companies act 1963

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COMPANI ES ACT 1963

COMPANI ES ACT 1963 - LONG TI TLE

AN ACT TO CONSOLI DATE WI TH AMENDMENTS CERTAI N ENACTMENTS RELATI NG TOCOMPANI ES AND FOR PURPOSES CONNECTED WI TH THAT MATTER.[ 23r d December , 1963. ]BE I T ENACTED BY THE OI REACHTAS AS FOLLOWS: COMPANI ES ACT 1963 - PART I- PRELI MI NARY

COMPANI ES ACT 1963 - SECT 1Shor t t i t l e and commencement .

1. ( 1) Thi s Act may be ci t ed as t he Compani es Act , 1963.( 2) Thi s Act shal l come i nt o oper at i on on such day as t he Mi ni st erappoi nt s by or der .

COMPANI ES ACT 1963 - SECT 2Gener al pr ovi si ons as t o i nt er pr et at i on.

2. ( 1) I n t hi s Act unl ess the cont ext ot her wi se requi r es"account s" i ncl udes a company' s gr oup account s whether pr epared i nt he f or m of account s or not ;

"agent " does not i ncl ude a person' s counsel act i ng as such;

"annual r etur n" means t he ret ur n r equi r ed t o be made, i n t he caseof a company havi ng a shar e capi t al , under sect i on 125 and, i n t hecase of a company not havi ng a shar e capi t al , under sect i on 126;

"ar t i cl es" means t he ar t i cl es of associ at i on of a company, asor i gi nal l y f r amed or as al t er ed by speci al r esol ut i on, i ncl udi ng, sof ar as t hey appl y t o the company, t he regul at i ons cont ai ned ( as t hecase may be) i n Tabl e B i n t he Schedul e annexed to t he J oi ntSt ock Compani es Act , 1856, or i n Tabl e A i n t he Fi r st Schedul e tot he Compani es Act , 1862, or i n t hat Tabl e as al t ered i n pur suanceof sect i on 71 of t he l ast ment i oned Act , or i n Tabl e A i n t heFi r st Schedul e t o t he Compani es ( Consol i dat i on) Act , 1908;

"bank hol i day" means a day whi ch i s a bank hol i day under t hePubl i c Hol i days Act s, 1871 to 1924;

" t he Bankrupt cy Act s" means t he I r i sh Bankrupt and I nsol vent Act ,1857, t he Bankr upt cy ( I r el and) Amendment Act , 1872, t he Debt ors Act( I r el and) 1872 and the Local Bankrupt cy ( I r el and) Act , 1888;

"book and paper" and "book or paper" i ncl ude account s, deeds,wr i t i ngs and document s;


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"company" means a company f ormed and r egi st ered under t hi s Act , oran exi st i ng company;

"company l i mi t ed by guarant ee" and "company l i mi t ed by shares" havet he meani ngs assi gned t o t hem r espect i vel y by subsect i on ( 2) ofsecti on 5;

"cont r i but ory" has the meani ng assi gned t o i t by sect i on 208;

" t he cour t " used i n r el at i on t o a company means t he Hi gh Cour t ;

"cr edi t or s' vol unt ary wi ndi ng up" has t he meani ng assi gned t o i t bysubsect i on ( 7) of sect i on 256;

"debent ur e" i ncl udes debent ur e st ock, bonds and any ot her secur i t i esof a company whether const i t ut i ng a char ge on t he assets of t hecompany or not ;

"di r ect or " i ncl udes any per son occupyi ng t he posi t i on of di r ect or by

what ever name cal l ed;

"document " i ncl udes summons, not i ce, order and ot her l egal pr ocess,and r egi st er s;

"exi st i ng company" means a company f or med and r egi st ered i n ar egi st er kept i n t he St at e under t he J oi nt St ock Compani es Act s,t he Compani es Act , 1862, or t he Compani es ( Consol i dat i on) Act , 1908;

"ext ended not i ce" has t he meani ng assi gned t o i t by sect i on 142;

"f i nanci al year" means, i n r el at i on t o any body cor por at e, t heperi od i n r espect of whi ch any pr of i t and l oss account of t he bodycor porat e l ai d bef ore i t i n general meet i ng i s made up, whethert hat per i od i s a year or not ;

"gr oup account s" has t he meani ng assi gned t o i t by subsect i on ( 1)of sect i on 150;

"hol di ng company" means a hol di ng company as def i ned by sect i on 155;

"i ssued gener al l y" means, i n rel at i on to a pr ospect us, i ssued topersons who ar e not exi st i ng member s or debent ure hol ders of t hecompany;

" J oi nt St ock Compani es Act s" means t he J oi nt St ock Compani es Act ,1856, t he J oi nt St ock Compani es Act s, 1856, 1857, t he J oi nt St ock

Banki ng Compani es Act , 1857 and t he Act t o enabl e J oi nt StockBanki ng Compani es t o be f ormed on t he pr i nci pl e of l i mi t edl i abi l i t y, or any one or more of t hose Act s as t he case mayr equi r e, but does not i ncl ude the Act 7 & 8 Vi ct or i a, Chapt er 110;

"members' vol unt ary wi ndi ng up" has t he meani ng assi gned t o i t bysubsect i on ( 7) of sect i on 256;

" t he mi ni mum subscr i pt i on" has t he meani ng assi gned t o i t bysubsect i on ( 2) of sect i on 53;


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"memor andum" means t he memor andum of associ at i on of a company, asor i gi nal l y f r amed or as al t ered i n pur suance of any stat ut e( i nc l udi ng t hi s Act ) ;

"Mi ni st er" means t he Mi ni st er f or I ndust r y and Commerce;

"of f i cer " i n r el at i on t o a body cor por at e i ncl udes a di r ector orsecretary;

" t he operat i ve date" means t he dat e on whi ch thi s Act comes i ntooper at i on;

"prescr i bed" means, i n r el at i on t o t he pr ovi si ons of t hi s Actdeal i ng wi t h t he wi ndi ng up of compani es, pr escr i bed by rul es ofcour t , and i n r el at i on t o t he ot her pr ovi si ons of t hi s Act,pr escr i bed by or der made by t he Mi ni st er;

"pr i nt ed" i ncl udes r epr oduced i n any l egi bl e and dur abl e f or mappr oved by t he regi st r ar of compani es;

"pr i vat e company" has t he meani ng assi gned t o i t by subsect i on ( 1)of sect i on 33;

"prospect us" means any pr ospect us, not i ce, ci r cul ar , adver t i sement orot her i nvi t at i on, of f er i ng t o t he publ i c f or subscri pt i on or pur chaseany shares or debentures of a company;

" r ecogni sed st ock exchange" means a st ock exchange prescr i bed by t heMi ni st er f or t he pur poses of each pr ovi si on i n whi ch t hose wor dsappear ;

"t he r egi st r ar of compani es" or , when used i n r el at i on t or egi st r at i on of compani es, "t he r egi st r ar " means t he of f i cerper f or mi ng under t hi s Act t he dut y of r egi st r at i on of compani es;

"r esol ut i on f or r educi ng share capi t al " has t he meani ng assi gned t oi t by subsect i on ( 3) of sect i on 72;

"a resol ut i on f or vol unt ary wi ndi ng up" has t he meani ng assi gned t oi t by subsect i on ( 2) of sect i on 251;

"shar e" means share i n t he share capi t al of a company, and i ncl udesst ock except where a di st i nct i on between st ock and shar es i sexpr essed or i mpl i ed;

"shar e warr ant " has t he meani ng assi gned t o i t by subsect i on ( 2) of

sect i on 88;

"st at ut ory meet i ng" means t he meet i ng requi r ed t o be hel d bysubsect i on ( 1) of sect i on 130;

"s t atut or y repor t " has t he meani ng assi gned t o i t by subsect i on ( 2)of sect i on 130;

"subsi di ary" means a subsi di ary as def i ned by sect i on 155;


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"Tabl e A" means Tabl e A i n t he Fi r st Schedul e;

"Tbl a A" means Tbl a A i n t he Fi r st Schedul e;

"t he t i me of t he openi ng of t he subscr i pt i on l i st s" has t he meani ngassi gned t o i t by subsect i on ( 1) of sect i on 56;

"undi scharged bankrupt " i ncl udes( a ) a bankrupt who has not obt ai ned t he cer t i f i cat e ofconf ormi t y ment i oned i n sect i on 56 of t he Bankrupt cy ( I r el and)Amendment Act , 1872;

( b ) a person who has been adj udged bankrupt i n Nor t hern I r el andand who has not obt ai ned t he cer t i f i cate of conf ormi t y ment i oned i nsect i on 56 of t he Bankr upt cy ( I r el and) Amendment Act , 1872;

( c ) a person who i s an undi schar ged bankr upt under t he l aw ofEngl and or Scot l and;

but does not i ncl ude a per son whose bankr upt cy has been annul l ed;

"unl i mi t ed company" has t he meani ng assi gned t o i t by subsect i on ( 2)of secti on 5.

( 2) A person shal l not be deemed t o be, wi t hi n the meani ng of anypr ovi si on of t hi s Act , a per son i n accor dance wi t h whose di r ect i onsor i nst r uct i ons t he di r ect ors of a company ar e accust omed t o act ,by reason onl y that t he di r ect ors of a company act on advi ce gi venby hi m i n a pr of essi onal capaci t y.

( 3) Ref er ences i n t hi s Act t o a body cor por at e or t o a cor por ati onshal l be const r ued as not i ncl udi ng a cor porat i on sol e, but asi ncl udi ng a company i ncorpor ated out si de t he St ate.

( 4) Any pr ovi si on of t hi s Act over r i di ng or i nt er pr et i ng a company' sar t i cl es shal l , except as pr ovi ded by t hi s Act, appl y i n r el at i ont o ar t i cl es i n f or ce on t he oper at i ve dat e as wel l as t o ar t i cl escomi ng i nt o f or ce t her eaf t er , and shal l appl y al so i n r el at i on t o acompany' s memor andum as i t appl i es i n r el at i on t o i t s ar t i cl es.

( 5) Ref er ences i n t hi s Act t o any enact ment shal l , unl ess t hecont ext other wi se requi r es, be const r ued as r ef er ences t o thatenact ment as amended or ext ended by any subsequent enact menti ncl udi ng t hi s Act.

( 6) I n t hi s Act, a r ef er ence t o a Par t , secti on or schedul e i s t o

a Par t , secti on or schedul e of t hi s Act, unl ess i t i s i ndi cat edt hat r ef erence t o some ot her enactment i s i nt ended.

( 7) I n t hi s Act , a r ef er ence t o a subsect i on, par agr aph,subpar agr aph or ot her di vi si on i s t o t he subsect i on, par agr aph,subpar agr aph or ot her di vi si on of t he pr ovi si on i n whi ch t her ef er ence occur s, unl ess i t i s i ndi cat ed t hat r ef er ence t o someot her pr ovi si on i s i nt ended.

COMPANI ES ACT 1963 - SECT 3


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Repeal and savi ngs.

3. ( 1) The enact ment s ment i oned i n t he Twel f t h Schedul e ar e herebyr epeal ed t o t he extent speci f i ed i n t he t hi r d col umn of t hatSchedul e.

( 2) Not hi ng i n t hi s Act shal l af f ect any Or der i n Counci l , or der ,r ul e, r egul at i on, appoi nt ment , conveyance, mort gage, deed or agreementmade, r esol ut i on passed, di r ect i on gi ven, pr oceedi ng taken, i nst r umenti ssued or t hi ng done under any f ormer enact ment r el at i ng t ocompani es, but any such Or der i n Counci l , order , r ul e, r egul at i on,appoi nt ment , conveyance, mor t gage, deed, agr eement , r esol ut i on,di r ecti on, pr oceedi ng, i nst r ument or t hi ng shal l , i f i n f or cei mmedi at el y bef or e t he oper ati ve dat e cont i nue i n f orce, and so f aras i t coul d have been made, passed, gi ven, t aken, i ssued or doneunder t hi s Act shal l have ef f ect as i f made, passed, gi ven, t aken,i ssued or done under t hi s Act .

