii.:iri~t to .■iii-tliiril. -linll n'tiir inin ■•llici'. 
 
 ''.I. Tlio<lir.(t.>r-« tn riiin- in . vi ly yt-^M- -liiiU If tlnm.'»li" Ijavr 1 n n l.iiii;i >t In 
 ofti'r -iiKc tli.ir l.iM I Ici'ti..!). I.ut a-'l itwrii iH-i>.iiis wli.i 111. , Mill' il.i-.itMis 1111 tin- 
 »,-lim' (l:iv Ih'si' t'l lifirr ■■.IriU mil. «- tin y ..lli.rn is. i.Lrrii' ;nii..ii.;j tliiiiiMKi> 1" 
 ■ lltlTlllilll'll liv lilt. 
 
 si(. A ivti.injr ilifit..!- .-liiill i.r . lijjili!.' fi.i- n-i-!.. lion. 
 
 si. Til- 1.111. iniiiy at till ..'. ii.ral nii.lin;.- at ulii.li a .lilv. t..r l. live- in luaiiii. i 
 nf..r.'s.ilil may till n]! tin- var.il. .1 ..fHr. liv . 1. .tin..' a )i. r-..n tliii ;■■. 
 
 :i2. If al aiiv inii tiiijf at wliii ii an ili itimi "f (liriil..i> i.n^-ht t.i takr jilari- tin 
 jiViri- lit' 111.' v.aratiii)! (liivil..f> ari unt tiliiil uji. tlir iiiii liiii; >'iall slaml ailj..iiinf<l 
 till til.' viiiir (lay in tin' mvt H..k at tin' -aiii' tiinr ami ).!.iii'. ami. if at tin 
 ml ji .111111 il iiiiitii ;-'tlii- jilari-i.f tli. va. aliii.Lj-.lir. . K.rs an' 11. .t till, il up. lli.' vaiatini: 
 ilii-.t.ii-. ..r ,-iiili iif till 111 a»l.a\i' iii.t Iriil iliiir iilai-(- tiU.il up, shall l>u mi-'imil 
 f.. )ia».' iK-n! iT-i U'lti'il at t!..' ailjuim 1! uhiIIul.'. 
 
 '<:i. 'I'l.i' r..)ii]i.iiiy may fii.iii tiim- 1.. tiiiir in yiniral ni'itii:!,'' imr. asi. nr n-Jm . 
 til ■■ iiuml'ir of (liri'"tors, ami may als.. .li tirii.im io wliai i..Mt!oii tl:o inir.asoil 
 or 1-1 .111.'. .1 niinil" r i- to \rix ..iit of oflic... 
 
 s|. Aiiv lasual v.i.aii. V oii-uiTiii!;- in lln' l....irii .t .lir.. tor-. iim> I"- filli il up u\ 
 tin- liiv. l..rs. tint tin- p rs..ii s.. .l.os. 11 -hall 1.. -nl.j. • 1.. r. -.L.-.i.. ..t at tli.' saini 
 
 ti as if lio liad I.. colli.- a ilin 1 t..i- on tlu' .lay on win. li itu (iin-i tor in »!io>o pla't- 
 
 lie 1- i!i>poiiit.-ii was last fli-rt.'il a diiiTtor. 
 
 h.V Til'- il ri'i-loi's sliull liavf ].ii«ir .it im tiiii' . an.! from tini.' 1. tiim-. 1" 
 (i( |>'.ini .1 i"Tsoii as an a.l.litioiinl (.11.1 lor wl..i s(;;,l! 11 tin' from otli.o at tlio n.xt 
 f.il! .wiuL' or.linary jr.-mi.il inroiinc. I.nt slmll l,«. . li-iMc fur 1 ir tion liy tl.. 
 fiiMouuy at that im'i tiim' as an a'lditioiia! ilirn'tor. 
 
 So. Til.' .■on-.ji.inv may l.v iMraor.linary r. sojiiu .n r. ii.ov any dir. ctiir l.ofoi. 
 till' o^p'ratioll .if llis iu'lio.i of ..»:..•. iiifriiiay hv m ..nlmaiy VMiliitioii ap|...iiil 
 ai -hor ju ison in his stfa.l ; the pir-..ii -o appoiiitcil -hall If snhjct t.i n . iivimnl 
 HI il..' sanio tiim ;;- if hi- ha.l 1.. ...mi- .. liit-.t..- .ai l).- il.iy .11 v hi h tin ilin-i-toi in 
 wlios,. |,hiii- ho is aii]>oiuli-.l was last . 1. rtoil 11 iliri ,Mi . 
 
 l;o,,nliiiyiiiil Jl,,-i-ti„'. 
 
 ST. Th.- ilil-.-i-l.irs niav im-i t tov-ithir for tin ili-sp.m-ii ol l.llsim-s-. ailj. .111-11. ami 
 nth. i-ttis.- r. L'lilatc tin 'r nii-i-tiiiL'-s. a- liny think tit. (Vui -tions arising' at uii.\ 
 nii-itimj- shall In- ili-i-iih-il liy a ma.jorit.v of voti-s. In <-as.. of iin i-ipiality of 
 vol. • Ml. .Iiainnan shall havi- a s.-.-onil ..r i-asiiii;; v..i(.. A liirortorinay, ami th. 
 sii-ri-tarv on tin- r.iiuisition of a din i-tnr sli.-dl. at any film- numinim a im-otins;- 
 of till' dir.'i-tor*. 
 
 ss. 'I h.- .pi..i-niii m 1-. sar\ f.a- th-- tran-ai tioii of tli. Imsincss of the din-i-tors may 
 1.1- li.tid hv thi- ilir. .f..r-. aii.l nn! s- s,, ti.xnl shall wh.-ii tlie iiiiniln-r of divi-.-toi - 
 ( x.-ot'ds thro.- bo llii-tc. 
 
 S!i. Tho o..nliiiiiiiiL' (lin-.-i..rs iiia\ .i.-t ii.i!«itlistaniliii(r any varani-y in tlu-ir 
 liod). lint, if and .-o Ioiil' as tin ir niinil'i-r i- ri-dncMl bolow tho niimhor fi.xi-d l.\ 
 or liursuaiit to th.- r. i.'ulations..f tho o..in|.anyas tho nn-ossary i|Uoruin of dii-oi-l.ir-, 
 th. i-oiitiniiin^.' dii-i-.-i.ir- may a..-f for tho |iiirji<)so ot iiK-n-a-iiio- tlio iniinlior of 
 
 diroi-tors to that iiuinbor, or of siiniinoiiinir .-1 ;.'oiioi-al 1 tin<r of tlie i-oniiiany. l.iii 
 
 for no o'hoi- piiriioso. 
 
 ',10. Till- diri-itoi-s may 1 h 1 1 a i-li.-iinii.-in of ih. ii- inoiliii>rs and dot. niiim- ih- 
 l).-i-iod for whiih In- is to hold ottioo : hiit. if n.. sin-li i-liainiiaii is oh-otoii. 01 it 
 at .-inv imotiii}.'- tin- 1 hainiiaii is not pn-si nl within fin- ininiitos aftor tho liim- 
 apiLiiiitod for holdiii}.' til.- sain.-, tho din itoi-s pn-sont may i-hooso 0110 of th.-ir 
 niiiulii-r to ho .Iiainnan of tho mi-otiiijr. 
 
 ',11. Till- din-i-toi-s may doh-irato any of tlnir jiowor» to oommitt<-os oonsistiiiK ..f 
 ,siii-li iiioiiilKr or inomlioi-s of th.-ii lM.dy as tiny think fit : any coiniiiilti o so fonni-d 
 
 hhall in tl xon-iso of th. )iowors so lii-hyatoii oonform to any rojrulatioiis tliat may 
 
 bo imp^iHod on-thi in liy tin- din-i-tors. 
 
COMPANIKS (ConsoI.IDM'Ion') A(T, IttdS. 
 
 Act of 1908 itiOM 
 
 'C. A oiunmitti '■ may rlrrt u .li.iiriiKiti <it' ilrir intitin^r-, it nu >iiili i haii m.-m 
 i> tl.-it4il, or it* Hi any inr< tiii^ tin- <liiiiiin;ui i-- net j>r '^i ..t witiiin tiv< iiiiimtt-s 
 aft* r tlic tiiiK- apjiciiiti'd t'or lioliliiiy tin saiiit , tlif iiiciiil-t r.- |U''-*rnt n»a\ tli....-.,- 
 
 • •T t' tlnir miinl" r to In- r|i;iiniiaii "f tlir iin itiii<r. 
 
 'i'<. A (.'niniiiittt •> niiiy innt aud ailjfuni a-^ tin y il.iiik ]>r><)« i-. iju< -tion-, 
 ari?*iiijr at any !u<'<tiii^ nIihU 1m- lit-ttnuitu'il l>y a majniity ff \..tr-iit tlif iiarnNTs 
 im-'i.t. aii'l ill (MX- fit' an .*|uality "f vole- tin- i Itainnaii -liall havr a -miuhI \>v 
 *a-tinif v..r.-. 
 
 •'I. All arl-- (li.i.i l>y any iiM-i tiii-r mI' iIk- (lir'TtMi'" nr of a cininnitin *>i 'ill* ' ti>r.>. 
 "f )jy any pi :m.ii ai tin^' a^ » dir- 'tor, >liall. notwirli-'tantliiiir that il Im- :il*t'T- 
 Har(l> tliMn\( i.fl tl;at tlicn* »;t> -.nhM- il- fii t in lln- ;ii»|Miintnr< nt nl ;in\ --m li 
 (lirrctoT-L i.r p' r^.n^ ai-lin'j as at'mr^aiil. or tliat tlit v «.r nny of tli. "ii u-n- »!i^- 
 
 • lualiti'tl, }■<' ;i- valiil a?* if "Vi-ry -in-]-, p.r^ni Iiail l»tn rinly njip.int'il inul "a-- 
 'jicilitii i\ to \h- ;i (tiri'tof 
 
 'fb'i 
 
 ttit "iu A '/'^/ ;V' 'til' . 
 
 '*"». Tin- coiiipaiiy in n". inral nicrtiuir !iiay d, ilarr diviib ihI-. but U" di\id>Tiil 
 -hall t'xr.cd thf aaiou.it m-i riini> ii 1< .i hy t'.o dinrtor-*. 
 
 i'fj. I 111- dirt'rti'!> i;ia\ from lime to timt* pay to thi* ni'-nil" i'> -ii^Ii intuiai 
 dividends a- api'o.,r to tlie din c tor-, to lif ju^titi'd \n tho ( rotit*« of ihr ('cmip;ii:y. 
 
 07. No (livid, lid ^liall l»i- paa! ot!i« :w\^v than .ait of protits. 
 
 'ih. yul'j*-ft til ill'- riyhl- of |Mi--.un>. if anv, «'iitilh'l to whan-, wifli Mpn ird 
 li^lit-* a^ to dividM'd-, all (ii\ 'den I- -hall In- li.hir.'l ai.d p nd a < ordinir t'» ' hi- 
 .iniounts paid on tla- ^-hans, '.mt it ;itid *o lon>r u*- notliin^f i*- vaid upon any of 
 
 tho >hiips in thr ro?!'p;ttiy dlvidciid'* ni:iy hi- (trdar-d ar d paid at rdniir 1" tlio 
 
 aiii-aint- of thi --har. '. No anio'nit p.tid i :i i -li.no in aii\anc'f t>i .alU ^liali. 
 wbili' laininL'' initrr-t. !« .p-.itod for tin purpo-i- oi' thi^ aitii.c a- paid on tin 
 *haro. 
 
 !*!'. Tlir dip t-l-ii-.- may. h'foi'o ■■ i ..nnm iidinL' any d;\ id' ml. -i t a^idr oui of tla- 
 profit^ of tho ii.ntpany >»< h sum'« a^ tl. ry thitd*. pi-op.r a-, a n m iV' ii n-.i -r^ 
 whiiii shall, at th^ di-. ntionof tin- diM-. toi->, hf appliiai-K loi- m-.li?!;,- rontin- 
 «-(-nrio'-. or for i <piali/iiiir dividrmU. ..r for any otlnr ].urpov, to u hji li tho prdits 
 of tho I'omjiany may ho pfopt r\\ apjili- .1. and p* ndinir --U' h ajipliration may, at thi- 
 hkr disrri tion. t'dluT ho cmployMl in thr hu^in.--^ of th* < onipany or he invo>t'd in 
 'Utdi invrstmtnt^ ■ ih' r *hav. ■-• rr< -^ of the '■oinitan\ .i- tin diitrtui> may from 
 rin.t- to t nif think Ht. 
 
 II n. If Mvoral jMTwon-^ an- ;o;ri>u-i"< d a.- joint lioldn- of any >ljaie any oi;- of 
 tht'iH may jrivc oilic' ual n >'■ ipts f».r any divitiin<l pava!»lo on tin* f^har< . 
 
 H'l. Notir,- .if any dixidmd that \:ui\ ha\<- h/m d.rhiivd -liail h- iiiv.r. in 
 niiinnt r In rinaft' v mtiitiontil to tin- pir-on- 1 1- ,lrd to ^luin- tla n in, 
 ]U2. No dividond. d dl !>.-:i- ii,t. r--^! -.j-ain-t tho o.,rTi]';i,t\ . 
 
 +«'* 
 
 ^ 
 
 lfi;j. Tlu- dirrc tois rhaU . .ntM mi.- ar. iaint> to lio ki pt 
 Of tho sums of inoni'y n'*H-ivo»l and » xpt-mli-d 1»_\ th. i.a..pa'iv ;iiid il..' tn-li- i 
 
 in ropi-rt of wliich sn, li rrtt ipt and oxpi nditnro tak.-- p'ai < . .iird 
 Of tho a>Mts and lialiilitii-^ot tl,, ...mpanv. 
 
 ini. Thr hooks of a<<nniit -htl! U, k. p; at tl.. i. -i-|. !■ d .'lu ■ -t ih. .ompan\. 
 o. at -nrh olhi'i- plan- or ppircs a-* tli. ilirt tor- thin\ tit. and -h.il! aluay- l-« opm 
 to tlio insjH-ition of tin' din ctor.-. 
 
 lOa. Tho din-* toi's shall from linn t(» linn dt ■i-rminc \\h* rhcr and to what t-xt( nt 
 and ;it wliat tini('> and pla< i-s and and. r wh.-' ondilions or roLrnlation- tin- anoni.t- 
 
 ai.d 1 k-^ of il;o conipaiiv or any of tin m -h. li he opi n to tho ins) » '-tion of nu-ndioj-. 
 
 not hriny ditK-tors, and nil mciuU r (tiot hriny a dinitor sliall h;i\i- an\ riuht il 
 iii-pi ( til o- any arconnt or I ook or documi nt ot tho company o\i opt a> conf'iT* d hy 
 -taluto or aatlion/i'd h\ llh din-ttcrs or by tin' ct.nii anv in ^i nt-ia! nto* tin^. 
 
 \iii'>. Onco at ha-t in i v. ry yoar tht dirot tor** >)iall lay Im fon tin o..nipan_\ 
 in ironoral nn-itin^ a j Tufi' and, t )-s aftoiint lor tin jHriid. -inct tin prt-<idinjf 
 a<'o<»nnt or \Ui tin i:a.>i' of tho tii-^t aiaM)iinl) sini-o tin* inc. rp< ration ol' il-r coinpany. 
 mad* up to ji duto not mon- thai; >i \ n(oiitli> 1>. ton- >noh mt otinu'. 
 
 1(1 7. A halanci-.-^lii I't i)'aU )h- inado ont in ovory yi ar ami hdd l-i h.n tin . oin].an> 
 in jjrnoral in« ctinu' m-idc tjp *., ^ dato ni-t Tiiorr tha?i -i\ nn-ntlf. hi-for.- *nch 
 
KJIO 
 
 ArPKxnix. 
 
 nifitiusf. Till' Imliiiici -»lii I't sli;ill ]«• iir< uni|uiiiii'il l)y ;i rciiort i>f thi' iliro<ti>r« a." tii 
 thp stHtc lif tliL' iimi|iiiiiy'i< iitluirs Hiiil tin aiiiouiit wliich tin y in mihiiiiimI ti> !«■ 
 paid hy way uf dividftul, uiul tlif ainuuiit* if any, wliich thry prujiose U) i-arry tn u 
 renervc fund. 
 
 liiH. A I'ljiy of the lialniiir--lMi t and iiimrt shall, wvrii days pn vimi^ly tn thr 
 iiicitiiiL', 1»' siMit to thr iMTMiii" rutitlrd to rr. live iiiitict< .if jfciMTal iiii"tini.'- in the 
 nianth-r in which inttirt- ai-t- t'» iw <rivt'U iMTiinniidtT. 
 
 l"'.'. Auditors slialP" .ii'poiiit.d and tln-ir duiii s n (ruhiti-d in iici'urdanc!' with 
 Motions ).ni' hnndrt'd and twehc and one hniidrfil and thirt<H-n of tttc ('oinpaideH 
 fConsoli.lationi A>t, Iftus. or anv «tatnlorv iiioditiiiition tlnT.of for the tiui.> liiin;.' 
 in f. r-.-. 
 
 'ti 
 
 1{ 
 
 Xuhtts. 
 
 1 In. A ii.ttif.' may hv ^n\< n Ipv tin- i niii^.aiiy to any iiifnilxr cifluT p"T-i.nnlly or 
 )<y ^' lulidjjT it hy |io<t to liim to lii" rfi:"-trn<l a'l'lri >-<, or fit" dc lm,s no n-ifistcrwl 
 aiMr.v^ in the rnitnl Kitipl<im . t.i tli.- a<Mr''<>, if any. witliin tltr I'liittd Kiiiir.lom 
 t«up]>'iftl hy liini to xhr conipaiix for tltr Lfivin^ 't' iioti.ts to him. 
 
 \Vh( n' a liotif*' i^ >*'iit hy po .t, M'rvir4' uf th*- iioti< .• -.liall )»' ih'<iin'(l to hi' <.-tf<'rtr<l 
 hy i»r<.j)Tly uihlrt'-^sinir. jirfpayiuir. aii'l |»o-t"iiu' a h rttT (•(tntaiuin^f the notiiM . aud 
 mil. >s tlic contrary }•* ]irii\i*l to hav.- hetn ''ttfcttil at the tiiiif at whirh tlio icttrr 
 woiil.l he (Itliv'.-n-il in tlic orJin;try coursp of p">t. 
 
 lil. If a n"nih( r li.i-> no rt'L'i't I'lil ai]ih'.-*> in tli.- T'liit-'il Kinv'"ih»ni ami ha.- not 
 >ii!'iilifil to the I'ompany an a<hirr--«* within ihr I'liitcil KiiiL'th-n. for thr L'ivinjf of 
 mtt rc> to iiitii. a notii r a'hlrr^'.rd to liim and ad\t rtiMil in a nt-w^paptT cin-nhitinjr 
 in tlio nci<rhbonHiood of tlic rcyistrrrd otti.'c of th'' r'tnii)any. fJiall ho di'.iricd to he 
 duly trivrn to liim on thi- day on whii h thi- advcrti^icnn-nt app«'.irs. 
 
 liJ. A notii'f may ho ^ivcn hy the i-ompany to the joint ImMers of » Miarc hy 
 irlvinir thi- notirt- to tlie joint hoi hr nannd tir>t in the rejrister in ret*pi*i.t 4.f th*' 
 wharf. 
 
 1 i;t. A notice may !«' driven hy the iMnipmy to the j)er^on.* entitled to a Mhare in 
 eous(i|uenee of the death or hankrnptey of a memher hy M-ndiuif it tlirouirli the 
 po,-t in a preitaid h-tter a<l(lri»(M.l to tlum h\ name, or hy the title of rrpref-enta- 
 tivev (if tlie deei-tst'd, or triiMee of tin- hankrnpt, or hy any liki- d'scription, at the 
 aiMri ■-S, if any, m thi' t'nitt-d Kin^rdom -^tipplicd fir the purpose hy the perMtns 
 
 an address !ia- iM^m hi supplied) hy ^ivinjr 
 •ame inijfht have iM-en y^iveii if the deatli 
 
 rlaimiTiur to Im- ho entitled, or (nntil such 
 the n«.tiee in any m;nmiT in whieh the 
 ur hankrnptey had not oeeurreil. 
 
 1 1 1. Notice of every yemral meetinir shall he jriven iu some manner hereiub<ff . ire 
 authon/''d t;> ''n) every memW'f of the eoinpany (in<-lu()irijtr hi-arerw of nhare warrants) 
 exeej.t those niemher^ who (ha\iny no ie;;is1er«d aidress witliin the I nited Kinir- 
 dom) havt- not supplie<l to the eomp.iny an address witliin the I'nit'-d Kinjrdom lor 
 tin- L'ivinjr of notiees to tliem, atid a!>o to h e\i ry p«'rson entitled to a share in 
 eon->e(jnenee of the dtath or hankrnptey uf a ni-iiiher, who, hut for hi-< death or 
 hankraptey. would he entitled to rereive notiee of the meetinj;. No other persons 
 shall 1m? entitled to rtn-eive notice-- of ;,ien''ral meetinL's. 
 
 f J, 
 
 Si'f i.cction.1 
 JU, 259, 
 
 TABLK B. 
 
 Table of Fee.s to !«■ paid to thi' Reoistbak of Coxpanies. 
 
 T '/ Compitn*/ havitttj a slure Citpitah 
 
 For rosristration of inpany whow noniiiial share cnpital does not £ #. d. 
 
 <xi'«d J.dOO/ ; 2 II I) 
 
 For ri';ristration of a fompany whose noiniii'il share eapital exceed.^ 
 'J.tMlu/. . the followiTi^' fees, rejrulated aei'oriiin>r to the amount of 
 nominal share eapital (that is to say; ; • £ ». rf. 
 
 For every 1 ,()(>u/. of nominal sliari- eapital. or part of 
 
 1,000/., up to 5, 000/ 1 
 
CoMPAMKs fCoN.soi.inATioN') .\r\\ loos. Act of 1908 
 
 Fiinv.Tv I.UDO/. nf Tioiiiiniil nIi.iiv r;i|iital. oi- i>Mii I.I' £ «. ./. f «. •!. 
 
 l.iMio/., iitt.rtlir fir^t .1.1)110,'., ii|i t.i liMl. 1111(1/ {i ;, (i 
 
 Kiiriv.rv l.dlio/. of ii.Miiiii.'fl hlmrr rnpit.il. nr p.iit ..f 
 
 1 .11110/.. lifter till. til>t 1(1(1. IMM]/ (I 1 II 
 
 For ri.;.'i-.tnitiiiii i.f iiny imn ;|..i. i.f whiirc . .iiiitiU iiiiiilr afti r llif lir-t 
 I'ctfNti-atiiiii I.f till, riiiiipaiiy. till- -mil., fri- ]ii.r l.iKKi'., ..i- part ..f 
 :i 1.(111(1/., us W..11I1I li.iv.. U-.n piivatil.. if tlic iiiiii'a-i.il ■liari. . apit.il 
 
 liail fnniiiil part I.f tin- ..ritfiiial idian. lai.it.i! at tlii. tin f i-..;.'i— 
 
 t rati. Ill: 
 
 rriiviilid tliiit nil i.im]iaii.v >liall l.r iial.l. 1.. pa.v in n «]" . t i.f in.niltml 
 -lian. rajiital. mi rriri-tratimi ..r :il'l rw.iriN. .-iiiv jri'idlir anii.iint i.f 
 t'..» than .".(I/., taking' intii ai'.-i.iii.t in tli.. la-.' ..f f..- pav.-ii.li- im 
 .■ill iiicriiiM. I.f Oiarc .■.■ipifal aft- . r..L'i-trati..n lli.- fr, - paiil i.n 
 r.'f.'i«trati..n. 
 
 Fur riiristratii.il ..f an.v i-xi-tinjf .iinipan,\, rxi-.p! ~iiili innipaiiic- as 
 ar.. liv tliis Ai t I \. niptiil frnin ]i.iyiii.'iit nf fi.i » in ri.»p..i t i.f rriris- 
 tr..|ti..n niiilir thi- .\it, tli.. >iiiii. fii- a- is .liarifnl f.ir ri'^ri-t. rin^r 
 a iirw <.|.ni]i.aiiy. 
 
 Fur ri ^ristirinir .-iny iliiiiini.-nt l.y tliis Ait i> i|iiiiv(l .ir aiitlmri/.-l tn In- 
 ri.).'ist 'iTil. i.tlnr than ih.. iii.'.in.ranilniii i.r thr .ilistra. t riipiin.il tu 
 Ik- tih.il with till. r..iri.tr,ir liy a n.-ivir ..r in.ill.ajrir ur the statv- 
 iiiriit vi'iiuiriHl t.. 111. SI 111 t.. th.- ri'.'istr.ir l.y th.. liiiiiiila|..r in a 
 wiiuliiiL'-uji in laiifhiiiil •? 
 
 l'..r lii.-iki.i..' a iviiinl I.f any fail l.y tlii- .\. 1 r.i|(iiriil ..r anlhi.ri/iil tu 
 
 !..■ riiiinliil l.y thi. r.'L'i-tr ir (I .•, 
 
 II.- /.'./ '/ f''»,i/t,tni/ not h'Uinif II .S/.,/,>. t'-i/Ht<t'. 
 
 Fur ri.".'istratii.n i.f a ri.ni].any '.vhi.s, iiiin.l.i'r nf iii.'iiil.i'rs. a* siateii S! «. <i. 
 
 in till- artiih.s, ilms nut i-xi- 1 'JO j (i 
 
 Fur rryistratiun nf a mnijmn.v \vh..s.. niinil.ir ..f iiitnil..-rs, as stali-d 
 
 ill tin- artirli.s. rx hIs JO.' lait dnis nut cxii iil 1(1(1 :, (I 
 
 ?"nr r.-^istralinii nf a iiiiii].,iiiy wl iinniln r ..f iin'iiilHrs. as stat..(l 
 
 in th(. artiilrs. .■xi.|.,.(ls !(i(i. Init is nut stated tn In- iiiiliiiiit.il, the 
 
 .■ihnv,. fi f .'i/., witli an ailditii.nal .V«. fi.r 1 viiy ."lO ni. iiil..rs, nr 
 
 less niiiiilier than .'lO iiieinliers aft r the tir-t KMi. 
 Fnr ri.jristration nf a enni]>any in wliieli tin- iiniiilieri.f nn nil., rs is stated 
 
 in the articles tn 1... iiiiliiiiitinl , . -jo d 
 
 Fi.r ret'isTatii.ii nf any inerease mi the huiiiIm r nf iiieiiiln.rs iiiade after 
 
 the re^istrai inn nf the (.iinijmny in r«.speet nf t.ver.v ail ineniLers. or 
 
 less than .)(' I... nilhfs. nf that inereas.. .5 
 
 rrnvided that, tin eimii.any shall l.e lial.le tn pay ..11 the wh.ile a 
 
 trreater fi.e than '.'o/. in resp. .t nf its nnnilMr nf inenilnrs. takin;,' 
 
 iiitn ii(.|.nmit the fe.' paid nn the first reiristratimi ..f the ennipanv. 
 Fnr re»ristraTinii t^H an.v exi 'iii;f rnnijiaiiy, exeept sm-h ennipaiiies as 
 
 are liy this Act ex..iiijitisl frmii iiaynniit nf f.es in respect of rea-is- 
 
 tration under this ..Vet, the same t'.e as is char^'cil fnr re^rist.'rinjr 
 
 It new ennipan.v. 
 
 Fur rejristerinir any ducunieiit l.y this Act r(.<iiiin<l or iiiithi.ri/ed tn lie 
 ri'^'isteri d, nth. r than the nieiiioraiiduiii nr th.. aSstrai-t re.(iiiri .1 tn 
 Ik' fil(..l with the r.-irisirar l.y a nci.ivcr nr inanaL'.r or the -tat..- 
 iiieiit rccpiired to !». sent t.. th.. r.-iri-tnir l.y the liiini.latnr in a 
 wiiidinjf-up in Knyhiiil " .'i 
 
 Fnr iimkiii^r a ri'inrd of any fact l.y thi- Act ri.<|iiired or aiitlii.ri/c.l tu 
 
 lie recunled liy the rejristrar !> 
 
 1611 
 
 'm 
 
 m 
 
 1 
 
 1 
 
 * 
 
fl 
 
 1812 
 
 Al'I'ENDIX. 
 
 .1 
 
 S<.^* 4nntiuil 
 
 I OH 
 
 FOKM C. 
 
 Form of Statkmkst t^ l» pulili-h. rl liy Aksumn imd TssruAscK Oxrivihs 
 anil Oki'Osit. Phoviukxt, or BKNKrrr SociKTlb^s. 
 
 • Tile >hniv t'lipittil of tin- rninpaiiy i- . dividi'<l into — ■ - f*!)!!!^*** of :«)fli 
 
 Tli>' iiiiiiiIxT of i-linrcrt ij«,iii '1 i.« . 
 
 Culls to thr ainniiiit of -- |ioiiii<l-' jin- -hari' Iiavi- Imi'M mail . iinilrr wliidi Oi. 
 KUin of ' jioiiikIs Itas h-cn n-ocivrd. 
 
 Till lialiiliti- s of till < oiii|i:iiiy on tlio KiM ilay of Jaiin*ry or .Iiilvl w.tc 
 l)i ht-* owiiii; to sDiiilry p t«oii* Iiy tl onipany. 
 
 On juilfriiKT.t, /. 
 
 On spiciallv. 1. 
 
 On notrs or l.ilU. ,'. 
 
 On Hiin|>lt' coiitractrt, -'. 
 
 On ostiinat'd lialtilitirs. '. 
 
 The asM ts of till' comp.iny on that ili\ vvi rt- 
 
 (iovrnmi lit siTuriti'-* {^niiimj ///./«]. 
 
 llill?* of oxrhaitjf^' anil proinisiory notos. -i. 
 
 ( asli at tlio l)anki-i>. '. 
 
 OthiT s'-i-uritii-f*. /. 
 
 • If Ihi (■■iniiviiiy ht-* ii" -i-, 
 flhari'i* uiUAl )<•' liiiiitti'il 
 
 (j.il (t. U\' J". If It 'li' stat^TurnT jHl.t'iii: Ui ■apft.'il 
 
 VI, und 
 •in 3, 262 
 365.879 
 
 sKcoND s(iip:m;M';. 
 
 IIIK «;OMl'.\MKS CONSOLIDATION', A«;'I'. I'.IUJ*. 
 
 SlATKHhST IX l.lKi: ur PllOSPKCTtW 
 
 Hliil 1>\ 
 
 (.[Ml ,KI 
 
 pursuant to SI' Til. T, , iiTiitx -iw < -t :li. ''miuji; 
 PreM-iit ■(! tor filinj- ti\ 
 
 ( 'oiLsoliilution A' I. lUiiH. 
 
 THK rOMl'AMl-.s t ONSOMDATiON i ACT, llMis. 
 
 - . I.iliiitoll. 
 StaI I.MI NT IN I.IW OF I'ltOSl'liOTVS. 
 
 Tho iiomiiml shan .npilil of Iti. coinpHiiy . . £ . 
 
 Divided into 
 
 Sliari'sof £- - oacli. 
 
 Nanir^. dfM-riptiuns.andiuldii ^s<"*ot liin itoo 
 <»r prt)poK.d dirt'dtorM. 
 
 MiiiimiiTn stiltscrijiti' n if any, rixod iiy tlio 
 iiK'inoraiiilnni or urticles of assiMiatitMi on 
 whicli tin- roinj>.iiiy Tn.H\ prorood to allot- 
 nicut 
 
 NumluTaiul ainoiuit of 4iaM> and lit Ijt ntui'i s \ 1. 
 
 ayrt-td to In- is-uod as fully or paitly paid- 2. 
 
 np otlii rwtso ttian in i asli. 
 The lon-iiliTation for tlic int* ndi d is-ui of :;. 
 
 thi-e kburtN and didioiituii-. 
 
 -h-i. - ..1 t tail) p.ii.i 
 
 2. sharts njioii vvliirh t 
 
 pir "liaro III ilitod i\» paid 
 ■ J. doU'iitnr.' t-- -. 
 
 \. < '.in^iilcratioii. 
 
Companies (Consolidation) Act, l!K)8. Act of 1908 UH'.i 
 
 N:inii« Huil luldrpxnPK nf n) vi'inlur* nf pni- 
 p<>rty piinlmwil or :irtiiiirt><l,iir ]ini]wi.c<l to 
 Um'i pun^hiisiil iir aiiiiiiri.l liy tin r..iii. 
 paiiy. 
 
 Aiiiniint ill nixh, H)iiin>H, or (l»*ltontiiri"«} p;iv- 
 iiblp t ell si'parati' vcmlor. 
 
 Amount (if any) paiil or payahlf liii (i-.)i oi- 
 shares nr (lcl>ontun"< (niaiiy sucli iini|H rty, 
 siHiifyiiiir amount (if any paid nr paviilili' 
 f.ir irciolwill. 
 
 Total piirohasi- priie . . i- 
 
 I 'ash 1- 
 
 SliiiriM f- 
 
 l)«>1>onturi'»t £- 
 
 ti,«,.lwill f,.. 
 
 tlun iif M iLlor, 
 
 •"N-itliili -l (ti 
 
 nf tht't'iini|Mini<>fk 
 
 ('l>tIH|>ll4JHllMn 
 
 Art, IWM. 
 /.; .SV« «.-,•( ion 
 
 SI :i, III thi 
 <'ittii|ittnM'« 
 ('<in'«4iliiUli"U 
 All, u«w. 
 
 Amount if any paid oi- payahlr a~ r..mmi" 
 ■■ion for KulwiTibin^ or ajfrccin),' lo sulu tIIm 
 or prooiirin^r or airri'i in^' to pro.'iiro >iili- 
 wriptioii-i for any .Hlians or duUntiniv* in 
 tlif ronipany, or 
 
 Ttato iii the oommiNHion 
 
 Anioniit paiil. 
 
 (Myable. 
 
 Hat 
 
 Kstimati'il amount of preliminary exp.n». « . . £ 
 
 Amount paid or iiit< nded to bo paiil to any 
 
 liroiiioter. 
 t'oiinidiration for the payment. 
 
 i>ateM of, and parties to, f-very material con- 
 traet other than lonlraets enteral into in 
 theoriiinury i4.ur?*e of the bu.sinenN intende'l 
 to he eartied on Ity the company or entert.Hl 
 into iiiiire than two years bt'forc the tilinir 
 of this statement . 
 
 e iH.i 
 
 N iine ot promoter. 
 
 A . lint £ . 
 
 Consideratiuu ; — 
 
 Time and piece at whieh the eontrai ts or 
 copies thereof may ln' inspeited. 
 
 Names and addre.sses of the auditors nf the 
 company lif any . 
 
 i'ull parfieularn of the nature and extent of 
 the interest (jf mery director in thi promo- 
 tion of or in the pn)perty proposeil to he 
 aeijuired by the company, i.r, where the 
 interest of such a director consists in bein>f 
 a partner in a fii-m, the nature and extent 
 of the interest of the tirm with a statement 
 of all sums paid or aj.ii'cd to he paid to 
 him or to the firm in cash or shares, or 
 otherwise, by any perwm either to indiio' 
 him '. I become, or to qualify him as, a 
 dire"* -, or otherwise for services rendered 
 by hi .. or by the firm in connection with 
 the promotion or formation of the company. 
 
 "Whether the art les contain any imtvi^ions 
 preeludiii^' holders of shares or del)entur,.v. 
 receiving and inspecting bttlau(e sheets or 
 ic|sprts of ihe auditors or other reptirts. 
 
 Naluri' of the provisions. 
 
 Signatures of the p<"rHons above-iianieil as dii'ectors er proposed 
 directors, or of their ajfents authorized in writincr 
 
 r. 
 
 •I M 
 
I''' 
 
 I(il4 
 
 Appkmdix. 
 
 TUIUl) SCHEDITLK. 
 
 6«tiuii 118. 
 
 FORM A 
 
 Memobakduii i>f AteocUTioji of it OitnjiHiiy liiniUHl by Slmrvx. 
 
 l!.t. The nanip "if the coniptiiiy in '•Tlii' Eaitt«n> St<'iim rmkct Ojinpaiiy, 
 LimiU'd." 
 
 Jiid. T)if rt'ifirti nd nftio' m' mijiiuiy will !"■ i>iluuti' in Kii»rl«iid. 
 
 ,)nl. Tl lijiitH for wl'li .niiHi'iy i» i»taMi>liiil iirr, " tlu' cniiviyuiiM nf 
 
 )mK«ii(f<r« ami jfunU in Hii| . .Kiat-' IkIwii i oucli jilai in a« tlir cciiiniaiiy iiiay 
 Iniiii tiiiir t" tiinr d<i. nniiu-, and tli<> di'injr all Muli iitliir tliiiijfx ii-. air imiil nlil 
 <ir ciindurivp to the uttainiiiiiit of the aUivc ulijiit." 
 
 4tli. Till' lialiilitv "f tlii' iiuniUrn is limitiil. 
 
 Stli. llic Nlian- capitjtl of thi' cnniiiany i« two Imudrid tliousuiid ii<>iind>, divid. <1 
 into iini' thousand hbarce of two liiindn d iHiiindM caili. 
 
 Wk, tlif wvcral prrsonM wliow nanus and addn>»w« an' MUlwrilKnl, aiv doiroii* 
 
 of liciutf fonnul into a tonipi.ny. in iiursiiam f tlii" niiinorandiini of 
 
 ai'xoiiBtion, and wo r(>>p< ( tivily i.UTu' to tako tin' UMnil» r of >liar. •< in tlir 
 rajiital of the eunipany .-Lt oppociti our rrMjHCtivf nainiM. 
 
 Nanitn, .\ililriiwiK, »n<l IX«<rnptiim» "t Buli«<ritj«T». 
 
 Nuintter of P^halea 
 
 taken by 
 ea4:h tiubM-hbt'r. 
 
 ■ 1. John Jonen, of • , in the county of , mirclmnt. . 'iOO 
 
 ' J. John Smith, of . iu thr county of i.i 
 
 ■ :i. Thomas (Jriin, of , in ♦ho county of M 
 
 • 4. John Thompsou, of , in the county of 40 
 
 ' .■). Caleb Wiitf, of , in the county of | IS 
 
 ' Ii. Andrew Brown, of , in the county of •'• 
 
 • 7. I'lesar White, of , in the county of I \U 
 
 Total nhares taken I 32o 
 
 Dated thi day of I'J -. 
 
 Witness to till' above si^iatures, 
 
 A. B., No. 13, lliite Street, Clerkenwell, London. 
 
 FORM B. 
 
 MhJioiiiMitJii aud Abticlks of Association of a Compauy limited by Uiiarant4e, 
 and not ba\in)r a Share Capital. 
 
 MetuuniHttum of Amociaiiun, 
 
 1st. Tlie name of the company is " Tln' Mutual London Marine; Association, 
 Limited." 
 
 2nd. The rejtisterid ottii e of the ( omj)any will lie situate in tnirland. 
 
 yrd. The objects for wliich the coniiiauy is established are, "tlie mutual insuntuce 
 <if ships brloiiying to mc inliers of the company, and the doiuj; all such other thinjrs 
 as arc iuc idental or comlueive to tlie attainment of the above object." 
 
 1th. The liability of the members is limited. 
 
 ftth. Eviry nicmlKr of the cumpauy undtrtakes to contribiiti; to the assets of the 
 wmijiany in the event of its W\\\\i wound uji while he is a niendjtr, or within one 
 year aftrwards, fur pajiiieut of the debts and liabilities of the iiinipany contract<'<l 
 Nfori' he ceases to la- a luenilur, and the costs. ihar(fc», and expcn.se« of windniji; up, 
 aid £oi- (,l.e aJju»tm<iit of thi rijj-r.t.- i,I the cjutributurics :tiiiuu{; themselves, such 
 amount as may be iv-quin-d not excii-diug ten pounds. 
 
OOMPANIKH (CoNSOUDATION) AtT, 1!»(»M. Aot of 1908 Wil'i 
 
 W«, llii^ invfral |Kin«)np< wim-c nnmi'x Hint u<liln>Hm'* iirc milwriU'd, iiri! il<'niriiii.'< nf 
 U'tuif (iirnxil iiitii a ciimiiHuy, in piirKu»ni:<< nf thix niiiuurtiiKluiii I'f awuHiiitinii 
 
 •• I. 
 
 l)»t(>H 
 W 
 
 Niuiiii', AilJrt'HKi's, Hiid D'wriptiimii »t SiitimrilxT- 
 
 John .l(Hi«'H, 4*1 , iu th*' cotitity of , iiifn-hiiiit. 
 
 John 8nuth, of , in tin' cnunty of -. 
 
 ThomiiH lirwn, of , in thf rintnty of . 
 
 .Iiilin Thiim|ii«in. nf , in tin iintv of . 
 
 Ciili'h Whitp, 111' - — , ill ll I'ciiuntr I'i ■ — -. 
 
 Antlrrw Hniwn. uf — , in tii mnty of . 
 
 Cii'Kar WhiU', -if , in tlic inunly of . 
 
 tlip day iif 10—. 
 
 "ilneHM to Ihf ftUivc >*ii;natnri'N, 
 
 A. ».. No. |:t. llut.'Str.-.t. ( 'I.Tkonwi II, J,oiii|..ii. 
 
 Ahticlkx of AswcuiioN to ui'i'iiinpuny iiriKHdiuL' MKMuiuNia'ii uf AMnK-iiTio.v. 
 Sitmlti-r f'f Mrinli* r\. 
 
 1. 'I'lii' iiinijuiny, for tin' piirixwi- of n ifi-trution, i- diiliirttl to .,m<i.-l of tivi' 
 liMiidri'd niiinUr-*. 
 
 2. Tlir dirrrtori" lirriinuft-r inrntioiii'd may, whcni .cr tlii' Iiumiu-k of firr 
 .iwoi-iHtiun rt'tjuii^s it, ^(>'i^tur .in inert iiv of nioinbiTi* 
 
 Ihfiiiittt.H t>f Mtiinfins. 
 
 '^. Kviiy jx'rtion shall lip ih'Oimd fo hiivr airriid to lucoin' .i iniinlur of thi 
 comjiany who insnrcM uny »hip or nhuri' in it »liip in ]inrMninii' of tho nvulHtion- 
 heri'inaflpr I'outiinid. 
 
 tltliftitl Mi'hulJ!'. 
 
 4. llic fifHt (.'fncral nKftinir rliall In- )ii-Id at smh tinif t liiintf li'»»i than oni' 
 
 month nor ni'iir tlian thru' niuntli» afli r tlir inrnijioriitinn of the roiiipanr, and at 
 such pliiif, a.i thi' ilirtM'tors may drti*rniini'. 
 
 .V. A (fiiieral niiitiiiir fliall )»' hild onrc in cvpry yi'ar at nmh tinii' (not Wmfc 
 inoru tlian tiftcin niontlii afiir t)ii' holdiiii; of thr last priniliii>f ^'onorul nii rtiu^' 
 and pliiro 11.S iniy tio prr»rrilio I hy thr lompany in irt'iii'ral mntinir. or. in difaiilt, at 
 snch time in thr month tollowinir that in wliirh the 'intiivi-r.s;irv of tin* conipaiiv'?* 
 inior|Hiratiiin orcnrB, and at nuih plaio, ii-. tlif dirtitorn sh.iU appoinl. In default, 
 of a (riiirnil moptinir Ixin? so hild. a (foneral inwtin^r -ihall Ih' held in thi' month 
 'II xt toUowinir. .md may In' lonvi'iit'd hy any two mi'inberK iu t narai' manmr ai 
 nearly as possiblo as that in whirh mi'ttln^s ari' to hr lonvrnid by tin' ilin'itor- 
 
 ti. Thi' abovi-meutionid jfcneral nieetiinfs shall l~' iiilk'd ordinary mwtiuifs : 
 all otlii r ffenenil mettini^s sliuU bo lallrd rxtr lordinary. 
 
 7. Till' directors may, » honHvir tboy think tit. and shall, on a rrqnisition made in 
 writinyr by any tivo or nii.rr nu'mtuTs, eonveiie an i-.xtraordinary tfeneral mi'i't.injr. 
 
 ». Any ri'iiuisition made by the members iriiist state the object of the nieitinj; 
 proiHised to he lalli il, and niu-t be signed by the requisitioiii.stH and denosited at 
 the retfisterel ottif' of the eornimriy. 
 
 9. On receipt of the mini.-ition the direetors shall forthwith proei-eil turonvene 
 a trcneral meitinir: if they ih. not proieed to laiise a nice tint' to !..• held within 
 twenty-one days from the date of the riqiiisition \mna so diposilid, the ri-.|ni- 
 sitionisita or any other five memliers. may themsi.lveH convene a meeting. 
 
 Vi'tivrfliili/x (it (iinirat Mnlii'fi^. 
 
 1(1. Seven days' notice at, the least, sppcifyin(f the place, >he day, .md the hour 
 of meetiiik'. iind in case of siiecial linhiness the ^feneral nature of the business, shall 
 Ih) jriveu to the lueuibers iu manner herein. ifter mentioned, or in su. h other loanner, 
 if any, as may be prescribed by the eomp,any in jrem i-.il miitinjf ; but the non- 
 receipt of such a notice by any member shall not invalidate the proi eedings at any 
 (^•ccral mcctiiiS- 
 
 •'i M 'J 
 
11= 
 
 !»>!« Al'PK.NDIX. 
 
 II. All l.ii«iii..» -hull h. il.?ii.<t .)).-.iiil itint i. Ir.in«mt'il :it iii intriKinliimrt 
 iiMH'tiiiif. iiml nil ttiiil i" f niti-iH till iit iiii unliii.irv nM<tiii||i'. «itti iIm if rplii.ii nf tin' 
 iciii-id. iMt'iMti ..ftlir !»• ' Miinl., li:(l;nMr -h. . I.. iiimI tli>' i.nliii-irv n jhuI :•< fiii'ilinrtor" 
 iiinl :iiiilit..i«. til. . li'. ti..!i ..I' ilirri t..r- uimI ..tli. r ..«i. • r~ in tli. pla. . „t lli.iw ii'lirnnf 
 liv riilalii'h. .iiicl till' Hxiiiir "f tin nmiiiK ruli"ii "f tin- iimliturn 
 
 IJ Nm liii-iiu-- -Imll I'l iiMi-iii till lit iin ini'tiiitr rxiipt tin i|>< Uriiliiiii ■■( 
 a iliviilriiil, null" a c|ii.iriiiii ..f liirlliltt- i- |iri-Mit at tin' i Mtiiniiiiri liHiit o( tin' 
 lm.iiii'«» Tin .iii.'iMtii -li.ill 1" a-. . ilaiii.il a- f..llii»- tliat i« t.i«a\ . if ttii' mi ml" I- 
 iif till- i.iiii]ian\ lit till tiiiii i.f till' nil. tin.' il.. ii.t . ^rinl f. n in nm.il" f, tli.i|ii.itiini 
 »liall I"' Hvr . if til. V 1 xi.iil t. n tin r. -Iiall In a.lil. il tn tlir alum .|n..fuiM ..n. f.'i 
 11. IV ti>. aililiti..ii!il nil iiiUf up t.. liftv. nnl .m- f..r . \. rv t. n ail.liti..ii il tin ni'» r- 
 iift. r Hft\, «itli tl.i- liniitati.iii. tliat n.. .|ii.inini -liall in an> ia.« .x..-..! tliiiiv 
 
 l:i. If Hitliin mn' Imiii fnnii tin linn a|ii...iiit. il fur tin- niintiiiK a ini.iinni ..f 
 nninl»r» i- tint pn siiit. tin iinitinif. if nmv.n. .l.i.i tin rii|iii»iti.in "f tlm in. ml" i-. 
 aliall In- ili.-...!\iil ; in anv ..tin r . a-.' it -liall «tanil a.l|.iiinnil t.. tin -.ann .lav in 
 til. f..ll.iV»in(.' w.i k at till' MiiJii' tinn- ami plaii' ; ami if it -ii. li ailj..iirn.-.l in.-, tinir -i 
 i|icnniiii iif niiml" r- i- li..t |iF'. -.nt, it -liall I"' ai|j..iliri. .1 • '.' rf..-. 
 
 14. Tin- iliainnaii if anv of tin .liiirlur- -liall pr. -iili a- iliairiiian at i vii> 
 jT'-ii'-ral II tiny .'f tin- 1 .inipaii> . 
 
 1.1. If tlnr. i- nil »iiili 1 liaiiiii.iii. ..r if at aii\ nii . tiny In i- m.l pn-.nl al iK. 
 
 iiim- ..f Inililinir tin- -anil, tin- nn ml" i-» prr-.iit -.hall rln"-i -i.iii.- i.i t 'In ii 
 
 niiiiil" I- t.i 1h- I liiiirni.-in nf tli-it nn . tiny. 
 
 Iti. Tlin rliHinniiii niiiy, with tin- i"ii»i lit "f tin nn . tiny, a.lji.iii-n tin- i finy 
 
 fnmi tinn t.. tinn ami fn.ni plan- tn plair, Inil m. Iiii»iin— ' -hall l» iian-ai ti-il at 
 any aiijiiiinnil nni tiny i.tli. i- than tin- lai-iiii--» h-ft iinKni-ln-il at tl.. in. .tiny fi-..ni 
 \llii.h tin- ailjiilll-nnn lit t.".k plai i . 
 
 17. At any y.-m i-al iii.i tiny, mil.— .i jn.Il i« ili-niaml.il l.y at !.-.-i»t tin-., m. ml- r-. 
 a ih-i lai-atii.n l.y tin- rhaiiiiian that a f.-h..lMtii.n lui- lui-n .-airinl, ami ui . iiti-\ t.. 
 that i-tti-it in till- l"iiik nf pi-iK..-iliny-i.f tin- riiinp.-iny. Khali l»- 1 ..in-lii-ivn i-xiili-in-i- 
 i.f tin- fait, «illn.iit pr.iiil i.f till- niiinl"-!- i.r priii"iitiiin "f i^f »..li- ni-i.nl.il in 
 fa\..iii- .if i.i- ayain-l tin- ri--i.lntii.n. 
 
 I.S. If a ]«.ll i- ih-niamli .1 in iiianni i- afiii-i-aiil, tin- -aim- -h.ill I" tak.-n in -in 1. 
 iiianni-i- ,-i- tin- .-liairniaii ilip.t-. .-iml tin i.--iilt ..f tin- i-.ll -Im'l I" il..m. il I.. I»- tin 
 ii-i.liitii.n nf till- nii-( tiny at wliii-h tin ]>i.ll wu- .Irniamli-d. 
 
 I!*. Kvi-ry nii-niU-r hIihU liavi- mn- v..t.- ami m. iii.'i-i- 
 
 M. If any m.nil»-r is h liinati. .a iili..t In may v..ti- liy hi- i null. . , n/i.i/.-i 
 
 '"ii.ii, or ..till r li yal .-iiratnr. 
 
 '21. N.I iin-niUr -hall In i-ntith-il t.. v.il.- at any nn-i tiny iinl.-— all nnin.-y- ilii. 
 fi.iiii him tn tl inpany han- ln-in jiaiil. 
 
 -JL'. On H pi'Il viiti-» may In- yivi n i-itln-r p.-r.-iinally nr li> prnxy. .\ pruy -hall 
 h.- a)i|>iiinl..l in writiny iimh r tin- haml ..f tin' appnintni-. .i if -in h app'-mtur i- a 
 .■..ri».i-ali..n. iiinl.r it-riimini.ii >«al. 
 
 -j;t. N'l p.-r-..n -hall m-t a.-, a pr.ixy nnl.-ufhi- i.- a nninlii-i-. ..r mil.-— In- i- app-int.-.! 
 tn a(-t nt ttif mi. liny «» proxy for a i-iii-poratinii. 
 
 Tin- in-tri.im-iii a]i]).iiiitiny him -hall In- lU-jmsit.-il ai tin- i-i-yi!.l.n-<l ottin- ..f iln 
 ...mpanv lint li-— than forly-iiyht In.m- iH-forn tin tinn- . if Imliliny the im-i-liny al 
 wlii. I, In- pr.iposi- t.. V..I1-. 
 
 ■>\. Any iii-trumrnt ap|iiiiiitiiiy a proxy .shall In- in tin- foUowiny l"i-ni -. — 
 Ciiiipany, Limiti-il. 
 
 , ,,f , in tin- ...ntity ..f . i»-iny a nn-inl"-r .if tin- — ('..iiipany. 
 
 I.imii..l. Inri-liv apiKiiiit ■ . of . «- my prox.\ , t. ot^ f..r nn- ami .>ii my 
 
 l.half at tin- I ..nliiiiirv n.- i-xtraonlinary . .... //.. .,/■. i,../-- *. j if. n. ral mm tiny ..f tin 
 
 ...miiaiiy, t.i 1»- in-lil on tin- 'lay of'- , ami at any n.ij.iurii!n.-nt tin i f 
 
 Siyni-il thi- ilay of 
 
 /*.i-,-,-<(i)-«. 
 
 :i. Tin- immliir of tin- ilii-.-itor>, ami tin nam. - of tin- tn-' iii-.-.t..i--. ^Iiall Ih- 
 ,l,.(,.r;,,ii,.-l l.y t'.- -iiU-r.l-.r- of ;!n- iiii-::n-.raiiill::r: of .•j-.so-i-iati--!:. 
 
 -Jli. Until liiri.t.. 1-1- am apjioiutctl tin- nnbw-ribtrH of tliu mi-iuoiaiiilmii ..I a.-.-oui.i- 
 t; -1 -hall for all tin- piirpoM-.if thn(.'oiiipanic-i;Con«iilidiition) Ai-I, l!»OS. In- il.vmnl 
 t-. 11.- (liri'i-torK. 
 
t'oMPANIhX (CoNNOI.rriATION) \vi\ 1!K»H. 
 
 Act of 1908 I •'•I 7 
 
 finr^in t>f /hrnfoiM, 
 
 J7. Tlic liiiHiiicM iii rhr t'ltttifmtiv -.lirtti U' m. it l.v ili< iltrt'<-t>>t-<-, wli.. nwi\ 
 
 fXcnini' all '•■I'll {N*w<-r« i>f (h)- rorKMiiiy ;(•> ;in tint Ir tin < '..iri|nini»"' ( '.mw.Ii.ltttioii 
 Art. I'.ms, ».(• (.\ utiy -tJiliitnry iniMliHriitinn ilMTinf fur tlf tiiiii' U^xun i" ("«•«■. «•! 
 hy fh< M- nrtirli--, p t|iiiri-'l t.. U- .x. r« »■« <l Itv ih*' ritii)|iiiiiv in lt* ti< nil in* • tintr . l-nr 
 tin nirul.itioi) tim<lf tiy tin- <Miiip.iTi\ in i^i m r il id** tiii^ -hull invfiliiljit' tn> i.ri-'f 
 art nf th.' )lin'<-t..r*. wh\r\\ wniiM |.;iv.' U-n \ ,!i.l if tJuit r<'iriiliiti<.ti lin.! ti..f U . tt 
 
 .Jh. Tl, ilitt-i t«i|-^ ollilll In- r Irt'h il IIIIIIM.l!t\ li\ TIk ' ' ■tn|.;ltl V III lf< IP t ,| ! ttl< ' tillL'. 
 
 //«. 
 
 t \.* vj i'lmtffiiixj. 
 
 \Hrrr n>^-rt Unh-s 
 
 
 I fo h. r.,.,.lHi-t..i 
 
 i'*. Aiiilitoio nIuiII h* a{>|»i»iiitt'il iiiid th«'ir dutit- i-ctfuUirtd in iii-<-<>riiiUH-(- wi'' 
 ^tH'tinnt oiir hiiiHln- 1 a\v\ twtlvi' ami ••in- hiiii<li't-«l arnl tliiitttii nt' lh<' rMiM|mrii> 
 (Citfi^'lidatiuii) A.t. I'.MtH. i.r anv Htatutui \ m<Hlirtt'ati<<n thin-t f<>r ttif time U-ii., 
 iti fofiv, nnd IV>| thin piiipitxi- tht* ^aid Het-tiuUH mIihII liasc i-tht t i\m if thr wi>t-il 
 •• m< iiibt r;^ " wi-rr •iiiK'niitiiird I'.rr "--li inhiildrr**,'* auda' if '* Hr^t ;fi'ih ral in*-, liny " 
 wtTf <«ii)i^tiiiitrd for " *tjtlutnr\ iiifffinHr ' 
 
 ■to. A iiiilio timy )N-M-i\i>ii \*\ tii<- (iirri|iany tetany ni<'ni)>« r •■ith.r 
 hy <M iidiiitr il hy iM.*t f«t !iim t" iii- iivi"** t'd itddr<'H«. 
 
 '.\\ . W!iiTi' a tiMtii-f i^ "-'Mt li\* jut'^t, wTviri' *i( t)i«' in'ticf -hiill U- 
 .tf»it«d h\ |ip'i"Tiy addi- >^iiiif. pi' payin^f. and po^tiiitr a Utt. r t 
 nutii'i*. atid itnl'fM* tin- cuntniry m pr"\' d ti' havi Urn ftft-rttd at tIm- 
 \\\v It'tt* r \v4mld Im' ddivind in tIk- tudinarx < our-**- nf jK.-t. 
 
 Xmiiu-m. A'Mrt-'-tt*, iiinl iV'i ri|itiou<. uf Sult^iiiWr*. 
 ■• 1 . .li'hn .Jon« >*. nf — — , in tlif munty »•!' - -. ni< )< hant 
 
 • J. Jnliu Sniith. I'f — . in tin- cnimty of , 
 
 ■■ "t. Tlmnno' (ir* . n. nf . in tin* loniity nf -— . 
 
 •4. Jnhn Thnmpwn. of -.in thi- miuitv of . 
 
 • .'). CaM) Whit. . of , in tht- iounty ..f , 
 
 " Ci. Andri w Brnwii. of . in thi* roiinty nf ■. 
 
 • 7. Ctt»Hjir Whitt'. of . in tin » onnty nf •. 
 
 Dat.d tin- day nf . ly — . 
 
 Witniw tn thf alinvr Ni^fnatun-s, 
 
 A R.. N'n. I.J. Hilt.- Strvit. Cl. rk. nwil!. Lniid'm. 
 
 pT'Miiiiillv 
 
 dt>4'>iM d 
 
 nntainiti 
 tinx .1^ 
 
 If III. 
 
 Ahi.h 
 
 ■ -I 
 
 FOKM »'. 
 
 MkMOKA.NIiUX illlll AHTltLKb i.f A»tOCIAT10.\ mI' u ( i.iiiji; 
 
 rtuil liiiviii^ a Shun ('ii)iii;il. 
 
 imilcil l)j' (iiMr.ihtci . 
 
 Mn 
 
 'UHliitHi uf .h.%ini'lft>"'. 
 
 l>t. Thf Tiairif I'f tin- rninjiaiiy :- •• Th< lliiflilaml H'lt.l r'l.mii.tjiv , riinir«-*l." 
 
 Jiiil. 'Hii' riifi-trii'd oBiiT nf th. riiiii)uiiiy will U' -.ituaii- ii] Si-.itl;itii!. 
 
 ;jnl. TIm' ..lijiit> for wliiili till' coiii|uiny i> . «talili-!i(il ai-i' ■• tli' la. ilitaiin^; 
 iravilliiiir in tlii' Ilitflilati<ls ni Smilaiiil li\ pr<i\iiliiiu' li'it>l- ami imurvari'i-s liv 
 »i-ii aiidliv land firr tlir acciiinniiiilatinii .if travillii-s. and lln' ilcinir all "Wili ..tliiv 
 lliinKs a» ari' imid.utal nr cuiidriciM' in tlir atfaiiiiiM nf .d il ,1 -.n "l.ji'ct." 
 
 Iti.. Ti.. Uai.iiity ..t ti.i u:. i,.;.. •.■■. i» lin.iu .i. 
 
 •'dli. Kv.ry nirndxr nf tin' .■nmpany iindirtak ;.. r.intni.iit|. t.. tli.- a»i t^. i.f th. 
 lonipnny in the rvnif nf itx )i<in>.' wnmid up Miilc hi' i- i immlMT, nr within ..ri. 
 year afttTwardM, forpiymont .if tlic di l)t» and liahilitipH nf the cninpHny, .iintra.t.,! 
 
mix 
 
 Appendix. 
 
 ,•■,'.!■ 
 
 l)efMri' lie itcHWB tn U- a incmlxT. and thcuwts, ehorgex. and cxpciiscn of winding-ui^ 
 Hie mmv and for the adjuHtmont of thn nghtx of tlii- contributoricH amongHl 
 iheniselvcH. micb amount ax may be rwiuirtd, not exow-dinit twenty j)oundn. 
 
 6th. The Hbarp capital of the company a)mll i^mxint of «ve hundnd thouaanil 
 ]>ound». divided into five thounand Hhan-s of one hundred jKiundn each. 
 
 We. the wv(>ral iXTwinH whoae names and «ddrcH«>» arc »ub»cribed, are desiroiit 
 of iN-iii); formed into a company, in pursuance of ttiis memorandum of a<wo- 
 < iation, ami we respeitively afftee to take tlie numltiT of shar<-s in tlie capital 
 of the wmpany »«'t opposite our resi>eeti .e uames. 
 
 Name Addrtwieii, and Description of Subserlberi'. 
 
 Number of Hhues 
 
 taken b^ 
 enrh Subanriber. 
 
 ' I . John Jones, of , iu the county of 200 
 
 ' 2. .lohn Smith, of , in the com ly of "iS 
 
 ' 3. Thomas Green, of , in the county of 30 
 
 • 4. John Thompson, of , in the county of 40 
 
 ' 6. Caleb White, of , in the county of 15 
 
 ' 6. Andrew Brown, of , in the county of 5 
 
 ' 7. Caesar White, of , in the county of 10 
 
 Total shires taken .124 
 
 
 Dated th» day of , 19—. 
 
 Witness to the alM)Ve si)rnatures. 
 
 A. B.. No. 111. Hnte Street, Clerkenwell. London. 
 
 Attnlcn ftf' .hiofittftfif til 'iri'o/Hptntt/ /»•> 
 
 'tifititf Mfmoriwdum of Af»ociatwi . 
 .if tlie company iu (feneral nnH'tiuff. 
 
 I. The diriKtors may, with the sanitioii 
 redui'e the amount of slian-s in the i«mpany. 
 
 2 The dinM'tors may, with the sanction of the <'<inipany in (fcnenil mwtintr 
 cancel any shares iH'loujfrintr ti> the i^ompauy. 
 
 3. All the articles of TalJe A. of the Companies (Omsolidation) Act, 1908 
 shall Is- deemed to be incorporated with thexe articles, and to apply to the (vmpany 
 
 Names, Addresses, and Descriptiim of Hubscriben. 
 
 ■ I. .lohn Jones, of . in the coimty of . merchant. 
 
 •• 1. John Smith, of . in the («unty of . 
 
 •• 3. Tliomas On-en. of . in the county of . 
 
 ■• t. John Thompson, of , in the wunty of . 
 
 •• ;'i. Caleb White, of . in the wmnty of . 
 
 " G. A'ldrew Bn)wn. of . in the county of . 
 
 '■ 7. Ciesar Wlute, of , in the county of . 
 
 DaU-d th( day of , 19—. 
 
 Witness to the ulsive sitfiiatures, 
 
 A. B.. No. i:i. Hute Btniit. Chrkenwell, Lcmdon. 
 
 FORM I). 
 
 MfcMOBANKtnc and ABTlcLiiB of ASSOCIATION of all unlimited Company barinK i 
 Share Capital. 
 
 MemoruNtium of Aiftocitttion. 
 
 1>1. The name of the (Mnpany in •' Tlie Fatt'iit Stereotype CompnuT." 
 2nd. The registered office .if the (vimpany will lie sittiat»- iu England. 
 
 J 
 
CJoMPANiEs (Consolidation) Act, 1908. Act of 1908 16l» 
 
 3rd. Tho objectn fur which tUv cdrnpany if- established are " the wnrkiuft of a 
 patent method uf fnundin); and oastin^r stensity^x' platoH, <if whieh method John 
 smith, of London, in the wile patentee." 
 
 Wk. the oeveml pemons whose names an' BubseriU-d. are denirouH of lieinfr formiKl 
 into a company, in pursuauee of this memorandum of awKxiiation, and we rt*- 
 «pe<'tively agree to taki- tlie numln'r of shnn's in the capital of the company set 
 oppuoit*' our re»pe<'tive names. 
 
 Names, AdAnmrv, and Dcacription of SnlMcriben. 
 
 Number of Shaivn 
 
 taken 
 breach Subwriber. 
 
 "1. John Jones, of , m the county of . . . . 
 
 "2. John Smith, of , in the county of . . . . 
 
 " 3. Thomas Green, of , in the county of 
 
 " 4. John ThompHon, of , in the county of 
 
 " 6. Caleb White, of , in the county of ■ . . 
 
 " 6. Andrew Brown, of , in the county of 
 
 "7. Abel Brown, of , in the county of . . . . 
 
 Total Bharea taken. . 
 
 Dated the day of , 19—. 
 
 WitnesB to the alnive sifmatures. 
 
 A. B., No. 'JO. Bond Street, L<mdcm. 
 
 3 
 
 2 
 
 i 1 
 
 •> 
 
 1 
 
 1 
 
 
 12 
 
 1 
 
 Artietea of AniwteititioH to ticcohipany the preetdihg M*moratniittn of AiiOciiUioH, 
 
 1 . The »hare capital of the company IB two thoumnd pounds, divided into twenty 
 shares of one hundred pounds each. 
 
 2. All the articles of Table A. of the Comr.:'nie8 (Consolidation) Act, 1908; s)mll 
 be deemt^d to be ineorporatfe^ with these articles, and to apply to the company. 
 
 Names, AddreiHtes, and Deecription of Subscnben. 
 
 ■' 1. John Jones, of , in the county of , merchant. 
 
 " 2. John Smith, of — -, iu the ('ounty of . 
 
 '• .'1. Thomas Green, of . in the county of . 
 
 " 4. John Thompstm, of , in the county of . 
 
 •' 5. Caleb White, of , in the county of . 
 
 •' 0. Andrew Brown, of , in the county of . 
 
 "7. Abel Brown, of , in the <»mnty of . 
 
 Dated the day of , 19—. 
 
 Witness to the aboie signatures, 
 A. B., No. 20, Bond Street. London. 
 
1620 
 
 Appendix. 
 
 'ij 
 
 Sectii.ti M. FOKM E. a» nxiniiiil liy Part II. of the Act. 
 
 SuiouBY of Skibe Capitai. mid Shaees i>f t)if CoMPANy, Limited, ininlr uj- 
 
 t,) the day of , 19— (ll<•in^' tin- fi)nrt<>fiitli day aftj-r thf datv of tin- 
 
 Hmt ordinary goneral mwtinff in !!• — ). 
 
 isliarew of £ ladi. 
 sliartH of £ I ii( li. 
 
 Total number of xliarpK taken up (a) tu tlii day of , 19— (whii'h iiuiiil»r 
 
 «ft[ mUHt ajfri'o with the total shown in the lint as held hy cxistinjf mrnibcrs) . 
 
 NumU'r of shareH issued Bubject to ]>.'vnieiit wholly iu lash . 
 
 Numlicr of Hharos issued m fully \<t<:.. .ip otherwise than in cash . 
 
 NumlxT of shares issued as partiy jiani up to the extent of - ]f r -hare 
 
 otherwise than in cash . 
 
 (*) There has 1k«i called up on eaih of shares £ . 
 
 Tliere ha« been called up on each of shares £' . 
 
 (i) There has Irf>en callt« up on each of shares £ . 
 
 (c) Total amount of calls re<>iived, including payments on appliiatiou and 
 
 allotment £ . 
 
 Total amount (if any) ajrrecd to l)e considered as paid on shares wliii li 
 
 have been issued as fully i>aid up otlierwise than iu cash £ . 
 
 Total amount {if any) a^rri^i'd to !»■ considered as paid on shan > wliicli 
 
 have been issued as partly paid up to the extent of per share f . 
 
 Total amount of calls unpaid £ . 
 
 Total amount (if anyl of sums paid hy way of commission in ri>i>i'<t of shari's 
 
 or delientures or allowed bv wav of discount sin<e date of last sinnmarv 
 
 £ . 
 
 Total amo\iut if any; paid on il) shares forfeit<'d £ . 
 
 Total ■mount of shares and stock foi- which share warrants are outstanding 
 
 £ . 
 
 Total amount of share warrants issui'd and surrendered n-peitivelv -iiu . 
 
 date of last summary £ . 
 
 NumtHT of shares or amount i^f sUnk comiirised in each share wamtnt- 
 
 Total amount of debt due from the company in respect of all mortjfagis ami 
 
 ehargeH which are roiuircd (or, in the case of a conipiiuy rejfistered in 
 
 Scotland, which, if the company had Iscn registered in Kngland, would 1h' 
 
 H'quired; to 1m' registered with the registrar of companies, or wliich would 
 
 rtijuirc registration if created after the first day of July nineteen hiindn'd 
 
 and eight £ •. 
 
 ^*^ATEJ^l■J^T in the fonn of a balani c sheet made up to the ■ day of 
 
 containing thi^ particiUars of the capital, liabilities, and assets 
 company. 
 
 ■. ly— , 
 
 of the 
 
 (ii) When therp arc shares of different kiniis or amounts '--.j?., Pivft-ienw and Ordinmy. or Ic/. 
 or (M.) «tat4> the numberM and nomiiiHl TiUues separately. 
 
 (6) Where varioiis amounts have bei'n called or ther«* are sharea of different kinds statp thnm 
 ■«e:jantely. 
 
 » Inriude what htti been rwived on forfeited iis well as on existing ihaiei . 
 
 (d) State the aftgrefrate number of «hiire» forfeitiil if any). 
 
 The Uetiirn must bi' signi'd at tlie cml by the manager or swretary of the 
 ^■ompany. 
 
 I'resiiited for filing by . 
 
Companif:.s ((*oNs<)LinATioN) Act, 1!»08. Act of 1908 lt»*Jl 
 
 LiSTuf porwm« holdiiij^ Hhan'« in tin- Company, LiniitMl, vu ihv iliiy •■* 
 
 , iy> , and uf iMTsons wlm have held HharcH thtnin at iiny tinu' hiiii-'c the 
 
 datr o( tilt" laKt retimi. simwinif tlit-ir Nam*>< and Addn"*srf, and an Arrount ot 
 the ShaicH w> held. 
 
 XaMK!*. AlU'KKrtSK'-. 
 
 Ot i:i:iAim\s. 
 
 Folio in 
 Regis- 
 ter 
 
 con- Har- 
 tiiinint? name. 
 parti- 
 cnlun*. 
 
 Cbrih- 
 tiiin 
 
 I N'ura- 
 
 l.er nf 
 
 r",','''," 11r'1m-i U.-turnl.)- 
 .J , ,. ''. ' l',.rs,„,»l,u.„. 
 
 Ad- ' o,.cu- ^T;.tinK ,„,i M.mlMr,. 
 
 1 U-tH 
 
 at date 
 I of He- I Date of 
 
 1 turn. I Num- lifj-intra- 
 
 i i IXT-t tlnn of 
 
 Transfer 
 
 I f iPiirti'nl.iM of 
 HlMnv> !,-.nsferr..! ^^ ,^^ j^,„ „j 
 
 il'iirln tilur^ of 
 
 thf id-t i;>'iunt by 
 
 !'• r,^>*fi« who h-iv*' 
 waw'tl t*t Ih' 
 
 Datr ->* 
 litjristm- 
 
 tiun uf 
 Trttn^d. 
 
 R.- 
 
 niarliH 
 
 • The iiffK^VAtf r 
 the polunin mnvt b»' 
 ■<iunniary to hav 
 
 t Wlipnthp . 
 of each HiiSH 1 
 
 } The datf < 
 transtVrred on 
 and not ojipoHii 
 " ReniarkH ** co' 
 
 '■■r of shiireH helil. anil imt tin- distiiictivr numb* is, mti-i W dialed, and 
 . lip throughout HI its to make one total to H;n'<f ^^lth tliat statt'd m th»' 
 1 up. 
 litfeiTiit clauses thcfw' ('(dumas nuiy be riulidivided -n tli.-it the imutber 
 iTpd may be shown wjiaratily. 
 («i of oHih tran>fer :*hould l*** triven aw well as tlie nuinlver of Mhare^ 
 The partiruliiis siiould be plari-d I'pptifiite the n iiue of the transferor 
 the tran»feie»*. hut the name of thf tran^f' ni' may N- iiiscrt'd in the 
 iie<iiately opposite tht? jirtrti'iilarf' of v-.v-h tnin--fer. 
 
 Namks and Addn-SM - 
 th.' dav 4>f - 
 
 nf thf i>iTH"»n-> win 
 - \\) . 
 
 an 
 
 till- Directors nf till 
 
 Liniit«d 
 
 >n 
 
 Addrewc'H. 
 
 NoTK. Bankinir ronipatiits niiist add a list of all tlirir pla<*« s of laisim-.s.- 
 
 Siirtiatnn- . 
 
 'State wht'tlier mana^fer or s»Hrtt;irv) . 
 
 FurM V 
 
 Licence to hi»ld I^ni>8. 
 
 TIh' Board uf Tradr lurr'lty lic*'n^^^■ the to Imld tin- lands heivundcr dtsorib^-d 
 
 {tutert (ietcriptiou of ftimfn^ [or to hold lands not i-xcwtlin^ in tlie whoh- acre.-*]. 
 
 Tin- loiHlitioni* <if thi« limn'** aro [^inttrrt rotiffifionn, tf ntnj']. 
 
1«2'2 
 
 Appendix, 
 
 Si'ltinll INl. 
 
 FOURTH SCHEDULE. 
 
 «. 16«. 
 -. 174. 
 
 ». 2I». 
 «. l-.'O. 
 
 ». -n:. 
 
 14!.. I4U, 14-.;, 
 
 144, 2U6. 270 
 
 >«. 149. 
 20-.'. 
 
 .«. \r>i. 
 
 N. 164. 
 ». 176. 
 «. Ifll 
 1. lii'.i 
 
 IS(,. 
 
 PART 1. 
 Obdebs Peokotjxced in Vacatiox in S<'otlakd wnirB abk to be Fm*i. 
 
 Orders : - 
 
 A» tot .11.- for provinffolaiiuB. . ,. j 
 
 Ah to ti I attendance of, and production of document* by, perwin- indebted to. 
 or havii.-/ property of, or information as to the atfHirx or pmperty of, a company. 
 
 Am to meetingH "for aKcertaininjf wishes of (Teditom or contributories. 
 
 As to sum.ioninsf meetings of creditors or contributories where a compromise 
 is propt>scd. . 
 
 As to the exttmination of witnesses in regnrd to the projxrty or atfairs of n 
 ooini *ny. 
 
 PART II. 
 
 Obdkbs Pbonotoxbd is Vaci-.ion in Scotland whick abk to take ekfect i'Ntil 
 Reo.adiino Note DisroeED ok. 
 
 Orders:— ,, , i- 
 
 Restraining o penrHting («mmencement or continuance of legal proceedings. 
 
 Appointing an official liquidator to fill a vacancy, or apisiinting (exwpt t« fill 
 a vacancy caused by the nmoval of a liquidator by the Court! a liquidator for a 
 winding up voluntarily or under supervision. 
 
 Sanctioning the exercise of any power by an official liquidat4)r other than the 
 powiT to appoint a law agent or to sell property. 
 
 RtKiuiring the delivery of property or dc.uments to the ' "'cial liquidator. 
 
 As to the arrest and detention of an alwconding contributory and his propi^rtv. 
 
 Limiting the powers of provisional official liquidators. 
 
 For continuance of winding-up under supervision. 
 
 s< 
 
 •ction 
 
 281 
 
 a. 
 
 17. 
 
 
 s. 
 
 72. 
 
 
 s. 
 
 S7. 
 
 
 s. 
 
 »s. 
 
 
 s. 
 
 «.'.. 
 
 
 s, 
 
 2ti. 
 
 
 SS 
 
 . 112 
 
 li: 
 
 s. 
 
 82. 
 
 
 s. 
 
 93. 
 
 
 «. 
 
 9.5. 
 
 
 >. 
 
 187, 
 
 
 ^. 
 
 188. 
 
 
 > 
 
 274. 
 
 
 „, 
 
 28S. 
 
 
 FIFTH SCHEDTILE. 
 
 PBOVISIOXS BEJEliBED TO IN SECTION 281 OK TUK AcT. 
 
 Provisions relating to — 
 The conclusiveness of certificates of incoi-poratiou ; 
 Restrictions on appointments or advertisement of directors 
 Restrictions on commencement of business : 
 Returns as to allotments ; 
 Statutorj- meetings ; 
 The particulars a.'< to airectors and mortgage debt and the statement in th.- 
 
 form of a balance sheet in the annual summary : 
 The appointment and remuneration, and powers and duties, of auditors , 
 Obligations of companies where no prospectiu is issued ; 
 Registration of mortgages and charges in England and Ireland : 
 Filing of accounts of receiver and manager ; 
 
 Notice by liquidator in voluntary winding-up of his appointment ; 
 Rights of creditors in ii voluntary winding-up ; 
 
 RiHiuirements as to cumpaniea establishwi outaide the United Kinguom ; aiel 
 Annual report by Board of Trade. 
 
Companies (Consolidation) Act, I90ft. 
 
 Act of 1908 16-<^H 
 
 FirXTn SGHEDUI.K. 
 
 
 PART I. 
 
 
 ElCAOTKKim RKPKALBI). 
 
 S.vti..n ■>*■■■ 
 
 1 i 
 
 
 Hi'SHion and 
 CliapUT. 
 
 2-i 4: 26 Vict. 
 i: 89. 
 
 27 Vict. c. 19. 
 
 :iO & 31 Vict. 
 I-. 1.31. 
 
 ■ii & .a Vict. 
 i: 19. 
 
 :;:i A: 34 Vict. 
 .'. 104. 
 
 ;i7 ic 38 Vict. 
 .-. 94. 
 
 :m * 39 Vict. 
 c. 77. 
 
 4(1 & 41 Vict. 
 . . 26. 
 
 40 & 41 Vict. 
 .-. 57. 
 
 42 i 43 Vict, 
 c. 76 
 
 4:iVut.c. 19. 
 
 Hi A 47 Vict, 
 r. 30. 
 
 4;i Viet. 0. 23. 
 
 ,-,11 & ,'jl Vict. 
 0. 43. 
 
 •lO & .il Vict, 
 c. 47. 
 
 .■il & 52 Viot. 
 c. rt2. 
 
 Sliort Title of Act. 
 
 The Companifn Act, 1862. . 
 
 Tlir Ciiiuimnii'H Seals Act, 
 1864. 
 
 The Companies A(^t, 1867 . . 
 The Staiinarics Act, 18C9. . 
 
 Thr Joint Stock ConiimnieH 
 Arrangi'mont Act, 1870. 
 
 Conveyancing (Scotland) 
 ActI 1874. 
 
 Thf Snpriinc Court of .Tudi- 
 caturc Act, lS7.'i. 
 
 Extiiit of {iep<<Hl. 
 
 The whole Act. 
 
 The wIm.I.. An. 
 
 Th. whol,. A.t. 
 
 Section.s twcuty-tivc. twinty-si», and 
 thirty-four. 
 
 Ttie whole Act. 
 
 S<-ctiou fifty- si \. 
 
 Section t*-n, so far as rrbittw t<t tho 
 winding up «»f nonipanies. 
 
 Tlic Companies Act, 1877. . The wliole Act. 
 
 The Suprenu- Court of Judi- 
 cature 'Ireland) Act, 1877. 
 
 The Companies Act, 1879.. 
 
 The Companies Act, 1880. . 
 
 The 0>mpanie8 (Colonial 
 ReKixters) Act, 1883. 
 
 The CompauicR Act, 1886. , 
 
 The Stannaries Act, 1887 . . 
 
 Suli-sectiou • 1 of seitiou t» enty-eiglit, 
 so far as n>lates to tli>' winding up 
 of companies. 
 
 The wh.ile Act. 
 
 The whole All. 
 The wliole Act. 
 
 The whole Act. 
 
 Sections nine and ten ; section thirteen 
 from "I'lxm the winding ■>" tu 
 the end of the section (lieing piira- 
 graph (2)); and si^etion thirty-one. 
 
 Thi' Trust«> Savings Banks Section three. 
 Act, 1887. 
 
 The I'referential Paymenta 
 in Bankruptcy Act. 1888. 
 
 Strctious one. two. and thn'<', so fur h» 
 they ri'late to eonipanieo. 
 
 M 
 
1624 
 
 Al'PKNUIX. 
 
 84i(Ni(>n and 
 Clia|)tir. 
 
 .li & a;) Vict. 
 
 •VJ ti M Virf. 
 
 r. »;n. 
 
 .0:i A: .")! Vict. 
 .!. Hi. 
 
 .'.:■ & .14 Vict, 
 c. HI). 
 
 .■>3 ii .■>4 Vict. 
 c. 1)4. 
 
 .ill .\i -u Vict, 
 c. M. 
 
 lib & 61 Vict, 
 c. lU. 
 
 Ill A: (ii Viit. 
 c. 'Jfl. 
 
 o:) & (>4 Vict, 
 c. 4N. 
 
 7 Kdw. 7, 
 c. ■J4. 
 
 7 Klw. 7. 
 c. 50. 
 
 ^' VAw. 7, 
 
 c. rj. 
 
 S).(irt Title (if .\ct. 
 
 Kxtfiit of RpjM-al. 
 
 llie RiM'uuc .\ct, IHN'.i .. fwi'tiiiii eitflitiH'ii. 
 
 Tlic Prcfinutial I'liyrocutu S<ctiuii four, wi far a- rclnUs tii . miu- 
 iu Baiiknipti^y 'Irt'LiiiiV paniis. 
 Act, ISH'J. 
 
 The ('ompaiue> ;Mcniu- Tl'c whole Act. 
 rtiiidmii ()f Association' 
 .\ct. 1»9I». 
 
 The CompanicH iWindinif- TIm whole Act. 
 
 up) Act, isyo. 
 
 The l)ireclor» Liability Act, Tlie wlh.li Act. 
 
 'Hie (.'uinpuiiicx (Windiu)t- Tlie wholi' .\ct. 
 up) Act, ISlCt. 
 
 The Prifereutial Paymi nt» The whole .\ct . 
 iu Bankruptcy .Xmcuil- 
 incnt Act, l«i)7. 
 
 The t'ompaiiirs Act, iK'.tS.. lll. »ll..le .\rt. 
 
 Tlie C'oiiipaiiics .Vet, I9IHI. . The whole Ait. 
 
 Thi Limited raituerships ."^ulp-seitiou (1, of ■action m.n. 
 Act, 19(17. 
 
 The Coiiipanio .\ct. 1:07.. TIk whole ,\et. 
 The Compuiiico -Vel.l'.HiH .. Tli. wh. le Act. 
 
 PART H. 
 
 Nrtiou 28G. ,vx .\cT TO kkoulate .Ioi.nt Stock Banks i.n Kxulanp 7 & X Vict. c. 1 i;i , s. 47. 
 
 Exiatinff com- Kvery company of more than »ix p<rMiu« estaliliflail on the .-•ixth day of May 
 
 paaiea to have one thousand eij^ht hundred and forty-four, for the purrxise of carrying oti the 
 
 the powers of trade or business of liankers within tlu' distance of sijty-hve miles from Lindoii, 
 
 suing and and not within the pnnisions (.f the Act guessed in the session of the seventh and 
 
 being sued. eijflith viars of Qiiei ii Viitciria, ihapter oiii' hiiiidr<d and thirtiOTi, intituled "An 
 
 Act to rcjriilat*' ,Ioint Stock Banks in Enjfland.** shall have the san'e powers and 
 
 privilcjfes vi suin^ and twinjf sued in tlie name of any one of the pnblic officers 
 
 of such co-partnership as the nominal plaintiff, js-titioner, or di fendant on tichalt 
 
 of sucii c(»-i>urtnrrHliip : and all jiidjrments. deiTin^s, and orders made and obtained 
 
 in any such suit may lie enforced in like manner aa ia provided with ri'speot to 
 
 sH.-h ei.inpniii--s eHrryini.' ••n the -m<\ >tiv\-- ■•t t.u-iiu-ss ,Ht msv i>laee in !\iTt-'.irul 
 
CoMPANiKs (Consolidation) Act. I!»(»n. Act of 1908 1625 
 
 . xiciKliiijr It"' iU»tiiiii<' cif sixty-livi' mill > fiMiii li.niili.ii iiiiilir tlw |>p.\M"n- "f 
 th.' CdUiifrv Blinkers Alt, ISJi;, |>i"\icliil tli:it >ur li Hr-t-ii"iili'nu ,1 .niinviiiv slinll 
 iiiMkr nut iiiiil <lilivi r fnmi tiiiir tn tiiii.' ti. till «'ciiiimi->iinii I- i.f liilaiiil Itiniii" 
 111' >. vithI iiiciiiiiits or ntiini- niiiiinil li\ tlir liist-iuiiitiHiiiil Ait. h:ii1 all tin- 
 vi>ii.ii.H of the last-ri'iitiil Art a> to »iiili a.iotml, or nliirii-. shall l»' takni 
 
 I"- 
 
 to ajiply to thi' acroiiiit- 
 iiM-iitioiii'il i-oiMimiiirs as 
 of till- last-rcritiil A<t. 
 
 r ntiinis so 
 tli.v liail li 
 
 mail.- out anil il.liv.vnl liy suili first - 
 •111 oriifiiially iiuluil.il in IIm iiro\isious 
 
 TlIK .loINT StOI K liAXKISO I'OMIAMKS AiT, IS.lT. 
 
 1'aict or s. 1-'. 
 
 NolH-itlistauiliiii; aiivtliiiiif loiitaiiiiil ill any Ail , -il in ll" .S.ssi.,i: lioMni I'owir to fonr. 
 in rill- sivi-ntli anil I'ijrlitli v.ar- of (^u. . n Viitoria . iliapt. r oni- liiiinlriil anil liankin^,' part- 
 tliirtriii. anil intitul.il •■An Ail to ri ;.'iilatr Joint Sto.k liank« in Kiivrlanil," or niTships of 
 ill any otiicr Ail. it sliall In- lawful for any ni'inluT of jursoiis. nol i xni iliiitf ten pvrwius. 
 till, to raiTy on in paitmrsliip llio luisim ss of liankin^'. in tin- siiiio inaiiin r anil 
 
 iqion till' saiurroiulitipiis in all iispiits a« any ,iany of not iiion tliaii si\ pirsons 
 
 I'oiilil Infori' till' passin;.' ..f ilu .loint Stork Itankinj- ( '"nii>a«ii- A. I. I'<'i7, 
 • arrii-il on snoli Imsiiifss. 
 
 Ill 
 
 Ull 
 
 \ii 
 lid 
 ers 
 iilf 
 nil 
 to 
 lul 
 
 NOTK ON (M'lTAI. I)HY. 
 
 By s.'1't. 1 U of thi' Stamp Ait, 18!il. a si»t<mi'nt of tin- ainoiiiii wliii li is ti> fonii 
 till nominal shari' lapitnl of any loinpany to In- ri'>ristir<sl witli limittil lialiility 
 shall If (lilivind to thi' ri iristrar of joint sto<>k <'iimpanii'.s in Kn;;lanil, Smtlanil, 
 or rrilanil, and a statpinent of the amount of any imriasi of n i.'isti'r('d rapital of 
 any loinpauy now rf>.'istirisl or to be ri'jfistxnd « ith liniitid lialiility shall In 
 dijivircil to till' said ri'^r'strar. and cvpry surh statinniit shall ho i liar>.'iil with an 
 .1./ ralni,,,! »tam]i duty of J., for i viry" 10(1'., and any frartion of Im". ovir any 
 inultipir of 1(10/. of tin' amount of such lapital or iniroasi' of rapital a." tin' rase 
 inav 1h'. 
 
 liv the Finaiiii' Ait. ISIH) (i'J it (i:; Vict. r. (•'. s. T, •')•. is snl*tituti'd for ■_''. .is 
 till- ',),! rnli.tr,!, stamp dutv liv siits. \\1 and ll:i of th.- St.-imp Ait. I.V'l. 
 
 Sci't. 1-2 of thi' Finani'V AH, l^<«i .V.I ,\, ,;» Viit. i-. 'JN . cxtonds tlio p.ovisions of 
 Slit. ll:( of the Stamp Ait. \W\. to lertain otiui lorjMir.itions and i onipiniis 
 
 The Ri'veuiip Ait, Hid:! ['■'• Kdw . 7. r. |i' , h. ... providea that thi- siatiin. nl of thi 
 amount of any imriasc of rp)fi-terrii lapital of anv i ompaiiy n-^iistirod undir the 
 t'omimnies Acts. IMJ'J to t'.iiin. whirh is rwpiind hy wit. lli of tin- Stamp .\c't, 
 Ihi.il, to lio delivered to the rejfisirar of joint stm k lompaniis. shall Ik- delivi nil. 
 duly stamped with the duty ehar;,'id then-on. within foiirt.i-n days after the pa.ssinn 
 of the resoluti.in bv wliiih the re^ri.stenil i aiiital is imreasi'il. 
 
 In Afl.-lii'i. V." A>,iil'-.h;iri,i,,„ r,n,„„,i,,- <;. , l.i.l.. niO'.l, 1 K. |!. (177. the 
 eompanv had passiil a s)hi ial resolntion aulhori/iui,' th.' dim tor- to ini-reasi- the 
 1 apital by a ."um not i-.\rei-iiintr o,i.iUO,(i(i(l/. by the inatioii and issin- from tiim- to 
 time of new onlinarv share- of -V. eai-li. and it was hi-ld that the whol.- of suih 
 .■).0()(i.linM/. was eharViable with ."/ r„l, ,,,„ dutv as an iiii-ri';isi of nuistinil eapi'.il. 
 Tliou)fh in fait tin- dim tors lia'l. pnrsnanl to the resolniiiui. only i n-atnl and i-suiil 
 • apital to the amount of ■.',0(10,00(1/. The Kiiuiiids on wlii. h the h-aruiij jihIkc 
 (,'hannell, ,1.) arriviil at this enui-lusion appt-ar to be hast-d on a eomph-te mis.-ipjire- 
 lien«ion of the Behenie of ojieration of the Companies .\et, isecj, in n-i^ard to a 
 I ompnny's capital. Tlie learned judve appears to have thou(;lit that the eapital of 
 a eompanv waa not n mass of shares en'ated and existinjr. but merely a titrun- 
 deuotinikf the maximum beyond whii h the eompanv niij^ht not pi. It is snbmittM 
 that thia is not the eomi;t view, and th it a iiaiipany's eaiiital is not inereas<'d until 
 il is bnmtfht into aetual exi»teni-e, and th.it a men- authority to inen-ase does not 
 operate as an iiicrea.se until that authority is i-xereisid. Sii- /■.'."/>/"//'> 'Vni-, 9Ch. I. 
 
 m 
 
Ifi26 Appkndix. 
 
 THK ASSIIUANCE COMPANIES ACT, 1009. 
 
 !) Ei)w. 7, ( . 4!». 
 
 An Atl til roiiBolidiito and amond and (>xtcncl to otlior r'oniyiaiiicH 
 •■arrvinjf on Assiiranie or Insiiraiic» liiininess the I,ir,v relating; 
 to Life Assiiraiico Coin|ianii's and for othor purjioBi'N c onnoctetl 
 thori'with. 
 
 ItK it tn.ictcil bv till' Killer's ninnt Kxccllnit Miiio^ty, by anil witti tlii> lulviii- Hint 
 lonwiit of thu Liinls Siiiiituiil nixl TciiipomI, niul ('oinmnns, in tliis jinwiit I'm • 
 linment itHHemtilocl, aird by the aiitliority of tlu' same, ni* follows : — 
 
 Art, ISjO. 
 *-'uii)punie.'s 
 ■ It wiiich Ac 
 ippliis. 
 
 y\ 
 
 ' * 
 
 li-;^ 
 
 ...M 
 
 H: fil 
 
 >. ■> of I 
 I)''lM)sit. 
 
 870. 
 
 ! ^ 
 
 t'tiittpatiiei to whkh Ail "iip^if. 
 
 1. Tlii" Act nlmll a( ply to ail pfrnons or Iwdit's of pt'rsoii», »l'<>thcr i iir|>orat« or 
 
 uiiiiic'orporati', not liciii^f r«i,'ist<ri(l unili r thi' Ait» ri'latiiii.' to friiniUy r-i«i('tii's or to 
 
 trade unioDs whi<'lilnTMHiMaii(lbotli' snf pi-rr-oiisar»'lR'rciuattfrrrf*Tri iltoaHa^suraucr 
 
 coinpaiiifs). Mlii'thf r rstablif»h<^l beforr or aftor the ('oiiimeiKi-nit'ut of tlii» Ai-t and 
 
 wht'tlur CKtablishid within or without tlio I'nit"*! Kinirdoin. who larry on within 
 
 till- Vnit«l Kinffdoni as-uraure business of all or any of the following,' ilassis : - 
 
 (a Ijfi' as.suramv busincjis : that is to say, the i»Mio of, or tlio undirtakinjr of 
 
 liability undfr. luilirics of asHunince u]Km human lift', or tho grantini^ .'f 
 
 annuities upon hiiroan life : 
 
 bj Firo iirsuraniv business : tliat is to say, thi' issui' of, or the undcrtakinf,' 'if 
 
 liability under, polii-irs of insiiraiuM^ aijainst loss by or incidental to fire ; 
 (c) Aicidcnt insnrunit' bufcincss ; that i» to say, the issue of, or the nndi rtakiii); 
 of liability under, policies of iiisunineo upon the happenint; of personal 
 accidents, whether fatal or not, disease, or sickness, or any ilass of iicrsonal 
 accidents, ilisease, <tr sickness ; 
 'd Kniployers' liability insurance business ; that is to say, the issue of. or (lie 
 undertaking,' of liability under, jsilicies insuring einphjyers airiinst liability 
 to pay comiMHsation or ilauiasres to workmen in their eniployinent ■ 
 (tv Hond iii\estnieut business: that is to siiy. the business of issuinur bonds or 
 endowment eertil;cates by vvliich the company, in return f(.f subscriptions 
 payable at perio<li'-al interv.als of two months or less, contract to pay the 
 iMtndlatldcr a sum at a future date and not being life ,i^suraui'e business 
 as hereiid)cfore detined ; 
 subject as respects any class of assurance business to the spe<;ial provisions of this 
 Act ri'latin^ to business itf that class : 
 
 A company retristcreil under the Companies Acts which transacts assurame 
 Viusiness of any sucii class as aforesaid in any part of the world shall for the pur- 
 pose!* of this provision be deemed to be a comjiMMy trausuctinjf such business within 
 the I'nited Kingdom. 
 
 fit tirfaf. 
 
 2. — (1) Kvery assurance loinpany shall deposit and keep deposited with the 
 I'uymaster-tJeneral fur and on behalf of the Supreme Court the sum of twenty 
 thousand pounds. 
 
 (:!) The sum so deposited shall be invested by the Payinaster-tieneral in such of 
 the stM'uritics usually acct pti'd by the f"ourt for the investment of funds idaced 
 under its administration as the company may sehct. and the interest ac^cruint,' due 
 i)U any such securities shall be paid to the CiUnjtany. 
 
 (:() The deposit may 1m> maile by the subscribers of the memorandum of asso- 
 ciation of the <iinipany. or any of them, in the name of tne pro|Mised lompany, 
 .and, upon the inc(a'poration of the company, shall be deemed to have been nunle by, 
 and to 1h' part of the assets of, the eompany. and the registrar "hall not issue a 
 eertiiicate of incoqMiration of tla' company until ilie deiHwit has be,ii made. 
 
 (4) Where a company carries on, or intends to carry on, assurance business of mon? 
 
TiiK AssuuANCK CoMPANUx AcT, 1900. Act of 1909 
 
 hiil 
 
 I bail nil.- iIhm, tt mpiiriitp hiimi "f tw.iity thniiwiiicl pounilH fliiiU !«• ilqxwitcl 
 md kppt ,1. |H»it«l uii.ler this wctioii «» ri'-jx'.t" c». li . 1ii-b of biiHiiiii-". BiiJ th. 
 .lopiisit tnsdi- in r.f<p<-<t of iiiiv ilic" "f biwiiitwi in ^••.IH^(■t of whuh ii wiiiimt. 
 Tiiwurance fund '« riiiuiri><l to be kept almll Im- d.cnic^l to form piirt of tlmt fund, niiil 
 ill intenwt Mciruintf dm- on «ny »urh dipoxit or tli.' «riiritii'» in whirh it is for the 
 time Iwinff iuvestiil slmll t"' iarrii'4 \>y tlic lonipuny to th.-it fund. 
 
 (.I, The I'iiTiniistiT-tienniil »h:ill imt iiii*'pt ii di'posit oxii'pt nn a wiirnint of thr 
 Board of Triidc. 
 
 (Ii The Board of Tnuli- inaymiike rules with ri-speit toapplioitiuiis for warrants, 
 thi payment of deposits, and the investment ther.sif or d'lilinjr thtrewilh. the 
 deposit of st.sks or other siriiriti.s in lieu of mon.y. the pavin«iit of tlo- iiitir..t or 
 
 divid. lids from lime to lime aiLinihjfdi i :inys.ciirities in whiih deposit- are for the 
 
 liin.- Iieinu Inv. ,.t.sl, and the withdrawiil and transfer of dejiosits. mid the rules so 
 mad.' ■hall have ttl. el as if they wen ina.lid in this A. I, and shall he laid tsfon- 
 Parliament as soon an may lie ufl.r they are made. , . ■ • 
 
 7' This sistion sluill apply to an assuranee c-ompany re;.'i.-t< red or hiivimt lis 
 head ottire in Ireland, subject to the followiii^f iiiiHlitiiatioiis: 
 
 Keferene.s to the Supreme Court shall Is' eoiistrued as r. ferences t.i th.' 
 Supri'me Court of .ludieature in Inland, aii.l nfiri'i..-. s t.. the I'aymasi.T- 
 (ieneral shall h.' .■.m^truisl as refereii.es to th.' A. . .uiiitanl-Ci. iieral ol th.' 
 Ia»t-mentioned Court. 
 
 3.— 1 In the .ase of an assuraii.-.' .•..inp.'iny tninsiu tin)f oth. r husinens Issi.l.'s 
 t hat of aiwiiriinee or trausaiiiuif mor.' than one .lass ..f assuraine business, a sep: rat.' 
 a.j'ount shall Ih' kept of all rei'.ipts in resixyt of th.' as,urau<'«' business or.. f e^u h 
 .lass .)f B-suiani'e husin.'ss, and th.' riieipts in ii'sp.'it of th.' as.-.uranei 
 
 in Ihe .' IS.' of a .-..nipanv larryiiij,' ..n more th e . 1 iss .,f assur ",' 
 
 . a. h ilass ,,f hu^in. ss. shall In- .-irried to and f..nii a s,pirai.' .issioane 
 an :ippro].riate name ■ 
 
 I'rovi. led thai notliiiiK in this s.'i:tion shall re<iiiirc the inv.'slnieiits of any su.h 
 lilli.l 1.1 K' kept sepiirat.' fr.ini thi' inv.sf meiils of aiiv oth. r flliel 
 
 I J A fund ..f iiiiv partii'ular . 1 iss shall !»• as ahs.ilutely th.' s...'iinty of th.' poll, y 
 iLilihrs of that .lass as tli..iiifh it l»'lon>f.sJ I., ii I'oinpaiiy larrvinir on n.. ..ther 
 Imsin. " than a>suraii.'e business ..f that .lass, and sh ill ii.ii 1..' liabl" f.a- .my ...n- 
 iraets ..f th.' cmipaiiy for which it would not hav.- lieeu lial.h' ha.l ihe business ..f 
 the . Miipany bei'U .mly that of a-isiirani'e of that .lass, and sh ill not b.' apph.si, 
 .liri'dly .ir indir.'etly. for any piu'isise- ..tli.r lliau thos.' of the .l.i^s .if busin.ss to 
 wlii'h the fund is applieable 
 
 4. Kveiy assurau.e i.imimiiy -.hall, at the expii'atiou of I'a. h tiiiiineial year ..f ihi- 
 .'iinipaiiy, j.repare — 
 
 business, .ir, 
 
 busin.'^t. ..f 
 
 fund with 
 
 s. I of is;! 
 .S.paratioii 
 of fun.U. 
 
 1 of IsTii. 
 '..lints 
 
 sheets 
 
 mpaiiy, .ir by 
 tiiiaii.'ial .'iii- 
 
 ,., \ nv.'nu,. aieount forth.' vear in the f..rm ..r f..rms -mI f.irth in th.' First and Imlan. . 
 
 S.hedule to this A.'t and appliiabl.' t.. tl li-s .ir .lasses of assuian.-. 
 
 business .arriisl.m by th.' .'ompaiiy ; 
 b A pr..tit and l.iss a('.'.>unt in the birm set f.irth in th.' S. .-..ml Sih.'.luh' t.. thu 
 Act. except when' the e.mipany carries on assuran. ■■ bii«iiies- .if .me .las: 
 (july and no other business ; 
 I', A balance shei'l in the form sit f.irth in the Third S<hedul.' t.. this Act. 
 
 5. (Ij Every assuran.a' company »hall, one in every five y.ar-.'rat su "h -li..rt.' 
 intervals as may b.' pr.-..rihcd by the iuslnim. nt c.insiitiiiii.j.' t 
 its iv>.'ul,itions iV bvilaws, I'ause an investia'ation to !»' nia.h' in 
 dilion, includiuK evaluation of its liabilities, by an a.tuury, an.l shall- cans.' an 
 abstract of the r.']>.iit of such a.iii irv t.i lie nia.U' in th.> form ..r forms set forth m 
 the Fourth .Schi'dule to this A't and appliiable to the cl.iss or el.is^'s of assiuauc.' 
 busin.ss curried ..u by the company. 
 
 (2) The fore-..iii).' provisions of this sectbrn >hall also apply wh.'neverat any oth.'r 
 time an investigation into the financial eondilioii ..f an as.,uran.e .'..nipany is ma.h' 
 with u view t4i tlu' .lislribution of pr.iHts, or the r.'.sults .if whi.b are mad.' public. 
 
 6. Every a.ssuran.-.' eonipanv sliall pr>.par.' a slalen.ent ..f its a-ulttlic. business 
 at lhedate"to whii^h th.'acc.iunls.,f the company are nia.l.' up f,,i' th.' pun»iscs ,.f 
 any such iuvcstinatioii as aforesaid in the form .ir f.irms s.t forth in the tifth 
 Sei.i'duh' to this Act and applicable b, the cl,i.ss,.r .lass.s ..f assuran.'.^ busm.'ss 
 .-arried on by tlicm ipany : I'rovi.bd that, if the inv.'sti;.'ati.in is in.nU' unniiully by 
 any coiiii-sny, tin- n e-.jwny may pivjiare such a stutemeiit at any lime, au that it !«' 
 made at least once in every five y.ars. 
 
 % 
 
 s. N -.1' is:- 
 
 St.(fr-IIi. lit 
 
 of i^^iiriiii' I 
 
 rrwr 
 
Mm 
 
 Api'kndix. 
 
 s. .-. of 1H70. 
 I >('p(wit of 
 
 ill UlltS. til'. 
 
 »itli Iliiuril 
 .il Triicli-. 
 
 IMw. 
 
 l:i;fht i>f whan- 
 holil.T?-. Itr. to 
 , ,|,„,„f 
 ••'■ •lint-', Jtc. 
 .\iiilit uf 
 .1. .'ouDtli. 
 
 » .V a Vict. 0. ii; 
 
 S. 7 of 18711. 
 IJ»t of 
 i-liari'holdcrn. 
 
 S. l:iiif ls7(i 
 DnA of 
 M'ttleincnt. 
 
 rublicHtion 111 
 iiuthiiri/i-il. null 
 M-ntiiil, anil 
 piiii) up capital. 
 
 H.Huf 1N70. 
 Amalifamation 
 iir tmnsler. 
 
 1>. »3S 
 
 rnf' 
 
 7.— (I) Kviry nil mini. Iialuiui' nlmt. aliBtr ni, or itiitiimiit lioniiiMiin' rwiiiired 
 t.i bu iiiHilo nIiuIIIk' priiiliil, iinil fnui- 1 i.iii.t tin riiif, mu' of whiili »lmll I"- -i^mjl by 
 till- chttiniiiiu anil two iliri'itiir» of tin- lu.mimn)- iiiiil l.y llif iirinrijwl oftlivr of tin- 
 loiiiiiMiiv .mil, if till' loiiiiiaiiy hu» ii iiiiiimKiiiK lUriitor, by the niiinutfiUK Jir<-|»or. 
 uliiilt 1.1- il.i«i»itiil ,it till- |l.«inliif Trii'li' within .ix nmiith^ »ftir tlir .liwo of tliu 
 iirioil to wliiili till' iiraiuiit. luiliiinr ■•liiit.iiliitruit, ur htHUniint riliit<'K : I'roviiliil 
 llml, if in any iin-r it ir. iiiuili.' to ;iiiii.ar t.. tin Bmiril of Traa.' that th(' iiiiiun- 
 i.laiue» iiri' »ui'li that ii loniiir piTiml than nix nn.nthi shmilil hi- allowed, tlH'Iloiml 
 miiy ixti'iiil that iiiriiHl hv xm li piriml not rxi niliuK 'I'lvr niuutliKn-i they think Kt. 
 
 (I' Thf lloaril of 'IVuli" >liall (oiimJit the airouutH. liala »li.'<ti.. ul.»tnirtH, uiiil 
 
 ntat.Miiiit- hi. ihi>..>iliil, .111.1, if any -.ui h acr.iunt. halame !!lii-<t. Htwlrait. or 
 Htatiini nt a|i|>i at- to thi Hiiaiil to ]„■ inai riii it. i.r in. ..iii].!. ti in iin> IV..11.1I, the 
 Boanl >liall inniiiiiinii ate with tin- i..nij.anv « ith .1 \ii» t.. the ii.ir. itioii of any 
 MUih iiiiii 1 iirai il - anil th. »u]iiily of d.ti. 11 II. i. >. 
 
 ;:; Tin n- >liall U' ilepositrd with i\ei-y ri\eiiii. ii..i.iint an. I Lahin. . -lieit ol a 
 eoin|iuii\ an\ n iKirt ..11 the attair.» .f the . ..iiiiiin.x -ulnnitt. il 1 .the chai-. h il.l. i» of 
 polii y liolih r- of the i..ini)aiiy in le^ini t of the tinaii. iai year to whii li the aei oiint 
 and halan.'.- -.heet related. 
 
 (I Where an a».Mirauee eonipany re>fi«tered niider thi ( 'i.ni|ianii » Ail»inaiiy 
 year dei>o>it» it» a.eounts anil balaiiei sheit in ai eordame with llie iiiovi«iou» of 
 this wvtion. th.- eoiniiaiiy iii.iy. at the »anie tim. . -einl to the iiiii-tinr a eojiv ..f 
 .-iieh M.e..iiiit« rind hul.iTiie >hei t ; and. when' sn. h 1 opv i« «o -.nt. it «hall not t» 
 ni-ee-Harv for the eotn|mn\ to wnd to the rey-i^trar a -tatenieiit in th. f..ini of ,1 
 hnlanie sheet a» nHinindbv wih-iieetioii :! of sc.ti.iii twenty-six of th. Companies 
 ((.'on.soliilationi Ait, IIHIH, and the eopy of the iieioiiiits and luilanie sheet so mill 
 
 shall 1m- dealt with in all TisiM.<ts as if' it were a statement sent in aeiord ■ with 
 
 that siib-si-etioii 
 
 8. A printed e..py of the la«t-di p.isitisl in oiuils. halanei sheet, ahstraet. or 
 stall nil 111. shall on the a]ipliiatioii of any slianhoM. r or jxili. y Ii.ilder of the 
 eonip.iny lie I'orwarde.l to him hy the eoniimny l.y [lost or otherw ise. 
 
 9. Where tile .leeoiints of an iissnrani . ...mpaiiv ar. not suhji-it to audi! in 
 aceordanie with the provisi.ms of the Comiianiis Consolidation Ait. \W)S. or the 
 Compiniis Clauses Consolidation All. 184.'i. relating.' to aii.lif. the a. . ..iiiits .if the 
 company shall !»■ audited annually in such manner as the Hoard ot Trad, may 
 preseribi-. and the n ^nd.itioiiH made for the piiriKise may apply to aiiv such cumpany 
 111. provisions of tin Compunicii C- <olidatiou Act. 1!M)N, nlatini.' to audit. sulij|.<'l 
 t.. such adaptation^ and niodifii ati. a- may app. ar nii e»sary ..r expedient. 
 
 10. Kvery assuram . company whuh is not 11 i.'i-l.ri .1 undi •■ tin < ompanies ,\cts. 
 or whiih has not iiicorp..rati'd in its d. . d of settlem. iit -ectioii 1. 11 of tin Compaiiies 
 Clau-.s Consolidation Act, l.St.i, shall keep a ■•Shareholders' Addiv.ssHook," in 
 nccordancc with the provisi.ms of that sc. lion, and -hall, on the application of any 
 shunhidder or policy holder of the company, furnish to him u copy of sin h IkkiU, 
 on paviii. ut of a Slim in.t exce.ilinjr six|iiiice for .very hundrid woiils iii|uii.d t.i 
 
 Ih' eopi. .1. 
 
 11. Kvery assuratic. company which is not registered under the Companies Acts 
 diall I aiise a sutHcicnt numU-r of copies of its dud of selthiucnt or other inslru- 
 ineiit I onstitiitinjr the company to be printed, and shall, on tin application .f anv 
 sharehold. r or policy holder of the . ompany. furnish to him a copy of «uch deed of 
 setthiiiint or other instrument on payment of a sum imt exns.tlin^ one shillinir. 
 
 12. Whore auy imticc. adviirtisement, or other ottii ial publication of an assunime 
 company contains a statement of the amount of the authori/cd capital of the com- 
 pany, the publication shall also contain a stall ineiit of the amoniit of tlie capital 
 which has been .subscriU-d and the amount paid up. 
 
 13. (1 Where it is intendi'd to amaliramatc two or nion assurance c<inipanii's, 
 or to tninsfcr the assurance ImsiiiPSH of any class fniiii one asHuranee company ti» 
 another company, the directors of any one or more of such companies may apply to 
 the Ci urt, by i>clitiou, to sauction the pr.iposid arrautremenl. 
 
 (2) The Court, after hearinif the directors and other iiersoDs whom il considers 
 cutitliKl to lie heard upon the petition, may sanction th- arran)femcnt if it is satistiiMl 
 that no sufficient objwtion to the arranjrenient has iH-en cBtablished. 
 {',i) Before any suf h .-ipplicatioii is uia-le t.. the < '.'Ur* - 
 
 la) notice of the intention to make the application shall be published in the 
 (inzttte ; and 
 
TiiK Assurance Oompamkj* Act, 1900. Act of 1009 !«*♦ 
 
 fH» • ntiit«inmt iif tlic nntiirr of il,.- tiiim1t{timiitii>n or trjin'«f«T, u* tin- rn**- tiiii% 
 bp, t<nfi'thpr with iin nbntrmf rout liniiijr tin- malfri.il (mU imtniilii'il iii 
 thf Htfrti'iiii'iit nr iliid uiiili-r wtiiili llif tinutltfuni'itinii nr trm^fiT i- 
 pn>p<i!«<d to N- ttfii t<il, mill ir.|ii,.» ,,f tin- iM-timrml nr ntli. r njM.rt* upon 
 whirh flir (nfTf'in'nt or (Ihw! U foiiiulnl. inrliulin^ :\ ri f«irt by iiii in i« 
 pt'miciit (iitiiarv, "linll. iiii!i»« thi- <'.iurt othrrwii" ilirp< t». I>i> trniHiiiitl' ■! 
 til mill ni.liijr fioM«T iif (wh rompnnr iii miitiio r proviiltnl bywrtion 
 otip bumlnnl niiil thirty-nit of flio Conipaiiii « (1 iii« > ('oiixiliilitioii A't 
 lH4,'i, for thi triiiamiwion to xliunholilerii of ri'tiii"" not riniuiriii); t i li. 
 wmxl pcr»oiiully : Proriil^l thiit it r.hiill not lie iii.<-»iirv to trHn-inii 
 «UPh Ktuti'iiipnt and othir dixiimi'nt- to polity licrl.b r« otfiir tliiii liff 
 muloimimit. ninhiii^ fund, or b<md invr«tinint in.lii y lioMir», nor in tlii 
 fHW of li triui!4f(-r to Niifh itolii y lioldrr-* it tbo t>il^.ini"»N tra!i«>firr»-.| i- in-t 
 life H-iHiiriinrp bu'^ii -hh fir IhiihI invi'Nttiiiiit t»iif«ifit>Mj* , imd 
 I ' the HifrccniMit or dp<il iindtr whiih tbr iiiimlif.imHtion or iniii-ti r i- ■■Hi i l.il 
 -h»ll bf opt'n fir thi' in^iNi tion of thi |».liiy holdirx iiml KhanboldirH 
 it fh" ofnct-H of thf ninipiiniox for :i |i<rio<I of Hftiin diivp- -ifti r tin 
 publipstion of thi' iiolii'i- in thi' Oii/itto. 
 ;|i No HmiirHnci' rompmiy nhall iinmViininti' with anothtr. or triumtrr itn liu«i- 
 
 ni-j» to iinutliir, uiili'wi the umu1),'iim»tion ■,- triiiisfir i> >ian<'tioii< d liy llirCMiirt in 
 
 itfcoriliinoo vith thin Motion. 
 
 14. Whnrti nn iinii>lir;imHtiiiii tiilt<«i. plmc liptwnn iiny H>Mininr< ompaiiii'-. or 
 whiw liny Hiwuriinip buHinow of ono niirh lompiiny is tnln»fl•rr^^l to xnotlicr i oni- 
 piny, Ihi' nimbincd conipauy or tlio piirihiisiii« (onipiny i- ll" i a^i iiiiiy U-, 
 ^liiill, within tin diiy»i fn>in thi> dutt' of tlif iximpli'tion o. ■ aniiiliriiiniition or 
 ii-Hinfur. doiMwit wild the Hoard of Trudr 
 
 (H' nprtifii'd lopien of •.lutementK of tin- aKwIs and liiibiliti.K o( t>i. i oinpaiin - 
 I'onia-nieil in such amaVamation or tninxfir, tojnthi'r with ii -tiitinii nt a 
 the iiaturi' and t< nun of thr anialtriiiiiution or traunfir . and 
 
 (li a I rftitiid copy of thi' agrirnxnt 'T diixi undtr whii'h th> iiiiiiil^Mniution ..i 
 traiwfiT in itfectiil ; and 
 
 '•■; I'lrlitii'd I'opiiK of thr urtiiarial .ir 'ithi r rcportn upon whiih that H|{r<'iiii> oi 
 or dfi'd in fouudtil ; and 
 
 d' a di'i-Iariition undtr thr lianil of thi- lOiairman of mih loniimny, and ih' 
 princijwl ottii'i-r of phiIi lompany. tliat i.. tin- l.-i of tin ir li liif i v. r\ 
 parnii'Ut niiidi' or to U iimdo to any |M'rwin whatwuvir on ai^iouiil of th. 
 anmliraniation or traiisfn i- (horcin tiilly -nt forth and that no ottn i 
 paynif-ntn Ix-yond thom- wt fortli hiivo Ini-ii ruadi- or aro to lie mndi- lifhi r 
 m niiiney, piilirii'n, iHindn. valiiulilu miurilii.', or othtT projn'rty Viy or with 
 tht> knowhil^rH of any [larlii". to tt». amalgamation or tninsfir." 
 
 15. Tlio Court may onh-r the uindini.'' up i ; an asnuninri' i omiKiny. in • . onl- 
 auri' with the Companies (Cou»iilidationi .\rt, I'.iuh, and the provi»ioni. .f that A. t 
 >hall apply aciMrdingly, nubject, howiwr, t., h following mo.liti< ation 
 
 Th« e<impiiny may be ordirud to lie wound up on tin latition of tin or nioir 
 jMiliry liolderw ownin>r [ndie e- ..f an ajfjrriuili value of not li»v tlian i, „ 
 thouHund poundn : 
 
 Provideil that such i iHrtitioii «hall not lie pnnentiHl t-xirut by the leave 
 of the Court, and kave shall not \ie (frantiil until a iniina fa,-,, raw has 
 been entablishiil to the ~atisfaition of the Court, and until «•■< iirity for 
 i'oHt.1 for nueh amount is tin i 'unrt may think reawnalili bus Im.i, 
 iriven. 
 
 16. — ,1) Where the itiwurani*' buniuens oi my juirt of the Hssurani e bunim <s of 
 an usHuranre eompany ban bi-en trannfi mil to anothpr lonipany undtr an arranyi - 
 nient in purHiiame of whuh the first-nieiitionecl • onipany lin this section («Uiil tin 
 subsidiary company) or the iniditors therisif has .ir have clainin av'ain»t the eoni- 
 ;i.iajr lo which such transfer was made ^in this section callisi the prim ipal company , 
 I —a. if the principal company in beiujr wound up by or under the .su|i<rvinion of 
 il.cCiiiirl, the Court shall (siibjeit a- hereinafter mentioned) order the subsidiary 
 company tii b<> wound up in cmjuni liou with the principal comiiauy, and may Kv 
 the same or any nubso<|uent order ap|Miint the sann lurson to he liipiidator for ili. 
 two cotnpanien, i^n-l make pr-.'Ti-ion f jr sji-J. .,,thiT matters as mar sii-ii: ^■■- lb: 
 
 ' ourt necenaary. with a view to the comiianies heinir wound np an if thpy wer>' "tn 
 conipany. 
 
 S. 1,1 ,,f iNfi. 
 
 •StJiti'inunt* 
 in rHMi of 
 amal^ama 
 tioii or 
 tnin>fei . 
 
 .S. 2\ of \x: 
 Special pro- 
 visions as I" 
 windinff up 
 of luMuranci 
 companies 
 
 s. \ of I-*;/ 
 
 Windiu); Uf 
 of Hubnidia > 
 com|>amis 
 
 \i\ 
 
 ■> .\ 
 
I H3(t 
 
 Al ''KNit'; 
 
 ih< 
 
 . .. Ill il" 
 
 t-UwM'M 
 
 - .1 .it l-'T.!. 
 
 Viiluiitiin i*i 
 uiiiuitU"* iiiid 
 
 iMlirii-. 
 
 „,h. r.. .«.• ..r.l.T..l ».v till- f urt. U- th. «men.-.m.. ! ..r !h. wii«l.»(S m 
 
 ,.„„,., I1.1 win it,.m».l-.... ili.Ci.Hit HliiU hav.- i.iriud t.. ■• ,.,..:-.iilut...ii "i 
 
 -,.ml,„«,>m.ra,th. ••..urtlm.n«..rill ,h. n«l..^ a-.l 1ml. 1-. < «■ 
 
 ,,f ,„i.tnl.utM.i., in til.' Ill--"* 111- «".'lMitf >M. 'f > "■■•1--1' •l'-"'» 
 
 " Whir, .,„ .■..n.|...nvall,..-.l • ...»»Ul,..ry .- .."l mi ,,„...«. un-..,^ «•• ; 
 
 ..,,„ 1... .,.„.. .in,.. ,1- fill' rr... .|"1 .!.«■.}• t.i»t...li .. '■-,""'""''"'","';.•", 
 
 :?„.i! „.., .lir,.. .1..- -..Ui,lm^^ „•■;■- ,.. .>. w..u... up f-^^^X "" [ 
 
 ::,J -'„.,„; „,:, .1..- Cmr, U of „,., tl,H. .^. ■•....., .- - -^Xin". 
 
 ■,r.ii.i,»l .■..nip«nv. uml Hn.t .l,e wimlni^ ..). -f th.. . u,„i.,..:. m i..|n..iti...i »- 
 
 tb.liriiicl|.Hl(..mimiiV i« jit-l mill i'<|iiit«hli . , ,. , ,. „>. i.|,,,v 
 
 ..initvmvi.' .iinj"-'i""»i"' " pniMirHl .......l.'. ^ Ly uny it. .i,(... t. ..r i- . • 
 
 '. NVliir. a.-..mn„nv>.H,il-m .1.,- nlH.i.in.il m ,.n,. ,,,.. .■..m,uP ,., .,u. • ... i- 
 
 ,,.nv anil in th- r.l.ti.m nf . -..l.-i.li..ry ■ .mipanv u. ...„„■ ...1,.. ..in, v.". »li. 
 
 .n.,. . -,.v..r:,l,-.....li..ni.-.i.i.li..tr in .h- nlatmn ,.f I-h . ..mpi. ~ -. h n 
 
 .ini ,. ,.,m,.,.>,v, tlu. < ...r. inav .1. .l wi.h •'■>•■''''"' '^ •'/''' ^'";,'"' .^ 
 ,',.", ,1;.., ..r iu -.■li..n.t.. ^rmi, s n- It .h.nk- in..^. ■ v,-!.. .il. »I ■ ^^ 'h.. ,.i.i..il.l. - l.iM 
 i]..wn i:i thiM MH-tiiin. 
 
 ,,* „, ,l!.. H,„„rv>»i..ii .If .hi- •■..n.t. ..r v..liin.«nlv. -h. valu. nf ■ ,.,il.. . ■• iny 
 ,1,,.. ,,r ..f a lial.ililv umhi- -m h :> l'"li''.v ri.|iimn«t.. U mIhi.I in -i,. 1. wifin... np 
 
 winil liiiliiliti. ' "f that 
 A. 
 
 -. ■.•;! i.t im;ii. 
 Power to .'■""•t 
 '.I nniiice .'"i" 
 M tc./.. 
 
 t-At.-ai.K.n .if 
 •< h:<i«-. 7, .-. 111. 
 
 ,. JII.IO:,!! 
 
 ...MinilK"!' . .1111- 
 
 p.UlifM t'r.tHt>- 
 
 ii!.1j(.<) outHiile 
 
 • (!.• L'uiieil 
 Kiuijii .III- 
 8. •£! ol IM-O. 
 
 «'i)Ht<Niy auil 
 in";i«.. ti'in of 
 .|i..'Uin.'at« 
 4).-IMi*it>.t with 
 Ujud i>! 1 l-."l' 
 
 s. i: of i»;ii. 
 
 l-.».jJ.*nre of 
 
 S. of iSTU 
 AHonttiuu 
 uf f«muk 
 
 ,|.,lll Im- ...liin.i.iHl in inanii. r a|iplliiililr Id p'li' 
 
 via.il Iv .111- Sivth S..h'Hliili. to .hi« Alt. , .1 I, .■ 
 
 . Th. rnhs in th.. Mxth nn.l Sninlh S, hi.lul. - to thl- A, . sha 1 b- .it 
 
 ,„r.V. ami mav I..' r..,»iih.^ alii.r...l. ..r am. mh^l. a- if .h.v «•.'.. nih - ."..l 
 
 „mu«...f v,,li,,„tw.. himili..! aii.l ihir.y-.l^-ht .if .1 ni-iiin-. • ...,«. 
 
 A.-t 1' ^'% and nil.- mav Ik- nia.h' i.n.hr that .irtioii f..r ih.- puri-.M' of 
 ,„,.,' ,.||,.-» thl- pri.M-ions'.if thi» A.-t «i>h n-.p.-t t- .h.- wm.lniu' up -f 
 
 .-.inipanlt-i-. 
 
 18. T)..- C.mr.. in .h.- i-ax- "f an a-.>n.-an. •■ -inpaliv whi. Ii ha, U-.u pm 
 iinal.l.-to puv It-- .l.-ht». mav. if it thinki. Ht, u-,lii._.- li,.- ..mount ..th...- 
 ,h. ...nipaiivuiwin -mh H-rins ami ,nhj.-.-t ... -....-h i .iii.li.ion. a- thi-d-i 
 jn-t. Ml plan- of miikini.' a « llllllIl^'-np onli-r. 
 
 19 Si-i lion t«-o liiin.lr.-il an 1 <i-vi-ntv-foiir of th.- fon.p,iiii.--» (Con-oliil 
 l'los\vhi.-l. M.ntaiii-. provi-io ,» a- to ..mp.ini.-« im-..r;...rat,-,l ..utM.h- ■ 
 Kin.'.lom -hall applv ... ,-v,-ry a-,iirai . .- ...nipa.iy i-im»t.t ut.-<l ..iitMih- 
 
 Kinsi-iloni «hi.-li .-arri.-^ on a" imt hii-in. - u ohm .1,.- I n.i.-.l Kinj-'il 
 
 inroriKirati-.l or not. 
 
 20 Th. Ii..ai-il of Trail.- ni.iv ilin- ' ---. .h- iiin.-n.« d.-lio-iiti-il wb:^ \> 
 thl. A<-t...r .-.-rtifi.-.! ...pies th.r-.if. i- - '*<-l>t hy the r,-iti«trar -' hv 
 .itti.-ir of thl- K.iar.1 of Tni.h' : ami any -.' ' !-« uni.-nt.^ ami ...pn-^ M 
 i,i,p.,-tion. ami .-opi. - th.-.-.-<.f mav h." pr... ..r.-il hy any person on ,«>... 
 f.-e» a* th.- Hoard of Trad.' mav illl-.-.-t. 
 
 21. 1': Kvery do.nm.-nl l-I«ii-i..-i --id 
 c-rtifii'd hv th.' r".-iri«.rar or h^ any |»-i>. n 
 of thp Biuir.1 of Trad.- to he a .l.H-uim-iit s.- 
 uient m< deiiiwitiMl. 
 
 :-■ Kv.'n- .l...-nm.-nt piirp..r-o,._. ... U- .■.-r'lti.^I 1 v th.- r.;if'"trir, ... 
 ai.ix'in..-il in that Whalt hv tl IV.-»!d.-nt of the Hoani ..f Trad.-, to 
 d'l.-.inn-nt -" di-po»iti-<l -hall U .hi nii d to U' a copy ..f that ili--m...-n! 
 r.-.i-i..-<; in i-vidi-nre iia if it win- ih.- oriL'inal d . umeut. uule.w ,- 
 tufw.H-n it and th.- ori»rinal dix-umint he pn.vinl. 
 
 22 Th.- Hoartl of Triid<^ mnv, m. ttu- aiipliration or with th. 
 uw.iiran.-.- .-..mpaiiy, all.r the f.^nn- . ont^.i-i'iMl m the M-hedule» . 
 
 I Ills Ai'l with the I '- ot 
 iiint.ll ill lliat t.eha;- -. I! 
 piisit.-.!, shall b*- iltnrnw-^t .-■ 
 
 .-- oro- 
 
 ■ sjiiiK- 
 
 in ptir- 
 
 1.1 Illation 
 
 irryinjr 
 
 .--iirall.-. 
 
 ,^ 1 I.. Ik 
 ■i-.s.it 
 ihinlis 
 
 •n A.:l. 
 rnit.sl 
 rnit.-il 
 
 ...th. . 
 
 I ■ -ah-r 
 ..I.-, ibw 
 
 T.- . i-l ,, ... 
 
 ■! ■> ~.ieh 
 
 i ra.h-. an.l 
 rn-wKhii' 
 «-a,h«" 
 
 oiy pel 
 
 , ..p\ 
 
 id shall » 
 \;iru.tio» 
 
 ...»isvt»tliat(-umpauy, for tUc purj- .s. -'t ivtapt; 
 •lull mmpany. 
 
 »tu-ta to the .-iriTunistHn. 
 
TlIK A -I'UAM 1 < 'iiMi \NIM A< I 
 
 «(• 
 
 Act of 1909 
 
 lfl.ll 
 
 rii|iiiriiin'iil" 111 ihi- A'l ■■(mil •"• li«! ti' • iifimli i umI • -irf • Irr.l | 
 
 (xMiniU. iir, in tlif rnM> u( h iin-Mtmn.,- ilil «iill, t.i .i j«tinli : 'Si ""v 
 
 |MiuiiitM fur i-vvry i\'*v .iiiri'i./ . -i.ii ■ it* fHutt i ^-.tinii"*. ;i>t ■■^' ' ■itwi, , 
 
 iiwiiHiftr, "r ■«i ri t.ii V no i i»iiil..*'' iMiiiMnv « li i» k: afiitflv , 
 
 u |iiiriv 111 (111' iMiiuli ■ ill'. ,1 -piiim. >■!, ifilH i .-nitiitiu.' <,.r :i 
 
 [mtIihI iif llini- iiii.iiili- ••riuili- ••* il^ .iilt by i i .nl <>l I i- «lii' li imtiif 
 
 Khali 1m' piililii.|inl ill I <■ mirf II- »•' ,.<r..i«'l II. I of Ti iiuiv, iil"i" 'In' 
 
 »|'|ili<it!iim I .ii- 111 r." i».lii.v f 1 IP -hBri -ll. r.. dirwl ..■ <(. fmill >li.ill 
 
 In .1 irrmiii ! . will. Ill < i.iirl . 1. Ill- it" - ihiliii)f 11)1 111 '11 •.■iii|wnv in 
 
 SCI. ,>|ll|.,.i V itl. llw I'l.. iwlili" it 1 "ill i HI L'lim. 
 
 f isTii 
 liy for 
 ••■iiii- 
 . «|i|i 
 
 ili'miTil. i.r i.tliir iln. huh nl > 
 •i.iltf.i iif iiiv |iir»<iii viliii I 
 
 inil -hull In litl I ' iin I'lMi- f„|.|f, 
 niniun ii.iivirtii'Ti ti a tim' ,t.ii, ,i 
 
 •I !•■:• 
 hi (..1 
 
 84. I iin> lint, littlmw'P -'it. ;ili«tr 
 
 miutnil liy tia. ' i- fiiNi' in "'\ j-trli' iliir i 
 «imi- it, iliiii |"i- ■ '"ill '"• iT'i '» "f II •■i-<.li 
 
 Vli 'i '11 nil illilirliii'-- ■ i.i ' nil! ii[il'i*tiii!i- *■• 
 
 iioi ■ Yi-i-viliii^r tifi • (HUH 
 
 as. Kvi'i-y |ii'luill\ ini|ii- ''V tliii. ^ » -Jiili )«■ n • uTiii iml .i|i|ilii.l in tin- ■ i I" 
 
 Willi iiiuiiiirr 11 pii.a ■.!■, in, ,1 liy til. '.itt)>!tui<.ii t"i.i,-ii|i'li.i"ii .Vl I"' m' >> ■ 
 
 ITi'iivi'niiiii' lllul ^ijijilj nil'. 
 
 86 Any until . wl.: !i in liy lliin A .1 t.. 
 
 niiiy iililn --1-1 mill -lilt til till' jut imm i. 
 
 im- lUv iM-iif tnil :tny iiniii-t- -n ml' --' i .1 ii 
 
 (11 lu .iii.'.- ii. t( Imlilrr I' -11' li JKiln » 
 
 '■ ' ■ a ' I 11- :i 1 -iill rlullll li*- mil 
 
 ■ v;/ i.f tiii* ..!. : -I, any 
 li n. 'mil l^ii li. «.iil 1 
 
 1-. til. 
 I- piir 
 
 -IN III 
 
 (-■inltl ■•, 
 .. lit t.i aliA l-i.lii » liiilili I .. Ill,', ..1 
 - r- *|ii- tili^' -lull l'iiIii-\ ii'i'i 1- 
 ■' • il' 1 lll'-il illlli ■ iKi-Il 
 
 III :t ]i..!lt V lill- tfl 1. II 
 
 Wlliill I- liV llli" \'l 
 
 , I, |.,T-ill .1' '111 .1 lill - 
 
 rill 
 
 1-i 
 
 87 r..iii. ■ I'rml- 
 
 I, . lull <-, 111. .t... -I 1 
 
 i««ri»irt." Ill (••■ nii.i ilii-> A 
 
 ■ «t't«|it I irli ' ■ tht. -. :i*iil 
 • •r pnli«'\ hiilit. I)i*i. "f. -111'. 
 
 .•ln-lnit-. -1 i«"ii .t», ..r iitlii r .! 
 Mild any I'tiii- i- • i.-ni . in r. 
 
