32. Personal liability of member where business carried on with no members.
Private Companies
33. Definition of private company.
34. Consequences of default in complying with conditions for private company.
35. Statement in lieu of prospectus on ceasing to be private company.
Co-operative Companies
36. Definition of co -operative company.
37. Co-operative company to maintain reserve fund.
38. Consequences o f default in complying with conditions for co-operative company.
39. Voting rights of members of co -operative company.
40. Application of surplus assets on liquidation of co-operative company.
41. Subsidiary co -operative company.
42. Special method for reduction of share capital.
43. Disposal of produce of members to or through co -operative company.
44. Shares or interest of members: charge and set-off, and immunity from attachment or sale in execution.
45. Company ceasing to be a co -operative company.
Private business corporations
46. Conversion of private business corporation into company.
47.
48.
49.
50.
51.
52.
Ratification of contracts.
Form of contracts.
Promissory notes and bills of exchange.
Execution of deeds in external countries.
Official seal for use in foreign countries.
Authentication of documents.
Contracts, etc.
PART III
SHARE C APITAL AND DEBENTURES
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
Prospectus
Dating of prospectus.
Matters to be stated and reports to be set out in prospectus.
Expert’s consent to issue of prospectus containing statement by him.
Registration of prospectus.
Restriction on alteration of terms mentioned in prospectus or in statement in lieu of prospectus.
Civil liability for mis -statements in prospectus.
Criminal liability for mis-statements in prospectus.
Underwriting contract and affidavit to be delivered to Registrar.
Document containing offer of shares or debentures for sale to be deemed prospectus.
Interpretation of provisions relating to prospectus.
Construction of references to offering shares or debentures to public.
Restrictions on offering shares for subscription or sale.
Allotment
Prohibition of allotment unless minimum subscription received.
Prohibition of allotment in certain cases unless statement in lieu of prospectus delivered to Registrar.
Effect of irregular allotment.
Allotment voidable if application form not attached to prospectus.
Application for and allotment of shares.
Allotment of shares and debentures to be dealt in on stock exchange.
Register and return as to allotments.
Commissions and Discounts
Power to pay certain commissions and prohibition of payment of all other commissions, discounts.
Financial assistance by company for purchase of its own or its holding company’s shares.
Issue of Shares at Premium or Discount and Redeemable Preference Shares
Application of share premiums.
Power to issue shares at a discount.
Power to issue redeemable shares.
Financing at redemption.
Power of company to purchase own shares.