( 3) Not hi ng i n t hi s Act shal l af f ect t he oper at i on of sect i ons 109and 110 of t he Compani es ( Consol i dat i on) Act , 1908, as regards

i nspect or s appoi nt ed bef or e, or t he cont i nuance of an i nspect i onbegun by i nspect ors appoi nt ed bef ore, t he operat i ve date, and sect i on172 shal l appl y to a r epor t of i nspect or s appoi nt ed under t he sai dsect i ons as i t appl i es t o a r epor t of i nspect or s appoi nt ed undersect i ons 165 and 166.

( 4) Not hi ng i n t hi s Act shal l af f ect( a ) t he pr ovi si ons of sect i on 5 of t he Tr ade Uni on Act , 1871( whi ch avoi ds t he r egi st r at i on of a t r ade uni on under t he enactment sr el at i ng to compani es) ;

( b ) t he enactment set out i n t he Thi r t eent h Schedul e, bei ng anenact ment cont i nued i n f orce by sect i on 205 of t he Compani es Act ,1862,

or be const r ued as r epeal i ng any pr ovi si on of t he I nsur ance Act s,1909 t o 1961.

( 5) Subj ect t o t he Pr ovi si ons of subsect i on (4) , any documentr ef err i ng t o any f ormer enactment r el at i ng t o compani es shal l beconst r ued as r ef er r i ng t o the cor r espondi ng enact ment of t hi s Act .

( 6) Any person, appoi nt ed t o any of f i ce under or by vi r t ue of anyf ormer enact ment r el at i ng t o compani es, who i s i n of f i ce i mmedi atel ybef ore t he operat i ve dat e shal l be deemed t o have been appoi nt ed t ot hat of f i ce under or by vi r t ue of t hi s Act.

( 7) Any regi st er kept under any f ormer enactment r el at i ng t ocompani es shal l be deemed par t of t he regi st er t o be kept undert he cor r espondi ng pr ovi si ons of t hi s Act .

( 8) Al l f unds and account s const i t ut ed under t hi s Act shal l bedeemed t o be i n cont i nuat i on of t he cor r espondi ng f unds and account sconst i t ut ed under t he f ormer enactment s r el at i ng t o compani es.

( 9) The repeal by t hi s Act of any enact ment shal l not af f ect


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( a ) t he i ncorpor at i on of any company r egi st ered under anyenact ment her eby repeal ed;

( b ) Tabl e B i n t he Schedul e annexed t o the J oi nt St ockCompani es Act , 1856, or any part t hereof , so f ar as t he sameappl i es t o any company exi st i ng on t he operat i ve date;

( c ) Tabl e A i n the Fi r st Schedul e annexed t o t he Compani es Act ,1862, or any par t t her eof , ei t her as or i gi nal l y cont ai ned i n t hatSchedul e or as al t ered i n pur suance of sect i on 71 of t hat Act , sof ar as t he same appl i es t o any company exi st i ng on t he oper at i vedat e;

( d ) Tabl e A of t he Fi r st Schedul e to t he Compani es( Consol i dat i on) Act , 1908, or any Par t t her eof , so f ar as t he sameappl i es t o any company exi st i ng on t he operat i ve date.

( 10) Where any of f ence, bei ng an of f ence f or t he cont i nuance ofwhi ch a penal t y was pr ovi ded, has been commi t t ed under any f ormer

enact ment r el at i ng t o compani es, pr oceedi ngs may be t aken under t hi sAct i n r espect of t he cont i nuance of t he of f ence af t er t heoperat i ve date, i n the same manner i f t he of f ence had beencommi t t ed under t he cor r espondi ng pr ovi si ons of t hi s Act .

( 11) I n t hi s sect i on " f ormer enactment r el at i ng to compani es" meansany enact ment r epeal ed by t hi s Act and any enact ment r epeal ed byt he Compani es ( Consol i dat i on) Act , 1908.

COMPANI ES ACT 1963 - SECT 4Const r uct i on of r ef er ences i n ot her Act s t o compani es regi st er edunder t he Compani es ( Consol i dat i on) Act , 1908.

4. Not wi t hst andi ng subsect i on ( 1) of sect i on 20 of t he I nt er pr et at i onAct , 1937, ( whi ch pr ovi des t hat where an Act r epeal s and r e- enact s,wi t h or wi t hout modi f i cat i on, any pr ovi si ons of a f or mer Act ,r ef er ences i n any ot her Act t o the pr ovi si ons so r epeal ed shal l ,unl ess t he cont r ar y i nt ent i on appear s, be const r ued as r ef er ences t ot he pr ovi si ons so re- enact ed) r ef er ences i n any Act ot her t han t hi sAct t o a company f ormed and regi st ered, or r egi st ered, under t heCompani es ( Consol i dat i on) Act , 1908, shal l , unl ess t he cont r ar yi nt ent i on appear s, be const r ued as r ef erences t o a company f ormedand r egi st er ed, or r egi st er ed, under t hat Act or t hi s Act .

COMPANI ES ACT 1963 - PART I I- I NCORPORATI ON OF COMPANI ES AND MATTERS I NCI DENTAL THERETO

Memorandumof Associ at i on.

COMPANI ES ACT 1963 - SECT 5Way of f ormi ng i ncor por at ed company.

5. ( 1) Any seven or mor e per sons or , wher e t he company t o bef ormed wi l l be a pr i vat e company, any t wo or more persons,associ ated f or any l awf ul pur pose may, by subscr i bi ng t hei r names t oa memorandum of associ at i on and ot herwi se compl yi ng wi t h t her equi r ement s of t hi s Act r el at i ng t o r egi st r at i on, f or m an


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i ncor por at ed company, wi t h or wi t hout l i mi t ed l i abi l i t y.

( 2) Such a company may be ei t her( a ) a company havi ng the l i abi l i t y of i t s member s l i mi t ed byt he memorandum t o t he amount , i f any, unpai d on t he sharesr espect i vel y hel d by them( i n t hi s Act t ermed a company l i mi t ed byshar es") ; or

( b ) a company havi ng the l i abi l i t y of i t s member s l i mi t ed byt he memor andum t o such amount as t he members may r espect i vel yt hereby undert ake t o cont r i but e t o t he asset s of t he company i n theevent of i t s bei ng wound up ( i n t hi s Act t ermed "a company l i mi t edby guar ant ee") ; or

( c ) a company not havi ng any l i mi t on t he l i abi l i t y of i t smember s ( i n thi s Act t ermed "an unl i mi t ed company") .

COMPANI ES ACT 1963 - SECT 6Requi r ement s i n rel at i on to memorandum.

6. ( 1) The memor andum of ever y company must st at e( a ) t he name of t he company, wi t h " l i mi t ed" or " t eor ant a" ast he l ast word of t he name i n t he case of a company l i mi t ed byshar es or by guarant ee;

( b ) t he obj ects of t he company.

( 2) The memorandum of a company l i mi t ed by shar es or by guaranteemust al so st at e t hat t he l i abi l i t y of i t s member s i s l i mi t ed.

( 3) The memorandum of a company l i mi t ed by guar ant ee must al sost ate t hat each member undert akes t o cont r i but e t o t he asset s oft he company i n the event of i t s bei ng wound up whi l e he i s amember , or wi t hi n one year af t er he ceases t o be a member , f orpayment of t he debt s and l i abi l i t i es of t he company cont r act edbef ore he ceases t o be a member , and of t he cost s, char ges andexpenses of wi ndi ng up, and f or adj ust ment of t he r i ght s of t hecont r i but or i es among t hemsel ves, such amount as may be r equi r ed, notexceedi ng a speci f i ed amount .

( 4) I n t he case of a company havi ng a share capi t al ( a ) t he memorandum must al so, unl ess t he company i s an unl i mi t edcompany, st at e t he amount of share capi t al wi t h whi ch the companypr oposes t o be regi st er ed, and t he di vi si on ther eof i nt o shar es of

a f i xed amount ;

( b ) no subscr i ber of t he memorandum may take l ess t han oneshar e;

( c ) each subscr i ber must wr i t e opposi t e t o hi s name the numberof shar es he t akes.

COMPANI ES ACT 1963 - SECT 7Pr i nt i ng st amp and si gnat ure of memorandum.


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7. The memorandum must be pr i nted, must bear t he same st amp as i fi t were a deed, and must be si gned by each subscr i ber i n thepr esence of at l east one wi t ness who must at t est t he si gnatur e.

COMPANI ES ACT 1963 - SECT 8Modi f i cat i on of t he ul t r a vi r es rul e.

8. ( 1) Any act or t hi ng done by a company whi ch i f t he companyhad been empower ed t o do the same woul d have been l awf ul l y andef f ect i vel y done, shal l , notwi t hst andi ng t hat t he company had nopower t o do such act or t hi ng, be ef f ect i ve i n f avour of anyperson rel yi ng on such act or t hi ng who i s not shown to have beenact ual l y aware, at t he t i me when he so rel i ed t hereon, t hat suchact or t hi ng was not wi t hi n the powers of t he company, but anydi r ector or of f i cer of t he company who was responsi bl e f or t hedoi ng by the company of such act or t hi ng shal l be l i abl e to t hecompany f or any l oss or damage suf f ered by the company i nconsequence t her eof .

( 2) The cour t may, on t he appl i cat i on of any member or hol der ofdebent ur es of a company, r est r ai n such company f r om doi ng any actor t hi ng whi ch t he company has no power t o do.

COMPANI ES ACT 1963 - SECT 9Rest r i ct i on on al t erat i on of memorandum.

9. A company may not al t er t he pr ovi si ons cont ai ned i n i t smemorandum except i n t he cases, i n t he mode and t o t he extent f orwhi ch expr ess provi si on i s made i n t hi s Act .

COMPANI ES ACT 1963 - SECT 10Way i n whi ch and extent t o whi ch obj ect s of company may beal t ered.

10. ( 1) Subj ect t o subsect i on ( 2) , a company may, by speci alr esol ut i on, al t er t he pr ovi si ons of i t s memor andum by abandoni ng,r est r i ct i ng or amendi ng any exi st i ng obj ect or by adopt i ng a newobj ect and any al t erat i on so made shal l be as val i d as i for i gi nal l y cont ai ned t her ei n, and be subj ect t o al t er at i on i n l i kemanner .

( 2) I f an appl i cat i on i s made t o t he cour t i n accor dance wi t h t hi ssecti on f or t he al t er at i on t o be cancel l ed, i t shal l not haveef f ect except i n so f ar as i t i s conf i r med by t he cour t .

( 3) Subj ect t o subsect i on ( 4) , an appl i cat i on under t hi s sect i on may

be made( a ) by t he hol der s of not l ess i n t he aggr egate t han 15% i nnomi nal val ue of t he company' s i ssued shar e capi t al or any cl asst her eof or, i f t he company i s not l i mi t ed by shar es, not l ess t han15% of t he company' s member s; or

( b ) by t he hol der s of not l ess t han 15% of t he company' s,debent ur es, ent i t l i ng t he hol der s t o obj ect t o al t er at i ons of i t sobj ects,


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( 4) An appl i cat i on shal l not be made under t hi s sect i on by anyperson who has consent ed t o or voted i n f avour of t he al t erat i on.

( 5) An appl i cat i on under t hi s sect i on must be made wi t hi n 21 daysaf t er t he dat e on whi ch t he r esol ut i on al t eri ng the company' sobj ect s was passed, and may be made on behal f of t he per sonsent i t l ed t o make t he appl i cat i on by such one or more of t hei rnumber as t hey may appoi nt i n wr i t i ng f or t he pur pose.