 28.-- (I) I'l - Alt -liiill iii.t .iH 
 
 II -I.T.dii.i III. ai'liliir illnlrr til 
 
 'Jivi-mnii ii' Anniiitii i- Ai ti*. \X1' 
 isfil tn 
 
 j 'I . • »liiill nut :ili|''y 
 
 tiiin iif '. 
 iiii^iii. -i 
 •In- i 
 
 II lay 1 ii'i'' i-fiip- r.irlmiiii 1' Iln' .ir' I'lin'-i. "^ 
 11' iilii. .11-: '■ ■• r iliH mm III-, itii'l. r llii« Xi-t ■' 
 
 ,i. i„.^(t.-ii ■!!, ill. Ill iiinn^ till [.iTinliiiir yim 
 
 III.- jiaiiii - - , '.iii'ti'il 111 til. -li '. ilili . 
 
 .,- .1 III ;- 'I a inf-. Iiliii. . -iii.it-, 
 
 III- null- .il III.' I! '.nil 'I' Tr nl' ..i. ..n, 
 I-' 
 
 1. il I), t (■■ ■iinii'-i.ili 'r« nr tl ' I'li-t- .S,, 
 11 - u-li.: ill lliiiii l')'»jMi'liviiy Iv ti . 
 an. I till- I' ! <»tH. . SamiL'^ llii' k A."-, 
 
 'PI" 
 
 „ ,,i , 111.1 ,1 r .if l.liiyil- i.r i.l any ntliii ii-'-ii i .- 
 
 ritii-n ii|ii iiiviil liy till |t'..ii'.l iif Till In. wlm i irrii'M on assiirii ■ 
 
 '. ilawt, |inni'l"l Hint 11 iiiplii H with tin' r".|llir(.nii'nti. nl I'mll. 
 
 .iliil.' 1.1 till- \' t, Nliil apiilii it'll' tn iiili-iiii'ss iif that i la-i. 
 hiTvii".. I'tpii -i.lv |iriiviilr.l -villi- \ I, iiiilliiinr in itii» .\il-i 
 iiici. li;isiiii'-< lit' iinv rliiB- 'lill r tli:ii. 'iiii' of tlio i'lu«"i - Kjui-itii'il 
 .■t tlii- Alt, iiiiil :i iKiliiy -^'.'1 nut 1h' il.t imil tu In' a |i.ilny ..f tii 
 l.v i.awiii iinly tliat 111-" liy til' is ..in- uf tin- vari.'ii- ri-k- iov.t..! In tin' 
 
 - .if l^.' 
 
 1 tliiv All, mil. -H till' 1 1'lil' It i.tlii rwis. miuirri-, 
 
 i'\|iri'"i>iiin "I'liBiriiiHH " imiin" tK.' )>. run fur tin ii In inif | ri-iiliin.' Iii'i rpri'tj.- 
 
 iv.r till' iH.anl nf dirnt.irB nr utliir irovi'niinjf liniv nf ilu- ii-»i1ihiii. timi 
 r^iiiiiKiiiy ; 
 ,i. I'spriwinn •' iitinHitii-M nn liiimiin lifi " ilwi. nut itiilmli' -up rainiiii' n 
 alliiwaiii..'K anil aiiiiniiii's payiilili' "iit i.f ai'V fiii ■! ii|iiiliiiiilili- "• ■ 'v I. 
 ri'lii'f Hii'l iiiuinti'iiaiu 1' nf p.r-.Hiri inu'Bi.".-il i.r wi... liavn tn'in .-aK' • 
 Hiiv partiriiUr iimfi— inn. Iniitf, nr .mplnym. iit. nr nf tlii' -1' |m lam 
 
 hill 11 J1.T-.1I1- ; 
 
 riiti 1'Xlini.Kinn •• iKilii'T linlili I-"' m"iiii» till' rwm win. fur ii 
 
 till' lr;;al lidldtT nf till' |ii.liry fur mn iirii ir ll"' mlH ' ■• ' 
 
 1-iiinpany : 
 rhe I'vpn-s.-inn " ninlirwrii. r " iiirliiilcn any ji<r~ n ..uml -i ii pnlnv ..i 
 
 • iMiiT iniitrait nf lll^^rllll.'l' n- liaMi- tn pay ' r nntriliul. t.mardi ili. 
 
 piivini'ut nf llu' "inn -1 iiir.ll by -u. h pnlivy nr miitrai t 
 
 r, N •,» 
 
 
 1 
 
1633 
 
 APPKNDIX. 
 
 il 
 
 The ■•«iird>«ioii • tiiimioiHl yoiir" iii™ii« iwc^h piTJixJ of twelve niuii«lis at fliH 
 end of which the luiUiiee of tlie «i loutitn of the .■iwiurHiiee (uiinpnny i« 
 Htiuuk. or, if no xuch balaner i« >triiek. (hen the enU'iidar yiiir ; 
 ■ expriKHion '• Court " meanH the Hi(fh i'lmH of .luMtii-e in Knjfliind, exi*pt 
 tliHt in tlie (Hse of an assurame lonipany re(fii<tereil or liavinK i'* head 
 oftiee in Irelanil it nieanH, in the pn>vi«on« of this Art, the Hijfh Court of 
 .fustier ill Ireland, anil in the ease of nii awsuraiue eonipnny reiri-'ten^d or 
 hurinir it^ heml office in Scotland it im ans, in the pn.visionx of thin Act 
 other than thow rehitiiifr to di-jK.-iit-. th. Ooiirt of Se»«ioii. in either diviKion 
 theniif : 
 
 expreiwion " Compauits Aeth" ineliiihs the C<)ni|ianie» (CouBolidation) 
 Act, 11>U8, and any enaitment rei>i'aleil liy that Act ; 
 
 Tlie t'xpn^iwiou " re(fi''t™'' "' tneansi the Ketfintrar of Joint SUxk Coiniianies ; 
 
 The eipreHniun " ttctuarj- " ineauH un actuary i«<MNu»Hiui; nueh .jualifieatioiw «» 
 may be prcHerilied hy rules made hy the Board of Trade ; 
 
 The exprenHion " Ga/ette" means the Tiondon. Kdinlmrjfh. or Diililin tia/ette. 
 an the ease may 1m-. 
 
 The 
 
 The 
 
 ?! 
 
 Applicatiuu 
 to life aiuiur- 
 .luce eom- 
 panioH. 
 
 .t/tft/i-'tiltoft In Spiftiil i:lii\^'-> tif /tttMtitrs*. 
 
 SO. Where a (diniwny carries on life assurance business, this Act sliall apply 
 with resjM'ct to that hiisii'iess, subject to the foUowiujr nimliHcatious : 
 
 (a) •• l'oli<-y on huiiian life " shall ineiin any instrument hy which the payment 
 of money is iissurtHl on death (except death by iccideut only) or the 
 liap)ieniiix' of any contingency deiM'udent on human life, or any instrument 
 evidencing a contract which is subject to payment of premiums for a term 
 de|iendent on human life ; 
 h) When' the company irrant Bniiiiities upon human life. " jmlicj " shall 
 include the instrument evidcninnK the coutniet to pay such an annuity. 
 and '• isiliey bidder" includes annuitant ; 
 (e) Tlie oblipitioii to c lets wit and keep depositeil the sum of Iwiiity thousand 
 IMJundx shall apply notwithstaudinir that the company has pnniously 
 made and withdrawn its dcisisit. or Ism exemptisl from making any 
 deposit under any enactment hereby ri-peaUnl . 
 d) Wlieri! the eompaiiy intends to amal^'aniate with or to tniiisf r it* life 
 assurance business to another assurance eomimny, the ("oiirt shall not 
 Hunctiou the amalifamalion or transfer in any "ase in which it apjH-ars to 
 the Court that the life policy holders represtntin>f oue-tentli or more of 
 the total amount iissun-d in the company dissent from the umaltramation 
 or transfer : 
 le) Nothini; in this Act providinir that the life assurance fund shall not lie liable 
 for any ivutracts for which it would not have bi-en liable had tin business 
 of the iHiinpany been only that of life assiiranc f shall aH'ist the liability of 
 that fund, in the caw of a company established Isfore the ninth day of 
 August eighteen liundreil iiid seventy, for lontnicts cultured into by the 
 com{iany before that date ; 
 f) In the easi! of ii company carrying on life assiiraiK e business and established 
 before the ninth day of .\ugusl eightun hiiiulnsl and seventy, by the 
 terms of whose ilec<l of st'ttlcment the wlude of the profits of all the 
 busiiieHs carriisl on by the eom)iany are paid exclusively to the life poliiv 
 hoUlers, ;ind on the face of whosi- lift^ policii« the iiabdity of the life 
 assurance fu id in re-iMs.t of the other biisiniss distinctly appears, such of 
 the provisions of this Act as rnjiiire the si-panition of funds, ami exempt 
 the life ajisuraiice luiid from lialiilitv bir contnicts to which it would not 
 have Ix-en liabli' had the business .f the company Isen only that of life 
 aHHiimnee, shall not apply ; 
 (g Any businnts i^arriid mi by an a.4surHm'e company whiih under the provisions 
 of any sin^'ial Ait n-lating to that company is t i Ih' treatinl as life assurance 
 business shall cxmtiniie to be so treattsl. auil shall not Is" di-eiiied to Is- other 
 business or a «**par»te t\nn< of assimiuce business within the m, .ining of 
 thin Act . 
 (h) In the caHe of ^ mutual numimuy whose pniHts are aUiM-ated to members 
 wholly or mainly by annual abntt.'inentii of premium, the abstract of the 
 rejvirt of the actuary on tli« finaieialoonditioii of the company, pri'pared in 
 
ThK As-Sl'KANCK CoMPAMh^ AcK, l!M)!t. 
 
 Act of 1900 I «(:<:< 
 
 niM-onluuri* witii the Founli Sthtdulu In thi^ Act, inuy, imtwiltiHt-iiiiiltu^ 
 uiiytliiDK >i> Ki-tioii .') <if thi*^ A<'t, It iimil*' .nut ntunMil at intrrxitlN not 
 cxi-rtiHii^tivf ytatrt. provitUil tlmt. wlit-n- Mirh n turn it- not iiiittlraniiiitilly. 
 it nIihII iiu-lude }uirti('ulHi-H as t«i tin* nit4'*> ot alHiirinriit «>!' pivmiuiiiH 
 a|i|iHralili' to *litlci>iit cIh^m- »•!■ **• lit*-* of a>sur»iHcs aUowtit in tiidi year 
 thirinu^ th»t |>t'ri<Nl whi')i li»«* •la^w**'*! •*nn'* t)u pr-viou- rftiini iimifT tin- 
 Knurtli S<-lu-ihil. . 
 
 31* Wlit-rt' a coinpaiiy < arrio *>i\ lir* in-^aiamr hii'^in''^'', lln-* Ail -(rdl .ipply AppUcatiuti 
 with rcnpirt to that biisinrsK. -iuhjcrt to tho fittlowiuK iiiiMlitiratinn 
 
 ■ thr r.tiiip'inv t«» pr«pan- any ^tatfnirnt <>f it?* tire 
 onlatuc rf 'til thf Fourth mu\ Fifth Sh»ilul'N to 
 
 It j^hall not \»- ntH-f-^arv f' 
 in-iirant'i' husinc-rt in ac 
 thia Act : 
 
 h Such t'f t!i.- jiro\i>iitu^ *'t' thi^ Art a^ ;tlatc to di i»o>ii^ to h«- ni.oli- iiiith r tin-* 
 A«-t m)i:i1I not apply with !v^|K•ct to the* tiic insurant )>UHiniK'> lari'ud on 
 hy thr ' ntnpany it' thi; cmnjianv Iihs coninit-nctil l-. iryonthat hu-incnn 
 within the i'nittd Kiii»r<loin ht 'orf tin- pa-sin^^ .,!' liii- Act : 
 
 c Sucli of tltf pniviviniiH of thi-* Act ji- n 1ji«i- to «lcpM«.il-. tn ).■- iiia»h- uruli-r thih 
 Act ^hall in>l apply where thr coiupany i;* hu a.vo. ittinu i>f owm-rn or 
 occupier-* of h(iiMiii>r!« "f oth»r pn'|M rty wtiii h H.itistics tin- Board of Tra<lc 
 that it is carryinir "ii. or i-* aliout tt» cany on, hn«inc?«« wholly or mainly for 
 the pnriMiHe ot tlx* ntutiial lUNuraiuc of iir> nicinUTM :ii;ainp«t datnairt' hy or 
 incidciilal to fire cnu-fil to tht lioiis* ^ .-r oth. t pro|M rtv ..w n. .1 or .m. upi*-*! 
 hy them : 
 
 .d It jtinill not If nf*-e!«r»ar_\ to inakr a dc|H>Kil \u refpt-cl. of tire iu-urance 
 laiwineKM where till- i.mipaiiy \i-f made a di p >:-«it in rt>p<(tof any other 
 che^H of as^nraiicf tai-inoF, and, w Ihtc a ct niimiiy. hit\ in:r made a deposit 
 t of tire iii-'uraiice l^u^illl^•*. coinrneiiceM lo i arrv on life a<<^nrani-e 
 
 to fire in-ur* 
 a nee com - 
 piiiiicN 
 
 ■ill 
 
 ^ - f ■ 3 
 
 ■iiip.iiiy 
 
 in:iy 
 atiit 
 
 111 n'N|H'rt ot lire iii^iiruiict' nUMiit^-*. ciiinrnt-iici'M im tarry 
 biiNii»>M «n rm,.!ii\< f.-.' lialiilily iii^'irancr )m*iin-»^, tin 
 l^lll^f< r llii' ili'lM.^il -•> lliailf Im till- aiivpiilil of lli«t nlliri 
 
 aftil- -mil tliiiisfir till .lti)ii»it -liall In- tri at..l a- if il lia^l li--. aili- in 
 
 r<.-|Hrt iif -.lull iillii-i t.iiHiiii'«> : 
 
 Sii iiimli nf till.- Alt ax riiiiiiit- an a--iiraiiti •'wiit|>.iiiy tniimurtiinr othiT 
 liii;-iiii-tv- ln-r.iili.- a-Niiruni f )*u-iiii'«>. *•!• m..r'' ilian >>u>- t-hi-*?* of at^uranl■l■ 
 lm.-iii"»». to kit|i w parato fiuiil- iiitowlii. Ir all 111 lip!" in iiii». i of llii- 
 ai«-iiraiii I- Im.-inr-- oi- of i-aili i la".- of a--iiraii<-i' Im-inrs,* an- to Ix* paiil 
 nliall iiol appl> ax i. -jk . t- tin inMuranri' liii»ilii «» 
 
 Thi- {•rovtxion.- of tlii" .Vi-t witli t-i>r<pi'i-t to thr aiuiiIvMniatioii of i-oiiiit:iiiii'N 
 xliall 11"! upjily wliiri- 'lii- only ila^wx of as-unmii liii"ini'»:> ri ■ :,il on liy 
 iHitli iif tli<> coiiiiiiiiiioK an' tin invitrniii')' Im-im-w, or tiro iiiM.. .iiri- Inmi- 
 iifMH anil uii iili'iit iuMiraiHi- bii«ini »c, anil tin pnn iMonit of lliix Art witli 
 
 n'-iMt:t to till- traii-fiT of ,i-Miranri' lm»»inp'<H fnmi om inpany to juiotliiT 
 
 »li:ill not Hpply to tin' iiiMirHiii'i' bunimiw. 
 
 32. Will n a loiiipanv . arrii> on ai liiUiit in-iiram i Im-im >-, llii- Ac i -liall apply Appliration 
 with ri'»|Hil to that liii»inii<ti, Hubjiil to tlir folli>»iii^ nimlitiratioiiM: to srciileiil 
 
 a 111 liin of till' pniviHiiiii'. of Mi'tioiiB tivr ami -ix of this Ai-t tlir follo»iiiK- in^'uranrr 
 pnivi«i.iiiH xhull U- 8iibi.titiit.ii : i iimpatiK-.. 
 
 "Till- iiim|«iny shall iiiiiiually priparr i ^laiiimnt of itn aiciilrnt 
 iiiKiiruiii'i' liiisiii<i« in tho form -nt fortli in thi Koiirtti Si hiilulo to thiB 
 Art Biiil applii'Abli to ail iili'iit iii'.iminri' liii-ini'-i, ami thi' Btatcimnt 
 hIiuU bt- printiii, «i|niiil. aiiilili'|KiMl.il at tin- lloanl of rraili- in aiionl- 
 iiuri' with iHitioii wvin of tl,i» .Vil " : 
 lb .Siiih of till' pioviniim* of tlim .Vit an ri'lati- to ili po-iti. to In- nuiili' iimhr llii> 
 Ai't dhiiU not apply with n'H|Mi-t to tin' ai-riilriit tii^iiraiii^' liiiHini-.'«« i-iirri»il 
 on by till ronipany if tlu' ioni;>aiiy li ii loninn in iil to lurry on that liiixi- 
 iii'tw in tbi' I'uitiil Kintiihiiu Ufon' tbo panninir of tlii» .\i:t : 
 U'l It Bhiill not Ih' lie. iiwury to iiiakr or ki rp » dipiwit iu re«p.it of an iiliut 
 inmiriiii.-.' biii.iii.~i wh.'rr tho iiiiii|iaiiy hu» iiiajf ii ilffMiKit in n'«|H'rt of 
 aiiv otti.'r I'bi-H of aimiimiii-i* biisini'?.!., and, wht-r.' u riiiu|iHiiy. haviiiif niaik' 
 a iippiihit in n'i«|>.i-t of iu-iiiiwul inMiniin*.' biii*iiiew., Rftraiiii'iii'rN to I'liiry 
 .III lifi' iix!iiir«iH'«' buNiti.itti or I'mployem' liability inxuntui'i' bintiiii'iM. tht! 
 i^iinpany may trannfrr th.' .l<'i«init wi ina<l.' t*. tli.' anoiiiit of that iitliiT 
 biiiiui-nH, aud ;ift«r nurh traiisfiT tli.' d.'|HMit i.hull «• tnal.il uh if il had 
 liopn madi- in ni<jaH't of muoIi (ilhur biii.iu<"w : 
 
1 !!■ !i! 
 
 n 
 
 H>;H Al'PKNDIX. 
 
 d' S<> much <>« thiH Act ;l^. r»iaire» an annuranoe crtuimiiv traiiHi. tiuK "tl'i-r buni- 
 mw biwdrs awurance bunim-sii, or more than one i-\»m of aaniirauw ImHineiw, 
 to keep aepanit.' fund" into which all nr^ipt« in r.'xptrt of the iiH»urauo<- 
 buMiniw or of ewh ■laiw of aKRursme bu»iiiOM. «ri' to U paid ntiall not 
 apply an rpnpect* an-ident insurance buHinciw : 
 
 ,■) Tlie provisiotiK of thin A<t with nwpert to th.- amalifamatiou of (Mmipaniei. 
 »liall nor apply wiicre th.; only .■h^^««■s of awiuran.M; busincw i»mfd on by 
 Ix.th of the ra.nipanicK art icfidc-nt Insurance buHincHB. or accident insur- 
 iince buMiiie-so and fire innurancti buniiiow'. and the pnivii.ionH of thw Act 
 with renpeca to the tranafer of aiwuraiiw bu»inemi fn>m one ownpatij' to 
 another shall not apply to aci^idciit insurance business ; • , i 
 
 'fl The expression "p<ilicv" includwt any p..licy under whicb there is for th. 
 time Ix'inif an existing liability already H<;cru«l. or undei which a liabilit\ 
 may acenie : . ,. , ■ vi i 
 
 (If I WTierc a sum is dui-, or a wih*1t or other iMnnilical payment is payable, under 
 anv policy, the expnssion •■ policy holder ' ' includes the jH'rson to whom 
 the Mini is due or the weekly or other iieriodical jiaTTncnt payable. 
 
 Xi.plitatioM 38.-(I Where mpaiiv carries on cmph.yers' liability insurance busin.w 
 
 <o emph.>cr-' this Act shall apply with resp.ct to tbnt business, -ubj.rt to the foUowunr modih 
 liability cations; — 
 
 in-'iraiice „\ This Act shall not apply where llic company is an association of eniiiloy«r> 
 
 ...,„], ,i,i.». which satisfies the Board of Tnide that it is carryinjron. or is alsml locarry 
 
 on, business wholly or mainly for the p!ir|siw- of the mutual insurance of 
 its incmlHTsaKaiiisI liability to pay compensation or damages to workmen 
 emplo^iHl by them, either iilonc or in mnjun.tion with insurance BKamsl 
 any other risk im^ident to their trade or industry : ... 
 
 b' This Alt shall 1«>1 apply where the conipaiiy carri. .- ..ii the cinpl"vers 
 liability insuranc.' business as in.ideiital only t.j th- Imsiu-ss of n i. 
 inMirai'j.'c by issuing nmrine iiolicies, or i«.licies in lb.' form of n .in 
 p,ilici.s. .•..v"i.rin»r liability to pay .•omis-nsat Ion .ir damar-s to worki. „h 
 as will as lossi-s inciiUiit t.i marine advcntun' 
 lli.-nto: 
 !■ Ill 11.11 of th. provisions of sections tiv.- and ~i\ 
 iirovisioos shall Is- sulwtltlltiil : 
 
 •Till compiinv shall annuallv pn pan .. .lat.iiicut of its employers 
 liabiliiv insuran.-; busi-ies. In the form set forth In the Fourth Sch.slule to 
 this Act and appliiaible to employers' liability Insurance busm.-s. and 
 -ball cause an Investi^fation of Its estimatiHi liabiliti.-s to Is- made by an 
 actuary so far as may Is- nis^essary to enabl. thi provisions of that fi.nn to 
 Is .-ompll.slwitb. and the statement shall be print.sl. si^nisl. and iIi-jk.mIi-iI 
 at the liiianl of Tiaile In aeeonlanci- with w-ction s<.vi n of this Act' : 
 d Sill h of till- provisions of this A.-t as ri-lati to ii.-i«>siu. to l» made under thi> 
 Ai-t shall not applv with icsisst to the .-iniiloyir«' liability insuram .- 
 business carri.-d nii'Dya comiMuy whcri- th.- company had i-ommenced to 
 carry on that businesa within the riiitiil Kiiiirdoni Is for.- the twentv - 
 i-l(fhth dav of Auttust nineteen bundrtni and seven : 
 .• \s S.SIII as the < niplovcrs' liability fund nvt apart and s.s unsl for tin- satis- 
 faction of th.' claims of [loliev holders of that class amounts to fortv 
 thousand i«unds. the r«ymast<-r Oeiieral shall, if the ••ompany has inaib- 
 a deisMit in resiKH:t of any other .-lass of assurance business, return to 
 
 tl omiiiinv the money dcis.slt.sl in n's|ss-t of its i-mphiyers' liability 
 
 insiiranc.' biisini-ss. ami it shall not tb.-r.-alU-r !»• nwessary for the com- 
 panv to keep any sum d.-lM>sit<sl in n*pisl of that business, so long as the 
 'uiii dcpositwl III r<-si.eet of any other das- of assiirai busliHUs Is kept 
 
 de|iosit<Kl : ■ ■ r 1 !,•• 1 I 
 
 fl Where money is [mill into a foiinty I'ourt under tin- provision- of the KiKhtb 
 Sch.sliile to this Act, the « 'oiirt shall uinb-ss the Court for s|ms lal n^asun 
 s«.s-s til to dinst otherwise onl.-r tin- lump sum to Is lnv.ste.1 or applio.1 
 In the pun-has.- of an annuity or .ith.-rwis.-. lu such maiiiii r that the 
 duration of tin- liem-tit thereof may. as far as possible, 
 the prolMibie duration of the im-aini. ity : 
 »r The expression •• |hi1Icv " in.ludes acy jwdiey iin-lcr wli 
 time iK-inK an --ii-tiiiS H^Wlity ^li-.^adv ,=;cr!!.-<!. 
 Uabillly may arsTiie 
 
 adv. iilun- aiialoKims 
 ..f this Alt the followin*; 
 
 '.irres|M>iiil with 
 
 vhicli then' is for the 
 und**r which ;i!iv 
 
m 
 
 Thk AsgiTRANCK Companies Act, 1909. Act of 1909 Ifi.t'i. 
 
 ■«8 ont-ii'tt' tht 
 
 pail .)f thi 
 
 iiifwinv t'tir til. 
 
 ' ('..niitv 
 
 <Hir< 
 
 ..III. 
 
 Ii When- any xum is due, or « Wfikly i.iiyiiu'iit i" jKiyabl.-, umlir any p4>!iiy, tin 
 
 i-xpreKnion " polii-y holder " iiii'lmUs thu |HT«m t.. whuiM the -iiiii isilu. 
 
 .ir the weekly psymeiit piiyahli- : 
 i' If the e.impHny .■iiirien i.ii einpl'.yei^' liiiliility iiiKuriiii.' liii' 
 
 I'liitiil KiiiL'il.'iii, tlmt liusiiiiw sIihII ii.'t 1m- Iniit..! 
 
 .•mpliiver»' linl.ility iiisuraii..' liusiiiewK carriiil on l.y tin 
 
 IMirposM'H of till?* Act. 
 .' ill th.' appliintiim of tlii» ><.eti.in t.i SeotUnd the expn-"'i..ii 
 iiH-Hii^ ShiTitf Court. 
 
 34, Wlien- a company earriw on Iniud inTe»tniriit huMuivs. fhi> A. i "hsiW M|ipl 
 with if»|xvt to that huitini'w. wubje.t to the f.ill.iwin)f miHliti.atioii!. : 
 
 1 Th. expression "p.ili('y" ineliides any Inind, lertiti.nti'. re.eipi 
 
 instriiineul evideniinir the contract with t.le company, and th. expr.-uiioii 
 " fx.li.y hoMer " means the ivmon who for the time Ixin^f is the l.jfal 
 holder of such instrument : 
 
 I. Such of the provisioiu- of this Ait as relate to dep<«its shall not apply with 
 n-sjieet to the b< ".1 investment business e;irrt€"(l on by the company, if tin- 
 companv has coniiiL.r.ciKl to carry on that bn.siuess in the I'nitisl KinL'.l.'in 
 before the pijwin^r of this Act : 
 
 . . \s wsm as the bond investment fiiiui set apart and seeurt^l for the satisfa.li.m 
 .if the I laims of the |iolicy holders of that iliss amounts to forty thoiisiin.l 
 pounds, the Paynia.-tcr-(ioiieml shall, if the company has mach- .i d.|s.>it 
 111 respis't of any other clas.'* .if assnr.iiice business, ri'turn to th. ...nii«iiiy 
 the money deptisitisl in n'.s;sct of its bond investment busines-. ^n.) it 
 shall not thereafter lie necessary for the company to k.-. p ai.v ■'iini 
 
 ■ leiMisiti^l in rivi» it of that business, so lonjf as the siiin d. posit. -.1 in 
 resiieet of anv other .liiss ..f biisin.ss is kept deposited : 
 
 <1 i'hi' first stateni.nt of the Ismd invistmeiit business of the comiiauy >liall Is 
 
 ■ hisisited at the Boanl ..f Tnidi- ..n or Isfoiv th.' thirtiitli .lav ..f .(iiii. 
 nineteen hundred and ilev.n : 
 
 . riie .iimpany sliall not jfiii th-' h.ild.T ..f any jsilicy issu. .1 att.r th.- passiUK 
 ..f this Alt any ndvanta^r.' dep.nd.nl on hit or .han.s . lint this pr..vLsi.iii 
 -hall not 1k' constni.Kl as in any wi.se pr.'jii.li.iu)f any <pii-ti..u as to tli. 
 ippli. .iti.ii t.. iinv Ml. 1. transi. ti.iii, »h. till r ill nsi>..l..| a isili.y is-u. .1 
 ' ■■ ■ ■ ■ of the law nlatiinf to l.itt. ri.v 
 
 Applicili'-i 
 to Nind in- 
 vestment 
 coini>anies 
 
 ls.f,. 
 
 after the pHssintr .if this A.-t, i 
 
 36. Tb. H.ianl of Tni.le may. ..n the appli.atioii of any 
 onion oriv'in illy e-tiiblishid iii.ir.- than tw.ntyy.ars l»f..r> th. 
 iliis \.t. . xt.ii.l t.. th.' tr 
 
 I. r. i 'null' unions, and 
 . xteii'l to till' siH'ie'y t' 
 -.M'ieti. - if it apisars to 
 's<M'ieties, that the sis^iety 
 thi- \i't should apply . 
 
 aiireirist.r.'.l trad. 
 
 commeo.eliullt .it' 
 
 li.in till' exemption c.nfem'd by this A.t ..n r. iri-- 
 . the appli.'iiti.iii of an min'^istirid fri. n.Uy »(s i.tv, 
 I- ;ion .■oiif.rr.'il liy this .\. t .n r. j(i-t. ri'd fri. ii'lly 
 r 1, afti r cnsultinif the (,'hi. f K.ifi>tr:ir ..f Kri.ti.lly 
 to whi.'h it is iiiexptslient th;it tin ppivision- ..f 
 
 r.iwer oi 
 Poinl ol 
 Tr.i.lei.. 
 exempt 11" - 
 n'jfistered 
 trade union- 
 and friendli. 
 s(M'i<tie-. 
 
 /■,i.in.o/<» <!• In I'ltlh-elithi Vi. "'.■» and Imliun,,'! ./.-. 
 
 "/■" 
 
 36. -I; Amongst the purjsi-. s f.ir whi. h coll..tiinf ». 
 :i-.suriti''e .oiiipanies may issu.- )s.li. ies .if assurance th 
 iiisiirinir tiioney to In' piii.l for th.' tiincral . \|Miises of a 
 -.-r iiiiMiihl, brother, or sister 
 
 _' No jsiliiy iffe. tisl iK'fon' the iiassiiiff of this Act with a follectinjr sis'iity oi 
 Miiliislrial iissiirnn.e company shall Ix- .Iceimsl to Is' void by iiason only that th. 
 l»r-on iH'istin^f th.' [silicy had not. at th.- tim.- th.- jsili.y was .tlis'tisl. an in-iirabh 
 iiit.'rest ill th.' lif.' of Ibe jsrson as-unsl. or that th.' ii.im.' .if tb. p 
 .'■.i.hI, or for wh..v Isnefit ..i on wbosi' aci:.iunt th.' jsili. 
 iiisertisl in the policv. or that the in.surance was not o 
 i'el:itiii)r t.i frien.ily societieH, if the [silicy was etlis tul by or on aii'aint of a |ier»oti 
 wli.ihsd at the time a Aowa. /*'/.' expectation tlmt he wi.iild in. iir ex]s'n«. s in i.in- 
 iie.tion with the death or funeral of the assureil. and if the sum assiir. d is ii.>t 
 iiiin':Miou»ble for the piirposi' of covrrinK those ex|»iises. and any such jsiliiy shall 
 . iinr.' for the benefit of the |x'n«on for whose tsucHt it was etf.sttsl or bin assitftis. 
 
 :V: \v.v «iU«;tmjr soeietv or indiistrial iiisnraiiee i^nnpany whi.'h. after tin- 
 pa-siniro'f this Aft. issues isilieies of insurance which are not within the h'jcal 
 
 M'ietie- an.l in.liistri.-il 
 r.' shall t'c iii.-lii.l.'.l 
 pan-nt. uTan.ljiarent. 
 
 ' of tb. ]h'rsoii inler- 
 
 wils irt'ecte.1. was nol 
 
 iiii>h.irise.t bv the A.'t- 
 
 Pllivi-i.ili- .1 ■ 
 
 to coll.s-t.nij 
 s.M-icti. ', riiiil 
 in.'ustrial 
 assurani • 
 .'ompaiii. . 
 
■•^a^i:» i^- 1 
 
 i0a« 
 
 I 
 
 •. as. 
 
 )9 & I." \'i 
 
 Appkndix. 
 
 powers iif ^ucll ixiciuty or cuiupauy shall U' held U) haTC miide dtfuull lu uuiii|ilyiiih' 
 with fill' n<iiiir<iiieiit>i of thi> Alt ; and tht proviniiiiiK of this Act »,'th rii-piit li. 
 -mil di fiiult -h.-ill .ijiiily to ■ (illcctinK' «-«iitit(.. iiidu-trial iiiKUniiiU! i'<iiiipauii'>. .iiid 
 fUfir oftiwr-'. iu like inaiitu-r a.-* tbi'\ iipplv r*t iiNnuranfc ooinpuiiii'M Hiul rlnir 
 t'fticers. 
 
 |4) Without pri'judifo to thu p<jw.i> miil-ii'd l.y iK'ction wvcnty-oiie of Ihi 
 l-rii'iidly HociitirM Act, 189ti. the luinimittie o iiMua^eiiu'iit or other )fov>Tiiiii>r 
 IkkIv of a eolK^•tiu^f witiety having more tiiaii one huiidrttl thouMiiid inemU'rn may 
 p- titioii thi- Court to make an order for the lonversion of tlu' waiety into a nnitual 
 
 • onipany under the (Joni|ianiit. Couwilidalion Ael, I'Jiis, and the Onirt may make 
 «iieh an order if. after hearinjr the eomniitti • of ni.mn^tement, or other iroviniinL' 
 
 • ■oily, and other per-^mn whom the Coiiit eonalders entitled to lie heard on the 
 IH'tition, the Court is »ati»(ied, on .1 |hiII Ninjf taken, that tifty-ti\e jx r eent. at 
 It asf of the niemla-l'H of the siMJetyovtr -i\te<*n years of ajfe airret- to the eon- 
 version : and thi' Conrf may (five sueh diieetions as it thinks lit for s, tllinit a 
 linaMT memorandum and artiiles of assisiaiion of the eomi>any ; hut, hifon- any 
 -iieh |K'tition is pr-sented to tin Tourt. notice of intention to present Ihi' |s tiimn 
 -h.ill Ih' puhlished in the Oazetti'. and in -inh newspais rs as the (,'ourt may ilini 1 
 
 \Vh'"i B idllHtin^f sisiit. eonvetts itself into a eoinpany in aie<irdanei "with the 
 provisions of this sidi-ststion. Mih-sieiiin .1; of seeti.ai seventy-one of the Friendly 
 Hoeieties Alt. 1891). shall apply in like manner as if the eonvi rsion were lili^ti^l 
 under that stH'ti.m. 
 
 ;'i In this ».(tion the expnssions " eolli-eiini,' -<k ii ty " and " industrial as-ui am ■■ 
 lonijiaiiy " have the same nieanin;rs as ill the ColIiK'tinir Sisieties and Indii-trlal 
 \ssurani-e ComiMinies Aet, IS'»6. 
 
 Hep.: 
 
 Short titli 
 and I'oin- 
 m"ti' en" 11 
 
 Sii/,/,/,,,,, ,.l„l. 
 
 37. Thi- eiiailments mentioned in the Ninth Sihiilnle t<i this Aet an- h. i.hy 
 II IsaUil to the extent s|»eitiid in the iliinl mlun.n of that seh.Hlnl.': 
 
 rroviilnl that m hin^' in this rejual shall atteel any invi sti^fation made, or any 
 slutemei.t, ahstraet. or other dcsiinient deixisiteil, under any . naetmeut hen hv 
 re|Mali<l, hut every sueh investijfation shall he ditmed to have heen madi m.l 
 • \i ry -ueli iloeiinii lit pr 'pared anil dejiosited under this .\et. 
 
 38. Ij This Alt nniy lie eited as till Assuranti ('iim|>anies Aet, lliil'.t. 
 
 -1 This Alt shall 1 onie into ojh ration on the first I'.ny of .July nineteen hiinilrnl 
 mil tin. except that as i,s|H<ts ««tion (hirty--!x it shall cnme int<i oiieratim ..n 
 the passinv thereof. 
 
TlIK A88UKANCK C<>MPAN1F> Aci, l!»tt!t. 
 
 Act of 1909 iKit: 
 
 ■!« 
 
 
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 £•? 
 
 
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 r -I „: i - ^ £ 
 
 t = 
 
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 f-f.fi •= 
 
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Thk Assuranck Oomhaniks Act, 1909. 
 
 Act of 1909 16 !!« 
 
 3 
 
 I 
 
 s 
 
 Is 
 
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 ti 
 
 •O 6 
 
 §.5 
 
 S I 
 
 g 
 
 Ji js. 
 
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 « i 1 I.. n«u,ml wl ,1 -tat. .11. ..1 n.id.r 1 lii^. «I..^lnl.- i- .H—.t«l anniuilly 
 
 th. valuat ou. sli..» ..IK tin u,.i,,Ur ,.f j-li. .. -, tin- «ni.,.mt ,i.-i.ml. a.ul th.. ami.uD 
 of pn."i .■"|«.v^M,.'f.,,,iu«lIv UU.1..V .'«. h .la.. ,.f ,..lii.. .. l-.tli ».th '"•'1 *"^;"' 
 
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 (!■ Ci.-;!...'. f..rwiir.l uiiap.inipriut.d. 
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 .i^imvu U,uusi.s and particular* in rr.}..*t .,f et.d..w.mi.t a-.iminc.. 
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TlIK AshirUANCE CoMfANII'-S Act, 1S)0!». 
 
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Thk Assukanck CoMPAXiKrt Acr, l!t(»'J. 
 
 Act of 1909 
 
 l(i<: 
 
 ^Foui referred Ui iimliT hi-iuiin); Nn. 7. in Kmirtli SclioUilr \.\,.) 
 Valvatioji Balajcck Huekt of - — UK ttt , lO— . 
 
 Dr. 
 
 To net liuliility uniltT lif<- aswur- 
 aiieo iui<l annuity trKn«iM-ti(in<« 
 (■■ppr HUMiniary htat<Mni'nt pni- 
 vid<-4l in Kuhrtii Scht'^iuK' <.A: , 
 
 Ti> i>nr]>liui (if any) . 
 
 Cr. 
 
 i By life tuwuriuiri' and an .uity 
 ' fundi* iw |>rr iMtiahtf nhii-t 
 , nndrr Silnnlulr 1) 
 
 j By di-firinicy (if any; 
 
 C. —tuiM ii/i/ificaHf Id J.i„l,„t Jiitia'mr Jlii>i,ii'<. 
 Statejikmt <.f tlM Ectijiath) I-iAniurv in n«i«if ,.f <)iTtT*!iM!«o Ci.umn ari-inj, 
 in til.' y.ar .if A.r.,mii, and in tli. pr.. . dinir v. ar ■■r v. ar> . ■.iii|.nl .1 hh hi 
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 paid in tin int< rvminu ]» ri- d. 
 
 I, Clainii ari-ink- ilarint' till yrar .if Ai I'mni ■ ndinif , I'l — . 
 
 (a^ rarti.nl.iri a- t.i < laini» iiri^in)f, an.l -. ttl.d. ili.riiiif tl..' vi-ar..f Ai-.-..unt : — 
 
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 li) Fatal ilaini» . .. 
 (ii) Niin-fitt.ll . laiin> 
 
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 t'laMi iif Claim. 
 (I) 
 
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 w 
 
 (4) 
 
 ^i) Fatal rl tiniH 
 
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 hunn ini.'ir.'il 
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 Hi wiilcB. 
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 iv Noll fatal I l.iim«. inv.iUin>r ]i.ivni. iit of 
 yiaily al!"»ani.'« durinir ("rnian. nl 
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Tlir. ASSIIKANCK COMI'AMKS AcT, UKW. Act Ot 1900 1«4!» 
 
 III. StrmtART "f KjmMATmi I.iaiiii.itv. in ri->|"ii "f Claims liuT^Axnixii i»» i^ 
 tho I'tid of thr War irf Anvmiit : — 
 
 A" p'T i-.ilumn '4) nf Statpnii'iit 1 . *1 I 
 
 ., (•>) .. II 
 
 '.Ii of fnrthprwlinliilrM in t)ii- form "f Stiito- 
 mi'iit II. (if rpcinircd). 
 
 In rcHpc.-! of yciirly allowiiiiifn ilurin;: iNnniimiit total | 
 diwililr'mi'iit, oiit>tin<)iii^ iit the i'ihI of the yi'^ir of 
 ni'i'ount. Iiiit not im-Iiulwl in lh<- aliovf Si.itiiiiiiitK , . . . ' 
 
 Tot il I'litimntcd liiihility. in n>«pi'ct of onlxtnnilinu' lUims i 
 »s Hf tlip onil of tlir v<ar of .o'limnt, :m (xt Fir«t t 
 S,l,<,lnlo ;«'. ■ ' 
 
 I). I — f, „■„,,,,,,, /ir.'W. /.. A',i././r../. , .' l.„il,.'.l,l l;-„,;i,l>: //«.,,.,... 
 
 Statkmf.vt of tlio KMTiMATKn laAiiiiJTT in r. .|Kit ..f OiTsTAitiiiSd Ci, UMM .iri'iiiu- 
 ilurinir liich of till" ¥ivr Yciint (iniiilinir tlii' Yivir of Aii-ounI, ami in wU'h 
 Yi'ar; iHimpnt«l .w iit tlie fnd of thr Yiiir in whiili itio riiiini" ;iro'«', iin'l iih ttl 
 till" I'liil of tlio Yi'Hr of .Vnoinit . witli PartiiiihirH a^ to tlif XiimlxT ami 
 .\moiint of tlif Claim'* .iitually paid in ttn' inliTvi-niiiir Pi-rioil. 
 
 I. ClainiH nrixini.' iltninir tin- yiar of anoiint. ■ nlini.' , t''- . 
 
 a Particulars .v< to rluim- ari"in>f and "<'ttI"Hl dimni; tin- your of aiconnl — 
 
 t1a« of Claim. Nnmlnr. Amount paiil. 
 
 1 J ■! 
 
 ' £ 
 
 Fatal I'lainH ' 
 
 Von-fiital flaim* 
 
 T.rtal ' 
 
 >' Partif-idant a^ t" • laim'* ari^in^ •luring, and out-ttandinir at i-nd of. tln' yr.»r 
 of apoonnt : — 
 
 * 'Iji-w of Claim. 
 
 n 
 
 Fatal claiir:-. 
 Non-fatal .lal 
 
 Total 
 
 .\niouiit paid F.^timatod 
 
 Xiitithrr. during' yiar of Liability. 
 .K-t-ount. 
 
 .ji cii :••! 
 
Iti0<( 
 
 Arrv^Noi*. 
 
 
 Lialiilitjr in di«m>ir ih. period I,iiMnrfi»T in 
 
 I'irtiiuiant tt-Kpwt uf ii| 1 y.at (.,!twit« re«j»«t -if l'hum~ 
 
 „f OUira^ t*«al»'viilutr .•utntMiHttitK »*>; 
 
 I'kima .iiitslandiiitf i> at i«d the ••ml of thr tit,. h»u -« i*. 
 
 Ihf abon- (lat< T<<«r ■■( I'louM yn«r »! Att^MWiI. 
 
 f'ollHMIs (S 
 
 ,2) .. (4. 
 
 NumliT Anx'UD' Namlnr Aafctinl NlimWr Aiiioi.ut NuniUi 
 
 Fatal I'laiian 
 
 \uti-fatal flHimi*" 
 
 ri'imiriutAMl 
 
 Not Uiriuiuutod . . . 
 
 r..tnl 
 
 Ill — Oiit.t»n<iii.ir •liiin^ «l,i.l, ,.!..- .Iiinui; ^h. -...uuyiai |.i-..'.iiiu« t*- v.iii ••! i ii. 
 
 •■iMliiurttu in— 
 
 Partii-ular- 
 
 ..f 
 
 Claims 
 
 K»tiiimt....i ("InimcpBtil E!<Iiiiut)«il 
 
 Lmliilitv ill dunnv til. inn-Ki Lialnim in 
 
 (tt 2 vi'arH'K-tW'^ti if«j>«* 
 
 . t iiii'lainiK 
 
 n ■.inH^t I't 
 
 (Inim- tlif rtl»iv.- ii«t. lutstanutrar a» at 
 
 .lUlstMllilintr ;i~ It nnil thf ft«i"t th.- tl nil .it tin- 
 
 til.- alx.vi. »i»t. viar uf A>T..uiit. \i.;ir ••* Aii'..iiiit 
 
 T.«i.ii «i 
 
 iV^iminii-:^ 
 
 ■mil (4>. 
 
 ■') 
 
 NuiiibiT. ,\miiuii! 
 
 i:i, I. 
 
 Nuitii.f-r. Abhhimi NiimtwT. Amiiunt- NuliiUr. .\nMunt. 
 
 Fatal ' 'aims 
 
 N'lm.tiita! ilaiiBM- - 
 
 r«.riiiinatitl , . . 
 
 Nt't t.-rniitiatiil. 
 
 Total . . 
 
TiiK Arsukance Compakies Act, 1909. 
 
 Act of 1909 1651 
 
 IV. < tntttandinir i"!*!™* whirh »rn»r Hiiriii); thr fliinl viiir jiri'O'dimr tlir yiiir "f n- r.innt 
 
 pndinuth'- . 19—. 
 
 I'nrtii'ular 
 of 
 
 KKtinintt'd CluiniK patil KHtiiimtitl 
 
 Liability in I •liiriiifr tli>' ])<Ti<i I f.iuliilitv in 
 re8pt>ci nf nf'tyrHrnU't wtH 11 j ri"<p»ft <'f Claini^ 
 
 Clikimf tli> iilxiv.' dull' I iiiit»t4inilinir a» Ml 
 
 outniAndinf; am at i nntl tlit> cntl t*f tlit- [ tlic tiul «>f tht- 
 till" «t»>vi> iliitt'. yi'HT of Ac 1 ount. year of An omit. 
 
 (i) 
 
 KfOal nltiint^ 
 
 Nivn-fntHl clHimM — 
 T'Tftiitiiit.* (I .... 
 
 N*<t tt miiniit»'d. . 
 
 (iJ) 
 
 Numhrr. Am<iunt. 
 
 Numhrr. Amu 
 
 T. til I of 
 ('iiliiniua i^ 
 
 NiiiiitM I .\tii'tni4- 
 
 rl»imi> wtmli nri'~ <liiriii)f t'l. luuith \mr (U^ i .ilinif ili> viarnl. 
 I ndinic thi" . I!' - . 
 
 llaunii. 
 
 t'»t:ii claini;^ . . . . . 
 .Son-fatal claims — 
 
 TrrmiuaU-d . , . 
 
 Sot tenniii«t<-'l . 
 
 hntiinut**! I'luniK paiil 
 
 Lialiility in dnrinv tho {x-riod 
 
 n'fp'* t of ' of 1 vfars U-tw<i'ii 
 
 Claiiuw I til. rU.vi' datv 
 
 iiiiti'taiKliu^ iLs at i and tlu- 1 ud I'f tin- 
 
 till' m1«ivc> (l»t«-. vi-nr of Aiii'iint. 
 
 (2- 
 
 (:« 
 
 Numljfr. Aiiioiint. , Nmnli»r. Am"wnt 
 X 
 
 I 
 
 ]v<titiintitl 
 Lintatilt ill 
 
 riK|>4'l't of i'luMII- 
 
 trnti-tandioir a*- at 
 
 to' -lid of th< 
 y*'»i- of A»^M»ntit. 
 
 14- 
 
 s.».#T ABu'trst. : S.unl- 
 
 ( "Itttiini* { 
 
is 
 
 !*( . 
 
 1 tjfrj AiTENDIX. 
 
 ')m'- .iiliiiK iliiiin «-hiuh iir w iluriujf liic tiflh »• !:«r pni'rtliinr the yi-ar i.l \y 
 
 Uie , 19 -. 
 
 I'jir^ii-uliir" 
 of 
 
 KFttiiiiHtitl 
 
 l.ialiility in 
 
 rf^^iMM't tif Cluini^ 
 
 olitxtamlimr »» nt 
 
 thr ii)mivi- diiti-. 
 
 (i) 
 
 (hiring thi' pencil 
 of ;'i yi'iirn 
 
 ItftWtt'II tllf 
 
 h1m»vc date uiut 
 
 till' iiiil of the 
 
 year "f Ai-founf. 
 
 CI! 
 
 E^tilnat•'d 
 
 Liahility 
 
 (iiii'ltidi'il in 
 
 8tat<-n«iil VII. 
 
 iirid vn'.u.il l.y 
 
 tiro iiictliiHl lliiTO 
 
 •»pei-iti''*l in 
 
 n •'IH'ot of C'lipi>n!< 
 
 oiitstaiiiiiiitr ii'* 
 
 .it thr en<l of the 
 
 year of A< i-ouiit. 
 
 limit, etidiiiif 
 
 Total oi 
 
 < oltiiniiFt I 1 
 
 and {> . 
 
 •>) 
 
 Nimi)»T. Amounl Xunil-r ' Aniimiil. SufnlxT. Araoint. i Niiml«r. Ain..unt. 
 
 
 I ii 
 
 ■ ■ 1» 
 
 i lal claims 
 
 Nou-fatal «liiiiii»* - 
 
 remiiuHtod . . . 
 
 Not toriniii.itt-d . 
 
 Total 
 
 NoTK. Ill raw" when- tin- date at wliiili th< 
 Koniis IV. V. jiid VI. aliov would fall in aiiy y.ar prior t4> 
 utmiHcl at< at tho . lid of tho V 
 iiiidii •■..I'lTnii (It) ot' -wXi form 
 
 tt-UOlllI 
 
 if ui 
 
 to 1- 
 
 . ..I'lTtiii (:t) ol -111 li f.iriii>, are to !«• iii r. «p.-<t of tin- p. rioii \»\\ 
 I' tciiiiiiiated ill lyos and thi' end of the year of anoiiut niid. n d 
 
 'tiniati'd li.thility nqiiiri'd uniier i-oliinin J) in 
 
 r.Mix, -iich I'-liiiiati'd liatiilily \* to !»■ 
 
 mil tirniiiiatril in I'.ioh. mid tin liiiini'* paid, n iinin'd 
 
 lod t» Iwei n the enii "f tin' year nf 
 
 VII.- StJiterneut r<-»pi<ttn(r ilaini!. of five yean"' iliinition and upward" outM.iiidiiiK 
 M at the end of the year of Aciount. (To U made and .-igueil l>y an Aitn.iry. i 
 
 I The niiinlxr of ilainm ineumbent and ha>iii)^ durationn of five years and 
 iipwanl" a« at thi' end of the yi ar of aeeount, iniliidinjf thoM- wparately retumul 
 un.ler Form VI. alnive ; and tlie amount of the wii kly payment, and of the annual 
 piiyni.nt, due in n'xpeit of rouh i luiniM : se|>iiniti ly sl.ii.il in ri«p.<'l of eai li ye.ir 
 of life of till workmen, from the yoiin)f. i-t to the ..Kh.t. Thex- niir'.ii ular.< to !..• 
 ret.iniid iindi r . ohimiiH 1 to ,ti of tin- tabular statement jriveii below, 
 
 ■>■ The .•stimated liability in r.»i»..t of the 1 1 aim- .neiiKi-d almye mpiited, ii.- 
 
 »t tin end iif the year of'aeiiiunt, on the ba«ii of tlie amount whieh wmihl be 
 ni|iiiiiil to puriliiM' from the National Ibbi Com-.iii-sioueri, throuKh the I'o-t 
 OfH.e Saviii^r- Ihmk, an immediate life annuity for 'he workmen e<|iial to 7.> jht 
 rent, if the \alui of the wii kly piiymeni. a. . ..rdin^r to the sex and true a)fe of 
 the workers Thesi. pailieiilars to lie returniil umhr 1 1 Iniiin ') of the tabular 
 statement Kiym below, in n-»pe<t of eaeh year of life of the workmm, fr.mi the 
 youngest to the oldest.) 
 
 "i; If the e»timate!l liability, as rewrvei! under the Virst Si'hedule in n sisrl of 
 tin ehiims siieiilied alsive, is eomiuit.nl on any haiis other tl an th.it sissiliisl under 
 llnuliutf So. fi) above, the whole of the parlieuliirs r«iuirid under .'leadings D 
 
ThK AsSUHAN'CK CoMI'ASIKK A( r. 1!»(>!I. 
 
 Act of 1909 UiM 
 
 in<l ri) itlx.v.- :iiv I.. I- ntuni.a in . ..luiiiii* (I . tc. ( ,, ■>( iho tiit.nlrir ,f»(.'n..ni u'lvn. 
 twlow, tdtT'lIiiT wiih tli ' fiillowimr ■■\ lililiipiml |iiirtiriilur.< : - 
 
 'i)^lf fill' .«tini!it.-.l li.itiilitv \- a. i.rmiii<'<l -m fh,- l.i.U ..i iln- wilur ..f ;t;, 
 iiiiiii<'<li'il>' lifi' Mniinily 
 
 ,,1 'ni. t'llilf !•>: iiio.Mlilv \i\>'M v.Iii.li sii.ti lif.' amitiiiy v.ilm-" u. 
 UiM tl : 
 
 1.1 Til. iiif ■.< inlrr.-i .it wliiili ••u. li lif.- aiimiil\ v ilii. - irr ...iii- 
 I'uUhI ; • 1 V 
 
 (r; Wli.lli.r -mil lif.' aiiiiiiity valii. « an- ili-.iiimiiat. .1 a.. >iilni».' i" 
 tlir «'X "f tli»' w.u'v.-i-H : 
 
 (il; The |.ni;«.iiii.n <.f -U'li lif.' aiin'iiiy valii.-- r. iti'm miiiL' tl" 
 .Ktinuit..*! liul.iiitv ; 
 
 (r, 'I'll.- m.»lili •.li. ii« It any I m...l.' .n til.' trii. av"-- "I tin' «..i'Kni. n. 
 ill il.tiii. iiik' til.- ('-.tiiiia'. il li il.ilitv : 
 
 fl Till' am .1111' ..f III.' .'.liiiiat.'.l lial.ilii T ■ 1..' r. tiirii.-.l. in r.-»i»-. i 
 
 .if . a. Il y.- II ..f lit.-, ill . ..Iiiimi " "f tli.' tal.iil .r -tat.iii.'nt u-iv. ii Ik1..» . 
 .ill If 111.- .->liriiat.-.l hal.ililv i^ li..t .li-l.riiiili.-.l mi lli-' l-a-i" .'f llw vain, "f an 
 ini.ii.'.l^ati. lifi- allimltv, full partl-nlar. ii-,-.- t.. Ik' ,j« . ili.-.! a- t.. t I.- 
 |,r..i..' ii..'tli.«l im1<.|.i.''.I i'l .l.ilii. inir »ii. Ii . .-Iinrii.-.l li.it.ility. nii.l II"- 
 n.l.il iim..iiiil .'f .-■.tiiniil.'l l.al.ility 1- t>. 1..' r.'Hirii.il iin.l. r .-..liiiiin i. "f 
 111.' I il.iilar -tat. iii.-nl tc\\KU luiow. 
 
 *i .1 
 
 A'.'. > 
 
 ..f til. 
 
 Niiinb.-r W.'ikiii.i 
 
 iif 11. at 111.' 
 
 < 'luiniN. . n.t ..f til. 
 
 Y.ar'.f 
 
 .V.'c.nnt. 
 
 Am. 'lint .\iii"imt 
 
 .,1 ..f 
 
 W.ikly Aniiiiil 
 
 I'lVm.lit. I'livimnt. 
 
 l-:..tiiiinl.-.l I.ial.ility l-Nliin.it.'.l 
 
 ...iii|>til..l ..n I.ial.ility it 
 
 l!a-i~ i.l 7-. I" 1- ('. n'.. .-"tui.iit' .1 "" 
 
 ..f Valui- ..f I. if" Ila-i'...tli.'r 
 
 Aiii.iiitv i.nr.-lia--.l llian ll.at 
 
 t''i-,.iii.'ii i!ii' r..-t -p.. ah.-.! in 
 
 tjtti,..-, ('..Iii;-.n -V 
 
 fe 
 }. 
 
 (1) 
 
 a 
 
 (»l 
 
 Note — .S.'i>arat. iNirtimlar- I.. I- funii.-li.Kl in r. ^pr. I .f nnsl" ai 1 f.iiial" 
 w.irk('i>. 
 
 Sninniary ..! - -tiinai- .1 lial..llly m i. -]...! .1 ....t^l.iii.liii/ . '■ """• »~ •• ''i'' ""' "' 
 ■he y>'«r ..f ii.i-.mni t 
 
 As |K'r . ..Ininii I ..f Stat.'tn. nt I '.; 
 
 •I .. II 
 
 I) .. in 
 
 ill .. IV 
 
 li ,. V 
 
 ..(.•.)i:r((l) ., VII 
 
 Ti.lfll .•«tiniati-.l liability in rcspei t ..f ..iiNlnn.linit , 
 . liiim.. iiH at til" ( ml of tin' y.'ar ..( lu. ..nnt a« ft £ 
 P.r.t S.la'.!nl.. 1>> ' 
 
 .:fe-M 
 
\mA 
 
 ApHK.vnix. 
 
 .E.)- hitr,, .ipiiiir.iiil. hi /. .. . I;.tt„'iil ItllUiirv 
 
 STiTtmurr nxiiectiii^r the Vauation ■■! tli' liiAniurt under Bondii and Emow- 
 MKNT C HTIKIIATM I'f til'- , U< I"' niaili- and M)r>>Ml ''V •'" 
 
 VOTCAHT. 
 
 K , 
 
 Tt 
 
 •? 
 
 i'^# 
 
 (nii'»n«»«>r!<Kh<iiiM Ih> immlar.il t.j uhuhI miiIi tht- miiiil>i i.- ■•( tin rwircttjx'iidii i. 
 
 (|iirt«tii»ii- ~ 
 
 I. Thr datt' up til w)ii<'li tlu vuliiati-'u i» luadi . 
 
 i. Till' primi|ili' adiiptitl in tlir valiritimi of thi- liiitnliti' - iiiidiTNiiiil invi»limiil 
 
 p<>liri<'» and PI ■'■ ui iTi'itii iiti-, :inil »l«tliir th<-»i' primipl.K wirr ilitinuiiMd 
 
 by the in^tru. ■! . •■■<ti:iiiintf tin- n.nipauy. or )>y i' n'^iiliitiimx or Im '■'*". '"■ 
 hi>w (itherwin 
 
 't. The rat4' rr ratfn itf ititert'!*t tinNUiin d iu the '-al* uintinith. 
 
 4. Thn ii'tual pnip<irtiiiii u? tin- aiiiiiiil itidimr fi.iin. ii:.iri!iiilii>iiK. if any, ri wru .1 
 IB • pniviKidn for future fxix'nwn umi pr-til". i If iimi' . >liilf Imw tlii» priviKii'ii i- 
 madr.) 
 
 • •. The omiMilidati'"! rrvi'inu' aoinuiit ^imr ihr Ia->1 va!uati"ii, or. in tin' c.i« nf i 
 •HjRipAny whii-h hat* mitdf no vuluatiou, ftin*'!- the ionimrn" einent of the liui«iii<t»> 
 (Thi» n-lurn »liould Iw madt- iu llic lonu aunexij. N" nturn uiuli r tlii- hradin>i 
 will hf re(iuin<l wlirre the vahmti"ii i- mad. annniilly.) 
 
 6. Tlie li»l>ilill.« of tin rotnjianv und. f l^niil iin«»tnniit ixiliiii s and iiidowiuMil 
 eertifiiati* at the date ot the valuiition. "howiii^r the iiuuiIm r of iMilii irK or ii-r- 
 tifleat"", the aniouiil < a.-.^uri'd. thi' ai:iiiunt f>f tin. i iMition ] aviiMi annually, and the 
 pniviKion for future e\peii.i» and pnitil-. : aNo the net liall:!itie^ and hi-xIk of the 
 iiompany, with he amoiiiii of -lllplu^ 'i ditii ii ;i v. ThcM' nturn- "hould In 
 lUHile iu the forniN annexed.^ 
 
 7. The priniiph'n u|Hin whiih llie di.'-inhutiou of piolitn inn.injf the l>oiul and 
 lertifiiati' iHildern aiu! »liureli"lder- . made, and wlnth. r ihoi-i primiples nn^ 
 drtennined In the innlii un ut cnuMitut n(r th. e. lep.uy, c:r hy itK r. if ilatioiut or 
 bvehiim. oi how oiherwii-e. awl i' time duriujr »hieh a Uiud iiite-tnu nt jxiliey or 
 ei. lowmrnt eertifi 'Hte mu-t lie iu torei' |.> entlth' i* t'. -hnri m tie pn.lil-. 
 
 ■S. Tl»e niHidt*. of the valii.iT.ou, showing 
 
 (1) The t.'lal amount of pioiit iiiadi by thi .•■mpaiiy, alio<M««ii .e. f..l!o»»; — 
 
 lit imoni.' parliii|ii;tin>r bond or lertili at. h..!.!,'-.. with ilo numlir 
 111 partiei|uititi^' and th" total amuun) ■ f th. ir liuuiU '" ii riilie»ie» 
 .b) uniopif the i'hari'holder> ; 
 (el 1 . ri'iiTve funds, or .'ther aeeouut« . 
 (^1 earrii-d forwaril uiiappropriaIi.il. 
 [i] Spt-einielii .f jir.tit allo'tci to [Hilieii". ..r eeiliHiale^ 'or 100/. . rtti tetl foi 
 ditfetint |ierioili, and Imvinir luen in f H' • f'r ditfereni dunitioui. 
 
Tm: AsHUUANCK OoMPA^l^>^ Aci'. loivt. 
 
 Act of 1009 l«u>'> 
 
 I 
 
 1 
 
 i I 
 
 - -f. 
 
 * f- 
 
 e 2. 
 
 r » 
 
 I i" 
 
 7 -z 
 
 -; a 
 a 
 
 i. i 
 
 >5 
 
 
 ■3 
 
 
 
 1 •- 
 
 •y ?< 
 
 i 
 & 
 
 OS 
 
 I 
 
 a 
 
 I 
 
 II 
 
 it 
 
 •^ a 
 
 a 
 
 ■c-c 
 
 111 
 
 icSS. :2 
 
 g 
 
 ■3 
 
 
 1 -8 
 
 i 5 
 
 7 J 
 
 2 2 
 
 E 
 
FT I t 
 
 ItiSti 
 
 ApT*^:^•I1lx. 
 
 i«l 
 
 m 
 
 
 e M r 
 
 '111 
 
 i I 
 
 ^51 
 
 
 
 I i 
 
 1 1 
 
 t 
 
 el 
 
 I 
 
 i? 
 
 S-S: 
 
 
 y- •'■^ 
 
 1 
 
 1 i 
 
 2 
 
 
 t 
 1 
 
 ■B 
 
 .Si 
 t 
 
 a. 
 
 J9 
 n 
 
 S 
 
 
 f3 
 
 » 
 
 .2, a 
 
 < f2 
 
'PiiK As!siiK\Nir ('oMi'ANii.a< Act, lii-Mt. Act of 1909 
 
 IVOKM rifeiTfd t<> uimIit ll<wliiii( S" « in Kmirtli S. Ii, .iiilf i K) 
 Vii,r»Tio« lULi-vcr Suttr .>( flu n« ul , fi 
 
 r>r. 
 
 I'll iii't Imliility uiiHit IkhmI iii- 
 vi->tnH*iit iiittl <-iitliiwiiu-iit rt-rti 
 Hijil.' trmi-aitioiiK in Jirr nuiii- 
 iiiarv uliilciiiiiit imiviilol in 
 Kuiirtli Sliiilul,. i Ki 
 
 r . -'ir|plii» if iiiij 
 
 lly »• ml liiv<»tnii'iit ami Kii- 
 
 iliivtiiiiMit Cirliti'iti' Kim<l 
 
 ;!■• JMT ImlaiKv f-lt*-*'! iinilcr 
 
 M. h.Jul.- ■■ 
 
 IIV ill HrirlliV if IIIV 
 
 KIKIH sell K.I )II-K. S..ti..ui 
 
 X.H. Vfhi-r<- »iiikiiiii fiiu.l .>r rupilil niliiiii.lii.n liii-inii.- i. . iriivl mi, i 
 •..•iNiriiti»liH.iii.iit. -itfii.-.l t.v lli.-^iitimry, mii-t li.- luriii-lii.Uli..« iiiif '>><■ l"lal -niii- 
 :i.4iir.il iiiHliiniiif i:i iM.li i.ilruilui \ -iir ami tin- 1 nrri-^iHiii'liiiK' omr-' iiri'iiiiiiiii-. 
 
 A.; f,„,M .If p! '■''•!' '■' '•'/• .("«•■""■ /.■"-. '!.'<. 
 
 STATKHrXT llf tin- J.IKK AsMl:ASlK llllil AvMlTY Ill'SIMK^i- 'if tli.- 
 
 I.I -, til In- -.iiriiiil In III' Artmir\. 
 
 riii' iiii-wiri. sti'.iil.l Uiiiiiul.irnlt'U nl willi t'li- iniiiil-. r> ..I' ili 
 
 .[u. .liiiii», St.ili imiil. iif r<-ii-«iirii!i' f» i"rn-i 
 
 I 111. 
 
 TI-i-lMillilill*' 
 
 MiiiiliiiLr til till- Mtitti-iiii-ntn ill 
 n -|»i t iif a-.uiiiiiri- an- to 1»- i/iu n tliniiiitliiiiit -ii |i:irati .tati-iiii-ni- in- t.. 
 U- funiiKli'-il in tin n-|ili.-» tu all il..- Ii.-ailiiii.'- uiiili r ilii- ~ li.-liili- f.u- I.ii>imi-.« 
 al i.llii-r lliali KiimiHali rat.--. S,-|iarat.- -tali liii-lit- ai.- t.i In- al> • flinii-l!. •! 
 tlir.iiL'lii' il ill ii-"|i"t i.f iinliiiary uinl miliixtriil l.ii-iii.---" p -pn-livi-ly. 
 I I'lii- imlili-li. .1 lalil'- iir tal.li » "f pn iiimi.ii» fur a.-i.ui im .» f.n- tin- wln.li- 'i-nii i.f 
 111., ami lur . ii.l'.vfiii.-iil ai.i.uriiiii i« wl.ii li an- in u-.- at tin- ilili- hI^m- iii.-iitiniii-l. 
 
 .'. Till' I'ltil ani.iiiiii a»-iir.tl 1.11 livi- fm- tl"' wlml'- 'irm ..f lii. win li an In 
 .\i^»ti-ini at 111.' ilal. al«ivi- iin nli.in.-il, •li-<iiiiin-»liiii-.' 'l" li'miaiH a-.'<ii..-,l wiili 
 iiiiiiiiilliti- 1 r .liti. Willi ill fi ir.ll i.r..li|.. iiii'l willi-mt pn.tii.. «ialiiii{ >.i-piirai. ly tin 
 l.ital i-.-\.-iilii|iirvl«.liii«- anil ■.(«t-il viii-,' tin- »iilii> i-ur' 1 t"r . u h >iar i.f 111.- iV.i.i 
 til.' v.iiinif. «t til till- iiliU-t a>ri ■., till Imii- "f ili»i-i"ii i» t" inmi' lial' iii'l ilifi-rr. .1 
 priiHli> lii'iii>f Klaliil. , t ■ i 
 
 :; '|'l„- ai ml "f pr.-iiiiiiiii» i.-. i-ival.li annually I'r • i. li >• ii "f 111'-, aft' i 
 
 iliiliirtiliir till- »lmt. Ill- 111- !!' r'.i- I'y till aiipliratii.il ..t l»iiiii'-i -. in r.-|M-. t i.f tin 
 ri'«|., .tu a~«iiiani-.-H ii»-iiii"in'l uii.li v lii-a.linvr N.i. .', ili-i iii-/iii-liiii-.' .-rilinary fn.iii 
 i-xtra pr.-niinm». A -M-iuirati- -liitiinint i- I" U- ifiv.'ii ..f pi.iniiiiii^ paval.!.' fur i 
 limit.'il iiuinlKr nf y ir.-, .la-«-iii I uii unlinif ti. tin- niimlii-r i.f >. ir..' |.a>in'iit- 
 ri'itiaiiiiii»r t'l l.n ma.l.'. . 
 
 I I'll.- t'.tal aiii..iint a^iiirnl uinli r i n.liiwniiiit a—uniipi". -|K-i ilvini,' -nni- 
 a~.uri-il ami i.tliii' priiiniiiii- •u-parati-l> iu r.ni~.-t ..f i-iiili yi-ar in »lii.li -ii.li 
 iwiiram-f" »ill inatiin f.ir payni.iit. ' Tin' ii-v.'i--ii.ii iry Ik.iiii'«.« lll.l^t aU. I» 
 -ipaiiiti!> -11.-. ill. il. ami till' -iMii- a»».iriil willi imiiiMliat- ni-ilii-. with ilitiiri*! 
 pp.ll'-. aim will.. .11 pl'.lit-. -. p.ll-lti-ly r.tililn il. 
 
 I, I'hi' liilal ini.uiil a»-iir(Hl uiiilir i !..--«■» of a»"iii..i.r. Ini-im-- . "ill. r than 
 a^-nirMmr-i iliali «itli iimli r Wm-i-iii'ii' - 'iml I. di»iiiiKUi-.liiii>.' tin- »iim-< «»»un-a 
 iinili-r 1 aili i-l l»». ami -I ililirf ^■ ; .rat- ly tin aii.'iiinl a--iiii-l willi iiiinn-illal pr .tiU, 
 with dif.rr.ll pr..lil-. ami wilhoul pii.tit-. ami llif t.ital aiiimiiit "f i-.->' -naniry 
 
 ImIIIU'M'H. 11-1 
 
 li. Till- amount i.f pri'iiiinin^ i" . '* it.li annually in r«'-|M . I ..I i i. h -inli "iH-iiial 
 
 .la- 111 a.-.-.iiram-.--. iii.inti 1 nmlir In .i.!iii« N". i, .li..tiii.i.'ui-liiiiK ..riliimry fniiii 
 
 ' ^fru pri'iiiiiiin'". 
 
 7. Thr t>'i i! auiiaint nf pn'iiiiiini- »lii. h la.. U-.-11 11-.-.H..I fi-..iii tin mini-c- 
 
 iin-iit iiii"n pun iniliiwiiniit i«.li. ii-n whirh in- in f..ni-ai tin- .lul.' aUiv. iii.ntii.niil. 
 
 ». Till' tiitiil uiiiiiiint iif iiiiin.'<liuti- auiii.ili. - i.n livi-, .li>iiiii:u.-liii.K tin- amnuut-< 
 fi.r .'ai-h year of lifi'. anil iliitiinfui-liiiiK mn'.i' iinl fi'iii li' l.M- 
 
 '.). 'I'lni -iiiiimni nf ill untmilii-H ..u lui'-< nlln-r than tin-" "in-.itli'.l uinli-r l.imilinv- 
 Nu. '■*, JintiiiKuiJiiu^f thi' iiiiiuniit i.f aiinuitii-. payul.li- Hiiiiir 1.1. Ii ' 1 ii-v. anil thn 
 ;iiTi. .111.1 ..f priiiiiiilii- -.iliiiiialh I. iv-ilil.. 
 
 ♦v/i;! 
 
ii- 
 
 J»i58 Appkndix. 
 
 10 Till- avortiifc rate of inUroKt yiolditl by the a«»etB, whether inTei.tea or 
 nniuvcsUxl, .•cm-.titutini,' the life .i-surai.ce fund of the company, calculated iipon 
 the mean fund of each year duI•iu^' the iwrio.! Hince the last investigaf.on, without 
 deduction of income tax. . . , .> * ,f 
 
 It must be Htatwl whether or liot the itican fund upou which the average rate oi 
 interest is calculated includes ivvcrsio..ary invi'stments. ,,,••* 
 
 11. A table of minimum values, if anv, allowed for the surrender of policicH for 
 the whole term of life and for endowni.nts and endowmeu' assurances, or « state- 
 ment of ihc mi'tliod nursu-d in ealculatiiiif such surrender values, with instances of 
 the application of such method to p. .icies of different stHiidi..;,' and taken out at 
 various interval a-s from the youn^'cst to the oldest. In th.- .ase of industrial 
 .xdicics. when> fre.- or paid up polieits are irrante.1 in li, u ot surrender values, tlie 
 wn.Iitioiis under wl.ieh such poli.i, s are -rant, d must be stated, with specimens »s 
 presirilied for -urrendcr value-. 
 
 y.. -/■(/.■./( ii/,/,ii,;tlil^ '■> llifi'd lli>,-^luii;l Iliix'mtus. 
 
 Statrmk-.t of the liONO Ixvi.;stmkst nv3iNK83 of tlie on the . I'."—. T.. 
 
 be >iKued by the .\ctuary.) 
 (The answers >li,.uld b, niinil,er.-l to ae,„id with the nunibeis ..f the eorivspimdm).' 
 questioiis. Stafem.nt- of r.-iiisuraiiees. c )rre-poiidiug to the statements m 
 resi..,,-tof insur.inces. aiTthroU(fli..»f tob(> >fiveu.) .... 
 
 1 The publisliL-d table or tables et rat.s of .oiitnbution for b.md investment 
 poliVies and endowment c.rtiHeates wlnet, .iv in use at the daf alH,ve-n,ention..l ; 
 with full particulars as to th.- t. niis and ...iiditK.ns on which advances arc mad.' 
 und.T such H'c"'" '"■ .■• rtiti.al.s. wh.thcr ..ii security of house property or land, m- 
 ofii'^r wiso > 
 
 - The t.ital ancucts ,isMir..l mid.r p..li.i.s ..r certifi.at.'s which ar.- in . xistenc.' 
 at the date al»,ve-m.nti..n«l, di-lintmi^liinv' th.' portions iu-ured with and with..iit 
 rrofits. statini; s.i.avat.lv the total a.l.liti..... by way of b.)iius, and specitymir such 
 sums insuiiHl and l..,uusjs n-ixvtiv.lv a. ...nliiiK' «'> the numlier of complete years 
 
 unexpind at such dat.'. „ • ,. < .i „„„.;„ . 
 
 .■i The am..unt of i.r. niiiims i. . civ.ibl,' annually, in resiMct of the lespeetiNe 
 insurances mention..! under H. adiii^f N... -", separat.-ly spe.i«e.l uecordinif t.) the 
 number of complete years uii.xpir.'d at the dat.' ab..ve meiiti.med. 
 
 4 Till' total amount of prei.iiums «lii.3h have U'cn r.i-..iv.-.l from the oommemc- 
 m.'i.t uimi all iKili. ics or ,.rtifi.-.-.t.s m..iiti..ned imd.r H.a.lings Nos. 1 and .,, 
 sepanitely sp,Hiti.yl ac.smling to th.' numlH'r of complete years nnexpire.1 at the 
 dat<' above inention.'d. , ^, . . , 
 
 .5 The averajr.. rat.' ..f interest ivalise.! by th.' assets, whether invested or 
 uniiivesttsl. eonstitutinir th,' b..nd inv.stm.i.t and endowment crtihiate tund ..t the 
 company, .al.ulat.d ui...n the mean fun.l of ia.h y. ir during the pen.jd sin.e the 
 last investiitation. without iloluition of income tax. 
 
 (i Full particulirs as in the terms an.l .onditions upon which surr.n.lers ot 
 poll, i.s and .MTtiti.ates .-ire ..aaiitcl, wiih spe<imens of the values aUowed in resp^ t 
 ..f .litt.'r.'nt .lurati.nis. and .litferent nii.'xpired tenns at the .late of surrender. 
 
 7 Full particnhirs as to the t.'inis aiil .onditions upon winch allow an.^es arc 
 ma i.' .)!. the death of a poli.'y or certifi.ate h..Mer. with speeimen values as riHiuired 
 
 under HeadiufT No. 0. i . t i r * .i, 
 
 5 Fullririi.'iihirsas t.. the terms Mud onditions upon which transfers of the 
 interest in , iwlicy or .'.rtiti.-at.' are (rrnnt.sl, whether on the death of th- pohcy or 
 certiti.-at.' Ih.I.I. r. or duriiiir 1-is lif.tini.'. 
 
 'J Full parti.iih.r- m'- f. Ih.- t. rm- and .'.aiditi.ais up..n whi.h r.Hh;nipti..n of 
 adv.iiK-. s is (jraiiti'd. with -.p..im.ns ..f i.-.-.nipti..n valu.s m r.'-ix.-t ot b.,n(ls or 
 eertiti.at.s .,f ditfer.nt diirati.ais. an.l liavinu- diff. rent unexpiivd t. iius, at the rtati' 
 
 of r",h'niTiti.'n. . .,. , i i • .u 
 
 in A tabular st>it.'ni,nt in rei.ii,'.t ..f p.,h.i.'s .,r .'. rtih.at.s lapsed during th.' 
 period sin.'.' th.' last inv,-tii.'.ti.,n. -l,..»ing tli.' nunib.r, th.' amount insur. d, th.- 
 vearlv pr,niiunis. an.l th.' t..tal pr.'iniia.is r.'.'.iv,'d fr.,ni the comni.n.'eni.'nt ; 
 classiri,-dac.'.,i'.lin!.'totli.'V.'.'M'ii. wl.i.'h sii.'li imli.'i.-s ..r .'.'i-ritnates were .'tl.'.'ted. 
 au'l l-iised i',-...'.tiv.'iv ; with a siinH.-ir t.buh.r >tat, lu. lit m nsp.rt ..f poU.'ics or 
 certi'i.at.s suri'.nd.r.'d dm in'.' th.' p.ri..d: IV.vid. d that p..li<ics or certiheates 
 whi.-li hav.' hips,d and !»■. n r.'viv.'d shall n..t be .'nt^rf-d as laps..s 
 
 1 1 A state, .nt ..f the total uuniU'r of advan.'.s made un.lr ii.ili.'i.'s or certiheates 
 to th" hohh rs th. reof , wh.tli.'r .m the s.'. iirity of house pnipirty or hin.i or otlier- 
 wi-.. ,.nd the t ■•tal .-iinount of such adv!m.'.«..utstaiidinu'at the dat<' alK,>e tin titiomtl. 
 disti-.ir.iishin^ the advan.'i's on fir-t mortiraKe and tho.sc on se. ,..i or subsequent 
 in.irt^agc. 
 
Thk As.sitk,\\(;k (V»mi'a\ii.s A(;i, liHiit. 
 
 Act of 1909 
 
 Ui.')!* 
 
 SIXTH SCllKDrLK S 
 
 Rules kou \'ai.uin<i I'olk ies and LnjiiirriES. 
 
 (A. "!---<» rr.^fhrtH Ltfi I'otiiLts iirti .InHHiti-n. 
 
 An annuity shftU he v(ilii"'l mconlinj; to th' tjibloH iinoil by tl cotnpiiiiv wt>ich 
 jrrantcd »uch aniniity at tl.i' tinio nf fmntiiiir the «imc, miil, "!i(-r«> xuiti t.ibloi« 
 cannot be asrortuiniHl or iiiloptnl tu tin' «atist'ii(tioii of the Court, tlion accordiii? t<i 
 mich rate of iiitcrCMt ami tJiblc ■•f morriilit\ ::- ihc <'iiiirt may ilirt'it. 
 
 Ulll. /„, /■,.'/.-,</ " l\,tHII. 
 
 The \ 'u.; of tlie JMliiy i» to bi' tbi' ilitliii iko iHtwi'ii tliu juvseut value of tht 
 revernii' iii tlii'^uiii U'*»un'd in-rorilin>^ tm tin . Miitiiiiri my uiion wliii-h it is payable. 
 includiu>f any bonuK or addition tli'Titu made bcfi.re tlie ('onuneuuenieut of the 
 wiudiu)r-up, and the jm si-nt value of tin future annual premiums. 
 
 In ealoulatinj; suih present values interest is to U' assumed at sueh rate, and the 
 rate of mortality aceoiJiiif; to such tables, as ih.' <,'ourt may direct. 
 
 The premium to be eabadatod is to Ix' sinli priiiiiutii as aceonliiuf to the .said rate 
 of interest and rate of mortality is sufH'iem t.i pro?idi- for the risk iiieumsl by the 
 office in is-suitifi- the policy, exiliisiie of .iii\ adilitiou thereto for ottice expenses and 
 other charges. 
 
 n.i -,(» r.-i^:'!' I..; r;li,„,. 
 Huh ff'i' i'lihiitiij tt I'ofirif, 
 
 The value of a i urreut judiey sliall be .iii h poitiou of thr 1 ist premium ])aid as is 
 jirojHjrtioiiate to the uiiexpiri'd p'lrtiou .'f tlf pniod in respe't of whiih the 
 premium was paitl. 
 
 • ('.) — ,/^ ) ■».(.. ,'(•■(/( /'.r/j, ;,,«. 
 
 Hufr /'or t'dl'int^/ II /'/ri''i\"if l''iij„trnt. 
 The present value of a periisliial pavment »hall, in 'he case of total permanent 
 ineapacitv, be such ;in amount a- woul.l. if iiivc~ti-l in the pur. base of a life 
 annuity from the National Debt C.mim'si.ineis thromrh the J'ost OBicw Savinge 
 Bank, purchase an auiiuity ciinal to -.vi iity-liv. pi r c cntum of the anoual value of 
 the periodi<al payimnt, and, in any 'tlicr ci,e, ^liall lie such propoition of sinb 
 amount as may. under the ( itcunistnii cs ,if ihi- case, be pro])er. 
 
 Il„l. /,„■ l.r!.<u.f/ f I';/,,,,. 
 
 The value of a current policy shall be sui-h portion «if the la^t premium paid a* ic 
 proportionate to the unexpiriHl portion ..t the period in respect of whiuh the 
 premium Wits' paid. 
 
 (\).)—Js ,-<.v«c'« /;„.,» f^r ,~' l.'.ih.l,!,, raliein. 
 
 Utile fht- Vulll'^.IIJ tl U'ftlJlf I'lttf.n, ,tt. 
 
 The present value of a weekly payment shall, if the iinapaeity of the workman 
 iu respect of whiuh it is payable is total jiermancnt incapataty, be sueh an ainoutit 
 as would, if investtd iu the purchase} of an immediate lifeannuity from the National 
 Debt Commissioners tbrouffh the I'ost Offii e Savinirs Bank, purchase an annuity 
 for the workman eqinil t^i seventy-five per cent, of the annual value of the we^'kly 
 payment, and in any other (:i.se shall !«■ «uc!i pnipi.rtion of such amount as may, 
 under the circumstances of the casi', 1m' pr"p"r. 
 
 Jiiiiffur \'<itiiiy,'i '! I'li'iiif. 
 *j'he value of a currcui. jxdicy shall be such p.irtion of the last premium paid 
 as is proportionate to thi" uiiixpircd portion .if thcpcrioilin respect of whiih the 
 premium was paiil, toffcther with, in the ca- of a in.li. y under which uuy weekly 
 payment is payable, th.' pres.'iit value of that weekly payment. 
 
 (K.) ./.«,,,v"'' lt;„'h ,„■ i-.fliJii-aUii. 
 Hit It fur ('.i/ci.-v ./ /'.,/.,./ I.,- Ctt/tfirntf. 
 
 The value of a policy or .. r''H.afi' is ti be the dirtcrencc b.rw.cn the pn>sent 
 value of the Hum assured aceordiii^r to the date at wiMch it is payable, iniludiiii^ any 
 bonus or addition thereto ma.le iK-f.ire the .:ommeih .inent of the winding up, and 
 the present value of the future uimual i>remiuins. 
 
 In calculatin:; such present values, interest is t* lie assumed at such rate as the 
 Court may dii-eet. 
 
 The premium to be ealculatisl ih ti. U- stir h pn'mium as, a.cor.lin^' to the said 
 rate of interest, is sut^.'ietit. t.i provitl.' for the sum assunsl by the |Kili.'y or 
 eertifieatc, exclusive of any addition thi ret . fi.: offi.;. • xpeuscs and other chargUM. 
 
 .tion 17 
 
 
 .#., 
 
l;i«>0 
 
 Appkndix, 
 
 Suctiaii 17. 
 
 Sectious ; 
 :iud :t3. 
 
 HKVENTH SCH'CDULE. 
 
 Wl:tri.' ail a,..>.iiraii(i' compunv ih bfiii||f wriunil up by the Court or Bubject to the 
 -iipcTvisioii of till- Court, the liquidator in tho case of uU peraoUM appoariug by the 
 linuks of tin ((iiiipaiiv to bo cntitkd to or iuten^Hted in polic ies granted by such 
 ■ oiiipauy, f to ascuTtaiii tho value of the liability of the company to each nuch 
 pl^^ jii, and ^'ive notice of auch value to nuuh por»ou» in .«uih manner as the Court 
 may liin^i. and any person to whom notice i» so friveii shall Im; bound by the 
 value M) , . I riiiiR-l'unle«s In ^ivea notice of his intention to dispute such value in 
 manner iini ^vitliiii a time t.i bi- pivwiibed by a rule or <irder of tlie Court. 
 
 KlUHTH SCHKOrLK. 
 
 Is TO i:k eoMi'i ikii wrrir iiv rxMiKWiiiTiBa BKIxo 'Mfmiii.us ok I.lcvu's 
 
 liEai'IIIKMI 
 
 OR OK ANY Ol IlKK .\."SOCI ITIoX OK I' .\ 
 
 (A.) ./.-■,..., 
 1. Kvery underwriter >>liall depo- 
 Uuard <if Trade may direct a »um of 
 may make rules as to tlu- payment, i 
 ileposit, the payment of iiiri-rc't aii'i 
 any other nritUTs in r*sp. ct of wMr 
 
 i:WUITKI: j AM-KOVKD BYTHK Bl 1AI:)1 OK TRADK 
 
 1 ;ii.d keep deposited in such manner as the 
 (,Mi thousand pounds. The Boird of Trade 
 piv liint, investment of, and dealinjf with, a 
 il!\-i J. iiiis fr.-'m i:iy such investnieiit, and for 
 tlcy may iiiak i nles undi'r section - (<>) of 
 
 this Act II rel.itiou todJiio>it~ m.nle l.y assurance companies. The sum so deposited 
 ~liall, so loufT as any liiliility uiclcr any policy is.^ued by tlie iindern-ritcr remains 
 uusatisKcd, be available solely to meet claims iiiuler Mudi pulicies. 
 
 ■.!. The underwriter slii.U furnish everv year to iIk; IJoard of I'rade a statement in 
 such form .is in:iy Ik" pre- ri bed by tlie |!o"iid sliowiujf the extent and eliaraeter of 
 the life assurance busine-.s etiected by him. 
 
 I-i/r 'tiitl An-ifituf ItiMiriturt lln^lw^^. 
 
 (B.) and (C.)--/> 
 
 ■ ,-!•. 
 
 1. Kxcept as hfreiniifter provided, every uuderwritiT shall comply with the 
 following riHpiirements :- — 
 
 (ii He shall deposit and keep deiLisitecl in such manner as the Board of Tr.ide 
 niav direct a sum of two tlioiisaid pounds in lesiieet of each class of busi- 
 ne.-s. The Board of Tiiirle may make rules as to the payment, repayment, 
 iuvcstiaent of, and deiliii-.' with, a deposit, the pajnieiit I'f int. rest and 
 dividends from any such invest! lent, and for any other nialters iu resi ect 
 of whii li they may make ride-, under section 2 ^\'>) of this Act in relation 
 to deposits made by assurance compaiiie.^. The sum so di ;iiisited shall, so 
 lonjT as any liability under any policy issued by the underwriter remains 
 unsatishi-d," Ipc a\,iil.iblc -oli-ly to meet claims uoder.-uch policies, 
 b 111' shall furnish every year to the Board ■•? Trade a stateineut. in smh f.jrm 
 as may be pres ribed b\ the Board, she ugthe extent a'l'.l charai;ter of the 
 fire or aciidi'Ut insurance busiiie.^s etlee: j by Jiiin. 
 
 ■.i. An underwriter »li'. carries on lire insurance or accident insurance business, 
 may, iu lieu of coinplyiiij;' with the above reipiirenieuti*, elect to comply with the 
 under-mentioned conditions; 
 
 (a; All prenuuius received by or on belialf of the underwriter in respect of tire 
 and acciilent insurance or re- insurance business earned on by liiiii, cither 
 alone or in cnijiimtion with any othi r in-uiance busiiics.s tor which 
 special rc(|uircnieiits aie not laid d.nvii in tiiis Mhedide, siiall without any 
 appoitionnieiit lie placed in a trusi fund in iiccoidance with the provisions 
 of a trust deed ap[iroved by the Board of Trade : 
 
 (b, He shall also furnish .-ecurity to rlie satisfaction of the Board of Trade (or, 
 if the Board so direct, to the sati>faction of the ctniimittee of the associa- 
 tion), which shall be uvailalile solely to meet claims under jiolieies issued 
 by him in connection with hie and accident business anil any other non- 
 niunue business carried on liy him for which spciaal rwinirements are not 
 laid down in this schidiile. 
 
 The security may be fiiiui'-hel in the fonii of either a deposit or a 
 ^'iiaiautee, or partly in the one form and partly iu the other. 
 
 The amount of the .security to lie furnished sliall ne\i-r be le^s thau the 
 aggregate of the ]ireiniiims received or receivable by the underwriter in the 
 last preceding vear hi c finnei tion with such fire and accident and other 
 uoii-iiiariiie Lu-inO'S : 
 
 {ej The accounts of every underwriter shall be auditisl annually by an accountant 
 approved by the committte of the a.ssociation, who shall furnish a certili- 
 cate to the committee of the association and to the Board of Trade in a 
 form prescrifitsi Jiy the Bonr<l of T'laoe . 
 
I* 
 
 ■iti 
 
 The Assurance Companies Act, ]909. 
 
 Act of 1909 
 
 tfi«l 
 
 •'A'/ For the purpose of thenc n\iuirciu«ntH "non-marine inxuriUiie buHinean" 
 motni* the biiHincnH of umiin^ politieB upon fubjeft-matters of uiNuranci- 
 other than the following, nameir : — 
 
 VewM-lH of any deavription, includinfir Imrtfea and dntlgerH, eargoex, 
 freijfhtu, and other interestH which may ue legally innured by,' in, or ii> 
 relation to veBBels, cargoes, and freightK. ifiKxls, wares, mcn^handii^e, anil 
 property of whatever deM^ription insured for any transit by land or water, 
 or lK)tli, and whether or not including wan-house risks or similiir risk* 
 in addition or as incidental to such transit. 
 
 (D)— .^» re»jieeta hmployfrt' LinlMl;/ liMmiiu; /lt^iii,,t. 
 
 I. Every underwriter shall dcpoHit mid keep dcpiisitixl in su<h nmnncr as ih<- 
 Hoard of Trade may direct a sum of two thousand pounds. The Board of Trade 
 may make rules as to the payment, reiuiymeut, investment of, ami dealing with a 
 deiHisit, the payment of interest ai.d dividends from any suih investment, and for 
 .my other matters in respect of which they may make rules under this Act in rehi- 
 tion to deposits made by assurance comi)anies. The sum so depositMl shall so louir 
 .IS any liability under any policy issued by the underwriter remains nnsatistied Is- 
 available solely to meet claims under such policies. 
 
 ■J. AVTiere the person insured by any policy issued bv an underwriter Is liable tc, 
 make a weekly payment to any workman during the incapacity of the workman 
 and the weekly payment has continued for more than six months, t'„. liiibility 
 therefor shall Isfore the expiration of twelve mouths from the comn.. , cnient of 
 the incapacity he redeemed by the payment of a lumpsum in iiccordance with 
 paragraph (17) of the First Schedule to the Workmen's Compensation Act 19UU 
 and the uuderwriter shall pay the lump sum into the Giunty Court, antl shall 
 inform the Court that the redemption has been effected in pursuance of the provi- 
 sions of this schedule. 
 
 a. The underwriter shall funiisli every year to the Boanl of Trade a statement 
 111 such form as may be prewribed by the Boanl showiii(r the extent and chara ter 
 ot tlie employers liability business eficcted by him. 
 
 I. For the purposes of this schedule "policy" means a policy insuring any 
 ■ mp oyer against liiibility t.. pay comiiensatiou or damages to workmen in bis 
 employmeut. 
 
 (Ej—Ai ropecln Honii I ■^Iment hmim^,. 
 u '■ Every underwriter shall deposit and k.-ep deposited in such manner as the 
 Hoard of liadc may direct a sum of two th..usand imuiids. Tlie Board of Trade 
 may make rules as to the payment, repayment, investment of, and dealing with a 
 deposit, the payment of interest and dividends from any such iuvestnwnt, and for 
 any other mattiTs in respect of which they may make rules under section ■> (6) of 
 tins Act m relation to deposits made by assurance companies. The sum so deposited 
 sliaU. so long as any liability under any policy issued l.y tb... underwriter remains 
 unsaliHfaed, lie available .solely to meet claims under such poli, ies. 
 
 1. The underwriter shall furnish every year to the Board of Trade a statement in 
 such forai as miy be prescribed by the B,.ard showing the extent and ehiiracter of 
 the tmnd investment bu.-inesH effected by him. 
 
 Session anil 
 Chapter. 
 
 .W A: 34 Vict. o. 61 
 34 k :t5 Vict. c. .>8 
 M & 36Vict. c. 41 
 :i(l & 40 Vict. c. 2'.! 
 7 Eilw. 7, c. 46 . . 
 
 NINTH SCHEDULE. 
 
 Ekactmusts eepealed. 
 
 Short Title. 
 
 The Lifo Assurance Companies Ai f, 1870... 
 
 The Life Assurance Companies Act, 187' .. 
 
 The Life Assurance Companies Act, 1872. . . 
 
 The Trade Union Act Amendment Act, 1876. 
 
 The Employers' Liability Insurance Com- 
 panies Act, 1907. 
 
 Sectiuu :i 7 
 
 Extent of 
 ttepeal. 
 
 The whol,: Act 
 The whole Act. 
 The wh.de A't. 
 Section seven. 
 The whole Act. 
 
 6 p 
 
 m 
 u 
 
 m 
 
1«62 
 
 (lENERAL OKDEliS. 
 
 DEDUCTION OF CAPITAL. 
 
 vp. 126S 
 
 Commencement 
 .»i order. 
 
 Revocation of 
 former orders. 
 
 loterpretation. 
 
 Applicmtiou 
 of rules iif 
 Sapieme Court. 
 
 TM 'if petitioii. 
 
 PROCKDURE ON APl'LICATIOXS FOR CONFIRMATION BY THK 
 rOlRT OF THE REDITTION OF THE CAl'ITAI, OF COMPANIES 
 UNDER THE COMPANIES CONSOLIDATION ACT, 190S. 
 
 PllKlIMINAKY. 
 
 1 Thin Old. r»lia!l lake rH,-(t .nii conic intr. ..p.ritii.n .m the IhI iliiy of -Miril, 
 WW and shall apply to all nrotcdinjrs in the Hijfh Court of .lu.tn-e with r-lation 
 to the contirniatioir 1)V the Court of the reduction of the eapitil of eornpa.iiex 
 whether eoninienced before or aft.T that day. but every Hueh proee.-din>r taken 
 bef..re that day »h:ill have the wiine validity as it would have had if this order hml 
 not \)wx\ made. 
 
 2. The iren.ral onlers of the Couit of Clmuc.ry of the 21st day of March, 1S6H. 
 and the 'Jnd dav of March. ISf.il. aud the forms thereby preMTibed are li-rebj- 
 revoked and annulled provided that .Mieh revmation and anuiilment Hh.all not pre 
 iudiee or attest anvthintr done or sulVennl before the iV.^U: on which this onler ,:onie- 
 into op»ratioti under any order or rule whiih is hereby revoked and annuUinl. 
 
 3. Ill this order — 
 
 '•The Art" means the Companies i Consolidation ) Act, I'JOS. and sects. 4(i to 
 
 .■)0 thereof are particularlv 11 1'erred to. , , • v • t 
 
 "The Court" includes anv judjre of the Hijfh Court of Justiee havin^f for 
 the time lH>injf jurisdicti.iu to eonflrm the reduction of the capital '<t 
 companies. , . , ., ^. , - 
 
 ■'.rudire'- means any judge M the Hifrh Court having for the time bemg 
 jurisdiction to coiifirm the re<luction of the capital of loinpanies. and 
 includes any registrar, master, <.r other oiBcer e.icrcismg the powers of 
 any such judge. , , , ^ .i 
 
 ••The petition" means the petition presented by the company for the con- 
 firmation bv the C.iurt .if th,- redueti.iu of the capital of the c.mipaiiy. 
 "The company '• means th. . o,„,,any which pr.- nts the petition for reduction 
 of its ca})ital. 
 4 The rules of the Supreme Curt f.ir the time being in force, and the general 
 pra.^ti.^e of that Court, in.luding thi' .'ourse of procedure and iiraitiie in chamUrs. 
 shall api.lv as r.-gards all proi'e.'.lim.'< i'l nlaii..ii to the .■onhrmat.on of any ledm- 
 tion of capital by the Curt so far as may W pra.:ticable. e.Kcept if and m far as by 
 the Act or this order .'therwise providcnl. In particular, if and »;h.-n th.> ,ourt is 
 for the time being a judge of the Chancery Divisi.m, the provisions of O"?- V- 
 
 rule !l (A), shall apply to all sii.Ji pr -.dings as U-nig business assigned within the 
 
 meaning of that nile. 
 
 6. The petition and all iioth.'s, alHdavits and other proceedings under th.- 
 petition shall be intitule.1 in the matt.-r of the company, and m the matter ot 
 •' The Companieg (Consolidation; Act, 1908. " 
 
Rkduction ok Capitai, Rules. 
 
 Rules of 1909 
 
 I6u;( 
 
 6.^1 1. Whpii the pt'titiitu han bi-Mi prcHpntcd, hii appluvition fhall, in t'Vt'ry yiimmun^ lot 
 rum-, W' mado, r.r ptn-tt'. bv summons in chnnilH-rw, t(» thr jiidi;i-, for (lirccritm-* as ilin?ction». 
 t<) thi' prmeodintfH to lie taken preliminary to the lieariug of the petition or otlier- 
 wiso witli reference thereto. 
 
 (2.) I'poik the hearing of the ttummoim, or iipouaiiy adjonriied hearing. fV hearing 
 thereof, or any Hubse<|tient application, the JMil)fe nuiy make sin-h i»rcier or ortlers* 
 anil jfive siic^h directions as lie may think fit as to all the priHeeilin^s to be taken 
 on and with retereiiie to the petition, and nioro partii'uliirly with re»pist to the 
 folliiwinK' matten", that is to »ay — 
 
 (ai The publieation if notiie of the priMiit itinn of the petition ; 
 b In caw s within sei t. 49 ,1' of the Ait, the proieediiiifs to lie tiikin for settlin;.' 
 the list of erislitorM entitleil to objei-t to the jiroiiosisl reduction ; tixiny lln- 
 date with referenie to whieh tin- Hsl of such enditors is to In' made on!, 
 purHuant to that seetion ; and ^en*-rally tixin^f a time tor iiiiil yiviny: 
 din'Ctious ai< to all other necessary or projier steps in the matter of the 
 pi tition, whether expressly mentioned in any of the rides of this order 
 or not. 
 
 II.) In IHSCH within sect. 4'.l(l) oftheAet, the first insertion in ii newspaper of the 
 noliee of presentation of the petition and tixiiitf the date with refereure to whiih the 
 list of ereiiitoiH is to bo made ont, shall be directed to b • made at snih time before 
 the date so fixed as the judjfe shall think fit, not beinji. unless for spwial reasons 
 shi'wn to the satisfaction of the jud^e, less than one calendar mouth Iteforc the date 
 so fixed, and in sui:h ea.ses the first order tipon the sunmions for direitious nii.y 
 be in the Form No. I in the Schedule hereto, with siu-h variations as the eircutn*- 
 stancea of the case may retiuire. 
 
 7. Notice of the pn'sentatioT of the petition shall be published at such timen. AdTertis«mM>' 
 and in ouch newnpapers as the jud)te shall dirwt, and may be in the Form No. J "' pctitimi. 
 
 in the Schedule hereto, with such variations as the cireumstanees of the eiwe may 
 re<iuire. 
 
 8. In iwses within sect. 19 (I) of the Act the company shall, within wieh time AiUdavit ik.s 
 as the judge shall direct, file in the central office of the Hijfh Court of .lustiec an tucr»dilic» 
 affidavit made by some officer or officers of the company comiM^tent to make the 
 
 same, verifyin)r a list eontuinin<r so far as possible the names ami addresses of the 
 creilitors of the company aa defineil by that section at the date fixinl as mentioned 
 in Rule 6 ('J) (b) of thin order, and the amounts due to thcin respectively, or in 
 the cane of any debt payable on a co,itin^eney or not ascertained or any claim 
 admissible to pnx)f in a winding-up of the company the value, so far as ciiu Ije 
 justly estimated of such debt or claim, and leave the said list and an office copy of 
 such affidavit at the chambers of the judge. 
 
 9. Tlic person making such affidavit .shall state therein his Iwlief that such list Fi.rm of 
 is correct, and that there was not at the date so fixed as aforesaid any debt or claim 'fBilaTit 
 which, if that dat*; were the commencement of the winding-up of the company, 
 would be admissible in proof against the cnmp.iuy, except the debts and claims set 
 
 forth in such list, and shall state his means of knowledge of the mutters deposed to 
 in such affidavit. Such affidavit may be in the Form No. 'A in the sehiilule hereto, 
 with such variations as the circumstances of the case may itMjuire. 
 
 10. Copies of such list containing the names and addr^'sses of the eri'ditors, and Inspeition i.f 
 the total .amount due to them (including the value of any debts or claims estimated •'■* "' 'nsiitoT^ 
 as aforesaid), but omitting the amounts due to them respectively, or (as the judge 
 
 shall think fit) complete copies of such list, shall be kept at the registered office of 
 the company and at the offices of their solicitors and London agents (if any) and 
 any person desirous of inspecting the same may at any time during the ordinary 
 hours of busiuCBM in.spcct and take extracts from the same on payment of the sum 
 of one shilling. 
 
 11. The company shall, within seven days after the filing of such .aftiilavit, or Notice to 
 such further or other time as the judge may allow, send to each creilitor who.se orwlitor.. 
 name is entered in the said list a notice stating the amount of the proposed 
 reduction of capital, and the amount or estimated value of the debt or the con- 
 tingent debt or claim or both for which such creditor is entered in the said list, and 
 
 the time (such time to be fixed by the judge; within which, if he claims to be u 
 
 5 p2 
 
\tiG4 
 
 Appendix. 
 
 Ath'crtiwinent 
 -t* to list of 
 crfditon. 
 
 Attdavit as 
 ^uranltuf 
 Hiiln II and 12. 
 
 rrooeedion 
 whe>« claim not 
 admitted. 
 
 0>i«t* of proot . 
 
 ■Ortittcate ii« 
 'ormUtom. 
 
 trvditur for a Inrger unouiit, he niuat nend in hix namr ami ii'! Irpna, and tlie 
 partiuulurs of hi» debt ur claim, and the name and addrviw of liin n .iiitor (if any) 
 t*} tlir Koli(;itor of the rompany ; and nurh iintit« Nhall b« Heut tlirou^li tht- pofit lii 
 u prepaid Iftter .-iddreHwd to each omlitor ut lii^ la^t known utldreHM or plart- of 
 alwdf, and niny bi- in tlit^ fonn or to tlm iHuit of the Fomi No. I Btt fortli in tlic 
 ^ohi'duli' hei'oto, witli HUeli variatioim :tr< the {'iroiinotancoH uf tlir raw may retinin'. 
 
 12. ?Aitine of the liHt uf ireditum Hhall, after the Hlinf; uf the affidavit montionod 
 in Rid'- H of thiK order, be puhliKhod at mucIi timiw, and in nujli nrwKpaptTH, as t)ie 
 judgr nhall diriMt. Every Huch notice* i"hall Htate the amount of thi^ propo^'d 
 iihIui tion of lapital, and the places whin' the afonoaid Hat of rrolitora may 1h' 
 ifiHp t'trd, and tho time within which crtHlit/trM of the company who arc not cntcriil 
 on khr Maid lint, and arc dexiroiia of >H'ing entirrd tlienin, rnuxt w nd in thuir 
 uamoi« and addrc«McN, and the partieiilarM of their debta or chiiniM, and the niinicH 
 and luldresHpH if their »olicitor» if any) to tlie xolicitor of the coiiipany ; and -meli 
 notice mav !»■ in the Form No. .'> «et f"rth in the »i'hiilule hen-to, with sueli v.nia- 
 tions as tile cirrurnHtanecH of the case miiy nituire. 
 
 13. Tilt eonipuny nhall, within HUch time as the jud^e sliall dintt, fih' iu tin- 
 Central Office of the Higli Court of Justice ;tn affidn\it made liy the iM'n.oii ' . 
 whom tile |>artii-nlars of dchtj* or chiinis are, by hucIi notices as .ire mention 
 Rules 11 and 1'.' of this onh'r, reiiuired to be scut in, statin); the reault oi . 
 notices reapcctivcly, and verifyinfr u list (Mmtuininff the nainos and iiddreaws >■ 
 peraons (if any) who shall have sent in the particulars of their debts or cla. .. 
 purMUunce of such notices respi-ctively, and the amounts of such debts or cluin. 
 :ind some eonipi'tent officer or officers ()f the company shall join in such affl'^'ivit. 
 :ind shall in such list distinfruish which (if any, of such debts and clainis . ii' 
 wholly, or as to any and what part thereof, admitted by the company, and which 
 
 it' any) of such debts and claims are wholly, or as to any and what part thenof, 
 disputed by the company. Such affidavit may bein the 1*0011 No. ti in the Hchiilule 
 hereto, with such variationa as the eircum-stanci's of the casi' may reijuiri' ; and such 
 list and aii office copy of such affiduWt shall, within such time :is the judge shall 
 direct 1m' left It the i handlers of the jud^rc. 
 
 14. If any debt or claim, the particulars of which are si> sent iu, Hliall not 
 hi' admittisl by the company at its full amount, then and in every suiih easi , 
 
 unlesH tl mpany are willing to appropriate in such manner as the judgi' shall 
 
 diri'Ct the full amount of such debt or claim, the company shall, if the juil^e 
 think Ht so to dinct, wnd to the cn'ditor a notice that he is reiiuired to come in and 
 prove such debt or claim, or such part theri'of as is not admittiil by tlie coiiipaiiy, 
 by a day to be therein named,* Ix lUg not less than four clear days after .■•iii Ii 
 uotice, and 1>eing the time appointtnl by the jndi^-e for adjudicating upim sneli 
 debts and ehiims, and such nolice shall bi' sent in the manner mentioncil in 
 Rule 11 of this order, and may he in the Form No. 7 in the si^hi'duh' hereto, with 
 such variations as the circumstances of the case may require. 
 
 15. Siicli creditors as come in to pnive their debts or claims in pursuance ot" any 
 such notice as is meutioneil in Rtde 14 of this order shall be allowed their costs of 
 proof iifrainst the company, and be answerable for costs, in the same maimer as in 
 the case of piTsons coming in to prove debts under an administration judgment. 
 
 16. The result of the settlement of the list of creditors shall Ix' stated in a 
 certificate by the Master in the case if an application to the Chancery Division or 
 by the Registrar in the ca.se of an appli''ation to the judge in companies windin;r- 
 up, and such certificate shall state what debts or claims (if any) have been 
 disallowt<l, and shall distinguish the debts or claims the full amount of which 
 the companv are willing to appropriate, and the debts or claims (if any* Tlie 
 .iniount of winch has bien fixeil by inquiry and adjudication in mamier pro- 
 vided by si'ct. 49 "!) of the Act, and this order, and the debts or claims .'if any) 
 the full amount of which is not admitted by the company, nor such as the 
 company are willing to appropn'ate and the amount of which has not 1m«i 
 fixeii by inquiry and adjudication as aforesaid: and shall show which of the 
 cn-ditors have consented to the proposed n-duction, and the total amount of 
 the debts due to Ihtm, and the total amount of the debt* or claims the payment 
 of which has boi-n si-cured in manner provided by sect. 49 ('.i) of the Act ;ind 
 the piTsous to or by whom the same are due or claime<l ; but it shall not be 
 necessary to show in such certificate the several amounts of the debts ur i^lainis 
 
liKDICTION OK TaPITAI, RuLI^W. 
 
 Rules of 1909 
 
 ]K»^ 
 
 Kv nil 11.1 ..r 
 
 cuniM'nt i>t 
 cri*diiiir. 
 
 < ■' rtilicaU' 
 iM'fore hfithnir 
 i>f pi'tition., 
 
 Advcrtiarmi'Tit 
 i»f h'-iuin)r. 
 
 Who iii.iy 
 appMir. 
 
 iipiHiimiu*. 
 
 of unjr U'rnunM who hnvc ruiiii(<DtM to tlir iiriipnnal rrHliirtion or tlir iiiivniiiit nf 
 wtio«> debt» or oliiiniK hait h«'n mh iiri'd :ia nforenaid. 
 
 17. The coii»eiit i)f any cruditiir, whi'tlit-r in rwpna of n debt due ur preHcntly 
 'lur or 14 dt-bt iwyiiblu on ii lontinirniry or u.it iiweitainod or a rlaim admiwihlf to 
 jiriKif lu a windin)r-iip of thf conipiiny. may hv iridenci d in any manner wtjieh the 
 .iud(re Hhall think n'anoiiHbly Kuflieipnt haviu>r regard Ixith to the amount of hi» 
 debt or rlaim and all the circuni«tan('eH of the I'une. 
 
 18. In any<«He within aect. 4il;l nf the Act, thf intition »hall nut tie heard 
 until the expiration of at leant eight ele.ir diiVK fn.m the filing nf Kuch eertifii ate iim 
 i» mentioned in Ruh' 10 of thiH order. 
 
 19. Bef«r<' the hearinir of thi. potitiim, iiutiueH elating the day on whiih the nanii' 
 iM appointetl to be heard nhall Iw pulilinhed at «n. h tinieii and in Hiieh newnpuiHi-. an 
 the judge ahall dirwt. Suih iiotieen may lie in the Form No. S in the nchiMliile 
 hereto, witli aiich variationx ax tlie cirt;inn«tiiniiH of the cane may r.^juire. 
 
 30. Any ereditor »ettli-d on the miid lixt who-w debt or elaim han not liefori- the 
 hearing of tlie jMitition, bi-en dineharged or dctomiined, or been wKured in manner 
 provided by »e<-t. 4'J (.)) of the Act. nnd who ho.-i not b.'fore the hearing eonwnted ti> 
 th.' propoixK! n^diietion of capital, miiy, if he think fit, upon giving two <l>>ar davx" 
 notiec to the xolieitor of the company of hi* iotenticin to to do, appeiir at the lieari'ng 
 of the petition and oppose the application. 
 
 21. Where a cTwlitor who appean. at the heariug under the hwt prciding rule 
 i.H a creditor the full amount of whoBe debt or . laim i« not admitted by the .onipaiiy 
 and the validity of Kuch debt or claim hax not been inquired into ami adiudl.ateti 
 upon under sect. 4!l (3) of the Act, the costx of and iK-eaHiontHl by hi» aiincaran.-.- 
 shaU hv dealt with a« to the Court nhall s..ein junt, but in all other <a«e-. a creditor 
 appeanng under the Ia»t preceding rule Hhall be .ntitled to t)ie ccwtH of »ucli 
 ■ppearanw, unliiw the Court shall lie of opinion that in the .nrciinixiance-* of the 
 luirticular case his costs ought not to U- allowed. 
 
 32. Whin the p.tition comes on to !«■ heai-d the «'ourt may. if it shall m> think 
 tat, give sill h directions as may so. ni prop»r with referen. e to the sccurinjf in 
 manniT nientioiied in sect. 49 (:ti of the Act, the payment of the debts or clainVs of 
 any ereditom who do not (ninsent to the propo»p<l rediiition ; and the further 
 heanng of tlie petition may, if the Court shall think fit, be adjoumed for the 
 purpo«> of allowing any steps to be taken with refennce to the securing in manner 
 ;itoresaid the payment of such debtf or claims. 
 
 23. Where the Court makes an order confirming a rtHluclion, such order >liall 
 give direction.H in what manner, and in what newspapers, and at what tim< s notice 
 ot the ri'gistrution of the order and of such minute as mentioned in sect ."il of the 
 Act is to be published : and (unless it sliall hav<' dispense<l altogether with the 
 addition of the words " and Reduced " or slmll then dispense with any further use 
 thereof; shall fix the .late until which the wonls •• and Rcnluced " arc to bo deem.Hl 
 part of the nami' of the i ompany as mentioned in sect. 48 of the Ant, 
 
 Fkks. 
 
 24. Scdicitors shall be entitled to charge .and b.. allowed for duties m-rfonn.d Solinu.v.' fe- 
 under the Act in relation to matters dealt with by this order the same f«.s as thev 
 
 have heretofore been entitled to charge and be allow.d f.ir the like duties Mrform.-d 
 under the Companies Act«, 1HB2to 1907, unless the Court or judge shall otherwise 
 specially direct. 
 
 tJ^,i\ Thesamefc*sof Court shall be paid in rel. u to piweedings dealt with Court !«.. 
 by this ord.r as have heretofore be.m paiS in nlatio,, , like procecnlings .l..alt with 
 VLI''* ^^i"*"™' P"'*'" "f the 2Ist day of March, KSd.s, and the 2nd day of Manh 
 1869, and such fees shall be collected by stamps in the like manner as the same 
 have heretofore been coll,.<:tcd or in such other iiuuiner as may from time to time be 
 
 -directed by the Lords Commissioners of His Majesty's Treasury in pursuance of the 
 
 powers vested m them bv the Public Officers' Fees Act 1«79 
 
 tlu.. aiiti* ut 
 
 ttl»» iM'lllillJf. 
 
 tirJti ' ..iiiiiiii- 
 IDL' nshi tiiin. 
 
 M$. 
 
 n. 
 
 m 
 
 m I 
 
 '-mi 
 
 ^.■lilil . 
 
i(iU() 
 
 Appkndix. 
 
 THE SCHKDUI.K. 
 
 Fonn 1.: No. I. FoiiK OK Oi:DK«. [RviK. Im-'I;.] 
 
 Ill the llifrh Ciiui't of .luKticc, 
 Chnu(»'ry DiviMnn. 
 Mr. Justice 
 
 01 
 
 romiianirB \Viiiiliii|<-l'|i. 
 Mr. Judtii'i' 
 In the MatU'r uf thit t'umpany, Limitul and KiiIikm'i] , ami in tlu' Miittri 
 
 of '• TliB C(>iniiaiik'« (('oiiKDiiilatiiiiii Ait, liMIH." 
 Ujxm tho apf>lii;atii'ii of the pclitionirx by HummiiiiH dated , and upon 
 
 lieariu^ the wJuitor for tlie iH'titioiicrn, and on niidinK the petition prcwntod to the 
 High Court of Juhtioo, it i» ordt-rcd, that an iiu|uiry b<> luiule what arf tlii' iWht», 
 claima, and liabilitit'N of or atfec-tin^ the naid tonipany mi tht* day of 
 
 I'' , and that notice of the prcMiitatiun of the Mtid |ietition b<' iUMrted in [the 
 u> wBpapers] (>n the day of , and [i ther tinuii of iii-ertionj, and that ii 
 
 lint of the prfBouit «lio are ( reditorn of the couipauy on tlie aai<l day I'f 
 
 and an office eopy of the iitfidavit verifyiuif the haiiiv b.' h'ft at (lie clianibein of thi 
 jud(;i' [or in the e i-e of a petition to tiie jud^e in eoinpanieN wiiidinjf-up with the 
 rt-jrintnir] on or Ufore the day of 
 
 t'eiiuj No. 2. [Ste Rule 7.] 
 
 In the Matter of the Company. Limited and Kedueeil : and in tlie Matter 
 
 of " The Companie.- f('on»olidatioii) Act, 19U(S."' 
 Notice in hereby (fivcn that a jivtition for eontimiintr a renolution reducing the 
 capital of the above company from £ to I wan on the day of 
 
 pri'M'iited to the }li)ih Court of Juxtiie, and ia now pending; ; and that tlie list of 
 ereditom of the company Ih to In' maile out an for the day of I'l . 
 
 C. it D., of , 
 
 [Agentj<for A. & B.. of ] 
 
 SolicitoFH to the C^impaiiy. 
 
 VtiTm '■ 
 
 No. a. Affidavit vkkifyino Li»t ok Ckkditobk. 
 [Rule I;.] 
 (Title uf Court ,is in Form I.) 
 
 In the Matter of the Company, Limited and Rt'dueed; and in the Matter 
 
 of "The Companies (Conaolidation) Act, 1908." 
 
 I, A. B., of , make oath and aay an foUowa : — 
 
 1. The paper writing now produced and nhowii to me, and marked with the 
 h'tter A, contains a li>t of the ereilitorM of and perHonn having dainm ujwn the said 
 company on the day of 19 (the date fixed by the order in this matter 
 dated ), together with their respective addresBes, and the ni.'ure and amount 
 of their respective debts or claims, and such list is, to the best oi my knowledge, 
 information, and belief, a true and accurate list of such creditors and p«'rBonB having 
 claims on the day aforesaid. 
 
 2. To the best of my knowledge and belief there was not, at the date ut'irewiid, 
 any debt, claim, or liability which, if such date were the commencement of the 
 winding-up of the said company, would be adndssiblp 'n proof against the said 
 company other than and excei)t the debts and claims «. t irth in the said list. I 
 am enabled to make this statement from facts within my i- i.,.>wiedgn aa the of 
 the said company, and from infonnation derived upon investigation of the affaini 
 and the books, d.ieuments. and papers of the said company. 
 
 Swum, &c. 
 
RKi)i;crioN mk ( 'aphal Ri;l»>. Rule* of 1909 I ♦Hi" 
 
 l.fit III Ctiillnrn rrfrnul In .« the ln^l /„,,«. 
 
 A. 
 
 In till' MattiTiil' llif I'umpiiiiy, Mmititl ;iiiil iU<<liier<l . ami in thf MiitU i 
 
 ■ if "Thii Compimiir. (('i>n'>iiliiliiiiun Aii, I'liii." 
 
 TliJH li-.r, of criKlitnrs niiirkpil A wit prixlininl iiml ■•Im.wii t.> A. H.. unci in ttii 
 sanif li-'t .if iTiiIitdrn ill is ri'lrmil ti. in hi« utH.l:i»it «w..rti Iwf.iri' me tlit« 
 'Uy ..f lu . 
 
 X. v.. .V.:. 
 
 r^rf 
 
 Niiiiwx, Aildri's.-! ., ami , ,. , 
 
 Df-rinti.iiiM nf III,. >iitiiip ..f Drhf nr Amuiitit or .stiiiiat.-.! Vul,„ 
 
 (Witon.. ' '"""• "' '*•••>' '"• f laiiii. 
 
 'li 
 
 :li 
 
 
 Nil. I. [.SV. KiiLK 11,] 
 
 111 th« Miitt. r of til.. Coiiipaiiy, I.imil.'.l an R.h1ui.(h1; aii.l in thp Maflrr 
 
 111 •• rii. I 'oiiipani..-. 'I'.inMiliilationj Act, loins'' 
 
 I'll Mr. 
 
 Von «to miii..|,ti..l t.i lak.. nutic-.. tliat a iM'titioii lias li,.,.ii pn.w.ntiHl t.i tli.' 
 Hitfh Ciiui-t of Jii«tirf, t.. .•ontirm a siu'iial r«-.,,liiii.,ii .if tli.> ai^ivi. .-.impany for 
 r.vJn,.,ui. itH lapital to t . nnl tfint in tli.- Ii»t of pt.rs.ms admittnd liy tin- 
 
 I npany to liav.i Um .in tlir day of , r...litors of tli.. ponipaiiv, vmr 
 
 iih'.iii i» ..iitt.n.J a» a iTtHlit.ir [/. ■> .■.l.ii,' il„ „,„„„,// .,/' //,r ,l,l,i „,. „„t„,', „/• il,, 
 
 r'/f/i///]. 
 
 If you .laiin to h.ivo 1k>..|i on the laHt-inintioniHl day n creditor tu a 1 irifcr iimoimt 
 tliaii in Ktito'l alxiv.., y.m must .in or Uiforc the .lav of send tli.' par- 
 
 ticulars of your claim and the name ami aildp.MS of vmir soli.itur (if aiiv to tin- 
 undcrsiv-md at . In ili fault of your so doiiitf i H alKiv.. entry in the list of 
 
 creditors will in all the procowlin^.i iiu.lcr the ahov. appli.ation to re.lnce the .apiti.l 
 .1? the I'umpauy bo tn-ated as correct. 
 
 Dated t,hi» day of l!l 
 
 A. B., 
 
 Solicitor for tlic said company. 
 
 f. 
 
 No. .). [.St'.RuLE 12.] 
 
 In the Matter of tin' Company, Limit. J and Reduced; and in the Matt.r 
 
 of "The Cnpanies (Consolidatiou) Ait, liMIS." 
 
 Notice ia her.hy jriven that a petition has been i)r..s..ut<..l t.i the Ilijrli Court of 
 .'iistice for ...inflmiinjf a resolution of the above company for reducing it« cjipital 
 fn>m £ to t .A list of the p. TMins admitted t.i have Iwii iTwlitors .if 
 
 the .-ompaiiy on the day .if I'J , may tie inspctd at the offices of the 
 
 company at , or at th.' office of , at any tune during usual business 
 
 hours, on payment of (iie ihartfc of one Hhillini.'. 
 
 Any pirson who claims to have be..n on the last-raentioiicd day and still to lie .i 
 creditor of the comjwny. and who is not enter...! .m the said li«t and claima tu be »i. 
 
^^** APl'DNIilX. 
 
 t!dt.n>d, mtwt un or before th.' lUy of mmd in hU urnni' and adiliVM, •lul 
 
 the pHDii'iiliirx of hia rUim. mid th.' iiiiitii< iind ^uldiwit nf hi* •oliiitor If iiuv) u> thr 
 uiuliTxiiri"'*) »t , 'T ill default thcri'of lie wilt tic nwliidrd fmm •ibievt.inir '■• 
 
 tiw pru|Kiw<| rt<dii< tiun of I'ltpitnl 
 
 Oatpd th!« duj nf Mi . 
 
 A. B.. 
 
 %iU<!itor fur thi> xiiid ivinipitiir. 
 
 i'lJUll 
 
 Kulfll. 
 
 If notice ij 
 '■■ned unil"! 
 Rule It. 
 
 Riilel.t/ 
 
 1 1' Qutioe ui 
 tMiued und»>r 
 I! .Up is. 
 
 r Rule 13. < 
 
 Rule IS. 1 
 
 I'oiiiP.iuy, Mniiti'd and Kodu'eil : 
 
 < .iiiw.l»l.i(|,iii Ai^t, IIMIN." 
 
 iihI ill till' Mntli' 
 
 X.> '•. i RiTK l:i. 
 ( rillc iif C'imi't iiK iu Fiiriii I 
 
 In the MiittiT of thr 
 of *'Tlir CvirniHinu'x 
 
 WV, C. D.. 4. . [thi. Ml ntiiry of tli, ^aid .•.■iii|>i,nv], E. F., of, &.•. [the aulivitor 
 of til.' Kiiiil comimnyj. and A. !!., of. in: [thi. mana)rinir dirintor of th<> Mild 
 compiiiiyj, M'Viral!}- maki' outli and siv ii« fol|nw» : 
 
 I. till' said C". I)., for niymif '«iy iw /•■llowii: 
 
 1. I did. on tlip day of 1!( , in the uwuii. ; liwiiimftci iiirmioiud. 
 
 wrve u triif lopy of tli. notii o no.t prodii.'ed and wliown to me and luarkid H. upon 
 eiinhof th.- rt'.iH-ctive pirsoii- whow nanu's, aildr.-H«.'., and dewriptioiiH appi-ur in 
 the Hrst mliinin of th.- Ii,t ol i riiiitorn. markiil A, referred to in the affidavit 
 of Hlid on the day of Ml . 
 
 '.>. I wruil thi- -lid reMwetive .-..piiB of the «»id notice by putting „ueli wipiec 
 nspeetively duly .iddreiwecl to such perwiii* n™.r«'c;tively, aci;onliiiir to their r.'Kpe<-tivi' 
 iiiimi« and addre-Ki". appearinif in tlie ...aid li»t .Iwinif the lant kn.nvu uddii'iw» or 
 placet, of b^kIo of Mich |ier*,ri.s resjwillvely). iind with the prop.r po-taife .tampn 
 afli .e.1 thereto as prepaid lettern, into tlie pont offic receivin^r lioiise. No 
 it Stnit, iu the county of , lietwei'U the hoiin. of mid of 
 
 till u.iK.k, in the noon of tin- wiid day of 
 
 And I, the said K. F., for myself wiy im ioll.ws:- 
 
 3. A true copy of the notice 
 appearud in the of ihi 
 
 of 111 . \c 
 
 "W produeiHl and aliown to me. 
 diiy of 1(1 , the 
 
 anil marked iJ 
 of the 
 
 has 
 dav 
 
 I. I have, in the paper writiujf iioh pii>iliiicd and shov,n to ni. , and markeil 1). 
 set t.irth a list 'if all dainw, the part iciilars of which have lieen sent in to me pursuant 
 to the said ni' i.e B, now prodined ami shown to me liy pers.ms i !aiiniu)r to be 
 creditorB of the said c.inpiny for lar^'er amounts than are statiil in the list of 
 (■red tors, niurked A, refernil to in the uHichivit of . Kli-d on the .1»v 
 
 of 19 . 
 
 .1. I have, in the paj^er writing now pi-oduced and shown Ui in. . marked K set 
 forth a list of all cliims, the jiarticulars of which have hitn sent in to me pui -iianl 
 to the notice relerred to in the third parajfr.iph of this atKdavit liv jK-rsons c lainiiuff 
 to be ( r.(liti>p. of the said company on tlie day of I'.i . not appearing 
 
 on the said list of creditors marked A, and who i laiinej to bf; entir.d thereon. 
 
 And we, C. I), and A. R., for ourwlves say as foUown : — 
 
 (i. We have, iu the first pan of the said paper wri'tinif marked l> 4now uiodmed 
 .md Hhowii to us), and also in the first part of the Maid paper WTitinir, marked E 
 (also produced and »hi>wii to us , re«pii:tiv('ly set forth such of the said debts and 
 claimi! a« are admitted by the said company to lie due whoUy or iu part, and how 
 much is admitted to be due in resptct of such of the same debts and claims 
 respectively as are not wholly udniitleil. 
 
 7. We have, in the second jiiirt of each of the said paper writlntfs, marked I). 
 and E., net forth sueli of the said debts and I'laims as are whollv disputed by the 
 said company. 
 
 8. In the said exhibits D. and K. are distin;;u ished such of the debts the full 
 amounts whereof aro proposed to 1.. appropriated in such manner as the Judire 
 shall direct. 
 
 Sworn, &c. 
 
'eduction ok Capii ai. Uui>.h. Rules of 1909 
 
 IH»i)» 
 
 Kihilnl Ik. irffi.nl In ,„ th htl.m,„t, / l!l<,l,„,l. 
 
 I). 
 Ill the Mnltir .,. 
 I,ir.« of rt.l ., nn>l v\mm» uf »lii.(i thr poHi.ul.ir- l...v.. Ihh „ ^.,it in t<. I.v 
 
 IH,.™.!.* ._I..„„ .,K to b.. .■re,lii„r. ..f ,1... „«..! ..,.„.,,a„v f.,,- /,„,/,, ,„„„„„„ ,l„.„ aiV 
 
 T),i.p,i,».rwritin,f, n...rkr.l 1). »B. i.r.Kln,.,l at„| ,l,„wu,„c |, y, y „„,, 
 A. B. '.-I", tivi.ljr, .ml i, th.. mmo .« i. r.'f. nv,l t., i„ th. ir ..md..,il »w.,n. 
 bri.ire mt tl.io day of \<\ 
 
 X V. \. . 
 
 Fiii-.T I'ak- 
 Pfht, mul C/,H. -rkolt!, ,„■ ,m,iI:, I,.! !,,, 'I,-: i •„„,,.„■„. 
 
 Nanu>», A(I(}n>MeH, 
 
 iind Dew'riptioiiii 
 
 I 't C'rwl-tont. 
 
 Parti, u! r 
 
 of Debt . 
 
 Claim. 
 
 Am. •lint 
 \in. lint '"'">''•«» »iy ih.. 
 
 owtii^ 
 X\t (.'rwliior. 
 
 Dibtii pr.i|uiHi>.l 
 
 t.> \»f 
 
 iippi.iprint"<I ill 
 
 lull, ultlioii)(h 
 
 diNpnt.'.!. 
 
 Ilkl 
 
 Hkcond I'abi. 
 Dtht, and Cluim, kMIij dmpHlnl 6t/ Ih, V,„„,,u,.,,. 
 
 and 
 
 l>eHcripti.iiiii of 
 
 Clnininnta. 
 
 J'artieular* of 
 CUiin. 
 
 Auioiiiit 
 f-l«inied. 
 
 D.'bts propowd to 
 
 lie iippropriati .1 In full 
 
 alth»ii);>i disputed. 
 
 Exhibit J?., rrfrrmlti, i„ Ih,- ln,t .i/tr,l„ril. 
 
 In the Matter, &v. 
 },Jltl "' •^'^V-""^ '^'f T °' *l"''' ""■ Particular,, have Uvn ..nt in to Mr 
 
 xuz^^^z I'^.r x-aL;.'"' -""''• """ '" '"■ --^"^ ™ »''o "- 
 
 Thin paper writing marked E -vas prinjuied and hIiowii to C. D , K F and 
 
 tt'^^r''- ''d"ay of ■ ""°nr ;" "'^■"^* *" '■ "'^■'■- ■"«''»"' "*'™ 
 
 X. Y. ie. 
 
 '•-#1 
 
 fulfil 
 
 »y 
 
1670 
 
 APPBNIIIX. 
 
 FiBCT 1'ahi. 
 
 [Stimi lit in Kj^hihii Ii. 
 
 ;Ull 
 
 Second Part. 
 
 [«S'rtWf as lit t.(hibit JtA 
 
 NoTB.— The name* nri' to Ik- inserted alphaU'tically. 
 
 '■'"""■• No. 7. [V'fKuLKU.j 
 
 111 the Matter of the ComiKiny. I.iniitc<l iiml Kediiced ; and in the Mattir 
 
 of '•Tlie CompanieH (Consolidation Act. l!>nK."' 
 I'o Mr. 
 
 Yon arc hereby ro<iuire<l to come in and prove llie debt claimod by you again>t the 
 above rompany, by filing your affidavit and s.-ivin-r notice thereof to Mr. 
 the solicitor of the e<impany, on or before the day of next ; and you are 
 
 to attend by your Holieitor at the ihumbcrs of Mr. Justice , Room No. 
 
 Royal Courts of Justice, Stnuid, in the Countv of London (or at the ehambeis of 
 I he Registrar at ) on the day of . I'.i , at o'clock in the 
 
 noon, being the time appointed for hcarini.' and adjudicating up.in the claim and 
 prtxluce any securities or documents relating to your claim. 
 
 In default of your complying with the above directions, vou will [be precluded 
 tiom objecting to the proiiOBed reduction of the capital of the company] o,- [in all 
 procoHiings relative to the proposed rwluction of the capital of the company \«- 
 treated us a creditor for such am.aint onlv a- is sit against vour name in the li^t of 
 creditors]. 
 
 Dated this day of . 11' . 
 
 A. B., 
 
 8ii1ii iuir for the said Coinpuny. 
 
 Ii m 
 
 
 No. S. [.V, JtciK 1(1.^ 
 
 Ill the Matter of the Company, Limited ami Reduced ; and in the Matter 
 
 of "The Companies (Consolidation) Act, 1908." 
 
 Notice is hewby given, that a petition prcHeiiteil to the High Court of Justii e on 
 the day of . for confirming a resolution reducing the capital of the 
 
 above conipmy from I to £ . i» directed to be heard before Mr. Justice 
 
 on the day of , 19 . 
 
 (.'. & D.,of 
 
 il Miiy. 1901*. 
 
 [Agent- for K. & F., of ], 
 
 Solicitors for the Company. 
 
 The CoMi'ANiEs (Wi.M)iNfi-Uj*) Kii.es, J909. 
 [7V/r.s< Ki-c net out in, full in the Appindij- to Part IT. of tlm irnrlf^ 
 
1671 
 
 
 I'JiKVKNTJON OF COltUUPTION ACT, IJtdfi. 
 
 (> Ei)\v. 7, c. -H. 
 
 Act for the bettiT Previ'ntion of Corruption. 
 
