(2 ) Any alteration or addition made in terms of subsection (1) shall be by statutory instrument and from the
date of such publication any reference in this Act to any Schedule or Table shall be construed as a reference to
that Schedule or Table with any alterations or additions made and in force in terms of sub section (1 ):
Provided that no alteration or addition made in terms of paragraph (b) of subsection (1) shall apply to a foreign company which is a banking company as defined in section three hundred and twenty-nine.
Acts or Omissions of State Officers
362 Exemption from liability for acts or omissions of State officers
No act or omission whatever of the Registrar or of any officer, clerk or other person in the employment of the
State, having duties to perform under this Act, shall render the State or the Registrar or any such officer, clerk or
person liable in respect of any loss or damage sustained by any person in consequence of any such act or omission
unless such act or omission was mala fide or was due to a want of reasonable care or diligence.
FIRST SCHEDULE (Sections 2, 18, 355 and 361)
R EGULATIONS AND M EMORANDUM
TABLE A
PART I
R EGULATIONS FOR MANAGEMENT OF A C OMPANY NOT BEING A P RIVATE C OMPANY
Interpretation
1. In these regulations —
“the Act” means the Companies Act [Chapter 24:03 ];
“the seal” means the common seal of the company;
“secretary” means any person appointed to perform the duties of the secretary of the company;
“the office” means the registered office of the company.
Unless the context otherwise requires, words or expressions contained in these regulations shall bear the same meaning as in the
Act or any statutory modification thereof in force at the date at which these regulations become binding on the company.
Share Capital and Variation of Rights
2. Without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, any share in the
company may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting,
return of capital or otherwise as the company may from time to time by special resolution determine.
3. Subject to section 76 of the Act, any preference shares may, with the sanction of an ordinary resolution, be issued on the terms that
they are, or at the option of the company are liable, to be redeemed on such terms and in such manner as the company before the issue
of the shares may by special resolution determine.
4. If at any time the share capital is divided into different classes of shares, the rights attached to any class, unless otherwise provided by
the terms of issue of the shares of that class, may whether or not the company is being wound up, be varied with the consent in writing
of the holders of three-fourths of the issued shares of that class, or with the sanction of a special resolution passed at a separate general
meeting of the holders of the shares of the class. To every such separate general meeting the regulations relating to general meetings
shall apply, but so that the necessary quorum shall be two persons at least holding or representing by proxy one -third of the issued
shares of the class and that any holder of shares of the class present in person or by proxy may demand a poll.
5. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise
expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares
ranking pari passu therewith.
6. The company may exercise the powers of paying commissions conferred by section 72 of the Act, provided that the rate per centum or
the amount of the commission paid or agreed to be paid shall be disclosed in the manner required by the said section and the rate of the
commission shall not exceed the rate of five per centum of the price at which the shares in respect whereof the same is paid are issued
or an amount equal to five per centum of such price, as the case may be. Such commission may be satisfied by the payment of cash or
the allotment of fully or partly paid shares or partly in one way and partly in the other. The company may also on any issue of shares
pay such brokerage as may be lawful.
7. (1) The company may in its discretion enter in its register the fact that any share is held in trust.
(2) There shall be no obligation on the company—
(a) to verify the legal status of any trust or of any trustee who is registered as a member;
(b) to see to the due and proper carrying out of any trust, whether express, implied or constructive, in respect of any share.
8. Every person whose name is entered as a member in the register of members shall be entitled without payment to receive within two
months after allotment or lodgement of transfer, or within such other period as the conditions of issue shall provide, one certificate for
all his shares or several certificates each for one or more of his shares upon payment of 25c for every certificate after the first or such
less sum as the directors shall from time to time determine. Every certificate shall be under the seal, if any, and shall specify the shares
to which it relates and the amount paid up thereon:
Provided that in respect of a share or shares held jointly by several persons the company shall not be bound to issue more than one
certificate, and delivery of a certificate for a share to one of several joint holders shall be sufficient delivery to all such holders.
9. If a share certificate be defaced, lost or destroyed, it may be renewed on payment of a fee of 25c or such less sum and on such terms, if
any, as to evidence and indemnity and the payment of out -of-pocket expenses of the company of investigating evidence as the directors
think fit.
10. The company shall not give, whether directly or indirectly, and whether by means of a loan, guarantee, the provision of security or
otherwise, any financial assistance for the purpose of or in connection with a purchase or subscription made or to be made by any person of or for any shares in the company or in its holding company nor shall the company make a loan for any purpose whatsoever on
the security of its shares or those of its holding company, but nothing in this regulation shall prohibit transactions mentioned in the
proviso to subsection (1) of section 73 of the Act.
Lien
11. The company shall have a first and paramount lien on every share, not being a fully-paid share, for all moneys, whether presently
payable or not, called or payable at a fixed time in respect of that share and the company shall also have a first and paramount lien on
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