( 6) On an appl i cat i on under t hi s sect i on, t he cour t may make anor der cancel l i ng t he al t er at i on or conf i r mi ng t he al t er at i on ei t herwhol l y or i n par t and on such t er ms and condi t i ons as i t t hi nksf i t , and may, i f i t t hi nks f i t , adj our n t he pr oceedi ngs i n or dert hat an ar r angement may be made t o t he sat i sf act i on of t he cour tf or t he pur chase of t he i nt erest s of di ssent i ent members , and maygi ve such di r ect i ons and make such order s as i t may t hi nk expedi entf or f aci l i t at i ng or car r yi ng i nt o ef f ect any such ar r angement so,however, t hat no part of t he capi t al of t he company shal l beexpended i n any such pur chase.

( 7) The debent ur es ent i t l i ng t he hol der s t o obj ect t o al t er at i ons ofa company' s obj ect s shal l be any debent ur es secur ed by a f l oat i ngchar ge whi ch wer e i ssued or f i r st i ssued bef or e t he oper ati ve dat eor f orm part of t he same ser i es as any debent ur es so i ssued, anda speci al r esol ut i on al t er i ng a company' s obj ect s shal l r equi r e t hesame not i ce t o t he hol der s of any such debent ures as t o member s oft he company, so however t hat not l ess t han 10 days' not i ce shal lbe gi ven to t he hol ders of any such debent ur es.

I n def aul t of any pr ovi si ons r egul at i ng t he gi vi ng of not i ce t o anysuch debent ur e hol der s, t he pr ovi si ons of t he company' s ar t i cl esr egul at i ng t he gi vi ng of not i ce t o member s shal l appl y.

( 8) I n t he case of a company whi ch i s, by vi r t ue of a l i cencef r om t he Mi ni st er , exempt f r om t he obl i gat i on t o use t he wor d"l i mi t ed" or "t eor ant a" as par t of i t s name, a resol ut i on al t er i ngt he company' s obj ects shal l al so requi r e t he same not i ce t o t heMi ni st er as t o hol der s of debent ur es.

( 9) Where a company passes a r esol ut i on al t eri ng i t s obj ects( a ) i f no appl i cat i on i s made wi t h r espect t her et o under t hi ssecti on, i t shal l , wi t hi n 15 days f r om t he end of t he per i od f ormaki ng such an appl i cat i on, del i ver t o the regi st r ar of compani es apr i nt ed copy of i t s memorandum as al t ered; and

( b ) i f such an appl i cat i on i s made, i t shal l ( i ) f or t hwi t h gi ve not i ce of t hat f act t o t he r egi st r ar ; and

( i i ) wi t hi n 15 days f r om t he dat e of any or der cancel l i ng orconf i r mi ng t he al t er at i on, del i ver t o t he r egi st r ar an of f i ce copyof t he or der and, i n t he case of an or der conf i r mi ng theal t erat i on, a pr i nt ed copy of t he memorandum as al t ered.

The cour t may by or der at any t i me ext end t he t i me f or del i ver y


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of document s t o t he regi st r ar under par agr aph ( b) f or such per i odas t he cour t may t hi nk pr oper .

( 10) I f a company makes def aul t i n gi vi ng not i ce or del i ver i ng anydocument t o t he regi st r ar as r equi r ed by subsect i on ( 9) , t he companyand ever y of f i cer of t he company who i s i n def aul t shal l be l i abl et o a f i ne not exceedi ng 50.

( 11) I n r el at i on t o a r esol ut i on f or al t er i ng t he pr ovi si ons of acompany' s memorandum r el at i ng t o t he obj ect s of t he company passedbef or e t he oper at i ve dat e, t hi s secti on shal l have ef f ect as i f , i nl i eu of subsect i ons ( 2) t o (10) , t her e had been enact ed subsect i ons( 2) t o ( 7) of sect i on 9 of t he Compani es ( Consol i dat i on) Act , 1908.

Ar t i c l es of Associ at i on.

COMPANI ES ACT 1963 - SECT 11Ar t i cl es pr escr i bi ng r egul at i ons f or compani es.

11. There may, i n the case of a company l i mi t ed by shares, and

t here shal l , i n t he case of a company l i mi t ed by guarant ee orunl i mi t ed, be r egi st er ed wi t h t he memorandum ar t i cl es of associ at i onsi gned by t he subscr i bers t o t he memorandum and pr escr i bi ngr egul at i ons f or t he company.

COMPANI ES ACT 1963 - SECT 12Regul at i ons r equi r ed i n t he case of an unl i mi t ed company or companyl i mi t ed by guarant ee.

12. ( 1) I n the case of an unl i mi t ed company, t he ar t i cl es mustst at e t he number of member s wi t h whi ch t he company proposes t o ber egi st ered and, i f t he company has a shar e capi t al , t he amount ofshar e capi t al wi t h whi ch the company pr oposes t o be r egi st ered.

( 2) I n t he case of a company l i mi t ed by guarant ee, t he ar t i cl esmust st at e t he number of member s wi t h whi ch t he company proposes t obe r egi st er ed.

( 3) Wher e an unl i mi t ed company or a company l i mi t ed by guarant eehas i ncreased t he number of i t s member s beyond t he r egi st erednumber , i t shal l , wi t hi n 15 days af t er t he i ncr ease was r esol ved onor t ook pl ace, gi ve t o t he r egi st r ar not i ce of t he i ncrease, andhe shal l r ecor d t he i ncrease.

I f def aul t i s made i n compl yi ng wi t h t hi s subsect i on, t he companyand ever y of f i cer of t he company who i s i n def aul t shal l be l i abl et o a f i ne not exceedi ng 50.

COMPANI ES ACT 1963 - SECT 13Adopt i on and appl i cat i on of Tabl e A or Tbl a A.

13. ( 1) Ar t i cl es of associ at i on may adopt al l or any of t her egul at i ons cont ai ned i n Tabl e A, or of t he equi val ent r egul at i onsi n t he I r i sh l anguage cont ai ned i n Tbl a A.

( 2) I n t he case of a company l i mi t ed by shares and r egi st eredaf t er t he oper at i ve dat e, i f ar t i c l es ar e not r egi st er ed or , i f


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ar t i cl es ar e r egi st er ed, i n so f ar as t he ar t i cl es do not excl udeor modi f y the regul at i ons cont ai ned i n Tabl e A, t hose regul at i onsshal l , so f ar as appl i cabl e, be the r egul at i ons of t he company i nt he same manner and t o t he same extent as i f t hey were cont ai nedi n dul y regi stered art i cl es.

( 3) I f t he memorandum of t he company i s i n the I r i sh l anguage, t her ef erences i n subsect i on ( 2) t o Tabl e A shal l be const r ued asr ef erences t o Tbl a A.

COMPANI ES ACT 1963 - SECT 14Pr i nt i ng, st amp and si gnat ur e of ar t i cl es.

14. Ar t i cl es must ( a ) be pr i nt ed;

( b ) be di vi ded i nt o paragr aphs numbered consecut i vel y;

( c ) bear t he same st amp as i f t hey were cont ai ned i n a deed;

( d ) be si gned by each subscr i ber of t he memorandum i n t hepr esence of at l east one wi t ness who must at t est t he si gnatur e.

COMPANI ES ACT 1963 - SECT 15Al t er at i on of ar t i c l es by speci al r esol ut i on.

15. ( 1) Subj ect t o t he pr ovi si ons of t hi s Act and t o t he condi t i onscont ai ned i n i t s memorandum, a company may by speci al r esol ut i onal t er or add t o i t s art i cl es.

( 2) Any al t er at i on or addi t i on so made i n t he ar t i cl es shal l ,subj ect t o t he pr ovi si ons of t hi s Act, be as val i d as i for i gi nal l y cont ai ned t her ei n, and be subj ect i n l i ke manner t oal t er at i on by speci al r esol ut i on.

For m of Memorandum and Ar t i cl es.

COMPANI ES ACT 1963 - SECT 16St atut ory f orms of memorandum and ar t i cl es.

16. The f orm of ( a ) t he memorandum of a company l i mi t ed by shares;

( b ) t he memorandumand ar t i cl es of a company l i mi t ed byguarant ee and not havi ng a share capi t al ;

( c ) t he memorandumand ar t i cl es of a company l i mi t ed byguarant ee and havi ng a share capi t al ;

( d ) t he memorandum and ar t i cl es of an unl i mi t ed company havi ng ashar e capi t al ;

shal l be respect i vel y i n accor dance wi t h t he f orms set out i nTabl es B, C, D and E i n t he Fi r st Schedul e or as near t heret o asci r cumst ances admi t .


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Regi str at i on.

COMPANI ES ACT 1963 - SECT 17Regi st r at i on of memor andum and ar t i cl es.

17. The memorandum and t he ar t i cl es, i f any, shal l be del i ver ed t ot he r egi st r ar of compani es, and he shal l r etai n and r egi st er t hem.

COMPANI ES ACT 1963 - SECT 18Ef f ect of regi str at i on.

18. ( 1) On the r egi st r at i on of t he memorandum of a company t her egi st r ar shal l cer t i f y under hi s hand that t he company i si ncorpor ated and, i n t he case of a l i mi t ed company, t hat t hecompany i s l i mi t ed.

( 2) From t he dat e of i ncor por at i on ment i oned i n t he cer t i f i cat e ofi ncorpor at i on, t he subscr i bers of t he memorandum, t ogether wi t h suchot her per sons as may f r om t i me t o t i me become member s of t he

company, shal l be a body corporat e wi t h t he name cont ai ned i n t hememorandum, capabl e f or t hwi t h of exerci si ng an t he f unct i ons of ani ncorpor at ed company, and havi ng per petual successi on and a commonseal , but wi t h such l i abi l i t y on t he par t of t he member s t ocont r i but e t o t he assets of t he company i n t he event of i t s bei ngwound up as i s ment i oned i n t hi s Act .

COMPANI ES ACT 1963 - SECT 19Concl usi veness of cer t i f i cat e of i ncor por at i on.

19. ( 1) A cer t i f i cat e of i ncor por at i on, gi ven by the regi st r ar i nr espect of any associ at i on, shal l be concl usi ve evi dence t hat al lt he requi r ement s of t hi s Act i n r espect of r egi st r at i on and ofmat t ers precedent and i nci dent al t heret o have been compl i ed wi t h, andt hat t he associ at i on i s a company aut hori sed t o be r egi st ered anddul y r egi st er ed under t hi s Act .

( 2) A st at ut or y decl ar at i on by a sol i ci t or engaged i n t he f or mat i onof t he company, or by a person named i n the ar t i cl es as adi r ect or or secr et ary of t he company, of compl i ance wi t h al l or anyof t he sai d r equi r ement s shal l be pr oduced to t he regi st r ar , and hemay accept such a decl arat i on as suf f i ci ent evi dence of compl i ance.

COMPANI ES ACT 1963 - SECT 20Regi st r at i on of unl i mi t ed company as l i mi t ed.

20. ( 1) Subj ect t o t he pr ovi si ons of t hi s sect i on, a company

r egi st er ed as unl i mi t ed may regi st er under t hi s Act as l i mi t ed, ora company al r eady r egi st ered as a l i mi t ed company may r e- r egi st erunder t hi s Act , but t he r egi st r at i on of an unl i mi t ed company as al i mi t ed company shal l not af f ect t he r i ght s or l i abi l i t i es of t hecompany i n r espect of any debt or obl i gat i on i ncur r ed, or anycont r act ent ered i nt o by, t o, wi t h or on behal f of t he companybef or e t he r egi st r at i on, and t hose r i ght s or l i abi l i t i es may beenf orced i n manner provi ded by Part I X of t hi s Act i n t he case ofa company regi st ered i n pur suance of t hat Par t .