 [■It)i August, I'JOH.J 
 
 :in<l 
 pri'-K-nt 
 
 Be it iiiiKted by the Kiiiif'8 la.wt KxccU.nt Miijesty, by and with thr ii.lvico -i 
 cimsent ..f tlic Lords Spiritual and T.iiiporal. and CoiiuuonH, in this pnw 
 I arliamnit aBwinbled, and liy the authority of tho same, :u> follows : - 
 1.- I) If iiny agfiit corruptly iitci.pts or obtains, or airrws to acticpt .,r attcniptH l'uni»hm..nt 
 to obtain, from any person, for hnnsflf or for any other ,».rson, any ^H of corrupt 
 or ^nsideration as an induwmont or reward for doin:- or forbearinv- to do, transactLcs 
 or fi>r havmjf atter the passnn.- of this Act done or forborne to do, any Mt with at'ent- 
 ni rulatnjn to his pnmipal .-. attiirs or business, or for showiTijr or forbear- 
 any person in nliition fo his iirincipal's 
 
 rulatnjn to his pnni'i|)al .- attiirs or bi 
 infr to .show favoiii or iliKfavour to anv i 
 
 (flairs or business ; 
 
 If any person .«rruptly jrives or agrees to give or otters any gift or coii- 
 -iderafion to any a«ent as an iiidnc.ment or rewanl for doing or forb<'arinir 
 to do, . r for having- after the pa-ssing of this .Vet done or forb.,ni.- to do 
 any act lu relation to bi» pnu(i])al's affairs or businoKS, .,r for st,,. wing oi- 
 toibeann;; to show favour ..r disfavour to anv ikit-om It, niation to his 
 prineipal's attairs or business ; or 
 
 If any person knowirirly givs to any agent, or if any ..gent kuowinifly 
 uses with intent to d.^eive bis piimapal, any reeeipt, .ocount, or other 
 ibsument m r.speet ,<t wliiili the principal is int<re,t( d, .,nd which 
 contains any stHtcnient which is false or eiToueou- or li. iWtive in anv 
 material p.articul.ir, and which to bis knowledi/v i- int-nd.-.! to nii-leid 
 the principal : 
 
 he shall bo guilty of a mixlcmcanoup, and -hall b,- liable on .onviction on indict- 
 ment to imprisonni. nt, with or without hanl labour, for a term not excelling two 
 years, or to a fine not .seceding fiv bundrcKl pounds, or to Iwth such inipris.,nmcnt 
 and such hue. or on .summary conviction to imi.risoumcnt. with or without hard 
 labour, tor a t.rm not cxceinling four months, or to a fin.' not ixctHsling fifty jioiinds 
 
 or to both such imprisonment and such fine. 
 
 (J) For the purposes of this Act tin 
 able .onsideration of any kind : the 
 
 ixprcHsion " iiinsid. r.ition '' includes vain 
 , ,. . . - expression "au-ent" includis anv uersoi 
 
 employed by or acting for another: and the expression ■•principal" includes ii 
 employer. ' 
 
 "■ij A person .servin;.' under the Crown or under any eoqiorition 
 borough, CQuiity, or di.strict council, or inv lio.ird i>f gu.inl 
 th.' meaning of this Act 
 
 2. 
 
 ir any munici]>.il. 
 lans, is an agent within 
 
 (I A prosecution for an offcuc,' under this Act shall not Ik. instituted wiib- 
 <|Ut the consent 111 I'.ngland of th,- Att.)mey-(Jeucral or Soli.itor-Gcneral, ami in 
 Ireland of the Attomey-tieneral or Solicitor-General for In land 
 
 '"* '""^'.y*^'"",'"'"' lo'li'-t'iieots A.t, IHM\ .,s amended by any »ubs<s|uent eimd. 
 ment, shall ajiply to oltonci.s under this Ait as if th. " - - ' 
 
 offences ni.utioh.d in s.ctiou one of that Ac't. 
 
 '■'' £*'"'y "I'orin.ition for any oft'eiice under this Ai!t shall be 
 
 ley were inclndc<l among the 
 i[Nin oath. 
 
 l*ros*.cutii.ii ..f 
 < .tt'eni'cs. 
 
 ■:j & -r-i Vi.l. 
 .. 17. 
 
 (4 lheex]>unsis,,f anypro»e<mti.,n.,n indictment under this Act shall U'dcfrivisl 
 as in cases of indictment for fehiuy. ' .•' ' 
 
 (.■>) A court. ..f <iuarter sessions shall not Iiave jurisdiction U< inquire of hear 
 an<l def.mnne prosecutions tin ii^tln'tmcmK for offenres tmder this Vet 
 
 (6) Any p..rs.m aggrieved by a summary conviction under this Act may anjxal 
 to a court of quarter sesaions. " 
 
 (Si 
 
 * tf 
 
 . £ .hL^^lM 
 
l«i 
 
 AppKNmx. 
 
 Application 
 to Scotlimd, 
 
 Sliurt title 
 jtiid fttm- 
 iMf!iceineiit. 
 
 3. XIiiM Aft slmll oxttMul t" ScdtlunJ. Nubj't-ct tu tin- fnllowiiiy iKuditir.itionH : — 
 (l Si'ctinii two hliiiU not extend Uy Se<itlaud : 
 
 f'J In Seotland all ottenccM wliieh are piini^liiit^e under tliit* Aet on HUiuniur^\ 
 eonvi^tion shall be pivjsreuted before tbe f*beritt in manner provided by 
 theSunininry JuriNdiction (Seotliind Aet^. 
 4- ! I Tills A<t nuiy be eited a'* tlir iVeveiitinn of 1'Mrniption Act. 1!>0(;. 
 ,'2j This Act >hall emin- into upentit'n nn tlir tir>t day of JiintiHr}' mut't('<-ii 
 hundred and seven. 
 
 ["A person Merviug under .... any corporation .... is an u^'-eut within rhe 
 nuMtning of this Aet.'* Sect. 1 i.'i . Aeenrdinurly. dire<'tors. niiiuaprs, snporin- 
 tendentf*. travellers, and otliei' enipioytV uf imnpanies .>>hould hear the Aet in mind. 
 The Act is far-reaehing in its o]>eration. It makes the payment or aeeeptjinee of » 
 bribe a misdemeammr, that is, a erimiuul otfenoe. punisliatde by im])nsonment ot 
 tine. Both the person who gives and the person who accepts a briln? ia puuisliable, 
 and it matters nut how canfully the trittiMtetion is v-i'ed, or how roundabout is 
 the pri>codure adopted ; and although, under sect. 2, " A prosecution for an ottence 
 under the Aet in not to be instituted without the conw.nt iu Kughind of the Attorney - 
 (Jenenil or tlio Solicitor-General , . . .'* and wtme peoph- who pay or accept briber* 
 regard this as a fetter and safeguard, it must not be forgotten that without any 
 such couMent, sevend jHjrKous implicati>d may hv prosecuted for conspiracy to 
 commit the statutory ottence. ViV- v. Porfrr, (IHlOi I K. H. :j(i'.>.] 
 
INDF.X. 
 
 II. 
 
 All rcfcrciioos ar.' to the paROs. /Vyci if, hrarki-t^ [327] rrfrr to the Korms. 
 
 ABANpONMKNT, 
 
 objc( t.i of I'oiiipany, when allmviil, 1309 
 
 proccciliiifjs fcr n-ddctioii of capital | 1308 | anil note 
 
 ABRTDdKI) I'UOSI'EtTLS. 2.J8-2i;n 
 
 ABUOAI), 
 
 airncMiiciit to rmpliy expert | 433 -43ii] 
 
 carryiiif; on hu^iiie.^s -article, as lio [ 7o(> ct s,;,.\ aiui uutoi 
 
 income tax, ai to, 93 et »■ •/. 
 contra t made, 343 
 
 <lirc( tors tiotice to. of board mcelinj;,, 7411 
 ICnfjIisli com|ianv snin;; or sued. S7 
 cxccntion of dce'ls, H4, ir)4.> 
 cxicntors of sharch ilcler--|iriil):it<-, i;c,, t>7H 
 notice to members (77!)) and note 
 powcr-i of attorney, 
 
 liy parties abroad U> act here [ U(i7 el .vc,/.] 
 
 niaiiau'O property, to [ IKil | 
 seal for n-e, .S4, IJ4) 
 
 transfer of shares not fully pMid up to person residini,', (i72 
 vendor resident, service on | 3(i2 | and note 
 
 AliSCOXniXC 
 
 contributory, arrest of, 1")73 
 
 absi;nci:, 
 
 vacation of directorship by ^rti-h- as t<i | 730 | and note 
 
 ACCKl'TANCi:, 
 
 allotment of shares not applii'd for, of, ,)li 
 ai>iili -ation for shin's, of, tH 
 
 must be siu'iiilied within rea-oiialile time, f>l 
 directorship, of, whether aLrreement to take .inaliKcatinn shares, .5(i, 721V 
 
 ac(:ii)i;n'i\ 
 
 fatal, insurance apainst, and .\ssuranee Companies .\et, ,)ls. .")|i| 
 fund, sell, me for bmeiW of enipleyes. lols 
 insuiance ciimpany. ile|Mi it on formation of, .519 
 objccl clauses of |;")18| and noti> 
 
 " AC'CIDKNTAI, OH DIK TO IXAUVKKTIiNTi:," 
 nieaniuf,- of, in .\ct, 1422 
 
 ACCOt NTANTS. 
 
 enipieynicni of, to ascertain pnil'il-, Dili 
 '■ experts " within sect. 81 of .\ct, 21 S 
 nejtleit of duty by. 906 
 
 P. .S « 
 
 fill 
 
 '1'. 
 
 ^ 
 
 m 
 
Itt74 
 
 INKF.X. 
 
 AfCOlNTS, 
 
 annual arliilc .i> to | itii 
 arti.l,.^,i-.toi770ri'».7.| 
 
 priiali' .iinipaiiics in vim-nt \m>\ 
 amlil of. . la»-f^ in aitn'le< \Jj''i 777 ] 
 liaiiki!!^' i-()ni|Kiiiii'<. audit. 777 
 iiinilu^ivcnc-s of | 77s | 
 (•(lilies til mpinlMT< I 772 I and niitc 
 
 t.) Sl^i.k Kxclianac f 772 | and niitc 
 dclMnlnri' action-, in, ,.„., .„..t 
 
 indnivcniPiit- of writ tor [J_3a2 -13)4 | 
 datv of ilinii.irs to ki"'|i. 770. 771 
 fraudiilri.l, ; I I. 771. H.M. KO'l. Mi. 8b3 
 in^[)cilion hv nicTOliors | 771 1- 772 
 protit and l(i«s. how (■■(tiniati' I, S74 rt >irq. 
 report of auditors | 77.'i. 777 | and notes 
 
 *"^:,:;:^:!;.^;:;!-!?. in r*!;.::';^;n ,. ,.,>... ...h. i2.«, 1202 1.301 ,, i53« 
 
 di\idin<!> out of rc-crvo | 7.)J] i7.> 
 
 AC'lJl li;S( KNC'K, 
 allottee, of, •')•'. •')<' 
 eoinpany may lie lionnd I'V. I'- 
 
 ACT OF I'AKM \MI;M'. 
 
 Conipaio.- ,Cons..lidationi Act. I!i08...1.i2, 
 
 cotnoanies, when applicable to, 13 . »• „ i,„ i;n 
 
 ;;,;;',',aet- l.v promoters for a eo.npany l.efore ,t» .ncorporat.on by, »15 
 
 incorporated l.y. when company can roirisU^r, 1589 
 
 intrr.tioii. hexv "ascertained. '.tt2 
 
 interpretation of. 942 . 
 
 r,.-nlaiii!- company, mitiee ot, presumed. M 
 
 >taluuirv en,npa!:ies. limit of powers ol, ^5 '.• f;'« 
 
 windiufr-up companies ioeoi por.Mud liy. l-i.M. l-S.)* 
 
 ACTIONS, , . ,. ... .,,.., 
 
 \ct of UMIS. under, claim t<ir re-c i-niii | l..<.i| 
 adv.rtiscmiMil. notice to deleiidant liy [ 1341 | 
 appearatice in. 13(11 
 i-rli If as to I 7.il 1 
 lalls, for, 
 
 alb'^ratioiis in. ISIili 
 
 eouiitorclaims in I 13118. 13(!91 . , 
 
 defence and counterclaim | 13o8, IJdJJ 
 ,|,,f,,n(e— form of | 13iiH| and note 
 
 >et-of!'. 13(1(1, 13iiS 
 ..videme. clause in arti-les as to ] G,,7 J and note 
 imhirscmeuts on writ \V-ii'.\ <t '''lA , 
 
 pleadinirs (claim, defence, and counterclaim) [1365 et «'7-l 
 usual defence in, IMfi 
 conmanv's name in, 13.">(1 fl »<'!■ ,„.„, . i 
 
 dai"al-e< for l"s, in taki,.- shares [ 134f., 1349) and note^ 
 delienluri' holders, ,„-, , 
 
 indorsement on writ 113.'i2. 13-)4| 
 deceit, for. 202 '■/ .r,/. .h.'l scr l)i:i i:iT. 
 deliv. <'ifcct of, 1!I7 200,20(1 
 
 dcp.:it:'f.Ir ;:r:;;of";appi;;'.Hon for share, withdrawn) | 1345) and 
 
 indorsement on writ if special, no further Btatemcnt of claim needed. 
 
 directors' TMiwcr to brinir and defend I 7.'ill r.«o„i i t 
 
 dilcc'lir^ a-ain>(. to recover hrilie 1 13.-21 and note, [1382] and n.ite 
 
 ./ . i„. /,, t^> ri'-tr:iin M:>'>7| ana nntc 
 „in.;io;:' UabllRy A.'t. Ul.O (now sect. 84 of 1908), under, 208 r, .r,. 
 
 (lelit. not tort, 209 
 
 period of limitation. 219 
 
 >tjtenient of cbiiin |137'.'l ,„,„, 
 
 writ statioL' claim [KUO] and note, [1350] 
 discovciv in. 1303 
 

 INDKX. 
 
 1«75 
 
 ACTIONS mntiiiurd. 
 
 dec : .11 by roiiiiiii'iiiin^'. 200 
 
 Kii^i!-!i coiiipanic-' Muini; or sin-d iiliroad, 87 
 
 frauiliili lit nii-rc|iio-ciitati()ii 
 
 (Irath or haiikniptrv of [lOrMjii (l''fraii'liHl. 20T 
 of piT-c.n lialili', iO? 
 injurit'^ to Cfniiiany. for, IIJOO 
 iiitril'prciii o liy, witli loiiipaiiy's inturiiLil atfair<. Til /•> if/., ti7l, 1358 
 
 iiiti'rro,'ati.rir< au'ainst ('onip:iny. ItlfllJ J13ti4| 
 
 infill i-iii-^ contrai-t.*, fast'-* mu, llili ItiS 
 
 nmiilii'i', liy. in iiaiiii' of ((iiiipany. l;i.')il. l:!')7 <■' <"/. 
 
 rulr in h'nys v. Ih'ih,,lili-. 71. I!:(:I. i;!.')7 i-t ».■'/. 
 nli^iIl■prl-('lltalioll anil nuii-ili-i I'lim', for, IS,'! <■/ \rq. 
 on liclialf, .'tc.. i;).)t il -r.,.. \.;M i'I . •/. 
 orilrr fur (li>nii--al, willi ii'lirf on iniiiitiT-rlaiin i 1 US | 
 parti''^, joinder of. 1317 /■/ >'''/. 
 pri'liniinarv i'X|ii i c-. for, I'y prciniutor^ au'aiiHt i''iin(iaii\ . \'\>. 13^), 
 
 117 I Hi 
 proniotcr*. :v.',iiil-t. 1:1:1 -' .«.<,.. ilC'. iOS 
 
 p. rioci of 'iiiiitatioii. I lit. 2'Hi 
 
 si'iTi't prolit ' wril ) | l:i.")2 | 
 ri-plii'-i in. 1:1(17, i:iii.S 
 n'-i'i>-i(Hi of lO'-tva't. for. Iiy alliit'i'i' of Hliarcs, ls:j n .. ./. 
 
 delay in liririjjin',;. 107 - -200, 200 
 
 iiidor>i'nient on writ !13t.i, i:}lt>] 
 
 plcadiiiift (i-laini and dpfi-iiiT") | l:!72, l;57'>, 1377 | ;nid nolo- 
 iscriirity for co-t-i of ronipai;y. i:l<i:> 
 
 spi'i-itii- i>cMforniani'0 of a','ri'iMiii'nt to allot sli.irp:. .')7 I 13)0 | and note 
 striUinir out I'aino of coinpany. 13(10 
 siininioii.' for directions in. 1301. 13(12 
 vilin I-:,!-- eontraet. \e,, writs |13.'i3 -13-')r>. 13S!] anil notes 
 
 ea-ps on. 4(14 4*10 
 
 pleaiiiiiir- 1 1384. 13S.-.| 
 nse of I iiniiiinv's nani" in. 1.3.5fi, 13.)7 ff 'n/. 
 writ ! of juninioiis in. 1330 < ' xif/. tii'l »' <■ Wnn ne Simmons. 
 
 AlUH'.MlA i:i {'OliUKllCNDA. See iol.)iired leaf next to Table of <. 
 
 ADDTTIOXAL DIHKCTOKS. 
 
 article as to | 717 | and notes 
 
 ADJOUUNilKNT, 
 
 frcneral nicolini;. rf, 002. 701, 702. 8.)1, Sri.-) 
 
 articles a- to. tiOO. 702 
 
 ( iLaiiiii.an's powiTs as to. 702 
 
 day iixiii by .siib^p inent notice. 702 
 
 for re-nlt of poll. 7'.I0, 701 
 
 iinpropiT. 702 
 
 use of proxies at. 700 
 notice of aiiioiirned inectinir, 002 
 
 ji.iih" i'l'-lr none reipii^itP, 702 
 poll a- to. 702 
 power to adjourn | 702 | and not*" 
 
 AD.It ST.MKNT 
 
 of riubt^ of mntribiitorics in windini^-iip, App. 1571 
 article^ a-: to | 7H3 n s,./. \ and notes, 811 fl srq. 
 re.oiistrneiion. 1411 -144t> 
 
 ADMIX ISTUATFON, 
 
 company's ri^hl t^i. in respect of dp. eased members' shares, 078, 079 
 preol' for calls in aelinn for, Oa'i 
 
 AUMINIsritATOUS, 
 
 dccc.iscd nieiiibcr, of, 
 
 cl.iii-es ill article.- us to ! 077. 009 j 
 indcinliilv to. 070 
 liiibiHlv 'of. 07!) 
 
 11 1"! 
 
 m 
 
 «i 
 
 m 
 
 All rcf'.Tonc*'- ;ire to th" pa^fs. f'tf/rs in hrcrkrfM [327] rrfrr fo thv Korms. 
 
 .-. !l 2 
 
1«7« 
 
 INDKX. 
 
 ADMIN 13TRAT0HS cuntinued. 
 notiie of meeting to, 692 
 
 titlf of, U. shares of deceased membor [,611 \ and now 
 transfer of shares by, 677, 1533 (Act) 
 Totinif by, ut general meetings, 704 
 when they bcionie members, 678 
 
 ADMISSIONS, ,, . ,„., 
 
 interrogatories not with view to obUin, ltji.4 
 
 ADDITION, 
 
 by eonijiany, 
 
 agreements, of, 147, 14H, 323 
 
 j>ros])eetus s, of, 1S4 
 eontraet. of, 635 
 
 artiele as to [643 | 
 
 f(>ini> of 1 3i>;l, 37IP | 
 
 object elauses as t" 1 5U5J 
 
 diffi;;.^- '::i' .^Wn^U-P"' - oU ana b«neHt taken by company .eases), 
 147, 148 
 
 AD IJf.(>Jti:M DLTY, 
 
 -it- fur sab', on, 33H <■' o./. 
 
 a^'re< 
 nioi t'-'ap'j 
 
 1213 
 
 ./))(/ sue EviLssioN oj 
 
 ADVANCi:, 
 
 calls paid ui, 
 
 article as to 1 657 | and note 
 
 by directors to obtain their fees, 6o7 
 
 power of directors to receive, is as a trust, 657 
 
 winding-up, result of, 658 
 
 ADVENTUUK, 
 
 joint, object clause [^06] 
 
 ADVEKTISliMKXT, 
 
 executors of men.liers, by, 678, 679 
 extension of object., on, 1311 lUH, 1328] 
 
 namcoTemnpany U, uppeir in, se-t. 03 of 1908 (Appendix). 1541 
 
 notice of meeting by, articles [692] 
 
 products of company. "S (.object clause) [512] 
 
 prospectus, as to [25H[ , , . , ,ona i-i 
 
 l-«)3 1296] 1298. Ji.d .sec l!i;i)i;>TiON or Capital 
 voluntary winding-up, of, sect ._ 185 of 1908 (Appendix), 157a 
 
 ai.i)ii -ation to Court in, 15i6 . ., , -.^ c 
 
 in..eting of creditors a.s to additional Jiquidator, committee of 
 inspection, or ajiplication to Court, 1575 
 writ of summons, to defendant [1344] 
 
 AERIAL CONVEYANCES COMPANY, 
 object clauses of, [544 | 
 
 AFFIDAVITS, , 
 
 extension of objcts on application for, 1322 
 reduction of capital, on, 1266 |12ia-128l|, 128,, 12 
 
 (, .» ... .. l?i.i»i r-i iMS: (IF C.VI-ITAL. 
 
 288 11292-1294 1. 
 
 (i, ,/,«-(< Ul.DlC I 1".N I'F t .Vl'I'-*'-- . , . ^ 
 
 supporting appli-ation U, convert business into private comjwey 
 
 [1006—1008] 
 winding-up, in, Ajip. 1583 
 
 AFRICAN (ONCl^SiqXS COMPANY, 
 object clauses of [554 | 
 
 AFTER-ACQl' lUEO PROPERTY, 
 company, of, charge on, 1182, 1183 
 
INDEX. 
 
 107 
 
 AOENCY, 
 
 agrecmont [433| 
 
 bi'lialf of <'iim|iany, on, 3fi 
 
 tlircrtors. of, 7lW, 732 
 
 looiil, articles for o-italiliiihmunt of [756] 
 
 object clauiie ax to IS13| 
 
 AGENTS, 
 
 action of company's, 31, 3li '■' frq. 
 
 adoption by company of luntracts with, 323 et i$q. 
 
 agreement to employ, ahrniul [133, 434 J 
 
 application for Hnarcs by, IS 
 
 appointment of 1433 4:i,')J. .tnd ve Okkickus. 
 
 article a« to employment [i49| 
 
 breiieli of enKiiircmont to act as, 443 
 
 bribes to. 733, lt)7l 
 
 commission, remuneration by, 432 
 
 improper. 733 
 eom|>aiiv's power to act t)y. 31, 3ti, 37 
 coinpeni^ntion for loss ,;' t>tKce, 442 
 coiilniits by. on company's behalf, 333 
 director, of, to siuii consents, \c.. G 
 directors c.s, 70;(, 732 
 
 pioHts liy. 721 '' >'7. I 731 | ami notes 
 dismissal of,"4ll 144 
 
 by windinu'-iip or appointment of >cciver, 444 
 GPto]>pcl of company by acts of, 42 
 fraud or inisfuasanco by, 40, 441, 442 
 intended company, of, 
 
 a);rcemcnt for sale to [367] 
 coiitra<t with. 322, 323 
 
 liability of company for acta of, 3l> et teq. 
 
 libel l.y. 38 
 
 loss of oflice. aiircement to pay spe IKc sum for, 442 
 
 meni'iratiduni of .association may be sij^ned bv, 4S4 
 
 " miTcantile.'' 1201 .1 y,;,.. Vim 
 
 misrepre-entation by. 184. 185 
 
 ncKlii-'ence by. 37, 412 
 
 notice of allotment, .51 
 
 power of company to act by, 31. 30 
 
 to act as (objeci clause) [513) 
 
 promoters aetinp bv, 139 
 
 ralitication by conijiany of .icts of, 37, 321, 322, 741 
 
 Scotch company, of, service on, 8j, 86 
 
 siL'iiinfT contrai't. pcrsnr.i! reixoisibilily. 327, 333, 334 
 
 fipecitic performartc ' f ernplnynient airrcenients, 441 
 
 Bub-aijent's liabilit\ principal. 733 
 
 fort- by, 37 
 
 use of seal by, 36 
 
 windinff-uii. proof for siilary. 443 
 future commissions, 443 
 
 AGGUraiATIC NXMUKR Oi' MK.MllKRS, 
 of jirivatc company limited, 911 
 
 AGRF.r.MKNTs. 321 n .icy. 
 
 ac'iuisition ol' shares to obtain control of company. 397, 398 [391- 397] 
 adoption of. by company. 3Jii <l •«"/. 
 
 forms of adiipli >n eimti-icts | 369. 370] 
 with moditications [ 370 | 
 aifency in forei^'n country, for [433] 
 aprcnt, 
 
 authority of. to enter into. 333 
 
 for intended eonipativ. with. 322, 323 
 
 pcr-onal liability. 327, 334 
 
 to examine property abroad [434] 
 
 
 ^■tt 
 
 All references are to the paf;es. Pnije" in hrnrlietf [327 j refer In the Forms. 
 
1(J7« 
 
 INUtJL. 
 
 I»s7 
 
 -C7. 
 
 A«i RKKM KNTS cm.tlnu.d. 
 
 iiiiiiili; ini.itioii. willi Niiw til, UHl 
 
 f.inii of I 14SS I 
 ujipoiiitiiKMit of m:inu(.'rr [\'M\ 
 aii]Kirti"iimcnt nf -tiinip duty |:!'«!t| 
 arliitriitiiiii chiii-i' in. 3I'I | SIT | 
 artirli' "I' iiHHiiii it'Liiii. I'rt'i' I "f, ■f, H'i- 
 
 adiijitiiii,' iiri'liiniiiary H<t'i\ 
 heh<rf ii.nip;Miv fiiHtlia U> cuiuiiiein.' Im-iiicss a'.'l, 3.U 
 bomlliiililir.-, Iiy, t" ili ['iMt lii>"'l-i wiili vii'w to uniloil aitiun [iU>\ 
 boiiiH liv ii.ild-n|i ■l;!Ui-< |ll:'.| 
 bonk .li-:'it^. ns t,) .air uf 131(i| iiM.l iKiti' 
 i-ami llntiiin iif liMMiiliM-^' ahiiri'.! i |iri.M.iii)ii:i: ). for I ll-l>| 
 I'lipitalizaliiiTi 111' interim |iroHt< im mil' of undurtakinj,', 3.)ti 
 carryiiii.' intu olV.it artii-lo j 7 IS j 
 <■a^ryi^^' on liu>'ini-<'< | 3')(i | 357 
 comiiariv. Iiy. . 
 
 bi'lliri' intitiiil to ((inimoiici bu!.inr»», .iii 
 
 caiinot be ciitiTcd into before iticoriioration. 32.! 
 
 wlieit |n'o\ isional, *i4 I 
 when fo lie undiT -oil, .Vie., 333 
 
 coniibialion of ^er^i■e- in. 3i'.l '■' «.'/. ^, ,■■, ■nin 
 
 "eon-tinitinr the titb- of th.> ailottee ' of paid-up shares, hi, 1.7 310 
 coiivei>ion of liii^iTiiss int.i private eonipiinv, 
 
 (•..nditinnal on ('..urt!. -auction [lOOl] 
 
 partner.-liip | '.'■'•.i | 
 dcbentnro-. as fn, 
 
 holder.^ to extend time for payment | tll9 1 
 
 reeou'^truction. on, 1438 
 
 deposit of bonds for [I Hi] 
 
 direit.irs' autiioritv to enter int..', 3;3, 732 
 
 direetoi-, with d'is,]iialiti.ation pn.vided a-ainst (,31| and notes 
 
 di-(Hi:ili«eation provided for |730| and note 
 director- to take up U-a,es and gnint sub-K'as.s to company [420J 
 i^litor, dire, t.ir to be [43(i| 
 
 cmidove. I)V, t.i rc-tran-fer sliares I 1033] . , ,., 
 
 fiduciary vendors -clauses in article- t.> protect [(.4o I and note 
 
 *''"m.der >c.t. 2.0 of late .\et of lmi7...330. 331 [13!14l 
 
 und.T M.,-t. 7 of late \rt of lU ID, ..r se.'t. 88 ol .\ct of l'.M)»...(>4 
 r/ .«■'/. f3r.3l 
 fire iiisuranies (l.enetit of), u.s to, 301 and note 
 
 foreiirn afrency [ 133, 434 ) 
 
 forei^rii niiiip.^' for sale of [3f!4j 
 
 fnllyiiaid shares, as to, 
 
 enipiiry into <T>nsidoration, 331 
 
 filini.' I.f, l>4 \''mI .<"■ intrn. ■' |.aid up shares"] 
 
 fundinj.' arrears of dividend on preference shares [404] 
 
 ffnarantce of assets, for [367] 
 
 insurance benefits I 3iil] 
 
 interpr. talion of, law govcrninf;;, 343 [302 | and note 
 
 intro<luctory notes us to, 321 
 
 licence to use inventions, as to I 382 | 
 
 life assurance eon' ;-.ny— special fund [377J 
 
 life as. uran.e tninsfei' 1374 1 rio'ioi 
 
 loan from bank, or - ac.eptance secured by debentures [1239 J 
 
 manafier's appointment, for [430] 
 
 non-compli.ineo with .s.-et. 7 of 1900, or sect. 88 of 1908, effect of, 
 64 rl fn/. 
 
 not to compete in business [356] and note 
 
 novation of. 370 
 
 object I'iauses as to j -004, .'>0.)] 
 
 objectionable assets excluded, clause as to [366] 
 
 option to buy com cssion for [3HK] 
 
 oral, by company, 33.5 
 
 oral acceptance of written proposal, 33.'> 
 
IMIKX. 1679 
 
 AGRKKMKNTS cu,.fu.u.H. 
 |>ui(l-(i{> '•iiuri'N. fur, 3-tl* 
 
 Art uf |H»17. |pi.i.i-i.Ht, M-. II- t.i .t;t'i 
 
 Ai'i of llMi«. |i.nvi-i..ii^ a-* t'.. til ' / .' ./. 
 
 (iiiiMiit-ralion for. tit. .\\\ 
 
 liliiiK', *it, ;l;n jl;i!»lj uml nutf i rntiti. aii..ii o! rr,''t-(ri) 
 
 ill >ali-fui'liuii ot ilrhl iif <'i>iiit>ahy | 't'O | 
 
 i"iiril Hint rat V tn m'i t. M^ uf AiTnl I'.HiJS li5. 70 
 
 in.iiiiiif«... to, (iT, |>H i as'.il 
 
 (iral narti'iilar-i t4> l>i- lili>i|. lil. WW 
 
 |>arti<"-, (i7 
 
 sal'- of pntprrtv for. 317 
 |>antL \i\ r(imiia?iy. 'iX\ 
 MUlMit -/ftir -salr of j :i7?s j 
 )n'r-oiial lialiilily oii, of ajri'iii, a.*-.. Wit 
 p«T>oiial M'r\ict«*. fnr, ttl 
 
 in jiinrlinii. \\\\v\\ ^rantcl. Ill 
 
 ^j>l■l'ilil■ pfrforrnaiii <> nut ordi'n-il, 411 
 
 wIh'Ii to It writtt'M, 411 
 pootiiiL,'' i;ru>>< rariiiiiij- of cnliJ •^turiLTi- lttt>ini'"'''tf* and Hxiiifj niiniiuuiu 
 
 ratcx j 4'Jj I 
 pooiilt:,' prutit- uf -n-xtTul ('ipni(iairit's j4J.'i] 
 
 •^liaic-, a> to I hiuj 
 prrlihiir>ary. uii In-lialt of ihtt'iMJrd n.tnpaiiy, 
 
 phi.!-* ii>i(:il!y iiiluiil.ii. 3^1 '' ■''7 
 prriiirtiiiai-v r\|Hii-('- tiiiul. a- lu , f.'tij 
 prior litii (l.-iH'iitnri'-'. a-* to \ llo] 
 proniutrr--, l>y | l;)'t *t >' ■/■ | 
 
 pnUmiiiary fxprn-p-i. \\< to | la^i. I"i4. I;"iti| 
 
 salo of luni-rssiuii, f{)r | I '>4 | 
 pro-^licrtiis n-fcniM I' tu. 'it, 171 
 pro\i-i')nal o'llv. wIk'H. 'M\ 
 
 .■'ai.M' n^ to 1 3 .3 I 
 purt'lia-t- and rc^al-- of num^- t'V >yni!i' iti- [ |.')7| 
 qualilicarion -han-^. t» t ik-' \:\\Vl. :'.«», 3:11 j 
 ratifii'af ion i\i. liy runipariy, 3-1 - f "'/.. 711, 711 
 
 wli'-n inadf lirfurc ir'ciirpuiatiiii. 321 
 rf'cuii-trM.-riui:. f'T [ I t:,tt ,t s. <i.. 1 174 ] 
 roductiun of lili* a-i-^iiranc' r.nn|tariy'-i, 133I 
 mpnd'atitMi td*. fur hrihiM-y. 733 
 rc(|ui-itiun for tiChcial i:M'"ti?vj-. a- lu |414| 
 rc>ois:-ion of \eiid»r-*. for >al' , t.> fouijiany. 3.'>2 
 
 writ of stininion> for [ I3.>1 1 
 rpsolutioii ai'proxinL' draff of | 11331 
 
 aiitliori/iiiLT ^<a!inir <if ' 1:U M33I 
 rostraini of traili-. in, 3"i7. 3 
 8ul<-, fur, 
 
 ajri'iit or tru^fi'-- for int.-ndcd rumpany. tu [ 3(i7 ] 
 
 bu.-ine— a-^ a f^uinir cunttTii. for 1371 | 
 
 T u-^int"*^ to \w\< colli ;i iny | 3 l'». 3ti7, ^171 | 
 
 df'ltonturo >tuck. with \i.'\\ to i>ul)ii(' oift-r | 1-8) 
 
 ('({nitaldt' inttTc-^t. 
 >tarnp-^ on. 337 
 
 piudwill. >tani|is i>n, 31't. 3(J. 343 
 
 Ica-oliuld^ |3.»(). 3.>I. 3'. t I and n-.tr, 
 
 point-; on, 32!t 
 
 power of attorney with ndVronc'' t-i ! 11(17] 
 
 private rompanir-;. t" | '.'511 1 
 
 sinirl*^ -^hiji ronipnny 1387] 
 
 stamps on. 337 1 1 s- ./. 
 
 tith', pro\i-ii-ns a> to j 35u [ 
 
 undi-rtaKin-j: under nn-niorandiim of a-v-uiation [371 | 
 
 valuation, at, 34S 
 sale of irood-' by rnainifaitiirinir "innjiany to tirin a-^ intomu'diary for 
 hiippjyin^ ri'lai! draii-i> i 4-1 i 
 
 t,ff 
 
 IB, 
 I 
 
 p. 
 
 
 If 
 
 ^■fff 
 
 £ rl 
 
 Aff ri-fort* iii-p"i are to the paire-^. /*'/_'// 
 
 rkrfs 1327] n'frr /,> '/- Kurmi. 
 
168U 
 
 INDKX. 
 
 AOHKKMKNl'S <n«^».«.</. 
 
 nutiifv Iriiiiii" ly imidup shiiri'", t" |413| 
 
 wili«ty purt of priir in ]iaiil-up -liiin-« \'iM\ 
 
 Nt'ul under, •{•{•I 
 
 HI ntarv'x iippnintinint, for | till | 
 
 MT\iif,'for, >urimi« fnrni* [4311 il »../.| uml miteit 
 
 ^hana, lo lake, 47 .' „;,. /.../ -■.■ Siui:i:s; Ali'iniKNT. 
 
 i-uiil for lasli i-iili'iipirnt mc cpl.in.o in kinil, 331 
 
 whirr i:() aurcrnient, rc'pudiution i* ^ulHiiiMit, 'ilMI 
 uprciiil I'laii-t'M in 1 11(13 >•' "'II. I 
 utanip-; on. :l:i; '' ••"/• I -'''M 
 
 ajirn'tniiil iniidf out of Knifland. 31(1 
 
 sail' of pnipirty, 338 
 ■•tati nictit-' a« lo. in pro-pi rtiH, 171 
 Statnli- of Frauds 33;) 337, 11H3 W *.7, 
 
 anpiplcini'iital. to '■in-litutr tilli' to fully paid-np uliaro* [M\)\, 38U 
 to^tl1lloniulll i'lnu-<> in rim- of i cmipHiiy, 334 
 tradi -niark<, a-i to | 3l.i |. 3lti 
 
 trun-ti-r of li>.'litini,' order t^i a new iMnipuny | 3U» | 
 tin»tie for intei.de,! e nnpa'iy, with. 3X1 '-f i,;/. 
 Ill I Id iT'v jiiil,'nii'iit-i |I4>7 Mil I 
 wiit to -iet aide [ I3.)3| 
 n... writinif. ai to | 'JlMi rt sr./. | 
 variation of, \>i-t<Ti- -t^ituiory nieetiiu;. 3J4. (144 
 votiii(^. a-* to. 704 
 writinir. whi-n to In' in, 333 
 
 ALIIINS, 
 
 inav he ineiiiluTs of eompany. id. ".!«. I"" 
 
 ALU)IM|;N'I'. 4<I ,1 .-i-^i. 
 
 aeceptanri' of .ipplic.tion, when it i<, l!l 
 
 arti:le^ a- to | (1 Kl '•' ■■"■'/• I 
 
 avoidaiiee. renic> ly au'iin^t d.reitjr^. Kl, li 
 
 hanker's ree, ipt [ 1IIV2 | 
 
 hcfore e.iinpaiiv I'lilitled to eimlinenro Iiu-ine-<!'. 'id <■' »'•'/. 
 
 lioard of <lireetors generally nectary for. 50 
 
 bonui sliares (letter of) [ 10(14 | 
 
 eireular otlerinj,' shares at par [10.'i(>l 
 
 eonditirinal. 54 
 
 eontra'ts i on-li(ulin:; title to. (14—67 
 
 debenture-, of (letter of) ] 10(11) 
 
 detiriilion of. 10 
 
 delav in. 54 
 
 drpii it letnrnalili- when nmw made 1255) 
 
 direii.ir-." loi.tnd over | (14(1 1 and note 
 
 eleelicul to avi.id. IH, lH 
 
 lir-t ]>ulili<'. 51 
 
 (lood faith as to. (147 
 
 irrei;ydar, 1(1 
 
 hoard of directors irresjidar. 50 
 
 lonipaiLV eannot in>i-t on piiylni; hek moneys, 1072 
 lial.i'.ity of dinelors for. 17, HI. 20 
 ratitieation of. 741 
 
 reetiH.'atio.i of r.'.rister. 51. 13S7 \ 13i)2 el ir./. | 
 riMiiedv of allottee aL-.'iin-t .lirectors. 1(1 it ve-/. 
 where' stat'iiient in lini of prcnpeetus is tiled. 2tl2, 2(13 
 letters of. 1051 fi052 10il2. lOIUl 
 stamp on. 52, 1051 
 unstamped. 52 
 lial llity of direit'ir for irroirular allotm-iit. 1(1 ■■! -'■</. 
 miiiimu.i suhsc rlption. lief'ire. 0, 10, 11 
 not ohtiiil-.ed. H 11 
 
 provi-ions of sect. h5 of 190S...i) ri in/. 
 money due on, is not a lall, (15(1 
 iiotiie of. 51 rl >"/., 257 
 a^ent to, 51 
 
 appHiatinn made hefore ine.irporith>n. 52 
 avoidance liy allottee. Iti rf rn'i/. 
 
INDRX. 
 
 IK81 
 
 ai.i^»tmi:nt ,:.„i.„urH. 
 
 roti !• rif !• ./ lin.nil 
 
 .•tint i,f, 'i.-.T 
 
 iKtw yivcn. \1 
 
 iHiiiM nf prnvini;. *>• 
 
 |..i.t l.y. .'iJ. •-•••.■.•J'" 
 
 lirinil' III' until I' of. .li 
 
 ri'KinitriM'tiiin. nil IIJTI. U7-t ] 
 
 ■ taiii|' nil. M, Hl.^l 
 
 limiiic««ary ill »ollli' iiith. .)I 
 
 IMI t:ilii|it'li. Wl 
 
 \crliiil, may Im'. jl 
 
 wlirrr lint frniii iiiiii|iaMy 'iilll' iint. ■>'.' 
 iK.liif. aM.iilin.; I inTi. IHTIl | ami imt.- 
 
 ill .ohtniMiiliiin nf -|.< t. H.-> nf I'.liis , lalo «.Tt. 4 .if tWil) |2«I | 
 
 titr.r f.ir imlilii- «iili-.riiiii i (m- t. Hj nf l!lltH .>r i..!.t. 4 of latB Act 
 
 .if HMHI). II, .-il 
 (.IfiT (if -hail'* al I'ar, fnriii nf .ivi'ulir | ill'iti | 
 
 lifli I- III' -III;... wll'M it ri'|uiri'. II', 11, 'ill 
 
 ollii' nf uluiM"- nil riMMn«lnii tinii. 11 1(1 /r 1.7 
 
 .ifl'i r In 111.' |iiilili ■, what is Vl. I:J 
 
 olli-riin; -hari'-i at a iiriMiiiiini | III.'>:1! 
 
 po liti^ tintirc of. .'i'2 
 
 pr.iiiiiim, al | ti4 i|. Ii47 | lil.'>.1| 
 
 |iri\uli' i'oni|iany, 111 la-c of, 51 
 
 rca-iinalilii tinif, lo lie in, S4 
 
 r.-idii-tnirlioM, nll'.'i- nf i.|iarr, mi, ItlO .' ir./., Ma.l rt in-i). 
 
 ri'crrt. li'ttiT of I io.^.:n 
 
 rtMiiinriiilion .if [ IH-Vi ^ 
 
 r.|iii(liatiiiii. IH, l.S.'l. IDS. I'lll 
 
 MilKii"Ml if no iiLT.'i-i -I'lil III taki llii- -har.'.i, 'iOO 
 
 rciiic-t for I Iti.V) I 
 rr-oliiliniH for |II32| 
 
 n Irlilioiw nil, aitii-lo li;ix. "•'••I, llfil I 
 r.tiiriH, a-i t" ■ .\it 01 IWIn). »i4, IHllll V>M 
 
 (Ian-,' ill arti-l.'' a- In fti47| anil noti' 
 
 form uf { lilll I 
 KCi'onil nr uiili-p iiiriit I iiii::iiiiuiii »iiii- riptlni, ), '.I. I'.i 
 sliari'~ III', rla^i'* in artilc- a-< l> |I>1'11 '•' »'V. 
 
 niiiM-tniilinn. nil. 1 t III i-l wv.. I I'l:! i-i «■'/. 
 ri 'iKitory tn iiiiiin ramluiii nf a^iooi itinn. iinl nci'i'i^iary in raic of, 40, 
 
 4Ht 
 statniii'iil ill li. 11 of |iri. iircliii. (ilini; of, -111 'Ji;:! 
 iiiuniidilional. iiiii«t In', "id 
 v.iiil.ilili' 1111. lor serf, ."i of 1111111 irriiiMl 'ill or ^i-it. Hil of Ait of 1908, 
 
 wlii'ii. II'. ' ' .1"/.. 'il 
 wlial i-oii^litiiti'-i. 4*1 
 witlulrawal of ;;|i.ilii ,linp li.fnri'. IX. '^'iT 
 
 'M 
 
 lii 
 
 ALL()'i"i'i:i:, 
 
 action I'nr drri-il liv. 'i''- '' ""v 
 
 rompin-ntinii to. h'iuIit la*.' Ait of llllm or so t. Hd of Act of Ii)ll»,..l7, 
 
 111 
 liiriitor.^' lialii'itv. proi'ciMliiiir< umlcr -cl. SI .. \. I, 208 it urij. 
 notice of allotment t >, 51, iiT. tn'l -',■ Am. NT. 
 rcnicilici of. Ill r' »■ /., l-*:! ,.' •,;/. 
 rcpiiiliaiioii liv. IS. is:;. I'lS. lilil 
 rc»ii-ion liy.'l.SS it .,i-q. 
 
 winiliiiL'-iip. ilfcit of. 1!)8 
 
 ALLOWAM'DS. 
 
 prninntrr'-, ISS 
 
 All rcfcrcncp.i an- to tin' [lairt'i. /Vy' ■'" I'rai-r.rt" |3'27| rcfrr tn t/ir Formt. 
 
Uix\: 
 
 INUKX. 
 
 ALTLKATIllN. 
 
 uiii.li. .11 ri^s.ii imnii .1 .iiiiiiiiiiy. of, ■ii. Il-l'. '•Ill ' "■■/ • ' >'" 
 fltl.ritlX (inwiT 111, ll.li, lldj 
 how Hci "iiipli-l"'"! I 1 1''- I 
 liiiiili tu, ti.l'.l, lili> 
 
 linli'ii titiiil li.-lit-. a- ri)f iril , .'Wr., ii;i;. 113?*, HI7 
 rcilui'tioii of i'ii|iital, un, 1122 
 roiiliitiiiiis for I \\yyz I 
 
 rillli'|il>. tivr, liJS 
 
 • |.ii i.il ii-.iiliiliiii iM.iv ell.'. I. willlMlt r\|irr-H ri'f.Ti'lici' l.i, II 'I 
 folium iir I null. IKl.'i. II1J| 
 
 Btutiito'V iciiijoriiy iiir. mu-t ihil I"' c li;iiiij'' i, lUilti. 111)11 
 byt'-liiw- MifyiiiL' li"iiii« »! Iiiiiii' ill lift' |iolii ii-s, lilt) 
 I'lipltul of compniy. 477 
 nii'iiior.uiiluiii of .i--iHiiilioii, of, ;)'.', I l!tl 
 miiio' oi iMiinui.v. -I' I. N of VMH j IIJ7| unci not.' 
 
 olij.it-. in ii..i.i.n'uiul.iiii ..■■ ii-<o.i.ili..n. ..f, 3J | lli:l, ll'l't|. lii ' «■ 7 
 
 I l.'ll.-i ./ ..i/. I. ./,■/...■ lAiis-l .s ol mill I-. 
 |.lif.T.nlliil lirlil^. liS.'. "i;!". '^IJ 
 
 rlu'lil- iriii'ii iMiil.i iiHiiioriiiiiluiii of tt'<iii-iatiiin. W^, ■''"•I. 'iSH 
 •taflit'iry riiflit* a* to itrti.li'-. of u»*ii iati.Mi, li:lo rl «. •/. 
 votiii),' rii.'lit<, of. 7113 
 
 alti:i;n \ri. niiiKfroifs. 
 
 (•l:iii-i' u< to. ill arii.j.-" \_^'i-\ 
 
 AlIAI.iiAM \TI<)\, I4HI ,/ «,./. 
 fornix i IIKfi ft .../.I 
 A.I of III S I ..•.■t. I!IJ. r.'prodiiriiii; wti.. llil, lii'2 oi IKIi::;, uiiclor, 
 
 Hs:,, I \Ht\. I1H7 
 advunta^i'-i of, I tH'J 
 
 ujjri-i 1111 lit witl. virw ti form of jU"^**! 
 cull oil oil 111 ■mil. 1- 1.1 mali.' up Jc.i, i.,.a y in value : illi'tf'li'y of), 
 
 ll-i7 
 colup. l:-liti'.li to otU'i'i- ll.'l r.-.'lll]iloyi.l. I IN.') 
 
 noli..' of iiH'i'tiiiir to (li-i I"-..'. rt'<ii 
 drills of oil .-aiiiiany. liow li'Tlii', I I". I. 1 H'> 
 disHintii'iits, 11x7 " 
 fori'itro i-iiiiipaiiy, not with. l4H(i 
 iitjii.i. linii au';'il|.^^ wli.'ti itUnt i'ii'S [ 1407 i 
 lifi' a-~iraiii (• i-oiiip.iiii.'.. ISli'.i >" ■.'•/. 
 nii'.iiiint: of torm. I4-(I 
 iiii'iiior.jiiiliini of a--oriali.oi, uml.T, 1 I"i2 
 iu.kIi's of. 1 1^^ 
 iiuiiu' oi iu'v\ ((inipany. ' l^'' 
 
 UM of old iiaiiic. 4'i3 
 iiotiio of allot iiioiit on, .">1 
 iiotiii'.. of mi'i'liiiL". for. 14S(i 
 
 ili-c liiHiiiT ,,f iiiii-iitioii to . omp.'ii-ati' .iltiri'r>, I ls(i 
 rcf.i. 111-.' lo -i-.t. MiJ -if 1:m)J date ---t. llil of IHlii), 1186 
 olijc'ct I'laiKi ■< 1 .'lill I 
 partly p-iid slian-*. for, I IM7 
 pow.'i- of, wliat aiittiori/i'il liy, .'ill 
 ri'^ri-ti-aiioii nml.-i- I'lii.s \-i wi'li u.-vv lo. M^o 
 ri'^oliitioii-' for I l'.!'ilt rt »■ 7. | 
 wli-it loiiipaiiii'^ i-afi aiiialu'aniati' im.l.-r v.'i-t. 1»2 .if I9(IS.. . 14Sti 
 
 amukhity, 
 
 I'Oiistrui-tioii of, niciiioianiliiiii ami .-ii'lirli-M, in, oHS 
 AMKNOMKNTS, 
 
 .;r:-.i-r:il Iill'.'tir.;.-. at. i;<i4. I\"'\ «4H 
 
 liidoi-i'iiii'iit of writ of (luiiimons. 1341, I'Al 
 9]>t'.-i,il r.'soliitioiis, of. lltliT 
 
 AMERICAN U\IM!n\|) COMPANY, 
 object i-laus. s of | 3li4 | 
 
IM»KX. 
 
 DiHi) 
 
 "AND UKDl <i:i)," 
 
 u~' (if Willi piri liiii.' IT M. iilihu'- f'lr n-lii timi •<> ■ a|iil 
 Utili . ■ .. 7 . I •J'':! 
 
 ANM \l. I.I.ST 
 
 iiC hiiihltir' 11124 I 
 
 .\N.M \l. «;i\l.li.\i. MLKIIMiS. a.., liMt 
 
 Ullii-t'' I- to I liHI( } iinil llotll 
 
 priiviniuiK uf .Vt't, lAll 
 
 ■I. liiU), I>I17, 
 
 ANM \l. HI.TI HNS. ;i:t IWi. <Ji;, liil. "i'-' 
 Sr\i M Mill - 
 Brtirli' m to I TliJ 1 uiitl tioti'H 
 Uifaiill in iimkiiiit, lii'lJ iriiniiiil ulti'i , ■.■!'• 
 
 AX.MAI. .SIATKMKNTS. 
 
 liaiikiiiL; iiiiii|.iiiii.'. Iiy. :!1. I «'i.. l.i.'iT 
 iiiT-iiiaiiri rimiiiunir- li) . .)l- l.i.itp. l-'i'i7 
 
 AN.M Al. SI .MMAIU1>, 
 
 arti. If in to I "tiii I uml iiotr 
 ('a|iitul. of. 11:; I 
 
 form of 1 'i.;.; I 
 
 ii<t to ai . oiiipany | tlJil |, t>24, TiiJ 
 
 nu'itiiii,' itir«t) til 111' liiOil to iiini|ily with Ait, 7ii 1 
 
 |iri\at<' ioiii|iaiii.'<, nf, il'.'t, !tT!t 
 
 |irovi«iiiiii of ,iTt. Jii nf Alt of Iftos 7(i'.'. i:.:IJ 
 
 AN.M IT IKS. 
 
 jtr.-.iili:" 'f (oliji'rt-; [.■>l!i| 
 
 A--uiah . ('iilil|.ailii'^ Al'l. l!HIS, rnlli|iilfiy >:r lIltlMi,', 
 
 " pi 111 J- liiil'li'i" ' iniliiili"< aniiiiitaiits. lil^lt, \M'- 
 n.liiati'oii of, ill wiiiilin' ii|i. lliilll 
 
 (.../ 
 
 iiiiilir. lli'Ji> 
 
 ANSWKKS. 
 
 otliri I 1 Ill|i:ll;y. I'.V I ' 
 
 iilorli 
 
 l*.:l 
 
 Ari'lOAI.S. 
 
 il:, oMi.' tax. a- t-o. IIW, I'll 
 
 to lliiiiM- of l.onU. fiiniiH of |irlili(iii mill ra^i 
 
 uj: 
 
 I i.'^i I 
 
 Al'IMMIAMK P (HON, \M\\ 
 
 ultailiiiii'iil lit M.. ilor I't liri'aili of iiii<li.'rlal>iii,' to nili'i-, l;iiil 
 
 by a ioiii|iaiiy, 44 
 
 by a roiHity roiiiu-il, 41 
 
 Ai'ri.iiAiToN i(»i! lioAKi) 1)1' I'lMui; i.ii ■|;.\(I:. 
 
 ri.'|,'i..tratioii witliniil word " limitiii " [ 'lOO ] 
 
 APi'i.UATKiN it)i; I)i;iii;nh his wd i)i;i;r.Nii lii: sim i<, 
 
 fonn> of 1 Kitiil, lOlil I 
 
 Al'l'I.ICATION I'OU SIl'.UKS. 48 
 uiT.'I'lanr of, 4'.i, Ml 
 n^'i'iit. liv. 4S 
 
 ainili'-aut. whi'ii lioiiml. IN -/ ,<.y.. 2.i7. J.)S 
 baiikcrV rt"ei|it aiim'Mil to | 2.i7 | 
 bcfiii'i' iiii'or|Hir;;tiiin, '-'')H 
 I'OKilitiiin.il. 'it, -57 
 fictitious iiamo. ill, IH 
 form of |j:.7) 
 infant's iiuiiir, in, 4H. (i7i 
 t< iiilninu- for sliurrs | lo')^ -KMidl 
 unautliori/.tHi uniMit, by, ilaina;?!-' to loinpany. '.'.iH 
 undcrwriii'i, liy [ '.".Hi | 
 
 uniii'ifss.irv in la-c of niinioran<liini liliaros. IS.i 
 witiiJrawal before iillotini'iit, IS, '.'.'n 
 
 4!^ 
 
 ''•*Hli 
 
 All ri'fi-rriui-' arc to tlir paL' 
 
 /',,,,/, h, l,r:,k,is I .■Vi7 I /•<■/<■-■ !i> >lif I'oMin. 
 
1684 i\i>KX. 
 
 API'MCATION .MON KVS. 
 intorpst on, 9 
 
 iiiiiiininni suli-i riptinn. in rcxpi'it iif, !t, 14. IS 
 |i:iyii.i'iit ot. 1 y chiii f, 1.) 
 
 rctiini (if. nlicrc iiiiuimum <iiilitiri|iriiiii not olit.iinod, a. 15 
 sprcific ,i|ipro)iri;iti()n of, lii 
 
 API'LICATIONS I'OU HKOISI'RATION OK COMPANY. 605 •( "-q. 
 jiroc^Hiiirc on, 1 — 3 
 without word " limitoil " [ 500 | 
 
 APPOIXT.MI'.NT OF DIHKCTOUS, 
 
 rliiiiM' lii articlpj |7I7| luiil noU- | H'ill >*'ii\ 
 in .nrticlp-*. 1 
 
 APPOl.STMKNT OK OKKICKUS AM) A(;r\TS, 441-445 
 
 APrOHTlON.MKNT. 
 
 (iiicctnr--" rcnmnoration. of, 726 7'JS 
 (Iniili'TMl-. of, 7flM 
 
 stamp duty, of, on sali^ | S.ill | and iioto 
 tran-fiTorand tran^fiTci', hctvvipn, 7liS, 7l>y 
 
 APPKOI'IMAIION OF PAV.MKNTS, 
 
 order of, whprc intention not shown, 1192 
 rules as tn, 1 190 
 
 Vl'iijtoii's cntc. 1191 
 
 ARIUTHATIOX, 
 
 article as to direetora' [lOwer to refer to [752, 842J 
 
 clause for, in aijreeineiit j 3G7 | 
 
 clause in artiile-i of private eomjianv as to f 9fi4 ] and note 
 
 dissentient nienilier, sect. 192 of A.t of 1908 (lute .seuta. 161, 102 of 
 
 IMIJ), l.)76 
 provisions of Act of 190S...l.'i59 (general) 
 valaalion. price t<i lie fixed at |3I8| and notes 
 
 ARRAXOKMKNTS, 
 
 power to make, witli aufliorities ,ol>ject clause) |oOi I 
 
 ARRANCF.MIATS AND COMI'HO.MISFS, 
 
 under >cit. 12" of .Vet (,late .loiiit Sto^'k CoinpaTiie« Arrantrement Act, 
 lh70. and amendments). I.')li0 
 appliiation, wljo may make, 1498 
 
 colonial and foreiLMi' K.mpanies, how far binding, 1504 
 Court havini; jurisdiction, 14911 
 cri^litor, what is a, 149li 
 discretion of Court, 1502 
 dissentients. l.'iOS 
 majority, what. reiiuire<l, l')(10 
 nnctin^s. notice of j l.')09 -l.")ll| 
 
 order fr>r [l.^iWl 
 niodiiieations. l.iOl 
 orders sanctioniui.' [1514-1519] 
 
 ordinary shareiioiders' meetinir. when dispensed with, 1520 
 petition, prociiluri' by, 1500 
 
 form of I 1.M3 \ 
 proxi.s. as to \otin!,' by. 1499 | 1511 ]. 1512 
 form of 1 1.'>12| and notes 
 when allowabie. 1492, 1499 
 reduction of capital as part of, 1504 
 r,.,,.„ri i.y , !i;,ir'.in., e.f n-s-alt; of mcetinss ! 1512. 1513) 
 ris(.lutio'n apprn\infr scheme |1511] 
 schemes of, examples, 15t)0 
 
 forms I 1.505 -1507) 
 summons of nie"tinir« [1.505] 
 underwriting. 1.504 
 
iil«p< .IIJ«H»1^B(| 
 
 INDEX. 
 
 iBSr, 
 
 ARREARS OK DfVinKNl). 
 
 a^rfH-mnit to fund ( 4i)4 | 
 prefori'iiCL' shares in windinu; up, HI 7 
 
 ART, 
 
 associations for promotion of. t'.l8 rl «(■</. and forms, l.):)l ( \ct) 
 ad\unta^('s of incoiporittion, .501) 
 licrncc of Hoard of Triiilc | I'.m | 
 
 applii'Ution for | 5ilU | 
 liccnics to hold land, SUl 
 oliji'rt clausr as t^i I'xliiliition 1542] 
 omission of word " limitrd,'' 5110 
 
 proiisions of scut. 2it of .Vet of 1908 or suit. Ti of hito Act of 1867 
 ..,4'.I8 
 
 I ()!)>•, TO'.' I 
 [lii:! I un<l noliv 
 
 ARTK Li;s Ol' ASSUCIATIUN, liiAi-. IX. 
 
 introductory notes, ti'J'J (•( .•"■(/..• forms 1 1142 el ^n/. 
 a<'rom|iany nn morandum. to, t>20 
 account- , dau-i's as to | 770 ff </ </■ I 
 ac(|uiri[i;; hu-iuc-s. clause as to [Mil ] 
 action^ ami proceedings, as Ut \ T.'il } 
 adjournim'ut of moetin^^. clau^e^ jls to j 
 acli)|itinu' coijiract l>v. :!-'s. (i:i.'> -•/ .v.-/. 
 adoplini.- Talile A.. I>29 | 7it()J 
 
 witli nio.liHcations 17'JO] 
 adoption of new | llOoj and note 
 
 under se^'t. 2(i I of l!M)S or lute Companies (Memorandum 
 eiatiori) .\et. I.S'.KI i^in lieu of doi'd of settlement), 13(1!) .' 
 advantai^es of. over Tahle .\.. ti;ji) 
 a^M-ccinent elau-e in | *»4:J | and note's 
 
 mai-in^' and varyiii}.' | 7.'>l> | 
 
 no indepemlent execLitive |til.")j 
 
 note- on Act,. (114 
 
 vendors, as to \ C4.'i ] 
 ajfreenient eon--tituled liy, 632 el fiq. 
 afjreements, endiodyinu m. 147 
 
 allotment of share-, i'l:in>e< as to | •14(1 el ^'f/.J and notes 
 alti ration of. (13 I, t):!tl. )l;V), (140 
 
 fetterinir power of, (137. 1102 
 
 forfeiture of shares, as to, Go8 
 
 limit of. ii3,). (14.) 
 
 preference <liare-. a- rc'ards, .57)1, 637, 638, 817 
 
 I>ro\iile reserve, tii, 7.*)4 
 
 ri-olution» for | 1 U)3. 1 10.">, 1112] and not<'s 
 
 retrospective. (iSS el »-,/. 
 
 statutory ritrhts for, 1.).30 
 alternate directors, clause as to | 832 ) 
 annual returns I 7)12 | and note 
 appointiti'/ attorn-ys. as to | 7'''2. 7.57 | 
 apfiointiuir directors tty. 4. (1 
 appointnuMit of t)rtieers hy. 441 
 arltitrntion clause in | 7.')2 | 
 
 as^i-tant director-, clause as to ] 832 | • 
 
 atte-tatioit of. (120 
 ainlit clau-es in [773 el seq.\ 
 halanee-sheet. as to | 772, 773 | 
 liills, ,>cc. I 7,52 I 
 
 liindiri;; operation of. on eo)n|)ai\y ami its nn'ml>ers, (132 ei hi ■/. 
 l.'onus shares. elan>t>s as to | 7(17, 708] and nottis 
 horrowiuir nu)ney. elau-es as t-) j (18-5 -)iSH | 
 
 -.4 I 
 
 >f As 
 
 llritisli control of eoinpanv. 
 
 as to 
 
 |82l 
 
 hve-laws 1 7.5.5 | 
 
 
 
 calls, clauses as to | (154 » ' 
 
 -■/■ \ 
 
 
 capital, .-lauses ati to | 821) •■ 
 
 "■7- 1 
 
 
 eortifieitt.- of shjires ciar.si- 
 
 ;\- tr> 
 
 !«:, 
 
 All refcrcnecs are to the paires. Pn^je^ in hi'eln h [327] refer tu ihr I-'oruis. 
 
1686 
 
 IN'DKX. 
 
 AiniCLi.-" OK ASSOCIATION, t'lur. IX. itinurd. 
 
 cla-iscs of shure-i, whcro niemoraniluni .-.ilerit as to, 4MI 
 
 noti's as to, 1)37 ^' •*''/., Si I 
 clul) coinpaDy. claiHiM a.s Ui |S37j 
 <■ 'lonial rc'i;i>ters | 7.>7 \ 
 • .iiiiK'iu'Oiiicnt lit' l)usiii('ss, riaiisc a^ to |litl>| and note 
 coinnii^^iitii t^i ilinM'hir:*. claii^c a-* to [H'.VI, M3-IJ 
 cotiiniitt. (•<. flaiiM- a-i to 1 7 JU, 74:}, H3.> .S3(i ] 
 ('otii}paiik'-« Act. \WS, |u'ovi-ioiw of, a-* to, ()2!t 
 f'oiiipariy. Iinw far iiouiul !»y. i't'^l rf .\iij. 
 coiiii'any liniiti d liy sliaiL'-, form of [t»42 ("f ■'•fii/. j 
 I'oi.-olitiation of shares [»ih4| 
 con-tniftion of, ;)91 rf sn/. 
 roii^triictitin of, 
 
 jn'cordini.' ti> tr'''"^*ral law. 593 
 
 oritrihaliiiLT ^uiiirnonst t^i olitain. fi04 
 
 suliji'ct to Cnniiiaiiifs Act of !!MlH...:)lt3 
 coTitrnlli'd i.y lucmnniidiitn. .'ilt'J /7 s>'>f., (>3l 
 ro-i)[">ativc fiiiid. rhui'C a-* Ut \ lU'JH ) 
 riipitv of. for mcinluT-^, -HSlt, l.i3l 
 covi-narit iniplind I>y, (>32 
 ou-to(Iy of liocnnM'iits, clause us Ut j H;n j 
 (Irb. ht'iirr (iirci-tori, ilaii-o> a> U) \ k3.K h3! ] 
 liclKntiiri' sttH'li, f!aii'»i'-i as t^) [*i87J 
 (Ifltrhtiin'-, cImum's us to [1187]: -pccial [^^37 1 
 dt'tea-cil iiifinin'r, fl.in^c^ as to j ti77 | mdi) tiot^' 
 trr-l of cctvcnarit i.ot t-. alter, elau-u ;is to | IMJ'J j 
 i( etl> of seitlement, >uh-utution for. of memorandum and, I3I0 
 dee<l', aiitlu ritiration of [TG(tj 
 dcfiiiitiun of, OSO 
 
 depo-its hy einpl"y('n. elauses as to | I02S] 
 
 ditl'erentiatin<j as to ainoimt of calls payalilo, clause asi t-o [040] 
 dircrtioii ill, for payiiicnt of pn'liiiiitiary cxp-Miscs, 118 
 dim tor-, 
 
 additional |7l7j and not-e 
 
 advi-aliility id" ifiviiii; 4xpro-^s power-; t-t), 717, 748 
 
 appoi'itmcni of, hy (-ert. 72 of MH)H), (> 
 
 ca-nal vaeuuie-- ainonir 1718, 737 | 
 
 chairman | 7-12 j 
 
 eharii;c> of | 738 | 
 
 lOiitra'-ts of. clause as to j 731 | and n ite^-- 
 
 flr-^t. chiiisc ai io i 717 j 
 
 indi\idiial rc'-pon^ildtity of. i Iaii<c ;i- to j 78*^ | 
 
 number of | 71ii | 
 
 power to trustees of will t«t appoint 1831] 
 
 proci ediiiy-s of I 74tl | 
 
 rc-oliition (tf. witlH.ur mecfinj; 1 714 | 
 di-l rilmtioti of assets in vpc. Ii-, clause as tn \ 7sr> | 
 dixidciid-^, clauses as to, 7(i3 ( 703 /'/ >V7. ] 
 
 warrant' for [ 7<>9 ] 
 
 with call I 7ti7 \ 
 oflect of. (i32 >t sfq. 
 (employes, as to. 
 
 director-, clauses as Ut | I030'| 
 
 shares. a> t.. | lu27, 1028, I(»3(». 1(133] 
 out of >a\in^'-s | l(t3n| 
 e\ideiii*e of pas-inir of reo|iiti"ii article [700] 
 expre-scd intention to be rce'arded. .y.)~ 
 
 fidiMiary rc'ation elau~e-- ;is t-i [ «»!'>. (IhJ, 730. 731] and notes 
 fort iL'Mcr's <'xclu-i'in, for j h2fi | 
 foi feiture <-Iau>es in j ti.">M j and noto-i 
 
 bankrupt's shares, »;;!» 
 (rnarantce companies, nf | 7!IS. HOI, 802] 
 how aiul whom hiiulin^, 31, 32, (i32 
 irt. plied co\enant liy rneivihers, (132. (133. Io30 
 incrca'<' of capital clausis [*i83] 
 ;T!i i-c:)-;r nf dire;-t--r-, ; i-n}-;-- a- hr \ 73*1] 
 iial'mi'ity clause [ 7.')3. 787] 
 
 in>pi'.tiori of curnpaDy's hooks, clauM* as to [771 ] and note 
 instalments on shares, clause as to | 049 ] 
 
INUKX. 
 
 KiST 
 
 AUTlCLKS or ASS(M I I'l'I'tN. Cmp. \\.—ruuti>i'nd. 
 iiitcri'-t itti (liviili-i'd-. | »»>*' } 
 iiitcriin ilivi<lrticK \ VtiV | :iii(l iiot-c 
 iiitiTpn'liiium o|'. .V.li *f srif. |*»l"Jj 
 imr^triH'iit rluiiM' j 7o2 j anil iiolr 
 irrr^jiilaiity. rl,iu-r as to | 't\\i\ iiiul noU; 
 is-iuc prirr, i lau-c a> to [ (H!> | 
 joiiiT huldtrs i-lau'f^ a- tn j *i.)i), 70(. 7(>U | 
 liahility in r\(i'>, nt' hare-- lu-ld may ho iinjin-^od l»y, 17(» 
 lirii rian'.r'. in [ (p(i2 I ami notc-t 
 loral inaiia^ji-nu'nt <laii-es j 7.»t) rf s, >/. | 
 
 iiianayi Miciit ol' nn'- f.pni|iaiiy l.y ani'tli'T, »lan-'0 :i-* N» [H'i!*| 
 niaiiairtT', rlaustv. :.s tu | 7 \\K X'\'> \ 
 nianai^ihir dirotor-, clau^''^ as t-*) { 73S, ~',y.\\ 
 niraidni: of, in sc-t. VI of niOH...7 
 nit t'tir'ii' of din't'tor-^. rIaMst's a-; to j 7 Id | 
 nut'tinu'-' of slian'Icddcrs. fLm^c^ as to j tiS9 rt >rtf.\ 
 
 cliairnian .-it | tiUS j 
 nn inlxM- iMititli'd 10 I upy «d', :{:{ 
 nH■lldl('^•^' iavrntiDii-, [.rr-i-niptinu daii^'' l S:j!* j 
 nH-ndK*t>liifi in iinliniitrd i-ompany. flange lis t-t* [HIOJ 
 nicntorandiini, relation, t)3l 
 
 may l>. cxjda'nt'd by. -VJi! 
 miniiuiiip MdiM-rii>tion stated in, i) 
 
 forn* of .-UuiM* t (its I 
 
 niii.iitf-. ciau-c-: w-* to j 74.> | 
 
 mi-cf tiai-.i'oii clau-o-^ in \^\\\ 
 
 nd-i- liaiifOMs noti - im, Hll ■' •fij. 
 
 Hii-t.ikr-. in. I '•('tiHi-ai loi. »ii, titt 
 
 ai<;ditit'^iti'in clan-)' ) )i.S.'> [ 
 
 ni'w sot of. !X'>oliitiuti for | IU>'JJ 
 
 notice <d'. iniinit('<l t-o .diandiolders a?ul oth'T-, 77 '/ >>''7., G!13, 01)4 
 
 noticO', 
 
 clausos as to [ 778 vf ■■<> q. j 
 
 of rncotinfis | (i9'^ | and notos 
 fu'dinary incctinp-. dan-'* a^^ to [tiSiJ 
 oiit>id T-^. liow atfiTtctl hy, 033 
 
 [M-ii-('ntai,'r of profits to dirc^-tors. <'iau-o> as t4) [832, 833| 
 poll, clau.-t's a> to | 7(10 7(12 | 
 po\v-i'r- of attorni y. cluii-i's as to j 752. 7">7 \ 
 pudorcnce s!iar«'s, 
 
 c-laiisrs as to I (I.VJ, 820 n .v,.y.] 
 
 noti's as io. ;'>7"i '7 -v'/., 812 vl .-rtf. 
 picliminary expenses. clauHo as to [748| 
 preparation of. 4 
 
 ppiiH ipal mattt rs dealt with in, (J ID 
 printiiii,', \e. of, (>2!t 
 private inrtipaiiy. id', elaii^e de-luin^ eonipany t-i ho a fflon] an<l not<?s 
 
 special foriiis as t-o [ *J ')!» rf >'■'/. |. And s(C l'i:lV\Tl': (.'omi'\N'Y. 
 profit>. <p'cial clause^ as to [S3^t- SU ] 
 pion.('itr> taking part i ■. 132 
 pro\i^ion^ of Art of llMis ^^ 1,,. (jo-.i 
 proxie-*, clauses as to | 70.j rf .->'/. | 
 
 form of [707] 
 ]mrelia-^e of company's dv.-.i share-^. elaiise as to j (iUi ) 
 (jualiticaticm elaii-e> j718| and nutes 
 
 alt»'ration of ([ualitica^^ion | 73ti ] 
 i|uorum. shareholders at nn-etinir, elaii<e as to [ (ti»7 | 098 
 
 directors, of, elauv as t^i ] 7 10 | an<l not^-H 
 ratiiication i>f lontract liy. 013 
 reeonstractinn » laa--e | 78.') | ar«d notes 
 receipt', r<h a-o-, \,e.. clause | 7-V2 } 
 reduction of ca]iit.:d clause j 081 1 
 reduction of nund)er of directors 1 73ti 1 
 
 1 1? 
 
 ' 8(4 
 
 m 
 
 All riliTi'iii'cn lire fo tlu' pai^cs, I'mirK hi hrmkils [3'27] nlrr In Ihf F(irinn. 
 
168H 
 
 INUKX. 
 
 AHTICI.ES OK ASSOCIATION, Ciiai-. IX.—miifuu.J. 
 Tf)!Utvv of directors, ulau»' as to 1.738J 
 ri'irif*tr;itioii of. 1 -li, 44S 
 rcf,'i:<tr;iti(iii of iiiortnutfrs, clauses as to [lilSSI 
 n'i^nliitions of roiiipaiiy, 029 
 ri'iiKival of clirpi'tors clainc [73(i| 
 r. n.iiiicratioi' of diriTtiir* clau^tM \'iH\, 724 — 727 (7UJ 
 
 rc'firi'iup to, ill iirospeitiis, ItiS 
 rlH|ui^c■ml'^t^| of Act of 190H...1530 
 re(|uisitioii for incctiiiir, clause as to [690j, ti9l 
 reserve fund, ilausc as to [734 J 
 resignation of oHicc. 731 
 retention of dividends clause |7t>'J] 
 return of allotments, dausi' as to [Ii47j 
 rotation of directors, claus.'s as to [734 et sc/. ) 
 >ali' of bankrupt's shares, t>79 
 
 seal, clauses a^ to, !S2 |7l>l)| , . ,„„, 
 
 seals for use abroad under ,«ect. 79 of IHIIS, or late .^eals Act, 1864. 
 
 clause as to [ 7.)7 | 
 sccrcy clauses [ TsJ. 783] 
 secretary, clausi's as to [759, 760] and note 
 sliare warrants, elan.se- as to | fiSO | 
 
 voting In res)iect of | 707 | ' 
 
 sliijis' husbands, clauses as to | H'H \ 
 show of hands, clause as to [699] 
 giffnatures to, 029 
 solicitors, clauses as to [758 [ 
 special business, clause as to | 697 j 
 specialty debt created by, 1)32 
 special resolutions annexed to, 641 
 
 copies annexeil, (i4I 
 
 two meeting's may be convened by one notice [696 1 and note 
 specific powers to directors, clauses as to [747 fl ni-i/. | 
 Btain}is on, 4, 629. 641 
 statutory meeting.', clause as to [689] 
 stoci;, clauses us to [(i81, 6S2 | 
 sul)division of sliavi,-, I'lauscs as to [6S4 | 
 subscribers to, 629 
 
 substitute director, i-l-.iusi' as to [H32| 
 
 subsfitutinn ine'HoraiHluni and artirbs for dei'd of settlement, 1310 
 soinu- for remuneration under, 633, 63.'> 
 surjilus profits to diroi'tor^^, clause as to [1S32 | 
 surrender of -hares clau-e | 749 ] and note* 
 
 meaning of, 749 
 Table A,. 
 
 application of, 629 
 
 assumed valid in const ruin;^, .'i93 
 
 exclusion of [ 643 j 
 transfer i shares, 
 
 clau.Cs as to I 6118 r/ «. -/. | 
 
 noi to ]ia-s divi.le.ids [76.S| 
 
 reiristration clause ](i7l. 674] 
 
 restrictions on, i}ti'} 1671 ] 
 transmission idause in ] 677 | and note 
 
 private coiufianies in, 969 | 970 | 
 trustees, il.iuse as to appointing [751 1 
 
 trusts as to shares not re fifrnized, clause as to [630], 630, 631 
 vitrd r//r ,s provisitjns in, 631 
 
 uncalled capital, niortiiaKc ef, clause in articb-s as to [688 j 
 unelaimi"d dividends clause | 770] 
 undcrwritiii).' commissi. m state! in, 279 
 
 clause in articles as to [648] and note 
 unlimited company, of ] 8 14 | 
 VHcMiloii of direclorshi:> I 72S 731 1 
 votes of members, diiises as to | 702 rt mq.] 
 
 where indebted In company ( 70S] 
 whole document to be re;rarded in construinu'. 394 
 windinif-up clauses 1781. 783-787, 843] 
 
INDEX. 
 
 ASSAULT, 
 
 company's liability, whon Ofcpnt !;uilty i>f, 38 
 
 ASSEMBLY IIOOMS. 
 object"! [548] 
 
 ASSENTS, 
 
 dircctoro, of, to act, 6-S 
 
 1«H9 
 
 I 
 
 ASSETS, 
 
 [:!fi(i 
 
 after dissolution of company, 11^, 1 14H, 1451 
 ajfrccnicnt, claim in, excluding olijci licpniihlc 
 Assets Conversion Company (objectaj [^'-■'>] 
 distribution of, 
 
 ill Hpt'rip, 78b 
 
 article as to |7t>5J 
 object clause [514] and note 
 powers of company as to, 514 
 in winding-up, 783 
 
 articles as to surplus [783, 785) and notes 
 (guarantee of, in aifrccmcnt^t 1 3(i7 j 
 sale of, injunction rcstraininf? improper [1408] 
 undervalue by directors in balani'i- sliwt, 755 
 
 ASSIGNEE, 
 
 of patents, rej^istration of, 381 
 
 ASSLSTANT DIUECrOKS, 
 
 article as to [832 1 
 
 ASSOCIATIONS, 
 illegal, 109 
 
 " not for iirotit " | 4(15 <■' .«C7. | and notes, 1531 
 list of simic existinff, 502 
 memorandum of association [495] 
 provisions of Act of I9U8...4H5, 1531 
 remuneration of mi-tubers and otlic4»rs. ,^i'. j 
 winding-up of, where unrcf^istcred, s<'t'ts. 
 1593 
 
 4!)ti{ ihmI n'<t<- 
 
 267, 2«8 of 190S, App. 
 
 \SSIUANCE COMPANIES ACT, 1909 .1329 •■! «<■'/., I(i2ii ./ .,,/. 
 accident, 1626, 1633 
 
 actuarial report, and abstra<'t, App.. 1627 
 anmlganiation or transfer with or to others. 1628 
 
 instances of. KiSO 
 
 jH'tition to sanction [1332], 1628 
 annuity, 1626, 1631 
 bond investment, 1626 
 deposit before conimcncin^r busine-^s. 519. 162(> 
 
 dealing wi h, in windintir-up on transfer of undertaking;. 1331 
 employers' liability. 1626. 1634 
 ^ire. 1626, 1633 
 life. 1626. 1632 
 objects [518 et seq.^ 
 reduction of contracts, 1630 
 
 security of policy-holders in separate fund. 1627 
 service of notices on i>i)licy-holdcrs. lt)31 
 subsidiary companies, windinjj-np of, 1330, 1620, I63it 
 valuing: annuities and policies, rules for, 1630 
 what companies and associations within. 1626 
 
 ATTACHMENT, 
 
 corporation, ajjainst, none, 43 
 directors, ajjainst, 43 
 remuneratio!! of directors, of. 727 
 
 m- 
 
 r.Wrf 
 
 All references are to the pages. Pagfi in hrtirl-rti 1327] rrfrr tn thr Kornis 
 P. is 
 
ie90 
 
 INDEX. 
 
 POWKRS CIK 
 
 liiss 
 
 A'lTOHNEY, 
 
 dirntor'*. jiowcr to uppiiint | 7.W, 7S7 | 
 
 powcTH of. 1155 H »»■'/.,■ forms |11H) 't "c/.J. Alt'! 
 
 Attoh.nkv. 
 proxy, voting by, 705 
 
 ATTOKN EY-C EN KIIAL, 
 
 interferpiicp of, in laHO of "Ihn lirrt acts, 166 
 
 AUDIT, 
 
 articles as to | 773 ft «<■</.] 
 
 private rompany, in |»97J 
 liankin;; lonipanics' aci'ounts, 35, 777, 1558 
 pr(l^i^i"lls of sorts. ir.i. 113 of .Vet of IdOH as to, 773 <i 'I'l- 
 report, contents of | 775] ami note 
 
 AlDlTOliS, 
 
 agents of company, 773 
 
 appointment of, l)y Hoard of Trade | 773 | and note 
 
 banking companies, 777 
 
 clauses in articles as to [773 — 775 1 
 
 directors may act on assumption that they arc acting properly. 777 
 
 duties of, 775 ei xpq. 
 
 neglect of. 775, 90t> 
 employment of, 904 
 interim injunction refused. 777 
 miming of. in prospectus, 173, 249 
 
 payment of dividends out of capital, liability for, 862 
 position of. 775 
 
 pro h'lr 'Iff. not otHcers of tli' company, 777 
 provisions of Act of 19'IS m ti. 774 rl yi'i/.. 155M 
 report of [775] and note 
 responsibility of, 775, 776, 906 
 secrecy clause in articles [782] 
 statements as to. in pros]iectua, 173 
 vouched documents, when tlwy may rely on, 906. 907 
 
 AL'TllENTirATION', 
 notices of, 778, 1047 
 
 AVOIDANCE OK ALLOTMENT, 
 notices of [1072, 1073] and note 
 
 BALANCE OliDEK, 
 calls, for, 1367 
 
 conclusiveness of. 1307 
 lifjuidator cannot sue on. 1367 
 
 BALANCE SHEET, 
 
 articles as to | 772 ft .ie(/.\ and notes 
 
 private company, of [996] 
 ascertainment of profits by, 874 
 copies of, to members [772] 
 fraudulent, liability in respect of, 714, 772 
 
 provision of Act of 1908 as to audit, sects. 112. 113. App., I.)58 
 undervalue of assets in, 755 
 
 BALANCE TICKP:T, 
 
 form of [1077] 
 
 tnitf Pntupntn/ of Batik of 
 
 BANK CHAKTEK ACT, 18S4, 
 
 Cajiital mill Coitittici Itmik v. Guff 
 Enfjhtnil, 953 
 
 BANK OK ISSIH. 
 
 liability nnlimitisj in respect of notes, set. 251 of Act of I9US, App., 
 
 1590" 
 preservation of rights on conversion, 953 
 
INUKX. 
 
 1691 
 
 BANKKKH, 
 
 aniiiiul sfiit-inii'ntB by iinn|iiiiiii'« iiirryintt on buainons of, l.iSH, loST 
 
 apjiropriiitioii of |iiiymi'iit«, ruli'n iis to, 119U tl nei/. 
 
 audit of uf<*oun»*, 35, 777, l.'J.'iH. l^h\i 
 
 authority to, to pay dividcmln to third party | 769 | 770 
 
 lion of, 'll\t4 
 
 mortt.'ut,'i's to, 1179 n -.,/. (,„/ «,«; Hwkinii ami .\iiv\yiK Sw riMiii:-'. 
 
 objt'i't claustH of (.')24j 
 
 ovi'idraft with, i** borrowing, tiHH 
 
 roicii.ts 1071, 107J 
 
 <li'po-it oil sliarcH, for I i'lT | 
 
 instaliiifiitH I loot), lOliT | 
 resolutions of diroit^irs a< to loinpaiiy's airouiit | 1132, 1134 | 
 shart'lioldcra' dirrctions to pay dividend into liank jlOSSl 
 transfer of shares in, statin^r niinilwrs, ri()9 
 
 111 
 
 M 
 
 BANKING ACrOlXT, 
 
 "elosiiiu," what is, 1193 
 overdrawing;, is liorrowiii^, fiMii 
 resolution to open | I132| 
 
 llANKINli AM) ADVAXCK Sl-X'l Kl I IKS, 1179 <i ,r,,. 
 intriKluctory notes, 1179 rl «»■'/. ; forms [ I21H r! x/y. | 
 Aet of IStlN, reni>tralioii under, 11»3 
 ugreeinerits for deposit to se,;uro advances [121t> el teq.\ 
 
 bearer securities, 1223 
 
 liills and delientures in lilunk, 1239 
 
 debentures to sceiire eurrent aeeount [1229, 1230] 
 
 ;;oods warrants, of j 1224 | 
 
 loan for speeitied atnount [122'), 122H} 
 seeurities on. 122.5, 1220 
 appropriation of puvments, 1190 
 
 order of. 1192 
 
 rule in Clinitini't^ msi , 1191 
 bearer se^ iirities, airreeiiieiit to deposit | 1223] 
 bills and deposit of delioiitures in blank 1 12391 
 bills of ladinur, doek warrants, 4;e.. 
 
 advances on, 1201 rt srij. 
 Hills of Sa!e Aits, application of, 1183, 1212 
 buildinir societies, hians to, 119H 
 "closirur" banking,' account, what is, 1193 
 cuinbinint; two or more accounts, 1192 
 compound interest, 1193 
 consideration for. IIHO 
 
 crosscsl elie|Ucs to wliicii eustomers not entitled, 1193 
 debentures to reiristered bolder, form -if [400 1 
 
 blank, on |1239] 
 
 eurrent account seinred on debentures roasing to be in debit, 1191, 
 1192 (s. 101 (2)) 
 
 with charu'c on undertakinjr [123(1] 
 deposit of debentures payable on demand [ 1228. 1229] 
 
 seeurities on debentures and delicnlure stock |1218|, 1243 
 distriii^ras | 1220] and notes 
 equitable niort'.'ai.'es and charireii, 1179, 11H3 -1190 
 
 application of .\et of 1908 as to reiristration, 1183 
 
 U|.plieation of Bills of Sale .\ets. 1183, 1212 
 
 application of Statute of Frauds, 1183 118,) 
 
 consideration for. 1180 
 
 crc.ition of, 1179. 1183 
 
 dcpo-it. bv. 1185 
 
 p.irol. bv.'USC. 
 
 property wlib h may be charircd. 1182, 11.83, 1185, 1186 
 
 registered eompanies and Hocictics. by, 1187 
 
 verification of uppropriation.s. 1190. 1191 
 
 All references are to tin- paj;<'s. I'lirinn in bnickrtK [327 | refer to the Forms. 
 
1692 
 
 INUKX. 
 
 UANKIXd ANU AUVAM !•: SKCl KITIK8 m„t,Hit»U. 
 FactorH Act, provinionii of. l!2UI 
 (IriisioiiK ail tu, 1204 et ««>/. 
 furni!! [1216 et teq.] 
 
 f()rtitlciiticiei of CMiuitalilc •MTuritieii. 11«9, IIUO 
 fruuJ uii (fuiiruiitor, whiTi- U-iider shiiidn liy, 1197 
 fraudulent preference. 11H3 
 (tciicTal di'pusit security | 12231 
 ffixid'* warrantn, uifrccniont to UPpoait | 1224 | 
 (fUMfuntecs as to. Il9fi, 1197 | 1244 | mid notes [1249, 1250 1 
 ifit^TCKt. lialiility for iStut. l.iiii.i, 1198 
 joint and xeveral { 1241 1 and not<' 
 letter on footing "f | 1249 | 
 indrn nity from company to directors for Ix-comiiitr suretie'< | 1251 | 
 
 rciulution upi>rovin».' | 12.M| 
 invc^lifiitioii of title, 11S9 
 
 nieninranduni iliarnin!; on ilcpo-it of diH-,iment» | 1218] 
 nienioriiiidiini on depo-it of delientnre" to »efure current aciount ; 1229, 
 
 1230 I 
 miTcaiitile a^i'nt. 1201 fl k<i/.. 12(Mi 
 niort'/jiirc- to ttjifilis. 1171). 1189 
 
 present and future udvanccn | 1241 | 
 uncalled capital, of 1 1233, 1236 1 
 nef?otial)le wcuritie-, aMrreenient to dcpoxit, 1I8H | 12231 
 notice before calling in or paying; off. 1193 
 notice by mort^'aijoe to pay off, withdrawal of, 1194 
 notice by lianker of cDnt.'tit* of document deponite I by one eaatomer ■■ 
 
 security liy another, not to he implied, 1189 
 option to buy niorti;ai;ed premiws \ 1238 | 
 oviTdraft by debtor in fraud of iruiirantor who ha« deposited wH^uritiw, 
 
 1197 
 overdraft by ajrent in fraud of his principal (the debtor). 1194 
 power of attorney to exeiute niortitajte [1223| 
 proposal to secure overdraft ( 1222] 
 re){istration of. 1183 
 release of y'uarMnt^)v when. 124.1. 1247 
 •stamps on. 1213 
 Statute* of Limitations, 1194 
 surety, charpe in favour of bank 1 1250 | 
 
 letter on footing; of | 12.501 
 uncalled capital, on [1233. 123.-)] 
 withdrawal of notiee to pay off. 1194 
 
 UANKINC msiNKSS. 
 transfer of, 373 
 
 HANKING COMPANY, 
 
 annual coni|K)sition under set. 23 of Bank t'liart<T .\ct. 1844... 963, 954 
 
 annual statements by. I5.5li. l.'>57 
 
 audit of accounts, 3.5, 777. IMS, 1,5.JH 
 
 auditors of, 777, 1558. lo.59 
 
 denoting nnnibers of shares, (il'i) 
 
 objects of I 524 | 
 
 rc-rcifistratioii under sect. 57 of 1908 (late Companies Act, 1879). 627, 
 
 1539 
 transfer of shares in, 669 
 unregistered, with more than ten members, ille|;al. 109 
 
 BANKRUPTS, 
 
 disclaimer of shares by trustee. 680 
 forfeiture of shares of. I'i.58, 661. 679 
 may be appointed director. 730 
 members of company may be. 45 
 share not in order and disposition of, 651 
 transfer of shares of, form of [67o] 
 transmission of shares of. 677 fit npif. 
 trustee's rif;ht to be registered, 679 
 votes in respect of shares of [704] 
 Ai;d tee BiNKHfiTcv. 
 
INDEX. 
 
 IH»:< 
 
 BANKRUFrCY 
 
 A<t o( 1883, «h»ro« " choncn in ai'tion," 041 
 
 mtioii !>' drii'it, in (■»«■ uf, JOT 
 
 rompany's prixiiHlinr' in, 741, 1367 
 
 compulaory rotirenient in rano of, clause a* t<> |94W| 
 
 confribut«ry. of sect. 127 of 190H. App., 15lil 
 
 dani.i,/i"< a);:iin>t clirertor, when priivulilx in, '2U7, 'i'i'i 
 
 l)iriTt<)r»' Liuhility Act \now »pct. 84 of 11108), effect on iicdon under, ii« 
 
 to pr(M)f, 207, i-2-i 
 <liri>ctor viiiiitiii^f nffiii- liy. iirticle |72!t|. "37 
 divclulniiT of KliarM on, 58, B80 
 dividend paid on ciiHh on hankrupt's »h:ire-, effect in (o hi< thaiiiiir in 
 
 siirplnn af^Mcti^ in the windin<;-ti)i, 05.'> 
 forfeiture of Kliares on. invalidity of claiHc fur. tiTH 
 fraudulent Mii»repre»entation, I'mnkruptiy of pera.n li.i\in;r liu'li' of 
 
 action, 207 
 nienii>er, of, doew not atfo't cmnpHny'-i position. 20 
 notice, 
 
 not a liiial judgment. I3)>7 
 
 pr< dure on wliicli to Imse, 13t>7 
 
 order re-^traininif enforcenient of roifulafion us to tr;iust'er nf iiariKrupt'^ 
 -Imrcs |14l.>| 
 
 order re-traiiiititr I'nforei'nir'Ut in I'' ranee of priM dtni,"< in | Itl2| 
 
 piiferential payment" in, l.)"8 
 
 principal ^'ivint; power of attorney, of, li')8 
 
 proniotiT!*. of, 140 
 
 rcr-traininj; prm'eedinjts in, in b'rance | 1412 | 
 
 sale of ^ot>dwill by trnHt4H», 345 
 
 whariholder. of, notice of forfeiture to. (i.58 
 
 disclaimer, measure of damaces. (i80 
 
 in private company, of, 4'nnipuls4try retirement [ 073 j and note 
 shares of bankrupt, injunction as to | I4l.j| 
 title to divi<lends fin shares forfi'ited l>y. "l>0 
 transfer of shares on, 677. r,70 
 transferor to private company, of, HH> 
 trustee's ripht to be reiristered as Hharchnhlcr, t>70 
 trust^'c's rijrht to clean certificate of shares. 1180 
 vendor, of, liefore conipietion, 3.>3 
 votinjr on shares, in ease of [ 704 ] and nitte 
 
 
 BEARKK. 
 
 di'benturos to. 1243, 1244 
 share warrants to. 680 
 
 articles as to | 680. 681 1 
 
 resolution as to [ 113,5 ft mi/. | 
 
 form of IlL^I 
 stoik certiticates to (1146 rl .««■,;.] 
 
 BELIEF, 
 
 directors" //nmi jlilp — thoajjli statenu lit untrue, 100 
 statements as to. in prospectus, 187. 1.S8 
 
 BENKKIT SOCIKTY, 
 
 special annual sfcitemcnt. 1.1.56. 1.5.57 
 
 BILL llHOKlNd CO.Ml'ANY. 
 
 power to take shares in banking; company. .507 
 
 BILLS OF KXCIIANtii:, 
 
 abbreviation " Ltd." used and allowed, 4.54 
 
 acc-eptance ami issue by company. 37 | .500. 7.52 | and note | 760 | 
 
 acceptance " per proc," -authoritv. 510 
 
 articles as to | 752 ] and note [760] 
 
 company's powers as to. 509 
 
 directors, by. 510. 752 
 
 irregularity as to. 761 
 
 object clause | 509 1 
 
 All references are to the pages. Paget in brackets [327 ) ,</>•, i/i ihi- Porms. 
 
1694 
 
 INUKX. 
 
 HILI.S OK i:x( iian(;k -n"i.(.» '</ 
 
 |H>nH)iial liuliility when- ronipany iiiiurroiHv iiaiiiprt, ■Ml> 
 |iri>\l-<iiini iif Alt of lUim HH U<. \HS 
 »tiitin(f imnii- of iniiipany in, 34. 7.Vi 
 utility of. ill undirwritiiic iiiiitruct-i. •J!l'> 
 
 BlIJ^ OK LADINti, 
 
 aclvaiipc* on, liy liiuilii'i", >Vi'.. l-"l 
 object rlauw" a< t<) | VHt | 
 
 BIIJ.S OK SAI.K. 
 
 Alts of I87N unci IMNi. |irM\ i»iiiii« nt'. a^. t-i nri'tnition. tilf. 
 
 iiiin-u|iiiliiatliih of. t'l innipanif'*, 41 . ■ . u 
 
 Act of HHIK, priivi-iliiiii 111', ri'iiiilrini.' rc'.'iitiutinii of iliar^r" wlii' li would 
 rrinilri' nifjitrutioii in lasp of in(li\iilniil. tilK 
 
 ItlSlJOOl) -•. IlKNDKHSONS TH\NS\AAI. KSTATK.S (()MI-\.\Y, 
 sail nndor ininioriiniluni of ai-ociatinn of iinilurtaki' tor ■tliaii-i. 373, 
 
 i>i'itiri-4ni of vu-*v. I4.>4 
 
 BLANK, 
 
 I'-topin'l liy, 670 
 proxy III, 70H 
 
 ri'ifi'trutioii of tr frri »l lilill, (i'd 
 
 traiisfir- in, t>.52, 670 
 
 BOARU, 
 
 ilirr.tiir^ inn!<t /■;i/»« <'"•'<■ act an, 74(1 
 irnu'ularity in ineitiiitr of. 740, 741 
 
 BOAHO .MKKTlNliS, 
 
 attiiiilini'c of ilimtor" at. 714 
 
 BOAHI) OK IKADK, 
 
 uttuirs of c'onipaiiy, ■xamiiialion of, liy inspectors, seit-. hH) 111 of 
 
 Art of 1908... 1557 
 autlientieution of dmuinents, 15.i7, ISliS 
 eliaiiire of eonipaiiyV name, nanrtiini of, "e-t. 8 of 1908. ..I.52!' 
 
 trol over litiuidators, sect. I.V.I of 190H ..l.ifiy 
 
 lici nee of, for reiri^tration of cinnpanv niulcr sect. 20 of .Vet of 1908... 
 |pm| 
 
 upplicution for | .)00 | 
 
 rcquironients of Board before jrrantinf,', 497 rl nrq. 
 licence to conipany, not for train, t<i hold land, 301 
 
 to omit tlie word " limit<;il " | 499 | and note, 1.331 
 power to alter Table \. and other sohodiiled form". l').5» 
 
 BOIllKS t OUl'OliATK ,I()I\T TKNANCV ACT, 1899, 
 provisions of. 672 
 
 HOy.l HUES, 
 
 allotment of shares, in, t)47 
 
 refusinir to re^ristor transfer of sliai'e>, 671 
 
 BOy.t lACASTl.l 
 
 dissolution of company, on, 112 
 
 BOXDS, 
 
 deposit ajrreement, with view to united action |416! 
 faithful service of employe 1 1044 | 
 ((Uoted abroad. Stock Kxehan)?e Rules, 274 
 Stock Kxchanifc Rules. 26,')— 274 
 
INI>K.\. 
 
 iim 
 
 U0NU8, 
 
 irrfifinitr- i-Kui'd with hiiiI puViilili' mil nl prciHl" »r« im (jn>|M'r con- 
 
 ^idt'i.i:inti fi)r |iiii<l-iip ^hurr^, <t'I. Mitt 
 dirtTtor** iiii|>rn|M'r rcctiiil (if. 1\\ 
 di\i<t<'ii(l, 
 
 u>.'riiM]iiiil let latiify hy |iiiiil-ii|> i-li in- I ll:i( 
 
 |iuyiiifiii of. «»Hf of ri''fr\«' | T.M | iiiid iinte- 
 ciupliiyon. t<i. tifhr' ',,,,, tiiii. .iOn. 102 1 
 
 lifi* |ioli(-ir4, ultcrittiitlt nf M-litMlf' in. Iiy hy'-lavv^, x.tlitlitv of. til'l 
 «harr», 
 
 iirlii-lt'^ n-A to I 7ti7, 7tiH | and rioti- 
 
 I'lifiitati'tation nf prnfit* l»y diM-tariiit,^ litiliii" dnidi'iid. llMi2 
 
 fractional i.rtiHrati' a-. ti> | l(l«i.'i| 
 
 i-«iM' of, 4li.">, 47N 
 
 ri'-oliilion.. a-' t<> j loti:l. Iin'i. Ill'2| 
 
 • iltin ii,>». whlMl. Ili.>. t7H 
 
 ft'. for life uiid rciiiaindrriii iii. a- Ix'twrt'ii. 7tt8 
 
 to |H>li(-y litddiT", liiiliility fir ini-inii' ta\. 101 
 
 
 r ' 
 
 5i 
 
 HOOK OKHTS. 
 
 ( laii"*'- ill utrriM'iiicnt for ^wW ii« tn j Uti, :ttKl| 
 
 tfiiitraiitcc Ity v.'iidor \'M\\)\ 
 II iti^iiraiH-f i>ontru<-t invohint'' T' rm iiul rri(uii-e» ri>u:i'<l ration it no 
 
 (littrcf. filii, (il7 
 •*tiiiii|>-' till a-^rTfiiifnt-* fd tII. :Uo 
 
 HOOKS or ro.Mivwv, 
 
 H>«c>*f* to. 771 
 
 ilao-T-- ill artirit"* a- to | 771 | 
 
 I'Uvtoily of. 771 
 
 • iitiic' ii;, )>ri''>iiiii|'tioii mI' rr/itlai iiy . 71 • 
 
 faUitiiMtion i»l'. niit. 'Jhi of I'MIH. ti.v-. \|.i. , i:.:s| 
 
 iii^piTtion of, 
 
 I'.uanl of Trade in>'pr('tor*<. l*y. I.).'i7 
 
 ih< iiihi r-. t>y j 771 | and iiotr 
 
 t'i :-!it L'ivcii \}\ article*- (■*■»«*<»-* on « iiMltiiL''-ii|», 772 
 lii II on, 771 
 what are. H17 
 wiiidin-;-!!!*. on. ^eit ^ hi.'». 220 'i'1'1 <^S' I'Mls. \,,,, . i:,sl 
 
 JtOOKSKLLKHS. 
 
 ol)j''* 1 r!;iu-e- | :)4(;. ;)47, -Vnt | 
 
 ItOIUiOWlNO, 
 
 .\<t of litOH ( reiiiiiri'iiirtit^ t»f. a^ In <"ii(iirion' jofceik'nt to). -1 
 
 l)rfore coniineTiii-nieiit nf l>Uf*ini-w. l»K(i 
 
 beyond •.]MTitieil iiinil, VI, i:j. tiHU 
 
 elaii'e- in artirle- \x-< to | HH5 -ii.S'J | 
 
 deljeiitiire--, creation of innrtL'aLre in ])rinrity tn. t)H7 
 
 dcleL*atioti nf comiinny'> power- of. (>H«i, 747 
 
 deposit of di'licnture* tm. »>K7 
 
 direetor>, 
 
 hy. i»k:> ,/ s,.,. 
 
 from, fiH7 
 
 liiiliilily of. where jMiwcr- cxccd'd, *>.S7 
 
 oMiuMtinn-; of. Iicftoe cuinpany cxcrrJM'- power- of. 21 
 exercise of power-* of. (iHti 
 inipiirv a-^ to appUcation of niitncy. (iHti. 710 
 
 lender's diitv. )iK(; 
 irreijiilaritie< atlVetinir. 81. t»S»» 
 
 joint. 1)V -Tveral ennipanic'^ on dehi'nlure-*. I',i7. (i^tl 
 liniit to". «8(> 
 
 liy amount of capital. 087 
 
 effect -j: ficrcilitii:. fJH7 : -lutirn:,-::!:;!::. \1. \'\. H-*^ 
 
 liiihililv of director-, where exceeded. 1187 
 
 All references are to the pa;ii'^. l*a(jex ii> hvrhrr^ ! 'i*-7 j rrfr, h. (he Kona-*. 
 
IffMi 
 
 INDEX. 
 
 tii)URl)V,lS(i 'r„„t,Hltrd. 
 
 uii»a|i|>li('Stiiiti of iiiiiiicy iHirrowtfl, tiHIi 
 Ml>ji'<'t rluuni' I '>ll!l I Ullil llol4- 
 ovrrdrawinK ImtikiiiK ooimiil in, 688 
 (lower of. 
 
 Iiuw f^ivrn. *iH«i 
 
 iiiiplird, whpri', 472. »IH) 
 
 implii's powiT U> M'iMiri' hy lunrttfutfi', .)()9 
 
 introdurtion of, under unU. It, 'Jti4 of IUII8 (lulr ('i>iii|ittiiii'* t Mfmo- 
 rundiini of AswMiution) Ait, IMtfiij 1312 
 
 readily ini|ili><d, 472, 5l)t) 
 
 when r<'i|Uircd to lir in nn'mcirutiduni, tiSli 
 private rontpuhie;*, hy, 91,^. 9Hi, UHO 
 ri-){iatrtttion of KiTuritic^*, Bill <•> >> 7. 
 ri'(|ni«itr4 tn lit- rnnipli«*<l with hofore. 20, 21 
 iwnrtion of ^rnerul mectintf Ut, tlHtt 
 
 weuritii'H to lianker-. 1I7» rt m-,/., fcriuH | I2lti| f' ■"■'/. 
 i<|M'riul rcMilnlinn, wliirc ri'i|uiri<l, liHtl 
 Htututory drctaration lirfuri'. 21 
 xulirotrulion. 42, 43. 1I>4H 
 
 trading' I'ompiinv t iniplicil jwwrr. IV,;, 173, AtW 
 ..//,-, .-,>,•,, 42. 4"3 
 unialli'd eapitul on, 
 
 iirliili' ii» to |(iS>(l 
 H'liat it ini'ludi-H, 21, 6U!) 
 
 BKKACII OK TKl'ST, 
 
 u^«l•s^«l('nt of daniaffi's in winding-up. i-ixt. 21.) nf A< t .if l!Mlx 71ii. 1 JHI 
 
 (■>. 21,1) 
 dir.Mtors. l.y, 14l». lliS. 7U. 7(ili. miH. Stli. N71 M7;!. l.l-VJ, I4II2 
 
 linliility liiifi »>'. IHH { 1III2 { and note 
 
 ordir^to make «oim1 | 14112, 140:i| and notes 
 
 ipialiHeation share:* hi'ld in trust for prcinnptcr, l(iS, 3!t2, 722. 1402 
 fraudulent, reeiption of illfifiliinatc irains U. 140, 733 
 payini; dividends out of eapital is. 7l>ti, 872, 873 
 pleadings | 1382 <•' »<</.| 
 promoters, hv. 140 
 
 proof in liankruptey fur damages, 207, 222 
 relief of directors if aetod " reasonably and honestly ' (s. 27!*), 71.'i 
 
 BRKWKUY COMrANY, 
 
 ohjectJt [.i38| 
 
 BRIDES, 
 
 ac'tiiui to reeovcr, stateimnt of elaini in 
 
 13H2 
 
 ajjent of eonipany, to, 133, 442, 733 
 
 directors ami othcers. to. 733 | 13.V2 ] and ii')t<' 
 
 by. 753 
 
 defence [1383] 
 
 rii-hts of. acti(Mi in respect of, 733. 7)3 
 
 statement of eluiiu i 1382 | 
 
 writ of summons | 13.")2] and nut* 
 repudiation of contract on ground of, 733 
 
 BKICKMAKIXO COMPANY. 
 
 objects [546] 
 
 BRITISH CONTROL 01' CO.Ml'AXY, 
 artielex a» to [826] 
 
 BROKKU, 
 
 commission to. payment if not illpjjal, 277. 279 
 
 provisions of Act of 1908 as to, 27H, 279 
 Kaetors Act. power as nicrcafitile aireiit under. 1201 
 
 BUILUEUS' INSTITUTE, 
 objects [571] 
 
 BUIT.DIXG, 
 
 aci|Uirintr. ice (objects) [508, 513] 
 
 fff.. 1206 e' 
 
INDRX. 
 
 iwr 
 
 UL'IMtlNU (OMI'ANV. 
 object* |»(iH, ai.1. ^^■>\ 
 
 BViunsii EUTvn: < tiMi'wv, 
 
 ■ilijn'U [.Ul I 
 
 BUII.DINC SCK'IKTIKS, 
 
 lH>rr<iwintr |K>wi'rK of, IIMH liol 
 Imiih t<>, 1 108 «r •' q. 
 
 prn'ttUtioiK at U>, 1199 
 rpi'viptii, vi><itinir <'lf<'< t iif, I'Jdl 
 rule* of, niitiro inipiiliil in li-mli'ro, IIHM 
 
 BU81NKS8, 
 
 abroiul [M)werii of attoriip^ [llfll il »"/| 
 acquisition of cxiMinir lohjwt rlttuwi |,'>04, M)& | 
 
 fiiicillHry object cIuiimc [5U(>] 
 
 by way of anial^'itiaalloii, rc^ftliitinn uf) to | I UN \ 
 a^rtMMiiciit l>rtwi'cii iiiaiiiit'iK-tiiritiLr •oiiipaiiy aixl tfrro a-* intertill diiiry to 
 
 »U{ip'^ tfootU tor retail dealer'* | 121 { 
 atfre-ioelit I fitr sale t-f, 
 
 by roitipiuiy, UH ifoiiiif i-otieerri | :!7I ] 
 
 life oxHiiratiee c»ni|iaiiy | 371 ) 
 
 private compaiiieK, to | HSH <7 «<7.| 
 
 to new I'uiiipHiiy [ 34.) | 
 
 ttirciit or trustee, witb | 367 | 
 <'tirryiii^ on by nion' tbaii iweiity lueinher'' unre^istortil, lIHt, 1 lU 
 coiuiii •neeiueiit of. 21), l.'it!!. ./y/./'...' ommkm fmi-;\ r iii J1i-,.ini;-(h. 
 
 article as to j Ii4ti j aiul note 
 
 provisions of Act, l.')l:i 
 contracts before company entitbsi tn <'oininencc, tit4 
 coveimnt tiot to carry on iti cit[n)H-tition {35ti|. 739 atul noto 
 (listsnitifuiance of, etTcct on contracts witb einplitycs, 113 
 cmployititf reserve fund in, 754 
 
 guarantee of protits by vendor on Kale [303) and note 
 ordinary course of, ineaiiint; of, ill Factors \rf. 12III 
 ordinary raeclinj;, at [697] 
 
 power of attorney to convert into company ( 11681 
 power ti> ac(|uire [,i()4, .50.5. 811 | and iiot<"« 
 rvMoliition to ae)|uirc [1128] 
 special claiisi* as to |697] 
 
 Ktatcttioiit of nature of, in notice of mo^'tintr, ti92 694 
 atntiitorv declarations before commencing (608, 609 1 
 testator fl, eonveraion into company, 920 #7 »>(/.. 1002 
 u/lin rireii carrying on, writ to restrain | 13.i4 | 
 
 BYE-LAWS, 
 
 alteration by, (tf bonus scbeme i 
 elub I S37 I 
 
 directors' power to make [7.55] 
 outsider!) not bound to know, 75.) 
 
 life policies, validity of. 640 
 
 CAU. 01' sharp:s, 
 
 clause in artiilcs [646 | and notes 
 consideration for underwriting, 311 
 certiticate of right to [ 31 1 | 
 
 CALLS, 
 
 action for, 1365 et »eq. 
 
 al!«=gat!,-)iii in, I3fifi 
 counterclaims [1369, 1370] 
 
 All references arc to the pages. I'ngea in li,„r/ciis | 327 j <c/' , in ihr Kormi. 
 
imx 
 
 INUhJC. 
 
 CAI.I.S ,:.„li„iiiri. 
 
 iM'tioii for rnutiuilPli. 
 
 di'fciicc in. 13iili I rttii I and inilc | \Mi>^, l:t7ll| 
 with K.unK-rrlaini | laiill, 1370 1 
 
 i'\ idoiicc iiuusf u?i to i *i;»" I i»n(l iM'tr 
 
 pir:i«lin^'s j l;jt>.) rt y r/. \ 
 
 r<'|.ly I i;i7l I 
 
 itati'Micnt iif rluini in | I3(i.5| 
 
 writ iif siilniniins tor | 11)41 el Hrq.] 
 allntincMit. »umi< payalili' "ii, arc /inmil /urn' not, G.j(i 
 ainonnt. iitnit ot' { *>■>.'> | and note 
 
 arran!.'i'inrni< as to dilirrriiccs as to |iaynii'iits. \c. jtitM! 
 urroar- of, [»rf's»'i-\ ii;.r, "" r('ilni'tii>n of fapital, I2fs;i 
 arfii-lc, as to | l).)l it si-i/. | 
 Imlancc, onli-r for, 1307 
 l>ai]kni|>ti'y. iiroiculini.'s for, 655, 1367 
 I'IfiM I or' d'ividc-nd paid on lalls as to l>ankrn|it slinrinir in windii.z iil> in 
 
 >nrplus assots, ti.>5 
 lii,„ir fiihH in makin;;, 6.54 
 .•l\nrj.'c-, on, (IHH. 1IS3 
 
 CMinniitt )f 4iirritors. hy. »>.'> I 
 
 dc.ui nicndxTs" share-, on. ti.').'> 
 
 dcht. when a, (i,')4 
 
 defence.- to aition for | 1.3()7 13TII| 
 
 dele^ration of power to make ( liH.S | and note 
 
 directors' duties as to, t').')4 
 
 enfon-inir pjiyireiit of, ii*)*i 
 
 -vidcnoo in action for | li;)7 | (artiiles . l:Silii 
 
 forfeittiri' of shari's for non-payment . 
 
 artii'les as to | •>'>« »' ifi)-\ and notes 
 
 sniiiir for. after |661| ami note 
 injunerion a'.:ain>t. t).i4, 1342 
 instaliiients liy |li.>4|. (iSli 
 infere-t on j ti.'iti | and note 
 
 where calls paid in advaiici' | ii-')7 [ and not. 
 may lie paiti out of <'apitiil. ti.')7 
 irreirnlijr liiwu'd. l)y. t>-')l 
 irreunil.nity validated |743| and notes 
 liuhiliiy of niemhi'r for, •).')4 
 limit of ainonnt .irtich- | (jo;) j 
 mnhi f/'tfrs in nnlkin^^, ()54 
 
 mectimv of dirci'tors to be properly ■ on\cned, ti.'i* 
 minnte as to- necessity for ami particulars of. (i.i.i 
 necessar\ in i-as.- of nH-morandum s'l.ires. ii.)i 
 not lo lie ni.id • till winding' ^ip ri'solntion a- to (reserve liability) 
 
 I ll-J7i 
 notices of I KlciS rl xn/.j and notes 
 
 aliowiiiir snj'j. icnl nine hy. fi.M 
 
 articles as to [6.34 ct wcc/.j 
 
 before forfi'itnrc for non-payment of [|ii7!t! 
 Order \1\'.. sain:.' for under. Kiiiii 
 payment in advance of. clause as to | tl.)7 j and note 
 
 by directors to obtain their fees. (i')7 
 
 interest on. out of capital, 6.»7 
 
 power of ilire.-tirs t > re ■.ivc. is a- a trie', (>>1. ti.)7 
 
 priority in wirrdiriL'-up. **'*^ 
 
 j)rovi.;ifms of Act, l.')36 
 power to inaki*. is a tr-ust, ii.')4. 6-')7 
 
 on der'lar'inir dividend i 7t)7 | 
 |)roservinir riu'-tits as to. tin rtsbr'-iri'/ eapiLiI, 12S3 
 pre^elrtion of tr-an^l'el", for, (i.'ij 
 proof for frrtrrrc. (t7M 
 
 provini.' for. admiiristration action, irr, O.Vi. I17H 
 rerotistrnction, on, 14'>4 
 
 reservcxl liability uirtil wiirdinir-up. 1540 i .\ct , 
 resoluti'.n to nuike ! n33l 
 
 restriction orr anntunt i'r articles [ (J,3,> | and irotc 
 Met otf by directors ai.'ainst their rr-mirireration. when v fr.ordulent 
 
 prefiTeni'e, 7'J7 
 set olf iir action for, l.WH 
 
IM)1..\. 
 
 I)>9!> 
 
 CALLS - ,...'......rf 
 
 8ettiiii; i)IV. ;i^'iiiii»t ilirrcliit'^ irniiihi'i:ili.iM. ''i: 
 SfM'riiilly (ichr (TrnttMi liy. ti.'tl 
 ntati'iin'ril of cluiiii in actimi for | l.'iU.'i | 
 'I'illili' A.. |.r.ivi»ioiH :l- to. \\>\' . IlilH 
 iijj|iaiil. lii'I'iiri' ri'^ittratioti nf traii»trr, <il!i 
 mliintarv \viialint.'-iiji. aftir ruiiiiiiivM, iiiriit i>f, ir>"i 
 vdfiiur wlii'i-c' mil |iai<l up article a- to J 7(IS | 
 wiiivci- ul' riirlit to rpsiiml by iiayinint of. 'JOO 
 
 wiii'ii i\ iicil to !»■ madr (li.')5| 
 
 wluMi •'owiiiL' ' I'iHlJ and note 
 writ of -nnirnoni for | l:i4l ISII | 
 
 CANCKI.l.A'IION. 
 
 capital, of. 177 11117 ./ «.■/•! r.-oliition-.). /,.'/ - . Uli.i.ilos oi- 
 
 ('mm I VI . 
 rc-olntioi]> for, iicnrrally | 1117 .; .'7.| 
 
 I'lnsolidation. with | 111 I. I IJ'J | 
 
 fonndcrs' share. ll'J.'i I irj'>| 
 
 issiutl shares I I12'tj atai note 
 
 lost capital I Ills 'I »,,/. I 
 
 piircl.a^cHl shares ] 112(11 
 
 nni>sMtsI shares | I 122 [ 
 forfeit lire of shari'. of. IKKI 
 
 provisional aL'reciiient a- to .founders' s|i:iie-> | I 1211 
 share- not talien or a,'reed to lie. 15:17 
 stump-, of I Stamp .\ct ). :137 
 
 oil proxies. 7"7 
 
 CAl'lT.U.. 
 
 acciMint-. ditferont -y-teiiis of, 871 »' »<■»/. 
 
 t'parate. of capit:il and revenue article [ H40 1 
 accretion- to. and diminutions of - -how considered in c-tituatin:r profits, 
 
 875 . ; >,■,/., Mh'.t. «(».'), Hilo, mil 
 aei|uirini.' share- in company's own, .515 | l>4ti | 
 advance of call-, paid in. 
 
 clause in articles | (i.'>7 ) and note. |7(il| and note 
 allotment of condition- precedent to. v\-here shares oHereil lo public, 
 
 <l Hi 
 alteration of, 477 
 amount and division id'. 48(1. HI') >' w^.. f*l I * / >c... 
 
 articles, in | 820 it ,-,./. | 
 
 mcniorandiiin of as-o'iation. in. 4SI) 14''ii]. .')7.'> '/ .<,,/. | .)7.s .' >'"/. | 
 annual summary as to ] (i22. (12.'! |, (i'-4. -/.-/ ,w , .\\m \i Si mmm;\. 
 bonus on shares, whether income or. 7(W 
 brokcraL'i' payable out of. 27H. 27(1. 284 
 
 lalled up only in vvindiuL'-iip. elau-e in inemoramlum \.'Mi\ and note 
 ( reserve capital ) 
 
 re- ilulion to create | 1 127 | 
 cancellation of. 177. 12.Vi ./ "■</. l„-f «rr Casckiiv rioN ; Ui:i.i itio.n 
 
 (II Cvi'i I \l.. 
 eirculatinjr, 884 fl •<"/. 
 classes, division into. ISO. .■)7.) it ,.,i/.. 811 i7 sn/. 
 
 ebiuscs as lo I 4il(l. CuH if .«-'/.. 82(1 ■■! si'i,. | 
 
 nu'murandum. claii-es as to | tild. 578 <7 .»<y. | 
 
 moiliKcation of mi'inoranduni. provisions as to. 575. 57(i 
 comnieneement of business allotment rei)uire<l before, 2(1 <v .»v7. 
 consolidation of shares in. 177 | (184 |. 15;i(i (.sect. 41 ). 1,537 (sects. 42, 45) 
 conversion of shares into stock, articles, 477 ] (i81 |. I53(i, 1537 and notes 
 
 reeon\er-ion |(i81j. 153(» 
 di-tribiition in wiodinL'-iip articles 1783. 785 1 and note. 8l(i. S17. 819 
 dividends out of | 7(;ti | and not..'. H57 ri -7. I ■"' - ■ l>n ihivi.s, 
 
 injunctions to restrain [1410] 
 
 leading cases as to. 857 pf H'lj. 
 
 orders I 1 111) I 
 
 I 
 
 '■% 
 
 
 All reference- arc to the pai,'«'s. /'"■/»■« /e lit.nl.il^ |327 
 
 I" li.i I'oruis. 
 
1700 
 
 INKKX. 
 
 fAIMTAl- , /.,"/-rf. 
 
 divinion of, 
 
 in <a-<' "f iriiMrantci' ((iinpimii's, 
 into d.-iHsK's. 4S(I. .)7o '' »''7., HI 
 rf nrq, \ 
 
 (liitv (111. 4Sli, 4H7 
 
 tixi"(l. HS( ,/ .«,v, 
 
 floatiiiL' '"I" ririMihitiliir ). MHI <t nfif. 
 
 Krrncli law statrtrn-nt in inciiKtriiniltnii 
 niiriinir [trii[)crty 1589]. 5!Ht 
 
 iruarantrc roiiipaair^ h:t\iiiir ^liaro. 493 
 
 iniprnprrlv rctiiriH'd. rojoliition Ui ntniinn 
 
 incrrasc o'f. fiS:!. (iS4. l.iSd, l.'):!7 
 a^ti(■l(■^ as to | iiH3 1 
 iluty payalilo nn. 4H(), 487 
 iriiaraiitie i-fiinpanifs, of, 79(i 
 notice of. to registrar [613 |, l.i37 
 proffToMi-c shares, bv— noto.s as t<>. 1105 
 provisions of .\(t. 1.^3l!, 1.537 
 ros()lutions for [1104 ef ^n/.]. tut} v/r 
 
 int^'rest out of. dnrinir construrtioti (<il>jf 
 .\pp.. l.'i.il 
 
 li'n(liii;r on coinpany's own 1 t)4t> ) 
 
 ni'-ntoraii(liiiii ot' assoriatioti to stat 
 
 niiniiniiiii 
 
 paid in aci 
 
 I rl ,r,i. 1 490, .578 fl »«7. 
 
 820 
 
 f I'linip.iiiy to aciiuire French 
 
 I 1 1-20 1, 1121 
 
 UOti 
 
 'rr Isi i:k\sf or C"»pit*1.. 
 
 t ■lausc) [.Tlfi] and not«, 871, 
 
 imount of, 447, 448 
 liM ription of. ill case of -haros offered to public, "t npq. 
 ici- of r:ills i i;.">7 i and note, 7li4 and not<> 
 
 oi Capitm.. 
 
 j.aid-iip. pavniint oil' nut of acciiiniilatoil proKts, 1117, 12S9, 1262, 1263 
 I 13()l'|, l.).3t> (sect. 4(0 
 
 payment olf i.y ddicnturcs (1123, 1300 1 
 political cconnniists' view on, 8HI rt srif., 892 
 
 preference i, id other shares. 480, .i7.i >'/ xc//.. .i87, and forms [820 ii »«'7.) 
 |>ri\*ate company, of, 958 
 realized accretions to, 89(> 
 reiliiiti<iii of. 177. 478 |(>SI |, I2,).> I'l «.'/. I 1208 i-t seq.\ 
 
 articU' as to | (iH4 | 
 
 iruarant^'C companies, of, 79t» 
 
 orders for. 1297 I't >trq. 
 
 petitions as t« | 12«8. 1288 | 
 
 pro\isions of Act. 1.137. /»"/ ^rr KM in < 
 remiiiieration of directors payable ont of. 72.5 
 reorirani/ation of. provisinns of \ct. 1537 
 reserve | 589 | and note. 1540 
 
 c!aii.-e a- to. in iiienioraiidnm 1589 1 
 
 resolution t^i create j 1127 ] 
 r iliittons til create | 1104 ft ^i'<!.\ 
 return of 
 
 wliib' coiiijiany trointr concern - 
 
 petitions U\ coiiHrin. 1208 it sri/. 
 resolutions fur | 1118 rl vp,/. | 
 
 .lt,:l ..7C HlITi I InN or ('ll'lJM,. 
 
 windiiiir-iip. on | 783. 785 | and not<'S 
 »t,-itcnient as to. 488 (to registrar) 
 
 niemorandiim in. 447, 448. 575 
 
 reiristration. for | 020 1 
 sub-division of shares. 1530 i .\ct) 
 uncalled, mortfrairini;, 
 
 article as to | 08S I 
 
 object clause [509) and not4' 
 
 reiristration of mnrt^au'cs. 010 rf .scr/.. and forms 
 unproductive, i-ompany payinir int^'rest on, 510 
 
 CAPITAL CI.Al Si:S. 
 forms 
 
 A and II shares 1 823 1 
 articles of association, in | 820 el 'rq.'\ 
 H shares vvith speiial riffhtK [581 1 
 founders' shares | 582. 586 1. 587 
 
 special votinc powers [582, 587] 
 

 l.NDK.X. 
 
 1701 
 
 CAI'ITAI, CI.AI Si;s 
 form**- 'cnntittiirtl. 
 
 lifo i;(tvornt)r*s sharr I •'>M4 j 
 inamiircinriit ^Imrcs j ;jM;l ] 
 
 iiM'iiioraiiiluiii of a'*f*i»ri:iti(in. in \ 1 *'', "»'fs ••/ itr.j. j 
 (irdiriarv and drfcrml Hharr-' [ .">H.'>. -'iSti j 
 i.n f.Tr'ncc- sliari« | .')7M <■/ >.•./.. S2ii .' ...•'/. | 
 cuinnlativc | 57«. 82(1, «2'i | 
 i^iiaruntt'tMl j K23J 
 n(in-iunuilativc [579. 820 | 
 
 partii'ipatin^ in surplus jirotits aftrr Hxisl iliviilinii | .')7li, '*22 | 
 jMiwcr to alliT rii,'hUi | .">7M, hm. .isl, iW-i. 7'^) w. u.)l 
 
 whrtliiT tll'ci'tivo, tuft 
 rrsrrvr capital j '»H9 | aiitl not4* 
 
 tiut me I'liin [u:nik HllMiKs. 
 
 CAI'ITAI. 1)1 TV. 
 
 KntilMi. 4H(i 48N 
 KtlMllI], j',)ll 
 
 CAI'ITAI.ISATIUN. 
 profits of. 
 
 fractional certificate | Klti.i | 
 
 of coinpanv, 10(12 ] 1003 lOti.), 1 112 | 
 
 on sale of Iiu-incss U nipuny. 3.»0 
 
 procccilinjfs f4)r. 10(i2 
 rcMjIiition as to | 1003. 1 1 12 | 
 
 CAKHIKH.S' CO.Ml'ANV. 
 ol»jccts [ .500 j 
 
 CAKliVINi; l-OUWAKK I'UdlTIS. 700 
 
 CAUKYINU 0.\ iU SI\i;S.S, 
 
 power of attorney from rec<'i\er and mana^cor | 1174 J 
 
 CASH, 
 
 allotments of shares for. Iiefnre liorrowinir or coniiuencin); liu^iness, 20 
 di%idends payable in. 707 
 
 Met-otf au'ainst call', provisions for | 707 j and note 
 iiieanini;' of. as t^i paytrieni for shares. OM. 331. tSI 
 nicnioraiidinn shares payment for, 5H lit) 
 {>ayin^ application moneys in. 15 
 
 |i;iy!nents for shares in, hi'fore horrowini.' or comnioncin^' husiiiess, 20 
 plea of payment, supported, makes jiaymcnl in. OK, 48.'> 
 satisfaction of. by jtropcrty or services, 3;j|. |s|, !>>.> 
 shares issued other\vi-e thii! for. (in rl w./. 
 
 relief v;\\i'Ti ■onlrait KIihI r late A, t of KSIISi. 1121 
 
 ./,!./ «.<■ I'VI1)-I !■ Sll MIJ s. 
 
 ^^llat amouiiUs to puyment of shares in, (iS, 331. 485 
 
 CASl AL VACANCY, 
 
 director's office, in article j718. 737 | and notes 
 in<>anini; of. 737 
 
 CKHTlKlCATi: OK INCDUI'Ol! \llil\. 
 effect of. 1530 
 
 CKinil-lCATKS. 1130 
 
 arrears of di> i.leiid on defcrre.l sicires nn ii'ilueti m of c jpiial | 1307 I 
 articles | 053 | 
 
 bonus is>ucil with debentures antl payables only out of profits ;ire not 
 proper consideration for jiaid-up shares, 03. 4()0 
 
 ./// references are to the pa;f«'H. Vittr 
 
 rh-l^ I 327 1 
 
 to (}>'■ l'\)rnis 
 
1702 
 
 INDEX. 
 
 OKKTIKICATKS ,n„i...,„,l. 
 
 iiitnxiiii'tury iinlc-^. I13II n »>•,/.,■ fnriiis [1143 n .■•n/.i 
 ( crtitit'utiori 1111(1 ili-tiiH-ttnn, 114J 
 ii>in|iariv nititliil tn riiiiimciiii' lin»iiie«s, tli.it, il 
 drlii'iitu'rc . tdi-k. of I U4tl | 
 
 liiarcr. tii | II tl> | 
 ilf liciitiiri'. a- til, |<ri>\i>i(iiial 1 114S| 
 description of. I lljit 
 i|ipo>it a< sviurity, 1 HJ, 11 mi 
 depositing on transfer, (>74. t>7'» 
 .•stoppel liv. 4'.'. H3. (i74. (iTri, 114(1, 1141 
 for^red tra'iister. after. (>7:i -■' >(•■/., 1 1 III 
 fiilh' paid >liares, of, 
 
 'fal-elv d"seribed, U41 
 fuiidintf |4(l(il 
 ineorporation of eoiiipanies. 'Jt ,' .w^. 
 
 applieatioii for, forms of | lUIS j 
 
 a|>plieati(in for. forms of, wliere exi-tini; e(impi'ni(?s [624] 
 
 application liy cliarit.ildc trustees fur. 4!lil 
 
 • •eriilied eo|>y cviilenec. l.'lN.S, si'ii Jlii (7) 
 
 eonclii-ivene-s of, Jl 2(i, 483, l.ii; > 
 .\et of l!tl)H as to, 'Ih 
 decision under Act of 1900 as t >. 'J*i 
 form of I li:>2| 
 statutory pntvision as to, 4h:i 
 li.iliility of company in respect of, 1140 
 
 directors on, 1141 
 lo I, adicrtisemciit as to [ 10(10 | 
 
 indemnity letter on issin> of fresh | 11,51 J 
 
 meml)ors' ri_'lits to | 053 | and note 
 
 renewal of [ li.iS | and iioti- 
 non-existent shares, of , 1141 
 notary. Iiy, of declaration | 1177 | 
 
 of execution of power of attorney ! 1177 | 
 not deeds. H4 
 notice llial, ready 1 101)8 | 
 ohjict of issue i<1. 1 13!l 
 ordimiry shares |1I43| 
 participation. 
 
 employes [ 1031 1 
 power of directors to issue | ().53 | (articles) 
 preference [ 1 144 j 
 
 (•I, 
 
 vidence of title 
 
 ider se. t. 
 shares) 
 
 ■2.i of HIIW ...1139 
 
 provisiopal I 1144, 111.5. I14S| 
 
 dehenture to lirarcr ] lli.s! 
 
 reu'istered holder | 1 1 17 ! 
 
 win ;.• i: laliacnt- ! Illl 1 (shared 
 provisions of .\et as t^i, 1139 
 
 nduclion of eapitiil master's, on I 1'."'5. 129;! | 
 rc^ristratioii 
 
 of eomiany nmlcr I'art VI 1. of l'l;is.,.| 11,52| 
 
 of dehentuVes | (i20 | 
 
 of morttrai-'es, \c. | OIH | 
 
 of order of Court. .\ct of IS9!I Oiow sect. 204 of I90S) as to 
 suhstitution of memoraiidum and articles for deed of .settli}mcnt 
 |132H"| 
 
 of trust deed | 020 | 
 rc.pon-iliility for is,ue of. 1140, 1111 
 ri^'ht of memlicr to, 1139 
 -crip. 1142 1 1144 .1 «-,/.]. 1149 
 seal of company to. 84 j 053 I (articles) 
 -hares, of, t!.53.'ll39 i-t -. .,. illl3 ./ «c,/. | 
 
 actinir on faith of, I'll 
 
 li.inliruptcy tru-tee's rii.'lit to "clean" certificate. fi.S;! 
 
 clause- in articles as to | OSS] 
 
 dcpoMt of. a- sccurit\. 1142 
 
 effect of. 1 1 40 ■ 
 
 estoppel hy, 1140, 1141 
 
 evidence of title, ,591 
 
 fee payable on issue of n(»\v [(i53] 
 
JM.*Mi«i.iiJJi JI-, 
 
 INDKX. 
 
 l7o;{ 
 
 i^ 
 
 i'KRTIKU'ATKS— ro/,^/,H../. 
 
 share**, of- rii>itinnn{ . 
 
 footnotes on (Stock Kxclmntft' KuIimi. ^h!t 
 
 forpni transfer, in rase of |t>74j, ti75 
 
 frai'tiunat, form o/ | IlK')'), KMi')] 
 luMius slian-H, as to [ HUio | 
 
 indemnity un issiif> of | 1151 | 
 
 joint holders [ (154 | 
 
 jialiility t»f eoinimiiy in respeet of. 1140 
 where transfer for^i-d. t>74 
 
 li<(uidutor's favour, in (seri[i) [IHUj 
 
 hxl^nient before reiri-'tratinn of transfer jtiTl'. ti7'» 
 
 nteniher's riylit t^i iitKri-e arti U's, n-< to, tit! 
 
 meinlier's ri^^ht to c.rt iHi'ate as atrarii'-t ••fiiiit>::ny, )•*>-! 
 
 note on, elVeet of, (t7 1 
 
 oldiiration to i-isire promptly (seet. 9'J of \ii,. (iVl, loVJ 
 
 Stork Kxclian',^' Jtules. 269 
 >haie warrant [ 11)0 | 
 stamp on. 1 Mi. 1150 
 
 sto^k. (if, W'M) rt srt,. 
 
 footnote-i on ( Stoik ICxehanjre Rules . 2tiO 
 
 form of i lltii] 
 
 Stock Kxclian^re HuU-s, 201) 
 'lalde A. (clauses 2 and 3), provision'^ of, Ap|i . \i\<*-i 
 trust hy American corporation. lieUI in | 1 1*>2 ! 
 
