The Shareholders' and Directors' Manual; A Practical Handbook of the Law of the Dominion of Canada and the Provinces Thereof, Relating to Joint Stock Companies
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ...payable otherwise than in cash, and is in this Act referred to as the minimum subscription. (3) The amount payable on application on each share shall not be less than five per cent, of the nominal amount of the share. (4) If the conditions aforesaid have not been complied with on the expiration of ninety days after the first issue of the prospectus, all money received from applicants for shares shall be forthwith repaid to the applicants without interest, and if any such money is not so repaid within one hundred days after the issue of the prospectus, the directors of the company shall be jointly and severally liable to repay that money with interest at the rate of five per centum per annum from the expiration of the ninety days; provided that a director shall not be liable if he proves that the loss of the money was not due to any misconduct or negligence on his part; Provided, however, that the Provincial Secretary may from time to time extend the times herein limited. (5) Any condition requiring or binding any applicant for shares to waive compliance with any requirement of this section shall be void. (6) This section, except subsection (3) thereof, shall not apply to any allotment of shares subsequent to the first allotment of shares offered to the public for subscription. Finance and Issue Ltd. v. Canadian Produce Corporation, 1004. W.N. 175, 1905, 1 Ch. 37. Mears v. Western Canada Pulp and Paper Co., 1905, 2 Ch. 353. 107.--(1) An allotment made by a company to an appli-.'Lilotmom. cant in contravention of the foregoing provisions of this lmP-19 s 5part of this Act shall be voidable at the instance of the applicant within one month after the holding of the statutory meeting of the company, and not later, and shall be so voidable...
- 189 x 246 x 11mm | 390g
- 13 Sep 2013
- United States
- black & white illustrations