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( 2) On r egi st r at i on i n pur suance of t hi s secti on, t he r egi st r arshal l cl ose t he f ormer r egi st r at i on of t he company, and may di spensewi t h t he del i ver y t o hi m of copi es of any document s wi t h copi es ofwhi ch he was f ur ni shed on t he occasi on of t he ori gi nal r egi st r at i onof t he company, but , save as af or esai d, t he regi st r at i on shal l t akepl ace i n t he same manner and have ef f ect as i f i t were t he f i r str egi st r at i on of t he company under t hi s Act , and as i f t hepr ovi si ons of t he Act s under whi ch the company was pr evi ousl yr egi st er ed and r egul at ed had been cont ai ned i n di f f erent Act s f r omt hose under whi ch the company i s r egi st ered as a l i mi t ed company.

Provi si ons r el at i ng to Names of Compani es.

COMPANI ES ACT 1963 - SECT 21Pr ohi bi t i on of r egi st r ati on of compani es by undesi r abl e names.

21. No company shal l be r egi st ered by a name whi ch, i n t he opi ni onof t he Mi ni st er , i s undesi r abl e but an appeal shal l l i e t o t hecour t agai nst a r ef usal t o r egi st er .

COMPANI ES ACT 1963 - SECT 22Regi st r at i on of busi ness name.

22. ( 1) Ever y company car r yi ng on busi ness under a name other t hani t s corpor at e name shal l r egi st er i n t he manner di r ect ed by l aw f ort he r egi st r at i on of busi ness names.

( 2) The use of t he abbr evi at i on "Lt d. " f or "Li mi t ed" or " Teo. " f or"Teor ant a" shal l not of i t sel f r ender such r egi st r at i on necessar y.

COMPANI ES ACT 1963 - SECT 23Change of name.

23. ( 1) A company may, by speci al r esol ut i on and wi t h the appr ovalof t he Mi ni st er si gni f i ed i n wr i t i ng, change i t s name.

( 2) I f , t hr ough i nadver t ence or ot her wi se, a company on i t s f i r str egi st r at i on, or on i t s r egi st r at i on by a new name, i s r egi st er edby a name whi ch, i n t he opi ni on of t he Mi ni st er , i s t oo l i ke t hename by whi ch a company i n exi st ence i s al r eady regi st ered, t hef i r st - ment i oned company may change i t s name wi t h t he sanct i on of t heMi ni st er and, i f he so di r ect s wi t hi n 6 mout hs of i t s bei ngr egi st er ed by that name, shal l change i t wi t hi n a peri od of 6weeks f r omt he dat e of t he di r ect i on or such l onger per i od as t heMi ni st er may t hi nk f i t t o al l ow.

I f a company makes def aul t i n compl yi ng wi t h a di r ect i on under t hi s

subsect i on, i t shal l be l i abl e t o a f i ne not exceedi ng 100.

( 3) Wher e a company changes i t s name under t hi s sect i on, t her egi st r ar shal l ent er t he new name i n the r egi st er i n pl ace of t hef or mer name, and shal l i ssue a cer t i f i cat e of i ncor por at i on al t er edt o meet t he ci r cumst ances of t he case.

( 4) A change of name by a company under t hi s sect i on shal l notaf f ect any r i ght s or obl i gat i ons of t he company, or r ender def ect i veany l egal pr oceedi ngs by or agai nst t he company, and any l egal


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proceedi ngs whi ch mi ght have been cont i nued or commenced agai nst i tby i t s f ormer name may be cont i nued or commenced agai nst i t by i t snew name.

( 5) A company whi ch was r egi st ered by a name speci f i ed by st at ut e,may, not wi t hst andi ng anythi ng cont ai ned i n that st at ut e, change i t sname i n accor dance wi t h subsect i on ( 1) , but i f t he Mi ni st er i s ofopi ni on t hat any ot her Mi ni st er i s concer ned i n t he admi ni st r ati onof t he st atut e whi ch speci f i ed t he name of t he company he shal lnot appr ove of t he change of name save af t er consul t at i on wi t h thatot her Mi ni ster.

( 6) Where t he wi ndi ng up of a company commences wi t hi n one yearaf t er t he company has changed i t s name, t he f ormer name as wel l ast he exi st i ng name of t he company shal l appear on al l not i ces andadver t i sement s i n r el at i on t o t he wi ndi ng up.

COMPANI ES ACT 1963 - SECT 24Power t o di spense wi t h "l i mi t ed" or "t eor ant a" i n name of char i t abl eand ot her compani es.

24. ( 1) Wher e i t i s pr oved t o the sat i sf act i on of t he Mi ni st er t hatan associ at i on about t o be f ormed as a l i mi t ed company i s t o bef or med f or promot i ng commer ce, ar t , sci ence, r el i gi on, char i t y or anyot her usef ul obj ect, and i nt ends t o appl y i t s pr of i t s, i f any, orot her i ncome, i n pr omot i ng i t s obj ect s, and to pr ohi bi t t he paymentof any di vi dend t o i t s members, t he Mi ni st er may by l i cence di r ectt hat t he associ at i on may be r egi st ered as a company wi t h l i mi t edl i abi l i t y, wi t hout t he addi t i on of t he wor d "l i mi t ed" or t he wor d"t eor ant a" t o i t s name, and t he associ at i on may be r egi st eredaccor di ngl y and shal l , on r egi st r at i on, enj oy al l t he pr i vi l eges and( subj ect t o t he pr ovi si ons of t hi s secti on) be subj ect t o al l t heobl i gat i ons of l i mi t ed compani es.

( 2) Wher e i t i s pr oved t o t he sat i sf act i on of t he Mi ni st er ( a ) t hat t he obj ect s of a company regi st ered as a l i mi t edcompany ar e rest r i ct ed t o those speci f i ed i n subsect i on ( 1) and t oobj ect s i nci dent al or conduci ve t her et o; and

( b ) t hat , by i t s const i t ut i on, t he company i s r equi r ed t o appl yi t s pr of i t s, i f any, or ot her i ncome i n pr omot i ng i t s obj ects, andi s pr ohi bi t ed f r om payi ng any di vi dend t o i t s member s;

t he Mi ni st er may by l i cence author i se t he company t o make, byspeci al r esol ut i on, a change i n i t s name, i ncl udi ng or consi st i ng oft he omi ssi on of t he wor d "l i mi t ed" or "t eor ant a" and subsect i ons ( 3)

and (4) of sect i on 23 shal l appl y t o a change of name under t hi ssubsect i on as t hey appl y to a change of name under t hat sect i on.

( 3) A l i cence by the Mi ni st er under t hi s sect i on may be gr ant ed onsuch condi t i ons as t he Mi ni st er t hi nks f i t , and t hose condi t i onsshal l be bi ndi ng on t he body to whi ch t he l i cence i s grant ed, and( wher e t he gr ant i s under subsecti on ( 1) ) shal l , i f t he Mi ni st erso di r ect s, be i nsert ed i n the memor andum and ar t i cl es or i n oneof t hose document s.


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( 4) A body i n r espect of whi ch a l i cence under t hi s sect i on i s i nf or ce shal l be exempt f r om t he pr ovi si ons of t hi s Act r el at i ng t ot he use of t he wor ds " l i mi t ed" or "t eor ant a" as any par t of i t sname, and t he publ i shi ng of i t s name.

( 5) A l i cence under t hi s sect i on may, at any t i me, be revoked byt he Mi ni st er and, upon r evocat i on, t he r egi st r ar shal l ent er t heword " l i mi t ed" or " t eor ant a" at t he end of t he name upon t her egi st er of t he body to whi ch i t was grant ed.

( 6) Bef or e a l i cence i s r evoked by vi r t ue of subsect i on ( 5) , t heMi ni st er shal l gi ve t o t he body not i ce i n wr i t i ng of hi s i nt ent i on,and shal l af f or d i t an oppor t uni t y of bei ng hear d i n opposi t i on t ot he r evocat i on.

( 7) Wher e a body, i n r espect of whi ch a l i cence under t hi s sect i oni s i n f or ce, al t er s t he pr ovi si ons of i t s memor andum r el at i ng t oi t s obj ect s, t he Mi ni st er may (unl ess he sees f i t t o revoke t hel i cence) var y t he l i cence by maki ng i t subj ect t o such condi t i onsas the Mi ni ster t hi nks f i t , i n l i eu of or i n addi t i on t o t he

condi t i ons, i f any, t o whi ch t he l i cence was f or mer l y subj ect .

( 8) Where a l i cence, gr ant ed under t hi s sect i on t o a body t he nameof whi ch cont ai ns t he words "chamber of commerce, " i s r evoked, t hebody shal l , wi t hi n a peri od of 6 weeks f r om t he dat e of r evocat i onor such l onger per i od as t he Mi ni st er may thi nk f i t t o al l ow,change i t s name to a name whi ch does not cont ai n t hose wor ds, and( a ) t he not i ce t o be gi ven under subsect i on ( 6) t o t hat bodyshal l i ncl ude a st at ement of t he ef f ect of t he f or egoi ng pr ovi si onsof t hi s subsect i on, and

( b ) subsect i ons ( 3) and ( 4) of sect i on 23 shal l appl y to achange of name under t hi s subsect i on as t hey appl y t o a change ofname under t hat sect i on.

I f t he body makes def aul t i n compl yi ng wi t h the r equi r ement s oft hi s subsecti on, i t shal l be l i abl e t o a f i ne not exceedi ng 100.

General Provi si ons r el ati ng t o Memor andum and Ar t i cl es.

COMPANI ES ACT 1963 - SECT 25Ef f ect of memorandum and art i cl es.

25. ( 1) Subj ect t o t he pr ovi si ons of t hi s Act , t he memorandum andart i cl es shal l , when r egi st ered, bi nd t he company and t he member st hereof t o the same ext ent as i f t hey r espect i vel y had been si gned

and seal ed by each member , and contai ned covenant s by each membert o observe al l t he pr ovi si ons of t he memorandum and of t hear t i cl es.

( 2) Al l money payabl e by any member t o t he company under t hememorandum or ar t i cl es shal l be a debt due f r om hi m t o thecompany.

( 3) An act i on t o r ecover a debt cr eat ed by thi s sect i on shal l notbe br ought af t er t he expi r at i on of 12 year s f r omt he dat e on whi ch


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t he cause of act i on accr ued.

COMPANI ES ACT 1963 - SECT 26Provi si ons as t o memorandum and ar t i cl es of company l i mi t ed byguarant ee.

26. ( 1) I n t he case of a company l i mi t ed by guarant ee and nothavi ng a shar e capi t al , and r egi st er ed on or af t er t he 1st day ofJ anuar y, 1901, ever y provi si on i n t he memor andum or ar t i cl es, or i nany r esol ut i on of t he company, pur port i ng to gi ve any person ar i ght t o par t i ci pat e i n t he di vi si bl e pr of i t s of t he company,otherwi se t han as a member , shal l be voi d.

( 2) For t he pur pose of t he pr ovi si ons of t hi s Act r el at i ng t o t hememorandumof a company l i mi t ed by guarant ee and of t hi s sect i on,ever y pr ovi si on i n the memor andum or ar t i cl es, or i n any r esol ut i on,of a company l i mi t ed by guarant ee and r egi st ered on or af t er t hedate af oresai d, pur port i ng t o di vi de t he undert aki ng of t he companyi nt o shar es or i nt er est s, shal l be t r eat ed as a pr ovi si on f or ashar e capi t al , notwi t hst andi ng that t he nomi nal amount or number of

t he shar es or i nt er est s i s not speci f i ed t her eby.

COMPANI ES ACT 1963 - SECT 27Al t er at i ons i n memor andum or ar t i cl es i ncreasi ng l i abi l i t y t ocont r i but e t o shar e capi t al not t o bi nd exi st i ng member s wi t houtconsent .