 ^'KHTU'K'ATKS OK TITI.I-; TO SilMIKS. 
 evidence. 1130, 1532 
 when to he is<i!e:l. I .V»2 
 
 t:KirriiMCA'noN ok tkanskkus. t>7.> 
 
 eompany's duty as to custo ly of siiare certi!i*;ite-i, ti7t» 
 
 etl'eet of. (>7-i 
 
 infid K /»r.s for a trailim; eonioany. tiVO 
 
 ohjeet of, (i75 
 
 secretary "a duties as to, G7> 
 
 OESSKH OK MKMllKHSMIP, 57 
 
 rEsrvi Qi /: r/ffsr, 
 
 of sliares. not lial)li' to company. 052 
 
 riirht to infomiariitn as to coaipany's r('i:i>ti'r (»f n i^e-*. (i.SS 
 
 (llAiU.M AN. 
 
 diicrtors. ap[n>inted l>y 17l2i ciriiilcsj 
 duty of. at H-eneral meetinu's. 09!» 
 
 'to tix. 700 
 '.'■lu'ral meetimr. at. H I I 
 
 adjournment hy | 7o2 ) and iiol- 
 
 ea'-tiii-- vf^c )d' I 0!)0 1 iiral hi-.c 
 
 eliOKC of I OILS I iiild nntt 
 
 clansos in artich'> ;i- M) [ tiitS -' ""V-l 
 decisioiis as to validity of votes. 704 
 declaration of. 
 
 artich' as to | 700 j and nc»te 
 
 not conclusive if ^how^ n'<'!utIon \otcd ;in hv inad.fniiite 
 majority, 700 
 
 ■special re-ohition, as reirards. 700. iO!(2 /' srt/. 
 
 when impeaciiahle. lOHO 
 not eorii-iu-^i' e wiieu no (pinrun', TOO. 1(1**0. IIOO 
 p(»ll. pctwcrs and duties as to f Ttii* ! and nntr 
 
 ClIAMnKU Ol' (OMMKIUK, 
 
 ohjeet clauses of | 570 | 
 
 ■■;r 
 
 ./// rrfi'i.n.c . ;iri' In the |iaL'i'-. / •, ,. ■",< In irkttx |3:'7J >■< n . I., ihr l-'orrii*. 
 
1704 
 
 INDKX. 
 
 f i ^ ^ 1 
 
 CHANOK OK ( OMrANYS NAMK, 32 
 
 lirovisioii of Act of 1908 (ncct. «). as ti>. App., IS'.'s 
 rcMotutiun as tu I IfiTJ and noto 
 sanction of Hoard iif Trudp, App., I5-H 
 when change takes otfect, 1127 
 
 ('MAN(il-: ()!•' KKCISTKUKI) OKKICE, 85 
 -pi-t. (ii of Alt of 1908. Apj... 1541 
 
 (■JIAHCK, 
 
 liarikcr's lien, 1194 
 
 " crciitcHi," mranini; of, 617 
 
 (h'rlaration of. in dcbciiturt' action, 
 
 .statcnionls of claim. >>'■ i*art 111. 
 equitable. 1179 ft Mf./. 
 
 Am! .«•>• l!\.siciN(i ASH Advanck Srciiiinis. 
 land abroad. 1181 
 notice before payment off, 119.3 
 power of conipanv to, 472 f.509 objeit rlau.ic | and note 
 
 of direitor< ] (i8.5 >■! «»•(/. | and notesi (articles) 
 registration of. 
 
 article as to [t>88J and not<.' 
 
 under sect. 9:j of Act of 1908. ..tiHi r/ m;/.. and forms I with 
 re)fistrar) 
 extendinir time for. til7 et nrq., App., 1554 
 memorandum of satisfaction, til7 [tt21 | 
 under sect. 100 of Act of 190H i at company's office' 1 1>88 1 and 
 
 note 
 lliil sre RKOIsri: \TloN. 
 uncalled ca]>ital, un, 509. t)87 
 
 CHAlidlNi; OKDKU, 
 
 distrini^as | 1220 '*/ t''f/. j and tiotcs 
 lunutie'ti KJiaros, on, 680 
 
 CUARITY, 
 
 association for proniotintf. 
 
 application by trustees for certificate of incorporation, 499 c/ »gg. 
 retristration witht)ut word *' limited."' 498 
 restriction as to holding land. 501 
 
 CIIARTEK, 
 
 corporations under, distinctions between them and statutorv companies, 
 30 
 
 t'llDMISTS' COMPANY 
 object clauses of I5»>1 j 
 
 ClIKtjrKS. 
 
 crossed, as to, under Mills of KxchanL'e .^ct, 1158, 1193 
 directors. l»y, 
 
 article [ 760 [ and note 
 
 incorrectly statinj; compaTiy's nann*. 752 
 jiaynient of application mon.-ys by, 15 
 ])ayment of dividends by | 769 J and not<' 
 
 scndini; by |)ost [769] 
 provi.-.ions in articles | 752, 760, 769 | 
 
 secretary's power to endorse, 759 
 
 C'llOSK IN ACTION. 
 
 share is, within Hankrn[>tcy Act, 18S;i. .651 
 
 CIXKMATOtiliAI'il SHOWS CO.MI'AN Y, 
 object clauses [ 547 ) 
 
 CIRCULAR, 
 
 misrepresentation in prospectus, as t(». 241 
 
 correi'tMi'.;. 241 [1(173. 1074 | 
 otferinfj shares for tender | 1058. 1059 | 
 
 ap >lication annexed to (1058. 105!) | 
 reconstruction, on, 1436, 1449 |1467, 1470. 1478| 
 when not a prospectus, 178, 1449 
 
INDKX. 
 
 ITor, 
 
 CtliCl I.ATINC (AI'll'Ar.. SKI ,1 „.,,. 
 
 ciTV r.rii.DiNds. 
 
 (ll.j.-rt- I .•>■>■.' I 
 
 CLASSIIS OF Sll AK'KS, 
 
 nolc^; :it t'l. tM(l, 'jTS rf SI 'I,. Sll rl Rpq. 
 
 jiUtTiitiin! Ill' riirht-^ :itt:i('li(Hl !)y nienioran<luin nf ii^-^nciatinii with 
 ccinditiiirH. 47il 
 
 fLAYTOVS CASi:. 
 mil' In. ll!)l 
 
 (•r,i;Ai! HAYS, 
 
 nn';ininir <'t'. t»">ii. "HI 
 notice I 7SI I ;lmcI iioti' 
 
 CLKliiiY, 
 
 jirnliiltitcil rntrii a»-linir a-" dirt'ctor^. 717 
 
 CLKIiKS OK COMI'ANV, 
 
 tintliority of. .17 
 
 <lir('itcir-' |iii\vi'i- to Mp|>'iiiit [7tn] 
 
 niis.'ippro|triatit»t' !>y. U 
 
 iHiticc to. ;17 
 
 prrriTiMitiiil piynicnl of. Ait of 190S, App.. 1.'>7S 
 
 "cr.osiNc •• 
 
 of l.iin!^ii!L.' a.i-nmit. wliat is Wn 
 
 CLOSINC. (II' I'DI.I,. 
 
 jronprui moi'tln^. nt, 701 
 
 ci.osivc i;i:i;isTi;i; oi" Mi:Miii;its. 71 icntii an.i nr.n- 
 n.osri!!:. 
 
 ^t'lirnil ini'i'tiiiLr, at, Sl.'i 
 CT.OTHIKIi.S- COMPANY. 
 
 ol.jlTl^ [VKI] 
 
 CM r.. 
 
 artirlo-i a^ to liyp-laws of | K37 |, 838 
 orickot. ol(j* ct clauses [.■>44 1 
 loan c-lul>, oliji-'t i-l'iuses [.>51] 
 
 witlidrawal of nienibor-^. ')5! 
 non-political. ol)|cct clauses f."il>71 anil note 
 oltei' of new sliari's to nieinliers, 12 
 p()litieal. object elallsos [oUM] 
 roiristration of. .5t)7 
 secretary of. 7.>9 
 liipioi' licence-!, for, .>t»7 
 
 CM I'.llorSK COMPANY, 
 
 ohject clauses | .!)(>S | 
 
 COAI-. IKON. AND STKHT. COMPANY, 
 object clauses of f .557 | 
 
 eoal. iVe. mines j iVitJ. .■).'»7] 
 
 co-i)iifi:cToi;s. 
 
 liability I'or. 'id:!. 71 t | 78S | anil not<>s 
 
 COITl'l' '!\\!'R\S COMPWY. 
 object clauses of |.'. IS| 
 
 ./// references are to the paijes. Pntjca in hrnrkrtg [327] rrfrr tn the Konrts. 
 P. 5 T 
 
1700 
 
 INUKX. 
 
 (•(i| I.W llMi SdCIKTY. 
 Miiin..' I.y collrrt.ir-, 704 
 
 < iii.i.i:(:i: oii school. 
 
 i.l.jri't cl.lll-Ciof I .Vl(l| 
 
 (l)i.l.li;i!V COMl'ANV. 
 
 "I'j'''" I ■'•''" I 
 
 (■(II.ONIAI. Al TAIIiS. 
 
 :i:ti'l" a* to iniilia^i'liM'nl "f i 7-)li •' -•■/■I .iiiil riotr* 
 
 ( (II.OM \l. COMIVWIKS. 
 i-i i|iiin lui-iit-j nl' Act. I.'>.'JI 
 
 COI.dM \l. IMI'OKTKUS- COMI'AW. 
 
 Mlijirt c laii-cof I ;j()l I 
 
 COIO.M.M, LAWS. 
 
 l>i. al iii.itiiiir'iiiiiit I T.'iH I ami unt ■ 
 
 ((IKIMM- l,()A\. WW. CO.Ml'ANV, 
 
 ii'itjnl rlaU-l'J 111' I .■);12 I 
 
 coi.dMAi. i'i!iii!\'n;. im.s 
 
 coi.c.'M \i. i(i;i;,.-;ii;i! oi' .\ii;.\ii;i.i{s. i.vii 
 
 coi.oM \i, i,'Ki;isii;i;s. 
 
 .\it of lllii.S a- til. A|i|i.. 1.'):14 
 aitirli'- a- III ! 7.")T 1 and iinli's 
 •liaii -. a- 111. UTS 
 
 nil. ON IKS, 
 
 arliiii'-' a-- In rar-rviiiu' n" ini^iiH*.'-* in [7.'H» i' >''/. | and nutiM 
 
 loia! rr^Nli'rs, ;JJ ! 7-')7 1 aitii nutt*-* 
 
 j.i'Wrr^ ut" alliirni y t i ai-l in | llljl '/ ^''7. j 
 
 (■(ll.nNIZA ! KIN \MI l,.\Mi Cd.MI'.W V, 
 
 ifliji r; claa-r. iiI' | ."».'>:3 | 
 
 <;o.\iiiiM:. 
 
 t!a:ii' Ii'ir|n)-l'-. f.ir. W'-i rt M'/. 
 
 rd.MMlNCi'.MiAT Ol'- lil SIMISS. 211 .' -7. |I1(1H], 1549 
 XrX of l!MI^^. [.iiivi-inns of sect. ,S7 as tu, 2". l.)4(l 
 
 l.iiti- un ^aMll•. 2il IV 
 
 111 what iiini| anil's a|i|>lii"il>lr, i'i 
 aL'iiiMii 1 t-- niaili' liil'on coiniianv iiilitli'il In cnmmoiice, li, iX\, 327, 
 
 .•j:i2. 111! 
 allutatri.t rr jiiiiitl lirf ur. 2(1 
 liiirriiw in^r ln't'urr, liHiJ 
 < laiir in .iiii -Ir- a- 111 |f,4!il and milr 
 <'oin|ianii.'S iiuiirpiirated bi'fdic 19111. ..20 
 r.):;t;.iris IhI'iivi-. wlii'n |ir(i\i-i mal. 21. 22. 2;i. ;i24 
 
 ji-ivai iii|i.iiiy. :i21. :i:i2 
 
 »1 l:;i liv liiri-'-litj'' in pavinu' tor i|U.iliti'-.ttiiin >liari's. 22 
 diii'rtiirs' iililiiri'liiin-* licfnri'. 21 
 ii-ii jiilar. iliriTliiri' lialiilily I'lir. 21 
 
 n ininuint suii^cri^itioa lii'lnvc. 211 
 
 <ili.!!ii'.- hari'-i, v'vi-. lii'*'or(' i-iitnpan\ i-nlilli'd . 21 . 2.3 
 
 jii'iiultics for pri'niatnrc, 21. 2.1 
 
 ( ii'...T. ; winiiiinii '. in rii-:- nt'. 2iK lii:i 
 
 ti;o-[ I'l-lns i-imicd nnii'r tlian on<' year alter. 1711 
 
 •■i-'ji-l'arV i-crliiii-ati' a-, to. 21 
 
 ri-t-irliim-i on. Iiy serf. .ST ol A-t of 19im. , 211 •■/ .-.cy., l.'')49 (.Njiii.) 
 Lla'u!o:y di-rlai-ation tiid'uri-. 21 
 lonn of j ill Kj 
 
.,.■11 JW11.J 
 
 IKDKX. 17(17 
 
 COM.Mi;i!i i:. I'U(».M()TI<)\. 
 
 r.';;ili'.iiiiin III' iiiiii|iMiiy «itliiMil wnnl ■ l.iriiiti' I." .'nil) • xy., |:>:!| 
 
 COMMISSION. 
 
 Iiiiiki r. 111. Iipf |ilui inc "liarc'i. 277, llili 
 
 |iiini.iiiii> .if .\i-t .if KMIH a- to, •im , I «,iy. 
 rlaii^i' in arlii-li*i an to jiiH] 
 liiii'd.its ,\,,-.. t,,. arlii Ir a< to | 7.i.1, M:i2 | 
 
 froipi \(ii(|iir-|iromiitcr. 71 1. i:i')2, |:1SJ 
 ili\ii|pii(l«. on. aLrrci'rniiil clause | CfJ | 
 illiual iiayinint of. ■27H. 7I». Til, T.V.I 
 ini|iro|pi'r , to -ciritarv ■. l.i'.l 
 
 iiiij.ro|Mr ••ollVr of »(nirr< ti the pnlilii-," ia<i's '.'Hil 
 prhiiti' i'oni|iany. 27!! 
 piililic i-oin|iany. 27!l 
 
 iico\cri iiy ii>in|iaiiy if nit ili^cliKnl in priHiici tiii. •1X1 
 MoliM lilijni.' or |ii'orurinir >nlH('ril"T< for, when allowaiih' .iiid whon iirn- 
 
 liiliitiil. |.V)1 
 uiali-rw riliuL' -Iniroi, for. 'Jsl .' »,./., I.Vil ( Ai't'. ,(,/•/ «•<• r.MHi:- 
 u 1:1 I im;. 
 
 ini|ilii'il alloiVMnii' liv Ait of a linnji -nni or nili' I'or, Jsl) 
 
 to lie ,tatril in l)alani-i. <|ni't. I").'>1 
 M'nilor may pay. 27!!, '.'Nit 
 wliiTi anio.mlini,' to lirilir-i. 7.VJ 
 
 roMMiiTKi;, 
 
 i-iin-nlta!i\r ; s;J.', | 
 
 ilin-itiir-, o''. ai-'icli'< as to |74'2|. 74:! ] M:ili | 
 
 lunati. -hairlioliliT. of, (iS'l 
 
 iiotiii III nir. li'iir a-i to a|ipnintinir. il!il 
 
 |iowi-r of. t I make i-ail. li.'ii 
 
 r li.tion to an{iiiint | I i:!:i| 
 
 COM.MITTKi: or INSI'KCI |()\. 
 
 .\rt o!' lilllN, ..n-l.. lllip. 1,SS. .\|ip., \:M\ l,-i7."> 
 
 COM.MON l\i ()l!Mi:i!, 
 
 <'on.p.'in\ lanmil as a rule lie. 41 
 
 COMMON I.WV COIil'Oli.VTION', 
 
 ililliTriii ■' from .-tafiilory i-orporati :!ll 
 
 COM.MON i;ii;iri's I'l.'oTKCTioN sociirrv, 
 
 iiliji.t il.in-i'- of |.'i7l I 
 
 I ! 
 
 CO.M.MON Si;\l.. :ll. M.> ,f .,.,/. ./,„/ „,■ Si:m.. 
 alti-.ii'i;' anil ililiMTy. H.i 
 r\:,n-r ill arti.lcs | VliO, ,s:i.'} ] 
 mnipanv. 'iirlit to Inivi'. S'i. lalJO (.Veil 
 rn-tiiily of I 7(111 1 
 (loruini'llt- iiniliT. N'J ^ 1 
 
 not ni'icv-arily d !■ 1. Ml 
 iniitiri'ial lo lorpurali.in, HI 
 irr.';.'nlaiiiy in tixinir or ninv. 83, 7G0 | 7G1 ] 
 
 prr mtipiion au'^'in t. s.>. 7(;i 
 
 nai 1 I oinpanv on. HI 
 
 ofliilai -I'al |7i>(l'| 
 
 ri'ii'nI.ition> as to u-o. .s-J 
 
 ri-o|iitiiin a<liii>tin!r. .>>v. |I13.1] 
 
 ritrht to nsc. in whom \i-liil. »•>. "fiO 
 
 y-.t. 7!i n; lliO.S. i,j,l,„i.,:i S.^ais .\,l, 1S(:4...K4, and .\pp. 
 
 who niav nsi'. H2 
 
 ■■ 1 
 
 J7 nfrr iici'. aro lo the pagei. iV /,■« i/i hn^rkrl^ (327] ri-frr lo fhr K.,rm 
 
 J T 2 
 
1708 
 
 INUKX. 
 
 (•(».\ir.\Mi;s V( T. Ihii7 .i-iicalcil;, 
 tiliii'j M.ntrait- iiiidir. tit. lii 
 
 iiialriiil mutniii- in (pni-|i'itii«. ii-i- iiiiilir r-r t. :l>i 'II- 
 
 iiiiiil-ii|' -li.iii'-. ■ M.i-iiliTiiliMii fill-, (111 
 
 r.M liti. ;,ti..ii i.f iv.'i-fiT wliiM-i' ...iiiiMil lilt tilpil (orl'T. |:t'M , M!id notp 
 
 f()MI'.\Mi.> \t 1. IMi^t IIJI 
 
 .//,./ ... r III. I I Sll \l;l «. 
 
 (•()\ir\Mi:> (Ul.'lMM, lil.il|Sli;ii.s, act, ll^; ri'|.lir,.| \,y 
 .„ii. :p :!i, nf I'liiN). App , I'llil. l.">:i.'i 
 iiiti.l.- .i- ;.. ,7^Tl 
 
 (■(l.»ll'AMi;S ,( (iNXM.IIIATlONi ACT, MMW. 
 
 i-la-»'- nl I p.iiii.- loiif •mplali'il \>y. 'i 
 
 >r ■■ til ■ (Hiiv.liilatioii 
 
 irii. Ilir iMnaatiiin n iw .if ii.uipaiar-. I 
 provi-'ii'M- lit' I \pp- ' 
 ri'firr..,! t.. a- • ti..' \rt." "r '■ tli.' Ai't nf I'lilH," 
 
 Alt." -J 
 wiit I'i -lun II- iniili r \ I'M'' [ 
 
 (■<)Mi'AMi;s i.i\iiri:ii in i:i \i; \\Ti;i:, 
 
 -piiial |.l..ii-i..|,- a- t.r l|H. 7!l">, 1 IJa > Ait i 
 
 f().\II'AMi;s Mi:\l(ll!AMH M t>i' ASSfM I AllOX A("l. IHWI > r.'plai'od 
 
 i.y -lit-, it. -Jlil of IIMLS), App.. l."):ii, l-'i'li 
 altiTatiiin cif ..|iir.-t». I3im 
 ra->'i ili'i'i'livl nil. l:lll. l;!l'J 
 linti" nil. |:t!l!t // «7. 
 
 p.tiiiuii- I" iiiiiliitii rxti'iiiiiiii. .V.1'. I i:il."). 1317, l;ll» 
 piiHtir. mill r. nil:) '' -'■'/. 
 pii.-.i-i.ih- iM. HilKt, I.VJIi. .\pp.. l.i!!-.! 
 r,-i.liitinii. iiial.r . ll'Jil, ll:(0, l:;Ui. 1;!I7| 
 -iili-titiiiiiiii Ml 111' iiiiiraiMliiiii ami ai'lirli'< Inr dcril nf -I'lllciiioii'. 13lli 
 
 I HUM 
 
 ./ ./ ». /• l''.\Ti.s.iioN Of ()ij.ii:rrs. 
 
 COMPANIES ItKCISTKItKI) INDIM! I'OHMKR ACTS. 
 
 uppliiailnii tluiftn nf now Ai:l. l.iSS, l')97 
 
 CO.Ml'AMKS Si;\l,S .\CT. iHi'it (replaced by sect. 79 of 19l)s,. I -.I.', 
 article as to I 7.i7 | 
 (irtiiial seal for use i\l)rnad, 81 
 power nf attorney to fix seal under f 11(!2] 
 provi-loiis nf, \M'> 
 
 COMl'.XXIKS INDICIi ACTS OK l.S.")ti ani> 18.57, 
 
 silts. Jl.-i. 'illi. its nf 190S. reproducing sects. 17.'> to 17« nf Ai t of 18(12, 
 ApiL. l-'>8.s 
 
 CO.Ml'AMKS I \|ii;i! ACT 01" 19I1S, 
 aei|iiieseciice. niav lie lioiiiid liv. 12 
 action liy nr aL'ainst aliroad. 87 
 action in name of, 13.'>7 '■I ■■"</. 
 .\i fs of Parliament applicalile to, 43 
 adoption nf enntracts made lieforo incorporation. 321 el sef/. [lil3!. 644, 
 
 and notes 
 acrent nf iiienilicr- is not. 28 
 auciits of. 
 
 action of. 3(» ff >"'<!' 
 
 frauds of. til rl xiq. 
 
 p.-iwer t^. act hv. .31 
 
 responsibility for acts of, 37 
 airrccnients by. 321 rt "iq. 
 
 ratification. 321 
 alteriii'j objects nf. 32 
 articles nf assneiation of. fi29 rt srq. 
 
 bindiiiu ellict nf, fi32 
 

 IM'IX. 
 
 ITll'l 
 
 <;IMI'\M1.> I Null; Ml' ur Phis ,•„,;,„„,„'. 
 Ii,tiil^t-ii|iti'v lit' nii'ihlx'r-* <>r, Jl( 
 I.I II- ..r ixi'liiiiitfc' liy, 'M'J 
 iH.nMMJn;.- hy, I7j', il.sd 
 ■ iTtirttatr <if inri»r|Miriiti><ii, '.'l 
 i-hunu'inL; iiiiiiiu of, :{'J 
 ''t.niriu'tii'riiii'iit iif liii-int'^-* hy, JO -^ •» </. 
 
 Mlllnll -I'ill uf. N'i ,1 ••./. 
 
 riiiM|>r'.iiii>i'. |M)«rr tii, :i;i, 7.)l 
 >'utitnji|)t of < 'oiirt tiy. n 
 I oiiliic. t". Iiy. :)'.'l f l' .V. 7. 
 
 licfi.i't' rf;ri-Tr';i(ioii, ;!'JI, ."J'JT 
 
 ilfr.i iM to iiii-kul"'r>. JH 
 
 with iiii'liilii'i"', '.'s 
 
 Willi iint-iili'i'i, JS 
 • ■or|niritri' I om!iti"n-«, 'J7 *' •' ". 
 rorporiitf (Inty, 101 
 rnr-ji'iation-i. .mt, "JT 
 
 lIclrLMlioi'. of |1UWI'IH of. to dili'.tol-. Till 
 
 <lcli\iTy of (li'i'd- tiy. «:! 
 
 (lifci toV. of. 7ii'i . :' ., y. 
 
 ili-ioii'i'y liy. l:,.':t 
 
 *ii*i-o\ri'v *'ritm. Ill'iit 
 
 <li-.oliil,',n of. III. („ / ... 1)1--. II < iii.v. 
 
 <!t-lini ti.ii liclwmi thi-iii att'l i.ittiiM..ii l.i.x. .V.. . .■ 
 
 |'iitiii'r.»l(ili... -7. 7.'» 
 
 tlit'ir iiH'Tiitii'?-", "0 
 (loriii'ilc 1.1'. St 
 
 '■i|uitir- iiuain-t. may ln' .-'■f.tn .i. 1- 
 (-to|i|.i'l. may b.. Iiiiiiiiil l.y. IJ, il ! 
 
 (.M'Clllioil. 
 
 of .liTil- l.y. «■-' rt .,..,. 
 
 pro' I'-s .if. a'.,'aiiiHl, \- 
 iMTiilii.- ./.■ .,.,, '.■,/, may In-, IJ 
 form.tiioii of. 1 ' .' Hri/. 
 fraiHt. lialtilily for, 10 - ' -../. 
 
 flini-ttoii- of. i".*l rirtiHl liy iim'Mi.iimihIiiiii of 
 
 ifciicral law ap|.liral)U' to, ;i.) 
 
 ijuar.iMti'i'. liniittsl hy. 1*»J tf ,>../.. 7:''> ./ -. ./. 
 
 ai'tMli- 111: V !m|.i.-i' fiiilL.T li.ihilitv, ITO 
 
 f.inaatioii of. I.VJS. l.'ilil 
 
 iii'DiorarMlum ..f a o.-iati.ui of. 117 IMJ | 
 
 |.i.,v!,ioiH of .\.-i . <: loos I.VJS. i.-.:ll 
 
 i.L'iil.iiioiis of I 7!IS . / 
 
 i|,.i,-.ir!. 
 
 ■iati.iii. :M 
 
 |.ro\isioTi» an to, 1 ■):ll I .\it 
 
 I'.o 
 
 illi-iral. 100 
 
 iiii[.lii.<l |iow<'r of. 47J .' st'f. 
 
 Iiorcowinir. t7J 
 iiii[iro|)('r ii-(.' of naiiii'. l.)0 
 
 if ihi •loading', n.-fii hot hp fi-atiditl.- 
 
 iiorrvi'iitioii of Ciiiirt, 4J0 
 in. .>im' tax, a-, to. fs7 '/ ^' '/. 
 in(-or|Miration, 
 
 .Ifc.' of. Jl ./ ..7. 
 
 im|n.ach»iolit of. JO 
 itidi. tluciit. liability to, II 
 '■ ind'MH- loaiitliT'lacht of" 70 'V -../. 
 •■ joii.i -f i.-k." dcliiii;i.>ii ..f, -itI. J.'iO ..|' lo.i.s. Xo]. 
 laches, wlicn lumtul hy. 4J 
 
 luml. ac,,nii-iliu- and li.ildiii..'. J7, :!l, II !. 'lOI 
 Iciral fhtity id', J7 
 
 Iriral pror liiiir"* l>y. •>'! 
 
 liahilifii'- of. ini-nri'<>d ahroad. Js 
 !ia!.:!i!y for ::. ntt'i a. 1- :•.•.!. 
 liahilitv of mcmlMT-, how limitc I. li 
 
 
 All r.f. T. 
 
 |.at»e; l':i'iit i,i /.,./. /.7, i :JJ7 
 
 .1,, h, :;, !•', 
 
1710 
 
 INI»K\. 
 
 mMi 
 
 hhi-U t>y. An 
 
 lintituti'iiii III" |H.M.r- *.t l.»H 
 
 itimttti l»y ^tiair-. J IT 
 
 luriii'afit.ii (»l, J. I.VJ'i. l.VJ't 
 
 irii'itMinintliiMi 'tf n*-irti;i»iiiii ul. 117 
 • limiti)!.' nitn|t.iitti'< ri'iri'tni' I uitliuiii wi-iil. liis ,' •■ 
 niiiinritv "i iim'iuIht*, |(nwrr« ut. 71 
 
 IIUiIm HMI- |inmf ntllMl hy. ilH 
 
 ntiiimL'fiiM'iit of iirticli'M n- tn j 7Iii < ' *•'/, ' 
 liM'iiilti-i'o i>t Mrlirr I i>)ii|uiiiti-<. iiiiiv \n\ 1.1 
 iniinlMT-'iiiit in, l'» - ' "'/. 
 
 Illi'lllolMllil.l i'f ;i— •'"'iiiliuh lit'. 117 '' "7 
 
 iiiiniMMiiii !HiiiilH-r of iiirinl>t-i^. |.'t.')*t 
 
 iiiiiiiiii-^ <pt' , 7 !■) j ami ittitf 
 
 itti-fiM-iihi (' liy it-* ii^<'nt<*. iLilnlily t'ur. H> 
 
 iiii-eal.c III a|iiilyiiit: fi»r ■^lian-- in. 7;! 
 
 nimir 111 liiitimii:. HI. I-V.'s 
 
 iii'M Itiiain law > <l<i n<>r Mlt'<'< i. | I I 
 
 iiatu"' of. 
 
 I liai.»:Miu . •') t 
 
 iniprniH r ii-i- "f, IMt * f w -^. 
 
 liriHC'tliiii''-. iiy MM HitaT* in. JS 
 
 if'.toriiiL' t" n'iri.-ttT. Ml ' • <' »"/. 
 
 i('-.rrirtiMiH a-* tn. I'M' 
 
 -iiiiilarily uf. 4aO . - >/</. 
 
 orati-liii-nt irC. ill itii-tiH>r:tii<luni ui -a^^w \m'u\\\. 117 
 
 M-fi' nf .liiiiitfil ill n'L''i''t<'rr.i ..Hii-.', .v... ;n 
 
 UM-I* ul. nti -.at. ;U 
 hi'U'liu'fii' »■■ lialiitity. ;t7 
 nciroliahlc iii'*truint'itt< iH . .'iO»t 
 iKit for [M-ntit. *!».') '/ 
 riuticp, 77^ 
 
 niciii'iiiMHliini ainl arti*!**-. of. 77 *' t-tt/. 
 
 ■4('rviit' of. M 
 
 tlirotiu'li u;4tnt>. ;j(i. 1 1 1 
 iiuiiiiMr anit Mud-* nf, /> 
 i.lpji'. t^ of' !.V> ; .".ul j , ' ,, -/. 
 
 o)ilit.'atiuii .111(1 lialiilitii- uitilii' llir \(t. ;>:l tf .■*'•/. 
 olticiT-* a|)[>oiiittni>iit . \ l\ 
 "on«--man.'" 'Js. IMli. il|-». 'Mtl. !r,7. H-M 
 (M 1 1 aLrtcrMM'i.i^ by. ;j;j.'> 
 Puriiarucut. uppUratioii^ to. ',\:\, ,'»I'J 
 |)urt(it>i''i|iip aiutluL^'y. 7-') 
 pat.'nt-. at to. t;t 
 pciKiiiiL:' ('I'ottcilinL'-' atraiii-t. '-VA 
 |K^r>oii^ ill law. air, 27, !"J 
 poor rat.- payal'U' Ity. In.") ,' >.,/. 
 
 power t.- acijiiirc tlifir uuti -lian-* lolijnt claii-'c^ '.*tlj :i 
 pri iiiniiKMy contra! t> ,.m Itclialt' of. U7 
 private. iHIl* ' / -' 7. 
 pri\ lIi'La"* of. :U if f,, 7, 
 proinotintr otlicr ''unipaiii"'-. i;i<t 
 proMH.tioii of tolt}''t*t clau-f 1 ")".s ■ 
 property, impli.^l pf»\ver to nion-.i-j-e ;tiitl »|.;ii uiili. I7_' 
 
 pro-pe: til-"'* .(f. III.) rf ft'(, 
 
 r;'.f ili' .itinii of perMiin' aet-*. ;j7, A'X\ 
 
 reiri'''i*re(l utKee of. :U. SI. .htt! s. , Ki ..i- 1 1 iu i- M. 1 f i;. 
 
 rvir'i !t ,t, >M ,.f. I. (!05 .f ^' ... 
 
 ■ w-ii I oiiij.a?iie-. -.-.t. Jl't ..f ! ^ .!.)>!» 
 re-.i*ii . . oi . ' ! 
 rc-'i^iin-i iiiterie etv I- «itli riirlit- o^'. X\ 
 
 rC:*tfKlioli nf pwU ' Is ui". l'>.» '/ >,'.;, 
 
 return-. h_. ;»;'. 
 >uie lei. in l.eiii" fl. 2i* 
 eal of. :J1, H'J 
 srifiii (if, '27 
 .-nervier on. s.^i. 77s 
 
 nofir i-. vvi-.. 34 
 
 \\r'-' r>f '(iiMinmn- ot'. ! ' I'' 
 
INDKX. 
 
 1711 
 
 « (iMI'vMI'-S I \li|;U \(l III I'HPh ,,.,/,,,,„.,/. 
 
 ^lliltr-«, liiniM-i) (i\ . 
 
 ailiiirs c.r, ()Jfl . / ., V. 
 
 mfinl>rr»lii|» in, (.i t-f -"v. 
 
 iiii'MitiriitHliiiii i)f iiMM4H'iiitii>n <'f. HT 'f >''/. 
 oppi'iiil rhiirin t*Ti-'tii->« tif. :(] */ Kt'tf. 
 statiitnry iTfMtinn lire. 77 
 title of, ti> iiropiTty. 'J7 
 ttirt-* <»f uncrit?* itf, It7 
 rrailf>'4 iinioiH not rtviod-itlilc ;i<, ll.'i 
 l!("<|ia»-' hy iiBi'iit-', .'(7 
 (ru-*t<M' fiM- iin-mlifr>« j,* m"I, "J't 
 trii«ti'.-, iiiiiy 111' hi'lil to 111', li 
 nit,, I ,,,,. ,11 1^ iif, nut •■,i|i,ili|i' 1.1' lulilii uli.iii, ."I. 
 
 ril"i'!i n» til. nil . ' •! /, 
 tinliniitoil, 
 
 articlfi* of. nut lnl\ili_' *li:liT i .ijiilal. hitl 
 
 fiininition uf, I , niw. I.'i'J^ 
 
 nii'nioraniluni nl' | .'ilM | 
 unriifiiitiiiil, a|i|i|ii'aliiin if I'ati \ll. of V, i 
 
 .\|.|1., l.">H!t rl .■,,,,. 
 
 WiiiM-i- of riaini, \f.. iiv. ;t;i 
 
 winihnu' Mji of, '.\'t 
 
 wroiiif* to |/.i«» (/. .. ■/. nili;. |.'t.'>7 .' •'■,. 
 
 i'll 
 
 uctiii^'' ji<> IxianI for int4itlM-i' toinpiifiy. T^tl 
 
 I'lii-*-!,"* uf. rohtriiipliitiHl Ky ttit Art. J 
 
 t'oniiiioii iiifuinicr raiiii'it a> a ruli^ lie a. M 
 
 t'nrmaliim of ■• i.nt'inMtii-* " an*! " ri>iii |iro-t|.i- lu^ " r. 
 
 limiliHl Uy truaraiiti'i'. 'J 
 
 limiti'il liy ?<liarr^. 'J 
 
 MirilllltT-^hip !,'l-1ii-ratl\ . I 'l * / xr.y, 
 
 iiiiiiiiiMiiii nniiilM-r of iiMtiittcr-^, l-'i-Vt 
 " Miiri-|ir(>-|t'itn'* " <ciiri|taity. ^t 
 
 t'oriiiati'ai nt*. H 
 ''nut for v'aiii " rriri-itratiiMi witinail wonl " liniircl,"" 
 |iri\att' ((Hiipany. -i: niir-niaii. 'JH. !»|0 f/ ». 7. 
 
 pro^l tus iniii|i;triy. '\ 
 
 riNidi'ittr iff. 1*1* 
 
 statuti', wlifii irii>liii|)>il in. \:i 
 
 nitiaiii< 
 
 rOMI'KNSA'llON, 
 
 a:jt nt-^ or -iT\aiif-. f". on afiMiiiit ''{ I0-- of oHi'*', { \.\ 
 hirfrtoi-s' l.iahility Act ( now nc-t. 84 of IHIIN). ninltr. 
 irrcjjTiiliir allottkU'nt of rilian-**, for. 1*1 
 work[H'o|i|(» (Mii|Tloyi(l liy foiiipaiiy. to. lul'l if sr.f. 
 
 •1 \ ;. 
 
 coMi'inn ION. 
 
 covciianf . .rain-t. hy iii.nci j iml'" 'lirc'iin-. la'Ul *'\iiMirMi-ln'l ofi wtmli 
 
 up. wImmi. I'-V.i 
 rt'tirin^ imnilit'i-.. liy, arlii it-' a-^ to | 977 j 
 vt'iidois" fo\4'iiaiir aj-ain><t | Hali j atul noti- 
 
 ( "(MI'OSITION. 
 
 Htump liiitirs oil tiaii-fi. fi.r. lli'iil 
 
 COMI'UIM) IM KUKST. 
 
 win rf> fharjrcahlt' by Uaiik. Ill'-' 
 
 COMIMtOMTSK, 
 
 conipanvs powiT to, ^^J, \'tl. 7.>i 
 
 Joint Stoik Cimipanic'' Arramrcrrn-nt Act. iS70 i now ^icct. IJ-i o|" I'tn ■ 
 
 tiink-r. i i92 rt »'■-,■., I.JiJO 
 powrr to directors (751 j and nfttr* 
 provi-iioni? of Act in mihtitiitittn t'-f -ui h \<'t of 1870... !."nl'> .Vet) 
 
 1 
 
 Mivl 
 
 .<« ri'f . 
 
 till' I'agos. I'nr 
 
 .'"/■'•'» [327 I /■'•/,■.• .', //,,• I'-nrni-. 
 
1712 
 
 INUKX. 
 
 coil I'L I.SOIiV UKTIHK.M i:NT, 
 
 l)uiikn.|>t< V. in rase of ['J73| _ , 
 
 of sliiinlidldiTs in \>ri\nU- .(impaiiy, clauses as t", !>.!». HI • I »'" '' <''/• J 
 
 iONCKSSION', 
 
 aciiiii-ilioii of (iilijert ' laiise) l.iO.)] 
 ajrrrciiieiit for sale of, t.) prmiiuter ll'il] 
 opticin til buy, aiiri'enieut [3b(> | 
 
 rONl'KSSIONS COMPANY. 
 
 nlijeet ilau-is [.).)4J 
 
 •loNci.i sivi:," 
 
 .iriilnati- of inrorpoiatinn are, '21 c' «''7. 
 Mirai'in^' of. 2.'), lO'Jlt 
 
 i-.Tlilicatc of iuioriiovaticm, 21 <■' •-''/• 
 
 1 I'itilkatc that loliipany cntilli'il to couiuieuir l.u-irie«s. •_! 
 
 1 luiirniau's drclar.itiuri as to, KIltH 
 
 rOMiiriOXAI. ALI.OTMKNT, .U 
 
 cOMjITIONAI. AIM'I.UATION KOR SIlAKi:.-^. .il. 2)11 
 
 cu.\i)n'U)Ns, 
 
 applitatioiis for shares, ou, •'' 
 
 lut.y ill reiri^tiT of iucuiImts siilijeet to, "3 
 
 rxteiiiliru.' olijcits of ediiipaiir, on, 1311 
 
 trausfi r, of shares, in, (iOT 
 
 waiiiiiv; coniiilianee with, as to iiiiuiniiiiii .~uli-c riptinii, \t. I. 
 
 •coMnrivi;," 
 
 in oltjeet elaus4', 471 
 
 l.OM'lU.M.niON, 
 
 ,«pi. iai le-oluli.ui, of. 10ii2 
 ,iii,„ ,„(.. a.ts. of, 2'.l 
 
 1 uNsi:>, r. 
 
 ^iil a- .lilector, to (.\.t of lllllS). li -/ w,/^ 
 
 .mil to I anic'l in pro-p, ' tus, II [HOT | 
 
 foriu of |riiill{ 
 joil-iai nt, to, in n'fiTriiie to ilk'L'al luatlrrs. 2'.t 
 iniiii'ii's. of, to ii/iifi ririK acts is inelfei-tual, 2U, :;il 
 ni\\ lompany to u>o nuiiie of old | 10!tU | 
 
 ( (iNSIDIi; ATION" I'Oli SII AUKS, (ill-l>3 
 
 li.iiu- iiilili^ales lo di'lii-iituie holders payalilr only "Ul "f pmlits, (13, 
 
 lliti 
 eontiart- and returns as to, under se.|. ,SS, Ait of IHOS. ..li.') <•/ . ./. 
 kinds of. (12 
 
 piivate eonipaiiv, in, M4,") 
 
 rryl-lralioii may I"' refused if not truly staled, liii? 
 •iirel,irv'> duty when to a-eertain if duly stated, liiiS 
 -laleuielit of, in eoiitraets under seit. ,ss of imw,, il-i lis 
 
 in tr,'tnsfer of shares, lilifs 
 ~t:iii ntents as to, in pro-peetus, lliit 
 wdiie of, not iiupiired into, lio, til, 331 
 
 tONSill.lilATION t)l' SHARKS, 32, 477, (isl, llll 
 urtiele as to ] 1)84 | 
 into stoek. I.i3(i (Aet) 
 notiie on, 1,537 
 
 ),,,>, i-;..;;- ,>f \'t Ia3<l 
 
 resolution for [1114, 1122] 
 
 CONSI'lUACY, 
 
 iliriilors pay (ielitious dividend, proseeutioii, 8"i7 
 promoters, liy false rumours, ri^rjrinf; the iiiarkel. ,\.i- 
 
 \r,il 
 
4^.W. 4L- Hi 
 
 INDKX, 
 
 i7ia 
 
 "CONSTiTi TiNt; Tin: titij: or rni: M.i.oi ri;i;." \r.. 
 
 miiitiiiii: uf, ill At «>t" lims ..ti4, ti7 
 
 CONSTIU (TION OK .M i:\l(»KAM> \ AM* \IMir|,i;s O!' ASSOCIA- 
 TION. <'l.ai.. VII , :>IM ,f >,,/. 
 uinljijiiiou-* \Vi»r(I^. .'»!ts 
 aiiti'i-t'ilriits to rrlalivf w.-nU. (102 
 a|'|>li( al'ility til" ^r'"ii''i'-'l ' 'w. .'>'.»;{ 
 arti< !(■> may •xplain iniuiuraiKiiiiii. wIm-h'. .'i"J 
 a-isnnuHi xaiidily oi Tal)l(' A. provi-inii-;, ">'»:; 
 ('uin|i:tiii<'-^ Ai t> to In* Imriii' in mind. '}SV.\ 
 rontrxt lo Ik- ciin>itl<'ri'(l, b\)\) 
 (iirfitnr-" iMiwt-rs. a-* (n, (U)II 
 di\i(l<-ii(ls. us ti>, '>i(7 
 
 t'xiirf.-scd iiiti'ntidii !«> lie ^i\(*n i-nV<-t in. "I'.ii. -"iHT 
 
 rj'//, /•>>/'< iini'is nilr. (ill2 
 
 full I'll'iTt t(t unamlnLriiMii-; word-*. .>lt7 
 
 i;r;;mmatical srn--<' tt» In- j^-ivcn t'tt'i'ct t", .VMt 
 
 IradifiiT rules a-* to. ">^H */ -"/. 
 
 Ic^'aiitv ol' clause-. a> to. (liCJ 
 
 lilxTui". to l)i\ (ilKl 
 
 memorandum eoutrt'l- ailie'e-. .V.tJ 
 
 ><..>./.'"/ f ^"^ w^ rule. :>!!!( 
 
 oKje.-iv. ;,s to. tl;;() 
 
 <irdiiiai"V ruli'^ wln-re no •^juilal nn<- Vtj 
 
 oriui.KiiiML'' --UMim'.n- ti a-rrr!;iin. li' 
 
 paio! ninditie.iti'Ui - n<^t \alid, .'>!t.'i 
 
 pojpular \voril< in. .>!'.'> 
 
 power- of dire'tor-f. a-^ t >. \',yy.\ 
 
 primary ni<anin^>' of wonl- in. .MtT 
 
 relati\(' words and la-t anT.ccdtnt. tiiij 
 
 rule (d' ,/«w ihi,- II ><>• fv. :>!l!t 
 
 M'ieiitilii* or te;|iiii'-ai word-, in. .*)'l.'i 
 
 >pei-ial mr-aiiiriir of word*; in. -VMi 
 
 suli^equenl ileelaiMtlous uf parti''-. -'ilK'i 
 
 snrplu- a<-it-. a- to. .')!t7 
 
 surroundinir i-ireum^tan'e> ref* rre ! t i, -VM 
 
 iiiianihi^uims word-*. .i97 
 
 '* wli;)t<(Hver " niejinin;: of. K'rVl 
 
 wlio' ' .leiiment to he ri^ad. "»!H 
 
 I'ONSTKi ("rnj\ ()!■ \oTi(t;s. ni: 
 
 CONSTIM ( ''ION Ol' \V0|:KS \\\ <(i\Ii'\NV. 
 
 III. !'■(■; e!ar-e^ a^ to ] -"iHM I 
 
 payment of t'lten-l or ili\ i-l-ml- durii.j-. ^71, I '>-M 
 
 CONSl LTATlVi: ro.M \| ITI Ki:, 
 artieic as to | >s:{:> j 
 
 CONTKMI'I' OF (Ol U'i\ 
 
 foiiipany. l-y. I-J 
 
 CONTIiArTOKS. 
 
 payment of dixnlend- tlinniirli, S71 
 powi'r of eirnpahv t** ael a-* i-^l-ij 
 I.ultlie w.M-k.. ul.jnts j.VJ! j 
 
 CONTIiACTS, \\l\ .f .,./. .//,./ s,r \.,iiMiiM~. 
 adopiiitn ami exerutitm of (ojij.-t el:iu-e-( ! .Vl-'i j 
 atlirniation ttf. as n-^rauh re-.ci-*^iipn, JiiO 
 ac'nt-* of fiinipany. I'V. ;Jii '/ sr,f. 
 :irti:-lt-, us t^> m:d;'i!:L-*! TlS. 71'.*. 7.')(i ! 
 artieU's of as«oeiation, ellei t of, as, (>3j > t -> •/. 
 
 m 
 
 All ri'tVrcnr 
 
 :iri' lo llir jiau'i 
 
 „- l,,:„/.rU |:iJ7 
 
 . !■ I I,, llii l-'.)]in-. 
 
1714 
 
 INDKX. 
 
 rOXTRACTS— »,-/./.«"'. 
 
 liifdrr I'oinipaiiy rntitlcci to i iiiniuuinn lm!"im'<«, 21, 31.'>. 3iJ > |iritati- 
 
 i-<)iii|iaiiy;. '.Im/fi Ai. km Ml vis. 
 biforf <iiiii|)ai\yV A( t of I'arliMini'nt. 'i\.'> 
 
 br(arlii'> (if. I)y' r panyV at'cnt-i. :17 
 
 roiiijiaiiy, by. 'iXi >■/ -vr*/. 
 
 rH'oi-t n't tu mi'iubrf^. 2H 
 
 (vlicii ti> lie iiiidcr -i'mI, :i:t:l. ./.'■/ «. .■ Ai. .\n:\r>. 
 
 '• i-iiii-titutinir tlii' titli- iif tin' allcitti-t- tu all.itmcat," 
 
 iii.'ahiii),' of. i 't SH .,)■ All "f IflllM ,.(17 ./ «-./. 
 
 dirocturs. by ratitif atiun of. 711 
 
 ilircitori" iiitri'i'^ti in (li-<io<iiii' in notici' of t'lniTal inri'linu'. 7:iJ 
 
 (liriM-tors, of, witli i-oni|iany. 
 
 <'biu>r' in ai'ticb'^ ai to | 7.{l | ami noir 
 dircctttrs' powrr as to. 747 
 
 cllsilos.irc of. Iiy otfcrinH- iliS| tioii. '.'Ill 
 
 rnibiMliuirnt of. in aitii li'". 1 17 
 tilini.'. a- to jiaid-ap ^lians. 
 
 uiidi'i- latr .Vit of IS(i7...liii ri ..,,,. I i:i!U |. I 1-il 
 
 whiTi' dcfaalt in. onbs- nTtifyinir rc.'istiT | l:!!)| | and noli- 
 
 niubT .\l't u( l!Hl^..,(i.l rl s,;,. 
 
 forms td'. 
 
 lialiility of ai.'i-nts foi\ :!7 
 
 proinoti-t's. \i-.. with I !.'»;[ ' ' *''/. | 
 
 sail', for, ,V.i'. |:!l.'i .' .'7.|, .),../ ... .\i,l:llMiM~ 
 indi'pi'ndi'nt jnik'nn'Mt of diriMior-. ilionrli .iiiiiiiaiiy f.iriui-.l to enter 
 
 into till ni. Kit. (iCi. lilt 
 inti'r|in'tation. law aiipTnabli'. :U:i 
 jnii^iuint- si'ttinir a-idi' | Hill') i' «../. | 
 lifr assnrani-r rotu|i:nii 's, nf. riflnrtion of, |:j;il 
 ** inadi'."' wbiTi'. ;i i;i 
 " niati'ria!." 
 
 what wiTi' h.'hi. or -i- t. W of ,\it ..f l.Sii7, -ll' 
 
 what iirr. ....,..'-.. liri.|.-i' I. Nl of ,\.l "f I'Mi.s,, 171 
 
 iiitnutt's. n'cordi'd by. 71 > 
 intii-disriosur-r in |irosj.''itii-. notii > . 'I'W 
 
 what i.l.iintilf liiii t pro.. . i.W 
 not rcpiirc'd tu in' -imIi'.I. HJ 
 liotii-c of. whin spniticd in pru-prctn-. 2 io 
 noxatioii of. .{711 
 obj.it I'lanso as to |.)i)i ; 
 (M-al. 3:).") ./ »'./. 
 paid-np sharrs, a' to. '-VM 
 
 Act of l.s(i7. Ill', till. (17. 70. :t:io. ,/„•/ .-.. r.:ii-i r .Sim.i.s. 
 
 .\(t of HtON. (i.'i . t >..,. 
 
 •■ loiistitntiii;.' till- till..' (17. :\'f^. :!si| 
 lilinu'. Ill .' " /.. :i;il 
 
 lirni' for. (i.i. (iS 
 ri'sci^sion of. ls:i. l!lh 
 ri'snit of nori-tilifiLr. ()■') 
 wbi'tlii'l- to 111' -^^'nrd. (17 
 personal liability of luntrartor on iM'h.iif id' intrndi'd roni|iany. :!-'" 
 pri'liniinary. bindini; roinpany. It". AH 
 pro\i'iiiniil. wbi-n. I 17 
 pdilit on. by proninliM-, Mi's 
 protnotiTs, by, bcfoci- ri'uistrati-in. .'V2'J 
 prospi'rtns. stat(>ini-(d> as to. in. 
 
 iiial.T .\<-t (if PUIS 171. •X-11. 2.)4 
 
 nndi'r si..t. lis i,l' l,Sii7 ( rrpi-ah'il i. 2Jii ./ .."/. 
 pro\i^ional. bidon- i-nnipany i*ntitlril to coininoint' bu'.inrss, 21 V-\ 
 pro\i^inn- of \rt of liMI.S as to. (i.'i. 171. l.itt 
 tpialilii-ation sharr-. for. tiliriLr. b 
 
 form of I :)»:! I 
 raiiiii .itii.ii by artiilc. obi 
 ratitication by coniitatiy. 37, 322 
 
 rrdurlion of i-nnlrart^ of lifi* a^snr.-ini-o !■":■ ,i;(nii.s, l;J'l| 
 rofiTi'iiri* to, in pro*pi'rtt(*, 171. 2.*i4 
 roci-tratioii of. (>(t.'» rt si ij. 
 rc))ndiation *tf. for bribiTv. 733 
 
IM'KX. 
 
 17 1.- 
 
 CONTRACTS -o-/^,"»'^ 
 rescisaii)ii of, 183 
 
 writ-* of sumriioii-* l'*ti' ! |:U'). l:Uti| 
 ri'solution us tci | 1 l:!H | 
 
 sale of l)usiin's-< to nmipiiiiy | lU'i. 'Mu, ;J71. -171] 
 deal, when retfitireil to lie iiiitler. :tl, H'J 
 sliaros, to take, .).') ,/ .<r7. .(,/// »<■.• Siui:i.« (Ai.::i i Ml \i- i" i \Ki:). 
 
 issued ollierwis,. than fur ra<h. relief iiiider Ai t ..f IS'.IS.I IJI . .(.,' 
 sif \'i I n-r\iii Sii VI, I -. 
 
 ohtainetl hy nii-*repre<ee* inn. Miidahle. nut \'iiil, \W 
 
 speeitle pi'rfornianee of. .'», 
 sfanip'i on. wliere fin- sah- of property. 3-IH rf w/^. 
 Statute of I'Vauds. a< to. :i:t.). IISl <> s-./. 
 suh.-idiury or supplemental, under sei't. SS of HIPS ..(i7 
 suin^ on, hy per.-on in.t party. 'Vl'\ 
 tradp unions, of, 1 l.*i 
 
 ph'adin^^ in aiticni to .e.ir.iin i |:!.S1. IHm.*>[ 
 
 rijfld of .M'tifui in ennni-'iioii wi'li. Mil 
 
 shares i.j- "d under, ti:' 
 underw ritin^*-. a- to, 2S!t 
 \ariation of, hy altering arti' le., t;:>ii 
 variatitui of, where nn-ntinned in pi-cpe-tu-, Isl. '.V^\ 
 voithlhle fui- ini^repres<'ntati.M!, I'tti 
 waiver elall-es as to, S.U ■ f .■ 
 
 CONTRIl'.l TKiN. 
 
 direetor^ or |OMni'.ter-. ar.e'ii-<l lor tithrrs' .-let-, \V\. 1 'ill. Jjli. Tss. 
 l.)IS 
 Direetor-' Lial>iiity Aet (Im.« -el. Kl ..I' I'lUs . iimler. J.'i;. I.Ms 
 in relation tn pro-pi'ittn. 'i'^ii. I.'>ls 
 
 CONTHUilTOlUKS, 
 
 detinitioii of, in Aet id' IMns I. '.(in 
 nature of liahility of, I.Vll 
 settlement of list, l.")7il 
 
 C"0\TI!()l. I)!' ( ()^II•A^^ , 
 
 ai'ipii-ition of shares to nhtain ; ;i'i I :i!i; ;, :i!i7. :V.\>. HOs. 
 when direetor- ie-traine;l from i--Hiiiir -ii.ire- I" olii.iin. I Ills 
 
 C'ONvi:i(.^i()N. 
 
 hii-ine-s into pri\.ite .■iniipaiix . *M"J -' m'/. 
 
 advantiifies of. !tln • i •■ , . 
 
 ajrreements fur. *My't -' .^-7. 
 
 lases as to, !>.■}!• • ' -•.,. 
 
 powers in wills for. loh".* 
 
 -amtioii of Court I". '.I'll inol 
 
 st.-iinps on. *''i7 
 founders' s]i;tre.< into ordiiiarv . I IJ'i 
 
 ordinary siiare- i;it'i piefereie e, and m. ;<../' artliie- jM 
 paid-up shares into -tod;. 
 
 artieli - as to |t>^l | imhI imir 
 
 ri'eon\ersioii | liH'J | and note 
 
 resolution for | llll| and in'tr 
 
 CONVKV.\NCi:s. 
 
 effeet of, as showinu' adoption nt' pi- liiniii:ir\ iniit iMit. ■'I'J t 
 seal of eompany on, S'J 
 
 CONVKYANCI.MI A( IS. 
 
 pro\isions of, as to powiTs of atloriii-y. I I'm II. "17 
 
 co-oi'i:i{ATi\E ri XI). 
 
 article as to eiuidoyes' | KVJ^ | 
 
 CO-OI'i:i{,\TI\ 1: SI'dliK (OMI'WV, 
 olijeel elaii-es of j .'i.'iO I 
 
 A// refi'i-enee- ale to the pa-e 
 
 ,„/„,../,/. 131-71 
 
171« 
 
 INUEX. 
 
 CO-OWMiUSIlIl', 
 
 ship, of, conversion uf. into u ii'iujiaiiy [ .)58J and note 
 
 (.'oriES, 
 
 nic'iiioruMduni ami aitii:le< of associatiim, uf iiiiiiil>ers ontitliil to, 33, 
 
 4«!l, 041, 1J31 
 iitiniito u.s to retiui-tion of capital t^) Ite onilnxlinl in nicnioraiulinn of 
 
 association, 12S7 
 iiiorti^ugus ii'id ehur^'i's rcj^istcrcJ under sects. (13, IIU, luj nf I'MH, Ajip., 
 
 l.V>4, lJ.i5 
 rcjiistcr of companies' niort^ajfes, 771 
 rc^i^ter of rncnihers, 7t) 
 rii.'ht to take, on insi)ectinLf boolis, 771 
 special resolutions, of — to accompany articles, fi41 
 special and exiracr.linary resolutions, of for re.,'i-«ti-ar UU'J, till] 
 
 < UKI'OH.VTION DITY. 1114 
 
 " promotion of science." holding; examinations. i;rantin'.r dipiom.is. 104 
 
 l<»l!l()i>.\'ri()XS, 
 
 Act-- of rarliaincnt a[)plication of, to, 13 
 
 aL'eiits. can only act Ijy. 3ti 
 
 cl.artered, nature of, 30 
 
 con.iiioii law oi' eliarti r di'tiie tion bctwcea. anil st::Inlury co; 
 
 30 
 I onipanies under the .\ct of I'.JOH an". 'J7, l.'i30 
 
 loit (uily foi- cci'tMJn purpo-es. 3tl, 4.">.'> / / av ./. 
 (ii^tihction lii'tween them and their niciiil)ers. 27 
 joint tenancy of, willi indi\idna), )i7'2 
 lialiility unil'er l)ireiior>' l.iaMlity Act. 'JOS 
 i(atni-e of. '27 *'f >"/. 
 
 paw ' foker cannot he. utulcr it^ corporate icinic. U 
 proniwier. whether liah'e as, utaler Director^* l.ialtiiity A'-t. 2il8 
 pro\y, votiiitr iiy artii'les as to | 70.'), 70ii | 
 'cr\ice of writ on. 1310 
 
 transfer of >ha(c< to. joiittly with itxiix iilual. l)7'J 
 Ii-(a--urcr of fii.iiiiiy so.-icty. cannot lii'. It 
 
 .(./•^ ,v<c ('fi,\n'i.\n ,^ iM'ii; .\i i •<\ I'Mis, 
 
 u[)aincs. 
 
 <(ISTS. 
 
 eipiitahlc uiortjjae'ec. IJIO 
 
 lial'ility of unsuccessful for su:'iessful defendant's. 137S 
 payahh- liy one of -*'\cra! dcfcnihiuts. l:i7H 
 sci'nrily for. Illli; orders as to | Itlil, 111; | 
 lull id- Sk' I iiiT\ lot; Co-;-. 
 
 t'OTTOX SI'INXIM; fO.Ml'AXV, 
 
 ohject e'ause- of |."i3'(] 
 
 COLXTKIU'LAIMS, 
 
 ealls--in actions for | 1309, 1370 1 
 Older for relief on | I41H] 
 
 CCl XTV (•OlXCil.. 
 
 a]>jicarance in action liy. II 
 
 CO! XTY cor UTS, 
 
 districts in whii-1; companies sued. HO 
 
 jnrisdietitm of, 
 
 rednctii.u (tf capital, as to, I'Jiiti 
 under sretj !1, 2(U of lOllM, late \!c 
 
 lS<t0...12G.i, 12liG. 1314 
 windini;-np, in. .Vppi'mlix 
 
 <'t>rpox, 
 
 share warrant, to [lljlj 
 
 ;lo;:i!:j!ia! 
 
 ■i.itierj ,\et, 
 
INIJKX. 
 
 iri7 
 
 COUHT. 
 
 (liliiiitiiiii III Tit. iN.i iif Alt (if imiH. AppiMiilix 
 
 Act nl' 1!MW (■»*'i-ts. 1:11, i:^:;,! wiiulin^-up, .'vppciulix 
 
 jiiri'-dif tiiiTi a-* ri'iranU. 
 
 I'i'iliii'tidii iif i'a|iltal, I'.Mil). l'Jt>.> 
 n'>ttiratiiin of (■(inipany'^ iianto, as to, lli:t~ 
 iimlcr wcti. it, 'Jill of I!)IW. lati' Conipaiiii'* Mcimiraiiiltiiii 
 cia.ioii, A.I. lKiin...l.11t 
 
 noK-iiitrrfci'i'iicf liy. at suit of ininnrity, 71. '-M. \'-Vu >f «'■•/. 
 
 COVKX.WTS, 
 
 bu-iiirss. a;.'aiii^t cairyiiiL' on j 3.>(1 1 ami iiotr 
 
 hy iiifunt. I)."i7 
 
 ilaiiiau^i'^ tnv liri'.u'li. ;j,>7 
 
 ill jiiiii-tion a»raiiist lirt-acli nf, ill | I ll.'i [ 
 
 in ri'^trniiit of tradr. itivaliil, 117. 3-'>7 
 di^i'lo-uri' a-, to onerous. ;j.)l. 355 
 
 "CRKATi;!!.- 
 
 when iiuirtL'a'.i' or ciiarir'' i-*. *il7 
 
 r \< 
 
 '■'i 
 
 II 
 
 CHKDr 
 
 iiiisrt [in-'iMitatioM as to. I>y a;;t'iit of (vuiiipiiiy. U 
 
 CliKDITOIiS. 
 
 I'uiiijiroini-f wiili. iiitdrr s,. .f. 1211 of 1!MI^, ropl fin;; Joint Sli 
 
 l»ahi('s Airan^t'ini'iit .Vet. and anicndini; .\rts, 119*2 ft Hfi/. 
 insjK'ciion liy. 
 
 r('L'i>t<'r of niortu:a^os of, 688 
 innnlM'i' may In*, as rr;;ards company, '2il 
 
 Mof lialtlr on comp.-iny's ohlii^ations. 2.S 
 iiotii-r- to, of contents of mi'morandnni and ariirli's, 78 rf xi-fj. 
 prcFcrriitial. who arc in windini^-up. .Vppcndix, I57H 
 preserving riirlits of, on extendiiiir time to rei^ist.T mortira'jes, 
 reeonstrnetion, in ease of, I33t». 1337, 1 lll'i e' sr.i, 
 riirht to assume rcfjulor internal manaiienient. 7H 
 
 CRKDITOHS AM) COXTItim TOUI KS 
 
 Court to rei,':ird wishes of, in winding;-. ip, I.)ti5 
 
 CHICKKT CLl li, 
 
 uhjeet elanses of j .ill f 
 
 CRIM '. 
 
 com. ny can eoniinit, 42 
 
 CUIMINAl. l.l.M'.II.ITV, 
 
 linaili of slatiiloi-y duty. 23') 23S 
 
 dirertors keepimr fraudulent aei'oiints, ,Ve.. 233. 77. 
 
 false -tatenierit' in -tatenienl in lien of pro-peetus, '.'(iS 
 
 Larceny Act, ISIil, iiiidfr. 233 
 
 olitainiii^' !■: inev liv fiilsn pri'tencos, 23S 
 
 iimler sect. SI of .\ct of l!MIS...23."i 
 payment of di* ' 'ends out of capital, for, 7t»(), S72 
 prtispeetiises. ill re-pect of, 233 
 
 CRIMIXAf. OrFKNCK. 
 coin]iany liahle for. 12 
 
 CVM mv. 
 
 sale of shares, i!!* 
 
 lek Colo 
 
 liK 
 
 All references are to the jiae:cs. Pmifx t,i hi'iclilH [327] 'offr to thr Forms. 
 
171H 
 
 INDKX. 
 
 Ul Ml I.ATlVi:. 
 
 llitilli'lKl^. .)7(>. 812 rf mi/. 
 imfiTriiii' nliarcH, iiii, STB, HI'.' 
 
 iii-ficlcH UH til I N20 // "'v. I 
 
 il.iu-ii's in iiii'iiKiraniliiMi "f ii«»ip,iiitii)ii a* to | .578, .'>S0, 584] 
 
 order f.'taMisliiii^' riirlit-^ as to | 1409) 
 |M''ifitfl-- application in rfMliictioii (if paid-tip ciipitnl [1124] 
 
 <TS'n)MKH.S, 
 
 ^"liritirii;. after sale of i,'o«m1v\ il!. :J.»7 
 
 «ycm; mam tacti i{i:its- comivwv. 
 
 objpct claiisci of I 543 | 
 
 DAIKV COMrAW, 
 
 "liji'i-i ciausi'x of j WVi I 
 
 J) AM Ad !■■..•<, 
 
 chiiin f{tr. in action of ilo-cil, 'JO.i j i:{-)tl| and notes 
 
 ill action under- late Dir.. -tetx' l.iahiliiv Act, 1890 mow sect. 84 
 of 1WIS,...| i:t4(i| and notes 
 director, airaiiist. wlien provaldc in li;tnkniptr-v. -07 
 disi'iainier of liarikrnpt's sharo on. liMO 
 franil. for writ of siiriinions | |:i|ii] .inil note 
 lioiiiilated, as to, li.'iT, 3)H 
 
 loisreprescntation in prospectus fur, luciisure of. 207 
 fi fo'iil to re.n-tcr tnuisfer, for. liliil 
 -!■■.. lance of, lictweii joint defeiidiints. |:l.")0 
 \e'idi>i* carryiiiiT on ri\al Inisincss. .in. :i.'»7 
 
 i-onditiiiii of sale as to | ,■!:)(; j 
 where si.,t, :iH of iHliT disre.-arilc.l, ■.'■.'7 
 
 DAYS, 
 
 clear, (i.e., 7H1 
 
 DKAIU.OCK. 
 
 U'-neia! nieetinu:s, as to, IJo; 
 
 wiiidiiiL'-of acciMint of, (iHI 
 
 or receiver, COl 
 
 DKATII, 
 
 I'lisa.il \acaicv o'-crisloiied liv diici turV, 7.'!i, T."!!! 
 
 deceit i!!e tin cr'L.is of, '^(17 
 
 I'ivcitors' l.ialiility Ait (now si.,.t. SI i.f lOii.sl ert'c t on a<tion3 under, 
 
 joint III r of shares arlidi's j tl77 | anil note 
 nicndier, id' transniissinn clause ' 1177 | and notes 
 nulices to rein-, scntatixe-: oit ,s!iai"eh'ildci"s j 1U7K] 
 
 DKATii in Tins, 
 
 private coinpanii's' advantai! 
 
 rards. 1127 
 
 DKIiKNTl l!i:s, 
 
 action to enforce, 
 
 jitd^riiients and onhr^. Part III, 
 
 pleadinu's, I'arl III. 
 
 writs of snninions j |;i.»2, I;ri4j 
 LiL'ri" nients as to j 407. 400. 410, 4l(i| 
 
 deposit <if, to s,.,.iin' advances | I2I(!, 1218, 1228 rl sen., 1236, 
 12:i<l! 
 propo-al for | 1222 | 
 
 c\tc!iil the time !iir [-.ayrocct, tc. i <!1<)J 
 
 prioi- lien dclicnttires, as to |4I0{ 
 allotment letter | lOtil | 
 application for | KMiOj 
 article, as to |(i87. (iKS ] 
 III. ink, ill, inortifage l.y de[iosit i)f |1230| 
 
ilii: 
 
 IM>KX. 
 
 1719 
 
 JllHiKN'll l!i;s ,„„i,„,i,il. 
 
 hoiiiii c-.TlitiiMti'< iiiiii'il witli. ^iiiil |i:iy.ili!i' 'iiii III' pr.itit-i miv ii ■ icm- 
 
 siilcnitioM t'lir ^iharr!*. *i:J, 4(»*i 
 liiirri'wiiii; on, 
 
 hv nmipaiiii'-^ jointly. Mi7, tiHii 
 \t\ tit'posit oi'. (iS7 
 ray\x.\\ \y.M otf l.y | ll'->3, 13001 
 I'l'itiMc all' "f n'L'istiation of | ti'-l' | 
 
 lincilar lo IhiIiIimn of cxi^tinu'. i" not a |mo«i tn>. ITS 
 
 i-on^i<t('i'atioii in, on sale to riini|>any. 'li^^ 
 
 i-ri'iitioii of, tu pay otf old inn-, ri> .ln;ioii- a- \" |11J7. ll'JS] 
 (li-l.l-^ haiiiiL' priority o\ct. v<r I'i:iim:i\mm I'wmim-. 
 ili'ni.iiid. pnvahli' on, 'ajTrcrnii'iii for it po-it of |12-J.1| 
 
 for f .l.l.rnturi- | rj'.MI j 
 
 ilipo.ji of, to si'inri' I'lan, (iHT 
 
 <li lor-., artiilc a« to \x:W\ 
 
 |)ircctor>' l.ialiilitv .\ii. -' in 
 
 ili-iluiiiro of lialiilitio^ l>y i-«iir of. Tilt 
 
 <lisi'iMint. at ottcrcil to ^nli-"rilicr> for ni'w -li;ii-.-. riMoliiiion a-* to | 1 113 J 
 
 ilisnii^-al of MTvaiit^ liv appointiiiL' n-irivir. Ill 
 
 .AtiMiiiinL' tinii- for rl'.'i..I.'rin!r. (ilT. IT-M \\1\ jllJl- IIJI1| 
 
 •• lir~t niorl'ja'ji' " ; Sto.'k KMliantii- liiiii- . ■JilS 
 
 fori'i-lo^nu' 
 
 writ »if sninriHMis for | 13.>li j 
 form of. (Ii'po-itnl Willi l.ank | l'J-.'!l| 
 
 rciri-^trrcd ordinary 1 -*00 j 
 in-.tnlnK'Ht^ paid for forfritnrc of tloni. '_•!'.'» 
 U^w of. on ri'dnction of capital | 1 :100 | 
 
 ini'morandnni a-i to dcpo-il of, to wairi' rurri'nt i cinnt I I'J'J!)] 
 
 niinininin ^nlnrriplion of, wliitlicr mmi, SI of .\i-t of IHOS rnpiiri'i 
 
 ^t!;l cnt of, lllil 
 
 iri.idiiiiatioo of l.uldi'r^' ri'_'lit.-. n-.idilti,.n-i a^ to |ll'ii»| 
 
 noti f ni.'i'tintr of li<d(li'r-< | 1IIH4 | 
 
 notic-i' of petition to i-vtind oliji-t^. li'l!!, I:il.'> j i;i-.M :l >• 7. | 
 
 tilijoio clan^o a< to j 'tW j 
 
 p:iyrncni otf of caiiital hy, on ndii^tion 1 llJ:i, !:10II| 
 
 pii-iidins;^ in actions to niforn-. Part 111. 
 
 piAMT of attorin'y to crcitr, aliro.id j ll'lHj 
 
 jiriin- lien, aLTt'fnnMit as to 1410] 
 
 ]>ro>pri'tns. ri'lVrcniT to in. 171 
 
 provisional rrrtitii-atcs for ln-arrr | 1 1 In j 
 
 nioiKtrnrtion. itV,-,t of, 1117, 1 I Is 
 
 iTL'i.fcr of, lilt) 
 
 iciii-tration of, 31, (Jill 
 
 rxKialili.,' time for, IH7, 14-JI IIJI 1 IJ 1 ll'2(l|. /.- / ..-■'• 
 
 i;i:i:i> ir.siloN. 
 nnirf^'ajff to sci-nrr issni' of. till* 
 
 ;rl,i /in\sH SOrioH, 1)19 
 
 vcrit"* of, riTtitir-atf of (form , ti'Jil 
 rr-i>j.nr of. provisi<nis of .\rt, l.');i.'> 
 rfsolntion at ini'i'tinir of ludilrrs of ] I I'J'I j 
 rc'idntion fo"- creation and ollVr of j 11131 
 ri'^olntion for i-Jsnc of. on n'dnrtion of capital 1 1 rj3 | 
 rc-triiliiMi a- to, in artilc-, (l.si). i;s7 
 «\lc of nn.lcrtakiii'r for, 31s |,-,|(|! 
 
 scciritics t,) l,ank | I2I(; rf ..,,,.. r.>J3 -' -.;., I'iiS ./ ■.,;/.], \1>:\ 
 
 Mci-nrity for loan on. and c!i:iriro on nndcrtakinu' j 123111 
 
 security for current a ■ermnt etfect if mi' onnt ce.ce* t'l he in deliit. 
 
 IIIM. IHl'.' i«cit, nil '2 of Act of nill'si 
 siinn!tane-Mis offer of, before company entitled to eoinruenee husine-^s, 'J.! 
 special article as to | S37 | 
 
 sp"eiti. performance of au'reenn tit as to. -.VU, 'l'.)'t 
 sta:"tnent as to, in pruspeetus. 171 
 Stock l''.xelianu'e Kiiles, •.>(!.•) ,/ .■,,,/. 
 
 5lilj-lit'.ili"il of. '"1" .ai: — I'.il paid-llp .;tpit.ll ••» l'.-illl-1 1"0 j 13001 
 
 i! 
 
 .til refi rciiec. arc to the paire . /'.../c.i ;,( )j,,:,/.rlt |327 j ii/,', lu l/,r t'urm-i. 
 
1720 
 
 lyoKX. 
 
 nEnKVTtur.s ,„,/ / 
 
 tni't (let (1 to srcliv. 
 
 .iTtitp.'ll.- i«f ri-iri-t?-:llioii (if [l|-ilt| 
 «|H'<-iai pnwn-* <»t' triHtrr-* 1 ^'H I 
 
 writ lit ^'l|lIlllllln« tci cMifcirri' | IS.')!] 
 tni-tii'- fcir ilc'lii'iitiiii' lh.li(|.i-s t.i a|i|Miirit .linctnrt nrtirlM fSSO] 
 iin(all([| ':i|iital iliariri'il l>,v lalU in iviiiitiiiB-u|i, liHft 
 iimlrrwritiTi'^ of. :!7.'» *' >''/. 
 
 ■•ontract^ .f to i :i(l7 31(», 31.')1 
 votiii!.' rij,'lit< ill rr«|i<Mt of. 703 
 
 Sir fortlhT, I'urr III. of thi" work and li»t of content-, i'i/ir". p. 1213 
 
 DKHKNTI l;i;S ■[■It |.i:\i!KI!. - . I'ai:t \\l.. ir, rt tf,,. | 3fi | 
 validity of. in Srnti.iinl, l-'i.'iti 
 
 dkhknti ifi; ,s rot k 
 
 a;rr(Miniiit for sali- of. with view to piililii- ofTi-r | 12S] 
 airriiinriit to i^-ni'. to satisfy |>ri'l'iirncc div iilcriils liy [107] 
 npldication for. I'oi'ni of | MliiO | 
 artirli'^ as to | (i!<7 -■' "•/ . \ 
 •■(■rllliiali's ivf I I I I'i 1 
 
 provisional { 1 1 17 | 
 Ilir.Mtors' l.ialiilitv A. t. or mow) socf. S» of 1908. «■< to. 2n.H 
 iniludrd ill firm '• dilirntiiris " in .\it of MKIS. .\pp., I'lSS 
 oiijiTt i-hiiivc a- to irorpiwinir on | .")0fl | and note 
 pt'rpt'tnal. 2!l.) 
 pn.spoctiisi s as to. 
 
 Diicitois' l.ialiilitv .\it (now sect. HI of I90S) applies to, 20S 
 
 tililli.' of. llli.liT s,.',.t. ,SII of l<)0H...I7il it «'V 
 
 provisions of -.•It. hi of l?M)S...lt)7 r> »>,,. 
 provisional rcrtiliratf jll47| 
 niristration of. iind.-r .Vet of I90S ..(ilii rt „,/. 
 
 .xtrndinu' tiin- for. tll7, U.'l -IIJ» |llil. Il2f>] 
 
 .(,.</ »!•. lili.l-iil MION. 
 
 ro-issao of. provisions of .\<-t. I.'i.i.i 
 rrsoliiiion to cria'.' ; 1127. 112H| 
 rrsolution of lioIdiT' j 1129] 
 s<'rnriti''s on. to bank. t2r{ 
 spi-r-ilir pcrforniani-o .is to. 21' I 
 Stork Kxclianifo Knios. 2ti.i '' I'l/, 
 
 .liir/ »,■,• I!am.i\.. \Nii .\in\N(i; Sm iniTiis. 
 tonninaMo. 29.> 
 niidiTvvritinir of. 27-» '/ *'■»/. 
 
 contracts as to | .Tl'i -US | 
 
 DEUKXTinKS AM> KKIiKNTl liK ST(>CK, 
 provisions of Act as to rc-issnc of. I.'io.i 
 spi'ciHc pcrforniani-*^ of contra'-t to sahscrilir. 291. |;».>(» 
 
 UKHTS. 
 
 aarocincnt to issue paid up shares i^i s;itisfy company's [390] 
 
 collection of, on sale to company [.WO] 
 
 oxclnsion of object ionnblc. on sale [36*»[ 
 
 unarantoe of. by vemlor [ 360 [ 
 
 inabilitv to pav prospective or r-ontin^ent. 15ti2 
 
 indcninity of vendor airainst |3t9| and note 
 
 preferential in vvinilin;; up, what are. .\pp.. 1,>7S, 1579 
 
 reeonstrnction, jiosition in, 1447, 141S 
 
 DECEASKI) MEMUEK. 
 
 calls on shares of. *io.5 
 
 clauses in articles as to rfi77! and note [704, 780, 7fil] 
 
 disposal of shares of, by articles [ii77, 678 1 and note 
 
 liability of representatives of, 678, 679 
 
 notice in I'ase of [781] and note 
 
 forms of [1(177, 1078] 
 notice to exei-iitors of. 779 
 votint," on shares of [704] 
 
INKKX. 
 
 1721 
 
 DECEIT, 
 
 ai-ti(in iif, hy ttllntti'c. HVl fl -i;,. 
 liurikriipti'V ul' drfi'iidaiit. 'JOT 
 ii)iii|i,iiiy'- lliiliilitv for. 20;i 
 duMiaiff iiiUHt l>(* Hhowii. 2il5. 1349. IJ.ill 
 
 i'\i(l(>iu-c ill, '2(1*2 
 di'utli of drfi'iiduiit, '2117 
 di'luv, '2(1(1, '2UI, HW 
 fraiiil iiiii-t lie- o<tiilili'<lic>d ill. llfi, '211') 
 iiii'*rr|»ro'*riit:itioii in pn>'*|n'rtU'« fur. ^iii'l 
 iiun-di-rli>siirr »•« f^rounil for. '2(*4 
 |iiciiiiiitiTV lialiility for. '203 
 priNif ill Itaitkruptcy. 207 
 "ilfiM'c not siitticii'nt to siip|iiirt. 20.'i 
 
 ituliicrllifr niiiHt lie intliniKi'd liv faUi' itaioniint. 2(14. '20.i 
 Statute of l.iniitatiniH in riu<4r of, 2(Hi 
 writ I l.34ft|. 13.50 
 
 DECI..\H.\TI()N. 
 
 upplii-ution to rc^i^trr coiiipuny. on, 4 
 
 form of |t>l)5| 
 
 ditto, wlii'ri' no proapcctus to lip tiled [(iOtt j 
 befurc c'niiiiiicnri'uii'iit of Im^^ino^tr^. 
 
 funn of I M)H I 
 chairniun. of, on :<liow of hands { 700 | and iiotr. I()!)S 
 
 coricluHiviii.-^s of. 700 |70()|, lOHO 
 dividend, of, 
 
 iirtiile u.< to [ 7ti.'> | 
 
 lit"?, oer'n rii^lit to f*iie for. 7ti."> 
 iiieiiii aiidnin of .is^ieiation. in. a^i to limited lialiilitv. kv.. 447. 4IS 
 vrrifyinif doiuineiit< for registration under Part Vll. f^cit. 2'>4) [t>'26] 
 and note 
 
 DE(I..\H.\TI()N ()|- TKl .ST. 
 
 hv vendor a-» to leuselioids I;!.'!!! and note 
 
 DEDUCTIONS IN HKSI'IXT 0|' INCOMK TA.\. «9 <■/ 
 
 -103 
 
 DEED, 
 
 artieles as to operation as j "(iO. 701 | 
 
 (•ertitieate if sliares is not. .SI 
 
 company, of, may lie exeeiiti'.l in e'erow. S'.i 
 
 covenant, of, not to alti'r artieles. elauses as to I !ltl2 | 
 
 <'xeeution of, abroad. H4. l.il.'i ( App. j 
 
 powers of att4irney. II;).). 11.')!! | IIIM >/ -,-./.] 
 e.xeeution of. Iiy eonipaiiy. I.jl.i i App.i 
 exeeution of. in blank. liliH 
 nieinoraiidiini of as.soeiati'iii is not. SI 
 seali'd doeiinieiit is not iii-ees-arily a. .s| 
 sealini; inimn i,i,ir imports di'li\erv, ,s:i 
 transfer of shares by. 668 
 
 in Ittiiiik. (i()9 
 
 DEi-;i> oi- si:ttm:.\iI';nt. 
 
 adoption of niemorandnm and artieles in |ii.|i nf, l;iIO i-i «,,, ri3|81 
 App., l.V.)2 
 
 Ami .-f I- Kmknsiox oi- Oiinrrs. 
 orders as to L13'22, 1321 1320) 
 pitilion for Court's sunetion | l'MH\ 
 re-oliition for I 1I2!I| 
 definition of. iiniler Act of l!t(m . 131(1 
 printed copies of. in ease of life assuraiu-e, I()2h 
 
 rcL'istration under Part VII. of Aet of Ifliis of companies with 100" 
 App.. 1. ■)!(() 
 
 ./// refeicnecs are to the partes. I'ui/i'h in hnn kn^ | 327 | rrin lu ihf Korms. 
 I'. .5 f 
 
1722 
 
 INDKX. 
 
 UKEKS OK \KUAMiKMi:XT ACT, 
 ilix'i. licit u|i|ily til iiiiii|iiinii'", 4t 
 
 l)t: f.iCTll DIllinOK. HI. 72i. "13. 744 
 
 writ of »uniniiiii« t<i rfHtniiii, froin iii'tiiiif | 13.>" | and note 
 
 l»KK.\MAT()UV Sl'liW lli:s AT .MKKTINOS, 
 
 wlii'H |iri\il<'t;>d, tl97 
 
 ' iiKlivid'ial i.-.i.oii.il.ililv of dirwt-iri.. i<., article |7H«|_iind note 
 nicaniiii.' of tirm. a» i-i'fiirwiirdiii»r return to mnistriir, 7li3 
 iiiidor. Iiy. wimt i». 3.i4 
 
 liKKKCTlVK SI Its* HI1T1(».N, H 
 
 DKKKNC'KS 
 
 ' uition iiml.T -i- t. HI of A.t of \'M)h idamatfi't for brcarh of statutory 
 (lulv a» lo |iro,(). <tu^). to I i;iT7| 
 action- for calN, in, i:!(>(i 1 I3ti7 I37ll| and lioU'H 
 rouiit^rilaini. and | l3fW, 137n| 
 stul.mcnt of ! i:i<i7 1371 |. ./."/ »<<■ l'l.K\,.lN(i». 
 
 lli;i KNDANTS. 
 
 joiiiilcr ut', ill action. I3IH 
 
 l(Kl'-KI{Ki:i» SIIAUr.S l.iHl. .'im:.|, Hl!» ' I . , ., 
 cinuHf- ill iiie:iioraiidum of as-coi-iiti' m to |.>HI, .>».5 | 
 in arli.i.- IH'21 | 
 
 l)KFi;i(Ui:i> ST(K K. 
 
 ilauM- in iiieniiira'duni of a'socialion | oHI | 
 
 DKl INCT COMI'A.NY. 
 
 Iictilion to ri'-torr numi I' r.ni»tiT and order tlienori | i:t;!.), l.l.ilij 
 i-trikinK' olV mid nttorinir name to rei.'i<iei-. Jtl. 27. 1337, Apii. I.)H7 
 
 UEI.AV. 
 
 l>ar to re^cix-ion of iimtrait to take shares. 2(10. 2111. 2lM. 
 eoniiiletion of sale, conditions as to | 350 -353J and notes 
 in allotment, effect, 52 
 
 DKI.i:i!.\TION. 
 
 directors' powers of 1742|. 713 
 
 liorrow ill;; . (IHU 
 
 (■omiiiitt.es. to |7»2l and note 
 
 local lioarils. to | 75(i | 
 jiower of attorney, under | ll(>2 | 
 
 iiKth.a.nrs .\ii.\ rorh.sr hki.ehaue. 11.55 
 
 DEI.IVKKV, 
 
 deed, of, iniplicd liy sealing' in ease ot i oinpany. 83 
 
 DEMISES, 
 
 seal of company on, H2 
 
 DENOTIXli NLMHKKS, 
 
 shares, of, s.Ht. 22 of Act. App., 1.532 . , .„„ 
 
 in a liankinf.' ronipany must he xivon on transfers. Ofi!) 
 
 nF POSIT 
 
 .,„'r,.pn,cnts for. to -seuurc advances fl2lfi, 121 S, 1223 n 
 
 •onosal II 
 
 propoi 
 
 or 112221. 1223 
 
 application for shares, on. return of, 9, 16. 2.58 
 
 writ of summons for 1 1345] 
 hearer securities I 12231 . ^ . ,,,„, 
 
 bonds, of, a(freement as to, with view to united action 1 416] 
 
 1 2.'S 
 
1N1>KX. 
 
 iTja 
 
 (IiIm iitiirt-. mi, Xti MM un immcv. 1»H7, \'1\'.\ 
 
 lihiiilt. ill, <*t't'iirit\ oil i rj J!i J 
 
 payiiMr on (li'iii:inil I 122!) j 
 il(M-iiii,iiit«. of, iiH'iiiiinihitiiiii ti-< t" I I2IH| 
 riiipliivi'". I'y. artii-h-' lit to I lii'jM] 
 
 niuiralilr -riiirify I')'. llH.i | I21H -•' "''•7 . 1222 »' -"7. | 
 u't II''' ;il ■*t'rurily | \'IV\ \ 
 
 l:ihh1' warnint* at inui» ihli* -trtirily. airfvahiit ; 1221] 
 Umw* nf <4pt'('if1<><l ■^iiin-' : I22.>. I22»ij 
 |iriipo-al til si'ciiri' ovcrflraft j 12221 ami iiDtc 
 |iro\i-itiii t'(tr. in ^aW aL-'i'vun-iit, .MK 
 purcha-iT^ li*Mi for. lU'i 
 rt''-ript (if taoiity un. ii!ij«'tt riati-«» | .»tM* 1 
 «(;ltrntf tor iiiiii'iovfo' iMMirHt. I<l|*l 
 title tii'i'iU. i.r. liy way of innrtLM-T''. IIM.'i 
 
 iihiniiraiiiliini a^ to | l2Ui | 
 iiiah t vvritin ' !• ttir, ftitli | 3iMl j 
 
 DKi'osri' ( oMrwv. 
 
 spri'ial anriMjl 't it'iiii nt. l.'».'»ii. I.'i.*)" 
 
 DKI'HKt lATlON. 
 
 of ciiMipanv'- proptTty la^ nx'JinU <ii\iH*'!Hi-), H'i'i. sti2 •' •■'/., H7S 
 
 rrdiM'tioii of iupital in rc-pirt of. 1258 
 •■('M'rvf final to luc't [ 7't4 | 
 
 1>IA.\H)M» MIMNC COMrANV, 
 
 ohuTt rlaii-*'^ 1 r>:jMi 
 
 l>iKi:rTi(iNs. 
 
 toriiiiitioii ot* t'lmpanir-*, a-^ to, -J rt in/. 
 :>iiiiiinori- for, llJtU 
 
 riiliu-tion of i.ipital on { 12^(0 j 
 
 in artii !i' 
 
 DIKKCTOHS. 7'.«) 
 alifcnri' of, i-la 
 
 Iirctptancc-; of ro(llp:iliy. p 
 
 mrcptiiiiT oIIht ottirc | 72M 
 a'Tonnt> to krcp [77(1], 771 
 acfpii-'iliofi of propfrty. powor j7ts 
 aiiihL' a-» dii'itor of ri\al compiny 
 
 ;. t4i I 7;tl)j aiul 
 .r-" as t-. ( .iO!», 
 tni) 
 
 iii<t.» 
 
 '■■|2 1 ;ni<l note-* 
 
 Uiite 
 
 >• (pialitiratioii. IWi 
 uiui.r Act of I!t08.. 
 
 ri9 
 
 
 iial, rtiiiiTs ill iirtirlt's a^- tt* 1717, 
 f. to >i'^n ri>n-*ont>* to art, fi. 7 
 
 :ii tiitu' witliii 
 pi-ii;ih i<' 
 a'tion-i atr;ii'i-.t. 
 
 plraflin^"* in [1377 rf trq.] 
 
 ,irtvn\<. powr-* II-* to I 7.')1 |. 7'»2 
 
 adiiitional 
 
 aijcnt of 
 
 aynit' of {'Hiipany, arc. 7(M» 
 
 airitM'mcnt to take (|uaUfif';ition shares, fi, 5li 
 
 rtf.V'I of A<-t uf I9(»H on. 7lH 
 allotini-iit iiionrys payalt!* I>y. 20 
 altotini'iit of j-lianw hy. I't. (i(7 
 
 artirjp i\-i to j (i4»i I ai;d noti'-* 
 
 duties us to. I* 
 
 irr' LTularly nijule. rernotly oT nllott**" a 
 alternate or Hiih'itit ate. article at* tn \ H32 | 
 another eitmimny to act as | 82!t | 
 applieation for re^ristration whpre no (iiri'ot 
 
 7 IM ; ami notes 
 
 [ 392 
 
 rainst, 
 
 .rs [fit! 
 
 ;'M1, 71S ,■/ 
 
 ir. ff 
 
 M 
 
 .1" n frrenrr'* arc to the patr^'S. Pttr/rs ht hrarkfrf- f 327} ,■*•/,/- tn '/--■ Forms, 
 
 5 u 2 
 
u^ 
 
 ITifl 
 
 INDKX. 
 
 Pti 
 
 DlliKTOf'a <■ ■.»!««/. 
 . j>l< lii.tment -.i, 
 
 iirtiiivs, 'V. 4 [717 [ 
 
 Ji'fcrtiv.-, »<t.t mlulitiil |7J3| ullil liuiM 
 
 |.ri- -.iiHi- •>f Alt <if IHim «■> U>, U ri »«v.. 
 
 Mill--, rilirr^ Ui ini'moraiiduiii. Iiy, 717 
 trii«*j<"< "f will. Iiv. ilauv ii" t4> |83l | 
 
 tUiieiit of. t ■ ;i '. 4, li M 
 
 itMKtiitunt '.J 
 
 iitteiiduii, 1 i«>.tr>l 1, .i'liiitr«. 7H, 721 
 
 uiidil lit imiita lartirli-xi 77;> i-l tri/. 
 
 uitilili'f', .ijtit'i* of a-* ri'irAnl.*, 774 rf xt'tf. 
 
 autliur.ty viu'ii to tlieui tt.i u tMxlv, 710 
 
 liaiiknii'ii y "f 
 
 aiHiiiii'itnittil iiutwitliHtamliiiL', 7311 
 <lai»,u'i-' Mfc-iiiii.tl, wlicn |.'.n;ilili', 2tl7, J'."J 
 vaniti if iil!ii-p l>y 1 ■■' ' ■''/ i '>"•' 
 
 lieliff of 
 
 Td, ill |itM-|ifi-lu^, 187 
 i v, 5()». 7ji 
 .'.lO, 74H 
 ■I of. 747 
 
 I to, ti.'ll 
 M'ciMli ll\ 7 1 i 
 
 Mi; 
 
 Hi, Vii|>., »ocU. 72 
 
 jttiiU'niiin 
 hilln uf fxil>ali^'t 
 lllKIIll lUUHt att . 
 
 Itofi flilit ri."iiiii 
 
 iiiakiiit; 'ulK. i 
 bonii" iiii|in.i.i'rly 
 iMirriiwintr t'V, 'iMiJ. 
 
 .irticiv- .1- t.. |liN« i:«il| 
 
 .■iM|iiiri ■ liy li^mlrr :i^ lo a|>|)lifOti()ii of ir n 
 
 bn.iili of trust ' v, 711 
 
 judnnu-nt^ t.. J14IPI /•/ .<•(/. | ami ii.i-' 
 
 hrll..-. I.v. 753 
 
 linlii'i to, : !3 I ia,'>',;i ..nl i^.ti-s, i Um | ami mil- 
 mi»fl■ll^alll•e prori'dliiu'^ for I IH.VJ | ami im: 
 pli'iuiiiilfs ill iKtiiin I 1.382 rt «(■./. I Jiitl '■■■■• 
 »T\t uf <iiiiiiniiin |I3.)L'1 ami miti-i 
 
 fall- '>y. (Iiilii's a< lo, ri.'i4 
 
 «!nii unduly a|.|..iiiiti'"l, ii.')4 
 vniuniary winiliiiL' ii)'- afliT <>.'i.i 
 
 I'aMial \a.-.i'irii-^i ill olfi' • of I71H 737 I ami imi' 
 
 fhuirnuiii arlii li- *i to 1 74i | 
 
 ■10 
 
 It rCriJH'ct Ot 
 
 tioii as. 717 
 .r. Jo:), 714 
 liiifts of. 710 
 "*, |H'ii ity for prrnialu 
 to I : . ), Hi'i, 83.3 I 
 714, 7!-'. 1352 t- 
 
 > [74-:. 743] ami 
 
 I'li.iiiiri - ill li'xlv of 1 iii'iitioii ill. 
 clu'iinr- jjiviMi i»y, ■'>!'' ■ *- 
 
 personal haliilit'- 
 I'lrrt^yrfiun's ili-ifiuiih- 
 lo-tliiii Ior» liu'iilii 
 ii^llri ti\f \vi~<ioni ai 
 
 COIIIIU' Mil'llK'Ilt of li 
 
 coiniiii.Hs'ioii to. arti- 
 
 impro|>orly rcn 
 romiais^ioiis paid iiy. 
 lonimittet"* of. ari .i-l**^ 
 
 (|Uoruni of. I 
 rnmpari-fi with m.i 
 (■•.lapcll^atio! f" 'in 
 coiiiproiiii^o. 
 roiitii'iiiation 
 (■oniiiftinir i'ir_-.i,.! ill 
 riiniont of. t ■ In- 
 lOHMiit to ai-f IK 
 
 fnriii of ((iOi 
 i-oiitrri'tiiiL' in tli- ■ «ii ■'"'" '1 
 
 i-;!itra' 'I of. with ' 
 
 intrri'-ts ill 'i 
 
 raliriiation ■•' 
 
 w.iivi-r of I'l- 
 ■ (iritiilnitioii. riiflit t 
 
 uiidi r MTl. 84 of imix 
 i-oittrcl u' jji-tnTa' MKH'tin;.'- 
 lopy ' iri'-trr of | liil ] 
 
 1738: 
 
 34. 3.1 
 
 732 
 I 718] aiiti mil 
 
 tti- 
 
 nil- i>ann>Ti, 
 
 '■r. irn'^uly 
 
 T-">i I ami III 
 
 hv '•«■■ i 
 
 ., of. 732 
 
 ti in pr "i»B 1 ttt 
 
 of 190- i -f 
 
 Wll lla^ii 
 iialiv. a 
 
 llotm.- 
 
 -.07 1 
 
 T S ■■■ 
 
 /226. 
 
 iml ml 
 iTal m 
 
 ialiilitv .\ct, 
 
 717 
 
 uu. lA-i 
 
 ■iHi 
 
ivi)i':x. 
 
 1725 
 
 OIRI 
 
 mi: 
 
 r: Wil 
 
 oonttHUt-J . 
 
 I'n' whiTi' iriiijcf'iy i>f »h.irilii.lil wi-li •" • X' 
 
 III' In 
 
 vr oiuis'- list 
 
 di '»r*' i' 
 di 
 
 of, 'ii-i 
 <rliOll (^ 
 
 '< art I 
 
 .riifioii 
 
 d|>|IH<'lkli' i<> rrgi«i 
 
 i^fmittifnit-iui-rit of tii- 
 
 ■!v^p<i'tii ■ 
 ill' ill I ankriiiii 
 
 ;w f" I »• I", 1*31 I 
 
 "mpany, 4 
 ^<i. an to. 20. J I 
 
 iii 
 
 ■iary (Ki-itinn. <'• 
 
 iittiffiit-iui-rM 
 ■lileiKli-. at to, 7K.i 
 ifi> < ... 73(1, 713, 744: 
 -.70 
 
 \t :i of xtiinmiiiiH t/ rf.tr»in I 13S7| and ii"l<' 
 di'fini 'M of, in w l. 'iw nf Ail, 710 
 d»'li');ii:iiin "f |"i»rr>i of. H 
 I i>nimlttJ'(>«. t<i I 74',! 1 
 lix'iil li'iiid*. to |7.W| 
 deloK,itioii I'f iMiwiT-* t^i. 7 l*i, 717 
 dfpo-it of I'.pl'i'TitiirPH l>y. HM" 
 di'-i-riptioii nf, in pror4p»'«-'ii(«, l^l^ 
 Dir. -lor-.' I.i.iliilitr .Vil '.»»(», .iinw 
 
 -/ «i7 . US, ■:■-■' 
 
 ,</,./ ,., . |i III' Til. i.i vn;: > 
 
 (ii'frnci** iiiiilrr. 2I'» '.III 
 di^'iTtioi. of. 747 
 
 di'<]>i>-iil if jirii|Mrly |i.iiiliii;; «i •- pilii 
 
 •ii-.i|iialitiiMtioii. 
 
 funf rai'tinif witli ••oii.iiany, 7, 
 i'Xi'm|ition iluii'H' [7:i' | 
 
 • ■fful on i|iioruiii. 732 
 (iiwp'alitifation rhiii-i' in arti' 
 dis<|iialitiiH|, art* of. 722. 74:i 
 dividrtid.*, 
 
 ^•-.t H» of 
 
 20S 
 
 H<'titi(nt'». 7'U» 
 
 
 
 o,it nf rupital. 
 
 Uiibiiitv for. ^T "JtiH. 
 
 
 . (ino 
 
 riii^f<a-anri' l»\ ' (, 7 
 
 
 
 liui' ii|ipoiiiMiui;r of. pr. ^1 
 dutirt of, 
 
 
 
 forft'itinir ^liare?*. a* t->. tJ.)M ft npt/. 
 making ami ^'afortiiu' ojilU, fi54 ff 
 
 "''/ 
 
 tran f'T-. i-» t«. tif»5 ' ^trf. 
 
 
 
 t'«>to|»jMHl M- t^i :ill""'i'iit Itimtf'l' 
 
 5H 
 
 
 S73 
 
 e.xclu'-ion of 173i' | d 
 iiijiiiiction airni 
 
 llOII-illtlTflTIM:. 
 
 737 [13.571 :. 
 
 writ 'I iiimmH! 
 fees of [724 I and imi' 
 
 Jtiff ypr itfhtl. '* roiiniluTutioi 
 tiduriarv [lO-iition of. Oil ii4.'>. 7 
 flr.xt - 
 
 claiifios in arti*'I<^ an to [717 
 
 Table .\,. ax to. 717 
 forri'itiirf of .^hart'--* l>y. 
 
 artiii.< at to ' li.'iS tl »(-(/.] and T.ote- 
 
 jmliriii''it r«>"ainiii!.' iUi'ital |l4i'4| 
 fraud" of, : -'. 71 1 • I.*; 
 
 ■T i 1 M).') j and iiotr 
 whori' iii;ij'»rity 
 
 -trail. ' 13.57 I m".' ••!(' 
 
 732 
 
 .iii.f not*' 
 
 'hii 
 
 •ilil*^rs (li^-iirrt, 
 
 (..-dir. 
 
 ..r.. ' 
 
 !i..MiIit^ 
 
 f..r, 2o3. 71 1 1 7 <! and niitp- 
 
 imiirop-"'v 
 
 i Mi- 
 
 u*. itniT" 
 
 iniiiii'-tiiin ;t;;ain-«t ["140li| 
 
 impro!' 
 iii**(mi^ 
 
 '"■ 
 
 vnti-v in 
 
 ,t4. 729 
 
 iilr.' linn ( I4l)ti1 
 
 u»-r.*tt^. ' 
 
 Hitlli' : 
 
 ..f, arlii-l,. 
 
 ! 7.3li 
 
 -fc, 
 
 .1^ 
 
 Al! rrfiri-iui-« arc to tli. jiiigc«. /'•' 
 
 [.3271 
 
 /.. till I'.irin*. 
 
1726 
 
 INDKX. 
 
 rt. 9t of laOH), under, JOH, 225, ! 
 
 >t> 
 
 lltU »e(' JLDUJIKNI'S VND 
 
 DIBECrOKH -TO„/i/ja-</. 
 
 indi'iiiiiity of, t)4.') [7»( ), 7b« 
 
 Uinitors' l.ialiilily Act (i'"» 
 
 fi)i iH'cdiiiiiiK Kuretit's |I2J1J 
 iiid(iM!nil.nt board. 131 -13«, 13^ HI, 945 
 
 (Idtv of Mroiiuttcrs to j>ro\iil<-, 134 
 
 proViMoi! ill urticles ajjaiii-t ijbjcftion»(iii ac<'Ount of, 6H, 645 
 
 nilr not ap]iliiablB to pri%at<' toiuiiaiiii'.s, 13.'>, 945 
 
 wlial coii^titutM, 135. And net- lMil.iK\UE.\l E\ul TIVE. 
 iiidi'|icii(lctit judtfini'iit of, though company formed to enter into the 
 
 eontrait,-., 134, «43. (i44 
 individual nvponsiliility of. clause in articles a* Xo [78H] and notes 
 in.solvencv of, 72'J, 73U 
 iutercstid in protils of a tran.-aetion, ami >.>tin>,' at bimrd meeting [731 J 
 
 and notes 
 intiTcsts of, to be stated in prospe<'tu», 173 [255J 
 intJTprelatioii of term. «ect. 285 of Act, 210 
 int4'rnal nuinairenn'nt by, 709 vl "i-y. 
 irrc)fular act* of, 710 (( "iv/. 
 
 article validating | 743J and notaa 
 
 estoppel as to, 744 
 
 ratitieation of, 741 
 irrepular board moetin^f of, 741 
 irre^'ularity by, effect on outsiders, 79 —81, 743 
 irrejfularity. knowled).'e of, 81, 744 
 joining' in allotment to himitelf, 50 
 joint liability of, 712, 714 
 judtniints and orders a>.'ain.st [1401 el »c/. 
 
 knowlcd^ro of niii^lc, whether notice to company, 778 
 
 le^al position of. 709 ft xfj. 
 
 liability in respi-ct of prospcetun. 175, App.. 1547, 1548 
 
 application moneys, for, 9 
 
 liills of cxclianirc not bearin;: company's n:iuie, 510 
 
 borrowing iiowers exceeded, tiSti 
 
 direitors" liability, swt. 94 of 19U8, und'Jr, 208 tl »eq. 
 
 tictilious dividentl-s. for, 7ljti 
 
 irrcftuliir allotment, 1(> et tni. 
 
 trnst^'os. as, 711 
 liability in resp^t of priet! for purchases of pmiiortieH. 130 
 Limitation-, Statute of, 219, 712 
 list of names and addroBses of persons consentin)( to become. 4, 6 — 8 
 
 [(i07 I 
 list to rc^tistrar, 34, 35, App.. 1544 
 loans by, to company. •>87 
 local nuina^cnn'nt clauses | 7.5t> | 
 lunatir article as to |730| 
 majority, acting by, 740 
 
 mananinir (738. 739 | and notes. Ami ni-r M^NHiiNU IJlKKirnH. 
 may b- a limited company, if emiioweritl, 734. 829, and form 
 meetings, 
 
 artiiles as to [740 I't ncq.\ 
 
 irrcifidarity in, 740, 741 
 
 ratification by »ubs<>iinent board. 74) 
 
 resolution withinit I 744 | and note 
 
 non-attendance at, 714 
 
 notice of. 740 
 
 summoning of [741 ] and not<' 
 minimum number, 71B, 717 
 roiniuinm subscription, liability for contravi'ninK provisions lu to, 9, 
 
 15 18 
 misfeasance of, 712, 714, 715 
 
 misn'pri'sentationa in pro.sixxtus, defences, 208 et i^vq., 215 et ifi/. 
 namin^r pirson as, in artieli's or prosjioctus, 6 et neq.. 248, 1544 (Act) 
 need not be memliers, 718, 719 
 nPJjli>Jc.T?ri- nf. 71 S 
 
 non-attendanie of, at lioard meetinfjs, 714 
 
 non-diselosuro in protipo'tus, what plaintiflF must pn>ve, 17fi, 177 
 notice to, when notice to company. i41. 142, 144. 778 
 number of, article as to [718 | and note 
 
INDKX. 
 
 1727 
 
 DIRtXTOUS voHt.nu.d. 
 
 uflii-tT^, piiurr t4i a |i pi tint | 7 Ivt | 
 
 orui [iiMtiiiM- l»y. to aii^urr t- r (-iiiiip,uiy'< tlil'iiull. 711 
 
 ortliT^ 4HI. Xn rrpuy rirui.y nt' < -niipaiiy. A.' . | H'H, I4(1JJ uihl iti»t<'^. A* 
 
 in Dtli'T nriiiTs.* Hi'i- >>>ifH'. iiml .Ii i'i;\i|\t^ \M» Ounii:- 
 ovcr-lmrntw injr l>y. liuhility. (iHU 
 j>Hrtiirr>. an- ii*>t. 710 
 puyuiriil for sliarc^. |.y, mtr to fuvnur tli'-ni-iclvft-i in \\\*- tn;ttNT nf, .'■_*, 
 
 «»*>7 
 puyniciit^ liy. lK'l*(»r<' ('niiipiiiiy linrrt)W-^ or ioihiimmh r- lui-iiu?-.-!. 20, 11 
 pfiiallit'v fur lin-arlii''^ of Ait-, 7l;t 
 piTi'CMiaL''*' of prulit^. articlr ix-* tn | H'2 1 | am! iiuti' 
 piTMiiial tialiilily u)'. 'VI 
 po^itinii of, 7im''/ ^r.f . 71 1 
 
 a- (I.-mtiImhI l.y Ki^'lu Mott. A. .1. Halfour. M l» . 7(i*» 
 power- of I 74ti, 747 | anil iiot^'H 
 
 roii-triK-tiuii of iirticlcs i\< U*, (t(t3 
 
 liow far rontrollai)!*' I)y a tjrnoriil nuvtini:. 74, 75. 73H 
 pitH-autioii'' a> nvanl-^ Directors' liiahititv Aft, IHIUI (now soi't. 'M of 
 
 liMlH), 22'2 22') 
 pn-liininary acrfi'inetit-', dittit's a/* to, ti43, tU4 
 prcliuiiitary rxp^'iisrs, power U* pay |71H| antl not4' 
 presoiits from promot^-r^, jiidiriiiciit to ret'iind | 1401 [ and note 
 prehiiniption that they are (/r in>f\ HI 
 private eoiiipanie-*, ot*. 1»11», 920, ItHl > t ff/. 
 proeeediii^s of. artirle" a-t Ut | 7 t'> »' *"/I 
 
 prtMi edinir- in re-'peet of at-t- of (/*.*-. v. H >.h..Kh rule) 1357 '■' - ;. 
 profit' on a transaetiini. dutie.-t with rei^ard t<t, 731 ft >*■'/. 
 
 !,.ti.!.' !.^ 1o [731 I 
 promise liy. t^> m'xw service-* tjrnfi^, 72;» 
 proniolinj- ••vndieate-* and ennipanies, nf, 37. I3!» 
 
 liability* for a-t- of th. ir. 37. I3!» 
 prospectus to he ''iy^iied liy. I7!l 
 
 preeaiitions a-< Ut, 242 244 
 provision- of Act of HMIH foliowintr Act of |<MMI as to. 71*1 
 pioxicv Wy. <piMi;i' articles [742, \m \ 
 <]iialitication of. 7lH tt ><'-/. 
 
 aeee,ilaine from pronioters. 715. 722 (1352| and notes [1401] and 
 
 tiot'-s 
 
 airn-t "nt to take, ti, 7tk\ [ 3t»2 ) and note* 
 ult4T. ion < f i 73(1 1 
 I'ulls l»y un<|ualitied director*. (>54 
 claiiM' as ti», in articles | 7IS, 722 (Sto<k Kxcluin-re) I 
 contract to be tiled, fi 
 how to he ohtainod. 721. 722 
 ind< inriily hy proinot^T, 722 
 *' in hi-i own riu'^lit." ini*:tnifitr of. 720, 721 
 joint, whether suttieienl, IfiS. 721 
 
 HMKliti'-ation of. as t4i first or other speritir»d direi-tor«, 721 
 ncirlect to artpiirp, 7I9» 723 
 not alist)lnt<ly necessary, 718 
 ohject »»f. 721 
 pitrtinif with, 722 
 
 provisions in Act of IW»K as t-.. 71»» rf v.v/., App., 1544 
 re<|nirenieiits as Ui. on rei^i-tration. (>. 7 
 resitrnation heforc tnkinir. 57. 720. 723 
 share- held in trust for proniotrr. lt»H. 3lt2. 722. 1102 
 share warrants not snflicienl. ttH| 
 siijnin;.' inonioranduni of association for. ♦» 
 .ituti ntfMtt as to, in prospectus. KiN 
 Stoek I'lxchan^i- rt"i|uirenitMit'«. 722 
 trnstii* of shan's for tithers, 720 
 validity of acts it) ahsruce of. 722, 713. 7M 
 luornni of f7to] and not^-s 
 
 dis<pii)Iitied per-on not cftunte*! in. 732. 740 
 <»f¥(w.t of din-t-.r \»\\\\z dis-pialiti^'l. 732 
 hrm- to act wln-rc none tixeii. 710 
 
 All rpferenrw arc to the pair***. /*«'/*■" in i>mrk'tx \ .327 | r^ffr *n tht" Formn. 
 
17'2H 
 
 INDEX. 
 
 27» ••( Art), 715 
 
 UlRKl T()I£S -r„„iu,u,,/. 
 
 ratification ol ai't» nf. 37, 5(1, 741 
 
 iiotiit' nf iiitH'tiiik' for, bill, tiy.> 
 nHs'i|its of [ 7.'»'2 J 
 
 rccfivrr ii|>poiiit<-<l in ai)-**'!!!-*- of. Mi 
 ri'diirin^ nuiiilK-r. 710 | 73ii ] 
 ri'^ristcr of | 73n | 
 
 rcjixtiiij: ^ot^•» iiiiiirciiii'il) . injoiiilioii ui;uiiisl | 1 liiti 
 rcliil of. if ait<><l " lioiic-tly ami rca-^m^iMy " v-ci i 
 ri'iiif<li(-.H a<;ain^t iit*liiujiu'nt. 715, 710 
 ri'iiiotal of I 7ltl> I and nol<" 
 
 ili'ailliH'k in aliaeiiw of powiT nf. 737 
 
 ground- for. 737 
 
 notii-r "f nni'tiii;; for, t»*fj 
 rcmuiii-ration of | 724 | anil notJ ■< 
 
 a|iportionnii'nt of, 7*24. 7-0 
 
 uttai'limcnt of. 7'J7 
 
 (iiinniission liy | **-4 | and noti' |h3J, M:i\ 
 
 fxi'4*"*>ivc. 72;> 
 
 I'Xi iition a^rain^t. 727 
 
 I'Xtra "crvicci | 7 44 | and iiott^ 
 
 holdinif i|nalitii ition -hiir - is tru-tcc foi aiioihiT (•.iin|)any, 728 
 
 lii'n ot ooni|>any. for overjiaid, 002 
 
 puyniriit out of capital, 72.5 
 
 pension, by. 72<> 
 
 powtT t4i vut*'. r2-» 
 
 priialc iiinipaiiy. in 1 1»!(2 | and nolj-< 
 
 prul'l'l'<lin);^ airainit company for, 724 
 
 proof iiir. in \vindili;.'*up. 724 
 
 ijitiniiiim tni'i utt rlaiin for. 727 
 
 "it-oir aiiaih-t tall- -vlu'ri' a frauilult nt pri'fiTfiii'c. 727 
 
 fluir' of pDtitH, hy « ' | and noli' | N32, 833 | 
 
 fiolicitor. u-J, 7.>!t 
 
 spiM-ial a'iicl''rt a-* t^). "j7 ( not4*s) 
 
 stati'mcni as to. in pro>piTtii«, lOH | 2.i4 | 
 
 Stoili Kxi liangc ri'<iniri'ini"nt, 72H 
 
 taking; of, l>v uiniualitiid dirit'tor, 727 
 
 to wliBl I'ntltli-d, 724 
 
 articl's nin«l provide, 724 
 
 wIh'Ii din-ctor is alsii rtfciver and niunaf^cr, 727 
 resii;natioi) of, 
 
 acr<*ptaiM-t' of. 731 
 
 artii Ic as to | 731 | and noto 
 
 iM'fort' ((ualifyin};, .'>7. 72t). 723 
 
 how to Im' in:td<', 723 
 
 otuT niad(\ irnnoraitle. 731 
 resolutions of, 1 101 
 
 to 111' is|iii\aliiit to imnpaiiys r<"«oluiion | 7()!t | and note 
 
 where nnneeessary, 741 
 
 written without Imard nie<'tin|r I 744 | anil note 
 rrsolution- of e.mipaiiy, injunetimis where improper | 14l)»i, 1407] 
 restriction- on naming', in .irticles, or prospectus. '■! m:/. 
 retirement clause in articles | 723 | and tuiles 
 ri\al ciuupanv. may fun"! f"r"- he a director of. 734 
 rotation of. cfaus4's in articles as to | 731 « / ., y. | itiul notes 
 sale of company's prop<'rty liy. |H-ndinK winilint;-up |i<'titi(m, 71S 
 seal of eimipany, power tn use. H2 
 Hecretary. effm't of hpcouiiuir. 7Ja 
 iM>erc"t prolit. claim in ai ticui for I 13;')2| and note- 
 wleotion of. hy promot4>rs, 12H 
 wparate entitv of. 710 
 w't-otf in mis^easatu'e case, none, 7I.'> 
 Hpecial airctits of c>(unpany. 710 
 Hpeeial defences tn a tinris under .\ct 
 Htutenient «- to. in prospectus, ItlH 
 
 -tfltiitnrv j.; ;;;i!:!c- i.!!, 71:1 
 
 torts of! 37, 712 
 
 traiisfiT of shares hy. rights as to, (MtO 
 
 duties as to r*vistrfttion of. Oti7. (»71. ti7 
 
 i^'fusal to rei{|st<r. 007. 071. 072 
 
 if IHIIK 13rK. 137!) 
 
INUKX. 
 
 17 J! 
 
 DIKKCTOilS c(,„to, Hid 
 travelling i'X|i<'ns<>» of 
 
 tru^t^■^'N. wlltTC, 711 713 
 ////*-' rni'y ucU of. 
 
 iiijiunliotH ii'-^truiniiitr. \'ihh | 1 ttl7 
 
 ti„l «,/■ .h JKiMKNTS AM' t)liM I!- 
 
 uiiliinitcd liiitiilily. provisions for. lilii 
 
 rtiilr .Ls to ("'ill :iilii notes 
 
 'VI 
 
 \in-aiu'it's a!itoiijfst. urtifl(¥t 
 aitintr notvvitlislandinn 
 vaiatioii of ottii'i' liy clause 
 \aliility of ai't.s, l').)t \it j 
 voting at their ov«n elect i"ii. 
 written resolution i>f | 74=1 : : 
 wrontrful aits ^f nipany' 
 
 , \et, 
 IM. 737 I anil notes 
 nd notes 
 
 il7 
 
 [72H1 
 
 III arti' le- as t^t [ I'lf*' et 
 
 7:ii> 
 
 nd note 
 res[Min"il'ility for, -M 
 
 and not4'- 
 
 re(i*»ale»l .mil reprodueed in sot. 
 
 DiRKc'ictus' M.\iui,rrv ait, isimi 
 
 ,Sl of I'.mS), 2l(K rl sfil. 
 
 ai tioii under, wlio may brini;, 213 
 autlioriziiic issue of prospeetus. 211 
 bankniptey of defiMidant, 222 
 
 proof for dania|;ra. 222 
 claim for daraases in writ J 13.iOJ 
 companies to whieh it apnlios, 2U9 
 conppnuation payable under, 215, 221. 222 
 contribution under, 209, 22G 
 eorporatiuns. wliellier liable, 210 
 daiiiat'e must bo shown, 214 
 
 measure of, 207 
 d.afh of defendant. 222 
 
 defences open and pmeecslinifs under. 21.i 't ""i. 
 defendants, who may be suisl -.vf., 210. 211 
 belief of, in staUnnents, 217 
 
 what must prove to escape liability, 21.'> et »ri). 
 directors liable under, 209 
 doeumints referred to in. 212, 213 
 '■expert." mi-.nitn: of, 21». 219 
 indemnity, ristht to, 22.'>, 22li 
 contribution, as to, 22f> 
 
 issue of prospectus without knowli dtre or consent. 2lfi 
 
 liability in respeet of statements outside pri- pectus, 212 
 
 lin.ilation of time for proeeedin^s under, 219 
 
 measure of daiua);e. 207 
 
 mi-leadini; statemenlH. 21 t 
 
 new renu'dy by. 209 
 
 persons autlioriziii;r issue of prospectus. 211 
 
 plainlirt's obliL'ations in priK'eodintts under, 213, 214 
 
 pleailinjfs in | 13S0 it »,,/. j 
 
 precautions to be taken by din-etors and others, 222, 223 
 
 "profession"- ineaninir of. 219 
 
 promoters liable under. 209 
 
 pr(Mif nKiuiriKl to sup|M)rt proceodini;s uiiler, 213, 214 
 
 prospectuses and notices to which it applies, 2(m, 209. 21?. 213 
 
 provisions to be obsernil in framini.' prospiHtuses, 1H2 it 
 
 public notices under, 20H, 210 
 
 reasonable (.'rounds of ih fi-ndant's belief, examples of. 217, 21H 
 
 r rd of irniunils of iM^lief, 224. 22.-> 
 
 remedy iriven by. 209, 210 
 
 riirlit of ai'tion under, preserved by Interpretation \ct. 18S9, s. ,38 
 
 ritrht of eontributiiui under, 209, 22il 
 
 statement of rlaini under | 1379] 
 
 statement within, what is, 211 
 
 '■ subsiTibe.'' meaniiii: of. 213 
 
 Bubseriber may contract himself out of. 22."i 
 
 subscribers on faith of prospcstus. who are. 213 
 
 untrue stati'mi'nts in prospeetus, 214 
 
 All referenies are to the patfes. /'-(.;»■« in lirnrkri' | 327 | rrirr !•• Ihi Form*. 
 
17:»(> 
 
 INDKX. 
 
 DiHi:rroRS' i-iAitii.irv act. imto r<,„/,„ii«/. 
 
 wainT of lialiility under, 2'2.>. 231. TM 
 
 wIh'Ii raus4' of in .'ion ari-*!-*. *J21 
 
 writ of '<nn<rui>r-' uruirr | i:ttii| ah'l note | 13.>0| 
 
 DISCHXHCK OK 1.1 KN ON SIIAltKS. IKU 
 
 DiHciJAUci: or skhva-nts. 
 
 diro' tor-' [miwit | 74H | 
 
 notiie l>i-fori'. 4tl. Hi 
 
 r*MM'i\i'r und rnunairfr'" .ipiiointnn'iit-. 4M 
 
 n'indiiii;-u|i. by. 41.') 
 
 DISCI.AIMKK. 
 
 harikrnpl'-i shurrt*. of, .'»H. (>8't 
 
 (•oinpttny'ii ri){ht t« daniui;f». 6H0 
 Mifusurr of daniairi's. liKO 
 
 DISCLOSntK. 
 
 t'unsidiTiitiiin for paid-up ?<hurvii. uh to (pro«pectu»). I(>U 
 
 in iiotii'P< of f^eiieral meetings of dinrtor"' intori'HtK. 1048, 1U4M. 1486, 
 
 14Kti 
 niuN'rial contraet* of. what are. 226. '227 
 proniotrr:." dutie,. as to. 128, 129. 131 '' «»■'/.. 13.i rl "•</. 
 
 luinpaiiy. to not neeessarily stiffieient. 23i* 
 
 niu>t he real. 1.%, I4.^, 146 
 
 must he to all e<iriteinplatin}; shareholdorn. 23M 
 pro"ipe4-tU!M*)*, re<iuir«Ml U* he ci^en in. 1 43 I'f nn/., 1H2 e/ aeq., 23.^ ' i teq. 
 
 proiisions of secc. 81 of .\i't of Ift08 167 rl 'I'll- 
 vendor* to eompuny, as to who are, 138, 173. Ami tee PB08PECTC8. 
 
 DISCOUNT, 
 
 dehi'ntures at, uitirlo an to [6871 
 
 otfcred (<. ni ■niher-' sid>>erihin;r for new Aharex (reaolution) [1113] 
 
 Hhare'< issued at. tiU rt */''/.. 478, 631 
 
 eoninii!'sir>ns for und< rwritin^. 27H 
 
 tili'd eontrait dm's not j rote. I, 4TH 
 
 DISCONEKV, 
 
 aetion. ill, \.\M, 13ii3, l:i6t 
 iiiti'rru>rat<iiies. 1363 |l»(>4| 
 ni'-niher!*' rij^h! to, 771 
 oHirer of eollipany to tfi\f. I3*»3 
 prixlut'tion of doeunienl^. hy. I3ti3 
 
 DISMISSAl.. 
 
 ai^i'iil of eoiupaiiy. of, HI. 442 
 
 notii-i- of. til (^inipany's servantj*. 441 
 
 \viiiditii;-up or rei'eiver-^hip i-tiuixalent to. 442. 443 
 
 DISJ'KN.S.VTION OUDKK. 
 
 ri'duetion of eapital | 1271) | ami note" 
 summon!! for 1 1272 | 
 
 DISQUAI.lKll'ATION OK l)II{K(TOR.S, 
 aets, after, 722, 743, 744 
 
 penalties under Ael ol' i Him 71(1 
 artieles as to [ 7311 1 and not^w 
 (luorunt aifeet*Hl hy. 73-. 740 
 Tahle .\. provisions. 16(»7 
 
 D1S8KNTIKNT MKMBKRH, 
 
 amalifamatioii of life insurance hu»inisses. 13'29 
 
 sale under seet. 1!I2 of lUIIM i la!<' iseits. 1(11. 162 of 1H62). on. I43t, I l.3J, 
 1443 et mi. 
 artirh' as to j 78.> j and iioleM 
 provisions of Aet of 11)08 .1434, 143.5 
 reetmstruelion. 1434. 143,5. 1443 I'l «*>./. 
 notice [ 1 478 ] and note 
 
INKKX. 
 
 i7;it 
 
 DISSOIUTION, 
 
 eoiii|iaiiv in i>n«itiiiri of Icxt triisii'i aft<r. Hi 
 
 dciliirol void whir" in friiiiil nl ■li'liciitiiri' ImIcIim^, UN'.' 
 
 how ctfccKil. Ill 
 
 outstaiidiii); iissrtji *)f i'uni|tunv ;it'»T, ll'J, 1 118. ll.M 
 
 powiT of Court Ut di'i-lan- voi.l. A|>[t.. I"iH'i 
 
 lirovi-ioii- of Act of 1»II8. 1577. I'l^J 
 
 ri'itoralioii of I'omimiiy'i naiiK" after. Il'i 
 
 striking na otf rtvi-fiT. Iiy. Ill 
 
 Ti'stinir oriliT .i'Kt | l'iM\ 
 
 voluntary wiiidi»;;-ii|>. 111, li'T i V't) 
 windin^-ii|i order. aftcT, 1 1 1 
 
 DISTRIBITION OK .\SSKTS, 
 
 in Kiiiiir lobji'it (•laa''e) |51l| ami rmU':- 
 
 article 1 7».i ] 
 
 clause ill article-^ nuffiiient, 5U 
 riTonat ruction, on, 1441 et nij. 
 windiiiir-up. in | 7H3, 7N.5 ) and note* 
 
 )), v/.(vir. rcHolutioii for I UiH. 112ft I 
 
 DISTRINtiAS NOTU'K, 1220 ,t «</. 
 coiii|>any bound to attend to, (i,'>2 
 notii'e of, to oom|iany, K52 
 prooidnrc a-' to, 122i) i-t .-fi/. | 1221, 1222) 
 
 DIVIDENDS. 
 
 Act of lNli2 >ilent u* to, H73 
 
 ajrreeiuent for fuiidinjf preferential )4U4| 
 
 airrccmi'iit to i-niie dobcnturi' stock to >ati»fv preference | 107 
 
 alferatioii if ri(flitsus to (1111. 1112, 111."; 1117.1124] 
 
 apportiuninent of, 7<)H, 7*i9 
 
 arrears of preferential. Hi" 
 
 articles as to [7H3 .' '■'/■] 
 
 authority to liarifc t<i pay t.i third parly | l(ION| 
 
 " availalile for dividend" nicaiiintf ot, 7fi5 
 
 bonii^ shares, to provide- articli' at to | 7li7 | 
 
 capital, pavnient out of. 714. 7(M> 
 
 •■circulating." 8113, 884 il m/. 
 
 iriniinal lialiilitv as to. 8,)7, 872 
 
 directors' liability for, 871, 872 
 
 illegality of. 871 
 
 injunction to restrain, 873 |1410| 
 
 observations on, 8.i7 *-f nff., 873 
 
 itfftii liic.f, 4ti5 
 
 when directors can recover from members, 787 
 
 writ' of summons as t^i | l.3.>.). 13,)t) | and notes 
 capitalization of. 7li7 | 7<>7 | and note 
 Cftsh, payments of, 7118 
 che<iucs, by post |7fiH] and not*'* 
 commission on - article iis t<i | 432 | 
 cumulative, .576 e( trq., 812 r/ «•'/. 
 debt.s deducted | 7tl7 ] 
 declaration of, article | 76S | 
 
 on makiii); call — article as t<i | 7t>7 1 
 
 ordinary meetinjr. at, 7(1.') 
 
 shareholder's riuht tii »ue on. 76,'> 
 
 when to Im- made, 765 
 dii' rtion t« pay. to bank ( lOHH] 
 dir<H'tions as to payment of. 769, 770 
 
 stamp not payable on. 770 
 directors' dndaration as to. to be coiidusivo | 766 | 
 durini; construction, 871 
 fictitious, 766 
 forfeited simies <ln l.ulikl lipl. y ; •»». 7liO 
 
 All references are to the jia«es. /'-r/c. i,i hmckrl- [3271 refer in thi- Korma. 
 
173'2 
 
 INDKX. 
 
 StiS et tieq. 873 i'' xq-, 
 
 DIVIDKNKS rn„li„»rd. 
 
 forced transfrr. uiiilcr, ti74 
 fnw of iin'omc tii\, 765 
 
 fruaraiiti-e by vi'iidor of proHw 1 363 1 and mitoH 
 low pavable, 7H4 
 
 bow profits taken fur [763, 7iU], 7W>, 874 
 iiiiplicd power t^' l'i»y. H73 
 
 inipropi'riy paid, writ of ^ummoiia for [ I35tij and note 
 int4'ro.«t on — article at to [7ttK| 
 interim j 7ti7 | and notffl 
 
 lialiilitv for inipnipcr. 7(i7 
 
 ^l'^ollltll■n til i<av | 11341 
 joint boldirs I 7t>!tJ. t7o 
 kind, in | 7ti7 | and noti's 
 lien on •'liarei* t<> alfoit | 7(17 ] 
 limitation of tinii' as to, 770, S7'i 
 lo»« of capital notwithstandinjr. 859 '■' 
 
 NKit <7 sei/.. 8W.1 »7 set/. 
 meaning of, in artii'ie a< to rp!<crvi' fund, 754 
 niiafcawune l)y improper payment of, 714 
 nominal eapital, on, 704 
 non-cumulative, 577, 812 rf «.'(/. 
 
 articb' ux to \ 8'il | 
 notice of | 1083 <V «<•</.] 
 orders in case of improper [ 14I0| 
 partly paid shares, on, 597 
 pavnient of, leading cases ax to, 857 ft 'cq. 
 
 urticleH as to [763 c' «<•'/. ] 
 
 foreign committee, to, 680 
 
 pointt« as to, 765 
 pover of attorney to n-ceive [1167J 
 preferential, .'>76V/ sr,/., 812 ft «»■</. 
 
 arrears of, 817 
 
 clauses in articloH | 763. 764, 820 ft arq.] 
 
 clauses in memorandum [578 rt frq.] 
 protiUs. out of, only I 7fi6J, 871, 872 
 proiMirtiiins in wliicn payable. 764, 1536, App. 
 receipt of stfitt on ri^'ht to rescind. 200 
 riToviTy of writ of sumuKms for [1.356] and note 
 reconstruction, on (clause) \ 1465] 
 reserve fund, as reffardii, 81.1 
 resolution to pay 11134] 
 restriitions on amount of article [765) 
 retention of | 767, 76it| 
 (tet-otf atrain^t call [ 767 j 
 ahare warrant, condition in, as to | 1136] 
 Hpeeie, in j 767 1 
 suiuir for, 7ti.'> 
 
 t<'nant-for-life's rijjht to. 768 
 transfer of shares, on, 768 
 
 not to pass by -article j 7(»H I 
 transmitting' by post | 76!) | and MJte 
 unclaimi'd [77ll| and notes 
 warrant, form of j 1086] 
 
 article as to [ 7ttH] 
 
 DIVIDK.NDS OLT OK I'Al'ITAU, 
 
 when dire<'tors can rec(>ver from ipembers, 788 
 
 .Iti'l «<■<' KlVII'KNPS. 
 
 DIVISION IN SHMIi;, 
 an dividends [785 [ 
 in a viindintr-np, resolution for [1128, 1129| 
 
 DIVIHION or SlIAIiKS, !!!'> 
 
 resolutiim for | 1II5 el "■'/ \- '"'' "'» Sih-hivisios or .Siimus; Kk-'O- 
 
 DOCK t'OMl'AXy. 
 
 object clauses of I 538 | 
 
m3mmvmm> ». WU «-a.j^ 
 
 INDKX. 
 
 nm 
 
 DOCK WAHKANTS, 
 
 advunccn on. 1'2IM 
 
 DOCUMKNTfa, 
 
 autlit'iitiratioii of artiilo iw t<i | 7tiU | and imt*'-, 77l>, 777 
 
 tilrd OH rffiiitriitioii of u<iiu(i«iiy. 4 
 
 no iiiipl:i'<l iiotii<! I)y bunkrr "of ••onU'iitu "f, wIuti' il.'|K)-<iti><l liy inf- 
 
 ('U.'4t4)ni('r an i»<>4-uritv for another, 11H9 
 offer for inspwtion afuT false Htateiiicnt ii» to. 114 
 pioduetion of, in uction. 13(>3, 13(i4 
 wal of eoniipany, when re<|uir»Hl to he un<lcr, 3'13 
 iwrviiv of. on company. 34 
 
 DOCl MKXTS OK TITLK. 
 
 l'uitor» Alt, under, what arc', liol, \W>. 1J07 
 
 DOM It'll. K, 
 
 eonipany. of. S4 
 
 Countv t'ourl's jurisdiction -<i.'* t**, Hti 
 fnrcij^n. deeeasecl inenilter, pnihat*- rei)uired, H78 
 
 DOl JIMNACCOrXT SVSTKM, 
 
 profit* ai to, HHS) ,1 trij. 
 
 DH.VKT AliKKKMKXT, 
 
 elauM' in artiiles [ '"43 | and niitJ"!< 
 re-oliition to iiftix seal t" \ U331 
 
 DKAI'KKS, 4... COMPANY dMVKIiSM. I'KOVIDKHS), 
 
 ohjeet <-hlll^e.H of 1.^40] 
 
 1)1 KIIAM, ( (tt NTV I'AI.ATINK t»K. l-,;iii 
 
 Pi 
 
 m 
 
 UUTIKS. 
 
 direetors", 70i» 
 
 pavMlile in re.*peet of eapi'iil. tHti 
 
 INS 
 
 ElJlTOK. 
 
 (iiieetio- t^) Ih'. atrreenient j 43t» ] 
 
 uis/)j-:m (,i:.\f:/(is ii ruiNi:. 
 
 ei'n>tniin)i nHnmraniln .md artii h'-. .I'J!). tidi 
 in wintlin^-iip. fitl'J 
 wi>ld.« I'XellldinLT, ti^yi 
 
 KI.EtriON, 
 
 ailiittie. of. to aliicle liy eoiiir.iel notw iilntMMilini; nii^reprt'-'entjition, 'iU(» 
 ilireetors.tif | 731 ii «"/. | anil notes 
 
 Kl-WTIilC MiaiTlNi; CO.Ml'ANV. 
 
 iilijeil ilaM>e< iif |.'>37|. .>37 
 pro\i-iiinal nr.iers uf, .'>37, IMl 
 
 KMIM.OVKS. 
 
 aetiiin~ fur iiidiieinir hnacli uf wntrait. 444, 44.i 
 article triiinir direitor-^ jiower tn encaije I 74!lT 
 111 rielit of iiivenant- a^- t<i. 
 
 on as^it-nnien. of ;rtt.id\vill. 34-» 
 lieiielit^ to, friiin eiiiapany's nperations, 1017 n -ly. 
 
 lU M HIS, 
 
 liiinus to, 4lili, lll'it 
 
 .ii,-/.s,' \:\i>-\M\i 
 
 .11/ refereiiec'. are to the pajfes. fayi' in hrmkr'" (327) rrfer to thr Kormt. 
 
1734 
 
 INUKX. 
 
 iilid tioU"^ 
 
 KMPI.OVKS ri.iitiiiiiid. 
 
 cum|H'i>saiiuii in wiiiilintr-xp' ^*'^ 
 
 ('i>iii|iiiNory ritirrnu'iit iif | 444 | 
 
 I'liviiiaiitK liy. airiiiii^t rarryiiiK '>'" iHi'imw* |3>'>ti| iiikI 
 
 diiinaK''" a)riiiii>t (ktmoii iiiiliK'iii); l)ri'ai li l)y. 414. 4 4.'> 
 
 ili'<iiii^'«al uf, 
 
 al>M'n(v< thruu^li illiio<«, 44i 
 
 fraud i>r mi<r<inilurt. Iiy, 441, 442 
 
 wiiidiii|;-ii|i, by. 444 
 jrratuiricK to. <ilij<><'l rluuti' | .VIT ) and iiiite 
 inciiiiipatibic <itti<><»4, 442 
 
 i'ljuiicliiin aifniiHt hnach <if cnnMiiinf liy. 411 
 iii\> ntiiiii'i liy. wlirii rii' nil'crs | H3!l | 
 notiiT of diHiiii'tAa). 441 
 objict rlaiix' ai* to | M)' | ami noli' 
 n'liiiincraN'd liy (■oeiiiiii'"-ioii on profitK. 4.32 
 ■ipi'iitic' piTt'oriiiaiKP of HTviif auTiiiiii'iit. 411 
 -iirrcndi-r of Lilian'.* Iiy. wlu'Pf hrld n'fut rirt-', l(».i 
 tvudf MKTi't". ri'sir;iincd froiii diviilkr>»ir. <12 
 Workiiit'ii'i Ciimpi'ii'tttioii Ait. IrtiMi. 11122 
 
 KMI'I.oVfcs' HKNKIMTS |.>n7|. Mh \-yi\ and iiot^-, IU17 .' -■./. 
 ai(id<nt and «iik fund wlnnii'". lOlH 
 iisrr.i'inint U> ri'-trai>fiT »liaro» | 11)33 j 
 Ixuid for faithful siTvicr | 11144 | 
 c'u-opcrativc fund. :irtii-!"> if t'> I lil'ix] 
 deposits hv omployi'B. articles an t« | 1028 | 
 di po4t sfhomc. 11119 1 102H| 
 cmployi' dirot:tors. artiidc a.< to I lOuOj 
 iniployi'"' sbarca, artii'lei as to | 10271 
 
 (fratui'tii-M to scrvaiitu of company | .'507, 7.53 | and notc<, 1024, I0'.'.5 
 iruarant^"' fund. 
 
 sdicnicH. 1(119 
 
 tru"t di'od constitutinir 1 1(141 | 
 lift ttssuraniv •<c'...mc<, llll!* 
 object cluusi' I ■• »7 I and note 
 pnrliiiputioii ccrtiticato ( 1034 | 
 
 pnvnicnl in kind to cmplovci. ami Truck Actx, 1019 
 pension fumN. 101 M | 1(I4(){ 
 
 tru«t diiil coii-titutintr | 1040 | 
 pension to n'cntiiry where ivmipany wa. ■• r u lin." I02B 
 
 powers of eompiiny v.itli regard to. 1024 
 protit--harini.' sclienir»i, 1017 
 
 form of I 1031 1 
 provisions in nuMnorandum and articles ns to |.507. 7.'3| and notes 
 schemes for. |(p17 1019 
 hares, articb-s as to | 1027, 1030. 1U33. 1034, lu4(ll 
 sliiirinif protits of private company, 920 
 sick fund schemes. lOlS 
 superannuation fund*. lOlH 
 
 trust deed constitutinir (10.3.'>| 
 superannuation scheme, form of, 101 H 
 Truck Acts. 1019 
 trust deivls, 
 
 iiinstitutinif iruarantce fund j 1041] 
 
 e(m«titulin(r pension fund [ 1040 | 
 
 constitutinir superannuation fund fl035] 
 Woikmen's Compensation Act, 1906. .1022 
 
 aclicmcs under, 1045 
 
 KMP!,OYERS' I.rAim-ITY ACT. 1023 
 
 KMI'LOYKUS- MITI AI- ASStMl ATION, 
 
 object claus«\s I jJU) 
 
 EMl'LOYMKN'T. 
 
 servants. ,Ve.. article as to |749| 
 when wirdiii); up, dismissal, 414 
 
INUEX. 
 
 17:55 
 
 KNUI.ANO, 
 
 i4tuiii|iM Oil aifri-fiiii'iiU tii.iilf out i>f, Mill -343 
 
 KNIJMHII COMI'ANV, 
 
 mmlitr in f»»ri'iirii fnurt^. H7 
 
 KNCJIIHIKS, 
 
 upplii-iitiuii of iiioniy iHirrowitl, a« l<>. tiHt> 
 
 ENTITI,i;i) TO ((tMMKNCI-; III SINKSS. 
 
 ciTtiHiali- that <uiii|iaiiy U. 21. f.</ ».«• < '••■•i mi si i \n m hk ltisi\i«H. 
 
 K.STHV ON i{i:(;isTi;i{ oi- mkmhkks, 
 
 «liiM' I'-nary lu wiHtitiitc iiiriiili' rsliip. Mi Iml «< . SiiMri- lajtr 
 
 mi'iit to taki')' 
 
 i:tn ITAlll.K niAK(iK8, 
 
 liaiik- and <itli<T!<. in fnvoiir nf, 1 1 /!• ■ ' «-7.. IIH.'i fl nn/. | 1216 ri t,,/, | 
 
 KQl ITAISI.K MdUTUAliKS, 
 
 cMnipaiiii'., Iiy, 1I7H ■■/ ";/., |1H.> ri »<■,/. [I21tj rl «cy.|. (*/ .see 
 
 IttNMM. \Mi Ai'ViMK Sici ltJTIt>. 
 
 rH*M-t of. on roinpany*^ lifn, titiU, titi4 
 
 (NjuituhU' niort^ut^rf, 121ti 
 
 fun-rlii-urc. llMti 
 
 notii't' iM'fiirr railing in or paying off, llff3 
 
 (oiorily of i'iini|iany'?i liiMi on »hari's, HtiS, tilU 
 
 >li»ii>.,'of, (i.'il, t>.S2, t>(i3, Wi4 
 
 notice of, t4) coinpany, ()o2 
 wlicii to lie rrco^rniziHl tiy "'onipany. tl.il, (i.)2 
 
 K(il ITIK8, 
 
 IrndiT not IxiunH to <'ni|uiro at to u|i|ilii'ati<in of inoni'Vt liomwitl 4i/irii 
 
 r„f., t>8t>, 710 
 lien of coniiiany on shares m a);ain»t •'i|uilalili' ilmr;ff, lili.'l, titil 
 non-ri'co^nitlon of. at to tinirtw | ti.'Mt | and ni>t<'« 
 
 -taiiitory |>ro\i«ion at to, wit. 27 of liPIIH, .\|)|(.. 1;)33 
 n itii-i* of, t4i coinininy, t».i2 
 ri'M'^fiiition of, hy conipany. ti.5(J /■/ nnf. 
 tran-fiTK madi- in fraud of. (i.V2 
 
 EQl ITY, 
 
 fompany Ixiund l>y ruloi of. 42 
 
 KSCUOW, 
 
 drill of coinpany may hr exri'utrd in, H.'t, H4 
 
 KSTAIII.ISIIMKNT, 
 
 roinpanii'i*, of, nti'ps in, I ff «#■'/. 
 
 ESTOl'l'KI,, 
 
 iirtitiiHto of .hari't hy. 42, tiS. B74, B7tj. 114(i 1142 
 ^ iTtitiration by, uh to, 674 
 
 inipaiiy may hr iMinnd by. 42, ti.l 
 d<'li\('ry of lilank trantfrrt. hy, tilitt, (i70 
 di'iiial of lOii.Mnt t^i ri');i>tratioii iw nii'inhcr, as to, 5(> 
 diri'i-tiii- joinitiff in allotini'iit t^i hiniM>lf, 50 
 
 ijualitii'.-ition iharrft, an to. .5ti. .57, 720 
 docuiiii'nt uiiiliT conipany 's wal. H2, 83 
 forjri'd transfer, a-* to. t»74 
 nK'niixTHhip iiy. Sii, 72. 73 
 puid-up Hhari'-. a^ rf.'urd". (iS. 1141 
 
 .('/ rcfcrcnira app to tin" pa^r*'". /*«;/'•.< in liinrkelii |327] r.fer la Ihr Korin». 
 
n:m 
 
 INUKX 
 
 l»- 
 
 KVIDKNTK, 
 
 ui'tiuii of diH-<'it. ill, Wi il "I- 
 
 mtiiin fi)r rttll, in |tir>7 | and miU' 
 
 Ixx.ki "f wuiuuiiy, 74.>, 74t> 
 
 iMH.k- in wimfinv-ui.. Iiow fur. «tI. iJ" "I IMW. \|.|. . l.HI 
 
 nrtitiial<- of iniiir|Hirutii>ii. 'Ji. 'in 
 
 rrrtitii'iito" of xhiircH. 113il 
 
 contrmlirtioii of niiniil»'<. in, 7»(i ,..,.,. , , ,o„„ _ 
 
 d.f.ii.lutif., in action nml.-r lUlo) Dir.-.tor, l.i.bility A't, ismi (imw 
 
 «Mt. n\ of A.I, lltON). ilS, 21« 
 diHMinii'nt- Hlnl willi rrvi'irar, 1588 
 iniiiiiti's I 74.^1 and iioU-x 
 
 |m>^in){ u rfiolntiim lit u"''i<Miil ini-eiinif. of 1 liHtt | 'inU nolc- 
 rrifi"'^''' of mrinbiT?!, 70 
 »ii ritary » Ictlor, 74'' 
 «lio» of"liiiinl-. (li'i'liiniti n IHWM .ind n.it4v 
 
 KX(IIAN(IK. 
 
 l'nin|Mliy. olljrri i luu-l'» of | .Vlli | 
 
 -liarcs. of, . 
 
 ni.iy not i-«ui' in lAilKiinri- for nwii nhari-". c"l 
 
 ifoin^ roiictTii. in, 7.^0, 7.'»l 
 
 rccoii»trui'tion l>y, 
 
 aifriM'nicnt | 147ti) 
 
 siirrri;diT, on, 7Sfl 751 
 
 Kxn.isioN OK i)iui:c-ioi{. 
 
 juduinrnt a.-ain^t imiiro|HT | MO.) | and noti- 
 
 EXCI.rslVK l.lfKNCi:, 
 
 iii-iMn.riit til «raiit, in rpiiint ol iiatpnt" 1 382 | 
 
 KXKCl TION. 
 
 au-ain-t roiii|iaiiy, H 
 
 nil inliir- not liiililc t.i. f.ir i'..ni|.aiiy'« ili'lil*. •!>< 
 
 KXKCI Tivi:. 
 
 loiiiiiiitti'*'. rianw U-; I/O I N3il I 
 iiMl.|Mniliiit. ai to, i:U l:tn. i:)!i. 141. '.14.". 
 
 KXKCI TIM! Ill-: S()\ liilll . 
 ri>ni|iaiiy may lie 4- 
 
 ICXKI'l roli.N. 
 
 .idurtiMiiii-.l'. wliiTc ii.iliility on share-, «i8 
 ioni|)Uiiv'> duty a- to lutintf tin pnibatf. ti78 
 ,!.ita-i','l sluiri'lioliliT. ii4, 1(77 liHO 
 
 aitirl.'- as to I '177 | and not*-!' 
 
 priuitr .umiiaay, of (IliM | *t70 ] 
 
 iliiniiriliil aliniuu, ti7H 
 
 liiiliir- ill lUM' of I 1077. lOlN) 
 
 |.d'lial"- '■'■ tiV'* 
 
 traiisfi'r In v.in'of M'M'nil. 478 
 iidi'ninity t<i. in rr-lM'i t of ihariit. tiiH 
 iiorice of int«tin>r to. 1177 
 ri'L'i-tratiou of, »» iiif.iilifr:< i(77 ; and iioton 
 
 ,^,i,.ti, f Ciwrt to <■. • viTsioii into iirimlo <oni(>uny, 9il, 950 Pt se./ 
 
 tillf of. ' t<' i.itor"* uliarfs (:i77 1 and not**, l>78. ti79 
 
 tran>'fir t'V. t.-'7. 1)78. 1 i*! Ai-t) 
 
 traii-fiT of liiarr- ^" oiw •I'vrral. *it^ 
 
 Mriti^ t'V ; 7'-'4 ; 
 
 whi'ii tlii'V liniiinr m- inU'r-i. ti78 
 
 KXKl I Tons OK ADIINI.STUATOItS. 
 
 din:i-<'il sl.ar.hol.iirV. notii-i- U< 1 1077, 1078] 
 
 tniii-fiT liv. 1177. (i78, 1.^53 (Art). .(."/ ■"■c Kv ' i i"Us. 
 
INDKX. 
 
 1787 
 
 EXISTIM. lOMI'WV 
 
 B|i|.lii;itiiMi uf \'i U> d'arl VI I, V|i|i., I.WS 
 
 ii|'j>lii':iti>>ii fur r^iri triili'Hi »iiK litiiiii' I '.r iinliitiil>- 1 liiliilit) iimli-r 
 
 I'art \ II |tii4. Hj:. I nrul imt. 
 rc-iiliition fur ri'iri-trutiiii iiiiil iiirrr.ix" of rn|iiliil | Hi? | »ml imii- 
 Htfitiit(ir\ ilirlarMti'lii \. tifyuiL' clii' iiniiiit" on ri';fi«tr:ili m nf |i>i'>l anit 
 
 note 
 
 EXPKCTATIONH. 
 
 f>Uit(-Mii-nt iif. in tTo^pcrtuH, l**7 
 
 EXJ'ICUT, 
 
 liiiiiililj of. fur fiilii' iir m i.'lii.'«''it np'Tl", -III 
 nii'jdtinu' "f. in Mi'- latf hiri- ■t<n-'* l.i.-iliilitv \fi, 
 A.t. I'KiS). 21*'.!. 21h. l.iJH. .\|.|i. 
 
 '11)11 (iiiiw «•>'! HI „t 
 
 KXI'I.W Alios 
 
 ol miMiicirrtii liiiii t.y ff'Tiiii e t<i artii'li"--. WJ 
 
 EXPLOHA IION. 
 
 a^rrt'iiiriit u<« to { 434 | 
 
 I'ompaiiy. oliji'ct cluiir- "f I .'i.'H, .V.'ll | 
 
 dix'tririi' of. tiir2 
 
 KXTF.NDINli TIMi: 
 
 nx'i'-Mlioii ol i.uirt -uu"- iiiiilir I ilr Act n( IHHI iiiJ A. t of Itt'lr* filii 
 
 lil-' IIJI ItJl : If.'l - ll2ti|. ./,.(/..■■.■ Hh.iHilMTli.v 
 
 l';XTi:\-!M\ (p|- OlMKl IN (SIOITS. It. JI14 Ol' ACT Ol' 1»IW, inil'lto 
 1)1 t INC (OMl'AMKS .MIvMOHANDI M OK AS.SIMl ATloN \CT. 
 IM'Ml), I31HI . ' ■-•/. 
 a<lvi'rti~pia<'iit, 
 
 onliT on |Hiiilnii, of f IMhJ 
 
 IMtltinn-. 1 \ ■^l^^, i:i:i! 
 
 prr-rri.ilioi. if (ulitLn. anil lirarinir [ I l.^l | 
 alteration "f ob^i^ N, 1:111 CICt 
 ca>v-* in which iillo-At'ii. Clli CICI 
 
 nrtitiratf of ma-'trr a< to iii> i rc.litor^ ami a- i" -ulli !■ nt noiiit'< | Cl.'.ll 
 I iTtiHiati' of mu-tir a- to ri'.'i-lr itiun of urili r 1:I2^ | 
 lonlpanicr. ti whi h Art a|.|. ii-*, Ctlil, |:ill. IJl 1 
 f'ondilinn^ may ho iiii|io~e.l. CJII 
 < oiirt- lia'iiii: jiiri-Jiilion. 1:111 
 Court'" |iowcr to Hani>iii>n. lilo 
 
 rrrditor" iinalfi' tt-tl, .-unini'Oi*' for ilc tarari m tli tt | I:VJI [ and in»Ir 
 dflcritiiri' hoMi-r". 
 
 a'hcrti-iniint in ia»<' o). |:|| I \ \.iS.\\ 
 nio4liH(.iMon hv Conrr. I'll 
 notii'iM to (li'liiMitiiii' hoi ttr.. CIII | I3'2:i| 
 iir<liT-, 
 
 ailMrti>.nliiit of. nil, l:il.'> 
 
 lotitirmati)!! in. of thi> aHc-aii ii . i:V2> il:!J'i injT] 
 
 .xt.iKlini: ..l>j.,t- |l:!Jl l:!Jii. \M'i \ 
 
 (wtrndiinr tinii- f;>r r^'ti-'traMtn of. I;(l'» 
 
 hcarinu' anil ailvcrti in'j pitction I i:iJ'J| 
 
 petition on I cut Cl'-Mi] 
 
 |Mtition to he hraril anil adMrli-i-no'nt. for | \^2'l] 
 
 snli'titutioii of ini'niorandum ami articlci [ 13'J?. 1326] 
 pi-ti^i Ml, 
 
 f--rm-.-.r M1!*> -' ^■^■■■.] 
 
 ini'morandiini and artic!o-t HuhMtiliiii-d for drrd of otth in 'Ht [ Cll.sj 
 
 toiontirni I 1315, 1317 | 
 
 < td 
 
 AllTeteTeacmtTeiothepaffm. r-igri in fir':r/,ftg [321 \ rr/'t i !■• th, l''oriiii 
 P. .") I 
 
1788 tNOl';- 
 
 KXTFNHION (M- OIU IS (Si:il'<* 9, i'M Of I9UH. UKPUOIUCINO 
 ioMI'.WII.S Ml .'.OHVMli >i OK ASMICI VTION ACT, iHtfi))- 
 
 pr^'ti'.'. omI.T \.t of imm (or *«■(«. », 'ifia ..f !(•<»»), 1313—1:115 
 |.r<iii.i.iii. ..f \.l ..f IHIi't 13111,1310 
 ri'iri-triitMiii i>f nrilir LtHi 
 
 I xti mlinir liriM' l»r, l:!10, 1315 
 r.-trii lion of ol,ji-.i-., U'i'.l 
 ri-wiiiimr oliji^t^ in iiiodiTo fiTiii, 1312, 1313 
 
 MM) f Art. nil 
 
 Mil.-iiloiiiik' m. iiiorarduni .in.l iirticlp-i for ilooil of MttlMnml, 13ll» 
 
 fiiriii- of orilir^ , I3J.'>. XiH-] 
 
 111 titioii for i I3I.H| riiiii 
 
 «iiii!iMoiM for. (liTl.irmioii u-i to iTcJitori Iwiiiir uiiiiffoiU-d, *'• I I3.M] 
 
 uiil luitc 
 Biiiiii.ioii a:i'l ivi li'M. ••. |:ll t 
 
 • r;.ri-f.'r of jiroi ■■« iljnir- to ( ooiity I'.urt. 1314 
 wl.ai miiv In* "Hintioiii'l, |:|II »•' >••/ 
 
 KVi'iAsioN or TiMi:. 
 
 nL-i-li:.i:»'. <>i J turiw .V, . ti!7. oH, Mil 1424 11424 -1426) 
 
 Ml-i I' of III >|i..|| { I'lJI I 
 
 or.lr-. ill-io] 
 
 K\TI!\ srHVICKS, 
 
 tli>..(or-' ivo.oo,-i.ili..o f..i ITtlj .m>l n..tc 
 
 KXri;\Olil>l\ \1IV lll.NKim. MI;i;TIN<1 lf>W\ mA uotw., «47 
 arli Ic. «- to 1 lilt" I '■' »• '/• 
 (l,<i: riill.oi if iliiiiimin al. "(Ml, ii. 
 
 ,oiiilii-iv.nr.i., TIKI. II . 1II:H. III9« 
 noli ■<■• of ! liiHO , t «. 7 I ai tl noli-* 
 r.-.o;i ii;,.n for I ll.i. 1!!^! 
 
 \rl of 1«''H (•. lii) pr'ni-loni of, .\].|i.. l.'>42 
 
 tirti'-'p a-* to fliMdj iM'i note^ 
 
 noli (• I'V loiinliiT- on m.ii-i'onip'i in i- .villi ] IIISI) 
 ri-oliition ol'ilirr.ti.r to n, .v.n.' | 11331 
 
 • jiii ial rp-oliiti Ml. notin- of, to mmiihrr'* | l'l'<l I 
 
 EXTnVOHDINAliV liKSOI.l TION. . . ,„, 
 
 coni-li.-iicmMs of .li.iiniiaii'i il.ilaration ai Ui pacing o. not. 109.^, 
 
 I (I'M, lll«iO 
 roT i •' to I'"' roci-'tProil I-'il3 
 
 d.l'inition of', to" he iii^.rt^t in .|.>l>i-ntiirp or itnrk trust <l<wl>i fStock 
 
 KirlLintr.. Hiilc-). 2i;s , ,„,, 
 
 no'ii' of mc'iioir for. wlial it tiukI v i-ify, 10'.)2, 10!l3 
 noli P with a vii w to. rhara^'tpr of, 11103 
 on- moplimr only rr.,iiiireil for. 10!I2 
 iioiiit.< t<i h" liorrio in mind, i(t9&, 1098 
 ,,iio-iini for. in<l2. 1095 
 rcMoiri'nii nt' of Act m Jo, li>02 
 vnliintarv w!MdinB-u|i. for, App.. 1.574 
 wiicn rcipiind, 1(111, 1092 
 
 F.MTOHS APT. IH89 1201 
 
 ron tnirtioi' of. 1201 c( tfq. 
 d po'it of tr""!- 'varrant'. 12li'2 <•' ». 7. 
 '• nifrranti <• a;iiit.'' IJill, I'JO'i 
 
 «.r initio- to hankcTH, iViv on pli^liips of do, uirenU of title, 1201 et ieq.. 
 1207 ei .-r</. 
 
 FWSK STATIO.MKNT, 
 
 criii'iMal offiiiio nndir A. t of \'MS. wlion. !j9., App. 
 ii lia anci' ijio-t. adopf.on liy loniii.iny, 772 
 ill what ca-e" inifdeiuranour, 1S97 
 
INHKX. 
 
 KArsiFH ATin\ or iinnus, 
 
 li.il ility uf "■(■ntnry. *5l» 
 
 FEK.s, 
 
 ilir.itor«' 'T'.'l| :inil ii"ti". S,* DiiK'inii* 
 
 Hi lit; iI'M'tiiiK i.t %viili ii'.'ilnr. im, IHtl, 4i»7 
 
 iiicttiiM' tiiN uiiriH-tor-.' J, T'2*>, 7*7 
 
 in* reu-c m: < ipitdt, 'Ml. 4Hii, 4H7 
 
 IM w trrti'i it' for ^liiirc^. itii ;:ir»i'(r> j 1153 j ;'nii not* 
 
 riL-i t. tint,' U lii'nlc;rr-. .Vr . it'il 
 
 rPLi tratitin, on. .*i, 4Ht» 
 
 trun>ffr of "liarii*. .itt i:trtiiio) 1 *17«» 1 
 
 1 7: 19 
 
 
 Fin rnoi s .\ a.mk, 
 
 n|'|iii. iilion for »h.iri'« mi. IK 
 
 Fim ( lAii*' ui:i.Ari()N, 
 
 .lir. ... '711. 712 
 
 |.r«' 1 . •■' Ktl </ .'7 
 
 pr» ! - I.' ■■ wIkt*- no ifn|i i» ■tn!i'nt 'iiri fU-rfit". nil -.t{- tn rom- 
 
 Statub ■■ ' ' 1 :'i.ii>"'r' .i« t<i (liri-^ 'iir , 712 
 
 FlUNr,, 
 
 ui;ni J. . '. , ■ '■ 1 . ( ill, a-< to laiai 
 
 ronlniftH «- 1;. , ii,l-.i|. slur'. (At t.f l!tH><). lij .7 «>■./.. S.T>. .111 ( Mjn), 
 1421 
 MFul, 3:ll 
 111 irtcairr* iiml linrirr-i iindiT .\ct of 1!M18 liiti fllH 
 olijiff of, o~ to (iro-|iiftii-i, 18il 
 pro |ii-ctu-». of. I7!t. 18 1 
 ni'oii triiiMiiiii iiu'ronirnt. M.'iO 
 rilii'l' ill 111^1- o'' ..inn ion ..■M law), H:i, M-.">. M'il 
 
 KINANCi: MT, IMW. 
 
 duty on >;;itfiiifnt-« a^ to « M('it;i!, 1^7 
 
 KINWCi; ACT, \W>:> li'lii ..:J3 i, l.'l'. 
 
 IINANCIAl. l()M!'\\li:.S, 
 
 ol.j.ct rhiii «i of ].i2>- .■i3«| 
 
 FI.V!; AltTS StKlirriKS, 
 
 r\ini|ition o.', from r:it*''. lu*i 
 
 KlUi; INSI UANCK, 
 
 111 !■■ hi of. on fiilc |3>il ] .-ii;!! pot'' 
 o' :-t rliiUKP-* of roinpany for loL'I ] 
 
 I'M KM. 
 
 iip|".iiitiii''iit .!< -I.ip'^ liu-liaml. .V<> Til] 
 
 FIRST (!i:xi:uM. mi;kti\i;. 
 
 s! iiiilorv nii<> intr mov r ■ iiiircil whrrc lomp.iny limilivl liy rlKiri'ii [fi,S9] 
 ami liOli'. App.. l.Ml 
 nlion to I.I' hrlil to .ati.fv -iiI. M ol Ai I of lllll.S .l.'.lll 
 
 KlUST MC'n'i: \<!!" lii:iii'\TI i(i:s, 
 Stoil i;\ihu'iitr Hull'-, 21.8 
 
 11/ rofirt'tircs an- to tlic piitfo. /'"'/'•» <» lir,i-krlii | 327 | rrffr lu (hi- iornm. 
 
 ,-. \ 2 
 
 I 
 
1740 
 
 INDIiX. 
 
 FIXKl) (.'APITAL, 8»4 .« ••». 
 
 FLOATINC ()|{ CIIU'I I.ATINU CAI'ITAI., 8»5 «« »•». 
 
 FLOATIXti CllAmiK, , . ^. ,,„ 
 
 iTi'iiliil witliiri thri'i- iiioiith« of (•<.niiiii'iiii>mi'iit of wiiirttnK-up, liB» 
 
 f-i'it. 2118 of Act) 
 diliinturi' to liaiikiri, kv. crcatinif |r!J9| 
 |irinrlti«'-* whrri' rit-rivcr uiii»oint<'ii. 155H (Act) 
 ri-!.'i«tratioii nf. umliT Act ui 1908.. tiUi, 617 
 
 FLOTATION. 
 
 when ii 4iiii-iitiiic~ i.riiiiiiilioii "f iiiiii|>«iiv. 121 '■' »"/ 
 
 FOKKCI.OSI Ki;. 
 
 iIcIm iitiiii' a{ti(iii-. Ill writ of ■•umiiiini^ for | i:i.>2 | 
 e<|uilHliU' iiiorti.'ui,'C. llHtl 
 
 i.r.lcr f..r IHlnl , , 
 
 Statiili- of l,ii;iiliitimi> iKit »p|ilic:il>lc In pcrtimalty ( ii.Twnal renuily 
 li.iiiL- liarrcd). II!t4 
 
 FOHKHiN A IK A IKS. 
 
 a.'ii ciii' III for -a!<" "f Miine-' | 3S4 | 
 
 arti li-^ a" tii l'"-al iii iiiairi'Munt | ".Vi | ainl iinti-< 
 
 cxii uiiiiii of il'iiU alii lail under |m.»it of .itiorii y, Hi. l'>i!> 
 
 pow.ri <>i' attorney. ll.').>, WVJ [llfil -t «<•//. | 
 
 roiii-tration aliroa'ri. nliji-ct dauw 1612) uml note 
 
 FOREUiN COMF'ANY, 
 
 aiiml);am'itioii with. HKfi 
 
 hdldiiii; of lnn<! by (mortmain), 113 
 
 iniproiM-r ii-*c of n;;iiic of, 433 
 
 iiiconic ta\ wlicr.' trade in Knjflaiul. 93 el ««•/. 
 
 j)r<'«iini|iti()ii that law -iinilnr to ours {I'irkrritiy ». StephentoH. 14 Iji 
 
 322) 
 rpiiiiirpinnit* of A -t. lis. IIH. lh<i!> 
 
 ealf under reeoii-trurtioii held iina'id under the Act. 143il 
 jterviee of prooesK on. S-'i. Hrt, 1340, 1341 
 
 FOHF.I(!N col NTKV. 
 
 airri eiiieiit tor u_'e:M\ : 1131 i<i«i 
 
 rjowlioii .)f J.e,!, ill. SI, \'t\-> . powprn of attoriiL'y), ll.'iS, Il-)!» |ilBl 
 
 lialililie" inciirnil there hv Knt'li"! mpany. 2K 
 
 ohj'i-t elaii-i- a« to oLtaiiiin'ir reu'i-triti m of coni|iaiiy in |S12| and not» 
 «r\i le of writ of Kiitiiinoni in. Si. Hfi. 134il, 1341 
 ►han hold, r- re-i lint' in. probate of wiN of, 678 
 transfer of -haro- to person ro-idin({ in. 072 
 
 FOiUMiiv cornis. 
 
 KnuUh eonip.mie- •liable in. 87 r,„„, 
 
 injui.elion airain-t ha:ikruotcy proeeinlinirH in Franec |1»12I 
 
 fo!ii:i«;n • ritvntu. 
 
 Uan-ferof -han-s ti.. (iSII 
 
 FOHKHiN INVKST.M Kyi's, 
 income tax on. SI 
 
 fohi:ii;n mixics. 
 
 au'reenicnt for ■»ale of | 3Ht | 
 
 Foitr.n.N i'Aii:\ I s. 
 
 a:.'reen» III lor -a'c of | :17!>| 
 
 FOitKlCN ritlHI'l'iUNliS, 
 order restraining 1 14121 
 
^^ 
 
 INDEX. 
 
 1741 
 
 rOHEICN Pnoi'KRTY, 
 
 !<tuiii[tK uii a^rriMii«>iit fi>r ^ii\v of, 3>iH, .13SI, 341 
 
 FOUKfcX UKiilSlKATIOS, 
 
 ohjiot <'luu»i' I .ilU I 
 
 KOUKKJN si:ai,s, 
 
 aiitliorilv to attix [tt!>'i] 
 
 pro\UiiiiH of silt 7'.t of \i t of 19il8. .»*. 1S4S 
 
 FOBKKiNKUS. .i„d ,.,■ Ai a ss. 
 
 BUOHiipiiiin iif nil iiioraiKluni of amnointion by. 26 
 
 FOltKKITrKi:, 
 
 iii-tnliiiei.t< for ilib niuni". \o.. 'IVb 
 
 m 
 
 Founari uii ()t siiauks, 
 
 attJTiii^ irtiilt's ii.s to l»6h 
 aiiiiiiliiii'iit of I UiiOj mill note 
 artii'lo B1 to [|>5H »l tn/. \ 
 
 joivati' roiiiputiy. in j 97] | 
 bankrupt immlicr. of. I'iM. 079 
 raiM'i'llaiiun u{. by li |iii<Jutor, fiGl 
 claii><-» a< to, rtii'tly i <>n>trui '.. ti58 
 dinrlori not iKnin i i.. rxini-c jiower, tiSU 
 «tlci-t u-4 rrf;ar<i.<> iiti^ri'|iro oiitiitiui. t>y <*oiiip:iny, lUR 
 elfort of rbar-'ini; nii alli'd i-apitil, ti.iH 
 for tiikitiic pioci-i'dinLTs Uf^atn^t roinpuny, t>6(> 
 irni^iilarity i.i — prmif for ilainaffci, H6U 
 li.ibi i!y for arrear* (tirtl) and nutu 
 lial i.ily of Muli^ciiuint puruliaio r. 1)61 
 nii-ri pri'ii'iitatioii n< lU'fi'nci' to action for rall« aftrr. Ml 
 noiir.. bclori' 1 1079 1 
 ord< r<. ri' trainiiii; |14lll. I40,'>'| 
 powi'r to inakp. liAH 
 
 i" a I ni^t, ti.")8 
 
 not iiiliiTunt. (>58 
 proof in rr-pi'cl of. in winitinf^-up, ti60 
 ri -allotinrnt | Uiio | and noli- 
 riToifiii/ril by labb' .\., 74!) 
 ri'i'titiration of rfi^^i^tfr in i-a^-p of iniprofi«r, ISMil »'f »eq. 
 
 form of oriliT i 13'.':!| 
 rtlii'f ill ripiity airain^t. li.W, rtOK 
 n-<ilntion for | 1 133 | 
 
 ri iiliilion to L'ivo ncitoi' upon (nrtiilini) 1 6.iH | »f«l not* 
 ri'-traiiiini;. 19H. I)*i5 
 nalo of forliit'd -liarr- |oi.(i] and note 
 KtutiM of i'\-ljoldpr, »»*!''» 
 
 viilniiluiy uii.d'ti-_'-op aft- r I'litniniMu'rinoiit of fi.^M 
 voting at nirotiht.* aftfr, 7"i 
 votiiic by piiri'lia •-•* of, whi'ii <mIU unpaid, 7118 
 wiriilin;.'-iiii. in, ti.iM 
 wiit I'lainimir lalli afti-r | 1343) 
 
 FOR(ii:i> rKAN.sii;u,s, 
 
 A.t-13- to. f.73 (11381 
 arlii-li' a^ to i (173 | 
 
 ri' oltltinn aduptiniT 
 
 cffmt of. I>73 
 
 ilid'liil it\ of r"tn)Kiny, 
 
 1138 1 
 >.'. (ifi7 
 
 ihtiiMt nt Ininsfrri'c 
 ronipany. (174 
 
 iblaiiiintr ri'L'i-'rati'»n und'T, hr nniHt iiiib^mnify 
 
 All rrffn-ncen art- to tlie pap<"» I'ajrn m hrnrki-f | 327 | rrlrr In Iht IVirii 
 
 J 
 
174^ 
 
 i.NUU. 
 
 l«,(li<;i'.|) TltANSlKUS (■nnliiiuid. 
 iiiliil'ty <>l i'iiiii|>uj y, Gil, 11 > I 
 rcctiiicutioti uf ri'^i-trr, 13?iy 
 rcfii ti:itiun runiioi (ie:rui 'ruo ciwnor's litlo, 674 
 nin'tutiiij; iiiinilnT in la o of lur.'iiy, liUi', 074 
 
 voiu:i:n\, 
 
 jM.wi'i- i>t' attornry, (i07 
 
 ► iyiiatiiriM to iiicniiirai (luni of iimociiiti'ii, 26 
 
 I'Hcit of ct'iiitl. uti' uf iiirorpnru;!"!!!, iii 
 traii-f.r of sliare,. ..f, 1.(17. 074 | lUSj, 1I4II 
 
 iluiuu,;i'!i lor n^yiuratiou, 074 
 
 rOIlM \TI()\ or COMPANY, 
 
 J ' I at«' rompany. '.»■> 1 tt '.'/. 
 
 " |i () p' I til- " umI " II iri-|ir()»]icttui " luiupuiiy, «lcpn in, 3 
 
 etadiiiiry .lirlarali ii, 4 
 
 strpi to lio taken on, 1 el trq. 
 
 FOinis, 
 
 All of H>im, in. 15.511 
 
 ISi.anI .>f Traill'-, puwcr to alttT pn-uTilicd, App., 155a 
 
 ulati'iiii'lit ill lii u of pro-pci tui (ibl, -iuj] 
 
 FU.SS V. il.ilir.OTTI.i:. 
 ruli' in, 71, 13>7 // » 
 
 •'/• 
 
 FOl M)l:ifS' Sll \Ui:.S, 57H [.W2, 586], &H7 ft nrq.. Bin 
 
 aii .aiii.iL^i'- of. '•'i^'t 
 
 allrraiioii "f ri.'lit- in ri>-ipi(t of I .'i7!l. f'.K.'i | ami note 
 
 faiici'ii iiion ot, pr n i i ii.il hi;!!- iiu-nf (or |l!-'l 
 
 I'lau-i' .' to. in nirino-anlimi I'f anioi'ialion | ■'iSi, 5S6, 6S7 ) and iiotnn 
 
 ruiivfr-ioii I'f. int I uriliiiaiv. ll-."i 
 
 ri'-o!ulii>n4, Aic. as to [11^5 ei trq. \ 
 lii-»orv iif. m: 
 kii-.l-'of. .•..S7 
 
 iiii'iiioraiiliiin of aisu iaii m. riu'liti lixiil by | .>8.', 5H0. 587 | and notoa 
 oidrr ilr laiiii!.' ii;lit. of [ 1 1 I'.i | 
 |iiovi-iol.al :if;ri'riiiil!t fur rilrrl'iiiiT |ll'-ii| 
 riduiiiii: lapiiil liy piyij.' "tf. ri-o iitiun [ 1301 ] 
 r fiTinie t>'. l;i pr"-p tn-. \n~ \-i-'\ 
 rpt-. iai ri'.'liti to h..liii'r- of | ."ih2. .■).'iC,, ,-)S7 [ 
 • taliiuiTii m to. in pro-pM'tO', undi'r At "f lllCH lii7 [24S] 
 uialrTwriii.it;. oliliuali'ii- in ic pert of, iS'J 
 votiiiir pim-iT ill ri'p't't of. J8*J 
 
 . .ni^v a« til j .187 I 
 wii.ilii.irnp. in. . lau-c a-, to ! .'.82. Mf>, 843] 
 
 ni\<TIO\ \1. ( i:i!TirH'ATE, 
 
 airrci' nl to alim ill') 
 
 l.iiMii- ~li ins a' to f UMi.>l 
 form of I Iitt.j. 10ii.'i| 
 rii-on-lr,;.-iiii-i, in. 14ii3 (1472] 
 
 FKANCK 
 
 Old' r rt' traliiiii 
 
 hkniplvy prtM'pc'Iiuj,'-! a;;.i'.i3t i-'-nipany [1412] 
 
 a- tion for danoiiri'-, 20.'. 
 
 tu;ri,t' of ri'iiipaiiy. dy. 4iJ it an/ 
 
 liv .lir. . tor-i. 712 .( ■ •; 
 
 roiliri'i tor. 2 11 
 
 i-olnpanv. u li**l! ii il.'p for. 4'( 
 
 ciiiiiina! liiilii i'y of il,n. t,rr-. 23:! 't fi/. 
 
 d. .i!h i.r liankrii|iliV uf piT "ii ilrfr.mic.l or li ili'e, 207 
 
 di rhariri' in iiMiikriipi.v. r :li- I of. 2 i7 
 
 ioitil and -■viTal ;i,tii .ly, 1 li, I ".i>, UIT. l:i.M; 
 
 liaLiUit) of butli printipuU and a^^i'iitK, .'i2ii 
 
INUKX. 
 
 r.4;i 
 
 l-'KAlh rnuttuufd. 
 
 Iili:il.il nil 111 lilii' 111.' aili 11 f'T il.i il, - >!'• 
 
 iiia.dily III' >liurt li ildi I-, 1 y. TJ 
 
 ii..ikiiiL' or riu'L-im." ni.irkit. in) 
 
 iii'ii'-iiry iiiirmlr' iii in iniuiii <.'t ili'nii. -H'J 
 
 l:ni;-.li-riii'Urr. wllrn. "il'' 
 
 ulil.iii iiik; SliiiU lixi-liiiii.-i' iiiiiil ili •ii~. i'l I 
 
 (I'l iiii'Miiily. 13Ji ' ' >• '/. 
 
 priviitr iiiiii|..iiiv t.iriiii'il ill. <:i-i-- ■!'• nl'-'l i< i'; ''»' ' '"^ 
 
 l.niim.iiT. la-t ";:in 
 
 |iiiiiir ill liaiikrii|i!i'v. JUT 
 
 r.|Mi.li.iiiiiii 111 -iiinv. fur, Ki -t ■.■/ , I'CJ rl "■/ . l!''' • ' 
 
 ri^'L'iiii: luailii-i. I'l*' 
 
 .1 liiiii,' a-iil.- >a!- Iiir I'r iii:l. ju l_iiii-iil ■ i:5;tT 
 ii-i- o;* nam'* "f i-"mii;iiiy, * •''. *■'»' 
 wiii oi' siiiitiiioii'* fur [ i.I4til 
 
 III II.. 
 
 rUAfll-^, SIATI IK dl'. 
 
 a< III riilllpiv Ml;.' willl. 3:!^. 11"'* 
 
 FUAIIX l.KNT xnOlMS, 
 li.il.iiily 1)1 (lirntnn, ,71 
 
 I'UAI 111 LIAT .MISl!i:i'i;l>i:s I \ I I'lN 
 
 I., tiiii.' aiii'- ' u.iii.ii I v».iii pnii...:iy i.ir i l:t.i:i I lUil 
 
 riiAiDi i.r.NT 1'ui:i'i:iu:nci;, 
 
 ill wiiidiiiLf-up, 1,'iitt 
 
 " ii;i;i; or im dmi: iax.' tii.i iiiuiLmiii 
 
 Til I .>;m I ami ihiIj' 
 
 I'ltr.M II LAW. 
 
 ral'.l.li ri:nl-i' Ir.illirii Willi rt' 
 
 rtHM 
 
 nil 1 
 
 I'lniNUi V SIM ii;i ., 
 
 (uiiij'.inv <aiiii'>I Ih' tit'.i^iiriT -f. H 
 
 FUi.i.v rAiD-i I' sii\i{i;s, 
 
 a-r. ■•iiii-nt- a- t.i {.H. \ 3IN 1 :( i'>, ■•'• ', !-«• •> 
 
 II llilir.llr .1- to, •■■I il'lii'i liy. IJ, llJii. Ill: 
 
 iiiiiv. rinii into ^t ri.. 4 7 iil-'l ; anil iion- 
 
 tiling; lo.llra' l< ai t... bt ./ .■<./.. ail. .111. fill 
 
 iii.iirr iii» niii-ji'-.l •"•il J I of l-v., >1 
 liol.- 
 ri'lii'f. Ill '-a-i- of imii-liiiiii;. oiitliT IK* -iH wf »*«»' I 
 ill liKoaid ;iii a|.(inui-,l if <ot..'» ,i*;>l j S'4 n ' 
 tiliiiu oui-^a- I- all"! r.tuni- .i.i to. iiiiii.ii' \<'. rf< WdK ti4 - « 
 
 (ill 
 lii'ti of "iiiip.iiiy on i«l»i"il and iioti- 
 
 Ollli-i'in to 111.' Itla-I ulldiT -it .','• of |«tr Wi of l»M>T, 
 
 riitii.i'.it.i f r.-,jiM<r, l>i»' ; I.Jiij aiiil iio'j" 
 
 oral roiitra-t^ fo-. r?ll 
 
 |iio-|ii'. til-, -tall 11' iii« a lo. ill, i;i. ill i-'>41 
 
 ri roM-tiii' tioii iiKii- nil tit IIVI 
 
 rl•(■^'lt^ IT- ion of -t ik lilt.'. I i" I li"»- j 
 
 mili-i 1 il'iJ fur in no ui'-iaii'liiiii of ;i * . ..-.tnti. .'»■< 
 
 FllNDINti rUKl'KliKM 1 \l |il\ 1 DKN U.-*. 
 
 ii',;ri I'ini'lit a^ to [ iol i 
 . ili;i.ali- I tiHil 
 
 M 
 
 ill ; and 
 
 i;i 
 
 .,*>. :i;u . 
 
 fLlMHlU l.ssi 1,S 
 
 .'^lo.l, Kx ll.inif llii!"' 
 
 ■Ill 
 
 Alt «fi'r. not"'! trv to si..- (.Hi-. /'".•/«■« *» 'ir^ieirl^ [ 327 ; ri-h-- <■• 'A'- Forun. 
 
17 M 
 
 KUTl'KK « \LLSv 
 
 INMKX. 
 
 L.tik-, \' I'l'^'l- <'■*•' 1 '-'*'■ '-■••''I 
 
 FUTlKirV. 
 
 OAIV 
 
 |>;iMlt-- ■•Miiril ftir, 
 
 ,,rii»i-i..n ,.l A.l .if 1««>I» («. i '2)1 a- ««■ App., 1827 
 
 i«*'iri-tr«tii»ri of. \ lu 
 «4w'i- iltwnl. IW 
 
 ,., f.rl.ii'.i lint U~r. Ulij '.liU, I.MI Aft) 
 
 i..iiH>rumiiiiii of :i-««ii»»"n llnanl of Tnulo) | 41»6j 
 ibjiri . t»ii-e- |5t»H— ."i;«j 
 
 GAINS, 
 
 ili-tril"itii' 
 
 III, Ml wiiiiflitu--up. ~**4 
 
 GAS ( OMl'ANV. 
 
 bma as to. .!«•• 
 
 Ubjlt-f I i*4»1««- i»f i 
 
 'I 
 
 Gi3»i:HAl. MKirnViiS >,, \U:iti%.. 
 
 iMljoiiriimnii of. nlK. iWI, 7>"i. 7(11. 7112, 7iH,. h4i.. nAo 
 ;trli(-li's u- to 'ttti*. 7f)ti. 7(1J ; .nui tttit««^ 
 
 (Mf a|ipiiiitiitur -«li-<'.iit.'nf ilny for tjUciiur J«'ll " buL \ 7111 | .mil mitcn 
 !»»r liruriiii; !i»«lt of t«ill. 7"! 
 i^PT'stl notifi— nv*Kt HOI l»© i/ivetl. ^tl*.! 
 111. UK to mxi. 702 
 
 of (iniXO's ;(l, 7ti*» 
 
 i-iit« ut. mm. i**h — MM) 
 
 a- ^«» miittonn. ..*4*i 
 annuul. ~nuiriNl In \.t « l't»H ohm. timi, ih4\ 
 aiiii'lpi »■ U) [dHS! "f »<•« 
 
 attriuittiairf a!. 
 
 rXria-wm of i'itt»i frfHll. 703 
 
 b«^ilH I*., orf nt»7 I and nioe-i. K47 -7 **'7. 
 
 rail lit i-xtTwirrfinari-. wtwi i- ui liipect, flfW. HUl 
 
 '.hairmiin at ' t<»K .ii;d noti . nil 
 
 la-linc ^o^^" ■''■ '.'"♦ j :iiH* ti.iin 
 
 ili^ilaratioii of . "" iuiil in. I.- sC, stti HWi. HW» 
 ■■Hamri' at. »»>». M.^ 
 
 .ooir.il i-v, ..! ilir.Ht.ir- iliwit", 7'i '7|iii. 7t: 
 
 ■ om.nii I.'. ''■ ^.o-'o iliro. tor- Imf lioani irrojiilarly <Hm-ititiiti'il 174.1], 
 711 
 
 rolivi-ntiou of. whlTO BO (iMvi-iim ("H't- tl7 of \rt of llMtHy. ti»l, App., 
 
 l.'«4V'. \'>ti 
 d.nill.Mk, 11- to .alinif. liHl 
 d.ail -liau-holtliT-' ri'iiii- o'lfnlivr-. loiinir of .irliil"- I 7ti4 j 
 
 ilifailllilory ijiiirlli'- :lt H lli'll pri i i'l'iri'il. "!'" 
 
 di'iitaiiil fill- poll [71"' ami notiv h.'iH 
 
 dim tor-' iliilii- a- i.> loiin iiin«». tiltl 
 
 Hini lor-' writlon n-oliitioii to Lr iM|iii\»lriit to n -oliittoii | i(IU| 
 
 I'liili'tit'i- of |iu--iii;; of rp-oliili'iii at. 
 
 arlii-lc a- 111 \{','M\ and note. ! 74.'i | and nolo i iiiiiiiiti") 
 ontraordinnrv j ii!H» | :iiiil ii t.-. sl7 
 
 noti'-'- of j IDKI' '' <'V ]i [1'IH4! (ly iiifmher-) 
 
 riH|ri-ilioii for i (Kill I ami M.it<-. I |iiH;r . f inn i 
 
 tfl i-r r.Ml \o|:MS M ( (llMCil MllllVli 
 
 Hr-I, CiS'l 
 
 jiiiiil liiilili r-' Mill- I 7114 I and iioti' 
 
 nolin' of. 
 
 uUroad i 77ii | and imti- 
 
 ai'i iili'iilai iimi — inn to . ivr t l»*-Mi j and itnt*- 
 
 adinii i trator.. » ., ii»:" 1 7Nl 1 
 
 artii li'- ii< to jR'iJ (i'llil .uid nolw 
 
IN'UKX. 
 
 1745 
 
 it 
 
 III 
 
 I" 
 
 OENKHAI. .MI:KI'IN>!S mntmurd. 
 liotin' iif rii'liii'iid. 
 
 comliiimial wlhii alldwulilc. tittii, UMM 
 r(iii-triiili(iii »i. tlHi. I"47 
 illcci of iirdrr In riTlily ri-tjiKtiT "in, IWI 
 ixi-iil«r». to. tiW 1 7hl I 
 form, of I ItWI ■/ »'V 1 
 iimitliiii'iil or iiiMltMiling, t>»4. 1"*' 
 KlBtfiiH'iit. us to iiitcre~t< of ilirwiors. <i!l4. liMH 
 lo wliotii to 111' yivcn, tW'i 
 wliiit to III? -tmi'rt th'Ti'iii. tWi 
 
 wh.ii adjiniriidl. (>'i2 ,,,»ui 
 
 wli. ir no pnni-iciri in iirti.l.- u- t" wriiiiK moiiiliors uliroid | 77»J 
 and liot4'. Itilil ( I'lllilc A.) 
 ordinary | liMH. (i!»7. 7;ll - ' «. /., SI4 . ^ «;-7 | 
 
 di I'luratioM of di' idonil at | liSli | Tlij 
 polU ul I 7110. Tdi I and n..t *. Hill 
 
 ;i,lj,iuriiiii.iit a< t... ;i|ii, 7111, 7oi, slii. ft.)."! 
 
 arlirl.'s a- to | littll. 70(1. 7tlJ | 
 
 law a- 111. 7iHI 70.', sfi,. h.ia 
 
 olijnl of. 7011 
 
 part of pnicii-diiiif" at, 701 
 
 |iri%ati' di'inand for, 700 
 
 pr(M''-«Hliinrs at, H,'itl it «*?'/ 
 
 whi'ii to l>o takin, 701 
 
 «illidrawal oi iliiiiaiid for [7(HI|, 701 
 
 p„,tp„ii. II t lit. n . pnwir in ilirctors if duly lonvcnml, 69B 
 
 priH' dnri' at. 811 < ' •'''/■ 
 
 provii'^ at I 70.> .( i.y. | and noti-Ti, 8,i'2 rl tn/ 
 artiilri o. to |iO.'i <■' "V \ 
 form of I ,117 |. .h,U >. i- I'miMi- 
 putlin>.' thi' i(ni«tion. N4.'> 
 tjuoi iiin .*!. I»07 
 
 arti' i**i as to | *»07 ] and imtrs 
 w tirri' hoiip, liOS 
 n-aditit' noiiri" and niinut'-s, H4I 
 rwiiii ilion fur, airri'rmint a> to |4I4| 
 artiii'- as lo i liim | and llotP 
 fort" of I tl.'i, l"H:i| 
 how t<> U' aili-d on, .'inl 
 rtfioliiti'in to rmviMir I I l:<:t] 
 nernlini-rr-' n'port at i H.'il | 
 ii**rutiiiv of %'<•?»■> at poll. 7nl 
 
 nrrri'iarv not t" 'all. willi'iit ordiT of .lire-iur-, liiH. 740 
 nlwiw 111 liand it hl'i'i|iiM.I Tioti'. SJ.I 
 Mtitrli piTsttn runnot •■on-tiinti'. HOH 
 npii'i il Ini-ini-ss at. wliat i- liOT] 
 
 ri'-olniio'i for ,n"diKM!tiiiis at tir«t nui-tinu, Hlt.'i 
 «tHtii(i»v I", two, I ill 
 »rti.'i' a- to UiMii| 
 tfltfi) to Iw hi'Id. lix** 
 TMiip A . I'laits*" ' •> •'' >"/ ) a> •<>. \pp . loot >'l '•■'/ 
 vfit*- A' 7ir* ! .ind not*"' K.'»3 
 
 artt'-ii's a- lo I 7tl'-' •" •• >/ j _ 
 
 .■ha.rnmn's ill- iioii ,i- u- alilitv of I'lM'i intl ii'ili-. i04 
 
 I'limRHm lnK riili^ as 1... when rio pnni-ion in arli. Ir-. (I!I8 (02 
 
 lontrol of l>y p.. i»l aMrc'ini'i'. 701 
 
 il.".'a-<''l mrnil.'-i-.' -tiun-^. artii !•■ i- to ] 7nt ! 
 
 f.irf' iluri' of s|iar'"> iftir. 70S 
 
 iid'lilPil im lnl»r l.v irtiili- a- lo i 7"« | 
 
 ioini h.ild.rs ..f. artirl. ,»» to | 704 i 
 
 law as to, 7o:l / ' «. •; 
 
 ni'iraliiiiiu' ri'_'lils in ri'"p<" t of. 70S 
 
 non-!n»'Tiil"'rs. liy. 703 
 
 proxv. liy ; 7ll.'i . ' -../ | and noli-. <>' •< "•/ 
 
 All refcrrnii- arr to tin- patf.-«. /'■/»«» in Ur.irkrt'^ | 3'27 I r.-/.r (.. ?/■<■ I 'f 
 
 J 
 
174« 
 
 iM)i;x. 
 
 '1.1 
 
 ■m 
 
 GKNMJAI. .Mi:i:ilNliS eoy,t.>.u,d 
 
 \itU-^ lit iii:ffiri(i,d. 
 
 tllUlikv hil 
 
 traii-t't r uf sliuit*^ tti ol>t.ii.i. 711 
 
 tilif.tir u>(> of, 703 
 where uiillii^ril)' i>f iiiiiy liu jiri" imnl, t-S.i (lin iim •.' b.irroniiiK) 
 
 g):ni:i!.\i, m i.i;s ,\ni> i ki:s, 
 
 jiowcr of l.ciril CliuM' (-IhT. »ilh inn iirnini'c iif I'ri'-i li'?it of lloaul of 
 Tradi'. to nia!»<', uii.irr it'* '.M7. .'^i^ oi' Act, .\|ip.» I'tfiSt 
 ^ii\iiHi fur cNMtiii^^ .-e. t. -.t'l, App.. I't!*.' 
 
 UUNKHAl. WOUDS, 
 
 fiirilriiititm uf, in iMr;ii .ruiiilu nml arti li*;*, 171, fi*M 
 
 ol'j^ '-t riay.!-, 4.'l j .'il.-lj 
 
 ]uaili o' reji-trar 01 'nnipaiiii'H, 471 
 
 goim; <()Nii:iiN, 
 
 airriu'iiunt-' fur sulf ot lui-ititM- a^ [3t'>, 3ii7, 371, 371j 
 
 Gooii rxriii. 
 
 wlml i-. a> rc'uuril* I-". 1 lur^. \' I, I'JIII 
 
 cooDs. wAiiKs .\Mi Mi;i!<ii wmsi:, 
 
 tixitii,' uf iiiii.iitinni pri- - ilfi.aK'it ilrjai, ll(i 
 
 ii(»t i.;ciinif ii(i-i'\rM' I lixturO' »■« rc/arilt stamp duty, .'Jt3 
 
 S.ll ■ (if f„«:i\, A.t, I.MI.i 
 
 liii-rc.iritilr ai^fitt, Jehiiiliuii of, li'il, l^Ut> 
 
 GOODWIll., 
 
 li ijiiii i.r '(i>i"miit liy rniplnyi's, ii-. rarravl liy sal' of, 31."> 
 
 etlt'ct of a,--iu't.ia<'iit <ii. 31 » 
 
 cxpit' . iihM.t U.I of. in niiitr:u-t. 311 
 
 lucu it\ ftf. a- rr;»nr(I-i -tiinpiotr ai;ri"montJ, 34- 
 
 |iii ■■■ t'u 111' -tali-il in pru-lhiMi., Ijl j .!.il | 
 
 ►all- of, liy tr;t-ti 1- i.i .lai.kriipii y 3|.> 
 
 fall' uf ri„'lil til ii-ii' iilil nami", l.'i3 
 
 trail'' n:aiK. a-i^i'rnilili' with, 31 i 
 
 \alui' of. UM ndiirtiiiii uf rapital, I'iti'J 
 
 GOVi:i{\iNi; nniccrons, 
 
 arti ii'-i ai to \ '.(->- 1'^ ■ 7 ] 
 
 GK.Vn iriKs TO K.\iri,i)Vr..-< hin, i ana uoti', :>w 
 j'UW- T-^ uf ciinipany in rt'.'ard t-i. |i)J4 
 (tpri iai arfi li* at to 1 7'')3 j .mil liuti' 
 
 GliUSS NKdi.KiKNCi':. 
 nuaniii^r of tiTin, 713 
 
 GLAIf \NTi;i: AND INKKMM IV ri)MI'ANV, 
 olijiit rlau-l'' of |.'llti, :)2\ I 
 
 GLAUAMi;!'; CO.MrAMI^S. 
 
 All uf I'.MM. rnni inn^ iif,"j'i3. ili.,, |-,3l 
 
 ad^ .'ii^t.-iiri'-i uf . 7ii7 
 
 alti ruliui! of ulij-.ti. Ml t 
 
 uriii U'- of. 7'J7 
 
 f'lriii- of [TIH - ( '17. I 
 
 may ini(o-r fiirtiirr iia* i'ity. 47.5 
 lit o'' itiri- tiir., «' I. 1 '1 uf A ; ' r Hiti'*, App , 1,>44 
 lilt nior:iiulti:n of a 14 u'lilin:. of, 4IU 
 
 f.rni- iii 14 -J, 4I-.J 
 
 11,1., I i,ii»'' -tail lla'i'it'.' Ii:iii!ri 411, 4'Kl 
 
 wtli -liiro lapit il 4 IS. 4 i-i, I li 
 
 willioiit wor.l "liiuiu-l" |4l.'i|, \'iH 
 
 wi'lio..! ^h iru I'Ut i'ai. iii-ii \v* \1'J^, SOI, 80'J ] 
 lnti'^ ufi Alt uf I'lufi, 7!i! i'J« 
 piiiai ', tl3>t 
 •pi'tial objutl rlamr |51li] 
 
^"lyit^r^^ wnt^., ^ 
 
 lNi>i:x. 
 
 in: 
 
 GUAItANTKi; ri Nl), 
 
 « liiiiir- fur liiMicM of inipl.iy. H, MIU 
 tru-t d. i>.l e..ii8iiiu:i;.« 1 1U41] 
 
 uuAiiANi i;i;s, 
 
 ikImiii'i -, Ui «(!iiiri', ll".»ii rl »''/. 
 
 Imlikn.;,' ••I'liitilli--. :n fijuiil. ; I .' 1 1 rl te-i . I au.l liol»fa 
 
 Ikm.1, .l.-l t' i'V M'M.iiii l.i r iiii.ai.y |a.<tl| 
 
 um-iJi'rali'iii f>r. IMtii 
 
 foiili.iiajii,' li iliiii'v. 1 ID" 
 
 ,-l,.i i- t... iMifi: ! liJJ] 
 
 drntli ot i;iiiira:il.ir, ll'JH 
 
 iIk.iIi <pf »iiri-lj, l.'4u 
 
 il <■ I iif inili-mi iiv to (lirpt.irH in reipu t < f [1-51 J 
 
 lli rloilll' IV l.Tlll'T lltltl iMIlklT, ll'JIl, ll'Ji 
 
 rvli'iiilini.' tljiM' jlJIiii :>i»l 'i"iu 
 (inn. IM or i'l rr-pi- t of, 1 IM 
 formi [ I'.MI I rt «, 7 iimI nolo 
 friiiiliili 111 prifi'ti'iiri', ll'.IT 
 jnini al).! -,MP :,i 1 IJHi. UC, llMU 
 nolii a- to, I'il.'i <■/ •<•'/. 
 
 |i:o'it. of, l.y Minl.ir | Il '..'J ! IMl'l noto 
 
 nla- ..: |,'ri;;. i|,.il ; IM.] i:t:, 124S 
 rclra-t' of ixu.iriiit r, l-l.», 1-17 
 ri'voc:il'i,iiv. 1 1'lT 
 
 Bl'CUlilii'-'. lii'l'.i''it of, I '.'IT 
 
 ..ittli'il :n' oinr-i, ■ \ iJcni'i' of |l'i*'ii a"J ""•" 
 Sl:ltlllr of l'"r luj-. ll'JC. 
 »lia'. 14 uii>', 1 1'Jii 
 
 GfAlM'IAN. 
 
 inli.iil 111', ri.'lil. i;i r.'.|.i'.>t of -li.lf<. HH'I 
 
 HANDS, 
 
 ►li.iw of, nl u'ltn-^al ni.'rlioy i 'i'''.H anil noti', S4'> 
 ur'ic!r- a' to [ tl'/lt } 
 
 iiAinisiiii', 
 
 no irroiii.il for ri'fn-iiu' (>lain r untnu'liori of in^lriuin-nl, ''W 
 
 iiiniNi; \(;i!i;i:m! NTS, 
 
 / ,1^.1 ( I' , la.' liilU iif '•i'.i', I'.li; 
 
 llOl.DINt; (IT, 
 
 liy allow i ,c nunw to appvi^r in n-;;i-tor of nii'iubcr.i, 72 
 
 ■'iiuNi:sr ^Ils^\K^. (.f rAcr." its 
 //(■;/7w'.vvnv V. noi.r. 
 
 rillr !•', how air.-.tr.l ly Uni.lf.Tll llinif llli/ Cn I l!r,!J', •If-ll 
 
 HOI SI", t)l' UIUUS. 
 
 iippia! If <Msi- for api'pllanf [ M2<<. \\1\)\ 
 form of pi'liiion [ 1427, U2S | 
 
 IDrNTlCAl NA.MKS. 
 
 of romp. 11 i'-' pr liohlti'd, 4J0 
 d ■iii..nH- 4iii e! .«'./. 
 
 pro!,il.illoii of. I,'.2S 
 
 wilt n priniill. il 1 't2^ 
 
 <ot,-vil of ir :i trar i 1iI;(;p| 
 
 AU r( fcrtnooH ur.' to llii- paifi». /'uyr. »>» ljruikrt< [ l.'T 1 r.'fir (.< (A. 
 
1748 
 
 IM»KX. 
 
 laXOHANCK OK I.AW, 
 
 IK r(var<l>. i-wt 3H i>f Act nf IWi7 (rpproled), 2'ih 
 
 ILLKtiAI. \SS(MV\T1()N.S. unt, I.W7 
 
 luiiLkini; I'lini'i'rii'' willi iiii r" liinii ti-n niemlisra, lOU 
 
 •'nin|i»iiv f'Tiiifil fur naiii «iili innrp than twenty in<Tnberi>, 109 
 
 cMitrurt-' t>y. 1 1'l 
 
 triitl)- iiiiiun- iiri> not. 1 1 1 
 
 wiiulif)u-ii|> of. lift 
 
 IMIIATIONS. 
 
 t (>in|':ir<y t naiiif. 
 
 if, injiiiH ti(iii" :ur:iiii'<t, 4MI «' "f. \\iVi] 
 
 IMI'I.IKI) CDM'JCAf Trt, 
 
 uliiiiic ( . (.J, .'i.'i, .)(; 
 
 i-»rr_v on Im-i.ii'i**, t*i, 413 
 ilitiMtnr-. tii i)tm^ify. ■»•>, 7lt», 7'Jtt 
 tran^frrc*', '■>•, l<> imifiuiiifjr traTi-t'eror, titil* 
 
 l.\IlM.li:i> I'dWKIlS. 
 
 «'*niij'Miy. of. 17'J tt trt/ 
 
 INAim.MY To I'AV IIKIITS, 
 
 »itiiliii);-ii|i fur. t5l>'J 
 
 "INAKVKH'I KNCi:,' 
 
 iTi« aniiiLT of. 
 
 ( oMii-aiiii- Art. lltiW \l'i 
 iiiort)f.ii.'i-. lliruiiuli omi«-i.iii In r(".'i<t<T. Iil7, 1422 
 iiaiiif i.r' roii.|iiMiy. iit [uiMi-iliini^, iy3 
 
 iN(.ii)i:.\TAi. AMI <().\i)( ( ivi:. 
 
 I'tnii I' ill iiK'iitoraiiilniu t *' .u-^H-iiitton, 471 
 form of [.'.1:1) 
 
 iNCKMi; TAX, h; '■> „;, 
 
 Alt* ((.'•■mral ) ■>■' to li'vyiii^. Si 
 
 tiail ili'lit". ildln.tion^ for, !<U 
 
 lalliiiL' for O'tiiriK liofori- uiinu.il .\it piuii-d, 1114 
 
 aftp' tl- from (■oitiini--io?'.(*r^. I<i3 
 
 lionii-ir. to iioli v-liililer". liaiiili'v for, 101 
 
 iliarifi"- iiiiuf! S hi'<lulc4 .\. II. aii^ C HI, N8 
 
 i'oiii|i.iiil'H lairyiiit' o» liu-iipH- .ibro id. 13 
 
 roiii|iaiiv a |i,'r>oti wititiii tin- .VctH. U.> 
 
 I'onp.i- \ ri'i.'i-'i'Tr.l iiliniail, liiit ir.i.liin' 11. K'K^laiid, D5 
 
 nil .II--1 111 of |iart •'r-,|ii|> into a coniiiii.y. eifp. t of, 102 
 
 for poratioii duty, I'll 
 
 dl'llllrtioll> lliolv.d. lIKt .1 ...y 
 
 duliiilioii-i di<allo»i>d. Km 
 
 d tliii-iion-. n';ii"\ul to ni'W premi-C'. 101 
 
 di*t!iir:ioii>. iihCNpirf'l risk-, 101 
 
 diri>. tor-' f.i-.. T'.'."), 727 
 
 not pay ilili' ly oinpany. 72T 
 din \' nd»' '" fro*- " of. 7t».'> 
 
 Pdai-liti'Mil-i a- .' iff- tin:; iomptt.to*, 87 *-t *.if 
 " » i,'r' i •••■< a trado." IM .' xr-/ 
 
 forii:iii 'oi„; any witii -liaro" h Id liy Knjrli»li lompany, 95 
 fori i,.'n iiiM^-tnit>nt- : iMiU' imont-). yl 
 incohii- iiiidiT oiii Iliad, toil lo-s on whole liuiini'i", !I9 
 non ■ xcniiitioii if i-'-riioration whi-n iii'^onir Im'Iow li»0/ jmt ann*'ni, 104 
 ovrrp:iid. !•* rfroMTaliic 1113 
 prmliiili' 1' of nliirn- ..f. lilt 
 
 prolit- and irniii-, prituipli-^ a< t4i ostiniatini;, 97 't nei/ 
 rr--ali- of jiroiMrty or iindi'rtnkii'i.- prolil on. TO 
 rc-id'-nf ■ of a ronipanv '^2 ^t4 
 ruli'- lit ai-fii-nn-hL 8" 
 Silndnlo II. I*-*, ii2. 97 
 
 |.To!;t- ami jMiiri. Iioi'' c-lii il"l ,n.i<>i.«7 
 llUn'r<..ion to litHilir^M a-* U\ I'lS 
 dtipfr-tax, i-or|Miratioii not ; di' • to, 104 
 raxii> \lnii,.i.'rmiTif \, t IH- 1 !'13 
 
iNuia. 
 
 I74y 
 
 IMOMJ'ATIIIM: oh kk, 
 
 oWc'iT of vuiii|>aiiy it<T«|iting I"'i'*|. T'^ 
 
 INrOKI'DUAIKD COMPANY. 
 
 nature tif. '27 
 
 INCOUl'OUATION. 
 
 Art ii(, ).■.»• I 1-1 iilitaiii M.li|i>.| .lnii«') l^l'i] mill ii"li' 
 >|i|ilii'utiiiii tor itrtitiiiit"' i>f . firm "f i ii'i" 1 
 
 • !■) liialiiMi fi.r ntfi.trali.in .if. fdriii- "f nxislini: iiiiupiiii' <i | 
 ctTtitii all'. . line lii-in>m«i nf, 1\ «' ■■ / . HU 
 
 f„riM.,of |ll5i| 
 iHiiiIniii niaili' \<\ trii-ic- fur iiiiii|iaiiy lnf.iri' :|.M ■ t teq., '"Ji, 
 
 adiiiitiM' iiiiitrfti'ti [Stitl. 37t)| 
 ftfl'll nf. 11 rt „■,/. 
 
 frniii wliat il;it<- it talii-< itfiHi. l'>:ii» I Alt) 
 ini|ii-ni'liii-tf xuliility of, '2ii 
 inmii' of (irn^|»iTtui lii'fnri'. IHT litii 
 on rr_'i"lrati'in nf r.'ni|i:iiiy. I 'lil'l \' i y 
 
 ralitirati f i-..ntr:iil" ni uli- lirf'n- :).'! ■' '■ i , Kl . :i-'< I 
 
 iinilir I'arl \ II of Art of lltim, i rrliii ii 1 1 V.i | 
 
 ;7 1 .i«7 1 
 
 .'. .17.1, 
 
 .«-: 
 
 INCKKASK (»K fAi'lTAI., 3i, 477. tin:!, |..;iii \it) 
 rlriil"i'i .!» f". in urliili'i |iiH'll 
 duly payililiiin IHii 1-iN 
 iriiaraiitiT riiiii)ianii>«, of, 7ltii 
 V.iiw I'tfi'i'ti'il. 11(14 
 lam I'H 111. liHlI 
 iiolii.t.i liiL'i-trar of lti|:i|. I.i:i7 ( A. I ) 
 
 f of Uii:i| 
 
 iitifiTi m 1- -l.uic liv, llli.i i 110(1 it -ly J 
 nMilntinii- for | 11(14 el M.y.|. Anil trr r<l.».iU!Tli 
 
 anii'iiilnii'iit of, 6S>'> 
 ilatiMiriil a- (o ill- i>iry In Ho;i-trir of, 4H7 
 Kpi'i iai ila««CH of uliarm. I Id.') el O"'/. 
 htanip ilutv on isd 4sH, Iil3 
 Talilv A r.lan~i'^ II i:!V |irniM.iii a- to. lfl(M 
 
 imi MliHAMI'.:^. 
 
 r lilii'li" "f -.ill a- til I 3 111 I 
 
 |iriiiritii-t of, oil ■'liari'-, (1(1- '■' ^^ • 
 ri'tii-t ration of, iiiulir \' I ..f KhiN I'lli. 
 I'vli iidini.' linn lor riri-ti-rini;, 1421 
 
 (,,,/ ,., lll..l-li;Mli.N 
 
 CMlKliTKDNKSS, 
 
 annua! nlurii- of • unii' im ■ "'i'- 
 
 INliKMNIiy 
 
 ilaiiM- in ,irii ii'- a- In ; T,i;l. 7 ; | and nnti'- 
 dlri-, to,-, i.f !7i'7 j 
 
 to, for I" rnminir »ur.|ii< | I'J.'il | 
 
 li tlir nf , on isiuic of frcdi i irllHra'p of iharf. | 1 l.'il ] 
 iiMliliid liv pnr(ha-*r of liiiJini - ai to innlrar l«. ,'it7 
 niiiiTi 1 !aiit- of t-narantiii and in ii-nii I y icini|i.iiy ', .'i21 ] 
 |iriinr.ti r, liv, in ri'-pi'i t of iina'iHi- iti m shin's Iti 
 riiiht 111, iindir xivf. H4 of ,Vi I of Miii or latf Din- fori' l.i 
 
 IHiMi T2> 
 111 ioin|ianv t'jr ilaiiiiant uniliT forircd Irantf' r, 111';, (il>7 
 to |ii T-onal rriirricntaliii-' in r(><|iirt of Kliarcs. I17H 
 trunif'-rii' of sha^i'^, liy, (itlH 
 trnitit-.' ri^'lit to. in ri'iiiiil of «hari-i, li.'>2 
 
 lull 
 
 .41/ rcforvmc* arr U< tin- pa'-i'ii. I'miri ut lirirki'- [JiJ) refrr In Ihr Torn 
 
i:ri(> 
 
 INURX. 
 
 iMli:i'l.M>KNT I.XKCt 'IIVi;. 
 
 ITUiiiol. r- to priitidp. I tl. 111. 144, tVi 
 
 iiri\itli' ii»it|iahy, ih»I ii" >-*N,iiy in <'it"(^ nf, 13^, 1)41 
 |iri>M.i<iti i'l ;irli l<"< ut;uiii-t olijeiMi iIH iiii n<raimt of, <i4A 
 wlinl >'uii»tituU'i, 134 
 
 INDKTAIM.K ori'KXCE, 
 (■nm|iaii^'< liul'ilily for, 41 
 
 "INlMHli: MANAtil.MKNT," 
 
 prc^iitinil to I'*' roic'tlar. 79 
 
 ixi>i Slid \i \\i> iMtitviiii.NT 8(K ii:tii;s, 
 
 ^olil:L■ *y " rullirt.tr- " wli" ar»* nuMtilMT-' of, 704 
 
 INFANT, 
 
 .i|>|>li' aiiiin fr-r -liiri- in niiiii'of. !■-, .^7 
 
 4ot*'<'ai)t tiy, not t<i 'OioiM-tr, 3ai 
 
 L'liariliiiiiV ri.'lit a< ri'.'ari" -liiri, lW-> 
 
 iialii ity of, a- luniilxT, l>Hkt 
 
 III' piIht of roni|>unv u-<, !•> 
 
 iiM'riHirari()iini oi' aH«(,riatioii -tilwrrilir^l l>y. .ti, 4H3 
 
 iiii-f.a-aii'c of f.illiiT .linilor) l>y allotiiinr to. ti78 
 
 joiimi-'Miry nott- of, ;;uanint'iii l-y father. 11*17 
 
 ralil;<Mti'»M I'V. ti"2 
 
 I- luidiatiim .il \\}<r:-i liy, ,'57, (172 
 
 i...ii~fiT of ilia.- \-\ , liiiV, r.TJ 
 
 Iraii-fir of -liaii'. to. til'l 
 
 urtit-li'u-< to no trariifrrio {ti7-{ 
 
 IM'WI' AMt INV.M.ll) l()OI) ( OMI'ANY. 
 
 oi.jiftii ! -'ilia] 
 lNi"HiNi;i:.Mf:NT (if I'vTKNr, 
 
 ilijiiiii-tlufi airi'itt^t. ,-oinp.iiiy for | 1 1 12 | 
 lialiility of ilin ilor«, 713 
 
 INK All! II. II IKM Si: 1)1 lY. I(r> 
 
 curc'takiT. mil |i.;y ililf ly in Kti'r, lllH 
 
 INJIMTION, 
 
 baiikrii|'t< y priMv rvllns't in Krnin'c, aifainKt ( 11121 
 
 bri mil "f ii.\,'iiarit L'i\ i:\ir "(■Iimh, a^'.iiii"! | Ul.'i | 
 
 br'iiili of 1 in|il.'y "•• iMntra i 111 
 
 rail-. .itfaiiiMl. Iiri'4 
 
 iiirlirinatioo of iii'.ftiiil rp«ilutiori. .i);.ii -t , 1 (il7 ) 
 
 ili-ilninj; Ir.'til ri t. au'ainsi, 4'-' III ' ] 
 
 rnforcini.' tr.an fiT n ffu'.-itloiit | lil.i] 
 <Ti Ill-ion of iliri-i t4ir I I lll.i I 'Mill !■ :- « 
 
 forfiitiiri' of -har.'i. airain-t ' 1 ttll rf xf'f.] 
 
 lioUliiii; niri'tiiiL'. uL^ain-t j l4<K>i 
 
 iiifiiriLMiiu' I ul nt. m.'aiii>l !l4ri| 
 
 infrlntriiiLr riu'lit-^ of iiri'foriMH'i' it<K*k-hi.!<i('M. a!^iunit [1409] 
 
 infriii^fin'r triid' -inaik. iw.'iiii't [1413. 1414] 
 
 i-iioii- of |irrftri-tiri- ^IniMV', ucaiii-t } l4''Hi 
 
 liUI. aT'li'-i I III'' I 
 
 luiviiiLT iliviiiriil- i"it of I ajiil^il. atrniii^t j ! 110] 
 
 |oiriliii<' of <'oiii|ianv'-' own -liiri'-. a).'a:n»l | 1411 ] .'mil mit« 
 
 r. ji'i'iinu vot*"-*. ft_'nirT«it ! ll'lfil 
 
 rnnnini: ointiiloi-. atfain«t i 1413 | 
 
 t<'li-|ilioni<' tri'-pii'*. n^'aiii'it ! I 111 \ 
 
 nittn rtirH ainaltr^inoition. a^'ainst j 1 4<*7 | 
 
 ti/lifi ririM M«ii- of :L-i'i t<. airaiiMt I I (US { 
 
 ,<//,,! /.>■,., -tiilcmiht of iliini- in r.- pi' t of I 1384, ISS.^] 
 
 il-inir lianir iinpropiTly . .'Wainit. 4"til I III'-*} 
 
 winiling-iip pro'KfHiin)?!' H(;iiini>t (1411 ri »f7.] 
 
lyiHA. 
 
 ITftI 
 
 IXSOI.VINfV (>, I i(MI'\NV. 
 
 trill, fill h, I- -liutf It !■ Mf i.f, ri'.i-lr iti.M rpfn-i'). find 
 
 IN .snic'ii;, 
 
 i\'\ llil.ritillh nT. i>l>J< n r|..l|<l' U. U> I 'ill I 
 
 powrr i>f i'».i'i|' tit\ i'l w iinlilii;-ii|». i H 1 
 
 |.owir« lit niiii|i,i.ty 1 1 ili t i .si. u I'l iiiviii,' tiiiMiil.i>r^ l^l'l '" ' ' ''"' 
 
 piiw r- "f iiini|';ii V I ■ |i:y iliv i li-ml-", 7liS | 7lrt | 
 
 i\si'i;<-ii(>N, 
 
 ISiHinl iif Triuli'. I'V. I)'i7 
 
 |iiml,4 i.f I'linipiiiiy.'nf I "71 I mill imli-^ 
 
 ill wi:dil'l.'-u|i. »irl 'iil i)f A. I i.f ni'H ISM 
 
 ri.'lit of niiiiiliir-i t ■ tulf iii|iii'« | 7il |. 771. 772 
 
 «iiiiliiii;-ii|i iiftir. 77".' 
 pi.iilr.irl- uf, rifo I ..f iilfiTinsf, M3. -4it .' 'rq. 
 i-njiii'-i iif iii-truiiii-i't • iTiuiiii^r iiiiirtiru/fH uml rhnr^pA, 1A55 
 ilirn lor-.' ri;.'lil I". 772 
 
 il Mint-. . f. ..fiT l.y |ir.Hii,i-lii.. m. Hn ■■t ».•'/. 
 
 liiiMiT< uf iji'lii'iiliiri'i ill il ill'' I'uiiiri- t<»'l>. Iiv. 'if rri;i>lBr of niori •a^.'iw, 
 
 I.-1.V. 
 otfir of ili'riinii'iit" fur, aft^r f :il«r -(alriiu'Tit "f. HI 
 riL'i-ti'i iif III' iiilirrw. of, 7", 771 
 
 I i;rlit 111. riii-i'- on 11 ii.ilinL'-'i|i. 7 t . 77'i 
 rrui-t.T oi iiioTtiritirin. 34. IIHH 
 
 INS, .;cTni;s, 
 
 ;i| rii.inliii'i't if. .11. I ■■.'•7 
 
 (irini inn- of All nf I'MIN a- to. IM7 
 
 i\stai..mi:nt kkminuku, 
 
 fonniof j lliiil'i. |ilU7, Hl70| 
 
 i\stai..\ii:nis. 
 
 imIU I'V I li.'il I and not.^'i 
 
 i'iiiiillliiiii< of i^-iif |ii4»| anil niilOii 
 
 fotfiitiirt' for iion-).a\ nii-nt f ii.Vi rt .<. 7 ] :inil noli'.'* 
 
 tntrrr -t 00 I li.'Mi j all'l linli- 
 
 "Iniri"* oil, ilaii »'■ in iirti In .1.1 t^' ! ti.*i4 rf *rif \ ami iioU'i 
 sliari'i Oil, Iraii-f' r- tirfnri- \ ymonl. Ii4!» 
 
 INSTIMCTION, 
 
 I laii-i' ill arti. If of |iri\al ni|iniiy as lo ftlO.'!) 
 
 INSl KANCi: COMI'ANV, 
 
 un-il III. Iti2ii. li .V\ I App. ) 
 All of l!M!i) Hill 
 
 Hilinili f.-iil. IIM i.il of PtO^I l.i.-)7 
 
 i-nip!iiviT'' lial'ility. lil'Jii. Hiill ( .\|ip. ) 
 
 • ■Mi'i.-i.in of olijo I-.. l:|il'.l ,1 .-1,1 
 
 fiini.'n. Iiiif I'll iiii'i- h rr, ii .mi'.ijc;! to sn't. 274 of .\i'» of 1008. .119 
 
 inioiii' las. W. HH. 1112 
 
 lifi'. I;,2il ri «. V , IliH.l 1 App ■) 
 
 olij. rt il.o.Sf. |.'llS ."i21 I 
 
 pioM-i"ii .1- t.' Iii'tu't^l of iniiirnni''' in fi «in|p airrprmont (3Clj 
 
 niliuli'ii f roiilran. I.'i^l. 111'.'.', liiio 1 App.l 
 
 .-pvrial ■ 1;i'.nirlll. to In* lll.-il. l.'i.ii, l.'i't7 ( \pp > 
 
 iiaii-ri-r oi 1. 11 ii'i' s |.i;i, :)77|. i:i-''i, li..".t ■, \pp ) 
 
 pilitlon I i:t:l2| 
 
 I'.Mtl'.n t'OMI'ANV, 
 
 iiUlii niilil- aftir im nrp.iral iiiii Miloplin,- prrv'.iiM rimlra.t [ Jfi'J, 370] 
 
 iil.'11'i'iiii'iil for -air t" Ini-ti'.' for. f.irni of 1 •' •" | 
 
 .tl' ril'i riiiK". an- to IIh' pajro^. Iii'ji' tn hr':iki!r [327 j rr/rr (o tht I'lirmi. 
 
1762 
 
 INUKX. 
 
 INTKN OKI) COMPAN \—ennUniwd. 
 u|iijlii'ati()ii for shiin-s in, 52 
 
 (Ml bclialf of, aurwiiiiMits 311 et s,-,/.. ;f.'.i ;i2?l !:iii. ! 
 mivatioii of contrait with. 370 
 pro^pwtus rclutintf to. l()7, 179 
 
 INTENTION, 
 
 i<tat<'imiit of. ill iirospi't'tiis, 187 
 
 INTKHKST, 
 
 application nioni'yn mi, if rppay.ibli- by (limtors. 9 
 calls on. 
 
 and notv 
 
 article ((!5(iJ and 
 
 in advance |t>S7J ami note 
 
 delay in ((inipletiDn, for |3")U|. 3>4 
 
 dissentient*, to, on recoiistructinn, 141t> 
 
 (livideiK^ on. urticio as to no [7C6J 
 
 guarantor's liability (Statute of Limitations), 1198 
 
 tnonev recovered for misrepreicntation, 201 -■. i.iii 
 
 on share capita! durintj eonstrin'tioii or provision of p.xnt, -ilb, iS.^I. 
 
 on siini^ paid for shares icetifieation of register on, 1393 
 
 pavnient out of capital durint; eonstructiun (oliieet elau.se) | ;ilH | anil 
 
 note. 1551, 1552 (App.) 
 purchasp-moiipy. on, tor delay, clausn a.s to |353| and not.!! 
 rate ehar^tcd ajjainst proninters, 142 
 rescission uf contrai't on. 201 
 
 unproductive capital, interest paid by company on, 51li 
 sect. 91 of Act. 51(i, App.. 1551, 15,V2 
 
 INTERIM DIVIDKNDS. 
 
 article as to | 7ti7 | and notes 
 resolution to pay 1 1 134 | 
 
 INTKIMM I'RUl'lTS, 
 
 raiiitalization of. on sale of business fruni pa-t date, .).ih 
 
 1 NTKHN A I, M AX AO KM lOXT. 
 
 directors, by. 79 • 
 
 ■■II.. 709 rl .-fi. 
 
 interference of Court wilh, 74. 13>7 f: set/. 
 presumption that, properly carried out. 79 
 
 1 4 0.1 
 HI 
 
 INTEltl'HKTATIOX, 
 
 aj,'reeiiieiits. uf. law (foverninn, 343 
 
 clause, as to object* | 513 1 
 
 clause ill articles [ (112) 
 
 Ihterprelalioii Ad. " |,er-iin " includes corpiiratioii. 14 
 
 lueiiioraiida ami article-, of association, rules us to. 591 '-t «'■,/. 
 
 provisions of Act, l-')97, I59H 
 
 INTi;Uri!i:TATl()X act, lbM9, 
 
 I'aiisc of action under rcpcaleil .Vets prc-erved, 209 
 '■serve." "f^ive,'' or "send" (Idciinient (set. J i. 1340 
 
 IXTEIilKXi.VroRIKS, 
 
 answer to. by officer of company, 13t)3, 13(>4 
 comjiany inttnronatJHi, v»hire, 13ii3 | 1301 1 
 where not to obtain admissiims. 1304 
 
 ISTR.l riRKS, 
 
 cases as to, 4(jt>- -4t)9 
 
 IXVIATIDNS, 
 
 afrreements for sale, «;c. | 378, 382J and notes 
 company cannot be inventor, 43 
 ennipany's riL'ht of pre-emption of [839] 
 power til aei|uire |5Uti, 543] 
 And »ee Patents. 
 
INDEX. 
 
 1753 
 
 INVENTORIES, 
 
 where bills of wle. 61C 
 
 INVESTIGATION, 
 
 inspectors, by Kiiurd of Trade'a, of utfHirs, 1.567 
 
 INVESTMENT, 
 
 company's n . . -., - , 
 
 powers (object clause) [509, 752] and note 
 
 company's moneys, of, article as to fJ.W) and note 
 " ■ pla 
 
 INVESTMENT TRUST COMPANIES, 
 noto as to, 534, 535 
 object clauses of [533] 
 unregistered, when le);al. 111 
 
 INVOICES, 
 
 name of company to l>o on. «p<t. 63 of 1908. ..1541 
 
 IRISH COMPANY, 
 
 suable in England, when, 8<i 
 
 IRREGULARITY, 
 
 allotment, in, effect of, 1*>, 17 
 sect. 86 of Act of 1908... 17 
 board allotting shares, in, .50 
 borrowing powers, in cxcrciie of. (>8(>, 687 
 directors, kc, by. article validating [7431 and note 
 directors, 4:c., by, they arc estopped from setting up. 744 
 effect of notice of, 81. 744 
 forfeiture of shares in, proof for damages, 662 
 in " indoor management," presumption against, 78, 79 
 outsiders, when not affected by, 78, 79. 740, 743, 744 
 ratification of, by directors, 741 
 seal of company, as to affixing [760] and note 
 
 " ISSUE," 
 
 prospectus, of. 167 c< */'r/. 
 
 ISSUE PRICE, 
 
 clause in articles as to | 649 | 
 object of, 649 
 
 JEWELLERS' COMPANY, 
 object clauses of [537 | 
 
 JOINDER OF PARTIES, 
 rules as to, 1347 et an/. 
 
 jn:l note 
 uiiil, .\ct of 1899.. .672 
 
 JOINT HOLDERS, 
 
 calls, liability for 6 i 
 
 eor])oration and ii,.t 
 
 notices to | 780] 
 
 payment of dividends to I 7B9 | 
 
 share certificate, to wliich to l)e dclivenil | 6.54 | 
 
 survivorship clause in articles as to shires |«77 | and note 
 
 transfer by. 667 
 
 votes of, at general nii-eting, article as to | 704 j and noto 
 
 whether one of, may be counted in (luorum, 698 
 
 ,(// references are to the pages. Paget in brackets [327 j re/W In ll,<- lAirnis 
 
 6 ^ 
 
1754 
 
 INDEX. 
 
 JOINT LIARILITY, 
 promoters of, 150 
 
 JOINT OWNERSHIP,, 
 
 rorporation and individual, of, <i72 
 
 JOINT PURSE, 116 
 
 JOINT SHAREHOLDERS, 
 transfers of shares by, 667 
 
 JOINT STOCK rOJIPANIES, 
 
 borrowing on dobentures by, 686 f6S71 
 
 JOINT STOCK COMPANIES ACTS, 
 definition of, 1698 
 
 JOINT STOCK COMPANIES ARRANGEMENT ACT, 1870 (now 
 
 repealed), , . ,,.„ 
 
 provi-inns of 8. 12 of the Act in substitution, 1560 ^„ „ ^ ... 
 
 reconstruction under, 1434, 1500, 1501, 150.' and Part II., Sect. I\. 
 
 JOINT TENANTS, 
 
 body corporaU- may bo one of, 672 
 
 JUDC.MENT, ^ ,„ 
 
 bv consent, as roijards M^^/fl r.'C« acta, 30 , ,,,n iiii 
 
 for non-appearance set aside if si«ned before writ delivered, 1340, 1341 
 
 JUDGMENTS AND ORDERS, 1387—1391 [1392 pt nc?-] 
 
 bunkruDtcv prooeedinifH in France restrained [1412 1 r.«„.i 
 
 contra" ts as to shares not tiled under Act of 1867 ( 1394] and note, [139,,1 
 
 relief under late Act of 1898.. .1421 
 And are I'li.IV. P.\li> SUARES. 
 contracts set aside [1395, 1.3961 
 directors, against [1401 el "■'/■] 
 
 nmulgamation restrained [1407] 
 
 breaches of trust | 1401 /■/ uri/.] 
 
 excluding director [1405| and note 
 
 holding meeting at improper time [1406] 
 
 improperly rejecting votes [1406] 
 
 injunctions [1405 -t «»■(?. ] 
 
 irregular resolutions, as to j 1407 I 
 
 preference shares issue stopped | 1408 | 
 
 rcM'iving presents, i:c. [1401 ] and note 
 
 sale of as-cts stopped [1400, 1408] 
 
 iiltrn virr.i acts [1407 rl .•"«?.] 
 
 value of shares, to pay [1401] and tiote 
 dividends out of capital [14101 and note 
 
 injunctions against [1410 1 and note 
 enforcement of, .igainst company, 85 et feq. ^ „« , « 4 . 
 
 extending time for registering mortgage, kc. under sect. 96 of Act of 
 1908.. .[1426] 
 
 notice of motion for [1424] 
 foreclosure order [141S] 
 
 forfeiture of shares, restraining [1104, 1405] 
 forms of [1392 et sc?.] 
 
 founders' shares, judgment declaring rights of |1409| 
 interested liquidator's saV set aside [1400] and note 
 iilicl, injunction restraining | 1415] 
 lien dc<lared [1399] anl note r.i.m 
 
 name of company, injui' 'ion agamst using [1412] ,,,,,, 
 
 omnibus running imitating plaintiffs', injunction against [1413 J 
 optifin, injiinctiim aL-ai!!«t hvnt-h "f ngrecnient for j 14151 
 patent infringi nent restraiiu'd [1412] 
 petition to wind up restrained [1411] and note 
 
" 
 
 ^^■ 
 
 :i-^3W«S"-B»r-»-« 
 
 INDEX. 
 
 IT.W 
 
 illl 
 
 I l:l<ll, l:!i):<i It <l 
 
 HOT I 
 I 105 I 
 
 JLIMJMKNTS AND OKDKHS- r„„t;n.„.l. 
 
 practiw an t« rtMtruiiiiiiK wiii(liii|{ up pi'titiiiiH, 
 
 picfpi-cnci' stiH'khoUlrri.' ri;,'ht?. ni I" | I4l)i»l 
 
 prffpri'iiio HliuroM is»\ie »t<ip|.t';l | I liiH | 
 
 proiiKitiTK, apninst (illonal priitit) [Ull3| 
 
 piinlia^' of comimiiy's owii shartM, iiijunitioii u(faiii-t | Hll ] and imtc 
 
 riTiiviT and manafccr, for 1 14IU | 
 
 rcptitiration of r^'i'tcr, 1387 -1391 | ISitU .' »-•.,. | 
 
 \vhori> I'oiitruct not filed undcT late- Ai' uf IMi7. 
 note 
 tiid xrr KlXTlIK ATION OF llEfllSTKIl. 
 ii'-ii--ion of lontraitt to take i-liarrs 1 1395, 139li| 
 rt'strainini; confirniation of irrcjidar re»i>liiti'in | 
 roxtriii'in); improper forfiiliirc of shares | 1104, 
 restraiiiintf improper rej.'etion of voles | 140t>| 
 restrainlnir irregular amaljjaniation of underlakiiii,' | 1407 | 
 restrainint; purcliase of eompany's own sliires 1 1 111 | and noto 
 seenrity for eosts, as to [1416. 14171 ""'' ""*''■ ''"' "''' ^f-"'"TV l-'i: 
 
 Cos rs . 
 settine aside sales, *.c. to lompnny | 1397 <■' ■"■7. 1 and note 
 ti leplioiiie tiespass injunction [1414 1 
 test aetion order | 139H| 
 
 trade weret, injunction against diselosinif | 14141 
 trade-mark, injunetion acainst infrini;inK | 1413 | 
 
 liliertv to add " limited " to J 1419] and noti- 
 transfer of bankrupt's shares, injunetion as to | lll.")| 
 
 JUDICIAL TUUSTKE ACT, 1896, 
 
 superseded as to directors by sect. 27'J of Act of lliOH...71,> 
 
 JUIUSDICTION, , , . 
 
 Compani's (Memorandum of A8so<iatii)n, Act, 1890, reproduceil in m- ts. 
 
 9 2(13 of 19(18.. .1309, 1310 
 rectification of register of members, 1387 — 1390 
 reduction of capital, 1265, 1266 
 service out of, 85, 86 
 
 article [782] and note 
 
 clause as to, in agreement | 362 | and note 
 
 on Scotch and Irish companies, 85, 8(i 
 vviiidiiif,'-uip, sect. 131 of Act of 190S, App., 1562 
 
 KNOWINGLY, 
 
 meaning of, in sect. 5 of late \vi of 1900. ..19 
 
 KNOWINGLY ISSUING, 
 
 meaning of, in sect. 38 of late Act of lS(i7...228 
 
 KNOWI.EDGK, 
 
 by single director, whether imputed to company, 778 
 
 L ABOUK DI FFICULTI KS, 
 
 object claiis<' its to [516 | and not* 
 
 LAl'.OUHKUS, 
 
 jiieforcntial |iayments of wa^c, .\pp., 1578, 137!) 
 
 LACHES, 
 
 company may Im' jjuilty of, 42 
 rescission, ctfect on ri^^ht t<s 197 
 
 LANCASTER, COINTV l'AL.\TINE 01', 
 
 jurisdiction as to reduction of cui>ital, 1266 
 
 .7// references are to the pages. Pages in hmcketa [327] refer to the Fonui. 
 
 5 Y 2 
 
 . ill 
 
I7»fi 
 
 INDKX. 
 
 I 
 
 ^*^J^'r.fme..t u» to. when re<,uirod to bo writton (Stat^Krau.N,. 333, lia» 
 company nu.y l.old. althoaRh m..,nber« aro "lion', f . ^ , 
 
 company •« power to ac.|Uirf ami hold, 27, 31, 113, '•>;"' (J- '"' '" '^"^ 
 corpora ti..n's powrr to hold, jointly with f" individual, «7i 
 foroiffn comiianv holding En(?liah land, 113 
 hoUlintr of. I'V Iharital.lo, &<•. companies (r.'«tri(tion>. M\ 
 
 LAND AND lU ll.DlXt! COMP-VNIKS, 
 
 object clau»c» of [6^2] 
 
 LAND TAX. 
 
 preferential payment of. App., loio 
 
 ^■^^eon^dS'a. to absent of, on .alo of leasehold. [3.51 1 and note 
 
 LAR( i:n'v act. 
 
 criminal liability niubr. iSrt 
 
 LAW. 
 
 mi-riprc'seiitatioii< of. IN" 
 
 LAW SOCIKTV. 
 
 object ilauHC- of I ,)l)ii I 
 
 ''*^"\i!{^e.-mont for directors to acquire, and to K'rant Hub-lcase. to ( ompany 
 
 cliu^es in agreement on sale of | 350, 354, 3.55J and notes 
 
 covenant not to nssifrn a limited company may be a " respw-tablc and 
 
 responsible person," 35.5, 420 
 disclosure of onerous covenants in. 3.55 
 power to firant (objects') |5121 
 
 LEASi:UOLUd, 
 
 onerous covenant* in bases, 355 
 
 provisions as to. in sale contracts 1 3.50. 354. 3oo 1 and notes 
 
 registered — sale of. 355 
 
 I.KKAIAXS ACT (,30 Vict. c. 29), 
 
 denoting' numl)ers of shares in a bank to be (iivcu on transfers, f.(.» 
 
 LI'.. V. xi:iin.\Tfc:i. co.. 
 
 considered. 8H0 
 
 LEOAL i;XTITV. 
 
 n company is a. 27 
 
 LEGAL PEKSOXAL KKPHESEXT.VTIVES. 
 not neeessarilv mcnil)ers of company. 67S 
 transfer bv I t'i"7 1. 078. 1533 
 votes by f7()4 1 and note. .t„.l »<■-■ Exdltoio : An.MiNlsiK vtok^. 
 
 LEGAL PUOCEEDIXGS. 
 
 companies' powers as to. 33 
 
 LEGAL TITLE. 
 
 shares, to, <m transfer. OHK 
 
 LEXniXG MOXEY. 
 
 .Moneylcndcra Act. 1900. and forms under it, oM cl sf/. 
 
 common form object clause | 509 ] 
 
 object clauses of financial company |525| 
 
*!■■■' 
 
 INDKX. 
 
 1757 
 
 LE8SOH, 
 
 iiicliiilcd in liini "vendor,'' an rc^rariU |)riw|i<' tii« r('.|iiin'iiiiiit», IH 
 
 LETTER, 
 
 pi'ivato oil*', of ret-onimoDilation uf j^harcN, i^ not a pro-iMTtii-. I HO 
 
 1-E'lTEH OK ALLOTMENT. »(t •■! «,/., Kr.l | Kl.VJ ./ ^r,,.\ 
 liuniiH shares, of | l(M»4J 
 dclii'iitures, of | l(»il] 
 
 ./,/(/ Kfe Ai.liPiMKM (iiotiif of). 
 
 LETTE15 OF REGBET, 
 
 form of [1UJ3| 
 
 LETIEHh OF AUMLNISTKATION, 
 
 di'iTased aliarcholdcr domiciled abroad, of, G78 
 
 LKTTEH8 I'ATENT, 
 
 af^rooiuciit for .-uili- of |37M| and notci 
 agreement to (jrant liccnee | 38:! | 
 company's position a^ regards, 43 
 registration of proprietor, 381 
 
 LIABILITIES, 
 
 companies, of, under the Act, 33 vf .■"'/. 
 
 gnaruntee, by, 448 
 
 members, of. oN, (>3, H4, 1560, 15(!1 
 
 i'.x*cnsion of. by artielps, 476 
 
 shares, on, where no eontraet tib^d, 70 
 mode of limiting, 447, 448 
 non-tiling of prospeetus, 180 
 
 non-regi.stration of nnjrtgages, \e.. l-Vil. I.).).> i Act) 
 return of allotments, for not making. 6o 
 taking over of. 
 
 memorandum clauses as to 1.304] 
 who is under, o!t shares. 63, 64 
 
 LIBEL, 
 
 company may sue for, 33 
 
 comjiany's liability for agent's, 38 
 
 injunction restraining [1415] 
 
 newspaper published by company, liability of director^. .j46 
 
 reports of meetings, in, 697 
 
 LIBRARY COMPANY, 
 
 object clauses of [ 550 ] 
 
 LICENCES, 
 
 agreement to grant | 382 J 
 
 holding land, as to, 501 
 
 patents in respeet of, 380 ft Mq. 
 
 registration without won! "limited," 498 |499| 
 
 application for foOO] 
 
 form of I 499] 
 
 LIEN, 
 
 banker, of, 1 194 
 
 books of company, on, 771 
 
 judgment declaring ] 1399] and note 
 
 purchaser's, for his deposit, 3->*2 
 
 sicretary. of, 759 
 
 shares, on, 662 ft neq. 
 
 articles as to 1662. 664] ;itu1 notes 
 
 advisability o^. 663 
 
 m 
 
 Mi references arc to the pages. Pngen in /imckcti [327] refrr to i/ip Forms. 
 
1758 
 
 INDEX. 
 
 LIEN — eniiliiiiutl. 
 
 iharrs, on— r«/l^■|l>'<■rf. 
 
 »«»ifrninont of, on pnyniont of UiMit, Mti 
 
 fhartfc creatiKl by. ()«'i 
 
 (liwharKC of. 664 , ■ .. , 
 
 (lUidc-na-, rctontion of, to -ati^fy. artul<- «" to 1 (t)7 | 
 
 dividends, wliotlu-r uffpitwl l>y, 662 
 
 elfct of, 662 
 
 .nforterapnt of, 665 . ilau«c us to 1 t>l.4 ] 
 
 70 
 paid-up. 662 ^ 
 
 l>ositii>n of, as rc-tfards trust", 662, hb,l 
 priority of, 663 . , n^, 
 
 iiurchasorV ri(tlit to nmrshal, B64 
 
 pur.lia«.r-s ritthtn affainst vendor, when cxcr.i-cJ, 6K4 
 .lualificntion of overpaid dire t ir. for. 6'.- 
 roconst ruction, etfoi t of. 6'i4 
 sail' of sliariM siilijeit tc, t>6.i 
 securitv ((iven hy, 662. 663 
 special' resolution alterinir. 662 
 trustees' names, in, 662 
 what covered l>y, 664 
 whether implied, 662 
 
 LIFE .\SSlK.\Ntl-: (O.MI'.VNIKS, 1626 
 
 accident insurance companies are within Act, 519, .>21, 1026 
 asreements to transfer I)usine9s of I •»'■»' ''''i„ , 
 amalgamation and transfer of business of, 1628 el ><■(,. 
 
 Court's sanction to. 162tt. lt)2n 
 
 dissenticntB, 132(1. 1630 
 
 notices under, 1631 
 
 petition to eonlirm 1 1332 1 
 
 policy- holders, assent of, 13'29 
 dissent of. 1329 
 annual returns, 162« 
 annuitants of, 1329. 1331. 1630 
 deposit reiiuired on formation, 519 
 employes' benefit, for, 1018 
 
 SS^.'^.i^iect. 192 of 1908 (late se.t-. 161 and 162 of 1862).. 
 
 132') 
 reductio:i of .outracts. 1331, 1332, 1630 
 sale of busiuc" of, 
 
 clauses as tw sp<Mial fund [377] 
 separate funds, 1627 
 valuing annuitv in winding-up. 1630 
 valuing policy 'in windinpr-up, 1630 
 winding up, case for. 1629. 1630 
 
 gale of undertaking under. 1329 
 
 subsidiary. 1629. 1631' 
 
 LIFE DIRIX'TOKS, 
 
 private comi)anics. in. 9S1 | 98'. it yni. \ 
 
 LIFE GOVERNOU'S SHAKES. 
 
 clauses in nicmoraudum of a'-sociMtooi as u> 1 as* 1 
 
 LIUHTIXd OKDEK, 
 
 agrc-enicnt to transfer to new company |J!tS| 
 
 LIMIT OK LIAinUTY. , ,,,^,,^„^ 
 
 incorporation, by. advantuges ut, aii .f '<•'(. •" 
 
 menX'rrot'.W. 1,W7, U60 -1562 
 
 mpmoranduni of association, by, 475. 476 1490, 192 |, 49.5, »H4 
 
INDEX. 
 
 1759 
 
 LIMITATIONS (8TATITE8 OF), 
 action of dei'pit. 2IM 
 hrc«eh of trust, 140, 71:2 
 dividend, sa to, 77U 
 equitable diarge, 1 194 
 
 not apply t«> furet'lcMure of iuortKa((i' •>' iii'rAoiml property. 
 proceedinKx iiiiHrr »c<<t. Hi of IWW (lalo r»ireiM<ir»' Lialiilliv 
 
 219—221 
 promoters, 140 
 
 IDM 
 
 Act. IH»0), 
 
 "LIMITED," 447 
 
 adding, to tradi-iiiark, 34ii 
 
 order for [1419] 
 company limited by iiliareg, 2, 490, 493, 494 
 
 exemption from u»e in faun of iu<wir'iHtl(in!< not for proHt, 49H rl xv/. 
 " ltd. ' uned on bill of exchange and allowed, 4.54 
 wrongfully omitting to uae word, App.. 1;)4I 
 
 I.VII 
 
 LINES OF STEAMSHIPS COMPANY, 
 objects [559] 
 
 L' 
 
 OAMAliES, 
 
 . to, in agreement. 357 
 
 LIQt. iX) {, 
 
 aut'iority to. on reconatruction, 1434 
 
 cuiiser.t to re^iMtratiun t>f new (Mimpany witit old nainr | I0!(0[ 
 
 powers cf, in voluntary winding-up, App.. 1574 -l.Mll 
 
 powers of, in winding-tip by I'ourt, App.. I.i(i7- I5fi9 
 
 provisions of Art as in, 156ti et sri/. 
 
 rectification of register by. 138H. Ih'l «<•» Parts II. itnd lit. 
 
 LISTS, 
 
 accompanying annual summaries [ fi'23 1 
 annual |622|, 624, 762 (Act), 7«3 
 directors, of, 1544 (Act) 
 directora, persona consenting to be, 4, fi, 7, H 
 
 form of [607 1 
 members, of, to be subi.iittnl to statutory meeting |6I'>| 
 
 directors' duties as to, 615 
 provisions of sect. 26 of Act of 19flb. ..1532. Aiirf nrr .Vn.vuai. 
 
 SU.MMARIES. 
 
 LITERARY SOCIETIES, 
 
 exemption of, from rates, 109 
 
 LITIGATION, 
 
 companies' po«<rs as to. 3.3 
 
 LOAN CLUH, 
 
 notes as to, 551 
 object clauses of [551 ] 
 withdrawal of members, 551 
 
 LOAN SOCIETY, 
 unregistered. 110 
 
 LOANS, 
 
 companies, to, 686 et »t'q. And srA Bonpowrvo. 
 Stock Exchange 't "es. 274 
 
 LOCAL LAWS, 
 
 article as to compliance with [758] 
 
 All references are to the pages. Paget in bracketi [327] refpr to Ihp Forms. 
 
1760 
 
 INDEX. 
 
 UXJAL MANAGEMKNT. 
 
 claiiHPH in articlM B« to 1 75« >■'"'»■ I 
 IHjwprM of uttorney to [1166, 11721 
 rcKolutioD)! ai to [1130] 
 
 LOCAI- REOISTKK |787| and notM, 1484, 1584 (A.t) 
 
 LONDON GAZETTE, » i«7 
 
 publicstion of dwsolutioii of a corapaiiy, App. 108/ 
 
 Atul «i'f Hii" u ExnuNin:. 
 rule« (cxtratt- from), 264 et teq. 
 
 LOST CAI'ITAl.. 
 
 dividfiidn mitwithstanditiK. '•""''« JJ «"• '»•" 
 
 ( atij. 
 
 cvidoiHO to prove Ions, 1262 
 ("\PITAI.. 
 
 1 1277 I 
 
 Aii'l see Redlttion "t 
 
 LOST CRHTIKICATE. 
 
 advcrtineiiK'nt a» to | HHWl 
 
 article a» to [6431 and note 
 
 l<tttT of iiidi-ninity on \*m\nit new lertihiatc | ii.ii i 
 
 LUNATIC, „ u u 
 
 director'n vacation of office by becoming, 
 
 article as to [7301 
 «tlc of Imsinens for .-.hares. 94!) 
 "hares of, 
 
 iippointnicut of new trustee.! of, 607 
 
 char^rinx order on, 667, 680 
 
 coinniittee's rii?hts in respeot of, 680 
 
 contract to talic, 57 
 
 vesting orders as to, ^ 7 
 transfer of shares of, 6' 680 
 transfer of shares to. t, 672 
 transmission of shares of. 667, 6H(» 
 
 MACHIXEHY, 
 
 rating cases as to, 106 
 
 MAIN OBJECTS, 
 
 rule of construction. 600 
 
 MAJOIUTY, 
 
 dircitors, of. "40 
 
 article as to |7421, 742 
 nicnilieri- of company, ■ , „ ,noe 
 
 extraordinary resolution, what required tor, lOSS 
 
 ordinary res<)luti(in, what re<iuired for, 1100 
 
 powers of, 73, 736, 1347 et teq. 
 
 ratification by, 74 . . 
 
 transfer of shares to secure, at mcetmjr, i"4 
 oi.piessive conduct of. .588, 1357 et teq. 
 risolution. for, spccifii-d in articles, 1100 
 
 special resolution, wliat required for, 10% 
 
 ullrn riim act cannot be sanctioned by, 29, lo. l.lbO 
 rule in Fii«» v. Ilarholtle, 74, 13.57 
 unfair voting by, 703 
 
 MAJORITY CLAUSE, 
 
 class meetings (6851, 685 
 
 MAKINt; A MARKET, 150 
 
INDKX. 
 
 17tU 
 
 MALU'IOIS IliOSECt TIOX, 
 
 com|>ttny'!» liubilily for, wliiii done by HKeiil, M 
 
 MAX.UiKMEN'T, , ,.,.,„ 
 
 iiiUTfcri'iioi' of ('(Mirt witli iiitiTiiul, (i71, ••'•>''' 
 oni' cimiiiaiiy, of, liy uimthiT. iirticli'i. lut t< 
 
 I »2« I 
 
 "■'/■ 
 
 UO.'i, IIO«> 
 
 propiTty, of.'p.iwii' of uttorricy ax to, wlurc nbrottd |UH1, 1175) 
 
 cluiiM- a* to, ill iiii-moruiidiim of awwiation \.>ni\ 
 stutonicnt at to, in iironpi'itiii', lt>7, ll'U 
 
 .1,1,1 rn-f l.oiM, M\Ml.tMi;NT. 
 
 man.\(!i:k, 
 
 airrri'iiu'rits for uppointiioiif of (430, 43H | 
 arti.lesm to | 7W, »M. SS")! 
 
 ioiii|>anv appoiiiii'd. iif ani'llicr r,.mpaiiy [«2»| 
 iiliiiinal lial'ililv tor ;iiIm' -t it'iioiit-, *;c.. 233 
 
 MANAOEKS, 
 
 appoiiitiiu-nti i 4311, 43H | 
 
 articli'^KK tol74!l, 833, S3,'>| 
 
 I'opy ri'irister «f [621 1 
 
 di'l('iration liy diroctom of powers to, H33 . , , , 
 
 dixniUsal of m-rvuiitM l.y upiMiiiitmont in .Ipbciitiiro action of roii-ivcr uiiU, 
 
 444 
 otteit on remuneration of director- aliii)? iii reivivcrs and (debeiituru 
 
 action), 727 
 payment of profitd to [7S3| and note 
 mi'iviT and. order for 1 1419] 
 two director- a- ircneral \ 43H | 
 
 MANAGINU DIUECTOU, 
 
 accoiinUibilitv of, for sulurv improperly ai-iu'ri«l t.i, i3!t _ 
 
 ;ippoiiitment"by director- of— interference of iteneral meclinsr a- to, ,.W 
 articles a- to | 738 1 and note- 
 
 l)rivate company, in | 9!U 1 
 covenant by, a- to non-com ix'titiou, 739 
 deleifatioii of power- to ] 7;i .md notes 
 notice to, when notice to co, pany, 778 
 outaider- dcalinj' witli, 7'J -81, 739 
 presumption a« to authority of,_8l 
 
 proof for -alary in winding-up. J39 
 secret commis-ions reeciviKl by. 71.5 
 
 MAKIKE AND TKANSIT INSlRWt^E COMPANY, 
 
 ol)jeot clun»es of [520 | 
 
 MAIJKET, 
 
 makiiift a. danger of. 150 
 
 share- bouirht on faith of pro-pwtu-, 202~20ti 
 
 MAliKITAlll.E SKCTIUTIES, 
 definition of. 121 1 
 stamp dutie- on contnicls, lertiticate-. *.e.. 338, 339, 1214, 1215 
 
 MAHHIEl) WOMAN, 
 
 memlier of company, a-, 45 
 
 mi'iiioraiidiiin of a^soeialioi. siiliscril)eil by. IS3 
 
 transfer of shares by and to. lifix, B73 
 
 MAK.SllALUNG, 
 
 case of lien on shares, Hl)4 
 
 dU references are to the pa^cs. Pnije» in brackets j 327] refer to the Forms. 
 
1762 
 
 INDKX. 
 
 MATERIAL CONTRACTS, 
 
 ri'fereiifc tu, in proi4pei'tu», 171 - 1J8 
 under not. 3» of Act of m«7 •."i« "' "-I- 
 
 rxaniplm uf, 327 
 undvrwritinK and placing, lit 
 
 MATERIAL FACTS, 
 
 proapectuK. in, IH3 'I «"/ 
 
 MEASURE OF DAM.VOKH, 
 
 niiireprnn-ntation* in pro«|)wtiis. 207 
 
 MEETING, 
 
 ttdjournmcnt 6f, ««2 L«9« -7IWJ uml noU«, 8W, M4 
 
 notice of, BH U>, 6tt2 
 uiiicndnK'iita at, 6M, M8 — 850 
 annual, nttU, 6tM) 
 
 article un to 1 6N9 1 and notes 
 
 provi«ion«i of «e<t. «4 of Act of 1«0H, (itW, I.)<1 
 urticTe» bk ;» [titiO '■' "•'/■ I 
 
 utti'iidanco iit. rlfivt on action for rexin^ii.n, 21)0. 201 
 l>u^incii> at ll>97. H»N | 
 
 lustini; vote uf cliuirniiiii nt | «()!• | uhd iiotc 
 chairmun's declaration at |B»9|, 700, lO'rj, |i)9>l 
 deadlock an to calling. At*) 
 directors' dutlcB »■< to, «B1 
 dircctorn, o' |740| <•/ »<■./. 
 
 duly c(Hi»titutc<l to enable them to jict, 740 
 
 irn'irularitv in, 740, 741 
 
 noji ittendancc at, 714 
 
 notice of. 740 I 741 I 
 evidence an to refiolution I H!t!t 
 extraordinary. WOO, H47 
 
 deline<l in articlpH |(i»0| 
 
 noticeo of 1 1080 et if/. 
 
 rM|uiiiitlon for |6f/l)| ami 
 
 I |H!t!t| and not \ |745| iind note (mInutCM) 
 
 I I0N4 j 
 note 
 
 liv nieniberi* 
 (183 I form. l.Vl 
 
 ( Act ) 
 
 first, under Act of IWi?, now al)oli»lie(l. «H!» 
 
 itatutory nicelinK, "nder Act of 1008. ..«N», 1,MI (Act) 
 injunction a^raintt. I 140(i I 
 no iccH of |«'J2. «»K. 77N| and notw. .<ie' 're NoTI 
 
 after requlwitioii | 10H4 
 
 Ml KlINO. 
 
 artii les a- to I 692, H96J and note 
 how construed. 692. 1047 
 
 insufficient or misleading. 694, 1047 
 omission to (live, article ] 69t> | and nolv 
 ordinary and extruj)rdinary meeting on same day 
 ordinary niectiii){ [ 1080 | 
 statement of Imslness in, 692 
 to whom to be (fivcn. 692 
 
 what requisite in default ot re;;uluti(ins. 779. I.i42. l.)i:! 
 one person cannot ifinstitute a, 69K 
 " ordinurv-," defined in articles |6901 
 poll at \iiH). 702 I and note. «">0. (/"/ «'•-■ I'oi.l . 
 proccilurc at. 697. Inr/ «'•»■ <!i \i iivi .VlKivriNii. 
 proxies at, 70.i 
 
 sdiournment, at, 706 
 artidcs. as to [705 rl «'■«/■ 1 and notes 
 form of |707|. .//"/ »cc Plio\iK». 
 votinjT, 699 [702| rt nc//. 
 questions at, decision of, articles as to 
 quorum at, 
 
 articles as to | 697 ) and notes 
 where none f690| and note 
 report of, whei- ious, 697 
 
 requi.-,itioii fo. 
 
 aereement as to | 414 | 
 
 articles as to |690| and note ' 1083, 10841 
 
 forms of [415, 1083 [ 
 
 provisions of Act of 1908 (s. 66)... 1542 
 
 111821 and note 
 
 16991 and note 
 
IM)KX. 
 
 1763 
 
 u 
 
 (oi'i llO'i e ■i>/\ axil ni>lf< 
 
 )>l)| , 740 
 
 SiMiroin 
 
 ■W- u- III 
 
 MEETING- <»»/iMM#rf 
 rriolutionK of, IIWI rt 
 
 to oiill 111331 
 right to rcpiiiliuti' uluirr' \»'i \<\ <iitiii' .i, 'i*M), 201 
 wiretary'it i>owi>r t<i siiiimMin .mly «..ii atuh'irity "f iliiwtnn 
 ~liow of'lmiulu ut |6»»| mill iint"". n^^ 
 '■ upociiil bit ir»i4a ' at, iirtirl'- .i* tn | »i'tT 
 Kill's)'!! whi'n iiriiili-iriil. HI? 
 ntBtiitorv. iindir Art iif 1!M!» . |H, HH't 
 
 urti'i'li' HI til |tlH»t| mill in>t<' 
 
 |irovi«i<iiii iif Alt nf l»t»H i •" I'**!- '"'' 
 Met riMi. 
 
 rpiiorl 111 111' Miiliiiiilu'il In | tlMM. 77^' | 
 ■uUiH'riliiT'i 111 iiii'iiiiirniulinii uf. Iill,^i 
 TuliU- A. iiroviHimiK <rluii'«i' l.'i '■' '"/.), 1801 
 tranifi'r to iiomiiirfx fm |iiir|ii>ii"< "t 7lM 
 two I'onvduil liy mii' imliii' (■•iii' i?il ri"«iliili<iii), cla^Hi' 'ii iirti 
 
 I lilHl I Hiid niiti'K 
 ¥0liii|{ Ht I 70i I rl «.■</. . H."i3. .(."' »"• \ iill>. 
 wliu III lii'fuiilt of riviilutiiiii" iiiny I'lill. lAI'i 
 
 UEMIIKKS. 
 
 ai'tiiiK "■. I'tfiHt Oil I itflit III ri'|iu(liali' "li iri", '.'110. ■-'01 
 
 actioii uii bilialf of. IS'iT ■' »>'/. 
 
 atlniiiiintrulioii of chii'u^i I'l I'-tati' liy I mirt mi iii'i'iniiit ■ f i.ill- f'.J 
 
 adminiNtrator of, (Mwitinii of, Ii77. l»7:*. ilV'i 
 
 iirtirlt'i »■* lo Klmn'-i |l(77 \ 
 airffrrifiiti" of. do**"* not t'lMwIitiili' I'liiili.iny. -" •>j 
 a^rt'i'incrit to Im'i'hiih', I-'i, Iti, 17 'i -* " 
 alii'iH niiiv Ih*. 'J(i, J 
 
 alliitnii'iit'<if nlian . ,t rl ,.•/. .t>.il • Vi.ii.TMi.M. 
 aiiniiBl lilt. UM to. |K23|. 7I>'J 
 a[i|iHrutioiiN to lii'i'oiiic. 4iV 
 
 licforc iiu'or|ioratiiin. ,")'J 
 i-oiiditioniit. h\ 
 artii'li"*, wliftliiT u roiilnirt wiih. (133 
 liaMkrii|it may Iw oiii'. 4-'i 
 bankrii|>t<'y of, 'iM 
 
 ronipaiiy not atfi'itiil liy, "Jil 
 
 traiiKiiiiiinion of «har<'< mi articli' an lo, 1)77 und iioti' 
 bpcome muli by a^frfi'iiiciit, 47 
 bound by articlpH of aswutation, 6'ii •■! »> 7. 
 can coiitrait with lonipany. 2!l 
 can sue lompany. JW 
 cri'titii it" "f ^liafi's. urtiiles as to I Ii.j3, ti.">4 I 
 
 iiilillc'il lo, articli- Mi.'iSI 
 ci'swr of nn'iiibiTKliiii, .^7 
 
 colonial rifristcr of, (i7H | 7.>7 | and n itc-, l.i:U 
 companici may be, in otlici' iniiipaiiii'-. I'l 
 
 trade uniona in, 117 
 conditional application to bi''oiui', j4 
 
 confirmation of director^' ■ilhn 1 ■i.-^^ aitu, 'JH, 30, 1 3.57 — ! 3('i(i 
 constitution of membership, 4S, 4li. 47 
 contraetini; with company. 29 
 
 copies of ineinoranduni anil artieles. eiititliHl t'l, 33. lit I 
 covenanti htter nr, by artii'le-, l>33. (i34 
 creditors of company may beiiime. '!'.> 
 death of, articles as to share-! ileMilviii^' I Ii77 | and nnte* 
 
 as to calls, 6.5') 
 deceaiied, 
 
 artieles as to ilispnsal of share>- | H77 1. liT**, IWl- 
 
 calls, as to, 633 
 
 liability of estate for shares. HIH. I>7!' 
 
 liability of representatives. HH. fit. I>7H. Ii7!> 
 
 proof for future calls. 679 
 
 scquc^tratifti iii Si-otlittiil, ^^"t^ 
 
 transfer of Shan's by exwutor, H77 
 
 Ml references are to the pai^. Paijen in h,-,irket» [327) rrfrr In ihr Forms. 
 
1764 
 
 INDEX. 
 
 MEM11KR8— oo»<iM««</. 
 
 dpfinition of, in Act, 45, 4li, 1S32 
 
 (litfercnt classes, 480 
 
 directors need not be, 721 
 
 distinction between tlieui and tlu' cunipiiny, 27 
 
 entry upon rc,jister, wli e ncccisaiy, 53 
 
 eBtoppel u^^ainst, 56, 72, 73 
 
 evidence, reiii9t<"r, 71 
 
 exclusion from general niiitincs [7(W| and note 
 
 executors of, position of, G77. t>7!i 
 
 articles as to [«77J and notc-i 
 for<'l(rn, 2«, 28. 45 
 
 further lialiilitv impoW by articli'S, 47() 
 how pcrvuis can beeunic, 4H, 47 
 how persons cease to be, 56, 57, 58 
 
 increase of capital, ri;,'ht-. on (article) | 083 '■' «"/■ 1 "'"1 ""te* 
 increase of, notice, se.t. 41 "f 1908. ..1537 
 infant's position. 45, 672 
 
 inspi'ction of eimipany's books by 1771 | and notes 
 kno»lc<l)fe of nienioranduni and articles imputjKl to, 694 
 liabilitr on shares. 58, 63, 64 
 
 inrespect of forfeited | 661 ) and notes 
 
 limitation of, 476 
 
 tutorv nicetiiiif 1 61S 
 1 retiii-n [622], 624 
 
 .1559 
 
 m].] and notea 
 
 for annual 
 majority, powers of, 73 
 married women may bo, 45 
 niaj vote on his ajjpointment as directiir, 73ii 
 meetings of, 
 
 artii-les a.- to | 689 . ' .vciy. ] and notes 
 
 how far bound by, 73, 74 
 
 notice of | 692, 696 J and notes 
 minimum number, sect. 115 of .Vet of 1900. .15,59 
 
 unlimited liability in winding-up, sect. 115 of 1908,. 
 modification of rights of, 685 
 
 article as to | (185 | 
 non-liability for company's contracts, 28 
 non-liability fur lompany's contracts abroad. "JS 
 not tlie company or owners of it.-* property, 27 
 notice, giving, to, clauses in articles |692, 696, 778 i;t 
 notice of regulations, 77 
 
 notice of tender of transfer of his shares to, 675 
 number not to be less than seven, or two ( private company), .sect. 115 of 
 
 1908...1.iS9 
 partners, iitfercnce from position of, 75 
 past, liability of. 64, 1,560, 1561 (Act) 
 payment of company's debt to, 29 
 
 personal representative of. transfer of shares by |6771 and notes 
 proof by. in winding-up. 29 
 property of company not in. 27 
 
 leetifica'tion of register of. 1387 el >•'•'/. | 1392, 1.394] 
 ^egi^ter of, 33, .53. 1532 (Act) 
 
 closing. 71 1676] and note 
 
 lolonial. 33 | 757 ], 1534 (Act) 
 
 I'ffect of allowing name to appear on, 73 
 
 entry on, 53 
 
 inspection of, 70 (Act), 1533 
 
 publicity as to, 72 
 
 rectiHca'tion of, 1387 rt h,;/. \ 1392-1394 |, 1533, 1534 
 re<iuisition of. for general meeting |414, 415. 690, 1083| and notes 
 resolution in writing to be e<|uivalent to meetings [709J 
 retiring, not to compete [977] 
 right of. to inspect register of mortgages, 688 
 sale by. to I'ompany, 29 
 subscribers to memorandum are, 46, 449 
 li-.iing company. 29 
 
 survivorship to shares, right of [677] and note 
 trade union, of, 113 
 transfers of shares by. allowed unless restricted, 665 
 
INDKX. 
 
 1765 
 
 MEMBEUS— coH<iH««/. 
 
 traiisniiHaion of uliarcn |t>77|. (>7S — 68(1 
 
 \vlnni iiulrl»t<Ml to coinimny, 6fi7 
 iilliii riri'x acti, consent to, it invalid. 29. 75, I3(iO 
 unlimitpd liul)ility of. where lielow seven or two. l.Vii* 
 votes of [702 rl inf. I and notes. .("'' »rc Vi)Tt>. 
 when (Mititled to sne for dividends, 7(i.'> 
 when personal repri'scntatives hecmne. H7H 
 who are, 45, 4(>. (7 
 wrongful removal from reirister. 54 
 
 MEMIIKUSIIII'. 4.-. .( ..y. 
 cesser of. 57. 5.S 
 
 entry on register. wlM*re iieressary. 53. 72 
 foryeil transfer, etfeit of. I>73 '■' »"/. 
 how eonstitiitod, 45 
 meaning; of. in company. 15. 4fi 
 
 MEMOK.VNDl .M, 
 
 Act of 189H...|)420| and note 
 
 equitable eharifc on documents, by way of, 1185 et »<■'/. 1 12IS. 
 
 Anil trr UwKINil \NI) .VDVA.vVe SKCI KiTIKS. 
 
 aatlsfaetioii of recis^ered cliarife of [621 1 
 
 1229 I 
 
 MEJIOlt.VNDl M OK ASSOC'I.VTION. 447 rt sn,. 
 
 Act of 1908. provisions of, as to. 447, 1.527 rf k^/.. 1536. 1537 
 additional clauses, as to. 475, 479 
 
 adoption of, with articles, in lieu of deed of settlement. 1310 I 1:1181 
 af;cnt may sijjn. 484, 491 
 
 proper mode of siirninj.' by. 484, 491 
 alien may subscribe. 4.'i 
 
 allotmen- to subscriber of, unnecessary, 46, 53 
 altcrati. i of, 32, 1309 rt «,/.. 1528, f.529, 1536, 1537 
 
 objects of, 1309 rf .in,., 1529. .Ii"f ■■" '■ KxTKXsiox OF OniKCTs. 
 alteration of ri){bts under, where ti'ivcn sul'iect to conditions. 479 
 alteration of si){naturcs to. 24 
 amalgamation under ]tower in. 1452, 1482 
 articles of association. 
 
 are controlled by. 592 rl iieq., 631 
 
 may impose further liability. 476 
 
 to accompany, 629 
 borrowinjr. when to be authorized by. 686 
 capital, to be stated in. 476 et 'nj. 
 
 clauses, 575 et «<■'/. 
 
 points arising on, 576 rl urn. 
 
 preference shares, as to. 576 rt itrt/. 
 
 subject to power of ini>dification. 576 
 classes of shares, 
 
 detinition of riirhts. 576 rl ici/. 
 
 thfjse suhsrribcrl for siionhl i)C stated, 
 
 where nu'niorandum silent as ti> issue 
 company limited bv irnarantee, of, 448 
 
 forins I 492. 495 |, 1528 | 1614, 1617 | 
 
 not for profit | 495 | and note 
 company limited by shares, of, 447 
 cunipany under sect. 23 of .Vet of 1867. 
 
 observations on special clauses in, 506 
 company without word " limited," 498 rt !<ri/. 
 
 Hoard of Trade recpiirenicnts, 499 —501 
 construction of, ,591 rt »<■</. 
 
 ambiguous words of, 598 
 
 antecedents to relative words, 602 
 
 application <tf jjeneral law, 593 
 
 artii'Ics with ri-fercnce to, 592 
 
 t92 
 of, 481 
 
 .495 
 
 y 
 
 AU references are to the pages. I'agr' in brnckctt [327 1 irfrr in Ihr l''orniH. 
 
1766 
 
 iNi)i;x. 
 
 Ill 
 
 MEMORANDLJI Ol' ASSOCIATION— c(.,i(./.»«/. 
 construction of — continued. 
 
 clear and unambi(?uou9 lan({uaKe iu, 597 
 
 Companies Acts to be borne in mind, 593 
 
 " conducive," meaning of, 601 , , . ^ ^ ^ 
 
 construed according to general law, 593; and subject to Companies 
 
 Acts, 693 
 context to be read, 599 
 decisions as to particular words, 39() 
 directors' powers, as to, BOS 
 ejiiiuleiii (jenerin rule and doctrine, 599, 601 
 explanation by articles. 392 
 
 expressed intention tu be given etfi-ct to, 594, 697 
 exiinHxii) itiiiim rule, 602 
 
 Jrraiiiiiiatiial sense to be applied, 598 
 lardship of, 598 
 legality of clauses in, 603 
 liberal, to be adopted, 603 
 main object theory, 600 
 
 memorandum controls articles, 592 it aeg., 631 
 notcitur a eociit, 599 
 ordinary rules, 591 
 
 originating summons to ascertain, 604 
 parol evidence as to, 596 
 1 opiilar and tcilinical words, 595 
 primary meaning of words in, 597 
 relative words, 602 
 rules as to, 591 rt «<y. 
 surrounding circumstances to explain, 594 
 " whatsoever,"' meaning of, 602 
 whole in'^trument referred to, 594 
 word- aiiiplifving objects of company, 601 
 
 Aliit si-i' roNSTKllTKIN 111 AlKMUllANDLU AND AllTICLlCS. 
 
 contents of, 447 
 controls articles, 592, 631 
 copies to members, 489, 1531 
 deed, is not. 84 
 effect of, 449 
 
 elfe<'t of snbs.ribing. 483 
 
 embodiment of minute in, on reduction of capital, 1287 
 expressed intention to bo regarded. 594, .597 
 
 extension of objects nnder sects. !), 264 of 1908 (late Act of 1390), 
 1309 rt Diq. 
 