27. ( 1) Subj ect t o subsect i on ( 2) , and not wi t hst andi ng anythi ng i nt he memor andum or ar t i cl es of a company, no member of t he companyshal l be bound by an al t erat i on made i n t he memorandum or ar t i cl esaf t er t he dat e on whi ch he became a member , i f and so f ar as t heal t er at i on r equi r es hi m t o take or subscri be f or mor e shar es t hant he number hel d by hi m at t he date on whi ch t he al t erat i on i smade, or i n any way i ncreases hi s l i abi l i t y as at t hat dat e t ocont r i but e t o the shar e capi t al of , or ot herwi se to pay money to,t he company.

( 2) Subsect i on ( 1) shal l not appl y i n any case where t he memberagr ees i n wr i t i ng, ei t her bef or e or af t er t he al t er at i on i s made,t o be bound t her eby.

COMPANI ES ACT 1963 - SECT 28Power t o al t er pr ovi si ons i n memorandumwhi ch coul d have beencont ai ned i n ar t i c l es.

28. ( 1) Subj ect t o subsect i on ( 2) and sect i ons 27 and 205, anypr ovi si on cont ai ned i n a company' s memorandum whi ch coul d l awf ul l y

have been cont ai ned i n ar t i cl es of associ at i on i nst ead of i n t hememorandum may, subj ect t o t he pr ovi si ons of t hi s sect i on, beal t ered by t he company by speci al r esol ut i on.

( 2) I f an appl i cat i on i s made t o the cour t f or t he al t er at i on t obe cancel l ed, i t shal l not have ef f ect except i n so f ar as i t i sconf i r med by the cour t .

( 3) Thi s sect i on shal l not appl y wher e t he memorandum i t sel fpr ovi des f or or pr ohi bi t s t he al t er at i on of al l or any of t he sai d


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pr ovi si ons, and shal l not aut hor i se any var i at i on or abr ogat i on oft he speci al r i ght s of any cl ass of member s.

( 4) Subsecti ons ( 3) , ( 4) , ( 5) , ( 6) , ( 9) and ( 10) of secti on 10( except par agr aph ( b) of t he sai d subsect i on ( 3) ) shal l appl y i nr el ati on t o any al t er at i on and t o any appl i cat i on made under t hi ssecti on as t hey appl y i n r el at i on t o al t er at i ons and t o appl i cat i onsmade under t hat sect i on.

( 5) Thi s sect i on shal l appl y t o a company' s memorandum whet herr egi st er ed bef or e, on or af t er t he oper at i ve dat e.

COMPANI ES ACT 1963 - SECT 29Copi es of memorandum and ar t i cl es t o be gi ven t o member s.

29. ( 1) A company shal l , on bei ng so r equi r ed by any member, sendt o hi m a copy of t he memorandum and of t he art i cl es, i f any, anda copy of any Act of t he Oi r eacht as whi ch al t er s t he memorandum,subj ect t o payment i n t he case of a copy of t he memorandum and oft he art i cl es, of 5/ - or such l ess sum as the company may

pr escr i be, and, i n t he case of a copy of such Act , of such sumnot exceedi ng t he publ i shed pr i ce t her eof as t he company mayr equi r e.

( 2) I f a company makes def aul t i n compl yi ng wi t h t hi s sect i on, t hecompany and every of f i cer of t he company who i s i n def aul t shal lbe l i abl e f or each of f ence t o a f i ne not exceedi ng 5.

COMPANI ES ACT 1963 - SECT 30I ssued copi es of memorandum t o embody al t erat i ons.

30. ( 1) Wher e an al t erat i on i s made i n the memor andum of a company,every copy of t he memorandum i ssued af t er t he date of t heal t er at i on shal l be i n accor dance wi t h t he al t er at i on.

( 2) I f , where any such al t erat i on has been made, t he company atany t i me af t er t he dat e of t he al t er at i on i ssues t o any per son anycopy of t he memorandum whi ch i s not i n accor dance wi t h t heal t er at i on, i t shal l be l i abl e t o a f i ne not exceedi ng 25, andever y of f i cer of t he company who i s i n def aul t shal l be l i abl e tot he l i ke penal t y.

Member shi p of Company.

COMPANI ES ACT 1963 - SECT 31Def i ni t i on of member .

31. ( 1) The subscr i ber s of t he memorandum of a company shal l bedeemed t o have agr eed t o become member s of t he company, and, oni t s r egi st r at i on, shal l be ent er ed as member s i n i t s r egi st er ofmember s.

( 2) Every ot her person who agr ees t o become a member of a company,and whose name i s ent ered i n i t s r egi st er of members , shal l be amember of t he company.

COMPANI ES ACT 1963 - SECT 32


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Membershi p of hol di ng company.

32. ( 1) Subj ect t o t he pr ovi si ons of t hi s sect i on, a body cor por at ecannot be a member of a company whi ch i s i t s hol di ng company, andany al l ot ment or t r ansf er of shar es i n a company to i t s subsi di ar yshal l be voi d.

( 2) Not hi ng i n t hi s sect i on shal l appl y wher e t he subsi di ar y i sconcerned as personal r epr esent at i ve, or where i t i s concerned ast r ust ee, unl ess t he hol di ng company or a subsi di ar y ther eof i sbenef i ci al l y i nt er est ed under t he t r ust and i s not so i nt er est edonl y by way of secur i t y f or t he pur poses of a t r ansact i on ent eredi nt o by i t i n t he ordi nar y cour se of a busi ness whi ch i ncl udes t hel endi ng of money.

( 3) Thi s secti on shal l not pr event a subsi di ar y whi ch on t he 5t hday of May, 1959, was a member of i t s hol di ng company, f r omcont i nui ng t o be a member .

( 4) Thi s sect i on shal l not pr event a company whi ch at t he date on

whi ch i t becomes a subsi di ar y of anot her company i s a member oft hat other company, f r om cont i nui ng to be a member .

( 5) Thi s sect i on shal l not prevent a subsi di ary whi ch i s a memberof i t s hol di ng company f r om accept i ng and hol di ng f ur t her shar es i nt he capi t al of i t s hol di ng company i f such f ur t her shar es ar eal l ot t ed t o i t i n consequence of a capi t al i sat i on by such hol di ngcompany and i f t he terms of such capi t al i sat i on are such t hat t hesubsi di ar y i s not t her eby i nvol ved i n any obl i gat i on to make anypayment or t o gi ve ot her consi der at i on f or such f ur t her shar es.

( 6) Subj ect t o subsect i on ( 2) , a subsi di ar y whi ch i s a member ofi t s hol di ng company shal l have no r i ght t o vote at meet i ngs of t hehol di ng company or any cl ass of member s t her eof .

( 7) Subj ect t o subsecti on ( 2) , t hi s secti on shal l appl y i n r el at i ont o a nomi nee f or a body cor por at e whi ch i s a subsi di ar y, as i fr ef erences therei n t o such a body corpor ate i ncl uded r ef erences to anomi nee f or i t .

( 8) Where a hol di ng company makes an of f er of shar es t o i t smembers i t may sel l , on behal f of a subsi di ary, any such shar eswhi ch t he subsi di ar y coul d, but f or t hi s sect i on, have t aken byvi r t ue of shar es al r eady hel d by i t i n t he hol di ng company, andpay the pr oceeds of sal e t o the subsi di ar y.

( 9) I n r el at i on t o a company l i mi t ed by guarant ee, or unl i mi t ed,

whi ch i s a hol di ng company, t he ref er ence i n t hi s sect i on t oshar es, whet her or not i t has a shar e capi t al , shal l be const r uedas i ncl udi ng a ref erence t o the i nt er est s of i t s member s as such,what ever t he f or m of t hat i nt er est .

Pr i vat e Compani es.

COMPANI ES ACT 1963 - SECT 33Meani ng of "pr i vate company.


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33. ( 1) For t he pur poses of t hi s Act , "pr i vat e company" means acompany whi ch has a shar e capi t al and whi ch, by i t s ar t i cl es( a ) r est r i cts t he r i ght t o t r ansf er i t s shar es, and

( b ) l i mi t s t he number of i t s member s t o f i f t y, not i ncl udi ngper sons who ar e i n t he empl oyment of t he company and per sons who,havi ng been f ormer l y i n the empl oyment of t he company, were, whi l ei n t hat empl oyment , and have cont i nued af t er t he det ermi nat i on oft hat empl oyment t o be, members of t he company, and

( c ) pr ohi bi t s any i nvi t at i on t o t he publ i c to subscri be f or anyshares or debent ures of t he company.

( 2) Wher e t wo or more persons hol d one or more shares i n acompany j oi nt l y, t hey shal l , f or t he pur poses of t hi s sect i on, bet r eat ed as a si ngl e member .

COMPANI ES ACT 1963 - SECT 34Consequences of def aul t i n compl yi ng wi t h condi t i ons const i t ut i ng a

company a pr i vat e company.

34. ( 1) Subj ect t o subsect i on ( 2) , where the ar t i cl es of a companyi ncl ude t he pr ovi si ons whi ch, under sect i on 33, ar e requi r ed t o bei ncl uded i n t he ar t i cl es of a company i n or der t o const i t ut e i t apr i vat e company, but def aul t i s made i n compl yi ng wi t h any of t hosepr ovi si ons, t he company shal l cease to be ent i t l ed t o the pr i vi l egesand exempt i ons conf err ed on pr i vat e compani es under sect i on 36,par agr aph ( a) of subsect i on ( 4) of sect i on 128, par agr aph ( d) ofsect i on 213, and subpar agr aph (i ) of par agr aph (a) of sect i on 215,and t hereupon, sect i ons 36, 128, 213 and 215 shal l appl y to t hecompany as i f i t were not a pr i vat e company.

( 2) The cour t , on bei ng sat i sf i ed t hat t he f ai l ur e t o compl y wi t ht he condi t i ons was acci dent al or due t o i nadver t ence or t o someot her suf f i ci ent cause, or t hat , on ot her gr ounds, i t i s j ust andequi t abl e t o gr ant r el i ef , may, on t he appl i cat i on of t he company,or any ot her person i nt erest ed, and on such terms and condi t i ons asseem t o t he cour t j ust and expedi ent , order t hat t he company ber el i eved f r om t he consequences r ef er r ed t o i n subsect i on ( 1) .

COMPANI ES ACT 1963 - SECT 35St at ement i n l i eu of pr ospect us t o be del i ver ed t o r egi st r ar bycompany on ceasi ng t o be a pr i vat e company.

35. ( 1) Subj ect t o subsect i on ( 2) , i f a company, bei ng a pr i vat ecompany, al t er s i t s ar t i cl es i n such manner t hat t hey no l onger

i ncl ude t he pr ovi si ons whi ch, under sect i on 33, ar e requi r ed t o bei ncl uded i n t he ar t i cl es of a company i n or der t o const i t ut e i t apr i vat e company, t he company shal l , on t he date of t he al t erat i on,cease t o be a pr i vat e company and shal l , wi t hi n a per i od of 14days af t er t he sai d dat e, del i ver t o t he r egi st r ar of compani es f orr egi st r at i on a st at ement i n l i eu of pr ospect us, i n t he f or m andcont ai ni ng t he par t i cul ar s set out i n Par t I of t he SecondSchedul e, and, i n t he cases ment i oned i n Part I I of t hat Schedul e,set t i ng out t he r epor t s speci f i ed t her ei n, and t he sai d Par t s I andI I shal l have ef f ect subj ect t o t he pr ovi si ons cont ai ned i n Par t


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I I I of t hat Schedul e.

( 2) A st atement i n l i eu of pr ospectus need not be del i ver ed undersubsect i on ( 1) i f , wi t hi n t he sai d per i od of 14 days, a pr ospect usr el at i ng t o t he company whi ch compl i es, or i s deemed by vi r t ue ofa cer t i f i cat e of exempt i on under sect i on 45 of t hi s Act t o compl y,wi t h t he Thi r d Schedul e, i s i ssued and i s del i ver ed t o ther egi st r ar of compani es as r equi r ed by sect i on 47.

( 3) Ever y st at ement i n l i eu of pr ospect us del i ver ed under subsect i on( 1) shal l , where t he persons maki ng any such r eport as ref err ed t oi n t hat subsect i on have made therei n or have, wi t hout gi vi ng t her easons, i ndi cated t herei n any such adj ust ment s as ar e ment i oned i nparagr aph 5 of Par t I I I of t he Second Schedul e, have endorsedt hereon or at t ached t hereto a wr i t t en st atement si gned by t hoseper sons, sett i ng out t he adj ust ment s and gi vi ng t he reasons t her ef or.

( 4) I f def aul t i s made i n compl yi ng wi t h subsect i on ( 1) or ( 3) ,t he company and every of f i cer of t he company who i s i n def aul tshal l be l i abl e to a f i ne not exceedi ng 100.

( 5) Wher e a st at ement i n l i eu of pr ospect us, del i ver ed t o ther egi st r ar under subsect i on (1) i ncl udes any unt r ue st at ement , anyper son who aut hor i sed t he del i ver y of t he st at ement i n l i eu ofpr ospectus f or r egi str at i on shal l be l i abl e( a ) on convi ct i on on i ndi ct ment , t o i mpr i sonment f or a ter m notexceedi ng 2 years or a f i ne not exceedi ng 500, or both, or

( b ) on summary convi ct i on, t o i mpr i sonment f or a term notexceedi ng 6 mont hs or a f i ne not exceedi ng 100, or both;

unl ess he pr oves ei t her t hat t he unt r ue st atement was i mmateri al ort hat he had r easonabl e gr ound t o bel i eve and di d, up t o the t i meof t he del i ver y f or r egi st r at i on of t he st at ement i n l i eu ofpr ospect us, bel i eve t hat t he unt r ue st atement was t r ue.

( 6) For t he pur poses of t hi s sect i on( a ) a st at ement i ncl uded i n a st at ement i n l i eu of pr ospect usshal l be deemed t o be unt r ue i f i t i s mi sl eadi ng i n t he f or m andcont ext i n whi ch i t i s i ncl uded, and

( b ) a st atement shal l be deemed t o be i ncl uded i n a st at ementi n l i eu of pr ospectus i f i t i s cont ai ned t her ei n or i n any r epor tor memorandum appear i ng on the f ace t her eof , or by r ef erencei ncor por at ed t her ei n.

Reduct i on of Number of Members bel ow Legal Mi ni mum.

COMPANI ES ACT 1963 - SECT 36Members several l y l i abl e f or debt s where busi ness car r i ed on wi t hf ewer t han seven, or i n case of pr i vat e company, t wo member s.

36. I f at any t i me t he number of members of a company i s r educed,i n t he case of a pr i vat e company, bel ow t wo, or , i n t he case ofany ot her company, bel ow seven, and i t carr i es on busi ness f or more


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t han 6 mont hs whi l e t he number i s so r educed, ever y person who i sa member of t he company dur i ng the t i me t hat i t so car r i es onbusi ness af t er t hose 6 mont hs and knows t hat i t i s car r yi ng onbusi ness wi t h f ewer t han t wo members, or seven members, as t he casemay be, shal l be several l y l i abl e f or t he payment of t he whol edebts of t he company cont r act ed dur i ng t hat t i me, and may besever al l y sued ther ef or .

Cont r act s, Deeds and Powers of At t orney.

COMPANI ES ACT 1963 - SECT 37Pr e- i ncor por at i on cont r acts.

37. ( 1) Any cont r act or other t r ansact i on pur port i ng t o be ent eredi nt o by a company pr i or t o i t s f ormat i on or by any person onbehal f of t he company pr i or t o i t s f or mat i on may be rat i f i ed byt he company af t er i t s f ormat i on and ther eupon the company shal lbecome bound by i t and ent i t l ed t o t he benef i t t her eof as i f i thad been i n exi st ence at t he date of such cont r act or othert r ansact i on and had been a part y t heret o.

( 2) Pri or t o r at i f i cat i on by the company t he person or per sons whopur por t ed t o act i n t he name or on behal f of t he company shal l i nt he absence of expr ess agreement t o t he cont r ary be personal l y boundby t he cont r act or ot her t r ansact i on and ent i t l ed t o the benef i tt her eof .

( 3) Thi s sect i on shal l not appl y t o a company i ncor porat ed bef oret he oper ati ve dat e.

COMPANI ES ACT 1963 - SECT 38For m of cont r acts.

38. ( 1) Cont r act s on behal f of a company may be made as f ol l ows:

( a ) a cont r act whi ch i f made bet ween pr i vat e persons woul d beby l aw r equi r ed t o be i n wr i t i ng and t o be under seal , may bemade on behal f of t he company i n wr i t i ng under t he common seal oft he company;

( b ) a cont r act whi ch i f made bet ween pr i vat e persons woul d beby l aw r equi r ed t o be i n wr i t i ng, si gned by the par t i es t o bechar ged t her ewi t h, may be made on behal f of t he company i n wr i t i ng,si gned by any per son act i ng under i t s aut hori t y, expr ess or i mpl i ed;

( c ) a cont r act whi ch i f made bet ween pr i vat e persons woul d byl aw be val i d al t hough made by parol onl y, and not r educed i nt o

wr i t i ng may be made by parol on behal f of t he company by anyper son act i ng under i t s aut hor i t y, expr ess or i mpl i ed.

( 2) A cont r act made accor di ng t o thi s secti on shal l bi nd t hecompany and i t s successors and al l ot her part i es t heret o.

( 3) A cont r act made accor di ng to t hi s sect i on may be vari ed ordi schar ged i n t he same manner i n whi ch i t i s aut hori sed by thi ssect i on t o be made.


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COMPANI ES ACT 1963 - SECT 39Bi l l s of exchange and pr omi ssor y notes.

39. A bi l l of exchange or pr omi ssory note shal l be deemed t o havebeen made, accept ed or endor sed on behal f of a company, i f made,accept ed or endorsed i n t he name of or by or on behal f or onaccount of , t he company by any person act i ng under i t s aut hori t y.

COMPANI ES ACT 1963 - SECT 40Execut i on of deeds out si de t he St at e.

40. ( 1) A company may, by wr i t i ng under i t s common seal , empowerany per son, ei t her gener al l y or i n r espect of any speci f i ed mat t er s,as i t s at t or ney, t o execut e deeds on i t s behal f i n any pl aceout si de t he St at e.

( 2) A deed si gned by such at t orney on behal f of t he company andunder hi s seal shal l bi nd the company and have t he same ef f ect asi f i t wer e under i t s common seal .

COMPANI ES ACT 1963 - SECT 41Power f or company t o have of f i ci al seal f or use abr oad.

41. ( 1) A company whose obj ect s r equi r e or compri se t he t r ansact i onof busi ness out si de the St at e may, i f aut hor i sed by i t s art i cl e,have, f or use i n any t er r i t or y, di str i ct or pl ace not si t uat e i nt he St at e, an of f i ci al seal whi ch shal l be a f acsi mi l e of t hecommon seal of t he company wi t h the addi t i on on i t s f ace of t hename of ever y t er r i t or y, di st r i ct or pl ace wher e i t i s t o be used.

( 2) A deed or ot her document t o whi ch an of f i ci al seal i s dul yaf f i xed shal l bi nd the company as i f i t had been seal ed wi t h t hecommon seal of t he company.

( 3) A company havi ng an of f i ci al seal f or use i n any sucht er r i t or y, di st r i ct or pl ace, may, by wr i t i ng under i t s common seal ,aut hor i se any per son appoi nt ed f or t he pur pose i n t hat t err i t ory,di st r i ct or pl ace t o af f i x t he of f i c i al seal t o any deed or ot herdocument t o whi ch t he company i s par t y i n t hat t er r i t or y, di st r i ctor pl ace.

( 4) The aut hor i t y of any such agent shal l , as between t he companyand any person deal i ng wi t h t he agent , cont i nue dur i ng t he per i od,i f any, ment i oned i n t he i nst r ument conf er r i ng t he aut hor i t y, or , i fno per i od i s t her e ment i oned, t hen unt i l t he noti ce of r evocat i onor det ermi nat i on of t he agent ' s aut hor i t y has been gi ven t o t heperson deal i ng wi t h hi m.

( 5) The per son af f i xi ng any such of f i ci al seal shal l , by wr i t i ngunder hi s hand, cer t i f y on t he deed or other i nst r ument t o whi cht he seal i s af f i xed t he dat e on whi ch and t he pl ace at whi ch i ti s af f i xed.

Aut hent i cat i on of Document s.

COMPANI ES ACT 1963 - SECT 42Aut hent i cat i on of document s.


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42. A document or proceedi ng r equi r i ng aut hent i cat i on by a companymay be si gned by a di r ect or , secr et ar y or other aut hor i sed of f i cerof t he company, and need not be under i t s common seal .

COMPANI ES ACT 1963 - PART I I I- SHARE CAPI TAL AND DEBENTURES

Pr ospect us.

COMPANI ES ACT 1963 - SECT 43Dat i ng of pr ospect us.

43. A prospect us i ssued by or on behal f of a company or i nr el at i on t o an i nt ended company shal l be dated, and that dateshal l , unl ess t he cont r ar y i s pr oved, be t aken as t he dat e ofpubl i cat i on of t he pr ospect us.

COMPANI ES ACT 1963 - SECT 44Mat t er s t o be st at ed and r epor t s t o be set out i n Pr ospect us.

44. ( 1) Subj ect t o t he pr ovi si ons of sect i on 45, ever y pr ospect usi ssued by or on behal f of a company, or by or on behal f of anyperson who i s or has been engaged or i nt erest ed i n t he f ormat i onof t he company, must st at e t he matt er s speci f i ed i n Par t I of t heThi r d Schedul e, and set out t he r eport s speci f i ed i n Par t I I oft hat Schedul e, and t he sai d Par t s I and I I shal l have ef f ectsubj ect t o t he pr ovi si ons cont ai ned i n Par t I I I of t hat Schedul e.

( 2) A condi t i on r equi r i ng or bi ndi ng an appl i cant f or shar es i n ordebentures of a company t o wai ve compl i ance wi t h any r equi r ement oft hi s secti on, or pur por t i ng t o af f ect hi m wi t h not i ce of anycont r act , document or mat t er not speci f i cal l y ref er r ed t o i n t hepr ospect us shal l be voi d.

( 3) Subj ect t o subsect i on ( 4) and sect i on 45, i t shal l not bel awf ul t o i ssue any f or m of appl i cat i on f or shar es i n or debent ur esof a company, unl ess t he f orm i s i ssued wi t h a pr ospect us whi chcompl i es wi t h t he r equi r ement s of t hi s Par t and t he i ssue of whi chdoes not cont r avene t he pr ovi si ons of sect i on 46.

( 4) Subsecti on ( 3) shal l not appl y i f i t i s shown t hat t he f or mof appl i cat i on was i ssued ei t her ( a ) i n connect i on wi t h a bona f i de i nvi t at i on t o a per son t oent er i nt o an underwr i t i ng agr eement wi t h r espect t o the shares ordebent ur es; or

( b ) i n r el at i on t o shar es or debent ur es whi ch wer e not of f er edt o t he publ i c.