 And SIP KXTKNsinN or ()uji;c is. 
 fees payable on registration of, 449, 485 el seq. 
 forged signatures to. 26 
 forms of I 492 rt »«/. 1, l.>28. 1529, 1614, 1617 (Sched. to Act) 
 
 company limited by shares ( 490 | 
 
 guarantee' company I 492 | 
 
 under sect. 20 of 1908 (late sect. 23 of 1867).. .[4951 
 
 unlimited (onipany | 503 | 
 foumleis' sliares in. 578 
 French mining company, clause as to |590) 
 fully iiaid shares intended to be taken, .58, 484 
 
 relief under late Act of 189H...1420. 1421 
 functions of loinpanj- restricted by, 30 
 general wordi in ohjei't clauses, 471, 513 
 guarante ccini]iany. of, 475 
 
 must now state liability is limited. 448. 493 
 
 not using in its name "won! "limited," form of [4951 
 
 provisions of Act of 1908 if. 2, 4, 10, 21) ..79.5, 797 
 
 share capital, with. 493, 494 
 implied covenant in, 449, 1530 
 implied e piality of shares, expU)ded do; trine, 481 
 implied notiic of, 77, 143, 694 
 imulied powers in. 47'2 
 , examples of, 455 
 
 infants may subscribe. 2fi, 483 
 intcrpretatl n of, 691 et teq. 
 
INDEX. 
 
 1767 
 
 9, U'J. 492 
 
 m 
 
 MEMORANDUM OF A8S0<^'IAT10N-<;»<,(.«««rf. 
 
 infrn rirfti rases, 4(i(> 
 
 introductury note^i as ti>, 447 
 
 knuwIiHl^c of, imputiil to iiiciiibrrs, 77, 143, U94 
 
 liabiliticn, 
 
 iiiipo8cd by, cannot be restricted, but may Ixt increased, 47li 
 
 limitation of, 447 
 liability under, for shares, 478 
 limitation of i-ompany's powers by, 32 
 ■' limited," use of, in, 449 
 married wouien, subscription by, 483 
 matters to be stated in, 447 
 meeting; of subscribers of, B95 
 member entitled to copy of, 48«, 1.531 
 minini'iin Kubscription, statement of, i 
 
 di^iulvantu^e of statinf(, 492 
 mode of limiting liability under, 447 
 name of companv to h<! stated in, 447, 449 
 
 wiiere calculated to deceive, 4.50 it $e</ 
 notice by promoters tlirouKli, 143 
 
 notice of, to shareliolders and others, 77 el fn/., 143, (i 
 number of shares to be stated in, 476 
 objects of (umpuny, 
 
 alteration of, 1309 ft nej., 1529. And tee Extk.nsion of Oii.ii 
 
 construction of clause, us to, 469 rt feij. 
 
 determine extent of powers, 455 
 cases, as to, 459 
 
 extension of, 1309 if .in/. .Iml »rr Exti:nsiuN OF OBJECTS. 
 
 incidental, 460, 468, 4H!I, 471 
 
 main object rule, 469 
 
 specimens of, and why inserted. 456. 457 
 
 statement of, 447, 455 el ni'i/. 
 effect of (fcncral words, 471 
 implied powers of company, 472 el mi/. 
 in prospwtus. 242 
 
 iillin and intra lint. acts, 464 4h(l 
 object clauses for specitic companies |.)17 — 674 1. 
 
 p. 517. 
 object clauses in, tjj il .^I'l/. : cnniiniin forms of 
 ordinary shares, clause as to |579 ii «'■-/. | 
 outsiders, notice to, 77 rl «."i/., 1 13. 604 
 payment for sliarcs subscribed fur in, 58 
 power to extend cbjetts cannot be (livcn by. 472 
 power to issue different classes of shares, where silent, 481 
 preference shares, 
 
 clauses as to ( 578 il «<,/. | 
 
 different kinds of, 576 el ». 7. 
 
 statement as to, 575 
 preparation of, 3 
 printinf; of, 482 
 private < ompanics, in ease of, 957 
 provisions in, not re |uired bv statute, 479 
 reconstruction or amalgamation under imwcr in, 1452, 1482 
 registered office, situation of, 84. 117, J54 
 registration of, 449 
 
 effect of, 449 
 repudiation of subscribed shares for misrepresentation not allowed, is, 
 
 483 
 rights of classes of shares declared by, unalterable, 480 
 sale of company's business under power in, 372, 373 
 
 agreement for f371] 
 se"en |or two] signatories required, 447 
 shares, statement as to, in, 476 
 shares subscribed f»r in, calls on, 654 
 
 agreement as to, cannot be re.-cindcti, 58 
 
 alteration of law, 59 
 
 All refcrencea arc to the pages. Pagea in bruckett [327J refer to the Formi. 
 
 See Special Index at 
 I 506—513 1 
 
1768 
 
 INDEX. 
 
 MEMORANDUil OK A880CIATION-eoH«.»»«rf. 
 
 ihares subscribed for in, calls on— cm'm'W. ,„. 
 
 application of -ret. 25 of Act of l»b. (rc,,cul..d), bo, b8, 69, 484 
 
 how to be paid or aatistied, 58 
 
 payment for, in cash, 484 
 siijnatorica to, . ■ •. ,a 
 
 allotment not neccsHary to membership, 4(J 
 
 arc members of company, 46 
 
 bound to take aharen from the company, 4( 
 
 entry on re(ji»ter not necessary to mcnibcrahip, 4b 
 signature of, 44», 1528 
 
 airent'a, 484 
 
 director, by, in case of public compa»y, 484 
 
 qualification shares t«,r, 6, 7 
 stamiiinij of, 3, 449 et nei/., 1528 .r',,.,T.i 
 
 statement as tfl capital in, 447, 448, 476 W .o,- '"rf •« t>Ai-iTAL. 
 
 classes of shares, 480 el leq. 
 
 prcferenie shares, as to, 480 et geq. 
 statement ov, in prospectus, 167 
 statement of objects in, 
 
 present practice as to, 474 
 statutory provisions, as to, 447 et aiy. 
 subscribed shares to be taken and piiul tor. 484 
 
 when to be paid for in cash, 484 
 
 subscribers of, 447 , .. , ,„ ,, ..j jsi ,1>14 
 
 a^rce to take and pay tor shares 4b, 47. 58, 483 484 
 
 aan-cmcnt to sell shares and hold ui trust | i.ll | 
 
 ariotnient to, not necessary. 484. 4»;> 
 
 are members of company. 483 
 
 bound l.v. thouRh not cntored ui register, 484 
 
 .aniKit repudiate for misrepresentation, 4(, 48d 
 
 directors' appointment by. 717. 718 
 
 each liable for one share if no number named, 484 
 
 for prefcreme share may take ordinary instead, 48.) 
 
 infant. 2«. 45, 483 
 
 liability of, 449 
 
 married woman, 483 
 
 niay be aliens. 26 
 
 notice of meeting of. 695 
 
 restraining from allowini; company to use name, 4o4 
 
 their status, 46 _ 
 
 thus become members. 46, 4i 
 
 to be enteriHl in register of members, 9i 
 
 witnesses to signatures by. 483 
 subscription bv foreigners. 26 
 
 1:*^ ^riicl!:'!;^: for deed of settlement. 1310 e, .,.. ..r.ri.e. 
 1313 
 petition for I 131H I , . ., . ii-o ^/ .„„ 
 
 '. substratun, " or ■' main object ea^es. as to, 4(.9 el >eq. 
 surroundinir < ireumstam e- in construing. .i»4 
 tUttii i-ii>.s cases. 464 4')6 nnii 
 
 undertaking -sale of, under power m -resolution [1174| 
 nnderwritinff clauses in | 312 1 
 unlimited company, of, 448 I o03 1 
 
 contents of. 1528 
 what powers implied if not specified. 472, 4i3 
 where to be accompanied by articles. 629 
 whole to be regarded in construing. 594 
 witnesses to signatures, 483 _ 
 
 words in. cannot alter le-islative restrictions. 47. 
 writing, may be in. 482 
 MEMORANDIM OK ASSOCIATION ACT, 1890 (now sects. 9, 263, 264 
 
 ^^r^CuX^H., 1309 rf ..y.. /W ... Kxt>:ns.,s OF OoMX^. 
 pJtition for memorandum and articles in l.cu of do-d ,,f -ottl.mc.t, l.il.I 
 
 practiccun'b'r^'the .Vet or sections. 1313-1315 [1315 W .c,/.] 
 provisions of sections, 1309, 1310 
 
INUKX. 
 
 MKAIOKIAL TO I'OKT'S SOCIETY, 
 
 ohjiHt ilausi'S of 1 574 | 
 
 17«9 
 
 i 
 
 MEltlANTll.i; AtiKNT, 
 Ui'tiiiiiiuii uf, 12U1, 12Uti 
 '' ordinary course of liusine:*H," 
 powers of, 1202 rf trq. 
 
 12 lU 
 
 MEHtANTlMi SIXl K1TIE8, 1215 
 
 MINES AND JIINIXO COMPANIES, 
 
 aKnei'iciit to rinploy agent abroad [434J 
 BKreenu'rits for sale of mines 1384] 
 obji'cta ( 556. 657 | 
 
 MINIMIM \l MliKU 01' .MKMUEUS, 
 
 ])roliil>itiun u^^'uiust carrying; on bu^incs;* witii less th«n seven, or ^if 
 
 |iri\j|i' (iinijuiiiy) two. «iil. Ill of l»im, .Xpii., l.),',!! 
 provi-ions of .\<t, l.').')ll 
 windin);-iip, .\pp., l,5t)2 
 
 MINIMI. \I I'KK'E, 
 
 when deilared illegally li.\ed for jioodn, 1 16 
 
 MINl.Ml.M SlIiSt'iai'TIO.N. « 12, 15 |252| and notes, 479 
 allutniint before, when voidable, 11. IB, 17 
 alh>tuient eontra\enin^ provision?* art to, Iti 
 allotment forbi(l(b>n until obtained. '.), 11, 12 
 allotnient of lesser number of shares. etfe;t of, 16. 17 
 ullotnwnt of till, ires where amount tixed, 10, 12 
 altering ariount of, 24 
 ajtplieation moneys. 9, 15 
 
 return of, 9, 15 
 elause as to. in articles |6IS| Miid not*' 
 eommeneenient of business, as regards, 20 
 company whi.h has allotted shares or debentures before 1 .luly. I!)08, 
 
 sect. 85 (7) of 1908. not apply to, 10 
 definition of, 9, 12 
 
 directors* liability in respect of. 17, 19 
 irrepulnr allotment. .\ct of 1908. .51 
 memorandum of assmiation, m ly bo H.\cd by, 492 
 memorandum or artii les niii-t lix. 9, 479 
 non-subseription. return of n>on<'ys. 2.")2 
 notice of avoidance. 17 
 private company, not apj'lv to, 10 
 prospw'tus. to be named in, 9. 252 
 
 even if issued abroad. 11 
 provisions of sect. 85 of .\ct .if l90-i as to, 9, 1549 
 reasonable delay allowei! for neu'otiations. 198 
 reconstruction ca--"e, 14 
 
 repiuliation of allotment. 11, 17, 18. 199, 200 
 
 return of subscriptions, where not fcir(h"ominff, sect. 85 (4). .9. 18 
 second or subseqm-nt offer to the jiublic, 10 
 statement in lieu of prospectus. 261 265 
 stat4'ment of. in menioranduni 'ir arti'les and prospectus, 9 
 statement of, in prospectus, 9 , 2.'»2 ) and note* 
 where slat*-m. nt in lieu of ]irospectus. 262, 264 
 winding-up dot's not affect procceilin^s as t»>. 17 
 
 MI.,ORnY, 
 
 fraud on, suin^ in company's name, 1357 ft -try. {^Foxs v. Ihnhnttfr\ 
 
 frauds on, 75 
 
 oppressive looduct of majority toward.', 589, 1357 rf nr,/ . 
 
 reluctanie of Court to interfere on behalf of, 73, 737, 1358 
 
 riehts of, at meetinjr. 703 
 
 when b.nnnd b.y maj." 'tv, 73 T.v 
 
 All references are lo tlu- piiK*^' /'"rtei in lirm-krir | 327 | rrlfi- to tin I". enis. 
 P 5 z 
 
1770 
 
 INDKa. 
 
 MINLTK8, 
 
 Htf ri (Miirrit mu.if iiy, 74); 
 urtirlf a- to | 745 ] and not* 
 f'oiilitiiiati'iri uf. 
 
 •■triNt of, u^ u^raitut director not previoinly prewnt, 716 
 ('oiitr^dii'lioii of, 74G 
 
 diiiTtor*' inortiiij.'8. at, >pi'r;mi'ii!' of | 998 et ic/. | 
 istulilisMni; loiitrait liy. 74li 
 rvideiicc liy, 741! 
 
 (ft'iiiTal iniotiiiK", of ['••''I »"<! not*-!*, 1343, 154J 
 inspiction of l>ipok-< of, 771 
 
 not lohi lii^in' If to rc-ularity of j)ro!0i'ding3, 700, 745 
 pio'. iioris of Act of IHOit a- to, V>\i, 1.VJ4 
 rrdintioi, of rapit:.!, on. liiW lliH2|, 1284 el ■»•>/.. 1297 «' ><;7-i 
 
 <i »•■,/. .(„</ I.,' REDirriuv OF C*riT\i.. 
 ri'Holiition Tiui'iin^ <'all. fi5.'> 
 
 1304 
 
 MiscoNnrcT, 
 
 a(?ciit, of, disnuH^al, 442 
 
 iliii'itors. of, 711 715 , . X i/> » 
 
 lialiilitv for. in winilimj-np. "''■t. 215 of 1908 (replacing «ert.. 10 of 
 
 WiiiiliiiL'-up Aft. 1890). App., 1.581 
 ottiii r-i of lonipaiiy. l>y. 441. 442 
 
 MISDDMKANOIK, 
 
 Lv (li-ol ryiiii; Art of I'arliampnt, 234, 235 
 olt:iii,inir money liy falsi- pr('t<<npi's, by, 2.38 
 
 
 MI.SIT.ASANC'i:, 
 
 allot.ii.iit liy diri-'tor to infant »on, (172 
 auditor, of, 777 
 
 ((.tii|':i.iv'-< nmi'dv in rt'pn ' of, 71'i 
 diiirloi"-, of, 7lo" ,t s,-,,.. -ill 
 
 liiilxi to. 412, 733 | 13.J2 | and not*' 
 lirilM ■' liy. out of lonipanyV fund-, 753 
 o\('i»-^sivt' renuineration, 725 
 falsilleation. .Vr. of doiuments liy, App. 1581 
 prosiciition of, in windini,'-up (>cct. 217), App. 1.581 
 tru.-tios <if qualitication sliarc-i for promoters, 168, 392, 722, 1403 
 provisions of >.'it. 215 of 1908.. .1.581 
 p/construrtion ■ iirries assets to bo recovered for, 1451 
 relief of directors (-ei t. 279), 715 
 ri^U'inp tli" market, liy. 150, 715 
 secretary's (Improper commission). 759 
 set o(f aijaiiist, 715 
 
 MISUEI'RICSKXTATIOX, 
 
 aition for rescission, 183; writ« of summons [U4j, 1346J 
 action of deceit for, 202 
 
 limitation of time. 206 
 act,s of. 184, 185 
 a),'ent, by, 40 
 
 ambiy;uoiis statements, 189 
 belief, opinion, *ic., 187 
 circulars eorrectinij [ 1073] 
 contracts induced by, voidable not void, 196 
 damaires for. 207, 1581 
 defences available to defendant, 194, 215 
 Directors' Liability Act (now set. 81 of 1908), 208 
 examples of material and immaterial, 190 — 192 
 fact, of, 185. 187,202,205 
 
 becoming false, before allotment, 196 
 fraud, \»-hcn to be proved, 202 
 indiucroriit bv. prtKif uf. 193. 194. 205 
 law of, 187 
 
 loss, when sustained, 205 
 pleadinfjs in action for 1 1372 — 1381] 
 proof ill bankruptcy for. 207 
 
INDEX. 
 
 1771 
 
 M ISKKl'UESENTATION— coii<mi«<». 
 priiHpcctUb, in, 1H3 
 
 ullotti ci' ri'inedios, 184 »t teq. 
 
 circular ilivlosing, 244 
 
 circular!) correcting |1073] 
 
 evidence of, 190 
 
 insuftident, i'xuni|p|i'~ of. \9i, \%\ 
 
 order to resi iiui contract to take nhirren 1 13!*31 
 
 orders to Met a^idc *a.\ei [1397 -14m)l and notes 
 recliticiition of rcfiiter for. 13n!> (13!)'i) and note 
 rciisi-ion, action for, 183 fl ■" /. [ 1372 el <f7. | 
 
 di lav in brinifinir. 1!I7 
 
 jiidJnicnt^ I I39.">. lli'i.,]: flcadiiig- [ 1372 -I. ".7.') 1 
 rtnnuur or su^jticion, as to, 19H 
 sctlini; a-ide sales to company for 1 1307 rl »<•'/■ 1 
 sinirle, may anttiee. 18!1 
 
 statement in lieu of prospiM-tu-*. liability for, 2t»3 
 Kul'scrilicr to nieinoraiiduin of as-oi iation cannot repudiate for. 17, 4S3 
 
 MISTAKi;. 
 
 airric'incnt to takc> sliare-i in mistake. 73, 200 
 
 application Ut'r shares oy, 73. 20(» 
 
 omission to tile cnritrai ts a< to jiaid-up >li.ires. 
 
 ctfei-t of Aclof l<»(.K...ti4 rl >,;,.. 70 
 oniis-ion to re','i>ter ninrti,'ni.'es nr diaries, 
 
 relief under Act of 1008. .fil7. 142I--1421 [Hit IPitil, 
 l.'i54 
 sliares, in contract to take, 48 
 where no avrreement to take shares, repudinti.m ■ f allotment, 200 
 
 MISTAKK Ol' I'VtT, 
 
 honc-t, in prospectus, 178 
 
 \pp 
 
 MODTT'^rCATION, 
 
 a^rrcenient adoptini; contract with |370] 
 
 ajjnement submitted to mi«tinjf, G95 
 
 e'a ae< of ■ h a es, u d t mem ir indum i ower, .S7>, •'576 [578 rl 'eq. \ 
 
 clauses, preference shire<, as to [578 /•< »ri/., 584 el «.'</.] 
 
 debenture holders' rights, of, resolution an to [1129] 
 
 aiircemeiits | 407— 410] 
 shareholders' ri)?lits, of, 
 
 article as to [085] 
 
 consent of sole preference shareholder e<|uivalcnt to that of a 
 mcetin)f. 579 
 
 effect on preference shares, 685 
 
 memorandum of association as to [579] 
 
 MOniKICATION OK HKUITS, 
 
 clause as to, in articles [6851 and n 
 • ' - , of, 479 
 
 loto 
 
 different classes of shares, 
 law as to, 685 
 
 where the rights are by the memorandum of association attached with 
 conditions, 4H0 
 
 MON'l'.Y-I.KNDKKS ACT. 1900, 
 
 application for I'xcuiption from reu'i-trati' 
 application of. to (vuupanics, 35. 526 
 forms under | .527, (J2S | 
 notes as to. 526 
 
 ,n[.-,271 
 
 MON'KY-r.KNDINO, 
 
 companies, by. 35, 526 
 
 object clause as to [.509] 
 
 order of exemption from Money-Iynders Act, .528 
 
 provisions of Money Lender?* Art, ,527, 528 
 
 All refereni'i's are to the pogra. Patfes in bravlett [327] re/fr to the Forms. 
 
 5 7. 2 
 
1772 
 
 INUKX. 
 
 
 
 "8 
 
 AUVAN( K SEiHRiriES. 
 
 moni:y ok monkys worth, 
 
 liability to pay for Hhareii in, 98 
 
 "MONTH," 
 
 mcaiiin); of [*■**! 
 
 MORTCiAOEK, 
 
 toMt» of ohtainint? i-oiicurri-me of, idi , ,■ . . „„ 19.1,1 
 tender of mon.y to him after expiration of noti.e t.. r.-dwin, I22t. 
 wilhdruwal by, of noticr to pay off, 1194 
 
 MOimiAtJliS ANI)l!HAR(iES, 
 
 annual returns in rispeit of indi<bt«Hliiei», 7». 
 
 artiili'H an to rr>H5--l>89 ) and notes 
 
 bank». to, I2lt> ,t >.■',. .!>,'! »-'• \ixsuis>. VNU 
 
 ItilN of Sale Aots, as to, 616 
 
 ponijiany's implied power as to, 472 
 
 conditions of sale as to | 350^ 
 
 " created," nieanini; of, 617 
 
 effect of non-rp;:istration of, 68H 
 
 entry of satisfintion, 1554 
 
 e<iuitable, wliere comj>any bound to rccognwe, boll 
 
 inspection, 1555 
 
 I'Vtors Act, under, 1201 . , , ro.ii 1 
 
 memorandum of satisfaition of registered [ail | 
 
 mercantile a(fents, by, 1202 -' leq. 
 
 object clause [5U9J 
 
 power of attorney to execute \_liii\ 
 
 power to borrow implies power to, 509 
 
 priority to debentures, in, 687 
 
 reRisters of, 34, 1552, 1555 
 
 Act of 190H as to, 615, 1552, 1535 
 
 clause in articles [688] 
 
 inspection of, 771, 1555 
 
 r,M-tification of, 1421-1424 [1424, 1426], App. 1664 
 
 ritflit to take copies of, 772 
 rpfiristration of, 605 rt *r»;. , 
 
 ^ A,t of 1908, under provisions of, 616-018, 1.-.52-1554( Act) 
 eases where Court can grant relief, 617. 1421-1424 
 extending time for, 617, 1421-1424 [1424 1426], .1."/ s-» 
 
 Kl.ilI^TIi Vlinv OF MoKTaAdKS AND CHAROKS. 
 
 shares, of, 
 
 blank transfer, with, 670 
 
 claims us ajfainst company, 663, 664 
 
 p<|uitable priorities, 663, 664 
 trading company's power to make, 472 
 uncalled capit.it, of, 509 
 
 articles as to [688] 
 
 MORTMAIN- AND CHARITABLK USES ACTS. 1888 and 1891. .112, lU 
 
 MOTION, 
 
 amendment to, at meeting, 694, 848 
 rectification of register, for, 1391 
 
 MOTOR OMNimS COMPANY, 
 objects 15621 
 
 MUSICAL SOCIETY, 
 
 object clauses of 1 574 | 
 
 MUTUAL ASSURANCE ASSOCIATION, 
 
 when illegal, 110 
 
 MUTUAI. INSURANCE COMPANY, 
 
 law as to. 520 
 
 object clauses of [520] 
 
INDEX. 
 
 MUTl Ah HUri' INSIIIANCR COMPANY, 
 iinrPifihUrrd, 52U 
 
 i:r:» 
 
 - *m 
 
 NAMK t)l COMl'ANY. ». H ..44» rl »<■</., .ViS, 1529 
 
 artioii liy !*lmr«hul<lpr in (ruir in h'oni v. llurlmliU), 74, 1357 
 aniiitt^aination, on, 1486 
 " and rcHliictil " ai part of, 752 
 apiilication fur xliari'ii, wlipre tjetitioiu, 4H 
 caliulalcd to di'icin-, nyistration may be n-ntrAinod, 450 
 casi'M as to, 450 ft nrij. 
 rhangc of, :)2, 152 
 power of, 32 
 remlutioti for [11-71 
 Hanition of lloiird nf Tradi- to, 152U 
 when clian^'e c-oiiiplutiHl, 1127 
 conKc.it of liuuidator tn new rompany tak.ng [1090] 
 de-«eripti^e of btntiiios?*, 451 
 diri'i'tors' linliility, for liills without, 51U 
 dlHsolvt-d conipany, in i-a:4e of, 453 
 engraving on seal, 82 
 evidence uh to improper iiw of, 450 if gr*/. 
 
 forei(;n company, 453 
 
 goodwill of liuiinc^K purchaied, when, 453 
 
 identical, not reifistcred, 450 
 
 inipropcr use of, 
 
 injiini'tion ajjai'ist, 4.',0 -452 [1412] 
 iiiterventioti of Court, 450--452, 1300 
 
 inadvertence in pulili-tliiiit;, 453 
 
 " limited,'* wlien uswl at otfico, ,Vc., 34 
 
 licence of itoard of Trade w> to word ' royal," 154 
 omission of, 454, 752 
 
 liiiuidators' consent to new company's name bcinj; name [1090] 
 
 member suiiin in, 13.'Hi <•> seq. ^Fuim v. HnrboHh) 
 
 memorandum of assoi'iation, in, 447 
 
 order re-itniininR "*"■ [1412| 
 
 order to restore to rejfister of companies [1337] 
 
 penalties for n(ui-pul)licati()n of, App., 1541 
 
 petition to restore to reffister [1335] 
 
 powi'i' to ehanpe, App., 1529 
 
 precautions as to, 450 et teq. 
 
 private company, 957, 958 
 
 prohibition of identical, 1528 
 
 publication reiiuired. l.MI 
 
 purchase of troodwill, on, 453 
 
 reconstruetii on, 1438 
 
 re*»:i'tered <■ ;■ e. use of word '»n, 455 
 
 re^iistration of new ccmip.inv with same, consent for [1090] 
 
 restoration of, to rc,M-iter 11335, 1337], 1337, 1338 
 
 restrictions as to, 450 pt srq. 
 
 " royal," use of word, 454 
 
 seal, kv., use of word, 82, 1541 
 
 similarity of, 452 
 
 statement of, in memorandum of association, 447 et teg. 
 
 strikinc^ out, in action, 1360 
 
 subsi ribers may choose, 449 
 
 use of, in action, fiS, 135(> et teq. 
 
 where calculated to deceive, 450 et aeq. 
 
 NAMING DTKECTOUS, 
 
 in articles or prospectus, 6 — 8 
 
 NEGLIGENCK, 
 
 company's liability for ajfents', 36 
 
 directors, of. 713 — 71l> 
 
 jrro-s. 713 
 
 individual responsibility for (articles) [788] and note 
 
 idief of, if acted " hone.stly and rea,sonably " (aeet. 2 
 
 (aeet. 279 of Act), 715 
 
 W ?* 
 
 All references are to the paffws. Page' in hrnrkett [327 1 refer to the Forms 
 
1-74 >NDKX. 
 
 NEaOTIABILITY, 
 
 •hart' warranU, of, 081 
 
 KEGOTIABLE INSTRUMKNTS, 
 
 arti(U-« »■> to [752, 760, 761 1 and not*. 
 
 company 'n power to i»«u«>, 509 
 
 debentures to bearer, 1243 
 
 mortKftKe by deposit, 11H5 ri »'? 
 
 power, (obiert clauM) |509| and note, 
 
 JiKnature by holder, &e., »eit. 77 of 190H...1646 
 
 title of holder, 11H7 
 
 wrong name of lompany, liability for, Oiu 
 
 NEIQUBOURIIOOD, , . . . ,,o 
 
 meaning in contraetB not to traae, b.to 
 in employes' contracts, 357 
 
 NEW AKTICLE3 OF ASSOCIATION, 
 
 in lieu of deed of settlement, 1310 *t t»q. [1318 «( »«»•] 
 rewlution for [1103] and note 
 
 NEW COMIaNY, , , .„_riO(>4H 
 
 consent of li<iuidator to iU using nam. ol f impany [ 1090 1 
 
 NEW REGULATIONS, 
 
 resolution for [1103] and note , 
 
 in lieu of deed of settlement, 1310 •« «•». [1318 <( »«»•] 
 
 NEWSl'Al'KU, 
 
 no absolute monopoly in name of, 45Z 
 
 NEWSPAPER ADVERTISEMENT, 
 publication of prospectus by, 174 
 
 NEWSPAPER AND MAOAZINE COMPANY, 
 director to be editor [436] 
 libel, liability of directors for, a46 
 object clausea of [540] 
 
 NEWSPAPER PROPRIETORS' COMPANY, 
 
 object clauses of [546] 
 
 voluntarv society for protection of trade, . ., , - ,.. 
 
 enquiries wLn held not published on a privileged oocas.on, .1., 
 
 NOMINAL CAPITAL, 
 
 rights of, in respect of dividends, 764 „ , , „ 
 
 UK of ciprcssion " nominal share capital in Act of 1908, Table U., 
 1610, 1611 
 
 U*\T^«' T ^tr 15' Tj" Q 
 
 contracti,' under sect. 88 of 1908, as to, 67, 68 
 
 naming of, in contracts, 67 » * u. b,^ ri „ „„ 
 
 paid-up shares, as to, what documents to be flled, 64 et teg. 
 
 7^^Tt^rZ'l''L to paid-up shares [347, 889] and notes 
 
 NON-CUMULATIVE DIVIDENDS, 677 [579], 812 [820] 
 
 NON-CUMULATIVK PREFERKNCK SHAKES, 577 [579], 812 [820] 
 olauso in memorandum [579] 
 clauses in articles [820] 
 dividends on, 677 
 resolations creating [1106, 1111] 
 
INMKX. 
 
 1776 
 
 ui'tioii of Ji'uiit, <ill»t of, ill, 2u4 
 
 coiitru(t'< ill |>r««pit'tus, of, A<t of IHtti ..'2'itt 't •"/• 
 
 Alt of IH.IH IWi, 171 I":), I7A .1 nri/. 
 frauttuli'iit, wlii'ii, Ul)4. iV:> 
 pro<|>i'i tui, wiiiTo ulrt'»ily iiolipo, 'Hit 
 
 -tatiiiuMit ill lii'ii of. liui'i iiy tor, 'iii'i 
 wliut jilaiiiti!!' iiiii:<t prove, 17ti ei «»"/. 
 ./l.l/ «r» .»li«ui I'lil -K\ I aTiun 
 
 NON-MKMbl.l<S, 
 
 voting liy. »* ;{eMer»l lui'elingi of tmrpuiiy, 7i>3 
 
 NOTAUY, 
 
 cirtiH(ut«a, 4M'. by lll7ii, 1177 | 
 
 niSii (nhttrm), [lUUiJ 
 
 NOTU 1 3, lil47 rt It:,. 
 
 abroad [779, 7(tl) and note* 
 adjourni-il niettiiig, of, 6'.)2 
 adviTti-i'imnt liy. on moiiilicr* [7HII, 7H2J 
 allotintMit, of, 5i fl 'rq. .li'd "'<■ All "TMrsT. 
 alloliniiit letieri, 1051 ( 10J2, lll.'i3 and 
 
 (d< liinturc'), [lt»li4| (honui "liorciii | 
 I'irrulur otfiTin),' nhari's nt pir [ lil.'iii) 
 receipt*. A;c-. to [lU.Vi, lO.H. 10i>2 | 
 r<ic'oii-tru<tii>ii, on [14/1 | 
 apjilyiiiK for dtbciitiiren [llKiUj 
 applying for debenture utoek [lUBl] 
 articles a. to [77H et nq. \ and nnton 
 anieiet of aa^o iation of, contents of, 77 
 autlicnticntion of, 778, IU47, App., 1559 
 avoiding allotment. 
 
 Act of UtOH |2rtl, 1072, 10731 and ..Jti-s 
 iniTi'prosentation, in ca<o of [lt)73, 1074J 
 building society ruio". of, ll'.IH 
 byc-lawH, of, not presumed, 75.'> 
 call, of [ti.iii] and nolo 
 
 allowing Hutticient time for, 656 
 
 article a.* to liiatil 
 instalment, rcinindcrt [ 1068, 1067] 
 capital, increase of [613] 
 certitlcate ready, that [106H| 
 circular olferiiig share) for tender [1058, 1059) 
 circular withdrawing prospectus where misrepresentation, 1073 1107B, 
 
 1074. Iil7.">| 
 clauses in articles, as to [ 778 it aeq.\ 
 clear dnys, 104(1 
 clerks of conip;iny, to, 3l> 
 
 coninicnccnicnt of artion. ailvcrtisement [1344 1 
 company, by, 
 
 authentication of. 778, 1047 
 siitiiatnrcs of. 778 
 company, to, 34, 77H 
 service of, 34, 778 
 verbal, suthcicnt, 778 
 conditional, when allowable, 1049 
 
 consolidation of shares, sects. 42 and 4.i of 1908... 1.537 
 constriii tion of. ««3, 6114, 1047 
 
 constructive, mercantile transactions, 1210 et teq. 
 contents of niemoranduni and articles, of, 77 et >eq. 
 contracts mentioned in prospcctU'". 143, 111, 171, 172, 226, 227 
 conversion of shares into stock (to rcfristrar), se I. 42 of 1908, App., 1837 
 creditors of rccnnstructinfr j'ompany. 1447, 1448 
 creditors t.o claim (re lu ■tinn of capital) j 1292 j 
 date cf adjourninciit of f.-ciii-ra! liif-oting, "02 
 dead shareholders, with a view to reiristration 1 10(7, 1078 1 
 
 All reference* are to the pages. I'mje' in In- rhvi* [327 1 refer to th" Forma. 
 
1776 
 
 INDKX. 
 
 ttlft tliitr 
 liitt'rpr. l.itiiin Ai'l), 
 
 li)4'4, I>l4tl 
 
 17311 
 
 10871 
 
 iMirity I'y 'III.' I iKtoiii' r l"r aiiotbor, 
 
 rri;fii n'iili'Mcc mcml'pri. n- U> [IV*] 
 rfiitiir.' of •.liarc-i li f.irc | 10"'.»[ 
 
 NOTK r:s ,„„iu,u.,i. 
 
 dilniitin' l»i|.|.T-' nxtlinu' I 1 "««. I»*;^l 
 
 di Ti'ii <"(l tniMnlxT. cluiKi- ia urii li'> I TXI | 
 
 dilitiTv in itiii' •iMirr nf |m«» 
 
 ilirci tor*, rtiunu"' >'<■ ••'•1 
 
 diri'i tur^' iiit<To.t. ii-i'lMwiir" of, TM. 
 
 diriilur-' iiHMtin(f< l"J''| ■tnd luitr 
 
 diri'i'iiir-.' n-i^fimtion nf <.tiif' , "ii:i| iiml ii"tB-> 
 
 diri(tipr>. lo, when iPi.l'|iin.lont .•jiiiiiliM-, lU 
 
 di'iiii-iif ol' CMiiiiiiir y'" «ithii»^. 411, 411 ...... 
 
 diw.'iit. c.r, ..II r.-.-.ii..tru.tim. inidiT Ms.-r. IHi of IHilM C'eet*. lOd, Itti of 
 
 iHii-li. I4i:i I 14741 
 di«triii».'U'-. I'.'Ji' I r.'vil I 
 
 ii)ni|ia'iv IkmiihI t') iitl.iiil l>, ll.Vi. IJJI) 
 
 toriiii \'iiii. vn-:\ 
 
 dhiiliM.d. of. and warrant | 10M.1 
 diKiiiiii lit ili'iio-iti'il willi liaiikiT in 
 
 c.int'ht- lit. im; |i l"' iiiipli'-il. ll^-l'.t 
 dmiiiiMiit^ otfcnil for iinpi'i'tion, of, 113 
 (?<]iiitiihl.- int. rtxc, ill -imri'-i. HAH <•' "•/. 
 «|\iini'-'. if, to .■iiiii|.:i'iy, (iSi) it "•/. 
 ec)iiixo(-ut, ti?'4. 1047 
 I'xeniliir-. .i.' of i). .i-a i-l iiifiiili r, 1 1 | 781 | and m.ti' 
 
 uri' no witliiii aiiiii;,' of woril " nn'iulirr'," iV.li 
 
 cxlruordii irv m« tiii^' [10hO| «' >-i/. 
 
 to lie lii''.l 'a. Ill' ilay -f aiiollli'l liu'i'liutf | I'IS-ij 
 fait< and roiitraci- In no iiior..iiiliiiii and artiilfti. 77 <•' 'eg. 
 final ihilaliiii nt, ;o oav I 10(i:i, lli(iT| 
 for.' 
 
 forf.'L - , . . . , 
 
 franiinir. ■■<- to ni.Mli' ol, as t-i two m('mlnT> liy "lie notU'O, llml 
 ({cncral r-tinit^, 
 
 Hltrniativi' r.'-oliitionn iiirntioni'd in -\aliditj, OO') 
 
 .'laiisr-i of nrtii li'-. | li»2, IMfi | and nott-c. .Iiirl "■>■ Mki.iimi- 
 
 I'onitru.'ti.in of. li'.l.t. ti'il. In 17 
 
 disilosiiri' in. -if diiT.'tor»' infiTi'st-s in iiintruct-i, ir.. 
 104!l. UH.'i, Msii 
 
 how t<i lip frani'd. 1047 < ' «"/. 
 
 Ii.m t<i III' »«Tv.d. 778 it »(</., 1047 
 
 niodiHc.ilioiH or aim'tidnipnt*. 6'Ji rt w//. 
 
 raliti.ation of at'ri'cnipnt-i "itti director'., (iOJ, 
 
 riTonstrii.ti.in fur. IIIH i 14ii(i| 
 
 rci'titii-ation of r(",.'i.<ti'r. ettVi't of, on, 1391 
 
 short, asi 
 
 spi'i'ial liii-.inp-i'. •i97 
 
 statimi-nt of liusiniv* in. lilli -11^14 
 
 slat.'incn*-. lo lio .•oiitaiiii'il in. «•< t^i |M'ni ition to dirertom on 
 
 aii.al!.famiition. I4H.3 
 
 to whom to I"' jrivon, t!9'2 
 
 varion. furmi | lOSO '( »7. | 
 
 whirr iliri'itor int.T. -.tod. (194. 104S. HUO. 14Si, ISIti 
 holder- of -hare warrai.,-, to (irti'le) | 77!l | :.nd note 
 in.perfei't, of nieetiriir" of ininili.T-.. liOt rt i^i >/. 
 inrrea-.c' of .apital, of ( 013 | 
 
 ineteaie of nnmlierH, <ect. 41 of IIMW, App., l.'>37 
 ind.'peiident exoeutivp. to. atfi'iti eompany, 144 
 instalment, ipmii.der | lOtili, 1067] 
 insnttiiient or mislpndini;, t'it'4. 1047 
 intpnded reaiitnition of tran^fiT. of, t>52 
 investigation of .ompany's atfair-f, a-, to 1107.t| 
 irreu'iilarly eonvcned ^fpiicral nieetiiist. ti91, l(i47— 1019 
 iurisdietion. out of | 3ti'2 | an.l m.ie | 77;t, 7k1, 7,SJ | and iiutas 
 knowlid>:c liy singl.' direelor not notiep to .ompany. 778 
 IcWr o." aiiotm nt. di-iiiT.ttin,", of ■ iUtil \ 
 lettfr of rp'^'rpt flO"i31 
 msnairinu: director, to, 778 
 mcptir.jf. for. aft.T rP!(ni-.i(ioii 11084] 
 mretinR of diroitors. | 741] and note 
 memhcr'. resident ahroad, a- to j 779, 781, 782] and notes 
 
 732. 1048, 
 
 1048. 1049 
 
INDKX. 
 
 1777 
 
 NOTM'KS (•««r.i.««<. 
 
 im iiii'«>r Willi no r.-iti^U-rwl uiMnii^ | i7»| 
 iiii'iiiiiritiuliiiii mill »rlii'li'«, <>(, Ti 71) 
 nii.l.iiiliii),', ti'.it. l'i<7 
 
 iui,ri |>i iilntiiiii- ii« t«. |H7;I I |il"3, III"* I 
 
 imirliiiiri' iimiiiy'. li- forr lalliiiif in "T |).iyiiitf "If, llttj 
 oiotii'ii. Ill, l4i rr.lify nifi-l'T I n'.»-|. 1*'S 
 
 I Mi'iiil liriii' 111 t'lvi'iBf niortu-uu'' | I •-'• I »'i'l ""'•'" 
 noti^ at to. Iii4i 'I I"/. 
 minilHT of <l:iy' nviiiir.il, lill'l, lltW 
 iiiririn;; <liaii'< at a iiriMuiiini | 10^)3 | 
 iiHi' I'. -iliiiiM 111 (pf, K« I'll- I 
 omii-ii'ii Ui ifivi', urtiili" ri^ Ut | ill'ti | miil ii"ti' 
 oni' rioli.i« for twi. »iv«'lin./« | "'.Ml, lliMl | and nuto-, llU't 
 or:. I. I>y iniM|iiiiiy, ll'">ll 
 
 oriliT mi iiini|Miny. 77« ii,,u,ii 
 
 onlimiry ami ixlnmnllimry nuHtiiitf t« In- hi'nl •mm' <l'i.* 1 I""- I 
 
 ordinnrV L'lnrrul iiiii'tiii){. iif 1 lil'till 
 
 oiir^i.lir-. t... .,r niinioruhiluiii .iii.l artiil. -. 77, 7S, 7tt, liU. CiH, 1047, lOiO 
 
 |io-tiiiK. I'v. ■''■' 
 
 iliiln'rv in ilnr 'Oiir^c, 77.S I 7HI>1 
 
 proi'iilulliiii of pllti'iii fiir rsliMi-inn of iiliji Tti \\i-:i\ 
 
 |iii>i'M«ti(>ii ol tiun^lVr. im | |i>Jt>| 
 
 ipiiiniiiliT^ t<i iliiiM t'lr-. lil . , , .~n 
 
 I.rn-iMrtn«. noii-.li . Im iin- in, l.iit n.ili. . aliva.ly ..f 11 "iHiil fai I. 230 
 
 nnni-iiiii" in artiilr-* | 77S /' »• ■/• | 
 
 iiuliii-. undiT -i-l HI iif I'.MW (lat.' Illrf t.ir.' I.i.il.ilj'v \'t, I^M; Jli 
 
 ratiliiatinn liy :,-i':ar:il ini'ftihL" "f ii-'rii ut- wi'li ilir"<'t<iri, <i94 
 
 ri'ci'ipf on di'i'o-it 'if fraiiiifiT I |ilTil| 
 
 r.diiiiiilion of rcii«li'r, I'tfu t of, on n.itii" of nir.'iuw fur voluntary 
 
 ninilinu nil. Mill 
 rrdM.'ioii '.f .aiiilal, IJ71 |l':7l, l.:74. Ija. li'll .' -./.I and ii.il.- 
 ri'ni>tr,ir iif jmnt .to(k niinpanii-', .Tl, :U, H.'i |i'V' ■' »'■'/•! 
 
 iif i.in-iiit 111 ni'« r..ni|iany n-iin; iiaini- of old | ii«0| and nolo 
 n mini i.'illiin of >'mri'-i | ll'.'i.)] 
 
 rr',iii-ition fiiririM:... I niotin:,' | liiiH | and ai.l.' [Um\ 
 ri-iu'natiiin of .lirrcti'r. of | 7'.':1 ] anil ni.tc | 7ai | 
 nam- iiotiii' fiir f.vo miTtini,'!* |ti9lil and ii'it", liHl 
 Kci rotarv '■'. IH'il 
 wrvin' of ! 77S. 7711. 7HI). 7H! | and nntc. lO.'ilt 
 
 ilau^fM in au'ri'i'niriit a' to [.3li'J| and noti' 
 
 (■•iin|>anv. (in, 34, 778 
 
 ■ inl of fnri-di.liim 1 7-J3. 7sl, 7Si | 
 
 ali.r II liTni.-l ..|fivt"d liy p..-t. 77N |7HII| and '■• 'e 
 
 almri'lioldor rcsidiMit aliruad, to [77!l. 7SI | 
 
 short, of piMirial Tiii'i'tliii.' |l>ll-l 
 
 KJijiuitiin'. writfi'ii or pri.iti-d (artirliM |7KIJ 
 
 sinirl" diri'itor. to. wlirtlicr notiir tn ronipaiiy. 77H 
 
 siluatioi. of nri-tcnd offii-i>. i.f, «.'> | t'll'.' | 
 
 form iif [tit '2 I 
 spi'iiui riNoIillion. for, 
 
 iipy for ri'iriitrur ItiMI 
 
 lirst mi'i'linu' | Hl'^i | and hiiti' 
 
 rcipilnitci with vit \v to pai>ini;. I0!»3 MW) 
 
 snond nii'i'tini; | I0S2 | 
 
 -itiv-lr noti.-c fur Imtli nuotiiiRi ; (iSlv MHI | and noli', HUH 
 
 two to In- pa^si'd in three ini'Otini's. I0S3 
 Htanipint; liirnatiire tu. 7HI 
 
 Bnlisirilier.H to nipnu'nuiduni of a.»mi(iatioii. niietintr of. ti9.> 
 siiltii ient to lie allowed for ralln, ti.i4 
 Talilfl .\. (elanie-i 110 114). as to, .\p;i.. HilO 
 time, how 'oniiti'd inrtieli-i) |7S1] 
 
 not \pf than so many d.iy-. n'o.inini.', UHH 
 transfereia lionnd hy prior lartiehM) | 7H0 1 
 traiHteri lodired fur ii".'ii<traiion. liiai, fiT.'i 
 
 All rffercnros arj' to tiie paif<>-. Pirars i,. hmrk,)^ 1 .3'27 ) rrfi'r In Ihn Formn. 
 
1778 
 
 INDLX. 
 
 NOTICES— <»>i<intt«<i. 
 
 trusts of shares^ of, clause in articles |,650| aud note 
 
 two niwtitigs liy OIK- [(iyii. lUMl | iinJ note, 1019 
 
 underwriters to take delioutuic stock I.31HJ 
 
 verbal, to company, 778 
 
 voiding: allotment in contravention of -ioct. »j of I'JOS. ,261 
 
 when not a prospectus, 178 
 
 where one secretary to two companies, 75'1 
 
 windinjr-up, of, on nicuibcr^ abroa;!, how MTved (nriic'.ej |781, ,>i~] ■•''••i 
 
 note 
 withdrawal by morijaseo of, a- to payment oiV, 1194 
 
 NOTICE 01' MOTION, 
 
 rectification of reci-ter of m.irt;?ai,'e'^ and charges, for [1424] and uot.w 
 
 NOVATION, 
 
 contract with int>iided company, 370 
 Life Assurance Acts, under, 1329 
 reconstruction, on, of creditors, 1-117 
 
 NUISANCE, 
 
 liability of company for, 38 
 
 NUMBKK OF ME.MltliKS, 
 
 carrying on business with less than seven, sect. 1 
 partnership, limitation of, sect. 1 of 1908. ..1527 
 subscribers to memorandum, sect. 2 of 1908. .1527 
 
 NUMBER or SHARES, 
 
 statement of, in the certificates (sc t. 22), 23, App., 1332 
 i nu^nioranduni of association, 182 
 nuder Act of KtOH in return- of allotments, li.i 
 
 115... 1559 
 
 OBJECTS or COMl'ANV, 
 
 acts in contravention of, ultra virin, 458 et leg. 
 
 instances of. 4fi4 401* 
 alteration of, under sects. 9, 204 of 1908, reproducing Companies (Memo- 
 randum of A.-wociation) Act, 1890. .1309 ,t ^pq. [1315 el snq.], 
 1529 
 with sanction of Court. 1529 
 amplification of, necessity of, 456 
 ancillary, should be stated in memorandum, 474 
 borrowing; powers |5ilH] and note, [085 't ».</.] and notes 
 cases of uiti-a iurtm ac.Ui, 4ti4 — 4Gti 
 
 ititrn viren acts, 406 — 4t>9 
 certificate of registration of order for alteration of [1154] 
 clauses in memorandum as to, 4.55 rt «<■./. [50t el S"/. ] 
 acquisition of existing loncerns [504] 
 additional clauses [513 (■( «"/.] 
 
 alpliiibctical list of forms as regards specific companies, 517, 518 
 common forms 1504 el sei/.] 
 
 forms as regards sjK'cifii^ companies [518 et aeq.] 
 clauses in memorandum determine extent of powers, 453 
 construction of clauses, 409 el «'■</., ,591 et seq. 
 ejasdem geiieiin doctrine, 59!>, 601 
 in winding-up, l!02 
 words excluding api»lication, 602 
 contravention of, is iiUni vins, 461 
 details setting out, in, advant.igos of, 474 
 ejusifetn f/eheritt con-^truction. 5i>9, 601 
 
 words exduding, 602 
 extension of (sects. 9. 264 of 1908. late Memorandum of Aasoeiatioa 
 
 Act, i8'(ni. 
 
 advertisement of order { I32S] 
 advertisement oi pt^lition [1323i 
 discretion of Court, 1310, 1313 
 examples, 1311—1313 
 
INUKX. 
 
 1779 
 
 OBJECTS OF COAa'ANV-cu/i/iHUtft/. 
 exton.^ioll of — continued, 
 
 juri!><li<tion of Court, 1309 et teij. 
 
 petitions for ^1315, 1317, 1318J 
 orders oii [1324— 13'27] 
 
 pratticc, as to, 1313- 1315 
 
 resolutions for [11311, 1316, 1317J 
 
 Hunimous a.< to iri'(lit<.i-i biiiig uuatfretod, »io. 1 1321 ) 
 extent of company's powers detormined by, 455, 45a, 592 
 • gineral words, 471 [513] 
 
 effect of, 471 
 
 former prailice at Hegistrur's office, 471 
 ifuarantJO and indemnity companies, for 1521) 
 implied powers, 472 et »eq. 
 
 examples of, 455 
 '•incidental or conducive,'' 471 15131 
 
 independent, how far dau'ies in memorandum nmy be, 470, 471, t)00 
 interpretation. 591 et net/ 
 list of, for Bpocitic companies, S17, 51S 
 nmin objci-t tlioiry, 4i)it rt xn/., U0(» 
 power to extend, cannot be {jivcn by memorandum, 472 
 practice as to stating, old, 474 
 
 present, 474 
 reconstruction, extension by, 1435 
 resolutions for altering [1130, 1310, 1317] 
 restriction of, 455, 459, 1309 
 ■pccilic companies. 
 
 examples of forms for [518 et »(•</. 1 
 Bpecimens of, and why inserted, 456, 457 
 statement of, in memorandum of association, 45S et aeq., 474 et feq. 
 
 OBLIGATIONS 01" COMPANIES, 
 under the Act, 33 et seq. 
 
 OBTAININti MONKY ItV I'AI.SE I'KETENCES, 
 criminal liability of directors, 4;c., for, 23S 
 
 OCCASIONAL I'ROMOTEIIS, 127 
 
 Ol'FKU, 
 
 tment of shares by 
 form of <ircular [1056 J 
 proposal in writing, followed by oral acceptance, 335, 1184 
 public, to, what is, 12— U, 280 
 resolution accepting [I133| 
 
 resolution to make, on behalf of company [1133] 
 tender for shares [1058, 1059] 
 shares, of, on retMnstruction. 1440 et «»"/., 1453 el «(•</. 
 
 OFFER TO THE PUBLIC, . . . 
 
 agreement by company to sell debenture stock to capitalists with view 
 
 to I 428 J 
 meaning of, 12—14, 28) 
 reconstruction, as to, 14, 1450 
 
 OFFICE, 
 
 compensation for loss of, 442 
 
 director va.adiig, on taking another office in lompany [728], 72B 
 
 registered, 31, 84 
 
 notice of situation or change of |l)12] 
 
 OFFICE OF COMPANY, 
 
 statement of, in memorandum of association, 447, 448, 454. See tlKnrs- 
 TERKD OFFirE. 
 
 All references are to the page«. Haijei in brnekel-i (327 | refer to the i'oruu. 
 
1780 
 
 INDKX. 
 
 Ol KICKHS OK COMI'ANV, 
 
 ni . rptanco of iiiioni|iutil)ln ottiic li , .42 
 aftri'oments as to (•uiployinint [430-437], 441 — 445 
 ioin|)cnsation for luns of oHi"'e, 442, 443 
 cxiiitliency of, 441 
 H|>e>'ilie perforinaiK p, 441 
 appoiiitmciif of, by aitiili-n, 441 174!i|2 powers of ilirrotors, 749 
 bonus to, biyond salaries J^432 |, 725, 727 
 bonus to, in wiiidinpr-up, 4liti 
 
 breach of i-ontraet liy, daiuajres a^ainat persons bringing about, 444 
 bribes reeoived !>y, 442. 733 
 criminal liability for false afatemcnts, Ac., 233 
 di li! nture trustee-i, whether should bo, 729 
 difleontinuanee of company's business when a breach of agreement with, 
 
 4 4:i 
 discovery bv, I3li3 
 dismissal of, 441, 442 
 dismissal of, by appointing receiver, 
 
 by a winding-up, 444 
 cvidcmo of ajipciintment by company, !41 
 
 incompatible otiicos held by, 442, 591 
 
 indenihity to (article ) | 7,53 and note, 7S7 and notes] 
 ri},'ht to, unle-s acts «/';■■' r(>(?.«, 787, 7S8 
 
 individual rosiionsiliility <uily (articles) | 7HH | and note 
 
 injunilion a;,'ainst breach of negative covenant by, 441 
 
 negligence by, 442 
 
 notice of dismis-:al, 441, 442 
 
 presumption of duo appointment, 79 et apq. 
 
 proxy, a company voting by 1705] and note 
 
 secretary's signature on employment agreement, 441 
 
 Bprrilic pcrfornian<e of contract to employ, 441 
 
 when ofHce vacated by winding-up, 444 
 
 wiiuling-up. pro<if for salary or comiuission, 443 
 
 wrongful exclusion of director, order restraining [1405] and note 
 
 OFFICIAI, ASSIGNEE, 
 Stock lOxcbango, of, 
 
 sale of defaulter's shares by. fiSO 
 
 OFFICIAL niX'EIVER. 
 
 priviloi.'e as to report. Botlnmlptj v. HintKihnm. (iWH) 1 K. B. 584 
 provisions of Act as to, 1565, 1566 
 
 OFFICIAL (il OTATIOXS, 
 
 Stoik Kxchango Kulos (extra. t,s). 2(15 -274 
 
 OFFICIAL SKALS, 
 
 provisions of sect. 79 of 190S (late .\ct of 1864). ..757, App., 1546 
 
 |K)wer of attorney under [1162] 
 use of, authorized by articles | 757 ] and note 
 use of, in foreign countries. 1545 
 
 OLD COMPANIES, 
 
 Stock Kxchango Hules, 272, 273 
 
 OMISSIONS, 
 
 prospectuses, from, 182 ft net/, 
 
 OMNlIiLS, 
 
 injunction against running [1413) 
 
 ON BKIIALF. .>.r., 
 
 actions by shareholders, A:c., 1353 et xeq. 
 
 "ONE MAN ■' COMPANY. 28. M4i'. <J4.-., «4('., 947. P54 
 a person in law. 28 
 
 cases decided as to. 94'!, 94.5. 940. 947, 954 
 ligality of, 942 cl set/. 
 
INDKX. 
 
 i;mi 
 
 OM'S PHOBASni 
 
 prospeetua ua to, 194 
 ■ .der Act of 1B0J...178 
 
 OPINION, 
 
 statement of. in prospeotud, 187 
 
 OITIONS, 
 
 ac'tjuisition (if patonta, for, 380 
 
 agrifiiifnt ((iviiij; [SSti] 
 
 cash or shares, to tukc, liM part of salo coDi^idcration, 3tH 
 
 conct'Msion, uh to sale of, agrponii'iit f38t>| 
 
 in 4'onsideruti'm of siihi^cribinf; for sliari's, 284 
 
 ii'rtiticati' confirrini;, 284 
 injunrtion against hnacli of covenant givini; [HISJ 
 prospci't, to, agreement as to [434] 
 take shares for underwriting, 284 
 take shares, to, reconstruction, on, 1440 
 vendor to subscribe for sliares at par [3I>5] 
 
 ORAi> a(jhi:i;.\ii:nts. 
 
 by or on belialf of company, 33r>, 33li, 33S, llSI, 1185 
 
 issue of shares otherwise than for ca^h, 61, (i7 
 
 minute of board when sufficient memorandum within Statute 
 
 336,1184 
 stamp duty not reiiuirinl on, 337 
 Statute of Frauds, 33'>, 1184 
 when company bound by, 335, 3->t> 
 
 OUAI> XOTICK, 
 
 company, by, 1050, 1051 
 to company, 48 
 
 ORDER AND DISPOSITION CLAUSE 
 sliares not within, 651 
 
 
 m 
 
 )f ) . lii, 
 
 ORDI'.K I'OR FORKCLOSL'UK [1418] 
 
 ORDKKS, 1387 et nrq. [1392 et aeq.] 
 
 breaelies of trust by directors to be made g(«)d [1402, 1403 | and 
 conHrming reduction of capital [1281], 1283 | 1297- 1303| ami 
 directing hearing of petition (for reduction) and advertisementa | 
 
 notes 
 n' itea 
 12731 
 
 directors to pay over moneys to company [H^l] 
 
 directors to pay value of shares improperly received (1401 | and notes 
 
 dis])ensing with words "and reduced" 11270, 1272], 1283 
 
 extension of time for registration of denenturcs, ,^e. | 1426 | 
 
 notici" of motion for |I424| 
 foreclosure \ 1418 ] 
 
 founders' shares, declaration as to riglits |1409| 
 injunction refused (141()| 
 injunctions to restrain, 
 
 breach of covenant giving option [1415 | 
 
 communication of trade secret, 442 [1414] 
 
 company from enforcing regulation as to transfer of bankrupt's 
 shares (interim) 1 1415 | 
 
 company from i)urcliasing own shares [1411 ] and note 
 
 conhrmation of irregular resolution |1407| 
 
 directors from holding meeting at improper pcrioil | HiMi | 
 
 directors froni improperly rejecting votes |H06| 
 
 exclusion of director |1405| and notes 
 
 forfeiture of sha.es { 1404 | 
 
 improper use of nann*. 450 | 1412] 
 
 infrinirciMcnt of patent | 14 12 J 
 
 infringement of rights of preference stoi'khi>lders r.'-d aiii' il ' I 109 I 
 
 Alt references are to the pag»w. I'nr/e^ m hi^irlcctii {327J refer t'l Hie Forms. 
 
1782 
 
 INDEX. 
 
 Oii\>EHS— continued. 
 
 injunitioiis to restrain— (•rm<<nw*'(/. •„ . . 
 
 infringpiiioiit of trade mark, sale of Koods and (uibliBliing illustra- 
 tions (perpetual) [1413, PU] 
 
 issue of preference sliarea [1408] 
 
 payment of dividends out of c'upital [1410] 
 
 publishinf? libel on bank [1415J 
 
 running omnibuses in imitation [1413] 
 
 telephonie trespass and obstruetion [1414] 
 
 ullrn rires amal(;amation [1407] 
 
 ullKi I'lrrn sale of assets 1 1408] 
 
 Use of name of eompany, 450 [14121 
 
 wmdinsr-up and bankruptey proeecdings | 1411, 1412] and notci 
 promoters to refund illegal profit [1403] 
 roceiver and manajrer of tli.atr-, appointing [1419] 
 rc.tili.ation of register of n.emb. rs, 1387 -■( »,v/. [1392 rt ,,q. \ and not«i 
 
 miilii)n to bo placed in non-witness list [1394] 
 
 removal of name I 1393] ,,.,., ,,„„, ,,,,51 
 
 where eontraet m>t filed under seet. 23 of Aet of 18fi7...1 1394, 1395] 
 and notes 
 
 where invalid for re [ 1393] 
 
 reduetion of capital, i.rmi.ig [1281], 1283 [1297-1 303] and not« 
 
 directing hearing of petition and advertisements \\^ii\ 
 
 dispensing with use of 'and reduied" [1270, 1272], 1283 
 
 on pperial summons [12731 , ,.,,, , j 
 
 to place petition in paper without advertisement, hv. | U71 ] ana 
 
 rewinding contract to purchase shares from company [1395] 
 restoration of name of company to register [1337] n-nm »j 
 
 sale by licpiidator to company in which interested, set aside [1400 J ana 
 
 sale of concession set aside fvcndor-prnmot<-r8) \'^^^}\ »nd ""to 
 
 sale of mine, contract set aside (vendor-promoters) [13991 and note 
 
 sanctioning conversion of business into private company [1012 H teq.\ 
 
 security for costs [1416, ltl7] and notes 
 
 service on eompany. 778 
 
 setting aside sale of property to company [1400| 
 
 test ation [1396] 
 
 trade mark, , .. , , 
 
 liberty given to add word " limited ]14in| . 
 under sects. 9, 2fi4 of 1908, reproducing Companies (Memorandum of 
 .Association) Act. 1890. .[ 1324— 1327 ] 
 
 advertisement of. for ] 1328] 
 
 ccrtlHcate of registrntion of 11328] »ri'j.)01 
 
 in chambers for hearing of petition and advertisement \\iil\ 
 under sect. 96 of 1908 riate sect. 15 of Companies Act, 19»0). 
 
 extending time for registering debentures and trust deed 1 1426J 
 
 OKIHN'ARY iUSlXiiSS, . 
 
 dealing with special business at ordinary meeting [697] and note 
 what is [697] 
 
 ORDINATiY COT-KSK OK lU'SINESS, 
 contr.iits in pros])ectus, 171 
 meaning of, in Tactorics Act, 1210 
 
 OKPTNARY GKXEKAl. MKr:TI\(; [690], 845 
 business at, articles as to | 697 ] .uid note 
 c'lausi-s in articles as to ] H89, 690. (197, 772, 773] 
 noti.'cof ]1080] 
 
 ORDINARY HF.SOUITION", 
 what may 1"' done by, 1091 
 
 ORDINARY .SHARES. 819 
 
 riaiisc-s as to. in memorandum of association | .578 ••! 
 conversion of founders', into. 1125 
 
 l)referred ] 82 1 ] 
 dividends on, artii lis as to ] 763, 764 ] 
 premium, at. resolutions for issue of [1104) 
 
 )-q.\ 
 
II, 
 
 INDKX. 
 
 178n 
 
 OHIO I N ATI N( . SI M M( »\S, 
 
 i'(jnvor»iun of l>u--iiii's-j into private company nn [lOit, lOOS] 
 for a^t-crtaiiuui; tiiivinint; in nieiiKiraixliitii aritl articles, <i()3 
 rcctitication of nvi^lor, 1391 
 
 OUTI'MTTKUS' COMI'WV, 
 objcit I'laiisi'i of I .'ilO I 
 
 OUTSIDKliS, 
 
 di'alinf;<i of, with ,lirc '■ti-s or iiiaiia^riiiL; director, 79 -82, 7H>, 710 
 
 how altcctpd by artir!i>< of nstmciution, <i33 
 
 notice to, of iiieiMiiraiuiuin and article-), 79, (i43, 1050 
 
 OVl'.liUUAl "I" AT llANKKliS [ 121(1 d ..-,/. | and notes 
 
 aj^fn cment for ,«ivance< on aecitriiy of debentures payable on demand 
 I 122S, 1229 I 
 
 form of debenture | 1229] 
 agreement for I i:um l)y way of acceptanw, ,Ve. of bills on security of 
 
 debentures and uncalled capital [1239} 
 Hjfrceuients for deposit of, 
 
 debentures, to secure current account [1229] and notcp 
 
 i^oods warrants | 1221] 
 
 securities f(»r loan of specified sum [ 122,">, I22(i[ 
 
 sr-curitics to bi'arer [ 1223 [ 
 borrowini^ is ri-irardcd as, tiSft 
 debenture payable on demand, form [1229] 
 debentures and debenture stock, law and pr.ictice as to, list of matt<'rs 
 
 in I'art III. of tliis work, 1213, 12tt 
 deliiMlure to re;.'i-tcr,'il Imldir, form ] |o(l| 
 <b cil it\ inili'fui^ity f"otir .■.>i;ip;i!iy t" is sureties j I2.')l ] 
 distringas notices, aOidavit, and notice of withdrawal, 1220 fit ti€(/. 
 j^piieral depo-it security [ 1223] and note 
 (fuarantee (joint and soveral) [frcneral clauses] as to, llOfi [1244 et if/. ] 
 
 and notes 
 introductory notes, 1179 r-f t'-q. 
 memorandum of deposit of documents [1218, 1229] 
 mort(;a;rc of securities for present and future advancoH [1241] 
 mortjtare of uncalled capit.il [123.')] 
 power of attorney to execute rnortiraire [ 1223 | 
 proposal for dcpncit to obtain [1222], 1223 
 
 securities on debenture- i ; ! i ■', >iitur<' stock, observations as to. 1213 
 security for loan on dobenturi's a,! eharsje on uiclcrt.akin;,' [123(i| 
 security on bills and by depont of d.-hentures in blank (1239) 
 spe<ilic mortftap! of book debts, H82 
 
 OVER I"' 
 
 incon 
 
 T, 
 
 th re^'ard to. 103 
 
 PAii)-rr .SHARES, 
 
 sect. 88 of 191IH. replacing' Act of 1900, under, tit 
 
 [.389] and notes 
 Act of 18ti7, s. 25, rcpe8b'<i, and old law restored, SO, 330 
 adjustment of lioIderH* rifjhts in windiufj-up. 78-3 — 78.5 
 afrreenients as to issue to nominees, t>7, t>8, 348 [3891 and 
 agnement as to issue in satisfaction of company's debt [ 
 
 note 
 
 .'ijfrcenicnt as to satisfyin;; by a bonus [413 [ and note 
 af,'rccnicnt constituting title to, til. 07, 318 |3S9| 
 a[rreement where price satisfied by [ 388 [ 
 agreements for, (iO rt fir/., 331, 332 (345 rt .'rr/.] 
 bomis certificate's payable only out of profits, no oonsider.'ttiun for, 
 
 «3, 4tifi 
 
 ff/., 330, 348 
 
 notes 
 390] and 
 
 .(" refcrciues are to the psgeti. Pages in hriirkets [327 j refer to the FormB. 
 
1784 
 
 INUKX. 
 
 m 
 
 PAll)-l I' SHAKES <,ii,t,u<ied. 
 
 »cct. »b of l»iW, under— roii.'iiiMC'/. 
 lx>iiU'«, l»y way of j -113 ] 
 t'uali, whiit i^. '»a 
 
 i-irtiliciitc of, tMojipri by, 1140, II tl 
 lOiibidiTatioii fur, liO ft ■■"■>/■, iil. 47«, Hl.i 
 
 whether Court iii(|iiiris as to valii', til ha, 311, 47», aw 
 •• loiintitutint; the tith, ' 04, ti7, 348, 3H9 
 loiitract^t us to, Bl '■/ »'■'/•. 331, 332 | 345 <-l »"/.] _ 
 
 Court will not in.|uirii us to vulue, lil 1)3, 331, 4(8, Via 
 
 result of iioii-tiliiijt, ^f 
 
 whether to he sillied, t>7 
 dividends, satist-ed by | VliV | and note 
 eni|uiry into i onside'ration for. lil 113, 331, 478, 945 
 estoppel of eoinpany by ecrtiiieate, ii, fi3, ti74, 1140, '(.^l 
 tiliuff aBreenient for, or partieulars with ro),n»trar, 64, Ui, 330, <MI 
 issue of, 32C, 478 
 lien on, til>2 
 
 nominees takinj;, what diHunients to be hlid, b» 
 property or serviees, for, 62 et iii/., 331, 478 
 provisions as to. ' i preliniinarv agreements, 331 
 re(|uirement.s of sect. 88 of Aet of 1908...64 ,-l ".y. 
 rights of holders in surplus assets in windin^'-ui), i83--787 
 shar.■^ subscribed in memorandum ean be puid up in money or 
 
 money's worth, 58, 484 
 statement us to, in prospec^tus, 170 
 Stmk Kxihuiitfc Rules, 2ti(i 2ti8, 270 rt »,;. 
 surrender of |74i)| and notes 
 uUrii vinn eoulract. issued under, 63 
 under sect. 25 of the Companies Aet. 1867 inow repealed), 
 eases decided, 1421 
 " cash, " meaning of, 68, 69 
 '' cash," not issued for, Gi^, 69 
 consideration for (statement of in returns), t>4 
 contracts, 330 et sni. 
 tiling contracts with rejristrar. 61 ft »,./.. ll'.l 
 
 person bound to tile, 65 
 
 remedy in ease of non-filing, 1420, 1421 
 
 result "of non-filinpr, 70 
 memorandum of .association shares, 58, 184 
 nominees, when proteet^'d, l;7, 68 
 pavnu-nt in cash, what amountiHl to, 69, 484 
 rofief under late .\ct of 1898... 1420, 1421 
 rescission of contract for, 183, 193 202 
 result of not filinfc contract for, 69 
 Kubsidiarv or supplemental cimtracts. 68 
 whether "contract for. to be siirned. 67 
 
 PALATiNK conns. 
 
 jurisdiction as to reduction of capital. .Vc,, l'.!6.> 
 
 PARCELS, , . , . . , , ,,., 
 
 clause in sale contract as to. ulentity, d. Tiption of. JiC. -ill 
 description |345 347 1 
 
 P.iJi/ P.issr PREKEKENC'B SIIAllKS, 
 preference shares issue. 818 
 resolution as to [ 1108 | 
 
 1!:| 
 
 PAIU.TAMKNT, 
 
 application to, , . . , ,i,., , i » 
 
 for act i,f incorporatiim (objects) [512 | ami note 
 injunction aRuinst apnlyins funds in, 
 
 „„l,vs n-.em:n-am!:i:a aiitliorizofl exp"!is<_'s, .'il2 
 
 object clause us to proceeding's in |512| and note 
 
 opposing Hill in, by company, 512 
 costs of, 464, 465 
 
 petition to, by companies, 33 
 
INUKX. 
 
 I'AHOl. CdNTIf ACTS. 
 
 by .iiiiipaiiy. :!;l.). :lli;. :t:ts, ||s|. IIn5 
 
 rolMpatiy may )><■ liouixl liy. '•'>'•)■'*, -VMi 
 
 U^ r of sliavf-i (ittM'r\\i>' than i\ir ra-<li. til, iu 
 
 no staniit <liit\' n- Miirfil on, ;t;l7 
 
 Statute 111' I 'rand-, :!:!'). IIHl 
 
 inililin' of linard when -ullicieiit ineinoiMlHllllll, :i!!i;. Il^l 
 
 PAItOI, KVlDKNCi;, .-,(i.-> 
 
 I'AliTICil'ATIilN ( i:i!TII'll .\Ti;s. 
 rmplove- I l(i;u I 
 form ;>!' I l(i:n| 
 oil reiliii'tioii uf eapital. 1211:1 ] Ul'til j 
 
 I'AKTK TI.AIiS, 
 
 morliraires and ihari."' of. on ri':.'istratioii, till!, Iil7 (lilS if "'/■! 
 snmmotiM for t'tirthi-r j I;J7.'>] 
 
 I'AIM'IKS, 
 
 artioti hv memlier. whi'n in name of ro!u|)any. 7.>, 13a7 rt s-'/. 
 
 mil- in /'.'«- V. ihi,i,„iiir. ;:>. i:t.)7 ti »<./. 
 
 joinder of. in aetioii-. l:U7 ■' ><if. 
 
 l'Ai;T\i:i!s. 
 
 appoiiiti'd ^Idpi' hn<liand< ol' ciiinpany - artieli's) |KHt| 
 
 <'ompai)v not Konnd to re^rister them in firm name, ti.'if) 
 
 direetor-' are not, 710 
 
 prnnioter^ ntU neees-ai-ily. ! lit 
 
 risk-J of, a-* eompai'eil with eompaiues, M12 if iiq. 
 
 statutory limilalion to niiialicr of. ItW. 1 Id 
 
 I'Al.'TM'.KSIlll', 
 
 au^reement-' for eoTi\er>ion to private eotn|>any | 9a.'». 9a(i ] 
 
 anaioL'v and ditferenee hetween a eoinpany and. -7 '■/ >''/.. 7."» 
 
 eompanv mii-^t have expre-i^^ed or implied p<*wer to enter- into, .'>(I7 
 
 eompanv not a. *J7 if f^-if., 7.t 
 
 illevral. "mil. .lull si, li.i.i:o-,i, A-isoi I wio\s. 
 
 jiower To enter info ' ohjeet elanse^ | .')(Ki ] 
 
 risks of, as <'ompare<l witli eompanv, !II2 it .«<'/. 
 
 TAliT VII. or ACT. 
 
 delinition cd' ".joint stock eonipany," I.iSi) 
 
 reiristration of existim; ,'ompaiiles under. 1001, l.iNil if ». 7, 
 
 deelaralion \erifyiie.' doeunn-rils (.eet. •2.'i4 ). . -| li'Jil | and not" 
 
 PAST .mi;mi;i:i!s. 
 
 liahility of. in wiudinir-iip. (il. App.. latiO. l.)(il 
 
 I'ATKNTS, 
 
 ai'ipiisition of, ,V;e. lolijeet clauses) | .jOli, ,il3] 
 aureemi-nt for urant of licences under | 3H2J 
 auTcemenl for sale of | :i"M | ami notes 
 application for (ohjeet clause) | .iOli, oJSI 
 assiLMimeut for ilistriit, :iSl 
 company may lie co-applicant 'or, 43 
 
 cannot be inventor, 43 
 future inventions, au'recment for sale of, 379 
 impro\ enieiits, vvliat are, 3711 
 injunitioii aL'ain~t infririirement of [1412 | 
 licence- I., us,.. :!7il 3S1 | 3K2 | 
 
 mcmlH-rs company to havi' ritfht of pre-emption, cliiiiso in arti 
 olvierl iMauses as 'to | .illli, ,il3| 
 options to ac'juire, 3.S0 
 
 i7Hr, 
 
 les I S3II I 
 
 ./// refcrcnies are to the pa),'es, I'aiirt in hi-nrkctn [327J refn tu thr I' e-ias. 
 1', •' I 
 
 H! 
 
 
 
 141 
 
178« 
 
 INDKX. 
 
 I'ATKNTS ,„.,lun„:l. 
 
 liniilia-r l.v ciiiiiiiiiiiv iinlv fiiniii<l t" «i>rk, i,ilii> lu". Ml 
 
 ri).'i<trutiiiii I'f imiu'iic'i' iif, iJHl 
 
 rnviiltit"* nil. ;t7J*. 3Hl 
 
 miN> Mill)!!-,! Ill iiimlitioiis ciF ii»rr. \c.. :UI), UNO. ;!S| 
 
 «t,iiii|i "M M'.'ri'i- lit t" *i'll. 'im. Stl 
 
 l'A\VMllft»K|-.li. 
 
 iiiiiipiiii.V iiiriniit 111', ill ri)r|i"rat(' name, 14 
 
 PAYMKNT, 
 
 ill :i(l\aii(-(< of calli, 
 
 arliili' a- tii | IJ'>7 | aial iinli-i 
 in ra-^ii, what i^. tiH 
 
 111' iliviil.'iids I 7liH{ 
 in ■^pi'cir, lit' diviiiriiil'* \ 7(i7 j 
 
 I'AVMKNT (»l'l' OF (ArjTAI,, 
 
 out .,f i.nilitH, liaS, 125I), \iiVl, IJliS [I273|, iivt. HI, \|i|.., l.VJii. 
 ./«./ •"( lii:i)irTiii.v OP fU'iiu.. 
 
 i'i:.\\!.Tii;s, 
 
 lllliitlilrlll. 
 
 irii iriilur, A|i|>., lilil 
 
 lint tiliiit: ri'tiiriH, l,i50 
 
 iKit ri'liiniiiii; iiUntiiii'iit iinini'V, .Xpp., I">l!l 
 aiuHial ri'turiH, drfaiilt in niakiii!.', l.i-tU, I.J'ill 
 
 .\~Mira 111' .\<ts, fur iiiiii-iiiiii|iliaiiii' witli rci(iiii'r nt< nl'. IliUI 
 
 ii|i|ili(iitiiin (if liiir-^, App., l.WIJ 
 
 liiinli^. fill- not priKlnrinir to iiupcctiirH, App., l.').')7 
 
 lanviiii.' (Ill Inniiuis with lc-> than seven nieiiiher-'. App., l-"!.)!* 
 
 eiiiiiiiiiiiiiii',' hn^iiii-'* priiiiatiiicly, App., l.iVI 
 
 .oiicealniint iif name nf crcditir (in reiluetimi nf capital. pni(ieiliie_'s 
 
 App., i,>;i!i 
 
 (diitiaii anil return ai U> fully anil partly [laiil »lnire>, fur n"t hlini;, 
 
 Ap|i., l.Vill 
 (iirei Kirs, on, fur lireaih nf .\rt<. 713 
 
 (li-suliitiiin (if ,,inipany. iie.'leitinu: tn re|iiirt (inhr fur. App.. l-'iT" 
 enfiircenient (if penalties, .\pp.. I'>!'l> 
 eMiaiiidiiiarv rcsnlntinn, iii;let t'l n^'ister. .\|ip.. l-">t:l 
 
 iieijlfit in enilKMlyii'i; enpy. (ir aiinexini.' t.i article*. App.. I.'ii:! 
 fal>itiiati(in (it booU-, .'ve., App., 1,')«1 
 
 filial meetini,', ncfrle "tin.' tn r.p.irt hcihlini; nf, .\pp., I.u7 
 iiiirea-'c (if eapltnl. inr iint irivins; iicitiee nf, .\pp., l"!:!" 
 in^pe Ini-i, nei-'leet in refn-iiii: tn priMliiee li mks tn. .\pp., l."i,')7 
 l.iriiiniaiiiliiln, altei-atiniK ill, for iie^jlecliliy tn iintify tn reifistrar. l.'ilO, 
 
 \\>\-. I''-!I 
 nil iiinraiKluni and ariiile-, refii<in^' tn supply neiiilins with idiiip.iiiy «, 
 
 App., IMl 
 liinrl!,'ai^es and eliar^cs. 
 
 lii;.'leit in kei-iiiie.' ri-„'ister nf o'.-l. Hill .if HIIISi. .\pp.. I,).!,-! 
 Ili-u'leet Id ((imply with the li i|llirilliellt- nf set. (Ki nf .\et nf hlllH 
 
 :i< t(i registration of nimi.-.r.'es and .liar^'e*. -iTt. !l!l. App.. l.Mt 
 
 iiaiii'', 
 
 ii.'L'le: I in haviiiu' it eliiriav ed on seal. .\;ip.. I .'i 1 1 
 lint piihlishiiitr it, App.. I.'ill 
 
 lint pilttini: 11)1 in iiili~pieiinlis pnsitinli, li-t uf a^sel*. ,Vr.. .\pp., 
 1.T11 
 
 emitting it from dnniiiniits. .\pp., lall 
 
 (|ii,ilitle.itinii, direelnr aitiinr wirhniit. .\pp., 1")JJ 
 
 rediiiiinii nf capital, imt e:iiii'dyiii;,' a minute nf, in iiieiiioranilniii, 
 App.. l.V!!) 
 
 ri'.'ister of directors and iiianaufeis, 
 iicL'lect ill keeiiim:, App., l.iU 
 ne-lcrt in semiiii'.' copy "i vcL'istrar, .\p|i., 1>11 
 iic'.'lectiie,' iiotilyiii'.r In re.'i-trar eliaiii.'es in. App.. I.'ill 
 
 rc'.ri'ter of nieinliers. 
 
 not keepin^r, .\lip., 1 "i''- 
 
 refii^iiiir inspection or copies of roL'ister. App.. UV-Vl 
 
 rcL'i-ti-r of mort«-a.L''cs. ic- rl •ctiier In prndii'e cniiipany's. .\pp.. l.'i-'i'i 
 
!i!' 
 
 IXDKX. 
 
 17H7 
 
 I'lA \I.TIi:s i....„,l. 
 
 Y^•^i^*U'r^^\ nihri-. tor liiityiiiif mi fMi^iir-^ Mtilmnt. \|t|'. t')M 
 
 ITinrMv 111' illtnlllH-lltH ailfl lilillif rm ■ > ji-f ,. ||.;rtcr(. \|'|'.. i.'tjH 
 
 "luiiT UiiriMiirs turfcrt-ry cr ;iltrratiiMi "f. .\(i|>., 1 »,[.'> 
 *liit?'f wnrraiit*. is^iiini; uii^rainixil. II il 
 
 fiiUrly iHTT-imiitiii!/ owiitT. Ap|».. l.i;J.> 
 >)M' iai (ir f\tniiir<liiKtrv ir-oliiti'iii. itcu'lt't-t fo n-.-i-i.-r. \('i' - l.illt 
 
 llt'^rlrrr ill rriilnMlyitiL' ''••|'y. '►'■ aliiM'xili'j' t" iirtirlr^. \|'li., I.*»l;t 
 
 ^tiitt'jjH'iit i»f ji^-i'I' an<l liatiililit'*. \r. Ity li.itikiiiu' ii:iil iii«iifaiir mi- 
 
 I'.-triii''. anil ilfpn-jit, pri)\ idi-iit or lii'in-fil Niriilii-, iii-u'!"'i-(iiii.' ro 
 |iiil'ii-h >lati'iii('lit III l''iillii |l. of til>t silii'duli- !u Nil, \|ip.. I'l'iT 
 -latiitiry iiiritiiii.'. liiv'h- t t.i hiilil, A|i|i.. I .') 1 1 
 
 -»ttlnli\ i^iun 111" sliai-f-. iii'/l'":"! ti> null Illy nr aliinA Im in Tip>iMiit|iiiii [ijir- 
 tii-iihirs (if. A|t|i.. I-i.'i7 
 Mi-u'liTtiiiL'' til \\*y wnni '* liiiiiird *' a^ ta^t >\iiril nt ii.imi . l.»l! 
 
 I'K.NSION IT.Ml. 
 
 iMTM'Ht iif rin|ilo\r-, fi.r. KIlN 1 In.l.'i. Iiil-ij 
 trii-t ilii'd -litiitiiiL' I III:!'). Mini I 
 
 I'KNSKIN TO OIKKKIt. 
 
 )H)»iis i)f . 'iiii|iaiiy. .'lUS, 1(121 
 
 to tlirci'tiii'. 7'Jli 
 
 to ^4«':'^('tary wlirrr i-iini|iaiiy was " iinl I'ni- i;,iiii."' jojii 
 
 1'i:i{(i:nta(ii;s. 
 
 artii'lf a-« tii [ T'ta | anil nnfi' 
 
 ri iiMiiii'ratiiiri III' ilii'i' till'-. 'I't \''W\ anil imtr- 
 
 I'KliM.WIAT |ili;i.<T()l!S. ii.vj 
 ai'tiili'- ii'^ to I (I.S2 ■ I .M'/. I 
 |i(i\vc!' til apiioint I .s:il I 
 
 i'i;i!i'i"n Ai. iii;iii;\ii i;i;s. -j!!.-,. i.v,.-, , \,t) 
 
 I'Klil'KTI ITV. 
 
 clau-c til avoid olijoctioii I lo:',!!] 
 
 |ini\i~iiili ill .'irliili-s as to i piilsiirv ri'lilriili'lit mi 1. riki -.ilit. v tint, 
 
 !I4!». D.'ill 
 
 '■ ri:i!.'<(iN." 
 
 a|i|ilii atioii of word. In st;itiit s, ti iomi|i,iii\ . I! 
 roiiljiaiiy or i oij>iir:Uiini. wltt'll ill'imlivl ill. t i. S't 
 
 i'i:i!soN \i, ;;i:riii:si:NTATi\ i;s. 
 
 di'.i'asril iiii'iiih r, of, IJ77 :1>'II 
 
 (raii-lcT of sliarrs liy. <)77. ri7K. 1.1:1:! ( .\ct i 
 
 .(/'.' .«(< \'.\\ I I mil- and K\i i i iiii:s ami .\|imim- li; moi;*. 
 
 I'KU.SONAI, Si:i!\ ICKS. 
 
 s|ioi|lic jii'i'foriiiami- not iiifonrd as to roiiti'a t for !.'i\iiii.'. Ill 
 
 I'l.TITIONS. I'j:,.-) ,1 .v.,/. 
 
 altcratloa of iiliii'ts uiidcT .sivts. It. -JtU of l!i,is or latr ( 'iitii|iaiiles 
 
 ( Miiiio.-aMdiini of .Vssmiatimi ^ Ait. lN!)i». .. ' i:;i."i. |:!I7. niH| 
 (■oiiHriMatioii of ri'diifti'in of oajiltal. 
 
 wlii'ii' 1 i-i(litoi-s alfi'itid I IJ.^s i 
 
 wliiTi' iviiliii i-s not attVi'tnl |l'.'7.'>| 
 lolitii'iiiatiiiii of Ivaii-fiT of lil'i' assiir.iii"!' Inisinr.s. |:iJ!) ,i .,, ,, 
 
 I'.irni of I l:t:ll'| 
 di-i-d of -iftli'Miiiil. Ill siilisiifiito III iMoraiidii'M a'lil anils f ,r ||:!|K| 
 iisl.iii; f ia|.ital I l'.'7.'), r.!SH| and note-. .I.,.l ... , liMi.ii.>-. ,,| 
 
 Cull M . 
 ordiT f.r di-p.n.;i!lon ^li.nin.^iis for !!^72j 
 ri'storatioii to r.'-isi -r iinilri- hit!. 212 of .Xrt of lois | |:li'ii aii'l inlps 
 transfer .if lilV as-iiraii.*c «-.iiii|ialiii-s" Inisiiirss j I;>:i2[ 
 
 ./// rifiT.'iiciv. a:-i' to t!i' lui".'!'-. /'«./.< oi /<,"r/,,7s |327| .-/■, /.. il,i I'.nins. 
 
17H>s 
 
 INUKX. 
 
 I'KTHltl.KI M COMI'ANV, 
 
 ohji'it rlllll'<i'» I Sjli I 
 
 l'l,.\<'IN<l SIIAHKS \M> SKCIUITIES, 
 
 ugriiiiii'iil-', \. . |.2!«i '■' ••■'/•I ^..„, , 
 
 /„,/ .,. I vniiiniiiTlM;. 
 
 pr.AiNTii r. 
 
 compuiiy. wIh'Ii. 
 
 ^Ofiiritv for cnst^, IlKi 
 
 (irilcr-' f..r | IIH.. 1117 1 
 jiiindiT of. ill 111 tioii IM(7 i;tl!» 
 
 PLANT, 
 
 nirniiiiiu uf. Ulti 
 
 u 
 
 I'l.KADlNCS, laiM // "7. 
 
 arliim lot- iiill* intiitiMiii'iit'* of il:iim) [IMS f( »''7- i 
 
 (l.liiMitiin .ii-liiiii'. ill. Srr I'lirt III. 
 
 iliir, tor-, for l.ril..-. Xi'.. a-:iiii<t | 1:{S'>, I:is31 
 
 Dirivlor-- l.ial.illlv A.I (now •"■,■!, si of li)IW)...| 1380, \M\ \ 
 
 rc«i<..ioii of coiilni't to taki' sliarox | K17J ISTfi] 
 
 siiiiiiiioiH for parti'iilari |i;i7.>| 
 i.ll,,. ,■:,,, iciiitrai-ti, iiijiiiiitioiiM [Lint 13H(i| 
 
 under ii'it SI of roiii|Mi.i.< iCoiiHolidatioii) Art. lltOH ( prn-pr.tiu) 
 113771 
 
 I'OMCIKS or ASSI KANCK. . 
 
 anialuMnialio'i or tiaii-lrr of lifo assurance husincis. l,!2(t 'I .v.,/. 
 
 Iiold.r- .li>-i'ntiiiL' to aiiiali.':ini;iii.Mi or transtVr, lii3U 
 
 lioldcrs of. includes anmiitaiits, K.'.t. 3lt of Act of 1909... IW- 
 
 insiiraiicc lonipaiiv pavimr los-c not -trictly covcrwl liy, Ifili 
 
 life hvc-laHs altiiiiii;" liomii scIumiic, validity of. (UO 
 
 novation or rclca-c l,y lioMcr- under s.vt. VM of Ai't of IIMIS 1329 
 
 "poliiv holdir ' incliidiM •annuitant," lti3i 
 
 riMluctlon of contracts, 1331 
 
 scrvici' of notices on liolilers. I(i31 
 
 valuation of, in vvindinu'-u|., set. 17 of Act of 1909 .1(130 
 
 vvindiniru|i of a-suranee eotniuiny, Hi'i9 
 
 Woikinen's ('oiu|iensatioii .\ct. 
 
 <tani|>- on policii- a'.Miii-t risks under, '>24 
 
 I'OI.KV ll()M)i;i!S, 
 
 lioniis to, lialiililv for iliiome tax, 101 ro— j i 
 
 (lances as to a separate fund for, on auial){aniation, *,e. I3i7l 
 
 POLL. 
 
 adjournment lo taki' | 700 | and notes. ,02, 84h 
 
 apiiointlnt; dav for, 701 
 
 articles as to | 7(HI ,■! »>■-/. | and notes 
 
 liusiness of nieetin'.' lo lontlnue notwitliatanding [702 | 
 
 elmirniau's duties | 700. 702 j, 701, 702 
 
 close of. 701 
 
 common law riirlit lo iliiiiand, 700 
 
 detinilion of, 700 
 
 demandiii!.' at ircneral ineelinir [700, 702] 
 
 exclusion of nieinlH rs from, 701 
 
 trencral incetiiii.', at. 701, 70J, S.iO 
 
 how taken, 701. 702, H.')0 
 
 invalidation of, by excludinft niemlier, 701 
 
 ol)lect of. 700 
 
 part of prorci'ilinjis at ineeiiier. 701 
 
 poUinir |)upers nnalld if not autliorizod, 701 
 
 private demand for, 700 
 
 proxy's rlij;l\( (if any. lo .Icmand, 700 
 
 re-ul't of (article I | 7'00 1 
 
 rlKht to, 701) 1 700 1 
 
IMH A. 
 
 ITMt 
 
 POI.I. 
 
 ■./. 
 
 -I riitiiiy i>n. 701. H.M 
 ''I'l'Miiiliii^- uf, DMt n- |iiiiTil, Too 
 tiiii" Tir ili'iiiaiiiliiik', 7lHI 
 
 Itltlx 
 
 \otft I»I1. Ill 
 
 uitiiii; nil. Till 701 
 
 i.r uirtii-lc |70'J| 
 
 whi'll ;itl( 
 
 I Im 
 
 t'kr 
 
 7" I. 
 
 wlirn til III' ili-in;iti<ti'it. 700 
 H'Imi limy <li'iiiai>il \>m). 700 |. lOtlM 
 Willi luiiy Mitf 1 'O'i I iiikI Ti'itc-' 
 wIMi.lia'.viiiir ili'iiiiciil I'lir { 700 |. Ti'l 
 
 KMII.IM; (JlidSS i:\l!MN(!S, 
 
 hHiiiii-r4>4 lit" rolil -ttirimt- ki'('|nT'. (ixiiiir niiiiiimiiii rit'-^ 
 
 POOIJNt; SIIAItKS. 
 
 n^Mri'iiuMit'^ for I KiO. \iVA \ 
 
 rlaiisc in iintli-rwritin;; Iflti-r j .'Ji»'» ] 
 
 nbji-it (if. U\:\ 
 
 POOIt Ua'I'KS. 
 
 hf iH-tiii:il n('rij|iiition ti'-it of liithility t>* [mv. I'lS 
 
 ca-rs ;i«* to. ItNi ff N. //. 
 
 piiih tnicnt" ^is to. lO'i 
 
 I'xoitiptioti from, H;9 
 
 in n'-|H't! of iiiiiiliiii.ry, 10*1. H»7 
 
 stopimu'r l»y ^triki'-. ltM»" 
 
 P(»IM !.\!i WOIMIS. 
 
 itH .ifiinu'-* <»f. in iloiiiTiicntj*, ,^\)^ 
 
 .iLTt'i'IMt lit fn 
 
 POST, 
 
 allotmiMit Ity. ^^^ 
 
 IkmhI'iil. to ii.>>tm;iti oiitsi<li' pn*t itf!i. .- nr ].illiti-hii\ i ii< 
 
 noticr of jillnfiiH'rit of, 51. '257. '2-'>H 
 
 notiM-- I'V. flini-'*' in artirlf-* a-* t" | 7Ht j :inil iH»ir 
 
 payntnit of (Ii\ iilchtU Uy i 7(»1t t an<i U'»tt' 
 
 <vr\ ii (• liv. proof of | 7Mlt ] and n(»t^' 
 
 atliaiivir a-« to | IJHl | 
 s('i'\ ii !• on company hy . S \. 77H 
 -^orxifo on ii'i-nilnTs liy | 77H ] *7 >* 7 
 what i^ or .irnoiints to jin^tinir, ■'»-. 7^0 
 
 POWKKsoK \rnni\(:v. iiv. ./ -7. | nm ,7 ,-/.[ 
 
 alii<»aa. for asp, IlaK. llHO |lhil lIMi. Uti!*. IKJ- 117' 
 attpstjition of. 11 "iH IKIO 
 
 ai-((»iintai '.''v of attornt-V'' ai au't'ot-^ f'-r profits. I Itio 
 Act of I! -*s. ;U :itl. late Colonial U-v. A<t. lss;t. itia 
 
 a|»p'Mritinir tlin-c [ii'r->on>i tii carry '»n ))n'iti('>-< at llitmlt.ty | 
 
 artiilc^ as to | 7"»7 | 
 
 attestation of. II.JH I Wil» 
 
 antlicnticitv of. in>|uiry into. lloS IKHI 
 
 haul-:) iiptcy of prini'ipal. whether rcvM-atiMn. Il'is 
 
 blanks in proxies for Hllinir up j 1171)] 
 
 roititiratos of dprlaratiou | 1177J 
 
 i-oluniai rciri-l4*r. t.. kcrji [ IKiJ] 
 
 tMiiiipany's aliilitv to '^Ive. ll.i.'j 
 
 ron-^tinctiop ot, 1 1.")" 
 
 law of conntry where used. ll.iS 
 consul, exrcntion of. lii'fnrc. IIUO 
 r(in\(»rt hiwlnp<i<i into f-ni|i)trtnv. "-S t'l, Mils 
 
 ("oineyancinir \ct-j, pro\i>*Min' of. as to. llV") !l-»7 
 
 Ici-. 
 
 117 
 
 I lUi'J, 
 
 All rt ft rei 
 
 I'encps arr 
 
 tt) tlip v.vji-^. J''t,,f'.'< hi />r(rkrf'< 1327) n'i'-r .'<. I',,- KorniM. 
 
IT'.to 
 
 INIiKX. 
 
 ji 
 
 ■ liiiif 
 
 I'OW KIIS <»!•• vrillllNia .""' '' 
 
 ilii liiiuiii.ii 11. to il \i- iiii"ii "' I H7" I 
 
 ill |Hiii ..r. ul CiMitral (Irtlc. , 1 1 Vi 
 ilini liir- |pii«ii-. I" |.'i>''. 
 
 1 lnii-i- ill urtirli- I T'ri. 'A? | 
 iliviil. ,m|.. t.i rri.'iM' I IOWl|, ami .l.iiii|. il.iii.'- 
 IJiifli-hhuiM tf..iiiL' iil.nKid. MunriMr,,! tor ,-,il.' t.. ...,„|.:,,.v l..''M'i .arriMl 
 
 iMil I lliiT I 
 i'in|iiirv il- til aiiilMiiti' ily «f- '••"•H I Kill 
 iMTiif'' iimrt.raifi- I" luiiik. Im | \ll'i\ 
 .•Xfllltiull of. \\:<H llliil 
 
 i.x.-.'iiil f .l.>i..iit .iTiiiily alinia.l | I Iti'i | 
 
 rjii'i utiiiii "f iii-triiiiii'iil" uiidii' IIVI 
 
 llllint.' ii|> liliiMk' in |irinii., a- t.i | 1 17li | 
 
 fi.ri iir; "al. t.i li-r | Illi'J | .,.■,, 
 
 r„llf.,l. iii'l.Mi^ilv In.in -t"rkhr..k.T I. Uaiik ..I l.n'ilaii.l 
 
 lir.ltr ll.iti 
 forircrv "I". iiii7 
 
 r<)rnia(ilic« a" tip iM'i iitidii. Il'"* 1 1'"' 
 
 .'.•lirral vvMriU ill iiiiK'niitioii. li'"'* , , i •.■ 
 
 irniiHalilMv ..f, in aialir«iiiinii h'tl.T. i'.i: : < „ii> \.i. l>v. llai. 
 jiiillt ill- - irial wlii-ii- -iMii' iliinr ■• ..niy a ■l.^l. I liil 
 luw of niMiitrv I )• «lii'li nin-tni'il. M'lS 
 lii|iiiilatiii. frciiu.'to laiiy on iniiiiM"' alimail 1 lli.i 
 liiial IhiiiiiI. to I I 111') I 
 
 iiiahatrriii''i'i of proiurty aliroail. nf | IKil | 
 ininilii.' prii.i.rtv in N''» ZiMlariil. a- to i 1 lt«:i | 
 notaiial ■.■:.; . -. to ] ll.>H| 
 iiotarv"* '■'■I . atr. 
 
 lin-laral...,,, of | 1I77| 
 
 iM.n.l I 1177 I _. , 
 
 noliliv'. -tatnloty il.rlalali f ixp illloll ol |il.i{ 
 
 iililisiatioti- aiul liitlit- of i.ai-lii- iliviliiiK wUli alloni.y. I I >•'. Mi.o 
 i>»\ iiii'Mt. iinili'r. ll.W 1- . 11-11 
 
 |.ri>'niiiplioii a- to altori.v'- anllioiity anil ri-,'iilani.\ •■! In- ■<''■■ ll.i.i, 
 
 I Hilt 
 
 l>riiino>ioii of 1 oiiipaiiy in Kn-^laiul ! Ili0| 
 |iiii\ii-., lo a|i|M iiit I I17.i I 
 
 |,roxii-<. to mi ii|. Iilanlii ill i 117(i| 
 
 ri'iTiviT MMil ii.aiiaaiT. iroiii. to rairy_oii Im-iin-^ aloi a^l | 1 1 i I 
 
 ri-iilal- il . 1— tii'-iiM' oiii'i-atior, ll-)7 
 
 riM-on-tinit.-il Kn-li-li ioi.i(iaiiy. from, to ol.iam in. oi|.ov.i:io,. \i-, 
 
 ahioail I IHi'M 
 i-ivoi alion of. 1 1 .'iH 
 
 lalidity of a.:- iloMi- liifi.ro. ll-'iS 
 Mill- of |.io'|iirty alii lail | I lti7 | 
 sail'-* niuli'i'. 1 1')7 
 stamp- Oil- t Ifttt 
 
 «nlv-ilil'':,'aiioii. |.i'ii\i«i 11-' to lllti'-'l 
 traiiifrr of iliari'-- for, 'i'i". lltiH 
 
 \aliilitv of aiti lirfori' iiolii f h-mh ation. li:i> 
 
 \aiin' fo'- iCoini'vamliiu' .Vi-t. IssJi. Mali 
 votiiiir ai'il.o- I Til.'i I I iioti- 
 
 POW I- lis III ri)\ll'\\V. 
 art Ipv au'itit-, to. ;!ii 
 ultiT .apifal. 1711, IT; 
 ulti-p- iiii'iiiiii:i..it"iii. •!-■ I7">, 17ii. l:l(l'i 
 ttltiT artirli-. :i-.'. Ii:!ll ■' •■■/•• ""- ""■! 
 bilU aial iioti-. issiii-. ,Vi-.. .51)9, 510 
 biirrim. I7J. .'ilHi, (i»<ti 
 
 cliaiii.'.' iianu-. s.-rt. S of lilllH M. l.il. Apii.. I.VJs. I>i^ 
 i-oiiioroini^r. t7'J 
 rxti'ial olijri.ti. -I'l't-.. (» unci Jtil of litii", ian- « oiiii.aiiii' 
 
 of A-.«oiialiiiii All, IHWI. niiiliT. 1311!' '■' •■' 7. 
 fxti'iitof, liow fai-ili'tiTiniiU'd liy nionioranilnni of a-'miitioii. ti'i • ' ».•'/., 
 
 592 
 lic'iirialiy. '27. :!1 ■■' .«'•'/■ 
 ilnpinl. t7'2 it .</ ./. 
 
 : .\|.-i 
 
 .iiiiiiiiu 
 
INDKX. 
 
 17'JI 
 
 I'OWKII.M (tl I uVirWN ,■„„/,„,..,/. 
 I)'ii(l iiiiirK'V I M>'> I 
 M.iiiiv-lchd. I- \il I'llMI .VJ7, .VJH 
 
 }iuii(-ii|> ^liiirt-'., (tl i— lilt', 114 t ' ^t </, 
 |iartiii'rilti|>. ttt t-iitt-r iitttt, .^((7 
 M'll itiitlcrtitkitiif , .Ml) 
 
 nfhf Itllll ','/." '/,'*. Iltih-' ttf ilt't'til 
 
 ■,\ 
 
 lit. 
 
 I'OWKHM (ir mi{i:i roKs. -ifi ■> ..., . 711. .' •■•, 
 
 roiitnil Ity jrtni'r.il nii'i'tiiiir-t. wlifn, 717 
 iri'iiirul I 7lli i iiiiil iititi- 
 
 fiMiTitriii-titiii iif fliiuic in iirtii If-, 7tti. 7*7 
 iiiily ii'4 II Itiitird iliily ritii\t'tit';l. 7tii 
 i«|ifi*ihr t 717 I iinil imtft 
 wtthiMit inrrtiiiu^ ;irtit-lf |7tt! iiiul nittf 
 
 VWV.-V.WVXMS. 
 
 r(iiii|iiiNory ttiilf ut' -tiiiri'* t'l uth'T in. inttfr* | itMJ < / w ,, . j 
 
 I'UKKKKKNCi;, 
 
 fniiHliiliiit. ill »iiiiliiii;-ii|t. -111. Jill III' .\it 111' MMis, A|i| 
 
 I'ltl'.HIMfKNt K SIIAItK.-*. 
 
 uirni'iiii'iil 111 fiiiiil arirari nf iliiitliiiil mi | tlU | 
 iiifrt'i'iiii'i.l I" -»ti»lv ili\iilt'iiil- Ity ilflifiitiirf -link | |II7 
 ultiTiiliiiii tif liirlit-'ttf JMliltr- .if,'l7!t .' -../. | l'Mi|. luS. 
 N17, NIS 
 
 limit- nil. Ii:i<l, lild 
 
 umliT uriii-h"*, HiH 
 
 iiihIi'I' iMt-iniirtuiHiiiii tif ii^fni'iiiiinii, 1711 '' f 7. 
 iiltrriiii; artifli-*, a-< In, 0:17 
 urrnar- nl' (li\iili>nil in \viii(linL'-u|i | .'iKD | 
 
 iiicaiiiiiLr (if trnii, HI 7 
 ai-tii-li.», a- tti. SI'.' - ' >t 7. I SJd ,1 ,«. V. I 
 aiitlinrity In ciiati', nil iiifrrati' <if 1 apital (arlitlf. I iIn! 
 lanri'llHlInn nf. I'i.'is 
 
 ari-car- III' tliN iiliMiil till rfiiitftitnt .1' iMpit il <-. ("Jn 
 lITtiHiatf nf I II II I 
 clailiNi'-i a- ttt. in int-lnnranilllin ttj" 1 i ititm I 'i7H | ./ vt ./ 
 
 ntffcl nf. ISO ./ v,./. 
 i'ttii\rrtiiiii iiilii nrdiiiai'X', 
 
 ilaiHi'« at 111 lS-21. Hi.'>| 
 
 ri'-nliiti a' ttt I lllll| 
 
 rniiM-rtinn nf, intn -tnt-k | 1 1 1 t | 
 
 rnnviT-itih tif tiiiliiiary intn, witli iit« ,r.liii:iiy. j Iiili 
 
 coiiviT-inn nf -hares intn j 1 1 1 I j 
 
 ciiiiiiilatiM tiaii-ti'- in iiitiiitiiaiiiluin nl' i--ni ia'inn a- In j 
 
 t iiiiiiitativt-. ttaii-n- ill artifice .i-^ tn | sin . ' .^ ,, \ 
 
 dftiiiitinii nf riirlit- in iiit'innraiitlniii, ISII ** >'■/.. .'i"'!, 
 
 (litfiTl'Ilt kill.!, nf. .'i?!; .' .vt-v., sl-i ,1 .,./. 
 
 ilitfrilnitinn nl -iir|tlii- a-«ft- tn li.tMiT- in w iiiilinL,'-n|.. 
 
 |tin\i-ittii in artitlf< I 7s:t. 7s.''i. sin | anil n.ili - 
 
 in iiii'iiitir.-iniliiiii t>f at.^nfiati'iii 1 .t7s -' s 7.J 
 lliviiliMul i-Ian-i'. a- tn form ttf. ."hII, .'»77 I 7ti;l, 7t'l \ 
 (iiviilftiiil frt't' frnni iiH'nnin tax, 7ti.'i 
 •.li\ itti'iiti. fiiiitniati\t' nr imt, .'i7it, '>77 
 (liviili'liil. t iiinnlatiM', i-ii.'llt- at n"_'.ll'l~. in \vintliliL--n|i 
 
 S4:i 
 iliviilcnil in |ii'i'|ii(lii't' nf. writ I" rn. train | i:!.!.'!] 
 i'xani|tli"i nf ilivisitii'M nf lapital i ."nS ./ -.v-, s-Jii ./ «. 
 Mi;i-tl iliviiit'iai and .;.';..- ;.■,-,'..;.-." ;::trt:;-inat!t!!i in -'.ti-t.lii- \: 
 fiindini.' ti'rtitii atn j 4iM« | 
 
 iSlif. 
 
 1 I. MIT, I I l| 
 
 n f- 
 
 7s . ' 
 
 7s : ;-^i. SIT, 
 
 nnti"* 
 . ' ..;, I 
 
 Ml rcfrrnntt- am tn tlm pairi's. /''<f/.« ,',i hnn-hls \ 3'.'7 | iW--, /.. '/■. l-'nriiiM 
 
1792 
 
 INPKX. 
 
 n-^ 
 
 i'i{i:i''i;i!KN»'K sii.\i{i;s ctiiiin'ni. 
 
 fiiitlii I. ri'si)hitiuri <'iiii>ii«iTiiiu' | 11IIH| 
 v'uanintii'd. artirlr us to j HiS | 
 iiijuiiitioii -to|ipim; i!"iii' "f I H'W 1 u'"' ""•'' 
 jinluiiMMit cIci'ariiiL' rk'lit^ uf \\M\\\ 
 ii,c-iniir:iiriliKii of a-sociiiticin a- N) | J78 rt .«"/. |_ 
 miiiiuraiidupi ami artiil<'- •■']'''}l ;'^ ""• •''''■ ' "^■' 
 iiiixiiliiati'iii ilaiisc. ortVct iif. oTli 
 
 ilau-"' iJi articles n:i to ] !;«■') 1 ami mitc^i 
 
 cliiusi'- ill ini'iiiiiramluiii | '>iil '' »''/l 
 iioii-ciiiiiuliitivi'. . . i .-. , 
 
 I'lau-^i' a» II), ill iiii'im.raiiilnm iit a-<i"iatifai |.ii.l| 
 
 iioti's a- to, ■)"", H13 . lull 
 
 not .airy t^n-Mn than lis.'d .liviili'ii.l iiiili- ..ili.'i « i-o <'xpri-M.<l, S14 
 
 iiotc's ai'to. 4.Sl». 57.) . ' - ■/•. ^'- ''' "' 7- 
 iiiiii iii'^xu new sliari's, SIS 
 
 onl.-i- rrMrainini.' is-m' of ,,',,: , ' slian- 1 1 HIS | ami nut.. 
 
 n.M.lmion a- t.. ill()S| ami iioto .c..i^i-«is 
 
 powrr tn alfi- .■i::lits of. 47)t W •.,,,. \m\, .-.7:., .i7.i | .>,!>- iSi. j. Mi. «I^ 
 pimrr to crrutr. wlii'ii it <^xi-tj, 57.'). .ill' ___ 
 
 picfiTcntial a. to rapital only wla-ri- rxprrss provHion. an, HI'. 
 
 ,livi(l,.ial< in «imlinir-np. /•"""' /'" '■ I'lival.li- only out ot protils, HI , 
 
 pIl'-pM-finMlcr, .SIS I -J. 1 
 
 pi'oHl» al'Irr lllll piT c-nit. nil ordi liavv. rlan^i' a« \" I iS.) \ 
 
 qurstii.iisari-iii.ast.. ri-lit- tnl„. attnli-d.srj sl'i 
 
 rraonslnntioii for purpose of is-iiinu', with priority ov.t rxistin-. I M.) 
 
 ndiation of .apifal a.- atfr'tim:. I'25S. I'iliS 
 
 nscivr, how diviil.nd-. atfcctiKl liy rarryiiiij to. i.)t. !•).>. .Sl.i 
 
 rc'soli.tioii for i-^uc |lll»t> ■'* ««'7. ] ,-,.,, ui- 
 
 rr^trii'tioii~ on votiiii.' of lioklcr.; of .irtirli' a^i to ] itl.ij. SI.) 
 
 iIl-Ii' to I'Xtra ilividiMid out of Mirpln- profit*. wIhtc, SI4 
 
 licht- ( iiiionlv attaclu'd loiiHiilcrcd in di'tail, Sl'J ./ »/</. 
 
 rifrht- tu .nmulativi- divilcml ostaldishwl fl409| 
 wcond. S19 
 
 resolution for issu:> ilHW) 
 spi'cial resolution );iviii;r power to iTi'ato. lllMi 
 special rlirlits. \l. share to lie treated as five l/._s|,ares 1 .)SI | 
 stntonipiit as to. in artieles of ass.niation. ,')75. .>7t> 
 statement as to, in ineinorandiiiii of assoeiation, 4S() 'i «• ./. 
 aubseriher for, inav au'ree to take ordinary, 4S5 , ,a- 
 
 aubsiriiition for. pVoper imKle when not mentioned in m. niorandiim.JS.T 
 „li,„ ,:,;.' deelaration as to dividend, writ to re^tr.un payaient | 13.).)! 
 votini; as reirards, HIS 
 when issualde, 110,), llOli 
 
 whether ilividend ranks l,efore reserve. 75t. Ii-t. Si:! 
 windiiiii-iip. arrears of ilividend |5H0|, 7S4, S17 
 wimlint'-uii, on, artieles as to l.S4;il 
 
 PRKl'i-.liDNTI.VI- PAYMENTS, 
 
 in wiiidii..;-up. Aet of lil!IS, App., I57S, 157'> 
 
 ii\ 
 
 PRKl'KUr.NTIAl. KKillTS, 
 
 on siiare--, 571) e' k,i/.. S12 et >ri/. 
 
 i'Ui:ii:i!i!i:i) dudinaky siiahks. hih |sii 
 
 I'Ulil.lMlNAIiY ( ONTUAf'T. 147 .-/ .«,,., .321 ,i -</. 
 
 adoption of. 321 ./ "■-/. | »i43 1 (artieles) . ,i, 
 
 adoption and lienelit of. eases as to ditHenlty in pnomu, 144 •' 
 
 147 ('( si'i/. 
 urtiele refcrrind to 1 1143] ami notes 
 (lire, tioi! ill artieles for exeeution, >S;e. of. 14S 
 ditfereiit iiickIos of elfeetintr. .324 fl nrq. 
 prolnoli.Xi .'f ^.^^II■.anie^, U7 
 provisiiiiial. when, 21. 22, 147 
 ratilieation of, .321 ri s.q. 
 referre<l to in nii'inoraiidnni of assoeiation \M)\\ 
 
INDKX. 
 
 17!t:; 
 
 :!k:i 
 
 I'UKI.IMINAHY KXI'DNSr.S, 
 
 ai;rt'('iiMMits a-^ to, 
 
 |ll tlTS, l.v I l-V!, l.ll. l'>'i| 
 
 vendor to .Diiipaiiy, iiy |:!lil ainl not 
 iirti.'li' u-t to [layhii: [T'lMj ali_fl aotr 
 loinpaiiv'^i iii'ii-li^iliiiity for. 71H 
 iliri-.tor'-^ (Miipowi'vcil to pay (artiilf- • I TIH| 
 nii-fiasaiiir liy iinpro].iT payiiicMit f-'*'* , 
 
 pro,„ot,.r.' a..'r irMt to .ootnl.nt,. t,. tnn.l tor | I...., 1. t I- 
 
 proniotor/ r,.niiiri.Tation. l'»t, 1:!0, I IH | , ts | and not,-. | s.H 
 proinoKT^' rk'lit ot artiou for. IW, 7 IH, S.i'.l 
 itaf.„H.„t a. to, ,,. pro.p,-t»s (Cumpan.r. A... IWs ..I.I 
 syndiratc lovm.'il i < p ly | 1">7 1 
 
 ! ,iiid r,oir 
 
 I'ltKMirM, , , _ 
 
 allolllH'Ilt of -li.-irr- at, -JSi; |lll(. I and note-' 
 
 .-arrio.l In ro-prvr a< if prolit^, 'iSli 
 
 .ornpany wh.'tJM.r Imnnd to oil,.:- al. il h.-li in rnark.'t, -M., 
 
 Hctitiou--, on sliarf -, l-i". l^')! 
 
 oHiT of >lian-i at, 'isd | lll.i:t| 
 
 jiowcr to issnc sliarn^ at I i;ii>| and noti-s 
 
 ri-oliitinn <o to N^nc 1 1101 | 
 imdiTwritinL' paynnMit oat of. isti 
 
 l'IU;i'.\l!.\TI()N, 
 
 lai moranduni and arti.li-* ot a<Mi,iation ... I 
 
 l'!!K l'l!!:Ki;i!i:NCK Sll Mii:S, .SIH 
 
 I'liKSK.NTS, 
 
 diriM-tors, to. jinlL'ini'nl to r.ianil 1 l.M i 
 
 i'HKSl Ml'TION Ol" l!i:i;ri.\l!ITV, 
 
 dcalinL'* willi roinpany. Tit HI |7i:t| and noi.>.<. .1.1 
 pr(H'('C<linj,"i of diri'itors, 71.t 
 
 ot ).'n<Hls, when fixed niiniinnni .l.'ilarril ill./al. Ml. 
 proper, for piirilia-e l.y eoiiiiiany, i:ill 
 
 I'RKMi LIKN IIKUKNTI HKS, . 
 
 nirreement allowini; eriMtion of i IHM 
 
 I'inOIUTlKS. ..... w^ 
 
 tloatinir ehar;re, win-.' i eiver appoinle.1. I.>.>1> (Act) 
 
 shares, as to. with reirard to li. n elaii-ev i;i;.' ••/ .-.■7. 
 
 PRIV.XTl-: .\("TS, l.ViO 
 
 I'RlVVTi; CO.Ml'AMI'.S. :t, ■iiw ,/ -. ,.. |.)i;n 1 \.l) 
 aeeininlsand ainiit | WHi, Il!l7 ] 
 Aet ot IWm, elfect of, !I10 iH'J 
 udvantau'es of, 911 .' ■-•/■■ i»'ill n s,,,. 
 
 adniis^ion of new nieinlier^j, ll'J-'i 
 
 a.^ reirards admis-io'i ..f .■niploy- M -liar,- pr..hl-, '.I2li 
 
 hankrnpt.y. 'H'l 
 
 tioriowinir iai iliti.'>. !M.") 
 
 I ontraets, II'.' 1 
 
 uovernini'iit, \*'11 
 
 d..|tli. iWO 
 
 di'ath diiti.'s. i»'27 
 
 Kilianre A.t. IHIK . !ti7 
 
 holdinir of prop.rly. !I2:1 
 
 liiimi'v, !I23 
 
 .in referene.'^ are to the paires. P'i;f» n> liraikrls | 327 | rrl,-r In il„- |.-..rni-. 
 
 11 
 
 J. 
 
17!>4 
 
 INKKX. 
 
 kmik: 
 
 iri^triitioii iif i()iM|.iMiy. 51 
 
 liirv 
 I'm! I 
 
 ilri-ljtrsititm 
 valiM' «>t' !<h:i 
 
 I'lTlll 
 
 
 ml 
 
 I !I9II 
 
 PRlVATi; COMIVVNIKS ,.-„/-.....'. 
 ailvaiit:l(.'l''* i)f I mil I II 'III/. 
 
 rctircmriil from li\i«iiii<«. H-."i 
 siilc, iiiorttram'. «n<l ■•cttliMiniit "f slian-. H'-.i 
 aimplicity ut' arraiiffcmrnt. irll 
 alfi'piiig partni-r I'ai ilitics. HI I 
 affidavit in Huppnrt of suiiiiiu)ii>^ for .imiv.tsioii | KIOIi, 
 aK'riTiiwiit<, cDiiicTsiiin iif partnii^liip liu-iin-<s | !l,),i. 9.il) , 
 
 subject ti) t'mirl's saiiclioii \ HHM | 
 ajtrcciiii'iit for «ilr "f lui-iiic- tn | !''ii> | 
 allotment of shares. 
 
 may lie made ininiediateiy after 
 res'trietioiis on ( H.Mt Wil j and n« 
 special points. 9.>!l 
 annual summaries ()f, ii'li. !t7'* 
 applieation for restistration of. si:i> : 
 arbitration elause ii'. artieh's of. a- - 
 articles of assoeiati'in of. H.iH '' >' -/ 
 accounts, as to ] !W(> | and notes 
 administrators, as to sliares of. «li!l 
 allotment of -liari's. Will | !t(i(l. IHil | 
 audit of accounts j (WT 1 
 
 comiietiiiiHi liv retiriui,' mbers | »T7 | 
 
 compulsorv relireineni | itTII '■' ■"'/•I ""<• """•" 
 
 .•onversioh' of shares into ..ther classes |iliS| 
 
 deed of covenant t.. m.ike clauses m. unn leral.lc article 
 
 liW'JI ami note 
 dins-tors' attentiiui to husiness | !m:! | 
 director^- proceedinv's | !IH:1 WHi \ 
 ilirectors' proxies | HO.) | 
 
 directors nuiv lie appointed li.v will trustee 
 .■xecutors' shares. H(iH | H7(l | 
 fair value of shares \<m;\. HIili | and notes 
 forfeiture. H77 | H77 | 
 
 in case of eompctinir luemlier |H(7| 
 foundi'rs' powers as reirards directorate. HSl 
 (joverninw' dire<-tors | HS'J /' «'7.| 
 instruction hy company of foiimlers' 
 inlriKluetory luite to | H(J(I | 
 lien of company on shares. 
 nianaL'int; ilireitor | HHl | 
 notes on. H.)S rt snj. 
 
 option clauses for foiiniler ... , ■ ---- __, 
 
 overridint; power- of two-thirds neijonty |Hi(. H.« 
 permanent dire.t.irs | Hftli. HWI | 
 permaneiil srovernini.' direitors | HS'.! ./ "i/. | 
 I,refercntial otfors of shan's |HH7. HIW I 
 rrfusinir to resrister transfer, power ol 
 rotation of diriM-tors ] HHIi | 
 -peiial points. H.W 
 tran-fer of shares. HIi'J 
 transmission. HIiH | H7H | 
 vote- of mendiers. rr-st 
 bankrupt shareholder. (i7'i 
 board nu'etini.'". 
 
 control of other direct 
 
 9H4| 
 proxies | HH^i | 
 votinjf in aeeordane 
 borrowing,- hv. 915. HHO 
 lapitiil of, 95H 
 
 canes decided as to. 939 • / ». 7. 
 cases where formation of. aih isalih'. H'JS rl nfi/. 
 circular announeiinr conversion <if business into | H3N | 
 cond>inati(ni of eonierns. 917 
 cmuuencement of busin.-ss l.y. id. 21. ii'l (contracts lietore). Ii4.. 
 
 rpstrntuins in sect. n7 of .\ci not (o apply to. -1 
 eompctin); concern, , rnTi i 
 
 forfeitui of shares where inemlii-r interesti-<l in | 977 | 
 coiniudwiry rotircnu'iit in case of | 97(1 e/ .,,/. | and notes 
 
 I HS'J 
 
 j HHH I 
 
 97(1. H7 
 
 I'' 
 
 chas,' shares 197-J. 973 1 
 
 9(i-i 
 
 c-tloUs 
 
 ... 1 1 
 
 I 9(i5 I 
 
 HHO. 9HI I 
 
 hy permanent director- j 
 
 with shares held | 99:1 1 
 
 9SJ 9.S1. 9S7 
 
iM)i;x. 
 
 I7'.t'> 
 
 I'KIVATK COMl'AMKS '.. . '. 
 
 coiisidcratiuii fnr slians in. .•luiiiiry iiiln, (H.) ^ 
 
 foiitraits iMitcrcHl i.iti. hrUn.- > ini.-iuiMii.-nl ot Imi-im.'s-, .-i. 
 
 coiiversiiiri of lni-'inf'i» inl". !Hi 
 
 iitKdavits ill »u|.poit | ImMi. lOOH | 
 
 uiiplinitioiis !■> Cimrt in riMprit ">. Mm:) ,/ ..■-/. 
 
 iiidmciiii'iits. !H2 ' ' ■■"'/■ 
 
 iiriliTs of ((Milt ! Mllil. \ini nil.. I 
 
 iirijfinutimr »iiiiuiicm« | 1004 10IM1| 
 
 iMiwiT of ;iltoi-iiiv IK to I HON I 
 
 Chuiiilirri tor 1 1011 | 
 
 profcihin-. !♦:*! 
 i)rolM)s;il Iiiki-n into 
 
 ■ ■ mil au'ri'-'incllt for. KMW | 1001 | 
 
 anil I'M- iitoiN. ('oiiit'< jiirisilittioii. il.il 
 if orilinarv inio |irrfri-ciii-i' aharos and !•■ 
 to loiivcrsion into. H.M. 100:l >' »' ', 
 
 provis 
 
 trusti'i 
 mviT^ion I 
 onrt'ri sam-tion 
 
 ; ^^'"^ I 
 
 ill protifa. IIIH 
 
 •oik. i-iiM- of. Iiy. 911. Ol'> 
 
 red liy I ilii'iN for nnaltrraliilitv 
 
 ] .' I and not!' 
 
 ,ioii iiv. lom 
 
 1. 121 of .\i-t. MIO 
 ' ../•./. and fonil< 
 
 ,1 ., ,,. 
 -Iiarr- 
 
 OOli 
 
 . riil< 
 
 os'j 
 
 ,'t('r' 
 I !IT'. 
 
 '/■ 
 
 •t7:t 1 
 
 rllMtonicrs parllripatliili 
 diatll duties, a- ro ' 
 diliiiitiin < and del 
 deed of lovellllllt to 
 lied ilansea in a; ' 
 diedri of settlenieni • 
 definition of leriii io 
 directors of. OHI. !H1 . 
 reimiiieratinii | !tsH 
 distilletion from piililii . HO'* 
 dividends limited as nitards ( 
 ein))loj'i''s dismissed | ilTO | 
 emploVes sharinu' profits in. H'iii 
 
 fair value of shares. Iiow asrertaiiieil 
 
 rilianee .\el. in relation to, t»'J7 
 
 forfeiture of sliaie-. !t77 |()77 | 
 
 foi Illation of. 111-.; . / -•',,.. <V.U <■> «.•■/. 
 
 founder^ to aet a< and appuiiit dir 
 
 founders" option to puieliase -liarc' 
 
 fiuiidulent. it4ti (■' »' '/. 
 
 fiirtlier capital. Hl'i 
 
 ^overnini'' direi-tor of 
 
 j,'uarantee. limited liy 
 
 independent exeeiitiM 
 9I.-. 
 provisions in arti 
 
 indneenients to eoiiM'rsic 
 
 iiitiddiietorv notes, (iilil • «'■'/ 
 
 law as to, under Act of IO;m ..'110 
 
 liadiiii; eases in relation to. o:{9 1 1 
 
 lien on sliares. 1l7t> 
 
 life diveetors ot | ilH'i . ' ■■ ., ' 
 
 n.iijority of sliarelif.ldei-s in 
 
 inanufiiM): dirictor | 091 | 
 
 iiieaiiiii^' of. 900 '■' "i 'i- 
 
 mcetiiius (article , 9S0. 997 
 
 iiieiiiorandiiiii of assorialioii i * 
 
 ii.inimiiiii niimlier of meinliers 
 
 niiniite" of ilireetors' meetiiiL's 
 
 iiiiist eimfonn to tlie Ac-is, oil 
 
 niiiiie of. 9.ih 
 
 notiee ol eonversi.m form of eireiil.ir j 9:!s i 
 
 one-inuM lompaiiy. "JH. 910. 010. O.M 
 
 pi.itiii'rsliip eontrasted willi. 91'J il -17 
 
 p. rinaneiit directors of | !WJ ,/ ,,■,,.. OHO. 990 
 
 powers in «il!s to eoinert luisine-s into. lOOi; 
 
 pnfen'iitial olfi'r of shares |9li7. 9iiH | 
 privilet."'- of. 91 1 
 
 piocipdiiurs of director- I 9o:! < ■' -e//.| 
 proxie- mad* irrex 
 
 ■ f -pcel- 
 
 Oiil. 9lili I and no 
 
 ele 
 
 ai>:ain-t 
 1. 012 rl 
 
 pro\ idini; doe 
 
 illjections on : 
 
 912 
 
 ■■"■'/■ 
 
 not apply 
 
 i:it i:ii:. 
 
 IMint of no. lilt rt s,;,. 
 
 .te,| 
 
 9.'n . 
 192. 
 
 I 09S 
 
 nil 
 
 S" 
 
 0."is 
 
 l.i27 (A. 
 1110 1 I 
 
 i 1002 I 
 
 aide 
 
 OHl ! 
 
 All references are to the paires. I'»ars in bmAiis |327J 
 
 III Ih- I'orlil- 
 
1706 
 
 IXDKX. 
 
 FK1\ ATI-: COJir-ANIKS— w/id"""/. 
 
 l)iosic4 lit ilir.'cf.r-i at tlirir irnvrinu's \wa '.lit > | 
 rini*tialiun of. (197 
 
 ri'( lli-itil)l fi)P yi'licrill nu'r'illu' iif. llKll 
 
 irtdu thHi- .liaractcr ,M,"A,ll,-t ....hn- l>n-a-l, ..1 t. lil ..t A ., 910, 
 
 rui.'a- <•> i.Ml.'|i.M,il.nt ..M-iitiv ii.)l anplirablc tn. i:!l l:!(i. 'H". 
 
 inlc.;u- t" pnim.itiT^' pri.til- d" not a|i|.lv l.j, l.i> 
 
 silt- 7-J S.-.. M7 of Ai't of liKlH ll.>f apjill alilr to. (., 1(1. .1 
 
 siiii:!'' <lii|' coinpaiiii'H a<l\antai.'i--. 929 
 
 «iiiill iiiiinliif (if mcmlicrs. Ii'.-aiit.v. 9t;{ 
 
 Mill of (lin-(tiir t'. lie iiiKtnuKvl in tirf Imi-m,i-<- | 99.! | 
 
 >laiMji (liitv on sale to. 937 ^ 
 
 -ti.trii nil 'ill lii'ii of iiro-<|ic(>t\H ( not re iiiircd '. -ii- 
 
 -iti.tiitiir\ and othiT iiii'i-tiiiL'K. 997 
 
 stfiw iii' formation of. 91i -' "■■'/.. 934 .'-,■,,. 
 
 .,„!,iio,i., and order, for vi-r-io,, i 1.91 ""'V- ' -n ' 
 
 -iir\i(ini in.'nilicrM tn liuv Khari"< of d a^cl | 97.1. .Ml 
 
 .M'.di.at..,- |l.i7|. l.)H H;i) 
 
 In'O-lioi'^o ~v-ti'iii. with rc_'ard to. 9Ui 
 
 liai..-f.'r of 'a^ct'' to. wln-ii act of liankrui.try. 9lli 94H 
 
 lii.i,<f.T ill -han-. r.'<trii'li.nH on | 9il-J .' .-■./■ I ■""' ""''"■' 
 
 tin t <■' (>: will raav ajiiioiiit diroctor^ 1 19(13 | 
 
 t|.„>t.-,-' |(>«cv loconvcrt l.n4nP.H. 1992 1I90JI , , , ,. „„, 
 
 ,.,,; Ifralilo ilans,.. in articl.-. ,.rovi.ion in arti •!(- tor d 1 "t .■ovenant 
 
 I (.Ki'i i and note 
 iitili-i.tion of ImsiiK's. caiiacity, 917 
 vote, of iiii'inlicr-. r.-^trii'tioii. | 9H9, 9Sl | 
 will .'ivin- I>o«iT to .-invert lin4ncHS into | IlKri .md notc^ 
 
 riiM-tni'.nt .Ian- in. whether authorize -hare, in r,.ennstriirted 
 eonipanv. 9.'i2 
 with \iew to Milxeiinent pnlilie eoiiver.ion. 91.'< 
 
 l'HI\ li.KCKS. 
 
 (•.iinpanii'. nnd.'r Aet of 19(1.S. 31 ./ -''/■ 
 
 PROBATi:. 
 
 cnlonle.l, li7K , , , ■ .-o 
 
 deceased shareholder doniieilod aliro:nl. bi.S 
 |ii<iduetion of. i\< r.'L'ards share . (178 
 
 l-mil KKDINtiS. 
 
 article L'ivini' dir.-ctors powiT to take. \ . \ i.)i ! 
 ^r.i.cial nic,9in«.. article- ai to | C.S't ,/ w 7. 1 
 int.rnal. of a c.iaipany, pr.-.nniption of resrnlanty. ..» 
 
 notes, 7*11 
 minute, of (articles) 174,5 I and iiot.'S 
 use of e,nu|>any-s "ann" in, rule in /••.- v. Ihnhnfilr. \.U, ,1 scq 
 
 •■'/■ i ' 
 
 43] and 
 
 I'lUK i:ss, 
 
 service of. ... ,. .. I -01 •'U.>1 nnA 
 
 ill li.ini.lation (where niemiier ont .it jnii-diction 1 j.M. .«.| ana 
 
 note 
 .111 Iri.sh eoiuiiany, S.i 
 on Scotch ( onipany. H.5 
 
 PROm < TS or ( O.MI'.VNY, 
 
 power to advertis.. (oliject clause) |.)12| 
 
 '■""ISl'of. in sect. 84 , 1 . of 199S, r,,ii- idnein^ ..iret„rs- Liability Act, 
 1890... 219 
 
 PROKKSSlttXAI. PROMUTICKS, 127 
 
 I'ROrrr. , . • . « nasi 
 
 eonipnni.-s n.it f.irm.Hl for. memorandum of a«so rition of | 498 1 
 
INDKX. 
 
 1797 
 
 HUH 
 
 ''^°m.!uninl;....l payinrut of ,M|.it:.l u.,t of, ir.S, \>M. ll'Vl 1127:1' Api,., 
 
 1 ■);!(! 
 
 uicuiriuhrti'il. rrtuni iif. ri-s>liiliiiii [ \\H\ 
 
 Act ot UMIH. s. III. ,|.>:tii 
 ilirt'lit's (■iiiuini--inl'.. IIH -11 
 
 a;rrri Ill a- tn |>aviitu' ili i.i iil lire inlcri'st iiiily cmii i.t | l|ll| 
 
 a(i|.r..|,iiaiiiiri for ('lividciul .ariii-l.') | TiiH ■' ■vi •""' i'"''- 
 
 artiilr aiitliori/iiiL' iiiriTritau'c-' "»' "f I ^>'! 1 •'»>' i'""" 
 
 *' ari^inir frtnii tin- Ini'iiiC'-. . ■ ■ i- 
 
 ri.w< c.f l-'l.l.h.i M.iiilt 111. I.. •!., ai t-. ■■•..■aiiiiin iiiiH i ■tiiihiMnii <il, 
 Hiih 
 asL'i'rtainmt'Ht <•*■ 
 
 vU\a<v< ill aitiilo< |KHI, Hll | 
 
 comiiicnti of llmisc nf Liiid-i, HMil 
 
 d(iii!ilc a-<iiuiit, K.sil ./ .-v. 
 
 tixfii cajiital. wlial is Sh:! /•' .v.-/. 
 
 lint caiiital writtni iluwii, NTH. ^^^7, SHH 
 
 (>inir!i' ai'rimnt. H7i> tf ^*''/. 
 
 Kii.'iial articles ai tii | «;{!> Hll | 
 
 sv-lciu jirii|.ounilccl (/.''■ /•'' v. S,„,h,:l,l Cm/.^n.'i )■ «'"' 
 
 (/tr il,„r, \. <;,„■, III ■i.,il Cinniniiiiil Cimili 
 
 \i,«>of Cmit of Appeal. .S!l I 
 auditors" iliitirs as t<i, 77.) »' -'i/.. W\ iHl7 _ 
 
 '• availalili' for ill', idi'iids " (tlii- allows for reserve i iii.i 
 eapitalisatidii of. on sale of Im-iiiess to a eoni|iaiiy. Hiti 
 Ixiiius dividends ] ll.-ll, lllii-' I Hl'i:i. nril 
 resoliiiioii as to | inii:). 1 1 IJ | 
 
 where piirelia-ed l.y. as pnt of a liu-im-s s,,l,| to , pai.v. i..l. 
 
 earryinir forward. 7*ili 
 
 without earryiii!.' to re-evvi'. 7').'> 
 eireiilatinn capital, what is, HSI rl :-i'i. 
 classes of shares, elan-es as to | •>7S <' x-,/., ,S'2II /■/ .«../. | 
 oommission. on, VAX 1 l:i!», 4401. 72.->. 7J7. 7W t US'.', m:!3 I 
 eonipany's iniiilieil power to reserve. Mlili 
 contracts liy promoters as to, i:i;t 1 1 .s. 7. 
 detiiiition (sjieeial) in articles^ | is:i!i «41 1 
 directors' aecoiintaliility for, 732, 733 
 directors' disiiiialitieation liy re eipt of, 731 
 directors' reniiineratioi 725. 727, 72H 
 
 disclosure to direct, irs oy promoters niakiiiL', I2it fi kh/.. 141, 1 1- 
 distrilmtioii in reduction id' paid-uji capital, I'>3(1 (.Vet) 
 tlividends out of. 
 
 articles I 7li3 . .' v-v- I i""l ""•'"^ 
 leadiii); ease- a- to. ,S.i7 rf .1,1/. 
 
 preference^ shares in windinir-up. />"«"' ./"'■"■ payalile only. HI, 
 reserve fund |7.)(| and notes 
 doulde account sjst.Mu. NS'I .7 .-<■-/. 
 
 cmplovcs, remiini ration of. liy -lian- of, 132. 413 __ ^ _ 
 
 rniplovmi lit of ai : ciuiilallls and iMiililurs, a- to. 77.') r' »■ ■/.. ^'"1 ■'"' 
 fiduciary position. .1- ti pr.iinotei -liip, 131 -/ .<cy., I3il w -•'/■ 
 ituaraiitee of I 3li3 i and uote.^ 
 
 how ascertained |hlil. Sll \. S3H N41. H7.'i _; ' .«'•'/.. Sdll -S'U 
 ineoine tax, estinia* '■< of, with rcirard t'l, N7 it .-n/. 
 I.ir v. Si III hull! f ■ fijiinni. system of nseertainine, HiMI, HH-'> 
 iiianairer, remiineratiini of, liy |431. 432, 4311, 440 | 
 opinions of counsel as to modi- of aseertaininjr. 907, 90S 
 uast. reserved to vendor on sale of linsiness to company | 3.)ll | 
 pavin},' capital out of, on reduction \\VH\. WM. 12.i<<. 12.i2 12<il, 
 
 App., l.iSii 
 jiromoters, of, 129 rl mii.. 141 rl .,,-/. 
 
 aecoiintaliility. 133 >/ ."7., 113 ii «'7._ 
 whether amount must lie disclosed, 14.i 
 recoiistruetion, on. clauses as ti | 1 lli.'i | 
 reserve fund (articles | 7.')4 | and notes 
 
 All references are to the (lap-s. Piiijin in hiuckeU [3'27] rcler In ll-; l''oi,us. 
 
179S 
 
 INDIA. 
 
 I'liOl-ri'S r...,(.nm.l. 
 
 ri'vii'W "■!' ivsti'ii:* as tii. !inl . / .../. 
 ■iii'i-ct. prom. Iter <;iMii"t irt^iin. \\\. 1 IJ -' ■■■/. 
 -(•(•ri't. writ »i siiiiiiiioiH ii- I'l I IH.V.; | 
 ■•-iiiirli' iiocMiiit ■"v-ti'iM." XT') '•' •"/■ 
 >v-'c'iii< a- til, rc'iiiw lit'. Hill <' >"/• 
 ■ (<■. A. in /.'■- V. .V, .',•/.."- ' '".'. Ni'l" '' -■/■ 
 
 ,C. A. in l-.,„r. y. (!r ', .w. <■„.,. SW, ?»<■-/. 
 
 unilirwritiML'. c'"iiiiiii''-ii>ii "II' "f- ■-**'' . ,. -„. 
 
 iiii.llxi.li'd. ali.l n-iTvi' I'iiimI. ri-lil ^ t". in « mi.1iiil'-ii|>. 7M4 
 wh.ri' Mi-lv "II particular ;i-<ct. Tli') 
 
 I'ltoi'i'i "^11 MtiNi: s(I1i:mi:s. 
 
 I„.,„lit of .■ni|'l".v.--. V"r. HUT i HI--: ■ -'V-l 
 
 viio II. K I II i:^ 
 
 pniiMotir-. IJT 
 
 I'lJOMISSOlJV NOTKS. \.-.. .-.iw. TVJ 
 iiicrptaiiii'. iiHlii,~cnic'Mt "M i^-ii.' !•> 
 :intlrlltiratiiPTl (artil-lr>l I "till I 
 ii.iiilKinv'r- p.i«.'r> a- t i. olHI 
 
 ,.nf,'r.r.„rt,l a.-aiu-t fatli.T ^vh.. I- -a.. i:n,tnr "I ni 
 r\rc iltiiin I 7.V.' I anil ihpIi' 
 iiliirct ihiinc in nii-mnranilinii \'>'>-<\ 
 pi.wi'r ill arti.li"' | "■'>'- I 
 pr.ni<i"n- "f Art of IWIS . lala 
 
 iiipany. I \M 
 
 I'aiit son, llilT 
 
 I'ltdMOTI'l.'S. IJl ./ ,,7. 
 
 accoanlal.l.- t I'aiiv ""• -'i'' l"''»i'-- '■'•'■ "" ' ' '"'■ 
 
 Mitioii liv I- paiiv a'-,'ain-t. , , 1 . 
 
 i,„l^„„„t sit-tii-a-iil-^a!,. 1.V ;l:ii., ir- I i ami not,.; 
 
 „,;,;„ of .i,...,.i. a^aiii^t. j;iI2 w .-,. | l^.d 13.^| »■»""'- 
 .„l„ntioa liv .-onipanv and tikin..' l.iMi, ht of a-ls .it, 14(. HJ'*- «; •' 
 ■iftr- inror'poratlon l.f loinpanv. llair statu- may continu.'. I.i.i 
 '■.,.'vut< or MTvauls of otl,..iv. uiav I..- lialil" a-. I'il. 
 
 l"i! ■■•rr not c-si,rily. TJli 
 
 ,,„.,,,,„„. nl- M< .0 pn-liuiinary .■xp.ns.., , .i.i. lal. l.it.l _ 
 
 .,:,•,. ■iu.nl to in.l.Mnnify as t^. .lii- lo.s :|,i:,liti.ation shar.'s, ,J. 
 airr.'.'m.'Ut to sell -.m.-.'s-ion to \ Lit | 
 
 [im luMits by and with | I'):! ■ ' -' ■/• I 
 
 :ill.iwaii.'c-s iiiadi' to. KiS .... . , .,« .01,0 . .).-,, 
 
 ,,.„„.„„.nl of .lauia-... u-ain-I. m «indin.-up 1 A.-t ot 19I)S, .<. -l.>). 
 
 „„^nlion''!^' ... ni.MU..r,,M.|.iio :.,„! av.i.l.-. IIH. ISO 
 l.iiulirnptrv of. 11" 
 
 In-.ii-li ..'f duli f. I'iT 
 
 ,.,i„.s as t... lil '' «• ■/■ 
 
 .liiiui- ai.'a;H>t. li.irr.'.l l.y lal.^ tinu'. I H" 
 
 ,■1,,"^- ..f. 12T . , . ,.,, 
 
 .■onini.n.-.-ai.ait of li.lu. iary ivlati..iisliip. 1-!1 
 ti.niin.ia-.aa. ut of proiu..tioii. |:!1 
 
 .■.mil.arv ■. . of otlicr .'oiii| i.'s. I-.. loH 
 
 'li;. - .if. •V2(l 
 
 Ij., for din-.tors- a.'ts a-. :!ii. V-^K 1 til, l-iO 
 
 .,1, . ,1 .luus.'s |.vis. .i:io| 
 
 ,„..,,p»iiv liald.. for a.ts of dir,. lor- as. :;.!. V.W. 1 Id, l-W 
 ..nnpan'v liai.l.' f..r liaMui; .lir.,'tor- a-. 1 W 
 
 ,. p.ii-a'ioii 1.1. for scni..'s li. f.ir.' t..niiatniii, 148 
 
 .■..;,-i.ira.y liy. IM' 
 
 (■..listni. iiM- Trn^t.'.'s. nr.'. Itl 
 
 .■ontra Is for profit l.y. i:!!l 
 
 y.\,u ;..._.,.i.t fi..- ....nipaiiv lu'tor.' r.'L'is:rati.in, .ilZ 
 
 r;i;::;;"s:i;;;;:rK'fo^v:M,dor'!r;...;i?u,u.,at.. ids, wi [3001 a„d „ot. 
 
 .rimii.al liaMlitv of. I-Vl. l-il, 2^'^ 
 
 .li.niaL'cs Mu'iiiist. provalili' in liaakriipt y "f. 1 HI 
 ,t,.alli "f, I'tfL'-t of. on a-ti.iH f .:■ .!• -it, ^i'. 1 1- 
 
IMtKX. 
 
 IT'.MI 
 
 I'KOJKtTKliS .u,,!., /. 
 
 cl.'iihiii f, l-.'l. lj:>. IJi. 
 
 Ill l.n- llir-.-, tc.r-' l.iiiliiUlv \.'t « -■I. HI .if \i-t .>f IdllS, I'Jl. 
 
 \|.l.., I.')IH 
 (linctiir- |iriivi(li'il liv. Ijs 
 <li,-lii,r^iiii>-iits liv. |:tH 
 ili«li-ii:r In-, Vi.SK l:f:! 1.!n, 111 I Hi 
 
 :iiiiuunt lit' jirolir, of, I l-'i, I Mi 
 
 1mi«- (Ii-. \:V>. Ill I Hi. ■-'•I'l ■' •■■/■ 
 
 iiiM^t III- ri'iti. I'itI 
 
 liill-t Im' ti) 111! ciilTtilHIihMiriL,' ~li:Miliiilil(ri. 'i:!!! 
 
 iiiitiiT ill |iri. (ii'iiii-. ICi. Hi; .' -■/ ■ Ih:i 
 iiHiiii- til (liiiTtiir-. I.v. I.ll • • ■•■/•• "I I Mi 
 ii.iti.- Ti, -hari'li'ililiT^. liili. I r.'. -iVK IW 
 III' wiial 111 111' iiiMili'. l:!l •! -ni. 
 
 jircilit, iif. I'.'S) If ■-;.. I:l7 w ».v.. 1 1:! ■■' -"/.. 171, 'ill, '-•■>:! 
 iimlcr \.l iif lillix I Hi. l.'>Hi. I)IT 
 diitli's (if. i:'.;i ' ' - 7. 
 
 .■Xlllllllil- 111' JilT-iHl- lli'lil iial.li- :l-. I'JI 'I -.7. 
 
 fidnriiu'v iK'sitiiMi tiiwiinl- riiiii|i;iiiv iil'. I:!l >' '"/■ 
 
 rillil-l' III' |irilti-itilill pil'JI .Hill ni'li' 
 i-lillltlli-l:rl>IIU'llt III', l:tl 
 inll'l |IIi'Iiri"< llf . I.tll 
 
 pruatr . iilii|i:lliy. (Iiir„ nut :l|i|'i\' tu. l;i.*> 
 ti'i-n.iliatlnll til'. |:i:t 
 t'l-iliul iir illidlli' liilliM'lii-i' 111'. I.'I'^ '' ^'7. 
 
 I'uHltil.li 111', l'2'S 
 
 liitit- 111, !.')2 
 
 illiritiiii.itr i,Miti- !iv, l:l:i •' ^'■/., liiT il nq. 
 
 ilii|irii|.i.r -all- In .iiiii|iaiiv li.v. onli 1- < Itilii.' a-'iili- \ VWl . |.'W!1| ami ll"t.-- 
 
 iiialiilitv 111 ri-»c'll at |ii-iitit. wlii-ii. liiii il m/. 
 
 iliili'|ii'iiili'iit i-si'i-utn,-, ilutx III |innl(|i'. I 'i I •' ■'/. 
 
 iiiit lii-ii'-iary wIiimi- ail iiiriiiln-l-s in'.'iii/.aiit. 1:1.") 
 
 |,l-t\atf i-iiiii|iaiiii-^, nili- ii"t .-iiiiilir:iliii- to. i'-Wt 
 
 wliai riiti'titntrs. l:!l 
 
 iiuli'lii mli'Iit r\i-rlltiM' llf jirlvati- r.iMI|i;illV ill i-a<r nf. Wl.'i 
 
 int. ii.-t nil -mil- iiii|ini|ii'rlv n- i-ivi-ii li\ . 1 I'J 
 
 i-iitr of, n-j 
 
 iiiiiil lialiilitv llf, lie, l.'i" 
 
 lialiilltv 'I', ill artiuii fill- ili'it-it. -iU-J 
 
 li:ihilil\ 1.1 Ikim- fi-aiiiliili-iit tiail -11 .i-lili-, 1:!1IH IK"' 
 
 llal.ility iHiilir -i--r. HI ,if Ait nf hln.s : lati- Dit-i-i-tnr-^' l.ialiility .\.-!). 
 
 -JUi . ■ 7., \|i|i.. I."'I7. l.llH 
 
 li:iliitit\ w III -1-1 ■ i-i'-ri.*-iiiii nii|iii--ilili-. l;!*^ 
 
 liiiilt itimi llf tiiiii' a- ri-:aril- rliim- :r.r.nii-t. I HI 
 
 Tril-:." All, l.ss.s, lamuit In- lili.il mi a- a ili-f.-iir.-. I HI 
 IliakiliL: ■' mifkit. il ilrriT nf. I.'ill 
 iiiakiii-- iii.ilit-^. (ii- |ii-iii-i' llf I'ai-i-. I i:l 
 liiatti;-- til 111' (li'tcrlilitii-il l)_v, I'JS, I'Jil 
 llii'a 'ill'.;- llf ti'nii. \2l. \2't. I2li 
 liiiliiiiiii'- jint fiii'wanl liv. im prnti- timi, liJS 
 
 lint 1 1--- ii'ilv |Mi'lni-i'-, I HI 
 
 (iliji'f* r ;i i-r a< til iiMiiirniy Ih-Iiil'- | .'iiiN. .'i^ilM 
 
 iiIiIIlmHh:^'- hi riiiM|ia:iy. 1:!:! ' >■.,. 
 
 iilitaiiiiii'.; iiii|irii|iri- Sm. Iv l'!\i-liaii'_"- .|iiiil.itiiiii-. l.'iO 
 
 iii-i-a-iiinal. I'J7 
 
 firdi'i- a'/aiii-r. to ri'fiiiiil illi'L^al [n-nlii | I HIil 1 
 
 iii'di-l-- si'tliii;; aijili' I'lintrai-K | I:i!l7 • ' ■ 7. | ami imti'i 
 
 <isti'ii>ilili' vi'iidiirs til ('i.ni|iaMy. DS 
 
 jiartiii-i--. tint iii':-i"i warily. W.* 
 
 I'ayiiii-ii! Ini' -i'i'\ii-i's I'lf, I'Jit, I IS 
 
 tn 111' ri'fi'rri'd tn in |irn-|ii'i-tii'^. 171 
 (inwi'i- nf attiinirv tn |irniiniti' iiiiniiaiiy in I'liiL'laliil tI17lH 
 liri'i-aiitiiin- as ri'.'anl- lialiilitv uiiili'l- -I'.t. m nf l!l:lN il.it.' I)ii-i- Ion 
 I ialiilitv .\rt, \X'M> . '-"J'.' 'j'-'l 
 
 I 
 
 .(// ii-fi 1', ii'i'-i .ire to till' [lajri"*. /'"7'-- '" 'rn'rlrU | .3'>7 ] •.ilr,- In il,, Fnriii 
 
 a 
 
180(1 
 
 !N1>KX. 
 
 nnlimiiiarv .ontni.t. i.nv.liiilt .•.■mpanv. 11. 
 as ti. biiKliiitf •■""M>"".v I'V. 1*' . 
 
 {;i;:l;;::;;;;;;^ ::^:r:.:"rn';-;'^n^r'wl;;:n. '.■....-.>-. >^". ««•• H^'« 
 ''"■-;::,:;! ^^rr:;:^:'n:7^y'':u.;'u;;.o;,,..y 1.^0.1 ,m.. 
 
 priiti-sional. 12" 
 .rcHts of. li!l. laii. i:'« 
 ,„mval.Kl. 13:t 
 di^iliisiirr iif anioiiiit nf. 1 *•> 
 
 frciiii ri'-si.ii'. i;n 
 
 j,„li.'.nriit I., rcfninl iII.(.m1 I I 103 1 
 
 '«l,an- ill. lail 
 
 usual lli-Mli's Ml' liiakiliL'. I2SI. M" 
 
 „i„i,ii.lirsiii|.. iimi iMiiuint "f. I.M 
 
 ' ,„-,a>io;Kii. 127 _ 
 
 luiifi-siiiiial. 127 
 
 ,|i„.,tii.n "f fa-1 I"" !:'«■ '■' "• '-'' 
 
 liiiiiiiiatioii of. I't'i 
 iird-lM'rtU'*. 
 
 wlipii i-mniiaiiv liomid liv. l«-i '' •'"/■ 
 ,,,„„..,i,„i of. I.v aisrliHur,. anil |.r,.visi,,,i. iu ai-n.l,... >V-.. (.4.^, W.. 
 ,„r,.l.i.,. I,y. ami n'^alr to ',""'l""l>,- '^* ' ' f,;V 
 'ualiticatio,, >liar..s ,.n,vi.l.il l..v. 1 • '!•>• '" 
 rati' of int.n-t iliaru'<-«l a('ainHt._ H- 
 n..omHifnilati"n« to intiMi.liuc l'>2 
 ...•-istiatioii r.T. onl.v nTovral.!.- wlu-iv a louti.H t. U.I 
 nMiii'<ru-^ airaiiist. 13t'> 13l< 
 r,.!„„n,Tatiiui of. 129. i;m|H:W| and nolo 
 
 liv viMidors. 3ti2 
 
 f.ir ,..rviii'» a(lo|itcil l.y lomiiaiiy, llM 
 
 „|,ti„n to call for -liaris. IHl 
 
 iHT-oiis assisting' ll..™ (ol.jiMl claus,., 1 .^0(» | 
 irovi.ion in arti.li':< \HW\ a.al notes 
 „..s,.lli„!.' tn ,-oi„,mi.y at i.riiHr. 137 -' »'7- 1^4- ' ''^ 
 riiru-in:.' a market. l.W 
 
 riul.l to r.-.i-io.i as ''t''''*'"'-''. "V . ,,,.,„,,. arti.-l.'s cannot eonriT. 
 riirlii to sue loiapany tor imliniinarj i n|" n 
 
 ri,.'Ms ami lialiilitirs h.lrr «■ 149. 150 
 ri.'lits of. aL'ainst conipany. .4S 
 
 :;i.ri.' V-'tit". aiVountalile f..r. 137 r, .,y lU w .,,,. 
 allowanii's nia.lo on istimatiiiK- '•"' 
 
 iiilcri -t on. U2 i i i-, i ir. 
 
 wlutlHT amount must lio <lis(lose.l, 14... 14(. 
 
 ""•:::;i"X«...,lffi3fl7. 1399, 14031 
 selection of directors l.y. 12S 
 
 servants, wlien not, 12t> ,,„ 
 
 services renderi'd I.v one or nwire to others, as to. 149 
 
 remuneration for. 149 „ i.. ,.t nimt ind 
 
 shares improperly re-,eiv„l. order.-,! to aeconnt for value of [1401] and 
 
 statements as to. in prospe ti.s. 111. 1-3, 1.1 
 
 status, a iiu.'stiiin of fa.'t. 124 -/ «,-/, 
 
 -X:.;;^ li^rnrfirp^iVas,. and r.^. of n.in. _r.n^_^^„ 
 
 svudi.ate for promotue.'. ic.,sl..i.1 a, .i p.i^" 1 . 
 
 tlrminatiim of promotion. 13.J 
 
 iiiidirwritin;: l.y. 11<> 
 
 undue intUieme l>y. 13H 
 
 vendor to pay ti.em. . huHc as to [SOt. | and note 
 
 B I- 
 
iNur.x. 
 
 ISO I 
 
 I'liOMOTKKS .„/,< «-/. 
 
 Miiiliir- (if iiitiipiiny wlirn, I2.i 
 will) iirr, 1-5 
 
 ii i|ii("<tiiin i.f I'aiC, \2l'< 
 
 I'KOMOTIOV. 
 
 ixaiii|ili"i iif. iif iiiinpHnii'i. I'-'t <•' "■•/. 
 iitlicr i'Miii|iu>iir< iiliji'it cliiiisrs} I .)(l,i, .'iSOl 
 
 I'liOdl'. 
 
 Ii:iiil<ni|iti V. ill. iiihI clfi'ct uf, tliS (rullx) 
 <-iill.> t'iir. iifltiiiiii.4triitiiiu at'tioii. in, li>*'t 
 
 riH)l'i:i(TV 111' COMPANY, 
 rmn|t:iny''* titli' fit, 27 
 ('iiiHiiltTatiiHi t'nr shares, as. Mi if .-"if. 
 (Icaliiiir- with iiiliji'itsi I'll'^l 
 (iistriliiiliiiii ill spiiir [.'illl .Mill iicili's 
 I'MTuiiiin (III. til 
 
 power iif eiiiiipany o^cr. where iniplii.<l, 172 
 piiwe;- til acilllire (()lije(t<l I .lllli .iOS | 
 power til (leal with (ilijeet (Inil-e) \!>\'1\ 
 wastinir. mode of asi-ertaiiiintr protits. H7ti ' f 
 
 ■'/.. H9'i ft 'rq. 
 
 I'ltOI'OSAI.. 
 
 ill I haiiiliers, for cihim i mii nf liiisiiiesH into private company |101l| 
 ill writinu' aceeptiKl orally, SS.'i S37, IISI, Mm.') 
 
 Ileitis no stamp, 3:17 
 
 wlieii liiiuliii^'' iiotwitli-taniliiifr Slatiiic of I'ruids, SU.'i -D'U, IISI. 
 Us.i 
 
 I'KOSKCI TKIN. .v., Part II.. <hap. .\l,\ . 
 
 eosts of, when eompaiiy may or not pay. lIKi. lti!l 
 
 director, of, l.'>72 
 
 nitrii rii-iK. payment of eosts of. when. 4t>9: when not. 4(iit 
 
 PHOSPKCTlNt!, 
 
 ujtreemeiit (jrantiMi; option of pnrelni.so [JS4| 
 ohjeet clauses | .V2H, .')2!l, .).)l| 
 
 PliOSPKCTl S. Mi.-) ,/ *. 7. 
 
 Act of liHW. how far it applies to, 2.ili 
 
 ul)ridi;<.l, ami advertised. 2.)« 
 
 luliintion liy company. i'cspoTisihillty. I.'tl 
 
 ad\crtisem('nt as to. 171 |2VS| and note 
 
 ainliiiruous statements in. IHlt 
 
 ainendment of, liy circular. 214 
 
 application for shares under | 2.)7 | and note 
 
 attciidiinr. *.(■. at mectiufis, waiver of riifht to rescind, 2IIII 
 
 attractivene~s, IS2 
 
 auditors, statements iis to, 17:! |2IH| and note 
 
 lielief stated in. 1S7 
 
 when directors' lielief is imniati'ri.il. Htd 
 care in framini.'. Hi.'), IHU 
 careless laiij^uatre in, IH9 
 
 circular where not suliject to sect. HI of the .\ct. 17.i, 17.S 
 circulars disclosinsr misrepresentations in, 244 
 company's respoiisiliility, l«4 
 
 coiix'iit'liv director to lie naiinsl in. (i rl mi/. | tl07 | 
 coiistructiin of statements. IN7 rl mq. 
 
 must he ii reasonalilc one, 189 
 contents of, effect on pulilie, 18.-> 
 contracts induced liy misrepresentation, i^Lc. in, when void ihh . Hill 
 
 All references are to the paifes. /'.></(■.« i.i li,"cl:rli | 327 | n-/i-i l<i lliv I'urnis 
 J. tj II 
 
 1 I 
 
ISO-' 
 i'i«)si'i;t'ii s 
 
 INltl.X. 
 
 <•'!■ 
 
 ,„„|,.r ..h'. M "f ••-i'i|""'i'-' ^'t' l''<"<- '"' '' •«■'/• 
 iMiii .lii.l.iHiirr. lull iiiiliif iif, i'-W 
 I,,,,;,.,. „f, -Ji-.. •::!'• w .-'/■ 
 i„it In lir Mir'f.1 iHl'.irr Miiliitory iiMuliiirf, 181 
 
 vuriiiti 'i PIJI I 
 
 w.ii-.<-r iliHi-.' n* til. iKi'li-". Ii4 
 
 copy tn.iHlnti..n fur ■-■iilati.iii in l.-vit-'ii .try. .■!•. 
 
 ™nr».' «i |.n-i.iirulii- '' 
 
 „t.,lri- -•.■!. HI .1. ..■■I "t IIIOH :>.U -i.lH 
 
 ,i„i„i inr iiiiK-tiitinii-iit-, .V. . in. IH-I. ■-"•> I '•''■'*'l , , .,,.- ,.,,„ 
 
 m.nJiin. ..f, wli.n' frin.lul. iit iii.l,,. .■m,.|,t to t.kr .li:.rrs, 20,. MSO 
 
 auic III. i-*! , , , 
 
 d.iith nr iMT-i.i. .lofraii.l.-<l liy. -"i 
 
 d.-lHiil>.ri-. »l:il.'rii,iit a< H., i-ui'il. or i-'rr.'.l t" I". 1" 
 
 .ln-;t. iMlion f...-. ill-' .' - '•. ^"J 
 
 l.anl.rii|il. V nf .lir.iid.iit. -Hi 
 
 .lalii.ii;!'-, i^!, '.ill'i. I :!■■'" 
 
 (I. alii of .{.•frci.laiil. Jill 
 
 flau.l inil-t U- -lal.li.-la'il i- -'"••. '-^^^ 
 
 limit;. I i. 111. -it"! 
 
 lilal.'lial fart- In la' >li(.«li. M' 
 
 iiriKil l<v|ilil'.<l in. -Jll'^ -;'• 
 
 ' ,i,o,..;i <liiiwii Ik .1' iiillniiii'i'il. jn.i 
 
 ill ; i37:t. it:«| 
 
 d.'flr.ili.in III-, in Vl "f IWW 'ill 
 
 diri'.'t.ir-^. , . ,..- 
 
 ...cni.ani-, ..I' matt..- n.ii •''■"I""'',''.,'"; '" 
 
 ,.,„i-.i.i I'. I"' na.iM-il ill. li '' ■'■■7; l''"'.l 
 
 ililiT.-t* i.f. slalil.iint^ a» t.i. 17:1, i^i 
 
 lial.iliiv in n-pi'.t <il', I7:i il »• 7- 
 
 namii.'i and ilc-.rilii..!.' m. •'. I"'^- -'^ 
 
 r,,|..ii-.'im'i.t< ..f Alt I.f liMl^ i. '' -''/• 
 
 stall'... .'i.t^ a^ til. in. HIS, 17:1, 'IVX 
 
 I,iriXr"-"ual'iliiy'\<t. 'W'» 'r..,.,.Hl..li. l-ut n.,ilm'«l Lv .I'.'t. S4 of 
 ,.„nMli.'"'.inn:^rnn.li-r Ail of IflOS. ap,ili-atio„ of th- ..'ition 
 
 nnlv t". ill!' 
 iiintrilmti'ins and inil.'ninity. iOlt, 'iil! 
 iHTsoiis lial.lc nnil.'i-. 2»>t. '-ilO .. 
 'vvi.al aro " n.-isonalili' L-r ids. 'lU 
 
 what di'l'i-i.d.int Ini'^ to 1 
 
 ro\i'. '2Ia 
 
 w .HIT in'ii-iiii.tiii in'- ■■■ I ■ - - 
 
 «l,at .'If.'.'t lias di'.'itli or lia..kr..!it<'y. ili 
 
 wl.al i-i a " statrinfiit." ill. 214 
 
 wliat i.eriml of limitation, 219 
 
 what lialiilitv iinpOHed, 215 
 
 wh.it plaintirt must provo, 2i:i, 214 , 
 
 what pri'iaiitions dimtors and promot.-rs must taku, 2- —i 
 
 who is an export, 218 
 
 who inav ln> sumI, 208, 210 
 
 d,s..,:^;;,'X."^S!'^33'"YK'?41 146, 1G7 W ..,., 239 W ^^v 
 
 nmoun, of profit, nf, 145 
 
 how to b(- mad.-, 239 et nrq. 
 
 must 1)P real. 136 
 
 must he to all I'ontnmplatinK sharolioldpra, 239 
 
 otlcrinsr inspci'tion liy, U3, 241. 212 
 
 pnnl.ase-nioncy. ot,_wlipn reiiuiri'd, liU, in 
 
 sul.-puri'liaspr. of, 170 
 
 siih-nndcrnriiiTS. of, 171 
 
 undiTwritimr. as tn. 282, 2S8 
 rxppit.itiou' stati'd in. l'<7 
 
 filinL' of, 179. IHO , . , X- ■ ..-c 
 
 fonit-'n rmmtrv. use of lopy translation for iirculation in, 2o6 
 form of 1 247 1 and notes 
 
INUKX. 
 
 |,si.:i 
 
 PHdSI'KCri S r„Ht,n;nl. 
 
 finiiiili !•«' sliiin-i 111 111' rifcriiul In in |iiililii . Iiis 
 
 fraiiiihu', '.in' In In- takrii, llii, Idii, I sj ,t „,/., \s.'t , \V\ 
 
 ^olilrii riilt' 111 til' uli-irrvi'il in, IH,) 
 
 iiiMin>|i riy. "liiH-'iT iif, li', IHn 
 
 pointi til 111' iiiii'TMil in, Ititi 
 fully luiid. 'Iiarr!* i-^-unl or iiirrci'il t-i In*. 
 
 ".tal.iii.'lit ai til. Il'i't, 'J'l;! 
 riiiirli'iii .r iillii'.' ..r, idl 
 
 Ki'inTal law a-i In lialiiiiiy t'-ir, pri'-ii'rvril, I'll. I**-! 
 )(iHHlnill 111 111' ril'ii'ii'il i'l in, 170 
 
 liiailintr-i, ilral'lM nf. I'lii' uii'liTwrilili,* |itii'| -* j.tis, ;11M| anil null' 
 
 ill! iin-iMli'iit nitli iiii-iinirarii|illti ami irti'lr-. |i)Ji 
 in.|i.vtlnii ipf il.K'iinii iN .iiri-n-il liy. I l-!. J 1 1 . J li 
 iiili'iiliiiii 'laliKJ in. IS7 
 iiitriMliU'tiiry luiti'-', lli-'i rf iii/. 
 
 I'orins [ 'JK rf 1' If. I 
 i-iiii- iif. lliV 
 
 al'UT a yrar t'riiiii i-ninnii'mrii.i nt i»i Ini-ini'^ . !t. I7!» 
 
 lii'fiiri' inrin'iMiralii'ii, IHt 
 
 dale i«. //i/m .■ 'n, ,,■. 17n, \Hl 
 
 [triHit of, in ai-li'iii nn •frMiniil nf iai-iri'i'i''-^i'iilalii'i., LSI 
 
 lai-lii'^ l.y illiill if «h.irr-, IH7. l;tH 
 
 li'ifal ail', ill- as In. MKi 
 
 li'Hal iiHiuiri'nirnti ai in, irri'i|iritin' iif Art iil' I'tH'- I'^l I S-"i 
 
 iMin-iili''i'r\anri' nt'. rlli'i't of, IH4, ln-> 
 '• l('-*iir ■' iii'liiili'il in tiTiii " vcnilnr " (-ei't. HI nf i '..niiianir- \' i. l'in-> i 
 
 ...17a 
 
 lialiiliiy ii'' prninoliTH in i(i|ii' I nf. !:',(. IIH, jiw 
 
 lialiilliv ai til. umlcr (.'I'ln-ral law. |irf<.'i'\.'il liy .\i-l nf liiilS,. 17il. Is;t 
 
 likrlil.i'inil nf iM'l'siin In 111' nlisli'il, as in. HI:). I<l| 
 
 l.liMilnn Slni-jv l!\i'liaiiL,'l' Ullli's irxtrarlli, -li.'l '' ■•"'/. 
 
 inaiia^fi'inrnl .-iliari'H In lit' n-fi'iTiil tn in. Itih 
 
 inatrrlal niiitrai'ti. i'x.iin|ili-i nf, iiiuIit s.'it. 'M nf Art nf Isiii. .'.''.'7. '.'.'.S 
 
 matiTial fai-t-i to l>i' Htatt»il in. ISa rf ttrtf. 
 
 iiiianiiiLr nf, in .Vi-t nf 1II0H...IG7 
 
 nu'ninraniliini of asi^nrialinli. 
 
 'Ot mil in, lli7 
 
 stati'ini'iils as tn, lii7, 1711 
 miniiiuiin muIhi ri|itinii tn lii' iiaiiiiHl in. !1 rf mu., lii.S, Ili9 | 'J.'i'i | ami nntii 
 
 aiiiilii-;itiiin nf r-i'i't. HI tn. whiTi' issiiisl alirnad. II 
 misiciiri'si'iilal inn nr nnn di>"'lnsnri' in, ls;J ,7 .•.' 7. 
 
 ai-i|iii('srriire liy allott^'i', -(Ml. 'Jit 
 
 ai'tion fnr, what allnttri' iiiiist prnvr in, 181 
 
 ,illmti'i''s rifilit tn rrsc'iiid, 1h:). ISO 
 
 iii'iniiiiii^ I'litiilfd tn. afliT i--si:i' nf. Iii'fnri- ini'nri ilini:, I'li; 
 
 wiiirn mil isidii.i'd l.y, l»:i, I'M 
 
 lii'lii'f a> to tnatti'i'M in. lUl 
 
 liriiilar-i i-orn'rtint;, '.'tl. 1 1)7:1 I 1 1173 lli:.'i| 
 
 ilainis and dofi'inrs in ailinns fnr rrsiissinn (137'J- I37<>| and nnrn 
 
 ini'Ir.lrl- vniilalili'. nnt v.iiil, lilli 
 
 rrlininal lial.ililv nf ilin-i-tur-! and othiTs, 150, 151, 235 
 
 damas.'i'i' for, I,H;), L'05 | 1,350] 
 mi'nsuro nf, 2(17. 1350 
 
 danariT of. 185 -U» 
 
 dr.'cit. actiiin fnr. '202 it mi/, .s'l'c Oki r.iT. 
 
 dcfinii' tn ai'tinn, liH. 105 
 
 di'Iay in lirinu'in;; actinn fnr rc-ii-lMsinn. 197 
 
 ilirritnr'*' liclicf iininatiTial. wlirn. I'JO 
 
 iliri'itnrs' lialiilitv. di'frmi's. 208. 215 I't '■■'/. 
 
 rvidl'llci' of. lOO" 
 
 i'Kani|ili's nf niaf<Tial. 100 102 
 
 i'xain|i!i"i nf iinniatrrial. 102. 103 
 
 I'XpOftation. a.H ttt niatli'r.s nf. 1S7 
 
 fact, as to ■natt'.'i'^ nf. !85. !s7. 2(H. 205 
 
 .4// rcfcn iK'i's are to tlici jiajfcs. Paiiri hi Ijvurliih | .327 | ■</rr tn Ihr Korms. 
 
 •; I) 2 
 
 ■1! 
 
1804 
 
 I.NMKX. 
 
 nitinif'f- 
 
 I'UUSI'IXI'I S .">./ '' 
 
 im«ri|iri-cMtiitiuii it iiiMi-(li''r|.i.ui 
 t.ii-f.ituri\ ■•Iti-'i »1, 1»H 
 fniiKlul.iit. nimily for. .;"••. '-I"' 
 riitiir.' fa.t. i.t. wlictlHT |«H-il.l.- IN,, HN 
 i,„lu,,,r. «l.<'r.- li.'l<l iii-wttiii.ht r..r rrh.l. IM- 
 
 «iil«.i.iit. lit" li»-' 
 intiiiliiiii. ai t.i mullcrs of. IHi 
 law. a. »i> matl'T« »< , INi 
 iMil.illtv "".in- -..•.■•. SI III' IttllH tlali 
 
 •.'ii'h . I ." ./ . 
 liBl.ility "f tliii'i party. iM 
 iuif. wlioii «intaiiMHl, ill,) 
 iioii-<li«rli"iirr. iOI 
 
 li(iii-ili-il"«iiri'. wliat plaintiff inu'.t prox.-. 
 iii.ii-<lHcln«iir.-. wli.rr alr.'Mily i"ilii<-. '^'M 
 „l,ir.I of Klililf. INO , , 
 
 (inliT- fur n".ii»»i"i. ..f . .mtrai I" !■> tak.' -liar 
 
 i!i;; 
 
 HirntorH l.ial.ilil.v Act, 1890) 
 
 I"; 
 
 I l:)9.'>. 139l> 
 
 prr-'iiiiintiiiii III"' '■'>'' 
 ratitiiaiiiili iif aiT'iil-' 
 ri'ilitiialiiin <if rcL'i-ti 
 rrpialiatiiin of "lian- 
 
 .t.'.l 
 
 i»a. lltl 
 
 iriliiT 
 •itil 
 
 fur. liiKlt 
 ilTii t lit wiliilinu-iip 
 
 I US 
 
 i-tfi'itiml 
 
 '^piih'^itlilitV 
 -ull lif. 
 
 riitlit. 
 „r iii.iiHiiii'lit. I!l!l. -jnil irvalnpli'i) _ 
 
 ,,f iipaiiv fi.r ai.'1'iil'' art-, l«l. !«■> 
 
 IMI 
 
 riininiir'i ai in. i**?^ 
 ,liari'H iHiiiirlil >«> f'"<l> "'■ '■2"-- -"' 
 -ili'iiif bv. •ill'i 
 
 »tatVi..."t/iif .lain- ami defi-i.-iH In amorw on arnmiit of L1372. 
 U'.'i ISNi I a'l'' »"•<"* ,,,^ 
 
 Miispliiiin iinly a- ti) triiti. of stat<-inint, IttS 
 
 third parlv'K lialiility for, 'iO;! 
 
 voidaliilitv of TOiitract. imi 
 
 wimt am.-i.tit- to. lM,i ,> «-./.. !»• ,1"' ■'"'"*** 
 
 when' i-Muiil lii'fon' iiinirporiifion, I9<> 
 miHtakr ( hoiK'i^t ) of fai't, liH i n i7u 
 
 more .Ik... ...... y"r affr .oin,.,,..... "t of Lus,..,,., .«u«l. 9, 179 
 
 lU'W-papiT. ailvirti-i'ii.i'i.l liy. li I . . , ,,,, 
 
 noi.-ili'il»»..r.-. a.tion of deooit or fur ros.H».o.., IHJ, 18», 1H9, IJ3 
 
 iio.i-di-(losiir<'. .■xa.iipli- of. I!... l-W 
 
 non-ili-iloM.rv i.. aitio,.- u.iilrr -i. t. HI ot Ait of l!tOH. J04 
 
 ",",„ prospiit,.-" .■.....,....>■ ^Mtrinrnt to 1,- hlrd ... l.eu of. J 
 
 iioti.-.' avoidiiiL' i.llot lit- nil. lir I 'Jill I 
 
 "oti. .• "f .....traits rptVrr.-.l to ii,. and i.tlrr.sl tor m-p,rt...„, 143 
 
 no' liiipll.'d. wliiri' niH-tati>il. IWi 
 ol.jicti of i<.in|.anv. .itatenicnt of, 24-2 
 
 ol.tah.ini.' moncv l.y fal«' pr't"'"';'''' -• *! .,,, .,,„ 
 otfi'r of iii-pfitiim of dofumi'nt* by. 14.!. -41, -4. 
 
 ottiii- of. 'il»4 
 
 oniiH-ioii~ from. ?i"iiiHrant. 182. IS'> '' »"/• 
 
 opinion "tat.'d in. l.'<7 , 
 
 ^^:^Zu.\:z:!z.x::::u::^:"i'^^ ..^ a^^ of im..i.379. nso, 
 
 ami not.' 
 pninta to be obsrrv.il in sottl.nir, 1'-'' 
 in-.aiiti.iii- to 111' ta!i.-ii l.y dir.Tton.. ll.l.. ::!" '•'•''• 
 piilimii.irv I'xpinsis. stat<'in.nt ii.'« to, 171 
 nnparatioii a.id piililii-ition of Hi.) 
 privatr littiTs rii..nii.iiii.liiii,' "baro^ an :."t. 18" 
 pvon ot.T!*, 
 
 dniif^.'f. \^^.' >^^'i ■ 1:^8 
 liabilitv in rf-pci't of. 13H, 
 noti.i- by tln'.ii of I'ffci't ot 
 statimciits in. Mi to, 171 
 
 proof of isHiiP of. 184 
 
 provisi.m- of Ait of IWIH (f . 81 ) 
 
 publication of. 165. 181 
 
 l.-)il, l.M. 202,2118 , 
 III- |iriwpor-us. 1 44 
 
 ■f art/.. 235 
 
 .167 
 
 .. App 
 
IMiKX. 
 
 ISO.'] 
 
 Iltii 
 
 PROSPWTI S r.,.,,i„;..t. 
 
 IMiri'liii-' -iiioiii y, ■tai>'iiii'iit'- if to. t7i>. 171) 
 (|Uulitir;iriori <ttljirr'4, -t<it4>llirllt ll-* io. lliH | 'iM I 
 ri'a^onnMc roiHtruclir ' - iw put t d. \n\t 
 rrctitii'itfiiMi of rtnji"'*'' •* mi'*rt'pr»-*«n!i*liii» in, IIH'.I 
 rpifi.tr:itii.M iif (lilintr). IV't, Iwi 
 
 r< II iiiii'rittiiiii III' ilii' < t<ir> |:> lir ."tiilcil in. IliH | i.'i t | 
 ri piirt-. «-. t.. -.taiin!,', l!l.i, •J(m. 'IVi, IVi 
 ri'prf^rnrjitinii itf hi-licf nr npiiiinn in, IH7 
 n'prf«tiii;iti(MH lu'i'iiiniitL" f;il»<' lii'fnri' ittliitnii'iit . 
 rppiiiliji 'H for iiti --Uiti-iiit'iit. \f. ill, wli.il I'lf' 
 
 dchiy ill, lUT, IHX 
 ro^pii^'-ioii of ctiitrt'iirf. 
 
 ni-tiri;; »•• nii-iiilHT. 'ilHI 
 
 uiiiiiii l>riiii|.'lit I" flirt' wiiidinu'-iip. HiH 
 
 liilii f 111 ilirirluri in frulli iin ili'fi'iiii' In m linn. I!MI 
 
 I'liiiilii.l alllrniiiii.' iniilrarl. I!)T. |<IN. \>|HI. 'Jill 
 
 ill lii\ in lal«iiic pr"»-''«'<linir lf>7. I'f^ 
 
 ili-rn\rtv nt' flli-f nf llli^rt'p ■ I'lilaliiill. '.iHI 
 rli'itiiin.' Il< 111. 'JlMl. 'Jill 
 
 c-l'ipprl. pr.-M'nti'nr priH-ciiliiiL'-. 2iMI 
 fiirfi iliiri iif -liiiit-. I'llV. I iif. his 
 iiiti ti'-l on inniifV rwnvcri'^l. 2ol 
 lai liii, I'lf.-i I 1111, 111? 
 
 liii>l'i-pri'''f'tilatinn. fur l u't'iitTal law). I Hil -' -■'/. 
 iinii-i iif priinf in rt-^ni'il nf. IIM 
 payiiir lalU or ri'i-ininir (liiiilrmU. 'IW 
 pli-ailinir^ in arlinii fur j 1:17- '' " '/ j ami imli'i 
 ri'iin'tiatiiin t>f lialiilily. what iiiii'Uiit-< to, \*V\ 
 srIliiiL' or tran^fi'rriiiLr -iliari"*. clfcrt of, ^IHI 
 ,iiil--i'i|iirntly ili-rii\i-ri'il iiii-ri'pri'>i'iitatii'n. 'JOI 
 what -iittiii.iil for. I!l(l I!I2 
 winiliiii'-iip. illi'i I nf. l!tM (■■\aliipli-), l'l<t 
 iiHi^l 111' liifori'. lilH 
 
 Iml .irr \{l «i HSIIIN. 
 
 rroohitiiiii appro" inu |II3'J| 
 ri'Miliilinn to -iirii ami tilr | i'iliO| 
 rospoiiHihilitii'-. involvpii hy. Ilia 
 rcipon-iliiiity of uinipany". IH4. IS,") 
 rp'-pon-iliiiity of pri'paralion. IH.i 
 ruiniiur or ^n^piiinn, 
 
 ai to alliilli'i'% attrntiiin In. HIS 
 wrt. 3m ( n-pi-alcd I of ronipaiiir-« Act. IHti* (rontracN i. 22ti /■/ av//., 
 sharrs atul ilrlifntiirf^. <^iniiiltaiii'ou-4 offi'r of . '21. ',!:i 
 pijrnini.' I'opy "f. I<y iliri'rfor<, '.'.'i.'i 
 Hki'U'ton form of ; - 17 | and not^'i 
 Hotni'thini; to he liniii' in fiitiirn. Htatcnicnt of, IH7 
 Htutriiicnt in. a^ lo au'ri'i-nionl to M^Hcrihr, lit'ld no ruiilr-irt. IH9 
 statcininl in liiu of. ,1, Jtil 2(11 1 2li4. -ifi'tl. I>J7, l.'i.ill, lA.')! 
 
 lialiility for ini^ri-pri'^i'iiiatiMi or iioii-tlivi'joxiirt-. 'Jli.'i 
 Btat^-nn'Dl in, a-* lo riu'hl of votinj-, '21H 
 dtatt'iiM'nt on. a-^ to tilin..'. IHil, |s| 
 Rt^iti'inrnt a'* to goodwill, 170, 34H 
 
 atati'inrnt-i in. a-* to no intt'iition to make fiirtlicr ''alN. li.'M 
 Btuti'nirnt'i of claims in action for re-*' i--ioii j 137- KUli! .mil iMitr ■ 
 staU'iiitrits of contracts under sih-I. 3s of (repealed) .\ • "f Isii,' 
 ,t y.q.. 'l^i 
 
 elTect of iiriioranee lliiTenf. -JiS 
 
 eltect of iiiiliie thereof. XW 
 
 exii'iilecl contracts. 'JiH 
 
 oei'i.tory contracts, 'J2H 
 
 iirnoiance of law imt exeii-* uis-jon. '228 
 
 lie .i^lire of diilll^r -, 229 
 
 onii- as to show! ^ iiiat<'ri ilitv of. '2311 
 
 233 
 
 -'2i; 
 
 All rcfprcncrs are to tlie jia 
 
 •'if, It: I he Ki 
 
 i 
 
1806 
 
 INl»KX. 
 
 'Ciiitliii't^d. 
 
 PBOSI'ECTL'S— enn^iH'ifrf- 
 
 statements of (ontnicl™. 4;i-. 
 
 oral contracts, 22S . • • _. <»!jn 
 
 ratiHc:.tion l.y dir.'ctor.i of a^-euts omisMons, 230 
 
 remedies for uon-obscrvance, 2'2« 
 Kt„t- I. enls only l.ec.minK fal-e at.er issue of, 19b 
 StocU i:).el.anKe rules as to. 265 (^»tf'»';»'') 
 "stii'tly private and contidentiul, loll 
 8un>i<»-i"^' of tnaterial facts in, 184 _ 
 undcrwritinir commission, as to, 1 1 l,j.i.t 
 underwriting to be referred to in. Ill, ll\) . 
 
 rele.occ to draft P™^l>'-'«'»\!'\?»'^«7"'^' V A ji 13.W 1379 
 untrue statements in, director-' liability for, 2U2 et seq., iil-)" l^o.v 
 
 el s<fi.\, 154ti (Act) 
 valine stj.1emenh in, 189 on lui 
 
 VBiiatiou ol contracts refc i.d to in, 3.'),_18l 
 " vendors.'' meaniii!,' of (.Ut of_l!l08)...li-t 
 
 lessor is within ineaninir, 174 
 
 statement as to^ 109, 170, 2.51. 253, 254 
 waiver clauses in. 174. 231 
 
 Act of 19(18. under, 231 
 
 Oiiectors' I.iabilitv Act (rcpi'aled), 231 
 
 repealed sect. 38 of lS.i7 .232 
 
 validitv of lionest. recos.MH/.ed in House of Lordi, Z3i 
 where .s<.et."81 of Act of 190H does „ot "PP'y. -1' . ,, , ,^,. jq 
 
 writ of summons for nnn-compliance with set. 81 of 19U» (lat. eei. 
 
 of 191)0). [13301 
 writs of snninicms under [134.'>1 et ii-q. 
 
 " PROKPECTIS COMPANY," 3 
 
 PRO\ IDKNT StK^IKTY, 
 
 aiMcial annual .stitcmrnt. 1->M 
 
 ^^^.l^ri^f^:;. ^:.;!!m '^f ::l'n. busme., 21 . «.,. ia«. (^..1 and 
 
 notes , , .-„ 1 .-,. 1 
 
 reconstruction, fir, 1437 el x-q. {Uf, '*';'l . „„ rofi, , 
 
 sale to trustee for company nut yet formed, 322 -t >eq. [3b7 | 
 adoptimi of agreement f.>r i 3'i9. 370 | 
 
 PROVISIONAL CKKTU-IC.VTKS ll"'' 1\*^ l'^**J 
 debenture stock or debentures, of [1147, lUSJ 
 
 PROVISIONAL CONTRACTS, .„ , „ rinq fi411 and 
 
 before eompuny entitled to commence business. 21 et «eq. [3b3, b43 1 and 
 
 notes , . . ,„ 
 
 meanint? of. se<'t. 87 (3) of Act, U 
 pieliminary. as to underwritmir, 147, 291 
 uiiderw ritinj^. 291 
 
 PROVISIONAL ORDHRS. 1.V20 
 
 PROXIES. 
 
 attestation in case of, lO.i 
 
 avoidance of, by member voting, 70o 
 
 blank, 705, 708 
 
 clauses in articles as to [705 et «e(j.\ 
 
 common law, no ri»rht as to u*-, iJlJ _ 
 
 coiporaticm. votintr bv (article) [,03, i»->\ 
 
 costs of sendinif out the jiapers to, lO.), a)8, Sj4 
 
 demand of jioU, by. 700 
 
 deposit of [70G[ and notes 
 
 different persons, 705 _ 
 
 directors of (private companies). ;4-- 
 
 effo> t of shareholder atfen-iir.g mctins. 70-3 ■ 
 
 expenses of, when to be thrown on cumpany. 703, 708, 8S4 
 
 form of [707] and notes 
 
INDKX 
 
 I8(»7 
 
 VUOWKi^-rou filmed. 
 
 ^f'licral inietin^. ut, a.^H ef sf//. 
 
 instninu'iit of. rtv^uisite-- ai to t^artu'los), 705 
 
 iillin<; in nanie" in. 708 
 
 p<jwt'r iii attorney Ut till blanks in |in6| 
 
 power of ;itt4)rney tii appuint [117;>) 
 
 re\oeati(>ri ttf | 70il | 
 
 riLrht-* of vuriny of [702 ff «'v/. ) and notes 
 
 sexeral nieetiny:^. for, 707 
 
 stiare warniiit liolder. Iiy (;irtii*le>) [ 707 j 
 
 nhow of hand-i, not <'«>tinUMl on, except whore eor|)oratii»n i- nieniher [703 J 
 
 Mtunips on, 707 
 
 w/^Y/ rircs paynuMit-* for. 708 
 
 uistnni)>ed in-^trunioiit. u-^e of, 70H 
 
 uso of, at adjiiurnot) nieetiiiL', 7tMi 
 
 voting I)y, 702 ft sry. 
 
 aiijourned niei-tin^-, 70ii 
 
 urtieles as to I 702 rf ft/. | 
 
 attorney, power t^> ^cive 1700 1. 707 
 
 no ri;r)it at ronimoti law, 705 
 
 who may l>« appi>inteil t*) vote hy 1 705] 
 when (lireetor^ niav jtroperly semi out UTiti sjK'nd tyimpany'fl monoy to 
 collect votes. 854 
 
 PUCMC, 
 
 airreenitni for -ale of dolieiitiire ^loek. 
 
 with \ii'w to is*<uintf to | 428] 
 conipjiny wliii'h i^-^ne^^ invitation to. 9 
 invitation to, to suhscrilK*, 12, 279 
 
 formation of, tJt<'ps in, I fif -teq. 
 
 oO'tT to the. nieanin^r of, 12 ft so/., 280 
 
 niiniminn siih'-eription in nr^t' of. 9 *-f nt'/. 
 
 what constitntes. tnider -oei. HO of V.-t of lOOS {eommi-J-^ion-*). 280 
 
 Pl'IUJC AT.l.OTMKN'T. 
 when made. 5i 
 
 PLiBMr HALK (OMi'ANV. 
 ohji-et clause^ of [518] 
 
 PL'BLIi' srilSCUIPTION, 
 
 agrceiiient hv company to sell dolientnr' stock t4i eapi*Jiii':t[* with view 
 to ; I28| 
 
 PUBLIC WORKS CONTRACroUS ( ttMiVWV, 
 ohjeft .'lansc' j 5ltl j 
 
 PUilClIASK. 
 
 by comi>nny of it-* own nhare-* arti<'le forhiddin;r jO|0| 
 
 ille:,'al as to limitt'd company. 515 
 
 not ncf-C'i-'arily a- to unliiuiteii ur 'j-iiarantcc fompuny. 515 
 
 injunction airainst { 1411] and note 
 mercantile a^tMits. hy. 1201 #•/ .v. 7. 
 property jrenerally (ohjei't'^* | 50S j 
 
 for cash or >hare-i materi:!l difference. '30 
 
 PUR(MIASi;-MONKY, 
 
 additions to. to etver nnderwritinir c\peii-e-', 28;J 
 disclosure of, in prospcetu-. hi!*. 170 
 
 Af/ n ferenet*:* are to the pages. J'titft". tn hrft'kff'' j S27 j r^f^r to thf Korras. 
 
1808 
 
 INDKX. 
 
 QUALIFK ATION, 
 
 director, of, IKS I71»| ami not.'., Apj... 1;'." 
 
 aciTiitamc of, from pronint-rs .14, 71.i 72Z _ 
 
 acting, wlu'thrr it imports consent to tak.-, IH), U., i.i 
 
 aniouiit of. "'Jtl 
 
 articles as to [TIN ] • -i 
 
 conditions precedent to eleri ion. (lit , ., , ti 
 
 contract to be Hlod for loquirinK the shares, when (se<t. IZ 
 
 of 1!MIH)...(1 I'M'Z I iin'l ""'es 
 dccmcii to take [ 722 | and notes 
 ^'ift. lircai'h of trust. 714, 71.>, 722 
 
 ordere<l to pay for tlie shares, 7!.i 
 how to bi' obtainetl. 71!) 
 iin|. roper reciipt of. 714 '.■>. 722 
 '■ in his own riftht." 720 
 
 t. whether sntHiienl, I'lS. 721 
 
 if Act 
 
 joint 
 
 misfeasance where trnstci 
 
 moditication of. clauses, 721 _ 
 
 nc).-hHt to procnre, cHect on remunc^ration, .27 
 
 none reipiired by law, 7IS, 721 
 
 not absolutely necessary, 721 
 
 object of. 721 ....,, 
 
 provisions of Act of IWm, as t.'. . !'•, ••)44 
 
 riasonable time for accpiiriiifr ((dd law), 720 
 
 riHiuircnicnts on retristration, 4. li «•' «ri/. 
 
 '• sliall be deemed ■' clause | 722 1 and notes 
 
 shares. 
 
 airn enu'iits to taki' | 3i)2 :i»4 ] 
 held as trust<-<', l(!S, 392, 722, 1402 
 reference to. in ])rospectus, ItiS 
 transfer of. by director. tilKi. 722 
 share warrants, insuffii'ient for, tiSl 
 sifriiiiij,' memoranduni for. 7, 481 
 statement as to. in prospii'tus. 2.')4 
 Stock Kxchanjfe ciausi' j71«l and not<' 
 transfer of. validity, (>•><>, 722 
 vacafintr office, if none ( Act of KMIS). .71!» 
 when bound to take ( Act of imiS) 7I!I 
 penalty, 71» 
 
 hares for promoter, 168, 392, 722, 1402 
 
 QVjyriM MEin ir. . 
 
 diri'ctors" claim to, in rcspc'.t .if ri>m»neration, .27 
 
 QUOlU M. . . 
 
 committ^-es of diriH-tois, ot, .43 
 diiectors. niectinir of I740| and notos 
 
 absence of, invalidates it. 740 
 
 (articles) | 740 | 
 
 (liscpialiHed person cannot bi> counted in. 732, .411 
 
 Creymonth I'oint Co. ea-e. as to, 732 
 
 how to act ill absence of, 740 
 
 (pialitiid directors neii'ssary to form. 732 
 
 ratification »iibs<Hpn'nt. 741 
 for sp.'cial and cxtraonlinary res„liition«. 109'), 109« 
 eencral nicetiiip. at. ti97. (i9s. sit 
 
 clausi' in artiel(>s as to 1 1197 | and notes 
 
 where too lart'e to obtain. 109H 
 
 one m'rson not a. 1)98 
 
 " persoiiallv present ■' implied unless otherwise stated in rei^ulat.om., 
 
 698 
 proxies, whether <i>unt<Hl in, 698 
 
 QUOTATION" ON STOCK K.XCIlAMiK (London), 
 conspiracy to obtain by fraud, IdO 
 extraetH ^rom rules a« to, 26,5 el i.eq. Ami tee Sto. k hx( iiavuk. 
 
INDKX. 
 
 1809 
 
 RAll.WAV COMl'AXV, 
 
 iillin rifin. iippliriition cif ininciiili'-^. Jiit, 4ll.i 
 
 RATKS. 
 
 Iltil<ility uf r(iiii|iaiiy. lOti ' ~"/. 
 
 • ■\('iii|>tiuiiH. KlVt 
 puyalilc liy conipaiiii'S. lOti 
 pri'l'tTMitiiil in wiiMtiri:;-iip. what. App., l.')7H 
 
 RATH ICATIOX. 
 
 aitJ of ilirrctors, uf, 711 
 
 witliuiit fdrinal jf soliitiiai. 711 
 afrcntH. act of, aftiT ri'pudiatinn. 711 
 
 af.'i'rit». act of, oniis-ioii under m-cI. :{S uf Act of IKIi7. ..■,;3() 
 airri'cnicnts in wliicli dinrfor-^ interested, notice of nieetiiar for, (i94 
 •'onipanies. Iiy. 37 
 
 adoptive afrreenientM | 31'iit, 37(1 1 
 
 elan-^e in ayrrecnuMit a-^ to j Kt9 | 
 contracts nia<le on beliaif of companies before . .'/istf.ition. 321 
 irie^jular issue of share eapit.il, 711 
 nienntraialtirh of { 373 | uiifi note 
 none of ////y/ »■//>■.« ai-t. 29 
 tort, of, 2(14 
 
 REASO.NAIilJv fiHOIMlS. 
 
 bilief. of, Directors" Liability Act. IHHd (now sed. «1 of IHOH) . 217. 2'!t 
 
 ' .•;(i;ii'Ts. 
 
 bankers, by, for calls, A;e. | 2.-)7 | aiai note | 1(152 1(172 | 
 
 buildinp society's, vostinur eHei't of. 1201 
 
 call or instalment, of j KMIH ./ so/. | 
 
 clause in articles | 752, 7()1 | 
 
 directors' powers Ut jfive [ 7.')2. 7(il ] 
 
 for deposit of transfer of shares on | 1(I7(> | 
 
 REI'KIX Kit, 
 
 dcb( ntiire actions. ,V(, Part III. of this work. 
 
 direitor as, effect on renKdicration. 727 
 
 director's fees, of, 727 
 
 disniissal of officers, appointment implies, 144 
 
 tilini; accounts. l.'>.)4 
 
 notice to ro^ristrar. l.*).")! 
 
 notii'c of appointment of | 1().S>I|. |.i.i4 
 
 power of att<irncy from, to carry on business .ibro.id jll74| 
 
 priorities where floating ehari^e. I.5.>(1 {.\ct) 
 
 where no board of diret-tors. (191 
 
 RECKlVKlt AM) .\I.\NA(!1:R. 
 
 order appointing.' |H19| and note 
 writ of summons for | 13.'>3. 13 it | 
 
 HECONSTIU CTKh COMI'AMK.S. 
 Stoci; lAcharifre liules. 273 
 
 RECOXHIia (THIN. 1131 1 l.-)N I 14.VI ./ w,,.| 
 
 Act of 19(18 (seit. 192. replacinu' se-ts Itil. li)2 of lSli2). under, 1431 
 
 modes of. 1434. I4,3«i I43S 
 
 provisions of the section. 1434. 143.> 
 
 :t/li,i ri,,x acts, to elfecl, 143.) 
 Act of 1»0«. how far applicable t^i, 1449 
 adoption airreemcnt by liipiidator. 1137, 1140 
 
 Af! references are to the pa(res, /'«';p« in /ir'<i7r'« 1327] ,e/<'y >n Ihe Fonn». 
 
 
181(1 
 
 INUKX. 
 
 RECONSTIJLCTION -™»'i««"'- 
 aKrieimnts for, 143(j i-l «''/■ 
 1 17 I 147H i mid iioti - 
 
 IIJK, llbl el ,.;/. |U59 -HIiti, 1469, 
 
 114119 J 
 ierti(ireiti-i 
 
 UV>\ 
 
 , 114711. 1479) 
 
 I44!t (dircitors), US'i, II*' 
 
 cui'ntioii of profit- or ii-<ls | 14l>5| 
 ("Xthuiifri' of slmrr^* | 147til ami note 
 
 "':!?■„ ',!^;v.'fo:\l*'!al .ao..,. of di.tn.,ution of tbe .oa«der.tioa 
 in .sliar.'^. i^i-. [1471 | and iiotv 
 
 provi-iiiiiul. 1437 
 
 auppli'inenta; 1 14t«y) 
 allotmirit, iioticf- of 1 UM, '.47;i| 
 allotment of shares, direction by luiuKl.itc 
 
 offer for, on, 14 . • , 
 
 reque-l for, in .xelian^e lor Iraetioiial 
 
 retiue-t for, to upecitied persons ( 1472] 
 
 t;. lii|uidator Instiad of to members, 144(t 
 
 to members, 1410 
 an aljrnmution resolution | 1 IS9 14!MJ .m.. note 
 
 arbitrations under 1144, 1440 ,,,, „f ions , seet 101 of late .Vet of 
 
 autlioritv to ln|Uidator, under serf I'.li of l.»l» ^s.ii. loi 
 
 lKfr,:;.'.1434, 1*37 
 o^lari: l^ I W;.t ,o, a.-..mpanyin. no.i, f nn'Otin,. 143« 11467, 
 
 it7M; 
 
 notic. of allotment 11471, 1473] 
 speeifyintc nundier of sliarc s elaimahle 
 classes of old shares, where several, I Hi 
 elans,, in artieh's as to j 7S.> | ;ind note 
 pompensation t^) olii.ials, a.s t« dis.'losure, 
 (amalframalion) 
 
 ^^nii'^rt ";t nnnS-'t:. Ite name of o.„ i 1090 1 and note 
 
 e::t™:re:;;;:,!iu;in:;'ti,i: 7allot.e., 114691 and note 
 creditors, 
 
 elainis of, against new eompany, 144i, 144K 
 creditors' position on, 1447 
 daniafies for failure to allot. 1440 
 debenture holders, 
 
 a^rreenient with, on. 1447, 144H 
 
 effeet on, 1417 
 different modes of, 1436- 143« 
 
 Hirect allotment of new shares to old mlxTs. 1440, 1441 
 
 dlrellors- emnponsation on, doe diselosure in not.ee of meet.np. 1449, 
 
 1485, llHIi lamaliiamution) 
 dissentients, IIIJ -1446 .,,,., 
 
 failure to j-'ive notne of dissi-nl, 144i 
 
 form of notiee of dis.sent I 1 '^^ I, , , . , 
 
 funds to pay, .is to providing |144b| 
 
 interest of, i44ti 
 
 liability towanls eredilors of old eompanv, 114. 
 
 payment out of, hv ^lu'ieen.ent or after arbitration, 144b 
 
 Sr.:'dil"^ leMlu,.,ipal.le of bein, e.eluded: but ,,.. 1.45 
 peeliritv of, must be re;.'ardeil, MI'S 
 time for (.'ivimr notiee of dissent. 114.3 
 value of their shares, how as, ertaiiHKl, 1441 
 dissolution of old eompany on. 14.".1 
 distinifuisbed from amaltjan. itnm, 1433 
 
 distnbn.ioi, of new shares on. 1441 W "','', ,V'ri'f;'\f '*'*'-"'*''^ 
 must be in aeeonlan.e with leiral ■•'<';''■. Mi',', ' "" 
 a(fr..ement to nne.ve difficulty, 14jS |14i4| 
 dividend res,.rv«l to niei.ilers „nt of a-ets , Ut.o J 
 examples of eaws where lulvantaceims, 14.J,i, 14,10 
 exehanee of shares, by, U.Vi 
 
 acne::;en. f- ! i4:i'. 1 ITH ! and n.jfe 
 lireular as to di-tribution \ 14T»--14hO| 
 filin(? aifreement for, 14.'iO 
 
 supplemental airnenient 11469) 
 foreign e.mianv. held that -ale may not be to. I43.I 
 
INDKX. 
 
 1811 
 
 147 
 
 UECO^■STIU.■C■TI(»^■-("/l^^, .<,'/. 
 
 fnii'liiiiial c'lTtiliculi', 
 form of [IV1\ 
 I 'lupst for alliJimiMit in I'viimnir.' 
 
 frat'Lj'ji. of sliart's, i 1*>3 
 Oriffilli V. I'ligil. niii- in, lltl, [H- 
 int(!ii'st payalilo to <liK,cntii iit>, 1 14(> 
 invalid rc-oliitiuu, lontiiinatinii of, U.'il 
 
 Joiiit StiKk l•onlllanil■^ Act, 18711, under i now si'.t. l',!0 of lilUS). U'l-' 
 rl «,/. 
 
 I'liuracter of st'henit'.s under, ! 41*3 
 
 procttiure under, 1498 et urtj. 
 lien on sharrs, effect of, *it>4 
 life assurance eom|>anic>, of, 13'il' 
 liuiitini.' time to eimie in under, 144(1 
 liquidator, autliority to, on, 1134, 14117 
 liiiuidator failini; to allot, not liable for damaifc.H, 1I4II 
 liquidator's direction to allot [14t)ll| 
 liquidator's remuneraiion, 14.51 
 meaning of term, 1431 
 mectin^^s, rcsjular notice essential, 1 14S 
 
 niisfca-a , liirlit of a. lion as to, pus-e- to new company on, 
 
 modes of, 1431, 143ii I4:W 
 new company, 
 
 claims of creditors airains*. 111 
 
 formation of. 1 13*) c 
 
 name of, HW, I4:!y 
 nominei*s of liquid. i!or a- V> the 
 
 '/■ 
 
 I l.'il 
 
 IIIM 
 
 idcratiou slrue-. IIM, I llii : 1 lii3 j 
 
 notici' of allotiuent and reply [1471, 1 172 | 
 
 DOti<'e of dissent [ 1474 ) 
 
 notiic- of mcetin'u's lor. (lltl, 1418 j 14(1(1. 14(>7 | 
 
 tonipensation to direct^irs. if any, to bo munlionod, 14111, 14s.">. 148l> 
 
 stat*uiints to be mailc in. 1418, 1 1 IH, 148.-^., 1 18i( 
 novation with ere<lilors on. 1447 
 
 oiler of cipnsiderati.in share- t.i (ne.n'H.r- not olfer to publii-. II 
 option to lake sharcii niider, 1440 
 
 limiting' time for, 1440 
 partly -paid slian'x may be driven, 144(1 
 payiuenf to disseutietils. I Mil 
 
 itut of \\'hat funds, 14 Hi 
 petition for winding-up notwitlistamlii;,.', 1447 
 poner in nicniorandnin of as-ui i;iii..n. under [.'iDS. .Iltl'i .uid !i<nc 
 1453 
 
 resolution for sale of uudcrtakii., I 1474 | 
 preference and ordinary shares, wlicr ,1111 
 
 form of application, where exchanL'e of shared |1478| aiid 
 preliminary a»;reement which is to be ratitied by menibers, bv 
 
 I 1474 I and note 
 preliminary steps for, 143(1 c( ». ./. 
 proce<lure, 143(i c/ ■«'-//. 
 prolit-. clau-e v\i-t ptinu \ 14(>.'>] 
 provisional ajjreements f(tr. 1437 
 
 puriha-c-r niu-t be a ISriil-b lonip.iny if under -uci . 19J 143« 
 raising funds, for, 143ti 
 ratification of a'.'reement, usual plaiu 1478 
 reduction of I'apital, lo elfcctuati', 143.5 
 registration with view to, 14.5'2 
 remuneration of liquidator, I4.il 
 requests for allotment | 1472 | 
 reseissio'i, |K»wcr of |lt(i(ij 
 resolution for, (i'.(4 I I4*Hi[ 
 
 sale of undi'rf.kinir under nienioramlnm !H71| 
 rule in f.-,,tHt/< V. /'.co .', 1141. I4I'J 
 sale ol uncbiimed shans. 1140 [IHil L 14()2 
 
 14.52, 
 
 note 
 1458. 
 
 All references are to the pagis. /' i/c 
 
 Hfls j3.'7| .'■/,, ,'„ //„• r,.rins 
 
1812 
 
 INDEX. 
 
 sid.Ttttioi. shuros in w.ndin){-ui., 14oJ [ 14.4 1 (resolution; 
 Dri'liniiiiurv uirrwiui'nt for |3il , H)n L'*'*! ., . ,q., ,.» 
 
 .ul.. To ,.rmnot/r n^t allowable und.r «..t. Ibl of 1.S62 (now sect. 192 o£ 
 
 .airunaer'powor in n.en.orandun. "f --^-tion for -hares <.B,.,ood 
 
 sale without Kinetion of |?enerttl meetin(f, oM 
 
 sanction of Court to, when reciuired, 1447 
 
 sehenu-* for I 14H7, 14(ih, I474J and notes , 
 
 sc't "•' of 19(I.S, replacing sect. 2 of 1900, apph.at.on of, 1449 
 
 serf. 192 of Act of 190H, under, 1431 H «''/• 
 
 iipplieuhle only in purely winduiK up, 14S. 
 shanJ.'arranwementH as to, sect. 1»'^„ ■'",^' M?^' Vf , 14,1 
 -harcsCo. fullv |.ald shcahl not he "Ih.tted to lic,u,d-.tor, 14*1 
 shares partly paid up, sale may be for, 1440 
 special . Vet, by, 1434 i i i7\i 
 
 speeial provisions as to distribution ot simrc-s [Ul»] 
 spcMJal re^cihnion for. 144H |14Kti| 
 stamp duties on aurecnient under seet. 19J...I4tH 
 supervision order within u year, ettc^et on, I"/- *•*' 
 supplemental aprc'ei.icnt speeifyuiR shares [14b9J 
 time for difsentinj;. 1143 
 uncalled capital, sale of, under sect. Ihl ot l»b. 
 
 iQnu\ 1439 
 unclaimed ^h^rcv;. sal,, of, 1410 i 14HI, 14021 ami note 
 
 riL'hts ill rc'spect of I HOI J and note 
 undc r -eet. !20 of lOOS , lat.' .foint Stc^k Compames Arrangement Aet, 
 
 IHTO). practice, 1492 i-t «('/• 
 underwriting shares under. 2H«, MM 
 use of old company's name, 453 
 valuin;; shares of dissenting members, 1444 
 variations in arrangemiiits for, 1437 
 various matters to he attended to, 1449 
 wi;icliii«:-up. compulsury, as t«, 1451 
 order, ertect of, 14.>1 
 order wilhin a year, effect of, 1447 
 ^c'ct. 1.51 of 19»« I late sect. 95 c)f IHUl 
 .\pp.. Io07 
 
 (now sect. 192 of 
 
 powers cif liquidator. 
 
 RECONX KUSION, 
 
 stock, of, into «h:irc'.^. 1.530 (Act i 
 
 RECTI KK'.VTION l)l" KKGISTEK Oh' .MK.U.- .KS. 1387 el », -, 
 1395 |. 1.533. 1534 i.\ct) 
 action where necessary, 1390 
 
 as from a certain date, 1391 
 application for, 
 
 lialloting for judge. 1391 
 bow made. 1391 
 title of procec^dings, 1390 
 discretion as to. 1390 . , . ,, 
 
 ..ttct of. on notices of general meetings lor windiiig-up, 09. 
 ■•xamination of witnesses on application for, IJJl 
 forged transfer, I3H9 
 going ccinipanv. i" case of. 13H8 
 improper forf'citure, 13S9 11393] 
 
 improper refusal to register transfer ot shares, bOO 
 improper registration of transfer, 13H9 
 interest, in case of, 1393 
 irregular allotment, 1389 
 jurisdiction as to. I3KS. 1389 
 bow cxercis,.d. 1390, 1391 
 insiaiict's. I:>'*i9 
 summary. 1388 
 where exercised, 1388 
 licpiidator. by, 1388 
 misreprcscntaticHi. for. 1389 
 
 I 1 392- 
 
 1391 
 
I.NDKX. 
 
 I HI. J 
 
 ItlXTII-U'ATION or UKiilSTKK «>l" M KMItKKS -r„ii;„,>rd. 
 mudt'H uf procf'tKlin); to obtuiii. I3*M) 
 motion for, 1391 
 motion to uo into noii-witnt'Mtt list [ 1)191 J 
 
 liow ('tfi'i't('<l ttl'tt'r ordrr, 139.i 
 notii'C of motion for {I3H'2|, 1393 
 
 servile of notice of order ( 1392 | and note 
 ordors for | 1393, 1394 | 
 
 eixnpany ordered to reetifv, 13H7 
 
 forfcMture invulid | 1393 | 
 
 motion to l>e [ilaeed in non-witni's« list | 1394 | 
 
 notice to registrar of, 1393 
 
 omi«ion to tile eiintra<l 'ider sect. 'J.i of l«ti7 (rei>ealed) or wet, HS 
 of 19(lf(...| 13't4| 
 
 nsnal | 1392] 
 
 with repayment of npplieanl's deposit and interest |139til 
 oritrinatiTi^ snmmons for, 1391 
 jjrovisioiis of seet. 32 ot Aet of 19(IS, as to, 13H7 
 refusal to reirister transfer of shares, 13H9 
 retrospeetive, 1391 
 transferee's instanee, at, (ititi 
 transferor's instance, at, (ilili 
 nndcrutkinirs as to stamps, 1391 
 undi'rwriter improperly placed on reirister, 13.S9 
 voluntary winilinir-np, in. I.3MN 
 where ni> windinyr-up, 13HH 
 who ordered to rectify. 1392 
 windini^-up, after, 13KS 
 
 in ease of, ISISH. 139! 
 
 iJKcrii'icATioN OK i!i:iiisTi;u iti' .MoiiTci \(;i:s, 
 
 juri-^tliction. (>17, l.».'»l 
 
 orders for, 1421 fl .vc,/. | 142111 
 
 notice of motion | 1421 | 
 
 prnctiiT, 1422 142.5 
 provisions of .Vet, 1.7.54 
 
 BEI)KMl"riO\. 
 
 out of prolit^ with sanction of Court. 12l)3 | I3II1 | border). Ap;i.. l.):i(! 
 
 REItl C'l'M^N OK CAI'ITAl.. I'2.).') <7 >../. [12ti.-< <l ..'/.| and note-, l.->:!7 
 (Act! 
 al>and(uimcnt of proi'i'i'dinu's for (ordi'r) |13ilS| and note 
 all round. I2')H 
 -and reilui-(.d." when to Im- used. 12lii>. 121)9 I 127111 and notes, |2,S3. 12n7. 
 
 1-289 
 appeals. 12t>7 
 arrcar* of pri'ferrtsl dividend, article^ I I3ii(i| 
 
 surplus ecrtitii-atc | !3n7 ■ 
 arrears of preference dividend. 12li3 
 
 income certiticates in respec-t of j 1124 1 
 
 pjirticipation ccrtiticate> in respect of. 12(13 
 buying out sonn- .sliareholders, 12(14 
 
 eaiicelliiii. lost capital 1III8 rl «c',' I ( r«so!ution<), r2.5.i n v, ./. 
 caneelliiiu pu.-chased shares |I12()| (resolution) 
 cancelliiit^ shares by consent <d' holders. r2.)M 
 cancelling., stirrendered share' 1 1124 1. l'--"*^ 
 <-lasses of shares, how thcv should hear. 1119. I2.')rt .' -c/. 
 clauses in articles as to, (1K4 
 
 i;e(.<'s«ity for, IWW 
 eontirniinu' past returns |i 12(11 
 
 Court to <i>ntirm reduction under resolution. I2.ii. 12(1(1 
 debenture trnsti'p'' consent | 12S2 | 
 discretion of Court. 12(11) 
 distribution of iirotits in rrpriynnMit. I.i3(i ( \ct i 
 
 ./// references arc Ui the pajtca. /'«.7<"« "' Ijiockeln [327] rrfer to t/ic I'ornis. 
 
 tmmmmmm 
 
ISI4 
 
 IMiKX. 
 
 rtnifiti'iiti. 
 
 liKDUTlON OF CAPITAL 
 
 juri^diition, litii 
 
 ordiT cdiilirmiiii.'. I'>3.'^ (Art) 
 
 piiyiim' oil rapital 12J.-. .' ■'■/;. 
 
 liv i-sii.- Ill ( I'lK'nturCH, I'.n li"ii| , , , . .1, 11.171 1 
 
 il-y n.^.n.. fund, l.orn.w...! .....noy ""'I 'l-l..nt».e sto. k |U,3| 
 
 lM)WI'l'< ifiviii, 
 
 ' l,v Act of iwis. 12.10. 1..3I-IWH . 
 
 nroclur.- u.hUm- .e.t. 1.^ a- t- rc..r^ral,lsatlu... I2t.4 
 
 ;;:r;Z.!::';...'"t: ril.,';::;';!:-^!, ,...ntr„v..„o, l.«rKai„ ;„ ,.,e„>orand«m 
 
 Biul aiticlis. rJtiil 
 spit. l'.!t>. |iri>ri.<dim."< uiiiii' r-'il 
 
 procedure where creditor! not aftected. 1 :w. [ liM ''.:"'] ,.,,, 
 
 ;l I \vn 
 
 ■</. 
 
 lonl.T), A|.|... V'M 
 advi iti-cmiiit ot ■niiM- ! \->-i\ 
 alli.lavits ill support ..f p.'titior | l-i." 
 
 aci-oiiiilaiit. of I 12KI)| _ ^_ 
 
 aitiiaiv (iii>iiraiirr oltiif 1 ll'-'.'l 
 
 causi-s'or loss I illl <l ..../. I 
 
 loss l,v tire in-nraiir.- loiiipaiiy \^-'^- '-''I 
 
 ^c-ci-i'tary. ol', as t« inrcliai," I r.2HI | 
 
 ;;;:-:;;:;;;;!J^f ,.f i,,. i,..,w,:..n p-.-.. ;:;mh.^.i -.i --itv... 7.5 
 
 ..an.'.Uation of ..iiissucd shar.-. rr-olutmn for l.'l-!- 
 
 flassrs of -l.aros. how Ldu.-tion to fall | lllS|, U19, 1...N 
 (Ittii-r in artirlcs | IW4 ] 
 
 ,,„„paiiv not a t-'"!"-'/"'"'''-"; .^^ '".l' '-"1. 1 l-HS 
 .INpl.n-ir.u- witli '• and .vdoii-d 1 l-!'"- ';7f \\f^ 
 di-tril.utinn of profit- in rvpaynn'iit, l.)3l> (A.t) 
 i.viclc;iiv- of lo.s. \i(>i 
 
 troodwi.:. val f, l.iinL'Mr-: m to a.-nn. 21.- 
 
 insurano,. ro.np.ny. atHd:i-..t <.t a'tn^.y U; M 
 list of creditor-^ or.lrr disp.r.-in:; with 1 l-i- | 
 lost or aiirtp.i's'iit^i! ; a) ital. 
 
 nrlition ri'2r,8. 1277 '•' •"/■! 
 
 !•(.., .hitions for laiifollini; 11118 <-l .<;,. 
 
 rc-i'iiiiions 101 1,1". 1.. ..« I ■ — . . — 
 
 stat.nifiit- in affidavits ol .ausos of | l.n '•' 
 
 <•'/. 
 
 ,„i,„^"i„'I'of ,;..n.Mal ni..-.i.i/^mad sliiliit in affidavit ^\T,f,] 
 
 ininnt-'s. r2K4 12x7 
 
 Court t'l conlirni. I'-til ■ .. „ i.iut 1 niii 
 
 ,.„,l,„dimi-nt of, in nii-moraiiduni of assof.ation, US,, \f>i.) 
 jM'.'-istration, 12H-* 
 
 formsof |12H.>, 12Wi| 
 
 numl.iTs of .sliares stat-'d in | 12H(. | 
 
 "-•:^;::::[;;:;'^it^::::^l:r;p.::t"^.i,li^^9- 
 
 ' „s,- of word- -and ro.lur.il \Vli» 12,21,1-83 
 to plaic petition in papiT | 1272. 12,3] 
 
 s£bS;S;':;iS'S,^-.y|i;JniJ: 
 
 I.i3fi 
 
 ri-solution for |112-t| 
 paying off ono of two classes, riwidntion for | 11.3| 
 prtitioh t-' ^ni-.firin ri2«i«! 
 
 affidavits in snpi.ort I 1-'^; ''•;:'■. I 
 
 ,„^-;;::rt"yr':rm;i^^2l;^^l3i.. i^-^ -v^p- •-« 
 
 priH.f of duo callinff "f in-tinf-". s.-rrtary s afhd,.Mt | I.Sl | 
 proof llmt shares fully paid. 121.2 
 
INDIX. 
 
 I Mir. 
 
 REDfCTION OK ( \riTAI, <.,..ln.,„,l. 
 
 procitiiure where creditori not aifected ■ ./. ■.</. 
 ri;cKii- l..r ir.lui liiiii j r.'Mt, aliil lii»U' 
 |Ullili>lliliLr -UMM>, I'Jst 
 
 rt'iri^tTaiiiin nl" nnlcr :umI ininiiti', l-.-*4 
 sitrniiMiti- tu,- ili-|M'ii'-;ititiTi 1. filer | 1'27'Jj 
 Miiiiiiion^ U) ti\ <hiy tor lp ariiiL; | 1J7- | 
 witliutit |>ri'iiJilii •' to lial>ilily, 
 
 fuIN in ui-rrar. rj-HIi 
 
 riv-oliiliMii fur I Mil 1 
 word", "anil nilin fil." IJiKl ami niili'>, 1 Jii'.i | Ii7<i|. 1 .'k:( 
 
 ili-pi ii-inu Willi [l:'70|. IJ72. I'.'h:) 
 
 ■■•l\ 
 
 proeednre where creditori affected, \i>'. 1J^^ 
 atialiilutinH 111 unlrr | I oO.^ j anil miti- 
 aiKri liM'ini'iil nl' ila\' I'lir InvtriiiL' j l-1>tij 
 
 list ul' cri.lil.ir-', a- to | I'JIIi. IJlCi | 
 
 onlir fur. iit { I:1IK> j 
 
 pi'tilioii for I l'J<ll){ 
 afH(la\its, 
 
 iTi'ditiirs. us to j ! Jil4 I 
 
 nil ciTilluns I I'J'.C! i 
 
 [irininu- (Irlit- i iL'llt I 
 
 rc-iilt of iiiiliiT to iTi'clilors. of I rj'.ill 
 
 M'cri'tary. as to nn'i'tiiii;s j UhI I 
 
 vcrifyiiii.- list of iicilitors | IJ". ij'ttj 
 t'aiM-rllation of |>iiri'lia-i>il -li iri-s, ri'solulion for jll'JOj 
 rani'rllalioli of 'nrrrndiTii! -Ii:n'r-. n'-:ilu(inris for | I I'J I I 
 I'i'ititicati' Iffori* |n'tition jdar n! in li^t. Iliiil 
 I'crtiHcatc of iti'ixisirar of t'liinpaniOH, 153S, 1531* 
 
 i'nni'Iusi\cnoss of, lalji) 
 ('ertitioat<'s as to creditors liy Master or Krirlsfrar ] I'iO.T | 
 ilaiins not admittoil. jiroi'odinirs where, IJSS, IJltl, Iliiil 
 elasses of sliareholders. how rcduetion.s to fall [Ulil], 1119, I2JH 
 
 Kintiniiation of past return, with resolution for | H2(l| 
 ireditors, 1JS7, IJS-i | r2ll-J, l-j!l.) | 
 
 appearance of, eosts of, lltli'i 
 
 eiititlivl to olijii t. r.'HH 
 
 probi til f, 1298 
 
 pro\ isiims for. I29S 
 ililientnres to lie issueil in suhstitution, resolutinii, 1 12.1 ; order 
 
 I13llll| 
 (li^peii~in(; with words "and riylueed.'" 129S [1299 rl srq,'\ 
 founders' .shares rediH'ined [ l.lol | 
 III aiiiiu'. dav lixed for, 
 
 advertisement of | 129li | 
 list of ereditors, 
 
 advi rti-enient a- to I I2!i: ] 
 
 »flida\it as to ] Ii92| 
 
 iil^pi-rtion of llilill 
 
 s<lllini.' not dispen-ed with even if no dolits prohalile 
 list of dehts. .^e. I 1292, I29.>| 
 matters to he atiend(*il to, I2H7 
 minut-i' liiMik of ;;eneral iiie<'tini: 
 iiiiiiute.i*. I3II4. 130.') 
 
 ( ourt to eonhriii. 12(il, I29S, l.)ii4. I,30.i 
 
 emhiKliment in memnrandum. I2H7. I3il4 
 retrisfration, 1304 
 
 forms of I ISll'il 
 
 reipdrenients as to. 1394, l.30.i 
 noti' that eertitieate has heeome Idiidini; | 129B| 
 
 1288 
 
 12x8 
 s made an exhiliit in altiilavit 
 
 [1276] 
 
 All referenees arc to the ji.igKw. Pmjc^ in hnirketx (327] reji-r to the Kornis. 
 
181« 
 
 IN1>K.\. 
 
 HKDICTION UK CAIMTAI. roiil.iiiied. 
 
 prootdar* whwe crtditori •ffKMd ..'«'■„«'./. 
 notices. 
 
 iTfilitor, to. to prove | 1294 | 
 .n.litor-, to I l-2'yi \ 
 int. nlioh to o|iiM»c I U!ti 
 no (Ti'ililorK. wliiTc I rjy3| , 
 
 of onl.T unil niiiiuti- ciiniiot l>c di.<(H'U-)e<l with, l.S» 
 to . r.ditor t<i iluim I I2»'i I .,, iixwi 
 
 ,„„ n- for onlrr t. -.'rM' l.y adv.-rti.rin.'nt I U9.J 
 
 ord.rn .-onHrmini.' 1 12(»7 W .,,,.1. U3H („\'') ^ .,,,„„, 
 inquiry uh to .l.-l.t-, &.■. (.•rodit4.r» atfinUj) f UHO) 
 rriti«triiti<i». I3t'4 i i-mn inuil 
 
 ...ruritv for .T..,li.or, l.y Puvnonl >nt.. « ourt 1 ^«' •',•'" 1 
 M.ttinii down |..-lition. un.l for iidvcrti-rMirnt, U8l* | li»' I 
 parti, ipa.ion .-.rtili. at-, for urr,.ar» of pr-feronti,.! divi.l.n<l. IJ«3 
 linL' olf ni.d .xtintfui-lm.ir -P'-i"'-' '^'""': ":'"'""'" /'.iJ," '"j 
 
 pavnn n. oH- l,v. an.l i«. f d..l...nturi>.. r.-.^..t...n for | U231 
 
 p. "nultii'H for .^oMiralinK num'' "' iTcdit..r, 15J9 
 p.'lition to <i>nHrni | l'iH«] 
 
 ttdv.rti-..-in.'nt of | 1'2»1 1 ; »I'<'<"'1 I 12»1 I 
 plu.inu' in lixt. liHC 
 titl.. of. VIM . 
 
 pr.«if of due (uilintr of nnitinit" [ li»i I 
 ,,nMif:.of ir.dit..r«. ...■<t-of, llllil ,,,.„,. 
 
 p,.nl.u«> of .■on.panv'-. own •. larr* by '-'M 
 mln.inir liability »< «han.l...lders l.y. li..7 iliSill 
 
 registration of order and ""»",".••.'■*",'*,, ,^ ,,1'. ll-ll 
 re«.lnti..ns for rediiiti..n ..f liability 1 lUS. lll.i, U-ll 
 return of eapital. reiolution f..r I lll» | , 
 
 on f....tintf that it may be eallwl up airai.i | in«| 
 .anetion of Court, when r<«iuir.u.l2.i.> 
 
 wh.n not r..|uir.d. App.. 153ti (sert. 10, sub—.ts 
 1,')37 (sect. 41, sub-soets, I (.'), 4) 
 savin>r ri^-ht. of en^litor. i^ne.rant of I>7;Y. '';,-"• 
 sninni..n-. f..r dive,t,.„,s. .r.-lit .rs atf.'. t.M I Jm | 
 words "anil rinlr .I," dispensmir partially with 
 rl -,,. I 
 reeonstruetion to elfe. tu.ite, \VSt 
 rideniption of founders' shares | 13111 | 
 ri^dueint' liability on shar.s. 1257 1 liW | 
 reiMstriition of orders ami minutr«. IJH... App.. l.)3^, 
 resolutions for I 1117 W..vl,12,.5 12«4 
 return ot in.inev t.. sjmr.'h.dders | lllrt. l.i.M | 
 Uules of l!HI9...1lir.2 <■! »"/■ (Al'l>) 
 advertisein.'Ut of hearintr, Kiti.T 
 of list of eriHlitors. 1BH4 
 of petition, Uit>3 
 affidavit as to er.ilitors. KitiS 
 
 result of iii.piiry. ItiW 
 appearame. eosts of, ll'itii 
 eertifieate of eri^ditors l(>t>4 
 eonseiit, evideiui' of ereditors', lt><>"> 
 ereditors, eertitiiate of, I'l"' 
 
 evidenee of eonsent. Kitl.'i 
 fees, Kitio 
 forms, 16fi« l«7t> 
 interpretation elaiise, l()t>2 
 list of ireditors. inspeetion. I6ti3 
 noti.e to eriKlitors. Hili-'i 
 order eontirminir redu.ti.in. Ifili.i 
 proi.f of, where elaini not admitted, 16t)4 
 summons for direetions. lfiK3 
 title of jipj.i-Hlitijrs, lf>K2 
 summons, onler to s,.rv.- by advertisem.'nt [1292) 
 the various kinds all.iw.il. 12.7,5 
 what Courts have jurisdi.ti..ii, 12ti') 
 when sanetion of Court repiiriHl. 12.)') 
 
 when not. App.. 153li, 1537 (seets. 40. 41) 
 
 I and 2); 
 
 129« 
 
 use, 12MS I I2im 
 
 i.-.ay 
 
IM»KX. 
 
 \Hn 
 
 KKI»l (TION Ol' COXTKACTS, 
 
 lift) uiaiirnnrc iiiiiiiM.iri, of. 1,1:11, i:i:lli cApp.) 
 
 l(KI'Hi;.SI|\Ii;NT liociMS COMPANY, 
 object I'laiiTS ot [AtM | 
 
 HKtJIHTKR (COUlNrAI.). 
 
 artiili' iiH til ( (.'i; I ;i;iil iii.tr 
 jirovi.iiuiK of Alt a* In, .\|i|i.. I II 
 ■haro in, kh to, )i7.s 
 
 UEiaSTKIi (l|- tOMTANIKS, 
 
 •trikiii(r oB tlnruin i I'linccriin, App , lis? 
 
 nrxii.sTKU OK iiiiu;(T()i!s, las, a,,,., i.>ii 
 
 iii|iy III [b'Jl ) 
 
 IH'imlty lx>r not ki'i'|.iii.', .\|ni., l.ill 
 
 ItliCISTKIt Ol' MlvMllKK.-^, 70 -' .,;., Ap|.., I.VIJ, 153:1 
 alliiwiii}; ini,'?i i>iiiiii' lo In- oi., 7i 
 ilosiii!.' of. 71 |liTi;| unil ru.;,', App., l,'i;t:i 
 culiiniul, l,>,lt 
 
 colli iiany l.oiiiiil to kri'p. 70 
 ronditiiinal roi;iitraiioii in, ,~ii, 
 i-oiiti-nts, 7<t 
 ropii's of, 70 
 
 drlay ill applyiiiu' to In- ri'ii. ■.'•il li..m, T . l^-^s. Ki!") 
 ili'trriiiiiM s riiflit to mtr III :- nerai in iMi'ii,-i, 7o:{ 
 CMitry upon, whi"i niM'-.n_\ m loiiiplni' in iiilMTKliip, i:i 
 
 no' a< to ciilwi rihiTn lo iii,'in.ir.iniliiiii. ,'):j 
 
 not l■onclu^i^l^ ,il, 71, 7:l 
 
 wlu'll imiK'r(*,,Huiy, ,'>;j 
 
 witlionl a^isint. .'i7 
 v\ idfiii'i' of, 71, 7:> 
 C'VlraitH and nipii^, 7il, App., 1 'i.M 
 c\lr;«lH from, rli;lit to iii.ik.', 71, 771 
 iiiMpiTtion of, 70, 71. 771, I.'i; 1 i A' r , 
 
 atri'iiti or sni; It,,,-, of i •..iiiov o- tiiriiilii'r,!. Iiv, 71 
 
 I'liforriiiif ii:'lit ni, A[ip . 1 i:):), I.VM 
 
 wiiidiif(;-iip >to!", "I. 7"? 
 local, in (■ololtll■:^, ;i', ,.i,', 7.,s 
 
 llicliioiiKcliiin of COM p ny -^ lien c.inii.il nsicilly lie cut' red im. 
 n.'iiiii- of lirii, riini|ii y ii.it lionii.l to cnlcr it, (i>0 
 
 llOll-COIIclll>ii\cm'4S of. 71, 7 i 
 
 penalty fur iiot ki'"|!in_', Ap(i.. l.'i;i:J 
 
 l'r-ii:n ffirif ciidenc' of. 71, App., l.i.'U 
 
 lirovi«ion„ of .\rt, I ■.:tJ I.Vll 
 
 publicity of. 71 
 
 rcctilicniliin uf, I'v r.rd.T of ( 'ourt. I:;s7 , / .-, •/. f \3',y2 rf »■ v. i. 
 
 .'•"/ ^' I.I IIIHMIM-, ,1 idMsiC ,.!■ .MCMCM .. 
 
 notice to HcLri'irai-. .\pp , IVIl 
 ridi.ince inu h<iw t'l he puilit'c I, 7:1 
 rciiHiiy fiu improper i^ntry o- oiiii.^i'.n |:H7 ,7 ,,.,/. 
 rcipilrrnieiit* of .\( i. 70, 7i 
 
 siili.M rilirrs to in nah.him iirel not li.. entered in. .'li. (si 
 
 transfcrci inipriipcily ie^l»teriil. .Vi 
 trii-'s not to lie eet ■V, I, :i:i 
 
 WroMe-fld ri'MM\;|| o*' 1] r.l.. flMill. M 
 
 I v.- 
 
 !!i:(;i.sTi;i; or \(i)1!T(;a(;i> , . :p,.iy-.,.i. si. i-..m 
 
 r'n/ii: ,, e I, 11' ,.i' Mli:iri-<, '.,, riirlit to i:irurmnlion m to, i:SS 
 cjnu-" it! article- :■.- tii ! li.tK ! 
 
 .»// refer,' art' to rlie pai,nw. /'nyc, ,/» hnirketi [:!27) iffrr Ui li I'nriii,'. 
 
 »•• C <: 
 
 WMP 
 
1818 
 
 iNI'i 
 
 ..|f«Tt of 11..I, r..«l*tr»tlln.. ••»«♦ 
 
 iii-DPitiiiii of. WHS 
 
 ,ig|,t I.) take i-oplrn of, tWH .71 |, "•' 
 
 BKCIStKllKl) «-OMl'ANi, 
 ' iiiirii.'iiit<ritl 
 
 aa u«aiii«l 
 
 oiiipanv 
 
 1SB3 
 
 Ir.-liiii'l. must bi withi 
 
 ^^^ vImnKo from ..... purt of Ini.-.l U.".»a.,m .- 
 ,„iii|>Bnic». uf. '*' 
 Kiitflaml, S...llui.a, ... , 
 
 provi»ii>iis ..f wit. I>. »t •*'> 
 
 Situation f. be .tutcd in memoran<i«m, 454 
 
 annual li.t. ..f m.-mL-r- «" »' *'"^' *"/',-, Jmh 
 
 fris payable to, H» 
 
 Blink' contra.tH with, B». •>■> 
 
 i, rrasc o( .ai.itul, noti.c t.>, App . 1»'»' 
 
 ;':,[:Xn of io.u„.cnt« wi.!., App., 1-W8 
 
 notl.ra t... 34 
 
 i,noth.T ....t .I1..W.H1, H,i 
 
 HA 
 
 ti, I !.•){!.•' rar, Si, 
 1541 
 
 i.r: 
 
 763, App . »*3-. ''•'* 
 
 IPS I... ot . , r .. lO 1 
 
 imr.>a.«' "t <ai.itn\ IblSl 
 of r.-1'Kt.r of 
 I.I' ..tK 
 
 r.-<tifloa1i.>n 
 ...lutttion or .-l.aii 
 
 nii'mlHT". 
 K12| 
 
 M'!' 
 
 1.-.33. 1i34 
 
 .llutttion or .-hanj:.' ..I """^'; '"-',, ,,):). 614 I 
 
 ,t>.ti-m.-..t .n l..;i "I I'V'"'"'.*"" ,-,H- 1.5SH 
 ,iHion. of Act HH t.. --""•• -.^PP-' X : ,0 1..- -nt t... 
 
 !iition». '"I"' 
 . iv.', t>b3. A 
 
 to 1)1- <i'nt ti 
 ,p., !■•':« 
 
 Bpe<ial or >xtrii..r.lii.arv r. 
 trusts, Mc.ti.u of. »"t '" ' 
 
 UKCISI'HATION. 
 
 olHn. and ft-,.., 1.W7 
 
 BE«.STUYr.0N(.K,_n,MPANV,_.,_4.«^^^ 
 
 appli.ation f..r, wHp" "" ... ,,„ , ^.,i \ , limitiHl lial>i 
 
 tiU, I'.tl 
 
 appli.ation f..r, wi.pn ..o ..... ■ ' •■; "....^ , , 
 " ,pli.atio,> of e.K -t.n« .•ompa. v ,,r b.4 
 ;/i,;,li,.ation of .xi.t.nL' •••'.-'>'>• t"' l''-* I 
 
 llimitiHl lialii 
 unliiuitwi '■ 
 
 •J4. i»3 
 
 ! :t8 di'.' 
 
 may be 
 .If iuini' 
 
 iirti'lp-. of a8s...iatioii. 
 ...rtifi.ato lU.v:) 
 ronoUi«iv(i^r..n of 
 ..ttcot of, 24 
 consent to a. > and I., nan 
 declaration .■. applyi. i? 
 persons l..-fore wh.iii. 
 defunct company. «trik.n; 
 dirc(.'tio-i9 as t.., 1 el ""/ 
 aocum.-.l... to ..■ filodon, 1.5 
 ..ffct of, 44<' 
 f,-..s payable on, y 44.» 
 f„n.i^ners ,nay .^bta.n. '..- , 4o 
 for.ned under the old.; A s Ap 
 
 c . re-;."'^* "" ' ' ' ■ 
 
 iist'of persons eons. nt. ....'<.' !.-_, .^ 
 „pn.or!>„dun. of a-s-H-oition, of. 14» 
 ,„oneyle,.dinK.-m,,par^-.-. ^ _,, 
 
 ,„>w company, in . .m ' 
 ,,..,.! -up .s'^.r.-s. ai to. -U . 
 I'lrt Vn. ..f Conipai.c- .\ct. 19UH 
 declaration verlfN..:- do.-.....ent- 
 
 tor in ).. 
 
 nuid... en.i 
 
 , 2(i, 1337 
 
 158*. 1589 (P' 
 , 4, S «• : 
 
 iimpauy 
 
 407 i 
 
 [6081 
 
 ,j87 
 
 ..f .\ct 
 
 1436-143H 
 
 lUdl, App 
 
 se-.t. 254) 
 
 . l.')«9 
 
 1 626) and 
 
 ..te 
 
 ?!aat!f^staati^istaii 
 
ISIIK 
 
 IHlft 
 
 HKOifrriM I HP 
 
 <i»M| SY- 
 
 |iri\.i. Miiiii , tl(i; 
 
 rwofi-irii'tiiiu villi \\vt I... 143a, 
 
 fwoliilii.- fiir ulir I ' iupaniiMi Aii n'J 1 1 
 
 fwt«rni. i of i|Mi'V'' ••-■> tu(l3., i|, n:t7 
 
 !■ '■■■■ " •", .(-.Ii't i 13.171 
 
 ^UiU|.- M. 1)!). .. INV 
 
 - i'uu>ry ■•' ar ,»fi on |;>ii;j 
 
 nlf iiimip r<:rHtriii-'i' 1 pi|t>r Vi 
 
 ■taOrr <w. f \," „( ^^^ 
 
 iiii-i \ 1. ii.i 
 
 
 ^•i>riii 
 
 
 
 ''i(> 
 
 
 ,-ltl 
 
 .lltlcl 
 
 '1'.; 
 
 
 1. r'^'llufipn 
 
 .r |W,i 
 
 will 
 
 i .•■«■ 
 
 (111. 
 
 Iiraii. 
 
 IIM4. Mitti 
 
 
 KKiilSTHVI tn\ oi' KM 
 II'. !■ • I'll Vll. „« \ 
 
 IM roMI'.VMKS, 
 !■>><" 1590 
 
 nr isii, . ri»)\ n 
 
 -nim(iTf'r*'i r._ 
 
 I'I'.iyi.ii'iil. |:i9 
 
 KElil.VrU.VTlU.N -iCI 1 L.i 1:01s |H>( I MKN r.«< 
 bill of •*[{• Hi- .-11,1 ir. (il 
 
 conn iny'" oontr.i - •mritfoK. of. bU.'i ,/ »,,,. 
 
 ICir .It r..r 'KW , ... .liy (,, II, I,' IIUHU' M ll|(| iin<' I lOltO] 
 
 ii...9c.. ' -.. Off an (l.rr.-t..r HiU6j. ,1 l„. i,atii,ii in |.riw|„.,.ti... ,<;i 
 miniit ad i- u-r ■■-. rrduction of ri.|.iiul, I2.SI. IJS.j. Hiul, |:io.'i 
 
 •rdfr 
 
 l-r »i..i H. Itn ut VMt, (lat.- M.-iiicniiiiluiii uf \,>,. 
 
 .\.-t, -'.Ml' ..ISill 
 
 f. 17S 
 
 ■ro-tirr- 
 
 ,,/. 
 <««] 
 
 
 rriiAi.KS AM) CilAKfiKs. '(, tilii, 
 .iifiir. J I [1.20] 
 
 (EUlSTli.XT . Oi 
 book il 
 ccriiHriiii. 
 iiTtiliiati's. 
 iluuw ill uri 1.. , (W.s ; .■kI nuto 
 
 iuni|)ariy's il ... lu, (ilti ( At ' ) 
 i-ojiii'^ i,f, 1. ,iiiriii :, ()N» 
 elfoit of n()n-ri>);i..|raliii|i. App., j.>,52 
 fxtii.ilii.i; liiiio, til7. U21 -H24 | H2.i, U'.>(i ). App., l.-> 
 lidcnlal," nil iniii); of. | (•.>;• 
 
 uppliuitiiiii. liiiM madi U24 
 
 • a.-i-i wl.ore i'\ !. ii>.ioii .iii..Kali|i', 1422 
 
 lomlitions of 1 lii'f, 1421, 1422, I42.'l 
 
 dpri.^ioiis on ^i.. tii.n, U22, 142it, 1421 
 
 discretion of Co'irt. 1422, 112,1 
 
 ■• ina<l\i-v!.|ic-c ." nwanini; of, 1422 
 
 notice oi nioticn | 1421 1 
 
 onliT" tliiTcon I 142(i| 
 
 pro\ii'i(inM of «., 1. <Mi of 19(W, App . I'trii 
 
 rule in .II.,,!,., I:., ■■.I'll, und criiiiiHin li, 
 fees on, .\pp., 1.5.11 
 Hoatinj; iliaive, of, iilti, (il7 
 forms ii'ider jtil.S ,■! ». 7. | 
 imi. s t., rciri,ter», (ilH 
 ins| . (ion of le^iste:-,-, s-, .\|ip.. \r>-y\ 
 
 (eompuny's iiftire) 
 memoranduiii of, .sati»f:icti,.n of secitri'y jfc;;!] 
 lion repistratiuii, 
 
 itirit (if. .\j.p., |.<.)2 
 
 relief a>r:ii"st. (ilT, 1121 
 
 ■n, I i 
 
 >«:<•); 15., 
 
 An references are to the pairc. /'„,,,.., ,„ I.,,,,-!,.!, f 327J iv/.r to Ihr Foriin. 
 
 t J 
 
1820 
 
 JM)KX. 
 
 Loli.ii..K for '•""•""K "■;♦'?',■"■''?-;•; 
 
 ^ro^Ui»n-^{ Art. A!.)... l-^Si I."' 
 
 not .•ImrKiiit- "!''• "'' . , „r„„..,ioi. to cxUtinK .r.-ditois. (il7 
 
 „„.all.-<l ™,.ih.l, ohMrLT on. .V. ) i •.«« I 
 umlor rfpuili-il Coniimiiios Ait«. 
 I'U)'!! n« to. lilti-UI'^ 
 
 ;;::;:;;m;:;;'^i:::;-t;"'^H.':'i: ^ '••■"•'" •■' ^"'•""" 
 
 KE(ilSTi:ATM)N or TI:ANS1 KW ul- SUAKKS, ,i,ib .< 
 
 fcrtilii iitUm. •>'•' , . 
 
 ,.l„n».'r. ill urll.U'^. liVl anil iiot-* 
 
 ,.„„,,„,„>•,. .lufi... ..,„! yk'I.N_a- f- '.•>■' • ■ ""'■ 
 
 a:,i:.;o.,„.,vr..,.nr..tim.-.o.n:.^Hl;ra.t...W,, 
 
 airc-torx' ixiniTH a- to. (., 1 . <>(-, 1>J> 
 
 fnincl. title .>f tnip owner i- n-;t .lefe;,. <l \<y»i* 
 noti.e before, to Iriin-f.Tjo-. tHJ 
 piKiti.c of conipaiiies, >>i> 
 iH-lii-nl of. tiKT. <>7I 
 
 ilumup- fi>r, lilH. li'l 
 r,.,tili.ation "t reirnter. t.l,... 1. « 
 
 t,un-feror ,. niwlo.. for tnuH'er.H. uhl.l. «.■■<. 
 
 uk(!1st:!\tio\ ()'• Titi sr i)r.i:i>. 
 
 r.TtilK-atr ol Hi-.'iil 
 
 . 071 
 
 liKCUKT, 
 
 I,.,;,.,- „'• |lo:,:',l 
 
 UK.ill.M.lTV. 
 
 |.ri--i',.i|i:ioi, 
 
 ,f, ii, ,-,. „(..iny'-' (Kilin.,-. 7'.<, H2 
 
 (,„/ ,. .■ Ainii 1.1 - "1 ^- 
 
 Ui:<;i 1 AliONS (II- lOMI'ANV. i.U •■! ».-, 
 
 .,lt.'ri.'llo:;'ol-.t.;l.i. 11"'. App. 1^"' 
 linii,, ,o. lUil. I 111-.; 
 
 Ip,.,!,,! rr^lutiou. l.v. ••■H.. i'li 
 
 ^l.itutorv |>owii. H-i-'- ""'- 
 
 l.ilKlinir opeiiilioli oi. tilfi 
 
 .oMipai.v l«'iii"l 1". "«■ f":;, '•'•' 
 
 ,n-.'« wlu-re liiM.I i.of. *>i> 
 io.>trii:ti\e nitir.- of- 77 ^ 
 lontrii t iniplif<l ill. '*»•!■ I''*' r ,....-,il,irilv 79-8'2 
 
 meaiiin',' of term. tiHl 
 
 nirnioraii'liii" eonlroN. I.U 
 
 ,n,.nr..anaur, of a.>o. .:.ti"" H i"' ■ '-H 
 
 new. rii<olution to .Hl..pt | nui I 
 
 not!.;, of. i.np..te,l to ..o.rel.oUlep. ai.d "tier.. 77 . ^ «- ;■ 
 
 ,„.»er to aller. (1311. Il'>-i 
 
 roll' 111 ' ■•-• » • ' '"' ■ ' ■ 
 
 wint »re. 630 
 
INDI .\. 
 
 1821 
 
 KH-lSSl K (»1- DKIIENTUHKS, 
 priiviKiunB of Act, 1551 
 
 Klil.ATIVK WOltDS, 
 
 Kiii'truin!; niviiinriimliiiii niiil nrtivIcK in, till'J 
 
 liKI.KASICS. 
 
 artiilo^i as to •■i.iii|>aiiv irivinij ( i.>2 | 
 
 >imlir-. .iF. !J1 .. |-.'li' 
 
 wljiii iii.t til li.- i'upiicvl ai to siirfticn, 1247 
 
 UKI.ICIOV. 
 
 land liuldini; liy i i>iii|>aiiioi fur |Mir|">*' of |ii'uni<itin).', Vll 
 
 nEMAINDKKMAN. 
 
 diviileiida payalilf to, Ttiti 
 
 REMOVAL, 
 
 dircftorn, of, 7Hi) 
 
 artiolc a« lo | 7'Mi | 
 
 iiijnniti.ir, ai;;iiii-l .x. lusioii | MO."- ' :ind iiiiii' 
 
 BEMINKUATION, 
 
 dinv-tor, of, 724 '•* •'■'/. 
 
 apporlionminl of, 7i(i 
 
 ililllsrM f: arlirlcM | 7:.'l. 7:11'. 711 I 
 private irinipaiiY. in | !'lt2 | 
 
 ilfcct of pronii-'c :o srrvc for iiolliiii),', 7l'.) 
 
 I'^er-tition airiiiiHt. 727 
 
 I'Ntr.-: siTvic'cs. article ^.s lo | 744 | 
 
 lioldinir 'pmlitiiHiiim as tnnlee for .iiiotliir ..laipaiiv, 72S 
 
 lien for overjiaid, lilii 
 
 pension. l)y, 72(1 
 
 pcrc<Mit.i«:c', liy. 72."), 727 | S24 | 
 
 proeeeilititfs to recover. 724 
 
 «el(ilf a.'ainst imIIn when .i fraiidnli'iil p crcnee. "27 
 
 "tatiMi t ns to. in prospectas, 2.<4 
 
 suinir for. 724 
 
 to wli.it entitled. 724 
 liipiidator. reion-trnction, on, U'll 
 manaeinir director of. article n- lo | 7:19 | 
 promoters, of. I2!t 
 
 ■ onditions of sale as to. I2(t 
 ol)jis t ilause :,s to lam] 
 
 pn»i>Ton in arti' li s as to Itil.ll 
 operation of | Ii45 | 
 
 scrvix's for fornuilion, MS 
 
 solii itor, of. 
 
 M-rvitc. I.i.fore fornnilion. 14<l 
 
 KENl \(i.\Tlll\. 
 letter of I KIM I 
 
 slanip oM, lO.Vi 
 
 KKOHcANISVIKtN OK CAITrAI,. 
 
 cojivi'rsion of founders' liy sulisiitalinir onlinarv shares , 1 1.' i / «.//. 1 
 
 (letition for. under sect. 4i ne.il not lie advertiii.il, 1271 ' 
 
 prmwiurc in lonionciion wil!i niluitii.i, of i apit;il, Ijiji 
 
 stit. 4.) does Mill impliiillv control or a^fi-et otlnr powiT". l.VJH 
 
 Slit. Ij held not ai.plicalile where prel.iinlial riiflits ;ire not aitaelicH 
 
 liy (he memorandum of assiHiatioii. I.i2ll 
 provisiorm of s.ct. 4.i of Ac(. Apii.. I'llH, I.VJd 
 whore nei'tiinf of ordinary slniieliolilers ilispensiil will,. jVJi) 
 
 Aff rcfoFfii-*- rtP,- to the p.T.Ts. /"a./i . i'.i hi, ,'l,'U [327 j 
 
 ■ le, i., Ih. 
 
1822 
 
 INDKX. 
 
 "'"'^'JVi;;- Act. of earlier o,.«..montO.WH 
 
 KKl'KAl.KI) .UTS. ,.,,.„vol l.v l„t.Tprot:.ti.... .\.<. lxH... .20!. 
 
 <.aui«" of iK-tioii iiixlt-r. iir> |<n 
 
 "^^aaim. for -alU. in, form of 
 delivery of. in sxt'on. 1»«" 
 
 13711 
 
 iticrouTs. 
 
 5lS-Sib;:S.-:;"!iK'^" 
 
 valuer or ex|iort. r.'f.rriiiif t. . i i i 
 
 iti:i>ti)iATi()N ('I- vuui:k.mknt. 
 
 .ubwquent ratitteation. 741 
 I.1.I.I m VTION Ol" S1I.VKK8, 72, 73 
 
 197. 198 .-t .../. ,.„„Hr,„i..K eoutm-t, e<fe.t o.'. on rii ^<- '«»- 
 
 londutt uppiirentlj lonnnmun 
 
 •200, 201 
 d..lay. riKl.t l'«t l.y, 1»J.- »9» 
 
 what Huflieicnt, l»i 
 fHivtual. wliat is, l'-'.* «,;„„» loq 200 
 
 forfeitur... effect of. on r.^ht. 198 
 U-kbI proc ■••Hlin);* for. 1« 
 nrompt anion iicissar). '"' 
 ?u7«o!.r or .uspi-ion. Jel»y « ter. 1»« 
 
 ttifn-craent a« to l*'*! . 
 
 ,.lau-.<inarli.l.-,.a9tol6901 
 ,.„n.truetion of provi...on« ^^ to, ..91 
 dire<tor» dutieo. 891 
 
 ,,(f,,,.t »f ,,-.tifyinK ret;'"»er. »^- 
 
 form of 1415, 1083] imiii 
 
 notice by reMuisition of me,^tu^' 1084 | 
 
 private eomtmny. .n '"* "'■ '»»» 
 
 REQl ISI'IIONS. 
 
 .BM.-! a» to insisting on, .l.>2 
 
 111.- ni.'(;lrtTK VTION (I'M'i VII. ). 
 
 Hl'.-rir."''7"*. ' ' J . II „f •. iinreifi-'tereil < 
 difinitioii in I'art \ "• ."» , 1 W» 
 unliniit.-.! .ompM-y a- limited. IM» 
 
 ■ompany. 
 
 l.)9» 
 
 .ontrae. to lake »""•'»•."•, "*,,.' ' ,';;' %,m 
 
 aciuiomeoe.. l.ar« "«'";'''•.!,„' ^.,^#\ 
 di.„,.'toa.tionfor, 199 1.3.3 13781 
 
 ..flfeitual .vpudiutioM. wluit is 19.. 
 I.. ...:,,., .l<.Hiiitivi'. wliat i*. 200 . 
 i;^,;V,^;.v,t.o„wn,<li31VI3..M-->^ 
 
 ;-rr;.roi'f:t^r;.!..on.itii..,.8 
 
 J«^*/. 
 
 I>t"- 
 
 I'.Ni <'f 
 
INDKX. 
 
 182» 
 
 IIK8C1881UN - iim/i,„„->/. 
 
 contract to take nlnin-K. of -runfiiiHn,'. 
 miiwtatciiK'iit'i ill ;iri>t[)i'i'lu« for. 183 
 
 none unliiw allnttiT iiidiicfld by rcprpupntatioii or ^niijiriH 
 notice of motion to riHtify rci<iitor uiiil orili'r< \\V.n. li 
 
 13961 
 pli')ulin){'< ill I lilT'J 1 1 «•</. j 
 rcatrainintr forfeiture j>en(tifiL' uiliiii for. l^K 
 where ttulu' nwtli iniposHible or ini|>r;irtiiMi)li'. i'h 13» 
 winding-up, (irompt mtioii rere-inury for, IHH 
 writs of nuniinon- lor ||:!4>. 13l'l| ami ii >t •- 
 
 directors, liquidaton", unci other »){«■"'" "•■' att-''"*', i*' 
 
 promoten an affa'n't. 137 ft «<f/. | 13,'>1, 13.i2| and noles 
 judpinentH for 113»(. 13!t», 14(M1, UlKlj 
 lien on property |l3»!t| and not- 
 
 underwriter, at inntanee or, 1389 
 
 iiii, 19-' 
 I!, i:i».), 
 
 BEmCKVK CAPIT.\L, S2 |S89| and not.;, .\pp., 1540 
 clause B!) to, in memorandum of a^-iK-iation | 589 ) 
 provisions of sects. 58, 59 of 1908 (late Act of 1879). App., 
 resolution creating 1 1127 | 
 
 l.itU 
 
 RE8ERVK KIND, 754 
 
 altering articles so tt.t to provide, 754 
 
 application of, to what purposes 1 754 J 
 
 apportionment of loss on reduction of capital, 75.5. I'Jfi'i 
 
 article an to | 754 1 
 
 company's iuiplietl power to estubliith, 754. 866 
 
 distribution in iiintrBvenfion of artiehM. 7.i4 
 
 issue of paid-up iihares again'it (eapilalisation). 751 1 1063. lll'2| 
 
 meaning of dividend in article as u>, 7.54 
 
 position as regards preference dividend, 813 
 
 profits cArried forward, but not to funil, 755 
 
 provision in articles |7541. 813 |lll'2| 
 
 reduction of capital, effeit of, on, 755 
 
 regulations, alteration of, as t4i, 754 
 
 rights in winding-up to, 784 
 
 'i -"its of clas.««'s of shareliolderx in, 75.'> 
 
 ,■. ri,. as to, X •'11/0.4 V. Hirmiiitrl'".' finnll .limi Co., (1906) J < h. 378. 
 
 .in'h'T riling paid for out of. 28<> 
 "DC •>' in husineas |7M|, 756 
 
 KKSERVE IJAHH.ITV. 
 
 of limited company | 1127 |, 1540 
 
 BESIbENt'E, 
 
 company, of, 84 
 
 BE81(iNATU).N. 
 
 directors, of. 723, 731 
 
 article a» to {723, 731 { 
 onci- made. irreviM-alile. 724 
 
 BESOIAiTIONS. «92 fi .c/.. 1091 H «C7. 
 accepting offer { I133| 
 
 acquiring business by way of ani.tl'ramation. »■• to 
 adopting common seal 1 1I33{ 
 agreement, for sealing I 1131 1 
 agreement to seal |1I33| 
 oUotment of shares, for [ II 32 | 
 alteration of regulations, for, 1102 | 1102, 1I03{ 
 approving draft agreement f 11.33 1 
 
 11281 
 
 All references are to the |Htges. Paijiu in hrarketn (827] rffer to I/if Porma. 
 
1824 
 
 INDKX. 
 
 741 
 
 llin 
 
 11271 
 if riulit'' 
 
 . I 70il I 
 
 KliSOIATIONS -< '; ''• 
 
 sppiovii.ir i.roMK-'tus U'''- , 
 
 h;u,krr«'lnstr...tioiis..-t..LII.U 
 
 bankinp ...-.•..uiit. '"^ '•l»'"|"i-;A',V.V| 
 
 borrowimt. '"f 1 ' '-' J 
 .all, for I1133J 
 
 iiiiiiiiti- of, ti.W 1 1 iiiii 
 
 ..annUali.n. of f""".l';r^ »';'-. -'i 
 oai.itali^ntio.i of prohts |1(H 3,11^1 
 ,.l.I,„iri..^- ..an.e of .-..mp.nv 1 1 27 1 
 
 conlirmatioM of irr. >.'..U.r pn v.- .l...>,'«. i'- 
 
 .•oiisoliilali.iii of '''"■'•1'',,.' 
 
 (if >li in-i iiit«i sM'k, 111 , , ,,,^ I 
 .■ontinu.i.t ,Hiw«rloi>-..;s.ar,.s|1105| 
 
 .,,„„.rM,.r. of -t.anw .nt.. ..t...M I 1 
 
 into pnffrml aiul (li-f.-rrcl stM« i Ull 
 
 dobiiii'ii-.' >to(k |ir2> 1 , 
 
 a.-laiMioM of .•hairii.u.. (.<m, HK), lOllS 
 
 '""".'::uhal!M„ to pM.eral mo..i..it. nrti-l. . 
 
 ^,itt..o «ill.oiil mctiMir. a-ti.-l." .I" 10 1 
 
 ,|i^i<ion of .Imrr. lot., olas-.^ 1 '' ;' , - 
 
 ... M..,,.-.' o.- i,a-ii.K' ot. an .1. a- ^> I ''«'' !• ' 
 
 (.xic.Moii of object- f."' 11130] 
 
 .■xtraordinary, . 
 
 ,„aoiitv rc<iiiirwl for, liKM 
 
 „„ti>c .;! i.Kvti..a. »l"'t " mo"l "l"-< ••> 
 
 pa"ii>u'. a« U>, I"i»2 
 
 wli;ii U, HW2 
 ,„r:,.,r.li..arv .'rn.T.l ......trnu- to -onvcn. 
 
 f„rf. iturc of xtmrt-. f.>r I !'■■_, 
 l-„P'.-.n'raii»f«Ts Alt, a < to , 1 -IS 1 
 
 r„r,o. or vuriou-llV- "»'l ,„, 
 f,aioin.r of. ..l.-Tvati..n^ a- to 110 
 
 farther pi-of.nn.'e -bare. allo^'Hl | IHl I 
 
 t'liipral in.-<«lin(f.<. of. H>ill 
 
 spi'(i:il rci|iiir.'nii'Mt-.«.f. 111"! 
 
 Koiiiif bcyoml n"<'''^/ ""7 ,„, , , , 
 incna-.. I.f capital, for 1 1114 rt „ ./. 1 
 
 ;;;..„„.i...,.t with arti.;c. i".•'^;••';'' ""i'- 'i' ""'• 
 
 i„j,.iMtioi.. in cnsp of in.pr"l"'r 1 H'»^ I 
 
 i„t.rini .livilcnd. U> |.a.v i ll-Ml 
 
 i,uali.l„t..; I..V i.a|.crlc,-. notice. "1 ' '/;; ,-^„ 
 
 irrc;;..lar, ii.ji.o. tioo .ctrainiiMr .•..nliri....t."ii | 
 
 l,„all".aia. a»to|IK10l 
 
 fo,-p. iai ».^<1 extra..r,h„ny. Il«t2, l"."-« 
 moaiti.ati.M, ofn.l.le_\., for|lIt».t| 
 
 iiaoic. cliunirinir, "'-' , , ■ •• .. .r.i.,..l 
 
 ;„\, „„,„.„ :.n.|..". ao.l nrti.le. for, ... .cu of .loci 
 
 nev ...tof arti.l.;».f"r lll'!3| 
 
 nntiee lief.T.- forfeiture. f>l ! ll-ll I.., , ,,,,.. 
 
 ndtl- fall.t t..l<'.-.l I1...V.', Ui.'.3,.l.are.,, l.M.l 
 
 Ill's ! iceon«tr.ictioii) , . 
 
 n.i'i,.., spc iai, r-iuired f.'r .•«'n'T«l ■""'••^""-'^ >""' 
 open i.aiikiiiK a <o.im, t-. : \-3- : 
 ,/r.lii.a.v. "l.al may he .lone hy, >"«' , 
 
 ^,, ,,„;. refcfmc .l«.re,. »- to i ll.'» 
 i;..,e„.|.c. .o,»*rt«l i: - ..r.lli.ary «har-. 
 j;,, fercn. . -h»n* »•. to ; llOfi -t -cv ' 
 
 11291 
 
 741! 
 
 lotcl 
 
 11 13! I 
 
 |>!I4 
 
 ,f settlement |iril>l 
 
 ih'i.ennirei'\ 1 171, 
 
 mil. I 
 
INDEX. 
 
 I v2.") 
 
 UKSOI ITIONS ,o,il,,in,,l. 
 
 niiiii tiuii (.1' (^iinul. iiir ; 111? ' ».•/., Vim, 1JS1)| 
 iiiT. ar-» oi" fill-, iiri'-tTv.iiiuii [1121J 
 tu.l^ ill iii'i'fir uiti!i).;t )irt'jiidirc [ 1 1'J'J | 
 faticriiiii^ !()••( t;<|iiial. wIuti' two (*l.ii*?«*'H | 11201 
 i'iifif>'lii:i^ jitirrlia-c I .-ihiiri'.'* | HUO | 
 I'diitiriiiiii^ |>:i*t rrtiirim j 1 l.O | 
 I xtiniT'ii-liiiii,' li.ihility |III7, illHj 
 . xiiiM.'i^i-li iiir lot injiiial ['"•''I 
 ii.iuiiii •I'ltili'iiii- i:i rl■^|M'^t nf arrears of prffureiKc dUiilnd* 
 
 urilii.arv sniiri'- txilii iMly | lll.ij 
 
 |.a.viii;r"'itf. ll!!l |I2.J| 
 
 [MViiifT oH' ami nmvfrstuii iiit'i ili'liniturtii [li23J 
 
 rct":.ll. I IliHI 
 
 riturii liililc tu .uil I 11IM| 
 
 -OMTui ■•l!l"f, I llJO.'llil. \\1A\ 
 
 iiiii--iii(l ^iiuii'. I I \T1 1 
 irui>lr;ilioi' »>I' t xi.-iliii;.' 4-<>nipaiiy, i'ni' \\Vli, *i27 J 
 ri'srii ■ lapitnl. iw to 1 11271 
 -«(*aliiiir airrri'iiu'iit. um to [IKIJ, 1133] 
 ('( orid (irt't'iTcnci' -liarr-. a.H t^> [llUUj 
 ^lian> warrantH. as tc | 1134] 
 ■liiiw .>! Iiandi. llWl. KMS 
 
 il2li<'| 
 [1"7J 
 v.ilirlln,-' a|.|.i.ilitlili'lit, f.if 1I13'2| 
 »in'iial. Srr |i. 10!)2 (lull Si Ki i\i. Iti..siii.i iidnh. 
 ropy of', for ri'iristrar 1 1>13. lil 1 1 
 • ii^tiiM tion l>-t«i'"ii. uiid fXira-TiIiiiary. liM)2 
 
 linw to ill' |ia~.s.ll, 11W2 
 
 wlial it is, liKr2 
 ^iiiiiiivi^ioii into prifiTinir anil orilinarv sharr- |lil7| 
 suiMii'>isioii of xliart s. a- t*i j Ilia 1 1 17 [ 
 to utr-.M-. oil lit'liait' of oi)ni|i.iiiv | i 133 j 
 iltiii >i<<», writ to s I aside f 1354 | 
 writ ot ^-iiiiiiiioiiH to I'nrT',' ' 13.>t!| 
 wiitti, 
 
 aiti.l.- a- to 1 7l«l, 7411 
 
 '\itliiiut nireliii!,' I 744 
 
 .-i;riiiiii: anil Hliii'^ jiro-pi'i-tiis I 2li<* I 
 simple siiliilivi^ion of sliari.'S [1117] 
 
 KKSI'liNSMUI.lTV, 
 
 director-'. \.r.. indiM-ina' oai;, iarti'Ii~) I 7H^ • and note 
 
 HKSrolJATKlX, 
 
 of name of loinpany to reKislir | I33.>| 
 
 pi tition and order for i i33'i. 1337 ] 
 vr-tiiij,' order after disMiliition. 1338 
 
 KliSTIIAIN'i (»r TKAl'i:, 
 a;freemi-iits in. 3-»7 
 
 liijuidatei' daii<iu.'es for lire.irli of eo\enant in, 3.iil 
 tiiininitiiii I'-lci's : x"d for ~aies of jjimkIh, llti 
 ti'.ii.U' union ..ol itieirat liv reamm of il4 
 
 lilXllin I KtSS (IN liiANSKLU Ol- SilAltK.S piTIl and note 
 priiale lomp.iriy. in ease of, Hill. >M12 | (Hi2 /•' .<(./. | 
 elaiise- as to | '.Hi'.' . / 'v I 
 
 HKTllUvMI.NT, 
 
 eoinpiil-ory. of ni"nilii rs. 97ll I (»7(l ii <>7.| 
 of direetors, elaiise in aitieies j 723, 73 1 j and noti- 
 tti'in iniit", 724 
 
 All rcferenees are to the pu-cs. /'«</<•.. .« brnckelt [827] refer lu Ihr I'orim 
 
1826 
 
 INUKX. 
 
 1 
 
 I 
 { 
 
 ' 
 
 IICTKHSI'KCTIV K Al-TKB.VnONW. 
 artiilcx of asuwiation. in, 6W 
 
 "•"■'^ppLtion monoy.. of. nu.u.nun. ..b-ri,..i..« no. ......in«l. ». .« 
 
 of r;i|iital, 
 
 ri-M>luti<mii for 111 IH I 
 
 BKTl UNS TO HKdISTIlAU ^,., , 
 
 „llotmfiit« of Hharw, as to_(A«t of liHiH) |'.i"l- 
 Hiinuul, by company, 33, '«'- 
 
 arliili' aa to [762 and not.r. 
 
 default in mlikinK. held .rim.nal ofli.nc.'. 2*. 
 rlausc in artickii a« to [647 | 
 piodurtion of ii.oonii- tax. \»* 
 
 :!;r'^:««^fA..tof.«oH.«4 
 
 "'•^^^pl^!;;. a...ount fron. ....pita. .;.-;;-.-•-'■■' l^'-'l 
 wl„ tlur applicHl.lc- «. profit. SH-.. m 
 
 ,:k\i;usi()Nauv intkiiksts. 
 
 a.iiliiiirx in col'jwt") I'>1"1 
 
 UKVOt'ATlON. 
 
 powiT of iitfornpy. of, ll.id 
 pioxy. of 17iHi i 
 
 Hi«'.<:iNi: A XIAUKKT. I.'.o. Tl. 
 
 "-^rii,.;™:ii:i:::'" :^.^i:'"; --.. .■».." • — ^- -• 
 
 ItlVM. lOMl'ANV. . 
 
 dinitor iwtjnt: a» dincioi of. ,.ll 
 
 UOT.VriDN, , 
 
 diici'tor*. of, l•lau•M•^ as to | i.J» '' ■•"/• 1 
 Table A.. App.. U'O*' 
 
 nnint' of .imipaiiy. «■•'■ "f « " '■ '"• '" 
 
 UOYAI.TIKS. 
 
 piitrnts, on, SKI 
 
 |{l lUtKIt CdMl'ANY. 
 obj.rt ilause* |.>M| 
 
 ""•''•■ '^ ■ urn 
 
 /.•,..» V. Ihnl,„lti': 7*. 13.i7 .•( -r.,. 
 
 Ul'l IS .»v, Tablo at comnici iii;"t "f M'l"'"'!'''- 
 
 ow.T of lx.r.1 flmnreUor to n.ak.-. .Vpp.. 1W> 
 Cv Kvlmn-... ,.f, rxt.a.t- tro-.n. it... '" «"/■ 
 
 '^fJE. i 
 
 '" proiitx ariHOK- from tin- lnisiiit«- 
 
 puyi.irnt out of. 8t>8 
 
 ,*»_-6i-'---i 
 
IMiKX. 
 