( 5) Subj ect t o subsect i on ( 6) , i n t he event of noncompl i ance wi t hor cont r avent i on of any of t he r equi r ement s of t hi s sect i on, adi r ect or or ot her per son r esponsi bl e f or t he pr ospect us shal l noti ncur any l i abi l i t y by r eason of t he noncompl i ance or cont r avent i on,i f


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( a ) as r egards any mat t er not di scl osed, he pr oves t hat he di dnot know i t ; or

( b ) he pr oves t hat t he noncompl i ance or cont r avent i on arose f r oman honest mi st ake of f act on hi s par t ; or

( c ) t he noncompl i ance or cont r avent i on was i n respect of mat t erswhi ch i n t he opi ni on of t he cour t deal i ng wi t h t he case werei mmateri al or was ot herwi se such as ought i n t he opi ni on of t hecour t , havi ng r egar d t o al l t he ci r cumst ances of t he case,r easonabl y to be excused.

( 6) I n t he event of f ai l ur e t o i ncl ude i n a pr ospect us a st at ementr el ati ng t o t he mat t er s speci f i ed i n par agr aph 16 of t he Thi r dSchedul e, no di r ector or ot her per son shal l i ncur any l i abi l i t y i nr espect of t he f ai l ur e, unl ess i t be pr oved that he had knowl edgeof t he mat t er s not di scl osed.

( 7) Thi s secti on shal l not appl y

( a ) t o the i ssue t o exi st i ng members or debent ur e hol ders of acompany of a pr ospect us or f or m of appl i cat i on r el at i ng t o sharesi n or debent ur es of t he company, whether an appl i cant f or t heshar es or debent ur es wi l l or wi l l not have t he ri ght t o r enouncei n f avour of ot her per sons; or

( b ) t o the i ssue of a pr ospectus or f or m of appl i cat i onr el ati ng t o shar es or debent ur es whi ch ar e or are t o be i n al lr espect s uni f orm wi t h shar es or debent ur es i ssued wi t hi n t hepr ecedi ng 2 years and, f or t he t i me bei ng, deal t i n or quoted ona recogni sed st ock exchange;

but , subj ect as af or esai d, t hi s sect i on shal l appl y t o a pr ospect usor a f or m of appl i cat i on whether i ssued on or wi t h r ef er ence t ot he f ormat i on of a company or subsequent l y.

( 8) I f any per son act s i n cont r avent i on of subsect i ons ( 1) or ( 3)he shal l be l i abl e t o a f i ne not exceedi ng 100.

( 9) Not hi ng i n t hi s secti on shal l l i mi t or di mi ni sh any l i abi l i t ywhi ch any person may i ncur under t he general l aw or t hi s Act apartf rom thi s sect i on.

COMPANI ES ACT 1963 - SECT 45Excl usi on of sect i on 44 and r el axat i on of Thi r d Schedul e i n case ofcer t ai n pr ospect uses.

45. ( 1) Where( a ) i t i s pr oposed t o of f er any shar es i n or debent ur es of acompany t o the publ i c by a pr ospect us i ssued gener al l y ( t hat i s,i ssued to persons who ar e not exi st i ng member s or debent ure hol dersof t he company) ; and

( b ) appl i cat i on i s made t o a r ecogni sed st ock exchange f orpermi ssi on f or t hose shar es or debent ur es t o be deal t i n or quotedon t hat st ock exchange;


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t here may, on t he request of t he appl i cant , be gi ven by or onbehal f of t hat st ock exchange a cer t i f i cat e of exempt i on, t hat i s,a cer t i f i cat e t hat , havi ng r egar d t o t he pr oposal s ( as st at ed i nt he request ) as t o t he si ze and other ci r cumst ances of t he i ssueof shar es or debent ur es and as t o any l i mi t at i ons on t he numberand cl ass of persons t o whom t he of f er i s t o be made, compl i ancewi t h the requi r ement s of t he Thi r d Schedul e woul d be undul ybur densome.

( 2) I f a cer t i f i cat e of exempt i on i s gi ven, and i f t he pr oposal saf or esai d ar e adher ed t o and the par t i cul ar s and i nf or mat i on r equi r edt o be publ i shed i n connect i on wi t h t he appl i cat i on f or permi ssi onmade to the st ock exchange are so publ i shed, t hen( a ) a pr ospect us gi vi ng t he par t i cul ar s and i nf or mat i on af or esai di n t he f or m i n whi ch t hey ar e so r equi r ed t o be publ i shed shal lbe deemed t o compl y wi t h t he r equi r ement s of t he Thi r d Schedul e;

( b ) subj ect t o paragr aph ( c) , sect i on 44 shal l not appl y t o any

i ssue, af t er t he per mi ssi on appl i ed f or i s gr ant ed, of a pr ospect usr el ati ng to t he shares or debent ur es; and

( c ) subsect i on ( 3) of sect i on 44 shal l appl y to any i ssue,af t er t he per mi ssi on appl i ed f or i s gr ant ed, of a f or m ofappl i cat i on r el at i ng t o the shar es or debent ur es as i f t he r ef er encet o a pr ospect us were a r ef erence to a pr ospect us gi vi ng t hepar t i cul ar s and i nf or mat i on af or esai d i n t he f or m i n whi ch t hey ar eso requi r ed t o be publ i shed.

COMPANI ES ACT 1963 - SECT 46Expert ' s consent t o i ssue of pr ospect us cont ai ni ng st atement by hi m.

46. ( 1) A pr ospect us i nvi t i ng per sons t o subscr i be f or shar es i n ordebent ur es of a company and i ncl udi ng a st at ement purport i ng t o bemade by an exper t shal l not be i ssued unl ess( a ) he has gi ven and has not , bef ore del i ver y of a copy oft he Pr ospect us f or r egi st r at i on, wi t hdr awn hi s wr i t t en consent t o thei ssue t hereof wi t h t he st at ement i ncl uded i n t he f or m and cont exti n whi ch i t i s i ncl uded;

( b ) a st atement t hat he has gi ven and has not wi t hdr awn hi sconsent as af oresai d appear s i n t he, pr ospect us.

( 2) I f any pr ospect us i s i ssued i n cont r avent i on of t hi s sect i ont he company and ever y person who i s knowi ngl y a par t y t o t he i ssue

t her eof shal l be l i abl e to a f i ne not exceedi ng 100.

( 3) I n t hi s sect i on "exper t " i ncl udes engi neer , val uer , account antand any ot her person whose pr of essi on gi ves aut hor i t y to a st at ementmade by hi m.

COMPANI ES ACT 1963 - SECT 47Regi st r at i on of pr ospect us.

47. ( 1) No pr ospect us shal l be i ssued by or on behal f of a company


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or i n r el at i on t o an i nt ended company unl ess, on or bef ore t hedat e of i t s publ i cat i on, t her e has been del i ver ed t o t he r egi st r arf or r egi st r at i on a copy t hereof si gned by ever y person who i s namedt herei n as a di r ect or or pr oposed di r ector of t he company, or byhi s agent aut hori sed i n wr i t i ng, and havi ng endorsed t hereon orattached thereto( a ) any consent t o t he i ssue of t he pr ospect us r equi r ed bysect i on 46 f r om any person as an expert ; and

( b ) i n t he case of a pr ospect us i ssued gener al l y, al so( i ) a copy of any cont r act r equi r ed by paragr aph 14 of t he Thi r dSchedul e t o be st at ed i n t he pr ospect us or , i n the case of acont r act not r educed i nt o wr i t i ng, a memor andum gi vi ng f ul lpar t i cul ars t her eof or , i f i n t he case of a pr ospect us deemed byvi r t ue of a cer t i f i cat e gr ant ed under sect i on 45 t o compl y wi t h t her equi r ement s of t hat Schedul e, a cont r act or a copy thereof or amemorandum of a cont r act i s r equi r ed t o be avai l abl e f or i nspect i oni n connect i on wi t h t he appl i cat i on made under t hat sect i on t o a

r ecogni sed st ock exchange a copy or , as t he case may be, amemorandum of t hat cont r act ; and

( i i ) wher e t he per sons maki ng any report r equi r ed by Par t I I oft hat Schedul e have made t herei n, or have, wi t hout gi vi ng ther easons, i ndi cated t herei n, any such adj ust ment s as are ment i oned i nparagr aph 29 of t hat Schedul e, a wr i t t en st atement si gned by thoseper sons set t i ng out t he adj ust ment s and gi vi ng the r easons t heref or .

The r ef er ences i n subparagraph ( i ) of paragraph ( b) of t hi ssubsect i on t o the copy of a cont r act r equi r ed t hereby to beendorsed on or at t ached t o a copy of t he pr ospectus shal l , i n t hecase of a cont r act whol l y or par t l y i n a f orei gn l anguage, bet aken as r ef er ences t o a copy of a t r ansl at i on of t he cont r act i nEngl i sh or I r i sh or a copy embodyi ng a t r ansl at i on i n Engl i sh orI r i sh of t he par t s i n a f or ei gn l anguage, as t he case may be,bei ng a t r ansl at i on cer t i f i ed i n t he pr escr i bed manner t o be acor r ect t r ansl at i on, and t he ref er ence t o a copy of a cont r actr equi r ed t o be avai l abl e f or i nspect i on shal l i ncl ude a r ef er ence t oa copy of a t r ansl at i on t hereof or a copy embodyi ng a t r ansl at i onof par t s ther eof .

( 2) Ever y pr ospectus shal l , on t he f ace of i t , ( a ) st at e that a copy has been del i ver ed f or r egi st r at i on asr equi r ed by thi s secti on;

( b ) speci f y, or r ef er t o stat ement s i ncl uded i n t he pr ospect uswhi ch speci f y, any document s r equi r ed by t hi s sect i on t o be endorsedon or at t ached t o t he copy so del i ver ed.

( 3) The r egi st r ar shal l not r egi st er a pr ospectus unl ess i t i sdated and t he copy t hereof si gned i n manner r equi r ed by t hi ssect i on and unl ess i t has endorsed t hereon or at t ached t heret o thedocument s ( i f any) speci f i ed as af or esai d.

( 4) I f a pr ospect us i s i ssued wi t hout a copy t her eof bei ng


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del i ver ed under t hi s sect i on t o the r egi st r ar or wi t hout t he copyso del i ver ed havi ng endorsed t hereon or at t ached t hereto the requi r eddocument s, t he company, and every per son who i s knowi ngl y a par t yt o t he i ssue of t he pr ospectus, shal l be l i abl e to a f i ne notexceedi ng 100.

COMPANI ES ACT 1963 - SECT 48Rest r i ct i on on al t erat i on of t er ms ment i oned i n pr ospect us orst at ement i n l i eu of pr ospect us.

48. ( 1) A company l i mi t ed by shares or a company l i mi t ed byguar ant ee and havi ng a shar e capi t al shal l not pr i or t o thest at ut or y meet i ng var y t he ter ms of a cont r act r ef er r ed t o i n t hepr ospect us, or st at ement i n l i eu of pr ospect us, except subj ect t ot he appr oval of t he st atut or y meeti ng.

( 2) Thi s sect i on shal l not appl y to a pr i vat e company.

COMPANI ES ACT 1963 - SECT 49Ci vi l l i abi l i t y f or mi s- statement s i n pr ospectus.

49. ( 1) Subj ect t o t he pr ovi si ons of t hi s sect i on, wher e apr ospect us i nvi t es per sons t o subscr i be f or shares i n or debent ur esof a company, t he f ol l owi ng per sons shal l be l i abl e to paycompensat i on t o al l persons who subscr i be f or any shares ordebent ur es on the f ai t h of t he pr ospectus f or t he l oss or damaget hey may have sust ai ned by r eason of any unt r ue st at ement i ncl udedt her ei n( a ) every person who i s a di r ect or of t he company at t he t i meof t he i ssue of t he pr ospect us;

( b ) ever y per son who has author i sed hi msel f t o be named and i snamed i n t he pr ospect us as a di r ect or or as havi ng agr eed t obecome a di r ect or ei t her i mmedi at el y or af t er an i nt er val of t i me;

( c ) ever y per son bei ng a pr omot er of t he company;

( d ) every person who has aut hor i sed t he i ssue of t he pr ospectus.

( 2) Where, under sect i on 46, t he consent of a person i s r equi r edt o t he i ssue of a pr ospect us and he has gi ven that consent , heshal l not by reason of hi s havi ng gi ven i t be l i abl e undersubsect i on ( 1) as a person who has aut hori sed t he i ssue of t hepr ospect us except i n r espect of an unt r ue st atement pur port i ng to bemade by hi m as an exper t .

( 3) Subj ect t o subsect i on ( 4) , no per son shal l be l i abl e undersubsect i on ( 1) i f he pr oves( a ) t hat , havi ng consent ed t o become a di r ect or of t he company,he wi t hdr ew hi s consent bef ore the i ssue of t he pr ospect us, andt hat i t was i ssued wi t hout hi s aut hor i t y or consent ; or

( b ) t hat t he pr ospect us was i ssued wi t hout hi s knowl edge orconsent , and t hat on becomi ng aware of i t s i ssue he f or t hwi t h gaver easonabl e publ i c not i ce that i t was i ssued wi t hout hi s knowl edge or


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consent ; or

( c ) t hat af t er t he i ssue of t he pr ospect us and bef or e al l ot mentt hereunder , he, on becomi ng aware of any unt r ue st at ement t herei n,wi t hdr ew hi s consent t heret o and gave reasonabl e publ i c not i ce oft he wi t hdr awal and of t he reason t her ef or ; or

( d ) that( i ) as r egards ever y unt r ue st atement not pur por t i ng t o be made ont he aut hor i t y of an exper t or of a publ i c of f i ci al document orst at ement , he had r easonabl e gr ound t o bel i eve, and di d up t o thet i me of t he al l otment of t he shares or debent ur es as t he case maybe, bel i eve, t hat t he st atement was t r ue; and

( i i ) as regards ever y unt r ue st atement pur port i ng t o be a st atementby an exper t or cont ai ned i n what pur por t s t o be a copy of orext r act f r om a r epor t or val uat i on of an expor t i t f ai r l yr epr esent ed t he st atement , or was a corr ect and f ai r copy of orextr act f r om t he repor t or val uat i on, and he had r easonabl e gr ound

t o bel i eve and di d up t o t he t i me of t he i ssue of t he pr ospect usbel i eve t hat t he per son maki ng t he st at ement was compet ent t o makei t and t hat person had gi ven the consent r equi r ed by sect i on 46 t ot he i ssue of t he pr ospect us and had not wi t hdr awn t hat consentbef or e del i ver y of a copy of t he pr ospect us f or r egi st r at i on or , t ot he def endant ' s knowl edge, bef ore al l otment t hereunder; and

( i i i ) as r egar ds ever y unt r ue st atement pur por t i ng t o be a st atementmade by an of f i ci al person or cont ai ned i n what pur port s t o be acopy of or ext r act f r om a publ i c of f i ci al document , i t was acor r ect and f ai r r epr esent at i on of t he stat ement or copy of orextr act f r om t he document .

( 4) Subsect i on ( 3) shal l not appl y i n t he case of a per son l i abl e,by reason of hi s havi ng gi ven a consent r equi r ed of hi m by thesai d sect i on 46, as a person who has aut hor i sed t he i ssue of t hepr ospectus i n respect of an unt r ue st at ement purport i ng t o be madeby hi m as an exper t .

( 5) A person who, apart f r om t hi s subsect i on woul d under subsect i on( 1) be l i abl e, by r eason of hi s havi ng gi ven a consent r equi r ed ofhi m by sect i on 46, as a person who has aut hori sed t he i ssue of apr ospectus i n respect of an unt r ue st at ement purport i ng t o be madeby hi m as an exper t shal l not be so l i abl e i f he pr oves( a ) t hat, havi ng gi ven hi s consent under t he sai d sect i on 46 t ot he i ssue of t he pr ospect us, he wi t hdr ew i t i n wr i t i ng bef or e

del i ver y of a copy of t he pr ospect us f or r egi st r at i on; or

( b ) t hat , af t er del i ver y of a copy of t he pr ospect us f orr egi st r at i on and bef ore al l otment t hereunder , he, on becomi ng awareof t he unt r ue st atement , wi t hdr ew hi s consent i n wr i t i ng and gaver easonabl e publ i c not i ce of t he wi t hdr awal , and of t he reasont her ef or ; or

( c ) t hat he was compet ent t o make the st at ement and t hat hehad r easonabl e gr ound t o bel i eve and di d up t o the t i me of t he


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al l otment of t he shares or debent ur es, as t he case may be, bel i evet hat t he st atement was t r ue.

( 6) Subj ect t o subsect i on ( 7) , wher e( a ) t he pr ospect us cont ai ns t he name of a person as a di r ect orof t he company, or as havi ng agr eed t o become a di r ect or t hereof ,and he has not consent ed t o become a di r ect or , or has wi t hdr awnhi s consent bef ore t he i ssue of t he pr ospectus, and has notaut hor i sed or consent ed t o t he i ssue t her eof ; or

( b ) t he consent of a per son i s r equi r ed under sect i on 46 t ot he i ssue of t he pr ospectus and he ei t her has not gi ven t hatconsent or has wi t hdr awn i t bef or e t he i ssue of t he pr ospect us;

t he di r ect ors of t he company, except any wi t hout whose knowl edge orconsent t he prospect us was i ssued, and any ot her per son whoaut hor i sed t he i ssue ther eof shal l be l i abl e to i ndemni f y t he per sonnamed as af oresai d or whose consent was r equi r ed as af oresai d, ast he case may be, agai nst al l damages, cost s and expenses t o whi ch

he may be made l i abl e by reason of hi s name havi ng been i nsert edi n t he pr ospect us or of t he i ncl usi on t her ei n of a st at ementpur por t i ng t o be made by hi m as an exper t , as t he case may be,or i n def endi ng hi msel f agai nst any act i on or l egal pr oceedi ngbr ought agai nst hi m i n r espect t her eof .

( 7) A person shal l not be deemed f or t he purposes of subsect i on( 6) t o have aut hori sed t he i ssue of a pr ospect us by reason onl y ofhi s havi ng gi ven t he consent r equi r ed by sect i on 46 t o thei ncl usi on t herei n of a st atement pur port i ng t o be made by hi m asan exper t .

( 8) For t he pur poses of t hi s sect i on( a ) "promot er " means a promot er who was a par t y t o t hepr epar at i on of t he pr ospect us, or of t he por t i on t her eof cont ai ni ngt he unt r ue st at ement , but does not i ncl ude any person by reason ofhi s act i ng i n a pr of essi onal capaci t y f or per sons engaged i npr ocur i ng the f ormat i on of t he company; and

( b ) "expert " has t he same meani ng as i n sect i on 46.

COMPANI ES ACT 1963 - SECT 50Cr i mi nal l i abi l i t y mi s- st at ement s i n pr ospectus.

50. ( 1) Where a pr ospectus i ssued af t er t he operat i ve date i ncl udesany unt r ue st at ement , any person who aut hor i sed t he i ssue of t he

pr ospectus shal l be l i abl e( a ) on convi ct i on on i ndi ct ment , t o i mpr i sonment f or a ter m notexceedi ng 2 years , or a f i ne not exceedi ng 500, or both; or

( b ) on summary convi ct i on, t o i mpr i sonment f or a term notexceedi ng 6 mont hs, or a f i ne not exceedi ng 100, or both;

unl ess he pr oves ei t her t hat t he st atement was i mmateri al or t hathe had r easonabl e gr ound t o bel i eve and di d, up t o the t i me of


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t he i ssue of t he pr ospect us, bel i eve t hat t he st at ement was t r ue.

( 2) A person shal l not be deemed f or t he pur poses of t hi s sect i ont o have aut hor i sed t he i ssue of a pr ospect us by reason onl y of hi shavi ng gi ven t he consent r equi r ed by sect i on 46 t o t he i ncl usi ont herei n of a st atement pur port i ng to be made by hi m as an expert .

COMPANI ES ACT 1963 - SECT 51Document cont ai ni ng of f er of shar es or debent ur es f or sal e to bedeemed a pr ospect us.

51. ( 1) Where a company al l ot s or agr ees t o al l ot any shares i n ordebent ur es of t he company wi t h a vi ew t o al l or any of t hoseshar es or debent ur es bei ng of f er ed f or sal e to t he publ i c, anydocument by whi ch t he of f er f or sal e t o t he publ i c i s made shal lf or al l pur poses be deemed t o be a pr ospect us i ssued by t hecompany, and al l enactment s and r ul es of l aw as t o the cont ent s ofpr ospect uses and t o l i abi l i t y i n r espect of st at ement s i n andomi ssi ons f r om pr ospect uses and as to f or ms of appl i cat i on f orshar es i n or debent ur es of t he company or otherwi se r el at i ng t o

pr ospect uses, shal l appl y and have ef f ect accor di ngl y, as i f t heshar es or debent ur es had been of f er ed to t he publ i c f or subscr i pt i onand as i f per sons accept i ng t he of f er i n r espect of any shar es ordebent ur es were subscr i bers f or t hose shar es or debent ur es, butwi t hout pr ej udi ce t o t he l i abi l i t y, i f any, of t he per sons by whomt he of f er i s made, i n r espect of mi s- st at ement s cont ai ned i n t hedocument or ot herwi se i n r espect t hereof .

( 2) For t he pur poses of t hi s Act, i t shal l , unl ess t he cont r ar y i spr oved, be evi dence that an al l ot ment of , or an agr eement t o al l ot ,shares or debentures was made wi t h a vi ew t o the shares ordebent ur es bei ng of f er ed f or sal e t o t he publ i c i f i t i s shown( a ) t hat an of f er of shar es or debent ur es or of any of t hemf or sal e t o the publ i c was made wi t hi n 2 year s af t er t he al l ot mentor agr eement t o al l ot ; or

( b ) t hat at t he dat e when the of f er was made t he whol econsi derat i on t o be r ecei ved by t he company i n respect of t heshar es or debent ur es had not been so r ecei ved.

( 3) Sect i on 44 as appl i ed by t hi s sect i on shal l have ef f ect as i fi t r equi r ed a pr ospect us t o stat e i n addi t i on t o t he mat t er sr equi r ed by that sect i on t o be st at ed i n a pr ospect us( a ) t he net amount of t he consi derat i on r ecei ved or t o ber ecei ved by the company i n r espect of t he shares or debent ur es t o

whi ch t he of f er r el at es, and

( b ) t he pl ace and t i me at whi ch t he cont r act under whi ch t hesai d shares or debent ur es have been or are t o be al l ot t ed may bei nspect ed;

and sect i on 47 as appl i ed by thi s sect i on shal l have ef f ect ast hough the per sons maki ng t he of f er were per sons named i n apr ospect us as di r ectors of a company.


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( 4) Where a person maki ng an of f er t o whi ch t hi s sect i on r el atesi s a company or a f i r m, i t shal l be suf f i ci ent i f t he documentaf or esai d i s si gned on behal f of t he company or f i r m by t wodi r ect or s of t he company or not l ess t han hal f of t he par t ner s, ast he case may be, and any such di r ector or par t ner may si gn by hi sagent aut hor i sed i n wr i t i ng.

COMPANI ES ACT 1963 - SECT 52I nt er pr et at i on of pr ovi si ons r el at i ng t o pr ospectuses.

52. For t he pur poses of t he f or egoi ng pr ovi si ons of t hi s Par t ( a ) a st atement i ncl uded i n a pr ospect us shal l be deemed t o beunt r ue i f i t i s mi sl eadi ng i n t he f or m and cont ext i n whi ch i t i si ncl uded; and

( b ) a st atement shal l be deemed t o be i ncl uded i n a pr ospect usi f i t i s cont ai ned ther ei n or i n any r epor t or

companies act 1963

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