 I«27 
 
 8ALK, 
 
 amaliraniiition witli ii view to. I HI, 14N( 
 
 aKro'iiK-nt |I4HH|: riMolMticni' | I4HII I4MI | 
 aiMH-tt*. of, 
 
 iii|nrutioii rcsiraiiiinif -''/,r< iioi | l:l!)7 \UV>. Mum; anil imli- 
 liiisin'""', of, tturw'niPiiH fur | :Ui •■' «'/.. lltiV 1171 i "■'/■l 
 claims in mi'iiiurandiini i>t ii««iuiii| 'Mi i'lIK! ami ii i| •• 
 
 artirl*'!* of a*«<;(M'iatii>fi j «i4'> | 
 Caiirt. to Im' -aiiitiiiiicil I'V. lo:):! ./ •..;. 
 
 i.nlcp for I Kilo] 
 delay in t oiii|»l*-iitiii. iitti'if-l, :{M 
 dir<H't<»r\ | owrr* |7Mi| ami imtc- 
 diroitor'* proipiTty h) i- iiii|i.iiiy. 71 '> 
 forriirn luiiu"* t(» I'oia^.any. a'/r«-cnifiil I *1SJ j 
 fnrfritctl «Iiar4'M. lirto fiti'J 
 fouu> oi' various airn'nni'hf- f-o' \-U't ff *</^,, ;j'J7. 371 '■' "n/., ;|Htj 
 
 |irartit't». 3*il ff «»■'/. 
 fraiiiliil' lit to iiiiii|iany. Tttiiif ii-<iil'' iii'luiin'iit | 1397 •■/ ».r/,| 
 j?0(mU. of. by iiiainifavtiiriii;: ciiiiiiiaiiy to tinii ;!•* ii'toiinciMary ("or f*U|i 
 
 |ilylii^' ritail dcalcri | IM | 
 iiijtiiit liuiM rt'straiiiiiiij iririfphir | 1407. 1 MW j 
 lii'ii. I'lifi"! ••iiiciit liy I liiil I 
 rirmlKT to <-oi-|ioratioii. '.!!i 
 milling rlaini' | 3HI I 
 object*. elaii'H^H a* t4i, 373 j .>Ml. .'il- | 
 
 on reioiistriiclioii iiiider «•• t 111.! .if {ws ^Ui{•■ >f\: llil. UVl ■■!' I ^li■i• .. 
 I 13'.' 
 
 atfriciiiiiit' J I l.iH. 1 lli!'. 1471. I17li| iinl llote^ 
 
 law and |iraetiei', I I.U •' ^' v 
 |iiiti'iit-i. ai.'rtfiuent I 37N | 
 pouer of coiiip.-iiiy. 
 
 e?(pr(*Hs I .'lid I 
 
 iinplird. I7'J 
 p^ollloll•r^, liy, to loinpany. 131 
 
 "etlliijt lUlde I 13;)7 MOO I and iioti' 
 property *if eoiniianv. of tolije-t elaii-e^ jol-l 
 Hhares tiitn ilivitwMidH. 7*iS 
 8har("4, ctfcet on aetion for re*i i->jii'ii. 21W* 
 Hbares in ship, order for sale, .'i.'ill 
 ship to fititrle .^hip ojiiipany. airii^niont | 3H7 |, 3SH 
 ittanip on a^'retiiient for. 3uH 
 
 under nieiiioraiiduni of a>'<oi-iatioii i.f nndertikiii''-. olijc riinw to tlii* 
 proeedure. 14.'i4 1 1.'>7 
 
 aLTM'inent | 371 j 
 iiiidirtakintr. of (olijeet elaii-ei. 372. 373 |.JIO| iind imie 
 
 aifr.cment, for |371|. M3; -■ . ■/ . M.iil. 1 4.VJ .' -../. 111.^". 1171. 
 147fi] 
 
 lieforo liipiidation. 37'2 
 
 rosoliition for | 1474 | 
 
 to a foreign eoinpaiiv on ri' o istriK timi held in\:ili'l niider tlie Aet. 
 143!» 
 
 without ^^ailetion of ;rellerat kUei'tiie/- .'ill 
 iillm r.riK. rc^tiiiiniiiir |I4»:. 140S| 
 
 SALK OK (!(K)I>S, 
 
 afrreeniont for, hy nianufaetm-in'.' eoiupiny to a tirm. :i* ittrerinetliary 
 
 for Hupplviiiif retail dealer<< ' 4'.!1 | 
 Faetori .\<t'. iMHfl I'JOI 
 
 .i 
 
 BALK OK INDKHTAKINt;. 
 
 undei- nictnoraiiiluiii of a-**toei itinn (tiiijer-t^i l.'ilOj and nnle 
 
 acret'inent | 371 | 
 
 objection-* t<i tlii»* pr^K'ed.ire. M.il M.'i7 
 under swet. Wl. s-;- Hk" o\>rKr( ii..\. 
 
 All rpfcronrpn are to iIk patfut. I'n'ipK in /n'l'-lfls [327 | ri'fvr If //•■ Koriii!!. 
 
 T^3^EiSrS'^37 
 
 'i-Cj: -m- 
 
IK'2H 
 
 INUKX. 
 
 'i| 
 
 .SATISFACTION, . ^ ,, , 
 
 iiu.moru...l.'m of. a- t.) rwHfT.'.l -l.i.iu'. :i..i ; 
 
 '^'"'S.mut , i:.o.. 1MM1U05 1^07 1 
 
 ■.rr»ii«.-n»'nt. ..till '■"'"I"'',",'''! "•,,,,« 
 iHii.ili "f imi.l.iy-. for- I'"'' ,"•"' 
 
 n i-ln.rti fnr \ \ Uil . 1 il.>* I 
 
 .„,, ,»„nn.ili..„ ..r ,.!«.•!..!-. >■"• ll'l'l'^l 
 
 sen Mirif socnriii'.s. 
 
 .Miiiptioii of, froiii ran-, Hl.t 
 
 ,,ui-KriMir. »illl"M- «..r:l ••liiiiit-l. t»'^ 
 
 I I.VI.-. IVJOl 
 
 MM 
 
 .sr//,'A. / ICI.I<. 
 
 lui; :i,.|)li.Litilc to riMiiovc 
 wli.MliiT imiii-|i'iratioi^ <» 
 
 ,tu;iaiiy fioni ntri-''''- -'' 
 \,i ilii'inurh'"! Iiv. -'i 
 
 .rahl- 111 Knt-'laiiil. "ii. ll. >■■>. H« 
 
 Sl'li'i I. .N i'. . 1- I , 
 
 „• u.-'nitiim ill, i-lfi' • "•• ••■' '" ■■'""' "' 
 
 ;.il ..liairliol^liT. lUB 
 
 Sniir t I IMI' HATK. 
 
 ;;;:l;r;;r^l''MU'^>''.''^«•''''l 
 
 -tumps on, Wi'i 
 
 ;il,|,nuitili.ill o!' TllltlluTVH, (01 
 on takinu; |«>11. 701 
 i,.|.i,rt im 1 1*51 ! 
 
 afHs.'.l i'V way ot "■•.(•row, 83 
 
 isii,-.', /..("'" ""■ ""I""''" di'livry, h3 
 
 wU-n^ ..o partiiulur fornial.tioH rcicnKl, l*i 
 attirriicy. l>v. "" doiiimentu abroad, HI 
 aiiiliiiri'tv 1" li", 7()0 
 .■irtiii.atc of ■«liarc!i. on, W 
 
 nrtiK.a.c of siian.- not th.T.l.y mado a d-d. Ml 
 ,.lun-,- in urti.-!.MaHtol-tin,H:l3. H,i41 
 
 ;^;;;:;;;;;.::Vi:a;rw5: ^^now -... 7« of .>«.. • ^^ 1 7.7 1. .o.*. a,,,.. 
 
 ,on.|.ai.y - rit'lit to have, «i 
 
 :c:i:or:i;ndro;."of ii^fany ..-« ■-■-■■y •< •- ^^ 
 
 irn^rnlaritv, «i .onil-aiiv bound, (», »3 
 
 (•laii«i' in artiilfii |7(il 1 
 „ttnic of coniiiany to Im- onKravcl on, -M, 40S 
 „oti,i- l.y ...niimny mcl i.ot h- under, 1111. 
 ,,tfieial. for n-e ahroiul. 31 
 power to ««•, vested in dm'.'tors. Hi 
 
IXDKX. 
 
 |M-,'<I 
 
 SKAI. 
 
 il. 
 
 pre'«iiin|itioii fiutt duly atTi\t>il, H'J 
 
 priiitiNl circli' with • plii. !■ dI' -nil " mil inllii it .it, IHi'' 
 
 ri>Kulu: "M iia tn. M'J | 'till { 
 
 ri'Koliiliiin iuli>|iliiiu' { I K<'l I 
 
 i.'wiliilinii iiimIi iri/intr iilliMii'.- "f | Il:ll. Illij 
 
 •.liiiri- tvtti'iiiiit.'t, oil, h.1 
 
 «taMI)>- nil :ll.r''''llH til-t tllnirr. 'A'iH 
 
 trniiafi-r nl' Biiiip', •ui, li'.s 
 u«<<l Ipy .'iiinpuiiy i'lini.iil. ,(l 
 u*m\ Itv )'uiii|Kiiiy'i au<-i-t* :ti; 
 wlillt ■•.. liliil 
 
 wlu'tt • uinptti.\-'> ivii hii;il« li» III- iMidi-r. '■VV\ 
 
 who iiiav n<>\ .'tii. hj 
 
 BEAI.S ! (»l: I SK VltltOM), 
 I'laiiM' ill urlii'li"! I 7.i7 I 
 
 (MiwiT III' iittnriii'y miiliT ; llli'ij 
 
 lirovinl.inn of nn l'. 7!' »f I'ms iluti' ('.iiii|i iiiii" Si'iiN Art, ls.il i \|'p , 
 
 I.M.i 
 
 SKCO.NKIM . 
 
 ili'iiiaiiil II. 
 
 .•II. 
 
 ,IMI 
 
 swoxit i'i!i:!Ki(!:\( i; sii.\i[i;.s, 
 
 :\o ill i.s-uiii/. «l!l 
 ruwiliilitiii -J* to I llll!l| 
 
 .s|•;(•!!l;^^ ri,\i si.s. 
 
 ri.rTu 1,1 i 7i.' : 
 
 bMUK'l' KlvKia K, 
 a- »'* tti.'tkini;, 7.»o 
 
 SKCRiri I'HOI IT 
 a^rii.t-. 7:1.: 7:!1 
 dim till -. 7i I. 71.1. I'M 
 lli|iiiil.'iiiii . I lull 
 piiiii.iil r- 131 ' ' ■■ ', 
 
 f.ll I l:l.vj, llMti 
 
 SKfUKl Ain 
 
 an »|it:iiiii III' iitfii-r tif. Iiy tlift'rtur, 72il 
 u;; ri I'liicrii In:' niipiiiiiliiii'iil of {43l{ 
 aiiiliiMitii.,;iiiii oi' iioiii.^. ,Vi . by. 77s 
 ciThJii-utioii ol" sltar'-» liy. Ii7.'> 
 iIii'.!ii-.< iiiiliii>i.il liy, 7.i!l 
 rlaii». ^ ill .;■ '.i' Irs 1 71'>. 7 ■ • i 
 rtiili riHiipaiiy. nf. 7.)ll 
 I'l'llii'ii-'iOli to Im" paid tn i I:!.; | 
 
 M r.'r. ■ nit.i'i!" f..i . 7.. ' 
 
 di-iiii-ial for, 11.' 
 
 di-<la::ifio:i |.y. riiiti.i.iMii ,1 of I, a iiir -, a- I'l, 'Jii. '.'I itiilN. liitil I 
 
 dii'larjilion i-tntiilory i.ii ippii.-.-iti.ni \" rivri frr roiiip.iiiy ••»"■»! 
 
 .'iri'.lor. v.iic'tlii'i' 11" tail li', 72!l 
 
 diri'.'liii' j.iiwiT to iippoint j 7411, 7.ill j 
 
 di-closi.ri .1 t'l roinpaiiy by. 142 
 
 duty as to impiiry inio liir .-oiiHiili-r.iti..n I'-ir :i ti-an-if.*?- ..f siiair- iiiiH 
 
 falsifvin^: liin.!i- puiiiHliiii.-rit, 7.Vi 
 
 frtttiiltiliMitiy issuing Kliai-.- i iTiitir,iti- f...- ..un lii-n.-tii. ti7ii 
 
 impropiT riiTtiniisHioii, 7.V» 
 
 indrtiinity in arti'lrs j 7.S7 | 
 
 li'ttiT liy, pi'i'sii'llptioti of ;uiiiiority ti ivritr. 71.'! 
 
 Ii'tti'i s liy. wln'o i'\-iili'iirt'. "t \'t 
 
 '••Ml i»f. 759 
 
 loi'Hiir.' i-:il'-:i l.v (iOI. 7»i ! :il I 
 
 I 
 
 .f,/ rvfiTi'M'.'. :•:■■ In tin- pa"".. /',.•/■.« i„ hiirhl" [327 | (■.■'.. ^• »'■■ I'.iriiii. 
 
18:{0 
 
 IM»KX. 
 
 without order irr<-K"l>"-. «»'• ^'"'' ""*" 
 immiiilt of. '" arti.l.'i., 74» . 
 
 vmutihtf of, by nec-iitinu <lir.Mi..r-,l.ii.. UV 
 SE(T ■•:! "K . OMI-AMKS A(T. ..s«7 n.ow «vt. 20 of imm,. 
 
 Ii;:;:;:\;f'.='::rr:a:";!;;;U.'r-;ii.hout .o., ••un.,....,- *«« 
 
 proviHioii* of, 4SH 
 SEiT. 25 OK COMl'AMKS ACr, IS«7 (repealed. Sec now «>ct. «s of 
 
 ..,.aT"'me.ni,>«of,68..«9.3^1.»;4,4H5 
 "coM.i.lrration," di«lo.inK ii. return-, bO 
 
 wiiiil HuiHrifiit, tiO 
 lOiitrmlH. 330 .' »' V- 
 Hlim; .■..nlracf. •>!. <'"'. ".1 
 liululitv, when- ."i.tia,! n-.t » '■'!• ^^'- '" 
 
 „.,llitiMt l.v A,t..f I'MW. (.!...•. 
 r.r».r «ua.r C-..n.,a„i.-. A,., 1H'J8 llil 
 „.,,,nl»l l.v A.'t of IIIOX. U21 
 riiult .,! nut tilinif. «i. «"• '" 
 
 J,,,/ »-r r.\ll)-l I' HllMits. 
 
 SICIT. 3H or TllK ((.MI-ANIKS ACT, Mu (repealed), 
 
 proviHioiit of, 2-6 <■' *"/■ 
 
 SECI U1T11>. 
 
 ,u..t<.l)- of 1S34J 
 
 .intitf pat.y IHlti. 1417) ami u..to 
 
 8i:( 1 KITS l-(li{ tt)S-|S, 
 
 ,pplii:Li:i.n for. .iLMiM-i I' 
 
 iHitoi a- to. inti 
 
 .,n!er, l..r lUlti. Ul. 1 ,.9^ 
 
 provisions of !»eet. iia i>i mi '" '=" 11 ' 
 
 8EIMN. . 
 
 l.v compaiiie-, -( 
 
 SEWri'-^TIfATION. 
 
 apainsl . luiipniiy. 43 
 Seotland. mi. i" leM" 
 
 .SKltVANTS. 
 
 apiioKitiui'Ut !■ 1 n ' I 
 
 al.. luirce of. >■>• »'i..lin^r up, 414 
 
 l,v appoilitiilillt of IT i-l\er, 44 1 
 p,.,nr-l.v. ii. wiudi.K'-up 443, Aj.p.. I-..'J 
 ^ |,r,-f,rer.r,al. App.. l.'i.t*.^ l-'.*' 
 |-,velutio-i "I t'''de writ*, 4.. 
 iiijuiulioii 11414 I 
 
 t of a. -ew il shaicholder, ftf-t ..f, «V9 
 
 iii.aniii;.,' of, d.:i.u-,l 111 Int. 
 
 lati.,,, A.-t, 77s, 1340 
 
 ''" Siie.:;. ^r f^nl'paid up V-V^O"!;^"'' "' 
 .ouipanie- re,'i-ter.d in Irjlu^.d or ^.otlund. Ho 
 eoiupuiiv, on, uii«le of, riH 
 (onsideralioii lor sliar.M. a-, I.- 
 dama"'-* for iiidueing breaili, 4i4 
 
INDKX. 
 
 I8;ii 
 
 SKRVICK roHli.,iit;/. 
 
 fiiri'iirn •«iiii|innii'>. N5, Nti. |:(4il, |:i4l 
 
 injiiiirliiiii til ri'«tr«iii liri'mh of iiitrrciiit'iit fur. 141 
 
 iii.iiil><T« rr"iil.iit alip.ii.l | 77H. 7NI, "W | 
 
 'loliif* l>y company, IIM7 lUAl 
 
 iH>fiM'!«, \r. ttn ifimpanv. 34, 77H 
 
 out of jiiri«liition, l*5,' n« | 7H1 |, 7Hi 
 
 |h>-ihI. ih to, 77N, in.'iO 
 
 lirovisiiiif of Alt ■!< t<i, 77M 
 
 piYivNIoiiii iM to, in itt.-rifiiii'ri! ' i 101, ;)ii.>, 1217 | 
 
 ill urtirl™ ( 77H I 
 
 ill Tahli- ,\., .\|i|i IHIU 
 <|iiiift<' iH'rforinani'i- uf iirrci Miontii for. 141 
 unniiiioiii* (111 fomi-'^ny. 7 . i 
 windiiiir- •\< on iii.iiiln r« iilniiail i7HI, 'H->\ 
 writ- iif Hiininiiiiii. i:itll •' <"/ ' |:14>| 
 
 milmlitutpd 1 1341 I 
 
 8i:rvick ami ai tiikxtu \in)\ oi 
 
 pnivininns nf Art. I.'i.>!i 
 
 IKM r.MKNTS, 
 
 SEKVICKS. 
 
 rrtniinrrofion for |iri)ni<iti'r'- 
 
 IIH 
 
 SET-CHI'. 
 
 artiiiii fur culU in. l3liM 
 
 lllwM us 111. «H, latiS 
 
 iliicflorH' rriiiuitiTutioii ti'riiin^t ralU. 7"i' 
 
 flividciiil-* uu'aiiiNl I'.'itl, iirti< If [ 7ii7 | 
 
 niUfrawinii' la^r". In. 7l.i 
 
 rcpiiitii'nilion iiL'iiiii>'t (.ill-* ihri'i' iiiniitiin 
 
 pri'forfiiit'. 727 
 nlirn avuilalili' or nut. l3(iH 
 
 tx-ftirr u'inilintf up, framl'.l >it 
 
 SKTTI.KMKNT. 
 
 dtiMN of, for priiati- 
 
 riiiipai: 
 
 1001 
 
 StnTI.ISti KAYS. 
 
 riiliM nf StiM'lt Kxi hair.'i'. "itl.^ 
 
 SKVKN. 
 
 iiiiliiiiltril liaiiililv will' 
 
 iiirial'i'i- l> I- than. .'Jj, I j.'!;* 
 
 SlIAUK OR STCHK CKUTI I'lCVIKS. 
 forniK of I III.) ,■! »</. I 
 SIihIv Kjriianife llnli-i. iiiH 
 
 SllAUi:il(>l,l)i:i{S. 
 
 uitioiH liy. on lirlialf. A.i-, | |:t."il. l:io(>| 
 
 uiljii«tiiii: riifhti of. in winilinii-iip. 7(t3 fl at// , l.)71, l.J7> 
 
 airirri'iratc of. not tin* i-onipuny. 'J7 
 
 B>rrit'nicnl< lii'twii'ii. as to piMiliiij; sliarrs [ ItHl] 
 
 ^•IZ ii»7:il un.l 
 
 Iiankruptrv of. rHiniMilsory r'-tirf).iciit 
 iHiiinil f>y lilt inoraiitluhj. 149 
 
 liy arliclf's. li.'VJ 
 lingular to, when ii'il a prosiH-ilus iinilcr .Vit of 1908. .17»t 
 roinpany may \w iiiii*il hy. 'i9 
 f-ontirniution of dinftorw* irregular ac'-. 74, 75 
 conlrart by, with rompany. 29 • 
 
 iTiHiitors of company may Ih'. 'iH 
 iliffercnt cla-swn, mioliHcalion of riiflits, 
 
 u.siuK'iation) [UM,5| anil note 
 ilisrlo''iirc to. liy )iromotrr', 1.33 if mq. 
 diss, nlicnts to rconstriiction. 1143 rl .in/, 
 tlistiiift frnni rrimpaiiy. 27. *2S 
 pxccutioi,.s on company's property 'ii> 
 
 180 I ItlOJ (lucmoraiiduiii 
 
 .11/ rcfircnccH arc to tlic pa)fO'i. /'ny?, i',, hiackett [317] re/ei lu 'he Ko 
 
\M■^ 
 
 INDKX. 
 
 
 frui..l ■>" mii...fily. U.W, 13-w 
 Intrriml iii.iltiT-. .i"<|"'l "y- * 
 muJMrly. riu'M '>'■ • ' 
 
 . ,,,.,,1 11. ■■■' ■ !'■_ 
 
 liitill.ati'iii hy, ll _ 
 
 wliop' fr.iiHlul'>iil. •■' 
 
 :;:;::""'^ ""-•■"'•'••• r-t;r:^", •:-;:::•'' 
 
 ;--r:;;;;:;9.i ;»f •»:;.-; -^r'' 
 ;-i:r:;i;;':7;;^.= .Ulv-,'-'^' 
 
 .uiH.,.,l...i,»li..f!iw! . ,.- 
 
 ,r.lr I., .■wmiK.ny-. rr"!-'"'^ '"" ' •"' 
 !tii4«..«' |>t»iti">i' •'-. "■■" / , . "I 
 
 „,.tt;,:m"U- i'..i.»i'iii t.) wl.it '- ' ■ ■ - 
 
 
 ,|iiii..-» II. :irii>i'-^ '" 1" 1" 
 
 ,iiii|iiiii tti I ' ' 'I ! 
 
 !.,rm ..( I 1I.VI| 
 
 ....iiotial'ili'y •••• ''"*' ,., I- .,1 
 
 \r!) 
 
 !iiu iia.'i 
 
 ,„,«.,• of ,.m,i.,in> ;v':-"- "" 
 
 iirtiM-ii'"' '" ^'''' ' . 
 pruxv, ^"'i"« '■>■ I •"' ' , 
 ,iu.l'li'uti...i l.y. ii.!ic;, LKl 
 
 rVi'iiliitu,.H :.n.l ."IkIx •* »■■' ■" '"'" 
 
 r,.<..;iiti..ii I Hi.) I 
 
 ».ul .,f »li''.i'.V "M, tWl 
 
 muii 11- "11. ".>i'. I'>l , \,.t iif I'll". Al'l' 
 
 triiiisf'Tx iif. i'.«l . . 
 
 v„lini.-l.yl...M.T-it...M l'<''! 
 vimrlrr f.ir f,v-l, r.mi.. :.» !ll..l| 
 
 1 '•!.; 
 
 SIIAIM'.S 
 
 \''n- ;■""' : '^:; ::V' i;"'.V laV'a M. 
 
 11. t- of 
 
 .,,... ilif iM-rforinanr.- of. .., 
 
 when, ill iiiHlal^-. •-'« 
 nllniinont I.-...TS l»-l I " ^'-V '"■:^ , 
 ull.,.,n-i,t "I, 4tt W •■'/•■ '•'•" ' ^"' 
 
 .,111 r f.>rfi'iturr. U« 
 
 i,,,l,li.aiioii lor. IS '' -V; 
 «illiilin«'il "f '■"■ '," 
 
 l.v iri.--'n'.i'- li.«.-^! ■•'■ •" 
 ■ ,.«tol.l.il. ■'•<> . . 
 
 ratifl.ntioii. :».. •>'• 'V, ., 
 
 ,|..^,v in imikint', .'tt.- t >i. ■•>* 
 
 ,.„lrv on rr..'i-t-T wl.i-ro iic,i-u.>. 3'i 
 
 '"'"':r''-.l"';'' .?^■^•^•i-'•"•-""V-"•• 
 ;:■"i,„„■o ..il.^.ri!..ion U.f..ro. (. w -'/■ 
 
 , atiiri' «'?• }■' 
 
 noti f ■ -"^l 
 
 , , ,,U'...v.s li'. V' ! '"' 
 ',','.;, ,.,,al.li' lim.-. .VJ. ■'■'» 
 ,...ol,iti.ina-t"lU3'i| 
 ,„ ,.,.r.oM who Ins "••i ■'l'':'"'';-^'' ,„ ,- 
 
 r,. .ii 
 
 :j>)i..!-.<. Ill' 
 
INDKX. 
 
 I«.»:j 
 
 BIIAItCS 
 
 ■■lUH,<f.t. 
 
 inniial icturri iif, 7tt3 
 
 aiiiiiiul •iiiHiiiiiiy 
 nppll. iiiiiiii fur, h.iw 
 
 i"' of I i>ll. rt.'.i i 
 »lr. IN ,./ ..,, 
 
 ■I" 
 
 t!l 
 
 infi'iit. Iiy, IS 
 
 lirfori- iiic'iir|>iiruli>>n iif iiuiiiiany, .'>:•, INI, 25H 
 
 l.y -iiliitrihi'. til iiM'iii.iraiMlum, wt to. 484 
 
 >-«iruliti(itiiil. 54 
 
 fiiMlMiii- iiariip. ill, 4K 
 
 f"' 'II of I lu I 
 
 iiii iiil'i iiaiiii', in, 4N 
 
 ill il'iril |.arty\ nunif, 4M 
 
 on fiiilh .if |i'ro.|iiTtin. IN'J 
 
 vi'rlial, IS 
 
 Mlluirauaj, 4M. 2,>7 
 
 »itIi,iI, 2.>7 
 wioMir iiiiniiHiiy. ill, 4H 
 
 liahiiiir tiflii.t ill Ti-ii t of I 111771 
 
 " It," ranliii'it an if (ixr ordiiuiry tiinrjw I ■«' ' 
 bUnk trnn'fi>r of. ii.V>, ««(> 
 
 liberty to HII up l;'|!»| 
 boiim liy way of, inxaliilitv, 47M 
 
 paiil up'oiit of pri.fitn'. 7(17 | 7fi8 ) 
 <laiii.o ill artii'liii [1112, 1 1 1,1 1 
 niinutp' of rcMiihiliiiiiK in !.■ | lOfi.'l) 
 rixoliitiona an to |||(),->, |||2) 
 lirokpra'.'i' for phr iiiir, 2ii", 27» 
 inll of invuli.liiy in iiTtain raws, 284. 2k'i 
 oill« on. arliil.i ':i« to |ii>4 ,.> ,,,,,.] 
 raniflialion of. Ml, IJ.")! 
 
 "(■8»li " payiii.rit. nnaiiini,' of. fiK, fi9, :«|, 181, 48.1 
 (•ia'<iiiif to !io|.l, .i7 
 
 iorlill.ali- .if litl,. to. (!.•);!, |1.1« ,./ ,,,,.. App , 1532 
 riaii-' in artiiliM ni to (li;).1| 
 eqiiit.i li inotti;a(fi- l.y drpoMt of. II4'.!, Il8li 
 larsi-iX tiaimfrr, riifl.t% un.lci-, in caw of, 67:! rt nfn || 
 fnrni-. ..f | I 141 ft irq | 
 
 olili(>atioi, III iM^iiP prcniptlv fsn ». 02 of Act), (}.V1, 15.-|2 
 riirht of nionil.'"- to. I l.1» /•/ Hr)j. 
 certifiiatioii of. Ii7'> «. ./ . 1142 
 
 fornix of 1 117.1 
 i-iHii: que I, iti of. ,1 ,t lialilc to cMinp.i.iy, 6S2 
 rhosos of ai'tloii witlii,, ISankriipti y A.i, an-, liSl 
 ciawrs of. note* :.~ to. ISO. .,7(1 .-l ,^,, , mj 
 
 altiTim,' rijiht.- 180. .')Ti;. .Ws, 6.17 ii8.i |, 70.1. HI 7 
 rijrht-i iliilarH in nirir.i.r;iii,liin! 18« ,7 »,v;.. .'i7ii 
 liy rp-olnliiir-. i 1 |i ,. , / ,, .,, | 
 in ariii-liM. «:i7 ,/ ,. .,, [ x2(l ,1 ».-,,. | 
 wlitip iniuli- «iil.jii t »o roii.|iiion<. IHO 
 coinmiKaiiin for pla' inj; or t.ikiinf. 27!) 
 caiidilitiiial application for. .M 
 co'iniilcration for i..<Hiic. (ill, »;3 
 
 lionns c.ptificatc* i,<iniy| with , 
 inipiacliini;. 94."> 
 otiicrwinc tliaii in cash (wiitlon 
 conaolidation of, 32 
 
 clauses in uiticjfH in to |()H4| 
 notice on. .Xpii.. \W,\1 
 re-olntions for f III4 | 
 contract to taki', how made, 47 <" ftrq. 
 infant, by, .'i7 
 Iniialic, liy, .'57 
 
 mi-.i---!!ri-:.-r.t:;tif.n in ).po-pr:tt:i nr.dcrs it v.ii.lat.ic 
 miatako, in, 48 
 
 to 
 
 •ntnrt>», 63, 466 
 oral a^'rcoment), 311, 
 
 1.5.^0 
 
 'liii. Il>n 
 
 AV refereneei. are to tho paffci. /•„,/.» in brmkn, [.127 ] rrLr to Ih. Votuu 
 
 iiD 
 
 4: 
 l.i 
 
 ??rr 
 
18:»4 
 
 INDKX. 
 
 
 ,-,,., i |82S, »7K| 
 
 :ir..-) 
 
 '■''liv'lirr^ral l.* ir »., ,..1....... -•. ^!^« 
 
 . !i. ic.,i-W 
 
 SHAKES- '•""""""'v 
 
 ..„„,r;..-. """'"•.'Ti'in w,,-, 
 
 Ih.w i.-t, i»7, i»8, aot 
 
 ...mv.rsi.m nf. into »t<Mk 32, hHl 
 < liii .t> in nrli>l''s |t>ttl 1 
 reM,.,.li..n* for 1 1 1 U 1 «nd ...-«• 
 
 .onvcr.. f r'''''"r=[iiK i;:"^!"' "^^ «■« 
 
 ,|,..ca«-l iii.nilMrs liability '"/"■')"', ' ,, 
 
 H.'f.TrcJ, vrii.l.ir'- airrconi.fit 
 
 clauw u« I". Ill >«'"'"" '^ I 
 
 .•laiii..-» i.. ii>.'iii"rai.>i"m I'Hl. •■.«,., 
 
 .■l.ni-..-^ i" ^Ttirlc'^ ISil .' -'/-I 
 
 r..-oliiti<iii 111111 
 <li>Iio-il 
 
 l„:l not «i» tiuMt fuial, 2..S 
 
 wl,..„ liar... "II-T.-^ V '"'.'''",,• i,i 
 
 liliniilliii" 'iil»» - I'V ' „..,, ,,i,,ii,„i not takrii »}•• 
 r.i.aval.lr wi.frr ininiiniirii mil-, uplion 
 
 •.,ir,.,t..r.' lial.iaiy. «, !'• , , ,. , ,^. 
 i;ii. .tl.m -i.'niiiit mfiiioniiKtuiii for. !•, (. <"■• 
 
 il::;,;;-;';:";::;;^:-^..^-^;;- 
 
 .„:::^ f. ' ...^.i-i-'-i"'^-""" 
 
 .HV,! olartinit a^ owa.'r of.'i-. -w 
 Ollliilov.'-. artii-l.-« a-i to | 1"-' I . 
 
 ..x.hanP' of. i..'»l'J"y' ^•'"- '•»' 
 
 "■' "">■"■'•<•!■'■■ V',' ,,,., 1,51 lUTii '••"l 
 
 «'"'^;ir:::";25':fU'A:.;f.s«; «i> «- 
 
 forfeimn- of. li'iS W "'r . | ,,.^ 
 
 i„,,,.a.l.ii.u' irr,-al»r | H«l, H» • I 
 
 ri"';;.';'ui^r^'"w^'-'«'n..i.i..ii«i 
 
 fraii.1 "I .laii-iT ,"• , -i,-, i;,; 1 
 
 Hill- <i.in|iuiiy. 1". •■'•'■ *■"■ '^ • 
 
 (aun'i-nu'iit) 
 
 . i'li'i ! 
 
 nil 
 
 tfuarai. 
 
 fiiiil - !■' 
 
 Mtion a. lo. 4a. 4S. Ii(n. tij 
 i«.,."rv ... to ,al.... of .■m.;i.l.H -..-...« 
 inrtaliu.M.t. l.aval.l- on, •>'■•. «■« 
 ,i..„ for li;tii|an.l iiotrM 
 tra..-f.-r wliil't •>>"■• ''*^ .,, , ,,, 
 i„v,..tm..nt in. I.y .ompu-iv I "" 1' J.Jf 
 i.„„. at .li«o„nt. .10 -, ...... 47H. b,U 
 
 j„inti:,l.l.-r-of.,!aa...i-ar..l..*a..o!...%01 
 
 l,tt,-' of ..llotmiM.. lOM |!0,«.(..7. »*W»i 
 
 o|ipratii>ii of. 41 52 
 i;«l,ilityoa. .'.«,•".«».*•« 
 
 „ .|«.i«lly "li'h». h-^^ 
 
 ll|Hlll wllOlll. lis 
 
 lii-M on |fi«2^ 
 
 liff ^rovcrnor n | .ih» | 
 
 Innati.-, GOT, f,"'. 6«> 
 
 tiSO 
 till. lil. 1111 
 
INDKX. 
 
 IMur, 
 
 SIIAKKS r„„l,l,,4r,l. 
 
 nmnn);i'm<'nt | .'i«."l, .iHIl 
 marritil woiiutn'M |Hti(ititin. ti73 
 ni<'iii<>ritii<liiiii of ifuKniatiiiii, 
 
 iilHTalidii of l.iw :iH to piivnicnt fur, wlicio iiilm i i!-,Hl in. tlO 
 
 i-alU (III. wliiTc ■<ir'«rriln'<l in, (i,>4 
 
 how paid ii|>. .iN 
 
 |iuyni('iil for. In iu»l,. fiH, X\\, im 
 
 nUKliticution of rictus ;.« to. 4SII, .■,.i;. ,W». IjiT I li.s-. i. (iH,) To:! »17 
 
 nntciri' of. »|«, \XV< i Ait, 
 
 new ioin|.iiiiy. St.K-k Kxrliuii;;.' Ifiili.^. •>li!l 
 
 new. on II,. nil.,- of .-.iiiitul | tW.J, HH{\ ami ii. t.'« larti.l.-. 
 
 offer to III!' piilili, . what in, Ti. 'JKO 
 
 offered for iiihx riiilioii. U 
 
 otfiriMl ti. olil iii,Miil>rr'< on rironxtriK'tioii, II. Jml 
 
 o|itioii to lalvi- I M\S I 
 
 invaliilily. when. JSJ 
 onler anil ili''|>o'<ition, <!.'>l 
 order" ri?!. iiidinif eoiilral | I'l!!."). |;iim| 
 oriliiiary. i hin-r. in ineiieiraii<|iii,i of ^ih. .liation | .i'N. .^s.'i I 
 
 elaim- in iirliili'i. m« 
 liaid ii|>. 
 
 !"•''■ 'I' when- pri.e to hi .utiitiitl hv | :|Ns ! 
 
 In |iio|.erly or m riiic'i, til, (ii», 04.^ 
 |>ai<l ii|i ..llii'rwie than In ca.ih, 
 
 riiiiiireiii.'i.ii of ol<l lnw, NiH-l. 23 of .\et. ISliT (in | i>l 
 re<(ii,renient< of new hi« , V^ ./ t,,/, 
 Hhiijr lonlrni'tK ai^d leiiini'*, ft 
 par, at. ii{ition for v.'inhir to take | ;)i;.) i 
 imri />,'^-,' with preferenee »hures, NU' 
 partly paid up. 
 
 iliviileiid' on, .'t91 
 "iirienih'r of, 'M) 
 |ii>yiiient for, money or iiioner'a worth. liO ./ ,,,,., n|.\ 
 jda'iiK of. olijeei ilau-e ua to I ,')(!« I 
 pooling' I Kill, Iti:), :ii).i | 
 
 |«owcr to roaipatiy to lake shares In Hiiolher lonipanv I .'i()7 I 
 prefereiiee. notes lu to, .57li ,t . ,/., HIJ I >(Ji| »>'2 \\ ||ii5 ,( .... 
 prrinium, i«niiin<r ai, (>I7 * 
 
 prf>ie..i|iiiif. for initrepnvuntati iider wet. S» „f l»l)h , late direit 
 
 l.ialiilily \.t. I'HMI) JtW ,■! ,,,/, 
 proniotcri' prolil in, 139 
 properly a. eormideration for. (IJ 
 pu--.ha.e ..f .uinpaiiy.. own. »liS |.il5| jiUti] and not 
 
 resiniininu') anil note 
 piirila-e of. in market throufrh niinrepnwntation. H)l 
 i|ualiKi a:iiiii. direeior.', 
 
 • iMitMlioh to take. 71'J rt , y, 
 »ii,Miintf tneniornndnm for. ti ,/ .,,/. 
 ricoinersion of »loi k into. t\Wl 
 reeovery of .lei,.,Mt. (t. -'M | |:l(.-, | ,wrl(> 
 roititiraiion of rev'i«ler. I.1S7 l.iltl i |;|!1L' 
 reniirnlM-rinir of. resolutions for | 1II.)( 
 ririiim intiiin. letter ot |I0A51 
 
 "luint. on I ni.V^I 
 repudiation. 7'J. 7it 
 delay ill. ili7. Hts 
 ilfii'tiM.. |!I<| 
 (rroniid" for. 17. IK.1 
 inilfe. Iiini. JOO 
 infaTil's. .■)7 
 
 "iiltii ieiit. where no ennlrait. IWft. ■'110 
 windini.' lip, ,fr,.,i of. ,11, ,|„,„|, |!iH 
 
 mil 
 
 .1.1. r 
 
 I394] 
 
 I'/ ri ,'ireiiees an- to the 
 
 paimi. /•„,„■, ,„ hrv.l.l, |.1'.;7| ,,■>..■ i„ ,i„ Foini.. 
 
 ti i> 2 
 
 ■:3"*«- 
 
ism 
 
 INItKX. 
 
 IM «( «•./., IW tl «« 
 
 3IIAHK.S ,,.,.(i.mf.r 
 
 r«ri«io.. of co..tra.t U. Uk-, IW .-'-/• 
 imlifiiitiiu and ordcrt I13BS, lSlMt| 
 l.|,.a.lii.K- (1372 el •'■7| ""d no eg 
 lr„. of .ummoi.. for 1 1^4,.. I34.il -nJ '«"»;■? , 
 
 on transfer, «10, »«2 )»« "' '";/■ 
 r«..-ntio.. I.y vemlor, .oivditiyn m tu I.Jbll 
 
 return of ullotmonU of, --.• • H« of >»'«-»^ aL «S7 I WS I, 703, HIT 
 riirhU oltathwl to. when alterable, W. S7H, 5MN, »'' l'""l'.' ..qi 
 X"f .""'l-an/- undertakinK unuer .......orandun.. power for |S10J. 
 
 1454 1457 . . 
 
 .all- of. etfe t of, in a.tion f.>r r.-«i«ion, ZIW 
 i>al>' on furfi'iture. litiO 
 
 i;40 IHf.l |, I4«l. 14B2 
 
 lH-?,ir>' lonipany entitled tu ••..m 
 
 t^iKM'istion, 
 5H, (iU, 484 
 
 And «.« MiMMtM SCBSCBIPTIOB. 
 
 Ill eiifone lii-n, t)l>4 
 
 iiii. Ittiin.-d, on riMniiitrurtioii. 
 «M riM irill "I'. 7iJ ^ 
 
 (icr>ii''" »« i-on?ideralii'n for. ii'. 
 
 ■Iiip. ill. ""I"' f"f »»'•• "'■ ''*", 
 .ininltan.-."!- .itfer of, with .h^hrnuir. », 
 
 nii'iiie h\ii'ini-'<. 21. 'J3 
 HiMiilii- perforniuN"' "t i'ontr.:ii, 
 
 to iilh.l I 1350 ! uiid note i writ ..f Minimoiw • 
 
 M....';;.';''';^'' '■, •" "": TV"";m.T::?:"°"' "" 
 
 .lat.n a» to pr.f; nn... ,h,.r,.. '" ■'■'••g^5-' 11" " '">■ 
 
 .tulenHMl in Ii. u of pn.i.p.'.rtus, 281 -6A. i'» 
 nt.Hliilc of liniitatioiia. »>4» 
 i«li<li\i«ion of, 3i, 477 
 urtiile-i 11" to |f>'<4 ) 
 roi.liition- for i lllS'i «•' >"l 
 ,uh«'rih<-r» for. in nii-m.iraiiduin of . 
 how ptiyment for, may he niaile, 
 liiil.ilitv to puv. 5.S. 4K4 
 ,uli« riiition for minimum. 9 fl »'•'/. 
 ,ur.e>«iv.. tr»n*f. .- of, priority M to, «»1 
 iurremler of. 74!'. I.!'''* 
 
 article a^ to |74!l| and note 
 
 !.y einployi'. 4li5 
 
 exi'lianr for other "lianw. IW 
 
 * "''d::..°/«'ftn.ipanv, i. to' « h.-r- tr«,tK or «,«i.ie^. 660 ., .-., 
 ..t>,-,l ..II nrtion for r.-. i«-ion. 20lt 
 riirht III. 73 
 trannferee'^ lial.ililv on. I'l. i>». «•'•■ »'•'*' 
 Irah^iferor'. liahilitv on, t>3, «t. «<W, »i6t< 
 »rao-.ii.i--i..i,. IWC •'' " v M'" I an'l not.w 
 truntee holding, S3, tt-'iH, '>5-' 
 ullrn >i>>« lontrai t. niiiler, 63 
 uiiiiiillorirnl appliin'. n« for. 4H. i.W 
 unrterwritinif of. 275 rt i-rq. 
 
 form" fSiW '' •'■'/ ! 
 mii-iiU'Hl, .»iiei'll»tion «,', ISST 
 v.ndor- deferred | 3K5 j 
 \p*tinif orders a-i to, 6i»H 
 • ar-8nt> to iMarir ( «KII, 1I3»1 and iiolw 
 
 wl.al i- einh pay "• for. liH «» 
 
 wiiiil (•iTM)ii« liiitile for, ti3, ti4 
 vr'rii Wal lille on ir^f »fer. IMifi 
 
 :'::;,i^:^,;"ii;;.,!u.v m , r . i5«« v^n 
 
 withdii,«iil "■' application, 4H 
 
 itpitnv I 3H7 |, 3HH 
 
 agreement for •i.l.- of. to "iin'le -liip 
 
 apiH)infnMi.t of in.i"»i.'er« ' 3N^ 
 
 JtL ,.f .lun- maiorii* of owier« *el! to mmjMiny. SHU 
 
 Jktf owners ni norit'y of) may obtain onler f »■ "■ 
 
 Th-TI. 3^ 
 
 nB"^BH 
 
INDEX. IH37 
 
 SHIP- -enntinurd. 
 
 •harci in, Hale at iiwtance of aSurolinldc-n. SSO 
 
 uiikIc, law ai to, 55H 
 
 loiivcniun of oi-ownonhip of, into a i-ompaiiT (obitftn) I 5Ss i , i| 
 note r » N . , , 
 
 •tamp duty not |iayal>li' on af^reuuiciit for aalt' of, 3S9 
 nor on lran>foni or utliiT di>|iiwllioni of, 38H 
 
 suirs' in siiANDs, 
 
 artiulii an to [M34) 
 
 SHOW ()|- IIANIW, 
 
 article aa to |B»9] and notna 
 general inec-tini;, at, H!li» rt trq., 84S 
 
 annulli'd l.y ilrmand of poll, 701 
 
 cliiifw in nrtidps [69U|, 700 
 how taken, Hii 
 poll deniandtnl afler, 70(1 
 proxies not counted on, ti9», ll»98 
 •porial reM)lutiiin, fur, Inita 
 voting by, ,'■93 
 
 SICK Kl \l», 
 
 ■cheine for lieneHr lA i inplny*"-*, lUtH 
 
 SIGNATOIIIKS, 
 
 article" of itssoeiiitioii, to, (ii!) 
 Dicmoranduin, to, 447 ''( nni. 
 
 dnlurulion l)y, in, 482 
 
 rffeit of niirnin);, 4H3 
 
 lialiilily to talte >lmrei(, 4B, 483 
 
 meml>er;« of rnmpany are, 4li, 47, 483 
 
 minreprPMcnlationH made to, 4H3 
 
 witneaaea to >ignalure» of, 48;t 
 
 SIGNATl'KK, 
 
 rontraefn, 334 
 
 Di'-niorandiim and artirles by nn agent, 484 
 
 to transfer uf aliariw, l>«.S 
 
 written or printetl, aa to notiee, 781 
 
 SrLKNCK, 
 
 is not niiareprexentatioii. 2(18 
 
 •SlMn.TANKot's nn-i:ii," 
 
 abariH and d«b<>Qtiir>~< iH-fon- rompnnv 
 21. a 
 
 •Bfitled to •NiinAwAf-r btwinew. 
 
 8IN<;i.i; A(< <»l NT SV.STKM, 
 
 aw-iTtainiiip pruflU by (839), S74 rl teq. 
 
 sinom; Sim* (umi-any, 
 
 ad antage<i of, ASM 
 agrement for «!>• tii I 387 1 
 objpci < Uu«n« of ,')5.s| 
 
 SIN'KIN<: II .iiH itH.ll.Crx,. .'ii9 
 
 SKKMTON I'llKSCKril s. 
 form of [247 ' 
 
 SKKKI'ISC I'AUTJvKH 
 
 f»' ilities of pri«»« • I'ompamea ,ta to. Itil 
 
 il 
 
 T n-inrr.ccs arr Ui Uii 
 
 1 rtyf.- rri i*rttrlert$ J i'i7 : relff 
 
 ^S..: 
 
in:\y 
 
 IM)KX. 
 
 aOAl' >|AM KACIl HKKS t WMI'ANY. 
 jl.jiHl ■ luati-- •«f 1 j<31 
 
 lU^tonMM^ »fi*r Mile "f ^oodwiU, 3». 
 
 avrr'Mm-iii «(fiiin»t 
 mt-ariintr of, i" -«»nM^<. 
 
 
 ».Hiiii^ to rMw^r aH.iicy «|»t« i>m»rv *•— 
 Brtii'l'- U-. to ^M< j 
 
 rii:"^^:.:^.!.... ...... - — »«•■>"> ■ *•- 
 
 for -i>-.«e- bfforw f-wniatioli. H» 
 right U* i»a% tw- ">'*.■"*"* .* ' I «-<? • I 
 
 81'Kt'IAl MI'S Sw I'Aii lit a* thU 
 
 di-l-nili"i: 111 »r«i>|p- !t»»i 1 
 iioiic*' of, r«(i»iri"<i |6IK ; 
 
 SPEriAl. I-MKNTS ( (IMI'A.SV. 
 
 ubj.Ht ilim«<»- "f ,A-t3l 
 
 ai*K»IAl. UlCMJUTlllN. 
 
 alHTutioi. of iii'B i^l»tt"«» I'y- .>^ 
 alii.M.llnii.t ..f. a; »ir»t mMJlilW, W>.i 
 
 "luiirm-n . a.,-l«r«t>o>. .•.«du..v... HW, ItH... *»»^ ?*' ^„ 
 
 . ...u. -.. -""*- '•■ "- """;■"• vitr^:;; 
 
 ,«|,.i- .4. I.. ac<'.m|.»tt« artt »»• •*'. 'Vpii . <-•*• 
 
 to i.i- ieji»tAT.J. !>« 
 
 ... ;«. ,ui.t.ii.-l U. ni«iit.«n>. WJ. -^W • '*** 
 ,1.1.. -.r. tur nn!l-rfrar l.l^, 
 .i«l«.t«n ..( .luun-M. «. t« 17»ttl ««i .»«* 
 
 drftmlio.. of. in Art «* iW»» lU»--i. •^"' ■ '•»" 
 for »:.iatiik'-ui. I !■•»•<*) 
 how v. !»■ |.»«i«l. !'"« 
 
 in1.r.«l h.tw.-n tl... .»o M«-t.HBit. ItW. 
 ,i,.«iit!.aii.Mi ..I, »l hril in.-ri.i.K. •>»» 
 ,„.« , t.u- ii. ..rli. I-, a^. 1.. r..rf.MU.r... (^.H 
 
 not t.. I.e nr^umed t., I.a.o I..-., ,.««"1, HI. H.!, b«6. ,01 
 
 notice with u view t" , I'lM ! 
 
 m.ll.v- fur Hr»t mwliiii: I"*'!,, 
 
 noli. 1-. for ■'■•••"■•tl I'll'''"'!.' i '"'*.' .• I mull 
 
 „„li, , «.ll. a vi.'w I... ihara. l.-r of, Km. 
 
 „„..,...M...f.,r.w......-.i..«M.«M. U-:;!;;;;;" 
 
 {.rox,,., .a..!...! ."I. .'■. -••"• "' ''»".l'- '"^** 
 
 r::;: ruition, f..r, a,,,., im (««■». » ) 
 
 r,.ln.tio., of .■4l.i...l. for i M17 w ..-7 1. 1^'W. li«< 
 rrf{i«trtttioii, of, I.V43 
 rivulalioii* I-" aiUT. 
 
 !,..« iar ,.!;".val.'. US'-'. Hir.; 
 f,,rii.^of j IKCi .' «'•'/ I 
 
 r«iiiir!-in.iil* of A.I «" I" I'W- 
 
 «lio» of h»i»l- I'm" 
 
 „lalulor\ mai..r|iy for piK-lntf, .aiiiiot i" 
 
 _!,».,.!.;, h. .l...i.-l.y. 11 1« 
 
 wlirrr no arti'l"". r«i{l»l«roti. »H 
 
 .•Iwiitf.l, 1 '»»<'■ 11.^' 
 
 fW 
 
iNi)i;x. 
 
 1«.;!» 
 
 .srt> I \i/iv DKin, 
 
 rull" mill i I'.t.iliiii'til'. I>.i4 
 liuliilily oil -hiir'"* i- .i. 'lit, li.i I 
 
 Hi'ia IK, 
 
 diKtriliutiiiii cii' aKHi'tri in (.ilijiil claiim) |.'>N| iiiiii imtr. 
 (Ii*i ' ii><iii(iii itt U"t't^ ill H-iii.!tii^r-it|> ill | 7s"< j 
 tli\ i'l< iiiU in ^ ;(;i I ;,i„j tintr 
 
 HI'Ki II II riMii' \Mt;,s, 
 iil.ji-.t ,hi,i .•- i.-,!', ,,74 : 
 
 si'i.'ciKic i'i;iir(M;vi \\( k, 
 
 airrM'i, .Mil u|i|ioii,liiii,' i-iiiii|niiiy - "ili it . Itl 
 u^ri-1'itii-iit III ulliil xhiiru-. 
 
 »rii of >iiiiiniiiii- fur. ."iT jl:riii| 
 8^.,,, •„;,.,. I .„ ,.,!,,. .|,-,|-i., „f .-,; 
 
 1" illi.l 1 I3.'iii| 
 I'linltil.l :.. till, .ll'l.i'. Iiir.' ,r .ll-ln niun' -I.. !., ."It, J'l.-, 
 piTiiiinl -iTii.-.-, 1)1 .1 im,!..n I fi.r, i i.hm mil liul i.tI.t HI 
 iMitrmiiiiHK a)tr«i'inctil< o(, ^!t4 
 
 si'i:i;<*iii N 
 
 lii'fuKin-iiry 111 ilii'<^ tiir'. at i ;.■ ..tiiI iiHviiiiir. « li.'ii |,rivil t'li 
 
 flSTAMl . 
 
 M<lltt*^iir. ;U,' 
 
 «Kr.fii„i;l 1,1 .,11 ^.Hiilwill, ii:i. II J, Hit 
 ajrri-iiiii-'ii 111 1.11 paifiii-, .111 
 agriTiiwiii t,, H, II niiijis :.,.iii, ;l;iK 
 
 HJJI.II., l;l ,.- Ill l.rilj..-,ll ..lii-,.,..l, 311 
 
 airriH-twiiIi for !^lr »f |ir..j.irty, iin, IWH 
 
 aijr.-. iiiiiil, lii.itli' ill Knt-liiml. iiii, M.i 
 
 a;; f' fu, I r.l^. ii.,, -TIT . -../. 
 
 »itri-''tm-ils 1.1 ..11 liiMik iW !n. Hi 
 
 alliii.iiint Irtti-i, III,'!!, |«>,V> 
 
 a|.f»irtioiinii'i)t iif (li:iv .mi -.ali' airr>---i«»'iil ;{-iM j ,i|.i ,,„h' 
 
 HI'lil'Iri. of a>>ia iuliiili. nil, I, ii'iil, till 
 
 liiiiil.ii'U ami a.lviii..- M'( .iritif- on. 121;'- ' *14 
 
 i-tttu'irllitliiin ol', a:. TII7, 7U)i. H,ia 
 
 11 1 |ii-'.\ii.*. ti'H. h.wt 
 ra|iiUl I'll rivi't'iiii'iii. tsii .' ■ , 
 cvrtiHiaic uf »triiv,. mi. I • IJ 
 
 -iii|. lU-.' 
 iHiii^Miiiim. f.ii, .III »Mii,.f..r. ,.f »li,in'-. «iiiH 
 eonvi'i-wiiii iiitii |iri>«ii. i'iim|iuiiy m. 't!t' trN 
 
 dimfiiKi 1.1 |.av •><• i.li'iiil- 77' 
 
 «.<|iii; .i»l.' ^^..-luitii.-. I'JIll 
 
 " j{<m»i'. witii-, iiu.l iiicnliaiiitt.. .' :(!:! 
 
 inrr. a^' nf i ij ii .1 .m. Mill 
 
 1. Ill', uf ill.iii.niii .11., .'iL', Iii'.l 
 
 iiiBrliital.il- «i.iHritii-« <ia i-uiitnii i. f,,r .^ilr <il'. .i.)k, :iiii 
 
 iiiarki tahli- w. iiriti." il''(.ii-ii«l, a- -p- -itiiy, Till, lil.i 
 
 111. -mill iiiilMiii nf H— — iiti.ii. nil, ;i, KM. il'i. 4h.) .. .... 
 
 iiio.t. ..-T- .11,1 .li.,-..-,. |-Ji:t 
 
 ii.ili..- .if all..|iin-..l. ..II, .'r.' 
 
 lira! ni;ri-<-iii.nl, :l:l^ 
 
 polli ii. iii.uiiiiir Mifa.ii-t li ii.iiiti ii.i.li-i U..;k.i,-, (.„„,,,.„,.,((, 
 
 i!«m .v.M 
 (Miw. r- nf It .riu'v. Ilrtn 
 J riiiit" i.iiii|,..:.y "il. I.. 'i:i , '.i;1" 
 |>fii|>'i-a! in »ri; •„- a - |.i .1 ..r,.|U ,1,!<. lit IJi.'.l 
 prii\i--.i. nil 7II'.. Hi.1 
 
 ST 
 
 - f'-r.-nvi-r arv !:! ■!;.• •.■.:zi.~.- I'm:.-. ,.: A.-.-.i.J 
 
 irr T -.1.. 
 
,1- 
 Iff 
 
 IS4(t 
 
 INDKX. 
 
 '^^^Z.z:::!::t..r. .,,,.,.,...0. ... u., 
 
 «i ti|i I iTiili' au\ (111, 1 I4J 
 
 nhari' warriiiitt In I.. :ircr, U.)", II >' 
 
 traimfi r "f !<littn'!<. oii, tlli.-, tHi'' 
 
 iiihiilHi inii y i>f. •>•■« . . , ,.,^,, 
 
 ,.,,.1, itaUn.- a/t... in • w ..f n -•til.- .t...n M i.-^.-l.T. l-^l 
 iiiiili rwiiiin..' iiiiitrui t. iiii. ■-"' • 
 
 STANN MMLr^. 
 
 j„,i-,|i timi. \\-i-. i-"*>'> 
 
 ,,r..vi-i..ii- •■' V ' "f l^"""'- •"■ M'l' • ' '^'' 
 
 STATKMKNT IN l-IKl Ut IMtUSl-rCll S, ;i, JM ^.i^. :!'-7. -.1 A,.,. , 
 
 Ii47, i:>t'l l-'il. I''"'". "•'- ,,. , .,,.■> 
 
 aiialo'V I'f. ti. pni-i ntiii iii -"iin- ri'^ii.c!, .1... -" ' 
 
 r:;:::,:^,....n,.n,'nr in.,!,,.... "11,1. M'..-. , j^ . ^f* 
 
 ,.,„ ,.M.,i. a, 1.1 -iKir.-s ,l.»|..-.ir.- Ill, 01, :.'.'. \lili-. laji 
 
 fair SI n:'<'.* III. -"it. M'l'- '•'^".., ,..„ 
 
 «ii„,. i.f. :t. •!.•..., A,.,'.. '■••v;; '■^■";.- 'J'-'";?., 
 
 fiM all.il.ii.iii "f ■•'li'"-'-. I'l""-' ■''• "'■'"'■'■• -"- ,„„,,,.,„i.. wiii'h liave 
 
 l»U-t -ti'2. App., ISt'" 
 form of I iM | 
 frainiiiL- of. -'<;-', -l"'* 
 irn-r'ilar all .liiii'iil. - '3 
 lialiilitv a'* t... ill;!, HH 
 miiiiiiiiiii -ul>» ri|ili"ii. I'4» _, . 
 
 zi;;i'::^t:.:r::^ r;"::";;:^:i:..r::t. h.. >. - "of-o 
 
 p,!;:,;'tii;::;:;..^';^.' :S: f-- ^'"- --r- '^^u 
 
 private . ..iiipany l|.-iunii_nL^ .. piil'l «mp:iii.v. ApP- ' -"" 
 
 pulilii- iliHiiiiii'nt, i-* a. -*i,l 
 •iL'iiatoiii'-' lialiiiily -'"'3 
 pii:ii»liirp (if. -ii'2 
 
 !;r;;l^io::!r:r.:;:!:; M..r.,. ... n.. ^a.,.w.... a.,i...ry „.oct- 
 
 i.'ii" 
 
 ii 
 
 .111 (■■rii-. l.l.'ili 
 
 stati;mi:ni>; or i i.aim !i3'i.-.i .1 "■, ''"' "' i'i'>n.s(H 
 
 All i.f IHIW (•'■'■t- Nl;. i 1:1771 
 
 aiti.ii. for .all'. f.Tin i.f 1IS';-'| , , , 
 
 rni«-i.Hl..n ..f .(intra.'t t" take .(.larc ] H. .'. I... .. l-l'T 1 
 
 ST.\TI()\i;itrt A\l> .•.{INTr..C<- rOMI'ANY, 
 
 olijc-l .-laiHi'* of l-'it.^l 
 
 ^•^^rir- '0^,1!:';. :.;;.-.-- ■'-•-••'' ->■•" 
 
 a,^ if'artii* a.jri.ciiicii'^. •^■"^ 
 
 iMiikinif ..(.ciirirn^. 111*'. "'*'• 
 iriiarantt^'s. I.IMi 
 object .if. III*! 
 
 .ppluation of 1 .rtaiii, to .orporaliiinv 43 
 i.'l. ntoi.,- fro.ii. now to lie »fci.ft«iu«l, 94/ 
 
INIIKX. 
 
 IH41 
 
 STATITKS ()]■■ I. IMITATION', HU 
 
 iiiiioiinli line nil 'ihari-1, ii|<) 
 
 liiiiilMii',' <iiiriiifv a- ii'.Miil,, ll;»( 
 
 l>riiifhc> iif trim liv iliriclurH, 71:! 
 
 dt'"i'ir. mtitijt of, ■.•0*0 
 
 l>in-.iiir-' l.iuliiiiiy Ai-1 mow wM. M i,i' liii).-)) jl'J 
 
 KiiaraiitDm' jiaiiitiiy fur iiiii>ri-»i, lIHh 
 
 |iri>iiup|iTs !i» ri'.'a'nl.-i, 14(1 
 
 rit;lil lo iluiilfinl-. 7,0 
 
 STATI lOliV COItl'OUATION, 
 
 dillciiiif liitwicn. and a Cuiniiioii Ijm r<ir|H.r»limi. .Ill, ill 
 rc-irii tiiin nf powers i.f. lAM -( Mr,/. 
 
 STATI Klin |.i;(l,AIIAri(l\. 
 
 Iiffori' iMirrnwiiitt or iimuncmiii',; liUHini-.-, u'l', 21, '2 
 loliiiii. iicili/ lii|..inc-.-i, lii'fori', 'il I tiOH I 
 ri'L-i-iralioii of ompany, .■n, J j lio;, | 
 riiii"tratio!i of ixi .tiiiir' 1 iiiii|.aiiy. n'l jlij(>|, ii27 
 
 STA'ii rouv in n, 
 
 liria. '1 of, wlii-ii jinohin^ friiiiitial lialiilily or iml, S.iS '2:t!< 
 riMiiisI,,-. a:.'aiii!(t .,ii.r|,a!iy for hri'.uli. h oi" ;1M III 
 
 STATI Ton V MKITINC. 1«. (iM.t, I.VII (A.t. 
 i-laii-i- il. ariirli's a» lo | tih!) | 
 li-i of iiu'miImt* Tir I i)l« I 
 pri.ate ioni|)aiiy, of, »»? 
 
 (llOVl.if.lH ol Nr.'t. li.-, .,f A.-t ,,f 10l)^^ J,. ,,,^ i;,i, |;,,| , ^,,,j 
 
 n-porl to 111- w|||,,„i|,,.,i |„ |(;| I I 
 
 dini' afl.r wliirh pr.Mc. ;ii,,fs hh u, miiiiniiiMi Miirt,ri|ilion lo tic laki'n, 
 
 lariatioii of loiitnii'ts, 
 
 at I'.e nii'Piioi.r, l»l 
 
 lit-forr- l!ii- 1110 liiiif, 32t, ()t4 
 whoii lo liu lo-lii, i;(i9 
 
 STAVINt: I'KOCKKDINCS, 
 
 riilui iioii of •aiiiial, on [ I30KJ 
 wIktc al.ii^i' of pro !•.*-■, [ ||( 
 wIimIiiis; iiji, ill, liiil , \.'t ) 
 unilor arran:,'riiiriit, I PIS 
 
 8T(HK, 
 
 I'lriili'-aioH of I I! Hi ] 
 
 I'laii •■■. ill arlirli'i a< lo [tlHIJ 
 
 .onvi-rHion of ,liari-. into, 477 |iM| I iw.', App , l.VliJ I.W? 
 
 .•tl.-.t of, I.V17 , A.tj 
 
 ■nt'.i.v lo Kf.i.lrar. 1114 
 
 of -liaiTi. into pirfrrritl am! il"fi'rriil | 1 1 17 I 
 
 rcHoliition.i I 1114. 1117 | unil note 
 rinonv.TMon of. into »l,«ri-«, 477 j liS2 1 and iioti- 
 rmlil- of lioldiT^ of iiih'ii 
 Slo- 1 r\i-i[aiiiri' liuliM, I'li.'i ./ t,',/. 
 Irai.^iiT of I il.so I 
 
 liJ'I'lICK iSKOKKK. 
 
 furj,'..,l powir of atl. -M.y. ^l.il.Miinitj to IJ.wili of Iwi^-laiid, by, llj» 
 
 ;-j(M K ( litrilKICATK I llKil 
 
 .111 r. r. r.'npfn urc U> tlie (latrm />«-?..- i„ hrnrk-l' { 327 | r, <,r i„ ihr Ki.rm- 
 
1H42 
 
 INUKX. 
 
 STtJl-lv lAfllAN!!!;, 
 
 remilutimi" ii« In artirUw, 
 B.ii.iiiit'', .opi.!! uf. 7;j 
 
 ImrnmiiiK |...», m. Im. IMi "., •>»<> 
 
 cBlla, liniitini; aiiiMiiiii, li >t> 
 
 ccrliHiBl"' f<"'. •>•''!• 
 
 fDrfiinin- of iliiiiliiids. (ill 
 
 rnriii "f lr»ii»fer «'>!• 
 
 lien c.ii (ittiil up -liilriii. M'i 
 
 |.iiriliil <• 'if *ii:iri" |iniliil.i_tlliK. ti4h 
 
 (|imliti™iiiifi 1.1 .liriTlor-. 'il 
 
 re'wliitimi wuhimt moi^iniJ, 744 
 
 irai'-frr. ilirf In'-t' ilionii.in, «71 
 
 uiuullcl .ai'il.il. innrttiusriiitf. «H!t 
 
 ,„| ;,- I" -ililiii.-nt iM.l ,|ii.il.iti..ii-. .'h5 <•( >€■/ 
 
 • ml nr i'ii!i(iiriii y. l'<", '5' 
 
 M, ., ii.irr. Iiy iilii.iiil a-»i(tuw uf. tiliU 
 
 n, lii'i- .1., >ili iililaiiiil^". -'i 
 
 STOCK IA<1IAV<1|-. Ill 1.I-.S ..KXTKAiTS,. 
 arlii li« "f u>*i<iaii«iii, -'iT, 'ittS 
 boiidn, -UM 
 
 Ixii.il- .iiiiili-il ulirond, 274 
 iTiliti. nil- "t «ti»i'<'' "'"' "lixl*. '•'•'* 
 .•oli.iiia! ami f'>nii,'ii .•..iii|.aiii>-. .!73 
 dolrt-i.tiirp- aii-l .|.«.. nliirc- «l<..k. Ml -. ««•<). 
 
 f,mlm.l -I"' !> ■"■ 1 ''"»f '■>•>■"•"■"'"'■ ■"•" 
 
 [^^'ni^M^no'^mmin - by au,h.ri«J broker, a .n-nlK-r ..« .h. Sm. :. 
 
 III. I.iiit-''. -'"l 
 nI'.w".'.Hn,'.«..i.», -luir.-. -to, k ct d. li.-nti.r- .t.»k, iiM.. v-'iT 
 ««:. '.al |ii"l;iti<iii', .; : 1 ^ id' 
 
 oiii iiMii|.i!nii'». .;;.', Ji i ^_ 
 
 ri ,.iii»trui ti'-i ••nin|iami-, ■-.:!, '-i« 
 *.rip iir l.,.iuU "f mw l"i"' ■!''•' 
 (ppoial ••I'tlli'in.iilH. 'ititi, .:«• 
 »|ie< iiil ifttliiiif 'lavH, 'l(i:\ .;•"'_ 
 hliiliiliirv .li'i lar.iti.ih '711 'iU 
 trii'l dtH'Is. Jti'< 
 
 v..!Mlc.r.' ' uriiii--. .|iiiiliili"n "t. ■.'til 
 xendori*' Mliai't*. -'*» 
 
 8TU1II> (■|»>ir'NV 
 
 ol.i<" .-laii-'^ "f I"'!'-"! 
 
 SMUil> ISIDS III' : I: ^i(\->. -ii- ««'■ '•»•■*" \'" 
 riaii-f ill artii'l"'" | ii''4 | 
 l.iiw iiri- 'i-^i. ilia 
 uotiii' 'if. I"' nx'i'trur. 111.) . m-i 
 
 l"f,r.,..-. 1 ..lli.T -Ik , int.. r.HI i and ...no ; Ml, I 
 
 !.r«u-i.i... "f -.t. Il.if V.t'if IW'l" lAiW 
 r<!-.i.!.ili.i.i a» t.> 1 Ilia I H 7 | 
 M.aiil.-. i.-iiliili'." for I "'7 I 
 
 8111 I'l H<'IIASi;il. 
 
 di«lii«iir.' .if. ill pi-'wi'i-'-lii-. I'll 
 
 • sfiisci-iitK- ^,. ,^i,„ ,.^„ „.,., M .r . i.w) 
 
 its 
 
 i„ .,.,( H-i ..f A.t f l«'ii II 
 
 "^"!^<"; V!"'lrn,w.,l :..,u..v- l.-n.l.r* • Uim ..^ai..«. a«cc.. «Hrt. i.«. 
 
INI'I'Ul. 
 
 is J.; 
 
 Si;iJ.S( IMllliKS, 
 
 to urlii'lp-. lit koou luiiiiii, (i2!» 
 
 «i :iiS( uii!i;i;.s to mi:m()u.\M)| m (»k ai-im iatiun, 
 
 i>K'"ii. siitniiitr by. 1H1 
 
 ulliiliiiiMit, iiiiiii' rcsiuin^l, 4I>, 4N4 
 
 ari' iiii'IiiIhts. 4(1 
 
 Ixmiid u- t.. ,Uiirfn niilmi rilxHl tli<iiii;h imr r.-nUtiTiil, ltj4, 4tC, 
 
 caiiiM't ri'i.mliiiti' liir mi ri'jiria.iitiitioii, 47, 4h:l 
 
 iii-li |).i)nuMil lij- ...(-oft, int. 4N5 
 
 ('i)in|iuiiii'> Act, IHyx irciHiilitl), 
 
 wIji-iIkt any rt'lii'f uiidi r, 1421 
 I'tfiit 111', ()(3 
 tirlii, for, 17 
 ln|i«i' of linii'. 17 
 liiil>ilily. 4*>, 44« 
 
 nil' I. .'Ik, IN.'i 
 olilifiiiiiMi III |i^iy in ni-li iir uihorwiw, 4H4 
 p<i!«itii.ii of, 4N3 ft „ ,/. 
 rpt'i^lrr, -'loiild Im- |ilftic<| on, 4H3 
 rcjri tiaiioii nut .•<„., iiial fur lie i.iiiiim' mniilicM. 4ii 
 
 ri-liif wli.r,. -Iiiirr. i<,«.(l for .i <,.ii.|.U'rafimi .itliir thin cuih hit,. A. t 
 ot Mt,)h) 1421 
 
 sl^ilLlH, tii, 47 
 
 who \ni\\ \»\ 4ii 
 
 Sl'ltS<!(iri IMN, 
 
 hy loiHjtuni 's. ,i07 
 
 iiiliiiiMiim. 't ■! „,,. („,/ ,.„ lliN.MUM Si ii>. i;iiThi>. 
 
 ulfer to thi- piihlir for, 12 
 
 whut n »uh«( ripliuii, 14 21,; 
 
 SI Its I III il-: MlltKt l)i;s. 
 urti. !.■ :i-. lo ! N,3J | 
 
 "SUiSIIJAll \1 (III -MAIN OllllOcr." 
 
 ' - oil, lil'.i, 17i), ti.,il 
 
 8i;ji-i \iii,uui(iri\ii, 
 
 ili-i lo..Mr.' ill ; ro>|i.iiu, ,,f ,iil.-ii„.|,.rwriit>r» uniio. i->*irv 171 
 h it<r of imr.'l 
 
 SliC"fi;S.S|ON, 
 
 pi-^pi tiial. of roiii|iai,y, 27 
 
 "SI (,(,f:si/n J II.si: INi. 
 
 .StSI-MAItV. 
 
 annual j«2.", ej,3 |, tj2), |,,:12 (Acti 
 ea|iitnl, K<\. form of | U22, ()2.l | 
 
 SlilMONS. 
 
 roiiil.i.v, l.y, mitlii'iiti'Mtioi, of, 7 78 
 
 Jin'tli lor |l:iill|. 131.1, I:lii2 
 
 (lin|i' ligation ordor. fur [ r272j 
 
 for fiirlhir |iarlii ular» j 1375 j 
 
 oriuiMatiim, cm tnicllmi of ini'moraiiiluni .m.l ,iii. I,.«. (iO,1 
 
 ori^iiialiinf, loMv.-r.ion of hiiMiien^ into j rivat^- .onipinv, on I |i!(i|, Um.'il 
 
 .<'■' r. ferine.- are to thi- pajfiv,. I'uge. ... hru.kel- | 327 J /-/,, t.. /<.,- 1 „ „■> 
 
 
 is 
 
 IM 
 
1X44 
 
 INOKX. 
 
 SIMMONS >- -.(cM'irrf. 
 rtili.i'tinti oi' i-ttpital. 
 
 ;.n.,l,t..r. »L(.hI, 1287 \Vi',% Vm\ 
 
 irwlitur* nut »tlc<ii'«l |rii2| 
 
 ,lir.-.ti..n., r..t, us: I !■.'!«» I 
 
 «|,..ti il .•..mi- t.. iiM .ml. I3'W 
 
 „r.l.r t.. -.TN. I.V a,lv.Tli«-....'!.l | \m. riUll 
 «■r^i'.• OI. i'..mi'«ny ln>» <lfc.t4-J, 77» 
 
 to :U .liiv fur h.-iiriiiK 1 127-2 | 
 
 writ ..f. 133'...' -./. <"•' '"• \\'^" ..K.SOMV..-.^, 
 
 81 I'i H\NM VnON. 
 
 r.iT.d liir .•m|il..y.«. 1*11'' 
 
 ,r,i.t .I.imI nl.it.i-liii.it [l»3.'>| 
 ..111 II..' (m i I»i3.i) 
 
 Hl'l'i.liX ISUlS ')! Ml 11. 
 
 r.-. o..-trii''ii.'i.. .'II.- ton, 141., l«.^l 
 
 s,, WiM' ' II' 1 NUtH Sriri.viHi..>i 
 
 Sri'HI 'iMI'MVl. ( ONTK.UTS, fi^ ...r Hlin«) 
 
 wh. ..■ i.ai,l-u|. -liir.M i.Mie.1 t.. M.n.lor'- imniin.-.- | .5M | 
 
 "677'/'..'/> •/" ' /■'•'•" '"" 
 
 hi UK I 11>. 
 
 ■li.,li.'.-.'ol. VM \'-^' , ,,„.,. 
 
 •I ,1 mi.itv to ilii.M lor- for li.-.'ommii 1 W51 I 
 
 ri,.|.t. ..f' !il.'' ■' •"/■ 
 
 ri.!. f.ii i.r.ito ti..n. 1I9U '' "•V- ,. . , . . ,,aa 
 
 Stat. I.iin. a- to uM,,.rrintor'. liul.ilily for mtcrcKt, 1198 
 
 Bl'lt'l' \1. IN.vrUl -MKNT MAKKlt-^' COMPANY, 
 
 ,il j.'.t ilaii^'^ of [Mil 1 
 
 BUlil'l.rs ASSKT8, 
 
 urti.'l.'» «» to ITM. 7H.'-.,_843l 
 .li-triliiilio" i-i -ii.-. i.' I 78.il _ 
 ,li,i..<.» "f. "**:i '"'■- '*^'>,'>*' ., , ,., 
 imluil.-ii / •""' '"'" .ii»'Jll''<,l ';»l"«-»'' ''" 
 
 •II. nrii.i; of .■»(•'-.■- i"". i!*^. ■^'■•.' , 
 
 ,,!, f ■r.n.-i. -h.ifh..l<l.'r- (^arti.ipiitiriL' m. '^l* 
 
 ri;,'ht to. i>. »iiiiliiiu'-i'p. i^S 
 
 «^'V::,;:,.t,.;ii'or':i^!::''-r..»r. «» aivide„.. ,..ya.,l.-, a. to 1.307. n08J 
 
 ailii! - i.r..viaiiit.' for [UlH. 1 
 
 suituKsnru, 
 
 aili, 1,. ,n f. ' "till .">'• ""*'' . . ... r.lll'>ll 
 
 ea ..rllat;..n .,f nl'iir.-. .iirr.ml. r,..l, rp..l...i..n f.:'/ ' U.;* ' 
 
 ui.j... li.ii'i t->, n> rc.'urdt «lur('», i4it ••»' 
 nhiir.'"- ^f, 74".*. l-.'i^ 
 
 Sim IMIUSIIII'. 
 joint liol.l.T*, (i"7 
 ' arti.!.'U. to iR77i 
 
 SYM'IC'AIKS. 15H U'.0 
 
 ;i;r;:;;::^: "»r ^u' i..* ...d r.-.,.!.. c .nin... by ( .57 1 
 
 iiir<»rif*iratiuii of, 159, ifiO - , - ■- * .^ i^ iin 
 
 ibi;.;i,r"i:!=^i::--''-'-"''-^^^^^ 
 
 wiii'ii illnral. 1.^** 
 
IMiKX. 
 
 IS-4 . 
 
 TAMI.K A (OK NKW At T;. IdOtl 
 
 •ICOIIIll''. IllDII 
 
 •ili>|iii.Hi »f. tti ctiiiijiitny -> urtlrlix, H'JII 
 
 •lltrulioii. It.i:iril of TriiU'N |i<mrr. IJ.'il» 
 
 k|>|ili<'uliilily. 7su 
 
 ■ rliclni wloiiliiiir, in part | TW) rl fill 
 
 •rliclin iiiiKlir^ iiiK J 7W) •■! It,/. I 
 
 a<«iiiiiicl >Hii<liiy of iiroiisiuiu u(, M3 
 
 miilit. Itilii 
 
 inll'. lUH 
 
 rapilal in<Ti'ii'<itiK. Il)l>4 
 
 crrtitiiati'a, lOlKI, llilll 
 
 ilmiriiiiiii. Iiin.'i i.onipiiiiyj. I'i'lH iiliri'<tor«) , laim ^wmiluilUv) 
 
 rl«il-i- ill urli Ir, rvi'ludllli; |<i4:i| 
 
 iiMiiiiiillii- of ilirfctiir<. ItilH, ItiilU 
 
 riiii-i.|.T;iti'iii- H« 1^.. in <'.iii«lriiiiii.' urliiliM of awiKialiim. M>3 
 
 diriHtiir". lliiMi 
 
 ili«|iiaIiHi'ation, 1607 
 
 tir-f. Iti'Mi 
 
 IMiwiTn ami ilutii-4, IfltW 
 
 pro iiiliiiK". liilH, |tiii9 
 
 • |iia!iH< iiliiiii. liiiMi 
 
 riinntiil. liiOM 
 
 ri'nitiiii'rntiiin. IWN) 
 
 rotuii III. KiiH 
 
 MlililillU' iirticr. 11107 
 
 di^wlviiiil.'tiri " iif ti'iiii;, u'itt 
 lliti.li'lllla. Ii;n{t 
 I'X'-lo^iiiii (if. ti'2'i 
 I'Xtiuiiiiliiiary iiiii'iiiiu'*, ItiOA 
 fiirf'itiiii' (if :>liuri">, Kill.', Iiillj 
 
 Krlirral llltrrin^-.. jiinl W s<</. 
 lilMilim^ Ul, ItWt 
 
 ixtninrilimiry, ItiOA 
 (iniiiiiry. Itii'i4. KKi.'i 
 pro I'lillnu^ (it. ItlK.i 
 u.li'i lit. ItSlt.'i. I(ilit! 
 
 lio» fiir it foriiK uriiclci, ti'i'i, tvlll 
 
 ill' n HI' of laiittil. I(>il4 
 
 moitiHriitioiin of ri.-hti uf i la«('<, llilKt 
 
 noli ' . llilll 
 
 Olll. ; V ItU-ctillL"<. Ili'll. Iiin.'i 
 
 poll c, liiii.'i. liiiitl 
 
 piiwi-r'' mill iliiti f ilirt" t.T-. IliiMl 
 
 pri-ftTi'ilir Mlitir.'K liiO.I 
 
 pio 'I'i'illiit: of ilirtitiifH. Kins, lliil!! 
 
 pio'iMJinL'- iif u'lii'ral iiiiili:it'i. IrtOft 
 
 pioii-i.in^ of .\it of IIKIH, UH til. 7.S!) 
 
 proxiii, lilOti 
 
 ilimiiilii llill\ I i(ii.(paliv I ; lliOS ( ijincliirn) 
 
 nildiliou of iMpitiil. ir.lU 
 
 rr«iT\i fiiliil. Hiiiil 
 
 ri-..|'ti' ■! f..r iii>Htili< iliim of | Illl3 | 
 
 rol.i'iii,. ilirivtor-, IIMIK 
 
 mi'hI. till' I oiiitiiiiii. tiiOT 
 
 '«li(ir(' wiimint". Ili'i.T 
 
 i.ti>i k. iniiuT-'ii'ii inl'i. Itfii3 
 
 Hiili-iiivi^ioii of liarci. |(>(M 
 
 Ir.-.i.if'-r ot .liiiri ' llilll 
 
 tnin-inii^ ion of -^haroi. Iliiri 
 
 \u!i'tity of at-, n Inn' irri-u'nl iriiy. IBIW 
 
 \..t''- a! L'cticral iiiii-'iinf*. Iliil.'i, li'iilrt 
 
 whin aiipliialilr. 7H!1 
 
 I 
 
 .<,'■ ri'fprpniH'H «r,' to lln- |mi{iM p,,,/,-, ,„ 'ir-i.lcfit (327) rt/rr '/• ih. I'onuii 
 
IHW 
 
 INDEX. 
 
 T.'.HI-K B.. 
 
 in Act of 1!M)8 ..miO. 1611 
 
 ""''^ili'X't J/l«or!"^cm;?nt of banking, insurance, ^c. c»n.p.nic), 1612. 
 
 nii3 
 
 TAliLKS AND FORMS, 
 (jrovi^iioiis of Act. 15.W 
 
 'iiHonic. tax paval.lc l.y ( ..mi>:imc«. 87 H »eq. 
 preferential pavniont in winiline-iip. App.. ISTS, 13/9 
 
 TKA SHOPS COMPANY, 
 
 nlijcct clauses | .'i471 
 
 TECIINH'.Vr. WOUDS, , .- • ,q, 
 
 con-trninff. nicniornnduni ami articles in, ovn 
 
 TKI.KPIIONIC TKKSPASS. 
 injunction nijainst 1 1414] 
 
 TKNANT KOI! MIK, 
 
 dividends payable to, 768 
 
 bv mort-aiTor after expiration of redemption notice, 1226 
 iircular ottering shares for [1058, 1059] 
 application annexed to [1058] 
 
 TEST ACTION. 
 
 order for [1336) 
 
 TKSTIMONH M. CI.ArSl': TN. 
 agreement, 334 
 
 TIME, 
 
 e![^",^;?^'n.isteri«g mortgages, ^c. under «ect. 96 of Act of 19«8 
 , .117. 1121-1124 [1424—14261 
 
 ,/„(/ »((• Ui:i;lSTl{\TI()N. 
 
 T! T 1 F 
 
 conditions as to. on sale to company [350 ^l ^<•r/. | 
 
 accepted | .333, 1464] 
 objections as to, 331 ...on 
 
 of allottee, contracts constituting, 64— b» 
 provi-^ion.' in a'-'r.-emcnt a« t« |350] <-t 'eq. 
 rei|uisitions i>n | 351], 3.52 
 
 company's liability for aircnts", 37 
 
 directors, of. 712 
 
 ratification of. 204 
 
 to company, it can sue for, 33 
 
 TorinsT .\r.ENrY company, 
 
 object clauses of [545] 
 
 TKVOE. 
 
 ftnl.'ration of, object clauses of [573] ,,,„,, 
 
 objei claiisci of company forjiroteition of [ .)b» | 
 restraint of, agreements in. 357 
 
INDKX. 
 
 \ha: 
 
 TRADJ-; n).M!!IM>, li:t rt .,<.,/. 
 TRAIIK DISI'ITKS ACT, ItfOB.lH 
 
 TRADi; MA UK. 
 
 uddinj; witni " liinitod "' tti, 34ti 
 
 assi^imbility of, 3tti 
 
 aiiai);ninmit in pross nf. is void, 34t> 
 
 injuni'tion asjainst infrinprinf! [l^l^l 
 
 order for lilwrty to udd " limiti-d" to [1413] 
 
 order fjivin^ librrty to add iiiitcd '' [ 1 119] 
 
 TRAlli; N'AMi;, 
 
 iiijiin'-tions to proti-ct [ 1412] 
 list' cf. 345 
 
 TKADK I'liOTIXTlON SUllliVV. 
 
 object elauH's of [509] 
 
 TKADi; SIOCUKTS, 
 
 obligation not to rovi'.'tl, 14*2 
 
 injunction ajrainst rincuiin); |I414{ 
 injunction a^ain-^t enipluyi's divul^'inc. 442 
 
 TRAMK I NION'S. 118 w .<■</. 
 
 a^reernontM within Acts, 114, 115 
 
 conii)iMe.* of, nature of. ll;j 
 
 company joining as member, effect of, 117 
 
 contributions by conipanieH to, 117 
 
 dr'finition of, 114 
 
 enactments as to, 114, 115 
 
 cnforiement of rule.s of, 117 
 
 exemption from action for tort, 114 fl an/., 445 
 
 lefrality of, 114 
 
 Ic^al proeee<ling8 by or against, 115 
 
 manufacturers' comiiinations, 113 
 
 members' rijrbts against, 115 
 
 niinimiun prices flxc<l for wiles of articles, IK! 
 
 ?iot rejristrable under (' cn|in:iics Act of 19flH...115 
 
 not now suable fir wroinis ol' tlu-ir agents. IH 
 
 Trade Disputes Act. 1906... 114 
 
 TKADIXO rOMPANY. 
 
 borrowing' powers of, 509 
 
 implicil power of borrowintf by, 473 
 
 TRAMWAYS COMI'ANY, 
 
 object clauses of f.565] 
 
 TUAXSl'KR. 
 
 balance tick. I i)77 ] 
 
 in fraud of e , iitabic title, (io2 
 
 life ai-surance business, of, 
 
 afrreement for [374 | 
 life a>snra?ice company's business. 1329 ft sfq. [1332] 
 nejjlect to register, rectification of reu'ister for, 1387 
 
 THANSKKR HOOKH. 
 
 clo.-'inff of [H76) and note 
 
 TUANHKKRKi;, 
 
 enterinjj name of. in rej;ister, 53 
 
 a 
 
 if 
 
 AU references are to the paj^ca. Prtr/vf iti brttchcts [327] Tcjcr tv thv Forms. 
 
1848 
 
 INDEX. 
 
 TRANSFKR OF I'KOCEKDINOS, 
 
 ill wiiidin)(-up by the Court, App., 1563 
 
 TRANHKKU OK SIIAUK.S, ««5 rt neq. 
 
 Act of 1908, provisions a:< to, C65 rt «i'y. [tiOH .-t »eq.\, App., 1533, 
 
 1578 (in windinj^-up) 
 after ullotmcnt iind bi'forc registration, (iG7 
 articles, cluuscs in |til>8 et »eq.\ 
 
 private company, in [9(>'2 el »eq,'\ 
 bank, in, 6U9 
 bankrupt, of [C70J 
 bankruptcy, on |6(7 |, 679 
 before nienilier is rc^fiatenKl, 6H7 
 blank, operation of, 669 
 
 power to fill up, 669 
 books, closing [676 | 
 by deed, blank in, 669 
 by deed, no power in directors to dispense with one if proscriljed by 
 
 articles, 670 
 by deed, objection to, C69 
 calls in arrenr, 66U, U(il, 67U 
 calls to prc\ ent, making', 6)5, 668 
 certificate, under forced, 673 et geq. 
 certification, 675 et seq. 
 clause in articles as to 1 66S | 
 eloping retfister of [676] and note 
 conipleticm of leu'al title, when, 666 
 conditions in, 669 
 cnnsiderati'in, itatcniont in, 668 
 
 ninsl be truly made, or re)?istration may bo refused, 667 
 secretary's duty as to inquiry, 668 
 corporation and individual jointly, to, 672, 673 
 dania!.'e< tor refusin;; to re(;ister, 666 
 damaires to person actinj; on forjyed, 674 
 decease<l member's representatives, by [677], 678, 679 
 deed, by, or not, 669 
 
 deposit of certificate of shares on [674], 675 
 directors, by, 666 
 
 directors' discretion as to refusing, 669, 670 [671] and notes 
 dire 'tors, powers of, as to rej^istration, 669 — 672 
 dividends, etfect on [768 | and notes 
 
 not to jiass, artiile as to [768] 
 duties and rights of com|iany as to. 650 ft »<'</. , 66') fl ^eq. 
 
 registry, as to, 666 — -<>68 
 effect on :iction for reseissii.n, 200 
 enquirio.* into authenticity of, 667, 675 
 escape liability, to, 565, 668 
 estoppel, liability to, 674, 676 
 execution of, regulations as to ( 668 | and notes 
 executors, .Vc, by [677], 678—680, App., 1533 
 fees on [676] 
 forged, effect of, (t67, 674 
 for'.'ptl. estoppel in ease of, 674, 1140 
 f(trL'ed, liability of company on account of, 674 
 
 rectification of register, 667, 671, 13S7 rt »rq. 
 l'orgi>d Transfers Acts, 673 
 
 clause as to, in articles [673] 
 forgery of, 667 
 
 proof of, 674 
 form of [669] 
 
 fully-paid, refusal I registration [671] and note 
 increase voting paper, to, 666, 704 
 indebted member, by, 666 
 indemnity br transferee, 668 
 infant, by, 667, 672, 680 
 infant, to, 672 
 
 insolvency of company, on, 666 
 instalment on shares, when due, 650 
 " in trust," 670 
 
INDEX. 
 
 TKANSFKK OK SlIARES-contmutd. 
 irregular, danger of pauinff, 667 
 joint holder*, by, 667, 677 
 leaving for registration. 674 
 
 1^:! t?rirwhenTt3,"6™6 "' f«"J' "«-*«"• ^pp- »«3 
 
 lunatic, as to, 667, 672, 680 
 
 majority of votes, to serure, 666, 704 
 
 married woman, to, 673 
 
 married women, by, 668 
 
 nu'inbpr, wiicrc director, 666 
 
 negloi^or refusal to register |671| and note, 1388 
 orders for, 1893 et teg. 
 practice, 1387—1391 
 rectification, on, 1387 
 
 negligence of transferor, 676 
 
 nominal consideration, 668 
 
 nominees of coni|)aiiy only, to [8281 
 
 notice to transferor on presentation of, 675 110761 
 
 one of several executors, by, 678 l "'"I 
 
 pauper, to, B65 
 
 person abroad, to, 672 
 
 person of unsound mind, to, 672 
 
 power of attorney, under, 667 
 
 qualitication aharea, 722 
 
 reasons for refusal of regiatration, 666, 667. 669 671 
 
 receipt on deposit of [1076] ' ' 
 
 rectification of register, where refused, 666, 671, 1387—1391 
 
 refusal, registration of, 666—673, 675 
 
 where real consideration not stated, 667 
 registration before signatures, 668 
 registration of, 666 et neq. 
 
 clause in artiulas, as to [674 1 and notes 
 
 crn!raTto"'^tle*r'6i«'' '""" ^"^ -"-""""o" - to. 667 
 forgery of. not to defeat title of true owner 674 
 meinber indebted after transfer deposited, 666 
 mistake by, rei'tification of register, 1387 -1391 
 practice of companies, 675 
 reasons for refusal of, 666. 667, 669 671 
 rectification of register, 666, 671. 1387 -1391 
 refusal of, 666—673, 675 
 rtHjucst of transferor, at, 1533 (Act) 
 ,„=f,!"*"'" '*"■• '■*'?"'"'' '!" f"""""! "f indebtedness, 67.i 
 
 rfglit'toZCVs" "*"•'"• "'' I"'''- ««^ l»«^ "' -Vl 
 
 seal on, 669 
 
 signature of, clause in articles as to [6681 
 
 stamps on. 668 "^ -• 
 
 duty of company to enquire as to, 668 
 must represent true consideration 668 
 where insufficient, 667 
 successive transfers, priorities, 651 
 transferee to execute, 668 
 transferee's signature, why roiiuircd, 668 
 transferor a trustee for transferee until registration 666 
 transmission clause [6771 ((loirduon, ooo 
 
 trustee in bankruptcy, by, 680 
 usual common form in, 669, 670 
 vendor's dutjr as to registration, 666 
 voluntary winding-up, in, 668 
 voting purposes, for. 666, 704 
 writing, in [6891, 670 
 
 TRANSFER OF SflARK WARRANTS, 681 
 
 i849 
 
 s- 
 
 i: 
 
 I 
 
 ^//preferences are to the pages. Page, in bracket. [327] refe,- to the Forms. 
 
 6e 
 
1880 iNOEX. 
 
 TRANSFER OF STOCK, 682 
 
 TRANSMISSION OF SHAKES, 665 et >eq., 677 
 bankruptcy, 677 
 clauiie, form of [677] 
 olauw in Table A. aa to, 679, 680, <.02 
 death of member, on, 677 
 notice to decoaxed member, 781 
 notices to sharehr.lders notwithstandin(f, 781 
 
 TRAVELLING EXPENSES. 
 
 director, of, artii-le as to \ 724 ) and note, 788 
 
 TRESPASS, 
 ('()mpan\ 
 company's liability for agents 
 
 company may »"e or be sued for, 61, iw 
 
 TRUCK ACTS, 
 
 notes as to, 1019 
 
 TRT ^ ST 
 
 reJiii ,/iip Iruil of shares not lialde to company, 652 
 
 not U, Ix- entered on register, 1533 (Act) 
 
 power to make calls and forfeit slmrc. in nature of, 654, 658 
 
 transfer of shares expressed l» be in, 670 
 
 TRIST COMPANIES, 
 
 object clause* [533, 535] 
 
 TRUST DEED, . , , . . ,,n»n^ 
 
 acqiii'iition of employes' shares, as to [lOWJ 
 certificate of registration of [620] 
 (fuarantcc fund for employes [1041 J 
 
 Scnsions fund |1040| 
 tock Exchange Rules, 268 
 superannuation fund, for [1035] 
 
 ™S-nf-t with, for sale to propo«,d company, 322, 324 [367] 
 
 liability of trustee, 327 
 article as to appointment of [751 J 
 • ankruptcy, in rights of, as to shares, B8U 
 
 registration, to, 679 
 
 transfer of shares by, 579 
 ceifHi que lru>t of shares not liable to company, 652 
 charities, of, individual liability of, 496 
 company may be held to bo, 42 
 dir4tors arc. when and to what extent, 711, 712 
 
 liabilitv, 732, 1401,1402 
 
 statute of limitations, 712 
 directors' position as, 711, 712 . ., 
 
 intended company, for, air-ement '»' ««1^*''*'J'"-. '-\Lf ^J 
 personal re.pJ.nsibility of contracts before incorporation, 327 
 portion, whether an office or place of profit, 728 
 power for company to act as (ob|C"t clause) [513] 
 
 PcJ.tl'rcotert w[:iiTnlo company, 1002 [1002] 
 
 '"°'Haririu"?o^a"c!,lnt for, 731, 1401, 1402 [1401-1403] 
 qualification by holding shares as, 720, 728 
 Reconstruction, concurring in, when justihable, 950, 951, 9Si 
 sale by. to himself [14901 and not<- _ „„q,i 
 
 sanction of Court to convertion into private company, 951 
 sharcho'der. lialii ity of, as, 63 
 
 ind'-mi i*y. rirht to, 6.V2 
 Bbarihnldcrs. as. 651 
 
 shares standing in name of, company s lien on, btiz 
 where company is, after di (solution, H* 
 will, of, power to nominate directors [ 831 J 
 
INDEX. 
 
 1861 
 
 TRUSTS, 
 
 exwution of, by company, ohjo-t riaii*! as to fSIO) 
 
 Don-ri-roKiiition of, by lompany, clautP in articlo* a. to [650] and note 
 
 not to bo entered on register, 33, 1533 
 
 notice of, t>63 
 
 undortakin^r of (objects clauw) f,5l3] 
 
 TWENTY' I'KHSONS, 
 
 in partnerxhip, lllojjal, 1527 (Ait) 
 
 TWO COM PAN IKS, 
 
 ■eorctary of both, notice, T!t9 
 
 VLTH.t IIKES, 
 
 wt\* not ;wr ir a " malum prohibitum," 464 
 action i» proper ^rocecdinf; in case of, 1355 
 action, ri^ht of, in connection with, 4K4, n. 
 
 single shareholder may bring, 1355 
 acts cannot be ratified, 29" 
 acts, restraining, 35 
 acti which arc not, 4H6 
 agr.«ment, writ to set a«ide | 1 3531 
 
 judgment 1 1397, U^d, 14U0J 
 amalgamation (1407] 
 application of dwtrine, 460. 464 
 application of funds a breach of trust, 464, 1402 
 articles of association, 631 
 attorney-general in respect of, 466 
 borrowing, 43, 686 
 
 remedy of lender, 6h6 
 
 ca^s m": 467-466°"' """'* "' """"""" ^ strain [1354, I355J and note 
 
 coiiuiiHsion for placing shares, 466 
 
 consent no avail, 29 
 
 contract void. 464 
 
 dividends out of capital, 4!i5 
 
 indemnity, where none in respect of, 787 
 
 injunctions restraining acts which arc [1407 el seq 1 
 
 issue of paid up shares under contract, 63 
 
 judgments and orders as to ( 1407 et tea 1 
 
 haliility of directors, 1402, 1403 
 
 majority of sharehcild'Ts c;innot sanction, 29, 75 
 
 parties to action, to restrain, 1360 
 
 pleadings (1407 </« »(v/.] 
 
 promoting bill in Parliament, 464 
 
 purchase of shares, »tat<.ment of claim in action for [13851 
 
 ratihcation of, none, 29 ^ 
 
 reaHonablr application of doctrine, 464 
 
 reconstruction tsi effectuate what otherwise would be, 1435 
 
 registered office, change in situation of, 85 
 
 resolution, writ of summons in respect of (1354| 
 
 statements of claim as to [1384, 13851 
 
 defence thereto 11385] 
 surrender of sh.ires, 749 
 
 taking over undertjiking of motlier company, 466 
 unamnious consent of mei!il,.>r9 no avail, 29 
 
 UNCALLKI) CAPITAL, 
 charging, 509 
 
 forfeiture of shares, elfeet as regards, 658 
 
 registration, App., 1552 
 clause in articles as to, 687 
 
 in memorandum, 509 
 
 
 All refcrc-nces are to the pages. Page^ in bracket, [327] refer to the Forms. 
 
 6 E 2 
 
■^rfl^T 
 
 1852 
 
 INOKX. 
 
 UNCALLKI) CAPlTAI.-«o»«m««d. 
 
 debonture holder*, getting in, for, utXtt windinK-up, HW 
 debeiitur«i, charging [401, 1229] 
 
 regintration, App., 1S52 
 direotorx' powers ait to [6»7 1 
 
 fortification of mortgaKc or charge L12MJ ., „inrfi„,,.uD 785 
 in.lud.Ml /.,..«« /«ri,. in term " surplu. awet* in windi.ig-up, 7H3 
 mortgag.- of, o» to, 509 1 1233, 12351 
 
 clause in articles a« to |68HJ 
 
 r<?gistrtttion, 618, App.. 1552 
 
 to bank [1233, 1235] 
 sale of, on re.-i)nstruction, 1439 ,,„,, ,.,., 
 
 winding-up, how dealt with, 655, 689, 788: App.. I»«0 -1562. 1..-.7. 
 1570. LMl, 1574 (voluntary liquidation) 
 
 ITNTI-AIMKU DIVIDKNDS. 
 
 articles m to |770) 
 
 Statute of l.imitationK ait to. 770 
 
 UNUEHTAKING, , , u- . i . rxni %iiil 
 
 aenuintion of other ..umpany « (objevt elau«e) | 604. Mto | 
 S^r^ment for"«le unde? men.orandum of .u,*..Ut.o„ a. a go.ng .-..n.-ern 
 
 aKl^menU for .«le in re «n.struction, 1437 H -«./., 1450, 1452 W ..„. 
 ^iT4?9, 14«5, 1466, 1474, 14761 and note-. Sej- .R^^' '.'.^^ ''"J'^^^^ .„. 
 foicign con.pany, »alc t.. (recorutruction;, held invalid under the Act, 
 
 lif"f'uran,*, sale of [374 3771 {agr.*ment.); 1829 1 1332] petition) 
 mortgage or charge on [401, 1229, 1252 | 
 object elauMW ax to buying | 504. 505 1 
 
 selling [510] and note* 
 resolutions ior sale [ 146(i. 1474 | 
 
 agreement [3711 and notes 
 sale .)f. before litiuidatioii, 372, 373 . • . ■ „ i%i»i 
 
 "" iXw winding-up, .as.... a. t.,, 511, .1453 -' '»7. ■ •''■i-' ''l""^'" ! '!» I 
 
 notice of meeting where directors interested, 694 
 
 (object clause) |510] and note 
 
 Hhar.-.-. for, 510, 511 . .,, 
 
 without sanction of general m«>eting, 511 
 sale under «• t. 192 of 1908 (late sects. 161 and 162 .)f 186-).. ..>10, 
 App., 1576 
 
 I NllKUTAKIXll OK VVMAV ITILITY, 
 
 not to be interfered with or d.-stroyed, .ibb 
 
 I'NDEUTAKINO TO APl'KAK IN \rn()N. 
 attachment of a solicitor for bre:ii.li. Mtil 
 
 (-XnKUVAT.rK OK ASSKTS, 
 
 by directors in balance sheet, 7.is 
 
 '^^'^^l^S.. ditelosurc of. in prospectus, unne.c ,.ary. s.. .. H, , . „;. 
 171 
 
 INDERWRITINfi, 275 ei ><■'/■ 
 acceptance of proposal 1 .302 | 
 advantages of, 276 
 
 agent's authority, 294 , , oai 
 
 amount or rate of commission payable 281 
 application for shares in name of underwriter, 291, li>l 
 
 clause as to 1 3 )21 
 appUcatior. of .mdrrwriter 296! 
 
 brokerage commission not within rules as '".J'y- f * ,,.p,.iH„»te) 
 call ofThares, right to, a, consideration for 3 1 [31 I - ♦'"^f «> 
 clauses in memorandum and articles as to (312, o48 | and notes 
 
INDEX. 
 
 |H5;< 
 
 UNDKIlWHrriNO -«)»rt>.«»^rf. 
 
 commiifioM for, out of profita, 2M 
 pruviniuni) of Act, 2H7 
 
 underwritvr'it default, notwitbiUnding, 204 
 oonditioim of, itunexed to iiiiplication [29fll 
 contract for debenture ixtav [307, 309, 310 1 
 debenture atock [3IAJ 
 framing of, 289 
 
 paid-up iiharca to aatinfT commiiuiion [314 | 
 proponed company, with [313 1 
 •tampa on, 295 
 
 (where conimiiwinn paid out of undivided protitM I 30.i I 
 dellnition of, 27S f / i \ 
 
 diicloaurex on to, in artlclen of amociation, 2H1 
 expediency, 276 
 
 formii of letten and i-ontracta [296 et arq. \ 
 ■V holderH of founder*' shareo, 589 
 contract aa to, 289 
 
 allowance in the Ait for puymcnl of n lump 4uiii or rate for 
 inisBion, 280 
 •ir f paymi'ntH of. out of capital where pn>hibiteH, 27«. iSS 
 lircvocubility of authority to apply, 292 
 Itw and practice of, before Act of 1908... 277 
 
 law and practice aince late ('ompaniea Act, 1900, provisionn of Vet of 
 1908 aa to, 278, 287 
 articles to atate amount or rate of commiaaion, 279, 281 
 brokerage not int4>rfercd with by Act of 1908... 279 
 call of .■diareti now allowublc. 284 -28« 
 contracta, where proviaional only, 291 
 forfeiture clauaea, 295 
 " if called upon," 293 
 indirect paymenta objectiohahle, 283 
 legality of contracta for. 280 
 
 payment of commiaaion, whether caah only allowable, 280 
 power to apply for shares in underwriter's name, 291, 292 
 
 irrevocability of power, 292 
 prohibition of payments for, except as exprcsly provided, 279, 28J 
 proanectua, diacloaun- in, 279, 282 
 
 liberty to make alteration in prospectus, 296, 297 
 public iaaue only, of, formerly allowable, but now extended gene- 
 rally by Act of 1908... 280 
 reconatruction, upon, 288, 1450 
 ■' subacribing," meaning of, 281 
 summary of the law, 287 
 voidability for miarepregentation, 291 
 withdrawal of offer, 290 
 letter of, 
 
 ia primi jacit an offer, 290 
 to trustee for company about to be formed [303] 
 where application not to be made till list closed [3041 
 letter of acceptance [299 J 
 
 letter with signed application and deposit [300] 
 lump sum for, agreement as to [306] 
 misrepresentation, repudiation for, 291 
 notice of acceptance, acknowledgment of receipt of [303] 
 notice to underwriter to take up shares [318] 
 obligations in respect of founders' ahares, 589 
 option to take lares for, 284, 285 
 part of issue only, 277 
 paying commission for, what ia, 280 
 payment for, out of purchase price, 283 
 payment of, out of profita, legal, 286 
 payment out of capital, lav. in respect of debenturea, 278 
 payments for, out of premiums. 278 
 pooling clause in [305] 
 
 All references are to the pagea. Pnrtnt In hrnr/ertM [327 | ,pfrr h, th,- Kii 
 
1864 
 
 INDKX. 
 
 I NUEU\VKlTIN<i--",»/i»M«</. 
 
 proniotcn, liy, ot)jei-ticiti to, 14H, 147 
 
 pro4)><H'tut, hrading of dr«ft |318] 
 
 pronpoi'tui to itatc amount or rat« of commi«ion. 27», 282 
 
 pn.vi»ion« of iipct. 89 of Act of 1908. .1551 
 
 public otfer of uliarei on, 280 
 
 rato of, )i49 
 
 rcfonntruetion, in cbm of, 288, 1450 
 
 riTtiiii'atiou of r«t(i>it«r where underwriter iniproperly regiKtereil. 18W 
 
 reference to draft pronpoctuii in eonditionii as to, 296 
 
 reference to. in priwpectut, 171, 2S3 
 
 uliares of, 27 > 
 
 specific pcrtormaiMC, aKrecmci-t for, 294 
 
 Htntenient"! as to, in proHiioctus, 171 
 
 nul)-uiiderwritin(f contrail* | 302 | 
 
 undcrwriter.< ){ivcn right to call t«r share, no illegality. 284 280 
 
 utility of K>v>nK bill* of oxcliantfr. 195 
 
 what it is, 27S 
 
 withdrawal l>ctore acceptance. 290 
 
 INDIVIDKI) PUOKITS, 
 
 agreement to issue paid-up share* foi |413l, 1062 [1063| 
 do not become capital without further aci, 7.54 
 
 UNDrK IN'Kl.UENCE, 
 promoters', 131 
 
 UNION OK 1NTEKKHT8, 
 objpc t^^ clause [506] 
 
 UNIONS (TIIAUE), 113 
 
 UXISSIKD SIIAUES, 
 
 laiiicllation of. resol' m for [1123] 
 
 UNITED KINOUOM, 
 
 Htanip'< on ajrrcemcnt* for -ab' of pn)perty nut of, 338 |84l] 
 
 UNIVEUSAI. I'KOVIDEliS' COMPANy, 
 object clauses of 1 540 | 
 
 UNLIMITED COMPANY, 
 
 articles "f u8.tciciatioii of [804j 
 memorandum of ussofiation oi, 448, ,503 
 notes as t«. 8U8. 809 
 
 power to purchase its own shares, valid, 515 
 rejfistrution of, application for 1 625] 
 re-ref^istration as limited, 809, 1539 
 resolution for registration as limited [627] 
 
 UNI.IMITKD LIABILITY, 
 
 where members less than seven, 35 
 
 UNLIMITED LIABILITY OF UIBECTOBS, 
 
 provisions of sects. 60, 61 of Act of 1908, App., 1540 
 
 UNHEOISTEUED COMPANIES, 
 
 definition of term in sect. 267 of Act of 1908, App., 1593 
 
 land companies, HI 
 
 power to register, 1589 
 
 what arc within Part VIII. (sect. 267). 
 
 when illcfral, 109-111 
 
 winding-up, .\pp., 1593 
 
 UNSOUND MIND, 
 
 director vacating office, 730 
 transfer of shares to person of, 672 
 
 .1593 
 
INDRX. 
 
 1M6 
 
 I NTHl'E HTATKMKN'Ta IN PK(».S|'hXTl S, 
 
 director*' liabilily. .\j,(>„ lft47 (.wnt. ni of IWmj 
 
 VACANCIES, 
 
 auditors, snioiiK^t (7741 
 
 dir<Ttor«, an ,i»t Tin] and ni.tr. ( 737 | and imt.- 
 
 power to art nutwithiitandiiiK |7'iH| 
 
 VALUATION, 
 
 auripiiii'iit for »ulo at | 34H | iiud imtr 
 Hharo^ in privati- ((mi|iany | !im, !t«H. mi7 [ iiiid n"t.' 
 •hanii of diiwrntirnt ni.'mb.-r«, ^^t. IHH „f imw (Ut.. «wt.. IKI, mj of 
 Act of IH«2;. roiniKtrintion, 1144 
 
 VARTATION OK CONTHAtT. 
 
 rcfprnnl to in pronpwtua. lift, 181 
 
 VENDOR, 
 
 ajrri'rnifiit ax to iwuc of paid-up iihunii to norainecH of fSHB I 
 
 banltrnptcy of. bi'fore roniplctioii, 3.13 
 
 flauiK'a in artirlpt an to aKriH-mr'nl with 1 643 1 
 
 cnmniixxion for und Twritinir. may pay, 279 
 
 d«Hnifion in wit. 93 of Art of I9«H (proipectua), 174 
 
 diw'losuri' III |>ro»pwtii» of. I3H, |(i9. 253 
 
 '"rjMI '"■"*"'''"'" '" «Kf<«"»'nt with, ax to wrvirc of Ityal proo«Mr< 
 
 iruaranti'4> l>y. of IkkiIi debts | 3li(l I 
 
 of asDi'tH I 3«7 I 
 
 of proHt« I 3«3 1 and not.' 
 IcMor U, within ««it. 93 of Ait of 1908 ( prworctiiii. 174 
 mi'.niiiiift of, in prospn'tua, 174 
 naming, in iironpi'i'tui, I" ', liili, 2.53 
 option to iniy Khari-s 1 31' 
 paynii-nt of preliminary n^prnw-i |3B1 | 
 i|onlitii'ation jharcH found Ijy, 714 
 remuneration of promoU'rx by |3t>t!| 
 
 dimloMure, ntve-wity of, 133 c/ ..rv. 
 restrained from competin); |35(il and note« 
 i-ecret (fift by, to promoter, 1.33 
 
 shares and i-eiurities of. i(U..tatiiin, Stocli Kxchinire Rules. 2B'i 
 sharis of. deferred | 365 1 
 spei'ial olaiisci in a(i>rcement by [363 et $fg.^ 
 htatj'monts as to, in pronpeotU'' 169 
 wilful default of. 354 
 
 VEKllAL, 
 
 eontrart by rompany. how made, 335 
 
 eontrnet, Hpe.ifyinj;, in proijioctu-, whether iier. isary, 171 
 
 notii-e. eompany, to, 778 
 
 by I'ompaiiy, of allotment. 51 
 to eompany, of withdrawal, 48 
 
 VESTINO ORDKHS. 
 
 after dissolution. 1.338 
 shares, ax to, 668 
 
 VOIDAllLK. 
 
 allotment. 17, 51 
 
 eontrait to take »liare' and debentures. 183. 18(t, I!Mi 
 
 "voi.LSTi .\o.\ fir i.\.n Hi.tr 
 
 as applicable to shareholderH, 13.5 
 
 All references arc to the pa^e*. Payea in hrnrkel. (327 | refer to the Forms. 
 
1A06 
 
 IMDKX. 
 
 ^ii£l 
 
 VOLUNTARY WISniMi-UI', 34. .v« Wimih^o i ivVm i si*iiv. 
 
 V0TK8, 
 
 ■Itrralion of riirhta M U>, 1102 
 
 amcndmrnt of pni^ixed rmolutiun m tu. H«S 
 
 bankrupt'* nharr*, in rwiiM>ct of | 7lM | 
 
 ,»ll» due, prohibition | TOHI 
 rMting, of rh«irm»n |81»», 7421 
 
 ItWH 
 
 rhairman'i dr-clariition nf rtxult |7(H»), 
 
 rlaiiwi» in artlrlm aa u> [702| ft trf. 
 
 coiliTtive, for i-laiw of iharcH and dlvlnluii lu'cordinicly [981 1 
 
 dvrrao'd momber* [704) 
 
 dirwtiirn [742 1 , ,, ,„, ,., 
 
 dir<H-tor>' aiwtinR, B9«-t of dlsqaalittiation of ilircctDr, 731. i«2 
 
 diMiiialiflpd candidat*" throwinu vote* nway. 735 
 
 founders' nharoK, •pciial [ftH7) 
 
 fTPnernl ini'€>tiii(ri<. at, 8S3 
 
 artirlpH as to I 702 et »<■</. | 
 pontml of rinht tu usp by airreonienl. 703, 704 
 di-b«-ntun> holders, by, 703 
 nr>)(ativlnK t'lghU of meniliers to, 703 
 proxid at, 8J2 r( teg. 
 
 riirl.t as to, determined by retjiiter of members, 703 
 Uaup of shares by dlrpptora to obtain control of compnuy l>y meant of, 
 
 1408 
 joint holdrra 1704) 
 
 majority, fraud on minority, 703 _ 
 
 nun-mcMi-uri, of, at gi-noral mertinfra, 708 
 objpotions to, 704 
 
 poll, usrprtuininir by, 700, 8,)'' 
 
 pri'feri'nre shares, iii re-MH-t of. "1.5 
 
 proxies for niembcm. 705, 852 et neg. 
 
 proxies, no riuht to, at iiimmon law, 705 
 
 reduction of capital atfoctintf, 1259 
 
 reirister determines nuinbers' rif(htii, 703 
 
 rejection of. injunction uifninst improper [1406| and not«f 
 
 restrictions on, 703 [708] 
 
 riprht of property. 708 
 
 scrutiny ou |ioll, 701 
 
 share warrant holders, of, 681, 707 
 
 show of hands, tt99. 845 
 
 Table \.. under, App., ItiOfi 
 
 transfer of shares to increase, 66fi, 704 
 
 trusti-e in bankruptcy, 704 
 
 uufiiir use of, 703 
 
 validity of chairman''* decision as to, 704 
 
 when no provision, eiich member one vote, App., 1512, 1543 
 
 VOTlNti. 
 
 meetinifs, at, effect on action for res<'is«i()n, 200 
 special rifchtu of, I'lause as to, in memorandum | 587 | 
 statement to be made in prospectus, 248 
 
 VOUCHER, 
 
 for fresh coupons, share warrants | 1151 | 
 
 WACiCOS COMP.^NY. 
 
 object clan [542] 
 
 WAX V KB, 
 
 claims of, by company, 33. 73'! 
 
 contracts as to repealed scit. 38 of 18<)7...232 
 
 Directors' Liability Act (now aect. 84 of 1908), as to, 225, 281 
 
 minimum subscriptioii, as In, 9. IG 
 
 prospectus, in, provisions of Act of 190H as to. 174 
 
 transferee's signature to transfer, 668 
 
 under Act of 1908.. .9, 281, '232 
 
 when clause effective, 174 
 
— It 
 
 .■>^ 
 
 !,-<OET 
 
 1857 
 
 HARK A NT, 
 
 for divMrnd, 7li» [ lUMttJ 
 for thant to b«arer 1 11501 
 
 •tamp on, IISO, 1151 
 
 will not qualify director, 6H1 
 object claum [S09] 
 regulation! a« to 1680 el irq.. II34| 
 ■bare to bearer, clauaea in arti<-l«« [680 1 
 vot«i of holtlem <>f ahin- warranU, 681 [7L7 | 
 
 WATEHWOnKS COMPANY, 
 
 object olauaen of [ 53H | 
 
 WHAT COMPANIES MAY KEGISTEH, App., If* 
 
 WILKl'I- DEKAri.T. 
 
 by director in not rairi'tfrintf murtKiiKe, «IH, App., 
 by vendor, 3S4 
 
 liU4 
 
 WILL, 
 
 powrr liT. to iiinvert buaimvin into .imipany ' \Wl\ 
 a|ip1i('atian to Court whnre will defec •;»>, ^OflS 
 power to truiteea of, to appoint direi'tor |k I 
 production nf \,- tiat<- tn fonipanv. •!;») 
 
 W1M)INU-1 1" (iENEUALI.Y. 35 
 
 udju«tinf{ ri^litM uf i-oiitribiitiirii'a, 783 
 
 allotuirut* voidalile n-itwilb^tiinilini; (m'vi H.t of Act iif lUOM) . |y 
 
 arranKfUicntii and funipnimiM-' (ooit. I'il;, IjUO 
 
 arliclcs aa to | 783, 785, M43 1 
 
 balani'ii order for calls in, 13U7 
 
 calln attcr comnieiu'cmciit of voluntary, tii.'i, 6811, 7M4 
 
 lalU to pay delicnturc liolderi in, H«» 
 
 cancellation of forfeiture uf Hharen in, HKO 
 
 capital not to he (•alli'd up except for purpoKOi of, 1127 
 
 claiiHC Ml iiicnioruiiduiii of iw-HHiation ai to \r>m\ and note 1783 — 
 787 I 
 
 rcwlutiiin as to [1I',27J 
 diwlloi'k, in caM> of, 737 
 
 directors' power to make calh after commenisement of. f > 
 disaiimial of officers by, 444 
 dismissed officers proving. 444 
 dU|H)Mal of company's property pending, 715 
 dissolution of company after. 111 
 distribution of bonus among officers, 4«« 
 distribution of surplus assets, 783 el «<■(/., 843 
 
 after sale of undertaking before, 510 
 
 in specie |785], 786 
 division of assetii in specie, 
 
 clauses in articles (785, 843 | iiiul notes 
 
 resolution as to |ll28] 
 effect on claim to rcst'ind contract to take shares, 197, l!»» 
 effect on right of inspection of books, \c., 71, 688, 772 
 effect on service contracts, 442, 444 
 r)u»ilem 'jeiierm rule, 599, 601 
 
 extension of time for registering debentures after, 617 
 forfeiture of shares after, ti,i8 
 fraudulent preferem e 1 y Htlinr off calli against dirwtorx' remuneration, 
 
 727 
 illegal associations, 110 
 liability on shares in, 64 
 managing director's proof for salary in. 739 
 Diodes of, 1560 
 
 notice of mei>ting for reconstruction and. (I;t4 
 order restraining presentation of petition f. - | 1411 | 
 
 AH references arc to the pagt-s. Pit;ieii in lii„,kvl» 1 327 | reiir lo l/if Forms. 
 
1868 
 
 INUKX. 
 
 VVlM)lN(i-L 1' CEXERALLV -continued. 
 priority of rails made in adviiiico, 658 
 proof liy diri'ctorM and other otBocrs for arrears of remuneration, 443, 
 
 444, 724, 739 
 proof ill, where sharea wronjfly or irrigiilarly forfeited, 659. 6l>i) 
 rectifieation of rp^iater during, 1388 
 riduction of c; pital during. 1264 
 relief under late Aet of 1898 after, 1421 
 remuneration of dircetcira, proof for, 443, 444, 724, 739 
 reseiasion, action as to shareo must bo brought before eoninicnc<>mi'nt of, 
 
 197 
 resolutions for reconstruction droppi'd, 694 
 restoring I'ompany's name | 133.5 — 1338) 
 right to inspect tH'ases tm ronimencoment of. 71, 688, 772 
 right t<i rescind affected by, 197, 199 
 rights as t<) cumulative preference sluires in. 817 
 
 clause as to | 578] 
 sales of business or undertaking before oonuncnoemcnt of [371 1, 372, 
 373 
 
 object clause [510 | 
 security for costs, when, I41(t, 1117 
 setting" olf calls against directors' remuneration, 727 
 shares having preference in, 576 ri si-i/. 
 spciial resolutions for, how far they may lie iiiodilie.l, 69.i 
 surplus assets, distribution | 783 | and note. 843 
 transfer of shares in voluntary. 668 
 undivided profits in. 783 <■< xi'q. 
 voluntary dissolution of company in. Ill 
 
 WINDINf; 11' (COill'l'LSORY), 
 
 accounts in. 1583 — 1585 
 
 actions and proceedings, staying, 1565 
 
 adjournment of petition, App., 1564 
 
 adjustment of contributorieu' rights, 783, .\pp.. 1571 
 
 affidavits. Ace, 1583 
 
 may be sworn within the United Kingdom and .■olmiies. 1583 
 altirution of status of members. 1578 
 appeals, 1573. 1574 
 
 arrangement with creditors. 1560. 1580 
 Httachments, c<lc. void. 1579 
 audit of liquidator's accounts. 1568 
 avoidance of attiehments, executions, Ui-.. 1579 
 avoidance of transfers, 1578 
 Hank of Knglaiid, payment into, 1.568 
 Board of Trade's control of liquidators. 1,569 
 books and papers, 
 
 disposal of, 1582 
 
 evidence, 1581 
 
 inspection, 71, 1581, 1582 
 
 kept by liquidator, to \>v, 1568 
 calls to be made by Court, 1571 
 calls by liquidator in voluntary winding-up, 1574 
 cases for, 1562 
 collection of a.««et8, 1570 
 commencement, 1,564 
 committee of inspection, 1569 
 "company's li<iuidation account," 1583 
 compr(imis(» with creditors, liquidatiir may effer-t 
 eontributories, provisions of Act. 1,')60. 1561 
 
 arrest of absconding, 1573 
 
 liability of, list to be settled. 1570 
 
 petition by, 1,564 
 
 provisions of Aet of 1908. ..1560 tf sfi/. 
 
 reprcsen'.itives of, 1561 
 
 wishes of Court with regard to, 1565 
 copy order to registrar, 1565 
 costa, 1571 
 
 County Court jurisdiction. l-56'2 
 Courts having jurisdiction, 1.562 
 creditors, fixing day for proof, by. 1571 
 
 1560. 1580 
 
 I iiii JMnjJ! 
 
INUKX. 
 
 186S> 
 
 1.>7S 
 
 ir.7J 
 
 to 
 
 WlNDINti-l I- iVOili'VLHOm )-iontiHued. 
 
 tii'ditors anil coiitributoriiM, wi#hp8 of, Court to regard. |.)ti. 
 
 t'uinulutivc iwwers of Court, 1573 
 
 dradloi'k may l>c a cuse for, (>91 
 
 debts, oiiforciutf paymeut of, 1.57U, 1573 
 
 debts, inability to pay, 15U2 
 
 debts, what may be proved, 1578 
 
 dele);atioii to li(|uidator of powers, 1571 
 
 delivery of property, enforeing, 1570 
 
 di»ic>\ery of property, &e., 1572 
 
 dinpiMltions, invalidity of certain, after commencpment of, 
 
 dissolution of eonipany, 1577 
 
 Court's power to deci. void. 1582 
 distribution of assets in^ 15V() (sect. 103), 1571 (sect. 170) 
 enforienient and appeal from orders, 1573 
 enforiement of orders in Seotland and Ireland, 1573 
 examination of promoters, diieifor-. nii'mliers ^ind others 
 exumiiiation in Si'O.land. I5H3 
 cxelusion of right to petition, not liijal. I>31 
 fees (and rules), 15S5 
 fraudub'nt preference. 157ft 
 general rules, 15N5 
 
 jjunrantie company, effect on, .Vpp.. 1501 (-et, I2:i iv) 
 inability to pay debts, what is, 1562 
 information as to pending lii|uidations to be furnislii'd 
 
 receiver, 1582 
 
 injuncion asrainst pns 'ritation of petition for {llll{ and noti 
 invest I, lent of surplus funds. 1583, 1584 
 judiiial notii'e of siirnutures of otHcers. 1 >82 
 jurisdiction, 15t)2 
 lliiuidators, 156fi- 15(!9 
 
 accounts of, audit of, 1668 
 
 powers, 1567 
 
 delegation of, 1571 
 
 release of. 1568 
 
 to have regard to directions of creditors, &c., 1569 
 list of contributoriea to be settled, 1570 
 meetings of creditors and <'Oiitributorie8, 1567, 1681 
 
 to ascertain wishes, 1581 
 misfeasanco proceedings, 1581 
 
 damages, assessment us to delinquent directors, 1,581 
 official receiver's report, 1565, 1566 
 order for, effect of, 1564 
 orders to stay proceedings, l.'j65 
 payments by lujuidator into Court, 1568 
 petition as to, 1564 
 
 hearing, 1564 
 
 notwithstanding reconstruction, 1447 
 
 provisions of Act as to, 1564 
 
 staying, where abusi' of process, 1411 
 powers of liquidators, 1567 
 preferential claims, 1578, 1579 
 preferential payments, 1578, 1579 
 proceedings in Scotland, 1563, 1664 
 prosecution of delimjuent directors, 1581 
 publii' examination. 1572 
 release of li<|uidator, 1,568 
 reports of official niciiver, 1565, 1366 
 rules and fees, 15S5 
 
 separate ai'counts of particular estates, 1684 
 service of summons, notices, kr., 1569 
 special commission for receiving evidence, 1683 
 special manager, 1570 
 Stannaries, 1.586 
 
 statement of company's affairs. 1.565 
 status of members, when 'an he altered in, 1578 
 
 otiicial 
 
 All references are to the pages. /'ai/e.i in brnckelt [827] refrr !,■ ih- lornu. 
 
I860 
 
 INDEX. 
 
 WINDINii-l I' (COMPULSORY)— <!0»i<i»iKerf. 
 
 utiiyinir at'tions and procoedingB, Court's power, 1411, 1565 
 
 frandfer of prnnpedings, 1563 
 
 unregistered ('ompany, 1593 
 
 what Court has juriadirtion, 1562 
 
 wishes of creditors and contriliutoripH, 1567, 1581 (meetings) 
 
 WIN1)IN(!-L J' HlMvS. >■<•, Part II. of this work. 
 
 WINUlNO-l'P UNUKH SLPKRVISION, 
 
 additional liquidator may l>e appointed by Court, 1577 
 
 hi.s powers, 1577 
 
 removal of, 1577 
 after pommencement of voluntary winding-up, 1577 
 •ttarhments, &c. void, 1579 
 cases for, 1577 
 lompromises in, 1.560, 15H0 
 effect of order, 1577 
 jurisdiction, 1577, 1578 
 order for, effect of, 1577 
 
 order for, made in Scotland or Ireland. 157s 
 petition for, 1577 
 
 to be deemed one for winding-up by ('oiiri. 1.577 
 when not to be so deemed. 1578 
 powers of Court. 1577 
 provisions of Act as to, 1577, 1578 
 wishes of creditors and lontributories, 1577 
 
 -,"^ 
 
 WINl)IN(i-l P (VOLUNTARY), 
 
 adoption of prmeedings by Court, after coni|)ulBory order, 1577 
 
 applications to Court in, 1575, 1576, 1577 
 
 arrangement, when binding on company and creditors, 1576 (Act) 
 
 avoidance of transfer of shares, &.O., 1578 (Act) 
 
 cases for, 1574 
 
 commencement of, 1574 
 
 conseiiucnces and procedure, 1574 (Act) 
 
 contriDutories, 1574 et teq. 
 
 costs of, 1577 
 
 creditors, rights of, 1575 
 
 delegation of right to creditors, &e. to appoint, \e. liquidators, 1576 
 
 delegation to liquidator (Act), 1575 
 
 dissolution, steps to procure, 1577 
 
 distribution of assets, 1574 
 
 effect of, as to dismissal of officers of company, 444 
 
 final meetings with a view to dissolution, 1577 
 
 forfeiture of shares after, 658 
 
 fraudulent preference, 1579 
 
 information to be furnished to official receiver and registrar, 1582 
 
 liquidators, 1574 et seq. 
 
 notice of appointment of, to Board of Trade, 1575 
 
 powers of, 1574 et leq. 
 
 vacancies amongst, 1575 
 meetings, liquidators may call, 1576 
 resolutions forj;il28, 14661 
 
 notice to be advertised in Gazette, 1574 
 rights of creditors in, 1675 
 
 meeting of, as to appointmeiit of an additional liquidator or a 
 committee of inspection or application to Court, 1576 
 costs of application to Court, 1.575 
 notice of, 1575 
 no appeal from order, 167S 
 order on, 1575 
 sale I It shares, 1576 
 
 WITHDRAWAL, 
 
 application for shares, of, 48 [257] and note 
 offer to underwrite, of, 290 
 oi«l, mKj be, 2S7, 290 
 resignation of director, 731 
 
INDKX. 
 
 1861 
 
 WORKMKNS C'OMI'KNSATION AIT, 1906, 
 notPH a» to, 1022 et n-q. 
 object cIbii''i>ii of insurancp eonipHtiy [623 1 
 nrhcmes under, 104S 
 
 WOHK.MKN'S IIOMKS COM PAX V, 
 ohjfM't plaufies f 548] 
 
 WOKKS, 
 
 roust ruction of (object vlaiiae) |S08] 
 
 WRITING, 
 
 contracts of lonipnny which must be in, 333 
 
 WKIl ()!•' SIM-MOXS, 
 
 uddrcsx of plaintitf, 1340, 1341 
 
 advertisement, onier for substituted service of |1345]; costs, 1341 
 
 amendment of indorsement of, 1340 
 
 appcurance to, 1361 
 
 bribe to directors in case of [1352] and note 
 
 calls, for [1341-13441 
 
 common form of [1339] 
 
 Companies Act, 1908 (sect. 10 of late Act of 1900), for damages {re 
 
 prospectus) [13501 
 duniiit;es for fraud claimed [13491 and note 
 dumu);es on rescission of contract to talte sharee [134(iJ 
 debenture foreilosure, for ( 1352] 
 debenture trust de»>d, to enforce [1354 | 
 defendants, rules as to, 1347, 1348 
 IMri'ctors" Liability Act (now soit. 84 of 1908), under [131o, 1346, 
 
 1350J and notes 
 dividends improperly paid [1355, 1356] 
 endorsement on [1339 et »'■'/. | 
 enforce resolution of company, to [1356 J and note 
 exclusion of director, as to [1357] 
 extension of claims by statement of claim, 1340 
 foreclosure or sale in re<peit of delientures | 13.52. 1353 | 
 forfeiture of shares, where irre^fular [1343| 
 fraud I 1346, 1349] 
 internal disputes amongst shari'holders. .is to ( A'r/M v. llnibnlHi'), 1357 
 
 pt seq. 
 
 irregularities in service of, 1311 
 joinder of parties, 1347 -1349 
 notice by advertisement of | 13141 
 parties to actions, 1347 rt nn). 
 promoters' secret profit [1352] 
 
 recovery of deposit, where application for shares withdrawn (indorse- 
 ment on writ) {"1345] 
 rescission, contract to sell mine [1351] and note 
 
 rescission and for damages (contract to take shares) | 13(6 | and nnte 
 rescission of contract* to take shares [1345, 1346] and notis 
 re-service of amended, 1341 
 
 restrain iIp incio directors from acting [1357] and note 
 service of, 1340, 1341 
 
 foreign corporation, on, 1340, 1341 
 
 irri'guhirities in, 1341 
 
 out of jnrisdietiiin, 85, 86, 1341 
 
 proof of, 1341 
 
 set aside, where fraudulent transfers of shares [1353) and note 
 
 substitutwl, 1341 
 
 advertisement as to 1 1314. 1345 1 
 
 Alt references arc to the pages. Pni/m in hi.'rk-rls [327] 
 
 In llir Konns. 
 

 1862 
 
 INDEX. 
 
 WHIT OF SUMMONS— eo»<m«<(<i. 
 
 shareholder, by, company'! name, in, 1357 «( teg. 
 
 ahareholders, issuing on behalf, tus., 1354 et teg. 
 
 specific performance of agreement to allot sharet [1350 J and note 
 
 statement of claim on [1341, 1342J and note 
 
 ultra viret agreement [1353J 
 
 business [1354] 
 
 resolution [1354] 
 
 WRONGS, 
 
 company's liability for agenta', 37 
 
 YEAK, 
 
 meaning of, in Act of 1908.. 
 
 .690 
 
 i) 
 
 ix>ni>on: pbijited by o. t. bowoktb, 88, fetter i.ane, i:.c. 
 
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